! ! ! !
! ! ! !
"#$$%&'!! ()!(&*+,&+-.!$/!0&(*1#&2!+-0&! 0345!/6!(789!
"!#$%&'&!&()*'##%+!',! -./#'.0!1(01'0*%,#!21!#$%! /%3('/%*%,#&!21!#$%! 4,'5%/&'#6!21!7/'8$#2,! 12/!#$%!+%8/%%!21! 92:#2/!21!;$'02&2-$6! ! ! <(06!=>??! !
! "#$%&'(%! "#$!$%$&'$()$!*+!,'&**-$.!/(!0$12$&(!3*3456&!%41/)!6&*4(7!2#$!24&(!*+!2#$!28$(2/$2#! )$(24&9!861!6!7/12/()2!7$36&24&$!/(!2#$!*&'6(/162/*(!*+!%41/)65!2/%$:!"#*4'#!/(!%6(9! 8691!3&$+/'4&$7!;9!2#$!%$2&/)65!1912$%!*+!2#$!3&$-/*41!2#&$$!)$(24&/$1))4&&/('!62!&*4'#59!2#$!16%$!#/12*&/)65! %*%$(2!61!%41/)65!%*7$&(/1%1!;$'6(!1912$%62/)6559!2*!)#655$('$!2$%3*&65!&$'456&/29
1!
%*&$*-$&
2!
! ! ! )*+%,+%$! ! ! !
)-'.%,&!/! ! )-'.%,&!7! ! )-'.%,&!=! ! )-'.%,&!?! ! )-'.%,&!B! ! )-'.%,&!C! ! )-'.%,&!D! ! )-'.%,&!G! ! )-'.%,&!J! !
0-,!1,'+2+3!*4!15$2('6!%21,!
!
!
!
!
N!
8-'%!2$!93&**:,;
!
!
!
!
!
!
OP!
>$!3&**:,!"4&2('+
!
!
!
!
!
!
QN!
@,&3$*+2$1!'+A!5+1,'$5&'#6,!%21,!
!
!
!
RRS!
@'(-,6'&A;$!(6*5A!*4!2+$%'+%$!
!
!
!
!
RPP!
"A*&+*!'+A!&,242,A!%21,!
!
!
!
!
RTU!
E(-5%F;$!9:2:2A!.&,$,+%;!'+A!%-,!$*(2'6!%21,!*4!15$2(!
OST!
H,%,&I!3&**:,!'+A!%-,!%21,$!*4!('.2%'62$1!
!
!
OPU!
K2$%*&LI!1*A,&+2$1I!'+A!15$2('6!%21,! !
!
!
OVS!
@2#62*3&'.-L!
!
!
URN!
!
!
!
!
!
!
!
3!
!
! ! ! ! ! ! M,(6'&'%2*+!
! ! !
A
4!
)-'.%,&!/!
0-,!1,'+2+3!*4!15$2('6!%21,! ! "#/1!/1!6!12479!*+!%41/)!6(7!2/%$:!A($-/26;59!2#62!%$6(1!2#62!/2!/1!/(!36&2!6!12479!*+! %41/)65!2/%$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! R!C53$&1*(
)*()&$2$!124++!*+!%41/).:P!"/%$!/1!(*2!%$&$59!+*&%
G26%;64'#!6&'4$1!2#62!%41/)65!2/%$!/1!2/%$!%67$!647/;5$
X#/5*1*3#$&!\:I:l:!I)"6''6&2!)56/%$7!2*!#6-$!3&*-$7!2#$!4(&$65/29!*&!(*(M$E/12$()$!*+! 2/%$!;9!7$%*(12&62/('!2#$!/()*(1/12$()9!;$28$$(!2/%$!61!6!1$=4$()$!*+!3612M3&$1$(2M +424&$!iCM1$&/$1j!6(7!61!6!&$562/*(1#/3!*+!;$+*&$!6(7!6+2$&!iFM1$&/$1j:!>(!2#$!*2#$&!#6(7
C1!C76%!3*/(21!*42
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! V!L$82*('/'2)?)7"+,$%@"'0*+@"8').'5,(A0'@%"90')('$%5"&',0'"B7+"00"3'C8'$1"'02%"(2"0' ,(3'$1"'1*5,(%$%"0&![6&%*(718*&2#?!X$('4/(
7!
[*8$-$&2#$&!1)/$()$1!1$$%!($)$116&/59!2*!/(-*5-$!6!)*()$32!*+!2/%$!61! 4(/7/&$)2/*(65!*&!#/12*&/)65
136)$!/1!;$12!'&613$7!-/146559(!2#/1!;61/1
9!
1$$@1!2*!&$3&$1$(2:!C1!8$!#6-$!1$$('J".-"2$%)(0')(';*0%2,-' J"7+"0"($,$%)(&!X&/()$2*(!KX
10!
56&'$59!4(=4$12/*($7:![$&$(!2#/1!&$67/('!*+!6&2'<1"'4)($"($').';*0%2,-'K)+5&!c*(7*(?!K!*+!k65/+*&(/6!X':,++,$%@"',0'F)2%,--8'F85C)-%2'/2$
11!
1912$%1:!"#$!,)*(-$(2/*(1.!*&!,+*&%.!*+!6(9!'/-$(!3$&/*7!6&$!4(7$&12**7!61!#6-/('!;$$(! #/12*&/)6559!$126;5/1#$7
12!
65%*12!2#$!$(2/&$29!*+!2#$!5/-$1!*+!2#*1$!/(!2#$!67-6()$7!)*4(2&/$1!*+!0$12$&(!l4&*3$! 6(7!C%$&/)6:!\6%$1*(!+6%*4159!)*%35$2$1!#/1!1)#$%6!8/2#!2#$!677/2/*(!*+!6!2#/&7! 3$&/*7
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! OR!\6%$1*('!,5"0)(&' 6)0$5)3"+(%05',(3'$1"'P%,-"2$%2&!4(34;5/1#$7!IC!2#$1/1
13!
1912$%!6(9!%*&$!2#6(!\*#(!k6'$!*&!2#$!"6('$&/($!W&$6%:.OP!I41/)65!1295$1!7*!(*2!/(! &$65/29!14))$$7!*($!6(*2#$&!/(!6!($6&!5/($6&!1$&/$1Y!2#$&$!/1!658691!6!1/%4526($/29!*+! 7/12/()2!)*7$1!6(7!6(!*-$&5633/('!*+!3$&/*71!6(7!+*&%1:!a*&!C2265/($!3*11/;/5/29!/1!2*!6114%$!2#62!%41/)!/1!/(!1*%$!869!19%;*5/)!*+!613$)21!*+!2#$! 1*)/$29!8#/)#!3&*74)$1!/2:!I)k56&9.1!7/1)411/*(!*+!2#$!$126;5/1#%$(2!*+!2*(65/29!61!6! )*(-$(2/*(!+*)41$1!*(!,6(65*'1.!61!2#$!3&/%6&9!869!;9!8#/)#!%$6(/('!)6(!;$!2$61$7!*42! *+!6336&$(259!($42&65!*&!,34&$59!%41/)65.!%62$&/65:!A2!/1!8*&2#!)*(1/7$&/('!2#$!-65/7/29!*+! 2#/1'<1"'6)-%$%2,-'I2)()58').';*0%2&!2&:!F&/6(!I6114%/
14!
)$(24&9!%41/)!6(7!2#$!3&/()/365!2#$%$1!*+!3*12Ml(5/'#2$(%$(2!l4&*3$6(!2#*4'#2:!G#$! 6&'4$1!2#62!2*(65/29!$(6;5$1!%41/)65!$-$(21!2*!633$6&!2*!'$($&62$!2#$%1$5-$1!6))*&7/('! 2*!5681!*+!)641$!6(7!$++$)2
+*55*8/('?!,2*(65M#6&%*(/)!%41/)!/1!6!%$263#*&!+*&!2#$!&62/*(65/12/)!6(7!/(7/-/7465/12/)! 2$%3$&!*+!8$12$&(!%6(.YUS!6(7!,2#$!1*4(7!&$562/*(1!*+!6!%41/)65!3$&+*&%6()$!126(7!/(! %$263#*&/)65!+*&%!+*&!/7$65!#4%6(!&$562/*(1#/31!61!/%6'/($7!;9!2#$!36&2/)/36(21.:UR! I$263#*&!/1!'$($&6559!4(7$&12**7!61!6!+/'4&$!*+!13$$)#!/(!8#/)#!6!56;$5!#6;/246559! 6335/$7!/(!*($!&$65%!/1!2&6(1+$&&$7!2*!6!($8!&$65%
G*!%41/)!/1!4(7$&12**7!2*!;$!,3622$&($7!6+2$&.!&$562/*(1#/31!;$28$$(!#4%6(1!6(7! ;$28$$(!#4%6(1!6(7!2#$!(624&65!8*&57:![$()$
US!G%655'<1"';",(%(H0').'6"+.)+5%(H',(3'M%0$"(%(H&!I/775$2*8(
0$15$96(!K(/-$&1/29!X&$11'/('/77+),21'$)','<1")+8').'F85C)-0&!A(7/6(63*5/1?! [6)@$22
16!
19%;*5/H$1!613$)21!*+!1*)/$29!61!2#$9!)4&&$(259!$E/12
"#$!K2*3/6(!/1!6(!/%3*&26(2!613$)2!*+!6&2.1!%$6(/('
17!
6(7!&$)$/-$&!65/@$!62!2#$!14&+6)$!*+!%41/)65!)*(2$(2
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! UV!G%655
[*8!)6(!6!12479!*+!%41/)65!2/%$!#$53!2*!)56&/+9!2#$!&$562/*(1#/31!;$28$$(!%41/)1!6(7! 2#$!1*)/$2/$1!+&*%!8#/)#!2#$9!)*%$!8#/5$!6-*/7/('!2#$!3/2+6551!/7$(2/+/$7!6;*-$e!A(!2#$! +/&12!356)$
19!
k#632$&!O!/1!651*!2#$!*(59!356)$!8#$&$!1/'(/+/)6(2!(4%;$&1!*+!(*262$7!%41/)65!$E6%35$1! *))4&!6(7!6&$!/()547$7!2*!/55412&62$!2#$!-6&/*41!$5$%$(21!2#62!A!;&/('!2*'$2#$&!/(!%9! 7$+/(/2/*(!*+!'&**-$:!F$)641$!*+!2#$!(624&$!*+!%9!6&'4%$(2!6(7!$13$)/6559!;$)641$!*+! 2#$!&$+4262/*(!/(!k#632$&!U!*+!2#$!-/$8!2#62!'&**-$!#61!C+&/)6(!*&/'/(1!6(7!/1!2#$&$+*&$! *(59!&$6559!+*4(7!/(!,;56)@!%41/).(!2#$!k*(2$%3*&6&9!]$562/*(1#/3!*+!X#/5*1*3#9!6(7!I41/).!iR`NUj!/(!c$33$&2'I00,80')(';*0%2&'$7:!c*(7*(?!K(/-$&1/29!*+!k65/+*&(/6!X&$11
3*1/2/('!6(65*'4$1
21!
>(!2#$!+6)$!*+!/2
22!
1#*8(!2*!;$!3&$1$(2!8/2#/(!/21!-$&9!+*&%
23!
)-'.%,&!7!
8-'%!2$!93&**:,;($!L62/*(! K(7$&!6!J&**-$:_!"#$!8*&7!#61!*+2$(!;$$(!41$7!;9!%41/)/6(1!+*&!(6%/('!&$)*&7!56;$51
(.
;*0%2&'*&!2#$!NB.)+3'4)57,(%)('$)'6)7*-,+';*0%2D!!"#$!1$)*(7!$7/2/*(!*+!<1"':"9'U+)@"' P%2$%)(,+8').'!,##!7$+/($1!'&**-$!61!,6!3$&1/12$(259!&$3$62$7!3622$&(.!6(7!2&6)$1!2#$!41$! *+!2#$!2$&%!;6)@!2*!2#$!86&2/%$!18/('!$&6:N!,J&**-$.!651*!'$21!6!%$(2/*(!/(!2#$!$(2&9!*(! ,a*&%.!i8&/22$(!;9!]/)#6&7!I/775$2*(j!/(![*&($&!6(7!G8/11
G416(!I)k56&9.1!41$!*+!2#$!8*&7!/(!4)(@"($%)(,-'G%03)5!/1!%4)#!%*&$!/%3&$11/*(/12/)
F*2#!I/775$2*(!6(7!I)k56&9!&$562$!'&**-$!2*!8#62!2#$9!&$'6&7!61!2#$!C+&/)6(!$5$%$(2!/(! C+&*MC%$&/)6(!%41/)'<1"'4)($"($').';*0%2,-'K)+5&'!F$&@$5$9
25!
"#$!319)#*5*'/)65!12&6(7!*+!I)k56&9.1!7$1)&/32/*(
"#/1!3*/(21!41!/(!2#$!7/&$)2/*(!*+!6(*2#$&!1$2!*+!%$6(/('1!/%35/$7!;9!2#$!2$&%'!,##'Q57+)@%0,$%)(',(3'Q($"+,2$%)(&! k#/)6'*?!K(/-$&1/29!*+!k#/)6'*!X&$11
26!
3&*74)2!(*2!*+!2#$!2/'#2($11!*+!/(2$'&62/*(!*+!2#$!$5$%$(21!2#62!/(2$&6)2!2*!%6@$!/2!43
"#*4'#!'&**-$!/1!$11$(2/6559!3&*)$11465
"#$!)*()$32!*+!36&2/)/362*&9!7/1)&$36()/$1!6(7!Z$/5.1!67-*)62/('!*+!6!1)/$()$!*+! '&**-*5*'9!#61!5$7!2*!&$1$6&)#!*(!2#$!36&2!*+!*2#$&!1)#*56&1
[*8$-$&
k#6&5$1!Z$/5!+*4(7!1/%/56&!622/247$1!6%*('12!%41/)/6(1!8#*!#67!,)*()$32/*(1!*+!18/('! ;61$7!*(!4(/29!6(7!%6/(26/(/('!2$%3*1.!&62#$&!2#6(!7/1)&$36()/$1:!I*(1*(!651*! $%3#61/H$1!19()#&*(/H62/*(!8#$(!1#$!14''$121!2#62!62!2#$!#$6&2!*+!2#$!6$12#$2/)!/7$65!*+! 2#$!B6HH!'&**-$!/1!,#*8!8$55!2#$!865@/('!;611!5/($!-)2R0!*&!/1!%('$1"'7)2R"$!8/2#!2#$!&/7$! )9%;65!\#%:.RN!k$&26/(59(!2#$! *2#$&!#6(7
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! RP!X&w'5$&2#$&!X$*35$.1!I41/).:!OV2#!C4'412!OSS`:! #223?ff%41/)'&**-$1:*&'f6&2/)5$1fJ&**-*5*'9C(7I6'/):37+!
28!
A+!2#/1!8$&$!2&4$
k5$6&59'<1"';",(%(H0').'6"+.)+5%(H',(3'M%0$"(%(H&!I/775$2*8(
0$15$96(!K(/-$&1/29!X&$11'6"+.)+5,(2"',(3'7+)3*2$%)(
29!
*+!6(9!'/-$(!1295$:!>(!2#/1!7$+/(/2/*(
30!
%41/)65!2/%$!8#/)#!/1!3$)45/6&!2*!28$(2/$2#!)$(24&9!3*3456&!%41/):!C1!14)#
31!
622$%32!2*!3&*)$$7!/(!2#$!*2#$&!7/&$)2/*(!2#&$62$(1!2*!&$74)$!7/++$&$()$1!6(7! 7/1B4()24&$1!2*!4(/+*&%/29!6(7!)*(2/(4/29:!! k*(1$=4$(259
32!
%41/)!/1!7$1)&/;$7!61!,%$(14&65.
33!
)4524&65!)#6&6)2$&/12/)!8#/)#!#61!+*4(7!/21!869!-/6!2#$!+*&)$7!7/613*&6!*+!0$12!C+&/)6(1! 2*!2#$!C%$&/)61!/(2*!0$12$&(!3*3456&!%41/):!]/)#6&7!062$&%6(559!0/51*(!#6-$!41$7! 2#/1!(*2/*(!*+!%$2&*(*%$!1$(1$!2*!3*1/2!)*(2/(4/('!6++/(/2/$1!;$28$$(!0$12!C+&/)6(! )4524&65!2&67/2/*(1!6(7!,C+&*MC%$&/)6(!%41/).:US! c$6-/('!61/7$!+*&!2#$!%*%$(2!2#$!=4$12/*(!*+!/21!655$'$7!C+&/)6(!*&/'/(1559:!,"#$!G/'(/+/)6()$!*+!2#$! ]$562/*(1#/3!F$28$$(!C+&*MC%$&/)6(!6(7!0$12!C+&/)6(!I41/).2#$&..
34!
&$61*(1!2#62!8/55!;$!7/1)411$7!562$&jY!6(7!1$)*(7
[$!'*$1!*(!2*!6&'4$!2#62!,l4&*3$6(!)5611/)65!%41/)!m!8*457!(*2!+655!/(2*!2#$!&$65%!*+! '&**-$M;61$7!%41/)!;$)641$!*+!2#$!+*&%$&.1!&$5/6()$!*(!2$%3*!-6&/62/*(!+*&!$E3&$11/-$! 34&3*1$1:.UU!J&**-$!%41/).1!12&/)2!67#$&$()$!2*!2#$!3451$!/1!6(!4(8&/22$(!&45$($!869!*+!34&14/('!2#$!)*(2&612!/1!2*!(*2$!2#62!2#$&$!$E/12!6!&6('$!*+!)/&)4%126()$1!/(! (/($2$$(2#!)$(24&9!6&2M%41/)!/(!8#/)#!7/-$&'$()$!+&*%!2#$!&$'456&!3451$!/1!(*2!*(59! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! UO!I*(1*(
3$&%/11/;5$!;42!/1!$()*4&6'$7:!C!(4%;$&!*+!2#$1$!6&$!*;-/*41!61!2#$9!6&$!/(7/)62$7!;9! 2#$!)*%3*1$&!/(!2#$!1)*&$?!15*8/('1!7*8(!i+,--"($,(3)0&'+%$,+3,(3)0&',--,+H,(3)0!$2):j! 6(7+!)*4&1$(2#$&!3$&+*&%6()$!/(12&4)2/*(1!+*4(7!/(!2#$!)5611/)65!2&67/2/*(!8#/)#!*-$&&/7$!2#$! 3&$1$()$!*+!6!&$'456&!;$62!6&$!2#$!3641$!i*&!."+5,$,j))4&&$()$1!*+!2$%3*!6(7!2/%$!1/'(624&$!)#6('$1!6&$!(*2!4(@(*8(!/(!'&**-$!%41/)!;42! 6&$!&$562/-$59!&6&$!6(7!6&$!6&'46;59!)*(+/($7!2*!2#*1$!'$(&$1!8/2#!,)5611/)65.! 3&$2$(1/*(1(!l/5$$(.
[471*(!6(7!c62#6%!7&68!6!7/12/()2/*(!;$28$$(!#/12*&/)6559!$6&5/$&!6(7!562$&!41$1!*+!2#$! 2$)#(/=4$:UN!A(!2#$!$/'#2$$(2#!)$(24&9!2#$!+54)2462/*(1!/(!2$%3*!8$&$!3$&%/22$7!/(!2#$! 5$67!*&!%$5*79!36&2($!*+!c/1H2.1!1247$(21!)#6&6)2$&/1$7!#/1!2$6)#$&.1!41$!*+!2#$!2$)#(/=4$!61!,6! 1477$(!5/'#2!1413$(1/*(!*+!2#$!\#%.:!"#/1!@/(7!*+!+*C,$)!/1!%*12!$61/59!3&6)2/1$7!;9!6! 1*5*!3$&+*&%$&($!2#$*&9!*+!2#$!%*&$!%*7$&(!+*C,$)!&$=4/&$1!2#62!2#$!13$$7/('1!43!1#*457!;$! ;656()$7!;9!2#$!15*8/('1!7*8(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! UN![471*(56-*:!,]#92#%!61!W4&62/*(!*+!G*4(71!/(!"4%;6! a&6()$16.
37!
$(*4'#!2*!67B412!2*!*($!6(*2#$&.1!%/(42$!-6&/62/*(1!/(!2$%3*!61!2#$9!$%35*9!2#/1! 2$)#(/=4$
]$'456&!%/)&*M+54)2462/*(1!/(!2/%/('))61/*(65!7$-/62/*(1!+&*%!12&/)2!2/%/('!%69!;$!7$35*9$7!;9!6!1$(1/2/-$! \#%!1$)2/*(!36&67*E/)6559!/(!*&7$&!2*!%6/(26/(!2#$!1$(1$!*+!2$%3*&65!&$'456&/29!62! 3*/(21!/(!2#$!%41/)-$&655
3&/*&/29!/(!(/($2$$(2#!)$(24&9!3$&+*&%6()$!3&6)2/)$!861!/(2$(1/29!*+!$E3&$11/*(&)#$12&65!%41/)/6(1!6&$! ($-$&!61@$7!2*!19()#&*(/H$!2#$/&!3569/('!8/2#!2#$!7&4%1!*&!3$&)411/*(
$%3#61/1!*(!2/%/('!%$6(1!2#$9!3&$+$&!6!)*4(2M/(!2*!6!86-$7!7*8(;$62!+*&!126&2/('!6! 3/$)$!;$)641$!/2!$(14&$1!'&$62$&!6))4&6)9!+*&!2#$!+/&12!(*2$!6(7!'/-$1!6(!/(7/)62/*(!*+!2#$! *('*/('!2$%3*:!k*(74)2/('!6(7!)*4(2/('M/(!8/55!;$!677&$11$7!/(!2#$!)*(2$E2!*+!G)#42H.1! 3#$(*%$(*5*'9!/(!k#632$&!Q:! ! 7P!EL+(*.'%2*+! C(!622$(2/*(!2*!2#$!/1*)#&*(*41!3451$!/1!(*2!14++/)/$(2!2*!'$($&62$!'&**-$:!C!1$)*(7! +6)2*&!/1!2#$!%*&$!*&!5$11!)*(2/(4*41!3&$1$()$!*+!19()*362/*(:!"#$!2$&%!19()*362/*(! %69!;$!%*&$!*&!5$11!(6&&*859!7$+/($7:!"#$!J&*-$!W/)2/*(6&9!5/%/21!/21!%$6(/('!2*!,2#$! &$'456&!1#/+2/('!*+!$6)#!;$62!/(!6!%$614&$7!3622$&(!;9!2#$!16%$!6%*4(2!6#$67!*+!*&! ;$#/(7!/21!(*&%65!3*1/2/*(!/(!2#62!3622$&(.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! PU!^G9()*362/*(:_!U+)@"';*0%2'N(-%(":!NB.)+3';*0%2'N(-%(":!OQ!C4':!OSS`!
q#223?ff888:*E+*&7%41/)*(5/($:)*%f14;1)&/;$&f6&2/)5$f'&*-$f%41/)fOQOTUr' PP!G)#*5$1
41!
%69!*))4&!/(!2#$!16%$!36&2!i/:$:
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! PN!c*(7*(
PPMN! '
42!
! A(!/21!%*&$!'$($&65!%$6(/('!19()*362/*(.1!41$!/(!2#62!2&67/2/*(!/1!%4)#!&6&$&:!"#/1! %$6(1!2#62
! "#$!+/(65!(*2$!*+!14)#!\#%1
! "#/1!6335/$1!2*!655!2#$/&!$=4/-65$(21!62!#65+!2#$!6;*-$!74&62/*(1
!
!
!
! !!
!
!
*&?!
! !
! "#/1!/1!6!19()*362/*(!;$)641$!2#$!5*('$&!(*2$!*+!2#$!36/&!+6551!;$28$$(!;$621:!F42!/2!/1!6! &$562/-$59!8$6@!*($!;$)641$!/2!19()*362$1!6'6/(12!2#$!1$)*(7!;$62!*+!2#$!;6&
!
43!
8#/)#!/1!6(!$11$(2/65!/('&$7/$(2!/(!2#$!k6@$865@!6(7!;$)6%$!*($!*+!2#$!/%3*&26(2! \#%/)!$5$%$(21!*+!]6'2/%$!61!'&**-$!%41/)!$%$&'$7!62!2#$!24&(!*+!2#$!28$(2/$2#! )$(24&9:! C51*!2*!;$!+*4(7!/(!)5611/)65!%41/)
! "#/1!19()*362/*(!/1!;*2#!12&*('$&!6(7!8$6@$&!2#6(!2#$!3&$-/*41!*($?!12&*('$&!;$)641$! 2#$!19()*362/*(!/1!6'6/(12!2#$!;$62!2#&$$!*+!2#$!;6&
44!
$-$(21!-$&9!)5*1$!2*!;$621!)6(!;$!3$&)$/-$7!61!19()*362/*(1:!!"#$1$!6&$!2#$!)*(7/2/*(1! +*&!#/'#59!19()*362$7!%41/)
! 0/2#!2#$!6335/)62/*(!*+!6(2/)/362/*(!2*!2#$!+/(65!(*2$1!*+!2#$!3#&61$1
! C!@/(7!*+!#65+M869!126'$!/1!3*11/;5$!8#$&$!-*)651!6&$!/(-*5-$7
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! P`!"6''
45!
! F*;!I6&5$9
"#$!6%*4(2!*+!19()*362/*(M;9M6(2/)/362/*(!8/2#/(!6!3#&61$!)6(!;$!2#*4'#2!*+!61!#6-/('! ;$$(!677$7!2*!6(!4(19()*362$7!3#&61$!;9!7$'&$$1:!A2!)6(!;$!-/$8$7!61!$E2$(7/('!(*2$M ;9M(*2$!+&*%!6(!/(/2/65!126&2/('!3*/(2:![$&$!/1!6!+6%*41!5/($!3&$1$(2$7!,12&6/'#2.
! "#$!+*55*8/('!1#*81!2#$!19556;5$!*(!2#$!+/(65!12&*('!;$62!D!,+*&M.!D!6(2/)/362$7?!
! L*8!2#$!6(2/)/362/*(1!)6(!;$!$E2$(7$7!+*&86&7!2*!/()547/('!2#$!+*55*8/('!19556;5$!D! ,(/6M.?!
! X$&+*&%/('!6!1/%/56&!*3$&62/*(!*(!12&*('!;$62!*+!2#$!3&$-/*41!;6&
! a/(6559
! l6'5$1
C1!)6(!;$!1$$(
! "#$!1$)*(7!/(-*5-$1!%*&$!18/2)#$1!;$28$$(!*(M!6(7!*++M;$621
! "#$!6(2/)/362$7!7*8(;$62!/1!2#$!%*12!)*%%*(!+*&%!*+!19()*362/*(!+*4(7!/(!0$12$&(! 3*3456&!%41/)
! ]6/(;*8
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! NR!"&6(1)&/;$7!+&*%!2#$!65;4%!O"--'K+""#"0'N@"+&!C1954%!]$)*&71
"#$!*2#$&!+*&%!*+!19()*362/*(!+*4(7!/(!28$(2/$2#!)$(24&9!'&**-$!%41/)!/1!7)-8+18$15:! X*59\#%!/(!$11$()$!)*(1/121!*+!2#$!$++$)2!*+!6!&$3$62$7!\#%/)!+/'4&$!8/2#!6! 3$&/*7/)/29!62!*771!2*!2#62!*+!2#$!4(7$&59/('!%$2$&:!C52$&(62/-$59
! C!)$5$;&62$7!$E6%35$!*+!1"5%)-,!/1!c$*(6&7!F$&(12$/(.1!41$!*+!/2!/(!2#$!1*('!,C%$&/)6.!/(! G"0$'F%3"'F$)+8'/(!8#/)#!2#$!28*!%$2$&1
!
48!
C1!8/55!;$!1$$(
! F42
! G4&-/-*&
"#$!3&/()/35$!*+!1$22/('!'&*431!*+!2#&$$!6'6/(12!'&*431!*+!+*4&!)6(!;$!67632$7!*&! $E2$(7$7!2*!3&*74)$!*2#$&!19()*362$7!\#%1:!A2!/1!)*%%*(!2*!7/1356)$!2#$!&4%;6! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! NU!2)($+,!F$&(6&7!G#68z! NP!"&6(1)&/;$7!+&*%!2#$!65;4%!I8"').'$1"'<%H"+&!G)*22/!F&*2#$&1!]$)*&71
\#%!1*!2#62!/21!+/(65!(*2$!)*/()/7$1!8/2#!6!12&*('!;$62
! F/55!0/2#$&1
"#$!&4%;6!\#%!$126;5/1#$1!6!3*59\#%!8#/)#!/1!+6/&59!1#*&2!/(!74&62/*(:!C(! $E2$(7$7!-$&1/*(!*+!2#$!3&/()/35$!/1!*+2$(!+*4(7!/(!-6&/*41!@/(71!*+!'&**-$!%41/)!/(! 8#/)#!2#$!2&/35$2!'&*43/('1!6&$!%6/(26/($7!+*&!28/)$!61!5*(':!"#/1!&$14521!/(!6!;6&!*+!RT! 1$%/=46-$&1!;$/('!7/-/7$7!/(2*!'&*431!*+!U!{!U!{!U!{!U!{!O!{!O?!
! "#$!5*('$&!2#$!'&*43/('1!*+!2#&$$!6&$!%6/(26/($7!2#$!%*&$!2#$9!14''$12!6!3$&%6($(2! 652$&(62/-$!%$2$&
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! NN!"&6(1)&/;$7!+&*%!2#$!65;4%!;"(,H"+%"&!k*54%;/6!]$)*&71
)61$
! x4$$(
8#/5$!2#$!6))$(21!/(!2#$!'4/26&!;&$6@!+&*%!"#$!F$625$1.!,[$&$!k*%$1!2#$!G4(.!%6&@!*42! 2#$!16%$!\#%
! J$*&'$![6&&/1*(
F*2#!2#$1$!+*&%1!*+!19()*362/*(!D!6(2/)/362/*(!6(7!3*59\#%!D!6&$!+*4(7!/(!&6'2/%$
! G)*22!\*35/(
A(!;6&!R
! >($!*+!\*35/(.1!*2#$&!-$&9!+6%*41!3/$)$1
! G)*22!\*35/(
C!-$&9!1/%/56&!\#%/)!+/'4&$!861!41$7!;9!J$*&'$!J$&1#8/(!+*&!#/1!,A!J*2!]#92#%.!*+! R`US?!
! J$*&'$!J$&1#8/(
I635$!c$6+!]6'!651*!#61!6!-$&9!3*/(2$7!$E6%35$!*+!6(!6(2/)/362$7!7*8(;$62
! G)*22!\*35/(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! NV!J$&1#8/(
0/2#!2#$!6(2/)/362$7!7*8(;$62!6(7!2#$!3*59\#%;-/*4159
0#$(!0#/22655!13$6@1!*+!&$'456&!6))$(2462/*(!6(7!3#&61$!12&4)24&$!#$!/1!13$6@/('!*+! %$2$&:!"#$!'&**-$!)*()$32!*+!3*3456&!%41/)!/(#$&/21!2#$!%$2&/)65/29!*+!3&$-/*41!%41/)1(!2#/1!7$+/(/2/*(
53!
[*8$-$&
c*'/)6559
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! TR!)+:!+*&!/(126()$&'6(/H62/*(!*+!I41/)65!"/%$.!/(!4)($"57)+,+8' ;*0%2'J"@%"9'O'<1"'/($"2"3"($0').'<9"($%"$1?4"($*+8' 6)7*-,+';*0%2&'!>E+*&7?!k56&$(7*(
54!
#/$&6&)#/)!7$32#!2*!8#/)#!4(/21!6&$!$%;$77$7:!A(!1#*&2
"#$!%*12!+&4/2+45!869!*+!)*()$/-/('!%$2$&!/(!'&**-$!%41/)&'6(/H62/*(!*+!I41/)65!"/%$.
55!
! ! ! ! ! ! !
Unit
Metrical level
Description (value)
Chorus
M3
Duple
Section
M2
Quadruple
Phrase67
M1
Quadruple
Bar
M
Quadruple
Beat
M1
Duple
! F$&(/$
"#*4'#!8$!2#/(@!*+!2#$!%*12!)*%%*(!%$2$&!61!=467&435$!i#6-/('!2#$!2/%$!1/'(624&$! PfP($!/%35/)62/*(!*+!2#/1!/1!6!7*8('&67/('!*+!2#$!2&/35$2!2*!2#$!126241!*+!13$)/65!*&!4(41465! )61$:!"#/1!&$=4/&$1!=465/+/)62/*(:!A(!'&**-$!%41/)
c*(7*(?!C)67$%/)!X&$11'<1"'K*(R'U+))@"0').'!,5"0'S+)9(',(3'6,+-%,5"($
56!
G*%$!%41/)!7*$1!633$6&!2*!;$!/(!2&/35$!2/%$($!$E)$32/*(
Unit
!
Description (value)
M
2
Triple
Phrase
M
1
Quadruple
Bar
M
Quadruple
Beat
M1
Triple
Chorus !
Metrical level
! "8$5-$M;6&!;54$1!8/2#!6!ROfV!+$$5!
0$!)*457!$E2$(7!2#$!1)#$%6!4386&71!2*!+4&2#$&!5$-$51!3&*-/7$7!2#$9!$E#/;/2$7! &$'456&/29:!a*&!$E6%35$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! QR!"#$!G2&6('5$&1
"*86&71!2#$!5*8$&!5$-$51!*+!2#$!%$2$&($!)6(!*-$&M'$($&65/H$!#$&$(!2#/1!;61/1
Metrical level 3
Description (value)
Chorus
M
Triple (AAB)
Phrase
M2
Duple
Hyper-bar
M1
Quadruple
Bar
M
Uneven duple (3:2)
Beat
M1
Sub-beat
M2
Triple (beat 1) Duple (beat 2) ‘Swung’ (uneven) duple X645!W$1%*(7
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! QO!G$$!633$(7/E!+*&!5$67M1#$$2!(*262/*(!*+!2#/1!24($:! 58!
! "#$!+6)2!2#62!14)#!26;5$1!61!2#$!6;*-$!6&$!3*11/;5$!/1!6(!/(7/)62/*(!*+!2#$!12&*('!1$(1$!*+! %$2$&!*+!%4)#!'&**-$!%41/):!I$2$&!7$3$(71!*(!&$'456&/29!D!,/&&$'456&!%$2$&.!/1!-/&246559! 6(!*E9%*&*(!D!6(7!2#*4'#!/&&$'456&/29!/1!(*2!)*%35$2$59!6;1$(2+!@$9!/%3*&26()$!#$&$!/1!2#$!+%..3$(!K(/-$&1/29!X&$11
59!
/(-*5-$!2#$!$(2/&$!\#%!1$)2/*(Y!/2!/1!$11$(2/6559!\#%/)!;42!651*!)*(26/(1!6(!$5$%$(2! *+!#6&%*(/)!%*-$%$(2__999D0*++"8D,2D*R_;*0%2_:"90U"(Q(.)_/2,3"5%2F$,.._O*H1"0_U+))@"/(3K-)9D73.`! QN!k56&@$&'6(/H62/*(!*+!I41/)65!"/%$.(!2#$!"#$*&9!*+!J&*43/('!6(7!I$2$&.
60!
?P!@'(UT#,'%! A2!/1!*($!*+!2#$!%*&$!3$&35$E/('!)#6&6)2$&/12/)1!*+!2#$!'&**-$1!*+!28$(2/$2#!)$(24&9! 3*3456&!%41/)!2#62!2#$9!#/('$!43*(!C,2R?C",$
[$!)*(2/(4$1?! C(*2#$&!%6(/+$1262/*(!*+!2#$!16%$!3&/()/35$!/1!2#$!1*M)655$7!7&4%!;6)@;$62!*(!2#$! 1$)*(7!6(7!+*4&2#!;$62!*+!6!;6&
"#$*7*&$!J&6)9@M2#&$$Ma>K]_!/1!2#$!+*&)$!8#/)#! 14126/(1!2#$!%*2/*(:!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! QV!G)#455$&'Q$0'J))$0',(3';*0%2,-'P"@"-)75"($&!L$8!n*&@?!>E+*&7!K(/-$&1/29! X&$11
61!
a*&!J&6)9@(!2#$!*($!#6(7(!2#$!*2#$&
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Q`!J&6)9@'/('/"0$1"$%2').'J)2R&!c*(7*(?!"64&/1
2*!8#$&$!2#$9!+655!8/2#/(!/2:![$!7$1)&/;$1!\#%!61!,5)$%)('%('$1"'38(,5%2'.%"-3').' 5"$"+D.VR!! k*()$/-/('!*+!%$2$&!/(!2#/1!869!3421!2#$!$%3#61/1!*(!2#$!)#6&6)2$&
1
Bar (M)
On
Half bar (M1)
On
Beat (M2)
On
Half beat (M3)
On
2
3
4
2
2
3
4
3
2
3
4
4
2
3
4
Off Off Off Off
On
Off
On
On
On
On
Off Off
On
Off
On Off
On
1
Off Off
On
On
On Off
On
Off Off
On
On Off
On
! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! VR!|4)@$&@6(75!RQOMP! 63!
"#$!7/6'&6%!%6@$1!/2!)5$6&!2#62!$6)#!*++M;$62!62!6!36&2/)456&!%$2&/)65!5$-$5!;$)*%$1!6(! *(M;$62!62!2#$!($E2!5*8$12!5$-$5
VO!
"#/1!1/%/56&/29!/1!(*2!6!)*/()/7$()$!1/()$!2#$!%$2#*7!;9!8#/)#!/2!*3$&62$1!/1!1/%/56&!2*! 2#$!%$614&$%$(2!*+!5$('2#4&!2#$*&/H62/*(!14;12/242$1!,*(.!+*&! ,12&*('.
64!
6;*-$
! "#$!6%*4(2!*+!%$2&/)65!/(+*&%62/*(!/%36&2$7!#$&$!)*&&$13*(71!2*!2#$!%$2&/)!5$-$5!*+! 2#$!;6&
! X&*-/7$7!8$!#6-$!1*%$2#/('!*))61/*(6559!%6&@/('!*42!8#$&$!;$62!*($!*+!6!;6&!/1!1*!2#62! 8$!7*(.2!%/126@$!*4&!*++M;$621!+*&!*(M;$621
65!
*+!2#$!5612!*($
! F42!7/1356)$7!;9!#65+!2#$!2$%3*&65!/(2$&-65!;$28$$(!2#$!(*2$1!D!2#62!/1
! C!3451$!8/2#!2#$!16%$!+&$=4$()9!61!;$+*&$
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! VU!C1!/(!2#$!$E6%35$!+&*%!G)#4;$&2.1!K(+/(/1#$7!/(!8#/)#!6!1$&/$1!*+!19()*362$7!)&*2)#$1! 6&2/)4562$!2#$!=46-$&!5$-$5!*+!2#$!%$2$&:!
66!
A(!*&7$&!2*!3&*-/7$!%$2&/)!)56&/29!6(7!126;/5/29
! ]$24&(/('!2*!2#$!#/12*&9!*+!%41/)()$!1$36&62$7!/(!2#/1!869
&62#$&!2#6(!#65+!6!)$(24&9!$6&5/$&:VN!L$-$&2#$5$11
,l-$&9!F&$62#!n*4!"6@$.
!
"
#
! "#$!X*5/)$
"#$&$!/1!(*2#/('!6;*42!2#/1!'4/26&!+/'4&$!2#62!7$+/(/2/-$59!/7$(2/+/$1!/2!61!36&2!*+!2#$!&*)@! *&!3*3!'$(&$:![6&%*(/)6559!/2!/1!+/&%59!8/2#/(!2#$!0$12$&(!3*12M]$(6/116()$!2&67/2/*(! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! VN!A9$&
68!
6(7!*($!)6(!=4/2$!$61/59!/%6'/($!/2!/(!6!)*%35$2$59!7/++$&$(2!)*(2$E2!3569$7!5$'62*!61!6! 5$+2M#6(7!3/6(*!*&!$-$(!6!12&/('!6))*%36(/%$(2:VQ!A2!/1!2#$!;6)@M;$62!1(6&$!65*($!2#62! )*(2&/;42$1!2#$!'&**-$!$5$%$(2
! [$&$+2$(!;$62!*($!/1! 6-*/7$7!;9!2#$!;611!651*:j!A(!+6)2
69!
$-$&92#/('!8$!($$7!2*!@(*8!6;*42!2#$!%$2&/)65!12&4)24&$!/1!14335/$7!;9!*++M;$621!&62#$&! 2#6(!*(M;$621:!! l%3#61/1/('!2#$!($)$11/29!+*&!@(*85$7'$!*+!2#$!)*(-$(2/*(1!*+!2#$!'$(&$!/(!2#/1!869! 1$$%1!2*!26@$!41!2**!)5*1$!2*!F&6)@$22.1!6(7!Z$/5.1!,14;B$)2/-$.!3*1/2/*(!6(7!6869!+&*%! 2#$!3*11/;/5/29!*+!6(!*;B$)2/-$!6(6591/1!*+!'&**-$:!A2!&6/1$1!2#$!=4$12/*(!*+!)*&&$)2!6(7! /()*&&$)2!4(7$&126(7/('1!*+!2#$!'&**-$?!2#$!3*11/;/5/29!2#62!,12&*('.!*++M;$621!%/'#2!;$! %/126@$(!+*&!*(M;$621!;9!5/12$($&1!56)@/('!2#$!633&*3&/62$!)4524&65!&$+$&$()$!3*/(21:!A2!/1! 2#$*&$2/)6559!3*11/;5$
! &62#$&!2#6(!,)*&&$)259.!/(!2#/1!869?!
! F4&(/('!G3$6&
F42!/2!/1!(*2!5/@$59($!12&/@/('!)61$!*+!2#/1!*))4&1!/(!]*1$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! VV!"&6(1)&/;$7!+&*%!2#$!65;4%!;,+2*0'U,+@"8
]*9)$.1!,k6&!061#.!8#/)#!*3$(1!8/2#!6!#6(7)563!\#%!8#/)#!14''$121!2#$!+*55*8/('! /(2$&3&$262/*(?!!
!
>2#$&!36&21!6&$!2#$(!/(2&*74)$7!'&6746559
8/2#:!"#$!\#%!/1!6)246559!;4/52!6&*4(7!;6)@M;$621!6(7!2#$!)*&&$)2!3$&)$32/*(!*+!/2!/1?!
! ]*1$!]*9)$
"#62!14)#!'6%$1!6&$!3*11/;5$!$%3#61/1$1!2#62!'&**-$!/1!(*2!%$&$59!6!14;B$)2/-$!%622$&:! "#$!;6)@M;$621!7/1)411$7!1*!+6&!#6-$!;$$(!)*(2/(4*41!+$624&$1!*+!2#$!/(12&4%$(265! 36&21!/(!8#/)#!2#$9!633$6&:!"#$!3/)24&$!/1!6!5/225$!%*&$!)*%35$E!/(!2#62!C%$&/)6(/162/*(! *+!F&6H/5/6(!16%;6
! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! V`!"&6(1)&/;$7!+&*%!2#$!65;4%!4,+'G,01'F)*(3$+,2R
C2!2#$!5$-$5!*+!2#$!26)241!*&!I($!869!*+!)*()$/-/('! 2#$1$!28*!*++M;$62!=46-$&1!/1!61!6(!6(2/)/362$7!-$&1/*(!*+!2#$!)&*2)#$21!,+*4&.M,*($.:! a/(6559+!2#$!(*(M'&**-$!%41/)1!8#/)#!#6-$!1*%$!*+!2#$!)#6&6)2$&/12/)1!*+!'&**-$!;42!+655!1#*&2! *+!#6-/('!655!+*4&
72!
861!(*2!'$($&6559!19()*362$7!*&!3*59\#%/)!i*&!/1!*(59!*))61/*(6559!6(7!%/5759!1*j! 6(7'/"0$1"$%20',(3'F)2%,-'/2$%)('%(' /.+%2,(';*0%2,-'Q3%)50
73!
l/2#$&
74!
)-'.%,&!=!
>$!3&**:,!"4&2('+
75!
7/12/()2!36&21!*+!2#$!8*&57!6(7!7/++$&$(2!#/12*&/)65!3$&/*71:!>;-/*4159+2$(($!*+!2#$!+/&12!$2#(*%41/)*5*'/121!2*!26)@5$!2#$!=4$12/*(!*+!2#$!&$562/*(1#/3!;$28$$(! C+&/)6(!6(7!C%$&/)6(!%41/)1!861!]/)#6&7!C:!062$&%6(:!062$&%6(!126&21!;9!7$1)&/;/('! 2#$!C+&/)6(!$5$%$(21!2#62!#$!7$2$)21!/(!C%$&/)6(!%41/)!61!,/(+54$()$1.!6(7!,14&-/-651.! 2#62!#6-$!&$1452$7!+&*%!2#$!19()&$2/1%!;$28$$(!C+&/)6(!6(7!l4&*3$6(!%41/)65!)4524&$1! 8#/)#!65&$679!#67!%4)#!/(!)*%%*(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! R!062$&%6(
76!
l-$&98#$&$
C5&$679($!$5$%$(2!*+!2#/1!\#%/)!/(#$&/26()$!/7$(2/+/$7!;9!062$&%6(!/1!,%$2&*(*%$!1$(1$.
"#/1!)5$6&59!#61!1*%$!6++/(/29!8/2#!2#$!%*&$!%*7$&(!2$&%
"#$!$%3#61/1$7!;$62!6(7!19()*362/*(1!*+!B6HH!6&$!(*2!6!3&*74)2!*+!C%$&/)6(!)4524&65! )*(7/2/*(1
77!
"#$!)*()$32!*+!v#*2v!8$(2!4(7$&'&*4(7
A+!062$&%6(!%/'#2!;$!16/7!2*!+655!/(2*!2#/1!$11$(2/65/12!3*1/2/*(!4(8/22/('59559! 0/51*(559:!,"#$!G/'(/+/)6()$!*+!2#$!]$562/*(1#/3!F$28$$(!C+&*MC%$&/)6(!6(7!0$12!C+&/)6(! I41/).3$(!c$22$&!6;*42!,F56)@!I41/).
78!
2&67/2/*(.:!c62$&!#$!%6@$1!2#$!$=46559!4(1433*&2$7!1262$%$(2!2#62!,2#$!7/12/()2!%6(($&! *+!3569/('!6(!/(12&4%$(2!61!/+!/2!8$&$!6(!$E2$(1/*(!*+!2#$!-*/)$!#61!;$$(!6!4(/=4$!C+&*M C%$&/)6(!+$624&$!2#&*4'#*42!2#$!#/12*&9!*+!;56)@!C%$&/)6(!%41/).:![$!)*(2/(4$1?!,A2!/1! 8$55!@(*8(!2#62!2#$!3$&+*&%6()$!2$)#(/=4$!6!;56)@!B6HH!%41/)/6(!41$1!/1!(*2!2#$!16%$! 61!2#62!*+!#/1!8#/2$!19%3#*(/)!)*4(2$&36&2:.V!"#$!34&3*1$!*+!2#$!&6)/65!$3/2#$21!/(!2#/1! 1$(2$()$!/1!6!%912$&9!1/()$!/2!8*457!;$!2&4$!8/2#*42!2#$%
[$&$'+,2"&'2)-)+&',(3'$1"'*(2)(02%)*0
79!
0/51*(.1!8&/2/('!3&$762$1!6!562$&!2#$*&/162/*(!*+!2#$!4(/29!*+!;56)@!)4524&$!6)&*11! 7/-$&1$!'$*'&63#/)65!6(7!1*)/*M#/12*&/)65!)*(7/2/*(1
"#$9!651*!/()547$!,2#$!%$2&*(*%/)!+*4(762/*(65!3451$!2#62!4(7$&5/$1!655!C+&*MC%$&/)6(! %41/).:!0/2#*42!3641/('!2*!=4$12/*(!8#$2#$&!6(9!*+!2#$1$!3&6)2/)$1!%/'#2!651*!;$!36&2!*+! 6(9!*2#$&!%41/)65!2&67/2/*(
C(9!622$%32!2*!63359!2#$!)62$'*&/$1!*+!l4&*3$6(!6$12#$2/)1!*&!%41/)65!)&/2/)/1%
80!
,G/'(/+9/(i'j.!24&(1!*42!2*!;$!1*%$2#/('!*+!6!)62)#M655!)62$'*&9!/(!a5*97.1!#6(71(!2#$!;61/1!*+!6!1/('5$!)4524&65!+*&%!8#/)#!633$6&1!2*!#6-$!14&-/-$7!+&*%!0$12!C+&/)6! 2*!156-$!)*%%4(/2/$1!/(!2#$!C%$&/)61
81!
6(7!>59%3/)!J6%$1!%412!;$!1$$(!2*!'$2!;/''$&!6(7!;$22$&!8/2#!$6)#!&$)4&&$()$:OR! l4&*3$6(!)4524&$!/1!'*65M*&/$(2$7?! A(!l4&*3$6(!)4524&$
F9!)*(2&612
C55!2#/1!/1!*+!6!3/$)$!8/2#!2#$!)*()$32!*+!,G/'(/+9/(i'j.!61!7$+/($7!;9![$(&9!c*4/1!J62$1!61!! 6!$2*&/)65!3&6)2/)$!4($('6'$7!/(!/(+*&%62/*(M'/-/(':!G/'(/+9/('!24&(1!*(!2#$!3569!6(7! )#6/(!*+!1/'(/+/$&1
A(!*2#$&!8*&71
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! OR!G($67!TT! OO!/;/7:!TQ! OU!/;/7:!T`! OP!/;/7:!QO! ON!J62$1
82!
G($67!%69!#6-$!6!3*/(2!8#$(!#$!7&681!7/12/()2/*(1!;$28$$(!2#$!%41/)!*+!2#$!l4&*3$6(! 6&2!2&67/2/*(!6(7!*2#$&!%41/)1:![/1!7/1)411/*(!*+!2#$!13$)/+/)!%41/)65!2$%3*&65/29!2#62! 6&/1$1!8/2#!%*7$&(/29!)*(26/(1!1*%$!-65/7!/(1/'#21:!"#$!%6/(!3&*;5$%!/1!2#$!15/336'$!/(! #/1!2#$*&9!+&*%!#/12*&/)65M'$*'&63#/)!)62$'*&/$1!2*!$2#(/)!*($1
I9$&1!14''$121!2#62!J62$1!/1!62!5$612!36&259!686&$!*+!2#$!3&*;5$%!*+!#/1!2#$*&9:!"#$!16%$! )6((*2!;$!16/7!*+!2#*1$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! OT!I9$&1
A+!2#$&$!/1!6(9!;56)@!%6(!8#*!19%;*5/H$1!2#$!7/++$&$()$1!;$28$$(!;56)@!6(7!8#/2$! )4524&65!6(7!6$12#$2/)!-654$1
F&6)@$22.1!)56/%!2#62!2#/1!($$7!(*2!;$!6(!$11$(2/65/12!-/$8($!)6((*2!#6-$!/2!;*2#!8691?! $/2#$&!,;56)@!%41/).!&$+$&1!2*!%41/)!%67$!;9!;56)@1
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! OQ!F&6)@$22'I@,-*,$%(H'6)7*-,+';*0%2&!>E+*&7!K(/-$&1/29!X&$11
84!
"#$!3*/(2!#$&$!/1!(*2!2#62!9*4('!;56)@!)#/57&$(!8$&$!(624&6559!%*&$!3#91/)65!2#6(!8#/2$! )#/57&$(!m!;42!2#62!2#$9!8$&$!%*&$!\#%/)6559!,+$%2*-,$"&!;$22$&!6;5$!2*!;&/('!2*'$2#$&! -$&;65!6(7!;*7/59!$E3&$11/-$!7$-/)$1!m!4(7$&!2#$!(6%$!*+!^\#%_:US!
a&/2#!633$6&1!2*!;$5/$-$!2#62!2#$!)56/%!2#62!)#/57&$(!8/2#!6!)$&26/(!1@/(!)*5*4&!6&$! (624&6559!%*&$!,\#%/)6559!6&2/)4562$.!6-*/71!2#$!&6)/65!$11$(2/65/1/('!/(#$&$(2!/(!2#$! )56/%!2#62!2#$9!6&$!(624&6559!%*&$!,3#91/)65.:!! I*&$*-$&'<1"'K*(R'U+))@"0').'!,5"0'S+)9(',(3'6,+-%,5"($&! I/775$2*8(
;$)*%$!1*!7*%/(6(2!2#&*4'#*42!2#$!8*&57
0$!6))$(2!12&*('59!m!2#$!(*2$1!8#/)#!8*457!*&/'/(6559!;$!8/2#*42!6))$(2:!A2!/1!(624&65! +*&!41!2*!7*!2#/1Y!/2!/1
G/%/56&59'/'6,()+,5,&'Ln?!G)#/&%$&
87!
861!*+2$(!2#*4'#2!*+!61!,(/''$&!8*&@.
G/%/56&59
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! PS!b6(!W$&!I$&8$'<1"'/($"2"3"($0').'<9"($%"$1?4"($*+8' 6)7*-,+';*0%2&'!>E+*&7?!k56&$(7*(
88!
"#$!L$'&*$1!4(7*4;2$759!#67!2#$/&!3$)45/6&!/(2*(62/*(
a4&2#$&!4(7$&%/(/('!2#$!;61/1!+*&!7/12/()2!)4524&65!2&67/2/*(1&5$6(1!G2&$$21!/(!L$8!>&5$6(1!861!!,7/12/('4/1#$7!+*&! 2#$!$=465/29!8#/)#!&$/'(1!;$28$$(!;56)@!6(7!8#/2$!D!655!861!#6/5!+$55*8!8$55!%$2
b6(!W$&!I$&8$!'/-$1!2#$!+*55*8/('!3$&2/($(2!86&(/('!6'6/(12!2#$!*-$&M1/%35/+/$7! 1)#$%61!*+!7/12/()2!C+&/)6(M7$&/-$7!;56)@!%41/)65!2&67/2/*(1!6(7!l4&*3$6(!+*5@M;61$7! 8#/2$!*($1?! A+!8$!6&$!2*!&$%$%;$&!*(59!*($!+6)2!6;*42!2#$!C%$&/)6(!%41/)!*+!2#$!3612
A(7$$7
"#$!A156%/)!2&67/2/*(!)6(!62!*()$!;$!&$)*'(/H$7!;9!2#$!-$&9!(6165!6(7!12&/('9!=465/29!*+! 2#$!-*/)$!2#62!/1!/(-6&/6;59!41$7:!F42!677$7!2*!2#$!(6165!-*)65/H62/*(!2#$&$!/1!2#$!-$&9! +&$=4$(2!41$!*+!%*&7$(21!2*!$%;$55/1#!2#$!%$5*79!(*2$1:P`!
c/@$8/1$E+*&7!K(/-$&1/29!X&$11
#$!651*!)&$7/21!2#$!,)626592/)!/(+54$()$.!*+!F&/2/1#!+*5@!%41/)!*(!2#$!869!2#62!3&*)$11!*+! 611$%;59!8*&@$7!/21$5+!*42:NU! 0#62!*+!2#$!*2#$&!+*&%1!'$($&6559!#$57!2*!;$!36&2!*+!6(!C+&/)6(MC%$&/)6(!%41/)65! 2&67/2/*(e!"#$!)655M6(7M&$13*(1$!8*&@1*('!/1!+*4(7!($6&59!655!*-$&!8*&57!8#$&$-$&! 2#$&$!/1!)*%%4(65!%6(465!56;*4&
"#/1!/1!1/%/56&!2*!2#$!%*7$5!3&*3*1$7!;9!Z$/5!8#/)#!26@$1!2#$!3&*)$11!+4&2#$&!;9! 14''$12/('!2#62!2#$!14))$11+45!611/%/562/*(!6(7!)*%%$&)/65/162/*(!*+!6!1295$!3&*-*@$1!/(! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! NU!b6(!W$&!I$&8$!RPN! NP!Z/('%6(!NU! NN!b6(!W$&!I$&8$!T`MQS! NT!)+:!>5/-$&'/.+%2,('J"$"($%)(0'%('$1"'S-*"0&'c/225$#6%32*(!F**@! G$&-/)$1
91!
24&(!6!&$($8$7!7&/-$!2*!/((*-62$!6%*('!2#*1$!/(!2#$!;*22*%!569$&1!*+!1*)/$29
&**21.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! TR!"#/1!/1!36&2!*+!2#$!3&*)$11!*+!/7$(2/29!+*&%62/*(!8#/)#!X645!J/5&*9!7$1)&/;$1!/(!#/1!<1"'S-,2R' /$-,($%2>';)3"+(%$8',(3'P)*C-"'4)(02%)*0("00&!c*(7*(?!b$&1*'6)0$2)-)(%,-':)$"0&'a*"+%"0&'6)0%$%)(0&'c*(7*(?! ]*425$7'$
93!
3*59\#%1.
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
94!
6&'4%$(2
"#$!&$+$&$()$!2*!B6HH!/1!)*(2$126;5$!#$&$
95!
/1!(*2!/(!2#$!5$612!41g$7h!m!2*!/(7/)62$!6(9!6))$(2465!12&$11!/(!2#$!%$5*79:!"#$!)563!#61! (*!/(+54$()$!*(!2#$!%$5*79!62!655:!"#$!5622$&!/1!3$&+$)259!+&$$!2*!34&14$!/21!*8(!)*4&1$()$!2#$!)563!#61!126&2$7!9*4!)6(!($-$&
"#$!%6B*&/29!*+!1247$(21!*+!C+&/)6(!%41/)($!*+!2#$!$11$(2/65!+$624&$1!*+!%*12!2&67/2/*(65!C+&/)6(!%41/)!/1!2#$!6;1$()$!*+!+"H*-,+! 6))$(21:!m!g"#$&$!/1!6(h!6;1$()$!*+!6!2$%3*&65!&$+$&$()$!%62&/E!;61$7!*(!2#$!&$'456&! 652$&(62/*(!*+!6(!6))$(2$7!1*4(7!8/2#!*($!*&!%*&$!4(6))$(2$7!1*4(71Y!2#$!(*2/*(1!*+! %$614&$!6(7!12&*('!;$62!8#/)#!6&$!/(2&/(1/)!2*!14)#!6!+&6%$8*&@!6&$!7/13$(1$7!8/2#:QT!
"#/1!%$6(1!2#62!652#*4'#
*+!2#$!)*(2&612!;$28$$(!12&*('!6(7!8$6@!;$621:.!"#$!%*12!2#62!)6(!;$!16/7!6;*42!2#$! 3&$-65$()$!*+!*++M;$621!/(!C+&/)6(!%41/)($!*+!2#$!%*12!4;/=4/2*41! *+!2#$1$!/1!2#$!1*M)655$7!,126(76&7!3622$&(.
! '/-/('!2#$!12&*('!/%3&$11/*(!2#62!/2!/1!6!19()*362$7!+/'4&$:!,F42.
"#/1!/1!$%3#61/1$7!;9!2#$!+6)2!2#62
6;*-$!$E6%35$!D!;42!&62#$&!6'6/(12!6!1/5$(2
:!
E!
:!
E!
E!
:!
E!
:!
E!
:!
E!
NM12&*@$!:!
E!
:!
E!
:!
:!
E!
:!
E!
:!
E!
:!
! "#$!NM12&*@$!3622$&(!6;*-$!/1!)5$6&59!2#$!1*4&)$!*+!2#$!,&$-$&1$!)56-$.!*+!c62/(!C%$&/)6(! %41/)
! !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! VO!Z4;/@! VU!C'684!VQ! 98!
2#$(!8/2#!6!)#6('/('!2/%$!1/'(624&$!2*!&$+5$)2!2#$!619%%$2&/)65!6))$(21!*+!2#$!14('! 8*&71?! !
! ! G#$!)*%%$(21!2#62!2#$!1$)*(7!-$&1/*(!/1!2&4$&!2*!2#$!C+&/)6(!)*()$32/*(
7/++$&$(2!/(12&4%$(21!6(7!126''$&$7!;6&M5/($1:!c*'/)6559(!2#$!*2#$&!#6(7
861!2#$!,;$(7/('!+/('$&.!%$2#*73$&6:j!G*4&/1!2$12/+/$1!2#62!/(! $6&59!%$(14&65!%41/)
"#/1!@/(7!*+!%41/)!&$3&$1$(21!*&!$%;*7/$1!2#$!%$614&$%$(2!*+!2/%$!*(59!/(!6!8$6@! 1$(1$:!"*!41$!6'6/(!2#$!6(65*'9!*+!5$('2#!%$614&$%$(2
/(+54$()$!*+!6()/$(2!J&$$@!-$&1$!*(!%41/)/6(1!*+!2#/1!2/%$:`U!"#/1!'$($&62$7!6!1912$%! 1*%$8#62!%*&$!%$614&$7!2#6(!2#62!*+!3*$2/)!+$$2!;42!12/55!+6&!+&*%!2#$!%*7$&(! )*()$32/*(!*+!%41/)65!%$2$&:!! C&*%!14''$121!2#62!2#$&$!6&$!651*!5/('4/12/)!1/%/56&/2/$1!8#/)#!#6-$!6!;$6&/('!*(!2#$! )*(($)2/*(!;$28$$(!3&$M%*7$&(!l4&*3$6(!6(7!C+&/)6(!\#%/)1?! "#$!A(7*$4&*3$6(!56('46'$1!2#62!'6-$!&/1$!2*!b$7/)!3*$2&9!6(7!562$&!2*!J&$$@!3*$2&9! #67!7%$21',22"($0!6(7!(*!12&$11:!"#$/&!-$&1/+/)62/*(
"#$!)*()$32/*(!*+!%$614&$7!%41/)!*+!2#$!293$!4(7$&!7/1)411/*(!61!6(!,/(2$&%$7/62$! 126'$.!%69!;$!41$+45
8#*5$!1*)/$2/$1!61!2#$9!$(2$&$7!2#$!3$&/*7!*+!%*7$&(/29:!"#$1$!2&6(1+*&%62/*(1!8/55!;$! $E6%/($7!/(!k#632$&!V:!G4)#!6!#/12*&/)65!)*()$32/*(!($$7!(*2!$(26/5!6!(*&%62/-$! $5$%$(2Y!2#62!/157()$!8$!#6-$!67*32$7!2#62!3$&13$)2/-$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! `N!C&*%!RVS! 103!
/(!2#$!)*()$32/*(!*+!2/%$!8#/)#!3$&26/(!/(!C+&/)6(!6(7!0$12$&(!1*)/$2/$1:!G4%%6&/1/('! 8#62!#$!2$&%1!2#$!0$12$&(!)*()$32/*(!*+!2/%$
[$!%6@$1!2#$!+6%/5/6&!6&'4%$(2!2#62!8$!/(!2#$!0$12!1362/65/H$!2/%$!D!8$!)*()$/-$!*+! 2/%$!/(!2$&%1!*+!7/126()$!D!6(7!2#62
C))*&7/('!2*!I$&&/6%
l-$(!/(!2#*1$!C+&/)6(!56('46'$1!8#/)#!7*!3*11$11!6!8*&7!+*&!2/%$
2#$!2/%$!3&*)$11!/1!(*2!$E3$&/$()$7!61!6!^14))$11/*(!*+!$3*)#65!74&62/*(1_!62!655Y!2#$&$!/1! (*!1$(1$!*+!'*/('!*(!6(7!*(!/(!2#$!16%$!7/&$)2/*((!2#$!)*(2&6&9
>-$&655
2#62!2#$9!6&$!/1*)#&*(*41!6(!/(7/)62/*(!*+!6!%$614&/('!34&3*1$:!"$%3*&65!&$'456&/29! )6(!;$!$E356/($7!;9!2#$!($$71!*+!2#$!76()$&1!*&!;9!2#$!$-$(($11!*+!3#91/)65!6)2/-/2/$1! 14)#!61!865@/(':!A(7$$7
M!
M!
O!
M!
M!
U!
M!
M!
P!
R!
M!
M!
O!
M!
M!
U!
M!
M!
!
R!
M!
M!
O!
M!
M!
U!
M!
! "#/1!&$14521!/(!6!,%452/35$!%6/(!;$62.!/(!8#/)#
,C+&/)6(.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! RSO !):+:!F$&%6('<1"'"B7"+%"(2"').'5)3"+(%$8
107!
"#$!+*&%65!6&&6('$%$(2!*+!#/'#5/+$!1*('1!%69!&$3&*74)$!2#$!3&*2*)*5!*+!;/'!;6(71!*+! 2#$!18/('!$&6:!m!k65931*
C55!2#/1!/1!2&4$
6!3$&1461/-$!*($
109!
)-'.%,&!?!
@,&3$*+2$1!'+A!5+1,'$5&'#6,!%21,! ! ! 0$!#6-$!65&$679!;$'4(!2*!$E35*&$!2#$!)*(2$12$7!2$&&6/(!*+!2#$!(624&$!*+!2#$!/(2/%62$! &$562/*(1#/3!;$28$$(!%41/)!6(7!2/%$:!C2!/21!%*12!*;-/*41
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! R!c6('$&
A2!1$$%1!2*!%$!2#62!2#$!$11$(2/65!%$7/4%!*+!%41/)
>(!2#/1!;61/1&!/1!2#$&$!6!=465/262/-$! 7/++$&$()$';*0%2',(3'$1"'IB$"+(,-'G)+-3&!X&/()$2*(fF*55/('$(
F$&'1*(!6&'4$1;B$)21!6&$!)*()$/-$7!61!$E/12/('!62!)$&26/(!1362/65!3*/(21!*&!%*-/('! 6!%$614&6;5$!7/126()$!;$28$$(!/7$(2/+/6;5$!3*1/2/*(1:!"#$1$!)*()$32/*(1!6(7!%$2#*71! #6-$!;$$(!4()&/2/)6559!2&6(1+$&&$7!+&*%!136)$!2*!2/%$
G362/65/H/('!2/%$!/(-*5-$1!3&$1$(2/('!/2!655!62!*()$($!1#*457!(*2h!67%/2!2#$!3*11/;/5/29!*+!'/-/('!6(!67$=462$!&$3&$1$(262/*(!*+!2/%$!/(! 136)$
"#$!1362/65/H$7!)*()$32/*(!*+!2/%$!/1!/(2/%62$59!;*4(7!43!8/2#!=46(2/+/)62/*(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! N!F$&'1*('T"8'G+%$%(H0&!c*(7*(' <1%(R%(H'S,2R9,+30&!k6%;&/7'$!K(/-$&1/29!X&$11
"#$!$-/7$()$
F$&'1*(!41$1!2#$!2$&%!3*+V"`'+*&!2#/1!14))$11/*(!8/2#*42!7/12/()2/*(
F$&'1*(!;$5/$-$1!2#/1!/1!#*8!36&67*E$1!*+!%*2/*(!5/@$!2#*1$!*+!|$(*!6&/1$:!A(!&$65/29
113!
/(!3&*'&$11!6(7!(*2!6!2#/('.:RO!k#6('$!6(7!%*2/*(!/(!5/-/('!*&'6(/1%1!1#*457!;$! 4(7$&12**7!61!34&$!3&*)$11
! W'+3,&;$!92A,'6!%21,;!*4!15$2(! G4H6(($!c6('$&!6&&/-$1!62!6!-/$8!*+!%41/).1!6;/5/29!2*!&$3&$1$(2!2/%$!+&*%!6!%*&$! '$($&65!3*1/2/*(!*+!%41/)!61!6!19%;*5/)!+*&%:!K(5/@$!34&$!+*&%65/121!14)#!61![6(15/)@
A21!$++$)2!/1!,2*!%6@$!2#/('1!)*()$/-6;5$!&62#$&!2#6(!2*!12*&$!43!3&*3*1/2/*(1.
/1!*+!2#$!@/(7!2#62!#61!(*2!;$$(!)*(1)/*4159!6;12&6)2$7
I41/)!/1
"#/1!@/(7!*+!2/%$!/1!$(2/&$59!3$&)$32/;5$!2#&*4'#!2#$!1$(1$!*+!#$6&/('Y!/2!7/++$&1!+&*%! )*%%*(1$(1$!2/%$
+6/51!2*!)6324&$!*4&!$E3$&/$()$!*+!2#$!7,00,H"'*+!2/%$
F$&'1*(.1!-/265/1%!651*!+/(71!/21!869!/(2*!c6('$&.1!7/1)411/*(!*+!\#%:!I41/)!/1! 19%;*5/)!*+!2#$!#/'#$12!5$-$5!*+!*&'6(/)!5/+$
"#62!/1!8#9!;&$62#/('!/1!\#%/)!$-$(!8#$(!/&&$'456&:!,"#$!)*()$32!*+!\#%!61!6! &$562/*(!;$28$$(!2$(1/*(1!&62#$&!2#6(!61!6!%622$&!*+!$=465!7/-/1/*(1!*+!2/%$!i/:$:!%$2$&j.! %$6(1!2#62!655!2#$!$5$%$(21!*+!%41/)!)6(!;$!)*(1/7$&$7!\#%/)!61!2#$9!3&$36&$!2#$! +424&$!6(7!'$($&62$!$E3$)262/*(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! OS!c6('$&!R`NU:!RRO! OR!/;/7:!RRU! OO!/;/7:!ROQ! OU!/;/7:!RO`! OP!,C!%$5*79!2*!8#/)#!8$!5/12$(!8/2#!*4&!$9$1!)5*1$7!6(7!2#/(@/('!*+!(*2#/('!$51$
116!
F$&'1*(!/1!5$+2!*(59!8/2#!2#$!8$6@!)*()$32!*+!/(24/2/*(!61!2#$!%$6(1!2*!'&613!2#$!2&4$! (624&$!*+!2/%$:ON!! "#/1!/1!6!)&/2/)/1%!8#/)#!$++$)2/-$59!$(7*&1$1!F$&'1*(.1!2#*4'#2!8#/5$!/7$(2/+9/('!6! 1#*&2)*%/('!/(!#/1!6;/5/29!2*!7$%*(12&62$!/2?!%41/)!3&*-/7$1!2#$!3&**+!*+!2#$!12&4)24&$!*+! 3*+V"!61!&$65
G#$!=4*2$1!633&*-/('59!F61/5!7$!G$5/()*4&2?!,I41/)!/1!*($!*+!2#$!+*&%1!*+!74&62/*(Y!/2! 1413$(71!*&7/(6&9!2/%$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ON!c6('$&!R`NU:!RRP! OT!/;/7:!RS`! OQ!/;/7:!RRS! 117!
"#/1!/1!1*%$2#/('!*+!6!$-61/*(!8#/)#!5$6-$1!c6('$&!5$11!6;5$!2*!7$+$(7!2#$!3*1/2/*(!2#62! %41/)!/1!6(!6&2!*+!2/%$!/(!6(92#/('!%*&$!2#6(!6!1#655*8!1$(1$:!X#/5/3!C53$&1*(!1$/H$1!*(! 2#$!/()*(1/12$()9!2#62!#$&!3*1/2/*(!1$$%1!2*!3*1/2!2#&$$!2/%$1?!,14;B$)2/-$!2/%$.! i36116'$j
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! OV!C53$&1*(
118!
$E3$)262/*(!*+!+424&$!&$'456&/29!2#62!2#/1!$('$(7$&1:UR!C2!2#/1!3*/(2!/(!C53$&1*(.1! 6&'4%$(2
[6-/('!;$'4(!;9!)#655$('/('!c6('$&.1!(*2/*(!*+!6!^-/&2465_!2/%$!/(!%41/)
"#/1!/1!6!&62#$&!3&*16/)!3*1/2/*(!+*&!6(!6$12#$2/)/6(!2*!26@$:!A2!8*457!1$$%!2*!7$(9!$-$(! 2#62!6!3/$)$!*+!%41/)!#61!6!-/&2465!2/%$!/(!2#$!5/%/2$7!1$(1$!*+!#6-/('!/21!*8(!2/%$! %$614&$%$(2
3$&+*&%1!2#$!+4()2/*(!(*2!1/%359!*+!)*M*&7/(62/('!2#$!126&2!*+!6!3/$)$!6%*('!6!(4%;$&! *+!3569$&1!;42!651*!*+!*&/$(2/('!2#$%!2*!2#$!*('*/('!3451$
120!
62!2#$!)$(2&$!*+!#/1!2#*4'#24&!#4%6(!3$&13$)2/-$!/1!6!-$&9!5/%/2$7!*($
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! UU!k*5$;&**@'/'U*%3"'.)+'$1"'6"+7-"B"3&'c*(7*(?!k*(2/(44%
3$&+*&%!6!5/;$&62/('!+4()2/*(j'!2#$!/(7$+/(/2$!2/%$!*+!2#$!$-$(2
C$*(!/1!2#$!2/%$!*+!2#$!/(+/(/2/-$!*+!2#$!-$&;!&62#$&!2#6(!6(9!36&2/)456&!2$(1$'2#$!2/%$!*+!%$614&$!2#62!1/2462$1!2#/('1!6(7!3$&1*(1
W$5$4H$!6(7!J46226&/!2#$(!/%%$7/62$59!/(2&*74)$!6!%41/)65!$E6%35$?!! F*45$H!7/12/('4/1#$1!2$%3*!6(7!(*(2$%3*!/(!%41/)?!2#$!^3451$7!2/%$_!*+!6!+*&%65!6(7! +4()2/*(65!%41/)
"#$!2$%3*&65/29!*+!41+)()0!/1!&$562$7!2*!2#$!,356($!*+!*&'6(/H62/*(!6(7!7$-$5*3%$(2.
122!
6&$!14;*&7/(62$7!2*!3*/(21!;$)641$!2#$9!6&$!7$+/($7!;9!2#$/&!$(71!&62#$&!2#6(!2#62! 8#/)#!$E/121!/(!;$28$$(:!"#$!356($!*+!*&'6(/H62/*(!6(7!7$-$5*3%$(2!/1!5/@$!6!356(?!/2!/1! (*2!'/-$(!8/2#!/21!$++$)21
123!
)**&7/(62$1!6(7!%$614&$(!2#/1!;61/1
c/+$!/1!\#%/)
"#$9!2#$(!6(2/)/362$!6!3*11/;5$!*;B$)2/*(?!/+!\#%!/1!/(#$&$(259!4($=465
A(!*2#$&!8*&715/-/$&!I$11/6$(
$E3$&/%$(262/*(!8/2#!(*(M2&67/2/*(65!1*4(7?!$5$)2&*(/)!1*4&)$1
/&&$'456&!2$%3*&65/2/$1!6(7!2#$!&$1452/('!/%3&$11/*(!*+!$%5"-"00("00&'6!)*(($)2/*(!8#/)#! %69!#6-$!/21!&**21!/(!2#$!6#/12*&/)65!6(7!=461/M13/&/2465!-/265/1%!62!2#$!#$6&2!*+!W$5$4H$.1! 2#*4'#2:!J&/++/2#1!/1!$E35/)/2!/(!/7$(2/+9/('!2#/1!613$)2!*+!I$11/6$(.1!%41/)!8/2#!/21!56)@!*+! %$2$&?! A(12$67!*+!6!%$2&$
"#$!*2#$&!1)#**5!*+!%*7$&(!)*%3*1/2/*(!8#/)#!&$)$/-$1!$(7*&1$%$(2!/(!W$5$4H$!6(7! J46226&/.1!;%--"'6-,$",*B!/1!2#$!%/(/%65/1%!*+!G2$-$!]$/)#':"9'5",(%(H0&'("9'$"57)+,-%$%"0&'("9'-%0$"(%(H' 0$+,$"H%"0
127!
@(*8(!6(7!$E35/)/259!6&2/)4562$7:!A2!#61!;$$(!)56/%$7!2#62!W$5$4H$!#$57!6!%4)#!%*&$! *3$(!622/247$!2*!0$12$&(!&*)@!6(7!3*3(!2#/1!&$67/('($!*+!2#$!%*12!1/'(/+/)6(2!)*(2&/;42/*(1!2*!%41/)65!6$12#$2/)1!/(!2#$!28$(2/$2#!)$(24&9! #61!;$$(!%67$!;9!b/)2*&!|4)@$&@6(75
! 128!
3#/5*1*3#9!*+!%41/)!/(!#/1!1$%/(65!28*M-*54%$!8*&@(!2#$!)*(2&6&9
"#/1!5$671!|4)@$&@6(75!2*!%6@$!6!)*%36&/1*(!1/%/56&!2*!c6('$&.1!;$28$$(!%41/)65!6(7! &$5/'/*41!19%;*5/1%?!2#$!869!2#62!%$6(/('!&$1/7$1!/(!2*($1!/1!5/@$!2#$!869!2#62
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! PV!|4)@$&@6(75!R`QU
$E3&$11/*(!6(7!19%;*5/1%!)*()$&(!D!,/(($&!5/+$.:NR!a*&!|4)@$&@6(75
"#/1!26@$1!41!)5*1$!2*!6!+*&%65/12!3*1/2/*('=)-*5"']k
130!
2*($1!7*!(*2!&$=4/&$!2*!;$!+/55$7Y!$-$(!&$121!;$28$$(!2#$!2*($1!*+!6!%$5*79!7*!(*2! 7$12&*9!2#$!)*(2/(4/29!*+!2#$!%*2/*(:! |4)@$&@6(75!24&(1!2*!F$&'1*(!+*&!#$53!/(!4(7$&126(7/('!2#/1!6336&$(2!34HH5$:!F$&'1*(! /(1/121!2#62!,655!&$65!)#6('$!/1!/(7/-/1/;5$!)#6('$:!0$!5/@$!2*!2&$62!/2!61!6!1$&/$1!*+!7/12/()2! 1262$1!8#/)#!+*&%
C(7!F$&'1*(!41$1!6(*2#$&!%41/)65!6(65*'9:!0#$(!8$!5/12$(!2*!6!%$5*79
|4)@$&@6(75!$(5/121!2#$!1433*&2!*+!319)#*5*'/)65!2#$*&9!6(7!$E3$&/%$(2!2*!1#*8!2#62! %*2/*(!/1!3$&)$/-$7!61!6!7/&$)2!6(7!1/('5$!1$(162/*(!&62#$&!2#6(!61!1*%$!2#/('!;$/('! 14))$11/-$59!/(!14))$11/-$!356)$1:NV!a&*%!2#/1!#$!6&'4$1!2#62!/2!/1!(*2!2#$!7/++$&$(2! 3/2)#$1!*+!$6)#!2*($!/(!6!%$5*79!8#/)#!'$($&62$!/21!%*-$%$(2
"#/1!/1!(*2!1/%359
%*2/*(E5$9!$E356/(/('!2#$!7$12&4)2/*(!*+!%$2$&!($)$116&9!+*&!,+&$$! /%3&*-/162/*(.?!^A2!861!6!&$5$61$!+&*%!2#$!7*'%6!*+!2#$!;$62:_!F6/5$9
132!
+*&)$1!76%%$7!43!/(!%$2$&:.TP!"#$!@$9!2*!2#/1!/1!6(!4(7$&126(7/('!*+!%$2$&!61!86-$
|4)@$&@6(75!&$)*'(/H$1!2#62!2#/1!&$3&$1$(21!6!)#655$('$!2*!2#$!2&67/2/*(65!)*()$32/*(!*+! 2/%$!61!1/%359!6!,+*&%!*+!$E3$&/$()$.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! TP!|4)@$&@6(75!R`QU
2#&*4'#!2*($1:.QR!"#$!+6)2!2#62!%$2$&!)*(2/(4$1!2*!;$!+$52!2#&*4'#!&$121!/(!%41/)! 7$)/1/-$59!3&*-$1!/2:!I$2$&!6(7!\#%!2#$%1$5-$1!6&$!(*2!$++$)21!%(!2/%$
$11$(2/6559!6!)*(2/(462/*(!*+!8#62!(*!5*('$&!$E/121!/(2*!8#62!7*$1!$E/12:!"#/1!/1!&$65!2/%$4&!3*+V"'/1!6!($)$116&9! )*%3*($(2!/(!2#$!/7$(2/+/)62/*(!*+!1/%4526($/29?!,0$!m!)655!28*!$E2$&(65!+5*81!2#62! *))439!2#$!16%$!74&62/*(!,1/%4526($*41.!;$)641$!2#$9!;*2#!7$3$(7!43*(!2#$!74&62/*(! *+!6!2#/&7
/1!2#$!1/%4526($/29!;$28$$(!28*!/(126(21!*+!28*!%*2/*(1!*421/7$!41!2#62!$(6;5$1!41!2*! %$614&$!6(!/(2$&-65!*+!2/%$Y!iOj!/2!/1!2#$!1/%4526($/29!*+!2#$1$!%*%$(21!8/2#!%*%$(21! 7*22$7!;9!2#$%!65*('!*4&!/(($&!74&62/*(!2#62!%6@$1!2#/1!%$614&$%$(2!*($!*+!2/%$:.VS!A2! /1!61!2#*4'#!8$!*4&1$5-$1!6&$!2#$!*(59!)*()$/-6;5$!%$614&/('!7$-/)$1!+*&!3*+V":! C55!*+!8#/)#!/%35/$1!2#62!2#$!+6/2#!8$!356)$!/(!*;B$)2/-$!2/%$!%$614&$%$(2
A+!2/%$!/1!/(!$11$()$!4(%$614&6;5$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! VS!F$&'1*(!/(!C(1$55!X$6&1*(!s!I4556&@$9!ORU! VR!/;/7:!ORU! VO!|4)@$&@6(75!R`QU
c/@$!*2#$&!@/(71!*+!86-$
2#$!%$2&/)!86-$!;9!#/'#5/'#2/('!2#$!$11$(2/65!1/%/56&/29!*+!2#$!%62$&/65:VN!C(!652$&(62/-$! $E356(62/*(
L$/2#$&!8*457!8$!+$$5!2#$!($8!,*($.!)*&&$)259!61!,*()$M6'6/(.!/+!2#$!3&$-/*41!,*($.!8$&$! (*2!1*%$#*8!12/55!3&$1$(2!/(!2#$!;6)@'&*4(7:![/'#59!&$3$2/2/-$($.!3&*)$$71!2*86&71!2#$!(*2M9$2M$E/12$(2!,28*.
61!8$!#6-$!1$$(
k*%36&$!2#/1!8/2#!#/1!)*(2$%3*&6&9!0/55/6%!\6%$1.1!+6%*41!7$1)&/32/*(!*+!2#$! ,13$)/*41!3&$1$(2.?! "#$!*(59!+6)2!*+!*4&!/%%$7/62$!$E3$&/$()$!/1!m!,2#$!07"2%)*0!3&$1$(2.!m!2#$!3&6)2/)6559! )*'(/H$7!3&$1$(2!/1!(*!@(/+$M$7'$
\6%$1
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! VV!F$&'1*(
"#/1!/1!6!3&$1$(2!+&*%!8#/)#!(*2!Q
|4)@$&@6(75!#$&$!'*$1!%4)#!+4&2#$&!2#62!F$&'1*(!/(!622&/;42/('!2*!2/%$!3&*3$&2/$1!*+!/21! *8(
%41/)/6(1!%6(/34562$!/(!2#$!)641$!*+!%41/)65!$E3&$11/*(:!a&*%!6!126&2/('!3*/(2! /(+*&%$7
I41/)!3&*-/7$1!2#$!%$7/4%
)&/2/=4$!*+!2#$!,)*()$32!*+!&$65/29.!8#/)#!#61!;$$(!611$%;5$7!;9!1)/$()$!6(7!3#/5*1*3#9! *-$&!2#$!5612!1$-$&65!#4(7&$7!9$6&1:!! |4)@$&@6(75!)56/%1!2#62!1*%$2#/('!*+!6!)&/1/1!#61!7$-$5*3$7!/(!*4&!4(7$&126(7/('!*+!2#$! 8*&57:!"#/1!)&/1/1!/1!6!;9M3&*74)2!*+!1)/$(2/+/)!&62/*(65/29
*+!2/%$:!a4&2#$&%*&$;B$)2/('!2*!613$)21!*+!/2!14)#!61!%$2$&!2#$&$+*&$! ;$)*%$1!(*(1$(1/)65?!/2!8*457!;$!5/@$!*;B$)2/('!2*!2/%$!/21$5+:!"#$&$!/1!*(59!*($!@/(7!*+! 2/%$!/(!2#$!8*&57Y!%41/)!/1!2#$!+*&%!/(!8#/)#!2/%$!%6@$1!/21$5+!3$&)$32/;5$:!!!
143!
)-'.%,&!B!
@'(-,6'&A;$!(6*5A!*4!2+$%'+%$! ! A(!J612*(!F6)#$56&7.1!8*&@!8$!+/(7!6!)*()$32/*(!*+!2/%$!;61$7!*(!6!;&$6@!8/2#! F$&'1*(.1!2#$*&/H62/*(!*+!74&62/*(:!0#62!$E6)259!/1!F6)#$56&7.1!)&/2/=4$!*+!F$&'1*(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! R!F6)#$56&7
144!
*(59!143$&+/)/6559!;$!;&*@$(!;9!8#62!5/$1!*421/7$
a*&!F6)#$56&7
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! O!F6)#$56&7<'P%,-"2$%2').'P*+,$%)(&!OV! U!/;/7:!OR! P!I)C55$12$&!\*($1'F*Cf"2$%@"'O*5,(%0$
8*&71
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Q!F6)#$56&7<'P%,-"2$%2').'P*+,$%)(&!PU! V!X*8$&!ROO! `!I)C55$12$&!\*($1!UU! 146!
6))*&7/('!2*!F6)#$56&7;B$)2/-/29!;$)*%$1!2#$!34&$&!61!/2!)$61$1!2*!;$!3611/-$!/(!*&7$&!2*!;$)*%$! %*&$!%6&@$759!6)2/-$
C1!+6&!61!2#$!2$%3*&65!613$)21!*+!1)/$()$!6&$!)*()$&($7
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! RS!F6)#$56&7<'P%,-"2$%2').'P*+,$%)(&!TQMV! RR!/;/7:!QT! 147!
2#$!$11$(2/65!+4()2/*(!*+!74&62/*(!/1!7*4;25$11!34&$59!6(7!1/%359!,)*&&$13*(7$()$.:! 0#$(!8$!%6@$!28*!*&7$&1!)*&&$13*(7()$!2#$!)*&&$13*(7$()$!#61!;$$(!)*%35$2$7
A(!+6)24&!1$(1$1! )6(!;$!2#*4'#2!*+!61!12&*;*1)*3/)!/(12&4%$(21!8#/)#!34&14$!,6(!4()*(1)/*414&!%/(7
"#/1!/1!6!)*()$32/*(!*+!2/%$!8#/)#!/1!(*2!#*12/5$!2*!%$614&$%$(2!6(7E+*&7!K(/-$&1/29!X&$11
658691!1$$!2#$!#62)#$7!5/($1!*+!7/1)*(2/(4/29!3&$1$(2!2#$&$:.!"#$!)*(2/(4/29!2#62!8$!#$6&! /(!%$5*79!/1!6(!,$%*2/*(65!&$)*(12&4)2/*(!8#/)#!)*%$g1h!2*'$2#$&!;$9*(7!2#$!&$65! 1$(162/*(.
0#$(!F6)#$56&7!7*$1!24&(!2*!2#$!=4$12/*(!*+!2/%/('
"#$!7/126()$!F6)#$56&7!#67!$126;5/1#$7!+&*%!F$&'1*(!1$$%1!2*!#6-$!)*55631$7!#$&$:! "#$!6&'4%$(2!633$6&1!2*!#6-$!1#/+2$7!+&*%!2#$!)56/%!2#62!%41/)!/1!6!%$263#*&!+*&! 74&62/*(!2*!2#$!)56/%!2#62!%41/)!$%;*7/$1!6!34&$!74&62/*(
G$)*(7!/1!2#$!/%35/)62/*(!/(!2#$!6;*-$!36116'$!2#62!2#$!$E/12$()$!*+!(*262/*(!($)$116&/59! 3&*74)$1!2$%3*&6559!&/'/7!3$&+*&%6()$1:!C)246559
%$614&/('!/(12&4%$(2!/(!%41/)
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! OU!F6)#$56&7<'P%,-"2$%2').'P*+,$%)(&!ROQ! OP!I4&1$55
74&62/*(1:!A(7$$7
"#/1!36116'$!)*(2&67/)21!2#$!869!2#62!2#$!\#%/)!3&*)$11$1!62!2#$!#$6&2!*+!%41/)!6&$! 4(7$&12**7!;9!2#*1$!2#62!%6@$!%41/)!D!%41/)/6(1!2#$%1$5-$1:!A(!$(1$%;5$!%41/)!/2!/1! 4(7$&12**7!2#62!2#$&$!%0'%(3""3!4146559!*($!+4(76%$(265!\#%!2*!8#/)#!655!2#$! /(12&4%$(21!&$+$&+! )*4&1$
153!
74&62/*(:![*8$-$&
A2!%69!;$!6&'4$7!2#62!F6)#$56&7!/1!&$+$&&/('!$E35/)/259!2*!1)/$(2/+/)!3&6)2/)$1!#$&$
154!
+&*%!^(*8M3*/(2_!2*!^(*8M3*/(2_!7*$1!(*2!1/2!8$55!8/2#!#/1!611$&2/*(!2#62!,2#$&$!/1! (*2#/('!&$6559!*;B$)2/-$!/(!2/%$!*2#$&!2#6(!2#$!*&7$&!*+!14))$11/*(.:O`!! 0/[email protected]!+*)41!/1!*(!2#$!)*()$32!*+!,2#*4'#2!2/%$.
G#$!7&681!2#$!)*()541/*(!+&*%!2#/1!2#62!F6)#$56&7!/1!14''$12/('!6!)*()$32!*+! 2$%3*&65/29!/(!8#/)#!2#$&$!/1!6(!,/(2$&3$($2&62/*(!*+!3612!6(7!+424&$!D!6!3612!/(12/242$7! 2#&*4'#!2#$!+424&$!61!%4)#!61!6!+424&$!/(12/242$7!2#&*4'#!2#$!3612.
/1*\#%/)!2$)#(/=4$1!/(-*5-$!2#$!36&626)2/)!)*%;/(62/*(!*+!5*('
2&6(13*1$7!&$3&*74)$!2#$!*&/'/(65!1$2!*+!3/2)#$1:!G4)#!6!2$)#(/=4$!)*%35$2$59!(455/+/$1! 2#$!$++$)21!*+!2&6(13*1/2/*(!6(7!%*74562/*(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! UN!G#$&568!\*#(1*(
4(/+*&%/29!*+!+4(76%$(265!2/%$:!"#/1
0#62!2#/1!14''$121!+/&1259!+*&!6(!6(2/MF$&'1*(/6(!4(7$&126(7/('!*+!%41/)!/1!6!;&$6@!8/2#! 2#$!3&6)2/)$!*+!26@/('!)*(2/(4*41!%$5*79!/(!8#/)#!*($!(*2$!%$&'$1!/(2*!2#$!($E2!61!2#$! %*7$5!+*&!%41/)!61!6!8#*5$:!A2!/%35/$1!'/-/('!74$!)*(1/7$&62/*(!2*!655!2#$!$5$%$(21!*+! %41/)!8#/)#!7*!(*2!#6-$!2#/1!)#6&6)2$&/12/)!*+!4(;&*@$(!)*(2/(4/294&!*8(!633&*6)#!/1!2#$!-$&9!*33*1/2$!*+!F$&'1*(.1!m!
A2!/1!6!%*7$5!/(!8#/)#!2#$!'631!;$28$$(!2#$!(*2$1!6&$!;&*4'#2!/(2*!-/$8!61!%4)#!61!2#$! (*2$1!2#$%1$5-$1:!"#/1!6'6/(!/1!/(!5/($!8/2#!F6)#$56&7.1!)&/2/=4$!*+!F$&'1*(?!74&62/*(!/1! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! UQ!F6)#$56&7
(*2!'/-$(!/(!/21!+455($11
[$!651*!6&'4$1!2#62!14)#!8$6-/('!/1!+4(76%$(26559!6(!%($"(0%@"!&62#$&!2#6(!6(!$E2$(1/-$! 3&*)$11
"#/1!5$671!F6)#$56&7!2*!169!2#62!,74&62/*(1!6&$!+/&12!*+!655!.)+5"3:!"#$9!6&$!+5$1#$7!*42! 6(7!+/55$7!562$&:.PU!"#/1!2#*4'#2!3*11/;59!#61!&$5$-6()$!+*&!6!)*%36&/1*(!;$28$$(!2#$! 0$12$&(!)5611/)65!6(7!3*3456&!%41/)!2&67/2/*(1:!A2!)6(!;$!6&'4$7!2#62!2#$!19%3#*(/)! 2&67/2/*(!;61$7!*(!2#$!1*(626!+*&%!/1!2#$!$3/2*%$!*+!6(!"B$"(0%@"!%*7$5!*+!%41/)65! 4(+*57/('
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! U`!F6)#$56&7
+&*%!;61/)!%41/)65!62*%1.(!X*3456&!I41/).!iR`PRj!/(!/3)+()>'I00,80')(';*0%2&'$7:!c$33$&2
PQ!F6)#$56&7'F2%"(2"',(3'NCf"2$%@%$8&!k6%;&/7'$!K(/-$&1/29!X&$11
160!
61!%42$!$E3$&/$()$NS!6(7!&$65/29!/1!(*2!^+*4(7_!;42!^)*(=4$&$7_:NR!"#62!F6)#$56&7! ;$5/$-$1!2#62!2#/1!/()547$1!2#$!&$65/29!*+!2/%$!/1!1262$7!)5$6&59?! 0$!m!($$7!2*!6&/2#%$2/1$!F$&'1*(/6(!74&62/*(!1*!61!2*!'/-$!/2!%*&$!+54/7/29
I41/)()$!2#/1! 19()#&*(/1%!#61!;$$(!6)#/$-$7
A(2$&14;B$)2/-$!4(/*(!#$&$!/1!)*()$/-$7!61!6!+4()2/*(!*+!2$%3*&65/29
2#$!5$-$5!*+!5/+$!/21$5+($!7*$1!(*2! ($$7!2*!6))$32!F6)#$56&7.1!7$+$()$!*+!#*%$*362#9!/(!2#/1!)#632$&!2*!+*55*8!2#$! 6&'4%$(2!2#62!1/()$!%*7$&(!3#91/)1!#61!7/1)*-$&$7!2#$!/(2$&)#6('$6;/5/29!*+!%622$&! 6(7!&67/62/*(
)-'.%,&!C!
"A*&+*!'+A!&,242,A!%21,! ! C7*&(*!#61!2*!;$!6!)$(2&65!&$+$&$()$!3*/(2!+*&!6(9!12479!*+!2#$!2$%3*&65/29!*+!%41/)!+*&! 1$-$&65!&$61*(1:!a/&12'I00,80')('4+%$%2,-'<1")+8',(3';*0%2&! c*(7*(?!Z6#(!6(7!C-$&/55
163!
,56)@!*+!)*(-/)2/*(1.'<1")+8',(3';"$1)3&'k6%;&/7'$!K(/-$&1/29!X&$11
"/%$!/1!6!)&4)/65!$5$%$(2!*+!2#$!7/12/()2/*(!C7*&(*!7&681!;$28$$(!,1$&/*41.!6(7!3*3456&! %41/)(!X*3456&!I41/).(!X*3456&!I41/).!iR`PRj'I00,80')(';*0%2&'$7:!c*(7*(?! K(/-$&1/29!*+!k65/+*&(/6!X&$11
,+4(76%$(265!;$62!g8#/)#h!/1!&/'*&*4159!%6/(26/($7!g6(7h!m!/1!%6&@$7!*-$&!6(7!*-$&! 6'6/(!;9!2#$!;611!7&4%.`:!>($!%/'#2!=4$12/*(!8#$2#$&!2#$!;611!7&4%.1!&*5$!/1!6! ($)$116&9!36&2!*+!2#$!6&'4%$(2
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! `!C7*&(*(!\6HH.!iR`UTj(!\6HH.
#*8$-$&
"#$!/(67$=46)9!*+!%41/)!*&'6(/1$7!/(!2#/1!869!/1!2#62!/2!&$3&$1$(21
>&!6'6/(?!! "#$!)452!*+!2#$!%6)#/($!8#/)#!/1!&$3&$1$(2$7!;9!4(6;62/('!B6HH!;$621!/(-*5-$1!6!1$5+M &$(4()/62/*(!m!"#$!6763262/*(!2*!%6)#/($!%41/)!($)$116&/59!/%35/$1!6!&$(4()/62/*(!*+! *($.1!*8(!#4%6(!+$$5/('1!6(7!62!2#$!16%$!2/%$!6!+$2/1#/1%!*+!2#$!%6)#/($!14)#!2#62!/21! /(12&4%$(265!)#6&6)2$&!;$)*%$1!*;1)4&$7!2#$&$;9:RN!!!
A&*(/)6559
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! RP!C7*&(*(!2#$!G*)/65!G/2462/*(!*+!I41/).!iR`UOj(!X*3456&!I41/).(!\6HH.
a*&!C7*&(*
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! RV!C7*&(*(!\6HH.!P,(2"' ,(3'P+%--'%('O*5,('O%0$)+8&!k6%;&/7'$(!X*3456&!I41/).(!\6HH.
168!
*42!*+!/21$5+:!A2!/1!34&3*1$5$11Y!/2!5$671!(*8#$&$!6(7!/1!6&;/2&6&/59!8/2#7&68(!;9!6(! 4(7/65$)2/)65
C2!2#$!#$6&2!*+!2#$!319)#*5*'/)65!613$)2!*+!C7*&(*.1!6(6591/1!/1!2#$!(*2/*(!2#62(!\6HH.(!\6HH.
C7*&(*!6&'4$1!2#62!2*!&$)*'(/1$!2#62!%41/)65!2/%$!6(7!&$65!2/%$!6&$
I41/)65!2/%$!/1!)*(($)2$7!2*!&$65!2/%$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! OQ!C7*&(*(!2#$!k*(2$%3*&6&9!]$562/*(1#/3!*+!X#/5*1*3#9!6(7!I41/).!iR`NUj!/(!c$33$&2
7/-$12$7!*+!2#$/&!)*%3451/-$($11:!X6&67*E/)6559
"#41!8$!#6-$!6!)*()$32/*(!*+!2#$!&$562/*(1#/3!;$28$$(!6&2!6(7!&$65/29!/(!8#/)#!8*&@1!*+! 6&2!6&$!4(7$&12**7!2*!$%;*79!$5$%$(21!*+!2#$!$%3/&/)65!8*&57(!2#$!*2#$&!#6(7
A2!1#*457!;$!)5$6&!+&*%!8#62!#61!'*($!;$+*&$!2#62!/(!B6HH!6(7!3*3456&!%41/)!C7*&(*! ;$5/$-$7!2#62!2#/1!+4(76%$(265!7/65$)2/)!;$28$$(!%41/)65!2/%$!6(7!$%3/&/)65!2/%$!/1! +626559!4(7$&%/($7:!F$+*&$!)*(1/7$&/('!$E6)259!#*8!6(7!8#9!2#62!+6/54&$!*))4&1
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! OV!C7*&(*(!2#$!k*(2$%3*&6&9!]$562/*(1#/3!*+!X#/5*1*3#9!6(7!I41/).
[/12*&9!/1!2#$!)*(2$(2!*+!6&28*&@1:!"*!6(659H$!6&28*&@1!%$6(1!(*!5$11!2#6(!2*!;$)*%$! )*(1)/*41!*+!2#$!#/12*&9!/%%6($(259!1$7/%$(2$7!/(!2#$%:UR!
k*(1$=4$(259(!2#$!k*(2$%3*&6&9!]$562/*(1#/3!*+!X#/5*1*3#9!6(7!I41/).
A(!2#/1!869
F$&'1*(.1!+*&%4562/*(1!*(!2#$!1362/65/162/*(!*+!2/%$!#67!;$)*%$!6(!/(+54$(2/65!&$+$&$()$! 3*/(2!+*&!%6(9!2#/(@$&1!6(7!6&2/121!*+!2#$!%*7$&(/12!#$9769!*+!2#$!$6&59!36&2!*+!2#$! 28$(2/$2#!)$(24&9:!A(!1*%$!8691
173!
)*&&$)2$7!;9!6(!633&*3&/62$!%*7$!*+!2#*4'#2
"#41!/2!/1!)5$6&!2#62!8#62!4(7$&3/(1!C7*&(*.1!)&/2/=4$
(*2/('!2#62!/(!2#$!%41/)!*+!G)#*$(;$&'!6(7!F$&'
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! UQ!0/2@/(!]:!/3)+()')('';*0%2&'c*(7*(?!]*425$7'$
A2!/1!06'($&.1!41$!*+!2#$!-"%$5)$%.&'$5$%$(21!*+!2#$%62/)!%62$&/65!2#62!&$)4&!2#&*4'#*42! 6(!*3$&6!2*!1/'(/+9!36&2/)456&!)#6&6)2$&1!*&!1/2462/*(1!/(!2#$!7&6%6
"#$!1362/65/162/*(!*+!2/%$!/1!6'6/(!C7*&(*.1!)*()$&(!/(!#/1!)*(1/7$&62/*(!*+!2#$!%41/)!*+! G2&6-/(1@9'+"$+%"@%(H'$1"'+"7+"00"3
&$562/*(1#/3!2*!2/%$!14)#!2#62!/2!,2&6(1+*&%1!2#$!#$2$&*'$($*41!)*4&1$!*+!2/%$!/(2*!2#$! +*&)$!*+!2#$!%41/)65!3&*)$11.:!"#$!\#%/)M1362/65!293$!,*;$91!2#$!;$62!*+!2#$!7&4%:!A2!/1! /(2$(2!43*(!2#$!6&2/)4562/*(!*+!2/%$!2#&*4'#!2#$!7/-/1/*(!/(2*!$=465!%$614&$1!8#/)#!m! -/&246559!6;&*'62$1!6(7!1362/65/H$1!g2/%$h:.PP!"#$!\#%/)M1362/65!/1!651*!611*)/62$7!8/2#! 76()$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! PP!C7*&(*
0/2@/(!)*%%$(21!2#62!2#/1!@/(7!*+!1362/65/162/*(!*+!2/%$
0#62!/1!(*26;5$!/1!2#$!$E2$(2!*+!2#$!1/%/56&/29!;$28$$(!2#$!869!C7*&(*!)&/2/)/1$1!2#$! 2$%3*&65/29!*+!B6HH!6(7!3*3456&!%41/)!*(!2#$!*($!#6(7!6(7!2#62!*+!06'($&!6(7! G2&6-/(1@9!*(!2#$!*2#$&:!"#$!)&/2/=4$!)*%3&/1$1!28*!;61/)!$5$%$(21:!"#$!+/&12
06'($&.1!41$!*+!,;$62/('!2/%$.?!/(!;*2#!)61$1!2#$!+*&%!/1!1$2!*42!/(!67-6()$!6(7!/1!1/%359! ,+/55$7!/(.!8/2#!%41/)65!%62$&/65:NO!!A+!C7*&(*!/1!&/'#2!6;*42!#*8!2#$1$!12&4)24&$1!)*%$! 6;*42(!X*3456&!I41/).
677/2/*((!2#$!*2#$&!#6(7
2#$!652$&62/*(!)6(!;$!%$614&$7?!6!1/2462/*(!*+!2*265!7/++$&$()$!8*457!;$!61!62$%3*&65!61! *($!*+!2*265!16%$($11:!C7*&(*!&$+$&1!2*!2#/1!61!2#$!3&/()/35$!*+!,(*(M/7$(2/29!*+!/7$(2/29.! 4(7$&!8#/)#!,%41/)!7*$1!(*2!1/%359!14&&$(7$&!2*!2/%$
F$$2#*-$(!+/(71!/2!($)$116&9!2*!&$26/(
181!
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
I*&$!1$&/*4159()$!6'6/(!%41/)!14;74$1!2/%$
J/-$(!2#$!)$(2&65/29!*+!2#$!)62$'*&9!*+!#/12*&9!2*!C7*&(*.1!6$12#$2/)1
3*/(2$7!*42!2#62
"#41
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! TS!C7*&(*
183!
! H5$2(!'+A!%-,!,1.2&2('6!Z*&6A! A2!1$$%1!2#62!
184!
$5$%$(2!1#*457!;$!$E2/&362$7!+&*%!6&2!652*'$2#$&(!2#$!*($!#6(7+!)*(1/7$&6;5$! /(+54$()$!*(!C7*&(*.1!2#*4'#2!/1!I6E!0$;$&
R`NV:!PRMO!
185!
T-,@%"+TT!62!2#$!126&2!*+!2#$!;*4&'$*/1!$&6(!2#$!*2#$&!#6(7
[$&$!&62/*(65/162/*(!/(!6&2!/1!4(7$&12**7!61!2#$!%/%$1/1!*+!2#$!/(12&4%$(265! &62/*(65/162/*(!*+!1*)/$29
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! TT!0$;$&
A2!%69!;$!3*11/;5$!2*!63359!2#/1!7/65$)2/)!*+!%/%$1/1!6(7!&62/*(65/29!13$)/+/)6559!2*!2#$! /114$!*+!2/%$!/(!6!869!2#62!3&*74)$1!6!7/++$&$(2!*42)*%$!+&*%!2#62!6&&/-$7!62!;9!C7*&(*:! 0$;$&.1!7/1)411/*(!*+!2#$!&62/*(65/162/*(!*+!%41/)65!%62$&/65!+*)41$1!65%*12!$E)541/-$59! *(!2#$!613$)2!*+!3/2)#
"#$!0$12$&(!1912$%.1!+*4(762/*(1!*(!)$&26/(!/(2$&-651!i/(!356)$!5*('!;$+*&$!2#$! ;*4&'$*/1!$&6j!/1!74$!2*!2#$!&62/*(65/29!D!/(!2#$!%62#$%62/)65!1$(1$!D!*+!2#$!(4%;$&! &$562/*(1#/31!/(-*5-$7!i*)26-$1
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! T`!0$;$&
*&'6(/162/*(!6(7!6&'4/('!2#62!2#$!5622$&!#61!(*!356)$!/(!%41/)
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! QS!F5*)#(!2#$!%62#$%62/)65!6(7!7/65$)2/)65!)#6&6)2$&!/(!%41/).!iR`ONj!/(!F5*)#(!2#$!k*(2$%3*&6&9!]$562/*(1#/3!*+!X#/5*1*3#9!6(7!I41/).
188!
A(7$$7!#$!'*$1!7*!+6&!61!2*!169!2#62!2#$!&/'*&*41!6335/)62/*(!*+!&62/*(65/29!/1!2#$!*(59! 869!2*!16-$!2#$!,13$55.!*+!6&2
C1!8$!168!/(!k#632$&!P
a*&!|4)@$&@6(75
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! QU!|4)@$&@6(75!b/)2*&
*+!)*(2$%3*&6&9!3*3456&!%41/)!#61!(*2!1*!%4)#!7$-$5*3$7!2#$1$!2$)#(/=4$1!61! )*(+*&%/12/)6559!7455$7!2#$%:QP!'
C1!8$!#6-$!1$$(
0#62!|4)@$&@6(75!)*&&$)259!1#*81!/1!2#62!2#/1!6(2/2#$1/1!/1!+651$!6(7!2#62!C7*&(*.1! 7$%6(7!2#62!19()*362/*(!1#*457!*;5/2$&62$!%$2$&!/1!%/1356)$7:!G9()*362/*(!/1!2#$! 36&67/'%62/)!$E6%35$!*+!2#$!7/65$)2/)65!&$562/*(1#/3!;$28$$(!%$2$&!6(7!\#%:!C1!861! 7/1)411$7!/(!2#$!$6&59!)#632$&1(!2#$!a$2/1#Mk#6&6)2$&!*+!I41/)!6(7!2#$!]$'&$11/*(!*+!c/12$(/('.!iR`UVj
190!
"#$!+*&$'*/('!6(6591/1!#61!26@$(!2#$!7$-$5*3%$(2!6(7!/(2$(1/+/)62/*(!*+!%$2$&!61!6(! 613$)2!*+!2#$!&62/*(65/162/*(!*+!%41/)65!%62$&/651!8#/)#!/21$5+!/1!6(!$5$%$(2!*+!6!%*&$! 8/7$13&$67!3&*)$11!*+!,7/1$()#6(2%$(2.
"#$!\#%/)!+$624&$1!*+!2#$!%*12!3&$-65$(2!@/(71!*+!28$(2/$2#!)$(24&9!%41/)!6&$!(*2
]$3$2/2/*(!/(!%41/)!(624&65/1$1!2#$!$-$&M16%$!3&*)$11$1!*+!)63/265/12!1*)/$29
)#6('$!*&!7$-$5*3%$(2:!A2!$()*4&6'$1!/7$(2/+/)62/*(!8/2#!1*)/65!3*8$&
a*&!C7*&(*+!)*4&1$
/1!6!,%6@/('!*($1$5+!5/@$.!6(!613$)2!*+!2#$!8*&57!/(!*&7$&!2*!%6@$!/2!5$11!2#&$62$(/('(! 2#/1!;61/1
193!
*(59!6!1/('5$!-*/)$!/1!/(-*5-$7
c/@$8/1$!0$;$&(59!2#$! $5$-62/*(!*+!%6(9M-*/)$7!%41/)!4(7$&!(*262/*(65!6&2!)&$62$7!2#$!)*%3*1$&!3&*3$&!6(7! '46&6(2$$7!2#$!3*593#*(/)!)&$62/*(1!*+!2#$!0$12$&(!8*&57
"#$1$!36116'$1!14''$12!6!3&6'%62/)!/%3$241!+*&!2#$!7$-$5*3%$(2!*+!%41/)65!%$2$&?!2*! +6)/5/262$!2#$!)**&7/(62/*(!*+!%41/)!/(!8#/)#!%*&$!2#6(!*($!2#/('!/1!#633$(/('! 1/%4526($*4159:!C7*&(*.1!633&*6)#!14''$121!6!15/'#259!7/++$&$(2!$E356(62/*(:!A2!/1!(*2! 2#62!%$2$&!/1!1/%359!2#$!($)$116&9!3&6)2/)65!3&$)*(7/2/*(!+*&!3*593#*(/)!%41/):!]62#$&
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Q`!|4)@$&@6(75
0#62!26@$1!356)$!/(!2#$!%41/)65!3&*)$11!/1!6(!/(2$&3569!;$28$$(!2#$!14;B$)2/-/29!*+!2#$! )*%3*1$&!6(7!2#$!*;B$)2/+/$7!14;B$)2/-/29!*+!1*)/$29:!!"#/1!869!*+!)*()$/-/('!2#$!3&*)$11! %$6(1!2#62!$-$(!2#$!)*%3*1$&!/1!452/%62$59!(*2!6(!/(7/-/7465!14;B$)2?!,"#$! )*%3*1/2*&/65!G4;B$)2!/1!(*2!/(7/-/7465!;42!)*55$)2/-$:!C55!%41/);B$)2!i%41/)65!%62$&/65j(!2#$!a$2/1#Mk#6&6)2$&!*+!I41/)!6(7!2#$!]$'&$11/*(!*+!c/12$(/('!iR`UVj' I00,80')(';*0%2&'*3:!)/2:
195!
7*8(!+*&%1!+&*%!2#$!3612!6(7!2#$!3*1/2/-/1%!6(7!+651$!2*265/29!*+!1$&/65/1%:VP![$&$
"#/1!/1!6(!622$%32!2*!$E356/(!2#$!3&*'&$11/-$!7/%/(/1#/('!*+!/(2$&3&$262/-$!+&$$7*%!/(! 2#$!0$12$&(!6&2M%41/)!2&67/2/*(
196!
3&$)*(7/2/*(!+*&!14;B$)2/-$!$E3&$11/*(:!C7*&(*.1!)*()$32!*+!6!,&4324&$!;$28$$(!1$5+!6(7! +*&%1.!6335/$1!2*!2#$!/(7/-/7465!)*%3*1$&!'&6335/('!8/2#!2#$!#6(7$7M7*8(!%41/)65! %62$&/65!62!#/1!7/13*165:!F42!2#$!6&'4%$(2!#$!%6@$1!6;*42!/(2$&3&$262/*(!%69!;$! &$5$-6(2!2*!%41/)!8#*1$!'$($1/1!)*%$1!6;*42!2#&*4'#!+*&%1!*+!/%3&*-/162/*(!*&! ,B6%%/('.'Q57+)@%0,$%)(',(3'$1"'/+$0'%('6)0$9,+' /5"+%2,&!k#/)6'*?!K!*+!k#/)6'*!X
197!
8#/)#!2#$9!6&$!36&2/)/362/('!&$)6551!I6&E.1!)*%%$(21!*(!2#$!1*)/$29!6(7!2#$!/(7/-/7465! /(!U+*(3+%00"?! "#$!#4%6(!;$/('!/1!/(!2#$!%*12!5/2$&65!1$(1$!6!l9)('7)-%$%R)(!(*2!%$&$59!6!'&$'6&/*41! 6(/%65
"$&&9!l6'5$2*(!)*%%$(21!65*('!1/%/56&!5/($1!*(!2#$!)*()$32!*+!/(7/-/7462/*(?! 0$!6&$
l6'5$2*(!'*$1!*(!2*!14''$12!6!B6HH!'&*43!61!6!%*7$5!*+!2#/1!&$562/*(1#/3E+*&7!K(/-$&1/29!X&$11
;$)641$!*+!/21!,2#/('($11.!2#62!6!%*7$&(/12!8*&@!861!/(!6!3*1/2/*(!2*!*++$&!6!)&/2/=4$!*+! 2#$!&$/+/$7!8*&57!*+!)*%%*7/2/$1:!! L*2!*(59!7*!2#$!)*%3*1$&.1!'$($&62/*(!*+!2$%3*&65!%41/)65!3&*)$11$1' 41,--"(H%(H'!,##'4+%$%2%05'R
199!
*421/7$!2#$!3/)24&$
[$!)*%36&$1!/%3&*-/1$7!6(7!)*%3*1$7!%41/)!/(!2#/1!869?! 0$12$&(!)*%3*1$7!%41/)!&$1$%;5$1!6(!6))*4(2!*+!6!B*4&($9!*+!$E35*&62/*(!2#62!#61! ;$$(!26@$(!;9!2#$!)*%3*1$&42!"#$&$.
A2!8*457!;$!8&*('!2*!/(+$&!+&*%!2#$1$!&$%6&@1!2#62!(*(M0$12$&(!6(7!(*(M)5611/)65! %41/)!7*!(*2!/(-*5-$!2#$!3&$1$(262/*(!/(!1*%$!869!*+!2#$!4(+*57/('!*+!2/%$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! `P!G%655'<1"';",(%(H0').'6"+.)+5%(H',(3'M%0$"(%(H&!I/775$2*8(
]$562$7!2*!2#/1!/1!C7*&(*.1!)*()$32/*(!*+!2#$!12&4)24&$!*+!#/12*&/)65!2/%$3$(!2*!2#$!\#%/)65!)*(2&67/)2/*(1!*+!)9)5$1!6(7!'$($65*'/$1
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! `Q!F$(16Å7
"#/1!/1!6!2$%3*&65/29!/(!8#/)#!,3*5/2/)1!6226/(1!3&/%6)9!*-$&!#/12*&9.<`V!7$)/1/*(1!6(7! )#6()$!3569!6!&*5$!/(!1#63/('!2#$!+424&$()$!+&$$7!*+!/2(!2#$!*($! #6(7
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! `V!F$(16Å7
/(-6&/6(2!/1!6(!*;B$)2!*+!&$+5$)2/*(!/2!;$)*%$1!6(!$5$%$(2!*+!)*%3*1/2/*(!6(7!(*!5*('$&! 6(!6!3&/*&/:``!
C7*&(*.1!1$)*(7!/%3*&26(2!)*(2&/;42/*(!/1!2*!(*2/)$!2#62!2#$&$!/1!1*%$2#/('!7/++$&$(2! 6;*42!2#$!2$%3*&65/29!*+!3*3456&!%41/)!61!)*%36&$7!8/2#!,1$&/*41!%41/).
A(!*2#$&!8*&71(!\6HH.
6&2/)4562$7:!X*3456&!%41/)!/1!6!3&*74)2
204!
2$%3*&65/29
205!
)-'.%,&!D!
E(-5%F;$!9:2:2A!.&,$,+%;!'+A!%-,!$*(2'6!%21,!*4!15$2(! ! "#$&$!6&$!1$-$&65!)56/%1!+*&!2#$!41$+45($11!*+!2#$!3#/5*1*3#/)65!2&67/2/*(!*+! 3#$(*%$(*5*'9!/(!2#$!12479!*+!%41/)65!2/%$:!"#$!+/&12
c$6-/('!61/7$!2#$!=4$12/*(!*+!8#$2#$&!14)#!6!%$2#*7*5*'9!/1!4(/-$&16559!6335/)6;5$
206!
"#/&759(59!1*4(7!/1!2#$%62/H$7:`!
"#/1!;&/('1!41!2*!2#$!+/(65!)56/%!61!2*!8#9!3#$(*%$(*5*'9!)6(!3&*-/7$!4(/=4$!/(1/'#21! /(2*!%41/)65!2/%$:!X#$(*%$(*5*'9!&$'6&71!1*4(71!61!3#$(*%$(6!61!%*&$!/%%$7/62$59! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! N!G%/2#'6+"-*3"'$)','61"()5"()-)H8').';*0%2&!c*(7*(?! J*&7*(!6(7!F&$6)#
207!
6(7!2#*&*4'#59!2$%3*&65!2#6(!*2#$&!*;B$)21!*+!$E3$&/$()$:![411$&5!7$1)&/;$7!2#$!869!/(! 8#/)#!*4&!$E3$&/$()$!*+!6!-/1465!*;B$)2!/1!;4/52?!8$!/(2$(7!/21!/7$(2/29(59!*($!1/7$!/1!+45+/55$7!/(2$(2/*(6559!8#/5$!2#$!*2#$&1!6&$!/(2$(7$7!$%32/59:! 0$!6&$!*+2$(!62!5/;$&29!2*!%*-$!6&*4(7!2#$!*;B$)2
A(!2#/1!869
! E(-5%F;$!.-,+*1,+*6*3L! C5+&$7!G)#42H!/1!3&*;6;59!2#$!%*12!1/'(/+/)6(2!2#/(@$&!2*!622$%32!2*!63359![411$&5.1! /(1/'#21!/(2*!2/%$!)*(1)/*41($11!2*!%41/):!G)#42H!/1
c/@$!F$&'1*(
209!
1$(162/*(
C226)#$7!2*!2#/1!3&/%65!/%3&$11/*(!/1!6(!$5$%$(2!8#/)#!6))*4(21!+*&!6(!686&$($11!*+! 2#$!2*($!#6-/('!1*4(7$7!/(!2#$!B412M3612:![411$&5!)6551!2#/1!$5$%$(2!2#$!,&$2$(2/*(.!*&! ,3&/%65!&$%$%;&6()$.:RQ!]$2$(2/*(!/1!(*2!6!3&$-/*41!3&/%65!/%3&$11/*(
210!
)*(1)/*41($11!2#$!)*(2$(2!*+!6(!$6&5/$&!3&/%65!/%3&$11/*(
"#/1!3&*)$11!'/-$1!&/1$!2*![411$&5.1!7$1)&/32/*(!*+!2#$!1$&/$1!*+!&$2$(2/*(1!61!6!)*%$2.1! 26/5OS!/(!8#/)#!2#$!3&/%65!/%3&$11/*(!,&4(1M*++.!/(2*!/21!&$2$(2/*(65!%*7/+/)62/*(1:OR! [411$&5.1!2#$*&9!651*!3*1/21!2#$!$E/12$()$!*+!6(!$5$%$(2!*+!686&$($11+!)*4&1$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! R`![411$&5'/'U*%3"'.)+'$1"'6"+7-"B"3
2/%$!0)-"-8'%('$"+50').'$1"'0$+*2$*+"').')*+'$"57)+,-',9,+"("00D!k*(1$=4$(259
A(!677/2/*(!2*![411$&5.1!2#$*&9!*+!2/%$M)*(1)/*41($11!*425/($7!6;*-$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! OU!I/55$&
212!
"#$!3&$1$(2!*+!*4&!-/-/7!$E3$&/$()$1!/1!($-$&!6!%62#$%62/)65!3*/(2
I/55$&!6&'4$1!2#62![411$&5.1!2#$*&9!/1!($42&65!*(!2#$!=4$12/*(!*+!8#$2#$&!2#$!5/-/('! 3&$1$(2!/1!34()2465!*&!$E2$(7$7:![$!%6/(26/(1!2#62![411$&5.1!6))*4(2!#67!(*!($$7!2*! /(2&*74)$!2#$!)*()$32!*+!,13$)/*41!3&$1$(2.!6(7!2&$621!6(9!5/%/21!*+!&$2$(2/*(65!6(7! 3&*2$(2/*(65!136(1
a*&![411$&5
213!
1/()$!)$&26/(!@/(71!*+!%41/)!&$=4/&$!2#$!5/12$($&!2*!&$)*55$)2!2#$%$1!6(7!1$)2/*(1!8#/)#! #6-$!65&$679!$5631$7!i6(7!2*!1*%$!$E2$(2!651*!2*!6(2/)/362$!2#$/&!i&$j633$6&6()$!/(!2#$! +424&$j42$&!2/%$
K(5/@$!F$&'1*(
%41/)65!3$&+*&%6()$
[$&$!6'6/(!8$!+/(7!6!1/%/56&!)*()$&(!8/2#!2#$!8691!/(!8#/)#!/(($&!6(7!*42$&!2/%$1! /(2$&6)2
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! UP!G)#42H
215!
g0h$!8/55!169!2#62!5",(%(H'%0','2"+$,%('9,8').'3%+"2$%(H')("A0'H,#"',$',('%$"5').')("A0')9(' "B7"+%"(2"D!"#/1!/2$%!/1!2#41!^1$5$)2$7!*42_!6(7!&$(7$&$7!7/1)&$2$!;9!6!&$+5$E/-$!C)2:UT!
I4HH$22*!)*%%$(21!2#62!%$6(/('
A2!/1!*(59!61!6!&$1452!*+!2#/1!C)2!*+!622$(2/*(!2#62!$E3$&/$()$!)6(!;$)*%$!%$6(/('+45:!C(7
0#62!8$!'&613!;9!2#$!&$+5$)2/-$!6)2!/1!($-$&!2#$!3&$1$(2!*+!*4&!12&$6%!*+!2#*4'#2!6(7! 651*!(*2!/21!13$)/*41!3&$1$(2Y!/2!/1!658691!/21!3612:!m!1$5+M)*(1)/*41($11!)6(!*(59!;$! $E3$&/$()$7!5)3)'7+p$"+%$)
"#/1!&$2&*13$)2/-$!613$)2!651*!6335/$1!/(!6(!/(2$&$12/('!869!2*!)*(1)/*41($11!*+!2#$! +424&$+!)*4&1$
"#/1!/7$6!/1!(*2!*($!2#62!G)#42H!7$-$5*31!/(!&$562/*(!2*!%41/)
C55!2#/1!/1!/%%62$&/65!2*!2#$!$E3$&/$()$!*+!2#$!5/12$($&:![$!&$13*(71!($/2#$&!2*!1*4(7! 86-$1
G)#42H.1!)*()$32/*(!*+!%41/)!/1!+6&!+&*%!*&2#*7*E!6(7!/1!(*2!4(/-$&16559!6))$32$7!$-$(! ;9!3#$(*%$(*5*'/121:!C1!8$!#6-$!65&$679!1$$(
"*!611$&2!2#62!;*2#!%41/)65!(*262/*(!6(7!&$)*&7/('!2$)#(*5*'9!6&$!1/%359!%$6(1!+*&!2#$! 3&$1$&-62/*(!*+!2#$!%41/)!8#/)#!$E/121!/(7$3$(7$(259!*+!2#$%!/1!6(!4(7$&126(76;5$'/'F$*38'%('/77-%"3'61"()5"()-)H8&!c*(7*(?!n65$!K(/-$&1/29! X&$11
218!
G)#42H.1!6-*8$7!/(2$(2/*(1
"#$!)&4)/65!3*/(2!#$&$!/1!2#62!2#/1!/(-*5-$1!6!19()#&*(/H62/*(!*+!2$%3*&65!+54E$1?!2#62!*+! 2#$!5/12$($&!8/2#!2#62!*+!2#$!%41/)
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! PT!G)#42H
4(+*571!/(!3*592#$2/)!12$31!/(!/(($&!2/%$
"#$!(*2/*(!*+!74&62/*(1!+5*8/('!2*'$2#$&!7$&/-$1!+&*%!F$&'1*(
A+!622$(2/*(!2*!%41/)!($)$11/262$1!/%%$&1/('!*($1$5+!/(!2#$!+54E!*+!/(($&!2/%$4&!12&$6%!*+!)*(1)/*41($11!/1!/21$5+!6&2/)4562$7:! A%3451$1!6(7!&$12/('!356)$1
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! PQ!G)#42H
13$)/*41!3&$1$(2!6(7!2#$!&$5$-6(2!1$)2*&!*+!*4&!3612!67#$&$(2!2*!/2:NS!
"#$!6&2/)4562/*(!*+!%41/)65!+54E!/(2*!3$&/*71!*+!2$(1/*(!6(7!&$56E62/*(!/1!)655$7! ,3#&61/('.:!A2!/1!2#/1!12&4)24&62/*(!*+!%41/).1!/(($&!2/%$!8#/)#!%6@$1!%$6(/('!3*11/;5$! ;9!'62#$&/('!$5$%$(21!*+!2#$!+5*8!/(2*!7/1)$&(/;5$!4(/21!1$36&62$7!;9!%*%$(21!*+! &$3*1$:!! "#$1$!-$&9!1#*&2!/(2$&%/22$()$1!6&$!2#$!&$12/('!356)$1!74&/('!8#/)#!2#$!+54E!*+!2#$!%41/)! )*%$1!2*!6!126(712/55:!"#$!5/12$($&!/1!/(-/2$7!6(7!/()/2$7!;9!2#$%!2*!5**@!+&*%!2#/1!$(7M 3#61$!;6)@!2*!2#$!/(/2/65!3#61$
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
74&62/*(:! [*8$-$&!41$+45!2#/1!)*()$32465/162/*(!*+!2#$!5/12$(/('!3&*)$11
[$&$!/1!2#$!14''$12/*(!2#62!/2!/1!2#$!5/12$($&.1!)#*/)$!61!2*!8#$2#$&!2*!,12$3!*421/7$.!2#$! +54E!/(!*&7$&!2*!&$+5$)2!6(7!'&613!%$6(/('
222!
8/2#!2#$!=4$12/*(!*+!\#%:! A2!/1!/(!2#$!(624&$!*+!2#$!F$&'1*(/6(!3*+V"!43*(!8#/)#!G)#42H!;61$1!#/1!4(7$&126(7/('!*+! %41/)!2#62!2#$!2$%3*&65!12&4)24&62/*(!8$!&$+$&!2*!61!\#%!/1!4(@(*8(!2*!/2:!C! 2$%3*&65!&$65%!8#/)#!/1!;9!7$+/(/2/*(!/(7/-/1/;5$!6(7!4(%$614&6;5$!/1!($)$116&/59! 6&\#%/):!k*(1$=4$(259
2*($!*&!6!)#*&7!/(!2#$!12&/('1(!2#$!+6)$!*+!/2
2#$*&9!*+!/(2$&14;B$)2/-/29!;61$7!*(!2#$!(*2/*(!*+!12&$6%1!*+!)*(1)/*41($11!+5*8/('! 2*'$2#$&
"#$!3*11/;/5/29!*+!622$(7/('!2*!6(*2#$&.1!74&62/*(!/(!2#/1!869!/1!'&6(2$7!3&/%6&/59!;9!*4&! ;$/('!6;5$!2*!3$&)$/-$!2#$/&!3#91/)65!%*-$%$(21!6(7!2*!622&/;42$!%$6(/('!2*!2#$%!/(! 2$&%1!*+!2#$!^+/$57!*+!$E3&$11/*(_!2#62!2#$9!'$($&62$:!G)#42H!$E356/(1!2#62!2#*1$!;*7/59! %*-$%$(21!6&$!26@$(!61!$E3&$11/-$!1/'(1!*+!2#$!5/-$7!$E3$&/$()$1!*+!2#$!*2#$&!3$&1*(:! [$!1691
7/++$&!+&*%!6(*2#$&.1(!2#$!*2#$&!#6(7
"#$!0$M&$562/*(1#/3!/1!(*2!2#$!6;/5/29!2*!633&$#$(7!$6)#!*2#$&.1!14;B$)2/-$!)*(2$E21!*+! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! TU!G)#42H
226!
%$6(/('!/21$5+(!2#$!)*(2&6&9
G)#42H!)*()547$12#$&!)6(!;$2#$&!/(!&$562/*(!2*!2#$! $E3$&/$()$1!*+!;*2#!*+!41:!|6($&!)*%%$(21!*(!2#/1!&$562/*(1#/3?!,G$5+!/1!6;5$!2*!;$! $E3$&/$()$7!/(!2#$!3&$1$(2!*(59!;9!2#$!>2#$&!;42!2#$(!*(59!;9!2#$!m!^%$7/62/*(_!*+! 19%;*51:!G$5+!)6(!$E3$&/$()$!/21!*8(!^L*8M[$&$M"#41_57$&?!a4&2#$&!]$+5$)2/*(1!*(! A(2$&14;B$)2/-/29.
227!
A(!*($!1$(1$!$6)#!*+!41!@(*81!%*&$!*+!#/%1$5+!2#6(!*+!2#$!>2#$&2#$&!6(7!#$!@(*81!%*&$!*+!%$!2#6(! $/2#$&!*+!41!@(*81!*+!#/1!*8(!12&$6%!*+!)*(1)/*41($11:QR!
"#/1!%$6(1!2#62!8#62!G)#42H!)6551!2#$!,-/-/7!3&$1$(2.!/1!*(59!6))$11/;5$!2*!41!-/6!2#$! $E3$&/$()$1!*+!2#$!>2#$&:!"#/1!7/12/('4/1#$1!2#$!,-/-/7!3&$1$(2.!+&*%!2#$!3&$1$(2!*+!/(($&! 2/%$!)*(1)/*41($11
G)#42H!2$&%1!2#/1!3&*)$11!*+!5/-/('!2#&*4'#!6!1#6&$7!-/-/7!3&$1$(2!2#$!,%42465!24(/('M/(! &$562/*(1#/3.
36&26@$1!/(!2#$!12&$6%!*+!)*(1)/*41($11!*+!2#$!)*%3*1$&!61!8$55!61!*+!2#$!5/12$($&:![$! 2#$&$;9!$(6;5$1!2#$!5622$&!2*!;$)*%$!/%%$&1$7!/(!2#$!36&2/)456&!6&2/)4562/*(!*+!2#$!+54E! *+!/(($&!2/%$!8#/)#!/1!2#$!13$)/+/)!%$6(/('!*+!2#$!3/$)$!*+!%41/):.QU!"#/1!7$1)&/32/*(!*+! 2#$!3$&+*&%$&.1!&*5$!6335/$1!$=46559!2*!1/2462/*(1!*+!5/-$!3$&+*&%6()$!6(7!2#$!3569/('!*+! &$)*&7$7!%41/):!A(!$/2#$&!)61$!)*%3*1$&
229!
/(-*5-$!2#$!19()#&*(/162/*(!*+!28*!7/%$(1/*(1!*+!2/%$?! >(!2#$!*($!#6(7(!2#$!*2#$&
"#$!$5$%$(21!*+!+6)$M2*M+6)$!/(2$&6)2/*(!;$28$$(!3$&+*&%$&1!/(!*42$&!2/%$!8#/)#!G)#42H! /7$(2/+/$1!6&$!+6)/65!$E3&$11/*(1!6(7!2#$!%*-$%$(21!6(7!'$124&$1!611*)/62$7!8/2#!2#$! 3569/('!*+!/(12&4%$(21:!G/()$!/(($&!2/%$!/1!;9!/21!(624&$!4(%$614&6;5$
&$126&2!/2!/+!/2!#61!;&*@$(!7*8(:!>()$!2#$!,+54E!*+!/(($&!2/%$.!*+!2#$!%41/)!/1!4(7$&!869'F$*3%"0'%(';*0%2,-'F$+*2$*+"&!>E+*&7!KX
/'(*&/('!2#$!&$5$-6()$!*+!14)#!3&6)2/)$1!2*!/(7/-/7465!3$&+*&%$&1:!>;-/*4159!2#$! =4$12/*(!*+!6!)*(74)2*&!7*$1!(*2!6&/1$!/(!2#$!)61$!*+!6!1/('5$!3$&+*&%$&
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! VU!C55$(!a6&%$5*
232!
*;B$)21:![/1!622$(2/*(!2*86&7!5/+$!#61!;$$(!7/-$&2$7!+&*%!/21!*&/'/(65!&$65%!m:![$!5/-$1! (*8!*(!6(*2#$&!356($!*+!)*(1)/*41($11:!m!8#$(!2#$!)*(74)2*&!&6/1$1!#/1!;62*(
"#$!5/12$($&!7$1)&/;$7!#$&$!/1!*+!6!-$&9!13$)/+/)!@/(7'<1"';",(%(H0').'6"+.)+5%(H',(3'M%0$"(%(H&!I/775$2*8(
233!
/(2&*74)/('!2#$!1*)/65!&$65%!2*!2#$!/(-$12/'62/*(!*+!2$%3*&65/29:!![$&$
3&$1$(2:!VQ! G$)*(759
235!
8/7$59!#$57!-/$8
A+!2#$&$!/1!6!2$%3*&65!7/++$&$()$!;$28$$(!/%3&*-/1$7!6(7!)*%3*1$7!%41/)'!,##'Q57+)@%0,$%)(',(3'Q($"+,2$%)(' 41,--"(H%(H'!,##'4+%$%2%05'R
236!
6(7!8#$(!2#$9!8/55!3569!/2($!869!*+!7$65/('!8/2#!2#/1! 1/2462/*(!/1!$++$)2/-$59!2*!+*&$'*!2#$!6/%!*+!7/&$)2!19()#&*(/162/*(!*+!36&21!6(7!/(12$67! %6@$!6!-/&24$!*+!2$%3*&65!7/1B4()24&$1!6(7!(*(M)*/()/7$()$1:!"#/1!/1!2#$!633&*6)#! 26@$(!;9!1*M)655$7!,+&$$.!/%3&*-/162/*(:!F42!;9!+6&!2#$!%*&$!)*%%*(!1*542/*(!/1!2*! 12&$('2#$(!2#$!%$2&/)65!+&6%$8*&@!*+!2#$!%41/)!2*!3&*-/7$!1*%$!2$%3*&65!1$)4&/29! 8/2#/(!8#/)#!/%3&*-/162/*(!)6(!26@$!356)$:`S!I*(1*(!$E356/(1!2#62!/(!2#$!B6HH!)*(2$E2! ,2#$!(*2/*(!*+!2#$!'&**-$!14335/$1!4(7$&59/('!1*5/7/29!6(7!)*#$1/-$($11!2*!+&$$59! /(2$&6)2/('
237!
2#62!*+!%41/)!8/2#!/%3&*-/1$7!*&/'/(1!2#$!/(2$&6)2/*(!;$28$$(!3$&+*&%$&1!3&*74)$1!6! -/-/7!3&$1$(2!61!6!&$1452!*+!2#$!)**&7/(62/*(!*+!2#$/&!%41/)65!6)2/*(1!/(!2#$!*42$&!8*&57:! A(!2#62!1$(1$
3&$1$(2!8#/)#!#61!/21!&**21!/(!*;B$)2/-$!3#91/)65!6)2/-/29!/(!2#$!*42$&!8*&57(!2#$!)*(2&6&9
3&*74)2!*+!$('6'$%$(2!/(!2#$!*42$&
F$)641$!#4%6(1!6&$!6!36&2!*+!(624&$
240!
,%62$&/65!$E)#6('$.`T!8/2#!(624&$
A2!/1!(*2!B412!*4&!;*7/$1!D!*4&!,3#91/)65!5/+$.!D!2#62!/1!;*4(7!43!8/2#!(624&$!/(!2#/1!869(59!8#$(!/2!3&*)$$71!+&*%!1$(1$M 3$&)$32/*(!/(!2#$!28*M+*57!+*&%!*+!0"(0*)*0')*(1)/*41($11!6(7!0"(0*)*0'($$7!D!/1!/2!$+*"! 1)/$()$:`V!!
"#$!(624&$!*+!2#62!1$(14*41!&$562/*(1#/3!/1!)*()$/-$7!/(!/(#$&$(259!2$%3*&65!2$&%1:!A(! #/1!7*)2*&65!2#$1/1';,$"+%,-%05',(3':,$*+"&!L$8! n*&@?!I*(2#59!]$-/$8!X&$11
241!
+4(76%$(265!869!2*!2#$!&$12!*+!(624&$!6(7!2*!*2#$&!#4%6(1:!A2!2#$(!;$)*%$1!2#$!)61$! 2#62!%41/)M%6@/('!/1!(*2!2#$!*;B$)2/-$
242!
)-'.%,&!G!
H,%,&I!3&**:,!'+A!%-,!%21,$!*4!('.2%'62$1! ! C(9!%62$&/65/12!6))*4(2!*+!)#6('$1!/(!2#$!2$%3*&65/29!*+!%41/)!%412!$E6%/($!(*2!1/%359! -6&/62/*(1!/(!2#$!8691!2/%$!#61!;$$(!)*()$/-$7!6(7!2#$*&/1$7
243!
,&$-*542/*(!/(!2/%$.&!3$ɷ!8$!1#*457!169!2#$!(*(M)5*)@!8*&57
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! R!c6(7$1'4-)2R0',(3'$1"';,R%(H').'$1"';)3"+('G)+-3&'[6&-6&7! K(/-$&1/29!X&$11
244!
/(7$3$(7$(2!*+!$-$(21
G*!)*()&$2$!2/%$!/1!(*2!7$+/($7!;9!&$+$&$()$!2*!6(9!36&2/)456&
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! N!X*12*($'/'+"%($"+7+"$,$%)(').';,+BA0'2+%$%2,-' $1")+8
$(+*&)$7!;9!2#$!($8!%*(612/)!*&7$&1!*+!2#$!$5$-$(2#!6(7!28$5+2#!)$(24&/$1:!"#$! k/12$&)/6(1!/(!36&2/)456&!8$&$!61!%4)#!6(!$)*(*%/)!61!6!13/&/2465!$(2$&3&/1$!m!"#$/&! 6'&/)4524&$!861!2#$!%*12!67-6()$7!/(!l4&*3$Y!2#$/&!+6)2*&/$1!6(7!%/($1
]$5/'/*41!)*%%4(/2/$1!61/7$
"#$!+/&12!2/%$!1/'(651!7$35*9$7!2*!&$'4562$!56;*4&!8$&$!*+!$(2/&$59!(624&65!*&/'/(?!/(! X6&/1
3&*)$11$1&56(7*?![6&-$12f[6&)*4&2!F&6)$
7$$359!562$&(!2#$!;61/1!*+!2#$!$-/7$()$!3&*-/7$7!;9!2*769.1!6&2/121
>()$!2#$!/(/2/65!&$1/126()$!2*!&$'456&/1$7!8*&@/('!#*4&1!861!7$+$62$7&!61!"#*%31*(!3421!/2?! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! RP!"#*%31*(!VS! RN!/;/7:!QV! RT!/;/7:!QU! RQ!"#&/+28($&1.!"/%$!6(7!>8(!"/%$?!"#$!I6@/('!*+!6!k63/265/12!"/%$Mk*(1)/*41($11! RUSSMRVSS'/('I00"($%,-'/($1)-)H8
248!
"#$!+/&12!'$($&62/*(!*+!+6)2*&9!8*&@$&1!8$&$!264'#2!;9!2#$/&!%612$&1!2#$!/%3*&26()$!*+! 2/%$Y!2#$!1$)*(7!'$($&62/*(!+*&%$7!2#$/&!1#*&2M2/%$!)*%%/22$$1!/(!2#$!2$(M#*4&! %*-$%$(2Y!2#$!2#/&7!'$($&62/*(!12&4)@!+*&!*-$&2/%$!*&!2/%$M6(7M6M#65+:!"#$9!#67! 6))$32$7!2#$!)62$'*&/$1!*+!2#$/&!$%35*9$&1!6(7!#67!5$6&($7!2*!+/'#2!;6)@!8/2#/(!2#$%:! "#$9!#67!5$6&($7!2#$/&!5$11*(
A(!2#/1!869
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! R`!"#*%31*(!VT! OS!J/77$(1'=)-*5"'s>'6)9"+&' 6+)7"+$8',(3'$1"'F$,$"!'<1"'S%+$1').'$1"'6+%0)(
249!
"#$!)5*)@
"#$!1$(1$!2#62!2/%$!/1!6!14;126()$!2*!;$!342!2*!41$!/(12$67!*+!1=46(7$&$7!861!&$+5$)2$7! /7$*5*'/)6559!/(!6!(4%;$&!*+!8691:!A2!/1!6!)$(2&65!+$624&$!*+!2#$!,X&*2$126(2!$2#/).!2#62! 0$;$&!3*1/2$7!61!2#$!3&$)*(7/2/*(!*+!2#$!&/1$!*+!)63/265/1%
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ON!C76%57!>($.'61%-,3"-71%,&'sX]r?sXYX&'6))$11$7!RVfTfRS! q#223?ff888:#/12*&9)6&3$&:)*%f&$1*4&)$1f28*;+Of67-/)$:#2%r!! OQ!c6(7$1!Q!
250!
c6(7$1!6&'4$1!2#62!2#/1!3&/-62/162/*(!*&!3$&1*(65/162/*(!*+!2/%$!,861!6!%6B*&!12/%4541!2*! 2#$!/(7/-/7465/1%!2#62!861!6(!$-$&!%*&$!165/$(2!613$)2!*+!0$12$&(!)/-/5/H62/*(:.OV!! "#$!13&$67!*+!6!($8!1$2!*+!1*)/65!3&6)2/)$1!6(7!-654$1!;61$7!*(!6!($8!)*()$32!*+! 6;12&6)2!2/%$!%69!;$!4(7$&12**7!61!6!3*5/2/)65!6(7!/7$*5*'/)65!3&*B$)2!7&/-$(!;9!6!($859! 3*8$&+45!;*4&'$*/1!)5611!/(!2#$!/(2$&$121!*+!)63/265:!G4)#!6(!$E356(62/*(!/1!(*2! 4(&$61*(6;5$!6(7!)$&26/(59!+*&%1!36&2!*+!2#$!6(6591/1:![*8$-$&
251!
8#/)#!($)$116&/59!'$($&62$1!6!36&2/)456&!@/(7!*+!2$%3*&65/29:!"#$!6&&/-65!*+!%624&$! /(7412&/65!)63/265/1%!$%;*7/$1!2#/1!+424&/29!/(!/(2$(1/+/$7!+*&%
2#$!*($!$5$%$(2!2#62!/1!)*%%*(!2*!2#$%!655
A2!/1!/%3*&26(2!2*!4(7$&126(7!2#62'/'4+%$%b*"').'6)-%$%2,-'I2)()58&'b*5:!R
8$6-/('!/(7412&9!2*!#65+!/21!+*&%$&!5$-$5:!"#$!#6(7M8$6-$&1!+$52!2#$!7/1)/35/($!*+!2#$! /(2&*74)2/*(!*+!6!($8!(*&%!+*&!8#62!)*(12/242$7!,1*)/6559!($)$116&9!56;*4&!2/%$.!6(7! 8$&$!342!*42!*+!;41/($11!61!6!&$1452:UN! X*12*($!;$5/$-$1!2#62!2#$!8*&@/('1!*+!2#$!568!*+!-654$!/(!2#/1!869!#6-$!3&*+*4(7! /%35/)62/*(1:!G*)/65!3&*74)2/*(!26@$1!*(!6!=461/M*;B$)2/-$!=465/29!8#/)#!)*%$1!2*! 7*%/(62$!/(7/-/74651:!F$)641$
>&!61!I6&E!3421!/2
254!
X*12*($!#/'#5/'#21!6!36&2/)456&!+$624&$!*+!2#$!/(2$&&$562/*(1#/3!;$28$$(!-654$&!6'6/(?!,C!8*&@/('!769!*+!'/-$(!5$('2#! 658691!)&$62$1!2#$!16%$!6%*4(2!*+!-654$
&$+$&1!2*!2#$!+&4/21!*+!2#$!$(2/&$!)636)/29!*+!2#$!#4%6(!13$)/$1!2*!3&*74)$!8#62!/2!($$71! +&*%!(624&$:!0$652#!/1!2#$&$+*&$!6!)62$'*&9!8#/)#!/1!6!+4()2/*(!*+!)*()&$2$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! PN!L624&$!861!&$'6&7$7!;9!)5611/)65!;*4&'$*/1!$)*(*%/121!61!6!,+&$$!'/+2.!2*!3&*74)2/*(
256!
7*$1!(*2!+4559!'&613!2#$/&!$%;$77$7($11!/(!%$)#6(/1%1!*+!1*)/65!&$3&*74)2/*(!6(7!2#$! +*&%/76;5$!3*5/2/)65
X*12*($.1!$E3*1/2/*(!*+!I6&E.1!6(6591/1!*+!2#$!+4()2/*(/('!*+!56;*4&!2/%$!/(!)63/265/1%!/1! )*(1/12$(2!8/2#!2#$!3*1/2/*(!2#62
X*12*($!7$1)&/;$1!2#$!79(6%/)!3&*74)$7!;9!2#/1!/(2$&6)2/*(!;$28$$(!2#$!34&$59! =46(2/262/-$!613$)2!*+!2/%$!61!6;12&6)2!%$614&$!*+!#4%6(!6)2/-/293$(!G$)&$2!*+!]$65!C;12&6)2/*(.
7$-$5*3%$(2!*+!2#$!3&*74)2/-$!+*&)$1
A+!6;12&6)2!2/%$!3&*-/7$1!2#$!+&6%$8*&@!*&!6E/1!6'6/(12!8#/)#!3&*74)2/-/29!/1!%$614&$7! /(!*&7$&!2*!7$2$&%/($!1*)/6559!41$+45!56;*4&!2/%$
2*!'&613!2#$1$!14;126(2/-$!)#6('$1!/(!2#$!1*)/65!56;*4&!#*4&!/1!*($!*+!)*()&$2$
"#/1!1$)*(7!613$)2!*+!)63/265/1%.1!2$%3*&65/29!/1!;*2#!)*()&$2$
"#$!*42)*%$(!2#$!;61/1!*+!X*12*($.1!6(6591/1
2#$!+/&12!356)$
"#$!/7$(2/+/)62/*(!*+!#/12*&/)65!($)$11/29!8/2#!)63/265/1%!1$$%1!)*(1/12$(2!8/2#!2#$!-/$8+!)*4&1$'F2%"($%.%2',(3'L$)7%,(
260!
! A(!g6h!1$(1$
"#$!)$(2&65/29!*+!2#/1!2$%3*&65/29!*+!)63/265/1%!3&*74)$1!6!12&*('!1$(1$!*+!2#$!3&$1$(2! 8#/)#!/1!(*2!4(7$&%/($7!;9!2#$!6))4%4562/*(!*+!#/12*&/)65!2/%$:![*8$-$&
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! $(2/&$59!8/2#/(!2#$!13#$&$!*+!3&*74)2/*(:!A2!2#$&$+*&$!)6((*2!;$!*-$&)*%$!1/%359!-/6!)#6('$1!/(! 2#$!%*7$!*+!7/12&/;42/*(!65*($
261!
"#/1!/1!8#62!X*12*($!%$6(1!;9!)63/265/1%.1!,$2$&(65!3&$1$(2.:!"#$!2$%3*&65/29!*+! )63/265/1%!/1!6!3&*74)2!*+!6!36&2/)456&!%*7$!*+!/(2$&6)2/*(!;$28$$(!2#$!3&$1$(2($11!*+! 6;12&6)2!2/%$!61!%$614&$!*+!-654$!6(7!2#$!#/12*&/)65!6))4%4562/*(!*+!56;*4&!3&*74)2/-/29! 14)#!2#62!2#$!3&$1$(2!/1!)*(2/(46559!3&*B$)2$7!+*&86&7!/(2*!2#$!+424&$:!0/2#*42!2#$! #/12*&/)65!613$)2
262!
S](-'+3,!'+A!'#$%&'(%!%21,! X*12*($.1!/1!(*2!2#$!*(59!1/'(/+/)6(2!2#$*&$2/)65!622$%32!2*!6))*4(2!%62$&/65/12/)6559!+*&! 2#$!$%$&'$()$!*+!6!)*()$32!*+!6;12&6)2!2/%$:!C(!$6&5/$&!)*(2&/;42/*(!2*!2#/1!+/$57!/1! C5+&$7!G*#(M]$2#$5.1!,)&/2/=4$!*+!$3/12$%*5*'9.TP!8#/)#!1$$@1!2*!'/-$!6!#/12*&/)65! %62$&/65/12!$E356(62/*(!*+!2#$!;61/1!*+!6;12&6)2!2#*4'#2!/(!'$($&65'/'2+%$%b*"').'"7%0$"5)-)H8&'c*(7*(?! I6)%/556(
263!
86'$!56;*4&!$(6;5$1!#/1!2#$*&9!2*!6))*4(2!+*&!2#$!+*&%1!*+!6;12&6)2!2#*4'#2!/(! %62#$%62/)1!6(7!3#/5*1*3#9!8#/)#!6&*1$!/(!6()/$(2!J&$$)$:!"#$1$!7$-$5*3%$(21!6&$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! T`!G*#(M]$2#$5!N`! 264!
G*#(M]$2#$5!12&$11$1!2#62!2#*4'#!6!1$36&62/*(!*+!-654$!+&*%!41$!/1!6(!6;1*542$!)*(7/2/*(! *+!$E)#6('$
X6&2/)/36(21!/(!2#$!6)2!*+!$E)#6('$!7*!(*2!&$=4/&$!6!)*(1)/*41!4(7$&126(7/('!*+!2#$! 6;12&6)2/*(!2#62!4(7$&3/(1!/2?!2#$9!%/1&$)*'(/1$!/2!61!6!1/%35$!6)2!;$28$$(!/(7/-/7465! 3&*3$&29!*8($&1:![*8$-$&
"#$!36&67/'%!*+!14)#!2#*4'#2!/1!%62#$%62/)1
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! QS!G*#(M]$2#$5!OT
8*&71
"#$!$E)#6('$!6;12&6)2/*(!651*!+/(71!/21!&$+5$)2/*(!/(!)*()$32/*(1!*+!2/%$!6(7!136)$:!a*&! 2#$!34&3*1$1!*+!$E)#6('$
G*#(M]$2#$5!6&'4$1!2#62!/2!/1!3&$)/1$59!2#$1$!)62$'*&/$1!8#/)#!+*&%!2#$!;61/1!*+! %62#$%62/)65!6(7!1)/$(2/+/)!@(*85$7'$!+&*%!/21!;$'/((/('1!8/2#!2#$!6()/$(2!J&$$@1!2*! 2#$!;*4&'$*/1!$&6:!"#$!6;12&6)2/*(!/(-*5-$7!/(!J&$$@!'$*%$2&9!861!(*2!+*4(7!/(!2#$! 8*&@!*+!;&*(H$!6'$!l'932/6(!&*3$!12&$2)#$&1
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! QU!G*#(M]$2#$5!PQ! QP!/;/7:!PVM`! QN!/;/7:!`S! 266!
2#$!'$*%$2&9!*+!2#$!%$614&$%$(2!;$)6%$!1*%$2#/('!=4/2$!7/++$&$(2!+&*%!2#$! %$614&$%$(2!/21$5+:!"#$!%6(465!*3$&62/*(!;$)6%$!14;*&7/(62$7!2*!6(!6&2!*+!34&$! 2#*4'#2!8#/)#!861!7/&$)2$7!1*5$59!2*86&71!'&613/('!=46(2/262/-$!5681!*+!(4%;$&!*&!*+! 6;12&6)2!136)$:!"#$/&!)*()$32465!)*(2$(2!861!/(7$3$(7$(2!(*2!*(59!+&*%!2#/1!*&!2#62! 36&2/)456&!34&3*1$!;42!+&*%!6(9!3&6)2/)65!261@:QT!
a*&!G*#(M]$2#$5
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! QT!G*#(M]$2#$5!RSO! QQ!l('$51
267!
)*()$32/*(!*+!%*-$%$(2!61!2#$!2&6(1562/*(!*+!6!;*79!+&*%!*($!'$*%$2&/)65!3*/(2!2*! 6(*2#$&!8#/)#!/1!#$57!2*!#6-$!(*!*2#$&!$++$)2!*(!2#$!;*79!/(!=4$12/*(:QV!! "#$&$+*&$
[6-/('!)42!/21$5+!*++!+&*%!/21!1*)/65!*&/'/(!2#&*4'#!/21!6;12&6)2($11!6(7!/21!$E)541/*(!*+! $%3/&/)65!)*(2$(2
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! QV!G*#(M]$2#$5!ROTMQ:!A(2$&$12/('59($MW/%$(1/*(65!I6(.!iR`TPj
268!
61
"#$!#/'#$12!3#/5*1*3#/)65!$E3&$11/*(!*+!6(!$3/12$%*5*'9!&$12/('!*(!6(!,'7+%)+%! +&6%$8*&@!*+!6;12&6)2/*(1!/1
F9!/7$(2/+9/('!2#$!$%3/&/)65!6(7!#/12*&/)6559!13$)/+/)!3&6)2/)$!8#/)#!'/-$1!&/1$!2*! 6;12&6)2!)62$'*&/$1!*+!)*'(/2/*((!2#/1!&$67/('
2/%$5$11!/7$6!*+!2#$!2&42#Y!*+!2#/1!/7$6!/21$5+!2#$&$!/1!(*!/%%6($(2!)&/2/)/1%!*&! )*(+/&%62/*(:.!! L$-$&2#$5$11
"#41
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! VO!G*#(M]$2#$5!R`QMV! VU!C&'4%$(21!2*!1433*&2!2#/1!5622$&!)56/%!6&$!(*2!36&2!*+!6!12479!*+!;*4&'$*/1!$3/12$%*5*'9:!"#$! 126(76&7!6'6/(12!8#/)#!6!1*)/65!+*&%62/*(!%69!;$!&$'6&7$7!61!,+651$.!)6(!;$!7$&/-$7!*(!2#$!;61/1! *+!$2#/)1!iB412/)$j
270!
! H*+*.*6L!('.2%'62$1!'+A!%-,!A2$(2.62+,!*4!'#$%&'(%!%21,! "#$1$!+/(7/('1!%69!#$53!2*!$E356/(!#*8!%$2$&!$126;5/1#$7!/21$5+!61!2#$!(*&%!+*&!2#$! 2$%3*&65!*&'6(/H62/*(!*+!%41/)!62!2#$!768(!*+!2#$!;*4&'$*/1!$&6!/(!l4&*3$
G*M)655$7!1)/$(2/+/)!%6(6'$%$(2!$%$&'$1!/(!2#$!562$!(/($2$$(2#!)$(24&9!8/2#!,2#$! ;$'/((/('1!*+!%*(*3*5/12/)!*&'6(/H62/*(!*+!/(7412&9
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! VP!a*12$&'<1"' P"H+,3,$%)(').'G)+R'%('$1"'<9"($%"$1'4"($*+8&'L$8!n*&@?!I*(2#59!]$-/$8!X&$11
271!
56;*4&
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! VN!F&6-$&%6(!POMU! VT!/;/7:
)*(2$(2.<`R!/(!*&7$&!2*!)&$62$!(*&%1!8#/)#!)6&&9!2#$!-65/762/('!126%3!*+!1)/$(2/+/)!6(7! %62#$%62/)65!($42&65/29:!! a*&!G*#(M]$2#$5
"695*&.1!+/&12!14))$11$1!8$&$!6)#/$-$7!1/%359!;9!1$22/('!%*&$!)#655$('/('!26&'$21!+*&!2#$! )*%35$2/*(!*+!13$)/+/)!261@1:`U!F42!1)/$(2/+/)!%6(6'$%$(2!562$&!7$-$5*3$7!/21!2$)#(/=4$1! 2*!6(!$E2&6*&7/(6&9!7$'&$$!*+!&$+/($%$(2:!"/%$!12479!;$)6%$!2/%$!6(7!%*2/*(!12479!61! $6)#!261@!861!;&*@$(!7*8(!/(2*!2#$!/(7/-/7465!;*79!%*-$%$(2!&$=4/&$7!2*!3$&+*&%!/2! 6(7!655*)62$7!6!2/%/('!-654$!/(!"IK1
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! `R!G*#(M]$2#$5!RNN! `O!F&6-$&%6(!VO! `U![$!)56/%1!2*!#6-$!/()&$61$7!2#$!=46(2/29!*+!3/'!/&*(!1#/+2$7!3$&!%6(!3$&!769!62!2#$!F$2#5$#$%! G2$$5!0*&@1!+&*%!ROÖ!2*(1!2*!PQÖ!2*(1:!F&6-$&%6(!QRMU! `P!F&6-$&%6(!RORMO!
273!
6(7!%41)5$1!m!iPj!%$)#6(/)65!5/(@6'$1!m!8#$&$;9!2#$!%41)456&!8*&@!3&*74)$1! $E2$&(6559!*;1$&-6;5$!$++$)21:`N!
[$&$+! )*4&1$
274!
6;12&6)2/*(!/1!)*%%*7/29!$E)#6('$!*&!6;12&6)2!56;*4&
5/-$1!*+!2#$!3*34562/*(!*+!2#$!67-6()$7!)63/265/12!8*&57:!"#/1!/1!651*!2#$!3$&/*7!/(!8#/)#! )5*)@!2/%$!6)#/$-$7!2#$!126(76&7/H62/*(!8#/)#!/1!5*'/)6559!/%35/$7!;9!/21!)*()$32:!a*&!6! 5*('!3$&/*7
O`! RSO !C76%!RRQMV! RSU !c6(7$1!RNS!
276!
*($.1!862)#!*(!6&&/-65!/(!6!7/126(2!2/%$!H*($!/1!6(65*'*41!2*!)#6('/('!*($.1!%*($9!/(2*! 2#$!5*)65!)4&&$()9:!! 0$!6&$!(*8!/(!6!3*1/2/*(!2*!3/)@!43!6(7!$E36(7!2#$!#/12*&/)*M'$*'&63#/)65!6(6591/1! ;$'4(!/(!k#632$&!U!/(!&$562/*(!2*!C+&/)6(!%41/):!A+!2#$!%62$&/65/12!6114%32/*(!;$#/(7! 2#/1!2#$1/1!D!2#62!2#$!2$%3*&65!*&'6(/H62/*(!*+!%41/)!/1!6(!$E3&$11/*(!*+!2#$!2$%3*&65! +*&%1!*+!2#$!1*)/$29!2#62!3&*74)$1!/2!D!/1!)*&&$)2
277!
;&*4'#2!6;*42!;9!2#$!%*(*3*5/H62/*(!*+!)63/265!6&*4(7!2#$!24&(!*+!2#$!28$(2/$2#! )$(24&9:!C;12&6)2!2/%$
2*!4(+&$$7*%&!)6(!2#$!2$%3*&65/29!*+!2#$!$&6!*+!%*(*3*59!)63/265/1%!;$!2#$!+*4(762/*(!+*&! -65/7!D!2#62!/1
279!
)-'.%,&!J!
K2$%*&LI!1*A,&+2$1I!'+A!%-,!%21,!*4!15$2(! ! F9!2#$!768(!*+!28$(2/$2#!)$(24&9
G4)#!8*&@!/1!(*!5*('$&!14126/($7!;9!6!+&6%$8*&@!)*(1/12/('!*+!6!14))$11/*(!*+!$-$(21! 4(+*57/('!/(!#/12*&/)65!2/%$
280!
)*%35$2/*(.:R!"#/1!2$%3*&65!6%;/'4/29!/1!)5*1$59!)*(($)2$7!2*!2#$!6;6(7*(%$(2!*+!6! 4(/26&9!3$&13$)2/-$!*(!$-$(21
281!
<1")+8').'$1"':)@"-&!c4@o)1!633$6&1!2*!;$5/$-$!2#62!2#$&$!)6(!;$!6!&$65/12!6&2/12/)! &$3&$1$(262/*(!*+!2/%$Y!2#62!/1
"#/1!1*4(71!61!2#*4'#!c4@o)1!/1!%6@/('!2#$!2&/-/65!3*/(2!2#62!2#$!(*-$5!6)#/$-$1!4(/29! ;9!%$6(1!*+!2/%$!1/%359!/(!-/&24$!*+!/21!)#&*(*5*'9:![*8$-$&
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! P!c4@o)1
+67/('!6(7!79/('!6&$!+*&'*22$(!6(7!5$+2!$(2/&$59!;$#/(7:!A(!2#$!(*-$5
"/%$!/1!3/)24&$7!#$&$!61!2#$!1*4&)$!*+!7$12&4)2/*(!6(7!3611/('!6869Y!2#$!%$6(/('!*+!5/+$! /1!(*2!2*!;$!'5$6($7!+&*%!/%%$&1/*(!/(!/21!/%%$7/6)9!;$)641$!5/+$!/1!6!12&4''5$!6'6/(12! 2/%$:!"#$&$+*&$!7$62#!D!2#$!(*(M2$%3*&65($!613$)2!*+!2#/1!&$/+/)62/*(!/1!6(!6;12&6)2!2/%$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! V!c4@o)11;*&($
%$)#6(/)6559!*;B$)2/+/$7!,3$&+*&%6()$.!*+!2#$!8*&@$&
"#$!*-$&655!&$1452!*+!&$/+/)62/*(!/1!2#62! I6(!/(!)63/265/12!1*)/$29!)*(+&*(21!6!&$65/29!,%67$.!;9!#/%1$5+!i61!6!)5611j!8#/)#!633$6&1! 2*!#/%!2*!;$!6!(624&65!3#$(*%$(*(!65/$(!2*!#/%1$5+Y!#$!/1!8#*559!62!2#$!%$&)9!*+!/21! ,5681.
c4@o)1!6&'4$1!2#62!/(!2#$!)*(2$E2!*+!6!1/2462/*(!/(!8#/)#!2#$&$!1$$%1!2*!;$!6(! 4(;&/7'$6;5$!'45+!;$28$$(!#4%6(!6)2/*(!6(7!*;B$)2/-$!&$65/29!61!6!2*265/29
)*%%*7/+/)62/*(!*+!6&2!6(7!2#$&$;9!@$$3/('!65/-$!2#$!3&*%/1$!*+!6(*2#$&!@/(7!*+!1*)/$29
3$&13$)2/-$!&$74)$1!/2!2*!&$5/6()$!*(!/%%$7/6)9:!A(7$$7
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! OO!c4((
286!
&$65/1%
0-,!$%&5(%5&,!*4!-2$%*&L! "#*4'#!2#$!)*()$32!*+!#/12*&9!633$6&1!61!6!2$&%!/(!2#/1!7$;62$1;*&($!)*%%$(211;*&($
4(/+/)62/*(1;*&($<'<1"'6)-%$%20').'<%5":!P`! US![$/7$''$&1;*&($<'<1"'6)-%$%20').'<%5":!TPMN! UU!/;/7:!NO! UP!/;/7:!NU!
289!
*(59!2#&*4'#!2#/1!(6&&62/-$!%$7/62/*(!2#62!2#$!*2#$&!28*!+*&%1!*+!2/%$!D! 3#$(*%$(*5*'/)65!6(7!)*1%*5*'/)65!D!)6(!;$!'&613$7!62!655:!C1!]/)*$4&!1691
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! UN!]/)*$4&'/';*0%2,-'6180%)H()58&!2&:!l:!\$3#)*22
290!
G%655
[*8$-$&'Q($"+3%02%7-%(,+8' Q00*"0&!I677/1*(($!G3$6@!*+!L6&&62/-/29!/(!I41/)e.
291!
6'$(21;*&($(!2#$! *($!#6(7(!2#$!*2#$&!#6(71;*&($!14''$121!2#62!%*7$&(/29'M*Ru20&';,+B%05',(3'$1"'P%,-"2$%20').'K)+5'J".-"2$%)(0'.+)5'P,5,H"3'M%."1;*&($<'<1"'6)-%$%20').'<%5":!RRMRP!
292!
%*7$&(!)*()$32/*(1!*+!2$%3*&65/291;*&($1;*&($'P"0$+*2$%)('E'IB7"+%"(2"&! I6()#$12$&?!k5/(6%$(!X&$11
293!
3&$M*&76/($7!3&*'&$11(59!/(!14)#!6!3&$1$(2!)6(!#/12*&9! ;$!%67$
1/('5$!1(631#*2
a*&!F$(B6%/(
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! NU!c$15/$'N@"+7)9"+%(H'4)(.)+5%05:!a$52#6%
295!
8*&@/('!)5611!/1!5/@$59!,2*!;&41#!#/12*&9!6'6/(12!2#$!'&6/(.
F42!652#*4'#!k655/(/)*1!3421!2#$!3#&61$!/(!/(-$&2$7!)*%%61(!2#/1!-/$81;*&($!$E356/(1
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! NT!k655/(/)*1'/3@"($*+"0',(3';%0,3@"($*+"0').','4+%$%b*"&'2&:!l55/*2
296!
;$)*%$1
A(!*2#$&!8*&71(!2#/1!6))*4(2
"#$!/7$*5*'/)65!$++$)2!*+!2#$!7*%/(6()$!*+!6!)4524&$!*+!%$614&$7!2/%$!8#/)#!%/%/)1! )*1%/)!2/%$!/1!6!(624&65/162/*(!*+!#/12*&9!61!6(!642*(*%*41!3&*)$11!8#/)#!/1!;$9*(7! #4%6(!)*(2&*5:!"#/1!/1!2#$!3&*;5$%!*+!#/12*&/)/1%:!C(7!9$21;*&($'<9"-@"'M"2$*+"0&!2&:!c68&$()$
633&*6)#!+&*%!2#$!(6&&62/-/1%!*+!c4@o)1
+&6%$8*&@!8/2#/(!8#/)#!2#$!%62$&/65!)*457!;$!6&2/)4562$7+!)*4&1$
6(6591/1!*+!%$2$&($!$E)$55$(2!$E6%35$!*+!2#/1!/1!2#$!41$!/(!1*%$!3*3456&!%41/)!1295$1!*+!%$2&/)!7/1356)$%$(2! 2$)#(/=4$1!*(!6!3#&61$!2*!$E35*&$!2#$!652$&62/*(!/(!2$%3*&65!)#6&6)2$&!3&*74)$7
TO!C36&2!+&*%!/(!2#*1$!)61$1!7/1)411$7!/(!k#632$&!O!/(!8#/)#!6!5$67!-*/)$!/1!1$2!7$5/;$&62$59!62!
*771!8/2#!2#$!'&**-$!*+!2#$!\#%!1$)2/*(:! TU!I**&$':"9'5",(%(H0&'("9' $"57)+,-%$%"0&'("9'-%0$"(%(H'0$+,$"H%"0
300!
61!6!%41/)65!1261/1!8#/)#!3&*74)$7!,6!)*()$(2&62/*(!*(!2#$!3&$1$(2!%*%$(2!D!*(!$-$&9! 3&$1$(2!%*%$(2!D!g)636;5$!*+h!%6@g/('h!6!-$&2/)65!)42!m!6)&*11!#*&/H*(265!2/%$! 3$&)$32/*(
"#$1$!293$1!*+!%*7$&(/12!3&$1$()/('!6/%!2*!3&*74)$!2/%$5$11($11!*&!$2$&(/29!2#&*4'#! 6(!/(+/(/2$59!$E2$(7$7!3&$1$(2:!"#$/&!'*65!/1!6@/(!2*!%$7/262/*(?!6(!/(2$(1$!+*)41!*(!2#$! %/(42/6$!*+!2#$!3&$1$(2!2*!6)#/$-$!6!1262$!*+!62$%3*&65!&$56E62/*(!*&!$)12619:TQ!J&**-$.1! 3&$1$()/('!/1!=4/2$!7/++$&$(2:!A21!+*)41!*(!2#$!3&$1$(2!7*$1!(*2!/(-*5-$!6!8/2#7&6865!*&! $1)63$!+&*%!,*&7/(6&9.!2/%$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! TN!Z6&5M[$/(H!G2*)@#641$(!=4*2$7!/(!Z&6%$&
W$13/2$!2#/1!/%3*&26(2!7/++$&$()$(!2#/1!;61/1(!2#$!)*(2&6&9
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! QS!Z&6%$&
)63/265/1%!/21$5+!D!,6(!$)*(*%9!*+!2/%$:..QO!A(!4,7%$,-!I6&E!/7$(2/+/$1!1$-$&65!,2/%$1!*+! )63/265/1%.?!(*2!*(59!2#$!2/%$!8#/)#!%$614&$1!$E)#6('$!-654$!8#/)#!8$!#6-$!65&$679! $()*4(2$&$7
K(2/5!(*8
14)#!2#*4'#2
a*&!I6&EE+*&7?!>E+*&7!KX
PUE+*&7!K(/-$&1/29!X&$11
304!
6&$!;&*4'#2!/(2*!&$562/*(1#/3!8/2#!$6)#!*2#$&!/(!6!&62/*:!A(!6!&62/*!/2!/1!(*2!2#$! =46(2/262/-$!-654$1!*+!2#$!=46(26!2#62!6&$!/%3*&26(2!D!2#$!&62/*!O?P!)6(!;$!&$356)$7!;9! U?T!6(7!2#$!34&$59!=46(2/262/-$!$5$%$(21!*+!$6)#!=46(24%!)6()$5!$6)#!*2#$&!*42:!"#$! =46(2/262/-$!6(7!=465/262/-$!613$)21!*+!=46(24%
G*(!2#$!)*(2&6&9
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! VS![$'$5
"#/1!7/1)*-$&9!#61!2&$%$(7*41!/%3*&26()$!+*&!6&'4%$(21!6;*42!%$614&$7!2/%$!/(! %41/):!"#$!;4&7$(!*+!2#$!-6&/*41!6&'4%$(21!%67$!;9!2#*1$!8#*!)&/2/)/1$!%$2$&!6(7! 2$%3*&65!&$'456&/29!#61
0#9!1#*457!%41/)!;$!6;*42!2/%$e!F$)641$
L$'&/.1!%/126@$!/1!2*!6114%$!2#$!$E/12$()$!*+!2/%$M61M%$614&$!$E/12/('!/(7$3$(7$(259!*+! )63/265/1%!;$+*&$!2#$!$%$&'$()$!*+!&$65!14;14%32/*((!2#$!*($!#6(7(!2#$!*2#$&!#6(7E+*&7?!0/5$9MF56)@8$55
)63/265/1%
K(7$&!)63/265/1%
F42!62!2#$!16%$!2/%$!#$!7$1)&/;$1!56;*4&M2/%$!61!%*&$!*&!5$11!,)*(7$(1$7.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! VQ!L$'&/
308!
A2!/1
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! `O!c/31/2H'4)--"2$%@"';"5)+8',(3'/5"+%2,('6)7*-,+'4*-$*+"
[$!'*$1!*(!2*!%6@$!6(!6&'4%$(2!14''$12/('!2#62!2#$!\#%!*+!3*3456&!%41/)! &$3&$1$(21!6!&$6)2/*(!2*!2#$!2/%$!7/1)/35/($!/%3*1$7!43*(!8*&@$&1!/(!/(7412&/65! )63/265/1%:! A(12$67!*+!2#$!&$'456&!;$62!2#62!%$614&$7!2/%$!;9!2#$!)5*)@
A(!+6)2(!2#/1!6(6591/1
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! `U!c/31/2H'!,##'Q57+)@%0,$%)(',(3'Q($"+,2$%)(&!k#/)6'*?!K(/-$&1/29!*+! k#/)6'*!X&$11'6)7*-,+';*0%2&'6)0$5)3"+(%05',(3'$1"'6)"$%20').' 6-,2"&!c*(7*(?!b$&1*
F42!2#$&$!%69!;$!6!7$$3$&!1$(1$!/(!8#/)#!'&**-$.1!$E3&*3&/62/*(!*+!2#$!65/$(62$7!2/%$! *+!%*7$&(!)63/265/1%!$E3&$11$1!6!5/;$&62*&9!3&*B$)2:!A(!#/1!)5611/)!2$E2
W$;*&7!6&'4$1!2#62!2#$!&45/('!)5611$1!*+!$6&59!)5611!1*)/$2/$1!8$&$!6;5$!2*!%*(*3*5/H$! #/12*&/)65!2/%$!2#&*4'#!2#$/&!%612$&9!*+!@(*85$7'$!6(7!;$)641$!2#$/&!3*34562/*(1!8$&$! /%%$&1$7!/(!2#$!)9)5/)65!2/%$!*+!6'&/)4524&65!$E/12$()$:!,G$36&62$7!*++!+&*%!2#$!)*55$)2/-$! *&'6(/H62/*(!*+!2/%$!2#62!3&$7*%/(62$7!61!6!+4()2/*(!*+!2#$!&$3$2/2/-$!+*&%!*+! 3&*74)2/*(!8#/)#!861!2#$!;61/1!*+!1*)/65!5/+$
311!
[/12*&/)65!)*(1)/*41($11!26@$1!6(*2#$&!5$63!+*&86&7!8/2#!2#$!&/1$!2*!3*8$&!*+!2#$! ;*4&'$*/1/$?! "#$!-/)2*&9!*+!2#$!;*4&'$*/1/$!861!2#$!-/)2*&9!*+!6!7+).)*(3-8'1%0$)+%2,-'2/%$!D!2#$!2/%$! )*&&$13*(7/('!2*!2#$!$)*(*%/)!+*&%!*+!3&*74)2/*(
F42
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ``!W$;*&7
"#$!(*2/*(!*+!,+$7$&62$7!2/%$1.!/1!/(2$&$12/('59!62!*771!8/2#!2#$!-/1/*(!*+!2$%3*&65! +&$$7*%!8#/)#!$%$&'$7!$6&5/$&!+&*%!F$&'1*(/6(!2#/(@$&1!5/@$!W$5$4H$!i1$$!k#632$&!Pj:! A2!%6/(26/(1!2#$!1$(1$!*+!7/-$&1/29!/(#$&$(2!/(!6!%452/35/)/29!*+!2/%$1!8#/5$!62!2#$!16%$! 2/%$!14''$12/('!6!)*55$)2/-$!/(2$'&62/*(!*+!2#*1$!2/%$1:!W$;*&7.1!/(-*)62/*(!*+! ,3569+45($11.!651*!655*81!41!2*!'&613!2#$!6$12#$2/)!)*%3*($(2!*+!14)#!6!3*5/2/)65!3&*B$)2! 6(7!63359!/2!7/&$)259!2*!2#$!%41/)65!=4$12/*(1!8$!#6-$!;$$(!$E35*&/('!43!2*!2#/1!3*/(2:!A2! /1!$619!2*!1$$!2#$!36&655$51!/(!'&**-$:!A(!677/2/*(!2*!2#$!/7$6
313!
)63/265/1%
314!
@2#62*3&'.-L! ! ! ! C76%'J".-"2$%)(0'.+)5'P,5,H"3'M%."(!2#$!G*)/65!G/2462/*(!*+!I41/).!iR`UOj'I00,80')(';*0%2&' c*(7*(?!K!*+!k65/+*&(/6!X&$11'I00,80')(';*0%2&'c*(7*(?!K!*+! k65/+*&(/6!X&$11(!\6HH.!iR`UTj'I00,80')(';*0%2&'c*(7*(?!K!*+!k65/+*&(/6! X&$11(!2#$!a$2/1#Mk#6&6)2$&!*+!I41/)!6(7!2#$!]$'&$11/*(!*+!c/12$(/('.!iR`UVj'I00,80')(';*0%2&'c*(7*(?!K!*+!k65/+*&(/6!X&$11(!X*3456&!I41/).!g0/2#!2#$!611/126()$!*+!J$*&'$!G/%31*(h!iR`PRj!/(!c$33$&2'I00,80')(';*0%2&'c*(7*(?!K!*+!k65/+*&(/6!X&$11(!2#$!k*(2$%3*&6&9!]$562/*(1#/3!*+!X#/5*1*3#9!6(7!I41/).!iR`NUj!/(!c$33$&2'I00,80')(';*0%2&'c*(7*(?!K!*+!k65/+*&(/6!X&$11'/';*0%2,-'6180%)H()58'gR`TSh&!2&:!l:!\$3#)*22'6)0$2)-)(%,-':)$"0&'a*"+%"0&'6)0%$%)(0&'c*(7*(?! ]*425$7'$56-*:!,]#92#%!61!W4&62/*(!*+!G*4(71!/(!"4%;6!a&6()$16.
315!
C(7$&1*('T"8'G+%$%(H0&!c*(7*(';*0%2,-'0$+*2$*+"',(3'5"$1)3)-)H8'<1"'6)-%$%2,-'I2)()58').';*0%2&!2&:!F&/6(!I6114%/:!a$52#6%'Q57+)@%0,$%)(',(3'$1"'/+$0'%('6)0$9,+'/5"+%2,&! k#/)6'*?!K!*+!k#/)6'*!X1;*&($'P"0$+*2$%)('E'IB7"+%"(2"&! I6()#$12$&?!k5/(6%$(!X&$11;1$&-62/*(1!*(!2#$!0*&@1!*+!L/@*56/!c$1@*-.<'/(! Q--*5%(,$%)(0&'c*(7*(?!X/%5/)*'/3@"($*+"0',(3';%0,3@"($*+"0').','4+%$%b*"'<1"'"B7"+%"(2"').'5)3"+(%$8'M*Ru20&';,+B%05',(3'$1"'P%,-"2$%20').'K)+5&! F&/'#2*(?![6&-$12$&!X&$11
316!
! F#61@6&(!2#$!%62#$%62/)65!6(7!7/65$)2/)65!)#6&6)2$&!/(!%41/).!iR`ONj!/(!F5*)#'<1"'P"H+,3,$%)(').'G)+R'%('$1"'<9"($%"$1' 4"($*+8&'L$8!n*&@?!I*(2#59!]$-/$8!X&$11'/"0$1"$%20',(3'F)2%,-'/2$%)('%(' /.+%2,(';*0%2,-'Q3%)50&'6(/H62/*(!*+!I41/)65!"/%$.!/(!4)($"57)+,+8';*0%2' J"@%"9'O!iR`VQj?!ORRMOUV:!X&/(2! ! k56&@$'/'F$*38'%('/77-%"3'61"()5"()-)H8&!c*(7*(?!n65$!KX'/'U*%3"'.)+'$1"'6"+7-"B"3&'c*(7*(?!k*(2/(44%
317!
! k*($' 41,--"(H%(H'!,##'4+%$%2%05'R'<1"'K*(R'U+))@"0').'!,5"0'S+)9(',(3'6,+-%,5"($(!l/5$$(.E+*&7?!F56)@8$55E+*&7!K(/-$&1/29!X&$11'F$*3%"0'%(';*0%2,-'F$+*2$*+"&!>E+*&7!KX';,$"+%,-%05',(3':,$*+"&!L$8!n*&@?!I*(2#59!]$-/$8!X&$11
318!
! a*4)6452'<1"'S%+$1').'$1"'6+%0)(57!>($.'61%-,3"-71%,&'sX]r?sXYX&'RV!\4($!OSRS!! q#223?ff888:#/12*&9)6&3$&:)*%f&$1*4&)$1f28*;+Of67-/)$:#2%r!! ! a&61$&'/'2)?)7"+,$%@"'0*+@"8').'5,(A0'@%"90')('$%5"&',0'"B7+"00"3'C8'$1"' 02%"(2"0',(3'$1"'1*5,(%$%"0&![6&%*(718*&2#?!X$('4/('I@,-*,$%(H'6)7*-,+';*0%2&!>E+*&7!KX'=)-*5"'s>'6)9"+&'6+)7"+$8' ,(3'$1"'F$,$"!';)3"+(%$8',(3'P)*C-"'4)(02%)*0("00&!c*(7*(?!b$&1*'/('/77+),21'$)','<1")+8').'F85C)-0&!A(7/6(63*5/1?![6)@$22'/('/"0$1"$%2').'J)2R&!c*(7*(?!"64&/1'<9"-@"'M"2$*+"0&!2&:!c68&$()$E+*&7!K(/-$&1/29!X&$11E+*&7?!>E+*&7!KXE+*&7?!0/5$9MF56)@8$55
319!
! [*&($&__999D0*++"8D,2D*R_;*0%2_:"90U"(Q(.)_/2,3"5%2F$,.._O*H1"0_U+))@"/(3K-)9D73. `! ! [411$&5E+*&7!KX'<1"'N+%H%(,-'E'U+",$"0$'O%$0&!\61%/($!]$)*&712#$&!X$*35$.1!I41/).:!OV2#!C4'412!OSS`:! q#223?ff%41/)'&**-$1:*&'f6&2/)5$1fJ&**-*5*'9C(7I6'/):37+r! ! Z$/5
320!
! Z/('%6('/'6,()+,5,&'Ln?!G)#/&%$&'J".-"2$%)(0')(';*0%2,-'J"7+"0"($,$%)(&!X&/()$2*(!KX'N('$1"'F"5,($%20').'O%0$)+%2,-'<%5"&!k6%;&/7'$':"9'5",(%(H0&'("9'$"57)+,-%$%"0&'("9'-%0$"(%(H' 0$+,$"H%"0'4-)2R0',(3'$1"';,R%(H').'$1"';)3"+('G)+-3&'c*(7*(?! [6&-6&7!KX'I00,80')(';*0%2&'c*(7*(?!K!*+!k65/+*&(/6!X&$11(!2#$!"#$*&9!*+!J&*43/('!6(7!I$2$&.'N@"+7)9"+%(H'4)(.)+5%05'4)--"2$%@"';"5)+8',(3'/5"+%2,('6)7*-,+'4*-$*+"'6)7*-,+';*0%2&'6)0$5)3"+(%05',(3'$1"'6)"$%20').'6-,2"&! c*(7*(?!b$&1*
321!
c*(7*(($MW/%$(1/*(65!I6(.!iR`TPj
!
I6&5$9
'
I6&E
322!
' I6&E'/'4+%$%b*"').'6)-%$%2,-'I2)()58&'b*5:!R'F*Cf"2$%@"'O*5,(%0$'<1"'4)($"($').';*0%2,-'K)+5&'!F$&@$5$9?!K!*+!k65/+*&(/6! X&$11!P,(2"',(3'P+%--'%('O*5,('O%0$)+8&!k6%;&/7'$3$(!KX'<1%(R%(H'S,2R9,+30&!k6%;&/7'$!KX'!,##'Q57+)@%0,$%)(',(3'Q($"+,2$%)(&56(7*?![6&-$12f[6&)*4&2!F&6)$
323!
L622/$H($!G3$6@!*+!L6&&62/-/29!/(!I41/)e.5/-$&'/.+%2,('J"$"($%)(0'%('$1"'S-*"0&'c/225$#6%32*(!F**@!G$&-/)$11;*&($1;*&($1;*&($'<1")+8',(3';"$1)3&'k6%;&/7'$!KX'I00,80')('4+%$%2,-'<1")+8',(3';*0%2&! c*(7*(?!Z6#(!6(7!C-$&/55' Q($"+3%02%7-%(,+8'Q00*"0&!I677/1*('/'+"%($"+7+"$,$%)(').';,+BA0'2+%$%2,-'$1")+8
324!
X&9$&'+"$+%"@%(H'$1"'+"7+"00"3'/'U*%3"'.)+'$1"'6"+7-"B"3'<1"'M)H%2').'/C*(3,(2"'%('M%$"+,$*+"&'F2%"(2"&',(3' 4*-$*+"'sWWt?sZ\t'Q$0'J))$0',(3';*0%2,-'P"@"-)75"($&!L$8!n*&@?!>E+*&7!KX
325!
! G)&42*(E+*&7?!k56&$(7*(!X&$11'<1"';",(%(H0').'6"+.)+5%(H',(3'M%0$"(%(H&!I/775$2*8('6+"-*3"'$)','61"()5"()-)H8').';*0%2&!c*(7*(?! J*&7*(!6(7!F&$6)#'/'2+%$%b*"').'"7%0$"5)-)H8&'c*(7*(?! I6)%/556(3$(!c$22$&!6;*42!,F56)@!I41/).2#$&..
326!
"6'''N+%H%(0',(3'P"@"-)75"($').'F(,+"'P+*5'S,2RC",$',(3'N$1"+' /22)57,(%5"($,-'J18$150'%('J)2R'^(A'J)--&'K(34;5/1#$7!X#:W:!2#$1/1'6"+.)+5,(2"',(3'7+)3*2$%)(8($&1.!"/%$!6(7!>8(!"/%$?!"#$!I6@/('!*+!6!k63/265/12!"/%$Mk*(1)/*41($11! RUSSMRVSS'/('I00"($%,-'/($1)-)H8'F2%"(2"',(3'NCf"2$%@%$8&!k6%;&/7'$!K(/-$&1/29!X&$113$(!G$)&$2!*+!]$65!C;12&6)2/*(.'<1"'/($"2"3"($0').'<9"($%"$1?4"($*+8' 6)7*-,+';*0%2&'!>E+*&7?!k56&$(7*('+,2"&'2)-)+&',(3'$1"'*(2)(02%)*0
327!
0/51*(559:!,"#$!G/'(/+/)6()$!*+!2#$!]$562/*(1#/3!F$28$$(!C+&*MC%$&/)6(!6(7!0$12!C+&/)6(! I41/).57$&?!a4&2#$&!]$+5$)2/*(1!*(! A(2$&14;B$)2/-/29.';*0%2',(3'$1"'IB$"+(,-'G)+-3&!X&/()$2*('=)-*5"']k
328!