!
!
!"#!$%&'$()*+$'$,-.$/0*0$/'*123045$104$
6'.'$%&'$'$,'-$!""78$
0((-.$'$92)-*0.$'($1*0:04;0<'*)(8$
!
"#$%&'#()(*+&!,*!-(.-+!/,012'$3+!%+!456789:;<7=!3(!>$%(2#+!3(!?@@AB!
!
!"##$%&%'%()*%+,-,%+'-./0,12%
!
34%56476898%+6:;%<%=4>?68;%@<%A%B8><C64%8%6<8DC@8@<%@4%@<E8?<%<%8;%=4>=DF;G<;%
8% 6<?C686% ;H4% @<% 98>CI<;?4% 5J>C=4K% 4% 58L;% >H4% 564@FM% 4% ;FIC=C<>?<% 5868% 4;%
546?F7F<;<;N% >H4% 586<=<% 854;?8@4% <9% ?46>86% 8?68?CO8;% 8;% =4>@CPG<;% @<%
C>O<;?C9<>?4%@C6<?4%<;?68>7<C64N%<D<7<%8%,@9C>C;?68PH4%+QEDC=8%=494%8%=8F;8%
@<% ?4@4;% 4;% 98D<;N% >H4% 8;;F9<% 8% C>;?C?FCPH4% @4% 9<=8>C;94% @<% =4>?64D<% @8%
@<;5<;8%=466<>?<%<%8>F>=C8%RF<%>H4%S8O<6T%>4%IF?F64%56:UC94%@C>S<C64%5868%4%
58789<>?4%@8;%6<I4698;V%%
!
"#! $%&! '! $(! )&*(%+#! $(! ,--.! #! /&*&0! 1! $&! 234! /567+%5! &! 85&! 6%889#! $(! 8(+:%;#!
7<=0%/#!&#!(6%>%+!#!7+#?+&6&!4+@8!(!/#*>+&8A!
B#6(;#5!7#+!+(5*%+!56!7&%*(0!$(!&0?56&!C#+6&!705+&0DE#:(+*&*>(8!&>5&%8!F8(*G#+!
H%*%8>+#! $&8! I%*&*;&8J! (KA! ?#:(+*&*>(8! D! 4+#CA! H%?5(0! L(0(M&J! $#/(*>(! 5*%:(+8%>N+%#!
$&!5*%:(+8%$&$(!$(!(/#*#6%&!$#!4#+>#!(!56!(67+(8N+%#!$(!85/(88#OA!P@!C&0>#5!6(86#!
&#! 7&%*(0! &! 7&+>%/%7&;9#! $#8! >+&=&0G&$#+(8! &>(*5&$&! /#6! &! 7+(8(*;&! (6! 8&0&! /#6!
$%+(%>#!&!%*>(+:(*;9#!$#!P%*$%/&>#!$#8!Q5&$+#8!3R/*%/#8!$#!S8>&$#A!
T! +(&0%$&$(! $#! $(=&>(! (! &8! /#*/058U(8! &! +(>%+&+! 89#! $(! 6&*%C(8>#! 7V*%/#! *#! W5(!
+(87(%>&!&#!C5>5+#A!
B#6!(C(%>#J!+(850>#5!/0&+#!7&+&!>#$#8!W5(X!
Y! Z! 7&[8! *9#! 7+#$5M! #! 85C%/%(*>(! 7&+&! #8! 7#+>5?5(8(8J! $#*$(! 65%>#! 6(*#8! 7&+&!
(K7#+>&+A!!
S!(8>(!&=85+$#!7&+(/(!"#+6&0A!
!
!
"!
!
Y!Z!(K(/5>%:#!W5(!?(+(!#8!$(8>%*#8!*&/%#*&%8!7&+(/(!65%>#!6&%8!&7#8>&$#!(6!$(%K&+!\!
#=+&! C(%>&]J! #! W5(! W5(+! W5(! %88#! 8%?*%C%W5(J! $#! W5(! >#+*&+! &>+&>%:&8! &8! /#*$%;U(8! $(!
%*:(8>%6(*>#! $%+(>#! (8>+&*?(%+#A! 4&+(/(! 65%>#! 6&%8! %*>(+(88&$#! (6! /#*/+(>%M&+! >&%8!
#=+&8!7&+&!$(6#*8>+&+J!\&!7#8>(+%#+%]J!W5(!89#!:%N:(%8!(!*9#!8%?*%C%/&6!56!(*/&+?#!
7&+&! &8! ?(+&;U(8! C5>5+&8! F8(+9#^O! $#! W5(! /#0#/&+! &! (/#*#6%&! *&/%#*&0! &! /+(8/(+!
>&*>#! #5! 6&%8! $#! W5(! #8! *#88#8! 7&+/(%+#8! (5+#7(58! /#6! #! 6(86#! /#*>(K>#!
6&/+#(/#*@6%/#A!
Y! Z! E#:(+*#! +(%>(+&! *&! &>5&;9#! $(! (0(?(+! #8! /58>#8! /#6! &! T$6%*%8>+&;9#! 4<=0%/&!
/#6#! &! /&58&! $(! >#$#8! #8! 6&0(8! (! $#! &>+&8#! $#! *#88#! 7&[8! /#6#! 8(! (0(! *9#! C#88(!
+(87#*8N:(0!7(0&!85&!?(8>9#!(!#6%889#!*&!#=>(*;9#!$(!6(0G#+(8!+(850>&$#8A!
Y!H(86#!$&*$#!$(!=&+&>#!&!5*%C#+6%M&;9#J!7#+!=&%K#J!$&8!/#*$%;U(8!$(!&88%8>_*/%&!*&!
$#(*;&J! $(! 8(?5+&*;&! 8#/%&0J! +(65*(+&>@+%&! (! #5>+&8! /#6! @=:%#! 7+(`5[M#! 7&+&! #8!
>+&=&0G&$#+(8!$&!T$6%*%8>+&;9#!4<=0%/&J!#!7&[8!7#$(+N!C&M(+!=&%K&+!56&8!$R/%6&8!#!
7(8#!$#!8(/>#+!7<=0%/#!*&!(/#*#6%&A!H&8!*9#!R!&8856%$#!(6!0&$#!&0?56!&!%*8>%>5%;9#!
$#!6(/&*%86#!$(!/#*>+#0(!$&!$(87(8&!/#++(*>(!W5(!R!&!W5(!8(!7+(>(*$(!/#*>+#0&+A!
B#6#!%?5&06(*>(!*9#!8(!$%M!/#6#!R!W5(!(8>&8!6($%$&8!8(!>+&$5M(6!*#!+(C#+;#!$(!56!
6(0G#+! 8(+:%;#! 7<=0%/#! &! 7+(8>&+! &#8! /%$&$9#8J! W5&*$#! #! W5(! 8(! /#*8>&>&! R! &!
%67#8%;9#! $(! 6(*#8! 8(+:%;#8! &! C#+*(/(+! #5! &! +(65*(+&+! >+&=&0G&$#+(8! $&!
T$6%*%8>+&;9#!4<=0%/&!7(0#!>+&=&0G#!]a!7(;&]!/#6#!8(!7+(>(*$(!C&M(+!*#8!8(+:%;#8!$(!
8&<$(!$(7(*$(*$#!$#!*<6(+#!$(!$#(*>(8!&>(*$%$#8!(!*9#!$&!W5&0%$&$(!(!+&7%$(M!$#!
8(+:%;#! 7+(8>&$#! F$#*$(! #8! $#(*>(8! W5(! %670%W5(6! 65%>&! &>(*;9#! %?5&0! &! 65%>#!
>(67#! $(! &>(*$%6(*>#! 8(+9#! 7+(>(+%$#8! 7#+W5(! *9#! 89#! +(*>N:(%8OA! S8>(8! 8(+9#! #8!
8(+:%;#8!7<=0%/#8!$(!C5>5+#!&!W5(!#8!4#+>5?5(8(8!>(+9#!$%+(%>#A!
Y! Z! 8(*G#+! H%*%8>+#! $&8! I%*&*;&8! &7+#:(%>#5! #! &6=%(*>(! 7&+&! &*5*/%&+! &#8!
7#+>5?5(8(8! W5(J! *#! C5>5+#! 7+@K%6#J! *9#! G&:(+N! $%*G(%+#! 7&+&! 0G(8! 7&?&+! &8!
+(C#+6&8A!
T! W5(8>9#! *9#! +(7#+>&! &7(*&8! &#8! >+&=&0G&$#+(8! $&! T$6%*%8>+&;9#! 4<=0%/&A! "9#J!
7&+&! >#$#8A! b8>#! R! $5+&*>(! &! >#>&0%$&$(! $&! :%$&! &>%:&! *(8>(! /&8#! $#! +(?%6(! ?(+&0!
>+&=&0G&$#+(8! (! (67+(?&$#+(8! $(8/#*>&+&6! 7&+&! &! 8(?5+&*;&! 8#/%&0J! >%$#! 8(?5*$#!
&8!0(%8!(6!:%?#+!$(!>(67#!(!:&0#+(8!&!7&?&+!(!&7(*&8!7#+W5(!&!(K7(/>&>%:&!$(!:%$&!R!
6&%#+!(!&!$(6#?+&C%&!*9#!+(7U(!#8!&>%:#8!#!E#:(+*#!&C%+6#5!W5(!#!7&?&6(*>#!$&8!
+(C#+6&8J!&!7+&M#!$(!$(M!&*#8J!(8>N!&6(&;&$#A!
T! W5(8>9#! *9#! 7&88&! 7#+! (W5&/%#*&+! #5>+&8! 8#05;U(8! $(! C%*&*/%&6(*>#J! *9#! 7&88&!
$(8%?*&$&6(*>(! 7(0#! /+(8/%6(*>#! $&! (/#*#6%&! /#6! #! /#*8(W5(*>(! /+(8/%6(*>#! $#!
(67+(?#J! $#*$(! 6&%8! >+&=&0G&$#+(8! &! $(8/#*>&+J! 6(*#8! 85=8[$%#! $(! $(8(67+(?#! &!
7&?&+! /#6! 6&%8! 0%W5%$(M! 7&+&! &! 8(?5+&*;&! 8#/%&0A! "&$&! $%8>#A! Z! 7&?&6(*>#! $&8!
+(C#+6&8!(8>N!(6!/&58&J!E#:(+*#!$%88(A!
!
!
#!
!
T! W5(8>9#! /#0#/&$&! *(8>(8! >(+6#8! $N! W5(! 7(*8&+A! Z! ?&*G#! /%:%0%M&/%#*&0! (8?+%6%$#!
/#*>+&!#8!>+&=&0G&$#+(8A!c#0>(6!#8!>+_8!/&:&0(%+#8!$#!&7#/&0%78(!D!&!C#6(J!&!7(8>(!(!&!
?5(++&!D!7&+&!*9#!G&:(+!+(C#+6&8!&!7&?&+A!
Z8! C%0G#8! $#8! 7#+>5?5(8(8! >(+9#! /#6#! #8! C%0G#8! $(! S87&+>&! $(! &>%+&+! #8! 8(58! 7&%8!
:(0G%*G#8!*9#!$#!+#/G($#!6&8!&#!6&+A!
4&+&! 56! ?#:(+*#! W5(! ?&*G#5! &8! (0(%;U(8! *&! 7+#6(88&! $(! (++&$%/&+! &! 7#=+(M&! $#8!
%$#8#8!*9#!(8>N!6&0A!
T!W5(8>9#!C%*&0!&!/#0#/&+!*(8>&!W5(8>9#!R!&!8(?5%*>(X!/#6#!7(*8&!#!E#:(+*#!+(88&+/%+!
#8!$%+(%>#8!$#8!>+&=&0G&$#+(8!W5(!>(*$#!:%$&8!&>%:&8!/#*>+%=5>%:&8!$(!d.!&*#8!:(*G&6!
&!>(+!56&!(K7(/>&>%:&!$(!:%$&!$(!&7(*&8!:%*>(!&*#8!8#=+(!&!7&88&?(6!a!%*&>%:%$&$(A!!
Y! e6! #5>+#! &87(>#! >#/#5! >&6=R6! #! *#88#! (87[+%>#! $(! /%$&$9#8! (67(*G&$#8A! T!
&C%+6&;9#!$&!*(/(88%$&$(!%67(+%#8&!$(!6(0G#+&+!&!`58>%;&!7#+W5&*>#!&!`58>%;&!7&+&!
8(+! `58>&! >(6! $(! 8(+! /R0(+(! /#6#! 858>(*>N/50#! $#! (8>&$#! $(6#/+N>%/#! (! $(! $%+(%>#J!
8(*$#! >&6=R6! /#*8%$(+&$&! /#6#! 7(;&! /G&:(! 7&+&! #! %*/+(6(*>#! $#! %*:(8>%6(*>#!
$%+(>#!(8>+&*?(%+#A!
3#$&:%&J!*9#J!&!/&58&!7+@K%6&!*9#!(+&!#=8>&+!&!W5(!&8!C&0_*/%&8!8(!&++&8>(6!7#+!$(M!
&*#8!(6!>+%=5*&0!/#6!&!/#*8(W5(*>(!$(?+&$&;9#!$&!6&88&!C&0%$&!(!$&!8&>%8C&;9#!$#8!
/+R$%>#8! $#8! $%C(+(*>(8! /+($#+(8! #5! 7&+&! W5(! C#88(6! 7(*&0%M&$#8! #8! /#++57>#8! 7&+&!
8(+:%+(6! $(! (K(670#! &#8! /%$&$9#8! G#*(8>#8! (! $(! =(6A! "&$&! $%88#A! T! +(C#+6&! $&!
`58>%;&! :%8&! C&/%0%>&+! &! C0(K%=%0%$&$(! 0&=#+&0! 7&+&! (8:&M%&+! #! &+?56(*>#! $(! W5(! #8!
>+%=5*&%8!$(!>+&=&0G#!*9#!C5*/%#*&6!&>(67&$&6(*>(!*&!+(?50&;9#!$#8!/#*C0%>#8!$(!
%*>(+(88(8!(*>+(!#!>+&=&0G&$#+!(!(67+(?&$#+A!
P(! *9#! >%:(88(! #5:%$#! *9#! &/+($%>&:&! (6! 8(6(0G&*>(! $(>5+7&;9#! $&! C%*&0%$&$(! $&!
`58>%;&! 7#+! 7&+>(! $(! &0?5R6! W5(! >(6! 7#+! 6%889#! C#+6&+! *#:&8! 6(*>&0%$&$(8J! *#:&8!
(0%>(8J!>+&*86%>%+!:&0#+(8A!
T%!4#+>5?&0f!4#+>5?&0g!
Z8! E#:(+*#8! W5(+(6! W5(! #8! 7&[8(8! 7(0#8! W5&%8! 89#! +(87#*8N:(%8! /+(8;&6!
(/#*#6%/&6(*>(J!6&8!&W5%!*9#A]!
!
C4=D7:E!?@F?GFFGF?!
!
!
:!;2#(HI+!
$!