Subido por Roberto

Metodologias autista murcia 215

Anuncio
Cambios educativos
y formativos para el
desarrollo humano
y sostenible
Coords.:
Javier J. Maquilón Sánchez; Ana Belén Mirete Ruiz;
Andrés Escarbajal Frutos; Ana Mª Giménez Gualdo
!
!
!
!
!"#$%&'!(')"*+$,-.'/0.12%3!
"#$!%&'(#!)*+&,&!-.*/!
"#0+(1!213$+4$5$'!6+.,71!
"#$!)8!9*:(#&/!9.$'07!
;<77+01=>!
!
!
<$:4*71!&0.3$,*[email protected]!A7+:$,*?71!
B$+$!&'!0&1$++7''7!C.:$#[email protected]!171,&#*4'&!
D#*?&+1*0$0!0&!).+3*$!
EFGG!
HI%JK!LMNONPOQLPOENPROQ!
© Universidad de Murcia. Servicio de Publicaciones, 2011 Diseño de portada: Ana Belén Mirete Ruiz CAMBIOS EDUCATIVOS Y FORMATIVOS
PARA EL DESARROLLO HUMANO Y
SOSTENIBLE
Coordinado por Javier J. Maquilón Sánchez, Ana B. Mirete Ruiz,
Andrés Escarbajal Frutos, Ana Mª Giménez Gualdo
ÍNDICE
!"#$%%&''&()*+$,&-(."%"/%&0(+",1"(2(.*'1*%$!
!"#$#%&'()*+(&'()*+(,&-%.)/01&2()3+405&67)05,&8%)90&2.:%5&;.(3(&
4,4.4$145$( 6$%$( '$( 1%$,#+4#47,( !"( 5$'&%"#( 2( "'( 8&+",1&( !"'(
.&+6%&+4#&(#&.4$'(",('$("!*.$.47,(*,45"%#41$%4$!
<)(4*#1*%& '=45($05& '="05,& 8%)9.0& '.()/#($%,& 2#9.0$& >490$& '()*+(& ;.?#%,&
@$?0)3%&;.#5&A#$$(B0)/0&
"'( 6"%84'( !"'( 6%&8"#&%( *,45"%#41$%4&( 6$%$( '$( .&&6"%$.47,( 2( "'(
!"#$%%&''&()*+$,&(2(#&.4$'(",("'(#49'&(::4!
2()3(& C()(4/#()(4& '($/=1,& 2#)04& C())0403D0(& @E013(,& @43%4#%& F()/%4(&
;%/)+9.05,&8.(4&8%17&2#G(49%1&H0$&F("I%,&8%4&J$(1K%(9(&-())(.)#&
"'( 6&1",.4$'( "!*.$145&( !"'( 6%&/'"+$( ","%9<14.&( ",( '$( #&.4"!$!(
$.1*$'!
F()%$#4(&2()3+405&'L"05,&M0)01(&6)#03%&;.5&
'$( 8&%+$.47,( !"( 6$!%"#( 2( +$!%"#( 2( #*( %"'$.47,( .&,( "'( ,45"'( !"(
6$%14.46$.47,(",('$("#.*"'$!
2E)#("&274/05&2%)($01&
8$+4'4$#",%"!-(*,("#6$.4&(54%1*$'(6$%$('$(6$%14.46$.47,(2(8&%+$.47,(
!"(+$!%"#(2(6$!%"#(!"(.$,$%4$#!
8(B#0)& 2(3+(1& ;("+)05& ;%"0)%,& -.#1& @$?0)3%& '()*+(& '()*+(,& 8%10& 8.(4& F(13)%&
NL4*O05&
"'( 5$'&%( !"'( %"#6"1&( 2( '$( 1&'"%$,.4$( ",( $'*+,&#( !"( 6%4+"%&( !"(
"!*.$.47,(6%4+$%4$!
-(.)(&;(P.0$&2%)#$$(1&60/)0:%,&@4(&C0$74&2#)030&;.#5&
.&+*,4!$!("!*.$145$-(A+/41&(!"(.&'$/&%$.47,(",1%"('$(8$+4'4$(2('$(
"#.*"'$!
!B(&J)3#5&F0)"0:%(
'$( 8$+4'4$( .&+&( .&'$/&%$!&%$( ",( '$( ",#"C$,D$( !"( '$( .&+6&#4.47,(
"#.%41$-(*,$(":6"%4",.4$(6%A.14.$!
6(3)#*#(&;%?$0/%&;("=4,&801Q1&RS&'()*+(&NL4*O05&
4,1"%5",.47,(.&,1":1*$'4D$!$(",("'()&9$%(",("'(1%$1$+4",1&(!"('$#(
!484.*'1$!"#(!"($6%",!4D$F"-(%"54#47,(!"("#1*!4&#("+6G%4.&#!
6(3)#*#(&;%?$0/%&;("=4,&801Q1&RS&'()*+(&NL4*O05&
'$( +H#4.$( ",( '$( $1",.47,( $( '$( !45"%#4!$!-( *,( ,*"5&( %"1&( ",( '$(
8&%+$.47,(+*#4.$'(!"'(+$"#1%&(!"("!*.$.47,(6%4+$%4$!
2()+(&>490$01&-=I05&H0&-(&F($$0&N("I0/)%&
(
3(
(
33(
(
3;(
(
=;(
(
>;(
(
?3(
(
@3(
(
B3(
(
E3(
(
;3(
(
;;(
4!"$#(.'$5"(",('$(8&%+$.47,(!"'($'*+,$!&(.&,(1!$)!
8%17&@43%4#%&;(?(/L4&;.?#%,&@43%4#(&2()+(&NL4*O05&-L5()%&
5$'&%"#( 2( !4#.$6$.4!$!( ",( "'( $*'$-( $6&%1$.4&,"#( 6$%$( *,( 6%&9%$+$(
!"(4,1"%5",.47,(4,.'*#45&!
2()+(& 801Q1& -.P.0& ;%G(1,& '0"(& ;%/)+9.05& T4U(4301,& !/.()/%& C$(4*%& F($B%,&
2(4.0$&R()BL05&60$L05,&H#09%&801Q1&-.P.0&6())(&
"'"..47,(!"("#1*!4&#(2(,"."#4!$!"#("#6".4$'"#(!"('&#("#1*!4$,1"#(.&,(
!4#.$6$.4!$!(",('$(*,45"%#4!$!-(*,("#1*!4&($6'4.$!&!
'04"(&;%/)+9.05&T4U(430,&H#09%&801Q1&-.P.0&6())(,&2()+(&801Q1&-.P.0&;%G(1(
$!$61$.4&,"#(2(!4,A+4.$#(",("'($*'$(6$%$($'*+,&#(.&,(!4#.$6$.4!$!(
$*!4145$!
@/0$(#/(&67)05&'%45L$05&
'".1*%$(8A.4'(K'8L(2(!4#.$6$.4!$!($*!4145$!
;%90$#%&2()3+405&@?0$$L4,&@4/)71&!1*()?(G($&<).3%1&
#"9*4+4",1&(!"'(6%&."#&(!"('".1*%$(!"#!"(*,(6%&9%$+$(!"($1",.47,(
1"+6%$,$(
2()+(&@.D#$#(/%)(&;%?$01&C0$$%,&H(B#/&NL4*O05&M0).0$&
'$( $1",.47,( $( '$( !45"%#4!$!-( 6%&6*"#1$#( 8&%+$145$#( !"#!"( '&#(
.",1%&#(!"(6%&8"#&%"#(
2(4.0$&H0$9(/%&'()*+(&
"5&'*.47,( !"'( .&,."61&( !"( 4,1"'49",.4$( )$#1$( '&#( +&!"'&#( !"(
.&+6"1",.4$("+&.4&,$'("(4,1"'49",.4$("+&.4&,$'(
2(4.0$&'()*+(&20109.0)&
"'( $/#",14#+&( "#.&'$%-( "#1*!4&( !"( .$#&( !"( *,( 4,#141*1&( !"(
#".*,!$%4$(!"('$(.4*!$!(!"($2$+&,1"(
F()"04&@5(.13)0&-%)045%&
*,$( 6%&6*"#1$( !"( $1",.47,( $( '$( !45"%#4!$!( ",( 8G#4.$( !"( #"9*,!&( !"(
/$.)4''"%$1&(
8(B#0)&F0)B0)(&2%4301#4%1,&8%(4&8%10I&N%$(5&6%)3%$71&
'$( !4+",#47,( #&.4$'( !"'( 6%&."#&( !"( /&'&,4$( 2( "'( %"1&( !"( '$#(
$!$61$.4&,"#(.*%%4.*'$%"#(",('$(*,45"%#4!$!(
@$0G(4/)%&;%/)+9.05&2()3+4&
'$( 4,5"#149$.47,( .&'$/&%$145$( .&+&( +"F&%$( !"( '&#( 6%&."#&#( !"(
",#"C$,D$( !"( .&+6"1",.4$#( "+&.4&,$'"#( !"'( $'*+,$!&( .&,(
1%$#1&%,&#(!"'("#6".1%&($*14#1$(
N($B(/%)&@$*()(5&'()*+(,&8%10U#4(&-%5(4%&2()3+405&
$#6".1&#( !4!A.14.&M&%9$,4D$145&#( !"( '$( "!*.$.47,( "#6".4$'N( *,$(
6%&6*"#1$(!"(8&%+$.47,(*,45"%#41$%4$(!"#!"('$(*,45"%#4!$!($(1%$5<#(
!"('$(+"1&!&'&9G$(/'",!"!M'"$%,4,9(
;(#".4/%&F(13(:%&F($$0,&@$U%41%&H0&2(.)#&>$B()05&
"'( 6%&9%$+$( !"( !45"%#484.$.47,( .*%%4.*'$%-( 8&%+$.47,( !"'(
6%&8"#&%$!&(2(6"%."6.47,(!"('&#($'*+,&#(!"('$("#&(
801Q1&2%$#4(&N(%)+4&
F75","#(.&,(#G,!%&+"(!"(!&O,-(8$#"#(4,4.4$'"#(!"(*,(6%&2".1&(#&/%"(
$1'"14#+&(6$%$('$(+"F&%$(!"('$(.$'4!$!(!"(54!$(
801Q1&2%$#4(&N(%)+4&
'$#( .&+6"1",.4$#( #&.4$'"#( ",( 8*1*%&#( !&.",1"#( .&+&( "'"+",1&( !"(
4,1"9%$.47,(!"($'*+,&#(4,+49%$,1"#(",("'($*'$(
F()$%1&N($(B0)(&C%)/L1,&8%17&-.#1&@43%:(45(1&
6'$,( !"( +"F&%$( !"( '$( $1",.47,( $( '$( +*'14.*'1*%$'4!$!( !",1%&( !"'(
6'$,(!"($1",.47,($('$(!45"%#4!$!!
;%1()#%&C0)01($.*0&H+05&
'$( 8&%+$.47,( 4,1"%.*'1*%$'( !"'( 6%&8"#&%$!&( ",( "'( +$%.&( !"'(
$6%",!4D$F"(6&%(.&+6"1",.4$!
(
3IB(
(
33?(
(
3=;(
(
3J3(
(
3J;(
(
3?B(
(
[email protected]>(
(
3B>(
(
3E>(
(
3;?(
(
=I?(
(
=3>(
(
==>(
(
=>3(
(
=J>(
(
=?>(
(
[email protected]>(
(
8.(4&8%17&-0#B(&J$#B04*#(&
'$(8&%+$.47,(!"'(6%&8"#&%$!&(",(.&+*,4.$.47,(4,1"%.*'1*%$'!
@4/)71&!1*()?(G($&<).3%1&
!"#$8G&#( 4,1"%.*'1*%$'( !"'( #49'&( ::4-( "'( 6$6"'( !"( '$( "!*.$.47,(
4,1"%.*'1*%$'(",('$("#.*"'$!
2#9.0$&>490$&2()3+4&NL4*O05,&-(.)(&@$%41%&H+05(
.4+4",1&#(<14.&#(6$%$(*,$("#.*"'$(4,1"%.*'1*%$'!
@$?0)3%&NL4*O05&;%G%&
&%4",1$.4&,"#( 6"!$9794.$#( 6$%$( '$( 8&%+$.47,( !"'( 6%&8"#&%$!&( ",(
"!*.$.47,(4,1"%.*'1*%$'(
2#)#("&'()*+(&C$(4*%&
",8&P*"( 4,1"%.*'1*%$'( 2( 8&%+$.47,( !"'( 6%&8"#&%$!&N( &64,4&,"#( !"(
+$"#1%&#Q$#(2(6%&6*"#1$#(6$%$('$(8&%+$.47,(
T471&'#$&8(.)04(&
"'( .*%%G.*'&( 4,1"%.*'1*%$'-( .&,#1%*2",!&( %"#6*"#1$#( !4!A.14.$#(
!"#!"('$(6%A.14.$(
<)(4*#1*%&8(B#0)&@"%)01&<0)4L4/05,&8.(4&<)(4*#1*%&2.:%5&C(4/0)(&
"'( 6%&8"#&%$!&( !"( '$#( $*'$#( $'4#&( K$!$61$.47,( '4,9RG#14.$( 2( #&.4$'LN(
6"%84'(8&%+$145&0(8*,.4&,"#(2(%"'$.4&,"#(
2()+(&8%17&@))%E%&'%45L$05,&-.#1&M%))09%&!9#/%&
8&%+$.47,(4,1"%.*'1*%$'(!"'(6%&8"#&%$!&(",("'(+$%.&("*%&6"&(
8%17& @43%4#%& V0)4L4/05& C)(B%,& 8.(4& ;(U(0$& V0)4L4/05& C)(B%,& 2#9.0$& >490$&
2#$L4&@)0$$(4%&
"'( +"!4$!&%( 4,1"%.*'1*%$'( ",( "'( A+/41&( #&.4&#$,41$%4&-( 6"%84'0(
.&+6"1",.4$#(2(.*$'484.$.47,(
F(3($#4(&'.0))0)%&;%"0)(&
5$'&%$.4&,"#(4,1"%.*'1*%$'"#(!"'(6%&8"#&%$!&(!"('$("#&(!"(.$#14''$(
2('"7,(
<0)4(4/%&'%45L$05&@$%41%,&;%1(&2()+(&H0&F(13)%&V0)4L4/05&
"!*.$.47,( 2( .&,8'4.1&#( ",( "#.*"'$#( 4,.'*#45$#-( 6%4,.464&#0( 5$'&%"#( 2(
"#1%$1"94$#(6$%$('$(+"F&%$(!"('$(.&,545",.4$("#.&'$%!
8.(4&8%17&-0#B(&J$#B04*#(&
'$(8&%+$.47,(!"'(6%&8"#&%$!&($,1"('$#(.*'1*%$#(F*5",4'"#!
8%)/#&N%$7&C$(4*O&
6%&+&5"%(%"#4'4",.4$(6$%$(6%"5",4%('$(54&'",.4$!
2()+(&M0)01(&F)01I%&N#0))(&
"'(!&.",1"(2('$("!*.$.47,(",(5$'&%"#-("#1*!4&(!"'(.$#&(!"(P*"%<1$%&(
K+<:4.&L(2($'4.$,1"(K"#6$C$L!
@5.*04(&H0&-(&F%4*0I*#=4&J*O%((
4,.454'4!$!(2(146&#(!"(!&.",.4$(.&,(5$'&%"#!
N($B(/%)&60#)%WTW')09%)#&
"'(.'4+$(#&.4$'("#.&'$%(.&+&(8$.1&%(!"(6%&1"..47,(!"('$#(.&,!*.1$#(
/*''24,9N(4,1"%5",.47,(.&,("'(9%*6&M$*'$!
F%41.0$%&NL4*O05&-(*(1(,&<.041(43(&F0)05%&;("+)05&
6&#4.47,(#&.4&+<1%4.$(2(54.14+4D$.47,("#.&'$%(
!.904#(&6#:0)%&;.#5,&8%17&8.(4&-=I05&!1I+4&
+H#4.$( 2( !$,D$0( 5")G.*'&#( 6$%$( '$( .&,#".*.47,( !"( $%+&,G$( ",( *,(
.",1%&( "#.&'$%( .&,8'4.145&N( )"%%$+4",1$#( /A#4.$#( 6$%$( "'(
6%&8"#&%$!&(
@4(&2()+(&H+(5&J$(E(&
4,.4!",.4$(!"'(.4/"%/*''24,9(",('&#(.",1%&#("!*.$145&#(!"('$(%"947,(
!"(+*%.4$(
@4(&2()+(&'#"7405&'.($/%,&8(B#0)&8S&2(P.#$=4&NL4*O05&
$6'4.$.47,( !"( *,( 4,#1%*+",1&( !"( !4$9,7#14.&( #&/%"( .&,545",.4$0( $(
=B3(
(
=B;(
(
=EB(
(
=;?(
(
>I>(
(
>3>(
(
>=>(
(
>>3(
(
>J3(
(
>JB(
(
>@3(
(
>B3(
(
>B;(
(
>EB(
(
>;B(
(
JI;(
(
J=3(
(
J>3(
(
JJ3(
(
JJ;(
(
'&#( $'*+,&#( !"( "#&( !"( *,( .",1%&( .&,."%1$!&( !"( '$( .&+*,4!$!(
5$'",.4$,$(
>490$01&C$L5P.05&-$("(1,&'0)"L4&2()3+4&'%45L$05,&X%$(4/(&;.#5&J)/=:05&
.7+&( $/&%!$%( '$#( %"'$.4&,"#( .&,8'4.145$#( ",( '&#( .",1%&#(
"!*.$145&#(
8.(4(&2()+(&;%/)+9.05&'="05&
8&%+$.47,(!"'(6%&8"#&%$!&(",(54&'",.4$("#.&'$%-(4,1"%6%"1$.47,(!"(
%"#*'1$!&#("(4,8&%+"(!"'(1"#1(/*''M#(
2()+(&T4"(*.$(/(&274/05&2(30%,&<.041(43(&F0)05%&;("+)05&
"!*.$%( ",( 5$'&%"#( +"!4$,1"( '$#( ,*"5$#( 1".,&'&9G$#( !"( '$(
4,8&%+$.47,(2('$(.&+*,4.$.47,N('$#(O"/P*"#1(
2()+(&M0)01(&6#:0#)%&J30)%&
'$( !"+$,!$( 8&%+$145$( !"'( +"%.$!&( '$/&%$'( ",( "'( !4#"C&( !"( '&#(
6'$,"#(!"("#1*!4&!
2()+(&8%17&A#0#)(&@$$0),&C0$74&N.L)05&-(43()=4&
'$(%"8&%+$("*%&6"$(!"('$("!*.$.47,(#*6"%4&%!
!4)#P.0&8(B#0)&H+05&'.3#7))05&
&%4",1$.47,(6%&8"#4&,$'(2(!"#"+6'"&($!*'1&!
M%"L1&T5P.#0)/%&;.1,&<.041(43(&V0)4L4/05&6#4(&
8&+",1&(!"'("#6G%41*("+6%",!"!&%(",("'("""#!
@43%4#%&'="05&2()3+4,&2()+(&801Q1&>$B()05&F.?0)%,&@43%4#%&&
<)(4*#1*%&V0)4L4/05&80)05(
S2( 1H( .7+&( #*64#1"( !"( "#1"( 1%$/$F&T( '$#( %*1$#( )$.4$( "'( +"%.$!&( !"(
1%$/$F&( ",( *,$( +*"#1%$( !"( $'*+,$!&( "9%"#$!&( !"( '$#( 141*'$.4&,"#(
!"(+$"#1%&!
6)./04*#(&'.3#7))05&!130?(4&
$,A'4#4#(!"('$(8&%+$.47,(6"%+$,",1"(!"'(6%&8"#&%(*,45"%#41$%4&!
>490$&H0&8.(4(1&J$#B(,&@$U%41%&H#013)%&<0)4L4/05&
4+6'4.$.4&,"#( ",( '$( 8&%+$.47,( !"'( 6%&8"#&%$!&( *,45"%#41$%4&( ",( '$(
$.1*$'4!$!(
>490$&H0&8.(4(1&J$#B(,&@$U%41%&H#013)%&<0)4L4/05&
5$'&%$.47,( !"( '$#( .&+6"1",.4$#( 6$%$( "'( "+6'"&( ",( '&#( 141*'$!&#(
*,45"%#41$%4&#(
8(B#0)&2(3+(1&;("+)05&;%"0)%,&@$0G(4/)%&A0$L5P.05&H%)3(&
'&#( .%41"%4&#( !"( +"%.$!&( ",( "'( 9&/4"%,&( !"( '$#( 4,#141*.4&,"#( !"(
8&%+$.47,(!"'(6%&8"#&%$!&(",(41$'4$(
-S&C0$74&!1I0G%&A#$$(),&-.GL4&-L5()%&V0))0)%&
"+6'"$/4'4!$!( 2( '",9*$#( 6$%$( 84,"#( "#6".G84.&#-( ":6"%4",.4$#( !"(
8&%+$.47,( !"'( 6%&8"#&%$!&( !"( '8"( ",( '$( *,45"%#4!$!( !"( '$#( 6$'+$#(
!"(9%$,(.$,$%4$(
-E/#(&!13O0)&C%$(:%1&20/#4(&
6"%84'"#(!"(6%&8"#4&,$'"#(",(8&%+$.47,($,1"("'(.&+6%&+4#&(<14.&(
<)(4*#1*%&8(B#0)&C$(4*%&!4*%"#04/(,&2()+(&8%17&-(3%))0&20/#4(&
"#1*!4&( .&+6$%$145&( !"( '$( 4,#"%.47,( '$/&%$'( !"'( $'*+,$!&(
"9%"#$!&(*,45"%#41$%4&(",("*%&6$(
6(3)#*#(&T?L:05&T?L:05,&6)./04*#(&'.3#7))05&!130?(4&
"#( 6&#4/'"0( !"#"$/'"( 2( 6&#4145&( .&,14,*$%( $6%",!4",!&( !*%$,1"( '$(
1"%."%$("!$!!
-(.)(&@$%41%&H+(5,&2#9.0$&>490$&2()3+4&NL4*O05&
"!*.$.47,($%1G#14.$(.&+&(1"%$64$(",(6"%#&,$#(+$2&%"#!
'$%)#(&2()+(&;#*%&F$(B0$$#4%&
&%4",1$.47,(6$%$('$(6%"6$%$.47,()$.4$('$(F*/4'$.47,!
2()+(&H0&-(&J&M%1*(4%&;.#5&
U"'(P*"((,&(''&%$(,&(+$+$V(P*"F$#(2(%".'$+$.4&,"#N(6%&6*"#1$(!"(*,$(
J?;(
(
JB3(
(
JB;(
(
JE;(
(
J;;(
(
?IB(
(
?3;(
(
?=B(
(
?>>(
(
?J>(
(
??B(
(
?B3(
(
?E>(
(
?;?(
(
@I>(
(
@33(
(
@3;(
(
@=;(
(
@>B(
(
*,4!$!(!4!A.14.$(!"("Q'"(!4%494!$($("#1*!4$,1"#(+$2&%"#(!"(?I($C&#!
!/9()&>$B()05WR%)0:(&F.0B(&
"'( 6%&9%$+$( *,45"%#41$%4&( 6$%$( +$2&%"#( ",( '$( *,45"%#4!$!( !"(
#$,14$9&(!"(.&+6&#1"'$!
2Y& F()"04& F("?0#)%& -%.)#/%,& 2Y& ;%1()#%& F(13)%& '%45L$05,& T1(?0$& '%45L$05&
'="05,&2Y&F()"04&NL4*O05&@"%)&
6"%#&,$#(+$2&%"#(.&,(!4#.$6$.4!$!(4,1"'".1*$'(
F(3($#4(&'.0))0)%&;%"0)(&
4,1"%,"1(.&+&()"%%$+4",1$("!*.$145$(",(6"%#&,$#(+$2&%"#(
;%?0)3%&2()3+405W60*#4%,&X%$(4/(&M)%E(4%&;%/)+9.05,&2(4.0$&2()+4&NL4*O05&
"'(6%&8"#&%(*,45"%#41$%4&($,1"("'(%"1&(!"('$(8&%+$.47,(!"(6"%#&,$#(
+$2&%"#N( '$( $6&%1$.47,( !"( '&#( !&.",1"#( !"( '$( 8$.*'1$!( !"(
.&+*,4.$.47,( 2( !&.*+",1$.47,( $'( $*'$( #",4&%( !"( '$( *,45"%#4!$!( !"(
+*%.4$(
2Y&A0)=4#*(&H0&V()%&H0&N(4&2(30%&
"#1%$1"94$#( 6$%$( !"#$%%&''$%( "'( $6%",!4D$F"( .&&6"%$145&( ",( "'(
"#6$.4&("*%&6"&-("'(.$#&(!"'($'*+,$!&(+$2&%(
2(4.0$& 2()+4& NL4*O05,& @$U%41%& 8(B#0)& '()*+(& '%45L$05,& X%$(4/(& M)%E(4%&
;%/)+9.05&
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
@J?(
(
@?B(
(
@@B(
(
@B;(
(
@EB(
(
@;>(
!
!
!
!
!
!
!
!
!
!
"
"
"
"
"
"
!"#$%%&''&()*+$,&-(."%"/%&0(+",1"(2(.*'1*%$(
(
"34546(789:;8(789:;8(
'6<9=>?([email protected];A>B(CD9>B(
E69F>(+<G6BH%<[email protected](
#$%&'()%*+*",-./012'$)'3"4+*(%*"
"
%"#*+",(
5+(+" 6-./('$*'(" '0" *')+((-00-" 71.+$-" ')" /('6%)-" 2'$'(" /(')'$2'" 2(')"
/'()/'62%&+)8" 9%0-:;$')%)<" )-6%-:;$')%)" =" -$2-:;$')%)3" >$" 1$" 0+(:-" /(-6')-"
'&-012%&-"'0")'("71.+$-"6-$?1%)[email protected]"1$+)"6+/+6%*+*')".'$2+0')".1="')/'6%+0')8" 0+"
6+/+6%*+*" /+(+" 6-$)%*'(+(" +" 0-)" -2(-)" 6-.-" )1)" )'.'A+$2')B" 0+" 6+/+6%*+*" *'"
+2(%C1%(0')"%$2'$6%-$')<"/'$)+.%'$2-)"=")'$2%.%'$2-)B"0+"6+/+6%*+*"*'"%*'$2%D%6+()'"
6-$" '00-)<" 6-$" )1)" ')2+*-)" .'$2+0')<" 6(''$6%+)" =" '.-6%-$')3" >)2+)" 6+/+6%*+*')"
(')102+(-$"*'2'(.%$+$2')"/+(+"0+":'$'(+6%@$"="2(+$).%)%@$"*'"0+"61021(+3"E")1"&'F"
0+"61021(+"')"'0".'*%-"'$"'0"?1'"&%&%.-)<"$+6'.-)<"6('6'.-)"="$-)"*')+((-00+.-)"
2-*-)" 0-)" )'(')" 71.+$-)3" ,+(+62'(%F+.-)" 0+" 6+/+6%*+*" .'$2+0%)2+<" 0+" G'-(H+" *'" 0+"
4'$2'3"I+0-(+.-)"0+"%./-(2+$6%+"?1'"0+"G'-(H+"*'"0+"4'$2'"2%'$'"'$"0+"'*16+6%@$"="
0-)"/(-6')-)"*'"'$)'J+$F+"="+/('$*%F+A'3"K'J+0+.-)"+0:1$+)"+/-(2+6%-$')"*')*'"0+"
L'1(-6%'$6%+" +" 0+" >*16+6%@$<" /+(2%610+(.'$2'" '0" ('6%'$2'" *')61C(%.%'$2-" *'" 0+)"
L'1(-$+)">)/'A-"?1'"/-)%C%0%2+$"0+"6-./('$)%@$"="6-.1$%6+6%@$"%$2'(/'()-$+03"
C858I98?(:58J>-(6'('C(-B".'$2'B"61021(+B"*')+((-00-"71.+$-B"$'1(-/)%6-0-:H+3"
(
(
1)"()*+$,(!"K"'&C+",1-(/%$L,0(+L,!($,!(.*'1*%"(
(
$/#1%$.1M(
G-" 1$*'()2+$*" 27'" 71.+$" *'&'0-/.'$2" %)" $'6'))+(=" 2-" 2+M'" %$2-" +66-1$2" 27(''"
/'()/'62%&')8" 57=0-:'$')%)<" )-6%-:'$')%)" +$*" -$2-:'$')%)3" N$" +" 0-$:" '&-012%-$+0"
/(-6'))<" 27'" 71.+$" C'%$:" +6?1%('*" &'(=" )/'6%+0" .'$2+0" +C%0%2%')8" 27'" +C%0%2=" 2-"
)'$)'" 27'" -27'()" +)" 27'%(" '?1+0B" 27'" +C%0%2=" 2-" /(-&%*'" %$2'$2%-$)<" 27-1:72)" +$*"
D''0%$:)B" 27'" +C%0%2=" 2-" %*'$2%D=" O%27" 27'.<" O%27" 27'%(" .'$2+0" )2+2')<" C'0%'D)" +$*"
'.-2%-$)3" G7')'" +C%0%2%')" O'('" 6(%2%6+0" 2-" 27'" :'$'(+2%-$" +$*" 2(+$).%))%-$" -D"
61021('3"N$"21($<"27'"61021('"%)"27'"'$&%(-$.'$2"%$"O7%67"+00"71.+$"C'%$:)"0%&'<"O'"
!"
+('" C-($<" O'" :(-O" +$*" O'" *'&'0-/3" Q'" 67+(+62'(%F'" 27'" .'$2+0" 6+/+6%2=<" 27'"
G7'-(=" -D" 4%$*3" Q'" &+01'" 27'" %./-(2+$6'" 27+2" 27'" G7'-(=" -D" 4%$*" 7+)" %$" 27'"
'*16+2%-$"+$*"%$"27'"2'+67%$:"+$*"0'+($%$:"/(-6'))')3"Q'"$-2'")-.'"6-$2(%C12%-$)"
D(-." L'1(-)6%'$6'" 2-" >*16+2%-$<" /+(2%610+(0=" 27'" ('6'$2" *%)6-&'(=" -D" 4%((-("
L'1(-$)"O7%67"+00-O"27'"1$*'()2+$*%$:"+$*"%$2'(/'()-$+0"6-..1$%6+2%-$3"
N>O(P69=?-"C(+%$B".%$*B"61021('B"71.+$"*'&'0-/.'$2B"$'1(-/)=67-0-:=3"
"
L,1%&!*..LQ,"
>0" )'(" 71.+$-" 7+" *')+((-00+*-" 1$+)" 6+/+6%*+*')" .'$2+0')<" ?1'" 0'" 7+$" /'(.%2%*-"
6('+(" =" 2(+$).%2%(" 0+" 61021(+<" *')*'" 0+)" /(%.%2%&+)" 7'((+.%'$2+)" *'" /%'*(+" 7+)2+"
00':+(" +" 0+)" 6%'$6%+)<" 2'6$-0-:H+)<" 71.+$%*+*')" =" +(2')3" >0" )'(" 71.+$-" *%)/-$'" *'"
1$+)"6+/+6%*+*')"?1'"0'"/'(.%2'$"%$2'(/('2+("="/('*'6%("0+"6-$*162+"*'"0-)"-2(-)3"
R(+6%+)" +" ')2+)" 6+/+6%*+*')" 0+)" /'()-$+)" $-)" 6-.1$%6+.-)" '" %$2'(+66%-$+.-)<"
/(-*16%.-)" =" 2(+$).%2%.-)" 0+" 61021(+3" E" )1" &'F<" 0+)" 6-$?1%)2+)" 61021(+0')<"
+(2'D+62-)<" )H.C-0-)" =" 2(+*%6%-$')<" 6-$)2%21='$" '0" '$2-($-" $+21(+0" /+(+" '0"
*')+((-00-"*'"6+*+"/'()-$+3"
S+" .'$2'" 71.+$+" ')" (')102+*-" *'" 1$" 6-./0'A-" /(-6')-" '&-012%&-<" '$" '0" ?1'" 6+C'"
*%D'('$6%+(" 2(')" /'()/'62%&+)8" D%0-:'$;2%6+<" )-6%-:'$;2%6+" =" -$2-:'$;2%6+3" >$" 1$"
/(-6')-"D%0-:'$;2%6-"'&-012%&-"*'".%00-$')"*'"+J-)")1(:%@"1$+"6+/+6%*+*"6-:$%2%&+"
'T601)%&+"*'"0+"')/'6%'"71.+$+8"0+"6+/+6%*+*"*'0"%$*%&%*1-"/+(+"%*'$2%D%6+()'"6-$"
0-)" -2(-)" .%'.C(-)" *'" )1" ')/'6%'<" ?1'" 0'" /'(.%2'" 6-./('$*'(" +" 0-)" *'.U)" 6-.-"
+:'$2')"%$2'$6%-$+0')"=".'$2+0')<"6-.-"%$*%&%*1-)"?1'"2%'$'$"%$2'$6%-$')"=".'2+)""
="+62V+$".-&%*-)"/-("'00+)"W9%0-:;$')%)X3"
>)2+" 6+/+6%*+*" *'" &'(" =" 6-./('$*'(" +" -2(+)" /'()-$+)" 6+.C%@" (+*%6+0.'$2'" '0"
/(-6')-"*'"'&-016%@$"6-:$%2%&+<"="0+"$+21(+0'F+"*'"0+)"%$2'(+66%-$')")-6%+0')<"*+$*-"
01:+(" +" 1$+" D-(.+" )%$:10+(" *'" '&-016%@$" 61021(+0" +" 2(+&;)" *'0" 2%'./-" 7%)[email protected](%6-"
WK-6%-:;$')%)X3" S+" $1'&+" 6+/+6%*+*" 6-:$%2%&+Y)-6%+0" /-)%C%0%[email protected]" 0+" :'$'(+6%@$" ="
2(+$).%)%@$" *'" 0+" 61021(+<" 7'((+.%'$2+)<" )H.C-0-)" =" 2(+*%6%-$')" +" 0+)" $1'&+)"
:'$'(+6%-$')<" '$" 1$" 6-$2%$1+*-" /(-6')-" *'" %$$-&+6%-$')" =" .'A-(+)<" *'" /(-:(')-"
71.+$-3" >)" '0" 00+.+*-" Z'D'62-" 2(%$?1'2'[" -" ZC-0+" *'" $%'&'[" 6-.-" 0'" 7+$"
*'$-.%$+*-"G-.+)'00-"WP\\]X"="4%27'$"W"!^^_X3"
R(+6%+)" +" 0-)" /(-6')-)" '*16+2%&-)" *'" 2(+$).%)%@$" *'" 0+)" $1'&+)" 6-$?1%)2+)"
61021(+0')")'".-*%D%6+")1)2+$6%+0.'$2'"0+"$+21(+0'F+"*'0"$%67-"-$2-:'$;2%6-<"'$"'0"
?1'")'"*')+((-00+$"0-)"$%J-)"*'"0+)"$1'&+)":'$'(+6%-$')"W`$2-:;$')%)X3"S-)"$%J-)"
*'" 6+*+" :'$'(+6%@$" $+6'$" =" 6('6'$" '$" 1$" .1$*-" DH)%6-" =" )-6%+0" .-0*'+*-" /-(" 0+"
61021(+3" S-)" $%J-)" )'" &'$" (-*'+*-)" *'" 0+)" .'A-(')" 7'((+.%'$2+)" =" )H.C-0-)<" ?1'"
)1)" /('*'6')-(')" %$&'$2+(-$" /+(+" 7+6'(" D('$2'" +" 0-)" (%:-(')" =" 'T%:'$6%+)" *'" )1"
.1$*-" DH)%6-" =" )-6%+03" S-)" $%J-)" %$2'($+0%F+$" ')2+)" 7'((+.%'$2+)" =" )H.C-0-)" ="
+/('$*'$" +" 12%0%F+(0-)" :(+6%+)" +" 0-)" /(-6')-)" *'" '$)'J+$F+Y+/('$*%F+A'<"
')/'6%+0.'$2'"+/('$*%F+A'"%.%2+2%&-"="0'$:1+A'3"
5+(+" *+(" 61'$2+" *'" 0+" .'$2'" 71.+$+" ')" -C0%:+*-" )%21+()'" '$" 2(')" .+(6-)"
2'./-(+0')" .1=" *%)2%$2-)8" +X" >0" !"#$%&' (")&*#+,!"-&<" ?1'" )'" .%*'" '$" .%00-$')" *'"
+J-)<"61+$*-"0-)"/(%.+2')"71.+$-)"*')+((-00+(-$")1".-*-")%$:10+("*'"/'(6%C%("="
6-./('$*'("+"0-)".%'.C(-)"*'")1"')/'6%'B"CX"'0"!"#$%&'."/!01"-&<"?1'")'"(':%)2(+"'$"
.%0')"*'"+J-)<"61+$*-"')2+"6+/+6%*+*"2+$"')/'6%+0"*'"6-./('$)%@$")-6%+0"/-)%C%0%[email protected]"
0+" 6('+6%@$<" %$$-&+6%@$" =" 2(+$).%)%@$" *'" 0+" 7'('$6%+" 61021(+0<" %$2':(+*+" /-("
P"
7'((+.%'$2+)<" )H.C-0-)" =" 2(+*%6%-$')<" ?1'" +61.10+$" .-*%D%6+6%-$')" =" .'A-(+)" +"
2(+&;)" *'0" 2%'./-B" 6X" '0" !"#$%&' &+!&*#+,!"-&<" 61=+" ')6+0+" ')" *'" .%0')" *'" *H+)" =" *'"
7-(+)" '$" 0+" &%*+" /'()-$+0" *'0" %$*%&%*1-<" 61+$*-" *')*'" '0" $+6%.%'$2-" '0" C'C;"
71.+$-" )+0'" /('.+21(-" *'0" V2'(-" .+2'($-" /+(+" '$2(+(" '$" '0" V2'(-" 61021(+0" *'" 0+"
D+.%0%+<"*-$*'")'"$12(%(U"*'""0-)"/(-*162-)"61021(+0')"*'")1"6-.1$%*+*3"
(
."%"/%&0(+",1"(2("!*.$.LQ,(
a')*'" 0+" V02%.+" *;6+*+" *'0" )%:0-" bb<" 0+" *;6+*+" *'0" 6'('C(-<" 0-)" +&+$6')" '$" 0+)"
L'1(-6%'$6%+)" 7+$" )%*-" ')/'62+610+(')3" S-)" 6-$-6%.%'$2-)" *%)/-$%C0')" )-C('"
-(:+$%F+6%@$"D1$6%-$+0"*'0"6'('C(-"="0-)"/(-6')-)".'$2+0')<"')2U$"('&-016%-$+$*-"
0+" 6-$6'/6%@$" ?1'" 2'$'.-)" *'" $-)-2(-)" .%).-)3" S+)" +/-(2+6%-$')" *'" 0+)"
$'1(-6%'$6%+)" (')102+$" 60+&')" /+(+" 0+" '*16+6%@$3" c+" )+C'.-)" .167-" *'" 0-" ?1'"
-61(('" '$" $1')2(-" 6'('C(-" 61+$*-" +/('$*'.-)<" /'(-" )-$" .U)" 0%.%2+*-)" 0-)"
6-$-6%.%'$2-)" )-C('" $'1(-/)%6-0-:H+" *'" 0+" '$)'J+$F+3" S+" 6+/+6%*+*" *'" +/('$*'("
*'" 0-)" -(:+$%).-)" ')" .167-" .U)" :'$'(+0%F+*+" ?1'" 0+" 6+/+6%*+*" *'" '$)'J+(3"
4%'$2(+)" ?1'" 2-*-)" 0-)" +$%.+0')" +/('$*'$<" .1=" /-6-)" )-$" 0-)" ?1'" '$)'J+$3"
>$)'J+(" ')" 1$+" *'" 0+)" 6+/+6%*+*')" .U)" ')/'6HD%6+)" =" ')/'6%+0')" *'" 0+" ')/'6%'"
71.+$+3" R(+6%+)" +" 0+" '$)'J+$F+" *'" 0-)" *%&'()-)" )%)2'.+)" )%[email protected]%6-)" W6-.-" '0"
0'$:1+A'<"0+"')6(%21(+<"0-)"$V.'(-)<"0-)".+/+)<"0+".V)%6+<"0+)"0'=')<"0+)"$-(.+)<"'263X<"
$1')2(-"6'('C(-"/1'*'"%$6-(/-(+("'$"1$-)"/-6-)"+J-)"*'"0+"&%*+"/'()-$+0<".%0')"*'"
+J-)"*'"'T/'(%'$6%+"="6-$-6%.%'$2-)"*'"0+"7%)2-(%+"*'"0+"71.+$%*+*<"/-)%C%0%2+$*-"
0+" '*16+6%@$" " =" " 2(+$).%)%@$" *'" 0+" 61021(+" WR+(*$'(<" !^^d<" P\\\B" K/%2F'(<" P\\eB"
G-.+)'00-<"P\\]B",>fN<"P\\dB"g0+M'.-('"="9(%27<"P\\dX3"
>0"6'('C(-"71.+$-"7+"'&-016%-$+*-"/+(+"'*16+("=")'("'*16+*-3"S-)"+/('$*%F+A')"="
'$)'J+$F+)<"0+"2(+$).%)%@$"61021(+0"="0+"'*16+6%@$")-$"$+21(+0')"'$"'0"7-.C('3">0"
6'('C(-" ')" 0+" 6-$?1%)2+" '&-012%&+" ?1'" 7+6'" /-)%C0')" 0-)" *%&'()-)" 2%/-)" *'"
+/('$*%F+A')<"*')*'"0+"7+C%21+6%@$"=")'$)%C%0%F+6%@$"7+)2+"0-)"/(-6')-)"6-:$%2%&-)"
.U)" )1/'(%-(')<" /+)+$*-" /-(" " 6-$*%6%-$+.%'$2-" 60U)%6-<" +/('$*%F+A'" -/'(+$2'<"
%.%2+6%@$<"0'$:1+A'3"c"2+.C%;$""'0"6'('C(-"')"0+"')2(1621(+"$+21(+0"?1'"/-$'"0H.%2')"
+" 0-)" +/('$*%F+A')<" *'2'(.%$+$*-" 0-" ?1'" )'" /1'*'" +/('$*'(<" '$" ?1;" .-.'$2-)" ="
6-$"?1;"(+/%*'F3">T/0%6+("="6-./('$*'("0-)"/(-6')-)"6'('C(+0')"?1'"')2U$"+"0+"C+)'"
*'"0-)"+/('$*%F+A')"=".'.-(%+)<"'.-6%-$')"=")'$2%.%'$2-)<"/-*(H+"2(+$)D-(.+("0+)"
')2(+2':%+)" /'*+:@:%6+)<" =" :'$'(+(" /(-:(+.+)" +*'61+*-)" +" 0+)" 6+(+62'(H)2%6+)" *'"
0+)"/'()-$+)"=")1)"$'6')%*+*')"')/'6%+0')3"
>0"6'('C(-"71.+$-"')"(')102+*-"*'"1$"0+(:-"/+)+*-"'&-012%&-"*'"e\\".%00-$')"*'"
+J-)3"4U)"/(@T%.+.'$2'<"7+6'"1$-)"h".%00-$')"*'"+J-)<"'$"'0"6-$2%$'$2'"+D(%6+$-"
21&-" 01:+(" 1$" +6-$2'6%.%'$2-" '&-012%&-" *'" :(+$" 2(+)6'$*'$6%+<" 1$+" /-C0+6%@$" *'"
.-$-)"+$2(-/-.-(D-)"'&-016%[email protected]"=")1(:%'(-$"&+(%+)"')/'6%')"*'"E1)2(+0-/%27'61)<"
-".-$-)"CH/'*-)3">)2+)"$1'&+)"')/'6%')")'"'T2%$:1%'(-$<")+0&-"1$+"?1'")-C('&%&%@"
7+)2+"7+6'"1$-)"P".%00-$')"*'"+J-)3"5+(+"'$2-$6')"7+CH+"6+.C%+*-"2+$2-"?1'"$-")'"
6-$)%*'(+"')/'6%'"*'"+1)2(+0-/%2'6-<"="D1'"/('6%)-"'$6+)%00+(0+"'$"1$"$1'&-":;$'(-<"
?1'" )'" *'$-.%[email protected]" 2&$&3" >)2'" i-.-" 2'$H+" 1$" 6'('C(-" .U)" :(+$*'<" D+C(%6+C+"
7'((+.%'$2+)" *'" /%'*(+" =" './'[email protected]" +" 'T/0-(+(" 0+" 2%'((+3" i+6'" )@0-" 1$-)" P\\3\\\"
+J-)<" =" 2+.C%;$" '$" jD(%6+<" 1$" :(1/-" *'0" :;$'(-" i-.-" './('$*%@" 1$" 6+.%$-"
'&-012%&-"*%D'('$2'<"6-./%2%@"'T%2-)+.'$2'"6-$"-2(+)"/-C0+6%-$')"*'"i-.-<"="*'[email protected]"
*')6'$*%'$2')"7-="6-$-6%*-)"6-.-"i-.-"K+/%'$)<"$-)-2(-)<".U)"*'"h\\\".%00-$')"
]"
*'" 71.+$-)" ?1'" /-C0+.-)" 0+" 2%'((+" WE()1+:+" =" 4+(2H$'F<" !^^_B" 4%27'$<" !^^_B"
G-.+)'00-<"P\\]X""""
S+"$1'&+"')/'6%'"/(')'$2+C+"6+(+62'(H)2%6+)""DH)%6+)""/+(2%610+(')<"6-.-"1$"6'('C(-"
*'" .+=-(" 2+.+J-<" /'(-" 0-" .U)" %./-(2+$2'" '(+$" )1)" $1'&+)" 6-./'2'$6%+)" ="
6+/+6%*+*')".'$2+0')<"6-:$%2%&+)"="0%$:lH)2%6+)<"+)H"6-.-"0-)"/(-*162-)"61021(+0')"
?1'"6('+(-$3",-.'$F+(-$"+"D+C(%6+(":(+$"6+$2%*+*"="&+(%'*+*"*'"7'((+.%'$2+)"*'"
/%'*(+" +*+/2+*+)" +" D%$')" ')/'6HD%6-)3" >)2'" /(-6')-" *'" :'$'(+6%@$" *'" +(2'D+62-)"
00':+<" /-(" 'A'./0-<" 7+)2+" 0-)" 6-./12+*-(')" +621+0')3" ,-.'$F+(-$" " +" 12%0%F+("
)H.C-0-)"/+(+"6-.1$%6+()'"="-(:+$%F+("")1"&%*+")-6%+0B")H.C-0-)"0%$:lH)2%6-)<"/'(-"
2+.C%;$" +(2H)2%6-)<" =" 6-$" '0" 2%'./-" 7+$" 00':+*-" +" 6-$?1%)2+)" 2+0')" 6-.-" 0+""
')6(%21(+<" .+2'.U2%6+)<" .V)%6+3" ,-.'$F+(-$" 2+.C%;$" +" +*-/2+(" /(U62%6+)" ="
-(:+$%F+6%-$')" )-6%+0')<" *')*'" 0-)" (%2-)" D1$'(+(%-)" 7+)2+" 0+" *-.')2%6+6%@$" *'"
+$%.+0')3" >0" (')102+*-" 7+$" )%*-" %$)2%216%-$')" +621+0')" *'" 2%/-" ('0%:%-)-<" /-0H2%6-<"
'*16+2%&-3"
,-.-" 6-$?1%)2+" D%0-:'$;2%6+<" 0-)" 7-.-" )+/%'$)" " *')+((-00+(-$" 1$-)" /(-6')-)"
6-:$%2%&-)"?1'"0')"/'(.%2%'(-$"/-$'()'"'$"'0"01:+(".'$2+0"*'0"-2(-<"+/('$*%'$*-"$-"
)@0-"*'0"-2(-<")%$-"+"2(+&;)"*'0"-2(-3">)2+"6-./('$)%@$"*'"?1'"0-)"-2(-)")-$"2+.C%;$"
)'(')" %$2'$6%-$+0')<" )'.'A+$2')" +" 1$-<" (')102+" 6(H2%6+" /+(+" 0-)" +/('$*%F+A')"
61021(+0')"71.+$-)3"E/('$*'("'0"1)-"*'"1$+"7'((+.%'$2+<"1$")H.C-0-<"-"/+(2%6%/+("
'$"1$+"/(U62%6+")-6%+0<"'T%:'"6-./('$*'("'0"")%:$%D%6+*-"%$2'$6%-$+0"*'"2+0')"1)-)<"
')"*'6%(<"6-./('$*'("0+"D%$+0%*+*<"0+)"%$2'$6%-$')"6-.1$%6+2%&+)"*'"0-)"1)1+(%-)3"
S+" 6-$?1%)2+" *'" ')2+)" 6+/+6%*+*')" 6-:$%2%&+)" /-)%C%0%[email protected]" 0+)" *%&'()+)" D-(.+)" *'"
+/('$*%F+A'" 61021(+0<" 0+" 6('+6%@$" *'" " 7'((+.%'$2+)" " =" +(2'D+62-)" " 6+*+" &'F" .U)""
%$$-&+*-(')"="6('+2%&-)<"+)H"6-.-"0+)"2(+*%6%-$')"61021(+0')3"S-)"$%J-)""6('6'$""'$"
'0")'$-"*'"')2-)"+(2'D+62-)""'"%$)2%216%-$')")-6%+0')<"7%)[email protected](%6+.'$2'"6-$)2%21%*+)<"*'"
.-*-" ?1'" 0+" -$2-:'$%+" .'$2+0" 71.+$+" +6-$2'6'" '$" '0" '$2-($-" *'" +(2'D+62-)<"
)H.C-0-)" =" /(U62%6+)" )-6%+0')" 6-$2%$1+.'$2'" ('$-&+*-)<" ?1'" ('/(')'$2+$" 0+"
)+C%*1(H+"6-0'62%&+"*'0":(1/-")-6%+0<"="?1'"0'"/'(.%2'"%$6-(/-(+("0-)"6-$-6%.%'$2-)"
+61.10+*-)"="0+)"7+C%0%*+*')")-6%+0')"*'0":(1/-"WI=:-2)M%<"!^d^B"Q'(2)67<"!^__X3"
S+" 6+/+6%*+*" 6-:$%2%&+Y)-6%+0" *'0" $%J-<" =+" *')*'" '0" /(%.'(" +J-" *'" &%*+<" *'"
%*'$2%D%6+()'"6-$"-2(+)"/'()-$+)<"*'"6-./('$*'("?1'"0-)"*'.U)")-$")'(')".'$2+0')<"
?1'"2%'$'$"/'$)+.%'$2-)<"%$2'$6%-$')"=")'$2%.%'$2-)<")'(U"0+"00+&'"?1'"0'"+C('"+"0+"
/+(2%6%/+6%@$"'"%$6-(/-(+6%@$"*'"0-)"/(-*162-)"61021(+0')3""
S+" 6+/+6%*+*" 6-:$%2%&+Y)-6%+0" *'0" )'(" 71.+$-" (')102+" 60+&'" /+(+" 6-./('$*'(" 0+"
6-.1$%6+6%@$" %$2'(/'()-$+0" =" 0+" %$2'(+66%@$" )-6%+0" '$" 0+)" )%21+6%-$')" '*16+2%&+)3"
>$" 0+)" ('0+6%-$')" %$2'(/'()-$+0')" 6-$2%$1+.'$2'" %$2'(/('2+.-)" '0"
6-./-(2+.%'$2-"*'0"-2(-<")1/-$%'$*-"?1'"2%'$'"')2+*-)".'$2+0')<"6-.-"-/%$%-$')<"
6(''$6%+)<" *')'-)<" %$2'$6%-$')<" %$2'(')')<" )'$2%.%'$2-)3" ,1+$*-" +0:1%'$" 7+6'" +0:-"
/'$)+.-)"?1'"2+0"6-$*162+")'"*'C'"+"*'2'(.%$+*-)"/'$)+.%'$2-)<")'$2%.%'$2-)"-"
*')'-)" ?1'" 2%'$'" '$" )1" 6+C'F+3" S-)" )'(')" 71.+$-)" 2'$'.-)" 1$+" 2'-(H+" *'" 0+)"
.'$2')" +A'$+)<" ?1'" $-)" /'(.%2'" $+21(+0.'$2'" +2(%C1%(" ')2+*-)" .'$2+0')" +" 0-)"
*'.U)" =" +" $-)-2(-)" .%).-)3" K-.-)" +$%.+0')" .'$2+0%)2+)3" Wf%&%'('<" !^^!<" !^^dB"
Q7%2'$<"!^^!B"[email protected]'F<"P\\dB"R+(6H+"R+(6H+<"P\\!<"P\\dX3"
S+" .'$2'<" '$2'$*%*+" 6-.-" 1$" )%)2'.+" *'" ('/(')'$2+6%-$')<" 6-$-6%.%'$2-)" '"
%$D'('$6%+)<".'('6'"'0"6+0%D%6+2%&-"*'"2'-(H+"WG'-(H+"*'"0+"4'$2'X<"/1')2-"?1'"$-"')"
*%('62+.'$2'"-C)'(&+C0'"=")%(&'"/+(+"/('*'6%("=".-*%D%6+("'0"6-./-(2+.%'$2-3">$"
6%'(2+" .'*%*+" )'" /1'*'" 6-./+(+(" 6-$" 0-)" 6-$6'/2-)" =" 2'-(H+)" ?1'" 0-)" 6%'$2HD%6-)"
k"
'./0'+$"/+(+"'T/0%6+(<"/('*'6%("=".-*%D%6+("0+"('+0%*+*"?1'"')21*%+$3"S+)"2'-(H+)"*'"
0-)" 6%'$2HD%6-)" 2+./-6-" )-$" -C)'(&+C0')3" E2(%C1%(" .'$2'" +" -2(-" ')" 1$+" +62%&%*+*"
2'@(%6+<" /1')" $-" /-*'.-)" -C)'(&+(" )1" .'$2'<" /'(-" +" /+(2%(" *'" ')+" +2(%C16%@$"
%$2'(/('2+.-)" )1)" /'$)+.%'$2-)" =" )'$2%.%'$2-)" =" " /-*'.-)" +621+(" 6-$" ;0"
+*'61+*+.'$2'3""
>0" 6'('C(-" *%)/-$'" *'" ('*')" $'1(+0')" ')/'6%+0%F+*+)<" ?1'" $-)" /'(.%2'$" 6('+("
%$:'$%-)+)" 7%/@2')%)" )-C('" [email protected]" -/'(+" 0+" .'$2'" *'" -2(+)" /'()-$+)3" E" /+(2%(" *'"
')2+)"7%/@2')%)"+$2%6%/+.-)"="/('*'6%.-)"6-$"+6%'(2-"0+)"6-$*162+)"*'"0-)"*'.U)3"
>)2+"6+/+6%*+*"*'".'$2+0%F+6%@$"6-$"1$+"C+)'"$'1(-$+0"*'2'(.%$+*+<")'"6-$)%*'(+"
*'"6+(U62'(".-*10+(<")%.%0+("+"0+"6+/+6%*+*"0%$:lH)2%6+<"$1.;(%6+"-"')/+6%+03",+('="="
R'0.+$" W!^^!X<" a'7+'$'" W!^^_X<" 5%$M'(" WP\\\<" P\\PX<" ,7-.)M=" WP\\]X<" K/'0M'"
WP\\eX<" 7+$" 6+(+62'(%F+*-" ')2+)" 6+/+6%*+*')" CU)%6+)" 6-.-" 6-$-6%.%'$2-)"
$160'+(')<" ?1'" )1C=+6'$" +" 2-*-" 61+$2-" +/('$*'.-)" +" 0-" 0+(:-" *'" 0+" &%*+" =" $-)"
%*'$2%D%6+$"6-.-".%'.C(-)"*'"1$+"')/'6%'3"K-$"1$%&'()+0')"6-:$%2%&-)"6-$"0-)"?1'"
&'$%.-)"+0".1$*-<"=")'"C+)+$"'$"[email protected]*10-)"-")%)2'.+)"$'1(-$+0')<"6-$:;$%2+.'$2'"
*%)/1')2-)"/+(+"D-(.+("('/(')'$2+6%-$')".'$2+0')"*'"0-)"-CA'2-)<"0+)"/'()-$+)<"'0"
0'$:1+A'<"0+)".+2'.U2%6+)"="0+)"('0+6%-$')"')/+6%+0')3"
S+)"%$&')2%:+6%-$')")-C('"L'1(-$+)">)/'A-"'$"0+"V02%.+"*;6+*+"7+"/(-/-(6%-$+*-"
6-$-6%.%'$2-)" .+(+&%00-)-)" '$" ')2'" 6+./-" WR+(6H+" R+(6H+<" P\\_X3" S+)" $'1(-$+)"
')/'A-" )-$" 1$" 2%/-" /+(2%610+(" *'" $'1(-$+)" ?1'" )'" +62%&+$" 61+$*-" 1$" %$*%&%*1-"
('+0%F+" 1$+" +66%@$<" /'(-" 2+.C%;$" 61+$*-" ;0" -C)'(&+" 1$+" +66%@$" )%.%0+(" ('+0%F+*+"
/-(" -2(-" %$*%&%*1-3" S+)" $'1(-$+)" ')/'A-" D-(.+$" /+(2'" *'" 1$" )%)2'.+" *'" ('*')"
$'1(-$+0')" ?1'" /-)%C%0%2+" 0+" /'(6'/6%@$Y'A'616%@$Y%$2'$6%@$3" S+" " )%./0'"
-C)'(&+6%@$" *'" .-&%.%'$2-)" *'" 0+" .+$-<" /%'" -" C-6+<" +62%&+" 0+)" .%).+)" (':%-$')"
')/'6HD%6+)"*'"0+"6-(2'F+".-2-(+<"6-.-")%"'0"-C)'(&+*-("')21&%'(+"('+0%F+$*-"')-)"
.%).-)" .-&%.%'$2-)3" 5'(-" '0" /(-6')-" &+" .U)" +00U" *'" ?1'" '0" .-&%.%'$2-<" +0" )'("
-C)'(&+*-<" :'$'('" 1$" .-&%.%'$2-" )%.%0+(" 0+2'$2'" '$" '0" -C)'(&+*-(3" >0" )%)2'.+"
%$2':(+"'$")1)"6%(61%2-)"$'1(-$+0')"0+"+2(%C16%@$m/'(6'/6%@$"*'"0+)"%$2'$6%-$')"*'"
0-)" -2(-)<" 0+" 2'-(H+" *'" 0+" .'$2'" Wg0+M'.-('" =" a'6'2=<" P\\!B" R+00')'<" n'=)'()" ="
f%FF-0+22%<"P\\kB"f%FF-0+22%<"P\\eB"f%FF-0+22%"="K%$%:+:0%+<"P\\hB"o+6-C-$%<"P\\^X3"
,1+$*-"1$+"/'()-$+"('+0%F+"+66%-$')"'$"6-$2'T2-)")%:$%D%6+2%&-)<"2+0')"+66%-$')"&+$"
+6-./+J+*+)"*'"0+"6+/2+6%@$"*'"0+)"/(-/%+)"%$2'$6%-$')"?1'".-2%&+$"+"7+6'(0+)3"K'"
6-$D-(.+$" )%)2'.+)" $'1(-$+0')" ?1'" +(2%610+$" 0+" /(-/%+" +66%@$<" +)-6%+*+" +" 0+"
%$2'$6%@$" -" /(-/@)%2-" ?1'" 0+" +62%&+3" S+" %$2'$6%@$" ?1'*+" &%$610+*+" +" +66%-$')"
')/'6HD%6+)" ?1'" 0'" *+$" 'T/(')%@$<" =" 6+*+" +66%@$" '&-6+" 0+)" %$2'$6%-$')" +)-6%+*+)3"
9-(.+*+)"')2+)"+)+.C0'+)"$'1(-$+0')"*'"+66%@$Y'A'616%@$Y%$2'$6%@$"'$"1$")1A'2-<"
61+$*-" &'" +" -2(-" ('+0%F+(" 1$+" +66%@$<" )'" /(-&-6+" '$" '0" 6'('C(-" *'0" -C)'(&+*-(" 0+"
+66%@$"'?1%&+0'$2'<"'&-6+$*-"+")1"&'F"0+"%$2'$6%@$"6-$"'00+"+)-6%+*+3">0")1A'2-<"+)H<"
/1'*'"+2(%C1%("+"-2(-"0+"%$2'$6%@$"?1'"2'$*(H+"2+0"+66%@$")%"0+"('+0%F+)'";0".%).-3"K'"
'$2%'$*'" ?1'" 0+" 0'621(+" ?1'" +0:1%'$" 7+6'" *'" 0+)" %$2'$6%-$')" *'0" -2(-" ')<" '$" :(+$"
.'*%*+<"+2(%C16%@$"*')*'"0+)"/(-/%+)"%$2'$6%-$')3",1+$*-"&'-"+"+0:1%'$"('+0%F+$*-"
1$+" +66%@$" +12-.U2%6+.'$2'" )%.10-" 0+" +66%@$" '$" .%" 6'('C(-3" K%" =-" '$2%'$*-" 0+"
+66%@$"*'"-2(+"/'()-$+"')"/-(?1'"2'$:-"'$".%"6'('C(-"1$+"6-/%+"/+(+"')+"+66%@$<"
C+)+*+" '$" .%)" /(-/%+)" 'T/'(%'$6%+)" *'" 2+0')" .-&%.%'$2-)3" E" 0+" %$&'()+<" 21" )+C')"
[email protected]"=-".'")%'$2-"/-(?1'"0%2'(+0.'$2'"21")%'$2')"0-"?1'"=-"')2-=")%$2%'$*-3"
S+"/1C0%6+6%@$"*'"')2-)"(')102+*-)"*')[email protected]"'$"!^^h"1$"'$21)%+).-"*')C-(*+$2'<"$-"
'T'$2-"*'"/-0;.%6+"'$2('"0-)"')/'6%+0%)2+)3"f+.+67+$*(+$"00':@"+"/(-D'2%F+("?1'"2+0"
*')61C(%.%'$2-" *'" $'1(-$+)" ')/'610+(')<" ')2+C+" 00+.+*-" +" *')'./'J+(" '$"
e"
/)%6-0-:H+"1$"/+/'0")'.'A+$2'"+0"?1'"7+CH+"2'$%*-"'$"C%-0-:H+"0+"*'6-*%D%6+6%@$"*'"
0+"')2(1621(+"*'0"EaL3"5-("/(%.'(+"&'F")'"7+CH+"'$6-$2(+*-"1$+"6-$'T%@$"*%('62+"
'$2('"/'(6'/6%@$"="+66%@$<"?1'"/'(.%2H+"'T/0%6+(".167-)"D'[email protected]'$-)"'$"/-0;.%6+<"
/+(2%610+(.'$2'" 0+" './+2H+" =" 0+" %$2'()1CA'2%&%*+*3" S+)" $'1(-$+)" ')/'610+(')"
/-)%C%0%2+$" +0" 7-.C('" 6-./('$*'(" 0+)" %$2'$6%-$')" *'" -2(+)" /'()-$+)3" S'" /'(.%2'"
/-$'()'" '$" 01:+(" *'" -2(-)<" 0''(" )1)" /'$)+.%'$2-)<" )'$2%.%'$2-)" =" *')'-)<" 0-" ?1'"
(')102+"D1$*+.'$2+0"'$"0+"%$2'(+66%@$")-6%+03"S+"6-./('$)%@$"%$2'(/'()-$+0")'"C+)+"
'$"?1'"6+/2+.-)"0+)"%$2'$6%-$')"=".-2%&-)"*'"0-)"6-./-(2+.%'$2-)"*'"0-)"*'.U)3"
5+(+" 0-:(+(0-" 0-)" 6%(61%2-)" $'1(-$+0')" )%.10+$" )1C0%.%$+0.'$2'" 0+)" +66%-$')" ?1'"
-C)'(&+.-)<"0-"?1'"$-)"/'(.%2'"%*'$2%D%6+($-)"6-$"0-)"-2(-)<"*'".-*-"?1'"+62-("="
-C)'(&+*-(" )'" 7+=+" '$" ')2+*-)" $'1(-$+0')" .1=" )'.'A+$2')3" K-.-)" 6(%+21(+)"
)-6%+0')"="$1')2(+"")1/'(&%&'$6%+"*'/'$*'"*'"'$2'$*'("0+)"%$2'$6%-$')"="'.-6%-$')"
?1'" 2(+*16'$" 0+)" 6-$*162+)" .+$%D%')2+)" *'" 0-)" *'.U)3" S+)" $'1(-$+)" ')/'A-"
/'(.%2'$" '$2'$*'(" 0+" .'$2'" *'" $1')2(-)" )'.'A+$2')<" =" $-" +" 2(+&;)" *'"
(+F-$+.%'$2-"6-$6'/21+0<")%$-"*%('62+.'$2'<")%$2%'$*-"="$-"/'$)+$*-"Wf%FF-0+22%<"
9-:+))%"="R+00')'<"P\\!B"o+6-C-$%<"P\\^X3"""
S+"%$&')2%:+6%@$"('6%'$2'"'$"*'2'(.%$+*+)"/+2-0-:H+)"6-.-"+12%).-<")H$*(-.'"*'"
E)/'(:'(<" 2(+)2-($-" *'" /'()-$+0%*+*" +$2%)-6%+0<" 7+" (')/+0*+*-" 0+" 2'-(H+" )%)2'.+)"
$'1(+0')" *'D'621-)-)" (')/-$)+C0')" *'" 0+" .'$2+0%F+6%@$" -" './+2H+3" >)21*%-)" 6-$"
2'6$-0-:H+)"*'"$'1(-%.+:'$"')2U$".-)2(+$*-"0+)"U('+)"6'('C(+0')"6-./(-.'2%*+)"
6-$" 0+" 2'-(H+" *'" 0+)" .'$2')" *'" -2(-)" =" 0+" %$2'0%:'$6%+" )-6%+03" K'" 6-$)2+2+" ?1'" 0+)"
2+('+)" ?1'" 6-$00'&+$" )1/-$'(" %$2'$6%-$')<" 6(''$6%+)" =" *')'-)" '$" -2(+)" /'()-$+)<"
+62%&+$" ')/'6%+0.'$2'" 2(')" (':%-$')" 60+&')" *'" 0-" ?1'" /-*'.-)" 6+(+62'(%F+(" 6-.-"
6'('C(-")-6%+08"0+"6-(2'F+"/('D(-$2+0".'*%+0<"0+"6%(61$&-016%@$"2'./-(+0")1/'(%-("="
0+" +.H:*+0+3" >0" +12%).-" 6-.-" 6':1'(+" *'" 0+" .'$2'<" *;D%6%2" '$" 0+" 6+/+6%*+*" *'"
'./+2H+<"%$6+/+6%*+*"6-$:;$%2+"/+(+"+2(%C1%(".'$2'"+"0-)"*'.U)<")'"'T/0%6+"6-.-"
+02'(+6%@$" '$" 0-)" [email protected]*10-)" *'0" 6'('C(-" )-6%+0" W9(%27<" P\\kB" g+(-$Y,-7'$<" !^^_<"
P\\eB"f+.+67+$*(+$"="`C'(.+$<"P\\dX3"
S+" G'-(H+" *'" 0+" 4'$2'" -" 0+" 6+/+6%*+*" .'$2+0%)2+" ')" 6-$*%6%@$" $'6')+(%+" '$" 0-)"
/(-6')-)"*'"'$)'J+$F+Y+/('$*%F+A'3">$"0+"'$)'J+$F+"2'$'.-)"1$"-CA'2%&-8"6+.C%+("
0+" .'$2'" *'0" -2(-<" )1)" /'$)+.%'$2-)<" )'$2%.%'$2-)" =" 6-./-(2+.%'$2-)B"
/(-61(+.-)"2(+$).%2%("+0:-"?1'"6-$)%*'(+.-)"&+0%-)-"="*'".-*-"?1'"'0"+01.$-"0-"
/1'*+"+)%.%0+(3"c"/+(+"'00-"'0"/(-D')-("2%'$'"?1'"/-$'()'"'$"0+".'$2'"*'0"+01.$-<"
%$D'(%(")1"$%&'0"*'"6-$-6%.%'$2-)<")1)"/('-61/+6%-$')"'"%$2'(')')<")1/-$'("0-"?1'"'0"
+01.$-""=+")+C'<"="0-"?1'"?1%FU"*')''")+C'(3">$"0+"'$)'J+$F+"/-$'.-)"'$"A1':-"1$"
6-$A1$2-" *'" ')2(+2':%+)" /+(+" 0-:(+(" 1$+" 6-.1$%6+6%@$" 'D%6+F8" ?1'('.-)" 00+.+(" 0+"
+2'$6%@$" *'0" +01.$-" '$" $1')2(-" .'$)+A'<" /-(?1'" 0-" 6-$)%*'(+.-)" %./-(2+$2'B"
12%0%F+.-)" &+(%+*-)" ('61()-)" /+(+" 7+6'(0-" *'" D-(.+" %$2'(')+$2'B" )-C('" 0+" .+(67+"
6-$2%$1+.'$2'" 7+6'.-)" %$D'('$6%+)" )-C('" )%" '$2%'$*'$" '" %$2'(')+B" %$2(-*16%.-)""
.-*%D%6+6%-$')"'$"'0"61()-"*'"0+"+66%@$"/+(+".'A-(+(0+B"$-)")'$2%.-)".U)"-".'$-)"
)+2%)D'67-)" 6-$" 0-" ('+0%F+*-3" S+" 6+/+6%*+*" /+(+" %$2'(/('2+(" +*'61+*+.'$2'" 0+"
.'$2'" *'0" +01.$-" =" +621+(" '$" 6-$)'61'$6%+" " (')102+" ')'$6%+0" '$" 0+" 2+('+" *'"
/(-D')-(3"
(
RL'&7S,"#L#0(#&.L&7S,"#L#(2(&,1&7S,"#L#((!"(('$((+",1"(
,+(+62'(%F+.-)"0+)"D1$6%-$')".'$2+0')"6-.-"/(-/%'*+*')"*'")%)2'.+)"$'1(-$+0')"
?1'" )'" 7+$" 6-$D-(.+*-" /(-:(')%&+.'$2'3" G+0')" /(-6')-)" .'$2+0')" 7+$" )1(:%*-"
h"
D%0-:'$;2%6+.'$2'"6-.-"(')/1')2+)"+*+/2+2%&+)"/+(+"(')-0&'("0-)"*%)2%$2-)"2%/-)"*'"
/(-C0'.+)3"S-)"/(-C0'.+)"6-$"0-)"?1'")'"7+$"'$D('$2+*-"0-)")'(')"71.+$-)"'$")1"
)1/'(&%&'$6%+")-$"*'"-(*'$".1="*%&'()-3"S+)"')2(1621(+)"=".'6+$%).-)".'$2+0')"
/+('6'$" /(')'$2+(" 1$" 6+(U62'(" ')/'6HD%6-" -" .-*10+(3" S+)" 'T%:'$6%+)" /+(+"
'$D('$2+()'" +0" .'*%-" DH)%6-" -" $+21(+0" W.'$2'" DH)%6+X<" )-$" *%D'('$2')" *'" 0+)" ?1'" )'"
('?1%'('$"/+(+"0+"6--/'(+6%@$"="6-.1$%6+6%@$"'$"'0".'*%-")-6%+0"W.'$2'")-6%+0X3">0"
/+(+*%:.+"*-.%$+$2'"'$"0+"%$&')2%:+6%@$"6-$2'./-(U$'+"*'0"6'('C(-Y.'$2'"')"*'"
6+(U62'(" .-*10+(<" =" /-)210+" ?1'" 0-)" )'(')" 71.+$-)" &'$%.-)" +0" .1$*-" '?1%/+*-)"
6-$" 1$" 6-$A1$2-" *'" [email protected]*10-)" 6-:$%2%&-)" *%D'('$2')<" =" ')/'6HD%6-)3" S+" /'()/'62%&+"
.-*10+(" )'" -(%:%$+" ')/'6%+0.'$2'" '$" 0+)" 2'-(H+)" *'" *-)" D%[email protected])-D-)" =" 0%$:l%)2+)8"
,7-.)=" =" 9-*-(3" 5'(-" 7+" 2'$%*-" ;T%2-" '$" .167-)" 6+./-)" 6-.-" 0+" /)%6-0-:H+"
'&-016%-$%)2+" =" '&-012%&+<" +$2(-/-0-:H+" =" /+0'-$2-0-:H+<" /)%6-/+2-0-:H+<"
$'1(-/)%6-0-:H+<"$'1(-0%$:lH)2%6+3"
K'" 7+$" /(-/1')2-" *%&'()-)" [email protected]*10-)<" '$2('" 0-)" .U)" D('61'$2')" )-$8" +X" '0"
6-$-6%.%'$2-" *'" 0-)" -CA'2-)" -" .'$2'" DH)%6+<" CX" '0" 6-$-6%.%'$2-" *'" 0+)" /'()-$+)" -"
.'$2'" )-6%+0<" 6X" '0" 6-$-6%.%'$2-" *'" 0-)" )'(')" &%&-)" -" .'$2'" C%[email protected]:%6+<" *X" '0"
6-$-6%.%'$2-" *'" 0-)" $V.'(-)" -" .'$2'" .+2'.U2%6+<" 'X" '0" 6-$-6%.%'$2-" *'" *'0"
0'$:1+A'"-".'$2'"0%$:lH)2%6+"Wg(-O$<"!^^!B"f-1770'=<"P\\\B"5%$M'(<"P\\P<"P\\dX3"
S+".-*10+(%*+*"')"'$2'$*%*+"*'"D-(.+)"*%)2%$2+)"="6-$"%$2'(')+$2')".+2%6')")':V$"
+12-(')<" *')*'" " +6'/6%-$')" " ')2(%62+.'$2'" %$$+2%)2+)<" 7'('*+*+)<" '$6+/)10+*+)" +0"
.-*-" *'" 9-*-(" W!^_]X<" ,7-.)M=" WP\\]X" -" 5%$M'(" W!^^e<" P\\PX<" 7+)2+" 0+)"
6-$6'/21+0%F+6%-$')" .+)" +C%'(2+)" +" 0+" %$D01'$6%+" *'0" '$2-($-<" *'" .+$'(+" ?1'" 0+"
.-*10+(%*+*" " .U)" ?1'" )'(" " /1$2-" *'" /+(2%*+" ')" 2;(.%$-" *'" 00':+*+<" 6-.-" 2'-(%F+"
n+(.%0-DDYK.%27" '$" )1" 0%C(-" 34/' 5))4' 6#' )5' $&67)51"656' Wn+(.%0-DDYK.%27<" !^^kB"
n+(.%0-DD" =" n+(.%0-DDYK.%27<" P\\eX3" 5'(-" 0+" +6'/2+6%@$" *'" 0+" .-*10+(%*+*" $-" ')"
1$U$%.'" '$2('" 0-)" 6%'$2HD%6-)3" G-.+)'00-" WP\\]<" P\\_X" &+" " +" 61')2%-$+(" 0+" 2'-(H+"
.-*10+("/-("*%)2%$2+)"="6-$)%)2'$2')"(+F-$')3""
K%" 0+" ')2(1621(+" =" D1$6%-$+.%'$2-" *'" 0+" .'$2'" 71.+$+" ')" (')102+*-" *'" 1$" 0+(:-"
/(-6')-"'&-012%&-"*'".%00-$')"*'"+J-)<"2+.C%;$")'"6-$D-(.+"*'".-*-"/'()-$+0"'"
%(('/'2%C0'" '$" '0" *')+((-00-" -$2-:'$;2%6-<" '$" '0" 6%60-" &%2+0" *'" 6+*+" /'()-$+" '$"
%$2'(+66%@$" 6-$" 0+)" *'.U)" =" 6-$" 0-)" /(-*162-)" 61021(+0')3" S-)" )'(')" 71.+$-)"
&%&%.-)" '$" 1$" .1$*-" *'" 0'$:1+A')<" 6%'$6%+)" *'" 0+" $+21(+0'F+<" 6%'$6%+)" )-6%+0')<"
2'6$-0-:H+)<" 71.+$%*+*')<" +(2')<" %$)2%216%-$')" )-6%+0')<" D+.%0%+<" :-C%'($-<"
'./(')+)<"%:0')%+)<"*%$'(-<"'263"S-)")'(')"71.+$-)"&%&%.-)"%$.'()-)"6-.-"/'6')"'$"
'0"+:1+"*'"0+"61021(+3"K%"0+"'T%)2'$6%+"*'"0+"61021(+"')"')'$6%+0.'$2'"6-$)'61'$6%+""="
'D'62-" *'" 0+)" 6+/+6%*+*')" .'$2+0')" *'0" 7-.C('<" +" )1" &'F" 0+" 61021(+" '$.+(6+" ="
/-)%C%0%2+" 0+)" .%).+)" 6+/+6%*+*')" 71.+$+)3" S+" .'$2'" 71.+$+" )'" 6-$D-(.+" ="
*')+((-00+"'$"1$"6-$2'T2-")-6%-61021(+0"12%0%F+$*-"0-)"%$:('*%'$2')"/(-/-(6%-$+*-)"
/-(" 0+" 61021(+8" 0'$:1+A'<" 7'((+.%'$2+)<" 0%C(-)<" .%6(-)6-/%-)<" 2'0')6-/%-)<"
-(*'$+*-(')<"/'(-"2+.C%;$<"+(2')<"2(+*%6%-$')<"(%2-)"="6(''$6%+)3""
S+"61021(+"/'(.%2'"?1'"'0"7-.C('"2(+)6%'$*+"0+)"0%.%2+6%-$')"DH)%6+)"="6-:$%2%&+)"+"
2(+&;)" *'0" *')+((-00-" =" 12%0%F+6%@$" *'" 7+C%0%*+*')" +*?1%(%*+)<" 7'((+.%'$2+)" ="
+(2'D+62-)3"E)H"0-)"71.+$-)"/-*'.-)"&-0+(<"C+A+("+0"D-$*-"*'"0-)".+(')<"-"'T/0-(+("
0-)" ')/+6%-)" )%*'(+0')B" &'(" ('+0%*+*')" .%6(-)[email protected]/%6+)" -" 2'-(%F+(" )-C('" 0+" *'(%&+" *'"
0+)" :+0+T%+)" =" 0-)" +:1A'(-)" $':(-)3" R(+6%+)" +" 0+)" 6-$?1%)2+)" 6%'$2HD%6+)" " ="
2'[email protected]:%6+)" ?1'" 7+" 6-$)':1%*-" '0" *')+((-00-" 61021(+0" /-*'.-)" )-C('/+)+(" 0+)"
0%.%2+6%-$')" $+21(+0')" *'" 0+" +(?1%2'621(+" 6-:$%2%&+" 71.+$+" Wg(-O$<" !^^!B"
f-1:70'=<"P\\\B"K/'(C'("="i%()67D'0*<"P\\PB"5%$M'(<"P\\PX3"
d"
S-)" $%J-)" $+6'$<" 6('6'$" =" )'" *')+((-00+$" '$" 1$" .1$*-" 61021(+0<" /-C0+*-" *'"
7'((+.%'$2+)<" +(2'D+62-)<" )H.C-0-)<" /(U62%6+)<" 2(+*%6%-$')" '" %$)2%216%-$')" )-6%+0')"
7%)[email protected](%6+.'$2'" 6-$)2%21%*+)<" 0-" ?1'" 0')" /'(.%2'8" +X" +)%.%0+(" =" C'$'D%6%+()'" *'" 0-)"
6-$-6%.%'$2-)" +61.10+*-)" =" 0+)" 7+C%0%*+*')" *'" )1)" 6-.1$%*+*')<" CX" +*?1%(%(" ="
12%0%F+("0-)")H.C-0-)"0%$:lH)2%6-)<"?1'"0'"/-)%C%0%2+$"0+"6-.1$%6+6%@$"6-$"0-)"*'.U)"
=" 0+" 6+2':-(%F+6%@$" =" -(*'$+.%'$2-" *'0" .1$*-<" 6X" 6-$D-(.+(" )1" .'$2'" 6-$" 1$+)"
$1'&+)" =" /-*'(-)+)" 6+/+6%*+*')<" 6-.-" )-$" 0+" 6-$6%'$6%+<" ('D0'T%@$<" /'$)+.%'$2-"
6(H2%6-3"
9%0-:;$')%)<" K-6%-:;$')%)" =" `$2-:;$')%)" )-$" 2(')" /'()/'62%&+)" -C0%:+*+)" /+(+"
6-./('$*'(" 0+" .'$2'" 71.+$+3" S+" .'$2'" 71.+$+" ')" 1$+" 6-$?1%)2+" $-" )@0-" *'"
+6-$2'6%.%'$2-)"D%0-:'$;2%6-)")16'*%*-)"*1(+$2'".%00-$')"*'"+J-)<"k\\".%00-$')"*'"
'&-016%@$" *'0" )%)2'.+" $'(&%-)-" =" 6'('C(-B" )%$-" 2+.C%;$" *'" +6-$2'6%.%'$2-)"
)-6%-:'$;2%6-)" =" 61021(+0')" ?1'" 21&%'(-$" 01:+(" +" 0-" 0+(:-" *'" *'6'$+)" *'" .%0')" *'"
+J-)" *'" 2%'./-" 7%)[email protected](%6-B" /'(-" 2+.C%;$" *'" +6-$2'6%.%'$2-)" C%-:(UD%6-)" ="
/'()-$+0')<"?1'"+6-$2'6'$""*1(+$2'"*'6'$+)"*'".%0')"*'"7-(+)"=".%0')"*'"*H+)"*'"
2%'./-"-$2-:'$;2%6-3""
"
%"R"%",.L$#(
EfK#ERE<"o3"S3"="4EfGpL>q<"N3"W!^^_X3"85'#/%#-"#'#)#*"653"4+*(%*8"G'.+)"*'"i-=3"
gEf`LY,`i>L<" K3" W!^^_X3" rK-$" 0-)" $%J-)" +12%)2+)" .'A-(')" DH)%6-)" ?1'" /)%[email protected]:-)s"
9+(5+-"5':';%1#+6"<5=#>'[email protected]<"]]Yk]3"
gEf`LY,`i>L<" K3" WP\\eX3" 85' *15+' 6"(#1#+-"5A' -0$&' /&+' 1#5)$#+!#' )&/' -#1#B1&/' 6#'
.&$B1#/':'$7=#1#/3"g+(6'0-$+8"E.+2">*%2-(%+03"
gSEn>4`f><" K3" =" a>,>Gc<" o3" WP\\!X3" 9(-." 27'" /'(6'/2%-$" -D" +62%-$" 2-" 27'"
1$*'()2+$*%$:"-D"%$2'$2%-$3"C5!71#'D#E"#F/A'C#71&/-"#+-#G'P<"eh!Yeh_3"
gSEn>4`f><"K3"=""9fNGi<"#3"WP\\dX3"H0$&'5%1#+6#'#)'-#1#B1&G"g+(6'0-$+"8"E(%'03"
gf`QL<"a3">3"W!^^!X3"'27$5+'I+"E#1/5)/3"L'O"c-(M8"4+6R(+OYi%003"
,Ef>c<" K3" =" R>S4EL<" f3" W!^^!X3" J%"*#+#/"/' &(' !.#' $"+6G' J//5:/' "+' K/:-.&)&*:' 5+6'
L+&F)#6*#3"S-$*-$8">(0C+1.3"
,>fN"WP\\dX3"I+6#1/!5+6"+*'!.#'B15"+A'!.#'B"1!.'&('5')#51+"+*'/-"#+-#3"5+(%)8"`,a>3"
,i`4Knc<"L3"WP\\]X3"M+'+5!71#'5+6')5+*75*#<",+.C(%*:'8"#$%&'()%2="5('))"tG(+*3"
')/3"N&B1#')5'+5!715)#<5':'#)')#+*75=#3"4+*(%*8",+.C(%*:'"#$%&'()%2="5('))<"P\\]u3"
a>iE>L><" K3" W!^^_X3" O.#' +7$B#1' /#+/#G' 2&F' !.#' $"+6' -1#5!#/' $5!.#$5!"-/<"
S-$*-$8"5'$:1%$3"
9`a`f<"o3"W!^_]X3"85'$&67)51"656'6#')5'$#+!#3"4+*(%*8"4-(+2+"
9fNGi<"#3"WP\\kX3";7!"/$&G'25-"5'7+5'#P%)"-5-"0+'6#)'#+"*$53"4+*(%*8"E0%+$F+3"
RESS>K><"I3<"n>cK>fK",<"="fNqq`SEGGN<"R3"WP\\kX3"E"1$%D=%$:"&%'O"-D"27'"C+)%)"-D"
)-6%+0"6-:$%2%-$3""O1#+6/'"+'H&*+"!"E#'N-"#+-#/3"_<"]^hYk\]3"
REf,NE"REf,NE<">3"WP\\!X3"3#+!#':'-#1#B1&3"4+*(%*8"KH$2')%)3"
REf,NE"REf,NE<">3"'2"+03"WP\\dX3"C7#E5/'%#1/%#-!"E5/'-"#+!Q("-5/':'(")&/0("-5/'/&B1#'#)'
/#1'.7$5+&3"4+*(%*8"#$%&'()%*+*",-.%00+)3"
_"
REf,NE"REf,NE<">3"WP\\_X3"L'1(-/)%6-0-:H+"="'*16+6%@$3"a'"0+)"L'1(-$+)">)/'A-"+"
0+"G'-(%+"*'"0+"4'$2'3"D#E"/!5'6#'K/"-&)&*Q5':'J67-5-"0+<"]<!<"h^Y_^3"
REfaL>f<"i3"W!^^dX3'85'$#+!#'+&'#/-&)51"<5653"g+(6'0-$+8"5+%*-)3"
REfaL>f<" i3" WP\\\X3" 85' #67-5-"0+' 6#' )5' $#+!#' :' #)' -&+&-"$"#+!&' 6#' )5/' 6"/-"%)"+5/3"
g+(6'0-$+8"5+%*-)3"
Rv4>q<" o3,3" WP\\dX3" J)' 6#/511&))&' 6#' )5' $#+!#' #+' )&/' /"$"&/>' )&/' $&+&/' :' )&/' +"R&/3"
4+*(%*8"4-(+2+"
oE,`g`LN<""43"WP\\^X3"85/'+#71&+5/'#/%#=&3"g1'$-)"E%(')8"n+2F">*%2-(')3"
nEf4NS`99YK4NGi<"E3"W!^^kX3"34/'5))4'6#')5'$&67)51"6563"4+*(%*8"E0%+$F+3""
nEf4NS`99<"n3"="nEf4NS`99YK4NGi<"E3"WP\\eX3"25-"5'#)')#+*75=#3"4+*(%*8"4-(+2+"
4NGi>L<"K3"W!^^_X3";1S7#&)&*Q5'6#')5'$#+!#3"g+(6'0-$+8",(H2%6+Ya(+M-$2-)3"
5NLn>f<"K3"W!^^eX3"J)'"+/!"+!&'6#)')#+*75=#3"4+*(%*8"E0%+$F+3"
5NLn>f<"K3"WP\\\X3"H&$&'!15B5=5')5'$#+!#3"g+(6'0-$+8"a')2%$-3"
5NLn>f<"K3"WP\\PX3"O.#'B)5+T'N)5!#3"L'O"c-(M8"I%M%$:3"
5NLn>f<"K3"WP\\dX3"J)'$7+6&'6#')5/'%5)5B15/3"g+(6'0-$+8"5+%*-)3"
fE4E,iELafEL<"I3"="`g>f4EL<"S3"WP\\dX3">)/'A-)"(-2-)3'9+E#/!"*5-"0+':'H"#+-"5G"
>$'(-<"P]YP^"
fNqq`SEGGN<"R3"WP\\eX3"G7'".%((-("$'1(-$")=)2'."+$*"%.%2+2%-$3">$"K3"i#fS>c"="
L3" ,iEGG>f" " W,-./)X3" K#1/%#-!"E#/' &+' 9$"!5!"&+A' U1&$' C#71&/-"#+-#' !&' N&-"5)'
N-"#+-#3",+.C(%*:'8"4NG"5('))"
fNqq`SEGGN<" R3<" 9`REKKN<" S3" =" RESS>K><" I3" WP\\!X3" L'1(-/7%)%-0-:%6+0" .'67+$%).)"
1$*'(0=%$:"27'"1$*'()2+$*%$:"+$*"%.%2+2%-$"-D"+62%-$3"C5!71#'D#F"#F/'C#71&/-"#+-#3"
P<"hh!Yhd\3"
fNqq`SEGGN<"R3"="KNLNRERSNE<",3"WP\\hX3"85/'+#71&+5/'#/%#=&3"g+(6'0-$+8"5+%*-)"
fNINwf><"E3"W!^^!X3"MB=#!&/'-&+'$#+!#3"4+*(%*8"E0%+$F+3"
fNINwf><"E3"="Lxy>q<"43"W!^^dX3"85'$"1565'$#+!5)3"g1'$-)"E%(')8"E%?1'3"
f`#RiS>c<" L3" WP\\\X3" V#"+*' .7$5+/A' ;+!.1&%&)&*"-5)' 7+"E#1/5)"!:' 5+6' %51!"-7)51"!:'
"+'!15+/6"/6"%)"+51:''%#1%#-!"E#/3"L3"c-(M8"Q+02'("*'"R(1=2'("
K5>Sn><">3"'2"+03"WP\\eX3"L1.C'(")'$)'"%$"71.+$"%$D+$2)3"W#E#)&%$#+!5)'N-"#+-#<"_<"
__Y!\P"
K5>fg>f<" a3" =" iNfK,i9>Sa<" S3" WP\\PX3" ,1021(+<" 6-:$%6%@$" =" '&-016%@$3" >$"
J+-"-)&%#6"5'39O'H"#+-"5/'H&*+"!"E5/G"4+*(%*8"KH$2')%)3"!!]Y!]d3"
K5NGq>f<" 43" WP\\eX3' ;%1#+6"<5=#G' C#71&-"#+-"5' :' )5' #/-7#)5' 6#' )5' E"653" g+(6'0-$+8"
`.':+<""
G`4EK>SS`<" 43" WP\\]X3" G7'" 61021(+0" -(%:%$)" -D" 71.+$" 6-:$%2%-$3" ,+.C(%*:'8"
i+(&+(*"#$%&3"5('))3"
G`4EK>SS`<"43"WP\\_X3"M1"*"+/'&(''.7$5+'-&$$7+"-5!"&+3",+.C(%*:'<"4E8"G7'"4NG"
5('))"
^"
IcR`GKnN<"S3"W!^d^X3"J)'6#/511&))&'6#')&/'%1&-#/&/'%/"-&)0*"-&/'/7%#1"&1#/3"g+(6'0-$+8"
,(H2%6+"
Q>fGK,i<"o3"Q3"W!^__X3"X:*&!/T"':')5'(&1$5-"0+'/&-"5)'6#')5'$#+!#3"g+(6'0-$+8"5+%*-)"
QiNG>L<"E3"W!^^!X3"C5!715)'O.#&1"#/'&('3"+63"`TD-(*8"g0+6MO'003""
"
!\"
"
"
"
"
"
(
L,L.L$1LK$(C$%$('$(1%$,#+L#LQ,(!"(K$'&%"#(2("'(R&+",1&(
!"'(.&+C%&+L#&(#&.L$'(",('$("!*.$.LQ,(*,LK"%#L1$%L$(
(
R98A:4?:6(76ABT5>B(7U3>B(
E69F<>(7<89=4658(
+4F<>5($M(789:;8(%<I46(
$5I>[email protected](%<4B(K4558J>9=>(
a'/+(2+.'$2-"*'">6-$-.H+"E/0%6+*+3"9+6102+*"*'",%'$6%+)">[email protected]%6+)"="
>./(')+(%+0')3"#$%&'()%*+*"*'"R(+$+*+"
"
%"#*+",(
S+" #$%&'()%*+*" *'C'" 2(+C+A+(" /-(" =" /+(+" 0+" )-6%'*+*<" $-" *'C%'$*-" /'(.+$'6'("
6-.-".'(+"2(+$).%)-(+"*'"6-$-6%.%'$2-)"-"'$"6'$2(-"*'"%$&')2%:+6%@$"+0'A+*-"*'"
0+" ('+0%*+*3" >$2('" -2(-)" +)/'62-)<" '00-" 'T%:'" '*16+(" '$" &+0-(')" /+(+" +)H" /(-/%6%+("
?1'"'0"+01.$-")'+")'$)%C0'"+"0-)"/(-C0'.+)"*'"0+")-6%'*+*"=<"'$"0+".'*%*+"*'")1)"
/-)%C%0%*+*')<"2+.C%;$"/1'*+")'("/+(2'"+62%&+"'$"0-)"/(-6')-)"*'"(')/1')2+"+"2+0')"
/(-C0'.+)3" >$" ')2+" 6-.1$%6+6%@$" )'" /(')'$2+" 1$" /(-='62-" ?1'" ')2U" /('&%)2-"
*')+((-00+(" '$" 0+" #$%&'()%*+*" *'" R(+$+*+" /+(+" 6-$2(%C1%(" +0" D-.'$2-" *'0"
6-./(-.%)-" )-6%+0" =" 0+" 2(+$).%)%@$" *'" &+0-(')" '$2('" 0-)" +01.$-)" *'" *%67+"
%$)2%216%@$3" S+" D%$+0%*+*" /(%$6%/+0" ')" )'$)%C%0%F+(" =" 7+6'(" /+(2'" +62%&+" *'" 0-)"
/(-C0'.+)" *'" 0+" )-6%'*+*" +621+0" +0" ')21*%+$2'" 1$%&'()%2+(%-3" E*'.U)<" '$" '0"
*')+((-00-" *'0" /(-='62-<" 2+.C%;$" )'" /('2'$*'$" ('D-(F+(" +)/'62-)" 6-.-" '0"
+/('$*%F+A'"[email protected]$-.-<"'0"+/('$*%F+A'"6--/'(+2%&-"="'0"+/('$*%F+A'"/-("/(-='62-)3""
C858I98?(:58J>-(6-./(-.%)-")-6%+0B"2(+$).%)%@$"*'"&+0-(')B"+/('$*%F+A'"'$":(1/-B"
/(-='62-)"6--/'(+2%&-)3""
(
(
L,L1L$1LK"(R&%(1)"(1%$,#+L##L&,(&R(K$'*"#($,!(1)"(C%&+&1L&,(&R(
1)"(#&.L$'(.&++L1+",1(L,()L7)"%("!*.$1L&,(
(
$/#1%$.1(
G7'" #$%&'()%2=" 7+)" 2-" O-(M" O%27" +$*" D-(" )-6%'2=<" $-2" C'%$:" +" .'('" 2(+$).%22'(" -D"
M$-O0'*:'" -(" +" (')'+(67" 6'$2('" +O+=" D(-." 27'" ('+0%2=3" E.-$:" -27'(" 27%$:)<" 27%)"
('?1%(')" 27'" &+01')" 2-" '*16+2'" +$*" '$6-1(+:'" 27'" )21*'$2" 2-" C'" )'$)%2%&'" 2-" 27'"
!!"
/(-C0'.)" -D" )-6%'2=" +$*<" O7'$" %2" %)" /-))%C0'<" 2-" C'" +62%&'" %$" 27'" /(-6'))" -D"
(')/-$*%$:" 2-" )167" /(-C0'.)3" N$" 27%)" /+/'(" O'" /(')'$2" +" /(-A'62" O7%67" %)"
)67'*10'*"2-"2+M'"/0+6'"+2"27'"#$%&'()%2="-D"R(+$+*+"27+2"6-$2(%C12')"2-"/(-.-2%$:"
)-6%+0"'$:+:'.'$2"+$*"2(+$).%))%-$"-D"&+01')"+.-$:")21*'$2)"%$"27+2"%$)2%212%-$3"
G7'".+%$"/1(/-)'"-D"27'"%$%2%+2%&'"%)"2-"(+%)'"+O+('$'))"+$*"2-"%$&%2'"27'")21*'$2"2-"
C'"+$"+62%&'"/+(2"%$"27'")-012%-$)"2-"27'"/(-C0'.)"-D".-*'($")-6%'2=3"N$"+**%2%-$<"
27'" /(-A'62" +0)-" +%.)" 2-" )2('$:27'$" +('+)" )167" +)" %$*'/'$*'$2" 0'+($%$:<"
6--/'(+2%&'"0'+($%$:"+$*"/(-A'62"0'+($%$:3"
N>OP69=?-( )-6%+0" 6-..%2.'$2B" 2(+$).%))%-$" -D" &+01')B" :(-1/" 0'+($%$:B"
6--/'(+2%&'"/(-A'62)3"
(
VMH(L,1%&!*..LQ,(
>$" '0" +(2H610-" !" *'" 0+" S'=" `(:U$%6+" *'" #$%&'()%*+*')" WS`#X" ?1'*+$" ('6-:%*+)" 0+)"
D1$6%-$')"*'"0+"#$%&'()%*+*3"5(-C+C0'.'$2'"0+".U)"('6-$-6%*+")'+"0+"2(+$).%)%@$"
*'" 6-$-6%.%'$2-)" /+(+" 0-)" *%)2%$2-)" D%$')" WR-C%'($-" *'" >)/+J+<" P\\!X3" a'" -2(+)"
D1$6%-$')" )'" 2%'$'" 1$" .'$-(" 6-$-6%.%'$2-<" 6-.-<" /-(" 'A'./0-<" 0+" /('&%)2+" '$" '0"
)':1$*-"+/+(2+*-"*'"')'".%).-"+(2H610-"!"*'"0+"S`#8"85'6"(7/"0+>')5'E5)&1"<5-"0+':'
)5'!15+/(#1#+-"5'6#)'-&+&-"$"#+!&'5)'/#1E"-"&'6#')5'-7)!715>'6#')5'-5)"656'6#')5'E"65>':'
6#)' 6#/511&))&' #-&+0$"-&G" S+" S`#" 6-$2'./0+" +)H" ?1'" 0+" #$%&'()%*+*" *'C'" )'("
)'$)%C0'"6-$"'0"'$2-($-")-6%-'[email protected]%6-"?1'"0'"(-*'+3"K'"/%*'"*'"0+)"#$%&'()%*+*')"
1$"6-./(-.%)-")-6%+0"WR0-C+0"#$%&'()%2="L'2O-(M"D-("N$$-&+2%-$"zR#NLNY<"P\\^X3"
K':V$"'0"/(%$6%/%-"*'"E12-$-.H+"#$%&'()%2+(%+"6+*+"#$%&'()%*+*")'(U"(')/-$)+C0'"
*'0" *')+((-00-" *'" 0+)" D1$6%-$')" /('&%)2+)" '$" 0+" S`#" W+(23" P" *'" 0+" S`#X3" >$" '0"
*')+((-00-"*'"')2'"/(%$6%/%-<"'$"'0"+(2H610-"]"*'"0-)">)2+212-)"*'"0+"#$%&'()%*+*"*'"
R(+$+*+" )'" ('6-:'$" '0" D1$*+.'$2-" =" '0" -CA'2-" *'" 0+" +62%&%*+*" 1$%&'()%2+(%+"
WR-C%'($-"*'"0+"o1$2+"*'"E$*+016H+<"P\\]X3"S-)"-CA'2%&-)"6X"="*X"6-$2'./0+*-)"'$"
0-)">)2+212-)"*'"0+"#$%&'()%*+*"*'"R(+$+*+"(')/-$*'$"'$":(+$".'*%*+"+0"+$2'*%67-"
6-./(-.%)-")-6%+08"
6X"S+"6-$2(%C16%@$"+"0+"/+F<"+0"/(-:(')-"="+0"C%'$')2+("*'"0+")-6%'*+*<".'*%+$2'"0+"
/(-*166%@$<" 2(+$)D'('$6%+" =" +/0%6+6%@$" /(U62%6+" *'0" 6-$-6%.%'$2-" =" 0+" /(-='66%@$"
)-6%+0"*'")1"+62%&%*+*3"
*X"S+"('+0%F+6%@$"*'"+62%&%*+*')"*'"'T2'$)%@$"1$%&'()%2+(%+"*%(%:%*+)"+"0+"6('+6%@$"
*'0"/'$)+.%'$2-"6(H2%6-"="+"0+"*%D1)%@$"*'"0+"6%'$6%+<"*'"0+"2;6$%6+"="*'"0+"61021(+3"
>0".UT%.-"'T/-$'$2'"*'0"6-./(-.%)-")-6%+0"*'"0+"#$%&'()%*+*"*'"R(+$+*+"')<")%$"
01:+("+"*1*+)<"'0",'$2(-"*'"N$%6%+2%&+)"*'",--/'(+6%@$"+0"a')+((-00-"W,N,`a>X3!"L-"
-C)2+$2'<" +" /')+(" *'0" ')D1'(F-" ?1'" '$" 0-)" V02%.-)" +J-)" &%'$'" 7+6%'$*-" 0+"
#$%&'()%*+*" *'" R(+$+*+" =<" '$" /+(2%610+(<" '0" ,N,`a>" /-(" /-2'$6%+(" +)/'62-)"
!">0",N,`a>"')"1$"-(:+$%).-"*'/'$*%'$2'"*'"0+"#$%&'()%*+*"*'"R(+$+*+"?1'"$+6'"6-$"0+"%$2'$6%@$"
*'" 6-$2(%C1%(" +0" *')+((-00-" *'" 0-)" /+H)')" =" *'" 0-)" )'62-(')" )-6%+0')" .U)" $'6')%2+*-)" *'" +/-=-3" S+"
,--/'(+6%@$" N$2'($+6%-$+0" =" 0+" +=1*+" +0" *')+((-00-" )'" '$2%'$*'$" 6-.-" 1$+" -C0%:+6%@$" ?1'" 0+"
#$%&'()%*+*" *'" R(+$+*+" *'C'" +D(-$2+(3" 5+(+" '00-" )'" /('&;" 0+" 6-0+C-(+6%@$" 6-$" " %$)2%216%-$')"
/VC0%6+)" =" /(%&+*+)" '$" 0+" /(')2+6%@$" *'" )'(&%6%-)" =" '$" 0+" )+2%)D+66%@$" *'" 0+)" $'6')%*+*')" .U)"
+616%+$2')" ?1'" )'" .+$%D%')2'$<" 2+$2-" '$" '0" '$2-($-" 0-6+0<" 6-.-" '$" +?1'00-)" /1'C0-)" *'0" G'(6'("
41$*-<"6-$"')/'6%+0"+2'$6%@$"7+6%+"0-)"U.C%2-)"$-(2'+D(%6+$-"'"%C'(-+.'(%6+$-3">0",N,`a>")'"'(%:'"
6-.-" %$)2(1.'$2-" /+(+" 6+$+0%F+(" 0+)" %$?1%'21*')" *'" 0+" ,-.1$%*+*" #$%&'()%2+(%+<" /(-/%6%+$*-" )1"
6-0+C-(+6%@$"6-$"0+)"-(:+$%F+6%-$')")-6%+0')"?1'"*')+((-00+$"+62%&%*+*')"*'"+66%@$")-6%+0"="+=1*+"+0"
*')+((-00-3"
!P"
('0+6%-$+*-)" 6-$" 0+" 6-$6%'$6%+6%@$" )-6%+0" =" 0+" 6--/'(+6%@$" +0" *')+((-00-" '$2('" 0+"
6-.1$%*+*" 1$%&'()%2+(%+<" '$2'$*'.-)" ?1'" 2-*+&H+" ?1'*+" 1$" +./0%-" .+(:'$" /+(+"
0+"+621+6%@$3"
5+(+" 0+" /-2'$6%+6%@$" *'" ')2-)" -CA'2%&-)" ')" $'6')+(%-" '0" 6-./(-.%)-" *'" 2-*+" 0+"
6-.1$%*+*" 1$%&'()%2+(%+<" '$" ')/'6%+0" 0-)" +01.$-)3" G-.+$*-" +0" +01.$-" 6-.-"
/(%$6%/+0" ('D'('$2'<" 0+" #$%&'()%*+*" $-" *'C'" )'(" )-0+.'$2'" 1$" .'(-" %$)2(1.'$2-"
/+(+" 0+" 2(+$).%)%@$" *'0" 6-$-6%.%'$2-<" 2+.C%;$" *'C'" ')2+(" 6-./(-.'2%*+" '$" 0+"
D-(.+6%@$"%$2':(+0"*'"0+"/'()-$+"WR+(6H+<"!^^!B"R+(6H+"'2"+03<"P\\dX3",-$)':1%('.-)"
*'"')2'".-*-"0+"D-(.+6%@$"*'"/'()-$+)")'$)%C%0%F+*+)"6-$")5'-&+!1"B7-"0+'5')5'%5<>'
5)' %1&*1#/&' :' 5)' B"#+#/!51' 6#' )5' /&-"#656" =" 6+/+6')" /+(+" +D(-$2+(" )5' 1#5)"<5-"0+' 6#'
5-!"E"656#/'6#'#P!#+/"0+'7+"E#1/"!51"5'6"1"*"65/'5')5'-1#5-"0+'6#)'%#+/5$"#+!&'-1Q!"-&'
:' 5' )5' 6"(7/"0+' 6#' )5' -"#+-"5>' 6#' )5' !,-+"-5' :' 6#' )5' -7)!715' WR-C%'($-" *'" 0+" o1$2+" *'"
E$*+016H+<"P\\]XG"
>$" ')2+" 6-.1$%6+6%@$" .-)2(+.-)" 1$+" /(-/1')2+" *'" 5(-='62-" *'" N$$-&+6%@$"
a-6'$2'" /(')'$2+*+" '$" 0+" 6-$&-6+2-(%+" /1C0%6+*+" /-(" 0+" #$%*+*" *'" N$$-&+6%@$"
a-6'$2'"*'"0+"#$%&'()%*+*"*'"R(+$+*+"K1&*15$5'6#'9++&E5-"0+':'V7#+5/'K14-!"-5/'
W&-#+!#/A' H71/&' YZ[Z\YZ[[G" >$2('" -2(-)" D%$')<" 0+" %$%6%+2%&+" /(')'$2+*+" /('2'$*'"
)'$)%C%0%F+(" +0" +01.$-" 1$%&'()%2+(%-" 6-$" 0-)" /(-C0'.+)" *'" 0+" )-6%'*+*" +621+0<" +)H"
6-.-" D-.'$2+(" )1" /+(2%6%/+6%@$" '$" /(-='62-)" *'" 6--/'(+6%@$" =" *')+((-00-3" >$" '0"
)':1$*-" +/+(2+*-" )'" 7+6'" 1$+" *')6(%/6%@$" *'0" /(-='62-" =" )'" '$1.'(+$" 0-)"
-CA'2%&-)"/('2'$*%*-)3">$"'0"2'(6'("+/+(2+*-")'"2(+2+$"+)/'62-)"('0+6%-$+*-)"6-$"0+"
'A'616%@$" *'0" /(-='62-8" .'2-*-0-:H+" =" 6(-$-0-:H+" *'" +621+6%@$3" >$" '0" 61+(2-"
+/+(2+*-")'"'T/-$'$"0-)"C'$'D%6%-)"')/'(+*-)"6-.-"(')102+*-"*'"0+"'A'616%@$"*'0"
/(-='62-3" >$" '0" ?1%$2-" +/+(2+*-" )'" *')6(%C'$" 0+)" 2;6$%6+)" +" +/0%6+(" /+(+" 0+"
'&+01+6%@$"*'0"/(-='62-3"9%$+0.'$2'<")'"%$601='"1$"+/+(2+*-"*'"(')1.'$3"
"
WMH(!"#.%LC.LQ,(2(&/E"1LK&#(!"'(C%&2".1&(
S+"%$%6%+2%&+"/(-/1')2+")1/-$'"0+"/1')2+"'$"/(U62%6+"*'"1$+".'2-*-0-:H+"*-6'$2'"
%$$-&+*-(+" C+)+*+" '$" '0" +/('$*%F+A'" 6--/'(+2%&-" =" /-(" /(-='62-)<" +" /+(2%(" *'0"
%$2'(6+.C%-" *'" %*'+)" =" ('D0'T%-$')" *'" +01.$-)" *'" *%)2%$2+)" G%210+6%-$')3" >0"
/(-='62-"2%'$'"6-.-"D%$"V02%.-")'$)%C%0%F+("="7+6'("/+(2'"+62%&+"*'"0-)"/(-C0'.+)"
*'"0+")-6%'*+*"+621+0"+0"')21*%+$2'"1$%&'()%2+(%-3P"
a')*'"')2+"/'()/'62%&+<")-$"+)/'62-)"6-$6('2-)"?1'"/('-61/+$"'$"0+"%$%6%+2%&+"?1'"
*')'+.-)"00'&+("+"6+C-8"
• >0"':-H).-"="0+"%$*%&%*1+0%*+*"?1'":1H+"'0"6-./-(2+.%'$2-"*'"+0:1$-)""+01.$-)"
*'$2(-" *'0" '$2-($-" 1$%&'()%2+(%-" =" '$" )1" &%*+" 6-2%*%+$+<" +62%21*" ?1'" 2%'$*'" +"
('/0%6+()'"+0"2;(.%$-"*'")1)"')21*%-)"
• S+" D+02+" *'" )'$)%C%0%*+*" =" 6+/+6%*+*" *'" './+2H+" *'" 0+" )-6%'*+*" '$" :'$'(+0" =" 0-)"
+01.$-)" 1$%&'()%2+(%-)" '$" /+(2%610+(" +$2'" '0" :(+$" $V.'(-" *'" /(-C0'.+)" ?1'" )'"
/0+$2'+$"'$"0+")-6%'*+*3"
• S+"+1)'$6%+"'$"0+"#$%&'()%*+*"*'"1$+"&%)%@$"+./0%+"'"%$2'(*%)6%/0%$+("*'"+)1$2-)"
="/('-61/+6%-$')"?1'"6-$6%'($'$"+"*%)2%$2-)"U.C%2-)"*'0"6-$-6%.%'$2-3"
P" >0" /(-='62-" /(')'$2+*-" 6-$)2%21='" 1$" '0'.'$2-" /+(+" 0+" 6-$)-0%*+6%@$" *'" 1$" >?1%/-" a-6'$2'" *'"
('6%'$2'" 6('+6%@$" D-(.+*-" /-(" /(-D')-(')" *'" *%)2%$2-)" a'/+(2+.'$2-)" *'0" U('+" *'" 0+)" ,%'$6%+)"
K-6%+0')"*'"0+"#$%&'()%*+*"*'"R(+$+*+3"'
!]"
G'$%'$*-" /(')'$2')" 0-)" D%$')" 6X" =" *X" *'0" +(2H610-" ]" *'" 0-)" >)2+212-)" *'" 0+"
#$%&'()%*+*"*'"R(+$+*+<"'$"'0"*')+((-00-"*'0"/(-='62-")'"/('2'$*'"+621+(")-C('"0-)"
/(-C0'.+)"+$2')"6-.'$2+*-)3"K-$<"/-("2+$2-<"-CA'2%&-)"*'0"/(-='62-8"
• 9-.'$2+(" 0+" )-0%*+(%*+*" =" ('*16%(" 0+" 6-$*162+" ':-H)2+" '" %$*%&%*1+0%)2+" *'0"
+01.$-3""
• K'$)%C%0%F+(" =" 6-./(-.'2'(" +0" +01.$-" 6-$" 0-)" /(-C0'.+)" *'" 2%/-" )-6%+0" *'0"
.1$*-"+621+03"
• N$2':(+(" 6-$-6%.%'$2-)" *'" *%)2%$2+)" *%)6%/0%$+)" /+(+" 0+" 6-./('$)%@$" *'" +)1$2-)"
6-./+(2%*-)" /-(" U('+)" *'" 6-$-6%.%'$2-" /'(2'$'6%'$2')" +0" U.C%2-" *'" 0+)" ,%'$6%+)"
K-6%+0')" .'*%+$2'" '0" D-.'$2-" *'0" 6-$2+62-" '$2('" 0-)" +01.$-)" *'" *%)2%$2+)"
G%210+6%-$')"="9+6102+*')3"
• a')+((-00+(" 0+C-(')" *'" 'T2'$)%@$" 1$%&'()%2+(%+" ?1'" /'(.%2+$" ('6-$*16%(" '0"
/'$)+.%'$2-"6(H2%6-"7+6%+")-016%-$')"6--/'(+2%&+)"=")-0%*+(%+)"
• 9+&-('6'("0-)"/(-6')-)"*'"+/('$*%F+A'"6--/'(+2%&-"="/-("/(-='62-)<"+)H"6-.-"'0"
+12-+/('$*%F+A'3"
"
XMH(+"1&!&'&7Y$(2(.%&,&7%$+$(
5(-/-$'.-)" '$" ')2+" %$%6%+2%&+" 0+" /1')2+" '$" /(U62%6+" *'" 1$+" .'2-*-0-:H+" *-6'$2'"
%$$-&+*-(+" C+)+*+" '$" '0" +/('$*%F+A'" 6--/'(+2%&-" =" /-(" /(-='62-)3" S+" /(')'$2'"
%$%6%+2%&+"/(%-(%F+"0+"D%:1(+"*'0"+01.$-<"=+"?1'"+/1')2+"/-("1$+"'$)'J+$F+"C+)+*+"
'$"0+"/+(2%6%/+6%@$"+62%&+"*'0"')21*%+$2'"1$%&'()%2+(%-3"
5+(+"0+"6-$)'616%@$"*'"0-)"-CA'2%&-)"/(-/1')2-)<"'0"5(-='62-")'"')2(1621(+"'$"2-($-"
+" 2(')" 'A')" /(%$6%/+0')8" 0+" 6('+6%@$" *'" 1$" C0-:<" 0+" ('+0%F+6%@$" *'" 1$+)" o-($+*+)" *'"
a')+((-00-"i1.+$-"="/-)%C%0%*+*"*'"6-0+C-(+6%@$"'$"+62%&%*+*')"('0+6%-$+*+)"6-$"
/(-='62-)"*'"6--/'(+6%@$"-"+66%@$")-6%+03"
XMVMH(!"#$%&'('%"'%)#*)+,*)+')+-*%.,%"#/%&(#0",1'/%.,%"'%/#)+,.'."
K'"6('+(U"1$"C0-:"/+(+"?1'"'0"+01.$-"2-.'"6-$6%'$6%+"*'".167-)"*'"0-)"/(-C0'.+)"
*'" 0+" )-6%'*+*" '$" '0" .1$*-" +621+03" >$" '0" C0-:" )'" +C(%(U$" &+(%+)" 0H$'+)" 2'.U2%6+)"
/+(+" *+(" 0+" -/-(21$%*+*" +0" +01.$-" *'" ?1'" )'" 'T/(')'" =" )'" %$D-(.'" '$" 0+" 0H$'+" -"
0H$'+)"'$"0+)"?1'"')2;".U)"%$2'(')+*-3"5+(+"6-$*16%("'0"*')+((-00-"*'"0+)"('D0'T%-$')"
)'" D-(.+(U$" '?1%/-)" *'" /(-D')-(')3" ,+*+" '?1%/-" /(-/-$*(U" *'$2(-" *'" 6+*+" 0H$'+"
2'.U2%6+" +)/'62-)" /+(+" 0+" ('D0'T%@$" ?1'" *')/%'(2'$" '0" %$2'(;)" *'0" +01.$-" ="
D-.'$2'$")1"/+(2%6%/+6%@$3""
S+" %$2'(&'$6%@$" *'" +01.$-)" *'" *%)2%$2+)" 2%210+6%-$')" =" 0+" 6-./-)%6%@$" *'0" '?1%/-"
*'"/(-D')-(')"*+(U$"1$+"&%)%@$".102%*%)6%/0%$+("+"2'.+)"?1'")-$"-CA'2-"*'"')21*%-"
*')*'" 0-)" *%)2%$2-)" U.C%2-)" *'" 0+)" ,%'$6%+)" K-6%+0')3" >0" 6+(U62'(" .102%*%)6%/0%$+("
/'(.%2%(U"6-$6%0%+("&%)%-$')")-6%[email protected]:%6+<"/-0H2%6+<"'[email protected]%6+"="/)%[email protected]:%6+"+6'(6+"*'"
1$".%).-"/(-C0'.+3"S+")'$)%C%0%F+6%@$")-C('"/(-C0'.+)"*'"0+")-6%'*+*"+621+0"="0+"
%$2'(+66%@$" *'" -/%$%-$')" *'" +01.$-)" *'" *%)2%$2-)" 61()-)" =" *%)2%$2+)" 9+6102+*')"
D+&-('6'(U$"0+"6-$*162+"6--/'(+2%&+"'$2('"0-)"/+(2%6%/+$2')3""
E0:1$+)"*'"0+)"0H$'+)"2'.U2%6+)"/('&%)2+)")-$8"
• S-)"-CA'2%&-)"*'"0+)")-6%'*+*')".-*'($+)8"6('6%.%'$2-"&)3"D'0%6%*+*"
• S+".+0$12(%6%@$"="'0"7+.C('"'$"/+H)')"'$"*')+((-00-"
!k"
• S+"*')%:1+0*+*"'$"0+"*%)2(%C16%@$"*'"0+"('$2+"="0+"(%?1'F+"
• >0"+66')-"+0"+:1+"
• >0"*')'./0'-"
• ,--/'(+6%@$"+0"a')+((-00-8",--/'(+6%@$"L-(2'YK1("=",--/'(+6%@$"K1(YK1("
• >0"6+.C%-"60%.U2%6-8")1/'(+6%@$"*'"0+"'6-$-.H+"*'0"6+(C-$-"
• K-)2'$%C%0%*+*"+.C%'$2+08"('*'D%$%6%@$"="0H$'+)"*'"%./0'.'$2+6%@$""
• 5+(2%6%/+6%@$"6%1*+*+$+"'$"/(-='62-)"*'"*')+((-00-")-)2'$%C0'"
• S+)"*')%:1+0*+*')"'$"'0"+66')-"+"0+"+)%)2'$6%+")+$%2+(%+"
• S+"&%*+"'$"0-)"C+((%-)".+(:%$+0')"
• >0"6-.'(6%-"A1)2-"
E*'.U)"*'"D-.'$2+("0+"('D0'T%@$"="'0"%$2'(6+.C%-"*'"%*'+)<"'$"0+)"%$2'(&'$6%-$')")'"
+$%.+(U" +" 0-)" /+(2%6%/+$2')" +" ?1'" 'T/0%?1'$" '0" D1$6%-$+.%'$2-" =" 0-)" 0-:(-)" *'"
/(-='62-)")-0%*+(%-)"=+"'T/'(%.'$2+*-)"'$">)/+J+"="'$"-2(+)"$+6%-$')3"
XMWMH(2#(*'.'/%/#0(,%3,/'((#""#%451'*#(
S+" )':1$*+" +62%&%*+*" /(-/1')2+" 6-$)%)2'" '$" 0+" -(:+$%F+6%@$" *'" 1$+)" o-($+*+)" *'"
a')+((-00-" i1.+$-" '$" 0+)" ?1'" /+(2%6%/'$" '$2('" 61+2(-" +" )'%)" /-$'$2')3" S+)"
6-$D'('$6%+)"&'()+(U$")-C('"+0:1$-"*'"0-)"2'.+)"/('&%+.'$2'"2(+2+*-)"'$"'0"C0-:3"
a1(+$2'" 0+)" 6-$D'('$6%+)" )'" 2'$*(U" 0+" -/-(21$%*+*" *'" /(-D1$*%F+(" '$" +0:1$-)"
+)/'62-)"('0+6%-$+*-)"6-$"0-)"2'.+)"'0':%*-)3"
E*'.U)<"0+)"o-($+*+)"7+(U$"0+)"&'6')"*'"/1$2-"*'"'$61'$2(-"'$2('"0-)"+01.$-)"*'"
0+)"*%)2%$2+)"G%210+6%-$')3"E0"D%$+0"*'"6+*+")')%@$")'"/(-/-$*(U"0+"6('+6%@$"*'"1$+"
.')+" ('*-$*+" *-$*'" 0-)" +01.$-)" /1'*+$" 'T/(')+(" )1)" -/%$%-$')<" 2(+2+$*-" *'"
-(%'$2+(" '0" *'C+2'" *'" D-(.+" 6-$)2(162%&+" =<" +" )'(" /-)%C0'<" -C2'$%'$*-" 1$+)"
6-$601)%-$')" 6-$)'$)1+*+)3" a')*'" '0" C0-:" )'" D-.'$2+(U" ?1'" +0" 2;(.%$-" *'" 0+"
6-$D'('$6%+"0-)"+01.$-)"/1'*'$"')2+C0'6'("1$"6-$2+62-"?1'"0')"/'(.%2+"6-$2%$1+("
6-$"'0"%$2'(6+.C%-"*'"%*'+)")-C('"0+"2'.U2%6+"*'0"C0-:3""
XMXMH(6#"'0#(')+-*%,*%&(#7,)8#/%.,%)##&,(')+-*%#%'))+-*%/#)+'"%%
9%$+0.'$2'<" )'" -D('6'(U" 0+" /-)%C%0%*+*" *'" ?1'" 0-)" +01.$-)<" 7+6%'$*-" 1)-" *'" 0-)"
6-$-6%.%'$2-)" /(-/%-)" *'" )1" 2%210+6%@$<" /1'*+$" 6-0+C-(+(" '$" /(-='62-)" *'"
6--/'(+6%@$"'$"0-)"?1'"/+(2%6%/'"'0",N,`a>3""
L-)" /-$*('.-)" '$" 6-$2+62-" 6-$" (')/-$)+C0')" *'0" ,N,`a>" =" *%('62-(')" *'"
/(-='62-)"D%$+$6%+*-)"/-("')2+"%$)2%216%@$"/+(+"%$&%2+(0')"+"?1'"7+:+$"/(-/1')2+)"
6-$6('2+)" *'" 6-0+C-(+6%@$" &-01$2+(%+3" S+" %$%6%+2%&+" *'" 6--/'(+6%@$<" /-(" 2+$2-<"
%$2'$2+(U" '$6+1F+()'" +" 2(+&;)" *'" 1$+" %$)2%216%@$" /(-/%+" *'" 0+" #$%&'()%*+*" *'"
R(+$+*+" =+" -(:+$%F+*+" =" 6-$" 'T/'(%'$6%+" '$" 0+" +66%@$" )-6%+0" =" 6--/'(+2%&+3" S+"
6-0+C-(+6%@$"/1'*'"/(-/-$'()'"+"/+(2%("*'"0+"('+0%F+6%@$"*'"+$U0%)%)"/-("/+(2'"*'"
$1')2(-)" +01.$-)" *'" 0+)" *%D'('$2')" +)-6%+6%-$')" =" )1)" +66%-$')<" +)H" 6-.-"
/(-/-(6%-$+$*-" +)')-(+.%'$2-" =" 6-0+C-(+6%@$" +$2'" 0+)" *'.+$*+)" -" $'6')%*+*')"
*'"0+)"+)-6%+6%-$')"+"$%&'0"%$2'($-"="'$")1)"(')/'62%&+)"0H$'+)"*'"+621+6%@$3"
>0" C0-:" )'(U" 1$+" &H+" /+(+" 0+" 6-.1$%6+6%@$" '$2('" 0-)" +01.$-)" =" 0+)" /(-/1')2+)" *'"
&-01$2+(%+*-" ('+0%F+*+)" *')*'" '0" ,N,`a>3" a'" ')2+" .+$'(+<" '0" /(-='62-" 2+.C%;$"
!e"
)'(&%(U" /+(+" ?1'" 0-)" +01.$-)" 6-$-F6+$" *'" 0+" 'T%)2'$6%+" *'0" ,N,`a><" *'" 0+)"
+621+6%-$')"?1'"*')+((-00+"="*'"0+)"/-)%C%0%*+*')"*'"/+(2%6%/+6%@$"?1'"6-$2'./0+3"
5+(+":+(+$2%F+("0+"%./0+$2+6%@$"*'0"/(-='62-<"'$"6+*+"1$-"*'"0-)":(1/-)"+"0-)"?1'"
*;"60+)'"+0:1$-"*'"0-)"/(-D')-(')"*'0">?1%/-"a-6'$2'")'"7+(U"1$+"/(')'$2+6%@$"*'"
0+"%$%6%+2%&+3"E*'.U)"*'"*'2+00+("'$"?1;"6-$)%)2'"'0"/(-='62-<"'$"0+")')%@$")'"7+(U"
')/'6%+0";$D+)%)"'$"'T/0%6+("?1;")'"')/'(+"*'0"+01.$-"="[email protected]"*'C'"/+(2%6%/+(3"
S+)"+621+6%-$')")'"('+0%F+(U$"*'"+61'(*-"6-$"0+")%:1%'$2'"*%)2(%C16%@$"2'./-(+08"
• +>?>?(V(O(W-"a%)'J-"="/1')2+"'$".+(67+"*'0"C0-:3""
• +>?>?(X(85(Z-"N$2'(6+.C%-"*'"%*'+)"="('D0'T%-$')"'$"'0"C0-:3"
• +>?>?( X( 85( Z-" ,-$2+62-" 6-$" '0" ,N,`a>" /+(+" 0+" /(-/1')2+" *'" 0H$'+)" *'"
6-0+C-(+6%@$3"
• +>?([-"f'+0%F+6%@$"*'"0+)"o-($+*+)"*'"a')+((-00-"i1.+$-3(
• +>?(Z-"5+)'"*'"61')2%-$+(%-"/+(+"'&+01+("'0"%./+62-"*'0"/(-='62-"="'0":(+*-"*'"
)+2%)D+66%@$"*'0"+01.$-3""
"
(((((69:;:<9=>='
+"#(
$.1*$.LQ,(
V( W( X( \( [( ]( ^( _( Z(
a%)'J-"="/1')2+"'$".+(67+"*'0"C0-:"
"
"
"
"
"
"
"
"
"
N$2'(6+.C%-" *'" %*'+)" =" ('D0'T%-$')"
"
'$"'0"C0-:"
"
"
"
"
"
"
"
"
,-$2+62-"6-$"'0",N,`a>"
"
"
"
"
"
"
"
"
"
f'+0%F+6%@$" *'" 0+)" o-($+*+)" *'"
"
a')+((-00-"i1.+$-"
"
"
"
"
"
"
"
"
>&+01+6%@$" *'0" /(-='62-" =" :(+*-" *'"
"
)+2%)D+66%@$"
"
"
"
"
"
"
"
"
(
5-("0-"?1'"(')/'62+"+"0+"'A'616%@$"*'"0+)"2+('+)"/('&%)2+)<"0+"D%0-)-DH+"*'0"/(-='62-"="
0+" 'T/'(%'$6%+" *'" 2(+C+A-" 6-$A1$2-" *'" 0-)" %$2':(+$2')" *'0" >?1%/-" a-6'$2'" ?1'"
/(')'$2+" 0+" %$%6%+2%&+<" 7+6'$" *'" ')2'" /(-='62-" 1$" 'T6'0'$2'" .+(6-" /+(+" 0+" 2-.+"
6-0'62%&+"*'"*'6%)%-$')3"E*'.U)<"+"'T6'/6%@$"*'"0+"6('+6%@$"*'"0+"/U:%$+"O'C"'$"0+"
?1'")'"+0-A+(U"'0"C0-:<"2-*-)"0-)"%$2':(+$2')"*'0"/(-='62-")'"%./0%6+(U$"'$"2-*+)"="
6+*+"1$+"*'"0+)"2+('+)"/('&%)2+)3"
E1$?1'"/-("0+)"'T%:'$6%+)"*'"0+"6-$&-6+2-(%+"0+"/0+$%D%6+6%@$")'"7+6'"2'$%'$*-"'$"
61'$2+"1$"61()-"+6+*;.%6-<")'"/('2'$*'"?1'"')2'"/(-='62-"2'$:+"6-$2%$1%*+*"'$"'0"
2%'./-3""
(
\MH(/","RL.L&#("#C"%$!&#M(
>0"/(%$6%/+0"C'$'D%6%-"/('&%)2-"')"6-$2(%C1%("+"0+"'*16+6%@$"%$2':(+0"*'0"+01.$-"'$"
+)/'62-)"?1'"2(+)6%'$*'$"*'"0+".'(+"2(+$).%)%@$"*'"6-$-6%.%'$2-)3"K-$"-CA'2%&-)<"
!h"
+"0+"&'F"?1'"C'$'D%6%-)"/('&%)2-)<"0+"2(+$).%)%@$"*'"&+0-(')"="0+"6-$6%'$6%+6%@$"*'0"
+01.$-"6-$"0-)"/(-C0'.+)"*'"0+")-6%'*+*"+621+03"
>$"'0"/0+$-"+6+*;.%6-<"0-)"C'$'D%6%-)"')/'(+*-)"/+(+"0-)"+01.$-)"*'"0+)"*%)2%$2+)"
2%210+6%-$')" %./0%6+*+)" '$" '0" /(-='62-" 6-$)%)2'$" '$" 0+" /-)%C%0%*+*" *'" ('D-(F+("
+0:1$+)"*'"0+)"6-./'2'$6%+)"/('&%)2+)"'$"0-)"*%)2%$2-)"R(+*-)"'$"0-)"?1'"/+(2%6%/+$"
0-)"/(-D')-(')"*'"')2+"/(-/1')2+3">$2('"')2+)"6-./'2'$6%+)"/-*'.-)"*')2+6+("0+)"
)%:1%'$2')8"6+/+6%*+*"/+(+"2(+C+A+("'$"'?1%/-<"6+/+6%*+*"*'"(+F-$+.%'$2-"6(H2%6-"="
+12-6(H2%6-<"6-./(-.%)-";2%6-<"6-./(-.%)-"6-$"'0"(')/'2-"+"0-)"*'('67-)"71.+$-)"
="0+"$-"*%)6(%.%$+6%@$<")'$)%C%0%*+*"7+6%+"2'.+)"+.C%'$2+0')"=")-6%+0')<"6+/+6%*+*"
*'"('6-$-6'("0+"*%&'()%*+*"=".102%61021(+0%*+*<"'263"
E*'.U)<"0+"/(-/%+".'2-*-0-:H+"*'0"/(-='62-"D+6%0%2+"="6-./0'.'$2+"0-)"/(-6')-)"*'"
+/('$*%F+A'"*'0"+01.$-"2'$%'$*-"'$"61'$2+"0-)"/(%$6%/%-)"*'0">)/+6%-">1(-/'-"*'"
>*16+6%@$"K1/'(%-("+0"D-.'$2+(8"
• "5( 8`9>A=4B8a>( 8<@UA636-" K'" +$%.+(U" +0" +01.$-" +" ?1'" %$2'(&'$:+" '$" '0" C0-:"
'T/(')+$*-" )1" -/%$%@$" /'()-$+0" =" 2+.C%;$" +" /+(2%(" *'" CV)?1'*+)" :1%+*+)" *'"
%$D-(.+6%@$"'$"0+"O'C3"5+(+"D-.'$2+("0+"%$2'(&'$6%@$")'".+(6+(U$"+0:1$+)"/+12+)"
/+(+"0+"('D0'T%@$"="0+"CV)?1'*+"*'"%$D-(.+6%@$"'$"6+*+"1$-"*'"0+)"0H$'+)"2'.U2%6+)"
+C%'(2+)3"
• "5( 8`9>A=4B8a>( :66`>[email protected]" S-)" +01.$-)" *'" *%)2%$2+)" *%)6%/0%$+)" 2'$*(U$" 0+"
-/-(21$%*+*" *'" %$2'(6+.C%+(" %./(')%-$')" *')*'" *%&'()+)" /'()/'62%&+)" *'" 1$"
.%).-" /(-C0'.+" ?1'" +*.%2'" 2(+2+.%'$2-)" *%)2%$2-)3" K'" D-.'$2+(U<" /-(" 2+$2-<" '0"
+/('$*%F+A'"="0+"6-$)'616%@$"*'0"6-$-6%.%'$2-"*'".+$'(+"6--/'(+2%&+3"
• "5(8`9>A=4B8a>(`69(`96O>:@6?-"K'"+$%.+(U"+"?1'"'$"0+)"%$2'(&'$6%-$')"'$"'0"C0-:"
0-)" +01.$-)" 61'$2'$" 'T/'(%'$6%+)" *'" 0+" 0+C-(" ?1'" ')2U$" 7+6%'$*-" -(:+$%F+6%-$')"
)%$" U$%.-" *'" 016(-" 6-$" -CA'2%&-)" )-0%*+(%-)3" 9%$+0.'$2'<" 0+" 6-0+C-(+6%@$" '$" +0:V$"
/(-='62-" *'0" ,N,`a><" /'(.%2%(U" +" 0-)" /+(2%6%/+$2')" 6-$-6'(" *'" .+$'(+" *%('62+"
.167+)" *'" 0+)" *%D%6102+*')" =" /(-/1')2+)" *'" )-016%@$" ('0+6%-$+*+)" 6-$" %$%6%+2%&+)"
)-0%*+(%+)<" +)H" 6-.-" 0+" /1')2+" '$" /(U62%6+" *'" 6-$-6%.%'$2-)" +*?1%(%*-)" '$" )1"
2%210+6%@$3"
(
[MH1S.,L.$#("(L,#1%*+",1&#(C$%$('$("K$'*$.LQ,(!"'(C%&2".1&(
4'*%+$2'" 0+" '&+01+6%@$" )'" /('2'$*'" 6-$-6'(" '0" :(+*-" *'" /+(2%6%/+6%@$" *'0"
+01.$+*-" '$" 0+" %$%6%+2%&+<" '0" :(+*-" *'" )+2%)D+66%@$" *'0" +01.$-<" 0+)" /(-/1')2+)" *'"
.'A-(+" *'0" /(-='62-" =<" D%$+0.'$2'<" 0+" 6-$2(%C16%@$" +0" *')+((-00-" *'" 6-./'2'$6%+)3"
5+(+" 0+" '&+01+6%@$" *'0" /(-='62-" )'" 2'$*(U$" '$" 61'$2+" 0+)" *%)2%$2+)" D+)')" *'"
'A'616%@$"="-CA'2%&-)"/('2'$*%*-)"6-$")1"/1')2+"'$".+(67+3"
>)2U"/('&%)2+"0+"'&+01+6%@$"*'0"/(-='62-"+"/+(2%("*'"0+)")%:1%'$2')"&H+)8"
• K':1%.%'$2-" *'" 0+" /+(2%6%/+6%@$" *'" 0-)" +01.$-)" '$" '0" C0-:8" >)2'" )':1%.%'$2-" )'"
7+(U"2'$%'$*-"'$"61'$2+"'0"$V.'(-"*'"'$2(+*+)"'$"'0"C0-:<"+)H"6-.-"'0"$V.'(-"="0+"
6+0%*+*"*'"0+)"/+(2%6%/+6%-$')3""
• K':1%.%'$2-"*'"0+)"o-($+*+)"*'"a')+((-00-"i1.+$-8"5+(+"'00-")'"2'$*(U"'$"61'$2+"
0+" +)%)2'$6%+" +" 0+)" *%)2%$2+)" )')%-$')3" E*'.U)<" )'" /(-/-$*(U" 0+" ('+0%F+6%@$" *'" 1$"
'$)+=-")-C('"+0:1$+"*'"0+)"6-$D'('$6%+)"?1'")'(U"'&+01+*-"/-("'0"/(-D')-("*'"6+*+"
:(1/-3"
!d"
• 5+(2%6%/+6%@$" '$" '0" /(-='62-" *'" 6--/'(+6%@$8" ,1+$*-" '$" '0" *')+((-00-" *'0"
/(-='62-" )'" 6-$6('2'" 0+" 6-0+C-(+6%@$" '$" +0:V$" /(-='62-" )-0%*+(%-" )'" &+0-(+(U" 0+"
/-)%C%0%*+*" *'" +/0%6+(" +0:1$+" 2;6$%6+" /+(+" 0+" '&+01+6%@$" *'" 0+" +*?1%)%6%@$" *'"
6-./'2'$6%+)3" S+" 2;6$%6+" &+(%+(U" '$" D1$6%@$" *'" 0+" 6-0+C-(+6%@$" /(')2+*+" /-(" '0"
+01.$-3"
• i+C%0%2+6%@$" *'" 1$" 61')2%-$+(%-" +" ('00'$+(" /-(" '0" +01.$-" '$" 0+" D+)'" D%$+0" *'0"
/(-='62-8">$"'0"61')2%-$+(%-")'"/0+$2'+(U$"/(':1$2+)"/+(+"/-*'("6+/2+("'0":(+*-"*'"
)+2%)D+66%@$" *'0" +01.$-" 6-$" 0+" %$%6%+2%&+<" ('6+C+(" 0+)" /(-/1')2+)" *'" .'A-(+" /+(+"
D121(+)" '*%6%-$')<" =" 6-$-6'(" 0+" 6-$2(%C16%@$" *'0" /(-='62-" +" 0+" 6-$)'616%@$" *'" 0+)"
6-./'2'$6%+)"/('&%)2+)"'$"0-)"*%)2%$2-)"R(+*-)"W,+00'"'2"+03<"P\\_X3"
(
]MH(%"#*+",(
S+"#$%&'()%*+*"$-"*'C'")'("1$+".'(+"2(+$).%)-(+"*'"6-$-6%.%'$2-)"-"1$"6'$2(-"*'"
%$&')2%:+6%@$" +0'A+*-" *'" 0+" ('+0%*+*3" S+" #$%&'()%*+*" *'C'" 2(+C+A+(" /-(" =" /+(+" 0+"
)-6%'*+*3">$2('"-2(-)"+)/'62-)<"'00-"'T%:'"'*16+("'$"&+0-(')3"K'"*'C'"/('2'$*'("?1'"
'0" +01.$-" )'+" +0:-" .U)" ?1'" 1$" )%./0'" -C)'(&+*-(" *'" 0+" ('+0%*+*" ?1'" 0'" (-*'+<" '0"
+01.$-" *'C'" )'(" )'$)%C0'" +" 0-)" /(-C0'.+)" *'" 0+" )-6%'*+*" =<" '$" 0+" .'*%*+" *'" )1)"
/-)%C%0%*+*')<")'("/+(2'"+62%&+"'$"0-)"/(-6')-)"*'"(')/1')2+"+"2+0')"/(-C0'.+)3"
>$"')2+"6-.1$%6+6%@$")'"/(')'$2+"1$"/(-='62-"?1'"')2U"/('&%)2-"00'&+("+"6+C-"'$"0+"
#$%&'()%*+*" *'" R(+$+*+" /+(+" 6-$2(%C1%(" +0" D-.'$2-" *'0" 6-./(-.%)-" )-6%+0" =" 0+"
2(+$).%)%@$"*'"&+0-(')"'$2('"0-)"+01.$-)"1$%&'()%2+(%-)3"S+"D%$+0%*+*"/(%$6%/+0"')"
)'$)%C%0%F+(" =" 7+6'(" /+(2'" +62%&+" *'" 0-)" /(-C0'.+)" *'" 0+" )-6%'*+*" +621+0" +0"
')21*%+$2'" 1$%&'()%2+(%-3" E*'.U)<" '$" '0" U.C%2-" +6+*;.%6-<" 2+.C%;$" )'" /('2'$*'$"
('D-(F+(" +)/'62-)" 6-.-" '0" +/('$*%F+A'" [email protected]$-.-<" '0" +/('$*%F+A'" 6--/'(+2%&-" =" '0"
+/('$*%F+A'"/-("/(-='62-)3""
(
%"R"%",.L$#(
,+00'<" ,3B" R+(6H+<" o343B" R%.;$'F<" 53" =" `(2':+<" 43" WP\\_X3" X5)"65-"0+' :' $#6"65' 6#' )5'
1#/%&+/5B")"656'/&-"5)'#+')5'I+"E#1/"6563"f'&%)2+",-./012'$)'"*'">*16+6%@$<"!^WPX<"
]_eYk\k3"
R-C%'($-" *'" >)/+J+" WP\\!X3" 8#:' M1*4+"-5' ]^YZZ[>' 6#' Y[' 6#' 6"-"#$B1#>' 6#'
I+"E#1/"656#/G"g`>"$V.3"]\d"*'"Pk"*'"a%6%'.C('"*'"P\\!3"4+*(%*3"
R-C%'($-"*'"0+"o1$2+"*'"E$*+016H+"WP\\]X3"J/!5!7!&/'6#')5'I+"E#1/"656'6#'_15+565G'
a'6('2-"]PemP\\]<"*'"Pe"*'"L-&%'.C('<"*'0",-$)'A-"*'"0+"o1$2+"*'"E$*+016H+3"g`oE"
$V.3"P]h"*'"^"*'"a%6%'.C('"*'"P\\]3"K'&%00+3"
R#NLN" WP\\^X3" 2"*.#1' J67-5!"&+' 5!' 5' O"$#' &(' O15+/(&1$5!"&+A' C#F' W:+5$"-/' (&1'
N&-"5)'D#/%&+/5B")"!:G'_)&B5)'I+"E#1/"!:'C#!F&1T'(&1'9++&E5!"&+G"5+0:(+&'"4+6.%00+$3""
R+(6H+<" o343" W!^^!X3" S+" D-(.+6%@$" %$2':(+08" -CA'2%&-" *'" 0+" #$%&'()%*+*3" f'&%)2+"
,-./012'$)'"*'">*16+6%@$<"PWPX<"]P]Y]]e3"
R+(6H+<" o343<" ,+00'<" ,3" =" R%.;$'F<" 53" WP\\dX3" S+" D-(.+6%@$" *'" 0+" (')/-$)+C%0%*+*"
)-6%+0"'$"0+"#$%&'()%*+*3"D#E"/!5'H&$%)7!#+/#'6#'J67-5-"0+<"!_WPX<"kdYhh3""
!_"
"
"
"
"
"
"
"'(C"%RL'(!"'(C%&R"#&%(*,LK"%#L1$%L&(C$%$('$(
.&&C"%$.LQ,((2("'(!"#$%%&''&()*+$,&(2(#&.L$'(((((((((((((((((((((
",("'(#L7'&(bbL(
(
[email protected](/898A=4898A(785=U?"
+49>A(/899>A>@c>8($O>[email protected](
[email protected](.89=6A8(%6=9;F<>B(
E<8A(E6?D(+4a8AF6?(=>5(.83`6(
E6A(&58?d68F8('8998<94(
#$%&'()%*+*"*'0"5+H)"I+)6-"
"
%"#*+",(
L+*%'" *1*+" 7-=" '$" *H+" *'" 0+" %./-(2+$6%+" *'0" 6-$-6%.%'$2-" /+(+" '0" *')+((-00-"
71.+$-" =" )-6%+03" >$" 61+0?1%'(" U.C%2-" %$2'($+6%-$+0" )'" ('6-$-6'" ?1'" '$" 0+" ;/-6+"
?1'"&%&%.-)"0+"%$&'()%@$"'$":'$'(+6%@$"=")-6%+0%F+6%@$"*'0"6-$-6%.%'$2-"A1$2-"+"0+"
%$$-&+6%@$"="0+"'*16+6%@$"')"D1$*+.'$2+0<"/-(")'("1$+"*'"0+)"/(%$6%/+0')"+66%-$')"
?1'" 6-$2(%C1='" +" +&+$F+(" '$" '0" 0-:(-" *'" 0-)" -CA'2%&-)" *'" *')+((-00-" +6-(*+*-)"
%$2'($+6%-$+0.'$2'<" 6-.-" /-(" 'A'./0-<" 0-)" `CA'2%&-)" *'" a')+((-00-" *'0" 4%0'$%-"
W`a4X3"K'(U"$'6')+(%-"*'D%$%("')2(+2':%+)"?1'"+=1*'$"+"0-)"%$*%&%*1-)"+"%$2':(+()'"
'$"0+")-6%'*+*":0-C+0"*'$-.%$+*+"7-="'$"*H+")-6%'*+*"*'0"6-$-6%.%'$2-3"K'"/0+$2'+"
('+0%F+("1$+"('D0'T%@$"*'0"/+/'0"?1'"*'C'(H+"A1:+("'0"*-6'$2'"1$%&'()%2+(%-"'$"')2'"
')6'$+(%-" =" )'J+0+(" 0+)" $1'&+)" 6-./'2'$6%+)" /(-D')%-$+0')" ?1'" 0'" 'T%:'" )'(" /%'F+"
*'0".-2-("*'"0+"6--/'(+6%@$"+0"*')+((-00-"71.+$-"=")-6%+03"(
C858I98?(:58J>8"6--/'(+6%@$"%$2'($+6%-$+0B"1$%&'()%*+*B"/(-D')%@$"*-6'$2'"
(
(
C%&RL'"(&R(1)"(*,LK"%#L12(C%&R"##&%(R&%(.&&C"%$1L&,($,!()*+$,(
$,!(#&.L$'(!"K"'&C+",1(L,(1)"(1e",12HRL%#1(.",1*%2(
"
$/#1%$.1(
G-*+=" $-C-*=" *-1C2)" +C-12" 27'" %./-(2+$6'" -D" M$-O0'*:'" D-(" 71.+$" +$*" )-6%+0"
*'&'0-/.'$23"N$"+$="%$2'($+2%-$+0"'$&%(-$.'$2"%$&')2.'$2"%$"27'":'$'(+2%-$"+$*"
)-6%+0%F+2%-$"-D"M$-O0'*:'"O%27"%$$-&+2%-$"+$*"'*16+2%-$"%)"'))'$2%+0<"+)"%2"%)"-$'"
!^"
-D" 27'" .+%$" +62%&%2%')" 6-$2(%C12%$:" 2-" /(-:('))" %$" +67%'&%$:" 27'" %$2'($+2%-$+00="
+:(''*"*'&'0-/.'$2":-+0)<")167"+)"27'"4%00'$$%1."a'&'0-/.'$2"R-+0)"W4aR)X3"N2"
O%00" C'" $'6'))+(=" 2-" *'D%$'" )2(+2':%')" 2-" 7'0/" %$*%&%*1+0)" %$2':(+2'" 27'" :0-C+0"
)-6%'2=<"2-*+="6+00'*")-6%'2="-D"M$-O0'*:'3"Q'"/'(D-(.'*"+"('D0'62%-$"-D"27'"(-0'"+"
1$%&'()%2="0'621('(")7-10*"/0+="%$"27%)")6'$+(%-"+$*"2-"%*'$2%D="$'O")M%00)"27+2"O%00"
C'"/+(2"-D"27'"'$:%$'"-D"6--/'(+2%-$"-$"71.+$"+$*")-6%+0"*'&'0-/.'$23"
N>OP69=?-(%$2'($+2%-$+0"6--/'(+2%-$B"1$%&'()%2=B"2'+67%$:"/(-D'))%-$3(
(
L,1%&!*..LQ,(
i+6'"e\"+J-)<"'0"-CA'2%&-"*'0"5(-:(+.+"*'"0+)"L+6%-$')"#$%*+*"/+(+"'0"a')+((-00-"
W5L#aX" '(+" /(')2+(" +)%)2'$6%+" =" +/-=-" 2;6$%6-" /+(+" /(-.-&'(" '0" *')+((-00-"
'[email protected]%6-"=")-6%+0"*'"0-)"/+H)')"'$"*')+((-00-3"c+"*')*'"!^^\<"6-$"0+"'0+C-(+6%@$"
*'" 0-)" p$*%6')" *'" a')+((-00-" i1.+$-" WNaiX<" 7+)2+" $1')2(-)" *H+)" )'" 7+" %*-"
6-$6('2+$*-" 0+" *'D%$%6%@$" *'" *')+((-00-3" #$" 6-$6'/2-" *'D%$%*-" /-(" '0" 5L#a" 6-.-"
Z1$"/(-6')-"'$"'0"61+0")'"+./0H+$"0+)"-/-(21$%*+*')"*'0")'("71.+$-3">$"/(%$6%/%-<"
')2+)"-/-(21$%*+*')"/1'*'$")'("%$D%$%2+)"="6+.C%+("6-$"'0"2%'./-3"K%$"'.C+(:-<"+"
2-*-)"0-)"$%&'0')"*'0"*')+((-00-<"0+)"2(')".U)"')'$6%+0')")-$"*%)D(12+("*'"1$+"&%*+"
/(-0-$:+*+" =" )+01*+C0'<" +*?1%(%(" 6-$-6%.%'$2-)" =" 2'$'(" +66')-" +" 0-)" ('61()-)"
$'6')+(%-)"/+(+"0-:(+("1$"$%&'0"*'"&%*+"*'6'$2'[3"W5L#a<"!^^\<"/3"]kX3"
>$" *'D%$%2%&+<" )'" /0+$2'+" '0" *')+((-00-" 71.+$-" 6-.-" 1$" /(-6')-" ?1'" +=1*'" +"
+1.'$2+("0+)"/-)%C%0%*+*')"*'"+66%@$"*'"0-)"%$*%&%*1-)"?1'"0')"00'&'$"+".'A-(+(")1)"
6+/+6%*+*')<"6-$"'0"-CA'2%&-"*'"?1'"2-*-)"0-)")'(')"71.+$-)"W*'"0+)":'$'(+6%-$')"
*'"7-="="*'".+J+$+X"/1'*+$"'0':%("0-"?1'"*')'+$")'("="7+6'(3""
I'.-)"+)H<"?1'"'0"6-$6'/2-"*'"*')+((-00-"71.+$-"'$"0+"+621+0%*+*"?1'*+"*'D%$%*-"
'$"2-($-"+"*-)"'A')8"/-("1$"0+*-<"1$"*')+((-00-"?1'"D+6%0%2'"="/'(.%2+"'0"+1.'$2-"*'"
0+)" -/-(21$%*+*')" *'" 0-)" %$*%&%*1-)<" 0-" ?1'" %./0%6+" 1$" %$6('.'$2-" *'" 0+)"
6+/+6%*+*')"="0%C'(2+*')"*'"0-)".%).-)<"="/-("-2(-"0+*-<"1$"*')+((-00-")-)2'$%C0'<"
')"*'6%(<"1$"*')+((-00-"?1'":+(+$2%6'"0-"+$2'(%-("+"0+)"D121(+)":'$'(+6%-$')"W#$6'2+<"
P\\dX3">$"')2+"*'D%$%6%@$"*'0"*')+((-00-")'"+*.%2'"?1'"')"'0"/(-/%-")'("71.+$-"'0"
/(-2+:-$%)2+<"'0"?1'"&%&'"'$"1$"01:+("*'2'(.%$+*-"6-$")1"6-$2'T2-")-6%+0"="61021(+0<"
)1)"/(-C0'.+)"=")1)"/(%-(%*+*')3""
>)" *')*'" ')2+" /'()/'62%&+" *'0" *')+((-00-" 71.+$-<" *')*'" 0+" ?1'" $-)" /0+$2'+.-)"
6-.-" *-6'$2')" '" %$&')2%:+*-(')" *'" 0+" 1$%&'()%*+*" 61U0')" /1'*'$" )'(" 0+)"
+/-(2+6%-$')"*'"$1')2(-"2(+C+A-"+"0+"6--/'(+6%@$"="+0"*')+((-00-"71.+$-"=")-6%+03"
,-.-" 2(+C+A+*-(')" '$" 1$+" N$)2%216%@$" *'" >*16+6%@$" K1/'(%-(" WN>KX<" D-(.+.-)"
/+(2'" *'0" '$:(+$+A'" *'" 0+" '*16+6%@$" ?1'" ')" '0" +)/'62-" *'0" *')+((-00-" 71.+$-" ="
)-6%+0"61=+"D1$6%@$"/(%$6%/+0"')")'("0+"7'((+.%'$2+"?1'"/'(/'21+"'0"6-$-6%.%'$2-<"
?1'" /'(.%2'" )+2%)D+6'(" 0+)" $'6')%*+*')" %$2'0'621+0')<" )-6%+0')" =" 61021(+0')" *'0"
%$*%&%*1-" /+(+" 0+" D-(.+6%@$<" 6('6%.%'$2-" =" *')+((-00-" *'" 0+" /'()-$+" =" *'" 0+"
)-6%'*+*3""
P\"
%"1&#( !"( '$( #&.L"!$!( !"'( .&,&.L+L",1&( C$%$( '$( .&&C"%$.LQ,( 2( "'(
!"#$%%&''&()*+$,&(
a1(+$2'"0+)"*;6+*+)"*'"0-)"-67'$2+"="$-&'$2+")'"'./%'F+$"+"&+0-(+("0+)"('0+6%-$')"
'$2('" %$&')2%:+6%@$" =" 6-./'2%2%&%*+*<" ')" '$" ')2+" ;/-6+" '$" 0+" ?1'" )'" 6-.%'$F+" +"
)-)2'$'("?1'"0-)"$%&'0')"*'"6('6%.%'$2-"'[email protected]%6-")'(H+$".+)"%./-(2+$2')")%"1$+"
/+(2'" %./-(2+$2'" *'" 0+" /-C0+6%@$" /-)'='(+" ')21*%-)" )1/'(%-(')" W`,a><" !^^hX3" >$"
')2+" ;/-6+" '0" 6-$-6%.%'$2-" 6-.'[email protected]" +" /'(6%C%()'" 6-.-" 1$" C%'$" =" 0-)" %$*%&%*1-)"
?1'"0-"/-)'H+$"/+)+(-$"+")'(".-$'*+"*'"6+.C%-B"7+)2+"?1'"+&+$F+*-)"0-)"$-&'$2+<"
')2+"%*'+"'6-$-.%6%)2+"*'0"6-$-6%.%'$2-"'&-016%-$+"/-("0+)"+/-(2+6%-$')"*'"K'$"+"
0+" *'D%$%6%@$" *'" *')+((-00-" 6-.-" 0%C'(2+*8" '0" /(-6')-" *'" 'T/+$*%(" 0+)" 0%C'(2+*')"
('+0')" *'" 0+)" ?1'" *%)D(12+" 0+" :'$2'" /+(+" 0-:(+(" )1" C%'$')2+(" '[email protected]%6-<"
-/-(21$%*+*')" )-6%+0')" =" *'('67-)" /-0H2%6-)" WK'$<" P\\\X3" E)H<" )1(:'" 1$" .+=-("
6-./(-.%)-" )-6%+0" 6-$" '0" 6-$-6%.%'$2-" =" 6-$" ?1'" 2-*-)" 0-)" :(1/-)" )-6%+0')"
/+(2%6%/'$"*'";03"
>)2+" 6'$2(+0%*+*" 7+6'" *'0" 6-$-6%.%'$2-" 1$" /%0+(" D1$*+.'$2+0" *'" 0+" (%?1'F+" =" *'0"
/-*'("*'"0+)"$+6%-$')<"/'(-<"+"0+"&'F<"')2%.10+"0+"2'$*'$6%+"+")1"6-$)%*'(+6%@$"6-.-"
)%./0'" .'(6+$6H+" )1A'2+" +" 0+)" (':0+)" *'0" .'(6+*-" =" )1)6'/2%C0'" *'" +/(-/%+6%@$"
/(%&+*+3"
>$"0+")%21+6%@$"?1'")'"+6+C+"*'"*')6(%C%(<"0+"6--/'(+6%@$"+0"*')+((-00-")'"'$D('$2+"+0"
('2-" *'" 2(+$)D-(.+(" (U/%*+.'$2'" )1)" )-6%'*+*')" 2(+*%6%-$+0')" '$" $1'&+)"
)-6%'*+*')"*'0"6-$-6%.%'$2-<"/+(+"+/(-&'67+("+)H"0+)"'$-(.')"/-2'$6%+0%*+*')"*'"
0+)"$1'&+)"2'6$-0-:H+)"="/(-.-&'(".'A-(')"$%&'0')"*'"&%*+"'$2('")1"/-C0+6%@$3"S+"
/-)%6%@$" *'" 6+*+" 1$-" *'" 0-)" /+H)')" '$" ')2'" /(-6')-" *'" 2(+$)%6%@$" ')" )1.+.'$2'"
*%D'('$2'<" /1')2-" ?1'" 0+" :0-C+0%F+6%@$" 'A'(6'" 1$" 'D'62-" +)%.;2(%6-" =<" /-("
6-$)%:1%'$2'<" 6+*+" /+H)" 'T%:%(U" './'J-<" ')D1'(F-" =" 6('+2%&%*+*" /+(+" +06+$F+(" 0-)"
$%&'0')" $'6')+(%-)" ?1'" :+(+$2%6'$" '0" $%&'0" *'" *')+((-00-" /+(+" )1)" 6%1*+*+$-)3" >$"
')2'" )'$2%*-<" 2-*-" +/1$2+" 7+6%+" 0+" %./-(2+$6%+" D1$*+.'$2+0" *'0" D+62-("
6-$-6%.%'$2-0( *'" )1" /(-*166%@$<" +/0%6+6%@$" =" 12%0%F+6%@$" '$" 0-)" *%)2%$2-)" 6+./-)"
*'0" )+C'(3" >$" 6-$)'61'$6%+<" '0" %$)2(1.'$2-" /(%$6%/+0" /+(+" 0-)" 6-./0'A-)" /(-6')-)"
*'"2(+$)D-(.+6%@$"=".-*'($%F+6%@$"*'"')2+)")-6%'*+*')"')"0+"'*16+6%@$'=<"*'$2(-"
*'"'00+<"0+"1$%&'()%*+*"-61/+"1$"01:+("')/'6%+0"W,+)+)<"P\\eX3"5'(-"$-")'"2(+2+"*'"0+"
'*16+6%@$"="0+"1$%&'()%*+*"'$")1)"D-(.+)"1)1+0')"="2(+*%6%-$+0')<")%$-"*'"2-*-"1$"
('/'$)+(" *'" D-(.+)" $1'&+)" =" *%D'('$2')<" 2+$2-" *'" 0+" '*16+6%@$" 6-.-" *'" 0+"
%$)2%216%@$"1$%&'()%2+(%+<"%./10)+$*-"2+0')"6+.C%-)".'*%+$2'"0-)"$1'&-)"/(-6')-)"
="2'-(H+)"*'"0+"%$$-&+6%@$3"
>0" 6-$-6%.%'$2-" )'" 6-$&%'(2'" +)H" '$" 1$+" 6-01.$+" .+')2(+" '$" 0+" )-6%'*+*" +621+0<"
?1'" A1$2-" 6-$" 0+" '*16+6%@$" =" 0+" %$$-&+6%@$" *'D%$'" 0+" *%$U.%6+" *'0" *')+((-00-<"
/1')2-" ?1'" 0+)" 2(')" 2%'$'$" 1$+" ('/'(61)%@$" *%('62+" '$" 0+" 6+0%*+*" *'" &%*+" *'" 0+)"
/'()-$+)3">)"'$"')2'"')6'$+(%-"*-$*'"0+)"1$%&'()%*+*')"$-"2%'$'$".U)"('.'*%-"?1'"
('6-$-6'(" )1)" D1$6%-$')" 6-.-" 6('+*-(+)<" 2(+$).%)-(+)" =" /(')'(&+*-(+)" *'" ')'"
6-$-6%.%'$2-<" =" 2%'$'$" 0+" (')/-$)+C%0%*+*" *'" 6-0+C-(+(" '$" 0+" )-016%@$" *'"
/(-C0'.+)")-6%+0')"?1'"D('$+$"'0"*')+((-00-"*'"0-)"%$*%&%*1-)3"5-("2-*-"0-"+$2'(%-(<"
0+" #L>K,`" W!^^_X" '$" )1" a'60+(+6%@$" 41$*%+0" )-C('" >*16+6%@$" K1/'(%-(<" +D%(.+"
?1'8" Z0+" /(-/%+" '*16+6%@$" )1/'(%-(" 7+" *'" './('$*'(" )1" 2(+$)D-(.+6%@$" =" 0+"
('$-&+6%@$".U)"(+*%6+0"?1'"A+.U)"7+=+"2'$%*-"/-("*'0+$2'[3"
E0" 7%0-" *'" 0-" 6-.'$2+*-<" *')*'" '0" /0+$-" *'" 0+" 6--/'(+6%@$" +0" *')+((-00-" 0+)"
D1$6%-$')"*'"0+)"1$%&'()%*+*')"*'C'$"%("+6-./+J+*+)"*'".'*%*+)"?1'":+(+$2%6'$"
P!"
?1'" )1)" -CA'2%&-)" ')2U$" +0" )'(&%6%-" *'0" *')+((-00-" 71.+$-" =" )-6%+03" 5+(+" '00-" 7+6'"
D+02+" 1$" /0+$2'+.%'$2-" :0-C+0" 6--(*%$+*-" ?1'" :+(+$2%6'" 1$" +66')-" '?1%2+2%&-" +0"
6-$-6%.%'$2-" *')*'" 1$" .+(6-" +./0%-" *'" /+(2%6%/+6%@$<" ?1'" *;" (')/1')2+" +" 0+"
6-./0'A%*+*"*'"0+")-6%'*+*"+621+03"
>$" 0+" ,-$D'('$6%+" f':%-$+0" *'" >*16+6%@$" K1/'(%-(" W,f>K<" P\\_X<" 6'0'C(+*+" '$"
,+(2+:'$+" *'" N$*%+)<" ,-0-.C%+<" )'" )%'$2+$" 0+)" C+)')" *'" 0+" ,-$D'('$6%+" 41$*%+0"
)-C('">KYP\\^8"S+"$1'&+"*%$U.%6+"*'"0+"'*16+6%@$")1/'(%-("="0+"%$&')2%:+6%@$"/+(+"
'0"6+.C%-")-6%+0"="'0"*')+((-00-<"'$"0+"?1'"'$")1"6-.1$%6+*-"D%$+0")'"+D%(.+"?1'"0+"
>*16+6%@$"K1/'(%-("')"1$"C%'$"/VC0%6-"="1$"%./'(+2%&-"')2(+2;:%6-"/+(+"2-*-)"0-)"
$%&'0')"*'"'*16+6%@$<"%$&')2%:+6%@$<"%$$-&+6%@$"="6('+2%&%*+*3"
>$" ')+" .%).+" 6-$D'('$6%+" )'" )'J+0+$" +0:1$-)" 'A')" *'" 2(+C+A-" *'" 0+" '61+6%@$"
)1/'(%-(" 6-.-8" 0+" (')/-$)+C%0%*+*" )-6%+0" *'" 0+" .%).+B" +66')-<" '?1%*+*" =" 6+0%*+*B"
%$2'($+6%-$+0%F+6%@$<" (':%-$+0%F+6%@$" =" :0-C+0%F+6%@$B" %$&')2%:+6%@$" '" %$$-&+6%@$3"
S-" ?1'" $-)" *+" 1$+" %*'+" *'0" 6-./0'A-" /+/'0" ?1'" /+)+" +" A1:+(" 0+" 1$%&'()%*+*" '$" '0"
.1$*-"+621+0<"*-$*'"'T%)2'"'0"(%'):-"*'"1$+"*%)2(%C16%@$"*')%:1+0"*'"0-)"('61()-)"="
*'0" 6+/%2+0" 71.+$-" ?1'" *%D%6102'" 0+" *%$U.%6+" *'" 0+" )-6%'*+*" " *'0" 6-$-6%.%'$2-<"
')'$6%+0" 7-=" '$" *H+" /+(+" '0" /(-:(')-" *'" 0+)" )-6%'*+*')" WE02C+67<" P\\^<" #L>K,`<"
P\\^X3"
>$"0H$'+"6-$"0-"6-.'$2+*-"'$"0-)"/U((+D-)"+$2'(%-(')<"'$"'0"')21*%-"a'0/7%8"{>0"(-0"
*'" 0+" '*16+6%@$" )1/'(%-(" /+(+" '0" *')+((-00-" 71.+$-" =" )-6%+0{" WR#LN<" P\\_X<" '$" '0"
?1'" )'" +$+0%F+$" 0+)" /(%$6%/+0')" 2'$*'$6%+)<" 0+)" -/%$%-$')" '.'(:'$2')" =" 0+)"
/'()/'62%&+)" /+(+" '0" D121(-" *'" P!k" 'T/'(2-)" '$" '*16+6%@$" )1/'(%-(<" '$" ('0+6%@$" +"
0-)" $1'&-)" ('2-)" =" (-0')" '.'(:'$2')" *'" 0+" '*16+6%@$" )1/'(%-(" /+(+" 6-$2(%C1%(" +0"
*')+((-00-" 71.+$-" =" )-6%+0" *'" 0+)" (':%-$')<" '$" 0+" /(':1$2+8" Zr|1;" -/%$%@$" 0'"
.'('6'"0+"%*'+")%:1%'$2'8"0+"1$%&'()%*+*"')"0+"%$)2%216%@$"6'$2(+0"*'"0+")-6%'*+*"*'0"
6-$-6%.%'$2-s[<" +/(-T%.+*+.'$2'" '0" ^\}" *'" 0-)" '$61')2+*-)" *'D%$'" +" 0+"
1$%&'()%*+*"6-.-"0+"%$)2%216%@$".U)"%./-(2+$2'"/+(+"0+":'$'(+6%@$<"6-$)'(&+6%@$"="
2(+$).%)%@$"*'0"6-$-6%.%'$2-<")%$"-0&%*+("?1'"0+"'?1%*+*"'$"'0"+66')-<"0+"6+$2%*+*"="
0+" 6+0%*+*" *'" 0+" '*16+6%@$" )'" *'C'$" .'A-(+(" /+(+" /-*'(" :+(+$2%F+(" '0" *')+((-00-"
%$*%&%*1+0"=")-6%+03""
S-"6-.'$2+*-"7+)2+"+7-(+"('D0'A+"0+"$'6')%*+*"*'"?1'"0+)"1$%&'()%*+*')"+6'/2'$"'0"
*')'./'J-" *'" 0+" D1$6%@$" *'" 0%*'(+F:-" '$" 0+" 6--/'(+6%@$" +0" *')+((-00-" /-(" )'(" 0+)"
%$)2%216%-$')" ?1'" +/-(2+$" 0-)" ('61()-)" .U)" 61+0%D%6+*-)" +" 0+" )-6%'*+*3" a'C'(U$"
:'$'(+(" D-(.+)" *'" '*16+6%@$" =" .'2-*-0-:H+)" *%*U62%6+)" ?1'" +=1*'$" +" *+("
)-016%-$')"+"0-)"/(-C0'.+)"&%$610+*-)"+0"*')+((-00-3"
(
'$( %"#C*"#1$( !"( '$#( *,LK"%#L!$!"#-( ,*"K$#( .&+C"1",.L$#( !"'(
C%&R"#&%$!&M(
S-)" .UT%.-)" (')/-$)+C0')" *'" 0+)" 1$%&'()%*+*')" %C'(-+.'(%6+$+)<" '$" '0" NN"
>$61'$2(-"*'"f'62-(')"6'0'C(+*-"'$"A1$%-"*'"P\!\"'$"R1+*+0+A+(+<"+)1.'$"?1'"0+"
'*16+6%@$" =" '0" 6-$-6%.%'$2-" 6-$)2%21='$" 0-)" %$)2(1.'$2-)" .U)" /-*'(-)-)" *'"
2(+$)D-(.+6%@$<" /(-:(')-" =" 6-7')%@$" )-6%+03" E)H" .%).-<" *'60+(+$" )1" 6-./(-.%)-"
6-$"0+"/(-.-6%@$"*'0"*')+((-00-"'[email protected]%6-"=")-6%+0<"'0"/(-:(')-"="'0"C%'$')2+("="'$"
0+" (')-016%@$" *'" 0-)" /(-C0'.+)" *'" *')%:1+0*+*" '" %$'?1%*+*" 'T%)2'$2')B" /-(" 0-" ?1'"
/(-/-$'$" '0" *')+((-00-" *'" +66%-$')" '$6+.%$+*+)" +" )1)" 0-:(-)" =" .+$%D%')2+$" )1"
PP"
%$2'$6%@$" *'" D-.'$2+(" ')-)" &+0-(')" '$" )1)" /(-:(+.+)" D-(.+2%&-)" =" *'"
%$&')2%:+6%@$"W#$%&'()%+<"P\!\X3"
,-.-")-016%@$"+"0-"+$2'(%-("="6-$"6%'(2+"%$?1%'21*"+$2'"'0"%./+62-"*'"0+")-6%'*+*"
*'0" 6-$-6%.%'$2-<" '$" 0+" 1$%&'()%*+*" )'" 6-$)2+2+" 0+" $'6')%*+*" *'" 6+.C%-)" '$" 0-)"
?1'7+6'(')"*'"0-)"*-6'$2')"1$%&'()%2+(%-)3",-.-")'J+0+"E02C+67"WP\\^X8"'0"*-6'$2'"
1$%&'()%2+(%-"/+(+"'0")%:0-"bbN"2%'$'"?1'"')2+("6-$&'$6%*-"*'"?1'"0+"1$%&'()%*+*")'"
'$61'$2(+"'$"'0"6'$2(-"*'"0+")-6%'*+*"*'0"6-$-6%.%'$2-3"
K%" ')2+.-)" 6-$&'$6%*-)" *'" 0+" 1(:'$2'" $'6')%*+*" *'" /(-D1$*-)" 6+.C%-)" '$" 0+"
.+=-(H+" *'" 0+)" 1$%&'()%*+*')" 'T%)2'$2')<" '0" /(%$6%/+0" -C)2U610-" ')" 0+" +62%21*" =" 0+"
/('/+(+6%@$" *'" 1$+" C1'$+" /+(2'" *'0" /'()-$+0" 1$%&'()%2+(%-" Y*%('62%&-)<" *-6'$2')<"
%$&')2%:+*-(')<"+*.%$%)2(+*-(')"="2;6$%6-)Y3"5+(+"'00-<"0+"*'C%*+"D-(.+6%@$"*'"')2'"
/'()-$+0" *'C'(U" )'(" )%'./('" '0" /(%.'(" /+)-" '$" 61+0?1%'(" /0+$" *'" %$$-&+6%@$"
/+(6%+0"-"2-2+03">$"0+"'*16+6%@$"*'0")%:0-"bbN<"*'/'$*%'$*-"*'"0-)"(')102+*-)"?1'")'"
*')''$"-C2'$'(<"0-)"/(-D')-(')")'"*'C'(U$"D-(.+("="0+)"%$)2%216%-$')"*'"'*16+6%@$"
0')"D+6%0%2+(U$")1"6+/+6%2+6%@$"'$"'0"'A'(6%6%-"*'")1)"D1$6%-$')"Wo-.2%'$<"!^^\X3"
>$" 0+" ,-$D'('$6%+" 41$*%+0" )-C('" '*16+6%@$" )1/'(%-(" W5+(H)<" !^^_X" '$2('" 0+)"
.%)%-$')" =" D1$6%-$')" *'" 0+" '*16+6%@$" )1/'(%-(" '$" '0" )%:0-" bbN" '$" '0" +(2H610-" ^<"
Z4;2-*-)"'*16+2%&-)"%$$-&+*-(')8"/'$)+.%'$2-"6(H2%6-"="6('+2%&%*+*[<")'".'$6%-$+"
0+"$'6')%*+*"*'"1$+"$1'&+"&%)%@$"="1$"$1'&-".-*'0-"*'"'$)'J+$F+")1/'(%-(<"?1'"
*'C'(H+" ')2+(" 6'$2(+*-" '$" '0" ')21*%+$2'<" 0-" 61+0" 'T%:'" 1$+" ('$-&+6%@$" *'" 0-)"
6-$2'$%*-)<" .;2-*-)<" /(U62%6+)" =" .'*%-)" *'" 2(+$).%)%@$" *'0" 6-$-6%.%'$2-" ?1'"
6-0+C-('$"'$"*-2+("+0"')21*%+$2'"*'")'$2%*-"6(H2%6-"="0'"6+/+6%2'$"/+(+"+)1.%("6-$"
(')/-$)+C%0%*+*"/(-C0'.+)"?1'")'"/0+$2''$"'$"0+")-6%'*+*3">)2-)"-CA'2%&-)")@0-")'"
/1'*'$" 0-:+(+$" ('D-(.10+$*-" 0-)" /(-='62-)" D-(.+2%&-)" +6-./+J+*-)" *'" $1'&-)"
.;2-*-)" *%*U62%6-)3" 5(-='62-)" ?1'" *'C'(H+$" 2'$'(" '$" 61'$2+" 61')2%-$')"
('0+6%-$+*+)"6-$"'0"*')+((-00-"%$*%&%*1+0"=")-6%+03""
>$" '0" +(2H610-" !\8" Z>0" /'()-$+0" =" 0-)" ')21*%+$2')" /(%$6%/+0')" /(-2+:-$%)2+)" *'" 0+"
'*16+6%@$")1/'(%-([<")'")1C(+=+"0-"%./(')6%$*%C0'"?1'"(')102+(U"0+"D-(.+6%@$"*'"0+"
/'()-$+8" 1$" '0'.'$2-" ')'$6%+0" /+(+" 0+)" %$)2%216%-$')" *'" '$)'J+$F+" )1/'(%-(3" K'"
.'$6%-$+" [email protected]" 0-)" *-6'$2')" *'" 0+" '*16+6%@$" )1/'(%-(<" *'C'(H+$" -61/+()'" )-C('"
2-*-<"7-="'$"*H+<"*'"'$)'J+("+")1)"+01.$-)"+"+/('$*'("="+"2-.+("%$%6%+2%&+)<"="$-"+"
)'(<" V$%6+.'$2'<" /-F-)" *'" 6%'$6%+3" a'C'(H+$" 2-.+()'" .'*%*+)" +*'61+*+)" '$"
.+2'(%+"*'"%$&')2%:+6%@$<"+)H"6-.-"*'"+621+0%F+6%@$"=".'A-(+"*'")1)"6-./'2'$6%+)"
/'*+:@:%6+)" .'*%+$2'" /(-:(+.+)" +*'61+*-)" *'" D-(.+6%@$" *'0" /'()-$+0<" ?1'"
')2%.10'$" 0+" %$$-&+6%@$" /'(.+$'$2'" '$" 0-)" /0+$')" *'" ')21*%-" =" 0-)" .;2-*-)" *'"
'$)'J+$F+" =" +/('$*%F+A'3" ,-.-" )'J+0+" g+%$" WP\\dX<" 0-)" .'A-(')" /(-D')-(')"
1$%&'()%2+(%-)" )-$" 6+/+6')" *'" ')2%.10+(" +" 0-)" ')21*%+$2')" /+(+" ?1'" 6-$)2(1=+$"
$1'&-)".-*'0-)".'$2+0')"="6-$)%:+$"1$"+/('$*%F+A'"/(-D1$*-<"6-$&%(2%;$*-)'"'$"
/'$)+*-(')" %$*'/'$*%'$2')<" 6(H2%6-)" =" 6('+2%&-)<" 6-$)6%'$2')" *'" )1" /(-/%-"
(+F-$+.%'$2-"="6+/+6')"*'"6-((':%(0-")-C('"0+".+(67+3"
E0"*-6'$2'"*'0")%:0-"bbN")'"0'"/%*'"?1'"00'&'"+"6+C-"/(-6')-)"D-(.+2%&-)"?1'"*-2'$"+"
0-)"')21*%+$2')"*'"6-./'2'$6%+)"?1'"0')"D+6%0%2'$")1"/(-/%-"*')+((-00-"+"0-"0+(:-"*'"
0+"&%*+3">T/'(%.'$2+.-)"'$2-$6')"?1'"0+"2'.U2%6+"*'"0+)"6-./'2'$6%+)"$-)"(-*'+"
2+$2-" '$" ('0+6%@$" +" [email protected]" *'C'.-)" )'(" Y*-6'$2')" 6-./'2'$2')Y" 6-.-" '$" 0-"
('D'('$2'"+"0-"?1'"*'C'.-)"7+6'("YD-(.+("+"$1')2(-)"')21*%+$2')"'$"6-./'2'$6%+)"
?1'"0')"+(.'$"'$")1"*')+((-00-"%$*%&%*1+0"=")-6%+0Y3"G-*-"'00-"*')*'"0+"/'()/'62%&+"
*'"0+"6+0%*+*"*'"0+"*-6'$6%+"6-.-"/+(2'"*'"')+"6+0%*+*"*'"0+"1$%&'()%*+*"?1'")'"7+"
P]"
'0'&+*-<" '$" 0-)" V02%.-)" 2%'./-)<" +" 1$-" *'" 0-)" /(%$6%/%-)" CU)%6-)" *'" +621+6%@$"
%$)2%216%-$+0"="*'"*%)'J-"*'"/-0H2%6+)"1$%&'()%2+(%+)B"6-.-"6+/+6%*+*"*'"(')/-$*'("
(U/%*+.'$2'"+"0+)")%21+6%-$')"6+.C%+$2')"*'0"'$2-($-<"*-$*'")'"/(-*16'$"6+.C%-"
2;6$%6-)" /'(-" 2+.C%;$" -(:+$%F+2%&-)" =" 61021(+0')" ?1'" +D'62+$" +0" C%'$')2+(" *'0"
%$*%&%*1-3"
S+"'&%*'$6%+"*'"?1'"0+"6+0%*+*"*'"0+"'$)'J+$F+"1$%&'()%2+(%+"/+)'"/-(")1)"+:'$2')"
/(%$6%/+0')<" 0-)" /(-D')-(')" =" 0-)" +01.$-)<" 0+" /-*'.-)" '$6-$2(+(" '$" 0+)"
6-$601)%-$')" -C2'$%*+)" '$" 0+" %$&')2%:+6%@$" ('+0%F+*+" '$" 0-)" /(-='62-)" >,#ES>" ="
a`,ES><"*-$*'"0-)"/(-/%-)"*-6'$2')"&%$610+$"0-)"*%D'('$2')"6-$6'/2-)"*'"6+0%*+*"
+"')2+)"2(')"%*'+)8"0+"'D%6+6%+"="'D%6%'$6%+"'"0+"6-C'(21(+"*'"0-)"-CA'2%&-)"="0+".%)%@$"
*'"0+)"-(:+$%F+6%-$')"1$%&'()%2+(%+)B"0+")+2%)D+66%@$"*'"0-)"/!5T#.&)6#1/'="0+"'D%6+6%+"
6-$"0+"?1'")'"%./10)+"*'"1$+"2(+$)D-(.+6%@$"'$"'0"')21*%+$2'"7+6%+"1$"')2+*%-"*'"
.+*1('F"/(-D')%-$+0"=")-6%+0"Wg+(('$'2T'+"'2"+03<"P\\^B"`0+)M-+:+"'2"+03<"P\!\X3">)2+"
V02%.+" %*'+" )'" ('0+6%-$+" *%('62+.'$2'" 6-$" 0+" 0+C-(" *-6'$2'" *'0" /(-D')-("
1$%&'()%2+(%-" =" ')" +" 0+" ?1'" '00-)" .%).-)" 0'" +)%:$+$" 0+" .+=-(" %./-(2+$6%+" /+(+"
*'D%$%("0+"6+0%*+*"*'"0+"'$)'J+$F+"1$%&'()%2+(%+3""
G-*-"+/1$2+"+"0+"$'6')%*+*"*'"+&+$F+("'$"1$".-*'0-"'$"'0"?1'")'"('D1'(6'"0+"0+C-("
'*16+2%&+" 6-.-" .'*%-" /+(+" *-2+(" +0" +01.$-" *'" ('61()-)" /+(+" )1" /(-/%+"
2(+$)D-(.+6%@$<" ?1'" 0'" +=1*'$" +" %$2':(+()'" '$" 0-)" /(-6')-)" *'0" '$2-($-"
%$2'($+6%-$+0<"*')+((-00+$*-"0+"6+/+6%*+*"*'"/'$)+(")-C('")1"/(-/%-"(+F-$+.%'$2-<"
12%0%F+$*-" 0+" %$D-(.+6%@$<" 0-)" 6-$6'/2-)" =" 0+)" %*'+)" /+(+" (')-0&'(" /(-C0'.+)"
/'()-$+0')"('+0')3">)2-"$-)"+=1*+"+"60+(%D%6+("*-)"2%/-)"*'"D1$6%-$')"CU)%6+)"?1'")'"
2%'$'$" ?1'" /-2'$6%+(" '$" '0" *-6'$2'" 1$%&'()%2+(%-" /+(+" (')/-$*'(" +" 0+)" *'.+$*+)"
+621+0')8"
! S+)"*'"*%('66%@$"="/0+$%D%6+6%@$"*'")1"+62%&%*+*<")%21U$*-)'"6-.-"*%$+.%F+*-("
*'0"/(-6')-"*'"2(+$)D-(.+6%@$"*'0"')21*%+$2'"'$"0+")-6%'*+*"*'0"6-$-6%.%'$2-3"
! S+"*'"D+6%0%2+*-("'$"'0"/(-6')-"*'"+/('$*%F+A'"*'0"')21*%+$2'3""
>$" ')2'" 6-$2'T2-" '0" /'(D%0" *'0" /(-D')-(+*-" 1$%&'()%2+(%-<" *'(%&+*-" *'0" 'D'62-" *'" 0+"
:0-C+0%F+6%@$" '$" 0+" )-6%'*+*" *'0" 6-$-6%.%'$2-<" ('?1%'('" 1$" 6V.10-" *'"
6-./'2'$6%+)<"'$2'$*%*+)"6-.-"0-)"6-$-6%.%'$2-)<"7+C%0%*+*')<"+62%21*')"="&+0-(')"
$'6')+(%-)" /+(+" ('+0%F+(" 1$+" *-6'$6%+" *'" 6+0%*+*B" ')" *'6%(<" 0-" ?1'" $'6')%2+$" /+(+"
(')/-$*'(" *'" .+$'(+" )+2%)D+62-(%+" +" 0-)" /(-C0'.+)" ?1'" 0')" /0+$2'+" 0+" '$)'J+$F+"
1$%&'()%2+(%+"'$"0+")-6%'*+*"+621+03"5-*'.-)")'J+0+("0+)")%:1%'$2')8"
! 50+$%D%6+(" '0" /(-6')-" *'" '$)'J+$F+Y+/('$*%F+A'8" 61+$*-" /0+$%D%6+.-)" $1')2(+"
+62%&%*+*" *-6'$2'" ')2+.-)" )%21U$*-$-)" '$" 1$" U.C%2-" *'" 2-.+" *'" *'6%)%-$')3" S-"
?1'"('?1%'('"2+$2-"6-$-6%.%'$2-)")-C('"$1')2(+"*%)6%/0%$+"6-.-"/'*+:@:%6-)"/+(+"
/-*'("6-$2'T21+0%F+("'0"/(-6')-"="*%)'J+("')2(+2':%+)"*'"+/-=-"+"0-)"')21*%+$2')3"
! R')2%-$+(" 0+" %$D-(.+6%@$8" $-)" 2'$'.-)" ?1'" 6-.1$%6+(" 6-$" 0-)" ')21*%+$2')" *'"
.+$'(+"?1'"$1')2(-"6-$-6%.%'$2-")'"2(+$).%2+"6-.-"1$+"1$%*+*"%$D-(.+2%&+""?1'"
'0" +01.$-" 2'$*(U" ?1'" *')6-*%D%6+(" /+(+" ?1'" 0'" )%(&+" /+(+" 0+" 6-$)2(166%@$" *'" )1"
/(-/%-"6-$-6%.%'$2-3"c"+*'.U)"?1'"0+"6-.1$%6+6%@$"2'$:+"1$"'D'62-"%$2'$6%-$+*-"
?1'" 61./0+" 6-$" 0+" D1$6%@$" D-(.+*-(+3" G-*-" '00-" )%$" -0&%*+(" 0+" 6+/+6%*+*" *'"
'./+2H+" 6-$" 0-)" +01.$-)" ?1'" '0" /(-D')-(" $'6')%2'" /+(+" ?1'" '00-)" '$61'$2('$" 0+"
.-2%&+6%@$"%$2(H$)'6+"/+(+"'0"+/('$*%F+A'"=")'+$"6-$)6%'$2'"*'")1"/(-/%+"6+/+6%*+*"
*'"+/('$*'(3"
Pk"
! 4+$'A+(" $1'&+)" 2'6$-0-:H+)8" 6-.-" 6-$2%$1+6%@$" *'" 0+" +$2'(%-(<" /-(" )'(" " 1$+"
7'((+.%'$2+"D1$*+.'$2+0"7-="'$"*H+"'$"'0".+$'A-"*'"0+"%$D-(.+6%@$3"G'$'.-)"?1'"
+/1$2+("2+.C%;$"0+"%$D01'$6%+"*'"0+)"2'6$-0-:H+)"'$"0+)"%$$-&+6%-$')"/'*+:@:%6+)<"
01':-" )'" /(')'$2+$" 6-.-" 1$+" C1'$+" -/-(21$%*+*" /+(+" 0+" 2(+$)D-(.+6%@$" *'" 0+"
0+C-("*-6'$2'3"
! N*'$2%D%6+()'"6-$"0-)"('2-)"*'"0+"1$%&'()%*+*"="2(+C+A+("*'".+$'(+"6--/'(+2%&+8"
)+C'("="2(+C+A+("A1$2-)"'$"1$"6-$2'T2-"%$)2%216%-$+0"*'2'(.%$+*-"Wq+C+0F+<"P\\^X3"
>$" 0+" )-6%'*+*" +621+0<" '$" 0+" ?1'" *-.%$+" " 0+" D-(.+6%@$" %$2':(+0" *')*'" 1$"
6-$-6%.%'$2-"%$2'(*%)6%/0%$+(<"')"D1$*+.'$2+0"?1'"0-)"*-6'$2')"2(+C+A'.-)"*')*'"
$1')2(+)"*%&'()+)"*%)6%/0%$+)"*'".+$'(+"6--(*%$+*+<"')"+0:-"$'6')+(%-"/+(+"?1'"0+"
1$%&'()%*+*" /1'*+" *')+((-00+(" 6-$" ;T%2-" )1" /(-='62-" D-(.+2%&-<" /'(-" +" 0+" &'F" 0+"
/(-/%+" 1$%&'()%*+*" 2'$*(U" ?1'" C1)6+(" .'6+$%).-)" ?1'" +=1*'$" +" )1)" +:'$2')" +"
%*'$2%D%6+()'"6-$")1".-*'0-"*'"'$)'J+$F+")1/'(%-(3"
! ,-$)2(1%(" =" /+(2%6%/+(" '$" $1'&+)" D-(.+)" *'" -(:+$%F+6%@$<" '$" ('*')"
1$%&'()%2+(%+)8"'$"'0"')6'$+(%-"*'":0-C+0%F+6%@$"'$"'0"?1'"+62V+"'$"')2-)".-.'$2-"
0+" 1$%&'()%*+*<" '0" 6-$-6%.%'$2-" ?1'" :'$'(+" $'6')%2+" *'" &H+)" ?1'" D+6%0%2'$" )1"
6%(610+6%@$" 2(+)$D(-$2'(%F+" )%" ?1'('.-)" ?1'" ')'" 6-$-6%.%'$2-" )'" )-6%+0%6'" *'"
.+$'(+"?1'"%./+62'"'$"'0"*')+((-00-"*'"0-)"6%1*+*+$-)3"
S+)" 6-./'2'$6%+)" *')6(%2+)" )-$" CU)%6+)" /+(+" ?1'" 0-)" *-6'$2')" ('61/'('.-)" ="
*')+((-00'.-)"'0")'$2%*-"D-(.+2%&-"'$"0+"*%('66%@$"*'"1$+"D-(.+6%@$":0-C+0"*'"0+)"
/'()-$+)" '$" 2-*+)" )1)" *%.'$)%-$')<" *-$*'" /('&+0'F6+" 0+" %*'+" *'0" 6-$-6%.%'$2-"
-(%'$2+*-"+0"')2+C0'6%.%'$2-"*'"')2(1621(+)"CU)%6+)"/+(+"'0"*')+((-00-"%$*%&%*1+03""
(
%"R'"bL&,"#(RL,$'"#(
5+(+"('6+/%210+(<")1C(+=+.-)"?1'"0+"6--/'(+6%@$"="'0"*')+((-00-"%$*%&%*1+0"=")-6%+0"
'$" 0-" ?1'" 2%'$'" ?1'" &'(" 6-$" 0+" *-6'$6%+" 1$%&'()%2+(%+" '$" 0+" )-6%'*+*" *'0"
6-$-6%.%'$2-<"6-$00'&+"1$"6+.C%-"/(-D1$*-"'$"0+"61021(+"-"'$"'0".-*'0-"*-6'$2'"
(')/'62-" +" 0+" 6-$)%*'(+6%@$" *'0" 2(+C+A-" *'0" /(-D')-(+*-" 1$%&'()%2+(%-" =" *'" 0+)"
$1'&+)"6-./'2'$6%+)"*-6'$2')"="2+('+)"?1'"7+"*'"*')+((-00+(3"
,-$)2+.-)" ?1'" '$" '0" 6-$2'T2-" +621+0" %$2'($+6%-$+0" *'" 0+" '$)'J+$F+" 1$%&'()%2+(%+<"
')" '&%*'$2'" 0+" $'6')%*+*" *'" &+0-(+(" 0+" 6-./'2'$6%+" /'*+:@:%6+" *'" 0-)" /(-D')-(')"
+*'.U)" *'" 0+" 6-./'2'$6%+" 6%'$2HD%6+3" c" ')2+)" 6-./'2'$6%+)<" +" )1" &'F" ('%&%$*%6+$"
1$+" ('&+0-(%F+6%@$" *'" 0+" D1$6%@$" *-6'$2'" *'0" /(-D')-("1$%&'()%2+(%-"?1'"%$6'$2%&'"
)1".-2%&+6%@$"="('6-$-F6+"0-)"')D1'(F-)"'$6+.%$+*-)"7+6%+"0+".'A-(+"*'"0+"6+0%*+*"
="0+"%$$-&+6%@$"'*16+2%&+3"
(
/L/'L&7%$RY$(
ES9gE,i<"53<"f>NKg>fR<"S3"c"f#4gS>c<"S3"WP\\^X3"O15/')5'%"/!5'6#'7+5'1#E&)7-"0+'
5-56,$"-5A' 9+(&1$#' /&B1#' )5/' !#+6#+-"5/' 5-!75)#/3" f')1.'$" /+(+" 0+" ,-$D'('$6%+"
41$*%+0")-C('">*16+6%@$"K1/'(%-(-(:+$%F+*+"/-("0+"#L>K,`YP\\^G"9(+$6%+8"`L#Y
#L>K,`"
gENL<" n3" WP\\dX3" 8&' S7#' .5-#+' )&/' $#=&1#/' %1&(#/&1#/' 7+"E#1/"!51"&/G" I+0'$6%+3"
51C0%6+6%-$')"*'"0+"#$%&'()%*+*"*'"I+0'$6%+3"
Pe"
gEff>L>Gb>E"Ec>KGE<"43B",Efa`LE"f`afpR#>q<"E3B"4NoELR`K"a>S",E45`<"o3"
c" `SEKn`ERE" SEffE#fN<" o3" WP\\^X3" Z5'(6'/6%@$" *'0" /(-D')-(+*-" 1$%&'()%2+(%-"
)-C('" 0-)" D+62-(')" 0%:+*-)" +" 0+" 6+0%*+*" *'" 0+" '$)'J+$F+8" (')102+*-)" *'" >)/+J+[B" o3"
`0+)M-+:+" W6--(*3X<" 25-"5' 7+5' #67-5-"0+' /7%#1"&1' 6#' -5)"656G' I+' 5+4)"/"/' 6#/6#' )5'
%#1/%#-!"E5'6#)'%1&(#/&156&'#+';1*#+!"+5>'H.")#>'J/%5R5':'3,P"-&3"S+"50+2+">a#S53"
,EKEK<"43"WP\\eX3"L1'&+"1$%&'()%*+*"+$2'"0+")-6%'*+*"*'0"6-$-6%.%'$2-3"f'&%)2+"*'"
#$%&'()%*+*" =" K-6%'*+*" *'0" ,-$-6%.%'$2-" I-03" P" Y" L3~" P" m" L-&%'.C('" *'" P\\e3"
,-$)102+*-"
'0"
PP"
*'"
A1$%-"
*'"
P\!\"
'$8"
722/8mmOOO31-63'*1m(1)6mPmPm*2m')/m6+)+)3/*D3"
R#LN" W>*X<" WP\\_X3" J67-5-"0+' /7%#1"&1' #+' #)' $7+6&' `>' 85G' J67-5-"0+' /7%#1"&1A'
+7#E&/' 1#!&/' :' 1&)#/' #$#1*#+!#/' %515' #)' 6#/511&))&' .7$5+&' :' /&-"5)G" S-$*(')8"
5+0:(+&'"4+6.%00+$3"
o`4GN>L<" W!^^\X3" a'60+(+6%@$" 41$*%+0" )-C('" '*16+6%@$" /+(+" 2-*-)8" {K+2%)D+66%@$"
*'"0+)"$'6')%*+*')"CU)%6+)"*'"+/('$*%F+A'{3"G+%0+$*%+3",-$)102+*-"'0"PP"*'"A1$%-"*'"
P\!\"'$8"722/8mmOOO3-'%3')m'D+P\\\A-.2%'$372."
`,a><" W!^^hX3" G'6$-0-:H+<" /(-*162%&%*+*" =" 6('+6%@$" *'" './0'-3" ,-$)102+*-" '0" P!"
*'"A1$%-"*'"P\!\"'$8"722/8mmOOO3-'6*3-(:m*+2+-'6*me!m_m!^!]\P!3/*D"
`SEKn`ERE<"o3<"gEfELaNEfEL<"43<"gEff>L>Gb>E<"43<",Efa`LE<"E3"c"4NoELR`K<"
o3" WP\!\X3" ab7,' /"*+"("-5' )5' -5)"656' #+' )5' 7+"E#1/"656' #/%5R&)5c' ;-!"!76#/' 6#' )&/'
6&-#+!#/' #/%5R&)#/' 1#/%#-!&' 5' )5' *#/!"0+' 6#' )5' -5)"656' 7+"E#1/"!51"5G' NNN" o-($+*+)"
N$2'($+6%-$+0')" )-C('" ,+0%*+*" *'" 0+" >*16+6%@$" K1/'(%-(" '$" E.;(%6+" S+2%$+" ="
>)/+J+<"6'0'C(+*+)"*'0"e"+0"^"*'"A10%-"*'"P\!\"'$"0+"#5Im>i#3"
5L#a8"",-$)102+*-"]!"*'".+=-"*'"P\!\8"OOO31$*/3-(:"
K>L<"E<"WP\\\X8"a')+((-00-"6-.-"S%C'(2+*3">*3"50+$'2+3"
GLL>f4ELL"g>fLi>N4<",3"WP\!\X3"ZS+"'*16+6%@$"/'(.+$'$2'"=")1"%./+62-"'$"
0+" '*16+6%@$" )1/'(%-([<" '$"D#E"/!5' 9B#1&5$#1"-5+5' 6#' J67-5-"0+' N7%#1"&1"WD9JNX<"
4;T%6-<"NNK#>Y#LE4m#$%&'()%+<"&-03"!<"$V.3!<"//3"!P\Y!]]3",-$)102+*-"PP"*'"A10%-"
*'"
P\!\<"
'$8"
722/8mm(%')31$%&'()%+3$'2m%$*'T3/7/m(%')m+(2%60'm&%'OmPem'*16+6%-$Ä/'(.+$'$2'3"
#L,>GE<" n3WP\\dX3" 85' -&&%#15-"0+' 5)' 6#/511&))&' #+' )5/' 7+"E#1/"656#/' #/%5R&)5/G"
g%C0%-2'6+"I%(21+0"4%:1'0"*'",'(&+$2')""4+*(%*"8"E:'$6%+">)/+J-0+"*'",--/'(+6%@$"
N$2'($+6%-$+0"/+(+"'0"a')+((-00-"WE>,NaX3"
#L>K,`" W!^^_X3" W#-)515-"0+' $7+6"5)' /&B1#' )5' J67-5-"0+' N7%#1"&1' #+' #)' /"*)&' dd9A'
E"/"0+'
:'
5--"0+G"
,-$)102+*+"
'0"
]\"
*'"
+C(%0"
*'"
P\!\<"
722/8mmOOO31$')6-3-(:m'*16+2%-$m'*16/(-:mO67'm*'60+(+2%-$Ä)/+372."
#L>K,`YN>KES,"WP\\^X3"999'#+-7#+!1&'6#'1#6#/'7+"E#1/"!51"5/':'-&+/#=&/'6#'1#-!&1#/'
6#';$,1"-5'85!"+5':'#)'H51"B#G'W#-)515-"0+'("+5)G'W#-)515-"0+'6#'8"$5G",-$)102+*+"'0"
]"
*'"
.+=-"
*'"
P\!\3722/8mmOOO3:(1/-.-$2'&%*'-3'*131=m%$*'T3/7/s-/2%-$Å6-.Ä6-$2'$2Ç&%'O
Å+(2%60'Ç%*Å!^]}]EY%%%Y'$61'$2(-Y*'Y('*')Y1$%&'()%2+(%+)Y=Y6-$)'A-)Y*'Y
('62-(')Y*'Y+.'(%6+Y0+2%$+Y=Y'0Y6+(%C'Y*'60+(+6%-$YD%$+0Ç6+2%*Å!}]E0+2')2Y
$'O)Ç0+$:Å')"
Ph"
#LNI>fKNE" WP\!\X3" W#-)515-"0+' 6#' )5' ;*#+65' 6#' _7565)5=515G' NN" >$61'$2(-"
N$2'($+6%-$+0" *'" f'62-(')3" ,-$)102+*+" '0" Pe" *'" A1$%-" *'" P\!\3""
722/8mmOOO31$%&'()%+:!\3-(:m"
qEgESqE<" 43E3" WP\\^X3" H&$%#!#+-"5/' 6#)' %1&(#/&156&' 7+"E#1/"!51"&G' H5)"656' :'
6#/511&))&'%1&(#/"&+5)G"4+*(%*3"L+(6'+"
Pd"
P_"
"
"
"
"
"
"
"'(C&1",.L$'("!*.$1LK&(!"'(C%&/'"+$(","%7S1L.&(",('$(
#&.L"!$!($.1*$'(
(
.89654A8([email protected];A(7T3>B(
1>9>?8(C94>@6(%<B(
#$%&'()%*+*"*'"4U0+:+"
"
%"#*+",(
G'$%'$*-"'$"61'$2+"'0"/-2'$6%+0"'*16+2%&-"?1'"2%'$'"'0"/(-C0'.+"*'"0+"'$'(:H+"'$"0+"
)-6%'*+*"+621+0<"7'.-)"2(+2+*-"*'"%$&')2%:+("[email protected]"')2'"/(-C0'.+")'"2(+)0+*+"+"0+)"
+10+)" +" 2(+&;)" *'" 0-)" 0%C(-)" *'" 2'T2-<" *'C%*-" +" ?1'" 7-=" '$" *H+" )-$" 1$-" *'" 0-)"
.+2'(%+0')"61((%610+(')".U)"%./-(2+$2')"/-(")1"1)-3"5+(+"'00-<")'"7+"+$+0%F+*-"1$+"
.1')2(+" *'" 0%C(-)" *'" 2'T2-" '$" 0-)" +J-)" 2'(6'(-" =" 61+(2-" 61()-" *'" K'61$*+(%+"
>*16+6%@$"'$"9H)%6+"="|1H.%6+3""
C858I98?( :58J>-( *')+((-00-" )-)2'$%C0'B" D-(.+6%@$" *'0" /(-D')-(+*-B" '$)'J+$F+" *'"
0+)"6%'$6%+)B"0%C(-)"*'"2'T2-3"
"
"
1)"("!*.$1L&,$'(C&1",1L$'(&R(1)"(","%7"1L.(C%&/'"+(L,(#&.L"12(
1&!$2(
(
#*++$%2"
R%&'$" 27'" '*16+2%-$+0" /-2'$2%+0" 27+2" 27'" '$'(:=" /(-C0'." 7+)" %$" 2-*+=" )-6%'2=<" O'"
2(%'*" 2-" %$&')2%:+2'" 7-O" 27%)" /(-C0'." %)" .-&'*" 2-" 27'" 60+))(--.)" 27(-1:7"
2'T2C--M)<"C'6+1)'"27'="+('"27'"61((%610+(".+2'(%+0)".-('"%./-(2+$2"D-("27'%("1)'3"
G-"27%)"'$*<"O'"7+&'"+$+0=F'*"+")+./0'"-D"2'T2C--M)"%$"27'"27%(*"+$*"D-1(27"='+()"
-D"K'6-$*+(=">*16+2%-$"6-1()'"%$"57=)%6)"+$*",7'.%)2(=3"
N>OP69=?-( K1)2+%$+C0'" a'&'0-/.'$2<" G'+67'(" G(+%$%$:<" G'+67%$:" -D" K6%'$6'<"
G'T2C--M)3"
(
L,1%&!*..LQ,(
>$" 0+" +621+0%*+*<" '0" 6-$)1.-" *'" '$'(:H+" ')" 1$-" *'" 0-)" :(+$*')" .'*%*-(')" *'0"
/(-:(')-"="C%'$')2+("*'"1$+")-6%'*+*<"="')"1$"7'67-"?1'"'0":+)2-"*'"'$'(:H+"'$"0+)"
P^"
)-6%'*+*')"+&+$F+*+)"$-"7+6'"-2(+"6-)+"?1'"+1.'$2+(<"7+)2+"'0"/1$2-"?1'")'")1'0'"
6+0%D%6+("+"$1')2(+)")-6%'*+*')"6-.-"Z'$'(:H&-(+)[3"
>0" /(-C0'.+" *'" 0+" /(-*166%@$" =" '0" 6-$)1.-" *'" '$'(:H+" )'" '$.+(6+" '$" '0" *'" 0+"
CV)?1'*+" *'" 1$" .-*'0-" *'" 6-$)1.-" *'" ('61()-)" ?1'" )'+" )-)2'$%C0'" /+(+" '0" )'("
71.+$-"="'0".'*%-"+.C%'$2'"=<"+"0+"&'F<"/1'*+")+2%)D+6'("0+)"*'.+$*+)"/(-*162%&+)"
*'"0+"'6-$-.H+"'$"0+")-6%'*+*"+621+03"
K'" 2(+2+" *'" 1$" +)1$2-" ')2('67+.'$2'" 0%:+*-" +0" /(-C0'.+" *'0" 6+.C%-" 60%.U2%6-<"
6+./-" '$" '0" ?1'" 6+*+" &'F" )'" /-$'" .'$-)" '$" *1*+" 0+" ('0+6%@$" '$2('" '0"
6+0'$2+.%'$2-":0-C+0"="0+"6-$6'$2(+6%@$"*'":+)')"*'"'D'62-"%$&'($+*'(-"/(-*16%*-)"
/-("0+"?1'.+"*'"6-.C1)2%C0')"[email protected])%0')3""
,-$2(-0+(" 0+)" '.%)%-$')" *'" :+)')" *'0" 'D'62-" %$&'($+*'(-" )%:$%D%6+" +621+(" )-C('" '0"
6-$)1.-"*'"'$'(:H+"/(-6'*'$2'"*'"D1'$2')"61=+"6-.C1)2%@$"0-)"/(-*16'<"')"*'6%(<"
D('$+(" 0+" *'/'$*'$6%+" +621+0" 0-)" 6-.C1)2%C0')" [email protected])%0')" +" D+&-(" *'" -2(+)" D1'$2')" *'"
'$'(:H+3">$"')2'"6-$2'T2-<"="2'$%'$*-"'$"61'$2+"?1'"0+"'$'(:H+"*'"/(-6'*'$6%+"[email protected])%0"
2+.C%;$" 2%'$'" D'67+" *'" 6+*16%*+*<" )-$" .167-)" 0-)" ?1'" 6-.%'$F+$" +" &+0-(+(" )%" 0+"
'6-$-.H+" C+)+*+" '$" 0+" '$'(:H+" [email protected])%0" $-" $-)" ')2U" %$2(-*16%'$*-" '$" 1$" 6+00'[email protected]$" )%$"
)+0%*+3"
>$"'0"+$U0%)%)"*'0"/(-C0'.+"*'"0+"'$'(:H+"'$"$1')2(+")-6%'*+*"%$6%*'$"D+62-(')".1="
*%&'()-)<" 6-.-8" +X" D+62-(')" )-6%+0')<" +)-6%+*-)" +" 0+" /('-61/+6%@$" /-(" 0+"
)1/'(&%&'$6%+" *'" $1')2(-" $%&'0" *'" C%'$')2+(" -" CX" D+62-(')" .'*%-+.C%'$2+0')<"
0%:+*-)"+0"6-$)1.-"'T6')%&-"*'"1$"2%/-"*'"('61()-)"="+")1"%./+62-"'$"0+"$+21(+0'F+"
=" +" 0+" *%)/-$%C%0%*+*" *'" -2(-)" ?1'<" '$" '0" 6+)-" *'" 1$-)" +*'61+*-)" +&+$6')"
2'[email protected]:%6-)<"/-*(H+$"'T/0-2+()'"+"6-)2')"(+F-$+C0')"W#$%2'*"L+2%-$)<"!^^PX3""
5-(" )1" %./-(2+$6%+" '$" 0+" )-6%'*+*<" ')2'" 2'.+" ')" 2+.C%;$" %./-(2+$2'" '$" 0+"
'*16+6%@$<" *')*'" 0+" 61+0" )'" 7+" *'" /(-/-(6%-$+(" +0" +01.$+*-" '0" :(+*-" *'"
6-$-6%.%'$2-" +*'61+*-" A1$2-" 6-$" 0+" 6-$6%'$6%+" " *'" 0+" %./-(2+$6%+" *'0" /(-C0'.+"
'$'(:;2%6-"="0+"$'6')%*+*"*'"6-0+C-(+("'$"0+"+*-/6%@$"*'"0+)".'*%*+)"$'6')+(%+)3""
"
"'(C%&/'"+$(!"('$(","%7Y$(",("'(.*%%L.*'*+(!"(.L",.L$#(!"("#&(
>0" f'+0" a'6('2-" !h]!mP\\h' *'" P^" *'" *%6%'.C('<" /-(" '0" ?1'" )'" ')2+C0'6'$" 0+)"
'$)'J+$F+)" .H$%.+)" 6-((')/-$*%'$2')" +" 0+" >*16+6%@$" K'61$*+(%+" `C0%:+2-(%+<"
*'D%$'"+"0+"Z,-./'2'$6%+"'$"'0"6-$-6%.%'$2-"="0+"%$2'(+66%@$"6-$"'0".1$*-"DH)%6-["
6-.-" Z0+" 7+C%0%*+*" /+(+" %$2'(+621+(" 6-$" '0" .1$*-" DH)%6-<" 2+$2-" '$" )1)" +)/'62-)"
$+21(+0')"6-.-"0-)":'$'(+*-)"/-("0+"+66%@$"71.+$+<"*'"2+0".-*-"?1'")'"/-)%C%0%2'"
0+"6-./(')%@$"*'")16')-)<"0+"/('*%66%@$"*'"6-$)'61'$6%+)"="0+"+62%&%*+*"*%(%:%*+"+"
0+".'A-(+"="/(')'(&+6%@$"*'"0+)"6-$*%6%-$')"*'"&%*+"/(-/%+<"*'"0+)"*'.U)"/'()-$+)"
="*'0"(')2-"*'"0-)")'(')"&%&-)[3""
G+.C%;$" )'" (')+02+" ?1'" %$2'(+621+(" 6-$" '0" .'*%-" DH)%6-" 00'&+" %./0H6%2-" 2-.+("
6-$6%'$6%+"*'"0+"%$D01'$6%+"?1'"2%'$'"0+"/(')'$6%+"*'"0+)"/'()-$+)"'$"'0"')/+6%-<")1"
+)'$2+.%'$2-<" )1" +62%&%*+*<" 0+)" .-*%D%6+6%-$')" ?1'" %$2(-*16'$" =" 0-)" /+%)+A')"
(')102+$2')<" +)H" 6-.-" *'" 0+" %./-(2+$6%+" *'" ?1'" 2-*-)" 0-)" )'(')" 71.+$-)" )'"
C'$'D%6%'$"*'0"*')+((-00-"="*'"?1'"')2'"/(-61('"0+"6-$)'(&+6%@$"*'"0-)"('61()-)"="0+"
*%&'()%*+*"$+21(+03""
5-("2+$2-<"0+"+*?1%)%6%@$"*'"')2+"6-./'2'$6%+"/'(.%2%(U"&+0-(+("'0"1)-"(')/-$)+C0'"
*'" 0-)" ('61()-)" $+21(+0')<" '0" 61%*+*-" *'0" .'*%-+.C%'$2'<" '0" 6-$)1.-" (+6%-$+0" ="
]\"
(')/-$)+C0'<" =" 0+" /(-2'66%@$" *'" 0+" )+01*" %$*%&%*1+0" =" 6-0'62%&+" 6-.-" '0'.'$2-)"
60+&'"*'"0+"6+0%*+*"*'"&%*+"*'"0+)"/'()-$+)3""
>$2('" 0-)" -CA'2%&-)" +" +06+$F+(" *'$2(-" *'" 0+" .+2'(%+" *'" ,%'$6%+)" *'" 0+" L+21(+0'F+<"
'$6-$2(+.-)" +0:1$-)" ('0+6%-$+*-)" *%('62+.'$2'" 6-$" '0" /(-C0'.+" *'" 0+" '$'(:H+<"
6-.-8""
! E*-/2+(" +62%21*')" 6(H2%6+)" D1$*+.'$2+*+)" '$" '0" 6-$-6%.%'$2-" /+(+" +$+0%F+(<"
%$*%&%*1+0.'$2'"-"'$":(1/-<"61')2%-$')"6%'$2HD%6+)"="2'[email protected]:%6+)3"
! ,-$-6'("="&+0-(+("0+)"%$2'(+66%-$')"*'"0+"6%'$6%+"="0+"2'6$-0-:H+"'$"0+")-6%'*+*"="'0"
.'*%-"+.C%'$2'<"6-$"+2'$6%@$"/+(2%610+("+"0-)"/(-C0'.+)"+"0-)"?1'")'"'$D('$2+"7-="
0+" 71.+$%*+*" =" 0+" $'6')%*+*" *'" CV)?1'*+" =" +/0%6+6%@$" *'" )-016%-$')<" )1A'2+)" +0"
/(%$6%/%-"*'"/('6+16%@$<"/+(+"+&+$F+("7+6%+"1$"D121(-")-)2'$%C0'3"
>$" 0+" `(*'$" " *'" !\" *'" E:-)2-" *'" P\\d<" /-(" 0+" ?1'" )'" *')+((-00+" '0" ,1((H610-"
6-((')/-$*%'$2'"+"0+">*16+6%@$"K'61$*+(%+"`C0%:+2-(%+"'$"E$*+016H+<"*'$2(-"*'"0+"
.+2'(%+" ,%'$6%+)" *'" 0+" L+21(+0'F+<" )'" ('6-:'$" " +)/'62-)" ('0+6%-$+*-)" *%('62+" -"
%$*%('62+.'$2'"6-$"'0"/(-C0'.+"*'"0+"'$'(:H+8"
• V)&S7#'@A'J)'7/&'1#/%&+/5B)#'6#')&/'1#-71/&/'+5!715)#/G'
K'"*')2+6+"0+"$'6')%*+*"*'"?1'"'0"+01.$+*-"6-$-F6+"="+$+0%6'"+0:1$+)"(')/1')2+)"+"
/(-C0'.+)"?1'")'"')2U$":'$'(+$*-"('0+6%-$+*-)"6-$"'0"*'((-67'"'$"'0"6-$)1.-"*'"
('61()-)"$+21(+0')3">)2+"2'.U2%6+"')2+"/0+$2'+*+"+"/+(2%("*'"%$2'((-:+$2')"6-.-8"
! ri+="+0:1$+"('0+6%@$"'$2('"'0"1)-"?1'"7+6'.-)"*'"1$"('61()-"W/-("'A'./0-<"*'"0-)"
6-.C1)2%C0')"[email protected])%0')"-"0-)"C-)?1')X"="+0:1$-)"/(-C0'.+)"*'"$1')2(-".'*%-"W6-.-"
'0"6+0'$2+.%'$2-"*'0"/0+$'2+"-"0+"*')'(2%F+6%@$Xs"
• V)&S7#'eA')5'-1"/"/'#+#1*,!"-5':'/7/'%&/"B)#/'/&)7-"&+#/G'
>$" ')2'" $V60'-" 2'.U2%6-" )'" /0+$2'+$" .U)" *%('62+.'$2'" %$2'((-:+$2')" )-C('" '0"
/(-C0'.+"'$'(:;2%6-"="6-$"0+)".'*%*+)"+*-/2+*+)"/+(+")-016%-$+(0-)"6-.-8"""
! r5+(+" ?1;" +62%&%*+*')" *'" 0+)" ?1'" ('+0%F+.-)" 6-2%*%+$+.'$2'" $'6')%2+.-)"
'$'(:H+s"
! ra'"*@$*'"-C2'$'.-)"')+"'$'(:H+s"<"ra'"61+$2+"'$'(:H+"*%)/-$'.-)s""="r,1U$2-"
$-)"61')2+"/-*'("1)+(0+s"
! r,@.-" )'" *%)2(%C1='" ')+" '$'(:H+s<" r'$" ?1;" 6-$)%)2'" '0" 00+.+*-" /(-C0'.+"
'$'(:;2%6-s<"r'T%)2'"('+0.'$2'"2+0"/(-C0'.+s"
! r|1;" .'*%*+)" )'" /(-/-$'$" '$" 2-*-" '0" .1$*-" /+(+" )-016%-$+(" '0" /(-C0'.+"
'$'(:;2%6-s"
! r|1;" D1'$2')" +02'($+2%&+)" /-*(H+$" 12%0%F+()'" /+(+" )1)2%21%(" +" 0-)" 6-.C1)2%C0')"
[email protected])%0')s<"r?1;"&'$2+A+)"'"%$6-$&'$%'$2')"2%'$'"'0"'./0'-"*'"6+*+"1$+"*'"'00+)s<"r?1;"
6-$)'61'$6%+)"/+(+"'0".'*%-"2%'$'"'0"'./0'-"*'"6+*+"1$+"*'"'00+)s"
>$" +.C+)" /(-/1')2+)" 61((%610+(')" )'" 'T/(')+$" 6-.-" 6-$2'$%*-)" +" 2(+2+(" 0+"
%./-(2+$6%+" *'0" +7-((-" '$'(:;2%6-<" '0" +$U0%)%)" =" 0+" &+0-(+6%@$" " '$" '0" 1)-" *'" 0+)"
*%)2%$2+)"D1'$2')"*'"'$'(:H+<"+)H"6-.-"0+)"6-$)'61'$6%+)"+.C%'$2+0')"?1'"*'"'00-")'"
*'(%&+$3" >$" 2-*-)" '00-)" )'" /(-/-$'" 0+" $'6')%*+*" *'" ?1'" '0" +01.$+*-" +C-(*'" '0"
/(-C0'.+"'$'(:;2%6-"6-$"'0"?1'")'"'$D('$2+"7-="'$"*H+"0+")-6%'*+*<"="0+)"/-)%C0')"
)-016%-$')""?1'")'"')2U$"00'&+$*-"+"6+C-3"
]!"
f')/'62-"+"0+"'&+01+6%@$<"'$"+.C+)"0'=')")'"-2-(:+"%./-(2+$6%+"+"0+"6+/+6%*+*"/+(+"
('6-$-6'(" /(-C0'.+)" ('0+6%-$+*-)" 6-$" 0+" 6(%)%)" '$'(:;2%6+<" +$+0%F+(0-)<" &+0-(+("
%$D-(.+6%-$')" *'" *%&'()+)" D1'$2')<" =" &+0-(+(" 0+)" /(-/1')2+)" *'" +7-((-" '$'(:;2%6-"
?1'"0+")-6%'*+*"')2U"/0+$2'+$*-3""
>$"0+)"6-$)%*'(+6%-$')"+$2'(%-(')")'"/-$'"*'".+$%D%')2-"?1'"'0"*'"0+"'$'(:H+<"')"1$"
/(-C0'.+":0-C+0<"6-$2(-&'(2%*-"'$".167-)"+)/'62-)<"?1'"/1'*'"6-$)%*'(+()'"6-.-"
1$-" *'" 0-)" /(-C0'.+)" .U)" :(+$*')" *'" $1')2(+" )-6%'*+*" '$" ')2-)" .-.'$2-)3" K1"
')21*%-" ')2U" 00'$-" *'" /-2'$6%+0" '*16+2%&-<" =+" ?1'" +2%'$*'" $-" )-0-" +0" +/('$*%F+A'"
6-$6'/21+0<")%$-"+"0+)"+62%21*')<"0-)"&+0-(')<"0-)"6-./-(2+.%'$2-)<"0+"6-$6%'$6%+<"'0"
*'C+2'"'$2('"-/6%-$')"6-$2(+(%+)<"0+"6(H2%6+")-6%+0"-"0+"+66%@$"2(+$)D-(.+*-(+3"""
(
L+C&%1$,.L$(!"('&#('L/%&#(!"(1"b1&(
S-)"0%C(-)"*'"2'T2-"2%'$'$"1$"/+/'0"/(-2+:-$%)2+"'$"'0"+10+"*'"6%'$6%+)<")%'$*-")1)"
6-$2'$%*-)" D1$*+.'$2+0')" =" *'6%)%&-)" '$" '0" +/('$*%F+A'" *'0" +01.$+*-3" K1"
%$D01'$6%+<" 2+$2-" *'" )1" 6-$2'$%*-" 6-.-" *'" )1" :(+*-" *'" 1)-" 0')" 6-$&%'(2'" '$"
&'7H610-)"/('*-.%$+$2')"*'0"6-$-6%.%'$2-"')6-0+(3"K1)"/(-/1')2+)<"="0+"D-(.+"'$"
?1'";)2+)"6-$6('2+$"0+)"*%('62(%6')"*'0"61((%6101."0')"7+6'"-CA'2-"*'"1$"%$2'(;)"?1'"
')"2(+*%6%-$+0"'$"0+"%$&')2%:+6%@$"*%*U62%6+"W,7%+//'22+<"K'27$+<"Ç"9%00.+$<"!^^]"="
N('F<"P\\^X3""
5-(" -2(-" 0+*-<" /+(+" .167-)" /(-D')-(')" )%:1'" )%'$*-" '0" ('61()-" *-6'$2'"
D1$*+.'$2+0<" +)/'62-" ?1'" )'" %$2'$)%D%6+" 2-*+&H+" .U)" 61+$*-" '0" /(-D')-(" %./+(2'"
*-6'$6%+" '$" +0:1$+" .+2'(%+" $-" ')2(%62+.'$2'" *'" )1" ')/'6%+0%*+*" *'" D-(.+6%@$"
WK2'($" =" f-)'.+$<" P\\kX3" KU$67'F" =" I+06+(6'0" WP\\\X" )'J+0+$<" ('D%(%;$*-)'" +" 0+"
'$)'J+$F+" )'61$*+(%+<" ?1'" 0-)" 0%C(-)" *'" 2'T2-" )-$" 1$+" ('D'('$6%+" CU)%6+" /+(+" '0"
/(-D')-(+*-" +" 0+" 7-(+" *'" ('+0%F+(" )1)" /(-:(+.+6%-$')<" 6-$)%*'(U$*-0-)" .1=" +"
.'$1*-"6-.-")%"D1'(+$"('D'('$6%+)"-D%6%+0')3"o%.;$'F"WP\\\X")'"('D%'('"+"0-)"0%C(-)"
*'"2'T2-"6-.-"1$"')/'A-"D%'0"'$"'0"?1'")'"('D0'A+"0+")%21+6%@$"+621+0"*'"0+"'$)'J+F+"
*'"0+)"6%'$6%+)3""
"
&/E"1LK&#(!"'(1%$/$E&(
>)2'" 2(+C+A-" ')" /+(2'" *'" 1$" ')21*%-" .U)" +./0%-" )-C('" 61')2%-$')" ('0+2%&+)" +" 0+"
'$)'J+$F+"="'0"+/('$*%F+A'"*'"0+"'$'(:H+"="6-$6'/2-)"('0+6%-$+*-)"6-$"'00+3"#$-"*'"
)1)" +/+(2+*-)" 2%'$'" /-(" -CA'2-" '0" +$U0%)%)" *'0" 6-$2'$%*-" *'" 0%C(-)" *'" 2'T2-<" '$"
('0+6%@$"6-$"'0"*'"0+)"/(-/1')2+)"6-$2'$%*+)"'$"'0"61((H610-3""
G-*-" 0-" ?1'" 2%'$'" ('0+6%@$" 6-$" '0" /(-C0'.+" '$'(:;2%6-" ('/(')'$2+" 1$" 6-$2'$%*-""
%$$-&+*-("="+621+0<"?1'"7+")%*-"%$6-(/-(+*-"('6%'$2'.'$2'"'$"0-)"0%C(-)"*'"2'T2-<"
*+*-"?1'"0+)"*%('62(%6')"*'0"61((H610-"2+.C%;$")-$"('6%'$2')3"""
S-)"(')102+*-)"?1'")'"/(')'$2+$"'$"')2'"%$D-(.'")'"7+$"6'$2(+*-"'$"0+"CV)?1'*+"
*'"'$"?1;".'*%*+"0-)"+)/'62-)".U)"('0+6%-$+*-)"6-$"'0"/(-C0'.+"*'"0+"'$'(:H+")-$"
6-$2'./0+*-)"="+C-(*+*-)"'$"0+)"/(-/1')2+)"*'"1$+".1')2(+"*'"0%C(-)"*'"2'T2-"*'"
9H)%6+"="|1H.%6+"*'"]~"="k~"61()-"*'"0+">K`3""
+*"#1%$(
K'" 7+$" )'0'66%-$+*-" ^" '*%2-(%+0')" 6-$" :(+$" *%D1)%@$" '$" 0-)" 6'$2(-)" '*16+2%&-)"
+$*+016')3" >)2+)" )-$8" g(1J-" W>*!3X<" E$+=+" W>*P3X<" I%6'$)YI%&')" W>*]3X<" >&'(')2"
]P"
W>*kX<" >*'0&%&')" W>*e3X<" " K4" W>*h3X<" R1+*%'0" W>*d3X<" `TD-(*" W>*_3X" =" E0.+*(+C+"
W>*^3X3""
"
$,f'L#L#(!"(!$1&#(2(%"#*'1$!&#(
5+(+" 6'$2(+(" '0" 6-$2'$%*-" -CA'2-" *'" +$U0%)%)<" )'" 7+$" )'0'66%-$+*-" +?1'00-)" 2'.+)"
=m-"6+/H210-)"?1'"2(+2+C+$")-C('"0+")-)2'$%C%0%*+*"=m-"0+"'$'(:H+3""
>0" +$U0%)%)" *'0" 6-$2'$%*-" )'" 7+" ('+0%F+*-" )%:1%'$*-" 0+" 2;6$%6+" *'" ('*')" )%)2;.%6+)""
/(-/1')2+" /-(" g0%))<" 4-$M<" =" `:C-($" W!^_]X3" >)2+" $-)" 7+" /'(.%2%*-" 0+"
6-$D%:1(+6%@$"*'"6+2':-(H+)"=")1C6+2':-(H+)"+"/+(2%("*'"0-)"6-$2'$%*-)"/(-/1')2-)3"
>0" .+/+" 6-$D%:1(+*-" *'" ')2+" .+$'(+" /'(.%2'" ('/(')'$2+(" 61+0%2+2%&+.'$2'" '0"
6-$2'$%*-"'$"0-)"2'T2-)<"="0+)"D('61'$6%+)"*'"0+)"6+2':-(H+)"$-)".1')2(+$"+?1'00-)"
?1'" 2%'$'$" .U)" /(')'$6%+" '$" 0-)" 2'T2-)<" +)H" 6-.-" 0-)" +)/'62-)" ?1'" 7+$" ('6%C%*-"
.'$-)"+2'$6%@$3"
a'$2(-"*'"0-)"2'.+)"+$+0%F+*-)")'"7+$")'0'66%-$+*-"+?1'00-)"6-$2'$%*-)"?1'"2%'$'$"
('0+6%@$" 6-$" '0" /(-C0'.+" *'" 0+" '$'(:H+<" 0-)" 61+0')" )'" 7+$" +:(1/+*-" '$" 2(')"
6+2':-(H+)"+./0%+)3",+*+"1$+"*'"'00+)"7+")%*-"6+(+62'(%F+*+".'*%+$2'"1$+"'2%?1'2+"
="1$+"*'D%$%6%@$3""
VM N./-(2+$6%+" *'" 0+" '$'(:H+3" N$601='" 0+)" 'T/0%6+6%-$')" ('0+2%&+)" +" 0+" %./-(2+$6%+"
*'" 0+" '$'(:H+" '$" 0+" &%*+" *'" 0-)" )'(')" &%&-)<" =" *'" " 6-.-" )'" *%)2(%C1='" )1" 6-$)1.-"
2+$2-"'$"0+"+621+0%*+*"6-.-"'$";/-6+)"+$2'(%-(')3"
>A'./0-)8"
ZS+" '$'(:H+" ')" '0" .-2-(" ?1'" 7+6'" D1$6%-$+(" '0" .1$*-3" K%$" '$'(:H+" $-" 2'$*(H+.-)"
%01.%$+6%@$" $%" 6+0'D+66%@$" '$" $1')2(+)" 6+)+)<" $-" /-*(H+.-)" &'(" 0+" 2'0'&%)%@$É["
W9H)%6+"="|1H.%6+3"k~">K`3">*3"K4X3""
Z>)" DU6%0" *+()'" 61'$2+" ?1'" 0+" '$'(:H+" ')" 1$+" .+:$%21*" DH)%6+" ?1'" )'" '$61'$2(+"
/(')'$2'" '$" $1')2(+)" +62%&%*+*')" 6-2%*%+$+)" =" '$" '0" '$2-($-" ?1'" $-)" (-*'+3" >0"
2(+$)/-(2'<"0+"%$*1)2(%+<"0-)"+/+(+2-)"?1'"1)+.-)"+"*%+(%-<"$1')2(+"6+0%*+*"*'"&%*+<"
'$"*'D%$%2%&+<")'")1)2'$2+$"'$"0+"'$'(:H+3["W9H)%6+"="|1H.%6+3"k~">K`3">*3"g(1J-X3"
WM a')+((-00-" )-)2'$%C0'3" f'6-:'" 0+)" *'D%$%6%-$')<" (+F-$')" =" 'T/0%6+6%-$')" *'0"
.-*'0-"*'"*')+((-00-")-)2'$%C0'<"+)H"6-.-"*'"0+)"+621+6%-$')"?1'"*'C'$"=")'"')2U$"
00'&+$*-"+"6+C-"/+(+"0-:(+(0-3""
Z>0" *')+((-00-" )-)2'$%C0'" ')" 0+" 'T/0-2+6%@$" 6-$2(-0+*+" *'" 0-)" ('61()-)" /+(+"
.+$2'$'(" 0+" 6+0%*+*" *'" &%*+<" :+(+$2%F+$*-<" +" 0+" &'F<" 0+" *%)/-$%C%0%*+*" /+(+" 0+)"
:'$'(+6%-$')"D121(+)["W9H)%6+"="|1H.%6+3"]~">K`3">*3"g(1J-X3"
Z,-$)':1%("'0"*')+((-00-")-)2'$%C0'"')"1$"+12;$2%6-"*')+DH-"?1'"%./0%6+"2+$2-"+"0-)"
6%1*+*+$-)"6-.-"+"0-)"-(:+$%).-)"'"%$)2%216%-$')"?1'"/(-.10:+$"0'=')"="$-(.+)<"
="2+.C%;$"+"0-)"6%'$2HD%6-)3"5-*'.-)"(')1.%("0-)"/(%$6%/%-)")-C('"0-)"?1'")'"+)%'$2+"
'$" 61+2(-" +)/'62-)" /(%$6%/+0')8" 5(-.-&'(" '0" +7-((-" '$'(:;2%6-" =" 0+" :')2%@$" 'D%6+F"
*'" 0-)" ('61()-)<" /-2'$6%+(" '0" ('6%60+A'" *'" 0+)" .+2'(%+)" /(%.+)<" /(')'(&+(" '0" .'*%-"
+.C%'$2'<"%$&')2%:+(")-C('"'$'(:H+)"="/(-6')-)"0%./%-)3["W9H)%6+"="|1H.%6+3"k~">K`3"
>*3"g(1J-X3"
XM N./0%6+6%-$')" +.C%'$2+0')3" N$601='" *')6(%/6%-$')" =" 'T/0%6+6%-$')" *'" 0+)"
%./0%6+6%-$')" )-6%+0')" =" +.C%'$2+0')" :'$'(+*+)" 6-$" 0+" /(-*166%@$" *'" '$'(:H+"
/(-6'*'$2'"*'"0+)"*%)2%$2+)"D1'$2')3""
]]"
'? E?1'00+)"('0+6%-$+*+)"*%('62+.'$2'"6-$"'0"%./+62-".'*%-+.C%'$2+03"
Za'")':1%("0+")%21+6%@$"6-.-"7+)2+"+7-(+")'"/('&;"?1'"*1(+$2'"')2'")%:0-<"'0"$%&'0"
*'0" .+(" )1C+" '$2('" !_" =" e^" 6.3<" 0-" ?1'" 7+(U" ('2(-6'*'(" 0+)" /0+=+)3" 4167+)" %)0+)"
*')+/+('6'(H+$É["W9H)%6+"="|1H.%6+3"k~">K`3">*3">*'0&%&')X3"
0? f'0+6%-$+*+)"6-$"0+)"('/'(61)%-$')"'[email protected]%6+)"?1'":'$'(+$3"
"ZW,+([email protected]$X" f'?1%'('" 1$" +02-" 6-)2'" *'" 'T2(+66%@$[" W9H)%6+" =" |1H.%6+3" k~" >K`3" >*3"
>*'0&%&')X3"
a'$2(-" *'" ')2+)" *-)" )1C6+2':-(H+)" )'" 7+" *%)2%$:1%*-" '$2('" " 0+)" &'$2+A+)" WI'$23X" '"
%$6-$&'$%'$2')"WN$6-$3X"*'"2%/-"+.C%'$2+0"="'[email protected]%6-<"?1'":'$'(+$""0+"-C2'$6%@$"
*'"'$'(:H+"/(-6'*'$2'"*'"D1'$2')"('$-&+C0')"W>fX"="D1'$2')"$-"('$-&+C0')"W>LfX3"
>0":(+*-"*'"/(')'$6%+"*'"')2-)"6-$2'$%*-)")'"('6-:'"'$"0+"2+C0+"!
]k"
Tabla 1. Contenidos relativos a la Importancia de la Energía, Desarrollo sostenible y Ventajas (Vent.) e Inconvenientes (Incon.)sobre las Implicaciones
Ambientales y Económicas de las fuentes de energía renovable (ER) y no renovables !"#$%
$+,#&',"-$)*
!"#$%&'(")*
$./0*
$.10*
$.20*
29* 39* 29* 39* 29*
$.30*
$.40*
$.50*
$.60*
$.70*
39*
29* 39* 29* 39* 29*
39*
29*
39*
29*
39*
$.80*
29* 39*
$%&'()*+,$*#-.#/*#.+.(01*# 2#
2#
2#
2#
2#
2#
2#
#
#
2#
#
2#
#
2#
#
2#
#
#
-.3*(('//'#3'3).+$4/.#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
##-5678797:85;#
#
2#
2#
2#
#
2#
#
2#
#
2#
#
#
#
2#
#
2#
#
2#
##*9<=>97:85;?#
(59:@58A>97:85;#
2#
2#
2#
2#
2#
2#
2#
2#
#
2#
#
2#
#
2#
2#
2#
#
2#
$%&/$,*,$'+.3#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
D58<E#
#
2#
2#
2#
#
#
2#
#
#
2#
#
2#
#
2#
#
2#
#
2#
$89:8E#
#
#
2#
#
#
#
2#
#
#
2#
#
#
#
#
#
2#
#
2#
D58<E#
#
2#
#
#
2#
#
2#
#
2#
#
#
2#
#
2#
#
2#
#
2#
$89:8E#
2#
#
2#
2#
2#
2#
2#
2#
2#
2#
#
2#
#
2#
#
2#
2#
#
D58<E#
#
#
#
#
#
#
2#
#
#
#
#
2#
#
#
#
#
#
#
$89:8E#
#
#
2#
#
#
#
2#
#
#
2#
#
2#
#
2#
#
#
#
#
D58<E#
#
2#
#
2#
2#
#
2#
#
2#
2#
#
2#
#
2#
#
#
#
#
$89:8E#
#
2#
#
#
2#
#
2#
#
#
2#
#
2#
#
#
#
#
#
2#
.(#
*@B758<>C5;#
.+(#
.(#
.9:[email protected]>;#
.+(#
!"#
!"#!$%&'"#(&))
$% &'()# *+,+(# -+(# -)./+(# '0'-)1',+(# /23+420# -'# )56+/*'03)'# 782# /26/2(20*'# -'#
202/49'# 20# -'# :),'# ,2# -+(# (2/2(# :):+(;# <# 3+5+# 082(*/+# ,2('//+--+# <# .)202(*'/# 2(*'#
.'(',+#=80,'520*'-520*2#20#(8#2>)(*203)'%#?80782#(+-+#-'#5)*',#,2#-'#582(*/'#-+#
@'32# 20# -+(# ,+(# 38/(+(# ,2# (2380,'/)';# 620('5+(# (2/9'# /23+520,'.-2# */'*'/# 2(*2#
'(623*+#20#'5.+(;#6+/#-'#/2-2:'03)'#,2-#*25'#<#6+/782#2(*+#-2(#682,2#62/5)*)/#782#
3+56/20,'0#-'#6/+.-25A*)3'#/2'-#782#2>)(*2#20#-'#(+3)2,',%#
B% C'# 5'<+/9'# ,2# -'(# 2,)*+/)'-2(# 6/2(*'0# 3)2/*'# '*203)D0# '# ,2=)0)/# -+# 782# (2#
20*)20,2#6+/#,2('//+--+#(+(*20).-2#<#'#2>6-)3'/#-'(#52,),'(#782#)0*2/0'3)+0'-520*2#
(2#2(*A0#--2:'0,+#'#3'.+#6'/'#2--+%#E2/+#0+#'6'/2320#6/+682(*'(#782#3+0,813'0#'#-'#
/2=-2>)D0# ,2-# '-850',+# # (+./2# -'# 62/*)0203)'# ,2# 2(*'(# 52,),'(# +# -'# 6+().-2#
2>)(*203)'#,2#+*/'(#+63)+02(%##
!% F+-+# 80'# ,2# -'(# 2,)*+/)'-2(;# 20# 80+# ,2# (8(# 38/(+(;# 6-'0*2'# ,2(,2# 2-# 680*+# ,2#
:)(*'#'5.)20*'-#<#23+0D5)3+#-'(#:20*'G'(#<#-+(#)03+0:20)20*2(#782#(2#6/+,8320#6+/#
-'# +.*203)D0# ,2# 202/49'# ,2# =820*2(# 0+# /20+:'.-2(# <# /20+:'.-2(%# H-# /2(*+# /23+42#
'-480'(# ,2# -'(# :20*'G'(# <# -+(# )03+0:20)20*2(# ,2(,2# 2-# 680*+# ,2# :)(*'# '5.)20*'-;#
/2-24'0,+#'#80#(2480,+#6-'0+#-+(#'(623*+(#23+0D5)3+(%#
C+(# /2(8-*',+(# ,2# 2(*2# ./2:2# 2(*8,)+# 6+020# ,2# 5'0)=)2(*+# 782;# 38'0,+# (2#
3+0(),2/';# 20# 3+0G80*+;# 2-# 3+0*20),+# ,2# *+,+(# -+(# *2>*+(# '0'-)1',+(;# '6'/232# 80#
3)2/*+# 0I52/+# ,2# '(623*+(# 782# 2(# (862/)+/# '-# ,2# 3','# 80+# ,2# -+(# *2>*+(#
)0,):),8'-2(;# -+# 38'-# 6+02# ,2# 5'0)=)2(*+# 80'# )0(8=)3)20*2# '*203)D0# @'3)'# 2-#
6/+.-25'%# C+(# '(623*+(# 5A(# '8(20*2(# (+0# '782--+(# 782;# '6'/20*2520*2;# *)2020#
520+(#/2-'3)D0#3+0#-+(#3+0*20),+(#3)20*9=)3+(;#2(#,23)/;#-'(#3+0(),2/'3)+02(#(+./2#2-#
)56'3*+#23+0D5)3+#<#(+3)'-#782#*)202#-'#202/49'#20#082(*/'(#:),'(%##&+//2(6+0,2#'-#
6/+=2(+/',+#,2('//+--'/#-'#0232('/)'#62/52'.)-),',#20*/2#,)(3)6-)0'(#6'/'#6+02/-+(#
,2#5'0)=)2(*+%#H(*+#(86+02#6/2:)'520*2#(8#*+5'#,2#3+03)203)'#<#(8#,)(6+()3)D0#'#-'#
)00+:'3)D0%# &/225+(# 782# ,2(,2# -+(# 6/+4/'5'(# ,2# =+/5'3)D0# ,2-# 6/+=2(+/',+# @'<#
[email protected]+#6+/#@'32/#20#2(2#(20*),+%#
)
*(+(*(#!',&)-'-$'".*/+'!,&)
JCKFF;#L%;#MNOP;#M%#Q#NRJNSO;#L%#T$UV!W%#!"#$%&#&%'()*#&#)#+#$,-%-)./0)(*"1#&%/+#$)
0(-(#0123#C+0,+0X#&/++5YZ2-5%#
JNH;# O[# \%# TB]]^W%# 4567) 85945:;) <=><[email protected]=B) *() @C) *() *%1%(DE0(B) F/0) ($) G"() -()
(-&#E$(1(+) $#-) (+-(H#+I#-) DJ+%D#-) 1/00(-F/+*%(+&(-) #) $#) 5*"1#1%K+) L(1"+*#0%#)
;E$%M#&/0%#3)
JNL?;#O[#$^$%#TB]]^W%#;485N)85)<A))85)6O;L:;)85)@AAPB)F/0)$#)G"()-()*(-#00/$$#)
($)1"00J1"$/)1/00(-F/+*%(+&()#)$#)5*"1#1%K+)L(1"+*#0%#);E$%M#&/0%#)(+)6+*#$"1J#3)
&ZK?EEH__?;#H%#C%;#FH_ZO?;#R%#Z%#Q#`KCCM?O;#a%#?%#T$UU!W%#a+#5),,-2#([email protected]++-#-)=2#
(3)2032#*2>*.++b(#6/+:),2#'#.'-'032#+=#(3)20*)=)3#-)*2/'3<#*@252(c#Q/"0+#$)/.)
4(-(#012)%+)L1%(+1():(#12%+M;#!]#T^W;#^V^d^U^%#
KSHe;#F%#TB]]UW%#O'*8/2#+=#F3)2032#'(#a26)3*2,#)0#_8/b)(@#J)+-+4<#_2>*.++b(%#
L1%(+1()5*"1#&%/+;#U!;#fBBdff^%#
!"#
LKMHOHe;# L%a%# TB]]]W%# 5$) #+R$%-%-) *() $/-) $%E0/-) *() &(S&/%# H0# E2/'-2(# E'-'3)+(# `%L%# <#
&'g'-#,2#C2D0#E%#TH,(%W;#a),A3*)3'#,2#-'(#&)203)'(#H>62/)520*'-2(%#_2+/9'#<#E/A3*)3'#
,2#-'#H0(2g'1'#,2#-'(#&)203)'(##T66%#!]UY!BBW%#?-3+<X#M'/=)-%#
F?O&ZHe;#R%#Q#h?S&i&HC;##M%h%#TB]]]W%#jk8l#*)2020#20#3820*'#-+(#6/+=2(+/2(#
38'0,+#(2-233)+0'0#2-#3+0*20),+#,2#20(2g'01'c#&'5.)+(#<#,)=)38-*',2(#*/'(#80#
6/+4/'5'#,2#=+/5'3)D0%#5+-(H#I#)*()$#-)1%(+1%#-;#$V#T!W;#fB!Yf!^%#
F_HSO;# C%# Q# SNFHM?O;# L%# TB]]fW%# &'0# 5),,-2# ([email protected]++-# (3)2032# *2>*.++b(# @2-6#
(*8,20*(# -2'/0# )56+/*'0*# ),2'(c# `)0,)04(# =/+5# E/+G23*# B]"$m(# 38//)38-85#
2:'-8'*)+0#(*8,<X#C)=2#(3)2032%#Q/"0+#$)/.)4(-(#012)%+)L1%(+1():(#12%+M;#f$T"W;#\!Vd
\"V%#
nOK_Ha#O?_KNOF#T$UUBW%#?420,'#B$X#E/+4/'552#=+/#?3*)+0#=+/#F8(*')0'.-2#
a2:2-+6520*%#
!^#
!V#
)
)
)
)
)
)
$,)+"*0,!'1#)2()3,2*(&)4)0,2*(&)4)&%)*($,!'1#)!"#)($)
#'5($)2()3,*6'!'3,!'1#)(#)$,)(&!%($,)
#
0789:;)0<=>[email protected])0A8:B?C)
n0):2/(),',#,2#C'#C'480'#
#
*(&%0(#)
H-# ()48)20*2# */'.'G+# '6+/*'# 80# )0(*/8520*+# (203)--+# <# =)'.-2# 6'/'# 3+0+32/# -'#
E'/*)3)6'3)D0#,2#6',/2(#<#M',/2(#20#38'0*+#'#-+(#&20*/+(#H(3+-'/2(;#-'#&+580),',#
<#2-#Z+4'/%#F2#6'/*2#,2#*/2(#4/86+(#,)=2/20*2(#TN0-)02;#&@'/-'(#<#O+#=+/5'3)D0W%#?#
6'/*)/#,2#80'#582(*/'#*+*'-#,2#!!]#6',/2(#<#5',/2(;#,2#-+(#38'-2(#\"#2/'0#@+5./2(#
<# B^f# 58G2/2(# <# 38<+# /'04+# ,2# 2,',# 2(*'.'# 3+56/20,),+# 20*/2# -+(# $V# <# -+(# "\#
'g+(%##
F2#--2:'0#'#3'.+#'0A-)()(#,2#3+0()(*203)'#)0*2/0';#2(*/83*8/'-#='3*+/)'-#<#,)=2/203)'(#
20*/2# -+(# 4/86+(%# C'# 2(*/83*8/'# =)0'-# (2# *+/0'# 20# (2)(# ='3*+/2(# 2(*',9(*)3+(# 782#
2>6-)3'0# -'# T#0&%1%F#1%K+) $U*%1#V./0D#&%'#V/0M#+%I#&%'#B) (+) $#) 9/D"+%*#*B)
W+-&%&"1%/+#$# <# 3+0# ($) T0/.(-/0#*/%# ?()5)(5+;# *'5.)l0# (2# +.*)2020# +*/+(# ,+(#
='3*+/2(#782#3+//2(6+0,20#'-#5-&"*%/)M0"F#$)(+)1#-#),)-"F(0'%-%K+)2#W+&(0X-),)#F/,/)
(+)$#)&#0(#3)
3:B:D8:C)!B:E?F)6',/2(o#5',/2(o#6'/*)3)6'3)D0#<#320*/+(#2(3+-'/2(%#
)
)
6G()*($,6'"#&G'3)-(6H((#)3,*(#6&)6*,'#'#.),#2)&!G""$)
3,*6'!'3,6'"#)
)
,-&6*,!6))
`+--+p)04# 6'62/# 6/+:),2(# '# ()56-2# '0,# /2-)'.-2# )0(*/8520*# *+# ,2*2/5)0'*2# *@2#
)0:+-:2520*# +=# 6'/20*(# )0# [email protected]++-(;# &+5580)*<# '0,# Z+52%#K*# .24)0(# p)*@# *@/22#
,)==2/20*# 4/+86(# TN0-)02;# *'-b(# '0,# 0+*# */')0)04W;# =/+5# '# *+*'-# ('56-2# +=# !!]#
6'/20*(;#\"#p2/2#520#'0,#B^f#p2/2#p+520#[email protected]+(2#'42#/'042#p'(#.2*p220#$V#'0,#
"\%#
M')0#'0'-<(2(#p2/2X#)0*2/0'-#3+0()(*203<;#='3*+/#(*/83*8/2#'0,#,)==2/2032(#.2*p220#
4/+86(%#[email protected]# (*/83*8/2# .23+52(# =)0'-# )0# ()># (*'*)(*)3'-# ='3*+/(# 2>6-')0)04X# C2)(8/2Y
+/4'0)1'*)+0'-Y*/')0)04Y6'/*)3)6'*)+0;#)0#*@2#&+5580)*<;#K0(*)*8*)+0'-#'0,#p)*@#*@2#
!U#
_2'[email protected]/(%#?-(+;#p2#42*#*p+#+*@2/#='3*+/(#[email protected])[email protected]#'66-<#*+#F*8,<#'*#@+52#'0,#4/+86#
(862/:)()+0#'0,#K0*2/2(*#'0,#(866+/*#)0#*@2#*'(b%#
I?7JA8>CF)='*@2/(o#5+*@2/(o#6'/*)3)6'*)+0#'0,#([email protected]++-(%#
)
'#6*"2%!!'1#)
C'# E'/*)3)6'3)D0# ()40)=)3'# *+5'/# 6'/*2# 20# '-4I0# 6/+<23*+;# 2(# ,23)/;# (86+02# 3+0*'/#
3+0#-'#3'6'3),',#,2#3+0+32/#<#6+,2/#)0=-8)/#20#,23)()+02(#782#'=23*'0#'#2(*2#'(80*+%#
?-# 5)(5+# *)256+;# (2# ',78)2/2# 80# 4/',+# ,2# /2(6+0('.)-),',# 20# -+# =)0'-520*2#
,23),),+%##
C'# )56-)3'3)D0# ,2# -+(# 6',/2(# <# -'(# 5',/2(# 2(# 0232('/)'# 6'/'# '(248/'/# 2-# l>)*+# ,2#
[email protected]+(# 6/+4/'5'(# 2,83'*):+(;# 2(623)'-520*2# 20# -+(# 0):2-2(# .A()3+(%# C'#
6'/*)3)6'3)D0# ,2# l(*+(# 20# -'# 3+580),',# 2,83'*):'# 2(# 80# .820# 6/2,)3*+/# ,2# -'#
3'-),',;# *'-# <# 3+5+# 582(*/'0# # -+(# )0=+/52(# EKF?;# ,+0,2# -+(# 6'9(2(# 3+0# 52G+/2(#
/2(8-*',+(#*)2020#80'#'-*'#6'/*)3)6'3)D0%#
C'#6'/*)3)6'3)D0#2(3+-'/#,2.2#3+0(*)*8)/#80#6/+32(+#,2#3+-'.+/'3)D0#782#--2:'#'#-'#
3+580),',# 2,83'*):'# '# 3+56'/*)/# 52*'(# 3+5802(;# )56-)3A0,+(2# 20# -'# *+5'# ,2#
,23)()+02(# <# 20# -'(# *'/2'(# 782# ,2/):'0# ,2# ,)[email protected]'(# 52*'(3) R'/39'# ?-.'-',2G+;# ?%#
[email protected]#C)'/*2;#&%#TB]]"X#$\\W%##R202/'-520*2#20#-+(#320*/+(#2(3+-'/2(;#2>)(*20#,+(#
=+/5'(#,2#3+580)3'3)D0#3+0#-'(#='5)-)'(%#E+/#80#-',+;#-+(#*/'*+(#)0=+/5'-2(;#,+0,2#
-+(# 3+0*'3*+(# (+0# '# */':l(# ,2# =)2(*'(# 782# +/4'0)1'# 2-# 320*/+# <;# 2-# 3+0*'3*+# 782# (2#
2(*'.-232# '# -'# 20*/','# <# ('-),'# ,2-# 5)(5+%# E+/# +*/+# -',+;# 2>)(*2# -'# 3+580)3'3)D0#
=+/5'-;#,+0,2#2-#3+0*'3*+#2(#'#*/':l(#/280)+02(#20#-'(#3-'(2(#<#*8*+/9'(%#?,25A(#20#
-+(# 320*/+(# 2(3+-'/2(# 2>)(*2# 80'# ?ME?# T?(+3)'3)D0# ,2# M',/2(# <# E',/2(# ,2#
?-850+(q'(W;#38<'#+/4'0)1'3)D0#62/5)*2#782#-'(#='5)-)'(#)0*2/:204'0#20#2-#580,+#
2(3+-'/%#?#62('/#,2#782#682,'0#6'/232/#(8=)3)20*2(#:9'(#,2#3+580)3'3)D0;#(2#,2.2#
*/'.'G'/#5A(#20#-'#3'-),',#,2#2--'(#<#20#782#2-#8(+#782#(2#@'4'#,2#-'(#5)(5'(#(2'#
','6*',+#'#-'(#0232(),',2(#,2#'5.'(#6'/*2(%##
H0# 80# 2(*8,)+# /2'-)1',+# 6+/# 2-# K0(*)*8*+# O'3)+0'-# ,2# &'-),',# <# H:'-8'3)D0#
TR+01A-21Y?0-2+# <# 3+-;# $UUVW;# &'0'/)'(# 2(# -'# 3+580),',# '8*D0+5'# ,+0,2# -'#
'8(203)'#,2#6'/*)3)6'3)D0#2(#3'()#*+*'-%#E+/#2G256-+;#80#"Br#,2#-+(#6',/2(q5',/2(#
3+0*2(*'0# 782# 0+# '()(*20# '# /280)+02(;# 80# $^r# ,2(3+0+32# -'# 2>)(*203)'# ,2# -'(#
?ME?(;# 80# Ufr# 0+# 6'/*)3)6'# 20# 2--'(# ,2# =+/5'# '3*):';# 80# \!r# 0+# -+# @'32# ,2#
0)0480'#5'02/';#<#80#\]r#2(*A#)0('*)([email protected]+#3+0#2-#=803)+0'5)20*+#,2#-'(#?ME?(%#
_'5.)l0;#6'/'#2-#\Br#,2#-'(#='5)-)'(#2(#,2=)3)20*2#-'#)0=+/5'3)D0#,2#-'#5'/[email protected]'#,2#
-+(#320*/+(#'#*/':l(#,2#-'#3+0:+3'*+/)'#/248-'/#,2#-'(#/280)+02(#,2#6',/2(q5',/2(#
<#6/+=2(+/',+%#E+/#+*/+#-',+;#3+0#/2(623*+#'#-'#)56-)3'3)D0#,2#-+(#6',/2(#<#5',/2(#
3+0# ,)=2/20*2(# '(623*+(# ,2# -'# :),'# 2(3+-'/;# 2-# )0=+/52# ,2(*'3'# :'/)+(# '(623*+(%# H0#
6/)52/#-84'/;#(+./2#-'(#6+().)-),',2(#,2#3+580)3'3)D0#20*/2#-'(#='5)-)'(#<#2-#320*/+#
2,83'*):+;# (2# /23'-3'# 782# -'(# /2(682(*'(# ,2# -+(# 6',/2(# <# 5',/2(# 2(# '=)/5'*):'# ,2#
=+/5'#5'<+/)*'/)'#38'0,+#(2#-2(#6/2480*'#(+./2#-'(#='3)-),',2(#,2#3+0*'3*+#3+0#2-#
6/+=2(+/',+# T^^rW%# H-q'# *8*+/q'# 2(# (8# )0*2/-+38*+/q'# 5A(# @'.)*8'-# T^"rW;#
,2(*'3'0,+#+*/'#:9'#5A(#=+/5'-#3+5+#-'(#3'/*'(#TfUrW#(+./2#2-#3+0*'3*+#*2-2=D0)3+;#
5A(#)0=+/5'-#TB]rW%#H0#38'-78)2/#3'(+;#-'#)56-)3'3)D0#,2#-'(#='5)-)'(#20#-+(#320*/+(#
2,83'*):+(#2(#5A(#.)20#2(3'('%#R8'/,)';#S%#M%#TB]]BW%##
H0#+*/+#2(*8,)+;#2(*'#:21#20#-'#=+/5'3)D0#6/+=2()+0'-#TK&H&;#$UUU.W#(2#,2582(*/'#
782#-'(#20*/2:)(*'(#20*/2#-+(q'(#*8*+/2(q'(#,2-#4/86+#<#-'(#='5)-)'(#(+0#2(3'('(#<'#
f]#
782# 80# ^Br# ,2# -+(# 6',/2(q5',/2(# ,)320# 0+# @'.2/# @'.-',+# 0803'# 3+0# -+(q'(#
*8*+/2(q'(#,2#(8(#@)G+(q'(%#H0#2(*2#5)(5+#2(*8,)+;#80#VVr#,2#-'(#='5)-)'(#,)320#0+#
6'/*)3)6'/# ,2# 0)0480'# 5'02/'# 20# -+(# 320*/+(# <;# 2-# /2(*+# (2# ,)(*/).8<2# 20*/2#
6'/*)3)6'/#20#-'#?ME?#T80#"rW;#20#-'(#'('5.-2'(#,2#6',/2(q5',/2(#T80#frW#<#20#
2-#&+0(2G+#H(3+-'/#T80#BrW%#R8'/,)';#S%#M%#TB]]BW%#
E+/#+*/'#6'/*2;#-'#6'/*)3)6'3)D0#:)202#52,)'*)1','#6+/#-+#,)/23*'520*2#/2-'3)+0',+#
782#(2#203820*/2#-'#62/(+0';#2(*+#-+#,2582(*/'0#-+(#()48)20*2(#/2(8-*',+(X#
C'(# 3+0:+3'*+/)'(# 2(3+-'/2(# 782# @'32# 2-# 6/+=2(+/',+# ,2-# 38/(+# 20# 2-# 782# (2#
203820*/'#2-q-'#@)G+q'#*20,/A#5'<+/#6'/*)3)6'3)D0#U]ro#5)20*/'(#782#0+#+38//2#-+#
5)(5+#38'0,+#-'#3+0:+3'*+/)'#2(#6'/'#80#3)3-+#"]r%#&8'0,+#2-#3-'8(*/+#3+0:+3'#'#
*+,'#-'#2(382-';#-'#'()(*203)'#2(#.'G'#<;#5A(#'I0#,)(5)08<2#-'#'()(*203)'#38'0,+#2(#-'#
?ME?# 78)20# 3+0:+3'# '# -'(# ='5)-)'(%# _+//20*2# M%;# _([email protected]+//2;# E%# <# h)--'-*';# M%#
T$UV^XUUW%##
)
0K6"2")
3,*6'!'3,#6(&)
C'# 582(*/'# *+*'-# +.G2*+# ,2# 2(*8,)+# 3+//2(6+0,2# '# !!]# 6',/2(# <# 5',/2(;# ,2# -'(#
38'-2(# \"# (+0# @+5./2(# <# B^f# 58G2/2(;# ,+0,2# 2-# /'04+# ,2# 2,',# 5'<+/# 2(*A#
3+56/20,),+# 20*/2# !$Yf\# 'g+(# TB!B# 62/(+0'(W%# ?()5)(5+;# 2-# 2(*',+# 3):)-#
6/2,+5)0'0*2#20#-'#582(*/'#,2#2(*8,)+#2(#2-#,2#&'(',+s'#TB$VW;#()48)20,+#'#l(*2#
0+(#203+0*/'5+(#3+0#62/(+0'(#F+-*2/+(s'(#T\fW%#H0#38'0*+#'-#0):2-#,2#2(*8,)+(;#-'#
3'*24+/9'# 782# +.*)202# 5'<+/# 680*8'3)D0# 2(# 2-# 80):2/()*'/)+(;# 3+0# $$$%# M)20*/'(#
782# V"# 62/(+0'(# 3+//2(6+0,20# '# 80# 0):2-# ,2# 2(*8,)+(# 52,)+(# <q+# `+/5'3)D0#
E/+=2()+0'-%#C'(#62/(+0'(#782#@'0#6'/*)3)6',+#20#2(*'#)0:2(*)4'3)D0#3+//2(6+0,20#
'#fU#580)3)6)+(#,2#&'0'/)'(%))
)
'#&6*%0(#6"&)
H-#382(*)+0'/)+#6/2*20,2#52,)/#2-#4/',+#,2#6'/*)3)6'3)D0#,2#5',/2(#<#6',/2(#*'0*+#
20#-'#2,83'3)D0#,2#(8(#@)G+(#2#@)G'(;#20#-'#3+580),',#3+5+#20#2-#@+4'/%##
H(*2# 382(*)+0'/)+# 2(*A# 3+5682(*+# ,2# !]# 9*25(;# ,):),),+# 20# ,+(# 6'/*2(%# H0# 6/)52/#
-84'/;#-'(#6/2480*'(#0852/','(#,2#-'#B#'#-'#$]#TU#9*25(W;#3+//2(6+0,20#'#6/2480*'(#
782#,2.20#/2(6+0,2/(2#52,)'0*2#F9;#O+#<q+#O+#('.2%#H0#(2480,+#<#I-*)5+#-84'/;#B$#
9*25(#680*8'.-2(#(24I0#2(3'-'#,2#C)b2/*#,2#\#680*+(;#782#(2#/2=)2/20#'#-'#=/238203)'#
,2# ,2*2/5)0','(# 3+0,83*'(# (+./2# -'# 6'/*)3)6'3)D0X# E+3+# =/23820*2# $o# ?-4+#
=/23820*2# Bo# M2,)'0'520*2# =/23820*2# !o# `/23820*2# f# <# M8<# =/23820*2# \%# H-#
)0(*/8520*+# 782# 5),2# E'/*)3)6'3)D0# ,2# E',/2(# <# M',/2(# 2(*A# 3+5682(*+# 6+/# !#
='3*+/2(# -D4)3+(# ,)(*/).8),+(# (24I0# -+(# ()48)20*2(# 9*25(# 782# (2# 0+5./'0# 20# -'#
6:DB:)'%#
#
6:DB:)'F)`'3*+/2(#-D4)3+(#,2-#&82(*)+0'/)+#E'/*)3)6'3)D0#,2#E',/2(#<#M',/2(#
3:8L9M9N:M9O=)
?=)!?=L8AC)
(CMAB:8?C)
! j&+0#78l#=/238203)'#*2#3+580)3'(#3+0#2-#6/+=2(+/',+#,2#*8#@)G+q'c#
! j&+0#78l#=/238203)'#(82-2(#'38,)/#'#_8*+/9'(c#
f$#
)
! jH0# 78l# 4/',+# *2# )0:+-83/'(# 20# -'# 2-'.+/'3)D0;# +/4'0)1'3)D0# <#
2G2383)D0#,2#-'(#'3*):),',2(#,2-#320*/+c#
! j&+0#78l#=/238203)'#(82-2(#'38,)/#'#/280)+02(#3+0#2-#6/+=2(+/',+c#
! j&+0#78l#=/238203)'#(82-2(#'38,)/#/280)+02(#3+0#2-#?ME?c#
! j&+0# 78l# =/238203)'# (82-2(# '38,)/# '# =)2(*'(# T=)0# ,2# 38/(+W;# 2:20*+(#
(2g'-',+(#T&'/0':'-2(Wc#
! jH0#78l#4/',+#(82-2(#6'/*)3)6'/#20#-'#2-'.+/'3)D0#<#+/4'0)1'3)D0#,2#
=)2(*'(#T=)0#,2#38/(+W;#2:20*+(#(2g'-',+(#T&'/0':'-2(Wc#
! j&+0#78l#=/238203)'#(82-2(#'38,)/#'#2>38/()+02(;#('-),'(#<#:)'G2(#782#
+/4'0)1'#2-#320*/+#6'/'#*8(#@)G+(q'(c#
! j&+0#78l#=/238203)'#(82-2(#'38,)/#'#[email protected]'/-'(#=+/5'*):'(c#
! jF82-2(# 6'/*)3)6'/# 20# -'# 2-'.+/'3)D0# ,2# 6/+<23*+(# 3+0# 2-#
6/+=2(+/',+c#H>62/)203)'(#782#2-#320*/+#*204'#
! jF82-2(# 6'/*)3)6'/# 20# -'# 2-'.+/'3)D0# ,2-# S24-'520*+# ,2# Sl4)520#
K0*2/0+#,2-#320*/+#2(3+-'/c#
! j&+0# 78l# =/238203)'# (82-2(# '38,)/# '# -'(# /280)+02(# 782# 32-2./'# -'#
?(+3)'3)D0#,2#'0*)48+(q'(#'-850+(q'(c#
! j&+0#78l#=/238203)'#6'/*)3)6'(#20#-'#+/4'0)1'3)D0#,2#-'(#'3*):),',2(#
,2#-'#?(+3)'3)D0#,2#'0*)48+(q'(#'-850+(q'(c#
3:8L9M9N:M9O=)
?=)B:)
!A;P=9>:>)
)
! jH0# 78l# 4/',+# (82-2(# 6'/*)3)6'/# 20# -'# +.*203)D0# ,2# =+0,+(# T/)='(;#
3+5),';#2*3%W#6'/'#-'(#=)2(*'(#,2#*8#.'//)+c#
#
! j&+0# 78l# =/238203)'# '38,2(# '# -'(# /280)+02(# ,2# -'# ?(+3)'3)D0# ,2#
:23)0+(q'(c#
! jH0# 78l# 4/',+# *2# )0:+-83/'(# 20# -'# 2-'.+/'3)D0;# +/4'0)1'3)D0# <#
2G2383)D0#,2#-'(#'3*):),',2(#,2#*8#3+580),',;#.'//)+;#682.-+;#2*3%c#
! H0# 3'(';# j3+0# 78l# =/238203)'# (82-2(# 6/2480*'/-2# '# *8# @)G+q'# 3D5+# -2#
@'#),+#20#3-'(2c#
3:8L9M9N:M9O=)
?=)?B)GAQ:8)
)
! j&+0# 78l# =/238203)'# (82-2# )/# *8# @)G+q'# '# -'# 3'('# ,2# -+(q'(#
3+56'g2/+(q'(#'#/2'-)1'/#*/'.'G+(#<q+#2(*8,)'/#+#l(*+(q'(#:)2020#'#-'#
*8<'c#
! j&+0# 78l# =/238203)'# (82-2(# 2(*'/# 6/2(20*2# 6'/'# '3-'/'/q'<8,'/# '# *8#
@)G+q'# <# '# (8(# 3+56'g2/+(q'(# ,2# 3-'(2# 38'0,+# (2# /2I020# 20# *8# 3'('#
6'/'#2(*8,)'/#<q+#/2'-)1'/#*/'.'G+(c##
! H0#3'(';#j3+0#78l#=/238203)'#'<8,'(#'#*8#@)G+q'#20#-'(#*'/2'(c#
! j&+0#78l#=/238203)'#5)/'(#-'#'420,'#2(3+-'/#,2#*8#@)G+q'c#
)
3*"!(2'0'(#6")
E'/'#--2:'/#'#3'.+#2(*'#)0:2(*)4'3)D0#(2#/2'-)1D#80#382(*)+0'/)+#,2#"\#9*25(#20#*+*'-;#
<'#782#(2#@'0#/2'-)1',+#!#382(*)+0'/)+(#)0,2620,)20*2(;#2(#,23)/;#80+#,2#2--+(#5),2#
!"#$%&%'"&%()*+,*!"+#,-*.*/"+#,-)T!]#9*25(W;#+*/+#0-$%12-*0+3&"$%42-*+,*!"+#,-*
.*/"+#,-#TB]#9*25(W#<;#=)0'-520*2;#52)2&%6%,)$2*+,1*/3)+2*0-&21"##T$\#9*25(W%#
C'#=+/5'#,2#/2(682(*'#782#(2#6),2#6'/'#2-#382(*)+0'/)+#2(#:'/)','%#Z'<#U#9*25(#,2-#
fB#
!P?CL9A=:89A) >?) 3:8L9M9N:M9O=) >?) 3:>8?C) 7) 0:>8?C;# 38<'# =+/5'# ,2# /2(682(*'#
782#(2#6),2#2(#,2#F9;#O+#<q+#O+#F'.2%#?,25A(;#@'<#B$#9*25(#782#5),20#=/238203)'#
T0I52/+(# ,2-# $# '-# \;# ,+0,2# $# 2(# 6+3+# =/23820*2# <# \# 2(# 58<# =/23820*2W%# H-#
!P?CL9A=:89A) >?) (CL9BAC) TB]# 9*25(W# 5),2# ,2(,2# $# 0803'Y0','# '# \# ()256/2s*+,+%#
`)0'-520*2;# T382(*)+0'/)+# !W;# -+(# $\# I-*)5+(# 9*25(# 5),20# !A=AM9;9?=LA) >?B)
0P=>A)(CMAB:8;#,+0,2#(2#6),2#782#(2#/2(6+0,'#:2/,',2/+#+#='-(+%##
F2# =+/5'/+0# !# 4/86+(# ,2# 582(*/'(# @2*2/+4l02'(%# n0+# ,2# -+(# 4/86+(# 62/*20232# '#
`'5)-)'(20/2,# R$# T=+/5'3)D0# +0-)02W# ()20,+# 2-# 5)(5+# ,2# $^f# 6'/*)3)6'0*2(%# N*/+#
4/86+# RB;# T&@'/-'(W# 2(# 2-# 782# '38,2# '# [email protected]'/-'(# =+/5'*):'(# 6/2(203)'-2(# 3+0# U]#
62/(+0'(#<;#=)0'-520*2;#80#4/86+#3+0*/+-#TR!W# 782#0+#2(*A#)03-8),+#20#0)0480+#,2#
-+(# '0*2/)+/2(# 3+0# ""# 6'/*)3)6'0*2(;# '-# 782# --'5'/25+(# 4/86+# ,2# O+# `+/5'3)D0%#
F)20,+#2-#*+*'-#,2#-'#582(*/'#,2#!!]#6',/2(#<#5',/2(%#
H0#38'0*+#'#-'#=+/5'#,2#',5)0)(*/'/#-+(#382(*)+0'/)+(#,2620,2#,2#3','#4/86+%#F2#
@'# 3/2',+# B# :2/()+02(# ,2-# 5)(5+# 382(*)+0'/)+;# 2(# ,23)/;# 6'/'# 2-# 4/86+# ,2#
`'5)-)'(20/2,;#(2#@'#2(*'.-23),+#80'#:2/()D0#+0-)02%#H0#38'0*+#'-#R/86+#B;#,+0,2#
-'(# [email protected]'/-'(# 6/2(203)'-2(# (+0# ,2# ,):2/('# *25A*)3'# /2(6+0,2/A0# -'(# 62/(+0'(# 782#
'38,'0# '# -'(# 5)(5'(%# # `)0'-520*2;# 2-# 4/86+# !;# ,2# O+# `+/5'3)D0;# 3+0*2(*'/A# ,2# -'#
5)(5'#=+/5'#782#2-#4/86+#B;#20#6'62-%#
)
*(&%$6,2"&)
H0# 6/)52/# -84'/;# (2# '0'-)1'0# ()# -+(# /2(8-*',+(# ,2-# 382(*)+0'/)+# E'/*)3)6'3)D0# ,2#
M',/2(#<#E',/2(#6+(220#-'#3+0()(*203)'#)0*2/0'#0232('/)'#6'/'#(2/#3+0(),2/',+#80#
)0(*/8520*+#=)'.-2;#6'/'#-+#782#8*)-)1D#2-#3+2=)3)20*2#,2#=)'.)-),',#?-='#,2#&/+0.'[email protected]%#
H-#3+2=)3)20*2#/2(8-*'0*2#*/'(#2-#'0A-)()(#'//+G'#80#:'-+/#,2#tu#%V$;#-+#782#3+0=)/5'#
(8#'-*'#3+0()(*203)'#)0*2/0'#<;#6+/#-+#*'0*+#(2#3+0(),2/'#80'#6/82.'#=)'.-2%#
H0# (2480,+# -84'/;# (2# '0'-)1'# ()# -'# 2(*/83*8/'# -D4)3'# 3+0# -'# 782# (2# +/4'0)1'0# -+(#
3+0*20),+(# ,2-# &82(*)+0'/)+# E'/*)3)6'3)D0# (2# 3+//2(6+0,2# 3+0# -'# 2(*/83*8/'#
2(*',9(*)3'# ,2/):','# ,2# -'(# /2(682(*'(# 782# -+(# 6',/2(# <# -'(# 5',/2(# ,'0# '# -+(#
,)=2/20*2(#9*25(#,2-#382(*)+0'/)+%#E'/'#2--+;#(2#--2:'#'#3'.+#80#'0A-)()(#='3*+/)'-#3+0#
2-# +.G2*+# ,2# 203+0*/'/# -'(# 6+().-2(# 3+5.)0'3)+02(# -)02'-2(# T='3*+/2(W# ,2# -+(# B$#
9*25(# '0'-)1',+(# <;# ,2*2/5)0'/# '(9# -'# 2(*/83*8/'# ='3*+/)'-# ,2# -+(# ,'*+(%# H-# 5l*+,+#
256-2',+# 2(# 2-# ?0A-)()(# ,2# &+56+020*2(# E/)03)6'-2(# 3+0# /+*'3)D0# h'/)5'>%#
F)48)20,+# -'# /24-'# ,2# P')(2/# T$U\VW;# (2# *+5'/+0# -+(# ='3*+/2(# 3+0# :'-+/# 6/+6)+#
5'<+/# 782# $;# /2(8-*'0,+# "# ='3*+/2(# 782# 2>6-)3'0# 2-# RSTUV# ,2# -'# :'/)'01'%# F2# @'0#
,2(2(*)5',+(#-+(#9*25(#782#*204'0#80#62(+#='3*+/)'-#)0=2/)+/#'#%f]%#
H0#-'#6:DB:)'';#(2#,'0#0+5./2#'#3','#80+#,2#-+(#='3*+/2(#3+0#(8(#/2(623*):+(#9*25(#
<# (2# '3+56'g'0# ,2-# 6+/320*'G2# ,2# :'/)'01'# 782# 2>6-)3'# 3','# ='3*+/# ,2-#
382(*)+0'/)+%# &+0# 2-# '4/86'5)20*+# ,2# -+(# ='3*+/2(# +.*20),+(# */'(# 2-# '0A-)()(#
2(*',9(*)3+;#6+,25+(#,23)/#782#-'#3+5.)0'3)D0#2(#-D4)3'#<#[email protected]/20*2#<;#6+/#2--+#@'#
(),+#=A3)-#'()40'/#0+5./2(#'#3','#80+#,2#2--+(%#C+(#B$#9*25(#,2-#382(*)+0'/)+#(2#@'0#
/2'4/86',+(#20#"#='3*+/2(#+.*20),+(#'#*/':l(#,2-#'0A-)()(#2(*',9(*)3+%##
H0*/2#2--+(;#,2(*'3'#80#N89;?8)W:MLA8#782#2>6-)3'#80#SXTRV#,2#-'#:'/)'01'%#&+5+#
6+,25+(# +.(2/:'/# 20# -'# 6:DB:) '';# 20# 2-# 6/)52/# ='3*+/# (2# '4/86'0# 6/A3*)3'520*2#
*+,+(# -+(# 9*25(# ,2-# ='3*+/# -D4)3+X# vE'/*)3)6'3)D0# 20# -+(# &20*/+(# H(3+-'/2(w) <;# -+#
@25+(# ,20+5)0',+X# !"#$%&%'"&%()* 17+%&"892#6"$%4"82#:")%;"$%4"<* <'# 782# @'32#
f!#
/2=2/203)'#'#'38,)/#'#[email protected]'/-'(#=+/5'*):'(;#+/4'0)1'/#2:20*+(;#'(9#3+5+#'38,)/#'#-+(#
5)(5+(=*
H-#C?QP=>A)W:MLA8#,2/):',+#,2-#'0A-)()(#2>6-)3'#80#YXTSV#,2#-'#:'/)'01'%#K03-8<2#'#
*+,+(#-+(#9*25(#,2-#='3*+/#-D4)3+X#v!"#$%&%'"&%()*,)*1"*5263)%+"+w%#a2#2(*2#5+,+;#
5'0*2025+(#2-#0+5./2#,2-#='3*+/%#
H0#38'0*+#'-#L?8M?8)W:MLA8#782#2>6-)3'#80#ZTXV#,2#-'#:'/)'01';#*+,+(#-+(#9*25(#782#
'6'/2320#'789;#62/*20239'0#'-#='3*+/#-D4)3+#vE'/*)3)6'3)D0#20#-+(#&20*/+(#H(3+-'/2(w#
<;# *)2020# 782# :2/# 20# (8# 5'<+/9'# 3+0# -'# 6'/*)3)6'3)D0# ,2# 6',/2(# <# 5',/2(# 20#
?(+3)'3)+02(# ,2# '0*)48+(q'(# '-850+(q'(%# E+/# 2--+;# -+# @25+(# ,20+5)0',+X#
!"#$%&%'"&%()*>)-$%$3&%2)"1=*
H-# MP:8LA) W:MLA8# 2>6-)3'# 80# RT[V# ,2# -'# :'/)'01'%# C+(# 9*25(# 6+/# -+(# 782# 2(*A#
3+5682(*+#62/*20239'0#'-#='3*+/#-D4)3+#vE'/*)3)6'3)D0#20#-+(#&20*/+(#H(3+-'/2(w#<;#
*)2020# 782# :2/# 20# (8# *+*'-),',# 3+0# -'(# /2-'3)+02(# <# '()(*203)'# '# /280)+02(# 3+0# 2-#
6/+=2(+/',+%#E+/#2--+;#-2#,'/25+(#2-#0+5./2#,2#!"#$%&%'"&%()*&2)*,1*!#29,-2#"+/3)
H-#\P9=LA)W:MLA8#782#2>6-)3'#80#]T^V#,2#-'#:'/)'01'#2(*A#3+5682(*+#6+/#-+(#9*25(#
782# 20# (8# 5'<+/9'# /26/2(20*'.'0# '-# ='3*+/# -D4)3+# vE'/*)3)6'3)D0# 20# 2-# Z+4'/w%#
_)2020# 782# :2/# 3+0# vD%0#0) $#) #M(+*#) (-1/$#0YB) Z$#) F0(-(+1%#) *() 1/DF#H(0/-?#-) (+)
1#-#) F#0#) (-&"*%#0) #-J) 1/D/) (-&#0) *%-F/+%E$() (+) *%12#-) 0("+%/+(-) F#0#) 0(-/$'(0) /)
#1$#0#0) *"*#-Y%# E+/# 2(*+;# ,20+5)0'5+(# '-# ='3*+/?* 0-$3+%2* @#3'"1* ,)* &"-"* .*
-3',#4%-%()3)
`)0'-520*2;#2-#C?_LA)W:MLA8#2>6-)3'#80#]TXV#,2#-'#:'/)'01'%#H0#2(*2#='3*+/#*'5.)l0#
'6'/2320# 9*25(# /2-'3)+0',+(# 3+0# 2-# ='3*+/# -D4)3+# vE'/*)3)6'3)D0# 20# 2-# Z+4'/w%# F2#
*/'*'# ,2# '(623*+(# 5A(# '=23*):+(# <# ,2# /2(6+0('.)-),',# 3+5+# 5',/2(# <# 6',/2(%# E+/#
2--+;#--'5'5+(#'#2(*2#='3*+/X#>)$,#A-*.*"'2.2*,)*1"*$"#,"=*
*
6:DB:)''F)?0A-)()(#`'3*+/)'-#,2-#&82(*)+0'/)+#E'/*)3)6'3)D0#,2#E',/2(#<#M',/2(#
`'3*+/2(#
r#
h'/)'01'#
x*25(#
! jH0# 78l# 4/',+# *2# )0:+-83/'(# 20# -'# 2-'.+/'3)D0;#
+/4'0)1'3)D0#<#2G2383)D0#,2#-'(#'3*):),',2(#,2-#320*/+c#
! j&+0# 78l# =/238203)'# (82-2(# '38,)/# /280)+02(# 3+0# 2-#
?ME?c#
3:8L9M9N:M9O=)
B`>9M:a)
WA8;:L9E:a
A8Q:[email protected]:L9E:)
! j&+0# 78l# =/238203)'# (82-2(# '38,)/# '# =)2(*'(# T=)0# ,2#
38/(+W;#2:20*+(#(2g'-',+(#T&'/0':'-2(Wc#
B!;"#
! jH0# 78l# 4/',+# (82-2(# 6'/*)3)6'/# 20# -'# 2-'.+/'3)D0# <#
+/4'0)1'3)D0# ,2# =)2(*'(# T=)0# ,2# 38/(+W;# 2:20*+(# (2g'-',+(#
T&'/0':'-2(Wc#
! j&+0#78l#=/238203)'#(82-2(#'38,)/#'#2>38/()+02(;#('-),'(#
<#:)'G2(#782#+/4'0)1'#2-#320*/+#6'/'#*8(#@)G+(q'(c#
! j&+0#78l#=/238203)'#(82-2(#'38,)/#'#[email protected]'/-'(#=+/5'*):'(c#
! jF82-2(#6'/*)3)6'/#20#-'#2-'.+/'3)D0#,2#6/+<23*+(#3+0#2-#
6/+=2(+/',+c#H>62/)203)'(#782#2-#320*/+#*204')
)
3:8L9M9N:M9O=)
$!;B#
! jH0# 78l# 4/',+# (82-2(# 6'/*)3)6'/# 20# -'# +.*203)D0# ,2#
ff#
!A;P=9L:89:)
=+0,+(#T/)='(;#3+5),';#2*3%W#6'/'#-'(#=)2(*'(#,2#*8#.'//)+c#
! j&+0# 78l# =/238203)'# '38,2(# '# -'(# /280)+02(# ,2# -'#
?(+3)'3)D0#,2#:23)0+(q'(c#
! jH0# 78l# 4/',+# *2# )0:+-83/'(# 20# -'# 2-'.+/'3)D0;#
+/4'0)1'3)D0# <# 2G2383)D0# ,2# -'(# '3*):),',2(# ,2# *8#
3+580),',;#.'//)+;#682.-+;#2*3%c#
! jF82-2(# 6'/*)3)6'/# 20# -'# 2-'.+/'3)D0# ,2-# S24-'520*+# ,2#
Sl4)520#K0*2/0+#,2-#320*/+#2(3+-'/c#
3:8L9M9N:M9O=)
'=CL9LPM9A=:B)
V;!#
! j&+0# 78l# =/238203)'# (82-2(# '38,)/# '# -'(# /280)+02(# 782#
32-2./'#-'#?(+3)'3)D0#,2#'0*)48+(q'(#'-850+(q'(c#
! j&+0#78l#=/238203)'#6'/*)3)6'(#20#-'#+/4'0)1'3)D0#,2#-'(#
'3*):),',2(#,2#-'#?(+3)'3)D0#,2#'0*)48+(q'(#'-850+(q'(c#
3:8L9M9N:M9O=)
MA=)?B)
38AW?CA8:>A)
(CLP>9A)Q8PN:B)
?=)M:C:)7)
CPN?8E9C9O=)
! j&+0#78l#=/238203)'#*2#3+580)3'(#3+0#2-#6/+=2(+/',+#,2#
*8#@)G+q'c#
";f#
! j&+0#78l#=/238203)'#(82-2(#'38,)/#'#_8*+/9'(c#
! j&+0#78l#=/238203)'#(82-2(#'38,)/#'#/280)+02(#3+0#2-#
6/+=2(+/',+c#
! j&+0# 78l# =/238203)'# (82-2(# 2(*'/# 6/2(20*2# 6'/'#
'3-'/'/q'<8,'/#'#*8#@)G+q'#<#'#(8(#3+56'g2/+(q'(#,2#3-'(2#
38'0,+# (2# /2I020# 20# *8# 3'('# 6'/'# 2(*8,)'/# <q+# /2'-)1'/#
*/'.'G+(c##
\;U#
! j&+0#78l#=/238203)'#(82-2#)/#*8#@)G+q'#'#-'#3'('#,2#-+(q'(#
3+56'g2/+(q'(#'#/2'-)1'/#*/'.'G+(#<q+#2(*8,)'/#+#l(*+(q'(#
:)2020#'#-'#*8<'c#
! j&+0# 78l# =/238203)'# 5)/'(# -'# '420,'# 2(3+-'/# ,2# *8#
@)G+q'c#
'=L?8<C)7)
:NA7A)?=)B:)
L:8?:)
\;!#
! H0# 3'(';# j3+0# 78l# =/238203)'# '<8,'(# '# *8# @)G+q'# 20# -'(#
*'/2'(c#
! H0# 3'(';# j3+0# 78l# =/238203)'# (82-2(# 6/2480*'/-2# '# *8#
@)G+q'#3D5+#-2#@'#),+#20#3-'(2c#
H0# *2/32/# -84'/;# (2# --2:D# '# 3'.+# 80# '0A-)()(# ,2# -+(# U# 9*25(# ,)3+*D5)3+(%# H0# ,)[email protected]+#
'0A-)()(#203+0*/'5+(#-+(#()48)20*2(#,'*+(#/2-2:'0*2(X#
H0# 38'0*+# '# -'# 6/2480*'# ,2# -%) ($) 1(+&0/) (-1/$#0) /0M#+%I#) 12#0$#-) ./0D#&%'#-) F#0#)
F#*0(-) ,) D#*0(-B# 203+0*/'5+(# 782# 2>)(*20# ,)=2/203)'(# 20*/2# -+(# 4/86+(;# ()20,+# 2-#
4/86+#,2#`'5)-)'(20/2,#2-#782#5'<+/#6+/320*'G2#,2#/2(682(*'#'=)/5'*):'#*)202%#F)0#
25.'/4+;# 3+5+# (2# :2/A# 5A(# ',2-'0*2;# 2-# 4/86+# 782# 5A(# '38,2# '# -'(# [email protected]'/-'(#
=+/5'*):'(#2(#2-#4/86+#&@'/-'(%#
N*/+# '(623*+# 2(# 2-# ,2# F(0&(+(1(0) #$) 6[T6%# M)20*/'(# 782# 2>)(*20# ,)=2/203)'(#
()40)=)3'*):'(#20*/2#-+(#*/2(#4/86+(;#2-#4/86+#782#,2(*'3'#6+/#62/*20232/#'-#5)(5+#
2(#2-#,2#`'5)-)'(20/2,%#F)0#25.'/4+;#2-#3+-23*):+#782#5A(#'38,2#'#-'(#/280)+02(#,2-#
?ME?#2(#2-#4/86+#,2#&@'/-'(%##
f\#
#
#
N0-)02#
&@'/-'(#
O+#
`+/5'3)D0#
jH-#320*/+#2(3+-'/#(82-2#+/4'0)1'/#
[email protected]'/-'(#=+/5'*):'(#,)/)4),'(#'#
6',/2(#<#5',/2(c#
U!#
\^#
\$#
BU;Vr#
$V;!r#
$";!r#
V"#
\$#
$B#
BV;$r#
$";^r#
!;Ur#
j`+/5'(#6'/*2#,2-#?ME?c#
&@)YB#
];]]$#
];]]]#
#
`)0'-520*2;#6'/'#3+56/+.'/#()#2>)(*20#,)=2/203)'(#20*/2#-+(#*/2(#4/86+(#,2#2(*8,)+#
(2#--2:D#'#3'.+#80#'0A-)()(#,2#:'/)'01'#T?ONh?W#,2#80#='3*+/#3+0#-+(#B$#9*25(#,2#
2(3'-'%# a2# 2(*'# =+/5'# ('./25+(# ()# 2>)(*20# ,)=2/203)'(# ()40)=)3'*):'(;# '(9# 3+5+# 78l#
4/86+#T52,)'W#680*I'#5A(#6'/'#3','#9*25#20#/2-'3)D0#'-#/2(*+#,2#4/86+(%#6:DB:)'''b#
E'/'# --2:'/# '# 3'.+# ,)[email protected]+# '0A-)()(# 8('/25+(# 2-# 3+0*/'(*2# '# 6+(*2/)+/)# ,2# [email protected]==l;#
682(*+#782;#-+(#4/86+(#3+0#-+(#782#*/'.'G'5+(#*)2020#582(*/'(#,2(278)-)./','(#<#
782/25+(#(2/#3+0(2/:',+/2(%#a2(68l(#,2#--2:'/#'#3'.+#2-#'0A-)()(#6+,25+(#--24'/#'#
-+(#()48)20*2(#/2(8-*',+(X#
! H>)(*20# ,)=2/203)'(# ()40)=)3'*):'(# 20*/2# -+(# 4/86+(# `'5)-)'(20/2,# <# O+#
`+/5'3)D0;# 20# 38'0*+# #$) M0#*/) *() ($#E/0#1%K+B) /0M#+%I#1%K+) ,) (\(1"1%K+) *() $#-)
#1&%'%*#*(-)*($)1(+&0/B)()20,+#2-#4/86+#,2#`'5)-)'(20/2,#2(#2-#782#5A(#(2#)0:+-83/'%#
! H0# 38'0*+# '# -'(# 0("+%/+(-) 1/+) ($) F0/.(-/0#*/;# 2>)(*20# ,)=2/203)'(# ()40)=)3'*):'(#
20*/2# &@'/-'(# <# O+# =+/5'3)D0;# ()20,+# 2-# 4/86+# ,2# &@'/-'(# 2-# 782# 5A(# '38,2# '# -'(#
5)(5'(%##
! H0# /2-'3)D0# '# #1"*%0) #) $#-) 0("+%/+(-) G"() (-&#E$(1() ($) 6[T6;# 203+0*/'5+(#
,)=2/203)'(#()40)=)3'*):'(#20#-+(#*/2(#4/86+(%#F)0#25.'/4+;#2-#4/86+#&@'/-'(#2(#2-#782#
5A(#'38,2#'#-'(#5)(5'(%##
! ?# -'# @+/'# ,2# #1"*%0) #) $#-) .%(-&#-) ,) ('(+&/-) -(H#$#*/-) *($) 9(+&0/;# (2# +.(2/:'0#
,)=2/203)'(#()40)=)3'*):'(#20*/2#&@'/-'(#<#O+#=+/5'3)D0;#()20,+#2-#4/86+#,2#&@'/-'(#
2-#4/86+#782#5A(#'()(*2#'#-'(#5)(5'(%#
! H>)(*20# ,)=2/203)'(# ()40)=)3'*):'(# 20# -+(# */2(# 4/86+(%# H-# 4/86+# `'5)-)'(20/2,# (2#
,)=2/203)'# ,2# =+/5'# ()40)=)3'*):'# T];]]]W# ,2-# 4/86+# ,2# &@'/-'(# 20# -'# #-%-&(+1%#) #)
92#0$#-)]/0D#&%'#-#20#2-#&20*/+#<#,2-#4/86+#,2#O+#`+/5'3)D0%#M)20*/'(#782#2>)(*20#
,)=2/203)'(# ()40)=)3'*):'(# T];]]$W# 20*/2# -+(# 4/86+(# ,2# &@'/-'(# <# O+# =+/5'3)D0%# F)0#
25.'/4+;# 2-# 4/86+# 782# 5A(# '38,2# '# -'(# [email protected]'/-'(# 20# -+(# 320*/+(# 2(# 2-# 4/86+# ,2#
&@'/-'(%#
! H0# /2-'3)D0# '# -'# ($#E/0#1%K+) *() F0/,(1&/-) 1/+) ($) F0/.(-/0#*/;# (2# +.(2/:'0#
,)=2/203)'(# ()40)=)3'*):'(# 20*/2# `'5)-)'(20/2,# <# 2-# 4/86+# ,2# &@'/-'(;# ()20,+# 2-#
4/86+#,2#&@'/-'(#2-#782#5A(#6'/*)3)6'%#
! H0# 38'0*+# '# -'# F#0&%1%F#1%K+) *($) 4(M$#D(+&/) *() 4XM%D(+) W+&(0+/# (2# +.(2/:'0#
,)=2/203)'(# ()40)=)3'*):'(# 20*/2# `'5)-)'(20/2,# <# 2-# 4/86+# ,2# &@'/-'(;# ()20,+# 2(*2#
I-*)5+#2-#782#5A(#6'/*)3)6'%#
! H>)(*20# ,)=2/203)'(# ()40)=)3'*):'(# 20# -+(# */2(# 4/86+(%# H-# 4/86+# `'5)-)'(20/2,# (2#
,)=2/203)'# ,2# =+/5'# ()40)=)3'*):'# T];]]]W# ,2-# 4/86+# ,2# &@'/-'(# '# -'# @+/'# ,2#
f"#
F#0&%1%F#0) (+) $#) /E&(+1%K+) *() ./+*/-) F#0#) $#-) .%(-&#-) *($) E#00%/%# ?,25A(# 2>)(*20#
,)=2/203)'(# ()40)=)3'*):'(# T];]]BW# 20*/2# `'5)-)'(20/2,# <# O+# `+/5'3)D0%# F)0#
25.'/4+;#2-#4/86+#782#5A(#(2#)56-)3'#20#,)[email protected]'(#'3*):),',2(#2(#2-#4/86+#&@'/-'(%#
! ?#-'#@+/'#,2##1"*%0)#)$#-)0("+%/+(-)*()$#)6-/1%#1%K+)*()'(1%+/-?#-)*($)E#00%/;#(2#
+.(2/:'0#,)=2/203)'(#()40)=)3'*):'(#20*/2#`'5)-)'(20/2,#<#&@'/-'(;#()20,+#2-#4/86+#
,2#&@'/-'(#2-#782#5A(#'38,2#'#-'(#5)(5'(%#
! H>)(*20#,)=2/203)'(#()40)=)3'*):'(#20*/2#-+(#4/86+(#20*/2#`'5)-)'(20/2,#<#&@'/-'(#
20#38'0*+##$)M0#*/)*()($#E/0#1%K+B)/0M#+%I#1%K+),)(\(1"1%K+)*()$#-)#1&%'%*#*(-)*()$#)
1/D"+%*#*;#()20,+#&@'/-'(#2-#782#5A(#(2#+386'#,2#-'(#5)(5'(%#
! H0#/2-'3)D0#'#F0(M"+&#0)1KD/)$()2#)%*/)(+)1$#-()#)-"-)2%\/-)()2%\#-;#203+0*/'5+(#
782#2>)(*20#,)=2/203)'(#20*/2#-+(#*/2(#4/86+(#,2#'0A-)()(X#2-#4/86+#,2#`'5)-)'(20/2,#
(2#,)=2/203)'#,2#=+/5'#()40)=)3'*):'#T];]\]W#,2-#4/86+#,2#&@'/-'(%#M)20*/'(#782#2-#
4/86+# ,2# O+# `+/5'3)D0# <# `'5)-)'(20/2,# (2# ,)=2/203)'(# ,2# =+/5'# ()40)=)3'*):'#
T];]$]W%#H03+0*/'5+(#782#`'5)-)'(20/2,#2-#5A(#)0*2/l(#582(*/'%#
#
6:DB:)'''F)?0A-)()(#,2#:'/)'01'#T?ONh?W#
&9Q=9W9a
M:M9O=)
:B)^]V)
"=B9=?)
!d:8B:C)
#A)
WA8;:M9O=)
XTYef)
!;]!#
ST]]f)
];$"]#
j&+0#782#=/238203)'#(82-2(#'38,)/#'#
/280)+02(#3+0#2-#6/+=2(+/',+c#
!;^]#
XT^Zf)
XTXZf)
];$^]#
j&+0#78l#=/238203)'#(82-2(#'38,)/#'#
/280)+02(#3+0#2-#?ME?c#
STZef)
XTe]f)
YTUUf)
];]]]#
!;V$#
XT^Uf)
XT[Yf)
];]!^#
STS]STX)
##
];]]]$;!#
cL?;)
jH0#78l#4/',+#*2#)0:+-83/'(#20#-'#
2-'.+/'3)D0;#+/4'0)1'3)D0#<#2G2383)D0#
,2#-'(#'3*):),',2(#,2-#320*/+c#
j&+0#78l#=/238203)'#(82-2(#'38,)/#'#
=)2(*'(#T=)0#,2#38/(+W;#2:20*+(#(2g'-',+(#
T3'/0':'-2(Wc#
j&+0#78l#=/238203)'#(82-2(#'38,)/#'#
[email protected]'/-'(#=+/5'*):'(c#
ST^^YTX)
jF82-2(#6'/*)3)6'/#20#-'#2-'.+/'3)D0#,2#
6/+<23*+(#3+0#2-#6/+=2(+/',+c#
YT^]f)
ST[Zf)
B;B$#
];$]]#
jF82-2(#6'/*)3)6'/#20#-'#2-'.+/'3)D0#,2-#
S24-'520*+#,2#Sl4)520#K0*2/0+#,2-#
320*/+#2(3+-'/c#
YT]]f)
STeRf)
$;^!#
];]"]#
jH0#78l#4/',+#(82-2(#6'/*)3)6'/#20#-'#
+.*203)D0#,2#=+0,+(#T/)='(;#3+5),';#2*3%W#
6'/'#-'(#=)2(*'(#,2#*8#.'//)+c#
YTU]YTS)
STU]Y)
ST[]S)
j&+0#78l#=/238203)'#'38,2(#'#-'(#
/280)+02(#,2#-'#?(+3)'3)D0#,2#
:23)0+(q'(c#
YT[[f)
STSef)
$;^\#
XT^]YTS)
];]]$B#
];]]]$#
];]]BB#
];]]]#
f^#
jH0#78l#4/',+#*2#)0:+-83/'(#20#-'#
2-'.+/'3)D0;#+/4'0)1'3)D0;#<#2G2383)D0#
,2#-'(#'3*):),',2(#,2#*8#3+580),',;#
.'//)+;#682.-+;#2*3%c#
YTUUf)
ST[^f)
B;]B#
H0#3'(';#j3+0#78l#=/238203)'#(82-2(#
6/2480*'/-2#'#*8#@)G+q'#3+5+#-2#@'#),+#
20#3-'(2c#
[TZZYTS)
[TRUY)
[T]^S)
];]]]#
];]\]$#
];]$]B#
)
2'&!%&'1#)
C'# )0:2(*)4'3)D0# /2'-)1','# '6+/*'# 80'# )0=+/5'3)D0# ,2# 4/'0# )0*2/l(# '32/3'# ,2# -'(#
3'/'3*2/9(*)3'(#,2#6',/2(#<#5',/2(#(+./2#-'#6'/*)3)6'3)D0#20#3+0*2>*+(#,2#320*/+(#
2,83'*):+(;#3+580)*'/)+(#'(9#3+5+#2-#@+4'/%#H0#6/)52/#-84'/;#6+,25+(#,23)/#782#2-#
&82(*)+0'/)+# ,2# E'/*)3)6'3)D0# ,2# E',/2(# <# M',/2(# 782# 3856-2# -'(# 3+0,)3)+02(# ,2#
3+0()(*203)'#)0*2/0';#<#6+/#-+#*'0*+#-+#3+0(),2/'5+(#80'#6/82.'#=)'.-2%##
H0# (2480,+# -84'/;# 2-# '0A-)()(# ,2# -'# 2(*/83*8/'# ='3*+/)'-# '//+G'# (2)(# ='3*+/2(#
2(*',9(*)3+(;#20#3+0*/'#,2#-+(#*/2(#-D4)3+(#+#*2D/)3+(#782#(2#6-'0*2'/+0#'-#)0)3)+#,2#-'#
)0:2(*)4'3)D0%#H--+#'6+/*D#80'#082:'#2(*/83*8/'#(+./2#-'#E'/*)3)6'3)D0;#2(#,23)/;#-+(#
3+0*20),+(#782#'4/86'#3','#082:+#='3*+/#,'0#80'#082:'#<#/)3'#3+56/20()D0#(+./2#
-'# E'/*)3)6'3)D0%# H0# *2/32/# -84'/;# 2-# '0A-)()(# ,2# ,)=2/203)'# 20*/2# -+(# 4/86+(# '6+/*D#
80+(# /2(8-*',+(# 58<# /2-2:'0*2(# 20# 38'0*+# '-# 4/',+# ,2# E'/*)3)6'3)D0# (24I0# (2#
62/*20213'#'#80#4/86+#8#'#+*/+%##
H0# /2(8520;# 6+,25+(# ,23)/# 782# 2-# 4/86+# ,2# +:;9B9:C?=8?># 6'/*)3)6'# 20# -'#
3+580),',#'(9#3+5+#20#2-#320*/+#2(3+-'/#T#1"*()#)12#0$#-B)0("+%/+(-)1/+)($)6[T6),)
#-/1%#1%K+)*()'(1%+/-?#-;#2*3%W;#()20,+#80#Q8PNA);gC)>?CL:M:>A#(+)$#)($#E/0#1%K+B)
/0M#+%I#1%K+) ,) (\(1"1%K+) *() #1&%'%*#*(-) *($) 1(+&0/) (-1/$#0B) '(9# 3+5+# 2-# 4/86+# 782#
5A(# (2# )0*2/2('# 6+/# -#E(0) 1KD/) $() 2#) %*/) #) -") 2%\/?#) (+) 1$#-(%# E+,25+(# ,23)/#
20*+032(#782;#`'5)-)'(20/2,#2(#80#4/86+#782#6/2(*'#-'#'<8,'#0232('/)'#<#6'/*)3)6';#
62/+#5A(#,2(,2#3'('%#
H0#38'0*+#'-#4/86+#,2#!d:8B:C;#+.(2/:'5+(#782#2(#80#3+-23*):+#782#(2#3'/'3*2/)1'#
5A(#6+/#-'#F#0&%1%F#1%K+)(+)($)1(+&0/)(-1/$#0B)1/D/)(+)$#)1/D"+%*#*B)&#+&/)#)+%'($(-)
%+-&%&"1%/+#$(-B) 1/D/) $U*%1/-V/0M#+%I#&%'/-V./0D#&%'/-%# E+,25+(# ,23)/# 782# 2(# 80#
3+-23*):+#,2#'-*'#6'/*)3)6'3)D0#=82/'#,2#(8#3'('%#
H0# /2-'3)D0# '-# 4/86+# ,2# #A) WA8;:M9O=;# +.(2/:'5+(# 782# 2(# 80# 3+-23*):+# 782#
6'/*)3)6'# 6+/# )48'-# 20# -+(# ,)=2/20*2(# 3+0*2>*+(o# 2-# 2(3+-'/;# 3+580)*'/)+# <# 20# 2-#
@+4'/%# H-# 4/86+# ,2# O+# =+/5'3)D0# 0+# ,2(*'3'# 20# 0)0480+# ,2# -+(# A5.)*+(#
/26/2(20*',+(#2(#2(*'#)0:2(*)4'3)D0#20#38'0*+#'#-+(#+*/+(#,+(%#
`)0'-520*2;# 6'/'# =8*8/'(# )0:2(*)4'3)+02(# ,2.2/9'5+(# *202/# 20# 3820*'# :'/)+(#
'(623*+(%# E+/# 80# -',+;# 782# -'(# 582(*/'(# ,2# -+(# 4/86+(# ,2# 2(*8,)+# =82(20#
@+5+4l02'(%# ?,25A(;# '8520*'/# -'# 5)(5'# 6'/'# )03/2520*'/# -'# =)'.)-),',# ,2-#
382(*)+0'/)+# '(9# 3+5+# 8('/# -+(# (2)(# ='3*+/2(# 2(*',9(*)3+(# +.*20),+(# 20# 2(*'#
)0:2(*)4'3)D0# <;# 6'/'# -'# 782# (2/9'# '3+0(2G'.-2# '8520*'/# -+(# 3+0*20),+(# ,2# 3','#
='3*+/;#'(9#3+5+#)03-8)/#2-#680*+#,2#:)(*'#,2-#6/+=2(+/',+%#
)
)
*(+(*(#!',&)
fV#
?Rn?aN;#_%;#M%#2*#'-#T$UVVW%#5'#$"#1%K+)*()$#)F#0&%1%F#1%K+)*()F#*0(-B)F0/.(-/0(-B),)
#$"D+/-)(+)$/-)1(+&0/-)*/1(+&(-%#e'/'4+1'%#n0):2/(),',#,2#e'/'4+1'%#
?C`NOFN;# &%# 2*# '-%# TB]]!W%# 7#) F#0&%1%F#1%K+) *() $/-) F#*0(-) ,) D#*0(-) (+) $#) (-1"($#3#
J'/32-+0'%#R/'D%#
?SHO?F;#`%;#R%#2*#'-%#T$UUUW%#5$)10%-/$)*()$#)F#0&%1%F#1%K+%#MA-'4'%#?-4).2%#
J?S_NCNMy;# M%# T$UVBW%# 5-1"($#V1/D"+%*#*3) ^#1%#) "+#) %+&(0#11%K+) *%+RD%1#%#
M',/),%#O'/32'%##
&NMHCC?F;# L%;# Mz%# TB]]UW%# `'5)-)'# <# 2(382-'X# 3+56'/*)/# -'# 2,83'3)D0%# J'/32-+0'%#
R/'D%##
`HSOiOaHe;#H%#M%#2*#'-%#TB]]"W%#7#)F#0&%1%F#1%K+)*()$#-).#D%$%#-)(+)$#)'%*#)(-1/$#0_)
#11%/+(-),)(-&0#&(M%#-3)H(6'g'%#H(*84/'=%##
Rn?SaK?;#S%#Mz%#TB]]BW%#`#0%#E$(-)G"()D(*%#&%I#+)$#)F#0&%1%F#1%K+)(*"1#&%'#)*()$#-)
.#D%$%#-%#n0):2/(),',#,2#C'#C'480'%#
M?S&ZKNOK;# M%# TB]]^W%# 9/D"+%*#*B) F#0&%1%F#1%K+) ,) *(-#00/$$/3) :(/0J#) ,)
D(&/*/$/MJ#)*()$#)%+&(0'(+1%K+)1/D"+%&#0%#%#M',/),%#E+68-'/%#
EnCEKCCN;#?%;#L%#T$UVBW%#7#)F#0&%1%F#1%K+)*()$/-)F#*0(-)(+)$#)(-1"($#%#M',/),%#H(382-'#
H(6'g+-'%#
_NSSHO_H#M%;#_F&ZNSSH;#E%#Q#hKCC?C_?;#M%#T$UV^XUUW%#7/-)F#*0(-)(+)$#)(-1"($#3)
J'/32-+0'X#C')'%#
fU#
\]#
#
#
#
#
#
)
+,0'$',&(#*(2F)%#)(&3,!'")5'*6%,$)3,*,)$,)3,*6'!'3,!'1#)
4)+"*0,!'1#)2()0,2*(&)4)3,2*(&)2()!,#,*',&)
)
$P9C),b).:8Mh:).:8Mh:Y))
iAC<)ib)!:CL8A)&[email protected]#
i:E9?8)0b)*:;[email protected])*A;?8AY)
$n0):2/(),',#,2#C'#C'480'#
Bn0):2/(),',#,2#C'(#E'-5'(#,2#R/'0#&'0'/)'#
)
*(&%0(#)
C'# =+/5'3)D0# 20# @'.)-),',2(# 2,83'*):'(# <# -'# +/)20*'3)D0# ,)/)4),'# '# -'(# ='5)-)'(# (2#
6/2(20*'#3+5+#80'#6)21'#3-':2#6'/'#4'/'0*)1'/#2-#l>)*+#,2#-'(#6+-9*)3'(#2,83'*):'(;#
2(# )0024'.-2# 2-# 6'62-# 782# 682,20# G84'/# -'(# _230+-+49'(# ,2# -'# K0=+/5'3)D0# <# -'#
&+580)3'3)D0# 20# 2-# ,)(2g+# 2# )56-2520*'3)D0# ,2# 6/+4/'5'(# ,)/)4),+(# '# 2(*2# =)0%#
J'G+#2(*'#6/25)('#(8/42#20#=2./2/+#,2#B]]U##-'#6-'*'=+/5'#+0-)02#`'5)-)'(20/2,%2(;#
,2# -'# 782# (2# 2>6+020# -+(# 6/)03)6'-2(# /2(8-*',+(# */'(# 'g+# <# 52,)+# ,2#
=803)+0'5)20*+%#
3:B:D8:C)MB:E?CF#2,83'3)D0o#='5)-)'o#=+/5'3)D0o#+0-)02#
)
)
+,0'$',&(#*(2F),)5'*6%,$)&3,!()+"*)3,*6'!'3,6'"#),#2)6*,'#'#.)"+)
0"6G(*&),#2)+,6G(*&)"+)6G()!,#,*4)'&$,#2&)
)
,-&6*,!6)
H,83'*)+0'-# (b)--(# */')0)04# '0,# 48),'032# *+# ='5)-)2(# )(# 6/2(20*2,# '(# '# b2<# *+#
20(8/)04# *@2# (8332((# +=# 2,83'*)+0'-# 6+-)3)2(;# '0,# )*# )(# 80,20)'.-2# *@2# /+-2# +=#
K0=+/5'*)+0# [email protected]+-+4<# '0,# &+5580)3'*)+0# 3'0# 6-'<# )0# *@2# ,2()40# '0,#
)56-2520*'*)+0#+=#6/+4/'5(#')52,#'*#*@)(#68/6+(2%#n0,2/#*@)(#6/25)(2#252/42(#)0#
`2./8'/<# B]]U# `'5)-)'(20/2,%2(# *@2# +0-)02# 6-'*=+/5;# [email protected])[email protected]# +8*-)02(# *@2# +8*68*(#
'=*2/#'#<2'/#'0,#'#@'-=#+62/'*)+0%#
I?7JA8>CF#2,83'*)+0'-o#='5)-<o#2Y-2'/0)04#
\$#
'#6*"2%!!'1###
F+0#0852/+('(#-'(#)0:2(*)4'3)+02(#782#@'0##62/5)*),+#,2*2/5)0'/#-'#)0=-8203)'#782#
2G2/320#-+(#2(*)-+(#2,83'*):+(#,2#-+(#6',/2(#20#2-#,2('//+--+#<#.)202(*'/#6()3+-D4)3+#
,2# -+(# @)G+(# 20# 4202/'-# # <# 20# 2-# /20,)5)20*+# '3',l5)3+# 20# 6'/*)38-'/# # TJ'85/)0,;#
$U^!;$UU$o# ?()-)# <# E)01D0;# B]]!o# R-'(4+p;# a+/0.8([email protected];# _/+<2/;# F*2)0.2/4# <# S)**2/;#
$UU^o# C'5.+/0;# M+80*(;# F*2)0.2/4# <# a+/0.8([email protected];# $UU$o# F*2)0.2/4;# C'5.+/0;#
a'/-)04#<#a+/0.8([email protected];#$UUBo#E'-'3)+(;#B]]\o#h'--2G+;#?48)-'/#<#h'-203)';#B]]BW%#?#-'#
-81#,2#2(*'(#)0:2(*)4'3)+02(;#-'#=+/5'3)D0#<#+/)20*'3)D0#'#-'(#='5)-)'(#(2#3+0:)2/*2#
20#80'#6)21'#3-':2#()#(2#78)2/20#'-3'01'/#-+(#+.G2*):+(#6'/'#52G+/'/#-+(#/2(8-*',+(#
2(3+-'/2(#5'/3',+(#6+/#-'#n0)D0#H8/+62'#<#':'-',+(#3+0#(8(#2(*8,)+(#6+/#-'#N&aH#
20#5'*2/)'#2,83'*):'#T&+0(2G+#,2#-'#n0)D0#H8/+62'#o#B]]!W%#
[email protected]+/'#.)20;#6'/'#-+4/'/#2(*+(#+.G2*):+(#2(#)56/2(3)0,).-2#3+56/20,2/#<#','6*'/(2#
'#-+(#3'5.)+(#782#@'0#'=23*',+#'#-'#2(*/83*8/'#='5)-)'/%#a2(*'3'#20#2(*2#(20*),+#-'(#
082:'(#3+0,)3)+02(#,2-#*/'.'G+#<#-'#)03+/6+/'3)D0#,2#-'#58G2/#'#-'#:),'#-'.+/'-;#782#
)56+020#-'/4+(#,2(6-'1'5)20*+(;#'8(203)'(#6/+-+04','(#,2-#@+4'/#<#80#/23+/*2#20#
2-#*)256+#,)(6+0).-2#6'/'#-'#6'/*)3)6'3)D0#20#-'(#2(382-'(#<#20#'33)+02(#=+/5'*):'(%#
H0# 2(*2# 3+0*2>*+;# -'(# _230+-+49'(# ,2# -'# K0=+/5'3)D0# <# -'# &+580)3'3)D0# (2#
3+0:)2/*20# 20# 80'# @2//'5)20*'# 6+,2/+('# 6'/'# 3+0*/'//2(*'/# -'(# ,)=)38-*',2(# 782#
6-'0*2'0#6'/'#-'#=+/5'3)D0#<#+/)20*'3)D0#,2#-'(#='5)-)'(#-+(#082:+(#2(*)-+(#,2#:),'%##
H-#E-'0#&'0'/)+#,2#`+/5'3)D0#6'/'#-'(#`'5)-)'(#682(*+#20#5'/[email protected]'#6+/#-'#&+0(2G2/9'#
,2#H,83'3)D0;#n0):2/(),',2(;#&8-*8/'#<#a26+/*2(#,2-#R+.)2/0+#,2#&'0'/)'(#(86+02#
80'#'682(*'#,23),),'#6'/'#52G+/'/#2-#,)A-+4+#='5)-)'Y2(382-'#<#,+*'/#'#-'(#='5)-)'(#
,2# 2(*/'*24)'(# <# ,2# 3+0+3)5)20*+(# '3*8'-)1',+(# 782# -2(# 62/5)*'0# /2(6+0,2/# '# -'(#
082:'(#0232(),',2(#2,83'*):'(#782#6/2(20*'0#(8(#@)G+(%#n0#2G2#=80,'520*'-#,20*/+#
,2# 2(*2# 6-'0# ,2# =+/5'3)D0# 6'/'# -'(# ='5)-)'(# @'# (),+# -'# 682(*'# 20# 5'/[email protected]'# 20#
3+-'.+/'3)D0#3+0#-'#n0):2/(),',#,2#C'#C'480'#<#-'#n0):2/(),',#,2#C'(#E'-5'(#,2#
R/'0#&'0'/)'#,2-#6+/*'-#`'5)-)'(20/2,%2(;#782#(2#3+0G84'#3+5+##80#2(6'3)+#:)/*8'-#
6'/'#-'#6'/*)3)6'3)D0;#=+/5'3)D0#<#2-#'(2(+/'5)20*+#'#5',/2(#<#6',/2(#,2#&'0'/)'(%##
?# 3+0*)08'3)D0# (2# # 6/2(20*'0# -+(# 6/)03)6'-2(# /2(8-*',+(# */'(# 'g+# <# 52,)+# ,2# -'#
682(*'#20#5'/[email protected]'#,2#`'5)-)'(20/2,%2(%#
#
3*"!(2'0'(#6")
0%(&6*,))
?#[email protected]'#,2#V#,2#G80)+#,2#B]$]#2-#0I52/+#,2#8(8'/)+(#/24)(*/',+#20#-'#6-'*'=+/5'#
`'5)-)'(20/2,# 2(# ,2# B$]$# ,2# -+(# 38'-2(# 80# \fr# /2(),2# 20# -'# 6/+:)03)'# ,2# C'(#
E'-5'(#,2#R/'0#&'0'/)';#2-#f!r#20#-'#6/+:)03)'#,2#F'0*'#&/81#,2#_202/)=2;#80#$r#
20# -'# 62090(8-';# 80# $r# /2(),2# 20# 2-# 2>*/'0G2/+# <# =)0'-520*2# (2# ,2(3+0+32# -'#
/2(),203)'#,2-#/2(*'0*2#$r%#
?#0):2-#=+/5'*):+#(2#@'#3+0*',+#3+0#fU]]#5'*/)38-',+(#+0-)02#,2#-+(#38'-2(#$B^"#
@'#:'-+/',+#(8#('*)(='33)D0#3+0#-+(#38/(+(#)56'/*),+(#<#3+0#2-#6+/*'-%#
S2(623*+# '-# (2/:)3)+# ,2# '(2(+/'5)20*+# (2# @'0# '*20,),+# '# \BV# 3+0(8-*'(# ,2# -'(#
38A-2(;#!f$##@'0#6/+6+/3)+0',+#80'#:'-+/'3)D0#,2-#(2/:)3)+%#
)
)
\B#
2(&!*'3!'1#)2($)3"*6,$))+,0'$',&(#*(2)
`'5)-)'(20/2,# 2(# 80# 6+/*'-# :)/*8'-# 3+0(*/8),+# 90*24/'520*2# (+./2# 2-# ()(*25'# ,2#
42(*)D0#,2#38/(+(#,2#3D,)4+#'.)2/*+#T&MFW#M++,-2;#:2/()D0#$%U%B#,2#'332(+#4/'*8)*+;#
682(*+# 20# 5'/[email protected]'# ,2(,2# 202/+# ,2# B]]U# 6+/# -'# &+0(2G2/9'# ,2# H,83'3)D0;#
n0):2/(),',2(;#&8-*8/'#<#a26+/*2(#,2-#R+.)2/0+#,2#&'0'/)'(#3+0#-'#3+-'.+/'3)D0#,2#
-'#n0):2/(),',#,2#C'#C'480'#<#-'#n0):2/(),',#,2#C'(#E'-5'(#,2#R/'0#&'0'/)'#20#2-#
5'/3+# ,2# E-'0# &'0'/)+# ,2# `+/5'3)D0# 6'/'# -'(# `'5)-)'(%# H(*2# 6+/*'-# (2# 3+0(*)*8<2#
3+5+# 80'# 6-'*'=+/5'# ,2# 6'/*)3)6'3)D0# 6'/'# 5',/2(# <# 6',/2(# 782# 3856-2# */2(#
=803)+02(#=80,'520*'-2(X#
O(-&%K+)*()0(1"0-/-),)(-F#1%/)*()1/D"+%1#1%K+)()%+./0D#1%K+_))
C'#E-'*'=+/5'#3820*'#3+0#80'#(2/)2#,2#(233)+02(#38<'#=)0'-),',#2(#='3)-)*'/#2-#'332(+#
'# /238/(+(# 2,83'*):+(;# '420,'# ,2# 2:20*+(;# *'--2/2(# <# '3*+(# '# 32-2./'/# 20# -+(#
,)=2/20*2(# 580)3)6)+(# ,2# -'(# K(-'(# &'0'/)'(# <# 782# *'5.)l0# =+/5'0# 6'/*2# ,2# -'(#
'33)+02(# )03-8),'(# 20# 2-# E-'0# &'0'/)+# ,2# `+/5'3)D0# 6'/'# -'(# `'5)-)'(;# 20-'32(# '#
+*/'(#6A4)0'(#,2#)0*2/l(#<#0+*)3)'(#/2-'3)+0','(#3+0#2-#580,+#2,83'*):+#<#2(3+-'/%##
_+5'# 2(623)'-# /2-2:'03)'# -+(# ,)=2/20*2(# =+/+(# *25A*)3+(# ,)(6+0).-2(;# 6+/# (2/# 80#
2(6'3)+#6'/'#-'#6'/*)3)6'3)D0#<#682(*'#20#3+5I0#,2#-'(#6/+682(*'(;#6/2+386'3)+02(#
<#*25'(#,2#)0*2/l(#,2#-+(#8(8'/)+(#<#8(8'/)'(#,2#-'#6-'*'=+/5'%#K48'-520*2#2-#&@'*#<#
2-#h),[email protected]'*#(+0#-'(#@2//'5)20*'(#,)(2g','(#6'/'#-'#3++/,)0'3)D0#<#,2('//+--+#,2#
(2()+02(# ,2# 3+580)3'3)D0# ()58-*A02'# 6'/'# */'*'/# ,):2/(+(# *25'(# ,2# 90,+-2#
2,83'*):'%#
]/0D#1%K+)/+$%+(_)
a2(,2# 202/+# ,2# B]]U# @'(*'# G80)+# ,2# B]$]# (2# @'0# )56'/*),+# $\^# '33)+02(#
=+/5'*):'(# +0-)02# ,2# 80# *+*'-# ,2# \]# *25A*)3'(# 20# ,)=2/20*2(# 2,)3)+02(# ,)/)4),'(#
*'0*+#'#='5)-)'(#3+5+#'#6/+=2()+0'-2(#782#,2(2562g'0#(8#-'.+/#20#2-#A5.)*+#,2#-'#
)0='03)'#<#-'#G8:20*8,%#C+(#38/(+(#*)2020#80'#,8/'3)D0#'6/+>)5','#,2#$]#@+/'(#,2#
*/'.'G+;# 80# 386+# 5A>)5+# ,2# !]# 6-'1'(# <# 2(*A0# '3/2,)*',+(# 6+/# '5.'(#
80):2/(),',2(# 3'0'/)'(%# C+(#6'/*)3)6'0*2(# 682,20# ,)(*/).8)/# -)./2520*2# (8(#
(2()+02(# ,2# */'.'G+# ,8/'0*2# -'(# ,+(# (25'0'(# 20# 782# 2(*A# '.)2/*+# 2-# 38/(+# 20#
=803)D0#,2#-+(#3/)*2/)+(#<#'3*):),',2(#6/+682(*'(#6+/#2-#6/+=2(+/',+%##
E'/'# 2-# ,2('//+--+# ,2# 2(*+(# 38/(+(# (2# 6/+6+02# 80'# 52*+,+-+49'# 3+0(*/83*):)(*'# <#
6'/*)3)6'*):';# 6'/*)20,+# ,2# -+(# 3+0+3)5)20*+(# 6/2:)+(# <# -'# 2>62/)203)'# ,2# -+(#
5'*/)38-',+(# 6'/'# )/# 3+0(*/8<20,+# <# '()5)-'0,+# -+(# 3+0*20),+(# 782# (2# )56'/*20%#
&+0# 2(*2# 6/+6D()*+# (2# 6-'0*2'# 2-# `+/+# 3+5+# @2//'5)20*'# ,2# 3+580)3'3)D0#
6/)03)6'-;# ,+0,2# -+(# 8(8'/)+(q'(# 682,20# 3+56'/*)/# (8(# ,8,'(# <# 2>62/)203)'(;# '(9#
3+5+# 20/)78232/# -+(# 3+520*'/)+(# ,2-# /2(*+# ,2# 8(8'/)+(q'(# <# 6'/*)3)6'/# 20# -+(#
*25'(#,2#,2.'*2#782#,2('//+--2#2-#*8*+/q'#,2-#38/(+%#
C'(# \]# *25A*)3'(# '.+/,','(# 20# -'# =+/5'3)D0# +0-)02# :2/('0# (+./2# 2-# 3+0*2>*+#
='5)-)'/;# @'.)-),',2(# 2,83'*):'(;# 580,+# 2(3+-'/# <# '3',l5)3+;# ('-8,# <# .)202(*'/#
6()3+-D4)3+;#*2/32/'#2,',;#8(+(#,2#-'(#_K&#<#2,83'3)D0#20#:'-+/2(%#
N*/'# 2>*20()D0# ,20*/+# ,2# -+(# 2(6'3)+(# ,2# =+/5'3)D0# '.)2/*+(# (+0# -+(# H(6'3)+(# ,2#
_/'.'G+#&+-'.+/'*):+(;#3/2',+(#3+0#-'#=)0'-),',#,2#'.+/,'/#+#(2/:)/#3+5+#/238/(+#
:)/*8'-# 6'/'# 4/86+(# ,2# */'.'G+%# a20*/+# ,2# 2(*'# -902';# (2# @'# --2:',+# '# 3'.+# 80'#
6/82.'# 6)-+*+# 6'/'# -'(# 5',/2(# <# 6',/2(# 782# @'0# 6'/*)3)6',+# 20# -+(# *'--2/2(#
6/2(203)'-2(# ,2('//+--',+(# 6+/# E-'0# &'0'/)+# ,2# `+/5'3)D0# 6'/'# -'# `'5)-)'# # 20# 2-#
\!#
580)3)6)+# ,2# &'0,2-'/)'# T_202/)=2W# <# 782# (2# @'# ,20+5)0',+# vN/4'0)1'3)D0# ,2-#
_)256+#C)./2#TR/86+#,2#_/'.'G+#,2#&'0,2-'/)'Ww#
L(0'%1%/)*();0%(+&#1%K+)T-%1/F(*#MKM%1#),)Q"0J*%1#)
`'5)-)'(20/2,#3820*'#3+0#80#(2/:)3)+#,2#'(2(+/'5)20*+#6()3+62,'4D4)3+#<#G8/9,)3+#
4/'*8)*+#6'/'#-'(#='5)-)'(#3'0'/)'(#782#(2#5'0*)202#20#=803)+0'5)20*+#,8/'0*2#2-#
62/)+,+# 2(3+-'/%# M2,)'0*2# 2(*2# (2/:)3)+# (2# 6/2*20,2# ,'/# /2(682(*'# '# -'(#
6/+.-25A*)3'(# ='5)-)'/2(# /2-'3)+0','(# 3+0# 2-# A5.)*+# 2,83'*):+# <# 2(3+-'/%# F2# @'0#
6/+6+/3)+0',+#,+(#:9'(#,2#3+0*'3*+#6'/'#2-#'(2(+/'5)20*+%##
[(*%#+&() $J+(#) &($(.K+%1#) M0#&"%&#;# ,+0,2# (2# 682,2# 3+0*'3*'/# 3+0# -+(# 278)6+(# ,2#
2>62/*+(#,2#-802(#'#:)2/02(#20*/2#-'(#$VX]]#<#-'(#B$X]]#
[(*%#+&()1/+-"$&#)F0%'#*#)/+$%+(;#6'/'#2--+#(2#8*)-)1'#-'#Z2//'5)20*'#,2#a)A-+4+#,2#
M++,-2#782#62/5)*2#5'0*202/#80#,)A-+4+#2(3/)*+#3+0=),203)'-#<#'()03/D0)3+#3+0#-+(#
278)6+(#,2#'(2(+/'5)20*+%#
)
'#6*%0(#6"&)
H0# 80# )0*20*+# 6+/# 2:'-8'/# 2(*+(# $"# 52(2(# ,2# =803)+0'5)20*+# ,2-# 6+/*'-#
='5)-)'(20/2,%2(#(2#@'#8*)-)1',+#80'#52*+,+-+49'#,2#3+/*2#,2(3/)6*):+%#
E'/'# :'-+/'/# 2-# )56'3*+# 782# @'# *20),+# -'# 682(*'# 20# 5'/[email protected]'# ,2-# 6+/*'-# ,2#
`'5)-)'(20/2,#(2#@'#'0'-)1',+#-'#2:+-83)D0#,2-#0I52/+#,2#8(8'/)+(#<#-'#'3*):),',##
/24)(*/','#20#-'#6-'*'=+/5'%#S2(623*+#'#-'#=+/5'3)D0#+0-)02#)56'/*),'#(2#'0'-)1'#2-#
0I52/+# ,2# 8(8'/)+(q'(# 5'*/)38-',+(q'(;# *'('# ,2# '6/+.',+(;# (8(620(+# <#
'.'0,+0+(;#'(9#3+5+#-'#:'-+/'3)D0#,2-#'-850',+#52,)'0*2#80#382(*)+0'/)+#+0-)02#
,2#2-'.+/'3)D0#6/+6)';#3+5682(*+#6+/#,+(#6/2480*'(#'.)2/*'(#<#B]#)*25(#*)6+#C)b2/#
3+0#3)03+#+63)+02(#,2#/2(682(*';#()20,+#$#0','#,2#'382/,+#<#\#58<#,2#'382/,+%#
Q#=)0'-520*2;#6'/'#2:'-8'/#2-#(2/:)3)+#,2#'(2(+/'5)20*+#6()3+62,'4D4)3+#<#G8/9,)3+;#
(2# '*)20,2# '-# 0I52/+# ,2# '(2(+/'5)20*+(# /2'-)1',+(# <# *)6+-+49';# '(9# 3+5+# -'#
:'-+/'3)D0# (+./2# $]# ,2# -'# ('*)(='33)D0# 3+0# 2-# (2/:)3)+# ,2# '(2(+/'5)20*+# +.*20),'#
52,)'0*2#--'5','#,2#(248)5)20*+#'#-'(#,+(#(25'0'(#,2#,'/#-'#/2(682(*'%#
#
*(&%$6,2"&)
HhNCn&K{O#aH#nFn?SKNF#SHRKF_S?aNFX#
H0#-'#[email protected]'#,2#/2,'33)D0#,2#2(*2#)0=+/52;#-'#6-'*'=+/5'#='5)-)'(20/2,%2(#3820*'#3+0#
B$]$#8(8'/)+(#)0(3/)*+(;#()#'*20,25+(#'#-'#)-8(*/'3)D0#$;#(2#'6/23)'#3D5+#,2(,2#-'#
682(*'# 20# 5'/[email protected]'# ,2-# (2/:)3)+# (2# @'# 6/+,83),+# 80# )03/2520*+# 6/+4/2():+# ,2#
'-850+(;#3+0#80'#52,)'#,2#$!$#8(8'/)+(#6+/#52(%#
#
\f#
K-8(*/'3)D0#$%#H:+-83)D0#,2#8(8'/)+(#/24)(*/',+(#
)
?&_KhKa?a#aH#C?#EC?_?`NSM?#
E'/'#:'-+/'/#2-#0):2-#,2#6'/*)3)6'3)D0#20#-'#6-'*'=+/5'#(2#@'#2(3+4),+#2-#)0,)3',+/#
'3*):),',# 782# 2(# -'# (85'# ,2# # *+,'(# -'(# '33)+02(# /2'-)1','(# 20# -+(# ,)=2/20*2(#
2(6'3)+(X#?332(+(;#:)(*'(;#520('G2(;#/2,'33)D0;#2,)3)D0#<#.+//',+#,2#3+520*'/)+(#<#
/2(682(*'(# # 20# =+/+(;# 2*3%# _'-# <# 3+5+# 782,'# /2=-2G',+# 20# -'# )-8(*/'3)D0# B;# ,2(,2# -'#
682(*'#20#5'/[email protected]'#,2#-'#6-'*'=+/5'#(2#@'#/24)(*/',+#80'#'3*):),',#*+*'-#,2#\f\\]]#
'33)+02(# /2'-)1','# # 5'<+/)*'/)'520*2# ,20*/+# ,2# -'# =+/5'3)D0# +0-)02;# 20# -+(#
/238/(+(#<#(2/:)3)+(#,2-#6+/*'-#<#20#-'#6/+6)'#6+/*','#,2#-'#6-'*'=+/5'%#
#
K-8(*/'3)D0#B%#?3*):),',#/24)(*/','#20#-'#
6-'*'=+/5'
)
_?F?#aH#?ESNJ?aN#Q#?J?OaNON#aH#C?#`NSM?&K{O#NOCKOH#KME?S_Ka?X#
a2(,2# 202/+# ,2# B]]U# @'(*'# G80)+# ,2# B]$]# (2# @'0# )56'/*),+# $\^# '33)+02(#
=+/5'*):'(# +0-)02# '# fU]]# '-850+(;# ,','# -'# '-*'# ,25'0,'# 0+(# @25+(# :)(*+#
+.-)4',+(# '# )03/2520*'/# 2-# 386+# 5A>)5+# ,2# 6-'1'(# 20# 0852/+('(# '33)+02(#
=+/5'*):'(%#
_'-# <# 3+5+# 782,'# /2=-2G',+# 20# -'# *'.-'# $;# ,2# -+(# fU]]# '-850+(# 5'*/)38-',+(;# 2-#
ff;VVr#@'#(862/',+#2>)*+('520*2#-+(#38/(+(;#2-#!!;BBr##@'#(8(620,),+#<#2-#B$;Ur#
@'#'.'0,+0',+#-'#=+/5'3)D0%#
\\#
#
_'.-'#$%#&'-)=)3'3)+02(#+.*20),'(#
!:B9W9M:M9O=)
=)
V)
=)
V)
#A)
N8?C?=L:>A)
#
#
$]^!#
B$;U]r#
&PCN?=CA)
#
#
$"BV#
!!;BBr#
,N8AD:>A)
BV"#
\;Vfr#
#AL:DB?)
\V!#
$$;U]r#
B$UU#
ff;VVr#
&AD8?C:B9?=L?)
$!!]#
B^;$fr#
6AL:B)
:BP;=AC)
[^ee)
#
#
#
)
F?_KF`?&&K{O#&NO#C?#`NSM?&K{O#NOCKOH##Q#C?#EC?_?`NSM?#
a2# -+(# fU]]# '-850+(q'(# # 5'*/)38-',+(q'(# 20# -'# =+/5'3)D0;# $B^"# @'0#
3856-)520*',+# 2-# 382(*)+0'/)+# +0-)02# ,2# :'-+/'3)D0# ,2# -'(# '33)+02(# =+/5'*):'(# <#
,2# =803)+0'5)20*+# ,2# -'# 6-'*'=+/5'%# H0# -'# *'.-'# B# (2# '6/23)'# 782# 20# 4202/'-;# 2-#
'-850',+#2(*A#.'(*'0*2#('*)([email protected]+#3+0#-'#6-'*'=+/5'#<#-'#=+/5'3)D0#+0-)02#/23).),';#
+.*20)l0,+(2#80'#680*8'3)D0#52,)'#,2#V;^^#(+./2#$]%##a2(*'3'#-'#'-*'#:'-+/'3)D0#
782# /23).2# 2-# 6/+=2(+/',+;# '(9# 3+5+# -'# 8*)-),',# # <# 3-'/),',# ,2# -+(# 3+0*20),+(#
*/'*',+(%##
#
_'.-'#B%#M2,)'(#<#,2(:)'3)+02(#*96)3'(#+.*20),'(#20#2-#382(*)+0'/)+#,2#('*)(='33)D0#
'L?;)
0?>9:)
2b)6b)
)
E/+52,)+#,2#F'*)(='33)D0#T3'-38-','#(+./2#$]W#
V;^^#
$;]B#
F+./2#$]#
h+-:2/9'# '# /2'-)1'/# +*/+# 38/(+# 3+0# 2(*2q'#
f;fV#
6/+=2(+/q'X#
$;]U#
F+./2#\#
C+(# 3+0*20),+(# ,2('//+--',+(# -2# @'0# 6'/23),+#
f;f\#
)0*2/2('0*2(X#
$;]U#
F+./2#\#
H0# 2-# 6/+4/'5'# (2# 2(623)=)3'.'0# 3+0# 3-'/),',#
-+(# +.G2*):+(;# 3+0*20),+(;# 52*+,+-+49'# <# f;f!#
3/)*2/)+(#,2#2:'-8'3)D0#,2-#38/(+#
$;]!#
F+./2#\#
H-q-'# 6/+=2(+/q'# # @'# (),+# 3-'/+# 20# -'#
6/2(20*'3)D0#<#/2,'33)D0#,2#-+(#3+0*20),+(#,2-# f;f!#
38/(+X#
$;]^#
F+./2#\#
H-q-'# 6/+=2(+/q'# # 582(*/'# )0*2/l(# 20# 782# 2-#
f;f$#
'-850',+#'6/20,'X#
$;]U#
F+./2#\#
F2#@'#6/+6)3)',+#,8/'0*2#2-#38/(+#80#'5.)20*2#
,2# 3+56'g2/)(5+# <# /2(62*+# 20*/2# -+(# f;f$#
'-850+(q'(X#
$;]V#
F+./2#\#
\"#
'L?;)
0?>9:)
2b)6b)
)
C+(# 5'*2/)'-2(# 20*/24',+(# 2/'0# ,2# 4/'0#
f;f#
8*)-),',X#
$;]B#
F+./2#\##
H-q-'# 6/+=2(+/q'# # ,+5)0'# -+(# 3+0*20),+(# ,2-#
f;!U#
38/(+#)56'/*),+X#
$;$V#
F+./2#\#
H-q-'#6/+=2(+/q'##@'#=+520*',+#-'#6'/*)3)6'3)D0#
f;!V#
20#2-#38/(+X#
$;]U#
F+./2#\#
Z'# 2>)(*),+# 80# 3-)5'# ,)(*20,),+# <# ,2# ,)A-+4+#
f;!V#
20*/2#2-q-'#6/+=2(+/q'#<#-+(#'-850+(q'(X#
$;]U#
F+./2#\#
C'#6-'*'=+/5'#`'5)-)'(20/2,#52#6'/232#=A3)-#,2#
f;!^#
8('/X#
$;]$#
F+./2#\##
C+(# 6/+32,)5)20*+(# ,2# 2:'-8'3)D0# (2# 'G8(*'0# '#
f;!^#
-+(#3+0*20),+(#2>6-)3',+(X#
$;$#
F+./2#\#
C+(#5'*2/)'-2(#20*/24',+(#2/'0#,2#3'-),',X#
f;!f#
$;]f#
F+./2#\#
H-q-'#6/+=2(+/q'##@'#/2(6+0,),+#3+0#2>'3*)*8,#<#
f;!f#
6/23)()D0#'#-'(#6/2480*'(#782#(2#-2#@'0#@[email protected]+X#
$;$"#
F+./2#\#
C'# 2:'-8'3)D0# ,2-# 38/(+# 52# @'# 6'/23),+#
f;!B#
'32/*','#
$;$V#
F+./2#\#
F2#@'0#('*)([email protected]+#(8(#2>623*'*):'(#62/(+0'-2(X#
$;$B#
F+./2#\#
H-q-'# 6/+=2(+/q'# # @'# 5+(*/',+# 80'# '3*)*8,#
=-2>).-2# 2# )0*/+,832# 3'5.)+(# /'1+0'.-2(# 20# 2-# f;B#
6-'0#,2-#38/(+X#
$;B^#
F+./2#\#
C'# '*203)D0# 62/(+0'-# 20# -'(# *8*+/9'(# @'# (),+#
f;$B#
('*)(='3*+/)'X#
$;f!#
F+./2#\#
C'#,8/'3)D0#,2-#38/(+#2(#(8=)3)20*2X#
$;B$#
F+./2#\#
f;BV#
f;]B#
#
S2(623*+# '# -'(# ,+(# 6/2480*'(# '.)2/*'(# )03-8),'(# 20# 2-# 382(*)+0'/)+;# ,+0,2# (2#
(+-)3)*'.'# /2('-*'/# -+(# '(623*+(# 782# 520+(# -2# @'0# 48(*',+# ,2# -'(# '33)+02(#
=+/5'*):'(;# '(9# 3+5+# +*/'(# +.(2/:'3)+02(;# -+(# 6/)03)6'-2(# 3+520*'/)+(# '6+/*',+(#
6+/# 2-# '-850',+# (2# /2-'3)+0'0# 3+0# -'# 0232(),',# ,2# 782# -+(# 38/(+(# ,8/20# 5A(#
*)256+#<#3+0#-'#.'G'#6'/*)3)6'3)D0#,2-#/2(*+#,2#3+56'g2/+(#20#-+(#=+/+(#<#,2.'*2(#
'.)2/*+(%#
#
FHShK&KN# aH# ?FHFNS?MKHO_N# EFK&NEHa?R{RK&N# Q# LnSxaK&N# ESHF_?aN# Q#
h?CNS?&K{O#aHC#MKFMN#
F2#@'0#42(*)+0',+#\BV#'(2(+/'5)20*+(#:9'#+0-)02#T$";"rW#+#*2-2=D0)3'#TV^;frW;#,2#
-+(#38'-2(#$"]#(2#@'0#,2/):',+#'-#278)6+#G8/9,)3+#<#!$V#'-#278)6+#6()3+62,'4D4)3+%#
C+(#6/)03)6'-2(#5+*):+(#,2#'(2(+/'5)20*+(#/2'-)1',+(#@'0#2(*',+#/2-'3)+0',+(#3+0#
-'#42(*)D0#<#+/4'0)1'3)D0#2(3+-'/#T!";^rW;#3+0:):203)'#2(3+-'/#T$^rW#<#6/+.-25'(#
,2/):',+(# ,2# (26'/'3)D0# <# ,):+/3)+# T$$;frW;# *'-# <# 3+5+# 782,'# /2=-2G',+# 20# -'#
)-8(*/'3)D0#!%##
\^#
K-8(*/'3)D0#!%#_)6+-+49'#,2#-+(#'(2(+/'5)20*+(#/2'-)1',+(#
#
F2# @'# +.*20),+# -'# :'-+/'3)D0# ,2-# -'# /2(682(*'# +=/23),+# 6+/# 6'/*2# ,2# !f$# 8(8'/)+(#
'(2(+/',+(#T"f;"r#,2-#*+*'-#,2#'(2(+/'5)20*+W%##a2#2(*+(;#5A(#,2#-'#5)*',#T\U;VrW#
680*I'0#3+0#80#$]#-'#('*)(='33)D0#3+0#-'#/2(682(*'#<#'<8,'#6/2(*',';#)48'-520*2;#2-#
UV;Br#:'-+/'0#2-#(2/:)3)+#6/2(*',+#3+0#80'#680*8'3)D0#)48'-#+#(862/)+/#'#3)03+%#
#
K-8(*/'3)D0#f%#F'*)(='33)D0#3+0#2-#(2/:)3)+#,2#'(2(+/'5)20*+#
)
)
2'&!%&'1#)
C+(#,'*+(#2>682(*+(#62/5)*20#/2'-)1'/#80'#:'-+/'3)D0#6+()*):'#,2-#'g+#<#52,)+#782#
--2:'#=803)+0'0,+#-'#6-'*'=+/5'#`'5)-)'(20/2,%2(%#
H0#6/)52/#-84'/;#-'#2:+-83)D0#,2#0I52/+#,2#8(8'/)+(#<#-'#'3*):),',#/24)(*/','#20#-'#
6-'*'=+/5'#6/+6+/3)+0'#80'#*20,203)'#,2#3/23)5)20*+#3+0*)08','#782#(862/'#3+0#
3/232(# -'(# 2(*)5'3)+02(# 6-'0*2','(# 20# -+(# 6/)52/+(# 5+520*+(# ,2# -'# 682(*'# 20#
5'/[email protected]'#,2-#(2/:)3)+%#
K48'-2(# 3+03-8()+02(# (2# ,2,8320# ,2-# 90,)32# ,2# 6'/*)3)6'3)D0# <# 2-# :+-8520# ,2# -'#
+=2/*'# =+/5'*):'# +0-)02# )56'/*),'# 782# (2# @'# :)(*+# )03/2520*','# 6+/# -'# '-*'#
\V#
,25'0,'# 5'0)=2(*','# 6+/# -+(# 8(8'/)+(%# &'.2# /2('-*'/# 782# 2-# 90,)32# ,2# '.'0,+0+#
+.*20),+#TB$;UrW#2(#/2-'*):'520*2#.'G+#20#3+56'/'3)D0#3+0#-'#*'('(#,2#'.'0,+0+#
20#-'#=+/5'3)D0#+0-)02#782#6/+6+/3)+0'0#+*/+(#2(*8,)+(;#(24I0#-+(#38A-2(#/+0,'/9'#
20# *+/0+# '-# f]r# T?/,)11+02# <# S):+-*2--';# B]]fW# <# 2-# "]r# T&'.2/+;# L%# B]]"W%# C'#
:'-+/'3)D0# 782# /2'-)1'0# -+(# 6'/*)3)6'0*2(# ,2# -'# =+/5'3)D0# 2(# 58<# 6+()*):';#
+.*20)l0,+(2# 3+5+# 6/+52,)+# ,2# /2(682(*'# 80'# '-*'# ('*)(='33)D0# 20# *+,+(# -+(#
'(623*+(# :'-+/',+(# T6/2(20*'3)D0;# 3'-),',# <# 8*)-),',# ,2# -+(# 3+0*20),+(o# -'#
52*+,+-+49';# -+(# 3/)*2/)+(# ,2# 2:'-8'3)D0# 256-2',+(o# -'# ,)0'5)1'3)D0# <# '33)D0#
,+320*2o# 5'02G+# ,2# -'# 6-'*'=+/5';# 2*3%W%# &'.2# /2('-*'/# 782# -'(# 6/)03)6'-2(#
6/+682(*'(#,2#52G+/'#6-'0*2','(#6+/#2-#'-850',+#:'0#20#-'#-902'#,2#)03/2520*'/#
-'#,8/'3)D0#,2#-+(#38/(+(#<#-+4/'/#80'#5'<+/#6'/*)3)6'3)D0#,2#-+(#3+56'g2/+(%#
E+/#I-*)5+;#-+(#,'*+(#'6+/*',+(#62/5)*20#,2,83)/#-'#8*)-),',#<#2=)3'3)'#,2-#(2/:)3)+#
,2# '(2(+/'5)20*+# 6()3+62,'4D4)3+# <# G8/9,)3+# 782# +=/232# 4/'*8)*'520*2#
`'5)-)'(20/2,%2(%# C'(# 3+0(8-*'(# /2'-)1','(# 6+/# -+(# 8(8'/)+(# (2# /2-'3)+0'0#
6/)03)6'-520*2# 3+0# -'# 42(*)D0;# +/4'0)1'3)D0# <# 3+0:):203)'# 2(3+-'/;# '(9# 3+5+#
6/+.-25'(#<#,8,'(#,2/):','(#,2#-'#/86*8/'#,2#-'#80),',#='5)-)'/%##H0#4202/'-;#-+(#
8(8'/)+(# 782# @'0# 8*)-)1',+# ,)[email protected]+# (2/:)3)+# (2# 582(*/'0# 58<# ('*)([email protected]+(# 3+0# -'#
/2(682(*'#'6+/*','#6+/#2-#278)6+#,2#2>62/*+(%#
C+(# /2(8-*',+(# <# 3+03-8()+02(# 2>682(*'(# (+0# 80'# 582(*/'# ,2-# 6+*203)'-# ,2# -'(#
@2//'5)20*'(#,2#-'#_230+-+49'#,2#-'#K0=+/5'3)D0#<#-'#&+580)3'3)D0#6'/'#2-#,)(2g+#
2# )56-2520*'3)D0# ,2# 6/+4/'5'(# ,2# 6'/*)3)6'3)D0;# =+/5'3)D0# <# +/)20*'3)D0#
,)/)4),+(# '# 6/+6+/3)+0'/# '# -'(# ='5)-)'(# 2(*/'*24)'(# <# @'.)-),',2(# 782# -2# 62/5)*'0#
@'32/#=/20*2#'#-'(#0232(),',2(#2,83'*):'(#'3*8'-2(%#
)
-'-$'".*,+c,)
?SaKeeNOH;# E%# <# SKhNC_HCC?;# E%# TB]]fW# a),A3*)3'# 6'/'# 2Y-2'/0)04%# Ml*+,+(# 2#
)0(*/8520*+(# 6'/'# -'# )00+:'3)D0# ,2# -'# 20(2g'01'# 80):2/()*'/)'%# H,)3)+02(# ?-G).2X#
MA-'4'%#nSCX#@**6Xqqppp%85%2(q2',q/2,q$fq'/,)11+02%6,=#
?FKCK;# O# <# EKOe{O# TB]]!W# vS2-'3)D0# 20*/2# 2(*)-+(# 6'/20*'-2(;# 2(*)-+(# ,2# '624+# <#
.)202(*'/#6()3+-D4)3+w#E()3+-+49'#<#F'-8,;#|KKK;#B;#B$\YBB"%#
J?nMSKOa;# a%# T$U^!W%w# [email protected]# ,2:2-+6520*# +=# )0(*/8520*'-# 3+562*2032# */[email protected]#
F+3)'-)1'*)+0w#H0#?%#a%#E)3b#TH,W#M)002(+*'#F<56+()85#+0#[email protected])-,#6(<[email protected]+-+4<%#hKK;#!Y
f"%#M)002'6+-)(;#n0):2/()*<#+=#M)002(+*';#E/2((%#\V#
J?nMSKOa;# a%# T$UU$W%w# E'/20*)04# (*<-2(# '0,# ',+-2(320*# ,2:2-+6520*%w# H0# L%#
J/++b(YR800;# S%# C2/02/# <# ?%# C%# E2*2/(20# TH,(%WX# [email protected]# H03<3-+62,)'# +=# ?,+-2(32032%#
O2p#Q+/bX#R'/-'0,%#
&?JHSN;# L%# TB]]"W# J'(2(# 62,'4D4)3'(# ,2-# 2Y-2'/0)04%# S2:)(*'# ,2# n0):2/(),',# <#
F+3)2,',# ,2-# &+0+3)5)20*+%# h+-%# !# Y# O%[# $# q# ?./)-# ,2# B]]"%# H,)*'X# nN&%# nSCX#
@**6Xqq580,+'3',25)3+%80.%./q8(2/(q-2,'=)+/q$$$$f$fV\$%6,=#
&NnO&KC# N`# _ZH# HnSNEH?O# nOKNO# TB]]!WX# &+803)-# &+03-8()+0(# +0# S2=2/2032#
C2:2-(# +=# H8/+62'0# ?:2/'42# E2/=+/5'032# )0# H,83'*)+0# '0,# _/')0)04#
[email protected]'/b(W;#VUV$q]!%#
RC?FRN};#P%;#aNSOJnF&Z;#F%;#_SNQHS;#C%;#F_HKOJHSR;#C%#<#SK__HS;#E%Z%#T$UU^W%#
E'/20*)04# (*<-2(;# ',+-2(320*(m# '**/).8*)+0(;# '0,# 2,83'*)+0'-# +8*3+52(# )0# 0)02#
@2*2/+4202+8(#@)[email protected]#([email protected]++-(w%#&@)-,#a2:2-+6520*;#C|hKKK;#!;#\]^Y\BU%#
\U#
C?MJNSO;#MNnO_F;#F_HKOJHSR#<#aNSOJnF&Z;#T$UU$W#vE'**2/0(#+=#3+562*2032#
'0,# ',G8(*520*# '5+04# ',+-2(320*(# =/+5# '8*@+/)*'*):2;# '8*@+/)*'/)'0;# )0,8-420*#
'0,#024-23*=8-#='5)-)2(w%#&@)-,#a2:2-+6520*;#"BX#$]fUY$]"\%#
F_HKOJHSR%# C%;# C?MJNSO;# F%;# aNSOJnF&Z;# F%# <# a?SCKOR;# O%# T$UUBW%# vK56'3*# +=#
E'/20*)04# E/'3*)32(# +0# ?,+-2(320*# [email protected])2:2520*X# ?8*@+/)*'*):2# E'/20*)04;# [email protected]++-#
K0:+-:2520*;# '0,# H03+8/'42520*# *+# F83322,w%# &@)-,# a2:2-+6520*;# C|KKK;# $B""Y#
$BV$%#
E?C?&KNF;# L%# TB]]\W%# H(*)-+(# 6'/20*'-2(# <# 3+0,83*'(# ,2# /)2(4+# 20# ',+-2(320*2(%#
_2()(#T)0l,)*'W%#Ml>)3+X#nO?M%#
h?CCHLN;#&%#?%o#?RnKC?S;#h%#L%#<#h?CHO&K?;#C%#?%#TB]]BW#vH(*)-+(#,2#6'*2/0),',#20#
6',/2(# *+*+0'3'(# <# 6/+5+3)D0# ,2# '8*+0+59'# 6()3+-D4)3'# @'3)'# -+(# @)G+(#
',+-2(320*2(w%#E()3+-+49'#<#F'-8,;#|KK;#$;#$]$Y$]V%#
"]#
#
#
#
#
#
#
($)5,$"*)2($)*(&3(6")4)$,)6"$(*,#!',)(#),$%0#"&)2()
3*'0(*")2()(2%!,!'1#)3*'0,*',)
#
$:P8:)*:\P?B)0A89BB:C)3?>8?jA)
,=:)098?L?)*[email protected])
n0):2/(),',#,2#M8/3)'#
)
*(&%0(#))
C'#'32-2/','#*/'0(=+/5'3)D0#782#@'#2>62/)520*',+#-'#(+3)2,',#20#-+(#I-*)5+(#'g+(#
@'#/262/38*),+#,)/23*'520*2#20#2-#3+0326*+#,2#='5)-)'#<#20#-+(#:'-+/2(#782#,2(,2#
2--'# (2# */'0(5)*20%# F2# @'.-'# ,2# v3/)()(# 20# -'# ='5)-)'w;# 38'0,+# -+# 782# 20# /2'-),',#
+38//2# 2(# 782# 0+(# 203+0*/'5+(# '0*2# 80# ,2('//+--+# ,2# =+/5'(# <# 5+,2-+(# 58<#
,):2/(+(#,2#-'#5)(5'%##
F)0#3'2/#20#2-#'*/2:)5)20*+#,2#)0,)3'/#38A-2(#(+0#-+(#52G+/2(#:'-+/2(#782#-+(#6',/2(#
,2.20# 20(2g'/# '# (8(# @)G+(;# 20# 2-# */'.'G+# 782# '789# (2# 6/2(20*'# @25+(# 6/2*20,),+#
3+0+32/# -'# )56+/*'03)'# '*/).8),'# 6+/# 2-# :'-+/# ,2-# S2(62*+# <# -'# _+-2/'03)'#
*/'0(5)*),'#6+/#-'(#='5)-)'(#,2#0)g+(#<#0)g'(#782#38/('0#6/)52/#0):2-#,2#H,83'3)D0#
E/)5'/)'#20#80#&+-24)+#,2#H,83'3)D0#K0='0*)-#<#E/)5'/)'#,2#M8/3)'%#E'/'#2--+;#(2#@'#
8*)-)1',+#80#'56-)+#382(*)+0'/)+#,)/)4),+#'#-+(#6',/2(#<#5',/2(#,2#,)[email protected]+(#'-850+(;#
,2-#38'-#0+(#@25+(#320*/',+#20#-'#6/)52/'#,)520()D0#,2-#5)(5+#6'/'#2(*2#2(*8,)+%#
H0#4202/'-;#-'#,)520()D0#782#0+(#+386'#@'#(),+#:'-+/','#'-*'520*2#6+/#-'(#='5)-)'(#
782# @'0# 3+0*2(*',+# 2-# 382(*)+0'/)+;# -+# 782# 6+02# ,2# 5'0)=)2(*+# 782# 2-# :'-+/2(# ,2-#
S2(62*+#<#-'#_+-2/'03)'#2(#*/'0(5)*),+#3+//23*'520*2#6+/#-'(#='5)-)'(#,2#-+(#0)g+(#
<#0)g'(#782#@'0#3+0(*)*8),+#-'#582(*/'#,2#-'#)0:2(*)4'3)D0%#
3:B:D8:C)MB:E?F#:'-+/2(o#/2(62*+o#*+-2/'03)'o#2,83'3)D0o#='5)-)'%#
#
#
6G()5,$%()"+)*(&3(!6),#2)6"$(*,#!()'#)!G'$2*(#)&6%24'#.)+'*&6)
$(5($)"+)3*'0,*4)(2%!,6'"#)
#
,-&6*,!6##
[email protected]#'332-2/'*2,#*/'0(=+/5'*)+0#*@'*#+8/#(+3)2*<#@'(#2>62/)2032,#)0#*@2#-'(*#<2'/(#
@'(#,)/23*-<#'==23*2,#*@2#3+0326*#+=#*@2#='5)-<#'0,#*@2#:'-82(#*/'0(5)**2,#=/+5#)*%#
"$#
}2#(62'b#'.+8*#v='5)-<#3/)()(w;#.8*#)0#='3*;#[email protected]'*#p2#'/2#='3)04#)(#'#,2:2-+6520*#+=#
5'0<#,)==2/20*#=+/5(#'0,#5+,2-(#=/+5#*@2#='5)-<%#
})*@+8*#='--)04#)0*+#*@2#'8,'3)*<#*+#)0,)3'*2#[email protected]'*#.2(*#:'-82(#6'/20*(#(@+8-,#*2'[email protected]#
*@2)/# [email protected])-,/20;# )0# *@)(# (*8,<# p2# @':2# */)2,# *+# b0+p# *@2# )56+/*'032# 4):20# *+# *@2#
:'-82(#+=#/2(623*#'0,#*+-2/'032#.<#='5)-)2(#p)*@#[email protected])-,/20#(*8,<)04#*@2#=)/(*#-2:2-#+=#
E/)5'/<# H,83'*)+0# )0# '# O8/(2/<# '0,# E/)5'/<# H,83'*)+0# [email protected]++-# )0# M8/3)'%# _+# ,+#
*@)(;# p2# @':2# 8(2,# '# 3+56/[email protected]():2# 782(*)+00')/2# ')52,# '*# 6'/20*(# +=# *@+(2#
(*8,20*(%# ?0,# p2# @':2# =+38(2,# +0# *@2# =)/(*# ,)520()+0# +=# *@'*# 782(*)+00')/2%# K0#
4202/'-;# *@2# ,)520()+0# *@'*# p2# (*8,<# @'(# .220# @)[email protected]<# :'-82,# .<# ='5)-)2(# [email protected]+#
/26-)2,# *+# *@2# 782(*)+00')/2;# [email protected])[email protected]# 5'b2(# 3-2'/# *@'*# *@2# :'-82(# +=# /2(623*# '0,#
*+-2/'032# '/2# (8332((=8--<# */'0(5)**2,# .<# *@2# ='5)-)2(# +=# *@2# [email protected])-,/20# [email protected]+# @':2#
.220#*@2#/2(2'/[email protected]#('56-2%#
I?7)JA8>CX#:'-82(o#/2(623*o#*+-2/'032o#2,83'*)+0o#='5)-<%#
#
i%&6'+'!,!'1#)6(1*'!,)
&8'0,+# 0'325+(;# -+# @'325+(# ,20*/+# ,2# 80# 0I3-2+# ='5)-)'/# 6'/*)38-'/;# 3+0# (8(#
3'/'3*2/9(*)3'(#6/+6)'(;#'(623*+(#5A(#+#520+(#6+()*):+(;#0+/5'(#+#'8(203)'#,2#-'(#
5)(5'(;# G80*+# '# -'(# 782# )/25+(# 3/23)20,+;# :'-+/2(# 782# 0+(# :'0# '<8,'0,+# '#
=+/5'/0+(# ,2# =+/5'# )0*24/'-%# H0# ,2=)0)*):';# -'# ='5)-)'# 2(# 082(*/+# 6/)52/# 680*+# ,2#
/2=2/203)';# '# 6'/*)/# ,2# -'# 38'-;# 3+5201'/A# 082(*/'# '0,',8/'# 6+/# -'# :),'# @'3)'# -'#
5',8/'3)D0%#
C+(# 2(6'g+-2(# ()*I'0# '# -'# ='5)-)'# 20# 6/)52/# -84'/# 38'0,+# (2# -2(# 6/2480*'# 6+/# (8(#
6/2=2/203)'(# :'-+/'*):'(# TUUrW;# 3+-+3A0,+-'# 6+/# ,2-'0*2# ,2-# 682(*+# ,2# */'.'G+;#
/2-)4)D0# <# 6+-9*)3'# TN/)1+# <# +*/+(;# B]]]W%# Q# 2(# 782# -'# 2,83'3)D0# ='5)-)'/# /262/38*2#
,23)():'520*2#20#3D5+#-+(#@)G+(#(2#:'0#'#,2(20:+-:2/#<#3+56+/*'/#20#-'#(+3)2,',#
20#-'#782#:):20#TN/*24'#<#M904821;#B]]!W%#C'#='5)-)'#2(#-84'/#),D02+#,2#203820*/+;#
,2# '3+4),';# ,2# 2([email protected]';# <# ,)A-+4+;# 6+/782# (8.<'32# 20# 2--'# 80# 6/+=80,+# '5+/# ()0#
-95)*2#0)#3+0,)3)+02(%#H(#20#2(2#'5.)20*2#,2#3'/)g+#<#(248/),',#,+0,2#(2#@'32#5A(#
',238',+# <# +6+/*80+# 2-# 3+0*'3*+# 3+0# 80'# 2(*/83*8/'# ,2# :'-+/2(# 782# 0+(# :'0# '#
5+,2-'/#6'/'#2-#,9'#,2#5'g'0';#2(623)'-520*2#:'-+/2(#3+5+#2-#/2(62*+#58*8+#<#-'#
*+-2/'03)'# '0*2# -'(# ,)=2/203)'(# 782# )02-8,).-2520*2# 2>)(*20# 20*/2# -+(# (2/2(#
@85'0+(%#
Z+<#(2#@'.-'#,2#80'#~3/)()(#,2#:'-+/2(~#38'0,+#-+#782#2(*A#(832,)20,+#2(#80'#3/)()(#
20# -'# ,2=)0)3)D0# ,2# -+# .820+# <# ,2# -+# 5'-+# TH-1+;# B]]BX# VB$W%# `'5)-)'# <# (+3)2,',#
2(*A0#20#3+0*)08+#6/+32(+#,2#3'5.)+#<#-+#782#'<2/#:'-9'#682,2#782#@'<'#62/,),+#
:'-+/# @+<%# E+/# 2--+;# 0+# ,2.2/9'5+(# ',+6*'/# 80'# 6+(*8/'# '6+3'-96*)3'# '0*2# -'#
62/3263)D0# (+./2# -'# ('-8,# 782# 4+1'# -'# ='5)-)'%# F)# .)20;# 2(# 3)2/*+# 782# 2(*'5+(#
:):)20,+#5+520*+(#,2#3'5.)+(#/A6),+(#'#0):2-#(+3)'-#782#)0=-8<20#'#*+,+#<#'#*+,+(;#
-'#='5)-)'#*'5.)l0#2(*A#(8=/)20,+#(8#(2/)2#,2#*/'0(=+/5'3)+02(#6'/*)38-'/2(;#782#20#
'-480+(#5+520*+(#,)=)38-*'0#80'#.820'#)5'420#,2#-'#5)(5'%##
H(# 6+/# 2--+;# 3+5+# ,)320# El/21Ya9'1# <# +*/+(# TB]]BW;# 782# 20# +3'()+02(# (2# 2([email protected]'#
@'.-'/# ,2# v3/)()(# 20# -'# ='5)-)'w;# 38'0,+# -+# 782# /2'-520*2# 2(*A# 20# 3/)()(;# 20# -'#
'3*8'-),',;# 2(# -'# 62/3263)D0# 782# (2# @'# *20),+# ,2# -'# ='5)-)'# ,2# '0*'g+%# Z+<# <'# 0+#
6+,25+(# @'.-'/# ,2# 80# I0)3+# 5+,2-+# ='5)-)'/%# F8/420# ,)=2/20*2(# 3+0=)48/'3)+02(#
782#(+0#)48'-520*2#-93)*'(;#<#,2.20#(2/#3+0(),2/','(#3+0#2-#5)(5+#/2(62*+#<#:'-+/#
+=/23),+(#'-#5+,2-+#*/',)3)+0'-%#C'#='5)-)'#,2#'<2/#0+#2(#-'#5)(5'#,2#@+<#<#3+0#'-*'#
"B#
6/+.'.)-),',;# -'# ,2# @+<# (2/A# ,)(*)0*'# '# -'# ,2# 5'g'0';# <# 3+0# 2--'# *'5.)l0# @'0# ),+#
3'5.)'0,+#-+(#:'-+/2(#='5)-)'/2(#'#-+#-'/4+#,2-#*)256+%#
?I0#'(9;#203+0*/'5+(#'(623*+(#58<#6+()*):+(#20#-'#='5)-)'#,2#@+<;#782#0+#6+,25+(#
,2G'/# ,2# 5203)+0'/# <# 782# 0+(# ()/:20# ,2# 20/)7823)5)20*+# <# 2(62/'01'# @'3)'# 80'#
/2:'-+/)1'3)D0#,2#-'#='5)-)'#'3*8'-%#C'#)48'-,',#20*/2#(2>+(#2(#()0#,8,'#80+#,2#2(*+(#
'(623*+(# 6+()*):+(;# */',83),+# 20# 80# /26'/*+# ,2# -'(# *'/2'(# ,+5l(*)3'(# <# 80# 082:+#
3+0326*+# ,2# 6'*2/0),',;# ,+0,2# 2-# 6'62-# ,2-# 6',/2# ',+6*'# 6/+*'4+0)(5+#
)0:+-83/A0,+(2#5A(#20#2-#,2('//+--+#<#20#-'#2,83'3)D0#,2#(8(#@)G+(%#H>)(*2#6+/#+*/+#
-',+;# 80# /2-'G'5)20*+# ,2# -+(# 5l*+,+(# ,2# (+3)'-)1'3)D0# 5A(# 3+5802(# ,2# -'# ='5)-)'#
*/',)3)+0'-#3+5+#-+#(+0#-+(#'8*+/)*'/)+(#<#/26/2():+(%#C'(#/2-'3)+02(#='5)-)'/2(;#6+/#
(8#6'/*2;#(2#2(*/[email protected]'0#20('-1'0,+#-'#'=23*):),',#<#'3+/*A0,+(2#-'(#,)(*'03)'(#20*/2#
6',/2(#2#@)G+(%#_'5.)l0#(2#/2):)0,)3'#-'#)56+/*'03)'#,2#-'#3+580)3'3)D0#20*/2#-+(#
5)25./+(#3+5+#2(*/'*24)'#),D02'#6'/'#=':+/232/#-'#42(*)D0#,2#-+(#3+0=-)3*+(#782#(2#
,2/):'0#,2#-'#3+0:):203)'#='5)-)'/#<#80#-'/4+#2*3l*2/'#T`-'782/#B]]$W%#
C'# :):203)'# ,2# :'-+/2(# *'0# 2(203)'-2(# 3+5+# ?B) 8?CN?LA) 7) B:) LAB?8:=M9:# (2#
2>62/)520*'0#20#6/)52/'#)0(*'03)';#6+/#*'0*+;#20#2-#(20+#='5)-)'/;#,+0,2#,9'#'#,9'#<#
3+0# 2-# 2G256-+;# (2# :'# (+-),)=)3'0,+# 80'# ,2*2/5)0','# 2(*/83*8/'# 5A(# +# 520+(#
3+56-2*'#,2#-+(#5)(5+(%##
C+(# :'-+/2(# 2(*A0# 6/2(20*2(# 20# 3','# 80+# ,2# 0+(+*/+(;# 0+# (2# :20# 62/+# 2>)(*20;#
62/,8/'0# 20# 2-# *)256+# <# 2(6'3)+# 20# 38'0*+# '# (8# ()40)=)3',+;# '80782# :'/9'0#
','6*A0,+(2# '# -'(# 082:'(# 3)/380(*'03)'(%# a2-# 5)(5+# 5+,+;# (2# ',78)2/20#
*/'0(5)*)l0,+(2#52,)'0*2#-'#2>62/)203)';#6+/#-+#782#(+0#2,83'.-2(%#?,25A(;#3','#
='5)-)'#(2#)03-)0'#@'3)'#80+(#<#+*/+(#:'-+/2(#,2*2/5)0',+(;#'782--+(#782#3+0(),2/'#
5A(#',238',+(;#<#0+/5'-520*2#(2#@'32#,2#=+/5'#)56-93)*';#)03-8(+#80##5)(5+#:'-+/#
682,2#782#0+#(2#:):'#,2#)48'-#5'02/'#20#80'#8#+*/'#='5)-)';#682(#(+0#[email protected]'(#-'(#
:'/)'.-2(#782#20*/'0#20#G824+#TZ2/0A0,21#E/',+(;#B]]\W%#
`'5)-)'#<#2(382-'#3+56'/*20;#3+0#6/)5'39'#,2#-'#6/)52/';#-'#)56+/*'0*2#<#,2-)3','#
-'.+/# ,2# 80'# 2,83'3)D0# 20# :'-+/2(;# <# 20# 2(*2# 2(*8,)+# 782/25+(# 320*/'/0+(#
3+03/2*'520*2#20#2-#:'-+/#782#3+0(),2/'5+(#-'#.'(2;#2-#6/)03)6)+#,2#80'#2(*/83*8/'#
2(203)'-#<#278)-)./','#,2#:'-+/2(;#2-#/2(62*+#<#-'#*+-2/'03)';#20*20,)20,+#782#2(#20#
l(*2# 5'/3+# ,+0,2# 682,20# *202/# 3'.),'# +*/+(# :'-+/2(# =80,'520*'-2(# 782#
=':+/213'0#80'#2,83'3)D0#)0*24/'-%##
H(*2#*/'.'G+#=+/5'#6'/*2#,2#80'#)0:2(*)4'3)D0#5A(#'56-)'#TM+/)--'(#<#R'/39'#F'01;#
B]]UW# 20# -'# 782# (2# 2(*8,)'# -'# 6+().-2# /2-'3)D0# 20*/2# 80'# 2(*/83*8/'# ,2# :'-+/2(#
,2*2/5)0',';#,20*/+#,2-#(20+#='5)-)'/;#3+0#2-#/20,)5)20*+#'3',l5)3+#,2#-+(#@)G+(#
20# 2,',2(# 3+56/20,),'(# 20*/2# -+(# "Y^# 'g+(%# H0# 2(*'# )0:2(*)4'3)D0# (+0# ,)21# -'(#
,)520()+02(# 3+0*256-','(;# 20*/2# -'(# 782# (2# 203820*/'# 2-# :'-+/# ,2-# /2(62*+# <# -'#
*+-2/'03)';#+.G2*+#,2-#'3*8'-#2(*8,)+%#
_+5'0,+#3+5+#.'(2#2-#5'/3+#*2D/)3+#2>682(*+;#0+(#6-'0*2'5+(#80'#)0:2(*)4'3)D0#
,2#3'(+#I0)3+#782;#,2#=+/5'#4-+.'-;#6'/*2#,2-#()48)20*2#6/+.-25'X#j_)2020#-+(#0)g+(#
<# 0)g'(# ,2# "Y^# 'g+(# 80'# ('*)(='3*+/)'# 2,83'3)D0# 20# 2-# :'-+/# ,2-# /2(62*+# <# -'#
*+-2/'03)'c#
)
"!#
"-i(6'5"&)
"Dk?L9EA)Q?=?8:B)
&+0+32/#2-#4/',+#,2#)56+/*'03)'#782#-'#='5)-)'#3+032,2#'-#:'-+/#,2-#/2(62*+#<#-'#
*+-2/'03)'#20#0)g+(#<#0)g'(#,2#"Y^#'g+(%#
"Dk?L9EAC)?CN?MhW9MAC)
$%Y# ?:2/)48'/# -'# )03),203)'# 782# @'32# -'# ='5)-)'# 6'/'# +.*202/# 80'# 3+0:):203)'#
6'39=)3'#20#2-#@+4'/;#,+0,2#2>)(*'#80#'5.)20*2#='5)-)'/#*/'078)-+#<#(248/+%#
B%Y# ?0'-)1'/# 2-# :'-+/# '*/).8),+# 6+/# -'# ='5)-)'# '-# /2(62*+# @'3)'# +*/+(# 5+,2-+(#
='5)-)'/2(#252/420*2(#<#@'3)'#+*/'(#38-*8/'(%#
!%Y#F'.2/#20#78l#52,),'#-+(#6',/2(#<#5',/2(#@'320#@)03'6)l#20#-'#)56+/*'03)'#,2#
80'#2,83'3)D0#)48'-)*'/)'#6'/'#0)g+(#<#0)g'(%#
#
3,*6'!'3,#6(&)
H0#-'#)0:2(*)4'3)D0#@'0#6'/*)3)6',+#-+(#6',/2(#<#5',/2(#,2#-+(#'-850+(#,2#-'(#*/2(#
-902'(#,2#6/)52/#38/(+#,2#H,83'3)D0#E/)5'/)'#,2-#&+-24)+#&+032/*',+#F'0*'#M'/9'#
,2-#&'/520#,2#M8/3)'%#F2#)0:)*D#'#6'/*)3)6'/#20#2-#2(*8,)+#'#-'(#^f#='5)-)'(#,2#-+(#
'-850+(# ,2# 6/)52/+# ,2# E/)5'/)'# ,2-# 3)*',+# &+-24)+%# C'# 582(*/'# '326*'0*2# =82# ,2#
f^#6'/*)3)6'0*2(;#3+)03),)20,+#2(*'#3)=/'#3+0#-'#582(*/'#/2'-#,2#-'#)0:2(*)4'3)D0%##
#
6K!#'!,&)()'#&6*%0(#6"&)2()*(!".'2,)2()'#+"*0,!'1#))
E'/'#--2:'/#'#3'.+#2(*'##)0:2(*)4'3)D0;#(2#@'0#8*)-)1',+#,+(#*l30)3'(#,2#/23+4),'#,2#
)0=+/5'3)D0X#80#382(*)+0'/)+#<#80'#20*/2:)(*'%#
H-# 382(*)+0'/)+# =82# '6-)3',+# '# -'# 582(*/'# 6'/*)3)6'0*2# ,2# 6',/2(# <# 5',/2(# ,2# -+(#
'-850+(q'(#,2#6/)52/+#,2#H,83'3)D0#E/)5'/)'#,2-#&+-24)+#F'0*'#M'/9'#,2-#&'/520#
,2#M8/3)'%#_/'(#-'#6/2(20*'3)D0#,2-#382(*)+0'/)+#<#2-#'6'/*',+#,2#,'*+(#62/(+0'-2(#
<#='5)-)'/2(;#2-#)0(*/8520*+#)03-8<2#V$#9*252(#32//',+(%#C+(#V]#6/)52/+(#)03-8<20#
80'#2(3'-'#*)6+#C)b2/*#,2#3)03+#4/',+(#782#'#(8#:21#+=/232#-'#+63)D0#6'/'#3','#80+#
,2#2--+(#,2#80'#/2(682(*'#'.)2/*'#52,)'0*2#~+.(2/:'3)+02(q6/+682(*'(#,2#52G+/'~%#
H0#2-#9*25#0I52/+#V$;#(2#(+-)3)*'0##-'(#3'-)=)3'3)+02(#,2#-+(#'-850+(#,2#-'#6/)52/'#<#
-'#(2480,'#2:'-8'3)D0#,2-#38/(+#'3',l5)3+#B]]^YB]]V;#6+/#A/2'(%#C+(#9*252(#2(*A0#
+/4'0)1',+(#20#$]#,)520()+02(;#-'(#38'-2(#@'0#(),+#(2-233)+0','(#6'/*)20,+#,2#-+(#
+.G2*):+(#,2#-'#)0:2(*)4'3)D0#<#,2#-+(#/2(8-*',+(#+.*20),+(#20#-'#H0382(*'#M80,)'-#
,2#h'-+/2(#TB]]]W#3+5+#'782--+(#782#-+(#6',/2(#2(6'g+-2(#,2(2'0#*/'0(5)*)/#'#(8(#
@)G+(%##
&','# 80'# ,2# -'(# # $]# ,)520()+02(# 782# 3+0(*)*8<20# 2-# 382(*)+0'/)+# 2(*A# )0*24/','#
20*/2#f#<#$!#9*25(#,2-#*+*'-%#E'/'#2(*2#2(*8,)+#0+(#@25+(#320*/',+#20#-'#6/)52/'#,2#
2(*'(#,)520()+02(;#*?CN?LA)7)6AB?8:=M9:;#3+5682(*'#,2#*/232#9*25(%##
C'# =)'.)-),',# ,2-# 382(*)+0'/)+# (2# @'# +.*20),+# 52,)'0*2# 2-# 3A-38-+# ,2-# 3+2=)3)20*2#
'[email protected]'# ,2# &/+0.'[email protected];# 2-# 38'-# @'# '//+G',+# 80# :'-+/# ,2# tu]%Vf\;# -+# 782# 6+02# ,2#
5'0)=)2(*+#80'#'-*'#=)'.)-),',#,2-#)0(*/8520*+#20#(8#*+*'-),',%#
C'# 20*/2:)(*'# (25)2(*/83*8/',';# =82# '6-)3','# '# -+(# */2(# *8*+/2(# ,2# -+(# '-850+(%#
a)[email protected]'# 20*/2:)(*'# 2(*A# =+/5','# 6+/# \$# 6/2480*'(# 782# '3*8'/+0# 3+5+# 489'# 6'/'#
"f#
/23+42/#-'#)0=+/5'3)D0#5A(#/2-2:'0*2%#C'(#6/2480*'(#(2#+/4'0)1'/+0;#'-#)48'-#782#2-#
382(*)+0'/)+;#20#-'(#5)(5'(#$]#,)520()+02(%#&+0#,)[email protected]'#20*/2:)(*'#(2#@'#6/2*20,),+#
+.*202/# )0=+/5'3)D0# 6/+=80,'# <# ,2*'--','# (+./2# -'# *25A*)3'# 782# 0+(# +386';# '(9#
3+5+# 3+0*/'(*'/# -+(# ,'*+(# +.*20),+(# 3+0# 2-# 382(*)+0'/)+# ,)/)4),+# '# -+(# 6',/2(# <#
5',/2(#,2#-+(#'-850+(%#
C'#)0=+/5'3)D0#/23+4),'#,8/'0*2#-'#20*/2:)(*'#(2#@'#/24)(*/',+#52,)'0*2#4/'.'3)D0#
20#'8,)+%#
)
3*"!(2'0'(#6")
C'# 52*+,+-+49'# '6-)3','# 20# -'# )0:2(*)4'3)D0# @'# (),+# -'# 6/+6)'# ,2# # 80# 2(*8,)+#
,2(3/)6*):+#,2#3'(+#I0)3+%#H-#6/+32,)5)20*+#'#(248)/#@'#6'(',+#6+/#*/2(#='(2(;#80'#
)0)3)'-;# 80'# ,2# ,2('//+--+# <# 80'# =)0'-%# H0# -'# ='(2# )0)3)'-# (2# --2:'/+0# '# 3'.+# -+(#
6/26'/'*):+(# 0232('/)+(# 6'/'# -'# )0:2(*)4'3)D0%# H0# 2(*'# 6/)52/'# 2*'6'# (2# 3+0*'3*D#
3+0# 2-# &20*/+;# (2# 6),)D# 3)*'# '-# ,)/23*+/# <# (2# -2# 6/2(20*D# 20# 5'0+# 2-# 6/+<23*+;#
/2'-)1'0,+# -'(# 2>6-)3'3)+02(# +6+/*80'(%# n0'# :21# )0=+/5',+# 2-# ,)/23*+/# <# ,',+# 2-#
:)(*+# .820+# ,2-# 5)(5+;# (2# /2'-)1'/+0# 2-# 0I52/+# ,2# =+*+3+6)'(# '6/+6)',+# 6'/'# 2-#
*+*'-#,2#='5)-)'(%#
_'5.)l0# (2# @'.-D# 3+0# -+(# *8*+/2(# ,2# 6/)52/+# ,2# 6/)5'/)'# <# (2# -2(# )0=+/5D# ,2-#
3+0*20),+#<#*)6+#,2#20*/2:)(*'#782#(2#-2(#).'#'#/2'-)1'/%#F2#3+03/2*'/+0#80'(#[email protected]'(#
6'/'#20*/24'#<#/23+4),'#,2#-+(#382(*)+0'/)+(#'#-'(#='5)-)'(#<#,2#-'#20*/2:)(*'#'#-+(#
6/+=2(+/2(%#
H0#-'#='(2#,2#,2('//+--+#(2#20*/24'/+0#-+(#382(*)+0'/)+(#'#-+(#*8*+/2(#6'/'#782#-+(#
='3)-)*'(20#'#-'(#='5)-)'(#,2#(8(#'-850+(#<#(2#-+(#/23+4)2/'0#20#-'#[email protected]'#6/2:)'520*2#
2(*'.-23),'%#
F2# '38,)D# '-# &20*/+# 20# 2-# ,9'# <# @+/'# 6-'0)=)3',';# 6'/'# /23+42/# *+,+(# -+(#
382(*)+0'/)+(#/23+6)-',+(#<#'-#5)(5+#*)256+#(2#--2:'/+0#'#3'.+##-'(#20*/2:)(*'(#'#
-+(#*8*+/2(#,2#-+(#*/2(#38/(+(%#
E+/#I-*)5+;#20#-'#='(2#=)0'-#,2#-'#)0:2(*)4'3)D0;#(2#6/+32,)D#'-#'0A-)()(#38'0*)*'*):+#<#
38'-)*'*):+#,2#-+(#,'*+(#/23+4),+(#<#(2#6/+32,)D#'#-'#/2,'33)D0#,2-#)0=+/52;#,+0,2#
782,D# /2=-2G','# *+,'# -'# )0=+/5'3)D0# ,2# -+# 6-'0)=)3',+# <# /2'-)1',+# ,8/'0*2# 2-#
2(*8,)+;#'(9#3+5+#-'(#)56-)3'3)+02(#2,83'*):'(#782#2-#2(*8,)+#@'#4202/',+%#
#
,#/$'&'&)4)*(&%$6,2"&)
C'# )0=+/5'3)D0# 38'-)*'*):'# *'0*+# ,2# -+(# 382(*)+0'/)+(# '# -'(# ='5)-)'(# 3+5+# ,2# -'(#
20*/2:)(*'(# '6-)3','(# '# -+(# *8*+/2(# (2# @'# '0'-)1',+# 52,)'0*2# 38'*/+# 6'(+(X#
/2,833)D0;# ,2(3/)63)D0;# 3+56'/'3)D0# 2# )0*2/6/2*'3)D0# TR'/39'# F'01;# B]]!W%# E'/'#
'0'-)1'/# -+(# ,'*+(# 38'0*)*'*):+(# 6/+32,20*2(# ,2# -'# '6-)3'3)D0# ,2# -+(# 382(*)+0'/)+(#
='3)-)*',+(# '# -+(# 6',/2(# <# 5',/2(# (2# @'# 8*)-)1',+# 2-# 6'782*2# 2(*',9(*)3+# FEFF;#
:2/()D0#$\%#H0#-'#*'.-'#$#6+,25+(#+.(2/:'/#-+(#6/)52/+(#/2(8-*',+(#+.*20),+(%##
#
"\#
_'.-'#$X#E80*8'3)+02(#52,)'(#<#,2(:)'3)D0#*96)3'#,2#-+(#$!#9*25(#,2#vS2(62*+#<#_+-2/'03)'w%#
#
cL?;C)29;?=C9O=)Yb)*?CN?LA)7)6AB?8:=M9:)
0)
&2)
$%#M)#+.G2*):+#2(;#782#5)(#@)G+(#,)(=/8*20#,2#80'#3+0:):203)'#6'39=)3'%#
f;V$#
;fU\#
B%#H0#3'('#(2#62/5)*20#()*8'3)+02(#,2#:)+-203)'#:2/.'-%#
$;!B#
;\\"#
!%#&8),'5+(#[email protected]+#2-#:+-8520#,2#:+1#782#8*)-)1'5+(#3+0#082(*/+(#
@)G+(%#
!;V^#
;Uf^#
f%#H0#5)#='5)-)'#2>)(*20#*20()+02(%#
B;]^#
;"V]#
\%#&/2+#782#2(#=80,'520*'-#782#@'<'#*/'078)-),',#<#(248/),',#20#-'#
='5)-)'%#
f;V!#
;f!!#
"%#H(#=80,'520*'-#*/'.'G'/#G80*+#3+0#082(*/+(#@)G+(#-'#*+-2/'03)'#<#2-#
/2(62*+#'#-+(#,25A(%#
f;Uf#
;!B!#
^%#H(*+<#,2#'382/,+#3+0#-+(#082:+(#5+,2-+(#='5)-)'/2(X#5+0+6'/20*'-;#
@+5+(2>8'-;##
B;"B#
$;B!]#
V%#M2#48(*'#782#5)#@)G+#3+56'/*'#(8(#'5)(*',2(#3+0#0)g+(#,2#+*/'(#
38-*8/'(%#
f;]f#
$;]!B#
U%#K0*20*+#782#5)(#@)G+(#(2'0#'5)4+(#,2#*+,+(%#
f;\$#
;VVB#
$]%#H0(2g+#'#5)(#@)G+(#782#*+,+(#(+5+(#)48'-2(%#
f;^U#
;\]V#
$$%#H,83+#+#2,83'/9'#6+/#)48'-#'#5)(#@)G+(#782#'#5)(#@)G'(%#
f;V^#
;f]]#
$B%#C'(#-'.+/2(#,+5l(*)3'(#682,20#@'32/-'(#6+/#)48'-#@+5./2(#<#
58G2/2(%#
f;Uf#
;Bf^#
$!%# M)# 6'/2G'# <# <+# 3+56'/*)5+(# -'.+/2(# ,2# 3'('# T-':'/;# 6-'[email protected]'/;#
3+3)0'/;#-)56)'/;W%#
!;f"#
$;B]"#
)
n0# 6/)52/# '0A-)()(# ,2# -+(# ,'*+(# 0+(# )0,)3'# 782# -'(# ='5)-)'(# 3+032,20;# ,2# 5'02/'#
4202/'-;# 80'# 4/'0# )56+/*'03)'# '# -'# 2,83'3)D0# 20# -+(# :'-+/2(# ,2-# /2(62*+# <# -'#
*+-2/'03)'%#n0'#:21#3+0:2/*),+(#-+(#9*25(#024'*):+(#'#6+()*):+(;#4-+.'-520*2#(2#@'#
+.*20),+#80'#52,)'#,2#f%!f;#-+#782#6+02#,2#5'0)=)2(*+#80'#:'-+/'3)D0#20*/2#'-*'#<#
58<# '-*'# ,2# 2(*'# ,)520()D0%# C'(# :'-+/'3)+02(# 5A(# .'G'(# -'(# 203+0*/'5+(# 20# -+(#
9*25(#/2-'3)+0',+(#3+0#-'#62/5)()D0#,2#()*8'3)+02(#,2#:)+-203)'#:2/.'-#20#3'('#<#-'#
2>)(*203)'#,2#*20()+02(#20#-'#5)(5';#3+0#80'(#680*8'3)+02(#52,)'(#,2#B%]^#<#$%!B;#
/2(623*):'520*2%# C+(# 6',/2(# @'0# +*+/4',+# -'(# :'-+/'3)+02(# 5A(# '-*'(# '# -+(#
'(623*+(#782#@'320#/2=2/203)'#'#-'#)48'-,',#,2#4l02/+#20#-'#/2'-)1'3)D0#,2#*'/2'(#
20#2-#@+4'/#<#-'#)56+/*'03)'#,2#-'#*+-2/'03)'#<#/2(62*+#'#-+(#,25A(;#(248),+#,2#80'#
2,83'3)D0#)48'-)*'/)'#@)[email protected])G'#<#-'#/2-2:'03)'#,2#782#2>)(*'#80#'5.)20*2#*/'078)-+#
<#(248/+#20#2-#@+4'/;#-'#*/'0(5)()D0#'#-+(#@)G+(#,2#782#*+,+(#(+5+(#)48'-2(#<#782#-+#
782#(2#78)2/2#20#,2=)0)*):'#6'/'#-+(#@)G+(;#2(#782#4+320#,2#80'#3+0:):203)'#6'39=)3';#
(862/'0,+#20#*+,+(#-+(#3'(+(#-'#52,)'#,2#f%V;#5+(*/'0,+#-'#4/'0#)56+/*'03)'#782#
-2#,'0#'#2(*+(#'(623*+(%##C'(#2>3263)+02(#-'(#203+0*/'5+(#20#-+(#9*25(#^#T5-&/,)*()
#1"(0*/) 1/+) $/-) +"('/-) D/*($/-) .#D%$%#0(-W# <# $!# T[%) F#0(\#) ,) ,/) 1/DF#0&%D/-) $#-)
$#E/0(-) *() 1#-#W;# -+(# 38'-2(# +.*)2020# 80'# :'-+/'3)D0# 52,)'# ,2# B;"B# <# !;f"#
/2(623*):'520*2%#
""#
H0# 2-# 4/A=)3+# $# (2# 6/2(20*'0# -'(# 680*8'3)+02(# 52,)'(# +.*20),'(# 20# -+(# 9*25(#
'4/86',+(#6'/'#3','#80+#,2#-+(#+.G2*):+(#6-'0*2',+(#20#2(*2#2(*8,)+X#3+0:):203)'#
6'39=)3'# <# @+4'/# */'078)-+# ,):),),+# 20*/2# '(623*+(# 6+()*):+(# T9*25(# $;# !# <# \W# <#
024'*):+(#T9*25(#B#<#fW#:)038-',+(#'#-'#2,83'3)D0#,2-#:'-+/;#/2(62*+#@'3)'#-+(#,25A(#
T9*25(#";#^;#V;#U#<#$]W;#<#2,83'3)D0#)48'-)*'/)'#T9*25(#$$;#$B#<#$!W%#
#
.8gW9MA)YF)3P=LP:M9A=?C);?>9:C)N:8:)BAC)L8?C)ADk?L9EAC)?CN?MhW9MACb)
#
O82:'520*2# 6+,25+(# '6/23)'/# 3D5+# -'(# 680*8'3)+02(# +.*20),'(# 20# 3','# 80+# ,2#
-+(#.-+782(#0+(#)0,)3'0#782#-'#2,83'3)D0#20#-+(#:'-+/2(#,2-#/2(62*+#<#-'#*+-2/'03)'#
2(# '-*'520*2# :'-+/','# 6+/# -'(# ='5)-)'(;# (2g'-'0,+# 6'/'# -+(# */2(# 3'(+(;# 782#
=/23820*2520*2#+#()256/2#)03),20#20#6'8*'(#782#=':+/2320#2-#38-*):+#<#,2('//+--+#
,2# ,)[email protected]+(# :'-+/2(;# <# 20*/2# 0803'# <# 6+3'(# :232(# 20# '782--'(# +*/'(# 782# 682,20#
4202/'/#*20()+02(#='5)-)'/2(#<q+#()*8'3)+02(#,2#:)+-203)'#:2/.'-%##
a','(# -'(# 3'/'3*2/9(*)3'(# 6/+6)'(# ,2-# *2/32/# +.G2*):+;# L#E(0) (+) G"X) D(*%*#) $/-)
F#*0(-),)D#*0(-)2#1(+)2%+1#F%X)(+)$#)%DF/0&#+1%#)*()"+#)(*"1#1%K+)%M"#$%&#0%#)F#0#)
+%H/-),)+%H#-B)*)202#3'.),'#80#'0A-)()(#5A(#,2*'--',+#20#/2-'3)D0#'#-'#)56+/*'03)'#<#
:'-+/# 782# -2# +*+/4'0# ,2# =+/5'# )0,2620,)20*2;# 6',/2(# <# 5',/2(;# '# 2('# 2,83'3)D0#
)48'-)*'/)'%# &+5+# 6+,25+(# :2/# 20# 2-# R/A=)3+# B;# '5.+(# :'-+/'0# ,2# =+/5'# 58<#
2-2:','#-'#)56+/*'03)'#,2#+=/232/#80'#2,83'3)D0#)48'-)*'/)'#6'/'#0)g+(#<#0)g'(;#'(9#
3+5+# -'# '(803)D0# 3+56'/*),'# ,2# *'/2'(;# 0+# 2>)(*)20,+# ,)=2/203)'# 20*/2# -'(#
680*8'3)+02(#52,)'(%#O+#(832,2#-+#5)(5+#38'0,+#(2#-2(#382(*)+0'#(+./2#2-#/26'/*+#
,2# -'(# *'/2'(# ,+5l(*)3'(%# C'# 62/3263)D0# ,2# 6',/2(# <# 5',/2(# ,)=)2/2# ,2# 5'02/'#
()40)=)3'*):';# +=/23)20,+# 3'()# 80# 680*+# ,2# ,)=2/203)'# 20*/2# -'(# 52,)'(# +.*20),'(;#
()20,+# -+(# @+5./2(# -+(# 782# 3+0(),2/'0# 782# 2>)(*2# 80# 5'<+/# )48'-,',# (2>8'-# 20#
/2-'3)D0#'-#/26'/*+#,2#-'(#*'/2'(#,+5l(*)3'(#782#-'(#58G2/2(%##
"^#
.8gW9MA)SF)3P=LP:M9A=?C);?>9:C)>?)BAC)hL?;C)>?B)"Dk?L9EA)X)N:8:)N:>8?C)7);:>8?Cb)
#
##
?# 0):2-# 38'-)*'*):+;# -+(# 6',/2(# <# 5',/2(# @'0# +6)0',+# 782# @+5./2(# <# 58G2/2(#
*2025+(#-+(#5)(5+(#,2/[email protected]+(#<#,2.2/2(;#62/+#782#2>)(*20#,)=2/203)'(;#6+/#2G256-+#
'#0):2-#,2#(20().)-),',o#782#'#:232(#(2#,'0#()*8'3)+02(#20#3'('#,2#*20()D0;#62/+#782#
(2# )0*20*'# 52G+/'/# <# 3+//24)/# -'(# 6+().-2(# ='-*'(# ,2# /2(62*+;# 6),)20,+# 6'/'# 2--+#
62/,D0%# ?()5)(5+;# '=)/5'0# 782# 0+# 38'-78)2/# 3+('# 2(# 5'*/)5+0)+;# 2(*'0,+# 5A(#
3+0=+/52(# 3+0# -'(# ='5)-)'(# 5+0+6'/20*'-2(# 6+/# :)8,2,',# Y0+# *'0*+# 3+0# 5',/2(#
(+-*2/'(#+#3+0#@)G+(#',+6*',+(Y##782#3+0#-'(#@+5+(2>8'-2(;#'I0#'(9;#0+#(2#()20*20#
3+0#-'#6+*2(*',#,2#G814'/-+(%#E+/#I-*)5+;#*'5.)l0#+6)0'0#782#2-#6/+=2(+/',+#,2.2#
2(*'/#'-2/*'#6'/'#2:)*'/#38'-78)2/#*)6+#,2#'.8(+#0+#68,)l0,+(2#62/5)*)/#()*8'3)+02(#
,2#=':+/)*)(5+(#<#3+56'/'3)+02(#20*/2#3+56'g2/+(;#6+/#+*/+#-',+;#20#38'0*+#'#-'(#
'5)(*',2(#,2#(8(#@)G+(;#-+(#6',/2(#-2(#,2G'0#2-24)/;#62/+#6/+6)3)'0,+#782#(2'0#-'(#
',238','(%#
H0#-'#20*/2:)(*'#,)/)4),'#'#-+(#*8*+/2(;#l(*+(#+6)0'0#782#@'<#/2(62*+#6+/#2-#*/'.'G+#
782# /2'-)1'0;#*'0*+#6+/#6'/*2#,2#-+(#6',/2(#3+5+#6+/#6'/*2#,2#-+(#'-850+(#<#782#
2>)(*2# *+-2/'03)'# 6+/# -+(# 3+56'g2/+(# ,2# +*/'(# 38-*8/'(;# '80782# 2-# 0I52/+# 0+# (2'#
2-2:',+;# 2(*'0,+# 62/=23*'520*2# )0*24/',+(# 20# (8(# /2(623*):+(# 4/86+(# <# 4+1'0,+;#
3+5+#*+,+(;#,2-#3'/)g+#,2#(8(#3+56'g2/+(#<#3+56'g2/'(%#F)0#25.'/4+;#20#38'0*+#'#
-'# )48'-,',# (2>8'-# 20# -'(# *'/2'(# ,2-# @+4'/;# 20# -'(# +6)0)+02(# '6+/*','(# 6+/# -+(#
*8*+/2(# (2# '6/23)'0# 3)2/*'(# ,)=2/203)'(;# 20# 2-# (20*),+# ,2# 782# ,+(# ,2# -+(# *8*+/2(#
6)20('0# 782# (9# @'<# )48'-,',# (2>8'-;# 3+56'/*)20,+# -'(# *'/2'(# ,+5l(*)3'(# 20*/2#
@+5./2(#<#58G2/2(;#5)20*/'(#782#+*/+#,2#-+(#*8*+/2(#0+#-+#:2#*'0#3-'/+#<#582(*/'#
(8(#,8,'(%#
#
!"#!$%&'"#(&)
_/'(#@'.2/#/2'-)1',+#-'#)0:2(*)4'3)D0#782#(2#@'#,2(3/)*+;#6+,25+(#2>*/'2/#,2#2--'#
'-480'(#3+03-8()+02(X#
Ya2#5'02/'#4202/'-;#6+,25+(#'=)/5'/#782#-'(#*/2(#,)520()+02(#'0'-)1','(#,20*/+#
,2# -'# 2,83'3)D0# 20# 2-# 4(-F(&/) ,) $#) :/$(0#+1%## @'0# (),+# '-*'520*2# :'-+/','(# 6+/#
6',/2(# <# 5',/2(%# H(*2# ,'*+# /2(8-*'# '-*'520*2# 6+()*):+;# (+./2# *+,+# ()# *2025+(# 20#
3820*'# 782# 6'/'# 6+,2/# ,2('//+--'/# 20# -'# ='5)-)'# 80'# 2(*/83*8/'# 278)-)./','# ,2#
:'-+/2(;# ,2.25+(# 3+0*'/# 3+0# 80# 5'/3+# .A()3+# 20# 2-# 782# (2# 682,'0# 3)520*'/(2#
"V#
+*/+(;# )48'-520*2# =80,'520*'-2(# <# 0232('/)+(# 782# =':+/213'0# 80'# 2,83'3)D0#
)0*24/'-;# <'# 0+# (D-+# 20# -'# 62/(+0'# 3+0(),2/','# ,2# =+/5'# )0,):),8'-;# ()0+# 20# -'#
='5)-)'#20#3+0(*'0*2#','6*'3)D0#<#3'5.)+#6+/#-'#2:+-83)D0#0'*8/'-#,2#-'#(+3)2,',;#<#
,2#-'#5'0)=2(*'3)D0#,2#-+(#6/+6)+(#:'-+/2(%#
Ya20*/+#,2-#6/)52/#+.G2*):+#782#0+(#6/+6+09'5+(;#6'(0%M"#0)$#)%+1%*(+1%#)G"()2#1()
$#) .#D%$%#) F#0#) /E&(+(0) "+#) 1/+'%'(+1%#) F#1J.%1#) (+) ($) 2/M#0B) */+*() (S%-&#) "+)
#DE%(+&().#D%$%#0)&0#+G"%$/),)-(M"0/B),2(*'3'/#2-#38),',+#782#582(*/'0#-'(#='5)-)'(#
6'/'#2:)*'/#()*8'3)+02(#,2#:)+-203)'#:2/.'-#20#='5)-)';#6'-)'0,+#3+0#2--+#-'(#6+().-2(#
*20()+02(# 782# 4202/'# -'# 6/+6)'# 3+0:):203)'%# H-# :'-+/# 20# (9# 5)(5+# +/)20*'# -'#
3+0,83*'# ,2# -'(# 62/(+0'(;# '80782# 3','# 80+# ,2# 2--+(# 682,2# ',+6*'/# 5I-*)6-2(#
5'0)=2(*'3)+02(%# F)# ,20*/+# ,2-# (20+# ='5)-)'/# -+(# 0)g+(# 3/2320# 20# 80# '5.)20*2# ,2#
/2(62*+;#3+0:):203)'#6'39=)3'#<#'/5+0)+(';#,+0,2#(2#2:)*'0#()*8'3)+02(#,2#*20()D0#
782# ,2(203',2020# 20# 3+0=-)3*+(# ='5)-)'/2(;# */'(-','/A0# 2(2# :'-+/# '# 3+0,83*'(#
()5)-'/2(#)0,2620,)20*2520*2#,2-#3+0*2>*+#20#2-#782#(2#203820*/20%#
Y&+0*)08'0,+#3+0#-'#2(*/83*8/'3)D0#,','#'#082(*/+#2(*8,)+;#20#2-#+.G2*):+#(2480,+;#
6+#$%I#0) ($) '#$/0) #&0%E"%*/) F/0) $#) .#D%$%#) #$) 0(-F(&/) 2#1%#) /&0/-) D/*($/-) .#D%$%#0(-)
(D(0M(+&(-) ,) 2#1%#) /&0#-) 1"$&"0#-;# 203+0*/'5+(# 80'# 58<# -2:2# '62/*8/'# '# 082:+(#
5+,2-+(#='5)-)'/2(#3+5+#-+#2(#-'#='5)-)'#@+5+(2>8'-%#_'-#:21#3'./9'#6/2480*'/0+(#
'32/3'#,2#-+(#*)6+(#,2#='5)-)'(#782#3+56+020#-'#582(*/'#6'/*)3)6'0*2;#<'#782#2(#,2#
(86+02/# 782# 2(*+(# ,'*+(# :'/)'/A0# 20# =803)D0# ,2# -'# 3+56+()3)D0# ='5)-)'/%# C+(#
:'-+/2(# 0+# (+0# '-4+# 2(*A*)3+# 0)# )058*'.-2;# ()# 0+# 782# :'0# 3'5.)'0,+# (8(#
5'0)=2(*'3)+02(#(24I0#-'#)0=-8203)'#,2#='3*+/2(#*'0#:'/)',+(#3+5+#682,20#(2/#-'(#
,25'0,'(# ,2-# 3+0*2>*+;# 2-# 5+520*+# @)(*D/)3+;# -'# 38-*8/'# 6/2,+5)0'0*2;# 2*3%# C+(#
082:+(#5+,2-+(#='5)-)'/2(#(+0#/2-'*):'520*2#'3*8'-2(#20#082(*/+#5+520*+#(+3)+Y
@)(*D/)3+;#<#6+/#*'0*+#2(*A0#'I0#20#6/+32(+#,2#(2/#)03-8),+(#,2#=+/5'#(D-),'#20#2('#
v/2+/)20*'3)D0# l*)3'# ,2# -+(# 6/)03)6)+(# 782# /248-'0# -'# 3+0:):203)'# 20*/2# *+,+(# <# -'#
/2-'3)D0#,2-#@+5./2#3+0#(8#20*+/0+w#TN/*24'#<#M904821;#B]]$X#$^W%#
Y`)0'-520*2;# 0+(# 48(*'/9'# (2g'-'/# ,20*/+# ,2-# +.G2*):+# *2/32/+# ,2# 082(*/'#
)0:2(*)4'3)D0;# L#E(0) (+) G"X) D(*%*#) $/-) F#*0(-) ,) D#*0(-) 2#1(+) 2%+1#F%X) (+) $#)
%DF/0&#+1%#) *() "+#) (*"1#1%K+) %M"#$%&#0%#) F#0#) +%H/-) ,) +%H#-B) 2-# @[email protected]+# ,2# 782#
'80782# (2# :'-+/'# 58<# '-*'520*2# 782# -'(# *'/2'(# ,2-# @+4'/# -'(# 682,20# @'32/# 6+/#
)48'-# @+5./2(# <# 58G2/2(;# 20# -'# 6/A3*)3'# -'# 62/3263)D0# 782# (2# *)202# '32/3'# ,2# -'#
/2'-)1'3)D0#,2#-'(#5)(5'(#0+#2(#)48'-#6'/'#@+5./2(#<#58G2/2(%##
YE+/# I-*)5+;# /2('-*'/# 782# -+(# :'-+/2(# '0*2(# ,2# 6+,2/# :2/-+(# /2=-2G',+(# 20# -'#
3+0,83*';# ,2.20# =+/5'/# 6'/*2# ,2# -'(# 3/2203)'(# .A()3'(# <# =80,'520*'-2(# ,2# -'(#
62/(+0'(%# H0# 2(*2# '(623*+;# *'0*+# @+5./2(# 3+5+# 58G2/2(# ()20*20# <# :):20# -'#
)56+/*'03)'# ,2# 80'# 2,83'3)D0# ,+0,2# -'# )48'-,',# <# 2-# /2(62*+# 20*/2# '5.+(# (2>+(#
=+/52#6'/*2#,2#-'#.'(2#,2#:'-+/2(#+=/23),'#'#(8(#@)G+(%#[email protected]+/'#.)20;#3+5+#(832,2#20#
2-#3'(+#,2#-+(#5+,2-+(#='5)-)'/2(;#'I0#2(*'5+(#20#6/+32(+#,2#3'5.)+#<#'()5)-'3)D0#
,2#2(*+(#:'-+/2(;#<#6'('/A#'-4I0#*)256+#@'(*'#782#(2#682,'0#:2/#5'0)=2(*',+(#6+/#
3+56-2*+#20#-+(#'3*+(#,2#-'#:),'#3+*),)'0'%#
#
#
"U#
-'-$'".*,+c,)
HCeN;# L%# TB]]BW%# E'/'# 80'# (+3)+-+49'# ,2-# 2(*8,)+# ,2# -+(# :'-+/2(%# H0# L%# K4-2()'(# ,2#
n((2-#T3++/,%W%#7#)-/1%(*#*B)&(/0J#)()%+'(-&%M#1%K+)(DFJ0%1#_)(-&"*%/-)(+)2/D(+#\()#)
Q/-X)Q%DX+(I)a$#+1/%#TV$UYVf]W%#M',/),X#&20*/+#,2#)0:2(*)4'3)+02(#(+3)+-D4)3'(%#
`C?knHS;#C%#TB]]$W%#C'#='5)-)'#3+5+#6'/',)45'%#4('%-&#)*()(*"1#1%K+;#!B\;#B\Y!B%#
R?S&x?# F?Oe;# M%E%# TB]]!W%# 7#) ('#$"#1%K+) *() F0/M0#D#-) (+) $#) %+&(0'(+1%K+)
L/1%/(*"1#&%'#%#M8/3)'X#a%M%#
ZHSOiOaHe# ES?aNF;# M%?%# TB]]\W%# C'# *'/2'# ,2# 2,83'/# 20# -'# ='5)-)'%# ?3*'(# |#
&+04/2(+#K0*2/0'3)+0'-#,2#H,83'3)D0#`'5)-)'/%#&'0'/)'(%#$"Y$U#,2#5'/1+#,2#B]]\%#
n0):2/(),',#,2#C'(#E'-5'(#,2#R/'0#&'0'/)'#<#S',)+#H&&?%##
MNSKCC?F;# C%S%# <# R?S&x?# F?Oe;# M%E%# TB]]UW%# h'-+/2(# */'0(5)*),+(# ,2(,2# -'#
)0='03)'#<#/2(8-*',+(#,2#'6/20,)1'G2#,2-#'-850',+#,2#6/)52/#38/(+#,2#H,83'3)D0#
E/)5'/)'%#5*"1#&%/)L%M$/)bbW;#B^TBW;B!!YB"V%#
NS_HR?;# E%# <# MxORnHe;# S%# TB]]$W%# 7/-) '#$/0(-) (+) $#) (*"1#1%K+3# J'/32-+0'X# ?/)2-#
H,83'3)D0%#
NS_HR?;# E%# <# MxORnHe;# S%# TB]]!W%# `'5)-)'# <# */'0(5)()D0# ,2# :'-+/2(%# 4('%-&#)
W+&(0"+%'(0-%&#0%#)*():(/0J#)*()$#)5*"1#1%K+;#$\;#!!Y\"%#
EySHe# aKie;# h%# &ZnCK?;# H%# <# h?CKHO_H;# &%# TB]]BW# 7#) .#D%$%#) (-F#H/$#) (+) ($) #H/)
@AAA%######M',/),X?/420*'/)'Yh)(+/%#
^]#
#
#
#
#
)
)
!"0%#'2,2)(2%!,6'5,F)/0-'6")2()!"$,-"*,!'1#)(#6*()$,)
+,0'$',)4)$,)(&!%($,)
#
(E:)"[email protected])!?8;?jA)
n0):2/(),',#,2#M8/3)'#
)
*(&%0(#)
H(# '56-)'520*2# /23+0+3),+# -+(# 3'5.)+(# 782# (2# @'0# 6/+,83),+# 20# -'# ='5)-)'#
,8/'0*2# -+(# I-*)5+(# "]# 'g+(;# 3'5.)+(# 782# @'0# 5+,)=)3',+# 2-# 6'62-# (+3)'-)1',+/# <#
2,83'*):+#782#*)202#-'#='5)-)'%#C'(#/2-'3)+02(#20*/2#-'#='5)-)'#<#-'#2(382-'#*'5.)l0#
(2# @'0# :)(*+# 5+,)=)3','(%# R/'0# 6'/*2# ,2# -'# /2(6+0('.)-),',# 2,83'*):'# (2# @'#
*/'0(=2/),+#'#-'#2(382-';#()20,+#0232('/)+#203+0*/'/#-'#),20*),',#,2#-'#='5)-)'#20#2-#
A5.)*+#2,83'*):+%#&+0#2(*'#3+580)3'3)D0#6/2*20,25+(#'.+/,'/#-+(#3'5.)+(#782#(2#
@'0#6/+,83),+#20#2-#3+0326*+#,2#v='5)-)'w#3+5+#'420*2#2,83'*):+#,2(,2#-'#(2480,'#
5)*',#,2-#()4-+#||#@'(*'#082(*/+(#,9'(;#'(9#3+5+#:)(-85./'/#38A-#682,2#(2/#(8#6'62-#
20# 3+-'.+/'3)D0# 3+0# -'# 2(382-'%# E'/'# 2--+# (2/A# 0232('/)+# */'*'/# 2-# 3+0326*+# ,2#
3+580),',# 2,83'*):'# '(9# 3+5+# 2-# ,2# 3'6)*'-# (+3)'-;# ,+(# *l/5)0+(# 782# (2#
3+56-2520*'0# <# 782# /278)2/20# ,2# -'# '33)D0# 3+-'.+/',+/'# ,2# -'# ='5)-)'# <# -'#
)0(*)*83)D0#2(3+-'/%#
3:B:D8:C)MB:E?F#2(*/83*8/'#='5)-)'/o#3+580),',2(o#2(382-'(#T*2('8/+#FEKOHFW#
#
#
(2%!,6'"#,$)!"00%#'64F)+'($2)"+)!"$$,-"*,6'"#)-(6H((#)6G()
+,0'$4),#2)6G()&!G""$)
#
,-&6*,!6)
K*# )(# p),2-<# /23+40)12,# *@'*# [email protected]'042(# @':2# +338//2,# )0# *@2# ='5)-<# =+/# *@2# 6'(*# "]#
<2'/(;# [email protected]'042(# *@'*# @':2# '-*2/2,# *@2# ='5)-<Ä(# /+-2# '(# (+3)'-)1'*)+0# '0,# 2,83'*)+0#
'420*%#[email protected]#/2-'*)+0(@)6#.2*p220#='5)-<#'0,#([email protected]++-#@':2#'-(+#.220#5+,)=)2,%#[email protected]#
+=# *@2# 2,83'*)+0'-# /2(6+0().)-)*<# @'(# .220# */'0(=2//2,# *+# *@2# ([email protected]++-;# .2)04#
0232(('/<#*+#=)0,#*@2#),20*)*<#+=#*@2#='5)-<#)0#2,83'*)+0%#})*@#*@)(#6'62/#p2#)0*20,#
*+#',,/2((#*@2#[email protected]'042(#*@'*#@':2#+338//2,#)0#*@2#3+0326*#+=#Å='5)-<Å#'(#2,83'*)+0'-#
'420*# =/+5# *@2# (23+0,# @'-=# +=# *@2# *p20*)2*@# 320*8/<# *+# *@2# 6/2(20*;# '0,# 4-)56(2#
[email protected]'*#5'<#.2#)*(#/+-2#)0#3+--'.+/'*)+0#p)*@#*@2#([email protected]++-%#[email protected])(#p)--#/278)/2#,2'-)04#p)*@#
^$#
*@2# 3+0326*# +=# (*"1#&%/+#$) 1/DD"+%&,# '0,# *@2# -/1%#$) 1#F%&#$;# *p+# *2/5(# *@'*# '/2#
3+56-2520*'/<#'0,#*@'*#/278)/2#3+--'.+/'*):2#'3*)+0#+=#*@2#='5)-<#'0,#*@2#([email protected]++-%#
I?7JA8>CF#='5)-<#(*/83*8/2o#3+5580)*<o#([email protected]++-%#
#
'#6*"2%!!'1#)
a20*/+#,2#-'#(+3)2,',#,2#-'#)0=+/5'3)D0;#-'#2(382-'#(+-'#0+#682,2#('*)(='32/#*+,'(#
-'(# 0232(),',2(# ,2# =+/5'3)D0# ,2# -+(# 3)8,','0+(%# ?80782# 2(# 6/23)(+# 52G+/'/# -'#
+/4'0)1'3)D0# <# =803)+0'5)20*+# ,2-# ()(*25'# 2,83'*):+;# 3'/4'/# *+,'# -'#
/2(6+0('.)-),',#,2#-'#2,83'3)D0#'#-+(#320*/+(#0+#0+(#--2:'/A#58<#-2G+(%#C'#'33)D0#,2#
-'(# 5',/2(# <# -+(# 6',/2(# ,2.2# G84'/# 80# 6'62-# /2-2:'0*2# 20# -'# +/4'0)1'3)D0# ,2-#
()(*25'# 2,83'*):+;# */'*'0,+# ,2# 3/2'/# 80'# '33)D0# 3+0G80*'# 20# -'# 3+580),',# 20# -'#
782# (2# :):2# <# 2,83'# 6'/'# 0+# -)5)*'/# -'# '33)D0# 2(3+-'/# 2(6'3)'-# <# *256+/'-520*2%#
FD-+# 20# 2(*2# 3+0*2>*+;# /23+0(*/8<20,+# -'# 3+580),',# *)202# (20*),+# 80'# 2,83'3)D0#
6'/'#-'#3)8,','09'#TJ+-9:'/;#B]]"W%#H-#382/6+#,+320*2#,2#-'#2(382-'#0+#6+,/A#)/#5A(#
-2G+(#0)#5A(#/A6),+#,2#-+#782#62/5)*'#-'#3+580),',;#,+0,2#-'#='5)-)'#*)202#80#6'62-#
=80,'520*'-#3+5+#'420*2#2,83'*):+%#C'#2(382-'#3+5+#320*/+#,2#:),';#,25'0,'#@+<#
5A(#782#0803'#,2#-'#3+-'.+/'3)D0#,2#-'#='5)-)';#<'#782#2-#6/+=2(+/',+#6+/#()#(D-+#2(#
)0(8=)3)20*2#6'/'#,'/#/2(682(*'#'#*+,'(#-'(#0232(),',2(#2,83'*):'(#,2#-+(#'-850+(#
TR'/39';#R+5'/)1;#Z2/0A0,21#<#E'//';#B]$]W%#
C'#='5)-)'#<#-'#2(382-'#@'0#5'0*20),+#()256/2;#,2#5'02/'#3+56'/*),'#<#,2(,2#(8(#
/2(623*):+(#A5.)*+(#,2#/2(6+0('.)-),',;#2-#6/+*'4+0)(5+#20#5'*2/)'#,2#2,83'3)D0#
,2#0)g+(#<#GD:202(%#F)0#25.'/4+;#-'#='5)-)'#(2#203820*/'#)052/('#20#80#6/+32(+#,2#
*/'0(=+/5'3)D0#<#,2#,2=)0)3)D0#,2#(8#),20*),',#+#),20*),',2(#782#6/+:+3'#782#0+#
3+0()4'# 320*/'/# (8# '33)D0# (+3)'-)1',+/';# +.(2/:A0,+(2# '# 5208,+# 3D5+# -'#
,2(2(*/83*8/'3)D0# ='5)-)'/# <# -'# ='-*'# ,2# /2=2/203)'(# ,2# -+(# 6',/2(# 3+0,832#
=A3)-520*2# '# 6/+.-25'(# ,2# ,)(*)0*+# *)6+# 6'/'# -+(# 520+/2(# T=/'3'(+# 2(3+-'/;#
3+0(85+#,2#,/+4'(;#*/'(*+/0+(#,2#3+0,83*'#<#6()3+-D4)3+(;#2*3%W#TOIg21#M+/4',2(;#
B]]\W%# C+(# 3'5.)+(# +62/',+(# 20# 2-# )0*2/)+/# ,2# -'# ='5)-)'# 2(6'g+-'# @'0# (),+#
5I-*)6-2(X#,25+4/A=)3+(#Ç20#38'0*+#'-#*'5'g+;#-'#,):2/(),',#,2#*)6+(#,2#@+4'/#<#
-'(# 3'/'3*2/9(*)3'(# 20# -'(# ,)=2/20*2(# 2*'6'(# ,2-# 3)3-+# :)*'-;# 6+/# 2G256-+Ço# ,2# -'(#
'3*)*8,2(# <# 3+56+/*'5)20*+(o# ,2# -+(# ,2/[email protected]+(# <# 2(*'*8(# ,2# -+(# 5)25./+(# ,2# -'#
='5)-)'o#,2#-'(#/2-'3)+02(#,2#6'/2G'#<#20*/2#6',/2(#2#@)G+(o#,2#-'#'/5+09'#3+0<84'-#<#
,2#-'#()52*/9'#,2#-'#6'/2G';#<#+*/+(#6'/'-2-+(#782;#(85',+(;#-'#@'320#58<#,)=2/20*2#
,2#-'#,2#'0*'g+#T&'56+#<#S+,/94821;#B]]BW%#
C'#'326*'3)D0#,2#-'#,)(+-83)D0#='5)-)'/#:+-80*'/)'#<#-'(#082:'(#6'8*'(#,25+4/A=)3'(#
@'0#5+*):',+#782;#'-#-',+#,2#-'#='5)-)'#*/',)3)+0'-;#@'<'0#(8/4),+#+*/+(#5+,2-+(#,2#
3+0:):203)'# 2>6/2():+(# ,2# 80# 3'5.)+# ,2# 520*'-),',# <# 3+0# 80'# 6/2(203)'#
()40)=)3'*):'# <# 3/23)20*2# '# 62('/# ,2# (248)/# ()20,+# 5)0+/)*'/)'(X# 6'/2G'(#
[email protected]'.)*'0*2(;# ='5)-)'(# 5+0+6'/20*'-2(;# @+4'/2(# 80)62/(+0'-2(;# ='5)-)'(#
/23+5682(*'(# <# +*/+(%# H0# ,2=)0)*):';# 3'.2# '=)/5'/# 782# -'# ='5)-)'# 2(6'g+-'# @'# (),+#
+.G2*+#,2#80#)56+/*'0*2#6/+32(+#','6*'*):+#'#-'(#082:'(#3+0,)3)+02(#23+0D5)3'(;#
(+3)'-2(#<#38-*8/'-2(;#782#'I0#3+0*)0I'#'.)2/*+%#
#
)
)
^B#
!,0-'"&)(#)($)*"$)2()$,)+,0'$',)!"0"),.(#6()(2%!,6'5")
C+(#3'5.)+(#,2('//+--',+(#20#-'#(+3)2,',#2(6'g+-'#20#-'#I-*)5'#5)*',#,2-#()4-+#||#
@'0# *20),+# (8# 3+//2-'*+# 20# -'# :)()D0# ,2-# /+-# 782# +386'# -'# ='5)-)'# 3+5+# '420*2#
2,83'*):+# <# (+3)'-)1',+/%# C'# ()*8'3)D0# 6+-9*)3'# @'(*'# -'# --24','# ,2# -'# ,25+3/'3)'#
)0*/+,832# 80# (2(4+# )56+/*'0*2# 20# -'# 2:+-83)D0# ,2# ,)[email protected]'(# ),2'(;# <'# 782# '# 5208,+#
-+(#'8*+/2(#0+#/2=-2G'0#20#(8(#2(3/)*+(#-+(#3'5.)+(#782#(2#2(*A0#6/+,83)20,+#20#-'#
(+3)2,',;#()0+#782#6-'(5'0#-'#,+3*/)0'#6/+6)'#,2-#/l4)520#6+-9*)3+#4+.2/0'0*2%#H0#
'782--'# l6+3'# (2# 620('.'# 782# v-'# 2,83'3)D0# 3+//2(6+0,2# '0*2# *+,+# '# -'# ='5)-)';#
)0(*)*8),'#)052,)'*'520*2#6+/#a)+(#6'/'#80#=)0#(8<+#6/+6)+;#38'-#2(#-'#6/+3/2'3)D0#
<# 2,83'3)D0# ,2# -'# 6/+-2w# [email protected]# [email protected]# <# h'-,):)';# $U^$W%# F2# 20*)20,2# 782# -'#
2,83'3)D0#2(#80'#+./'#0232('/)'520*2#(+3)'-;#0+#(+-)*'/)';#62/+#782#*)202#6/)+/),',#
/2(623*+#,2#-'#(+3)2,',#3):)-;#20#-'#782#(2#)0(2/*'#-'#2(382-'%#C'#)0=-8203)'#='5)-)'/;#
(24I0#[email protected]#[email protected]#<#h'-,):)'#T$U^$W;#2(#)0520('#6+/#*/2(#/'1+02(X#'W#20#2(*'#
)0(*)*83)D0#2-#0)g+#6'('#(8(#6/)52/+(#'g+(;#20#-+(#782#-'#4/'0#6-'(*)3),',#,2G'/A0#
80'#@82--'#)5.+//'.-2o#.W#2(#-'#)0(*)*83)D0#782#)0=-8<2#,8/'0*2#5A(#*)256+o#<#3W#-'#
='5)-)'#6+(22#52,)+(#I0)3+(#3+5+#2-#'5+/#<#-'#'8*+/),',#'#-+(#782#2-#@)G+#/2(6+0,2#
3+0# 3+0=)'01';# 3'/)g+# <# ,+3)-),',%# F)0# 25.'/4+;# (2# /23+0+32# -'# )56+/*'03)'# 782#
*)202#-'#3+-'.+/'3)D0#,2#-+(#6',/2(#3+0#-+(#,25A(#2,83',+/2(;#38'0,+#-+(#0)g+(#(2#
203820*/'0#20#2-#/23)0*+#2(3+-'/%#
C'# 62/3263)D0# <# 2-# /23+0+3)5)20*+# ,2# 782# 2-# 6'62-# 2,83'*):+# ,2# -'# ='5)-)';# <# 20#
4202/'-#(8#/2-2:'03)'#@'#,23'9,+#(20().-2520*2;#(2#256)21'#'#6/+,83)/#'#52,)',+(#
,2# -+(# 'g+(# ^]%# J'(# <# El/21# TB]$]W# 3+520*'0# 782# -+(# 3'5.)+(# +62/',+(# 20# 2-#
)0*2/)+/#,2#-'#='5)-)';#,2(,2#-+(#'g+(#^];#@'0#,2G',+#,2#-',+#2-#5+,2-+#/'3)+0'-;#3+0#
80'#=82/*2#<#/94),'#,):)()D0#,2#/+-2(#20*/2#@+5./2#<#58G2/#<#20*/2#6',/2(;#5',/2(;#
@)G+(# 2# @)G'(%# C+(# 5+,2-+(# ,2# +/4'0)1'3)D0# ='5)-)'/;# @2/2,',+(# ,2-# 6'(',+;# @'0#
62/,),+#(8#6/+*'4+0)(5+#20#(8#3+0=)48/'3)D0#<#+/4'0)1'3)D0;#-+#782#@'#+/)4)0',+#
3)2/*'#)0(248/),',#(+./2#-'(#0+/5'(#'#(248)/#20#-'#2,83'3)D0#,2#(8(#,2(320,)20*2(%#
E'/'# F'0G8A0# TF'0G8A0# OAG2/';# $U^fW;# -'# 2,83'3)D0# ='5)-)'/# @'# 782,',+# -)5)*',';#
3'()#2>3-8():'520*2;#'#-'#=+/5'3)D0#(+3)'-;#'=23*):'#<#5+/'-%#F2#*)20,2#'#80'#='5)-)'#
3+0# 2(3'('# :),'# )0*2/)+/;# 3+0# /2-'3)+02(# 520+(# .'(','(# 20# -'# '8*+/),',# <#
+.2,)203)'# <# 5A(# 20# -'# 3'5'/',2/9'# <# -'# /2-'3)D0# '5)(*+('%# H(*2# '8*+/# --24'# '#
'=)/5'/#782#v20#+3'()+02(;#2-#6'/+#,2-#@+5./2#<#-'#3+0*)08),',#20#2-#*/'.'G+#,2#-'#
58G2/;# 3+0:)2/*20# '# l(*2# 20# 80'# 6(28,+# '5'# ,2# 3'(';# 782# ,24/','# (8# )5'420# <#
'8*+/),',w# T6%# $$^Y$$VW%# ?=+/*80','520*2;# 20# -'# '3*8'-),',# 2(*2# 6/2G8)3)+#
6/+32,20*2# ,2# 80'# (+3)2,',# 5'[email protected])(*';# @'# (),+# (862/',+# '56-)'520*2;# 62/+# 0+(#
@'32#:2/#-'#3/)()(#,2#:'-+/2(#20#-'#='5)-)'#782#(2#@)1+#2>6-93)*'#20#-'#*/'0()3)D0#@'3)'#
-'#,25+3/'3)'%#
C'#='5)-)';#0+#+.(*'0*2;#()482#+386'0,+#80#6'62-#6/26+0,2/'0*2#20#-+(#5'08'-2(#
,2# E2,'4+49'# 3+5+# )0(*)*83)D0# 2,83',+/';# 20# -'# 782# 2-# @+5./2# 203820*/'# -'#
6-20)*8,# ,2# (8# 2>)(*203)'# TR'/39'# Z+1;# $U^VW%# C'(# *'/2'(# 782# (2# (2g'-'0# 3+5+#
2(6239=)3'(#,2#-'#2,83'3)D0#='5)-)'/#(+0#2-#38-*):+#,2#-'#62/(+0'-),',;#-'#=+/5'3)D0#
6/2,+5)0'0*2520*2# 5+/'-# <# /2-)4)+('# <# -'# ','6*'3)D0# <# +/)20*'3)D0# ,2# -'#
62/(+0'-),',;# '()40'0,+# '# -+(# 6',/2(# 80'# -'.+/# 2,83'*):'# 25)020*2520*2#
5+/'-)1',+/'%#
H(#20#2(*'#l6+3'#,+0,2#203+0*/'5+(#6+/#6/)52/'#:21#2-#3+0326*+#,2#v3+580),',#
2,83'*):'w;# 782# (2# 20*)20,2# 3+5+# -'# '56-)'3)D0# ,2-# 3+0326*+# ,2# 2(382-'# TR'/39'#
Z+1;# $U^VW;# ,'0,+# -84'/# '-# ,2.'*2# (+./2# 2-# 6'62-# ,2# -'# 2,83'3)D0# ='5)-)'/# 20#
/2-'3)D0# 3+0# -'# 2,83'3)D0# 2(3+-'/%# ?80782# (2# '326*'# 782# -'# 3+-'.+/'3)D0# 20*/2# -'#
^!#
='5)-)'# <# -'# 2(382-'# 2(# '.(+-8*'520*2# 0232('/)'# (8# /2'-)1'3)D0# (2# '6/23)'# --20'# ,2#
,)=)38-*',2(#6+/#:'/)+(#5+*):+(;#20*/2#-+(#782#(2#203820*/'#-'#,2(6/2+386'3)D0#,2#
-+(# 6',/2(# ,2# -'# 2,83'3)D0# ,2# (8(# @)G+(# ,2-24'0,+# ,)[email protected]'# /2(6+0('.)-),',# 20# -'#
)0(*)*83)D0#,+320*2#TR'/39'#Z+1;#$U^VW%#`2//A0,21#<#F'//'5+0'#T$UV]W#)03-8<20#'#
-+(#6',/2(#,20*/+#,2#-'#+/4'0)1'3)D0#2(3+-'/;#5'0*20)l0,+(2#(8#6'/*)3)6'3)D0#20#80#
6-'0+# ,2# 3+-'.+/'3)D0# 20# 2-# A5.)*+# ,2# -'(# '3*):),',2(# 2>*/'2(3+-'/2(;# -'#
)0*2/52,)'3)D0# 20*/2# -'# 2(382-'# <# -+(# 6',/2(# +# -'# 520*'-)1'3)D0;# 3'6*'3)D0# 2#
)0*24/'3)D0%#
C'# )56-)3'3)D0# ,2# -'# 2(382-'# 20# -'# :),'# ,2# -'# 3+580),',# 6/2*20,9'# )0(2/*'/#
2=)3)20*2520*2# '-# '-850+# 20# -'# :),'# (+3)'-;# ',25A(# ,2# 3+0(248)/# 2-# 52G+/#
,2('//+--+# 38-*8/'-;# 23+0D5)3+# <# 38-*8/'-# ,2# -'# 3+580),',# TM'/90# K.Ag21;# $UVVW%#
E'/'#-+4/'/-+;#2-#320*/+#,+320*2#'./2#(8(#682/*'(#'#-'#3+580),',#<#/2(6+0,2#'#(8(#
,25'0,'(# 38-*8/'-2(%# H0# 2-# @+/'/)+# 2>*/'2(3+-'/# (2# 2(62/'# 80'# :2/,',2/'#
)0*2/3+580)3'3)D0# 20*/2# 6/+=2(+/2(;# '-850+(;# 6',/2(# <# 38'0*+(# 5)25./+(# ,2# -'#
3+580),',#68,)2(20#'6+/*'/#'-4+#20#.202=)3)+#,2#*+,+(%#C'#2(382-'#,2.2#3'0'-)1'/#
-+(#2(=82/1+(#6'/'#52G+/'/#-'#(+3)2,',;#/2(6+0,9'#'#(8(#,25'0,'(#5A(#8/420*2(#<#
2(*'.-239'#80'#6/+=80,'#:)038-'3)D0#20*/2#*+,+(#-+(#2-2520*+(#(+3)'-2(%#
_+,':9'#'#=)0'-2(#,2#-+(#U]#(2#2([email protected]'0#-+(#23+(#,2#'782--+(#782#'g+/'0#*)256+(#20#
-+(# 782# -'# ='5)-)'# (2489'# 80# 6'*/D0# */',)3)+0'-# .'(',+# 20# 2-# 5'*/)5+0)+# <# 20# 2-#
'5+/# ,2# -+(# 2(6+(+(%# a2(,2# 2('# 62/(623*):';# -'# ='5)-)'# ()482# ()20,+# 2-# 6/)52/# <#
6/)03)6'-# '420*2# 2,83'*):+;# +*+/4A0,+-2# -'# /2(6+0('.)-),',# ,2# :2-'/# 6+/# -'#
3+0*)08),',# ,2# -'# 2(623)2# @85'0'# TK<'04'# E20,);# $UUVW%# a2# @[email protected]+;# 6'/'# K<'04';#
38'0,+# (2# @'.-'# ,2# v='5)-)'w;# (2# @'32# ,2# -'# v6'/2G'# 3+0<84'-w;# 3+56-2*','# 6+/# -+(#
@)G+(;#()20,+#-'(#,25A(#=+/5'(#,2#='5)-)'#v)562/=23*'(w#T6%#!UBW%#F24I0#M)/'--2(#<#
M'/*90# TB]]VW# 20# -+(# -)./+(# ,2# *2>*+# 20# -+(# 782# (2# */'*'# 2-# 3+0326*+# ,2# ='5)-)';# 2-#
f!;^\r#,2#-'(#=)[email protected]'(#2#)5A4202(#8*)-)1','(#*)2020#80#20=+782#6/2,+5)0'0*2520*2#
23-l3*)3+;#2-#!^;\r#6/+4/2()(*'#<#2-#$V;^\r#3+0(2/:',+/%#
K<'04'# T$UUVW# 6/2:l# 80'# ,)(5)083)D0# ,2# -'# )0=-8203)'# (+./2# -+(# @)G+(# ,2.),+# '# -'#
*/'0(=+/5'3)D0# ,2# -'# ='5)-)'# */',)3)+0'-;# 20# -'# 782# 3'5.)'0# -+(# 6'62-2(# ,2# -+(#
3D0<842(;#(2#*)2020#520+(#@)G+(;#-'#'8*+/),',#6'*2/0'#,2('6'/232#<#(2#278)6'/'#'#-'#
5'*2/0';#<#-'#:),'#)0*2/)+/#,2#-'#='5)-)'#,2('6'/232;#(8(*)*8<l0,+(2#-'#'8*+/),',#<#
+.2,)203)'# 6+/# -'# 3'5'/',2/9'# <# -'# /2-'3)D0# '5)(*+('%# F)0# 25.'/4+;# '80782# 2(*'#
62/3263)D0# /26/2(20*'# 80# 680*+# ,2# :)(*'# 0+(*A-4)3+# /2(623*+# '# -'# )0(*)*83)D0#
='5)-)'/#*/',)3)+0'-;#0+#6+,25+(#+.:)'/#2-#@[email protected]+#,2#782#-'#='5)-)';#<'#(2'#20#2(*2#8#
+*/+#=+/5'*+#()482#:):'%#
?#62('/#,2#782#-'#='5)-)'#:'<'#62/,)20,+#=82/1'#20#.202=)3)+#,2#+*/'(#)0(*)*83)+02(#
<# 4/86+(;# (8# 6'62-# 20# -'# (+3)'-)1'3)D0# <# 2,83'3)D0# ,2-# 0)g+# ()482# ()20,+# 3'6)*'-#
TR'/39'# J209*21;# B]]$W%# C'# 3/)()(# ,2# -'# ='5)-)';# '.)2/*'520*2# /23+0+3),';# 6/+,832#
:'/)'(# '-*2/0'*):'(# '# -'(# 082:'(# =+/5'(# ,2# (+3)'-)1'3)D0;# 3+5+# (+0# 2-# '.(20*)(5+#
2,83'*):+;# 782# (2# 6/+,832# 38'0,+# -+(# 6',/2(# (2# 62/3).20# )56+*20*2(# '0*2# -+(#
082:+(#3'5.)+(;#-'#6(28,+5+,2/0)1'3)D0;#6+/#-'#782#-+(#6',/2(#(2#',@)2/20#'#-'(#
5+,'(# 38-*8/'-2(# ()0# 5+,)=)3'/# (8(# 3/2203)'(;# +# .)20# -'# 3+0:2/()D0# /2'-# '-# 082:+#
2(7825'#,2#:'-+/2(#<#*l30)3'(#2,83'*):'(#TR'/39'#J209*21;#B]]$W%#?#62('/#,2#*+,+;#
-'# ='5)-)';# 3+5+# )0(*)*83)D0# 2,83'*):'# 0+# =+/5'-;# ()482# 2G2/3)20,+# 80'# 4/'0#
)0=-8203)'#(+./2#-'(#62/(+0'(;#<'#782#2-#=803)+0'5)20*+#,2#-'#:),'#(+3)'-#<#62/(+0'-#
0+# (2# (+(*)202# (+./2# @'.)-),',2(# 2>3-8():'520*2# '3',l5)3'(%# n0'# (+3)2,',# 20# -'#
782# '6/20,2/# (2# @'# 3+0:2/*),+# 20# 80'# =+/5'# ,2# (2/# /278)2/2# ,2# -'# 3++62/'3)D0#
0232('/)'#20*/2#-'#2(382-';#-'#='5)-)'#<#-+(#52,)+(#,2#3+580)3'3)D0%#?6/20,2/#'#(2/#
^f#
3)8,','0+(#0+#2(#*'/2'#2>3-8():'#,2#80#I0)3+#()(*25'#=+/5'-#,2#20(2g'01';#'#0+#(2/#
782#(2#)03-8<'#,20*/+#,2-#()(*25'#2,83'*):+#0+#(D-+#-'#2,83'3)D0#2(3+-'/;#()0+#*+,'#
-'# '33)D0# 2,83'*):';# 5A(# +# 520+(# )0*203)+0'-# <# ()(*25A*)3'# 782# *204'# -84'/# *'0*+#
,20*/+#3+5+#=82/'#,2-#()(*25'#=+/5'-#TF'01#`2/0A0,21;#B]]]W%#
&+5+# :25+(;# '# 3+5)201+(# ,2-# 082:+# 5)-20)+;# (2# :'# '(20*'0,+# 80'# 082:'#
3+03263)D0# ,2# -'# ='5)-)'# <# (8# /2-'3)D0# 3+0# -'# 2,83'3)D0%# a2# 2(*'# =+/5'# 0'32# -'#
3+2,83'3)D0# 20# 2-# (20+# ='5)-)'/;# 2-# ,2('//+--+# ,2# 80'# (+3)'-)1'3)D0# 3+0G80*'# 782#
2(*A# .'(','# 20# 2-# 3+0+3)5)20*+# 58*8+# ,2# '5.+(# 4l02/+(%# C+(# =80,'520*+(# ,2-#
6'62-# ,2# -'# ='5)-)'# ()4820# ()20,+# -+(# 5)(5+(;# <'# 782# (2# 20*)20,2# 782# 2(# 80'#
)0(*)*83)D0#2038-*8/',+/'#782#+386'#80'#6+()3)D0#=80,'520*'-#20#-'#(+3)'-)1'3)D0#
,2# -+(# 0)g+(# <# -+(# GD:202(# TJ2/0'.28;# B]]BW%# C'# 2,83'3)D0# (2# 6/+,832# 20# 80#
'5.)20*2#25+*):+#,20*/+#,2#-'#='5)-)'#,2#5'02/'#()(*25A*)3'#2#)0=+/5'-#52,)'0*2#
80#6/+32(+#/262*)*):+;#)0*203)+0',+#<#6/2()+0'0*2#782#204'/1'#'#-+(#5)25./+(#,2#
-'# ='5)-)'%# C'# 62/*20203)'# '# 80# 4/86+# @'32# 6+().-2# 2-# 3/23)5)20*+# )0*2-23*8'-# <#
5+/'-#0232('/)+#6'/'#-'#3+0(*/833)D0#,2-#,/#62/(+0'-%#E2/+#'@+/'#-'#2(382-'#(2#'./2#
*'5.)l0# '# -+# ,)=2/20*2;# '# -+# 782# :)202# ,2# =82/'# ,2-# +/-/&0/-# M0"F#$%# C'# 6/)03)6'-#
*'/2'# (+3)'-)1',+/'# ,2# -'# 2(382-'# /2(),2# 20# )0*24/'/# -+(# ,)(*)0*+(# 4/86+(# 20# 80'#
(+3)2,',# 3):)-# 5A(# '56-)'# TJ2/0'.28# S)3+;# B]]BW%# C'# ='5)-)'# 3+-'.+/'# 20# -'#
3+0(*/833)D0# ,2-# <+# 62/(+0'-# ,2# (8(# 5)25./+(;# ()20,+# -'# ,)520()D0# 5+/'-# (8#
5'<+/# -+4/+# 5',8/'*):+# 6'/'# -'# 62/(+0'%# a2# -'# ='5)-)'# ,2620,2# 2-# '-3'01'/# +# 0+#
80'#.820'#5',8/'3)D0#62/(+0'-%#
C'#='5)-)'#3+5+#)0(*)*83)D0#2,83'*):'#(2#20*)20,2#3+5+#80#()(*25'%#?,25A(#2(#80#
()(*25'#'.)2/*+;#682(#5'0*)202#/2-'3)+02(#3+0(*'0*2(#3+0#2-#52,)+#'5.)20*2#(+3)'-#
<# 38-*8/'-# 20# 2-# 782# :):2%# O+# +.(*'0*2;# 2(# ,)=93)-# (862/'/# 2-# 2(7825'# ,2# ='5)-)'#
*/',)3)+0'-%# ?# 62('/# ,2# 782# (2# '=)/5'# 782# -'# ='5)-)'# @'# 6'(',+# 6+/# 80# 6/+32(+# ,2#
*/'0(=+/5'3)D0;# *+,':9'# (2# @'.-'# ,2# -'# 2(*/83*8/'# ='5)-)'/# 3+5+# 3+5682(*'# 6+/#
2(6+(+# T6',/2W;# 2(6+('# T5',/2W# 2# @)G+(# Th)320*2# Z2/0A0,21;# B]]BW%# O+# (2# @'#
--24',+#'#203+0*/'/#-'#),20*),',#,2#-'#='5)-)';#'80782#'6'/20*2520*2#2(*l0#3-'/'(#
(8(# =803)+02(# 20# 2-# A5.)*+# 2,83'*):+;# ()0# 25.'/4+# 0+(# 203+0*/'5+(# 3+0# [email protected]+(#
680*+(# 782# 'I0# 62/5'02320# +(38/+(;# =82/'# ,2-# ,2.'*2# ='5)-)'Y2,83'3)D0%# H-#
5+,2-+# ,2# ='5)-)'# 782# (2# 6/+6+02# <# 782# (2# 2(*A# 3+0(+-),'0,+# 2(# ,)(*)0*+# '-# ,2#
='5)-)'# 083-2'/;# ,',+# 782# @'# --24',+# 2-# =)0# ,2-# 256'/2G'5)20*+# 62/5'020*2;#
'./)l0,+(2# 2-# 6'0+/'5'# '# ,)(*)0*'(# =+/5'(# ='5)-)'/2(# 782# 0+# 2>3-8<20# '# 0)04I0#
(23*+/# (+3)'-;# ','6*A0,+(2# '# -'# /2'-),',# ,2# -'(# ,)(*)0*'(# 3)/380(*'03)'(%# C'(#
)56-)3'3)+02(#20*/2#-'#='5)-)'#<#-'#2(382-'#,2.20#*202/#20#3820*'#-+(#'(623*+(#782#
@25+(#(2g'-',+%#
C'#+.-)4'*+/)2,',#2(3+-'/#@'#'8520*',+#@'(*'#-+(#,)23)(l)(#'g+(;#203-'8(*/'0,+#'#-'#
)0='03)';#'#-'#',+-2(3203)'#<#'#80'#6'/*2#,2#-'#G8:20*8,%#H(*2#*)256+#782#2-#(8G2*+#
'()(*2# '# -'# 2(382-'# (2# /2(*'# '-# 782# ,2.2/9'# 256-2'/# 20# 2-# A5.)*+# ='5)-)'/;# 20# -'#
3+580),',%#C'#2(382-'#@'#),+#2/+()+0'0,+#-+(#2(6'3)+(#2>*/'2(3+-'/2(#<#'08-'0,+#
[email protected]'(# =803)+02(# 2,83'*):'(# ,2# -'# ='5)-)';# 20# 80# 6/+32(+# 782# `2/0A0,21# H048)*'#
@'# ,20+5)0',+# -'# v320*/'-),',# /2=+/1','# ,2# -'# )0(*)*83)D0# 2(3+-'/w# T`2/0A0,21#
H048)*';# B]]$W%# C'# 3+0(+-),'3)D0# ,2# -+(# ()(*25'(# 2,83'*):+(# 0'3)+0'-2(# @'#
6/+:+3',+# 782# -'# ='5)-)'# 32,'# <# ,2-2482# 3+562*203)'(# 2,83'*):'(# 20# -'(#
)0(*)*83)+02(# 203'/4','(# ,2# '(85)/# -'# /2(6+0('.)-),',# ,2# -'# 2,83'3)D0# =+/5'-# ,2#
80'#3+580),',%#
O+# +.(*'0*2# 2-# 6'0+/'5'# ,2(3/)*+;# (2# /23+0+32# 782# 2>)(*2# 80'# /2(6+0('.)-),',#
3+56'/*),'# 20# -'# (+3)'-)1'3)D0# 20*/2# -'# 2(382-'# <# -'# ='5)-)'%# E+/# 2--+# -'(# ='5)-)'(#
^\#
5'0)=)2(*'0#3)2/*+(#,2(2+(#<#2>623*'*):'(#(+./2#2-#6'62-#782#,2.2#,2(2562g'/#-'#
)0(*)*83)D0#2(3+-'/#20#2(*+(#6/+32(+(#TC8204+;#B]]fW%#
#
$,) !"0%#'2,2F) /0-'6") 2() !"$,-"*,!'1#) (#6*() $,) +,0'$',) 4) $,)
(&!%($,)
Q'# @25+(# :)(*+# 782# 2-# 3+0326*+# ,2# v3+580),',# 2,83'*):'w# 0+# 2(# 082:+%# C'#
3+580),',#2(#2-#A5.)*+#20#2-#782#*)202#-84'/#-'#2>62/)203)'#2,83'*):'#,2#-+(#0)g+(#
<# GD:202(%# H0# -'# 3+580),',# 3+0:):2# -'# 2(382-'# 3+0# -'# ='5)-)';# 6+/# -+# 782# (2# ,'# -'#
0232(),',# ,2# 3+-'.+/'3)D0# 20*/2# '5.'(# )0(*)*83)+02(%# C'# ()*8'3)D0# '3*8'-# ,2# -'#
='5)-)'#+.-)4'#'#-+(#6/+=2()+0'-2(#,2#-'#2,83'3)D0#'#6-'0*2'/#80'#/2-'3)D0#)0,):),8'-#
3+0#3','#0)g+%#
H-# 3+0326*+# ,2# v3+580),',w;# 3+5+# '=)/5'# i-:'/21# &'(*)--+# TB]]fW# 3+0*)202# 3+5+#
2-2520*+#5A(#()40)=)3'*):+#2-#,2#80)D0#,2#52*'(#20#80'#+/4'0)1'3)D0#(+3)'-;#,2#*'-#
5'02/'#782#6'/'#--2:'/#'#3'.+#(8#-+4/+;#-+(#5)25./+(#,2#-'#+/4'0)1'3)D0#6-'0)=)3'0#
80# 5l*+,+;# (2# ,)(*/).8<20# 6'62-2(# <# 6/2:l0# -'# *256+/'-)1'3)D0# <# -+(# /238/(+(#
0232('/)+(%# H(*2# 3+0326*+# '6-)3',+# '-# 80):2/(+# ,2# -'# 2,83'3)D0# 6+,/9'# @'32/#
3+032.)/# -'# 3+580),',# 2,83'*):'# 3+5+# 80# ()(*25'# (+3)'-# '.)2/*+# 782# (2# 08*/2# ,2#
'-480+(#2-2520*+(#,2#80#()(*25'#5A(#'56-)+#<#,2#(8(#)0*2/'33)+02(%#H(*2#6/+32(+#
(2# :2# ,)=)38-*',+# 6+/# -+# 782# &'(*2--(# @'# ,20+5)0',+# v)0,):),8'-)(5+# 20# /2,w#
T&'(*2--(;# B]]$W# 20# 2-# 3+0*2>*+# ,2# -'# 5+,2/0'# (+3)2,',# ,2# -'# )0=+/5'3)D0# +#
(+3)2,',#20#/2,%#M8G2/#<#@+5./2#20#-'#(2480,'#5+,2/0),',#*)2020#80'#0232(),',#
)562/)+('#,2#)0,):),8'-)1'/(2;#'#*/':l(#,2#80'#'8*+,2*2/5)0'3)D0;#20#-'#.I(782,'#
3+0*)08'#,2#'8*+//2'-)1'3)D0#2#),20*),',%#a2#80'#.)+4/'=9'#5A(#-)02'-;#3+0#80#3)3-+#
,2#:),'#6/2,2*2/5)0',+;#(2#2(*A#6'('0,+;#3+0#-'#'56-)'3)D0#,2#2(6'3)+(;#+63)+02(#<#
6+().)-),',2(#(832():'(#,2#'8*+//2'-)1'3)D0;#'#80'#É.)+4/'=9'#,2#/2*'1+(Ñ;#,+0,2#-+(#
3+5)201+(#<#,2(62,),'(#(2#:'0#3+0:)/*)20,+#20#80'#)5'420#5A(#@'.)*8'-#TJ+-9:'/;#
B]]"W%# H-# )03/2520*+# ,2# -'# )0,):),8'-)1'3)D0# @'32# 782# -'(# 2>62/)203)'(#
3+580)*'/)'(# 0+# (2'0# ,25'()',+# =/23820*2(# +# *204'0# 3)2/*+# 4/',+# ,2# ,)=)38-*',;#
=+/5'0,+#-+(#3)8,','0+(#3+580),',2(#3+0#80#2(3'(+#0):2-#,2#3+56/+5)(+%#
H0# 2(*2# 3+0*2>*+;# 2-# 6/+=2(+/# ,2.2# ,2*2/5)0'/# -'(# 0232(),',2(# ,2# 3','# 0)g+#
3+03/2*+# 20# /2-'3)D0# 3+0# (8(# 3)/380(*'03)'(# 62/(+0'-2(# 6'/*)38-'/2(# Th)320*2#
Z2/0A0,21;# B]]BW%# H0*/'/# 20# /2-'3)D0# 3+0# -+(# 6',/2(# 2(# 0232('/)+;# (+./2# *+,+#
38'0,+#-+(#6',/2(#2>)420#*202/#:+1#<#(2/#2([email protected]',+(#20#*+,+(#'782--+(#6/+.-25'(#
782#'=23*'0#'#(8(#@)G+(%#Z+<#20#,9';#6+/#0232(),',2(#6/+=2()+0'-2(#,2#-+(#6/+=2(+/2(#
<# 6+/# 2>)4203)'# ,2# -+(# ,2/[email protected]+(# ,2# -+(# 6',/2(;# 2(# 8/420*2# 6-'0*2'/# -'(# /2-'3)+02(#
='5)-)'Y2(382-'# 3+5+# 80# '(623*+# 5A(# ,2# -'# '3*):),',# 2(3+-'/# <# ,2# -'#
/2(6+0('.)-),',#='5)-)'/#Th)320*2#Z2/0A0,21;#B]]BW%#
C'# ='5)-)'# <# -'# 2(382-'# 3+56'/*20# -'# /2(6+0('.)-),',# ,2# 5',8/'/# -'(#
62/(+0'-),',2(#)0='0*)-2(#<#G8:20)-2(%#F24I0#J2/0'.28#TB]]BW;#,2#-'#.820'#+#5'-'#
2>62/)203)'# (+3)'-)1',+/'# ='5)-)'/# ,2620,2# 782# 2-# 0)g+# (2'# )0*/+:2/*),+# +# 0+# '-#
/2-'3)+0'/(2# 3+0# (8(# 082:+(# 3+56'g2/+(# <# 6/+=2(+/2(%# C+(# 6/+.-25'(# ='5)-)'/2(#
@'/A0#,2-#2,83'0,+#80#(2/#6/+.-25A*)3+#20#-'#2(382-';#6+/#-+#782#2-#6/+=2(+/#,2.2#
3+0+32/# (8# :),'# 62/(+0'-# 52,)'0*2# 20*/2:)(*'(# 3+0# l-# <# (8(# 6',/2(%# S2(8-*'# 682(#
,23)():+#6'/'#2-#'6/20,)1'G2#<#=+/5'3)D0#,2-#2(*)-+#,2#:),'#,2-#2(3+-'/#-'(#'3*)*8,2(#
<#:'-+/2(#='5)-)'/2(%#n0'#2(382-'#/2326*):'#3+0#-'#(+3)2,',#,2.2#)0*20*'/#'3*)*8,2(#
=+/5'*):'(#*'0*+#20#2-#'8-'#3+5+#20#-'#(+3)2,',%#
^"#
H0# -'# 3+-'.+/'3)D0# 20*/2# ='5)-)'# <# 2(382-';# 80+# ,2# -+(# 6/+.-25'(# 782# (8/420# '# -'#
@+/'# ,2# 3+56'/*)/# /2(6+0('.)-),',2(# 2(# -'# ='-*'# ,2# 20*20,)5)20*+# (+./2# -'#
,2-)5)*'3)D0# ,2# -'(# =803)+02(# 2,83'*):'(# ,2# 3','# 80'# ,2# 2--'(%# H(*'# ='-*'# ,2#
3+56202*/'3)D0#(2#6/+,832#(+./2#*+,+#20#'782--+(#A5.)*+(#782#*)2020#782#:2/#3+0#
-'(#'3*):),',2(#6/):','(#38<+#'6/20,)1'G2#(2#3)/380(3/).2#'#-'#2(=2/'#,2#-+#='5)-)'/%#
F)0# 25.'/4+;# 38'0,+# -'(# 2(382-'(# */'.'G'0# 3+0G80*'520*2# 3+0# -'(# ='5)-)'(# 6'/'#
'6+<'/#2-#'6/20,)1'G2#,2#-+(#'-850+(;#2(*+(#(82-20#*202/#l>)*+%#a2#'@9#-'#'62-'3)D0#
3+0*)0I'#'#=+/5'/#/2,2(#,2#3+-'.+/'3)D0#782#)0:+-83/20#'#-+(#6',/2(#20#-'(#*'/2'(#
2,83'*):'(%#H-#6/+.-25'#0+#2(#2-#+.G2*):+#()0+#3D5+;#('-:'0,+#-'(#.'//2/'(#'3*8'-2(#
<#6'/*)20,+#,2#-'#()*8'3)D0;#--24'/#@'(*'#l-%#
Z'<#)0)3)'-520*2;#()0#,8,';#80#3+0G80*+#,2#+.(*A38-+(#<#.'//2/'(;#5A(#62/326*):+(#
782#+.G2*):+(;#782#)56),20#-'#3+-'.+/'3)D0#<#2-#*/'.'G+#3+0G80*+X#2-#6/+=2(+/',+#0+#
()256/2#=+520*'#-'#)56-)3'3)D0#,2#-'(#='5)-)'(#TJ+-9:'/;#B]]"W#20#6'/*2#,2.),+#'#-'#
,2(3+0=)'01'#d3+0*/'#-'(#2:),203)'(d#(+./2#-+#782#682,20#'6+/*'/#'#-'#52G+/'#,2#-'#
2,83'3)D0o# 6+/# (8# 6'/*2;# -+(# 6',/2(# 0+# ()256/2# 6'/*)3)6'0# 38'0,+# (+0# )0,83),+(;#
,2.),+#d20*/2#+*/'(#/'1+02(d#'-#,2(3+0+3)5)20*+#2#)0(248/),',#(+./2#-+#782#2--+(#
682,20# @'32/# T&@/)(*20(+0;# B]]fW%# H0# -+(# I-*)5+(# *)256+(;# -+(# 6/+=2(+/2(# (2#
782G'0;# 3+0# /'1D0;# ,2# 3D5+# '0*2# ,2*2/5)0','(# ()*8'3)+02(# 3+0=-)3*):'(;# -'# '3*)*8,#
5A(# 3+5I0# ,2# -+(# 6',/2(# 2(# -'# ,2# '6+<'/# '# (8(# @)G+(;# 20# :21# ,2# 3+-'.+/'/%# H(#
6/23)(+#/+562/#-'(#=/+0*2/'(#,2#*2//)*+/)+(#(26'/',+(;#38'0,+#,2#-+#782#(2#*/'*'#2(#
,2-# +.G2*):+# 3+5I0# ,2# 2,83'3)D0# 6'/'# -'# 3)8,','09'%# H(*'.-232/# 3+0=)'01'# 20*/2#
='5)-)'(;#320*/+(#<#3)8,','0+(#20#4202/'-;#6/+5+:2/#2-#)0*2/3'5.)+#,2#)0=+/5'3)D0#
<# 3+0(+-),'/# ,)[email protected]+(# -'1+(# 20# /2,2(# (+3)'-2(;# (+0# =+/5'(# ,2# )03/2520*'/# 2-# *2G),+#
(+3)'-#<#-'#(+3)2,',#3):)-%#&+0(248)/#80'#52G+/'#,2#-'#2,83'3)D0#6'/'#*+,+(;#20#-+(#
*)256+(# '3*8'-2(;# 2(# )56+().-2# ()# 0+# (2# 5+:)-)1'0# -'(# 3'6'3),',2(# (+3)'-2(# ,2# -'#
2(382-'%#
)
!"#!$%&'1#)
H(#)0*2/2('0*2#@'32/#0+*'/#20#2-#3+0*2>*+#,2#-'#3+-'.+/'3)D0#20*/2#='5)-)'#<#2(382-'#
2-# 3+0326*+# ,2# 3'6)*'-# (+3)'-# TJ+/,)28;# B]]$W%# H-# v3'6)*'-# (+3)'-w;# 2(*A# 3+0(*)*8),+#
6+/# -+(# /238/(+(# 3+0# 782# 3820*'# 80'# 62/(+0';# 4/86+# +# 3+580),',;# =/8*+# ,2# -'#
3+0=)'01'# 20*/2# -+(# 5)25./+(# <# ,2# -'# =+/5'3)D0# ,2# /2,2(# ,2# '6+<+# 58*8+# <# 782;#
3+5+#-+(#+*/+(#3'6)*'-2(;#2(;#'#(8#0):2-;#6/+,83*):+#6+/#-+(#2=23*+(#.202=)3)+(+(#6'/'#
782# -'# 3+580),',# <# (8(# 5)25./+(# 682,'0# 3+0(248)/# ,2*2/5)0',+(# =)02(%# H(*2#
3'6)*'-#2(#6/+,83*+#,2#-'#)0*2/'33)D0#20#-'#3+580),',;#0+#68,)20,+#(2/#6/+,83),+#
6+/#80#)0,):),8+#0)#*'56+3+#(8#8(+#2(*A#/2(*/)04),+#)0,):),8'-520*2%#C'#*2+/9'#,2-#
3'6)*'-# (+3)'-# 6/+6+/3)+0';# ,2# 2(*2# 5+,+;# 80# 5'/3+# 6'/'# 782# -'(# ,):2/('(#
)0(*)*83)+02(# 20# 80'# 3+580),',# 682,'0# 3+-'.+/'/# 80'(# 3+0# +*/'(# 6'/'# 2-#
,2('//+--+# ,2# -+(# '-850+(%# C+(# 320*/+(# 2,83'*):+(# 682,20# (2/;# '-# *)256+;# '420*2(#
,2# 3/2'3)D0# ,2# ,)[email protected]+# 3'6)*'-;# 52,)'0*2# 2-# ,2('//+--+# ,2# 80'(# /2-'3)+02(#
3+580)*'/)'(;#<#.202=)3)'/)+(#,2-#2(*'.-23)5)20*+#,2#,)[email protected]'#3+580),',%#
E+/#2(+;#=+520*'/#-'(#/2-'3)+02(#20*/2#='5)-)'#<#2(382-'#2(#)0:2/*)/#20#3/2'/#3'6)*'-#
(+3)'-#3+580)*'/)+;#782#(24I0#J+-9:'/#TB]]"W#*)202#:'/)'(#3'/'3*2/9(*)3'(X#
! &/2'3)D0#,2#'-*+(#0):2-2(#3+0=)'01'#/2396/+3'#20*/2#-+(#5)25./+(#,2#80#4/86+;#
20#082(*/+#3'(+#20*/2#2(382-'#<#='5)-)'(o#
!
&+0(20(+#20#80#3+0G80*+#,2#0+/5'(#3+56'/*),'(o#
^^#
!
M+:)-)1'3)D0#<#42(*)D0#,2#/238/(+(#3+580)*'/)+(#<o#
! R202/'3)D0#,2#A5.)*+(#<#2(*/83*8/'(#,2#*/'.'G+#20#278)6+;#20#80'#3++62/'3)D0#
3++/,)0','%#
H-# 3'6)*'-# (+3)'-# 2(;# 6+/# -+# *'0*+;# 2-# 3+0326*+# 20# 2-# 782# 3/)(*'-)1'0# -'(# 0232('/)'(#
/2-'3)+02(# 20*/2# ='5)-)'# <# 2(382-'%# a)[email protected]'# 3++62/'3)D0# 0+# 2(# 80'# 2>)4203)'# 5+/'-;#
()0+#39:)3';#80'#/2'-)1'3)D0#782#*)2020#782#=+520*'/#-+(#6+,2/2(#6I.-)3+(#52,)'0*2#
-'#,)(6+()3)D0#,2#-+(#52,)+(#0232('/)+(;#5'*2/)'-2(#<#0+/5'*):+(%#H-#/2(8-*',+#(2/A#
-'# 3+0(*/833)D0# ,2# 80'# 3+580),',# 39:)3';# 3'/'3*2/)1','# 6+/# 80'# 5'<+/#
6'/*)3)6'3)D0# 20# -+(# '(80*+(# 6I.-)3+(;# /2-'3)+02(# ,2# )48'-,',;# ,2# /23)6/+3),',# <#
3++62/'3)D0;#<#-'#3+0(*/833)D0#,2#80#()(*25'#.'(',+#20#-'#3+0=)'01'#<#-'#*+-2/'03)'%#
)
-'-$'".*,+c,)
iCh?SHe;#L%#C%#TB]]fW%#H(382-';#='5)-)'#<#3+580),',#2,83'*):'%#H0#,2-#E+1+#?0,/l(;#
M%# M%# T2,%W# :(/0J#-) () %+-&%&"1%/+(-) 1/+&(DF/0R+(#-) *() (*"1#1%K+# T66%# $!$Y$\!W%#
M',/),X#J).-)+*23'#O82:'%#
J?F;# H%# <# EHSHe;# Mz%# h%# TB]$]W%# a2('=9+(# ,2# -'# ='5)-)'# '3*8'-# '0*2# -'# 2(382-'# <# -'(#
*230+-+49'(# ,2# )0=+/5'3)D0# <# 3+580)3'3)D0%# 4('%-&#) 5*"1#&%/) L%M$/) bbW;# @cT$W;# f$Y
"^%#
JHSO?JHn;#L%#C%#TB]]BW%#C'#='5)-)'%#H0#&+-+5;#?%#L%#T3++/,%W%#:(/0J#-)()%+-&%&"1%/+(-)
1/+&(DF/0R+(#-)*()$#)(*"1#1%K+)TBz#2,%W#T66%#!B\Y!!!W%#J'/32-+0'X#?/)2-%#
JNCxh?S;#?%#TB]]"W%#`'5)-)'#<#2(382-'X#,+(#580,+(#--'5',+(#'#*/'.'G'/#20#3+5I0%#
4('%-&#)*()5*"1#1%K+;#!!U;#$$UY$f"%#
JNnSaKHn;# E%# TB]]$W%# 7#-)./0D#-)*($)1#F%&#$3)9#F%&#$)(1/+KD%1/B)1#F%&#$)1"$&"0#$) ,)
1#F%&#$) -/1%#$;# 20# J+8/,)28;# E%X# T/*(0B) *(0(12/) ,) 1$#-(-) -/1%#$(-%# J)-.'+;# a2(3-l2# ,2#
J/+8p2/%#
&?MEN#aHC;#F%#<#SNaSxRnHeYJSKNFN;#M%#M%#TB]]BW%#C'#4/'0#*/'0(=+/5'3)D0#,2#-'#
='5)-)'#2(6'g+-'#,8/'0*2#-'#(2480,'#5)*',#,2-#()4-+#||%#4(%-;#$]]q]B;#$]!Y$"\%#
&?F_HCCF;# M%# TB]]$W%# 7#) M#$#S%#) W+&(0+(&3) 4(.$(S%/+(-) -/E0() W+&(0+(&B) (DF0(-#) ,)
-/1%(*#*%#J'/32-+0'X#?/2*l%#
&ZSKF_HOFNO;# F%# C%# TB]]fW%# [email protected]# ='5)-<Y([email protected]++-# 6'/*02/(@)6X# ?0# +66+/*80)*<# *+#
6/+5+*2#*@2#-2'/0)04#3+562*2032#+=#'--#(*8,20*(%#L12//$)T-,12/$/M,)4('%(d;#!!;#V!Y
$]f%#
`2/0A0,21#H048)*';#M%#TB]]$W%#7#)\/0+#*#)(-1/$#03#J'/32-+0'X#?/)2-%#
`HSSiOaHe;#?%#<#F?SS?MNO?;#L%#T$UV]W%#7#)5*"1#1%K+3)9/+-&#+&(-),)F0/E$(DR&%1#)
#1&"#$)TUz#2,%W%#J'/32-+0'X#&H?&%#
R?S&x?;# ?%# TB]]$W%# :(/0J#) () %+-&%&"1%/+(-) *() $#) (*"1#1%K+3) e+#) #F0/S%D#1%K+)
-/1%/$KM%1#%#F2:)--'X#E',)--'#C)./+(#H,)*+/2(#Ö#C)./2/+(%#
R?S&x?;#h%#T$U^VW%#T0%+1%F%/-)*()T(*#M/MJ#)-%-&(DR&%1#)TUz#2,%W%#M',/),X#S)'-6%#
R?S&x?;#Mz%#E%;#RNM?SKe;#Mz%#?%;#<#+*/+(%#TB]$]W%#C'#3+580)3'3)D0#20*/2#-'#='5)-)'#
<#2-#320*/+#2,83'*):+;#,2(,2#-'#62/3263)D0#,2#-+(#6',/2(#<#5',/2(#,2#-+(#'-850+(%#
4('%-&#)5*"1#&%/)L%M$/)bbW;#@cT$W;#$\^Y$VV%#
^V#
KQ?OR?;# ?%# T$UUVW%# C'# (*"1#1%K+) 1/+&(DF/0R+(#3) :(/0J#-) () %+-&%&"1%/+(-) TBz# 2,%W%#
h'-203)'X#O?n#--)./2(%#
CnHORN;# L%# TB]]fW%# :(/0J#-) () %+-&%&"1%/+(-) 1/+&(DF/0R+(#-) *() (*"1#1%K+%# M',/),X#
J).-)+*23'#O82:'%#
M?SxO;#S%#T$UVVW%#T0%+1%F%/-)*()$#)(*"1#1%K+)1/+&(DF/0R+(#)T\z#2,%W%#M',/),X#S)'-6%#
MKS?CCHF;#E%#<#M?S_xO;#&%#TB]]VW%#_/'*'5)20*+#,),A3*)3+#,2#-'#='5)-)'#20#-+(#-)./+(#
,2#*2>*+#<#-'(#489'(#,),A3*)3'(#,2#2,83'3)D0#)0='0*)-;#fE(0;#\";#$$$Y$B!%#
OÜáHe;#E%#TB]]\W%#`'5)-)';#2(382-'#<#20*+/0+#(+3)'-%#5*"1#1%K+),)]"&"0/;#$B;#^$YV]%#
FiO&ZHe;# &%# <# h?CaKhK?;# &%# T$U^$W%# T(*#M/MJ## T!]# 2,%;# Bz# /2)56/2()D0W%# M',/),X#
O'/32'%#
F?OLniO;#M%#T$U^fW%#9%(+1%#-)*()$#)(*"1#1%K+)W_)T(*#M/MJ#)."+*#D(+&#$%#e'/'4+1'X#
C)./2/9'#R202/'-%#
F?Oe;# `%# TB]]]W%# C'(# )0(*)*83)+02(# ,2# 2,83'3)D0# 0+# =+/5'-%# H0# &'//2g+;# M%# T2,%W%#
:(/0J#-) () %+-&%&"1%/+(-) 1/+&(DF/0R+(#-) *() (*"1#1%K+# T66%# B\$YBV\W%# M',/),X#
F90*2()(%#
hK&HO_H;#n%#TB]]BW%#7#)(*"1#1%K+_)&(/0J#-)()%+-&%&"1%/+(-)1/+&(DF/0R+(#-%#?-52/9'X#
n0):2/(),',#,2#?-52/9'%#
^U#
V]#
#
#
#
#
#
#
$,)+,0'$',)!"0")!"$,-"*,2"*,)(#)$,)(#&(l,#m,)2()$,)
!"03"&'!'1#)(&!*'6,F)%#,)(n3(*'(#!',)3*/!6'!,)
)
3:L89M9:)*ADB?>A)*:;O=)
i?C`C)#b).:8Mh:)&[email protected])
n0):2/(),',#,2#C2D0#
)
*(&%0(#)
F2#6/2(20*'#80#2(*8,)+#38<+#+.G2*):+#@'#(),+#3+56/+.'/#2-#6+*203)'-#,2#-'#='5)-)'#
6'/'# 3+0*/).8)/# 3+0# (8# '<8,'# 20# -+(# ,2.2/2(;# 6/2:)'# =+/5'3)D0# 2(6239=)3'#
,2('//+--','# '# */':l(# ,2# 80'# 2(382-'# ,2# =+/5'3)D0;# 20# -'# 20(2g'01'# ,2# -'#
3+562*203)'#3+580)3'*):'#2(3/)*'#,2#-+(#'-850+(%#F2#@'#3+0*',+#3+0#80'#582(*/'#
,2# \$# 0)g+(;# B"# 62/*2023)20*2(# '-# 4/86+# 2>62/)520*'-# T5',/2(# )0(3/)*'(# 20# -'#
2(382-'# ,2# =+/5'3)D0W# <# B\# 62/*2023)20*2(# '-# 4/86+# 3+0*/+-%# F2# 3+56'/'/+0# -+(#
*2>*+(# 2(3/)*+(# 6+/# -+(# '-850+(# '0*2(# <# ,2(68l(# ,2# -'# )0*2/:203)D0# ='5)-)'/;#
'*20,)20,+# '# '(623*+(# ,2# 2(*/83*8/';# [email protected]/203)'# <# 3'-),',;# 2:'-8',+(# 52,)'0*2#
52,),'(# ,2-# 6/+,83*+# *2>*8'-# .'(','(# 20# -'# 62/3263)D0# ,2-# -23*+/%# C+(# /2(8-*',+(#
,2582(*/'0# 782# -+(# 0)g+(# ,2-# 4/86+# 2>62/)520*'-# 52G+/'/+0# (8(# 6/+,833)+02(#
*2>*8'-2(# 20# *+,'(# -+(# '(623*+(# 2:'-8',+(# 80'# :21# =)0'-)1','# -'# )0*2/:203)D0#
6'/20*'-;#*'0*+#20#/2-'3)D0#'#(9#5)(5+(;#3+5+#20#3+56'/'3)D0#3+0#(8(#3+56'g2/+(#
,2#3-'(2%#a8/'0*2#-'#/2'-)1'3)D0#,2#2(*2#2(*8,)+#(2#/23).)2/+0#'<8,'(#3+562*)*):'(#
,2-# 6/+<23*+# ,2-# MK&KOO# THanB]$]Y$UB\]W# <# 3+0# =+0,+(# `HaHS# ,2# -'# n0)D0#
H8/+62'#6'/'#2-#*/)20)+#B]$]YB]$!o#'(9#3+5+#,2-#6/+<23*+#'#4/86+(#,2#2>32-203)'#
,2#-'#L&<C#TRSYB\Uo#JN&<C#B^#,2#'./)-#,2#B]]UW#6'/'#2-#*/)20)+#B]]UYB]$$%#?5.+(#
3+032,),+(# '-# KEq,)/23*+/# L%# O%# R'/39'%# Q# 80# 3+0*/'*+# ,2# )0:2(*)4'3)D0# 6/2,+3*+/'-#
,2#-'#L80*'#,2#&'(*)--'#<#C2D0#3+032,),+#'#E%#S+.-2,+%#
3:B:D8:C) MB:E?F# 3+56+()3)D0# 2(3/)*'o# 2(382-'# ,2# 6',/2(o# )56-)3'3)D0# 2,83'*):'#
='5)-)'/%#
)
)
6G()+,0'$4),&)3,*6#(*)'#)6G()6(,!G'#.)"+)H*'66(#)!"03"&'6'"#F),)
3*,!6'!,$)(n3(*'(#!()
,-&6*,!6)
}2# 6/2(20*# '# (*8,<# [email protected]+(2# ')5# p'(# *+# *2(*# *@2# ='5)-<# 6+*20*)'-# *+# 3+0*/).8*2;#
*/[email protected]# *@2)/# @2-6# )0# @+52p+/b# '0,# '=*2/# (623)=)3# */')0)04;# *+# ,2:2-+62,# p/)**20#
V$#
3+5580)3'*)+0# (b)--(# )0# (*8,20*(%# [email protected]# ('56-2# 3+0()(*(# +=# \$# [email protected])-,/20;# B"#
2>62/)520*'-# 4/+86# T5+*@2/(# 20/+--2,# )0# */')0)04W# '0,# B\# 3+0*/+-# 4/+86%# }2#
3+56'/2,# *@2# (*8,20*Ä(# p/)**20# *2>*(# .2=+/2# '0,# '=*2/# ='5)-<# )0*2/:20*)+0;#
3+0(),2/)04#'(623*(#+=#(*/83*8/2;#[email protected]/2032#'0,#78'-)*<;##'((2((2,#.<#52'(8/2(#+=#
*@2#*2>*8'-#6/+,83*#.'(2,#+0#*@2#/2',2/#62/326*)+0%#[email protected]#/2(8-*(#(@+p#*@'*#[email protected])-,/20#
)0# *@2# 2>62/)520*'-# 4/+86# )56/+:2,# *@2)/# *2>*8'-# 6/+,83*)+0(# )0# '--# '(623*(# +032#
*@2# 6'/20*'-# )0:+-:2520*;# .+*@# )0# /2-'*)+0# *+# *@25(2-:2(;# '(# 3+56'/2,# *+# *@2)/#
3-'((5'*2(%#
I?7JA8>CF)p/)**20#3+56+()*)+0o#6'/20*Ä(#([email protected]++-o#='5)-<#2,83'*)+0'-#)0:+-:2520*#
)
'#6*"2%!!'1#)
C'# 2,83'3)D0# 252/420*2# 20# H8/+6'# 62/()482# 782# -+(# 2(*8,)'0*2(# ',78)2/'0;#
',25A(# ,2# -+(# */',)3)+0'-2(# +.G2*):+(# ,2# '6/20,)1'G2;# ,)=2/20*2(# *)6+(# ,2#
3+562*203)'(#782#-2(#3'6'3)*20#6'/'#20=/20*'/(2#'#-'#:),'#20#(+3)2,',#,2#5'02/'#
'8*D0+5'# <# 2=)3'1# TM8g+1;# B]]VW%# # H0# 3+0(+0'03)'# 3+0# 2(*+(# 6/)03)6)+(;# -'(#
2>)4203)'(# ,2-# ()(*25'# 2,83'*):+# 2(6'g+-# 2(*A0# 20# 3+0(*'0*2# 2:+-83)D0# 2#
)03/2520*+;# '8520*A0,+(2# 3+0# 2--+# -'# 0232(),',# ,2# 2(*)58-'/# -'# )03-8()D0# 20# 2-#
6/+32(+# ,2# 20(2g'01'Y'6/20,)1'G2# ,2# *+,'(# -'(# 62/(+0'(# /2(6+0('.-2(# ,2# -'#
2,83'3)D0# 20# (8(# 0):2-2(# )0)3)'-2(%# a2# '382/,+# 3+0# 2(*+;# -+(# 20=+782(# 0'*8/'-)(*'(#
'6+<'0# -'# ),+02),',# ,2# '*20,2/# '-# '-850+# '# */':l(# ,2# -'# *+*'-),',# ,2# -+(# '420*2(#
2,83'*):+(# )0=+/5'-2(# <# =+/5'-2(# 782# -2# /+,2'0;# ,2(*'3'0,+# 20# 2(*2# (20*),+# -'#
)56+/*'03)'# ,2# -+(# 6',/2(# TR+/*5'b2/;# a'-<;# M3&8/,<;# E2/('56)2/);# Ö#
Z2/420/',2/;#B]]^W%##
C+(#6/+420)*+/2(#*)2020#80#4/'0#6+*203)'-#6'/'#'<8,'/#'#-+(#'-850+(;#',25A(#,2#
2(*'/# 20# ,)(6+()3)D0# ,2# '8520*'/# -+(# 20*+/0+(# <# +6+/*80),',2(# ,2# '6/20,)1'G2# <#
+=/232/# 80'# '*203)D0# )0,):),8'-)1','# '# -+(# 0)g+(o# ()0# 25.'/4+;# ,2# 5'02/'# )00'*';#
0+# ,2('//+--'0# 3+0+3)5)20*+(# 782# -2(# 62/5)*'0# 2>6-+*'/# 2(*'(# 38'-),',2(;# <# 20#
+3'()+02(#(2#203820*/'#,2(6/+:)(*+(#,2#3+0+3)5)20*+(#2(*/'*l4)3+(#6'/'#'<8,'/#'#
(8(# @)G+(# 3+0# -'(# *'/2'(# '3',l5)3'(;# ()# .)20;# 3+0# 2-# '6+<+# ',238',+;# 682,20# (2/#
58<# 2=23*):+(# 20# -'# )0*2/:203)D0# TE2/('56)2/);# R+/*5'b2/;# a'-<;# [email protected]/),'0;# Ö#
M3&8/,<;# B]]"W%# E2(2# '# 2--+;# 0+# 2>)(*2# *+,':9'# 80'# 6/A3*)3'# +/4'0)1','# <#
()(*25A*)3'# ,2# 3+-'.+/'3)D0# 3+0# -'(# ='5)-)'(# 20# 2-# 5+,2-+# 2,83'*):+# 2(6'g+-;# '#
62('/#,2#782#-'#C2<#N/4A0)3'#,2#H,83'3)D0#TCNH;#B]]"W#/23+0+32#2(*'#0232(),',%#
H(# ,23)/;# 20# -'# '3*8'-),',;# -'(# 082:'(# '6+/*'3)+02(# 20# /2-'3)D0# '# -'# 2,83'3)D0#
6-'0*2'0#20*20,2/#'#-+(#'-850+(#,2#'382/,+#3+0#-'(#)0*2/'33)+02(#782#(832,20#20#
(8# 20*+/0+;# 3+0(),2/'0,+# 2(623)'-520*2# -'# )03+/6+/'3)D0# '3*):'# ,2# -'(# ='5)-)'(#
3+5+# '420*2(# 2,8'3)+0'-2(# TZ24'/*<;# B]]VW%# F)# .)20;# -'# 62/(2383)D0# ,2# 80'#
)03-8()D0#3+562*20*2#,2#-'#='5)-)'#2>)4)/A#'#-+(#6',/2(#-'#682(*'#20#6/A3*)3'#,2#80'#
(2/)2#,2#3'6'3),',2(#<#@'.)-),',2(#782#20#[email protected]'(#+3'()+02(#0+#(2#,2('//+--'0#,2#
5'02/'# 0'*8/'-;# ()0+# 782# /278)2/20# 80# 6/+32(+# =+/5'*):+# 2(6239=)3+# T&'//;# B]]Uo#
M'*(+0;#M'@'0;#Ö#C+:8--+;#B]]UW%##
S2*+5'0,+# 2-# *25'# ,2-# ,2('//+--+# ,2# 3+562*203)'(;# -+(# ,+38520*+(# 2,83'*):+(#
2(6'g+-2(# 782# '.+/,'0# -'(# 20(2g'01'(# 590)5'(# 2>)4),'(# '-# '-850',+;# /23+420# -'#
6/+682(*'#,2#[email protected]+#3+562*203)'(#.A()3'(#782#-+(#GD:202(#,2.20#@'.2/#,2('//+--',+#
80'# :21# =)0'-)1',+# (8# 62/)+,+# ,2# =+/5'3)D0# +.-)4'*+/)+;# ,2(*'3A0,+(2# 20# 6/)52/#
-84'/#6'/'#-'#H,83'3)D0#E/)5'/)'#-'#9/DF(&(+1%#)(+)1/D"+%1#1%K+)$%+MgJ-&%1#)TMH&;#
B]]"W%#a)[email protected]'#3+562*203)'#(2#*/'*'#,2#80#2G2#+50)6/2(20*2#20#6/A3*)3'520*2#*+,'(#
VB#
-'(# A/2'(# ,2-# 38//938-85# ,2# E/)5'/)';# 62(2# '# -+# 38'-# 2(# =/23820*2# 782# ,2(,2# -'(#
)0(*)*83)+02(#2,83'*):'(#-'#6+*203)'3)D0#,2#-'#3+580)3'3)D0#-)04à9(*)3'#(2#=+3'-)32#
2(623)'-520*2# 20# 2-# ,2('//+--+# ,2-# -2048'G2# +/'-# <# -'# -23*8/';# /2-24'0,+# '# 80#
(2480,+# 6-'0+# -'# 2(3/)*8/'# T`),'-4+;# R'/39';# Ö# _+//'032# B]]\W;# -+# 782# 682,2#
3+0,83)/#'#0):2-2(#,2#/20,)5)20*+#20#2(3/)*8/'#'-2G',+(#,2-#,2(2'.-2%#
#C'# 3+56+()3)D0# 2(3/)*'# T20# ',2-'0*2# &HW# 2(# 80# 6/+32(+# 3+40)*):+# '-*'520*2#
3+56-2G+# T_+//'032# Ö# R'-./')*@;# B]]"W# 38<'# ',78)()3)D0# 2>)*+('# 0+# (D-+# ,2620,2#
,2#='3*+/2(#)0*/90(23+(#'-#6/+6)+#'-850+;#()0+#782#*'5.)l0#(2#:2#,2*2/5)0','#6+/#
:'/)'.-2(# 3+0*2>*8'-2(# ,2# 3'/A3*2/# 25+3)+0'-# +# 5+*):'3)+0'-;# /2-'3)+0','(# 3+0# -'#
2(*)58-'3)D0# '5.)20*'-# '6+/*','# ,2(,2# 3+0*2>*+(# 2(203)'-2(# 20# 2-# 6/+32(+# ,2#
,2('//+--+# ,2# -+(# 0)g+(;# 3+5+# 2(# 2-# ='5)-)'/%# H0# 2(*2# (20*),+;# ,)=2/20*2(# 2(*8,)+(#
2:),203)'0# -'# )0=-8203)'# ,2# -'# ='5)-)'# 20# 2-# ,2('//+--+# ,2# @'.)-),',2(# ,2#
'-='.2*)1'3)D0# 20# -+(# '-850+(# TM+# Ö# F)[email protected];# B]]Vo# S'*@# 2*# '-%# B]]Vo# h'0# N**2/-++;#
h'0# ,2/# C2)G;# Ö# h2-,b'56;# B]]"W%# # ?(9;# 6'/232# (2/# 782# 2-# @A.)*+# ,2# -'# 2(3/)*8/'# 2(#
5A(#=/23820*2#20#2-#'-850',+#38<'(#='5)-)'(#+=/2320#5+,2-+(#<#'3*)*8,2(#6+()*):'(#
@'3)'# -'(# *'/2'(# ,2# &H# TS2<2(;# ?-2>'0,/';# Ö# ?18'/';# B]]^o# S+52/+;# ?/)'(;# Ö#
&@':'//9';# B]]^W%# E2/+# ',25A(;# 20# -+(# @+4'/2(# (2# (82-20# ,2('//+--'/# *'/2'(# ,2#
2(3/)*8/'#-)4','(#'#'3*):),',2(#,2#-'#:),'#3+*),)'0'#782#2G2/320#80'#)0=-8203)'#58<#
)56+/*'0*2# 20# -'# :'-+/'3)D0# 782# -+(# 0)g+(# @'320# 20# /2-'3)D0# '# -'# 8*)-),',# <#
'6-)3'.)-),',#(+3)'-#,2#2(*'#@'.)-),',#)0(*/8520*'-#.A()3';#,2(62/*'0,+#20#2--+(#2-#
)0*2/l(#@'3)'#-'#5)(5'#TC'3'(';#RD521;#S2)0';#Ö#&+('0+;#$UUUW%#a2-#5)(5+#5+,+;#
(2#(+(*)202#-'#'(+3)'3)D0#20*/2#-+(#0):2-2(#,2#3+562*203)'#2(3/)*'#,2#-+(#'-850+(#<#
-+(#0):2-2(#2,83'*):+(#,2#(8(#5',/2(;#2-#*'5'g+#,2-#0I3-2+#='5)-)'/;#-'#:'-+/'3)D0#
6'/20*'-# ,2# -'# 2(3/)*8/'# +# -'# 2(*)58-'3)D0# ,2# 2(*'# @'.)-),',# Ta80(58)/# Ö#
J-'*[email protected]=+/,;# B]]fo# S+.-2,+# Ö# R'/39';# B]$]W%# E+/# (8# 6'/*2;# +*/+(# 2(*8,)+(# @'0#
2:),203)',+#-'#2=)3'3)'#,2#-'(#)0*2/:203)+02(#'#*/':l(#,2#-'(#='5)-)'(#6'/'#2(*)58-'/#
-'#',78)()3)D0#,2#-'(#@'.)-),',2(#,2#2(3/)*8/'#20#(8(#6/)52/'(#='(2(#TE2//<;#O+/,.<;#
Ö# h'0,2P'56;# B]]!o# F')0*YC'8/20;# Ö# R)'((+0;# B]]\W;# @'.)l0,+(2# 3+56/+.',+#
3D5+# 2-# */'.'G+# 3+0G80*+# 6/+=2(+/2(Y6',/2(;# 6/2:)'# =+/5'3)D0# 2(6239=)3'# ,2# -+(#
6/+420)*+/2(;#@'32#782#l(*+(#(2#()20*'0#5A(#6/26'/',+(#6'/'#'<8,'/#'#(8(#@)G+(;#-+#
782#3+0(23820*2520*2#/262/38*2#20#-'#52G+/'#,2#-'#-23*+Y2(3/)*8/'#20#-+(#'-850+(##
T`+/,;#M&a+84'--;#Ö#H:'0(;#B]]Uo#S24-)0;#B]]BW%#?,25A(;#(2#@'#2:),203)',+#3+5+##
2-#)03/2520*+#,2-#*)256+#,)'/)+#,2#,2,)3'3)D0#3+56'/*),'#20*/2#6',/2(#2#@)G+(#'-#
'6/20,)1'G2#,2#2(*'#@'.)-),',;#6+,9'#(2/#80#3+56-2520*+#D6*)5+#6'/'#2-#,2('//+--+#
,2#80'#5'<+/#3+562*203)'#2(3/)*'#20#-+(#'-850+(#T&8*-2/#Ö#R/'@'5;#B]]VW%##
?#62('/#,2#2(*+(#,'*+(#782#(2g'-'0#2-#/+-#6+()*):+#,2#-+(#6',/2(#20#-'#',78)()3)D0#,2#
-'# 2(3/)*8/'# 6+/# 6'/*2# ,2# -+(# '-850+(;# -'# 5'<+/9'# ,2# -+(# */'.'G+(# -+3'-)1',+(#
'.+/,'0# 2-# 6'62-# ,2# -'# ='5)-)'# 20# -'# 20(2g'01'# ,2# -'(# @'.)-),',2(# 6/)5'/)'(# ,2#
2(3/)*8/';# 20# 0)g+(# ,2# -+(# 6/)52/+(# 0):2-2(# 2,83'*):+(%# H(# ,23)/;# 0+# (2# @'0#
-+3'-)1',+#*/'.'G+(#782#(2#320*/20#20#2-#6+*203)'-#,2#-+(#6',/2(#6'/'#3+0*/).8)/#'-#
,2('//+--+#,2#80'#:2/,',2/'#3+562*203)'#2(3/)*'#20#(8(#@)G+(;#-'#38'-#(2#/2-'3)+0'#
3+0# -'# ',78)()3)D0# ,2# ,2(*/21'(# 3+40)*):'(# ,2# +/,20# (862/)+/;# (8(326*).-2(# ,2#
52G+/';#6+/#+*/'#6'/*2;#20#-+(#I-*)5+(#38/(+(#,2#-'#H,83'3)D0#E/)5'/)'%#E+/#2--+;#0+(#
@25+(#6-'0*2',+#2-#,2('//+--+#,2#80'#2(382-'#,2#=+/5'3)D0#,2#6',/2(#20#-'#782#(2#
=+/52# '# l(*+(;# ,+*A0,+-2(# 3+0# -'# 6/26'/'3)D0;# 3+0+3)5)20*+(# <# @2//'5)20*'(#
0232('/)'(#6'/'#)0(*/8)/#'#(8(#@)G+(#20#&H;#'#*/':l(#,2#-'#3+-'.+/'3)D0#<#'<8,'#20#
*'/2'(# '3',l5)3'(%# ?(9# 682(;# 2-# +.G2*):+# ,2# 2(*'# )0:2(*)4'3)D0# 2(# 6/23)('520*2#
3+56/+.'/#-'(#52G+/'(#20#&H#,2#-+(#'-850+(#,2/):','(#,2#-'#'<8,'#)56-2520*','#
V!#
6+/# -+(# 6',/2(# 20# -'# /2'-)1'3)D0# ,2# -+(# ,2.2/2(# 2(3+-'/2(# ,2# 2(3/)*8/';# 6/2:)'#
=+/5'3)D0#20#80'#2(382-'#6'/'#='5)-)'(%##
)
0(6"2"$".c,)
MnHF_S?#
C'# 582(*/'# ,2-# 2(*8,)+# -'# =+/5'/+0# 80# *+*'-# ,2# \$# '-850+(# 2(3+-'/)1',+(# 20# 2-#
*2/32/# 3)3-+# ,2# H,83'3)D0# E/)5'/)';# 20# ,+(# 3+-24)+(# 6I.-)3+(# ,2# -'# 6/+:)03)'# ,2#
C2D0;# 38<'(# 2,',2(# 2(*'.'0# 3+56/20,),'(# 20*/2# -+(# U# <# -+(# $B# 'g+(;# ()20,+# -'#
52,)'# ,2# 2,',# ,2# $]# 'g+(# <# B# 52(2(%# a2# 2(*+(# '-850+(;# 80# *+*'-# ,2# B"# T4/86+#
2>62/)520*'-W#2/'0#@)G+(#,2#5',/2(#782#'()(*)2/+0#'#-'#2(382-'#,2#=+/5'3)D0;#6+/#-+#
782# /23).)2/+0# '<8,'# 2(6239=)3'# 6+/# 6'/*2# ,2# l(*'(# 20# -+(# ,2.2/2(# 2(3+-'/2(#
/2-'3)+0',+(# 3+0# -'# &H%# H-# /2(*+# ,2# -+(# '-850+(# TO# u# B\W# '3*8'/+0# 3+5+# 4/86+#
3+0*/+-;# /23).)20,+# 6+/# 6'/*2# ,2# (8(# ='5)-)'(# -+(# '6+<+(# @'.)*8'-2(# 20# -'##
/2'-)1'3)D0#,2#-+(#,2.2/2(;#()#.)20;#-'(#*'/2'(#,2#&H#6/+682(*'(#3+5+#,2.2/2(#6'/'#
*+,+#2-#4/86+Y3-'(2;#/2782/9'0;#6+/#(8#6/+6)'#*25A*)3';#-'#3+-'.+/'3)D0#6'/20*'-%##
*
KOF_SnMHO_NF#
E'/'#-'#2:'-8'3)D0#,2#-+(#*2>*+(#6/+,83),+(#6+/#-+(#'-850+(#(2#8*)-)1'/+0#52,),'(#
(8.G2*):'(#,2#2(*/83*8/';#[email protected]/203)'#<#3'-),',#*2>*8'-#.'(','(#20#2-#-23*+/%#y(*'(#(2#
320*/'0# 20# -'# )0*2/6/2*'3)D0# 4-+.'-# 782# @'32# 2-# -23*+/# ,2-# 6/+6)+# *2>*+# 6'/'#
,2*2/5)0'/#()#2-#3+0(*/83*+#.'G+#2:'-8'3)D0;#2(*A#6/2(20*2#+#0+#20#2-#*2>*+#<#20#78l#
4/',+%# C'# ()48)20*2# *'.-'# /23+42# -+(# 3/)*2/)+(# 782# ,2.2# +.(2/:'/# 2-# -23*+/# 6'/'# -'#
2(*)5'3)D0#,2#-'(#680*8'3)+02(%##
*
B"C1"*D?*!89L?89AC)>?)?E:BP:M9O=)>?)B:)?CL8PMLP8:T)MAd?8?=M9:)7)M:B9>:>)L?_LP:B*
MHaKa?F#
&SK_HSKNF#aH#EnO_n?&K{O#
HF_Sn&_nS?X##
- K0=+/5'3)D0# (+./2# 80# 5'/3+# +# )0*/+,833)D0# 782#
0+#
2(*/83*8/',';# 6/2(20*'#2-#*2>*+%#
6+./2520*2;#
- F2g'-2(#+#5'/3'(#,2#2(*/83*8/'#
6'/3)'-520*2;#.)20%#
- n0'# )0*/+,833)D0# 782# 6/2(20*'# 2-# +.G2*):+# <# *25'# ,2-#
*2>*+%#
- n0#,2('//+--+#+/4'0)1',+#<#2(*/83*8/',+#,2-#*2>*+%#
- n0),',#20*/2#-+(#6A//'=+(%###
- n0'#3+03-8()D0#=)0'-#'-#*2>*+%#
Vf#
&NZHSHO&K?X#
- K,20*)=)3'3)D0#,2-#*25'%#
[email protected]/20*2;#6/D>)5+#'# - C'#2>6+()3)D0#,2-#*25'#()0#,)4/2()+02(%#
-'# )[email protected]/203)';# '-4+# - n0#3+0*2>*+#782#+/)20*2#'-#-23*+/%#
[email protected]/20*2;#
58<#
- C+(#,2*'--2(#(2#+/4'0)1'0#20#80#6-'0#,)(*)048).-2%#
[email protected]/20*2%#
- H>)(*20# 5'/3'(# +# 20-'32(# 782# [email protected]()+0'0# +/'3)+02(# <#
6A//'=+(%#
- H-#,)(38/(+#=-8<2#()0#6/+.-25'(%#
- C'# 2>)(*203)'# ,2# 80'# 3+03-8()D0# 782# ,2# (20*),+# ,2#
=)0'-%#
&?CKa?aX#
- n0'#3-'/'#(238203)'#,2#),2'(%#
K0',238',+;#
'620'(# - J820'#+/4'0)1'3)D0%#
',238',+;# ',238',+;# - h+3'.8-'/)+#',238',+%#
.820+;# 58<# .820+;#
- h'/)2,',#,2#,2*'--2(%#
2>32-20*2%##
- &+//23*'#2(*/83*8/'#,2#-'(#+/'3)+02(%#
- &+//23*'#680*8'3)D0#<#+/*+4/'=9'%#
#
3*"!(2'0'(#6")
K0)3)'-520*2# -'# *+*'-),',# ,2# -'(# ='5)-)'(# ,2# -+(# '-850+(# ,2# \[# <# "[# 38/(+# ,2# -+(#
320*/+(# 2,83'*):+(# 3+-'.+/',+/2(# =82/+0# )0:)*','(# '# 6'/*)3)6'/# 20# -'# 2(382-'# ,2#
=+/5'3)D0o# (D-+# !B# ,2# 2--'(# (2# )0(3/).)2/+0# <# B"# (2# 3+0(),2/'/+0# =)0'-520*2%# O+#
+.(*'0*2;#-'(#B\#='5)-)'(#)03-8),'(#20#2-#4/86+#3+0*/+-#(2#3+56/+52*)2/+0#'#'<8,'/#
'3*):'520*2# '# (8(# @)G+(# 3+0# -'(# *'/2'(# ,2# 3+56+()3)D0# 2(3/)*'# 20:)','(# 6'/'# 3'('#
6+/#-'(#5'2(*/'(%##
C'# =)0'-),',# ,2# -'# 2(382-'# ,2# =+/5'3)D0# T_'.-'# BW# 6'/'# ='5)-)'(# 2/'# (20().)-)1'/# <#
3+03)203)'/#'#-+(#6/+420)*+/2(#'32/3'#,2#(8#)0=-8203)'#(+./2#2-#/20,)5)20*+#,2#(8(#
@)G+(#6'/';#'#6'/*)/#,2#'@9;#6/26'/'/-+(#,2#5+,+#782#(2#)56-)3'(20#,2#5'02/'#'3*):'#
<#3+562*20*2#20#-'#2,83'3)D0;#',238'0,+#,)=2/20*2(#,)520()+02(#6()3+='5)-)'/2(#'#
-+(#/)*5+(#,2#,2('//+--+#,2#-+(#0)g+(#<#3+-'.+/'0,+#20#-'#/2'-)1'3)D0#,2#(8(#*'/2'(#
2(3+-'/2(#,2#&H%##
#
B"C1"*E?*!A=L?=9>AC)N8AQ8:;:)?CMP?B:)>?)WA8;:M9O=)>?)W:;9B9:C)
F2()D0#$#
F2()D0#B#
F2()D0#!#
`'5)-)'# <## h'/)'.-2(#
K56-)3'3)D0#
/20,)5)20*+ 2(*/83*8/'-2( 2(3+-'/%#
%#
%#
E-'0)=)3'3)D0
%##
H(3/)*8/'# <## E/+32(+#
/20,)5)20*+ 2(3/)*8/'%#
%#
F2()D0#f#
F2()D0#\# F2()D0#"#
K56-)3'3)D &-)5'#
0# 20# 2-# @+4'/%#
@+4'/%#
S2:)()D0
H,)3)D0%##
%##
S23'6)*8-'Y
3)D0%#
?=)'01'Y
5)20*+##
6/+32(+#
2(3/)*8/'%#
#
V\#
E/2:)'520*2# '-# )0)3)+# ,2# -'# 2(382-'# ,2# =+/5'3)D0# ='5)-)'/# -+(# '-850+(# =82/+0#
2:'-8',+(# 20# 38'0*+# '# (8# 3+562*203)'# 2(3/)*';# /2'-)1'0,+# 6'/'# 2--+# 80# *2>*+# ,2#
3+56'/'3)D0Y3+0*/'(*2%#E+(*2/)+/520*2;#,)+#3+5)201+#-'#=+/5'3)D0#,2#-'(#5',/2(;#
-'# 38'-# (2# --2:D# '# 3'.+# ,8/'0*2# 2-# (2480,+# */)52(*/2# 2(3+-'/;# 20# (2()+02(# ,2# U]#
5)08*+(# ,)(*/).8),'(# 78)0320'-520*2%# F)58-*A02'520*2# '# -'# '()(*203)'# ,2# -'(#
='5)-)'(# '# -'# 2(382-'# =+/5'*):';# 2-# 6/+=2(+/',+;# 20# 3+-'.+/'3)D0# 3+0# -'#
)0:2(*)4',+/';# 20:)'.'# '# -+(# 0)g+(# *'/2'(# ,2# 2(3/)*8/'# 3+5+# ,2.2/2(;# -'(# 38'-2(#
*209'0# 80'(# *25A*)3'(# 782# )03)*'.'0# +# /2782/9'0# -'# 3+-'.+/'3)D0# 6'/20*'-# T7#)
(-1"($#) *() 2/,) ,) $#) *() #,(0h) 9KD/) +/-) *%'(0&%D/-) 2/,) ,) 1KD/) -() *%'(0&J#+) +"(-&0/-)
F#*0(-h[%) %+.#+1%#) ,) $#) %+.#+1%#) *() D%-) F#*0(-) (&13W# &+0# 2(*+# (2# 62/(2489'# 782# -'(#
5',/2(# *8:)2(20# 5'*2/)'-# '3',l5)3+# '# */':l(# ,2-# 38'-# 3+-'.+/'/# 3+0# (8(# @)G+(# <#
*/'0(5)*)/-2(# -+# '6/20,),+# 20# -'# 2(382-'# =+/5'*):'# <# 782# ',25A(# -+(# @)G+(#
62/3).)2(20# 2-# 6+*203)'-# ,2# (8(# 6',/2(# 6'/'# '<8,'/-2(# 20# *'/2'(# 6/+6)'520*2#
2(3+-'/2(%# O+# +.(*'0*2;# -'# *+*'-),',# ,2# -+(# '-850+(;# *'0*+# -+(# ,2-# 4/86+#
2>62/)520*'-#3+5+#-+(#,2-#3+0*/+-;#/2'-)1'/+0#-'(#5)(5'(#*'/2'(%#
n0'#:21#=)0'-)1','#-'#2(382-'#,2#=+/5'3)D0;#,2#082:+#(2#2:'-8D#-'#2(3/)*8/'#,2#-+(#
0)g+(%# C'(# 2:'-8'3)+02(# T6/2Y6+(*W# +38//)2/+0# 20# -'(# 5)(5'(# 3+0,)3)+02(# 6'/'#
*+,+(# -+(# '-850+(;# ()20,+# ,2('//+--','(# 6+/# 62/(+0'-# 2(623)'-)1',+# <# 'G20+# '# -+(#
,+(#3+-24)+(%##
)
*(&%$6,2"&)
E'/'#-'#/2'-)1'3)D0#-+(#'0A-)()(#2(*',9(*)3+(#(2#*+5'/+0#3+5+#='3*+/2(#)0*2/(8G2*+(#
-+(# 4/86+(# ,2# '-850+(# T2>62/)520*'-# <# 3+0*/+-W# 20# -+(# ,)=2/20*2(# 5+520*+(#
2:'-8'*):+(#T6/2#<#6+(*2(*W#<#3+5+#:'/)'.-2(#,2620,)20*2(#-'(#,)=2/20*2(#52,),'(#
*2>*8'-2(#,2#2(*/83*8/';#[email protected]/203)'#<#3'-),',%#?(9;#-+(#3+0*/'(*2(#58-*):'/)',+(#20#
-'(#52,),'(#*2>*8'-2(#20#=803)D0#,2-#4/86+#,2#-+(#'-850+(#)0,)3'0#/2(8-*',+(#'-*'#<#
2(*',9(*)3'520*2#()40)=)3'*):+(;#3+0#80#*'5'g+#,2-#2=23*+#2-2:',+â]# TfU;$W#u#$^;^Vfo#
6# u# %]]$o# [email protected]# u# %!f\ä%# K48'-520*2;# -'(# 6/82.'(# ,2# -+(# 2=23*+(# )0*2/(8G2*+(# 582(*/'0#
/2(8-*',+(# 2(*',9(*)3'520*2# ()40)=)3'*):+(;# +.(2/:A0,+(2# ,)=2/203)'(# 20*/2# -+(#
4/86+(# 2# )0*/'4/86+(# 20# 2(*/83*8/'# T6u# %]]$o# [email protected]# %"VVW;# [email protected]/203)'# T6u# %]]$o# [email protected]#
%fB"W#<#3'-),',#T6u#%]]$o#[email protected]#%!UUW%##
&8'0,+# (2# 3+*2G'0# -+(# 1/+&0#-&(-) F/-&) 2/1# 20*/2# -'(# :'/)'.-2(# ()40)=)3'*):'(#
+.*20),'(# 20# -'(# 6/82.'(# ,2# -+(# 2=23*+(# )0*2/(8G2*+(;# 203+0*/'5+(# ,)=2/203)'(#
2(*',9(*)3'(#()40)=)3'*):'(#20#:'/)'(#,2#2--'(#3+5+#(2#682,2#:2/#20#-'#_'.-'#!%#
#
_'.-'#!X#9/+&0#-&(-)F/-&)2/1)-%M+%.%1#&%'/-)F#0#)$#-)D(*%*#-)*()(-10%&"0##
#
W+&(0M0"F/-)
W+&0#M0"F/-)
#
E/2#
E+(*#
H>62/)520*'-#
&+0*/+-#
h'/)'.-2(#
3+0#:(%#2>6#
3+0#:(%#H>6#
6/2#:(%#6+(*#
6/2#:(%#E+(*#
H(*/83*8/'#
0%(%#
%]]$#
%]]$#
0%(%#
&[email protected]/203)'#
0%(%#
%]]$#
%]]$#
0%(%#
&'-),',#
0%(%#
%]]$#
%]]$#
0%(%#
V"#
?0'-)1'0,+# -'# *'.-';# <# '.+/,'0,+# 20# 6/)52/# -84'/# 2-# '0A-)()(# )0*/'4/86+(;# (2#
+.(2/:'#3+5+#-+(#'-850+(#,2-#4/86+#2>62/)520*'-#,)=)2/20#20#-'#3+56'/'*):'#6/2#
6+(*Y*2(*# 20# -'(# */2(# 52,),'(# *2>*8'-2(;# 2(*/83*8/'# âMH>6s6/2# u# %V\;# :(%;# MH>6s6+(*# u#
!;B"ä;#[email protected]/203)'#âMH>6s6/2#u#$%^!;#:(%;#MH>6s6+(*#u#!%$Vä#<#3'-),',#âMH>6s6/2#u#B;]!;#:(%;#
MH>6s6+(*# u# !;V]ä;# +.(2/:A0,+(2# 80'# 52G+/'# 20# *+,'(# 2--'(# 20# 2-# 6+(*2(*;# 3+5+#
3+0(238203)'#,2#-'#'<8,'#,2(2562g','#6+/#-+(#6',/2(%##F)0#25.'/4+;#20#2-#4/86+#
3+0*/+-#0+#(2#@'0#,',+#,)=2/203)'(#()40)=)3'*):'(%##
?*20,)20,+#'-#'0A-)()(#)0*2/4/86+(;#(2#2:),203)'0#,)=2/203)'(#20#2-#6+(*2(*#20*/2#2-#
4/86+#3+0*/+-#<#2-#2>62/)520*'-#20#*+,'(#-'(#52,),'(;#3+5+#(2#)-8(*/'#20#-'#`)48/'#
$;#-+#782#2:),203)'#782;#4/'3)'(#'#-'#'<8,'#,2#-+(#='5)-)'/2(;#-+(#'-850+(#,2-#4/86+#
2>62/)520*'-;# 78)202(# '-# )0)3)+# ,2# -'# )0*2/:203)D0# 2/'0# )48'-2(# 20# 38'0*+# '#
3+562*203)'# 2(3/)*'# 782# (8(# 3+56'g2/+(# ,2# 3-'(2# T3+0*/+-W;# '-# =)0'-)1'/# -'# 5)(5'#
582(*/'0#80#62/=)-#20#2(3/)*8/'#2(*',9(*)3'520*2#(862/)+/#782#2--+(%#
)
]%M"0#)<3)S26/2(20*'3)D0#4/A=)3'#,2#-'(#,)=2/203)'(#2(*',9(*)3'520*2#()40)=)3'*):'(#
20#-'(#:'/)'.-2(#,2#2(3/)*8/'#6+(*2(*#20#=803)D0#,2-#4/86+#,2#'-850+(%#
4
3
2
Experimental
1
Control
0
Estructura
Coherencia
Calidad
#
)
2'&!%&'1#)4)!"#!$%&'"#(&)
C'# )0:2(*)4'3)D0# 2569/)3'# <# *2D/)3'# 20# 2-# A5.)*+# ,2# -'# 2(3/)*8/'# @'# --24',+# '# 80#
3+0(20(+#3+0326*8'-;#782#20*)20,2#2-#6/+32(+#,2#&H#3+5+#80'#*'/2'#3+40)*):'#58<#
3+56-2G'# 20# -'# 782# )0*2/:)2020# 5I-*)6-2(# <# ,)=2/20*2(# 6/+32(+(# 3+40)*):+(;#
'=23*):+(#<#5+*):'3)+0'-2(#,2#-'#62/(+0'#TZ'<2(;#$UU"W;#',25A(#,2#-+(#6/+6)+(#,2#
-'# *'/2'%# F)58-*A02'520*2;# (2# @'# 3+56/+.',+# -'# )0=-8203)'# ,2# -'# ='5)-)'# 20# 2-#
,2('//+--+#,2#@'.)-),',2(#,2#'-='.2*)1'3)D0;#*'-2(#3+5+#-'#-23*8/'#+#-'#2(3/)*8/'#TM+;#
2*# '-%;# B]]Vo# S'*@# 2*# '-%# B]]Vo# h'0# N**2/-++;# 2*# '-%;# # B]]"W# 6+(*8-A0,+(2# ',25A(# 2-#
6+*203)'-#,2#-'#5)(5'#6'/'#3+-'.+/'/#20#-'#20(2g'01'#,2#l(*'(;#()256/2#<#38'0,+#
(2#-2#+=/213'#-'#=+/5'3)D0#',238','#6'/'#2--+%#?(9#682(;#2-#+.G2*):+#,2#2(*2#2(*8,)+#
2/'#3+56/+.'/#-'#2=)3'3)'#,2#80'#2(382-'#,2#6',/2(#=+3'-)1','#20#2-#=+520*+#,2#-'#
2(3/)*8/'#6'/'#3+0*/).8)/#'#-'#52G+/'#,2#-'#3+562*203)'#3+580)3'*):'#2(3/)*'#,2#-+(#
'-850+(%#
H0# .'(2# '# -+(# /2(8-*',+(# +.*20),+(# (2# 682,2# 3+03-8)/# 782# -'# ='5)-)';# 3+0# -'#
=+/5'3)D0# 6/2:)'# 62/*)020*2;# *)202# 6+*203)'-# 6'/'# 20(2g'/# '# (8(# @)G+(# '# /2'-)1'/#
*2>*+(# 52G+/# 2(*/83*8/',+(;# 5A(# [email protected]/20*2(# <# ,2# 5'<+/# 3'-),',%# H(*+(# ,'*+(;#
'80782#=+3'-)1',+(#20#'(623*+(#6()3+-D4)3+(#,2#+/,20#(862/)+/;#2(*A0#20#-'#-902'#,2#
-+(# 203+0*/',+(# 6+/# L+02(# <# &@/)(*20(20# T$UUUW;# 78)202(# *2(*'/+0# -'# 2=23*):),',# ,2# 80#
6/+4/'5'# ,2# )0*2/:203)D0# 6'/'# 52G+/'/# -'# 2(3/)*8/'# ,2# 0)g+(# 3+0# ,)=)38-*',2(# ,2#
3'/A3*2/#523A0)3+#--2:',+#'#3'.+#6+/#6',/2(%##a8/'0*2#$]#5)08*+(#'-#,9'#,8/'0*2#V#
(25'0'(#-+(#='5)-)'/2(#*209'0#782##*/'.'G'/#3+0#(8(#@)G+(#*'/2'(#/2-'3)+0','(#3+0#-'#
V^#
=+/5'# ,2# -'(# -2*/'(;# 3+//233)D0# ,2# 2//+/2(# 5+*+/2(# 20# (8# /2'-)1'3)D0# <# 2(3/)*8/'#
=-8),'# ,2# -'(# 5)5'(%# C+(# 0)g+(# 52G+/'/+0# (8# 2(3/)*8/'# 523A0)3'# 62/+# *'5.)l0# -'#
3'-),',#,2#(8(#@)(*+/)'(%#F)0#25.'/4+;#2(#6/23)(+#(8./'<'/#782#2-#6/2(20*2#*/'.'G+#
'6+/*'# 3+5+# 0+:2,',# (8# +/)20*'3)D0# 2,83'*):';# 0+# /252,)'-;# =+3'-)1','# 20# 2-#
,2('//+--+#,2#-+(#6/+32(+(#3+40)*):+(#,2#+/,20#(862/)+/#782#(2#'3*):'0#,8/'0*2#-'#
2(3/)*8/'%#
H(*2#2(*8,)+#2(#80#*/'.'G+#)0)3)'-;#)052/(+#20#80#6/+<23*+#)0:2(*)4',+/#5A(#'56-)+#
<# '5.)3)+(+;# ()# .)20# 62/5)*2# 3+03-8)/# 782# -'(# ='5)-)'(;# 3+0# -'# '<8,'# =+/5'*):'#
0232('/)';#(2#682,2#)56-)3'/#,2#5'02/'#'3*):'#<#2>)*+('#20#-'#20(2g'01'#,2#-'#&H%#
O+# +.(*'0*2;# ,'*+(# 20# 2(*'# -902'# (2# @'.9'0# 203+0*/',+# 20# 2(*8,)+(# 6/2:)+(# ,2-#
278)6+#20#-+(#782#(2#2:),203)D#3+5+#-'#)56-)3'3)D0#0'*8/'-#6'/20*'-#20#*'/2'(#,2#
2(3/)*8/'#(2#/2-'3)+0'#3+0#-'(#@'.)-),',2(#,2#2(3/)*8/'#,2#-+(#'-850+(#TS+.-2,+#Ö#
R'/39';#B]$]W;#()#.)20#6'/232#(2/#782#6/+:+3'/#2('#)56-)3'3)D0#,+*'0,+#'#-+(#6',/2(#
3+0#@2//'5)20*'(#782#-2(#62/5)*'0#--2:'/-'#'#3'.+#,2#5'02/'#2=)3'1;#2(#*+,':9'#5A(#
.202=)3)+(+# 6'/'# 2-# '6/20,)1'G2# ,2# -+(# 0)g+(%# O+# +.(*'0*2;# ,2# 3'/'# '# 2(*8,)+(#
6+(*2/)+/2(;# (2/9'# 3+0:20)20*2# '0'-)1'/# -'# )0=-8203)'# 20# -+(# /2(8-*',+(# ,2# -'(#
3'/'3*2/9(*)3'(# 6/+6)'(# ,2# -'(# ='5)-)'(# 6'/*)3)6'0*2(;# 682(*+# 782# 2(# 6+().-2# 782# 2-#
0):2-# 38-*8/'-Y2,83'*):+# ,2# -+(# 6',/2(# +# -'(# /'1+02(# 782# -2(# @'0# )568-(',+# '#
)0(3/).)/(2#20#-'#2(382-'#,2#=+/5'3)D0#3+0*/).8<'0#'#2>6-)3'/#-+(#l>)*+(#,2#-'#5)(5'#
[email protected];#C2048';#Ö#M3M'@+0;#B]]]o#S+.-2,+;#R'/39';#Ö#a921;#B]]UW%#
#
*(+(*(#!',&)
&?SS;#?%#TB]]UW%#[email protected]#2==23*):202((#+=#='5)-<#*@2/'6<#'0,#(<(*25)3#)0*2/:20*)+0(#=+/#[email protected])-,Y=+38(2,#
6/+.-25(%#Q/"0+#$)/.)]#D%$,):2(0#F,B)><T$W;#!Yf\%##
&n_CHS;# C%;# Ö# RS?Z?M;# F%# TB]]VW%# E/)5'/<# 4/',2# p/)*)04# )0(*/83*)+0X# '# 0'*)+0'-#
(8/:2<%#L+8/0'-#+=#2,83'*)+0'-#E(<[email protected]+-+4<;#$]]TfW;#U]^YU$U%#
anOFMnKS;#F%;#Ö#JC?_&Z`NSa;#E%#TB]]fW%#E/2,)3*+/(#+=#p/)*)04#3+562*2032#)0#fY#
*+#^Y#<2'/Y+-,#[email protected])-,/20%#a0%&%-2)\/"0+#$)/.)(*"1#&%/+#$)F-,12/$/M,B)Pj;#f"$YfV!#
`Ka?CRN;# S%;# R?S&x?;# L%O%;# Ö# _NSS?O&H;# M%# TB]]\W%# [email protected]# )56/+:2520*# +=# *@2#
p/)*)04#6/+,83*#'(#'#=803*)+0#+=#*@2#*/')0)04#+=#(2-=Y/248-'*+/<#(b)--(%#C*@)5"0/F(#+)
9/+M0(--)/.)T-,12/$/M,;#R/'0',';#H(6'g'%#
`NSa;# S%;# M&aNnR?CC;# L%;# Ö# Hh?OF;# a%# TB]]UW%# E'/20*Y,2-):2/2,# 3+5620('*+/<#
2,83'*)+0# =+/# [email protected])-,/20# '*# /)(b# +=# 2,83'*)+0# =')-8/2X# )56/+:)04# *@2# '3',25)3# '0,#
(2-=Y/248-'*+/<#(b)--(#+=#'#(8/2#(*'/*#6/2([email protected]++-#('56-2%)a0%&%-2)\/"0+#$)/.)F-,12/$/M,#
^^!Y^U^#
RNS_M?PHS;# h%;# a?CQ;# H%;# M&&nSaQ;# M%;# EHSF?MEKHSK;# M%;# Ö# ZHSRHOS?aHS;# M%# TB]]^W%#
K56/+:)04# /2',)04# +8*3+52(# =+/# [email protected])-,/20# p)*@# -2'/0)04# ,)('.)-)*)2(X# 8()04# ./)2=# 2>62/)520*'-#
'0'-<()(#*+#,2:2-+6#6'/20*#*8*+/)04#)0*2/:20*)+0(%#Q/"0+#$)/.)#FF$%(*)E(2#'%/0)cc(2#'%/"B)jATBW;#B]!Y
BB$%#
Z?QHF;# L%# S%# T$UU"W%# ?# 02p# =/'52p+/b# =+/# 80,2/(*'0,)04# # 3+40)*)+0# '0,# '==23*# )0#
p/)*)04%# H0# &%M%# C2:<# Ö# F%# S'0(,2--# TH,(%W# [email protected]# (3)2032# +=# p/)*)04X# [email protected]+/)2(;#
52*@+,(;# )0,):),8'-# ,)==2/2032(# '0,# '66-)3'*)+0(# T66%# $YB^W%# M'@p'@;# O%L%X#
C'p/2032#H/-.'85#?((+3)'*2(%#
#
VV#
ZHR?S_Q;# F%# TB]]VW%# K0:2(*)4'3)D0# (+./2# 2,83'3)D0# 2(623)'-# 20# H8/+6'%# S2:)(*'# 2-23*/D0)3'#
).2/+'52/)3'0'#(+./2#3'-),',#2=)3'3)'#<#3'5.)+#20#2,83'3)D0;#"TBW;#$U$Y$UU#
LNOHF;# a%;# Ö# &ZSKF_HOFHO;# &%# T$UUUW%# [email protected]# /2-'*)+0(@)6# .2*p220# '8*+5'*)3# )0# @'0,p/)*)04# '0,#
(*8,20*(;#'.)-)*<#*+#4202/'*2#p/)**20#*2>*%#Q/"0+#$)/.)(*"1#&%/+#$)F-,12/$/M,B)C<;#ffYfU%#
PNZC;# R%;# CHORn?;# C%;# Ö# M&M?ZNO;# S%# TB]]]W%# E'/20*# )0:+-:2520*# )0# ([email protected]++-#
3+0326*8'-)1)04# 58-*)6-2# ,)520()+0(# '0,# *@2)/# /2-'*)+0(# p)*@# ='5)-<# '0,#
,25+4/'[email protected])3#/)(b#='3*+/(%#Q/"0+#$)/.)-12//$)F-,12/$/M,3)>c#T"W;#\]$Y\B!#
C?&?F?;#E%;#R{MHe;#M%;##SHKO?;#?%#Ö#&NF?ON;#&%E%#T$UUUW%#C+(#,2.2/2(#2(3+-'/2(#20#
80'#3-'(2#,2#-2048'%#&8-*8/'#<#2,83'3)D0;#$!;#^$#d#VV%#
M?_FNO;# L%;# M?Z?O;# F%;# Ö# CNhnCCN;# F%# TB]]UW%# E'/20*# */')0)04X# ?# /2:)2p# +=#
52*@+,(# =+/# [email protected])-,/20# p)*@# ,2:2-+6520*'-# ,)('.)-)*)2(%# 4(-(#012) %+) 8('($/FD(+&#$)
8%-#E%$%&%(-#!];#U"$dU"V#
MKOKF_HSKN# aH# Han&?&K{O# Q# &KHO&K?# TMH&;# B]]"W%# # C2<# +/4A0)3'# BqB]]"# ,2# !#
,2#5'<+;#,2#H,83'3)D0#TCNHW%#
MN;# Q%;# Ö# FKORZ;# P%# TB]]VW%# E'/20*(# /2-'*)+0(@)6# '0,# )0:+-:2520*X# 2==23*(# +0#
(*8,20*(Ä# ([email protected]++-# 204'42520*# '0,# 62/=+/5'032%# S2(2'/[email protected]# )0# 5),,-2# 2,83'*)+0#
+0-)02;#!$T$]W;#$Y$$#
MnáNe;# &%# TB]]VW%# a2('//+--'/# 3+562*203)'(%# # n0# ,2('=9+# ,2# -+(# ,+320*2(# ,2#
6/)5'/)'%#6"$#)*()%++/'#1%K+)(*"1#&%'#B)<k)T$^]W;#$!Y$\%#
EHSSQ;# O%;# ONSaJQ;# &%;# Ö# h?OaHP?ME;# P%# TB]]!W%# E/+5+*)04# (2-=Y/248-'*2,#
/2',)04# '0,# p/)*)04# '*# @+52# '0,# ([email protected]++-%) :2() ($(D(+&#0,) -12//$) ) \/"0+#$B) <A>TfW;#
!$^Y!!V#
EHSF?MEKHSK;#M%;#RNS_M?PHS;#h%;#a?CQ;#H%#L%;#FZHSKa?O;#F%#M%;#Ö#M&&nSaQ;#M%#
TB]]"W%E/+5+*)04#6'/20*#8(2#+=#256)/)3'--<#(866+/*2,#/2',)04#)0*2/:20*)+0(X#_p+#
2>62/)520*'-# )0:2(*)4'*)+0(# +=# [email protected])-,# +8*3+52(%# [email protected]':)+/'-# K0*2/:20*)+0(;# B$;# !$d
\^%#
S?_Z;# L%;# RKHCHO;# ?%;# Z?QOKH;# a%;# FNCNMNO;# J%;# &ZHOR;# _%;# Ö# FKMONF;# J%# TB]]VW%#
`'3*+/(# ?((+3)'*2,# p)*@# E2/32):2,# E'/20*'-# ?3',25)3# M+0)*+/)04# )0# '# E+68-'*)+0#
+=# C+pYK03+52;# ?=/)3'0# ?52/)3'0# Q+804# ?,+-2(320*(%# 4(-(#012) %+) D%**$() $('($)
(*"1#&%/+)/+$%+(B)><#TVW%#
SHRCKO;#R%#TB]]BW%#E/+G23*#S2',)04#'0,#p/)*)04#TS%?%}%WX#@+52#:)()*'*)+0(#'0,#*@2#
([email protected]++-#)0:+-:2520*#+=#@)[email protected]/)(b#='5)-)2(%#5*"1#&%/+B)<@>T$W;#$\!Y$"]#
S2<2(;#K%;#?-2>'0,/';#a%;#Ö#?18'/';#E%#TB]]^W%#C'(#6/A3*)3'(#,2#-23*+2(3/)*8/'#20#-+(#
@+4'/2(#,2#)05)4/'0*2(#52>)3'0+(%#9"$&"0#),)5*"1#1%K+B)<C#TfW;#!U\Yf]^%#
SNJCHaN;# E%;# Ö# R?S&x?;# L%# TB]$]W%# K56-)3'3)D0# 6'/20*'-# <# /20,)5)20*+# 20#
3+56+()3)D0#2(3/)*'#20#'-850+(#3+0#<#()0#,)=)38-*',2(#,2#'6/20,)1'G2%#WW)9/+M0(-/)
W+&(0+#1%/+#$) *() 9/+'%'(+1%#) 5-1/$#0_) `#0%#E$(-) T-%1/$KM%1#-) ,) 5*"1#&%'#-)
%DF$%1#*#-%#?-52/9';#H(6'g'#
#
#
SNJCHaN;#E%;#R?S&x?;#L%O%;#Ö#axHe;#&%#TB]]UW%#C'#2,',#<#2-#0):2-#38-*8/'-Y2,83'*):+#
,2#-+(#6',/2(#3+5+#='3*+/2(#/2-'3)+0',+(#3+0#-'#)56-)3'3)D0#20#-'#2,83'3)D0#,2#-+(#
VU#
@)G+(%# W+&(0+#&%/+#$) \/"0+#$) /.) *('($/FD(+&#$) #+*) (*"1#&%/+#$) F-,12/$/M,B) B;# fV\Y
fUB%#
SNMHSN;# F%;# ?SK?F;# M%;# Ö&Z?h?SSx?;# M%# T# B]]^W%# K,20*)=)3'3)D0# ,2# 6/A3*)3'(#
/2-'3)+0','(# 3+0# 2-# -2048G'2;# -'# -23*8/'# <# -'# 2(3/)*8/'# 20# ='5)-)'(# 3+(*'//)320(2(%#
61&"#$%*#*(-)%+'(-&%M#&%'#-)(+)(*"1#1%K+BPT!W;#$Y$\%#
F?KO_YC?nSHO_;# C%;# RK?FFNO;# L%# TB]]\W%# H==23*(# +=# '# ='5)-<# -)*2/'3<# 6/+4/'5#
','6*)04# 6'/20*'-# )0*2/:20*)+0# *+# =)/(*# 4/',2/(Ä# 2:+-8*)+0# +=# /2',)04# '0,# p/)*)04#
'.)-)*)2(%#Q/"0+#$)/.)(#0$,)12%$*2//*)$%&(0#1,BkT!W;#B\!YB^V#
_NSS?O&H;#M%;#Ö#R?CJS?K_Z;#a%#TB]]"W%#[email protected]#6/+32(()04#,25'0,(#+=#p/)*)04%#K0#&%#
?%#M'3?/*@8/;#F%#R/'@'5;#Ö#L%#`)*142/'-,#TH,(%W;#^#+*E//l)/.)m0%&%+M)4(-(#012)T66%#
"^YVBW3)O2p#Q+/bX#[email protected]#R8)-=+/,#E/2((#
h?O#N__HSCNN;#F%;#h?O#aHS#CHKL;#?%;#Ö#hHCaP?ME;#H%#TB]]"W%#_/2'*'520*#)0*24/)*<#)0#@+52Y.'(2,#
6/2Y/2',)04#)0*2/:20*)+0#6/+4/'552%#8%-$(S%#B#$B;#$\\Y$^"#
#
U]#
#
#
#
#
#
)
'#6(*5(#!'1#)!"#6(n6%,$'m,2,)(#)($)G".,*)(#)($)
6*,6,0'(#6")2()$,&)2'+'!%$6,2(&)2(),3*(#2'm,i(F)
*(5'&'1#)2()(&6%2'"&)(03c*'!"&)
)
3:L89M9:)*ADB?>A)*:;O=)
i?C`C)#b).:8Mh:)&[email protected])
n0):2/(),',#,2#C2D0#
)
*(&%0(#)
H0#2(*2#'/*938-+#(2#'.+/,'#-'#)0*2/:203)D0#3+0#'-850+(#3+0#,)=)38-*',2(#2(6239=)3'(#
,2#'6/20,)1'G2#TaH?W#,2(,2#80'#,)520()D0#3+0*2>*8'-#.'(','#20#-'#)03-8()D0#,2#-'#
='5)-)'# 3+5+# '420*2# 2,83'*):+# '3*):+%# F8# +.G2*):+# 2(# 3+0+32/# +# 2:),203)'/# 2-#
6+*203)'-# 6/2:20*):+# 2# )03-8(+# /252,)'-# ,2# -'(# ='5)-)'(# ,2# '-850+(# 3+0# aH?%# F2#
6/2(20*'# 6'/'# 2--+# 80'# /2:)()D0# ,2# 2>62/)203)'(# 2569/)3'520*2# 6/+.','(# 20# -'(#
782# (2# 3820*'# 3+0# -+(# 6',/2(# 3+5+# '420*2(# 203'/4',+(# ,2# '6-)3'/# 52,),'(#
2(6239=)3'(# ,2# */'*'5)20*+# 20# 2-# @+4'/# 3+0# (8(# @)G+(# 3+0# aH?# ,2# ,)=2/20*2(#
*)6+-+49'(%#`)0'-520*2;#(2#/2=-2>)+0'#'32/3'#,2#-'#0232(),',#+#),+02),',#,2#*/'.'G'/#
20# 3+-'.+/'3)D0# 3+0# -'# ='5)-)'# <# ,2# -+(# .202=)3)+(# 6'/'# 2-# 6/+=2()+0'-# 20# 2(*2#
(20*),+%##a8/'0*2#-'#/2'-)1'3)D0#,2#2(*2#2(*8,)+#(2#/23).)2/+0#'<8,'(#3+562*)*):'(#
,2-# 6/+<23*+# ,2-# MK&KOO# THanB]$]Y$UB\]W# <# 3+0# =+0,+(# `HaHS# ,2# -'# n0)D0#
H8/+62'#6'/'#2-#*/)20)+#B]$]YB]$!o#'(9#3+5+#,2-#6/+<23*+#'#4/86+(#,2#2>32-203)'#
,2# -'# G3<-# TRSYB\Uo# .+3<-# B^# ,2# './)-# ,2# B]]UW# 6'/'# 2-# */)20)+# B]]UYB]$$%# ?5.+(#
3+032,),+(# '-# KEq,)/23*+/# L%# O%# R'/39'%# Q# 80# 3+0*/'*+# ,2# )0:2(*)4'3)D0# 6/2,+3*+/'-#
,2#-'#L80*'#,2#&'(*)--'#<#C2D0#3+032,),+#'#E%#S+.-2,+%#
3:B:D8:C)MB:E?F#,)=)38-*',2(#2(6239=)3'(#,2#'6/20,)1'G2o#='5)-)'o#)0*2/:203)D0%#
#
#
G"0()!"#6(n6%,$'m(2)'#6(*5(#6'"#)'#)$(,*#'#.)2'&,-'$'6'(&F)
*(5'(H)"+)(03'*'!,$)&6%2'(&)
,-&6*,!6)
[email protected])(# '/*)3-2# ,2'-(# *@2# )0*2/:20*)+0# p)*@# (*8,20*(# p)*@# -2'/0)04# ,)('.)-)*)2(# TCaW#
=/+5# '# 3+0*2>*8'-# ,)520()+0# .'(2,# +0# *@2# ='5)-<# )03-8()+0# '(# '0# '3*):2# '420*# )0#
2,83'*)+0%# K*(# ')5# )(# *+# b0+p# +/# ,25+0(*/'*2# *@2# ='5)-<# +=# Ca# 6/2:20*):2# +/#
/252,)'-# 6+*20*)'-%# E/2(20*(# '# /2:)2p# +=# 256)/)3'--<# ,25+(*/'*2,# 2>62/)2032(# )0#
[email protected])[email protected]#6'/20*(#'/2#/2(6+0().-2#=+/#)56-2520*)04#(623)=)3#)0*2/:20*)+0(#p)*@#Ca#+=#
U$#
,)==2/20*#*<6+-+4)2(#)0#@+52%#`)0'--<;#6/2(20*(#(+52#/2=-23*)+0(#'.+8*#*@2#0232(()*<#
+/#'66/+6/)'*202((#+=#p+/b)04#3+--'.+/'*):2-<#p)*@#*@2#='5)-<#'0,#*@2#.202=)*(#=+/#
6/+=2(()+0'-(#)0#*@)(#/24'/,%#
I?7)JA8>CX#-2'/0)04#,)('.)-)*)2(o#='5)-<o#)0*2/:20*)+0#
#
'#6*"2%!!'1#)
?.+/,'0,+# 2-# '0A-)()(# ,2# -'(# ,)=)38-*',2(# 2(6239=)3'(# ,2# '6/20,)1'G2# T20# ',2-'0*2#
aH?W# ,2(,2# 80'# 62/(623*):'# '5.)20*'-)(*'# 782# (862/'# -'(# 3+0(),2/'3)+02(# '32/3'#
,2#-'#2*)+-+49'#6/)03)6'-520*2#.)+-D4)3'#,2#-'(#5)(5'(#TC2/02/#Ö#P-)02;#B]]"W;#(+0#
@'.)*8'-2(# -'(# *20,203)'(# )0:2(*)4',+/'(# 252/420*2(# 20# -+(# I-*)5+(# 'g+(# 782#
'0'-)1'0#-'#)0=-8203)'#,2#-'(#62/(+0'(#782#3+0(*)*8<20#-+(#3+0*2>*+(#,2#,2('//+--+#
,2-# '-850+# 20# 2-# 38/(+# ,2# (8(# ,)=)38-*',2(# TL)5l021# Ö# S+,/94821;# B]]Vo# M+0*)2-;#
M+0*)2-;#Ö#E2g';#B]]\W%#H0#2(*2#(20*),+;#@'0#6/+-)=2/',+#-+(#2(*8,)+(#20#-+(#782#(2#
'.+/,'#-'#)0=-8203)'#/2396/+3'#,2#-'#='5)-)'#20#-'(#,)=)38-*',2(#,2-#0)g+#<#:)32:2/(';#
'680*'0,+#'-480+(#,2#2--+(#782#-+(#='3*+/2(#,2#/2()-)203)'#<#6/+*233)D0#/2(8-*'0#'#-'#
:21#,2#:'/)'.-2(#62/(+0'-2(#,2-#'-850+#3+0#aH?#<#,2-#'6+<+#,2-#52,)+#20#2-#782#
l(*2# (2# ,2('//+--';# 2(623)'-520*2# ,2-# ='5)-)'/%# ?-# 6'/232/;# 2(# 6/2:)().-2# 782# -'#
6/2(203)'# ,2# 80# 20*+/0+# ='5)-)'/# 782# 6/+6+/3)+02# (+6+/*2# 25+3)+0'-;# 38),',+# <#
2(*958-+#'#-+(#0)g+(#3+0#aH?#2(*)58-2#(8#,2('//+--+;#+38//)20,+#'#-'#)0:2/('#'0*2#
3+0*2>*+(# ,2(=':+/23),+(# T?-+5'/;# B]]"o# M'/b(# B]]"o# El/21;# `2//);# M2-)ã;# Ö#
M)/'0,';# B]]^o# S8)1;# B]]$W%# E+/# -+# *'0*+;# -'# '6-)3'3)D0# ,2# '33)+02(# 2(6239=)3'(#
+/)20*','(# '# 6+*203)'/# -+(# ='3*+/2(# 6/+*23*+/2(# <# '5+/*)48'/# -+(# ,2# /)2(4+# 20# 2-#
3'(+# ,2# -'(# aH?# 2>)42# 6/2:)'520*2# 80'# ),20*)=)3'3)D0# 3+0*2>*8'-# <# '56-)'# ,2# -+(#
5)(5+(;# 782# ='3)-)*2# 80'# )0*2/:203)D0# 4-+.'-)1',+/'# 20# -'# 782# (2# 6+*203)20# *+,+(#
-+(#'(623*+(#=':+/'.-2(#<#(2#)0*20*20#,)(5)08)/#-+(#024'*):+(%#
H0# .'(2# '# -+# 2>682(*+;# 2-# 6/2(20*2# '/*938-+# *)202# 3+5+# +.G2*):+# 3+0+32/# -'(#
6+().)-),',# ,2# )0*2/:203)D0# 3+0*2>*8'-# 20# aH?# 782# +=/232# 2-# 20*+/0+# ,2-# @+4'/%#
E'/'# 2--+;# (2# @'# --2:',+# '# 3'.+# 80# '0A-)()(# ,2# */'.'G+(# 68.-)3',+(# '# 0):2-#
)0*2/0'3)+0'-#20#/2-'3)D0#'#-'#='5)-)'#3+5+#52,)+#6'/'#52G+/'/#-'#()*8'3)D0#,2#-+(#
0)g+(#3+0#aH?%#
)
0(6"2"$".c,)
ESN&HaKMKHO_N#aH#JÜFknHa?#Q#?OiCKFKF%#
E'/'# --2:'/# '# 3'.+# 2(*2# */'.'G+# (2# @'# 6/+32,),+# )0)3)'-520*2# '# /2'-)1'/# 80'#
.I(782,'# '3*8'-)1','# ,2# 2>62/)203)'(# 2569/)3'(# /2-'3)+0','(# 3+0# -'# *25A*)3'# ,2#
)0*2/l(%# E'/'# 2--+# (2# @'0# )0*/+,83),+# 20# .'(2(# ,2# ,'*+(# 2(623)'-)1','(# 20# *25'(#
6()3+2,83'*):+(# -+(# *l/5)0+(# 2(6239=)3+(# 8(8'-520*2# 8*)-)1',+(# 3+5+# ()0D0)5+(;#
*'0*+#20#2(6'g+-#3+5+#20#)04-l(;#*%.%1"$&#*(-)*()#F0(+*%I#\(B)*%.%1"$&#*(-)(-F(1J.%1#-)
*() #F0(+*%I#\(B) *%-$(S%#B) *%-1#$1"$%#B) *%-M0#.J## <# *+,+# 2--+# 20# )0*2//2-'3)D0# 3+0# -'#
*2/5)0+-+49'#/2-'3)+0','#3+0#-'#='5)-)'#<#2-#.'3b4/+80,#='5)-)'/#T6',/2(;#6'/20*'-;#
='5)-)';#@+4'/;#3'('W%#`)0'-)1','(#-'(#62(78)('(#(2#6/+32,)D#'#-'#3-'()=)3'3)D0#,2#-+(#
*/'.'G+(# 203+0*/',+(%# H0# 2(*2# (20*),+# (2# @'0# -+3'-)1',+# ()2*2# )0:2(*)4'3)+02(#
2(6239=)3'(#--2:','(#'#3'.+#20#-'#I-*)5'#,l3','#20#-'(#782#(2#6/+6+020#5l*+,+(#,2#
)0*2/:203)D0#2(6239=)3'#3+0#='5)-)'(#,2#'-850+(#3+0#aH?#,2#,)=2/20*2(#*)6+-+49'(;#
UB#
320*/A0,+(2# ,+(# ,2# 2--'(# 20# -'(# aH?# 20# 2-# -2048'G2# TaH?YCW;# 38'*/+# 20# -'# -23*8/'#
TaH?YCH&W;#80'#20#-'#2(3/)*8/'#TaH?YHW#<#0)0480'#20#-'(#aH?#,2#-'(#5'*25A*)3'(%#
E+/# I-*)5+# (2# @'0# '0'-)1',+# 3','# 80+# ,2# -+(# */'.'G+(# -+3'-)1',+(;# '*20,)20,+#
6/)03)6'-520*2#'-#*)6+#,2#aH?#'.+/,',+;#-'#=+/5'3)D0#+=/23),'#'#-'#='5)-)';#2-#*)6+#
,2#*/'*'5)20*+#'#'6-)3'/#3+0#2-#'-850+#<#-+(#/2(8-*',+(#+.*20),+%#?#3+0*)08'3)D0#(2#
,2(3/).20# 6+/# *'0*+# 2(*+(# '(623*+(# +=/23)l0,+(2# =)0'-520*2# 80'(# 3+03-8()+02(# '-#
/2(623*+#,2#(8#'0A-)()(%#
#
*(&%$6,2"&)
C'# )0*2/:203)D0# 2,83'*):'# 20# -'(# aH?# ,2(,2# 80'# 62/(623*):'# )03-8():'# 3+0(),2/'#
3+5+# 2-2520*+# 3/83)'-# -'# 3+-'.+/'3)D0# 6/+=2()+0'-Y='5)-)';# ,2# 5+,+# 782# -'(#
'3*):),',2(# 3+0*2>*8'-)1','(# 20# -'(# 782# (2# 3+0*256-2# '-# 0)g+# 3+0# aH?;# ,2# -'#
*)6+-+49'# 782# (2';# <# -+(# 20*+/0+(# /2'-2(# 20# -+(# 782# (2# 6/+,8320# -'(# ,)=)38-*',2(;#
252/42# 3+5+# 80'# ,2# -'(# '-*2/0'*):'(# /23+520,'.-2(# 20# 2-# */'*'5)20*+# ,2# 2(*'(#
,)=)38-*',2(%##
H0#2(*2#(20*),+;#'.+/,'0,+#20#6/)52/#-84'/#-'(#,)=)38-*',2(#,2-#-2048'G2#TaH?YCW;#-'#
='5)-)'# 252/42# 3+5+# 80'# D6*)5'# +63)D0# ,2# */'*'5)20*+# <'# 782;# 20*/2# +*/+(#
'(623*+(;# 62/5)*2# -'# )0*2/:203)D0# 20# 2:20*+(# 2(6+0*A02+(# <# ()*8'3)+02(# ,2#
3+580)3'3)D0#=+/*8)*'#,2-#0)g+#782#(8/420#20#/8*)0'(#,)'/)'(;#*'-#<#3+5+#2:),203)'0#
'-480+(#*/'.'G+(#6/A3*)3+(%#
?(9;# 20# 2-# 'g+# B]]!;# k8)0*'0'# ,2('//+--D# 80# */'.'G+# +/)20*',+# '# 3+56/20,2/# -'(#
0232(),',2(# 2,83'*):'(# ,2# 3','# 0)g+# '# 6'/*)/# ,2-# 2(*8,)+# ,2# -+(# 3+0*2>*+(# 20# -+(#
782# (2# ,2('//+--'# 6'/'# ,'/# 80'# /2(682(*'# 2,83'*):'# '# -'(# 5)(5'(# ,2(,2# -'#
)56-)3'3)D0# # ='5)-)'Y2(382-'%# E'/'# --2:'/# '# 3'.+# 2(*'# 2>62/)203)';# 3+0*D# 3+0# -'#
6'/*)3)6'3)D0# ,2# ,+(# ='5)-)'(# 20# -'(# 38'-2(# @'.9'# 0)g+(# 3+0# aH?YC%# H-# */'.'G+# (2#
=80,'520*'.'# 20# 2-# '6+/*2# 58*8+# 20*/2# -'(# ='5)-)'(# <# -'# 2(382-'# ,2# ,2(*/21'(# <#
2>62/)203)'(#6/+6)'(%#E'/'#2--+;#)0)3)'-520*2#(2#--2:D#'#3'.+#80'#/280)D0#3+0G80*'#
='5)-)'(Y6/+=2(+/2(#20#-'#782#(2#-2(#6/2(20*D#'#'5.+(#2-#6/+4/'5'#,2#)0*2/:203)D0%#
H0#80#(2480,+#5+520*+;#(2#6-'0*2D#80#6/+32(+#2(6239=)3+#,2#2:'-8'3)D0#+/)20*',+#
6/)03)6'-520*2# '# 3+0+32/# -'# :)()D0# ,2# -+(# 5)25./+(# ,2# -'# ='5)-)'# (+./2# -'(#
,)=)38-*',2(# ,2-# 0)g+;# 3+0+32/# -+(# 2(=82/1+(# 2# )0*2/2(2(# ,2# l(*2# <# -'(# 52,),'(# +#
*/'*'5)20*+(#782#(2#@'.9'0#'6-)3',+#<'#3+0#l-;#'(9#3+5+#(8#=803)+0'-),',%#?#6'/*)/#
,2# 2(*2# 6/+32(+# 2:'-8'*):+# (2# '3+/,'/+0# -+(# 3'5.)+(# <# +.G2*):+(# 62/(248),+(%#
F248),'520*2# (2# 3+5201D# '# '6-)3'/# 2-# */'*'5)20*+# 2(6239=)3+# ,2# 52G+/'# ,2-#
-2048'G2# 6'/'# 3','# 0)g+# 782# )03-89'# 2(*/'*24)'(# <q+# '3*):),',2(# *'-2(# 3+5+# 2-# 8(+#
,2-# 5+,2-',+# 6'/'# 3+//24)/# 2//+/2(# ,2# 6/+0803)'3)D0;# -'# 3/2'3)D0# ,2# ()*8'3)+02(#
-I,)3'(# 6'/'# '8520*'/# -'(# +6+/*80),',2(# 3+580)3'*):'(;# # -'# +/)20*'3)D0# (+./2#
5'*2/)'-2(# ,),A3*)3+(# '# -+(# ='5)-)'/2(;# -'# =+/5'3)D0# 20# *+/0+# '-# 8(+# ,2# 0+/5'(# ,2#
8(+# ,2# 6'-'./'(;# *256+(;# :+1;# *+0+# 2*3%# C+(# /2(8-*',+(# ,2# -'(# 2>62/)203)'# =82/+0#
58<#6+()*):+(;#*'0*+#6'/'#-+(#6/+6)+(#0)g+(;#78)202(#52G+/'/+0#(8(#6/+.-25'(#,2-#
-2048'G2# '8520*'0,+# ',25A(# (8(# /2-'3)+02(# (+3)'-2(# <# (8# )0*2/l(# 3+580)3'*):+;#
3+5+#6'/'#-'#='5)-)';#52G+/'0,+#-'(#/8*)0'(#,)'/)'(;#)03/2520*'0,+#-'(#()*8'3)+02(#
3+580)3'*):'(#+#-'(#'3*):),',2(#3+0G80*'(%#K48'-520*2;#-+(#6/+420)*+/2(#/2,8G2/+0#
(8# '0()2,',# '-# 3+56'/*)/# (8(# '048(*)'(# 3+0# +*/'(# 62/(+0'(# 2>62/*'(;# 78)202(#
',25A(# -2(# +=/23)2/+0# )0=+/5'3)D0# (+./2# -'(# aH?YC%# `)0'-520*2;# '8520*D# -'#
/2-'3)D0#3+0#2-#320*/+#2,83'*):+%#
U!#
E+/# (8# 6'/*2;# L8(*)32;# # P',2/':2b;# # J+p-2(# <# R/)55# TB]]\W;# *'5.)l0# --2:'/+0# '# 3'.+# 80# 2(*8,)+#
+/)20*',+# '# 3+0+32/# -'# 2=23*):),',# ,2# 80'# )0*2/:203)D0# 20# 3+03)203)'# =+0+-D4)3'#
)56-2520*','# 6+/# -+(# 6',/2(# 20# 2-# @+4'/# 6'/'# 52G+/'/# 2-# ,2('//+--+# ,2-# -2048'G2#
20# :2)0*),D(# 0)g+(# ,2# 3)03+# 'g+(# 3+0# aH?YC%# E'/'# 2--+;# -+(# )0(*/83*+/2(;# 20# -+(#
6/+6)+(# @+4'/2(# ,2# -'(# ='5)-)'(;# )0)3)'-520*2# -2(# 2>6-)3'/+0# :2/.'-520*2# -+(#
+.G2*):+(#,2#-'#)0*2/:203)D0;#'(9#3+5+#2-#6/+32,)5)20*+#6'/'#--2:'/-'#'#3'.+%#H0#80#
(2480,+#5+520*+;#(2#/2'-)1D#80'#'3*):),',#,2#5+,2-',+#20#-'#782#2-#)0:2(*)4',+/#
20(2gD# '# -+(# ='5)-)'/2(# 3D5+# (2# ,2.9'# --2:'/# '# 3'.+# -'# 20(2g'01'# ,2# 3','# *'/2'%#
F248),'520*2;#-+(#6',/2(#,2.9'0#6/'3*)3'/#-'(#*'/2'(#3+0#2-#)0:2(*)4',+/;#5)20*/'(#
782#l(*2#-2(#+=/239'#2-#=22,.'3b#0232('/)+#6'/'#782#3+0()48)2/'0#@'32/#-'#6/A3*)3'#
*+*'-520*2#3+//23*'%#a2#5+,+#420l/)3+;#-'#*'/2'#,2#-+(#6',/2(#3+0()(*9'#20#-22/#3+0#
(8(# @)G+(# ,)=2/20*2(# @)(*+/)'(# <# ,2(68l(# /2'-)1'/# 3+0# 2--+(# :'/)'(# '3*):),',2(#
/2-'3)+0','(# 3+0# -'# 3+03)203)'# =+0+-D4)3'# T/)5';# (+0),+(# ()5)-'/2(;# =+0+-+49'# 2*3%W#
_/'0(38//),+# 80# 62/)+,+# ,2# ,)21# (25'0'(# -2<20,+# -'(# @)(*+/)'(# ='3)-)*','(# 6+/# 2-#
)0:2(*)4',+/# <# */'.'G'0,+# -'(# '3*):),',2(# 6/+682(*'(# (2# 3+56/+.D# 3D5+# @'.9'#
52G+/',+# -'# 3+03)203)'# =+0+-D4)3'# ,2# -+(# 0)g+(# 3+0# aH?YC;# ()# .)20# (2# 2:),203)D#
3)2/*'# /2-'3)D0# 20*/2# -'(# 52G+/'(# +.(2/:','(# <# -'# 2,',# ,2# -+(# 0)g+(;# ()20,+# -+(#
5'<+/2(# '78l--+(# 782# 5A(# (2# @'0# .202=)3)',+# ,2# -'# 2>62/)203)'%# E+/# 6'/*2# ,2# -+(#
6',/2(;#l(*+(#(2#5+(*/'/+0#('*)([email protected]+(#3+0#-'#2>62/)203)';#(2g'-'0,+#782#-2(#@'.9'#
48(*',+#<#5+(*/A0,+(2#=)2-2(#'-#*/'*'5)20*+#38-5)0A0,+-+#90*24/'520*2%#
?*20,)20,+#20#(2480,+#-84'/#'#-'#-23*8/';#6'/232#(2/#782#-'#)56-)3'3)D0#6'/20*'-#20#
-'#20(2g'01'#,2#-'#5)(5'#682,2#*202/#2=23*+(#6+()*):+(#6'/'#-+(#0)g+(;#(+./2#*+,+#
()# (2# *)202# 20# 3820*'# 782# # -+(# 6/+.-25'(# 20# 2(*'# A/2'# /278)2/20# 80# (248)5)20*+#
3+0*)08',+#<;#6+/#-+#*'0*+;#20#-+(#52(2(#,2#:2/'0+#@'<#80#,23/2520*+#,2#-+(#-+4/+(#
3+0(248),+(# 4/'3)'(# '# -'# '<8,'# =+/5'-# ,2# -+(# 6/+=2()+0'-2(%# E+/# 2--+# 80'# +63)D0#
6'/'# 6'-)'/# -+(# 2=23*+(# 024'*):+(# ,2-# :2/'0+# (+./2# -'(# 52G+/'(# ,2# -23*8/'#
3+0(248),'(# 6+/# -+(# 0)g+(# 3+0# ,)=)38-*',2(# 2(6239=)3'(# ,2# -23*8/'# TaH?YCH&W# 2(#
3+0*'/# 3+0# -+(# 6',/2(# <# '<8,'/-2(# 6'/'# 782# )56-2520*20# )0*2/:203)+02(#
2(*)58-'0*2(#20#2-#@+4'/#TR+/*5'b2/;#a'-<;#M3&8/,<;#E2/('56)2/);#Ö#Z2/420/',2/;#
B]]^W%##
a2(,2#2(*'#62/(623*):';#E2/('562/)#<#3+-'.+/',+/2(#TB]]"W#/2'-)1'/+0#80#2(*8,)+#
38<+#+.G2*):+#6/)03)6'-#2/'#'8520*'/#-'#=-8),21#-23*+/'#,2#'-850+(#3+0#aH?YCH&#'#
*/':l(# ,2# -'# )56-2520*'3)D0# 6+/# 6'/*2# ,2# -+(# 6',/2(# ,2# 80'# )0*2/:203)D0#
2(6239=)3'%#H-#6/+4/'5'#20#(9#(2#,2('//+--D#3+0#0)g+(#,2#VYU#'g+(#,8/'0*2#-+(#52(2(#
,2#:2/'0+#<#20#.'(2#'#*2>*+(#,2#*)6+#0'//'*):+#+#2>6+()*):+%#C+(#6',/2(;#,8/'0*2#!Y\#
,9'(# '# -'# (25'0';# $]Y$\# 5)08*+(# '-# ,9';# /23).)2/+0# 80'# =+/5'3)D0# +/4'0)1','# 20#
.'(2#'#-+(#6'(+(#/23+4),+(#20#-'#_'.-'#$%#
#
Tabla 3: Fases del proceso de formación de los padres#
]/1/)
61&%'%*#*(-)
`'(2# $X# H>6-)3'3)D0# - H-# 6/+=2()+0'-# 6/2(20*'# :2/.'-520*2# -+(# +.G2*):+(;#
:2/.'-#
,2-# 3+56+020*2(#<##6/+32,)5)20*+#4202/'-#,2#-'#)0*2/:203)D0%#
6/+4/'5'%#
- S2(+-83)D0#,2#-'(#,8,'(#)0)3)'-2(#,2#-+(#='5)-)'/2(%#
#
`'(2# BX# M+,2-',+# - H-# 6/+=2()+0'-# 2G2/32# ,2# 5+,2-+# /2'-)1'0,+# 3+0# 2-# 0)g+#
6+/#
6'/*2#
,2-# 80# 2G256-+# ,2# '3*):),',# 3+03/2*'# 782# 2-# 6',/2# ,2.2#
Uf#
2>62/*+#
+.(2/:'/%#
#
`'(2#
!X#
K56-2520*'3)D0#,2-#
6/+32,)5)20*+# 6+/#
6'/*2#,2-#='5)-)'/#
- H-#='5)-)'/#2G238*'#-'#'3*):),',#3+0#(8#@)G+#20#6/2(203)'#
,2-#2>62/*+%#
- E/+=2()+0'-# *8*+/)1'# <# /2*/+'-)520*'# -'# '3*8'3)D0# ,2-#
6',/2# @'(*'# -+4/'/# 782# --2:2# '# 3'.+# 2-# 6/+32,)5)20*+# ,2#
20(2g'01'#()0#2//+/2(%#
E/+*+3+-+#6/+32,)520*'-#,2#'3+56'g'5)20*+#
#
C'(# *'/2'(# 3+03/2*'(# ,2# -23*8/'# 3+0()(*20# 20# 3+//24)/# 2//+/2(# 3+0# /262*)3)D0# ,2#
(20*203)'(# <# 3+0*)04203)'(# 6'/'# 52G+/'/%# &+03/2*'520*2;# 2-# 0)g+# ,2.2# -22/# 2-#
6'('G2# 3+//2(6+0,)20*2;# 5)20*/'(# 2-# 6',/2# '0+*'# -+(# 2//+/2(# 3+52*),+(o#
(248),'520*2;#2-#',8-*+#5+,2-'#-'#6/+,833)D0#3+//23*'#<#6),2#'-#0)g+#782#,2#082:+#
-2'# -'# 6'-'./'# <# -'# =/'(2# 20*2/';# /2=+/1'0,+# -+(# 6'(+(# 3+//23*+(# ,',+(# 6+/# 2-# @)G+%#
C+(#/2(8-*',+(#,2-#2(*8,)+#,25+(*/'/+0#782#2=23*):'520*2#3+0#2(*2#*)6+#,2#*'/2'(#
-+(#0)g+(#@'0#3+0(248),+#'8520*'/#(8#=-8),21#-23*+/'#,8/'0*2#-+(#52(2(#3/9*)3+(#,2#
:2/'0+# <# 782# 2('(# 52G+/'(# ',25A(# (2# 5'0*)2020# '# -+# -'/4+# ,2-# *)256+%# a2# 2(*2#
5+,+#(2#:2/)=)3D#-'#3'6'3),',#+#6+*203)'-#,2#-+(#6',/2(#6'/'#)0*2/:20)/#20#*'/2'(#+#
6/+.-25'(#,2#-23*8/'#,2(,2#2-#@+4'/#3+0#(8(#@)G+(%#
a2(,2#2(*2#5)(5+#20=+782#/26'/',+/;#R+/*5'b2/#<#3+-'.+/',+/2(#TB]]^W#--2:'/+0#
'# 3'.+# 80# 6/+4/'5'# +/)20*',+# '# 52G+/'/# -'# =-8),21# -23*+/'# 20# 6'-'./'(# ,2# '-*'# <#
.'G'#=/238203)'#20#!#'-850+(#U#'g+(#3+0#aH?YCH&#52,)'0*2#-'#3+-'.+/'3)D0#,2#(8(#
6',/2(%# ?-# )48'-# 782# 20# -'# 2>62/)203)'# '0*2/)+/;# -'(# ='(2(# ,2-# 20*/20'5)20*+# '#
6',/2(#3+0(*'.'0#,2#-+(#*/2(#6'(+(#/23+4),+(#20#-'#_'.-'#$%#C'#)0*2/:203)D0#20#(9#
3+0()(*9'#20#782#-+(#6',/2(#6/'3*)3'(20#3+0#-+(#0)g+(#,8/'0*2#$]Y$\#5)08*+(#'-#,9';#
,2# !# '# \# :232(# 6+/# (25'0'# ,8/'0*2# 80# 52(# -'# -23*8/'# ,2# ,)=2/20*2(# @)(*+/)'(%#
M)20*/'(#2-#0)g+#-29'#2-#6',/2#).'#3+//)4)20,+#-+(#2//+/2(#3+52*),+(#6+/#l(*2;#78)l0;#
52,)'0*2# -'# /262*)3)D0# ,2# -'(# (9-'.'(;# =/'(2(# +# 6'-'./'(# 2//D02'(;# ).'#
'8*+5'*)1'0,+#(8#-23*8/'#3+//23*'%#C+(#/2(8-*',+(#80'#:21#5A(#3+//+.+/'/+0#782#
@'.9'#52G+/',+#-'##=-8),21#-23*+/'#,2#-+(#0)g+(#20#*+,+(#-+(#3'(+(#<#',25A(;#*'0*+#
6',/2(#3+5+#@)G+(;#(2#5+(*/'/+0#('*)([email protected]+(#3+0#-'#2=23*):),',#,2-#*/'*'5)20*+%#
E+/# (8# 6'/*2;# 80# 2(*8,)+# ,2('//+--',+# 6+/# h'0# N**2/-++;# h'0# ,2/# C2)G# <# h2-,b'56# TB]]"W#
6/2*20,9'# 3+0+32/# 2-# 6+*203)'-# ,2# -+(# 6',/2(# 6'/'# ,2('//+--'/# -'(# @'.)-),',2(# ,2#
6/2-23*8/'# /2-'3)+0','(# 3+0# -'# 3+03)203)'# =+0+-D4)3'# ,2# !B# '-850+(# 3+0# /)24+#
420l*)3+# ,2# ,)(-2>)'# 20# (2480,+# ,2# )0='0*)-%# E'/'# 2--+;# )0)3)'-520*2# (2# /2'-)1D# 80'#
/280)D0# 4/86'-# 3+0# *+,+(# -+(# ='5)-)'/2(# 20# -'# 782# (2# -2(# 6/2(20*D# 2-# 6/+*+3+-+# ,2#
'3*8'3)D0# 20# .'(2# '-# 38'-# (2# ).'# '# */'.'G'/# <# (2# ,25+(*/'/+0# <# ,)(38*)2/+0# -+(#
2G2/3)3)+(# # 6-'0*2',+(%# F248),'520*2;# (2# -2(# ='3)-)*D# 80'# (25'0'# 6'/'# 782;# ,2#
5'02/'#)0,):),8'-#2(*8,)'/'0#2-#6/+*+3+-+o#*/'(#2--';#-+(#6',/2(#=82/+0#*2-2=+02',+(#
6'/'# 3+0+32/# -'(# 6+().-2(# ,8,'(# 782# -2(# @'.9'0# (8/4),+# <# /2(+-:l/(2-'(%# n0'# :21#
(+-:20*','(;# 3+5201'/+0# 2-# */'.'G+# 2(6239=)3+# 3+0# -+(# 0)g+(%# y(*2# 3+0()(*)D# 20#
*/'.'G'/# -'# '/*)38-'3)D0# ,2# -+(# (+0),+(# <# -'# /2-'3)D0# 4/'=25'Y=+025'# 52,)'0*2#
'3*):),',2(#,2#G824+#<#/)5'(;#,8/'0*2#$]#5)08*+(#'-#,9'##'#-+#-'/4+#,2#$f#(25'0'(%#
?-#=)0'-)1'/#2-#*/'*'5)20*+#(2#3+56/+.D#782#80#'-*+#0I52/+#,2#='5)-)'(#'6-)3'/+0#-'#
*+*'-),',# ,2# -'(# (2()+02(o# ,2-# 5)(5+# 5+,+;# -'# 3'-),',# ,2# -'# )56-2520*'3)D0# ,2-#
6/+4/'5'# 6+/# 6'/*2# ,2# -+(# 6',/2(# =82# '-*';# ()# .)20# -+(# /2(8-*',+(# +.*20),+(# 20# 2-#
U\#
0)g+# =82/+0# ,2*2/5)0',+(# 20# 5'<+/# 52,),'# 6+/# 2-# '(623*+# 38'0*)*'*):+# 782# 2-#
38'-)*'*):+;%##
:)'.)-),',# ,2# 80# 5+,2-+# ,2#
)0*2/:203)D0# .'(',+# 20# :)()*'(# '-# @+4'/# 6'/'# 6/2:20)/# *256/'0'520*2# -'(#
,)=)38-*',2(# 20# -'# -23*+2(3/)*8/'# 3+0# 0)g+(# ,2# /)2(4+;# ,'0,+# 6'/'# 2--+# 6'8*'(# '# -+(#
6',/2(%# a8/'0*2# 2-# 'g+# ,2# )03+/6+/'3)D0# '# -'# 2(382-'# ,2# -+(# '-850+(;# -'(# ='5)-)'(#
/23).20# (25'0'-520*2# 20# (8# @+4'/# -'# :)()*'# ,2# 80# 2>62/*+# 782# -2(# 20(2g'# -'(#
'3*):),',2(#.A()3'(#,2#-23*+2(3/)*8/'#'#*/'.'G'/#3+0#2-#0)g+#+#)0(*/833)+02(#,2#3D5+#
'<8,'/%#C+(#2=23*+(#,2#2(*'#)0*2/:203)D0#=80,'520*','#20#20/)78232/#2-#'5.)20*2#
'-='.2*)1',+/#,2-#@+4'/#(2#@)3)2/+0#2:),20*2(#'-#=)0'-)1'/#2-#38/(+#2(3+-'/%#?,25A(;#
-'(#6/+6)'(#='5)-)'(#2(*'.'0#('*)([email protected]'(#3+0#(8#*/'.'G+;#5+(*/'0,+#80#'-*+#)0*2/l(#
6+/#5'0*202/#-'(#'3*):),',2(#'6/20,),'(#<#6+/##)56-)3'/(2#20#-'#2,83'3)D0#,2-#@)G+%#
H0# 2(*'# 5)(5'# -902'# 6/2:20*):';# `2)-2/# TB]]!W# '0'-)1D# -'#
E+/# I-*)5+;# (2# @'# 203+0*/',+# 80# 2(*8,)+# 320*/',+# 3+03/2*'520*2# 20# -'(# aH?# ,2# -'# 2(3/)*8/'# <# 2-#
6'62-#,2#-'#='5)-)'#TL+02(#Ö#&@/)(*20(20;#$UUUW%#H0#l-#(2#*2(*D#-'# 2=23*):),',#,2#80#6/+4/'5'#
,2# )0*2/:203)D0# 6'/'# 52G+/'/# -'# 2(3/)*8/'# ,2# 0)g+(# 3+0# ,)=)38-*',2(# ,2# 3'/A3*2/#
523A0)3+%#H0#2(*2#3'(+#-'#'6-)3'3)D0#,2-#5)(5+#6+,9'#--2:'/(2#'#3'.+#.)20#52,)'0*2#
2-# 6/+=2(+/',+# .)20# 52,)'0*2# -'# ='5)-)'%# a8/'0*2# $]# 5)08*+(# '-# ,9'# ,8/'0*2# V#
(25'0'(#-+(#='5)-)'/2(#)0*2/2(',+(#()56-2520*2#*209'0#782##*/'.'G'/#3+0#(8(#@)G+(#
*'/2'(#/2-'3)+0','(#3+0#-'#=+/5'#,2#-'(#-2*/'(;#3+//233)D0#,2#2//+/2(#5+*+/2(#20#(8#
/2'-)1'3)D0# <# 2(3/)*8/'# =-8),'# ,2# -'(# 5)5'(%# C+(# 0)g+(# 52G+/'/+0# (8# 2(3/)*8/'#
523A0)3'#62/+#*'5.)l0#-'#3'-),',#,2#(8(#@)(*+/)'(#<#',25A(;#-+#@)3)2/+0#*'0*+#20#2-#
3'(+# 20# 2-# 782# 2/'# 2-# 6/+=2(+/# 2-# 203'/4',+# ,2# -'# )0*2/:203)D0# 3+5+# 20# '782--+(#
3'(+(#20#-+(#38'-2(#=82/+0#-'(#='5)-)'(#-'(#782#--2:'/+0#'#3'.+#-'(#*'/2'(;#6+/#-+#782#
80'# :21# 5A(# (2# 2:),203)'# 2-# 6+*203)'-# ,2# -+(# 6',/2(# 6'/'# 2(*)58-'/# 2-# ,2('//+--+#
'3',l5)3+#,2#-+(#0)g+(#3+0#aH?%#
#
!"#!$%&'"#(&)
C+(#20=+782(#0'*8/'-)(*'(#'6+<'0#-'#),+02),',#,2#'*20,2/#'-#'-850+#'#*/':l(#,2#-'#
*+*'-),',#,2#-+(#'420*2(#2,83'*):+(#782#-2#/+,2'0;#2(623)'-520*2#()#l(*2#6/2(20*'#
6/+.-25'(# 6'/'# '6/20,2/# <# /278)2/2# 2(623)=)3),',# ,2# 52,),'(# 62/(+0'-2(# <#
5'*2/)'-2(# TR+*5'b2/;# 2*# '-%;# B]]^o# E+--+p'<;# J8/(83b;# Ö# H6(*2)0;# B]]$W%# E2/+#
',25A(;# ,2(,2# -'# 62/(623*):'# ,2-# 6/+6)+# */'*'5)20*+;# (2# /23+5)20,'# )0)3)'/# -'#
)0*2/:203)D0# *'0# 6/+0*+# 3+5+# (2'# 6+().-2# 6'/'# 4'/'0*)1'/# (8# 5'<+/# 2=)3'3)'%# ?(9#
682(;#252/4)20,+#,2(,2#2(*+(#6/2(8682(*+;#2-#3+0*2>*+#='5)-)'/#(2#2/)42#3+5+#80#
20*+/0+#D6*)5+#,2#*/'.'G+%#
C'(#='5)-)'(#*)2020#80#4/'0#6+*203)'-#6'/'#'<8,'/#'#-+(#'-850+(;#',25A(#,2#2(*'/#
20#,)(6+()3)D0#,2#'8520*'/#-+(#20*+/0+(#<#+6+/*80),',2(#,2#'6/20,)1'G2;#+=/232/#
80'#'*203)D0#)0,):),8'-)1','#'#-+(#0)g+(#<#@'32/#5+,)=)3'3)+02(#)052,)'*'(#38'0,+#
2-#@)G+#-+#0232()*2%#E2(2#'#2--+;#-+(#6',/2(#0+#('.20#3D5+#2>6-+*'/#2(*'(#38'-),',2(;#
<# 20# +3'()+02(# (2# 203820*/'0# ,2(6/+:)(*+(# ,2# 3+0+3)5)20*+(# 2(*/'*l4)3+(# 6'/'#
'<8,'/# '# (8(# @)G+(# 3+0# -'(# *'/2'(# '3',l5)3'(;# ()# .)20;# 3+0# 2-# '6+<+# ',238',+;#
682,20#(2/#58<#2=23*):+(#20#-'#)0*2/:203)D0#TE2/('56)2/);#2*#'-%;#B]]"W;#6+/#-+#782#
2-# */'.'G+# 3+0# ='5)-)'(# 2(# '-*'520*2# /23+520,'.-2%# # a2(,2# 2(*'# 62/(623*):'# 2-#
+.G2*):+# ,2# 2(*2# */'.'G+# 2/'# 3+0+32/# /2'-520*2# -+# 782# (2# @'32# 20# /2-'3)D0# '# -'#
3+0(),2/'3)D0#,2#-'#='5)-)'#20#2-#*/'*'5)20*+#,2#-+(#'-850+(#3+0#aH?;#-'#=+/5'3)D0#
782# (2# -2# +=/232;# (8# 6+*203)'-# 6'/'# */'.'G'/# 3+0# -+(# 0)g+(# <# -+(# 2=23*+(# ,2# 2(*'(#
6/A3*)3'(%#
U"#
C+(# /2(8-*',+(# ,2-# 2(*8,)+# 62/5)*20# 3+03-8)/# 782;# '80782# '3*8'-520*2# *+,':9'#
()482# ()20,+# 5A(# 6/+-9=2/+# 2-# 0I52/+# ,2# 2(*8,)+(# 782# (2# 320*/'0# 20# 2-# 20*+/0+#
='5)-)'/# ,2# -+(# '-850+(# */',)3)+0'-520*2# 3+0+3),+(# '-850+(# 3+0# 0232(),',2(#
2,83'*):'(#2(623)'-2(;#'#/'91#,2-#/23+0+3)5)20*+#-24'-#,2#-'(#aH?#20#-+(#,)=2/20*2(#
6'9(2(;# @'0# 3+5201',+# '# (8/4)/# */'.'G+(# =+3'-)1',+(# ,2# 5'02/'# 2(6239=)3'# 20# -'(#
='5)-)'(#,2#2(*+(#'-850+(#Ta<(+0;#B]$]o#`2'4'0(;#M2//)p2*@2/;#Ö#Z'-,'02;#$UU$o#
Z24'/*<;# B]]VW%# O+# +.(*'0*2;# 20# -'# .I(782,'# /2'-)1',';# 320*/','# 20# -'# I-*)5'#
,l3',';# -'# 5'<+/9'# ,2# -'(# 6/A3*)3'(# 203+0*/','(# (2# 320*/'0# 20# 2-# -2048'G2# <# -'#
-23*8/';#()20,+#-'(#520+(#-'(#320*/','(#20#-'#2(3/)*8/'#+#20#-'(#5'*25A*)3'(;#3'(+#
20#2-#782#0+#(2#@'#203+0*/',+#0)04I0#*/'.'G+%#E+().-2520*2#(2#@'./9'0#-+3'-)1',+#
2>62/)203)'(# 20# 2(*2# (20*),+# ()# -+(# 3/)*2/)+(# ,2# .I(782,'# 0+# (2# 3)g2(20#
2>3-8():'520*2#'#-+(#*l/5)0+(#,)=)38-*',2(#,2#'6/20,)1'G2#2#)03-8<2(20#+*/+(#5A(#
'56-)+(#3+5+#.'G+#/20,)5)20*+#+#=/'3'(+%##
?#62('/#,2#*+,+#<#3+5+#/2(8-*',+#,2-#'0A-)()(#,2#2(*+(#*/'.'G+(#(2#682,2#3+03-8)/#
782#-'#)0*2/:203)D0#20#3+0*2>*+(#3+*),)'0+(;#20#-+(#782#(2#)03-8<2#-'#6'/*)3)6'3)D0#
,2#=)48/'(#,2#'624+#/26/2(20*'*):'(#6'/'#-+(#0)g+(;#2(#'-*'520*2#/23+520,'.-2;#<'#
782# 62/5)*2# --2:'/# '# 3'.+# '33)+02(# 2(6239=)3'(# ,2# 5'02/'# 62/(+0'-)1','# ()0#
(86+02/#80#4/'0#2(=82/1+#6'/'#-+(#6',/2(#62/+#(9#80#4/'0#.202=)3)+#6'/'#-+(#0)g+(%#
E+/#-+#*'0*+;#20#.'(2#'#2(*'(#2:),203)'(#(2#3+//+.+/'#782#-+(#6',/2(#682,20#(2/#80'#
'-*2/0'*):'# 2=)3'1# 6'/'# (+-:20*'/# <# 6/2:20)/# '-480'(# ,2# -'(# 6/+.-25A*)3'(# ,2# -+(#
0)g+(# 3+0# aH?# '80782# 0+# (2'0# 2>62/*+(# 20# -+(# 6/+4/'5'(%# E'/232# (2/# 782# 20#
+3'()+02(#2(#(8=)3)20*2#3+0#2-#@[email protected]+#,2#782#-'(#='5)-)'(#582(*/20#)0*2/2(l#6+/#-+(#
*/'*'5)20*+(#<#-+(#--2:20#'#3'.+#3+0#80#0):2-#'326*'.-2#,2#3'-),',;#6'/'#3+0(248)/#
2=23*+(#'-*'520*2#('*)(='3*+/)+(#Th'0# N**2/-++;# 2*# '-%;# B]]"W;#6+/#-+#782#2-#6/+=2()+0'-#
20# *+,+# 5+520*+# ,2.2# )0*20*'/# 5+*):'/# '# -'# ='5)-)'# @'3)'# (8# )56-2520*'3)D0#
T_804-'0,;# B]]BW%# F)0# 25.'/4+;# 2(# 6/23)(+# )0*20*'/;# ()256/2# 782# (2'# 6+().-2;#
+6*)5)1'/# -'# 3'-),',# ,2# -'# '6-)3'3)D0;# 3+0(),2/'0,+# 6'/'# 2--+# +*/+(# ='3*+/2(#
6/+6)'520*2#6'/20*'-2(;#3+5+#2(#(8#0):2-#2,83'*):+;#782#682,20#,2*2/5)0'/-'%#H(#
0232('/)+;#6+/#*'0*+;#20#-'(#)0*2/:203)+02(#'#*/':l(#,2#='5)-)'(;#782#2-#2>62/*+#@'4'#
80# (248)5)20*+# 3+0*)08+# ,2# -'(# 5)5'(;# 20# -'(# 782# (2# 3+0(),2/2# 782# l(*'(# 0+# (+0#
2>62/*'(# <# *)2020# 3'/'3*2/9(*)3'(# 58<# ,)=2/20*2(# <# 6238-)'/2(# 782# 682,20# 52,)'/#
20#-+(#/2(8-*',+(%##
#
*(+(*(#!',&)
?CNM?S;# J%# TB]]"W%# E2/(+0'-# '0,# ='5)-<# 6'*@(# *+# 686)-# '[email protected])2:2520*%) L/1%#$)
E(2#'%/"0)#+*)F(0-/+#$%&,)>jTVW;#U]^YUBB%#
aQFNO# C%# TB]$]W%# n0'0*)3)6'*2,# 2==23*(# +=# [email protected])-,/20# p)*@# C2'/0)04# ,)('.)-)*)2(# +0# *@2)/# ='5)-)2(%#
7(#0+%+M)8%-#E%$%&,)!"#0&(0$,B#!!;#ffY\\%#
`H?R?OF;# C%;# MHSSK}H_ZHS;# ?%;# Ö# Z?Ca?OH;# a%# T$UU$W%# R++,02((# +=# =)*# )0# *@2#
@+52X# )*(# /2-'*)+0(@)6# *+# ([email protected]++-# [email protected]':)+8/# '0,# '[email protected])2:2520*# )0# [email protected])-,/20# p)*@#
-2'/0)04#,)('.)-)*)2(%#Q/"0+#$)/.)$(#0+%+M)*%-#E%$%&%(-B)@jT^W;#f$!YfB]%#
`HKCHS;# ?%# TB]]!W%# ?# @+52# :)()*)04# 6/+G23*# =+/# /2326*)+0# [email protected])-,/20# 6/2,)3*2,# *+# 2>62/)2032# -)*2/'3<#
,)==)38-*)2(%#a0%&%-2)\/"0+#$)/.)-F(1%#$)(*"1#&%/+B)>AT!W;#$\"Y$"B%##
RNS_M?PHS;# h%;# a?CQ;# H%;# M&&nSaQ;# M%;# EHSF?MEKHSK;# M%;# Ö# ZHSRHOS?aHS;# M%# TB]]^W%#
K56/+:)04# /2',)04# +8*3+52(# =+/# [email protected])-,/20# p)*@# -2'/0)04# ,)('.)-)*)2(X# 8()04# ./)2=# 2>62/)520*'-#
'0'-<()(#*+#,2:2-+6#6'/20*Y*8*+/)04#)0*2/:20*)+0(%# Q/"0+#$)/.)#FF$%(*)E(2#'%/0)n(2#'%/"B)jATBW;#B]!Y
BB$%#
U^#
ZHR?S_Q;# F%# TB]]VW%# K0:2(*)4'3)D0# (+./2# 2,83'3)D0# 2(623)'-# 20# H8/+6'%# 4('%-&#) ($(1&0K+%1#)
%E(0/#D(0%1#+#)-/E0()1#$%*#*)(.%1#1%#),)1#DE%/)(+)(*"1#1%K+B)=TBW;#$U$Y$UU%#
LKMyOHe;# L%H%;# Ö# SNaSxRnHe;# &%# TB]]VW%# H>62/)203)'# 3+0# 2-# -2048'G2# )56/2(+# 2#
)0,)3',+/2(# (+3)+38-*8/'-2(# '(+3)',+(# '# -+(# ,)=2/20*2(# (8.*)6+(# ,)(-l>)3+(%#
T-%1/&2(D#B)@AT!W;#!f$Y!f"%##
LNOHF;# a%;# Ö# &ZSKF_HOFHO;# &%# T$UUUW%# [email protected]# /2-'*)+0(@)6# .2*p220# '8*+5'*)3# )0# @'0,p/)*)04# '0,#
(*8,20*(;#'.)-)*<#*+#4202/'*2#p/)**20#*2>*%#Q/"0+#$)/.)(*"1#&%/+#$)F-,12/$/M,B)C<;#ffYfU%#
LnF_K&H;#C%;#P?aHS?hHP;#L%;#JN}CHF;#S%;#Ö#RSKMM;#P%#TB]]\W%#C'048'42#)56')/520*;#6'/20*[email protected])-,#
(@'/2,# S2',)04;# '0,# [email protected]+0+-+4)3'-# 'p'/202((X# '# =2'().)-)*<# (*8,<%# :/F%1-) %+) (#0$,) 12%$*2//*) -F(1%#$)
(*"1#&%/+B)@kT!W;#$f!Y$\"%#
CHSOHS;# L%;# Ö# PCKOH;# `%# TB]]"W%# 7(#0+%+M) *%-#E%$%&%(-) #+*) 0($#&(*) *%-/0*(0-3)
92#0#1&(0%-&%1-)#+*)&(#12%+M)-&0#&(M%(-3)J+(*+0X#[email protected]*+0#M)==-)0#&+56'0<%)
M?SPF;# R%# TB]]"W%# `'5)-<# ()12;# ='5)-<# *<62# '0,# (*8,20*# '[email protected])2:2520*X# 3/+((Y
0'*)+0'-# ,)==2/2032(# '0,# *@2# /+-2# +=# (+3)+23+0+5)3# '0,# ([email protected]++-# ='3*+/(%# Q/"0+#$) /.)
1/DF#0#&%'().#D%$,)-&"*%(-B)>PT$W;#$YBf#
MNO_KHC;# &%;# MNO_KHC;# K%;# Ö# EHá?;# L%# TB]]\W%# &-)5'# ='5)-)'/# 20# 2-# */'(*+/0+# 6+/#
,l=)3)*#,2#'*203)[email protected])62/'3*):),',%#)T-%1/$/MJ#)9/+*"1&"#$B)<>TBW;#BU^Y!$]%#
EySHe;#L%;#`HSSK;#`%;#MHCKå;#?%;#Ö#MKS?Oa?;#?%#TB]]^W%#S2()-)203)'#<#/)2(4+#20#0)g+(#
3+0#,)=)38-*',2(#,2#'6/20,)1'G2%#4('%-&#)*()+("0/$/MJ#B)jjT(86-#BW;#UY$B%#
EHSF?MEKHSK;#M%;#RNS_M?PHS;#h%;#a?CQ;#H%#L%;#FZHSKa?O;#F%#M%;#Ö#M&&nSaQ;#M%#
TB]]"W%E/+5+*)04#6'/20*#8(2#+=#256)/)3'--<#(866+/*2,#/2',)04#)0*2/:20*)+0(X#_p+#
2>62/)520*'-#)0:2(*)4'*)+0(#+=#[email protected])-,#+8*3+52(%#a(2#'%/0#$)W+&(0'(+&%/+-B#B$;#!$d\^%#
ENCCN}?Q;# H%;# JnSFn&P;# }%;# Ö# HEF_HKO;# M%# TB]]$W%# Z+52p+/b# =+/# (*8,20*(# p)*@# -2'/0)04#
,)('.)-)*)2(X# *@2# [email protected]'--2042# +=# @+52Y([email protected]++-# 3+5580)3'*)+0%) 4(#*%+M) #+*) d0%&%+M) G"#0&(0$,B) <P;# $V$Y
$V^%##
knKO_?O?;# ?%M%# TB]]!W%# C'(# ='5)-)'(# 3+5+# 3+-'.+/',+/'(# 20# -'# /2(682(*'# 2,83'*):'# '# -'(#
,)=)38-*',2(#,2-#-2048'G2%#4('%-&#)*()$/M/F(*%#B)./+%#&0J#),)#"*%/$/MJ#B)@>T$W;#B]!YB$U%#
SnKe;# &%# TB]]$W%# `'3*+/2(# ='5)-)'/2(# :)038-',+(# '-# .'G+# /20,)5)20*+%# 4('%-&#)
1/DF$"&(+-()*()(*"1#1%K+B)<@T$W;#V$Y$$!%#
e+$/1l%+M)
T/&(+&%#$_) o(,) 9/DF/+(+&-) /.) T0/M0#DD%+M) ./0) L&"*(+&-) d%&2) 7(#0+%+M) 8%-#E%$%&%(-)
pFF3)<<V<=q3)H,5+0*+0#T&'0','WX#?-.2/*'#C2'/0)04#
_nORC?Oa;# M%# TB]]BW%# M2'0)04=8-# 6'/20*# )0:+-:2520*%# H0# M%# _804-'0,# TH,%W;#
h?O#N__HSCNN;#F%;#h?O#aHS#CHKL;#?%;#Ö#hHCaP?ME;#H%#TB]]"W%#_/2'*'520*#)0*24/)*<#)0#@+52Y.'(2,#
6/2Y/2',)04#)0*2/:20*)+0#6/+4/'552%#8%-$(S%#B#$B;#$\\Y$^"%#
)
#
UV#
#
#
#
#
#
#
#
$,)0o&'!,)(#)$,),6(#!'1#),)$,)2'5(*&'2,2F)%#)#%(5")*(6")
(#)$,)+"*0,!'1#)0%&'!,$)2($)0,(&6*")2()(2%!,!'1#)
3*'0,*',)
#
0:8h:)>?)BAC)/=Q?B?C)[email protected])>?)B:)!:BB?)&:;N?>8A)
n0):2/(),',#,2#F'0*)'4+#,2#&+56+(*2-'#
#
*(&%0(#)
H(*'#3+580)3'3)D0#582(*/'#80#*/'.'G+#,2#)0:2(*)4'3)D0#38<+#+.G2*+#,2#2(*8,)+#(2#
@'# 320*/',+# 20# 2-# 8(+# ,2# -'# 5I()3'# 20# -'# '*203)D0# '# -'# ,):2/(),',# 20# 320*/+(# ,2#
2,83'3)D0# 6/)5'/)'# ,2# R'-)3)'%# F2# '0'-)1'# 3D5+# 62/3).20# -+(# 6/+=2(+/2(# 2-# 6'62-#
782#G824'#-'#5I()3'#20#0)g+(#3+0#0232(),',2(#2,83'*):'(#2(623)'-2(#20#(8#3-'(2#<#2-#
,2('//+--+#,2#(8#=+/5'3)D0#58()3'-#,2(,2#80'#62/(623*):'#38//)38-'/%#C'#6/)03)6'-#
3+03-8()D0# ,2-# 2(*8,)+# (2g'-'# 782# 2-# 5'<+/# /2*+# 782# *)202# '@+/'# ,2-'0*2# -'#
2,83'3)D0#58()3'-#2(#'(248/'/#782#(2'#2=23*):'#<#'332().-2#6'/'#*+,+(#-+(#0)g+(%#H0#
2(*2#(20*),+;#-'(#'6+/*'3)+02(#+.*20),'(#'680*'0#'#782#-'#=+/5'3)D0#80):2/()*'/)'#
,2.2#)03/2520*'/#-'#3+56/20()D0#,2#-+(#5'2(*/+(#(+./2#-'#5I()3'#20#-'#'*203)D0#'#
-'#,):2/(),',%#
3:B:D8:C) MB:E?F# 5I()3'o# '*203)D0# '# -'# ,):2/(),',o# =+/5'3)D0# ,2# 6/+=2(+/2(o#
)0:2(*)4'3)D0#38'-)*'*):'#
#
#
0%&'!)'#)6G()'#!$%&'"#F),)#(H)!G,$$(#.()'#)6G()0%&'!)(2%!,6'"#)
+"*)'#'6',$)3*'0,*4)6(,!G(*)
#
,-&6*,!6)
[email protected])(# 3+5580)3'*)+0# (@+p(# '# /2(2'/[email protected]# p+/b# [email protected]+(2# 4+'-# +=# (*8,<# @'(# =+38(2,# +0#
*@2# 8(2# +=# 58()3# )0# *@2# '**20*)+0# *+# ,):2/()*<# d# )03-8()+0# d# )0# 6/)5'/<# ([email protected]++-(# +=#
R'-)3)'%#K*#'((2((2,#@+p#*2'[email protected]/(#62/32):2#*@2#/+-2#+=#58()3#)0#[email protected])-,/20#p)*@#(623)'-#
2,83'*)+0'-#022,(#)0#*@2)/#3-'((#'0,#*@2#,2:2-+6520*#+=#*@2)/#58()3'-#*/')0)04#=/+5#
'# 38//)38-85# 62/(623*):2%# [email protected]# 5')0# 3+03-8()+0# +=# *@)(# (*8,<# @)[email protected])[email protected]*(# *@'*# 0+p#
*@2# 4/2'*2(*# [email protected]'--2042# =+/# *@2# 58()3# 2,83'*)+0# )(# *+# 20(8/2# )*(# 2==23*):202((# '0,#
'332(().)-)*<# *+# '--# [email protected])-,/20%# K0# *@)(# (20(2;# *@2# )068*# 4'*@2/2,# (8442(*(# *@'*# *@2#
UU#
80):2/()*<#2,83'*)+0#(@+8-,#)03/2'(2#*@2#*2'[email protected]/(m#80,2/(*'0,)04#'.+8*#58()3#=+/#
*@2#)03-8()+0%#
I?7)JA8>CX#58()3o#)03-8()+0o#*2'[email protected]/(m#2,83'*)+0o#78'-)*'*):2#)0:2(*)4'*)+0%#
)
'#6*"2%!!'1#)4)3*"-$(0,)2()(&6%2'")
H-# F)(*25'# H,83'*):+# H(6'g+-# *)202# 80# 4/',+# ,2# 3+56/+5)(+# 3+0# -'# '*203)D0# '# -'#
,):2/(),',# ,2-# '-850+# 20# -'# 2,83'3)D0# 6/)5'/)'%# H-# S2'-# a23/2*+# $\$!qB]]"# 6+/#
782# (2# 2(*'.-2320# -'(# 20(2g'01'(# 590)5'(# ,2# -'# 2,83'3)D0# 6/)5'/)';# =)G'# 3+5+#
6/)03)6)+(# ,2# )0*2/:203)D0# 2,83'*):'# 20*/2# +*/+(;# -'# '*203)D0# '# -'# ,):2/(),',# ,2-#
'-850+%# F2# ,2.20# /2'-)1'/# ','6*'3)+02(# ,2# -+(# 3+0*20),+(# <# ,2# -'# 2:'-8'3)D0# ,2-#
38//938-85#.8(3'0,+#2-#5A>)5+#,2('//+--+#6+().-2#,2#-'(#3+562*203)'(#.A()3'(%#?#
6'/*)/# ,2# 2(*'# 3+0(),2/'3)D0# <# ()*8A0,+0+(# 20# -'# /2'-),',;# 6+,25+(# ,23)/# 782# 2-#
6/+=2(+/#0232()*'#0+#(+-+#,)=2/203)'/#2-#38//938-85#,2#-+(#0)g+(#20#=803)D0#,2#(8(#
-)5)*'3)+02(# <# 0232(),',2(# ()0+# *'5.)l0# 3++/,)0'/(2# 3+0# 80# 278)6+# ,2# '6+<+# ,2#
6/+=2()+0'-2(# 2,83'*):+(# 6'/'# '*20,2/# -'# 2:),20*2# ,):2/(),',# ,2# 0232(),',2(#
2(623)'-2(%#E2/+#j782#()40)=)3'/9'#*+,+#2(*+#/2=2/),+#'#-'#2,83'3)D0#58()3'-c#
E'/232# 782# 2>)(*2# 80'# 3)2/*'# )03+04/8203)'# 20*/2# 2(*'# 62/(+0'-)1'3)D0# ,2-#
38//938-85#<#-'#0232(),',#,2#782#-'#5I()3'#(2'#80'#'3*):),',#,2#4/86+%#C+(#0)g+(#
3+0# ,)=2/20*2(# 0232(),',2(# 682,20# 3+0*/).8)/# 20# 80'# '3*):),',# 58()3'-# ,2# 4/86+#
,2#=+/5'#58<#2=23*):'%#C'#+/4'0)1'3)D0#,2#-'(#3-'(2(#,2#5I()3'#,2.2#*202/#6/2(20*2#
2(*2# @[email protected]+%# C'# 5I()3'# */'.'G','# 20# 4/86+# '<8,'# 20# 4/'0# 5'02/'# '# -'(#
+6+/*80),',2(#,2#-),2/'14+#6%#2G%;#'#0)g+(#3+56-)3',+(#+#3+0#6+3'#62/(+0'-),',#-2(#
682,2#=':+/232/#2-#782#80'#'3*):),',#58()3'-#-2(#+*+/482#2-#6'62-#,2#,)/23*+/#+#,2#
6/+*'4+0)(*'%#
a2.25+(# 620('/# 782# ,20*/+# ,2# 80'# '3*):),',# 58()3'-# 682,2# 2>)(*)/# ,)=2/20*2(#
0):2-2(#,2#6'/*)3)6'3)D0#58()3'-;#6+/#-+#*'0*+;#80'#'3*):),',#58()3'-#,2.2#*+5'/#20#
3+0(),2/'3)D0# -'# :'/)2,',# ,2# @'.)-),',2(# 58()3'-2(# 782# (2# 682,20# 203+0*/'/# 20#
80'# 3-'(2# 62/+# ',25A(# -'# ),2'# ,2# -'# '*203)D0# '# -'# ,):2/(),',# ,2-# '-850+# '3+42#
'782--+(# 0)g+(# 3+0# ,)=)38-*',2(# ,2# 3+56+/*'5)20*+# <# 3'6'3),',2(# <# -'# 5I()3'#
682,2#<#,2.2#3+0(*)*8)/#6'/'#2--+(#80'#'3*):),',#,2#4/'0#:'-+/%#?80782#0)g+(#3+0#
2>62/)203)'#58()3'-#+#3+0#.820'(#'3*)*8,2(#58()3'-2(#682,'0#+=/232/#'-4+#2(623)'-#
20#-'(#3-'(2(#,2#5I()3';#2(*+#0+#,2.2/9'#@'32/#782#'782--+(#0)g+(#3+0#'-4I0#*)6+#,2#
,)=)38-*',;# 6+/# 2G%;# 3'0*'/# ,2('=)0',+(;# (2# 682,'0# (20*)/# 2>3-8),+(%# _'5.)l0# -'#
5I()3'# G824'# 80# 6'62-# )56+/*'0*2# 20# -'# )0*24/'3)D0# ,2# 0)g+(# 6/+32,20*2(# ,2#
,)=2/20*2(#38-*8/'(;#6'9(2(#<#/2-)4)+02(%#
F)#.)20#2(#3)2/*+#782#2(*'5+(#3+5201'0,+#'#,)(6+02/#,2#5A(#3+0+3)5)20*+(#(+./2#
-'#'*203)D0#'#-'#,):2/(),',#,2(,2#-'#5I()3';#*'5.)l0#2(#:2/,',#782#()4820#='-*'0,+#
3+0+3)5)20*+(#(+./2#3D5+#+/4'0)1'/#(8#=+/5'3)D0#58()3'-#,2(,2#80'#62/(623*):'#
38//)38-'/%#
N*/+#2-2520*+#'#3+0(),2/'/#20#-'#G8(*)=)3'3)D0#,2#082(*/+#2(*8,)+#-+#3+0(*)*8<2#-+(#
082:+(#/2*+(#782#(2#6/2(20*'0#20#-'#=+/5'3)D0#58()3'-#,2-#5'2(*/+#20#2,83'3)D0#
6/)5'/)'%# H-# S2'-# a23/2*+# !]q]Vq$UU$# 782# 2(*'.-232# 2-# *9*8-+# 80):2/()*'/)+# ,2#
5'2(*/+#20#-'#2(623)'-),',#,2#2,83'3)D0#58()3'-#<#-'#=+/5'3)D0#,2#-+(#2(623)'-)(*'(#
20#2,83'3)D0#58()3'-#20#-'(#,)(*)0*'(#80):2/(),',2(#,2#H(6'g';#(868(+#80#)568-(+#
2=23*):+# 6'/'# -'# 2,83'3)D0# 58()3'-# 20# -'# 2*'6'# ,2# -'# 2,83'3)D0# 6/)5'/)'%# [email protected]+/'#
.)20;#3','#80):2/(),',#,2*2/5)0'#2-#0I52/+#,2#3/l,)*+(#'(9#3+5+#2-#3+0*20),+#<#-'#
$]]#
+/)20*'3)D0# ,2# -'(# 5'*2/)'(# '# 20(2g'/%# H0# 2(*2# (20*),+;# @25+(# 6+,),+# 3+0(*'*'/#
3D5+#20#-'(#*/2(#80):2/(),',2(#4'--24'(#-'(#5'*2/)'(#/2-'3)+0','(#3+0#-'#5I()3'#<#
(8#,),A3*)3'#782#+=/2320#-'#*)*8-'3)D0#,2#5'2(*/+#20#2,83'3)D0#6/)5'/)'#6/2(20*'0#
80'# 2>*/25'# 2(3'(21# ,2# =+/5'3)D0# (+./2# -'# '*203)D0# 2,83'*):'# '# -'# ,):2/(),',#
,2(,2# -'# 5I()3'%# H0# -'# =+/5'3)D0# 782# -+(# =8*8/+(# ,+320*2(# /23).20# (2# ,2*23*'0#
,l=)3)*(# 782# '# 082(*/+# G8)3)+;# )56),20# 782# 2-# '-850+# 80):2/()*'/)+# ',78)2/'# -'(#
3+562*203)'(# .A()3'(# 0232('/)'(# 6'/'# 6+,2/# ,2('//+--'/# 80# 38//938-85#
,)=2/203)',+# 20# 2-# 782# *+,+(# -+(# 0)g+(# 682,'0# '332,2/# '-# '6/20,)1'G2# 20# 80+(#
0):2-2(#'6/+6)',+(#'#(8(#/2(623*):'(#3'6'3),',2(#6'/'#'6/20,2/#<#*204'0#'#(8#:21#
2>62/)203)'(#58()3'-2(#)56+/*'0*2(%#
H-# '0A-)()(# 782# (2# @'# --2:',+# '# 3'.+# (+./2# -'# =+/5'3)D0# ,2-# 5'2(*/+# 20#
,2*2/5)0',+(# 320*/+(# ,2# 2,83'3)D0# 6/)5'/)'# ,2# -'# &+580),',# ?8*D0+5'# ,2#
R'-)3)'# ,2(*'3'# -'# ='-*'# ,2# 3+562*203)'# 6'/'# 3/2'/# '33)+02(# 2(6239=)3'(# 782# ,20#
/2(682(*'# '# ,):2/('(# 0232(),',2(# ,2# -+(# '-850+(# 52,)'0*2# -'# 3/2'3)D0# ,2#
'5.)20*2(#T6+/#2G%X#3+0+32/#-'(#+6+/*80),',2(#6'/'#782#0)g+(#3+0#,)(3'6'3),',2(#
,2# :)()D0# +# ,2# '8,)3)D0# 682,'0# '6/20,2/# '32/3'# ,2# -'# 5I()3'W;# 2-# =+520*+# ,2# -'#
5+*):'3)D0# <# ,2# -'# 3+0320*/'3)D0# T6+/# 2G%X# 5'02G'0,+# 3)2/*+(# '(623*+(# ,2# -'#
3+580)3'3)D0# 2(3/)*'# 20# 5I()3'W;# -'# )48'-,',# ,2# +6+/*80),',2(# '# */':l(# ,2#
6/+682(*'(# ,2# '6/20,)1'G2# T6+/# 2G%X# 2-# 8(+# ,2# ,)=2/20*2(# =+/5'(# ,2# 3+580)3'3)D0#
6'/'#3+5620('/#,)=)38-*',2(#38'0,+#(2#2(*A#3'0*'0,+#+#(2#2(*A#/2(6+0,)20,+#'#-'#
5I()3'W;# +# 2-# 8(+# ,2# 6/+682(*'(# ,2# 2:'-8'3)D0# '6/+6)','(# T6+/# 2G%X# 20# '782--+(#
'-850+(#)03'6'32(#,2#3'0*'/#+#,2#3'0*'/#'=)0',+;#-'#2:'-8'3)D0#,2#(8(#6/+4/2(+(#0+#
*20,/9'#20#3820*'#'(623*+(#/2-'3)+0',+(#3+0#3'0*'/W%#
E+,2/#--24'/#'#-'#=+/58-'3)D0#,2#'33)+02(#782#52G+/20#-'#6/A3*)3'#6/+=2()+0'-#(+0#
=80,'520*'-2(# 20# 38'-78)2/# 6/+682(*'# ,2# =+/5'3)D0# ,2# 2(*+(# 6/+=2()+0'-2(%# a2#
2(*'# =+/5';# 2(*2# 2(*8,)+# (2# )0(3/).2# <# '6+<'# 20# -'# 0232(),',# ,2# 80'# 2,83'3)D0#
58()3'-# 782# (2# 'G8(*2# '-# 5+520*+;# '# -'(# ,25'0,'(# (+3)'-2(# 20# 782# :):)5+(# 20#
R'-)3)'#<#20#-'#0232(),',#,2#3'5)0'/#@'3)'#80'#20(2g'01'#80):2/()*'/)'#,2#3'-),',%#
)
$,)'#5(&6'.,!'1#)*(,$'m,2,F)"-i(6'5"&)4)0(6"2"$".c,)
H-# 8(+# ,2# -'# 5I()3'# 20# -'# '*203)D0# '# -'# ,):2/(),',# --2:'# )56-93)*'# 80'# ',238','#
6/26'/'3)D0#6'/'#2(*2#8(+#6+/#6'/*2#,2#-+(#6/+=2(+/2(%#E'/*)5+(#,2-#@[email protected]+#,2#782#
20# 082(*/'# 3+580),',# '8*D0+5'# -'# =+/5'3)D0# 782# /23).20# -+(# =8*8/+(#
6/+=2()+0'-2(# ,2# -'# 2,83'3)D0# 6/)5'/)'# 3+0# /2-'3)D0# '-# 8(+# ,2# -'# 5I()3'# 20# 0)g+(#
3+0# 0232(),',2(# 2,83'*):'(# 2(623)'-2(# 2(# 'I0# .'(*'0*2# 2(3'('%# C'# /2:)()D0# ,2# -+(#
6/+4/'5'(#,2#-'(#5'*2/)'(#*/+03'-2(#/2-'*):'(#'-#,2('//+--+#,2#-'#2>6/2()D0#58()3'-#
<# (8# ,),A3*)3'# 782# /2'-)1'0# *+,+(# -+(# 5'2(*/+(# ,2# 2,83'3)D0# 6/)5'/)'# 20# -'(# */2(#
80):2/(),',2(# 4'--24'(# 0+(# 62/5)*2# (2g'-'/# 782# '620'(# (2# ,2('//+--'# 2(*2# *)6+# ,2#
3+0+3)5)20*+%#E+/#2--+#-+(#6/)03)6'-2(#+.G2*):+(#,2-#2(*8,)+#0+#(2#@'0#320*/',+#20#
2-#'0A-)()(#,2-#3+0+3)5)20*+#782#*)2020#-+(#6/+=2(+/2(#(+./2#2(*'#382(*)D0#()0+#5A(#
.)20#20#3+0+32/#3+5+#:'-+/'0#-+(#6/+=2(+/2(#-'#5I()3'#3+5+#'6+<+#2=23*):+#'#-+(#
0)g+(#),20*)=)3',+(#20#-'(#'8-'(#3+0#,):2/('(#0232(),',2(#2,83'*):'(#2(623)'-2(;#-+(#
5+*):+(#6+/#-+(#782#3+0(),2/'0#782#2(#)0*2/2('0*2#2-#256-2+#,2#-'#5I()3'#20#0)g+(#
3+0#0232(),',2(#2(623)'-2(#<#-'#62/3263)D0#,2-#6/+=2(+/',+#(+./2#2-#,2('//+--+#,2#
(8#=+/5'3)D0#58()3'-#,2(,2#80'#62/(623*):'#38//)38-'/#
E'/'#2-#,2('//+--+#,2#-+(#+.G2*):+(#,2#082(*/+#2(*8,)+#@25+(#8*)-)1',+#-'#5+,'-),',#
,2#'0A-)()(#,2#20*/2:)(*'(#=80,'520*','(#20#-'#)0:2(*)4'3)D0#38'-)*'*):'%#C'#@25+(#
$]$#
,2('//+--',+# 20# 320*/+(# ,2# 2,83'3)D0# 6/)5'/)'# 320*/A0,+0+(# ,20*/+# ,2# -'#
&+580),',# ?8*D0+5'# ,2# R'-)3)';# 20# -'# 3)8,',# ,2# C84+# <# 20# (8# 6/+:)03)'%# C'#
6+.-'3)D0#,2#082(*/+#2(*8,)+#2(*A#=+/5','#6+/#38'*/+#320*/+(#T*/2(#6I.-)3+(#<#80+#
6/):',+W#,2#-'#3)8,',#,2#C84+#<#6+/#(2)(#320*/+(#T38'*/+#6I.-)3+(#<#,+(#6/):',+(W#
,2# (8# 6/+:)03)'# 20# -+(# 782# (2# )56'/*2# 20(2g'01'# 6/)5'/)'%# C'# (2-233)D0# ,2# -+(#
320*/+(# (2# @)1+# 620('0,+# 20# 320*/+(# 3+0# */',)3)D0# ,2# 3'-),',# 20# -'# 2,83'3)D0#
6/)5'/)'#<#3+0#80#/23+0+3)5)20*+#6+68-'/#20#-'#20(2g'01'#,2#-'#5I()3'%#
H-#)0(*/8520*+#2-24),+#6'/'#-'#/23+4),'#,2#-'#)0=+/5'3)D0#@'#(),+#-'#20*/2:)(*'%#C'#
=)0'-),',# ,2# 2(*'# *l30)3'# @'# (),+# +.*202/# ,2# 5'02/'# 2(*/83*8/','# <# =-2>).-2#
)0=+/5'3)D0#,2#-+(#/2(6+0('.-2(#,2#-'#2,83'3)D0#58()3'-;#6/+=2(+/2(#2(623)'-)(*'(#
,2#2,83'3)D0#58()3'-;#,2#-+(#320*/+(#)0:2(*)4',+(#(+./2#-'(#:'/)'.-2(#,2#2(*8,)+%#C'#
20*/2:)(*'# (2# @'# ,2('//+--',+# '# */':l(# ,2-# 203820*/+# 62/(+0'-# 3+0# 2-# /2(6+0('.-2#
,2# -'# 2,83'3)D0# 58()3'-# ,2# 3','# 320*/+%# F2# /24)(*/'# '# */':l(# ,2# 0+*'(# <# ,2#
4/'.'3)+02(#,2#'8,)+#-'(#/2(682(*'(#782#(2#'0'-)1'0#6+(*2/)+/520*2%#
C+(# 6/+=2()+0'-2(# 20*/2:)(*',+(# =82/+0# 80# *+*'-# ,2# ,)21;# *+,+(# /2(6+0('.-2(# ,2# -'#
2,83'3)D0#58()3'-#,2#2(*+(#320*/+(#<#2(623)'-)(*'(#'#(8#:21#20#2,83'3)D0#58()3'-%#
F24I0# -'# ,20+5)0'0# 20# ,)=2/20*2(# 5'08'-2(# 2(# 80'# 20*/2:)(*'# vI0)3'# +#
2(*'0,'/)1','w%# ?# *+,+(# -+(# 20*/2:)(*',+(# (2# -2(# 6-'0*2D# -'(# 5)(5'(# 382(*)+02(# <#
()0#5+,)=)3'/#-'(#6/2480*'(#20#2-#5)(5+#320*/+%#a2#2(*'#5'02/'#6+,25+(#/2'-)1'/#
3+0#5'<+/#='3)-),',#80'#:'-+/'3)D0#3+0G80*'#,2#*+,+(#-+(#320*/+(%#
C'#20*/2:)(*'#'6'/232#,):),),'#20#,+(#(233)+02(#20#-'(#782#(2#'4/86'0#-'(#,):2/('(#
6/2480*'(#782#-'#3+0=+/5'0X#
Y#H-#6'62-#782#G824'#-'#5I()3'#20#-'#'*203)D0#'#-'#,):2/(),',%#H(*'#6/)52/'#382(*)D0#
(+52*),'#'#'0A-)()(#*)202#80#3'/A3*2/#4202/'-#682(#2(*A#,2,)3','#'#-'#3+0(),2/'3)D0#
,2#-'#5I()3'#3+5+#'6+<+#2=23*):+#6'/'#-'#3+//233)D0#,2#6/+.-25'(#,2/):',+(#,2#-'#
,)(3'6'3),',#=9()3'#+#5+*+/';#6(978)3';#3+40)*):';#(20(+/)'-#+#,2#+*/'#90,+-2%#
Y#H-#,2('//+--+#,2-#38//938-85#,2#5I()3'#20#-+(#0)g+(#3+0#0232(),',2(#2,83'*):'(#
2(623)'-2(# 20# (8(# '8-'(%# C'# (2480,'# 6'/*2# ,2# -'# 20*/2:)(*'# 2(*A# ,2,)3','# '-#
,2('//+--+# ,2# (8# =+/5'3)D0# 58()3'-# ,2(,2# 80'# 62/(623*):'# 38//)38-'/%# &+0# 2(*'#
382(*)D0# (2# 78)2/2# 3+0+32/# -'# :'-+/'3)D0# (+./2# -'(# ,)=)38-*',2(# <# 0232(),',2(# 782#
203820*/'0#6'/'#-'#'6-)3'3)D0#,2-#38//938-85#,2#5I()3'#20#(8(#6/A3*)3'(#,+320*2(%#
_'5.)l0# 0+(# 320*/'5+(# 20# ('.2/# ()# /2'-)1'0# 80'# ',238'3)D0# 2(623)'-# ,2# -+(#
3+0*20),+(#<#,2#-'(#6/A3*)3'(#58()3'-2(%#
H-# 62/)+,+# */'0(38//),+# ,2(,2# 782# (2# )0)3)D# 2(*2# 2(*8,)+# @'(*'# 782# =)0'-)1D# 3+0# -'#
2-'.+/'3)D0#,2#-'(#3+03-8()+02(#=82/+0#,2#38'*/+#52(2(#'6/+>)5','520*2#TH02/+#
d#?./)-#B]$]W%#
)
2(&!*'3!'1#)4),#/$'&'&)2()$"&)2,6"&)"-6(#'2"&)2()$,&)(#6*(5'&6,&)
H0# 2(*2# 680*+# :'5+(# '# 320*/'/0+(# 20# ('.2/# 3D5+# -+(# 6/+=2(+/2(# 6/+582:20# -'#
'*203)D0#2,83'*):'#6'/'#-+(#0)g+(#3+0#0232(),',2(#2,83'*):'(#2(623)'-2(#,2(,2#-'#
5I()3'%# S2:)('/25+(# 6+/# *'0*+# ,2# 78l# 5'02/'# -'# 5I()3'# '<8,'# '# -+(# 0)g+(# 3+0#
,):2/('(# 0232(),',2(# 20# -'# )03-8()D0# <# 38A-# 2(# (8# 62/3263)D0# 20# 4202/'-# (+./2# -'(#
6+().)-),',2(#,2#'6-)3'3)D0#2=23*):'#,2-#38//938-85#,2#5I()3'#20#2(*+(#0)g+(%#E'/'#
2--+;# 20# 6/)52/# -84'/# 0+(# )0*2/2(D# 3-'/)=)3'/# 2-# 4/',+# ,2# 3+0+3)5)20*+# ,2-#
6/+=2(+/',+#20#2-#*25'#,2#-'(#0232(),',2(#2,83'*):'(#2(623)'-2(;#20*20,)20,+#6+/#
$]B#
l(*'(X# -)5)*'3)+02(# =9()3'(;# ,)=)38-*',2(# ,2# '6/20,)1'G2;# ,)=)38-*',2(# ,2#
3+56+/*'5)20*+;# ,)=)38-*',2(# 20# 2-# -2048'G2;# 5)0+/9'# l*0)3';# 082:'(#
)03+/6+/'3)+02(#<#0)g+(#3+0#80#,2(*'3',+#*'-20*+%#C+(#,'*+(#+.*20),+(#0+(#(84)2/2#
782#6+/#2-#0I52/+#,2#0)g+(#782#*209'0#20#(8(#'8-'(#20#2-#5+520*+#,2#--2:'/#'#3'.+#
2(*2# 2(*8,)+;# -+(# 6/+=2(+/2(# 20*/2:)(*',+(# 6+,/9'0# (2/# .820+(# )0=+/5'0*2(#
2(623)'-520*2#(+./2#,)=)38-*',2(#20#2-#-2048'G2;#,)=)38-*',2(#,2#3+56+/*'5)20*+#<#
,)=)38-*',2(#,2#'6/20,)1'G2%#
a2(68l(# ,2# 2(*'# 3+0(),2/'3)D0# :'5+(# '# 2(*8,)'/# -+(# *25'(# 6-'0*2',+(# '# -+(#
6/+=2(+/2(#20#-'(#20*/2:)(*'(%#
$%# h'-+/'3)D0# ,2-# '6+<+# 2=23*):+# 782# 6/+6+/3)+0'# -'# 5I()3'# '# 0)g+(# 3+0# ,):2/('(#
0232(),',2(# 2(623)'-2(%# M+(*/'/25+(# '# 3+0*)08'3)D0# '-480'(# ,2# -'(# +6)0)+02(#
*2>*8'-2(# 5A(# ()40)=)3'*):'(# 782# @25+(# /23+4),+# ,2# 2(*'# /2(682(*'# '.)2/*';# '(9#
3+5+# -'# ),+02),',# 6+/# -+# 782# 3+0(),2/'0# 782# 682,2# (2/# )0*2/2('0*2;# I*)-# <# @'(*'#
2=23*):'#8*)-)1'/#-'#5I()3'#20#2-#'8-'#3+5+#'6+<+%#
! #H0#0)g+(#3+0#-)5)*'3)+02(#=9()3'(#-'#5I()3'#=':+/232#(8#'8*+3+03)203)'#3+/6+/'-;#
'<8,'# '# ,2()[email protected]).)/(2;# 52G+/'# (8# 6()3+5+*/)3),',# <# ='3)-)*'# (8# )0*24/'3)D0%Z7(-)
#,"*#) #) 1/+/1(0) D(\/0) -") 1"(0F/) ,) $(-) F(0D%&() G"() +%H/-) 1/+) 1%(0&/-) 1/DF$(\/-) ,)
*%.%1"$&#*(-)-()*(-%+2%E#+Y3)
! #H0# 0)g+(# 3+0# ,)=)38-*',2(# ,2# 3+56+/*'5)20*+# -'# 5I()3'# /248-'# (8#
3+56+/*'5)20*+# <# 52G+/'# (8# '*203)D0%Z9"#+*/) &%(+(-) +%H/-) %+G"%(&/-) ,) 0('/$&/-/-)
(+)$#)1$#-()#)&0#'X-)*()$#)DU-%1#B)*()$#)%+&(0%/0%I#1%K+)*($)0%&D/B)*()$#)(SF0(-%'%*#*)
1/0F/0#$B)*($)1#+&/B)333)-()1/DF/0&#+)D(\/0Y3)
! #H0# 0)g+(# 3+0# ,)=)38-*',2(# ,2# '6/20,)1'G2# -'# 5I()3'# 52G+/'# -'# ,)(3/)5)0'3)D0#
'8,)*):'# <# -'# 2([email protected]';# 52G+/'# 20# 4202/'-# *+,'# (8# '*203)D0# <# /2=82/1'# +*/+(#
'6/20,)1'G2(%#Z6,"*#)#)10(#0)"+)1$%D#)&0#+G"%$/B)-%)F/+(-)DU-%1#)#*(1"#*#)F#0#)($$/)
&()F(0D%&()G"()-(-%K+)&0#-)-(-%K+)#M"*%1(+)$#)*%-10%D%+#1%K+)#"*%&%'#Y3)
! #H0# 0)g+(# 3+0# ,)=)38-*',2(# 20# 2-# -2048'G2# -'# 5I()3'# 3+0*/).8<2# '# 52G+/'/# -'#
/2-'3)D0# 3+0# -+(# ,25A(# '<8,'0,+# '# (862/'/# (8(# ,2=)3)203)'(;# 2(*)58-'# 6'/'#
'6/20,2/# <# 3+0*/).8<2# ,2# 5'02/'# 2=23*):'# 20# -'# ',78)()3)D0# ,2-# -2048'G2%# Z7(-)
#,"*#)#)/$'%*#0-()*()&/*/),)$(-)1(+&0#)$#)#&(+1%K+)F#0#)$#)(D%-%K+)*()-/+%*/-Y3)
! #H0# 0)g+(# 62/*2023)20*2(# '# 5)0+/9'(# l*0)3'(# -'# 5I()3'# '8520*'# -'# /2-'3)D0# <# -'#
3+580)3'3)D0#3+0#(8#4/86+#,2#3-'(2%#Z7(-)#,"*#)#)$#)1/D"+%1#1%K+)(+)($)M0"F/B)&%(+()
#$M/) G"() $(-) #&0#() G"() $(-) #M$"&%+#3) 5$$/-) -() -%(+&(+) DR-) 0($#\#*/-) \"+&/) 1/+) -"-#
1/DF#H(0/-)1"#+*/)(-&R)F0(-(+&(Y3)
! #H0#0)g+(#/23)l0#--24',+(#'#3-'(2#-'#5I()3'#='3)-)*'#(8#)0*24/'3)D0%#Z7#)DU-%1#B)($)
&/1#0) %+-&0"D(+&/-) \"+&/-B) ($) 1#+&#0) (+) 1/0/B) $(-) #,"*#) #) 1/+/1(0-() ,) #) %+&(0F0(&#0)
D(\/0)1/+)-"-)1/DF#H(0/-Y)
! #H0# 0)g+(# 3+0# 80# ,2(*'3',+# *'-20*+# -'# 5I()3'# '8520*'# (8# '8*+2(*)5'# <# -2(#
62/5)*2# ,)(=/8*'/# ,2# 80# 5+,+# 3+0(3)20*2;# 6+*203)'0,+# (8# ,2('//+--+%) Z5-) "+#)
2(00#D%(+&#) *() #F0(+*%I#\() D",) %+&(0(-#+&() F#0#) (-&/-) #$"D+/-) F/0G"() $(-) $$('#)
(+-(M"%*#) #) 1#F&#0) 0RF%*#D(+&() $#-) #1&%'%*#*(-) D"-%1#$(-) ,) #"D(+&#) -")
10(#&%'%*#*Y3)
h25+(# 3+5+# -+(# 6/+=2(+/2(# ,2(3/).20# ,2*'--','520*2# 2-# )0*2/l(# 782# *)202# -'#
5I()3'# 20# 2-# */'.'G+# ,2# '8-'# 20# /2-'3)D0# '# 3','# 80'# ,2# -'(# 0232(),',2(# 782# (2#
5'02G'.'0# 20# 2-# 2(*8,)+%# C+(# 6/+=2(+/2(# (2g'-'0# 782# -'# 5I()3'# 2(# )0*2/2('0*2#
$]!#
8*)-)1'/-'#()256/2#3+0#*+,+(#-+(#0)g+(#782#*204'0#38'-78)2/#0232(),',#2(623)'-%#H-#
5+*):+# 5A(# /238//),+# 2(# 2-# 782# (2# /2=)2/2# '# -'# .+0,',# ,2# -'# 5I()3'# 6'/'#
6/+6+/3)+0'/#'-24/9'#<#=2-)3),',#'#l(*+(#0)g+(%#C2#()4820#-+(#5+*):+(#*/'078)-)1'#<#
/2-'G';# ='3)-)*'# -+(# '6/20,)1'G2(;# 52G+/'# -'(# /2-'3)+02(# 62/(+0'-2(# 2# )0*24/'# <#
=)0'-520*2#2(#5+*):',+/'%#
H0# /2(8520;# 620('5+(# 782# 2(*'# 582(*/'# ,2# ='3*+/2(# 782# -+(# 6/+=2(+/2(# @'0#
5+(*/',+#6'/'#,2(3/).)/#2-#)0*2/l(#782#*)202#-'#6/2(203)'#,2#-'#5I()3'#20#2-#*/'.'G+#
,2#'8-'#3+0#2(*+(#0)g+(;#6+02#,2#5'0)=)2(*+#782#-'##5I()3'#(2#()*I'#20#80#0):2-#'-*+#
,2# )0*2/l(# <# 782# 2(*'# 6/2(203)'# 2(*A# 6-20'520*2# G8(*)=)3','# 20# 38'-78)2/'# ,2# -'(#
0232(),',2(#2(623)'-2(#6-'0*2','(%#
B%# h'-+/'3)D0# 782# @'320# -+(# 6/+=2(+/2(# (+./2# 2-# ,2('//+--+# ,2-# 38//938-85# ,2#
5I()3'# 20# (8(# '8-'(%# F248),'520*2# 5+(*/'/25+(# -'(# 382(*)+02(# 5A(# /2-2:'0*2(#
2>*/'9,'(#,2#-'(#/2(682(*'(#25)*),'(#6+/#-+(#6/+=2(+/2(%#
! H>)(*2# 80'# 3+0(),2/'3)D0# =82/*2# ,2# -'# ,)=)38-*',# 6'/'# ,2('//+--'/# 2-# 38//938-85#
,2#5I()3'#'#0)g+(#3+0#0232(),',2(#2,83'*):'(#2(623)'-2(%#
! #H0*)20,20#3+0#3-'/),',#-'(#,)=2/20*2(#3'6'3),',2(#,2#-+(#0)g+(#6'/'#'332,2/#'-#
38//938-85# ,2# 5I()3'%# ?()5)(5+;# -+(# 6/+=2(+/2(# (2# /2=)2/20# '# -'# )48'-,',# ,2#
+6+/*80),',2(# 20# 2-# '6/20,)1'G2# 3+5+# 80# ,2/[email protected]+%# E2/+# 20# -'# 6/A3*)3';# -+(#
6/+=2(+/2(# 0+# ,)=2/203)'0# 2-# 38//938-85# ,2# 5I()3'# 20# =803)D0# ,2# -'(# -)5)*'3)+02(#
,2#2(*+(#0)g+(%#
! #M'0)=)2(*'0#782#2(#80#*25'#'-#782#2(#0232('/)+#,'/#5'<+/#)56+/*'03)'%#E)20('0#
20# 0)g+(# 3+0# 6/+.-25'(# ,2# 3++/,)0'3)D0# =9()3'# 6'/'# .')-'/# +# 6'/'# *+3'/#
)0(*/8520*+(;#,)=)38-*',2(#6'/'#525+/)1'/#<#'*20,2/#2-#0+/5'-#*/'0(38//)/#,2#80'#
3-'(2;#0)g+(#,25'()',+#*95),+(;#0)g+(#3+0#='-*'#,2#'8*+2(*)5';#2*3%#M'0)=)2(*'0#782#
2(#)56+/*'0*2#)03-8)/#'#*+,+(#2--+(#,2#*'-#5'02/'#782#203820*/20#80#3'5)0+#20#2-#
38'-#*+,+(#2--+(#(2#()20*'0#)56-)3',+(#<#782#682,'0#-+4/'/#3+0#l>)*+#(8(#+.G2*):+(#
,)(2g',+(#'#(8#G8(*'#52,),'%#_)2020#782#(20*)/(2#:'-+/',+(#<#782#2-#/2(*+#,2#(8(#
3+56'g2/+(#-2(#'<8,20#6'/'#782#(2#()20*'0#2(623)'-2(%#_'5.)l0#)0,)3'0#782#'#-+(#
0)g+(# 3+0# 3)2/*+# *'-20*+# 20# -'# 5I()3'# (2# -2(# ,2.2# ,2# '()40'/# 5'<+/2(# /2*+(# 6+/#
203)5'#,2#-'#52,)'%#E2,)/-2(;#6%#2G%#782#*+7820#-+(#)0(*/8520*+(#,2#80'#=+/5'#5A(#
3+56-2G';#782#)0*2/6/2*20#6'('G2(#)0(*/8520*'-2(#20#(+-)*'/)+;#782#(2#'3+(*85./20#
'-#8(+#,2#80#-2048'G2#58()3'-#5A(#3+56-2G+;#782#,2(3/).'0#-+#782#2(*A0#@'3)20,+;#
782#'3*I20#,2#,)/23*+/2(#20#-'(#3-'(2(#,2#)0(*/8520*'3)D0;#2*3%#
! #C'# 5'<+/# ,)=)38-*',# 203+0*/','# 2(# -'# 2(3'('# =+/5'3)D0# (+./2# 2-# *25'# ,2# -'#
)03-8()D0#20#5I()3'%#C+(#6/+=2(+/2(#20*)20,20#782#-'#=+/5'3)D0#58()3'-#782#/23).2#
80#2(623)'-)(*'#,2#2,83'3)D0#58()3'-#20#-'(#80):2/(),',2(#2(#.A()3'%#?-24'0#782#0+#
/23+42# *+,+(# -+(# 3+0326*+(# *2D/)3+(# <# 6/A3*)3+(# 0232('/)+(# 6'/'# -'# '*203)D0#
2,83'*):'#'#-'#,):2/(),',#,2(,2#-'#5I()3'%#M'0)=)2(*'0#20#2(*2#(20*),+#782#6'/'#782#
2(*'# =+/5'3)D0# (2'# 3+56-2*'# ,2.2# ,'/# '# 3+0+32/# 2-# 38//938-85# ,2# 5I()3'# 20# -'#
2,83'3)D0#6/)5'/)'#,2#5'02/'#6/+=80,'#<#,)=2/203)','%#
#
3*'#!'3,$(&)!"#!$%&'"#(&)
H0#/2-'3)D0#'#-'(#),2'(#8#+6)0)+02(#782#-+(#6/+=2(+/2(#6/+6+0,/9'0#'32/3'#,2-#8(+#
,2# -'# 5I()3'# 38'0,+# 20# (8(# 6/A3*)3'(# 2,83'*):'(# ,2.9'0# '*20,2/# '# 0)g+(# 3+0#
0232(),',2(#2(623)'-2(;#-+(#/2(8-*',+(#+.*20),+(#'680*'/+0#'#80'#4/'0#:'/)2,',#,2#
$]f#
/2=-2>)+02(# ,)=2/20*2(# 782# )03),9'0# 20# 2(*2# *25';# ),20*)=)3'0,+# ,+(# *)6+(# ,2#
@'--'14+(#3+5+#-+(#5A(#)56+/*'0*2(#20#2-#*25'#,2#-'#5I()3'#20#-'#)03-8()D0X#
! #C+(# 6/+=2(+/2(# (2# /2=)2/20# '-# '-*+# )0*2/l(# 782# *)202# -'# 6/2(203)'# ,2# -'# 5I()3'%#
H0*)20,20#782#-'#5I()3'#G824'#80#6'62-#)56+/*'0*9()5+#20#-'#)0*24/'3)D0#,2#*+,+(#
-+(# 0)g+(# <# 782# 2(# 80'# @2//'5)20*'# ,2# 4/'0# :'-+/# 2,83'*):+# 6'/'# *+,+(# -+(# 0)g+(#
6+/# )48'-%# S2(8-*'# 80# 52,)+# 2>3263)+0'-# ,2# )0*24/'3)D0# (+3)'-# <# ,2# 3+580)3'3)D0#
)0*2/62/(+0'-# 20# -'(# '8-'(%# H0# 2(*2# (20*),+# :25+(# 3+5+# 2-# 6/)03)6'-# +.G2*):+#
58()3'-#782#(2#5'/3'#2-#6/+=2(+/#38'0,+#(2#203820*/'#3+0#-'#,):2/(),',#20#2-#'8-'#
2(#782#20#2(2#*)256+#-+(#0)g+(#G824820#3+0#-'#5I()3';#3+56'/*'0#-+(#)0(*/8520*+(#
3+0# (8(# 3+56'g2/+(;# 2>62/)520*20# 3+0# -+(# (+0),+(;# 3'0*20;# .')-20;# 782# (2'# 80#
5+520*+# ,2# ,)(=/8*2%# F)0# 25.'/4+;# 2-# '332(+# '# 80'# 20(2g'01'# ,2# -'# 5I()3'#
3+56-2*'#782,'#20#20*/2,)[email protected]+#<'#782#3'/2320#,2#6/+4/'5'(#,)=2/203)',+(#6'/'#-'#
'6-)3'3)D0# ,2-# 38//938-85# ,2# 5I()3'%# F2# 6+02# ,2# 5'0)=)2(*+# 782# l(*2# 0+# 2(#
,)=2/203)',+#20#+/,20#'#782#*+,+(#-+(#0)g+(#(2'0#3'6'32(#,2#'332,2/#'-#'6/20,)1'G2#
20#80+(#0):2-2(#'6/+6)',+(#'#(8(#/2(623*):'(#3'6'3),',2(#6'/'#'6/20,2/%#
! #a2(*'3'/# 782# -+(# 6/+=2(+/2(# ,2=)20,20# 3+0# 3-'/),',# -'# 0232(),',# ,2# 80'#
=+/5'3)D0#2(623)'-)1','#20#-'#2,83'3)D0#58()3'-#6'/'#'*20,2/#'#-'#,):2/(),',%#C'(#
+6)0)+02(# '0'-)1','(# 0+(# 62/5)*20# 3+0=)/5'/# 782# 20# R'-)3)'# 2(*'# =+/5'3)D0# ,2-#
6/+=2(+/',+# 2(# 58<# 2(3'('# <# ,2=)3)20*2;# 3'/23)20,+# ,2# 6/+4/'5'(# ',238',+(# 2#
)56+().)-)*'0,+#.820'(#6/A3*)3'(%#
C'# 6/)03)6'-# 3+03-8()D0# ,2-# 2(*8,)+# 2(# 782# -'# 5I()3'# ,2.2# (2/# 6'/'# *+,+(# <# 782#
*'5.)l0# ,2.2# ,2# --2:'/(2# '# 3'.+# 20# *+,'(# -'(# '3*):),',2(# 782# (2# 3+0(*)*8<'0# 20#
'56-)'3)+02(#,2-#38//938-85#T6%#2G%;#('-),'(#'#3+03)2/*+(#,),A3*)3+(W%#C'#6+().)-),',##
,2# '332(+# '# -'# 5I()3'# ,2.2# (2/# '6-)3'.-2# '# *+,+(# -+(# '-850+(# <# ',25A(# @'<# 782#
6/+6+/3)+0'/# 2>62/)203)'(# )56+/*'0*2(# *'5.)l0# 6'/'# *+,+(%# H0# 2(*2# (20*),+;# 2(#
0232('/)+# 782# ,8/'0*2# -'# =+/5'3)D0# ,2-# =8*8/+# 5'2(*/+;# -+(# 6/+=2(+/2(#
80):2/()*'/)+(#2(*'.-213'0#<#,20#'#3+0+32/#-'(#2>623*'*):'(#,2#'6/20,)1'G2#58()3'-#
6'/'# *+,+(# -+(# 0)g+(;# )03-8<20,+# '-850+(# <# '-850'(;# '-850+(# 3+0# 0232(),',2(#
2,83'*):'(# 2(623)'-2(;# '-850+(# 3+0# )03'6'3),',2(;# '-850+(# 3+0# *+,+# *)6+# ,2#
+/94202(# (+3)'-2(# <# 38-*8/'-2(;# ,2# ,)=2/20*2(# 4/86+(# l*0)3+(;# ,2# +*/'(# -2048'(;# 2*3%#
a2.2# '(248/'/(2# 782# 2-# =8*8/+# 5'2(*/+# (26'# 'G8(*'/# -'# 20(2g'01'# 58()3'-# '# -'(#
0232(),',2(# ,2# -+(# '-850+(# 3+0# -+(# 782# (2# :'# '# 203+0*/'/# 20# 2-# '8-'%# a2.2# ('.2/#
/2(62*'/-+(#<#(2/#3+0(3)20*2#,2#-'(#2>)4203)'(#782#2(*'.-232#-'#-2<#20#-+#/2-'3)+0',+#
3+0#-'#)48'-,',#,2#+6+/*80),',2(#782#(2#/2=)2/2#'#-'#/'1';#(2>+#2#)03'6'3),',%#C+(#
6/+=2(+/2(#*'5.)l0#0232()*'0#),20*)=)3'/#<#62/5)*)/#2-#,2('//+--+#,2#-+(#0)g+(#3+0#
*'-20*+#20#5I()3'%#
)
'03$'!,!'"#(&)3,*,)+%6%*,&)!"#&'2(*,!'"#(&)
a2#*+,+(#2(*+(#'(623*+(#,2(*'3',+(#20#2-#2(*8,)+#(2#682,20#2>*/'2/#-'(#()48)20*2(#
)56-)3'3)+02(X#
$%Y# C'# =+/5'3)D0# )0)3)'-# ,2-# 6/+=2(+/',+# 3+0(*)*8<2# 80# /2=2/20*2# .A()3+# ,2# -'#
6/26'/'3)D0# ,2-# 6/+=2(+/',+# 6'/'# 2-# 2G2/3)3)+# 6/+=2()+0'-%# E+/# 2(+;# 2(#
)56/2(3)0,).-2# 3+032,2/-2# 80'# '*203)D0# 2(6239=)3'# '# -'# 2,83'3)D0# 58()3'-# 6'/'#
,):2/(),',%# H0# /2-'3)D0# '# -'# =+/5'3)D0# )0)3)'-# ,2# -+(# 5'2(*/+(;# -'# ()*8'3)D0# ,2#
082(*/+# 3+0*2>*+# 2>)42# 80'# /2=-2>)D0# ,2(,2# 2-# A5.)*+# 80):2/()*'/)+# 20# *+/0+# '# -'#
$]\#
2(3'('# 3'6'3)*'3)D0# 20# 2(*2# *)6+# )0*2/:203)D0# 2,83'*):'# ,2# -+(# 6/+=2(+/2(# 782#
=+/5'5+(%#
B%Y# H(# 0232('/)+# )03/2520*'/# -'# 3+56/20()D0# ,2# -'# 5I()3'# 20# -'# ,):2/(),',%#
K0:2(*)4'/#20#78l#=+/5'#-'#5I()3'#682,2#'<8,'/#'#-+(#0)g+(#3+0#,)=)38-*',2(#=9()3'(;#
6(978)3'(;# ,2# '6/20,)1'G2;# ,2# 3+56+/*'5)20*+;# 2*3%# F'.25+(# 782# -'# 5I()3'# 682,2#
(2/#I*)-#'#-'#@+/'#,2#'0)5'/-+(;#,2#)56-)3'/-+(;#'#-'#@+/'#,2#782#:'<'0#52G+/'0,+#(8#
'8*+2(*)5'# <# (8# (248/),',;# 62/+# 20# 2-# *25'# ,2# -'# '*203)D0# '# -'# ,):2/(),',# ,2-#
'-850+#2(#=80,'520*'-#)/#5A(#'--A%#
!%Y_/'.'G'/# 3+0# +/4'0)(5+(# 0'3)+0'-2(# <# '(+3)'3)+02(# 782# '*)20,'0# *+,'(# -'(#
0232(),',2(#2,83'*):'(#2(623)'-2(#6'/'#3+0*/).8)/#'#80#3+0+3)5)20*+#(D-),+#(+./2#
3D5+#--2:'/#'#3'.+#-+(#/2782/)5)20*+(#+=)3)'-2(#<#(2#=':+/213'#2-#,2('//+--+#,2#80'#
:)()D0#[email protected]/20*2#<#'56-)'#(+./2#3D5+#(2#682,2#)0*24/'/#-'#5I()3'#20#2-#'8-'%#
f%Y# a2(*'3'/# =)0'-520*2# 782# -'# 2-'.+/'3)D0# ,2# 489'(# 782# 3+0*256-20# 80'# 3-'/'#
,)=2/203)'3)D0#,2#-+(#+.G2*):+(#58()3'-2(#'#.8(3'/#<#,2#-'(#'3*):),',2(#58()3'-2(#'#
/2'-)1'/# (2# 2/)42# 3+5+# 80'# -902'# ,2# '33)D0# 6/)+/)*'/)'# 6'/'# ,'/# /2(682(*'# '# -'(#
2>)4203)'(# <# /2782/)5)20*+(# /23+4),+(# 20# 2-# 38//938-85# +=)3)'-# ,2# -'# 2,83'3)D0#
6/)5'/)'%##
#
-'-$'".*,+c,)
?CFKO?;#E%#TB]]fW%#C'#=+/5'3)D0#)0)3)'-#,2-#6/+=2(+/',+#20#-'(#2*'6'(#,2#2,83'3)D0#
6/)5'/)'# <# ,2# 2,83'3)D0# (2380,'/)'%# ||hK# &+0=2/203)'# K0*2/0'3)+0'-# KFMH;#
_202/)=2;#$^UY$VB%#
JSHFCHS;# C%# TB]]"W%# T#0#*%MD#-) 1"#$%&#&%'/-) (+) $#) %+'(-&%M#1%K+) (+) (*"1#1%K+)
D"-%1#$3# a9'1;# M%# T&+56%W;# K0*/+,833)D0# '# -'# )0:2(*)4'3)D0# 20# 2,83'3)D0# 58()3'-%#
M',/),;#H03-':2#&/2'*):';#"]YVB%#
MKOKF_HSKN# aH# Han&?&K{O# Q# &KHO&K?# TB]]"W%# S2'-# a23/2*+# $\$!qB]]"# 6+/# 2-#
782# (2# 2(*'.-2320# -'(# 20(2g'01'(# 590)5'(# 20# 2,83'3)D0# 6/)5'/)'%# TJNH# ,2# V# ,2#
a)3)25./2#,2#B]]"W%#
ES?nFH;# &%# TB]]"W%# _/'*'5)20*+# ,2# -'# 5I()3'# 20# '-850+(# 3+0# 0232(),',2(#
2,83'*):'(#2(623)'-2(%#5"./+J#B)8%*R1&%1#)*()$#)[U-%1#;#!^;#^YB]%#
F?JJ?_HCC?;# E%# TB]]"W%# C'# )03-8()D0# ,2-# '-850',+# 3+0# 0232(),',2(# 2,83'*):'(#
2(623)'-2(X#80'#62/(623*):'#28/+62'%#5"./+J#B)8%*R1&%1#)*()$#)[U-%1#;#!^;#^BY^U%#
|nO_?#aH#R?CK&K?#TB]]UW%#&20*/+(#,2#H,83'3)D0#E/)5'/)'#)0*24/',+(#,2#R'-)3)'%#
&+0(2--2/9'#,2#H,83'3)D0#2#N/,20'3)D0#n0):2/()*'/)'%#
$]"#
#
#
#
#
#
#
'2(,&)!$,5()(#)$,)+"*0,!'1#)2($),$%0#,2")!"#)62,G)
#
iAC<),=LA=9A)*:D:>g=)*PD9A)
,=LA=9:)0p)&[email protected])[email protected]:8A)
n0):2/(),',#,2#M8/3)'#
)
*(&%0(#)
n0+# ,2# -+(# +.G2*):+(# 6/)03)6'-2(# ,2-# ()(*25'# 2,83'*):+# 2(# -'# )03-8()D0#
(+3)+2,83'*):'# ,2-# '-850',+;# 4'/'0*)1'0,+# -+(# 6/)03)6)+(# ,2# 0+/5'-)1'3)D0;#
3+5620('3)D0;#)03-8()D0;#)0*2/38-*8/'-),',#<#278),',%##
F)#6'/*)5+(#,2#2(*+(#+.G2*):+(;#-+(#'-850+(#3+0#_a?Z#(+0#80#3+-23*):+#20#3/23)20*2#
'8520*+# <# 782# 6/2(20*'0# ,l=)3)*(# 320*/'-2(# ,2# -'(# =803)+02(# 2G238*):'(%# H(*+(#
,l=)3)*(#)03),20#024'*):'520*2#20#*+,+(#<#3','#80+#,2#-+(#6/)03)6)+(#'0*2/)+/2(%#C'#
2(382-'# <# -+(# 6/+=2()+0'-2(# ,2# -'# 2,83'3)D0# ,2.2/9'0# ,2# ,)(6+02/# ,2# '/48520*+(#
6'/'# 80# 5'<+/# '32/3'5)20*+;# 3+56/20()D0# <# 3+0+3)5)20*+# (+./2# -'(# 2(*/'*24)'(#
+/4'0)1'*):'(# <# 38//)38-'/2(# 6'/'# /2(6+0,2/# '# -'(# 0232(),',2(# 782# 2(*2# *)6+# ,2#
'-850',+#6/2(20*'%#
3:B:D8:C)MB:E?F)'*203)D0o#@)62/'3*):),',o#,l=)3)*o#','6*'3)D0#38//)38-'/#
#
#
I(4)'2(,&)'#)6G()6*,'#'#.)"+)&6%2(#6&)H'6G),2G2)
)
,-&6*,!6)
N02# +=# *@2# 5')0# +.G23*):2(# +=# *@2# 2,83'*)+0# (<(*25# )(# *@2# )03-8()+0# +=# (+3)+#
(*8,20*(;# 20(8/)04# *@2# 6/)03)6-2(# +=# 0+/5'-)1'*)+0;# 3+5620('*)+0;# )03-8()+0;#
58-*)38-*8/'-)(5#'0,#278)*<%#
K=# p2# (*'/*# p)*@# *@2(2# 4+'-(;# (*8,20*(# p)*@# ?aZa# '/2# 4/+p)04# 3+--23*):2# ,2=)3)*(#
@':2#)03/2'(2,#'0,#320*/'-#2>238*):2#=803*)+0(%#[email protected](2#,2=)3)*(#',:2/(2-<#'==23*#2'[email protected]#
'0,# 2:2/<# +02# +=# *@2# '.+:2# 6/)03)6-2(%# [email protected]# ([email protected]++-# '0,# 2,83'*)+0# 6/+=2(()+0'-(#
(@+8-,# 6/+:),2# '/48520*(# =+/# '# 4/2'*2/# 3-+(202((;# 80,2/(*'0,)04# '0,# b0+p-2,42#
'.+8*#+/4'0)1'*)+0'-#(*/'*24)2()'0,#38//)38-85#*+#522*#*@2#022,(#+=#*@2(2#(*8,20*(#
6/2(20*2,%#
I?7)JA8>CF#'**20*)+0o#@<62/'3*):)*<o#,2=)3)*(o#','6*)04#38//)38-85#
$]^#
Yba)'#6*"2%!!'1#)
H(*'# 3+580)3'3)D0# *)202# 3+5+# +.G2*):+# 3+-'.+/'/# 20# -'# 52G+/'# ,2# -'# 3'-),',# ,2##
20(2g'01'# ,2-# '-850',+# 3+0# _a?YZ# 6'/'# 782# 2(*2;# '-3'032# 2-# 5A>)5+# ,2('//+--+#
6+().-2#,2#*+,'(#(8(#3'6'3),',2(;#)0,):),8'-2(#<#(+3)'-2(;#)0*2-23*8'-2(;#38-*8/'-2(#<#
25+3)+0'-2(;#'*20,)20,+#'#(8(#6/+6)'(#0232(),',2(%#
_+,'#-'#3+580),',#2,83'*):'#@'#,2#3+-'.+/'/#20#-'#3+0(2383)D0#,2#,)[email protected]+#+.G2*):+%#
E'/'# 3+0(248)/# 2-# l>)*+# 2(3+-'/;# (2/A# 0232('/)+# 2-# 2(=82/1+# 3+56'/*),+# ,2#
'-850',+;# ='5)-)'(;# 6/+=2(+/',+;# 320*/+(# ,+320*2(;# 62,)'*/'(;# 6()78)'*/'(;# 320*/+(#
,2#('-8,#520*'-;#',5)0)(*/'3)D0#2,83'*):'#<#('0)*'/)'#<#(+3)2,',#20#(8#3+0G80*+%#
_+,+(# -+(# 2(=82/1+(# 203'5)0',+(# '# 6/+6+/3)+0'/# 80# '6+<+# 6'/'# 6/+6+/3)+0'/# '-#
'-850+# 3+0# _a?YZ# 80'# 2,83'3)D0# ',238','# '# (8(# 3'/'3*2/9(*)3'(# <# 0232(),',2(;#
(24I0# 2-# 6/)03)6)+# ,2# 278),',;# 782# 80),+# '-# ,2# 3'-),',# <# '-# ,2# /2(62*+# '# -'#
,):2/(),',#=803)+0'-;#4'/'0*)1'/A0#80'#2,83'3)D0#)03-8():'%#
#
Sba)!"#!(36")
&8'0,+# @'.-'5+(# ,2# _a?YZ# 0+(# 2(*'5+(# /2=)/)20,+# '# 80# 4/86+# ,2# */'(*+/0+(#
2(3+-'/2(# <# 0+# 2(3+-'/2(;# 782# (2# 5'0)=)2(*'0# *'0*+# 3+5+# ,)=)38-*',2(# 6'/'# 2-#
'6/20,)1'G2;#3+5+#,)=)38-*',2(#6'/'#-'#','6*'3)D0#='5)-)'/;#2(3+-'/#<#(+3)'-%#
H-# _a?Z# 2(# 80# */'(*+/0+# 3'/'3*2/)1',+# 6+/# 80'# ,)=)38-*',# 6'/'# 5'0*202/# -'#
'*203)D0;# 6+3'# @'.)-),',# 6'/'# 6/+32('/# -'# )0=+/5'3)D0# ,2.),+# '# -'# ,)(*/'33)D0#
5+,2/','# +# (2:2/';# )078)2*8,# 5+*+/';# )02(*'.)-),',# 25+3)+0'-# <# 3+0,83*'(#
)568-():'(#TJ'/b-2<;#B]]"W%#H0#(8#,2=)0)3)D0#6+,25+(#203+0*/'/#782#(2#*/'*'#,2#80#
*/'(*+/0+#58-*)='3*+/)'-#3+0#80'#.'(2#028/+.)+-D4)3'#<#6/2,)(6+()3)D0#420l*)3'#782#
)0*2/'3*I'#3+0#='3*+/2(#'5.)20*'-2(%#H(#2-#*/'(*+/0+#6()78)A*/)3+#5A(#=/23820*2#20#
-'#2,',#)0='0*+YG8:20)-#782#)0*2/=)2/2#20#2-#,2('//+--+#)0*24/'-#,2#-'#62/(+0'#20#-'(#
A/2'(# (+3)'-;# '3',l5)3'# <# '=23*):'# ',25A(# ,2# -'# 6/)52/'# 3'8('# ,2# =/'3'(+# <#
'.(20*)(5+#2(3+-'/%#
H0# (8# 2*)+-+49'# 203+0*/'5+(# 782# -'# 6/)03)6'-# 3'8('# 2(# -'# 420l*)3'# [email protected]'(*'# 2-# ^\rW#
2(*'0,+# )56-)3',+(# -+(# 4202(# aSaf# <# a?_$# /2-'3)+0',+(# 3+0# 2-# 028/+*/'0(5)(+/#
,+6'5)0'#TP2--'0,;#&@)+,+;#$UU"W%#?,25A(;#2(#80#*/'(*+/0+#028/+.)+-D4)3+#<'#782#
20#2(*8,)+(#,2#028/+)5'420#,2582(*/'0#782#@'<#/24)+02(#32/2./'-2(#'=23*','(#20#
0)g+(#3+0#_a?YZ#T3+/*21'#6/2=/+0*'-;#2-#382/6+#3'--+(+#<#-+(#4'04-)+(#,2#-'#.'(2W%#
N*/+(#='3*+/2(#/2-'3)+0',+(#682,20#2>6-)3'/#20*/2#2-#B]#<#2-#!]r#,2#-+(#3'(+(#<#(+0#
-+(#='3*+/2(#62/)0'*'-2(;#3+56-)3'3)+02(#)0*/'6'/*+;#'-*+(#0):2-2(#,2#6-+5+;#2*3%#
H0# )0:2(*)4'3)+02(# /23)20*2(# ,2(,2# -'# 028/+.)+-+49'# 3+0# _HE# T6+5+4/'=9'# 6+/#
(5)()D0#,2#3+()*/+02(W#(2#'680*'#'#782#2-#_a?YZ#2(#80'#3+0(238203)'#,2#80#='--+#
,2#-+(#523'0)(5+(#,2#2>3)*'3)D0#2#)[email protected]).)3)D0#,2-#()(*25'#02/:)+(+#320*/'-;#2(*'0,+#
'-*2/',+(# -+(# ,2# )[email protected]).)3)D0# ,2# -+(# )568-(+(;# */',83)l0,+(2# 20# 80# ,l=)3)*# ,2# -'(#
=803)+02(#2G238*):'(#(24I0#e'52*b)0#<#S'6+6+/*#T$UV^W;#'-480'(#,2#-'(#38'-2(#(+0X#
!
C'#525+/)'#,2#*/'.'G+#6'/'#-'#782#2(#)56/2(3)0,).-2#-'#'*203)D0#(+(*20),'%#
!
C'#'8*+//248-'3)D0#,2#-+(#'=23*+(#<#-'#5+*):'3)D0%#
!
C'#)0*2/)+/)1'3)D0#,2-#-2048'G2%#
$]V#
!
C'#3'6'3),',#6'/'#2-#'0A-)()(#<#-'#(90*2()(#,2#-'#)0=+/5'3)D0#<;#6+/#*'0*+;#6'/'#
-'#682(*'#20#5'/[email protected]'#,2#.820'(#2(*/'*24)'(#,2#*/'.'G+%#
H(*+(# ='--+(# 20# -'# )[email protected]).)3)D0Y2>3)*'3)D0# 6+,25+(# 320*/'/-+(# 20# 0):2-2(# .'G+(# ,2#
6/+*290'(# T/2326*+/2(# <# */'0(5)(+/2(# ,2# a+6'5)0'W# 20# ,+(# A/2'(# ,2-# 32/2./+#
3+0+3),'(# 3+5+# 0I3-2+# '338.20(# <# 52(203l='-+# 782# =+/5'0# 6'/*2# ,2-# ()(*25'#
-95.)3+# TE885'-';# F)/:)+;# $UUVWo# /2(6+0('.-2# 2(*2# ,2# -'(# 25+3)+02(# <# ,2#
(20('3)+02(#3+5+#-'#5+*):'3)D0#<#-'#/23+5620('%#H(*'(#:9'(#,2#-'#,+6'5)0'#G824'0#
80#6'62-#3-':2#20#2-#/2=82/1+;#5+*):'3)D0#<#'6/20,)1'G2#,2#=+/5'(#6'/'#'(+3)'/#-+(#
,)(*)0*+(#2(*958-+(#'#-'(#/23+5620('(%##
H-# 2(*)-+# 3+40+(3)*):+# )568-():+# <# -'# 2(3'('# 5+*):'3)D0# 6'/'# 2-# '6/20,)1'G2#
3+0*/).8<20# '-# =/'3'(+# 20# 2-# 3+-24)+;# -+# 782# ,'# -84'/# '# 5'-'# )5'420# 62/(+0'-;#
(20*)5)20*+(#,2#)0(248/),',#<#A0)5+#,26/)5),+%#E+/#()#2(*+#0+#=82/'#(8=)3)20*2;#2-#
A0)5+# ,26/)5),+# ,)(5)08<2# -'# '*203)D0# <# 3+0320*/'3)D0# 2# )03/2520*'# -'#
)568-():),',# <# -'(# 5'-'(# 2(*/'*24)'(# ,2# */'.'G+%# _'5.)l0# (+0# =/23820*2(# -+(#
*/'(*+/0+(# 2(6239=)3+(# ,2-# '6/20,)1'G2# T,)(-2>)';# ,)(4/'=)';# ,)(3'-38-)'W# <# +*/+(#
6/+.-25'(#,2#3+0,83*'#3+5+#-'#'4/2():),',;#3+5+#)0,)3'#M'/,+5)04+#TB]]!W%# H-#
38/(+# 3-90)3+# (82-2# (2/# ,2# *)6+# 3/D0)3+# <# 20# 2-# f]r# ,2# -+(# 3'(+(# -+(# (90*+5'(#
3-90)3+(#62/()(*20#20#-'#:),'#',8-*'#
C+# 3)2/*+# 2(# 782# 0+# *+,+# 2-# '-850',+# ,)'40+(*)3',+# 3+0# _a?YZ# *)202# -'(# 5)(5'(#
3'/'3*2/9(*)3'(;# 0)# 20# 2-# 5)(5+# 4/',+;# ,',+# 782# 2-# */'(*+/0+# 2(# 58<# @2*2/+4l02+%#
H0# '-480+# ,2# 2--+(# 6/2,+5)0'# 2-# ,l=)3)*# ,2# '*203)D0;# 20# +*/+(# -'# # )568-():),',# 2#
@)62/'3*):),',;# <# 20# +*/+(# 3'(+(# (2# ,'# 80'# 3+5.)0'3)D0# ,2# ,l=)3)*# ,2# '*203)D0;#
@)62/'3*):),',#2#)568-():),',%#
#
Xba)!*'6(*'"&)2',.#1&6'!"&)
H-# _a?YZ# 2(# 80# */'(*+/0+# 3/D0)3+# 58<# =/23820*2# <'# 782# (2# 2(*)5'# 782# '-/2,2,+/#
,2-# \r# ,2# -+(# 0)g+(# <# ',+-2(320*2(# -+# *)2020%# F2# ,2.2# '# 5I-*)6-2(# ='3*+/2(#
6/+:+3'0,+# ,)=)38-*',2(# 20# -'# )[email protected]).)3)D0# <# 2-# '8*+3+0*/+-;# -'# 6-'0)=)3'3)D0;# -'#
525+/)'# ,2# */'.'G+# '# 3+/*+# 6-'1+;# =)G'/# -'# '*203)D0# 20# 082:+(# 2(*958-+(# <# -'#
2-233)D0# ,2# )0=+/5'3)D0# /2-2:'0*2# =/20*2# '# -'# )//2-2:'0*2%# E+/# *'0*+;# 0+# 2(#
3+0(238203)'#,2#782#0+#@'<'#('.),+#2,83'/#'#(8#@)G+%#
F8(# (90*+5'(# 6/)03)6'-2(# (+0# )0'*203)D0# +# ,)=)38-*',# 6'/'# 3+0320*/'/(2;#
@)62/'3*):),',# 2# )568-():),',# T6'/2320# )03'6'32(# ,2# 3+0*/+-'/# (8(# /2'33)+02(#
)052,)'*'(# +# ,2# 620('/# '0*2(# ,2# '3*8'/W# )0',238',+(# 6'/'# (8# 2,',%# E82,20#
5'0)=2(*'/(2# *+,+(# +# 6/2,+5)0'/# 2-# ,l=)3)*# ,2# '*203)D0# +# -'# @)62/'3*):),',Y
)568-():),',%#
H(*+(# (90*+5'(# (2# 5'0)=)2(*'0# 20# :'/)+(# 20*+/0+(# T='5)-)';# 2(382-';# '5)4+(W# <;# '#
:232(;#(+0#-+#(8=)3)20*2520*2#)56+/*'0*2(#3+5+#6'/'#'=23*'/#'-#'6/20,)1'G2#<#'#-'(#
/2-'3)+02(#='5)-)'/2(#<#(+3)'-2(%#
F24I0#2-#5'08'-#,2#,)'40D(*)3+(#<#2(*',9(*)3+#aFMYKh#_S#@'<#*/2(#*)6+(#,2#_a?ZX#
_)6+#@)62/'3*):+Y)568-():+%#T$]Y$\rW#
_)6+#)0'*20*+%#TB]Y!]rW#
_)6+# 3+5.)0',+%# E/2(20*'# -'(# */2(# 3'/'3*2/9(*)3'(o# @)62/'3*):),',;# )568-():),',# 2#
)0'*203)D0%#T\]Y^\rW%#
$]U#
c6(0&)2()2(&,6(#!'1#)
!
c6(0&)
2()
'03%$&'5'2,2)
G'3(*,!6'5'2,2a
! M82:2# 20# 2>32(+# 5'0+(# +# 6)2(# +# (2#
! _)202# ,)=)38-*',2(# 20# 5'0*202/# -'# 582:2#20#(8#'()20*+%#
'*203)D0#20#-'(#*'/2'(#+#G824+(#
! F2#-2:'0*'#20#3-'(2#+#20#()*8'3)+02(#
! E'/232# 0+# 2([email protected]'/# 38'0,+# (2# -2# ,+0,2#0+#,2.2%#
! &+//2# +# ('-*'# 2>32():'520*2# 20#
@'.-'#,)/23*'520*2#
! O+# ()482# -'(# )0(*/833)+02(# T6+/# ()*8'3)+02(# 20# 782# 2(# )0'6/+6)',+#
,2(6)(*2W# <# 0+# =)0'-)1'# -'(# *'/2'(# @'32/-+%#
O+#6/2(*'#'*203)D0#'#,2*'--2(#
2(3+-'/2(;#203'/4+(#8#+.-)4'3)+02(#20#2-# ! _)202# ,)=)38-*',2(# 6'/'# G84'/# +#
320*/+#,2#*/'.'G+%#
,):2/*)/(2#20#()-203)+#+#*/'078)-+%#
! _)202# ,)=)38-*',2(# 6'/'# +/4'0)1'/# ! Z'.-'#20#2>32(+%#
*'/2'(#<#'3*):),',2(#
! S2(6+0,2#)568-():'520*2%#
! H:)*'# /2'-)1'/# *'/2'(# 782# /278)2/20# ! _)202# ,)=)38-*',2(# 20# 2(62/'/# (8#
80#2(=82/1+#520*'-#(+(*20),+%#
*8/0+%#
! H>*/':9'# +.G2*+(# 0232('/)+(# 6'/'#
! `/23820*2520*2#
2(*A#
20#
*'/2'(#+#'3*):),',2(%#
5+:)5)20*+;# (82-2# '3*8'/# 3+5+# ()#
! F2# ,)(*/'2# =A3)-520*2# 6+/# 2(*958-+(# *8:)2/'#80#5+*+/%#
)//2-2:'0*2(%#
! K0*2//8562# +# (2# 20*/+52*2# 20# -'(#
! H(# +-:),',)1+# <# ,2(38),',+# 20# (8(# '3*):),',2(#,2#+*/+%#
'3*):),',2(#,)'/)'(%#
#
C+#3)2/*+#2(;#782#20#*+,+(#2--+(#3+2>)(*2#2-#,l=)3)*#'*203)+0'-%#
H-#0)g+#+#',+-2(320*2#3+0#_a?YZ#0+#*)202#20#4202/'-#80#6/+.-25'#,2#)0*2-)4203)'#+#
,2# /'1+0'5)20*+;# ()0+# ,2# +/4'0)1'3)D0# <# ,2# '8*+3+0*/+-# ,2# -'# '*203)D0;# -'(#
25+3)+02(;#-'#3+0,83*'#<#-'#/2-'3)D0#(+3)'-%#
E+/#*+,+#2--+;#2(#=A3)-520*2#3+56/20().-2#-'#)56+/*'03)'#,2#80#,)'40D(*)3+#6/23+1#
<# ,)(6+02/# ,2# -'(# 52,),'(# 0232('/)'(;# ='/5'3+-D4)3'(# <# 0+# ='/5'3+-D4)3'(;#
)0,):),8'-)1','(# 6'/'# 3','# 0)g+# <# ='5)-)';# <'# 782# (2# 3+0()482# 52G+/9'# @'(*'# 20# 2-#
V]r#,2#-+(#3'(+(%#&+0#l(*'(#52,),'(#52G+/'#-'#'*203)D0;#(2#/2,832#-'#)078)2*8,#2#
)568-():),',;#<#(2#'<8,'#'#5'02G'/#-'#3+0,83*'#,2#(8#@)G+;#'#52G+/'/#(8#'8*+2(*)5';#
(8(#*l30)3'(#,2#2(*8,)+#<#-'(#/2-'3)+02(#='5)-)'/2(#<#(+3)'-2(%#
?(9;#20#-+(#3/)*2/)+(#,)'40D(*)3+(#,2-#aFMYKh#_S#'6'/2320#-+(#()48)20*2(X#
?%Y#n0#0):2-#,2#)0'*203)D0;#@)62/'3*):),',#2#)568-():),',#)0',238',+#6'/'#-'#2,',#
,2-# 0)g+# T"# +# 5A(# ,2# -+(# U# 9*25(# ,2# ,2('*203)D0# +# "# +# 5A(# ,2# -+(# U# 9*25(# ,2#
@)62/'3*):),',Y)568-():),',W%#
J%Y#C+(#(90*+5'(#256)21'0#'0*2(#,2#-+(#^#'g+(%#
&%Y#a8/'0#'-#520+(#"#52(2(%#
a%Y#E/+,832#80#,2*2/)+/+#)56+/*'0*2#20#'-#520+(#,+(#'5.)20*2(#,2#(8#:),'#T3'(';#
3+-24)+;#'5)4+(W%#
H%Y#O+#2(#,2.),+#'#+*/+#6/+.-25'#6()78)A*/)3+;#5l,)3+#+#*D>)3+%#
$$]#
a2.2#3856-)/#*+,+(#<#3','#80+#,2#-+(#3/)*2/)+(#(2g'-',+(#T,2#-'#?#'#-'#HW%#
C'(#&+0(2G2/9'(#,2#H,83'3)D0;#&)203)'#2#K0:2(*)4'3)D0#<#-'(#&+0(2G2/9'#,2#F'0),',#<#
&+0(85+#3820*'0#3+0#6/+*+3+-+(#,2#3++/,)0'3)D0#6'/'#-'#,2*233)D0#<#,)'40D(*)3+#
,2#2(*2#_a?YZ#20#0)g+(#20#2,',#2(3+-'/#782#/278)2/2#,2#80'#(2/)2#,2#'3*8'3)+02(#
,2#*/'5)*'3)D0#2#)0*2/3+0(8-*'#,2#)0=+/5'3)D0#<#,+38520*'3)D0#20*/2#)0(*)*83)+02(#
8#+/4'0)(5+(#,2#,)[email protected]'(#&+0(2G2/9'(%#
#
[ba)'2(,&)!$,5()(#)$,)(&!%($,)
H0# -'# 2(382-'# <# 20# 2-# )0(*)*8*+;# 2-# 0)g+# <# 2-# ',+-2(320*2# 3+0# 80# _a?YZ# :'# '#
62/5'0232/# [email protected]'(# @+/'(# ,2# (8# :),';# :'# '# /23).)/# =+/5'3)D0# <# :'# '# '6/20,2/# '#
3+0:):)/#3+0#(8(#3+56'g2/+(%#C'#2(382-'#682,2#(2/#80#-84'/#58<#)56+/*'0*2#6'/'#
-'#3+0*203)D0#<#-'#2,83'3)D0#,2#2(*2#0)g+#3+0#_a?Z;#+#682,2#(2/#*'5.)l0#2-#-84'/#
,+0,2# (2# 6/2(20*20# -+(# 6/)52/+(# (90*+5'(# ,2# )0','6*'3)D0# <# ,2# 80# =/'3'(+#
62/(+0'-;# 782# 2(# [email protected]+# 5A(# 4/':2# 782# 2-# =/'3'(+# 2(3+-'/%# E+/# -+# *'0*+;# ,2.25+(#
)03-8)/#-'#2(382-'#<#-+(#5'2(*/+(#20#2-#6-'0#,2#*/'*'5)20*+#4-+.'-#,2-#0)g+#3+0#_a?Y
Z%#
C+(#6/+=2(+/2(#0232()*'0;#3+5+#6/)52/#+.G2*):+;#3+0+32/#-'#2>)(*203)'#,2-#*/'(*+/0+#
6+/#,l=)3)*#,2#'*203)D0;#3+0#+#()0#@)62/'3*):),',%#[email protected]+(#5'2(*/+(#@'0#+9,+#@'.-'/#
2# )03-8(+# *)2020# 3+0+3)5)20*+# ,2# -'# 2>)(*203)'# ,2# v0)g+(# @)62/'3*):+(w%# Q'# 782;#
',25A(;# (+0# 0)g+(# 782# 5+-2(*'0# 20# -'(# 3-'(2(;# (82-20# (2/# ),20*)=)3',+(# 3+0#
6/+0*)*8,#<#,2/):',+(#'#-+(#(2/:)3)+(#6()3+62,'4D4)3+(#6'/'#(8#2:'-8'3)D0%#
H-#5'2(*/+#,2.2#('.2/#782#(8#'-850+#3+0#_a?YZ#0+#2(#5A(#*+/62#782#-+(#,25A(%#
F2#*/'*'#,2#80#0)g+#+#80#',+-2(320*2#782#682,2#*/'.'G'/#3+0#80#.820#/)*5+#()#(2#-2#
('.2#2(*)58-'/#',238','520*2%#E'/'#2--+#@'32#='-*'#782#2-#5'2(*/+#*204'#3'6'3),',#
6'/'# 6/2:20)/;# 2(*/83*8/'/;# +/4'0)1'/# 62/)+,+(# ,2# */'.'G+# ,2# 3+/*'# ,8/'3)D0;#
2(*'.-232/# 80'# 2(*/[email protected]'# /2-'3)D0# 3+0# 2-# '-850+;# )0,):),8'-)1'/# -'# 20(2g'01'# <#
8*)-)1'/#/2=82/1+(#6+()*):+(%#
H-# 5'2(*/+# *'5.)l0# ,2.2# ('.2/# 782# 2-# '-850+# 5+(*/'/A# '-*2/'3)+02(# 20# (8#
3+0,83*'#38'0,+#-'#*'/2'#(2'#,25'()',+#,)=93)-;#,2#-'/4'#,8/'3)D0;#3+0#(862/:)()D0#
2>32():';#+#()#(2#203820*/'#20#80'#()*8'3)D0#,2#3+0=-)3*+#25+3)+0'-%#
?-#5)(5+#*)256+;#2-#5'2(*/+#2(*'.-232/A#0+/5'(#<#-95)*2(#20#2-#320*/+#<#20#2-#'8-';#
,2#=+/5'#3-'/'#<#',238','#'#-'#2,',#,2-#'-850',+#<#2(*'/A0#:)().-2(;#20#*'0*+#782#
-2(#'<8,'0#'#2(*/83*8/'/(2#<#-2(#,'0#(248/),',%#?80782#(2#'3*I2#20#,2*2/5)0',+(#
5+520*+(# 3+0# 3+56/20()D0;# 0+# (2# @'0# ,2# 5+,)=)3'/# -'(# 0+/5'(# ,2# 3+0:):203)'#
2(*'.-23),'(%#F2#,2.20#'6-)3'/#-'(#3+0(238203)'(#,2/):','(#,2#(8#3+0,83*';#38'0,+#
6/+32,';#,2#5'02/'#6+0,2/','#<#*20)20,+#20#3820*'#2-#:'-+/#,2#-'(#0+/5'(#6'/'#-'#
3+//233)D0%##
"
C'#3/2'3)D0#,2#80#3-)5'#,2#3-'(2#2(*/83*8/',+#<#/2-'G',+#(2/A#=80,'520*'-%##
"
H(#)56+/*'0*2#2-#*+0+#<#:+-8520#,2#:+1#8*)-)1',+#<#62/5)*),+#20#2-#'8-'%##
" F2#@'#,2#8*)-)1'/#-'#3+580)3'3)D0#'(2/*):';#782#0+#)56-)782#(+52*)5)20*+;#62/+#
(9#782#5'0)=)2(*2#=)/521'%##
" F2#@'#,2#2:)*'/#@'32/#3/9*)3'(#+#6+02/#20#2:),203)'#'-#'-850+q'#6I.-)3'520*2%#
H(# 6/2=2/).-2# /2'-)1'/# -+(# 3+520*'/)+(# 20# 6/):',+;# .8(3'0,+# 80'# (+-83)D0# ,2#
5'02/'#3+0G80*'%##
$$$#
" C'(# 3+0:2/('3)+02(# 3+0# 2-# '-850+q'# (2/A0# ./2:2(;# *'0*+# 6'/'# 5+*):'/# 3+5+#
6'/'#3+//24)/#'3*)*8,2(%##
"
F2#@'#,2#2(*'.-232/#80'#/2-'3)D0#,2#/2(62*+#58*8+%#
" F2# @'# ,2# /2(2/:'/# 80# 2(6'3)+# :)().-2# <# '332().-2# 20# 2-# '8-'# 6'/'# 3+-4'/#
)0=+/5'3)D0;#--'5'0,+#-'#'*203)D0#,2-#'-850+q'#38'0,+#@'<'#0+:2,',2(%#
?-480'(#+/)20*'3)+02(#4202/'-2(#782#(2#,2.2/A0#,2#'G8(*'/#20#=803)D0#,2#-'#2,',#<#
0232(),',2(# ,2-# '-850+q'# 3+0# _a?YZ# 80'# :21# /2'-)1','# -'# 2:'-8'3)D0#
6()3+62,'4D4)3'#38'0,+#6/+32,'%##
&8'-78)2/# ',238'3)D0# 38//)38-'/# 6'/*)/A# ,2# -'# E/+4/'5'3)D0# a),A3*)3'# /2'-)1','#
6'/'# *+,+# 2-# 4/86+# 3-'(2# <;# ()256/2# 782# (2'# 6+().-2;# .202=)3)'/A# *'5.)l0# '-# /2(*+#
,2-#'-850',+%##
C'#E/+4/'5'3)D0#a),A3*)3'#2(#2-#)0(*/8520*+#2(6239=)3+#,2#6-'0)=)3'3)D0;#,2('//+--+#
<#2:'-8'3)D0#,2-#38//938-+#782#2-'.+/'0#-+(#278)6+(#,+320*2(;#52,)'0*2#80#6/+32(+#
,2#*+5'#,2#,23)()+02(#782#*)202#3+5+#/2=2/20*2#-'(#3'/'3*2/9(*)3'(#,2-#'-850',+;#2-#
6/+<23*+#2,83'*):+;#-+(#2-2520*+(#.A()3+(#,2-#38//938-+#<#-+(#/'(4+(#2(6239=)3+(#,2#
3','#80'#,2#-'(#A/2'(#+#5'*2/)'(%##
?-480'(#,2#-'(#52,),'(#'#',+6*'/#682,20#(2/X###
" M+,)=)3'/# -'# *256+/'-)1'3)D0# ,2# -'# E/+4/'5'3)D0# ,),A3*)3';# '56-)'0,+# 2-#
*)256+# 6'/'# -'# 3+0(2383)D0# ,2# ,2*2/5)0','(# 3+562*203)'(# .A()3'(;# +.G2*):+(# <#
3+0*20),+(%##
"
F238203)'/#-+(#+.G2*):+(#20#62782g'(#52*'(%##
" E/)+/)1'/# +.G2*):+(# <# 3+0*20),+(# 6'/'# 782# 2-# '-850',+# /2'-)32# '6/20,)1'G2(#
()40)=)3'*):+(%##
" F2-233)+0'/# -+(# +.G2*):+(# <# 3+0*20),+(# 590)5+(# 782# @'# ,2# 3+0(248)/# 2-#
'-850+q';# 2-)5)0'0,+;# ()# =82/'# 0232('/)+;# '782--+(# 520+(# ()40)=)3'*):+(# <#
3+56-2G+(;# ()256/2# 782# 0+# -2# )56),'0# 3+0(248)/# -+(# +.G2*):+(# 590)5+(# 6'/'#
6/+5+3)+0'/#'-#38/(+#()48)20*2%##
" ?,238'/#-+(#5l*+,+(#62,'4D4)3+(#<#3/)*2/)+(#,2#2:'-8'3)D0;#6+/#-+#782#(2#@'32#
0232('/)'# -'# 3++/,)0'3)D0# 20*/2# *+,+(# -+(# 6/+=2()+0'-2(# 782# */'.'G'0# 3+0# 2-#
'-850+q';#6'/'#()(*25'*)1'/#80'#5)(5'#-902'#62,'4D4)3'#,2#*/'.'G+#782#4'/'0*)32#
-'#[email protected]/203)'#<#-'#2=)3'3)'%#)
)
-'-$'".*,+c,)
J?SPCHQ;# S%?# TB]]"W%# 6&&(+&%/+V*(.%1%&) 2,F(0#1&%'%&,) *%-/0*(03) 6) 2#+*E//l) ./0)
*%#M+/-%-)#+*)&0(#&D(+&B#!#2,;#O2p#Q+/b;#[email protected]#R8)-,=+/,#E/2((%###
JKHaHSM?O;# L%;# FEHO&HS%# _%L%# T$UUUW%# 6&&(+&%/+V*(.%1%&?2,F(0#1&%'%&,) *%-/0*(0)
p68^8q)#-)#)+/0#*0(+(0M%1)*%-/0*(0%#J)+-#E(<[email protected])'*/<o#f"X$B!fY$BfB%#
&?S_HS;# S%# T$UUVW%# a#\/) $#) -"F(0.%1%(3) 5+) 5$) +"('/) D#F#) *($) 1(0(E0/%# J'/32-+0';#
K0*24/'-%###
&ZHCnOH;#R%L%;#`HSRnFNO;#}%;#PNNO;#S%#H_#?C%#T$UV"W%#]0/+&#$)$/E()*%-%+2%E%&%/+)%+)
#&&(+&%/+)*(.%1%&)*%-/0*(0%#&@)-,#E(<[email protected])'*/<#'0,#Z85'0#a2:2-+6520*;#$"XBB$YB!B%##
$$B#
R?KOH_aKONh;# S%S%;# }H_FHC;# }%&%;# LNOHF;# F%S%;# CHhKO;# H%a%;# L?JHS;# M%;# &?SNO;#
M%R%#T$UUUW%#4/$()/.)-(0/&/+%+)%+)&2()F#0#V*/S%1#$)1#$D%+M)(..(1&)/.)F-,12/-&%D"$#+&-)
/+)2,F(0#1&%'%&,%#F3)2032;#BV!X!U^Yf]$%##
PHCC?Oa;# M%a%;# &ZKNaN;# C%?%# T$UU"W%# F2/+*+02/4)3# 5+,8-'*)+0# +=# 5),./')0#
,+6'5)02#(<(*25(%#K0X#:2()[/*"$#&%/+)/.)8/F#D%+(0M%1)N("0/&0#+-D%--%/+)E,);&2(0)
N("0/&0#+-D%&&(0-;#?(@.<#&S#L/;#2,%#J+3'#S'*+0;#`CX#&S&#E/2((;#66#V^Y$BB;##
PSnHFK;# M%L%;# S?ENENS_;# L%C%;# Z?MJnSRHS;# F%# 2*# '-%T$UU]W%# 9(0(E0/-F%+#$) .$"%*)
D/+/#D%+()D(&#E/$%&(-B)#MM0(--%/+B)#+*)%DF"$-%'%&,)%+)*%-0"F&%'()E(2#'%/0)*%-/0*(0-)
/.)12%$*0(+)#+*)#*/$(-1(+&-%#?/[email protected]#R20#E(<[email protected])'*/<;#f^Xf$UYfB"%##
C{EHeYKJNS# ?CKáN;# L%# L%;# h?CayF# MKQ?S;# M%# T,)/%W# TB]]BW%# 8L[VW`V:43) [#+"#$)
*%#M+K-&%1/) ,) (-&#*J-&%1/) *() $/-) &0#-&/0+/-) D(+&#$(-%# _2>*+# /2:)(',+%# J'/32-+0'X#
M'((+0#
CNn;#Z%&%;#ZHOSKPFHO;#C%;#JSnZO;#E%#2*#'-%T$UVUW%#L&0%#&#$)*,-."+1&%/+)%+)#&&(+&%/+)
*(.%1%&)#+*)2,F(0l%+(&%1)*%-/0*(0%#?/[email protected]#O28/+-;#f"XfVY\B%##
CNn;# Z%&%;# ZHOSKPFHO;# C%;# JSnZO;# E%# T$UVfW%# ]/1#$) 1(0(E0#$) 2,F/F(0."-%/+) %+)
12%$*0(+) d%&2) *,-F2#-%#) #+*?/0) #&&(+&%/+) *(.%1%&) *%-/0*(0%# ?/[email protected]):2(# +=# # O28/+-+4<;#
f$XVB\YVBU%##
M?SaNMKORN;# M%L%# T$UUfW%# _/'(*+/0+# @)62/3)0l*)3+%# H0# T-%G"%#&0J#) *($) +%H/) ,) *($)
#*/$(-1(+&(_)[X&/*/B)."+*#D(+&/-),)-J+*0/D(-3#M',/),;#a9'1#,2#F'0*+(%###
M?SaNMKORN;#M%L%#TB]]!W%#al=)3)*#,2#'*203)D0#2#@)62/'3*):),',%#H-#*2//)*+/)+#,2#-'#
)078)2*8,%# H0# T-%G"%#&0J#) F#0#) F#*0(-) ,) (*"1#*/0(-%# &)203)'# <# '/*2# %# Bz# 2,)3)D0#
'56-)','%#M',/),;#H,)*+/)'-#O'/32'%#
M?SaNMKORN;#M%L%#TB]]\W%#[/*($/-)+("0/E%/$KM%1/-)(+)($):0#-&/0+/)F/0)8X.%1%&)*()
6&(+1%K+)()^%F(0#1&%'%*#*3#S2:)(*'#H(6'g+-'#,2#E2,)'*/9';#"$T\WX#f\\Yf\U%##
M?SaNMKORN;#M%L%#TB]]"W%#8(&(11%K+)()%+&(0'(+1%K+)(+)$/-)&0#-&/0+/-)*()1/+*"1&#%#
F2480,+#F)56+()+#,2#?3*8'-)1'3)D0#20#_a?Z%#J'/32-+0'%#`80,'3)D0#?a?O?;#&a%##
M?SaNMKORN;# M%L%# TB]]"W%# :0#&#D%(+&/) .#0D#1/$KM%1/) *($) &0#-&/0+/) *() *X.%1%&) *()
#&(+1%K+)()2%F(0#1&%'%*#*%#_)52-<#_+6)3(#)0#M2,)3)02#d#E2,)'*/9'%#ppp%6/+8(%3+5%###
M?SaNMKORN;#M%L%#TB]]^W%#5-&%D"$#+&(-)*()$%E(0#1%K+)F0/$/+M#*#3)9/D(+&#0%/)#)$#)
O"J#) 5"0/F(#) *() &0#&#D%(+&/) *($) :86^3) 5'%*(+1%#-) 1%(+&J.%1#-%# M',/),;# [email protected]'/5'# Ö#
Z2'-*@#&+0(8-*)04%##
EKOH;#a%F%;#&NEC?O;#L%a%;#}?FFHSM?O;#R%?%;#2*#'-%T$UU^W%#N("0/(+*/10%+()0(-F/+-()
&/).(+.$"0#D%+()12#$$(+M()%+)E/,-_)#--/1%#&%/+-)d%&2)#MM0(--%'()E(2#'%/0)#+*)#*'(0-()
0(#0%+M%#?/[email protected]#R20#E(<[email protected])'*/<;#\fXV!UYVf"%##
EnnM?C?;# _%;# FKShKN;# L%# T$UUVW%# 92#+M(-) %+) #1&%'%&%(-) /.) */F#D%+() #+*) -(0/&/+%+)
-,-&(D-)%+)&2().0/+&#$)1/0&(S)"+*(0V$%()F//0)12/%1()#11"0#1,)#+*)%DF"$-%'%&,)/.)0#&-)%+)
#+)#&&(+&%/+)&#-l%#O28/+(3)2032;#V!XfVUYfUU%#
FNn_nCCN;# &%;# ZHShiF;# ?%;# ZKa?CRN;# K%;# M?SaNMKORN;# M%L%# 2*# '-%# TB]]\W%# 5WN69B)
%+%1%#&%'#) ("0/F(#) *() ./0D#1%K+) 1/+&%+"#*#) (+) :86^_) 4(-"$&#*/-) %+%1%#$(-) *()
*(-#00/$$/)(+)5-F#H#)(+)@AAj%#S2:)(*'#,2#E()78)'*/9'#K0='0*+YG8:20)-o#BB#TBW;#B$%##
FEKh?P%# J%;# hHSHa;# Q%;# QNS?OYZHRHFZ;# S%# 2*# '-%T$UUUW%# 9%01"$#&/0,) $('($-) /.)
1#&(12/$#D%+(-B)-(0/&/+%+)#+*)$%F%*-)%+)#&&(+&%/+)*(.%1%&)2,F(0#1&%'%&,)*%-/0*(0%#?3*'#
E(<[email protected])'*/#F3'0,;#UUX!]]Y!]f%##
$$!#
}?CaM?O;#K%a%;#SN}H;#a%&%;#?JS?MN}K_e;#?%#2*#'-%T$UUVW%#6--/1%#&%/+)#+*)$%+l#M()
/.) &2() */F#D%+() &0#+-F/0&(0) M(+() #+*) #&&(+&%/+V*(.%1%&) 2,F(0#1&%'%&,) *%-/0*(0) %+)
12%$*0(+_)2(&(0/M(+(%&,)/d%+M)&/)*%#M+/-&%1)-"E&,F()#+*)-('(0%&,%#?5#L#Z85#R202*;#
"!X$^"^Y$^^"%##
e?MH_PKO;# ?%L%;# ONSa?ZC;# _%H%;# RSNFF;# M%;# 2*# '-%T$UU]W%# 9(0(E0#$) M$"1/-()
D(&#E/$%-D)%+)#*"$&-)d%&2)2,F(0#1&%'%&,)/.)12%$*2//*)/+-(&%#O#H04-#L#M2,;#!B!X$!"$Y
$!""%#
e?MH_PKO;# ?%L%;# S?ENENS_;# L%C%# T$UV^W%# N("0/E%/$/M,) /.) #&&(+&%/+) *(.%1%&) *%-/0*(0)
d%&2) 2,F(0#1&%'%&,_) d2(0() 2#'() d() 1/D() %+) kA) ,(#0-c# L# ?5# ?3',# &@)-,# ?,+-2(3#
E(<[email protected])'*/<o#B"X"^"Y"V"#
$$f#
#
#
#
#
#
#
5,$"*(&)4))2'&!,3,!'2,2)(#)($),%$,F),3"*6,!'"#(&)3,*,)%#)
3*".*,0,)2()'#6(*5(#!'1#)'#!$%&'5")
)
0:8h:)i?C`C)$P\P?a*Ak:CX)
.?;;:)*A>[email protected])'=W:=L?[)
(>P:8>A)!:BEA)-B:=MA])
0:=P?B)+8:=M9CMA)#:[email protected])[email protected])
29?QA)i?C`C)$P\P?)3:88:U)
$K0(*)*8*+#,2#F'-8,#&'/-+(#KKK#<#n0):2/(),',#&+56-8*20(2#,2#M',/),#
B;#!;#f;#\#n0):2/(),',#,2#MA-'4'#
#
*(&%0(#)
F+0#3+0(),2/'.-2(#-+(#':'032(#20#2-#,2('//+--+#2,83'*):+#+/,)0'/)+#20#2-#'-850',+#
3+0# ,)(3'6'3),',;# 62/+# ()4820# 0232()*A0,+(2# 52,),'(# 6'/'# (8# )0*24/'3)D0# (+3)'-#
2=23*):';# ,20*/+# ,2# 80# 5'/3+# ,2# 3+0:):203)'# 3+0+32,+/# <# (20().-2# ,2# (8(#
3)/380(*'03)'(%# C'(# '3*)*8,2(# (+3)'-2(# (+0# ,2*2/5)0'0*2(# 38'0,+# (2# +/)20*'0# '# -'#
)5'420#,2#-'(#62/(+0'(#3+0#,)(3'6'3),',;#,2#'@9#782#(2'#/2-2:'0*2#(8#)0*2/:203)D0#
2,83'*):'%#H0#2(*2#*/'.'G+;#,2(,2#80#'0A-)()(#,2#-'#3+0,83*'#(+3)'-#20#80#5'/3+#,2#
:'-+/2(;# (2# */'*'# 80# 2G2/3)3)+# /2=-2>):+# (+./2# 80# ,2('//+--+# ,2# '3*)*8,2(# @'3)'# -'(#
62/(+0'(# 3+0# '-480'# -)5)*'3)D0;# ,20*/+# ,2# 80'# 3+0:):203)'# 20# 2-# '8-'# <# 320*/+#
2,83'*):+;#'6+/*'0,+#'-480+(#2-2520*+(#6'/'#80'#'33)D0#*8*+/)'-#)03-8():'%#
3:B:D8:C) MB:E?F) ,)(3'6'3),',o# 0232(),',2(# 2,83'*):'(# 2(623)'-2(o# )0*24/'3)D0o##
'3*)*8,2(o#)03-8()D0#2,83'*):')
#
5,$%(&),#2)2'&,-'$'64)'#)6G()!$,&&*""0F)!"#6*'-%6'"#&)+"*),)
'#!$%&'5()'#6(*5(#6'"#)3*".*,0)
!K0(*)*8*+#,2#F'-8,#&'/-+(#KKK#<#n0):2/(),',#&+56-8*20(2#,2#M',/),%#5G-8782/+G'(ç45')-%3+5#
f# a26'/*'520*+# ,2# E()3+-+49'# H:+-8*):'# <# ,2# -'# H,83'3)D0;# n0):2/(),',# ,2# MA-'4'%# &'568(# ,2#
_2'*)0+(;#TBU]^$W#MA-'4'%#4/)ç85'%2(#
\#a6*+%#,2#E()3+.)+-+49'#<#M2*+,+-+49'#,2#-'(#&)203)'(#,2-#&+56+/*'5)20*+%#`'38-*',#,2#E()3+-+49'%#
n0):2/(),',#,2#MA-'4'%#2Y5')-X#2,8'/,+%.-'03+ç85'%2(#
"# a6*+%# ,2# `)()+-+49'# Z85'0'# <# ,2# -'# H,83'3)D0# `9()3'# <# a26+/*):'%# `'38-*',# ,2# M2,)3)0'%#
n0):2/(),',#,2#MA-'4'%#2Y5')-X#50'/:'21ç85'%2(#
^# a26'/*'520*+# ,2# E()3+-+49'# H:+-8*):'# <# ,2# -'# H,83'3)D0;# n0):2/(),',# ,2# MA-'4'%# &'568(# ,2#
_2'*)0+(#TBU]^$W#MA-'4'%#,-8782ç85'%2(#
$$\#
#
,-&6*,!6)
&+0(),2/'.-2# 6/+4/2((# )0# *@2# /248-'/# 2,83'*)+0'-# ,2:2-+6520*# )0# (*8,20*(# p)*@#
,)('.)-)*)2(# .8*# '/2# (*)--# 0232(('/<# 52'(8/2(# =+/# *@2)/# 2==23*):2# (+3)'-# )0*24/'*)+0#
p)*@)0# '# =/'52p+/b# +=# 3+2>)(*2032# b0+p-2,42'.-2# '0,# (20()*):2# *+# *@2)/#
3)/385(*'032(%# F+3)'-# '**)*8,2(# '/2# 3/83)'-# [email protected]# ='3)04# *@2# )5'42# +=# ,)('.-2,#
62+6-2;# @2032# )*# )(# /2-2:'0*# 2,83'*)+0'-# )0*2/:20*)+0%# K0# *@)(# p+/b;# '0# '0'-<()(# +=#
(+3)'-# [email protected]':)+/# )0# '# =/'52p+/b# +=# :'-82(;# *@)(# )(# '0# 2>2/3)(2# )0# /2=-23*):2# '.+8*#
2:+-:)04# '**)*8,2(# *+p'/,(# 62+6-2# p)*@# (+52# -)5)*'*)+0(;# p)*@)0# '# /2-'*)+0(@)6# )0#
*@2#3-'((/++5#'0,#([email protected]++-;#6/+:),)04#2-2520*(#+=#'0#)03-8():2#*8*+/)'-#'3*)+0#
I?7)JA8>CF),)('.)-)*<o#(623)'-#2,83'*)+0#022,(o#)0*24/'*)+0o#'**)*8,2(o#2,83'*)+0'-#
)03-8()+0#
)
'#6*"2%!!'1#)
&8'0,+# -'(# '3*)*8,2(# (+3)'-2(# 782# ,2*2/5)0'0# -'# '5)(*',;# 2-# 3+56'g2/)(5+# <# -'(#
/2-'3)+02(# 782# *)2020# -+(# 0)g+(;# 0)g'(# <# GD:202(# 20# -'(# '8-'(;# (2# +/)20*'0# '# -'#
)5'420# ,2# -'(# 62/(+0'(# 3+0# ,)(3'6'3),',;# (2# 682,20# '6/23)'/# ',G2*):+(# ,2#
)0=2/)+/),',;#,2.)-),',;#,)(*'03)'#<#520+/#'326*'3)D0;#2*3%;#782#4202/'0#6/2G8)3)+(;#
2(*2/2+*)6+(#+#='-('(#3+03263)+02(;#/2(8-*'0,+#20#/2-'3)+02(#,2#520+/#)0*2/'33)D0#
<#3'-),',;#0+#'G8(*','(#'#80'#:2/,',2/'#/2-'3)D0#'=23*):'#3+0#:'-+/2(#,2#'326*'3)D0;#
/2(62*+#<#(+-),'/),',%#
H0#-'#3+0(),2/'3)D0#,2#2('(#'3*)*8,2(;#2-#'-850',+#3+0#,)(3'6'3),',#682,2#(2/#80#
3+-23*):+#20#()*8'3)D0#,2#3+5620('3)D0#(+3)'-#<#2,83'*):';#6+/#-+#782;#20#2-#'8-'#<#
(8#3+0:):203)';#(2#@'32#0232('/)'#-'#/2=-2>)D0#(+./2#(8(#3)/380(*'03)'(#62/(+0'-2(#<#
,2#4/86+;#,2#3'/'#'#80#,2('//+--+#'3',l5)3+#',238',+#<#'#80'#=+/5'3)D0#62/(+0'-#
'G8(*','%# H0# -'# H(382-'# ,2.2# :'-+/'/(2# -'# )0=-8203)'# 782# -'(# 62/3263)+02(# <#
'3*)*8,2(# 62/(+0'-2(# <# (+3)+38-*8/'-2(# T4l02/+;# 2(*'*8(;;# ,)(3'6'3),',W;# *)2020#
(+./2# -'(# /2-'3)+02(# (+3)'-2(# 2# )0*2/'33)+02(# 20# 2-# '8-'# <# 320*/+(%# &+5+# @'0#
2>6/2(',+# '-480+(# '8*+/2(# T?)0(3+p;# B]]$o# [email protected])*';# B]]"o# C8782;# B]]Vo# E'//)--';#
B]]VW;# 20# -+(# 320*/+(# 2,83'*):+(;# ,2.20# ,2('//+--'/(2# '3*)*8,2(# <# =':+/232/#
/26/2(20*'3)+02(# <# 3/2203)'(# 6+()*):'(;# 20# *+/0+# '-# '6/20,)1'G2# <# '# -'(#
6+().)-),',2(# ,2# -'(# 62/(+0'(# 3+0# ,)(3'6'3),',%# a2('//+--+# 782# ,2.2# 3+0(*/8)/(2#
*'0*+# 20# -+(# '-850+(# T3+56'g2/+(# <# '5)4+(W;# 3+5+# 20# 2-# 6/+=2(+/',+;# ()20,+#
3)2/*+#782#-'(#3+03263)+02(#,2#l(*+(#(+./2#'782--+(;#'(9#3+5+#(8#6'/*)38-'/#:)()D0#
,2# -'# ,)(3'6'3),',;# =':+/232/A# +# 0+# 2-# '6/20,)1'G2# ,2# (8(# '-850+(;# 2-# 3-)5'#
(+3)+'=23*):+# ,2-# '8-'# <# 20# ,2=)0)*):';# (8# 3+56/+5)(+# 3+0# -'# 2:+-83)D0# 62/(+0'-# <#
(+3)'-#,2#(8(#'-850+(#T?:/'5),)(#<#O+/p)[email protected];#B]]]o#RD521#2#K0='0*2;#B]]fo#a'55;#
B]]UW%# H--+# 0+(# ()*I'# 20# 20*+/0+(# <# ()(*25'(# 2,83'*):+(# )03-8():+(;# 3+0(),2/',+(#
l(*+(;# 3+5+# 3+0(8(*'03)'-2(# ,2# -'# 2,83'3)D0# <# ,2-# ,2('//+--+# 62/(+0'-# ,2-#
'-850',+# T&'//)D0;# B]]$o# J++*@# <# ?)0(3+p;# B]]Bo# [email protected])*'# <# ?)0(3+p;# B]]fo#
R8'G'/,+;#B]]VW%###
H0#2(*'#3+580)3'3)D0#(2#6/2*20,2#@'32/#80#'32/3'5)20*+#/2=-2>):+#(+./2#2-#6'62-#
,2-# ,+320*2;# 20# (8# /2-'3)D0# 3+0# 2-# '-850+# 3+0# ,)(3'6'3),',;# '(9# 3+5+# ,2# -'(#
'3*):),',2(#782#68,)2/'#--2:'/#'#3'.+#20#-'#3-'(2;#6'/'#=':+/232/#80#3-)5'#,2#'8-'#
6+()*):+;#,2#/2(62*+;#'326*'3)D0#<#'<8,'#20*/2#*+,+(%##
$$"#
Yba)5,$"*(&)4),!6'6%2(&)G,!',)$,)2'&!,3,!'2,2b)
_/'.'G'/# -'(# '3*)*8,2(# T3+5+# *20,203)'# +# /2(682(*'W# 20# 80# A5.)*+# 2,83'*):+;#
3+0--2:'#)0*2/:20)/#20#-+#3+40)*):+;#'=23*):+#<#20#-+#3+0,83*8'-%#FD-+#'(9#38'-78)2/#
'3*8'3)D0# +# 6/+4/'5';# 6+,/A# 6/+5+:2/# '3*)*8,2(# 6+()*):'(# +# 5+,)=)3'/# 20# 2(2#
(20*),+#-'(#<'#2>)(*20*2(%#H0#082(*/+#3'(+#6'/*)38-'/#,2#-'#,)(3'6'3),',;#6+,/9'5+(#
6/2480*'/0+(# ()# l(*'# /26/2(20*'# 80'# 3'/'3*2/9(*)3'# /2-2:'0*2# 6'/'# 782# 2-# 4/86+# d#
3-'(2;# '326*2# +# 6+04'# /2()(*203)'# '-# 3+56'g2/+# 782# -'(# *)202;# +# .)20# ()# (+0# +*/'(#
3'/'3*2/9(*)3'(#)0,):),8'-2(#-'(#782#6+(220#5'<+/#/2-2:'03)'%#&+5+#(2#@'#@[email protected]+#20#
+*/+(# 2(*8,)+(# T?/)'(# <# M+/20*90;# B]]fo# C8782# <# C8782YS+G'(;# 20# 6/20('W# -'(#
382(*)+02(#(2/9'0#j(+0#-+(#'-850+(#3+0#,)(3'6'3),',#3+56'g2/+(#+6'3+(c#jH(*A0#
62/+# 0+# 3+Y2(*A0c# jE'/*)3)6'0# 20# '3*):),',2(# 6-'0)=)3','(;# 62/+# 3+0# 520+/#
6/+*'4+0)(5+# <# 0+# 20# '3*):),',2(# 2(6+0*A02'(# +# ,2# G824+c# H0# (85';# j(8#
)0*24/'3)D0# 4/86'-# 2(# 5A(# =9()3'# 782# (+3)'-;# 5A(# )0(*)*83)+0'-# +# 2(*/83*8/',';# 782#
0'*8/'-co# 382(*)+02(# *+,'(# 2--'(# ,2# -'(# 782# (2# ,2,832# -'# )56+/*'03)'# ,2-#
5'0*20)5)20*+# ,2# (8# )0*24/'3)D0# 20# 2-# 4/86+;# 0232(),',2(# <# +6+/*80),',2(# 6'/'#
2--+%##
_'0*+# 6+/# 2-# 6/)03)6)+# ,2# )48'-,',# ,2# +6+/*80),',2(;# 3+5+# 6+/# -'# 278),',# ,2# -'#
2,83'3)D0;#2-#'-850+#3+0#,)(3'6'3),',#0232()*'#2(*'/#20#)48'-,',#3+0#-+(#,25A(;#-+#
38'-#68,)20,+#(2/#80'#+.:)2,',;#0+#2(#5A(#782#80'#/2=2/203)'#'#3+0(),2/'/;#=/20*2#
'#-'#*20,203)'#,2#=)G'/#+#'*20,2/#-+#024'*):+#+#-'#-)5)*'3)D0%#H,83'/#2(#@'32/-+#6'/'#
*+,+(# <# 3','# 80+# ,2# -+(# '-850+(# <# '-850'(;# *20)20,+# 20# 3820*';# *'0*+# (8(#
)0,):),8'-),',2(;# 3+5+# (8(# '(623*+(# 3+0*2>*8'-2(# <# (+3)'-2(;# 6+/# -+# 782# ()20,+#
)56-93)*'#-'#,):2/(),',;#-+#2(#*'5.)l0#782#2-#0)g+#3+0#,)(3'6'3),',;#(2'#80+#5A(#,2#
-'#5)(5'%#H0#2(*2#(20*),+;#*+,+#6/+=2(+/#,2.2#6-'0*2'/(2#<#@'32/-+#'#(8#:21#3+0#(8(#
'-850+(;#382(*)+02(#3+5+X##
jk8l#3+0+3)5)20*+(#(2#*)202#(+./2#80'#62/(+0'#3+0#,)(3'6'3),',c#
jk8l#'3*)*8,2(#(2#*)2020#20#2-#'8-'c#
j&D5+#(+0#-'(#/2-'3)+02(#20#-'#3-'(2#<#(8(#0+/5'(#'-#/2(623*+c#
&+5+#@'#(),+#2>6/2(',+#6+/#a'55#TB]]UW;#2-#'32/3'5)20*+#782#@'4'#2-#6/+=2(+/#
(+./2# -'# ,)(3'6'3),',# ,2# '-480+# ,2# (8(# '-850+(;# 6+,/A# 6/2(20*'/# ,)=2/20*2# ()40+#
'3*)*8,)0'-;# 20# 80'# .'(2# ,2# /26/2(20*'3)+02(# +# 3/2203)'(;# )48'-520*2# ,):2/('(%#
&8'0,+# 80# 6/+=2(+/# 5'0*)202# 3/2203)'(# 'G8(*','(# (+./2# 2-# 0)g+# +# 0)g'# 3+0#
,)(3'6'3),',;#:'-+/'#(8#()*8'3)D0#3+5+#(+./2:20),'#+#'g',),'#'#-'(#3'/'3*2/9(*)3'(#
,2# (8# '-850+;# '326*'# (8# 62/(+0'# <# ()*8'3)D0# 20# 2-# 4/86+;# =':+/23)20,+# 2-# '=23*+;#
/2(62*+;# *+-2/'03)'# <# (+-),'/),',# 20*/2# *+,+(;# (D-+# 682,2# 3+03-8)/(2# 20# 80'#
20(2g'01'Y'6/20,)1'G2# 2=)3'1# <# 4/'*)=)3'0*2;# 80'# 2,83'3)D0# 62/(+0'-)1','# <#
(20*)5)20*+(# ,2# 62/*20203)'# 2# )03-8()D0%# H0# 2(*2# 5'/3+;# 6/+.'.-2520*2;# <'# 0+#
*20,/9'# (20*),+# @'.-'/# ,2# ,)(*)03)+02(# 6+/# ,)(3'6'3),',# T0)# 38'-2(78)2/'# +*/'(#
3'/'3*2/9(*)3'(W;# ()0+# 6+/# ,)=2/203)'(# 20/)78232,+/'(;# -2G+(# ,2# -'# 2>3-8()D0# <#
(24/24'3)D0%##
*
*
$$^#
Sba)2'&!,3,!'2,2)(#)($),%$,F),3"*6,!'"#(&)3,*,)%#,)'#6(*5(#!'1#b)
a2(,2#80#'32/3'5)20*+#,2#E()3+-+49'#H,83'*):';#38'-78)2/#6/+4/'5'#,2#'3*8'3)D0#
20# -'(# '3*)*8,2(# @'3)'# -'# ,)(3'6'3),',;# @'# ,2# 62/(248)/# =)02(# ,2# 3+0:):203)'# <# ,2#
/2-'3)+02(# 6+()*):'(# 20# 80# 5'/3+# ,2# '326*'3)D0# <# /2(62*+;# 3+0# )0=-8203)'(# 20# -+(#
6/+32(+(# ,2# 20(2g'01'Y'6/20,)1'G2# <# 20# 2-# ,2('//+--+# 62/(+0'-# <# (+3)'-# ,2-#
'-850',+%# C'# 6/2(203)'# ,2# 2(2# '-850',+# 3+0# ,)(3'6'3),',# 20# 2-# '8-';# (8(#
/2-'3)+02(# 3+0# -+(# 3+56'g2/+(;# (8# 6/+<233)D0# (+3)'-# 20# ,2=)0)*):';# 0+(# +.-)4'# '#
620('/#20#-'#0232(),',#,2#2-'.+/'/#80#5'/3+#,2#/2=-2>)D0Y'33)D0;#,2#=+/5'#782#2-#
3+0*'3*+;#/2-'3)+02(#<#'3*):),',2(;#(2'#,2#:2/,',2/'#)0*24/'3)D0;#20#2-#782#(2#@'<'0#
3+5620(',+#3/2203)'(#6/2:)'(;#2(*2/2+*)6+(;#,2(3+0+3)5)20*+(#<#/2()(*203)'(%#H(*+#
2(# '(9;# ,',+# 782# 2-# 3+0*'3*+# 20*/2# 62/(+0'(# ()0# 5A(;# 0+# 2(# (8=)3)20*2;# @'.)20,+#
6+,),+# 5'0*202/(2;# 38'0,+# 0+# )0*20()=)3'/(2;# '(623*+(# 024'*):+(# 0+# '6/+6)',+(%#
H0# 2=23*+;# 20# 2-# */'*'5)20*+# <# 5+,)=)3'3)D0# ,2# '3*)*8,2(;# 2(# 0232('/)'# 62/+# 0+#
(8=)3)20*2;# -'# 2>6+()3)D0# ,)/23*'# '-# +.G2*+# ,2# '3*)*8,;# ,2.)20,+# '3+56'g'/(2# ,2#
+.G2*):+(# 3-'/+(# ,2# )0*2/:203)D0;# '(9# 3+5+# ,2# 80'# 2(*/83*8/'# <# +/4'0)1'3)D0# ,2#
'3*):),',2(# <# /2-'3)+02(;# ,2# =+/5'# 782# (2# =':+/213'# 2-# 3+0+3)5)20*+# 20*/2# -+(#
)0,):),8+(;# (8(# @'.)-),',2(# (+3)'-2(# <# -'# 52G+/'# ,2# -'# /2-'3)+02(# 20# 4202/'-%#
T?48',+Ya9'1;#`-D/21;#<#?-32,+;#B]]fo#`/+(*',;#E%;#'0,#E)G-;#B]]^W#
H-# */'.'G+# ,2# -'(# '3*)*8,2(# 20# 2-# '8-'# ,2.2# @'32/(2# ,2(,2# -'# :+-80*',# <# */'.'G+#
,+320*2(;#3+0#6/+4/'5'(#+#2-2520*+(#,2#2G2383)D0#,2#80'#0+/5'-#'33)D0#*8*+/)'-;#
20# 80# 5'/3+# ,2# 3+0:):203)'# '-# 782# (2# :)038-'# -'# 2(*/83*8/'# <# +/4'0)1'3)D0# ,2# -'#
:),'# (+3)'-# <# ,2-# '6/20,)1'G2# 20# 4202/'-%# H0# 2(*2# 5'/3+# (+3)+2,83'*):+;# -'(#
'3*)*8,2(# 682,20# <# ,2.20# 3'5.)'/(2;# <# 2--+;# 0+# (D-+# '# -+# 420l/)3+# ,2# -'#
,)(3'6'3),',;#-)5)*'3)D0#+#)03-8(+#,2=)3)203)';#()0+#'#-'(#3'/'3*2/9(*)3'(#'(+3)','(#'#
-'#62/(+0';#,2#=+/5'#782#(2#-+4/2#2-#52G+/#3+0+3)5)20*+#,2#2--';#(8(#0232(),',2(#<#
(8(# '=23*+(%# H0# I-*)5'# )0(*'03)';# -+4/',+# 80# 3+0+3)5)20*+# ',238',+# ,2# -'#
,)(3'6'3),',;#l(*'#,2G'/9'#,2#(2/#+.G2*+#,2#'3*)*8,#6'/'#3+0:2/*)/(2#20#80#:'-+/#+#
3'/'3*2/9(*)3'# 6/+6)'# ,2# -'# 62/(+0';# ()0# 3+00+*'3)+02(# ,2# ,)(*'03)'# +# ,)(*)03)D0#
024'*):'%# H0# 3+0(238203)';# -'(# 3/2203)'(# (2/9'0# 5A(# /'3)+0'-2(;# +.G2*):'(# <#
3+56'/*),'(;# -+(# '=23*+(# 5A(# 6+()*):+(# <# 25+3)+0'-520*2# )0*2-)420*2(# <;#
=)0'-520*2;#80+(#3+56+/*'5)20*+(#,2#'32/3'5)20*+#<#'326*'3)D0%#C'#,)(3'6'3),',#
6'('/9'# '# 3+0:2/*)/(2# 20# -+# 782# ,2# 3)/380(*'03)'-# *)202# <# '# /+,2'/(2# ,2# -'#
3+56/20()D0#<#'6+<+#782#0232()*'%###
n0'#)0*2/:203)D0#2,83'*):'#20#'3*)*8,2(#*)202#(20*),+;#38'0,+#(2#*/'*'0#/2-'3)+02(#
)0*2/62/(+0'-2(#.'(','(;#0+#(D-+#20#-'#3+2>)(*203)'#3)/380(*'03)'-#,2#'8-'#+#320*/+;#
()0+# 20# -'# )0*2/'33)D0# '3*):'# <# '=23*):';# ,2# '382/,+# '# 80+(# :'-+/2(# <# 0+/5'(;#
4202/A0,+(2#<#5'0*20)l0,+(2#80'#3+0:):203)'#6+()*):'#<#,2#,2('//+--+#62/(+0'-#<#
(+3)'-#,2#*+,+(#-+(#'-850+(#<#'-850'(%#H(*'#3+0:):203)'#2(3+-'/;#20*20,),'#,2(,2#
-+#6+()*):+#,2-#3/23)5)20*+#62/(+0'-#<#(+3)'-;#(86+02#80#3-)5'#'3*):+#,2#/2(62*+#'#-'#
,)40),',# ,2# -'(# +*/'(# 62/(+0'(# <# ,2# '326*'3)D0;# *+-2/'03)';# (+-),'/),',# <#
3++62/'3)D0%#H0#2(*2#(20*),+;#,2#'382/,+#3+0#M+0G'(#TB]]^W;#2>)(*)/9'0#,+(#/'1+02(#
.A()3'(#782#G8(*)=)3'/9'0#(8#)0*2/l(#2,83'*):+;#80'#-'#,2#2,83'/#6'/'#3+0:):)/#<#+*/';#
-'#3+0(),2/'3)D0#,2#-'#3+0:):203)'#<#2-#.820#3-)5'#)0*2/62/(+0'-;#3+5+#3+0,)3)+02(#
0232('/)'(#6'/'#782#(2#6/+,813'#'6/20,)1'G2#TM+0G'(;#B]]^;#6%#B]W%#
E/+6+025+(;#,2(,2#2(*2#5'/3+;#-'#/2=-2>)D0#(+./2#'-480'(#6'8*'(#,2#)0*2/:203)D0#
20#-'#'3*8'3)D0#,+320*2;#6'/'#*/'.'G'/#80#3-)5'#6+()*):+#,2#'8-';#20#80'#)0*2/'33)D0#
62/(+0'-# <# (+3)'-;# 20# 6'/*)38-'/# 3+0# 2-# 3+56'g2/+# 3+0# ,)(3'6'3),',;# .'(','# 20# -'#
'326*'3)D0#,2#-'#,)=2/203)';#6/2(*A0,+(2#-'#3+-'.+/'3)D0#<#'<8,'#20#80#)0*2/3'5.)+#
$$V#
(+-),'/)+;#G8(*+#<#/2(62*8+(+#3+0#-'(#62/(+0'(;#:'-+/2(#782#,2.20#(2/#3+56'/*),+(#
6+/#*+,'#-'#3+580),',%#O+#(2#*/'*'/9'#,2#80#6/+4/'5'#20#(9;#()0+#,2#80#3+0G80*+#,2#
2-2520*+(;#'4/86',+(#20#,+(#5D,8-+(#T)0)3)'3)D0#<#/2=-2>)D0#(+./2#-'#,)(3'6'3),',o#
3+0+3)5)20*+# <# 3+0:):203)'# 3+0# -'# ,)(3'6'3),',W;# (+./2# -+(# 782# :'-+/'/#
6+().)-),',2(# ,2# '33)D0# *8*+/)'-;# ()20,+# 2-# 6/+=2(+/',+# 78)20# 2(*/83*8/2# <#
6-'0)=)782;#20#=803)D0#,2#(8(#0232(),',2(#<#6-'0*2'5)20*+(#38//)38-'/2(%#
SbYba)+9=:B9>:>)7)ADk?L9EAC)
H-# A5.)*+# 2,83'*):+# 2(# 2-# 52,)+# ),D02+# 6'/'# 4202/'/# 3+03)203)'# ,2-# */'.'G+# 20#
4/86+;#,2('//+--'0,+#(20*)5)20*+(#6+()*):+(#<#-'#3+56/20()D0#,2#-'(#,)=2/203)'(#<#
0232(),',2(# )0,):),8'-2(;# '(9# 3+5+# 6'/'# =+520*'/# '3*)*8,2(# ,2# '<8,'# <#
3++62/'3)D0;# 6/+5+:)l0,+-'(# ,2(,2# 2-# */'.'G+# 2(3+-'/# <# -'# 3+0:):203)'%# H0# 2(2#
A5.)*+;# -'# =)0'-),',# ,2# 38'-78)2/# 6/+4/'5'# ,2# 3'/A3*2/# )03-8():+# (+./2# 62/(+0'(#
3+0#,)(3'6'3),',;#,2.2#(2/#-'#,2#=':+/232/#-'#/2=-2>)D0#(+./2#-'#,)(3'6'3),',;#3+5+#
3)/380(*'03)'# )0*2/'3*):'# 62/(+0'# d# 3+0*2>*+;# ,2([email protected]'0,+# 3+03263)+02(# ,2#
,2=)3)203)'#+#-)5)*'3)D0;#320*/','(#I0)3'520*2#20#-'#62/(+0'#<#*/'*'0,+#A5.)*+(#,2#
)0*24/'3)D0#'=23*):'#<#(+3)'-%##
H0# 3+0(+0'03)'# 3+0# 2('# =)0'-),',;# 682,20# (2g'-'/(2# 3+5+# +.G2*):+(# 3+03/2*+(;#
'-480+(#,2#-+(#782#()4820%##
H0#2-#6/+=2(+/',+X#
! E/+5+:2/#'3*)*8,2(#,25+3/A*)3'(#,2#'326*'3)D0#<#/2(62*+#'#,2/[email protected]+(#<#:'-+/2(;#
<# 20# 6'/*)38-'/# ,2# -'(# 62/(+0'(# 3+0# ,)(3'6'3),',%# a2('//+--'/# 3+56+/*'5)20*+(#
[email protected]/20*2(#3+0#/2-'3)D0#'#-+#782#*/'*'#,2#20(2g'/#'#(8(#'-850+(#
! `+520*'/#80#3-)5'#,2#'8-'#,2#3++62/'3)D0#<#'<8,';#'5)(*',#<#'326*'3)D0#,2#-'(#
,)=2/203)'(%#
! a2('//+--'/# '3*)*8,2(# <# @'.)-),',2(# ,2# ,)(38()D0;# *'/2'(# ,2# 4/86+;# 3+0,83*'(#
'(2/*):'(#<#,2#2>6/2()D0#25+3)+0'-%#
H0#2-#'-850',+X#
- &+0+32/# -+(# '(623*+(# 6+()*):+(# <# -'(# 0232(),',2(# ,2# '6+<+# <# /238/(+(# ,2# -'(#
62/(+0'(#3+0#,)(3'6'3),',%#
- ?,78)/)/# 3+0+3)5)20*+# <# (20*)5)20*+# (+./2# (9# 5)(5+;# 3+0# /2-'3)D0# -'# ()*8'3)D0#
,2#2(*'(#62/(+0'(%#
- a2('//+--'/#3+0+3)5)20*+(#<#,2(*/21'(#2(6239=)3'(#20#2-#*/'*+#3+0#62/(+0'(#3+0#
,)(3'6'3),',%##
SbSba),CN?MLAC)Q?=?8:B?C)?=)B:)9=L?8E?=M9O=b)
?W# a2('//+--'/# 80'# 2(*/83*8/'# <# /2-'3)+02(# (+3)'-2(# 20# -'(# 782# 6/2,+5)02# -'#
)48'-,',#20*/2#*+,+(;#<#3+0#-+(#3+56'g2/+(#3+0#,)(3'6'3),',;#20#6'/*)38-'/%#F2#@'0#
,2#2-)5)0'/#38'-2(78)2/'#2-2520*+(#782#(86+04'0#3+0,)3)+02(#,2#)0=2/)+/),',#20#
2-#'-850+#3+0#,)(3'6'3),',%#
JW# `':+/232/# 80'# ',238'3)D0# ,2-# '-850',+# <# (8# 3+0*2>*+;# ,2# =+/5'# 782# -'(#
3'/'3*2/9(*)3'(#,2#-+(#0)g+(#<#0)g'(#3+0#,)(3'6'3),',;#(2#:'-+/20#20#(8(#62/(+0'(#<#
3)/380(*'03)'(;#,)(5)08<l0,+(2#20#-+(#+*/+(#'-850+(#T<#6/+=2(+/2(W#),2'(#6/2:)'(;#
2(*2/2+*)6+(# +# 3/2203)'(# 2//D02'(;# 782# =/23820*2520*2# 8('0# -'# 6'/*2# 6+/# 2-# *+,+%#
$$U#
H0#2-#3+0*2>*+#(2#'0'-)1'/A0#*+,'#(8#2(*/83*8/'#<#2-2520*+(;#'#=)0#,2#+/4'0)1'/-+#<#
2(*'.-232/#-+(#523'0)(5+(#,2#3+5620('3)D0;#'<8,'#<#'332().)-),',%#
&W#a',+#782#80#0)g+#3+0#,)(3'6'3),',#2(*A#20#(8#'8-'#+/,)0'/)';#(8(#/2-'3)+02(#3+0#
+*/+(#0)g+(#,2.2/9'0#+/4'0)1'/(2;#()78)2/'#)0)3)'-520*2;#@'3)'#'3*)*8,2(#=':+/'.-2(#
,2# '326*'3)D0# <# '<8,'# 2(6+0*A02';# ,2# '789# 782;# '-# 520+(# 20# 80'# 6/)52/'#
'6/+>)5'3)D0#20#-'#2(*/83*8/'3)D0#,2#-'(#2(*/'*24)'(#'#,2('//+--'/;#6+,/9'0#*202/(2#
20#3820*'X##
Y _'/2'(# 3++62/'*):'(# <# '3*)*8,2(# 4202/'-2(;# 20# -'(# 782# 2-# '-850+# 3+0#
,)(3'6'3),',#(2#582(*/2#3+562*20*2;#=':+/23)20,+#80'#,)0A5)3'#6+()*):'#<#0'*8/'-#
,2#-'(#/2-'3)+02(%#
Y _/'.'G+# 2(623)=)3+# 3+0# 2-# 3+56'g2/+# 3+0# ,)(3'6'3),',;# '-# 782# (2# -2# '()40'0#
*'/2'(# ,2# '6/20,)1'G2# 782;# 2-# '-850+# ()0# ,)(3'6'3),',# /2'-)1'# 3+0# (8# 3+56'g2/+#
782# -'# *)202X# 6/26'/'3)D0# ,2-# 5'*2/)'-;# 5+.)-)'/)+;# '<8,'# 20# -'# 3+0=233)D0# ,2# -'#
5'*2/)'#
Y S2-'3)+02(# ,2# G824+# 20# 2-# '8-'# <# 6'*)+# ,2# /23/2+;# =':+/23)20,+# ()*8'3)+02(# ,2#
'5)(*',#<#'=23*+;#0232('/)'(#6'/'#5'0*202/#80#3-)5'#,2#)48'-,',#<#0'*8/'-),',#20#
2-#3+0*2>*+#2(3+-'/%#
SbXba)0O>PBA)YF)'=9M9:M9O=)7)8?WB?_9O=)CAD8?)B:)>9CM:N:M9>:>b)
FCG,$%42?) L/+*(#0) 1/+/1%D%(+&/-) ,) #1&%&"*(-) -/E0() $#) *%-1#F#1%*#*) p,) -/E0() $#) *($)
1/DF#H(0/B)(+)F#0&%1"$#0q)(+)($)#"$#3##
H0# =803)D0# ,2# -'(# 2,',2(;# 38/(+(# +# 3)/380(*'03)'(# 6'/*)38-'/2(;# 6+,/9'# @'32/(2#
'3*):),',2(X#
- N.(2/:'3)D0#,2#-'(#/2-'3)+02(#20#2-#'8-'#<#6'*)+#,2#/23/2+%#
- ?0A-)()(#(+3)+5l*/)3+%#
- ?6-)3'3)D0#,2#382(*)+0'/)+#(+./2#-'#,)(3'6'3),',#<#'3*)*8,2(%#
E'/'#2--+;#682,20#3+0(8-*'/(2#-+(#5'*2/)'-2(X#
- _/)'02(;# M%# h%;# J-'03';# M%# L%;# ,2# -'# M+/20';# C%;# K0='0*2;# C%;# <# S'<';# F%# TB]]"W%# n0#
382(*)+0'/)+#6'/'#2:'-8'/#2-#3-)5'#(+3)'-#,2#-'#3-'(2#<#320*/+%#T-%1/&2(D#B)<c)[email protected])@==V
@P<3##
- h2/,84+;# M%# ?%;# L20'/+;# &%;# <# ?/)'(;# J%# T$UU\W%# ?3*)*8,2(# (+3)'-2(# <# 6/+=2()+0'-2(#
@'3)'#-'(#62/(+0'(#3+0#,)(3'6'3),',X#H(*/'*24)'(#,2#2:'-8'3)D0#2#)0*2/:203)D0%#
- M+0G'(;# K%# TB]]fW%# T0/M0#D#) *() (+-(H#+I#) *() 2#E%$%*#*(-) *() %+&(0#11%K+) -/1%#$)
pT5^WLq)F#0#)+%H/-),)+%H#-)(+)(*#*)(-1/$#0%#M',/),%#&HEH%#
a2.2# *202/(2# 20# 3820*'# 782# 38'-78)2/# /2(8-*',+# @'# ,2# 3+0(),2/'/(2# 20# (8#
,)520()D0# 62/(+0'-# <# (+3)'-# <;# 3+0(23820*2520*2;# '3*8'/# 20# (8# 5+,)=)3'3)D0;#
52G+/'# +# ,2('//+--+# ,2# -'(# /2-'3)+02(# +.(2/:','(;# 2:)*A0,+(2# ,2G'/# '.)2/*'(# -'(#
'3*):),',2(;#()0#80'#3+03-8()D0#8#+.G2*):+#,2#3/23)5)20*+#62/(+0'-%#
Sb[ba)0O>PBA)Sb)q)!A=AM9;9?=LA)7)MA=E9E?=M9:)MA=)B:)>9CM:N:M9>:>b))
FCG,$%42* D?* 9/+/1(0) $#) *%-1#F#1%*#*B) *(-*() "+#) F(0-F(1&%'#) %+&(0#1&%'#) F(0-/+#) r)
1/+&(S&/),)+/)E#-#*#)(+)$#)*(.%1%(+1%#3)
$B]#
F2# 6/2*20,2/9'# '0'-)1'/# -'# 382(*)D0# s(-) D",) *%-&%+&#) $#) F(0-/+#) F/0) &(+(0)
*%-1#F#1%*#*tB) '0A-)()(# 782;# 3+0(),2/'0,+# 2,',2(# <# 3'/'3*2/9(*)3'(# ,2-# '-850',+;#
6+,/A#@'32/(2#'#*/':l(#,2#'3*):),',2(X#
- H>6-)3'3)+02(#./2:2(#,2-#6/+=2(+/',+%#
- H>6+()3)+02(#*25A*)3'(%#
- C23*8/'# 3+520*','# ,2# 3820*+(# +# 0'//'3)+02(# 3+0# *25A*)3'# '6/+6)','# '# -'#
,)(3'6'3),',#T&8',/+#$W%#
#
53"+#2* D=* 8* H>B0IJBKIJ* !JIJ* HJ* I0LH0M>NO* P* HJ* Q0OQ>R>H>SJ5>NO*
TJQF5>JUJ*J*HJ*U>Q5J!J5>UJUV=*
#
! J'<l;# H%;# ?/A024';# M%# <# &D/,+.';# M%# TB]]]W%# L(%-) F"+&/-) #F#0&(3# J'/32-+0'%# C'#
R'-2/'%##
! a9'1;#R%#&%#TB]]]W%#u,(D()1/+)$/-)/\/-3#M',/),%#?0'<'%#
! H-);#C%#<#a80.'/;#E%#TB]]\W%#9"%*#+*/)#)7/"%-3#J'/32-+0'%#F2//l(%#
! H(3'/*9;#h%#L%#TB]]"W%#&+-233)D0#N/9%#;0%),)-")D#-1/&#3);0%)'#)*()1#DF#D(+&/3);0%)
,)-")2(0D#+#3#h'-203)'%#`H?EF%#
! `/'01;#N%#T$UV"W%#5$)1#D%+/)*($)#01/)%0%-3#M',/),%#F%#M%#
! R2+==/+<# ,2# E200'/*# TB]]$W%# L/.J#B) $#) '#1#) G"() #D#E#) $#) DU-%1#3# J'/32-+0'%#
&+/)5.+%##
! RD521Y&2/,A;#?%#T$UUfW%#6$(\#+*0/)+/)-()0J(3#M',/),%#?0'<'Ya820,2#h2/,2%##
! R+01A-21;#?%;#<#C'.'*;#h%#TB]]\W%#[%)2(0D#+/)&%(+()#"&%-D/3#M',/),%#M)0)(*2/)+#
,2#_/'.'G+#<#?(80*+(#F+3)'-2(%#
! L'==l;#C%#F')0*YM'/3;#C%#TB]]"W%#7#-)*%.(0(+1%#-3)O"J#)F#0#)-(0)"+)E"(+)1%"*#*#+/3)
s8() '(0*#*) -/D/-) &#+) *%.(0(+&(-t) sT/0) G"X) +/-) #-"-&#+) $#-) *%.(0(+1%#-t# M',/),%#
F'0#E'.-+%#
! M'*2+(;#E%#TB]]BW%#5$)]#+&#-D#)(+)1#$1(&%+(-3#e'/'4+1'%#H,2-:):2(%#
! F'4'/18;#E%;#<#h'-:2/,2;#M%#TB]]$W%#[%)2(0D#+#)(-)*%-&%+&#B)s,)G"Xt# J'/32-+0'%#
H,)*+/2(#?(+3)',+(%#
! _2--2420;#_%#TB]]]W%#e+)($(.#+&()(+)$#)1%"*#*3#M',/),%#F%#M%#
! h'0:[email protected];#M%#<#R+,+0;#K%#TB]]!W%#Q"#+)(-)*%.(0(+&(3#e'/'4+1'%#C8)(#h):2(%#
#
- &@'/-'(;#,2.'*2(#+#3+-+78)+(#782#,2.20#3+03-8)/#20#6/+682(*'(#2-'.+/','(#<#,2#
3'/A3*2/#6+()*):+%#
- E/+<233)D0#,2#62-938-'(#(+./2#2-#*25'#20#382(*)D0#T'02>+W%#
- HG2/3)3)+(#,2#,)0A5)3'#,2#4/86+(#3+0#3'/A3*2/#6/+(+3)'-%#
- N*/'(# '3*):),',2(# 3+5+# :'-+/'3)D0# ,2# -'# '332().)-),',# T'/78)*23*D0)3';# ,2#
/238/(+(;# (2/:)3)+(;%%W# ,2# 52,)+(# ,2# ','6*'3)D0;# 20*/2:)(*'(# '# 62/(+0'(# 3+0#
,)(3'6'3),',#+#,2#/2-2:'03)'#20#-'#5)(5'#T6',/2(;#5',/2(;#6/+=2()+0'-2(;W%#
$B$#
H-# 6/+=2(+/',+;# 20# (8# 6/26'/'3)D0# 2(6239=)3'# T38',/+# BW# <# 20# -'# )0(*/833)D0# <#
*/'0(5)()D0# ,2# )0=+/5'3)D0;# *'0*+# 4202/'-# 3+5+# 2(623)=)3'# ,2# -'# 62/(+0'# 3+0#
,)(3'6'3),',;#,2.2/A#+/4'0)1'/#*+,+(#-+(#'(623*+(#)0*2/:)0)20*2(;#3+0=)/)20,+#'#-'#
'3*):),',#-'#',238','#2(*/83*8/';#782#)56),'#<#3+0*/+-2#-'#'6'/)3)D0#,2#3+0,83*'(#
520+(# =':+/'.-2(;# +# ,2# 2(*2/2+*)6+(# 024'*):+(%# H0# 2(*2# (20*),+;# ,2.2/A0# 682(#
38),'/(2# 2-2520*+(# ,2-# 3+0*2>*+# T320*/+;# 0):2-# 2,83'*):+;# 3+580),',# 2(3+-'/;#
682.-+;W;# 3'/'3*2/9(*)3'(# ,2-# '-850',+# 20# 4202/'-# <# ',238'3)D0# '# l(*2;# ,2# -'(#
38'-),',2(#782#6/2(20*'#2-#'-850+#3+0#,)(3'6'3),',#T(2#6/+38/'/A#782#2-#'-850+;#
('-:+#-+(#'(623*+(#,2#-)5)*'3)D0#,2/):',+(#,2#(8#,)(3'6'3),',;#0+#(2#,)(*'03)2#,2-#
4/86+W%# &+0# 2--+# (2# .8(3'# 3+0*/+-'/# +# 3+5620('/# -+(# ,2*'--2(# 024'*):+(# 782# -'#
,)(3'6'3),',#+=/232;#=/23820*2520*2#3+5+#80#*+,+;#'08-'0,+#-+(#:'-+/2(#0+/5'-2(#
<#3+56'/*),+(#(+3)'-520*2#,2#-'#62/(+0'%#
#
53"+#2*E=*8*/JOKJH0Q*!JIJ*HJ*!IW5B>5J=*
! ?//A21;#L%#TB]]]W%#sT"(*/)\"M#0),/t)5$)\"(M/)D/*%.%1#*/3#R/'0','%#E/+<23*+#F8/%#
! R'/39';# ?%# <# h)g82-';# C%# TB]]\W%# 9"(+&/-) F#0#) -/H#0) "+) D"+*/) D(\/0) ,) 1"(+&/-)
F#0#)&/*/)($)D"+*/3#N:)2,+%#`80,'3)D0#`'(',%#
! C++(;# F%;# <# Z+)0b)(;# n%# TB]]VW%# 7#-) F(0-/+#-) *%-1#F#1%&#*#-) &#DE%X+) \"(M#+3) =k)
\"(M/-),)#1&%'%*#*(-)F#0#).#'/0(1(0)($)*(-#00/$$/).J-%1/),)F-JG"%1/3#M',/),%#O'/32'%#
! M+0G'(%# M%# K%# Ta)/%W# TB]]^W%# 9KD/) F0/D/'(0) $#) 1/+'%'(+1%#_) T0/M0#D#) *()
6-(0&%'%*#*),)^#E%$%*#*(-)L/1%#$(-)pT6^Lq3#M',/),%#O'/32'%#
! E+032;#?%#<#R'--'/,+;#M%#TB]]\W%#s!"X)$()F#-#)#)(-&()+%H/t)O"J#)F#0#)1/+/1(0)#)
$/-)+%H/-)1/+)*%-1#F#1%*#*3#J'/32-+0'%#F2//2(%#
! F248/'%#M%#TB]]BW%#L(0)F(0-/+#),)0($#1%/+#0-(3)^#E%$%*#*(-)1/M+%&%'#-),)-/1%#$(-),)
10(1%D%(+&/)D/0#$3)M',/),%#O'/32'%#
! _/)'02(;#M%#h%#T$UU"W%#5*"1#1%K+),)9/DF(&(+1%#)L/1%#$3)e+)F0/M0#D#)(+)($)#"$#%#
MA-'4'%#?-G).2%#
! _/)'02(;# M%# h%# <# `2/0A0,21Y`94'/2(;# M%# &%# TB]]$W%# 6F0(+*(0) #) -(0) F(0-/+#-) ,) #)
1/+'%'%03)e+)F0/M0#D#)F#0#)L(1"+*#0%#%#J)-.'+%#a2(3-l2%#
! h2/,84+;# M%# ?o# R+01A-21;# `%o# &'-:+;# Mz# K('.2-# TB]]!W%# # 6F0(1%#D/-) $#-)
*%.(0(+1%#-3#
TEa`W%#
F),'-%#
F'-'5'03'%#
@**6Xqq(),%8('-%2(q-)./+(q,)(3'6'3),',q""^"qVY$q#
#
FCG,$%42* E?) ]/D(+&#0) $#) -(+-%E%$%*#*) ,) $#) 1/DF0(+-%K+) 2#1%#) $#-) F(0-/+#-) 1/+)
*%-1#F#1%*#*3)
a2(,2# -'# )0*24/'3)D0# 20# -'(# A/2'(# '3',l5)3'(Y38//)38-'/2(# <# 20# -'# :),'# ,2# -'#
3+580),',# 2,83'*):';# (2# ,2.2# 3+0(248)/# 80'# 5'<+/# (20().)-)1'3)D0# <# ,2('//+--+#
:):203)'-%# E'/'# 2--+;# 2-# +.G2*):+# (2/9'# :'-+/'/# -'(# -)5)*'3)+02(# 782# *)2020# -'(#
62/(+0'(# 3+0# ,)(3'6'3),',;# ,2# =+/5'# 782# '-# 6+02/(2# 20# (8# -84'/;# (2# */',813'# 20#
'3*)*8,# ,2# ()56'*9';# '326*'3)D0# <# 3+56/20()D0%# ?3*):),',2(# /2(6+0,)20,+# '# -'(#
382(*)+02(# ,2# s1KD/) (-) $#) #11(-%E%$%*#*) *($) 1(+&0/t) sT/*0J#D/-) *(-(+'/$'(0+/-) -%+)
*%.%1"$&#*)&(+%(+*/)*%-1#F#1%*#*t#?(9#6+,/9'0#/2'-)1'/(2X#
$BB#
- N.(2/:'3)D0# <# '0A-)()(# ,2# -'(# 382(*)+02(# ,2# '332().)-),',X# J'//2/'(#
'/78)*23*D0)3'(;# ,2# (2/:)3)+(# +# /238/(+(# <# 3+5+# ('-:'/-'(;# 2-)5)0'/-'(# +# --2:'/# '#
3'.+# 2-2520*+(# ,2# ','6*'3)D0%# E'/'# 2--+# (2/A# 3+0:20)20*2# -'# 3856-)520*'3)D0# ,2#
382(*)+0'/)+(# #*V2/1;# '80782# 682,20# 3+0(8-*'/(2# /2=2/203)'(# 20# -'# d(E# ,2-# S2'-#
E'*/+0'*+#(+./2#a)(3'6'3),',%#
- E-'0)=)3'3)D0# ,2# '3*):),',2(# 3+5+X# S23+//),+# 3+0# +G+(# :20,',+(;# 20# ()--'# ,2#
/82,'(;# 3+0# 58-2*'(;# +9,+(# *'6+0',+(;# # 6+/# '32/'(;# '-/2,2,+/2(# ,2# 2,)=)3)+(;#
320*/+#2#)0(*'-'3)+02(;#'8-';#?3*):),',2(#782#3+0--2:'0#80'#6/26'/'3)D0#@'3)'#-'#
62/(+0'# <# (8# ()*8'3)D0# ,2# -)5)*'3)D0;# 20# 80'# 3+580),',# 782# 682,2# <# ,2.2#
3+-'.+/'/# 20# (8# '332().)-),',%# H-# +.G2*):+# 2(# =+520*'/# '3*)*8,2(# 6+()*):'(# @'3)'# -'#
62/(+0'#3+0#,)(3'6'3),',;#*/'*'0,+#,2#6+02/(2#20#(8#-84'/;#3+0#-+#782#2(*+#)56-)3'#
,2#+.*202/#)0=+/5'3)D0#(+./2#-'#+*/'#62/(+0'#<#-+#782#(8(3)*'#20#-+(#,25A(%#
- HG2/3)3)+(#<#,2.'*2(#6'/'#-'#/2=-2>)D0%#
- S2'-)1'3)D0#,2#G824+(#,2#3-'(2#+#4/86+;#782#*/'*'/9'0#,2#6-'(5'/#20#-'#6/A3*)3'#<#
20# -+# :):203)'-;# -+(# +.G2*):+(# '0*2/)+/2(;# ',25A(# ,2# 6/+=80,)1'/# 20# :'-+/2(# <# ,2#
/2=-2>)+0'/#(+./2#-'(#'3*)*8,2(#4202/','(%#
- a)(38()+02(# +# 3+-+78)+(# (+./2# '(623*+(# 680*8'-2(# 8# +3'()+0'-2(X# 3'(+(# ,2#
6/20(';#'3+0*23)5)20*+(;#6/2480*'(##
- S2'-)1'3)D0#,2#G824+(#(20().)-)1',+/2(X#
o
M+*+/2(;# 3+5+# 2G2/3)3)+(# 4)50A(*)3+(# 3+0# 80'# 6)2/0';# 3+0# 80'# 5'0+;# (D-+#
3+0#2-#*/+03+#T8(8'/)+#,2#()--'#,2#/82,'(W;#T.).-)+4/'=9'#'02>'W%#
o
_'--2/2(# ,2# 6)0*8/'# ,2# ,2,+(Y5'0+(# <# 6)0*8/'# 3+0# -'# .+3'o# 2(3/).)/# 3+0# -'#
5'0+# 0+# ,+5)0'0*2o# 8(+# ,2-# +/,20',+/# 3+0# 2-2520*+(# 0+# @'.)*8'-2(# T680*2/+;#
G+<(*)3b;#W#
o
?33)+02(#<#:)()+0',+#,2#,26+/*2#','6*',+%#
#
&+0#*+,+#(2#.8(3'X#
?W# H0# 2-# '-850',+# 20# 4202/'-;# 5'<+/# (20().)-),',# @'3)'# -'(# 62/(+0'(# 3+0#
,2(:20*'G';# 3+03)203)'3)D0# <# /2(6+0('.)-),',# 20# -'# '<8,';# '326*'3)D0# +# '6+<+# ,2-#
3+56'g2/+#3+0#,)(3'6'3),',#<#:'-+/'/#'#l(*'#3+5+#80'#()*8'3)D0#+#3)/380(*'03)';#
20#-'#782#*+,+(#(+5+(#6'/*93)62(#,2#(8#(862/'3)D0#+#,2#-'#'332().)-),',%#
#
JW#H0#2-#'-850',+#3+0#,)(3'6'3),',;#(20*)5)20*+(#,2#'326*'3)D0#6+/#(9#5)(5+#<#,2#
(8(# 3'/'3*2/9(*)3'(# 62/(+0'-2(;# '6/23)'0,+# 3D5+# (8# -)5)*'3)D0;# 20# *'0*+# 782#
(+./2:20),';#2(#3+0(),2/','#3+56'/*),'#6+/#-+(#5)25./+(#,2#(8#4/86+%#
&W# H0# 2-# 6/+=2(+/',+# 52G+/'/# (8# :)()D0# ,2# -'# ,)(3'6'3),',;# (8# '326*'3)D0;#
3+56/20()D0# <# */'.'G+# 3+0# 2-# '-850',+;# )03/2520*'0,+# '(9# (8# =+/5'3)D0# <#
3+562*203)'#,+320*2(%#
aW#H0#-'#='5)-)';#(20*)5)20*+(#,2#'3+4),';#'326*'3)D0#<#0+/5'-)1'3)D0;#'6/23)'0,+#
:2/,',2/'520*2#80#5'/3+#,2#)03-8()D0#2,83'*):'%##
)
)
Xba)!"#!$%&'1#)4),$.%#,)*(+$(n'1#)3&'!"3(2,.1.'!,b)
$B!#
C'(#'3*)*8,2(#3+5+#)0,)3',+/2(#,2#/2(62*+#'#-+(#:'-+/2(#<#0+/5'(;#*)2020#80#3'56+#
,2# 2G2/3)3)+# 20# -'(# /2-'3)+02(# (+3)'-2(# <# */'.'G+# 2,83'*):+# 20# 2-# '-850',+# 20#
4202/'-# <# ,2# (8# )0*2/'33)D0# 3+0# -+(# 782# 6/2(20*'0# ,)(3'6'3),',%# F)20,+# '326*',+#
782#-'#,)(3'6'3),',#0+#2(#382(*)D0#)0,):),8'-;#()0+#)0*2/'3*):';#20*+032(;#38'0,+#20#
80# '8-';# 320*/+# 2,83'*):+# +# 3+580),',;# (2# =':+/232# 2-# 3+0+3)5)20*+# (+./2# -'#
62/(+0'#<#(8(#3'/'3*2/9(*)3'(#T)03-8),'#-'#,)(3'6'3),',W#<#-'#3+0:):203)';#2:)*'0,+#
,2()48'-,',2(#<#2>3-8()+02(;#(2#6/+,832#80#,2('//+--+#2,83'*):+#G8(*+#<#(+-),'/)+;#
3+0(*/8<20,+#-+#62/(+0'-#,2#(8(#'-850+(#<#'-850'(;#52G+/'0,+#-'#3'-),',#,2#(8(#
6/+32(+(# ,2# 20(2g'01'Y'6/20,)1'G2# <# ,)(*)048)20,+# -'(# /2-'3)+02(# (+3)'-2(# 20#
*l/5)0+(#,2#3+-'.+/'3)D0;#'<8,';#/2(62*+#<#*+-2/'03)'%#h'-+/2(#,25+3/A*)3+(#,+0,2#
-+(#@'<'%#
H0# 2(2# 5'/3+# ,2# :'-+/2(;# 80'# 2(382-'# )03-8():'# 6/+582:2# 782# -+(# 0)g+(;# 0)g'(# <#
GD:202(#3+0#,)(3'6'3),',;#(2'0#80+(#5)25./+(#5A(#,2#-'#3+580),',#20#*+,+(#-+(#
'(623*+(;# 0+# 320*/A0,+(2# 20# (8# ,2=)3)203)'# +# ()048-'/),',# ,2# ,)(3'6'3),',;# ()0+#
:'-+/'0,+#'#l(*'#3+5+#80'#3'/'3*2/9(*)3'#6/+6)'#,2#(8#62/(+0';#62/+#20#/2-'3)D0#'-#
3+0*2>*+# <# (8# '332().)-),',%# a2# 2(*+# 6+,/9'# ,23)/(2# 782# 38'-78)2/# '3*8'3)D0#
2,83'*):'#@'./A#*20),+#(20*),+;#()#3+0()482#+.G2*):+(#,2#62/*20203)';#3+-'.+/'3)D0#
<# 3++62/'3)D0;# 2(*+# 2(;# 80# 52,)+# 6'/'# --24'/# '# 80# =)0# ,2# 0+/5'-)1'3)D0# <# ,2#
3+0:):203)'#20#3+580),',%#
#
*(+(*(#!',&)-'-$'".*/+'!,&)
?Rn?aNYax?e;# ?%# C%o# `C{SHe;# M%# ?%;# Q# ?C&HaN;# M%# ?%# TB]]fW%# n0# 6/+4/'5'# ,2#
3'5.)+#,2#'3*)*8,2(#@'3)'#62/(+0'(#3+0#,)(3'6'3),',#20#20*+/0+#2(3+-'/%#6+R$%-%-),)
D/*%.%1#1%K+)*()1/+*"1&#3))@C3)<@P3)T"^!Y^]fW%#
?SK?F;#J%#Q#MNSHO_KO;#S%#TB]]fW%#;F%+%/+(-),)#1&%&"*(-)*()$#-).#D%$%#-)*()F(0-/+#-)
1/+)*%-1#F#1%*#*)(+)9#-&%$$#),)7(K+%#h'--',+-),X#L80*'#,2#&'(*)--'#<#C2D0%#
?KOF&N};#M%#TB]]$W%#8(-#00/$$/)*()(-1"($#-)%+1$"-%'#-3)M',/),%#O'/32'%#
?hS?MKaKF;# H%# Q# ONS}K&Z;# J%# TB]]]W%# _2'[email protected]/m(# ?**)*8,2(# *+p'/,#
K0*24/'*)+0qK03-8()+0%#?#S2:)2p#+=#*@2#C)*2/'*8/2%#5"0/F(#+)Q/"0+#$)/.)LF(1%#$)N((*-)
5*"1#&%/+3))@)p<PqB)$BUY$fV%#
JNN_Z;# _%# Q# ?KOF&N};# M%# TB]]BW%# W+*(S) ./0) %+1$"-%/+3) 8('($/F%+M) $(#0+%+M) #+*)
F#0&%1%F#&%/+)%+)-12//$-3#TBz#H,%W%#M'[email protected](*2/X#&FKH%#_/',%#O"J#)F#0#)$#)('#$"#1%K+),)
D(\/0#)*()$#)(*"1#1%K+)%+1$"-%'#3#M',/),%#&+0(+/3)+#n0):2/()*'/)+#6'/'#-'#H,83'3)D0#
K03-8():'%#
&?SSK{O;# L%# L%# TB]]$W%# W+&(M0#1%K+) (-1/$#0_) sF$#&#./0D#) F#0#) $#) (-1"($#) %+1$"-%'#t#
MA-'4'%#?-G).2%#
a?MM;# |%# TB]]UW%# S26/2(20*'3)+02(# <# '3*)*8,2(# ,2-# 6/+=2(+/',+# =/20*2# '# -'#
)0*24/'3)D0# ,2# 0)g+(q'(# 3+0# 0232(),',2(# 2,83'*):'(# 2(623)'-2(# '-# '8-'# 3+5I0%#
4('%-&#)7#&%+/#D(0%1#+#)*()5*"1#1%K+)W+1$"-%'#B)>)p<qB)B\Y!\%#
aHCh?C;#L%#T$UU\W%#5$)*(-#00/$$/)2"D#+/3#M',/),%#F)4-+#||K%#
H&ZHK_?;# R%o# ?KOF&N};# M%o# 2*# '-%# TB]]fW%# H(382-'(# )03-8():'(%# 9"#*(0+/-) *()
T(*#M/MJ#B)>><3)fUYV]%#
H&ZHK_?;# R%# TB]]"W%# 5*"1#1%K+) F#0#) $#) %+1$"-%K+) /) (*"1#1%K+) -%+) (S1$"-%/+(-3#
M',/),%#O'/32'%#
$Bf#
R{MHe;#h%;#H#KO`?O_H;#M%#TB]]fW%#?3*)*8,2(#,2#-+(#2(*8,)'0*2(#,2#2,83'3)D0#@'3)'#
-'# )0*24/'3)D0# ,2# 62/(+0'(# 3+0# ,)(3'6'3),',# <# @'3)'# -'# 2,83'3)D0# 58-*)38-*8/'-%#
9v5_)9"$&"0#),)5*"1#1%K+3)j)p<=q3)!^$Y!V!%#
Rn?L?SaN;#H%#TB]]VW%#C'#K0*24/'3)D0#<#-'#K03-8()D0#,2#'-850+(#3+0#,)(3'6'3),',#
20#?5l/)3'#C'*)0'#<#2-#&'/).2%#4('%-&#)7#&%+/#D(0%1#+#)*()5*"1#1%K+)W+1$"-%'#B)>)
p<q3)$\YB!%#
`SNF_?a;# E%;# Q# EKLC;# F%# L%# TB]]^W%# a+2(# .2)04# =/)20,-<# @2-6# )0# 5'b)04# =/)20,(c# [email protected]#
/2-'*)+0#.2*p220#*@2#(+3)'-#6+()*)+0#'0,#(+3)'-#(b)--(#+=#686)-(#p)*@#(623)'-#022,(#)0#
5')0(*/2'5#2,83'*)+0%#5"0/F(#+)Q/"0+#$)/.)LF(1%#$)N((*-)5*"1#&%/+3)@@B)p<q)T$\Y!]W3##
CnknH;#a%#L%#TB]]VW%#vh'-+/2(#<#0232(),',2(#2,83'*):'(#2(623)'-2(X#H-2520*+(#6'/'#
80# 2(*8,)+# 6()3+2,83'*):+w%# ) WN]683) W+&(0+#&%/+#$) Q/"0+#$) /.) 8('($/FD(+&#$) #+*)
5*"1#&%/+#$)T-,12/$/M,B)<)T$B\Y$!"W%#
CnknH;# a%# L%;# Q# CnknHYSNL?F;# M%# L%# TB]$]W%# ?3*)*8,2(# ,2# (+-),'/),',# <# '326*'3)D0#
@'3)'#2-#'-850',+#3+0#,)(3'6'3),',%#4('%-&#)*()5*"1#1%K+)W+1$"-%'##T20#6/20('W%#
MNOL?F;#Mz%#K%#Ta)/%W#TB]]^W%#9KD/)F0/D/'(0)$#)1/+'%'(+1%#_)T0/M0#D#)*()6-(0&%'%*#*)
,)^#E%$%*#*(-)L/1%#$(-)pT6^Lq3#M',/),%#&HEH%##
E?SSKCC?;# ?%# TB]]VW%# H-# ,2('//+--+# -+3'-# 2# )0(*)*83)+0'-# ,2# 6/+<23*+(# 2,83'*):+(#
)03-8():+(%#T(0-F(1&%'#)95T3)<j)p<PV><q3##
$B\#
#
J),X2=*!0HY5KHJQ*Z*[YU0FQ=*
!
\]3A*$%,),-*+,C"G2*+,1*-26C#,#2^*
a)/%X#C+-'#J'//20'#2#Kg'b)#E2g'=)2-#TB]]"W%#a+38520*'-#782#*/'*'#-'#:),'#,2#L8,)*@;#
62/(+0'#3+0#(90,/+52#,2#a+p0#<#(+/,';#*+5','#20#38(*+,)'#-24'-#6+/#(8#@2/5'0'#
4252-'#()0#,)(3'6'3),',#T(26'/','#,2#2--'#,8/'0*2#f]#'g+(W%#K04/2('#20#80#320*/+#
,2#'/*2#6'/'#62/(+0'(#3+0#,)(3'6'3),',#)0*2-23*8'-;#(+/6/20,)20,+#'#*+,+(#6+(#(8#
3/2'*):),',#<#,2('//+--+#'/*9(*)3+%#
!
H"-*11"4,-*+,*&"-"=*
a)/%X#R)'00)#?52-)+#TB]]fW%#E'+-+#*)202#80'#,)(3'6'3),',#)0*2-23*8'-#<#=9()3';#:)'G'#'#
80#@+(6)*'-#,2#J2/-90#6'/'#(+52*2/(2#'#/[email protected]'.)-)*'3)D0%#C2#'3+56'g'#R)'00)#3+0#-'#
2(62/'01'# ,2# 203+0*/'/# <# 3+0+32/# '# (8# 6/+6)+# @)G+# 782# '.'0,+0D%# H0# 2('# 3)8,',#
203820*/'#'#O)3+-2;#58G2/#,2#3'/A3*2/#782#@'#,2,)3',+#6+/#3+56-2*+#(8#:),'#'#(8#
@)G'#,)(3'6'3)*','#<#782#'<8,'#'#R)'00)#'#(862/'/#(8#38-6'#6+/#2-#'.'0,+0+#,2#(8#
@)G+%#
!
H,()*.*F14%+2=*
a)/%X# |':)2/#J2/5I,21#TB]]fW%#N-:),+;#80'#58G2/#,2#B$#'g+(#<#C2D0;#(8#@2/5'0+;#
3+0#(90,/+52#,2#a+p0;#'-4+#520+/#782#2--';#782,'0#@8l/='0+(%#N-:),+#78)2/2#782#
(8#@2/5'0+#(2'#'8*D0+5+#<#20#2(2#,2(2+;#78)2/2#782#C2D0#'326*2#)/#'#80#)0*2/0',+#
+# 782# :'<'# <# :204'# (D-+# '# -'# 2(382-';# +386A0,+(2# ,2# (8(# 3+('(# <# -'(# *'/2'(# ,2# -'#
3'('%#E2/+#C2D0#78)2/2#782#(8#@2/5'0'#(2#+3862#<#:):'#6'/'#l-%##
!
P2*-2.*Q"6=*
a)/%X#L2(()2#O2-(+0#TB]]$W%#F'5#*)202#,)(3'6'3),',#)0*2-23*8'-#:):)20,+#=2-)1#G80*+#'#
(8#@)G';#<'#782#(8#58G2/#-+#@'#'.'0,+0',+%#F2#+386'#.)20#,2#-'#2,83'3)D0#,2#(8#@)G';#
6'/'# -+# 782# 3820*'# 3+0# -'# '<8,'# ,2# ?00)2;# (8# :23)0';# '5)4'# <# '.+4','%# C'(#
'8*+/),',2(# 6)20('0# 782# F'5# 682,2# =/20'/# 2-# 3/23)5)20*+# )0*2-23*8'-# ,2# (8# @)G';#
,23),)20,+# 782# 80+(# 6',/2(# ',+6*):+(# -'# 682,20# 2,83'/# 52G+/;# 20# 80# '5.)20*2#
*/',)3)+0'-%# O)# F'5;# 0)# (8# 6/2(*)4)+('# '.+4','# (2# /)0,20;# [email protected]'0,+# <# '<8,A0,+(2#
58*8'520*2%#
!
/%*'%,*%;_3%,#+2=*
a)/%# L)5# [email protected]/),'0# T$UVUW%# J'(','# 20# -'# @)(*+/)'# /2'-# ,2# &@/)(*<# J/+p0# T$U!B# d#
$UV$W;#78)20#3+0#80'#6'/A-)()(#32/2./'-;#(D-+#*)202#3+0*/+-#(+./2#(8#6)2#)178)2/,+%#
&+0#(8#*2(D0#<#-'#'<8,'#,2#(8#5',/2;#3+0()482#/2-'3)+0'/(2#3+0#-+(#,25A(;#2(3/).)/#
<#6)0*'/%#
!
@"C.<*3)"*`%-$2#%"*4,#+"+,#"=##
a)/%X# C8)(# M'0,+b)# T$UV^W%# R'./)2-'# J/)552/;# 6+2*)('# <# 2(3/)*+/';# 0'3)D# 3+0#
6'/A-)()(# 32/2./'-# 782# -2# )562,9'# 38'-78)2/# 5+:)5)20*+;# ('-:+# (8# 6)l# )178)2/,+%#
R'./)2-'# '332,)D# '# *+,'# (8# 2,83'3)D0;# )03-8),'# -'# 80):2/()*'/)';# 4/'3)'(# '# 80'#
256-2','# 52G)3'0';# '0'-='.2*'# <# 782# '6/20,2# '# -22/# <# '# 2(3/).)/# G80*+# '# 2--'%# C'#
62-938-'#2(#80#3'0*+#'#-'#0+/5'-)1'3)D0#,2#-'(#62/(+0'(#3+0#,)(3'6'3),',%#
!
a%G2-*+,*3)*+%2-*6,)2#=*
a)/%X#S'0,'#Z')02(#T$UV"W%#C'#'3*/)1;#(+/,';#M'/-220#M'/*)0;#5'0*)202#80'#/2-'3)D0#
$B"#
2(623)'-#3+0#(8#6/+=2(+/;#20#80#320*/+#2,83'*):+#2(623)'-#6'/'#(+/,+(%##
!
01*`26C#,*,1,9")$,=*
a)/%X#a':),#C<[email protected]#T$UV]W%#[email protected]#M2//)3b#2(#80#3)8,','0+#)04-l(#Tl6+3'#:)3*+/)'0'W#
782#(2#2>@).2#20#80#3)/3+#'5.8-'0*2;#@'(*'#782#80#G+:20#5l,)3+#,2(38./2;#*/'(#(8#
5A(3'/'#,2=+/52;#80'#62/(+0'-),',#6-20'#<#,2#6/+=80,+#(20*)5)20*+%##
!
J1:3%,)*421(*-2C#,*,1*)%+2*+,1*&3&2=*
a)/%X# M)-+(# `+/5'0# T$U^\W%# S'0,-2# M3M8/[email protected]<# 2(# */'(-',',+# '# 80'# )0(*)*83)D0#
6()78)A*/)3'%#H0#l(*';#',:2/*),+#6+/#-+(#6'3)20*2(#,2#782#-'#20=2/52/'YG2=2#2G2/32#2-#
3+0*/+-# 3+0# 5l*+,+(# *)/A0)3+(;# ,23),2# 20=/20*'/(2# '# 2--';# 3+0()48)20,+# 782# (2# -2#
'6-)782# ($(1&0/-2/1l-%# H0# *+,+# 3'(+# <'# @'.9'# 3+0(248),+# 4'0'/(2# '-# /2(*+# ,2#
6'3)20*2(#<#782#(2#@)3)2/'0#(20*)/#62/(+0'(%#
!
b2`)).*&2:%(*-3*93-%1=*
a)/%X#a'-*+0#_/85.+#T$U^$W%#n0#(+-,',+#2(#*/'(-',',+#'#80#@+(6)*'-#,2#:2*2/'0+(#
,2#482//';#*/'(#782,'/#58*)-',+#,2#'5.'(#6)2/0'(#<#./'1+(;#3)24+;#(+/,+#<#58,+%#
!
01*6%1":#2*+,*J))"*Q311%4")=*
a)/%X# ?/*@8/# E200%# T$U"BW%# ?00'# F8--):'0# 2(# 80'# )0(*)*8*/)1# 782# (2# 203'/4'# ,2#
20(2g'/# '# 3+580)3'/(2# <# '# ,2(38./)/# 2-# 580,+;# '# 80'# 0)g'# 3)24'# <# (+/,'# ,2#
0'3)5)20*+%#
#
$B^#
$BV#
#
#
#
#
#
#
($(!!'1#)2()(&6%2'"&)4)#(!(&'2,2(&)(&3(!',$(&)2()$"&)
(&6%2',#6(&)!"#)2'&!,3,!'2,2)(#)$,)%#'5(*&'2,2F)%#)
(&6%2'"),3$'!,2")
)
.?;;:)*A>[email protected])'=W:=L?Z)
29?QA)i?C`C)$P\P?)3:88:^)
0:8h:)i?C`C)$P\P?a*Ak:CX)
$n0):2/(),',#,2#MA-'4'#
B#n0):2/(),',#,2#MA-'4'#
!K0(*)*8*+#,2#F'-8,#&'/-+(#KKK#
#
*(&%0(#)
H-#6/2(20*2#*/'.'G+;#,2(,2#80#'0A-)()(#,2#-'(#0232(),',2(#2,83'*):'(#2(623)'-2(#782#
682,20# 6/2(20*'/# -+(# 2(*8,)'0*2(# 3+0# ,)(3'6'3),',# 20# -'# n0):2/(),',;# */'*'# ,2#
2(*8,)'/# -'# '(+3)'3)D0# 20*/2# -'(# ,)=)38-*',2(# 203+0*/','(# 20# -+(# 2(*8,)+(#
80):2/()*'/)+(;# *)6+(# ,2# ,)(3'6'3),',# <# -+(# '6+<+(# ,25'0,',+(# <# /23).),+(%# &+0#
*+,+;# <# ,2(,2# 80'# .'(2# ,2# '3*8'3)D0# 2,83'*):'# 3+5620(',+/';# '(9# 3+5+# ,2# 80'#
)0*2/:203)D0# 6()3+62,'4D4)3'# 782# @'32# +62/'*):'# '# '78l--';# (2# 6/2*20,2/9'# 80#
'32/3'5)20*+#'-#'-850',+#80):2/()*'/)+#3+0#,)(3'6'3),',;#3+0+32/#'-480'(#,2#(8(#
3'/'3*2/9(*)3'(#<#:'-+/'/#0232(),',2(#62/(+0'-2(#<#'3',l5)3'(%#
3:B:D8:C) MB:E?F# 80):2/(),',o# ,)(3'6'3),',o# 0232(),',2(# 2,83'*):'(# 2(623)'-2(o#
'6+<+o#)0*2/:203)D0#6()3+62,'4D4)3'#
#
&6%2'(&)!G"'!(),#2)&3(!',$)#((2&)"+)2'&,-$(2)&6%2(#6&),6)6G()
%#'5(*&'64F),#),3$'!,6(2)&6%24)
)
,-&6*,!6)
VN=)3)0'#
_l30)3'# ,2-# F2/:)3)+# ,2# ?6+<+# '-# ?-850',+# 3+0# a)(3'6'3),',%# n0):2/(),',# ,2# MA-'4'%# TBU]^$W#
&'568(#,2#H-#HG),+%#4/)ç85'%2(#
Ua26'/*'520*+# ,2# E()3+-+49'# H:+-8*):'# <# ,2# -'# H,83'3)D0;# n0):2/(),',# ,2# MA-'4'%# &'568(# ,2# _2'*)0+(;#
TBU]^$W#MA-'4'%#,-8782ç85'%2(#
!K0(*)*8*+#,2#F'-8,#&'/-+(#KKK;#M)0)(*2/)+#,2#&)203)'#2#K00+:'3)D0%#5'/)'G%-8782ç=80,'3)+0)5'.)(%+/4#
#
#
$BU#
[email protected])(# p+/b;# =/+5# '0# '0'-<()(# +=# *@2# (623)'-# 2,83'*)+0'-# 022,(# *@'*# 3'0# 6/2(20*#
(*8,20*(# p)*@# ,)('.)-)*)2(# '*# *@2# n0):2/()*<;# (22b(# *+# 2>'5)02# *@2# '((+3)'*)+0#
.2*p220#*@2#,)==)38-*)2(#203+80*2/2,#)0#80):2/()*<#(*8,)2(;#*<62(#+=#,)('.)-)*)2(#'0,#
*@2# (866+/*(# '0,# ,2=20,'0*(# /232):2,%# Z+p2:2/;# ()032# '# .'()(# =+/# '3*)+0#
3+5620('*+/<# 2,83'*)+0# '0,# 6(<[email protected]+-+4<# +=# '0# )0*2/:20*)+0# *@'*# 5'b2(# )*#
+62/'*)+0'-;# )*# (22b(# '0# '66/+'[email protected]# *+# 80):2/()*<# (*8,20*(# p)*@# ,)('.)-)*)2(;# 522*#
(+52#+=#*@2)/#[email protected]'/'3*2/)(*)3(#'0,#'((2((#'3',25)3#'0,#62/(+0'-#022,(%#
I?7) JA8>CF) 80):2/()*<o# ,)('.)-)*<o# (623)'-# 2,83'*)+0'-# 022,(o# (866+/*o#
6(<[email protected]+62,'4+4)3#)0*2/:20*)+0#
*
>OBIFUK55>NO*
&8'-78)2/# '3*8'3)D0# 2,83'*):'# 3+0# '-850',+# 3+0# ,)(3'6'3),',;# (2# @'32# ,2(,2# 2-#
'0A-)()(#,2#(8(#+(1(-%*#*(-)(*"1#&%'#-)(-F(1%#$(-B)3+0#-+#782#(2#@'32#/2=2/203)'#'#80#
3+0326*+# ,2# )0*2/:203)D0# 2,83'*):'# <# 0+# ,2# 3'*24+/)1'3)D0# ,)'40D(*)3';#
0232(),',2(#2(623)'-2(#782#)56-)3'0#,2*2/5)0',+(#'6+<+(#<#'*203)+02(#2,83'*):'(#
2(6239=)3'(#'(+3)','(#'#,)(3'6'3),',%#
H(# +.:)+# 782# 0+# *+,+(# -+(# '-850+(# <# '-850'(# 3+0# ,)(3'6'3),',;# *20,/A0#
0232(),',2(# 2(623)'-2(;# 20# -'# 52,),'# 782# -'# 6/+:)()D0# ,2# (2/:)3)+(# 782# 0232()*20#
(2'0# ',238',+(# '# (8# ()*8'3)D0# <# 3)/380(*'03)';# 62/+# (9# '# -'# )0:2/(';# *+,+# 2-#
'-850',+#3+0#0232(),',2(#2(623)'-2(;#6/2(20*'/A#'-4I0#2-2520*+#,2#,)(3'6'3),',;#
'# -'(# 782# (2# '6+<'/A# +# 6/2(*'/A# -'# '<8,'# +6+/*80';# 38'0,+# -+# (+-)3)*2# +# -'(#
-)5)*'3)+02(#782#(2#6/2(20*20#682,'0#)562,)/#+#,)=)38-*'/#(8#,2(20:+-:)5)20*+%#H0#
38'-78)2/# 3'(+;# -'(# ,)=)38-*',2(# ,2# -'(# 62/(+0'(# <# (8(# 0232(),',2(# 2,83'*):'(;# (+0#
3+03/23)+02(#,2#-'(#0232(),',2(#)0,):),8'-2(#<;#3+5+#*'-2(;#,2.2/A0#3+0*256-'/(2#
20#-+(#+.G2*):+(#=+/5'*):+(#,2#-'(#A/2'(#<#5'*2/)'(#,2#20(2g'01'%#
H(*2#'/*938-+#6/2*20,2#'@+0,'/#20#2-#'0A-)()(#,2#2('(#0232(),',2(;#6'/'#-+#782#*/'*'#
,2# 2(*8,)'/# -'# '(+3)'3)D0# 20*/2# -'(# ,)=)38-*',2(# 203+0*/','(# 20# -+(# 2(*8,)+(#
80):2/()*'/)+(;# *)6+(# ,2# ,)(3'6'3),',# <# -+(# '6+<+(# ,25'0,',+(# <# /23).),+(%#
`+/5'0,+# 6'/*2# ,2# 80'# )0:2(*)4'3)D0# 5A(# '56-)';# /2'-)1','# 6+/# 2-# F2/:)3)+# ,2#
?6+<+#'-#?-850',+#3+0#a)(3'6'3),',#TF??aW#,2#-'#n0):2/(),',#,2#MA-'4'#TnM?W;#
*/'*'# ,2# '0'-)1'/# <# /2=-2>)+0'/# 20# (85';# (+./2# -'(# 0232(),',2(# ,2# (8(# 2(*8,)'0*2(#
3+0#,)(3'6'3),',;#3+0#+.G2*):+(#,2#52G+/'/#'(623*+(#,2-#F2/:)3)+#<#(8(#/2-'3)+02(#
3+0#2--+(%##
#
Yba)&%3%(&6"&)4)3$,#6(,0'(#6"&b)
a2(,2# 80'# .'(2# ,2# '3*8'3)D0# 2,83'*):'# 3+5620(',+/';# '(9# 3+5+# ,2# 80'#
)0*2/:203)D0#6()3+62,'4D4)3'#782#@'32#+62/'*):'#'#'78l--';#2(*2#2(*8,)+#.8(3';#80#
'32/3'5)20*+#'-#'-850',+#80):2/()*'/)+#3+0#,)(3'6'3),',;#3+0+32/#'-480'(#,2#(8(#
3'/'3*2/9(*)3'(# <# :'-+/'/# 0232(),',2(# 62/(+0'-2(# <# '3',l5)3'(%# _+,+# 2--+# (2#
6-'0*2'/9'#,2#'382/,+#'#,+(#+.G2*):+(X#
'W#?0'-)1'/#-'#/2-'3)D0#,2#-'#:'/)'.-2#(2>+#,2#-+(#2(*8,)'0*2(#3+0#,)(3'6'3),',;#3+0#
-'(# :'/)'.-2(# ,2# 0#D#) 1%(+&J.%1#) *() $/-) (-&"*%/-) 782# 38/(';# &%F/) *() *%-1#F#1%*#*B)
*%.%1"$&#*(-)(+1/+&0#*#-)(+)$#)e+%'(0-%*#*B)#F/,/-)(-F(1%#$(-)/E&(+%*/-#<#-+(##F/,/-)
*(D#+*#*/-%#
$!]#
.W#E/+=80,)1'/#20#-'#/2-'3)D0#,2#-'#:'/)'.-2#&%F/)*()*%-1#F#1%*#*#3+0#-'(#:'/)'.-2(X#
4#D#) 9%(+&J.%1#) *() $/-) (-&"*%/-# 782# 38/(';# *%.%1"$&#*(-) (+1/+&0#*#-) (+) $#)
e+%'(0-%*#*;##F/,/-)(-F(1%#$(-)/E&(+%*/-#<##F/,/-)*(D#+*#*/-%#
*
Sba),&3(!6"&)2()2'&(l"T)0%(&6*,)4)3*"!(2'0'(#6"b)
H-# 6-'0*2'5)20*+# ,2# '0A-)()(# ,2# -'(# :'/)'.-2(# ,2# 2(*8,)+;# 2(# .A()3'520*2#
,2(3/)6*):+;# 3+0# '-4I0# '0A-)()(# ,2# -'# /2-'3)D0# 20*/2# -'(# 5)(5'(# <# 6/2*20,2/9'#
':2/)48'/#-'#2>)(*203)'#,2#'(+3)'3)+02(#20*/2#-'(#:'/)'.-2(#,2#(2>+;#/'5'#3)20*9=)3';#
*)6+#,2#,)(3'6'3),',;#,)=)38-*',2(#<#'6+<+(%##
SbYba)0P?CL8:)
H-# 2(*8,)+# (2# /2'-)1D# 20# -'# n0):2/(),',# ,2# MA-'4';# (+./2# 80'# 5'*/938-'# ,2# B!B#
'-850+(#<#'-850'(#3+0#,)(3'6'3),',%#a2#2(*'#6+.-'3)D0;#80'#582(*/'#3-'/'520*2#
/26/2(20*'*):'#,2#$VV#2(*8,)'0*2(#T782#(86+02#2-#V$r#,2#5'*/)38-',+(W;#6'/*)3)6D#
20#-'#)0:2(*)4'3)D0;#3+0*2(*'0,+#'#80#382(*)+0'/)+##*)2/13)
H(*'# 582(*/'# 6/2(20*'# 80'# ,)(*/).83)D0# 20# 38'0*+# '-# (2>+# ,2# \$;"r# ,2# :'/+02(;#
=/20*2# '# 80# fV;fr# ,2# 58G2/2(# T4/A=)3+# $W%# a)(*/).83)D0# 20# -'# 782;# ,2# '382/,+# '#
:'-+/'3)+02(# ,2# 'g+(# '3',l5)3+(# '0*2/)+/2(# TC8782# <# S+,/94821;# B]]"W;# 682,2#
3+0(),2/'/(2# 80# /23+/*2# ,2# 6+()3)+02(# /2(623*+# '# 2(+(# 38/(+(;# ,)(5)08<l0,+(2#
3-'/'520*2#-'(#,)=2/203)'(#,2#4l02/+%#
#
Grafíco 1. - Distribución Muestra.
Mujeres
48%
varones
52%
*
SbSb)a)'=CL8P;?=LA)
H0# 2(*2# '0A-)()(# ,2# -'(# 0232(),',2(# ,2-# '-850',+# 3+0# ,)(3'6'3),',;# (2# 8*)-)1D# 80#
382(*)+0'/)+#,)(2g',+#6+/#-+(#'8*+/2(#,2#2(*2#2(*8,)+;#20#-902'#3+0#+*/+(#*/'.'G+(#
'0*2/)+/2(#TC8782#<#S+,/94821;#B]]"o#S+,/94821#<#C8782;#B]]"W;#782#3+0(*'#,2#80#
*+*'-#,2#"#9*25(#,2#/2(682(*'#5I-*)6-2#T'02>+W%##
)
Xba)*(&%$6,2"&)
#
?#*/':l(#,2-#6/+32('5)20*+#<#'0A-)()(#,2#-+(#,'*+(#3+0#2-#6/+4/'5'#FEFFY$!#
TB]]^W;#(2#*)2020#-+(#/2(8-*',+(#782#()4820;#,2#'382/,+#'#-+(#(8682(*+(#<#+.G2*):+(#
,2#6'/*),'%##
H0# /2=2/203)'# '# -+(# 2(*8,)+(# +# /'5'(# ,2# 3+0+3)5)20*+;# @'<# 80# 6/2,+5)0)+# ,2# -'(#
H0(2g'01'(#_l30)3'(#T$BU#62/(+0'(W;#()48)l0,+-2#&)203)'(#F+3)'-2(#<#L8/9,)3'(#T!^W#
<#-+(#,2#F'-8,#TBBW%#?80782#2-#6+/320*'G2#,2#58G2/2(#2(#5'<+/#20#F+3)'-2(#<#2-#,2#
$!$#
:'/+02(# -+# 2(# 20# -'(# _l30)3'(# T4/A=)3+# BW;# 0+# (2# *)202# ()40)=)3'*):),',# 20# -'(#
,)=2/203)'(#T>u];f$\;#6é];]]$W%##
#
Gráfico 2. - Ramas de conocimiento y sexo.
80%
60%
40%
20%
0%
Sociales y
Jurídicas.
E. Técnicas.
Varones.
Salud.
Mujeres
#
#
C'# ,):2/(),',# ,2-# '-850',+# <# ,2# (8(# *)6+(# ,2# ,)(3'6'3),',;# 2(*A# ',238','520*2#
/26/2(20*','#20#-'#582(*/'#T4/A=)3+#!W;#20#(8(#3'*24+/9'(#<#6/+6+/3)D0%#
#
Gráfico 3. - Tipos de discapacidad.
Intelectual
1%
Psíquica
7%
Otras.
19%
Motora
54%
Visual
14% Auditiva
5%
#
#
a2#-+(#$VV#2(*8,)'0*2(;#$]$#6/2(20*'0#'-4I0#*)6+#,2#,)(3'6'3),',#5+*+/'#T\frW%#
C2# ()482# -'# 3'*24+/9'# /&0#-) *%-1#F#1%*#*(-# 3+0# !\# 2(*8,)'0*2(# T$UrW;# 3'*24+/9'#
=+/5',';#20#(8#5'<+/9';#6+/#62/(+0'(#3+0#,)(3'6'3),',2(#+/4A0)3'(%#L80*+#'#2(*+(#
'-850+(;# 6'/*)3)6'/+0# B^# 62/(+0'(# 3+0# ,)(3'6'3),',# :)(8'-# T$frW;# $\# 3+0#
,)(3'6'3),',#6(978)3'#T^rW;#<#U#3+0#,)(3'6'3),',##'8,)*):'#T\rW%###
C'#582(*/'#(2#,)(*/).8<2#20#=803)D0#,2-#4l02/+#TUV#@+5./2(#<#U]#58G2/2(;##\Br#<#
fVr;#/2(623*):'520*2W;#<#2-#*)6+#,2#,)(3'6'3),',;#(24I0#(2#'6/23)'#20#4/A=)3+#f%#
$!B#
Gráfico 4. - Alumnos con discapacidad por sexo
120
100
80
50
Mujeres
60
40
51
20
3
12
15
6
Hombres
3
12
0
0
Motora
Auditiva
Visual
Psíquica
#
1
Intelectual
19
16
Otras
#
#H0#4202/'-;#<#,2#'382/,+#'#2(*'#,)(*/).83)D0#,2#6+.-'3)D0#5'*/)38-',';#2-#0I52/+#
,2#:'/+02(#20#3','#*)6+#,2#,)(3'6'3),',;#2(#(862/)+/#'-#,2#58G2/2(;#'#2>3263)D0#,2#
-'(# ,)(3'6'3),',2(# 204-+.','(# 20# ;&0#-B# ()# .)20# 2(*'# ,)=2/203)'# 0+# 2(# ()40)=)3'*):'#
T>u];]^!o#6é];]$W%#_'0#(D-+;#20#-'#,)(3'6'3),',#6(978)3'#-'#,)=2/203)'#(2#@'32#'-4+#
5'<+/;#20#80#0I52/+#,2#$B#=/20*2#'#!#'-850'(%#
c=D=8* I,1"&%2),-* ,)$#,* ,1* -,X2* +,* 12-* ,-$3+%")$,-* &2)* 4"#%"C1,-* +,* #"6"* +,*
,-$3+%2<* $%'2* +,* +%-&"'"&%+"+<* +%9%&31$"+,-<* "'2.2-* +,6")+"+2-* .* "'2.2-*
2C$,)%+2-=*
H0#2-#'0A-)()(#,2#-'(#,)=)38-*',2(#203+0*/','(#6+/#2-#'-850',+#20#-'#n0):2/(),',;#(2#
+.*)202# 782;# 2-# \\;!r# ,2# 2--+(;# 2>6/2('# 0+# @'.2/-'(# 203+0*/',+;# 5)20*/'(# 782# 80#
B$;V\r#'=)/5'#*202/-'(;#(+./2#*+,+#20#38'0*+#'#.'//2/'(#'/78)*23*D0)3'(;#'(9#3+5+#
80# f;Vr# 20# -+# /2=2/),+# '# ','6*'3)D0# 52*+,+-D4)3'# <# 80# $$;^r# 20# -'# '3*)*8,# ,2-#
6/+=2(+/',+%#
#
Gráfico 5. - Dificultades apreciadas en la Universidad.
Otros.
Accesibilidad
Actitud Proff.
Adapt. Metod.
Barreras.
Ninguna.
0%
#
10%
20%
30%
40%
50%
60%
#
$!!#
C+(# @+5./2(# ,2(*'3'0# 20*/2# -+(# 782# ,)320# 0+# 203+0*/'/# ,)=)38-*',# '-480'# 20# -'#
n0):2/(),',#T('-:+#'-480'#,)=)38-*',#20#.'//2/'(#'/78)*23*D0)3'(W;#5)20*/'(#782#-'(#
58G2/2(# 203820*/'0# 5A(# ,)=)38-*',2(;# 782# (2# 320*/'/9'0# 20# ','6*'3)D0#
52*+,+-D4)3';#'3*)*8,#,2-#E/+=2(+/',+#<#2-#'332(+#'#-+(#(2/:)3)+(#,2#-'#n0):2/(),',%#
&+0# *+,+;# 20# 2(*'(# +.(2/:'3)+02(# (+./2# -'(# ,)=)38-*',2(# 203+0*/','(;# 0+# (2#
,)(*)04820# ,)=2/203)'(# 20*/2# :'/+02(# <# 58G2/2(# T>u# ];"V!;# 6é];]$W%# F2# 3+0(*'*'#
',25A(# 782;# 2(*'(# ,)=2/203)'(;# ,)(5)08<20# '# :'-+/2(# 590)5+(# 20# 2-# 4/86+# ,2#
'-850+(# 782# =/23820*'0# <# '()(*20# '-# F2/:)3)+# ,2# ?6+<+%# F)# /2-'3)+0'5+(# -'(#
0232(),',2(# 782# *)2020# -+(# '-850+(# <# '-850'(# T20# =803)D0# ,2-# (2>+W;# 3+0# -+(#
'6+<+(#+#(2/:)3)+(#,25'0,',+(;#(2#+.*)2020#80+(#,'*+(#/2(85),+(#20#-'#*'.-'#B%#
#
6:DB:)Sb)q),NA7AC)>?;:=>:>AC)7)C?_A)
J+"'$"&%()* J+"'$"&%()*
O%):3)"* 53##%&31"#* +,*,Xd6,),-*
##
J+"'$"&%()*
+,1*6,+%2*
9e-%&2*
J.3+"-*
J.3+"-*
$A&)%&"-* ,&2)(6%&"-* F$#2-*
a26C#,* \^;^]r#
!;$]r#
f;$]r#
f;$]r#
$];!]r#
$";\]r#
f;$]r#
/3G,#*
f;f]r#
\;\]r#
\;\]r#
$B;$]r#
$";\]r#
$;$]r#
!;^r#
f;Vr#
f;Vr#
$$;Br#
$";\r#
B;^r#
\f;U]r#
B2$"1,-* \";fr#
#
a2# -'# 582(*/';# 80# \"r# '=)/5'# 0+# @'.2/# '332,),+# '# -+(# '6+<+(# 2(623)'-2(#
,25'0,',+(;# -+# 782# (2/9'# 3+0()(*20*2# 3+0# 80'# )0*2/6/2*'3)D0;# (24I0# -'# 38'-# -'(#
'<8,'(# 23+0D5)3'(;# 2# )03-8(+# -'(# '<8,'(# *l30)3'(;# 0+# (2/9'0# :'-+/','(# 6+/# 2-#
'-850',+;#3+5+#'6+<+(#2(623)'-2(%#
#
Gráfico 6. - Apoyos demandados.
60%
50%
40%
30%
20%
10%
0%
s
s
co
a
lar
as
ic a
fís i
e ne
gun
ic u
n ic
Nin Curr e xám medi o s téc co nóm
n
da
se
ci ó i ón de n del
Ay u y uda
pta
c
ió
A
Ada da pta a ptac
A
Ad
Hombre.
#
Mujer.
os
O tr
#
#
?(9;# -'# (85'# ,2# '5.+(# ,'*+(;# :20,/9'# '# /2(8-*'/# 20# 2-# ^B;Ur;# -+# 782# '# (8# :21;#
203'G'/9'# 3+0# (8# /2396/+3+# !]r# ,2# '-850+(# 782;# 20# 2(*8,)+(# '0*2/)+/2(;# (2# @'#
+.(2/:',+#782#2>6/2('0#0232(),',#,2#'6+<+#<#,2#/238/(+(#T'38,20#'-#(2/:)3)+W%#C'(#
,)=2/203)'(# 203+0*/','(# 6+/# /'1D0# ,2# (2>+# 6'/'# -+(# '6+<+(# (+-)3)*',+(;# 0+# (+0#
()40)=)3'*):'(# '-# 0):2-# ,2(2',+# T>u];VV];# 6é];]$W%# &+0()(*20*2520*2# '# 2(*'(#
,25'0,'(;#-+(#'6+<+(#+.*20),+(#'#2('(#0232(),',2(;#(2#/2(8520#20#-'#*'.-'#!%##
$!f#
#
B"C1"*c=*Z*J'2.2-*2C$,)%+2-**.*-,X2*
#
O)0480'#
Z+5./2# ^];$]r#
?,'6*'Y
_/'0(6+/*2#'-#
H0#
3)D0#
320*/+#,2#
2>A5202(#
&8//)38-'/#
2(*8,)+(#
?-850+#
3+-'.+/'Y
,+/#
?<8,'(#
N*/+(#
*l30)3'(#
B;$]r#
\;B]r#
!;$]r#
];]]r#
B;$]r#
$^;\]
r#
M8G2/#
"V;$]r#
B;B]r#
^;^]r#
];]]r#
$;$]r#
!;!]r#
$^;"]
r#
_+*'-2(#
"U;$r#
B;$r#
";fr#
$;"r#
;\r#
B;^r#
$^;"
r#
#
#
&+5+# 682,2# +.(2/:'/(2;# 2-# "Ur# ,2# -+(# 20382(*',+(# '=)/5'# 0+# @'.2/# +.*20),+#
'6+<+# '-480+;# -+# 782# (2/9'# 3+0()(*20*2# 3+0# 2-# '6'/*',+# '0*2/)+/# ,2# 0+# @'.2/-+(#
(+-)3)*',+%# C'# /2-'3)D0# 20*/2# -'(# :'/)'.-2(# (2>+# <# -'# ,2# '6+<+(# +.*20),+(;# 0+# 2(#
()40)=)3'*):'#T>u];\VU;#6é];]$W%#
#
Gráfico 7. - Apoyos obtenidos.
80%
70%
60%
50%
40%
30%
20%
10%
0%
una cular enes dios ador nicas Ot ros
Ningn Currin exámde estucolabordas t éc
ó
i
E ent ro mno
Ayu
ptac
c
Alu
Ada
e al
t
r
o
sp
Tran
Hombre.
Mujer.
#
H0#2(*2#(20*),+;#*'0*+#2(2#:'-+/#3+5+#2-#/2(*+#,2#-'#*'.-';#(+0#3+)03),20*2(#3+0#-+(#
@'.)*8'-2(# 20# +*/'(# n0):2/(),',2(# <# 20# -'# ,2# MA-'4'# 20# 6'/*)38-'/# TC8782# <#
S+,/94821;# B]]"W;# 38'0,+# (2# 3+0:)202# 20# 2(*'.-232/# 20# *+/0+# '# 80# !]r# ,2#
'-850+(;# 782# 5'0)=)2(*'0# (8(# 0232(),',2(# 2(623)'-2(;# '(9# 3+5+# -'# /2(682(*'#
3+//2(6+0,)20*2#,2-#F2/:)3)+#,2#'6+<+%#_'56+3+#-'#,)=2/203)'#20#38'0*+#'-#(2>+#2(#
()40)=)3'*):'%#
c=* E=* 8* I,1"&%2),-* ,)$#,* ,1* $%'2* +,* +%-&"'"&%+"+* &2)* 1"-* 4"#%"C1,-* +,* #"6"* +,*
,-$3+%2<*+%9%&31$"+,-<*"'2.2-*+,6")+"+2-*.*"'2.2-*2C$,)%+2-=*
N*/'# 3'/'3*2/9(*)3'# '# (2g'-'/# 20# -+(# 2(*8,)'0*2(# 782# 6'/*)3)6'/+0# 20# -'#
)0:2(*)4'3)D0;#<#3+0#/2-'3)D0#'#-'(#,)=)38-*',2(#+#-)5)*'3)+02(;#2(#-'#,2#80#ffr##782#
6/2(20*'/# 0232(),',2(# 2(623)'-2(# 20# (8(# 2(*8,)+(# 80):2/()*'/)+(;# 38<'# 6/+6+/3)D0#
:'/9';#3+5+#3'.2#2(62/'/;#20#=803)D0#,2-#*)6+#,2#,)(3'6'3),',;#'(623*+#782#782,'#
/2=-2G',+#20#2-#4/A=)3+#V%#
$!\#
#
Gráfico 8. - Alumnos que demandan medidas
compensatorias por discapaci dad
Intelectual
Auditiva
Motora
Visual
Psíquica
Otras
0%
20%
40%
60%
80%
100%
120%
#
#
H-#$]]r#,2#-+(#2(*8,)'0*2(#3+0#,)(3'6'3),',#6(978)3'#<#2-#^\r#3+0#,)(3'6'3),',#
'8,)*):'#782#6'/*)3)6'/+0#20#2-#2(*8,)+;#,25'0,'0#'-4I0#*)6+#,2#'6+<+%#C2#()482#2-#
'-850',+# 3+0# ,)(3'6'3),',# 5+*+/'# TfV;\rW;# <# -+(# ,2# ,)(3'6'3),',# :)(8'-# 3+0# 2-#
ffr%#
F)20,+# -'# ,)(3'6'3),',# 80'# 3)/380(*'03)'# )0*2/'3*):';# 2(# -D4)3+# 620('/# 782# -'(#
6+().-2(# -)5)*'3)+02(;# (2# /2-'3)+020# 2(*/[email protected]'520*2# 3+0# 2-# )0,):),8+# <# (8(#
3'/'3*2/9(*)3'(# 62/(+0'-2(# <# ,2# (8# 3+0*2>*+%# ?(9;# 082(*/+(# ,'*+(# /2=-2G'0# 2('#
/2-'3)D0#T*'.-'#!W#3+0#3'/A3*2/#()40)=)3'*):+#T>u];]$W%#
#
B"C1"*c=*8*U%9%&31$"+,-*.*$%'2*+,*+%-&"'"&%+"+=*
#
R"##,#"-* J+"'$"&%()* J&$%$3+*+,1*
O%):
"#_3%$,&$ 6,$2+21(:%& '#29,-2#"+ J&&,-%C%1%+"+=*
3)"*
()%&"-*
"=*
2*
F$#2-*
M+*+/'%#
\];^^#
!];^^#
$;\f#
$];^^#
$;\f#
f;"B#
F)--'#,2#
/82,'(%#
$B;\]#
V^;\]#
];]]#
];]]#
];]]#
];]]#
M+:)-%#
S2,83%#
ff;ff#
BB;BB#
^;f$#
$$;$$#
];]]#
$f;V$#
F20(+/)'-%#
$]];]
]#
];]]#
];]]#
];]]#
];]]#
];]]#
?8,)*):'%# !!;!!#
!!;!!#
];]]#
!!;!!#
];]]#
];]]#
&2482/'%#
];]]#
!!;!!#
"";"^#
];]]#
];]]#
];]]#
al=)3)*#h)(%# f\;V!#
f;$^#
$";"^#
BU;$^#
];]]#
f;$^#
E(978)3'%# UB;V"#
];]]#
];]]#
^;$f#
];]]#
];]]#
K0*2-23*8'-# ];]]#
];]]#
];]]#
\];]]#
];]]#
\];]]#
N*/'(%#
V\;^$#
V;\^#
];]]#
];]]#
];]]#
\;^$#
_+*'-2(%#
\\;!B#
B$;V$#
f;^U#
$$;^]#
];\!#
\;V\#
#
E82,2#'6/23)'/(2#782#-'(#3'*24+/9'(#+%+M"+#)<)E#00(0#-)#0G"%&(1&K+%1#-#(+0#-'(#,2#
5'<+/#:'-+/#20#-'#582(*/';#-+#782#'#(8#:21#2(#3+0()(*20*2#3+0#-+(#,'*+(#'#382(*)+02(#
'0*2/)+/2(;# '(9# 3+5+# '# -+# 2>6/2(',+# 20# +*/+# */'.'G+# (+./2# '332().)-),',# ,2# -'#
$!"#
n0):2/(),',# ,2# MA-'4'# TC8782;# S+,/94821# <# S+52/+;# B]]\W%# _'5.)l0# 682,2#
+.(2/:'/(2# 3+5+# -'# #*#F&#1%K+) D(&/*/$KM%1#B) #1&%&"*) *($) F0/.(-/0#*/) <# ;&0#-B)
48'/,'/9'0# /2-'3)D0# 5A(# 2(6239=)3'# 3+0# *)6+(# ,2# ,)(3'6'3),',# T(20(+/)'-2(# 2#
)0*2-23*8'-;# /2(623*):'520*2W%# H0# 3+03/2*+# 682,2# (2g'-'/(2# 782;# -+(# '-850+(# 20#
()--'# ,2# /82,'(# 203820*/'0# -'(# 6/)03)6'-2(# ,)=)38-*',2(# 20# -'(# .'//2/'(#
'/78)*23*D0)3'(# TV^m\r# ,2# -+(# 20382(*',+(W;# '(9# 3+5+# -+(# 782# 6/2(20*'0#
,)(3'6'3),',# :)(8'-;# 203+0*/'/9'0# (8# 6/)03)6'-# ,)=)38-*',# 20# -'(# ','6*'3)+02(#
52*+,+-D4)3'(# ,2-# 6/+=2(+/%# C+(# (8G2*+(# 3+0# ,)(3'6'3),',# )0*2-23*8'-# :20# -'#
6/)03)6'-#,)=)38-*',#20#-'#'3*)*8,#,2-#6/+=2(+/',+#<#20#2-#:'-+/#v+*/+(w%#C'#/2-'3)D0#
20*/2#-'(#:'/)'.-2(#&%F/)*()*%-1#F#1%*#*#<#*%.%1"$&#*(-#2(#()40)=)3'*):'#T>u];]$W%#
a2#'382/,+#'#-+(#+.G2*):+(#,2#2(*2#2(*8,)+;#'-#/2-'3)+0'/#-+(#*)6+(#,2#,)(3'6'3),',#
3+0#-+(#'6+<+(;#,25'0,',+(#<#+.*20),+(;#-+(#,'*+(#(84)2/20#782#-'(#,)=2/203)'(#(+0#
,2.),'(#20#(8#5'<+/#6'/*2;#'#782#-'(#,25'0,'(#0+#(+0#/2'-520*2#6/2(20*','(#20#2-#
(2/:)3)+# ,2# '6+<+;# ()0+# 20# -'(# 0232(),',2(# 2>6/2(','(# 20# 2-# 382(*)+0'/)+%# &8'0,+#
2(*'(# ,25'0,'(# <# '6+<+(# /23).),+(# (+0# :'-+/','(# 20# 2-# 0I52/+# ,2# '-850+(# <#
'-850'(#782#=/23820*'0#2-#F2/:)3)+#,2#?6+<+;#0+#(2#'6/23)'0#-'(#,)=2/203)'(%##
#
B"C1"*f=*Z*J'2.2-*+,6")+"+2-*.*2C$,)%+2-=*
a25'0,',+(
%#
S23820*+#
?,'6*%#
O)0480
&8//)38
'%#
-'/%#
$]"#
r#
\";fr#
a)(3'6'3),',#
N.*20),+(%#
S23820*+#
H>A520
2(%#
?,'6*'3)
D0#,2-#
52,)+%#
^#
U#
U#
B$#
!$#
\#
$VV#
!%^#
f%V#
f%V#
$$%B#
$"%\#
B%^#
$]]#
H>A520
2(%#
_/'0(6+/
*2#'-#
&20*/+%#
?-850
?<8,'(# N*/+
+#
_l30)3'%#
(%#
&+-'.%#
_+*
'-%#
f#
$B#
!#
$#
\#
!!#
$VV#
B;$r#
";fr#
$;"r#
;\r#
B;^r#
$^;"
r#
$]]
;]r#
?,'6*%#
O)0480
&8//)38
'%#
-'/%#
$!]#
r#
"U;$r#
a)(3'6'3),',#
?<8,'(# ?<8,'(#
N*/+(
_l30)3 23+0D
%#
'(%#
5)3'(%#
_+*
'-%#
#
H0#-+(#'6+<+(#2(623)'-2(#,25'0,',+(#6+/#-+(#(8G2*+(;#-'#5'<+/9'#,2#l(*+(#,23-'/'#
0+# @'.2/-'(# (+-)3)*',+# +# 0232()*',+;# <# 38'0,+# (2# /2-'3)+0'0# 3+0# -+(# *)6+(# ,2#
,)(3'6'3),',# (2# *)202# 782;# -+(# '-850+(# 20# ()--'# ,2# /82,'(;# ,25'0,'0#
6/)03)6'-520*2# '6+<+(# 20# '<8,'(# 23+0D5)3'(o# -+(# ,2# ,)(3'6'3),',# '8,)*):'#
,25'0,'0# ',25A(;# '6+<+# 20# '<8,'(# *l30)3'(# <# -+(# 782# 6/2(20*'0# ,)(3'6'3),',#
)0*2-23*8'-;# 62,)/9'0# ','6*'3)+02(# 38//)38-'/2(;# ',25A(# ,2# '<8,'(# 23+0D5)3'(%#
H(*'#/2-'3)D0#0+#2(#()40)=)3'*):'#T>u];!]fo#6é];]$W%#
#
$!^#
Gráfico 9. - Relación entre apoyos demandados y obtenidos.
.
O tros
m.
c onó
Ay . E
s.
cni ca
s Té
a
.
d
u
e
Ay
en s
Ex ám
.
r
a
rri cul
t. Cu
na
Ada p
u
Nin g
0
10
20
Demandados.
30
40
50
60
70
Obtenidos.
##
C'# /2-'3)D0# 20*/2# ,25'0,'(# <# +.*203)D0# ,2# '6+<+(;# 0+# 2>6/2('# ,)=2/203)'(# 20#
38'0*+# '-# (2>+;# '80782# (9# (2# *)202# ()40)=)3'*):),',# 20*/2# -'# ,)(3'6'3),',# <# '6+<+(#
2(623)'-2(#+.*20),+(#T>u]m]$W%#
#
,)0"2")2()2'&!%&'1#)
F2# 6+02# ,2# 5'0)=)2(*+# -'# 5'<+/# 2>)(*203)'# ,2# '-850+(# 3+0# ,)(3'6'3),',# 5+*+/';#
3+5+# 3'*24+/9'# ,)'40D(*)3'# 4202/'-# T,)(3'6'3),',# 5+*+/';# ()--'# ,2# /82,'(# +#
5+:)-),',# /2,83),'W%# H0# 2(*'(# 3'*24+/9'(;# @'<# -)42/+# 6/2,+5)0)+# ,2# 58G2/2(# 20#
,)(3'6'3),',# 5+*+/';# (20(+/)'-# :)(8'-;# '8,)*):';# <# +*/'(;# =/20*2# '# -+(# @+5./2(# 782#
2(*'/9'0#20#5'<+/9'#20#3'(+(#,2#()--'#,2#/82,'(;#5+:)-),',#/2,83),';#,l=)3)*#:)(8'-#<#
6(978)3'%#a)=2/203)'(#782#0+#(+0#()40)=)3'*):'(#20#2-#)0*2/:'-+#,2#3+0=)'01'#,2-#U\r%##
a2(*'3'/9'0#-+(#'-850+(#782#2>6/2('0#0+#@'.2/(2#203+0*/',+#3+0#0)04I0#*)6+#,2#
'6+<+# 2(623)'-;# ()20,+# -'(# 2-233)+02(# ,2# '-480'# ,2# -'(# +*/'(# +63)+02(# *+,'(#
5)0+/)*'/)'(%#H0#2(*2#(20*),+;#*'0*+#@+5./2(#3+5+#58G2/2(;#(2g'-'0#-'#2-233)D0#,2#
-'#+63)D0#v0)0480'w;#/2(6+0,)20,+#'#-'#6/2480*'#,2#()#@'0#203+0*/',+#'-4I0#*)6+#,2#
'6+<+#2(623)'-#20#-'#80):2/(),',%#
C'#/2-'3)D0#20*/2#'6+<+(#,25'0,',+(#<#/23).),+(;#3+0#2-#*)6+#,2#,)(3'6'3),',;#2(#
()40)=)3'*):';# -+# 782# 6+0,/9'# ,2# 5'0)=)2(*+# -'# )56+/*'03)'# ,2# '(+3)'/# -'(#
0232(),',2(# ,2-# '-850',+# 3+0# /238/(+(# <# '6+<+(# 2(6239=)3+(;# 20# 80# 'G8(*2# '# -'(#
3'/'3*2/9(*)3'(#,2#-'(#62/(+0'(%#
#
!"#!$%&'"#(&)3,*,)$,)*(+$(n'1#)
_+,+(#-+(#2(*8,)'0*2(#80):2/()*'/)+(#*)2020#0232(),',2(#20#(8#,2('//+--+#62/(+0'-#
<# '3',l5)3+;# )03-8),+(# -+(# 782# *)2020# ,)(3'6'3),',;# '80782# 20# l(*+(# (2# +.(2/:20#
'-480'(# -)5)*'3)+02(;# 782# ,2.20# 2-)5)0'/(2# 38'0,+# (2'0# ,2.),'(# '# /'1D0# ,2# 0+#
',238'3)D0# '# (8# 62/(+0'%# H0# 082(*/'# 3+580)3'3)D0# (2# @'0# */'*',+# ,2# 2>6+02/#
'-480'(#/2-'3)+02(#20*/2#:'/)'.-2(#3+5+#0#D#)1%(+&J.%1#)*()$/-)(-&"*%/-)782#38/(';#
&%F/) *() *%-1#F#1%*#*B) *%.%1"$&#*(-) (+1/+&0#*#-) (+) $#) e+%'(0-%*#*B) #F/,/-) (-F(1%#$(-)
/E&(+%*/-#<#-+(##F/,/-)*(D#+*#*/-%#&)2/*'520*2;#2(*'(#/2-'3)+02(#(2#,)(*)04820#,2-#
/2(*+# ,2-# '-850',+;# '-# '6/23)'/(2# 0232(),',2(# 20# '(+3)'3)D0# '# -'# ,)(3'6'3),',#
T-)5)*'3)D0#Y#3+5620('3)D0W;#62/+#*'5.)l0#782#682,20#<#,2.20#,2G'/#,2#(2/-+;#()#(2#
$!V#
'G8(*'# -'# /2(682(*'# ,2# -+(# &20*/+(# <# E/+=2(+/2(# '# -'(# 3'/'3*2/9(*)3'(# ,2# 2(*+(#
'-850+(%##
H0# 2(*'(# /2-'3)+02(# 0+# (2# @'0# '6/23)',+# ,)=2/203)'(# ()40)=)3'*):'(# 20# =803)D0# ,2-#
(2>+;#6'/'#/'5'(#3)20*9=)3'(#,2#2(*8,)+(;#0)#20#-'(#,)=)38-*',2(#203+0*/','(;#'80782#
(9#38'0,+#(2#:'-+/'0#20#(8#'(+3)'3)D0#3+0#*)6+(#,2#,)(3'6'3),',%#H(#-D4)3+#620('/#
-'(# 2(623)=)3),',2(# '# 3+0(),2/'/# 20# -+(# 6/+32(+(# ,2# 20(2g'01'# d# '6/20,)1'G2;# 20#
=803)D0# ,2# 782# 6/2(20*20# -)5)*'3)+02(# ,2# 5+:)-),',;# (20(+/)'-# +# 6(978)3'(;#
:'/)'0,+#6+/#2--+;#-'(#','6*'3)+02(;#'<8,'(#*l30)3'(#+#23+0D5)3'(%##
F2# 2:),203)'# 2-# 4/'0# 0I52/+# ,2# '-850+(# 782# 2>6/2('0# 0+# @'.2/# 203+0*/',+#
,)=)38-*',2(#20#-'#n0):2/(),',;#-+#782#:20,/9'#'#3+)03),)/#3+0#2-#@'.)*8'-#'0+0)5'*+#
,2# -+(# 2(*8,)'0*2(# /2(623*+# '# (8# ,)(3'6'3),',%# H0# 3'5.)+;# :'-+/'0# 6+()*):'520*2#
-'(#'<8,'(#*l30)3'(#+#23+0D5)3'(;#-+#782#0+#,2G'/9'#,2#(2/#80'#2>6/2()D0#5A(#,2#-'#
'8*+0+59'#<#,2#'=)/5'/(2#20#80'#)48'-,',#,2#),20*),',#(+3)'-#,2#-'#3+580),',%#
`)0'-520*2;#(2#3+0(*'*'#-'#,)=2/203)'#20*/2#-+(#782#@'0#2>6/2(',+#(8#3+0,)3)D0#,2#
,)(3'6'3),',#T32/*)=)3'3)D0#20#-'#5'*/)38-'3)D0W#<#-+(#782#@'320#2=23*):'#-'#5)(5'#
'38,)20,+#3+0#(8(#,25'0,'(#'-#F2/:)3)+#,2#?6+<+#T!]rW%#a)=2/203)'#782#20#(85';#
2>6/2('#782#20#-'#+=2/*'#,2#-'(#'<8,'(#+#2-2520*+(#,2#3+5620('3)D0;#*'5.)l0#2(*A#
-'#-).2/*',#,2#(8#2-233)D0#6+/#2-#'-850+;#(8#3+0(),2/'3)D0#3/9*)3'#<#-'#6+().)-),',#,2#
(8#8(+%###
#
*(+(*(#!',&)-'-$'".*/+'!,&)
CnknH;# a%# L%o# SNaSxRnHe;# R%# TB]]\W%# v?332().)-),',# <# ','6*'3)D0# 38//)38-'/2(# '-#
'-850',+# 3+0# ,)(3'6'3),',# 20# -'# n0):2/(),',%# n0'# /2=-2>)D0# ,+320*2%w#
&+580)3'3)D0#W)9/+M0(-/)N#1%/+#$)*()e+%'(0-%*#*),)8%-1#F#1%*#*3#F'-'5'03'%#
#CnknH;# a%# L%o# HC{FHRnK;# H%o# SNaSxRnHe;# R%# TB]]\W%# v&+0(),2/'3)+02(# 6'/'# 80#
6/+<23*+# ,2# n0),',# ,2# ?6+<+# '# E2/(+0'(# 3+0# ,)(3'6'3),',;# 20# -'# n0):2/(),',# ,2#
MA-'4'w%# &+580)3'3)D0# W) 9/+M0(-/) N#1%/+#$) *() e+%'(0-%*#*) ,) 8%-1#F#1%*#*3#
F'-'5'03'%#
CnknH;# a%# L%# Q# SNaSxRnHe;# R%# TB]]"W%# vO232(),',2(# *l30)3'(# ,2-# '-850',+# 3+0#
,)(3'6'3),',# 20# -'# n0):2/(),',# ,2# MA-'4'w%# f[# &+04/2(+# O'3)+0'-# ,2# _230+-+49'#
H,83'*):'#<#?*203)D0#'#-'#a):2/(),',#T_H&ONOHH_W%#"z#&+04/2(+#K.2/+'52/)3'0+#
,2#K0=+/5A*)3'#H,83'*):'#H(623)'-#T&KKHHW%#M8/3)'%##
SNaSxRnHe;# R%o# CnknH;# a%# L%# Q# SNMHSN;# L%# `%# TB]]fW%# vH:'-8'3)D0# ,2# -'#
'332().)-),',# '/78)*23*D0)3'# <# ,2# (2/:)3)+(# 20# -+(# 320*/+(# ,+320*2(# ,2# -'#
n0):2/(),',# ,2# MA-'4'w%# hKK# H8/+62'0# &+0=2/2032# +0# E(<[email protected]+-+4)3'-# ?((2((520*%#
MA-'4'%
$!U#
#
$f]#
#
#
#
#
#
#
,2,36,!'"#(&)4)2'#,0'!,&)(#)($),%$,)3,*,),$%0#"&)!"#)
2'&!,3,!'2,2),%2'6'5,#
#
,>?B:9>:)3<[email protected])[email protected][email protected])
&%#`%#K%#R?JSKHC#EHSHe#&?S&HC;#M8/3)'#
)
*(&%0(##
&+0(),2/'5+(# 782# 3','# 0)g+# (+/,+# 2(# I0)3+;# ()20,+# )56/2(3)0,).-2# 2-# --24'/# '#
+6*)5)1'/#-+(#/238/(+(#<#-'(#3'6'3),',2(#3+0#-'(#782#3820*';#5A(#782#320*/'/0+(#20#
(8(# -)5)*'3)+02(%# C'# 6/)+/),',# '# -'# @+/'# ,2# )0*2/:20)/# (2# ,)/)42# '# '<8,'/-+# '# 782#
'332,'# '# -'# 3+580)3'3)D0# 2=)3'1# 3+0# -'(# 62/(+0'(# ,2# (8# 20*+/0+;# 62/5)*)l0,+-2#
6/2(2/:'/# <# ,2('//+--'/# (8# 3'6'3),',# 3+40)*):'%# E'/'# 2--+;# /2(8-*'# )56/2(3)0,).-2#
,)(6+02/#,2#80'#3+580)3'3)D0#2=)3'1;#<'#(2'#20#-2048'#,2#(2g'(#+#=D0)3';#3+032.),'#
3+5+# -'# --':2# 782# -2# 62/5)*2# './)/(2# '-# 580,+%# C+(# 6/+=2()+0'-2(# <# ='5)-)'/2(#
6+,25+(# 3+0*/).8)/# '# (8# ,2('//+--+# 62/(+0'-;# ='5)-)'/;# '3',l5)3+# <;# 20# 80# =8*8/+#
0+#58<#-2G'0+;#6/+=2()+0'-;#@'3)20,+#782#-'(#-)5)*'3)+02(#=9()3'(#,2#80'#62/(+0'0#
0+# (2'0# 2-# 2(*)45'# 782# -2# )56),'# *202/# *'5.)l0# 80'# -)5)*'3)D0# (+3)'-;# '=23*):'# <#
-'.+/'-%#
3:B:D8:C)MB:E?CF),2=)3)203)'(#'8,)*):'(o#+/4'0)1'3)D0#<#,)0A5)3'(#,2#'8-'o#-23*8/'#
3+-23*):'o#'6/20,)1'G2#()40)=)3'*):+%))
))
)
,2,36,6'"#&),#2)24#,0'!&)'#)6G()!$,&&*""0)+"*)&6%2(#6&)H'6G)
2'&,-'$'6'(&)G(,*'#.)
#
,-&6*,!6)
}2#.2-)2:2#*@'*#2:2/<#[email protected])-,#.+/0#*+#,2'=#)(#+0-<;#.2)04#2((20*)'-#*+#42*#*+#+6*)5)12#
/2(+8/32(# '0,# 3'6'.)-)*)2(# *@'*# '33+80*;# 5+/2# *@'0# =+38()04# +0# *@2)/# -)5)*'*)+0(%#
[email protected]# 6/)+/)*<# p)--# .2# *+# @2-6# @)[email protected]/# *@'*# '332((# *+# 2==23*):2# 3+5580)3'*)+0# p)*@#
62+6-2#'/+80,#<+8;#'--+p)04#<+8#*+#6/2(2/:2#'0,#,2:2-+6#*@2)/#3+40)*):2#'.)-)*<%#K0#
*@)(#)*#)(#2((20*)'-#*+#@':2#2==23*):2#3+5580)3'*)+0;#[email protected]*@2/#)0#()40#-'048'42#'0,#
[email protected]+0)3(;#[email protected])[email protected]#)(#*@2#b2<#*@'*#'--+p(#<+8#*+#+620#*+#*@2#p+/-,%#E/+=2(()+0'-(#'0,#
='5)-)2(#3'0#3+0*/).8*2#*+#*@2)/#62/(+0'-#,2:2-+6520*;#='5)-<;#([email protected]++-#'0,#)0#*@2#0+*#
*++#,)(*'0*#=8*8/2;#6/+=2(()+0'-;#5'b)04#*@2#[email protected]<()3'-#-)5)*'*)+0(#+=#'#62/(+0#+*@2/#
*@'0#*@2#(*)45'#*@'*#6/2:20*(#<+8#'-(+#@':2#'#-)5)*2,#(+3)'-;#25+*)+0'-#'0,#p+/b%)
$f$#
I?7)HA8>CF#@2'/)04#)56')/520*o#3-'((/++5#+/4'0)1'*)+0#'0,#,<0'5)3(o#3+--23*):2#
/2',)04o#()40)=)3'0*#-2'/0)04%##
)
Yba)'#6*"2%!!'"#)
H(*2#*/'.'G+#6/2(20*';#20#(8#'6-)3'3)D0#'-#A5.)*+#2,83'*):+;#-'(#,)=2/20*2(#'<8,'(#
782# -'(# ','6*'3)+02(# ,2# '332(+# 20# 2-# '8-'# <# 38//938-+# +/,)0'/)+;# <# -'(# *230+-+49'(#
./)0,'0#6'/'#2-#3'(+#,2#-+(#0)g+(#<#0)g'(#3+0#,2=)3)203)'(#'8,)*):'(;#-'(#38'-2(#-2(#
62/5)*20#'-3'01'/#80'#3+56-2*'#)0*24/'3)D0#'3',l5)3'#<#(+3)'-%#
#
Sba),2,3,6,!'"#(&)(#)($),%$,)
C'# -24)(-'3)D0# 2,83'*):'# '3*8'-# 20# 38'0*+# '# ,2=)3)203)'(# '8,)*):'(# (2# /2=)2/2;#
2(*'.-232# 782# 3','# 0)g+q'# /278)2/2# ','6*'3)+02(# ,2# '332(+# 2(6239=)3'(;# 62/+# 20#
=+/5'#4202/'-#,2.25+(#*202/#20#3820*'#-'#+/4'0)1'3)D0#,2-#'8-'#'*20,)20,+#'#80'#
(2/)2#,2#3/)*2/)+(#,2#3'-),',X#
k82#2-#'8-'#6/2(20*2#80'#.820'#)-85)0'3)D0%##
n.)3'3)D0# 6/2=2/203)'-# ,2-# 2(*8,)'0*2;# 6'/'# 6+,2/# :2/# -'(# (2g'(# ,2-# ,+320*2;#
@'32/#3+//23*'#-23*8/'#-'.)'-#+#2([email protected]'/#2-#@'.-';#,2#'382/,+#'#-'(#6+().)-),',2(#,2#
3','#0)g+q'%##
H:)*'/# ='3*+/2(# 782# ,)(*+/()+0'0# 2# )0*2/=)2/20# 20# -'# 3+//23*'# 62/3263)D0#
'8,)*):'%# E+/# 2G256-+# -'(# ,)520()+02(# ,2-# '8-';# -'# ,)(*'03)'# 20*/2# 25)(+/# <#
/2326*+/;#2*3%#
H:)*'/# 2-# /8),+# '5.)20*2# <# -'# /2:2/.2/'3)D0%# C'(# '8-'(# 2(3+-'/2(# (82-20#
6/2(20*'/# :'/)+(# ,2# 2(*+(# ='3*+/2(# ,)(*+/()+0'0*2(;# ,2# =+/5'# 782# 2-# /20,)5)20*+#
:2/.'-#,2#80#'-850+#(+/,+#,)(5)08<2#20#2(*'#()*8'3)D0%#
&8),',+#,2-#'8,9=+0+%#&+0:2/('/#62/)D,)3'520*2#3+0#-+(#6',/2(q5',/2(#6'/'#
782# 2-# 0)g+# 682,'# +6*)5)1'/# 2-# 8(+# ,2-# '8,9=+0+%# a2.25+(# +/)20*'/# '# -+(# 6',/2(#
(+./2# ,8/'3)D0# ,2# -'(# 6)-'(;# /2256-'1+# ,2# 5+-,2(;# 3+0*/+-2(# ,2-# '6'/'*+;# 2*3%# H-#
(+/,+q'# ,2.2# 6+,2/# @'32/# 80# .820# '6/+:[email protected]'5)20*+# ,2-# /2(*+# '8,)*):+# ,2-# 782#
,)(6+04'%#
&8'0,+#2(*'5+(#'0*2#80#0)g+q'#3+0#)56-'0*2#3+3-2'/#2(#)56+/*'0*2#782#/2'-)32#
-+(# 3+0*/+-2(# <# -'# 2(*)58-'3)D0# '8,)*):';# ,2# -+# 3+0*/'/)+# 2-# /20,)5)20*+# 0+# (2/A# 2-#
',238',+%#
E/)+/)1'/#-'(#@'.)-),',2(%#Z25+(#,2#,)=2/203)'/#20*/2#80'#6l/,),'#'8,)*):'#-2:2#
,2#'8,)3)D0#<#80'#6l/,),'#(2:2/'%#a2#2(*'#,)=2/203)'3)D0#,2620,2/A;#20#4/'0#6'/*2;#
2-#'332(+#'#-'#-2048';#<'#(2'#,2#(2g'(#<q+#=D0)3'%#
#
Xba)2'#/0'!,&)2(),%$,)
F2#*/'*'/9'#,2#-'#3+0(*/833)D0#,2#3-'(2(#3++62/'*):'(#'-4+#=80,'520*'-#20#-'#2*'6'#
,2#)0='0*)-;#,+0,2#-+(#0)g+(#(+/,+(#*/'.'G20#20#80#-84'/#3'/4',+#,2#()40)=)3',+(#<#
682,'0# 3+56/+52*2/(2# 20# (8# 6/+6)+# '6/20,)1'G2;# 20# -84'/# ,2# (+6+/*'/# 80'#
20(2g'01'%# n0'# 2(382-'# )0(2/*'# 20# -'# /2'-),',# ,+0,2# -+(# 0)g+(# <# 0)g'(# 6'/*)3)6'0#
)48'-# 782# 20# -'# :),'# /2'-;# 62/5)*2# 0+# ,2620,2/# (+-'520*2# ,2# -'(# 2-233)+02(# ,2-#
$fB#
',8-*+;# ,23),)/# <# 3+56/+52*2/(2# 20# '782--+# 782# @'# 2(3+4),+;# 6/+<23*'/(2# 20# 2-#
*)256+;# '(85)/# /2(6+0('.)-),',2(;# (2/# '3*+/2(# ,2# (8(# 6/+6)+(# '6/20,)1'G2(;#
6/+,83)/#2(3/)*+(#3+0#()40)=)3',+#<#8*)-),',;#<#80#-'/4+#2*3l*2/'%#
n0'#.820'#20(2g'01'#,2#-'#2(3/)*8/'#<#',78)()3)D0#,2#-'#-23*8/'#T3+562*203)'#,2#-'#
2*'6'# ,2# )0='0*)-W# 2(# -'# 782# 62/5)*2# '# -+(# 0)g+(# (+/,+(# ,2(38./)/# 6-20'520*2# 2-#
-84'/# <# -'(# ,)=2/20*2(# =803)+02(# 782# 2--'# +386'# 20# (8(# :),'(;# '789# <# '@+/';# ,'0,+#
2(6'3)+#<#*)256+#6'/'#-'#2>6-+/'3)D0#<#3+0=)/5'3)D0#,2#-'#/2-'3)D0#20*/2#-23*8/'#<#
2(3/)*8/'%#
F2/9'#3+0:20)20*2#-'##/2:)()D0#26)(*25+-D4)3'#,2-#3+0326*+#Z-"\(&/)G"()#F0(+*(Y#<#-'#
3+03263)D0# ,2# +%H/# 782# *)2020# -+(# 5'2(*/+(q'(%# H(*+# 682,2# --2:'/(2# '# -'# 6/A3*)3';#
@'3)20,+#/2'-#-+#),2'-;#,2-#()48)20*2#5+,+X#
?0'-)1'0,+#-'(#/26/2(20*'3)+02(#(+3)'-2(#2(*'.-23),'(#(24I0#-'(#38'-2(#3)2/*'(#
=803)+02(#(+0#<#,2.20#(2/#2G2/3),'(#2>3-8():'520*2#6+/#2-#5'2(*/+%#
S2=-2>)+0'0,+# (+./2# -'(# '33)+02(;# )0*2/:203)+02(# ,+320*2(# <# -+(# 2=23*+(# 782#
2--'(#4202/'0%#
S23+0(),2/'0,+;# 38A0,+;# 3D5+# <# 78l# -22# <# 2(3/).2# 2-# 5'2(*/+# 20# (8# 6/A3*)3'#
3+*),)'0'%#
H-# /+-# ,+320*2# 0232('/)'520*2;# +.-)4','520*2;# ,2.2# 3+0(*)*8)/(2# 3+5+# 5+,2-+#
-23*+/#<#2(3/)*+/;#/2=-2G'0,+#20#(8#3+56+/*'5)20*+#782#0+#(2#20(2g'#'#2(3/).)/#<#'#
-22/#'#80#0)g+;#()0+#782#l-#'6/20,2#G80*+#3+0#-'#'<8,'#,2-#5'2(*/+#<#(8(#6',/2(%#H(#
,23)/;# (2# */'0(=+/5'# 2-# /+-# ,2# 20(2g'0*2# 20# /+-# ,2# ='3)-)*',+/# ,2# '6/20,)1'G2(;# <'#
782#2(*'(#62/(+0'(#'6/20,20#vF(-(w#'#(8(#6',/2(q5',/2(#<#5'2(*/+(q'(%#
F2#6-'0*2'0#>9=g;9M:C)r>9=:;9Ms);P7)N:8L9M9N:L9E:C#,+0,2#2-#'-850+#2(#,82g+#
,2#(8#3+0+3)5)20*+#6/+6)3)'0,+#<#3++/,)0'0,+#)0*2/3'5.)+(#20*/2#-+(#0)g+(;#6+02#
,2# 5'0)=)2(*+# 3+0*/',)33)+02(# 782# 2--+(# 0+# @'0# *+5',+# 20# 3820*';# =+/58-'#
6/2480*'(# 782# 6-'0*2'0# 082:+(# 6/+.-25'(%# H(*+# 6+().)-)*'# 3'5.)+(# 20# -'(#
'3*):),',2(# 2(3+-'/2(;# -+4/'0,+# 782# -'# 20(2g'01'# (2'# 6/+6)3)'# 6'/'# -+(# 0)g+(#
(+/,+(# <# 782# (8(# '6/20,)1'G2(# (2'0# ()40)=)3'*):+(# 2# )03),'0# 20# (8# ,2('//+--+#
3+40)*):+;#25+3)+0'-#<#(+3)'-%#
E'/'# 782# *+,+(# -+(# 0)g+(q'(# 682,'0# --24'/# '# (2/# 5)25./+(# '3*):+(# ,2# 80'#
3+580),',# ,2# -23*+/2(# <# 2(3/)*+/2(;# -'# 2(382-'# ,2.2/9'# */'0(=+/5'/(2# 20# 80'#
3+580),',# ,2# 2(*2# *)6+;# 6/2(2/:'/# 2-# (20*),+# ,2# -'# -23*8/'# <# -'# 2(3/)*8/';#
6/+6+0)20,+# 6'/'# 2--+# 2-# ,2('//+--+# ,2# 6/+<23*+(;# *20)20,+# 20# 3820*'# 782# (2#
+/)20*'0# ()256/2# @'3)'# '-4I0# 6/+6D()*+;# <# 782# l(*+(# @'0# ,2# (2/# 3+032.),+(# 3+5+#
:ML9E9>:>?C)MA;N:8L9>:Cb)
H0# 4202/'-;# -+(# '-850+(# 782# 6/2(20*'0# 80# .820# ,2(2562g+# 20# -'# 2(3/)*8/'# (+0#
'782--+(# 782# )0)3)'/+0# 2(*2# *)6+# ,2# ',78)()3)D0# 20# (8# 3'(';# '782--+(# 782# *8:)2/+0#
+6+/*80),',# ,2# :):203)'/# -'# 2(3/)*8/'%# L80*+# '# (8(# ='5)-)'/2(;# 2(+(# 0)g+(#
'6/20,)2/+0#'-480'#,2#-'(#=803)+02(#,2#-'#2(3/)*8/';#-+#782#()40)=)3'#2-#'3*+#,2#-22/#
6+/#52,)+#,2#-'#B?MLP8:)MAB?ML9E:)A)!ABB?ML9E?)*?:>9=Q)T80#',8-*+#<#80#0)g+W#>?)
L?_LAC) 9=W:=L9B?C%# N*/'# '-*2/0'*):'# (8/42# ,2-# 3+0*'3*+# ,2# -'# -23*8/'# 782# +38//2# '#
*/':l(#,2#-'#;:=9NPB:M9O=)>?)B9D8AC#9=W:=L9B?C)7)>?)B:)?_NAC9M9O=)>?)N?89O>9MACT)
L?B?E9C9O=T) ?=) AL8AC) L?_LAC) 7# '5.)20*2(# ,+0,2# 2-# 0)g+# :):2# <# =/23820*'%# MA(#
/23)20*2520*2;#2(*2#3+0*'3*+#+38//2;#(+./2#*+,+;#20#'5.)20*2(#-2*/',+(#6+/#52,)+#
$f!#
,2#-+(#':'032(#,2#-'#*230+-+49'#<'#782#'#*/':l(#,2#-'(#_K&F#(2#'56-)'#2-#'.'0)3+#,2#
6+().)-),',2(#,2#'6+<+#:)(8'-#6'/'#-+(#0)g+(q'(#3+0#(+/,2/'%#
`)0'-520*2;# MA=L?_LP:[email protected]:8) ?B) :N8?=>[email protected]:k?# '# */':l(# ,2# -'# 2-'.+/'3)D0# ,2#
6/+<23*+(# /2'-2(;# 3+0# +.G2*):+(# 3+03/2*+(# <# 3+0+3),+(# 6+/# -+(# 0)g+(# 3+0(*)*8<20#
L:8?:C) N8gML9M:C) E9E?=M9:>:C) NA8) BAC) ?CLP>9:=L?C;# +/)20*','(# <# 48)','(# 6+/# -+(#
5'2(*/+(%# &+0G80*'520*2# 3+0# '3*):),',2(# ,+0,2# (2# /2'-)320# kP?QAC) >?# N:B:D8:C;#
:>9E9=:[email protected]:C;#M8PM9Q8:;:C;#DPCM:8)N:B:D8:C)?=)?B)>9MM9A=:89A;#9BPCL8:8)MP?=LAC;#
NAC9D9B9L:) :D898) ?CN:M9A) :) PCAC) >9W?8?=M9:>AC) >?B) B?=QP:k?) =A) MA=E?=M9A=:B;#
,+0,2# 5'2(*/+(# <# 0)g+(# 6'/*)3)620# 3+5+# 6/+*'4+0)(*'(;# 4202/',+/2(# <# 3/2',+/2(#
20#80'#2>62/)203)'#3+56'/*),'#,+0,2#(2#:'-+/'#2#)0*24/'#3','#'6+/*2#)0,):),8'-#,2#
-+(#5)25./+(#<#,2-#4/86+#3+5+#20*2#(+3)'-#20#2-#782#(2#203820*/'0#)052/(+(%#
# #
) [ba)(&6*,6(.',&)3,*,)+,5"*(!(*)($)!"#"!'0'(#6")0%6%")
E'/'# 2-# ,2('//+--+# ,2-# 3+0+3)5)20*+# ,2# -'(# 62/(+0'(# 782# (2# 203820*/'0#
)0*2/'33)+0'0,+# 3+0# 3','# (8G2*+# 2(# 0232('/)+# 782# (2# 6'/*'# ,2# 80# '8*+Y
3+0+3)5)20*+# <# (2# *204'# 3+5+# 52*'# 2-# )03/2520*+# ,2# -'(# /2-'3)+02(# 62/(+0'-2(;#
'3',l5)3'(# <# '=23*):'(# ,2# -+(# (8G2*+(# ,20*/+# ,2-# '8-'%# ?# 6'/*)/# ,2# 2(*'# ),2'# (2#
2(*'.-232/A#80'#52*+,+-+49'#,)/23*):'#20*/2#2-#'-850+#<#2-#5'2(*/+#.'(','#20X#
H(*'.-23)5)20*+# ,2# 3D,)4+(# ,2# 3+580)3'3)D0X# 5)/'/# -'# 3'/'# <# -'(# 5'0+(;#
/2(62*'/# *8/0+(# ,2# 3+580)3'3)D0# <# 2(*'.-232/# 782# 2(# 6/)+/)*'/)+# -'# 3+56/20()D0#
,2-#520('G2;#782#,2.2#62,)/#'<8,'#()#0+#3+56/20,)D#2-#520('G2%#
H-# ,+320*2# 6/+:22/A# '# (8(# '-850+(# ,2# '<8,'(# +# 5'*2/)'-2(# ,),A3*)3+(#
',238',+(#6'/'#3+5620('/#-'(#,)=)38-*',2(%#
&8'0,+#2-#0)g+q'#0+#*)202#'332(+#-'#-2048'#=D0)3'#+#(8#62/3263)D0#'8,)*):'#2(#
2(3'('# <# 8*)-)1'# 3+5+# 6/)52/'# -2048'# -'# ,2# (2g'(;# @'<# 782# /23+/,'/# 782# 2-# (+/,+#
v-/$/)-#E()$/)G"()'(w%#Z'<#782#8('/#()(*25'(#,2#='3)-)*'3)D0;#.8(3'/#2-#'6+<+#:)(8'-#+#
*A3*)-%#
H:)*'/# 2>6-)3'3)+02(# -'/4'(# <# '6+<'/(2# 20# -'# /23263)D0# ,2-# 520('G2# 6+/# 3'0'-#
:)(8'-;#3+0#'6+<+#,2#-2048'#,2#(2g'(#+#-23*8/'#-'.)'-%#
S23+/,'/# 782# -'# 62/3263)D0# ,2-# 520('G2# 32('# /A6),'520*2;# 2(*+# /278)2/2#
5'0*202/# 0):2-2(# 52,)+(# ,2# '*203)D0;# 6+/# -+# *'0*+;# ()# -'(# 3+0()40'(# (+0# -'/4'(#
'6'/232/A#-'#,)=)38-*',#6'/'#3+56/20,2/#-'(#2(*/83*8/'(#()0*A3*)3'(%#
a2.2#,'/(2#80'#3+0()40'#6+/#:21;#'3+56'g','#6+/#)-8(*/'3)+02(;#2(#,23)/#@'<#
782#8('/#()(*25'(#,2#='3)-)*'3)D0#:)(8'-%##
&8'0,+#-'#3+0()40'#(2'#-'/4'#@'<#782#(26'/'/-'#<#'3+56'g'/-'#6+/#(238203)'(#
,2#)-8(*/'3)+02(;#2(#)56+/*'0*2#[email protected]'/#6'/'#:2/#()#(2#@'#20*20,),+#-+#782#@'#782#
@'32/%#
&8'0,+# 6+(220# -2048'G2# -23*+Y2(3/)*+# @'<# 782# =+/58-'/# -'(# )0(*/833)+02(# 20#
=+/5'#(238203)','#<#3+0#'6+<+#:)(8'-%#
&+0# /2(623*+# '-# @'.-'# @'<# 782# /23+/,'/# 782# 2-# 0)g+# +<20*2# *)202# 2-# =22,.'3b#
'8,)*):+#6'/'#2([email protected]'/#<#3+56/20,2/#78l#-2#,)320#<#78l#,)32;#2(*+#0+#+38//2#3+0#2-#
0)g+#3+0#,)(3'6'3),',#'8,)*):'#(2:2/'#<#6/+=80,'%#E'/'#-'#'/*)38-'3)D0#.8(3'/25+(#
2-#'6+<+#:)(8'-#<#6/+6)+326*):+;#'(9#2(*/83*8/'/25+(#-'(#=/'(2(#<#8('/25+(#3-':2(#
:)(8'-2(%#
$ff#
&8'0,+# -'(# 3'/'3*2/9(*)3'(# ,2-# 0)g+# -+# /278)2/'0;# ,2.2/A0# )0(*/8520*'/(2#
()(*25'(#,2#3+580)3'3)D0#3+56-2520*'/)+(#+#'-*2/0'*):+(;#*/',833)D0#'#-2048'#,2#
(2g'(#+#'#()0*2*)1',+/2(#,2#:+1%#
E/)+/)1'/# <# =+520*'/# 2-# 8(+# ,2# -'# 52*+,+-+49'# ,2# v20(2g'01'# 0'*8/'-# ,2-#
-2048'G2w#T0'*8/'-#-'048'42#*2'[email protected])04W;#38<+#+.G2*):+#2(#-'#6'/*)3)6'3)D0#,2-#0)g+q'#
20# ()*8'3)+02(# ,2# )0*2/3'5.)+# 3+580)3'*):+;# 782# *)2020# -84'/# 20# 2-# 3+0*2>*+#
0'*8/'-#,2#256-2+#,2-#-2048'G2%#
&8),'/#*+,+(#-+(#'(623*+(#/2-'3)+0',+(#3+0#-'#5+*):'3)D0#6'/'#3+580)3'/(2#2#
)0*2/'33)+0'/;# 6+/# -+# 782# (2# )03/2520*'# 2-# 8(+# ,2# *l30)3'(# 5+*):'3)+0'-2(# <# ,2#
v/2=+/1',+/2(# 0'*8/'-2(w;# 2(# ,23)/;# /2=82/1+(# 782# 2(*A0# ()40)=)3'*):'520*2#
/2-'3)+0',+(#3+0#-'#/2(682(*'#3+580)3'*):'%#
E/+6+02/# 5'<+/# ,):2/(),',# ,2# '3*):),',2(# ,2# 20(2g'01'q'6/20,)1'G2;# *'-# <#
3+5+#+38//2#20#-'(#)0*2/'33)+02(#3+580)3'*):'(#0'*8/'-2(%#
C'# 52*+,+-+49'# 256-2','# 6'/'# 782# 082(*/+(# '-850+(# 3+0()4'0# -+(# +.G2*):+(#
6/+682(*+(# <# -+4/'/# '(9# (8# ,2('//+--+# )0*24/'-;# 3+0()(*2# 20# 6'/*)/# ,2# -'(#
3'/'3*2/9(*)3'(#6()3+2:+-8*):'(#<#-'(#0232(),',2(#.A()3'(#,2#-+(#0)g+(#782#*2025+(#
20# 2-# '8-'%# F2# --2:'0# '# 3'.+# ?&_KhKa?aHF# RCNJ?CKe?a?F# ,+0,2# -+(# 3+0*20),+(#
782,20#/2-'3)+0',+(#20*/2#(9%##
H-# '-850+# 2(# 2-# 6/)03)6'-# 6/+*'4+0)(*'# ,2# (8# 6/+32(+# ,2# '6/20,)1'G2# --2:'0,+# '#
3'.+# 80'# '3*):),',# *'0*+# ,2# *)6+# 5'0)68-'*):'# 3+5+# )0*2-23*8'-# <# /2=-2>):'%# H-#
52,)+# 6+/# 2>32-203)'# 6'/'# 2--+# (2/A# 2-# G824+;# ()20,+# 2-# 5+*+/# <# -'# 3'0'-)1'3)D0#
()40)=)3'*):'#,2-#'6/20,)1'G2#)0='0*)-#'-#3+0(*)*8)/#-'#'3*):),',#0'*8/'-#,2-#0)g+%##
H-# 6/)03)6)+# ,2# ?ESHOaKe?LH# FKROK`K&?_KhN# 2>)42# 6'/*)/# ,2-# 0):2-# ,2# ,2('//+--+#
,2-# '-850+%# K,20*)=)3'5+(# -+(# 2(7825'(# ,2# 3+0+3)5)20*+# 782# 2-# '-850+# 6+(22# <#
'3*8'5+(#20#3+0(238203)'%#E'/'#782#(2#6/+,813'#'6/20,)1'G2#2(#0232('/)+#+=/232/#
)0=+/5'3)+02(# <# 2>62/)203)'(# 782# 6/+,813'0# 80# 3)2/*+# ,2(278)-)./)+# 782# --2:20# '#
80'# /2278)-)./'3)D0# <;# 6+/# *'0*+;# '# 80# ':'032# 3+0(*'*'.-2# ,2# (8(# 2(7825'(# ,2#
3+0+3)5)20*+%##
n0+# ,2# -+(# +.G2*):+(# 2,83'*):+(# ,2# 6/)52/'# 5'40)*8,# /',)3';# 6/23)('520*2;# 20#
6/+5+:2/# -'# ?n_NONMx?# 20# -+(# '-850+(;# 20# ,+*'/-2(# ,2# -+(# 523'0)(5+(#
0232('/)+(# 782# -2(# 62/5)*'0# )0*24/'/(2# 2=)3'1# <# 3+0(*/83*):'520*2# 20# -'# (+3)2,',#
20#782#:):20%##
#
]ba)!$,&'+'!,!'1#)2()$"&)*(!%*&"&)2(),%$,)
a2(3/).)5+(#20#2(*2#'6'/*',+#2-#3+0G80*+#,2#I*)-2(;#3+5I0520*2#,2#8(+#)0,):),8'-#
'#2>3263)D0#,2#,2*2/5)0','(#'<8,'(;#38<'#=)0'-),',#2(#-'#,2#5+,)=)3'/#38'-),',2(#
=9()3'(# ,2-# (+0),+# 3+0# 2-# =)0# ,2# ','6*'/(2# '# -'(# 6+().)-),',2(# /2(),8'-2(# 782# -'#
62/(+0'#5'0*)202#20#/2-'3)D0#3+0#(8#=803)D0#(20(+/)'-#'8,)*):'#T`2//2/;#B]]]W%#
]bYba),P>hWA=AC)
a20*/+# ,2# 2(*'# 8*)-),',# 3+5620(',+/'# -'# '<8,'# 5A(# 3-A()3'# <# 3+5I0520*2#
3+0+3),'# 2(# 2-# '8,9=+0+;# '56-)=)3',+/# ,)5)08*+# 782# 20# ,2*2/5)0','(# 6l/,),'(#
'8,)*):'(#682,2#6/+6+/3)+0'/#)0=+/5'3)D0#(+0+/'#'#-'#62/(+0'#(+/,'%#
#
$f\#
C+(#3+56+020*2(#.A()3+(#,2-#'8,9=+0+#(+0#-+(#()48)20*2(#T`)48/'#$;#B#<#!WX#
/%&#(92)2* 782# /23+42# 2-# (+0),+# <# -+# 3+0:)2/*2# 20# 62782g'(# 3+//)20*2(#
2-l3*/)3'(%#
5%#&3%$2*,1,&$#()%&2*782;#'#5+,+#,2#'56-)=)3',+/;#58-*)6-)3'#-'#(2g'-%#
I,:31"+2#*6'/'#2-#3+0*/+-#,2#,2*2/5)0',+(#6'/A52*/+(%#
J3#%&31"#* 782# */'0(5)*2# -'# 3+//)20*2# 5+,8-','# 20# 202/49'# '3I(*)3'# @'3)'# 2-#
*956'0+%#
Q%-$,6"*+,*"1%6,)$"&%()*782;#'#*/':l(#,2#80'#6)-';#-2#,+*'#,2#202/49'%#
Z25+(#,2#*202/#20#3820*'#782;#3+0#2-#6'(+#,2-#*)256+;#2-#'8,9=+0+#@'#,2G',+#,2#(2/#
80# ()56-2# '56-)=)3',+/# -)02'-# 782# /23+49'# -'# (2g'-# (+0+/'# <# -'# )03/2520*'.'#
()256/2# 20# 80'# ,2*2/5)0','# )0*20(),',;# 6'('0,+# '# 3+0(*)*8)/# 80# 320*/+#
6/+32(',+/#20#5)0)'*8/'#,2-#(+0),+%#
################
###########
+9QP8:)Yb)))))))))))))))))))))))))
+9QP8:)Sb)))))))))))))))))))))))))))))))))) )+9QP8:)Xb)
#
T`)48/'# $%# K5'420# */'0(:2/('-# ,2# 80# '8,9=+0+# /2*/+'8/)38-'/# q# `)48/'# B%# ?8,9=+0+#
/2*/+'8/)38-'/#q#`)48/'#!%#?8,9=+0+#)0*/'3'0'-#8.)3',+#20#-'#[email protected]'W#
#
]bSba)(B)9;NB:=L?)MAMB?:8)
n0'# ,2# -'(# '<8,'(# 782# ()0# ,8,'# @'# (8682(*+# 80'# /2:+-83)D0# 20# 2-# 580,+# ,2# -'#
(+/,2/'# @'# (),+# 2-# )56-'0*2# 3+3-2'/# T`)48/'# fW%# n0# )56-'0*2# 3+3-2'/# '3*I'#
(8(*)*8<20,+#-'#=803)D0#,2#-'(#3l-8-'(#3)-)','(#()*8','(#20#2-#)0*2/)+/#,2-#D/4'0+#,2#
&+/*)#20#2-#+9,+#)0*2/0+%#H0#3+0,)3)+02(#0+/5'-2(;#2(*'(#3l-8-'(#(+0#(20().-2(#'#-'#
5+:)-)1'3)D0# ,2# -+(# =-8),+(# ,2-# +9,+# )0*2/0+# 6/+:+3','# 6+/# -'# 20*/','# ,2#
:)./'3)+02(# (+0+/'(;# 4202/'0,+# '0*2# (8# 6/2(203)'# 2-# )0)3)+# ,2# )568-(+(#
.)+2-l3*/)3+(#782#(2#*/'0(5)*20#'#*/':l(#,2#-'#:9'#02/:)+('#'8,)*):'#@'3)'#082(*/+#
3D/*2>#6'/'#,'/#-84'/#'#80'#,2*2/5)0','#62/3263)D0%#
$f"#
#
+9QP8:)[b)';NB:=L?)MAMB?:8)
#
F8# =803)+0'5)20*+# (2# )0)3)'# 4/'3)'(# '# 80# D%10K./+/) 782# /23+42# -+(# (+0),+(;# '#
3+0*)08'3)D0# -+(# (+0),+(# 6'('0# '# 80# F0/1(-#*/0) 782# /248-'# 2-# 0):2-# ,2# 3+//)20*2#
782#(2#6/+6+/3)+0';#'0'-)1'#-'#(2g'-#,2#20*/','#,2(52081A0,+-'#20#*'0*'(#.'0,'(#
,2# =/238203)'# 3+5+# 2-23*/+,+(# *204'# 2-# ()(*25'# <# -'# 3+,)=)3'# .)20# ,2# =+/5'#
'0'-D4)3'#T3','#2-23*/+,+#/23).2#-'#6+/3)D0#,2#(2g'-#'0'-D4)3'#3+//2(6+0,)20*2#'#-'#
.'0,'#782#(2#-2#@'#'()40',+W;#.)20#,)4)*'-520*2#T3','#2-23*/+,+#/23).2#80#*/20#,2#
68-(+(# ,2# '56-)*8,# 6/+6+/3)+0'-# '# -'# )0*20(),',# ,2# -'# (2g'-# ,2*23*','# 20# 3','#
.'0,'W#(24I0#2-#5+,2-+#8*)-)1',+%#C'#3+,)=)3'3)D0#/2(8-*'0*2#,2-#6/+32(',+/#6'('#'#
*/':l(#,2#80#&0#+-D%-/0;#523'0)(5+#)568-(+/#,2#/',)+=/238203)'#5+,8-',';#@'3)'#
2-#,20+5)0',+#0(1(F&/0V(-&%D"$#*/0;#8.)3',+#20#-'#/24)D0#*256+/+Y6'/)2*'-#,2*/A(#
,2-#6'.2--D0#'8/)38-'/#(+./2#-'#(862/=)3)2#,2-#@82(+#3/'02'-%#?5.'(#6'/*2(#(2#6+020#
20#3+0*'3*+#6+/#)5'02(%#H-#/2326*+/Y2(*)58-',+/#*/'0(5)*2#-'#)0=+/5'3)D0#/23).),'#
'#80#3+0G80*+#,2#($(1&0/*/-)()*8',+(#20#2-#)0*2/)+/#,2#-'#3D3-2'#'#-+#-'/4+#,2-#D/4'0+#
,2#&+/*)#782#(2#203'/4'/A0#,2#2(*)58-'/#-'(#=)./'(#02/:)+('(#'8,)*):'(%##
H0# /2(8520;# 3+0*'5+(# 3+0# '-480+(# 2-2520*+(# 2>*2/0+(# TD%10K./+/B) F0/1(-#*/0) ,)
&0#+-D%-/0W#<#+*/+(#)0*2/0+(#T0(1(F&/0V(-&%D"$#*/0),)($(1&0/*/-W#782#(2/A0#-+(#782#
6/23)('/A0# ,2# 80'# )0*2/:203)D0# 78)/I/4)3'# 6'/'# (8# 3+-+3'3)D0%# Z25+(# ,2# (2/#
3+0(3)20*2(#,2#782#2(*2#*)6+#,2#'<8,'(#2(*A0#'6/+>)5'0,+#2-#580,+#,2-#(+0),+#'#
0)g+(# <# 0)g'(# 38<'(# 6l/,),'(# *)256+# '*/A(# -2(# @'./9'# )56+().)-)*',+# '32/3'/(2# '#
,)[email protected]'#2>62/)203)'%#F)#.)20;#0+#@25+(#,2#)40+/'/#782#0)0480'#,2#2--'(;#0)#)03-8(+#-'#
5A(# (+=)(*)3',';# v38/'w# -'# 6l/,),'# '8,)*):'# <# 62/5)*2# '# 80'# 62/(+0'# (+/,'#
,2(20:+-:2/(2# ()0# -)5)*'3)+02(# 20# 80# 20*+/0+# +<20*2%# H0# 3+0(238203)';# ()256/2#
*20,/25+(#782#3+0*'/#3+0# 3+0(),2/'3)+02(# <# ','6*'3)+02(# ',)3)+0'-2(# 38'0,+# 20#
-'#3+580)3'3)D0#2(*l#20#G824+#-'#6'/*)3)6'3)D0#,2#0)g+(#(+/,+(%#
&8'-78)2/#0)g+#0+#682,2#(2/#3'0,),'*+#'#)56-'0*2;#+.:)'520*2#(2/A0#(8(326*).-2(#
,2# '6/+:[email protected]'/# 2(*'# 6+().)-),',# (D-+# '782--+(# 3'(+(# ,+0,2# -'# ,)(=803)D0# ,2# -'(#
3l-8-'(# 3)-)','(# (2'# 2-# +/)420# ,2# -'# (+/,2/'%# H(# 0232('/)+# 6'('/# 80# 6/+32(+# ,2#
2:'-8'3)D0# <# (2-233)D0# 782# :2/)=)782# ,):2/(+(# 3/)*2/)+(# '# 3856-)/X# 6+(22/# 80'#
6l/,),'#028/+(20(+/)'-#.)-'*2/'-#6/+=80,'#+#*+*'-#20#'8(203)'#,2#5'-=+/5'3)+02(#+#
3'-3)=)3'3)+02(# 20# -'# 3D3-2';# :9'(# 02/:)+('(# 3'6'32(# ,2# 3+0,83)/# (20('3)+02(#
'8,)*):'(# '# 6'/*)/# ,2# 2(*)58-'3)D0# 2-l3*/)3';# 0+# +.*202/# .202=)3)+# ()40)=)3'*):+# ,2#
'8,9=+0+(# 3+0:203)+0'-2(;# 3+0*'/# 3+0# 3'/'3*2/9(*)3'(# 6()3+-D4)3'(# 782# @'4'0#
6/2:2/#80#'G8(*2#6+()*):+#'#-'#6/D*2()(%%%#
F2# @'# /23+//),+# [email protected]+# 3'5)0+# ,2(,2# -'(# 6/)52/'(# 2>62/)203)'(# ,2# )56-'0*2(#
/2'-)1','(# (+./2# -'# ,l3','# ,2# -+(# 3)03820*'# 38'0,+# *'0# (D-+# (2# '6-)3'.'# 80#
$f^#
2-23*/+,+;#2(*+#2(;#80#3'0'-#,2#)0=+/5'3)D0;#@'(*'#--24'/#'#-'#'3*8'-),',#20#782# (2#
(82-20#'6-)3'/#3+0G80*+(#,2#2-23*/+,+(#20#80#0I52/+#782#+(3)-'#(24I0#3'(+(#20*/2#
$"#<#Bf#2-23*/+,+(#3+0#=803)+02(#6/+4/'5','(#2(6239=)3'520*2#6'/'#2(*)58-'/#2-#
02/:)+#'8,)*):+#,2#80'#=+/5'#3+03/2*'%#?#2--+#(2#@'#80),+#2-#':'032#20#2-#,)(2g+#<#
=803)+0'5)20*+#,2-#6/+32(',+/;#3'6'1#20#-'#'3*8'-),',#,2#8.)3'/(2#20#80'#62782g'#
3A/3'('#(252G'0*2#'#-'(#,2#-+(#'8,9=+0+(#/2*/+'8/)38-'/2(%#?#62('/#,2#*+,+;#*+,':9'#
0+#2(*'5+(#20#()*8'3)D0#,2#:'-+/'/#,2#=+/5'#,2=)0)*):'#(8#/262/38()D0#20#/2-'3)D0#
3+0# 2-# ,2('//+--+# <# 2(3+-'/)1'3)D0# ,2# 0)g+(# (+/,+(%# F8# 2=)3'3)'# (2# @'# ,25+(*/',+#
,23)():'#6'/'#2-#3'(+#,2#-'(#62/(+0'(#3+0#(+/,2/'(#6+(*-+38*):'(;#<#20#2-#3'(+#,2#-+(#
0)g+(#3+0#(+/,2/'(#6/2-+38*):'(;#-'#2,',#,2#)56-'0*2#(2#:)202#5+(*/'0,+#3+5+#80#
='3*+/#,23)():+%#H(*8,)+(#6/+6)+(#Th)--'-.';#`2//2/#<#?(20();#B]]$W#3+0(*'*'0#782#-+(#
0)g+(# )56-'0*',+# '0*2(# ,2# -+(# "# 'g+(# +.*)2020# /2(8-*',+(# .'(*'0*2# 6+()*):+(#
/2(623*+# '# -'# 62/3263)D0# ,2-# @'.-';# ()20,+# -+(# )56-'0*',+(# '0*2(# ,2# -+(# !# 'g+(#
78)202(#582(*/'0#2=23*+(#5A(#6+()*):+(#0+#(D-+#<'#(+./2#-'#62/3263)D0#()0+#(+./2#
2-#,2('//+--+#,2-#-2048'G2#+/'-%#O+#(2#+.*)2020#6'/A52*/+(#3+56'/'.-2(#38'0,+#-+(#
0)g+(#/23).20#2-#)56-'0*2#6+/#203)5'#,2#-+(#"#'g+(%#
H0# 38'-78)2/# 3'(+;# <# *'-# 3+5+# ',:2/*9'5+(# 6'/'# 2-# 3'(+# ,2# -+(# '8,9=+0+(;# 2-#
52/23),+#+6*)5)(5+#4202/',+#6+/#2-#)56-'0*2#3+3-2'/#'32/3'#,2#-'#6+().)-),',#,2#
/20*'.)-)1'/# -+(# /2(*+(# '8,)*):+(# ,2# -'(# 62/(+0'(# *'56+3+# ,2.2# @'32/0+(# )038//)/#
20#2-#2//+/#,2#620('/#782#2(*2#6/+32,)5)20*+#'08-'#38'-78)2/#,)=)38-*',%#a2#@[email protected]+;#
*'-#<#3+5+#'680*')L8A/21#TB]]$W;#(2#,2.2#*202/#20#3820*'#782#/2'-520*2#-+#782#@'#
6+().)-)*',+#2-#)56-'0*2#2(#,+*'/#'#-+(#0)g+(#3+0#(+/,2/'(#(2:2/'(#<#6/+=80,'(#,2#
80'#:2/,',2/'#'8,)3)D0#=803)+0'-;#38'0,+#3+0#'0*2/)+/),',#(D-+#-+4/'.'0#'-3'01'/#
0):2-2(# ,2# '8,)3)D0# /2(),8'-;# ()# .)20;# 2--+# 0+# @'# 5+,)=)3',+# 20# '.(+-8*+# -'#
)56+/*'03)'# ,2# '6-)3'/# -'(# 3-A()3'(# 2(*/'*24)'(# ,2# )0*2/:203)D0# 6'/'# 2-#
20*/20'5)20*+#'8,)*):+#<#-'#0232(),',#,2#80#*/'.'G+#2(623)'-)1',+%#
#
-'-$'".*,+',)
`HSSHS;# ?%# TB]]]W%# 6,"*#-) &X1+%1#-) ,) &(1+/$KM%1#-) F#0#) $#) '%*#) 1/&%*%#+#3) e+#)
#F0/S%D#1%K+) #) $#) -%&"#1%K+) *($) 1/$(1&%'/) *() F(0-/+#-) -/0*#-) (+) $#) 9/D"+%*#*)
`#$(+1%#+#3)h'-203)'X#`80,'3)D0#`HFNSaY&h%#
LniSHe;#?%#TB]]$W%#M+,)=)3'3)+02(#,2#-'(#2(*/'*24)'(#,2#'332(+#'-#-2048'G2#+/'-#6+/#
6'/*2# ,2# 0)g+(# 3+0# (+/,2/'# 6/+=80,';# ,2(,2# 2-# 8(+# 6/23+1# ,2-# )56-'0*2# 3+3-2'/%#
a/$(&J+)*($)4(#$)T#&0/+#&/)-/E0()8%-1#F#1%*#*B)jC;#\YV%#
hKCC?CJ?;# ?%;# `HSSHS;# ?%# Q# ?FHOFK;# M%&%# TB]]$W%# H(*8,)+# ,2# 3'(+(# 20# 2(3+-'/2(#
(+/,+(#6/2-+38*):+(#)56-'0*',+(%#5*(&#+%#3)5-&"*%/-),)F0/F"(-&#-)*()(*"1#1%K+B)@@;#
U!Y$$]%#
$fV#
#
#
#
#
#
#
$(!6%*,)+/!'$)r$+s)4)2'&!,3,!'2,2),%2'6'5,)
)
*AQ?B9A)0:[email protected]),D?BBg=)
,=>8<C)(CM:8D:k:B)+8PLAC)
n0):2/(),',#,2#M8/3)'#
#
*(&%0(#)
H-#0)g+#*)202#782#,2(38./)/#6/+4/2():'520*2#782#-22/#2(#80'#'3*):),',#:+-80*'/)'#
782;# ()# .)20# /278)2/2# 80# 2(=82/1+# )0*2-23*8'-;# 6/+6+/3)+0'# 80# 6-'32/# 2(*l*)3+# 58<#
4/'*)=)3'0*2%#&+0#-'#)03-8()D0#20#2-#E/+<23*+#H,83'*):+#,2#&20*/+#,2#80#E/+4/'5'#
,2# ?0)5'3)D0# <# E/+5+3)D0# ,2# -'# C23*8/';# (2# '682(*'# 6+/# ='3)-)*'/# -'# '*203)D0# '# -'#
,):2/(),',# ,2# -+(# '-850+(%# C'(# ,)(*)0*'(# *l30)3'(# ,2# '0)5'3)D0# '# -'# -23*8/'# 0+#
682,20# '6-)3'/(2# ,2# =+/5'# )0,)(3/)5)0','# '# *+,+# 2-# '-850',+;# <'# 782# 2>)(*20#
3+-23*):+(# 3+0# ,)=)38-*',2(# 6'/'# '332,2/# '# -'# -23*8/'# <# --24'/# '# 80'# .820'#
3+56/20()D0#,2#-+(#*2>*+(;#6+/#2G256-+;#-+(#'-850+(#3+0#,)(3'6'3),',#'8,)*):'%#C+(#
-)./+(#<#5'*2/)'-2(#,2#C23*8/'#`A3)-##TC`W#(+0#80'#/2(682(*'#'#2(*'(#0232(),',2(%#
3:B:D8:C)!B:E?F)-23*8/'#=A3)-o#,)(3'6'3),',#'8,)*):'o#','6*'3)D0#,2#*2>*+(#
)
)
(,&4)*(,2'#.)r(*s),#2)G(,*'#.)'03,'*0(#6)
)
,-&6*,!6)
[email protected]#[email protected])-,#58(*#4/',8'--<#,)(3+:2/#*@'*#/2',)04#)(#'#:+-80*'/<#'3*):)*<;#'-*@[email protected]#)*#
/278)/2(# '0# )0*2--23*8'-# 2==+/*;# 6/+:),2(# '# :2/<# ('*)(=<)04# '2(*@2*)3# 6-2'(8/2%# })*@#
*@2# )03-8()+0# )0# *@2# [email protected]++-# H,83'*)+0'-# E/+G23*# +=# ?0)5'*)+0# '0,# E/+5+*)+0#
E/+4/'5# +=# S2',)04# )(# 3+55)**2,# *+# 6/+:),)04# '**20*)+0# *+# *@2# ,):2/()*<# +=#
(*8,20*(%#[email protected]#,)==2/20*#*[email protected])782(#+=#'0)5'*)+0#*+#*@2#/2',)04#3'0#0+*#.2#'66-)2,#
)0,)(3/)5)0'*2-<#*+#'--#(*8,20*(;#'(#*@2/2#'/2#4/+86(#p)*@#,)==)38-*#'332((#*+#/2',)04#
'0,# 3+52# *+# '0# 80,2/(*'0,)04# +=# *2>*(;# =+/# 2>'56-2;# (*8,20*(# p)*@# @2'/)04#
)56')/520*%#J++b(#'0,#H'(<#S2',)04#5'*2/)'-(#TC`W#'/2#'#/2(6+0(2#*+#*@2(2#022,(%#
#I?7JA8>CF#2'(<#/2',)04o#@2'/)04#)56')/520*o#','6*'*)+0#+=#*2>*(#
$fU#
'#6*"2%!!'1#)
H-# '332(+# '# -'# -23*8/';# -'# -)*2/'*8/'# <# -'# )0=+/5'3)D0# 2(# 80# ,2/[email protected]+# ,25+3/A*)3+# <#
80'# 0232(),',# (+3)'-%# E+,2/# -22/# 6/+6+/3)+0'# 3+0=)'01'# <# 3'6'3)*'# '# -'(# 62/(+0'(#
6'/'#'56-)'/#(8#:)()D0#,2-#580,+#<#*+5'/#-'(#/)20,'(#,2#(8#6/+6)'#:),'%#C'#-23*8/'#
62/5)*2# 3+56'/*)/# ),2'(;# 620('5)20*+(;# 2>62/)203)'(# <# 3/232/# 3+5+# (2/2(#
@85'0+(%#?,25A(;#6'/'#6+,2/#2G2/32/#(8(#,2/[email protected]+(;#80'#62/(+0'#0232()*'#/23).)/#2#
)0*2/6/2*'/#-'#)0=+/5'3)D0#(+./2#-+#782#6'('#20#-'#(+3)2,',%#F)0#25.'/4+;#2>)(*20#
3+-23*):+(# '# 78)202(# 2(*2# '332(+# )052,)'*+# -2(# 2(*A# :2,',+X# 62/(+0'(# 3+0#
,)(3'6'3),',2(;#62/(+0'(#5'<+/2(#6+3+#'-='.2*)1','(#+#782#6/2(20*'0#6l/,),'#,2#
='38-*',2(;#GD:202(#3+0#2(3+-'/)1'3)D0#6/+.-25A*)3';#)05)4/'0*2(#782#'I0#3+0+320#
6+3+# 2-# ),)+5'# ,2-# 6'9(# ,2# '3+4),';# 2*3%# C+(# -)./+(# <# 5'*2/)'-2(# ,2# C23*8/'# `A3)-##
TC`W#(+0#80'#/2(682(*'#'#2(*'(#0232(),',2(%#
#
Yba) #"*0,6'5,&) t%() *(!"#"!(#) ($) 2(*(!G") ,) $,) $(!6%*,T) $,)
'#+"*0,!'1#)4)$,)!%$6%*,)
C'# 0232(),',# ,2# 6/+5+:2/# 2-# '332(+# 80):2/('-# '# -'# )0=+/5'3)D0;# -'# -23*8/'# <# -'#
38-*8/'# 2(*A# /23+0+3),'# 20# ,)=2/20*2(# ,+38520*+(# 0+/5'*):+(# )0*2/0'3)+0'-2(# <#
0'3)+0'-2(X# C'# a23-'/'3)D0# n0):2/('-# ,2# -+(# a2/[email protected]+(# Z85'0+(;# ?/*938-+# BB#
T$UfVW%# C'# &+0(*)*83)D0# H(6'g+-';# '/*938-+# ff%$# T$U^VW%# C'(# O'3)+02(# n0),'(%#
O+/5'(# n0)=+/52(# (+./2# -'# K48'-,',# ,2# N6+/*80),',2(# 6'/'# -'(# E2/(+0'(# 3+0#
a)(3'6'3),',;#'/*938-+#$]#T$UU!W%#a)/23*/)32(#K`C?qnOHF&N#6'/'#2-#,2('//+--+#,2-#
(2/:)3)+#,2#J).-)+*23'(#EI.-)3'(#TB]]$W%#&+0:203)D0#,2#-'(#O'3)+02(#n0),'(#(+./2#
-+(#a2/[email protected]+(#,2#-'(#E2/(+0'(#3+0#a)(3'6'3),',#TB]]^W%#C2<#$]qB]]^%#a)(6+()3)D0#
',)3)+0'-#*2/32/'%#a2-#'332(+#'#-'#-23*8/';#'-#-)./+#<#'#-'(#.).-)+*23'(#,2#-'(#62/(+0'(#
3+0#,)(3'6'3),',X#Z7/-)F$#+(-)*()./D(+&/)*()$#)$(1&"0#),)$/-)F0/M0#D#-)*()#F/,/)#)$#)
%+*"-&0%#)*($)$%E0/)&(+*0R+)(+)1"(+&#)$#-)+(1(-%*#*(-)F#0&%1"$#0(-)*()$#-)F(0-/+#-)1/+)
*%-1#F#1%*#*B)(-F(1%#$D(+&()(+)$#)F0/D/1%K+B)*%."-%K+),)+/0D#$%I#1%K+)*()./0D#&/-),)
DX&/*/-) #11(-%E$(-B) 1/D/) $/-) -/F/0&(-) (+) #$.#E(&/) a0#%$$(B) $/-) -/F/0&(-) -/+/0/-B) $/-)
-/F/0&(-) *%M%&#$(-) /) $/-) -%-&(D#-) *() $(1&"0#) .R1%$Y# TC2<# $]qB]]^;# ,2# '332(+# '# -'#
-23*8/';# '-# -)./+# <# '# -'(# .).-)+*23'(# ,2# -'(# 62/(+0'(# 3+0# ,)(3'6'3),',%# a)(6+()3)D0#
',)3)+0'-#!zW%###
C'#K`C?#T`2,2/'3)D0#K0*2/0'3)+0'-#,2#?(+3)'3)+02(#,2#J).-)+*23'/)+(#<#J).-)+*23'(W#
@'# 6/+58-4',+# /23+520,'3)+02(# <# 6'8*'(# (+./2# 2-# /+-# ,2# -'(# .).-)+*23'(# 20# (8#
5)()D0#,2#='3)-)*'/#2-#'332(+#'#-'#38-*8/'#<#'#-'#)0=+/5'3)D0#'#*+,+(#-+(#3)8,','0+(#
()0#2>3-8()D0#<#20#2(623)'-#'#'782--'(#62/(+0'(#20#()*8'3)D0#,2#,2(:20*'G'%#?-480'(#
,2# (8(# /23+520,'3)+02(# (2# /2=)2/20# '# -+(# =+0,+(# <# (2/:)3)+(# 3+0# -+(# 782# ,2.20#
3+0*'/#-'(#.).-)+*23'(#6'/'#'*20,2/#'#2(*+(#3+-23*):+(X#Z7#)E%E$%/&(1#)FUE$%1#)2#)*()
1/+&#0)1/+)-(0'%1%/-)(-F(1J.%1/-)F#0#)G"%(+(-)F/0)"+#)")/&0#)0#IK+)+/)F"(*#+)'#$(0-()
*()$/-)-(0'%1%/-),)D#&(0%#$(-)/0*%+#0%/-B)F/0)(\(DF$/B)D%+/0J#-)$%+MgJ-&%1#-B)*(.%1%(+&(-)
.J-%1/-))()%+&($(1&"#$(-B)(+.(0D/-)/)0(1$"-/-3)5-)D(+(-&(0)G"()&/*/-)$/-)M0"F/-)*()(*#*)
*%-F/+M#+) *() D#&(0%#$(-) G"() 1/00(-F/+*#+) #) -"-) +(1(-%*#*(-Y# TM'0)=)2(*+#
K`C?qnOHF&N#'#=':+/#,2#-'(#J).-)+*23'(#EI.-)3'(;#B]]$W%###
#
H>)(*20# ,)=2/20*2(# =+/5'(# ,2# '32/3'/# -'# -)*2/'*8/'# '# 62/(+0'(# 3+0# ,)=)38-*',2(#
-23*+/'(#<q+#,2#3+56/20()D0%#E82,2#(2/#782#(2#6/23)(20#*2>*+(#20#-2*/'#4/'0,2;#20#
J/')--2;# -)./+(# 2-23*/D0)3+(;# )-8(*/'3)+02(# *A3*)-2(;# C2048'# ,2# F)40+(;# 6)3*+4/'5'(;#
()(*25'(#0+#:+3'-2(#'8520*'*):+(#+#*2>*+(#,2#C23*8/'#`A3)-%#
$\]#
Sba) $,) $(!6%*,) +/!'$F) *(&3%(&6,) (2%!,6'5,) ) $,&) #(!(&'2,2(&) 2()
!"03*(#&'1#)4)$(!6%*,)2'5(*&,&)
C'# C23*8/'# `A3)-# 2(# 80# 3+0326*+# )0)3)',+# <# ,2('//+--',+# 6/)03)6'-520*2# 20# F823)'#
20# -'# ,l3','# ,2# -+(# 'g+(# "]%# n0# 4/86+# ,2# 6/+=2()+0'-2(# ,2# -'# 2,83'3)D0# <# ,2# -'(#
.).-)+*23'(;# 3+0(3)20*2(# ,2# -'# ='-*'# ,2# *2>*+(# ,2(*)0',+(# '# -'(# 62/(+0'(# 3+0#
,)=)38-*',2(#-23*+/'(;#)0)3)'/+0#80#6/+<23*+#6'/'#6/+5+:2/#-'#2-'.+/'3)D0#<#2,)3)D0#
,2#2(*2#*)6+#,2#5'*2/)'-2(%#a)[email protected]'#)0)3)'*):'#,)+#6'(D#6+(*2/)+/520*2#'#-'#=80,'3)D0#
9(+&0"D).w0)7x&&$x-&)T&20*/+#6'/'#-'#C23*8/'#`A3)-W;#8.)3',+#20#H(*+3+-5+;#<#5+,2-+#
,2#/2=2/203)'#+.-)4',+#,2#-+(#,)(*)0*+(#6/+<23*+(#2#)0)3)'*):'(#)0*2/0'3)+0'-2(#782#
(2#@'0#),+#,2('//+--'0,+#20#*+/0+#'#-'#C23*8/'#`A3)-%#
H0#$UV^#-'#K`C?#3/2D#80#R/86+#,2#_/'.'G+#,20+5)0',+#Z5-#,V&/V4(#*Y#<#20#$UU^#
68.-)3D#-'(#ZO"%*($%+(-)./0)5#-,V&/V4(#*)[#&(0%#$-Y#3+56)-','(#6+/#J+/#_/+0.'3b2#
T$UU^W;# ,)/23*+/# ,2-# &20*/85# =è/# Cê(**-ê(*;# 782# /23+49'# -'# 2>62/)203)'# ,2# (8#
=80,'3)D0#20#-'#2-'.+/'3)D0;#2,)3)D0#<#:'-),'3)D0#,2#*2>*+(#,2#C23*8/'#`A3)-%#H-#-)./+#
'6+/*'.'# *'5.)l0# +/)20*'3)+02(# /2-'*):'(# '# -'(# *'/2'(# ,2# 2,)3)D0# <# '-# 6/+32(+# ,2#
68.-)3'3)D0#<#5'/b2*)04%#H0#L80)+#,2#$UVV;#-'#'(+3)'3)D0#KCFMZ#TC)4'#K0*2/0'3)+0'-#
,2#?(+3)'3)+02(#,2#E2/(+0'(#3+0#a)(3'6'3),',#K0*2-23*8'-W#2,)*'.'#Z5$)1#D%+/)DR-)
.R1%$3) 8%0(1&0%1(-) ("0/F(#-) F#0#) M(+(0#0) %+./0D#1%K+) *() .R1%$) $(1&"0#) *(-&%+#*#) #)
F(0-/+#-)1/+)0(&0#-/)D(+&#$Y3)))
)
Xba)$,)$(!6%*,)(#)($),$%0#,2")!"#)2'&!,3,!'2,2),%2'6'5,)
F24I0# i-:'/21# h24'# TB]]]W;# -'(# 3+03-8()+02(# '-3'01','(# 6+/# ,):2/(+(# 2(*8,)+(#
/2'-)1',+(# 20# 082(*/+# 6'9(# (+./2# -+(# 6/+32(+(# ,2# -23*8/'# 20# 2-# '-850',+# (+/,+#
)0,)3'0# ,'*+(# 782# 0+(# 62/5)*20# +.*202/# 80'# :)()D0# 4202/'-# (+./2# -'(# ,)=)38-*',2(#
782#l(*2#203820*/'#20#2-#'6/20,)1'G2#,2#-'#-23*+2(3/)*8/'#<#,2#-+(#0):2-2(#,2#-23*8/'#
782#'-3'01'0;#58<#)0=2/)+/2(#'-#,2#-+(#0)g+(#+<20*2(#,2#-'#5)(5'#2,',%#h)--'-.'#2*#
'-%;#T$UUUW#3+0=)/5'0#782#-+(#(+/,+(#6/+=80,+(#6/2-+38*):+(#0+#(862/'0;#'-#'3'.'/#
-'# 2(3+-'/),',# +.-)4'*+/)';# 3+5+# 52,)'# 2-# 0):2-# -23*+/# 3+//2(6+0,)20*2# '# -'#
6+.-'3)D0# 0+/5+<20*2# ,2# $]# 'g+(;# ,2# 5+,+# 782# 80# 6+/320*'G2# 58<# /2,83),+# ,2#
2--+(# 682,2# '332,2/# '# 2(*8,)+(# (862/)+/2(# <# 52,)+(%# C'# )0:2(*)4'3)D0# ,2# M)2(#
T$UUVW# 6+02# ,2# 5'0)=)2(*+# 782# -+(# 0):2-2(# ,2# 3+56/20()D0# -23*+/'# ,2-# '-850',+#
(+/,+# (2# ()*I'0# 20# 80# 590)5+# ,2# ,+(# 'g+(# ,2# ,2(='(2# 3+0# /2(623*+# '# -'# 2,',#
3/+0+-D4)3'#,2-#'-850+%## C+(# ='3*+/2(# <q+# 6/+.-25'(# 782# 2>6-)3'0# -+(# .'G+(#
0):2-2(# 20# 2-# '6/20,)1'G2# -23*+/# ,2# -+(# (8G2*+(# (+/,+(# (24I0# a+5904821# T$UU\W;#
F+/)'0+#T$UUUW#<#M'/*9021#,2#?0*+g'0'#<#?848(*+#TB]]BW##(+0X#
8%.%1"$&#*(-)(+)$#)1/DF(&(+1%#)$%+MgJ-&%1#)M(+(0#$)
F)# 6'/'# 6+,2/# -22/# <# 2(3/).)/# (+0# 0232('/)'(# 3)2/*'(# @'.)-),',2(# -)04à9(*)3'(# <# -+(#
0)g+(# (+/,+(# 6/2(20*'0# 80+(# 0):2-2(# 590)5+(# 20# 2--'(# 20# 2-# 5+520*+# ,2# )0)3)'/#
,)[email protected]+# '6/20,)1'G2;# (2# 682,2# '=)/5'/# 782# -'# =820*2# 6/)03)6'-# ,2# 6/+.-25'(# ,2#
-23*+2(3/)*8/'#20#2-#'-850',+#(+/,+#6'/232#(2/#,2.),'#'#(8(#,l=)3)*(#20#2-#-2048'G2#
+/'-X# :+3'.8-'/)+# /2,83),+;# 6/+.-25'(# 20# 2-# 3+56/20()D0# <# 6/+,833)D0# ,2#
2(*/83*8/'(# ()0*A3*)3'(;# ,)=)38-*',2(# 20# -'# 3+56/20()D0# ,2-# -2048'G2# =)48/'*):+;# -'(#
2>6/2()+02(#),)+5A*)3'(;#-'(#52*A=+/'(;#:+3'.8-'/)+#*l30)3+#
)
)
$\$#
8%.%1"$&#*(-)*()#11(-/)#$)$XS%1/)
C+(#(+/,+(#8*)-)1'0#6/)03)6'-520*2#6'/'#'332,2/#'#-'#),20*)=)3'3)D0#,2#-'(#6'-'./'(#
-'# :9'# -l>)3'q,)/23*'q-+4+4/A=)3'%# H(# ,23)/;# '332,20# '-# ()40)=)3',+# ,2# -'# 6'-'./'# ,2#
=+/5'# 4-+.'-;# .'(A0,+(2# 20# 90,)32(# 4/A=)3+(%# H(*'# :9'# 682,2# )0,83)/# '# 2//+/2(# <'#
782#,2#@[email protected]+;#,'#-84'/#'#3+0=8()+02(#20*/2#6'-'./'(#782#6/2(20*'0#/'(4+(#4/A=)3+(#
6'/23),+(%# E+/# +*/'# 6'/*2;# (+0# 0852/+('(# -'(# )0:2(*)4'3)+02(# 782# 3+032,20# 3','#
:21#5A(#)56+/*'03)'#'-#,2('//+--+#,2#/26/2(20*'3)+02(#=+0+-D4)3'(#6'/'#'332,2/#'-#
()40)=)3',+# ,2# -'(# 6'-'./'(%# F)0# 25.'/4+;# -'# 8*)-)1'3)D0# ,2# 2(*2# 6/+32(+# 6+/# 6'/*2#
,2-# (+/,+# 6-'0*2'# 6/+.-25'(X# 2-# )0(8=)3)20*2# ,+5)0)+# ,2-# ()(*25'# =+0+-D4)3+# ,2-#
-2048'G2# +/'-# G80*+# 3+0# 2-# 2(3'(+# 0):2-# ,2# :+3'.8-'/)+# 6/+:+3'# 782# -'(#
/26/2(20*'3)+02(# )0*2/0'(# (2'0# 6+./2(# 2# )03+56-2*'(%# ?,25A(;# 2(*A0# -'(#
,)=)38-*',2(# # 6'/'# '332,2/# =+0+-D4)3'520*2# '-# -l>)3+# )0*2/0+# ,2.),+# '-# ,l=)3)*#
'8,)*):+%#
8%.%1"$&#*(-)(+)$#)%+&(0F0(&#1%K+)*($)$XS%1/)(-10%&/)
C'# 6+./21'# ,2-# :+3'.8-'/)+;# G80*+# 3+0# -'(# ,)=)38-*',2(# 6'/'# '332,2/# '# -'# 6'-'./'#
2(3/)*'# <# 2>*/'2/# 2-# ()40)=)3',+# 3+56-2*+# <# [email protected]/20*2# ,2-# *2>*+;# --2:'# '-# '-850',+#
(+/,+# '# 3+52*2/# 2//+/2(# 20# -'# )0*2/6/2*'3)D0# ,2# -'(# 6'-'./'(%# H0# 80# 2(*8,)+#
/2'-)1',+#6+/#M)2(#T$UUVW#'#80#4/86+#,2#'-850+(#(+/,+(#6/+=80,+(#',+-2(320*2(;#
+.*)202# 782# -+(# (8G2*+(# (+/,+(# 0+# (+0# v3+0(3)20*2(w# ,2# 782# 80'# 6'-'./'# 682,'#
*202/# ,)=2/20*2(# ()40)=)3',+(;# 6+/# *'0*+;# 38'0,+# ',G8,)3'0# 2-# ()40)=)3',+# '# 80'#
6'-'./'# 0+# (2# 6-'0*2'0# ()# -'# )0*2/6/2*'3)D0# ,2# l(*'# 2(# ',238','# '-# 3+0*2>*+# 20# 2-#
782# (2# )0(2/*';# ()0+# 782# -+# @'320# 20# =803)D0# ,2-# I0)3+# ()40)=)3',+# 782# 3+0+320# <#
=+/5'#6'/*2#,2#(8#/262/*+/)+#-)04à9(*)3+%#
8%.%1"$&#*(-) 0($#1%/+#*#-) 1/+) $#) 1/+-&0"11%K+B) /0M#+%I#1%K+) ,) ."+1%/+#D%(+&/)
(-F(1J.%1/)*($)&(S&/)
H-#0)g+#(+/,+#)0*2/6/2*'#80#*2>*+#3+5+#80'#3',20'#,2#)0=+/5'3)+02(#')(-','(;#()0#
2(*'.-232/#:9038-+(#<q+#6820*2(#,2#3+02>)D0#20*/2#-'#)0=+/5'3)D0#782#'6'/232#20#
2-# *2>*+# 3+0# -+(# 3+0+3)5)20*+(# 782# <'# 6+(22%# H(# ,23)/;# 0+# /2'-)1'# -'(# 3+02>)+02(#
)0,)(620('.-2(# 6'/'# 4202/'/# 80'# 3+56/20()D0# /)3'# ,2-# *2>*+# T?(20()+# <# R+5)(;#
$UU^W%#
9/DF0(+-%K+)$(1&/0#)
H-#'-850+#3+0#(+/,2/'#6/2-+38*):'#<#6l/,),'#(862/)+/#'#U]#,J%;#3+0#=/238203)'#-22#
'-480'(#6'-'./'(#<#'#6'/*)/#,2#'@9#)0:20*'#2-#/2(*+%#H(*'#)0*2/6/2*'3)D0#782#@'32#,2-#
-2048'G2#2(3/)*+#2(#()5)-'/#'#-'#2(*/'*24)'#782#256-2'#20#-23*8/'#-'.)'-%#F)#(2#'0'-)1'#
-'#3+56/20()D0#-23*+/'#,2#-+(#'-850+(#(+/,+(#(2#+.(2/:'#-+#()48)20*2X#YC'#='-*'#,2#
,+5)0)+# ,2-# :+3'.8-'/)+# @'32# 782# 3+0# =/238203)'# 3'5.)20# -+(# 3+0326*+(%# YO+#
*)2020# -23*8/'# '0*)3)6','# <# ()# -+# @'320# 682,20# 278):+3'/(2%# Yh'0# )03+/6+/'0,+#
6'-'./'#6+/#6'-'./'#<#-'(#*)2020#782#,2(3)=/'/%#YH0#-'(#=/'(2(#,2#,+.-2#(20*),+;#,2#
/2-'*):+;#,2#52*A=+/'(;#2*3%#*)2020#[email protected]'#,)=)38-*',%#YC'(#'3263)+02(#0+#',238','(#
(+0# =/23820*2(;# 2-)4)20,+# 0+# 6+/# 3+0*2>*+# ()0+# 6+/# '782--'# 782# -2(# /2(8-*'# 5A(#
3+0+3),'%#
?80782#,)(6+025+(#20#H(6'g'#,2#2(*8,)+(#(+./2#2-#'6/20,)1'G2#-23*+2(3/)*+/#20#2-#
'-850',+# (+/,+;# (2# 0232()*'0# 5A(# )0:2(*)4'3)+02(# '-# /2(623*+;# 6'/'# (862/'/# -'(#
'3*8'-2(# 3+*'(# ,2# =/'3'(+# 2(3+-'/# 20# -'# '6/+6)'3)D0# ,2# -'# -2048'# 2(3/)*'# <# 6'/'#
3+0(248)/#80+(#0):2-2(#,2#-23*8/'#3','#:21#5A(#=803)+0'-2(#20#2(*'#6+.-'3)D0%##F2#
@'0# --2:',+# '# 3'.+# 2>62/)203)'(# ,2# )0*2/:203)D0# 6()3+62,'4D4)3'# 6'/'# 2-#
$\B#
'6/20,)1'G2# ,2# -'# -2048'# 2(3/)*'# 20# 2-# '-850',+# 3+0# ,2=)3)203)'# '8,)*):';# ,2(,2#
,)=2/20*2(# -902'(# ,2# */'.'G+# 2# )0:2(*)4'3)D0# TJ2--l(;# B]]]o# `2/0A0,21Yh)',2/# <#
E2/*8(';#$UUUo#_+//2(#2*#'-%;#$UUUW%#E+/#80#-',+;#2>)(*2#80#4/86+#,2#)0:2(*)4',+/2(#
782#6/+6+020#782#2(#0232('/)+#782#2(*'#6+.-'3)D0#(+/,';#'-#)48'-#782#-+(#+<20*2(;#
256-220# 3D,)4+(# =+0+-D4)3+(# 6'/'# -22/o# <# 6+/# +*/+# -',+;# 2>)(*2# +*/'# -902'# ,2#
)0:2(*)4'3)D0;# 62/(623*):'# .)-)04à2;# 782# '=)/5'# 782# -+(# 0)g+(# (+/,+(# 682,20#
'332,2/#'-#-2048'G2#2(3/)*+#<#3+0(248)/#.820+(#/20,)5)20*+(#-23*+/2(#()0#256-2'/#
*'-2(#3D,)4+(#=+0+-D4)3+(#Ta+5904821;#$UU\W%#
C'# )0:2(*)4'3)D0# --2:','# '# 3'.+# 6+/# F'0*'0'# TB]]]W# )0,)3'# 782# 80'# -23*8/'#
=803)+0'-#,2#'-*+#0):2-#(D-+#2(#6+().-2#6+/#52,)+#,2#/26/2(20*'3)+02(#=+0+-D4)3'(;#<#
-+(#,'*+(#+.*20),+(#(84)2/20#782#2-#256-2+#6/23+1#,2#-'#E'-'./'#&+56-2520*',';#
782# =':+/232# -'# 62/3263)D0# <# 6/+32('5)20*+# ,2-# @'.-';# ,'# -84'/# '-# ,2('//+--+# ,2#
/26/2(20*'3)+02(# =+0+-D4)3'(# 6/23)('(# <# 3+56-2*'(# ,2# -'(# 6'-'./'(# <# 6+/# *'0*+;# '#
52G+/2(#/20,)5)20*+(#-23*+/2(%#
XbYba) 3:CAC) N:8:) MA=C?QP98) P=:) ;?kA8) MA;N8?=C9O=) B?MLA8:) ?=) B:C) N?8CA=:C)
MA=)>9CM:N:M9>:>):P>9L9E:)
E'/'# 3+0(248)/# 80'# 52G+/# 3+56/20()D0# 6+/# 6'/*2# ,2# -+(# -23*+/2(# (+/,+(# (2#
'3+0(2G'0#-+(#()48)20*2(#6'(+(X#
Y?0*2(# ,2# 782# -'# 62/(+0'# (+/,'# -2'# 80# *2>*+# +# 80# -)./+# (2/9'# )0*2/2('0*2# 782# 2-#
6/+=2(+/# -2# 2>6-)782# 2-# *25'# <# 20803)2# ./2:2520*2# -'(# 6'/*2(# ,2# 5'<+/#
)56+/*'03)'%#H(*+#'<8,'#'#320*/'/#2-#6/+32(+#-23*+/%#
YJ8(3'/# 80# ()0D0)5+# T6'/l0*2()(W# 6'/'# -'(# 6'-'./'(# ,2(3+0+3),'(%# H(*+# '# -'# :21#
()/:2#3+5+#'56-)'3)D0#,2-#:+3'.8-'/)+#+#-'(#=/'(2(#782#*204'0#,+.-2#(20*),+%#
YF2-233)+0'/# -'(# =/'(2(# ,25'()',+# -'/4'(;# ,):),)l0,+-'(# # 20# =/'(2(# 5A(# ()56-2(# <#
8*)-)1'0,+#3+5+#02>+(#-+(#5A(#3+5802(%#
Y?-#8*)-)1'/#80#6/+0+5./2#8#+*/+#*l/5)0+#/2=2/20*2#'#80'#6'-'./';#@'<#782#/262*)/#
2-#'0*232,20*2;#2#)03-8(+#/262*)/#-'#6'-'./'%#
Y_'[email protected]'/#*+,'(#-'(#=/'(2(#)00232('/)'(#<#782#(D-+#(+0#'3-'/'3)+02(#,2#80'#()*8'3)D0#
T0+/5'-520*2#2-#680*+#,2#:)(*'#,2-#0'//',+/W%#
Y&8'0,+#(2#20*'.-'#80#,)A-+4+#20*/2#,+(#+#5A(#62/(+0'G2(#2-#-23*+/#+<20*2#('.2#6+/#
2-# 3+0*2>*+# 78l# 62/(+0'G2# @'.-'# 20# *+,+# 5+520*+%# H-# '-850+# (+/,+# (2# 682,2#
62/,2/# 3+0# ='3)-),',%# E+,25+(# 2:)*'/# 2(*+# 3+-+3'0,+# 3+0# -A6)1# 2-# 0+5./2# ,2-#
62/(+0'G2#782#@'.-'#T*)6+#*2'*/+W%#
YF)#2(#80#3820*+;#320*/'/#2-#6'62-#,2#3','#80+#,2#-+(#62/(+0'G2(#<#-'#/2-'3)D0#20*/2#
2--+(# T2(7825'W%# _'5.)l0# 2(# )56+/*'0*2# )0()(*)/# 20# -+(# '3+0*23)5)20*+(# 5A(#
)56+/*'0*2(#782#6'('0#20#-'#-23*8/';#2>6-)3'/#78)l0#0'//'#T3820*'W#-+(#@[email protected]+(;#()#2(#
80#62/(+0'G2;#()#2(#2-#'8*+/;#2*3%#
YF)256/2#782#6+,'5+(#,/'5'*)1'/#-'#-23*8/';#(+./2#*+,+#3+0#-+(#5A(#62782g+(%#
Y_202/#20#3820*'#782#0232()*'0#5A(#*)256+#6'/'#,2(3)=/'/#2-#*2>*+#####
)
[ba)!*'6(*'"&)3,*,)G,!(*)t%()%#)$'-*")&(,)2()$(!6%*,)+/!'$)
n0# 6/)03)6)+# .A()3+# 2(# 0'//'/# 80'# @)(*+/)'# 3+03/2*'# <# -D4)3'# 3+0# 80'# I0)3'# -902'#
'/48520*'-%#K0:2(*)4',+/2(#,2#,)=2/20*2(#6'9(2(;#2(623)'-520*2#20#2-#3'56+#,2#-'#
$\!#
E()3+-)04à9(*)3'#<#-'#E()3+-+49'#H>62/)520*'-#@'0#/2'-)1',+#,):2/(+(#2(*8,)+(#6'/'#
,2*2/5)0'/# 38A-2(# (+0# -+(# ='3*+/2(# 782# 52G+/'0# -'# 3'6'3),',# 3+580)3'*):'# ,2# 80#
*2>*+#<#-+#@'320#'*/'3*):+#<#3+56/20().-2#6'/'#2-#-23*+/%#[email protected]+(#,2#2(*+(#2(*8,)+(#
.'('.'0# (8(# 3+03-8()+02(# <# /23+520,'3)+02(# 6'/'# ,2*2/5)0'/# -+(# 3/)*2/)+(# ,2#
-24).)-),',#<#,2#3+56/20().)-),',;#20#'(623*+(#6()3+-D4)3+(#5A(#782#4/'5'*)3'-2(%#
F24I0# &'('-(# TB]]"W# (+0# 3/)*2/)+(# :A-),+(# 6'/'# '6-)3'/-+(# '# -'# C23*8/'# `A3)-# -+(#
()48)20*2(X#
5+)1"#+&/)#$)$(+M"#\(_)
Yn('/# 80# -2048'G2# (203)--+# <# ,)/23*+;# 3+0# :+3'.-+(# ,2# 8(+# 3+5I0%# YH>6-)3'/# -'(#
6'-'./'(#,)=93)-2(#6+/#(8#3+0*2>*+%#YH:)*'/#3+0326*+(#'.(*/'3*+(%#Y_202/#38),',+#3+0#
2-# -2048'G2# =)48/'*):+# +# 52*'=D/)3+# ()# (+0# :+3'.-+(# ,2# 8(+# 6+3+# 3+5I0%# Yn*)-)1'/#
+/'3)+02(#3+/*'(#20#(8#5'<+/9';#782#0+#+38620#5A(#,2#80'#-902'%#YK03-8)/#80'#(+-'#
),2'# 6/)03)6'-# 20# 3','# +/'3)D0%# Yn*)-)1'/# 80# -2048'G2# 6+()*):+%# YH56-2'/#
6/2=2/20*2520*2# -'# :+1# '3*):'# =/20*2# '# -'# 6'():'%# YF2/# ()(*25A*)3+# '-# 8*)-)1'/# -'(#
6'-'./'(%#YO+#256-2'/#6'-'./'(#,2#+*/+#),)+5'%#
YH:)*'/#2-#8(+#,2#G2/4'(;#'./2:)'*8/'(#2#)0)3)'-2(%##
5+)1"#+&/)#)$#-)1#0#1&(0J-&%1#-)./0D#$(-B)-()#1/+-(\#_)
Y_'5'g+# ,2# -'# -2*/'# $B# D# $f# 680*+(%# YC902'(# 0+# 2>32():'520*2# -'/4'(%# YO+# 8('/#
:'/)+(#*)6+(#,2#-2*/'#T,+(#*)6+(#3+5+#5A>)5+;#80'#6'/'#*9*8-+(#<#+*/'#6'/'#2-#*2>*+W%#
YC2*/'(# 024/'(;# .)20# 3+0*/'(*','(# (+./2# =+0,+# .-'03+%# Yn(+# ,2# 5)0I(38-'(;# 5A(#
-24).-2(# 782# -'(# 5'<I(38-'(%# YE'62-# .-'03+;# 5'*2# <# +6'3+%# YMA/4202(# '56-)+(%# O+#
G8(*)=)3'/#2-#*2>*+#'#-'#,2/[email protected]'%#YH(6'3)+#20*/2#-902'(#(8=)3)20*2;#62/+#5'0*20)20,+#
-'# [email protected]/203)'# ,2-# *2>*+%# Y_2>*+# ,):),),+# 20# 3'69*8-+(# /2-'*):'520*2# 3+/*+(# <# l(*+(#
20#6A//'=+(;#6'/'#62/5)*)/#6'8('(#=/23820*2(%#
[bYb)$AC)MP?=LAC)N:8:)=9jAC)MA=)>9CM:N:M9>:>):P>9L9E:)
F)0#520+(3'.+#,2#782#(2#-2'0#+#0'//20#3820*+(#'-#0)g+#20#38'-78)2/#5+520*+#,2-#
,9';# -'# (2()D0# ,2# 3820*'3820*+(# *20,/A# 3'/A3*2/# +.-)4'*+/)+# 6+/# -'# [email protected];#
)052,)'*'520*2#'0*2(#,2#782#2-#0)g+#:'<'#'#,+/5)/%#O'//'/#3820*+(#'#-+(#0)g+(#,2#
=+/5'#)0*2/'3*):'#2(#80'#*'/2'#3+56-2G';#782#-+(#6',/2(#'6/20,20#20#-'(#(2()+02(#
,2# C+4+62,)'%# C+(# 6',/2(# +# 20# 4202/'-;# 38'-78)2/# ',8-*+# 682,2# '6/20,2/# 2-#
6/+32,)5)20*+#()48)20,+#80#2(7825'#2(*'.-23),+%#F2/A#80#5+520*+#5A4)3+#782#2-#
0)g+# ,)(=/8*'# [email protected]+# <# -+(# 6',/2(# +# ',8-*+(# ,2.20# +/4'0)1'/(2# 6'/'# 6/+38/'/# 782#
0+#@'<'#)0*2//863)+02(#0)#(2#@'4'#3+0#6/)('(%#a2.2#(2/#80#5+520*+#6'/'#,)(=/8*'/#
20# 3+5I0%# H-# 0)g+# (+/,+# 0+# ,2.2# 62/,2/(2# 0','# ,2# -'# 5'4)'# ,2# -+(# 3820*+(# ,2#
@','(;#()#3'.2#,2.2#,)(=/8*'/-+(#5A(#782#0',)2%##
#
#
#
#
#
#
_9*8-+#
#
#
#
E/2,)33)+02(#
#
T'0*)3)6'3)+02(W#
#
a2('//+--+#,2-#
*2>*+X#/2=2/203)'(#
#
`+0+-D4)3'(#
M+/=+()0*A3*)3'(#
F25A0*)3'(#
E/'45A*)3'(#
$\f#
3*(.%#6,&)
S2(682(*'(#
2>*/'9,'(#
,)/23*'520*2#,2-#
*2>*+#,2-#3820*+#
#
K0=2/203)'(#
T)0,833)D0Y
,2,833)D0W##
#
?#+*/+(#3820*+(#
#
_/'0(=2/#
?-#38//938-85#
T78l# *2# /2382/,'# 2(3+-'/#
2(+W#
?#-'#:),'#,)'/)'#
N*/'(##
)
)
E/2(20*'3)D0#T,D0,2#<#38A0,+W#
)
*(&%0(##
S2(682(*'#)0*2/0'#T/2'33)+02(#<#6-'02(#,2-#6/+*'4+0)(*'W#
?3+0*23)5)20*+#)0)3)'-#T6-'0*2'5)20*+#,2-#6/+.-25'W#
K0*20*+#T2(=82/1+#6+/#/2(+-:2/#2-#6/+.-25'W#
&+0(238203)'#Tl>)*+#+#=/'3'(+#,2-#6/+*'4+0)(*'W#
S2'33)+02(#T,2-#6/+*'4+0)(*'#'0*2#-'#3+0(238203)'W#
M+/'-2G'#
(C\P?;:)N:8:)MA=L:8)MP?=LAC):)BAC)=9jAC)MA=)>?W9M9?=M9:):P>9L9E:)r0:[email protected])
,D?BBg=T)SeeRs)
)
!"#!$%&'"#(&)
H-#-)./+#,2#C`#,2.2#(2/#'*/'3*):+;#,2#-23*8/'#2(*)58-'0*2#<#(8#2,)3)D0#,2#'-*'#3'-),',%#
&/2'/#80#-)./+#C`#3+56+/*'#[email protected]'(#,)=)38-*',2(X#2(#6/23)(+#203+0*/'/#2-#278)-)./)+#
20*/2# -'(# 0232(),',2(# <# -'# 3'6'3),',# ,2# 3+56/20()D0# ,2-# -23*+/# <# -'# -).2/*',# ,2#
3/2'3)D0#'/*9(*)3'#,2#'8*+/2(#2#)-8(*/',+/2(%#?,'6*'/#+./'(#,2#-+(#4/'0,2(#'8*+/2(#
,2#-'#-)*2/'*8/'#20#C23*8/'#`A3)-#2(#2(623)'-520*2#,)=93)-#6+/782#(86+02#/23/2'/#-'#
+./';#0+#-)5)*'/(2#'#80'#52/'#(90*2()(#+#(2-233)D0#,2#6A//'=+(#,2-#-)./+#+/)4)0'-%##
?0*2(#,2#(8#68.-)3'3)D0#2(#'3+0(2G'.-2#/2'-)1'/#-23*8/'(#,2#6/82.'#3+0#,)=2/20*2(#
4/86+(# ,2(*)0'*'/)+(;# 6'/'# 3+56/+.'/# 782# 2-# *2>*+# /2I02# -+(# /278)()*+(# ,2#
3+56/20().)-),',#<#-24).)-),',#/2782/),+(%#
F)*8'/##2-#3+0*2>*+#20#2-#782#(2#,2('//+--'#-'#'33)D0#,2#80'#0'//'3)D0#2(#80'#,2#-'(#
/23+520,'3)+02(# .A()3'(# '-# 2-'.+/'/# *2>*+(# ,2# C`%# O+# @'<# 782# ,'/# 6+/# (8682(*+#
782#2-#-23*+/#*)202#082(*/+(#5)(5+(#/2=2/20*2(#38-*8/'-2(%#
O+#*+,+(#-+(#5'*2/)'-2(#782#(2#'G8(*'0#'#-'(#,)/23*/)32(#,2#C`#682,20#(2/#-29,+(#+#
3+56/20,),+(# 6+/# *+,'(# -'(# 62/(+0'(# 782# *)2020# ,)=)38-*',2(# 6'/'# -22/%# H-#
)0*2/52,)'/)+;# *8*+/# +# 3+5+# *'5.)l0# (2# -2# ,2()40'# v/26/2(20*'0*2# ,2# -23*8/'w# 2(#
=80,'520*'-# 6'/'# # ,2*2/5)0'/# 38A-2(# (+0# -+(# -)./+(# <# *2>*+(# '(278).-2(# 6'/'# 80#
,2*2/5)0',+#-23*+/#<#6'/'#'3+56'g'/-2#<#2(*)58-'/-2#20#-'#-23*8/'%####
$\\#
F82-2#(2/#=/23820*2#,):),)/#2-#4/',+#,2#,)=)38-*',#,2#-+(#*2>*+(#C`#20#*/2(#0):2-2(#,2#
,)=)38-*',#782#(2#2(*'.-2320#.A()3'520*2#(24I0#-'#6/+6+/3)D0#20*/2#)-8(*/'3)+02(#<#
*2>*+#<#(24I0#(8#3+56-2G),',#()0*A3*)3'#<#-)04à9(*)3'%##
)
-'-$'".*,+c,)
i-:'/21# h24';# F%# TB]]]W# S2:)()D0# ,2# -'(# )0:2(*)4'3)+02(# (+./2# -+(# 6/+32(+(# ,2#
-23*+2(3/)*8/'#20#2-#'-850',+#3+0#,2=)3)203)'#'8,)*):'%#)T/$%E(#B#\\;#!UYf!%#
?(20()+;#M%#<#R+5)(;#M%T$UU^W#C'#-23*8/'#20#-+(#0)g+(#(+/,+(%#]W6T6LB)kCB#BfYf]%#
J2--l(;# S%# M# z# TB]]]W# j&D5+# (2# '.+/,'# -'# 20(2g'01'# ,2# -'# -2048'# 2(3/)*'c#
&+580)3'3)D0#6/2(20*','#'#-'(#WWW)Q/0+#*#-)*()5SF(0%(+1%#-)a%$%+Mg(-)(+)$#)(*"1#1%K+)
*($)+%H/)-/0*/3)M',/),%#
&'('-(# _+//2(;# K%# TB]]"W# C'# C23*8/'# `A3)-# 20# -'(# .).-)+*23'(# 6I.-)3'(%# 61&#-) *($# WWW)
9/+M0(-/)*()a%E$%/&(1#-)TUE$%1#-3#M8/3)'%##
a+5904821;# ?%# J%# T$UU\W# C+(# 6/+32(+(# ,2# -23*8/'# 20# -+(# 0)g+(# (+/,+(%# 4('%-&#) *()
5*"1#1%K+)5-F(1%#$B)@AB)"$Y^\%#
`2/0A0,21Yh)',2/;# Mz%E%# <# E2/*8(';# H%# T$UUUW# S26/2(20*'3)D0# =+0+-D4)3';#
'6/20,)1'G2# ,2# -'# 2(3/)*8/'# <# '-850+(# (+/,+(%# 4('%-&#) *() 7/M/F(*%#B) ]/+%#&0J#) ,)
]/+/#"*%/$/MJ#B#$U#T$W;#BY$]%#
C2<# $]qB]]^# ,2# '332(+# '# -'# -23*8/';# '-# -)./+# <# '# -'(# .).-)+*23'(# 6+/# 6'/*2# ,2# -'(#
62/(+0'(#3+0#,)(3'6'3),',2(%#
K`C?#TB]]$W#8%0(1&0%1(-)W]76?eN5L9;)F#0#)($)*(-#00/$$/))*($)-(0'%1%/)*()E%E$%/&(1#-)
FUE$%1#-3#E'/9(X#nOHF&N##
M'/*9021# ?.2--A0;# S%# TB]]"W# J).-)+*2/'6)'# +# _2/'6)'# '# */':l(# ,2# -'# C23*8/'X# C'#
-)*2/'*8/'# )0='0*)-# 3+5+# )0(*/8520*+# ,2# ('-8,# 20# 2-# A5.)*+# ,2# -'# E2,'4+49'#
Z+(6)*'-'/)'#<#-'#H,83'3)D0#K03-8():'#TKKW#6'/*2%#T/$%E(#B)^UB#66%#!\Yff#
M'/*9021#,2#?0*+g'0';#S%#<#?848(*+;#L%M%#TB]]BW%#C'#-23*8/'#20#-+(#0)g+(#(+/,+(X#2-#
6'62-#,2#-'#3+,)=)3'3)D0#=+0+-D4)3'%#6+#$(-)*()T-%1/$/MJ#B#$V;#$;#$V!Y$U\%#####
M)2(;# ?%# T$UUVW# H-# -l>)3+# 2(3/)*+# 20# -'# 3+56/20()D0# -23*+/'%# H0;# F)-:2(*/2;# O%#
T&++/,%W#L/0*(0#B)1/D"+%1#1%K+),)#F0(+*%I#\(3)J'/32-+0'X#M'((+0%#
F'0*'0';# S%# TB]]]W# C'(# /26/2(20*'3)+02(# =+0+-D4)3'(# ,2-# (+/,+X# 2-# 6'62-# ,2# -'#
E'-'./'# &+56-2520*','# 20# (8# ,2('//+--+# <# 8(+%# 4('%-&#) *() 7/M/F(*%#B) ]/+%#&0J#) ,)
6"*%/$/MJ#B#B]#T$U;#"Y$\%#
F+/)'0+;#L%#T$UUUW#C+(#6/+.-25'(#,2#-23*8/'#20#-'(#62/(+0'(#(+/,'(%#]W6T6LB)=PB)BVY
!$%#
_+//2(;# F%;# n/78)1';# S%# <# F'0*'0';# S%# T$UUUW# 8(.%1%(+1%#) #"*%&%'#_) M"J#) F#0#)
F0/.(-%/+#$(-),)F#*0(-%#MA-'4'X#?-G).2%#
$\"#
)
)
)
)
)
)
&(.%'0'(#6")2($)3*"!(&")2()$(!6%*,)2(&2()%#)3*".*,0,)
2(),6(#!'1#)6(03*,#,)
#
0bp),P_9B9:>A8:)*ADB?C)-?BBA)
2:E9>)&[email protected]?8P?B)
n0):2/(),',#,2#L'l0#
#
*(&%0(#)
F2# 6/2(20*'# 2-# (248)5)20*+# 20# -23*8/'# /2'-)1',+# '# ,)21# 0)g+(# 3+0# (90,/+52# ,2#
a+p0# ,2# 80# 320*/+# ,2# '*203)D0# )0='0*)-# *256/'0'# T&?K_W;# 3+0# 2-# +.G2*):+# ,2#
,2*2/5)0'/#2-#4/',+#,2#(248)5)20*+#6+/#6'/*2#,2#-+(#3+-24)+(#,2#-'#52*+,+-+49'#,2#
-23*8/'#782#(2#)0)3)'#3+0#2--+(#20#2-#&20*/+#,2#?*203)D0#K0='0*)-#_256/'0'%#H0#2(*2#
3+0*2>*+;#2-#*/'.'G+#782#6/2(20*'5+(#,'#'#3+0+32/#-+(#/2(8-*',+(#+.*20),+(#20#2-#
6/+4/'5'#,2#?*203)D0#_256/'0'#782#(2#--2:'#'#3'.+#20#-'#?(+3)'3)D0#F90,/+52#,2#
a+p0# ,2# L'l0;# */'(# 2-# 6/+32(+# ,2# +.(2/:'3)D0# ,2-# '6/20,)1'G2# *256/'0+# ,2# -'#
-23*8/'#(2#+.(2/:'#782#-'#52*+,+-+49'#/2-'3)+0','#3+0#-'#-23*8/'#782#(2#()482#20#-+(#
3+-24)+(#3+0#2(*+(#0)g+(#2(#)0,2620,)20*2#,2-#E/+4/'5'#,2#?*203)D0#_256/'0'%#
3:B:D8:C)MB:E?F#-23*8/'o#6/+32(+o#'*203)D0#*256/'0'%##
#
#
0"#'6"*'#.)6G()3*"!(&&)"+)*(,2'#.)+*"0)6G()(,*$4)!G'$2G""2)
'#6(*5(#6'"#)3*".*,0b)
)
,-&6*,!6)
N02# 6/2(20*(# *@2# =+--+pY86# )0# /2',)04# /2'-)12,# *+# *20# [email protected])-,/20# p)*@# a+p0ë(#
(<0,/+52# +=# '# 320*2/# +=# )0='0*)-2# 2'/-<# '**20*)+0# T&?K_W;# p)*@# *@2# *'/42*# *+#
,2*2/5)02# *@2# [email protected]/2032# ,24/22# +=# *@2# 52*@+,+-+4<# +=# /2',)04# *@'*# .24)0(# p)*@#
*@25# )0# *@2# &?K_%# K0# *@)(# 3+0*2>*;# *@2# p+/b# *@'*# p2# (20(2# .2=+/[email protected]'0,# '00+8032(#
*@2# /2(8-*(# +.*')02,# )0# *@2# 6/+4/'5# +=# H'/-<# ?**20*)+0# *@'*# 3'//)2(# +8*# )0# *@2#
?((+3)'*)+0#a+p0ë(#F<0,/+52#+=#L'20;#'=*2/#*@2#6/+32((#+=#+.(2/:'*)+0#+=#*@2#2'/-<#
-2'/0)04#+=#*@2#/2',)04%#
I?7)JA8>CF#/2',)04o#2'/-<#[email protected])-,@++,#)0*2/:20*)+0#6/+4/'5%#
#
$\^#
Yba)'#6*"2%!!'1##
H0# 2-# 6/+4/'5'# ,2# ?*203)D0# _256/'0'# 782# (2# --2:'# '# 3'.+# 20# -'# ?(+3)'3)D0#
F90,/+52# ,2# a+p0# ,2# L'l0# (2# */'.'G';# 20*/2# +*/+(# +.G2*):+(;# 2-# '6/20,)1'G2#
*256/'0+#,2#-'#-23*8/';#6'/'#2--+#(2#()482#-'#52*+,+-+49'#,2#-23*8/'#4-+.'-#,2#M%z#
h)3*+/)'#_/+03+(+#<#M2/32,2(#,2-#&2//+#T$UUVW%#H(*2#+.G2*):+#(2#6-'0*2'#'-/2,2,+/#
,2#-+(#!#'g+(#6+/#-+#782#+#.)20#2-#0)g+#<'#@'#20*/',+#20#2-#3+-24)+#20#(8#H*'6'#,2#
H,83'3)D0# K0='0*)-;# +# .)20# -+# @'/A# 6/D>)5'520*2;# *)256+# 782# 682,2# --24'/# '# (2/#
'-/2,2,+/#,2#80#'g+%#
O82(*/+#+.G2*):+#3+0()(*2#20#,2*2/5)0'/#2-#4/',+#,2#(248)5)20*+;#6+/#6'/*2#,2#-+(#
&20*/+(# ,2# H,83'3)D0# K0='0*)-;# ,2# -'# 52*+,+-+49'# ,2# -23*8/'# 4-+.'-)1','# 782# (2#
/2'-)1'# (24I0# -'(# )0,)3'3)+02(# ,2# M%z# h)3*+/)'# _/+03+(+# <# M2/32,2(# ,2-# &2//+#
T$UUVW;#6'/'#-'(#62/(+0'(#3+0#F90,/+52#,2#a+p0#782#(2#)0)3)'0#20#-'#-23*8/'#'#80'#
2,',# *256/'0'# ,20*/+# ,2# 80# 6/+4/'5'# ,2# ?*203)D0# _256/'0'# 20# -'# ?(+3)'3)D0#
F90,/+52#,2#a+p0#L'l0#<#E/+:)03)'%##
S23)20*2520*2# -'# ?,5)0)(*/'3)D0# H,83'*):'# ,2# ?0,'-839'# @'# 6/+6+/3)+0',+# 80#
5'/3+# -24)(-'*):+# 782# 3+02>)+0'# 2-# */'.'G+# 782# (2# /2'-)1'# ,2(,2# -'# ?*203)D0#
_256/'0'#TR/86+#,2#?*203)D0#_256/'0';#B]]]W#<#2-#/2'-)1',+#,2(,2#-+(#3+-24)+(;#
'(9;#(24I0#2-#a23/2*+#fBVqB]]V#,2#BU#,2#G8-)+;#6+/#2-#782#(2#2(*'.-232#-'#+/,20'3)D0#
<# -'(# 20(2g'01'(# 3+//2(6+0,)20*2(# '# -'# H,83'3)D0# K0='0*)-# 20# ?0,'-839'# 20# 2-#
'/*938-+# $B# ,2-# 3'69*8-+# Kh# ,2# -'# ?*203)D0# '# -'# a):2/(),',# (2# 6/+6+020# 3+5+#
52,),'(#,2#'*203)D0#'#-'#,):2/(),',#,+(#58<#)56+/*'0*2(#20#2(*2#(20*),+X#
'%Y# -'# ?,5)0)(*/'3)D0# ,2# -'# L80*'# ,2# ?0,'-839'# 2(*'.-232/A# 2-# 3+0G80*+# ,2#
'3*8'3)+02(#,)/)4),'(#'#-'#6+.-'3)D0#)0='0*)-#,2#32/+#'#(2)(#'g+(;#'#(8(#='5)-)'(#<#'-#
20*+/0+#3+0#-'#=)0'-),',#,2#6/2:20)/;#,2*23*'/#2#)0*2/:20)/#,2#=+/5'#6/23+1#(+./2#
38'-78)2/#*/'(*+/0+#20#(8#,2('//+--+;#+#/)2(4+#,2#6',232/-+%#
.%Y# -'# &+0(2G2/9'# 3+562*20*2# 20# 5'*2/)'# ,2# 2,83'3)D0# 2(*'.-232/A# -+(#
6/+32,)5)20*+(#6'/'#-'#,2*233)D0#*256/'0'#,2#38'-78)2/#*/'(*+/0+#782#)03),'#20#2-#
,2('//+--+# ,2# -+(# 0)g+(# ,2# 2(*'# 2*'6'%# ?(9# 5)(5+# (2# 2(*'.-232/A0# -+(# 523'0)(5+(#
6'/'#-'#'*203)D0#*256/'0'#,2#2(*2#'-850',+#3+0#+*/'(#?,5)0)(*/'3)+02(#EI.-)3'(;#
,26'/*'520*+(# +# 20*),',2(# 782# *204'0# 3+562*203)'(# 20# 5'*2/)'# ,2# (2/:)3)+(#
(+3)'-2(%#
##
Sba)3*"!(2'0'(#6")
a20*/+#,2#-'#52*+,+-+49'#,2#'3*8'3)D0#,2-##6/+4/'5'#,2#?*203)D0#_256/'0'#782#
0+(+*/+(# --2:'5+(# '# 3'.+# 20# 2(*'# '(+3)'3)D0;# 2>)(*2# 80# '6'/*',+# ,2,)3',+# '# -'#
3++/,)0'3)D0# 3+0# &20*/+(# H,83'*):+(;# ,2# 2(*'# =+/5'# (2# +.*)202# 3+0+3)5)20*+# ,2#
78l#5l*+,+(#<#3D5+#-+(#)56-2520*'0#-+(#5'2(*/+(#20#3','#320*/+%#C+(#,'*+(#782#
'789#(2#'6+/*'0#(+0#=/8*+#,2#2(*'#3++/,)0'3)D0#3+0#*8*+/2(;#6/+=2(+/2(#,2#'6+<+#<#
-+4+62,'(#,2#-+(#3+-24)+(%#
["(-&0#_)
H0# 2-# &20*/+# ,2# ?*203)D0# _256/'0'# ,2# -'# ?(+3)'3)D0# F90,/+52# ,2# a+p0# L'l0# <#
E/+:)03)'#'*20,25+(#'#B\#0)g+(%#C'#,)(*/).83)D0#(24I0#2-#4l02/+#2(#,2#$B#58G2/2(#
<# $!# :'/+02(%# a2# -+(# B\# 0)g+(# $]# 2(*A0# 20# -'# H*'6'# ,2# H,83'3)D0# K0='0*)-;# \# 20#
K0='0*)-#,2#\#'g+(;#$#20#K0='0*)-#,2#f#'g+(#<#f#20#K0='0*)-#,2#!#'g+(;#6+/#-+#782#$\#
$\V#
0)g+(# *+,':9'# 0+# @'0# )0)3)',+# (8# 2(3+-'/)1'3)D0# ,2.),+# '# 782# *+,':9'# (+0# 58<#
62782g+(#T:2/#=)48/'#$W%##
#
Distribución de los niños atendidos en el
Programa de Atención Temprana.
15
15
10
5
4
5
1
0
Bebés
Infantil 3
años
Infantil 4
años
Infantil 5
años
#
#
4(-"$&#*/-_)
O+(# )0*2/2('# ,2*2/5)0'/# ,2# 20*/2# *+,+(# -+(# +.G2*):+(# ,2-# 6/+4/'5'# ,2# '*203)D0#
_256/'0'#2:'-8'/#-'#2:+-83)D0#,2-#+.G2*):+#/2-'3)+0',+#3+0#-'#6/2-23*8/'#<#-23*8/'%##
a2# -+(# 782# 0+# 2(*A0# 20# )0='0*)-# 0+# (2# -2(# @'# 25621',+# '# */'.'G'/# -+(# +.G2*):+(# ,2#
-23*8/'#,2.),+#'#,+(#5+*):+(X#20#80+(#3'(+(#6+/#-'#/2,83),'#2,',#<#20#+*/+(#6+/782#
0+#3856-20#-+(#/278)()*+(#782#0+(#2>6+020#-'(#'8*+/'(#,2-#-)./+#'//).'#)0,)3',+%#C'#
0)g'#5'<+/#,2#2(*2#4/86+#*)202#!!#52(2(#<#(2/A#-'#782#6/D>)5'520*2#(2#-2#)0)3)'/A#
20#2(*2#5l*+,+%#
a2# -+(# 782# 2(*A0# 20# )0='0*)-# --2:'.'0# 2-# 5l*+,+# U# 0)g+(# 3+0# F90,/+52# ,2# a+p0;#
62/+#'-#3++/,)0'/0+(#3+0#-+(#3+-24)+(#(2#-2(#@'#*20),+#782#3'5.)'/#,2#5l*+,+#,2#
-23*8/'#6+/#,)/23*/)32(#,2-#5)(5+;#2(#,23)/;#0+#2>)(*2#3+0*)08),',#20#-+(#3+-24)+(#,2-#
*/'*'5)20*+#782#(2#/2'-)1'#,8/'0*2#-'#?*203)D0#_256/'0';#<#5A(#3+03/2*'520*2#20#
-+#782#(2#/2=)2/2#'#-'#52*+,+-+49'#,2#-23*8/'%#
#
Xba)!"#!$%&'"#(&)
O+(# 203+0*/'5+(# 20*+032(# 3+0# 80# 6/+.-25'# ,2# ='-*'# ,2# [email protected]/203)'# 20*/2# -'(#
,)/23*/)32(#782#'8*+/2(#3+5+#K(),+/+#&'0,2-#TB]]!W#<#R'./)2-#&+52(#O+--'#TB]]"W#
5'/3'0# 20# /2=2/203)'# '# 2(*'# 2*'6'%# H(*+(# '8*+/2(# (2# .'('0# 20# 782# -+(# 6/+4/'5'(#
*256/'0+(# ,2# -23*8/'# 20# 2(*2# *)6+# ,2# 6+.-'3)D0# (+0# )56+/*'0*2(# 6+/782# 682,20#
'<8,'/#'#5)0)5)1'/#-+(#6/+.-25'(#782#6/2(20*'0#2(*+(#0)g+(;#',25A(#(2#/23+420#
-+(# .202=)3)+(# ,2# -'# 20(2g'01'# *256/'0'# 6'/'# ,2('//+--'/# 2-# 6+*203)'-# <# -'#
3'6'3),',# 3+40)*):'# 782# '# 2(*'(# 2,',2(# 2(*A# 5A(# /2326*):';# <# 6+/782# 3+0# ,)[email protected]+(#
6/+4/'5'(# -+(# 0)g+(# '6/20,20# '# -22/# .'(A0,+(2# 20# -+(# 680*+(# =82/*2(# ,2# -'(#
3'6'3),',2(#,2#2(*+(#0)g+(%#
&+5+# (2# @'# 3+520*',+;# 80'# ,2# -'(# '3*):),',2(# ,2# -+(# 6/+=2()+0'-2(# ,2# ?*203)D0#
_256/'0'# 2(# 3++/,)0'/(2# 3+0# -+(# &20*/+(# H,83'*):+(;# F+3)+2,83'*):+(# <# 3+0#
$\U#
6/+=2()+0'-2(# ,2-# A/2'# ,2# ('-8,;# 0+(# 203+0*/'5+(# 20# 3+03/2*+# 782# 38'0,+# 0+(#
3++/,)0'5+(# ,2# @[email protected]+# 3+0# -+(# 3+-24)+(;# 3','# *8*+/# --2:'# '# 3'.+# 80'# 52*+,+-+49'#
)48'-#6'/'#*+,+(#(8(#'-850+(#782#0+#(82-2#(2/#4-+.'-;#)0,2620,)20*2520*2#,2#782#
20# (8# 3-'(2# *204'# 80# 0)g+q'# 3+0# ,)(3'6'3),',# <# 20# 2(*2# 3'(+# 3+0# F90,/+52# ,2#
a+p0%#
n0# ,2*'--2# '# *202/# 20# 3820*'# 2(# 782# 2-# 0)g+# ,2# K0='0*)-# ,2# f# 'g+(# <# ,+(# 0)g'(# ,2#
K0='0*)-#,2#\#'g+(#2(*A0#)0*24/','(#20#3-'(2#,2#K04-l(;#2(#5A(#2-#@+/'/)+#,2#'6+<+#
0+#(2#','6*'#'#-'(#0232(),',2(#,2#-+(#0)g+(;#6+/#-+#782#20*20,25+(#782#0+#,2.20#
20*/'/# '# 3-'(2# ,2# )04-l(# 6+/# -'# /'1D0# +.:)'# ,2# 782# ()# *)2020# 6/+.-25'(# 6'/'#
3+580)3'/(2#20#(8#-2048'#5'*2/0';#)0*/+,83)/#80#-2048'G2#082:+#0+#*)202#[email protected]+#
(20*),+#<'#782#20#4202/'-#-+(#0)g+(#a+p0#<#20#3+03/2*+#2(*+(#0)g+(#*)2020#80#0):2-#
-)04à9(*)3+#)0=2/)+/#'-#,2#(8#3+562*203)'#(+3)'-#2#)0*2-23*8'-#TS8)1;#B]]$W#-'#5'<+/9'#
,2# -+(# 0)g+(# 3+0# 2(*2# (90,/+52# 6/2(20*'0# ,)=)38-*',2(# ,2# '/*)38-'3)D0#
2(623)'-520*2# 3+0# -+(# =+025'(# 5A(# 3+56-)3',+(%# C'(# ,)=)38-*',2(# '8520*'0#
38'0,+# (2# */'*'# ,2# -'# 2>6/2()D0# ,2# =/'(2(# TJ83b-2<;# B]]]o# J83b-2<;# J)/,# <# J</02;#
$UU"o#J83b-2<;#H5(-)2;#M'(-24/':2#<#C2E/2:+(*;#$UV"o#M)-2(;#&@'65'0;#<#F)0,.2/4;#
B]]"o#S+0,'-;#B]]]W#6/2(20*'0#52G+/#0):2-#,2#-2048'G2#3+56/2():+#782#2>6/2():+#
TJ83b-2<# <# E2/2/'# B]]\o# `-D/21;# B]]Bo# &@'65'0;# Z2(b2*@# <# P)(*-2/;# B]]Bo# M)--2/;#
C2,,<# <# C2':)*;# B]]$Wo# *)2020# /2*/'(+# 20# -'# ',78)()3)D0# ,2# :+3'.8-'/)+# T`-D/21;#
$UUUWo# 3+0# -l>)3+# /2,83),+;# *'0*+# 20# 2-# 0I52/+# ,2# -2>25'(# 3+5+# 20# -'(#
3'/'3*2/9(*)3'(#(25A0*)3'(#,20*/+#,2#-+(#-2>25'(#TS+0,'-;#$UU\;#B]]]Wo#6/+.-25'(#
20# -'# ,)(3/)5)0'3)D0# =+0+-D4)3'# TJ/+3b# <# L'//+-,;# B]]fWo# /2'-)1'0# +/'3)+02(# ,2#
520+/# -+04)*8,# <# 3+56-2G),',;# ',25A(# 6/2(20*'0# 6/+.-25'(# 6'/'# 2-'.+/'/# <#
3+56/20,2/# 6/+6+()+02(# (8.+/,)0','(# <# =/'(2(# 3+5682(*'(# TS+0,'-;# B]]]Wo#
-20*)*8,# ,2-# ,2('//+--+# 20# @'.)-),',2(# 6/'45A*)3'(;# 3+5+# 6+/# 2G256-+# ,+.-2(#
(20*),+(;#62*)3)+02(#)0*2/62/(+0'-2(;#2*3%#TS+,'-;#B]]]Wo#,)(38/(+#)0(8=)3)20*2520*2#
,2('//+--',+# TS+0,'-;# B]]]Wo# <Y# a)(+3)'3)+02(# 2(6239=)3'(# 20*/2# ,)=2/20*2(#
3+56+020*2(#,2-#-2048'G2#T52G+/#'3*8'3)D0#20#2-#-l>)3+#782#20#-'#5+/=+()0*'>)(W#+#
6/+32(+(#-)04à9(*)3+(#T52G+/#'3*8'3)D0#20#-'#3+56/20()D0#782#20#-'#6/+,833)D0#20#
4202/'-# <# 52G+/# '3*8'3)D0# 20# 3+56/20()D0# -l>)3'# 782# ()0*A3*)3'W%# ?,25A(;# 2(*2#
/2*/'(+# (2# @'32# 5A(# 2:),20*2# (24I0# ':'01'# 2-# ,2('//+--+# ,2# -+(# 0)g+(# TR'-2+*2;#
B]]fo#M)--2/;#B]]$W%#
#F2#6+,/9'#620('/#782#()#2-#*)256+#782#(2#-2#,2,)3'#'#2(2#*)6+#,2#'3*):),',2(#3+5+#2-#
)04-l(# (2# -2# ./)0,'(2# '# -'(# 0232(),',2(# /2'-2(# 782# @'<# 782# 38./)/# ,2(,2# 80#
6/+4/'5'# ,2# '*203)D0# *256/'0'# 3+5+# (+0# 5+*/)3),',# =)0';# -23*8/';# 3+0326*+(#
.A()3+(;# 2*3%# 0+(# '32/3'/9'5+(# 5A(# '# -'# ),2'# ,2-# '6/20,)1'G2# =803)+0'-# <#
6/)+/)1'/25+(#'6/20,)1'G2(#782#(+0#=80,'520*'-2(#6'/'#2-#,2('//+--+#2:+-8*):+#,2-#
0)g+#<#,2#-'#0)g'%#
#
[ba)*(+(*(#!',&)
[email protected]/;#F%;#N8*@/2,;#C%;#<#E)2*2/(2;#M%#TB]]$W%#?#(*8,<#+=#=803*)+0'-#-)*2/'3<#(b)--(#)0#
<+804# ',8-*(# p)*@# a+p0# F<0,/+52%# W+&(0+#&%/+#$) Q/"0+#$) /.) 8%-#E%$%&,B)
8(E($/FD(+&)#+*)5*"1#&%/+;#fV#T$W;#"^YU]%#
J/+3b;#L%;#<#L'//+-,;#&%#TB]]fW%#C'048'42#K0=-82032(#+0#h2/.'-#[email protected]+/*Y_2/5#525+/<#
E2/=+/5'032# )0# a+p0# F<0,/+52X# K*25# '0,# N/,2/# S23+40)*)+0%# Q/"0+#$) /.) LF((12B)
7#+M"#M(B)#+*)^(#0%+M)4(-(#012B)jPBp=qB)$!!fY$!f"%#E/+k82(*#E(<[email protected]+-+4<#L+8/0'-(%#
$"]#
R/86+# ,2# ?*203)D0# _256/'0'# TB]]$W%# vC)./+# J-'03+# ,2# -'# ?*203)D0# _256/'0'w%#
M)0)(*2/)+#,2#_/'.'G+#<#?(80*+(#F+3)'-2(#
J83b-2<%#F%L%#T$UV\W%#?**')0)04#.'()3#2,83*)+0'-#(b)--(X#/2',)04;#p/)*)04#'0,#085.2/%#
H0##C'02;#a%#<#F*/'*=+/,;#J%#9"00(+&)6FF0/#12(-)&/)8/d+y-)L,+*0/D(%#Z+-*;#S)[email protected]'/*;#
})0(*+0%#
J83b-2<;# F# H5(-)2# M;# M'(-24/':2# R;# C2E/2:+(*# E%# T$UV"W%:2() *('($/FD(+&) /.)
$#+M"#M() #+*) 0(#*%+M) -l%$$-) %+) 12%$*0(+) d%&2) 8/d+B-) L,+*0/D(%# E+/*(5+8*@;#
E+/*(5+8*@#E+-<*[email protected])3%#
J83b-2<;#F%#T$UU\W%#?6/20,)1'G2#,2#-'#-23*8/'#3+5+#20(2g'01'#,2-#-2048'G2#20#0)g+(#
3+0#F90,/+52#,2#a+p0X#/2(8-*',+(#<#()40)=)3',+#*2D/)3+%#H0#L8'0#E2/2/'%#LJ+*0/D()
*()8/d+3)6-F(1&/-)(-F(1J.%1/-%#M'((+0%%##J'/32-+0'%#
J83b-2<;#F%;#J)/,;#R%;#<#J</02;#?%#T$UU"W#[email protected]#6/'3*)3'-#'0,#*@2+/2*)3'-#()40)=)3'032#+=#
*2'[email protected])04#-)*2/'3<#(b)--(#*+#[email protected])-,/20#p)*@#a+p0#(90,/+52%#K0#L2'0#?%#S+0,'-#'0,#L8'0#
E2/2/'#TH,(%W;#8/d+)-,+*0/D(_)T-,12/$/M%1#$B)F-,12/E%/$/M%1#$)#+*)-/1%/(*"1#&%/+#$)
F(0-F(1&%'(-#T$$UY$BVW%#C+0,+0;#H04-'0,X#}@8//#E8.-)(@2/(#C*,%#
J83b-2<;# F%# TB]]]W%# H-# ,2('//+--+# 3+40)*):+# ,2# -+(# 0)g+(# 3+0# F90,/+52# ,2# a+p0X#
3+0(238203)'(#6/A3*)3'(#,2#-'(#/23)20*2(#)0:2(*)4'3)+02(#6()3+-D4)3'(%#H0#L%#S+0,'-#;#
L%#E2/2/'#<#C%#O',2-#TH,(%W%#LJ+*0/D()*()8/d+_)0('%-%K+)*()$/-)U$&%D/-)1/+/1%D%(+&/-3#
T$\$Y$""W#M',/),X#H(6'('#&'-62%#
J83b-2<;#F%;#<#F'3b(;#J%K%;##TB]]BW%#?0#+:2/:)2p#+=#*@2#,2:2-6520*#+=#*220'42/(#p)*@#
a+p0#F90,/+52%#E+/*(5+8*@;#nPX#:2()8/d+)L,+*0/D()5*"1#&%/+#$):0"-&3)
J83b-2<# F%;# <# E2/2/'# L%# TB]]\W%# Z'.-';# -2048'G2# <# 3+580)3'3)D0# 20# '-850+(# 3+0#
F90,/+52#,2#a+p0%#H0#J83b-2<#F;#<#E2/2/'#L%#8(-#00/$$/)*($)2#E$#),)*($)$(+M"#\()(+)
#$"D+/-)1/+)LJ+*0/D()*()8/d+)p'/$"D(+)WWq%#H,%#&HEH%#
J83b-2<# F%;# <# E2/2/'# L%# TB]]\W%# C23*8/'# <# 2(3/)*8/'# 20# '-850+(# 3+0# (90,/+52# ,2#
a+p0%#`%'%0)1/+)($)LJ+*0/D()*()8/d+3)p'/$"D(+)Wq%#H,%#&HEH%#
J83b-2<# F%;# J)/,;# R%;# F'3b(;# J%;# <# E2/2/';# L%# TB]]\W%# n0'# )0*/+,833)D0# 6'/'# 6',/2(# <#
6/+=2(+/2(%# H0# J83b-2<# F%;# J)/,# R%;# F'3b(# J%# <# E2/2/'# L%# `%'%0) 1/+) ($) ) LJ+*0/D() *()
8/d+)p'/$"D(+)W`q%#&HEH%#
&'0,2-;# K%# TB]]!W%# 6&(+1%K+) :(DF0#+#3) N%H/-) 1/+) LJ+*0/D() *() 8/d+) ,) /&0/-)
F0/E$(D#-)*($)*(-#00/$$/3)`HKFa%#
&@'65'0;#S%F%;#Z2(b2*@;#C%L%#<#P)(*-2/;#a%#L%#TB]]BW%#E/2,)3*)04#C+04)*8,)0'-#&@'042#
)0# C'048'42# E/+,83*)+0# '0,# &+56/220()+0# )0# K0,):),8'-(# p)*@# a+p0# F<0,/+52X#
Z)2/'/@)3'-# C)02'/# M+,2--)04%# Q/"0+#$) /.) LF((12B) 7#+M"#M(B) #+*) ^(#0%+M) 4(-(#012B)
jkBpkqB)U]BYU$\%#E/+k82(*#E(<[email protected]+-+4<#L+8/0'-(%#
&+52(;#R%TB]]"W%#5+-(H#0)#)$((0)#$)#$"D+#*/)1/+)LJ+*0/D()*()8/d+3)T0/M0#D#-)*()
%+&(0'(+1%K+)&(DF0#+#3#H,)3)+02(#?-G).2%#
&+52(;#R%;#?10'/;#&%;#&+0*)[email protected];#_%#<#h):2(;#M%#TB]]$W%#H0(2g'01'#)0)3)'-#,2#-'#-23*8/'#
20#0)g+(#<#0)g'(#3+0#F90,/+52#,2#a+p0%#a/0*K+B)k>)T$W;)B$YBV%#
a23/2*+# fBVqB]]V;# ,2# BU# ,2# G8-)+;# 6+/# 2-# 782# (2# 2(*'.-232# -'# +/,20'3)D0# <# -'(#
20(2g'01'(#3+//2(6+0,)20*2(#'#-'#H,83'3)D0#K0='0*)-#20#?0,'-839'%#JNL?#0%[)$"f#,2#
$Uq]VqB]]V%#
`-D/21;#L%#T$UUUW%#J'(2(#028/+.)+-D4)3'(#,2-#'6/20,)1'G2%#L%M$/)9(0/%#>A;#$V!#UYB^%#
$"$#
R'-2+*2;# M%# TB]]fW%# C'# ',78)()3)D0# ,2# ,)=2/20*2(# *)6+(# ,2# 6'-'./'(# 20# 0)g+(# 3+0#
F90,/+52# ,2# a+p0X# 80# 2(*8,)+# 6/2-)5)0'/%# &+580)3'3)D0# 6/2(20*','# 20# 2-# W`)
9/+M0(-/) W+&(0+#1%/+#$) -/E0() $#) #*G"%-%1%K+) *() $#-) $(+M"#-) *($) 5-&#*/;# BBYBf#
(26*)25./2%#
M)--2/;#L%`%;#C2,,<;#M%#<#C2':)**;#C%?%#TB]]$W%#K0*/+,833)D0X#,2('=9+(#782#'=/+0*'0#-'(#
62/(+0'(# 3+0# F90,/+52# ,2# a+p0# 20# -'# 3+580)3'3)D0%# H0# M)--2/;# L%`%;# C2,,<;# M%# <#
C2':)**;#C%?%#LJ+*0/D()*()8/d+_)1/D"+%1#1%K+B)$(+M"#\(B)2#E$#3#T66%#$Y^W##H,)*+/)'-#
M'((+0%#
M)--2/;# L%`%# TB]]$W%# E2/=)-2(# ,2-# ,2('//+--+# ,2-# -2048'G2# 20# 0)g+(# 3+0# F90,/+52# ,2#
a+p0%# H0# M)--2/;# L%`%;# C2,,<;# M%# <# C2':)**;# C%?%# LJ+*0/D() *() 8/d+_) 1/D"+%1#1%K+B)
$(+M"#\(B)2#E$#3#T66%#$$Y!UW##H,)*+/)'-#M'((+0%#
M)-2(;#F%;#&@'65'0;#S%#<#F)0,.2/4;#Z%#TB]]"W%#F'56-)04#3+0*2>*#?==23*(#MCn#)0#*@2#
C'048'42# +=# ?,+-2(320*(# p)*@# a+p0# F<0,/+52%) Q/"0+#$) /.) LF((12B) 7#+M"#M(B) #+*)
^(#0%+M)4(-(#012B)jC)[email protected])!B\Y!!^3)E/+k82(*#E(<[email protected]+-+4<#L+8/0'-(%#
O':'//+;# `%;# &'0,2-;# K%# T$UUBW%# n0# 6/+4/'5'# ,2# -2048'G2Y-23*8/'# 6'/'# 0)g+(# 3+0#
F90,/+52#,2#a+p0%#H0#&'0,2-;##K%;#_8/6)0;#?%#LJ+*0/D()*()8/d+3)W+&(M0#1%K+)(-1/$#0)
,)$#E/0#$3)M8/3)'X#?((),+%#
S+0,'-;#L%?%#T$UU\W%#H-#,2('//+--+#,2-#0)g+#3+0#F90,/+52#,2#a+p0%#H0#L%?%#S+0,'-;#
5*"1#0) ,) 2#1(0) 2#$#0) #$) +%H/) 8/d+3) e+#) M"J#) #$) -(0'%1%/) *() F#*0(-) ,) F0/.(-%/+#$(-3)
T66%#B\Y!\W#H,)*+/)'-#_/)--'(%#
S+0,'-;# L%?%# TB]]]W%# H-# -2048'G2# 20# 2-# /2*/'(+# 520*'-X# ,)=2/203)'(# )0,):),8'-2(;#
()0,/+5l*/)3'(# <# :'/)'3)D0# 028/+420l*)3'%# H0# 6$#-) F#0#) '/$#0_) $#) (*"1#1%K+) 1/D/)
D#01/)F#0#)($)0(-F(&/),)$#)#&(+1%K+)#)$#-)*%.(0(+1%#-3)E/)52/#&+04/2(+#K0*2/0'3)+0'-#
,2#O232(),',2(#H,83'*):'(#H(623)'-2(#T66%#B^Y\!W#R/'0','%#H,)3)+02(#?,@'/'%#
_/+03+(+#M%h%#T$UUBW%#H-#'6/20,)1'G2#,2#-'#-23*8/'#<#2(3/)*8/'X#E'(',+;#6/2(20*2;#<#
=8*8/+#20#H(6'g'%#4('%-&#)LJ+*0/D()*()8/d+B#C;#T$W#TVY$BW%#`80,'3)D0#F90,/+52#,2#
a+p0#,2#&'0*'./)'%#
_/+03+(+#M%h%;#,2-#&2//+#M%;#F+-2/;#M%#<#S891#H%#T$UU^W%#`80,'520*+(#<#/2(8-*',+(#
,2# 80# 5l*+,+# ,2# -23*8/'# 6'/'# '-850+(# 3+0# F90,/+52# ,2# a+p0%# H0# L%# `-D/21;# M%h%#
_/+03+(+#<#M%#a)2/(20#T,)/(%W%#LJ+*0/D()*()8/d+_)E%/$/MJ#B)*(-#00/$$/),)(*"1#1%K+3)
EA4(%#$V^Y$UU%#J'/32-+0'X#M'((+0%#
_/+03+(+# M%h%;# ,2-# &2//+# M%# T$UUVW%# LJ+*0/D() *() 8/d+_) $(1&"0#) ,) (-10%&"0#%#
H,)3)+02(#M'((+0%) )
_/+03+(+# M%h%;# ,2-# &2//+# M%;# S891# H%# T$UUUW%# H-# ,2('//+--+# ,2# -'(# 62/(+0'(# 3+0#
F90,/+52#,2#a+p0X#80#'0A-)()(#-+04)*8,)0'-%#L%M$/)9(0/3)>A)pjqB#^YB"%#
$"B#
#
#
#
#
#
#
$,),6(#!'1#),)$,)2'5(*&'2,2F)3*"3%(&6,&)+"*0,6'5,&)
2(&2()$"&)!(#6*"&)2()3*"+(&"*(&)
)
0:=P?B)2?BQ:>A).:8Mh:)
n0):2/(),',#,2#Z82-:'#
)
*(&%0(#)
Z'32#<'#80+(#38'0*+(#,2#'g+(#782#-'#`+/5'3)D0#,2-#E/+=2(+/',+#:)202#3'0'-)1','#'#
*/':l(#,2#-+(#&20*/+(#,2#E/+=2(+/2(#T&HE(;#20#2-#3'(+#,2#?0,'-839'W;#6+/#-+#782#-'(#
'3*8'3)+02(#,2/):','(#,2#-+(#5)(5+(;#20#5'<+/#+#520+/#52,),';#(86+020#80#=)2-#
/2=-2G+#,2#-'(#3'/203)'(#+#0232(),',2(#3+0#-'(#782#(2#203820*/'#2-#6/+=2(+/',+#20#(8#
[email protected]'32/#,)'/)+%##
?(9# 682(;# 2-# 2(*8,)+# 782# (2# 6/2(20*'# */'*'# ,2# ,2(3/).)/# @'3)'# ,D0,2# ':'01'# -'#
`+/5'3)D0# ,2-# E/+=2(+/',+# 3+0# /2(623*+# '# -'# ?*203)D0# '# -'# a):2/(),',%# E'/'# 2--+#
(2-233)+0'5+(# 3+5+# +.G2*+# ,2# 2(*8,)+# -+(# &HE(# ,2# -'# E/+:)03)'# ,2# Z82-:';#
3'*24+/)1'0,+# '(9# -'# `+/5'3)D0# 782# (2# +=/232# <# 782# (2# ,25'0,';# <# @'32/0+(# 80'#
),2'# 2>*20().-2# ,2# -'# `+/5'3)D0# 782# (2# 6/+582:2# 20# -84'/2(# 3+0# 3'/'3*2/9(*)3'(#
()5)-'/2(%#C'#52G+/#=+/5'#,2#'0'-)1'/#-'#N=2/*'#`+/5'*):'#(2/A#'#*/':l(#,2-#'0A-)()(#
,2#-+(#E-'02(#,2#?3*8'3)D0#,2#-+(#&20*/+(#3+//2(6+0,)20*2(#'-#38/(+#B]]UqB]$]%#
3:B:D8:C) MB:E?F) =+/5'3)D0# ,2-# 6/+=2(+/',+o# '*203)D0# '# -'# ,):2/(),',o# 320*/+(# ,2#
6/+=2(+/2(%#
)
)
6G(),66(#6'"#)6")2'5(*&'64F)+"*0,6'5()3*"3"&,$&)+*"0)6G()
6(,!G'#.)&6,++)!(#6*(&)
)
,-&6*,!6)
F)032#'#=2p#<2'/(#'4+;#_2'[email protected]/(#`+/5'*)+0#)(#/232):2,#=/+5#_2'[email protected])04#F*'==#&20*/2(#
T&HE(;# )0# ?0,'-8()'W;# /2'(+0# [email protected]<# *@2)/# '3*):)*)2(# -2*# 8(# (22# '# =')*@=8-# /2=-23*)+0#
'.+8*#*@2#,2=)3)203)2(#+/#022,(#*@'*#*2'[email protected]/(#=)0,#)0#*@2)/#,')-<#*'(b(%##
[email protected]/2=+/2;# *@)(# (*8,<# */)2(# *+# ,2(3/).2# *+p'/,(# [email protected]/2# _2'[email protected]/(# `+/5'*)+0# )(#
',:'03)04#/2(623*#*+#*@2#?**20*)+0#*+#*@2#a):2/()*<%#`+/#*@)(;#p2#(2-23*2,#&HE(#=/+5#
Z82-:'#'(#'#(*8,<#+.G23*;#3'*24+/)()04#*@2#`+/5'*)+0#*@'*#)(#+==2/2,#'0,#,25'0,2,;#
'0,# 5'b2# '0# ),2'# +=# *@2# `+/5'*)+0# *@'*# )(# 6/+5+*2,# )0# 6-'32(# p)*@# ()5)-'/#
$"!#
[email protected]'/'3*2/)(*)3(%#[email protected]#.2(*#p'<#*+#'0'-<12#*@2#=+/5'*):2#(866-<#p)--#.2#*@/[email protected]#*@2#
'0'-<()(# +=# *@2# ?3*)+0# E-'0(# )0# *@2# &20*/2(# 3+//2(6+0,)04# *+# B]]UqB]$]# ([email protected]++-#
<2'/%#
I?7)JA8>CF)*2'[email protected]/#*/')0)04o#'**20*)+0#*+#,):2/()*<o#*2'[email protected])04#(*'==#320*2/(%##
)
'#6*"2%!!'1#)
H-# 6-'0*2'5)20*+# ,2# 082(*/+# 2(*8,)+# 6'/*2# ,2# 80'# /2'-),',# 3'/'3*2/)1','# 6+/# -+(#
3+0(*'0*2(#3'5.)+(#782#(2#6/+,8320#20#-'#5)(5';#<#782#20#5'<+/#+#520+/#52,),'#
(2# /2=-2G'0# 20# 2-# ,2:20)/# ,2-# ()(*25'# 2,83'*):+# '3*8'-;# ,2# '@9# -'# )56+/*'03)'# ,2#
082(*/'#6/+682(*'%#
H0#-+(#I-*)5+(#'g+(#(2#@'0#6/+,83),+#80'#(2/)2#,2#/2=+/5'(#,2(*)0','(#'#-'#52G+/'#
,2# -'# =+/5'3)D0# ,2-# 6/+=2(+/',+;# 6+0)20,+# 2-# l0='()(# 20# 38'-)=)3'/-+# '# */':l(# ,2-#
,2('//+--+#,2#3+562*203)'(;#6'/'#'(9#/2(6+0,2/#'#-'(#082:'(#/2'-),',2(#2,83'*):'(%#
H(# 20# 2(*2# 680*+;# ,+0,2# K5.2/0D0# TB]]"XffW# 3)*'# 3+5+# 5'-# 20,l5)3+# ,2# -'#
6/+=2()D0X# v($) &(+(0) #1&"#$D(+&() 1/DF(&(+1%#-) ,) -#E(0(-) %+#*(1"#*/-B) F#0#) *#0)
0(-F"(-&#)#)$#)(*"1#1%K+)F0(-(+&(),)*($)."&"0/%#âäz)F#0#)$/M0#0)(-&/B)-()2#)F#-#*/)*()
$#) +#*#) #) D"$&%&"*) *() 1"0-/-B) *%'(0-%*#*) *() /.(0&#-B) *() #1&%'%*#*(-B) (&13B) ,) #2/0#) -()
+(1(-%&#) "+#) 0(.$(S%K+) F#0#) (+./1#0) $#-) +"('#-) 1#F#1%&#1%/+(-) */1(+&(-) ,) *(-&#1#0)
(+&0() ($$#-) $#-) 2#E%$%*#*(-) %+&(0F(0-/+#$(-B) 0($#1%/+#$(-) ,) 1/D"+%1#&%'#-%# T#0(1()
(+&/+1(-)G"()+"(-&0/-)F0/E$(D#-)-/+)$/-)1/D"+(-_).$(S%E%$%I#0),)#*#F&#0)$#)./0D#1%K+)
#$) F0/.(-/0#*/B) G"() 2#1() #H/-) -() 0(%'%+*%1#) ,) G"() 2#) M(+(0#*/) (SF(0%(+1%#-) ,)
D/*#$%*#*(-) %+&(0(-#+&(-B) p./0D#1%K+) (+) $/-) 1(+&0/-B) #-(-/0#D%(+&/) #) 1(+&0/-B)
*(-1(+&0#$%I#1%K+B) F0/,(1&/-) *() 1(+&0/B) (&13q) ,) #) $#-) &(DR&%1#-) +(1(-#0%#-) p+"('#-)
&(1+/$/MJ#-B)0(-/$"1%K+)*()1/+.$%1&/-B)D"$&%1"$&"0#$%*#*B)+(1(-%*#*(-)(*"1#&%'#-B)(&13qY)
H(*+#(2/A#80'#,2#-'(#6/25)('(#.A()3'(#6+/#-'(#782#48)'5+(#082(*/+#2(*8,)+;#3+0#2-#
=)0# ,2# ),20*)=)3'/# ()# :2/,',2/'520*2# (2# =+/5'# '# -+(# ,+320*2(# 6'/'# 782# -'(#
3+562*203)'(# 782# ',78)2/20# (2# *+/020# 20# 2(*/'*24)'(# 2=)3'32(# 6'/'# '*20,2/# '# -'#
,):2/(),',#,2-#'-850',+#782#203820*/'#20#(8(#'8-'(%##
H0# /2-'3)D0# 3+0# 2(*+;# ?/0')1;# E# T$UUUXBW# '=)/5'# 782# (2# ,2.2# ,2# 3+0(),2/'/# v-#)
#&(+1%K+)#)$#)*%'(0-%*#*)*($)#$"D+#*/)1/D/)$"12#)F/0)$#)%M"#$*#*)*()/F/0&"+%*#*(-B)
-() 0(G"%(0() "+#) +"('#) /0M#+%I#1%K+) *($) 1"00J1"$/) ,) *() $/-) 1(+&0/-) G"() F(0D%&#)
&0#E#\#0) ) \"+&/-) #) $/-) F0/.(-/0(-) (+) $#) F0/M0#D#1%K+) *() -"-) #1&%'%*#*(-) ,) (+) $#)
-/$"1%K+) *() F0/E$(D#-3) 5-&#-) 1"(-&%/+(-) F#-#+) F/0) "+#) +"('#) D%0#*#) 2#1%#) $#)
*%-1#F#1%*#*),)('%*(+&(D(+&()F/0)"+#)+"('#)D#+(0#)*()./0D#0)#$)F0/.(-/0#*/w%#O+#
(2# */'*'# 6+/# *'0*+# ,2# ,2=20,2/# 80# 3'/A3*2/# )0(*/8520*'-# 20# -'# =+/5'3)D0# ,2-#
6/+=2(+/',+# 3+0# /2(623*+# '# -'# '*203)D0# '# -'# ,):2/(),',;# ()0+# ,2# :'-+/'/# +*/+(#
2-2520*+(# 782# 20*/'0# '# =+/5'/# 6'/*2# ,2# -'# :),'# ,2# -'(# '8-'(# <# 782# (2# 20*)20,20#
3+5+# =80,'520*'-2(# 6'/'# ,'/# /2(682(*'# '# 80'# 0232(),',# ,+320*2# 782# :'# 20#
'8520*+%# H0*20,2/25+(# 682(# -'# =+/5'3)D0# ,2-# 6/+=2(+/',+# 20# '*203)D0# '# -'#
,):2/(),',# 3+5+# 80# /238/(+# 3+0# 2-# 782# 3820*'0# -+(# ,+320*2(# 6'/'# ,2('//+--'/#
2(*/'*24)'(# ,2# )0*2/:203)D0# 20# 2-# '8-'# <# =82/'# ,2# 2--'# 3+0# '782-# '-850',+# 782#
6/2(20*'#80'(#3'/'3*2/9(*)3'(#2(623)'-2(#20#(8#'6/20,)1'G2%#
_+,'# 2(*'# =+/5'3)D0# :'# '# :20)/# =+3'-)1','# =80,'520*'-520*2# 6+/# -+(# &20*/+(# ,2-#
E/+=2(+/',+# T&HE(W# 20# 2-# 3'(+# ,2# ?0,'-839';# 682(# (2# @'0# 3+0:2/*),+# 20# -+(#
203'/4',+(# ,2# 6/+5+:2/# -'# '3*8'-)1'3)D0# 20# 2-# 6/+=2(+/',+# 6'/'# '*20,2/# '# -'#
6-8/'-),',# 782# ,+5)0'# -'(# '8-'(;# 3+5+# .)20# /2(2g'# Z2/0A0,21;# h# TB]]BX# B]UW#
$"f#
v1/+-&%&",(+)%+-&0"D(+&/-)F0(.(0(+&(-)F#0#)($)F(0.(11%/+#D%(+&/)*($)F0/.(-/0#*/),)($)
./D(+&/) *() -") F0/.(-%/+#$%*#*B) F#0#) ($) *(-#00/$$/) *() #1&%'%*#*(-) *() 0(+/'#1%K+)
F(*#MKM%1#),)*%."-%K+)*()(SF(0%(+1%#-)(*"1#&%'#-{wW%##
#
"-i(6'5"&)
H-# 2(*8,)+# 782# 6/2(20*'5+(# *)202# 80'# ,+.-2# =)0'-),',%# E+/# 80# -',+# (2# */'*'# ,2#
5+(*/'/#@'3)'#,D0,2#':'01'#-'#`+/5'3)D0#,2-#E/+=2(+/',+#20#-+#782#'#-'#?*203)D0#'#
-'# a):2/(),',# /2(623*';# # <# 6'/'# 2--+# 782# 52G+/# +63)D0# 782# '0'-)1'/# <# ,2(3/).)/# -'(#
?33)+02(#,2#`+/5'3)D0#782#(2#+=2/*'0#,2(,2#-+(#&HE(#<#782#20#-'#5'<+/9'#,2#-+(#
3'(+(#(+0#,25'0,'(#782#/2'-)1'0#-+(#6/+6)+(#,+320*2(%##E+/#+*/'#6'/*2;#'0'-)1'5+(#
*'5.)l0# -'# M2*+,+-+49'# 782# (2# 256-2'# 6'/'# -'# 682(*'# 20# 6/A3*)3'# ,2# 2(*'(#
)0)3)'*):'(#=+/5'*):'(#-)4','(#'#-'#?*203)D0#'#-'#a):2/(),',%#
#
0(6"2"$".c,)
E'/'#-'#3+0(2383)D0#,2#2(*+(#+.G2*):+(#6/2(20*'5+(#80'#6/+682(*'#782#6'/*2#,2#80##
(CLP>9A) 2?CM89NL9EA# ,2# */2(# 3'(+(# 3+03/2*+(%# H(*2# 2(*8,)+# :)202# 5'/3',+# 6+/# -'#
8*)-)1'3)D0#,2#80'#52*+,+-+49'#,2#M:8gML?8)MP:B9L:L9EAT)'#(8#:21#G8(*)=)3','#6+/#2-#
256-2+#,2#80'#2(*/'*24)'#3+03/2*';#3+5+#2(X#n0#,-$3+%2*+,*&"-2*671$%'1,;#'#*/':l(#
,2-# 38'-# ),20*)=)3'5+(# 3D5+# (2# )56-2520*'# -'# `+/5'3)D0# ,2-# E/+=2(+/',+# 20#
/2-'3)D0#'#-'#?*203)D0#'#-'#a):2/(),',#20#-'#6/+:)03)'#,2#Z82-:'%##
?(9# @25+(# (2-233)+0',+# -+(# */2(# &20*/+(# ,2# E/+=2(+/2(# 3+0# -+(# 782# 3820*'# -'#
E/+:)03)'#,2#Z82-:'#52,)'0*2#80#582(*/2+#)0*203)+0'-#T*%-F/-%1%K+),)#.%+%*#*)1/+)
$#)I/+#)M(/M0R.%1#W;#782,'0,+#082(*/'#582(*/'#3+5682(*'#6+/#-+(#&HE(#,2#Z82-:'#
d#K(-'#&/)(*)0';#J+--8--+(#dh'-:2/,2#<#?/'320'%#
E'/'# -'# /2'-)1'3)D0# ,2-# 2(*8,)+;# @25+(# 8*)-)1',+# -+(# E-'02(# ,2# ?3*8'3)D0#
T*/1"D(+&/) (+) ($) G"() -() 0(1/M() $#) 0(-F"(-&#) *() $/-) 9(+&0/-) *() T0/.(-/0(-) #+&() $#-)
*(D#+*#-)*()T0/.(-/0(-B)9(+&0/-),)6*D%+%-&0#1%K+W#,2#-+(#320*/+(#3+//2(6+0,)20*2(#
'-#38/(+#B]]UqB]$]#'#6'/*)/#,2#-+(#38'-2(#*20,/25+(#'332(+#'#*+,'#-'#)0=+/5'3)D0#
/2-2:'0*2#20#/2-'3)D0#'#-'#`+/5'3)D0#782#)56'/*20#<#782#-2(#,25'0,'0;#<#',25A(#
@25+(#+.*20),+#,2#-'(#/2(623*):'(#6A4)0'(#p2.(;#-'(#?3*):),',2(#`+/5'*):'(#782#(2#
@'0#:20),+#)56'/*)20,+#20#2(*2#5)(5+#38/(+%##
#
*(&%$6,2"&)
C+(# ,'*+(# '789# 6/2(20*2(# 3+//2(6+0,20# '-# 6/+32(+# ,2# '0A-)()(# ,2# -'# )0=+/5'3)D0#
6/+32,20*2#-'#*l30)3'#256-2','#20#2-#6/+32(+#,2#/23+4),'#,2#,'*+(;#3+5+#@'#(),+#2-#
'0A-)()(# ,2# -+(# E-'02(# ,2# ?3*8'3)D0# <# ,2# -'# N=2/*'# `+/5'*):'%# C'# )0=+/5'3)D0# 782#
6/2(20*'5+(#(2#204-+.'#20##-+(#,+(#4/'0,2(#+.G2*):+(#6/+682(*+(%#
Dg**I,-'3,-$"*L2#6"$%4"*"*1"*J$,)&%()*"*1"*U%4,#-%+"+*
&+0+32/# -'# /2(682(*'# =+/5'*):'# 782# +=/2320# -+(# &HE(;# (86+02# ),20*)=)3'/# ,2#
'0*25'0+#-'(#0232(),',2(#TF0/F"(-&#-)./0D#&%'#-W#782#@'0#(),+#*/'0(5)*),'(#'#-+(#
5)(5+(# '# */':l(# ,2# :'/)'(# :9'(# 3+5+# (+0X# ($) F0/.(-/0#*/) *() $#) I/+#) G"() *(D#+*#)
./0D#1%K+) 0($#1%/+#*#) 1/+) $#-) 7J+(#-) T0%/0%&#0%#-) *() ]/0D#1%K+) *($) 95Th) ($)
F0/.(-/0#*/) #1/M%*/) #$) T$#+) *() [(\/0#) *() $/-) 4(+*%D%(+&/-) (-1/$#0(-h) ,) ) $#-)
*(D#+*#-)*()$/-)9(+&0/-)1/D/)1/+-(1"(+1%#)*()$#-)T0"(E#-)*()8%#M+K-&%1/3#?#6'/*)/#
$"\#
,2#2(*+(#*/2(#3/)*2/)+(;#6/2(20*'5+(#'#3+0*)08'3)D0#-+(#/2(8-*',+(#+.*20),+(#'#0):2-#
4202/'-#20#3','#80+#,2#-+(#&20*/+(#,2#E/+=2(+/2(%#
!(3)>?),8:M?=:)
H0#2(*2#6/)52/#3'(+#782#5+(*/'5+(;#'#-'#-81#,2#-+(#,'*+(#782#@25+(#'0'-)1',+;#2-#
'6'/*',+#/2=2/20*2#'#-'#?*203)D0#'#-'#a):2/(),',#3'/232#,2#)56+/*'03)'#,20*/+#,2#
-'(#0232(),',2(#,2-#6/+=2(+/',+##<#-+(#320*/+(#,2#-'#1+0'##'#-'#782#,'#3+.2/*8/'#2-#
&HE%# a23)5+(# 2(*+;# 682(# 20# 0)0480+# ,2# -+(# */2(# 3/)*2/)+(# ,2# -+(# 782# @'.-A.'5+(#
'0*2(;#'6'/232#-'#?*203)D0#'#-'#a):2/(),',#3+5+#80'#0232(),',#,2-#6/+=2(+/',+%#H0#
3'5.)+;# +*/'(# *25A*)3'(# 3+5+# -'# =+/5'3)D0# 20# _K&# +# -'(# 3+562*203)'(# .A()3'(#
3+6'0#-'#5'<+/#6'/*2#,2#-'(#0232(),',2(#,+320*2(#,2#-+(#320*/+(#62/*2023)20*2(#'-#
&HE%# ?(9# -+# /23+42# 80+# ,2# (8(# +.G2*):+(# 4202/'-2(# v8#0) F0%/0%*#*) #) #G"($$#-)
%+%1%#&%'#-) G"() 0(-F/+*#+) #) $#-) +(1(-%*#*(-) *($) F0/,(1&/) (*"1#&%'/) *() 1#*#) 1(+&0/)
F0/D/'%(+*/) G"() $/-) (G"%F/-) */1(+&(-) %+&(M0(+) $#-) 99aa) p9/DF(&(+1%#-) aR-%1#-q) ,)
$/-)*%-&%+&/-)F$#+(-),)F0/M0#D#-)(+)-")F0/,(1&/)(*"1#&%'/Y3##
H-#I0)3+#'*)(.+#782#203+0*/'5+(#20#/2-'3)D0#'#-'#*25A*)3'#782#0+(#+386';#2(#20#2-#
3'(+#,2#+*/+(#,2#-+(#4/'0,2(#+.G2*):+(#782#(2#6-'0*2'0;#Z6,G2#"#*1"*&22#+%)"&%()*
&2)*12-*+,6d-*-,#4%&%2-*+,*"'2.2*,X$,#)2*"*12-*&,)$#2-*T%)-',&&%()*.*0F0V*'"#"*
+"#* #,-'3,-$"-* %)$,:#"+"-* "* 1"-* ),&,-%+"+,-* _3,* -3#:,)* "* '"#$%#* +,* 1"-*
'#3,C"-* +,* +%":)(-$%&2* .* ,1* !1")* +,* 6,G2#"* +,* 12-* #,)+%6%,)$2-* ,-&21"#,-u%##
E82(# 2-# /20,)5)20*+# 2(3+-'/# 20# '-4I0# 782# +*/+# 3'(+# (2# :2# -)4',+# '# ()*8'3)+02(# 20#
782#-'#?*203)D0#'#-'#a):2/(),',#*)202#[email protected]+#782#,23)/%##
!(3)>?)GP?BE:)
H0#2(*2#(2480,+#3'(+#-'#()*8'3)D0#2(#58<#,)(*)0*'#'-#'0*2/)+/%#?789#-'#?*203)D0#'#-'#
a):2/(),',#G824'#80#6'62-#58<#3-'/+#20#-'#=+/5'3)D0#782#+=/232#2-#&HE;#682(#3+5+#
@25+(# 6+,),+# 3+56/+.'/# -'# ,25'0,'# ,2# 2(*2# *)6+# ,2# 0232(),',# (2# )03-8<2# 20*/2#
-'(#6/)52/'(#+63)+02(#,2#-'(#*/2(#4/'0,2(#:9'(#782#3)*A.'5+(;#v-()&0#&#)*()#,"*#0)#$)
F0/.(-/0#*/) F#0#) D(\/0#0) (+_) #q-"-) D/*($/-) *() /0M#+%I#1%K+) () %+&(0'(+1%K+)
*%*R1&%1#),)M(-&%K+)*()#"$#)G"().#1%$%&()($)#F0(+*%I#\()*()&/*/)($)#$"D+#*/),)F/-%E%$%&()
#&(+*(0$(-)D(\/0)(+)-")*%'(0-%*#*h)Eq$#)-(+-%E%$%I#1%K+),)(-&0#&(M%#-)*()%+&(0'(+1%K+)
F#0#) #&(+*(0) $#) *%'(0-%*#*) 1"$&"0#$) ,) *() MX+(0/h) 1q) $#) 1/$#E/0#1%K+) 1/+) /&0#-)
%+-&%&"1%/+(-) 1",/) /E\(&%'/) (-) $#) #1&"#$%I#1%K+) *() $/-) *%.(0(+&(-) 1/$(1&%'/-) G"()
%+&(0'%(+(+) (+) $/-) F0/1(-/-) (*"1#&%'/-) #F/0&#+*/) "+#) '%-%K+) D"$&%*%-1%F$%+#0) *() $#)
(*"1#1%K+Y3) ?# -'# -81# ,2# -+(# ,'*+(# +.*20),+;# 6+,25+(# '=)/5'/# 782# -'# ,25'0,'# 20#
/2-'3)D0#'-#*25'#782#0+(#+386';#<#782#(2#*/'0(5)*2#'#2(*2#&20*/+#,2-#E/+=2(+/',+#
4)/'# 20# *+/0+# '# -'# 8%'(0-%*#*B) (+) M(+(0#$h) #) $#) 6&(+1%K+) #) #$"D+#*/) 1/+) (-F(1%#$(-)
*%.%1"$&#*(-) *() #F0(+*%I#\() ,) #) $#) 5*"1#1%K+) 9/DF(+-#&/0%#B# +*+/4A0,+-2# 3+5+#
,239'5+(#80#3'/)1#=80,'520*'-#'#-'#@+/'#,2#,2(*)0'/#=+/5'3)D0#'#-'#5)(5'%##Q#*+,+#
2--+# (2# /2=-2G'# 20# 80+# ,2# (8(# +.G2*):+(# 20*/2# -+(# 782# 6-'0*2'# 3+0# -'# 682(*'# 20#
6/A3*)3'# ,2# 2(*2# E-'0# ,2# ?3*8'3)D0X# h>6'31-"#* ,1* $#"$"6%,)$2* ,+3&"$%42* +,* 1"*
+%4,#-%+"+*+,-+,*3)"*',#-',&$%4"*+,*,+3&"&%()*'"#"*1"*&%3+"+")e"*+,)$#2*+,1*
,-'"&%2*&267)*,3#2',2i=#
!(3)>?)-ABBPBBAC)
H0#2-#*2/32/#3'(+#782#0+(#+386';#:82-:2#'#(832,2/#'-4+#6'/23),+#782#20#2-#'0*2/)+/;#
682(#-'#?*203)D0#'#-'#a):2/(),',#3+6'#-+(#6/)52/+(#682(*+(#20#-'(#,25'0,'(#782#-2#
--24'0#'-#&HE%#Z:(01(0)($(D(+&/)DR-)*(D#+*#*/)F/0)($)F0/.(-/0#*/B)$#)6&(+1%K+)#)$#)
*%'(0-%*#*_) #*#F&#1%/+(-) 1"00%1"$#0(-B) /0M#+%I#1%K+) *($) #"$#B) #&(+1%K+) #$) #$"D+#*/)
$""#
1/+)+(1(-%*#*(-)(-F(1J.%1#-)*()#F/,/)(*"1#&%'/Y3#a2-#5)(5+#5+,+#782#(832,9'#3+0#
'0*2/)+/),',;# 80+# ,2# -+(# 4/'0,2(# +.G2*):+(# 782# (2# 6-'0*2'# 2-# &HE# 20# (8# E-'0# ,2#
?3*8'3)D0# 2(# vU,-"##211"#* ,-$#"$,:%"-* 2#:")%;"$%4"-* .* 6,$2+21(:%&"-* '"#"*
"$,)+,#* "* 1"* +%4,#-%+"+* +,1* "136)"+2* +,-+,* 3)* '3)$2* +,* 4%-$"* %)&13-%42* ,*
%)$,#&31$3#"1ub)
E+/# 2-# 3+0*/'/)+;# -+# 782# ,)=)2/2# 80# 6+3+# ,2-# '0*2/)+/# 3'(+;# 2(# 782# '# -'# @+/'# ,2# ,'/#
/2(682(*'#'#2(*'(#0232(),',2(;#2-#&HE#)0*24/'#-'#'*203)D0#'#-'#,):2/(),',#3+5+#80#
2-2520*+# */'0(:2/('-# 20# *+,'(# (8(# '3*8'3)+02(;# 3+0# -+# 782# (2# '(248/'# 782# 2(*'(#
2(*A0# ,'0,+# /2(682(*'(# '# -'(# 0232(),',2(# */'0(5)*),'(# )0)3)'-520*2# '# */':l(# ,2#
2('(#*/2(#:9'(%#Z7#-):%1-),)$#)%M"#$*#*)(-&R+)%+&(M0#*#-)*()./0D#)&0#+-'(0-#$)(+)&/*#-)
$#-)#1&"#1%/+(-Y3#
&+5+#3+0(238203)'#,2#-'#)56+/*'03)'#782#3+./'##-'#?*203)D0#'#-'#,):2/(),',#,20*/+#
,2# -'# ,25'0,'# 782# (2# /2'-)1'# '# # -+(# &HE(;# 6+,25+(# ,2(*'3'/# -'(# ()48)20*2(#
?3*):),',2(# `+/5'*):'(# 782# (2# +=/2320# 6'/'# ,'/# /2(682(*'# '# 2('(# 0232(),',2(#
=+/5'*):'(#,+320*2(%##
#
Z61&%'%*#*(-)*()./0D#1%K+3)95T)60#1(+#Y)
6c6%$")
E?SHO_?CKa?a#ENFK_Kh?##
|K#LNSO?a?F#aH#NSKHO_?&K{OX#&NMnOKa?aHF#aH#?ESHOaKe?LH##
HO&nHO_SN#aH#RSnENF#aH#?n_N`NSM?&K{O#íÅHan&?&K{O#HMN&KNO?CíÅ##
EC?O#OHnSNCKORìxF_K&N#EHa?RNRx?#FKF_yMK&?##
LNSO?a?#&NM?S&?C#aH#FHRnKMKHO_N#aH#CNF#ESNQH&_NF#HF&nHC?#HFE?&KN#
aH#E?e##
&SH?&K{O#aH#M?_HSK?CHF#Han&?_KhNF#MnC_KMHaK?#&NO#&NOF_Sn&_NS#Q#
H|H#CH?SOKOR##
nFN#Han&?_KhN#aH#CNF#JCNRF#íÅKO_HRS?&K{O#aH#?ECK&?&KNOHF#}HJ#B%]íÅ##
LNSO?a?F#íÅ&NMEH_HO&K?#M?_HMi_K&?#Q#aK`HSHO_HF#iSH?F#aHC#
&nSSx&nCNíÅ##
LNSO?a?F#aH#&NHan&?&K{OX#FK#_Ü#ONF#Han&?F#KRn?C;#FHSHMNF#KRn?CHF%##
HORCKFZ#}NSPFZNE#`NS#FH&NOa?Q#_H?&ZHSF##
LNSO?a?FX#íÅECnSKCKORìKFMN#Q#ESNRS?M?F#HnSNEHNFíÅ##
HF_S?_HRK?F#aH#KO_HShHO&K{O#E?S?#ESN`HFKNO?CHF#aH#C?#Han&?&K{O#HO#
_S?F_NSONF#aHC#HFEH&_SN#?n_KF_?##
|#LNSO?a?F#aH#&nC_nS?#KFCiMK&?#Y#?CMNO?F_HS#C?#SH?C##
)
$"^#
Z61&%'%*#*(-)*()./0D#1%K+3)95T)*()^"($'#)r)W-$#)90%-&%+#Y#
6c6%$")
OH&HFKa?aHF#Han&?_Kh?F#aHC#OKáN#&KHRN#HO#HC#ESKMHS#&K&CN#aH#
Han&?&K{O#ESKM?SK?%#&HKE#M?SKFM?F#aHC#NaKHC#
H|_S?OLHSNF#Q#HOHMKRNF#HO#KJHSN?MySK&?X#C?#hKFK{O#aHC#N_SN#
KRn?Ca?a#aH#RyOHSNXnO?#MH_?#ENS#&NOknKF_?S%#
Kh#LNSO?a?F#aH#`NSM?&K{O#FNJSH#ZKEHS?&_KhKa?a#Q#ay`K&K_#aH#?_HO&K{O%#
K#LNSO?a?F#ESNhKO&K?CHF#aH#?_HO&K{O#?C#?CnMO?aN#&NO#aKF&?E?&Ka?a#
?naK_Kh?#
KKK#LNSO?a?F#ESNhKO&K?CHF#aH#KO_HS&nC_nS?CKa?aXC?#&NMEH_HO&K?#
KO_HS&nC_nS?C#HO#nO?#HF&nHC?#aHMN&Si_K&?%#
RyOHSN;KaHO_Ka?a#Q#&Kna?a?OK?#
&nC_nS?F#`HMKOKF_?FX&NO`HSHO&K?F#
?&_n?&KNOHF#Q#SH&nSFNF#E?S?#?_HOaHS#C?#KO_HS&nC_nS?CKa?a#
ESHhHO&K{O#Q#SHFNCn&K{O#aH#&NO`CK&_NF#HO#HC#&HKE#F?O#
`HSO?OaNXHF_S?_HRK?F#aH#?_HO&K{O#?#C?#aKhHSFKa?aX&8l0*'52#80#3820*+%#
80'#5'02/'#,2#3+0(*/8)/#-'#),20*),',%#
HC?JNS?&K{O#aH#SH&nSFNF#E?S?#C?#HF_KMnC?&K{O#MnC_KFHOFNSK?C#E?S?#
HC#?CnMO?aN#&NO#aKF&?E?&Ka?a#MN_SKe#
KO_HS&nC_nS?CKa?a;#nO#ESNQH&_N#&NME?S_KaN#
KO_HShHO&K{O#Han&?_Kh?#aHC#?CnMO?aN#&NO#_S?F_NSON#aHC#
aHF?SSNCCN%#JnHO?F#ESi&_K&?F#
OnHhNF#SH&nSFNF#E?S?#C?#KO_HS&nC_nS?CKa?a%#ESN`HFNS?aN#?_?C#
OnHhNF#SH&nSFNF#E?S?#C?#KO_HS&nC_nS?CKa?a%#ESN`HFNS?aN#aH#
Han&?&K{O#EHSM?OHO_H#
SH&nSFNF#Q#HF_?_HRK?F#E?S?#C?#KO_HShHO&K{O#CNRNEyaK&?X#SH_S?FN#
M?anS?_KhN#aHC#CHORn?LH#
C?#KO_HShHO&K{O#Han&?_Kh?#HO#HC#?CnMO?aN#&NO#_aZ?#Q#_S?F_NSONF#
RS?hHF#aH#&NOan&_?#
KO_HS&NOH&_?açFX#&NON&KMKHO_NF#JiFK&NF#Q#SH&nSFNF#E?S?#C?#
KO_HS&nC_nS?CKa?a)
?_HO&K{O#?#C?#aKhHSFKa?aX#MH_NaNCNRx?#_H?&&Z#
aKO?MKe?&K{O#aHC#EC?O#aH#KRn?Ca?a#
KKK#`HSK?#ESNhKO&K?C#aH#ECnSKCKORnKFMN#aH#ZnHCh?#
KK#LNSO?a?#KO_HSO?&KNO?C#aH#?C_?#&?E?&Ka?a#KO_HCH&_n?C*&Kna?a#aH#
ZnHCh?%#
)
$"V#
Z61&%'%*#*(-)*()./0D#1%K+3)95T)a/$$"$$/-V`#$'(0*(Y#
6c6%$")
LNSO?a?#aH#FHRnKMKHO_N#aH#ESNQH&_NF#ÉHF&nHC?#HFE?&KN#aH#E?eÑ#
SH`CH|KNOHF#FNJSH#C?#hKNCHO&K?#aH#RyOHSN#Q#FnF#hx&_KM?F#
hKNCHO&K?#HO#HC#&NS_HLN#Q#E?SHL?#?aNCHF&HO_HF#
hKKK#HO&nHO_SN#ESNhKO&K?C#aH#HF&nHC?#HFE?&KN#aH#E?e%#
&NO`HSHO&K?X#SH`CH|KNOHF#aH#nO#LnHe#aH#MHONSHF#HO#Han&?&K{O#
LNSO?a?F#aH#KO_HS&nC_nS?CKa?a%#SN&K?O?#aHC#&NOa?aN#
LNSO?a?F%#aK`K&nC_?aHF#aH#?ESHOaKe?LHX#aKFCH|K?#
LNSO?a?F#aH#KO_HS&nC_nS?CKa?a#HO#Han&?&K{O%#&NMKFK{O#
KO_HS&nC_nS?C#aH#JNO?SHF%#
C?#MHLNS?#aH#C?#Han&?&K{O#HO#h?ChHSaH#Q#HC#y|K_N#HF&NC?S#
SHa#aH#&NHan&?&K{O#
LNSO?a?#aH#?F_SNONMx?#E?S?#_Na?F#Q#_NaNF#&NO#EC?OH_?SKN#
HO&nHO_SN#aKhnCR?_KhN#E?S?#C?#MHLNS?#aH#C?#NSR?OKe?&K{O#aH#C?#
?_HO&K{O#?#C?#aKhHSFKa?a#
LNSO?a?#aH#FHRnKMKHO_N#aH#EC?OHF#aH#&NOhKhHO&K?)
_?CCHSX#KO_HS&nC_nS?CKa?a;#aKhHSFKa?a)
`NSM?&K{O#aH#`NSM?aNSHFq?F#HO#&nC_nS?#aH#C?#E?e;#&NOhKhHO&K?#
HF&NC?S#Q#SHFNCn&K{O#aH#&NO`CK&_NF)
KKK#LNSa?a?F#aH#&NHan&?&K{OX#RyOHSN#Q#?ESHOaKe?LH)
KKK#LNSO?a?F#aH#`NSM?&K{O#Q#&NNSaKO?&K{O#aH#CNF#FHShK&KNF#Han&?_KhNF%#
É&NMEH_HO&K?F#E?S?#C?#&NOhKhHO&K?Ñ#
_S?_?MKHO_N#aH#&NO`CK&_NF#TZHSS?MKHO_?F#knH#ONF#ESNENS&KNO?O#C?F#
?S_HF#Q#HO_SHO?MKHO_NF#NSKHO_?CHFW#
KKK#`{SnM#&KOHM?_NRSi`K&N#É&?MKONF#aH#KRn?Ca?aÑ#?CMNO_H#
#
#
_+,'(# 2(*'(;# (+0# 682(# '-*2/0'*):'(# ,2# =+/5'3)D0# 782# ='3)-)*'0# -+(# &20*/+(# ,2-#
E/+=2(+/',+#6'/'#-+4/'/#80'#=+/5'3)D0#'3+/,2#'#-'(#0232(),',2(#,2#-+(#,+320*2(#<#
-+4/'/# '(9# 80# +.G2*):+# =80,'520*'-# 3+5+# 2(# v($) F(0.(11%/+#D%(+&/) *() $#) F0R1&%1#)
*/1(+&() F#0#) $#) D(\/0#) *($) #F0(+*%I#\(B) *(-#00/$$/) %+&(M0#$) ,) 0(+*%D%(+&/) *($)
#$"D+#*/w%#
Eg* /2+"1%+"+,-* /,$2+21(:%&"-* ,6'1,"+"* '"#"* 1"* L2#6"&%()* ,)* J$,)&%()* "* 1"*
U%4,#-%+"+=*
&+5+# @25+(# ,2G',+# 20*/2:2/;# 082(*/+# 2(*8,)+# ',25A(# ,2# ),20*)=)3'/# 78l# (2# 2(*A#
6/+5+:)20,+# 20# =+/5'3)D0# 6'/'# '*20,2/# '# -'# ,):2/(),',;# *'5.)l0# 782/25+(#
,2(*'3'/# 3D5+# (2# 2(*A# --2:'0,+# '# 3'.+# 2(*'# =+/5'3)D0;# 2(# ,23)/;# ),20*)=)3'/# 78l#
2(*/'*24)'(#52*+,+-D4)3'(#256-2'0#-+(#&HE(#6'/'#)56'/*)/#2('#=+/5'3)D0%#
$"U#
E'/'# 2--+;# '-# )48'-# 782# @25+(# /2'-)1',+# 20# 2-# '6'/*',+# '0*2/)+/;# 256-2'5+(# -+(#
E-'02(# ,2# ?3*8'3)D0# <# -'# )0=+/5'3)D0# /23'.','# 20# (8# +=2/*'# =+/5'*):'# 6'/'#
,2*2/5)0'/# ,2# =+/5'# 4202/'-# 2-# *)6+# ,2# 52*+,+-+49'# =+/5'*):'# 782# 256-2'0# <#
/2(2g'/#'782--+#782#(2#3+0(),2/2#5A(#/2-2:'0*2%#
a)[email protected]+# 2(*+;# 6+,/9'5+(# 2(*'.-232/# 80# /'0b)04# 3+0# -'(# 5+,'-),',2(# ,2# =+/5'3)D0#
782#5A(#(2#@'0#,25'0,',+#20#-+(#&HE(;#<#(+0#6+/#-'(#782#'-#5)(5+#*)256+#5A(#(2#
'682(*'#,2(,2#-'#`+/5'3)D0#,2-#E/+=2(+/',+%##
K%#`+/5'3)D0#20#&20*/+(%#
KK%#S2,2(#(+./2#6-'*'=+/5'(#'.)2/*'(#TM++,-2W#<#+*/'(#@2//'5)20*'(#_K&%#
KKK%#R/86+(#,2#*/'.'G+#6'/'#-'#,)=8()D0#2#)0*2/3'5.)+#,2#.820'(#6/A3*)3'(;#G80*+#'-#
'6+<+#,2#2>62/*+(%##
Kh%#?8*+=+/5'3)D0#
h%# ?33)+02(# ,2# 3+/*'# ,8/'3)D0# TH03820*/+(;# kA8=:>:C;# 3+0=2/203)'(;# MP8CAC;#
*'--2/2(;#38/(+(#3+0#(248)5)20*+;#2*3W#
hK%# ?33)+02(# (25)Y6/2(203)'-2(# <# +0Y-)02# T20*+/0+(# 3+-'.+/'*):+(# :)/*8'-2(;# '8-'#
:)/*8'-W%#
&+0# *+,'# 2(*'# :'/)2,',# ,2# 2(*/'*24)'(# 52*+,+-D4)3'(;# -+(# &HE(# 2(*'.-2320# 80+(#
+.G2*):+(# 4202/'-2(# 6'/'# (8(# E-'02(# ,2# ?3*8'3)D0# <# -+4/'/# '(9# 80'# /2(682(*'#
=+/5'*):'# ,2# 3'-),',# <# '3+/,2# '# -'(# 0232(),',2(# ,+320*2(;# 682(# 3+0# 2--+# (2# -+4/'#
vF0/D/'(0)$#)$/1#$%I#1%K+B)*%."-%K+),)($)#F0(+*%I#\()*()E"(+#-)F0R1&%1#-)*/1(+&(-B)($)
%+&(01#DE%/)F0/.(-%/+#$),)$#)10(#1%K+),)*%."-%K+)*($)1/+/1%D%(+&/)G"()1/+&0%E",#)#)$#)
10(#1%K+)*()0(*(-)F0/.(-%/+#$(-w%#E-'0#,2#?3*8'3)D0;#&HE#Z82-:'%#T6%$BW#
#
!"#!$%&'"#(&)
n0'# :21# '0'-)1',+(# -+(# ,+38520*+(# '# 6'/*)/# ,2# -+(# 38'-2(# @25+(# =80,'520*',+#
082(*/+#2(*8,)+#,2(3/)6*):+#6/+682(*+#)0)3)'-520*2;#'#3+0*)08'3)D0#5+(*/'5+(#-'(#
6/)03)6'-2(#3+03-8()+02(#'#-'(#782#@25+(#--24',+#<#782#:'0#20#3+0(+0'03)'#3+0#-+(#
+.G2*):+(#2(*'.-23),+(#'-#6/)03)6)+#,2-#5)(5+%##
# C'#?*203)D0#'#-'#a):2/(),',##:'#'#3+0:2/*)/(2#20#+.G2*):+#6/)+/)*'/)+#()#-+(#&HE(#
,'0# 3+.2/*8/'# '# 320*/+(# ,+320*2(# 20# -+(# 782# -'# *25A*)3'# 782# 0+(# +386'# 2(# 80'#
6/2+386'3)D0# 58<# ,2(*'3'.-2%# H(# ,23)/;# 20# 082(*/+# 3'(+# 2-# &HE# ,2# ?/'320'# ,'#
3+.2/*8/'# '# 80'# 1+0'# ,+0,2# -'# 6+.-'3)D0# 2(# [email protected]+# 520+/# # 3+0# /2(623*+# '# -'#
6+.-'3)D0#782#'*)20,20#-+(#+*/+(#&HE(#<#(8#)03),203)'#20#-'#'*203)D0#'#-'#,):2/(),',#
2(#6+/320*8'-520*2#5A(#.'G'%#T#"+G"()+/)F/0)($$/)D(+/-)%DF/0&#+&(W#
# C'#?*203)D0#'#-'#a):2/(),',#(2#@'#782,',+#20#80#(2480,+#6-'0+;#6+/#,2*/A(#,2#
-'(#_230+-+49'(#,2#-'#K0=+/5'3)D0#<#-'#&+580)3'3)D0;#<#6+/#,2*/A(#,2-#J)-)04à)(5+%##
# C'#?*203)D0#'#-'#a):2/(),',#20#[email protected]+(#3'(+(#:)202#-)4','#-'#K0*2/38-*8/'-),',#
T)03-8<20,+#'(9#082:'(#62/(623*):'(#,2#'3*8'3)D0#3+0#2-#'-850',+W;#<#20#+*/+(#(2#
/2-'3)+0'#3+0#-'#52G+/'#,2-#/20,)5)20*+#2(3+-'/%##
# C'# 5'<+/# 6'/*2# ,2# -'# +=2/*'# 6'/'# ?*20,2/# '# -'# a):2/(),',# 4)/'# 20# *+/0+# '# -'#
H-'.+/'3)D0# ,2# /238/(+(;# # 2(*/'*24)'(# ,2# K0*2/:203)D0# H,83'*):'# # 2# K0=+/5'3)D0#
(+./2#-'#?*203)D0#@'3)'#2-#'-850',+#3+0#'-4I0#*)6+#,2#a2=)3)203)'#+#,2#O232(),',#
H,83'*):'%#
$^]#
# H0# '-4I0# 782# +*/+# 3'(+# T&HE# J+--8--+(W# -'# ?*203)D0# '# -'# a):2/(),',# :'# '# :20)/#
3+0,)3)+0','#6+/##80#3'/A3*2/#*/'0(:2/('-#782#-'#3+0:)2/*2#20#80#2-2520*+#3-':2#'#
*/'.'G'/(2#20#[email protected]'(#,2#-'(#'3*):),',2(#=+/5'*):'(#782#(2#6-'0*2'0#<#782#682,20#
*202/#/2-'3)D0#3+0#-'#5)(5'#T3'(+#,2#-'#)48'-,',;#-'#:)+-203)';#-'#)0*2/38-*8/'-),',;#
-'#6'1;#3+0:):203)'W#
# F2# '682(*'# 3+5+# 52G+/# 2(*/'*24)'# 52*+,+-D4)3'# 6'/'# =+/5'/# 20# ?*203)D0# '# -'#
a):2/(),',#-'#`+/5'3)D0#20#-+(#320*/+(#,2#*/'.'G+#3+0#2-#'6+<+#,2#-'(#_K&%#
# H-# )0*2/3'5.)+# ,2# 2>62/)203)'(# <# ,2# 3+0+3)5)20*+(# (2# *+/0'# 58<# )56+/*'0*2#
6'/'#2-#=+520*+#20#-'#)00+:'3)D0#2#)0:2(*)4'3)D0#,+320*2#<#-+4/'/#80'#/2(682(*'#,2#
3'-),',#'0*2#-'#a):2/(),',%#
# C+(#38/(+(#<#G+/0','(#(2#2(*'.-2320#3+5+#-'(#52*+,+-+49'(#,2#=+/5'3)D0#5A(#
/2)*2/','(# '# -'# @+/'# ,2# 3+03/2*'/# -'(# ?3*):),',2(# =+/5'*):'(# 782# 3+56+020# -+(#
E-'02(#,2#?3*8'3)D0#,2#-+(#&20*/+(#,2#E/+=2(+/2(%##
#
-'-$'".*,+c,)
?/0')1;# E# <# J'--2(*2/;# `%# T$UUUW%C'# =+/5'3)D0# ,2-# 6/+=2(+/',+# ,2# 2,83'3)D0#
(2380,'/)'# <# -'# '*203)D0# '# -'# ,):2/(),',%# T0/.(-/0#*/B) 0('%-&#) *() 1"00%1"$"D) ,)
./0D#1%K+)*($)F0/.(-/0#*/;#:+-#!;#0[#B%#
R'/39';# L%# C%# T$UUUW%# `+/5'3)D0# 62/5'020*2# ,2-# 6/+=2(+/',+X# 5+*):'3)+02(;#
/2'-)1'3)+02(#<#0232(),',2(3)4('%-&#)T(0-F(1&%'#)95TB)$!]3##
Z2/0A0,21;#h%#TB]]BW%#L%-&(D#)*()#F/,/)(S&(0+/)#)$/-)1(+&0/-)(*"1#&%'/-_)(-&"*%/)*()
$/-)5G"%F/-)*();0%(+&#1%K+)5*"1#&%'#),)T-%1/F(*#MKM%1#)p5;5TqB)#-(-/0(-),)#-(-/0#-)
*()$/-)9(+&0/-)*()F0/.(-/0#*/)p95TqB),)*($)L(0'%1%/)*()W+-F(11%K+)5*"1#&%'#)pW5q)(+)$#)
9/D"+%*#*)6"&K+/D#)*()9#+#0%#-%#_2()(#,+3*+/'-#0+#68.-)3','%#
K5.2/0D0;# `%# TB]]"W%# ?3*8'-),',# <# 082:+(# /2*+(# ,2# -'# =+/5'3)D0# 62/5'020*2%#
4('%-&#)5$(1&0K+%1#)*()W+'(-&%M#1%K+)5*"1#&%'#;#:+-%#V;#0[B;#ffYf"%##
}2.#,2-#&HE#,2#J+--8--+(%#TB]$]W%)T$#+)*()61&"#1%K+)*($)95T)*()60#1(+#3)H>*/'9,+#2-#
$]#
,2#
?./)-#
,2#
B]$]#
,2(,2##
@**6Xqqppp%326'/'320'%2(q)0,2>%[email protected]+6*)+0u3+5s3+0*20*Ö:)2pu'/*)3-2Ö),u^ÖK*
25),u"]#
}2.#,2-#&HE#,2#J+--8--+(%#TB]$]W%)T$#+)*()61&"#1%K+)*($)95T)*()a/$$"$$/-)r)`#$'(0*(3)
H>*/'9,+#
2-#
$]#
,2#
?./)-#
,2#
B]$]#
,2(,2#
@**6Xqqppp%326.+--8--+(:'-:2/,2%02*q3'*q6-'0Y,2Y'3*8'3)+0#
}2.#,2-#&HE#,2#Z82-:'%#TB]$]W%#T$#+)*()61&"#1%K+)*($)95T)*()^"($'#)r)W-$#)90%-&%+#3)
H>*/'9,+#
2-#
$]#
,2#
?./)-#
,2#
B]$]#
,2(,2#
@**6Xqqppp%[email protected]:'%+/4q326q6,=qE-'0]U$]%6,=#
$^$#
$^B#
#
#
#
#
#
#
(5"$%!'"#)2($)!"#!(36")2())'#6($'.(#!',)G,&6,)$"&)
0"2($"&)2()!"03(6(#!',)(0"!'"#,$)()'#6($'.(#!',)
(0"!'"#,$)
#
0:=P?B).:8Mh:)0?C?QP?8)
n0):2/(),',#,2#M8/3)'#
)
I0QK/0O*
H(*2#'/*938-+#*/'*'#,2#,2(3/).)/#-'(#,)=2/20*2(#3+03263)+02(#782#(2#@'0#*20),+#,2#-'#
)0*2-)4203)'# ,2(,2# 2-# 3'56+# ,2# -'# 6()3+-+49'# <# ,2# -'# 2,83'3)D0# 6'/'# --24'/# '# -'#
3+0(),2/'3)D0;# 20# 2(*+(# I-*)5+(# 'g+(;# ,2# 082:+(# 3+0326*+(;# 2-# ,2# )0*2-)4203)'(#
5I-*)6-2(# 2# )0*2-)4203)'# 25+3)+0'-;# =80,'520*'-2(# 20# 2-# ,2('//+--+# D6*)5+# ,2# -'(#
62/(+0'(#'#-+#-'/4+#,2#-'#:),'%#
3:B:D8:C)MB:E?F#)0*2-)4203)'o#5+,2-+(#,2#)0*2-)4203)'o#)0*2-)4203)'#25+3)+0'-%#
#
#
+*"0)'#6($$'.(#!()!"#!(36)(5"$%6'"#)6")(0"6'"#,$)!"03(6(#!()
0"2($&),#2)(0"6'"#,$)'#6($$'.(#!()
#
,-&6*,!6)
[email protected]# '/*)3-2# */)2(# *+# ,2(3/).)04# *@2# ,)==2/20*# 3+0326*)+0(# *@'*# .2# @':2# +=# *@2#
)0*2--)42032# =/+5# *@2# =)2-,# +=# *@2# 6(<[email protected]+-+4<# '0,# *@2# 2,83'*)+0# *+# '//):2# *+# *@2#
3+0(),2/'*)+0;# )0# *@2(2# -'(*# <2'/(# +=# 02p# 3+0326*(;# *@'*# +=# 58-*)6-2# )0*2--)42032(#
'0,# 25+*)+0'-# )0*2--)42032;# =80,'520*'-# )0# *@2# +6*)585# ,2:2-+6520*# +=# *@2#
62/(+0(#*@/[email protected]+8*##*@2#-)=2%#
I?7)JA8>CF))0*2--)42032o#5+,2-(#+=#)0*2--)42032o#25+*)+0'-#)0*2--)42032%#
#
'#6*"2%!!'1#)
H-#3+0326*+#,2#)0*2-)4203)'#@'#(),+#,2=)0),+#,2#58<#,)(*)0*'(#=+/5'(#'#-+#-'/4+#,2#-'#
@)(*+/)';# (24I0# -+(# )0*2/2(2(# 38-*8/'-2(# <# -'(# 8/4203)'(# (+3)'-2(# ,2# 3','# l6+3'%#
a8/'0*2# [email protected]+(# 'g+(# -'(# I0)3'(# 3'6'3),',2(# 3+0*256-','(# 2/'0# -'# :2-+3),',# ,2#
/2(682(*'# .)+-D4)3'# '# 80# 2(*958-+# +# -'(# ,2# '6/20,)1'G2# <# 6/+32('5)20*+# ,2# -'#
$^!#
)0=+/5'3)D0%# Z'(*'# @'32# 6+3+# 620(A.'5+(# # 782# 2-# 32/2./+# @85'0+# 2/'# 3'6'1# ,2#
'3*8'/#3+0#-D4)3'#<#/'1+0'5)20*+(#68/+(%#C'#)0*2-)4203)'#2/'#I0)3';#'0'-9*)3';#)00'*';#
80):2/('-%#<#52,).-2%#E2/+#2-#*)256+#0+(#@'#,25+(*/',+#782#2(*+#0+#2(#,2-#*+,+#
'(9%##Z+<;#2-#3+0+3)5)20*+#3)20*9=)3+#'32/3'#,2#-'#)0*2-)4203)'#(2#@'#,2('//+--',+#<;#
.'G+# (8# 6'/'48'(# 203+0*/'5+(# 3'6'3),',2(# 5I-*)6-2(# <# ,):2/('(;# 782# 0+# (+0#
2>3-8<20*2(# ()0+# 3+56-2520*'/)'(%# ?(9;# 682(;# -'# 5)(5'# '0'*+59'# ,2# 082(*/+#
32/2./+# 0+(# 582(*/'# 782# -'(# 4/'0,2(# 2*'6'(# 2:+-8*):'(# 0+(# @'0# ),+#
6/+6+/3)+0'0,+# ,2('//+--+(# ',)3)+0'-2(# ,2# 5'('# 32/2./'-# 6'/'# ,+*'/0+(# ,2#
3'6'3),',2(#3','#:21#5'(#(+=)(*)3','(%#
_'-# 3+5+# ,2(38./)D# 20# $UfU# 2-# 5l,)3+# <# 028/+3)20*9=)3+# 2(*',+80),20(2# E'8-# a%#
M'3C2'0;# -'# 2(*/83*8/'# ,2-# 32/2./+# @85'0+# /2(6+0,2# 20# /2'-),',# '# */2(# 32/2./+(#
20#80+X#2-#@2/2,',+#,2#-'#l6+3'#/26*)-)02';#2-#()(*25'#-95.)3+#782#(2#,2('//+--D#3+0#
-'#'6'/)3)D0#,2#-+(#5'59=2/+(;#<#2-#02+3+/*2>#782#0+(#3+0:)/*)D#20#@+590),+(%#&','#
32/2./+#(2#3+0(*/8<2#(+./2#2-#'0*2/)+/#<#2(*A0#2(*/[email protected]'520*2#/2-'3)+0',+(X#2-#.820#
,2('//+--+# ,2-# ()(*25'# -95.)3+;# 2(# =80,'520*'-# 6'/'# 2-# 6+(*2/)+/# ,2('//+--+# ,2-#
02+3+/*2>;# -+# 782# ,2582(*/'# -'# 3+56-2G),',# '(+3)','# '-# 3+0326*+# ,2# )0*2-)4203)'#
@85'0'#<#(8(#,)(*)0*'(#3'6'3),',2(%#a8/'0*2#-'#2*'6'#2:+-8*):'#,2#-+(#5'59=2/+(#
6/)5)*):+(# ,2('//+--'5+(# 2-# ()(*25'# -95.)3+;# 782# 3+0*)202# *A-'5+;# @)6+*A-'5+;#
@)6+3'56+#<#'594,'-'%#H(#2-#320*/+#6/+32(',+/#,2#-+(#'=23*+(#<#-'(#25+3)+02(%#?#l-#
,2.25+(#2-#+-='*+;#-'#('04/2#3'-)20*2;#-'(#@+/5+0'(;#-'#2>6/2()D0#='3)'-#<#3+/6+/'-#
782#3+580)3'#'#082(*/+(#)0*2/-+38*+/2(#38A-#2(#082(*/+#2(*',+#,2#A0)5+%#_'5.)l0#
-'#525+/)'X#2-#/2382/,+#,2-#)56'3*+#25+3)+0'-#6+()*):+#+#024'*):+#T6-'32/#+#,+-+/W#
,2#082(*/'(#:):203)'(;#2(#2-#782#0+(#489'##6'/'#'326*'/#+#/[email protected]'1'/#-'(#2>62/)203)'(#
/262*),'(%# C'# 3+580)3'3)D0# 20*/2# ()(*25'# -95.)3+# <# 02+3+/*2># 2(# )0)0*2//856),'%#
H0#-'#2*'6'#,2#-+(#6/)5'*2(#(2#=+/5D#2-#02+3+/*2>;#'-#782#,2.25+(#-'#3'6'3),',#,2#
)0:20*'/# <# 8('/# @2//'5)20*'(%# H(*+# /2(8-*D# 6+().-2# '-# 3+5.)0'/# 6'*/+02(#
'3858-',+(#,2#62/3263)+02(#<#25+3)+02(#:):),'(#2#)0=2/)/#,2#5'02/'#)052,)'*'#-'#
32/*21'#,2#782#20#80#5+520*+#,',+#0+(#3+0:)202#/2'-)1'/#80'#082:'#'33)D0#0803'#
/2'-)1','#'0*2/)+/520*2%#C'#2*'6'#,2#-+(#@+590),+(#@'#'6+/*',+#-'#6+-'/)1'3)D0#,2-#
@25)(=2/)+# )178)2/,+# ,2-# 02+3+/*2>;# 3+0# -+# 782# (8/420# -'# 3'6'3),',# ,2# /'1+0'/;#
2(*'.-232/#/2-'3)+02(#,2#3'8('#<#2=23*+;#3+0(*/8)/#6/+32,)5)20*+(#'-4+/9*5)3+(#,2#
/2(+-83)D0#,2#6/+.-25'(;#2-#620('5)20*+#'.(*/'3*+#<#-'#3'6'3),',#,2#20*20,2/#782#
2>)(*20#+*/'(#520*2(%#H(#-+#782#3+0+325+(#3+5+#32/2./+#/'3)+0'-%#C'#I-*)5'#2*'6'#
2:+-8*):';# -'# ,20+5)0','# ,2-# Z+5+# ('6)20(# @'# (8682(*+# 2-# ,2(.+/,'5)20*+# ,2-#
3/23)5)20*+#,2-#02+3+/*2>#(+./2#-'(#38203'(#+38-'/2(X#-+(#-D.8-+(#6/2=/+0*'-2(%#C'#
3'6'3),',#,2#2:'-8'/##-+(#/2(8-*',+(#,2#082(*/'(#'33)+02(#<#3+//24)/-'(#()#6/+32,2;#
-'# 3'6'3),',# ,2# 6/2:2/# -'(# =8*8/'(# 3+0(238203)'(# ,2# 80'# '33)D0;# -'# 3'6'3),',# ,2#
4202/'/#80'#6-'0)=)3'3)D0#<#-'#3'6'3),',#,2#028*/'-)1'/#+#/23+0,83)/#-'(#68-()+02(#
4202/','(#6+/#-'(#3'6'(#32/2./'-2(#'0*2/)+/2(#(2#,2.20#'#2(*'#082:'#='(2%#
#
0"2($"&)!(#6*,2"&)(#)$,)(&6*%!6%*,!'"#)2()$,)'#6($'.(#!',)
0A>?BA)>?)9=L?B9Q?=M9:);A=ABhL9M:)
O+#2>)(*2#80),',#,2#3/)*2/)+(#20#-'#,2=)0)3)D0#,2#)0*2-)4203)';#'80782#,2*/A(#,2#-'(#
,)=2/20*2(# 3+03263)+02(# 2>)(*20# 6-'0*2'5)20*+(# 4202/'-2(# *2D/)3+(# 782# -2# ,'0#
3)2/*'#:'-),21%#n0#'(623*+#,2#)0*2/l(#,2#-'(#)0:2(*)4'3)+02(#(+./2#-'#)0*2-)4203)'#2(#
782;#3+0=+/52#@'#),+#2:+-83)+0'0,+#-'(#3+03263)+02(#,2#-'#5)(5';#6'/'-2-'520*2#
'#3','#80'#,2#2--'(#@'#(8/4),+#<#(2#@'#)5682(*+#5A(#-'#0232(),',#,2#52,)/-'#782#,2#
$^f#
:'-),'/#-+(#3+0(*/83*+(#*2D/)3+(#,2#6'/*),'%#Z'(*'#-'#,l3','#,2#-+(#^]#6'/232#782#-+#
I0)3+# 782# )0*2/2('.'# '# -+(# )0:2(*)4',+/2(# # ,2# -'# )0*2-)4203)'# 2(# (8# 3+56+020*2#
3+40)*):+%#
J)02*#T$U]fW#6'/*)D#,2-#()48)20*2#(8682(*+#*2D/)3+X#-'#)0*2-)4203)'#(2#5'0)=)2(*'#20#
-'# /'6),21# ,2# '6/20,)1'G2# T6+/# -+# 520+(# '# -'/4+# 6-'1+W%# ?# 6'/*)/# ,2# '789# */'*D# ,2#
2-'.+/'/# 6/82.'(# 782# ),20*)=)7820# -'# /'6),21# 3+0# 782# '6/20,2# 80# 0)g+# 0+/5'-%#
H(*'(#6/82.'(#2(*'/9'0#3+0(*)*8),'(#6+/#3+0+3)5)20*+(#782#(2#3+//2(6+0,20#'#3','#
2,',# 20# ()*8'3)+02(# ,2# 0+/5'-),',%# H(*+(# 3+0+3)5)20*+(# 3+0(*)*8<2/+0# -+(# 9*25(#
,2# -'# 2(3'-'# 6'/'# 52,)/# -'# )0*2-)4203)'%# C'# 3+0(238203)'# -D4)3'# ,2# 2(*2#
6-'0*2'5)20*+#=82#782#(2#682,2#52,)/#-'#3'6'3),',#)0*2-23*8'-#'#6'/*)/#,2-#0):2-#,2#
3+0+3)5)20*+(# 782# (2# 582(*/'# 20# 80# ,2*2/5)0',+# 5+520*+%# H-# 3+0326*+#
=80,'520*'-# ,2# J)02*# =82# 2-# ,2# H,',# 520*'-X# 2,',# 782# (2# 3+//2(6+0,2# 3+0# -'(#
/2(682(*'(# 3+//23*'(# 782# 80'# 62/(+0'# ,'# '-# 3+0*2(*'/# (8# 2(3'-'%# F8# )0*203)D0# 2/'#
,)(3/)5)0'/# -+(# ,l.)-2(# 520*'-2(%# ?(9;# 682(;# ()# -'# )0*2-)4203)'# -+(# ,)(3/)5)0'.';#
20*+032(# 2(# 782# 6+,9'# (2/# 52,).-2%# E'/'# 52,)/-'# *209'# 20# 3820*'# ,)=2/20*2(#
=803)+02(# 3+5+X# -'# 525+/)';# ='0*'(9';# )5'4)0'3)D0;# '*203)D0;# 3+56/20()D0;#
(8(42(*).)-),',;#'6/23)'3)D0#2(*l*)3';#(20*)5)20*+#5+/'-;#'.(*/'33)D0;#620('5)20*+(#
()0# )5A4202(;# *)256+# ,2# /2'33)D0# # ?80782# -'# 3+03263)D0# ,2# -'# )0*2-)4203)'# 782#
/2(6'-,'.'# '# 2(*'(# 6/82.'(# 2(# 58-*),)520()+0'-;# .'(','# 20# ,)=2/20*2(# '6*)*8,2(o#
()0#25.'/4+#38'0,+#,2#-'#5),2#2#)0*2/6/2*';#(2#@'32#3+5+#()#,2#80'#(+-'#:'/)'.-2#(2#
*/'*'/'#T2,',#520*'-W%#
C'#)0=-8203)'#,2#-+(#2(*8,)+(#,2#J)02*YF)5+0#(2#6/+,8G+#,2#=+/5'#/2-2:'0*2#20#-+(#
)0(*/8520*+(#,2('//+--',+(#3+0#6+(*2/)+/),',#,20*/+#,2#-'#3+03263)D0#5+0+-9*)3'#
,2# -'# )0*2-)4203)';# 20*/2# -+(# 782# ,2(*'3'# -'# ','6*'3)D0# # '52/)3'0'%# ?(9;# 6+,25+(#
+.(2/:'/#*/2(#)0*2/6/2*'3)+02(#,2#80+(#,'*+(#3'()#),l0*)3+(X#
• F62'/5'0# (2# 320*/'# 20# 2-# ='3*+/# 4202/'-# <# ,2(6/23)'# -'# ()40)=)3'3)D0# ,2# -+(#
='3*+/2(#2(6239=)3+(%#
• [email protected]/(*+02# /2,)(*/).8<2# 2-# 2=23*+# 3+0G80*+# ,2# R# <# F# 20# (8(# '6*)*8,2(# 520*'-2(#
6/)5'/)'(#3+5+#='3*+/2(#)0,2620,)20*2(%#
• H<(203b# /2(62*'# 2-# :'-+/# ,2# R# <# '0'-)1'# -'# ='3*+/)'-)1'3)D0# ,2# F# --24'0,+# '# 80'#
(+-83)D0#)0*2/52,)'#20*/2#-+(##'0*2/)+/2(#'8*+/2(%#
H(# R8)-=+/,# T$U"^W# 78)20# 4202/'# -'# 0232(),',# ,2# 2(*/83*8/'/# <# 3'*24+/)1'/# -+(#
0852/+(+(# ='3*+/2(# 20# -'(# ,)=2/20*2(# )0:2(*)4'3)+02(# ='3*+/)'-2(# 20# -+(# 'g+(# f]# <#
\]%#
E+,25+(#,23)/#782#2(*'(#3+03263)+02(#5+0+-9*)3'(#,2=)20,20#80'#)0*2-)4203)'#
80)*'/)'#<#-+(#='3*+/)'-)(*'(#80'#)0*2-)4203)'#3+5682(*';#-+(#'8*+/2(#,2#
6-'0*2'5)20*+(##G2/A/78)3+(##*)2020#(8(#/'932(#20#'5.'(#3+03263)+02(;#
2:+-83)+0'0,+#'#6'/*)/#,2#-+(#5+,2-+(#='3*+/)'-2(#256-2',+(%#C'#,)=2/203)'#3+0#-+(#
='3*+/)'-)(*'(#2(*'/9'#20#782#l(*+(#:'-+/'0#<#,2=)020#3+56+020*2(#278):'-20*2(#20#
38'0*+#'#-'#3+//2-'3)D0#2(*',9(*)3'#<#+/,20'3)D0;#<#-+(#G2/A/78)3+(#(2#/2=)2/20#'#
='3*+/2(#,2#5'<+/#)56+/*'03)'#+#4202/'-),',%#
0A>?BA))MAQ=9L9EA)>?)B:)9=L?B9Q?=M9:%#
?789# # 2-# )0*2/l(# <'# 0+# /2(),2# 20# -'# ),20*)=)3'3)D0;# ,2=)0)3)D0# ,2# -'(# :'/)'.-2(# +#
,)520()+02(# ,2-# 3+56+/*'5)20*+# )0*2-)420*2;# ()0+# 782# (2# 320*/'# 20# 3D5+#
2:+-83)+0'# <# (2# ,2('//+--'# ,)[email protected]'# 2(*/83*8/'%# H0# -+(# 2=23*+(# (+./2# -'# 5)(5'# ,2# -'#
$^\#
@2/203)'# +# -'# )0=-8203)'# ,2-# '5.)20*2%# ?789;# )0*2/2('# 5A(# -+# 38'-)*'*):+# 782# -+#
38'0*)*'*):+#20#2-#'0A-)()(#,2#-'#2(*/83*8/'#,2#-'#)0*2-)4203)'%#
C'#)0:2(*)4'3)D0#6()3+-D4)3'#2(*'/A#)0=-8),'#6+/#-+#782#(2#@'#:20),+#20#,20+5)0'/##
v-'#/2:+-83)D0#3+40)*):'w%#H-#320*/+#,2#'*203)D0#,2#-'#3)203)'#6()3+-D4)3'#(2#,)/)42#'#
':2/)48'/#-'#=+/5'#20#782#-'#520*2#/24)(*/';#'-5'320';#6/+32('#)0=+/5'3)D0#<#38A-#
2(# (8# 0'*8/'-21'%# E+,25+(# )03-8)/# 20# 2(*2# '6'/*',+# '# '8*+/2(# 3+5+# E)'42*;#
h)4+*(b<;# J/8002/;# }'--+0;# 20*/2# 20=+782(# 2:+-8*):+(;# '# H<(203b;# }@)*2;# &'*2--;#
h2/0+0;#L20(20%#H0*/2#-+(#20=+782(#38'-)*'*):+(%#
a2(*'3'0# 2(623)'-520*2# -+(# */'.'G+(# ,2# E)'42*# <# h)4+(*b<%# E)'42*;# 320*/',+# 20# 2-#
,2('//+--+#,2#-'(#=+/5'(#,2#3+0+3)5)20*+#,2-#0)g+#<#(8#6/2+386'3)D0#6+/#2-#+/)420#
,2# -'# )0*2-)4203)'# T.)+-D4)3+X# 62/3263)D0# <# 5+*/)3),',# <# -D4)3+W;# 3+0(),2/'# -'(#
/2-'3)+02(# -D4)3'(# <# 5'*25A*)3'(# 3+5+# )//2,83*).-2(%# E+/# *'0*+;# 2-# '0A-)()(# ,2# -'(#
=803)+02(# )0*2-23*8'-2(# (862/)+/2(# ,2620,2/A# ,2-# '0A-)()(# ,2# ,)[email protected]'(# /2-'3)+02(%#
h)4+*(b<# (2# )0*2/2('# 5A(# 20# 2-# ,2('//+--+# 6+*203)'-# ,2# -'# )0*2-)4203)'%# E'/'# l-;# 2-#
,2('//+--+# @85'0+# (2# .'('# 20# ,+(# 6/+32(+(X# -'# 5',8/'3)D0# <# 2-# '6/20,)1'G2%# H-#
'6/20,)1'G2# @85'0+# 6/2(86+02# 80'# 0'*8/'-21'# (+3)'-# 2(6239=)3'# <# 80# 6/+32(+#
52,)'0*2#2-#38'-#-+(#0)g+(#'332,20#'#-'#:),'#)0*2-23*8'-#,2#'782--+(#782#-2(#/+,2'0%#
E+/#-+#*'0*+;#-'#)0*2-)4203)'#2(;#80#6/+,83*+#(+3)'-%#C'#1+0'#,2#,2('//+--+#6+*203)'-#
(2/A# 2-# 3+0G80*+# ,2# '3*):),',2(# 782# 2-# 0)g+# 2(# 3'6'1# ,2# /2'-)1'/# 3+0# -'# '<8,'# <#
3+-'.+/'3)D0#,2#-'(#62/(+0'(#782#-2#/+,2'0%#C+(#3+0326*+(#5A(#/26/2(20*'*):+(#,2-#
0):2-#,2#,2('//+--+#6+*203)'-#(2/9'0X#
• S2-'3)D0#20*/2#'6/20,)1'G2#<#,2('//+--+%#H-#'6/20,)1'G2#3/2'#-'#1+0'#,2#,2('//+--+#
6+*203)'-#<;#3+5+#*'-;#2-#6/+32(+#,2#,2('//+--+#2(#80'#3+0(238203)'#,2#'78l-%#
• H-# ,2('//+--+# ,2# -'(# =803)+02(# @85'0'(# (862/)+/2(# 2# )0*2-23*8'-2(# 2(#
0232('/)'520*2# '/*)=)3)'-%# H(# 80# '/*)=)3)+# <# 80# 6/+,83*+# ,2# -'# 38-*8/'# <# ,2# -'(#
/2-'3)+02(# 3+0# -+(# ,25A(%# C'# 1+0'# ,2# ,2('//+--+# 6+*203)'-# (2# ,2.2# '# -'# )0=-8203)'#
'3*):'#,2-#52,)',+/#<#'-#'6/20,)1'G2#'3*):+#,2-#(8G2*+%#
• C+(#*2(*#,2#)0*2-)4203)'#*/',)3)+0'-2(#0+(#)0,)3'0#-'#1+0'#,2#,2('//+--+#/2'-;#62/+#
0+#(8(#6+*203)'-),',2(%#
#
0A>?BA)9=CM89LA)?=)B:)MA;N8?=C9O=)QBAD:B)>?)B:)N?8CA=:F)'=L?B9Q?=M9:C)
;`BL9NB?Cb)
H-# ,2('//+--+# '/5D0)3+# ,2# -'# :),'# ,2# -'(# 62/(+0'(;# 2-# l>)*+# (+3)'-;# '3',l5)3+;#
'=23*):+;# 6/+=2()+0'-%# O+# 682,2# (2/# 2>6-)3',+# (D-+# '# 6'/*)/# ,2# 80'# 3+03263)D0#
D/+/$J&%1#)/).#1&/0%#$)*()$#)%+&($%M(+1%#%#O)#*'56+3+#3+0#2-#(D-+#=803)+0'5)20*+#,2#
80'# ',238','# 2(*/83*8/'# 3+40)*):'# 6'/'# '0'-)1'/# +# 2G238*'/# 38'-78)2/# /2'-),',#
,2(,2#80'#:)()D0#*l30)3'%#O+#@'<#/2'-),',#782;#'-#(2/#3+0326*8'-)1','#6+/#-'#520*2#
@85'0';#0+#:'<'#'3+56'g','#6+/#-'#'()40'3)D0#,2#80#:'-+/#+#80#(20*),+#782#(2#-2#
+*+/4'#2-#(8G2*+#,2#-'#'33)D0%#[email protected]+(#3+56+/*'5)20*+(;#3'6'3),',2(;#3+0(),2/','(#
2>3263)+0'-2(;#0+#(+0#6/+,83*+#2>3-8():+#,2#-'#3+40)3)D0;#<'#782#-'(#62/(+0'(#(+0#
3'6'32(# ,2# +62/'/# )0*2-)420*2520*2# 20# ='32*'(# 782# *)2020# 3+56+020*2(# ,2# 5'*)1#
58<#,):2/(+%#
R'/,02/#T$UU!W#)0*/+,832#(8#5+,2-+#,2#%+&($%M(+1%#)DU$&%F$(;#20#2-#782#3+0(),2/'#
-'(#()48)20*2(#:'/)2,',2(#,2#)0*2-)4203)'X#K0*2-)4203)'#'3',l5)3'#,2*2/5)0','#6+/#
-'# 3'6'3),',# :2/.'-# <# -'# '6*)*8,# -D4)3+Y5'*25A*)3';# -'# 3'6'3),',# 2(6'3)'-;# -'#
)0*2-)4203)'#'02(*l()3';#-'#)0*2-)4203)'#58()3'-;#-'(#)0*2-)4203)'(#)0*2/62/(+0'-2(#<#-'#
)0*2-)4203)'#)0*/'6(978)3'%#
$^"#
?# (8# :21;# -'# )0*2-)4203)'# )0*2/62/(+0'-# -'# (8.,):),2# # 20# 38'*/+# 3'6'3),',2(#
,)=2/20*2(X# -),2/'14+;# '6*)*8,# ,2# 2(*'.-232/# /2-'3)+02(;# 5'0*202/# '5)(*',2(;#
3'6'3),',#,2#(+-83)+0'/#3+0=-)3*+(#<#3'6'3),',#6'/'#2-#'0A-)()(#(+3)'-%##H0#*/'.'G+(#
6+(*2/)+/2(# R'/,02/# T$UU!W# ,)(*)0482# 20*/2# )0*2-)4203)'# )0*2/62/(+0'-# 2#
)0*2-)4203)'#)0*/'62/(+0'-%#H(*'#I-*)5'#(2/9'#-'#3'6'3),',#)0*2/0'#782#0+(#62/5)*2#
3+0=)48/'/# 80'# )5'420# 2>'3*'# <# :2/,',2/'# ,2# 0+(+*/+(# 5)(5+(# <# 782# 0+(# @'32#
3'6'32(#,2#8*)-)1'/#2('#)5'420#6'/'#'3*8'/#20#-'#:),'#,2#80#5+,+#2=)3'1%#R'/,02/;#
20# 2-# 782# 6+,25+(# '6/23)'/# 80# 5+,2-+# ,2# )0*2-)4203)'# 3+40)*):)(*';# ',5)*2# 782;#
38'0,+# 2(3/).9'# 6+/# 6/)52/'# :21# (+./2# -'(# )0*2-)4203)'(# 5I-*)6-2(;# (2# /2=2/9'# '# -'(#
(D/1%/+(-B) 20# 2(623)'-# 38'0,+# -+# @'39'# '# -'# )0*2-)4203)'# )0*/'62/(+0'-# TR+-25'0;#
$UU^W%##
#
$,)'#6($'.(#!',)(0"!'"#,$)
H0#-+(#I-*)5+(#'g+(;#3','#:21#(+0#5A(#-+(#*/'.'G+(#,2#6()3D-+4+(#TF*25.2/4;#$UV\;#
F'-+:2<#<#M'<2/;#$UU]W#782#5'0)=)2(*'0#-'#0232(),',#,2#/2=+/58-'/#2-#3+0326*+#,2#
)0*2-)4203)'# 20# *l/5)0+(# ,2# '782--+# 782# @'32# 782# 80'# 62/(+0'# 20=+782# 5A(#
',238','520*2# (8# :),'%# ?(9# 2-# 3+0326*+# ,2# )0*2-)4203)'# 2(*A# 5A(# 32/3'# ,2# -+#
62/(+0'-# +# 25+3)+0'-%# # ?# 52,),'# 782# -'# 3)203)'# @'# ),+# 3+56/20,)20,+# 3D5+#
=803)+0'# 082(*/+# 32/2./+;# @'# ),+# :'/)'0,+# (8(# ,2=)0)3)+02(# ,2# )0*2-)4203)'%# H-#
3'5.)+# 782# 2>)(*2# ,2# -+(# 6/)52/+(# *2(*# ,2# )0*2-)4203)'# =+/58-',+(# 6+/# J)02*# '# -'#
,2=)0)3)D0# ,2# -'(# )0*2-)4203)'(# 5I-*)6-2(# ,2# R'/,02/# T$UU!W# 2(# '.)(5'-%# H0# -+(#
I-*)5+(# 'g+(;# -'# )0*2-)4203)'# 25+3)+0'-# <# -'# )0*2-)4203)'# (+3)'-# @'0# :20),+# '#
(85'/(2#'#2(*'#2:+-83)D0%##
C'#)0*2-)4203)'#25+3)+0'-#2(#-'#.'(2#,2#-'#)0*2-)4203)'#(+3)'-%#F)0#2--'#0+#6+,25+(#
4'/'0*)1'/# -'# 3+0:):203)'%# Q# -'# 3+0:):203)'# 2(# '.(+-8*'520*2# 0232('/)'# 6'/'#
082(*/'#(862/:):203)'%#F24I0#-+(#6'-2+0*D-+4+(;#-'#)0*2-)4203)'#(+3)'-#0'3)D#[email protected]+#
'0*2(#782#2-#-2048'G2#'#3'8('#,2#-'#0232(),',#,2#-+(#'0)5'-2(#,2#-'#5)(5'#2(623)2#
,2# G80*'/(2# 6'/'# ,2=20,2/(2# ,2# (8(# ,26/2,',+/2(# <# 6'/'# +6*)5)1'/# -'(#
+6+/*80),',2(# ,2# 3'1'/# <# ,2# +.*202/# '-)520*+(%# O+# ,2.25+(# 3+0=80,)/# -'#
)0*2-)4203)'#25+3)+0'-#3+0#2-#32/2./+#-95.)3+;#'80782#(2'#'@9#,+0,2#(2#4202/'0#-'(#
/2'33)+02(# =)()+-D4)3'(# 782# --'5'5+(# 25+3)D0%# C'# )0*2-)4203)'# 25+3)+0'-# 2(# 80'#
3'6'3),',# */'0(:2/('-# 782# /278)2/2# <# '=23*'# '# *+,'(# -'(# 3'6'(# 32/2./'-2(%# C+(#
2(*958-+(#/23).),+(#6+/#2-#32/2./+#/26*)-)02+#@'320#782#-+(#6/+4/'5'(#)00'*+(#,2-#
()(*25'# -95.)3+# 2>6/2(20# -'# 25+3)D0# 6/+:+3','# 6+/# -+(# 5I(38-+(# ='3)'-2(# <#
3+/6+/'-2(# <# (2# ,2(6-)24820# -'(# @+/5+0'(# '(+3)','(%# H(# -'# 6/)52/'# .'(2# ,2# -'#
)0*2//2-'3)D0#(+3)'-%#n0'#.820'#)0*2-)4203)'#25+3)+0'-#/278)2/2;#20#,2=)0)*):';#782#
*+,'(#-'(#3'6'3),',2(#32/2./'-2(#2(*l0#3++/,)0','(#'-#(2/:)3)+#,2-#3+0*/+-#<#42(*)D0#
,2# -'(# 25+3)+02(# <# ,2# -'(# /2'33)+02(# 782# 6/+:+3'0%# C'# :2/,',2/'# )0*2-)4203)'#
3+0()(*2#20#'3*8'/#)0*2-)420*2520*2;#*/'.'G'/#<#:):)/#)0*2-)420*2520*2;#/2-'3)+0'/(2#
3+0#-+(#,25A(#<#3+0#-'#0'*8/'-21'#,2#5'02/'#)0*2-)420*2%##
_+,+(# -+(# (2/2(# @85'0+(# (20*)5+(# '# :232(# 3'0('03)+;# '.8//)5)20*+;# 2>3)*'3)D0;#
@'5./2;# )/';# 5)2,+;# */)(*21';# +/48--+;# 32-+(;# 2*3%%# +# 78)1A(# 80'# 5213-'# ,2# :'/)+(#
2(*',+(%#H(*+#0+(#@'32#(20*)/#3+0=8(+(;#<'#782#0+#('.25+(#2>'3*'520*2#,2#,D0,2#
6/+32,20#2(*'(#(20('3)+02(%#H0#/2'-),',;#2(#58<#6+().-2#782#0+#(26'5+(#0)#3D5+#
3'*'-+4'/-'(%# ?=+/*80','520*2;# 082(*/'# 520*2# /'3)+0'-# 682,2# 62/5)*)/(2# # 3)2/*'(#
,8,'(#(+./2#2(*+(#(20*)5)20*+(;#25+3)+02(;#2(*',+(#'095)3+(;#62/+#082(*/+#382/6+#
0+;# 682(*+# 782# 682,2# 782# 2(*l# 20# G824+# )03-8(+# 082(*/'# (862/:):203)'%# C'(#
$^^#
25+3)+02(# (+0# 6/+,83*+# ,2# -'# (2-233)D0# 0'*8/'-# <# =803)+0'0# 3+5+# ()(*25'(# ,2#
6/+32('5)20*+#,2##)0=+/5'3)D0###/A6),+(;##,)(2g',+(#6'/'#'<8,'/0+(#'#-),)'/#3+0#2-#
20*+/0+#<#-+(#'3+0*23)5)20*+(%#F)#0+#*8:)l/'5+(#25+3)+02(;#0+#('./9'5+(#38A0,+#
'*'3'/;# ,2=20,2/0+(;# @8)/;# +# /[email protected]'1'/# 3)2/*+(# '-)520*+(%# a2# @[email protected]+;# -'(# 25+3)+02(#
(+0# '-*'520*2# ','6*'*):'(# 6+/782# 0+(# 62/5)*20# '3*8'/# ,2# =+/5'# )052,)'*';# ()0#
620('/%#C'(#25+3)+02(#6+020#20#5'/[email protected]'#-'#62/3263)D0;#-'#'*203)D0;#-'#)0=2/203)';#2-#
'6/20,)1'G2;#-'#525+/)';#-'#(2-233)D0#,2#52*'(;#-'(#6/)+/),',2(#,2#5+*):'3)D0;#-'(#
/2'33)+02(#=)()+-D4)3'(;#2-#3+56+/*'5)20*+#5+*/)1#<#-'#*+5'#,2#,23)()+02(%##&8'0,+#
(2# ,)(6'/'0;# @'320# 782# (2# '3*):20# ,2*2/5)0',+(# ()(*25'(# =)()+-D4)3+(# '-# 5)(5+#
*)256+# 782# (2# ,2('3*):'0# +*/+(%# H-# +.G2*):+# 2(# 3-'/+X# 320*/'/(2# ,2# -'# 5'02/'# 5A(#
2=)3)20*2# 6+().-2# 20# 2-# '3+0*23)5)20*+# 782# /278)2/2# 082(*/'# '*203)D0;# ()0# 782#
)0*2/=)2/'0# +*/+(# ()(*25'(# )03+56'*).-2(# 3+0# -'# /2'33)D0# 0232('/)'%# O852/+(+(#
2(*8,)+(#@'0#3+0=)/5',+#782#2>)(*2#80'#3-'(2#,2#25+3)+02(#--'5','(#.A()3'(;#782#
6+(220# 80'(# 3'/'3*2/9(*)3'(# # 782# -'(# ,)(*)04820# ,2# -'(# ,25A(# 25+3)+02(%# H(*'(#
3'/'3*2/9(*)3'(#)03-8<20#/2(682(*'(#=)()+-D4)3'(#2(6239=)3'(;#3'5.)+(#20#-'#'3*):),',#
520*'-# <# -'# '*203)D0;# 2>62/)203)'(# (8.G2*):'(;# '(9# 3+5+# '-480+(# )0,)3',+/2(# 0+#
:2/.'-2(# T42(*+(# 3+/6+/'-2(# <# 2>6/2()+02(# ='3)'-2(W%# ?,25A(;# 2(*'(# 3'/'3*2/9(*)3'(#
(+0# 80):2/('-2(;# 2(# ,23)/;# # (2# 3+56'/*20# 20# *+,'(# -'(# 38-*8/'(%# Z'(*'# 2-# 5+520*+#
6/2(20*2;#(2#@'#@'.-',+#,2#-'(#()48)20*2(#25+3)+02(#.A()3'(X#-'#)/';#2-#,2(6/23)+;#2-#
'(3+;#2-#5)2,+;#2-#6-'32/;#-'#*/)(*21'#<#-'#(+/6/2('%#H(*'(#25+3)+02(#.A()3'(#(2#--'5'0#
'(9# 6+/782# -+(# 2(*8,)+(# (84)2/20# 782# -'(# 3+56'/*)5+(# 3+0# 082(*/+(# '032(*/+(#
6/)5'*2(%#H(#6/23)(+#,23)/#782#,20*/+#,2#3','#80'#,2#2(*'(#()2*2#25+3)+02(#.A()3'(#
2>)(*2# *+,'# 80'# 4/'0# ='5)-)'# ,2# 25+3)+02(# /2-'3)+0','(%# ?,25A(;# -+(# @85'0+(#
(20*)5+(#[email protected]'(#+*/'(#25+3)+02(#'6'/*2#,2#-'(#.A()3'(;#20*/2#2--'(#,2(*'3'5+(#-'(#
'8*+3+0(3)20*2(;#-'(#6+()*):'(;#-'(#(+3)'-2(#<#-'(#5+/'-2(%#C'(#25+3)+02(#2(*)58-'0#
,+(# *)6+(# ,2# 6/+32(+(# 3+40)*):+(%# n0+# 2(# 2-# ()(*25'# 62/326*8'-;# 782;# 0+(# 62/5)*2#
5'>)5)1'/# -'# '*203)D0# @'3)'# 2-# 20*+/0+# <# -'# '6'/*'# ,2# 38'-78)2/# ,)(*/'33)D0%# C'(#
25+3)+02(# *'5.)l0# )03)*'0# 6/+32(+(# 520*'-2(# ,2# +/,20# (862/)+/%# &8'0,+# 80+# (2#
20=',';#2(#=A3)-#620('/#20#'3*+(#,2#*)6+#'4/2():+#<#20#26)(+,)+(#,2#)/'#6/2:)+(%#C'#
25+3)D0#()/:2#3+5+#80#6'/[email protected]#520*'-#782#3+023*'#-'(#525+/)'(#3+0#)0=+/5'3)D0#
'-5'320','#<#3+,)=)3','#4/'3)'(#'#2>62/)203)'(#25+3)+0'-2(#()5)-'/2(#20#2-#6'(',+%#
&','#25+3)D0#3+03/2*'#0+(#6/+:+3'#80#(20*)5)20*+#<#80'(#(20('3)+02(#=)()+-D4)3'(#
2(6239=)3'(%# C+(# (20*)5)20*+(# 0+(# /2:2-'0# '(623*+(# ()40)=)3'*):+(# ,2# 082(*/'#
2>62/)203)'# )0*2/)+/# <# ,2# 082(*/'# /2-'3)D0# 3+0# 2-# 20*+/0+;# 682(# 0+(# 2(*A# ,'0,+#
)0=+/5'3)D0# (+./2# 082(*/'(# 52*'(;# 6/)+/),',2(;# 5+*):'3)+02(;# ,2,833)+02(# <#
,23)()+02(%#
C+(# */'.'G+(# ,2# R'/,02/# # 0+(# ,)2/+0# 80# 082:+# (20*),+# '-# 3+0326*+# */',)3)+0'-# ,2#
)0*2-)4203)'%# C'# 2,83'3)D0# 6'/'# -'# :),';# @+<;# 0232()*'# ,2('//+--'/# 20# -'(# 62/(+0'(#
5A(#,)520()+02(#782#-'#3'6'3),',#,2#'.(*/'33)D0;#-'#-D4)3'#=+/5'-;#-'#3+56/20()D0##
,2# 3+56-2G'(# )56-)3'3)+02(# +# '56-)+(# <# 6/23)(+(# 3+0+3)5)20*+(%# H(# 6/23)(+#
)03+/6+/'/# 2-# ,2('//+--+# ,2# +*/'(# 3+562*203)'(# 3+5+# -'# 3/2'*):),',;# -'# 3'6'3),',#
,2#+/4'0)1'3)D0;#,2#/2-'3)D0;#,2#5+*):'3)D0;#,2#'3*)*8,2(#6+()*):'(#@'3)'#-+(#,25A(;#
2*3%#h'/)'.-2(#l(*'(#782#@'0#2(*',+#-)4','(#'#/'(4+(#,2-#3+0(*/83*+#v62/(+0'-),',w#+#
v3'/A3*2/w;#62/+#782#@+<#(2#-'(#3+0(),2/'#5A(#-)4','(#'-#=803)+0'5)20*+#25+3)+0'-##
,2-#32/2./+#TM'/*)0#<#J+23b;#$UU^W%#
F)0# 25.'/4+;# 2(# # F'-+p2<# T$UU]W# 78)20;# '6+<A0,+(2# 20# -+(# */'.'G+(# ,2# R'/,02/;#
,2('//+--'# 2-# 3+0326*+# ,2# W+&($%M(+1%#) 5D/1%/+#$;# 3+0(*/83*+# 782# 2(*'/9'#
3+0(*)*8),+#6+/#3)03+#,)520()+02(X#
$^V#
$% H-#3+0+3)5)20*+#,2#-'(#6/+6)'(#25+3)+02(#3+5+#-'#3'6'3),',#,2#/23+0+32/#80#
(20*)5)20*+#20#2-#5)(5+#5+520*+#20#782#'6'/232;#'-#*)256+#782#-'(#3'8('(#<#(8(#
2=23*+(%#
B% C'#3'6'3),',#,2#3+0*/+-'/#-'(#25+3)+02(#6'/'#',238'/-'(#'#3','#5+520*+#()0#
782#0+(#:2'5+(#'//'(*/',+(#6+/#2--'(%#
!% C'# 3'6'3),',# ,2# 5+*):'/(2# '# (9# 5)(5+;# 8*)-)1'0,+# -+# 52G+/# ,2# -+# 782# *2025+(#
6'/'#'6/20,2/#'#,)(=/8*'/#3+0#<#20#-'(#6/+6)'(#*'/2'(#782#@'325+(;#()0#782#*204'0#
782#)0=-8)/#/2=82/1+(#2>*2/0+(#'#-'#*'/2'#+#'#0+(+*/+(#5)(5+(%#
f% H-# /23+0+3)5)20*+# ,2# -'(# 25+3)+02(# 'G20'(# 3+5+# -'# 3'6'3),',# 256A*)3'# 782#
6+().)-)*'# -'# 6/2,)(6+()3)D0# ,2# ',5)*)/# -'(# 25+3)+02(# ,2# -+(# ,25A(;# '# 2([email protected]'/# <#
3+56/20,2/# ,2(,2# -'# 62/(623*):'# ,2-# +*/+# '(9# 3+5+# '# ),20*)=)3'/# <# 3+56/20,2/#
(20*)5)20*+(#'G20+(;#'80782#0+#(2#@'<'#2>6/2(',+#:2/.'-520*2%#
\% C'#3'6'3),',#6'/'#3+0*/+-'/#-'(#/2-'3)+02(##<#@'32/-'(#',238','(#3+0#-+(#,25A(#
'#3','#5+520*+%#
#
!"03(6(#!',&)3,*,)%#,)'#6($'.(#!',)(0"!'"#,$)3"&'6'5,)
R+-25'0#T$UU^W#@'.-'#,2#3)03+#*)6+(#,2#3+562*203)'(#25+3)+0'-2(X#
:s
•
•
•
Ds
•
•
•
•
•
Ms
•
•
•
•
>s
•
•
•
•
•
?s
•
•
•
•
•
•
•
•
,PLAMA=M9?=M9:F)
&+03)203)'#25+3)+0'-%#
&+//23*'#'8*+2:'-8'3)D0%#
?8*+3+0=)'01'%#
,PLA8?QPB:M9O=F)
?8*+3+0*/+-%#
&+0=)'.)-),',%#
&+03)203)'%#
?,'6*'.)-),',%#
K00+:'3)D0#
#
0AL9E:M9O=F)
K568-(+#+#-+4/+%#
&+56/+5)(+%#
K0)3)'*):'%#
N6*)5)(5+%#
(;N:Lh:F)
&+56/20()D0#,2#-+(#+*/+(%#
a2('//+--'/#'#-+(#+*/+(%#
F2/:)3)+#,2#+/)20*'3)D0%#
E+*203)'/#-'#,):2/(),',%#
&+03)203)'#6+-9*)3'%#
[email protected]:C)CAM9:B?CF)
K0=-8203)'%#
&+580)3'3)D0%#
M'02G+#,2#3+0=-)3*+(%#
C),2/'14+%#
&'*'-)1',+/#,2-#3'5.)+%#
&+0(*/83*+/#,2#-'1+(%#
&+-'.+/'3)D0#<#3++62/'3)D0%#
&'6'3),',2(#,2#278)6+%#
$^U#
E'/'#F'-+:2<#T$UU]W#-'(#3+562*203)'(#6'/'#80'#)0*2-)4203)'#25+3)+0'-#3+0()(*)/9'0#
20X#
$% S23+0+3)5)20*+# ,2# 80+# 5)(5+X# 3'6'3),',# ,2# /23+0+3)5)20*+# ,2# -'(# 6/+6)'(#
25+3)+02(#20#2-#5+520*+#20#782#'6'/2320%#
B% &+0*/+-#,2#(9#5)(5+X#3'6'3),',#,2#',238'3)D0#,2#-+(#(20*)5)20*+(#'-#5+520*+;#
'(9#3+5+#-'#3'6'3),',#,2#/23862/'/(2#,2#3+0*/'*)256+(%#
!% a)/)4)/# 2-# 3+0*/+-# @'3)'# 52*'(# 6-'0)=)3','(X# 3'6'3),',# ,2# 3+0*/+-# ,2# -'# :),'#
25+3)+0'-# <# (8.+/,)0'/-'# '# 80# +.G2*):+;# +# -'# 3'6'3),',# ,2# 5+*):'/(2#
',238','520*2#'#80+#5)(5+%#
f% S23+0+3)5)20*+# ,2# -+# 'G20+X# 3'6'3),',# 6'/'# 3+0*/+-'/# ',238','520*2# -'(#
/2-'3)+02(#3+0#-'(#25+3)+02(#'G20'(%#
&','# 80'# ,2# 2(*'(# 3+562*203)'(# +# ,+5)0)+(# /26/2(20*'# 80# 3+0G80*+# ,2#
@'.)-),',2(;# @A.)*+(# <# 2(*/'*24)'(# 782;# 3+0# 80'# 52,)'3)D0# 2,83'*):'# ',238',';#
682,20#52G+/'/#2-#,2('//+--+#62/(+0'-;#'3',l5)3+#<#(+3)'-#,2#082(*/+(#'-850+(%#
#
3*".*,0,&) 2() '#6(*5(#!'"#) (2%!,6'5,)
2(&,**"$$")(0"!'"#,$)2()$,)'#6($'.(#!',)
!(#6*,2"&)
(#)
($)
E+,25+(#,23)/#782#0+#2>)(*2#80#I0)3+#*)6+#,2#)0*2/:203)D0#3'6'1#,2#/2(+-:2/#*+,'(#
-'(#()*8'3)+02(#,2#6/2:203)D0;#,2('//+--+#+#3+//233)D0#782#682,20#5'0)=2(*'/(2#20#
-+(# A5.)*+(# 2,83'*):+(%# E/2(*'/# '*203)D0# '-# ,2('//+--+# 25+3)+0'-# ,2# 082(*/+(#
'-850+(# 2(# 80'# 0232(),',# 782# ,2.2/9'# *202/# 80# 5'<+/# 62(+# 20# 2-# 38//938-+#
3+0G80*'520*2# '-# /2(*+# ,2# -'(# '33)+02(# 2,83'*):'(# 782# 6/2*20,20# 52G+/'/# -+(#
6/+32(+(# ,2# 20(2g'01'Y'6/20,)1'G2%# n0# ',238',+# ,2('//+--+# 25+3)+0'-# 62/()482#
80#+.G2*):+#=80,'520*'-X#-+4/'/#-'#5A>)5'#'8*+0+59'##62/(+0'-#20#-+(#6/+32(+(#,2#
'6/20,)1'G2;# -+# 38'-# --2:'# )56-93)*+# ,'/# 80'# 4/'0# )56+/*'03)'# '# 80# ,2('//+--+#
278)-)./',+# ,2# -'(# 25+3)+02(# <# '# -'# 5+*):'3)D0# ,2# (9# 5)(5+# 6'/'# (248)/#
'6/20,)20,+#[email protected]'6)/+;##$UU^o##h'--l(#<#h'--l(##B]]]W%##
H>)(*20#0852/+(+(#6/+4/'5'(#6'/'#2-#'6/20,)1'G2#(+3)'-#<#25+3)+0'-#782#6+,/9'0#
8*)-)1'/(2# )0*24/A0,+-+(# 20# -+(# 38//938-+(# 2(3+-'/2(%# _+,+(# 3+03-8<20# 20# (8(#
/2(8-*',+(# 6+()*):+(# /2(623*+# 'X# 52G+/'# 20# @'.)-),',2(# 3+40)*):'(# (+3)'-2(;# .W#
52G+/'(# 20# 25+3)D0;# /23+0+3)5)20*+# <# 3+56/20()D0;# 3W# 52G+/'(# 20# 6-'0)=)3'3)D0#
6'/'#-'#/2(+-83)D0#,2#*'/2'(#3+40)*):'(;#,W/2(+-83)D0#5A(#2=)3'1#20#-'#/2(+-83)D0#,2#
3+0=-)3*+(;# 2W# 3-)5'# 5A(# 6+()*):+# 20# 3-'(2;# =W# *+-2/'03)'# '# -'# =/8(*/'3)D0;# 4W#
@'.)-),',2(#(+3)'-2(#'(2/*):'(;#@W#5'<+/#'8*+3+0*/+-;#)W#'-850+(#5A(#'/5+0)+(+(#<#
,25+3/A*)3+(;# GW# :9038-+(# 5A(# 6+()*):+(# 3+0# -'# ='5)-)'# <# -'# 2(382-';# bW# 5'<+/#
6'/*)3)6'3)D0;#(+3)'.)-),',#<#'8*+2(*)5'##2*3%#
H0*/2# 2(*+(# 6/+4/'5'(# 3'.2# ,2(*'3'/# 2-# ,20+5)0',+# 38//)38-85# ,2# F2-=# F3)2032;#
38<+(# +.G2*):+(# 6/)03)6'-2(# (+0X# 2,83'3)D0# ,2# -+(# (20*)5)20*+(;# *'0*+# -+(# 6/+6)+(#
3+5+# -+(# 782# (2# 3+//2(6+0,20# 3+0# 2-# A5.)*+# ,2# -'(# /2-'3)+02(%# H-2:'/# 2-# 0):2-# ,2#
3+562*203)'#25+3)+0'-;#,2('//+--+#(+3)'-;#@'.)-),',2(#:)*'-2(;#'6/20,)1'G2#(+3)'-#<#
25+3)+0'-%#&++62/'3)D0#<#*/'.'G+#3+-'.+/'*):+%#H:)*'3)D0#,2#3+0=-)3*+(#<#/2(+-83)D0#
,2#,2('382/,+(;#3+0*/+-#,2#-'(#25+3)+02(%#
$V]#
!"#!$%&'"#(&)
C'# 2>6-)3'3)D0# ,2# 3+56+/*'5)20*+# )0*2-)420*2# '# 6'/*)/# ,2# 6-'0*2'5)20*+(#
3+40)*):+(#0+#2(#(8=)3)20*2#6'/'#2-'.+/'/#6'8*'(#,2#)0*2/:203)D0#2,83'*):'#6'/'#80#
,2('//+--+#)0*24/'-#,2#082(*/+(#'-850+(%#H(#6/23)(+#80'#3+03263)D0#5A(#'56-)'#<#
6-8/'-#,2#-'#)0*2-)4203)'#782#2>6-+/2#20#6/+=80,),',#-'#,):2/(),',#,2#3'6'3),',2(#
782#682,20#2(*'/#)56-)3','(#20#2-#3+56+/*'5)20*+#)0*2-)420*2)TR+-25'0;#$UU^W%#
C'#*2+/9'#,2#-'(#)0*2-)4203)'(#5I-*)6-2(#,2('//+--','#6+/#R'/,02/#<#'6+<','#6+/#-+(#
*/'.'G+(# ,2# -'(# I-*)5'(# ,l3','(# ,2# F*2/0.2/4# T$UV\W;# 80),'# '# -'(# 082:'(#
2>6-)3'3)+02(# ,2# -+(# 3+56+/*'5)20*+(# )0*2-)420*2(# 782# 6'/*20# ,2# -'# E()3+-+49'#
(+3)'-# <# -'# E()3+-+49'# 38-*8/'-;# :'0# '# (8./'<'/# 2-# 3'/A3*2/# (+3)'-;# 3+0*2>*8'-# <#
38-*8/'-# ,2# -'# '3*):),',# )0*2-)420*2# T&+--;# $UU$W%# ?(9# 682(;# 0+(# ()*8'5+(# 20# +*/'#
,)520()D0#,2#-'#62/(+0'#20#/2-'3)D0#'#(9#5)(5'#<#*'5.)l0#'#-+(#,25A(;#20#-'#38'-#2(#
5A(#=A3)-;#'#-'#:21#782#0232('/)';#-'#3+56/20()D0#4-+.'-#,2#-'#62/(+0'#<#(8#3+0*2>*+%#
?()5)(5+;#-'#2,83'3)D0;#,2(,2#2,',2(#3','#:21#5A(#*256/'0'(;#682,2#6/+:+3'/#20#
-+(# 0)g+(# 5'<+/# '8*+//248-'3)D0# ,2# (8(# /2-'3)+02(;# 20# '/'(# ,2# (8# 278)-)./)+#
62/(+0'-;#<#5'<+/#5+*):'3)D0#20#(8(#-+4/+(#2(3+-'/2(%#
a2# '382/,+# 3+0# M)/'(# TB]]$W;# ()# '3+/,'5+(# 782# -+(# 6/+32(+(# 2(3+-'/2(# ,2#
'6/20,)1'G2#<#20(2g'01'#(+0#6/+32(+(#782#0232('/)'520*2#)56-)3'0#'#-'(#62/(+0'(#
,2# 80'# =+/5'# 4-+.'-;# 6'/232# -D4)3+# 782;# ,2-# 5)(5+# 5+,+# 782# 2(# )56+/*'0*2#
3+0(),2/'/#-+(#,)(*)0*+(#='3*+/2(#782#,2=)020#-'#3'6'3),',#<#-+(#/238/(+(#3+40)*):+(#
,2-# '-850+# =/20*2# '# 80# ,2*2/5)0',+# 6/+32(+# ,2# '6/20,)1'G2# T(8(# @'.)-),',2(;#
2(*/'*24)'(;# 3+0+3)5)20*+(# 2(6239=)3+(;# 2*3%W# 6'/232# 3+0:20)20*2# )0*2//+4'/(2#
*'5.)l0# /2(623*+# '# -'# ,):2/(),',# # ,2# ='3*+/2(# 782# ,2*2/5)0'0# -'(# /2(*'0*2(#
3'6'3),',2(# 3+0# -'(# 782# 2-# '-850+# (2# 20=/20*'# '# ,)[email protected]+# 6/+32(+;# 20# 2(623)'-# (8(#
3'6'3),',2(#25+3)+0'-2(#<#,2#278)-)./)+#62/(+0'-%#
)
-'-$'".*,+',b)
&+--;# &%# T$UU$W%# &+03263)D0# 3+0(*/83*):)(*'# <# 6-'0*2'5)20*+# 38//)38-'/%# 9"#*(0+/-)
*()T(*#M/MJ#;#$VV%#VY$$#
R'/,02/;# Z%# <# Z'*[email protected];_%# T$UVUW%# M8-*)6-2# K0*2--)42032(# R+# *+# [email protected]++-%# 5*"1#&%/+#$)
4(-(#012;#$V;V%#
R'/,02/;#Z%#T$UU!W%#["$&%F$()W+&($$%M(+1(_):2():2(/0,)%+)T0#1&%1(%#O82:'#&+/bX#J'()3#
J++b(%#
R+-25'0;a%#T$UU^W%#W+&($%M(+1%#)5D/1%/+#$%#J'/32-+0'X#P')/+(%#
P'.'*YeKOO;G%#T$UUfW%#m2(0('(0)z/")O/B):2(0()z/")60(%#O82:'#&+/bX#Z<62/)+0%#
M'/*)0;a%#<#J+23b;P%#T$UU^W%)s!"X)(-)%+&($%M(+1%#)(D/1%/+#$t%#M',/),X#Ha?`%#
M)/'(;# M%# TB]]$W%# ?=23*+(;# 25+3)+02(;# '*/).83)+02(# <# 2>623*'*):'(X# 2-# (20*),+# ,2-#
'6/20,)1'G2# 2(3+-'/%# H0# &%# &+--;# L%# E'-'3)+(# <# ?%# M'/[email protected]()# T3++/,(%W%# 8(-#00/$$/)
T-%1/$KM%1/) ,) 5*"1#1%K+_) T-%1/$/MJ#) *() $#) 5*"1#1%K+) 5-1/$#0%# M',/),X# ?-)'01'#
H,)*+/)'-%#
F'-+:2<;#E%#<#M'<2/;#L%a%#T$UU]W%#H5+*)+0'-##K0*2--)42032%#WD#M%+#&%/+B)9/M+%&%/+)#+*)
T(0-/+#$%&,;#U;#$V\YB$$%#
[email protected]'6)/+;#C%H%#T$UU^W%#C'#)0*2-)4203)'#25+3)+0'-#20#-+(#0)g+(%#Ml>)3+X#L':)2/#h2/4'/'#
$V$#
F*2/0.2/4;# S%L%# T$UV\W%# 7#) %+&($%M(+1%#) F0R1&%1#) ,) $#-) 2#E%$%*#*(-) F(0-/+#$(-%# O82:'#
&+/bX#&'5./),42#n0):2/()*<#E/2((%#
h'--l(;# ?%# <# h'--l(;# &%# TB]]]W%# W+&($%M(+1%#) 5D/1%/+#$_) 6F$%1#1%/+(-) 5*"1#&%'#-%#
M',/),X#H,)*+/)'-#HNF%#
$VB#
#
#
#
#
#
)
($),-&(#6'&0")(&!"$,*F)(&6%2'")2()!,&")2()%#)'#&6'6%6")
2()&(!%#2,*',)2()$,)!'%2,2)2(),4,0"#6()
#
!:8;?=),@:PCL8?)[email protected])
n0):2/(),',#,2#Z82-:'*
#
*(&%0(#)
H(*2#*/'.'G+#,2#)0:2(*)4'3)D0#(8/4)D#,2#-'#+.(2/:'3)D0#,)'/)'#,2#:2/#'#',+-2(320*2(#
20# -'# 3'--2# <# /280),+(# 20# @+/'(# 782# ,2.9'0# ,2# 2(*'/# 20# 2-# 320*/+# 2,83'*):+%#
k8)()5+(# '@+0,'/# 20# -'(# 3'8('(# <# 782# 0+(# 2>6-)3'/'0# -+(# 5+*):+(# ,2# -'# ='-*'# ,2#
'()(*203)'# '-# )0(*)*8*+%# O82(*/+# )0(*/8520*+# 6'/'# ':2/)48'/# -'(# /'1+02(# =82# -'#
20*/2:)(*'# 782# 20# -+(# '-850+(# <# 20# -'# ='5)-)'# 0+# =82# 2(*/83*8/','# <# 20# -'(# ,25A(#
62/(+0'(;# '# -'(# 782# /2'-)1'5+(# -'# 20*/2:)(*';# )56-)3','(# 20# 2(*2# 6/+.-25'# ,2#
0+*'.-2# '3*8'-),',;# =82# 2(*/83*8/','%# M2,)'0*2# -'# */)'048-'3)D0# ,2# -+(# ,'*+(# (2#
('3'/+0#-'(#3+03-8()+02(#,2#6+/#78l#2(*+(#'-850+(#='-*'0#'-#320*/+#,2#20(2g'01'%#
H(*2# 2(*8,)+# (2# @)1+# 20# 80# )0(*)*8*+# ,2# H,83'3)D0# F2380,'/)'# ,2# 80# 682.-+# ,2# -'#
6/+:)03)'#,2#Z82-:'%#
3:B:D8:C)MB:E?CF)M20*/+#2,83'*):+o#'-850+o#20*/2:)(*'o#*/)'048-'3)D0%#
#
#
6*%,#!4F)!,&()&6%24)"+),)&(!"#2,*4)(2%!,6'"#)'#&6'6%6()
,4,0"#6()
#
,-&6*,!6)
[email protected])(#/2(2'/[email protected]#4/2p#+8*#+=#,')-<#+.(2/:'*)+0#+=#(22)04#*220'42/(#+0#*@2#(*/22*(#'0,#
4'*@2/2,#'*#*)52(#*@'*#(@+8-,#.2#)0#([email protected]++-%#}2#p'0*2,#*+#,2-:2#)0*+#*@2#3'8(2(#'0,#
p2# 2>6-')0# *@2# /2'(+0(# =+/# '.(2032# =/+5# ([email protected]++-%# N8/# *++-# *+# =)0,# +8*# *@2# /2'(+0(#
p'(# *@2# )0*2/:)2p# *@'*# *@2# (*8,20*(# '0,# *@2# ='5)-<# p'(# 0+*# (*/83*8/2,# '0,# *@2#
+*@2/# 62+6-2;# *+# [email protected]+5# p2# 3+0,83*# *@2# )0*2/:)2p;# )0:+-:2,# )0# *@)(# ()40)=)3'0*#
6/+.-25#*+,'<#p'(#(*/83*8/2,%#[email protected]/[email protected]#*@2#*/)'048-'*)+0#+=#,'*'#3+03-8()+0(#p2/2#
,/'p0# '.+8*# [email protected]<# *@2(2# (*8,20*(# -'3b# *@2# 2,83'*)+0'-# )0(*)*8*)+0%# [email protected])(# (*8,<# p'(#
,+02#)0#'0#)0(*)*8*2#+=#(23+0,'/<#2,83'*)+0#+=#'#62+6-2#+=#*@2#6/+:)032#+=#Z82-:'%#
I?7)JA8>CF#([email protected]++-o#(*8,20*o#)0*2/:)2po#*/)'048-'*)+0%#
$V!#
'#6*"2%!!'1#)
H-# )0*2/l(# ,2# 2(*2# */'.'G+# ,2# )0:2(*)4'3)D0# (8/42# ,2# -'# 0232(),',# ,2# 3+0+32/;# -'#
/2'-),',#,2#'-480+(#',+-2(320*2(#782#2(*8,)'0#H,83'3)D0#F2380,'/)'#N.-)4'*+/)'#<#
782# 6+/# ,2*2/5)0','(# 3'8('(;# ='3*+/2(# ,2G'0# ,2# '()(*)/# '-# 320*/+# ,+0,2# (2# 2(*A0#
=+/5'0,+%# ?.+/,'5+(# 2(*2# =20D520+# ,2# '3*8'-),',# 20*/2# -+(# GD:202(;# ,2(,2# -+(#
F2/:)3)+(# F+3)'-2(# ,2-# ?<80*'5)20*+# ,2# -'# 3)8,',# 782# (2# @'# --2:',+# '# 3'.+# 2-#
2(*8,)+o#,2(,2#2-#a26'/*'520*+#,2#N/)20*'3)D0#,2-#320*/+o#,2(,2#-'(#+6)0)+02(#,2-#
'-850',+# '.(20*)(*';# ,2(,2# -'# 6/+6)'# ='5)-)'%# _+,+# 2(+;# 6'/'# 3+0+32/# 38'-# 2(# -'#
()*8'3)D0#<#78l#(2#2(*A#@'3)20,+#,2(,2#-'(#,)=2/20*2(#+/4'0)1'3)+02(%#
a2(,2# 2(*2# 6/+<23*+# (2# 6/2*20,2# ,'/# /2(682(*'# '# :'/)+(# )0*2//+4'0*2(# 782;#
('.)20,+# 782# 0+# 2(# (8=)3)20*2# 80# 2(*8,)+# ,2# 3'(+;# 6'/'# 203+0*/'/# 80'# (+-83)D0;#
(86+02# 80'# +/)20*'3)D0# 6'/'# =8*8/'(# )0:2(*)4'3)+02(%# E'/'# 2--+;# '-480'(# ,2# -'(#
6/2480*'(# 782# 0+(# @25+(# @[email protected]+;# /2(6+0,20# '-# A5.)*+# 62/(+0'-# ,2# -+(# '-850+(# <#
'-850'(o# -+# 782# ()20*20# -'(# ='5)-)'(# 38'0,+# (2# 20*2/'0# ,2# # -'# ()*8'3)D0# ,2#
'.(20*)(5+#,2#(8(#@)G+(o#,2#-'#'3*8'3)D0#,2-#a26'/*'520*+#,2#N/)20*'3)D0o##3+5+X#
j6+/# 78l# '.'0,+0'# 80# '-850+# +# '-850'# 2-# )0(*)*8*+c;# j3D5+# /2'33)+0'0# -+(#
6',/2(c;# j78l# ()20*20# '0*2# 2-# =/'3'(+# 2(3+-'/# ,2# (8# @)G+# +# @)G'c;# j78l# 52,),'(# (2#
*+5'0# ,2(,2# 2-# )0(*)*8*+c;# j(2# --2:'# '# 3'.+# 2-# 6/+*+3+-+# ,2# '.(20*)(5+# ,2(,2# 2-#
320*/+c;#j3D5+#=803)+0'#-'#&+5)()D0#C+3'-#,2#'.(20*)(5+c;#j(2#2(*A#@'3)20,+#'-4+#
,2(,2#-'(#,)(*)0*'(#)0(*)*83)+02(#6'/'#2//',)3'/#2(*2#6/+.-25'c#C'#6/+.-25A*)3'#,2-#
'.(20*)(5+# <# ,2-# '.'0,+0+# 2(3+-'/# 0+# @'# (),+# 2(*8,)','# 3+0# /)48/+(),',# <# (+0#
/2-'*):'520*2# 2(3'(+(# -+(# 2(*8,)+(# 782# @'320# /2=2/203)'# '# -'# 52,)3)D0# ,2-#
'.'0,+0+# 2(3+-'/# ,2# =+/5'# 782# 62/5)*'# 3+0+32/(2# 38A-2(# (+0# (8(# 3)=/'(%# C'#
.).-)+4/'=9'#2(#5A(#'.80,'0*2#38'0,+#(2#*/'*'#,2#'0'-)1'/#.'G+#78l#3)/380(*'03)'(#
(2# 6/+,832;# -'(# ()*8'3)+02(# 782# 682,20# '.+3'/# '# 782# l(*2# (2# 4202/2;# (8#
58-*)3'8('-),',%# _'56+3+# (2# ,)(6+02# ,2# 80'# ,+38520*'3)D0# ()(*25A*)3'# 782# 0+(#
62/5)*'#3+0+32/#.'G+#78l#3)/380(*'03)'(#<#3+0,)3)+02(#(2#6/+,8320;#+#78l#@'32#2-#
()(*25'#2,83'*):+#20#4202/'-#<#-+(#320*/+(#2(3+-'/2(#20#6'/*)38-'/#6'/'#'=/+0*'/-'#
TR+01A-21;# B]]"W%# H0# -+(# 2(*8,)+(# 2>)(*20*2(# -'(# ,2=)0)3)+02(# (+./2# '.'0,+0+# <#
'.(20*)(5+# 2(3+-'/# (+0# 5I-*)6-2(# <# 3','# 80'# ,2# -'(# )0:2(*)4'3)+02(# 782# 5),2# 2-#
3+0326*+# 2(*'.-232# 5'*)32(# ,)=2/20*2(# 782# +.(*'38-)1'0# -'# 3+56'/'3)D0%# C'#
58-*)6-)3),',#,2#3'8('(;#+/)420#,2-#'.(20*)(5+;#+.-)4'#'#,'/#/2(682(*'(#3+0G80*'(#
782# (862/20# -'# ()56-2# (85'# ,2# '3*8'3)+02(# ,2# -'(# ,)=2/20*2(# ?,5)0)(*/'3)+02(;#
203'5)0A0,+(2#'-#,)(2g+#3+0G80*+#,2#6/+<23*+(#,2#)0*2/:203)D0%##
C+(# 6/+=2()+0'-2(# ,2# -'# H,83'3)D0# 3+5+# ,2# -+(# F2/:)3)+(# F+3)'-2(;# :)2020#
,2('//+--'0,+# )0*2/:203)+02(# 20# 5'*2/)'# ,2# '.(20*)(5+# 2(3+-'/# ,2# 5'02/'#
3++/,)0','#<#(2#2(*A#'()(*)20,+#'#-'#682(*'#20#5'/[email protected]'#,2#80#E-'0#K0*24/'-#6'/'#2-#
&+0*/+-#<#F248)5)20*+#,2-#?.(20*)(5+;#)568-(',+#,2(,2#2-#&+0(2G+#,2#R+.)2/0+#,2#
082(*/'# &+580),',# T?0,'-839'W;# 20# -'# 782# *+,'(# -'(# K0(*)*83)+02(# <# '420*2(#
(+3)'-2(#)56-)3',+(;#(2#-2(#6-'0*2'#80'#)0*2/:203)D0#3+0G80*'#,2(,2#-+(#6'/A52*/+(#
,2# 4-+.'-),',;# )0*24/'-),',# <# 3+56-2520*'/)2,',# Ta2=20(+/# ,2-# E82.-+# ?0,'-81;#
$UUUW%#
F2#3+0(),2/'#782#2-#=/'3'(+#2(3+-'/#<#2-#'.'0,+0+#0+#2(#'-4+#782#782,'#/2(*/)04),+#
'-#3+0*2>*+#2,83'*):+#<#782#:'#-)4',+#'#-'#2,',#,2#-'#2(3+-'/)1'3)D0;#()0+#782#'.'/3'#
',25A(# '# -'# 62/(+0'# 782# '.'0,+0'# 3+0(),2/'0,+# *+,+# (8# 20*+/0+X# ='5)-)';#
3+56'g2/+(;# 320*/+# 2,83'*):+%# H-# '.'0,+0+# 2(3+-'/# 0+# (2# 6/+,832# ,2# =+/5'#
)0(*'0*A02';# 2(# 80# 6/+32(+# 6/+4/2():+;# 2-# /2(8-*',+# =)0'-# ,2# 80'# -'/4'# (2/)2# ,2#
2>62/)203)'(# 2(3+-'/2(# 024'*):'(# '# */':l(# ,2# -'(# 38A-2(# 2-# '-850+# :'# 5+(*/'0,+#
$Vf#
()40+(# ,2# '-2G'5)20*+# 3+0# -'# )0(*)*83)D0# 2(3+-'/;# 0+# =)0'-)1'# ',238','520*2# 2-#
38/(+;#(8(620,2;#/26)*2#6+/#-+#*'0*+;#2(*+#0+(#--2:'#'#5'0)=2(*'/#782#-'#)0(*)*83)D0#
'3',l5)3'#3/2'#3+0,)3)+02(#3+5+#-+(#@+/'/)+(#)0=-2>).-2(o#38//938-'#=/'4520*',+(o#
G2/'/789'# ,2# '()40'*8/'(o# 2(*/'*24)'(# ,2# 20(2g'01'(# -)5)*','(# <# /94),'(o# *2>*+(# <#
+*/+(# 5'*2/)'-2(# ,),A3*)3+(# )0',238',+(o# 2:'-8'3)D0# 3+562*)*):'o# 3/2203)'(;#
'3*)*8,2(# <# 2>623*'*):'(# ,2# 6/+=2(+/2(# @'3)'# -+(# '-850+(# <# (8(# 6',/2(%# jk8l#
:'/)'.-2(# 682,20# 2(*'/# )0=-8<20,+# 20# -'(# '8(203)'(# ,2-# '-850',+c# j&D5+#
,2*23*'/-'(c#<;#(+./2#*+,+;#j3D5+#'3*8'/#6'/'#3+5.'*)/;#2=)3'1520*2;#2-#'.(20*)(5+#
<#6/2:20)/#2-#'.'0,+0+c#H-#=20D520+#2(#3+56-2G+#<;#38'0,+#80##'-850+#256)21'#'#
='-*'/# '# 3-'(2;# 0+# 6'/232# 782# 682,'0# '*/).8)/(2# '782--'(# '8(203)'(# '# 80'# 3'8('#
I0)3';# '80# 38'0,+# (2# ,2*23*2# '-480'# :'/)'.-2# ,+5)0'0*2# +# 5A(# ()40)=)3'*):'%# H0#
38'-78)2/# 3'(+;# (24I0# ?,2--# )# &82:'# T$UUfW;# # -'(# ='-*'(# '# 3-'(2;# 20# 5'<+/# +# 520+/#
52,),';# (2# 6/+,8320# <;# 20# 5A(# ,2# 80# 3'(+;# (2# */',8320# 20# '.'0,+0+# ,2# -+(#
2(*8,)+(%#
&8'0,+#80#320*/+#,+320*2#3'/232#,2#-+(#52,)+(#62/(+0'-2(#<#5'*2/)'-2(#0232('/)+(#
6'/'#6/2(*'/#'#(8(#'-850+(#80'#'*203)D0#2,83'*):'#)0,):),8'-)1',';#(2#)03/2520*'0#
(8(*'03)'-520*2# -'(# 6+().)-),',2(# ,2# 782;# '782--+(# '-850+(# ,2-# 320*/+# 782#
6/2(20*20# '-4I0# *)6+# ,2# 6/+.-25'(# ,2# )0*24/'3)D0# 2,83'*):';# *2/5)020#
3+0:)/*)l0,+(2# 20# '-850+(# '.(20*)(*'(;# <'# 782# 0+# :'0# '# 203+0*/'/# /2(682(*'(#
2=23*):'(#6'/'#-+(#6/+.-25'(#782#6/2(20*'0##[email protected];#B]]"W%#a2-#5)(5+#5+,+;#80#
62/(+0'-#,+320*2#782#0+#3820*2#3+0#80'#6/26'/'3)D0#<#=+/5'3)D0#2(6239=)3'520*2#
+/)20*','(# '# -'# '*203)D0# )0,):),8'-)1','# ,2# -+(# '-850+(;# 682,2# 3+0:2/*)/(2# 20# 80#
)0(*/8520*+# ,2# 6+*203)'3)D0# ,2-# '.(20*)(5+# 2(3+-'/;# 6+/# 0+# ('.2/# 3+5+# '=/+0*'/#
2(*+(# 3'(+(# 6'/'# 2:)*'/# 782# *2/5)020# 3+0:)/*)l0,+(2# 20# 3'(+(# ,2# '.(20*)(5+;#
'.'0,+0+#<#=/'3'(+#2(3+-'/%#F+5+(#3+0(3)20*2(#,2#-'#,)=)38-*',#782#20*/'g'#-'#[email protected]'#
3+0*/'# 2-# =20D520+# ,2-# '.(20*)(5+# 2(3+-'/# 6+/# -'(# 3+00+*'3)+02(# (+3)'-2(# <#
23+0D5)3'(#782#/+,2'0#'#-+(#'-850+(#'=23*',+(#6+/#2-#5)(5+%#n0'(#3)/380(*'03)'(;#
782#)56+().)-)*'0#782#-'#.I(782,'#,2#(+-83)+02(#,2=)0)*):'(#'-#6/+.-25'#(2#/2'-)32;#
2>3-8():'520*2;# ,2(,2# 2-# A5.)*+# 2(*/)3*'520*2# 2,83'*):+%# a2.25+(# 2(*'/#
6-20'520*2# 3+0:203),+(# ,2# 782# (+-+# 80'# '3*8'3)D0# 3++/,)0','# ,2# -'(# ,)=2/20*2(#
?,5)0)(*/'3)+02(#EI.-)3'(#3+0#3+562*203)'(#20#-+(#A5.)*+(#23+0D5)3+(#<#(+3)'-2(;#
782# '=/+0*2# 3+0# 80# (20*),+# ,2# 4-+.'-),',# -+(# 6/+.-25'(# ,2# 2(*+(# 3+-23*):+(;#
62/5)*)/9'#203+0*/'/#(+-83)+02(#2=23*):'(#<#,8/',2/'(#'#2(*'#4/':2#()*8'3)D0#<'#782#
2-# '-850',+# 682,2# 2(*'/# 20# ()*8'3)D0# ,2# /)2(4+;# 62/+# -+(# 3+0*2>*+(# 2(3+-'/2(;#
682,20# (2/# 20# (9# 5)(5+(# 20*+/0+(# ,2# /)2(4+(# TR+01A-21;# B]]^W%# N*/+(# 2(*8,)+(#
6+020# ,2# 5'0)=)2(*+# 782# -'# )56+/*'03)'# ,2# -'(# :'/)'.-2(# (+3)+23+0D5)3'(# @'#
*20,),+#'#(+./2,)520()+0'/(2#3+5+#3+0(238203)'#,2#-'#3+0320*/'3)D0#,2#'-850+(#
6/+:20)20*2(#,2#20*+/0+(#,2(=':+/23),+(#20#,2*2/5)0','(#2(382-'(%#J-'<'#TB]]!W#
0+(# ,)32# 782# -+(# '-850+(# 6/+32,20*2(# ,2# 20*+/0+(# ,2(=':+/23),+(# 0+# (+0# -+(#
I0)3+(# '=23*',+(# <# -'(# )0:2(*)4'3)+02(# ,2# [email protected])0)# T$UUUW# <# a8/8YJ2--'*# <# h'0#
e'0*20#T$UUBW;#0+(#582(*/'0#782#2-#'.(20*)(5+#<#2-#'.'0,+0+#2(3+-'/#(+0#*'5.)l0#
80'#/2'-),',#20*/2#-+(#GD:202(#6/+:20)20*2(#,2#='5)-)'(#,2#3-'(2#52,)'%#
H-# @[email protected]+# ,2# 782# @'<'# 2(3+-'/2(# 3+0# ,)=)38-*',2(# 6'/'# # (862/'/# 3+0# l>)*+# -'(#
2>)4203)'(# ,2-# ()(*25'# 2,83'*):+# )56-)3'# 0+# (D-+# ='3*+/2(# 2(*/)3*'520*2#
)0,):),8'-2(# ()0+# 2,83'*):+(;# (+3)'-2(# <# 38-*8/'-2(%# F)48)20,+# 2-# 2(*8,)+# ,2# Mz#
?,+/'3)D0#,2#-'#`820*2#TB]]UW;#20#H(6'g'#2-#'.'0,+0+#2(3+-'/#*256/'0+;#20#B]]^#
=82#,2-#!$r;#5A(#,2-#,+.-2#782#20#-'#52,)'#,2#-'#nH##T$f;VrW#(24I0#(2#/23+42#20#2-#
,+38520*+#,2#*/'.'G+#T$#+)F#0#)$#)4(*"11%K+)*($)6E#+*/+/)5-1/$#0;#2-'.+/',+#6+/#
$V\#
2-#M)0)(*2/)+#,2#H,83'3)D0;#E+-9*)3'#F+3)'-#<#a26+/*2;#3+0#[email protected]'#$]#,2#0+:)25./2#,2#
B]]V%##
)
"-i(6'5"&)
C'# =)0'-),',# ,2# 2(*'# )0:2(*)4'3)D0# /',)3'# 20# )0,'4'/# ,20*/+# ,2-# =20D520+;# -'#
6+.-'3)D0#<#-'(#3+0,)3)+02(#4202/'-2(#,2-#'.(20*)(5+#2(3+-'/#<#-'#,2#,'/#/2(682(*'(#
'#-+(#+.G2*):+(#782#0+(#6/+6+025+(#'0'-)1'/#6'/'#3+0+32/#-'(#/'1+02(#/2'-2(#782#
)568-('0# '# ,2*2/5)0',+(# ',+-2(320*2(# '# '.'0,+0'/# 2-# F)(*25'# H,83'*):+# 20#
H,83'3)D0#F2380,'/)'#N.-)4'*+/)'#,2-#580)3)6)+#782#(2#@'#--2:',+#'3'.+#2-#2(*8,)+%#
?()5)(5+;# 2-# +.G2*):+# 4202/'-# 5'/3',+# 2/'# '0'-)1'/# -+(# 5+*):+(# 6+/# -+(# 38'-2(#
3)2/*+(# ',+-2(320*2(;# 2(*8,)'0*2(# ,2# F2380,'/)'# ,2# -'# -+3'-),',# ,2# ?<'5+0*2;# (2#
:82-:20# '.(20*)(*'(%# H(*2# +.G2*):+# 0+(# )0:)*D# '# -'# /2=-2>)D0# <# '# 6-'0*2'/0+(# 80'#
(2/)2#,2#6/2480*'(#3+5+X#jH(*A#-'#3+580),',#2,83'*):'#,2-##)0(*)*8*+#,2#(2380,'/)'#
,2# -'# 3)8,',;# 3+03)203)',+# ,2# 2(*2# 6/+.-25'# 3','# :21# 5A(# 252/420*2# 20*/2# 2-#
'-850',+c) j&8A-2(# 682,20# (2/# -'(# 3+0(238203)'(# ,2# 2(*2# 6/+.-25';# ()# 2(#
3+0(),2/',+# 3+5+# *'-;# # 6+/# *+,'(# -'(# )0(*)*83)+02(;# '420*2(# 2,83'*):+(# <# ='5)-)'(c)
jk8l# ='3*+/2(# (+0# -+(# 782# ='3)-)*'0# 782# 2(*2# '-850',+# ,2G2# *256/'0'520*2# 2-#
()(*25'#2,83'*):+c#C+(#+.G2*):+(#2(6239=)3+(#=)G',+(#6'/'#-+4/'/#2-#'0*2/)+/#=82/+0#
*/2(%# E+/# 80# -',+;# ':2/)48'/# -'(# 3'8('(# ,2-# '.(20*)(5+# 2(3+-'/# ,2# 2(*+(#
',+-2(320*2(;#6'/'#*/'*'/#,2#/2(6+0,2/#'#-+(#()48)20*2(#)0*2//+4'0*2(X#j6+,/9'5+(#
'@+0,'/#20#-'(#3'8('(#,2-#6/+.-25'#,2#5'02/'#+.G2*):'c;#j6+/#78l#(2#3+0(),2/'#2-#
,2(='(2#38//)38-'/#3+5+#80'#,2#-'(#3'8('(#,2#'.'0,+0+#2(3+-'/#38'0,+#3+0*'5+(#
3+0#5A(#52,)+(#5'*2/)'-2(#<#@85'0+(#20#-+(#320*/+(#2,83'*):+(c#E+/#+*/+;#)0,'4'/#
(+./2# -'(# 3'/'3*2/9(*)3'(# ,2# -'(# ='5)-)'(# 3+0# @)G+(# 2# @)G'(# '.(20*)(*'(;# 3+0# -'#
)0*203)D0# ,2# 203+0*/'/# /2(682(*'(# '# 382(*)+02(# 3+5+X# j582(*/'0# -'(# ='5)-)'(# 3+0#
@)G+(# 2# @)G'(# '.(20*)(*'(# -+(# 5)(5+(# 62/=)-2(# 782# 2(*'.-2320# -'(# )0(*)*83)+02(c;#
j682,20# -'(# ='5)-)'(;# ()0# 0)04I0# *)6+# ,2# '<8,';# (+-83)+0'/# 2-# 6/+.-25'# 782# (2# -2(#
6/2(20*'0c#H-#*2/32/#+.G2*):+;#(2#320*/'.'#20#*/'*'/#,2#)56-)3'/#'#*+,+(#-+(#'420*2(#
2,83'*):+(# <# (+3)'-2(# 20# 2-# 6/+32(+# ,2# 6/2:203)D0;# 3+0*/+-# <# (248)5)20*+# ,2-#
'.(20*)(5+;# 3+0# -'# )0*203)D0# ,2# 3+0*2(*'/# '# 2(*'(# 6/2480*'(X# j3D5+# 6+,/9'5+(#
)0:+-83/'/#'#*+,'(#-'(#)0(*)*83)+02(;#*'0*+#2,83'*):'(#3+5+#(+3)'-2(;#6'/'#6'-)'/#2-#
'.(20*)(5+# ,2# 5'02/'# 3+0G80*'c;# j3D5+# '3*8'/# 6'/'# 3+5.'*)/;# 2=)3'1520*2;# 2-#
'.(20*)(5+#<#6/2:20)/#2-#'.'0,+0+c#
)
0(6"2"$".c,)
O82(*/+# */'.'G+# =82# '.+/,',+# .'G+# 80# 20=+782# )0*2/6/2*'*):+;# '80782# 3+0#
'6+/*'3)+02(# ,2# +*/+(# 20=+782(%# H0# 2(*2# 20=+782# 2-# ,)(2g+# ,2# -'# )0:2(*)4'3)D0# 2(#
'.)2/*+;# =-2>).-2# <# 252/420*2%# F2# /2'-)1D# 80'# )0:2(*)4'3)D0# 38'-)*'*):'# 20# -'# 782# 2-#
'0A-)()(# 2# )0*2/6/2*'3)D0# ,2# -'# /2'-),',# '6+/*'/+0# ,'*+(# 0232('/)+(# 6'/'# -'#
,2-)5)*'3)D0# ,2# 78l# )0:2(*)4'/# <# 6'/'# -'# 6-'0)=)3'3)D0# ,2-# 6/+32(+%# N6*'5+(# 6+/#
20*/2:)(*'/# '# -+(# GD:202(# '.(20*)(*'(# 782# 2(*'.'0# 20# -'# 3'--2;# '# -'(# ='5)-)'(# 782#
*209'0# @)G+(q'(# '.(20*)(*'(;# '# -'# a)/23*+/';# N/)20*',+/'# <# L2=2# ,2# H(*8,)+(# ,2-#
)0(*)*8*+#,+0,2#).'0#2(+(#GD:202(;#'#-'#_/'.'G',+/'#F+3)'-#,2-#?<80*'5)20*+#,2#-'#
-+3'-),',o# '(9# 3+5+# 6+/# 2-# '0A-)()(# ,2-# 3+0*20),+# ,2-# E-'0# E/+:)03)'-# 6'/'# -'#
E/2:203)D0;#&+0*/+-#<#F248)5)20*+#,2-#?.(20*)(5+#2(3+-'/#20#Z82-:'%#
$V"#
H-# 5l*+,+# 8*)-)1',+# /2(6+0,2# '-# 5+,2-+# ,2# )0:2(*)4'3)D0# 6+/# 20382(*'%# O82(*/+#
*/'.'G+# *)202# 80# ,)(2g+# */'0(:2/('-;# ,',+# 782# (2# @'# /23+4),+# )0=+/5'3)D0# 20# 80#
5+520*+#*256+/'-#(+./2#80#4/86+#,2#(8G2*+(%#H-#,)(2g+#-+#'/*)38-'5+(#20#80'#='(2#
782# 3+//2(6+0,2# '# -'# ='(2# ,2# 20*/2:)(*'(# 2>6-+/'*+/)'(%# E'/*)5+(# ,2# 80'##
52*+,+-+49'#38'-)*'*):'#320*/','#20#80#2(*8,)+#,2#3'(+#3+0#3'/A3*2/#2>6-+/'*+/)+;#
,2(3/)6*):+#2#)0*2/6/2*'*):+;#'#*/':l(#,2#-'#2-'.+/'3)D0#,2#80'#*'.-'#,2#3'*24+/9'(#
6'/'# 2-# '0A-)()(# ,2-# 2(*8,)+;# 2-# )0(*/8520*+# <# 52,)+(# 6'/'# -'# /23+4),'# ,2#
)0=+/5'3)D0%# _'5.)l0# ,2(*'3'5+(# -'# 3+0=),203)'-),',# ,2# -'# )0=+/5'3)D0;# -'#
*/)'048-'3)D0#3+5+#523'0)(5+#,2-#'0A-)()(#,2#-+(#,'*+(#<#-'#/2:)()D0#6+/#6'/*2#,2#
-+(# )0*2/2(',+(# 3+5+# 52,)+# 6'/'# '(248/'/# 782# *+,'(# -'(# '6+/*'3)+02(# (+0#
/)48/+('(%#H-#6/+32(+#,2#)0:2(*)4'3)D0#*)202#80#3'/A3*2/#3+0*)08+;#3+0#80'#(2/)2#,2#
='(2(# 782# 0+# *)2020# 80# 6/)03)6)+# <# =)0'-# 3-'/'520*2# ,2-)5)*',+(;# ()0+# 782# (2#
(862/6+020# <# (2# 5213-'0# 80'(# 3+0# +*/'(# TS+,/94821;# R)-# <# R'/39';# $UU"X"!W;# 62/+#
()256/2#20#80#3'5)0+#@'3)'#,2-'0*2%##
C'(#20*/2:)(*'(#=82/+0#/2'-)1','(#)0,):),8'-520*2%#C+(#,'*+(#(2#/23+4)2/+0#20#(8(#
6/+6)+(# 3+0*2>*+(# ,2# */'.'G+# <# 20# -'# 3'--2%# C'(# 20*/2:)(*'(# 782# 3+032/*'5+(# 3+0#
'0*2/)+/),',# =82/+0# -'(# ,2# -'# N/)20*',+/';# _/'.'G',+/'# F+3)'-;# a)/23*+/'# <# L2=2# ,2#
H(*8,)+%#C'(#20*/2:)(*'(#/2'-)1','(#'#-'(#='5)-)'(#<#'#-+(#'.(20*)(*'(#-'(#@)3)5+(#20#
2-# 5)(5+# 5+520*+# ,2-# 203820*/+# <# -'(# 4/'.'5+(# '# */':l(# ,2# 80# 6/+4/'5'# ,2#
+/,20',+/#--'5',+#vF+80,S23+/,2/%2>2w%#C+(#/2(8-*',+(#(2#6/2(20*'0#20#=+/5'#,2#
()(*25'# ,2# 3'*24+/9'(;# *'.-'(# <# 5'6'(# 3+0326*8'-2(# +/4'0)1'*):+(%# ?3'.','(# -'(#
*/'0(3/)63)+02(;# 6'('5+(# '# /2'-)1'/# 80'# 3'*24+/)1'3)D0# ,2# -+(# *2(*)5+0)+(;# 6+/# -+#
782# 2-'.+/'5+(# 80'# *'.-'# 6'/'# /2,83)/# <# '0'-)1'/# -+(# ,'*+(# ,2# -'(# /2(682(*'(%# C'#
/2,833)D0# ,2# -+(# ,'*+(# -'# @)3)5+(# ,2# 5'02/'# )0,83*):';# 2(# ,23)/;# =8)5+(#
3'*24+/)1'0,+#(24I0#-+(#,'*+(#2>*/'9,+(#,2#-'(#/2(682(*'(#,2#-'(#20*/2:)(*'(%#H0#-'#
*'.-'# (2# /2=-2G'/+0# -'(# ,)520()+02(;# 3'*24+/9'(;# 3D,)4+(;# ,2(3/)63)+02(# <# 2G256-+(#
,2# 6A//'=+(# ,2# -'(# 20*/2:)(*'(# ,2# *+,+(# -+(q-'(# )0=+/5'0*2(%# H(*'(# 3'*24+/9'(# (+0#
,2(3/)6*):'(# <'# 782# '()40'5+(# 80# ()40)=)3',+# '-# *25'# +# ,2# '782--+# ,2# -+# 782# (2#
2(*'.'#@'.-'0,+#20#-'(#/2(682(*'(%##
H0# 38'0*+# '# -'# (26'/'3)D0# ,2# 80),',2(# ,2# '0A-)()(;# *+5'5+(# 3+5+# 3/)*2/)+#
=80,'520*'-# 2-# *25A*)3+;# ,2620,)20,+# ,2# -'(# 3'*24+/9'(# 782# @25+(# 2(*'.-23),+(;#
'80782#'#:232(#3+)03),2#3+0#3/)*2/)+(#4/'5'*)3'-2(;#20*20,)20,+#6+/#2(*+(#-'#=/'(2#
<# 2-# 6A//'=+# TS+,/94821;# R)-# <# R'/39';# $UU"W%# &+0# -+(# *2>*+(# ,2# -'(# 20*/2:)(*'(#
,2-'0*2# (2-233)+0'5+(# -+(# =/'4520*+(# +# 80),',2(# ,2# ()40)=)3',+;# 5A(# +# 520+(#
2>*20('(;# (24I0# (8# 3+0*20),+# <# (20*),+;# '# -+(# 782# '()40'5+(# 80# # 0+5./2#
,2(3/)6*):+# ,2# -'# 3'*24+/9'# 782# -+(# 204-+.'.'%# a2# -'# 5)(5'# 5'02/';# =8)5+(#
20852/'0,+;# ,2(3/).)20,+# <# 2G256-'/)1'0,+# 3','# 80'# ,2# -'(# 3'*24+/9'(# 782#
2(*8:)5+(#,2=)0)20,+;#'()40A0,+-2(#*'5.)l0#2-#3D,)4+#782#3+0(),2/'5+(#+6+/*80+%#
n0'# :21# 782# # *+,'(# -'(# 20*/2:)(*'(# 2(*8:)2/+0# 3'*24+/)1','(;# 3-'()=)3','(# (24I0# -'#
,)520()D0;#3D,)4+#<#2G256-+(#,2#=/'4520*+(#,2#20*/2:)(*'(#3+//2(6+0,)20*2(#'#2('#
3'*24+/9'# 20# 3+03/2*+%# H-# ()48)20*2# 6'(+# =82# -'# 6/26'/'3)D0# ,2# -+(# *2>*+(# 6'/'# 80#
'0A-)()(# )0=+/5A*)3+%# H0# 082(*/+# 3'(+# 8*)-)1'5+(# 2-# 6/+4/'5'# ,2# '0A-)()(# ,2# ,'*+(#
38'-)*'*):+(# M?|ka?# B]]^%# E'/'# 3+56-2*'/# -'# )0=+/5'3)D0# (2# --2:D# '# 3'.+# -'#
/2:)()D0# ,2-# E-'0# E/+:)03)'-# 6'/'# -'# E/2:203)D0;# &+0*/+-# <# F248)5)20*+# ,2-#
?.(20*)(5+# H(3+-'/# 20# Z82-:'%# H(*2# ,+38520*+# '6+/*'.'# *2(*)5+0)+(# ,2# -'#
6/A3*)3'# 3+03/2*'# <# 6+02# ,2# 5'0)=)2(*+# -'# [email protected]/203)'# ,2# -'(# ,23-'/'3)+02(#
62/(+0'-2(%#
#
$V^#
_'.-'#$%##_/)'048-'3)D0#,2#-+(#,'*+(#,2#-'#)0:2(*)4'3)D0#
)
))))))))))))))))))))))))))))))))'#&6*%0(#6"&)
"-i(6'5"&)
(#6*(5'&6,&)
2"!%0(#6")
!"#!$%&'1#(&)
a),=:[email protected]:8)BAC)
;AL9EAC)NA8)BAC)
MP:B?C)M9?8LAC)
:>AB?CM?=L?CT)
?CLP>9:=L?C)>?)
&?MP=>:89:)>?)B:)
BAM:B9>:>)>?)
,7:;A=L?T)C?)
EP?BE?=):DC?=L9CL:Cb)
C+(q-'(#)0=+/5'0*2(#
3+)03),20#20#-'#
5'<+/9'#,2#-'(#/'1+02(#
782#6/+:+3'0#782#-+(#
',+-2(320*2(#<#-'(#
',+-2(320*2(#,2G20#,2#
)/#'#3-'(2;#)03-8(+#-'(#
/2(682(*'(#,2##-+(#
5)(5+(#GD:202(#
3+0382/,'0#3+0#-+(#
6/+=2()+0'-2(#,2#-'#
2,83'3)D0#<#3+0#-'#,2#
-+(#F2/:)3)+(#F+3)'-2(%#
H(*+(#5+*):+(#
3+5802(#(+0X#2-#2(*)-+#
,+320*2#,2-#
6/+=2(+/',+;#2-#
,2(='(2#38//)38-'/#<#-'#
='-*'#,2#)0*2/l(%#H-#
'-850',+;#3+0(),2/'#
3+5+#3'8('(#
=80,'520*'-2(#,2#
'.'0,+0+#2-#320*/+#
2,83'*):+;#-'(#
'5)(*',2(;#-'#6+3'#
3+02>)D0#782#@'<#
20*/2#(8(#)0*2/2(2(#<#
-+(#3+0*20),+(#,2-#
38//938-+#2(3+-'/;#-'#
='-*'#,2#62/(623*):'#,2#
-'(#='5)-)'(#20#2-#
=8*8/+#,2#(8(#@)G+(#2#
@)G'(;#-'#='-*'#,2#
2>62/)203)'#,2-#
6/+=2(+/',+;#2-#*/'*+#
782#2-#6/+=2(+/',+#
2>*2/)+/)1'.'#782#
(24I0)2(*2#'-850',+;#
0+#2/'#*+,+#-+#
3+//23*+%#
H>6-+/',+#
2-#
,+38520*+# (+./2# 2-#
E-'0#E/+:)03)'-#6'/'#-'#
E/2:203)D0;# &+0*/+-# <#
F248)5)20*+#
,2-#
?.(20*)(5+#H(3+-'/#20#
Z82-:';# )03-8<2# -'#
',+63)D0# ,2# 52,),'(#
2=23*):'(#
<#
3++/,)0','(#
6'/'#
(+-:20*'/#
-+(#
6/+.-25'(# 782# 2(*A0#
20# 2-# +/)420# ,2# -'#
)0'()(*203)'# '# 3-'(2# ,2#
,2*2/5)0',+(#
'-850+(#<#'-850'(%#C'#
C2<# ?0,'-81'# ,2# -+(#
a2/[email protected]+(#<#?*203)D0#'-#
M20+/# /248-'# 3+5+#
80+# ,2# -+(# (8682(*+(#
,2# ,2('56'/+# -'#
'8(203)'#
,2#
2(3+-'/)1'3)D0#
+.-)4'*+/)'# @'.)*8'-#
,2-#520+/%#
_/)'048-'0,+#-'#
)0=+/5'3)D0#,2#-'(#
20*/2:)(*'(#<#,2-#
,+38520*+##(+0#
3+)03),20*2(#20#2-#
@[email protected]+#,2#782#-+(#
)0=+/5'0*2(#<#-'(#
)0=+/5'0*2(#0+(#
2>6+02#80'#(2/)2#,2#
3'8('(#6+/#-'#782#-+(#
GD:202(#<#-'#GD:202(#
'.'0,+0'#2-#)0(*)*8*+#
,+0,2#2(*8,)'0#<#2-#
,+38520*+#78)2/2#
(+-83)+0'/;#'#*/':l(#,2#
80'#(2/)2#,2#52,),'(;#
-+(#5+*):+(#,2-#
'.(20*)(5+;#
:'-)l0,+(2#,2#80#
5'/3+#G8/9,)3+#,2-#
,2/[email protected]+#'#-'#2,83'3)D0##
,2#*+,+(##-+(#0)g+(#<#
-'(#0)g'(#20#-'(#2*'6'(#
+.-)4'*+/)'#,2#-'#
20(2g'01'%#
a,E?89QP:8)B:C)M:PC:C)
>?B)
:DC?=L9C;A)
?CMAB:8) >?) ?CLAC)
:>AB?CM?=L?Cb)
C'#_/'.'G',+/'#F+3)'-#
0+(#,)32#782#6'/*2#,2#
38-6'#,2-#'.(20*)(5+#
6/+:)202#,2#-'(#
='5)-)'(#6+/782#-+(#
6',/2(#3'/2320#,2#
@'.)-),',2(#2,83'*):'(#
<#782#38'0,+#*/'.'G'0#
3+0#(8(#@)G+(#2#@)G'(;#
2(*+(#(2#'.8//20#
6+/782#0+#*)2020#0)#-'#
='3)-),',;#0)#2-#*)256+;#
0)#-'(#4'0'(;#0)#-'#
=+/5'3)D0%#C'#
H-# ,+38520*+# 0+(#
2>6+02# # # 782# (2# *)202#
782# # ,2('//+--'/# 80#
6-'0# ,2# '3*8'3)D0# '#
0):2-# ,2# 6/2:203)D0# <#
782# 2(*'(# '33)+02(#
*)2020#782#+/)20*'/##2-#
3+0*'3*+#3+0#-'#='5)-)'#
<# -'# 6'/*)3)6'3)D0# ,2#
-+(# 6',/2(# 20# -'# :),'#
,2-#320*/+;#'(9#3+5+#-'#
+/4'0)1'3)D0#
,2#
2(382-'(#,2#E',/2(%##
E+,25+(# 3+56/+.'/#
782# -+(# ,'*+(# ,2# -'(#
20*/2:)(*'(# <# -+(# ,2-#
,+38520*+# 3+)03),20;#
682(#
(2#
2(*A#
*/'.'G'0,+# 3+0# -'(#
='5)-)'(;# (2# @'32# 80#
(248)5)20*+#
,2#
'782--'(# 782# *)2020#
@)G+(#
2#
@)G'(#
'.(20*)(*'(;# (2# )0*20*'#
=+520*'/#
-'#
6'/*)3)6'3)D0# ,2# -+(#
6',/2(# 20# -'# :),'# ,2-#
)
)
$VV#
N/)20*',+/'#5'0)=2(*D#
782#-'#5'<+/9'#,2#-'(#
:232(;#80'#='-*'#,2#
/2(6+0('.)-),',#,2#-'#
='5)-)'#682,2#
6/+:+3'/#80'#='-*'#,2#
'()(*203)'#,2#-+(#
@)G+(q'(#'#3-'(2%#F2#
)0*20*'#,2(,2#2-#320*/+#
@'32/-2(#:2/#-'#
)56+/*'03)'#,2#80'#
.820'#2,83'3)D0#<#
=+/5'3)D0#6'/'#2-#
=8*8/+%#C'#='-*'#,2#
6/2,)(6+()3)D0#20#2-#
2(*8,)+#<#-'#='-*'#,2#
)0*2/l(#20#2-#'-850',+#
(+0#3'8('(#
=80,'520*'-2(#,2-#
'.(20*)(5+%#_'5.)l0#
3+0(),2/'0#3+5+#
5+*):+#6/)03)6'-;#2-#
0):2-#(+3)+23+0D5)3+#
,2##-'(#='5)-)'(%#
_20)20,+#6/2(20*2##-'(#
3'8('(#'0*2/)+/2(;#-'(#
20*/2:)(*','(#
3+)03),20#782#-'#
='5)-)'#2(#-'#3'8('#
320*/'-#,2-#+/)420#,2-#
'.(20*)(5+;#'#62('/#,2#
782#(2#*/'.'G'#3+0#2--'#
,2(,2#-+(#F2/:)3)+(#
F+3)'-2(;#20#-'(#
2(382-'(#,2#E',/2(%#
a) '=>:Q:8) CAD8?) B:C)
M:8:ML?8hCL9M:C) >?) B:C)
W:;9B9:C) MA=) d9kAC) ?)
d9k:C):DC?=L9CL:Cb)
)
)
)
)
)
)
)
)
)
)
)
)
C'(#='5)-)'(;#(24I0#-'(#
20*/2:)(*','(#<#2-#
H78)6+#a)/23*):+;#
*)2020#[email protected]+#782#:2/#
20#-+#/2=2/20*2#'-#
'.(20*)(5+#,2#(8(#
@)G+(#2#@)G'(;#682(#2(#
6/+:+3',+#,2#=+/5'#
3+0(3)20*2#<#
'3*):'520*2%#C'#
='5)-)'#2(#-'#.'(2#,2#
(8(*20*'3)D0;#,2#
6/2+386'3)D0#<#
/2(6+0('.)-),',#,2##-'#
2,83'3)D0#,2#-+(#@)G+(#
2#@)G'(;#()#l(*'#='--';#
='--'#*+,+#2-#20*+/0+#
='5)-)'/#()20,+#
3+0(3)20*2#,2#-'#
()*8'3)D0#782#(2#
2(*'.-232#3+0#/2(623*+#
'#-'#2,83'3)D0#,2#(8(#
@)G+(#2#@)G'(%#F2#*/'.'G'#
[email protected]'(#6'8*'(#<#
320*/+%#
F2#
2(*A#
*/'.'G'0,+# ,2# '382/,+#
3+0# -'(# )0,)3'3)+02(#
,2-# E-'0# E/+:)03)'-#
6'/'#-'#3+0(2383)D0#,2#
-+(# +.G2*):+(# 782# (2#
)0*20*'0# 3+0(248)/# 20#
-'# 6/2:203)D0# ,2-#
'.(20*)(5+#2(3+-'/%#
H-#E-'0#E/+:)03)'-#
2(*'.-232#2-#,2('//+--+#
,2#80#6-'0#6()3+(+3)'-#
3+0#2-#q-'#'-850+q'#<#
(8#='5)-)'#
6/2=2/20*2520*2#@'3)'#
-+(#'(623*+(#6+()*):+(#
,2-#'-850+#+#'-850'#<#
3+)03),2;#2-#E-'0;#3+0#
-'(#20*/2:)(*','(#20#-+#
3+032/0)20*2##'#
+=/232/-2(#38'-78)2/#
*)6+#,2#'<8,'#2#
)0=+/5'/-2(#(+./2#-'(#
'<8,'(#2(3+-'/2(#
(24I0#(2'0#-'(#
3)/380(*'03)'(#,2#-'#
='5)-)'%#
#
H-#,+38520*+#
2(*8,)',+;#,)32#-+#
5)(5+#782#0+(#@'0#
F2#:82-:2#'#*202/#
3+)03),203)'%#C'#
_/'.'G',+/'#F+3)'-;#@'#
5+(*/',+#80'#:21#5A(#
782#'6-)3'#2-#E-'0#,2#
E/+:)03)'-#680*+#6+/#
680*+;#<'#0+(#-+#,)G+#
20#-'#20*/2:)(*'#782#-2#
/2'-)1'5+(;#782#(2#-+#
*)202#782#3+0+32/#v'-#
,2)--+w%#?(9#682(;#
3+-'.+/'#20#2-#'0A-)()(#
,2-#3+0*2>*+#(+3)+Y
='5)-)'/#,2#-+(#3'(+(#
782#-+#/278)2/'0o#
',25A(#,2-#
(248)5)20*+#,2#-+(#
3'(+(#,)/23*'520*2#
3+0#-'(#='5)-)'(%#
#
C+(#'420*2(#
2,83'*):+(#<#(+3)'-2(#
$VU#
)
)
[email protected]'(#@'.)-),',2(#
(+3)'-2(;#6'/'#
3+0(248)/#782#-'#
='5)-)'#(2#)0:+-83/2#20#
2-#6/+.-25'#2#)0*20*'/#
3+-'.+/'/#
3+0G80*'520*2;#6'/'#
782#(8(#@)G+(#2#@)G'(#0+#
:82-:'0#'#/2)03),)/#20#
2-#'.(20*)(5+%#y(*'(#
(+0#+6)0)+02(#
/23+4),'(#,2#-'#
N/)20*',+/'#<#,2#-'#
_/'.'G',+/'#F+3)'-%#
S2(85)20,+;#-'(#
='5)-)'(#,2#'.(20*)(*'(#
*)2020#80#.'G+#0):2-#
(+3)+23+0D5)3+;#
,2(38),'0#-'#
=+/5'3)D0#,2#(8(#@)G+(#
2#@)G'(;#0+#(2#
)0:+-83/'0#20#-+(#
'(623*+(#2,83'*):+(#
,2-#320*/+;#2*3%#
)
#
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
C'# N/)20*',+/'# ,2-#
320*/+#
2,83'*):+#
2>6-)3D#
-'#
)
3++/,)0'3)D0#
782#
*)2020#3+0#-'(#,)(*)0*'(#
)
)0(*)*83)+02(#
<#
)
3+-23*):+(;# 0+(# ,)G+#
782# 2-# 6/+*+3+-+# (2#
)
5'0,'# '# -+(# F2/:)3)+(#
a)';NB9M:8):)LA>AC)BAC) F+3)'-2(;# 20# 2('(#
:Q?=L?C)?>PM:L9EAC)7) &+5)()+02(#
(2#
CAM9:B?C)?=)?B)
2(*8,)'0;# (2# *+5'0# -'(#
N8AM?CA)>?)
52,),'(;# -'# &+5)()D0#
N8?E?=M9O=T)MA=L8AB)7) /2:)2/*2#-+(#/2(8-*',+(%#
C?QP9;9?=LA)>?B)
F2# 6'('0# '# -+(#
:DC?=L9C;Ab)
&+580)*'/)+(# <# 2(*+(#
@'320# (8(# '3*8'3)+02(%#
)
H0# 2-# 3'(+;# ,2# 782# 0+#
)
(2#--24820#'#(+-83)+0'/#
(2# -+# 3+580)3'0;# <# (2#
)
5'0,'#
'#
-'(#
)
E/+:)03)'-2(# <# '789# 2(#
,+0,2# (2# ,23),2# ()# (2#
)
6'('# 2-# 3'(+# +# 0+# '-#
)
_/).80'-# ,2# M20+/2(%#
O+(# ,23-'/D# 782# *)202#
)
80'# /280)D0# (25'0'-#
3+0# *+,+(# -+(# *8*+/2(#
,2# 3','# 80+# ,2# -+(#
4/86+(# <# 20# 2('(#
/280)+02(;# 80+# ,2# -+(#
*25'(# 782# ()256/2# (2#
*+3'# 2(# 2-# '.(20*)(5+%#
)
2>682(*+#-'#
N/)20*',+/'#,2-#
)0(*)*8*+#<#-'#
_/'.'G',+/'#F+3)'-%#C'#
3++/,)0'3)D0#20*/2#-'(#
,)(*)0*'(#)0(*)*83)+02(#
2(#:)().-2%#H0#2(*'(#
/280)+02(#(2#
6-'0)=)3'0#-'(#
'3*8'3)+02(#782#(2#
/2'-)1'/A0#,8/'0*2#2-#
38/(+#<#20#-'(#782#(2#
6/+6+0,/A0#
-'(#52G+/'(#0232('/)'(#
6'/'#2-#()48)20*2#38/(+#
2(3+-'/%#H0##-'(#
/280)+02(#3+0#2-#
H78)6+#_l30)3+#
M80)3)6'-#782#*20,/A0#
-+(#,)=2/20*2(#
6/+=2()+0'-2(#
/2-'3)+0',+(#3+0#2-#
'.(20*)(5+#2(3+-'/;#(2#
6-'0)=)3'0##-'(#
'3*8'3)+02(#782#,2.2#
--2:'/(2#'#3'.+#20#-+(#
320*/+(#,2#-'#-+3'-),',#
<#/2'-)1'/#80'#
2:'-8'3)D0#,2#-'(#
'3*8'3)+02(#782#(2#
/2'-)320#)03-8),'(#20#2-#
6/+4/'5'#,2#
'.(20*)(5+#2(3+-'/%#
2(*A0#)56-)3',+(#20#2-#
'.(20*)(5+;#3+5+#'(9#
-+#,2582(*/'0#2(*+(#
,'*+(#3/81',+(#,2#-'(#
20*/2:)(*'(#<#,2-#
'0A-)()(#,2-#
,+38520*+%#H(*'#
)56-)3'3)D0#(2#@'32#'#
*/':l(#,2#80#3+0:20)+#
,2#3++62/'3)D0#20*/2#
-'(#',5)0)(*/'3)+02(#
20#-+(#782#(2#
'3+/,'/'0#-+(#
6/+32,)5)20*+(#2#
)0(*/8520*+(#,2#
3+580)3'3)D0#20*/2#
-+(#,)=2/20*2(#
6/+=2()+0'-2(##<#(2#
3+03/2*'/A0#-'(#
52,),'(#<#/238/(+(#'#
256-2'/#6+/#-'(#
,)=2/20*2(#
',5)0)(*/'3)+02(#
)0:+-83/','(%#
$U]#
H-# ?ME?;# 3+0# -'#
3+-'.+/'3)D0#
,2-#
a26'/*'520*+#
,2#
N/)20*'3)D0;# *'5.)l0#
@'32#
:'/)'(#
'3*):),',2(# 3+0# -'#
='5)-)'# <# *'5.)l0#
/2'-)1'#6+0203)'(#20#-'#
2(382-'# ,2# E',/2(;#
3+-'.+/'#3+0#-'#2(382-'#
,2#
`'5)-)'(%#
C+(#
F2/:)3)+(# F+3)'-2(# ,2-#
?<80*'5)20*+#
*'5.)l0# 2(*A0# 58<#
)56-)3',+(# 20# 2(*2#
6/+.-25'# 782# '=23*'# '#
80'#
5'<+/9'#
,2#
GD:202(#,2##-'#3)8,',#<#
'# -'# 5)(5'# :21# 2(*A#
3++/,)0','# 3+0# 2-#
H78)6+#
_l30)3+#
E/+:)03)'-#
,2#
?.(20*)(5+# H(3+-'/;#
3+0# -'(# &+5)()+02(#
M80)3)6'-2(;# ,2# -'#
1+0';# 3+0# -+(# 320*/+(#
2,83'*):+(%###
#
C'#582(*/'#2-24),'##-'#3+0(*)*89'0#,)21#GD:202(#782#0+#'()(*9'0#'-#)0(*)*8*+;#,2#-+(#
38A-2(;# ()2*2# (+0# [email protected])3'(# <# */2(# (+0# [email protected])3+(o# 3)03+# ='5)-)'(# 3+0# @)G+(# 2# @)G'(#
'.(20*)(*'(o# -'# _/'.'G',+/'# F+3)'-# ,2# -+(# F2/:)3)+(# F+3)'-2(# ,2-# ?<80*'5)20*+o#
N/)20*',+/';#a)/23*+/'#<#2-#L2=2#,2#H(*8,)+#,2-#)0(*)*8*+%#C'#582(*/'#2(#58<#,):2/('#
<#@2*2/+4l02';#62/+#620('5+(#782#6'/'#'@+0,'/#20#-'(#/'1+02(#,2-#'.'0,+0+#,2#
2(*+(#GD:202(#20#(8#=+/5'3)D0;#0232()*A.'5+(#,2#-'(#+6)0)+02(#,2#+*/+(#3+-23*):+(#
782#0+(#'3-'/'/'#2-#6+/#78l#(2#2(*A#,'0,+#2(*'#()*8'3)D0#'#0):2-#-+3'-%#
)
*(&%$6,2"&)4)!"#!$%&'"#(&)
&+0(),2/'5+(# -'# 3'*24+/9'# 0($#1%K+) #$"D+/VF0/.(-/0# 3+5+# 80'# ,2# -'(# 5A(#
)56+/*'0*2(# <# 782# 5A(# )0=-8203)'# *)202# 20# 2-# '.(20*)(5+%# C'# 3'6'3),',# ,2# -+(#
,+320*2(# 6'/'# 2(*'.-232/# /2-'3)+02(# 6+()*):'(# 3+0# 2-# '-850',+# 2(# ,2# 5A>)5'#
)56+/*'03)'%# F+0# -'(# /2-'3)+02(# 3+0# -+(# ,+320*2(# -'(# 782# /2'-520*2# ':):'0# -'(#
*/'5'(# (+3)'-2(# 782# '6+<'/A0# '-# '-850',+# <# -2(# '<8,'/A0# '# 5'0*202/(2# 20# 2-#
320*/+# 2,83'*):+%# n0'# :21# ,2# '0'-)1',+(# <# 3/81',+(# -+(# ,'*+(;# 6+,25+(# 3+03-8)/#
782# -+(# 5+*):+(# 6+/# -+(# 782# 2(*+(# <# 2(*'(# ',+-2(320*2(# (+0# '.(20*)(*'(# ,2620,20#
,2-# 320*/+# ,+0,2# 2(*A0# 2(3+-'/)1',+(;# ,2-# 20*+/0+# ,+0,2# :):20;# ,2# -+(# '5)4+(# <#
'5)4'(;# ,2# -'(# /2-'3)+02(# 782# 2-# '-850',+# *209'# 3+0# 2-# 6/+=2(+/',+;# ,2-# ,2(='(2#
38//)38-'/# <# '# -'# ,2(5+*):'3)D0%# C'(# 3'*24+/9'(# 782# 5A(# 3-'/'520*2# (2# /2-'3)+0'0#
3+0#2-#'.'0,+0+#2(3+-'/#,2#-+(#',+-2(320*2(#(+0X#2-#,2(='(2#38//)38-'/;#0+/5'(#,2-#
320*/+;# ='-*'# ,2# )0(*/8520*+(;# 2(*)-+# ,+320*2;# */'*+# /23).),+;# '8*+2(*)5';#
,2(5+*):'3)D0;# ='-*'# ,2# )0*2/l(;# 62/=)-;# ='-*'# ,2# @A.)*+(# ,2# 2(*8,)+%# H-# /2(*+# ,2# -'(#
3'*24+/9'(#782#0+#'6'/2320#20#2(*2#4/86+#3+5I0;#(+0#3'*24+/9'(#(8.G2*):'(#,2#3','#
3+-23*):+#<#0+#-2(#/2(*'0#)56+/*'03)'#'#l(*'(o#'(9#-'#3'*24+/9'#(SF"$-%K+B)*'0#(D-+#('-2#
$U$#
/2=-2G','# 20# 2-# '-850',+# <# 2(# -'# 3'8('# 6+/# -'# 782# 5A(# '-850+(# <# '-850'(# @'0#
'.'0,+0',+# 2-# 320*/+%# _+,+# 2(*+# 0+(# ,2582(*/'# 782# -'# 6+-9*)3'# 2,83'*):'# ,2-#
)0(*)*8*+# *)202# [email protected]+# 782# :2/# 20# 2-# 782# 2-# '-850',+;# 20*/2# $B# <# $"# 'g+(;#
'.'0,+020# 2-# 320*/+# 6/25'*8/'520*2# <# ()0# 0)0480'# *)*8-'3)D0%# C'# 3'*24+/9'# 782#
@'32# '-8()D0# '-# 2(*)-+# ,+320*2# ,2-# 6/+=2(+/',+;# 2(# 3+)03),20*2# 20# U]r# ,2# -+(#
)0=+/5'0*2(# 3+5+# 5+*):+# =80,'520*'-# 6'/'# 5'0*202/# 2-# )0*2/l(# <# 0+# 2-##
'.8//)5)20*+%# C+(# '(623*+(# 52*+,+-D4)3+(# 782# ,2=)020# 2-# 2(*)-+# ,+320*2# (+0#
,2*2/5)0'0*2(#'#-'#@+/'#,2#782#-+(#'-850+(#<#'-850'(#0+#(2#'.8//'0#<#5'0*204'0#
-'#'*203)D0#*+,+#2-#*)256+%#H(#2-#'.8//)5)20*+#-+#782#.A()3'520*2#-2(#2(*)58-'#6'/'#
,2G'/# ,2# '()(*)/# '# -'(# 3-'(2(# <;# 6+(*2/)+/520*2;# '# '.'0,+0'/# 2-# )0(*)*8*+%# C'#
3+580),',#2,83'*):'#2(*A#,):),),'#20#-+#782#(2#/2=)2/2#'#-'(#/2(6+0('.)-),',2(#,2#
2(*2# 6/+.-25'# 782# (2# 2(*A# ,'0,+# 20# *+,'(# -'(# '8-'(# ,2# H,83'3)D0# F2380,'/)'%#
&+0(),2/'5+(# 782# 80'# ,2# # -'(# 6/+682(*'(# 782# 2-# 320*/+# ,2.2/9'# @'32/# 2(# -'# ,2#
6/+5+:2/# -'# =+/5'3)D0# ,2-# 6/+=2(+/',+# 20# 5'*2/)'# ,2# '.(20*)(5+# 2(3+-'/;#
320*/','# -'# '*203)D0# 20# -'# '6-)3'3)D0# ,2# 52,),'(# 6/2:20*):'(# <# ,2# 3'/A3*2/#
3+0(*/83*):+o#*'5.)l0#20#-'#/248-'3)D0#,2#3+0=-)3*+(#<#,2#@'.)-),',2(#<#,2(*/21'(#,2#
*/'.'G+# 3+0# '.(20*)(5+;# 3+0# ,)=)38-*',2(# ,2# )0*24/'3)D0# (+3)'-;# '(9# 3+5+# --2:'/# '#
3'.+# -'# 6+*203)'3)D0# ,2# -'(# &+5)()+02(# ,2# &+0:):203)'# H(3+-'/# <# ,2# 2(6'3)+(#
2,83'*):+(#'-*2/0'*):+(#6'/'#2:)*'/#+#6/2:20)/#-'(#2>68-()+02(%#E/2*20,25+(#--'5'/#
-'# '*203)D0# '32/3'# ,2# 782# -'(# 3+0,)3)+02(# +/4'0)1'*):'(# ,2-# 320*/+# 682,20#
/26/2(20*'/#80#20*+/0+#2,83'*):+#6+3+#2(*)58-'0*2#6'/'#'-850+(#<#'-850'(#5A(#
:8-02/'.-2(;# ,','(# (8(# 3'/'3*2/9(*)3'(# 62/(+0'-2(# <# ='5)-)'/2(# 782# 682,20#
,)=)38-*'/#(8#6/+4/2(+#<#(8#*/'<23*+/)'#2(3+-'/%#E20('5+(#782#()#,)[email protected]'#3++/,)0'3)D0#
52G+/'/'#(2#6/+6)3)'/9'#80#0+*+/)+#)03/2520*+#20#-'#2=23*):),',#,2#-+(#E/+4/'5'(#
,2# ?.(20*)(5+;# '-# 6+().)-)*'/# 80'# 5'<+/# /'3)+0'-),',# 20# -'# 8*)-)1'3)D0# ,2# -+(#
52,)+(#@85'0+(#<#5'*2/)'-2(#,)(6+0).-2(%#
#
-'-$'".*,+h,)
?,2--;# M%?%# T$UUfW%# S20,)520*# '3',î5)3;# .202(*'/# )# 6/+620()D# '# -m'.'0,+0'520*;#
20# 2(*8,)'0*(# ,m# HRJ# )# JnEX# 2(*8,)# 3+56'/'*)8%# _2()(# a+3*+/'-;# n0):2/(),',# ,2#
h'-203)';#h'-203)'%#
a2=20(+/# ,2-# E82.-+# ?0,'-81%# T$UUUW%# H-# ?.(20*)(5+# 2(3+-'/X# 80# 6/+.-25'#
H,83'*):+#<#F+3)'-3)W+./0D()5-F(1%#$)*($)8(.(+-/0)*($)T"(E$/)6+*#$"I3##a;T6B#!$\;#^#
,2# './)-# T$UUUW3) âS23862/',+# 20# =2./2/+# ,2# B]]Uä# # @**6Xqqppp%,2=20(+/Y
'0,%2(q)0=+/52(q=*6q'.(20*)(%@*5#
a8/8YJ2--'*#<#h'0#e'0*20%#T$UUBW%#L/1%/$/M%()*()$yX1/$(3))E'/)(X#?%##&+-)0%#
a2#-'#`820*2;#M%#?%#TB]]UW%)a2/[email protected]+#'#-'#2,83'3)D0;#,2.2/#,2#6/2:20)/#<#/2,83)/#2-#
'.(20*)(5+#<#'.'0,+0+#2(3+-'/%)45WN58B#4('%-&#)*()W+'(-&%M#1%K+)5*"1#&%'#B)=B)$^!Y
$V$%#
R+01A-21;#M%_%#TB]]"W%#?.(20*)(5+#<#'.'0,+0+#2(3+-'/X#80'#()*8'3)D0#()048-'/#,2#-'#
2>3-8()D0# 2,83'*):'3) 45W95B) 4('%-&#) WE(0/#D(0%1#+#) -/E0() 9#$%*#*B) 5.%1#1%#) ,)
9#DE%/)(+)5*"1#1%K+;#<TfW;#$Y$\%#
R+01A-21;#M%_%#TB]]^;#5'/1+W%#KKK#L+/0','(#(+./2#'.(20*)(5+#2(3+-'/#32-2./','(#20#
?/'0G821;#M',/),%#âS23862/',+#20#=2./2/+#,2#B]]Uä##########
@**6XqqB]U%V\%BBU%$!Bq(2'/[email protected]'[email protected]+N/*H]3aOMLXppp%/2.2-)+0%+/4q0+*)3)'
$UB#
s6,=%[email protected]!`),r!a"^B]Bï3'/'3*2/)(*)3'(ï6()3+-+4)3'(ï782ï6/2(20*'0ï-+(ï'-85
0+(ï'.(20*)(*'(Ö3,u$"Ö@-u2(Ö3*u3-0bÖ4-u2(Ö3-)20*u=)/2=+>Y'%#
[email protected])0);#S%#T$UUUW%#N%H/)*()$#)1#$$(_)W*(+&%*#*B)-/1%#E%$%*#*B)*0/M#%#J'/32-+0'X#C+(#
-)./+(#,2#-')`/+0*2/'%#
S+,/94821;#R%#<#+*/+(#T$UU"W%#[(&/*/$/MJ#)*()$#)%+'(-&%M#1%K+)1"#$%&#&%'#3)
?/[email protected]),+0'X#?-G).2#
[email protected];# L%&%# TB]]"W%# K0*2/:203)D0# (+./2# 2-# ?.(20*)(5+# H(3+-'/# 20# 2-# A5.)*+#
H,83'*):+%#4('%-&#)5*"1#1%K+),)]"&"0/%#M+0+4/'=9'%##âS2386%#20#=2./2/+##B]]Uä#
@**6Xqqppp%32(,+0.+(3+%3+5q/2:)(*'q'/*)38-+(B]]"q5'/1+]"qG3(@8*2%6,=%#
$U!#
$Uf#
)
#
#
#
#
#
%#,)3*"3%(&6,)2(),6(#!'1#),)$,)2'5(*&'2,2)(#)+c&'!,)2()
&(.%#2")2()-,!G'$$(*,6")
#
i:E9?8)!?8E?8:)0A=L?C9=AC)
iA:=)iAC?N)&AB:@a3A8LAB<C)
n0):2/()*'*#,2#h'-î03)'#
#
*(&%0(#)
E/2(20*'5+(# 80'# 6/+682(*'# ,2# '3*):),',2(# ,2# '6/20,)1'G2# 6'/'# '.+/,'/# -'#
,):2/(),',# ,2# 2(*8,)'0*2(# 20# 2-# 5'/3+# ,2# -'# K0*2/'33)D0# H-23*/+5A402*)3'# ,2-#
38//938-85#,2#`9()3'#,2#(2480,+#,2#J'[email protected])--2/'*+%#C'#6/+682(*'#()482#-'(#,)/23*/)32(#
6/+:20)20*2(#,2#-'#(+3)+-+49'#,2#-'#2,83'3)D0#<#,2#-'(#)0:2(*)4'3)+02(#20#,),A3*)3'#
,2# -+(# 3'56+(# 2-l3*/)3+# <# 5'40l*)3+;# '(9# 3+5+# ,2# -'# 0+/5'*):'# -24'-# :)420*2%# H0#
2(203)';# (2# .'('# 20# ,2(,+.-'/# -'(# '3*):),',2(# 20# '0'-D4)3'(;# 6'/'# '782--+(#
2(*8,)'0*2(# 3'6'32(# ,2# 3+0(*/8)/# <# */'.'G'/# 3+0# 80# 5+,2-+# 520*'-# '0A-+4+# '-#
5+,2-+#3)20*9=)3+;#<#6/+6+()3)+0'-2(;#6'/'#'782--+(#+*/+(#782#0+#-+#682,20#@'32/%#
3:B:D8:C)MB:E?F#38//938-85o#'3*):),',2(#,2#'6/20,)1'G2o#'*203)D0#'#-'#,):2/(),',%#
#
#
,)3*"3"&,$)"+),66(#6'"#)6")6G()2'++(*(#6)&6%2(#6&)'#)3G4&'!&)"+)
.*,2()YS)G'.G)&!G""$)
#
,-&6*,!6)
}2#(@+p#'#6/+6+('-#+=#-2'/0)04#'3*):)*)2(#')52,#*+#,2'-#p)*@#'#,):2/()*<#+=#(*8,20*(#
*@'*#'/2#-2'/0)04#*@2#H-23*/+5'402*)3#K0*2/'3*)+0#=/+5#*@2#38//)38-85#+=#4/',2#$B#
3+8/(2# +=# [email protected]<()3(%# [email protected]# 6/+6+('-# =+--+p(# *@2# 48),2-)02(# *@'*# 3+52# =/+5# *@2#
(+3)+-+4<# +=# 2,83'*)+0# '0,# *@2# /2(2'/[email protected]# )0# ,),'3*)3(# '.+8*# *@2# 2-23*/)3# '0,#
5'402*)3#=)2-,(;#'(#p2--#'(#*@2#-'p%#K0#2((2032;#)*#)(#.'(2,#+0#80=+-,)04#*@2#'3*):)*)2(#
)0*+##+#$/M%1#$)'3*):)*)2(;#=+/#*@+(2#(*8,20*(#'.-2#*+#.8)-,#'0,#p+/b#p)*@#'#520*'-#
5+,2-#()5)-'/#*+#*@2#(3)20*)=)3#5+,2-;#'0,#F0/F/-%&%/+#$#'3*):)*)2(;#=+/#*@+(2#+*@2/(#
*@'*#3'00+*#,+#)*%#
I?7)JA8>CF)38//)38-85o#-2'/0)04#'3*):)*)2(o#'**20*)+0#*+#*@2#,)==2/20*#(*8,20*(%#
#
$U\#
'#6*"2%!!'"#)
H0#-'#'3*8'-),',#2-#6/+=2(+/',+#0232()*'#'=/+0*'/#-'(#,)=2/203)'(#782#2>)(*20#20*/2#
2-# '-850',+# ,2# -'(# '8-'(%# &+0# 2(*2# =)0;# 682,2# '6-)3'/# 5I-*)6-2(# 52,),'(# 6'/'# ,'/#
80'# /2(682(*'# 2=23*):'# '# -'(# ,25'0,'(# 2,83'*):'(# ,2# -+(# '-850+(%# H(*'# /2(682(*'#
682,2# 3+03/2*'/(2# '# 0):2-# ,2# '8-'# 2# )03-8(+# '# 0):2-# ,2# '-850+# 52,)'0*2# -'(#
+6+/*80'(# ','6*'3)+02(# 38//)38-'/2(# T&'-:+# <# R+01A-21;# B]]$W%# H-# +.G2*):+# ,2# -'#
'*203)D0# '# -'# ,):2/(),',# 2(# '3+42/# 3'6'3),',2(# 2# )0*2/2(2(# ,)=2/203)',+(# ,2# -+(#
'-850+(##<#3+0(248)/#-'#','6*'3)D0#'#-'#6-8/'-),',#,2#0232(),',2(#<#'6*)*8,2(;#3+0#
2-# =)0# ,2# ='3)-)*'/-2(# 782# '-3'0320# -+(# +.G2*):+(# ,2# 3','# 0):2-# 2,83'*):+# TM'*2+;#
B]]\W%#
H0#2(*'#3+580)3'3)D0;#/2=2/),'#'#2(*8,)'0*2(#,2#.'[email protected])--2/'*+;#'(85)5+(#-'#'*203)D0#
'# -'# ,):2/(),',# 20# 80# (20*),+# '56-)+;# <# 620('5+(;# (+./2# *+,+;# 20# -+(# 2(*)-+(# <#
6238-)'/),',2(#20#2-#'6/20,)1'G2#,2#-+(#'-850+(%#H0#2--'#6/2*20,25+(#+=/232/#80'#
6/+682(*'#6'/'#-'#'*203)D0#'#,):2/(),',#20#80'#80),',#,),A3*)3'#,2#-'#'()40'*8/'#
,2# `9()3'# ,2# (2480,+# ,2# J'[email protected])--2/'*+X# K0*2/'33)D0# H-23*/+5'40l*)3'%# a)[email protected]'#
6/+682(*'# @'# (8/4),+# ,2-# ,)(2g+# <# ,2('//+--+# ,2# 80'# 80),',# ,),A3*)3'# 6/26'/','#
6'/'# 80# */'.'G+# =)0# ,2# MA(*2/# TMA(*2/# n0):2/()*'/)+# 20# E/+=2(+/# ,2# H,83'3)D0#
F2380,'/)';#n0):2/()*'*#,2#h'-î03)'W#T&2/:2/';#B]$]W%##
#
+%#2,0(#6,!'1#)6(1*'!,)
E8)4:2/*# <# N-):2/# TB]]!W# ,2=)20,20# -'# 8*)-)1'3)D0# ,2# -'# 5)(5'# 52*+,+-+49'# ,2#
20(2g'01'q'6/20,)1'G2# 6'/'# *+,+# 2-# '-850',+;# )0,2620,)20*2520*2# ,2# (8#
3'6'3),',%# ?,25A(;# 6'/'# -+(# '-850+(# 3+0# 5A(# ,)=)38-*',2(;# '682(*'0# 6+/#
6/+6+/3)+0'/-2(# 5A(# 5'*2/)'-# ,),A3*)3+# ,2-# 5)(5+# 0):2-# 62/+# 3+0# 80# 20=+782#
,)=2/20*2%#
E+/#+*/'#6'/*2;#20#80'#)0:2(*)4'3)D0#--2:','#'#3'.+#6+/#R/23'#<#M+/2)/'#T$UU^W#(2#
3+03-8<2#782#-+(#2(*8,)'0*2(#782#+.*209'0#52G+/2(#/2(8-*',+(#20#-'#2:'-8'3)D0#,2#
3+0+3)5)20*+(#,2#2-23*/)3),',#<#5'402*)(5+#2/'0#'782--+(#782#@'.9'0#=+/5',+#80#
5+,2-+#520*'-#,2#3'56+#2-23*/+5'40l*)3+#782#(2#'6/+>)5'.'#'-#782#2-'.+/'0#-+(#
2>62/*+(# T=9()3+(W%# E+/# 2-# 3+0*/'/)+;# -+(# 782# +.*8:)2/+0# 62+/2(# /2(8-*',+(# 20# -'#
2:'-8'3)D0# 0+# 3+0(2489'0# 3+0(*/8)/# 80# 5+,2-+# 520*'-# ',238',+# <# (2# -)5)*'.'0# '#
*/'.'G'/# 3+0# 6/+6+()3)+02(# T=D/58-'(;# ,2=)0)3)+02(# +# 20803)',+(W# ')(-','(# 782#
'6-)3'.'0#523A0)3'520*2%#
H0#2-#*/'.'G+#,2#F+-'1YE+/*+-l(#<#F'0G+(l#TB]]^W#(2#'0'-)1'#2-#6'62-#,2#-+(#5+,2-+(#
520*'-2(#20#-'#/2(+-83)D0#,2#6/+.-25'(#,2#3)203)'(%#H0#l-#(2#,2(*'3'#-'#)56+/*'03)'#
,2# -'# 2-'.+/'3)D0# ,2# 5+,2-+(# 520*'-2(# ',238',+(# T'3+/,2(# 3+0# -+(# 5+,2-+(#
3+0326*8'-2(# '326*',+(# 6+/# -'# 3+580),',# 3)20*9=)3'W# 6'/'# /2(+-:2/# 6/+.-25'(%#
_'5.)l0#(2#(2g'-'0#-'(#:'/)'.-2(#3+40)*):'(#<#52*'3+40)*):'(#782#)0*2/:)2020#20#-'#
2-'.+/'3)D0# <# 5'0)68-'3)D0# ,2# 5+,2-+(# 520*'-2(X# .'(2# ,2# 3+0+3)5)20*+#
T,23-'/'*):+;#6/+32,)520*'-;#2(*/'*l4)3+;#()*8'3)+0'-#<#2(7825A*)3+W;#3'6'3),',#,2#
-'#525+/)'#,2#*/'.'G+#<#,2(*/21'(#52*'3+40)*):'(%#
#
!"#!*(!'1#)2($)3$,#6(,0'(#6"))
E'/*)5+(# ,2-# ,)(2g+# ,2# 80),',# ,),A3*)3'# # 620(','# 6'/'# '6-)3'/-'# 20# 2-# '8-'#
()48)20,+#80#5+,2-+#,2#20(2g'01'q'6/20,)1'G2#,2#3+/*2#3+0(*/83*):)(*'#20#2-#782#
$U"#
-+(#'-850+(;#52,)'0*2#80#',238',+#6/+4/'5'#,2#'3*):),',2(#20#2-#782#6'/*)3)6'0#
'3*):'#<#3+-'.+/'*):'520*2;#3+0(*/8<20#(8(#6/+6)+(#3+0+3)5)20*+(#TR)-;#R8)('(+-';#
M+/20+;# &'[email protected]'681;# E2((+'# ,2# &'/:'[email protected]+;# 2*# '-%;# B]]$W%# Z'<# 782# *202/# 6/2(20*2# 2-#
6'62-#=80,'520*'-#,2-#6/+=2(+/#20#2(*2#5+,2-+#<'#782#,)(2g'#-'(#'3*):),',2(#<#-'#
2:'-8'3)D0;#='3)-)*'#-+(#/238/(+(#',238',+(;#4202/'#,)(38()+02(#<#/2=-2>)+02(#20#2-#
'8-';#<#+/)20*'#<#,)/)42#-+(#6/+32(+(#,2#'6/20,)1'G2%#
H-#*/'.'G+#20#4/86+#2(#=80,'520*'-#20#2-#5+,2-+#3+0(*/83*):)(*'#TC)00#<#J8/.8-2(;#
$UU!W;# ,',+# 782# ,2# 2(*2# 5+,+# (2# )03/2520*'# 2-# 0):2-# ,2# 6'/*)3)6'3)D0# <# ,2#
3/2'*):),',#0232('/)'#6'/'#'.+/,'/#-'(#,)(*)0*'(#'3*):),',2(#,2#'6/20,)1'G2#782#(2#
6/+6+020%#C+(#4/86+(#,2.20#)0*2/'33)+0'/#-+#5A>)5+#6+().-2#6'/'#3+56'/'/#),2'(#
<# /2(8-*',+(# +.*20),+(# 6+/# *+,+(;# '(9# 3+5+# ,)(38*)/# 38A-2(# /2(8-*'0# 5A(#
62/*)020*2(#+#'32/*',+(#3+0#-'#'<8,'#,2-#6/+=2(+/#T}@2'*-2<;#$UU$W%#
a2# =+/5'# /2(85),';# -'# 52*+,+-+49'# 782# (2# @'# ,2# 256-2'/# 20# 2-# ,2('//+--+# ,2# -'#
80),',#,),A3*)3'#(2#3+03/2*'#20#*+/0+#'#*/2(#2-2520*+(#.A()3+(X#
$% n0# 6/+4/'5'# ,2# '3*):),',2(;# ()*8'3)+02(# 6/+.-25A*)3'(# 782# )56-)7820# '# -+(#
'-850+(#20#*'/2'(#,2#'6/20,)1'G2%#
B% _/'.'G+#20#62782g+(#4/86+(#
!% K0*2/'33)D0#<#/2*/+'-)520*'3)D0#20*/2#-+(#4/86+(;#2-#6/+=2(+/#<#2-#6/+4/'5'#,2#
'3*):),',2(%#
a20*/+# ,2# 2(*2# 6/+4/'5'# ,2# '3*):),',2(# )03-8)/25+(# ,+(# *)6+(# ,2# '3*):),',2(# Y
.'(A0,+0+(# 20# -+(# /2(8-*',+(# ,2# R/23'# <# M+/2)/'# T$UU^W# Y# /2=2/),'(# '-# 5)(5+#
3+0326*+;#6/)03)6)+#+#-2<%#H-#6/)52/#*)6+#,2#'3*):),',2(;#782#--'5'/25+(##+#$KM%1#-;#
2(*A0# 620(','(# 6'/'# '782--+(# 2(*8,)'0*2(# 3'6'32(# ,2# 3+0(*/8)/# <# */'.'G'/# 3+0# 80#
5+,2-+# 520*'-# '0A-+4+# '-# 5+,2-+# 3)20*9=)3+%# a)[email protected]'(# '3*):),',2(# 6'/*20# ,2# 80#
/'1+0'5)20*+# 38'-)*'*):+# '.)2/*+# <# =)0'-)1'0# 20# -+(# '(623*+(# 38'0*)*'*):+(%# H-# +*/+#
*)6+# ,2# '3*):),',2(;# 782# ,20+5)0'/25+(# F0/F/-%1%/+#$(-;# :'0# ,)/)4),'(# '# -+(#
2(*8,)'0*2(#782#0+#682,20#2-'.+/'/#80#5+,2-+#520*'-#',238',+#<#(82-20#*/'.'G'/#
3+0# 6/+6+()3)+02(%# H(*'(# I-*)5'(# '3*):),',2(# (+0# 5A(# 32//','(# <# +62/'*):'(# T(2#
'6-)3'0# =D/58-'(;# ,2=)0)3)+02(;# 2*3%W;# <# 3+03-8<20# 20# 80# /'1+0'5)20*+# 38'-)*'*):+%#
?,25A(;# +=/2325+(# 80# *2/32/# *)6+# ,2# '3*):),',2(;# --'5','(# '3*):),',2(# ,2#
#DF$%#1%K+;#782#(+0#+6*'*):'(#<#,2(*)0','(#'#'-850+(#':20*'G',+(#+#,)(682(*+(#'#
2=23*8'/#80#2(=82/1+#',)3)+0'-%#
?# 3+0*)08'3)D0# 6/2(20*'5+(# 2G256-+(# ,2# ,2(,+.-'5)20*+# ,2# '3*):),',2(;#
'0'-D4)3'(# <# 6/+6+()3)+0'-2(;# )03-8),'(# 20# 2-# ,2('//+--+# ,2# -'# 80),',# ,),A3*)3'#
K0*2/'33)D0#2-23*/+5'40l*)3'#6'/'#(2480,+#,2#J'[email protected])--2/'*+%##
#
3*"3"&'!'"#,$)
,ML9E9>:>)S[:b)F86+04'5+(#80#5'*2/)'-#')(-'0*2#,2#=+/5'#2(=l/)3'#
782# 3+0*)202# 20# (8# )0*2/)+/# 80'# 3'/4'# 2-l3*/)3'# ,)(*/).8),'#
@+5+4l02'520*2#3+0#80'#,20(),',# ! 0 = Q / V ;#,+0,2# V = 4! a 3 / 3 #2(#2-#
:+-8520#,2#-'#2(=2/'#<# a #2(#(8#/',)+%#
T'W#j&8A-#620(A)(#782#2(#-'#()52*/9'#,2-#3'56+#2-l3*/)3+#782#4202/'c#
$%
H(=l/)3'#
$U^#
B%
&)-90,/)3'#
!%
O+#-+#6+,25+(#('.2/#@'(*'#782#0+#/2(+-:'5+(#2-#6/+.-25'%#
#
########
#
#
T.W#&'-38-',#78l#3'/4'#204-+.'#80#3'(782*2#2(=l/)3+#,2#/',)+# r < a %#
T3W# E+/# /'1+02(# ,2# ()52*/9'# *2025+(# 782# 2-# 5D,8-+# ,2-# 3'56+# 2-l3*/)3+# 2(# 2-#
5)(5+# 20# *+,+(# -+(# 680*+(# ,2-# 3'(782*2# 2(=l/)3+%# E+/# *'0*+;# 2-# =-8G+# ,2# 3'56+# 2(#
()56-2520*2# ! E = ES %# ?6-)3',# -'# C2<# ,2# R'8((# <# +.*202,# -'# 2>6/2()D0# ,2-# 5ñ,8-#
,2-#3'56%#
T,W# &'-38-',# 78l# 3'/4'# 204-+.'# 80# 3'(782*2# 2(=l/)3+# ,2# /',)+# r > a %# ja2620,2# ,2-#
:'-+/#,2# r c#
T2W#F)48)20,+#-+(#6'(+(#'0A-+4+(#'-#'6'/*',+#T3W;#3'-38-',#-'#2>6/2()D0#,2-#5D,8-+#
,2-#3'56+#2-l3*/)3+%#
,#,$v.'!,)
,ML9E9>:>)S[Db#F86+04'5+(#80#5'*2/)'-#')(-'0*2#,2#=+/5'#2(=l/)3'#
782# 3+0*)202# 20# (8# )0*2/)+/# 80'# 3'/4'# 2-l3*/)3'# ,)(*/).8),'#
@+5+4l02'520*2#3+0#80'#,20(),',# ! 0 = Q / V ;#,+0,2# V = 4! a 3 / 3 #2(#2-#
:+-8520#,2#-'#2(=2/'#<# a #2(#(8#/',)+%#
k82/25+(#+.*202/#2-#:'-+/#,2-#3'56+#2-l3*/)3+#782#3/2'#,)[email protected]'#2(=2/'#
,2#3'/4'#80)=+/52%#E'/'#@'32/-+X#
T'W#a)(38*),;#.'('0,++(#20#-'#()52*/9'#,2-#6/+.-25';#38A-#*)202#782#(2/#-'#,)/233)D0#
,2-#3'56+#2-l3*/)3+#T2(3+42,#3+5+#+/)420#,2#3++/,20','(#2-#320*/+#,2#-'#2(=2/'W%#
T.W# H(3+42,# 80# 3'(782*2# 2(=l/)3+# ,2# /',)+# r < a %# a)(38*),# -'# ,)/233)D0# ,2-# :23*+/#
(862/=93)2# 20# 80# 680*+# '/.)*/'/)+# ,2-# 3'(782*2# <# (8# /2-'3)D0# 3+0# -'# ,)/233)D0# ,2-#
3'56+#2-23*/+(*A*)3+%#
T3W#&'-38-',#-'#3'/4'#*+*'-#782#204-+.'#-'#(862/=)3)2#<#'6-)3',#-'#C2<#,2#R'8((#6'/'#
+.*202/#2-#:'-+/#,2-#5D,8-+#,2-#3'56+#2-l3*/)3+#20#2-#)0*2/)+/#,2#-'#2(=2/'%#
T,W#F248),#-+(#6'(+(#.#<#3#62/+#6'/'#80#3'(3+*2#,2#/',)+# r > a %#&+56'/',#2-#3'56+#
2-23*/+(*A*)3+#=82/'#,2#-'#2(=2/'#3+0#2-#782#3/2'/9'#80'#3'/4'#680*8'-#,2#:'-+/# Q %#
T2W#a).8G',#2-#5D,8-+#,2-#3'56+#2-23*/+(*A*)3+#20#=803)D0#,2#-'#,)(*'03)'#'-#320*/+#
,2#-'#2(=2/'%#
#
$UV#
,ML9E9L:L) SZb# &+0(),2/',# ,+(# 3'/4'(# Q1 = 1 ó&# <# Q2 = 3 ó&%# &'-38-',# -'# 202/49'#
6+*203)'-#2-23*/+(*A*)3'#,2-#()(*25'#38'0,+#2(*A0#(26'/','(#80'#,)(*'03)'#,2#"#5%#
T'W# j&8A-# 2(# -'# 202/49'# 6+*203)'-# 38'0,+# (2# '6/+>)5'0# '# B# 5c# jZ'# '8520*',+# +#
,)(5)08),+c#
T.W#H0#=803)D0#,2#-'#:'/)'3)D0#,2#202/49'#6+*203)'-;#j78)20#@'#2=23*8',+#2-#*/'.'G+#
6'/'#6+,2/#'32/3'/#-'(#3'/4'(;#2-#()(*25'#,2#-'(#,+(#3'/4'(#+#80'#=82/1'#2>*2/0'#'-#
()(*25'c#jQ#()#(2#'-2G'/'0c#
T3W#â?O?C{RK&?ä#a).8G',#,2#=+/5'#'6/+>)5','#-'#4/A=)3'#,2#-'#202/49'#6+*203)'-#20#
=803)D0#,2#-'#,)(*'03)'#20*/2#-'(#3'/4'(%#
T3W#âESNENFK&KNO?Cä#&'-38-',#80'#*'.-'# r12 Y# E p #6'/'#-+(#:'-+/2(#,2# r12 ={0.25,0.5,1,2,4,8} #
T20#52*/+(W#<#,).8G',#-'#4/ã=)3'#'#6'/*)/#,2#2(*+(#,'*+(%#
#
,#,$1.'!,)
,ML9E9>:>) S^:b# a).8G',# ,2# =+/5'# '6/+>)5','# -'# 202/4)'# 6+*203)'-# ,2# ,+(# 3'/4'(#
2-l3*/)3'(# 3+0# ()40+(# ,)=2/20*2(%# F);# '-# )0)3)+;# -'(# ,+(# 3'/24'(# (2# 203820*/'0# '# 80'#
,)(*'03)'#0#)#-'#3'/4'#6+()*):'#2(*A#=)G'#62/+#-'#024'*):'#(2#682,2#5+:2/#-)./2520*2;#
[email protected]'3)'# ,+0,2# *20,2/A# '# )/# -'# 3'/4'# 024'*):'c# jE+/# 78lc# jk8l# 6'('/9'# ()# -'(# ,+(#
3'/4'(#=82/'0#6+()*):'(#3+5+#20#-'#'3*):),',#'0*2/)+/c#
3*"3"&'!'"#,$)
,ML9E9>:>)S^Db#F86+02,#782;#20#-'#'3*):),',#'0*2/)+/;#(8(*)*8)5+(#-'#3'/4'# Q1 = 1 ó&#
6+/# Q1 = !1 ó&%#
T'W# &'-38-',# ,2# 082:+# -'# *'.-'# r12 Y# E p # 6'/'# -+(# :'-+/2(# ,2# r12 ={0.25,0.5,1,2,4,8} # T20#
52*/+(W#<#,).8G',#-'#4/A=)3'#/2(8-*'0*2%#
T.W#F86+04'5+(#782#-'#3'/4'# Q2 #2(*A#=)G','#62/+#-'#3'/4'# Q1 #(2#682,2#5+:2/%#F);#20#
80# ,2*2/5)0',+# 5+5*20*+;# -'(# 3'/4'(# 2(*8:)2/'0# '# 80'# ,)(*'03)'# r12 = 2 5;# [email protected]'3)'#
,+0,2#*20,2/9'#'#)/#-'#3'/4'#5D:)-c#
#
,#,$1.'!,)
,ML9E9>:># XY:b# &+0(),2/25+(# ,+(# 3'/4'(# 6+()*):'(# ,2# :'-+/# Q0 = 5 ò&;# =)G'(# <#
()*8','(#20#-+(#680*+(#TB;]W5#<#TYB;]W5%#H0#2-#680*+#T];BW5#()*8'5+(#20#/26+(+#80#
+.G2*+#,2#5'('#Du\54#<#80'#3'/4'#024'*):'#,2#:'-+/# Q = !1 ò&#782#(2#682,2#5+:2/#
-)./2520*2# 6+/# 80# 6-'0+# @+/)1+0*'-;# ,+0,2# 2-# 2=23*+# ,2-# /+1'5)20*+# 2(#
,2(6/23)'.-2%#
T'W#&'-38-',#-'#202/49'#6+*203)'-#,2-#()(*25'#20#2-#680*+#)0)3)'-#,2#-'#3'/4'#5D:)-%#
T.W# E+/# ()52*/9'# ('.25+(# 782# -'# 3'/4'# (2# 5+:2/A# 6+/# 2-# 2G2# OY %# &'-38-',# -'#
:2-+3),',#,2#-'#3'/4'#5D:)-#38'0,+#6'(2#6+/#2-#+/)420%#T?<8,'X#n*)-)1',#2-#E/)03)6)+#
,2#&+0(2/:'3)D0#,2#-'#H02/49'%W#
T3W#K0*20*',#@'32/#80'#4/A=)3'#'6/+>)5','#,2# y Y E p #<# y Y Ec #T20#80'#4/A=)3'W#<# y Y v #
T20#+*/'W%#j&8A-#620(A)(#782#2(#2-#5+:)5)20*+#782#@'32#-'#3'/4'c#
$UU#
3*"3"&'!'"#,$)
,ML9E9L:L#XYDb#&+0(),2/25+(#,+(#3'/4'(#6+()*):'(#,2#:'-+/# Q0 = 5 ò&;#=)G'(#<#()*8','(#
20#-+(#680*+(#TB;]W5#<#TYB;]W5%#H0#2-#680*#T];BW5#()*8'5+(#20#/26+(+#80#+.G2*+#,2#
5'('# Du\54# <# 80'# 3'/4'# 024'*):'# ,2# :'-+/# Q = !1 ò&# 782# (2# 682,2# 5+:2/#
-)./2520*2# 6+/# 80# 6-'0+# @+/)1+0*'-;# ,+0,2# 2-# 2=23*+# ,2-# /+1'5)20*+# 2(#
,2(6/23)'.-2%#
T'W#Z'32,#80'#*'.-'# y Y E p #6'/'# x = 0 #<#-+(#:'-+/2(#,2# y ={2,1,0.5,0,-0.5,-1,2} 5%#
T.W# &+5+# 0+# @'<# /+1'5)20*+;# E p + Ec = 0 # <# 6+/# *'0*+# Ec = ! E p %# &+56-2*',# -'# *'.-'#
'0*2/)+/#3+0#-+(#:'-+/2(#,2# Ec %#
T3W#S23+/,25+(#782#-'#2>6/2()D0#,2#-'#202/49'#3)0l*)3'#2(# Ec = (1/ 2)mv 2 #<;#6+/#*'0*+;#
v = ± 2 Ec / m %#?g',),#80'#3+-850'#'#-'#*'.-'#3+0#-'#:2-+3),',%#
T,W#S26/2(20*',#4/A=)3'520*2#'#6'/*)/#,2#-'(#*'.-'(# y Y E p #<# y Y Ec #T20#80'#4/A=)3'W#<#
y Y v #T20#+*/'W%#
#
,#,$1.'!,)
,ML9E9>:>)XS:b##
T'W#S26/2(20*',#38'-)*'*):'520*2#2-#6+*203)'-#2-23*/+(*A*)3+#782#4202/'#80'#3'/4'#
6+()*):'#<#80'#3'/4'#024'*):'#20#=803)D0#,2#-'#,)(*'03)'# r12 %#
T.W# H-# 3'5.)+# ,2# 202/49'# 6+*203)'-# 2-23*/+(*A*)3'# '# 782# 2(*A# (+52*),'# 80'# 3'/4'#
2-l3*/)3'# 20*/2# ,+(# 680*+(# ,+0,2# @'<# 80'# :'/)'3)D0# ,2# 6+*203)'-# 2-l3*/)3+# !V # 2(#
)48'-#'#
!E p = Q !V #
TVW#
&+0(),2/25+(# -'# 4/A=)3'# ,2-# 6+*203)'-# ,2# 80'# 3'/4'# 6+()*):'%# F86+04'5+(# 782#
6+025+(#'#80'#,)(*'03)'# r12 ! 0 #+*/'#3'/4'#6+()*):'#T520+/#782#-'#6/)52/'#6+/782#
(8# 2=23*+# (2'# ,2(6/23)'.-2# (+./2# 2-# 6+*203)'-W%# &+0(),2/'0,+# 2-# /2(8-*',+# ,2# -'#
'3*):),',#BV;#)0,)3',#@'3)'#,+0,2#)/A#-'#3'/4'#6+()*):'%#jk8l#6'('/9'#()#2(*'#(2480,'#
3'/4'#=82(2#024'*):'c#
3*"3"&'!'"#,$)
,ML9E9L:L)XSDb##
T'W# &'-38-',# 2-# 6+*203)'-# 782# 3/2'# 80'# 3'/4'# Q1 = +10 ó&# 20# -+(# 680*+(#
r12 ={0.25,0.5,1,2,4,8} #5#[email protected]'32,#80'#*'.-'W#<#/26/2(20*',-'#4/A=)3'520*2%#
T.W# &'-38-',# 2-# 6+*203)'-# 782# 3/2'# 80'# 3'/4'# Q1 = !10 ó&# 20# -+(# 680*+(#
r12 ={0.25,0.5,1,2,4,8} 5#[email protected]'32,#80'#*'.-'W#<#/26/2(20*',-'#4/A=)3'520*2%#
#
T3W# H-# 3'5.)+# ,2# 202/4)'# 6+*203)'-# 2-23*/+(*A*)3'# '# 782# 2(*A# (+52*),'# 80'# 3'/4'#
2-l3*/)3'# 20*/2# ,+(# 680*+(# ,+0,2# @'<# 80'# :'/)'3)D0# ,2# 6+*203)'-# 2-l3*/)3+# !V # 2(#
)48'-#'#
!E p = Q !V #
TVW#
B]]#
#
F86+04'5+(#-'#3'/4'#782#*209'5+(#,2#ï$]#ó&#<#80'#(2480,'#3'/4'#5D:)-#,2#:'-+/#
kuY$ó&%# ?# 6'/*)/# ,2# -'# 2>6/2(()D0# TVW;# 3'-38-',# -'# :'/)'3)D0# ,2# 202/49'# 6+*203)'-#
20*/2#-+(#680*+(#782#2(*A0#'# r12 = 1 5#<# r12 = 0.25 5;#6+/#80#-',+;#<#20*/2#-+(#680*(#782#
2(*A0#'# r12 = 1 5#<# r12 = 8 5;#6+/#+*/+%#jk8l#:'/)'3)D0#,2#202/4)'#6+*203)'-#T3+0*'0,+#
3+0#2-#()40+W#2(#520+/%#jZ'3)'#,D0,2#*20,2/A#'#)/#-'#(2480,'#3'/4'%#
T,W#jk8l#6'('/9'#()#20#-84'/#,2#*202/#-'#3'/4'#,2#ï$]#ó&;#l(*'#=82/'#,2#Y$]#ó&c#
#
n0#3+0,20(',+/#2(#80#,)(6+()*:+#=+/5',+#6+/#,+(#6-'3'(#3+0,83*+/'(#782#(26'/'0#
80#,)2-l3*/)3+#T80#')(-'0*2W%#&8'0,+#20#-'(#6-'3'(#,2#80#3+0,20(',+/#@'<#80#2>3l(#
,2#3'/4'#T6+/#2-#6/+32(+#782#(2#8*)-)1'#'#-'#@+/'#,2#3/2'/#2(*2#2>32(+#,2#3'/4';#20#
80'#6-'3'#*2025+(#80#2>32(+#,2#3'/4'#6+()*):'# +Q0 #<#20#-'#+*/'#80#2>32(+#,2#3ã/4'#
024'*):'# !Q0 T Q0 > 0 W%# H0# 2-# )0*2/)+/# ,2-# 3+0,20(',+/# (2# 4202/'# 80# 3'56+#
2-23*/+(*ã*)3+#'6/+>)5','520*2#3+0(*'0*%#
#
,#,$1.'!,)
,ML9E9>:>) XR:b# F86+04'5+(# 782# 6+,25+(# @'32/# 80# '48G2/+# 20# 2-# 3+0,20(',+/# 2#
)0*/+,83)5+(# 80# 2-23*/D0# 6+/# -'# 6-'3'# 024'*):'%# n0'# :21# 2(*A# ,20*/+# ,2-#
3+0,20(',+/;# j78l# =82/1'# '3*I'# (+./2# 2-# 2-23*/D0c# jk8l# ,)/233)D0# *lc# Z'32,# 80#
,).8G+#2(7825A*)3+%#a2#'382/,+#3+0#-'#=82/1'#782#'3*I'#<#-'#:2-+3),',#,2-#2-23*/D0;#
j78l# */'<23*+/)'# (248)/Ac# jk8l# *)6+# 5+:)5)20*+# @'/Ac# j&D5+# 6+,/9'5+(# 3'-38-'/#
(8#:2-+3),',#=)0'-c#
3*"3"&'!'"#,$)
,ML9E9>:>) XRDb) F86+04'5+(# 782# ,20*/+# ,2-# 3+0,20(',+/# @'<# 80# 3'56+#
!
!
E = !104 i Oq&%#F)*8'5+(#80#2-23*/D0#T5'('#U%$ô$]Y!$#b4#<#3'/4'#Y$%"ô$]Y$U#&W#'-#-',+#
,2#-'#6-'3'#024'*):'#20#-'#6+()3)D0#T];]W%#K0,)3',#
T'W#j&8A-#(2/A#-'#=82/1'#782#'3*I'#(+./2#2-#2-23*/D0c#jk8l#(20*),+#*20,/Ac#
T.W#j&8A-#(2/A#-'#'32-2/'3)D0#,2-#2-23*/D0#6+/#3'8('#,2-#3'56+#2-î3*/)3+c#jk8l#*)6+#
,2#5+:)5)20*+#@'/A#2-#2-23*/D0c#
T3W#n0'#:21#),20*)=)3',+#2-#5+:)520*;#*/'*',#,2#+.*202/#-'#:2-+3),',#<#-'#6+()3)D0#
20#2-#6-'0+#38'0,+#--24'#'#-'#6-'3'#6+()*):';#()*8','#'#80'#,)(*'03)'#,2#B#55#,2#-'#
6-'3'#024'*):'%#
#
C'# =)48/'# 582(*/'# ,2# =+/5'# 2(7825A*)3'# 2-# =803)+0'5)20*+# ,2# 80# 4202/',+/# 782#
=803)+0'#6+/#80#=20D520+#,2#)0,833)D0#2-23*/+5'40l*)3'%#M2,)'0*2#80#'6+/*2#,2#
B]$#
202/49'#@'325+(#4)/'/#-'#2(6)/'#,20*/+#,2-#3'56+#5'40l*)3+%#
#
#
,#,$1.'!,)
,ML9E9>:>) ZYb# jE+,/9')(# 2>6-)3'/# -'(# .'(2(# =9()3'(# ,2# (8# =803)+0'5)20*+c# j&D5+#
(2/A#-'#=+/5'#=803)+0'-#,2#-'#=%2%5%#782#4202/2c#
3*"3"&'!'"#,$)
,ML9E9>:>) ZYb# j&8A-# 620(A)(# 782# 2(# -'# 6/+6)2,',# 782# 782/25+(# '6/+:[email protected]'/# 6'/'#
4202/'/#80'#=%2%5%c#F86+04'5+(#782#@'325+(#4)/'/#80'#2(6)/'#'6/+>)5','520*2#
38',/','#,2#-',+#$#5;#3+0#80'#=/238203)'#,2#\]#Z1#,20*/+#,2#80#3'56+#5'40l*)3+#
3+0(*'0*2%#C'#(862/=)3)2#,2#-'#2(6)/'#4)/'#(24I0#-'#=803)D0#
!
!
!
S = S (cos !t i + sin !t j ) #
!
!
<#2-#3'56+#5'40l*)3+#2(# B = 0.5 i _%#
#
T'W# &'-38-',# 2-# :'-+/# ,2# -'# =/238203)'# '048-'/# <# ,2-# 5D,8-+# ,2# -'# (862/=)3)2# ,2# -'#
2(6)/'%#
T.W# &'-38-',# -'# =+/5'# =803)+0'-# ,2-# =-8G+# ,2# 3'56+# T,2620,2# ,2-# *)256+W# 782#
'*/':)2('#-'#2(6)/'%#
T3W#&'-38-',#2-#:'-+/#,2#-'#=%2%5%#)0,83),'#20#-'#2(6)/'%#
T,W# H-'.+/',#80'#*'.-'#3+0#-+(#:'-+/2(#,2#-'#=%2%5%#)0,83),'# ! #6'/'#-+(#:'-+/2(#,2#
*)256+# t ={0,2,4,6,8,10,12,14,16,18,20} #5(%#S26/2(20*'#4/A=)3'520*2# ! #20#=803)D0#,2# t %#
#
#
!"#&'2(*,!'"#(&)+'#,$(&)
C'(# '3*):),',2(# #+#$KM%1#-# <# F0/F/-%1%/+#$(-) 2(*A0# ,)(2g','(# 6'/'# /2'-)1'/-'(#
2(*8,)'0*2(#,)(*)0*+(#,2#80#5)(5+#4/86+#<#,2(68l(#6+02/#20#3+5I0#-+(#/2(8-*',+(#
+.*20),+(;# 6/)52/+# 20# 2-# 4/86+# <# ,2(68l(# 20# 2-# '8-'%# O'*8/'-520*2;# 2--+# /278)2/2#
782#2-#6/+=2(+/;#'#*/':l(#,2#-+(#+6+/*80+(#)0(*/8520*+(#,2#,)'40D(*)3+;#(2'#3'6'1#
,2# 3-'()=)3'/# '# -+(# 2(*8,)'0*2(# 3+5+# #+#$KM%1/-;# 2(*+# 2(;# 3'6'32(# ,2# 2-'.+/'/#
5+,2-+(#520*'-2(#[email protected]/20*2(#3+0#2-#3+0+3)5)20*+#3)20*9=)3+;#+#F0/F/-%1%/+#$(-;#3+0#
,)=)38-*',2(#+#)03'6'3),',#6'/'#-'#3+0(*/833)D0#,2#2(*+(#5+,2-+(#520*'-2(%##
B]B#
E+/# +*/'# 6'/*2;# 782,'# 620,)20*2# -'# '6-)3'3)D0# /2'-# ,2# 2(*'(# '3*):),',2(# 20# '8-'# <;#
3+0()48)20*2520*2;#-'#.+0,',#,2#(8(#6'/*)38-'/),',2(%#H(*+#(2/A##+.G2*+#,2#2(*8,)+#
20#80#*/'.'G+#6/D>)5+%##
)
-'-$'".*,+c,)
&'-:+;#M%#K%#TB]]$W%#M2,),'(#,2#'*203)D0#'#-'#,):2/(),',#20#6/)5'/)'#<#(2380,'/)'%#
WWW) 9/+M0(-/) Z7#) #&(+1%K+) #) $#) *%'(0-%*#*) (+) ($) L%-&(D#) 5*"1#&%'/Y%# n0):2/(),',# ,2#
F'-'5'03'#
TKOK&NW%#
@**6Xqq3'568(%8(-%2(qö)0)3+q'3*):),',2(q'3*'(8/848'<B]]$qB%6,=#
&2/:2/';# L%# TB]$]W%# T0/F/-&#)*()*(-(+'/$"F#D(+&)*|"+#)"+%&#&)*%*R1&%1#_)W+&(0#11%K)
($(1&0/D#M+X&%1#) *() -(M/+) *() a#&S%$$(0#&%# _/'.'G+# =)0# ,2# MA(*2/# TMA(*2/#
n0):2/()*'/)+# 20# E/+=2(+/# ,2# H,83'3)D0# F2380,'/)'WX# n0):2/()*'*# ,2# h'-î03)'# T()0#
68.-)3'/W%#
R)-;# a%;# R8)('(+-';# L%;# M+/20+;# ?%;# &'[email protected]'681;# ?%;# E2((+'# ,2# &'/:'[email protected]+;# ?%;# M'/*)021;# L%#
F'-)0'(;#L%;#h'-,l(;#E%;#R+01A-21;#H%;#R20l;#?%;#a85'(Y&'//l;#?%;#_/)3A/)3+;#Z%#Ö#R'--24+;#
S%#a2=20,)04#3+0(*/83*):)(5#)0#(3)2032#2,83'*)+0%#L1%(+1()v)5*"1#&%/+;#$$;#\\^Y\^$#
R/23'#;#`%#M%#Ö#M+/2)/';#M%#?%#T$UU^W%#[email protected]#b)0,(#+=#520*'-#/26/2(20*'*)+0(#d5+,2-(;#
6/+6+()*)+0(#'0,#)5'42(Y#8(2,#.<#3+--242#(*8,20*(#/24'/,)04#*@2#3+0326*#+=#=)2-,%#
W+&(0+#&%/+#$)Q/"0+#$)/.)L1%(+1()5*"1#&%/+;#<C;#^^$Y^Bf%#
C)00;# M%# &%;# Ö# J8/.8-2(;# O%# &%# T$UU!W%# &+0(*/83*)+0# +=# b0+p-2,42# '0,# 4/+86#
-2'/0)04%# K0# P%# _+.)0# TH,%W# :2() F0#1&%1() /.) 1/+-&0"1&%'%-D) %+) -1%(+1() (*"1#&%/+;# 66#
U$Y$B]%#Z)--(,'-2#TO%L%WX#C'p/2032#H/-.'85%#
M'*2+;# L%# TB]]\W%# C'# '*203)D0# '# -'# ,):2/(),',# '# */':l(# ,2# 5'*2/)'-2(# 38//)38-'/2(#
','6*',+(%# 4('%-&#) 5"0(l#) -/E0() 5+-(H#+I#) ,) 8%'"$M#1%K+) *() $#-) 9%(+1%#-;# @;# f$"Y
fBU#
E8)4:2/*;# C%;# Ö# N-):2/;# H%# TB]]!W%# S2=+/5'(# 2,83'*):'(%# K0# `%# `2/0A0,21# TH,%W#
F+3)+-+49'#,2#-'#H,83'3)D0;#66#!V\Yf$]%#M',/),X#E2'/(+0#E/20*)32#Z'--#
F+-'1YE+/*+-l(;# L%# L%;# Ö# F'0G+(l;# h%# TB]]^W%# S26/2(20*'*)+0(# )0# 6/+.-25# (+-:)04# )0#
(3)2032X# a)/23*)+0(# =+/# 6/'3*)32%# 6-%#VT#1%.%1) ]/0"D) /+) L1%(+1() 7(#0+%+M) #+*)
:(#12%+M;#c;#?/*)3-2#f;#$Y$^#
}@2'*-<;# R%# Z%# T$UU$W%# &+0(*/83*):)(*# 62/(623*):2(# +0# F3)2032# '0,# M'*@25'*)3(#
-2'/0)04%#L1%(+1()5*"1#&%/+;#Pk;#UYB$#
B]!#
B]f#
#
)
)
)
)
)
$,)2'0(#&'1#)&"!',$)2($)3*"!(&")2()-"$"#',)4)($)*(6")2()
$,&),2,36,!'"#(&)!%**'!%$,*(&)(#)$,)%#'5(*&'2,2)
)
,B?k:=>8A)*A>[email protected])0:8Lh=)
n0):2/(),',#,2#N:)2,+#
)
*(&%0(#))
H0#2(*'#3+580)3'3)D0#*/'*'5+(#,2#'0'-)1'/#-'(#:)038-'3)+02(#20*/2#2(*8,)'0*2(#3+0#
,)(3'6'3),',# <# 80):2/(),',# <# -'(# 6+().)-),',2(# 782# +=/232# 2-# H(6'3)+# H8/+62+# ,2#
H,83'3)D0#F862/)+/;#<'#782#,2#(8(#6/)03)6)+(;#+.G2*):+(#<#'3*8'3)+02(#(2#+.(2/:'#-'#
)56+/*'03)'# ,2# /2,2=)0)/# -'(# )0(*)*83)+02(# ,2# 2,83'3)D0# (862/)+/# 6'/'# @'32/-'(#
'332().-2(# '# *+,+(;# '*20,)20,+# '# -'(# 082:'(# ,25'0,'(# <# /2'-),',2(# (+3)'-2(# <;#
2(623)'-520*2;# )03+/6+/'0,+# -'# '*203)D0# '# -+(# 2(*8,)'0*2(# 3+0# 0232(),',2(#
2(6239=)3'(# 3+5+# 3'/'3*2/9(*)3'# 80):2/()*'/)'# 20# 2(*2# 082:+# 6/+32(+%# ?# 2(*2#
/2(623*+;# -'# ,20+5)0','# ,)520()D0# (+3)'-# ,2-# E/+32(+# ,2# J+-+0)'# 3+0(*)*8<2# 80#
2-2520*+# =80,'520*'-# 6'/'# 3+0=)48/'/# 80):2/(),',2(# 5A(# 3+56/20().-2(# 3+0# -'(#
,)=2/203)'(# <# 3+56/+52*),'(# 3+0# 2-# ,2('//+--+# ,2# (2/:)3)+(# ,2(*)0',+(# '# -+(#
2(*8,)'0*2(# 3+0# 0232(),',2(# 2,83'*):'(# 2(623)'-2(# <# 782# +.-)4'0;# 20*/2# +*/'(#
382(*)+02(;# '# /2=-2>)+0'/# (+./2# -'# ),+02),',# <# 6+().)-),',2(# ,2# -'(# ','6*'3)+02(#
38//)38-'/2(#20#-'#n0):2/(),',%##
3:B:D8:C)MB:E?F#80):2/(),',o#,)(3'6'3),',o#=+/5'3)D0%#
#
6G()&"!',$)2'0(#&'"#)"+)6G()-"$".#,)3*"!(&&),#2)6G()!G,$$(#.()
"+)!%**'!%$,),2,36,6'"#&),6)%#'5(*&'64)
#
,-&6*,!6#
K0#*@)(#6'62/#p2#p)--#'**256*#*+#'0'-<12#)0#,26*@#*@2#-)0b(#.2*p220#(623)'-#022,(#
'0,#n0):2/()*<#2,83'*)+0;#-++b)04#'*#*@2#6+(().)-)*)2(#+==2/2,#.<#H8/+62'0#F6'32#+=#
Z)[email protected]/# H,83'*)+0# THFZHW# [email protected])[email protected]# /2,2=)02(# @)[email protected]/# 2,83'*)+0# )0(*)*8*)+0(# *+# 5'b2#
*@25#5+/2#'332(().-2#*+#2:2/<.+,<;#3+:2/)04#02p#(+3)'-#,25'0,(#'0,#022,(;#'0,;#
'.+:2# '--;# )03+/6+/'*)04# -+04Y-)=2# -2'/0)04# '0,# 62/(+0'-)12,# '**20*)+0# *+# *@2#
(*8,20*(# 5+(*# /278)/)04# *@2# ('52;# '(# *@2# 02p# [email protected]'/'3*2/)(*)3(# +=# *@2# 80):2/()*<#
6/+32((%# K0# *@)(# /2(623*;# *@2# (+Y3'--2,# (+3)'-# ,)520()+0# +=# *@2# J+-+40'# E/+32((# )(#
.'()3#*+#(@'6)04#02p#n0):2/()*)2(#3'6'.-2#+=#4/2'*2/#)0*24/'*)+0#+=#,)==2/2032#'0,#
5+/2# 3+55)**2,# p)*@# *@2# ,2:2-+6520*# +=# (2/:)32(# ,2(*)02,# *+# *@2# (*8,20*(# p)*@#
B]\#
(623)'-# 022,(# '0,# *@'*# *@2<# =+/32;# '5+04# +*@2/(# 782(*)+0(;# *+# /2=-23*# +0# *@2#
(8)*'.)-)*<#'0,#[email protected]'042(#+=#*@2#38//)38-'#','6*'*)+0(#'*#n0):2/()*<%#
I?7)JA8>CF)80):2/()*<;#(623)'-#022,(;#2,83'*)+0%#
#
'#6*"2%!!'1#)
C'(#80):2/(),',2(#2(6'g+-'(#<#*+,'(#-'(#782#6'/*)3)6'0#20#2-#,2('//+--+#2=23*):+#,2-#
H(6'3)+# H8/+62+# ,2# H,83'3)D0# F862/)+/# 2(*A0# 2>62/)520*'0,+# 80'# )56+/*'0*2#
2:+-83)D0# <# /23+0=)48/'3)D0# ,2# (8(# 3+0*2>*+(# )0(*)*83)+0'-2(# <# ,2# =+/5'3)D0# 6'/'#
',238'/-+(# '# -'(# 082:'(# 2>)4203)'(# (+3)'-2(# <;# *'5.)l0;# '3',l5)3'(# 2#
)0:2(*)4',+/'(%# H0# 2(*'# -902';# 2(# )0,8,'.-2# 782# -'(# )0(*)*83)+02(# ,2# 2,83'3)D0#
(862/)+/#28/+62'(#(+0#5A(#(20().-2(#'-#':'032#(+3)'-;#782#20#5'*2/)'#,2#,2/[email protected]+(#
<# 6/+5+3)D0# ,2# -'# )48'-,',# ,2# -'# 3)8,','09';# @'0# ),+# 3+0()48)20,+# -'(# 62/(+0'(#
3+0# ,)(3'6'3),',# 3+0# 2-# .820# @'32/# /2):)0,)3'*):+# ,2-# 5+:)5)20*+# '(+3)'*):+# 782#
-2(#/26/2(20*'%#
?()(*)5+(# '-# 6/+32(+# ,2# J+-+0)'# 3+0# )032/*),85./2(# -D4)3'(# '0*2# 80# 3'5.)+#
(8(*'03)'-#,2#-'#2,83'3)D0#(862/)+/;#'0*2#80'#/2=+/58-'3)D0#,2-#/+-#,+320*2#<#,2-#
62/=)-#,2-#2(*8,)'0*2#<;#2(623)'-520*2;#(+5+(#6'/*93)62(#,2#3+580),',2(#782#*/'*'0#
,2(,2# <# '# */':l(# ,2# -'# n0):2/(),',# ,2# ':'01'/# 20# 5'*2/)'(# ,2# (+(*20).)-),',#
'5.)20*'-;# ,2/[email protected]+(# @85'0+(;# )48'-,',# 20*/2# @+5./2(# <# 58G2/2(;# 3++62/'3)D0# '-#
,2('//+--+;#'6/20,)1'G2#62/5'020*2;#3+5620('3)D0#,2#,2()48'-,',2(;#2*3%#E+/#2--+;#
-'#,20+5)0','#*%D(+-%K+)-/1%#$),2-#HHHF#*/'*'#=-2>).)-)1'/#<#','6*'/#-'(#2(*/83*8/'(#
<#(2/:)3)+(#80):2/()*'/)+(#782#(2#6/2(*'0#<#782;#,2#'382/,+#'#-'#0+/5'*):'#:)420*2#
20# 082(*/+# 6'9(# TCNMCNnW;# 6/+582:2# 782# -'(# 80):2/(),',2(# (2# 3+0(*)*8<20# 20#
20*+/0+(#,2#=+/5'3)D0#'332().-2(#6'/'#*+,+(%##
H0# 2(*2# 5'/3+# 6+,25+(# ()*8'/# -'(# '33)+02(# 782# -'(# 80):2/(),',2(# 2(6'g+-'(# @'0#
256/20,),+#<#782;#3+0#,)=2/20*2(#=+/5'(#,2#'.+/,'/-+;#@'0#()*8',+#3+5+#80+#,2#
-+2(#2G2#.A()3+(#,2-#(2/:)3)+#782#6/2(*'0#'#-+(#2(*8,)'0*2(;#-'#'*203)D0#3+03/2*'#'#-'(#
62/(+0'(# 3+0# ,)(3'6'3),',# <q+# 0232(),',2(# 2(6239=)3'(# 782# =+/5'0# 6'/*2# ,2# -'#
3+580),',#80):2/()*'/)'%##
#
($)'03%$&")!$,5()3,*,)$"&)(%*"3("&)!"#)2'&!,3,!'2,2)(#)($)#%(5")
0'$(#'")
&+0#2-#'g+#B]]]#(2#'6/82.'#80'#,2#-'(#@2//'5)20*'(#=80,'520*'-2(#6'/'#-'#n0)D0#
H8/+62'# <# -'# [email protected]()D0# ,2# -'(# 62/(+0'(# 782# -'# )0*24/'0X# $#) 9#0&#) *() $/-) *(0(12/-)
]"+*#D(+&#$(-) *() $#) e+%K+) 5"0/F(#%# H0# (8# '/*938-+# B$# 2(*'.-232# 782# v(2# 6/[email protected]#
*+,'# ,)(3/)5)0'3)D0# <;# 20# 6'/*)38-'/# -'# 2G2/3),'# 6+/# /'1D0# ,2# (2>+;# /'1';# 3+-+/;#
+/94202(# # l*0)3+(# +# (+3)'-2(;# 3'/'3*2/9(*)3'(# 420l*)3'(;# -2048';# /2-)4)D0# +#
3+0:)33)+02(;# +6)0)+02(# 6+-9*)3'(# +# ,2# 38'-78)2/# +*/+# *)6+;# 62/*20203)'# '# 80'#
5)0+/9'# 0'3)+0'-;# 6'*/)5+0)+;# 0'3)5)20*+;# ,)(3'6'3),',;# 2,',# 8# +/)20*'3)D0#
(2>8'-%w##
F)0# 25.'/4+;# 2(# 2-# '/*938-+# B"# 2-# 782# /23+0+32# v2-# ,2/[email protected]+# ,2# -'(# 62/(+0'(#
,)(3'6'3)*','(# '# .202=)3)'/(2# ,2# 52,),'(# 782# 4'/'0*)320# (8# '8*+0+59'# (8#
)0*24/'3)D0#(+3)'-#<#6/+=2()+0'-#<#(8#6'/*)3)6'3)D0#20#-'#:),'#,2#-'#3+580),',w%#H0#
-'#'3*8'-),',;#-'(#62/(+0'(#3+0#,)(3'6'3),',#+#3+0#'=233)+02(#3/D0)3'(#/26/2(20*'0#
5A(#,2-#$\#r#,2#-'#6+.-'3)D0#,2#-'#nH%#C'#n0)D0#H8/+62'#/23+0+32#-'#0232(),',#,2#
B]"#
6/2(*'/# 80'# '*203)D0# 2(623)'-# '# -'# 6/+.-25A*)3'# ,):2/('# 782# '=23*'# '# 2(*'(#
62/(+0'(%##
H-# +.G2*):+# 6/)03)6'-# 782# (2# 62/()482# 2(# 62/5)*)/-2(# '(85)/# -'(# =803)+02(# <#
/2(6+0('.)-),',2(#782#-2(#3+//2(6+0,20#3+5+#3)8,','0+(#<#-+4/'/#782#6+(2'0#-'#
5)(5'#3'6'3),',#,2#2-233)D0#<#,2#3+0*/+-#,2#(8(#6/+6)'(#:),'(#782#2-#/2(*+#,2#-'#
6+.-'3)D0%# C'# 0232(),',# ,2# 4'/'0*)1'/# 2-# '332(+# <# -'# )03-8()D0# @'# ,2# +/)20*'/# -'(#
'3*8'3)+02(#20#2(*2#3'56+%#n0'#,2#-'(#6/)+/),',2(#5A(#)56+/*'0*2(#2(#2-#'332(+#'#
-'# '()(*203)'# 6/+-+04','# <# -+(# (2/:)3)+(# ,2# '6+<+%# H0*/2# -'(# 52*'(# 782# ,2.20#
*202/(2#20#3820*'#,2(*'3'0#-'#0232(),',#,2#/2,83)/#-'#20+/52#3'/4'#782#/26/2(20*'#
-'#20=2/52,',;#5)0)5)1'0,+#(8(#/262/38()+02(#23+0D5)3'(#<#(+3)'-2(;#'(9#3+5+#-'(#
,2()48'-,',2(# 20# 5'*2/)'# ,2# ('-8,%# N*/+(# +.G2*):+(# )56+/*'0*2(# (+0# /2,83)/# -'#
2>3-8()D0#(+3)'-;#2-)5)0'/#+.(*A38-+(#<#.'//2/'(;#='3)-)*'/#-'#5+:)-),',#<#'6/+:[email protected]'/#
-'(# *230+-+49'(# ,2# -'# )0=+/5'3)D0%# H(*'5+(;# 6+/# *'0*+;# *'-# <# 3+5+# '=)/5'# [email protected]#
C24),+#T$UUVW;#'0*2#80+#,2#-+(#2-2520*+(#G8/9,)3+(#5A(#)0*2/2('0*2(#20#38'0,+#'#
,2/[email protected]+(#28/+62+(#(2#/2=)2/2%#
H-#'g+#B]]B#=)0'-)1'#3+0#-'#68.-)3'3)D0#,2-#W+./0D()@A<A_)e+#)5"0/F#)#11(-%E$()F#0#)
&/*/-# 2-'.+/',+# 6+/# 2-# R/86+# ,2# H>62/*+(# 3+0(*)*8),+# 6+/# -'# &+5)()D0# H8/+62';#
'.+/,'# *+,+# 2-# 2(623*/+# 0232('/)+# 6'/'# @'32/# ,2# -'# H8/+6'# 80),'# 80'# 1+0'#
'332().-2;# ()# .)20# (8(# )0,)3'3)+02(# (+0# 20# +3'()+02(# .'(*'0*2(# 4202/'-2(%# &+0#
/2(623*+# '# -'# 2,83'3)D0;# 2-# K0=+/52# 2(*'.-232# 782# 80'# ,2# -'(# 6/)03)6'-2(#
,)=)38-*',2(# 2(# -'# '332().)-),',;# ,2# '@9# 782# (2'# )56+/*'0*2# 782# v*+,+(# -+(# 0):2-2(#
2,83'*):+(;# ,2(,2# -'# 20(2g'01'# 6/)5'/)'# @'(*'# -'# 2,83'3)D0# <# =+/5'3)D0#
6/+=2()+0'-2(;# 3820*20# 3+0# 38/(+(# (+./2# '332().)-),',w%# ?()5)(5+# (2# /23+5)20,';#
6+/# 2G256-+;# 2-'.+/'/# v80# 38/(+# 2(623)'-)1',+# (+./2# '332().)-),',# '-# 52,)+#
3+0(*/8),+# 6'/'# *+,+(# 20# 3','# -2048';# 782# (2# 6+,/9'# ,)(*/).8)/# '# -'(# 2(382-'(# <#
320*/+(#,2#=+/5'3)D0#,2#'/78)*23*+(;#)0420)2/+(#<#+*/'(#6/+=2()+02(#'=)02(w%##
E+/#(8#6'/*2;#20#2-#'g+#B]]^#2-#&+5)*l#H3+0D5)3+#<#F+3)'-#H8/+62+#T&HFHW#2-'.+/'#
80# 082:+# 8%1&#D(+) -/E0() $#) WM"#$*#*) *() /F/0&"+%*#*) F#0#) $#-) F(0-/+#-) 1/+)
*%-1#F#1%*#*#<#782#(86+02#6+/#(8#3+0*20),+#<#(8#'(6)/'3)D0#80#,+38520*+#3-':2%#
a2#2(*'#=+/5';#)03-8<2#,'*+(#=80,'520*'-2(#(+./2#-'#/2'-),',#,2#-+(#28/+62+(#3+0#
,)(3'6'3),',;# )0,)3'0,+# 782# 3+0(*)*8<20# 80# $\# r# ,2# *+,'# -'# 6+.-'3)D0# <# 2(*2#
6+/320*'G2# ()482# '8520*'0,+# 3+0# 2-# 3/23)20*2# 20:2G23)5)20*+# ,25+4/A=)3+%# H(*2#
,)3*'520# *'5.)l0# )03-8<2# 782# 2-# 3+0326*+# 8(-%M+) ./0) 6$$# Ta)(2g+# 6'/'# *+,+(W#
,2.2/9'# 6/+5+3)+0'/(2# 20*/2# *+,'(# -'(# 6'/*2(# )0*2/2(','(# Y,)(2g',+/2(;#
='./)3'0*2(#<#-+(#/2(6+0('.-2(#,2#3+032.)/#-'(#0+/5'(Y;#'(9#3+5+#6+/#-+(#8(8'/)+(;#
2(# ,23)/;# -'(# 62/(+0'(# 3+0# ,)(3'6'3),',;# 782# *)2020# 2-# ,2/[email protected]+# '# 80'# '56-)'#
(2-233)D0#,2#.)202(#<#(2/:)3)+(#782#('*)(='4'0#(8(#0232(),',2(%#
?80782#-'#,)=8()D0#,2#0+/5'*):'(;#/23+520,'3)+02(#<#,)/23*/)32(#(+0#5I-*)6-2(#20#
2-# (20+# ,2# -'# nH;# 80+# ,2# -+(# 2-2520*+(# 5A(# ,2(*'3',+(# '# 0):2-# )0*2/0'3)+0'-# -+#
203+0*/'5+(# 20# -'# &+0:203)D0# (+./2# -+(# ,2/[email protected]+(# ,2# -'(# 62/(+0'(# 3+0#
,)(3'6'3),',;# '6/+.','# 20# B]]"# 62/+# 782# 082(*/+# 6'9(# 0+# /'*)=)3D# @'(*'# 2-# 'g+#
B]]V%# H(*'# 3+0:203)D0;# ,2# +.-)4',+# 3856-)520*+# 6'/'# -+(# H(*',+(# =)/5'0*2(;#
2(*'.-232# 3-'/'520*2# 782# -'(# 62/(+0'(# 3+0# ,)(3'6'3),',# ,2.2# *202/# -'(# 5)(5'(#
+6+/*80),',2(# ,2# '6/20,)1'G2# '# -+# -'/4+# ,2# -'# :),'# <# 782# -'(# '33)+02(# 782# 20#
5'*2/)'#,2#2,83'3)D0#(2#2(*'.-213'0#,2.20#=+520*'/#(8#'8*+2(*)5';#3/2'*):),',#<#
2-#,)(=/8*2#<#6'/*)3)6'3)D0#3+5+#5)25./+(#,2#80'#3+580),',%##
B]^#
S23)20*2520*2;#2-#&+0(2G+#,2#-'#n0)D0#H8/+62'#,2#$$#,2#5'<+#,2#B]$]#'3+/,D#80'#
(2/)2# ,2# 3+03-8()+02(# (+./2# -'# ,)520()D0# (+3)'-# ,2# -'# 2,83'3)D0# <# -'# =+/5'3)D0;#
,2(*'3'0,+# 782# v-+(# ()(*25'(# 782# (2# .'('0# 20# -'# 4'/'0*9'# ,2# 0):2-2(# 2-2:',+(# ,2#
3'-),',# 6'/'# *+,+(# <# 782# =+/*'-2320# -'# /2(6+0('.)-),',;# 782# '-)20*'0#
6-'0*2'5)20*+(#62/(+0'-)1',+(#2#)03-8():+(;#TW#<#782#320*/'0#(8(#2(=82/1+(#20#-+(#
'-850+(# ,2(=':+/23),+(# 20# 6'/*)38-'/;# 682,20# (2/# 6+*20*2(# 5+*+/2(# 6'/'#
'8520*'/# -'# )03-8()D0# (+3)'-%# ?,25A(;# 20# /2=2/203)'# '# -'# 2,83'3)D0# (862/)+/;# (2#
)0,)3'# -'# 0232(),',# ,2# 6/+5+:2/# 6/+4/'5'(# 2(6239=)3+(# 6'/'# 2(*8,)'0*2(# v0+#
*/',)3)+0'-2(w%##
a2#2(*'#=+/5';#6+,25+(#20*20,2/#782#-+(#2(*8,)'0*2(#3+0#0232(),',2(#2(6239=)3'(;#
20*/2# -+(# 782# ,2(*'3'0# -'# ,)(3'6'3),',# 3+0# 80'# 5'<+/# 6/2(203)';# /278)2/20# ,2#
'3*8'3)+02(# 3+03/2*'(# <# ()048-'/2(# 6'/'# =':+/232/# (8# '332(+# <# ,2('//+--+# 20# 2-#
A5.)*+# 80):2/()*'/)+# 782# 3+0*256-2;# ',25A(# ,2-# '(623*+# '3',l5)3+# -'#
'332().)-),',# ,2# -'# v:),'# 80):2/()*'/)'w%# O+# +.(*'0*2;# 0+(# 320*/'/25+(# '789#
6/)03)6'-520*2# 20# -'(# 382(*)+02(# :)038-','(# 3+0# 2-# 38//938-+# 80):2/()*'/)+# <# (8#
6+().-2#','6*'3)D0#3+5+#/2(682(*'#'#2(*2#3+-23*):+#252/420*2#,2#2(*8,)'0*2(%##
)
$,) 2'0(#&'1#) &"!',$) 2($) (((&) 4) &%) !"#!*(!'1#) (#) $"&) 3$,#(&) 2()
(&6%2'")w,2,36,!'"#(&)!%**'!%$,*(&)(#)$,)%#'5(*&'2,2x)
&+0# -'# =)/5'# ,2# -'# [#M+#) 92#0&#) e+%'(0-%&#&"D) ,2# J+-+0)'# 20# $UVV# (2# )0)3)'# 2-#
6/+32(+# ,2# 3+0(*/833)D0# ,2# 80# 2(6'3)+# 3+5I0# ,2# 2,83'3)D0# (862/)+/%# _/'(# 2--';#
:20,/9'0#-'(#a23-'/'3)D0#,2#-'#F+/.+0'#T$UUVW;#-'#a23-'/'3)D0#,2#E/'4'#TB]]$W;#-'#
a23-'/'3)D0# ,2# J2/-90# TB]]!W;# -'# a23-'/'3)D0# ,2# J2/420# TB]]\W;# -'# a23-'/'3)D0# ,2#
C+0,/2(# TB]]^W# <# -'# a23-'/'3)D0# ,2-# J202-8># TB]]UW%# _+,'(# 2--'(# @'0# ),+#
3+0=)48/'0,+# -+# 782# 3+0+325+(# @+<# 3+5+# 2-# H(6'3)+# H8/+62+# ,2# H,83'3)D0#
F862/)+/#<#(8(#/262/38()+02(#-24'-2(#<#+/4'0)1'*):'(#3+0#)56-)3'3)+02(#<#3'5.)+(#
6/+=80,'+(#20#-'#,+3203)';#-'#)0:2(*)4'3)D0#<#-'#42(*)D0#80):2/()*'/)'%##
C'# ,23-'/'3)D0# ,2# J2/-90# 2(# 2-# 6/)52/# ,+38520*+# /2-'3)+0',+# 3+0# 2-# HHHF# 782#
)03-8<2# /2=2/203)'(# 3-'/'(# <# ,)/23*'(# '# -'# 0232(),',# ,2# 782# 2(*2# 2(6'3)+# 3+5I0#
)03+/6+/2# '# *+,+(%# ?()5)(5+# (2# 'g',2# 80# 082:+# 3+0326*+# 782;# '-# 5'/420# ,2# -'#
3'6'3),',# F2# /23+0+32;# *'5.)l0;# -'# )56+/*'03)'# ,2# 3+0*'/# 3+0# -+(# 2(*8,)'0*2(# 20#
2(*2#6/+32(+#,2#3+0(*/833)D0#,2-#HHHF;#2(623)'-520*2#,2(,2#80'#,)520()D0#(+3)'-#
782#*204'#6/2(20*2#-'(#()*8'3)+02(#(+3)'-#<#23+0D5)3'#782#682,'0#*202/#<#782;#20#
+3'()+02(;#(2#()*I'0#3+5+#:2/,',2/+(#+.(*A38-+(#6'/'#(8#,2('//+--+#80):2/()*'/)+%#
H(*'# -902'# )0)3)','# 20# B]]!# (2# /2)*2/'# 20# J2/420# TB]]\W# <'# 782# (2# (2# /2)*2/'# -'#
0232(),',#,2#)568-('/#80#HHHF#782#*204'#20#3820*'#-'#()*8'3)D0#(+3)'-#<#23+0D5)3'#
,2# -+(# 2(*8,)'0*2(# ,2# 5'02/'# 782# (2# /2'=)/5'# 2-# 3+56/+5)(+# ,2# @'32/# ,2-# HHHF#
'332().-2# 6'/'# *+,+(# 6/+6+/3)+0'0,+;# '()5)(5+;# 52,)+(# 6'/'# '782--+(# 3+-23*):+(#
782#5A(#-+#0232()*'0%##
?-# )48'-# 782# +38//)2/'# 20# J2/-90# <# J2/420;# -'# a23-'/'3)D0# ,2# C+0,/2(# /23+42;# 3+0#
5A(# )0()(*203)'# ()# 3'.2;# -'# 0232(),',# ,2# 80# HHHF# 782# 3+0*256-2# -'# ,)520()D0#
(+3)'-;#682(#(D-+#'(9#-'#2,83'3)D0#(862/)+/#682,2#6/+5+:2/#-'#[email protected]()D0#(+3)'-#<#-'#
/2,833)D0#,2#-'(#,2()48'-,',2(%#F2#/23+42#782#*+,+(#-+(#2(*8,)'0*2(#782#)04/2('0;#
6'/*)3)6'0#<#38-5)0'0#-'#2,83'3)D0#(862/)+/#20#*+,+(#(8(#0):2-2(#,2.2/9'0#/2=-2G'/#
-'#,):2/(),',#,2#-+(#682.-+(#,2#H8/+6'%#Z'<;#6+/#*'0*+;#80'#'682(*'#=)/52#<#3-'/'#
6+/# )568-('/# 2-# 6/)03)6)+# ,2# )48'-,',# ,2# +6+/*80),',2(# <# @'32/# ,2# -'(#
80):2/(),',2(#)0(*)*83)+02(#'332().-2(#'#*+,+(%#
B]V#
&+5+#=+/5'#,2#)-8(*/'/#2(*+(#'(623*+(;#()/:'#,2#2G256-+#-'#n0):2/(),',#,2#N:)2,+#
782# @'# )0)3)',+;# 3+0# 4/'0# '3)2/*+;# 80# 6/+32(+# 3-'/+# ,2# '*203)D0# '# -+(# 2(*8,)'0*2(#
3+0# 0232(),',2(# 2(6239=)3'(# 782# (86+020# 80# $;\r# ,2# -'# 5'*/938-'#
T'6/+>)5','520*2# !]]# 2(*8,)'0*2(# 3+0# 5)08(:'-9'# -24'-# /23+0+3),'# )48'-# +#
(862/)+/# '-# !!rW;# 80'# 3)=/'# (862/)+/# '-# 782# /24)(*/'0# +*/'(# 80):2/(),',2(# ,2#
082(*/+# 6'9(%# ?(9;# ,2(,2# 2-# h)32//23*+/'# ,2# H(*8,)'0*2(# <# H56-2+;# (2# @'# 3/2',+# -'#
N=)3)0'#,2#'*203)D0#'#62/(+0'(#3+0#0232(),',2(#2(6239=)3'(#TNOHNW#782#3+0()(*2#20#
80#(2/:)3)+#,2#'<8,'#<#'6+<+#'-#2(*8,)'0*2#3+0#0232(),',2(#2,83'*):'(#2(6239=)3'(;#
,2/):','(# ,2# 80'# ,)(3'6'3),',# 8# +*/'(# 3)/380(*'03)'(;# 782# 2(*A# '*20,),+# 6+/# ,+(#
*l30)3+(#T6()3D-+4+#<#62,'4+4+W#<#,+(#.23'/)+(%##
C'#+=)3)0';#782#2(*'/A#'#6-20+#/20,)5)20*+#'#3+5)201+(#,2-#38/(+#B]$]qB]$$;#*)202#
3+5+# 52*'# ='3)-)*'/# 2-# '332(+;# -'# )03-8()D0# <# -'# 6'/*)3)6'3)D0# ,2# *+,+(# -+(#
2(*8,)'0*2(# 20# -+(# ,):2/(+(# A5.)*+(# '3',l5)3+(;# 38-*8/'-2(;# ,26+/*):+(# <# (+3)'-2(#
,2# -'# :),'# 80):2/()*'/)'%# E'/'# 2--+;# (8# 6/)03)6'-# =803)D0# (2/A# 2-# '(2(+/'5)20*+# <#
'*203)D0# '# -+(# 6/+6)+(# 2(*8,)'0*2(# <;# *'5.)l0;# '# (8(# ='5)-)'(# <# '-# 6/+=2(+/',+%#
S2'-)1'/A(# -'# 2:'-8'3)D0# ,2# -'(# 0232(),',2(# ,2# 3','# 2(*8,)'0*2;# 42(*)+0'/A0# -+(#
/238/(+(# ,2# '6+<+# <;# ()# 6/+32,2;# /2'-)1'/A0# <# 25)*)/A0# )0=+/52(# ,2# +.-)4',+#
3856-)5)20*+#6'/'#-'#/2'-)1'3)D0#,2#-'(#','6*'3)+02(#38//)38-'/2(%#
?()5)(5+#<#3+0#2-#=)0#,2#4'/'0*)1'/#-'#)48'-,',#,2#+6+/*80),',2(;#,2(,2#-'#N=)3)0'#
(2#/2'-)1'/A0#'3*8'3)+02(#6'/'#(20().)-)1'/#'#-'#3+580),',#80):2/()*'/)'#20#5'*2/)'#
,2# ,)(3'6'3),',# <# '332().)-),',;# =':+/23)20,+# -'# 2-)5)0'3)D0# ,2# .'//2/'(# <#
'=/+0*'0,+# 38'-78)2/# =+/5'# ,2# ,)(3/)5)0'3)D0# 782# '*20*2# 3+0*/'# -'# )48'-,',# ,2#
,2/[email protected]+(%#a2#)48'-#=+/5';#(2#2(*'.-232/A0#2(6'3)+(#,2#3++/,)0'3)D0#3+0#-+(#320*/+(#
,2# 2,83'3)D0# (2380,'/)'# 6'/'# ='3)-)*'/# -'# */'0()3)D0# '# -'# n0):2/(),',# ,2# -+(#
2(*8,)'0*2(#3+0#0232(),',2(#2,83'*):'(#2(6239=)3'(;#6/2(*'0,+#2(623)'-#'*203)D0#'#
-'(#6/82.'(#,2#'332(+#<#'-#6/)52/#38/(+%##
H(*'#)0)3)'*):'#,2#-'#n0):2/(),',#,2#N:)2,+#2(#=)2-#/2=-2G+#,2#-'(#'3*8'3)+02(#782#20#
*+,'(#-'(#80):2/(),',2(#(2#@'0#)0)3)',+;#'-480'(#3+0#80'#4/'0#*/'<23*+/)'#3+5+#-'#
n0):2/(),',# ,2# F'-'5'03';# n0):2/(),',# ,2# h'-203)';# nOHa# +# n0):2/(),',#
&+56-8*20(2# ,2# M',/),%# H0# 2(*2# 3'5)0+;# -'# CNMCNn# @'# (8682(*+# 80# @)*+#
=80,'520*'-# <'# 782;# 20*/2# -'(# 5+,)=)3'3)+02(# 5A(# )56+/*'0*2(;# (2# /23+42#
,2(*'3'5+(#-'#,)(6+()3)D0#',)3)+0'-#:)4l()5+#38'/*'#782#'.+/,'#-'#)03-8()D0#,2#-'(#
62/(+0'(#3+0#,)(3'6'3),',#20#-'(#80):2/(),',2(#<#782#)03-8<2#382(*)+02(#,2#4/'0#
'-3'032#3+5+#2-#6/)03)6)+#,2#)48'-,',#,2#+6+/*80),',2(;#2-#,)(=/8*2#,2#-+(#,):2/(+(#
(2/:)3)+(# ,2# -'# n0):2/(),',# 6+/# 6'/*2# ,2# -'(# 62/(+0'(# 3+0# ,)(3'6'3),',# 3+5+#
)0*24/'0*2(# 6-20+(# ,2# -'# 3+580),',# 80):2/()*'/)';# -'# '332().)-),',# *+*'-# ,2# -+(#
2,)=)3)+(;# )0(*'-'3)+02(# <# (2/:)3)+(;# 2*3%;# -'# )03-8()D0# ,2# '(623*+(# =+/5'*):+(# (+./2#
,)(3'6'3),',;# ,2/[email protected]+(# @85'0+(;# '332().)-),',;# 20# -'(# *)*8-'3)+02(# 80):2/()*'/)'(#
2*3%#
?,25A(;#-'#CNMCNn#/23+42#80'#,)(6+()3)D0#',)3)+0'-#38'/*'#20#-'#782#(2#2(*'.-232#
782# -'(# v-'(# ?,5)0)(*/'3)+02(# 6I.-)3'(# 3+562*20*2(;# 20# 3++/,)0'3)D0# 3+0# -'(#
/2(623*):'(# 80):2/(),',2(;# 2(*'.-232/A0# 6/+4/'5'(# 2(6239=)3+(# 6'/'# 782# -'(#
:93*)5'(# ,2-# *2//+/)(5+# <# ,2# -'# :)+-203)'# ,2# 4l02/+;# '(9# 3+5+# -'(# 62/(+0'(# 3+0#
,)(3'6'3),',;#682,'0#/23).)/#-'#'<8,'#62/(+0'-)1',';#-+(#'6+<+(#<#-'(#','6*'3)+02(#
20#2-#/l4)520#,+320*2w%#
H03+0*/'5+(;#6+/#*'0*+;#80#5'/3+#-24'-#782#62/5)*2;#-'#/2'-)1'3)D0#,2#','6*'3)+02(#
38//)38-'/2(# 20# 2-# A5.)*+# 80):2/()*'/)+# <# 782# 2(*)5'5+(;# (86+02# 80'# ,2# -'(#
B]U#
'3*8'3)+02(# 3-':2(# *'0*+# 20# 2-# '332(+# '-# 38//938-+# 80):2/()*'/)+# T','6*'3)+02(# ,2#
'332(+W# 3+5+# 20# -+(# 2-2520*+(# ,2-# 6/+6)+# 38//938-+# T','6*'3)+02(# ,2# 2-2520*+(#
.A()3+(W%##
#H0# -'(# 2*'6'(# ,2# 2,83'3)D0# 6/)5'/)'# <# (2380,'/)'# +.-)4'*+/)';# '(9# 3+5+# 20# -'#
(2380,'/)'# 6+(*+.-)4'*+/)';# -'# 2-'.+/'3)D0# ,2# ','6*'3)+02(# 38//)38-'/2(# (2# @'# ),+#
3+0:)/*)20,+# 6/+4/2():'520*2# 20# 80'# 6/A3*)3'# @'.)*8'-;# ()0# 25.'/4+;# -'(#
','6*'3)+02(# 20# 2-# 38//938-+# 80):2/()*'/)+# (9# 3+0(*)*8<20# 80# '(80*+# 0+:2,+(+#
'80782# '# :232(# 2(# .'(*'0*2# 3+5I0# /2'-)1'/-'(# ()0# ,2G'/# 3+0(*'03)'# 6+/# 2(3/)*+# ,2#
2--'(# <;# ',25A(;# ()0# (2/# 3+0(3)20*2(# ,2# 782# (2# ,2('//+--'0# 6+/# 6'/*2# ,2-#
6/+=2(+/',+%#
C'(# ','6*'3)+02(# 38//)38-'/2(# 20# -'# 80):2/(),',# (8(3)*'0# .'(*'0*2(# ,8,'(# <#
3+0*/+:2/()'(# <'# 782# 0+# (2# */'*'# ,2# 80'# 2*'6'# +.-)4'*+/)'# <;# (+./2# *+,+;# (8#
=+/5'3)D0# 2(*A# 320*/','# 20# -'# 3'6'3)*'3)D0# 6'/'# 2-# 2G2/3)3)+# 6/+=2()+0'-# ,2-#
*)*8-',+;# -+# 782# /278)2/2# 2-# ,2('//+--+# ,2# 3+562*203)'(# 6/+=2()+0'-2(# 3-'/'(;#
'3+/,2(#',25A(#3+0#-+#2(*'.-23),+#6+/#2-#HHHF%#F)0#25.'/4+;#2(#6/23)('520*2#2(2#
+.G2*):+#2-#782#0803'#,2.2#+.:)'/(2;#682(#-'#=+/5'3)D0#20#3+562*203)'(#@'#,2#(2/#
2-# 2G2# 320*/'-# ,2# -'# '3*8'3)D0# ,+320*2# <# ,2-# 2(*8,)'0*2%# a2# '@9# 782# -'(# 6+().-2(#
','6*'3)+02(;#3+5+#)0,)3'#?/0'91#TB]]B;#B]]!W;#*'0*+#,2#'332(+#'-#38//938-+#T6+3+#
()40)=)3'*):'(W# 3+5+# ,2# -+(# 2-2520*+(# .A()3+(# ,2-# 38//938-+# T()40)=)3'*):'(W;# (2'0#
:A-),'(# 20# -+(# 2(*8,)+(# 80):2/()*'/)+(%# C+(# +.G2*):+(;# 3+0*20),+(;# '3*):),',2(;# 2*3%#
)03-8),+(# 20# -+(# 6-'02(# ,2# 2(*8,)+# 4'/'0*)1'0# -'# =+/5'3)D0# <# ',78)()3)D0# ,2# -+(#
3+0+3)5)20*+(# <# ,2(*/21'(# 5A(# ',238','(# 20# 3','# 80'# ,2# -'(# *)*8-'3)+02(#
80):2/()*'/)'(# <# 6+,/9'0# (2/# 5+,)=)3',+(# 20# -'# 52,),'# 20# 782# 0+# '-*2/20# 2('(#
3+562*203)'(# 6/+=2()+0'-2(# 782# 3+5+# *)*8-',+(# 80):2/()*'/)+(# ,2.20# ,2('//+--'/#
-+(#2(*8,)'0*2(#20#2-#2G2/3)3)+#,2#(8#6/+=2()D0%##
C'(#','6*'3)+02(#,2#'332(+#'-#38//938-+#<#0+#()40)=)3'*):'(;#782#(+0#5+,)=)3'3)+02(#
20#-'#6/+:)()D0#<#+/4'0)1'3)D0#,2#-+(#/238/(+(#62/(+0'-2(;#5'*2/)'-2(;#2(6'3)'-2(#<#
782# :'0# 203'5)0','(# '# -'# 52G+/'# ,2# -+(# 6/+32(+(# ,2# 3+580)3'3)D0# 20# -'(# 3-'(2(;#
(+0# -'(# 5A(# 8*)-)1','(# 20# 2-# A5.)*+# 80):2/()*'/)+;# 6+/782# 0+# '-3'01'0# 0)# '# -+(#
+.G2*):+(# 0)# 3+0*20),+(# ,2# -'(# ,)=2/20*2(# '()40'*8/'(# <# *)*8-'3)+02(%# E+/# 2-#
3+0*/'/)+;#-'(#','6*'3)+02(#()40)=)3'*):'(;#782#'=23*'0#'#-+(#2-2520*+(#6/+6)'520*2#
38//)38-'/2(;#(9#)56-)3'0#5+,)=)3'3)+02(#20#2-#78l;#38'0,+#<#3D5+#20(2g'/;#<#78l;#
3D5+# <# 38A0,+# 2:'-8'/%# H(*'(# ','6*'3)+02(# 20# -'# 80):2/(),',# *)2020# 782#
('-:'48'/,'/# <# 4'/'0*)1'/;# 20# *+,+# 3'(+;# -'# =+/5'3)D0# ,2# 6/+=2()+0'-2(#
3+562*20*2(#<#0803'#,2.20#)56-)3'/#80'#,)(5)083)D0#20#-'#3'-),',#,2#-'#=+/5'3)D0#
/23).),'%##
F2# */'*';# 6+/# *'0*+;# ,2# ',238'/# -'# =+/5'3)D0# '# -'(# 0232(),',2(# ,2# -+(# 2(*8,)'0*2(;#
/2'-)1'0,+;#*'5.)l0;#','6*'3)+02(#38//)38-'/2(#()#=82/'#0232('/)+#62/+#*20)20,+#20#
3820*'# ,+(# '(623*+(# 3+03/2*+(%# E+/# 80'# 6'/*2;# /2'-)1'/# 5+,)=)3'3)+02(# 782# 0+#
)56-)7820# -'# 2-)5)0'3)D0# ,2# +.G2*):+(;# ()0+# 80# 3'5.)+# 20# -'# ,)/233)D0# ,2# -+(#
5)(5+(#<;#6+/#+*/'#6'/*2;#3'5.)+(#20#-+(#3+0*20),+(#,2#,2*2/5)0','(#20(2g'01'(#
782# 6+,/9'0;# )03-8(+;# 2-)5)0'/(2# ()# (2# 3+0(),2/'0# 782# 0+# (+0# .A()3+(# 6'/'# -'#
3+0(2383)D0#,2#,2*2/5)0',+(#+.G2*):+(%##
H0*20,25+(;#20#2(*'#-902';#*'-#<#3+5+#'680*'0#?-3'0*8,;#i:)-'#<#?(20()#TB]]]W#782#
-'#2-'.+/'3)D0#,2#-'(#','6*'3)+02(#38//)38-'/2(#20#-'#80):2/(),',#,2.2/9'0#(248)/#2-#
5)(5+# 6-'0*2'5)20*+# 782# (2# /2'-)1'# 20# -'(# 2*'6'(# 0+# 80):2/()*'/)'(;# ',+6*'0,+#
B$]#
*'0*+# (8# /2'-)1'3)D0# ,)/23*'# 3+5+# -'# '*203)D0# '# -+(# 2(*8,)'0*2(# 3+0# ,)(3'6'3),',;#
80'#,)520()D0#:2/,',2/'520*2#)0(*)*83)+0'-%#
#
!"#!$%&'"#(&)
C'(# 80):2/(),',2(# 28/+62'(# @'0# ,2('//+--',+# 20# -+(# I-*)5+(# 'g+(# 80# 2(=82/1+#
)56+/*'0*2#6+/#'-3'01'/#-+(#+.G2*):+(#6/+682(*+(#20#-'#a23-'/'3)D0#,2#J+-+0)'#<#20#
-'(#()48)20*2(#&+0=2/203)'(#,2#M)0)(*/+(%#H(*A#()20,+#80#-'/4+#<#3+56-2G+#6/+32(+#
782#2(*2#082:+#38/(+#B]$]qB]$$#(2#)0)3)'#,2#=+/5'#4202/'-#3+0#-'#3+0=)48/'3)D0#,2#
80# 082:+# ()(*25'# 80):2/()*'/)+# 20# H8/+6'# 3'/'3*2/)1',+# 6+/# 80'# 2(*/83*8/'#
3+56'/'.-2#<#3+56'*).-2#,2#-'(#20(2g'01'(#80):2/()*'/)'(%#
H-# H(6'3)+# H8/+62+# ,2# H,83'3)D0# F862/)+/# (86+02# 80'# +6+/*80),',# 6'/'# -'(#
)0(*)*83)+02(# ,2# 2,83'3)D0# (862/)+/# 782# @'/A# 6+().-2# 80# A/2'# 3+5I0# ,+0,2#
3+56'/*)/# 3+0+3)5)20*+(;# 2(*8,)+(;# )0=+/5'3)D0;# )0:2(*)4'3)+02(;# 2*3%;#
3+0*256-'0,+# 3+0# 2=23*):),',# -'# ,)520()D0# (+3)'-# 20# 2-# HHHF%# y(*2# 2(# 80+# ,2# -+(#
+.G2*):+(# 3-':2# ,2# *+,+# 2-# E/+32(+# ,2# J+-+0)';# <'# 782# ,2# 2(*'# 5'02/'# (2# 3+03).2#
80'# 2,83'3)D0# (862/)+/# 6/+5+*+/'# ,2# -'# [email protected]()D0# (+3)'-# <# -'# /2,833)D0# ,2# -'(#
,2()48'-,',2(%# H0# 2(*'# -902';# @'0# (),+# -+(# 6/+6)+(# 2(*8,)'0*2(# -+(# 782# @'0#
/2):)0,)3',+# )0()(*20*2520*2# 782# -'# 3+0:2/4203)'# 3+0# J+-+0)'# /278)2/2# ,2# 80#
:2/,',2/+#6/+32(+#,2#/2=-2>)D0#<#,2#'33)+02(#3+03/2*'(#782#6/+582:'0#2-#'332(+#<#
62/5'0203)'# 20# -'# 80):2/(),',# ,2# *+,+(# -+(# 2(*8,)'0*2(%# F2# */'*';# 6+/# *'0*+;# ,2#
'./)/#-'#80):2/(),',#'#-'(#,25'0,'(#(+3)'-2(;#'#-'(#0232(),',2(#,2#-+(#256-2',+/2(;#
62/+#*'5.)l0;#'-#6/)03)6)+#,2#)48'-,',#,2#+6+/*80),',2(#,2(,2#-'(#,)=2/203)'(%##
C'#)56-'0*'3)D0#,2-#HHHF#2(#80#@[email protected]+#3-':2#6'/'#2-#,2('//+--+#,2#-'(#)0(*)*83)+02(#
,2#2,83'3)D0#(862/)+/#<;#20#3+0(238203)';#,2#-'(#(+3)2,',2(#782#'=/+0*'0#*'5.)l0#
80#6/+=80,+#3'5.)+#=/8*+#,2#6/+32(+(#4-+.'-2(#782#'=23*'0#'#-'(#23+0+59'(;#'#-'(#
=+/5'(# ,2# :),'# <# '# -+(# ,2/[email protected]+(# ,2# 3)8,','09'%# ?3*8'-520*2;# '# 62('/# ,2# -+# 782#
682,'# 6'/232/;# 2(# )03+032.).-2# '.+/,'/# 80# 6/+<23*+# (+3)'-# +# =+/5'*):+# 782# 0+#
*204'# 20# 3820*'# -'# ,):2/(),',# ,2# -'# (+3)2,',# <# 2(# 6+/# 2--+# 782# -'# '332().)-),',# 20#
*+,+(#-+(#A5.)*+(#20#-+(#782#(2#,2(20:82-:20#-+(#3)8,','0+(#2(;#3','#:21#5A(;#80'#
G8(*'# /2):)0,)3'3)D0# <;# *'5.)l0;# 80'# 2>)4203)'# -24'-;# 2(623)'-520*2# 20# -'(#
*230+-+49'(#,2#-'#)0=+/5'3)D0#<#-'(#3+580)3'3)+02(%# #
?()(*)5+(;#6+/#*'0*+;#'#-'#0232(),',#,2#'3*8'/#'0*2#2-#)56'3*+#782#2-#HHHF#*)202#<#
*20,/A# 20# -'# 80):2/(),',;# 2(623)'-520*2# 6'/'# -+(# 2(*8,)'0*2(# 3+0# 0232(),',2(#
2,83'*):'(#2(6239=)3'(#<#-'#)56+/*'03)'#,2#3+0*'/#3+0#80#20*+/0+#<#80+(#(2/:)3)+(#
'332().-2(# 6'/'# *+,+(%# n0# /2*+# 320*/',+# 20# -'# =-2>).)-),',# ,2# -'(# *)*8-'3)+02(;# (8#
3'-),',#<;#*'5.)l0;#20#-'#:+3'3)D0#(+3)'-#,2#-'(#80):2/(),',2(#<;#20#2(2#2(320'/)+;#-'#
0232(),',# <# -'# +.-)4'3)D0# ,2# /2'-)1'/# ','6*'3)+02(# 38//)38-'/2(# (2/A# 3/23)20*2# <;#
6'/'-2-'520*2;#-'#=+/5'3)D0#,2-#6/+=2(+/',+#80):2/()*'/)+#6'/'#'=/+0*'/#*'-#/2*+%##
#
-'-$'".*,+c,)
?-3'0*8,o# `%o# i:)-';# h%# <# ?(20();# &%# TB]]]W%# C'# )0*24/'3)D0# ,2# 2(*8,)'0*2(# 3+0#
,)(3'6'3),',# 20# -+(# 2(*8,)+(# (862/)+/2(%# h'-203)'X# n0):2/()*'*# ,2# h'-î03)'# H(*8,)#
R202/'-#TF2/:2)#,2#E8.-)3'3)+0(W%#
?/0A)1;# E%# TB]]BWX# C'(# ','6*'3)+02(# ,2-# 38//938-+# 80):2/()*'/)+%# E+0203)'#
6/2(20*','# 20# -'# h# S280)D0# (+./2# n0):2/(),',# <# ,)(3'6'3),',X# H-# /2*+# ,2# -'(#
B$$#
','6*'3)+02(# 38//)38-'/2(# <# -'# 3'-),',# ,2# -+(# (2/:)3)+(%# E'-5'# ,2# M'--+/3'%###
@**6Xqqppp%/6,%2(q.+-2*)0q.+-$f^q38//)38-85%@*5%#
?/0')1;# E%# TB]]!W%# Z'3)'# 80'# 2,83'3)D0# 2=)3'1# 6'/'# *+,+(X# C'# 2,83'3)D0# )03-8():'%#
a)(6+0).-2#20X#@**6Xqqppp%6'(+'6'(+%3+5%:2qRHM?Fq425'(s$"]%@*5##
&HSMK# TB]$]W%# R89'# 6'/'# -'# 2-'.+/'3)D0# ,2# 80# E-'0# ,2# '*203)D0# '-# '-850',+# 3+0#
a)(3'6'3),',# 20# -'# n0):2/(),',%# a)(6+0).-2# 20# @**6Xqqppp%32/5)%2(%# a+38520*+#
3+0(8-*',+#2-#,9'#f#,2#G8-)+#,2#B]$]%#
&+5)()D0# H8/+62'# TB]]BW%# K0=+/52# B]$]X# n0'# H8/+6'# '332().-2# 6'/'# *+,+(%#
a)(6+0).-2#
20X#
@**6Xqq23%28/+6'%28q256-+<520*s(+3)'-q)0,2>q=)0'-s/26+/*s24's2(%6,=%#
a+38520*+#3+0(8-*',+#2-#,9'#B^#,2#G80)+#,2#B]$]#
&+5)*l# H3+0D5)3+# <# F+3)'-# H8/+62+# TB]]^W%# a)3*'520# (+./2# -'# K48'-,',# ,2#
+6+/*80),',# 6'/'# -'(# 62/(+0'(# 3+0# ,)(3'6'3),',%# # a)(6+0).-2# 20X# @**6Xqq28/Y
-2>%28/+6'%28qC2>n/)F2/:q()*2q2(q+GqB]]^q3s]U!q3s]U!B]]^]fB^2(]]!B]]!V%6,
=%#a+38520*+#3+0(8-*',+#2-#,9'#!]#,2#G80)+#,2#B]$]%#
&+0(2G+#,2#H8/+6'#TB]$]W%#&+03-8()+02(#,2-#&+0(2G+#,2#$$#,2#5'<+#,2#B]$]#(+./2#
-'# ,)520()D0# (+3)'-# ,2# -'# 2,83'3)D0# <# -'# =+/5'3)D0%# a)'/)+# N=)3)'-# ,2# -'# n0)D0#
H8/+62'# ,2# B"# ,2# 5'<+# ,2# B]$]%# a)(6+0).-2# 20X# @**6Xqq28/Y
-2>%28/+6'%28qC2>n/)F2/:qC2>n/)F2/:%,+c8/)uNLX&XB]$]X$!\X]]]BX]]]^XHFXEa`%#
&+0(8-*',+#2-#!]#,2#G80)+#,2#B]$]%#
K0(*/8520*+#,2#S'*)=)3'3)D0#,2#-'#&+0:203)D0#(+./2#-+(#,2/[email protected]+(#,2#-'(#62/(+0'(#
3+0#,)(3'6'3),',;#@[email protected]+#20#O82:'#Q+/b#2-#$!#,2#,)3)25./2#,2#B]]"%#JNH#0I5%#U"#
,2#
B$#
'./)-#
,2#
B]]V%#
a)(6+0).-2#
20#
@**6Xqqppp%.+2%2(q.+2q,)'(qB]]Vq]fqB$q6,=(q?B]"fVYB]"\U%6,=%# &+0(8-*',+#
2-#,9'#B"#,2#G80)+#,2#B]$]%##
C2<# N/4A0)3'# fqB]]^;# ,2# $B# ,2# './)-;# 6+/# -'# 782# (2# 5+,)=)3'# -'# C2<# N/4A0)3'#
"qB]]$;#,2#B$#,2#,)3)25./2;#,2#n0):2/(),',2(#TCNMCNnW%#JNH#0I5%#VU#,2#$!#'./)-#
,2#B]]^%#a)(6+0).-2#20X#@**6Xqqppp%.+2%2(q.+2q,)'(qB]]^q]fq$!q6,=(q?$"Bf$Y
$"B"]%6,=%#a+38520*+#3+0(8-*',+#2-#,9'#!]#,2#G80)+#,2#B]$]%##
E'/-'520*+# H8/+62+# TB]]]W%# &'/*'# ,2# -+(# ,2/[email protected]+(# `80,'520*'-2(# ,2# -'# n0)D0#
H8/+62'%# a)(6+0).-2# 20X# @**6Xqqppp%28/+6'/-%28/+6'%[email protected]'/*2/q6,=q*2>*s2(%6,=%#
a+38520*+#3+0(8-*',+#2-#,9'#B"#,2#G80)+#,2#B]$]%#
[email protected]#C24),+;##?%#T$UUVW%#n0)D0#H8/+62'%#_2>*+(#0+/5'*):+(#.A()3+(%#J'/32-+0'X#
_)/'0*#C+#J-'[email protected]#
B$B#
#
#
#
#
#
#
$,)'#5(&6'.,!'1#)!"$,-"*,6'5,)!"0")0(i"*,)2()$"&)
3*"!(&"&)2()(#&(l,#m,)2()!"03(6(#!',&)(0"!'"#,$(&)2($)
,$%0#,2")!"#)6*,&6"*#"&)2($)(&3(!6*"),%6'&6,)
)
iAC?W9=:)[email protected]:=A)0:[email protected])
&:BE:>A8),BM:8:@).:8Mh:)
n0):2/(),',#,2#M8/3)'#
#
*(&%0(#)
H0#2(*2#2(*8,)+#(2#582(*/'#2-#2=23*+#,2-#,2('//+--+#,2#80'#)0*2/:203)D0#2,83'*):'#
20# '-850',+# 3+0# */'(*+/0+(# ,2-# 2(623*/+# '8*)(*'# T_H?W# (+./2# 3+562*203)'(#
25+3)+0'-2(%#E'/'#2--+;#,+32#'-850+(#3+0#_H?#,2#H,83'3)D0#E/)5'/)'#<#F2380,'/)'#
6'/*)3)6'/+0#20#80#,)(2g+#,2#)0:2(*)4'3)D0#3+-'.+/'*):'#20*/2#,+320*2(#,2#320*/+(#
2(3+-'/2(#<#,+320*2(#80):2/()*'/)+(%#F2#8*)-)1D#80#,)(2g+#52*+,+-D4)3+#782;#,2(,2#
2(*'# 62/(623*):';# 3+0*256-'.'# 80'# 2:'-8'3)D0# )0)3)'-# <# =)0'-# ,2-# '-850',+#
6'/*)3)6'0*2# /2(623*+# ,2# -'(# 3+562*203)'(# 25+3)+0'-2(# <# (+3)'-2(%# E'/'# 2--+;# (2#
2-'.+/'/+0# 5'*2/)'-2(# ,),A3*)3+(# 6'/'# -'# 20(2g'01'# <# 2:'-8'3)D0# ,2# -'#
3+56/20()D0#,2#25+3)+02(#<#3/2203)'(#<#80'#2(3'-'#,2#:'-+/'3)D0#,2#@'.)-),',2(#
25+3)+0'-2(# <# (+3)'-2(# 6'/'# 62/(+0'(# 3+0# _H?;# 6/2:)'520*2# :'-),','%# C+(#
/2(8-*',+(#582(*/'0#782#2-#,2('//+--+#,2#5l*+,+(#3+-'.+/'*):+(#20*/2#,+320*2(#,2#
'-850+(#3+0#_H?#<#2(623)'-)(*'(#80):2/()*'/)+(#)03),2#,2#=+/5'#6+()*):'#(+./2#-+(#
6/+32(+(#,2#20(2g'01'#,2#3+562*203)'(#25+3)+0'-2(%#
3:B:D8:C) MB:E?F# */'(*+/0+# ,2-# 2(623*/+# '8*)(*'o# 3+562*203)'# 25+3)+0'-o#
)0:2(*)4'3)D0#3+-'.+/'*):'o#20(2g'01'%#
)
)
!"$$,-"*,6'5()*(&(,*!G)6")'03*"5'#.)6G()6(,!G'#.)"+)(0"6'"#,$)
!"03(6(#!()"+)&6%2(#6&)H'6G),%6'&0)&3(!6*%0)2'&"*2(*&)
)
,-&6*,!6)
[email protected])(#(*8,<#/26+/*(#*@2#2==23*#+=#*@2#,2:2-+6520*#+=#'0#2,83'*)+0'-#)0*2/:20*)+0#)0#
(*8,20*#p)*@#'8*)(5#(623*/85#,)(+/,2/(#T?FaW#+0#*@2#25+*)+0'-#3+562*2032%#`+/#
)*;# *p2-:2# (*8,20*(# p)*@# ?Fa# +=# E/)5'/<# '0,# F23+0,'/<# H,83'*)+0# *++b# 6'/*# )0# '#
,2()40#+=#3+--'.+/'*):2#/2(2'/[email protected]#'5+04#([email protected]++-#'0,#80):2/()*<#*2'[email protected]/(%#
B$!#
}2# 8(2,# '# 52*@+,+-+4)3'-# ,2()40# *@'*;# =/+5# *@)(# 62/(623*):2;# 3+0*256-'*2,# '0#
)0)*)'-#'0,#=)0'-#2:'-8'*)+0#*+#25+*)+0'-#'0,#(+3)'-#(b)--(#+=#*@2#(*8,20*#6'/*)3)6'0*%#
_+#*@)(#20,;#,),'3*)3#5'*2/)'-(#p2/2#2-'.+/'*2,#=+/#*@2#2,83'*)+0#'0,#2:'-8'*)+0#+=#
*@2# 80,2/(*'0,)04# +=# 25+*)+0(# '0,# .2-)2=(# '0,# '# (3'-2# +=# :'-8'*)+0# +=# 25+*)+0'-#
'0,#(+3)'-#(b)--(#=+/#62/(+0(#p)*@#?Fa;#.2=+/2#:'-),'*2,%#[email protected]#/2(8-*(#(@+p#*@'*#*@2#
,2:2-+6520*# +=# 3+--'.+/'*):2# 52*@+,(# .2*p220# (*8,20*(ë# *2'[email protected]/(# p)*@# ?Fa# '0,#
80):2/()*<# (623)'-)(*(# '==23*(# 6+()*):2-<# +0# *@2# 6/+32((2(# +=# 2,83'*)+0# +=# *@2#
25+*)+0'-#3+562*2032%#
I?7) JA8>CF) '8*)(5# (623*/85# ,)(+/,2/(o# 25+*)+0'-# 3+562*2032o# 3+--'.+/'*):2#
/2(2'/[email protected]#*2'[email protected])04%#
*
Yba)'#6*"2%!!'1#)
C'#'682(*'#6+/#80'#2,83'3)D0#)03-8():'#3+0--2:'#2-#/2*+#,2#2-)5)0'/#-+(#6/+32(+(#,2#
2>3-8()D0# 20# -'# 2,83'3)D0# <# 4'/'0*)1'/# 80'# '*203)D0# ,2# 3'-),',# 782# 6/+582:'# 2-#
'6/20,)1'G2#,2#*+,+(#-+(#'-850+(#TC+1'0+;#B]]^W%#
H0*/2# -'# ,):2/(),',# ,2# '-850',+# 782# (2# @'--'# 2(3+-'/)1',+# 20# 082(*/+(# 320*/+(#
2(3+-'/2(#(2#203820*/'0#-+(#'-850+(#3+0#*/'(*+/0+(#,2-#2(623*/+#'8*)(*'#T_H?W;#782#
(+0#62/(+0'(#782#*)2020#4/':2(#,)=)38-*',2(#20#'(623*+(#:)*'-2(#782#)0=-8<20#20#(8#
3'-),',#,2#:),';#3+5+#-'#)0*2/'33)D0#(+3)'-#3+0#+*/'(#62/(+0'(;#-'#3+580)3'3)D0#,2#
),2'(# <# (20*)5)20*+(# <# -'# 3+56/20()D0# ,2# -+# 782# -+(# ,25A(# ()20*20# +# 6)20('0#
TO'*)+0'-#S2(2'/[email protected]#&+803)-;#B]]$W%##
E'/'# ,'/# /2(682(*'# 2,83'*):'# '# 2(*'(# 62/(+0'(;# 2-# 20=+782# ,2# 2(382-'# )03-8():'#
20='*)1'#-'#0232(),',#,2#52G+/'/#A/2'(#782#(2#3+0(),2/'0#6/)+/)*'/)'(#+#,2=)3)*'/)'(#
20# (8# ,2('//+--+# '# */':l(# ,2-# */'.'G+# 3+-'.+/'*):+# 20*/2# ,+320*2(# 2(3+-'/2(# <#
2(623)'-)(*'(#2>*2/0+(#'-#320*/+%#H(#20#2(*2#5'/3+#20#2-#782#(2#8.)3'#2-#3+0*20),+#<#
-+(#/2(8-*',+(#,2#-'#)0:2(*)4'3)D0#782#(2#6/2(20*'0#20#2(*2#*2>*+#TC+1'0+;#J'--2(*'#
Ö#?-3'/'1;#B]]^W%#
H0# -+(# I-*)5+(# 'g+(;# @'# @'.),+# 80# )03/2520*+# ,2# -'# 6/2(203)'# ,2# '-850',+# 3+0#
_H?# 20# -'(# 2(382-'(# +/,)0'/)'(%# _'-# 3+5+# )0,)3'0# '-480+(# '8*+/2(# TS+,/94821;#
M+/20+#Ö#?48)-2/';#B]]^W;#-+(#,+320*2(#,2#2(*+(#'-850+(#(2#62/3).20#3'/20*2(#,2#
/238/(+(;# 6/+32(+(# <# 2(*/'*24)'(# 20# 2-# 5'/3+# ,2# (8# 6/A3*)3'# 2,83'*):'%# S2(8-*'#
3+0:20)20*2;# 682(;# ,2('//+--'/# <# :'-),'/# 6/A3*)3'(# 62,'4D4)3'(# '3+/,2(# '# -'(#
0232(),',2(#<#3'/'3*2/9(*)3'(#,2#'6/20,)1'G2#,2#-+(#'-850+(#3+0#_H?%#
H0#2=23*+;#-'#=)48/'#,2-#,+320*2#682,2#G84'/#80#6'62-#,23)():+#20#2-#,2('//+--+#,2#-'#
62/(+0'#3+0#_H?;#<'#782#682,2#3/2'/#80'#)0=-8203)'#58<#)56+/*'0*2#20#(8#6/+32(+#
,2#,2('//+--+#TS):)î/2;#$UUUW%#
E+/# 2--+;# 2(*2# *2>*+# 6/2*20,2# )-8(*/'/# 80# 6/+32(+# ,2# )0:2(*)4'3)D0# 3+-'.+/'*):'#
20*/2# ,+320*2(# 2(3+-'/2(# 2# )0:2(*)4',+/2(# 80):2/()*'/)+(;# --2:',+# '# 3'.+# 3+0# -'#
=)0'-),',#,2#6+02/#20#5'/[email protected]'#<#:'-),'/#80#6/+4/'5'#2,83'*):+#,)/)4),+#'-#-+4/+#,2#
@'.)-),',2(#<#3'6'3),',2(#,2#-'#3+562*203)'#25+3)+0'-%#O+(#'0)5'#3+0(),2/'/#782#
-+(#/2(8-*',+(#782#'789#(2#582(*/'0#682,20#(2/#,2#8*)-),',#6'/'#2-#6/+=2(+/',+#<q+#
320*/+(# 782# 0232()*'0# '*20,2/# 2,83'*):'520*2# '# 3+-23*):+(# +# 62/(+0'(# ,2#
3'/'3*2/9(*)3'(#()5)-'/2(%#
F+0#[email protected]+(#-+(#2(*8,)+(#782#@'0#)0=+/5',+#,2#-'(#,)=)38-*',2(#,2#-'#62/(+0'#3+0#
_H?# 6'/'# -'# ',78)()3)D0# ,2# @'.)-),',2(# <# 3'6'3),',2(# 25+3)+0'-2(# TZ',p)0;#
B$f#
J'/+0Y&[email protected];# Z+p-)0# Ö# Z)--;# $UU"W%# F)0# 25.'/4+;# (+0# 520+(# -+(# 2(*8,)+(# 782# (2#
@'0# ,)/)4),+# '-# 2(*8,)+# ,2# -+(# 6/+32(+(# ,),A3*)3+(# 6'/'# '3+52*2/# 80'# 20(2g'01'#
782#,l#/2(682(*'#'#-'(#0232(),',2(#782#6/2(20*'0#2(*'(#62/(+0'(%#
E+/# 2G256-+;# Z',p)0;# J'/+0Y&[email protected];# Z+p-)0# <# Z)--# T$UU"W# /2'-)1'/+0# 80# 2(*8,)+#
,+0,2# (2# 68,+# ,25+(*/'/# 782# 2/'# 6+().-2# 20(2g'/# '# 0)g+(# 3+0# _H?# '# (862/'/#
*'/2'(# 782# 2:'-8'.'0# @'.)-),',2(# <# 3'6'3),',2(# ,2# -'# 3+562*203)'# 25+3)+0'-;#
3+5+#-'#3+56/20()D0#,2#-+(#2(*',+(#520*'-2(#,2#25+3)D0#<#3/2203)'%#F)0#25.'/4+;#
-+(# 2=23*+(# ,2# -'# 20(2g'01'# 0+# (2# 4202/'-)1'/+0# '# +*/+(# 3+0*2>*+(# <# A/2'(# 0+#
2(6239=)3'520*2# 20(2g','(%# C'# ./2:2,',# ,2-# 6/+32(+# ,2# 20(2g'01'# 68,+# (2/# 80'#
:'/)'0*2#)0=-8<20*2#20#2(*+(#/2(8-*',+(%#H(*'#/'1D0#@'#(),+#-'#782#0+(#@'#5+:),+#'#
6-'0*2'/#80#,)(2g+#,2#*/'.'G+#782#)03+/6+/'/'#5A(#*)256+#,2#20(2g'01'%#
?,25A(;#2(#6+().-2#782#2(*+(#,2(2(62/'01',+/2(#/2(8-*',+(#=82/'0#,2.),+(#'#782#
*'-2(# )0:2(*)4'3)+02(# (2# 320*/'/+0# 20# 80'# 20(2g'01'# ,2# 6/)03)6)+(# 2(6239=)3+(#
,2(3+0*2>*8'-)1',+(# .'(',+(# 20# -'# (862/'3)D0# ,2# *'/2'(# 0+# 3/2A0,+(2;# ,2# 2(*'#
=+/5';# -'(# 3+0,)3)+02(# 0232('/)'(# 6'/'# -'# */'0(=2/203)'# ,2# -+(# '6/20,)1'G2(# '-#
580,+# /2'-%# ?(9;# -'# )0*2/:203)D0# 3+0# 0)g+(# 3+0# _H?# /278)2/2# ,2# 80# 5+,2-+#
2,83'*):+#782;#',25A(#,2#.'('/(2#20#2-#6/)03)6)+#,2#-'#2(*/83*8/'3)D0;#6+*203)2#-'#
2(6+0*'02),',#<#6/+6+/3)+02#+6+/*80),',2(#/)3'(#<#:'/)','(#'-#0)g+#20#(8#20*+/0+#
(+3)'-%#H0#2(*2#(20*),+;#2(#)56+/*'0*2#)0*24/'/#20#-'(#)0*2/:203)+02(#-'(#'3*):),',2(#
3+*),)'0'(# ,2-# 0)g+# 3+0# _H?# 20# -84'/# ,2# 6/2(20*'/# (D-+# '6/20,)1'G2(# ,8/'0*2#
)0(*/833)+02(#3+0#6/82.'(#3+0#3+0=)48/'3)D0#3-90)3'#TZp'04#<#[email protected](;#B]]]W%#E+/#
3+0()48)20*2;#(2#@'32#0232('/)+#*20,2/#80#6820*2#20*/2#-+(#@'--'14+(#2569/)3+(#,2#
-'(# ,)=)38-*',2(# ,2# -'(# 62/(+0'(# 3+0# _H?;# 3+0# (8# 6+().-2# )56'3*+# 20# -+(# '(80*+(#
6/A3*)3+(#,2#-'#2:'-8'3)D0#2#)0*2/:203)D0%#
#
Sba)"-i(6'5"&))
a) h'-+/'/# 80# 6/+32(+# ,2# )0*2/:203)D0# 2,83'*):'# (+./2# -'# 20(2g'01'# ,2#
3+562*203)'(#25+3)+0'-2(%#
Y#h'-+/'/#-+(#'6/20,)1'G2(#,2#-+(#6'/*)3)6'0*2(#(+./2#(8(#3+562*203)'(#(+3)'-2(%#
Y# h'-+/'/# 2-# 6+*203)'-# ,2# -'# )0:2(*)4'3)D0# 3+-'.+/'*):'# 20*/2# ,+320*2(# 2(3+-'/2(# <#
80):2/()*'/)+(#20#-'#52G+/'#,2#-+(#6/+32(+(#,2#)0*2/:203)D0#2,83'*):'#3+0#'-850+(#
3+0#_H?%##
#
Xba)0(6"2"$".c,)
T#0&%1%F#+&(-)
'W#?-850',+#
E'/*)3)6'/+0# ,+32# '-850+(# 3+0# _H?# ,2# ,)(*)0*+(# (2>+# <# 2,',# 782# 3+0*'.'0# 3+0#
,)'40D(*)3+(# '3*8'-)1',+(# ,20*/+# ,2# -'# 3'*24+/9'# ,2# -+(# */'(*+/0+(# 4202/'-)1',+(#
,2-#,2('//+--+;#<#()20,+#l(*+(;#'#(8#:21;#@2*2/+4l02+(#,20*/+#,2#-'#5)(5'#T_'.-'#$W%#
#
B$\#
_'.-'#f%#?-850+(#6'/*)3)6'0*2(%#
,BP;=A)
(>:>)
r:jACs)
c=>9M?)>?)?>:>aE?8D:B)
r:jACa;?C?Cs)
&?_A)
Y)
$^#
^Y"#
`2520)0+#
S)
$V#
^Y!#
M'(38-)0+#
X)
$\#
"Y$]#
`2520)0+#
[)
$"#
"Y$]#
M'(38-)0+#
])
^#
\Y!#
M'(38-)0+#
R)
V#
\Y$]#
`2520)0+#
U)
$V#
VY"#
`2520)0+#
Z)
V#
\Y^#
M'(38-)0+#
^)
U#
VY\#
M'(38-)0+#
Ye)
V#
\Yf#
M'(38-)0+#
YY)
$]#
\Y$$#
M'(38-)0+#
YS)
$$#
$BY"#
M'(38-)0+#
29:Q=OCL9MA)
_/'(*+/0+#'8*)(*'#
_Ra#0+#
2(623)=)3',+#
F90,/+52#,2#
?(62/42/#
#
.W#H78)6+#)0:2(*)4',+/#
H-# 278)6+# )0:2(*)4',+/# =82# 3+0=+/5',+# 6+/# ,)21# 62/(+0'(;# ,2# -'(# 782# V# 2/'0#
,+320*2(#,2#320*/+(#2,83'*):+(#2(623)'-)(*'(#20#'*203)D0#'#-'#,):2/(),',;#*'0*+#,2#
-'(# 2(623)'-),',2(# ,2# 62,'4+49'# *2/'6l8*)3'# 3+5+# ,2# '8,)3)D0# <# -2048'G2;# <# 782#
,2('//+--'.'0# (8# 6/A3*)3'# 2,83'*):'# 3+0# -+(# '-850+(# +.G2*+# ,2# 2(*8,)+# 20# 2(*'#
)0:2(*)4'3)D0%# _'5.)l0# ,2(,2# 2-# A5.)*+# 2,83'*):+# (2# @'# 3+0*',+# 3+0# ,+(#
5)25./+(;# 80'# 6/+=2(+/'# *)*8-'/# ,2# 80):2/(),',# <# 80# .23'/)+# 6/2,+3*+/'-# ,2#
)0:2(*)4'3)D0#,2#80#,26'/*'520*+#,2#a),A3*)3'#<#N/4'0)1'3)D0#H(3+-'/%#
W+-&0"D(+&/-))
E'/'#-'#2:'-8'3)D0#<#20(2g'01'#,2#3+562*203)'(#25+3)+0'-2(#(2#,)(2gD;#2-'.+/D#2#
)56-2520*D#80#5'*2/)'-#,),A3*)3+;#20#=+/5'*+#)56/2(+#2#)0=+/5A*)3+X#Z6F0(+*()1/+)
}#F/3) T0/F"(-&#-) *%*R1&%1#-) F#0#) ($) #F0(+*%I#\() *() 2#E%$%*#*(-) (D/1%/+#$(-) ,)
-/1%#$(-Y# TC+1'0+# Ö# ?-3'/'1;# B]]UW%# H(*2# 5'*2/)'-# 6/+6+09'# 80'# (238203)'3)D0# ,2#
-'(#*'/2'(#,2#20(2g'01'Y'6/20,)1'G2#2(*/83*8/','(#20#0):2-2(#2:+-8*):+(#,2#520+/#
'# 5'<+/# 3+56-2G),',# 6'/'# -'# 3+56/20()D0# ,2# @'.)-),',2(# <# 3'6'3),',2(#
25+3)+0'-2(%#
E'/'# (2/# (20().-2(# '# -'(# 6+().-2(# /2-'3)+02(# 20*/2# 2-# 6/+32(+# ()(*25A*)3+# ,2#
20(2g'01'# ,2('//+--',+# <# -'(# @'.)-),',2(# (+3)'-2(# ,2# -+(# 6'/*)3)6'0*2(# 20# -'#
)0:2(*)4'3)D0;# (2# ,)(2gD# <# 8*)-)1D# 80'# 2(3'-'# 782# 0+(# 6+().)-)*'/'# -'# :'-+/'3)D0# ,2#
-+(#-+4/+(#'-3'01',+(%#H(*'#2(3'-'#2/'#*)6+#7%l(0&#3+0#\#:'-+/2(#<#(2#3+568(+#,2#V^#
9*25(%#C+(#9*25(#(2#:'-+/'/+0#3+0#80'#680*8'3)D0#,2-#$#'-#\;#,+0,2#2-#$#()40)=)3'.'#
782#-'#62/(+0'#6/2(20*'.'#-'#,)=)38-*',#'#-'#782#'-8,9'#2-#9*25#+#.)20#782#0+#*209'#
',78)/),'#-'#3'6'3),',#782#(2#2:'-8'.';#20#=803)D0#,2#()#2-#9*25#2(*'.'#=+/58-',+#
,2# =+/5'# 6+()*):'# +# 024'*):'%# E+/# 2-# 3+0*/'/)+;# 80'# 680*8'3)D0# ,2# \# 782/9'# ,23)/#
782# 2-# '-850+# 0+# 6/2(20*'.'# -'# ,)=)38-*',# '# -'# 782# (2# '-8,9'# +# .)20# 782# *209'#
B$"#
',78)/),'#-'#3'6'3),',#782#2-#9*25#2:'-8'.'%#a2#2(*'#=+/5';#38'0*+#5'<+/#=82/'#-'#
680*8'3)D0;#5'<+/#(2/9'#2-#4/',+#,2#3+562*203)'#(+3)'-#,2#-'#62/(+0'#2:'-8','%#
?,25A(;# 6'/'# 6+,2/# )0*2/6/2*'/# -+(# /2(8-*',+(# ,2-# 6/+32(+# 2,83'*):+# ,2# 80'#
5'02/'#5A(#32/3'0'#<#/2'-;#(2#/2'-)1D#80'#20*/2:)(*'#62/(+0'-)1','#'#3','#,+320*2#
,2#-+(#'-850+(#6'/*)3)6'0*2(#20#-'#)0:2(*)4'3)D0#<#,2#-'(#:'-+/'3)+02(;#3+520*'/)+(;#
'0l3,+*'(# 2# )0=+/5'3)+02(# 38'-)*'*):'(# 782# l(*+(# 0+(# 6/+38/'/+0# '# */':l(# ,2# -'(#
(2()+02(#,2#*/'.'G+#32-2./','(%#
8%-(H/),)F0/1(*%D%(+&/)
C'# )0:2(*)4'3)D0# 782# (2# ,2(3/).2# 20# 2(*'(# -902'(# *8:+# 80# 3'/A3*2/# '6-)3',+%# F2#
8*)-)1D# 80# ,)(2g+# ,2# 4/86+# I0)3+# 3+0# 6/2*2(*Y6+(*2(*%# ?(9;# '0*2(# ,2-# 6/+32(+# ,2#
20(2g'01';#2-#'-850',+#=82#2:'-8',+#,2#(8(#3+562*203)'(#25+3)+0'-2(#<#(+3)'-2(%#
H(*'# 2:'-8'3)D0# )0)3)'-# 6/2*20,9'# ()*8'/# 2-# 680*+# ,2# ('-),'# ,2# 3','# 80+# ,2# -+(#
'-850+(#6'/'#,2('//+--'/#2-#6/+32(+#,2#20(2g'01'Y'6/20,)1'G2;#2-#38'-#(2#2>*20,)D#
,8/'0*2# ,+(# (2()+02(# 6+/# (25'0'# ,2# f\# 5)08*+(# 3','# 80'# '# -+# -'/4+# ,2# +032#
(25'0'(%#_/'(#2-#6/+32(+#,2#)0*2/:203)D0#2,83'*):';#3','#80+#,2#-+(#'-850+(#=82#
082:'520*2#2:'-8',+%#
[(&/*/$/MJ#) *() &0#E#\/) 1/$#E/0#&%'/) (+&0() $/-) */1(+&(-) *() $/-) #$"D+/-) 1/+) :56)
F#0&%1%F#+&(-)()%+'(-&%M#*/0(-)"+%'(0-%&#0%/-)
N6*'5+(# 6+/# 80'# )0:2(*)4'3)D0# 38<'# 2(203)'# (2# '(20*'/'# 20# 2-# 6/)03)6)+# ,2#
)0:2(*)4'/#20;#3+0#<#6'/'#-'#2(382-'#TL)5l021#Ö#h)-ã;#$UUUW%#H0#2(*2#(20*),+;#3/295+(#
62/*)020*2# 3/2'/# 80# 4/86+# ,2# */'.'G+# 3+0(*)*8),+;# ',25A(# ,2# 6+/# -+(# 5)25./+(#
)0:2(*)4',+/2(# ,2# -'# 80):2/(),',;# 6+/# -+(# ,+320*2(# ,2# -+(# '-850+(# 3+0# _H?# 782#
).'0#'#6'/*)3)6'/#20#-'#)0:2(*)4'3)D0%#
&+0(*)*8),+# 2-# 4/86+# ,2# */'.'G+;# -+(# 3+56+020*2(# 80):2/()*'/)+(# =82/+0#
3+-'.+/'/+0# 20# 2-# ,2('//+--+# ,2-# 6/+4/'5'# ,2# )0*2/:203)D0# 3+0# -+(# ,+320*2(#
2(3+-'/2(%#E'/'#2--+;#(2#5'0*8:+#80#3+0*'3*+#62/(+0'-)1',+#,20*/+#,2-#'8-'#3+0#2-#
,+320*2# '# -+# -'/4+# ,2# *+,+# 2-# 6/+32(+;# G80*+# '-# 38'-# (2# 32-2./'/+0# (2()+02(# ,2#
*/'.'G+#3+0G80*'(#20*/2#*+,+(#-+(#5)25./+(#,2-#278)6+#)0:2(*)4',+/%#
C+(#5)25./+(#)0:2(*)4',+/2(#,2#-'#80):2/(),',#'(85)2/+0#(8#6/+*'4+0)(5+#20#-'(#
='(2(# ,2# 6-'0)=)3'3)D0;# ,)(2g+;# 6-'0*2'5)20*+(# ,),A3*)3+(;# ,)(2g+# ,2# 5'*2/)'-2(#
,),A3*)3+(;#'0A-)()(#2#)0*2/6/2*'3)D0#,2#/2(8-*',+(%#E+/#(8#6'/*2;#-+(#,+320*2(#,2#-+(#
'-850+(# 3+0# _H?# ',78)/9'0# (8# 6/+*'4+0)(5+# 20# 2-# ,2('//+--+# ,2-# 6/+32(+# ,2#
)0*2/:203)D0#2,83'*):'#782#6/+6+09'#-'#6/2(20*2#)0:2(*)4'3)D0#<#20#-'#3+-'.+/'3)D0#
20*/2# 2--+(;# 20# -'# 52,),'# 20# 782# ).'0# /2-'*'0,+;# 20# -'(# (2()+02(# ,2# */'.'G+;# (8#
6/+32(+#,2#20(2g'01'Y'6/20,)1'G2#<#(8(#/2=-2>)+02(#3+0G80*'(#(+./2#-+(#6/+32(+(#
--2:',+(#'#3'.+#<#-'(#52G+/'(#782#).'0#',78)/)20,+#20#2-#'-850',+o#52G+/'(#782;#
)03-8(+;#2/'0#3+520*','(#6+/#-+(#6',/2(#,2#-+(#'-850+(%##
#
[ba)*(&%$6,2"&)
4(-"$&#*/-) *($) F0/1(-/) *() %+&(0'(+1%K+) (*"1#&%'#) *() 2#E%$%*#*(-) ,) 1#F#1%*#*(-)
(D/1%/+#$(-)
_/'(# 2-# 6/+32(+# ,2# )0*2/:203)D0# 2,83'*):';# -+(# ,+32# '-850+(# 3+0# _H?# 782#
6'/*)3)6'/+0#20#2(*'#)0:2(*)4'3)D0#52G+/'/+0#(8(#/2(8-*',+(#)0)3)'-2(#6'/'#(862/'/#
*'/2'(# 782# 2:'-8'.'0# @'.)-),',2(# <# 3'6'3),',2(# ,2# -'# 3+562*203)'# 25+3)+0'-;# ()#
.)20# 2(*'# 52G+/'# =82# :'/)'.-2# 20*/2# -+(# '-850+(;# 3+5+# 682,2# '6/23)'/(2# 20# 2-#
B$^#
4/A=)3+#$%#C'(#*'/2'(#,2#20(2g'01'#<#2:'-8'3)D0#(2#2(*/83*8/'/+0#20#3)03+#0):2-2(#
,+0,2# -'# 680*8'3)D0# +*+/4','# 20# 3','# 0):2-# +(3)-'.'# 20# :'-+/2(# 6/+4/2():+(# ,2#
(862/'3)D0#,2#-'(#*'/2'(#T,2#$#'#\W%#a+0,2#2-#$#()40)=)3'.'#782#0+#(862/'.'#2-#0):2-#
<#2-#\#782#-+#(862/'.'#()0#,)=)38-*',2(%#C'(#680*8'3)+02(#,2-#B#'-#f#'-8,9'0#'#:'-+/2(#
)0*2/52,)+(#,2#0+#(862/'3)D0#,2#-'#*'/2'%#H0#2(*2#(20*),+;#80'#680*8'3)D0#*+*'-#,2#
\#()40)=)3'.'#782#2-#'-850+#0+#2/'#3'6'1#,2#(862/'/#0)0480'#*'/2'#,2#2:'-8'3)D0#<;#
6+/# 2-# 3+0*/'/)+;# 80'# 680*8'3)D0# ,2# B\# ()40)=)3'.'# 782# 2-# '-850+# 2/'# 3'6'1'# ,2#
(862/'/#3+0#l>)*+#*+,'(#-'(#*'/2'(#6/+682(*'(%#
#
@#d9%&2*D=*I,-31$"+2-*+,1*'#2&,-2*+,*%)$,#4,)&%()*+,*&26',$,)&%"-*
,62&%2)"1,-=*
25
20
Evaluación Inicial
15
Evaluación Final
10
5
1
2
3
4
5
6
7
8
9
10
11
12
)
4(-"$&#*/-)*($)F0/1(-/)*()%+&(0'(+1%K+)(*"1#&%'#)-/E0()$#-)2#E%$%*#*(-),)1#F#1%*#*(-)
-/1%#$(-)
#
H0# /2=2/203)'# '-# +.G2*):+# ,2# ()# 2-# 6/+32(+# ,2# 20(2g'01'# (+./2# 3+562*203)'(#
25+3)+0'-2(#52G+/D#-'(#@'.)-),',2(#<#3'6'3),',2(#,2#-'#3+562*203)'#(+3)'-#,2#-+(#
6'/*)3)6'0*2(;# -+(# /2(8-*',+(# +.G2*):+(# ,2# -'# 2(3'-';# '# -'# 782# @25+(# @[email protected]+# '-8()D0#
'0*2/)+/520*2;# <# -'(# )0=+/5'3)+02(# 38'-)*'*):'(# ,2# 62/(+0'(# 32/3'0'(# '-# '-850+#
T20*/2:)(*'# '# ,+320*2(# <# 3+520*'/)+(# ,2# ='5)-)'/2(W;# 5+(*/'/+0# 782# (2#
6/+5+:)2/+0#3'5.)+(#6+()*):+(#20#-'(#@'.)-),',2(#<#3'6'3),',2(#(+3)'-2(#,2#l(*+(;#
682(# */'(# 2-# 6/+32(+# ,2# )0*2/:203)D0;# -+(# '-850+(#3+0()48)2/+0#:'-+/2(#5A(#'-*+(#
20#3+56'/'3)D0#3+0#2-#5+520*+#'0*2/)+/#'-#6/+32(+#,2#)0*2/:203)D0#2,83'*):'%#
#
R/A=)3+#B%#S2(8-*',+(#20#3+562*203)'#(+3)'-%#
115
85
55
25
1
2
3
Trastorno Autista
4
5
6
7
8
TGD No Específico
Evaluación Inicial
9
Evaluación Final
10
11
12
Síndrom e Asperger
#
B$V#
4(-"$&#*/-)*($)&0#E#\/)1/$#E/0#&%'/)(+&0()*/1(+&(-)*(-#00/$$#*/)(+)($)F0/1(-/)*()
%+'(-&%M#1%K+3)
C'(# (2()+02(# ,2# */'.'G+# <# -'(# 20*/2:)(*'(# /2'-)1','(# '# -+(# 5)25./+(# ,2-# 278)6+#
)0:2(*)4',+/# )0=+/5'/+0# 782# -'# 52*+,+-+49'# --2:','# '# 3'.+# '# -+# -'/4+# ,2# *+,+# 2-#
62/)+,+# )0:2(*)4',+/;# 3+0*/).8<D# '-# ,2('//+--+# ,2# 6/A3*)3'(# 3+-'.+/'*):'(# 58<#
6+()*):'(# 6'/'# -+(# ,+320*2(# 2(3+-'/2(%# ?(9;# -+(# ,+320*2(# (2# 5+(*/'/+0# ('*)([email protected]+(#
6+/# '%'(+1%#0# <# (2/# F#0&J1%F(-# ,2# 6/+32(+(# ,2# )0:2(*)4'3)D0# 20# -'# 52,),'# 782#
:'-+/'.'0#<#'0'-)1'.'0#(8#6/+6)'#'3*8'3)D0#2,83'*):'%#C'#5'<+/9'#,2#2--+(#2(*8:+#
,2#'382/,+#20#'=)/5'/#782#-'#52*+,+-+49'#,2#3+-'.+/'3)D0#782#(2#--2:D#'#3'.+#20#
-'(# '8-'(# 3+0# -+(# )0:2(*)4',+/2(# 80):2/()*'/)+(# @'.9'# '56-)',+# (8# 3+0+3)5)20*+# <#
=+/5'3)D0#(+./2#2-#6/+32(+#,2#)0*2/:203)D0#3+0#'-850+(#3+0#_H?%##
&+5+# '(623*+(# )56+/*'0*2(# '# /2('-*'/# ,2# ,)[email protected]+# 6/+32(+# =+/5'*):+;# -+(# ,+320*2(#
2(3+-'/2(#,2(*'3'/+0;#(+./2#*+,+;#-'#682(*'#20#3+5I0#,2#-'(#,)(*)0*'(#2>62/)203)'(#
--2:','(#'#3'.+#3+0#(8(#'-850+(#<#2-#'6+<+#58*8+#6'/'#3+0(*/8)/#80#'6/20,)1'G2#
3+-23*):+# '# */':l(# ,2-# 3+0(23820*2# )0*2/3'5.)+# 3+580)3'*):+# 20*/2# -+(# ,)(*)0*+(#
,+320*2(#<#(8(#2>62/)203)'(%#a2#)48'-#5+,+;#*'5.)l0#,2(*'3'/+0;#3+5+#'6+/*'3)D0#
,2-# 6/+32(+# ,2# )0:2(*)4'3)D0# 3+-'.+/'*):';# -'# +6+/*80),',# ,2# /2=-2>)+0'/# (+./2# (8#
6/A3*)3'# ,)'/)'# 2# )03+/6+/'/# 20# (8(# 6/+32(+(# ,2# 20(2g'01'Y'6/20,)1'G2#
)00+:'3)+02(#,)/)4),'(#'#-'#20(2g'01'#,2#'-850',+#3+0#_H?%#
a2# )48'-# 5+,+;# 3+0:)202# ,2(*'3'/# 2-# .202=)3)+# 782# ,)[email protected]+# */'.'G+# 3+-'.+/'*):+#
(868(+#6'/'#*+,+#2-#278)6+#)0:2(*)4',+/;#682(#*'0*+#-+(#,+320*2(#,2#-+(#320*/+(#,2#
2,83'3)D0# 6/)5'/)'# <# (2380,'/)';# 3+5+# -+(# 62/*2023)20*2(# '# -'# 80):2/(),',#
-+4/'/+0#':'01'/#/2(623*+#'#(8(#3+0+3)5)20*+(#(+./2#-+(#6/+32(+(#,2#20(2g'01'#<#
'6/20,)1'G2# ,2# -'(# 3+562*203)'(# 25+3)+0'-2(# 20# '-850',+# 3+0# _H?# <# -+(#
/2(8-*',+(#+.*20),+(#*/'(#2-#6/+4/'5'#,2#)0*2/:203)D0#2,83'*):'#--2:',+#'#3'.+%#
)
]ba)!"#!$%&'"#(&)
H-# */'.'G+# 3+-'.+/'*):+# 782# (2# --2:D# '# 3'.+# 20*/2# ,+320*2(# <# 5)25./+(#
80):2/()*'/)+(# /2(8-*D# (2/# 3-':2# 6'/'# -'# 3+0(2383)D0# ,2# -+(# +.G2*):+(# ,2#
)0:2(*)4'3)D0#6+/782#-'#3+0(*'0*2#3+-'.+/'3)D0#,8/'0*2#*+,+#2-#6/+<23*+#62/5)*)D;#
0+# (D-+# 6-'0)=)3'/# 2-# 6/+32(+# ,2# )0*2/:203)D0# 2,83'*):'# 20# =803)D0# ,2# -'# /2'-),',#
2(3+-'/#,2#3','#'-850+;#()0+#782;#*'5.)l0;#)/#'G8(*'0,+#<#(+-:20*',+#3+0=-)3*+(#782#
(2#).'0#6/+,83)20,+#'#-+#-'/4+#,2#-'#5)(5'%#H(*'#3+-'.+/'3)D0#@'#62/5)*),+#782#-'#
)0*2/:203)D0# 2,83'*):'# --2:','# '# 3'.+# =82/'# 3+0*2>*8'-)1','# <# =803)+0'-;# ,+(#
6)-'/2(# =80,'520*'-2(# 6'/'# -'# 2=)3'3)'# ,2# -'# )0*2/:203)D0# 2,83'*):'# 20# 62/(+0'(#
3+0#*/'(*+/0+(#,2-#2(623*/+#'8*)(*'%#
H0# 2(*2# (20*),+;# @25+(# 3+56/+.',+# 782# -'# 52*+,+-+49'# 3+-'.+/'*):'# 20*/2#
,+320*2(#<#5)25./+(#6/+32,20*2(#,2#-'#80):2/(),',#2(#2=)3'1#6'/'#-'#)0*2/:203)D0#
2,83'*):'#,2#0)g+(#<#[email protected])3+(#3+0#T_H?W#6+/782#@'#62/5)*),+#3+03/2*'/#-'#20(2g'01'#
,2# @'.)-),',2(# <# 3'6'3),',2(# 25+3)+0'-2(# '# -'(# /2'-),',2(;# 0232(),',2(# <#
'6/20,)1'G2(# ,2# 3','# 80+# ,2# 2--+(%# ?,25A(;# 2-# */'.'G+# 3+-'.+/'*):+# @'# (),+#
.202=)3)+(+# 6'/'# -+(# 6/+6)+(# ,+320*2(# 682(;# '# */':l(# ,2# -'(# (2()+02(# ,2# */'.'G+;#
,+0,2# 3+56'/*9'0# 2>62/)203)'(;# /2'-),',2(;# 3+0=-)3*+(;# /2=-2>)+02(# 3+0# +*/+(#
,+320*2(# 3+0# 3'(89(*)3'(# ()5)-'/2(;# <# ,2-# 3+0*'3*+# 62/5'020*2# 3+0# -+(# 5)25./+(#
6/+32,20*2(# ,2# -'# 80):2/(),',;# -2(# @'# 62/5)*),+# ',78)/)/# 082:'(# 2(*/'*24)'(#
2,83'*):'(# 6'/'# -'# 20(2g'01'# ,2# '-850',+# 3+0# _H?# 782# 682,20# 3+0*/).8)/# '# -'#
B$U#
'<8,'# ,2# (8# [email protected]'32/# ,)'/)+# 3+0# 2(*2# *)6+# ,2# 62/(+0'(%# H0# 2=23*+;# 80+# ,2# -+(#
4/'0,2(#+.G2*):+(#,2#-'#)0:2(*)4'3)D0#2/'#,2('//+--'/;#0+#(D-+#80'#)0:2(*)4'3)D0#20#
-'#2(382-';#20#3+0*2>*+(#32/3'0+(#<#0'*8/'-2(#6'/'#-+(#'-850+(#6'/*)3)6'0*2(;#()0+;#
(+./2# *+,+;# ,2('//+--'/# 80'# )0:2(*)4'3)D0# 3+0# <# 6'/'# -'# 2(382-';# '# */':l(# ,2# -'#
)03+/6+/'3)D0#,2#-'#3+-'.+/'3)D0#20*/2#,+320*2(;#<#'(248/'0,+;#20#*+,+#5+520*+#
782#2-#6/+32(+#,2#)0:2(*)4'3)D0#=82(2#I*)-#6'/'#-'#2(382-'#20#(8#4-+.'-),',%#?,25A(;#
2-#62/(+0'-#,+320*2#2#)0:2(*)4',+/#782#3+56-2*'.'#2-#278)6+#)0:2(*)4',+/#*'5.)l0#
+.*8:+#.202=)3)+(#'-#20/)78232/(2#,2#-'(#'6+/*'3)+02(#<#/2=-2>)+02(#,2#-+(#,+320*2(#
,2#-+(#'-850+(#3+0#_H?#<#6'/'#,'/#(20*),+#'#-+(#6-'0*2'5)20*+(#*2D/)3+(%#F)0#,8,';#
6/2*20,)5+(#782#-'#)0:2(*)4'3)D0#--2:','#'#3'.+#3+0*/).8<2/'#'#-'#52G+/';#*'0*+#,2#
-+(#'-850+(#6'/*)3)6'0*2(;#3+5+#,2#*+,+(#-+(#3+56+020*2(#,2-#278)6+#)0:2(*)4',+/#
<;# '# *20+/# ,2# -+(# /2(8-*',+(# +.*20),+(;# 6+,25+(# )0*2/6/2*'/# 782# (2# @'# ,',+#
/2(682(*'# '# ,)[email protected]'# 6/2*20()D0%# E+/# I-*)5+;# 3+0:)202# ,2(*'3'/# 782# 2-# */'.'G+#
6'/*)3)6'*):+# <# 3+-'.+/'*):+# ,2('//+--',+# 20*/2# 62/(+0'-# 80):2/()*'/)+# <# ,+320*2(#
,2# -+(# 320*/+(# ,2# H,83'3)D0# E/)5'/)'# <# F2380,'/)';# '# */':l(# ,2# -'(# (2()+02(# ,2#
*/'.'G+# ,2('//+--','(# -+# -'/4+# ,2-# 6/+32(+# ,2# )0:2(*)4'3)D0;# '(9# 3+5+# 2-#
62/5'020*2#3+0*'3*+#'#-+#-'/4+#,2#5)(5+;#@'#6/+6)3)',+#082:'(#=+/5'(#,2#:2/#-'#
/2'-),',# 2# )0*2/6/2*'/# -'(# 6/A3*)3'(# ,+320*2(# 3+0(*)*8<l0,+(2# 3+5+# 80# 2-2520*+#
2(203)'-#6'/'#'-3'01'/#-+(#+.G2*):+(#6/+682(*+(%#
)
Rba)*(+(*(#!',&)-'-$'".*/+'!,&)
Z',p)0;#L%;#J'/+0Y&[email protected];#F%;#Z+p-)0;#E%#Ö#Z)--;#P%#T$UU"W%#&'0#p2#*2'[email protected]#[email protected])-,/20#p)*@#
'8*)(5# *+# 80,2/(*'0,# 25+*)+0(;# .2-)2=# +/# 6/2*2032c# 8('($/FD(+&) #+*)
T-,12/F#&2/$/M,B)[email protected];#!f\Y!"\%#
Zp'04;# J%# Ö# [email protected](;# &%# TB]]]W%# [email protected]# 2==23*(# +=# (+3)'-# )0*2/'3*):2# */')0)04# +0# 2'/-<#
(+3)'-# 3+5580)3'*):2# (b)--(# +=# [email protected])-,/20# p)*@# '8*)(5%# Q/"0+#$) /.) 6"&%-D) #+*)
8('($/FD(+&#$)8%-/0*(0-B)>ApjqB#!!$Y!f!%#
L)5l021;# `%# Ö# h)-ã;# M%# T$UUUW%# C'# )0:2(*)4'3)D0# 20# 2,83'3)D0# 2(623)'-# <# 20#
)0*24/'3)D0#2(3+-'/%#4('%-&#)*()5*"1#1%K+)5-F(1%#$B)@=B#$B^Y$fV%#
C+1'0+;#L%#TB]]^W%#5*"1#0)(+)$#)*%'(0-%*#*%#J'/32-+0'X#a':)03)#&+0*)020*'-%#
C+1'0+;# L%# Ö# ?-3'/'1;# F%# TB]]UW%# 6F0(+*() 1/+) }#F/3) T0/F"(-&#-) *%*R1&%1#-) F#0#) ($)
#F0(+*%I#\()*()2#E%$%*#*(-)(D/1%/+#$(-),)-/1%#$(-%#M',/),X#}+-*2/(#P-8p2/%#
C+1'0+# L%;# J'--2(*';# `%# L%# Ö# ?-3'/'1;# F%# TB]]^;# $V# ,2# +3*8./2W# s!"%(0(-) #F0(+*(0) #)
0(1/+/1(0)(D/1%/+(-),)10((+1%#-)\"M#+*/)1/+)}#F/t)K0:2(*)4'3)D0#6/2(20*','#20#2-#
&+04/2(+# K0*2/0'3)+0'-# (+./2# )0:2(*)4'3)D0Y'33)D0# 6'/*)3)6'*):'%# h'--',+-),#
TH(6'g'W%#
O'*)+0'-# S2(2'/[email protected]# &+803)-# TB]]$W%# 5*"1#&%+M) 92%$*0(+) d%&2) 6"&%-D%# &+55)**22# +0#
H,83'*)+0'-# K0*2/:20*)+0(# =+/# &@)-,/20# p)*@# ?8*)(5%# a):)()+0# +=# [email protected]':)+/'-# '0,#
F+3)'-#F3)2032(#'0,#H,83'*)+0%#}'(@)04*+0#a&X#O'*)+0'-#?3',25<#E/2((%#
S):)î/2;#?%#T$UUUW%#H-#'8*)(5+#<#-+(#*/'(*+/0+(#4202/'-)1',+(#,2-#,2('//+--+%#H0#?%#
M'/[email protected]();# &%# &+--# Ö# L%# E'$'3)+(# TH,(%W;# 8(-#00/$$/) F-%1/$KM%1/) ,) (*"1#1%K+) WWW3)
:0#-&/0+/-)*($)*(-#00/$$/),)+(1(-%*#*(-)(*"1#&%'#-)(-F(1%#$(-#T66%#!BUY!\\W%#M',/),X#
?-)'01'#E()3+-+49'%#
BB]#
S+,/94821;#K%#S%;#M+/20+;#`%#L%#Ö#?48)-2/';#?%#TB]]^W%#C'#'*203)D0#2,83'*):'#20#2-#3'(+#
,2-# '-850',+# 3+0# _/'(*+/0+(# ,2-# H(623*/+# ?8*)(*'%# 4('%-&#) *() 5*"1#1%K+B) >pjjq;#
fB\Yff\%#
#
BB$#
BBB#
)
#
#
#
#
#
,&3(!6"&)2'2/!6'!"a"*.,#'m,6'5"&)2()$,)(2%!,!'1#)
(&3(!',$b)%#,)3*"3%(&6,)2()+"*0,!'1#)%#'5(*&'6,*',)
2(&2()$,)2'5(*&'2,2),)6*,5K&)2()$,)0(6"2"$".c,)
-$(#2(2a$(,*#'#.)
#
*:9;P=>A)!:CL:jA)!:BB?)
,BWA=CA)>?)0:8P89)/BE:[email protected])
n0):2/(),',#E+0*)=)3)'#,2#F'-'5'03'#
)
*(&%0(#)
C'# `'38-*',# ,2# &)203)'(# Z85'0'(# <# F+3)'-2(;# M'4)(*2/)+# vC8)(# h):2(w;# ,2# -'#
n0):2/(),',# E+0*)=)3)'# ,2# F'-'5'03';# 2(# 6)+02/'# 20# -'# 52*+,+-+49'# .-20,2,Y
-2'/0)04;#782#:)202#,2('//+--'0,+#,2(,2#2-#38/(+#'3',l5)3+#B]]!YB]]f;#*20)20,+#
2>62/)203)'# 20# 2-# 5'02G+# ,2# ,)=2/20*2(# 6-'*'=+/5'(# 782# @'0# (+6+/*',+# -'#
=+/5'3)D0# +0Y-)02%# C'# 20(2g'01'# (25)6/2(203)'-;# ,)/)4),'# '# '-850+(# 3+0# 2(*8,)+(#
80):2/()*'/)+(# 6/2:)+(;# /26/2(20*'# 80'# ,2# -'(# 5+,'-),',2(# ,2# */'.'G+# --2:','# '#
3'.+#'#-+#-'/4+#,2#2(*+(#'g+(#20#M'4)(*2/)+%#H-#8(+#,2#-'#6-'*'=+/5'#M++,-2;#3+5+#
/238/(+# ,2# '6+<+# +0Y-)02;# @'# (),+# 0+/5'-)1',+# <# 58<# =/23820*2# 20# -'# 5+,'-),',#
(25)6/2(203)'-;#3+0#*+,'(#-'(#6+().)-),',2(#<#/238/(+(#782#+=/232#<#782#(2#@'0#),+#
','6*'0,+#'#-'(#0232(),',2(#(8/4),'(%#F2#6/2(20*'#80'#2>62/)203)'#,2#*/'.'G+#782#
682,2# *202/# 80'# /2-2:'03)'# )56+/*'0*2# 6+/# -'# )00+:'3)D0;# 2=)3'3)'# <# 52G+/'# ,2# -'#
3'-),',#,2#-'#20(2g'01'#80):2/()*'/)'#,20*/+#,2-#HHHF%#
3:B:D8:C) MB:E?F# 2,83'3)D0# 2(623)'-o# ,),A3*)3'# <# +/4'0)1'3)D0o# 2,83'3)D0#
80):2/()*'/)'o#20(2g'01'#(25)6/2(203)'-%##
)
)
2'2,!6'!),#2)"*.,#'m,6'"#,$),&3(!6&)"+)&3(!',$)(2%!,6'"#b),)
3*"3"&,$)+"*),)%#'5(*&'64)(2%!,6'"#)6G*"%.G)2'5(*&'64)6G*"%.G)
-$(#2(2a$(,*#'#.)0(6G"2"$".4)
#
,-&6*,!6#
[email protected]# `'38-*<# +=# Z85'0# '0,# F+3)'-# F3)2032(;# _2'[email protected])04# ÅC8)(# h):2(Å# +=# *@2#
n0):2/(),',# E+0*)=)3)'# ,2# F'-'5'03';# )(# '# 6)+022/# )0# .-20,2,# -2'/0)04#
BB!#
52*@+,+-+4<;# [email protected])[email protected]# @'(# .220# ,2:2-+6)04# ()032# *@2# B]]!YB]]f# '3',25)3# <2'/;#
@':)04# 2>62/)2032# )0# @'0,-)04# ,)==2/20*# 6-'*=+/5(# @':2# p)*@(*++,# *@2# +0Y-)02#
*/')0)04%# F25)Y,)(*'032# 2,83'*)+0;# ')52,# '*# (*8,20*(# p)*@# 6/2:)+8(# 80):2/()*<#
(*8,)2(;#)(#+02#+=#*@2#5+,'-)*)2(#+=#p+/b#3'//)2,#+8*#+:2/#*@2#<2'/(#)0#_2'[email protected])04%#[email protected]#
8(2#+=#*@2#M++,-2#6-'*=+/5#'(#'#/2(+8/32#*+#(866+/*#+0Y-)02;#@'(#.220#(*'0,'/,)12,#
'0,#:2/<#3+55+0#)0#.-20,2,#5+,2;#p)*@#'--#*@2#6+(().)-)*)2(#'0,#/2(+8/32(#+==2/2,#
'0,# @':2# .220# ','6*)04# *+# *@2# 022,(# '/)()04%# }2# 6/2(20*# '# p+/b# 2>62/)2032# *@'*#
5'<#@':2#'0#)56+/*'0*#.2'/)04#+0#)00+:'*)+0;#2==)3)203<#'0,#)56/+:2,#78'-)*<#+=#
80):2/()*<#2,83'*)+0#)0#*@2#HHHF%#
j,.* k2#+-?* -F(1%#$) (*"1#&%/+h) 0(#12%+M) #+*) /0M#+%I#&%/+h) E$(+*(*V$(#0+%+Mh)
"+%'(0-%&,)(*"1#&%/+3*
)
i%&6'+'!,!'1#)
C+(#3/l,)*+(#28/+62+(#+*+/4'0#80'#/2-2:'03)'#2(623)'-#'-#*/'.'G+#/2'-)1',+#6+/#-+(#
'-850+(# =82/'# ,2-# '8-';# 6+/# -+# 782;# 3','# :21# 5A(;# (2# 0232()*'/A0# 523'0)(5+(# ,2#
'3*8'3)D0#6'/'#(8#(248)5)20*+%#H0#2(*2#(20*),+;#(2#,2.20#.8(3'/#-'(#@2//'5)20*'(#
782# 52G+/# (2# ','6*20# '-# +.G2*):+# 6/2*20,),+%# ?3*8'-520*2;# 2(*'(# @2//'5)20*'(#
4)/'0# 20# *+/0+# '# -'(# 082:'(# *230+-+49'(# ,2# -'# )0=+/5'3)D0# <# ,2# -'# 3+580)3'3)D0#
T_K&W%#
C'# `'38-*',# ,2# &&%# Z85'0'(# <# F+3)'-2(%# M'4)(*2/)+# C8)(# h):2(;# ,2# -'# n0):2/(),',#
E+0*)=)3)'#,2#F'-'5'03';#2(#6)+02/'#20#-'#52*+,+-+49'#.-20,2,Y-2'/0)04;#782#:)202#
,2('//+--'0,+# ,2(,2# 2-# 38/(+# '3',l5)3+# B]]!YB]]f;# *20)20,+# 2>62/)203)'# 20# 2-#
5'02G+#,2#,)=2/20*2(#6-'*'=+/5'(#782#@'0#(+6+/*',+#-'#=+/5'3)D0#+0Y-)02%#
C'# 20(2g'01'# (25)6/2(203)'-;# ,)/)4),'# '# '-850+(# 3+0# 2(*8,)+(# 80):2/()*'/)+(#
6/2:)+(;#38<'#6/2(203)'#=9()3'#20#2-#320*/+#2(#,2#80'#G+/0','#'-#52(;#/26/2(20*'#80'#
,2#-'(#5+,'-),',2(#,2#*/'.'G+#--2:','#'#3'.+#'#-+#-'/4+#,2#2(*+(#'g+(#20#M'4)(*2/)+%#
H-# 8(+# ,2# -'# 6-'*'=+/5'# M++,-2;# 3+5+# /238/(+# ,2# '6+<+# +0Y-)02;# @'# (),+#
0+/5'-)1',+# <# 58<# =/23820*2# 20# -'# 5+,'-),',# (25)6/2(203)'-;# 3+0# *+,'(# -'(#
6+().)-),',2(#<#/238/(+(#782#+=/232#<#782#(2#@'0#),+#','6*'0,+#'#-'(#0232(),',2(#
(8/4),'(%#
H0# 80'# (+3)2,',# 4-+.'-)1','# 3+5+# -'# 782# :):)5+(;# 20# -'# 782# -+(# 52,)+(# ,2#
3+580)3'3)D0#(+0#80):2/('-2(#<#,2#8(+#0+/5'-)1',+#6'/'#80'#4/'0#5'<+/9'#,2#-+(#
3)8,','0+(;# (2# @'32# 0232('/)+# ','6*'/# -'# 52*+,+-+49'# ,2# 20(2g'01'# '# -'(#
3)/380(*'03)'(# '3*8'-2(%# _20)20,+# 6/2(20*2(# 2(*'(# /2=-2>)+02(;# (2# 6/2(20*'# 80'#
2>62/)203)'#,2#*/'.'G+#/2-'3)+0','#3+0#-'#'*203)D0#'#-'#,):2/(),',#782#682,2#*202/#
80'#/2-2:'03)'#)56+/*'0*2#6+/#-'#)00+:'3)D0;#2=)3'3)'#<#52G+/'#,2#-'#3'-),',#,2#-'#
20(2g'01'#80):2/()*'/)'#,20*/+#,2-#2(6'3)+#28/+62+#,2#2,83'3)D0#(862/)+/#THHHFW%#
#
2(&,**"$$")2()$,)(n3(*'(#!',)
C'# )56-'0*'3)D0# ,2# -'# 2(623)'-),',# ,2# H,83'3)D0# H(623)'-# 20# -'(# H(382-'(#
n0):2/()*'/)'(#,2#M'4)(*2/)+#:)202#5+*):','#6+/#-'#0232(),',#,2#=+/5'/#'#5'2(*/+(#
6'/'#782#682,'0#'*20,2/#3+0#5'<+/#2=)3'3)'#'#'782--+(#'-850+(#3+0#'-4I0#*)6+#,2#
2>3263)+0'-),',# T,)(3'6'3),',# +# '-*'# 3'6'3),',W# <# 782# 6/2(20*'0;# 6+/# -+# *'0*+;#
0232(),',2(#2,83'*):'(#2(623)'-2(%#O82(*/+#()(*25'#2,83'*):+#(2#3'/'3*2/)1'#6+/#2-#
6/)03)6)+#,2#'*203)D0#'#-'#,):2/(),',#<;#,20*/+#,2-#A5.)*+#,2#-'#HH;#(2#/)42#6+/#-+(#
BBf#
6/)03)6)+(# ,2# 0+/5'-)1'3)D0# 2# )03-8()D0# '# -'# :21# 782# 8/42# '# -+(# 6/+=2(+/2(# <# '# -'#
(+3)2,',#6'/'#-+4/'/#80'#5'<+/#)48'-,',#,2#+6+/*80),',2(#<#/2(62*+#58*8+(%##
H-# 5+,2-+# ,2# 2(382-'# '.)2/*'# '# -'# ,):2/(),',# ,2.2# (2/# 3'6'1# ,2# /2(6+0,2/# '# -'(#
,)=2/203)'(#6/2(20*2(#20#*+,+#4/86+#@85'0+%#a2#2(*'#5'02/';#-'#',238'3)D0#,2#-'#
/2(682(*'#2,83'*):'#'#-'(#0232(),',2(#2(623)'-2(#,2#-+(#'-850+(;#20#2-#20*+/0+#5A(#
0+/5'-)1',+# 6+().-2;# <# -'# 3+0()48)20*2# ,):2/()=)3'3)D0# 20# -'# +/4'0)1'3)D0# ,2# -'#
2(382-';#3+0(*)*8<20#2>)4203)'(#=80,'520*'-2(#6'/'#*+,+#2-#6/+=2(+/',+%##
&20*/'0,+# -'# '*203)D0# 20# -'# ,)(3)6-)0'# 782# --2:'# 6+/# *9*8-+# v?(623*+(# ,),A3*)3+(# <#
+/4'0)1'*):+(# ,2# -'# HHw;# (2# '.+/,'0# -+(# '(623*+(# ,),A3*)3+Y+/4'0)1'*):+(# 3+5+#
2-2520*+(#=80,'520*'-2(#20#-'#'*203)D0#'#-+(#'-850+(#3+0#0232(),',2(#2,83'*):'(#
2(623)'-2(%# C'# N/4'0)1'3)D0# H(3+-'/# <# -'# a),A3*)3'# 3+0(*)*8<20# 3'56+(# ,2#
2(*8,)+#782#5'0*)2020#80'#2(*/[email protected]'#/2-'3)D0#3+0#-'#HH%#a2(,2#-'#N/4'0)1'3)D0#
H(3+-'/# (2# @'0# ,2# '.+/,'/# -+(# '(623*+(# +/4'0)1'*):+(# 3+5+# 2-2520*+(#
=80,'520*'-2(# 20# -'# '*203)D0# '# -+(# '-850+(# 3+0# 0232(),',2(# 2,83'*):'(#
2(623)'-2(#*'0*+#20#-+(#320*/+(#+/,)0'/)+(#3+5+#20#-+(#320*/+(#2(6239=)3+(%##
a2(,2# -'# a),A3*)3'# (2# '.+/,'# 2-# 6/+32(+# ,2# 20(2g'01'Y'6/20,)1'G2# )03-8<20,+#
*l30)3'(;# 52*+,+-+49'(;# 2(*/'*24)'(;# 5'*2/)'-2(# ,),A3*)3+(%%%;# '-# +.G2*+# ,2# ,'/#
/2(682(*'#2,83'*):'#'#-'(#0232(),',2(#,2#2(*+(#'-850+(#
?#3+0*)08'3)D0;#(2#6/2(20*'#-'#2>6-)3'3)D0#782#582(*/'#3D5+#(2#:)2020#,)(2g'0,+#
<# ,2('//+--'0,+# -'(# ,)=2/20*2(# 6/+682(*'(# +/4'0)1'*):'(# <# 52*+,+-D4)3'(#
2(*'.-23),'(# 6'/'# 2(*'# 5'*2/)'%# C'# 2>62/)203)';# 3+0# 2(*'# ,)(3)6-)0'# 3+03/2*';# (2#
:)202#,2('//+--'0,+#'#3'/4+#,2#-+(#6/+=2(+/2(#,+3*+/2(#S')580,+#&'(*'g+#&'--2#<##
?-=+0(+#,2#M'/8/)#i-:'/21%#
#
,&'.#,6%*,b)3*"+(&"*(&b)G"*,*'")2()
,6(#!'1#)
C+# 6/)52/+# 3+0# -+# 782# (2# 203820*/'# 2-# '-850+# 782#
'332,2# '# -'# 5'*2/)'# 2(# 2-# *9*8-+# ,2# -'# 5)(5';#
v?(623*+(# ,),A3*)3+(# <# +/4'0)1'*):+(# ,2# -'#
H,83'3)D0# H(623)'-w%# L80*+# '# 2--';# '6'/2320# -+(#
6/+=2(+/2(# 203'/4',+(# ,2# )56'/*)/# -'# ,+3203)'# <# 2-#
@+/'/)+# ,2# '*203)D0;# '-# +.G2*+# ,2# '*20,2/# 38'-78)2/#
,8,'#+#(842/203)'#/2-'3)+0','#3+0#2-#3+0*20),+#+#-'#
2(*/83*8/'#,2#-'#'()40'*8/'%##
F2#6/2(*'#'*203)D0#*8*+/)'-;#:9'#25')-;#,8/'0*2#-'(#Bf#
@+/'(#,2-#,9'o#'*203)D0#*2-2=D0)3'#62/(+0'-;#',5)0)(*/'*):'#<#'3',l5)3'#<#'*203)D0#
=9()3'#62/(+0'-#*/'(#3+032/*'/#[email protected]'#6/2:)'#3+0#38'-78)2/'#,2#-+(#6/+=2(+/2(%##
H(*+(# ,'*+(# (+0# -'# /2=2/203)'# 782# -+(# '-850+(# *)2020# 6'/'# 6+,2/# 2(*'.-232/# 80'#
/2-'3)D0# ,)/23*'# 3+0# -+(# *8*+/2(%# H0# 2-# 3'(+# 782# 0+(# +386';# (2# */'*'# ,2# 80'#
'()40'*8/'#(252(*/'-;#3+0#80'#3'/4'#,2#f;\#3/l,)*+(;#*/+03'-#,2#-'#2(623)'-),',#,2#
H,83'3)D0#H(623)'-%#
BB\#
3*(&(#6,!'1#) 2($) 3*"+(&"*y,$%0#"b)
6,-$1#)2(),#%#!'"&b)+"*")2()!"#&%$6,&)
a2(,2# 2-# =+/+# ,20+5)0',+# vJ)20:20),'Y
E/2(20*'3)D0w;#(2#+=/232#80#520('G2#,2#.)20:20),'#'#
*+,+(# -+(# 6'/*)3)6'0*2(# 20# 2-# 38/(+;# (2# -2(# 2>6-)3'#
./2:2520*2# 78l# (2# 6/2*20,2# 3+0(248)/# 3+0# 2(*'#
'()40'*8/'#<;#=)0'-520*2;#(2#-2(#)0:)*'#'#/2'-)1'/#80'#
./2:2#6/2(20*'3)D0#,2#3','#80+%#
C+#782#(2#6/2*20,2#3+0#2(*'#'3*):),',#2(#2(*'.-232/#
80'# 6/)52/'# *+5'# ,2# 3+0*'3*+# # +0-)02# 20*/2# 2-#
6/+=2(+/# <# -+(# '-850+(# <# 20*/2# -+(# 6/+6)+(# '-850+(# 20*/2# (9# 6'/'# 80# 52G+/#
3+0+3)5)20*+#3+5+#4/86+#,2#*/'.'G+%##
E+(*2/)+/520*2#(2#'./20#,+(#082:+(#2(6'3)+(X#80#*'.-D0#,2#'0803)+(#<#80#=+/+#,2#
3+0(8-*'(%#H0#2-#*'.-D0#,2#'0803)+(#2-#6/+=2(+/#@'32#2>*20():'(#'#*+,+(#0+*)3)'(#+#
)0=+/5'3)+02(# ,2# I-*)5'# @+/'%# H0# 2-# =+/+# ,2# 3+0(8-*'(# 2-# '-850+# 6-'0*2'# ,8,'(#
/2-'3)+0','(#3+0#-'#+/4'0)1'3)D0#<#2(*/83*8/'#,2#-'#5'*2/)'%#
#
3*(&(#6,!'1#)2()$,).%c,)2"!(#6()
j&+0# 78l# +.G2*):+# (2# 6/2(20*'# 2-# 6/+4/'5'# ,2# -'#
'()40'*8/'c# E'/'# ,'/# '# 3+0+32/# -'(# ,)(*)0*'(#
2(*/'*24)'(# 52*+,+-D4)3'(# <# ,2# +/4'0)1'3)D0#
2(*'.-23),'(# # 6'/'# ,2('//+--'/# -'# 5'*2/)'%# F2# -2(#
2>6-)3'# 78l# 2(# -+# 782# (2# 78)2/2# 782# '6/20,'#
T+.G2*):+(W;#3D5+#(2/A#-'#=+/5'#,2#*/'.'G'/#,8/'0*2#
2-# 38/(+# T52*+,+-+49'W# <# 3D5+# (2# :'-+/'/A# 2-#
'6/20,)1'G2#T2:'-8'3)D0W%#
H-# '-850+# 682,2# 3+0(8-*'/# 2-# 3+0*20),+# ,2# -'# 489'#
*'0*+#20#`+/5'*+#,2#a+38520*+#E+/*A*)-#TEa`W#3+5+#20#E+p2/#E+)0*X#\"-&%.%1#1%K+)
*()$#)D#&(0%#B)F0(00(G"%-%&/-)F0('%/-B)1/DF(&(+1%#-)#)#$1#+I#0B)1/+&(+%*/-)#)&0#&#0B)
D(&/*/$/MJ#) ,) (-&0#&(M%#-) *() (+-(H#+I#V#F0(+*%I#\(B) #1&%'%*#*(-) #) *(-#00/$$#0B)
)10%&(0%/-))*()('#$"#1%K+B)E%E$%/M0#.J#)0(1/D(+*#*#),)'J+1"$/-)*()%+&(0X-3))
)
6*,-,i"&),)2(&,**"$$,*)3"*)$"&),$%0#"&)
C'(#'3*):),',2(#2(*'.-23),'(#(+0#-'(#()48)20*2(X#)
Yzb# 4(#$%I#0) "+) D#F#) 1/+1(F&"#$# 6'/'# 3','# *25'%#
F24I0#(2#:'<'0#=)0'-)1'0,+#2-#'-850+#-+(#',G80*'/A#
3+5+#*'/2'#20#2-#2(6'3)+#,20+5)0',+#vH(7825'#,2-#
*25'w%#E+(*2/)+/520*2;#-'(#:'-+/'3)+02(#782#2=23*I2#
2-# 6/+=2(+/# (2/A0# /25)*),'(# 62/(+0'-520*2# '# 3','#
80+%#
Szb# 6+R$%-%-) ,) 1/D(+&#0%/) *() '#0%/-) #0&J1"$/-%# F2#
'332,2#,)/23*'520*2#'#2--+(#'#*/':l(#,2#-+(#'/[email protected]):+(#
20# =+/5'*+# 6,=# 782# (2# 682,20# ,2(3'/4'/# # ,2(,2# -'# 6-'*'=+/5'# 6'/'# */'.'G'/#
6+(*2/)+/520*2%#E'/'#='3)-)*'/#(8#3+520*'/)+##(2#+=/2320#80'#(2/)2#,2#6'8*'(#'#*202/#
BB"#
20#3820*'#3+5+#489'#6'/'#,2('//+--'/#2-#*/'.'G+%#H(*'(#6'8*'(#0+#)0:'-),'0#+*/+#*)6+#
,2#/2=-2>)+02(#782#68,)2/'0#/2'-)1'/(2#,2(,2#+*/'(#62/(623*):'(#3+56-2520*'/)'(#
'# -'(# 5)(5'(%# ?3'.','# -'# *'/2';# (2# ',G80*'# 20# 2-# 2(6'3)+# ,20+5)0',+# vh'-+/'3)D0#
,2-# '/*938-+w%# C+(# 3+520*'/)+(# ,2-# 6/+=2(+/# (2# /25)*)/A0# 20# 6'/*)38-'/# '# 3','#
'-850+%##
Xzb#T#0&%1%F#1%K+)(+)$/-)./0/-%#E'/'#3+03-8)/#3+0#-+(#*/'.'G+(#(+-)3)*',+(;#(2#-2(#6),2#
782#6'/*)3)620#20#-+(#,)(*)0*+(#=+/+(#,2#+6)0)D0#782#(2#@'0#6/+682(*+;##,2.'*)20,+#
<#3+0*/'(*'0,+#+6)0)+02(#'32/3'#,2#-+(#*25'(#*/'.'G',+(%#
#
!,$(#2,*'"),!,2K0'!")4)3*".*,0,!'1#)2()
6*,-,i"&)&"$'!'6,2"&b)
H0# 2(*'# ,)(3)6-)0';# 2-# '-850+# *)202# 2(*'.-23),'(# \#
3-'(2(# 6/2(203)'-2(# '-# 'g+# 3+0# (8# 6/+=2(+/;#
)03-8<20,+# -'# 782# 2(# 0232('/)+# =)G'/# 6'/'# 6+,2/#
/2'-)1'/#2-#2>'520#=)0'-#,2#-'#5'*2/)'%#&','#80+#,2#
2(*+(# 203820*/+(# 6/2(203)'-2(# 3+//2(6+0,2# 3+0# 80#
(A.',+# '-# 52(;# ,2(,2# =2./2/+# @'(*'# G80)+;# ,2#
'382/,+# '-# 3'-20,'/)+# '3',l5)3+# ,2-# 38/(+%# C'#
6/2(203)'-#,2#G80)+#(2#/2(2/:'#6'/'#2-#2>'520#=)0'-%#
C'(# 3-'(2(# 6/2(203)'-2(# *)2020# -84'/# 20# 2-# 2,)=)3)+# ,2# M'4)(*2/)+;# 3+0# 80'# @+/'# ,2#
,8/'3)D0;# 20# -'# 782# (2# '3-'/'0# ,8,'(;# (2# 2:'-I'# 3D5+# :'# 2-# 6/+32(+# ,2#
*2-2=+/5'3)D0# ,2# -'# '()40'*8/'# <# (2# +=/2320# # *+,'(# -'(# 2>6-)3'3)+02(#
3+//2(6+0,)20*2(#782#/278)2/'0#-+(#'-850+(#*'0*+#,2#'(623*+(#=+/5'-2(#3+5+#,2#
3+0*20),+%##
F2#*/'*'#,2#80#203820*/+#20#2-#782#*'5.)l0#(2#6/+,832#80'#*+5'#,2#3+0*'3*+#5A(#
62/(+0'-# 2# )0,):),8'-# 3+0# '782--+(# '-850+(# 782;# ,2# =+/5'# 62/(+0'-;# 78)2/20#
3+520*'/# +# ,'/# '# 3+0+32/# '-# 6/+=2(+/# # *8*+/# 38'-78)2/'# +*/'# 3)/380(*'03)'# +#
6'/*)38-'/),',#2(623)'-%##
H(# 58<# )56+/*'0*2# 782# 20# 3','# 80'# ,2# 2(*'(# 6/2(203)'(# (2# :'<'0# ,)()6'0,+# -+(#
)0*2//+4'0*2(;#-'(#,8,'(;#-+(#5)2,+(#+#-'(#)078)2*8,2(#782#68,)2/'0#)/#(8/4)20,+;#'#
-+# -'/4+# ,2-# 38/(+;# '32/3'# ,2# 38'-78)2/# '(623*+# 3+03/2*+# ,2# -'# '()40'*8/';# 682(*+#
782#-'#6/D>)5'#3-'(2#6/2(203)'-#0+#3+//2(6+0,2#@'(*'#2-#(A.',+#,2-#()48)20*2#52(%#
&)2/*'520*2;#2-#'-850+#0803'#6)2/,2#-'#/2-'3)D0#3+0#(8#*8*+/;#682(*+#782#l(*2#*)202#
'()40','(#80'(#@+/'(#,2#*8*+/9'#'#-'#(25'0';#+#.)20;#2-#3+0*'3*+#*'5.)l0#(2#682,2#
/2'-)1'/#'#*/':l(#,2-#25')-#+#'#*/':l(#,2#-'#6/+6)'#6-'*'=+/5'%#H>)(*20##(8=)3)20*2(#
:9'(# ,2# 3+580)3'3)D0# 6'/'# 782# 2-# '-850+# (2# ()20*'# '*20,),+;# 48)',+;# '0)5',+# <#
5+*):',+%##
:(DF/0#$%I#1%K+) *() $/-) &0#E#\/-) -/$%1%&#*/-%# E'/'# -'# 20*/24'# ,2# 3','# 80'# ,2# -'(#
'3*):),',2(# 6/+682(*'(# T5'6'(# 3+0326*8'-2(;# '/*938-+(;# :'-+/'3)+02(# ,2# 3','# 80+#
,2# -+(# *25'(# 20# -+(# =+/+(W;# (2# =)G'# 80# 3'-20,'/)+# <# (2# 6/+6+020# 80'(# [email protected]'(#
3+03/2*'(# 782# ,2.20# (2/:)/# '-# '-850+# 3+5+# /2=2/203)'# '# -'# @+/'# ,2# 6/2(20*'/#
,)[email protected]'(#'3*):),',2(%#H0#'-480'(#3)/380(*'03)'(#2>3263)+0'-2(#<#()256/2#,2#5'02/'#
G8(*)=)3',';#()#2-#'-850+#0+#682,2#@'32/#20*/24'#,2#-+(#*/'.'G+(#(+-)3)*',+(#20#-'(#
[email protected]'(#6/2:)(*'(;#,)(6+02;##,2#'382/,+#3+0#2-#6/+=2(+/;#,2#80#5'/420#,2#*)256+#5A(#
'6/+6)',+;# # 6+/# -+# 782;# 20# 2(*+(# 3'(+(;# -'(# [email protected]'(# (2# 3+0:)2/*20# 20# +/)20*'*):'(;#
'80782#3+0:)202#*202/-'(#6/2(20*2(#6'/'#6+,2/#/2(62*'/-'(#<#3856-)/-'(%##
BB^#
`#$/0#1%/+(-),)1/D(+&#0%/-)#)$#)/0M#+%I#1%K+),)(-&0"1&"0#)*()$#)#-%M+#&"0#3)
H0# 2(*2# '6'/*',+# ,2# -'# 6-'*'=+/5'# (2# 6/+6+02# 80# =+/+# .'G+# 2-# *9*8-+# ,2#
v&+520*'/)+(# <# h'-+/'3)+02(w;# ,+0,2# 2-# '-850+# *)202# -'# 6+().)-),',# ,2# 3+520*'/;#
:'-+/'/# <# +6)0'/# (+./2# '782--+(# '(623*+(# 782# 3+0(),2/2# +6+/*80+(# /2(623*+# '# -'#
+/4'0)1'3)D0;# ,)(2g+# <# 2(*/83*8/'# ,2# -'# 5'*2/)'%# F2# 6),2;# '(9# 5)(5+;# (8#
6'/*)3)6'3)D0# (20('*';# ()032/'# <# /2(62*+# *'0*+# 20# (8(# 5'0)=2(*'3)+02(# 3+5+# '# -'(#
+6)0)+02(#,2-#/2(*+#,2#3+56'g2/+(%##
)3*(&(#6,!'1#)4)2(&,**"$$")2($)6(0,*'")
Yzb)_9*8-+#,2-#*25'#<#80#./2:2#90,)32#,2#-+(#680*+(#
782#(2#:'0#'#*/'*'/%#
Szb#?#*/':l(#,2#80#'/[email protected]):+;#20#=+/5'*+#6,=;#(2#6+02#'#
,)(6+()3)D0# ,2# -+(# '-850+(# 2-# 3+0*20),+# ,2-# *25'#
3+56-2*'520*2# 2-'.+/',+;# 6'/'# (8# 6+(*2/)+/#
,2(3'/4'# <# ,2('//+--+# ,2# -'(# '3*):),',2(#
3+//2(6+0,)20*2(%#
Xzb#jk8l#(2#(+-)3)*'#'-#'-850+c#
$ n0# 5'6'# 3+0326*8'-# ,2-# # *25'%# n0'# :21# /2'-)1',+# (2# (8.2# '-# 2(6'3)+#
3+//2(6+0,)20*2#6'/'#(2/#2:'-8',+#6+/#2-#6/+=2(+/%#
$ n0'# :21# 2(7825'*)1',+;# 3','# '-850+# 6'/*)3)6'/A# 20# 2-# =+/+# 782# (2# @'#
6/+4/'5',+# 6'/'# 3','# *25'%# F2# */'*'# ,2# 25)*)/# 80'# +6)0)D0# +# G8)3)+# '32/3'# ,2-#
3+0*20),+# */'*',+# <# 6+,2/# 3+0*/'(*'/-+# 6+(*2/)+/520*2# 3+0# +*/'(# ),2'(;#
3+520*'/)+(#+#3/)*2/)+(#,)(*)0*+(#,2#-+(#,2#+*/+(#3+56'g2/+(#,2-#4/86+#,2#*/'.'G+%#
[zb#E'/'#3','#*25';#2-#6/+=2(+/#',G80*'#80#'/[email protected]):+#20#2-#782#(2#2(*'.-2320#38A-2(#
(2/A0# -+(# '(623*+(# 5A(# )56+/*'0*2(# <# /2-2:'0*2(# '# *202/# 20# 3820*'# ,2# 3'/'# '-#
2>'520#=)0'-%#a2#2(*'#=+/5';#(2#-2#='3)-)*'#'-#'-850+#-'#-'.+/#,2#6/26'/'/#-'#5'*2/)';#
682(*+# 782# ('.2# 20# *+,+# 5+520*+# 78l# 3+0*20),+# 2(# 2-# 5A(# ()40)=)3'*):+# <#
/2-2:'0*2#<#78l#+*/+#3+0*20),+#=+/5'#6'/*2#3+5+#3+56-2520*+#4202/'-#,2-#*25'%#
E'/'#'782--+(#'-850+(#782#,2(220#'@+0,'/#5A(#20#2-#3+0*20),+#,2#'-480+(#*25'(;#
',25A(#,2#-'#)0=+/5'3)D0#3+5I0;#*'5.)l0#(2#)03-8<20#+*/+(#/238/(+(#'-*2/0'*):+(#
'#-+(#782#(2#682,2#'332,2/%##H0#2(*2#3'(+#(2#*/'*'#,2#2(6'3)+(#6'/'#-'#.I(782,'#,2#
)0=+/5'3)D0#<#()*)+(#,2#)0*2/l(#'#*/':l(#,2#20-'32(#'#6A4)0'(#}2.%#
Z'<# 782# *202/# 6/2(20*2# 782# *'0*+# 2-# 5'*2/)'-# 2-'.+/',+# 3+5+# -+(# /238/(+(#
(842/),+(;#(2#6/2(20*'0#6'/'#(2/#*/'.'G',+(#6+/#2-#'-850+;#()0#-'#'<8,'#+#6/2(203)'#
,2-# 6/+=2(+/;# 6+/# -+# 782# (2# ,2.2# )03+/6+/'/# *+,+# *)6+# ,2# '6+<+# 782# -2# 62/5)*'0#
3+56/20,2/#52G+/#(8#3+0*20),+%#
-'-$'".*,+c,)
?,2--;# L%# TB]]!W%# vK0*2/02*# 20# 2-# '8-'X# -'# 3'1'# ,2-# *2(+/+w# T+0-)02W%# H,8*23;# S2:)(*'#
2-23*/D0)3'#,2#*230+-+49'#2,83'*):'%#a)(6+0).-2#20X#@**6Xqq78',2/0(,)4)*'-(%02*##
?48',2,;# L%K%# <# &'.2/+;# L%# TB]]BW%# 5*"1#0) (+) 4(*_) W+&(0+(&) 1/D/) 0(1"0-/) F#0#) $#)
(*"1#1%K+%#?/[email protected]),+0'X#?-G).2%#
`2/0A0,21;# H%# TB]]!W%# 5V$(#0+%+M3) WDF$#+&#1%K+) *() F0/,(1&/-) *() ./0D#1%K+) /+V$%+(%#
M',/),X#S?YM?%#
BBV#
J20,2/*#_%#TB]]!W%#8%-1"--%/+)a#-(*);+$%+():(#12%+M)&/)5+2#+1()L&"*(+&)7(#0+%+M3#
h)/4)0)'X#F*<-8(#E8.-)(@)04%#
`2/0A0,21;# &%# TB]]fW%# 5V$(#0+%+M3) 7#-) D(\/0(-) F0R1&%1#-) (+) 5-F#H#%# E2'/(+0#
H,83'3)D0%#
F'-)0'(;# L%# TB]]BW%# M+,2-+(# =-2>).-2(# 3+5+# /2(682(*'# ,2# -'(# 80):2/(),',2(# '# -'#
(+3)2,',#,2#-'#)0=+/5'3)D0%#?33)D0#62,'4D4)3';#$$#T$W%##
M'/*9021# S)2/';# L%# S%# TB]]\W%# &'568(# :)/*8'-X# /2'-),',# ,+320*2%# K0:2(*)4'3)D0# Ö#
&8),',+(%#!#T"WX#!$Y!\#
&+-:)0#&-'/b;#S%#Ö#M'<2/;#S%H%#TB]]!WX#5V$(#0+%+M)#+*)&2()L1%(+1()/.)W+-&0"1&%/+%#F'0#
`/'03)(3+X#E=2)==2/%#
J+8# K# J'81';# R%;# _/)0),',# &'(38,+;# &%# Q# Z8482*# J+/l0%# 5V$(#0+%+M%# ?0'<'#
M8-*)52,)'Y?0'<'#K0*2/'3*):'%#
S'5D0# K# M8g+1;# M%# W+&0/*"11%K+) #$) (V$(#0+%+M3) J'/32-+0'X# n0):2/()*'*# N.2/*'# ,2#
&'*'-80<'#TnN&W#
M'/32-+;# &%;# E820*2;# a%# 2*# '-%# TB]]BW%# 5V$(#0+%+M) &($(./0D#1%K+_) *%-(H/B) *(-#00/$$/) ,)
('#$"#1%K+)*()$#)./0D#1%K+)#)&0#'X-)*()W+&(0+(&3)#J'/32-+0'X#H,)3)+02(#R2(*)D0#B]]]#
F%?%#
h)('8*'#h)0'38';#J%#T$UUVW%#6+R$%-%-)(-&#*J-&%1/)1/+)LTLL)F#0#)m%+*/d-3)5-&#*J-&%1#)
D"$&%'#0%#+&(3#H,%#M3R/'p#Z)--%#
BBU#
B!]#
#
#
#
#
#
#
($)3*".*,0,)2()2'5(*&'+'!,!'1#)!%**'!%$,*F)+"*0,!'1#)
2($)3*"+(&"*,2")4)3(*!(3!'1#)2()$"&),$%0#"&)2()$,)(&")
)
i?C`C)0AB9=:)&:A8h=)
n0):2/(),',#,2#M8/3)'#
#
*(&%0(##
?# */':l(# ,2# 2(*2# */'.'G+;# 6/2(20*'5+(# 80'# (2/)2# ,2# ,'*+(# 3+5+# /2(8-*',+# ,2-#
2(*8,)+# 38'-)*'*):+# --2:',+# '# 3'.+# ,20*/+# ,2-# 6/+4/'5'# ,2# ,):2/()=)3'3)D0#
38//)38-'/%#Z25+(#8*)-)1',+;#3+5+#@2//'5)20*'#,2#*/'.'G+;#-'(#80),',2(#,),A3*)3'(#
)0*24/','(# ,)(2g','(# 6+/# 082(*/+# 4/86+# ,2# )0:2(*)4'3)D0%# H0# ,)[email protected]+# 2(*8,)+;#
6+025+(# ,2# 5'0)=)2(*+# -'(# 62/3263)+02(# ,2-# '-850',+# (+./2# -'# 62/*20203)'# '-#
E/+4/'5'#,2#a):2/()=)3'3)D0#&8//)38-'/;#'(9#3+5+#2-#6'/232/#,2-#6/+=2(+/',+#(+./2#
,)=2/20*2(# 2-2520*+(# ,2# -'# =+/5'3)D0# ,+320*2%# a2# *+,+# 2--+;# @25+(# /2'-)1',+# 80'#
(2/)2#,2#3+0(),2/'3)+02(;#'#5+,+#,2#/2=-2>)D0;#782#3+0(),2/'5+(#,2#)0*2/l(%#
3:B:D8:C)MB:E?F)=+/5'3)D0#,2-#6/+=2(+/',+o#)0*24/'3)D0#38//)38-'/o#6/+4/'5'(#,2#
,):2/()=)3'3)D0#38//)38-'/%#
#
#
6G() 3*".*,0) "+) !%**'!%$,*) 2'5(*&'+'!,6'"#F) 6(,!G(*&) 6*,'#'#.)
,#2)&6%2(#6)3(*!(36'"#)"+)(&")
#
,-&6*,!6#
?3/+((# *@)(# p+/b;# p2# (@+p# (+52# )0=+/5'*)+0# '.+8*# *@2# /2(8-*# +=# *@2# 78'-)*'*):2#
(*8,<#3'//)2,#+8*#)0(),2#*@2#6/+4/'5#+=#,):2/()=)3'*)+0#38//)38-'/%#}2#@':2#8(2,;#'(#
*++-#+=#p+/b;#*@2#,),'3*)3#)0*24/'*2,#80)*(#,2()402,#.<#+8/#4/+86#+=#)0:2(*)4'*)+0%#
K0# *@)(# (*8,<;# p2# (@+p# *@2# 62/326*)+0# +=# *@2# 686)-(# '.+8*# *+# *@2# E/+4/'5# +=#
a):2/()=)3'*)+0# &8//)38-'/%# K0# *@2# ('52# p'<;# p2# +==2/# *@2# +6)0)+0# +=# *@2# *2'[email protected]/(#
'.+8*# ,)==2/20*# 2-2520*(# +=# *@2# 6/+32((# +=# -2'/0)04# '0,# 6/+=2((+/(@)6%# N=# '--# *@)(;#
p2# @':2# /2'-)12,# '# (2/)2(# +=# 3+0(),2/'*)+0(;# -)b2# /2=-23*)+0;# [email protected])[email protected]# p2# 3+0(),2/# +=#
)0*2/2(*%#
I?7) JA8>CF) =+/5'*)+0# +=# *@2# 6/+=2((+/(@)6o# )0*24/'*)+0# 38//)38-'/o# 38//)38-'/#
,):2/()=)3'*)+0#6/+4/'5(%#
#
B!$#
$"&) ,%6K#6'!"&) 3*"6,."#'&6,&) 2($) 3*".*,0,) 2() 2'5(*&'+'!,!'1#)
!%**'!%$,*)
C'# /2(682(*'# 2,83'*):'# ='3)-)*','# '# */':l(# ,2# -'(# n0),',2(# a),A3*)3'(# K0*24/','(#
TnaK(W#0+#(D-+#(2#-)5)*'#'#,2(3/).)/;#()0+#*'5.)l0#'#+=/232/#80'#/2(682(*'#2=)3'1#<#
2=)3)20*2# 6'/'# '*20,2/# '# -'# ,):2/(),',# ,2-# '-850',+# '# */':l(# ,2# 80# 38//938-+#
3+5I0%#E+/#082(*/'#6'/*2;#<#,20*/+#,2#2(*2#*/'.'G+;#@25+(#8*)-)1',+#-'(#naK(#6'/'#
3+0+32/#-'#+6)0)D0#782#,2#-+(#'-850+(#,2-#E/+4/'5'#,2#a):2/()=)3'3)D0#&8//)38-'/#
5'0*)2020# (8(# 3+56'g2/+(# ,2# -'# HFN# +/,)0'/)'%# H(# ,23)/;# 38A-2(# 2/'0# -'(# 3'8('(#
782;#20#(8#+6)0)D0;#@'.9'0#3+0,83),+#'#'-480+(#,2#(8(#3+56'g2/+(#'#=+/5'/#6'/*2#
,2-#E/+4/'5'#,2#a):2/()=)3'3)D0#&8//)38-'/%#y(*'(#=82/+0#(8(#/2(682(*'(X#
)
6bYb)q)"N9=9O=)CAD8?)BAC)MA;N:j?8AC#
3A8) \P<) M8??C) \P?) :BQP=AC) >?) LPC) MA;N:j?8AC) ?CLg=) ?=) ?B) 38AQ8:;:) >?)
29E?8C9W9M:M9O=)!P889MPB:8b)
(>:>)
~:%(+(+)<P)#H/-B)2#+)0(F(&%*/)'#0%#-)'(1(-),),#)+/)F"(*(+)0(F(&%0)DR-~)Dl03)
~T/0G"() ($$/-) -/+) D#,/0(-) ,) -%) 0(F%&%(0#+) +/) F/*0J#+) &(+(0) ($) O0#*"#*/B)
(+&/+1(-) -() D(&(+) (+) 8%'(0-%.%1#1%K+) F/0G"() $(-) #,"*#) #) F/*(0) &(+(0) ($)
O0#*"#*/~)Em0*
~5-&R+)#2J)F/0G"()$(-)1"(-&#)DR-B)F(0/)10(/)G"()+/)(-)DR-).R1%$~*cnU3)
~L/+) M(+&() G"() ,#) 2#+) -"-F(+*%*/) '#0%#-) '(1(-) ,) F#0#) G"() F"(*#+) -(M"%0B)
F/0G"() &%(+(+) *%.%1"$&#*) F#0#) -#1#0-() ($) 1"0-/B) F#0#) F/+X0-($/) DR-) .R1%$) $(-)
F/+(+)($)+%'($)DR-)E#\/~)mU3)
29W9MPBL:>?C)
~N(1(-%&#+)"+#)#,"*#)F#0#)G"()F"(*#+)-(M"%0)D(\/0)($)1"0-/B)/)-(#B),/)10(/)G"()
(-)$/)D%-D/)F(0/)1/+)D(+/-)D#&(0%#~*Do03)
~L"F/+M/) G"() -(0R) 1/D/) /&0#) F#0&() *() "+) D%-D/) 1"0-/) F(0/) G"() (-B) *%M#D/-B)
F#0#)M(+&()G"()$(-)2#)1/-&#*/)&0#E#\/B)(+)/&0/-)#H/-B)-#1#0-()($)1"0-/3)N/)*#0R+)
D(+/-)+%)*#0R+)DR-B)F(0/)*#0R+)&(D#-)*%.0(+&(-~*p03)
~5-)M(+&()1/+)DR-)*%.%1"$&#*B)F/0)(-/)2#+)0(F(&%*/)&#+&/~)*l03)
#
a8/'0*2# 2-# */'0(38/(+# ,2# -'(# 20*/2:)(*'(# /2'-)1','(;# 0+(# --'5D# -'# '*203)D0# -'#
3-'/),',# 20# -'# /2(682(*'(# ,2-# '-850',+%# E'/'# 2--+(# 2(*'.'# 3-'/+;# (8(# 3+56'g2/+(#
2(*'.'0#20#,):2/()=)3'3)D0#6+/#,+(#3'8('(#=80,'520*'-2(X#6+/#(8#':'01','#2,',#<#
6+/782#6/2(20*'.'0#,)=)38-*',2(#6'/'#(248)/#2(2#/)*5+#0+/5'-#,2#3-'(2%#C'#-23*8/'#
,2#-+(#520('G2(#0+(#582(*/'#-'#0'*8/'-),',#3+0#-'#782#2(*+(#'-850+(#2>6/2('0#(8(#
+6)0)+02(%# H0# 0)04I0# 5+520*+;# 2-# *+0+# ,2# (8(# /2(682(*'(# ,'.'# 582(*/'(# ,2#
/[email protected]'1+;#0)#@'3)'#2(*'#52,),'#,2#'*203)D0#'#-'#,):2/(),',;#0)#@'3)'#-+(#3+56'g2/+(#
782# (2# '3+49'0# '# 2--'%# O+# +.(*'0*2;# 3+0=+/52# 9.'5+(# 6/+=80,)1'0,+# (+./2# 2(*2#
*25';# '6'/239'0# 082:+(# 520('G2(# 782# 0+(# ()*8'.'0# '0*2# 80'# -23*8/'# 520+(#
,2(3/)6*):'#<#5A(#-)4','#'#-'(#25+3)+02(#<#(20*)5)20*+(#,2#-+(#'-850+(#/2(623*+#'-#
E/+4/'5'#,2#a):2/()=)3'3)D0#&8//)38-'/%#
)
B!B#
w!10") &() &'(#6(#) $"&) ,$%0#"&) 3"*) ($) G(!G") 2() +"*0,*) 3,*6() 2($)
3*".*,0,) 2() 2'5(*&'+'!,!'1#) !%**'!%$,*) 4) t%K) !*((#) t%() 3'(#&,#)
2()($$")&%&)3,2*(&T),0'."&)4)!"03,l(*"&x)
#
F)256/2# 2(# ,)=93)-;# ,2-)3',+# 2;# )03-8(+;# '//)2(4',+;# */'(6'('/# -+(# -95)*2(# '# -'#
@+/'#,2#782/2/#'332,2/#'#80#*)6+#,2#3+0+3)5)20*+#90*)5'520*2#/2-'3)+0',+#3+0#2-#
580,+# ,2# -'(# 25+3)+02(# <# ,2# -+(# (20*)5)20*+(%# F+5+(# 3+0(3)20*2(# ,2# 782# 2(*+(#
[email protected])3+(# -J) -(+&J#+) &/*/) $/) G"() +/-) *(1J#+) F(0/) +/) +/-) *%\(0/+) &/*/) $/) G"() -(+&J#+%#
_/'*'/# ,2# 6+02/# +/,20# '# 2(*2# *)6+# ,2# )0=+/5'3)D0;# 20*/'g'# 0+# 6+3'(# ,)=)38-*',2(;#
682(# 3+//25+(# 2-# /)2(4+# ,2# 6/2(20*'/# 80'# 3+56/20()D0;# ()56-)(*'# <#
,2(3+0*2>*8'-)1',';# ,2-# 5+,+# 20# 782# 2(*+(# '-850+(# (2# ()*I'0# '0*2# 80'# 2*'6'#
,23)():'# ,2# (8# 2(3+-'/),',# 62/+# (+./2# *+,+;# ,2# (8# :),'%# &','# :21# 2(*'5+(# 5A(#
3+0:203),+(#,2#782#2,83'/#<#(2/#2,83',+(#()40)=)3';#'0*2(#782#0',';#2(*'/#'*20*+(;#
0+# (D-+# '# -+# 782# '6/20,+# +# 20(2g+;# ()0+# '-# 5+,+# 20# 782# 2(*2# 6/+32(+# ,2#
3+0(*/833)D0#,2#3+0+3)5)20*+#=+/5'#6'/*2#,2#-'#:),'#,2#78)202(#6'/*)3)6'0#20#l-%#F)#
'-4+# 6+,25+(# ,2(*'3'/;# 2(# -'# ()032/),',;# 3-'/),',# <# -'# :'-20*9'# 3+0# -'# 782# l(*+(#
'-850+(#0+(#@'.-'/+0%#K0,8,'.-2520*2;#782,'/+0#[email protected]'(#3+('(#20#2-#*)0*2/+;#62/+#
-+#,)[email protected]+;#,)[email protected]+#2(*A%#Q#2(#082(*/'#-'#/2(6+0('.)-),',#,2#'3+42/#(8(#6'-'./'(#5A(#'--A#
,2#-'#/2,'33)D0#,2#2(*2#*/'.'G+;#2#)03+/6+/'/-'(#'#082(*/+#620('5)20*+#<#'33)D0%#H0#
2(*2#(20*),+;#20#2-#()48)20*2#5'6'#TM%$%W;#/23+425+(#*/2(#'(623*+(#3-':2#(+./2#-+(#
38'-2(#:'5+(#'#'/*)38-'/#082(*/+#,)(38/(+%#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
#
B!!#
n0'# 6/)52/'# 3+03-8()D0# '# -'# 782# @25+(# 6+,),+# --24'/;# '-8,2# '-# @[email protected]+# ,2# 782# -+(#
'-850+(#,2-#E/+4/'5'#,2#a):2/()=)3'3)D0#&8//)38-'/#0+#(2#()20*20#:'-+/',+(;#0)#6+/#
(8(#'5)4+(#0)#6+/#(8(#3+56'g2/+(%#F+0#58<#3+0(3)20*2(#,2#-+(#5+*):+(#782#-2(#@'0#
3+0,83),+# '# 20*/'/# '# =+/5'/# 6'/*2# ,2# 2(*'# 52,),'# 2,83'*):'# <;# '80782# (2# ('.20#
3+0(),2/',+(#3+5+#*%.(0(+&(-;#2--+(#0)#(2#()20*20#0)#78)2/20#(20*)/(2#'(9X#
~333,/)+/)D()-%(+&/)*%.(0(+&(B)($$/-)-/+)$/-)G"()&()2#1(+)-(+&%0)#-J~*DpU3)
~6)DJB),#)D()*#)%M"#$3)z/)G"%(0/)-#1#0D()($)O0#*"#*/B)+/)#)$/)G"()F%(+-(+)*()DJ)$/-)
*(DR-3)[()*#)%M"#$)$/)G"()F%(+-(+)$/-)*(DR-~)o0*
&8'0,+#)0,'4'5+(#(+./2#-'(#/'1+02(#782#(8(*20*'.'0#2('#32/*21';#2(2#(20*)5)20*+;#
:)5+(#782#2-#@[email protected]+#,2#(2/#520+(#:'-+/',+(#203820*/'#(8#'6+<+#20#,+(#),2'(#3-':2%#
H0#6/)52/#-84'/;#(2#3+0(),2/'#782#2(#5A(#=A3)-#'6/+.'/#20#a):2/()=)3'3)D0#782#20#80#
38/(+# ,2# -'# HFN# +/,)0'/)'%# F)# 2(*+# 2(# '(9;# -+(# '-850+(# ,2-# E/+4/'5'# ,2#
a):2/()=)3'3)D0#&8//)38-'/#0+#(2#52/232/9'0#2-#*9*8-+X##
~z/)10(/)G"()+/)(-)\"-&/)F/0G"(B)#)$/)D(\/0B)($$#)F"(*()&(+(0)D(+/-)1#F#1%*#*)F#0#)
(-&"*%#0)^%-&/0%#)F(0/B)#)$/)D(\/0B),/)+/)$#)&(+M/)F#0#)(-&"*%#0)/&0#)1/-#B)/)D()1"(-&#)
$/)D%-D/B),)#)($$#)+/3)!"()+/)$/)'(/)\"-&/3)5+)8%'(0-%.%1#1%K+)(-&R+)"&%$%I#+*/)DX&/*/-)
G"()0(-"$&#+)D(\/0(-)F#0#)($)1"#0&/),333)-%)-/+)D(\/0(-B)G"()-()"&%$%1(+)F#0#)&/*/-333)z/)
+/) *%M/) G"() $(-) 0(M#$(+) ($) &J&"$/B) *%M/) G"() &(+*0R+) DR-) .#1%$%*#*(-) F#0#) -#1#0-() ($)
&J&"$/)G"()+/-/&0/-3)T#0#)($$/-)(-)DR-).R1%$)#)$#)2/0#)*()(-&#0)(+)1$#-(B)*()(-&"*%#0),)*()
2#1(0)(SRD(+(-~)p03)
~7#)D#&(0%#)(-)DR-).R1%$B)$/)G"()($$/-)*#+B)/)-(#B)($$/-)-%M"(+)($)$%E0/)F(0/)(-)DR-).R1%$)
$/)G"()*#+~*DD03#
H0# (2480,+# -84'/;# 2-# 4/86+# ,2# a):2/()=)3'3)D0# 4202/'# 2(*2/2+*)6+(# *'-2(# 3+5+X#
&/+&/B)&/0F(B)%+.(0%/0B)-"E+/0D#$333)(&13_)
~5-/)*(F(+*()*()$#)M(+&(3)6)DJ)D()*#)%M"#$)G"()-(#+)*()8%'(0-%.%1#1%K+)/)+/3)z/)&(+M/)
#D%M/-) G"() *%1(+) G"() $#) M(+&() G"() (-&R) (+) 8%'(0-%.%1#1%K+333) L() 1/D(+&#) G"() D"12#)
M(+&()*%1()G"()(-)"+#)1$#-()*()-"E+/0D#$(-~*DD0%#
~z/)1/+/I1/)#)M(+&()G"()*(1J#)(-/B)G"()(0#)"+#)1$#-()F#0#)E"00/-B),)G"()#2/0#)(-&R+)
($$/-)(+)*%'(0-%.%1#1%K+),)$#)E/1#)&()$#)&%(+(-)G"()1#$$#0~*Dl03)
~6)DJB)1"#+*/)D()*%\/)T<)G"()-%)D()G"(0J#)D(&(0B),/)*%\(_)[#*0()DJ#B)#$)1"0-/)*()$/-)
&/+&/-Ä333) ,/) +/) D() 1/+-%*(0/) &/+&/B) &() $/) (-&#D/-) *%1%(+*/) F/0G"() 1/D/) &/*/) ($)
D"+*/) #F0/E#E#B) F"(-) ($) 1"0-/) *() $/-) &/+&/-B) F/0G"() #2J) '#+) $/-) G"() +/) (+&%(+*(+)
+#*#) ,) $"(M/) #F0"(E#+3) T(0/) '#D/-B) G"() +/) $/) *(1J#D/-) +/-/&0/-3) 62/0#) G"() (-&/,)
*(+&0/333B),/)F(+-#E#)G"()(-&#E#)&%0#*/)($)1"0-/)F(0/)+/B)2#,)G"()&0#E#\#03~*Ec03)
~z/) F(+-#E#) G"() (0#) F#0#) &/+&/-B) F/0) (-/) +/) D() G"(0J#) D(&(0) F/0G"() *(1J#_) ,/B)
-%(+*/)+/0D#$B)F/0)G"X)D()&(+M/)G"()D(&(0)(+)(-/)G"()'#+)&/*/-)$/-)&/+&/-~*Dc03)
~LJB),/)2()(-1"12#*/)F/0)#2J)(-/)*()G"()$#)8%'(0-%.%1#1%K+)(-)F#0#)M%$%F/$$#-B)G"()(-/)(-)
F#0#)&/+&/-B)F(0/),/)F#-/)*()(-/-)1/D(+&#0%/-~)o03)
C'# -23*8/'# ,2# -+(# 520('G2(# 782# @25+(# (2-233)+0',+# 6'/'# )-8(*/'/# 2(*2# 680*+;# 0+#
(D-+# 3+0*/).8<20# '# '6+<'/# -'# 62/3263)D0# ,2# -+(# '-850+(# ,2-# E/+4/'5'# ,2#
a):2/()=)3'3)D0# &8//)38-'/;# ()0+# 782# ('3'0# '# -'# -81# 80# @[email protected]+# )56+/*'0*2X# -+(#
'-850+(# 782# '@+/'# =+/5'0# 6'/*2# ,2-# E/+4/'5'# ,2# a):2/()=)3'3)D0# &8//)38-'/;#
5'0*209'0# -'(# 5)(5'(# :)()+02(# <# 2(*2/2+*)6+(# /2(623*+# '# 2(*'# 52,),'# <# '# -'(#
62/(+0'(# '# -'(# 782# ).'# ,)/)4),';# 782# -'# 782# @+<# 582(*/'0# (8(# 3+56'g2/+(%#
B!f#
H:),20*2520*2;# 0+# 2(# -+# 5)(5+# (2/# '3*+/# 782# 2(623*',+/%# F'.25+(# 782# 2(*2#
/2(8-*',+#0+#0+(#682,2#3+0,83)/#'#(8#4202/'-)1'3)D0#<#,23)/X#&/*/-)$/-)#$"D+/-)*()
(-&#) (&#F#) (*"1#&%'#) -/-&%(+(+) $#) D%-D#) F(01(F1%K+) 0(-F(1&/) #$) T0/M0#D#) *()
8%'(0-%.%1#1%K+)9"00%1"$#0;#(+./2#*+,+#()#*2025+(#20#3820*'#-+(#5A/4202(#20*/2#-+(#
38'-2(#(2#@'#,2('//+--',+#082(*/'#)0:2(*)4'3)D0%#O+#+.(*'0*2;#(9#782#,2.2/9'5+(#)/#
,'0,+# /2(682(*'(# '# 382(*)+02(# 3+5+X# ()# 2(# :2/,',# 782# 0+(# ()*8'5+(# '0*2# 80'#
2(382-'# '*20*'# <# /2(62*8+('# 6'/'# 3+0# -'(# ,)=2/203)'(;# -'(# ,)=2/203)'(# 20*/2# 2-#
'-850',+#0+#,2.2/9'0#(248)/#()20,+#3+56/20,),'(#.'G+#-+(#5)(5+(#2(7825'(#782#
)56/240'/+0# '0*2/)+/2(# ()(*25'(# 2,83'*):+(%# F)# 2(*+# 2(# '(9;# j78l# ='3*+/2(# 2(*A0#
3+0*/).8<20,+# 20# -+(# 320*/+(# 2,83'*):+(# 6'/'# 782# -+(# '-850+(# ()4'0# 620('0,+#
3+5+#-+#@'320c#jk8l#3'5.)+(#,2.2/9'0#+62/'/(2#20#-+(#320*/+(c#jC'#(86/2()D0#<q+#
2-)5)0'3)D0#,2#52,),'(#,2#'*203)D0#'#-'#,):2/(),',;#*'-#<#3+5+#6/+6840'0#'-480+(#
(23*+/2(;# (2/9'# 80'# (+-83)D0# /2'-# <# /2'-)1'.-2# 20# 2-# 2(*',+# '3*8'-# ,2# ,2('//+--+# ,2#
082(*/+(#320*/+(#2,83'*):+(c#
H:),20*2520*2;#0+#2(#082(*/+#6/+6D()*+#'@+0,'/#20#2(*'#-902'#,)(38/():';#62/+#0+#
782/25+(;#0)#,2.25+(;#/2()(*)/0+(#'#/23+0+32/#782#"1:2*4"*6"1#38'0,+#80#4/86+#
,2# '-850+(;# (2# 2>6/2('# ,2-# 5+,+# 20# 2-# 782# -+# @'320%# O+# 3'.2# ,8,'# 782# 2(*'#
()*8'3)D0;# '# -'# 782# 6+().-2520*2# (2# :20# (+52*),+(# 5A(# '-850+(# ,2# -+(# 782# 0+(#
6+,25+(# --24'/# '# )5'4)0'/;# ,2.2# 6/+:+3'/# 2-# (8/4)5)20*+# ,2# -902'(# ,2#
)0:2(*)4'3)D0#782;#,2(,2#-'#D6*)3'#,2#-+(#'-850+(;#'.+/,20#'782--+(#*25'(#782#-2(#
6/2+38620#<#782;#'-#@'32/-+;#0+(#3+56/+52*'5+(#'#(8#,)=8()D0%#F)#0+(#()*8'5+(#20#
-'# 6'/*2# ,2/[email protected]'# ,2-# 5'6'# TM%$%W;# :2/25+(# 782# 2-# '-850',+# ,2-# E/+4/'5'# ,2#
a):2/()=)3'3)D0# &8//)38-'/# 2>6/2('# (20*)/(2# .)20# */'*',+# 6+/# 6'/*2# ,2# (8(#
6/+=2(+/2(%# C-'5'# -'# '*203)D0;# 80'# :21# 5A(;# -'# 3-'/),',# <# ()032/),',# ,2# -+(#
520('G2(%#C+(#*l/5)0+(#782#256-2'0#'#-'#@+/'#,2#2>6-)3'/#(8(#+6)0)+02(;#0+#,2G'0#
0)04I0#5'/420#'#-'#,8,'%#E'-'./'(#3+5+X#1/+.%#+I#B)#&(+1%K+B)#,"*#B)(-&#0)#)M"-&/333;#
)56/240'0# -+(# 520('G2(# ,2-# '-850',+# '-# /2=2/)/(2# '# (8(# 6/+=2(+/2(%# E2/+# 2-#
*l/5)0+#782#5A(#0+(#@'#--'5',+#-'#'*203)D0#@'#(),+)qe)$%62qb#a2(,2#2(*2#2(6'3)+;#
*'5.)l0# 0+(# (85'5+(# '# 2('# 6'/*2# J+&%D## ,2-# '3*+# ,2# 2,83'/# <# (2/# 2,83',+%# &+0#
+.G2*+#,2#)-8(*/'/#2(*2#*25';#)03-8)5+(;#'#3+0*)08'3)D0;#'-480+(#=/'4520*+(#,2#-'(#
20*/2:)(*'(#/2'-)1','(#'#-+(#'-850+(X#
~z/)F(+-#E#)G"()+/-)%E#+)#)D(&(0)DR-)1#H#3)T(0/)$/-)F0/.(-/0(-)+/-)(+&(+*J#+),)(-/)
(-)E"(+/3)T"(-)+/)+/-)D(&(+)D"12#)1#H#B)+/)+/-)D(&(+)D"12#)F0(-%K+),)+/-)#,"*#+)
(+)&/*/)$/)G"()F"(*(+~*EU3)
~5+) "+#) 1$#-() +/0D#$B) ($) F0/.(-/0) *#) ,) -() '#) ,) #G"J) &() $/) (SF$%1#+) &/*/333B) #G"J) &() $/)
(SF$%1#+)&/*/)*(&#$$#*#D(+&(~*c03)
~LJB)F/0G"()#$)-(0)D(+/-)M(+&(B)($)F0/.(-/0)F"(*()1/D"+%1#0-()D(\/0)1/+)$/-)#$"D+/-B)
F/0G"() (+) $#) 1$#-() +/0D#$) -/+) 1#-%) &0(%+&#) ,) +/) F"(*(+) 2#1(0$/) 1/+) &/*/-3) 6*(DR-B)
&%(+(-)DR-)1/+.%#+I#)1/+)($)F0/.(-/0~*EDU3)
~6$)2#E(0)DR-)M(+&()(+)($)/0*%+#0%/B)(-)*%.J1%$)G"()-()F"(*#)1(+&0#0)(+)"+)#$"D+/3)z/)
10(/)G"()(+)8%'(0-%.%1#1%K+)-()1/+/1()D(\/0)#)$/-)#$"D+/-~*fU3)
~7#)*%.(0(+1%#)(-&R)(+)($)F0/.(-/0B)($)F0/.(-/0)*()RDE%&/)(-)D(\/0)G"()1"#$G"%(0)/&0/B)
F/0G"()(-&R)DR-)(+1%D#B)&()#&%(+*()DR-3~*Ep03)
~6)+"(-&0/-)1/DF#H(0/-)($)F0/.(-/0)$$(M#)#)1$#-(B)*%1()-")$(11%K+),)-()'#3)L%)"+/)*%1(_)
+/)$/)(+&%(+*/B)(-/)*#)%M"#$~*DnU3)
B!\#
~5-) *%.(0(+&() $#) ./0D#) *() 2#E$#0) *() $/-) F0/.(-/0(-B) (-) *%.(0(+&() #) 1/D/) &0#&#+) #) $/-)
#$"D+/-) *() /0*%+#0%/B) #) $/-) *() *%'(0-%.%1#1%K+3) 5$) M0"F/) /0*%+#0%/) (-) DR-333) G"()
1"#$G"%(0) 1/-#) G"() 2#M#-_) #D/+(-&#1%K+ÄB) ,/) G"X) -XB) G"() (-) DR-) 0(-F(&/3) 7/) /&0/B)
8%'(0-%.%1#1%K+B)(-)DR-)J+&%D/B)(-)DR-333)7/-)F0/.(-/0(-)G"()&(+M/B)1#*#)"+/)&%(+()-")
F(0-/+#$%*#*)*%.(0(+&(B)-")./0D#)*()-(03)9#*#)"+/)&()&0#&#)1/D/)X$)F%(+-#)F(0/B)DR-)/)
D(+/-B)2#,)1/+.%#+I#),333),/)+/)'(/)"+#).0%#$*#*)(+&0()#$"D+/),)F0/.(-/0~*o03))
a) 6?=9?=>A) ?=) MP?=L:) ?B) ?CL:>A) :MLP:B) >?) >?C:88ABBA) >?) BAC) 38AQ8:;:C) >?)
29E?8C9W9M:M9O=)!P889MPB:8T)w>O=>?)C?)C9L`:=)B:C);:7A8?C)>9W9MPBL:>?Cx)
O+(# ()*8'5+(# '0*2# 80# 082:+# =+3+# ,2# 2(*8,)+;# '# */':l(# ,2-# 38'-# 0+(# 6/+68()5+(#
3+0+32/# ,D0,2# (2# ()*8'.'0# -'(# 5'<+/2(# ,)=)38-*',2(# ,2-# E/+4/'5'# ,2#
a):2/()=)3'3)D0# &8//)38-'/%# _'-# <# 3+5+# '6'/232# /23+4),+# 20# 2-# 5'6'# TM%B%W;# <# 20#
+6)0)D0#,2#-+(#6/+=2(+/2(#20*/2:)(*',+(;#-'(#5'<+/2(#,)=)38-*',2(#20#2-#,2('//+--+#
,2#2(*'#52,),'#,2#'*203)D0#'#-'#,):2/(),',#(2#/2-'3)+0'0#3+0#-'(#3'/'3*2/9(*)3'(#,2-#
'-850',+# ,2-# E/+4/'5'# ,2# a):2/()=)3'3)D0# &8//)38-'/# <;# 20# 520+/# 52,),';# 3+0# -'#
)03),203)'#782#2G2/320#(+./2#2-#6/+=2(+/',+#-'#3'/203)'#,2#52,)+(;#2-#@[email protected]+#,2#0+#
,)(6+02/# ,2# *)256+# <# -'# 0232(),',# ,2# 6+,2/# 3+0*'/# 3+0# 5A(# 2(6'3)+(# 6'/'# -'#
3++/,)0'3)D0%#
#
#
#
B!"#
F)# .)20# 2(# 3)2/*+# 782# -'(# */'0(3/)63)+02(# ,2# -+(# 520('G2(# 25)*),+(# 6+/# 082(*/+(#
6/+=2(+/2(#)-8(*/'0;#6+/#(9#(+-+(;#-+(#2-2520*+(#782#@25+(#/23+4),+#20#2-#5'6';#0+(#
,2*20,/25+(#20#'-480+(#,2#2--+(#6+/#3+0(),2/'/-+(#/2-2:'0*2(#<#()40)=)3'*):+(#'#-'#
@+/'# ,2# 3+0*/).8)/# '# -'# /2=-2>)D0# <# 52G+/'# 6/+4/2():'# ,2# -+(# E/+4/'5'(# ,2#
a):2/()=)3'3)D0#&8//)38-'/%#
)
6bSb)q29W9MPBL:>?C)8?B:M9A=:>:C)MA=):BP;=:>A)7)N8AW?CA8:>Ab)
G?L?8AQ?=?9>:>)>?B):BP;=:>A)
29W9MPBL:>?C)8?B:M9A=:>:C)MA=)?B):BP;=:>A)
~T/0G"()"+)F0/.(-/0)1/+)#$"D+/-)*()*%-&%+&/-)+%'($(-B)-/E0()&/*/)1"#+*/)$/-)
+%'($(-) -/+) D",) 2(&(0/MX+(/-B) +/) -() F"(*() *%'(0-%.%1#0) #$) D%-D/) &%(DF/) ,)
#&(+*(0)#)$/-)#$"D+/-3)7/-)#$"D+/-)+(1(-%&#+)#&(+1%K+)1/+-&#+&(333)9"#+*/)&U)
&%(+(-) &0(-) +%'($(-) (+) "+) #"$#B) F/0) D"12/) G"() G"%(0#-B) 1"#+*/) (-&R-)
#&(+*%(+*/)#)"+/-B)(-&R-)*(\#+*/)*()#&(+*(0)#)/&0/-)(+&/+1(-)F#0#)#&(+*(0$/-)
#)&/*/-333~)!p*
~T/0G"() #2/0#) &(+M/) D"12/-) #$"D+/-) G"() &0#(+) "+#) *(.%1%(+1%#) G"() (-)
%+&(0(-#+&()F#0#)&0#E#\#0B)F(0/)D",)*%.J1%$)*()(-&#E$(1(0h)F/*(0)#*#F&#0-()#)
($$#) -%M+%.%1#) 1#-%) ($) G"() "+#) "+%*#*) *() &0#E#\/) #) *(-#00/$$#0) &(+M#-) G"()
F(+-#0$#) 1/D/) DJ+%D/) (+) */-) +%'($(-) *() #F$%1#1%K+) G"() #$) .%+#$) -/+) DR-333)
8%M#D/-) G"() ($) F0/.(-/0) *() [U-%1#) &%(+() "+) (-."(0I/) G"() +/) &%(+() /&0/)
F0/.(-/0)/)F0/.(-/0#_)F/0)(\(DF$/)($)F0/.(-/0)*()$(+M"#)#)(-()#$"D+/)+/)&%(+()
G"()*#0$()1$#-(B)$/)-#1#),)(-&R)1/+)"+)F0/.(-/0)*()ÅDE%&/)1/$#E/0#+*/)F#0#)($)
T0/M0#D#) *() 8%'(0-%.%1#1%K+) /) &%(+() "+) M0"F/) *() #$"D+/-) 1/+) "+) F(0.%$)
D(*%/V+/0D#$) ,) ,#) (-&Rh) ,#) &%(+() DR-) D#12#1#*/) #) (-() M0"F/) ,) (-&R)
&0#E#\#+*/)1/+)"+)F0/.(-/0),)F0/.(-/0#)*()ÅDE%&/)(+)$#)$J+(#)*($)#$"D+/3)5$)
F0/E$(D#) (-) 1"#+*/) &() (+1"(+&0#-) +U1$(/-) *() &0#E#\/) G"() +/) F"(*(-)
*(-#00/$$#0333)T(0/),/)&(+M/)G"()&(+(0)#)(-()&%F/)*()#$"D+/)*()8%'(0-%.%1#1%K+)
\"+&/)1/+)$/-)*()+/)*%'(0-%.%1#1%K+)#$)D%-D/)&%(DF/)1/+)$/)1"#$)$#)*%.%1"$&#*)-()
D"$&%F$%1#~)!c*
,PC?=M9:)>?)
:PLA=A;h:):=L?)B:)
L:8?:)
~333+/) (-&R) #1/-&"DE0#*/-) #) &0#E#\#0) 1"#+*/) -() $(-) D#+*#) &#0(#) *() ./0D#)
#"&K+/D#3) 5-#) #"&/+/DJ#) &%(+() G"() '(+%0) *(-*() #E#\/B) *(-*() $#) T0%D#0%#B) ,)
,/) 10(/) G"() &%(+() G"() '(+%0) *() &/*#-) $#-) D#&(0%#-333) +/) &%(+(+) (+) #E-/$"&/)
#"&/+/DJ#)F#0#)&0#E#\#0B)(+&%(+*(+)$#)#"&/+/DJ#)1/D/)$#)$%E(0&#*)*()2#1(0)
$/) G"() G"%(0(+) 1$#0/B) ,/) +/) -X) -%) ($) F0/E$(D#) (-) G"() (+) /&0#-) D#&(0%#-) +/)
&0#E#\#+)#-J)/)+/)'%(+(+)1/+)(-#)&0#,(1&/0%#)*(-*()#E#\/B)F/0G"()(-/)1"(-&#)
#*G"%0%0)$/-)2RE%&/-)*()#"&/+/DJ#)1"(-&#)#*G"%0%0$/B)(-/)+/)-()#*G"%(0()(+)"+)
#H/333~*!p)
38ADB?;:C)>?)
>9CM9NB9=:)
#
~333,) F/0) /&0/) $#*/) $#) &0#,(1&/0%#) ,) $#) ./0D#) *() &0#E#\/) *() $/-) #$"D+/-B) +/)
F(0D%&() $#) #"&/*%-1%F$%+#) *() &0#E#\/B) ($$/-) (-&R+) #1/-&"DE0#*/-) #) &0#E#\#0)
1"#+*/)-()$(-)'%M%$#)/)-()$(-)(-&%D"$#333)+/)$(-)F"(*/)*#0)+%)"+#)M/&#)F(G"(H%&#)
*()$%E(0&#*B)+/)-#E(+)"&%$%I#0$#),)1"#+*/)$(-)*/,)$%E(0&#*)2#1(+)$/)G"()$(-)*#)
$#) M#+#B) +/) 2#1(+) $/) G"() &%(+(+) G"() 2#1(03) 7(-) *%1(-) Z/,(B) *(+&0/) *() (-#-)
#1&%'%*#*(-)%0)2#1%(+*/)(-&/Y*!p*
B!^#
&9=)MA=AM9;9?=LAC)
N8?E9AC)
0?>9>:)=A)EgB9>:)N:8:)BAC)\P?)=A)
\P9?8?=)A)=A)L9?=?=)9=L?8<C)
~333)L%)$/-)+%H/-)'%+%(0#+)1/+)"+)$(+M"#\()D",)0%1/B)F(0/)+/)'%(+(+3)T"(-B)+/)-()
F"(*()2#1(03)[%(+&0#-)(-&R-)(SF$%1R+*/$()#)"+)M0"F/)$/)G"()&%(+()G"()2#1(0B)($)
/&0/)sG"X)2#1(B)$((tB)N/B)+/)&%(+()+%)$#)#"&/+/DJ#)-".%1%(+&()*()&0#E#\/B)+%)$#)
*%-1%F$%+#B) +%) ($) *(-#00/$$/) *() $/-) 1/+/1%D%(+&/-) *(+&0/) *() $#) D#&(0%#3) z#)
F"(*(-)D#+*#0$(-)"+#)-(0%()*()&#0(#-)*()*(F/0&(B)K)*()#1&%'%*#*(-)0J&D%1#-)K)
*()1/+*%1%K+).J-%1#B)(-&/)-JB)F(0/)1"#+*/)$/-)+%H/-)-(F#+)$/)G"()(-)(-/),)'#,#+)
F0#1&%1#+*/),)-(F#+)1KD/)&%(+(+)G"()F0#1&%1#0$/333~*!p*
~333) T/0G"() "+) T0/M0#D#) *() 8%'(0-%.%1#1%K+B) &#$) ,) 1/D/) -() 1/+&(DF$#) #G"JB)
&#DF/1/)#&%(+*()#)(-/-)10J/-B)-%+/)G"()($)T89)(-)F#0#)10J/-)G"()&%(+(+)%+&(0X-)
(+)-(M"%0B)(-)*(1%0B)10J/-)G"()&%(+(+)*(.%1%(+1%#-)F(0/)G"()&%(+(+)%+&(0X-B)G"()
-/+) 1#F#1(-) *() (-&#0-() G"%(&/-B) *() #&(+*(0) #$) F0/.(-/0B) G"() &%(+(+) "+)
1/DF/0&#D%(+&/)+/0D#$3T(0/)2#,)/&0/-)10J/-)G"()+/)$/)&%(+(+),)(-/-)0/DF(+)
$#)(-&0"1&"0#),)#$)0(-&/)$/-)$$('#+)#)D#$&0#(03)5-/-)10J/-)G"()&%(+(-)G"()*#+)($)
./$$K+B) G"() +/) F#0#+) *() 2#E$#0B) G"() -/+) ./$$/+(0/-B) G"() -() F($(#+333) (-() (-) ($)
F0/E$(D#3~)!E*
~)T#0#)#G"($$/-)#$"D+/-)G"()F"(*(+),)+/)G"%(0(+)($)F0/.(-/0)&%(+()G"()-#E(0)
1/+\"M#0) "+) F/1/) $#-) D/&%'#1%/+(-) (*"1#&%'#-) G"() &%(+(+) ,) -#1#0) F#0&%*/) #)
(-()&%(DF/)G"()&0#+-1"00()(+)$/-)%+-&%&"&/-3)s!"()(-)*%.J1%$t_)(-)*%.J1%$)F/0G"()
Z*/+*()+/)2#,)D#&#)+/)2#,)F#&#&#YB)(-()(-))"+)*%12/)*()D%)F"(E$/),)($)G"()+/)
G"%(0() (-) *%.J1%$B) F(0/) 2#,) &#DE%X+) &(+*(+1%#-h) #) $/) D(\/0) ($$/-) (+&0#+) (+) $#)
*%+RD%1#)*()"+)M0"F/3)5-)%DF/0&#+&()$#)(*#*)(+)$#)1"#$)F"(*()&#DE%X+)&(+(0)
(-#)D/&%'#1%K+)(+)$#)G"()2#,)G"()-#E(0)(+1#"I#0$(-3~*!c*
(CM:C:)
MAA8>9=:M9O=)
~3338() D/D(+&/) +/-) 1//0*%+#D/-) F/1/B) F"(-) D%(+&0#-) G"() $/-) F0/.(-/0(-) *()
$/-) /&0/-) */-) RDE%&/-) (-&R+) E%(+) 1$#0#-) -"-) ."+1%/+(-) ,) -%(DF0() &%(+(+) "+#)
0(.(0(+1%#) (+) 1"#$G"%(0) $%E0/) *() &(S&/_) ($$/-) F"(*(+) E"-1#0) D#&(0%#$B) &%(+(+)
1/-#-333) z) *%M#D/-) G"() (+) D%) 1#DF/) *() #1&"#1%K+) -/,) ,/) G"%(+) &%(+() G"()
*(.%+%0$/3)N/)2#,)D"12#)1//0*%+#1%K+~*!E*
!:8?=M9:)>?);?>9AC)
29W9MPBL:>?C)8?B:M9A=:>:C)MA=)?B)N8AW?CA8:>A)
~33) [/+&#0) 1"#$G"%(0) 1/-#) *() &%F/) &X1+%1/) 0(G"%(0() *() "+) *%+(0/) G"(B) -/E0()
&/*/)$/-)%+-&%&"&/-)*()a#12%$$(0#&/B)$#)M(+&()+/)(-&R)*%-F"(-&#)#)#F/0&#03)5+)"+)
%+-&%&"&/)*()]TB)($)G"()"+)F0/.(-/0)'#,#)"+)*J#)#)1/DF0#0),)-()M#-&()=A3AAA)
F&#-B)+/)(-)+#*#)0#0/3)62/0#)-%)(+)"+)%+-&%&"&/)*()E#12%$$(0#&/)"+)F0/.(-/0)-()
M#-&#) *() "+#) '(I) =A3AAA) F&#-3B) -() F"(*() #0D#0) $#) *() 8%/-ÄB) T/0G"() (-&R+)
#1/-&"DE0#*/-)#)1/DF0#0)&%I#-),)./$%/-),)-%(DF0()2#,)"+)$/1/)F/0)2#,)(+)"+)
$#E/0#&/0%/)G"()*()'(I)(+)1"#+*/)&%(+()G"()0(F/+(0)*/-)0(#1&%'/-)/)1/DF0#0)
#M"#)*(-&%$#*#)/)1"#$G"%(0)&/+&(0J#)*()(-#-3)T(0/)+/)2#,)M#-&/-3)5+&/+1(-)-()
+(1(-%&#0J#+)D(*%/-),)M(+&()G"()G"%-%(0#3)L%)&")G"%(0(-)D/+&#0)F0/M0#D#-)*()
(-() &%F/) &%(+(-) G"() */&#0) #) $#) M(+&() *() D(*%/-B) -%) +/) sG"%(+) -() '#) #) G"(0(0)
(+1(00#0)#2J)(+)"+#)\#"$#B)1/+)*%(I)$(/+(-B)-%+)G"()&()*(+)"+#)E#+G"(&#)+%)"+)
$R&%M/)+%)+#*#t_)N#*%()(-/)(-)%DF/-%E$(3)L%)&()&%(+(-)G"()(+1(00#0)(+)"+)#"$#)
1/+)*%(I)#$"D+/-),)(0(-)F0/.(-/0)*()#"&/D/1%K+),)&%(+(-)G"()(SF$%1#0$(-)1/D/)
."+1%/+#)"+)1/12(B)F/0)$/)D(+/-)&()&(+*0R+)G"()*#0)D(*%/-B)&(+*0R-)G"()&(+(0)
#$M"+/-) D/&/0(-B) $$#'(-) ,) 1/-#-B) ,) (-/) $#) 6*D%+%-&0#1%K+) ,/) 10(/) G"() +/) $/)
F/+(~*!E*
B!V#
+:BL:)>?)
L9?;NA)
~N/B)+/B)+/B),/)#2/0#)(-&/,)2#1%(+*/)($)T89)*()"+)#H/B),)$/)2#M/)(+)D%)1#-#3)
N/)&(+(D/-)1#-%)2/0#-)$%E0(-333)5-&()#H/)&(+(D/-)($)2/0#0%/)1/DF$(&/B),)+/)+/-)
G"(*#+)2/0#-B)&(+(D/-)G"()-#1#0$#-)*()+"(-&0/)&%(DF/~*!m)
#
n0#'(623*+#782#0+(#6'/232#3-':2;#2(#'782-#782#'-8,2#'#-'#,)=)38-*',#782#5'0)=)2(*'0#
(20*)/# -+(# 6/+=2(+/2(;# '# -'# @+/'# ,2# /23+0(*/8)/(2# 3+5+# ,+320*2(# 6'/'# 80'# 2(382-'#
*%.(0(+&(%#a)=2/20*2;#0+#(D-+#'#'782--'#20#-'#782#2--+(#(2#2,83'/+0;#()0+#'#'782--'#20#
-'#782#@'0#:20),+#,2('//+--'0,+#(8#-'.+/#2,83'*):'%#F2#@'#2(3/)*+#[email protected]+#(+./2#-'#
/2-'3)D0# 2>)(*20*2# 20*/2# -+(# 6/+32(+(# ,2# 3'5.)+# <# -'# =+/5'3)D0# ,2-# 6/+=2(+/',+%#
k8)1A(;# -'# =/'(2# =+/58-','# 6+/# 2-# 6/+=2(+/# H(38,2/+# ()0*2*)1';# 5'4)(*/'-520*2;# -+#
782# '3'.'5+(# ,2# ,23)/;# 38'0,+# 5'0)=)2(*'# 782# -+(# 6/+32(+(# ,2# 3'5.)+# <# -'#
=+/5'3)D0# ,2-# 6/+=2(+/',+# (+0# */-) 1#0#-) *() "+#) D%-D#) D/+(*#%# H0# 0852/+(+(#
2(6'3)+(# ,2# 203820*/+# 6/+=2()+0'-;# (2# @'# ,20803)',+;# 80'# <# +*/'# :21;# 782# 2-#
6/+=2(+/',+# ,2# F2380,'/)'# 0+# 2(*A# /23).)20,+# -'# =+/5'3)D0# 0232('/)'# 6'/'# 6+,2/#
'3+52*2/;# 3+0# -'(# 590)5'(# 4'/'0*9'(# ,2# l>)*+;# -+(# 3'5.)+(# 782# 6/+6+02# 082(*/'#
'3*8'-# +/,20'3)D0# ,2-# ()(*25'# 2,83'*):+%# H:),20*2520*2;# *'-# <# 3+5+# /23+0+320#
082(*/+(# 6/+=2(+/2(;# 2-# '-850',+# 782# @+<# @'.)*'# -+(# 320*/+(# 2,83'*):+(# 0+# 2(# 2-#
5)(5+%#F)#2(*+#2(#'(9;#j3D5+#2(#6+().-2#782#2-#6/+=2(+/',+#3+0*)0I2#()l0,+-+cX##
~62/0#) -() (S%M() *($) F0/.(-/0) "+#) (-F(1%() *() 1/00(-F/+-#E%$%I#1%K+B) "+) -(M"%D%(+&/B)
"+#)#11%K+)&"&/0%#$)D",)%DF/0&#+&(B)"+#)%DF$%1#1%K+)1/+)"+/-)#$"D+/-)G"()#+&(-)+/)
(-&#E#+)#G"JB)+/)'(+J#+B)F/0)$/)&#+&/)(0#)D"12/)DR-)D/&%'#*/0B)($)#$"D+#*/)-#EJ#)
D",) E%(+) $/) G"() G"(0J#) ,) -%) +/) $/) G"(0J#) F"(-) -() D#012#E#3) 62/0#) -() (S%M() "+)
-(M"%D%(+&/),)(-."(0I/-)1"00%1"$#0(-B)/0M#+%I#&%'/-)*/1(+&(-)G"()#+&(-)+/)-()*#E#+3)
5-/)(-)$/)DR-)-%M+%.%1#&%'/B)G"()+/)(-)F/1/B)(-)D"12J-%D/B)F/0G"()+/)&/*/)($)D"+*/)
(-&R)1#F#1%&#*/B)2#E%$%&#*/),)./0D#*/)F#0#)1#DE%#0)-")0/$)*()$#)+/12()#)$#)D#H#+#~3)
!D*
~5+) D%) (&#F#) #+&(0%/0) 1/D/) (-&"*%#+&(B) #) $/) D(\/0) (+&/+1(-) (0#) DR-) .R1%$) %DF#0&%0)
1$#-()#+&(-B)#$)*/1(+&()#2/0#)$()(-)DR-)*%.J1%$)/)(-)D"12/)DR-)#1&%'/)$/)G"()&%(+(-)G"()
#E#01#0B) &%(+(-) G"() #E#01#0) "+) R0(#) *() 1/+/1%D%(+&/) (+) &") D#&(0%#B) $"(M/) #$) .%+#$)
&%(+(-)G"()#E#01#0)&#DE%X+)"+#-)1#F#1%*#*(-)*()(*"1#*/0)D",)#DF$%#-)G"()#+&(-)+/)
-()&(+J#+B)F/0)$/-)F0/E$(D#-)*()&%F/)-/1%#$)F0(-(+&(-)(+)1$#-(B),)$"(M/)&#DE%X+)&%(+(-)
G"()#E#01#0)"+#)*%'(0-%*#*)D(&/*/$KM%1#)G"()#)$/)D(\/0)#+&(-)+/)(0#)+(1(-#0%/)G"()
-()F0/*"\(0#)(+)($$#~)!c#
C'# =+/5'3)D0# ,2-# 6/+=2(+/',+# 3+0*)0I'# ()20,+# 80'# ,2# -'(# 5'<+/2(# '()40'*8/'(#
620,)20*2(#,2#082(*/'#?,5)0)(*/'3)D0#H,83'*):'%#N*/'#,2#-'(#,)=)38-*',2(#782#@'0#
(),+# ),20*)=)3','(# 3+5+# 6/+.-25A*)3'(# 6+/# 082(*/+(# 6/+=2(+/2(;# 2(# -'# ='-*'# ,2#
3++/,)0'3)D0#20*/2#2-#6/+=2(+/',+%#O+#+.(*'0*2;#2(*'#,)=)38-*',#0+#2(#3+0(238203)'#
,)/23*'#,2#-'#)56-'0*'3)D0#,2#-'#CNRFH;#()0+#782;#5A(#.)20;#/2=-2G'#80+#,2#-+(#5'-2(#
20,l5)3+(# ,2# -'# +/4'0)1'3)D0# <# 38-*8/'# ,2# -'# 2(382-'%# 7#) %+1/D"+%1#1%K+B) ($)
#%-$#D%(+&/) F0/.(-%/+#$B) ($) 1($"$#0%-D/%%%# 2*3%;# (+0# '-480+(# ,2# -+(# /'(4+(# 782# @'0#
3+0=)48/',+# -'# 2,83'3)D0# ,2# 082(*/+# 6'9(# ,8/'0*2# [email protected]+# *)256+%# C+# 782# '@+/'#
(832,2#<#(2#*+/0'#20#80'#,)=)38-*',#)0('-:'.-2#'#-+(#+G+(#,2#[email protected]+(#6/+=2()+0'-2(;#
2(#782#-'#2(382-'#,2#-'#,):2/(),',#6/23)('#,2#80'#38-*8/'#+/4'0)1'*):'#'#*+,'(#-832(#
,)=2/20*2%#n0'#38-*8/'#20#-'#782#-+(#*l/5)0+(#'0*2(#5203)+0',+(#(2'0#(8(*)*8),+(;#
6/+4/2():'520*2;# 6+/# $#) #F(0&"0#B) ($) 1/+/1%D%(+&/) 1/DF#0&%*/B) $#) 1/$#E/0#1%K+)
F0/.(-%/+#$%%%#2*3%#O+#2(#082(*/'#)0*203)D0#6/+=80,)1'/#5A(#20#2(*2#'(623*+;#682(#-+#
/2*+5'/25+(;#()#3'.2#3+0#5'<+/#=82/1';#20#+*/+#*/'.'G+#6+(*2/)+/#38'0,+#6+,'5+(#
B!U#
3+520*'/#-'#)0=+/5'3)D0#/2-'3)+0','#3+0#+*/'#,2#082(*/'(#,)520()+02(#,2#'0A-)()(;#
-'# /2-'*):'# '-# 6/+32(+# ,2# ,)(2g+;# ,2('//+--+# <# 2:'-8'3)D0# ,2# -'# n0),',# a),A3*)3'#
K0*24/','%# ?# 62('/# ,2# *+,+;# 0+# 0+(# 6+,25+(# /2()(*)/# '# ':'01'/# 80'# ,2# 082(*/'(#
5'<+/2(# 3+03-8()+02(X# &0#E#\#0) *(-*() $/-) -"F"(-&/-) *() $#) %+&(M0#1%K+) 1"00%1"$#0B)
1/+&0%E",() #) %0) *(00%E#+*/) ($) #%-$#D%(+&/) F0/.(-%/+#$) ,B) 1/+-(1"(+&(D(+&(B) #)
%+-&#"0#0)$#)1"$&"0#)*()$#)1/$#E/0#1%K+)F0/.(-%/+#$)(+)$/-)1(+&0/-%#
E+/# -+# 782#
/2(623*'# '# -'(# ,)=)38-*',2(# /2-'3)+0','(# 3+0# 2-# '-850',+;# l(*'(# 20='*)1'0# <# 6+020#
,2#5'0)=)2(*+#-'(#3+0,)3)+02(#'#-'(#782#,2.20#20=/20*'/(2;#,9'#'#,9';#-+(#,+320*2(#<#
-+(#'-850+(#782;#6+/#,):2/(+(#5+*):+(;#2(*A0#3+0*/).8<20,+#'#204/+('/#-'(#=)-'(#<#'#
,'/# (20*),+# '# -'# 2>)(*203)'# ,2# 2(*'# 52,),'# 38//)38-'/# <# +/4'0)1'*):'%#
H:),20*2520*2;#(2/#6/+=2(+/#,2#80#4/86+#,2#a):2/()=)3'3)D0#0+#2(#80'#*'/2'#=A3)-%#?#
l(*2;# --24'0# '-850+(# 3+0# 3'/203)'(# ,2# *+,+# *)6+# T'=23*):'(;# '3',l5)3'(;# (+3)'-2(%%%#
2*3%W# '-850+(# 782# :20# 20# 2-# E/+4/'5'# ,2# a):2/()=)3'3)D0# &8//)38-'/# (8# I-*)5'#
2(62/'01'#6'/'#('-)/#,2#80#()(*25'#2,83'*):+#782#20#2-#6'(',+;#20#(8#6'(',+;#0+#@'#
('.),+;# +# 0+# @'# 6+,),+# T+# 0+# @'# 782/),+W# ,'/-2# 80'# /2(682(*'%# a2# @'.2/-+# @[email protected]+;#
2(*'#52,),'#0+#(2/9'#0232('/)'%#O+#782/25+(#3'2/#20#80#'0A-)()(#()56-)(*'o#(+5+(#
58<#3+0(3)20*2(#,2#782#38'0,+#80#'-850+#0+#-+4/'#38./)/#-+(#+.G2*):+(#5'/3',+(#
20# 80# 6/+4/'5';# 0+# 2(# ,2.),+;# I0)3'# <# 2>3-8():'520*2;# '-# @[email protected]+# ,2# 0+# @'.2/-2#
6/+6+/3)+0',+#80'#/2(682(*'#2,83'*):'#20#2-#-84'/#<#20#5+520*+#',238',+(%#E+/#
(8682(*+#782#2>)(*20#+*/+(#='3*+/2(X#-'#='5)-)';#-+(#'5)4+(;#2-#.'//)+#20#2-#782#:):2;#
(8(#'=)3)+02(;#(8#6/+6)'(#3+0*)04203)'(%%%#2*3%#E2/+#38'0,+#80#'-850+#=/'3'(';#6'/*2#
,2#-'#2(382-'#=/'3'('#G80*+#'#l-%#H(*'#/2'-),',#0+#682,2;#0)#,2.2;#(2/#205'(3'/',';#
0)# 3+0=80,),'# '-# 782/2/# G8(*)=)3'/# -'# )03'6'3),',# ,2# -'# 2(382-'# 6'/'# @'32/# '782--+#
782#(2#-2#@'#203+520,',+X#(*"1#0)#)."&"0/-)1%"*#*#+/-%#n0'#:21#5A(;#)0()(*)5+(#20#
782# 0+# 782/25+(# */):)'-)1'/# 082(*/+# ,)(38/(+;# 62/+# 3+0(),2/'5+(# 782# 2(# 082(*/'#
/2(6+0('.)-),',#/23+0+32/;#()256/2#,2(,2#80'#6+(*8/'#782#3+0(*/8<2;#,D0,2#2(*A0#
-'(# ,)=)38-*',2(# <# 6+/# 78l# (+0# l(*'(# <# 0+# +*/'(%# C+# @'325+(# 3+0:203),+(# 6+/782#
(D-+#'(9#(2/25+(#3'6'32(#,2#':'01'/%#E+/782#-+#782#(832,2#20#5'*2/)'#2,83'*):';#
0+#(832,2#20#+*/+(#A5.)*+(;#'-#520+(#3+0#-'#5)(5'#=/238203)'%#jE+/#78l#2(#520+(#
)56+/*'0*2#-'#2,83'3)D0#,2#80#3)8,','0+#782#-'#('-8,#+#-'#3+0:):203)'#6'39=)3'c#F)#
'0*2# 80# =/'8,2# ('0)*'/)+# (2# (+52*2# '# '0A-)()(# *+,+# 2-# ()(*25';# 3+5+# =82# 20# (8#
5+520*+# 2-# #1(%&() *() 1/$I#;# +# 5A(# /23)20*2520*2# 3+0# 2-# 2(3A0,'-+# ,2# $#-) '#1#-)
$/1#-;# j6+/# 78l# 0+# 2>)(*2# 2('# 5)(5'# =82/1'# '0*2# 80# ()(*25'# 2,83'*):+# 782;# 20#
*2+/9';# *)202# '()40',+# 2-# 6'62-# ,2# =+/5'/# ,25+3/A*)3'520*2# '# -+(# =8*8/+(#
3)8,','0+(# 6'/'# 782;# 20# 2-# =8*8/+;# 0+# :82-:'0# '# (832,2/# 26)(+,)+(# 3+5+# -+(# 782#
@25+(# 5203)+0',+# '# *9*8-+# )-8(*/'*):+c%# Z'./9'# [email protected]+# 782# @'.-'/;# 2>)(*20#
3)2/*'520*2# [email protected]+(# <# 4/'0,2(# 5'*)32(# 20*/2# -+(# 2G256-+(# 782# '3'.'5+(# ,2#
(2g'-'/# <# -'# 2,83'3)D0%# E2/+# *2025+(# 80'# (20('3)D0# 782# 3','# :21# (2# ,).8G'# 3+0#
5'<+/#3-'/),',X#('.25+(#,D0,2#2(*A0#-+(#6/+.-25'(;#,D0,2#2(*A0#-'(#,)=)38-*',2(;#
62/+# 0+# @'<# :+-80*',# 6+-9*)3';# (+3)'-;# 6/+=2()+0'-%%%# 6'/'# 6+02/# 20# 6/A3*)3'# 2(*'(#
(+-83)+02(%#
#
-'-$'".*,+c,)
K--A0;#O%#2*#'-#T$UUUW%#?-480'(#3+0(),2/'3)+02(#20#*+/0+#'#-'#)0*24/'3)D0#38//)38-'/%#
E/+682(*'#,2#80#5+,2-+#6'/'#-'#'33)D0%#H0#K--A0;#O%#<#El/21;#`%#T&++/,(%W#T$UUUW%#7#)
1/+-&0"11%K+)*($)T0/,(1&/)9"00%1"$#0)(+)$#)5*"1#1%K+)L(1"+*#0%#);E$%M#&/0%#3);F1%K+)
%+&(M0#*/0#)#+&()"+#)-/1%(*#*)%+&(01"$&"0#$3#T66%#$UYfBW%#MA-'4'X#?-G).2%#
Bf]#
M+-)0';# L%# 2# K--A0;# O%# TB]]VW%# 5*"1#0) F#0#) $#) *%'(0-%*#*) (+) $#) (-1"($#) #1&"#$_) "+#)
(SF(0%(+1%#)F0R1&%1#)*()%+&(M0#1%K+)1"00%1"$#03)F2:)--'X#M?a%#
M+-)0';#L%#2#K--A0;#O%#TB]]]'W%#C'#n0),',#a),A3*)3'#K0*24/','%#Z2//'5)20*'#0232('/)'#
6'/'# 80'# /2(682(*'# )0,):),8'-)1','# <# '*20*'# '# -'# ,):2/(),',# ,2-# '-850',+%# H0#
[#0&J+B)W3)[email protected])p9//0*3q)5$)`#$/0)5*"1#&%'/)*()$#)8%'(0-%*#*3)`#$$#*/$%*_)]"+*#1%K+)
5*"1#1%K+),)]"&"0/3#
M+-)0';#L%#2#K--A0;#O%#TB]]].W%#:2()W+1$"-%'()8%*#1&%1)e+%&)pW383e3q3)6)+(1(--#0,)&//$)./0)
#+)%+*%'%*"#$%-(*)#+-d(0)#+*)#)M$/E#$)'%(d)/.)&2()-&"*(+-y*%'(0-%&,%#H0#?)0(3+p;#M%#<#
M)*-2/;# E%# TB]]$W%# W+1$"*(%+M) &2() 5S1$"*(*3) T0/1((*%+M-) /.) k&2) W+&(0+#&%/+#$) LF(1%#$)
5*"1#&%/+)9/+M0(--B)e+%'(0-%&,)/.)[#+12(-&(0%#M'[email protected](*2/X#KFJO#$YU]!"$VY$!Yf)
E8G+-A(;# E%# T$UU^W%) j&D5+# '*20,2/# -'# ,):2/(),',# ,2# 0232(),',2(# 2,83'*):'(# ,2# -+(#
'-850+(# 20# 2-# '8-'c%# n0'# 2>62/)203)'# ,2# '8*+//2=-2>)D0# 20# 4/86+# 6'/'# 52G+/'/# -'#
6/A3*)3'# ,+320*2;# 20# 80# )0(*)*8*+# ,2# 20(2g'01'# (2380,'/)'%# H0# K--A0# S+528;# O%# <#
R'/39'# M'/*9021;# ?%) 7#) *%'(0-%*#*) ,) $#) *%.(0(+1%#) (+) $#) (*"1#1%K+) -(1"+*#0%#)
/E$%M#&/0%#_)4(&/-)(*"1#&%'/-)F#0#)($)-%M$/)bbW3)?/[email protected]),+0'#TMA-'4'WX#?-G).2%#
_+//2(;# L%# T$UUfW%) O$/E#$%I#1%K+) () %+&(0*%-1%F$%+#0%(*#*_) ($) 1"00%1"$"D) %+&(M0#*/%#
M',/),X#M+/'*'%#
Bf$#
BfB#
#
#
#
#
#
)
i15(#(&)!"#)&c#2*"0()2()2"H#F)+,&(&)'#'!',$(&)2()%#)
3*"4(!6")&"-*(),6$(6'&0")3,*,)$,)0(i"*,)2()$,)!,$'2,2)
2()5'2,)
)
i?C`C)0AB9=:)&:A8h=)
n0):2/(),',#,2#M8/3)'#
)
*(&%0(#)
H0# 2(*2# */'.'G+# /23+425+(;# ,2# =+/5'# ()0*l*)3';# -'(# ='(2(# )0)3)'-2(# (248),'(# 20# 80#
6/+<23*+# ,2# )0:2(*)4'3)D0# (+./2# '*-2*)(5+# ,2# 3+562*)3)D0# --2:',+# '# 3'.+# 3+0#
GD:202(#3+0#(90,/+52#,2#a+p0#20#2,',2(#3+56/20,),'(#20*/2#-+(#$B#<#-+(#!B#'g+(%#
Z25+(# 2(3+4),+;# 6/23)('520*2;# -'(# ='(2(# )0)3)'-2(# 6+/# 80# ,+.-2# 6/+6D()*+%# H0#
6/)52/#-84'/;#6+/#*/'*'/(2#,2#-+(#5+520*+(#d(248/'520*2Y#5A(#3+0*/+:2/*),+(#,2#
*+,'# )0:2(*)4'3)D0# 2>62/)520*'-# <;# 20# (2480,+# -84'/;# 6'/'# 6+,2/# 'G8(*'/0+(# '# 80#
=+/5'*+# 3)20*9=)3+# T20# 38'0*+# '# (8# 2>*20()D0W%# H0# 2(2# (20*),+;# 2-# +.G2*):+# =)0'-# ,2#
082(*/+#2(*8,)+#@'#(),+#62/(248)/#<#52G+/'/#-'#3'-),',#,2#:),'#,2#-+(#6'/*)3)6'0*2(#
'# */':l(# ,2# -'# 6/A3*)3'# ,2-# '*-2*)(5+# 20# ()*8'3)D0# ,2# 3+562*)3)D0# 3+56-2*'520*2#
0+/5'-)1','%# H(62/'5+(# 782# 2(*'(# 6A4)0'(# 62/5)*'0# '# +*/+(# 6/+=2()+0'-2(# ,2# -'#
2,83'3)D0#3+0+32/#38A-2(#@'0#(),+#082(*/+(#6/)52/+(#6'(+(#<;#*'-#:21;#,'/#5'<+/#
3+0*)08),',#'#2(*2#2(*8,)+%*
3:B:D8:C)MB:E?X#(90,/+52#,2#a+p0o#'*-2*)(5+#
)
)
4"%#.)3("3($)H'6G)2"H#{&)&4#2*"0(F)'#'6',$)3G,&(&)"+),)3*"i(!6)
"#),6G$(6'!&)6")'03*"5()t%,$'64)"+)$'+()
)
,-&6*,!6)
K0#*@)(#p+/b#p2#@':2#(855'/)12,#*@2#)0)*)'-#[email protected]'(2(#+=#'#6/+G23*#+=#)0:2(*)4'*)+0#+0#
'*@-2*)3(#+=#3+562*)*)+0#=+/#62/(+0(#p)*@#a+p0ë(#(<0,/+52#p)*@#'42(#80,2/(*++,#
.2*p220# *@2# $B# '0,# !B# <2'/(%# }2# @':2# [email protected]+(20# *@2# )0)*)'-# [email protected]'(2(# =+/# '# ,+8.-2#
)0*20*)+0X# =+/# */2'*)04# )*(2-=# '.+8*# 3+0*/+:2/()'-# 5+520*(# +=# *@2# 2>62/)520*'-#
)0:2(*)4'*)+0;# '0,# *+# ',G8(*# *+# '# (3)20*)=)3# 6'62/%# [email protected]# =)0'-# ')5# +=# +8/# (*8,<# @'(#
.220# *+# )56/+:2# *@2# 78'-)*<# +=# -)=2# +=# *@2# 6'/*)3)6'0*(# '3/+((# *@2# 6/'3*)32# +=# *@2#
'*@-2*)3(#)0#()*8'*)+0#+=#0+/5'-)12,#3+562*)*)+0%#}2#@+62#*@'*#*@2(2#6'42(#'--+p#*+#
Bf!#
+*@2/#6/+=2(()+0'-(#+=#*@2#2,83'*)+0#*+#b0+p#[email protected])[email protected]#@':2#.220#+8/#=)/(*#(*26(#'0,;#
5'<.2;#*+#4):2#5'G+/#3+0*)08)*<#*+#*@)(#(*8,<%#
I?7#JA8>CX#a+p0#(<0,/+52o#'*@-2*)3(#
#
'#6*"2%!!'1#)
K0)3)'5+(#2(*2#*/'.'G+#5+(*/'0,+#2-#()48)20*2#5'6'#TM%$%W;#782#0+(#'6+/*'#-'#
)0=+/5'3)D0#()0*l*)3'#,2#-'(#='(2(#3+0(*)*8<20*2(#,2#082(*/+##6/+<23*+#20#(8(#
5+520*+(#)0)3)'-2(X#
:s +:C?)YF)!A=CL9LPM9O=)>?B)Q8PNA)>?)L8:D:kAb)
C'#6/)52/'#='(2#,2#082(*/+#*/'.'G+;#3+0(*)*8<2#2-#3)5)20*+#,2#*+,'#-'#K0:2(*)4'3)D0%#
`82# 082(*/+# ,2(:2-+# 6+/# '3+*'/# -+(# 6/)52/+(# 6'(+(;# -+# 782# 0+(# --2:D# '# ,2=)0)/#
082(*/+# 3'56+# ,2# '3*8'3)D0%# E/2*20,9'5+(# 3-'/)=)3'/;# ,2(,2# 2-# 6/)52/# 5+520*+;#
3D5+#(2#6/+32('/9'#<#20#78l#3+0()(*)/9'#2(*2#*/'.'G+#,2#)0:2(*)4'3)D0%#?*20,)20,+#'#
-+(# +.G2*):+(# 6-'0*2',+(;# -'# 3+0(*)*83)D0# ,2-# 4/86+# */'0(,)(3)6-)0'/# ',78)2/2# 80'#
)56+/*'03)'#3'6)*'-%#C'#6/+682(*'#)00+:',+/'#6-'0*2','#20#2(*2#*/'.'G+;#-2:'0*D#2-#
)0*2/l(#,2#:'/)+(#)0:2(*)4',+/2(#,2#-'#n0):2/(),',#,2#M8/3)'#'#=+/5'/#6'/*2#,2#2(*2#
4/86+#,2#*/'.'G+%#
)
FASES DEL PROCESO DE INVESTIGACIÓN
F
ASE 1
F
ASE 2
F
ASE 3
F
ASE 4
Constitución
del grupo de
trabajo.
Inicio de las
sesiones de
entrenamiento y
competición
normalizada.
Selección de
los
participantes.
Toma de
decisión sobre
la creación de
un Área
Deportiva para
la Fundación.
M.1.
#
#
a2#2(*2#5+,+;#-'#6/)52/'#/280)D0#+=)3)'-#782#5'0*8:)5+(#20#6/2(203)'#,2#*+,+(#-+(#
5)25./+(#,2-#4/86+;#*8:+#-84'/#20#(26*)25./2#20#-'(#)0(*'-'3)+02(#,2#`nOaN}O%#
k8l# ,8,'# 3'.2;# 6'/'# ='3)-)*'/# 2-# /24)(*/+# <# 6+(*2/)+/# '0A-)()(# ,2# *+,+(# -+(# *25'(#
Bff#
'.+/,',+(;# /2'-)1'5+(# -'# 4/'.'3)D0# 90*24/'# ,2# ,)[email protected]+# 203820*/+# 20# (+6+/*2# '8,)+;#
*'-#<#3+5+#+38//)/9'#*'5.)l0#6'/'#2-#/2(*+#,2#203820*/+(#782#(832,)2/+0#'#2(*2%#?#
-+# -'/4+# ,2# 2(*'# (2()D0;# :+-:)5+(# '# /25'/3'/# -+(# 6/)03)6'-2(# +.G2*):+(# ,2-# */'.'G+;#
'3+*'0,+#<#,2=)0)20,+#3-'/'520*2#-'(#=803)+02(#<#3+56/+5)(+(#,2#3','#80+#,2#-+(#
6'/*)3)6'0*2(%#a2-#5)(5+#5+,+;#2(*'.-23)5+(#80#590)5+#*/2(#/280)+02(#4202/'-2(#
'08'-2(;#',25A(#,2#-'(#/280)+02(#520(8'-2(#782#/2'-)1'/9'5+(#-+(#)0:2(*)4',+/2(#
,2#-'#n0):2/(),',#,2#M8/3)';#-+(#*l30)3+(#,2#`nOaN}O#<#-+(#/2(6+0('.-2(#6+/#2-#
,2('//+--+# ,2-# 6/+4/'5'# ,2# 20*/20'5)20*+%# a2# 2(*2# 5+,+;# -'# 6/)52/'# (2()D0# ,2#
*/'.'G+#3+0#*+,+(#-+(#6'/*)3)6'0*2(#20#2-#6/+<23*+#(2#/2'-)1D#80#52(#5A(#*'/,2#T20#
+3*8./2W%# H0# 2(*'# /280)D0# '3+/,'5+(# 782# -'# [email protected]'# ,2# )0)3)+# ,2# -'(# (2()+02(# ,2#
20*/20'5)20*+# (2# /2'-)1'/9'# 20# 2-# 52(# ,2# 202/+;# ,20*/+# ,2# -'(# )0(*'-'3)+02(#
,26+/*):'(#,2#-'#n0):2/(),',#,2#M8/3)'%#?#6'/*)/#,2#2(2#'382/,+;#2-#278)6+#5l,)3+#
<#2-#278)6+#*l30)3+Y,26+/*):+#2(*'.-23)2/+0#80#3'-20,'/)+#6'/'#-'#/2'-)1'3)D0#,2#-+(#
2>A5202(#5l,)3+(#<#,26+/*):+(#'#/2'-)1'/#20#2-#&20*/+#,2#M2,)3)0'#a26+/*):'#,2#-'#
nMn;#3+0#+.G2*+#,2#3+56/+.'/#-'#=+/5'#=9()3'#,2#-+(#'(6)/'0*2(%#_'5.)l0#*8:)5+(#
-'#+6+/*80),',#,2#3+0+32/;#3+0#,2*'--2;#-'(#3'/'3*2/9(*)3'(#,2#-+(#2>A5202(#5l,)3+(#
'#'6-)3'/;#'#6'/*)/#,2#-+(#38'-2(#(2/9'#6+().-2#,2(3'/*'/#38'-78)2/#3+0*/')0,)3'3)D0#
6'/'# -'# 6/A3*)3'# ,2-# '*-2*)(5+%# ?-# 5)(5+# *)256+;# (2# '.+/,'/+0# *+,'# 80'# (2/)2# ,2#
382(*)+02(# -+49(*)3'(# '# *202/# 20# 3+0(),2/'3)D0# 6'/'# 4'/'0*)1'/# -'# '4)-),',# 20# -'#
/2'-)1'3)D0#,2#*'-2(#6/82.'(%##
Ds +:C?)SF)$:)C?B?MM9O=)>?)BAC)N:8L9M9N:=L?Cb)
E+/# -+# 782# /2(623*'# '-# 6/+32(+# 6/2:)+# '# -'# /2'-)1'3)D0# ,2# -'# 20*/2:)(*';# ,23)/# 782#
*+,+(# -+(# 6+().-2(# 3'0,),'*+(# T(+3)+(# ,2# `nOaN}O# 3+0# (90,/+52# ,2# a+p0W#
/23).)2/+0#80'#3'/*'#20#-'#38'-#(2#-2(#)0=+/5'.'#,2#082(*/+#6/+6D()*+#<#(2#-2(#3)*'.'#
'# 80'# /280)D0# )0=+/5'*):'%# H0# ,)[email protected]'# /280)D0;# 0+# (D-+# (2# 2>68()2/+0# -+(# 4/'0,2(#
+.G2*):+(#782#62/(2489'5+(#()0+#782;#',25A(;#-2(#)0=+/5'5+(#782#*+,+(#'782--+(#
)0*2/2(',+(# 20# 6'/*)3)6'/# @'./9'0# ,2# 6'('/# 80# 2>@'8(*):+# 2>'520# 5l,)3+;# 6'/'#
,2(3'/*'/# )03+56'*).)-),',2(;# ',25A(# ,2# 5'0*202/# 80'# 20*/2:)(*'# 62/(+0'-)1','#
20#3+56'g9'#,2#(8(#6',/2(%#L80*+#'#2--+;#@)3)5+(#20*/24'#,2#80##382(*)+0'/)+#(+./2#
-+(#@A.)*+(#'-)520*)3)+(#,2#-+(#3'0,),'*+(%#a8/'0*2#2(*'#(2()D0;#-'#6/)52/'#/2'33)D0#
,2# -+(# 6',/2(# <# 5',/2(# =82# 58<# 4/'*)=)3'0*2# 6'/'# 0+(+*/+(o# 2>6/2('/+0# (8#
(20*)5)20*+;# 5213-'# 20*/2# '4/',23)5)20*+# <# 4/'0# 20*8()'(5+# 6+/# '782--+# 782#
@'.9'5+(# +/4'0)1',+;# '80782# 80# *'0*+# *252/+(+(# '0*2# -'# 6+().)-),',# ,2# 782# (8(#
@)G+(;#'0*2#2-#2(=82/1+#=9()3+#782#@'./9'0#,2#/2'-)1'/;#68,)2(20#(8=/)/#'-480'#-2()D0%#
H0# 2(*2# (20*),+;# 2-# 278)6+# 5l,)3+# 3-'/)=)3D# 38A-2(# (2/9'0# -'(# ,)(*)0*'(# 6/82.'(# '#
/2'-)1'/# 20# -+(# ,)=2/20*2(# 2>A5202(# 5l,)3+(;# */'0(5)*)20,+# '(9# -'# ,2(2','#
(20('3)D0# ,2# */'078)-),',# <# 4'/'0*9'%# a20*/+# ,2-# 6/+32(+# ,2# (2-233)D0# ,2# -+(#
6'/*)3)6'0*2(;# <# 3+5+# <'# @25+(# 5203)+0',+# '0*2/)+/520*2;# @'.9'5+(# ,)(2g',+#
80+(#2>A5202(#5l,)3+Y,26+/*):+(#'#'6-)3'/#'#*+,+(#-+(#3'0,),'*+(%#a)[email protected]'(#6/82.'(#
*8:)2/+0# -84'/# 20# 202/+# <;# 3+5+# <'# @25+(# )0,)3',+;# (2# /2'-)1'/+0# '# *+,+(# -+(#
3'0,),'*+(%#H0#'782-#5+520*+;#2-#6/+32(+#,2#2:'-8'3)D0#,2#-'#3+0,)3)D0#=9()3'#,2#
082(*/+(# 3'0,),'*+(# ,2G'.'# 20*/2:2/# 782# 2(*'.'0# .'(*'0*2# )0*/)4',+(# <#
25+3)+0',+(# '0*2# -'# 6+().)-),',# ,2# 20*/'/# '# =+/5'/# 6'/*2# ,2# 082(*/+# 278)6+# ,2#
'*-2*'(# <# 6'/*)3)6'/# 20# 2(*'# 6/+682(*'%# H0# ,2=)0)*):';# 2-# /23+0+3)5)20*+# <# -'(#
2>6-+/'3)+02(#5l,)3'(#/2'-)1','(;#3+56/20,9'0#*+,'#80'#(2/)2#,2#2>A5202(#782;#'#
3+0*)08'3)D0;#6'('5+(#'#2>6+02/#<#,2(3/).)/#=+/5'0,+#6'/*2#,2-#6/+*+3+-+#,2#-'(#
6/82.'(X#
Bf\#
Z)(*+/)'# &-90)3'X# (2# --2:'# '# 3'.+# 52,)'0*2# 80# '56-)+# 382(*)+0'/)+# 782# ,2.2#
3856-)520*'/(2# '0*2(# ,2-# /23+0+3)5)20*+%# F2# /2'-)1'# 6'/'# */'*'/# ,2# 3+0+32/#
6+().-2(#20=2/52,',2(#,2#*/'0(5)()D0#420l*)3'#+#='3*+/2(#,2#/)2(4+#*/'0(5)().-2(;#
'(9#3+5+#*+,+(#-+(#6/+32(+(#782#@'<'0#'=23*',+#'#-'#62/(+0'#,2(,2#(8#0'3)5)20*+%#
&)02'0*/+6+52*/9'X# 0+(# 62/5)*2# 3+0+32/# -'# 3+56+()3)D0# 3+/6+/'-# <# 2-# 6+/320*'G2#
,2#*2G),+#4/'(+;#58(38-'/#<#D(2+#,2#-'#62/(+0'%#_'5.)l0#0+(#62/5)*2#'3+0(2G'/#78l#
5+,)=)3'3)+02(#,2.2#/2'-)1'/#6'/'#3+0(248)/#80#5'<+/#/20,)5)20*+#20#2-#,26+/*2#
782# 6/'3*)782%# H(*+# (2# 3+0()482# 52,)'0*2# -'# 52,)3)D0# ,2# 62(+;# *'--';# 6-)2482(#
38*A02+(;#,)A52*/+(#D(2+(#<#62/952*/+(#58(38-'/2(%#
H>6-+/'3)D0# 4202/'-X# (2# /2'-)1'# -'# 2>6-+/'3)D0# ,2# -'# '48,21'# :)(8'-;# +9,+(# <#
2(*+5'*+-+49'#.A()3';#*+,+#2--+#6'/'#,)(5)08)/#-'#)03),203)'#,2#38'-78)2/#'-*2/'3)D0#
,2#2(*+(#D/4'0+(#20#2-#/20,)5)20*+#,26+/*):+%##
H(*8,)+# '0'-9*)3+# ,2# -'.+/'*+/)+X# 3+0# ,2*2/5)0'3)+02(# ,2# .)+7895)3';# 203)5'(;#
52*'.+-)(5+#-)69,)3+;#)+0+4/'5';#@25'*+-+49'#<#,2*2/5)0'3)+02(#@+/5+0'-2(%#
H>6-+/'3)D0# ,2-# ()(*25'# 3'/,)+:'(38-'/X# 52,)'0*2# '8(38-*'3)D0# 3'/,)'3'# <#
68-5+0'/o# *+5'# ,2# 6/2()D0# '/*2/)'-o# 2-23*/+3'/,)+4/'5'# ,2# /26+(+# <#
23+3'/,)+4/'=9'# 6'/'# -'# ,2*2/5)0'3)D0# ,2# -+(# :'-+/2(# ,2# =803)D0# '8/)38-'/# <#
:20*/)38-'/o# 2(*8,)+# :'-:8-'/# 52,)'0*2# a+66-2/# 3+-+/# 6'/'# ,2(3'/*'/#
3+580)3'3)+02(#)0*/'3':)*'/)'(#'(+3)','(#'-#(90,/+52##,2#a+p0%#
H>6-+/'3)D0#,2-#'6'/'*+#-+3+5+*+/X#52,)'0*2#-'#:'-+/'3)D0#,2#-'(#38/:'*8/'(#,2#-'#
3+-850'#20#-+(#6-'0+(#=/+0*'-#<#-'*2/'-;#6'/'#,2(3'/*'/#3)=+()(#+#2(3+-)+()(o#2(*8,)+#
,2# -'(# 3',2/'(o# 2(*8,)+# ,2# -+(# 2G2(# ,2# -+(# 5)25./+(# )0=2/)+/2(;# 6'/'# ,2(3'/*'/#
6/+.-25'(#,2#/+,)--'(o#2(*8,)+#,2-#'6+<+#<#'-*2/'3)+02(#,2#-+(#6)2(%#a20*/+#,2#2(*2#
'6'/*',+;#(2#:'-+/'/A#2-#4/',+#,2#2-'(*)3),',#<#=-2>).)-),',#<#-'#/262/38()D0#d'#0):2-#
,2#-'#3+-850'Y#,2-#'3+/*'5)20*+#,2#-'#58(38-'*8/'#6+(*2/)+/#,2-#58(-+%#
H(*8,)+#,2#a)0'5+52*/9'#K(+3)0l*)3'X#6'/'#'0'-)1'/#-'#=82/1'#58(38-'/#<#2-#.'-'032#
20*/2#-+(#,)(*)0*+(#4/86+(#58(38-'/2(%#
_2(*# ,2# 2(=82/1+# 20# -'.+/'*+/)+# YE}&# $^]YX# # H(# 80# *2(*# 4202/'-;# 6/+4/2():+;#
)0,)/23*+# <# (8.5'>)5'-;# 782# 62/5)*2# :'-+/'/# -'# 3+0,)3)D0# =9()3'# ,2-# ,26+/*)(*'# '-#
/2-'3)+0'/#-'#3'/4'#,2#*/'.'G+#3+0#-'#=/238203)'#3'/,)'3'#'-3'01','%#H0#2(*2#3'(+;#<#
$^]# 68-('3)+02(;# 0+(# ,'# :'-+/2(# ,2# &+0(85+# MA>)5+# ,2# N>9420+# 782# 5),20# -'#
3'6'3),',#=9()3'#'2/D.)3'%#
n0'#:21#(862/',+#2-#2>'520#5l,)3+;#<#*/'(#3+0+32/#20#-'#20*/2:)(*'#-'#'326*'3)D0#
,2# 6',/2(# 2# @)G+(# '# 6'/*)3)6'/# 20# 2(*2# 6/+<23*+;# *20,/9'5+(# 2-# 0I52/+# /2'-# ,2#
3'0,),'*+(# '# 6/'3*)3'/# '*-2*)(5+%# E+/# -+# 782# /2(623*'# '-# 0I52/+# *+*'-# ,2#
6'/*)3)6'0*2(;# ,23)/# 782# */'(# -+(# /2(8-*',+(# ,2# -+(# 2>A5202(# 5l,)3+(;# <# 80'# :21#
3+0+3),'# -'# '326*'3)D0# ,2# 6',/2(# <# 3'0,),'*+(;# /2'-)1'5+(# 80# *+*'-# ,2# ,+32#
20*/2:)(*'(;# -'(# 38'-2(# (2# /2'-)1'/+0;# 90*24/'520*2;# 20# -'(# )0(*'-'3)+02(# ,2#
`nOaN}O%# _+,'(# -'(# 20*/2:)(*'(# @'0# (),+# 4/'.','(# 20# :9,2+# <# */'0(3/)*'(;# 3+0#
+.G2*+#,2#6+,2/#'6-)3'/#2-#'0A-)()(#,2#3+0*20),+;#'#6'/*)/#,2-#38'-#6+,2/#2=23*8'/#80#
'0A-)()(# 5A(# ,2*20),+# ,2# -'# )0=+/5'3)D0# 782# 62/(2489'5+(%# a2# 2(*2# 5+,+;# 20#
=2./2/+# 5'0*8:)5+(# -'# I-*)5'# /280)D0# ,2# 2>62/*+(# '0*2(# ,2# -'# 682(*'# 20# 5'/[email protected]'#
,2-#6/+4/'5'#,26+/*):+%#H0#,)[email protected]'#/280)D0;#(2#6/2(20*'/+0#-+(#)0=+/52(#,2#*/'.'G+#
/2'-)1',+(# ,2(,2# -+(# ,)(*)0*+(# A5.)*+(;# 3+0*/'(*'0,+# )0=+/5'3)+02(# <# 6-'0*2'0,+#
,):2/('(# 2(*/'*24)'(# '# 5'0*202/# ,8/'0*2# -+(# 6/D>)5+(# 52(2(%# ?-# 5)(5+# *)256+;#
6/26'/'5+(# -'# (2480,'# '('5.-2'# ,2# 6',/2(# <# 3'0,),'*+(;# 20# -'# 38'-# ,)5+(# '#
Bf"#
3+0+32/# -'(# [email protected]'(# ,2# )0)3)+# ,2# -'# '3*):),',# ,26+/*):'%# ?,25A(# ,2# 2(*+;# # *'5.)l0#
'0*)3)6'5+(#'-480+(#/2(8-*',+(#2>*/'9,+(#,2#-+(#2>A5202(#5l,)3+(#782#/2'-)1'5+(#
'#-+(#3'0,),'*+(;#'-#*)256+#782#/23+/,'5+(#'#-+(#='5)-)'/2(#782#-'#6'/*)3)6'3)D0#20#
2(*2#6/+<23*+#)56-)3'.'#80#3+56/+5)(+#6+/#5'0*202/#80#3+0*/+-#(+./2#-+(#@A.)*+(#
'-)520*'/)+(# ,2# -+(# 6'/*)3)6'0*2(%# H0# 2(*2# (20*),+;# ()# .)20# -'# 5'<+/9'# ,2# 6',/2(# <#
5',/2(#(2#5+(*/'/+0#58<#/2326*):+(#'#082(*/'#6/+682(*';#2-#@[email protected]+#,2#3+0*/+-'/#-'#
,)2*'#0+#/2(8-*D#)48'-520*2#'*/'3*):+#6'/'#'-480+(#,2#-+(#6'/*)3)6'0*2(%#a2(,2#2(*2#
6/)52/#5+520*+;#(+([email protected]'5+(#782#2-#3+0*/+-#,2#-'#'-)520*'3)D0#(2/9'#80#,8/+#
3'.'--+# ,2# .'*'--'%# H0# 2(*'# (2()D0;# 2-# '0()'# ,2# -+(# 6'/*)3)6'0*2(# 6+/# )0)3)'/# -'#
'3*):),',# ,26+/*):'# (2# @)1+# (20*)/%# ?# ,23)/# :2/,',;# (8# )56'3)203)'# 2(*'.'#
*+*'-520*2#G8(*)=)3',';#682(#[email protected]'(#@'.9'0#(),+#-'(#6/82.'(#5l,)3'(#<#20*/2:)(*'(#
/2'-)1','(# ,8/'0*2# :'/)+(# 52(2(%# ?80782# *+,+(# ('.9'0# 782# (2# */'*'.'# ,2# 80#
6/+<23*+# ,2# */'.'G+;# -+# 782# 782/9'0# 2/'# 2(*/20'/# (8(# 082:'(# 278)6'3)+02(#
,26+/*):'(#<#25621'/#'#3+//2/#,2#80'#:21%#&','#:21#782,'.'#5A(#6/D>)5+#2-#)0)3)+#
,2# -'(# (2()+02(# ,2# 20*/20'5)20*+%# E+/# 2(*2# 5+*):+;# 3+0(),2/'5+(# 0232('/)+#
5'0*202/#80'#/280)D0#)0)3)'-;#I0)3'520*2#3+0#082(*/+(#=8*8/+(#'*-2*'(;#3+0#+.G2*+#
,2# ='3)-)*'/-2(# *+,'# -'# )0=+/5'3)D0# 0232('/)'# 6'/'# -'# 682(*'# 20# 5'/[email protected]'# ,2# -'#
'3*):),',;# '-# *)256+# 782# /2'-)1'/9'5+(# -'# 6/2(20*'3)D0# ,2# 3','# 80+# ,20*/+# ,2-#
4/86+;# ='3)-)*'0,+# '(9# 2-# 3+0+3)5)20*+# 58*8+# 20*/2# *+,+(# -+(# 6'/*)3)6'0*2(%# C'#
3+0:+3'*+/)'#'#2(*'#3)*';#(2#/2'-)1D#'#*/':l(#,2#80'#3'/*'#/25)*),'#'#-+(#3'0,),'*+(%#
&+5+# (2# @'./A# 6+,),+# 3+56/+.'/;# '# -+# -'/4+# ,2# 082(*/'# 2>6+()3)D0# @25+(#
,2(*'3',+;#:'/)'(#:232(;#2-#@[email protected]+#,2#3)*'/#6+/#2(3/)*+#<#,2#=+/5'#62/(+0'-)1','#'#-+(#
3'0,),'*+(%#?-#@'32/-+;#782/25+(#,2(*'3'/#-+#)56+/*'0*2;#<#[email protected]/20*2#'#-'#:21;#782#
/2(8-*'#*/'.'G'/#20#<#,2(,2#80'#),2+-+49'#0+/5'-)1',+/'%#&+0#2>32():'#=/238203)';#
:25+(# 3D5+# '-480+(# ='5)-)'/2(# ,2# -'(# 62/(+0'(# 3+0# (90,/+52# ,2# a+p0;# 0+#
/2(62*'0#-'#3+0=),203)'-),',#,2#-+(#20:9+(#6+(*'-2(#/25)*),+(#'#(8(#@)G+(%#?-#@'32/-+;#
0+# (D-+# ',+6*'0# 80# 6/+*'4+0)(5+# <# (+./26/+*233)D0;# ()0+# 782# ',25A(# 0+#
=':+/2320#2-#,2('//+--+#@'3)'#-'#:),'#',8-*'#<#'8*D0+5'%#E/23)('520*2#6+/#2--+;#2(#
6+/# -+# 782# '# -+# -'/4+# ,2# *+,+# 2-# 6/+32(+;# -+(# 203820*/+(# <# 3+0*'3*+(# 782# @25+(#
0232()*',+#5'0*202/#3+0#082(*/+(#'*-2*'(;#@'0#2(*',+#()256/2#5'/3',+(#6+/#80'#
3+580)3'3)D0# ,)/23*'# <# 62/(+0'-)1',';# -)./2# ,2# )0*2/52,)'/)+(%# H(*2# 2(;# ()0# ,8,';#
+*/+#,2#-+(#@[email protected]+(#)56+/*'0*2(#782#-+(#'*-2*'(#0+(#@'0#'4/',23),+%#
?#4/'0,2(#/'(4+(;#,'/25+(#'#3+0+32/#2-#3+0*20),+#,2#2(*'#/280)D0;#782#(2#320*/D#
20#-+(#()48)20*2(#'(623*+(X#
- 5SF/-%1%K+)*()$/-)D/&%'/-)F/0)$/-)1"#$(-)0(#$%IRE#D/-)$#)0("+%K+3)
- T0(-(+&#1%K+)M0"F#$)*()&/*/-)$/-)F#0&%1%F#+&(-_)(+&0(+#*/0#B)&X1+%1/-),)1#+*%*#&/-3)
- 8#0)#)1/+/1(0)$#)F$#+%.%1#1%K+)*()$#-)-(-%/+(-)F0('%-&#-3)
- Q"-&%.%1#1%K+)*($)F/0)G"X)*()0(#$%I#0)"+#)#1&%'%*#*)*(F/0&%'#)*()#&$(&%-D/3)
- 5SF$%1#1%K+),)\"-&%.%1#1%K+)*()$/)G"()-"F/+J#)#-%-&%0)#$)(-&#*%/)*(F/0&%'/_)+/0D#-)*()
1/+*"1&#B)%&%+(0#0%/)*($)#"&/EU-B)2/0#0%/B)(G"%F#D%(+&/)*(F/0&%'/)+(1(-#0%/333)(&13)
- 8#0)#)1/+/1(0)$#-)0(-F/+-#E%$%*#*(-)G"()1#*#)"+/)*()+/-/&0/-)#-"DJ#3#
#
Bf^#
PERFIL DE LA MUESTRA
Edad
35
30
27
30
21 21 21 22 23
25
20
15
32
14 14 14 16
10
5
0
G1
G2
#
&+5+# 2/'# ,2# 2(62/'/;# 2-# )0)3)+# ,2# 2(*'# (2()D0# =82# .'(*'0*2# )078)2*+%# &+5+# @25+(#
)0,)3',+;# 20# 2(*'# +3'()D0# 0+# @8.+# 3+580)3',+# '-480+# 6'/'# -'(# ='5)-)'(;# 682(# *'0#
(D-+# -+(# 3'0,),'*+(# @'.9'0# (),+# 3+0:+3',+(%# H(*2# @[email protected]+# 6/+:+3D# 80'# 62782g'#
,25+/'#3+0#/2(623*+#'#-'#@+/'#6/2:)(*'#6'/'#2-#)0)3)+#,2#-'#(2()D0%#F)0#25.'/4+;#2/'#
80#)0,)3',+/#,2#782#082(*/'#52*+,+-+49'#<'#@'.9'#(8/*),+#2=23*+;#<#782#-+(#6',/2(#
2(*'.'0#3+-'.+/'0,+;#/2(62*'0,+#2-#2(6'3)+#,2#(8(#@)G+(#2#@)G'(%#a2(,2#80#6/)52/#
5+520*+;# l(*2# @'# (),+;# <# 3+0*)0I'# ()20,+;# 80# 2-2520*+# ,)=2/203)',+/# ,2# 2(*2#
*/'.'G+%#R/'3)'(#'#l-;#'#-+#-'/4+#,2#*+,+#2(*2#*)256+#@25+(#3+0(248),+#782#082(*/+(#
'*-2*'(# *+520# (8(# 6/+6)'(# ,23)()+02(o# -2(# @25+(# '<8,',+# '# *202/# 5'<+/#
'8*+,2*2/5)0'3)D0%# n0'# :21# /2'-)1',+# 2-# '0A-)()(# ,2# -+(# )0=+/52(# 5l,)3+(;# -'(#
20*/2:)(*'(#<#-+(#382(*)+0'/)+(#'6-)3',+(;#3+03-8)5+(#2-#6/+32(+#,2#(2-233)D0#,2#-+(#
6'/*)3)6'0*2(;# '326*'0,+# -'# 6'/*)3)6'3)D0# 20# 082(*/+# */'.'G+# ,2# -+(# ,+32# GD:202(#
782#'(9#-+#@'.9'0#(+-)3)*',+#T:2/#4/A=)3+#,2(3/)6*):+#,2#082(*/'#582(*/'X#R%$%#<#R%B%W%#
Ms +:C?)XF)$:C)C?C9A=?C)>?)?=L8?=:;9?=LAb)
H0# 5'/1+# )0)3)'5+(# 082(*/'# '0,',8/'# 20# 2-# '*-2*)(5+# ,2# =+0,+%# a8/'0*2# -+(#
6/D>)5+(#52(2(;#0+(#,2(6-'1'/9'5+(#@'(*'#2-#2(*',)+#,26+/*):+#*+,+(#-+(#5'/*2(#<#
G82:2(#6+/#-'#*'/,2#T,2#$VX]]#'#B]X!]W;#<#*+,+(#-+(#(A.',+(#20#@+/'/)+#,2#5'g'0'#
T,2# $]X]]# '# $BX!]W%# ?-# 6/)03)6)+;# 2-# /23+//),+# ,2(,2# M8/3)'# @'(*'# 2-# 2(*',)+# -+#
/2'-)1A.'5+(# 20# 80# 5)3/+.I(# ,2# `nOaN}O%# O82(*/'# 6/2+386'3)D0;# 20# 2(2#
5+520*+;# 2/'# 3+0(+-),'/# 2-# 4/86+# ='3)-)*'0,+# 2-# '332(+# '# -'# '3*):),',# '# *+,+(# (8(#
6'/*)3)6'0*2(%#E'/'#80#=8*8/+#6/D>)5+;#@'.9'5+(#6-'0)=)3',+#/2'-)1'/#80#*/'.'G+#,2#
'8*+0+59'# 8/.'0';# '# */':l(# ,2# -'# 8*)-)1'3)D0# ,2-# '8*+.I(# ,2# -902'# /248-'/# 6'/'#
38./)/# 2(*2# */'<23*+%# n0'# :21# 20# 2-# 2(*',)+;# 4/'0,2# 2/'# -'# )032/*),85./2# 782# 0+(#
)0:',9'#'#*+,+(X#*l30)3+(#<#'*-2*'(;#'--9#2(*A.'5+(#,)(682(*+(#'#25621'/%#C'#6/)52/'#
(2()D0#=82#58<#3A-),'#<#'3+42,+/'%#a2,)3'5+(#-'#5'<+/#6'/*2#,2-#*)256+#'#/2'-)1'/#
80#/23+0+3)5)20*+#,2-#*2//20+;#'#='5)-)'/)1'/0+(#3+0#2-#20*+/0+;#3+0#2-#2(6'3)+;#3+0#
2-#6/+6)+#4/86+#<#3+0#-'(#0+/5'(#,2#=803)+0'5)20*+#,2-#2(*',)+%#k8)1A(#0+(+*/+(#
2(*A.'5+(# 5A(# 02/:)+(+(# 782# -+(# '*-2*'(o# 6'/'# 2--+(# (2# */'*'.'# ,2# 80'# 082:'#
'3*):),',;#,2#80'#2>62/)203)'#,):2/*),';#6'/'#-'#38'-#-'#5'<+/9'#(2#3+0(),2/'.'#()0#
6+().)-),',2(# ,2# 6+,2/# /2'-)1'/%# F)0# 25.'/4+;# '--9# 2(*'.'0;# 3+0(2/:'0,+# (8# ,2(2+#
6+/#('.2/#78l#6'('/9';#@'(*'#,D0,2#(2/9'0#3'6'32(#,2#--24'/%#_/'(#@'.2/#/2'-)1',+#
*+,'(# -'(# 20*/2:)(*'(# <# -+(# 2>A5202(# 5l,)3+(;# ,2(*)0'5+(# [email protected]'(# G+/0','(# '# -'#
6-'0)=)3'3)D0#<#6/+4/'5'3)D0#,2#-'(#(2()+02(#,2#20*/20'5)20*+%#H0#2('(#[email protected]'(;#80'#
,2# 082(*/'(# 6/)03)6'-2(# 6/2+386'3)+02(# =82# 203+0*/'/# 80# *2(*# ,2# 3'56+# 782# 0+(#
BfV#
62/5)*)2/'#52,)/;#20#-'#6)(*'#<#,2#=+/5'#)0,)/23*';#2-#680*+#,2#6'/*),'#,2#082(*/+(#
'*-2*'(%#H0#2(*2#(20*),+;#38'0,+#)0,'4'5+(#20*/2#-'#.).-)+4/'=9'#/2-'3)+0','#3+0#2-#
*25'# 20# 382(*)D0;# 203+0*/'5+(# ,):2/4203)'(;# *'0*+# 20# -+# /2=2/20*2# '# -'(#
3'6'3),',2(# '# 2:'-8'/;# 3+5+# '# -'# ),+02),',# # ,2# 3','# 80+# ,2# -+(# *2(*(# 6'/'# -'#
2:'-8'3)D0#,2-#=)0#6/+682(*+%#_/'(#2(*2#'0A-)()(;#3+0(),2/'5+(#782#2-#*2(*#782#0+(#
,'/9'# -'# )0=+/5'3)D0# '# 32/3'# ,2-# 2(*',+# ,2# -'# 3+0,)3)D0# =9()3'# ,2# 082(*/+(# '*-2*'(;#
(2/9'# 2-# *2(*# ,2# -+(# 5)-# 52*/+(%# E+/# +*/'# 6'/*2;# 2-# '0A-)()(# ,2# -'(# 20*/2:)(*'(# <# -+(#
)0=+/52(# 5l,)3+(# 68()2/+0# ,2# 5'0)=)2(*+# 782# -'# 5'<+/9'# ,2# 082(*/+(# '*-2*'(# 0+#
6/'3*)3'.'0#,26+/*2#/248-'/520*2#()0+#782;#6+/#2-#3+0*/'/)+;#5'0*209'0#80'#:),'#
(2,20*'/)'%# E+/# -+# *'0*+;# 5A(# 782# 80'# 38'0*)=)3'3)D0# ,2# (8# 3+0,)3)D0# =9()3';#
6/2*20,9'5+(#.8(3'/#80#3+0G80*+#,2#(2g'-2(;#()40+(#+#)0,)3)+(#,2-#2(*',+#20#2-#782#
(2# 203+0*/'.'# 2-# 4/86+;# *'0*+# 20# 2-# A5.)*+# ,26+/*):+# 3+5+# '3*)*8,)0'-%# H0# 2(*2#
(20*),+;# -+(# 6/)52/+(# +.G2*):+(# 782# ,)(2g'5+(;# *'-# <# 3+5+# 6/2(20*'5+(# '#
3+0*)08'3)D0;#782,'.'0#,)/)4),+(#@'3)'#2(*'(#,+(#:2/*)20*2(#=+/5'*):'(#20#082(*/+(#
'*-2*'(X#
N.G2*):+(#a26+/*):+(#K0)3)'-2(X#?0'-)1'/#-'#3+0,)3)D0#=9()3'#,2#-+(#'*-2*'(o#*/'.'G'/#<#
52G+/'/# -'# 3+0,)3)D0# =9()3'# ,2# -+(# '*-2*'(# @'3)20,+# @)03'6)l# 20# -'(# 3'6'3),',2(#
3+++/,)0'*):'(#<#20#-'#/2()(*203)'#=9()3'#,2#.'(2o#52G+/'/#2-#0):2-#3'/,)+/2(6)/'*+/)+#
)0)3)'-o#'8520*'/#(8#*+0+#58(38-'/o#',78)/)/#-'(#0+3)+02(#.A()3'(#,2#-'#*l30)3'#,2#
3'//2/'o# ',78)/)/# -'(# 0+3)+02(# .A()3'(# ,2-# */'.'G+# '2/D.)3+o# 3+0(248)/# 80'#
,)(5)083)D0#,2-#62(+#,2#-+(#'*-2*'(%#
N.G2*):+(# ?3*)*8,)0'-2(# K0)3)'-2(X# E/+6+/3)+0'/# '# -+(# '*-2*'(# 2-# *)256+# <# /)*5+#
0232('/)+# 6'/'# 782# (2# ='5)-)'/)320# 3+0# 2-# 20*+/0+# ,2# 20*/20'5)20*+o# 3/2'/# 80#
2(6'3)+# 20# 782# 2-# 4/86+# (2# ()20*'# 3D5+,+# <# ,)(*20,),+# 6'/'# 6+,2/# 20*/20'/o#
3+0(248)/#782#-+(#'*-2*'(#,)(=/8*20#,2#-'(#(2()+02(#<#()20*'0#2-#6-'32/#<#-'(#:20*'G'(#
,2#-'#'3*):),',#=9()3'o#,2('//+--'/#2-#(20*)5)20*+#,2#278)6+#20#-+(#'*-2*'(o#-+4/'/#782#
-+(# '*-2*'(# (2# ),20*)=)7820# 3+0# -'# '3*):),',;# 2-# 52,)+# <# 2-# 4/86+o# /2=+/1'/# 2#
)03/2520*'/# 523'0)(5+(# ,2# # '8*+0+59';# '8*+2(*)5'# <# 258-'3)D0# 62/(+0'-o#
=':+/232/# 782# -+(# '*-2*'(# 3+0+13'0# (8# 6/+6)+# 382/6+# <# (8(# -95)*2(# /2'-2(# ,2#
20*/20'5)20*+o#*/'.'G'/#2-#2(69/)*8#,2#('3/)=)3)+#<#-'#:+-80*',%#
a8/'0*2# -'(# 6/)52/'(# (2()+02(;# 3+0*'5+(# 3+0# -'# '<8,'# ,2# 80# '*-2*'# 58/3)'0+# ,2#
l-)*2%# &+0(),2/'5+(# 782# (8# 6'/*)3)6'3)D0# 20# -+(# 5+520*+(# )0)3)'-2(;# 3+5+#
62/(+0'G2# 6I.-)3+# <# 3+0+3),+;# (2/:)/9'# 6'/'# '*/'2/# <# (2,83)/# 80# 6+3+# 5A(# '#
082(*/+(# GD:202(# '*-2*'(%# &+0# (8# 6'/*)3)6'3)D0;# '6+/*'.'# '-# 4/86+# 80'# 2-2:','#
5+*):'3)D0#2>*2/0'#782;#6+3+#'#6+3+;#6'(D#'#(2/#)0*2/0'#<#,2#-+4/+#20#3','#80+#,2#
2--+(%# H0# 2(*2# 62/)+,+;# -'# 5+*):'3)D0# (2# 3+0(*)*8<2# 3+5+# 80+# ,2# -+(# +.G2*):+(#
6/)03)6'-2(#'#,2('//+--'/#<#3+0(2/:'/%#F)48)20,+#'#E2/A0#T$UUUW;#-'#2>6-)3'3)D0#,2#-'#
)56+/*'03)'#<#.202=)3)+(#,2#-'#6/A3*)3'#,2#-'#'3*):),',#/2'-)1',';#6/+6+/3)+0'#80'#
'-*'# 5+*):'3)D0# 20# 2-# '*-2*'# '-# 3+0+32/# '(9# 2-# +.G2*):+# ,2# (8# '3*):),',# <# *+,'(# (8(#
:20*'G'(%#E+/#2(*2#5+*):+;#,2(,2#-'(#6/)52/'(#(2()+02(#5'0*8:)5+(#80'#3+0(*'0*2#
6+/# -'# 2>6-)3'3)D0# 3-'/'# <# 3+03)('# ,2# *+,'(# -'(# *'/2'(# 782# /2'-)1A.'5+(# <# ,2# -+(#
+.G2*):+(# )56-)3',+(# 20# 3','# 80'# ,2# 2--'(%# ?# 6'/*)/# ,2-# 3+0+3)5)20*+# ,2# 2(*'#
)0=+/5'3)D0;#6+,9'5+(#*/'.'G'/#3+0#-+(#'*-2*'(#-'#*+5'#,2#,23)()D0#<#-'#/2=-2>)D0#'-#
/2(623*+#,2#-'#5)(5'%#?(623*+(#3+5+#2-#'@+/'#5203)+0',+;#@'320#782;#20#082(*/+#
6/+<23*+;#2-#,26+/*2#(2'#*'0#(D-+#80#52,)+#6'/'#--24'/#'#80#=)0o#80#52,)+#20#2-#782#
-'# 3+580)3'3)D0# 20# -+(# 20*/20'5)20*+(# (2# 3+0:2/*)/9'# 20# 80# )0(*/8520*+#
=80,'520*'-%# &+5+# @25+(# ,)[email protected]+;# ,2,)3'5+(# -'(# 6/)52/'(# (2()+02(# '# 3+0+32/# 2-#
,2('//+--+# ,2# -'# 3+0,)3)D0# =9()3'# ,2# -+(# '*-2*'(%# `)0'-)1','# -'# 6/)52/'# (25'0'# ,2#
BfU#
*/'.'G+;#68,)5+(#3+03-8)/#782#-+(#'*-2*'(#3'/239'0#,2X#4(-%-&(+1%#)*()E#-(B)+/1%/+(-)
($(D(+&#$(-) -/E0() $#) 1#00(0#B) 1/+/1%D%(+&/) -/E0() .#-(-) *() "+) (+&0(+#D%(+&/) ,) -"-)
."+1%/+(-B) 1/+1%(+1%#) *() 0%&D/B) */D%+#+1%#) $#&(0#$) ,) 1/+&0/$) *() D/'%D%(+&/-)
p1//0*%+#1%K+qB)F0(-&(I#)(+)($)'(-&"#0%/B)#M%$%*#*)(+)($)F0/&/1/$/)*()#11(-/)#$)(-&#*%/)
,) 1/+/1%D%(+&/) -/E0() +/0D#-) M(+(0#$(-) *() ."+1%/+#D%(+&/) *() "+#) %+-&#$#1%K+)
*(F/0&%'#3)E2(2#'#-+#782#682,'#6'/232/;#2(*'#()*8'3)D0#0+#2/'#0','#'-'/5'0*2%#E+/#2-#
3+0*/'/)+;#'-480+(#,2#2(*+(#'(623*+(#(+0#6/+6)+(#,2#38'-78)2/#'*-2*'#782#)0)3)'#80'#
082:'# 5+,'-),',# ,26+/*):'%# E2/(2:2/'03)'# <# 5+*):'3)D0# 2/'0# ,+(# 3+0(*'0*2(# ,2#
2(*2# 5+520*+# )0)3)'-%# E+/# *+,+# 2--+;# ,23),)5+(# +/4'0)1'/# -'(# (2()+02(# )0)3)'-2(#
()48)20,+# -+(# ()48)20*2(# )0,)3',+/2(X# /(#$%I#0) "+#) #1&%'%*#*) $U*%1#) ,) ."+1%/+#$B)
1(+&0#0)+"(-&0/)&0#E#\/)#$0(*(*/0)*()$#)1//0*%+#1%K+)*%+RD%1#)M(+(0#$B)($)0%&D/),)($)
(G"%$%E0%/B)&0#E#\#0)$/-)*(-F$#I#D%(+&/-B)($('#0)$#)*(+-%*#*)*()&0#E#\/)*()$#-)-(-%/+(-B)
"&%$%I#0) $#) D#012#) 1/D/) D(*%/) *() (+&0(+#D%(+&/B) 0(#$%I#0) F(G"(H/-) ,) -(+1%$$/-)
(\(01%1%/) *() &X1+%1#) *() 1#00(0#B) "&%$%I#0) \"(M/-) 1/$(1&%'/-) F#0#) ./D(+&#0) ($)
1/+/1%D%(+&/) () %+&(0#11%K+) *($) M0"F/B) 1/+-(0'#0) $#) (-&0"1&"0#) *() $#-) -(-%/+(-) ,) *()
*(&(0D%+#*/-)(\(01%1%/-B)F#0#).#1%$%&#0)-")0(1"(0*/)()%+&(0%/0%I#1%K+3#
?# 3+0*)08'3)D0;# +=/2325+(;# '# 5+,+# ,2# 2G256-+;# 2-# 2(7825'# .'(2# ,2# -'(# (2()+02(#
6/A3*)3'(#,2#'*-2*)(5+X##
WNW9W;)85)76)L5LWuN_)9/+1(+&0#1%K+)1/+)$/-)#&$(&#-)#)$#)(+&0#*#)*($)(-&#*%/h)'%-%&#)#$)
'(-&"#0%/h)1/D(+&#0%/)*(F/0&%'/3)
9675N:6[W5N:;_)9#00(0#)-"#'(),)0($#\#*#h)(-&%0#D%(+&/-)M(+(0#$(-h)(-&%0#D%(+&/-)
(-F(1J.%1/-h)(SF$%1#1%K+)*()$#)-(-%K+h)(SF$%1#1%K+),)*%-&0%E"1%K+)*()0(M%-&0/-)*()
#+/&#1%/+(-)*()1#DF/h)(SF$%1#1%K+)*()$#)M0#E#1%K+)*()'J*(/3)
T64:5)T4WN9WT67_)&X1+%1#)*()1#00(0#h)EU-G"(*#)*($)F"$-JD(&0/h)1/$/1#1%K+)*($)
F"$-JD(&0/h)1#00(0#)1/+&%+"#)(+)-%-&(D#)*()(+&0(+#D%(+&/3)
`e57:6)6)76)967[6_)5-&%0#D%(+&/-)(-F(1J.%1/-h)0(&%0#*#)*($)F"$-JD(&0/h)1/$/1#1%K+)
*($)F"$-KD(&0/)(+)-")(-&"12(h)*"12#),)#-(/)F(0-/+#$3)
&+5+# 682,2# +.(2/:'/(2;# 2(*2# 2(7825'# /2(6+0,2# '-# 6-'0*2'5)20*+# .A()3+# ,2# -'#
H,83'3)D0# `9()3';# 682(# 782/25+(# ,2(*'3'/# 782# -'# ),2+-+49'# ,2# 2(*2# */'.'G+# ,2#
)0:2(*)4'3)D0# 2(;# 6/23)('520*2;# '-2G'/(2# ,2-# ,26+/*2# 20# (9# 5)(5+;# 2# )56/)5)/# 80'#
+/)20*'3)D0# 62,'4D4)3'# +/)20*','# @'3)'# 2-# '6/20,)1'G2;# -'# 52G+/'# ,2# -'# 3'-),',# ,2#
:),';# -'# )0(2/3)D0# (+3)'-# <# -'# '8*+0+59';# 20*/2# +*/+(# '(623*+(%# a8/'0*2# 2-# *)256+#
782# @25+(# ,20+5)0',+# 3+5+# ~%+%1%/) *() $#) -(-%K+~;# (2# /2'-)1'0# ,):2/('(# '33)+02(#
782#,)(38//20#,2(,2#-'#--24','#'-#2(*',)+;#20*/','#20#2-#:2(*8'/)+;#3'5.)+#,2#/+6'#<#
3+520*'/)+#,26+/*):+#3+0#*+,+(#-+(#'*-2*'(#<#*l30)3+(%#n0'#:21#20#2-#3'-20*'5)20*+;#
(2#682,20#,)=2/203)'/#,+(#4/'0,2(#='(2(%#n0'#)0)3)'-;#'#*/':l(#,2#3'//2/'#+#G824+(#,2#
3'//2/';#,+0,2#(2#'0'-)1'#-'#5+:)-),',#4202/'-#<#-'#682(*'#20#5'/[email protected]'#,2-#382/6+;#<#
80'#(2480,'#='(2#3+5682(*'#6+/#,):2/(+(#2G2/3)3)+(#,2#2(*)/'5)20*+(#<#=-2>).)-),',%#
H0# -'# F#0&() F0%+1%F#$# ,2-# 20*/20'5)20*+;# (2# /2'-)1'0# -+(# 2G2/3)3)+(# *l30)3+(# ,2#
3'//2/'%#?3'.','#2(*'#='(2;#2(#58<#)56+/*'0*2#/2'-)1'/#80'#.820'#/2-'G'3)D0#'0*2(#
,2#20*/'/#'-#:2(*8'/)+X#2G2/3)3)+(#/2(6)/'*+/)+(#<#2(*)/'5)20*+(#6/2:)2020#2-#/)2(4+#
,2# -2()+02(%# n0'# :21# 20# 2-# :2(*8'/)+;# 80'# .820'# ,[email protected]'# <# ,2# :82-*'# '# 3'('# 20# 2-#
'8*+.I(%#&+5+#<'#@25+(#)0,)3',+;#-'#2(*/83*8/'#,2#-'(#(2()+02(#(2#'(252G'.'#5A(#'#
80'# 3-'(2# ,2# H,83'3)D0# `9()3'# 782# '# 80# 20*/20'5)20*+# ,2# '*-2*)(5+# 6/+6)'520*2#
,)[email protected]+;# 682(# -+(# +.G2*):+(# ,2# 082(*/+# 6/+<23*+# @'39'0# 782# 082(*/'# 6/+4/'5'3)D0#
3+0(2/:'(2;# 6+/# 80'# 6'/*2;# -+(# 6/)03)6)+(# ,2# -'# ,),A3*)3'# <# 52*+,+-+49'# ,2# -'#
H,83'3)D0# `9()3'# <;# 6+/# +*/';# -'# /)48/+(),',;# 2-# 2(=82/1+# <# -'# ()(*25'*)1'3)D0# 782#
B\]#
3'/'3*2/)1'#'-#20*/20'5)20*+%#H0#2(*+(#5+520*+(#)0)3)'-2(;#2/'#0232('/)+#=+/5'/#-'#
.'(2#=)()+-D4)3'#(+./2#-'#782#*/'.'G'/;#',25A(#,2#38-*):'/#2-#2(69/)*8#,2#4/86+%#Q#-'#
52G+/# =+/5'# ,2# @'32/-+# 2/'# '# */':l(# ,2# G824+(# <# '3*):),',2(# ,26+/*):'(%# C'(#
(2()+02(#(2#,2('//+--'.'0#.'G+#80'#4/'0#,20(),',#,2#*/'.'G+;#:'/)+(#2G2/3)3)+(#<#()0#
6'8('(#6/+-+04','(;#-+#782#0+(#62/5)*9'#*/'.'G'/#-'#/2()(*203)'#'2/D.)3'#,2#=+/5'#
)0,)/23*'%#C+(#G824+(#<#2G2/3)3)+(#)03),)2/+0#20#2-#*/'.'G+#,2#3++/,)0'3)D0;#/)*5+#<#
=82/1'#,2-#*/20#)0=2/)+/;#8*)-)1'0,+#I0)3'520*2#2-#62(+#,2-#6/+6)+#382/6+%#a8/'0*2#
-'(#6/)52/'(#(25'0'(;#(+./2#*+,+;#6/+38/'5+(#6/2(*'/#[email protected]+#38),',+#'#*+,+(#-+(#
,2*'--2(#,2#-'(#(2()+02(;#6'/'#6+,2/#()(*25'*)1'/#(8(#6'/*2(;#=803)+02(#<#,8/'3)D0%#
K0)3)'-520*2;# ,2,)3'5+(# [email protected]+(# 2(=82/1+(# 20# 3+03)203)'/# '# -+(# '*-2*'(# ,2# -'(#
/'1+02(# 6+/# -'(# 38'-2(# *209'0# 782# '6/20,2/# '# 3+//2/# ,2(6'3)+;# 3+0*/+-'0,+# (8(#
202/49'(%#?(9;#20#*'0#(D-+#,+(#52(2(#3+0(248)5+(#782#'8520*'(2#2-#*)256+#782#-+(#
'*-2*'(# 3+0(2489'0# 3+//2/# ,2# =+/5'# 3+0*)08'%# C'(# 2:+-83)+02(# 0+# (2# @)3)2/+0#
2(62/'/;# *'0*+# 20# 2-# A5.)*+# ,26+/*):+# 3+5+# 20# -'# (+3)'-)1'3)D0# <# -'# '3*)*8,%# C+(#
0):2-2(# ,2# 5+*):'3)D0# (2# 5'0*209'0# <# -'# '(),8),',# '# -+(# 20*/20'5)20*+(# -+#
3+//+.+/'.'%#?,25A(#,2#*+,+#2--+;#5',/2(#<#6',/2(#0+(#3+520*'.'0#782#2-#)0*2/l(#
,2#(8(#@)G+(#2/'#/2'-520*2#4/'0,2;#80'#:21#782#*209'0#'(85),'#-'#)56+/*'03)'#,2#
0+# 62/,2/# 0)04I0# 20*/20'5)20*+%# N*/'# '3*)*8,# 782# 3+0(248)5+(# ,2('//+--'/# 20# -'#
5'<+/9'# ,2# -+(# '*-2*'(;# =82# -'# 3+(*85./2# ,2# ':)('/# 3+0# '0*2-'3)D0# G8(*)=)3'0,+# (8#
'8(203)'#'-#20*/20'5)20*+%#H(#,2#:'-+/'/#782;#()#.)20#'-#)0)3)+#2/'0#'-480+(#,2#-+(#
6',/2(# 78)202(# --'5'.'0# 6'/'# ':)('/;# 20# 2(*+(# 5+520*+(# *+,+(# -+(# '*-2*'(# ('.20#
782# 2('# /2(6+0('.)-),',# 2(# (8<'# <# 0+# ,2# (8(# 6',/2(;# 5+*):+# 6+/# 2-# 38'-# (+0# 2--+(#
5)(5+(# 78)202(# -+# /2'-)1'0%# Z'# ,2(62/*',+# 2-# (20*)5)20*+# ,2# 3+0=)'01'# 20# (9#
5)(5+(%#Z'0#)0*2/)+/)1',+;#,2#=+/5'#2(623*'38-'/;#-'#)56+/*'03)'#,2-#2(=82/1+#20#
-+(# 20*/20'5)20*+(%# Z'320# (8<+(# -+(# -+4/+(# 3+0(248),+(;# 682(# @'0# 3+56/20,),+#
782#-+(#*l30)3+(;#()56-2520*2;#+/)20*'5+(#(8#2:+-83)D0%#H0#2--+(#2(*A#6+,2/#3+//2/#
5A(#+#520+(#*)256+#()0#6'/'/;#2-#(20*)/(2#52G+/#<#2>)4)/(2#5A(#'#(9#5)(5+(%#&+5+#
3'.2# )5'4)0'/;# *'0*+# 6'/'# 2(*'(# ='(2(# '789# /2-'*','(;# 3+5+# 6'/'# 2-# /2(*+# 0+#
'.+/,','(# T6+/# 382(*)+02(# ,2# 2(6'3)+W;# 2>)(*2# *+,+# 80# 6/+*+3+-+# ,2# /23+4),'# <#
'0A-)()(#,2#-'#)0=+/5'3)D0#782#*/'*'/25+(#,2#+=/232/#20#'-4I0#5+520*+#6+(*2/)+/#'#
2(*2# */'.'G+%# H(62/'5+(# 782# 2(*'(# 6A4)0'(# @'<'0# (2/:),+# d6/23)('520*2Y# 6'/'#
3+0+32/;# 20# (8(# 5+520*+(# )0)3)'-2(;# 38A-2(# @'0# (),+# 082(*/+(# 6'(+(# <# 6/+6D()*+(#
3+0#2(*2#*/'.'G+%#C+#782#<'#-2(#6+,25+(#'0*)3)6'/#2(#782#-+(#/2(8-*',+(#@'0#(),+;#
,2-#*+,+;#('*)(='3*+/)+(%#
)
-'-$'".*,+c,)
&8203';#M%#<#M','/)'4';#?%#TB]]]W%#E/A3*)3'#a26+/*):'#H(3+-'/#3+0#O)g+(#&)24+(#<#
,2#J'G'#h)()D0%#J)-.'+X#n0):2/(),',#,2#a28(*+%#
K--A0;#O%#TB]]$W%#7/-)QK'(+(-)1/+)8%-1#F#1%*#*)(+)($)N"('/)[%$(+%/_)4(&/-),)8%$(D#-)
F/0)4(-/$'(/%#M8/3)'X#`80,+p0%#
C2<#$]q$UU];#,2#$\#,2#N3*8./2;#,2-#a26+/*2#TJNH#$^Y$]YU];#3+0#B]Y]^YU$W%#
M'/*+(;# M%M%# <# e'4'-'1;# M%C%# TB]]BW%# 9/D/) F/&(+1%#0) $#) %+&(0#11%K+) #"&/(-&%D#B)
#"&/+/DJ#),)1#$%*#*)*()'%*#)*()$/-)+%H/-),)+%H#-)1/+)-J+*0/D()*()8/d+)#)&0#'X-)*()$#)
#1&%'%*#*).J-%1#%#H0X#S+.-2(;#M%?%#2*%'-%#F90,/+52#,2#a+p0#<#H,83'3)D0X#n0'#M)/','#
@'3)'#2-#`8*8/+;#B"^YBV\%#L'l0X#?(+3)'3)D0#F90,/+52#,2#a+p0#v&)8,',#,2#L'l0w%#
B\$#
M2-2/+;# M%# T$UU\W%# LJ+*0/D() *() 8/d+_) N"('/-) 5+./G"(-%# H0X# ?3*'(# ,2-# &8/(+# ,2#
:2/'0+;# |h# &8/(+(# ,2# h2/'0+# ,2# -'# n0):2/(),',# ,2# &A,)1# 20# F'0# S+782%# &A,)1X##
F2/:)3)+#,2#E8.-)3'3)+02(#,2#-'#n0):2/(),',#,2#&A,)1%##
M+//)(;#L%#T$UUfWX#H>2/3)(2#)0#*@2#E/2:)*)+0#+=#&+/+0'/<#Z2'/*#a2(2'(2X#_+,'<m(#J2(*#
.8<#)0#E8.-)3#Z2'-*@%#H0XM2,)3)02#F3)2032#F6+/*(#H>2/3)(2%#Bf;#V]^YV$f#
E2/A0;# F%# T$UUUWX# 6&$(&%-D/) ,) 8(F/0&() F#0#) T(0-/+#-) 1/+) LJ+*0/D() *() 8/d+3)
4(-"$&#*/-) *() "+) T0/,(1&/%# H0X# `-+/21;# L%# 2*# '-# T,)/W%# F90,/+52# ,2# a+p0X# J)+-+49';#
a2('//+--+#<#H,83'3)D0%#O82:'(#E2/(623*):'(;#B]UYB!]%#J'/32-+0'X#M'((+0%#
B\B#
)
)
)
)
)
)
$,&)!"03(6(#!',&)&"!',$(&)(#)+%6%*"&)2"!(#6(&)!"0")
($(0(#6")2()'#6(.*,!'1#)2(),$%0#"&)'#0'.*,#6(&)(#)($)
,%$,)
)
!:8BAC)&:B:E?8:)-A8>gC)
iAC<)$P9C),=LAj:[email protected]:C)
n0):2/(),',#,2#e'/'4+1'#
#
*(&%0(#)
C'# )00+:'3)D0# (2# 320*/'# 20# 2-# */'.'G+# 3+0# -+(# '-850+(# ,2# 5'4)(*2/)+;# =8*8/+(#
,+320*2(;# ,20*/+# ,2# -'# '()40'*8/'# ,2# E()3+-+49'# ,2-# a2('//+--+%# a2('//+--'/#
3+562*203)'(#(+3)'-2(#20#-+(#=8*8/+(#6/+=2(+/2(#,2#'782--+(#'-850+(;#)05)4/'0*2(#
+# 0+;# 782# (2# 3'/'3*2/)320# 6+/# *202/# ,)=)38-*',2(# '# -'# @+/'# ,2# 2>6/2('/# (8(#
25+3)+02(;#.)20#6+/#2>32(+#+#.)20#6+/#,2=23*+;#20##-'#)0*2/'33)D0#3+0#2-#+*/+%#H0#80#
(2480,+#0):2-;#(2#*/'.'G'/A#3+0#-'(#='5)-)'(;#)0*20*'0,+#*/'(-','/#-+(#'6/20,)1'G2(#
*'0*+#'-#A5.)*+#='5)-)'/#3+5+#'-#3+580)*'/)+%#
H-# +.G2*):+# 2(# ,2('//+--'/# -'(# 3+562*203)'(# (+3)'-2(# 20# 3','# 6'/*)3)6'0*2;# -'#
0232(),',# ,2# 2>6/2('/# (8(# (20*)5)20*+(;# ,+*A0,+-2# ,2# /238/(+(# 6'/'# 6+,2/#
2>6/2('/-+(o#',25A(#,2#20(2g'/#2(*/'*24)'(#<#5l*+,+(#6'/'#2-#,2('//+--+#,2#2(*'(#
'3*)*8,2(#20#2(*'#6+.-'3)D0%#
C'#52*+,+-+49';#2(#52,)'0*2#3-'(2(#6/A3*)3'(;#,)0A5)3'(#,2#4/86+#782#.'(','(#20#
-'(# *2+/9'(# ,2# '6/20,)1'G2# <# 3+5682(*'(# 6+/# *l30)3'(# 3+40)*):'(# <# 3+0,83*8'-2(;#
:'0#+/)20*','(#'#-'#',78)()3)D0#,2#-'(#3+0,83*'(#*'0*+#:2/.'-2(#3+5+#0+#:2/.'-2(#
0232('/)'(#6'/'#(8#5'02G+#20#-'#3+580),',#<#20#-'#/2-'3)D0#3+0#2-#+*/+;#',25A(#,2#
(8#=803)+0'5)20*+#2#)0*24/'3)D0#20#-'#3+580),',%#
H-#20*/20'5)20*+#20#3+562*203)'(#(+3)'-2(#(2#/2:2-'#3+5+#80'#@2//'5)20*'#I*)-#20#
2(*2# (20*),+;# ,2# '@9# 2-# 2(=82/1+# 782# @'<# 782# ,2(*)0'/# '# ,+*'/-2# ,2# '(623*+(#
)00+:',+/2(#<#,),A3*)3+(%##
E-'0*2'5+(# 2(*2# 6/+4/'5'# 3+5+# 80# 5l*+,+q2(*/'*24)'# ,2# /2(+-83)D0# ,2#
6/+.-25'(# 6'/'# ,)(5)08)/# ,)=)38-*',2(# /2-'3)+0'-2(;# ',25A(# ,2# ='3)-)*'/#
)0*2/'33)+02(# ='5)-)'/2(# <# -'# )0*24/'3)D0# 20# -'# 3+580),',%# ?,25A(# 582(*/'# 4/'0#
8*)-),',# 20# 38A0*+# '# ,+*'/-2(# ,2# '-*2/0'*):'(# 20# 2-# *25'# ,2# 2>6/2()D0# ,2# (8(#
25+3)+02(# <# (20*)5)20*+(# 20# (8# .I(782,'# ,2# 80'(# /2-'3)+02(# (+3)'-2(#
0+/5'-)1','(;#52G+/'0,+#2-#3-)5'#2(3+-'/#<#3+580)*'/)+%#
3:B:D8:C)MB:E?F#@'.)-),',2(o#3+562*203)'#(+3)'-o#)0*24/'3)D0o#3+580),',%#
B\!#
&"!',$)!"03(6(#!()'#)+%6%*()6(,!G(*&),&),#)($(0(#6)"+)
'#6(.*,6'"#)'00'.*,#6)&6%2(#6&)'#)6G()!$,&&*""0)
)
,-&6*,!6)
K00+:'*)+0# =+38(2(# +0# p+/b)04# p)*@# (*8,20*# *2'[email protected]/(;# =8*8/2# *2'[email protected]/(# p)*@)0# *@2#
(8.G23*# +=# ,2:2-+6520*'-# 6(<[email protected]+-+4<%#a2:2-+6# (+3)'-# (b)--(# =+/# =8*8/2# *2'[email protected]/(# +=#
*@+(2# (*8,20*(;# )55)4/'0*(# +/# 0+;# *@2<# p2/2# [email protected]'/'3*2/)12,# '(# @':)04# ,)==)38-*<#
2>6/2(()04#*@2)/#25+*)+0(;#2)*@2/#)0#2>32((#+/#.<#,2='8-*;#)0#)0*2/'3*)+0#p)*@#+*@2/(%#
K0# '# (23+0,# -2:2-;# p+/b# p)*@# ='5)-)2(;# */<)04# *+# */'0(=2/# *@2# -2'/0)04# .+*@# *+# *@2#
='5)-<#'0,#*@2#3+5580)*<%#
[email protected]# 4+'-# )(# *+# ,2:2-+6# (+3)'-# (b)--(# )0# 2'[email protected]# 6'/*)3)6'0*;# 022,# *+# 2>6/2((# *@2)/#
=22-)04(;# 6/+:),)04# )*# p)*@# /2(+8/32(# *+# 2>6/2((;# )0# ',,)*)+0# *+# # 2'[email protected])04# (*/'*24)2(#
'0,#52*@+,(#=+/#,2:2-+6)04#*@2(2##'**)*8,2(#)0#*@)(#6+68-'*)+0%#
[email protected]# 52*@+,+-+4<# )(# *@/[email protected]# 6/'3*)3'-# 3-'((2(;# 4/+86# ,<0'5)3(# .'(2,# +0# -2'/0)04#
*@2+/)2(#'0,#3+56+(2,#+=#3+40)*):2#'0,#[email protected]':)+/'-#*[email protected])782(;#'/2#-2',)04#*+#*@2#
'378)()*)+0#+=#[email protected]':)+/(#.+*@#:2/.'-#'0,#0+0:2/.'-#0232(('/<#=+/#5'0'42520*#)0#
*@2#3+5580)*<#'0,#)0#/2-'*)+0#*+#*@2#+*@2/;#6-8(#+62/'*)+0#'0,#)0*24/'*)+0#)0#*@2#
3+5580)*<%#
_/')0)04#)0#(+3)'-#(b)--(#)(#/2:2'-2,#'(#'#8(2=8-#*++-#*@)(#(20(2;#@2032#*@2#2==+/*#*+#.2#
'--+3'*2,#*+#6/+:),2#)*#p)*@#'(623*(#)00+:'*):2#*2'[email protected])04%#
}2# (8442(*# *@)(# 6/+4/'5# '(# '# 52*@+,# q# (*/'*24<# =+/# 6/+.-25# (+-:)04# /2,832#
,)==)38-*)2(# )0# /2-'*)+0(@)6(;# '0,# *+# ='3)-)*'*2# ='5)-<# )0*2/'3*)+0(# '0,# )0*24/'*)+0#
)0*+#*@2#3+5580)*<%#K*#'-(+#(@+p(#@+p#[email protected]#8(2=8-#*+#6/+:),2#*@25#+=#'-*2/0'*):2(#
)0# *@2# 2>6/2(()+0# +=# *@2)/# 25+*)+0(# '0,# =22-)04(# )0# <+8/# (2'/[email protected]# (+3)'-# /2-'*)+0(#
0+/5'-)12,;#)56/+:)04#([email protected]++-#3-)5'*2#'0,#&+5580)*<%#
I?7)JA8>CF#(b)--(;#(+3)'-#3+562*2032;#)0*24/'*)+0;#3+5580)*<%#
#
'#6*"2%!!'"#)
_+,+(#('.25+(#,2#-'#2>)(*203)'#,2#62/(+0'(#3+0#3'6'3),',2(#6'/'#/2-'3)+0'/(2#3+0#
-+(#,25A(#,2#80'#=+/5'#3+562*20*2%#F+0#)0,):),8+(#782#(2#/2-'3)+0'0#,2#5'02/'#
2=)3'1# <# 782# ',25A(# (+0# /2=+/1',+/2(# 6'/'# '782--'(# 62/(+0'(# 3+0# -'(# 782# (2#
/2-'3)+0'0%#
F+3)'-520*2#20*'.-'0#/2-'3)D0#3+0#-+(#,25A(#3+0#[email protected]'#='3)-),',#<#(82-20#/23'.'/#
)0=+/5'3)D0# ()0# )0*2//863)+02(# ,8/'0*2# -'# 3+0:2/('3)D0# <# ,2G'0# '# (8(#
)0*2/-+38*+/2(# 3+0# '4/','.-2# (20('3)D0%# F2# (82-2# ,2(3/).)/# '# 2(*+(# (8G2*+(# 3+5+#
~2>*/+:2/*),+(~;##~'(2/*):+(~#<##(+3)'-520*2#@A.)-2(%#C'#/2'-),',#0+(#,2582(*/'#3+5+#
2(*'(#3'/'3*2/9(*)3'(#0+#-'(#6+(220#*+,+(#-+(#)0,):),8+(;#()20,+#80#4/':2#6/+.-25'#
6'/'# [email protected]+(# ,2# 2--+(%# C'# )56+/*'03)'# ,2# -'(# @'.)-),',2(# (+3)'-2(# 20# 082(*/'#
(+3)2,',# 3','# :21# (2# @'# @[email protected]+# 5A(# 6'*20*2%# C'(# /2-'3)+02(# 3+0# -+(# ,25A(# 0+(#
62/5)*20# 0+# (+-+# )0(2/*'/0+(# 20# -+(# ,)=2/20*2(# 4/86+(# +# 3+0*2>*+(# (+3)'-2(;# ()0+#
782#',25A(#()/:20#3+5+#80#/2=+/1',+/#6'/'#2-#6/+6)+#)0,):),8+%#
H0#-'#/2'-),',#58-*)38-*8/'-#782#0+(#@'#*+3',+#:):)/;#2(*2#*)6+#,2#@2//'5)20*'(#(2#
@'320#58<#0232('/)'(%#a2(,2#-'#,+3203)'#,2.25+(#,2#=+520*'/#2-#8(+#<#-'#6/A3*)3'#
,2# @'.)-),',2(# (+3)'-2(# *'0*+# 6'/'# -'# 20(2g'01'# '# -+(# '-850+(# 3+5+# 6'/'# 2-# 8(+#
B\f#
,)'/)+# ,2# 082(*/+(# ,+320*2(%# C'# )0*24/'3)D0# ,2# -'(# ,):2/('(# 38-*8/'(# # 782# )0:',20#
082(*/'# (+3)2,',;# ,2.2# ,2# =+520*'/(2# <# ='3)-)*'/(2# '# */':l(# ,2# 6/+4/'5'(# 782#
682,'0#8('/#-+(#(8G2*+(#,2#=+/5'#62/(+0'-#2#)0,2620,)20*2%#
&+0(),2/'5+(# 782# 80# 20*/20'5)20*+# 20# 80# 6/+4/'5'# ,2# @'.)-),',2(# (+3)'-2(# 0+#
(+-+#62/5)*2#80'#52G+/#<#5A(#/A6),'#)0*24/'3)D0#,2#80#)0,):),8+#20#80#3+0*2>*+#
(+3)'-;#()0+#782#',25A(#62/5)*2#80#52G+/#3+0+3)5)20*+#6+/#6'/*2#,2#-'#(+3)2,',#,2#
-'(#3'/'3*2/9(*)3'(#62/(+0'-2(#<#(+3)'-2(#,2#2(2#6/+6)+#)0,):),8+%#
E'/'# [email protected]+(# '-850+(# 2-# 2(*'.-23)5)20*+# ,2# /2-'3)+02(# 3+0# +*/+(# '-850+(# 2(# 80#
+.G2*):+#20#(9;#()20,+#80#/2=+/1',+/#(+3)'-#58<#)56+/*'0*2%#H0#2-#3'(+#,2#-+(#0)g+(#
3+0# @'.)-),',2(# 20# 2-# G824+# 6/+(+3)'-;# 2(*'(# 0+# (+-+# ()/:20# 6'/'# )0)3)'/# /2-'3)+02(#
/2=+/1'0*2(# ()0+# 782# ',25A(# )03/2520*'# -'# 6/+.'.)-),',# ,2# 782# -+(# ,25A(#
.8(7820#-'#+3'()D0#,2#)0*2/'3*8'/#3+0#2--+(#20#80#=8*8/+#TP2--<;#B]]fW#
E+/# +*/'# 6'/*2;# '782--+(# 0)g+(# 782# *)2020# 520+(# @'.)-),',2(# ,2# G824+# <# ,2#
)0*2/'33)D0#782#(8(#3+56'g2/+(#:'-+/'0;#*20,/A0#3+0#2-#*)256+#520+(#/2-'3)+02(#
(+3)'-2(%# n0'# 3'/203)'# ,2# @'.)-),',2(# 20# -+(# 6/)52/+(# 'g+(# ,2# )0='03)'# 682,2#
6/+,83)/#80#')(-'5)20*+#(+3)'-#6+(*2/)+/#3+0#3+0(238203)'(#)//2:2/().-2(%#
?# 3+0*)08'3)D0# @'325+(# 80'# 2>6+()3)D0# ,2-# 6/+4/'5'# ,2# 20*/20'5)20*+# 20#
3+562*203)'(#(+3)'-2(;#6/2:)+#'#2--+;#@'325+(#80'#(90*2()(#,2#-'(#6/)03)6'-2(#-2<2(#
*'0*+# ,2# A5.)*+# 0'3)+0'-# 3+5+# -+3'-# 782# /248-'0# <# 3+0*256-'0# 2(*2# 6/+.-25';#
G80*+# 3+0# 2-# 6/+*+3+-+# ,2# '3+4),'# ,2# )05)4/'0*2(# 782# (2# ()482# 20# -+(# ,)=2/20*2(#
3+-24)+(# 2# )0(*)*83)+02(# 6I.-)3'(%# E+(*2/)+/520*2# (2# 2>6+02# -'# 52*+,+-+49'# <# -+(#
3+0*/+-2(# 782# (2# @'0# (248),+# 3+0# -+(# '-850+(# ,2# -'# '()40'*8/'# ,2# E()3+-+49'# ,2#
a2('//+--+# ,2# -'# `'38-*',# ,2# H,83'3)D0# ,2# e'/'4+1'%# C'# '6-)3'3)D0# ,2# ,)[email protected]'(#
(2()+02(#(2#/2'-)1+#20#-+(#52(2(#,2#M'/1+#<#?./)-#20#2-#38/(+#B]]VqB]]U%#C824+#-+(#
'-850+(# ,2.9'0# ,2# /2'-)1'/# 80# */'.'G+# ,+0,2# 6+09'0# 20# 6/A3*)3'# 2-# 6/+4/'5'# ,2#
@'.)-),',2(#(+3)'-2(%#
)
0,*!")$(.,$)
$:)$".&()YyY^^eT)>?)X)>?)AMLPD8?;#2(*'.-232#782X#
7#)#1&%'%*#*)(*"1#&%'#)-()0(#$%I#0R)#&(+*%(+*/)#)$/-)-%M"%(+&(-)F0%+1%F%/-_)
7#) (.(1&%'#) %M"#$*#*) *() *(0(12/-) (+&0() $/-) -(S/-B) ($) 0(12#I/) #) &/*/) &%F/) *()
*%-10%D%+#1%K+),)($)0(-F(&/)#)&/*#-)$#-)1"$&"0#-3)
5+1/D%(+*#) #) $/-) F/*(0(-) FUE$%1/-) ($) *(-#00/$$/) *() #11%/+(-) *() 1#0R1&(0)
1/DF(+-#&/0%/) (+) 0($#1%K+) 1/+) $#-) F(0-/+#-B) M0"F/-) ,) RDE%&/-) &(00%&/0%#$(-) G"() -()
(+1"(+&0#+)(+)-%&"#1%/+(-)*(-.#'/0#E$(-3))
C'#2,83'3)D0#3+5620('*+/)'#2(*A#,2(*)0','#'#4'/'0*)1'/#2-#'332(+;#-'#62/5'0203)'#
<# -'# 6/+5+3)D0# 20# 2-# ()(*25'# 2,83'*):+# ,2-# '-850',+# 20# ()*8'3)D0# ,2# ,2(:20*'G'#
(+3)'-;# 6/+32,20*2# ,2# 5)0+/9'(# l*0)3'(;# ,2# 3+-23*):+(# ,2# )05)4/'0*2(;# '(9# 3+5+# ,2#
='5)-)'(#3+0#4/':2(#,)=)38-*',2(#(+3)+23+0D5)3'(%#H(*+(#'-850+(#6/2(20*'0#,2(,2#
80# ,2(='(2# 2(3+-'/# ()40)=)3'*):+# @'(*'# ,)=)38-*',2(# ,2# )0(2/3)D0# 2,83'*):'# <#
0232(),',2(# ,2# '6+<+# ,2/):','(# ,2# (8# )03+/6+/'3)D0# *'/,9'# 20# -'# 2(382-';# ,2# 80'#
2(3+-'/)1'3)D0#)//248-'/#+#,2#80#,2(3+0+3)5)20*+#,2-#2(6'g+-;#'-#6/+32,2/#,2#+*/+(#
6'9(2(%# E'/'# '*20,2/# '# 2(*+(# '-850+(;# -'# ?,5)0)(*/'3)D0# ,+*'/A# ,2# 6/+=2(+/2(# ,2#
'6+<+#<#/238/(+(#5'*2/)'-2(#'#-+(#320*/+(#782#2(3+-'/)320#80#0I52/+#(8=)3)20*2#,2#
'-850+(#3+0#0232(),',2(#,2#3+5620('3)D0#2,83'*):'%#
B\\#
{*(-#00/$$#0) F/$J&%1#-) G"() ('%&(+) $#-) *(-%M"#$*#*(-) *(0%'#*#-) *() .#1&/0(-) -/1%#$(-B)
(1/+KD%1/-B)1"$&"0#$(-B)M(/M0R.%1/-B)X&+%1/-)/)*()/&0#)J+*/$(3)
H(*'#-2<#@'32#5A(#@)03'6)l#20#'(623*+(#/2-'3)+0',+(#3+0#-+#38-*8/'-#<#0+#*'0*+#3+0#
2-# ()56-2# @[email protected]+# ,2# (2/# 2>*/'0G2/+%# ?(9;# '6'/232# 2-# /2(62*+# '# -'# 38-*8/'# ,2# 3','#
'-850+# 3+5+# 80+# ,2# -+(# 6/)03)6)+(# .A()3+(# ,2# -'# -2<%# a2# @[email protected]+;# <'# 0+# (2# 8*)-)1'0#
:+3'.-+(# 3+5+# Å)05)4/'0*2Å# +# Å2>*/'0G2/+Å# <# (2# @'.-'# ,2# ,)=2/203)'(# ,2# 3'/A3*2/#
l*0)3+;#38-*8/'-#+#,2#+/)420#42+4/A=)3+%#
$:) $"!(T) S[) >?) >9M9?;D8?) >?) SeeS;# 20# (8# '/*938-+# B;# 2(*'.-232# 782# &/*/-) $/-)
#$"D+/-)&%(+(+)*(0(12/-),)*(E(0(-B)-%+)DR-)*%-&%+1%/+(-)G"()$#-)*(0%'#*#-)*()-")(*#*)
,)*($)+%'($)G"()(-&X+)1"0-#+*/3))
Q# 20# (8# '/*%# fB%$;# 2(*'.-232# 782# $#-) 6*D%+%-&0#1%/+(-) (*"1#&%'#-) .#'/0(1(0R+) $#)
%+1/0F/0#1%K+)#$)-%-&(D#)(*"1#&%'/)*()$/-)#$"D+/-)F0/1(*(+&(-)*()F#J-(-)(S&0#+\(0/-B)
(-F(1%#$D(+&() (+) (*#*) *() (-1/$#0%I#1%K+) /E$%M#&/0%#3) T#0#) $/-) #$"D+/-) G"()
*(-1/+/I1#+) $#) $(+M"#) ,) 1"$&"0#) (-F#H/$#-) /) G"() F0(-(+&(+) M0#+*(-) 1#0(+1%#-) (+)
1/+/1%D%(+&/-) ER-%1/-B) $#-) 6*D%+%-&0#1%/+(-) (*"1#&%'#-) *(-#00/$$#0R+) F0/M0#D#-)
(-F(1J.%1/-) *() #F0(+*%I#\() 1/+) $#) .%+#$%*#*) *() .#1%$%&#0) -") %+&(M0#1%K+) (+) ($) +%'($)
1/00(-F/+*%(+&(%#
$:) !A=C?k?8h:) >?) (>PM:M9O=T) !PBLP8:) 7) 2?NA8L?) >?) ,8:QO=# '(852# 3+5+# -902'#
6/)+/)*'/)'# ,2# '3*8'3)D0# -'# /2(682(*'# '# -'# ,):2/(),',# 20# 80# 3+0*2>*+# -+# 5A(#
0+/5'-)1',+#6+().-2#<;#20#2-#5'/3+#,2#-'#'8*+0+59'#62,'4D4)3'#<#+/4'0)1'*):'#,2#
-+(# 320*/+(;# -'# 2-'.+/'3)D0;# ,2('//+--+# <# 2:'-8'3)D0# ,2-# E-'0# ,2# ?*203)D0# '# -'#
a):2/(),',#3+5+#6'/*2#,2-#6/+<23*+#38//)38-'/%#C+(#+.G2*):+(#,2-#E-'0#,2#?*203)D0#
'-#?-850',+#H>*/'0G2/+#(+0X#
d# `'3)-)*'/# -'# '3+4),'# '# -+(# '-850+(# )05)4/'0*2(# 782# (2# )03+/6+/'0# '-# ()(*25'#
2,83'*):+#20#?/'4D0#
d#H(*'.-232/#80'#2(*/83*8/'#,2#'6+<+#6'/'#'*20,2/#-'(#0232(),',2(#,2/):','(#,2#-'#
2(3+-'/)1'3)D0#2#2(*+(#'-850+(#
d#F85)0)(*/'/#/238/(+(#2,83'*):+(#'-#6/+=2(+/',+#<#'#-+(#320*/+(#6'/'#=':+/232/#-'#
)0*24/'3)D0#,2#-+(#'-850+(#20#2-#()(*25'#2(3+-'/%#
#
d#K568-('/#2-#,2('//+--+#,2#-'(#52,),'(#,2#2,83'3)D0#)0*2/38-*8/'-#2(*'.-23),'(#20#
2-#E-'0%#
d# E/+5+:2/# 2-# ,2('//+--+# ,2# '3*):),',2(# -)04à9(*)3'(# <# 38-*8/'-2(# 20# -+(# 320*/+(#
,+320*2(%#
$:)A8>?=)>?)S])>?)kP=9A)>?)SeeY)>?B)2?N:8L:;?=LA)>?)(>PM:M9O=T)!PBLP8:)7)
2?NA8L?T) 6+/# -'# 782# (2# 2(*'.-2320# 52,),'(# 6'/'# 2-# '-850',+# 3+0# 0232(),',2(#
2,83'*):'(# 2(623)'-2(# T?&OHHW# 782# (2# 203820*/2# 20# ()*8'3)+02(# (+3)'-2(# +#
38-*8/'-2(# ,2(=':+/23),'(# +# 782# 5'0)=)2(*2# 4/':2(# ,)=)38-*',2(# ,2# ','6*'3)D0#
2(3+-'/;# 2(*'.-232# 20# (8# '/*%# V# 782# (2# 2-'.+/'/A0# 6/+4/'5'(# ,2# 52,)'3)D0#
(+3)+38-*8/'-# <# '3*8'3)+02(# ,2# )0(2/3)D0# (+3)+2,83'*):'# ,)/)4),'(# '-# '-850',+#
)05)4/'0*2;#6'/'#782#',78)2/'#3+562*203)'(#3+580)3'*):'(#<#-)04à9(*)3'(#.A()3'(;#
(862/2#,)(=803)+02(#38//)38-'/2(#<#(2#','6*2#'#082(*/+#()(*25'#2,83'*):+%#
$:)$"()SySeeR)>?)X)>?);:7A;#20#(8#'/*%#^V%B;#2(*'.-232#782#-'(#?,5)0)(*/'3)+02(#
2,83'*):'(# 4'/'0*)1'/A0# 782# -'# 2(3+-'/)1'3)D0# ,2-# '-850',+# 782# '332,'# ,2# =+/5'#
B\"#
*'/,9'# '-# ()(*25'# 2,83'*):+# 2(6'g+-# (2# /2'-)32# '*20,)20,+# '# -'(# 3)/380(*'03)'(;#
3+0+3)5)20*+(;# 2,',# 2# @)(*+/)'-# '3',l5)3+;# ,2# 5+,+# 782# (2# 682,'# )03+/6+/'/# '-#
38/(+#5A(#',238',+#'#(8(#3'/'3*2/9(*)3'(#<#3+0+3)5)20*+(#6/2:)+(;#3+0#-+(#'6+<+(#
+6+/*80+(#<;#,2#2(*'#=+/5';#3+0*)08'/#3+0#'6/+:[email protected]'5)20*+#(8#2,83'3)D0%##
)
38ALAMABA)>?):MAQ9>:)N:8:)?B):BP;=A)9=;9Q8:=L?F#
$%
?3+4),'# <# 5'*/)38-'3)D0;# 38'0,+# --24'# '-# 320*/+# 80'# ='5)-)'# 2>*/'0G2/'#
,2.20#(2/#/23).),+(#6+/#80#5)25./+#,2-#278)6+#,)/23*):+;#78)20#-2(#)0=+/5'/A#,2#
-+(#,+38520*+(#0232('/)+(#782#@'0#,2#6/2(20*'/#6'/'#=+/5'-)1'/#-'#5'*/938-'%#
B%
K0=+/5'3)D0# (+./2# 2-# =803)+0'5)20*+# ,2-# 320*/+%# H-# 5)(5+# ,9'# 782# -+(#
6',/2(# :)2020# '# =+/5'-)1'/# -'# 5'*/938-'# (2# -2(# )0=+/5'# ,2# *+,+# 2--+# [email protected]+/'/)+(# ,2#
320*/+;# -84'/2(# ,2# 20*/','# <# ('-),'# ,2-# '-850',+;# 0+/5'(# ,2# -'# 2(382-';# 5'*2/)'-#
2(3+-'/# 0232('/)+W%# F)# -+(# 6',/2(# 0+# 3+0+320# ',238','520*2# 2-# 3'(*2--'0+;# 2(*'#
)0=+/5'3)D0# (2# -2(# ='3)-)*'/'# 20# (8# 6/+6)'# -2048'# +# 20# +*/'# 782# -2(# (2'# 5A(#
3+56/20().-2%#?789#6+,25+(#/238//)/#'#-'#=)48/'#,2-#52,)',+/#)0*2/38-*8/'-%#
!%
H:'-8'3)D0# )0)3)'-%# H(*'(# 6/82.'(# (2# /2'-)1'/A0# (+./2# *+,+# ,2-# 0):2-# ,2#
3+562*203)'# -)04à9(*)3'# <# 38//)38-'/;# 2(*'# I-*)5'# -+(# '(623*+(# .A()3+(%# H(*'(#
6/82.'(# (2/A0# 3++/,)0','(# 6+/# 2-# *8*+/# ,2# '3+4),'%# F2# 2:'-I'0# 80'# (2/)2# ,2#
3+0+3)5)20*+(# 6/2:)+(# 3+5+# (8# '0*2/)+/# 2(3+-'/)1'3)D0;# (8(# @'.)-),',2(#
5'0)68-'*):'(;#(8#0):2-#,2#3+562*203)'#-)04à9(*)3'#
f%
?,(3/)63)D0# '# (8# 4/86+# 3-'(2%# C'# )03+/6+/'3)D0# ,2-# '-850+# '# 80#
,2*2/5)0',+# 38/(+# ,2# -'# 2,83'3)D0# 6/)5'/)'# (2# /2'-)1'/A# 20# 6/)52/'# 2(*'03)'#
3+0=+/52# '# (8# 2,',%# O+# +.(*'0*2# 2-# 320*/+# 2,83'*):+# ,2.2/A# /2'-)1'/# 80#
(248)5)20*+# ,2-# 6/+32(+# ,2# ','6*'3)D0# 6'/'# '0'-)1'/# 2-# 0):2-# 38//)38-'/# ,2# 3','#
'-850+# <# -'# 2:'-8'3)D0# ,2# (8# '6/20,)1'G2%# a2# 2(*'# =+/5'# 2-# 320*/+# +# (8(# 6',/2(#
6+,/A0#,23),)/#-'#)03+/6+/'3)D0#,2-#'-850+#'#80#38/(+#)0=2/)+/#'-#2(*'.-23),+#6+/#
(8#2,',#<#5A(#',238',+#'#(8#0):2-#38//)38-'/%#
\%
?8-'# 20-'32%# F)# 2-# '-850+# 6/2(20*'# ,)=)38-*',2(# 6'/'# (248)/# 2-# /)*5+# ,2# -'#
3-'(2# +/,)0'/)';# (2# -2# '(+3)'/A# 2(*2# *)6+# ,2# '8-'(# 3+032.),'(# 6'/'# '*20,2/# '-#
'-850',+# 3+0# ,2(3+0+3)5)20*+# ,2# -'# -2048'# 2>*/'0G2/'# <q+# 4/':2(# 3'/203)'(# 20#
3+0+3)5)20*+(# .A()3+(%# H-# +.G2*):+# 6/)03)6'-# 2(# 782# -+(# '-850+(# ',78)2/'0# 2-#
3'(*2--'0+# -2048'# 3+*),)'0';# ='3)-)*'0,+# (8# ','6*'3)D0# 2# )0*24/'3)D0# '-# 3+0*2>*+#
2(3+-'/;#(+3)'-;#38-*8/'-#<#-)04à9(*)3+%#
"%
H0*/2:)(*'# 3+0# 2-# *8*+/# 6'/'# /23'.'/# )0=+/5'3)D0# /2-'*):'# '-# '-850+# 782#
62/5)*'#(8#','6*'3)D0#'-#320*/+%#
^%
?3+4),'#,2-#'-850+#20#3-'(2%#H-#*8*+/#2>6-)3'/A#'-#4/86+#3-'(2#-'#--24','#,2#
80# 082:+# 3+56'g2/+;# (2# ,2()40'/A# 80+# +# ,+(# # '-850+(# 6'/'# 782# ,8/'0*2# 80#
62/)+,+#)0)3)'-#*8*+/)320#'-#082:+#3+56'g2/+%#
V%
N/4'0)1'3)D0#<#6-'0)=)3'3)D0#,2-#38//)38-85X#2-#278)6+#,2#3)3-+#/2'-)1'/A#-'(#
','6*'3)+02(#0232('/)'(%#
B\^#
0(6"2"$".',)
H-#'-850+#,2#E()3+-+49'#,2-#,2('//+--+#/23).)D#:'/)'(#(2()+02(#,+0,2#68,+#3+0+32/#2-#
6/+4/'5'# ,2# ,2('//+--+# 20# 3+562*203)'(# (+3)'-2(# <# '6-)3'/-+# 20# :'/)'(# ()*8'3)+02(#
,+0,2# 2>)(*9'0# '-850+(# 3+0# ,2=)3)203)'(# 20# @'.)-),',2(# (+3)'-2(%# T&+-24)+(#
6/)03)6'-520*2W#
E'/'#2--+#(2#8*)-)1'/+0#,):2/(+(#52,)+(#,),A3*)3+(;##:),2+(;#2G256-+(#6/A3*)3+(;#5'*2/)'-#
,),A3*)3+;# 2*3%# _'5.)l0# (2# 8*)-)1'/+0# ,):2/('(# *l30)3'(# ,2# 682(*'# 20# 6/A3*)3'# ,2#
6/+4/'5'(#,2#@'.)-),',2(#,+0,2#-+(#6/+6)+(#'-850+(#6'/*)3)6'/+0#3+5+#'6/20,)32(#
,2#,)[email protected]+#6/+4/'5'%#Ta)0A5)3'#,2#4/86+(;#/+-2#6-'<)04;#2*3%%%W#
?-# =)0'-# *+,+(# -+(# '-850+(# 20*/24'/+0# 80# */'.'G+# 6/A3*)3+# ,+0,2# (2# @'.9'# /2'-)1',+#
80'#)0*2/:203)D0#3+0#0)g+(%#H-#*/'.'G+#'6+/*'.'#*'0*+#-+(#3+0+3)5)20*+(#',78)/),+(#20#
-'(# (2()+02(# 3+5+# 80'# 582(*/'# ,2# -+(# /2(8-*',+(# +.*20),+(# 20# -'# '6-)3'3)D0# ,2-#
6/+4/'5'# ,2# 20*/20'5)20*+# 20# 3+562*203)'(# (+3)'-2(%# F2# /2'-)1+# 80# :),2+# ,2# -'(#
(2()+02(#,+0,2#@'.9'0#)0*2/:20),+#6'/'#6+,2/#5+(*/'/#-+(#/2(8-*',+(%#
_+,+(#-+(#*/'.'G+(#/2(6+0,9'0#'#80#48)D0#782#(2#-2(#='3)-)*+#6'/'#6+,2/#/2'-)1'/#52G+/#
(8(#)0*2/:203)+02(X#
$%Y# W+&0/*"11%K+V1/+&(S&"#$%I#1%K+%Y# Z'32# /2=2/203)'# '-# *)6+# ,2# 320*/+# <# '-# *)6+# ,2#
'-850+(#782#*)202#2-#5)(5+%#F2#,2(3/).2#,2#=+/5'#5)083)+('#-'#8.)3'3)D0#,2-#320*/+%#
Z'3)20,+# 80'# ,2(3/)63)D0# 4202/'-)1','# ,2-# *)6+# ,2# ='5)-)'(;# ,2# -+(# 6/+=2(+/2(;# '(9#
3+5+#,2#,):2/(+#62/(+0'-#782#*/'.'G'#20#2-#320*/+%#
B%Y# 8(-10%F1%K+) *($) #"$#%Y# H0# 2(*2# '6'/*',+# (2# ,2(3/).2# -'(# 3'/'3*2/9(*)3'(# ,2-# 4/86+%#
T)05)4/'0*2(;#2*0)'(;#2*3%%%W#%F2#'0'-)1'0#-'(#3'/'3*2/9(*)3'(#,2#-+(#'-850+(#20#/2-'3)D0#'#
(8(#3+562*203)'(#(+3)'-2(#
!%Y# 6F$%1#1%K+) *($) F0/M0#D#%Y# # F2# ,2(3/).20# -'(# (2()+02(;# 3+0# *+,'(# (8(# )03),203)'(%#
_'5.)l0#(2#/2'-)1'#80'#,2(3/)63)D0#,2#-+(#5l*+,+(#<#,2#-'#62/(+0'#+#62/(+0'(#782#@'0#
3+-'.+/',+%#
f%Y# 4(-"$&#*/-) ,) 1/+1$"-%/+(-%# F2# /2('-*'0# -+(# /2(8-*',+(# <# -+(# 6/)03)6'-2(# -+4/+(#
+.*20),+(#
\%Y#a%E$%/M0#.%J$$#)d(EM0R.%#%##
#
3*".*,0,)2()2(&,**"$$")2()!"03(6(#!',&)&"!',$(&))
)Yb)0(6"2"$".',)4)2(&,*"$$")
)YbY,=:[email protected]:8)BAC)MA;NA=?=L?C)>?)B:)MA;N?L?=M9:)CAM9:B)?=)BAC)=9jAC)
n0'# ,2# -'(# 382(*)+02(# 6/)+/)*'/)'(# 2(# 2(*'.-232/# -+(# 6/)03)6'-2(# 3+56+020*2(# ,2# -'#
3+562*203)'##(+3)'-#,2#-+(#0)g+(%#F+0#:'/)'(#-'(#3+0,83*'(#:2/.'-2(#<#5+*+/'(#782#(2#
@'0# ),20*)=)3',+# 3+5+# 3+56+020*2(# 0232('/)+(# 6'/'# )0)3)'/# <# 5'0*202/# /2-'3)+02(#
(+3)'-2(#3++62/'*):'(#20#-'#)0='03)'#TP2--<#B]]fW%##
H0*/2# -+(# 6/+32,)5)20*+(# 5A(# ,2(*'3',+(# 6'/'# -'# ),20*)=)3'3)D0# ,2# ,)[email protected]'(#
3+562*203)'(# 3'.2# ,2(*'3'/;# 52,),'(# (+3)+5l*/)3'(# 6'/'# ),20*)=)3'/# '# -+(# 5A(#
6+68-'/2(# 2# )56+68-'/2(;# -824+# (2# +.(2/:'0# '# -+(# ,+(# 4/86+(# 6'/'# ,2*2/5)0'/# 782#
3+0,83*'(# :2/.'-2(# <# 0+# :2/.'-2(# ,)(*)04820# '# '5.+(# 4/86+(%# TZ'/*86;# R-'12/# <#
&@'/-2(p++/*@;#$U"^o#R+**5'0;#R+0(+#<#S'58((20;#$U^\W%#
B\V#
E2/+# *'5.)l0# (2# 682,2# /2'-)1'/# 80# -)(*',+# # ,2# 3+56+020*2(# 782# 2-# 6/+6)+# ,+320*2#
3+0(),2/2# )56+/*'0*2# 6'/'# -'# 3+562*203)'# (+3)'-# ,2# -+(# '-850+(%# H0# 2(*2# (20*),+#
6+,/9'5+(#),20*)=)3'/#-+(#()48)20*2(X#-+(#('-8,+(;#)0)3)'3)D0#(+3)'-;#@'32/#<#/2(6+0,2/#
6/2480*'(;# 2-+4)+(;# 6/+>)5),',# <# +/)20*'3)D0;# 6'/*)3)6'3)D0# 20# *'/2'(# +# G824+(;#
3+0,83*'#3++62/'*):'#+#,2#3+56'/*)/;#<#/2(6+0():),',#'=23*):'%#
7/-) -#$"*/-3V) K0,)3'0# 6/)03)6'-520*2# 782# 2-# 0)g+# 3+0+32# '-# 3+56'g2/+%# F+0#
2>6/2()+02(#:2/.'-2(;#0+#*)2020#6+/782#(2/#58<#-'/4+(#<#2-'.+/',+(%#F+0#(2g'-2(#,2#
782# 2-# '0)g+# @'# ',:2/*),+# -'# 6/2(203)'# ,2# +*/+%# õZ+-'# E2,/+ú# ;# jk8l# *'-# 3'562D0c;#
õZ+5./2#2-#G2=2ú#
7#-) %+%1%#1%/+(-) -/1%#$(-%Y# # F+0# 3+56+/*'5)20*+(# :2/.'-2(# 782# )03)*'0# '# 3+5201'/# '#
)0*2/'3*8'/%#F82-20#(2/#80'#)0:)*'3)D0#'#6'/*)3)6'/#20#80'#'3*):),',#+#20#6'/*)3)6'/#20#
-'(# '3*):),',2(# ,2# +*/+%# jk8)2/2(# G84'/# 3+05)4+c;# jE82,+# G84'/# 20# :82(*/+# 278)6+c#
?80782# 2(*'(# 2>6/2()+02(# 2(*A0# =+/58-','(# 20# =+/5'# ,2# 6/2480*';# ()/:20# 6'/'#
*/'0(5)*)/#2-#,2(2+#,2-#(8G2*+#6'/'#6'/*)3)6'/#20#-'#'3*):),',%%%#(82-20#)/#'3+56'g','(#
,2#3+56+/*'5)20*+(#5+*+/2(%#H0(2g'/#80#G8482*2;#'32/3'/2#6'/'#G84'/#
T0(M"+&#0) ,) 0(-F/+*(03V) E2/5)*20# /2-'3)+0'/(2# 3+0# -+(# 6'/2(%# C'(# 6/2480*'(#
3+0:2/('3)+0'-2(#),2'-2(#(+0#6/2480*'(#'.)2/*'(;#782#2-)3)*20#/2(682(*'(#5A(#'56-)'(%#
jk82#@'(#@[email protected]+#2(*2#=)0#,2#(25'0'c#TC'R/23'#<#M2().+:;#$U^UW%#
5$/M%/3V#F+0#-+(#3+520*'/)+(#'#+*/+#0)g+#782#@'#@[email protected]+#'-4+#.)20#õk82#.+0)*+#@'(#@[email protected]+#
2-#,).8G+ú;#
7#) F0/S%D%*#*) ,) $#) /0%(+&#1%K+3V# H(# -'# ,)(*'03)'# =9()3'# ,2-# 0)g+# 3+0# 2-# /2(*+# ,2#
3+56'g2/+(%#?,25A(#,2#-'#6/+>)5),',#2(#0232('/)'#80'#+/)20*'3)D0#@'3)'#-'#'3*):),',%#
7#)F#0&%1%F#1%K+)(+)"+#)&#0(#)/)\"(M/%Y##H(#80'#)0*2/'33)D0#,2-#0)g+#3+0#(8(#6'/2(#20#
80'#'3*):),',#<#*'/2'#3+56'/*),'#
7#)1/+*"1&#)1//F(0#&%'#))/)*()1/DF#0&%03V)E82,2#,'/(2#20#2-#3+0*2>*+#,2#80#G824+#+#80'#
3+0:2/('3)D0%#F2#/2=)2/2#'#'3*8'/#6+/#*8/0+(;#'#+=/232/#'<8,';#3+56'/*)/#80#+.G2*+#3+0#
+*/+#0)g+;#'3'*'/#-'(#/24-'(#,2#80#G824+;#2*3%%%#
7#)0(-F/+-%'%*#*)#.(1&%'#3V#H(#2-#*'-'0*2#25+3)+0'-#,2-#0)g+#,8/'0*2#-'#)0*2/'33)D0#3+0#
+*/+(%#C'(#(+0/)('(;#-'#/)(';#-'(#3'/)3)'(#'=23*8+('(#20#5+520*+(#+6+/*80+(%#
YbS)(E:BP:M9O=)MA=>PMLP:B)>?)B:)MA;N?L?=M9:)CAM9:B)>?B)=9jA)
E'/'# 6+,2/# +.(2/:'/# -'(# 3+562*203)'(# (+3)'-2(# ,2# 80# 0)g+# 6+,25+(# /2'-)1'/-'(# '#
*/':l(#,2X#
• S+-2Y#6-'<)04#,2#)0*2/'33)+02(#6/+.-25A*)3'(%#
• N.(2/:'/#80'#)0*2/'33)D0#,2-#0)g+#3+0#(8(#6'/2(#20#80'#*'/2'#(+3)'-%#
• N.(2/:'/#-'#3+0,83*'#,2-#0)g+#20#(8#'5.)20*2#0'*8/'-%#
YbX)38AM?>9;9?=LA)>?)?=L8?=:;9?=LA)
E'/'#80#.820#20*/20'5)20*+#20#@'.)-),',2(#(+3)'-2(##(2#'6-)3'0#-'(#*l30)3'(#.'(','(#
20#2-#'6/20,)1'G2#(+3)'-%#H0#3+03/2*+#2-#5+,2-',+;#2-#',)2(*/'5)20*+q)0(*/833)+02(;#-'#
6/A3*)3'#3+0,83*8'-#<#2-#=22,.'3b#5A(#/2=+/1'5)20*+%#
C'# 2>6+()3)D0# '# 80# 5+,2-+# 782# 5'0)=)2(*2# -'# 3+0,83*'# 3+562*20*2# 2(# 80# '(623*+#
)56+/*'0*2#20#2-#20*/20'5)20*+%#F2#682,2#/2'-)1'/X#
• M+,2-+(#3+562*20*2(#20#:),2+#
B\U#
• M+,2-',+#20#:):+#
• C+(#6'/2(#3+5+#)0*2/-+38*+/2(#,8/'0*2#-'#)0*2/'33)D0%#
Yb[).?=?8:[email protected]:M9O=))>?)BAC)?W?MLAC)>?B)?=L8?=:;9?=LA)
C+(# 6/+32,)5)20*+(# 6/)03)6'-2(# 6'/'# 6/+5+:2/# -'# 4202/'-)1'3)D0# ,2# -'(# 082:'(#
@'.)-),',2(# 3+0,83*8'-2(# '-# '5.)20*2# 0'*8/'-# (+0# -'# 5+,)=)3'3)D0# 3+40)*):';# 2-#
'8*+/24)(*/+#,2#()*8'3)+02(#3+03/2*'(##?-480'(#:9'(#6'/'#6/+5+:2/#-'#4202/'-)1'3)D0#
682,20#(2/X#
• H(*'.-23)5)20*+#,2#()*8'3)+02(#20#:):+##
• S2=+/1'5)20*+#6/+4/'5',+#20#2-#'5.)20*2#0'*8/'-%#
#
!"#!$%&'"#(&)
C+(#/2(8-*',+(#+.*20),+(#6+/#-+(#'-850+(#20#-+(#,)=2/20*2(#*/'.'G+(#/2'-)1',+(#=82/+0#
58<#6+()*):+(%#H-#,+*'/#'#-+(#6/+=2()+0'-2(#,2#-'#2,83'3)D0#,2#80'#@2//'5)20*'#,2#8(+#
,)'/)+# 20# (8# '3*):),',# 3+*),)'0';# -2(# 62/5)*2# 2G2/32/# (8# /+-# ,2# 80'# =+/5'# 5A(#
3+562*20*2#3+0#5'<+/2(#4'/'0*9'(#,2#l>)*+%#H0#+3'()+02(#(2#20*)20,20#-'(#@'.)-),',2(#
(+3)'-2(#3+5+#'-4+#3+56-2520*'/)+#<#'332(+/)+#'#2(*'(#,)(3)6-)0'(#*l30)3'(%#E'/232#782#
(2# 682,2# */'.'G'/# 3+5+# ,+320*2;# ()0# ,+5)0'/# 80'(# 590)5'(# @'.)-),',2(# (+3)'-2(%# H-#
6/+=2()+0'-# (2# /2(48'/,'# */'(# '(623*+(# *l30)3+(# 6'/'# 0+# '.+/,'/# 3+0# *+,'(# (8(#
3'6'3),',2(#2-#*/'.'G+#3+0#-'(#62/(+0'(%#H(*'(#@'.)-),',2(#(2#-2#(86+020#'-#6/+=2()+0'-;#
'80782# 20# +3'()+02(# 0+# -'(# 6+(2';# 0+# <'# 6'/'# (8# */'.'G+;# ()0+# 6'/'# (8# 6/+6)'# :),'#
62/(+0'-#TF'-':2/'#2*#'-%;#B]]BW%#
a2(,2#-'#,+3203)'#(2#,2.2#,2#=+520*'/#2-#8(+#,2#2(*'(#*l30)3'(;#,',+#782#62/5)*20#'-#
6/+=2()+0'-##@'32/#5A(#2=)3'1#(8#-'.+/%#C'#)05)4/'3)D0;#3+5+#6/)03)6'-#2>6+020*2#,2#
-+(#/2*+(#(+3)'-2(#,2#082(*/'#l6+3';#()/:2#3+5+#2G256-+#6'/'#80'#'6-)3'3)D0#,2#2(*'(#
3+562*203)'(;#782#()0#-84'/#'#,8,';#0+#(+-+#@'320#6+().-2#80'#52G+/#)0*24/'3)D0;#()0+#
782#',25A(#'<8,'0#<#2(*)58-'0#'-#6/+6)+#'-850+#20#(8(#l>)*+(#'3',l5)3+(%#
#
-'-$'".*,+c,)
J8/0(;#_%#T$UU^W%#E(<[email protected]+(+3)'-#)0*2/:20*)+0(;#9"00(+&);F%+%/+)%+)T-,12%#&0,o#$];#!"Y!U#
&'.'--+;#h%#T$UVVW%#:(/0J#B)('#$"#1%K+),)(+&0(+#D%(+&/)(+)2#E%$%*#*(-)-/1%#$(-;#h'-203)';#
E/+5+-)./+#
&'.'--+;#h%#T$UU$W%#H-#20*/20'5)20*+#20#@'.)-),',2(#(+3)'-2(;#20#[#+"#$)*()&X1+%1#-)*()
&(0#F%#),)D/*%.%1#1%K+)*()1/+*"1&#;#M',/),;#F)4-+#||K#
&'.'--+;# h%# T$UU!W%# [#+"#$) *() ('#$"#1%K+) ,) (+&0(+#D%(+&/) (+) 2#E%$%*#*(-) -/1%#$(-;#
M',/),;#F)4-+#||K)
a':)(;# M%;# M3P'<;# M%# <# H(@2-5'0;# H%S%# T$UV\W%) :X1+%1#-) *() #"&/1/+&0/$) (D/1%/+#$3)
M',/),;#M'/*9021YS+3'%#
R)-;#`%#T$UVfW%#5+&0(+#D%(+&/)(+)2#E%$%*#*(-)-/1%#$(-B#R/'0','X#[email protected]'5./'#n0):2/(),',;##
R)-;#`%;#C2D0;#L%M%#T$UUBW%##^#E%$%*#*(-)-/1%#$(-),)-#$"*B#M',/),X#H8,25';)
R)(52/+;#H%#TB]]]W%#HZF#H(3'-'#,2#Z'.)-),',2(#F+3)'-2(;#M',/),X#_H?%#
B"]#
R+-,(*2)0;#?%E%;#F6/'=b)0;#S%#E%;#R2/(@'p;#O%#L%#<#P-2)0;#E%#T$UUUW%#^#E%$%*#*(-)-/1%#$(-),)
#"&/1/+&0/$)(+)$#)#*/$(-1(+1%#3)M',/),;#M'/*9021YS+3'%##
R+**5'0;# R+0(+# <# S'58((20;# T$U^\W%F+3)'-# )0*2/'3*)+0;# (+3)'-# 3+562*2032# '0,#
=/)20,(@)6#)0#[email protected])-,/20##92%$*)8('($/FD(+&)f";#^]UY^$V)
Z'/*86;# R-'12/# <# &@'/-2(p++/*@;T$U"^W# E22/# /2)0=+/32520*# '0,# (+3)+52*/)3#
(*'*8(%92%*)8('($/FD(+&#!V;#$]$^Y$]Bf#
P2--<;# L%# ?%# TB]]fW%# 5+&0(+#D%(+&/) *() $#-) 2#E%$%*#*(-) -/1%#$(-3# J)-.'+X# a2(3-î2# ,2#
J/+8p2/%##
P20*Yn,+-=;# C%# <# [email protected]/5'0;# H%S%# T$UVVW%# 7(+M"#\() 1/&%*%#+/_) e+) F0/M0#D#) F#0#) $#)
(+-(H#+I#)*($)$(+M"#\()."+1%/+#$)(+)(*"1#1%K+)(-F(1%#$3#M',/),;#M'/*9021YS+3'%#
C'R/23'# <# M2().+:;T$U^UW# F+3)'-# (b)--(# */')0)04# p)*@# 2-2520*'/<# ([email protected]++-# (*8,20*(X#
F2-23*)04# (b)--(# '0,# )56-2520*)04# */')0)04# %Q/"0+#$) /.) 9/+-"$&%+M) #+*) 9$%+%1#$) 92%$*)
T-,12/$/M,#V;#B!fYBf$#
C25+(;# F%# <# M8g)1;# L%# T$UVUW%# H>6/2()D0# 25+3)+0'-# ='5)-)'/# 20# -'# 2(78)1+=/20)'%#
W+'(-&%M#1%/+(-)F-%1/$KM%1#-B)";#B"UYBUf%#
C).2/5'0;#S%E%#T$UU!W%#4(2#E%$%&#1%K+)%+&(M0#$)*($)(+.(0D/)D(+&#$)10K+%1/;#M',/),;#M%#
S+3'%#
C).2/5'0;# S%E%;# <# 3+-(%# T$UVfW%# F+3)'-# (b)--(# */')0)04# =+/# /2-'6()04# ([email protected])1+=/20)3(X# ?0#
2>62/)520*'-#'0'-<()(;#a(2#'%/0)[/*%.%1#&%/+;#V;#$\\Y$^U%#
M)[email protected](+0;#C%;#F84');#a%E%;#}++,;#S%E%#<#P'1,)0;#?%H%#T$UV^W%#7#-)2#E%$%*#*(-)-/1%#$(-)(+)
$#)%+.#+1%#3)M',/),;#M'/*9021YS+3'%#
O2/,/85;#E%#T$UU^W%#M')0*20'032#+=#*@2#2==23*#+=#*/')0)04#)0#3+5580)3'*)+0#(b)--(X#'#
3+0*/+--2,# =+--+pY86# (*8,<# +=# -2:2-# +=# 3+5580)3'*2,# 256'*@<;# J/)*)(@# L+8/0'-# F+3)'-#
}+/b2/;#B^;#^]\Y^BB#
O8g21;# _%# <# C+(32/*'-2(;# `%# T$UU^W%# 5$) O0"F/) ,) -") 5.%1#1%#3) :X1+%1#-) #$) -(0'%1%/) *() $#)
*%0(11%K+),)1//0*%+#1%K+)*()M0"F/-3#J'/32-+0'X#HnJ##
N:2G2/+;# ?%# T$UU]W%# C'(# @'.)-),',2(# (+3)'-2(# <# (8# 20*/20'5)20*+o# 80# 20=+782#
0232('/)'520*2#6()3+(+3)'-%#T-%1/&2(D#B)B;#U!Y$$B%#
E-'*1;#&%#n5./)[email protected]*;#a%#F%;#&'**'6'0YC8,2p)4;#P%;#a:+/(b<;#a%;#?/.'[email protected];#a%;#J/2002/;#Z%#a%#<#
F)5+0;#?%#H%#TB]]"W%#Z2-6Y(22b)04#6'*@p'<(#)0#2'/-<#6(<[email protected]+()(;#L/1%#$)T-,12%#&0,)#+*)
T-,12%#&0%1)5F%*(D%/$/M,;#f$;#$B;#U"^YU^f%##
S+3';#H%#TB]]!W%#9KD/)D(\/0#0)&"-)2#E%$%*#*(-)-/1%#$(-%#h'-203)'X#?&aH)H,)3)+02(%#
F'-':2/';# &%# T$UUVW%# n0# 6/+4/'5'# ,2# @'.)-),',2(# 3+0:2/('3)+0'-2(# 3+0#
2(78)1+=/l0)3+(;#9"#*(0+/-)*()W9WQ6;#f#
F'-':2/';# &%;# Z),'-4+;# &%;# M'/90;# H%;# S8.)+;# F%# <# Z2//2/+;# E%# TB]]BW%# Z'.)-),',2(# ,2#
3+580)3'3)D0#20#-+(#=)()+*2/'628*'(#3+5+#6'/*2#'3*):'#,2-#6/+32(+#*2/'6l8*)3+;#6+#$(-)
*()9%(+1%#-)*()$#)L#$"*B)\;#$"!Y$^]%#
F'-':2/';# &%;# &'('0+:';# H%;# Z),'-4+;# &%;# CD621# ,2# M80A)0;# R%# <# F'-32,+# L%# TB]]!W%#
Z'.)-),',2(# (+3)'-2(;# 6()3+-+49'# <# =)()+*2/'6)'# 3+5+# 6'/'# '3*):'# ,2-# */'*'5)20*+#
=)()+*2/A6)3+;#6+#$(-)*()9%(+1%#-)*()$#)L#$"*B)";#"!Y^]#
h'0Y,2/#Z+=(*',*;#&%L%#TB]]!W%)5$#$%E0/)*()$#-)2#E%$%*#*(-)*()1/D"+%1#1%K+3#M',/),X#a9'1#
,2#F'0*+(%#
B"$#
h'[email protected];#&%#<#C2==;#L%#T$U^"W%#[email protected]#)0=-82032#+=#='5)-<#'0,#(+3)'-#='3*+/(#+0#*@2#3+8/(2#+=#
6(<[email protected])'*/)3#)--02((%#a0%&%-2)Q/"0+#$)/.)T-,12%#&0,B)$BU;#$B\Y$!^%#
e8.)0;# L%# <# F6/)04;# J%# T$U^^W%# h8-02/'.)-)*<X# '# 02p# :)2p# +=# ([email protected])[email protected]/20)'%# Q/"0+#$) /.)
6E+/0D#$)T-,12/$/M,B)V";#$]!Y$B"%#
B"B#
#
#
#
#
#
#
3$,#)2()0(i"*,)2()$,),6(#!'1#),)$,)0%$6'!%$6%*,$'2,2)
2(#6*")2($)3$,#)2(),6(#!'1#)),)$,)2'5(*&'2,2)
#
*AC:89A)-?8?C:BPM?)[email protected])
&%H%K%E%#F'0#`2/0'0,'+;#?-)3'0*2#
#
*(&%0(#)
H-# 5+*):+# ,2# 082(*/'# 6/+682(*'# /2(6+0,2# '# -'# 0232(),',# ,2# +6*)5)1'/# -+(#
,+38520*+(# 782# /248-'0# -'# :),'# ,2# -'# 3+580),',# 2,83'*):'%# n0'# :21# /280),'# -'#
&+5)()D0#,2#&++/,)0'3)D0#E2,'4D4)3';#(2#3/2<D#3+0:20)20*2#/2:)('/#2-#S24-'520*+#
,2#Sl4)520#K0*2/0+;#2-#E-'0#,2#?33)D0#_8*+/)'-#<#E-'0#,2#?*203)D0#'#-'#a):2/(),',#
TE?aW%#S2:)('5+(#<#'3*8'-)1'5+(#2(*2#I-*)5+;#3+0#80'#6/+682(*'#,2#52G+/'#6'/'#2-#
6/D>)5+#38/(+#2(3+-'/#B]$]qB]$$%#
C'# 6/2(203)'# ,2# '-850+(# )05)4/'0*2(# (2# @'# 4202/'-)1',+# 20# *+,+(# -+(# 0):2-2(;# <#
(24I0# -'# 2,',# ,2# )03+/6+/'3)D0# '-# ()(*25'# 2,83'*):+;# *)2020# ,):2/(+(# 6/+.-25'(;#
782#'3/23)20*'0#-'#,):2/(),',%##
H0# 2(*'# 3+580)3'3)D0;# 6/2(20*'5+(# 2-# ,)(2g+# ,2# 80# ,+38520*+# 5'/3+# 0+:2,+(+;#
782# 0+(# 62/5)*2# 3++/,)0'/# -'# *'/2'# ,+320*2# <# '=/+0*'/# 80# */'.'G+# 62,'4D4)3+#
[email protected]/20*2#<#3+0*)08',+;#'#0):2-#,2#320*/+#2,83'*):+%#
3:B:D8:C) MB:E?X# )05)4/'3)D0o# '*203)D0# '# -'# ,):2/(),',o# )0*2/38-*8/'-),',# <#
58-*)38-*8/'-),',%##
#
)
3$,#)"+)'03*"5(0(#6)"+)6G(),66(#6'"#)6")0%$6'!%$6%*,$'64)
H'6G'#)6G(),66(#6'"#)6")2'5(*&'64)3$,#)
)
,-&6*,!6)
N8/#6/+6+('-#)(#)0#/2(6+0(2#*+#*@2#022,#*+#+6*)5)12#*@2#,+38520*(#[email protected])[email protected]#/248-'*2#
*@2#2,83'*):2#3+5580)*<#-)=2%#N032#*@2#E2,'4+4)3'-#&++/,)0'*)+0#&+55)(()+0#@',#
52*;#)*#p'(#3+0(),2/2,#'(#3+0:20)20*#*+#/2:)(2#*@2#K0*2/0#S24)52#S248-'*)+0(;#*@2#
_8*+/)'-# ?3*)+0# E-'0# '0,# *@2# a):2/()*<# ?**20*)+0# E-'0%# }2# /2:)(2,# '0,# 86,'*2,#
*@25#p)*@#'0#)56/+:2520*#6/+6+('-#=+/#*@2#B]$]qB]$$#([email protected]++-#<2'/%#
B"!#
[email protected]#6/2(2032#+=#)55)4/'0*#686)-(#@'(#)03/2'(2,#'0,#4202/'-)12,#)0#'--#-2:2-(;#'0,#
,2620,)04# +0# *@2)/# '42# )0# *@2# 5+520*# +=# )03+/6+/'*)+0# *+# *@2# 2,83'*):2# (<(*25;#
*@2<#@':2#,)==2/20*#6/+.-25(#[email protected])[email protected]#5'b2#*@2#-2:2-#+=#,):2/()*<#@)[email protected]/%#
K0# *@)(# 3+5580)3'*)+0;# p2# @':2# ,2()402,# '0# )00+:'*):2# =/'52Y,+38520*;# [email protected])[email protected]#
62/5)*(# 3++/,)0'*)04# *@2# *2'[email protected])04# *'(b# '0,# ='3)04# '# [email protected]/20*# '0,# 3+0*)08+8(#
62,'4+4)3'-#*'(b#p)*@)0#*@2#([email protected]++-%#
I?7) JA8>CX# )55)4/'*)+0o# '**20*)+0# *+# ,):2/()*<o# )0*2/38-*8/'-)*<# '0,#
58-*)38-*8/'-)*<%#
#
Yba)'#6*"2%!!'1#)
?0*2#-'#/2'-),',#2,83'*):'#782#(2#2(*A#6/+,83)20,+#20#-+(#320*/+(#2,83'*):+(;#<#-'#
()*8'3)D0# 252/420*2# ,2# 80# '-*+# 6+/320*'G2# ,2# '-850',+# )05)4/'0*2# 20# 082(*/'(#
'8-'(;#(8/42#-'#0232(),',#,2#',238'/#-+(#'6/20,)1'G2(#'#-+(#,)(*)0*+(#0):2-2(#,2#-+(#
'-850+(;# '(9# 3+5+# '# (8# ,):2/(),',# 38-*8/'-# <# ,2# 3+(*85./2(%# F2# @'# 6/2*20,),+#
,)(2g'/# 80# )0(*/8520*+# ,2# 3'/A3*2/# 6/A3*)3+# 6'/'# --2:'/# '# 3'.+# '33)+02(#
3+0*)08','(#,2#52G+/'#,2#3'-),',#,2#-+(#320*/+(;#*'0*+#20#/2=2/203)'#'#-+(#6/+32(+(#
3+5+# '# -+(# /2(8-*',+(# <# /23+6)-'/# -'# ,23-'/'3)D0# ,2# )0*203)+02(# ,2-# &-'8(*/+# 20#
*+5+#'#80#+.G2*):+#3+5I0X#'*203)D0#',238','#'#-'#)0*2/38-*8/'-),',%#
C+(# '-850+(# ,2# +/)420# 2>*/'0G2/+# 6/+32,20# ,2# ,):2/(+(# 6'9(2(# *'0*+# 28/+62+(#
3+5+# -'*)0+(# <# (2# 2(*A0# 6/+,83)20,+# 80'# (2/)2# ,2# ,)=)38-*',2(# 20# 38'0*+# '# -'#
','6*'3)D0# <# 6+(*2/)+/# 2,83'3)D0# ,2# 2(*+(# '-850+(;# <'# 782# (8# 0):2-# ,2#
3+562*203)'#-)04à9(*)3'#,2#3'(*2--'0+#2(#20#'-480+(#3'(+(#)0(8=)3)20*2%#
#
Sba)"-i(6'5"&)
C+(#+.G2*):+(#782#0+(#@25+(#6/+682(*+(#(+0#-+(#()48)20*2(X#
ù# `'3)-)*'/# '# -+(# '-850+(# 80'# 52G+/# 6/26'/'3)D0# 6'/'# 80# 52G+/# '332(+# '# -'#
)0*24/'3)D0#20#2-#()(*25'#2,83'*):+#0+/5'-)1',+%#
ù# `+/*'-232/# -+(# 3'832(# ,2# 3++/,)0'3)D0# 3+0# -+(# +/4'0)(5+(# <# '(+3)'3)+02(# 782#
682,20#='3)-)*'/#'6+<+#'#2(*+(#'-850+(#<#'#(8(#='5)-)'(%#
ù# ?(248/'/# -'# =),2-),',# '# -'(# *20,203)'(# 0+/5'-)1',+/'(# 2# )0*24/',+/'(# 782#
6/+582:2#-'#?,5)0)(*/'3)D0#H,83'*):'#20#3856-)5)20*+#,2-#6/)03)6)+#,2#)48'-,',#
,2# +6+/*80),',2(# ()0# ,)(3/)5)0'3)+02(# ,2# 0)0480'# 3-'(2;# .8(3'0,+# 2-# ,2('//+--+#
)0*24/'-#,2#-+(#'-850+(#-+#782#/262/38*)/A#20#80'#52G+/'#,2#-'#3'-),',#2,83'*):'%#
ù# E/+38/'/# -'# )0(2/3)D0# 6-20'# <# /2(6+0('.-2# ,2# -+(# '-850+(# 20# -'# (+3)2,',;#
8*)-)1'0,+#-'#2(382-'#3+5+#2-2520*+#(+3)'-)1',+/#,2#6/)52/#+/,20#782#6+().)-)*2#2-#
'332(+#'-#3+0+3)5)20*+#,2#-'(#0+/5'(#<#:'-+/2(#,2#082(*/'#38-*8/';#0232('/)+(#6'/'#
-'#3+0:):203)'#782#6/+5+3)+02#)0*2/2(2(#<#'3*)*8,2(#6+()*):'(#20#80'#6'/*)3)6'3)D0#
3)8,','0'%#
#
Xba)0(2'2,&)2()*(&3%(&6,)(2%!,6'5,),)$,)'#6(*!%$6%*,$'2,2)
B"f#
3*".*,0,)2(),!".'2,)
#
#
3*'0(*)2c,)
3*'0(*,)t%'#!(#,)
HO_S?a?#HF&?CNO?a?#
?C#&HO_SN#&NO#Fn#
`?MKCK?#
Hh?Cn?&K{O#KOK&K?C#
aHC#?CnMO?aNX#
aH_H&_?S#O%H%H%#
?&NRKa?#aH#_NaN#HC#
ESN`HFNS?aNX#
ESHFHO_?&K{O#aH#
_n_NSHF#Q#
HFEH&K?CKF_?F#
#
,$%0#")t%()&()
'#!"*3"*,),)$")
$,*.")2($)!%*&")
))
)
FH#CH#?ECK&?Si#HC#EC?O#
)$,*.")2($)$,*.")2($)
aH#?&NRKa?#aH#`NSM?#
!%*&")
ESNRSHFKh?#
FH#KO&NSENS?Si#?#nO#
RHOHS?S#RSnENF#
RSnEN#&C?FH#aH#
`CH|KJCHF#?_HOaKHOaN#
SH`HSHO&K?#Q#FH#CH#
?#C?F#O%H%H%#
?FKRO?S?#nO#_n_NSq?#
#
#
FH#HOFHá?O#C?F#
aHEHOaHO&K?F#aHC#
&HO_SN%#
CHORn?LH#K&{OK&N#
#
?aNSO?S#C?F#?nC?F%#
K&NONF#aH#?nC?#
#
FH#&NO&SH_?S?O#CNF#
?ENQNF#N#SH`nHSeNF#
FH#HO_SHR?O#C?F#
ONSM?F#aHC#&HO_SN#Q#
aHC#?nC?#
&NOFHOFn?S#ONSM?F#
aHC#
?nC?#
_NM?#aH#aH&KFKNOHF#
EHa?R{RK&?F#Q#
aKai&_K&?F#knH#MiF#
EnHa?O#JHOH`K&K?SCH#
FH#HO_SHR?#?#CNF#
E?aSHF#C?#HO&nHF_?#
E?S?#SH&?J?S#
KO`NSM?&K{O#FNJSH#HC#
HO_NSON#`?MKCK?S;#
FN&K?C#Q#H&NO{MK&N#
aHC#?CnMO?aN#E?S?#
knH#C?#&nMECKMHO_HO#
H|ECK&?S#HC#EC?O#aH#
?&NRKa?#
SHFENOF?JCHX#
SHENOF?JCHX#_NaN#HC#
&C?nF_SN#
SHFENOF?JCHFX#
ESN`HFNSq?#_n_NSq?;#
HFEH&K?CKF_?F#aH#
&K&CN#Q#ESN`HFNS?F#aH#
E%#_%#
ESN`HFNSq?#_n_NS?#
##)
)
[ba)!*'6(*'"&)3,*,)($)!%**'!%$%0)
B"\#
&NO#&SK_HSKNF#aHX#
$% &+0*)08),',X#2:)*'0,+#('-*+(#./8(3+(#2*'6'(#20*/2#<#3)3-+(#
2:+-8*):+(%#
B% K0*24/'3)D0X#'80'0,+#-+(#3+56+020*2(#(+3)'-2(;#'=23*):+(;#
)0*2-23*8'-2(#<#5+*/)32(#20#,2('//+--+#)0*24/'-%#
&nSSx&nCnM#
!% ?-='.2*)1'3)D0# 38-*8/'-X# '*20,)20,+# '# *+,'(# -'(# A/2'(# ,2-#
'6/20,)1'G2#<#3++/,)0A0,+-'(%#
f% ?62/*8/'X# -'# 2(382-'# 2(# 80# '420*2# (+3)'-# '.)2/*+# '# +*/+(#
'420*2(#(+3)'-2(X#='5)-)';#3+0*2>*+#3+580),',#-+3'-#
#
#
]ba)"-i(6'5"&)3,*,)($)3$,#)2(),!!'1#)6%6"*',$)
)
NJLH_KhNFX#
##$%#K0(2/3)D0#,2-#'-850',+#'-#4/86+Y3-'(2%#
##B%#?,'6*'3)D0#2(3+-'/%#
##!%#E/2:203)D0#,2#,)=)38-*',2(#,2#'6/20,)1'G2%#
3$,#)2(),!!'1#)
6%6"*',$)
#
##f%#h)038-'3)D0#2(382-'Y='5)-)'%#
##\%#a2('//+--+#,2#@A.)*+(#.A()3+(%#
##"%#E2/(+0'-)1'3)D0#,2#-'#2,83'3)D0%#
##^%#?,'6*'3)+02(#38//)38-'/2(#<#52*+,+-D4)3'(%#
##V%#?*203)D0#'#-'#a):2/(),',#
##U%#a2('//+--+#,2#-'#5',8/21#2,83'*):'#<#:+3'3)+0'-%#
#
)##
)
#
#
Rba)5,*',-$(&)3,*,)$,),6(#!'1#),$),$%0#,2")(n6*,#i(*")
#
$]%#a2('//+--+#)0*24/'-#,2#-'#62/(+0'%#
B""#
)
#
5,*',-$(&)3,*,)$,),6(#!'1#),$),$%0#,2")(n6*,#i(*")
#
!'!$")(2%!,6'5"F)
)
!
H,83'3)D0#)0='0*)-#
!
H,83'3)D0#E/)5'/)'X#
-
E/)52/#3)3-+#
-
F2480,+#3)3-+#
-
_2/32/#3)3-+#
#
#
.*,2")2()2"0'#'")2()$,)$(#.%,F)
ù#O):2-#]X#O)#@'.-'0#3'(*2--'0+#0)#20*)20,20#
ù#O):2-#$X#O+#@'.-'0#3'(*2--'0+#62/+#-+#20*)20,20#-+(#3+0326*+(#
=80,'520*'-2(#
ù#O):2-#BX#O+#@'.-'0#3'(*2--'0+;#62/+#20*)20,20#4/'0#6'/*2#,2#-+(#3+0*20),+(%#
ù#O):2-#!X#H0*)20,20#-+(#3+0*20),+(#<#682,20#3+580)3'/(2#,2#=+/5'#.A()3'#
ù#O):2-#fX#J820#0):2-#,2#2>6/2()D0#<#3+56/20()D0#,2-#-2048'G2%#
)
G'&6"*',$),!,2K0'!"F)
ù#H(*8,)+(#38/(',+(%#
ù#&8/(+(#(862/',+(%#
ù#a)=)38-*',2(#,2#'6/20,)1'G2#203+0*/','(%#
#
)
Uba)0(6"2"$".c,)3,*,)$,),6(#!'1#),)$,)2'5(*&'2,2)
##
B"^#
#
0(6"2"$".c,)3,*,)$,),6(#!'1#),)$,)2'5(*&'2,2)(#)$,)
'#6(*!%$6%*,$'2,2)
% E82,2#/2'-)1'/(2#,20*/+#,2-#'8-';#20*/2#-'(#'8-'(#,2-#5)(5+#
0):2-;#20*/2#'8-'(#,2#,)(*)0*+(#3)3-+(%#
*'#!"#(&)
% H-#2(6'3)+#(2#(8.,):),2#20#62782g+(#2(6'3)+(;#20#3','#80+#
,2# -+(# 38'-2(# (2# ,2('//+--'/A0# '3*):),',2(# ,)=2/20*2(# 782#
/2(6+0,2/A0# '# -+(# +.G2*):+(# <# 3+0*20),+(# 782# 78)2/'0#
*/'.'G'/(2%#
% H-# 6/+=2(+/# '6+/*'/A# -+(# 5'*2/)'-2(;# -+(# +/4'0)1'/A;#
(238203)'/A#<#/2'-)1'/A#2-#(248)5)20*+#,2-#'-850',+;#782#,2.2#
!/+*'/#6+/#*+,+(#-+(#/)03+02(%#
K56-)3'# 80'# +/4'0)1'3)D0# 4202/'-# ,2-# 320*/+# <# 2-#
3+56/+5)(+# ,2# *+,+# 2-# 6/+=2(+/',+%# C+(# *'--2/2(# (2# '/*)38-'0#
/2(6+0,)20,+# '-# E&&# ,2-# 320*/+;# '# -'(# 0232(),',2(# 2,83'*):'(#
,2-#'-850',+#<#'#-'(#'6*)*8,2(#,2-#6/+=2(+/',+%#
6,$$(*(&)
3*"4(!6"&)
! C+(# *'--2/2(# =':+/2320# -'# ',78)()3)D0# ,2# 3+0+3)5)20*+(# '#
*/':l(#,2#-'#5'0)68-'3)D0#<#-'#3+0(*/833)D0#,2-#620('5)20*+#'#
*/':l(#,2#-'#)0*2/'33)D0#<#-'#(+3)'-)1'3)D0%#
! S278)2/20#80#(248)5)20*+#',238',+#,2#3','#'-850+#<#80+(#
3/)*2/)+(#2:'-8'*):+(#3-'/+(%#
! H-# '-850',+# 6'3*'# 3+0# 2-# 6/+=2(+/# -+(# +.G2*):+(;# -+(#
3+0*20),+(#<#-+(#*25'(#782#-2#)0*2/2('0;#'(9#3+5+#-'#-'.+/#782#
:'#'#/2'-)1'/#20#80#62/9+,+#,2*2/5)0',+#,2#*)256+;#2-)4)20,+#
80# *25'# 5+0+4/A=)3+# 20*+/0+# '-# 38'-# (2# +/4'0)1'# *+,'# -'#
'3*):),',# ,2-# '8-'%# E/2:)'520*2# (2# 3/2'0# @A.)*+(# ,2# */'.'G+# <#
(2#3+0=)48/'#-'#'5.)20*'3)D0#20#2-#'8-'%#
! H(#80'#52*+,+-+49'#256-2','#20#2-#'6/20,)1'G2#,2#-2048'(#
2>*/'0G2/'(%#
! &','#'-850+#(2#/2(6+0('.)-)1'#,2#(8#6/+32(+#,2#20(2g'01'Y
'6/20,)Y1'G2# 6+/782# ,2.2# 2-'.+/'/# 80# -)(*',+# ,2# 0232(),',2(#
6/2:)'(#
'# /2'-)1'/#
-'# *'/2';# 782#
,2.2#,2.20#
6/+38/'/(2#
-+(# 5'*2/)'-2(#
<#
! F2# 6'3*'0#
-+(# */'.'G+(#
/2'-)1'/(2#
<# '# 78)l0#
,2.2#
/26'/*)/(2# -'(# *'/2'(# 3+0# 2-# /2(*+# ,2# 3+56+020*2(# ,2-#
3+//2(6+0,2#3'Y,'#*'/2'#20#3+03/2*+;#(24I0#-'(#3'6'3),',2(#,2#
4/86+#T\#'-850+(W%#
3','# '-850+%# C'# (85'# ,2# -+(# */'.'G+(# )0,):),8'-2(# ,'# 3+5+#
/2(8-*',+#-'#*'/2'#6/+682(*'#'-#4/86+%#
6*,-,i")
!""3(*,6'5")
! H-#6/+=2(+/#(2-233)+0'#3+0*20),+(#<#+.G2*):+(#<#-+(#6'3*'#3+0#
3','#4/86+%#
! H0*/2#*+,+(#(2-233)+0'0#-'(#'3*):),',2(#5A(#',238','(#782#
,2.20#/2'-)1'/(2%#
! C'# 2:'-8'3)D0# ,2.2# /2'-)1'/(2# 3+0G80*'520*2# 20*/2#
'-850',+# <# 6/+=2(+/',+%# K56-)3'# -'# 8*)-)1'3)D0# ,2# 4/86+(#
=-2>).-2(%####
#
#
B"V#
Zba))&(.%'0'(#6")4)(5,$%,!'1#)2()$,&)0(2'2,&),2"36,2,&)
H-# (248)5)20*+# ,2-# '-850',+# )05)4/'0*2# (2# 2=23*8'/A# '# */':l(# ,2# -'(# /280)+02(#
62/)D,)3'(# ,2-# 278)6+# ,2# 3)3-+%# H-# +.G2*):+# (2/A# '0'-)1'/;# 3+0# 80'# 62/)+,)3),',#
*/)52(*/'-;# -'# ',238'3)D0# ,2# l(*2# '# -'# /2'-),',# ,2-# 320*/+;# <# ,)(2g'/# -'(#
5+,)=)3'3)+02(# 62/*)020*2(# 20# 38'0*+# '# '-850',+# <# /238/(+(# @85'0+(# <#
5'*2/)'-2(#6/2:)(*+(#6'/'#2-#38/(+#()48)20*2%#H-#6/+32(+#'#(248)/#(2/A#2-#()48)20*2X##
!
?0A-)()(#<#2:'-8'3)D0#20#-'(#/280)+02(#,2#3)3-+%##
!
E82(*'#20#3+5I0#20#-'#&+5)()D0##,2#&++/,)0'3)D0#E2,'4D4)3'%##
!
H-2:'3)D0# ,2# 3+03-8()+02(# <# 6+().-2(# 5+,)=)3'3)+02(# 20# 2-# &-'8(*/+# ,2#
E/+=2(+/2(#6'/'#(8#3+0+3)5)20*+%##
#
^ba)*(+(*(#!',&)-'-$'".*/+'!,&)
&+0(2G+#,2#H8/+6'#TB]]$WX#v[#01/)1/DU+)("0/F(/)*()0(.(0(+1%#)F#0#)$#-)$(+M"#(X)
N%'($(-)*()9/DF(&(+1%#)9/D"+%1#&%'#w%#H(*/'(.8/4+X#F2/:)3)+#,2#68.-)3'3)+02(%#
#C%N%H%# BqB]]"# ,2# !# ,2# 5'<+# C2<# N/4A0)3'# ,2# H,83'3)D0# T_9*8-+# KK;# H78),',# 20# -'#
H,83'3)D0#&'6%#K#<#KKW%#TJ%N%H%#fq\q]"W%#
M)0)(*2/)+#,2#H,83'3)D0#<#&)203)';#F23/2*'/9'#R202/'-#_l30)3'#TB]]\W%#v7#)#&(+1%K+)
#$) #$"D+#*/) %+D%M0#+&() (+) ($) -%-&(D#) (*"1#&%'/) (+) 5-F#H#w# M',/),X# F2/:)3)+# ,2#
68.-)3'3)+02(%#
M+0*D0#F'-2(;##Mz%#L%#TB]]!W%#v7#)%+&(M0#1%K+)*($)#$"D+#*/)%+D%M0#+&()(+)($)1(+&0/)
(-1/$#0_)/0%(+&#1%/+(-B)F0/F"(-&#-),)(SF(0%(+1%#-w%#J'/32-+0'X#H,)*+/)'-#R/'D%#
B"U#
B^]#
)
)
)
)
)
)
$,)+"*0,!'1#)'#6(*!%$6%*,$)2($)3*"+(&"*,2")(#)($)
0,*!")2($),3*(#2'm,i()3"*)!"03(6(#!',&)
#
iP:=)ib)$?9E:)"B9E?=M9:)
n0):2/(),',#,2#MA-'4'#
#
*(&%0(#)
H-#6/2(20*2#*/'.'G+#*/'*'#,2#(8(3)*'/#2-#,2.'*2#<#-'#/2=-2>)D0#62,'4D4)3'#'32/3'#,2#-'#
0232(),',#,2#)0,'4'/#20#-'#=+/5'3)D0#,2-#6/+=2(+/',+#20#2,83'3)D0#)0*2/38-*8/'-;#
'*20,)20,+# '-# 082:+# 5'/3+# ,2# 20(2g'01'# <# '6/20,)1'G2# 6+/# 3+562*203)'(# 782#
:)202# /23+4),+# 20# -'# '3*8'-# 0+/5'*):'# 2,83'*):'%# H0# :2/,',;# -'# )0*2/38-*8/'-),',#
(86+02# 80# /2*+# =+/5'*):+# )02-8,).-2# 6'/'# -+(# ,+320*2(;# <;# @+<# 20# ,9';# /2(8-*'#
=80,'520*'-# /2+/)20*'/# <# 2(*8,)'/# 3/9*)3'520*2# -'(# 2(*/'*24)'(;# ,)520()+02(# <#
6/+682(*'(# =+/5'*):'(# 6'/'# '(9# ,'/# /2(682(*'# 2=23*):'# '# -'(# )078)2*8,2(# <#
2>)4203)'(# ,2# 80'# (+3)2,',# <# 80'# 2(382-'# 58-*)38-*8/'-# 782# 6/2*20,2# 3+0(*/8)/(2#
20#(+3)2,',#<#2(382-'#,2#-'#,):2/(),',#<#-'#)0*2/38-*8/'-),',%#
3:B:D8:C) !B:E?F) 2,83'3)D0# )0*2/38-*8/'-o# =+/5'3)D0# ,2-# 6/+=2(+/',+o# ,):2/(),',#
38-*8/'-o#'6/20,)1'G2#6+/#3+562*203)'(%#
)
)
'#6(*!%$6%*,$)6(,!G(*{&)6*,'#'#.)'#)6G()$(,*#'#.)&I'$$&)
)
,-&6*,!6)
[email protected]# 6/2(20*# 6'62/# )(# *+# 4202/'*2# ,2.'*2# '0,# 62,'4+4)3'-# /2=-23*)+0# +0# *@2# 022,#
'.+8*# *@2# *2'[email protected]/# */')0)04# )0# )0*2/38-*8/'-# 2,83'*)+0;# )0# /2(6+0(2# *+# *@2# 02p#
=/'52p+/b# +=# *2'[email protected])04# '0,# -2'/0)04# (b)--(# *@'*# )(# /2=-23*2,# )0# *@2# 38//20*#
2,83'*)+0'-#(*'0,'/,(%#K0,22,;#)0*2/38-*8/'-#*/')0)04#)(#'#=80,'520*'-#[email protected]'--2042#=+/#
*2'[email protected]/(;#'0,#*+,'<;#)*#)(#2((20*)'-#*+#/2+/)20*#'0,#3/)*)3'--<#2>'5)02#*@2#(*/'*24)2(;#
,)520()+0(#'0,#*/')0)04#6/+6+('-(#)0#+/,2/#*+#/2(6+0,#2==23*):2-<#*+#*@2#3+032/0(#
'0,#,25'0,(#+=#'#58-*)38-*8/'-#(+3)2*<#'0,#'#([email protected]++-#[email protected])[email protected]#')5(#*+#.8)-,#)0#(+3)2*<#
'0,#([email protected]++-#,):2/()*<#'0,#)0*2/38-*8/'-)*<%#
I?7) JA8>CF) )0*2/38-*8/'-# 2,83'*)+0o# *2'[email protected]/# */')0)04o# 38-*8/'-# ,):2/()*<o# -2'/0)04#
(b)--(%#
)
B^$#
Yba)'#6*"2%!!'1#)
C'# 6/2(203)'# 3/23)20*2# 20# -+(# 320*/+(# 2(3+-'/2(# ,2# '-850+(# 6/+32,20*2(# ,2#
,):2/(+(#6'9(2(#@'#(8682(*+#782#-'(#?,5)0)(*/'3)+02(#2,83'*):'(#',+6*20#52,),'(#
,)/)4),'(# '# -'# =+/5'3)D0# ,2-# 6/+=2(+/',+# 6'/'# ='3)-)*'/# (8# *'/2'# ,+320*2# '0*2# 2(*'#
082:'#()*8'3)D0%#C'#0+/5'-)1'3)D0#20#-'#'*203)D0#2,83'*):'#'-#'-850',+#)05)4/'0*2#
@'32# )56/2(3)0,).-2# 80'# =+/5'3)D0# 2(6239=)3';# ,2(*)0','# '# 782# -+(# 6/+=2(+/2(#
3820*20# 3+0# 3+562*203)'(# ',238','(# 6'/'# ,'/# 80'# /2(682(*'# 2,83'*):'#
('*)(='3*+/)'# '# 2(*2# *)6+# ,2# '-850',+%# H0# 2(*'# -902';# '3*8'3)+02(# *'-2(# 3+5+# -'(#
,2('//+--','(#20#2-#6/2(20*2#2(*8,)+#,2#)0:2(*)4'3)D0#682,20#3+0*/).8)/#'#4202/'/#
,)(2g+(# <# 2(*/'*24)'(# =+/5'*):'(# 52G+/2(# 6'/'# -'# =+/5'3)D0# )0*2/38-*8/'-# ,2-#
6/+=2(+/',+%#
F24I0# H(*2:2# TB]]fW;# -'(# 2(382-'(# @'0# 3'5.)',+# <# -+(# 6/+=2(+/2(# ,2.20# 3'5.)'/#
6'/'# 'G8(*'/(2# 62/5'020*2520*2# '# -'(# 082:'(# ,25'0,'(# (+3)'-2(# 782# *)2020# (8#
/262/38()D0# 5A(# )052,)'*'# 20# -+(# 320*/+(# 2(3+-'/2(%# H(*2# 2(# 80# '(623*+# 3-':2# ,2#
082(*/+# '0A-)()(# 4202/'-# ,2-# 2(*',+# ,2# -'# =+/5'3)D0# )0*2/38-*8/'-# ,2-# ,+320*2;# <#
()48)20,+# '# F+/)'0+# TB]]VW;# /2(8-*'# =80,'520*'-# ,2=20,2/# -'# 0232(),',# ,2#
6/+5+:2/#80'#=+/5'3)D0#,+320*2#/2=-2>):'#<#'3*):'#20#2,83'3)D0#)0*2/38-*8/'-#782#
3+0*256-2#,2#5'02/'#@+-9(*)3'#-+(#,)=2/20*2(#A5.)*+(#,2-#'6/20,)1'G2#)0*2/38-*8/'-%#
&)2/*'520*2#-'#=+/5'3)D0#)0*2/38-*8/'-#,2-#6/+=2(+/',+#2(#80'#,25'0,'#3','#:21#
5A(#252/420*2#20#-+(#6-'02(#,2#=+/5'3)D0#)0)3)'-#<#62/5'020*2#,2#-'(#*)*8-'3)+02(#
,2#2,83'3)D0;#0+#(D-+#6+/#-'#)032('0*2#6/2(203)'#,2#'-850',+#,2#+/)420#)05)4/'0*2#
20# 082(*/'(# )0(*)*83)+02(# 2(3+-'/2(;# ()0+# *'5.)l0# 6+/# -'# 0232(),',# ,2# ,'/# 80'#
/2(682(*'# 62,'4D4)3'# ,2# 3'-),',# '-# ,2('=9+# ,2# 3+0(*/8)/# 2(382-'(# )03-8():'(#
TJ'*'0'1;#B]]^W%##
#
Sba) $,) +"*0,!'1#) '#6(*!%$6%*,$) 2($) 3*"+(&"*,2"F) *(+$(n'"#(&) 4)
(&6*,6(.',&)2'2/!6'!,&)
H-# 6/+=2(+/',+# ,2# -'# 2(382-'# ,2# @+<# 3+0*256-'# -'# ,):2/(),',# 38-*8/'-# 3+5+# 80#
='3*+/#58<#()40)=)3'*):+#6'/'#(8(#6/A3*)3'(#62,'4D4)3'(%#H-#/2*+#,2#-'#38-*8/'#,2#-'#
,):2/(),',# 20# -'# 2(382-'# )56-)3'# '*20,2/# '# *+,+(# -+(# '-850+(# ,2(,2# 2-#
/23+0+3)5)20*+#,2#(8#-24)*)5),',#62/(+0'-#<#38-*8/'-;#<#6+/#(8682(*+;#'6-)3'/#20#-'#
:),'# 2(3+-'/# -+(# 6/)03)6)+(# ,2# 3++62/'3)D0;# (+-),'/),',# <# 3+0=)'01'# 20# 2-#
'6/20,)1'G2#TCD621;#B]]!W%#
H0#80#/23)20*2#2(*8,)+#/2'-)1',+#20#-'#n0):2/(),',#,2#MA-'4'#TC2):';#B]]^W;#(2#@'#
3+56/+.',+# 782# -'# +63)D0# =+/5'*):'# 20# 2,83'3)D0# )0*2/38-*8/'-# 5A(# =/23820*2#
20*/2#2-#6/+=2(+/',+#,2#-'#6/+:)03)'#,2#MA-'4'#2(#2-#4/86+#,2#*/'.'G+%#H(*'#:9';#58<#
/23+0+3),'# <# =+520*','# ,2(,2# -+(# &20*/+(# ,2# E/+=2(+/',+# 20# -'# &+580),',#
?8*D0+5'#,2#?0,'-839';#252/42#3+0#4/'0#=82/1'#'#-'#:)(*'#,2-#2(*8,)+#5203)+0',+%#
H0#2(*2#(20*),+;#6+,25+(#3+0(),2/'/#2(*'#+63)D0#3+5+#80'#@2//'5)20*'#=+/5'*):'#
,2# 3'/A3*2/# 3++62/'*):+# ,2# 4/'0# 6+*203)'-# 6'/'# 2-# ,2('//+--+# ,2# -'# 2,83'3)D0#
)0*2/38-*8/'-%#a2(,2#082(*/'#62/(623*):';#2(*'#+63)D0#2(#(85'520*2#20/)78232,+/'#
<#(862/',+/'#,2#-'#+*/'#4/'0#+63)D0#'3*8'-#,2#=+/5'3)D0#)0*2/38-*8/'-#,2-#,+320*2X#
-'# '()(*203)'# '# 38/(+(# ,2# 2,83'3)D0# )0*2/38-*8/'-# +/4'0)1',+(# 6+/# -+(# &20*/+(# ,2#
E/+=2(+/',+%#
Z'<#782#(2g'-'/#782#/2(8-*'#58<#()40)=)3'*):+#2-#'842#,2#)0:2(*)4'3)+02(#,+0,2#(2#
)56-)3'0# 6/+=2(+/2(# <# 6'/*)3)6'0# ,2# 80'# =+/5'3)D0# 20# 320*/+(# 3'/'3*2/)1','#
B^B#
6/23)('520*2# 6+/# 2-# '0A-)()(# <# -'# 3/9*)3'# ,2# -'(# 6/A3*)3'(# ,+320*2(# 20# -+(# 6/+6)+(#
3+0*2>*+(#2,83'*):+(#,+0,2#,2('//+--'0#(8#-'.+/#,+320*2#TH((+5.';#B]]"o#F+/)'0+;#
B]]V# <# B]]UW%# H0# 2(*2# 680*+;# ,2.25+(# )0*2/6/2*'/# 782# 2>)(*2# 80'# *20,203)'#
6+()*):'# @'3)'# -'# /2'-)1'3)D0# # ,2# )0:2(*)4'3)+02(# ,2# 2,83'3)D0# )0*2/38-*8/'-# 20# -+(#
320*/+(# ,+0,2# */'.'G'0# -+(# ,+320*2(# 782# '*)20,20# '# 80# 0I52/+# ()40)=)3'*):+# ,2#
6+.-'3)D0#2(3+-'/#,2#+/)420#)05)4/'0*2%#F)0#-84'/#'#,8,'(;#2(*+#2(#80#6'(+#,23)():+#
6'/'#2-#,2('//+--+#,2#6/+682(*'(#)00+:',+/'(#<#3/9*)3'(#20#-'#682(*'#20#6/A3*)3'#,2#
-'#)0*2/38-*8/'-),',;#<'#782#(+0#-+(#5)(5+(#,+320*2(#78)202(#4202/'0#6/+32(+(#,2#
/2=-2>)D0#(+./2#(8##6/+6)'#=+/5'3)D0#20##)0*2/38-*8/'-),',%#
Q'# @25+(# 3+520*',+# '0*2/)+/520*2# 782# -'# =+/5'3)D0# )0*2/38-*8/'-# ,2-#
6/+=2(+/',+# ()482# ()20,+# 2(3'('# 20# -'# 6/A3*)3';# '# 62('/# ,2# -'# 4/'0# 3'0*),',#
=+/5'*):'#2>)(*20*2#20#*+/0+#'#-'#2,83'3)D0#)0*2/38-*8/'-#20#-+(#I-*)5+(#,)21#'g+(%#
O+# +.(*'0*2;# @'<# 782# (2g'-'/# 782# ,8/'0*2# 80# *)256+# @'# (),+# 3+0(),2/',+# 6+/#
'-480+(#,+320*2(#3+5+#80'#ZD/*#Y#2,83'*):'#+#80'#6/+682(*'#()0#=80,'520*+%#F)0#
-84'/#'#,8,'(;#2(*+#@'#(),+#<#2(#80#4/':2#2//+/#<#80#*D6)3+#'-2G',+#,2#-'#/2'-),',#,2#
-'#62,'4+49'#'3*8'-%#C'#2,83'3)D0#)0*2/38-*8/'-#2(#80'#0232(),',#=+/5'*):'#/2'-#782#
,25'0,'#80'#*/',833)D0#6/A3*)3'#20#-'(#2(382-'(#782#'3+420#3','#,9'#'#80#5'<+/#
0I52/+#,2#'-850',+#)05)4/'0*2;#<#*'5.)l0#6'/'#*+,'(#-'(#2(382-'(#TJ'0b(;#B]]VW%#
H(# ,23)/;# 2(# 80'# 6/+682(*'# ,2# '33)D0# 2,83'*):'# ,2# 4/'0# 6+*203)'-# 62,'4D4)3+;# ,2#
3'/A3*2/#3/9*)3+#<#/2=-2>):+%#
F)0# 25.'/4+;# -'# =+/5'3)D0# )0*2/38-*8/'-# ,2-# 6/+=2(+/',+# *)202# 782# 3+0(*/8)/# 80#
082:+#3'5)0+;#3+0##082:+(#=80,'520*+(;#5A(#'.)2/*+(#2#)03-8():+(#TC2):';#B]]fW%#
a2.2# 3+0(),2/'/(2# -'# )0*2/38-*8/'-),',# 3+5+# 80'# 6/+682(*'# 3+0326*8'-# <#
52*+,+-D4)3'# 782# /278)2/2# -'# 6'/*)3)6'3)D0# ,2# *+,+(# -+(# 6/+=2(+/2(;# <# 0+# (+-+# ,2#
'782--+(# 782# */'.'G'0# 5A(# ,)/23*'520*2# 3+0# -+(# '-850+(# )05)4/'0*2(# T?48',+;#
B]]!W%#
C'# 682(*'# 20# 6/A3*)3'# ,2# '33)+02(# =+/5'*):'(# )0*2/38-*8/'-2(# (2/A# 80'# )0:203)D0#
6+3+# =/83*9=2/'# <# /2-'*):'520*2# )0*2/38-*8/'-;# ()# 0+# (2# 6/+,8320# 3'5.)+(# 20#
,):2/('(# ,)520()+02(# ,2-# 6/+=2(+/',+# T3+40)*):';# 25+3)+0'-;# 6/+32,)520*'-# <#
l*)3'W;# ,2# -'# 2(*/83*8/'# )0(*)*83)+0'-# ,2# -+(# 320*/+(# 2,83'*):+(# T3+03263)D0#
2,83'*):'#,2#-+(#278)6+(#,)/23*):+(#,2#-'(#2(382-'(#)0*2/38-*8/'-2(;#-'#6'/*)3)6'3)D0#
,2# -'(# ='5)-)'(;# -+(# *)256+(# <# -+(# 2(6'3)+(# 6'/'# /2'-)1'/# '3*):),',2(# 2,83'*):'(#
/2-2:'0*2(# <# 3/2'*):'(W;# <# ,2(,2# -824+;# ,2# -'# 6'/*)3)6'3)D0# ,2# -'# (+3)2,',# 20# (8#
3+0G80*+#T20*),',2(#<#'(+3)'3)+02(#(+3)+38-*8/'-2(;#52,)+(#,2#3+580)3'3)D0%%%W#20#
-'(# )0(*)*83)+02(# 2,83'*):'(# 3+5+# 2(320'/)+(# :):+(# <# 20# 62/5'020*2# 3'5.)+%# ?I0#
0+#2>)(*)20,+#(+-83)+02(#(203)--'(;#-'#)56-)3'3)D0#,2#-'(#',5)0)(*/'3)+02(#6I.-)3'(#
T2(*'*'-;# '8*+0D5)3';# 6/+:)03)'-# <# -+3'-W;# 2-# '6+<+# ,2# -'(# +/4'0)1'3)+02(# (+3)'-2(#
TNOR(;#'(+3)'3)+02(#,2#:23)0+(;#=80,'3)+02(#6I.-)3'(#<#6/):','(W#<#2-#3+56/+5)(+#
,2#80'#2(382-'#/2620(','#,2(,2#80'#62/(623*):'#)0*2/38-*8/'-#T3'5.)+#38//)38-'/;#
=803)+0'-# <# 52*+,+-D4)3+W;# 3+0(*)*8<20# 2G2(# ,2# /2=-2>)D0# )56/2(3)0,).-2(# 6'/'# 2-#
,2('//+--+# ,2# '33)+02(# 2,83'*):'(# )0*2/38-*8/'-2(;# 4202/',+/'(# ,2# 2(382-'(#
)0*2/38-*8/'-2(o# 2(382-'(# 20# -'(# 782# *+,+(# 4'020# 20# (20().)-),',# <# /2(62*+# '# -'#
,):2/(),',#38-*8/'-;#<#20#,+0,2#3','#,9'#2(#6+().-2#,2('//+--'/#082:'(#'6+/*'3)+02(#
/2=-2>):'(#<#3/9*)3'(#20#2-#3'5)0+#,2#-'#)0*2/38-*8/'-),',%#
?(9#682(;#20#2-#3+0*2>*+#,2#80'#2(382-'#782#2>6/2('#6I.-)3'520*2#-'#0232(),',#,2#
6/+5+:2/#-'#,):2/(),',#38-*8/'-#3+5+#80#:'-+/#<#3+5+#80'#6'8*'#=80,'520*'-#,2#
)03-8()D0# (+3)'-;# 3+0(),2/'5+(# 782# -'# =+/5'3)D0# )0*2/38-*8/'-# ,2-# 6/+=2(+/',+# (2#
:2/A# '3*):',+# <# /23+0+3),+# 3+5+# 80# )568-(+# 6'/'# -'# 52G+/'# ,2# -'# 3+0:):203)'#
B^!#
)0*2/38-*8/'-;# ()256/2# 782# (2# 4202/'-)32# ,2# 5'02/'# */'0(:2/('-# 2(*'# =+/5'3)D0# '#
*+,+# 2-# 6/+=2(+/',+# ,2# -+(# ,)=2/20*2(# 0):2-2(# 2,83'*):+(# TR'/39'# <# [email protected]';#
B]]UW%# H0# 2(*2# (20*),+;# 2(# 0232('/)'# 80'# =+/5'3)D0# )0*2/38-*8/'-# ,2# 3'/A3*2/#
)03-8():+# 782# /2(6+0,'# '# -'(# ,)=2/20*2(# ,)520()+02(# T3+40)*):';# 25+3)+0'-;# l*)3';#
'3*)*8,)0'-;# 52,)',+/';# 6/+32,)520*'-# <# 52*+,+-D4)3'W# 6/2(20*2(# 20# -'(#
3+03263)+02(#62,'4D4)3'(#,2#-+(#,+320*2(%##
H0# 2(*2# 680*+;# 3+0:)202# 5203)+0'/# 2-# */'.'G+# ,2-# 6/+=2(+/# J'*'0'1# TB]]^W;# 782#
'682(*'# 6+/# 6+02/# 20# 6/A3*)3'# 2(*/'*24)'(# =+/5'*):'(# 782# (2'0# I*)-2(# 6'/'# -'#
=+/5'3)D0# ,+320*2# 20# 5'*2/)'# ,2# )0*2/38-*8/'-),',# ,2(,2# 80'# 62/(623*):'#
)0*24/',+/'%#&)*'5+(#-'(#()48)20*2(X#
! H-#2(*8,)+#,2#.)+4/'=9'(#62/(+0'-2(#782#6/+6+/3)+020#)0=+/5'3)+02(#<#3/)*2/)+(#
20/)78232,+/2(#(+./2#-+(#6/+32(+(#<#=20D520+(#)56-)3',+(#20#-'#)0*2/38-*8/'-),',%#
! H-#2(*8,)+#,2#3'(+(;#3+5+#6/+32,)5)20*+#/23/2',+/#,2#/2=-2>)+02(#3+56'/*),'(#
<#,2#3+0*/'(*2#3/9*)3+#,2#680*+(#,2#:)(*'#,2(,2#-+(#782#(2#682,2#'-3'01'/#*'0*+#-'#
/23+0(*/833)D0# ,2# 2(*2/2+*)6+(# <# 6/2G8)3)+(# 3+5+# -'# ',78)()3)D0# ,2# 3/)*2/)+(#
62,'4D4)3+(#'3*8'-2(%#
! C'# 8*)-)1'3)D0# ,2# -'(# 6+().)-),',2(# 782# +=/2320# -'(# _K&(;# *'-2(# 3+5+# -'(# /2,2(#
*2-25A*)3'(;# K0*2/02*;# -'# *2-2:)()D0# <# 2-# aha;# 6'/'# )03+/6+/'/# 2-2520*+(# :):+(# <#
32/3'0+(#'#-'(#2(*/'*24)'(#=+/5'*):'(#,2#'32/3'5)20*+#'#-'#/2'-),',#2(3+-'/%#
! C'#()58-'3)D0#,2#()*8'3)+02(#20#-'(#782#'6'/213'0#-+(#3+0=-)3*+(#)0*2/38-*8/'-2(;#
-'(#*20,203)'(#<#-'(#6+().)-),',2(#,2#42(*)D0#,2#-'#3+0:):203)'#/2-'3)+0',+(#3+0#-+(#
6/+32(+(#5)4/'*+/)+(#<#-'#,)0A5)3'#782#)56-)3'#-'#)0*2/38-*8/'-),',%#
! F25)0'/)+(# ,2# 2,83'3)D0# )0*2/38-*8/'-o# (2# */'*'# ,2# './)/# 2(6'3)+(# ,2# /2=-2>)D0#
62,'4D4)3'#(+./2#-'#)0*2/38-*8/'-),',;#3/2'0,+#+6+/*80),',2(#6'/'#782#2-#,+320*2#
682,'#)0)3)'/#80#6/+32(+#,2#/2=-2>)D0#(+./2#(8(#3/2203)'(#2#),2'(;#'(9#3+5+#(+./2#-'#
0+3)D0#,2#38-*8/'%##
! C'# 3+0:):203)'# 3+0# 6/+=2(+/2(# ,2# +*/+(# 6'9(2(# <# 6/+32,203)'(# 38-*8/'-2(o# # 2(*2#
*)6+# ,2# 2>62/)203)'(# )03),2# 6+()*):'520*2# 20# 2-# 6+()3)+0'5)20*+# )0*2/38-*8/'-# ,2-#
6/+=2(+/',+;# <# 20# *l/5)0+(# 4202/'-2(;# 682,2# '<8,'/# '# 4202/'/# 20# 2-# ,+320*2#
'3*)*8,2(#,2#5'<+/#3+56-)3),',#<#256'*9'#3+0#2-#=20D520+#,2#-'#)05)4/'3)D0%#
#
Xba) ,#/$'&'&) 2() 2'0(#&'"#(&) (#) $,) +"*0,!'1#) 2($) 3*"+(&"*,2") (#)
(2%!,!'1#)'#6(*!%$6%*,$))
H0#2-#A5.)*+#782#0+(#+386';#2-#,2#-'#=+/5'3)D0#,2#6/+=2(+/2(;#-'#)0*2/38-*8/'-),',#
*)202# 782# (862/'/# -'# *20,203)'# 2>32():'520*2# *2D/)3'# <# 3+40)*):)(*'# 782# (86+02#
782#2-#6/+=2(+/',+#2(*'/A#52G+/#6/26'/',+#6'/'#(8#6/A3*)3'#,+320*2#20#-'#52,),'#
20# 782# 3+0+13'# -'(# 38-*8/'(# ,2# -+(# '-850+(# )05)4/'0*2(%# H(# ,23)/;# 2(# 80#
6+()3)+0'5)20*+# 782# ,2=)20,2# 2-# 3+0+3)5)20*+# 38-*8/'-# 3+5+# 4'/'0*9'# ,2# 80#
)0*2/3'5.)+# (+3)'-# <# 2,83'*):+# ,2# 3'/A3*2/# )0*2/38-*8/'-%# H0# 2(*2# (20*),+;# '# 6'/*)/#
,2-#6/2(20*2#2(*8,)+#6+,25+(#6-'0*2'/#-'#-'#0232(),',#,2#)0,'4'/#20#-+(#'(623*+(#
'3*)*8,)0'-2(# <# 25+3)+0'-2(# ,2# -'# )0*2/'33)D0# 38-*8/'-# 782# '3+0*2320# 20# -+(#
2(320'/)+(# 2,83'*):+(# 58-*)38-*8/'-2(%# ?(9# 682(;# 20# -'# =+/5'3)D0# )0*2/38-*8/'-# ,2-#
6/+=2(+/',+# @'./9'# 782# 6-'0*2'/(2# -'# 2>)(*203)'# ,2# ,)(*)0*'(# ,)520()+02(#
=+/5'*):'(#,2#)0*2/l(#TC2):';#B]]^WX#
#
B^f#
#q)8%D(+-%K+)1/M+%&%'#)
Eq)8%D(+-%K+)#1&%&"*%+#$)
1q)8%D(+-%K+)X&%1#)
*q) 8%D(+-%K+) F0/1(*%D(+&#$) ,?/)
D(&/*/$KM%1#)
(q)8%D(+-%K+)(D/1%/+#$)
.q)8%D(+-%K+)*()D(*%#1%K+))
#
C'#*%D(+-%K+)1/M+%&%'##2(#'782--'#782#(2#/2=)2/2#'#-'#0232(),',#,2#3+0+32/#-'(#38-*8/'(#,2#
-+(# '-850+(# )05)4/'0*2(# 6/2(20*2(# 20# 082(*/+(# 320*/+(# 2,83'*):+(%# CD4)3'520*2;# (2#
6-'0*2'# -'# 3+0:20)203)'# ,2# 3+0+32/# -+(# '(623*+(# 5A(# /2-2:'0*2(# ,2# -'(# 38-*8/'(# 5A(#
/26/2(20*'*):'(# 20# -+(# 320*/+(# 2(3+-'/2(%# C'# *%D(+-%K+) #1&%&"*%+#$# (2# 3+//2(6+0,2# '# -'#
/2326*):),',# 782# 582(*/'# 2-# 6/+=2(+/',+# '0*2# -'# ,):2/(),',# 38-*8/'-# 782# /26/2(20*'# -'#
6/2(203)'# 3','# :21# 5A(# 0852/+(+# ,2# '-850+(# ,2# +/)420# )05)4/'0*2%# H(*'# ,)520()D0;#
320*/','#20#-'(#'3*)*8,2(#<#:'-+/2(#2,83'*):+(#,2#-+(#,+320*2(;#(2#682,2#*/'.'G'/#'#*/':l(#
,2-#2(*8,)+#,2#3'(+(;#-+(#2(*8,)+(#.)+4/A=)3+(#<#-'#()58-'3)D0#,2#3+0=-)3*+(#)0*2/38-*8/'-2(%#
C'#*%D(+-%K+)X&%1#),2#-'#=+/5'3)D0#)0*2/38-*8/'-#@'32#/2=2/203)'#'#-'#6/2,)(6+()3)D0#5+/'-#
3+0# -'# 782# 2-# 6/+=2(+/',+# 3+03).2# -'# ,):2/(),',# 38-*8/'-# 20# 2-# 580,+# <# 20# -'# 2(382-'%# F2#
320*/'#20#-'#:'-+/'3)D0#3/9*)3'#,2#-'#'33)D0#)0*2/38-*8/'-#<#-'#2(*/'*24)'#5A(#',238','#(2/9'#
2-#(25)0'/)+#,2#/2=-2>)D0#<#-'#3+580),',#,2#'6/20,)1'G2#20#-'#=+/5'3)D0#,2#6/+=2(+/2(#20#
-+(#6/+6)+(#320*/+(#2,83'*):+(%#C'#*%D(+-%K+)(D/1%/+#$#2(#'782--'#782#6-'0*2'#-'#0232(),',#
,2#2(*8,)'/#-'(#),20*),',2(#)0,):),8'-2(#20#2-#5'/3+#,2#-'#3+56-2G'#/2,#,2#()40)=)3',+(#782#
)56-)3'# 2-# /23+0+3)5)20*+# ,2# -'# 2>)(*203)'# ,2# ),20*),',2(# 38-*8/'-2(# 6-8/'-2(%# H(*8,)'/#
25+3)+02(#2#),20*),',2(#(+0#3-':2(#0232('/)'(#,2#2(*'#,)520()D0#2(3'('520*2#*/'*','#20#
-+(#,)(2g+(#,2#=+/5'3)D0#,2#6/+=2(+/2(#20#)0*2/38-*8/'-),',%#C'#,)520()D0#6/+32,)520*'-#
<q+# 52*+,+-D4)3'# 2(# '782--'# 782# *)202# 782# :2/# 3+0# *+,+# 2-# 3+0G80*+# ,2# @'.)-),',2(;#
,2(*/21'(# <# 3'6'3),',2(# ,2# 3'/A3*2/# 25)020*2520*2# 6/A3*)3+# 6'/'# */',83)/# ,2# 5'02/'#
[email protected]/20*2# -+(# 6/)03)6)+(# ,2# -'# 2,83'3)D0# )0*2/38-*8/'-# 20# -'# :),'# 3+*),)'0'# ,2# -'(# '8-'(# <#
2(382-'(#)0*2/38-*8/'-2(%#Q;#=)0'-520*2;#-'#*%D(+-%K+)*()D(*%#1%K+)/)D(*%#*/0#;#2(#'782--'#
782# 6'/*2# ,2# -'# :'-+/'3)D0# 6+()*):'# ,2# -'# 52,)'3)D0# )0*2/38-*8/'-# 20# -'# 52G+/'# ,2# -'#
3+0:):203)'#20#-+(#320*/+(#2,83'*):+(%#H-#,+320*2#,2.2#*202/#3+0+3)5)20*+(#,2#52,)'3)D0#
)0*2/38-