Sistema de índices e indicadores en Seguridad

Anuncio
!
!
!
DJJDK!
D(.<*)&!$*!9%$(8*.!*!
(%$(8&$-3*.!*%!
D*;73($&$!CLM4(8&!
!
!
!"#$%&%'"#()*+)*+,*'#(-+&$(.*
!
!
#$%&!'&()*!+,!
2&38*4-!:*3;)&%!
'-./!0,!+&1(&!
#3%*.<-!=53$*%&.!
2&3&45!6--$*!
>7(.!?*!4&!:&33*$&!
67&$&471*!6&389&!
#3%*.<-!>@1*ABC-3<(44-!
=&34-.!2*%$-A&!
=*8(4(&!D&E*;!
?&F($!DG(3H!
67(44*3)-!I*1*$&!
!
!
"!
!
/01234*
*
*!#+5+)$"&%6%,,OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO,!P!
7%5$+8"*9+*:)9%&+5*+*%)9%&"9(#+5*+)*7+;<#%9"9*!=>,%&"OOOOOOOOOOOOOOOOO!Q!
>-.!<*)&.B*R*.OOO,,OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO,!N"!
!
?&$%@%9"9*9+,%&$%@"OOOOO,OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO,!NP!
C3*F&4*%8(&!$*4(8<(F&,,OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO,!NS!
J%8($*%8(&!$*4(8<(F&OOOO,,OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO,!NT!
=(U3&!%*;3&OOOOOOOOO,,OOOOOOOOOOOOOOOOOOOOOOOOO,,,OO!NV!
W%$(8*!%&8(-%&4!$*4!$*4(<-OO,,OOOOOOOOOOOOOOOOOOOOOOOOOO,,,!NX!
D*87*.<3-OOOOOOOOOOO,OOOOOOOOOOOOOOOOOOOOOOOOO,,,,,!!YY!
!+#&+'&%6)AOOOOOOOOOOOOO,,OOOOOOOOOOOOOOOOOOOOOOOO,,,O!!YZ!
2(*$-!&4!$*4(<-OOOOOOOOO,,OOOOOOOOOOOOOOOOOOOOOOO,,,,O!!!YT!
C*38*18(@%!$*!4&!(%.*;73($&$OO,,OOOOOOOOOOOOOOOOOOOOO,,,,OO!!!YV!
+*)-3!&!.*3!F98<()&OOOOOOOO,OOOOOOOOOOOOOOOOOOOOO,,,OO!YX!!
1+5+8'+B(*%)5$%$<&%()",*OOOOO,!OO,OOOOOOOOOOOOOOOOOOOO,O,,,O!!!!PN!
W%$(8*!$*!*U*8<(F($&$!$*!2(%(.<*3(-!CLM4(8-,OOOOOOOOOOOOOOO,OOO!!PZ!
W%$(8*!$*!()17%($&$!;*%*3&4OOOOOOOOOOOOOOOOOOOOOOO,O,OO!!PS!
W%$(8*!$*!()17%($&$!1-3!$*4(<-.!;3&F*.OOOOOOOOOOOOOOOOO,,OOO!!PT!
W%$(8*!.&<(.U&88(@%!$*!F98<()&.!8-%!*4!2(%(.<*3(-!CLM4(8-OOOOOOO,O,,OO!!!PX!
C-4(89&.OOOOOOOO,OOOOOOOOOOOOOOOOOOOOOOOOOOOOO,,,,!ZY!
+&.&!$*!3*8-)*%$&8(-%*.!$*!4&.!8-)(.(-%*.!$*!$*3*8G-.!G7)&%-.!&!87*31-.!
1-4(89&8-.OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO,,O,!!ZP!
[<*%8(@%!&!44&)&$&.!$*!*)*3;*%8(&O,,OOOOOOOOOOOOOOOOOOOO,,OZS!
!
!
N!
!
W%$(8*!$*!.&<(.U&88(@%!8(7$&$&%&!8-%!4&!C-4(89&OOOOOOOOOOOOOOOOO,!!ZV!
W%$(8*!$*!.&<(.U&88(@%!$*!F98<()&.!8-%!*4!$*.*)1*\-!1-4(8(&4OOOOOOOO,,O!!ZQ!
+3(M7%&4*.!!O,OOOOO,OOOOOOOOOOOOOO,OOOOOOOOOOOOOOO,,,!!S"!
W%$(8*!$*!$73&8(@%!$*4!13-8*.-!OOOOOOO,OOOOOOOOOOOOOOOOO,O!!SY!
W%$(8*!$*!$*.*)1*\-!$*!4-.!R7*8*.!OOOOOO,,O,,OOOOOOOOOOOOOOOOSZ!
W%$(8*!$*!(%<*3/.!$*!4&.!F98<()&.!OOOOOOO,,OOOOOOOOOOOOOOOOO,!!ST!
D(.<*)&!C*%(<*%8(&3(-OOOOOOOO,OOOOOOOOOOOOOOOOOOOOOOO!SQ!
]&$(-;3&U9&!$*4!D(.<*)&!C*%(<*%8(&3(-OOOOOOOOOOOOOOO,OOOOOOO!!SX!
W%$(8*!$*!F(8<()(A&8(@%!*%!3*847.-3(-.!E!1*%(<*%8(&3(&.OOOOOOOOOOOO,,!!TN!
]*(%8($*%8(&OOOOOOOOOOOOOOO,OOOOOOOOOOOOOOOOOOOOO!TY!
W%$(8*!$*!*U*8<(F($&$!$*!1-49<(8&!83()(%[email protected];(8&OOOOOOOOOOOOOOOOO,,!TZ!
C"5$(AOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!TT*
6&.<-!CLM4(8-!*%!.*;73($&$OOOOOOOOOOOOOOOOOOOOOOOOOOOO!TQ*
#4!8-.<-!$*4!$*4(<-!OOOOOOO,,OOOOOOOOOOOOOOOOOOOOOOOO,O!!V"*
#4!8-.<-!$*!4&!(%.*;73($&$!*%!2/^(8-OOOOOOOOOOOOOOOOOOOOOO,,!!VY*
#U*8<(F($&$!$*4!;&.<-!*%!.*;73($&$OOOOOOOOOOOOOOOOOOOOOOOO!VP*
3()5%9+#"&%()+5*D%)",+5OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO,O,!!VS!
?)+E(5*OOOOOOOOOOOOOOOOOOOOOOOOOOOO,,OOOOOOOOOOOO,O,!!VV!
+&M4&!N,!]*.7)*%!E!.7!R7.<(U(8&8(@%!1-3!*R*!<*)5<(8-!$*!4&!M&<*39&!$*!9%$(8*.!*!!
(%$(8&$-3*.!*%!)&<*3(&!$*!.*;73($&$!1LM4(8&!OOOOOOOO,,OOOOOOOO,,,!!VQ*
+&M4&!Y,!]*;(.<3-!*.<&$9.<(8-!E!8(U3&.!1&3&!4-.!9%$(8*.!*!(%$(8&$-3*.!*%!)&<*3(&!!
$*!.*;73($&$!1LM4(8&,OOOOOOOOOOOOOOOOOOOOOOOOOO,,OOO,O!Q"!
_-<&!</8%(8&B)*<[email protected];(8&!.-M3*!)*$(8(@%`!)7*.<3*-!E!&4;-3(<)-.!7<(4(A&$-.!!
1&3&!*4!854874-!$*!4-.!9%$(8*.!*!(%$(8&$-3*.!*%!)&<*3(&!$*!.*;73($&$!1LM4(8&,,!QN!
!
*
F%>,%(;#"D:"OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO,,!!QX
!
!
Y!
!
*
C3*.*%<&8(@%!
!
>-.!)*^(8&%-.!44*F&)-.!47.<3-.!.(*%$-!;-41*&$-.!1-3!4&!$*4(%87*%8(&,!#%!*.<-.!&\-.!G*)-.!.($-!
F98<()&.!$*!&4;L%!$*4(<-`!-!*4!<*)-3!&!G&8*34-!%-.!G&!-M4(;&$-!&!8&)M(&3!%7*.<3-.!G5M(<-.!)5.!
&33&(;&$-.,!>&!(%.*;73($&$!G&!&<*%<&$-!8-%!%7*.<3&.!U-3)&.!)5.!*.*%8(&4*.!$*!8-%F(F*%8(&`!G&!
<3&.<-8&$-!*4!U47R-!%-3)&4!$*!%7*.<3&.!F($&.!E!&8<(F($&$*.!E`!1-3!a7/!%-!$*8(34-`!G&!4()(<&$-!
%7*.<3-!13-;3*.-,!2/^(8-!%-!1-$35!U4-3*8*3`!.(!.7.!8()(*%<-.!*.<5%!$*M(4(<&$-.,!D(!4&.!8*3<*A&.!)5.!
M5.(8&.!.-M3*!4&!(%<*;3($&$!13-1(&!E!4&!$*!4-.!%7*.<3-.`!!4&!$*!%7*.<3-!1&<3()-%(-!E!)*$(-.!$*!
.7.<*%<-!*.<5%!&7.*%<*.,!]*.74<&!84&3-K!4-.!)*^(8&%-.!a7*3*)-.!*.&.!8*3<*A&.`!%-!)5.!F(-4*%8(&!E!
$-4-3,!
!
>&!&7<-3($&$!G&!.($-!&F&.&44&$&!1-3!*.<*!U*%@)*%-`!87&%$-!%-!8&1<73&$&!1-3!3*$*.!83()(%&4*.!
87E-.!<*%<5874-.!&48&%A&%!*.U*3&.!(%.-.1*8G&$&.,!#4!3/;()*%!13(9.<&!$*4!1&.&$-!8-%<&M&!8-%!
*^<3&-3$(%&3(-.!)*8&%(.)-.!$*!8-%<3-4!1-49<(8-!E!<&)M(/%!3*$*.!$*!8-)14(8($&$*.!a7*!4*!
1*3)(<(*3-%!)&%<*%*3!*4!83()*%!&!3&E&,!_7%8&!8-%.-4([email protected]!(%.<(<78(-%*.!U7*3<*.`!U7%8(-%&4*.`!a7*!
17$(*3&%!87)14(3!8-%!.7!)(.(@%,![.9!44*;@!4&!&4<*3%&%8(&!$*!1&3<($-.!*%!*4!1-$*3!E!$*!&G9!*%!
&$*4&%<*!G*)-.!&<*.<(;7&$-!7%&!(%8&1&8($&$!1*3.(.<*%<*!$*4!#.<&$-`!*%!1&3<(874&3`!4&.!
(%.<(<78(-%*.!$*!4&!R7.<(8(&!1*%&4`!1&3&!G&8*3!U3*%<*!&4!U*%@)*%-,!D(!M(*%!.*!44*;@!&!7%!$(&;%@.<(8-!
8-)1&3<($-!*%<3*!4&!84&.*!1-49<(8&!E!4&!.-8(*$&$!*%!*4!.*%<($-!$*!a7*!*3&!%*8*.&3(&!7%&!3*U-3)&!&!
$(8G&.!!(%.<(<78(-%*.!8-%!*4!U(%!$*!U-3<&4*8*34&.`!E!)5.!&L%`!.*!&[email protected]!7%&!()1-3<&%<*!(%(8(&<(F&!*%!
*.*!.*%<($-`!.7!(%.<37)*%<&8(@%!*.<5!F&3&$&`!&!4&!*.1*3&!$*!4&!$*U(%(8(@%!$*!7%!)&1&!$*!37<&!a7*!
;79*!.7!17*.<&!*%!)&38G&,![!)5.!$*!7%!&\-!$*!&13-M&8(@%!$*!4&!3*U-3)&!1*%&4`!.7.!&F&%8*.!G&%!
.($-!1-8-.,!#.!<(*)1-!$*!&8<7&3,!!
!
#.<*!13-E*8<-!1&3<*!$*!7%&!13*)(.&K!4-.!8(7$&$&%-.!$*M*)-.!(%F-4783&3%-.!*%!4&!*F&47&8(@%!$*!4&.!
<&3*&.!$*4!;-M(*3%-`!87&%<-!E!)5.!.(!.*!<3&<&!$*!7%!<*)&!<&%!.*%<($-!bE!.7U3($-c!8-)-!*.!*4!$*!4&!
(%.*;73($&$,!d!*%!*.<*!5)M(<-`!8-)-!a7(A5!*%!%(%;L%!-<3-`!*^(.<*%!4&.!8-%$(8(-%*.!!1&3&!*)1*A&3!&!
G&8*34-!$*!)&%*3&!.*3(&!E!.(.<*)5<(8&,!>-!()1-3<&%<*!*.!$&3!4-.!13()*3-.!1&.-.,!!
!
#.<*!*.!*4!*.193(<7!$*!*.<*!$-87)*%<-,!=-%<(*%*!7%&!13-17*.<&!$*!(%$(8&$-3*.!8-%!4&!a7*!4-.!
)*^(8&%-.!1-$*)-.!$&3!.*;7()(*%<-!&4!U*%@)*%-!$*4(%87*%8(&4!E!&!4&.!&88(-%*.!;7M*3%&)*%<&4*.!
!
!
P!
!
1&3&!8-)M&<(34-,!D*!<3&<&!$*!7%!.(.<*)&!$*!9%$(8*.!*!(%$(8&$-3*.!.*%8(44-!E!*a7(4(M3&$-!!a7*!M7.8&`!
&%<*!<-$-`!!.*3!3*4*F&%<*!&4!8(7$&$&%-,!D*!8-%.<[email protected]!1&3&!.*3F(3!$*!14&<&U-3)&!$*!)*$(8(@%!1&3&!
4-.!<3&M&R-.!$*4!eM.*3F&<-3(-!=(7$&$&%-!1&3&!4&!D*;73($&$`!4&!'7.<(8(&!E!4&!>*;&4($&$!1*3-!$*!(;7&4!
)&%*3&!17*$*!.*3F(3!&!<-$&!&a7*44&!(%(8(&<(F&!8(7$&$&%&`!%&8(-%&4!-!4-8&4`!a7*!M7.a7*!*.*!
[email protected](<-,!!
!
>&!M&<*39&!.*!*.<378<[email protected]!&!1&3<(3!$*!87&<3-!*R*.!a7*!%-.!1*3)(<*%!&8*38&3%-.!&4!U*%@)*%-!&!<3&F/.!
$*!.7.!F*3<(*%<*.!)5.!()1-3<&%<*.,!#4!17%<-!$*!1&3<($&!*.!4&!8";)%$<9*9+,*D+)68+)(K!875%<-.!
$*4(<-.!.*!8-)*<*%`!875%<&.!1*3.-%&.!.-%!F98<()&.!$*!7%!&8<-!83()(%&4`!!8754!*.!*4!1*.-!$*!4-.!
$*4(<-.!;3&F*.`!8754!G&!.($-!.7!8-)1-3<&)(*%<-!&!<3&F/.!$*!4-.!&\-.,!#4!.*;7%$-!17%<-!&M-3$&!
)<+5$#(*5+)$%#!3*.1*8<-!&!4&!(%.*;73($&$K!a7/!<&%<-!)(*$-!<*%*)-.!!&!.*3!F98<()&.!$*!7%!$*4(<-`!4-.!
8-%<*^<-.!*%!a7*!*.*!)(*$-!.*!*^&8*3M&!E!!4-.!8&)M(-.!$*!G5M(<-.!-3(;(%&$-.!*%!*.*!<*)-3,!#4!
<*38*3!8-)1-%*%<*!&M-3$&!4&!#+5'<+5$"*9+,*5%5$+8"*&%<*!*4!U*%@)*%-K!4&!8&1&8($&$!1&3&!8&1<73&3!
*!()1-%*3!.&%8(@%!&4!$*4(%87*%<*,!#%!*.<&!F&3(&M4*!.*!3*.7)*!4&!*U*8<(F($&$!$*4!.(.<*)&!D*!
13-1-%*%`!&$*)5.`!(%$(8&$-3*.!$*!$*.*)1*\-!1-4(8(&4`!R7$(8(&4!E!$*4!.(.<*)&!1*%(<*%8(&3(-`!&.9!
8-)-!4&!*F&47&8(@%!a7*!4-.!13-1(-.!7.7&3(-.!G&8*%!$*!)(%(.<*3(-.!1LM4(8-.!E!1-4(89&.`!*4*)*%<-.!
a7*!%-!17*$*%!U&4<&3!*%!7%&!F&4-3&8(@%!a7*!M7.a7*!(%8-31-3&3!&4!8(7$&$&%-,!=-)-!L4<()-!
8-)1-%*%<*!.*!13*.*%<&%!,(5*&(5$(5!!a7*!()1-%*!4&!$*4(%87*%8(&!&!4&!.-8(*$&$K!875%<-!87*.<&!4&!
$*4(%87*%8(&!&!4-.!)*^(8&%-.`!875%<-!$*.<(%&!*4!;-M(*3%-!&!.7!8-)M&<*!E!8-%!a7/!*U*8<(F($&$,!!
!
#.<-.!87&<3-!8-)1-%*%<*.K!)&;%(<7$!$*4!U*%@)*%-!b4-!a7*!.78*$*c`!1*38*18(@%!$*!(%.*;73($&$!b4-!
a7*!.*%<()-.c`!3*.17*.<&!$*4!.(.<*)&!!b4-!a7*!-M<*%*)-.cf!E!*4!;&.<-!!b4-!a7*!%-.!87*.<&c!-U3*8*%!
87&<3-!*R*.!U7%$&)*%<&4*.!1&3&!$&3!.*;7()(*%<-!&!4&!13-M4*)5<(8&!!E!&4!&8<7&3!;7M*3%&)*%<&4!*%!4&!
)&<*3(&,!D-%!1&35)*<3-.!a7*!%-.!1-$35%!(%$(8&3!.(!F&)-.!;&%&%$-!4&!M&<&44&!-!1*3)&%*8*)-.!&!
)*38*$!$*!4-.!83()(%&4*.,!!
!
#.<&!13-17*.<&!.*!8-%.<[email protected]!8-%!4&!1&3<(8(1&8(@%!$*!&8&$/)(8-.!E!*^1*3<-.!*%!*4!<*)&`!<-$-.!*44-.!
&$.83(<-.!&!(%.<(<78(-%*.!&8&$/)(8&.!E!$*!&%54(.(.!a7*!G&%!(%F*3<($-!3*873.-.!E!<&4*%<-.!1&3&!
*%<*%$*3!*4!U*%@)*%-!a7*!%-.!-871&`!13-$78(3!&%54(.(.`!$&3!.*;7()(*%<-!&!(%$(8&$-3*.!E!;*%*3&3!
(%U-3)&8(@%!&!<3&F/.!$*!*%87*.<&.!$*!-1(%(@%!E!F(8<()(A&8(@%,!#4!8-%873.-!$*!*.<-.!13-U*.(-%&4*.!
G&8*!$*4!13-$78<-!&4;-!*^8*18(-%&4,!?*!G*8G-`!4&!M&<*39&!$*!(%$(8&$-3*.!&a79!*^17*.<&`!(%<*;3&!.7!
<3&M&R-!13*F(-`!4-!a7*!%-.!1*3)(<*!8-%<&3!8-%!9%$(8*.!*!(%$(8&$-3*.!13-M&$-.!E!&83*$(<&$-.`!!&!4-.!
a7*!.*!G&!$&$-!.*;7()(*%<-!1-3!&\-.,!!
!
!
Z!
!
!
C&3<(8(1&3-%!*%!*.<*!13-E*8<-K!#4!?3,!2&38*4-!:*3;)&%`!(%F*.<(;&$-3!$*4!=*%<3-!$*!J%F*.<(;&8(@%!E!
?-8*%8(&!#8-%@)(8&,!#4!(%F*%<&3(-!$*!4&!13-$788(@%!&8&$/)(8&!$*4!?3,:*3;)&%!*.!)7E!*^<*%.-`!!
M&.<*!$*.<&8&3!!.7!1&3<(8(1&8(@%!*%!*4!$(.*\-!E!&%54(.(.!$*!4&.!#%87*.<&.!$*!g(8<()(A&8(@%!E!#U(8&8(&!
J%.<(<78(-%&4`!&.9!8-)-!4&.!#%87*.<&!$*!4&!C-M4&8(@%!*%!]*847.(@%`!&)M&.!$*4!=J?#`!1&3&!!3*8-%-8*3!
.7!&F&%A&$-!*%<*%$()(*%<-!$*!4&!13-M4*)5<(8&!E!.7!8&1&8($&$!1&3&!13-$78(3!(%.<37)*%<-.!$*!
)*$(8(@%!a7*!.*35%!.-1-3<*!U7%$&)*%<&4!*%!*4!.*;7()(*%<-!$*!4&!M&<*39&!a7*!&a79!.*!13-1-%*,!!!#4!
$-87)*%<-!a7*!&1-3<@!&!*.<*!13-E*8<-`!1*3)(<(@!$&34*!*.<378<73&!&%&49<(8&!E!8-%8*1<7&4!&!!<-$-!*4!
<3&M&R-,!>*!*^13*.&)-.!%7*.<3-!13-U7%$-!&;3&$*8()(*%<-,!
!
[!>7(.!$*!>&!:&33*$&!E!=*8(4(&!D&E*;!$*4!J%.<(<7<-!=(7$&$&%-!$*!#.<7$(-.!.-M3*!4&!J%.*;73($&$!
bJ=#DJc`!&;3&$*8*)-.!*4!G&M*3!-U3*8($-!.7!8-%-8()(*%<-!*%!*4!<*)&!E!.7!*^1*3(*%8(&!*%!*4!)&%*R-!
$*!*.<&$9.<(8&.!$*!F(8<()(A&8(@%!!&4!.*3F(8(-!$*!*.<*!13-E*8<-,!D7!1&3<(8(1&8(@%!3*.74<@!U7%$&)*%<&4!
1&3&!$(.83()(%&3!*%<3*!(%$(8&$-3*.!1-.(M4*.!E!.*4*88(-%&3!&a7*44-.!&!4-.!a7*!3*.74<&!U7%$&)*%<&4!
$&34*.!.*;7()(*%<-,!>&!#%87*.<&!_&8(-%&4!$*!J%.*;73($&$!b#_DJc!a7*!*.<5!M&R-!.7!8-%$788(@%`!!G&!
1*3)(<($-!&!4-.!)*^(8&%-.!&8*38&3%-.!&!4&!F*3$&$*3&!)&;%(<7$!$*4!U*%@)*%-!1-3!.7!
3*13*.*%<&<(F($&$!%&8(-%&4!E!*.<&<&4,!?(U(894!3*14(8&3!7%!(%.<37)*%<-!8-%!*4!&48&%8*!E!3*4*F&%8(&!$*!
/.<*,!
!!
#%!)&<*3(&!$*!$*.*)1*\-!(%.<(<78(-%&4`!*%!1&3<(874&3!$*!)(%(.<*3(-.!1LM4(8-.!E!$*!8538*4*.`!
8-%<&)-.!8-%!4&!F&4(-.&!1&3<(8(1&8(@%!$*!67(44*3)-!I*1*$&`!$*4!=*%<3-!$*!J%F*.<(;&8(@%!1&3&!*4!
?*.&33-44-`!=J?[=,!#4!?3,!I*1*$&!<(*%*!)5.!7%&!$/8&$&!8-%$78(*%$-!E!$*.&33-44&%$-!7%&!&;*%$&!
$*!*.<7$(-.!*%!)&<*3(&!$*!3*U-3)&!1*%&4`!7%-!$*!87E-.!U37<-.!*.!4&!-M3&!.*)(%&4!=3()*%!.(%!8&.<(;-!
b=J?[=`!Y""Zc!a7*!13*.*%<&!7%!$(&;%@.<(8-!&8&M&$-!$*!4-.!)(%(.<*3(-.!1LM4(8-.!*%!*4!1&9.,!!
[.()(.)-`!=J?[=!G&!8-%U-3)&$-!7%&!()1-3<&%<*!M&.*!$*!$&<-.!a7*!3*8-;*!(%U-3)&8(@%!$*!NXXV!&!
4&!U*8G&!E!.(3F*!&!4&!8-%.<3788(@%!$*4!W%$(8*!=J?[=!$*!J%8($*%8(&!?*4(8<(F&!E!g(-4*%8(&`!&.9!8-)-!*4!
9%$(8*!=J?[=!$*!$*.*)1*\-!$*!13-873&$739&.,!=-)1-%*%<*.!$*4!13()*3-`!E!*4!.*;7%$-!*%!.7!
<-<&4($&$`!.*!13*.*%<&%!*%!*.<*!$-87)*%<-,!
!
C&3&!4&!$(.87.(@%!.-M3*!(%$(8&$-3*.!$*!$*.*)1*\-!$*!1-4(89&.`!8-%<&)-.!8-%!4&!F(.(@%!$*!4-.!
*^1*3<-.K!#3%*.<-!>@1*A!C-3<(44-!E!#3%*.<-!=53$*%&.!$*4!J%.<(<7<-!D*;73($&$!E!?*)-83&8(&`!
J_Dd?#,!=-)-!*.<7$(-.-.!$*!4&!U7%8(@%!1-4(8(&4!E!$*!4-.!)*8&%(.)-.!1&3&!G&8*3!a7*!*.<-.!87*31-.!
3(%$&%!87*%<&.!&!4&!.-8(*$&$`!13-17.(*3-%!)*$(8(-%*.!a7*!13(F(4*;(&%!*4!8-%<&8<-!1-4(89&B
!
!
S!
!
8(7$&$&%-`!&7%a7*!*44-.!)(.)-.!3*8-%-8*%!a7*!*4!8&<54-;-!$*!(%$(8&$-3*.!1-.(M4*.!*.!)5.!&)14(-,!!
>&!U7%8(@%!1-4(8(&4!3*.74<&!839<(8&!1&3&!4&!13*F*%8(@%!E!8-)M&<*!&4!$*4(<-!E!*.!M&R-!4&!(%(8(&<(F&!E!
&7.1(8(-.!$*!*.<*!(%.<(<7<-`!a7*!4-.!$*M&<*.!.-M3*!*4!*.<&$-!$*!8-.&.!E!.-M3*!4&.!3*U-3)&.!
%*8*.&3(&.!.*!G&%!-3(;(%&$-,!!
!
C&3&!8-)14*<&3!*4!87*31-!$*!*^1*3<-.`!8-%<&)-.!8-%!4&!1&3<(8(1&8(@%!$*4!2<3-,!=&34-.!2*%$-A&`!
13-U*.-3!(%F*.<(;&$-3!*%!4&!0&874<&$!$*!=(*%8(&.!C-49<(8&.!E!D-8(&4*.!$*!4&!h%(F*3.($&$!_&8(-%&4!
[7<@%-)&!$*!2/^(8-,!#4!2<3-,!2*%$-A&!G&!.($-!&.*.-3!$*!2/^(8-!h%($-!=-%<3&!4&!?*4(%87*%8(&`!&.9!
8-)-!$*!$(F*3.-.!;-M(*3%-.!*.<&<&4*.!*%!<*)&.!$*!.*;73($&$,!=-)-!1-8-.`!*4!2<3-,!2*%$-A&!
8-%-8*!*4!(%<3(%8&$-!)7%$-!$*!4&.!*.<&$9.<(8&.!-U(8(&4*.K!.&M*!a7/!.*!13-$78*[email protected]%$*!*%8-%<3&34-!
E!*%<(*%$*!)7E!M(*%!a7*!4&!U7%8(@%!$*!)*$(8(@%!*.!13-F-8&3!7%&!3*&88(@%!;7M*3%&)*%<&4!$*!
8-33*88(@%,!=&34-.!2*%$-A&!G&!$*.&33-44&$-!7%!.(.<*)&!)7E!8-)14*<-!$*!9%$(8*.!*!(%$(8&$-3*.!*%!
8&$&!*.4&[email protected]%!$*4!.(.<*)&!$*!R7.<(8(&!1*%&4,!#.&!F(.(@%!$*!8-%R7%<-!E!*4!$-)(%(-!$*!<*)&.!
1&3<(874&3*.`!-U3*8(*3-%!&4!13-E*8<-!3*8-)*%$&8(-%*.!)7E!F&4(-.&.!*%!8&$&!7%&!$*!4&.!F*3<(*%<*.!
&%&4(A&$&.,!
!
C-3!L4<()-!a7(.(*3&!3*8-%-8*3!E!&;3&$*8*3!*4!<3&M&R-!$*!?&F($!DG(3H!$*!4&!h%(F*3.($&$!$*!D&%!
?(*;-!a7(*%!8-%!;3&%!$(.1-.(8(@%!&8*1<@!3*F(.&3!*4!$-87)*%<-!E!-U3*8(@!8-)*%<&3(-.!a7*!4-!G&8*%!
)[email protected]($-!E!8-)14*<-,!_7*.<3&!!;3&<(<7$!&!2&3&[email protected])*A`!'&8a7*4(%*!2&3<9%*A!E!?*%(.*!>&3&!1-3!
&E7$&3%-.!&!$(.8*3%([email protected])-!-M.*3F&3!E!*%<*%$*3!4&!U7%8(@%!R73(.$(88(-%&4,!C-3!L4<()-`!1-3!
.717*.<-`!)(!3*8-%-8()(*%<-!E!;3&<(<7$!&4!.<&UU!$*!2/^(8-!#F&4L&K!'-./!+&1(&`!2&3&45!6--$*!E!
67&$&471*!6&389&!a7(*%*.!$*.$*!*4!5)M(<-!$*!.7.!U7%8(-%*.`!G(8(*3-%!1-.(M4*!4&!3*&4(A&8(@%!$*!*.<*!
<3&M&R-,!!#.1*8(&4!3*8-%-8()(*%<-!)*3*8*!'-./!+&1(&!a7(*%`!8-)-!$(3*8<-3!$*!(%F*.<(;&8(@%!$*!4&!
(%.<(<78(@%`!&M3&[email protected]!*4!13-E*8<-!8-%!<(%-`!*%<7.(&.)-!E!$*$(8&8(@%,!
!!
[4!8-%F-8&3!&!*.<*!;371-!*^1*3<-.`!2/^(8-!#F&4L&[email protected]!&F&%A&3!$-.!*4*)*%<-.!*.*%8(&4*.!$*!.7!
)(.(@%K!1-3!7%!4&$-`!(%<*;3&3!*4!8-%-8()(*%<-!$*!*^1*3<-.f!1-3!*4!-<3-`!1-%*34-!&4!.*3F(8(-!$*4!
8(7$&$&%-!E!$*!4&!)*R-3&!$*!4&!1-49<(8&!1LM4(8&!*%!*4!1&9.,!2/^(8-!#F&4L&!*.!7%&!(%.<(<78(@%!
&1&3<($(.<&`!(%$*1*%$(*%<*!E!%-!4783&<(F&!a7*!1*3.(;7*!4&!)*R-3&!$*!4&!;*.<(@%!;7M*3%&)*%<&4,!!
C3-873&!4-!&%<*3(-3!&!<3&F/.!$*4!)-%(<-3*-!$*!4&.!&88(-%*.!;7M*3%&)*%<&4*.`!*4!$*.&33-44-!$*!
(%$(8&$-3*.!M*%8G)&3H!1&3&!)*$(3!.7.!3*.74<&$-.!E!*4!$*.&33-44-!$*!*.<7$(-.!8-%!()1&8<-!*%!
<*)&.!839<(8-.!$*!4&!&;*%$&!%&8(-%&4,!
!
!
!
T!
!
=-%!*.<*!*.<7$(-`!4&!(%.<(<78(@%!M7.8&!1-%*3!*%!)&%-.!$*!4-.!)*^(8&%-.!1&35)*<3-.!8-)1&3<($-.!
1&3&!$&3!.*;7()(*%<-!&4!U*%@)*%-!$*4(%87*%8(&4`!8-%!4&!8-%F(88(@%!$*!a7*!*4!)-%(<-3*-!.-8(&4!$*!
4&.!&88(-%*.!$*!;-M(*3%-!`!4&!1&3<(8(1&8(@%!$*!(%.<(<78(-%*.!&8&$/)(8&.!E!4&!.-8(*$&$`!<-$&.!
&8<7&%$-!*%!8-%U47*%8(&`!!)-<(F&35%!&4!;-M(*3%-!&!<3&M&R&3!8-%!)5.!<3&%.1&3*%8(&!E!*U*8<(F($&$,!
!
!
#$%&!'&()*!+3*F(\-!
?(3*8<-3&!6*%*3&4!
2/^(8-!#F&4L&!
!
!
V!
!
!
D(.<*)&!$*!9%$(8*.!*!(%$(8&$-3*.!*%!D*;73($&$!CLM4(8&!
h%!(%$(8&$-3!*.!7%!*.<()&$-!$*!)*$(8(@%!a7*!1*3)(<*!8-%<*.<&3!&!4&!13*;7%<&!ia7/!<&%<-!.*!G&!
&F&%A&$-`!-!.(!G&!*^(.<($-!13-;3*.-!&4;7%-!G&8(&!4&!8-%.*878(@%!$*!7%!-MR*<(F-!8-%83*<-jN!
>4&)&)-.!9%$(8*!&!7%!8-%R7%<-!b;371-c!$*!(%$(8&$-3*.!a7*!4-!8-%.<37E*%,!#.!$*8(3`!4-.!
(%$(8&$-3*.!.-%!.7M8-%R7%<-.!$*!4-.!9%$(8*.!E!M7.8&%!.*%<&3!4&.!M&.*.!1&3&!*F&47&3!4&!*F-478(@%!
b-!(%F-478(@%c!$*!7%!8-%R7%<-!$*!U*%@)*%-.!a7*!.(3F&%!$*!M&.*!$*!$(.87.(@%!1&3&!4-.!
<-)&$-3*.!$*!$*8(.(-%*.`!4&!-1(%(@%!1LM4(8&`!E!4-.!$(.<(%<-.!&8<-3*.!$*!4&!.-8(*$&$!8(F(4,G*
>-.!(%$(8&$-3*.!.-%!(%.<37)*%<-.!a7*!1*3)(<*%!-3$*%&3!E!.()14(U(8&3!7%&!&)14(&!;&)&!$*!
(%U-3)&8(@%,!=-)-!<&4*.`!<(*%*%!4&!F(3<7$!$*!3*.7)(3!7%!8-%R7%<-!$*!$&<-.!E!13-8*.-.!a7*!$*!-<3&!
U-3)&!3*a7*3(39&%!7%!13-U7%$-!8-%-8()(*%<-!$*4!U*%@)*%-!a7*!$*.83(M*%,!C*3-!.(!M(*%!*.&!*.!.7!
U-3<&4*A&`!<(*%*%!4&!$*.F*%<&R&!$*!1*3$*3!13-U7%$($&$`!E&!a7*!1-3!4-!;*%*3&4!3*)(<*%!&!7%!8-%R7%<-!
$*!$&<-.!&;3*;&$-.!a7*`!F(.<-.!(%$(F($7&4)*%<*`!1-.**%!3(a7*A&!$*!(%U-3)&8(@%!13-1(&,!#%!
3*.7)*%`!.*!13*U*3*%8(&!4&!.()14*A&!1-3!13-U7%$($&$!&%&49<(8&,!
!
?&<-.`!8(U3&.!E!*.<&$9.<(8&!
J%$(8&$-3*.!!
3*4*F&%<*.!
=-)1-.(8(@%!$*!9%$(8*.!!
!
*
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
N!#.<&!$*U(%(8(@%!13-F(*%*!$*4!k!"#$%&&'(&)(*+,&-."-/("#$(0&1+.#"#-+(2.&3.",(4#$5-"6&.789(h,D,![J?`!NXXQ,!
[4;7%-.!-<3-.!-3;&%(.)-.!G&%!$*U(%($-!*4!</3)(%-!$*!)&%*3&!.()(4&3,!C-3!*R*)14-!4&!e3;&%(A&8(@%!1&3&!4&!
=--1*3&8(@%!E!?*.&33-44-!#8-%@)(8-!$*U(%*!7%!(%$(8&$-3!8-)-!kh%&!)*$(8(@%!-MR*<(F&!E!8-%!F&4($*A!
*.<&$9.<(8&`!a7*!)-%(<-3*&!%(F*4*.!E!8&)M(-.!*%!*4!<(*)1-!$*!7%!U*%@)*%-!.-8(&4!()1-3<&%<*l,!e=?#`!NXVT,!!
Y!>-.!9%$(8*.!.(3F*%!U7%$&)*%<&4)*%<*!1&3&!)-%(<-3*&3!7%!U*%@)*%-!*%!U-3)&!&;3*;&$&,![.9`!4-.!9%$(8*.!
a7*!.*!13-1-%*%!*%!*.<*!<3&M&R-!.(3F*%!1&3&!.*%<&3!4&.!M&.*.!$*4!)-%(<-3*-!$*!4&!&8<(F($&$!$*4(8<(F&!E!$*!4-.!
13-M4*)&.!3*4&8(-%&$-.!&!4&!.*;73($&$!1LM4(8&!*%!*4!1&9.,!!h%!9%$(8*!$*4(8<(F-`!1-3!*R*)14-`!*.!7%!&;3*;&$-!
$*!(%$(8&$-3*.!$*4(%87*%8(&4*.!b1-3!*R*)14-`!<&.&!$*!G-)(8($(-`!$*!3-M-`!*<8,c!a7*!17*$*!<-)&3!$(.<(%<&.!
7%($&$*.!$*!&%54(.(.!-!$*!M&.*!N"",!
!
!
Q!
!
>-.!(%$(8&$-3*.!<(*%*!7%!13-M4*)&!&$(8(-%&4K!4&!8&%<($&$!E!$(.1-%(M(4($&$!$*!U7*%<*.!$*!
&.*a7(M4*.!$*!(%U-3)&8(@%!1&3&!*4&M-3&34-.,!>&!!*4*88(@%!*^&8<&!E!8-33*8<&!$*!4&.!)(.)&.!*.!
&4<&)*%<*!8-)14(8&$&K!&4;7%&.!.-%!1-M3*.!*%!8-%<*%($-!-!8-%U(&M(4($&$f!-<3&.!.-%!$*!
$(.1-%(M(4($&$!(%)*$(&<&`!E!&4;7%&.!)5.!.-%!.()14*)*%<*!$(U98(4*.!$*!8-%.*;7(3!-!)7E!8&3&.!$*!
13-$78(3,!#4!17%<-!*.!a7*!<-$&.!4&.!U7*%<*.!<(*%*%!4()(<&%<*.!*!()13*8(.(-%*.`!1-3!4-!a7*!*4!3*<-!
1&3&!a7(/%!4&.!.*4*88(-%&!E!7<(4(A&!3*.($*!*%!8-)13*%$*3!8754*.!.-%!*.&.!4()(<&%<*.`!E!*4!*U*8<-!
a7*!17*$*%!<*%*3!*%!4&!(%U-3)&8(@%!a7*!.*!;*%*3*!&!1&3<(3!$*!*44&.,!!
_-!-M.<&%<*!*.<-.!13-M4*)&.`!4-.!9%$(8*.!*!(%$(8&$-3*.!.-%!*4*)*%<-.!$*!)*$(8(@%!a7*!17*$*%`!
E!$*M*%`!.*3!7<(4(A&$-.!&!<-$-.!4-.!%(F*4*.!$*!;-M(*3%-!E!.-8(*$&$!8-)-!7%&!G*33&)(*%<&!1&3&!
)*$(3!*4!13-;3*.-!$*!4&.!&88(-%*.!*!(%(8(&<(F&.!$(3(;($&.!&!&<*%$*3!7%&!13-M4*)5<(8&!*.1*89U(8&,!
+&4!*.!*4!8&.-!$*!4-.!*.U7*3A-.!1&3&!3*$78(3!4&!(%.*;73($&$!E!F(-4*%8(&!*^(.<*%<*`!-!*4!&.*;73&3!
7%&!&$)(%(.<3&8(@%!$*!R7.<(8(&!*a7(<&<(F&!*%!</3)(%-.!$*!;/%*3-`!%(F*4!$*!(%;3*.-!E!*$78&8(@%,!
#%!2/^(8-!8&3*8*)-.!$*!*.<-.!(%$(8&$-3*.!*%!8&.(!<-$-.!4-.!5)M(<-.!$*4!*R*38(8(-!
;7M*3%&)*%<&4,!d!*.<-!*.!1&3<(874&3)*%<*!8(*3<-!*%!4-!a7*!&!.*;73($&$!E!R7.<(8(&!8-33*.1-%$*,!!D(!
M(*%!.*!G&%!F*%($-!3*8-1(4&%$-!$&<-.!*.<&$9.<(8-.!.-M3*!(%8($*%8(&!$*4(8<(F&`!*.<&$9.<(8&!R7$(8(&4`!
;&.<-!1LM4(8-!*<8,`!&!4-!4&3;-!$*!1-3!4-!)*%-.!4&.!L4<()&.!.*(.!$/8&$&.`!%-!.*!G&%!G*8G-!.*3(-.!
*.U7*3A-.!1-3!.(.<*)&<(A&3!4&!(%U-3)&8(@%!*%!U-3)&!8-G*3*%<*!E!8-%U(&M4*!1&3&!M3(%$&3!83(<*3(-.!
8-)1&3&<(F-.!a7*!1*3)(<&%!)*$(3!4&!*F-478(@%!$*!4-.!13-8*.-.!&.-8(&$-.!&!4&!(%.*;73($&$,P!
#.!)7E!13*-871&%<*!a7*!*4!*.<&$-!%-!17*$&!;*%*3&3!4&!(%U-3)&8(@%!%*8*.&3(&!E!L<(4!3*.1*8<-!$*!
4-!a7*!G&8*`!E&!%-!$(;&)-.!4&!U&4<&!$*!*.U7*3A-!1-3!)-.<3&3!4-.!3*.74<&$-.!$*!.7.!13-;3&)&.!E!
&88(-%*.!&!%(F*4!U*$*3&4`!*.<&<&4!E!)7%(8(1&4,!=7&%$-!.*!17*$*!&88*$*3!&!*.<&$9.<(8&`!*.!)7E!
8-)L%!%-!8-%<&3!8-%!.*3(*.!$*!<(*)1-!8-)14*<&.!-!8-%!(%U-3)&8(@%!G-)-4-;&$&`!4-!87&4!;*%*3&`!
)5.!&445!$*4!$*.&.-.(*;-`!7%&!F54($&!.7.1(8&8(&!.-M3*!4&!F*3&8($&$!E!*^&8<(<7$!$*!4-!a7*!.*!
3*1-3<&!E!8-%!*44-!4&!()1-.(M(4($&$!$*!3*&4(A&3!*.<7$(-.!&8*3<&$-.!a7*!.*!U7%$&)*%<*%!*%!
(%U-3)&8(@%!8-%!&4<&!8-%U(&M(4($&$,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
P!_7*.<3-!1&9.!)7*.<3&!)&38&$-.!3*<3&.-.!*%!*.<&.!53*&.!1-3!$-.!3&A-%*.!U7%$&)*%<&4*.K!Nc!m(.<@3(8&)*%<*!
%-!.*!3*8-%-8(@!4&!.*;73($&$!1LM4(8&!8-)-!7%!13-M4*)&!.*3(-!&!.*3!&<*%$($-!1-3!4-.!;-M(*3%-.`!E!Yc!>&!
-1(%(@%!1LM4(8&!E!4&!.-8(*$&$!8(F(4!%-!8&%&4(A&M&%!$*)&%$&.!$*!()1-3<&%8(&!*%!*.<&!)&<*3(&,!!#.<&!*.!4&!
-1(%(@%!*^13*.&$&!1-3!*4!?3,!2&38*4-!:*3;)&%,!C&3&!)5.!(%U-3)&8(@%!8-%.74<&3!!*4!$-87)*%<-!*4&M-3&$-!
1&3&!4&!8-%U-3)&8(@%!$*!*.<*!<3&M&R-`!kJ%$(8&$-3*.!*%!2&<*3(&!$*!D*;73($&$8`!*%!:."%";&7(<"."(="(+="%&."-5>#(
$+=(?576+,"($+(4#$5-"$&.+7($+([email protected]$"$!nnn,)*^(8-*F&47&,-3;,!
!
!
X!
!
#.<&!.(<7&8(@%!G&!13-F-8&$-!a7*!.*&%!4-.!-3;&%(.)-.!%-!;7M*3%&)*%<&4*.!E!4&!&8&$*)(&!
a7(*%*.`!8-%!.7.!13-1(-.!)*$(-.!E!3*873.-.`!8-%.<37E&%!E!8-)14*)*%<*%!4&!(%U-3)&8(@%!a7*!*4!
*.<&$-!%-!17*$*!;*%*3&3,!!2(*%<3&.!%-!G&E&!7%!8-)13-)(.-!1LM4(8-!1-3!1&3<*!$*4!;-M(*3%-!
1&3&!;*%*3&3!8(U3&.!$*!8&4($&$`!%7*.<3&!)*R-3!&17*.<&!*.!.*;7(3!;*%*35%$-4&.!1-3!*4!4&$-!$*!4&!
.-8(*$&$,!
>&!*^1*3(*%8(&!$*!)78G-.!-<3-.!1&9.*.!*%!*4!)&%*R-!$*!(%U-3)&8(@%!.-M3*!*4!U*%@)*%-!$*4(8<(F-!
(47.<3&!%7*.<3&.!8&3*%8(&.,!+-$-.!4-.!1&9.*.!$*!#73-1&!e88($*%<&4!<(*%*%!(%$(8&$-3*.!8-%U(&M4*.!
$*!&8<(F($&$!$*4(%87*%8(&4`!<-$-.!4-.!1&9.*.!$*!4&!e=?#`!$*!4&!87&4!2/^(8-!*.!1&3<*`!<(*%*%!
(%$(8&$-3*.!$*4!!;&.<-!&.-8(&$-`!<&)M(/%!4-.!##hh!E!=&%&$5!87*%<&%!8-%!84&3-.!9%$(8*.!$*!
83()(%&4($&$`!E!8&.(!<-$-.!4-.!1&9.*.!$*4!G*)(.U*3(-!3*1-3<&%!(%$(8&$-3*.!$*!&8<(F($&$!R7$(8(&4Z,!
_-.-<3-.!%-!13-$78()-.!*.<&!(%U-3)&8(@%!$*!)&%*3&!.(.<*)5<(8&!E!8-%U(&M4*,!!
[!1&3<(3!$*!*.<*!F&89-!*.!a7*!.73;*!4&!%*8*.($&$!$*!83*&3!*.<*!$-87)*%<-,[email protected](<-!*.!
13*.*%<&3!7%&!.*3(*!$*!(%$(8&$-3*.!a7*!1*3)(<&%!$&3!.*;7()(*%<-!&!4-.!$(.<(%<-.!&.1*8<-.!a7*!
8-)1-%*%!4&!.*;73($&$!1LM4(8&!*%!2/^(8-!E!G&8*34-!$*!)&%*3&!.(.<*)5<(8&!E!8-%<(%7&,!!!
*
H(5*$+8"5I+J+5*
[%<*.!$*!$*U(%(3!4-.!9%$(8*.!*!(%$(8&$-3*.!13-17*.<-.`!*.!%*8*.&3(-!($*%<(U(8&3!E!13*.*%<&3!*4!
U*%@)*%-!-!U*%@)*%-.!a7*!.*!$*.*&%!$*.83(M(3!E!)*$(3,!#%!-1(%(@%!$*!4-.!*^1*3<-.!8-%F-8&$-.`!
.*!$*M*!G&8*3!/%U&.(.!*%!87&<3-!<*)&.!-!*R*.!8*%<3&4*.!$*!&%54(.(.,!#.<-.!.-%K!Nc!F(8<()(A&8(@%!-!
&8<(F($&$!$*4(8<(F&!b4-!a7*!.78*$*c`!Yc!1*38*18(@%!8(7$&$&%&!$*!4&!(%.*;73($&$!b4-!a7*!.*%<()-.c`!
Zc!$*.*)1*\-!(%.<(<78(-%&4!b4-!a7*!3*8(M()-.c`!E!Pc!*4!;&.<-!1LM4(8-!*%!4&!)&<*3(&!b4-!a7*!%-.!
87*.<&c,!#.<-.!<*)&.!17*$*%!bE!$*M*%c!.*3!&%&4(A&$-.!&!%(F*4!U*$*3&4`!*.<&<&4!E!4-8&4,!
!
Nc g(8<()(A&8(@%!-!&8<(F($&$!$*4(8<(F&o4-!a7*!.78*$*,!#.<*!*.!.(%!$7$&!*4!<*)&!8*%<3&4!E!*4!)5.!
8-)14*R-!$*!$*.&33-44&3!1-3!87*.<(-%*.!</8%(8&.`!)*<[email protected];(8&.`!E!$*!)74<(14(8($&$!$*!
&8<-3*.,!D(%!*)M&3;-`!4-!a7*!.*!3*a7(*3*!*.!1-$*3!$()*%.(-%&3!*%!4&!U-3)&!)5.!-MR*<(F&!
1-.(M4*!4&!)&;%(<7$!$*!4&!&8<(F($&$!$*4(%87*%8(&4`!4&!<(1-4-;9&!$*!4-.!$*4(<-.`!4&!13-U7%$($&$!
E!8-)14*R($&$!$*!4-.!)(.)-.`!*<8,!:7*%&!1&3<*!$*!*.<*!<3&M&R-!*.<&35!$*$(8&$-!&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Z!#.!()1-3<&%<*!3*8-3$&3!a7*!1&3&!a7*!7%!(%$(8&$-3!.*&[email protected]($-!E!8-%U(&M4*`!$*M*!1-3!4-!)*%-.!.*3!
8-)1&3&M4*!&!<3&F/.!$*4!<(*)1-`!3*U*3*%8(&M4*!bF&4($*A!$*!U7*%<*.c`!&.9!8-)-!8-%<&3!8-%!7%&!)*<-$-4-;9&!$*!
8-%.<3788(@%!F&4($&$&!E!*.<&$9.<(8&)*%<*!8-)13-M&M4*.
!
!
N"!
!
$*.&33-44&3!4&!13-M4*)5<(8&!$*!4&!8-%.<3788(@%!$*!9%$(8*.!1&3&!&M-3$&3!*.<-.!<*)&.,!
[U-3<7%&$&)*%<*`!*^(.<*!7%&!&)14(&!4(<*3&<73&!E!*^1*3(*%8(&!(%<*3%&8(-%&4!*%!*.<&!)&<*3(&,!
!
Yc C*38*18(@%!8(7$&$&%&!$*!4&!(%.*;73($&$o4-!a7*!.*%<()-.,!#.<*!<*)&!*.!1-3!.717*.<-!%-$&4!
1&3&!4&.!&7<-3($&$*.!E!*4!1LM4(8-!*%!;*%*3&4!E!*.!3*4&<(F&)*%<*!.()14*,!D*!<3&<&!$*!)*$(3!*4!
174.-!-!.*%.&8(-%*.!b<*)-3`!)(*$-`!8&)M(-!$*!G5M(<-.`!*<8,c!$*!4&!1-M4&8(@%!&8*38&!$*!
$(.<(%<-.!&.1*8<-.!$*!4&!(%.*;73($&$,!D7!()1-3<&%8(&!3&$(8&!*%!a7*!.*!$*M*!<*%*3!7%&!M&.*!
7%(U-3)*!1&3&!<-$-!*4!)7%$-!&8*38&!$*[email protected])-!.*!.(*%<*!4&!1-M4&8(@%!3*.1*8<-!&4!<*)&,!
!
Pc ?*.*)1*\-!(%.<(<78(-%&4o!4-!a7*!3*8(M()-.,!#4!&%54(.(.!$*!4&!&8<(F($&$!$*4(%87*%8(&4!E!.7.!
*U*8<-.!%-!17*$*!.*3!8&M&4)*%<*!&%&4(A&$-!.(%!&4;7%&!)*$(8(@%!&8*38&!$*4!$*.*)1*\-!$*!
4&.!(%.<(<78(-%*.!a7*!8-%U-3)&%!*4!.(.<*)&!1*%&4,!#.<-!*.`!.*!$*M*!$&3!.*;7()(*%<-!&!4-.!
13-8*.-.!1-3!4-.!87&4*.!4&.!&7<-3($&$*.!4-;3&%!$*<*%*3!E!8&.<(;&3!&!4-.!13*.7%<-.!
3*.1-%.&M4*.!$*!4-.!&8<-.!$*4(8<(F-.`!E!8-%-8*3!4-.!13-8*.-.!$*!*%8&38*4&)(*%<-!E!
3*&$&1<&8(@%!.-8(&4,!#%!*.<&!$()*%.(@%!<&)M(/%!.*!*^14-3&!.-M3*!*4!;3&$-!$*!.&<(.U&88(@%!
$*!4&!8(7$&$&%9&!3*.1*8<-!&4!$*.*)1*\-!$*!4&.!&7<-3($&$*.!E!4-.!-3;&%(.)-.!*%8&3;&$-.!$*!
13-)-F*3!4&!.*;73($&$!1LM4(8&!b1-4(89&.!E!)(%(.<*3(-.!1LM4(8-.c,!D*!(%$&;&!*%<3*!-<3-.!
&.1*8<-.`[email protected])-!4&.!F98<()&.!.-%!<3&<&$&.!1-3!*4!.(.<*)&`[email protected])-!4&.!&7<-3($&$*.!3*.1-%$*%!&!
4-.!44&)&$-.!8(7$&$&%-.`!-!a7/!<(1-!$*!3*.17*.<&.!.*!-M<(*%*%!&!4&.!$*%7%8(&.,!!
!
Zc 6&.<-!CLM4(8-o4-!a7*!%-.!87*.<&,!0(%&4)*%<*`!*.!%*8*.&3(-!.&M*3!875%<-!4*!87*.<&!&!4&!
.-8(*$&$!*4!$*4(<-!E!*4!8-)M&<*!&4!)(.)-,!#.<-!%[email protected]!*.!%*8*.&3(-!1&3&!)*$(3!*4!8-.<-B
M*%*U(8(-!$*!4&.!$(.<(%<&.!*.<3&<*;(&.!E!1-49<(8&.!1LM4(8&.!*%!)&<*3(&!$*!.*;73($&$`!.(%-!
<&)M(/%!1&3&!a7*!.*!17*$&!<3&%.1&3*%<&3!E!3*%$(3!87*%<&.!*%!7%!53*&!$-%$*!4&!
(%U-3)&8(@%!E!4&!<3&%.1&3*%8(&!G&%!.($-!<3&$(8(-%&4)*%<*!*.8&.&.,!#%!3*.7)*%`!7%&!($*&B
*R*!U7%$&)*%<&4!1&3&!87&4a7(*3!&%54(.(.!$*!9%$(8*.!*%!)&<*3(&!$*!.*;73($&$!1LM4(8&!$*M*!
(%847(3!7%!.*;7()(*%<-!&!4&!*R*878(@%!$*4!;&.<-!1LM4(8-!*%!*.<*!37M3-,!
!
!
[!8-%<(%7&8(@%`!13*.*%<&)-.!7%&!<&M4&!a7*!13*.*%<&!4-.!(%$(8&$-3*.!13-17*.<-.!1-3!4&!)*.&!$*!
<3&M&R-!$*!*^1*3<-.!*%!8&$&!7%-!$*!*.<-.!37M3-.!1&3&!1&.&3`!1-.<*3(-3)*%<*`!&4!$*.&33-44-!$*!
8&$&!7%-!8-%U-3)*!&!*.<&!.*87*%8(&!<*)5<(8&,!
!
!
NN!
!
!
!
!
!
•
•
•
•
•
>-!a7*!.78*$*O!
!
!
!
!
!
>-!a7*!.*!-M<(*%*O!
!
!
!
•
!
•
•
•
•
•
•
•
•
•
!
!
>-!a7*!%-.!87*.<&O!
!
!
!
!
2(*$-!&4!$*4(<-!
C*38*18(@%!$*!4&!(%.*;73($&$!
+*)-3!&!.*3!F98<()&!
4D%&"&%"*-*4D%&%+)&%"*%)5$%$<&%()",*
•
•
•
!
J%8($*%8(&!$*4(8<(F&!
C3*F&4*%8(&!$*4(8<(F&!
=(U3&!%*;3&!
W%$(8*!%&8(-%&4!$*4!$*4(<-!!
D*87*.<3-!
!+#&+'&%6)!
•
•
•
>-!a7*!.*%<()-.O!
!
!
?&$%@%9"9*9+,%&$%@",!!
W%$(8*!$*!*U*8<(F($&$!$*!2(%(.<*3(-!CLM4(8-!
J)17%($&$!<-<&4!E!1-3!$*4(<-.!;3&F*.!
W%$(8*!.&<(.U&88(@%!$*!F98<()&.!*%!*4!
2(%(.<*3(-!CLM4(8-!
+&.&!$*!3*8-)*%$&8(-%*.!$*!4&.!8-)(.(-%*.!
$*!$*3*8G-.!G7)&%-.!&!87*31-.!1-4(89&8-.!!
[<*%8(@%!&!44&)&$&.!$*!*)*3;*%8(&!!
W%$(8*!$*!.&<(.U&88(@%!$*!F98<()&.!E!
8(7$&$&%&!8-%!4&!C-4(89&!
W%$(8*!$*!$73&8(@%!$*!13-8*.-!
W%$(8*.!$*!$*.*)1*\-!$*!4-.!R7*8*.!
W%$(8*!$*!(%<*3/.!*%!4&.!F98<()&.!
]&$(-;3&U9&!$*4!.(.<*)&!1*%(<*%8(&3(-!
W%$(8*!$*!F(8<()(A&8(@%!*%!3*847.-3(-.!E!
1*%(<*%8(&3(&.!!
]*(%8($*%8(&!
W%$(8*!$*!*U*8<(F($&$!$*!1-49<(8&!
83()(%[email protected];(8&*
C"5$(*
•
•
•
•
6&.<-!CLM4(8-!*%!.*;73($&$!
=-.<-!$*4!$*4(<-!
=-.<-!$*!4&!(%.*;73($&$!*%!2/^(8-!
#U*8<(F($&$!$*4!;&.<-!*%!.*;73($&$!!
NY!
"#$%&%'('!)*+%#$%&(,!
!
W%$(8*.!*!(%$(8&$-3*.!
C3*F&4*%8(&!$*4(8<(F&!!
J%8($*%8(&!$*4(8<(F&!
=(U3&!%*;3&!
W%$(8*!%&8(-%&4!$*4!$*4(<-!!
D*87*.<3-!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S![;3&$*8*)-.!&4!?3,!>7(.!$*!4&!:&33*$&E!=*8(4(&!D&E*;!bJ=#DJc`!?3,!67(44*3)-!I*1*$&!b=J?[=c`!E!&4!?3,!
2&38*4-!:*3;)&%!b=J?#c!1-3!.7!&1-3<&8(@%!1&3&!*4!$*.&33-44-!$*4!13*.*%<*!&1&3<&$-,!!
!
[8<(F($&$!$*4(8<(F&!
#^(.<*%!$-.!U-3)&.!$*!$()*%.(-%&3!4&!&8<(F($&$!$*4(8<(F&!*%!7%&!.-8(*$&$,!h%&!*.!&!<3&F/.!$*!4&.!
8(U3&.!-U(8(&4*.`!4&.!87&4*.!.*!-M<(*%*%!&!1&3<(3!$*!4-.!3*;(.<3-.!$*!$*%7%8(&!.-M3*!&8<-.!(498(<-.!
&%<*!4&!&7<-3($&$,!#.<*!)/<-$-`!<(*%*!8-)-!F*%<&R&!a7*!$*<35.!$*!8&$&!8(U3&!$*!4&.!*.<&$9.<(8&.`!
*^(.<*!7%!*^1*$(*%<*!.-M3*!7%!$*4(<-!8-)*<($-f!.(%!*)M&3;-`!4&!U&4<&!$*!83*$(M(4($&$!*%!4&.!
(%.<(<78(-%*.!$*!13-873&8(@%!$*!R7.<(8(&`!&7%&$-!&!U&8<-3*.!$*!$(F*3.&!9%$-4*`!8-%!*4!<(*)1-!G&!
13-F-8&$-!4&!1/3$($&!$*!4&!8-%U(&%A&!1&3&!$*%7%8(&3!4-.!&8<-.!(498(<-.,!#.!1-3!*44-!a7*!*.<*!
)/<-$-`!&7%a7*!$(3*8<-`!%-!3*U4*R&!4&.!$()*%.(-%*.!3*&4*.!$*!4&!$*4(%87*%8(&,![!*.<*!.*.;-!*%!4&!
(%U-3)&8(@%!.*!4*!8-%-8*!<91(8&)*%<*!8-)-!k8(U3&!%*;3&l!a7*!*.!1&3<(874&3)*%<*!.*3(-!*%!$*4(<-.!
.*^7&4*.!E!.*87*.<3-`!&7%a7*!1358<(8&)*%<*!(%*^(.<*%<*!*%!G-)(8($(-.,!!
=-)-!U7*%<*.!8-)14*)*%<&3(&.!&4!%L)*3-!$*!$*%7%8(&.!3*;(.<3&$&.`!.*!*%87*%<3&%!4-.!3*;(.<3-.!
$*!4&!D*83*<&39&!$*!D&47$!a7*!$&%!.*;7()(*%<-!&!)7*3<*.!F(-4*%<&.!-!G*3($&.!$*!&3)&.!1-3!
(%;3*.-.!&!G-.1(<&4*.!E!)-3;7*.`!&7%a7*!*.<-.!8&.-.!17$(*3&%!%-!G&M*3!.($-!1&3<*!$*!$*%7%8(&.!
-!&88(-%*.!$*!-U(8(-.!1-3!1&3<*!$*4!2(%(.<*3(-!CLM4(8-,!#%!-<3&.!-8&.(-%*.!*^(.<*%!*.<&$9.<(8&.!
R7$(8(&4*.!a7*!$*<&44&%!&4;7%-.!&.1*8<-.!$*!4&!&8<(F($&$!$*4(%87*%8(&4!a7*!%-!.*!8&1<73&%!
&$*87&$&)*%<*!*%!4&.!13()*3&.!$-.!)*$(8(-%*.,!!!
e<3&!F9&!1&3&!13-873&3!<*%*3!7%!&8*38&)(*%<-!&!4&!8(U3&!$*4(8<(F&`!*.!4&!*%87*.<&!$*!F(8<()(A&8(@%`!
4&!87&4!M7.8&!87&%<(U(8&3!*4!F*3$&$*3-!F-47)*%!$*!4-.!$*4(<-.!-8733($-.!E!&4!)(.)-!<(*)1-`!
($*%<(U(8&3!4&.!8&3&8<*39.<(8&.!.-8(&4*.!E!*8-%@)(8&.!$*!4&.!1*3.-%&.!a7*!G&%!.($-!F98<()&.,!#.<*!
<(1-!$*!&8*38&)(*%<-!)*<[email protected];(8-!14&%<*&!44*;&3!&!4&.!F98<()&.!3*&4*.!G&E&%!-!%-!13*.*%<&$-!4&!
$*%7%8(&!8-33*.1-%$(*%<*`!8-%!4-!87&4`!.*!-M<*%$39&!(%U-3)&8(@%!3*&4!.-M3*!4&!$*4(%87*%8(&!E!.7.!
F98<()&.,![4!3*.1*8<-`!.*!17*$*!)*%8(-%&3!a7*!*.<*!<(1-!$*!)/<-$-!E&!*.!7<(4(A&$-!*%!U-3)&!
8-<($(&%&!E!8-%!*^1*3(*%8(&[email protected]($&!*%!F&3(-.!1&9.*.`T!4-!a7*!1*3)(<*!&!4&.!&7<-3($&$*.!!8-%<&3!8-%!
(%U-3)&8(@%!-MR*<(F&!1&3&!*4!$(.*\-!$*!1-49<(8&.!$*!13*F*%8(@%!E!&<*%8(@%!&4!$*4(<-!E!.7.!
8-%.*87*%8(&.!*%!4&!.-8(*$&$,!
#%!2/^(8-`!*4!J%.<(<7<-!=(7$&$&%-!$*!#.<7$(-.!.-M3*!4&!J%.*;73($&$!bJ=#DJc!E!*4!=*%<3-!$*!
J%F*.<(;&8(@%!E!?-8*%8(&!#8-%@)(8&!b=J?#c!3*&4(A&%!*%87*.<&.!$*!F(8<()(A&8(@%!1*3(@$(8&.,!!
[7%a7*!8-%!$(U*3*%8(&.!!)*<[email protected];(8&.!E!$*!&48&%8*!3*4*F&%<*.`!&)M-.!.-%!(%.<37)*%<-.!a7*!
G&%!1*3)(<($-!&!8(7$&$&%-.!E!&7<-3($&$*.!$&3!.*;7()(*%<-!&!4&!<*%$*%8(&!$*4(8<(F&!*%!*4!1&9.,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
T!+&4!*.!*4!8&.-!$*!4&!_&<(-%&4!=3()*!g(8<()(A&<(-%!D73F*E!$*!4-.!#.<&$-.!h%($-.`!4&!:3(<(.G!=3()*!D73F*E`!-!
4&!*%87*.<&!(%<*3%&8(-%&4!$*!4&.!_&8(-%*.!h%($&.!bJ=gD`!1-3!.7.!.(;4&.!*%!(%;4/.,c!
!
!
NZ!
!
[G-3&!M(*%`!$*!*.<*!7%(F*3.-!$*!(%U-3)&8(@%!.*!8-%.<37E*%!9%$(8*.!*!(%$(8&$-3*.!a7*!
.(%<*<(A&%!E!G&8*%!&88*.(M4*!.7!7.-!&!<-$-!7.7&3(-!(%<*3*.&$-,!i=754*.!.-%!4-.!)5.!3*4*F&%<*.!
1&3&!$()*%.(-%&3!4&!)&;%(<7$!$*4!$*4(<-!E`!&!<3&F/.!$*!*44-!*F&47&3!4&.!&88(-%*.!E!*.<3&<*;(&.!
*%!)&<*3(&!$*!.*;73($&$j!#%!4&.!.*.(-%*.!$*!<3&M&R-!8-%!4-.!*^1*3<-.`!.*!$*U(%(*3-%!8(%8-!
9%$(8*.!a7*!3*U4*R&%`!*%!8-%R7%<-`!4&!.(<7&8(@%!()1*3&%<*K!13*F&4*%8(&!$*4(8<(F&f!!(%8($*%8(&!
$*4(8<(F&f!8(U3&!%*;3&`!9%$(8*!%&8(-%&4!$*4!$*4(<-!E!.*87*.<3-,![!8-%<(%7&8(@%!.*!13*.*%<&!8&$&!
7%-!$*!*44-.,!
!
!#[email protected]",+)&%"*9+,%&$%@"*
>&!13*F&4*%8(&!$*4(8<(F&!.*!3*U(*3*!&4!%L)*3-!$*!1*3.-%&.!a7*!U7*3-%!F98<()&.!$*!&4;L%!$*4(<-!
*%!7%!1*3(-$-!$*<*3)(%&$-!b1-3!*R*)14-!7%!&\-!8&4*%$&3(-c!E!.*!13*.*%<&!8-)-!1-38*%<&R*!
1-3!8&$&!N""`"""!G&M(<&%<*.!1&3&!<3&<&3!$*!)*$(3!4&!13-1-38(-%&4($&$!$*4!$*4(<-!*%!$(.<(%<-.!
47;&3*.,!>&!U7*%<*!$*!(%U-3)&8(@%!*.!4&!*%87*.<&!$*!F(8<()(A&8(@%`!E&!a7*!.*!G&!8-)13-M&$-!
a7*!4&!(%U-3)&8(@%!-U(8(&4!*.!(33*;74&3,!d!1&3&!1-$*3!3*&4(A&3!8-)1&3&8(-%*.!*%!*4!<(*)1-!E!
*%<3*!*%<($&$*.!U*$*3&<(F&.!b-MR*<(F-!L4<()-!$*!3*8-;*3!*4!$&<-c`!.*!3*a7(*3*!a7*!*.<*!
(%.<37)*%<-!.*&!3*13*.*%<&<(F-!&!%(F*4!%&8(-%&4!E!.7M%&8(-%&4!E!.*!3*&4(8*!*4!)(.)-!
87*.<(-%&3(-!*%!4-.!)(.)-.!1*3(-$-.!$*!<(*)1-,!_-!.-M3&!$*8(3!a7*!7%!*R*38(8(-!$*!*.<&!
)&;%(<[email protected]!*.!1-.(M4*!.(!.*!&.*;73&%!4-.!3*873.-.!%*8*.&3(-.!1&3&!.7!*R*878(@%!8-%<(%7&,V!
?*!%&$&!.(3F*!7%&!.-4&!*%87*.<&`!%-.!(%<*3*.&!1-$*3!<*%*3!7%&!.*3(*!$*!<(*)1-!a7*!(%$(a7*!4&.!
<*%$*%8(&.,!C-3!*44-`!*.!()1-3<&%<*!3*1*<(34&!*%!7%!8&4*%$&3(-!13**.<&M4*8($-,!
#^(.<*%!-<3-.!(%.<37)*%<[email protected]<()-.!a7*!17*$*%!.*3F(3!$*!<.&A/!1&3&!*.<()&3!*4!(%$(8&$-3,!!
#.<*!*.!*4!8&.-!$*!*%87*.<&.!)*%-.!k&)M(8(-.&l!a7*!(%8-31-3*%!7%!)@$74-!$*!F(8<()(A&8(@%!*%!
*%87*.<&[email protected])%(M7.!$*!F&3(&.!*%87*.<&$-3&.`!-!&%*^&3!7%!)@$74-!*%!&4;7%&!*%87*.<&!;3&%$*!$*!
J_#6J`!-!&4;L%!(%.<37)*%<-!)(^<-,!#.!$*!3*.&4<&3!a7*!G&E!&)14(&!4(<*3&<73&!a7*!&$F(*3<*!a7*!
*.<&.!)*$(8(-%*.!<(*%$*%!&!13-$78(3!7%&!8&4($&$!$*!$&<-.!(%U*3(-3!a7*!7%&!k173&l!*%87*.<&!$*!
F(8<()(A&8(@%,!D(%!*)M&3;-`!17$(*3&!*.<7$(&3.*!4&!1-.(M(4($&$!$*!&%&4(A&3!*.<&!-18(@%!*%!8&.-!$*!
.*3!%*8*.&3(-,Q!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
V!C-3!*R*)14-`!.(!7%&!*%<($&$!U(%&%8(&!4&!*%87*.<&!7%!&\-!E!*4!.(;7(*%<*!%-`!13-F-8&!7%&!$(.8-%<(%7($&$!*%!
4&!.*3(*!E!4&!()1-.(M(4($&$!$*!4&!8-)1&3&8(@%!(%<3&B*.<&$-,!
Q!+&)M(/%!&a79!G&E!7%!*%-3)*!4(.<&$-!$*!<*)&.!)*<[email protected];(8-.!a7*!.-3<*&3,!#%<3*!*44-.!*4!)5.!3*4*F&%<*!*.!
*4!$*4!<&)&\-!$*!4&!)7*.<3&,!h%&!*%87*.<&!k%-3)&4l!$*!-1(%(@%`!8-)-!.*!F*35!47*;-`!13-$78*!M7*%&!
(%U-3)&8(@%!&8*38&!$*!&8<(<7$*.`!-1(%(-%*.`!E!1*38*18(-%*.`!1*3-!)7E!1-M3*!8&4($&$!$*!$&<-.!*%!)&<*3(&!
$*!F(8<()(A&8(@%,!#%!</3)(%-.!;*%*3&4*.!.*!3*a7(*3*%!$*!)7*.<3&.!*%<3*!P!E!Z!F*8*.!)5.!;3&%$*.!1&3&!
-M<*%*3!3*.74<&$-.!3-M7.<-.!*%!)&<*3(&!$*!*^1-.(8(@%!&4!$*4(<-`!$*M($-!&!4&!$(U(874<&$!1&3&!($*%<(U(8&3!&!4&.!
!
!
NS!
!
#4!J=#DJ!3*&4(A&!E&!7%&!*%87*.<&!%&8(-%&4!8-%!3*13*.*%<&8(@%!%&8(-%&4!E!.7M%&8(-%&4`!E!17$(*3&!
44*;&3!&!.*3!4&!*%87*.<&!a7*!13-F*&!*4!(%.7)-!%*8*.&3(-!1&3&!8-%.<37(3!*4!(%$(8&$-3,!!
>&!13*;7%<&!U7%$&)*%<&4!*.!.(!.*!1-$35%!3*&4(A&3!*.<&.!*%87*.<&.!$*!)&%*3&!8-%<(%7&!1&3&!
13-$78(3!(%.<37)*%<-.!$*!*F&47&8(@%!<&%!3(8-.!8-)-!.-%!4-.!a7*!;*%*3&%!4&.!*%87*.<&.!$*!
F(8<()(A&8(@%!E!1-$*3!$&3!.*;7()(*%<-!&!*.<*!(%$(8&$-3`!*4!)5.!()1-3<&%<*!*%!<-$&!*%87*.<&!$*!
F(8<()(A&8(@%,!!
!
!
!
2)&%9+)&%"*9+,%&$%@"*
>&!(%8($*%8(&!$*4(8<(F&!.*!3*U(*3*!&!4-.!$*4(<-.!-8733($-.!*%!7%!1*3(-$-!$*<*3)(%&$-,!D(!8-%!!
13*F&4*%8(&!.*!8-%-8*!4&!8&%<($&$!$*!F98<()&.`!8-%!4&!(%8($*%8(&!.*!8-%-8*!*4!<(1-!E!8&%<($&$!$*!
$*4(<-.!8-)*<($-.,![)M-.!(%$(8&$-3*.!.*39&%!(;7&4*.!.(!8&$&!1*3.-%&!U7*3&!F98<()&[email protected]!7%&!
F*A!*%!*4!1*39-$-!$*!3*U*3*%8(&f!.(%!*)M&3;-`!*^(.<*!7%!U*%@)*%-!8-%-8($-!8-)-!
F(8<()(A&8(@%!3*(%8($*%<*!-!)L4<(14*`!*%!*4!a7*!1-3!3&A-%*.!$(F*3.&.`!a7*!F&%!$*.$*!4&.!
8&3&8<*39.<(8&.!(%$(F($7&4*.!$*!4&.!F98<()&.!G&.<&!*4!*%<-3%-!.-8(&4!*%!a7*!-8733*!*4!$*4(<-`!7%&!
)(.)&!1*3.-%&!17*$*!.*3!F98<()&!$*!F&3(-.!$*4(<-.,!#%!*.<*!.*%<($-`!4&!(%8($*%8(&!<&%<-!8-)-!
4&!13*F&4*%8(&`!.-%!*4*)*%<-.!8*%<3&4*.!1&3&!.*;7(3!4&!*F-478(@%!$*!4&!83()(%&4($&$!*%!*4!1&9.,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
F98<()&.,!2&38*4-!:*3;)&%`!!J%$(8&$-3*.!*%!2&<*3(&!$*!D*;73($&$8`!*%!:."%";&7(<"."(="(+="%&."-5>#($+=(
?576+,"($+(4#$5-"$&.+7($+([email protected]$"$!nnn,)*^(8-*F&47&,-3;,!
!
!
!
NT!
!
>&!<&.&!$*!(%8($*%8(&!$*4(8<(F&!b*4!%L)*3-!$*!$*4(<-.!1-3!8&$&!N""`"""!G&M(<&%<*.c!.*!-M<(*%*!
<&)M(/%!&!<3&F/.!$*!7%&!*%87*.<&!F(8<()[email protected];(8&`!E!8-)-!.*!)*%8(-%&M&!*%!*4!&1&3<&$-!
&%<*3(-3`!1&3&!-M<*%*3!$*!/.<&!$&<-.!8-%U(&M4*.!E!8-)1&3&M4*.!*%!*4!<(*)1-`!*.!%*8*.&3(-!
.*;7(3!8(*3<-.!*.<5%$&3*.!)*<[email protected];(8-.X,!!D&<(.U*8G-.!/.<-.`!4*!*%87*.<&!F(8<()[email protected];(8&!*.!*4!
(%.<37)*%<-!a7*!)5.!.*!&8*38&!&!4&!8(U3&!3*&4!$*4!$*4(<-`!;*%*3&4)*%<*!.7M*.<()&$&!*%!4-.!
3*;(.<3-.!-U(8(&4*.,!!
#%!2/^(8-!4&.!<&.&.!$*!(%8($*%8(&!.-%!%-<-3(&)*%<*!.71*3(-3*.!&!4&.!a7*!13*.*%<&%!1&9.*.!8-)-!
=G(4*`!=&%&$5!-!1&9.*.!(%<*;3&%<*.!$*!4&!h%(@%!#73-1*&,!C&3&!*4!Y""V`!2/^(8-!3*;(.<[email protected]!N"`ZQ"!
$*4(<-.!1-3!8&$&!N""!)(4!G&M(<&%<*.`!)(*%<3&.!a7*!#.1&\&!3*;(.<[email protected][email protected]!Z`T"",N"!#.<*!13-)*$(-!
%&8(-%&4!.*!F(-!)5.!a7*!$714(8&$-!*%!*4!?,0,!a7*!13*.*%<@!YS`V""!$*4(<-.!b1-3!8&$&!N""!)(4!
G&M(<&%<*.c,NN!!>&.!<&.&.!&!%(F*4!%&8(-%&4!%-!G&%!13*.*%<&$-!F&3(&8(-%*.!$*!8-%.($*3&8(@%!*%!4-.!
L4<()-.!&\-.,!?*!&87*3$-!&4!J=#DJ`!k/.<&.!.*!)&%<(*%*%!.(%!8&)M(-.!.(;%(U(8&<(F-.!$*.$*!4&!
*4&M-3&8(@%!$*!4&!C3()*3&!#%87*.<&!_&8(-%&4!.-M3*!J%.*;73($&$!b#_DJc!*%!*4!Y""Yl,!
!
!
!
*
3%D#"*)+;#"*
[!4&!8&%<($&$!$*!$*4(<-.!a7*!%-!*.<5%!3*;(.<3&$-.!*%!4&!*.<&$9.<(8&!-U(8(&4!.*!4*!8-%-8*!8-)-!
8(U3&!%*;3&,!#^(.<*%!$(F*3.&.!3&A-%*.!1-3!4&.!a7*!7%!$*4(<-!%-!a7*$&!8-%<&M(4(A&$-!*%!4&.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
X!+&4!*.!*4!8&.-!$*4!<3&M&R-!a7*!3*&4(A&!*4!J=#DJ!)*$(&%<*!4&!#_DJ,
N"!#_DJ!S`!Y""Q`!1,!NT!
NN!WM($,!1,!NS
!
!
!
!
NV!
!
87*%<&.!-U(8(&4*.K!Nc!4&!F98<()&!%-!$*%7%8(&f!Yc!4&!$*%7%8(&!%-!$&!47;&3!&!4&!&F*3(;7&8(@%!
13*F(&NYf!Pc!4-.!F&3(-.!$*4(<-.!.7U3($-.!*%!7%!.-4-!(%8($*%<*`!1-3!7%&!-!F&3(&.!F98<()&.`!a7*$&%!
3*;(.<3&$-.!*%!7%&!.-4&!&F*3(;7&8(@%!13*F(&`!Zc!4-.!$*4(<-.!!%-!.*!3*;(.<3&%!1-3!$*U(8(*%8(&.!*%!
*4!.(.<*)&!*.<&$9.<(8-!-U(8(&4,!
D*!8&4874&!a7*!*%!2/^(8-!8*38&!$*4!QVpNP!$*!4-.!$*4(<-.!%-!.*!$*%7%8(&%`!&7%a7*!*.<&.!<&.&.!
F&39&%!$*1*%$(*%$-!$*4!$*4(<-,!+&)M(/%!/.<&.!F&39&%!1-3!*%<($&$!U*$*3&<(F&,!2(*%<3&.!&4;7%-.!
&48&%A&%!4&!8(U3&!)5^()&!$*!X"p!$*!%-!$*%7%8(&!8-)-!+4&^8&4&`!=&)1*8G*!E!2/^(8-`!-<3-.!
*.<&$-.!*%8&M*A&%!4&!4(.<&!8-%!)*%-3!8(U3&!%*;3&!&4!<*%*3!)&E-3!%(F*4*.!$*!$*%7%8(&,!:&R&!
=&4(U-3%(&!D73!<(*%*!7%&!8(U3&!$*!%-!$*%7%8(&!$*4!SPp`!=-4()&!$*!SVp!E!?73&%;-!$*!SQp,!D*!
13*.7)*!a7*!.-%!*.<&$-.!$-%$*!4&!1-M4&8(@%!<(*%*!)&E-3!8-%U(&%A&!*%!4&.!(%.<(<78(-%*.!$*!
.*;73($&$,!!
[4!8-%.($*3&3!4&!8(U3&!%*;3&!*.!()1-3<&%<*!$(U*3*%8(&3!*%<3*!<(1-.!$*!$*4(<-.,!>-.!G-)(8($(-.`!
1-3!*R*)14-`!%-!13*.*%<&%!8(U3&!%*;3&!b4&!;3&%!)&E-39&!$*!4-.!8&$5F*3*.!&1&3*8*%!E!.-%!
8-%<&$-.c!*%!<&%<-!a7*!*%!.*87*.<3-!E!F(-4&8(@%!4&!8(U3&!%*;3&!*.!$*!4&.!)5.!*4*F&$&.,!
>&!8(U3&!%*;3&!.*!-M<(*%*!$*!7%&!*%87*.<&!$*!F(8<()(A&8(@%!a7*`!8-)-!.*!&3;7)*%<&M&`!*.!*4!
(%.<37)*%<-!a7*!8-%!)5.!13*8(.(@%!.*!&8*38&!&4!%L)*3-!3*&4!$*!F98<()&.!E!$*4(<-.,!
[$(8(-%&4)*%<*`!4&!*%87*.<&!&1-3<&!$&<-.!.-M3*!4&.!3&A-%*.!1-3!4&.!a7*!4&.!1*3.-%&.!%-!
&87$*%!&!$*%7%8(&3`!(%U-3)&8(@%!(%$(.1*%.&M4*!1&3&!*4!$(.*\-!$*!1-49<(8&.!E!1&3&!4&!
*F&47&8(@%!$*4!.(.<*)&!$*!.*;73($&$!1LM4(8&!E!R7.<(8(&!1*%&4,!
'7%<-!8-%!4&!8(U3&!$*!F(8<()(A&8(@%`!*4!J=#DJ!&8<7&4(A&!*4!$&<-!$*!8(U3&!%*;3&!8&$&!&\-,!#.<&!
(%U-3)&8(@%!*.!839<(8&!1&3&!8()*%<&3!1-49<(8&.!*%!)&<*3(&!$*!.*;73($&$!a7*!&<(*%$&%!*4!
U*%@)*%-!*%!.7!$()*%.(@%!3*&4,!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
NY!C-3!*R*)14-`!*4!%-!1-$*3!8-)13-M&3!8-%!U&8<73&!4&!13**^(.<*%8(&!E!4&!13-1(*$&$!$*!7%!-MR*<-!3-M&$-!
17*$*!()1*$(3!*4!(%(8(-!$*!7%&!&F*3(;7&8(@%!13*F(&,!
NP!#_DJBS`!Y""Q`!1,SP,!
!
!
NQ!
!
!
!
/)9%&+*)"&%()",*9+,*9+,%$(*
=7&%$-!.*!$(.1-%*!$*!(%U-3)&8(@%!1&3&!$(F*3.-.!5)M(<-.!$*!4&!(%8($*%8(&!$*4(8<(F&!E!4&!F(-4*%8(&`!
.*!17*$*%!8-%.<37(3!9%$(8*.!a7*!8-)13*%$&%!F&3(-.!&.1*8<-.!$*4!13-M4*)&!.-8(&4!$*!4&!
$*4(%87*%8(&,!>-.!9%$(8*.!3*.7)*%!(%U-3)&8(@%!8-)14*R&`!1*3)(<*!8-)1&3&8(@%!*%<3*!1&9.*.`!
3*;(-%*.!E!*.<&$-.!E`!&!<3&F/.!$*4!<(*)1-`!.*!<3&%.U-3)&%!*%!(%U-3)&8(@%!U58(4)*%<*!k$(;*3(M4*l!
1-3!4-.!8(7$&$&%-.,![.9!8-)-!*4!C3-$78<-!J%<*3%-!:37<-!bCJ:c!3*.7)*!4&!&8<(F($&$!*8-%@)(8&`!-!
*4!?-n!'-%*.!%-.!M3(%$&!7%&!$*.83(18(@%!$*4!)*38&$-!&88(-%&3(-`!7%!9%$(8*!$*!$*4(<-.!%-.!17*$*!
13-F**3!7%!k1&%<&44&A-l!;*%*3&4!$*!4&!&8<(F($&$!$*4(8<(F&,![$*)5.`!7%!9%$(8*!%-!&%74&!*4!&%54(.(.!
(%$(F($7&4!$*!8&$&!7%-!$*!.7.!8-)1-%*%<*.,!#%!*4!C3-$78<-!J%<*3%-!:37<-!bCJ:c`!1-3!*R*)14-`!.*!
17*$*!$*.&;3*;&3!E!*.<7$(&3!4&!(%F*3.(@%!-!*4!;&.<-!1-3!.*1&3&$-`!4-!)(.)-!a7*!*%!7%!9%$(8*!
M73.5<(4!17*$*!.*;7(3!4&.!&88(-%*.!U(%&%8(*3&.!-!4&.!(%$7.<3(&4*.!$*!8(*3<&.!*)13*.&.f!&.9!<&)M(/%!
1&3&!4&!&8<(F($&$!$*4(8<(F&!1-$*)-.!$&3!.*;7()(*%<-!1-3!.*1&3&$-!&!8&$&!<(1-!$*!$*4(<-,!!
#%!%7*.<3-!1&9.!.*!G&%!$(.*\&$-!9%$(8*.!.-M3*!(%.*;73($&$,!#%!*.<-.!9%$(8*.!.*!G&!1-%$*3&$-!
*.1*8(&4)*%<*!4&!F(-4*%8(&!-!;3&F*$&$!$*!4-.!(498(<-.,!#.<-!*.`!*%!4&!8-%.<3788(@%!$*4!9%$(8*!.*!4*!
$&!7%!1*.-!)&E-3!&!$*4(<-.!F(-4*%<-.!-!;3&F*.`!<&%<-!$*%7%8(&$-.!8-)-!%-!3*1-3<&$-.!
b-M<*%($-.!&!<3&F/.!$*!*%87*.<&.c`!-!$*4(<-.!8-)-!*4!G-)(8($(-,!=-%!4&!(%8-31-3&8(@%!$*!*.<&!
1-%$*3&8(@%`!.*!13(F(4*;(&!4&!F(-4*%8(&!-!4&!;3&F*$&$!$*4!$*4(<-!&!4&!8&%<($&$`!E!.*!G&8*!7%&!
F&4-3&8(@%!)5.!R7.<&!&4!)-)*%<-!$*!8-)1&3&3!4&!&8<(F($&$!$*4(8<(F&!*%<3*!*%<($&$*.!
!
!
NX!
!
U*$*3&<(F&.,NZ!#R*)14-.!$*!*.<*!<(1-!$*!(%$(8&$-3*.!1-%$*3&$-.!.-%!*4!k<*3)@)*<3-!$*!4&!
(%.*;73($&$l!$*4!J%.<(<7<-!=(7$&$&%-!$*!#.<7$(-.!.-M3*!4&!J%.*;73($&$`!J=#DJ!bVSp!$*4!(%$(8&$-3!
4-!$*<*3)(%&%!4-.!$*4(<-.!F(-4*%<-.c`NS!*4!kW%$(8*!$*!J%8($*%8(&!?*4(8<(F&!E!g(-4*%8(&l!$*4!=*%<3-!
$*!J%F*.<(;&8(@%!1&3&!*4!?*.&33-44-![,!=,`!=J?[=!bVSp!$*4!(%$(8&$-3!4-!$*<*3)(%&%!4-.!$*4(<-.!
F(-4*%<-.cNT!-!4-.!.*)5U-3-.!$*!4&!(%.*;73($&$!E!-<3-!<(1-!$*!(%$(8&$-3*.!$*.&33-44&$-.!1-3!
$(F*3.&.!-3;&%(A&8(-%*.!.-8(&4*.,!
#4!9%$(8*!%&8(-%&4!$*4!$*4(<-!a7*!&a79!.*!13-1-%*!8-%R7;&!*4*)*%<-.!$*!*.<-.!$-.!9%$(8*.`!E!
-<-3;&!<&)M(/%!7%&!1-%$*3&8(@%!$*4!VSp!&!4-.!$*4(<-.!;3&F*.!E!7%&!$(F(.(@%!13-1-38(-%&4!&4!
3*.<&%<*!$*!$*4(<-.,!D*!8-%.<37E*!8-%!M&.*!*%!(%U-3)&8(@%!$*!*%87*.<&.!F(8<()[email protected];(8&.!E!8(U3&.!
-U(8(&4*.`!.(*)13*!a7*!/.<&.!17*$&%!.*3!F&4($&$&.!8-%!U7*%<*.!*^<*3%&.,!#4!9%$(8*!(%847E*K!
!
•
m-)(8($(-!$-4-.-K!#.<*!*.!*4!$*4(<-!)5.!;3&F*!$*!<-$-.!1-3a7*!$*.<37E*!
(%<*%8(-%&4)*%<*!*4!M(*%!$*!)&E-3!F&4-3K!4&!F($&!G7)&%&,!!#.!7%!$*4(<-!8-%!1-8-!
.7M3*;(.<3-K!<(*%*!7%&!$*!4&.!)*%-3*.!8(U3&.!%*;3&.!$*4!7%(F*3.-!$*4(8<(F-,!D7!U7*%<*!*.!*4!
D*83*<&3(&$-!#R*87<(F-!$*4!D(.<*)&!_&8(-%&4!$*!D*;73($&$!CLM4(8&!bD_DCc,!
•
?*4(<-.!&!)&%-!&3)&$&K!4-.!$*4(<-.!&!)&%-!&3)&$&!$&%!87*%<&!$*!4&!F(-4*%8(&!
1-<*%8(&4)*%<*!4*<&4!$*!4&!$*4(%87*%8(&,!J=#DJ!&1-3<&!&!<3&F/.!$*!4&.!#_DJq.!$&<-.!.-M3*!
*.<*!<(1-!$*!$*4(<-.,!
•
]-M-!$*!&7<-.K!#.<*!*.!*4!)*R-3!k13-^El!$*!!4-.!$*4(<-.!1&<3()-%(&4*.`!4&!8(U3&!%*;3&!*.!
M&R&!b*%<3*!7%!T"BV"p!$*!4-.!)(.)-.!.9!.*!$*%7%8(&c!E!*^(.<*%!3*;(.<3-.!*^@;*%-.!a7*!
1*3)(<*%!F&4($&3!*4!$&<-!$*!13-873&$739&.,NV,!>&!U7*%<*!<&)M(/%!*.!4&!D_DC,!
•
J%8($*%8(&!$*4(8<(F&K!#.<*!*.!7%!(%$(8&$-3!a7*!$&!87*%<&!$*4!<-<&4!$*!4-.!$*4(<-.,!J=#DJ!
&1-3<&!*.<&!8(U3&!&!<3&F/.!$*!4&.!#_DJq.,!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
NZ!C-3!*R*)14-`!*%!7%!."#'+&!1-3!(%8($*%8(&`!*.<&$-.!8-)-!e&^&8&!-!67*33*3-!a7*$&%!*%!47;&3*.!M&R-.!&!
1*.&3!$*!a7*!*4!13()*3-!13*.*%<&!7%&!$*!4&.!8(U3&.!)5.!*4*F&$&.!*%!G-)(8($(-.!E!*4!.*;7%$-!*%!$*4(<-.!&!
)&%-!&3)&$&,![!*.<-!%-.!3*U*3()-.!87&%$-!G&M4&)-.!$*!13*.*%<&3!7%&!8-)1&3&8(@%!)5.!R7.<&!*%<3*!
*%<($&$*.!U*$*3&<(F&.,!
NS!C&3&!)5.!(%U-3)&8(@%!.-M3*!*.<*!9%$(8*!8-%.74<&3!*4!J=#DJ!*%!k?*U(%(8(@%!$*!J%$(8&$-3*.,!#%87*.<&.!
_&8(-%&4*.!.-M3*!J%.*;73($&$K!*%87*.<&!$*!F(8<()(A&8(@%l!*%!:."%";&7(<"."(="(+="%&."-5>#($+=(?576+,"($+(
4#$5-"$&.+7($+([email protected]$"$!nnn,)*^(8-*F&47&,-3;,!
NT!C&3&!)5.!(%U-3)&8(@%!.-M3*!*4!9%$(8*!=J?[=!8-%.74<&3!&!67(44*3)-!I*1*$&!*%!!kC3-17*.<&!$*!
(%$(8&$-3*.!1&3&!4&!(%8($*%8(&!$*4(8<(F&`!$*.*)1*\-!$*!4&!13-873&8(@%!$*!R7.<(8(&`!.(.<*)&!8&38*4&3(-!E!
1-49<(8&!83()(%[email protected];(8&l`!:."%";&7(<"."(="(+="%&."-5>#($+=(?576+,"($+(4#$5-"$&.+7($+([email protected]$"$(B?4?C!
nnn,)*^(8-*F&47&,-3;,!
NV!?&$-!a7*!1&3&!8-M3&3!.*;73-!G&E!a7*!$*%7%8(&3!*4!3-M-!$*!&7<-!&4!2(%(.<*3(-!CLM4(8-!b2Cc`!4&!
(%U-3)&8(@%!a7*!13-F**%!4&.!&.*;73&$-3&.!17*$*%!!3*F*4&3!875%!M7*%-!*.!*4!$&<-!$*4!2C,!!
!
!
Y"!
!
!
*
*
/)9%&+*0"&%()",*9+,*1+,%$(*22*
[G-3&!M(*%`!8&M*!$*.<&8&3!a7*!4&.!13-17*.<&.!$*!(%$(8&$-3*.!$*!F(8<()(A&8(@%!E!$*4!13-1(-!9%$(8*`!
1&3<*%!$*4!.717*.<-!$*!a7*!.*!87*%<&!8-%!4&!(%U-3)&8(@%!13-F(.<&!1-3!*%87*.<&.!F(8<()[email protected];(8&.,!
=-)-!.*!&17%<@`!/.<&.!.-%!U7*%<*!(33*)14&A&M4*!$*!(%U-3)&8(@%!.-M3*!*4!$*4(<-!E!.7.!F98<()&.`!
1*3-!3*a7(*3*!$*!87&%<(-.-.!U-%$-.!bE!4&!;&3&%<9&!$*!.7!1*3)&%*%8(&c!1&3&!3*&4(A&3.*!8-%!4&!
1*3(-$(8($&$!E!3*13*.*%<&<(F($&$!%*8*.&3(&!1&3&!.*3F(3!$*!.-1-3<*!&!7%!)-%(<-3*-!8-%.<&%<*!E!
8-%.(.<*%<*!$*!4&!&8<(F($&$!$*4(8<(F&,!#%!&7.*%8(&!$*!*.<*!(%.7)-!839<(8-`!.*!$*M*%!8-%<*)14&3!
U7*%<*.!&4<*3%&<(F&.!$*!(%U-3)&8(@%,!=-)-!.&M*)-.`!*%!*4!5)M(<-!$*!4&!&8<(F($&$!$*4(8<(F&!-!
F(8<()(A&8(@%`!4-.!$&<-.!*)&%&%!$*!4&.!13-873&$739&.`!E!*%!7%!1&9.!8-%!1-8&!874<73&!$*4!3*.1*<-!&!
4-.!3*;(.<3-.!*.<&$9.<(8-.`!*.!)7E!U&8<(M4*!a7*!/.<-.!.*!17*$&%!<*3;(F*3.&3!-!%-!3*;(.<3&3.*!
$*M($&)*%<*,!!#.!1-3!*44-!a7*`!.(!.*!G&%!$*!*4&M-3&3!(%$(8&$-3*.!-!9%$(8*.!8-%!M&.*!*%!
(%U-3)&8(@%!-U(8(&4`!.*!$*M*%!*4*;(3!!F&3(&M4*.!b*%!*.<*!8&.-!$*4(<-.c!a7*!17*$&%!8-%<3&.<&3.*!8-%!
U7*%<*.!*^<*3%&.!a7*!.(3F&%!$*!D-E+-'78(1&3&!8-33-M-3&3!4&!U($*4($&$!$*4!$&<-!$*!4&!13-873&$739&,!!
h%!9%$(8*!%&8(-%&4!$*4!$*4(<-!8-%.<37($-!8-%!M&.*!*%!(%U-3)&8(@%!-U(8(&4!1-$39&!8-%<*)14&3!
$*4(<-.!8-)-!G-)(8($(-!E!3-M-!$*!&7<-!b1-3!4&.!3&A-%*.!*^17*.<&.!49%*&.!&33(M&c!E!&\&$(3!
4*.(-%*.!8-%!&3)&.,!!#.<*!(%$(8&$-3!*.!&4;-!)5.!8-)14*R-!a7*!4-.!-<3-.!$-.!E&!a7*!(%F-4783&!
F&3(-.!$*4(<-.!*%!4-.!3*;(.<3-.!-U(8(&4*.!b17*$*!.*3!.()14*)*%<*!4*.(-%*.!3*.74<&%<*.!$*!7%&!1*4*&!
*%<3*[email protected]*%*.`!-!*4!3*.74<&$-!$*!7%!3-M-!8-%!F(-4*%8(&`!*<8,c,!D(%!*)M3&;-`!*.<-.!$&<-.!.-%!
!
!
YN!
!
8-%<3&.<&M4*.!8-%!U7*%<*.!*^<*3%&.!a7*!13-F**!4&!D*83*<&39&!$*!D&47$!8-%!M&.*!&!$&<-.!$*!
G-.1(<&4*.!E!*4!D*;73-!D-8(&4,!=-%.<37(3!*.<&!(%U-3)&8(@%!8-%44*F&!7%!&3$7-!13-8*.-!$*!
3*8-4*88(@%`!1*3-!4-.!$&<-.!*^(.<*%!E!17*$*%!.*3!8-)1&3&M4*.,!C-3!4-!<&%<-`!4&!(%U-3)&8(@%!$*!
4*.(-%*.!a7*!$*3(F&3-%!*%!&<*%8(@%!)/$(8&!a7*!*.!7%&!13-1-38(@%!$*4!<-<&4!$*!4*.(-%*.!$*M*39&!
$*!;7&3$&3!8(*3<&!13-1-38(-%&4($&$,!D(!%-!U7*3&!*4!8&.-`!G&M39&!3&A-%*.!1&3&!$7$&3!$*!4-.!$&<-.!
$*!4-.!2C.!E!1-3!4-!<&%<-!.*39&%!.7R*<-.!$*!&7$(<-39&!7!-<3-!(%.<37)*%<-!a7*!k(%F(<*l!&!3*F(.&3!4&!
(%U-3)&8(@%,!
D*39&!$*.*&M4*!a7*!*%!2/^(8-!.*!17$(*3&%!(%847(3!$-.!-!<3*.!$*4(<-.!)5.!&4!9%$(8*!13-17*.<-,!#%!
4-.!#.<&$-.!h%($-.!*4!h=]!bF#5)&.,(G.5,+(H+<&.6c!8-%<(*%*!-8G-!$*4(<-.!bG-)(8($(-`!3-M-!8-%!
F(-4*%8(&`!(%8*%$(-!13*)*$(<&$-`!G73<-`!4*.(-%*.`!3-M-!&!8&.&`!F(-4&8(-%*.`!3-M-!$*!&7<-.c,!D(%!
*)M&3;-`!*%!*4!1&9.!!.-%!1-8-.!4-.!$*4(<-.!!a7*!!87*%<&%!8-%!U7*%<*.!*^<*3%&.!8-%<3&.<&M4*.,!D(!.*!
($*%<(U(8&3&%!-<3-.!$*4(<-.!87E-.!$&<-.!.*!17$(*3&%!F&4($&3!8-%!-<3-.!3*;(.<3-.!8-%U(&M4*.!1-$39&%!
.*3!U58(4)*%<*!(%847($-.!*%!*4!9%$(8*,NQ!
>&!F*%<&R&!$*!*.<*!9%$(8*!8-)17*.<-!*.!a7*!7%!1*a7*\-!*a7(1-!$*!&%&4(.<&.!*%!;&M(%*<*!1-$39&!
8-%U*88(-%&34-!<-$-.!4-.!&\-.`!E&!a7*!4-.!$&<-.!$*M*%!.*3!3*1-3<&$-.!1-3!4&.!13-873&$739&.,!h%&!
F*A!-M<*%($-.!.*!13-8*$*!&!&%&4(A&3!4&!8-%U(&M(4($&$!$*4!)(.)-!E!4&!13-$788(@%!$*4!9%$(8*!.*!
3*&4(A&!.()14*)*%<*!8-%!4&!&14(8&8(@%!$*!7%!&4;-3(<)-,!C-.<*3(-3)*%<*`!.*!3*&4(A&%!4&.!$(.<(%<&.!
8-)1&3&8(-%*.!E!.*!13-$78*%!4&.!$(.<(%<&.!<&M4&.!E!87&$3-.!(%U-3)&<(F-.,!
*
7+&<+5$#(*
#.<*!*.!7%-!$*!4-.!$*4(<-.!a7*!)5.!4&8*3&%!&!4&!.-8(*$&$!E!7%&!$*!4&.!*^13*.(-%*.!)5.!;3&F*.!$*4!
83()*%!-3;&%(A&$-!E!$*!4&!()17%($&$!13*F&4*8(*%<*!*%!*4!1&9.,!_-!-M.<&%<*!.7!;3&F*$&$`!4&!
)*$(8(@%!$*4!$*4(<-!*.!13-M4*)5<(8&!*!(%8(*3<&K!4&!*.<&$9.<(8&!-U(8(&4!%-!3*U4*R&!4-!a7*!3*&4)*%<*!
.78*$*!b.*!8&4874&!a7*[email protected]!*4!P"p!$*4!$*4(<-!*.!$*%7%8(&$-c!E!4&!*%87*.<&!F(8<()[email protected];(8&!%-!
&48&%A&!&!8&1<73&34-!b.(!*%!7%&!*%87*.<&!$*!V"`"""!87*.<(-%&3(-.!&33-R&!P"!.*87*.<3-.`!*.-!%-!
17*$*!$&3!47;&3!&!(%U*3*%8(&.!*.<&$9.<(8&.c,!C&3&!G&8*34-!8-%!3*13*.*%<&<(F($&$!%&8(-%&4!E!
.7M%&8(-%&4`!.*!3*a7*3(39&!7%&!)7*.<3&!$*!<&)&\-!<&4`!a7*!3*.74<&39&!()1-.(M4*!U(%&%8(&34&,!_-!
-M.<&%<*!4-!&%<*3(-3`!*.!7%!$*4(<-!a7*!$*M*!.*3!-M.*3F&$-,!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
NQ!D(!M(*%!4-.!&.1*8<-.!</8%(8-.!&!.-3<*&3!.-%!8-)14*R-.`!M(*%!F&4*!4&!1*%&!*.*!*.U7*3A-!1&3&!*%3(a7*8*3!4&!
(%U-3)&8(@%!$*4!9%$(8*!E!1-$*3!k*.<&M(4(A&3l!)5.!4&.!)*$(8(-%*.,!h%!9%$(8*!$*[email protected]!<3*.!$*4(<-.!17*$*!44*;&3!
&!.*3!)5.!F-45<(4!a7*!7%-!$*!.*(.!$*4(<-.,!!
!
!
YY!
!
d!<*%$35!a7*!.*3!-M.*3F&$-!&!<3&F/.!$*!4&!*.<&$9.<(8&!-U(8(&4`!1-3a7*!*%!*.<*!$*4(<-!%-!G&E!)5.!
-18(@%,!=-%!7%&!*.<&$9.<(8&!-U(8(&4!$*U(8(*%<*`!.*!$*M*!-M4(;&3!&!4&!&7<-3($&$!b4&.!PP!
13-873&$739&.c!&!;*%*3&34&!E!13-F**34&!*%!<(*)1-!3*&4,!>&.!13-873&$739&.!<(*%*!<-$&!4&!
(%U-3)&8(@%`!$*.$*!*4!)-)*%<-!$*!4&!$*%7%8(&!G&.<&!*4!)-)*%<-!$*!4&!.*%<*%8(&,!#.<-!*.`!;*%*3&!
(%U-3)&8(@%!.-M3*!*4!%L)*3-!$*!$*%7%8(&.`!%L)*3-!$*!.*87*.<3&$-.`!%L)*3-!$*!&13*G*%.(-%*.`!
%L)*3-!$*!.*87*.<3&$-.!3*.8&<&$-.!1-3!4&!1-4(89&`!%L)*3-!$*!.*87*.<3&$-.!1-3!4-.!a7*!.*!1&;@!
3*.8&<*`!%L)*3-!$*!.*87*.<3&$-.!)7<(4&$-.`!%L)*3-!$*!.*87*.<3&$-.!&.*.(%&$-.`!%L)*3-!$*!
8-%.(;%&8(-%*.`!&7<-.!$*!U-3)&4!13(.(@%`!.*%<*%8(&.!8-%$*%&<-3(&.,!>-.!$&<-.!.*35%!(%8-)14*<-.!
.(*)13*`!1-3a7*!.-4&)*%<*!3*U4*R&35%!4-!a7*!.*!$*%7%8(&!*%!4&.!13-873&$739&.`!1*3-!
4&)*%<&M4*)*%<*!%-!G&E!-<3&!U-3)&!$*!)-%(<-3*&3!*.<*!$*4(<-,!
!
!
!
!
!
!
!
!
!
YP!
!
>-!a7*!.*%<()-.!
!
"#$%#&%'()*+!
!
W%$(8*.!*!(%$(8&$-3*.!
2(*$-!&4!$*4(<-!
C*38*18(@%!$*!4&!(%.*;73($&$!
+*)-3!&!.*3!F98<()&!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
NX![;3&$*8*)-.!&4!?3,!>7(.!$*!4&!:&33*$&!E!=*8(4(&!D&E*;!bJ=#DJc`!E!&4!?3,!2&38*4-!:*3;)&%!b=J?#c!1-3!.7!
&1-3<&8(@%!1&3&!*4!$*.&33-44-!$*4!13*.*%<*!&1&3<&$-,!
!
!
YZ!
!
C*38*18(@%!
>-.!8(7$&$&%-.!<(*%*%!7%!1&1*4!U7%$&)*%<&4!*%!4&!*F&47&8(@%!$*4!$*.*)1*\-!$*4!;-M(*3%-!*%!
)&<*3(&!$*!.*;73($&$!1LM4(8&!E!R7.<(8(&!1*%&4,!#%!*.<*!.*%<($-`!4&.!*%87*.<&.!F(8<()[email protected];(8&.!.-%!
$*!;3&%!7<(4($&$!1&3&!8-%-8*3!4-.!&F&%8*.!-!3*<3-8*.-.!$*!$(8G&.!&7<-3($&$*.!*!(%.<(<78(-%*.!*%!
</3)(%-.!$*!.7.!3*.74<&$-.,!!
[43*$*$-3!$*4!)7%$-`!*.!7%&!1358<(8&!8-)L%!7<(4(A&3!*.<*!<(1-!$*!*%87*.<&.!1&3&!3*<3-&4()*%<&3!
4-.!.(.<*)&.!$*!(%U-3)&8(@%!$*!4-.!$*1&3<&)*%<-.!$*!1-4(89&`!3*$(.*\&3!1-49<(8&.!1LM4(8&.`!E!
*F&47&3!4&!8&4($&$!$*!4&.!8(U3&.!-U(8(&4*.,!#4!]*(%-!h%($-!*.!7%!*^8*4*%<*!*R*)14-!$*[email protected])-!*4!
;-M(*3%-!7<(4(A&!*%87*.<&.!F(8<()[email protected];(8&.!1&3&!)*R-3&3!.7!<3&M&R-!E!8-%-8*3!4&!*^1*3(*%8(&!E!*4!
.*%<(3!$*!4-.!8(7$&$&%-.,!
]*8(*%<*)*%<*!*%!2/^(8-`!;3&8(&.!&4!*.U7*3A-!E!4&M-3!8-%<(%7-.!$*!*.1*8(&4(.<&.`!8*%<3-.!$*!
*.<7$(-`!E!-3;&%(A&8(-%*.!$*!4&!.-8(*$&$!8(F(4`!.*!G&!4-;3&$-!&F&%A&3!*%!4&!*4&M-3&8(@%!$*!
*.<7$(-.!a7*!&E7$&%!&!8-%-8*3!4&!-1(%(@%!E!1*38*18(@%!$*!4-.!G&M(<&%<*.!.-M3*!4&!(%.*;73($&$!
1LM4(8&,!C&3<(874&3)*%<*!*4!J=#DJ!E!*4!=J?#!.*!G&%!$*.<&8&$-!1-3!.*3!1(-%*3-.!E!8-%<(%7&3!
&F&%A&%$-!*%!4&!;*%*3&8(@%!$*!*.<&!(%U-3)&8(@%,!
?*!&87*3$-!&!4&!*%87*.<&!$*4!J=#DJ`!#_DJBS`Y"*4!?(.<3(<-!0*$*3&4!*%8&M*A&!4&!4(.<&!$*!*%<($&$*.!
$-%$*!4&!;*%<*!.*!.(*%<*!)5.!(%.*;73&,!#4!QSp!$*!.7.!G&M(<&%<*.!$(8*%!.*%<(3.*!(%.*;73-.!$*!F(F(3!
&G9,!>-.!*.<&$-.!a7*!4*!.(;7*%!.-%!+&M&.8-!b8-%!7%!1-38*%<&R*!$*4!VQpc`!D(%&4-&!bVZpc`!#.<&$-!
$*!2/^(8-!bVPpc`!67*33*3-!bTXpc!E!_7*F-!>*@%!bTZpcYN!#%!8-%<3&.<*`!4-.!*.<&$-.!$-%$*!4&!
;*%<*!.*!.(*%<*!)5.!.*;73&!.-%!=-4()&`!67&%&R7&<-!E!d78&<5%,!]*.1*8<-!$*4!8&)M(-!*%!G5M(<-.!
$*3(F&$-!$*!4&!.*%.&8(@%!$*!(%.*;73($&$`!$*!&87*3$-!&!4&!#_DJ!S`!*%!*4!Y""V`!*4!TS!p!$*!4&!
1-M4&8(@%!$(R-!G&M*3!8&)M(&$-!&4;L%!G5M(<-!$*!8-%$78<&`!8-)-!*4!87($&3!)5.!&!.7.!G(R-.`!%-!7.&3!
R-E&.`!E!%-!.&4(3!$*!%-8G*,YY!
h%!&.1*8<-!U7%$&)*%<&4!3*.1*8<-!$*!4&!1*38*18(@%!$*!4&!(%.*;73($&$!*.!*4!<*)-3!&!.*3!F98<()&!$*!
7%!$*4(<-,!#4!)*$(3!4&!1*38*18(@%`!%-.!1*3)(<*!8-%-8*3!*4!.*%<(3!$*!4&!1-M4&8(@%!3*.1*8<-!&!.7!
*^1*8<&<(F&!$*!.*3!F98<()&!*%!$(U*3*%<*.!8-%<*^<-.f!.*&!4&!8&44*`!<3&%.1-3<*!1LM4(8-`!4&!8&.&`!*4!
<3&M&R-`!*<8,!!_-3)&4)*%<*!4-.!3*.74<&$-.!$*!*%87*.<&.!(%$(8&%!a7*!4&.!1*3.-%&.!.*!.(*%<*%!)5.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Y"!#%87*.<&!_&8(-%&4!D-M3*!J%.*;73($&$`!#_DJBS,!J=#DJ`!Y""Q,!?(.1-%(M4*!*%K!
G<<1Koonnn,(8*.(,-3;,)^o*.<&$(.<(8&.o*.<&$(.<(8&.r*%87*.<&._&8(-%&4*.r*%.(SM,&.1!
YN!#_DJBS`!!1,!TN,!=&M*!.*\&4&3!a7*!*.<-.!$&<-.!.-%!$*4!Y""V`!E!*4!3&%H*-!$*!4&.!*%<($&$*.!17*$*!F&3(&3!&\-!
8-%!&\-,![.9!)(.)-`!4-.!3*.74<&$-.!17*$*%!*.<&3!&U*8<&$-.!1-3!*4!8-%<*^<-!E!)-)*%<-!*%!*4!a7*!.*!4*F&%<*!
4&!*%87*.<&,!C-3!*R*)14-`!*4!3*.74<&$-!1&3&!*4!*.<&$-!$*!+&M&.8-!17*$*!*.<&3!(%U47*%8(&$-!1-3!4&!$*<*%8(@%!
$*!1-4(89&.!)7%(8(1&4*.!E!.*3F($-3*.!1LM4(8-.!3*4&8(-%&$-.!&4!%&38-<35U(8-!*%!*.*!)-)*%<-,!!
YY!JM($,!1,!TZ!
!
!
YS!
!
(%.*;73&.!*%!4&!F9&!1LM4(8&!b8&44*!E!*%!*4!<3&%.1-3<*!1LM4(8-c`!E!)5.!.*;73-.!*%!.7.!8&.&.,!D(%!
*)M&3;-`!4-.!3*.74<&$-.!*^17*.<-.!3*8(*%<*)*%<*!1-3!*4!=J?#!(%$(8&%!a7*!*.<&!$(U*3*%8(&!*.!
)&3;(%&4`!E&!a7*!1&3&!*4!?0!E!*4!#.<&$-!$*!2/^(8-!k4&!.*%.&8(@%!$*!.*;73($&$!*%!4&!8&.&!*[email protected]!
NNp!)&E-3!3*.1*8<-!&!4&!.*;73($&$!1*38(M($&!*%!4&!F9&!1LM4(8&l,!#.<-.!$&<-.!.-%!)7E!
13*-871&%<*.,YP!
>-.!9%$(8*.!$*!1*38*18(@%`!&!8-%<(%7&8(@%!$*.83(<-.`!)($*%!7%!8-%R7%<-!$*!1*38*18(-%*.!
8(7$&$&%&.!3*.1*8<-!&!4&!(%.*;73($&$!1LM4(8&,!!
*
K%+9(*",*9+,%$(*I*23472*
?*.$*!*4!Y""Y`!4&!#%87*.<&!_&8(-%&4!D-M3*!J%.*;73($&$!&!%(F*4!%&8(-%&4!$*4!J=#DJ!(%847E*!7%!
)@$74-!$*!4&!1*38*18(@%!8(7$&$&%&!$*!4&!(%.*;73($&$!1LM4(8&,!C&3&!8-%-8*3!*4!%(F*4!$*!
(%.*;73($&$!a7*!.(*%<*!4&!;*%<*`!.*!13*;7%<&!&!4-.!*%<3*F(.<&$-.!a7/!<&%!.*;73-.!.*!.(*%<*%!$*!
F(F(3!*%!.7!4-8&4($&$!E!*.<&$-YZ,!!#.<*!;3&$-!$*!.*%<()(*%<-!$*!(%.*;73($&$`!<&4!E!8-)-!*.!
1*38(M($-!1-3!4-.!8(7$&$&%-.!*.!8-%-8($-!$*%<3-!$*4!$(.873.-!83()(%[email protected];(8-!8-)-!s)(*$-!&4!
$*4(<-q,YS!
>&!13(%8(1&4!F*%<&R&!$*!*.<*!9%$(8*!3&$(8&!*%!.7!8&1&8($&$!1&3&!8-)1&3&3!3*.74<&$-.!*%<3*!
1-M4&8(-%*.!E!3*;(-%*.`!E&!a7*!*4!.*%<()(*%<-!$*!(%.*;73($&$!F&39&!$*!7%!47;&3!&!-<3-`!E!
*^(.<*%!()1-3<&%<*.!F&3(&8(-%*.!3*.1*8<-!$*4!.*%<(3!k&;3*;&$-l!&!%(F*4!%&8(-%&4!E!4-!a7*!
.78*$*!*%!*4!*.<&$-!-!)7%(8(1(-!$*!3*U*3*%8(&,!
#.!()1-3<&%<*!)*%8(-%&3!a7*!*4!)(*$-!&4!$*4(<-!a7*!13*F&4*8*!*%!4&!1-M4&8(@%!*.<5!
3*4&8(-%&$-!8-%!*4!%L)*3-!$*!$*4(<-.!-8733($-.!*%!.7!8-%<*^<-,!D(%!*)M&3;-`!4&!.*%.&8(@%!$*!
(%.*;73($&$!17*$*!*.<&3!&4()*%<&$&!1-3!-<3&.!U7*%<*.`!8-)-!4-.!)*$(-.!$*!8-)7%(8&8(@%`!
*^1*3(*%8(&.!13*F(&.!8-)-!F98<()&!$*!$*4(<-!E!U&8<-3*.!$(F*3.-.,!>-!a7*!.*!M7.8&!)*$(3!&a79!*.!
&1*%&.!7%&!&13-^()&8(@%!;*%*3&4!&4!U*%@)*%-`!3*13*.*%<&$-!1-3!*4!.*%<()(*%<-!-!1*38*18(@%!
$*!(%.*;73($&$,!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
YP!=J?#!Y""V`!1,!YZ!!
YZ!e!$*4*;&8(@%!*%!*4!8&.-!$*4!?(.<3(<-!0*$*3&4,!!
YS!#_DJBS`!1,!SZ
!
!
!
YT!
!
*
*
/)9%&+*9+*'+#&+'&%6)*9+*,"*%)5+;<#%9"9*
>&!#%87*.<&!$*!g(8<()(A&8(@%!E!?*.*)1*\-!J%.<(<78(-%&4`!#_g#J`!$*4!=J?#!(%847E*!7%&!!
)*$(8(@%!$*!4&!1*38*18(@%!8(7$&$&%&!3*.1*8<-!&!4&!(%.*;73($&$!1LM4(8&,!YT#%!*.*%8(&`!13*<*%$*!
$*.83(M(3!*4!k*.<&$-!$*!5%()-l!$*!4&!8(7$&$&%9&!3*.1*8<-!&!4-.!<*)&.!a7*!4&!&a7*R&%K!*4!<*)-3!&!
.*3!F98<()&`!4-.!8&)M(-.!$*!G5M(<-.!E!8-%$78<&.!13-$78<-!$*!4&!(%.*;73($&$`!4-.!%(F*4*.!$*!
(%.*;73($&$!1*38(M($-.!*%!4&!8-4-%(&`!*4!47;&3!$*!<3&M&R-`!4&!*.87*4&!*<8,!!
#.1*89U(8&)*%<*`!.*!(%$&;&!a7/!<&%!.*;73-!.*!.(*%<*!*4!*%87*.<&$-!F(F(*%$-!*%!4&!8-4-%(&`!*%!
.7.!<3&.4&$-.!$*!4&!8&.&!&4!<3&M&R-`!*.87*4&`!-!&4!G&8*3!8-)13&.f!.(!.(*%<*!<*)-3!&!8&)(%&3!*%!4&!
8-4-%(&f!a7/!<&%!.*;73-!.*!.(*%<*!4&!1*3.-%&!$*%<3-!$*!.7!8&.&f!E!4&!U3*87*%8(&!8-%!a7*!-8733*%!
&8<-.!$*4(8<(F-.!*%!.7!8-4-%(&,![4!3*1-3<&3!*.<*!9%$(8*`!*4!=J?#!$(.<(%;7*!*%<3*!4-.!%(F*4*.!$*!
.*;73($&$!1*38(M($-.!*%!4&!F9&!1LM4(8&!E!*%!*4!$-)(8(4(-,!
#.<*!9%$(8*!.*!8-%.<37E*!8-%!(%U-3)&8(@%!$*!*%87*.<&,!D*!3*a7(*3*!$*!*%87*.<&.!1*3(@$(8&.!$*!
*%<3*!Q""!E!N"""!8&.-.!$*!)7*.<3&!1&3&!*4!7%(F*3.-!a7*!.*!$*.*&!&%&4(A&3,!>&.!7%($&$*.!$*!
&%54(.(.!17*$*%!.*3!$-.K!4&!%&8(-%&4!E!4&!$*!4&.!*%<($&$*.!U*$*3&<(F&.!b*.!$*8(3`!4&.!PY!*%<($&$*.c,!
?*M*%!(%847(3!7%!)9%()-!$*!.*(.!13*;7%<&.!$*!1*38*18(@%`!&7%a7*!*.!3*8-)*%$&M4*!7%&!M&<*39&!
$*!13*;7%<&.!&$(8(-%&4*.!b&13-^()&$&)*%<*!-<3&.!NS!13*;7%<&.c!a7*!)($&%!$(.<(%<-.!&.1*8<-.!
$*!4&!1*38*18(@%!b*.!$*8(3!a7*!1*3)(<&%!(%$&;&3!.(!*^(.<*%!47;&3*.`!G-3&3(-.`!-!1*3.-%&.!a7*!
13-F-8&%!)&E-3!.*%.&8(@%!$*!(%.*;73($&$c,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
YT#>!J=#DJ!<&)M(/%!)($*!4&!1*38*18(@%!.-M3*!4&!(%.*;73($&$!*%!-<3-.!5)M(<-.!8-)-!4&!8&.&`!<3&M&R-! E!
*.87*4&!E!4-.!3*.74<&$-.!.*!17*$*%!8-%.74<&3!*%!4&!#_DJBS,!!
!
!
!
YV!
!
#%!4&!U-3)74&8(@%!$*4!9%$(8*!.*!7<(4(A&%!4&.!F&3(&M4*.!a7*!3*1-3<&!4&!13-1(&!*%87*.<&,!J%847E*%$-`!
;3&$-.!$*!(%.*;73($&$!1*38(M($&!*%!*4!G-;&3`!4&!8&44*`!*4!<3&M&R-`!E!&4;7%&!)*$($&!$*!U3*87*%8(&!
$*4(8<(F&!1*38(M($&!*%!$-%$*!4&!1*3.-%&!3*.($*!-!<3&M&R&!b1-3!*R*)14-!875%!U3*87*%<*!*.!a7*!G&E&!
3-M-.`!.*87*.<3-.`!F*%<&!$*!$3-;&.!*<8,c,!>&!13*.*%<&8(@%!$*!*.<*!(%$(8&$-3!17*$*!.*3!8-%!M&.*!
N""`!-!.()14*)*%<*!17*$*!8-%F*3<(3.*!*%!!7%&!8&4(U(8&8(@%!13-)*$(-!&;3*;&$&!$*!"!&!N"`!$-%$*!"!
*.!<-<&4)*%<*!(%.*;73-!E!N"!<-<&4)*%<*!.*;73-,!
!
!
!
!
!
YQ!
!
!
L+8(#*"*5+#*@:&$%8"*I3214**
#%!4&!3*8(*%<*)*%<*!17M4(8&$&!#_g#J!Y""X!$*4!=J?#`!.*!13-U7%$(A&!*%!*4!<*)&!$*!!1*38*18(@%!$*!
4&!(%.*;73($&$!E!.*!83*&!7%&!M&<*39&!$*!13*;7%<&.!$(3(;($&.!*.1*89U(8&)*%<*!&!8-%-8*3!*4!<*)-3!
$*!4&!;*%<*!&!.*3!F98<()&!$*!$*4(<-.!*.1*89U(8-.,!!D*!(%$&;&!.-M3*!*4!)(*$-!&!.*3!F98<()&!$*!1-3!
*R*)14-!3-M-!*%!4&!8&44*!ba7*!4*!&33*M&<*%!&!7%-!&4;-!*%!4&!8&44*c`!.*3!&<&8&$-!1-3!7%!*^<3&\-!.(%!
)-<(F-!&1&3*%<*`!a7*!4*!3-M*%!.7!&7<-`!.*3!&<&8&$-b&c!!.*^7&4)*%<*`!3-M-!&!.7!8&.&!E!&!.7U3(3!
&8<-.!$*!F(-4*%8(&!1-3!1&3<*!$*!4&!1-4(89&,!!
#.!()1-3<&%<*!$(U*3*%8(&3!*%<3*!<*)-3!&!7%!$*4(<-!E!13-M&M(4($&$!3*&4!$*!.*3!F98<()&!$*!7%!$*4(<-,!
h%&!1*3.-%&!17*$*!<*%*3!<*)-3!&!.*3!F98<()&!$*!8(*3<-!83()*%`!1*3-!4&!(%8($*%8(&!1-3!<(1-!$*!
$*4(<-!*%!.7!4-8&4($&$!)7*.<3&!8-)-!1-8-!13-M&M4*!a7*!4*!.78*$&!-!F(8*F*3.&,!+&4!8-)-!.*!
14&%<*&!*.<*!9%$(8*`!.*!-M.*3F&[email protected]!*4!<*)-3!&4!$*4(<-!a7*!.7U3*!4&!1*3.-%&,!
>&!(%U-3)&8(@%!1&3&!*.<*!9%$(8*!*F($*%<*)*%<*!13-F(*%*!$*!7%&!*%87*.<&!$*!F(8<()(A&8(@%,!D*!
3*&4(A&%!T!13*;7%<&.!4(;&$&.!&4!<(1-!$*!$*4(<-!b-!)5.!13*;7%<&.`!*%!8&.-!$*!a7*3*3!)*$(3!*4!<*)-3!
&!-<3-.!$*4(<-.c,!#%!*4!87*.<(-%&3(-`!*.!()1-3<&%<*!3*&4(A&3!4&.!13*;7%<&.!$*!<*)-3!R7%<-!8-%!-<3&.!
4(;&$&.!&4!<*)&!$*!1*38*18(@%!$*!4&!(%.*;73($&$!b&%<*3(-3)*%<*!$*.83(<-c,!>-.!1&35)*<3-.!$*!4&!
*%87*.<&!.-%!4-.!)(.)-.!E&!&%<*3(-3)*%<*!.*\&4&$-.,!#.!$*8(3`!.*!3*a7(*3*!$*!*%87*.<&.!
1*3(@$(8&.!$*!*%<3*!Q""!E!N"""!8&.-.!$*!)7*.<3&!1&3&!*4!7%(F*3.-!a7*!.*!$*.*&!&%&4(A&3,!>&.!
7%($&$*.!$*!&%54(.(.!17*$*%!.*3!$-.K!>&!%&8(-%&4!E!4&!$*!4&.!*%<($&$*.!U*$*3&<(F&.!b*.$*8(3`!4&.!PY!
*%<($&$*.c,!!
>&.!8&<*;-39&.!$*!3*.17*.<&!F&%!$*4!N!&4!S`!$-%$*!N!*.!%&$&!$*!<*)-3!E!S!)78G-!<*)-3,!C-3!4-!
<&%<-`!4-.!F&4-3*.!)5.!&4<-.!$*!3*.17*.<&!3*U4*R&%!4&!1*38*18(@%!$*!)*%-3!.*;73($&$!-!)&E-3!
)(*$-,!D*!17*$*!13*.*%<&3!7%!3*.74<&$-!;4-M&4!1&3&!8&$&!13*;7%<&!&4!7<(4(A&3!4&!)*$(&!8-)-!
13-)*$(-!$*!4&.!3*.17*.<&.,!+&)M(/%!.*!17*$*%!-3$*%&3!4-.!$*4(<-.!$*!)&E-3!&!)*%-3!<*)-3`!
1-3!)7%(8(1(-.!-!%(F*4!.-8(-*8-%@)(8-,!C-3!*R*)14-!1&3&!*4!Y""X`!*4!$*4(<-!a7*!*%!13-)*$(-!
)&E-3!<*)-3!13-F-8&!*.!*4!3-M-!$*!&7<-`!.*;7($-!1-3!*4!<*)-3!&!.*3!&<&8&$-!*%!4&!F9&!1LM4(8&!.(%!
)-<(F-!&1&3*%<*`!E!3-M-!*%!4&!8&44*,YV!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
YV!#_g#J!Y""X`!1,!PZ!
!
!
YX!
!
!
!
!
!
!
!
P"!
!
>-!a7*!-M<*%*)-.!
!
)*-*./*01!23-$%$4#%13(+56!
W%$(8*.!*!(%$(8&$-3*.!
W%$(8*!$*!*U*8<(F($&$!$*4!2(%(.<*3(-!CLM4(8-!!
W%$(8*!$*!J)17%($&$!
W%$(8*!$*!J)17%($&$!*%!$*4(<-.!;3&F*.!!
W%$(8*! $*! .&<(.U&88(@%! $*! F98<()&.! &%<*! *4! 2(%(.<*3(-!
CLM4(8-!!
C-4(89&.!
+&.&!$*!3*8-)*%$&8(-%*.!$*!4&.!=-)(.(-%*.!$*!?*3*8G-.!
m7)&%-.!&!87*31-.!1-4(89&8-.!
[<*%8(@%!&!44&)&$&.!$*!*)*3;*%8(&!
W%$(8*!$*!.&<(.U&88(@%!8(7$&$&%&!8-%!4&!C-4(89&!
W%$(8*!$*!.&<(.U&88(@%!$*!F98<()&.!8-%!$*.*)1*\-!1-4(8(&4!
+3(M7%&4*.!
W%$(8*!$*!$73&8(@%!$*4!13-8*.-!
W%$(8*!$*!$*.*)1*\-!$*!4-.!R7*8*.!
W%$(8*!$*!(%<*3/.!*%!4&.!F98<()&.!
D(.<*)&!C*%(<*%8(&3(-!
]&$(-;3&U9&!$*4!.(.<*)&!1*%(<*%8(&3(-!
g(8<()(A&8(@%!*%!3*847.-3(-.!E!1*%(<*%8(&3(&.!
]*(%8($*%8(&!
W%$(8*!$*!*U*8<(F($&$!$*!1-49<(8&.!83()(%[email protected];(8&.!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
YQ![;3&$*8*)-.!&4!?3,!2&38*4-!:*3;)&%!b=J?#c`!>7(.!$*!4&!:&33*$&!E!=*8(4(&!D&E*;!bJ=#DJc`!?3,!
67(44*3)-!I*1*$&!!b=J?[=c!E!#3%*.<-!>@1*A!C-3<(44-!E!#3%*.<-!=53$*%&.!bJ_Dd?#c!E!&4!2<3-,!
=&34-.!2*%$-A&!bh_[2c!1-3!.7!&1-3<&8(@%!1&3&!*4!$*.&33-44-!$*4!13*.*%<*!&1&3<&$-,!
!
!
PN!
!
!
2K!M021?1*
>&!(%.*;73($&$!*.<5!*.<3*8G&)*%<*!3*4&8(-%&$&!8-%!4&!*U*8<(F($&$!$*!4&.!(%.<(<78(-%*.!1&3&!
(%U3(%;(3!8-.<-.!*U*8<(F-.!&!&a7*44&.!1*3.-%&.!a7*!$*4(%a7*%,!=7&%$-!7%&!.-8(*$&$!*.!(%8&1&A!
$*!.&%8(-%&3!&!7%!%L)*3-!)9%()-!$*!$*4(%87*%<*.`!.*;73&)*%<*!<&)M(/%!.*35!(%8&1&A!$*!
13-F**3!.*;73($&$!&!.7.!8(7$&$&%-.,!
#%!NXXQ`!$*!&87*3$-!&!7%&!17M4(8&8(@%!$*!4&!D*83*<&39&!$*!6-M*3%&8(@%`!*4!X"p!$*!4-.!$*4(<-.!
a7*$&M&%!.(%!8&.<(;-YX,!C&3&!*4!1*3(-$-!*%<3*!NXXT!E!Y"""`!*4!=J?[=!.*\&[email protected]!a7*!*%!%7*.<3-!
1&9.!4&!()17%($&$!13-)*$(-!U7*!$*!XTp,!#%!Y""V!4&!()17%($&$!U7*!$*!XQ,VTp!1&3&!<-$-.!4-.!
$*4(<-.,![!%(F*4!(%<*3%&8(-%&4!4-.!1&9.*.!a7*!)*%-.!()17%($&$!13*.*%<&%!.-%![A*3M&(R5%!
bPV,Spc`!:(*4-337.(&!bT",Tpc`!63*8(&!bVZpc!-!J%;4&<*33&!bVV,Zpcf!*%!<&%<-!a7*!2/^(8-!
&1&3*8*!*%<3*!4&.!%&8(-%*.!8-%!)&E-3!()17%($&$!R7%<-!8-%!C-3<7;&4!bXSpc!!-![3;*%<(%&!
bXQ,Vpc,P"!
C-3!$*U(%(8(@%`!4&!()17%($&$!*.!4&!&7.*%8(&!$*!8&.<(;-`!1*%&!-!$&\-!t!u&14(8&M4*!&!&a7*44&.!
&88(-%*.!a7*!&U*8<&%!&!<*38*3-.v,!#%!</3)(%-.!.()14*.`!*4!83()*%!&F&%A&!1-3!a7*!.*!
*%87*%<3&%!4-.!*.1&8(-.!13-1(8(-.!1&3&!*44-`!&!4&!F*A!a7*!4&.!(%.<&%8(&.!*%8&3;&$&.!$*!
()1&3<(3!8&.<(;-!.-%!1-8-!*U*8<(F&.,PN!
#4!<*%*3!(%.<(<78(-%*.!*%8&3;&$&.!$*!13-<*;*3!&!.7.!G&M(<&%<*.!E!$*!&$)(%(.<3&3!R7.<(8(&!%-!
;&3&%<(A&!*%!&M.-47<-!*4!3*.74<&$-!*.1*3&$-,!>&.!1-4(89&.`!13-873&$739&.!E!R7A;&$-.!*^(.<*%!
.(%!a7*!%*8*.&3(&)*%<*!.*&%!*U(8&8*.!*%!$(.7&$(3!*4!$*4(<-,!>-!a7*!.*!3*a7(*3*!*.!&%&4(A&3!.7.!
3*.74<&$-.!E!G&8*34-.!1LM4(8-.,!!
C-3!*44-!.*!G&!13-17*.<-!4&!(%847.(@%!$*!(%$(8&$-3*.!*!9%$(8*.!a7*!17*$&%!8-%<&3%-.!$*!
U-3)&!3*.7)($&!a7/!<&%!M(*%!4&.!(%.<(<78(-%*.!$*!13-873&8(@%!*!()1&3<(8(@%!$*!R7.<(8(&!
3*&4(A&%!.7!4&M-3!(%F*.<(;&<(F&!E!1*%&4!1&3&!8&.<(;&3!&!a7(*%*.!8-)*<*%!$*4(<-.,!PY!D*!13-1-%*!
)*$(3!*4!$*.*)1*\-!$*!)(%(.<*3(-.!1LM4(8-.!&!<3&F/.!$*!4&!<&.&!$*!&F*3(;7&8(-%*.!13*F(&.!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
YX!H+)&.,"(YZ!$*!&M3(4!$*!NXXQ.!
P"!W%$(8*.!83*&$-.!1-3!67(44*3)-!I*1*$&,!?(.1-%(M4*!*%!nnn,8($&8,-3;,!
PN! D&M*)-.`! $*! &87*3$-! 8-%! 4&! <*-39&! $*! 4&! $(.7&.(@%`! a7*! 4&! <*%$*%8(&! &! $*4(%a7(3! *.<5! U7*3<*)*%<*!
$*<*3)(%&$&!1-3!4&!13-M&M(4($&$!a7*!*4!$*4(%87*%<*!.*&!$*.87M(*3<-!E!8&.<(;&$-f!&!)&E-3!13-M&M(4($&$!
$*!$*<*88(@%!E!.&%8(@%`!)*%-3!<*%$*%8(&!&!$*4(%a7(3,!
PY!>4&)&)-.!9%$(8*.!$*!()17%($&$!&a7*44-.!(%$(8&$-3*.!a7*!$*.83(M*%!*4!1-38*%<&R*!*U*8<(F-!$*!8&.-.!
$*4(8<(F-.!a7*!.-%!.&%8(-%&$-.!&4!U(%&4!$*!7%!13-8*.-,!!
!
!
PY!
!
*U*8<(F&)*%<*!8-%847($&.`!E!$*4!.(.<*)&!*%!.7!8-%R7%<-`!&!<3&F/.!$*!7%!9%$(8*!$*!()17%($&$!
;*%*3&4,!D*!13-1-%*%!<&)M(/%!9%$(8*.!$*!()17%($&$!$*.&;3*;&$-.!1-3!<(1-!$*!$*4(<-`!
$5%$-4*!/%U&.(.!&!4-.!$*4(<-.!;3&F*.,!
C&3&!*%<*%$*[email protected])-!.*!8&4874&%!E!a7/!)($*%!*.<-.!9%$(8*.`!*.!%*8*.&3(-!$*<&44&3!8&$&!7%-!$*!
4-.!)-)*%<-.!$*%<3-!$*!4&.!*<&1&.!$*!13-873&8(@%!E!&$)(%(.<3&8(@%!$*!R7.<(8(&!*%!4&.!a7*!.*!
17*$*!13*.*%<&3!4&!()17%($&$,!
#%!13()*3!47;&3`!1&3&!a7*!(%(8(*!7%!13-8*.-!$*!(%F*.<(;&8(@%!*.!%*8*.&3(-!a7*!*4!$*4(<-!.*!
$*%7%8(*!E!a7*$*!3*;(.<3&$-!*%!4&.!8(U3&.!-U(8(&4*.,!D(%!*)M&3;-`!8-)-!.*!*^14([email protected]!
&%<*3(-3)*%<*`!%-!<-$-.!4-.!$*4(<-.!.-%!$*%7%8(&$-.`!%(!a7*$&%!3*;(.<3&$-.!*%!4&.!8(U3&.!
-U(8(&4*.,![a79!%-.!*%8-%<3&)-.!8-%!7%!13()*3!*.1&8(-!$*!()17%($&$!E&!a7*!.(!%-!.*!
$*%7%8(&!E!.*!3*;(.<3&!*4!$*4(<-`!*4!$*4(%87*%<*!%-!.*35!(%F*.<(;&$-`!1*3.*;7($-`!$*<*%($-!E!
8-%.(;%&$-,!
h%!.*;7%$-!*.1&8(-!.*!13*.*%<&!87&%$-!.*!$*%7%8(&`!1*3-!%-!.*!&M3*!7%&!&F*3(;7&8(@%!
13*F(&!1-3!(%.7U(8(*%8(&!$*!137*M&.,!h%&!&F*3(;7&8(@%!13*F(&!*.!4&!(%F*.<(;&8(@%!a7*!44*F&!&!
8&M-!*4!2(%(.<*3(-!CLM4(8-!b2Cc!&%<*!7%&!$*%7%8(&,!D*!8-%.($*3&!*U*8<(F&)*%<*!8-%847($&!
87&%$-!4&!(%F*.<(;&8(@%!$*4!2C!3*.74<&!*%!4&!$*<*%8(@%!E!8-%.(;%&8(@%!$*!7%!13*.7%<-!
8741&M4*!&%<*!4-.!<3(M7%&4*.`!-!.*!&38G(F&!$*U(%(<(F&)*%<*!1-3a7*!%-!G7M-!$*4(<-!a7*!
1*3.*;7(3,!PP!!
h%&!F*A!a7*!*^(.<*!4&!&F*3(;7&8(@%!13*F(&`!/.<&!17*$*!%-!.*3!*U*8<(F&)*%<*!8-%847($&,!#%!!
-8&.(-%*.!/.<&.!.*!$*.*.<()&%!$73&%<*!*4!13-8*.-!$*!(%F*.<(;&8(@%`!17*.!*^(.<*%!13-M4*)&.!
</8%(8-.!1&3&!13-M&3!*4!$*4(<-f!%-!*.!1-.(M4*!8-)13-M&3!*4!$*4(<-!1-3!U&4<&!$*!*4*)*%<-.f!E!%-!
.*!<3&<&!$*!7%!8&.-!k13(-3(<&3(-,l!=-)-!3*.74<&$-`!*4!$*4(%87*%<*`!7%&!F*A!)5.`!%-!*.!
1*3.*;7($-`!$*<*%($-!E!8-%.(;%&$-,!
h%!<*38*3!*.1&8(-!$*!()17%($&$!3*.74<&!$*!4-.!8&.-.!8-%.(;%&$-.!.(%!$*<*%($-!-!13*.*%<&$-,!
h%&!F*A!a7*!4&![F*3(;7&8(@%!C3*F(&!1&.&!4-.!U(4<3-.!&33(M&!)*%8(-%&$-.`!.*!*)(<*!7%&!-3$*%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
PP!_-!G&E!a7*!8-%U7%$(3!4&!<&.&!$*!8-%.(;%&8(@%!8-%!4&!<&.&!$*!()17%($&$,!>&!13()*3&[email protected]!3*U(*3*!&4!
1-38*%<&R*!$*!8&.-.!a7*!44*;&%!&!8-%-8*3.*!1-3!7%!R7*A`!)(*%<3&.!a7*!*4!.*;7%$-!.*!3*U(*3*!&4!
1-38*%<&R*!$*!8&.-.!a7*!3*8(M*!b-!$*R&!$*!3*8(M(3c!&4;L%!<(1-!$*!8&.<(;-,!>&!$(U*3*%8(&!U7%$&)*%<&4!*.<5!
*%!*4!$*%-)(%&$-3,!2(*%<3&.!a7*!1&3&!4&!<&.&!$*!8-%.(;%&8(@%!*4!%L)*3-!<-<&4!$*!8&.-.!*.!1-3!4-!
;*%*3&4!*4!%L)*3-!$*!&F*3(;7&8(-%*.!13*F(&.!(%(8(&$&.`!1&3&!4&!<&.&!$*!()17%($&$!*4!$*%-)(%&$-3!*.!*4!
<-<&4!$*!$*4(<-.!8-%-8($-.,!#.!$(U98(4!*.<()&3!*.<*!L4<()-!$*%-)(%&$-3!.(%!8-%<&3!8-%!7%&!*%87*.<&!
F(8<()[email protected];(8&,!!
!
!
PP!
!
$*!&13*G*%.(@%,!h%&!F*A!a7*!.*!*)(<*!$(8G&!-3$*%`!/.<&!17*$*!.*3!*R*87<&$&!-!%-!*R*87<&$&`!E!
$*!%-!.*3!*R*87<&$&!.*!&M3*!*4!*.1&8(-!$*!()17%($&$!E&!a7*!*4!$*4(%87*%<*!*.8&1&,PZ!
h%&!F*A!a7*!7%&!&F*3(;7&8(@%!13*F(&!44*;&!&!<3(M7%&4*.`!4-.!*.1&8(-.!$*!()17%($&$!.*!3*$78*%!
.(;%(U(8&<(F&)*%<*,!>&!;3&%!)&E-39&!$*!$*4(<-.!8-%.(;%&$-.!&%<*!7%!R7*A!8-%847E*%!8-%!
.*%<*%8(&!8-%$*%&<-3(&,!?*!&G9!a7*!4-.!)(%(.<*3(-.!1LM4(8-.!<*%;&%!7%!1&1*4!8*%<3&4!*%!*4!
13-8*.-!"
?&$&!*.<&!M3*F*!$*.83(18(@%!$*!4-.!1-.(M4*.!*.1&8(-.!$*!()17%($&$!$73&%<*!4&.!*<&1&.!$*!
13-873&8(@%!*!()1&3<(8(@%!$*!R7.<(8(&`!1-$39&)-.!$*U(%(3!4&!()17%($&$!8-)-!4&!$(U*3*%8(&!
*%<3*!*4!%L)*3-!$*!$*4(<-.!8-)*<($-.!b$*%7%8(&$-.!E!%-!$*%7%8(&$-.c!E!*4!%L)*3-!$*!8&.-.!
a7*!8-%847E*%!8-%!7%&!.*%<*%8(&!*U*8<(F&,!!!
*
/)9%&+*9+*+D+&$%@%9"9*9+,*K!*
=-)-!1&.-!13*F(-!&!4&!8-%.<3788(@%!$*!7%!9%$(8*!$*!()17%($&$!;*%*3&4`!*.!%*8*.&3(-!;*%*3&3!
7%&!)*$(8(@%!1&3&!*4!$*.*)1*\-!$*4!2(%(.<*3(-!CLM4(8-,!#4!2(%(.<*3(-!CLM4(8-!*.!4&!
(%.<(<78(@%!a7*!G&.<&!&G-3&!G&!1-.*9$-!*4!)-%-1-4(-!$*!4&!&88(@%!1*%&4,!#.<-!a7(*3*!$*8(3!a7*!
.-4&)*%<*!4*F&%<&%$-!7%&!$*%7%8(&!&%<*!*4!2C`!*4!8(7$&$&%-!17*$*!*.1*3&3!a7*!&4;7(*%!.*&!
1*3.*;7($-`!R7A;&$-!E!U(%&4)*%<*!8&.<(;&$-!$*%<3-!$*!%7*.<3-!.(.<*)&!1*%&4PS,!?*!.7!
&8<7&8(@%!$*1*%$*`!13()-3$(&4)*%<*`!a7*!*4!$*4(<-!%-!a7*$*!()17%*,!?*!&G9!a7*!$*M&!.*3!
-M.*3F&$-!$*!)&%*3&!1&3<(874&3,!!
=-)-!.*!*^14([email protected]!*%!1533&U-.!&%<*3(-3*.`!4&!U7%8(@%!$*4!2(%(.<*3(-!CLM4(8-!*.!(%(8(&3!7%&!
(%F*.<(;&8(@%!b4&!44&)&$&![F*3(;7&8(@%!C3*F(&c!&!1&3<(3!$*!a7*!.*!$*%7%8(&!7%!$*4(<-,!#4!
(%$(8&$-3!a7*!.*!13-1-%*`!M7.8&!)*$(3!8-%!a7/!*U*8<(F($&$!*4!2C!3*&4(A&!E!8-%847E*!*.<&!
(%F*.<(;&8(@%,!>&.!&F*3(;7&8(-%*.!a7*!.*!8-%.($*3&%!8-)-!8-%847($&.!.&<(.U&8<-3(&)*%<*`!.-%!
&a7*44&.!$-%$*K!&c!G&E!7%!$*4(<-!a7*!1*3.*;7(3!b.*!8-%.(;%@!4&!&F*3(;7&8(@%c`!4-;3&%$-`!
&$*)5.`!8&1<73&3!&4!13*.7%<-!3*.1-%.&M4*f!Mc!%-!G7M-!8-)1*<*%8(&!b8&.-.!a7*!
8-33*.1-%$9&%!&!4&!C6]!-!&4!8-%.*R-!<7<*4&3!1&3&!)*%-3*.f!E!8c!.*!&38G(F&3-%!$*U(%(<(F&)*%<*!
1-3a7*!.*!$*<*3)(%@!a7*!%-!G7M-!$*4(<-!a7*!1*3.*;7(3!-!a7*`!&!1*.&3!$*!a7*!13-M&M4*)*%<*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
PZ!>&!13-1-38(@%!$*!87)14()(*%<-!$*[email protected]$*%*.!$*!&13*G*%.(@%!*%!*4!5)M(<-!$*!8-)1*<*%8(&!4-8&4!
$73&%<*!Y""V!U7*!$*!PTp,!#%!<&%<-!4&!*U*8<(F($&$!13-)*$(-!$*!&F*3(;7&8(-%*.!13*F(&.!*U*8<(F&)*%<*!
8-%847($&.!*.!$*!&1*%&.!*4!YNp,!
PS!h%!)7E!M7*%!*.<7$(-!$*4!$*.*)1*\-!$*!)(%(.<*3(-.!1LM4(8-.!.*!17*$*!*%8-%<3&3!*%!*4!*.<7$(-!
kW%$(8*.!$*!$*.*)1*\-!$*4!.(.<*)&!$*!.*;73($&$!1LM4(8&!E!4&!R7.<(8(&!1*%&4l!*4&M-3&$-!1-3!=J?#!E!
D*;73($&$!=(7$&$&%&`!)&3A-!$*4!Y""Q,!
!
!
PZ!
!
*^(.<9&!7%!$*4(<-`!4&!4*E!1*3)(<(@!a7*!b1-3!1*[email protected]%!$*!4&!F98<()&`!1-3!*R*)14-c!17$(*3&!8*33&3.*!
*4!8&.-,!
#4!9%$(8*!$*!*U*8<(F($&$!.*!8-%.<37E*!8-)1&3&%$-!*4!%L)*3-!$*!&F*3(;7&8(-%*.!13*F(&.!
*U*8<(F&)*%<*!8-%847($&.!8-%!*4!<-<&4!$*!&F*3(;7&8(-%*.!13*F(&.!(%(8(&$&.,!D*;L%!$&<-.!$*!
=J?[=`!4&!*U*8<(F($&$!13-)*$(-!*%!*4!5)M(<-!$*!8-)1*<*%8(&!4-8&4!*%!*4!1&9.!*.!)7E!M&R&`[email protected]!
*4!YNp!44*;&!&!8-%847(3.*!*U*8<(F&)*%<*`!*%!<&%<-!a7*!*%!*4!VXp!3*.<&%<*`!%7%8&!.*!8-%847E*!
4&!(%F*.<(;&8(@%`!a7*$&%$-!$*U3&7$&$&!4&!*^1*8<&<(F&!$*!R7.<(8(&!$*!4-.!$*%7%8(&%<*.,!!
!
!
!
/)9%&+*9+*%8'<)%9"9*'#(8+9%(*
>&! ()17%($&$! 13-)*$(-! .*! 3*U(*3*! &! 4&! 13-1-38(@%! $*! $*4(<-.! a7*! 3*8(M*%! 7%&! .*%<*%8(&.!
*U*8<(F&.!b$*<*3)(%&8(@%!$*!7%!8&.<(;-!1-3!1&3<*!$*!7%!R7*Ac!PT,!!
#.!*F($*%<*!a7*!4&!<&.&!$*!()17%($&$!%-!.*!17*$*!;*%*3&3!L%(8&)*%<*!8-%!$&<-.!-U(8(&4*.`!$&$-!
a7*!4&!;3&%!)&E-39&!$*!4-.!$*4(<-.!%7%8&!44*;&%!&4!8-%-8()(*%<-!$*4!2(%(.<*3(-!CLM4(8-!b2Cc,!C-3!
<&%<-`!1&3&!*.<()&3!*4!%L)*3-!$*4!<-<&4!$*!$*4(<-.!b*4!$*%-)(%&$-3!*%!4&!*87&8(@%!$*!4&!
()17%($&$c!.*!3*a7(*3*!7<(4(A&3!7%&!*%87*.<&!F(8<()[email protected];(8&,![U-3<7%&$&)*%<*`!*^(.<*%!*%87*.<&.!
$*!*.<*!<(1-!E&!3*&4(A&$&.!1-3!3*8-%-8($&.!(%.<(<78(-%*.!8-)-!=J?#!*!J=#DJ,!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
PT! #4!8&.-!$*!4&!&M.-478(@%!%-!.*!8-%<&M(4(A&!E&!a7*!.*!8-%.($*3&!8-)-!7%!k*33-3!R7$(8(&4l`!*4!8754!*.<()@!
a7*!G&M9&!*F($*%8(&!1&3&!13-8*.&3`!1&3&!%-!.-M3*.**3!E`!*%!-8&.(-%*.`!*%8&38*4&3!&!7%&!1*3.-%&!1*3-!!&4!
U(%&4! $*4! 13-8*.-`! %-! .*! *%8-%<3&3-%! 4-.! *4*)*%<-.! .7U(8(*%<*.! 1&3&! $*84&3&34*! 8-)-! 4*;&4)*%<*!
3*.1-%.&M4*,!
!
!
PS!
!
>&.!*%87*.<&.!a7*!.*!13-1-%*%!.*!17*$*%!3*&4(A&3!*%!U-3)&!&%7&4!-!M(&%7&4,![$*)5.`!G&E!$*4(<-.!
a7*!.*!17*$*%!*.<()&3!8-%!)7*.<3&.!a7*!%-!.*&%!N""p!&4*&<-3(&.`!-!8-%!*.a7*)&.!$*!8-%.74<&.!
$*!;3&%$*.!)7*.<3&.!E!47*;-!*%87*.<&.!&!13-U7%$($&$!.-M3*!3*.17*.<&.!1-.(<(F&.,PV!m&E!-<3&.!
</8%(8&.!a7*!&E7$&%!&!8&4874&3!*4!7%(F*3.-!$*!8&.-.`!1*3-!*.!()1-3<&%<*!.*\&4&3!a7*!$&$&!4&!
%&<73&4*A&!$*!4&!*.<()&8(@%!$*4!$*%-)(%&$-3!b*4!%L)*3-!$*!$*4(<-.c!E!4-.!3*4&<(F&)*%<*!1-8-.!
8&.-.!$*4!%7)*3&$-3!b4-.!$*4(<-.!a7*!3*8(M*%!8&.<(;-c`!4-.!8&)M(-.!$*!7%!&\-!&!-<3-!17*$*%!.*3!
(%*.<&M4*.,PQ!#.<-!.(;%(U(8&`!a7*!*.!)*R-3!8-%.<37(3!M7*%-.!9%$(8*.!$*!()17%($&$!E!)*$(34-.!8&$&!
Y!&\-.!&!13-U7%$($&$`!a7*!&%7&4)*%<*!*%!U-3)&!)7E!;*%*3&4,!
*
*
/)9%&+*9+*%8'<)%9"9*'(#*9+,%$(5*;#"@+5*
!
=-%!*4!-MR*<(F-!$*!*^&)(%&3!4&!()17%($&$!!*%!&a7*44-.!$*4(<-.!a7*!)5.!&;3&F(&%!&!4&!.-8(*$&$`!*.!
%*8*.&3(-! .*;)*%<&3! 4&.! <&.&.! $*! ()17%($&$! 1-3! %&<73&4*A&! $*! 4-.! $*4(<-.,! h%&! <&.&! $*!
()17%($&$!&4<&!*%!3-M-!-!&;3*.(@%!.()14*`!%-!3*F(.<*!4&!)(.)&!;3&F*$&$!a7*!4&!()17%($&$!*%!*4!
.*87*.<3-`! *R*878(-%*.! -! F(-4&8(-%*.,! #.! $*! .7)&! ()1-3<&%8(&! 8-%.<37(3! $(.<(%<-.! 9%$(8*.! $*!
()17%($&$!a7*!$*.&;3*;7*%!4-.!$*4(<-.!*!($*%<(U(a7*%!)*R-3!4-.!*.U7*3A-.!$*!4&!&7<-3($&$,!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
PV!C-3!*R*)14-`!*%!7%!$*4(<-!1-8-!U3*87*%<*!8-)-!*4!.*87*.<3-!*%!7%&!*%<($&$!U*$*3&<(F&!.*!17*$*!*.<()&3!
7<(4(A&%$-!7%&!</8%(8&!)(^<&!$-%$*!.*!8-%.74<&!<*4*[email protected]%(8&)*%<*!&!7%&!)7*.<3&!)7E!;3&%$*`!E!*%!U-3)&!
(%$(3*8<&!.(!*4!*%<3*F(.<&$-!8-%-8*!&!&4;7(*%!a7*!1&$*8(@!7%!.*87*.<3-!*4!L4<()-!&\-,!C-.<*3(-3)*%<*!.*!
*%<3*F(.<&!1*3.-%&4)*%<*!&!*.&!1*3.-%&!1&3&!&F*3(;7&3!a7(/%!U7*!*4!.*87*.<3&$-`!%&<73&4*A&!$*4!.*87*.<3-`!
E!-<3&.!8&3&8<*39.<(8&.,![!1&3<(3!$*!*.<&!(%U-3)&8(@%!.*!G&8*!4&!*.<()&8(@%!$*4!$*%-)(%&$-3,!
PQ!h%&!<&.&!$*!()17%($&$!*%!7%!&\-!$*!XQp!E!&4!-<3-!&\-!$*!XTp!%-!.(;%(U(8&!%*8*.&3(&)*%<*!7%&!)*R-3&`!
E&!a7*!*.<*!Yp!.*;73&)*%<*!8&*!$*%<3-!$*4!*33-3!*.<&$9.<(8-,!
!
!
PT!
!
:&R-!*.<&.!13*)(.&.!.*!13-1-%*!4&!8-%.<3788(@%!$*4!;371-!$*!9%$(8*.!$*!()17%($&$K!
!
!
•
W%$(8*!$*!()17%($&$!$*!$*4(<-.!;3&F*.!
!
!
!
!
!
!
!
!
!
!
!
•
W%$(8*! $*! ()17%($&$! *%! $*4(<-.! $*! 83()*%! -3;&%(A&$-! b3-M-! $*! &7<-.`! 1(3&<*39&`!
.*87*.<3-!*<8,c!
!
!
!
!
!
!
!
PV!
!
!
!
•
9%$(8*!$*!()17%($&$!*%!$*4(<-.!F(-4*%<-.!b3-M-!8-%!&3)&`!4*.(-%*.`!*<8,c!!
!
!
!
•
9%$(8*!$*!()17%($&$!*%!G-)(8($(-!$-4-.-!b%-!.*!3*&4(A&!8-%!$&<-.!$*!*%87*.<&.!.(%-!8-%!
$&<-.!-U(8(&4*.c!
!
!
!
!
PQ!
!
!!
*
/)9%&+*5"$%5D"&&%6)*9+*@:&$%8"5*&()*+,*K%)%5$+#%(*!=>,%&(*
e<3&!U-3)&!$*!*F&47&3!4&!4&M-3!$*!4-.!2(%(.<*3(-.!CLM4(8-.!*.!&!<3&F/.!$*!4&!F-A!$*!4&.!F98<()&.!$*!
$*4(<-.`!a7(*%*.!.-%!4-.!7.7&3(-.!$*!13()*3&!)&%-!$*4!.(.<*)&,!#44-.!<(*%*%!4&!8&1&8($&$!$*!
-1(%&3!&8*38&!$*4!13-8*.-!E!*F($*%8(&3`!$*.$*!.7!1*3.1*8<(F&`!*.1&8(-.!$*!)*R-3&!*%!4&!8&4($&$!$*!
&<*%8(@%!E!*4!3*.74<&$-!*.1*3&$-,!!
:&R-!*.<&[email protected];(8&`!.*!G&%!*.<378<73&$-!*%87*.<&.!a7*!3*U4*R&%!*4!.*%<(3!$*!4-.!8(7$&$&%-.!E!
F98<()&.!&8*38&!$*4!.*3F(8(-!3*8(M($-,!!>&!U7*%<*!$*!(%U-3)&8(@%!($*&4!1&3&!4&!83*&8(@%!$*!*.<*!
9%$(8*!*.!7%&!*%87*.<&!$*!<(1-!F(8<()[email protected];(8&,!#%!1&3<(874&3`!4&!*%87*.<&!$*!g(8<()(A&8(@%!E!
#U(8&8(&!J%.<(<78(-%&4!#_g#JB=J?#`!8-%<(*%*!7%&!.*88(@%!.-M3*!$*.*)1*\-!(%.<(<78(-%&4`!$-%$*!.*!
)($*!4&!.&<(.U&88(@%!$*!4&.!F98<()&.!3*.1*8<-!&!F&3(-.!&.1*8<-.!$*!4-.!2(%(.<*3(-.!CLM4(8-.,PX!
e<3&.!U7*%<*.!$*!(%U-3)&8(@%!8-)14*)*%<&3(&.!a7*!%-.!(47.<3&%!.-M3*!4&!1*38*18(@%!E!*4!
$*.*)1*\-!$*4!2(%(.<*3(-!CLM4(8-!.-%K!4&.!*%87*.<&.!4*F&%<&$&.!1-3!4&.!C3-873&$739&.!#.<&<&4*.!
$*!'7.<(8(&`!E!4-.!*.<7$(-.!3*&4(A&$-.!1-3!-3;&%(A&8(-%*.!$*!4&!.-8(*$&$!8(F(4Z"!+-$&.!/.<&.!
3*13*.*%<&%!$(U*3*%<*.!$()*%.(-%*.!E!&8*38&)(*%<-.!1&3&!*F&47&3!*4!$*.*)1*\-!$*4!2(%(.<*3(-!
CLM4(8-,!
#4!9%$(8*!$*!.&<(.U&88(@%!$*!F98<()&.!8-%!*4!2(%(.<*3(-!CLM4(8-!)($*!*4!;3&$-!$*!.&<(.U&88(@%!$*!4&.!
F98<()&.!$*!$*4(<-.!a7*!(%(8(&3-%!7%&!$*%7%8(&,!>-!a7*!.*!M7.8&!*F&47&3!*.!k*4!.*3F(8(-!E!
$*.*)1*\-!$*!*.<&.!&7<-3($&$*.!&!1&3<(3!$*!4&.!-1(%(-%*.!$*!7.7&3(-.l,ZN!>&!($*&!*.!a7*!*4!9%$(8*!
&33-R*!7%&!8&4(U(8&8(@%!1-.(<(F&!-!%*;&<(F&!.-M3*!$(8G&.!&7<-3($&$*.`!E&!.*&!*%!</3)(%-.!$*!;3&$-`!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
PX!C&3&!0*M3*3-!$*!Y""Q`!2/^(8-!h%($-!=-%<3&!4&!?*4(%87*%8(&![,=,!E!=-%.74<&!2(<-U.HE!*%8-%<3&3-%!a7*!
7%!ZN,Np!$*!4&!1-M4&8(@%!*%87*.<&$&!8-%.($*3&!a7*!k*.!)78G&l!4&!8-33718(@%!$*4!2(%(.<*3(-!CLM4([email protected]!
7%!Z",Pp!!$*!4-.!*%87*.<&$-.!*.<&39&!$(.17*.<-!&!<*.<(U(8&3!*%!8&.-!$*!13*.*%8(&3!7%!$*4(<-,!2h=?!E!
2(<-U.HE`!Y""Q,!
Z"!C-3!*R*)14-`!*4!3*1-3<*!$*!W%$(8*.!$*!?*.*)1*\-!$*4!D(.<*)&!$*!D*;73($&$!CLM4(8&!E!'7.<(8(&!C*%&4`!!
13-U7%$(A&!.-M3*!*4!$*.*)1*\-!$*4!2(%(.<*3(-!CLM4(8-!*%!*4!?(.<3(<-!0*$*3&4`!&!<3&F/.!$*!$&<-.!1LM4(8-.!
3*8-1(4&$-.!1-3!D*;73($&$!=(7$&$&%&!E!*4!=J?#!bY""Qc,!#4!*.<7$(-!(%F*.<(;&!4&!1*38*18(@%!$*4!8(7$&$&%-!
3*.1*8<-!*4!<(*)1-!a7*!4*!<-)@!G&8*3!4&!$*%7%8(&`!*4!3*.74<&$-!$*!4&!)(.)&`!&.9!8-)-!*4!%L)*3-!$*!
&F*3(;7&8(-%*.!13*F(&.!(%(8(&$&.`!E!13-1-38(@%!$*!&38G(F-.!a7*!*%<3&%!&!&38G(F-!<*)1-3&4!E!4-.!a7*!.-%!
8-%.(;%&$-.!&4!R7*A,!!
ZN!#_g#J!Y""V`!1,!ZY!
!
!
PX!
!
$*1*%$(*%$-!a7*!<&%!.&<(.U*8G&!*.<5!4&!1*3.-%&!8-%!*4!$*.*)1*\-!$*!4&!&7<-3($&$`!-!*%!</3)(%-.!
%7)/3(8-.`!&4!-<-3;&3!7%&!8&4(U(8&8(@%!$*4!"!&4!N",ZY!
=-%83*<&)*%<*!8-%!*.<*!9%$(8*!.*!)($*!*4!<3&<-!a7*!3*8(M(@!4&!;*%<*`!*4!<(*)1-!a7*!4*!<-)@!
3*&4(A&3!*4!<35)(<*`!E!4&!.-478(@%!&!4&!$*%7%8(&,!+(*%*!4&!F(3<7$!$*!;*%*3&3!(%8*%<(F-.!&$*87&$-.!
*%!4&.!(%.<(<78(-%*.!1&3&!&<*%$*3!)*R-3!4&.!$*)&%$&.!$*!4&!8(7$&$&%9&,!#%!4&!)*$($&!a7*!.*!
3*&4(8*!*.<*!9%$(8*!$*!U-3)&!1*3(@$(8&!E!8-%.(.<*%<*`!!E!)($&!&.1*8<-.!84&F*.!$*4!$*.*)1*\-!$*!
4-.!)(%(.<*3(-.!1LM4(8-.`!4&.!&7<-3($&$*.!17*$*%!(3!(%8-31-3&%$-!8-%!*4!<(*)1-!*.<&!F&4(-.&!
(%U-3)&8(@%!1&3&!)*R-3&3!.7!$*.*)1*\-,!
C&3&!8-%-8*3!!*4!%(F*4!$*!.&<(.U&88(@%!$*!4&.!F98<()&.!$*!$*4(<-.!8-%!*4!.(.<*)&`!.*!$*M*!(%$&;&3!*%!
13()*3!47;&3`!.(!4&!1*3.-%&!&87$(@!-!%-!&!$*%7%8(&3!*4!$*4(<-!&%<*!*4!2(%(.<*3(-!CLM4(8-,!D(!%-!
$*%7%8(&`!.*!$*M*!13*;7%<&3!1-3!a7/!E!13-U7%$(A&3!*%!.7.!3&A-%*.!1&3&!*44-,!#.<&!*.!7%&!U7*%<*!
$*!(%U-3)&8(@%!)7E!F&4(-.&!1&3&!*)(<(3!3*8-)*%$&8(-%*.!&4!2C!.-M3*[email protected])-!)*R-3&3!.7!<3&M&R-!E!
83*&3!4-.!(%8*%<(F-.!%*8*.&3(-.!1&3&!a7*!4-.!8(7$&$&%-.!.*&%!)5.!13-84(F*.!&!$*%7%8(&3`!17*.!.*!
8-%.($*3&!a7*!k*4!G5M(<-!$*!$*%7%8(&3!$*1*%$*!$(3*8<&)*%<*!$*!4&!8&4($&$!$*4!<35)(<*!E!4&!
*U(8(*%8(&!E!*U(8&8(&!1&3&!4&!3*.-478(@%!$*!4-.!$*4(<-.`!E!*%!*.*!.*%<($-`!$*!4&!8-%U(&%A&!a7*!4-.!
8(7$&$&%-.!<*%;&%!*%!4&.!&7<-3($&$*.l,ZP!
#.!()1-3<&%<*!$(U*3*%8(&3!&a79!1-3!<(1-!$*!$*4(<-`!E&!a7*!*.!)78G-!)5.!13-M&M4*!a7*!7%&!
1*3.-%&!$*%7%8(*!7%!$*4(<-!;3&F*!a7*!7%-!8-%.($*3&$-!8-)-!1-8-!;3&F*,!=-)-!(%$(8&!*4!
*.1*8(&4(.<&!2&38*4-!:*3;)&%!k#.<5!84&3-!a7*!*.!)7E!$(.<(%<-!%-!3*1-3<&3!7%!$*4(<-!)*%-3`!b#R,!
3-M-!$*!&7<-1&3<*c`!a7*!%-!3*1-3<&3!7%!$*4(<-!a7*`!*%!-1(%(@%!$*!4&!F98<()&`!U7*!.*3(-!-!)7E!
.*3(-`!b#R,!&.&4<-!&!)&%-!&3)&$&!-!.*87*.<3-!+A<.+77c,ZZ!
#%!.*;7%$-!47;&3`!!*%!8&.-!$*!G&M*3!&87$($-!&4!2C!1&3&!G&8*3!4&!$*%7%8(&`!.*!$*M*!(%$&;&3!.-M3*!!
*4!<3&<-!a7*!3*8(M(@!1-3!1&3<*!$*4!&;*%<*!E!1*3.-%&4!$*4!2(%(.<*3(-!CLM4(8-`!&.9!8-)-!1-3!*4!
<(*)1-!13-)*$(-!a7*!<&[email protected]!7%&!1*3.-%&!*%!3*&4(A&34&`!$*M($-!&!a7*!/.<*!*.!7%-!$*!4-.!
13(%8(1&4*.!-M.<5874-.!a7*!(%G(M*!4&!$*%7%8(&!E!*.!7%!(%$(8&$-3!<&%;(M4*!E!)7E!3*13*.*%<&<(F-!$*!
4&!*U(8(*%8(&!$*4!.(.<*)&,!
#%!<*38*3!47;&3`!$*M*!13*;7%<&3.*!&4!*%87*.<&$-!8754!U7*!*4!3*.74<&$-!$*!.7!$*%7%8(&,![a79!4-.!
3*.74<&$-.!17*$*%!.*3!1-.(<(F-.!*%!8&.-!$*!G&M*3!*%8-%<3&$-!&4!13*.7%<-!3*.1-%.&M4*`!!
3*871*3&$-!4-.!M(*%*.!)&<*3(&4*.!*%!8&.-!$*!3-M-,!e!%*;&<(F-.`!!E&!.*&!a7*!%-!13-8*$(@!4&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ZY!C-3!*R*)14-`!4-.!3*.74<&$-.!$*!4&!*%87*.<&!F(8<()[email protected];(8&!$*4!=J?#!*%!*4!Y""V!$&%!7%&!8&4(U(8&8(@%!$*!Z,P!
1&3&!*4!2(%(.<*3(-!CLM4(8-!*%!*4!?,0,!!
ZP!=J?#!E!D*;73($&$!=(7$&$&%&`!Y""Q`!1,V!
ZZ!#_g#J!Y""V`!1,!ZZ!
!
!
Z"!
!
$*%7%8(&`!.*!$*.*.<()@!-!U(%&4([email protected]!1-3!8&3*8*3!$*!&4;L%!*4*)*%<-!bU&4<&!$*!137*M&.c`!13*.*%<&8(@%!
$*!7%!3*.1-%.&M4*!a7*!.*!4*!4(M*[email protected]`!-!M(*%!%-!G7M-!7%&!3*.17*.<&!1-.(<(F&!*%!</3)(%-.!$*!
(%F*.<(;&8(@%`!4-8&4(A&8(@%!E!&13*G*%.(@%!$*4!3*.1-%.&M4*,ZS!
=7&%$-!.*!M7.8&!*%87*.<&3!&!7.7&3(-.!$*4!.(.<*)&!-!F98<()&.!$*!$*4(<-.`!*.<*!9%$(8*!<(*%*!8(*3<&.!
$(U(874<&$*.!</8%(8&.!$*M($-!&4!M&R-!%L)*3-!$*!8&.-.!a7*!8&$&!)7*.<3&!&33-R&,!C-3!*R*)14-`!.(!4&!
<&.&!$*!F(8<()(A&8(@%!*.!$*!YSp`!E!4&!<&.&!$*!$*%7%8(&!*.!$*!Z"p!$*!4&.!F98<()&.`!*%<-%8*[email protected]!
N"!$*!8&$&!N""!*%<3*F(.<&.!*.<&39&%!*%!8-%$(8(-%*.!$*!3*.1-%$*3!4&.!13*;7%<&.!$*!.&<(.U&88(@%!
$*!7.7&3(-.!$*4!2C`!*<8,!!#4!9%$(8*!$*!.&<(.U&88(@%!$*!7.7&3(-.!.*!$*M*!3*&4(A&3!*%!*4!)&38-!$*!4&!
*%87*.<&!$*!F(8<()(A&8(@%!a7*!&8<7&4)*%<*!.*!13-$78*,!!
>&!U-3)74&8(@%!$*4!9%$(8*!1-$39&!.*3!.()(4&3!&4!$*4!9%$(8*!$*!1*38*18(@%!-!&4!$*!-1(%(@%`!*.!$*8(3`!
7%&!8&4(U(8&8(@%!1-%$*3&$&!-!&;3*;&$&!$*4!$*.*)1*\-!1*38(M($-!$*!4&.!$(.<(%<&.!&7<-3($&$*.,!?*!
*.<&!)&%*3&!.*!1-$39&!$&3!7%&!8&4(U(8&8(@%!$*!"!&!N",!e<3&!&4<*3%&<(F&!*.!8&4(U(8&3!k*%<3*!M&%$&.l!
*.!$*8(3`!8-%.<37(3!(%<*3F&4-.!$-%$*!.*!&137*M*!-!.*!$*.&137*M*!4&!<&3*&`!-!.*!8&4(U(a7*!*%<3*!)7E!
M(*%`!M(*%`!)&4!E!)7E!)&4`!4-.!$(.<(%<-.!-3;&%(.)-.,!?*.$*!*4!17%<-!$*!F(.<&!*.<&$9.<(8-!*.!)5.!
3*8-)*%$&M4*!*.<&!L4<()&!-18(@%!87&%<-!)5.!1*a7*\-!.*&!*4!%L)*3-!$*!*%<3*F(.<&$-.,!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ZS!#%!4&!)&E-39&!$*!4-.!8&.-`!*.<*!()1-3<&%<*!*4*)*%<-!87&4(<&<(F-!$*!4&!.&<(.U&88(@%!8-%!*4!3*.74<&$-!$*!4&!
$*%7%8(&`!*.!<&)M(/%!&4<&)*%<*!$*.U&F-3*8*$-3!1&3&!4&.!&;*%8(&.!$*[email protected]%$*!4&!)&E-39&!$*!4&.!F98<()&.!
bX!$*!8&$&!N"c`!&.(*%<&%!a7*!*4!3*.74<&$-!$*!4&!)(.)&!%-!U7*!1-.(<(F&,!>&.!1358<(8&.!$*!8-33718(@%!!<&)M(/%!
(%U47E*%!*%!7%&!8&4(U(8&8(@%!%*;&<(F&,!
!
!
!
ZN!
!
!(,%&:"5!
#^(.<*!*%!2/^(8-!7%!<-<&4!&13-^()&$-!$*!PT"!)(4!1-4(89&.!<&%<-!R7$(8(&4*.!8-)-!13*F*%<(F-.,NO!
#.<-!3*13*.*%<&!7%!13-)*$(-!$*!S!1-4(89&.!1-3!8&$&!N""`"""!G&M(<&%<*.`!7%-!$*!4-.!1-38*%<&R*.!
)5.!&4<-.!$*4!)7%$-`!.()(4&3!&!J<&4(&!E!)5.!&4<-!a7*!4-.!#.<&$-.!h%($-.,!D(%!*)M&3;-`!*4!%(F*4!$*!
U-3)&8(@%!E!$*!*.1*8(&4(A&8(@%!$*!4&!)&E-3!1&3<*!$*!*.<-.!*4*)*%<-.!1-4(89&8-.!*.!M&R-!E!.7!
8&1&8($&$!1&3&!(%F*.<(;&3!4-.!$*4(<-.!)7E!1-M3*,!
>&!1-4(89&!*.!*4!*4*)*%<-!<&%;(M4*!$*!)&E-3!8*38&%9&!&4!8(7$&$&%-!E!*.!8378(&4!1&3&!$*F-4F*3!4&!
.*;73($&$!E!)*R-3&3!4&!8-%U(&%A&!$*4!8(7$&$&%-!*%!.7.!(%.<(<78(-%*.,!D(%!*)M&3;-`!G-E!4&!1-4(89&!
13*F*%<(F&!*.!*4!&8<-3!)5.!$*.&13-F*8G&$-!$*4!.(.<*)&`!E&!.*&!1-3!.7!(%*U(8&8(&!-1*3&<(F&!
(%G*3*%<*!&!.7!*.<378<73&!E!<&3*&.!*%8-)*%$&$&.`!1-3!.7.!4()(<&8(-%*.!*%!U-3)&8(@%!E!
8&1&8(<&8(@%!-!1-3!<*%*3!a7*!&<*%$*3!$*!13()*3&!)&%-!4-.!3*84&)-.!!$*!4&!.-8(*$&$`!.(%!8-%<&3!
8-%!.7U(8(*%<*.!*4*)*%<-.!<&%<-!)&<*3(&4*.!8-)-!R739$(8-.!1&3&!$&3!7%&!3*.17*.<&!&$*87&$&,ZV!
m-E!$9&`!4&!3*4&8(@%!1-4(89&B8(7$&$&%-`!3*U4*R&!7%&!13-M4*)5<(8&!8-)14*R&!a7*!.*!8&3&8<*3(A&!1-3!
4&!$*.8-%U(&%A&!E!4&!$(U(874<&$!1&3&!*.<&M4*8*3!)*8&%(.)-.!$*!8--1*3&8(@%!*!(%<*38&)M(-!
1-.(<(F-!*%<3*!8(7$&$&%-.!E!&7<-3($&$*.`!a7*!8-%<3(M7E&%!&4!U7%8(-%&)(*%<-!$*!13-8*.-.!
4*;9<()-.!E!*U(8&8*.!*%!4&.!(%.<(<78(-%*.!3*.1-%.&M4*.!$*!M3(%$&3!.*;73($&$!E!R7.<(8(&,![%<*!*.<&!
.(<7&8(@%`!4&!(%8-%U-3)($&$!.*!G&!<3&$78($-!*%!%*8*.($&$!1-3!-M.*3F&3!E!)-%(<-3*&3!*4!
$*.*)1*\-!(%.<(<78(-%&4!E!&!.7.!-1*3&$-3*.!3*.1-%.&M4*.,!!
#.!)*%*.<*3!8-%-8*3!a7/!&8-%<*8*!8-%!*.<&!1-4(89&!a7*!*.!1-8-!*U(8&A`!8-%U(&M4*!E!*$78&$&,![.9!
8-)-!&<*%$*3!&!4&.!3&A-%*.!$*!4&!M&R&!*U*8<(F($&$!*%!.7.!<&3*&.,!#4!8-%<&3!8-%!(%$(8&$-3*.!
M5.(8-.!$*!$*.*)1*\-!17*$*!&E7$&3!&!<&[email protected](<-,!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ZT!!+3*.!$*!8&$&!87&<3-!.*3F($-3*.!1LM4(8-!a7*!<3&M&R&%!*%!.*;73($&$`!13-873&8(@%!E!*R*878(@%!$*!.&%8(-%*.!
.-%!1-4(89&.,!#.<&!8(U3&!%-!8-%<&M(4(A&!4-.!TZ`"""!*U*8<(F-.!.(3F*%!*%!8-31-3&8(-%*.!$*!.*;73($&$!13(F&$&,!
ZV!>&!1*38*18(@%!*!()&;*%!$*!*.<-.!.*3F($-3*.!.*!G&!F(.<-!)*3)&$&!8-%!R7.<(U(8&8(@%,!D7.!.(.<*)&.!$*!
8-%<3-4!(%<*3%-!.-%!1358<(8&)*%<*!(%*^(.<*%<*.`!4&!U3*87*%<*!1&3<(8(1&8(@%!$*!1-4(89&.!E!*^!1-4(89&.!*%!
$*4(<-.!$*4!83()*%!-3;&%(A&$-!b1&3<(874&3)*%<*!*%!*4!<35U(8-!$*!$3-;&.!E!.*87*.<3-.c`!&E7$&%!&!a7*!
1*3)&%*A8&!7%!&4<-!%(F*4!$*!$*.8-%U(&%A&!1LM4(8&!G&8(&!4-.!$(.<(%<-.!87*31-.!1-4(89&8-.,!C-3!.7!1&3<*`!*4!
D*83*<&3(-!$*!D*;73($&$!CLM4(8&!.*\&[email protected]!3*8(*%<*)*%<*!a7*!*4!D(.<*)&!_&8(-%&4!$*!D*;73($&$!87*%<&!
.-4&)*%<*!8-%!4&.!G7*44&.!$&8<(4&3*.!$*!N"p!$*!4-.!1-4(89&.!$*4!1&9.`!1*3-!.(%!a7*!.*!.*1&!.(!*U*8<(F&)*%<*!
1*3<*%*8*%!&!*44-.!-!%-,!
!
!
ZY!
!
#4!$(.*\-!$*!1-49<(8&.`!13-;3&)&.!E!&88(-%*.!$*!3*U-3)&!1&3&!)*R-3&3!*4!$*.*)1*\-!1-4(8(&4`!
G&!&F&%A&$-!(%<*3%&8(-%&4)*%<*!E!3*1-3<&!*^1*3(*%8(&.!*^(<-.&.!*%!&4;7%-.!1&9.*.!
4&<(%-&)*3(8&%-.,ZQ!>&)*%<&M4*)*%<*`!%7*.<3-!.(.<*)&!1-4(8(&4!1*3)&%*8*!*%!7%!
-.873&%<(.)-!-1*3&<(F-!E!$*!13-8*$()(*%<-.,!>-.!3*1-3<*.!.-%!*.8&.-.!E!4&!(%U-3)&8(@%!
$(.1-%(M4*!*.!;*%*3&4)*%<*!$*!)&4&!8&4($&$`!87&%$-!%-!$*!$7$-.&!F*3&8($&$,![8<7&4)*%<*!*%!
*.<&!53*&`!.*!G&!13-17*.<-!<3&M&R&3!*%!3*1-3<*.!G-)-4-;&$-.!1-4(8(&4*.`!E!&7%!87&%$-!<(*%*!7%!
M7*%!-MR*<(F-!$*!13(%8(1(-`!*%!<&%<-!%-!.*!&%&4(8*%!E!3*F(*3<&%!$*!U-%$-!4&.!U&44&.!*.<378<73&4*.!
$*!4-.!13-<-8-4-.!E!.(.<*)&!$*!3*1-3<*-`!*4!*R*38(8(-!3*13*.*%<&[email protected]!)&E-3!(%*U(8(*%8(&!*%!
;&.<-,!*
?&$&!4&!8&3*%8(&!E!$(.1-%(M(4($&$!$*!(%U-3)&8(@%!(%<*3%&!$*!4&!1-4(89&`!7%&!$*!4&.!)*R-3*.!
U-3)&.!$*!&13-^()&3.*!&!.7!*U(8&8(&!E!*U(8(*%8(&!-1*3&<(F&!*.!&!<3&F/.!$*!U7*%<*.!(%$(3*8<&.!$*!
(%U-3)&8(@%`!8-)-!*%87*.<&.!E!-M.*3F&8(-%*.`!&.9!8-)-!1-3!4&.!&;*%8(&.!a7*!$*!U-3)&!
13-8*$()*%<&4!<(*%*%!a7*!&<*%$*3!&.7%<-.!3*4&8(-%&$-.!8-%!*.<-.!87*31-.!$*!13-<*88(@%,ZX!
C&3&!*F&47&3!&!4&.!1-4(89&.!.*!13-1-%*%!<3*.!9%$(8*.`!;*%*3&$-.!*%!.7!)&E-39&!8-%!$&<-.!
*^<*3%-.!&!4&.!13-1(&.!8-31-3&8(-%*.,!>&!<&.&!$*!3*8-)*%$&8(-%*.!$*!?*3*8G-.!m7)&%-.!&!
87*31-.!1-4(89&8-.`!&<*%8(@%!&!44&)&$&.!$*!*)*3;*%8(&!E!7%!9%$(8*!$*!.&<(.U&88(@%!$*!
8(7$&$&%&!E!F98<()&.!8-%!4&!1-4(89&,!!
*
L"5"*9+*#+&(8+)9"&%()+5*9+*1+#+&P(5*Q<8")(5*"*&<+#'(5*'(,%&:"&(5*
>&!U&4<&!$*!8&1&8(<&8(@%`!13-<-8-4-.!(%<*3%-.`!&4<&!3-<&8(@%!E!$*)5.!$*U(8(*%8(&.!$*!4&.!1-4(89&.!
(%8($*%!*%!*4!)&4!$*.*)1*\-!E!8&4($&$!$*!.7.!<&3*&.,!#.<-!.*!G&8*!*F($*%<*!1-3!*4!83*8(*%<*!
%L)*3-!$*!$*%7%8(&.!13*.*%<&$&.!&%<*!4&.!=-)(.(-%*.!$*!?*3*8G-.!m7)&%-.f!7%!U*%@)*%-!
a7*!.*!<-3%&!13*-871&%<*!&4!*%8-%<3&3!8&7.&4*.!a7*!.71-%*%!<-3<73&`!)&4<3&<-!E!*%!8&.-.!
*^<3*)-.!G-)(8($(-!&!)&%-.!$*!1-4(89&.!E!&;*%<*.,!
[%<*!4&!U&4<&!$*!$&<-.!$*!U7*%<*!1-4(8(&4`!4&!13-)-8(@%!$*!*.<&!$*%7%8(&!&%<*!4&.!=-)(.(-%*.!$*!
?*3*8G-.!m7)&%-.`!&E7$&!&!($*%<(U(8&3!4&!U3*87*%8(&`!E!*%!.7!8&.-!1*3U(4!$*!4&.!
3*8-)*%$&8(-%*.!E!4&!8-31-3&8(@%!&!4&!87&4!*4!*4*)*%<-!*.<5!&$.83(<-,!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ZQ!C-3!*R*)14-`!*4!7.-!E!&14(8&8(@%!$*!.(.<*)&.!$*!;*-3*U*3*%8(&8(@%!$*4!$*4(<-!E!4&!F(-4*%8(&`!-1*3&$-.!1-3!
4-.! -M.*3F&<-3(-.! $*! .*;73($&$! 8-%.<(<7E*`! 7%&! $*! 4&.! 1358<(8&.! *^(<-.&.! a7*! .*! -M.*3F&%! 8-%! )&E-3!
U3*87*%8(&!*%!4-.!-M.*3F&<-3(-.!$*!4&!.*;73($&$!&!%(F*4!(%<*3%&8(-%&4,!!
ZX!_-.!3*U*3()-.!&!<3&M&R-.!3*&4(A&$-.!1-3!*^1*3<-.!8-)-!4&!*%87*.<&!$*!F(8<()(A&8(@%!$*4!=J?#`!4&.!#_DJq.!
$*4!J=#DJ!E!1-3!4&!1&3<*!(%.<(<78(-%&4`!4&.!8-)(.(-%*.!%&8(-%&4!E!*.<&<&4*.!$*!$*3*8G-.!G7)&%-.,!
!
!
ZP!
!
?*!)&%*3&!($*&4!.*!$*M*39&%!$*!8-%.($*3&3!4&.!1*<(8(-%*.!$*!(%(8(-!$*!13-8*.-!*)(<($&.!1-3!4&.!
=-)(.(-%*.!$*!?*3*8G-.!m7)&%-.!b=?mc!$*!4-.!*.<&$-.`!?0!E!=_?m!3*4&8(-%&$&.!8-%!*4!)&4!
$*.*)1*\-!$*!4&.!1-4(89&.!13*F*%<(F&.`!$*!(%F*.<(;&8(@%!E!2(%(.<*3(-.!CLM4(8-.,!#4!13-M4*)&!*.!
a7*!/.<&.`!&4!$9&!$*!G-E`!%-!.*!13*.*%<&%!$*!U-3)&!$*.&;3*;&$&,S"!!C-3!*44-!.*!$*M*!$*!<3&M&R&3!
8-%!4&.!3*8-)*%$&8(-%*.!*)(<($&.`!4&.!a7*!(%*F(<&M4*)*%<*!.7M*.<()&%!*4!%L)*3-!$*!8&.-.!E&!
.*&!1-3a7*!/.<-.!.*!3*.7*4F*%!*^<3&R7$(8(&4)*%<*`!.*!%74(U(8&%!-!$*.*.<()&%,!
#4!9%$(8*!13-17*.<-!($*%<(U(8&!4&!U3*87*%8(&!$*!4&.!3*8-)*%$&8(-%*.!*)(<($&.!1-3!4-.!-3;&%(.)-.!
1LM4(8-.!$*!$*3*8G-.!G7)&%-.!E!F&3(&8(-%*.!&%7&4*.!3*.1*8<-!&!7%!&\-!M&.*,!>&.!
3*8-)*%$&8(-%*.!.*!3*4&8(-%&%!8-%!4&.!a7*R&.!13*.*%<&$&.!1-3!1*<(8(-%&3(-.!*%!4&.!=-)(.(-%*.!
$*!?*3*8G-.!m7)&%-.!$*!4&.!PN!*%<($&$*.`!*4!?(.<3(<-!0*$*3&4!E!4&!=-)(.(@%!_&8(-%&4!$*!
?*3*8G-.!m7)&%-.!b=_?mc`!$-%$*!.*!$*<*3)(%&!a7*!.(!G&E!8*3<*A&!$*!F(-4&8(@%!$*!4-.!$*3*8G-.!
G7)&%-.!1-3!4&.!1-4(89&.!$*4!1&9.`!*%!8(%8-!<(1-.!$*!F(-4&8(-%*.!;3&F*.K!)7*3<*.`!<-3<73&`!
)&4<3&<-!b4*.(-%*.c`!$*<*%8(-%*.!(4*;&4*.!E!$*.&1&3(8(@%!U-3A&$&,!!
!
#4!%7)*3&$-3!.*!8-%U-3)&!&!1&3<(3!$*!4&!.7)&<-3(&!$*!3*8-)*%$&8(-%*.!*)(<($&.!$(3(;($&.!&!
87*31-.!1-4(89&8-.`!)(*%<3&.!a7*!*4!$*%-)(%&$-3!.*35!*4!<-<&4!$*!4&.!3*8-)*%$&8(-%*.!*)(<($&.!
1-3!4&.!=-)(.(-%*.!$*!?*3*8G-.!m7)&%-.,!#.<-!$&35!8-)-!9%$(8*!4&!13-1-38(@%!a7*!;7&3$&%!4&.!
3*8-)*%$&8(-%*.!&!87*31-.!1-4(89&8-.!3*.1*8<-!$*4!<-<&4!*%!7%!1*3(-$-!$*<*3)(%&$-!$*!
<(*)1-,SN#%!*.<&!U&.*!(%(8(&4`!*4!(%$(8&$-3!1-$35!3*1-3<&3!<3*.!<(1-.!$*!U&4<&.K!&M7.-!$*!&7<-3($&$!
b$-%$*!.*!(%847E*!4&!13(F&8(@%!$*!4&!4(M*3<&$c`!4*.(-%*.!E!G-)(8($(-.,!
C&3&!-M<*%*3!7%&!)7*.<3&!3*13*.*%<&<(F&!$*4!7%(F*3.-!3*&4!$*!F(-4&8(-%*.!;3&F*.!E!3*8733*%<*.!&!
4-.!$*3*8G-.!G7)&%-.`!.*!3*8-)(*%$&!8-)14*)*%<&3!8-%!7%!13-<-8-4-!$*!&%54(.(.!87&4(<&<(F-!$*!
4-.!*^1*$(*%<*.!$*!3*8-)*%$&8(-%*.!*)(<($&.!1-3!<(1-!$*!$*4(<-`!(%.<(<78(@%!1-4(8(&4!E!&\-!$*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S"!#%!4&!=_?m!$*!8&$&!N""!(%(8(-.!$*!13-8*.-`!.*!8-%F(*3<*%!*%!3*8-)*%$&8(@%!*4!Vp,!>&!13(%8(1&4!
$(U(874<&$!1&3&!44*F&3!&!8&M-!7%!&%54(.(.!$*!4&!a7*R&`!*%!4-.!</3)(%-.!)*%8(-%&$-.!*.!4&!&)14(<7$!$*!
8&7.&4*.!$*!.-478(@%!E!4&.!$(F*3.&.!84&.(U(8&8(-%*.!%-!%*8*.&3(&)*%<*!8-%.*%.7&$&.!&!%(F*4!%&8(-%&4f!4&!
)&E-3!1&3<*!$*!4&.!a7*R&.!bTSBVSpc!.*!.-478(-%&!$73&%<*!*4!13-8*$()(*%<-!1-3!7%&!$(F*3.($&$!)7E!
&)14(&!$*!U-3)&.`!$-%$*!13(%8(1&4)*%<*!.*!(%F-4783&!4&!3*&88(@%!$*!4&!&7<-3($&$!)*%8(-%&$&f!4&.!M&.*.!$*!
$&<-.!8-%!*.*!;3&$-!$*!$*<&44*!%-!*.<5%!$(.1-%(M4*.!&!%(F*4!%&8(-%&4`!$&$-!a7*!4&!(%U-3)&8(@%!$(.1-%(M4*!*.!
&;3*;&$&,!C&3&!)5.!(%U-3)&8(@%!8-%.74<&3!#3%*.<-!>@1*A!C-3<(44-!E!#3%*.<-!=53$*%&.!bJ_Dd?#c!*%!
2.&<@+76"($+(5#$5-"$&.+7(<"."(+=(&%7+.1"6&.5&($+([email protected]$"$9((!nnn,)*^(8-*F&47&,-3;,!
SN!07*%<*!$*!(%U-3)&8(@%K!]*1-3<*!&%7&4*.!$*!4-.!eC?mSN!$*!4-.!PN!#.<&$-.!E!*4!?(.<3(<-!0*$*3&4`!=-)(.(@%!
_&8(-%&4! $*! ?*3*8G-.! m7)&%-.,! #.! 3*8-)*%$&M4*! a7*! 4&! DDC`! &! <3&F/.! $*4! D*83*<&3(&$-! #R*87<(F-! $*4!
D(.<*)&!_&8(-%&4!$*!D*;73($&$!CLM4(8&!8-%.-4($*!4&!(%U-3)&8(@%!13-F*%(*%<*!$*!4-.!3*;(.<3-.!1-3!<(1-!$*!
a7*R&!8(7$&$&%&!13*.*%<&$&.!8-%<3&!*4*)*%<-.!$*!4&.!8-31-3&8(-%*.!$*!1-4(89&!$*!4-.!*.<&$-.!E!)7%(8(1(-.!
$*4!1&9.`!1&3&!.7!&%54(.(.!8-%!1*3(-$(8($&$!.*)*.<3&4,!
!
!
ZZ!
!
*.<7$(-!E!;*%*3&3!7%!$-87)*%<-!$*!-M.*3F&8(-%*.`!G&44&A;-.!E!3*8-)*%$&8(-%*.!&4!eM.*3F&<-3(-!
E!4&.!&7<-3($&$*.!F(%874&$&.,SY!
!
?$+)&%6)*"*,,"8"9"5*9+*+8+#;+)&%"*
h%-!$*!4-.!8-)1-%*%<*.!)5.!F(.(M4*.!$*!4&!3*4&8(@%!1-4(89&!t!8(7$&$&%-!*.!4&!3*.17*.<&!a7*!.*!$&!
&!4&.!44&)&$&.!$*!*)*3;*%8(&,!_-!-M.<&%<*!.7!()1-3<&%8(&`!%-!.*!$(U7%$*!3*;74&3)*%<*!*4!
%L)*3-!$*!44&)&$&.!a7*!3*8(M*%!4-.!=*%<3-.!$*![<*%8(@%!+*4*[email protected]%(8&!E!87&%$-!.*!G&8*!%-!.*!
$(.83()(%&%!*4!%L)*3-!$*!.-4(8(<7$*.!*U*8<(F&.!E!&a7*44&.!a7*!.-%!U&4.&.`!8-%!4-!87&4!.*!&1&3*%<&!
7%&!8&3;&!.7.<&%<(F&!$*!<3&M&R-!87&%$-!*4!F-47)*%!$*!<*4*U-%*)&.!*U*8<(F-.!*.!)78G-!)*%-3,!
#.<*!17%<-!$*!8-%<&8<-!1-4(89&B8(7$&$&%-!*.!7%!F&4(-.-!*4*)*%<-!$*!1*38*18(@%!*%!*4!
$*.*)1*\-!$*!4&!&8<7&8(@%!1-4(8(&4!*%!7%!5)M(<-!*.1*89U(8-`!$-%$*!*4!<(*)1-!$*!3*.17*.<&!E!4&!
&<*%8(@%!3*8(M($&!8-%.<(<7E*%!8-)1-%*%<*.!$*!*U(8&8(&!*%!3*4&8(@%!8-%!4&!&<*%8(@%!$*!
*)*3;*%8(&.,!!
#4!=*%<3-!_&8(-%&4!$*![<*%8(@%!&!4&!?*%7%8(&!=(7$&$&%&!b=_?c!83*&$-!1-3!4&!DDC!E!4-.!PY!
*.<&$-.!-U3*8*!*4!U7%8(-%&)(*%<-!$*!4-.!44&)&$-.!=Z!F9&!*4!"TT!*)*3;*%8(&.!E!"QX!1&3&!
$*%7%8(&!&%@%()&,!D7!U(%!*.!*4!$*!U&8(4(<&3!&!4&!8(7$&$&%9&!*4!&88*.-!(%)*$(&<-!&!4&!&7<-3($&$!*%!
8&.-!$*!&4;L%!&8-%<*8()(*%<-!;3&F*,!>&!&7<-3($&$!G&!(%U-3)&$-!a7*!*.<*!.(.<*)&!;*%*3&!7%&!
M&.*!*.<&$9.<(8&!$*!4&.!44&)&$&.!8(7$&$&%&.!E!13-1-38(-%&!*4!1*3U(4!$*!4&!(%8($*%8(&!a7*!*.!L<(4!
1&3&!8-)13*%$*3!4&!$*)&%$&!E!$*.*)1*\-!$*4!13-;3&)&,!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SY!#.<&!<&3*&!$*M*39&!.*3!U&8<(M4*!$*!3*&4(A&3!$&$-!*4!4()(<&$-!%L)*3-!$*!3*8-)*%$&8(-%*.!a7*!.*!*)(<*%!
8&$&!&\-,!
!
!
ZS!
!
#^(.<*%!G-E!*%87*.<&.!E!*.<7$(-.!3*4&8(-%&$-.!8-%!4&!3&1($*A!$*!3*.17*.<&!&!*.<*!<(1-!$*!
44&)&$&.!1-3!4&!&7<-3($&$,SP!>-.!<(*)1-.!a7*!$(8G-.!*.<7$(-.!13*.*%<&%`!U478<L&%!*%!13-)*$(-.!
a7*!F&%!$*!4-.!S!)(%7<-.!G&.<&!)5.!$*!NY"!)(%7<-.f!*44-!3*U4*R&!;3&%!$*M(4($&$!*%!4&!
(%.<37)*%<&8(@%!$*!13-8*.-.`!<3(&%;74&8(@%!*%!4&.!8&$*%&.!$*!)&%$-!$*!4-.!a7*!3*8(M*%!
44&)&$-.!E!&a7*44-.!a7*!$*.1&8G&%!7%($&$*.`!*%<3*!-<3-.,!#.!U7%$&)*%<&4!a7*!*4!8(7$&$&%-!
1*38(M&!a7*!*4!.*3F(8(-!$*!&<*%8(@%!*.!&8-3$*!8-%!*4!<(1-!$*!*)*3;*%8(&!a7*!3*1-3<&!E!4&.!
*%87*.<&.!$*!.&<(.U&88(@%!.-%!*4!8&)(%-!1&3&!8-%-8*3!.7!$*.*)1*\-,SZ!
=-)-!*4*)*%<-!&$(8(-%&4`!.*39&!($*&4!1-$*3!8-%-8*3!*4!%L)*3-!$*!44&)&$&.!a7*!%-!.-%!
&<*%$($&.!E!4&.!a7*!&7%!87&%$-!.-%!8-%<*.<&$&.!%-!3*.74<&%!*%!4&!13*.*%8(&!$*!4&!&7<-3($&$,!
?*.&U-3<7%&$&)*%<*`!4-.!3*1-3<*.!a7*!*4!.(.<*)&!;*%*3&!%-!.-%!&%&4(A&$-.!M&R-!*.<&!
1*3.1*8<(F&,!!
#4!9%$(8*!13-17*.<-`!(%<*;3&!<3*.!(%$(8&$-3*.!a7*!.-%K!%L)*3-!$*!44&)&$&.!$*!*)*3;*%8(&!1-3!
1-4(89&`!<(*)1-!$*!3*.17*.<&!$*!4&!1-4(89&!E!.&<(.U&88(@%!$*4!.*3F(8(-!$*!*)*3;*%8(&,!>-.!
*4*)*%<-.!$*.83(<-.!3*U4*R&%!4&.!8-%$(8(-%*.!.7.<&%<(F&.!E!M5.(8&.!$*!4&.!U7%8(-%*.!!1-4(89&8&.,SS!
!
!
*
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SP!W%$(8*!$*!.&<(.U&88(@%!8-%!4&.!(%.<(<78(-%*.!$*!.*;73($&$!1LM4(8&,!=J?#`!Y""V,!
SZ![4!8-%<&3!8-%!(%U-3)&8(@%!3*;74&3!E!13*8(.&!.7!8-)1&3&8(@%!E!-M4(;&35!&!4&.!8-31-3&8(-%*.!a7*!
)7*.<3&%!<(*)1-.!$*!3*.17*.<&!a7*!%-!8-33*.1-%$*%!&!7%&!*)*3;*%8(&`!G&;&%!8-33*88(-%*.,!m-E!4&.!
(%.<(<78(-%*.!%-!.*!<-)&%!4&!)-4*.<(&!$*!&14(8&3!)*8&%(.)-.!$*!3*<3-&4()*%<&8(@%!1&3&!8-%-8*3!*4!%(F*4!$*!
.&<(.U&88(@%!$*4!7.7&3(-,!
SS!D*!7<(4(A&%!8-)-!U7*%<*.!*4!=*%<3-!_&8(-%&4!$*![<*%8(@%!&!4&!?*%7%8(&!=(7$&$&%&!b=_?c!8-%!$&<-.!Y""VB
Y""Qf!D#D_DC!E!4-.!3*1-3<*.!$*4!=Z!$*!4-.!#.<&$-.`!F9&!D#D_DC,!
!
!
!
ZT!
!
/)9%&+*9+*5"$%5D"&&%6)*&%<9"9")"*-*9+*@:&$%8"5*9+,*9+,%$(*&()*,"*!(,%&:"*
=-)-!E&!.*!&3;7)*%<&M&!1&3&!*4!8&.-!$*4!2(%(.<*3(-!CLM4(8-`!7%!)*8&%(.)-!F&4(-.-!1&3&!4&!
*F&47&8(@%!$*4!$*.*)1*\-!$*!4&.!(%.<(<78(-%*.!$*!.*;73($&$!1LM4(8&!*.!4&!F-A!$*!7.7&3(-.!E!
F98<()&.,![!<3&F/.!$*!/.<&`!.*!17*$*!8-%-8*3!*4!;3&$-!$*!&13-M&8(@%!$*!4&!1-M4&8(@%!8-%!*4!
$*.*)1*\-!$*!4&!1-4(89&!*%!</3)(%-.!$*!13-<*88(@%!-U3*8($&`!13*.*%8(&!1-4(8(&4`!E!8&4($&$!$*4!
<3&<-l,![U-3<7%&$&)*%<*`!*%!*4!1&9.!*.<&.!)*$(8(-%*.!E&!.*!3*&4(A&%!$*!)&%*3&!1*3(@$(8&,ST!
#.<*!9%$(8*!<(*%*!$-.!$()*%.(-%*.!-!1LM4(8-.!a7*!$*M*%!.*3!84&3&)*%<*!$(.<(%;7($-.K!&c!4-.!
7.7&3(-.!$*4!.(.<*)&`!E!Mc!*4!1LM4(8-!*%!;*%*3&4,!#%!*4!13()*3!.*;)*%<-!.*!(%847E*!&!4&.!F98<()&.!
$*!$*4(<-.!b1-3!*R*)14-!.*!(%$&;&!.(!$*%7%8(&3-%`[email protected])-!4-.!<3&<&3-%`!.(!4*.!3*.-4F(*3-%!*4!
13-M4*)&`!<7F(*3-%!a7*!$&3!$(%*3-`!*<8,c!)(*%<3&.!a7*!*4!.*;7%$-!.*;)*%<-!(%847E*!&!<-$-.!4-.!
*%<3*F(.<&$-.!b.(!G&!<*%($-!8-%<&8<-!3*8(*%<*!8-%!4&!1-4(89&!-!%-`[email protected])-!4-!G&%!<3&<&$-`!*<8,c!
*
/)9%&+*9+*5"$%5D"&&%6)*&%<9"9")"*&()*,"*!(,%&:"!
#.<*!13()*3!9%$(8*!3*13*.*%<&!4&!-1(%(@%!$*!4&!1-M4&8(@%!*%!;*%*3&4`!.(%!%*8*.&3(&)*%<*!G&M*3!
.($-!F98<()&.!$*!7%!$*4(<-,!>&!8&4(U(8&8(@%!$*!4&!;*%<*!.*!M&.&!*%!.7!*^1*3(*%8(&!$(3*8<&!&!<3&F/.!$*!
.7!8-%<&8<-!8-%!4&!1-4(89&`!4&!U3*87*%8(&!8-%!a7*!4&!1-4(89&!1&<3744&!4&.!8&44*.`!4&!13-<*88(@%!a7*!4*!
M3(%$&`!E!*4!<3&<-!*%!;*%*3&4!3*8(M($-,!!
C-3!3&A-%*.!*F($*%<*.`!*.<*!9%$(8*[email protected]!17*$*!8&4(U(8&3!*4!.*3F(8(-!a7*!4*!$&!4&!1-4(89&!13*F*%<(F&!E!
$*M*!$(.<(%;7(3!*%<3*!1-M4&8(-%*.K!&a7*44&.!a7*!<7F(*3-%!8-%<&8<-!3*8(*%<*!8-%!4&!1-4(89&!E!
&a7*44&.!a7*!%-!4&!G&%!<*%($-!-!a7*[email protected]!4&!<7F(*3-%!1-3!&!<3&F/.!$*!-<3-.`!-!.*&!G(R-.`!1&$3*.`!
&)(;-.!*<8,!!
>&!U-3)74&8(@%!$*!*.<*!9%$(8*!1-$39&!.*3!.()(4&3!&4!$*4!9%$(8*!$*!1*38*18(@%!-!&4!$*!-1(%(@%`!*.!
$*8(3`!7%&!8&4(U(8&8(@%!1-%$*3&$&!-!&;3*;&$&!$*4!$*.*)1*\-!1*38(M($-!$*!4&.!$(.<(%<&.!
&7<-3($&$*.,!?*!*.<&!)&%*3&!.*!1-$39&!$&3!7%&!8&4(U(8&8(@%!$*!"!&!N"!1&3&!8&$&!1-4(89&`!-<3&!a7*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ST!C-3!*R*)14-`!4&!#_g#J!*4&M-3&$&!1-3!*4!=J?#`!8-%<(*%*!7%&!.*88(@%!*%!4&!a7*!.*!)($*!4&!.&<(.U&88(@%!$*!4&!
8(7$&$&%9&!E!$*!4&.!F98<()&.!8-%!4&!1-4(89&,![$*)5.`!*%!*4!$-87)*%<-!$*!kW%$(8*.!$*!?*.*)1*\-!$*4!
D(.<*)&!$*!D*;73($&$!1LM4(8&!E!'7.<(8(&!C*%&4,!J%$(8&$-3*.!$*![<*%8(@%!&!g98<()&.!$*4!2(%(.<*3(-!CLM4(8-l`!
.*!3*1-3<&!a7*!4&!8(7$&$&%9&!<(*%*!7%&!M&R&!8&4(U(8&8(@%!E!1-8&!8-%U(&%A&!G&8(&!4&.!&7<-3($&$*.!*%!)&<*3(&!
$*!.*;73($&$!1LM4(8&!E!R7.<(8(&!1*%&4,!!>-.!3*.74<&$-.!(%$(8&%!<&)M(/%!7%&!M&R&!8&4(U(8&8(@%!3*.1*8<-!&!4&!
3&1($*A!8-%!a7*!4&!1-4(89&!3*.1-%$*!&!4&.!44&)&$&.!$*!*)*3;*%8(&`!$*M($-!&!a7*!*%!*4!?(.<3(<-!0*$*3&4!E!*4!
#.<&$-!$*!2/^(8-!k&13-^()&$&)*%<*!*%!4&!)(<&$!$*!4&.!-8&.(-%*.!*%!a7*!&4;7(*%!a7*!G&!.($-!F98<()&!$*!7%!
$*4(<-!44&)&!&!4&!1-4(89&`!/.<&!%-!&87$*`!)(*%<3&.!a7*[email protected]!7%&!$*!8&$&!87&<3-!44&)&$&.!-M<(*%*!3*.17*.<&!
*%!7%!4&1.-!)*%-3!&!P"!)(%7<-.l,!=J?#!E!D*;73($&$!=(7$&$&%&`!Y""Q!1,!NT,!!
!!
!
!
ZV!
!
13-)*$(*!4&.!8&4(U(8&8(-%*.`!*<8,!h%&!&4<*3%&<(F&!*.!8&4(U(8&3!k*%<3*!M&%$&.l!*.!$*8(3`!8-%.<37(3!
(%<*3F&4-.!$-%$*!.*!&137*M*!-!.*!$*.&137*M*!4&!<&3*&`!-!.*!8&4(U(a7*!*%<3*!)7E!M(*%`!M(*%`!)&4!E!
)7E!)&4`!4-.!$(.<(%<-.!-3;&%(.)-.,!?*.$*!*4!17%<-!$*!F(.<&!*.<&$9.<(8-!*.!)5.!3*8-)*%$&M4*!*.<&!
L4<()&!-18(@%!87&%<-!)5.!1*a7*\-!.*&!*4!%L)*3-!$*!*%<3*F(.<&$-.,*
*
!
!
/)9%&+*9+*5"$%5D"&&%6)*9+*@:&$%8"5*&()*+,*9+5+8'+B(*'(,%&%",**
=-)-!.*!)*%8(-%@!&%<*3(-3)*%<*`!*.!)7E!()1-3<&%<*!8-%-8*3!*4!$*.*)1*\-!$*!4&!1-4(89&!E!4-.!
%(F*4*.!$*!.&<(.U&88(@%!$*!4&!1-M4&8(@%`!1*3-!*%!*.1*8(&4!$*!4-.!7.7&3(-.!$*4!.(.<*)&!-!F98<()&.!$*!
$*4(<-.`!$*M($-!&!a7*!/.<-.!17*$*%!$&3!(%U-3)&8(@%!8-%83*<&!E!F&4(-.&!&4!G&M*3!(%<*3&8<7&$-!8-%!
4&!1-4(89&!E!&.9!8-)14*<&3!4&!(%U-3)&8(@%!a7*!.73;*!$*!U7*%<*.!-U(8(&4*.!b#R,!3*1-3<*.!-U(8(&4*.!$*4!
.*3F(8(-!"TT!E!""QXc!=-%!*.<&!(%U-3)&8(@%`!1-$*)-.!.&M*3!a7/!<&%!351($-!&<(*%$*!4&!1-4(89&!4&.!
44&)&$&.!$*!*)*3;*%8(&`!.(!&87$*!-!%-!&4!47;&3!$*!4-.!G*8G-.`!.(!4-;3&!8&1<73&3!&4!13*.7%<-!
.-.1*8G-.-`!E!.(!M3(%$&!7%!.*3F(8(-!$*!8&4($&$!$73&%<*!<-$-!*4!13-8*.-!&!4&!F98<()&,!#%!-<3&.!
1&4&M3&.`!8-%!4&!(%U-3)&8(@%!-M<*%($&!1-$*)-.!.&M*3!a7/!<&%<&!8-%U(&%A&!4*!$&!&!7%&!1*3.-%&!
44&)&3!&!4&!1-4(89&!E!1*$(3!&E7$&!&%<*!7%&!.(<7&8(@%!$*!1*4(;3-!-!*%!8&.-!$*!G&M*3!.($-!F98<()&!$*!
&4;L%!$*4(<-,!
+&)M(/%!*.<-.!9%$(8*.!.*!8-%.<37E*%!&!<3&F/.!$*!*%87*.<&.,!D(%!*)M&3;-`!)(*%<3&.!a7*!1&3&!*4!
9%$(8*!$*!.&<(.U&88(@%!$*!4&!1-M4&8(@%!;*%*3&4!&48&%A&!8-%!7%&!*%87*.<&!8-)L%!$*!-1(%(@%!E!!
1*38*18(@%`!*4!9%$(8*!$*!.&<(.U&88(@%!$*!7.7&3(-.!.*!$*M*!3*&4(A&3!*%!*4!)&38-!$*!4&!*%87*.<&!$*!
F(8<()(A&8(@%,!
=7&%$-!.*!M7.8&!*%87*.<&3!&!7.7&3(-.!$*4!.(.<*)&!-!F98<()&.!$*!$*4(<-.!bE&!.*&!*%!*4!8&.-!$*!
*F&47&3!&!4&!1-4(89&!-!&4!2(%(.<*3(-!CLM4(8-c`!*.<*!9%$(8*!<(*%*!8(*3<&.!$(U(874<&$*.!</8%(8&.!$*M($-!
!
!
ZQ!
!
&4!%L)*3-!M&R-!$*!8&.-.!a7*!8&$&!)7*.<3&!&33-R&,!C-3!*R*)14-`!.(!4&!<&.&!$*!F(8<()(A&8(@%!*.!$*!
YSp`!E!4&!<&.&!$*!$*%7%8(&!*.!$*!Z"p!$*!4&.!F98<()&.`!*%<-%8*[email protected]!N"!$*!8&$&!N""!*%<3*F(.<&.!
*.<&39&%!*%!8-%$(8(-%*.!$*!3*.1-%$*3!4&.!13*;7%<&.!$*!.&<(.U&88(@%!$*!7.7&3(-.!$*!4&!1-4(89&!-!
1&3&!*4!8&.-`!$*4!2(%(.<*3(-!CLM4(8-,!
D(!*4!%L)*3-!$*!*%<3*F(.<&.!*.!1*a7*\-`!4-.!9%$(8*.!17*$*%!.*3!$*)&.(&$-!(%*.<&M4*.!E!4-.!
8&)M(-.!$*!7%&!&\-!&!-<3-!17*$*%!%-!.*3!*.<&$9.<(8&)*%<*!.(;%(U(8&<(F-.,!C-3!4-!<&%<-!*.!
()13*.8(%$(M4*!$*.&33-44&3!)*8&%(.)-.!1&3&!44*;&3!&!7%!)&E-3!%L)*3-!$*!F98<()&.!a7*!8-%!7%!
)/<-$-!173&)*%<*!&4*&<-3(-!$*R&39&)-.!$*!-M<*%*3,!
=-)-!.*!)*%8(-%&M&!1&3&!*4!9%$(8*!$*!.&<(.U&88(@%!8(7$&$&%&`!4&!U-3)74&8(@%!$*!*.<*!9%$(8*`!
1-$39&!.*3!.()(4&3!&4!$*!1*38*18(@%!-!&4!$*!-1(%(@%`!*.!$*8(3`!7%&!8&4(U(8&8(@%!1-%$*3&$&!-!
&;3*;&$&!$*4!$*.*)1*\-!1*38(M($-!$*!4&.!$(.<(%<&.!&7<-3($&$*.,!!
#.<-.!9%$(8*.!.-%!$*!.7)&!()1-3<&%8(&!1-3a7*!<(*%*!*4!1-<*%8(&4!$*!;*%*3&3!4-.!(%8*%<(F-.!
&$*87&$-.!*%!4&.!1-4(89&.!3*.1*8<-!&4!<3&<-!a7*!.*!$&!&!4-.!8(7$&$&%-.,!#.<-.!(%8*%<(F-.!17*$*%!
8-%!*4!<(*)1-!)-$(U(8&3!8-%$78<&.`!*.1*8(&4)*%<*!*%!*4!.*3F(8(-`!*%!4&!)*$($&!a7*!*.<-.!9%$(8*.!
.*&%!1*3(@$(8-.`!E!!13-F*&%!(%U-3)&8(@%!F&4(-.&!&!4&.!&7<-3($&$*.!a7*!.*!*F&4L&%,!!
!
!
!
!
!
!
ZX!
!
L#%><)",+5*
4,*!(9+#*R<9%&%",*+)*8"$+#%"*'+)",*
#4! .(.<*)&! 1*%&4! *.! 7%! 8-)14*R-! &%$&)(&R*! (%.<(<78(-%&4! $*! 1*.-.! E! 8-%<3&1*.-.! *%! *4! a7*! .*!
M7.8&! 7%! *a7(4(M3(-! *%<3*! 4&! %*8*.($&$! .-8(&4! $*! G&8*3! 87)14(3! 4&.! %-3)&.! )9%()&.! $*!
8-%F(F*%8(&!E!8-)M&<(3!4&!()17%($&$`!8-%!4-.!?*3*8G-.!07%$&)*%<&4*.!$*!F98<()&.`!()17<&$-.!E!
<-$&.!4&.!1*3.-%&.!a7*!(%<*3F*%;&%!*%!4-.!13-8*.-.!1*%&4*.,!
#4! C-$*3! '7$(8(&4! *.! F(<&4! *%! )&<*3(&! 1*%&4! 17*.! $*! /4! $*1*%$*! 4&! *U(8&8(&! $*! 4-.! 8-%<3&1*.-.! E!
8-%<3-4*.!a7*!4&!=-%.<(<78(@%!E!4&.!4*E*.!*.<&M4*8*%!&!4&.!1-4(89&.!E!&7<-3($&$*.!$*!(%F*.<(;&8(@%!
b8-)-!*4!)(%(.<*3(-!1LM4(8-c,!D(!-1*3&%!&$*87&$&)*%<*!*.<-.!8-%<3-4*.`!.*!;&3&%<(A&!*4!3*.1*<-!
$*!4-.!?*3*8G-.!07%$&)*%<&4*.!$*!a7(*%*.!1&3<(8(1&%!*%!7%!13-8*.-!1*%&4,!#4!R7*A!1*%&4!3*F(.&!E!
8-%<3-4&!4&.!&8<7&8(-%*.!$*!(%F*.<(;&8(@%`!E!F*4&!1-3!*4!87)14()(*%<-!$*4!$*M($-!13-8*.-!4*;&4,!
#%!*4!5)M(<-!1*%&4!*4!R7*A!*.!3*8-%-8($-`!(%847.-`!8-)-!7%!R7*A!8-%.<(<78(-%&4`!*%!F(3<7$!$*!a7*!
<(*%*! a7*! F*3(U(8&3`! *%! 87&%<-! 7%&! 1*3.-%&! *.! 13*.*%<&$&! &%<*! *4! R7A;&$-`! a7*! .7! $*<*%8(@%! .*!
G&E&! &1*;&$-! &! 4&! %-3)&! 8-%.<(<78(-%&4! E! &! 4&! 4*;&4($&$,! D(! *4! R7*A! $*84&3&! a7*! 4&! $*<*%8(@%! .*!
&1&3<@!$*!4&!4*;&4($&$`!*4!$*<*%($-!$*M*!.*3!4(M*3&$-!$*!(%)*$(&<-,!
#4!R7*A!*.!*4!*%8&3;&$-!$*!F*4&3!E!;&3&%<(A&3!*4!$*M($-!13-8*.-!4*;&4,!#4!$*M($-!13-8*.-!4*;&4!*.!
7%!8-%R7%<-!$*!;&3&%<9&.!a7*!$*M*%!13-<*;*3!&!<-$&!1*3.-%&!.-)*<($&!&!7%!13-8*.-!1*%&4SV,!#%!
*.<*!8-%R7%<-!$*!;&3&%<9&.!$*.<&8&!a7*!<-$&!1*3.-%&!<(*%*!$*3*8G-!&K!
&c D*3!-9$-!*%!7%!R7(8(-!1LM4(8-!
Mc C-3!7%!<3(M7%&4!(%$*1*%$(*%<*!
8c [!a7*!.*!4*!13*.7)&!(%-8*%<*`!)(*%<3&.!%-!.*&!$*84&3&$-!8741&M4*!1-3!7%&!3*.-478(@%!
$*U(%(<(F&!*)(<($&!1-3!7%!R7*A!
$c D*!4*!G&E&!;&3&%<(A&$-!7%&!$*U*%.&!&$*87&$&!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SV! #4! $*M($-! 13-8*.-! 1*%&4! *.! 7%! 8-%R7%<-! $*! ;&3&%<9&.! 8-%<*)14&$-! *%! 4&! )&E-39&! $*! 4-.! (%.<37)*%<-.!
(%<*3%&8(-%&4*.`!8-)-!<3&<&$-.`!*%!)&<*3(&!$*!?*3*8G-.!m7)&%-.,!C-3!*R*)14-`!4&!?*84&3&8(@%!h%(F*3.&4!
$*! ?*3*8G-.! m7)&%-.! *.<&M4*8*K! k[3<9874-! N",! +-$&! 1*3.-%&! <(*%*! $*3*8G-`! *%! 8-%$(8(-%*.! $*! 14*%&!
(;7&4$&$`! &! .*3! -9$&! 1LM4(8&)*%<*! E! 8-%! R7.<(8(&! 1-3! 7%! <3(M7%&4! (%$*1*%$(*%<*! *! ()1&38(&4`! 1&3&! 4&!
$*<*3)(%&8(@%! $*! .7.! $*3*8G-.! E! -M4(;&8(-%*.! -! 1&3&! *4! *^&)*%! $*! 87&4a7(*3! &87.&8(@%! 8-%<3&! *44&! *%!
)&<*3(&!1*%&4,!!
k[3<9874-!NN,!!+-$&!1*3.-%&!&87.&$&!$*!$*4(<-!<(*%*!$*3*8G-!&!a7*!.*!13*.7)&!.7!(%-8*%8(&!)(*%<3&.!%-!.*!
137*M*! .7! 8741&M(4($&$`! 8-%U-3)*! &! 4&! 4*E! E! *%! R7(8(-! 1LM4(8-! *%! *4! a7*! .*! 4*! G&E&%! &.*;73&$-! <-$&.! 4&.!
;&3&%<9&.!%*8*.&3(&.!1&3&!.7!$*U*%.&l,!
!
!
S"!
!
?&$-! a7*! 4-.! R7A;&$-3*.! 87)14*%! *.<5! U7%8(@%! $*! 8-%<3-4! E! 8-%<3&1*.-`! 4-.! (%$(8&$-3*.! $*!
;*.<(@%!$*!4-.!<3(M7%&4*.`!$*M*%!.*;7(3!7%&[email protected];(8&!$(.<(%<&!&!4-.!(%$(8&$-3*.!14&%<*&$-.!*%!-<3-.!
<*)&.!$*!*.<*!*.<7$(-,!!
?*!G*8G-`!4&!(%847.(@%!$*!(%$(8&$-3*.!$*!$*.*)1*\-!$*4!C-$*3!'7$(8(&4!*%!)&<*3(&!1*%&4!U7*!7%!
<*)&!)7E!$(.87<($-!1-3!4-.!1&3<(8(1&%<*.!*%!*4!13-E*8<-`!*%!F(3<7$!$*!a7*!4&!U7%8(@%!$*!8-%<3-4!
$*! 4-.! R7*8*.! %-! $*M*! &13*8(&3.*! %(! *F&47&3.*! 3*.1*8<-! $*! .7! 1-.(M4*! ()1&8<-! *%! 4&! .*;73($&$!
1LM4(8&`!E&!a7*!4&!.*;73($&$!1LM4(8&!*.!3*.1-%.&M(4($&$!$*!4&.!1-4(89&.`!$*!4&.!13-873&$739&.!E!*%!
)*%-3!)*$($&`!$*!4&.!(%.<&%8(&.!8&38*4&3(&.!E!$*!1-49<(8&!.-8(&4f!)&.!%-!$*4!C-$*3!'7$(8(&4`!87E-!
[email protected](<-`! 8-)-! .*! G&! .*\&4&$-`! *.! F*4&3! 1-3! *4! 3*.1*<-! b13(%8(1&4)*%<*! 1-3! 1&3<*! $*! 4&.!
&7<-3($&$*.c!$*!4&!=-%.<(<78(@%!E!4&!4*;&4($&$!*%!4-.!13-8*.-.!1*%&4*.`!.(%!a7*!4&.!U(%&4($&$*.!$*!
.*;73($&$!E!8-)M&<*!&!4&!()17%($&$!.*.;7*%!.7.!$*8(.(-%*.,!!
D(%! *)M&3;-`! 4&.! $(.87.(-%*.! $*4! ;371-! 44*F&3-%! &4! &87*3$-! $*! a7*! $&$&! 4&! <3&.8*%$*%8(&! $*4!
C-$*3! '7$(8(&4! *%! 4&! -1*3&8(@%! $*4! .(.<*)&! 1*%&4`! $*M9&%! (%8-31-3&3.*! (%$(8&$-3*.! $*! .7!
$*.*)1*\-`! 1*3-! .(%! -3(*%<&34-.! &! 4&! .*;73($&$! 1LM4(8&`! .(%-! &! 1-%$*3&3! 4&! *U*8<(F($&$! E!
*U(8(*%8(&! $*! 4-.! <3(M7%&4*.! 1*%&4*.! *%! *4! 87)14()(*%<-! $*! .7.! <&3*&.! $*! 8-%<3-4! $*! 8&4($&$! $*4!
13-8*.-!1*%&4!E!13-<*88(@%!$*!4-.!?*3*8G-.!m7)&%-.,!
C-3! -<3&! 1&3<*`! *.! )7E! ()1-3<&%<*! 13-1-%*3! (%$(8&$-3*.! $*! ;*.<(@%! E! $*! *U*8<(F($&$! *%! *4!
$*.*)1*\-! R7$(8(&4! *%! F(3<7$! $*! a7*! 4&! 3*U-3)&! 8-%.<(<78(-%&4! $*! R7%(-! $*! Y""Q! 8-%<*)14&! 7%!
%7*F-!13-8*.-!&87.&<-3(-!a7*!()14(8&!4&!<3&%.U-3)&8(@%!*%!4&!(%U3&*.<378<73&`!1*3.-%&4!E!3-4*.!
13-8*.&4*.! $*! 4&.! &7<-3($&$*.! R7$(8(&4*.! &4! *.<&M4*8*3.*! 4&! -3&4($&$! 8-)-! )-$&4($&$!
13*1-%$*3&%<*! $*4! 13-8*.-.! 1*%&4`! &.9! 8-)-! 83*&%$-! U(;73&.! R7$(8(&4*.! 8-)-! 4-.! R7*8*.! $*!
8-%<3-4`!R7*8*.!$*!&7$(*%8(&!$*!$*M&<*!$*4!R7(8(-!-3&4!E!R7*8*.!$*!*R*878(@%!$*!.*%<*%8(&.,!!
?*!4&!)(.)&!U-3)&`!*4!8-%<3-4!$*!4&!R7.<(8(&!3*.<&73&<(F&`!$*!4-.!83(<*3(-.!$*!-1-3<7%($&$!E!$*!4&.!
.&4($&.!&4<*3%&<(F&.!&4!R7(8(-!-3&4!.*35%!4&.!<&3*&.!)5.!.(;%(U(8&<(F&.!$*!4-.!R7A;&$-3*.!*%!*4!%7*F-!
.(.<*)&!b*%!4-.!.(.<*)&.!3*U-3)&$-.`!&43*$*$-3!$*!Q"p!$*!4-.!8&.-.!.-%!&<*%$($-.!&!<3&F/.!$*!
*.<-.! )*8&%(.)-.c,! C-3! *44-! 3*.74<&! U7%$&)*%<&4! 8-%<&3! 8-%! (%$(8&$-3*.! $*! .*;7()(*%<-! $*4!
$*.*)1*\-!R7$(8(&4!$*.$*!4&.!*<&1&.!)5.!<*)13&%&.!$*!4&!()14*)*%<&8(@%!$*!4&!3*U-3)&,!!
!
=-)-!.*!G&!*^17*.<-!*%!&1&3<&$-.!&%<*3(-3*.`!4&!)&E-39&!$*!4-.!(%$(8&$-3*.!14&%<*&$-.!*%!*.<*!
*.<7$(-! .*! ;*%*3&%! &! 1&3<(3! $*! (%U-3)&8(@%! E! F&3(&M4*.! $(.1-%(M4*.! &8<7&4)*%<*,! =7&%$-! 4&!
!
!
SN!
!
(%U-3)&8(@%! %-! *.<5! $(.1-%(M4*! -! .7! ;*%*3&8(@%! $*1*%$*! $*! 4&! (%.<37)*%<&8(@%! $*4! %7*F-!
13-8*.-!1*%&4!$*!8-3<*!&87.&<-3(-`!.*!G&35!)*%8(@%!$*!*44-,!#%!*.-.!8&.-.`!4-!$*.*&M4*!*.!a7*!4&.!
&7<-3($&$*.!.*!8-)13-)*<&%!&!a7*!.7.!13-<-8-4-.!$*!;*%*3&8(@%!E!3*8-1(4&8(@%!!$*!(%U-3)&8(@%!
8-%<*%;&%!4&.!F&3(&M4*.!3*4*F&%<*.!1&3&!4&!&14(8&8(@%!$*!4-.!(%$(8&$-3*.!&$-1<&$-.,!
>-.! 9%$(8*.! &a79! 13-17*.<-.`! .-%! 7%! 13()*3! *R*38(8(-! *.<378<73&$-! $*! 13-17*.<&! $*! )*$(8(@%! &!
<3(M7%&4*.! a7*! <-)&! *%! 87*%<&! 4&.! 8-%.($*3&8(-%*.! $*! 4-.! 13-1(-.! U7%8(-%&3(-.! R7$(8(&4*.! *!
(%F*.<(;&$-3*.!E!*.1*8(&4(.<&.!*%!*4!$*.*)1*\-!R7$(8(&4,!
!
/)9%&+*9+*9<#"&%6)*9+,*'#(&+5(*
'*3*)E!:*%<G&)!&87\@!4&!*^13*.(@%!kR7.<(8(&!3*<3&.&$&!*.!R7.<(8(&!$*%*;&$&l,!#%!)&<*3(&!1*%&4!4&!
13-4-%;&$&!$73&8(@%!$*!4-.!13-8*.-.!)(4(<&!*%!8-%<3&!*4!$*3*8G-!U7%$&)*%<&4!$*!.*3!R7A;&$-!*%!
7%! 14&A-! 3&A-%&M4*,! >&! 13-4-%;&8(@%! $*! 4&! (%8*3<($7)M3*! 1&3&! F98<()&`! ()17<&$-! E! $*)5.!
1&3<(8(1&%<*.!*%!*4!13-8*.-!*.!)7E!$*.;&.<&%<*!E!8-.<-.&,!=7&%$-!4&!<&3$&%A&!*%!4&!3*.-478(@%!$*!
7%!13-8*.-!1*%&4!F&!&8-)1&\&$&!$*!4&!*%8&38*4&8(@%!$*4!13-8*.&$-!.*!$&!7%&!;3&F*!F(-4&8(@%!&!
4-.!?*3*8G-.!m7)&%-.,!
#^(.<*! 7%! 49)(<*! 8-%.<(<78(-%&4! )5^()-! &! 4&! $73&8(@%! $*! 4-.! 13-8*.-.! 1*%&4*.K! k.*35! R7A;&$-!
&%<*.! $*! 87&<3-! )*.*.! .(! .*! <3&<&3*! $*! $*4(<-.! 87E&! 1*%&! )5^()&! %-! *^8*$&! $*! $-.! &\-.! $*!
13(.(@%`!E!&%<*.!$*!7%!&\-!.(!4&!1*%&!*^8*$(*3*!$*!*.*!<(*)1-`!.&4F-!a7*!.-4(8(<*!)&E-3!14&A-!1&3&!
.7! $*U*%.&l! b[3<,! Y"`! &1&3<&$-! k:l`! U3&88(@%! gJJc,! D(%! *)M&3;-`! *%! 4&! 1358<(8&`! 4-.! 13-8*.-.! .*!
13-4-%;&%! 1-3! &\-.`! 4&.! &7$(*%8(&.! E! <35)(<*.! *.1*3&%! $73&%<*! )*.*.! 1&3&! .*3! &;*%$&$&.! 1-3!
a7*!4-.!R7A;&$-.!*.<5%!.&<73&$-.,!
>&!M&R&!8&4($&$!$*!4-.!.*3F(8(-.!$*!4&!R7.<(8(&!1*%&4!E!4&!*.8&.&!13-U*.(-%&4(A&8(@%!$*!)78G-.!$*!
.7.!U7%8(-%&3(-.!13-1(8(&%!(33*;74&3($&$*.!a7*!&4!.*3!$*)-.<3&$&.!&!<3&F/.!$*!R7(8(-.!$*!&)1&3-`!
()14(8&%! a7*! *4! 8&.-! F7*4F&! &! 3*(%(8(&3! $*.$*! *4! 17%<-! *%! a7*! .*! 3*;(.<[email protected]! 4&! &%-)&49&,! C-3!
*R*)14-`! *4! &;-.<-! E! -8<7M3*! $*! Y""X! 4&! D713*)&! =-3<*! $*<*3)(%@! a7*! *%! 4-.! 8&.-.! $*! 4&.!
1*3.-%&.!&87.&$&.!E!8-%$*%&$&.!1-3!4&!4&)*%<&M4*!)&<&%A&!$*![8<*&4!.*!G&M9&!F(-4&$-!*4!$*M($-!
13-8*.-!4*;&4`!1-3!4-!a7*!.*!$(8<@!4&!4(M*3&8(@%!$*!4&.!1*3.-%&.!*%8&38*4&$&.,!#4!13-8*.-!$*!*.<&.!
1*3.-%&.!8-%[email protected]!8&.(!$-8*!&\-.!$*.17/.!$*!(%(8(&$-,!!
!
!
!
SY!
!
>&! 3*U-3)&! 8-%.<(<78(-%&4! $*! R7%(-! $*! Y""Q! <(*%*! *%<3*! .7.! [email protected](<-.`! 4&! 3*$788(@%! $*! 4&!
$73&8(@%!$*!4-.!13-8*.-.,!>&!&$*87&$&!()14*)*%<&8(@%!$*4!%7*F-!.(.<*)&!13-8*.&4!13-1(8(&39&!4&!
3*$788(@%!$*!4-.!<(*)1-.!$*!$73&8(@%!$*!7%!13-8*.-!1*%&4`!&!<3&F/.!$*!4&!&;(4($&$!$*!7%!.(.<*)&!
$*!&7$(*%8(&.!-3&4*.`!&.9!8-)-`!13(%8(1&4)*%<*`!1-3!4&!$*.8-%;*.<(@%!$*3(F&$&!$*!4&!-1*3&8(@%!$*!
4-.! )*8&%(.)-.! &4<*3%&<(F-.! &4! R7(8(-! -3&4`! 8-)-! 4-.! 83(<*3(-.! $*! -1-3<7%($&$! E! &<3(M78(-%*.! $*!
&38G(F-!$*!4-.!)(%(.<*3(-.!1LM4(8-.`!4&!R7.<(8(&!3*.<&73&<(F&`!4-.!&87*3$-.!3*1&3&<-3(-.!$*3(F&$-.!
$*! )*8&%(.)-.! &4<*3%&<(F-.! $*! 3*.-478(@%! $*! 8-%<3-F*3.(&.`! 4&! .7.1*%.(@%! $*4! 13-8*$()(*%<-! &!
137*M&`!&.9!8-)-!4-.!R7(8(-.!&M3*F(&$-.,!+&)M(/%!*4!a7*!4&.!()17;%&8(-%*.!8-)-!4&!&1*4&8(@%!.*!
*%87*%<3*%!)7E!3*.<3(%;($&.!b%-!&.9!*4!&)1&3-`!a7*!%-!G&!.($-!<-8&$-!1-3!4&!3*U-3)&c!1*3)(<(35!
&8-3<&3!4&!$73&8(@%!$*!4-.!13-8*.-.,!
#%! <-$-! 8&.-`! *4! a7*! 1-8-.! 8&.-.! 44*;7*%! &4! 13-8*.-! 1*%&4! E! )*%-.! &L%! &! R7(8(-! -3&4`! 1*3)(<(35!
a7*!4&!13*1&3&8(@%!E!$73&8(@%!$*!4&.!&7$(*%8(&.!.*&!)5.!351($&`!4-!)(.)-!a7*!4&!3*.-478(@%!$*!
4&.!()17;%&8(-%*.!E!3*873.-.,!
?*!*.<&!U-3)&!.*!14&%<*&!*4!.(;7(*%<*!(%$(8&$-3K!!
!
D(!M(*%!4-.!*.1*8(&4(.<&.!G&%!8*%<3&$-!.7!*^1*8<&<(F&!$*!*.<*!(%$(8&$-3!1&3&!4-.!13-8*.-.!1*%&4*.`!
F&4*! 4&! 1*%&! ;*%*3&3! *.<*! )(.)-! (%$(8&$-3`! 1&3&! 44*F&3! 3*;(.<3-! $*! 4&! $73&8(@%! $*! 4&.! $(F*3.&.!
)-$&4($&$*.!$*!4&.!.&4($&.!&4<*3%&<(F&.,!?*!(;7&4!U-3)&!.*35!U7%$&)*%<&4!1&3&!*4!.*;7()(*%<-!$*!
*.<*! (%$(8&$-3`! G&8*3! 4&! $(.<(%8(@%! *%<3*! 8&.-.! *%! 4-.! a7*! *^(.<&! 13(.(@%! 13*F*%<(F&! ba7*! *4!
13-8*.&$-!*.</!*%!4&!8538*4c!E!&a7*44-.!*%!!4-.!a7*!*4!13-8*.&$-!*%U3*%<&!*4!$*.&33-44-!R7$(8(&4!$*!
.7!8&.-!*%!4(M*3<&$,!
!
!
SP!
!
[8<7&4)*%<*! 4-.! *4*)*%<-.! 1&3&! -M<*%*3! *.<*! (%$(8&$-3! *.<5%! $(.1-%(M4*.! *%! *4! 5)M(<-! $*!
8-)1*<*%8(&!U*$*3&4!*%!*4!DJD#!bD(.<*)&!J%<*;3&4!$*!D*;7()(*%<-!$*!#^1*$(*%<*.SQcf!1-3!4-!a7*!.*!
3*U(*3*!&!4-.!*.<&$-.`!*.<&!(%U-3)&8(@%!%-!.*!;*%*3&!%(!.*!3*1-3<&!.(.<*)5<(8&)*%<*`!1-3!4-!a7*!
F&4$39&! 4&! 1*%&! a7*! *%! 8&.-! $*! &$-1<&3.*`! .*! 14&%<*&3&! &4! J%.<(<7<-! _&8(-%&4! $*! #.<&$9.<(8&! E!
6*-;3&U9&! bJ_#6Jc`! 4&! =-)(.(@%! _&8(-%&4! $*! +3(M7%&4*.! D71*3(-3*.! $*! '7.<(8(&! $*! 4-.! #.<&$-.!
h%($-.! 2*^(8&%-.! b=-%&<3(Mc! 7! -<3-! -3;&%(.)-! 8-)1*<*%<*`! 4&! ;*%*3&8(@%! $*! 4&.! F&3(&M4*.! a7*!
1*3)(<&%!-M<*%*3!$*!)&%*3&!.(.<*)5<(8&!*4!(%$(8&$-3!a7*!&a79!.*!13-1-%*,!
!
/)9%&+*9+*9+5+8'+B(*9+*,(5*J<+&+5*
>&! 8&4($&$! $*! 4&.! 3*.-478(-%*.! $*! 4-.! R7*8*.! *.<5%! .7R*<&.! &! 7%! 8-%<3-4! (%<*3%-! &! <3&F/.! $*! 4&!
3*F(.(@%! $*! .7.! .71*3(-3*.! b4-.! )&;(.<3&$-.c`! a7(*%*.! .*! -871&%! $*4! &.7%<-! 87&%$-! 4&! 1*3.-%&!
a7*!.*!.(*%<*!&U*8<&$&!1-3!4&!3*.-478(@%`!4&!()17;%&!bk&1*4&lc!&%<*!*.-.!.71*3(-3*.!R*353a7(8-.,![!
<3&F/.! $*! *.<*! )*8&%(.)-`! 4-.! )&;(.<3&$-.! 3*F(.&%! 4&! &8<(F($&$! $*! 4-.! R7*8*.! E! 7%(U(8&%! 4-.!
83(<*3(-.! 8-%! 4-.! a7*! .*! ()1&3<*! 4&! R7.<(8(&,! D(! 4-.! )&;(.<3&$-.! 8-%U(3)&%! 4&! 3*.-478(@%! -!
.*%<*%8(&`!()14(8&!a7*!*4!R7*A!3*.-4F(@!8-%U-3)*!&!$*3*8G-!E!$*!&87*3$-!8-%!4&.!(%<*313*<&8(-%*.!
&8*1<&$&.! 1-3! *4! C-$*3! '7$(8(&4f! .(! *%! 8&)M(-`! 3*F-8&! -! )-$(U(8&! 4&! .*%<*%8(&`! a7(*3*! $*8(3! a7*!
G7M-!()13*8(.(-%*.!*%!4&!&14(8&8(@%!$*!4&!4*E`!E!4-.!)&;(.<3&$-.!)-$(U(8&%!*4!.*%<($-!-!*4!&48&%8*!
$*!4&!.*%<*%8(&,!
!
=-%! M&.*! *%! *.<&! &3;7)*%<&8(@%`! .*! 13-1-%*! 8-)-! 7%! (%$(8&$-3! $*! 8&4($&$! $*4! $*.*)1*\-!
R7$(8(&4`! 4&! 13-1-38(@%! $*! .*%<*%8(&.! a7*! .-%! 3*F-8&$&.,! [! )*%-3! 13-1-38(@%! $*! 3*F-8&8(-%*.`!
)&E-3!8&4($&$!$*4!$*.*)1*\-,!#4!(%$(8&$-3!.*!*^13*.&!*%!4-.!.(;7(*%<*.!</3)(%-.K!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SQ! #%!*4!U7<73-!.*;73&)*%<*!4&!$*%-)(%&8(@%!$*!*.<*!.(.<*)&!$*!(%U-3)&8(@%!.7U3(35!&R7.<*.!*%!F(3<7$!$*!
a7*! E&! %-! *^(.<(35%! 4-.! *^1*$(*%<*.! *%! .7! &8*18(@%! <3&$(8(-%&4`! &G-3&! 1-$39&%! .*3! k&.7%<-.l`!
k13-8*$()(*%<-.l!-!k8&7.&.l,!!
!
!
SZ!
!
!
>&! (%U-3)&8(@%! $(.1-%(M4*! *%! *4! DJD#! 1*3)(<(39&! &88*$*3! &! *.<*! (%$(8&$-3! <&%<-! $*! )&%*3&!
&;3*;&$&!&!%(F*4!%&8(-%&4`!&.9!8-)-!1-3!8(387(<-!R7$(8(&4`!*.!$*8(3`!1-3!*.<&$-SX,!#%!*4!8&.-!$*!4&!
R7.<(8(&! 4-8&4`! $*M*39&! $*! ()174.&3.*! <&)M(/%! 4&! ;*%*3&8(@%! .(.<*)5<(8&! $*! 4&.! F&3(&M4*.! a7*!
1*3)(<*%!-M<*%*3!*.<*!(%$(8&$-3T",!!
#%! *4! $*.&33-44-! $*! *.<*! (%$(8&$-3! .*39&! $*.*&M4*! a7*! .*! 17$(*.*! 8-%.<37(3! .*\&4&%$-! *4! $*4(<-!
()17<&$-`! &.9! 8-)-! .(! *4! .*%<*%8(&$-! *.<7F-! -! %-! *%! 13(.(@%! 13*F*%<(F&,! e<3&! $(.<(%8(@%!
()1-3<&%<*!87E&!1-.(M(4($&$!$*!-M<*%*3.*!$*M*!<-)&3.*!*%!8-%.($*3&8(@%`!*.!*4!.*%<($-!E!&48&%8*!
$*!4&!3*F-8&8(@%,!C-3!*R*)14-`!$(.<(%;7(3!.(!7%!U&44-!*.!<-<&4)*%<*!3*F*3<($-!b.(!7%&!8-%$*%&!U7*!
3*F-8&$&! 1&3&! *.<&M4*8*3! 4&! &M.-478(@%! $*4! ()17<&$-c! -! .(! [email protected]! )-$(U([email protected]! 4-.! </3)(%-.! $*! 4&!
3*.-478(@%!b1-3!*R*)14-!4-.!)&;(.<3&$-.!8-%U(3)&%!7%&!8-%$*%&!1*3-!)-$(U(8&%!*4!)-%<-!$*!4&!
.&%8(@%c,!
D*39&! U7%$&)*%<&4! $*.&33-44&3! *.<*! (%$(8&$-3! <&)M(/%! *%! )&<*3(&! $*! &)1&3-! 1*%&4! <&%<-! *%! 4&!
8-)1*<*%8(&! U*$*3&4! 8-)-! 4-8&4`! a7*! ()14(8&`! *.<&! L4<()&`! 7%! (%$(8&$-3! 3*.1*8<-! $*! 4&! R7.<(8(&!
1*%&4!*%!4&.!*%<($&$*.!U*$*3&<(F&.,!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
SX! C&3&! 4&.! <&3*&.! $*! ()1&3<(8(@%! $*! R7.<(8(&! *4! C-$*3! '7$(8(&4! 0*$*3&4! G&! $(F($(@! *4! 1&9.! *%! k8(387(<-.l!
R7$(8(&4*.`! *%! 4-.! &\-.! 3*8(*%<*.! G&%! ($-! &7)*%<&%$-! *.<&.! $*)&38&8(-%*.! G&.<&! 8-33*.1-%$*3! 8&$&!
8(387(<-!&!7%!*.<&$-!$*!4&!]*1LM4(8&,!#4!NT!$*!-8<7M3*!$*!Y""X!8-)*%A&3-%!&!-1*3&3!4-.!8(387(<-.!$*!4-.!
*.<&$-.! $*! [;7&.8&4(*%<*.`! =&)1*8G*! E! =-4()&`! 8-%! 4-! a7*! E&! .*! *%87*%<3&%! *%! U7%8(-%&)(*%<-! PY!
8(387(<-.!$*!R7.<(8(&!U*$*3&4,!
T"![8<7&4)*%<*!*.<&!(%U-3)&8(@%!$*!4-.!1-$*3*.!R7$(8(&4*.!4-8&4*.!%-!*.<5!$(.1-%(M4*!*%!<-$&.!4&.!*%<($&$*.!
U*$*3&<(F&.,! [$*)5.`! &a7*44-.! *.<&$-.! a7*! ;*%*3&%! *.<&! (%U-3)&8(@%! 4&! 3*U(*3*%! *%! 4-.! (%U-3)*.! &%7&4*.!
a7*! 13*.*%<&! *4! 2&;(.<3&$-! a7*! 13*.($*! *4! <3(M7%&4! .71*3(-3! $*4! *.<&$-,! C-$39&! 3*8-)*%$&3.*! a7*! 4-.!
<3(M7%&4*.!3*1-3<&3&%!.(.<*)5<(8&)*%<*!*.<-.!$&<-.!&4!J_#6J!-!&4;7%&!-<3&!(%.<&%8(&!%&8(-%&4!b1-$39&!.*3!
4&!13-1(&!=-%&<3(Mc`!1&3&!;*%*3&3!-1-3<7%&)*%<*!*.<*!(%$(8&$-3!&4!)*%-.!&%7&4)*%<*,!
!
!
SS!
!
!
#.<*! (%$(8&$-3! M3(%$&! (%U-3)&8(@%! (%$(3*8<&! .-M3*! 4&! 8&4($&$! $*4! $*.*)1*\-! R7$(8(&4,! [.1*8<-.!
8-)-!4&!()1&38(&4($&$`!&7<-%-)9&!E!-MR*<(F($&$!8-%!4&!a7*!.*!3*&4(A&%!4&.!3*.-478(-%*.!R7$(8(&4*.!
.-%!)5.!$(U98(4*.!$*!&13*8(&3!E!*^13*.&3!*%!7%!(%$(8&$-3,!
!
/)9%&+*9+*%)$+#S5*9+*,"5*@:&$%8"5*
h%&!$*!4&.!13(%8(1&4*.!U7*%<*.!$*!)&4*.<&3!.-8(&4!E!7%&!49%*&!$*!$(&;%@.<(8-!)7E!()1-3<&%<*!$*4!
)&4! $*.*)1*\-! $*4! )-$*4-! $*! R7.<(8(&! 1*%&4! <3&$(8(-%&4! .-%! 13*8(.&)*%<*! 4-.! &4<-.! 8-.<-.! $*!
&88*.-!&!4&!R7.<(8(&`!4&.!$*U(8(*%8(&.!*%!4&!13-<*88(@%!E!&<*%8(@%!&!4&.!F98<()&.`!&.9!8-)-!4&!*.8&.&!
3*1&3&8(@%!$*4!$&\-,!#%!)78G&.!-8&.(-%*.!4-.!$*%7%8(&%<*.!3*8(M*%!7%&!.*;7%$&!F(8<()(A&8(@%!
1-3!1&3<*!$*!4&!-1*3&8(@%!(%$(U*3*%<*!*!(%*U(8&A!$*!4&.!&7<-3($&$*.!E!.&4*%!$*4!.(.<*)&!1*%&4!8-%!
4&.!)&%-.!F&89&.,!
h%! *4*)*%<-! U7%$&)*%<&4! $*! 4&! *^1*8<&<(F&! $*! R7.<(8(&! 1-3! 1&3<*! $*! 4&.! F98<()&.! *.! 4&!
3*871*3&8(@%! $*! 4-.! M(*%*.! 3-M&$-.! -! 4&! 8-)1*%.&8(@%! 1-3! 4-.! $&\-.! -! 1/3$($&.! $*3(F&$&.! $*4!
$*4(<-!a7*!.7U3(*3-%,!!
>&! %7*F&! 3*U-3)&! M7.8&! U-3<&4*8*3! *4! $*M($-! 13-8*.-! E! .&4F&;7&3$&3! 4-.! $*3*8G-.! <&%<-! $*!
F98<()&.!8-)-!$*!4-.!13-M&M4*.!3*.1-%.&M4*.!b$*%-)(%&$-.!1-3!4&!3*U-3)&!8-)-!k()17<&$-.lc,!
D*! 14&%<*&! &<*%8(@%`! 13-<*88(@%! E! &.*.-39&! &! 4&.! F98<()&.! 7! -U*%$($-.! )*$(&%<*! 4&! *U(8&A!
3*1&3&8(@%! $*4! $&\-! E! M3(%$&3! )&E-3! 1&3<(8(1&8(@%! &! 4&! F98<()&! 7! -U*%$($-! $73&%<*! *4! 13-8*.-!
1*%&4,!!
>&.!.*%<*%8(&.!*%!)&<*3(&!1*%&4!.7*4*%!3*8-%-8*3!*4!$*3*8G-!&!4&!3*1&3&8(@%!$*4!$&\-!*%!U&F-3!$*!
4&!F98<()&!E!8-%$*%&%!&4!.*%<*%8(&$-!&!a7*!87M3&!$(8G&!3*1&3&8(@%f!.(%!*)M&3;-`!*%!-8&.(-%*.!%-!
.*! 4-;3&! *4! 87)14()(*%<-! 8&M&4! $*! *.<&! 3*.-478(@%! b-! %-! .*! 4-;3&! G&8*3! *U*8<(F&! 4&! 8&78(@%! -! *4!
8-%$*%&$-! &4*;&! (%.-4F*%8(&c,! C-3! *44-`! *4! 9%$(8*! a7*! .*! 13-1-%*! *.<()&! *%! a7/! )*$($&! .*!
13-<*;*%!4-.!(%<*3*.*.!$*!4&!F98<()&!7!-U*%$($-`!&!<3&F/.!$*!7%-!$*!.7.!8-)1-%*%<*.!8-)-!*.!4&!
3*1&3&8(@%! $*4! $&\-,! 27*.<3&! *%! 875%<-.! &.7%<-.! .*! G&8*! +D+&$%@"! ! 4&! 3*1&3&8(@%! $*4! $&\-TN,! d!
$*M*!.*3!8-%.($*3&$-!8-)-!7%!(%$(8&$-3!$*!*U(8&8(&,!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
TN! [L%! 87&%$-! .*! G&E&! $*U(%($-! *4! )-%<-! -! U-3)&! $*! 3*1&3&8(@%`! (%<*3*.&! -M.*3F&3! *4! )-)*%<-! *%! a7*!
*U*8<(F&)*%<*!.*!3*.&38*!*4!$&\-,!!
!
!
ST!
!
!
!
!
[.9`!.*!<-)&!*4!8-8(*%<*!$*!8&.-.!.*%<*%8(&$-.!*%!4-.!a7*!*U*8<(F&)*%<*!.*!87M3(@!4&!3*1&3&8(@%!
$*4! $&\-`! 3*.1*8<-! $*4! <-<&4! $*! 8&.-.! .*%<*%8(&$-.! *%! *4! a7*! .*! 8-%$*%@! &4! 8-%$*%&$-! &! $(8G&!
3*1&3&8(@%TY,!
#.! U7%$&)*%<&4! a7*! 4-.! -1*3&$-3*.! $*4! .(.<*)&! 1*%&4`! &! <3&F/.! $*4! *.<&M4*8()(*%<-! $*! *.<-.!
(%$(8&$-3*.!3*U7*38*%!.7!8-)13-)(.-!8-%!4&!&<*%8(@%!&!4&.!F98<()&.!$*4!$*4(<-!E!4&!*U(8&8(&!$*!.7.!
$*3*8G-.,!#%!8-%.*87*%8(&`!4&.!(%.<&%8(&.!$*!()1&3<(8(@%!$*!R7.<(8(&!E!*R*878(@%!$*!.*%<*%8(&.TP!
$*M*35%!;*%*3&3!4&!(%U-3)&8(@%!%*8*.&3(&!1&3&!(%.<37)*%<&3!*.<*!(%$(8&$-3,!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
TY!h%!(%$(8&$-3!8-)14*)*%<&3(-!1-$39&!.*3!4&!3*&4(A&8(@%!$*!7%!)7*.<3*-!*%<3*!4&.!F98<()&.!1&3&!4&.!a7*!
.*!3*8-%-8(@!*.<*!$*3*8G-,![$*)5.!$*!8-%.<&<&3!.(!.*!87)14(@!8-%!*4!1&;-!$*!4&!3*1&3&8(@%`!<&)M(/%!1-$39&!
(%847(3.*! 4&! (%$&;&8(@%! .-M3*! .(! 4&! 3*1&3&8(@%! *.<&M4*8($&! 8-%! *4! R7*A`! *%! .7! 1*38*18(@%`! G&8*! R7.<(8(&! -!
8-33*.1-%$*!&!4&.!1/3$($&.!E!$&\-.!.7U3($-.,!
TP! #.<*! &.1*8<-! <&)M(/%! .*! U-3<&4*8*! 8-%! 4&! 3*U-3)&! &4! *.<&M4*8*3! 4&! U(;73&! $*4! R7*A! $*! *R*878(@%! $*!
.*%<*%8(&.`! a7*! $*M*35! F*4&3! 1-3! a7*! 4&.! .&%8(-%*.! ()17*.<&.`! *%<3*! *44&.! 4&! 3*1&3&8(@%! $*4! $&\-`! .*&%!
$*M($&)*%<*!(%.<37)*%<&$&.,!
!
!
SV!
!
7%5$+8"*!+)%$+)&%"#%(*
#4!.(.<*)&!1*%(<*%8(&3(-!*%!2/^(8-!13*.*%<&!;3&F*.!13-M4*)&.,!>&!U&4<&!$*!3*873.-.!U(%&%8(*3-.!E!
$*!1*3.-%&4!8&4(U(8&$-`!&7%&$-!&!4&!(%*U(8(*%8(&!*%!4&.!U7%8(-%*.!!$*!87.<-$(&`!*%<3*!-<3-.!)78G-.!
U&8<-3*.`!13-1(8(&%!8-%$(8(-%*.!*%!4&.!a7*!.*!13*.*%<&!4&!8-33718(@%!*%!<-$&.!.7.!U-3)&.!E!
)-$&4($&$*.K!<35U(8-!$*!(%U47*%8(&.`!3*A&;-!*%!4&!3*F(.(@%!$*!*^1*$(*%<*.`!(%<3-$788(@%`!F*%<&!E!
8-%.7)-!$*!$3-;&.`!*^<-3.(@%`!13-.<(<78(@%`!()17%($&$`!F(-4*%8(&!E!G&8(%&)(*%<-,TZ!
C-3!4-!;*%*3&4`!4&!)&E-39&!$*!4-.!$*4(%87*%<*.!a7*!44*;&%!&!173;&3!1*%&.!.-%!8&.<(;&$-.!1-3!
$*4(<-.!$*!*.8&.&!8-)14*R($&$!E`!13-M&M4*)*%<*!<&)M(/%`!$*!*.8&.&!;3&F*$&$,!>-!&%<*3(-3!
1*3)(<*!8-%847(3!a7*`!*%!4-.!8*%<3-.!1*%(<*%8(&3(-.!$*!$(F*3.&.!*%<($&$*.`!%-!.*!*%87*%<3&%!4-.!
$*4(%87*%<*.!-!13-M&M4*.!$*4(%87*%<*.!)5.!1*4(;3-.-.!.(%-!&a7*44-.!87E&!$*<*%8(@%!-U3*8(@!4&.!
)*%-3*.!$(U(874<&$*.,TS!
[!1*.&3!$*!4-.!13-;3&)&.!$*!8-)M&<*!U3-%<&4!&!4&!$*4(%87*%8(&`!*4!(%83*)*%<-!$*!1*%&.!E!7%!
&R7.<*!()1-3<&%<*!&4!8&<54-;-!$*!$*4(<-.!;3&F*.`!4&!(%8($*%8(&!$*4(8<(F&!E!4&!F(-4*%8(&!%-!.*!F*%!
3*$78($&.,TT!C&3*8*!a7*!*4!.(.<*)&!*.<5!.&<73&$-!8-%!$*4(<-.!)*%-3*.`!)(*%<3&.!*4!83()*%!
-3;&%(A&$-!.*!)&%<(*%*!(%<&8<-,!+-$-!*44-!G&8*!a7*!4&.!(%.<(<78(-%*.!$*!.*;73($&$!1(*3$&%!
83*$(M(4($&$!&!4-.!-R-.!$*!4&!8(7$&$&%9&,TV!
#.<-!)7*.<3&!a7*!4&.!13(.(-%*.!%-!.*!8-%.($*3&%!7%!37M3-!.7.<&%<(F-!-!3*4*F&%<*!$*%<3-!$*4!
13-8*.-!$*!.*;73($&$!E!R7.<(8(&`!<&)1-8-!*%!4&!&;*%$&!1-49<(8&!$*!.*;73($&$!1LM4(8&,!>&.!
13(.(-%*.!%-!.-%!F(.<&.!8-)-!7%!3*%;[email protected]%!*%!*4!a7*!.*!$*M*!(%F*3<(3`!.(%-`!)5.!M(*%`!8-)-!7%!;&.<-!
$-%$*!.(*)13*!.*35!$*.*&M4*!1-$*3!*8-%-)(A&3,!
#4!13-M4*)&!)&E-3`!.(%!47;&3!&!$7$&.`!*.!&a7*4!$-%$*!4&!$(%5)(8&!13-1(&!$*!4&.!13(.(-%*.!;*%*3&!
7%!(%83*)*%<-!*%!4&!$*4(%87*%8(&!&4!$(.)(%7(3!4&.!1-.(M(4($&$*.!$*!a7*!4-.!(%<*3%-.!4-;3*%!
3*(%.*3<&3.*!8-)-!)(*)M3-.!3*.1*<7-.-.!$*4!-3$*%!4*;&4!E!.-8(&4`!4-!a7*!a7*$&!*F($*%8(&$-!1-3!
*4!&4<-!%(F*4!$*!3*(%8($*%8(&!83()(%&4,TQ![!1*.&3!$*!4&!(%F*3.(@%!1&3&!*.<*!U(%`!4&!*.8&.&!14&%*&8(@%!
*%!*4!<3&M&R-!$*!3*(%.*38(@%`!*4!*U9)*3-!.*;7()(*%<-!&!4-.!4(M*3&$-.`!4&.!3*$*.!83()(%&4*.!a7*!.*!
8-%.<37E*%!&4!(%<*3(-3!$*!4-.!1*%&4*.!E!4&!8&3*%8(&!$*!&1-E-.!E!-1-3<7%($&$*.!3*&4*.!$*!<3&M&R-!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
TZ!:*3;)&%`!2,`![A&-4&`!#,!Y""Z!
TS!#4!QSp!$*!13*.-.!87)14*!.*%<*%8(&.!$*!S!&\-.!-!)*%-.`!)(*%<3&.!a7*!4&!)&E-39&!173;&!*%<3*!"!E!P!&\-.,!
TT!#4!%(F*4!$*!(%8($*%8(&!$*4!83()*%!.*!G&!)&%<*%($-!*%!*4!-3$*%!$*!X,S!)(44-%*.!$*!*F*%<-.!&4!&\-,!!
TV! #%!4&!L4<()&!$/8&$&!.*!G&!$714(8&$-!4&!1-M4&8(@%!1*%(<*%8(&3(&!*%!2/^(8-`!G-E!$*!YP"!)(4!3*847.-.`!.(%!
a7*! .*! G&E&! (%83*)*%<&$-! .(;%(U(8&<(F&)*%<*! 4&! 8&1&8($&$! $*! 4-.! 3*847.-3(-.,! h%! Y"p! $*! 4&.!
3*8-)*%$&8(-%*.!$*!-3;&%(.)-.!13-B!?*3*8G-.!m7)&%-.!.*!$(3(;*%!&!4&.!13(.(-%*.,!!
TQ!h%&!<&.&!$*!3*(%8($*%8(&!$*!*%<3*!PSp!&!ZVp!137*M&!$*!a7*!*4!.(.<*)&!1*%&4!%-!*.<5!.(*%$-!*U*8<(F-,!
I*1*$&!6,!Y""T,!!
!
!
SQ!
!
1&3&!4-.!(%<*3%-.!4(M*3&$-.`TX!G&8*%!a7*!4-.!-MR*<(F-.!$*!3*&$&1<&8(@%!a7*$*%!.(*)13*!
3*M&.&$-.,!!
>-.!9%$(8*.!*!(%$(8&$-3*.!13-17*.<-.!1&3&!-M.*3F&3!4&!$(%5)(8&!$*4!.(.<*)&!1*%(<*%8(&3(-`!.*!
.7.<*%<&%!*%!(%U-3)&8(@%!$(.1-%(M4*!E!M7.8&%!(3!)5.!&445!$*4!3*1-3<*!87&%<(<&<(F-!.-M3*!%(F*4*.!
$*!-871&8(@%!-!8-M*3<73&!8&38*4&3(&,!>&!8&3*%8(&!$*!(%U-3)&8(@%!-U(8(&4!&8<7&4(A&$&!E!
$*.&;3*;&$&`!*.!%7*F&)*%<*!4()(<&%<*!&4!&%&4(A&3!&!$*<&44*!4&!*U(8&8(&!$*4!.(.<*)&!1*%&4,!>&!
*F&47&8(@%!$*!*.<*!L4<()-!*.4&[email protected]%!$*4!.(.<*)&!$*!R7.<(8(&!1*%&4!*.!U7%$&)*%<&4!1&3&!3*&4(A&3!
&R7.<*.!*%!*4!8-%R7%<-!$*!!1-49<(8&.!1LM4(8&.!*%!)&<*3(&!$*!.*;73($&$,!!
!
T"9%(;#"D:"*9+,*7%5$+8"*!+)%$+)&%"#%(*
=-%!7%!8-%R7%<-!$*!(%$(8&$-3*.!.*!M7.8&!-U3*8*3!7%&!3&$(-;3&U9&!$*!4&.!8538*4*.!)*^(8&%&.,!D*!
13-1-%*!-M.*3F&3!$*!)&%*3&!8-%R7%<&K!4&!1-M4&8(@%!1*%(<*%8(&3(&!<-<&4`!4&!1-M4&8(@%!
1*%(<*%8(&3(&!1-3!3&%;-.!$*!.*%<*%8(&`!&.9!8-)-!!4&!1-M4&8(@%!$*!13*.-.!.(%!.*%<*%8(&,!!
>&!1-M4&8(@%!1*%(<*%8(&3(&!*.!7%!(%$(8&$-3!a7*!)7*.<3&!4&!<3&E*8<-3(&!$*!7%&!1-49<(8&!
83()(%[email protected];(8&!*%U-8&$&!&!*%8&38*4&3!*!(%83*)*%<&3!.(.<*)5<(8&)*%<*!4&.!1*%&.,!#4!%L)*3-!$*!
3*847.-.!.*!F*!(%83*)*%<&$-!&\-!8-%!&\-`!.(%!a7*!4&!(%U3&*.<378<73&!83*A8&!*%!4&!)(.)&!
13-1-38(@%`!1*3-!.9!.7!$*)&%$&!-1*3&<(F&,V"!#.<*!1-38*%<&R*!$*!-871&8(@%!8&38*4&3(&`!%-.!$&!7%!
(%$(8(-!$*!4&.!8-%$(8(-%*.!*%!a7*!.*!$&!4&!3*&$&1<&8(@%!-!4&!3*(%.*38(@%!.-8(&4!$*!4-.!3*847.-.,VN!
C&3&!($*%<(U(8&3!4&!8&4($&$!$*!8-%F(F*%8(&!&4!(%<*3(-3!$*!4-.!3*847.-3(-.`!.*!G&!(%8-31-3&$-!
<&)M(/%!*4!(%$(8&$-3!$*!.-M3*1-M4&8(@%,!
[4!8-)1&3&3!*4!(%83*)*%<-!$*4!%(F*4!$*!1-M4&8(@%!1*%(<*%8(&3(&!8-%!4&!(%8($*%8(&!$*4(8<(F&`!
1&3*8(*3&!a7*!*4!%(F*4!$*!4&!(%8($*%8(&!.*!)&%<(*%*`!&.9!8-)-!4&!1*38*18(@%!8(7$&$&%&!$*!
(%.*;73($&$,!#%!7%!13()*3!&8*38&)(*%<-!.*!(%<7E*!a7*!4&.!1-49<(8&.!$*!&7)*%<&3!1*%&.!%-!*.<5%!
$&%$-!U37<-.,!w7(A5!*%U-8&3!*.U7*3A-!E!3*873.-.!*%!7%&!3*$788(@%!$*4!(%$(8&$-3!$*!()17%($&$!
$&39&!)*R-3*.!3*.74<&$-.,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
TX!>&!(%U3&*.<378<73&!&8<7&4!7<(4(A&!7%&!3*$!$*!$&<-.!a7*!.*!*)14*&!*%!)*%-.!$*4!N"p!$*!.7!8&1&8($&$!
*^(.<(*%$-`!1-3!<&%<-`!7%&!&7.*%8(&!;3&F*!$*!(%U-3)&8(@%!</8%(8&`!&$*87&$&!E!&8<7&4(A&$&,!_-!.*!87*%<&`!
1-3!*R*)14-`!8-%!4&.!G7*44&.!$*!<-$-.!4-.!13-8*.&$-.!1-3!$*4(<-.!$*4!U7*3-!8-)L%,!+&)1-8-!.*!87*%<&!8-%!
(%U-3)&8(@%!F*3(U(8&M4*!.-M3*!4-.!$*<*%($-.`!.*&!a7*!*.</%!*%!13-8*.-!-!a7*!E&!G7M(*3&%!-M<*%($-!
.*%<*%8(&,!6*3<A`![,!Y""N,!
V"!#%!Y""Q`!<&%[email protected]!*%!4-.!*.<&$-.!$*!=G(&1&.`!?0`!?73&%;-`!67&%&R7&<-`!2/^(8-`!2-3*4-.`!_&E&3(<!E!_7*F-!
>*@%!.*!$*$(8&%!8&$&!$9&!7%-.!xN",T!)(44-%*.!$*!1*.-.!1&3&!)&%7<*%8(@%!$*!3*847.-.`!8-%!4-!87&4!.*!
8&4874&!4&!8(U3&!.71*3&!U58(4)*%<*!4-.!xP"!)(44-%*.!$*!1*.-.!$(&3(-.!&!%(F*4!%&8(-%&4,!!
VN!#%!2/^(8-!.*!*.<()&!a7*!4&!3*(%8($*%8(&!.*!7M(8&!*%!7%!3&%;-!$*!*%<3*!PSp!&!ZVp,!
!
!
SX!
!
>-.!13*.-.!.(%!.*%<*%8(&!8-%.<(<7E*%!7%!U*%@)*%-!%-!*F($*%<*!&!4-.!-R-.!$*!4&!1-M4&8(@%!1*3-!
a7*!*%!.9!3*U4*R&!4&!;3&F*!(%*U(8(*%8(&!$*4!.(.<*)&!E!4&!F(-4&8(@%!$*!4&.!;&3&%<9&.!$*!4-.!13-8*.&$-.,!
#4!(%$(8&$-3!*.!(%a7(*<&%<*!1-3a7*!2/^(8-!-871&!4&!1-.(8(@%!%L)*3-!NP!*%<3*!NT"!1&9.*.!a7*!
)&%<(*%*!*4!)&E-3!%L)*3-!$*!13*.-.!.(%!8-%$*%&!1-3!8&$&!N""!)(4!G&M(<&%<*.,!#4!.(.<*)&!
8&38*4&3(-!.*!*%87*%<3&!.&<73&$-!E!*%!;3&%!)*$($&!.*!$*M*!&!a7*!7%!ZPp!$*!4-.!3*847.-.!$*4!1&9.!
*.<5%!13(F&$-.!$*!.7!4(M*3<&$!$73&%<*!.7!13-8*.-!b&7%a7*!.*!13*.7)&%!(%-8*%<*.`!*%!4&!1358<(8&!
*.<5%!1&$*8(*%$-!4&!13(.(@%!8-)-!.(!E&!G7M(*.*%!.($-!8-%$*%&$-.c,!
![4!G&M4&3!$*4!1-38*%<&R*!E!3&%;-.!$*!.&%8(-%*.!E!.&%8(@%!13(F&<(F&!$*!4(M*3<&$!13-)*$(-`!.*!
-U3*8*!7%!1&%-3&)&!.-M3*!4&!.*F*3($&$`!-!8&3*%8(&!$*!*44&`!*%!4&!4*;(.4&8(@%!1*%&4!$*!8&$&!*.<&$-,!
>&.!1*%&.!13-)*$(-!$*!4-.!*.<&$-.!1*3)(<*%!-M.*3F&3!.(!*4!)-%<-!$*!4&.!.&%8(-%*.!()1&8<&`!E!*%!
a7/!.*%<($-`!&!4&.!F&3(&M4*.!-MR*<(F-!$*!4&!1-49<(8&!83()(%&4!8-)-!(%8($*%8(&!-!1*38*18(@%!
8(7$&$&%&,!
C-3!*R*)14-`!*%!2/^(8-!NSp!$*!4&.!.*%<*%8(&.!.-%!&M.-47<-3(&.!E!TQp!$*!4&.!8-%$*%&.!.-%!$*!
.&%8(-%*.!$*!)*%-.!$*!<3*.!&\-.!b*%!*4!8-%<*^<-!)*^(8&%-!8-33*.1-%$*%!&!$*4(<-.!)*%-3*.c`!4-!
a7*!%-.!(%$(8&!a7*!4&!;3&%!13-1-38(@%!$*!4-.!3*873.-.!1LM4(8-.!.*!$*$(8&!&!83()(%&4(A&3!&!4-.!
3*.1-%.&M4*.!$*!$*4(<-.!)*%-3*.`!*.<(;)&<(A&%$-!&!)78G-.!$*!*44-.!8-%!4&!13(.(@%VY,!?*!(;7&4!
U-3)&`!*4!8-)1-3<&)(*%<-!$*!4-.!3&%;-.!)5.!&4<-.!$*!8-%$*%&!b&33(M&!$*!NV!&\-.c!(47.<3&!4&!
()17%($&$!3*.1*8<(F&!&!*.*!.*;)*%<-`!$-%$*[email protected]!7%!Yp!$*!4-.!.*%<*%8(&$-.!8-%44*F&!1*%&.!$*!
*.<&!)&;%(<7$,!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VY!#4!%L)*3-!$*!13*.-.!8-%!.*%<*%8(&.!)*%-3*.!&!S!&\-.`!3*13*.*%<&!7%!QPp!$*4!<-<&4!$*!4&!1-M4&8(@%!*%!
3*847.(@%,!
!
!
T"!
!
/)9%&+*9+*@%&$%8%U"&%6)*+)*#+&,<5(#%(5*-*'+)%$+)&%"#%"5*
#.!8-)L%!4&!3*U*3*%8(&!1LM4(8&!&8*38&!$*!4&!8&4($&$!$*!%7*.<3&.!8538*4*.!E!.7!<(1-4-;9&!8-)-!
k*.87*4&.!$*4!83()*%l,![4!(%<*3(-3!$*!4&.!)(.)&.`!13*F&4*8*!7%&!$(%5)(8&!a7*!(%F-4783&!3*$*.!
$*4(8<(F&.`!7.-!E!<35U(8-!$*!*.<71*U&8(*%<*.`!<35U(8-!$*!&3)&.!*!(%847.(F*!M&%$&.!a7*!$*.$*!*4!
(%<*3(-3!-1*3&%!E!$(3(;*%!&8<(F($&$*.!$*4(8<(F&.,!!
>&!$*)-;3&U9&!$*!3*847.-.!E!*4!*%<-3%-!$*!G&8(%&)(*%<-!.-%!U&8<-3*.!a7*!1-3!.9!.-4-.!13-$78*%!
$(%5)(8&.!$*!F(-4*%8(&!&4!(%<*3(-3!$*!4&.!8538*4*.,!D*!<(*%*%!$-87)*%<&$-.`!&!<3&F/.!$*!
*%<3*F(.<&.!&!(%<*3%-.`!8&.-.!$*!F(-4&8(-%*.!;3&F*.!$*!$*3*8G-.!G7)&%-.!E!&<*%<&$-.!8-%<(%7-.!&!
4&!(%<*;3&4($&$!U9.(8&`!*)-8(-%&4!E!1.([email protected];(8&!$*!4-.!(%<*3%-.`!E&!.*&!1-3!87.<-$(-.!7!-<3-.!
13*.-.,!#4!3*.74<&$-!L4<()-!$*!*.<&!F(-4*%8(&!&4!(%<*3(-3!$*!4-.!1*%&4*.!!.*!)&<*3(&4(A&!*%!4-.!
$*8*.-.!!1-3!G-)(8($(-!-!.7(8($(-,!
[!1*.&3!$*!4&!84&3&!*F($*%8(&!$-87)*%<&4`!4&.!8(U3&.!a7*!.*!13*.*%<&%!$*!)&%*3&!-U(8(&4!&4!
3*.1*8<-!$*!4&!F(8<()(A&8(@%!&4!(%<*3(-3!$*!4&.!8538*4*.!.-%!87&%$-!)*%-.`!(%8-%.(.<*%<*.`!
(%8-%;37*%<*.!E!$*!M&R&!8&4($&$,!!
_-!*^(.<*!7%!8-%<3-4!E!%(!3*;(.<3-!8-%U(&M4*!.-M3*!4&.!$*%7%8(&.!1-3!&8<-.!$*4(8<(F-.!8-)*<($-.!&4!
(%<*3(-3!$*!4-.!1*%&4*.`!*%!*4!)*R-3!$*!4-.!*.8*%&3([email protected]!.*!&.(*%<&!3*;(.<3-!*%!*4!8&.-!$*!4-.!
G-)(8($(-.!E&!a7*!.*!<(*%*!a7*!*^1*$(3!*4!8*3<(U(8&$-!$*!$*U7%8(@%!1&3&!87M3(3!4&!U-3)&4($&$!$&3!
$*!M&R&!&4!(%<*3%-,VP!
C-3!*R*)14-!*%!*4!Y""V`!.*!<(*%*%!3*;(.<3&$-.!$*!)&%*3&!-U(8(&[email protected]!YY!*F*%<-.!3*1-3<&$-.!*%!4&!
<-<&4($&$!$*4!.(.<*)&!1*%(<*%8(&3(-,!#.<&.!(%8($*%8(&.`!(%F-4783&%!&!7%-.!ZT!3*-.!b"`"Yp!$*!4&!
1-M4&8(@%!<-<&4c!E!3*8-;*%!T!G-)(8($(-.!$73&%<*!*.*!&\-`!$*!4-.!87&4*.!$-.!%7%8&!.*!&84&3&3-%!E!
-<3-.!Q!$*8*.-.!%&<73&4*.,!?*!(;7&4!;3&F*$&$!*.!4&!(%*^(.<*%8(&!$*!3*;(.<3-.!*%!4&!*.<&$9.<(8&!a7*!
13*.*%<&!4&!DDC`!.-M3*!*F*%<-.!3*4&8(-%&$-.!8-%!4*.(-%*.`!F(-4&8(-%*.!-!&;3*.(-%*.,VZ!
[4!8&3*8*3!$*!8(U3&.!8-%U(&M4*.`!8-%.($*3&)-.!%*8*.&3(-!<&4!8-)-!*%!*4!8&.-!$*!.*87*.<3-`!3*8733(3!
&!4&!U7*%<*!G*)*3-;35U(8&!*!(%<*;3&3!4-.!3*.74<&$-.!$*!4&.!*%87*.<&.!a7*!.*!3*&4(A&%!&8<7&4)*%<*!
*%!4&.!8538*4*.,VS!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VP!D*!8-%-8*!a7*!4&!(%U-3)&8(@%!*^(.<*`!1*3-!%-!.*!3*1-3<&!$*!U-3)&!9%<*;3&!*%!*4!1-3<&4!$*!4&!DDC,!D*!G&!
-M<*%($-!(%U-3)&8(@%!$*.&;3*;&$&!$*!8538*4*.!*%!&4;7%-.!*.<&$-.`!&!<3&F/.!$*!.-4(8(<7$*.!13*.*%<&$&.!&!
<3&F/.!$*!-U(8(%&.!$*!*%4&8*!$*!<3&%.1&3*%8(&!*%!4&!13-1(&!DDC,!
VZ!#.!1-.(M4*!a7*!%-!.*!$*%7%8(*%!-!$*.*.<()*%!4-.!$*4(<-.!a7*!-8733*%!&4!(%<*3(-3!$*!4&.!8538*4*.`!<&4!8-)-!
.78*$*!8-%!4-.!$*4(<-.!U7*3&!$*!4&.!13(.(-%*.!E!a7*!$(*3-%!47;&3!&4!854874-!$*!8(U3&!%*;3&,!
VS!C-3!*R*)14-`!4&!*%87*.<&!$*!3*847.-3(-.!3*&4(A&$&!$*!U-3)&!&%7&4!1-3!*4!C3-;3&)&!$*!#.<7$(-.!1&3&!4&!
D*;73($&$!CLM4(8&!$*4!=J?#,!
!
!
TN!
!
#%!7%&!13()*3&!U&.*`!*4!8-%-8*3!4&!<-<&4($&$!$*!*F*%<-.!a7*!.78*$*%!&4!(%<*3(-3!$*!4-.!8*%<3-!$*!
3*847.(@%!17*$*!.*3!8-%.($*3&$-!7%!;3&%!1&.-,![.()(.)-`!.*!3*a7(*3*!8-%-8*3!.-M3*!4&.!
.-4(8(<7$*.!$*!(%(8(-!$*!4&.!&F*3(;7&8(-%*.!$*!$*3*8G-.!G7)&%-.!8-%<3&!*4!.(.<*)&!1*%(<*%8(&3(-!
a7*!.-%!13*.*%<&$&.!E!&<*%$($&.!1-3!4&.!8-)(.(-%*.!%&8(-%&4!E!*.<&<&4*.!$*!$*3*8G-.!G7)&%-.,!
*
*
T+%)&%9+)&%"!
>&!3*(%8($*%8(&!*.!*4!U*%@)*%-!-M.*3F&M4*!)*$(&%<*!*4!87&4!.*!$*<*8<&!&!&a7*44&.!1*3.-%&.!a7*!
G&M(*%$-!.($-!.*%<*%8(&$&.!E!8-)173;&$-!1*%&`!.*!*%87*%<3&%!%7*F&)*%<*!!(%;3*.&$-.!-!
13-8*.&$-.!1-3!&4;L%!$*4(<-,!>&!-M.*3F&8(@%!$*4!U*%@)*%-!*.!$*!;3&%!()1-3<&%8(&`!E&!a7*!*%!.7!
*.<7$(-!.*!F*%!3*U4*R&$-.!%7*F&)*%<*!4-.!*4*)*%<-.!a7*!(%8($*%!$*!U-3)&!%*;&<(F&!*%!*4!L4<()-!
*.4&[email protected]%!$*4!.(.<*)&!$*!.*;73($&$!E!R7.<(8(&!*%!2/^(8-,!
#.<*!9%$(8*!%-.!1*3)(<*!8-%-8*3!4&!*U*8<(F($&$!$*4!.(.<*)&!1*%(<*%8(&3(-,!h%&!.9%<*.(.!$*4!<3&M&R-!
3*&$&1<&<(F-!$*4!.(.<*)&,!_-.!G&M4&!<&%<-!$*!7%&!$*.&4*%<&$-3&!<&3*&!$*!3*(%.*38(@%`!8-)-!$*!7%!
(%*U(8(*%<*!<3&M&R-!$*!.(.<*)&<(A&8(@%`!3*;(.<3-!E!.*;7()(*%<-!$*!(%U-3)&8(@%!a7*!$*M*!.*3!
*F&47&$&!*%!8-%R7%<-`!&.9!8-)-!1-3!8&$&!*%<($&$!U*$*3&<(F&,!!
#4!3*.74<&$-!*.!13*-871&%<*!1-3a7*`!8-)-!.*!G&!.*\&4&$-!3*(<*3&$&)*%<*`!4&!*U(8&8(&!1&3&!
13-873&3!E!&$)(%(.<3&3!R7.<(8(&!*%!%7*.<3-!1&9.!*.!)7E!M&R&!E!4-.!3*873.-.!a7*!.*!7<(4(A&%!.-%!
&)14(-.,!D(%!*)M&3;-!.(!&!*.<&!M&R&!*U(8&8(&!.7)&)-.!4&!(%*U(8&8(&!*%!4&!<&3*&!$*!3*(%.*38(@%`!
G&M4&)-.!$*!a7*!&7%!87&%$-!4&!&7<-3($&$!G&!.($-!8&1&A!$*!13-8*.&3!E!.*%<*%8(&3!&!7%!
$*4(%87*%<*`!4&!13-M&M(4($&$!$*!a7*!F7*4F&!&!8-)*<*3!7%!$*4(<-!*.!)7E!&4<&!.(!.*!8-%.($*3&!a7*!*4!
*.<()&$-!&8<7&4!a7*!-.8(4&!*%<3*!P!&!S!$*!8&$&!N"!$*4(%87*%<*.!8-)-!3*(%8($*%<*.,!!
!
!
TY!
!
#4!3*;(.<3-!$*!4&!3*(%8($*%8(&!G-E!$9&!*.!1-8-!8-%U(&M4*`!3*.74<&$-!$*!)&4&.!1358<(8&.!$*!
8--3$(%&8(@%`!(%&$*87&$-!3*;(.<3-!-!8&3*%8(&!$*!7%!1&[email protected]%!$*!$*4(%87*%<*.!L%(8-!E!&8<7&4(A&$-,!
C-3!*R*)14-`!.*!G&%!$*<*8<&$-!8&.-.!*%!a7*!&7%!8-%-8(*%$-!a7*!4-.!$*4(%87*%<*.!.-%!
3*(%8($*%<*.`!%-!.*!3*;(.<3&%!8-)-!<&4!&!*U*8<-!$*!1-$*3!-U3*8*3!4&!-18(@%!$*!.&4($&.!&4<*3%&.!
<&4*.!8-)-!4&.!-U3*8($&.!&!a7(*%*.!.-%!-U*%.-3*.!1-3!13()*3&!F*A,!!e!*%!-8&.(-%*.`!1-3!$*.87($-!
*%!*4!8(*33*!$*4!*^1*$(*%<*`!&4!4(M*3&3!&!4&!1*3.-%&!%-!a7*$&!$*M($&)*%<*!3*;(.<3&$-!8-)-!
&4;7(*%!a7*!87)14(@!8-%!.*%<*%8(&,!!
>-!&%<*3(-3!$*3(F&!*%!87*.<(-%*.!)5.!*4*)*%<&4*.!$*!1358<(8&.!8-<($(&%&.!8-)-!*4!-U3*8*3!7%&!
(%8-)14*<&!M&.*!$*!1*3.-%&.!8-%!&%<*8*$*%<*.!1*%&4*.,!>-!87&4!&U*8<&!<&%<-!&!4&.!1*3.-%&.!a7*!
G&%!87)14($-!.&<(.U&8<-3(&)*%<*!.7.!1*%&.!E!a7*!%-!&1&3*8*%!*%!$(8G-!3*;(.<3-`!8-)-!&!a7(*%*.!
3*a7(*3*%!8-%-8*3!4&!*^(.<*%8(&!-!(%*^(.<*%8(&!$*!8-)(.(@%!$*!$*4(<-!1-3!1&3<*!$*!7%&!1*3.-%&!E&!
.*&!1-3!87*.<(-%*.!4&M-3&4*.!-!8(F(4*.,!!
C-3!8-%F*%(*%8(&!-!1-3!$*U(8(*%8(&.!*%!4-.!.(.<*)&.!$*!8-%<3-4`!4-!8(*3<-!*.!a7*!*.<&!(%U-3)&8(@%!
.*35!$(U98(4!$*!8-%.*;7(3`!1*3-!(%$(.1*%.&M4*!1&3&!*%<*%$*3!*4!1*3U(4!$*!4-.!(%<*3%-.!$*!4-.!8*%<3-.!
$*!3*&$&1<&8(@%!E!4&.!1&3<*.!$*4!13-8*.-!a7*!$*M*%!.*3!)*R-3&$&.,!
>&!<&3*&!$*!3*(%.*38(@%!*.!$(U98(4!1-3a7*!%-!*^(.<*!7%&!874<73&!-!4-.!*4*)*%<-.!1&3&!a7*!.78*$&`!
.(%!*)M&3;-!*44-!%-!*^()*!$*!4&!3*.1-%.&M(4($&$!&!4&!&7<-3($&$,!
?*.$*!*4!17%<-!$*!F(.<&!$*!4&!8-%.<3788(@%!$*4!(%$(8&$-3`!/.<*!.*!17*$*!*^&)(%&3!$*!$-.!
)&%*3&.K!Nc!8-%.($*3&%[email protected]!&!&a7*44-.!a7*!G&%!.($-!%7*F&)*%<*!.*%<*%8(&$-.`!-!Yc!
8-%.($*3&%$-!&!&a7*44&.!1*3.-%&.!a7*!G&%!.($-!(%;3*.&$-.!%7*F&)*%<*!*%!7%!8*%<3-!
1*%(<*%8(&3(-!&7%!87&%$-!.*&!$*!U-3)&!13*F*%<(F&,!#4!-MR*<(F-!83()(%[email protected];(8-!a7*!1*3.(;&!*4!
(%$(8&$-3!*.!*4!a7*!$*U(%(35!8754!*.!*4!&$*87&$-!&!7<(4(A&3,!!
!
!
!
TP!
!
2)9%&"9(#+5*5(>#+*+D+&$%@%9"9*9+*,"*'(,:$%&"*&#%8%)(,6;%&"!
25.!&445!$*!4&.!8(U3&.!$*.83(1<(F&.!$*!4&!13-M4*)5<(8&`!*.!1-8-!U3*87*%<*!*%8-%<3&3!8-)1&3&<(F-.!
-!3*U*3*%8(&.!$(3*8<&.!.-M3*!4&!*U(8&8(&!$*!4&.!<&3*&.!*)13*%$($&.!1-3!4&!&7<-3($&$!*%!*.<*!
()1-3<&%<*!*.1&8(-,!D*!M7.8&!8-%!*4!(%$(8&$-3!13-17*.<-`!8-)13*%$*3!8754!*.!*4!*U*8<-!3*&4!a7*!
*.<5!<*%(*%$-!4&!&7<-3($&$!8-%!.7!(%F*3.(@%!*%!*4!.(.<*)&!1*%(<*%8(&3(-,!
#%!</3)(%-.!;*%*3&4*.`!.*!.7;(*3*!<3&M&R&3!*%!7%!8-%R7%<-!$*!F&3(&M4*.!a7*!$*%!47;&3!&!7%!9%$(8*!
$*!*U*8<(F($&$!$*!4&!1-49<(8&!83()(%[email protected];(8&!1&3&!8&$&!*.<&$-`!$*<*8<&%$-!$(U*3*%8(&.!
8-)1&3&<(F&.!E!)*R-3*.!1358<(8&.!a7*!17*$*%!*^<3&1-4&3.*!*%!-<3&.!3*;(-%*.,!!=-%!*.<&.!
F&3(&M4*.`!.*!<3&M&R&35!*%!;*%*3&3!4-.!(%$(8&$-3*.!a7*!M3(%$*%!*F($*%8(&!1&3&!$&3!.*;7()(*%<-!&!
4&.!1-49<(8&.!*)13*%$($&.!-!*^(.<*%<*.`!8-)1&3&%$-!4&.!<*%$*%8(&.!E!8-33*4&8(@%!*%<3*!*44&.,!!
h%!*R*)14-!$*[email protected])-!G&8*34-!*.!)*$(3!8&)M(-.!*%!<&.&!$*!3*847.(@%`!3*.1*8<-!$*!4&!(%8($*%8(&,!
#.<*!9%$(8*!%-.!17*$*!G&M4&3!.-M3*!*4!*U*8<-!a7*!4&!1-49<(8&!83()(%[email protected];(8&!<(*%*!*%!4&!*R*878(@%!$*!
$*4(<-.`!.(%!*)M&3;-!.7!4()(<&%<*!.*35!*4!1-$*3!&88*$*3!&!7%&!)*$(8(@%!8-%U(&M4*!8-%!M&.*!*%!
8-*U(8(*%<*.!*^(;7-.!E!7%&!<*)1-3&4($&$!$*!8-)173;&8(@%!$*!1*%&.!$*.8-%-8($&,VT!D*!$*M*!
8-%.($*3&3!4&!(%8($*%8(&!<-<&4!*.<()&$&`!E&!a7*!/.<&!.*35!4&!U7*%<*!&!7<(4(A&3!8-)-!M&.*!1&3&!*.<-.!
(%$(8&$-3*.!a7*!)($*%!*U(8(*%8(&!E!*U(8&8(&,!
:&R-!4&!13*)(.&!&%<*3(-3!bE!4&!$(U(874<&$!(%G*3*%<*!&!4&!)*$(8(@%!13-17*.<&c`!.*!.7;(*3*!-M.*3F&3!
4&!<&.&!$*!8&)M(-!*%!*4!%L)*3-!$*!13*.-.!a7*!8-)173;&%!*4!N"p!$*!4&.!8-%$*%&.!)5.!&4<&.`!
3*.1*8<-!$*4!8&)M(-!*%!4&!<&.&!$*!(%8($*%8(&!-!$*!F(-4*%8(&,!#.<*!17*$*!.*3!7%!)*R-3!(%$(8&$-3`!E&!
a7*!.*!3*$78*!4&!F-4&<(4($&$!*%!4&.!8(U3&.!87&%$-!.*!7<(4(A&%!4&.!1*%&.!)5.!4&3;&.!B!$*M($-!&!a7*!
*.<-.!13*.-.!1*3)&%*8*%!3*847($-.!1-3!F&3(-.!&\-.,!#%!3*.7)*%`!*.<&.!8(U3&.!%-.!*.<&35%!
(%$(8&%$-!a7/!<&%<-!83*8*!*4!%L)*3-!$*!$*4(%87*%<*.!a7*!8-)*%<*%!4-.!$*4(<-.!$*!)&E-3!
()1&8<-!E!*4!*U*8<-!a7*!*.<-!<(*%*!*%!(%G(M(3!4&!&8<(F($&$!$*4(8<(F&,!
D*!8-%.($*3&!%*8*.&3(-!3*F*3<(3!4-.!(%8*%<(F-.!%-8(F-.!a7*!-1*3&%!*%!*.<*!5)M(<-`!8-)-!4&.!
.&4($&.!U58(4*.!1&3&!4(M*3&3!13*.-.!1&3&!$&3!*.1&8(-!&!%7*F-.!(%;3*.-.`!-!*4!$*!%-!3*;(.<3&3!&!4-.!
3*(%8($*%<*.!1&3&!a7*!17*$&%!-M<*%*3!*^8*18(-%*.!<&4*.!8-)-!4&!3*$788(@%!$*!1*%&.,!>-.!
3*.74<&$-.!$*!*.<&!$(%5)(8&!G&.<&!G-E`!137*M&%!.*3!%-8([email protected]!&83*8(*%<&%!4&!13-M4*)5<(8&!
a7*!.*!F(F*!*%!*4!.(.<*)&!1*%(<*%8(&3(-!$9&!&!$9&!1-3!4-!a7*!(%(8(&3!.7!-M.*3F&8(@%!*.!F(<&4!1&3&!.7!
*F-478(@%!E!)*R-3&,!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VT!#4!13-M4*)&!)*<[email protected];(8-!13-F(*%*!$*4!%L)*3-!*U*8<(F-!$*!3*-.!*%!13(.(@%!!&4!)-)*%<-!$*!4&!)*$(8(@%,!!
d&!a7*!%-!.*!17*$*%!.&M*3!$*!&%<*)&%-!4-.!3*.74<&$-.!$*!4-.!13-8*.-.!$*!3*$788(@%!$*!1*%&`!-!4(M*3<&$!
&%<(8(1&$&!1-3!*R*)14-,!!
!
!
TZ!
!
!
!
!
!
TS!
!
>-!a7*!%-.!87*.<&!
*
!
,-./011!
!
W%$(8*.!*!(%$(8&$-3*.!
6&.<-!1LM4(8-!*%!.*;73($&$!
=-.<-!$*4!$*4(<-!!
#4!8-.<-!$*!&4!(%.*;73($&$!!
#U*8<(F($&$!$*4!;&.<-!
(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VV![;3&$*8*)-.!&4!?3,!2&38*4-!:*3;)&%!b=J?#c`!>7(.!$*!4&!:&33*$&!E!=*8(4(&!D&E*;!bJ=#DJc`!E!&4!
2<3-,!=&34-.!2*%$-A&!1-3!.7!&1-3<&8(@%!1&3&!*4!$*.&33-44-!$*4!13*.*%<*!&1&3<&$-,!
!
!
TT!
!
6&.<-!CLM4(8-!
2/^(8-!$*.<(%&!87&%<(-.-.!3*873.-.!&!4&!.*;73($&$!1LM4(8&,!>&.!*%<($&$*.!U*$*3&<(F&.!&.(;%&%!
8*38&!$*4!N"p!$*!.7!;&.<-!$(3*8<-!*%!<*)&.!$*!.*;73($&$`!E!7%&!1&3<*!()1-3<&%<*!$*4!
13*.717*.<-!U*$*3&4!b<-$-!*4!3&)-!PTc`!.*!;&.<&!*%!.*;73($&$!1LM4(8&,![$*)5.`!&!<3&F/.!$*!
13-;3&)&.!$*4!3&)-!PP`!8-)-!*4!0[DC!E!*4!0e]+[2h_`!.*!*3-;&%!&%7&4)*%<*!8*38&!$*!
xN"`S""!)(44-%*.!$*!1*.-.!1&3&!)*R-3&3!13-;3&)&.!$*!.*;73($&$!1LM4(8&,!D(%!*)M&3;-`!%-!
a7*$&!84&3-!.(!*.<-.!3*873.-.!<(*%*%!&4;L%!*U*8<-!1-.(<(F-!*%!*4!&M&<()(*%<-!$*!4&!(%.*;73($&$!!
-!.()14*)*%<*!<*3)(%&%!&M.-3M($-.!1-3!4&.!$(.<(%<&.!M73-83&8(&.,!
[$*)5.`!*^(.<*!*4!Dh:D#2h_`!a7*!*.!7%!37M3-!&$(8(-%&4!$*!;&.<-!E!8-)1-%*!1&3<*!$*4!]&)-!
PT!$*!D*;73($&$!CLM4(8&,!#.<*!U-%$-!3*&4(A&!&1-3<&8(-%*.!$(3*8<&.!&!4-.!)7%(8(1(-.!E!&4;7%&.!
$*4*;&8(-%*.!$*4!?,0,!b4&.!a7*!.*!$*<*8<&%!8-)-!4&.!$*!)&E-3!(%8($*%8(&!$*4(8<(F&!*%!*4!1&9.c!
1&3&!8-)14*)*%<&3!.7.!*.U7*3A-.`!(%U3&*.<378<73&!E!13-;3&)&.!4-8&4*.!$*!.*;73($&$!1LM4(8&,!
C&3&!&%&4(A&3!4&!*U*8<(F($&$!$*4!;&.<-!1LM4(8-!E!4&!)&;%(<7$!$*4!)(.)-`!*.!)*%*.<*3!8-%.<37(3!
7%&!.*3(*!$*!(%$(8&$-3*.!a7*!$*.83(M&%!*.<*!&.1*8<-!$*!4&!478G&!8-%<3&!4&!(%.*;73($&$!&!%(F*4!
U*$*3&4`!*%!4&.!*%<($&$*.!U*$*3&<(F&.!E!&!%(F*4!)7%(8(1&4!$-%$*!4-.!3*873.-.!44*;&%!E!*4!83()*%!
.*!G&8*!13*.*%<*,!!
>&)*%<&M4*)*%<*`!&4!%-!3*1-3<&3.*!4&!*U*8<(F($&$!$*!*.<&!(%F*3.(@%!$*.8-%-8*)-.!.(!*%!
*U*8<-!4-.!3*873.-.!$(3(;($-.!&!8-)M&<(3!*4!13-M4*)&!.-%!4-.!.7U(8(*%<*.!E!%*8*.&3(-.,!
+&)1-8-!*^(.<*%!83(<*3(-.!*.1*89U(8-.!1&3&!$*8($(3!875%<-`[email protected]%$*`[email protected])-`!*%!a7/!E!1&3&!a7/!
(%F*3<(3!-!%-!*4!13*.717*.<-!&.(;%&$-!&4!37M3-f!*.!$*8(3`!%-!*^(.<*!7%&!)*<-$-4-;9&!$*!
14&%*&8(@%!-!13-;3&)&8(@%!13*.717*.<&4!a7*!U7%$&)*%<*!4-.!3*a7*3()(*%<-.,VQ!!
[%<*!4&!U&4<&!$*!-MR*<(F-.!*.<3&</;(8-.!8-%83*<-.`!*.<&M4*8($-.!8-%!)*<&.!*.1*89U(8&.!E!
1&35)*<3-.!$*!)*$(8(@%`!4-.!3*.74<&$-.!$*!4&.!&7<-3($&$*.!E!.7.!&;*%8(&.!.*!-M.*3F&%!1-M3*.!
*!(%8-)14*<-.,!D*!$*.8-%-8*!*4!&48&%8*!E!*U*8<-!3*&4!a7*!*.<-.!3*873.-.!<(*%*%!*%!*4!8-)M&<*!
&4!83()*%`!4&!3*$788(@%!$*!(%8($*%8(&!E!13*F&4*%8(&!E!4&.!<&.&.!*U*8<(F&.!$*!3*(%.*38(@%!$*!
$*4(%87*%<*.!&!4&!.-8(*$&$,!C&3&!*F&47&3!*4!*U*8<-!$*4!)(.)-`!*.!()1-3<&%<*!G&8*3!7%&!
3*F(.(@%!&!U-%$-!$*!4-.!-MR*<(F-.!*.<3&</;(8-.!$*!14&%*.!E!13-;3&)&.!a7*!*.<*!37M3-!.7.<*%<&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VQ!D*83*<&39&!$*!6-M*3%&8(@%,!NXXT`!1,!NY!
!
!
TV!
!
B!&!%(F*4!U*$*3&4`!*.<&<&4!E!)7%(8(1&4!B!&!4&!47A!$*!4&!*.<3&<*;(&!%&8(-%&4!*^17*.<&!*%!*4!D(.<*)&!
_&8(-%&4!$*!D*;73($&$!CLM4(8&,VX!
=-%!*.<-!*%!)*%<*`!.*!14&%<*&%!&a79!U-3)&.!$*!&;3*;&3!(%U-3)&8(@%!$(.1*3.&!E!13-F**3!7%!
*.<()&$-!$*!4&!)&;%(<7$!$*4!%(F*4!$*!;&.<-`!14&%<*&%$-!4&!(%8-31-3&8(@%!$*!<3*.!(%$(8&$-3*.!
a7*!17*$*%`!*%!8-%R7%<-`!$&3!7%&!)*R-3!($*&!$*!4&!8&%<($&$!$*!3*873.-.!$(3(;($-.!&!4&!
.*;73($&$!1LM4(8&,!
D*!G&!.7;*3($-!(%847(3!*%!*4!;&.<-!&a7*44&.!53*&.!a7*!*.<5%!3*4&8(-%&$&.!1-3!.7!()1-3<&%8(&!E!
8&3&8<*39.<(8&.!&!4&!.*;73($&$K!1-3!*R*)14-`!4-.!8-.<-.!$*!4-.!<3(M7%&4*.!E!R7A;&$-.!*%!)&<*3(&!
1*%&4,!m&E!8(*3<&.!*%<($&$*.!a7*!%-!$(.83()(%&%!*4!8-.<-!$*!4&!R7.<(8(&!1-3!)&<*3(&`!4-!a7*!
$(U(874<&!<*%*3!13*8(.(@%!*%!4&!(%U-3)&8(@%`!&7%a7*!/.<*!*.!7%!13-M4*)&!a7*!.*!17*$*!
3*.-4F*3,!e<3-!5)M(<-!a7*!;*%*3&4)*%<*!%-!.*!(%847E*!*.!*4!8-.<-!$*4!.(.<*)&!1*%(<*%8(&3(-!E!
4-.!*.U7*3A-.!$*!3*(%.*38(@%!E!3*&$&1<&8(@%,!#.<-!$&<-.!$*M*%!.*3!3*4&<(F&)*%<*!.*%8(44-.!$*!
-M<*%*3!1&3&!&.9!&;3*;&3.*!&4!8-.<-!<-<&4!$*!4&!.*;73($&$,!m-E!.(%!*)M&3;-`!4&!*F&47&8(@%!$*4!
;&.<-!G&8*!/%U&.(.!13(%8(1&4)*%<*!*%!4&.!1-4(89&.!E!*%!)78G-!)*%-3!)*$($&!*%!4&!
13-873&8(@%`!$*R&%$-!-<3&.!*.U*3&.!U7*3&!$*!*.<&.!)*$(8(-%*.,!
!
C"5$(*'=>,%&(*+)*5+;<#%9"9!
#.<*!*.!*4!(%$(8&$-3!&;3*;&$-!a7*!8-%<&M(4(A&!4-.!3*873.-.!13-F*%(*%<*.!$*!$(F*3.&.!U7*%<*.!E!
a7*!*.!*<(a7*<&$-!1&3&!3*&4(A&3!*%!;*%*3&4!&8<(F($&$*.!a7*!&<&\*%!&!4&!.*;73($&$!1LM4(8&,!_-!
.*!(%<*;3&%!8-)-!1&3<*!$*4!)(.)-!4-.!;&.<-.!E!13*.717*.<-!$*!4&!8-3<*!E!<3(M7%&4*.,Q"!
>&! 13-17*.<&! 8-%.(.<*! *%! $*<*3)(%&3! 7%! (%$(8&$-3! 1&3&! 8-%-8*3! 8754! *.! *4! )-%<-! <-<&4! 1-3!
)7%(8(1(-`! *.<&$-! E! $*4! ;-M(*3%-! U*$*3&4! 1&3&! *.<-.! *U*8<-.! E! 47*;-! 8-)1&3&34-! 8-%!
3*U*3*%8(&.!8-)-!4-.!13*.717*.<-.!*.<&<&4*.`!*4!24I!-!4&!1-M4&8(@%!1*3!851(<&,![$*)5.!$*!4-.!
37M3-.!;*%*3&4*.`!.*!$*M*%!8-%.($*3&3!U7*%<*.!$*!U(%&%8(&)(*%<-!1&3&4*4&.!&!4&.!&.(;%&8(-%*.!
a7*!8&$&!*%<($&$!G&8*!&!<3&F/.!$*[email protected]<@+76&($+(J3.+7&7($+=(J76"$&!b2JJc,QN!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
VX!C&3&!-M<*%*3!4&!(%U-3)&8(@%!&$*87&$&`!.*!3*a7(*3*!;*%*3&3!7%!.(.<*)&!$*!87*%<&.!*.1*89U(8&.!1&3&!
*.<&!&8<(F($&$,!>&!%7*F&!>*E!$*!=-%<&M(4($&$!67M*3%&)*%<&4!17M4(8&$&!*4!PN!$*!$(8(*)M3*!$*!Y""Q`!
17*$*!&F&%A&3!*%!*.<&!$(3*88(@%,!!
Q"!C-3!*4!<(1-!$*!&8<(F($&$!a7*!3*&4(A&%`!4-.!3*1-3<*.!;*%*3&$-.!1-3!*.<&.!(%.<&%8(&.!%-!$*.&;3*;&%!4&!
(%U-3)&8(@%!$*!U-3)&!(%$(F($7&4!.(%-!13-8*.&4`!8-%!4-!87&4!%-!*.!1-.(M4*!$*.&;3*;&3!*4!;&.<-!*%!4&!U-3)&!
a7*!*4!3*1-3<*!3*a7(*3*,!
QN!D(%!*)M&3;-`!&L%!%-!*.!1-.(M4*!($*%<(U(8&3!8-%!13*8(.(@%!4-.!3*873.-.!$*.<(%&$-.!1-3!4-.!
13*.717*.<-.!*.<&<&4*.!&!8&$&!(%.<&%8(&!$*!.*;73($&$!1LM4(8&!1&3&!.7!-1*3&8(@%!3*;74&3`!E&!a7*!4-.!
(%U-3)*.!$*!U(%&%A&.!1LM4(8&.!.(;7*%!.(%!3*;(.<3&3!*^847.(F&)*%<*!4-.!8&)1-.!a7*!8-33*.1-%$*%!&!*.<*!
!
!
TQ!
!
#4!9%$(8*!$*!;&.<-!*.<5!(%<*;3&$-!1-3!(%$(8&$-3*.!$*!3*873.-.!U(%&%8(*3-.!&;3*;&$-.!b<-<&4*.c!
$*.<(%&$-.! &! 4&! .*;73($&$! 1LM4(8&`! a7*! 1-.<*3(-3)*%<*! .*! $*.&;3*;&%! 1-3! *%<($&$*.! E!
)7%(8(1(-.!1&3&!.*3!8-)1&3&$-.!*%!</3)(%-.!$*!4&!1-M4&8(@%!-!*4!13-$78<-!(%<*3%-!M37<-,!
=-%<&3!8-%!*.<&!(%U-3)&8(@%!*.!7%!13()*3!1&.-!1&3&!*F-478(-%&3!*4!&%54(.(.!G&8(&!!$&<-.!8-%!
)&E-3!3*4*F&%8(&!8-)-!.*35%!*4!3(<)-!$*4!*R*38(8(-!$*4!;&.<-`!&.9!8-)-!*4!$*.<(%-!E!&14(8&8(@%!
$*!*.<-.!3*873.-.!1-3!8-%8*1<-`!8-)-!*R*)14-.K!;&.<-!8-33(*%<*`!;&.<-!$*!(%F*3.(@%!-!
(%U3&*.<378<73&`!53*&!*.<3&</;(8&`!13-U*.(-%&4(A&8(@%`!*a7(1&)(*%<-`!<*8%-4-;9&`!
(%U3&*.<378<73&`!*<8,!J%847.(F*!(%8-31-3&3!*4*)*%<-.!$*!3*%<&M(4($&$!-!8-.<-BM*%*U(8(-,!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
.*8<-3,!h%&.!*%<($&$*.!4-.!&.(*%<&%!*%!4&.!.*83*<&39&.!$*!;-M(*3%-`!-<3-.!*%!4-.!$*.1&8G-.!$*!4-.!
;-M*3%&$-3*.!E!-<3-.!)5.!4-.!*<(a7*<&%!8-)-!1&3<($&.!;7M*3%&)*%<&4*.!;*%/3(8&.,!J_#6J`!Y""T,!
!
!
TX!
!
!
3(5$(*9+,*9+,%$(*
>&.!&U*8<&8(-%*.!a7*!()1-%*!4&!$*4(%87*%8(&!&!4&!.-8(*$&$!.-%!*F($*%<*.`!(%8($(*%$-!*%!4&!
1*38*18(@%!$*!.*;73($&$`!*4!*.<&$-!$*!5%()-`!4&!)-$(U(8&8(@%!$*!8-%$78<&.!1*3-!&$*)5.!.*!
G&%!()17*.<-!()1-3<&%<*.!8-.<-.!)-%*<&3(-.!1-3!.7!.-4&!-8733*%8(&,!!
J%$(F($7-.!E!8-)*38(-.!.*!G&%!F(.<-!U-3A&$-.!&!3*&4(A&3!(%F*3.(-%*.!$*!13*F*%8(@%!E!
13-<*88(@%`!E!*4!;-M(*3%-!G&!<*%($-!a7*!(%83*)*%<&3!.7!;&.<-!3*4&8(-%&$-!*%!)5.!$*!P"p!*%!
<&%[email protected]!*4!L4<()-!&\-,![$*)5.!$*!<-$-!*.<-`!*4!()1&8<-!.*!<3&$78*!*%!1/3$($&.!$(3*8<&.`!a7*!
.-%!4&.!&U*8<&8(-%*.!1-3!)-%<-!$*!4-!3-M&$-!&!1*3.-%&.!E!*)13*.&.`!R7%<-!8-%!$&\-.!
)&<*3(&4*.!E!$*!.&47$!a7*!(%U4(;*%,!
#.<-.!*U*8<-.!*8-%@)(8-.!%-!.-%!)*%-3*.`!.*!13-1-%*!-U3*8*3!7%!*.<()&$-!a7*!8-%<*)14*!
*.<&.!&U*8<&8(-%*.!!E!17*$&!$&3!7%&!8(U3&!a7*!$()*%.(-%*!*4!*U*8<-!<&%;(M4*!*%!4&!.-8(*$&$,!!
>&!8&3*%8(&!$*!3*;(.<3-.!8*3<*3-.`!854874-.!*!(%U-3)&8(@%!$*!4&!&7<-3($&$!&4!3*.1*8<-`!G&!
*)17R&$-!*4!(%<*3/.!$*!4-.!8(7$&$&%-.!E!-3;&%(.)-.!13(F&$-.!1&3&!;*%*3&3!$&<-.!$*!
3*U*3*%8(&!1&3&!8-%.<37(3!*4!*.<()&$-!$*!*.<*!8-.<-,QY!g&3(-.!$*!4-.!$&<-.!E!*.<()&$-.`!
13-F(*%*%!$*!*%87*.<&.!8-%!3*13*.*%<&<(F($&$!%&8(-%&4!b8-)-!4&!#_DJBSc!a7*!3*U(*3*%!
)-%<-.!$*!1/3$($&.!*.<()&$&.,![.()(.)-`!1-3!*^<3&1-4&8(@%!.*!17*$*!44*;&3!&!-M<*%*3!7%!
*.<()&$-!$*!&U*8<&8(@%!1&3&!4-.!8-)*38(-.!*%!</3)(%-.!$*!$&\-.!)&<*3(&4*.!E!)*3)&.`!&!4&!
F*A!$*!7<(4(A&3!4&.!8(U3&.!$73&.!a7*!-U3*8*%!4&.!8-)1&\9&.!&.*;73&$-3&.,!>&.!8(U3&.!%-!.*!
*^<3&1-4&%!&!4&!<-<&4($&$!$*!4-.!G-;&3*.`!1&3&!*44-!.*!7<(4(A&!4&!<&.&!$*!(%8($*%8(&!$*4(8<(F&!
13*F&4*8(*%<*,!!
D*!G&%!$*R&$-!$*!4&$-!4&.!*.<()&8(-%*.!(%$(3*8<&.!$*4!8-.<-!$*4!$*4(<-!b8-)-!.-%!*4!*U*8<-!*%!
4&!13-$78<(F($&$`!(%F*3.(-%*.!E!-<3&.!<3&%.U*3*%8(&.c`!$&$-!a7*!.7.!&.1*8<-.!)*<[email protected];(8-.!
(%G*3*%<*.!$(U(874<&%!.7!854874-!E!&U*8<&%!4&!.-4($*A!$*4!)(.)-,!
[4!8-%<&3!8-%!7%&!3*U*3*%8(&!*%!*4!G-3(A-%<*`!*.!1-.(M4*!G&8*3!8-)1&3&<(F-.!a7*!$*!-<3&!
U-3)&!%-!.*39&!U&8<(M4*!3*&4(A&3,!C-3!*R*)14-`!&;3*;&3!$(8G&!8(U3&!&4!;&.<-!1LM4(8-!*%!
.*;73($&$!1&3&!8-%-8*3!*4!)-%<-!<-<&4!a7*!4&!(%.*;73($&$!3*84&)&!b(%F*3.(@%!1LM4(8&!)5.!
;&.<-!13(F&$-cf!($*%<(U(8&3!4&.!<*%$*%8(&.!*%!*4!;&.<-!13(F&$-!E!.7!8-33*4&8(@%!8-%!*4!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
QY![!1*.&3!$*!3*8-%-8*3!4&!()1-3<&%8(&!$*!8-%<&3!8-%!7%!(%$(8&$-3!$*!*.<*!<(1-`!%-!*^(.<*!<-$&F9&!4&!
)*<-$-4-;9&!1&3&!&33(M&3!&!7%!854874-!8*3<*3-`!&7%!&.9`!*4!854874-!*.<()&$-!.*35!%7*.<3&!)*R-3!
&13-^()&8(@%,!?*!4&.!*.<()&8(-%*.!$*!8-.<-!$*4!$*4(<-!$(.1-%(M4*.!.*!*%87*%<3&%!4&.!$*4!J%.<(<7<-!
2*^(8&%-!1&3&!4&!=-)1*<(<(F($&$!bJ2=ec`!*4!J=#DJ!E!4&!$*!C3-E*8<-.!#.<3&</;(8-.!$*!=&34-.!2*%$-A&,!
!
!
V"!
!
83*8()(*%<-!$*4!;&.<-!1LM4(8-f!-!8-)13*%$*3!a7/!<&%!;3&%$*!*.!*4!$/U(8(<!b-!.(!*^(.<*c!*%!
</3)(%-.!$*!4&!(%F*3.(@%!%*8*.&3(&!1&3&!8-)M&<(3!&4!83()*%,!+-$&.!87*.<(-%*.!$*!.(%;74&3!
()1-3<&%8(&!1&3&!&F&%A&3!4&!*U*8<(F($&$!$*!1-49<(8&.,!!!
=-%! M&.*! *%! *.<&.! 13*)(.&.`! .*! 13-1-%*! *4! (%$(8&$-3! $*! 8-.<-! $*4! $*4(<-! a7*! .*! 3*1-3<&! *%!
</3)(%-.!%-)(%&4*.!&!1*.-.!8-33(*%<*.`!E&!a7*!.*!U&8(4(<&!.7!)&%*R-!1&3&!&4;7%&!8-)1&3&8(@%!
8-%!-<3-!(%$(8&$-3,!!
!
!
!
!
!
!
VN!
!
3(5$(*9+*,"*%)5+;<#%9"9*+)*KSE%&(*
#.!$*!.7)&!()1-3<&%8(&!8-%<&3!8-%!7%!*.<()&$-!a7*!G&M4*!&8*38&!$*!4-.!8-.<-.!E!;&.<-.!a7*!
&.7)*%!4-.!)*^(8&%-.!E!.7!;-M(*3%-!1-3!8-%8*1<-!$*!4&!(%.*;73($&$,!
[! 1*.&3! $*! %-! G&M*3! 7%! *.<()&$-! 8-%8*3<&$-`! .*! 13-1-%*! 7%&! &13-^()&8(@%! a7*! 7<(4(A&! *4!
3*.74<&$-!$*!4-.!9%$(8*.!&%<*3(-3*.!b;&.<-!1LM4(8-!*%!.*;73($&$!E!8-.<-!$*4!$*4(<-c,!?*!U-3)&!
&;3*;&$&`! *.<&! 8(U3&! 17*$*! G&M4&3%-.! $*! 4&.! (%F*3.(-%*.! a7*! .*! 3*&4(A&%`! <&%<-! 1-3! 4&!
&7<-3($&$!8-)-!1-3!1&3<(874&3*.`!&.9!8-)-!14&.)&3!*4!3*;(.<3-!$*!4&.!1/3$($&.!-!&U*8<&8(@%!!&!
1&3<(874&3*.!E!<*38*3-.,!!
#.<&! 13-17*.<&`! 1-3! U(%*.! $*! .*%8(44*A`! $*R&! $*! 4&$-! 4-.! *U*8<-.! E! 8-.<-! (%$(3*8<-.! $*! 4&!
(%.*;73($&$`! 8-)-! .-%! *4! 8-.<-! $*! -1-3<7%($&$! $*4! ;&.<-`! 4-.! *.<()&<(F-.! $*4! F&4-3! $*! 4&.!
1/3$($&.!G7)&%&.!-!(%847.(F*!*4!$*.&4(*%<-!&!4&.!(%F*3.(-%*.,!+-$-.!*4*)*%<-.!$*!;3&%!F&49&!
E!*U*8<-.!3*&4*.`!1*3-!a7*!8-%44*F&%!854874-.!$(U98(4!$*!$()*%.(-%&3,!!
?*!U-3)&!&M3*F(&$&!*4!8-.<-!$*!4&!(%.*;73($&$!.*!14&%<*&!8-)-K!
!
!
!
!
!
!
!
!
VY!
!
!
/)9%&+*9+*+D+&$%@%9"9*9+,*;"5$(*+)*5+;<#%9"9VW*
#.!7%!9%$(8*!8-)17*.<-!a7*!<(*%*!1-3!-MR*<(F-!%[email protected]!)*$(3!875%<-!.*!;&.<&!*%!)&<*3(&!$*!
.*;73($&$!1LM4(8&`!.(%-!<&)M(/%!a7/!.*!-M<(*%*!&!8&)M(-!$*4!;&.<-!*R*38($-,!#%!3*.7)*%`!
M7.8&!*.<()&3!*4!*U*8<-!)&3;(%&4!a7*!8&$&!1*.-!&$(8(-%&4!$*!;&.<-!<(*%*!*%!4&!3*$788(@%!$*!4&!
&8<(F($&$!$*4(8<(F&,!
#.<*!9%$(8*!$*M*!)*$(3`!<&%<-!&!%(F*4!U*$*3&4!8-)-!*.<&<&4`!*4!;&.<-!$(3*8<-!*%!)&<*3(&!$*!
.*;73($&$!a7*!.*!*^13*.&!*%!<3*.!$*1*%$*%8(&.!8*%<3&4*.K!4&.!D*83*<&39&.!$*!D*;73($&$!
CLM4(8&!$*!4-.!*.<&$-.!-!U*$*3&4!b-!.7.!*a7(F&4*%<*.!8-)-!4&![;*%8(&!$*!D*;73($&$!#.<&<&4!*%!
*4!#.<&$-!$*!2/^(8-c`!4&.!C3-873&$739&.!$*!'7.<(8(&!ba7*!(%847E*%!4-.!)(%(.<*3(-.!1LM4(8-.c!E!
4&.!<3&%.U*3*%8(&.!8*%<3&4*.!bE&!.*&!$*!4-.!;-M(*3%-.!-!$*!4&!U*$*3&8(@%c!&!4-.!)7%(8(1(-.!1&3&!
3*.-4F*3!<*)&.!$*!.*;73($&$,QZ!
?&$-!a7*!4&!(%U-3)&8(@%!$*M(*3&!*^(.<(3!*%!4&!87*%<&!1LM4(8&!$*!4-.!*.<&$-.`!.*!3*a7(*3*!$*!7%!
*a7(1-!1*a7*\-!1*3-!*^1*3()*%<&$-!*%!*4!)&%*R-!$*!;&.<-`!13*.717*.<-!E!87*%<&!1LM4(8&!
a7*!17*$&!$&3!.*;7()(*%<-!&!*.<*!$*.;4-.*,!>&!13-M4*)5<(8&!13-F(*%*!$*4!G*8G-!$*!a7*!8&$&!
*%<($&$!U*$*3&<(F&!8-%<&M(4(A&!.7.!*;3*.-.!$*!U-3)&!$(U*3*%<*!E`!1-3!4-!<&%<-`!*4!F-47)*%!$*!
;&.<-.!*%<3*!4&.!$(.<(%<&.!*%<($&$*.!17*$*!F&3(&3!.(;%(U(8&<(F&)*%<*!-!.()14*)*%<*!.*3!
()1-.(M4*!$*!*%8-%<3&3!1-3!*.<&3!&.*%<&$-!*%!7%&!1&3<($&!8-%!$(U*3*%<*!$*%-)(%&8(@%!-!
%-)*%84&<73&,QS!
#.<*!9%$(8*!17*$*!3*&4(A&3.*!8-%!M&.*!N""`!$-%$*!"!.(;%(U(8&!7%!%74-!*U*8<-!$*4!;&.<-!*%!4&!
3*$788(@%!$*!$*4(<-.!E!N""!7%!*U*8<[email protected]<()-,!D*!3*8-)(*%$&!%-!-M.<&%<*!a7*!.*!3*&4(8*!7%!
3&%H(%;!$*!M&%$&.`!-!.*&`!7%&!&;371&8(@%!$*!8&<*;-39&.!a7*!1-$39&!.*3!;&.<-!&4<&)*%<*!
13-$78<(F-`!13-$78<(F-`!3*;74&3`!()13-$78<(F-!E!)7E!()13-$78<(F-!-!&4;7%&!8&<*;-3(A&8(@%!
.()(4&3,!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
QP!_-<&K!4&!)*<-$-4-;9&!13-17*.<&!*%!*.<*!9%$(8*!*.!4&!)*R-3!&13-^()&8(@%!8-%!4&!(%U-3)&8(@%!*^(.<*%<*,!
[4!%-!*^(.<(3!;371-.!$*!8-%<3-4!4&!*F&47&8(@%!U(%&4!$*!4-.!3*.74<&$-.!*.!*.<&$9.<(8&)*%<*!(%8-%847.&,!!
QZ!C-3!*4!8&358<*3!$*!4&!(%U-3)&8(@%`!.*!3*8-)(*%$&!(%<*;3&34-!$*!U-3)&!&%7&4,!
QS!>&!%7*F&!>*E!$*!=-%<&M(4($&$!67M*3%&)*%<&4`!1*3)(<(35!*.<&%$&3(A&3!1358<(8&.!$*!3*;(.<3-!&!<-$-.!
4-.!%(F*4*.,!
!
!
VP!
!
!
!
!
#%!3*.7)*%`!*.<-.!87&<3-!9%$(8*.!.-%!7%&!)7*.<3&!$*4!<(1-!$*!(%.<37)*%<-.!$*!)*$(8(@%!a7*!
.*!17*$*%!$*.&33-44&3!7%&!F*A!a7*!4-.!$&<-.!$*4!;&.<-!1LM4(8-!*%!)&<*3(&!$*!.*;73($&$!.*&%!
&$*87&$&)*%<*!$*<*3)(%&$-.,!#.!()1-3<&%<*!.*\&4&3!a7*!4&.!)*$(8(-%*.!$*M*%!G&8*3.*!1-3!
*%<($&$! U*$*3&<(F&! E! 8&$&! &\-! 1&3&! 1*3)(<(3! 8-)1&3&8(-%*.! F*3<(8&4*.! b(%<3&B*.<&$-c! E!
G-3(A-%<&4*.! b(%<*3B*.<&$-c,! d`! 1-3! 4-! 13-%<-`! 7<(4(A&3! 4-.! *.<()&$-.! a7*! .*! *%87*%<3*%!
$(.1-%(M4*.,!
!
!
!
VZ!
!
3()5%9+#"&%()+5*D%)",+5*
*
*
#%!*.<*!<3&M&R-!.*!G&%!13-17*.<-!$(.<(%<-.!9%$(8*.!*!(%$(8&$-3*.!8-%!4-.!87&4*.!1-$39&!
)-%(<-3*&3.*!4&!*F-478(@%!!b-!(%F-478(@%c!$*!4&.!F&3(&M4*.!)5.!()1-3<&%<*.!$*!4&!.*;73($&$!
1LM4(8&!*%!%7*.<3-!1&9.,!C7$(*3&%!*^(.<(3!&4;7%-.!-<3-.!$-)(%(-.!a7*!G&E&%!a7*$&$-!U7*3&`!
1*3-!8-%.($*3&)-.!a7*!4-.!.*(.!*R*.!&%&4(A&$-.!.-%!.7U(8(*%<*.`!1-3!4-!)*%-.!*%!*.<&!13()*3&!
*<&1&`!1&3&!<*%*3!7%!1&%-3&)&!;*%*3&4!$*4!<(1-!$*!)*$(8(-%*.!a7*!$*M*39&%!$*.&33-44&3.*,!
>&!U-3<&4*A&!$*!*.<&!13-17*.<&!%-!*.<5!*%!4-!$*.*&M4*!.(%-!*%!4-!1-.(M4*,!+-$-.!4-.!
(%$(8&$-3*.!13-17*.<-.!.-%!U&8<(M4*.!$*!$*.&33-44&3.*,![4;7%-.!3*a7(*3*%!$*!8(*3<&!
&.(;%&8(@%!$*!3*873.-.!8-33(*%<*.!a7*!$*M*%!8-%<*)14&3.*!)5.!&445!$*4!;&.<-!*%!3*873.-.!
G7)&%-.,!#%!*.1*8(&4`!4&.!*%87*.<&.!$*!F(8<()(A&8(@%!.-%!()1-3<&%<*.!$&$-!*4!1-M3*!*.<&$-!
$*!4&!(%U-3)&8(@%!a7*!.*!-M<(*%*!$*!4&.!13-873&$739&.,!D(%!*)M&3;-`!4-.!8-.<-.!$*!4&.!
*%87*.<&.`!*%!3*&4($&$`!.-%!M&R-.!.(!.*!8-)1&3&!8-%!4-.!a7*!4-.!)(%(.<*3(-.!1LM4(8-.`!1-3!
*R*)14-`!;&.<&%!*%!3*8-4*8<&3!.7!13-1(&!(%U-3)&8(@%,!#%!3*.7)*%`!*.!1-.(M4*!$*.&33-44&3!7%&!
(%(8(&<(F&!a7*!8-%<*)14*!7%&!&.(;%&8(@%!13*.717*.<&3(&!1&3&!a7*!4&.!*%87*.<&.!.*!
$*.&33-44*%!8-%!7%&!U3*87*%8(&!3&A-%&M4*!E!13**.<&M4*8($&,!
25.!&445!$*!4-.!8-.<-.`!4&!F&3(&M4*!84&F*!1&3&!*4!/^(<-!$*!*.<*!13-E*8<-!*.!4&!8-%U-3)&8(@%!$*!
7%!*a7(1-!13-U*.(-%&4!$*!<3&M&R-!a7*!<*%;&!7%!M7*%!8-%-8()(*%<-!$*!4&!)&<*3(&!E!a7*!.*!
$*$(a7*!&!*.<&!<&3*&!*%!U-3)&!1*3)&%*%<*,!D(!*.!7%!-M.*3F&<-3(-`!7%!;&M(%*<*!$*!&%54(.(.!-!
7%!8*%<3-!$*!*.<&$9.<(8&.`!*.<*!*a7(1-!$*M*!$*.&33-44&3!13-8*$()(*%<-.!E!8-%.<3788(@%!$*!
M&.*.!$*!(%U-3)&8(@%!a7*!.*&%!$*!4(M3*!&88*.-!E!*.837<(%(-!1LM4(8-,!>-.!9%$(8*.!a7*!.*!
13-1-%;&%!E!4-.!3*.74<&$-.!a7*!8-%!*44-.!.*!-M<*%;&%!$*M*%!.*3!&M.-47<&)*%<*!
<3&%.1&3*%<*.,!
[.()(.)-`!4&!F(3<7$!$*!4-.!9%$(8*.!*!(%$(8&$-3*.!*.!a7*!3*.7)*%!7%&!(%U-3)&8(@%!F&4(-.&,!C-3!
4-!<&%<-`!4&!8&1&8($&$!$*!3*.7)(3!$*M*!.*3!7%&!;79&!$*!4-.!)(.)-.,!#4!)&E-3!&<3(M7<-!$*!7%!
(%$(8&$-3!*.!.7!.()14*A&,![a7*44-.!(%$(8&$-3*.!a7*!U&44&%!*%!.()14(U(8&3!7%!$*M&<*!1LM4(8-!%-!
87)14*%!8-%!.7!8-)*<($-,!w7(*%*.!$*8($&%!&8*38&!$*!a7/!(%$(8&$-3*.!*!9%$(8*.!()174.&3!
$*M*%!8-%.($*3&3!1-3!.-M3*!<-$-!4&!.()14*A&!$*!4&!(%U-3)&8(@%!a7*!.*!13-F*&,!
#%!*.<&!13-17*.<&!.*!13*.*%<&!7%!)*%L!$*!1-.(M4*.!(%$(8&$-3*.!a7*!17*$*%!.*%<&3!4&.!M&.*.!
$*!7%!)-%(<-3*-!1*3)&%*%<*!&8*38&!$*[email protected])-!F&)-.!*%!$(.<(%<&.!U&8*<&.!$*!4&!.*;73($&$!
1LM4(8&!*%!2/^(8-,!D-%!3*4&<(F&)*%<*!.()14*.!E!87)14*%!8-%!.7!)(.(@%!-3(;(%&4`!*.!$*8(3`!
!
!
VS!
!
*.<5%!&1*;&$-.!&!4-.!-MR*<(F-.!a7*!8&$&!7%-!$*!*44-.!.*!14&%<*&,!d!1-3!.-M3*!<-$-`!-3$*%&%!*4!
$*M&<*!-MR*<(F-!&8*38&!$*4!*.<&$-!$*4!$*4(<-!E!4&!83()(%&4($&$!&.9!8-)-!*4!)-%(<-3*-!$*!4&!
*U(8&8(&!$*!4&.!(%.<(<78(-%*.!44&)&$&.!&!13-F**3!*4!M(*%!8-)L%!a7*!4&!8(7$&$&%9&!&.1(3&K!4&!
.*;73($&$,!
>&.!3*8-)*%$&8(-%*.!U(%&4*.!.*!17*$*%!3*.7)(3!*%!4-.!.(;7(*%<*.!17%<-.K!
•
]*&4(A&3!*%87*.<&.!1*3(@$(8&.`!1-3!4-!)*%-.!8&$&!$-.!&\-.`!a7*!)($&%!F(8<()(A&8(@%`!
1*38*18(@%`!-1(%(@%!E!.&<(.U&88(@%!8(7$&$&%&!
•
=-%.<37(3!*4!9%$(8*!8-)17*.<-!$*!&8<(F($&$!$*4(8<(F&!a7*!.(3F&!$*!kM*%8G)&3Hl!!
•
6*%*3&3!7%&!4&M-3&<-3(-!$*!13-U*.(-%&4*.!&7<@%-)-.!a7*!3*4*F*%`!&%&4(8*%!E!*4&M-3*%!
4-.!(%$(8&$-3*.!*!9%$(8*.!8-%!1*3(-$(8($&$!13*B*.<&M4*8($&!
•
6&3&%<(A&3!4&!&7<-%-)9&!13*.717*.<&3(&!$*!*.<*!4&M-3&<-3(-!
•
J)174.&3!7%!8-%.*R-!$(3*8<(F-!a7*!.71*3F(.*!U&8*<&.!</8%(8&.!E!8-%8*1<7&4*.!$*4!
4&M-3&<-3(-!!
•
J%8*%<(F&3!7%&!*.<3*8G&!8-4&M-3&8(@%!8-%!J_#6J!E!*%<($&$*.!&8&$/)(8&.!1&3&!&7$(<&3!E!
8&4(U(8&3!4&!8&4($&$!$*!4-.!$&<-.!a7*!13-$78*%!4&.!*%<($&$*.!U**$*3&<(F&.,!
•
]*&4(A&3!3*F(.(-%*.!&%7&4*.!1&3&!$*<*3)(%&3&!.(!4-.!$(.<(%<-.!9%$(8*.!13-$78($-.!87)14*%!
8-%!.7!8-)*<($-!
!
!
VT!
!
!
?)+E(5*
*
*
*
L">,"*XY!]*.7)*%!E!.7!R7.<(U(8&8(@%!1-3!*R*!<*)5<(8-!$*!4&!M&<*39&!$*!9%$(8*.!*!(%$(8&$-3*.!*%!
)&<*3(&!$*!.*;73($&$!1LM4(8&,!
*
L">,"*GY!D9%<*.(.!$*!*.<&$9.<(8&!3*;(.<3&$&!1&3&!4-.!9%$(8*.!*!(%$(8&$-3*.!*%!)&<*3(&!$*!.*;73($&$!
1LM4(8&,!
!
0($"*XY!_-<&!</8%(8&B)*<[email protected];(8&!.-M3*!)*$(8(@%`!)7*.<3*-!E!&4;-3(<)-.!7<(4(A&$-.!1&3&!*4!
854874-!$*!4-.!9%$(8*.!*!(%$(8&$-3*.!*%!)&<*3(&!$*!.*;73($&$!1LM4(8&,!
!
!
VV!
!
!
L">,"*XY!]*.7)*%!E!.7!R7.<(U(8&8(@%!1-3!*R*!<*)5<(8-!$*!4&!M&<*39&!$*!9%$(8*.!*!(%$(8&$-3*.!*%!
)&<*3(&!$*!.*;73($&$!1LM4(8&,!
/)9%&+*(*%)9%&"9(#*
J,!
*
*
!
J%8($*%8(&!$*4(8<(F&!
C3*F&4*%8(&!$*4(8<(F&!
=(U3&!%*;3&!
W%$(8*!%&8(-%&4!$*4!$*4(<-!
D*87*.<3-!
JJ,!
#4!<*)&!8*%<3&4!E!*4!)5.!8-)14*R-!$*!$*.&33-44&3!1-3!
87*.<(-%*.!</8%(8&.`!)*<[email protected];(8&.`!E!$*!)74<(14(8($&$!
$*!&8<-3*.,!:7.8&!$()*%.(-%&3!*%!4&!U-3)&!)5.!-MR*<(F&!
1-.(M4*!4&!)&;%(<7$!$*!4&!&8<(F($&$!$*4(%87*%8(&4`!4&!
<(1-4-;9&!$*!4-.!$*4(<-.`!4&!13-U7%$($&$!E!8-)14*R($&$!
$*!4-.!)(.)-.`!*<8,![U-3<7%&$&)*%<*`!*^(.<*!7%&!&)14(&!
4(<*3&<73&!E!*^1*3(*%8(&!(%<*3%&8(-%&4!*%!*.<&!)&<*3(&,!
!
2(*$-!&4!$*4(<-!
C*38*18(@%!$*!4&!(%.*;73($&$!
+*)-3!&!.*3!F98<()&!
JJJ,!
J)17%($&$!
W%$(8*!$*!()17%($&$!;*%*3&4!
W%$(8*!$*!()17%($&$!1-3!$*4(<-.!;3&F*.!
W%$(8*!=J?[=!$*!$*.*)1*\-!$*!4&.!
13-873&$739&.!$*!R7.<(8(&!1*%&4!
W%$(8*!.&<(.U&88(@%!$*!F98<()&.!8-%!*4!2(%(.<*3(-!
CLM4(8-!E!C-4(89&.!
+&.&!$*!3*8-)*%$&8(-%*.!$*!4&.!8-)(.(-%*.!$*!
$*3*8G-.!G7)&%-.!&!87*31-.!1-4(89&8-.!
[<*%8(@%!&!44&)&$&.!$*!*)*3;*%8(&!
W%$(8*!$*!.&<(.U&88(@%!8(7$&$&%&!8-%!4&!C-4(89&!
W%$(8*!$*!.&<(.U&88(@%!$*!F98<()&.!8-%!*4!
$*.*)1*\-!1-4(8(&4!
L#%><)",+5*
W%$(8*!$*!$73&8(@%!$*4!13-8*.-!
W%$(8*!$*!$*.*)1*\-!$*!4-.!R7*8*.!
W%$(8*!$*!(%<*3/.!$*!4&.!F98<()&.!
7%5$+8"*!+)%$+)&%"#%(*
]&$(-;3&U9&!$*4!D(.<*)&!C*%(<*%8(&3(-!
W%$(8*!$*!F(8<()(A&8(@%!*%!3*847.-3(-.!E!
1*%(<*%8(&3(&.!
]*(%8($*%8(&!
W%$(8*!$*!*U*8<(F($&$!$*!1-49<(8&!83()(%[email protected];(8&!
!
!
!
R<5$%D%&"&%6)*
!
!
C*38*18(@%!8(7$&$&%&!*.!%-$&4!1&3&!4&.!&7<-3($&$*.!E!
*4!1LM4(8-!*%!;*%*3&4,!]*U4*R&!*4!174.-!-!.*%.&8(-%*.!
b<*)-3`!)(*$-`!8&)M(-!$*!G5M(<-.`!*<8,c!$*!4&!1-M4&8(@%!
&8*38&!$*!$(.<(%<-.!&.1*8<-.!$*!4&!(%.*;73($&$,!D7!
()1-3<&%8(&!3&$(8&!*%!a7*!<*%*3!7%&!M&.*!7%(U-3)*!
&8*38&!$*[email protected])-!.*!.(*%<*!4&!1-M4&8(@%!3*.1*8<-!&4!<*)&`!
&.9!8-)-!4&.!8-%$(8(-%*.!a7*!()1*3&%!*%!.7!4-8&4($&$,!
!
!
#U(8&8(&!(%.<(<78(-%&4!&!1&3<(3!$*4!&%54(.(.!$*!4&!
*U(8(*%8(&!$*!4&!&7<-3($&$!E!.7.!*U*8<-.!*%!4&!&8<(F($&$!
$*4(%87*%8(&4,!C3-873&!$&3!.*;7()(*%<-!&!4-.!13-8*.-.!E!
)*8&%(.)-.!1-3!4-.!87&4*.!4&.!&7<-3($&$*.!4-;3&%!
$*<*%*3!E!8&.<(;&3!&!4-.!13*.7%<-.!3*.1-%.&M4*.!$*!4-.!
&8<-.!$*4(8<(F-.`!E!8-%-8*3!3*.74<&$-.!$*!4-.!13-8*.-.!
$*!*%8&38*4&)(*%<-!E!3*&$&1<&8(@%!.-8(&4,!D*!(%$&;&!
*%<3*!-<3-.!&.1*8<-.`[email protected])-!4&.!F98<()&.!.-%!<3&<&$&.!
1-3!*4!.(.<*)&`[email protected])-!4&.!&7<-3($&$*.!3*.1-%$*%!&!4-.!
44&)&$-.!8(7$&$&%-.`!-!a7/!<(1-!$*!3*.17*.<&.!.*!
-M<(*%*%!&!4&.!$*%7%8(&.,!![.()(.)-`!.*!*^&)(%&!4&!
&8<(F($&$!$*!13-873&8(@%!E!&$).(%(<3&8(@%!$*!R7.<(8(&,!
!
!
!
!
VQ!
!
Jg,!
!
6&.<-!CLM4(8-!*%!.*;73($&$!
#4!8-.<-!$*4!$*4(<-!!
#4!8-.<-!$*!4&!(%.*;73($&$!*%!2/^(8-!
#U*8<(F($&$!$*4!;&.<-!*%!.*;73($&$!
#.!%*8*.&3(-!.&M*3!875%<-!87*.<&!&!4&!.-8(*$&$!*4!$*4(<-!
E!*4!8-)M&<*!&4!U*%@)*%-!)(.)-,!2($*!*4!8-.<-B
M*%*U(8(-!$*!4&.!$(.<(%<&.!*.<3&<*;(&.!E!1-49<(8&.!
1LM4(8&.!*%!)&<*3(&!$*!.*;73($&$`!E!&!4&!F*A!M7.8&!
<3&%.1&3*%<&3!E!3*%$(3!87*%<&.!*%!7%!53*&!$-%$*!4&!
(%U-3)&8(@%!E!F*3(U(8&8(@%!G&%!.($-!<3&$(8(-%&4)*%<*!
*.8&.&.,!D*!$*M*!(%847(3!7%!.*;7()(*%<-!&!4&!*R*878(@%!
$*4!;&.<-!1LM4(8-!*%!*.<*!37M3-!$*!&87*3$-!8-%!
3*.74<&$-.!8-)1&3&M4*.!&!4&!47A!$*!-<3-!<(1-!$*!;&.<-!
13(-3(<&3(-,!
!
**
!
!
VX!
!
*
L">,"*GY*]*;(.<3-!*.<&$9.<(8-!E!8(U3&.!1&3&!4-.!9%$(8*.!*!(%$(8&$-3*.!*%!)&<*3(&!$*!.*;73($&$!
1LM4(8&,*
!
!
C*9#*/#%S3!
"#$%&%'('!)*+%#$%&(!
"2-)0!22-3#!
7!
5!
E!
I!
AF%#%*3#%(!Y!*F%#(#%(!%3-$%$4#%13(+!
!
^(-$1!
!
!
23#%'*3#%(!)*+%#$%&(!!!!!8$(-(!/19!7::;:::!<(=>?!
C9*&(+*3#%(!)*+%#$%&(!!!8D?!
@%F9(!G*H9(!!!!!!!!!!!!!!!!!!!!!!8D?!
J3'%#*!G(#%13(+!'*+!)*+%$1!
,! B*#4*-$91!!!!!!!!!!!!!!!!!!!!!!!!!89(3H1!K!%3#%'*3$*-;!.%3L.(M?!
!
!
Q! N%*'1!(+!'*+%$1!!!!!!!!!!!!!!8D?!
R! C*9#*/#%S3!'*!+(!%3-*H49%'('!89(3H1!*-$(3'(9%T('1?!
6! U*.19!(!-*9!&V#$%.(!!!!8D?!
!
!
W! 2./43%'('!!!!!!!!!!!!!!!!!!!8D?!
7:! J3'%#*!'*!%./43%'('!H*3*9(+!!8D?!
77! J3'%#*!'*!%./43%'('!/19!'*+%$1-!H9(&*-!!8D?!
75! J3'%#*[email protected])"@!'*!'*-*./*01!'*!+(-!/91#49('49V(-!
J3'%#*!'*!-($%-F(##%S3!'*!&V#$%.(-!#13!*+!N%3%-$*9%1!
7E! CP=+%#1!!!!!!!!!!!!!!!!!!!!!!!!!8*-#(+(!7!(!7:!*3!)>X>!Y!A>!N*M?!
U(-(!'*!9*#1.*3'(#%13*-!'*!+(-!#1.%-%13*-!'*!
7I! '*9*#<1-!<4.(31-!(!#4*9/1-!/1+%#V(#1-!8D?!
7,! "$*3#%S3!'*!++(.('(-!(!*.*9H*3#%(!8D!($*3#%S3?!
J3'%#*!'*!B($%-F(##%S3!#%4'('(3(!#13!+(!/1+%#V(!
7Q! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8*-#(+(!7!(!7:!*3!)>X>!Y!A>!N*M?!
J3'%#*!'*!-($%-F(##%S3!'*!&V#$%.(-!#13!*+!
7R! '*-*./*01!/1+%#%(+!!!!8*-#(+(!7!(!7:!*3!)>X>!Y!A>!N*M?!
76! J3'%#*!'*!'49(#%S3!'*+!/91#*-1!8'V(-!<[=%+*-?!
7W! J3'%#*!'*-*./*01!'*!+1-!\4*#*-!!!8D?!
5:! J3'%#*!'*!%3$*9O-!'*!+(-!&V#$%.(-!!8D?!
57! ]('%1H9(FV(!-%-$*.(!/*3%$*3#%(9%1!!8%3F!'%-/13%=+*?!
J3'%#*!'*!&%#$%.%T(#%S3!*3!9*#+4-19%1-!Y!
55! /*3%$*3#%(9%(-!!!!!!!!!!!!!8K!%3#%'*3#%(-?!
5E! ]*%3#%'*3#%(!!!!!!!!!!!!!!!8*-$%.(#%S3!D!#13!*3#4*-$(?!
5I! J3'%#*!'*!*F*#$%&%'('!'*!/1+V$%#(!#9%.%31+SH%#(!
!
!
5,! ^(-$1!CP=+%#1!*3!B*H49%'('!8!.'/!(!/9*#%1-!'*!5::6?!
5Q! @1-$1!'*+!)*+%$1!!!!!!!!!!8!D!'*+!C2_?!
5R! ^(-$1!/9%&('1!*3!B*H49%'('!!!!8!.'/!(!/9*#%1-!'*!5::6?!
56! AF*#$%&%'('!'*+!H(-$1!*3!-*H49%'('!!89(3H1!L7>:!(!7>:?!
45#)/#!
6771!
6778!
[email protected]!
*79:77!
*69777!
[email protected]!
*7;8<!
**;:<!
[email protected]!
81<!
8:<!
@2)"@!
NOM%#1!
A&(+P(!
6=;*!)-2!
*[email protected]!
=*9*81!
>=;?!)-2!
*69+*=!A!
1?=+>!
!
!
!
[email protected]!
:+<!
=:<!
@2)A!
6;8!
>9*!
@2)A!
:1<!
==<!
!
!
!
@2)"@!
+8;1=<!
+8;>><!
!
!);B;!
!);B;!
!
!);B;!
!);B;!
@2)"@!
::;*6!C6776D!
);B;!
@2)A!
:;7!
?;:!
@G)Z!
!);B;!
!);B;!
@2)A!
!?+;?!<!
?1;=!<!
@2)A!
?;>!
?;7!
@2)A!
?;+!
:;7!
!
!);B;!
!);B;!
!
!);B;!
!);B;!
!
!);B;!
!);B;!
2GA^2;!BBC!
!);B;!
!);B;!
_*9H.(3;!
"T(1+(!
>=!#3#)/0.!
::!#3#)/0.!
@2)A!
6:96<!
!);B;!
@2)"@!
!);B;!
!);B;!
!
!
!
[email protected]!!
819777!
*=+;777!
[email protected]`[email protected]!
*;7:<!
!);B;!
[email protected]!L!A3-%!,!
+:96+6!
!);B;!
@2)A!
!);B;!
!);B;!
*
!
!
Q"!
!
0($"*XY!_-<&!</8%(8&B)*<[email protected];(8&!.-M3*!)*$(8(@%`!)7*.<3*-!E!&4;-3(<)-.!7<(4(A&$-.!1&3&!*4!
854874-!$*!4-.!9%$(8*.!*!(%$(8&$-3*.!*%!)&<*3(&!$*!.*;73($&$!1LM4(8&,!
>&!13*.*%<*!M&<*39&!a7*!*.<*!*.<7$(-!13*.*%<&`!1&3<(@!$*!7%&!*.<3&<*;(&!$*!7.-!E!&%54(.(.!$*!$&<-.!
8-%!7%!U(%!*.1*89U(8-,!>-.!*4*)*%<-.!)*<[email protected];(8-.!E!$*!(%<*;3&8(@%!$*!$&<-.!U7*3-%!4-.!
%*8*.&3(-.!1&3&!&48&%A&3!*4!-MR*<(F-!$*!-U3*8*3!*4*)*%<-.!M5.(8-.!E!U7%$&)*%<&4*.!1&3&!
$*.83(M(3!*4!U*%@)*%-!$*!.*;73($&$!E!R7.<(8(&!*%!2/^(8-,!!
#.!U3*87*%<*!!a7*!4-.!7.7&3(-.!$*.**%!8-%<&3!8-%!&%54(.(.!(%<*313*<&<(F-.!.-M3*!4&.!8-%.*87*%8(&.!
$*!4&.!8-)13-M&8(-%*.!*.<&$9.<(8&.`!.(%!*)M&3;-`!.*!8-%.($*3&!)5.!&$*87&$-!E!137$*%<*!a7*!*4!
&%54(.(.!$*!4&.!1-49<(8&.!E!4&!(%<*313*<&8(@%!$*!4-.!$&<-.!.*&%!44*F&$-.!&!8&M-!1-3!4-.!*.1*8(&4(.<&.!
*%!4&!)&<*3(&!8-%!4&!-3(*%<&8(@%!$*!4-.!*^1*3<-.!*%!4&!*.<&$9.<(8&,!!
?*!*%<3*!4-.!*4*)*%<-.!7<(4(A&$-.!1-3!4&.!$(F*3.&.!&;*%8(&.!;*%*3&$-3&.!$*!*.<&$9.<(8&`!.*!
13*.*%<&!4&!8-%8*1<7&4(A&8(@%!$*!4-.!)5.!3*8733*%<*.,!!
!
45$"9:5$%&"5*9+5&#%'$%@"5**
+*%(*%$-!*%!87*%<&!*4!*.<&$-!&8<7&4!$*!4&!*.<&$9.<(8&!.-M3*!.*;73($&$!E!R7.<(8(&!1*%&4`!*%!
</3)(%-.!$*!.7!$(.1-%(M(4($&$!E!.-4($*A`!*.!1-.(M4*!F*3!*4!1-3a7/!*4!&%54(.(.!$*!4&.!*.<&$9.<(8&.!
.-M3*!R7.<(8(&!<(*%$*!&!.*3!4()(<&$-,!>&!)&E-3!1&3<*!$*4!&%54(.(.!.*!*%U-8&!a7*!;*%*3&3!
*.<&$9.<(8&.!$*.83(1<(F&.!.()14*.`!8-)-!U3*87*%8(&.`!1-38*%<&R*.`!<&.&.!E!<&.&.!$*!F&3(&8(@%,!#.&.!
*.<&$9.<(8&.!.()14*.`!8-)-!.*!G&!&17%<&$-`!.-%!%*8*.&3(&.!1&3&!1-$*3!$&3!3*.17*.<&!&!
%7)*3-.&.!13*;7%<&.!M5.(8&.`!<&4*.!8-)-!875%<-.!$*4(<-.!.*!$*%7%8(&3-%!*%!7%!&\-!
$*<*3)(%&$-`!*4!1-38*%<&R*!$*4!<-<&4!$*!$*4(<-.!$*%7%8(&$-.!8-%<3&!4&!13-1(*$&$`!$*4(<-.!
$*%7%8(&$-.!1-3!8&$&!N""`"""!G&M(<&%<*.`!8754!U7*!4&!<&.&!$*!(%83*)*%<-!$*!4&!8&%<($&$!$*!4-.!
$*4(<-.!$*!7%!&\-!&4!.(;7(*%<*`!*<8/<*3&,!!
!
368'<$(5*-*D#+&<+)&%"5Y!!
>-.!13(%8(1&4*.!13-$78<-.!$*!7%!.(.<*)&!$*!*.<&$9.<(8&.!.-M3*!.*;73($&$!E!R7.<(8(&!1*%&4!.7*4*!
*^13*.&3.*!)*$(&%<*!7%&!7%($&$!$*[email protected])17<-!.()14*!b1-3!*R*)14-`!$*!$*4(<-.c!E!4&!84&.(U(8&8(@%!
$*!$(8G&.!7%($&$*.!b1-3!*R*)14-`!3-M-!7!G-)(8($(-c,!
!
!
!
QN!
!
=7&%$-!.*!<3&<&!$*!8&<*;-39&.!$*!84&.(U(8&8(@%!%-)(%&4*.!b<(1-.!$*!$*4(<-`!73M&%-!-!373&4`!
*<8/<*3&c`!4&!&3(<)/<(8&!%*8*.&3(&[email protected]!(%<*;3&!7%!.()14*!3*87*%<-!$*!4-.!8&.-.!$*!8&$&!8&<*;-39&,!
D(%!*)M&3;-`!87&%$-!.*!7<(4(A&%!$&<-.!1-3!(%<*3F&4-.`!*.!$*8(3`!$&<-.!a7*!.*!$(.<3(M7E*%!*%!7%&!
*.8&4&!b<&4*.!8-)-!*$&$*.!$*!4-.!$*4(%87*%<*.`!(%;3*.-.!-!$73&8(@%!$*!4&!8-%$*%&c`!*.!%*8*.&3(-!
&$-1<&3!$*8(.(-%*.!&8*38&!$*!875%<&.!8&<*;-39&.!G&%!$*!7<(4(A&3.*[email protected]%$*!*.<&M4*8*3!4-.!49)(<*.!
1&3&!8&4874&3!4&.!U3*87*%8(&.,!#^(.<*%!*F($*%<*.!F*%<&R&.!*%!7<(4(A&3!8&<*;-39&.!8-)1&3&M4*.!E!
8-%;37*%<*.!8-%!4&.!a7*!*)14*&%!-<3-.!-3;&%(.)-.!a7*!*4&M-3&%!*.<&$9.<(8&.!&!%(F*4!
(%<*3%&8(-%&4,!>&.!$*8(.(-%*.!a7*!.*!<-)*%!&8*38&!$*!4&.!8&<*;-39&.!a7*!G&%!$*!7<(4(A&3.*!*%!*4!
&%54(.(.!<&)M(/%!(%U47E*%!U7*3<*)*%<*!*%!*4!%(F*4!$*!&;3*;&8(@%!&4!a7*!$*M*39&%!3*7%(3.*!E!
13-8*.&3!4-.!$&<-.`!&.9!8-)-!4&!*.<378<73&!$*!4-.!-3$*%&)(*%<-.!R7.<(8(&!1*%&4,!
!
!(#&+)$"J+5,!!
>-.!1-38*%<&R*.!.7*4*%!7<(4(A&3.*!*%!4&!13*.*%<&8(@%!$*!4-.!$&<-.!.-M3*!4&!$*4(%87*%8(&!1-3a7*!*.!
.*%8(44-!8&4874&34-.!E!.-%!L<(4*.!1&3&!.*\&4&3!4&.!13-1-38(-%*.!3*4&<(F&.!$*!8&$&!7%&!$*!4&.!
8&<*;-39&.!8-)13*%$($&.!$*%<3-!$*!7%&!84&.*!b1-3!*R*)14-`!$*4(<-.!F(-4*%<-.K!NSpf!$*4(<-.!%-!
F(-4*%<-.K!QSpf!<-<&4!$*!$*4(<-.K!N""pc,[email protected]!*.!&$*87&$-!8&4874&3!1-38*%<&R*.!87&%$-!4&!
8&%<($&$!<-<&4!$*!8&.-.!*.!.7U(8(*%<*)*%<*!;3&%$*,![!U(%!$*!*F(<&3!(%<*313*<&8(-%*.!*%;&\-.&.`!4&!
%-3)&!*.!a7*!R7%<-!8-%!4-.!1-38*%<&R*.!.*!8-)7%(a7*!4&!8&%<($&$!3*&4!$*!8&.-.,!!
!
!
!
!
!
!!
=&%<($&$!$*!$*4(<-.!F(-4*%<-.!
p!$*!$*4(<-.!F(-4*%<-.!y!!!!!!!!!!!zzzzzzzzzzzz! !^!!N""!
! !!!
!!!!!!!!!!!!+-<&4!$*!$*4(<-.!!
!
L"5"5,!!
>&!)&E-39&!$*!4-.!.(.<*)&.!$*!*.<&$9.<(8&.!*%!.*;73($&$!1LM4(8&`!8-%.($*3&!*4!854874-!$*!<&.&.!
8-)-!1&3<(874&3)*%<*!F&4(-.-!1&3&!$*.83(M(3!4-.!$&<-.!1-3!7%($&$!$*[email protected])17<-`!17*.!4&.!<&.&.!
1*3)(<*%!7%&!U58(4!8-)1&3&8(@%!*%<3*!4&.!7%($&$*.!$*!7%-.!;371-.!E!-<3-.`!&.9!8-)-!*%!*4!
<(*)1-,!>&!)&E-39&!$*!4&.!<&.&.!8-33(*%<*.!*%!)&<*3(&!$*!R7.<(8(&!1*%&4`!8-)-!4&!<&.&!$*!
83()(%&4($&$`!<-)&%!8-)-!M&.*!4-.!$&<-.!3*4&<(F-.!&!4&!1-M4&8(@%,!
!
!
QY!
!
!
#R*)14-K!!
!
!
!
!
=&%<($&$!$*!$*4(<-.!!
+&.&!$*!83()(%&4($&$!y!zzzzzzzzz!^!!N""`"""!
! C-M4&8(@%!<-<&4!!
!
C&3&!8&4874&3!4&.!<&.&.!*.!%*8*.&3(-!$*<*3)(%&3!a7/!7%($&$!$*[email protected])17<-!.*!7<(4(A&35!8-)-!
%7)*3&$-3!E!8754!.*!7<(4(A&35!8-)-!$*%-)(%&$-3,!C-3!*R*)14-`!1&3&!8&4874&3!4&!<&.&!$*!3*847.(@%!
*.!1-.(M4*!-1<&3!*%<3*!$(F*3.-.!%7)*3&$-3*.`!<&4*.!8-)-!4&!8&%<($&$!$*!3*847.-.!*%!U*8G&.!
$*<*3)(%&$&.`!4&!8&%<($&$!$*!(%;3*.-.!$73&%<*!7%!1*39-$-!$*<*3)(%&$-!-!4&!8&%<($&$!$*!
8-%$*%&.!&!13(.(@%!$73&%<*!7%!1*39-$-!$*<*3)(%&$-,![.()(.)-!.*!17*$*!-1<&3!*%<3*!$(F*3.-.!
$*%-)(%&$-3*.`!<&4*.!8-)-!4&!1-M4&8(@%!<-<&4`!4&!1-M4&8(@%!&$74<&`!4&!1-M4&8(@%!*%!3(*.;-!-!*4!
<-<&4!$*!1*3.-%&.!$*84&3&$&.!8741&M4*.,!?(8G&.!$*8(.(-%*.!$*M*%!&$&1<&3.*!&!4-.!7.-.!a7*!.*!
1(*%.&!$&3!&!4-.!$&<-.`!1*3-!<&)M(/%!*.<5%!4()(<&$&.!1-3!4-.!$&<-.!$*!a7*!.*!$(.1-%*,!!
!
L"5"5*9+*@"#%"&%6),!!
#4!854874-!$*!<&.&.!$*!F&3(&8(@%!*.!L<(4!1&3&!)-%(<-3*&3!*4!;3&$-!$*!F&3(&8(@%!*%!4&!$*4(%87*%8(&!E!
4&.!3*.17*.<&.!-U(8(&4*.!&%<*!*44&,!#4!854874-!*.!M&.<&%<*!.()14*`!1*3-!3*a7(*3*!8-%<&3!8-%!$&<-.!$*!
.*3(*.!83-%[email protected];(8&.!-!1-3!4-!)*%-.!8-%!$&<-.!8-33*.1-%$(*%<*.!&!$-.!)-)*%<-.!*%!*4!<(*)1-,!
C-3!*R*)14-`!.(!*%!*4!.(.<*)&!1*%(<*%8(&3(-!$*4!1&9.!G&M9&!NS"`"""!3*847.-.!*%!7%!&\-!$&$-!E!
NTS,"""!3*847.-.!*%!*4!&\-!.(;7(*%<*`!4&!<&.&!$*!83*8()(*%<-!.*39&K!!
!
!
!
!
!
!!!!NTS,"""!t!NS","""!!
+&.&!$*!83*8()(*%<-!!!y!!!zzzzzzzzz!!!!!y!!"`N"!!!!!!!!4-!87&4!*a7(F&4*!&!7%!N"p!1-3!&\-,!
!
!
!
!
!
NS","""!!
!
h<(4(A&)-.!$"5"5*9+*@"#%"&%6)*#+",`!87&%$-!.*!3*a7(*3*!8-%-8*3!4&!)&;%(<7$!G-)-4-;&$&!$*!
&4;7%-.!$*!4-.!8-)1-%*%<*.,!>-.!13*8(-.!E!F&4-3*.!&.9!3*B*^13*.&$-.`!*4()(%&%!4-.!*U*8<-.!
!
!
QP!
!
)-%*<&3(-.!$*!(%U4&8(@%!7<(4(A&%$-!7%!$*U4&8<-3!()1498(<-!*4*;($-!1&3&!7%&!.*3(*!$*!<(*)1-!
$*<*3)(%&$&`!)(.)-!a7*!-M<*%$35!*4!!F&4-3!M&.*yN""!E!.-M3*!*4!87&4!.*!%-3)&4(A&%!4&.!
F&3(&8(-%*.!$*!%(F*4!$*!13*8(-.!&\-!&!&\-!-!1*3(-$-!&!1*3(-$-,!C&3&!*.<*!854874-!.*!7<(4(A&!*4!
9%$(8*!%&8(-%&4!$*!13*8(-.!a7*!3*1-3<&!$*!U-3)&!)*%.7&4!*4!:&%8-!$*!2/^(8-,!
!
L"><,"&%()+5**
m-E!4-.!1&a7*<*.!E!13-;3&)&.!*.<&$9.<(8-.!1*3)(<*%!F(%874&3!$(.<(%<-.!$&<-.`!4&.!<&M74&8(-%*.!
837A&$&.!$*!$-.!-!)5.!F&3(&M4*.!.-%!&4;7%-.!$*!4-.!13-$78<-.!)5.!()1-3<&%<*.!E!17*$*%!-U3*8*3!
()1-3<&%<*.!*4*)*%<-.!$*!&%54(.(.!8-33*4&8(-%&$-,!C&3&!U-3)74&3!14&%*.!$*!<&M74&8(@%!*.!13*8(.-!
$*8($(3`!1-3!*R*)14-`!a7/!.*3(*.!$*!$&<-.!7<(4(A&3`!a7/!F&3(&M4*.!.*!837A&35%!E!8-%!a7/!
84&.(U(8&8(-%*.`!F&4-3*.!E!)&;%(<7$*.,!_-3)&4)*%<*`!$(8G-.!14&%*.!.*!U-3)74&%!7<(4(A&%$-!
*.a7*)&.!$*!87&$3-.!$(.*\&$-.!$*!U-3)&!a7*!$*%!3*.17*.<&!&!4&.!13(%8(1&4*.!13*;7%<&.!a7*!.*!
14&%<*&%!*%!*4!&%54(.(.,!#4!$*U(%(3!1&35)*<3-.!&$*87&$-.!E!$*!7<(4($&$!&!4-.!7.7&3(-.!$*!
(%U-3)&8(@%!1*3)(<*!7%!)*R-3!7.-!$*!3*873.-.!$(.1-%(M4*.,!
!
4,"5$%&%9"9+5*-*")Z,%5%5*9+*+D+&$(*8"#;%)",**
h<(4(A&%!U7%8(-%*.!-!<3&%.U-3)&8(-%*.!8-)-!.7.!*4*)*%<-.!13(%8(1&4*.`!4&.!87&4*.!$*.83(M*%!7%&!
3*4&8(@%!*%<3*!F&3(&M4*.!E!4&!8754!$*U(%*!F&3(&M4*.!$*1*%$(*%<*.!*!(%$*1*%$(*%<*.,!!#.<&.!
<3&%.U-3)&8(-%*.!.*!8-)17<&%!$*!U-3)&!<&4!1&3&!)*$(3!*4!;3&$-!$*!F&3(&8(@%!*%!3*.17*.<&!&!7%!
8&)M(-!*%!13*8(-`!(%;3*.-!-!8&%<($&$!&.(;%&$&,!D*!7<(4(A&!$*!)&%*3&!8-%R7%<&!8-%!7%!854874-!$*4!
*U*8<-!)&3;(%&4!8-%.($*3&%$-!*4!;3&$-!$*!3*.17*.<&!&4!8&)M(-!b*4&.<(8($&$c!.-M3*!4&.!F&3(&8(-%*.!
$*4!U*%@)*%-!a7*!.*!-M.*3F&`!E!8-)-!3*.1-%$*!.7!.*%.(M(4($&$!&!7%!8&)M(-!*%!13*8(-`!(%;3*.-!-!
8&%<($&$!&.(;%&$&,!
[!4&!U*8G&`!*%!*4!5)M(<-!$*!*.<&$9.<(8&!$*!.*;73($&$!1LM4(8&`!4-.!<3&M&R-.!a7*!7<(4(A&%!*.<*!<(1-!$*!
&%54(.(.!.-%!4()(<&$-.!1-3!.7!8-)14*R($&$!)*<[email protected];(8&,!=&M*!.*\&4&3!a7*!*4!?3,!2&38*4-!
:*3;)&%!$*4!=J?#`!G&!$(.*\&%$-!7%!)-$*4-!a7*!17*$*!&14(8&3.*!*%!2/^(8-,!
!
!
!
!
QZ!
!
[$#"5*$S&)%&"5*")",:$%&"5**
C&3&!*4!&%54(.(.!$*!$&<-.!$*!)7*.<3*-!17*$*!.*3!%*8*.&3(-!7<(4(A&3!</8%(8&.!$*!&%54(.(.!)5.!
1*3U*88(-%&$&.`!<&4*.!8-)-!4-.!9%$(8*.!$*3(F&$-.`!4&!8-33*4&8(@%!E!4&!3*;3*.(@%`!E!4-.!
13-8*$()(*%<-.!$*!*.<()&8(@%!E!1-%$*3&8(@%`!&!U(%!$*!$&3!3*.17*.<&!&!$*<*3)(%&$&.!13*;7%<&.!E!
<3&<&3!8(*3<-.!<(1-.!$*!$&<-.!b1-3!*R*)14-`!4-.!$&<-.!13-F*%(*%<*.!$*!4-.!*.<7$(-.!.-M3*!
F(8<()(A&8(@%!8-)-!4&!#_DJ`!-!4-.!<3&M&R-.!$*!*U*8<(F($&$!$*4!;&.<-!-!1-49<(8&!83()(%[email protected];(8&!
3*&4(A&$-.!1-3!*4!=J?#!E!=J?[=!3*.1*8<(F&)*%<*c,!?(8G-.!<(1-.!$*!</8%(8&.!.*!G&%!<-3%&$-!
F(&M4*.!;3&8(&.!&!7%&!13-;3&)&8(@%!)5.!.*%8(44&!(%847($&!*%!1&a7*<*.!$*!13-;3&)&.!*.<&$9.<(8-.,!!
D(*)13*!*.!()1-3<&%<*!a7*!.*!8-)13*%$&%!4-.!.717*.<-.!*%!a7*!.*!M&.&%!8&$&!</8%(8&!&!7<(4(A&3!
E!.*!&.*;73*!a7*!4-.!13-;3&)&.!&3)-%(A&%!8-%!*4!$(.*\-!$*!4&!*%87*.<&!-!4&!.*3(*!$*!$&<-.,!C&3&!
4-.!&%54(.(.!)5.!8-)14*R-.!E!)74<(F&3(&M4*!.*!3*8-)(*%$&!a7*!4&!-U(8(%&!;*%*3&$-3&!$*!$&<-.!
3*8733&!&!*^1*3<-.!*^<*3%-.!a7*!&1-E&%!U7*%<*.!<&4*.!8-)-!4-.!.*3F(8(-.!%&8(-%&4*.!$*!
*.<&$9.<(8&!-!4&.!7%(F*3.($&$*.,!!
!
[email protected]",<"&%6)*9+*9"$(5**
+-$-!13-;3&)&!$*!&%54(.(.!$*M*!8-)13*%$*3!7%&!*F&47&8(@%!</8%(8&!$*!4-.!$&<-.!3*7%($-.,!?(8G&!
*F&47&8(@%!$*M*!<-)&3!*%!87*%<&!.(*)13*!*[email protected])17<-!$*!4-.!*33-3*.!E!4-.!37M3-.!-)(<($-.`!4&!
F*3(U(8&8(@%!$*!4-.!854874-.`!4&.!-1(%(-%*.!$*!4-.!*.1*8(&4(.<&.!*%!4&!)&<*3(&!.-M3*!4&!
3&A-%&M(4($&$!$*!4-.!$&<-.!E!4&!8-)1&3&8(@%!$*!4-.!$&<-.!8-%!-<3&.!U7*%<*.!$(.1-%(M4*.,!>-.!
13-M4*)&.!a7*!%-!.*!17*$&%!8-33*;(3!-!.71*3&3!$*M*35%!.*3!$*4!8-%-8()(*%<-!$*!4-.!7.7&3(-.!$*!
4&.!*.<&$9.<(8&.,!!
#.!$*.*&M4*!&.()(.)-!7%&!*F&47&8(@%!)5.!.(.<*)5<(8&`!*%!*.1*8(&4!.(!4&.!3*F(.(-%*.!</8%(8&.!$*!
4-.!$&<-.!3*F*4&%!*33-3*.!1*3.(.<*%<*.`!&.9!8-)-!*%!%7*F&.!.*3(*.!$*!$&<-.,!h%&!*F&47&8(@%!<-<&4!
1-$39&!(%847(3!4&!&7$(<-39&!$*4!3*;(.<3-`!4&!84&.(U(8&8(@%!E!F*3(U(8&8(@%!$*!4-.!$(.<(%<-.!*4*)*%<-.!
$*!4-.!$&<-.!-M.*3F&$-.,!!
!
4)&<+5$"5*9+*@%&$%8%U"&%6)*\!"#$%&'#!(#$&)*"'%+)]**
>-.!13(%8(1&4*.!*.U7*3A-.!3*&4(A&$-.!*%!*4!5)M(<-!$*!.*;73($&$!E!R7.<(8(&!.-%!4-.!*.<7$(-.!.-M3*!
F(8<()(A&8(@%!E!4-.!*.<7$(-.!.-M3*!&7<-(%U-3)*.!a7*!8-)14*)*%<&%!4&!(%U-3)&8(@%!-U(8(&4,!#.<&.!
!
!
QS!
!
</8%(8&.`!7<(4(A&%!87*.<(-%&3(-.!-!*%<3*F(.<&.!&!)7*.<3&.!$*!1*3.-%&.!a7*!3*.1-%$*%!&!13*;7%<&.!
&8*38&!$*!.(!G&%!.($-!F98<()&.!$*4!$*4(<-!-!.(!G&%!<*%($-!8-%-8()(*%<-!-!G&%!3*&4(A&$-!G*8G-.!
$*4(8<(F-.,!#%!1&3<(874&3`!*4!*.<7$(-!.-M3*!4&.!F98<()&.!$*4!$*4(<-!G&!1&.&$-!&!.*3!7%!()1-3<&%<*!
)*$(-!1&3&!3*7%(3!(%U-3)&8(@%!.-M3*!*4!8-%<&8<-!$(3*8<-!$*!4-.!8(7$&$&%-.!8-%!*4!$*4(<-!E!*4!
.(.<*)&!$*!R7.<(8(&,!!
>-.!*.<7$(-.!.-M3*!F(8<()(A&8(@%!3*F*4&%!1-3!4-!;*%*3&4!7%&!(%8($*%8(&!)&E-3!$*4!$*4(<-!a7*!4&!
a7*!.73;*!$*!4&.!*.<&$9.<(8&.!$*!$*4(<-.!$*%7%8(&$-.!E!3*;(.<3&$-.!&%<*!4&!&7<-3($&$,!C-3!*.<&!
3&[email protected]%`!4&!3*&4(A&8(@%!$*!*.<7$(-.!.-M3*!F(8<()(A&8(@%!*%!F&3(-.!1&9.*.`!E!<&)M(/%!&!*.8&4&!
(%<*3%&8(-%&4`!G&!$*)-.<3&$-!*4!F&4-3!$*!$(8G-.!*.<7$(-.!8-)-!U7*%<*!8-)14*)*%<&3(&!$*!$&<-.!
3*.1*8<-!$*!4&.!*.<&$9.<(8&.!-U(8(&4*.,!
>-.!*.<7$(-.!.-M3*!F(8<()(A&8(@%!.-%!*.<7$(-.!*%!;3&%!*.8&4&!*%!4-.!a7*!.*!13*;7%<&!&!7%&!
)7*.<3&!&4*&<-3(&!$*!4&!1-M4&8(@%!.-M3*!.7.!*^1*3(*%8(&.!8-%!*4!$*4(<-,!C-3!4-!;*%*3&4`!*.<-.!
*.<7$(-.!8-)13*%$*%!$-.!1&3<*.,!#%!13()*3!47;&3`!&!<-$-.!4-.!*%<3*F(.<&$-.!bG&E&%!.($-!F98<()&.!
$*!$*4(<-!-!%-c!&!a7(*%*.!.*!4*.!U-3)74&%!4&.!13*;7%<&.!8-%<*%($&.!*%!7%!k87*.<(-%&3(-!
13*4()(%&3l,![$*)5.!$*!1*$(34*.!a7*!.7)(%(.<3*%!(%U-3)&8(@%!.-8(&4!E!$*)-;35U(8&!1*3.-%&4`!.*!
4*.!13*;7%<&!&8*38&!$*!.7!)(*$-!&4!$*4(<-!E!.-M3*!.7.!&8<(<7$*.!G&8(&!*4!.(.<*)&!$*!R7.<(8(&!1*%&4,!
>-!a7*!*.!)5.!()1-3<&%<*K!*4!87*.<(-%&3(-!13*4()(%&3!.*!7<(4(A&!1&3&!8-%-8*3!a7/!*%<3*F(.<&$-.!
G&%!<*%($-!*^1*3(*%8(&!8-%!7%-!-!)5.!$*!4-.!<(1-.!$*!F(8<()(A&8(@%!a7*!(%<*3*.&%,!!
=-)-!-8733*!*%!4&!)&E-39&!$*!4-.!*.<7$(-.`!*%!4-.!*.<7$(-.!.-M3*!F(8<()(A&8(@%!.*!3*L%*%!$&<-.!
$*!4&!1-M4&8(@%!$*.<(%&<&3(&!*%!3*4&8(@%!8-%!7%!1*39-$-!$*<*3)(%&$-,!>&!1-M4&8(@%!$*.<(%&<&3(&!
$*<*3)(%&!4&.!1*3.-%&.!a7*!G&%!$*!(%847(3.*!*%!*4!*.<7$(-!E!4&.!a7*!G&%!$*!*^847(3.*!$*!/4,!C-3!4-!
8-)L%`!4-.!*.<7$(-.!.-M3*!F(8<()(A&8(@%!8-)13*%$*%!&!4&.!1*3.-%&.!$*!NS!&\-.!-!)5.`!$*!NT!
&\-.!-!)5.!-!$*!NQ!&\-.!-!)5.`!.*;L%!4&.!%*8*.($&$*.!$*!(%U-3)&8(@%!a7*!13-873*!.&<(.U&8*3!*4!
*.<7$(-,!
!
H"*+)&<+5$"*@%&$%8(,6;%&"*4072*+)*KSE%&(*
#%!2/^(8-`!*4!J=#DJ!.*!*%8&3;&!$*!3*&4(A&3!4&!*%87*.<&!F(8<()[email protected];(8&!$*!)&E-3!3*4*F&%8(&!b#_DJc`!
7<(4(A&%$-!)*<-$-4-;9&!E!*.<&%$&3(A&8(@%!8-%!1&35)*<3-.!(%<*3%&8(-%&4*.,!
!
!
!
QT!
!
[!8-%<(%7&8(@%!.*!*%7%8(&%!&4;7%&.!$*!4&.!8&3&8<*39.<(8&.!3*4*F&%<*.!$*!.7!$(.*\-!)*<[email protected];(8-,!
B!h<(4(A&!7%!$(.*\-!)7*.<3&4!13-M&M(49.<(8-`!*.<3&<(U(8&$-`!1-4(*<51(8-`!1-3!8-%;4-)*3&$-.,!!
B!#4!$(.*\-!E!.*4*88(@%!$*!4&!)7*.<3&!7<(4(A&!4-.!1&35)*<3-.!$*!J_#6J`!E&!a7*!*.<&!&!.7!8&3;-!*4!
4*F&%<&)(*%<-,!!
B!#4!)&38-!$*!)7*.<3*-!a7*!.*!*)14*@!1&3&!#_DJBT!*.!*4!)&38-!%&8(-%&4!$*!F(F(*%$&.!Y""Y!$*4!
J_#6J`!8-%.<37($-!&!1&3<(3!$*!4&!(%U-3)&8(@%!8&3<-;35U(8&!E!$*)-;35U(8&!a7*!.*!-M<7F-!$*4!{JJ!!
=*%.-!6*%*3&4!$*!C-M4&8(@%!E!g(F(*%$&!Y""",!#.<*!)&38-!*.!*%!3*&4($&$!7%&!)7*.<3&!)&*.<3&,!!
B!>&.!7%($&$*.!13()&3(&.!$*!)7*.<3*-!bhC2c`!*.<5%!8-%.<(<7($&.!1-3!&;371&8(-%*.!$*!F(F(*%$&.!
8-%!8&3&8<*39.<(8&.!$(U*3*%8(&$&.!$*1*%$(*%$-!$*4!5)M(<-!&4!a7*!1*3<*%*8*%,!?*U(%(*%$-!.7!
$(.<3(M78(@%!$*!hC2!E!F(F(*%$&.!1-3!*%<($&$!E!$-)(%(-!$*!4&!)7*.<3&!1&3&!4&!#%87*.<&!_&8(-%&4!
.-M3*!J%.*;73($&$!b#_DJBT!c`!7<(4(A&%!*%<-%8*.f!N,!h3M&%-!&4<-`!Y,!=-)14*)*%<-!73M&%-!E!P,!
]73&4,!
&
,)(#$-./"%)&
>-.!3*.74<&$-.!-M<*%($-.!$*!4&!#_DJBT`!8-%.($*3&%!4&!1-%$*3&8(@%!1-3!U&8<-3*.!$*!*^1&%.(@%!
&R7.<&$-.!1-3!1-M4&8(@%`!;371-.!$*!*$&$!E!.*^-,!63&%!1&3<*!$*!4&.!*.<()&8(-%*.!.*!M&.&%!*%!
*.<()&$-3*.!$*!3&[email protected]%`!4-.!87&4*.`!$*!)&%*3&!;*%*3&4!.*!*^13*.&%!8-)-K&
!
!
!
D*&!IG!(!7%&!F&3(&M4*!(%$(8&$-3&!a7*!F&4*!X!.(!4&!1*3.-%&!5B/.()&!!$*4!%(F*4!kEl!<(*%*!4&!
8&3&8<*39.<(8&!$*!(%<*3/.!E!^!*%!-<3-!8&.-f!#E(*4!<-<&4!$*!G-;&3*.!*%!)7*.<3&!*%!*4!%(F*4!kEl!
b.()14(U(8&%$-!4&!%-<&8(@%`!17*.!*%!3*&4($&$!.*!<(*%*%!F&3(&.!*<&1&.!$*!)7*.<3*[email protected]!.*!*^G(M*!
7%&!.7)&<-3(&cf!)(E5!*4!U&8<-3!$*!*^1&%.(@%!$*!1*3.-%&!*4*;($&!5B/.()&!$*4!%(F*4!kEl`!!*%<-%8*.!*4!
!
!
QV!
!
1-38*%<&R*!$*!(%<*3/.!1&3&!1*3.-%&.!$*!NQ!-!)5.!&\-.`!!*.<5!$&$-!1-3!C!G,!!#%!4&!*^13*.(@%!
&%<*3(-3`!kEl!.*!3*U(*3*!&4!%(F*4!$*!(%<*3/.`!1-3!*R*)14-!1-$*)-.!8&4874&3!1&3&!4&!*%<($&$!kGl,!!
#%!*4!8&.-!$*!4&!<&.&!$*!(%8($*%8(&!$*!$*4(<-.!1-3!N""!)(4!G&M(<&%<*.`!4&!*^13*.(@%!M5.(8&!*.K!
!
?-%$*!0/1!*.!7%&!*.<()&8(@%!$*!4&!1-M4&8(@%!<-<&4f!A(E5!!<-)&!*4!F&4-3!$*!X!.(!4&!1*3.-%&!!5B/.()&!
$*4!*.<3&<-!E(<7F-!*4!$*4(<-!k6l!E!8*3-!*%!-<3-!8&.-f!E!E5!$(8*!875%<&.!F*8*.!4*!-8733(@!*4!<(1-!$*!
$*4(<-!k6lf!)(E5!*4!U&8<-3!$*!*^1&%.(@%!$*!1*3.-%&!*4*;($&f!K(E5!(%$(8&!.(!*%!*4!G-;&3!5B/.()-!G7M-!
3*.17*.<&f!L5!*.!*4!<-<&4!$*!1*3.-%&.!*%!*4!G-;&3!5B/.()-!$*4!%(F*4!Ef!3(E5;!*.!*4!U&8<-3!$*!*^1&%.(@%!
$*!1-M4&8(@%!;*%*3&4!$*!4&!1*3.-%&!;B/.()&!$*4!G-;&3!5B/.()-,!!>&!.7)&<-3(&!$*4!$*%-)(%&$-3!F&!
.-M3*!<-$-.!4-.!)(*)M3-.!$*!4-.!G-;&3*.!*%!)7*.<3&!8-%!3*.17*.<&`!8-%!4-!87&4!.*!<(*%*!4&!
*.<()&8(@%!$*!1-M4&8(@%!$*4!%(F*4!b*%<($&$`!8(7$&$`!*<8,c!*%!87*.<(@%`!$*%-)(%&$-!1-3!kGl,!!>&!
.7)&<-3(&!$*4!%7)*3&$-3!F&!.-M3*!<-$&.!4&.!1*3.-%&.!.*4*88(-%&$&.!E!.-M3*!8&$&!<(1-!$*!$*4(<-!
b6!yN`Y`ONY!*%!!#_DJBTc,!
!
[$#"5*&()5%9+#"&%()+5*9+*,"*4072,!!
>&.!*.<()&8(-%*.!$*!F&3(&%A&!*!(%<*3F&4-.!$*!8-%U(&%A&!13*.*%<&$-.!*%!4&!#_DJ!8-%.($*3&%!4&!
*.<3&<(U(8&8(@%`!4&!13()*3&!*<&1&!$*!.*4*88(@%!$*!7%($&$*.!13()&3(&.`!4&!1-%$*3&8(@%!$*!8&$&!
*4*)*%<-`!1*3-!.*!&13-^()&!4&!*.<()&8(@%!&.7)(*%$-!)7*.<3*-!8-%!3**)14&A-,!!
C&3&!*4!8&.-!$*!4&!<&.&!$*!(%8($*%8(&!1-3!N"")(4!G&M(<&%<*.`!.*!&.7)(@!a7*!*4!$*%-)(%&$-3!*.!
8-%.<&%<*!1&3&!44*;&3!&!7%&!&13-^()&8(@%!$*!F&3(&%A&,
!
!
QQ!
!
!
F%>,%(;#"D:"*
!
!
[;7(4&3!g(44&%7*F&`!>,!0,!bY""Pc,!L"(5,<=+,+#6"-5>#($+(="7(<&=M65-"79!2/^(8-`!2(;7*4!|%;*4!C-33L&,!
!
[3A<`! D,! }! [4F&3&$-`! [,! b*$.,c! bY""Nc,! ! J=( $+7")M&( $+,&-.N65-&( $+( OPA5-&Q( [email protected]$"$( /( +76"$&( $+(
$+.+-E&9(2/^(8-`!#4!=-4*;(-!$*!2/^(8-,!
!
[A&-4&`!#,!}!:*3;)&%!2,!bY""Zc!k?*4(%87*%8(&!E!D(.<*)&!C*%(<*%8(&3(-!*%!2/^(8-l`!*%K(H+1576"(
I."75=+5."($+(G5+#-5"7(G.5,5#"57`!J%.<(<7<-!:3&.(4*(3-!$*!=(*%8(&.!=3()(%&(.`!D&-!C&74-`!%L),!ZT`!
*%*3-BU*M3*3-K!NXVBYYV,!
!
:&%8-! J%<*3&)*3(8&%-! $*! ?*.&33-44-! b:J?c`! eU(8(%&! $*! #F&47&8(@%! bNXXVc,! ! J1"[email protected]"-5>#Q( F#"(
!+..",5+#6"($+(0+765>#(<"."(O+;&.".(+=(*+7+,<+R&($+(=&7(2.&/+-6&79!!
?(.1-%(M4*!*%!(%<*3%*<!!G<<1Koonnn,(&$M,-3;o8-%<o*F-o.1M--Ho*F-M--H,G<)!!
!
:&%8-! 27%$(&4! b:2c`! =*%<3-! >&<(%-&)*3(8&%-! $*! [$)(%(.<3&8(@%! 1&3&! *4! ?*.&33-44-! bY""Xc,!
:"A&#&,M"(+#(0+765>#(<"."([email protected]=6"$&7(/(O&#56&.+&(/(J1"[email protected]"-5>#9(2.&/+-6&Q(DS&.6"=+-5,5+#6&($+(=&7(
7576+,"7($+(,&#56&.+&(/(+1"[email protected]"-5>#(+#(T,P.5-"(L"65#"(/(+=(G".5%+U("(6."1P7($+=("<.+#$5V";+([email protected][email protected](
/($+=(5#6+.-",%5&($+(-&#&-5,5+#6&78,!!
G<<1Koonnn,84&$,-3;,F*o.(&3*o(%%-<*%$o(%%-<*%$,G<)4,!
!
:&33-.! >&A&*<&`! >,! bY""Tc,! L"%&.( 2&=5-5"=( +( 4#1+7653"-5>#( G.5,5#"=9( L"( X575>#( $+( =&7( *+6+-651+79!
D&%<(&;-!b=G(4*c`!](>!*$(<-3*.,!=*%<3-!$*!#.<7$(-.!*%!D*;73($&$!=(7$&$&%&,!h%(F*3.($&$!$*!=G(4*,!
!
:*3;)&%!2,!bY""Xc,!?-87)*%<-!kJ%$(8&$-3*.!*%!2&<*3(&!$*!D*;73($&$8`!*%!:."%";&7(<"."(="(
+="%&."-5>#($+=(?576+,"($+(4#$5-"$&.+7($+([email protected]$"$!nnn,)*^(8-*F&47&,-3;,!
!
:7UU(%;<-%`!],!2,!bY""Nc,!G.5,5#"=+7(/([email protected]$"$"#&7(+#(+=(OPA5-&(O&$+.#&9!2/^(8-`!D(;4-!{{J,!
!
:7.8&;4(&`!#,!bY""Tc,!D?*U(8(*%8(&.!C3(%8(1&4*.!*%!4-.!D(.<*)&.!$*!'7.<(8(&K!C3-17*.<&.!$*!2*$($&.!
=-33*8<-3&.lU! *%! ]-*)*3`! [%$3/.! E! :7.8&;4(&`! #$;&3$-! b8-)1c,! :+..&.57,&( /( *+=5#[email protected]+#-5"(
Y.3"#5V"$"9( F#( J#)&[email protected]+( $+( *+.+-E&( /( J-&#&,M"9( 2/^(8-`! J%.<(<7<-! $*! J%F*.<(;&8(-%*.! '739$(8&.`!
h_[2,!
!
=*%<3-!$*!#.<7$(-.!D-8(&4*.!E!$*!e1(%(@%!CLM4(8&!bY""Qc,!J#[email protected]+76"($+(2+.-+<-5>#([email protected]$"$"#"(
7&%.+(="([email protected]$"$(+#(OPA5-&,!2*^(8-!=#DeC,!
!
!
QX!
!
!
=*%<3-!$*!J%F*.<(;&8(@%!E!?-8*%8(&!#8-%@)(8&.!b=J?#c`!?(F(.(@%!$*!#.<7$(-.!'739$(8-.!b?#'c`!
C3-;3&)&!$*!#.<7$(-.!*%!D*;73($&$!CLM4(8&!E!#.<&$-!$*!?*3*8G-!bC#D#?c,!J#[email protected]+76"($+(
X5-65,5V"-5>#(/(J)5-"-5"(4#[email protected]&#"=([\\],!2/^(8-,!=J?#,!
WWWWWWWWWW(J#[email protected]+76"($+(X5-65,5V"-5>#(/(J)5-"-5"(4#[email protected]&#"=([\\^,!2/^(8-,!=J?#,!
!
=-)(.(@%!$*!?*3*8G-.!m7)&%-.!$*4!?(.<3(<-!0*$*3&4!bY""Sc,!4#)&.,+(J7<+-5"=(7&%.+(="([email protected]"-5>#(
$+(=&7(G+#6.&7($+([email protected]>#(+#(+=(*576.56&(S+$+."=,!2/^(8-`!?m?0,!
!
=-)(.(@%!$*!?*3*8G-.!m7)&%-.!$*4!?(.<3(<-!0*$*3&4!bY""Qc,!]*8-)*%$&8(@%!NNoY""Q,!2/^(8-,!
b2/^(8-c`!=?m?0,!!G<<1Koonnn,8$G$U,-3;,)^o(%$*^,1G1j($y3*8-NN"Q!
!
J=#DJ,!bY""Xc!?-87)*%<-!k?*U(%(8(@%!$*!J%$(8&$-3*.,!#%87*.<&.!_&8(-%&4*.!.-M3*!J%.*;73($&$K!
*%87*.<&!$*!F(8<()(A&8(@%l!*%!:."%";&7(<"."(="(+="%&."-5>#($+=(?576+,"($+(4#$5-"$&.+7($+(
[email protected]$"$!nnn,)*^(8-*F&47&,-3;,!
!
#&.<-%`!?,!bNXTSc,!T(S.",+K&.'()&.(2&=565-"=(T#"=/757,!_*n!'*3.*E`!bhD[c`!C3*%<(8*Bm&44,!
!
0*33&R-4(`!>,!bNXXSc`!*+.+-E&(/(H"V>#Q(:+&.M"($+=(0"."#657,&(2+#"=,!!2&$3($`!#$(<-3(&4!+3-<<&,!
!
0*3%5%$*A! D&%<(445%`! ',! bY""Pc,! J=( *+7<+.6".( $+( ="( ?&-5+$"$( G515=9( F#"( 2+.7<+-651"( !576>.5-"9!
2/^(8-`!#$(<-3(&4!e8/&%-,!
!
07%$&8(@%! ]-.*%M47*<G! bNXXXc,! L"( 4#[email protected]$"$( +#( ="( [email protected]$"$( $+( OPA5-&,! 2/^(8-`! b2/^(8-c`!
07%$&8(@%!]-.*%M47*<G,!!!
nnn,3-.*%M47*<G,)^oU7%$&8(-%o_7)*3-N"o&3<"Pr%7)*3-N",G<),!!
!
6-%A54*A! $*! 4&! g*;&`! ],! bY"""c,! L"( [email protected]"( -&#6."( +=( *+=56&9( H+)=+A5&#+7( /( 2.&<@+76"7,! 2/^(8-`!!
#$(<-3(&4!C-33L&,!
!
m-)*!eUU(8*,!I.5657E(G.5,+([email protected]+/,!G<<1Koonnn,G-)*-UU(8*,;-F,7Ho3$.oM8.N,G<)4!
!
J%.<(<7<-!=(7$&$&%-!$*!#.<7$(-.!D-M3*!4&!J%.*;73($&$!bJ=#DJc!bY""Qc,!J#[email protected]+76"(_"-5&#"=(?&%.+(
4#[email protected]$"$(`9!J=#DJ,!
G<<1Koonnn,(8*.(,-3;,)^o$-87)*%<-.o*%87*.<&.o*%87*.<&._&8(-%&4*.o#_DJBS,1$U!
!
!
!
X"!
!
J%.<(<7<-!=(7$&$&%-!$*!#.<7$(-.!D-M3*!4&!J%.*;73($&$!bJ=#DJc!bY""Xc,!k?*U(%(8(@%!$*!J%$(8&$-3*.,!
#%87*.<&.!_&8(-%&4*.!.-M3*!J%.*;73($&$K!*%87*.<&!$*!F(8<()(A&8(@%l!*%!:."%";&7(<"."(="(
+="%&."-5>#($+=(?576+,"($+(4#$5-"$&.+7($+([email protected]$"$!B?4?C9!nnn,)*^(8-*F&47&,-3;,!
!
J_#6J! bY""Pc,! J76"$M765-"7( [email protected]$5-5"=+7( +#( O"6+.5"( 2+#"=9( ?M#6+757( O+6&$&=>35-"( $+( ="7( J76"$M765-"7(
[email protected]$5-5"=+7(+#(O"6+.5"(2+#"=,!2/^(8-`!J_#6J,!
!
J_#6J! bY""Tc,! S5#"#V"7( 2b%=5-"7( J76"6"=+7( /( [email protected]#5-5<"=+7( $+( OPA5-&( [\\cW[\\d9( J3.+7&7( [email protected]&7(
*+73=&7"$&7($+(=&7(J76"$&7(/([email protected]#5-5<5&7(OPA5-&,!2/^(8-`!J_#6J,!
!
J%.<(<7<-!0*$*3&4!$*![88*.-!&!4&!J%U-3)&8(@%,!bY""Zc,!2/^(8-,!
uG<<1Koonnn,(U&(,-3;,)^o3*.-478(-%*.oY""ZoY"Z,1$Uv!!}!
uG<<1Koonnn,(U&(,-3;,)^o+*)&.+3&%.1&3*%8(&o<3&%.1&3*%8(&]*17M4(8&v,!
!
~&%;&.17%<&`!~3(.<(%&`!'-7<.*%!2&<<(`!}!e447.!_&<&4(&`!*$.,!bNXXQc,!G.5,+("#$(G.5,5#"=([email protected]+(5#(
[email protected]&<+("#$(_&.6E(T,+.5-",!m*4.(%H(`!J%.<(<7<-!#73-1*-!1&3&!4&!C3*F*%8(@%!E!=-%<3-4!$*4!=3()*%!
&U(4(&$-!&!4&!e3;&%(A&8(@%!$*!_&8(-%*.!h%($&.!bm#h_Jc,!
G<<1Koonnn,G*7%(,U(o714-&$.oFM(.1.T4VR-&R-,1$U!!
!
~*%%*E`!',!C,!bNXV"c,!2="#+"-5>#(/(*5.+--5>#(T$,5#576."651"($+(="(2&=5-M"9(OPA5-&9!2/^(8-`!#$(<-3(&4!
>()7.&,!
>@1*A! C-3<(44-`! #,! bY""Xc,! ?-87)*%<-K! D2.&<@+76"( $+( 5#$5-"$&.+7( <"."( +=( &%7+.1"6>.5&( $+(
[email protected]$"$89( #%( :."%";&7( <"."( ="( +="%&."-5>#( $+=( ?576+,"( $+( 4#$5-"$&.+7( $+( [email protected]$"$( B?4?C9((!
nnn,)*^(8-*F&47&,-3;,!
!
2&4-8G*<`!g(3;(%(&!bY""Vc,!L+7(2&=5-5+.7([email protected]#5<"@A9(C&39.`(C3*..*.!h%(F*3.(<&(3*.!$*!03&%8*,!
!
2&3<9%*A! 6&3%*4-`! ',! bY""Sc,! ?576+,"( _"-5&#"=( $+( [email protected]$"$( 2b%=5-"9( F#( 7576+,"( "=6+.#"651&( $+(
<&=M65-"(-.5,5#&=>35-"(+#(OPA5-&,!2/^(8-`!C-33L&,!
!
2*%$(*<&`! #,! bY""Sc,! kT#N=5757( $+( ?576+,"7( -&,&( 4#[email protected],&( J7+#-5"=( +#( ="( 0+#+."-5>#( $+( O+;&.+7(
2.N-65-"7( $+( [email protected]"( -&#6."( *+=56&7( $+( T=6"( G&,<=+;5$"$8U! *%! :7.8&;4(&`! #$;&3$-! E! 6-%A54*A! ]7(A`!
D&)7*4,!]*U4*^(-%*.!*%!<-3%-!&!4&!?*4(%87*%8(&!e3;&%(A&$&,!2/^(8-,!b2/^(8-c,!J%.<(<7<-!_&8(-%&4!
$*!=(*%8(&.!C*%&4*.,!
!
2*%$-A&`!=,!}![;7(4&3`!e,`!*<!&4,!bY""Pc,!G&,<+#$5&(O+6&$&=>35-&(<"."(="(J1"[email protected]"-5>#($+(2&=M65-"7(
2b%=5-"7($+([email protected]$"$(2b%=5-",!2/^(8-`!D*83*<&39&!$*!#$78&8(@%!CLM4(8&,!!
!
2*%$-A&`! =,`! =&)1-.`! ],! '()/%*A`! ],`! }! C&4)*3! =,! bY""Vc,! J1"[email protected]"-5>#( $+( ="7( e\( *+,"#$"7(
[email protected]$"$"#"7($+=(0&%5+.#&(S+$+."=,!2/^(8-,!2/^(8-`!2/^(8-!h%($-!=-%<3&!4&!?*4(%87*%8(&,!!
!
!
XN!
!
!
2*%$-A&`!=,!bY""Qc,!J1"[email protected]"-5>#($+(="7(e\($+,"#$"7([email protected]$"$"#"7($+=(0&%5+.#&($+=(J76"$&($+(a"=57-&9!
2/^(8-`!2/^(8-!h%($-!=-%<3&!4&!?*4(%87*%8(&,!
!
2*%$-A&`!=,!bY""Xc,!?-87)*%<-K!kC3-17*.<&!$*4!D(.<*)&!$*!J%$(8&$-3*.!$*!D*;73($&$!bDJDc!1&3&!
*4! eM.*3F&<-3(-! _&8(-%&4! =(7$&$&%-! 1&3&! 4&! D*;73($&$`! 4&! '7.<(8(&! E! 4&! >*;&4($&$l,! #%( :."%";&7(
<"."(="(+="%&."-5>#($+=(?576+,"($+(4#$5-"$&.+7($+([email protected]$"$(B?4?C9(!nnn,)*^(8-*F&47&,-3;,!
!
2/^(8-!h%($-!=-%<3&!4&!?*4(%87*%8(&![,=,!}!=-%.74<&!2(<-U.HE!bY""Xc,!J#[email protected]+76"(7&%.+(2+.-+<-5>#(
[email protected]$"$"#"(?&%.+([email protected]$"$(+#(OPA5-&9(G<<1KooVY,SY,NST,YYSo#.<7$(-,&.1^j#.<7$(-y.*;73($&$B
)*^(8-B)78$!
(
2(%<AM*3;`!m`!}!w7(%%`!',:,!bNXXPc,!J=(2.&-+7&(J76."6P35-&9(G&#-+<6&7U(G&#6+A6&7(/(G"7&79!2/^(8-`!
C3*%<(8*!m&44,!
!
2-%R&3$*<`! ?-)(%(a7*! }! e8a7*<*&7`! 0,! bY""Zc,! L"( 2&=5-+Q( @#+( .P"=56P( <[email protected]+==+,! C&39.`! >&!
?-87)*%<&<(-%!03&%8&(.*,!
!
_*n8-)*3`! ~&<G3E%! #,! bNXXZc! kh.(%;! .<&<(.<(8.! &113-13(&<*4El9! #%! •G-4*E`! ',D`! m&<3E`! m,C! *<! &4,!
b*$.c,!!"#$%&&'(&)(<."-65-"=(<.&3.",(+1"[email protected]"65&#9!D&%!03&%8(.8-`!'-..*EB:&..!C7M4(.G*3.,!
!
eM.*3F&<-(3*!J%<*3%&<(-%&4!$*.!C3(.-%.!bY""Sc,!L+7(G&#$565&#7($+(*P6+#65&#7(+#(S."#-+9(C&39.`!>&!
?/8-7F*3<*,!
!
e3;&%(A&8(@%!$*!4&.!_&8(-%*.!h%($&.!be_hc!bY""Tc,!k#.<7$(-.!D-M3*!D&<(.U&88(@%!$*!4&!g98<()&l`!
#%K!O"#@"=($+(;@765-5"(<"."(1M-65,"7U(?&%.+(+=(@7&(/("<=5-"-5>#($+(=&7(<.5#-5<5&7()@#$",+#6"=+7($+(
;@765-5"(<"."(="7(1M-65,"7($+=($+=56&(/($+=("%@7&($+=(<&$+.,!2/^(8-`!J_[=JC#,!
!
e3;&%(.&<(-%!U-3!#8-%-)(8!=-Be1*3&<(-%!&%$!?*F*4-1)*%<!be#=?c!bNXVTc,!O+"[email protected]#3(?&-5"=(
f+==WI+5#3Q(T(2.&3.+77(H+<&.6(&#(6E+(*+1+=&<,+#6(&)(?&-5"=(4#$5-"6&.7,!C&3(.`!e#=?,!
!
e34&%$-`!>,!bY""Zc,!!"-5"(@#"([email protected][email protected]"($+(="(L+3"=5$"$9(L"(JA<+.5+#-5"(?5-5=5"#"9!2/^(8-`!h[2,!
!
C&8G*8-`! ',],! bY""Nc,! k>&! _*8*.($&$! $*! 4&! #.<&$9.<(8&K! C7%<-.! a7*! $*M*! 8-%<*%*3! E! )-$-! $*!
U-3)&34&l,! I&=+6M#( $+( ="( ?&-5+$"$( O+A5-"#"( $+( 0+&3.")M"( /( J76"$M765-"U( _L),! Z`! D*1<(*)M3*,! 1,!!
NQSN,!!
!
C/3*A! +&1(&.`! ',! [,! bY""Vc,! *+=( I5+#+76".( "( ="( [email protected]"9( T<&.6"-5&#+7( <"."( @#"( [email protected]$"$"#M"(
4#[email protected][email protected]"=,!2&$3($`!#$(<-3(&4!+3-<<&,!
!
!
XY!
!
!
CJJgJeD`![=_(*4.*%`!}!2/^(8-!h%($-!8-%<3&!4&!?*4(%87*%8(&!bY"""c,!J#[email protected]+76"($+(X5-65,5V"-5>#(/(
2+.-+<-5>#($+(="([email protected]$"$(2b%=5-"("(_51+=(_"-5&#"=9(2/^(8-`!CJJgJeD`![=_(*4.*%!E!2/^(8-!h%($-!
8-%<3&!4&!?*4(%87*%8(&,!
!
C3*.($*%8(&! $*! 4&! ]*1LM4(8&! bY""Qc,! [email protected]#$&( 4#)&.,+( $+( 0&%5+.#&9( T#+A&7( J76"$M765-&7,! 2/^(8-`!
C3*.($*%8(&!$*!4&!]*1LM4(8&,!
!
]&)93*A! 2&39%`! '7&%! bY""Pc,! [email protected]$"$( 2b%=5-"( /( G&#[email protected]>#9! 2/^(8-`! C-33L&`! 0&874<&$! $*!
?*3*8G-`!h%(F*3.($&$![%5G7&8,!!
!
]&)93*A`! 2&39&! =,`! D<&%<-%`! ~()M*34E`! *<! &4,! bY""Sc,! k=-4-)M(&K! 7%! =93874-! g(8(-.-! $*! ?3-;&.! E!
67*33&l,! #%! d-7%;*3.`! =-4*<<&! [,! E! ]-.(%`! #(4**%! b8--3$.c,! *.&3"7( /( $+,&-."-5"( +#( T,P.5-"(
L"65#"9(J=(5,<"-6&($+(="(<&=M65-"($+(J76"$&7(F#5$&79!:7*%-.![(3*.`!:(M4-.,!
!
](8-`! '-./! 2&39&! }! =G(%8G(44&`! >&73&,! bY""Yc,! [email protected]$"$( [email protected]$"$"#"( +#( T,P.5-"( L"65#"9! 2/^(8-`!
D(;4-!{{J,!
!
]-*)*3`![,!bY""Nc,!J-&#&,M"($+=(G.5,+#,!2/^(8-`!>()7.&B_-3(*;&!#$(<-3*.,!
!
]-n4&%$!2,`![44(.-%!bY""Sc,!k]*.17*.<&.!>-8&4*.!&!4&!J%.*;73($&$!CLM4(8&!*%!2/^(8-K!>&!1-4(89&!
8-)7%(<&3(&! $*! 4&! =-.<&! =G(8&! E! 4&! 2-%<&\&! $*! 67*33*3-l,! #%! ?&))*3<`! >789&! E! :&(4*E`! '-G%!
u8--3$.,v,[email protected]$"$(/(.+)&.,"(<&=5-5"=(+#(="7(T,P.5-"79(JA<+.5+#-5"7(/($+7")M&7,!2/^(8-`!D(;4-!{{J,!!
!
D&%A!274&.`!_(*F*.!bY""Zc,!T=6+.#"651"7("(="(2.575>#9!2/^(8-`!J_[=JC#,!
!
D*83*<&39&! $*! 6-M*3%&8(@%! bNXXZc,! *+-.+6&( <&.( +=( [email protected]+( 7+( ,&$5)5-"#( $51+.7&7( "[email protected]=&7( $+( ="(
G&#[email protected]>#( $+( =&7( J76"$&7( F#5$&7( O+A5-"#&7,! ?(&3(-! eU(8(&4! $*! 4&! 0*$*3&8(@%,,! 2/^(8-`! PN! $*!
$(8(*)M3*!$*!NXXZ,!D#6e:,!
!
D*83*<&39&! $*! 6-M*3%&8(@%! bNXXSc,! L+/( 0+#+."=( [email protected]+( J76"%=+-+( ="7( I"7+7( $+( G&&.$5#"-5>#( $+=(
?576+,"(_"-5&#"=($+([email protected]$"$(2b%=5-",!#^1-.(8(@%!$*!)-<(F-.!$*!4&!J%(8(&<(F&!$*!>*E!$*4!D(.<*)&!
_&8(-%&4!$*!D*;73($&$!CLM4(8&`!Y!$*!-8<7M3*!$*!NXXS,!!2/^(8-`!D#6e:,!
!
D*83*<&39&!$*!6-M*3%&8(@%!bNXXTc,!2.&3.","(_"-5&#"=($+([email protected]$"$(2b%=5-"(e^^`W[\\\,!2/^(8-`!
D#6e:,!
!
!
!
XP!
!
D*;73($&$!=(7$&$&%&!E!=*%<3-!$*!J%F*.<(;&8(@%!E!?-8*%8(&!#8-%@)(8&.!!b=J?#c!bY""Qc,!!g#$5-+7(
$+(*+7+,<+R&($+=(?576+,"($+([email protected]$"$(<b%=5-"(/([email protected]"(2+#"=9(4#$5-"$&.+7($+(T6+#-5>#("(
XM-65,"7($+=(O5#576+.5&(2b%=5-&9!2/^(8-,!D*;73($&$!=(7$&$&%&`!=J?#,!!
!
D)(<G![,!bY""Tc!=3()*!D<&<(.<(8.K![%!(%$*1*%$*%<!3*F(*n,!!
!
D<-RH-F(8`!D,`!~&4(%(8G!?,!}!~4-U&.!',!bNXXQc,!G.5,5#"=([email protected]+(Y.3"#5V"65&#7Q(T$,5#576."65&#("#$(
O"#"3+,+#6U(Y€!*$,!=&4(U-3%(&`!•*.<!o•&$.n-3<G!C7M4(.G(%;!=-)1&%E,!
!
h%(<*$!_&<(-%.!J%<*3]*;(-%&4!=3()*!&%$!'7.<(8*!]*.*&38G!J%.<(<7<*!bh_J=]Jc,(4#6+.#"65&#"=(G.5,+(
X5-65,([email protected]+/!bJ=gD`!1-3!.7.!.(;4&.!*%!(%;4/.c!h_J=]J,!
G<<1Koonnn,7%(83(,(<onn$o&%&4E.(.o(8F.o(%$*^,1G1!
!
h,D,![;*%8E!U-3!J%<*3%&<(-%&4!?*F*4-1)*%<!bhD[J?c!bNXXQc,!!"#$%&&'((&)((*+,&-."-/("#$(
0&1+.#"#-+(2.&3.",(4#$5-"6&.7,!•&.G(%;<-%`!?,=,`hD[J?,!
G<<1Koonnn,7.&($,;-Fo-73rn-3Ho$*)-83&8Er&%$r;-F*3%&%8*o17M4(8&<(-%.o1$U.o1%&88PX",1$U!
!
h,D,! [;*%8E! U-3! J%<*3%&<(-%&4! bNXXQc! *+1+=&<,+#6( !"#$%&&'( &)( *+,&-."-/( "#$( 0&1+.#"#-+(
2.&3.",(4#$5-"6&.79!•&.G(%;<-%`!?,=,K!h,D,![;*%8E!U-3!J%<*3%&<(-%&4!?*F*4-1)*%<!
!
h,D,!?*1&3<)*%<!-U!'7.<(8*`!:73*&7!-U!'7.<(8*!D<&<(.<(8.,!_"65&#"=(G.5,+(X5-65,5V"65&#([email protected]+/9!!
G<<1Koonnn,-R1,7.$-R,;-FoMR.o8F(8<,G<)!
!
g&4&$/.`!?,`!*<!&4,!bY""Zc,[email protected][email protected]"($+(="(G&#[email protected]>#(+#(OPA5-&9(F#"(+#[email protected]+76"(#"-5&#"=($+("[email protected]$+7U(
<+.-+<-5&#+7(/(1"=&.+79!2/^(8-`!JJ'Bh_[2`!+]J0#!E!=e0#2#],!
!
g&3&<`!'*..(8&!}!6&34&%$`![44(.-%!bY""Tc,!kC&3<(8(1&8(@%!=(7$&$&%&!E!C*38*18(@%!$*!J%.*;73($&$!
*%![)/3(8&!>&<(%&l`!#%!L"65#(T,+.5-"#(2.&3.",(?<+-5"=(H+<&.69!•&.G(%;<-%`!?,=,`!!+G*!•--$3-n!
•(4.-%!J%<*3%&<(-%&4!=*%<*3!U-3!D8G-4&3.,!
!
g&3*%(H`! ]-M*3<! e,! b8--3$,c! bY""Tc,! T--&@#6"%5=56/9( ?576+,"( 2&=5-5"=( $+( H+#$5-5>#( $+( [email protected]+#6"7,!
2/^(8-`!=J?#BJ_Dd?#,!
!
g(44&%7*F&`!#,!bY""Zc,!k+3&%.1&3*%8(&!E!]*%$(8(@%!$*!=7*%<&.K!#4!1&1*4!$*!4&!.-8(*$&$!-3;&%(A&$&!
E! *4! $*3*8G-! &! .&M*3! *%! 2/^(8-l9! #%! g(44&%7*F&`! #,! E! >7%&! C`! J..&! b*$.,c! *+.+-E&( $+( "--+7&( "( ="(
5#)&.,"-5>#(<b%=5-"9(X"=&."-5&#+7(5#5-5"=+7,!2/^(8-`!h_[2,!
!
•&44*3`!J,!bY""Vc`!O+#&7(.+<.+75>#9(ON7([email protected]$"$9(X+.$"$+7(/(,+#65."7("-+.-"($+(="([email protected]"(-&#6."(
="($+=5#[email protected]+#-5"`!N€!*$,!2/^(8-`!J%.<(<7<-!_&8(-%&4!$*!=(*%8(&.!C*%&4*.BJ>[_h?!
!
!
XZ!
!
!
•(4.-%`!e,•,!bNXQYc,!2="#+"-5>#($+(="(2&=5-M"9(2/^(8-`!#$(<-3(&4!>()7.&,!!
!
d5\*A!]-)*3-`!',![,!bY""Zc,!k]*U4*^(-%*.!D-M3*!4&!J%<*313*<&8(@%!$*4!W%$(8*!?*4(8<(F-,!_-<&.!1&3&!
7%&!13-17*.<&!)*<[email protected];(8&,l!!4:JH(GH4O4_4?(H+1576"($+(G5+#-5"7(2+#"=+79(_,!NN,!!
2/^(8-`!J_[=JC#,!
!
I*1*$&! >*87-%&`! 6,! bY""Zc,! k=3()*%! E! =&.<(;-,! C3-873&8(@%! $*! '7.<(8(&! C*%&4! E! 2(%(.<*3(-!
CLM4(8-l,! #%! OPA5-&( +#6.+( ="( *+=5#[email protected]+#-5"( /( ="( 4,<@#5$"$Q( J=( $+7+,<+R&( $+( ="7( 5#[email protected]&#+7( $+(
<.&[email protected]"-5>#($+(;@765-5"(<+#"=,!2/^(8-`!0=#B=J?[=,!!
!
I*1*$&!>*87-%&`!6,!bNXXQc,!!k?*4(%87*%8(&K!U&8G&$&!3*U-3)&$-3&[email protected]<&%-.!$*!4&!()17%($&$l,!
H+1576"($+=(?+#"$&($+(="(H+<b%=5-"`!F-4,!Z`!_•!NN`!11,!QVBXQ,!?(.1-%(M4*!*%!(%<*3%*<K!
G<<1Koonnn,8($&8,-3;o13-E*8<-.*o*.1&%(-4rR7.<(8(&,G<)!!
!
I*1*$&!>*87-%&`!6,!!bY""Yc,!k#%<3*!4&!$*4(%87*%8(&!E!4&!()17%($&$K!*4!$*.*)1*\-!$*!4&.!
(%.<(<78(-%*.!$*!13-873&8(@%!$*!R7.<(8(&!1*%&4!$*!2/^(8-!U3*%<*!&!4-.!$*.&U9-.!$*!4&!.*;73($&$!
8(7$&$&%&l`!*%!H+1576"(G.5,5#"=5"`![8&$*)(&!2*^(8&%&!$*!=(*%8(&.!C*%&4*.!E!#$(<-3(&4!C-33L&`!
[\-!>{gJJJ`!_•!P`!.*1<(*)M3*!t!$(8(*)M3*`!11,!Y"XBYYQ,!!
!
I*1*$&!6,!!bY""Zc,!G.5,+#(75#(-"7653&Q(2.&[email protected]"-5>#($+([email protected]"(2+#"=(/(,5#576+.5&(<b%=5-&(+#(OPA5-&,!
2/^(8-`!0-%$-!$*!=74<73&!#8-%@)(8&!E!=*%<3-!$*!J%F*.<(;&8(@%!1&3&!*4!?*.&33-44-![,=,!
!
I*1*$&!6,!bY""Qc,!k>&!(%F*.<(;&8(@%!$*!4-.!$*4(<-.!E!4&!.7MF*3.(@%!$*!4-.!13(%8(1(-.!$*4!.(.<*)&!
1*%&4!*%!2/^(8-l`!*%!L"(.+)&.,"($+(="(;@765-5"(+#(OPA5-&`![3<73-![4F&3&$-`!*$,!!2/^(8-,!=*%<3-!$*!
#.<7$(-.!D-8([email protected];(8-.!E!#4!=-4*;(-!$*!2/^(8-,!
!
I*1*$&!6,!!bY""Xc,!L"(<.575>#(<.+1+#651"(+#(OPA5-&Q(6."/+-6&.5"U("=-"#-+7(/("=6+.#"651"7,!2/^(8-`!
J%.<(<7<-!$*!J%F*.<(;&8(-%*.!'739$(8&.`!h%(F*3.($&$!_&8(-%&4![7<@%-)&!$*!2/^(8-!E!=*%<3-!$*!
J%F*.<(;&8(@%!1&3&!*4!?*.&33-44-,!
!
I*1*$&`!6,!bY""Xc,!!?-87)*%<-!kC3-17*.<&!$*!(%$(8&$-3*.!1&3&!4&!(%8($*%8(&!$*4(8<(F&`!
$*.*)1*\-!$*!4&!13-873&8(@%!$*!R7.<(8(&`!.(.<*)&!8&38*4&3(-!E!1-49<(8&!83()(%[email protected];(8&l`!!*%!
:."%";&7(<"."(="(+="%&."-5>#($+=(?576+,"($+(4#$5-"$&.+7($+([email protected]$"$(B?4?C9(!
nnn,)*^(8-*F&47&,-3;,!
!
I*1*$&!6,!k?*R&%!.(%!3*.-4F*3!X"p!$*!4-.!$*4(<-.l,!H+)&.,"!YZ!$*!&M3(4!$*!NXXQ,!C3()*3&!C4&%&,!!!!!!!!!!
!
!
!
!
XS!
Descargar