Microsoft Video Game Console XBOX User Manual
>CHIGJ8I>DCꢀB6CJ6A  
B6CJ6Aꢀ9:ꢀ>CHIGJ88>DC:H  
B6CJ6Aꢀ9É>CHIGJ8I>DCH  
 
]iie/$$lll#mWdm#Xdb  
Zc\a^h]  
&
I67A:ꢀD;ꢀ8DCI:CIH  
I]ZꢀMWdmꢀK^YZdꢀ<VbZꢀHnhiZb#########################################################################################################################################################^^  
MWdmꢀEZg^e]ZgVah##############################################################################################################################################################################^^  
IVWaZꢀd[ꢀ8dciZcih ############################################################################################################################################################################&  
>bedgiVciꢀHV[Zinꢀ>c[dgbVi^dc ########################################################################################################################################################'  
>bedgiVciꢀ=ZVai]ꢀLVgc^c\h############################################################################################################################################################)  
HZaZXi^c\ꢀVꢀAdXVi^dcꢀ[dgꢀi]ZꢀMWdmꢀ8dchdaZ ####################################################################################################################################*  
8dccZXi^c\ꢀidꢀVꢀIK##########################################################################################################################################################################+  
8dccZXi^c\ꢀMWdmꢀ8dcigdaaZgh ##########################################################################################################################################################,  
Jh^c\ꢀMWdmꢀ8dcigdaaZgh####################################################################################################################################################################,  
Ijgc^c\ꢀdcꢀi]ZꢀMWdmꢀ8dchdaZ ##########################################################################################################################################################-  
>c^i^VaꢀHZije#####################################################################################################################################################################################.  
6jY^d!ꢀK^YZdꢀVcYꢀDi]ZgꢀHZii^c\h ####################################################################################################################################################.  
EaVn^c\ꢀ<VbZhꢀVcYꢀBjh^X #############################################################################################################################################################&%  
HdjcYigVX`h ###################################################################################################################################################################################&&  
EVgZciVaꢀ8dcigda ############################################################################################################################################################################&&  
BVcV\^c\ꢀBZbdgn #########################################################################################################################################################################&'  
Bjai^eaVnZgꢀ<VbZh ########################################################################################################################################################################&'  
MWdmꢀA^kZž #####################################################################################################################################################################################&(  
8dccZXi^c\ꢀ=VgYlVgZ####################################################################################################################################################################&(  
JeYVi^c\ꢀi]ZꢀMWdmꢀ9Vh]WdVgY######################################################################################################################################################&)  
MWdmꢀA^kZꢀH^\cꢀJe ##########################################################################################################################################################################&)  
8aZVc^c\ꢀi]ZꢀMWdmꢀK^YZdꢀ<VbZꢀHnhiZb########################################################################################################################################&)  
IgdjWaZh]ddi^c\#############################################################################################################################################################################&*  
HeZX^ÒXVi^dch#################################################################################################################################################################################&+  
LVggVcin ########################################################################################################################################################################################&,  
:HG7ꢀGVi^c\hꢀ<j^YZ#######################################################################################################################################################################&.  
8deng^\]i########################################################################################################################################################################################+'  
I]Zꢀ[daadl^c\ꢀhnbWdahꢀVgZꢀjhZYꢀdcꢀaVWZahꢀdcꢀi]ZꢀMWdmꢀk^YZdꢀ  
\VbZꢀhnhiZbꢀ[gdbꢀB^Xgdhd[i/  
9ZXaVgVi^dcꢀd[ꢀ8dc[dgb^in  
IgVYZꢀCVbZ/ꢀ  
B^Xgdhd[iꢀ8dge#  
I]^hꢀhnbWdaꢀ^hꢀ^ciZcYZYꢀidꢀVaZgiꢀi]ZꢀjhZgꢀidꢀ  
i]ZꢀegZhZcXZꢀd[ꢀ^bedgiVciꢀhV[Zin!ꢀdeZgVi^c\!ꢀ  
VcYꢀbV^ciZcVcXZꢀ^chigjXi^dchꢀ^cꢀi]Zꢀa^iZgVijgZꢀ  
VXXdbeVcn^c\ꢀi]ZꢀXdchdaZ#  
GZhedch^WaZꢀEVgin/ꢀ B^Xgdhd[iꢀ8dgedgVi^dc  
6YYgZhh/ꢀ  
ꢀꢀ  
ꢀꢀ  
MWdmꢀ8jhidbZgꢀ8VgZ  
DcZꢀB^Xgdhd[iꢀLVn  
GZYbdcY!ꢀL6!ꢀ.-%*'ꢀJ#H#6#  
I]^hꢀhnbWdaꢀ^hꢀ^ciZcYZYꢀidꢀVaZgiꢀi]ZꢀjhZgꢀidꢀi]Zꢀ  
egZhZcXZꢀd[ꢀjc^chjaViZYꢀÆYVc\ZgdjhꢀkdaiV\ZÇꢀ  
l^i]^cꢀi]ZꢀegdYjXiÉhꢀZcXadhjgZꢀi]ViꢀbVnꢀWZꢀ  
d[ꢀhj[ÒX^ZciꢀbV\c^ijYZꢀidꢀXdchi^ijiZꢀVꢀg^h`ꢀd[ꢀ  
ZaZXig^Xꢀh]dX`ꢀidꢀeZghdch#  
IZaZe]dcZꢀCd#/ꢀꢀ  
&"-%%")BN"M7DMꢀꢁ&"-%%")+.".'+.ꢂ  
I]^hꢀYZk^XZꢀXdbea^Zhꢀl^i]ꢀEVgiꢀ&*ꢀd[ꢀi]Zꢀ;88ꢀGjaZh#ꢀ  
DeZgVi^dcꢀ^hꢀhjW_ZXiꢀidꢀi]Zꢀ[daadl^c\ꢀildꢀXdcY^i^dch/ꢀ  
ꢁ&ꢂꢀI]^hꢀYZk^XZꢀbVnꢀcdiꢀXVjhZꢀ]Vgb[jaꢀ^ciZg[ZgZcXZ!ꢀVcYꢀ  
ꢁ'ꢂꢀi]^hꢀYZk^XZꢀbjhiꢀVXXZeiꢀVcnꢀ^ciZg[ZgZcXZꢀgZXZ^kZY!ꢀ  
^cXajY^c\ꢀ^ciZg[ZgZcXZꢀi]ViꢀbVnꢀXVjhZꢀjcYZh^gZYꢀ  
deZgVi^dc#  
LVgc^c\/ꢀIdꢀgZYjXZꢀi]Zꢀg^h`ꢀd[ꢀÒgZꢀdgꢀZaZXig^Xꢀh]dX`!ꢀYdꢀcdiꢀ  
ZmedhZꢀi]^hꢀVeeVgVijhꢀidꢀgV^cꢀdgꢀbd^hijgZ#  
8aVhhꢀ&ꢀAVhZgꢀEgdYjXi  
;dgꢀ8jhidbZghꢀ^cꢀ8VcVYV/ꢀ  
I]^hꢀ8aVhhꢀ7ꢀY^\^iVaꢀVeeVgVijhꢀXdbea^Zhꢀl^i]ꢀ8VcVY^Vcꢀ>8:H"%%(#  
 
'
Zc\a^h]  
]iie/$$lll#mWdm#Xdb  
>BEDGI6CIꢀH6;:INꢀ>C;DGB6I>DC  
I]^hꢀbVcjVaꢀXdciV^chꢀ^bedgiVciꢀ^c[dgbVi^dcꢀVWdjiꢀ]dlꢀid  
hV[ZanꢀVcYꢀegdeZganꢀhZiꢀje!ꢀjhZ!ꢀVcYꢀXVgZꢀ[dgꢀi]ZꢀMWdmꢀk^YZdꢀ  
\VbZꢀhnhiZb#  
9dꢀcdiꢀejh]ꢀdgꢀ^chZgiꢀVcni]^c\ꢀ^cidꢀkZci^aVi^dcꢀ  
deZc^c\h#  
™ꢀ IV`ZꢀegZXVji^dchꢀidꢀ`ZZeꢀX]^aYgZcꢀ[gdbꢀejii^c\ꢀVcni]^c\!ꢀ  
ZheZX^VaanꢀbZiVaꢀdW_ZXih!ꢀ^ch^YZꢀi]ZꢀMWdmꢀXdchdaZ#  
™ꢀ 9dꢀcdiꢀ^chZgiꢀdW_ZXihꢀ^cidꢀkZci^aVi^dcꢀdeZc^c\hꢀl]Zcꢀ  
XaZVc^c\ꢀi]ZꢀMWdmꢀXdchdaZ#  
L6GC>C<  
™ꢀ 7ZꢀVaZgiꢀ[dgꢀhdjcYhꢀd[ꢀVꢀaddhZꢀdW_ZXiꢀ^ch^YZꢀi]ZꢀMWdmꢀ  
XdchdaZ#ꢀ>[ꢀndjꢀZkZgꢀcdi^XZꢀdgꢀhjheZXiꢀi]ZgZꢀ^hꢀVꢀaddhZꢀ  
dW_ZXiꢀ^ch^YZꢀi]ZꢀMWdmꢀXdchdaZ/  
;V^ajgZꢀidꢀegdeZganꢀhZiꢀje!ꢀjhZ!ꢀVcYꢀXVgZꢀ[dgꢀi]ZꢀMWdmꢀk^YZdꢀ  
\VbZꢀhnhiZbꢀXVcꢀ^cXgZVhZꢀi]Zꢀg^h`ꢀd[ꢀZaZXig^Xꢀh]dX`ꢀdgꢀÒgZ#ꢀ  
>iꢀXVcꢀVahdꢀ^cXgZVhZꢀi]Zꢀg^h`ꢀd[ꢀi]ZꢀMWdmꢀXdchdaZꢀ[Vaa^c\ꢀ  
VcYꢀedhh^Wanꢀ]^ii^c\ꢀhdbZdcZ#ꢀIdꢀgZYjXZꢀi]Zꢀg^h`ꢀd[ꢀhZg^djhꢀ  
^c_jgnꢀdgꢀYZVi]!ꢀdgꢀYVbV\Zꢀidꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZb/  
™ꢀ >bbZY^ViZanꢀjceaj\ꢀi]ZꢀMWdmꢀXdchdaZꢀ[gdbꢀi]ZꢀedlZgꢀ  
djiaZiꢀVcYꢀYdꢀcdiꢀjhZꢀi]ZꢀMWdmꢀXdchdaZ#  
™ꢀ 8Vaaꢀi]ZꢀB^Xgdhd[iꢀMWdmꢀ8jhidbZgꢀHjeedgiꢀcjbWZgꢀdcꢀ  
eV\Zꢀ^^#  
™ꢀ GZVYꢀi]ZhZꢀ^chigjXi^dch#  
™ꢀ @ZZeꢀi]ZhZꢀ^chigjXi^dch#  
™ꢀ =ZZYꢀVaaꢀlVgc^c\h#  
™ꢀ 9dꢀcdiꢀidjX]ꢀi]ZꢀbZiVaꢀeVgihꢀd[ꢀVcnꢀXdgYꢀXdb^c\ꢀdjiꢀ  
d[ꢀi]ZꢀMWdmꢀXdchdaZꢀl]Zcꢀi]ZꢀXdchdaZꢀ^hꢀeaj\\ZYꢀ^cꢀidꢀ  
edlZg#  
™ꢀ 6alVnhꢀjceaj\ꢀi]ZꢀMWdmꢀXdchdaZꢀ[gdbꢀi]ZꢀedlZgꢀdjiaZiꢀ  
WZ[dgZꢀXdccZXi^c\ꢀdgꢀY^hXdccZXi^c\ꢀi]ZꢀMWdmꢀXdchdaZꢀid$  
[gdbꢀVꢀIK!ꢀK8G!ꢀdgꢀdi]Zgꢀ6KꢀYZk^XZ#  
™ꢀ ;daadlꢀVaaꢀ^chigjXi^dch#  
HiVnꢀ6lVnꢀ[gdbꢀ9Vc\ZgdjhꢀKdaiV\Zꢀ  
>ch^YZꢀi]ZꢀMWdmꢀ8dchdaZ  
IV`ZꢀEgZXVji^dchꢀidꢀ@ZZeꢀi]ZꢀMWdmꢀ8dchdaZ  
[gdbꢀ;Vaa^c\  
9Vc\ZgdjhꢀkdaiV\Zꢀ^hꢀegZhZciꢀ^ch^YZꢀi]ZꢀMWdmꢀ  
>[ꢀi]ZꢀMWdmꢀXdchdaZꢀ[VaahꢀVcYꢀ]^ihꢀhdbZdcZ!ꢀZheZX^VaanꢀVꢀhbVaaꢀ  
X]^aY!ꢀ^iꢀXdjaYꢀXVjhZꢀhZg^djhꢀ^c_jgn#ꢀIdꢀgZYjXZꢀi]Zꢀg^h`ꢀd[ꢀhjX]ꢀ  
^c_jg^ZhꢀdgꢀYVbV\Zꢀidꢀi]ZꢀMWdmꢀXdchdaZ!ꢀegdeZganꢀhZiꢀjeꢀVcYꢀjhZꢀ  
i]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀVXXdgY^c\ꢀidꢀi]Zꢀ^chigjXi^dchꢀ^cꢀ  
HZaZXi^c\ꢀVꢀAdXVi^dcꢀ[dgꢀi]ZꢀMWdmꢀ8dchdaZꢀdcꢀeV\Zꢀ*ꢀVcYꢀ^cꢀ  
>ca^cZꢀGZaZVhZꢀdcꢀeV\Zꢀ,#  
XdchdaZꢀl]ZcZkZgꢀ^iꢀ^hꢀXdccZXiZYꢀidꢀedlZg!ꢀl]Zi]Zgꢀ  
^iꢀ^hꢀijgcZYꢀdcꢀdgꢀd[[#ꢀ8dciVXiꢀl^i]ꢀYVc\ZgdjhꢀkdaiV\ZꢀXVcꢀXVjhZꢀ  
hZg^djhꢀ^c_jgnꢀdgꢀYZVi]ꢀ[gdbꢀZaZXig^Xꢀh]dX`#ꢀ>iꢀXVcꢀVahdꢀaZVYꢀidꢀ  
ÒgZꢀdgꢀYVbV\Zꢀidꢀi]ZꢀMWdmꢀXdchdaZ#ꢀIdꢀZa^b^cViZꢀVaaꢀkdaiV\Zꢀ  
idꢀi]ZꢀMWdmꢀXdchdaZ!ꢀndjꢀbjhiꢀjceaj\ꢀi]ZꢀedlZgꢀXdgYꢀ[gdbꢀ  
i]ZꢀedlZgꢀdjiaZi#ꢀIdꢀgZYjXZꢀi]Zꢀg^h`ꢀd[ꢀZaZXig^Xꢀh]dX`!ꢀÒgZꢀdgꢀ  
YVbV\Zꢀidꢀi]ZꢀMWdmꢀXdchdaZ/  
9dꢀcdiꢀiV`Zꢀi]ZꢀMWdmꢀXdchdaZꢀVeVgi#  
9dꢀcdiꢀViiZbeiꢀidꢀhZgk^XZꢀdgꢀgZeV^gꢀi]ZꢀMWdmꢀXdchdaZꢀndjghZa[#ꢀ  
GZ[ZgꢀVaaꢀhZgk^X^c\ꢀidꢀfjVa^ÒZYꢀhZgk^XZꢀeZghdccZa#ꢀHZgk^X^c\ꢀ^hꢀ  
gZfj^gZYꢀl]Zcꢀi]ZꢀVeeVgVijhꢀ]VhꢀWZZcꢀYVbV\ZYꢀ^cꢀVcnꢀlVn!ꢀ  
hjX]ꢀVh/  
™ꢀ EdlZg"hjeeanꢀXdgYꢀdgꢀeaj\ꢀ^hꢀYVbV\ZY#  
™ꢀ A^fj^Yꢀ]VhꢀWZZcꢀhe^aaZYꢀdgꢀdW_ZXihꢀ]VkZꢀ[VaaZcꢀ^cidꢀi]Zꢀ  
VeeVgVijh#  
™ꢀ I]ZꢀVeeVgVijhꢀ]VhꢀWZZcꢀZmedhZYꢀidꢀgV^cꢀdgꢀbd^hijgZ!ꢀ  
YdZhꢀcdiꢀdeZgViZꢀcdgbVaan!ꢀdgꢀ]VhꢀWZZcꢀYgdeeZY#  
9dꢀcdiꢀViiZbeiꢀidꢀbdY^[nꢀi]ZꢀMWdmꢀXdchdaZꢀ^cꢀVcnꢀlVn#  
 
]iie/$$lll#mWdm#Xdb  
Zc\a^h]  
(
>BEDGI6CIꢀH6;:INꢀ>C;DGB6I>DC  
8aZVcꢀi]Zꢀdjih^YZꢀd[ꢀi]ZꢀMWdmꢀXdchdaZꢀegdeZgan#  
<ZcZgVaꢀ:aZXig^XVaꢀEgZXVji^dch  
8aZVcꢀdcanꢀl^i]ꢀVꢀYgnꢀXadi]#ꢀ;dgꢀbdgZꢀ^c[dgbVi^dc!ꢀhZZꢀ8aZVc^c\ꢀ  
i]ZꢀMWdmꢀK^YZdꢀ<VbZꢀHnhiZbꢀdcꢀeV\Zꢀ&)#  
6hꢀl^i]ꢀbVcnꢀdi]ZgꢀZaZXig^XVaꢀYZk^XZh!ꢀ[V^ajgZꢀ  
idꢀiV`Zꢀi]Zꢀ[daadl^c\ꢀegZXVji^dchꢀXVcꢀgZhjaiꢀ^cꢀ  
hZg^djhꢀ^c_jgnꢀdgꢀYZVi]ꢀ[gdbꢀZaZXig^Xꢀh]dX`ꢀdgꢀÒgZ!ꢀ  
dgꢀYVbV\Zꢀidꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZb#  
Jceaj\ꢀi]^hꢀVeeVgVijhꢀYjg^c\ꢀa^\]ic^c\ꢀhidgbhꢀdgꢀ  
l]ZcꢀjcjhZYꢀ[dgꢀadc\ꢀeZg^dYhꢀd[ꢀi^bZ#  
6kd^YꢀYVbV\^c\ꢀi]ZꢀedlZgꢀXdgY#  
6ahd!ꢀYdꢀcdiꢀaZVkZꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀjcViiZcYZYꢀ  
l^i]ꢀi]ZꢀedlZgꢀdcꢀ[dgꢀZmiZcYZYꢀeZg^dYh#  
™ꢀ EgdiZXiꢀi]ZꢀedlZgꢀXdgYꢀ[gdbꢀWZ^c\ꢀlVa`ZYꢀdcꢀdgꢀe^cX]ZYꢀ  
eVgi^XjaVganꢀViꢀeaj\h!ꢀXdckZc^ZcXZꢀgZXZeiVXaZh!ꢀVcYꢀi]Zꢀ  
ed^ciꢀl]ZgZꢀi]ZnꢀZm^iꢀ[gdbꢀi]ZꢀVeeVgVijh#  
DcanꢀjhZꢀViiVX]bZcih$eZg^e]ZgVahꢀheZX^ÒZYꢀWnꢀi]Zꢀ  
bVcj[VXijgZg#  
™ꢀ 9dꢀcdiꢀ_Zg`!ꢀ`cdi!ꢀh]VgeanꢀWZcY!ꢀdgꢀdi]Zgl^hZꢀVWjhZꢀi]Zꢀ  
edlZgꢀXdgY#  
EgZkZciꢀi]ZꢀMWdmꢀ8dchdaZꢀ[gdbꢀDkZg]ZVi^c\  
™ꢀ 9dꢀcdiꢀZmedhZꢀi]ZꢀedlZgꢀXdgYꢀidꢀhdjgXZhꢀd[ꢀ]ZVi#  
9dꢀcdiꢀWadX`ꢀVcnꢀkZci^aVi^dcꢀdeZc^c\h#ꢀ>chiVaaꢀ^cꢀVXXdgYVcXZꢀ  
l^i]ꢀi]ZꢀbVcj[VXijgZgꢃhꢀ^chigjXi^dch#ꢀ;dgꢀbdgZꢀ^c[dgbVi^dc!ꢀhZZꢀ  
HZaZXi^c\ꢀVꢀAdXVi^dcꢀ[dgꢀi]ZꢀMWdmꢀ8dchdaZꢀdcꢀeV\Zꢀ*#  
™ꢀ @ZZeꢀX]^aYgZcꢀVcYꢀeZihꢀVlVnꢀ[gdbꢀi]ZꢀedlZgꢀXdgYꢀVcYꢀ  
YdꢀcdiꢀVaadlꢀi]ZbꢀidꢀW^iZꢀdgꢀX]Zlꢀdcꢀ^i#  
™ꢀ L]Zcꢀjceaj\\^c\ꢀi]ZꢀedlZgꢀXdgYꢀ[gdbꢀi]ZꢀMWdmꢀXdchdaZꢀ  
dgꢀVꢀedlZgꢀdjiaZi!ꢀejaaꢀdcꢀi]Zꢀeaj\ÅYdꢀcdiꢀejaaꢀdc  
i]ZꢀXdgY#  
9dꢀcdiꢀ^chiVaaꢀcZVgꢀVcnꢀ]ZViꢀhdjgXZh!ꢀhjX]ꢀVhꢀgVY^Vidgh!ꢀ]ZViꢀ  
gZ\^hiZgh!ꢀhidkZh!ꢀdgꢀdi]ZgꢀVeeVgVijhꢀꢁ^cXajY^c\ꢀVbea^ÒZghꢂꢀi]Viꢀ  
egdYjXZꢀ]ZVi#  
>[ꢀi]ZꢀedlZgꢀXdgYꢀWZXdbZhꢀYVbV\ZYꢀ^cꢀVcnꢀlVn!ꢀhideꢀjh^c\ꢀ  
^iꢀ^bbZY^ViZanꢀVcYꢀXVaaꢀi]ZꢀB^Xgdhd[iꢀMWdmꢀ8jhidbZgꢀHjeedgiꢀ  
cjbWZgꢀdcꢀeV\Zꢀ^^#  
9dꢀcdiꢀdkZgadVYꢀVcꢀZmiZch^dcꢀXdgY!ꢀlVaaꢀdjiaZi!ꢀdgꢀ  
di]ZgꢀineZꢀd[ꢀgZXZeiVXaZ#ꢀ  
I]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀXVcꢀXdchjbZꢀjeꢀidꢀ&%%ꢀlViih#  
9dꢀcdiꢀZmXZZYꢀi]ZꢀhiViZYꢀgVi^c\hꢀd[ꢀXdgYhꢀdgꢀgZXZeiVXaZh#  
JhZꢀi]ZꢀineZꢀd[ꢀedlZgꢀhdjgXZꢀ^cY^XViZYꢀdcꢀi]ZꢀMWdmꢀ  
XdchdaZ#  
>[ꢀndjꢀVgZꢀcdiꢀhjgZꢀd[ꢀi]ZꢀineZꢀd[ꢀedlZgꢀhjeeanꢀidꢀndjgꢀ]dbZ!ꢀ  
XdchjaiꢀVꢀfjVa^ÒZYꢀZaZXig^X^Vc#  
9dꢀcdiꢀZmedhZꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀidꢀa^fj^Yhꢀ  
dgꢀbd^hijgZ#  
™ꢀ 9dꢀcdiꢀjhZꢀi]^hꢀVeeVgVijhꢀcZVgꢀlViZgꢀꢁ[dgꢀZmVbeaZ!ꢀ  
h^c`h!ꢀijWh!ꢀeddahꢂꢀdgꢀZmedhZꢀ^iꢀidꢀgV^c!ꢀbd^hijgZ!ꢀdgꢀ  
Yg^ee^c\ꢀdgꢀheaVh]^c\ꢀa^fj^Yh#  
™ꢀ 9dꢀcdiꢀeaVXZꢀdW_ZXihꢀÒaaZYꢀl^i]ꢀa^fj^Yh!ꢀhjX]ꢀVhꢀ  
WZkZgV\ZhꢀdgꢀkVhZh!ꢀdcꢀdgꢀcZVgꢀi]ZꢀMWdmꢀXdchdaZ#  
™ꢀ 9dꢀcdiꢀXaZVcꢀi]ZꢀMWdmꢀXdchdaZꢀl^i]ꢀlViZg!ꢀa^fj^Yꢀ  
XaZVcZgh!ꢀhdakZcih!ꢀdgꢀVZgdhdah#  
 
)
Zc\a^h]  
]iie/$$lll#mWdm#Xdb  
>BEDGI6CIꢀ=:6AI=ꢀL6GC>C<H  
6WdjiꢀE]didhZch^i^kZꢀHZ^ojgZh  
6WdjiꢀBjhXjadh`ZaZiVaꢀ9^hdgYZgh  
6ꢀkZgnꢀhbVaaꢀeZgXZciV\Zꢀd[ꢀeZdeaZꢀbVnꢀZmeZg^ZcXZꢀVꢀhZ^ojgZꢀ  
l]ZcꢀZmedhZYꢀidꢀXZgiV^cꢀk^hjVaꢀ^bV\Zh!ꢀ^cXajY^c\ꢀÓVh]^c\ꢀ  
a^\]ihꢀdgꢀeViiZgchꢀi]ViꢀbVnꢀVeeZVgꢀ^cꢀk^YZdꢀ\VbZh#ꢀ:kZcꢀ  
eZdeaZꢀl]dꢀ]VkZꢀcdꢀ]^hidgnꢀd[ꢀhZ^ojgZhꢀdgꢀZe^aZehnꢀbVnꢀ]VkZꢀ  
VcꢀjcY^V\cdhZYꢀXdcY^i^dcꢀi]ViꢀXVcꢀXVjhZꢀi]ZhZꢀÆe]didhZch^i^kZꢀ  
Ze^aZei^XꢀhZ^ojgZhÇꢀl]^aZꢀlViX]^c\ꢀk^YZdꢀ\VbZh#  
JhZꢀd[ꢀ\VbZꢀXdcigdaaZgh!ꢀ`ZnWdVgYh!ꢀb^XZ!ꢀdgꢀdi]ZgꢀZaZXigdc^Xꢀ  
^cejiꢀYZk^XZhꢀbVnꢀWZꢀa^c`ZYꢀidꢀhZg^djhꢀ^c_jg^ZhꢀdgꢀY^hdgYZgh#  
L]ZcꢀeaVn^c\ꢀk^YZdꢀ\VbZh!ꢀVhꢀl^i]ꢀbVcnꢀVXi^k^i^Zh!ꢀndjꢀ  
bVnꢀZmeZg^ZcXZꢀdXXVh^dcVaꢀY^hXdb[dgiꢀ^cꢀndjgꢀ]VcYh!ꢀVgbh!ꢀ  
h]djaYZgh!ꢀcZX`!ꢀdgꢀdi]ZgꢀeVgihꢀd[ꢀndjgꢀWdYn#ꢀ=dlZkZg!ꢀ^[ꢀ  
ndjꢀZmeZg^ZcXZꢀhnbeidbhꢀhjX]ꢀVhꢀeZgh^hiZciꢀdgꢀgZXjgg^c\ꢀ  
Y^hXdb[dgi!ꢀeV^c!ꢀi]gdWW^c\!ꢀVX]^c\!ꢀi^c\a^c\!ꢀcjbWcZhh!ꢀWjgc^c\ꢀ  
hZchVi^dc!ꢀdgꢀhi^[[cZhh!ꢀ9DꢀCDIꢀ><CDG:ꢀI=:H:ꢀL6GC>C<ꢀ  
H><CH#ꢀEGDBEIANꢀH::ꢀ6ꢀFJ6A>;>:9ꢀ=:6AI=ꢀEGD;:HH>DC6A!ꢀ  
ZkZcꢀ^[ꢀhnbeidbhꢀdXXjgꢀl]ZcꢀndjꢀVgZꢀcdiꢀeaVn^c\ꢀVꢀk^YZdꢀ\VbZ#ꢀ  
HnbeidbhꢀhjX]ꢀVhꢀi]ZhZꢀXVcꢀWZꢀVhhdX^ViZYꢀl^i]ꢀeV^c[jaꢀVcYꢀ  
hdbZi^bZhꢀeZgbVcZcianꢀY^hVWa^c\ꢀ^c_jg^ZhꢀdgꢀY^hdgYZghꢀd[ꢀi]Zꢀ  
cZgkZh!ꢀbjhXaZh!ꢀiZcYdch!ꢀWaddYꢀkZhhZah!ꢀVcYꢀdi]ZgꢀeVgihꢀd[ꢀi]Zꢀ  
WdYn#ꢀI]ZhZꢀbjhXjadh`ZaZiVaꢀY^hdgYZghꢀꢁBH9hꢂꢀ^cXajYZꢀXVgeVaꢀ  
ijccZaꢀhncYgdbZ!ꢀiZcYdc^i^h!ꢀiZcdhncdk^i^h!ꢀk^WgVi^dcꢀhncYgdbZh!ꢀ  
VcYꢀdi]ZgꢀXdcY^i^dch#  
I]ZhZꢀhZ^ojgZhꢀbVnꢀ]VkZꢀVꢀkVg^Zinꢀd[ꢀhnbeidbh!ꢀ^cXajY^c\ꢀ  
a^\]i]ZVYZYcZhh!ꢀVaiZgZYꢀk^h^dc!ꢀZnZꢀdgꢀ[VXZꢀil^iX]^c\!ꢀ_Zg`^c\ꢀ  
dgꢀh]V`^c\ꢀd[ꢀVgbhꢀdgꢀaZ\h!ꢀY^hdg^ZciVi^dc!ꢀXdc[jh^dc!ꢀdgꢀ  
bdbZciVgnꢀadhhꢀd[ꢀVlVgZcZhh#ꢀHZ^ojgZhꢀbVnꢀVahdꢀXVjhZꢀadhhꢀd[ꢀ  
XdchX^djhcZhhꢀdgꢀXdckjah^dchꢀi]ViꢀXVcꢀaZVYꢀidꢀ^c_jgnꢀ[gdbꢀ[Vaa^c\ꢀ  
Ydlcꢀdgꢀhig^`^c\ꢀcZVgWnꢀdW_ZXih#  
>bbZY^ViZanꢀhideꢀeaVn^c\ꢀVcYꢀXdchjaiꢀVꢀYdXidgꢀ^[ꢀndjꢀ  
ZmeZg^ZcXZꢀVcnꢀd[ꢀi]ZhZꢀhnbeidbh#ꢀEVgZcihꢀh]djaYꢀlViX]ꢀ[dgꢀ  
dgꢀVh`ꢀi]Z^gꢀX]^aYgZcꢀVWdjiꢀi]ZꢀVWdkZꢀhnbeidbhÅX]^aYgZcꢀ  
VcYꢀiZZcV\ZghꢀVgZꢀbdgZꢀa^`Zanꢀi]VcꢀVYjaihꢀidꢀZmeZg^ZcXZꢀi]ZhZꢀ  
hZ^ojgZh#  
L]^aZꢀgZhZVgX]ZghꢀVgZꢀcdiꢀnZiꢀVWaZꢀidꢀVchlZgꢀbVcnꢀfjZhi^dchꢀ  
VWdjiꢀBH9h!ꢀi]ZgZꢀ^hꢀ\ZcZgVaꢀV\gZZbZciꢀi]ViꢀbVcnꢀ[VXidghꢀbVnꢀ  
WZꢀa^c`ZYꢀidꢀi]Z^gꢀdXXjggZcXZ!ꢀ^cXajY^c\ꢀbZY^XVaꢀVcYꢀe]nh^XVaꢀ  
XdcY^i^dch!ꢀhigZhhꢀVcYꢀ]dlꢀdcZꢀXdeZhꢀl^i]ꢀ^i!ꢀdkZgVaaꢀ]ZVai]!ꢀVcYꢀ  
]dlꢀVꢀeZghdcꢀedh^i^dchꢀVcYꢀjhZhꢀi]Z^gꢀWdYnꢀYjg^c\ꢀldg`ꢀVcYꢀ  
di]ZgꢀVXi^k^i^Zhꢀꢁ^cXajY^c\ꢀeaVn^c\ꢀVꢀk^YZdꢀ\VbZꢂ#ꢀHdbZꢀhijY^Zhꢀ  
hj\\Zhiꢀi]Viꢀi]ZꢀVbdjciꢀd[ꢀi^bZꢀVꢀeZghdcꢀeZg[dgbhꢀVcꢀVXi^k^inꢀ  
bVnꢀVahdꢀWZꢀVꢀ[VXidg#  
I]Zꢀg^h`ꢀd[ꢀe]didhZch^i^kZꢀZe^aZei^XꢀhZ^ojgZhꢀbVnꢀWZꢀgZYjXZYꢀWnꢀ  
iV`^c\ꢀi]Zꢀ[daadl^c\ꢀegZXVji^dch/  
™ꢀ H^iꢀ[Vgi]Zgꢀ[gdbꢀi]ZꢀiZaZk^h^dcꢀhXgZZc  
™ꢀ JhZꢀVꢀhbVaaZgꢀiZaZk^h^dcꢀhXgZZc  
™ꢀ EaVnꢀ^cꢀVꢀlZaa"a^iꢀgddb  
HdbZꢀ\j^YZa^cZhꢀi]ViꢀbVnꢀ]Zaeꢀndjꢀldg`ꢀVcYꢀeaVnꢀbdgZꢀ  
Xdb[dgiVWanꢀVcYꢀedhh^WanꢀgZYjXZꢀndjgꢀg^h`ꢀd[ꢀZmeZg^ZcX^c\ꢀ  
VcꢀBH9ꢀXVcꢀWZꢀ[djcYꢀ^cꢀi]Zꢀ=ZVai]nꢀ<Vb^c\ꢀ<j^YZꢀꢁVkV^aVWaZꢀ  
Viꢀ]iie/$$lll#mWdm#Xdb$hjeedgiꢂ#ꢀI]ZhZꢀ\j^YZa^cZhꢀVYYgZhhꢀ  
ide^XhꢀhjX]ꢀVh/  
™ꢀ 9dꢀcdiꢀeaVnꢀl]ZcꢀndjꢀVgZꢀYgdlhnꢀdgꢀ[Vi^\jZY  
>[ꢀndjꢀdgꢀVcnꢀd[ꢀndjgꢀgZaVi^kZhꢀ]VkZꢀVꢀ]^hidgnꢀd[ꢀhZ^ojgZhꢀdgꢀ  
Ze^aZehn!ꢀXdchjaiꢀVꢀYdXidgꢀWZ[dgZꢀeaVn^c\#  
™ꢀ Edh^i^dc^c\ꢀndjghZa[ꢀidꢀjhZꢀXdb[dgiVWaZ!ꢀcdiꢀVl`lVgYꢀ  
edhijgZh#  
™ꢀ @ZZe^c\ꢀndjgꢀ]VcYh!ꢀÒc\Zgh!ꢀVcYꢀdi]ZgꢀWdYnꢀeVgihꢀ  
gZaVmZY#  
™ꢀ IV`^c\ꢀWgZV`h#  
™ꢀ 9ZkZade^c\ꢀVꢀ]ZVai]nꢀa^[ZhinaZ#  
>[ꢀndjꢀ]VkZꢀfjZhi^dchꢀVWdjiꢀ]dlꢀndjgꢀdlcꢀa^[ZhinaZ!ꢀVXi^k^i^Zh!ꢀ  
dgꢀbZY^XVaꢀdgꢀe]nh^XVaꢀXdcY^i^dcꢀbVnꢀWZꢀgZaViZYꢀidꢀBH9h!ꢀhZZꢀVꢀ  
fjVa^ÒZYꢀ]ZVai]ꢀegd[Zhh^dcVa#  
 
]iie/$$lll#mWdm#Xdb  
Zc\a^h]  
*
H:A:8I>C<ꢀ6ꢀAD86I>DCꢀ;DGꢀI=:ꢀM7DMꢀ8DCHDA:  
HZaZXiꢀVꢀHV[ZꢀAdXVi^dc  
6kd^Y^c\ꢀ9VbV\ZꢀidꢀNdjgꢀIZaZk^h^dcꢀdg  
Di]Zgꢀ6Kꢀ:fj^ebZci  
L]ZcꢀhZaZXi^c\ꢀVꢀadXVi^dcꢀ[dgꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZb!ꢀ  
Xdch^YZgꢀi]Zꢀ[daadl^c\ꢀide^XhꢀVcYꢀi]Zꢀ>bedgiVciꢀHV[Zinꢀ  
>c[dgbVi^dcꢀdcꢀeV\Zꢀ'#  
9dꢀcdiꢀjhZꢀl^i]ꢀXZgiV^cꢀiZaZk^h^dch#ꢀHdbZꢀiZaZk^h^dch!ꢀ  
ZheZX^Vaanꢀ[gdci"ꢀdgꢀgZVg"egd_ZXi^dcꢀineZh!ꢀXVcꢀWZꢀYVbV\ZYꢀ^[ꢀVcnꢀ  
k^YZdꢀ\VbZh!ꢀ^cXajY^c\ꢀMWdmꢀ\VbZh!ꢀVgZꢀeaVnZYꢀdcꢀi]Zb#ꢀHiVi^Xꢀ  
^bV\ZhꢀegZhZciZYꢀYjg^c\ꢀi]ZꢀcdgbVaꢀXdjghZꢀd[ꢀ\VbZeaVnꢀbVnꢀ  
ꢄWjgcꢄꢀ^cidꢀi]ZꢀhXgZZc!ꢀXVjh^c\ꢀVꢀeZgbVcZciꢀh]VYdlꢀd[ꢀi]Zꢀ  
hiVi^Xꢀ^bV\ZꢀidꢀVeeZVgꢀViꢀVaaꢀi^bZh!ꢀZkZcꢀl]Zcꢀk^YZdꢀ\VbZhꢀVgZꢀ  
cdiꢀWZ^c\ꢀeaVnZY#ꢀH^b^aVgꢀYVbV\ZꢀbVnꢀdXXjgꢀ[gdbꢀhiVi^Xꢀ^bV\Zhꢀ  
XgZViZYꢀl]ZcꢀeaVX^c\ꢀVꢀk^YZdꢀ\VbZꢀdcꢀ]daYꢀdgꢀeVjhZ#ꢀ8dchjaiꢀ  
ndjgꢀiZaZk^h^dcꢀdlcZgꢃhꢀbVcjVaꢀidꢀYZiZgb^cZꢀ^[ꢀk^YZdꢀ\VbZhꢀ  
XVcꢀWZꢀeaVnZYꢀhV[ZanꢀdcꢀndjgꢀhZi#ꢀ>[ꢀndjꢀVgZꢀjcVWaZꢀidꢀÒcYꢀi]^hꢀ  
^c[dgbVi^dcꢀ^cꢀi]ZꢀdlcZgꢃhꢀbVcjVa!ꢀXdciVXiꢀndjgꢀiZaZk^h^dcꢀ  
YZVaZgꢀdgꢀi]ZꢀbVcj[VXijgZgꢀidꢀYZiZgb^cZꢀ^[ꢀk^YZdꢀ\VbZhꢀXVcꢀWZꢀ  
eaVnZYꢀhV[ZanꢀdcꢀndjgꢀhZi#  
EgZkZciꢀi]ZꢀMWdmꢀ8dchdaZꢀ[gdbꢀ;Vaa^c\  
>[ꢀi]ZꢀMWdmꢀXdchdaZꢀ[VaahꢀVcYꢀ]^ihꢀhdbZdcZ!ꢀZheZX^VaanꢀVꢀhbVaaꢀ  
X]^aY!ꢀ^iꢀXdjaYꢀXVjhZꢀhZg^djhꢀ^c_jgn#ꢀIdꢀgZYjXZꢀi]Zꢀg^h`ꢀd[ꢀhjX]ꢀ  
^c_jg^ZhꢀVcYꢀYVbV\Zꢀidꢀi]ZꢀMWdmꢀXdchdaZ!ꢀeaVXZꢀi]ZꢀMWdmꢀ  
XdchdaZꢀdcꢀVꢀhjg[VXZꢀi]Vi/  
™ꢀ ^hꢀÓViꢀVcYꢀaZkZa#  
™ꢀ ^hꢀhiVWaZꢀVcYꢀcdiꢀa^`Zanꢀidꢀi^eꢀdkZg#  
™ꢀ VaadlhꢀVaaꢀ[djgꢀ[ZZiꢀd[ꢀi]ZꢀMWdmꢀXdchdaZꢀidꢀWZꢀ^cꢀXdciVXiꢀ  
l^i]ꢀi]Zꢀhjg[VXZ#  
7Z[dgZꢀXdccZXi^c\ꢀdgꢀY^hXdccZXi^c\ꢀVcnꢀ6KꢀYZk^XZꢀꢁ[dgꢀZmVbeaZ!ꢀ  
iZaZk^h^dcꢀdgꢀK8Gꢂ!ꢀbV`ZꢀhjgZꢀi]Viꢀi]ZꢀMWdmꢀXdchdaZꢀ^hꢀ  
jceaj\\ZYꢀ[gdbꢀi]ZꢀedlZgꢀdjiaZiꢀVcYꢀi]Viꢀi]ZꢀedlZgꢀidꢀi]ZꢀIK!ꢀ  
K8G!ꢀdgꢀdi]Zgꢀ6KꢀYZk^XZꢀ^hꢀijgcZYꢀd[[#ꢀI]^hꢀl^aaꢀgZYjXZꢀi]Zꢀg^h`ꢀ  
d[ꢀZaZXig^XVaꢀh]dX`ꢀdgꢀZaZXig^XVaꢀYVbV\Zꢀidꢀi]ZꢀZfj^ebZci#  
™ꢀ ^hꢀXaZVcꢀVcYꢀ[gZZꢀd[ꢀYjhiꢀdgꢀYZWg^h#  
™ꢀ ^hꢀcdiꢀa^`ZanꢀidꢀVaadlꢀi]ZꢀMWdmꢀXdchdaZꢀidꢀha^eꢀdgꢀ  
ha^YZꢀd[[#  
IdꢀVkd^Yꢀi]Zꢀg^h`ꢀd[ꢀZaZXig^XVaꢀh]dX`ꢀdgꢀYVbV\Zꢀidꢀ6KꢀZfj^ebZciꢀ  
dgꢀidꢀi]ZꢀMWdmꢀXdchdaZ!ꢀYdꢀcdiꢀidjX]ꢀ6KꢀXdgYꢀiZgb^cVahꢀdgꢀi]Zꢀ  
MWdmꢀ6Kꢀedgiꢀl^i]ꢀndjgꢀÒc\ZghꢀdgꢀVaadlꢀbZiVaꢀeVgihꢀidꢀidjX]ꢀ  
i]Zb#  
IV`ZꢀEgZXVji^dchꢀl^i]ꢀ8VWaZhꢀVcYꢀ8dgYh  
6ggVc\ZꢀVaaꢀXVWaZhꢀVcYꢀXdgYhꢀhdꢀi]ViꢀeZdeaZꢀVcYꢀeZihꢀVgZꢀcdiꢀ  
a^`Zanꢀidꢀig^eꢀdkZgꢀdgꢀVXX^YZciVaanꢀejaaꢀdcꢀi]ZbꢀVhꢀi]ZnꢀbdkZꢀ  
VgdjcYꢀdgꢀlVa`ꢀi]gdj\]ꢀi]ZꢀVgZV#  
L]Zcꢀi]ZꢀMWdmꢀXdchdaZꢀ^hꢀcdiꢀ^cꢀjhZ!ꢀndjꢀbVnꢀcZZYꢀidꢀ  
Y^hXdccZXiꢀVaaꢀXVWaZhꢀVcYꢀXdgYhꢀ^cꢀi]Zꢀ[gdciꢀVcYꢀgZVgꢀd[ꢀi]Zꢀ  
MWdmꢀXdchdaZꢀidꢀegZkZciꢀX]^aYgZcꢀ[gdbꢀejaa^c\ꢀdcꢀi]Zb#ꢀ9dꢀcdiꢀ  
VaadlꢀX]^aYgZcꢀidꢀeaVnꢀl^i]ꢀXVWaZhꢀdgꢀXdgYh#  
9dꢀcdiꢀidjX]ꢀi]ZꢀbZiVaꢀeVgihꢀd[ꢀVcnꢀXdgYꢀXdb^c\ꢀdjiꢀd[ꢀi]Zꢀ  
MWdmꢀXdchdaZꢀl]Zcꢀi]ZꢀMWdmꢀXdchdaZꢀ^hꢀeaj\\ZYꢀ^cꢀidꢀedlZg#  
EgZkZciꢀi]ZꢀMWdmꢀ8dchdaZꢀ[gdbꢀDkZg]ZVi^c\  
9dꢀcdiꢀWadX`ꢀVcnꢀkZci^aVi^dcꢀdeZc^c\h#ꢀ9dꢀcdiꢀeaVXZꢀi]ZꢀMWdmꢀ  
XdchdaZꢀdcꢀVꢀWZY!ꢀhd[V!ꢀdgꢀdi]Zgꢀhd[iꢀhjg[VXZꢀi]ViꢀbVnꢀWadX`ꢀ  
kZci^aVi^dcꢀdeZc^c\h#  
9dꢀcdiꢀeaVXZꢀi]ZꢀMWdmꢀXdchdaZꢀ^cꢀVꢀXdcÒcZYꢀheVXZ!ꢀhjX]ꢀVhꢀ  
VꢀWdd`XVhZ!ꢀgVX`!ꢀdgꢀhiZgZdꢀXVW^cZi!ꢀjcaZhhꢀi]ZꢀheVXZꢀ^hꢀlZaaꢀ  
kZci^aViZY#  
9dꢀcdiꢀ^chiVaaꢀi]ZꢀMWdmꢀXdchdaZꢀcZVgꢀVcnꢀ]ZViꢀhdjgXZh!ꢀhjX]ꢀ  
VhꢀgVY^Vidgh!ꢀ]ZViꢀgZ\^hiZgh!ꢀhidkZh!ꢀdgꢀdi]ZgꢀYZk^XZhꢀꢁ^cXajY^c\ꢀ  
Vbea^ÒZghꢂꢀi]ViꢀegdYjXZꢀ]ZVi#  
 
+
Zc\a^h]  
]iie/$$lll#mWdm#Xdb  
8DCC:8I>C<ꢀIDꢀ6ꢀIK  
IK  
K8G  
NZaadl  
L]^iZ  
GZY  
NZaadl  
L]^iZ  
GZY  
BViX]ꢀXdadghꢀl]ZcꢀXdccZXi^c\  
6KꢀXVWaZ  
BViX]ꢀXdadghꢀl]ZcꢀXdccZXi^c\  
6KꢀXVWaZ  
IdꢀXdccZXiꢀidꢀVꢀK8G  
8dccZXi^c\ꢀJh^c\ꢀi]ZꢀMWdmꢀHiVcYVgYꢀ  
6Kꢀ8VWaZ  
&#ꢀ BV`ZꢀhjgZꢀi]Viꢀi]ZꢀMWdmꢀXdchdaZꢀ^hꢀjceaj\\ZYꢀ[gdbꢀi]Zꢀ  
edlZgꢀdjiaZi#  
>[ꢀndjgꢀIKꢀ]VhꢀXdbedh^iZꢀk^YZdꢀ^ceji!ꢀjhZꢀi]ZꢀhiVcYVgYꢀ6Kꢀ  
XVWaZꢀ^cXajYZYꢀl^i]ꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZb#  
'#ꢀ 8dccZXiꢀi]ZꢀMWdmꢀ6KꢀXdccZXidgꢀidꢀi]Zꢀ6Kꢀedgiꢀdcꢀi]Zꢀ  
MWdmꢀXdchdaZ#  
IdꢀXdccZXiꢀidꢀVꢀIK  
(#ꢀ 8dccZXiꢀi]ZꢀXdadg"XdYZYꢀXdccZXidghꢀidꢀi]Zꢀ  
&#ꢀ BV`ZꢀhjgZꢀi]Viꢀi]ZꢀMWdmꢀXdchdaZꢀ^hꢀjceaj\\ZYꢀ[gdbꢀi]Zꢀ  
edlZgꢀdjiaZi#  
XdggZhedcY^c\ꢀ_VX`ꢀdcꢀi]ZꢀK8G/ꢀnZaadlꢀidꢀnZaadlꢀꢁk^YZdꢂ!ꢀ  
gZYꢀidꢀgZYꢀꢁg^\]iꢀVjY^dꢂ!ꢀVcYꢀl]^iZꢀidꢀl]^iZꢀꢁaZ[iꢀVjY^dꢂ#  
'#ꢀ 8dccZXiꢀi]ZꢀMWdmꢀ6KꢀXdccZXidgꢀidꢀi]Zꢀ6Kꢀedgiꢀdcꢀi]Zꢀ  
MWdmꢀXdchdaZ#  
ꢀꢀ CdiZ/ꢀ;dgꢀbdcVjgVaꢀK8Gh!ꢀXdccZXiꢀZ^i]Zgꢀi]Zꢀg^\]iꢀdgꢀ  
aZ[iꢀVjY^dꢀXdccZXidgꢀidꢀi]ZꢀVjY^dꢀ_VX`#  
(#ꢀ 8dccZXiꢀi]ZꢀXdadg"XdYZYꢀXdccZXidghꢀidꢀi]Zꢀ  
XdggZhedcY^c\ꢀ_VX`hꢀdcꢀi]ZꢀIK/ꢀnZaadlꢀidꢀnZaadlꢀꢁk^YZdꢂ!ꢀ  
gZYꢀidꢀgZYꢀꢁg^\]iꢀVjY^dꢂ!ꢀVcYꢀl]^iZꢀidꢀl]^iZꢀꢁaZ[iꢀVjY^dꢂ#ꢀ  
?VX`hꢀbVnꢀWZꢀdcꢀi]Zꢀ[gdciꢀdgꢀWVX`ꢀd[ꢀi]ZꢀIK#  
)#ꢀ 9dꢀcdiꢀX]Vc\Zꢀi]ZꢀZm^hi^c\ꢀXdccZXi^dcꢀWZilZZcꢀi]ZꢀK8Gꢀ  
VcYꢀIK#  
*#ꢀ Eaj\ꢀi]ZꢀMWdmꢀXdchdaZꢀ^cidꢀi]ZꢀedlZgꢀdjiaZi#  
+#ꢀ HZaZXiꢀK8Gꢀ[dgꢀi]ZꢀIK$K8GꢀhZii^c\ꢀd[ꢀi]ZꢀK8G#ꢀ  
ꢀꢀ CdiZ/ꢀ;dgꢀbdcVjgVaꢀIKh!ꢀl]^X]ꢀ]VkZꢀdcanꢀdcZꢀVjY^dꢀ_VX`!ꢀ  
XdccZXiꢀZ^i]Zgꢀi]Zꢀg^\]iꢀdgꢀaZ[iꢀVjY^dꢀXdccZXidgꢀidꢀi]Zꢀ  
VjY^dꢀ_VX`#  
,#ꢀ HZaZXiꢀi]ZꢀVeegdeg^ViZꢀk^YZdꢀ^cejiꢀdcꢀndjgꢀK8G#ꢀ;dgꢀbdgZꢀ  
^c[dgbVi^dc!ꢀhZZꢀ>cejiꢀHZaZXi^dcꢀWZadl#  
)#ꢀ Eaj\ꢀi]ZꢀMWdmꢀXdchdaZꢀ^cidꢀi]ZꢀedlZgꢀdjiaZi#  
>cejiꢀHZaZXi^dc  
*#ꢀ HZaZXiꢀi]ZꢀVeegdeg^ViZꢀk^YZdꢀ^cejiꢀdcꢀndjgꢀIK#ꢀ;dgꢀbdgZꢀ  
^c[dgbVi^dc!ꢀhZZꢀ>cejiꢀHZaZXi^dcꢀWZadl#  
HZaZXiꢀi]Zꢀk^YZdꢀ^cejiꢀdcꢀi]ZꢀIKꢀdgꢀK8Gꢀi]ViꢀY^heaVnhꢀi]ZꢀMWdmꢀ  
\VbZ#ꢀIne^XVaꢀlVnhꢀidꢀadXViZꢀi]Zꢀ^cejiꢀhZaZXi^dcꢀdcꢀndjgꢀIKꢀdgꢀ  
K8GꢀVgZ/ꢀ  
NdjꢀbVnꢀcdiꢀWZꢀVWaZꢀidꢀXdccZXiꢀidꢀndjgꢀIKꢀjh^c\ꢀi]ZꢀhiVcYVgYꢀ  
6KꢀXVWaZ#ꢀ>[ꢀndjꢀ]VkZꢀVciZccV!ꢀH"k^YZdꢀdgꢀXdbedcZciꢀk^YZdꢀ  
^ceji!ꢀdgꢀY^\^iVaꢀVjY^dꢀ^ceji!ꢀjhZꢀi]ZꢀVeegdeg^ViZꢀMWdmꢀ6Kꢀ  
eVX`ꢀdgꢀVYVeiZgꢀꢁhdaYꢀhZeVgViZanꢂ#ꢀ;dgꢀbdgZꢀ^c[dgbVi^dc!ꢀhZZꢀ  
]iie/$$lll#mWdm#XdbꢀdgꢀMWdmꢀEZg^e]ZgVahꢀdcꢀeV\Zꢀ^^#  
™ꢀ EgZhh^c\ꢀVꢀWjiidcꢀdcꢀi]Zꢀ[gdciꢀd[ꢀi]ZꢀIKꢀdgꢀK8G!ꢀedhh^Wanꢀ  
WZ]^cYꢀVꢀ]^YYZcꢀeVcZa#  
™ꢀ EgZhh^c\ꢀVꢀWjiidcꢀdcꢀi]Zꢀdg^\^cVaꢀgZbdiZꢀXdcigda#  
™ꢀ HZaZXi^c\ꢀadlꢀdgꢀ]^\]ꢀX]VccZaꢀcjbWZgh#  
™ꢀ Jh^c\ꢀVcꢀdc"hXgZZcꢀbZcjꢀdei^dc#ꢀ  
>[ꢀndjgꢀIKꢀ^hꢀXdccZXiZYꢀidꢀVꢀK8GꢀVcYꢀi]ZꢀK8Gꢀ]VhꢀXdbedh^iZꢀ  
ꢁ^ciZ\gViZYꢂꢀk^YZdꢀ^ceji!ꢀndjꢀXVcꢀjhZꢀi]ZꢀhiVcYVgYꢀ6KꢀXVWaZꢀidꢀ  
XdccZXiꢀidꢀi]ZꢀK8G#  
CdiZ/ꢀ9ZeZcY^c\ꢀdcꢀi]ZꢀineZ$bV`Zꢀd[ꢀndjgꢀIKꢀdgꢀK8G!ꢀi]Zꢀ  
[daadl^c\ꢀVgZꢀXdbbdcꢀcVbZhꢀ[dgꢀk^YZdꢀ^cejiꢀhZaZXi^dc/ꢀ>cejiꢀ  
HZaZXi!ꢀ6JM!ꢀK^YZd!ꢀA^cZ!ꢀA^cZꢀ>c!ꢀ>ceji!ꢀHdjgXZ!ꢀ>c!ꢀVcYꢀ:MI#ꢀ  
;dgꢀbdgZꢀ^c[dgbVi^dc!ꢀhZZꢀndjgꢀIKꢀdgꢀK8GꢀbVcjVa#  
 
]iie/$$lll#mWdm#Xdb  
Zc\a^h]  
,
8DCC:8I>C<ꢀM7DMꢀ8DCIGDAA:GH  
8dccZXi^c\ꢀVcYꢀ9^hXdccZXi^c\ꢀMWdmꢀ  
8dcigdaaZgh  
IdꢀXdccZXiꢀVcꢀMWdmꢀXdcigdaaZg!ꢀ^chZgiꢀi]ZꢀMWdmꢀXdcigdaaZgꢀ  
XdccZXiZgꢀ^cidꢀVcnꢀXdcigdaaZgꢀedgiꢀdcꢀi]Zꢀ[gdciꢀd[ꢀi]Zꢀ  
MWdmꢀXdchdaZ#ꢀ  
IdꢀY^hXdccZXi!ꢀjceaj\ꢀi]ZꢀMWdmꢀXdcigdaaZgꢀXdccZXidgꢀ[gdbꢀi]Zꢀ  
MWdmꢀXdcigdaaZgꢀedgi#ꢀL]ZcꢀY^hXdccZXi^c\!ꢀejaaꢀdcꢀi]ZꢀXdcigdaaZgꢀ  
XdccZXidg!ꢀcdiꢀi]ZꢀXVWaZꢀdgꢀ^ca^cZꢀgZaZVhZ#  
9dꢀcdiꢀidjX]ꢀMWdmꢀXdcigdaaZgꢀXdgYꢀiZgb^cVahꢀdgꢀi]ZꢀMWdmꢀ  
XdcigdaaZgꢀedgihꢀl^i]ꢀndjgꢀÒc\ZghꢀdgꢀVaadlꢀbZiVaꢀeVgihꢀidꢀidjX]ꢀ  
i]Zb#ꢀ9d^c\ꢀhdꢀbVnꢀYVbV\Zꢀi]ZꢀMWdmꢀXdcigdaaZgꢀdgꢀi]ZꢀMWdmꢀ  
XdchdaZ#  
Jh^c\ꢀi]ZꢀMWdmꢀ8dcigdaaZgꢀ^cꢀ<VbZh  
;dgꢀ^c[dgbVi^dcꢀVWdjiꢀjh^c\ꢀi]ZꢀMWdmꢀXdcigdaaZgꢀl^i]ꢀVꢀ\VbZ!ꢀ  
hZZꢀndjgꢀ\VbZꢀbVcjVa#  
JH>C<ꢀM7DMꢀ8DCIGDAA:GH  
>ca^cZꢀGZaZVhZ  
Idꢀ8dchdaZ  
:VX]ꢀMWdmꢀXdcigdaaZgꢀXdgYꢀ]VhꢀVcꢀ^ca^cZꢀgZaZVhZ#ꢀI]^hꢀ^hꢀVꢀhV[Zinꢀ  
[ZVijgZꢀYZh^\cZYꢀidꢀgZYjXZꢀi]ZꢀX]VcXZꢀd[ꢀi]ZꢀMWdmꢀXdchdaZꢀ  
[Vaa^c\ꢀl]Zcꢀi]ZꢀXdgYꢀ^hꢀejaaZY#ꢀ>[ꢀi]ZꢀMWdmꢀXdchdaZꢀ[VaahꢀVcYꢀ  
]^ihꢀhdbZdcZ!ꢀZheZX^VaanꢀVꢀhbVaaꢀX]^aY!ꢀ^iꢀXdjaYꢀXVjhZꢀhZg^djhꢀ  
^c_jgn#ꢀIdꢀgZYjXZꢀi]Zꢀg^h`ꢀd[ꢀhjX]ꢀ^c_jg^Zhꢀdgꢀd[ꢀYVbV\Zꢀidꢀ  
i]ZꢀMWdmꢀXdchdaZ!ꢀ^iꢀ^hꢀ^bedgiVciꢀidꢀegdeZganꢀjhZꢀi]ZꢀMWdmꢀ  
XdcigdaaZghꢀVcYꢀi]Zꢀ^ca^cZꢀgZaZVhZ#ꢀ  
JhZꢀi]ZꢀMWdmꢀXdcigdaaZgꢀXdccZXidg!ꢀcdiꢀi]Zꢀ^ca^cZꢀgZaZVhZ!ꢀidꢀ  
gdji^cZanꢀXdccZXiꢀVcYꢀY^hXdccZXiꢀi]ZꢀMWdmꢀXdcigdaaZg#ꢀ>[ꢀVcꢀ  
^ca^cZꢀgZaZVhZꢀY^hXdccZXih!ꢀh^beanꢀgZXdccZXiꢀ^iꢀWnꢀVa^\c^c\ꢀi]Zꢀ  
\gddkZYꢀ^cYZciVi^dchꢀdcꢀi]ZꢀildꢀeVgihꢀd[ꢀi]Zꢀ^ca^cZꢀgZaZVhZꢀ  
VcYꢀegZhh^c\ꢀi]ZꢀildꢀeVgihꢀXdbeaZiZanꢀid\Zi]Zg#ꢀ9dꢀcdiꢀidjX]ꢀ  
VcnꢀbZiVaꢀeVgihꢀd[ꢀi]Zꢀ^ca^cZꢀgZaZVhZꢀl]Zcꢀi]ZꢀMWdmꢀXdchdaZꢀ^hꢀ  
eaj\\ZYꢀ^cidꢀedlZg#ꢀI]ZꢀMWdmꢀXdcigdaaZgꢀl^aaꢀcdiꢀldg`ꢀjcaZhhꢀ  
i]Zꢀ^ca^cZꢀgZaZVhZꢀ^hꢀegdeZganꢀXdccZXiZY#  
Idꢀ8dcigdaaZg  
L6GC>C<ꢃꢀCZkZgꢀiVeZ!ꢀ\ajZ!ꢀdgꢀdi]Zgl^hZꢀegZkZciꢀVcꢀ^ca^cZꢀ  
gZaZVhZꢀ[gdbꢀejaa^c\ꢀVeVgi#  
I]Zꢀ^ca^cZꢀgZaZVhZꢀgZYjXZh!ꢀWjiꢀYdZhꢀcdiꢀZa^b^cViZ!ꢀi]Zꢀg^h`ꢀd[ꢀ  
i]ZꢀMWdmꢀXdchdaZꢀWZ^c\ꢀejaaZYꢀd[[ꢀ^ihꢀhjg[VXZ#ꢀIdꢀ[jgi]ZgꢀgZYjXZꢀ  
i]Zꢀg^h`/ꢀ  
™ꢀ 9dꢀcdiꢀVaadlꢀMWdmꢀXdcigdaaZgꢀXdgYhꢀidꢀWZXdbZꢀXgdhhZYꢀ  
dgꢀiVc\aZYꢀl^i]ꢀdcZꢀVcdi]Zg#  
™ꢀ GZVYꢀVcYꢀ[daadlꢀi]Zꢀ^chigjXi^dchꢀ^cꢀHZaZXi^c\ꢀVꢀ  
™ꢀ 9dꢀcdiꢀVaadlꢀVcndcZꢀidꢀejaaꢀdcꢀi]ZꢀMWdmꢀXdcigdaaZghꢀdgꢀ  
XdcigdaaZgꢀXdgYhꢀ^cꢀVꢀlVnꢀi]ViꢀXVjhZhꢀi]ZꢀMWdmꢀXdchdaZꢀ  
idꢀbdkZ#ꢀ  
AdXVi^dcꢀ[dgꢀi]ZꢀMWdmꢀ8dchdaZꢀdcꢀeV\Zꢀ*#  
 
-
Zc\a^h]  
]iie/$$lll#mWdm#Xdb  
JH>C<ꢀM7DMꢀ8DCIGDAA:GH  
Jh^c\ꢀMWdmꢀ8dcigdaaZgꢀ:meVch^dcꢀHadih  
I]ZꢀMWdmꢀXdcigdaaZgꢀ]VhꢀildꢀZmeVch^dcꢀhadihꢀi]ViꢀVaadlꢀndjꢀidꢀ  
XdccZXiꢀZmeVch^dcꢀYZk^XZhꢀidꢀi]ZꢀMWdmꢀXdcigdaaZg#ꢀ;dgꢀZmVbeaZ!ꢀ  
ndjꢀXVcꢀVYYꢀedgiVWaZꢀhidgV\Zꢀidꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀ  
WnꢀXdccZXi^c\ꢀVcꢀMWdmꢀBZbdgnꢀJc^iꢀꢁh]dlcꢂꢀꢁhdaYꢀhZeVgViZanꢂ#ꢀ  
>[ꢀndjꢀVgZꢀeaVn^c\ꢀdcꢀi]ZꢀMWdmꢀA^kZꢀhZgk^XZ!ꢀndjꢀbVnꢀlVciꢀ  
idꢀVYYꢀi]ZꢀMWdmꢀ8dbbjc^XVidgꢀꢁhdaYꢀhZeVgViZanꢂꢀ[dgꢀkd^XZꢀ  
Xdbbjc^XVi^dc#ꢀ;dgꢀbdgZꢀ^c[dgbVi^dc!ꢀhZZꢀMWdmꢀEZg^e]ZgVahꢀ  
dcꢀeV\Zꢀ^^#ꢀ  
IJGC>C<ꢀDCꢀI=:ꢀM7DMꢀ8DCHDA:  
BV`ZꢀhjgZꢀi]ViꢀVaaꢀXdccZXi^dchꢀidꢀi]ZꢀIK!ꢀK8G!ꢀdgꢀdi]Zgꢀ6Kꢀ  
YZk^XZhꢀVgZꢀXdbeaZiZ#ꢀEaj\ꢀi]ZꢀedlZgꢀXdgYꢀ^cidꢀi]ZꢀMWdmꢀ  
XdchdaZ!ꢀVcYꢀi]Zcꢀ[jaanꢀ^chZgiꢀi]Zꢀeaj\ꢀ^cidꢀi]ZꢀedlZgꢀdjiaZi#ꢀ  
HZZꢀ<ZcZgVaꢀ:aZXig^XVaꢀEgZXVji^dchꢀdcꢀeV\Zꢀ(ꢀ[dgꢀbdgZꢀ  
^c[dgbVi^dc#ꢀ  
Ijgcꢀdcꢀi]ZꢀMWdmꢀXdchdaZꢀWnꢀegZhh^c\ꢀi]ZꢀedlZgꢀWjiidc#ꢀI]Zꢀ  
hiVijhꢀ^cY^XVidgꢀa^\]iꢀl^aaꢀa^\]iꢀje#  
Ijgcꢀd[[ꢀi]ZꢀMWdmꢀXdchdaZꢀWnꢀegZhh^c\ꢀi]ZꢀedlZgꢀWjiidc#ꢀIdꢀ  
Za^b^cViZꢀVaaꢀkdaiV\Zꢀ^ch^YZꢀi]ZꢀMWdmꢀXdchdaZ!ꢀijgcꢀd[[ꢀi]ZꢀMWdmꢀ  
XdchdaZ!ꢀVcYꢀi]Zcꢀjceaj\ꢀi]ZꢀedlZgꢀXdgYꢀ[gdbꢀi]ZꢀedlZgꢀdjiaZi#  
 
]iie/$$lll#mWdm#Xdb  
Zc\a^h]  
.
>C>I>6AꢀH:IJE  
I]ZꢀÒghiꢀi^bZꢀndjꢀijgcꢀdcꢀndjgꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZb!ꢀndjꢀ  
bjhiꢀhZiꢀi]ZꢀYZ[VjaiꢀaVc\jV\ZꢀVcYꢀi]ZꢀXadX`ꢀWZ[dgZꢀeaVn^c\ꢀVꢀ  
\VbZꢀdgꢀVjY^dꢀ89#ꢀDcXZꢀi]ZhZꢀhZii^c\hꢀVgZꢀheZX^ÒZY!ꢀndjꢀYdcÉiꢀ  
]VkZꢀidꢀhZiꢀi]ZbꢀV\V^cꢀ^[ꢀndjꢀaZVkZꢀi]ZꢀMWdmꢀXdchdaZꢀXdccZXiZYꢀ  
idꢀedlZg#  
IdꢀbdkZꢀi]ZꢀhZaZXi^dcꢀ[dXjhꢀdcꢀi]ZꢀhXgZZc!ꢀegZhhꢀi]ZꢀY^gZXi^dcVaꢀ  
eVYꢀd[ꢀi]ZꢀMWdmꢀXdcigdaaZg#ꢀIdꢀhZaZXi!ꢀegZhhꢀ6#ꢀIdꢀXVcXZa!ꢀegZhhꢀ7#  
6J9>D!ꢀK>9:Dꢀ6C9ꢀDI=:GꢀH:II>C<H  
>cꢀVYY^i^dcꢀidꢀi]Zꢀ^c^i^VaꢀaVc\jV\ZꢀVcYꢀXadX`ꢀhZii^c\h!ꢀndjꢀXVcꢀ  
heZX^[nꢀdi]ZgꢀhZii^c\hꢀ[dgꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZb#ꢀIdꢀ  
X]ddhZꢀhZii^c\hꢀ[dgꢀndjgꢀhnhiZb!ꢀijgcꢀdcꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀ  
hnhiZbꢀl^i]djiꢀVꢀY^hXꢀ^cꢀi]ZꢀY^hXꢀigVn#ꢀ  
IdꢀX]ddhZꢀVjY^dꢀdgꢀk^YZdꢀhZii^c\h  
&#ꢀ HZaZXiꢀHZii^c\h!ꢀVcYꢀi]ZcꢀhZaZXiꢀ6jY^dꢀdgꢀK^YZd#  
'#ꢀ HZaZXiꢀVeegdeg^ViZꢀdei^dchꢀ[dgꢀndjgꢀhnhiZb#  
NdjꢀXVcꢀXdcÒ\jgZꢀi]ZꢀMWdmꢀXdchdaZꢀidꢀVjidbVi^XVaanꢀijgcꢀd[[ꢀ^[ꢀ  
aZ[iꢀjcViiZcYZYꢀ[dgꢀh^mꢀ]djgh#ꢀ  
IdꢀX]ddhZꢀ6jidꢀD[[  
&#ꢀ HZaZXiꢀHZii^c\h!ꢀVcYꢀi]ZcꢀhZaZXiꢀ6jidꢀD[[#  
'#ꢀ HZaZXiꢀNZhꢀidꢀ]VkZꢀi]ZꢀMWdmꢀXdchdaZꢀijgcꢀd[[ꢀ  
VjidbVi^XVaan!ꢀdgꢀCdꢀꢁi]ZꢀYZ[Vjaiꢂ#  
 
&%  
Zc\a^h]  
]iie/$$lll#mWdm#Xdb  
EA6N>C<ꢀ<6B:Hꢀ6C9ꢀBJH>8  
:_ZXiꢀWjiidc  
EdlZg$gZhZiꢀWjiidc  
9^hXꢀigVn  
EaVn^c\ꢀ<VbZh  
EaVn^c\ꢀBjh^X  
I]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀXVcꢀeaVnꢀdcanꢀ\VbZꢀ  
Y^hXhꢀa^XZchZYꢀWnꢀB^Xgdhd[iꢀ[dgꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀ  
hnhiZb#ꢀA^XZchZYꢀ\VbZhꢀ]VkZꢀi]^hꢀad\d/ꢀ  
I]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀXVcꢀeaVnꢀVjY^dꢀ89hꢀ  
i]Viꢀ]VkZꢀi]^hꢀad\d/ꢀ  
IdꢀeaVnꢀVjY^dꢀ89h  
IdꢀhiVgiꢀVꢀ\VbZ  
&#ꢀ EgZhhꢀi]ZꢀZ_ZXiꢀWjiidcꢀidꢀdeZcꢀi]ZꢀY^hXꢀigVn#  
&#ꢀ EgZhhꢀi]ZꢀZ_ZXiꢀWjiidcꢀidꢀdeZcꢀi]ZꢀY^hXꢀigVn#  
'#ꢀ EaVXZꢀi]ZꢀVjY^dꢀ89ꢀdcꢀi]ZꢀY^hXꢀigVnꢀl^i]ꢀi]ZꢀaVWZaꢀ  
[VX^c\ꢀje#  
'#ꢀ EaVXZꢀi]ZꢀMWdmꢀ\VbZꢀY^hXꢀdcꢀi]ZꢀY^hXꢀigVnꢀl^i]ꢀi]ZꢀaVWZaꢀ  
[VX^c\ꢀje#  
(#ꢀ EgZhhꢀi]ZꢀZ_ZXiꢀWjiidcꢀidꢀXadhZꢀi]ZꢀY^hXꢀigVn#ꢀI]ZꢀVjY^dꢀ  
89ꢀl^aaꢀeaVn#  
(#ꢀ EgZhhꢀi]ZꢀZ_ZXiꢀWjiidcꢀidꢀXadhZꢀi]ZꢀY^hXꢀigVn#ꢀI]Zꢀ\VbZꢀ  
l^aaꢀeaVn#  
Idꢀhl^iX]ꢀidꢀVcdi]Zgꢀ\VbZ  
EaVn^c\ꢀ9K9ꢀBdk^Zꢀ9^hXh  
&#ꢀ EgZhhꢀi]ZꢀZ_ZXiꢀWjiidcꢀidꢀdeZcꢀi]ZꢀY^hXꢀigVn#  
'#ꢀ GZbdkZꢀi]Zꢀ\VbZꢀY^hX#  
IdꢀeaVnꢀ9K9ꢀbdk^Zhꢀdcꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZb!ꢀndjꢀcZZYꢀ  
i]ZꢀMWdmꢀ9K9ꢀBdk^ZꢀEaVnWVX`ꢀ@^iꢀꢁhdaYꢀhZeVgViZanꢂ#ꢀ;dgꢀbdgZꢀ  
^c[dgbVi^dcꢀVWdjiꢀeaVn^c\ꢀ9K9ꢀbdk^Zh!ꢀhZZꢀi]Zꢀ>chigjXi^dcꢀ  
BVcjVaꢀ[dgꢀi]ZꢀMWdmꢀ9K9ꢀBdk^ZꢀEaVnWVX`ꢀ@^i#  
(#ꢀ EaVXZꢀVꢀcZlꢀMWdmꢀ\VbZꢀY^hXꢀdcꢀi]ZꢀY^hXꢀigVn#  
)#ꢀ EgZhhꢀi]ZꢀZ_ZXiꢀWjiidcꢀidꢀXadhZꢀi]ZꢀY^hXꢀigVn#ꢀI]ZꢀcZlꢀ  
\VbZꢀl^aaꢀeaVn#  
6kd^Y^c\ꢀ9VbV\Zꢀidꢀ9^hXhꢀdgꢀidꢀi]Zꢀ9^hXꢀ9g^kZ  
™ꢀ 9dꢀcdiꢀaZVkZꢀVꢀY^hXꢀ^cꢀi]ZꢀMWdmꢀXdchdaZꢀ[dgꢀZmiZcYZYꢀ  
eZg^dYhꢀl]Zcꢀcdiꢀ^cꢀjhZ#  
IdꢀZcYꢀVꢀ\VbZ  
&#ꢀ EgZhhꢀi]ZꢀZ_ZXiꢀWjiidcꢀVcYꢀi]ZꢀY^hXꢀigVnꢀl^aaꢀdeZc#  
'#ꢀ GZbdkZꢀi]ZꢀMWdmꢀ\VbZꢀY^hX#  
™ꢀ 9dꢀcdiꢀbdkZꢀi]ZꢀMWdmꢀXdchdaZꢀl]^aZꢀi]ZꢀedlZgꢀ^hꢀdcꢀVcYꢀ  
VꢀY^hXꢀ^hꢀ^chZgiZY#  
(#ꢀ EgZhhꢀi]ZꢀZ_ZXiꢀWjiidcꢀV\V^cꢀidꢀXadhZꢀi]ZꢀY^hXꢀigVn#  
™ꢀ 9dꢀcdiꢀVeeanꢀaVWZah!ꢀhi^X`Zgh!ꢀdgꢀdi]Zgꢀ[dgZ^\cꢀdW_ZXihꢀ  
idꢀY^hXh#  
 
]iie/$$lll#mWdm#Xdb  
Zc\a^h]  
&&  
HDJC9IG68@H  
NdjꢀXVcꢀXdenꢀigVX`hꢀ[gdbꢀVjY^dꢀ89hꢀjh^c\ꢀi]ZꢀMWdmꢀk^YZdꢀ  
\VbZꢀhnhiZb#ꢀI]ZcꢀndjꢀXVcꢀVggVc\Zꢀi]ZhZꢀigVX`hꢀ^cidꢀ  
hdjcYigVX`hꢀVcYꢀeaVnꢀi]Zbꢀ[gdbꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀ  
l^i]djiꢀ^chZgi^c\ꢀi]Zꢀdg^\^cVaꢀ89ꢀVjY^dꢀY^hX#ꢀNdjꢀXVcꢀeaVnꢀ  
ndjgꢀhdjcYigVX`hꢀl]^aZꢀeaVn^c\ꢀMWdmꢀ\VbZhꢀ^[ꢀi]^hꢀ[ZVijgZꢀ  
^hꢀhjeedgiZYꢀWnꢀi]Zꢀ\VbZ#ꢀIdꢀÒcYꢀdjiꢀl]Zi]ZgꢀVꢀ\VbZꢀi^iaZꢀ  
hjeedgihꢀhdjcYigVX`ꢀeaVn!ꢀVcYꢀ]dlꢀidꢀeaVnꢀi]ZꢀhdjcYigVX`ꢀ  
Yjg^c\ꢀi]ViꢀeVgi^XjaVgꢀ\VbZ!ꢀhZZꢀi]Zꢀ\VbZꢀ^chigjXi^dcꢀbVcjVa#  
IdꢀXdenꢀigVX`h  
&#ꢀ EaVnꢀVcꢀVjY^dꢀ89#  
'#ꢀ HZaZXiꢀ7VX`ꢀ[gdbꢀi]Zꢀbjh^XꢀeaVnZg#  
(#ꢀ HZaZXiꢀ8denꢀidꢀY^heaVnꢀigVX`h#  
)#ꢀ HZaZXiꢀi]ZꢀigVX`hꢀndjꢀlVciꢀidꢀXden#ꢀNdjꢀXVcꢀhZaZXiꢀdcZꢀ  
igVX`!ꢀbjai^eaZꢀigVX`h!ꢀdgꢀVaaꢀigVX`h#  
*#ꢀ HZaZXiꢀ8denꢀidꢀWZ\^cꢀXden^c\ꢀi]ZꢀigVX`h#ꢀ  
+#ꢀ HZaZXiꢀVcꢀZm^hi^c\ꢀhdjcYigVX`!ꢀdgꢀXgZViZꢀVꢀcZlꢀ  
hdjcYigVX`ꢀidꢀhidgZꢀi]ZꢀXde^ZYꢀigVX`h#ꢀ>[ꢀndjꢀXgZViZꢀ  
VꢀcZlꢀhdjcYigVX`!ꢀZciZgꢀVꢀcVbZꢀjh^c\ꢀi]Zꢀk^gijVaꢀ  
`ZnWdVgY#  
(#ꢀ JcYZgꢀBjh^Xꢀndjꢀl^aaꢀhZZꢀ6jY^dꢀ89#ꢀ:kZgnꢀhdjcYigVX`ꢀ  
ndjꢀ]VkZꢀhVkZYꢀ^hꢀa^hiZYꢀ]ZgZꢀjcYZgꢀi]ZꢀcVbZhꢀndjꢀ  
]VkZꢀXgZViZY#  
IdꢀeaVnꢀhdjcYigVX`h  
)#ꢀ 8]ddhZꢀi]ZꢀhdjcYigVX`ꢀndjꢀlVciꢀidꢀeaVn#  
*#ꢀ HZaZXiꢀEaVnꢀidꢀWZ\^cꢀeaVn^c\#  
&#ꢀ Ijgcꢀdcꢀi]ZꢀMWdmꢀXdchdaZꢀl^i]ꢀcdꢀY^hXꢀ^cꢀi]ZꢀY^hXꢀigVn#  
'#ꢀ HZaZXiꢀBjh^Xꢀdcꢀi]ZꢀMWdmꢀ9Vh]WdVgY#  
E6G:CI6Aꢀ8DCIGDA  
NdjꢀXVcꢀa^b^iꢀi]ZꢀineZꢀd[ꢀXdciZciꢀeaVnZYꢀdcꢀi]ZꢀMWdmꢀk^YZdꢀ  
\VbZꢀhnhiZbꢀWVhZYꢀdcꢀi]Zꢀ:HG7ꢀgVi^c\ꢀaZkZa#ꢀ7nꢀYZ[Vjai!ꢀi]Zꢀ  
MWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀ^hꢀhZiꢀidꢀeaVnꢀVaaꢀXdciZci#ꢀNdjꢀXVcꢀ  
hZaZXiꢀhZeVgViZꢀeVgZciVaꢀXdcigdaꢀaZkZahꢀ[dgꢀ\VbZhꢀVcYꢀ9K9ꢀ  
bdk^Zh#ꢀIdꢀeaVnꢀ9K9ꢀbdk^Zhꢀdcꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZb!ꢀ  
ndjꢀcZZYꢀi]ZꢀMWdmꢀ9K9ꢀBdk^ZꢀEaVnWVX`ꢀ@^iꢀꢁhdaYꢀhZeVgViZanꢂ#  
IdꢀX]Vc\Zꢀi]ZꢀaZkZaꢀd[ꢀXdciZciꢀi]ViꢀXVcꢀWZꢀeaVnZY  
&#ꢀ Ijgcꢀdcꢀi]ZꢀMWdmꢀXdchdaZꢀl^i]ꢀcdꢀY^hXꢀ^cꢀi]Zꢀ  
Y^hXꢀigVn#  
'#ꢀ HZaZXiꢀHZii^c\h!ꢀi]ZcꢀhZaZXiꢀEVgZciVaꢀ8dcigda!ꢀVcY  
i]ZcꢀhZaZXiꢀ<VbZh#  
(#ꢀ HZaZXiꢀi]ZꢀcZlꢀaZkZa/ꢀ6aa!ꢀBꢀꢁBVijgZꢂ!ꢀIꢀꢁIZZcꢂ!ꢀ:ꢀ  
ꢁ:kZgndcZꢂ!ꢀ@"6ꢀꢁ@^Yhꢀidꢀ6Yjaihꢂ!ꢀ:8ꢀꢁ:Vganꢀ8]^aY]ddYꢂ!  
dgꢀCdcZ#  
I]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀl^aaꢀeaVnꢀ\VbZhꢀVcYꢀ9K9ꢀbdk^Zhꢀ  
i]ViꢀVgZꢀgViZYꢀViꢀdgꢀWZadlꢀi]ZꢀhZaZXiZYꢀaZkZa#ꢀ;dgꢀZmVbeaZ!  
^[ꢀi]ZꢀhZaZXiZYꢀaZkZaꢀ^hꢀI!ꢀ\VbZhꢀgViZYꢀI!ꢀ:!ꢀ@"6!ꢀVcYꢀ:8ꢀXVc  
eaVn#ꢀ>[ꢀndjꢀX]ddhZꢀVcnꢀaZkZaꢀdi]Zgꢀi]Vcꢀ6aa!ꢀndjꢀbjhiꢀhZaZXi  
VꢀeVhhꢀXdYZ#  
>[ꢀndjꢀadhZꢀdgꢀ[dg\ZiꢀndjgꢀeVhhꢀXdYZ!ꢀXVaaꢀi]ZꢀMWdmꢀ8jhidbZgꢀ  
HjeedgiꢀcjbWZgꢀdcꢀeV\Zꢀ^^#  
 
&'  
Zc\a^h]  
]iie/$$lll#mWdm#Xdb  
B6C6<>C<ꢀB:BDGN  
I]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀ^cXajYZhꢀVcꢀ^ciZgcVaꢀ]VgYꢀY^h`ꢀ  
[dgꢀhVk^c\ꢀ\VbZꢀ^c[dgbVi^dcꢀVcYꢀhdjcYigVX`h#ꢀ;dgꢀ^c[dgbVi^dcꢀ  
VWdjiꢀhVk^c\ꢀ\VbZh!ꢀhZZꢀndjgꢀMWdmꢀ\VbZꢀbVcjVa#ꢀ;dgꢀ  
^c[dgbVi^dcꢀVWdjiꢀhVk^c\ꢀhdjcYigVX`h!ꢀhZZꢀHdjcYigVX`hꢀdc  
eV\Zꢀ&&#  
)#ꢀ HZaZXiꢀGZbdkZꢀ<VbZꢀidꢀYZaZiZꢀi]ZꢀhZaZXiZYꢀ\VbZ!ꢀ  
^cXajY^c\ꢀVaaꢀ^ihꢀhVkZYꢀ\VbZh!ꢀ[gdbꢀi]ZꢀMWdmꢀ]VgYꢀY^h`#ꢀ  
HZaZXiꢀNZhꢀl]ZcꢀegdbeiZY!ꢀÆ6gZꢀndjꢀhjgZꢀndjꢀlVciꢀidꢀ  
eZgbVcZcianꢀgZbdkZꢀi]^hꢀi^iaZ4Ç  
IdꢀXdenꢀdgꢀYZaZiZꢀVꢀhVkZYꢀ\VbZ  
IdꢀbVcV\Zꢀdgꢀ[gZZꢀheVXZꢀdcꢀi]ZꢀMWdmꢀ]VgYꢀY^h`!ꢀndjꢀXVcꢀgZbdkZꢀ  
VaaꢀhidgZYꢀ^c[dgbVi^dcꢀVcYꢀhVkZYꢀ\VbZhꢀ[dgꢀVꢀ\^kZcꢀMWdmꢀ\VbZ!ꢀ  
dgꢀXdenꢀdgꢀYZaZiZꢀheZX^ÒXꢀhVkZYꢀ\VbZh#  
&#ꢀ Ijgcꢀdcꢀi]ZꢀMWdmꢀXdchdaZꢀl^i]ꢀcdꢀY^hXꢀ^cꢀi]ZꢀY^hXꢀigVn#  
'#ꢀ HZaZXiꢀBZbdgn!ꢀVcYꢀi]ZcꢀhZaZXiꢀMWdmꢀ=VgYꢀ9^h`#  
IdꢀgZbdkZꢀVaaꢀ^c[dgbVi^dcꢀVWdjiꢀVꢀ\VbZ  
&#ꢀ Ijgcꢀdcꢀi]ZꢀMWdmꢀXdchdaZꢀl^i]ꢀcdꢀY^hXꢀ^cꢀi]ZꢀY^h`ꢀigVn#  
'#ꢀ HZaZXiꢀBZbdgn!ꢀVcYꢀi]ZcꢀhZaZXiꢀMWdmꢀ=VgYꢀ9^h`#  
(#ꢀ HZaZXiꢀVꢀ\VbZ#ꢀ  
(#ꢀ HZaZXiꢀVcꢀ^cY^k^YjVaꢀhVkZYꢀ\VbZꢀcVbZꢀ^cꢀi]ZꢀXdaaZXi^dcꢀ  
d[ꢀhVkZYꢀ\VbZh#  
)#ꢀ HZaZXiꢀ8denꢀidꢀbdkZꢀi]ViꢀhVkZYꢀ\VbZꢀidꢀVcꢀMWdmꢀ  
BZbdgnꢀJc^iꢀꢁhdaYꢀhZeVgViZanꢂꢀdgꢀ9ZaZiZꢀidꢀgZbdkZꢀi]Zꢀ  
hZaZXiZYꢀ\VbZꢀ[gdbꢀi]ZꢀMWdmꢀ]VgYꢀY^h`#ꢀL]ZcꢀYZaZi^c\!ꢀ  
hZaZXiꢀNZhꢀl]ZcꢀegdbeiZY!ꢀÆ6gZꢀndjꢀhjgZꢀndjꢀlVciꢀidꢀ  
eZgbVcZcianꢀgZbdkZꢀi]^hꢀhVkZYꢀ\VbZ4Ç  
BJAI>EA6N:Gꢀ<6B:H  
8dccZXiꢀjeꢀidꢀ[djgꢀMWdmꢀXdcigdaaZghꢀidꢀi]ZꢀMWdmꢀXdchdaZꢀ[dgꢀ  
\VbZhꢀi]ViꢀVaadlꢀbjai^eaZꢀeaVnZgh#ꢀCdiꢀVaaꢀMWdmꢀ\VbZhꢀl^aaꢀ  
Vaadlꢀbjai^eaZꢀeaVnZgh#ꢀIdꢀYZiZgb^cZꢀ^[ꢀi]Zꢀ\VbZꢀVaadlhꢀbjai^eaZꢀ  
eaVnZgh!ꢀhZZꢀndjgꢀ\VbZꢀbVcjVa#  
HdbZꢀ\VbZhꢀXVcꢀWZꢀeaVnZYꢀjh^c\ꢀi]ZꢀMWdmꢀHnhiZbꢀA^c`ꢀ8VWaZꢀ  
ꢁhdaYꢀhZeVgViZanꢂ!ꢀl]^X]ꢀXdccZXihꢀildꢀMWdmꢀXdchdaZhꢀ[dgꢀ]ZVY"  
id"]ZVYꢀ\VbZeaVn#ꢀ;dgꢀbdgZꢀ^c[dgbVi^dc!ꢀhZZꢀi]Zꢀ^chigjXi^dcꢀ  
bVcjVaꢀ[dgꢀi]ZꢀMWdmꢀHnhiZbꢀA^c`ꢀ8VWaZ#  
 
]iie/$$lll#mWdm#Xdb  
Zc\a^h]  
&(  
M7DMꢀA>K:ž  
EZg[dgbVcXZꢀbVnꢀkVgnꢀWVhZYꢀdcꢀ>ciZgcZiꢀhZgk^XZꢀheZZY!ꢀ  
cZildg`ꢀVXi^k^in!ꢀdgꢀXVeVX^in#ꢀ9ZeZcY^c\ꢀdcꢀndjgꢀ>ciZgcZiꢀ  
hZgk^XZꢀXdccZXi^dcꢀdgꢀcZildg`ꢀXdcÒ\jgVi^dc!ꢀVYY^i^dcVaꢀ  
]VgYlVgZꢀbVnꢀWZꢀgZfj^gZY#ꢀL]^aZꢀbdhiꢀXVWaZꢀdgꢀ9HAꢀ]^\]ꢀheZZYꢀ  
>ciZgcZiꢀhZgk^XZhꢀl^aaꢀldg`ꢀl^i]ꢀMWdmꢀA^kZ!ꢀhdbZꢀbVnꢀcdiÅ  
X]ZX`ꢀl^i]ꢀndjgꢀhZk^XZꢀegdk^YZg#  
MWdmꢀA^kZꢀHnhiZbꢀGZfj^gZbZcih  
™ꢀ MWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀ  
™ꢀ <VbZꢀl^i]ꢀMWdmꢀA^kZꢀad\dꢀꢁhdaYꢀhZeVgViZanꢂ  
™ꢀ =^\]"heZZYꢀ>ciZgcZiꢀhZgk^XZꢀꢁXVWaZꢀdgꢀ9HAꢂꢀ  
ꢀ
™ꢀ 8dccZXi^dcꢀidꢀMWdmꢀXdchdaZꢀk^Vꢀ:i]ZgcZiꢀXVWaZ  
ꢁcdiꢀ^cXajYZYꢂ  
MWdmꢀA^kZꢀdcanꢀVkV^aVWaZꢀ^cꢀi]ZꢀJ#H#ꢀVcYꢀ8VcVYV#ꢀJhZꢀ^hꢀhjW_ZXiꢀ  
idꢀi]ZꢀMWdmꢀA^kZꢀIZgbhꢀd[ꢀJhZ#ꢀBV_dgꢀXgZY^iꢀXVgYꢀgZfj^gZY#ꢀCdiꢀ  
^ciZcYZYꢀ[dgꢀX]^aYgZcꢀjcYZgꢀi]ZꢀV\Zꢀd[ꢀ&(#  
™ꢀ HjWhXg^ei^dcꢀidꢀMWdmꢀA^kZꢀHZgk^XZꢀꢁhdaYꢀhZeVgViZanꢂ  
>bedgiVciꢃꢀꢀMWdmꢀA^kZꢀ^hꢀVꢀhjWhXg^ei^dcꢀhZgk^XZ#ꢀNdjꢀl^aaꢀcZZYꢀ  
VꢀhjWhXg^ei^dcꢀXdYZꢀidꢀhZiꢀjeꢀVcꢀMWdmꢀA^kZꢀVXXdjciꢀVcYꢀeaVnꢀ  
dca^cZ#ꢀIdꢀÒcYꢀdjiꢀ]dlꢀidꢀ\ZiꢀVꢀhjWhXg^ei^dcꢀXdYZ!ꢀk^h^iꢀndjgꢀ  
adXVaꢀgZiV^aZgꢀdgꢀhZZꢀlll#mWdm#Xdb$a^kZ#  
8DCC:8I>C<ꢀ=6G9L6G:  
IdꢀXdccZXiꢀndjgꢀMWdmꢀXdchdaZꢀY^gZXianꢀidꢀVꢀ]^\]"heZZYꢀ>ciZgcZiꢀ  
hZgk^XZ!ꢀhZZꢀ6#  
™ꢀ 8dccZXiꢀi]Zꢀ:i]ZgcZiꢀedgiꢀdcꢀi]Zꢀ8VWaZ$9HAꢀbdYZbꢀidꢀ  
i]ZꢀL6CꢀdgꢀJea^c`ꢀedgiꢀdcꢀi]Zꢀ8VWaZ$9HAꢀgdjiZg#  
Idꢀh]VgZꢀndjgꢀ]^\]"heZZYꢀ>ciZgcZiꢀXdccZXi^dcꢀl^i]ꢀVꢀE8!ꢀhZZꢀ7#  
™ꢀ 8dccZXiꢀi]ZꢀE8ꢀidꢀdcZꢀd[ꢀi]ZꢀVkV^aVWaZꢀ:i]ZgcZiꢀA6Cꢀ  
edgihꢀdcꢀi]Zꢀ8VWaZ$9HAꢀgdjiZg#  
;dgꢀbdgZꢀYZiV^ahꢀVcYꢀdi]Zgꢀ]dbZꢀcZildg`^c\ꢀdei^dch!ꢀhZZꢀ  
lll#mWdm#Xdb$a^kZ#  
™ꢀ 8dccZXiꢀi]Zꢀ:i]ZgcZiꢀedgiꢀdcꢀi]ZꢀWVX`ꢀd[ꢀi]ZꢀMWdmꢀ  
XdchdaZꢀidꢀdcZꢀd[ꢀi]ZꢀVkV^aVWaZꢀ:i]ZgcZiꢀA6Cꢀedgihꢀdcꢀ  
i]Zꢀ8VWaZ$9HAꢀgdjiZg#  
6#ꢀꢀ9^gZXiꢀ8dccZXi^dc  
CdiZ/ꢀꢀHdbZꢀ8VWaZꢀbdYZbh!ꢀ9HAꢀbdYZbh!ꢀVcYꢀ]^\]"heZZYꢀ  
>ciZgcZiꢀYZk^XZhꢀbVnꢀgZfj^gZꢀVꢀcZildg`ꢀ]jWꢀ^chiZVYꢀd[ꢀVꢀ8VWaZ$  
9HAꢀgdjiZg#ꢀNdjꢀbVnꢀhi^aaꢀjhZꢀY^V\gVbꢀ7#  
NdjꢀXVcꢀXdccZXiꢀi]Zꢀ:i]ZgcZiꢀXVWaZꢀegdk^YZYꢀl^i]ꢀndjgꢀ8VWaZꢀ  
dgꢀ9HAꢀbdYZbꢀY^gZXianꢀidꢀi]Zꢀ:i]ZgcZiꢀedgiꢀdcꢀi]ZꢀWVX`ꢀd[ꢀi]Zꢀ  
MWdmꢀXdchdaZ#ꢀHdbZꢀXdcÒ\jgVi^dcꢀd[ꢀi]ZꢀMWdmꢀCZildg`ꢀHZii^c\hꢀ  
bVnꢀWZꢀgZfj^gZYꢀꢁhZZꢀ8dcÒ\jg^c\ꢀi]ZꢀMWdmꢀ9Vh]WdVgYꢀdcꢀ  
eV\Zꢀ&)ꢂ#  
8VWaZꢀdgꢀ9HAꢀbdYZbꢀ  
8VWaZꢀdgꢀ9HAꢀbdYZbꢀ  
8VWaZ$9HAꢀgdjiZgꢀ  
L6C$Jea^c`  
A6CꢀEdgih  
:i]ZgcZiꢀXVWaZꢀꢁG?")*ꢂ  
7#ꢀH]VgZYꢀ8dccZXi^dc  
6ꢀ8VWaZ$9HAꢀgdjiZgꢀVaadlhꢀWdi]ꢀi]ZꢀMWdmꢀXdchdaZꢀVcYꢀE8ꢀidꢀ  
XdccZXiꢀidꢀndjgꢀ8VWaZꢀbdYZb!ꢀ9HAꢀbdYZb!ꢀdgꢀdi]Zgꢀ]^\]"heZZYꢀ  
>ciZgcZiꢀYZk^XZꢀViꢀi]ZꢀhVbZꢀi^bZ#ꢀ  
:i]ZgcZiꢀXVWaZꢀꢁG?")*ꢂ  
 
&)  
Zc\a^h]  
]iie/$$lll#mWdm#Xdb  
JE96I>C<ꢀI=:ꢀM7DMꢀ96H=7D6G9  
7Z[dgZꢀndjꢀXVcꢀh^\cꢀjeꢀ[dgꢀi]ZꢀMWdmꢀA^kZꢀhZgk^XZꢀVcYꢀWZ\^cꢀ  
eaVn^c\ꢀ\VbZhꢀdca^cZ!ꢀi]ZꢀMWdmꢀ9Vh]WdVgYꢀbjhiꢀWZꢀjeYViZY#ꢀ  
IdꢀjeYViZꢀi]ZꢀMWdmꢀ9Vh]WdVgY/  
8dcÒ\jg^c\ꢀi]ZꢀMWdmꢀ9Vh]WdVgYꢀꢁ^[ꢀcZXZhhVgnꢂ  
I]ZꢀMWdmꢀXdchdaZꢀl^aaꢀViiZbeiꢀidꢀVjidbVi^XVaanꢀXdcÒ\jgZꢀ^ihZa[ꢀ  
idꢀjhZꢀndjgꢀWgdVYWVcYꢀXdccZXi^dcꢀl]ZcꢀndjꢀhZaZXiꢀi]Zꢀdei^dcꢀ  
[dgꢀMWdmꢀA^kZꢀ[gdbꢀl^i]^cꢀi]Zꢀ\VbZ#  
&#ꢀ >chZgiꢀVcꢀMWdmꢀA^kZꢀHiVgiZgꢀ@^iꢀY^hXꢀdgꢀ\VbZꢀY^hXꢀ^cidꢀi]Zꢀ  
Y^hXꢀigVn#ꢀ8]ZX`ꢀi]Zꢀ\VbZꢀeVX`V\^c\ꢀidꢀhZZꢀ^[ꢀi]Zꢀ\VbZꢀ  
hjeedgihꢀMWdmꢀA^kZꢀeaVn#  
BVcnꢀ>HEhꢀgZfj^gZꢀheZX^ÒXꢀhZii^c\hꢀWZ[dgZꢀVaadl^c\ꢀVXXZhhꢀ  
idꢀi]Zꢀ>ciZgcZi#ꢀI]ZhZꢀhZii^c\hꢀbVnꢀ^cXajYZꢀVꢀ]dhiꢀcVbZ!ꢀ  
B68ꢀVYYgZhh!ꢀdgꢀVcꢀ>HEꢀjhZgꢀcVbZꢀVcYꢀeVhhldgYꢀꢁ[dgꢀEEEd:ꢀ  
Vji]Zci^XVi^dcꢂ#ꢀ>[ꢀndjꢀVgZꢀjchjgZꢀVWdjiꢀl]Zi]ZgꢀndjꢀcZZYꢀi]^hꢀ  
^c[dgbVi^dc!ꢀX]ZX`ꢀl^i]ꢀndjgꢀWgdVYWVcYꢀhZgk^XZꢀegdk^YZg#ꢀ  
'#ꢀ ;gdbꢀl^i]^cꢀi]Zꢀ\VbZ!ꢀhZaZXiꢀi]Zꢀdei^dcꢀ[dgꢀMWdmꢀA^kZ#  
;dgꢀbdgZꢀYZiV^aZYꢀ^c[dgbVi^dcꢀVWdjiꢀCZildg`ꢀHZii^c\hꢀ^cꢀ  
i]ZꢀMWdmꢀ9Vh]WdVgY!ꢀVcYꢀdi]Zgꢀhjeedgiꢀ^hhjZh!ꢀhZZꢀ  
lll#mWdm#Xdb$a^kZ#  
M7DMꢀA>K:ꢀH><CꢀJE  
CdiZ/ꢀNdjꢀl^aaꢀcdiꢀWZꢀVWaZꢀidꢀZhiVWa^h]ꢀVcꢀVXXdjciꢀjci^aꢀi]Zꢀ  
MWdmꢀ9Vh]WdVgYꢀ]VhꢀWZZcꢀjeYViZYꢀ[dgꢀMWdmꢀA^kZ#ꢀHZZꢀJeYVi^c\ꢀ  
i]ZꢀMWdmꢀ9Vh]WdVgYꢀVWdkZ#  
>;ꢀNDJꢀC::9ꢀBDG:ꢀ=:AE  
EaZVhZꢀhZZꢀlll#mWdm#Xdb$a^kZꢀdgꢀXVaaꢀi]ZꢀMWdmꢀ8jhidbZgꢀ  
HjeedgiꢀcjbWZg/  
Jc^iZYꢀHiViZhꢀVcYꢀ8VcVYV/ꢀ  
&"-%%")BN"M7DMꢀꢁ&"-%%")+.".'+.ꢂ  
H^\c^c\ꢀJeꢀ[dgꢀVꢀCZlꢀ6XXdjci  
IINꢀjhZghꢀꢁgZfj^gZhꢀheZX^VaꢀZfj^ebZciꢀ[dgꢀ  
]VgYꢀd[ꢀ]ZVg^c\ꢂ/  
IdꢀXgZViZꢀVꢀcZlꢀVXXdjci!ꢀhZaZXiꢀi]Zꢀdei^dcꢀ[dgꢀMWdmꢀA^kZꢀ  
[gdbꢀi]ZꢀMWdmꢀ9Vh]WdVgY#ꢀ;daadlꢀi]Zꢀ^chigjXi^dchꢀdcꢀhXgZZc!ꢀ  
VcYꢀZciZgꢀndjgꢀhjWhXg^ei^dcꢀXdYZꢀꢁhZZꢀMWdmꢀA^kZꢀHnhiZbꢀ  
GZfj^gZbZcihꢀdcꢀeV\Zꢀ&(ꢂꢀl]ZcꢀegdbeiZY#  
Jc^iZYꢀHiViZhꢀVcYꢀ8VcVYV/ꢀ  
&"-++",)%".'+.ꢀdgꢀ&")'*"+(*",&%'  
8A:6C>C<ꢀI=:ꢀM7DMꢀK>9:Dꢀ<6B:ꢀHNHI:B  
™ꢀ JhZꢀVꢀYgnꢀXadi]ÅYdꢀcdiꢀjhZꢀVWgVh^kZꢀeVYh!ꢀYZiZg\Zcih!ꢀ  
8aZVc^c\ꢀi]ZꢀMWdmꢀ8dchdaZ  
hXdjg^c\ꢀedlYZgh!ꢀhdakZcihꢀꢁ[dgꢀZmVbeaZ!ꢀVaXd]da!ꢀ  
\Vhda^cZ!ꢀeV^ciꢀi]^ccZg!ꢀdgꢀWZcoZcZꢂ!ꢀdgꢀdi]Zgꢀa^fj^Yꢀdgꢀ  
VZgdhdaꢀXaZVcZgh#  
>iꢀ^hꢀ^bedgiVciꢀidꢀ`ZZeꢀi]ZꢀgjWWZgꢀ[ZZiꢀdcꢀi]ZꢀWdiidbꢀd[ꢀi]Zꢀ  
MWdmꢀXdchdaZꢀXaZVcꢀVcYꢀ[gZZꢀd[ꢀYjhiꢀVcYꢀYZWg^hꢀidꢀgZYjXZꢀi]Zꢀ  
g^h`ꢀd[ꢀi]ZꢀMWdmꢀXdchdaZꢀ[Vaa^c\ꢀVcYꢀedhh^Wanꢀ]^ii^c\ꢀhdbZdcZ#  
IdꢀXaZVcꢀMWdmꢀ\VbZꢀY^hXhꢀdgꢀVjY^dꢀ89h  
™ꢀ >[ꢀi]ZꢀgjWWZgꢀ[ZZiꢀZkZgꢀWZXdbZꢀY^ginꢀdgꢀYjhin!ꢀl^eZꢀi]Zbꢀ  
d[[ꢀl^i]ꢀVꢀYgnꢀXadi]#  
™ꢀ =daYꢀY^hXhꢀWnꢀi]ZꢀZY\Zh0ꢀYdꢀcdiꢀidjX]ꢀY^hXꢀhjg[VXZꢀ  
l^i]ꢀÒc\Zgh#  
™ꢀ @ZZeꢀi]Zꢀhjg[VXZꢀdcꢀl]^X]ꢀi]ZꢀMWdmꢀXdchdaZꢀgZhihꢀXaZVcꢀ  
Wnꢀl^e^c\ꢀl^i]ꢀVꢀYgnꢀXadi]#  
™ꢀ 8aZVcꢀY^hXhꢀjh^c\ꢀVꢀhd[iꢀXadi]!ꢀa^\]ianꢀl^e^c\ꢀ[gdbꢀi]Zꢀ  
XZciZgꢀdjilVgYh#  
>[ꢀndjꢀXaZVcꢀi]ZꢀMWdmꢀXdchdaZ/  
™ꢀ 9dꢀcdiꢀjhZꢀhdakZcihꢀhjX]ꢀVhꢀWZcoZcZ!ꢀl]^X]ꢀXVcꢀYVbV\Zꢀ  
i]ZꢀY^hX#  
™ꢀ Jceaj\ꢀi]ZꢀMWdmꢀXdchdaZꢀ[gdbꢀi]ZꢀedlZgꢀdjiaZi#  
™ꢀ 8aZVcꢀi]Zꢀdjih^YZꢀd[ꢀi]ZꢀMWdmꢀXdchdaZꢀdcan#ꢀBV`ZꢀhjgZꢀ  
i]ViꢀcdꢀdW_ZXihꢀVgZꢀ^chZgiZYꢀ^cidꢀkZci^aVi^dcꢀdeZc^c\h#  
 
]iie/$$lll#mWdm#Xdb  
Zc\a^h]  
&*  
IGDJ7A:H=DDI>C<  
8aZVcꢀi]ZꢀY^hXꢀꢁhZZꢀ8aZVc^c\ꢀi]ZꢀMWdmꢀK^YZdꢀ<VbZꢀHnhiZbꢀdcꢀ  
eV\Zꢀ&)ꢂ#  
L6GC>C<  
CdꢀE^XijgZ  
8dccZXiꢀi]ZꢀVeegdeg^ViZꢀ6KꢀXVWaZꢀꢁhZZꢀ8dccZXi^c\ꢀidꢀVꢀIKꢀdcꢀ  
IdꢀgZYjXZꢀi]Zꢀg^h`ꢀd[ꢀhZg^djhꢀ^c_jgnꢀdgꢀYZVi]ꢀ[gdbꢀZaZXig^Xꢀ  
h]dX`ꢀdgꢀÒgZ!ꢀYdꢀcdiꢀViiZbeiꢀidꢀhZgk^XZꢀdgꢀgZeV^gꢀi]ZꢀMWdmꢀ  
XdchdaZ#ꢀ9dꢀcdiꢀViiZbeiꢀidꢀiV`ZꢀVeVgiꢀi]ZꢀMWdmꢀXdchdaZꢀdgꢀ  
bdY^[nꢀ^iꢀ^cꢀVcnꢀlVn#ꢀGZ[ZgꢀVaaꢀhZgk^X^c\ꢀidꢀfjVa^ÒZYꢀhZgk^XZꢀ  
eZghdccZa#  
eV\Zꢀ+ꢂ#  
Ijgcꢀdcꢀi]ZꢀIK#  
HZaZXiꢀi]Zꢀk^YZdꢀ^cejiꢀdcꢀi]ZꢀIKꢀdgꢀK8Gꢀi]ViꢀY^heaVnhꢀi]ZꢀMWdmꢀ  
\VbZ#ꢀIne^XVaꢀlVnhꢀidꢀadXViZꢀi]Zꢀ^cejiꢀhZaZXi^dcꢀdcꢀndjgꢀIKꢀdgꢀ  
K8GꢀVgZ/ꢀ  
™ꢀ EgZhh^c\ꢀVꢀWjiidcꢀdcꢀi]Zꢀ[gdciꢀd[ꢀi]ZꢀIKꢀdgꢀK8G!ꢀ  
edhh^WanꢀWZ]^cYꢀVꢀ]^YYZcꢀeVcZa#  
EaZVhZꢀ[daadlꢀi]ZhZꢀhiZehꢀidꢀigdjWaZh]ddiꢀY^[ÒXjai^Zhꢀl^i]ꢀi]Zꢀ  
MWdmꢀk^YZdꢀ\VbZꢀhnhiZb/  
™ꢀ EgZhh^c\ꢀVꢀWjiidcꢀdcꢀi]Zꢀdg^\^cVaꢀgZbdiZꢀXdcigda#  
™ꢀ HZaZXi^c\ꢀadlꢀdgꢀ]^\]ꢀX]VccZaꢀcjbWZgh#  
™ꢀ Jh^c\ꢀVcꢀdc"hXgZZcꢀbZcjꢀdei^dc#ꢀ  
CdꢀEdlZg  
8dccZXiꢀi]ZꢀedlZgꢀXdgYꢀꢁhZZꢀIjgc^c\ꢀDcꢀi]ZꢀMWdmꢀ8dchdaZꢀdcꢀ  
eV\Zꢀ-ꢂ#  
CdiZꢀ9ZeZcY^c\ꢀdcꢀi]ZꢀineZ$bV`Zꢀd[ꢀndjgꢀIKꢀdgꢀK8G!ꢀi]Zꢀ  
[daadl^c\ꢀVgZꢀXdbbdcꢀcVbZhꢀ[dgꢀk^YZdꢀ^cejiꢀhZaZXi^dc/ꢀ>cejiꢀ  
HZaZXi!ꢀ6JM!ꢀK^YZd!ꢀA^cZ!ꢀA^cZꢀ>c!ꢀ>ceji!ꢀHdjgXZ!ꢀ>c!ꢀVcYꢀ:MI#ꢀ  
HiVijhꢀ>cY^XVidgꢀA^\]iꢀ;aVh]Zhꢀ8dci^cjVaan  
I]ZꢀhiVijhꢀ^cY^XVidgꢀa^\]iꢀh]djaYꢀWZꢀ\gZZcꢀl]^aZꢀi]ZꢀMWdmꢀ  
k^YZdꢀ\VbZꢀhnhiZbꢀ^hꢀdc!ꢀdgꢀÓVh]ꢀ\gZZcꢀl]ZcꢀndjꢀegZhhꢀi]Zꢀ  
Z_ZXiꢀWjiidc#ꢀ>[ꢀi]ZꢀhiVijhꢀ^cY^XVidgꢀa^\]iꢀÓVh]ZhꢀXdci^cjVaanꢀ  
Yjg^c\ꢀdeZgVi^dc!ꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀ]VhꢀVcꢀ^ciZgcVaꢀ  
egdWaZb/  
;dgꢀbdgZꢀ^c[dgbVi^dc!ꢀhZZꢀndjgꢀIKꢀdgꢀK8GꢀbVcjVa#  
EaVnꢀdcanꢀhjeedgiZYꢀineZhꢀd[ꢀY^hXhꢀꢁMWdmꢀ\VbZh!ꢀVjY^dꢀ89h0ꢀhZZꢀ  
EaVn^c\ꢀ<VbZhꢀVcYꢀBjh^XꢀdcꢀeV\Zꢀ&%ꢂ#  
Eddg"FjVa^inꢀE^XijgZ  
™ꢀ 8dci^cjVaꢀdgVc\ZꢀÓVh]^c\/ꢀI]ZꢀMWdmꢀXdchdaZꢀ^hꢀiddꢀ]diꢀ  
VcYꢀl^aaꢀcdiꢀeaVnꢀ\VbZhꢀjci^aꢀXddaZY#ꢀEaVXZꢀi]ZꢀMWdmꢀ  
XdchdaZꢀ^cꢀVꢀlZaa"kZci^aViZYꢀVgZVꢀVlVnꢀ[gdbꢀdi]Zgꢀ]ZViꢀ  
hdjgXZh#ꢀDcXZꢀi]ZꢀXdchdaZꢀXddah!ꢀi]ZꢀÓVh]^c\ꢀl^aaꢀhideꢀ  
VcYꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀXVcꢀWZꢀeaVnZY#ꢀ;dgꢀ  
bdgZꢀ^c[dgbVi^dc!ꢀhZZꢀHZaZXi^c\ꢀVꢀAdXVi^dcꢀ[dgꢀi]Zꢀ  
MWdmꢀ8dchdaZꢀdcꢀeV\Zꢀ*#  
8aZVcꢀi]ZꢀY^hXꢀꢁhZZꢀ8aZVc^c\ꢀi]ZꢀMWdmꢀK^YZdꢀ<VbZꢀHnhiZbꢀ  
dcꢀeV\Zꢀ&)ꢂ#  
CdꢀHdjcY  
EgdeZganꢀXdccZXiꢀi]Zꢀ6KꢀXVWaZꢀꢁhZZꢀ8dccZXi^c\ꢀidꢀVꢀIKꢀdcꢀ  
eV\Zꢀ+ꢂ#  
™ꢀ 8dci^cjVaꢀ\gZZcꢀVcYꢀdgVc\ZꢀÓVh]^c\/ꢀI]Zꢀ6KꢀXVWaZꢀ  
^hꢀcdiꢀXdccZXiZYꢀegdeZgan#ꢀ8dccZXiꢀVXXdgY^c\ꢀidꢀi]Zꢀ  
^chigjXi^dchꢀ^cꢀ8dccZXi^c\ꢀidꢀVꢀIKꢀdcꢀeV\Zꢀ+#ꢀ  
8]ZX`ꢀi]ZꢀkdajbZꢀdcꢀi]ZꢀIKꢀVcYꢀijgcꢀd[[ꢀIKꢀbjiZꢀꢁhZZꢀndjgꢀ  
IKꢀbVcjVaꢂ#  
™ꢀ 6aaꢀdi]ZgꢀeViiZgch/ꢀ>ciZgcVaꢀegdWaZbꢀgZfj^gZhꢀhZgk^XZ#ꢀ  
8dciVXiꢀMWdmꢀ8jhidbZgꢀHjeedgiꢀVXXdgY^c\ꢀidꢀi]Zꢀ  
^chigjXi^dchꢀ^cꢀ>[ꢀNdjꢀCZZYꢀ=Zae###ꢀdcꢀeV\Zꢀ&+#  
HZaZXiꢀi]ZꢀXdggZXiꢀVjY^dꢀdjiejiꢀꢁhZZꢀ8dccZXi^c\ꢀidꢀVꢀIKꢀdcꢀ  
eV\Zꢀ+ꢂ#  
EaVnꢀdcanꢀhjeedgiZYꢀineZhꢀd[ꢀY^hXhꢀꢁMWdmꢀ\VbZh!ꢀVjY^dꢀ89h0  
hZZꢀEaVn^c\ꢀ<VbZhꢀVcYꢀBjh^XꢀdcꢀeV\Zꢀ&%ꢂ#  
9^hXꢀIgVnꢀ9dZhꢀCdiꢀDeZc  
8dccZXiꢀi]ZꢀedlZgꢀXdgYꢀꢁhZZꢀIjgc^c\ꢀdcꢀi]ZꢀMWdmꢀ8dchdaZꢀdcꢀ  
eV\Zꢀ-ꢂ#  
Eddg"FjVa^inꢀHdjcY  
8aZVcꢀi]ZꢀY^hXꢀꢁhZZꢀ8aZVc^c\ꢀi]ZꢀMWdmꢀK^YZdꢀ<VbZꢀHnhiZb  
dcꢀeV\Zꢀ&)ꢂ#  
Ijgcꢀdcꢀi]ZꢀMWdmꢀXdchdaZꢀWnꢀegZhh^c\ꢀi]ZꢀedlZgꢀWjiidcꢀꢁhZZꢀ  
Ijgc^c\ꢀDcꢀi]ZꢀMWdmꢀ8dchdaZꢀdcꢀeV\Zꢀ-ꢂ#  
EaVnꢀ9daWnœꢀ9^\^iVaꢀVjY^dꢀdcanꢀidꢀheZV`Zghꢀi]Viꢀhjeedgi  
9daWnꢀ9^\^iVa#  
<VbZꢀ9dZhꢀCdiꢀHiVgi  
HZaZXiꢀi]ZꢀVjY^dꢀdjiejiꢀi]Viꢀ^hꢀhjeedgiZYꢀWnꢀndjgꢀhnhiZbꢀdgꢀ  
IKꢀꢁHiZgZdꢀdgꢀ9daWnœꢀHjggdjcYꢀ[dgꢀhiZgZdꢀheZV`Zgh!ꢀBdcdꢀ[dgꢀ  
bdcVjgVaꢀheZV`Zghꢂ#ꢀꢁHZZꢀ6jY^d!ꢀK^YZd!ꢀVcYꢀDi]ZgꢀHZii^c\hꢀ  
dcꢀeV\Zꢀ.ꢂ#  
EaVnꢀdcanꢀa^XZchZYꢀMWdmꢀ\VbZꢀY^hXhꢀꢁhZZꢀEaVn^c\ꢀ<VbZhꢀVcYꢀ  
Bjh^XꢀdcꢀeV\Zꢀ&%ꢂ#  
>chZgiꢀi]ZꢀY^hXꢀl^i]ꢀi]ZꢀaVWZaꢀjeꢀVcYꢀXadhZꢀi]ZꢀY^hXꢀigVnꢀꢁhZZꢀ  
EaVn^c\ꢀ<VbZhꢀVcYꢀBjh^XꢀdcꢀeV\Zꢀ&%ꢂ#  
>[ꢀhdjcYꢀ^hꢀXdb^c\ꢀ[gdbꢀdcanꢀdcZꢀheZV`Zg!ꢀX]ZX`ꢀi]ViꢀVaaꢀVjY^dꢀ  
XVWaZhꢀVgZꢀXdccZXiZYꢀXdggZXian#  
 
&+  
Zc\a^h]  
]iie/$$lll#mWdm#Xdb  
IGDJ7A:H=DDI>C<  
>[ꢀNdjꢀCZZYꢀ=Zae###  
MWdmꢀ8dcigdaaZgꢀdgꢀEZg^e]ZgVaꢀ9dZhꢀCdiꢀLdg`  
H]djaYꢀegdWaZbhꢀeZgh^hi!ꢀYdꢀcdiꢀViiZbeiꢀidꢀiV`ZꢀVeVgi!ꢀ  
hZgk^XZ!ꢀdgꢀbdY^[nꢀi]ZꢀMWdmꢀXdchdaZꢀ^cꢀVcnꢀlVn#ꢀ9d^c\ꢀhdꢀ  
XdjaYꢀegZhZciꢀi]Zꢀg^h`ꢀd[ꢀhZg^djhꢀ^c_jgnꢀdgꢀYZVi]ꢀ[gdbꢀ  
ZaZXig^Xꢀh]dX`ꢀdgꢀÒgZ!ꢀVcYꢀ^iꢀl^aaꢀkd^YꢀndjgꢀlVggVcin#ꢀEaZVhZ  
hZZꢀlll#mWdm#XdbꢀdgꢀXVaaꢀi]ZꢀMWdmꢀ8jhidbZgꢀ  
HjeedgiꢀcjbWZg/  
8dccZXiꢀi]ZꢀMWdmꢀXdcigdaaZgꢀidꢀVcnꢀXdcigdaaZgꢀedgiꢀꢁhZZꢀ  
8dccZXi^c\ꢀMWdmꢀ8dcigdaaZghꢀdcꢀeV\Zꢀ,ꢂ#  
BV`ZꢀhjgZꢀi]ZꢀXdcigdaaZgꢀXdccZXidgh!ꢀ^cXajY^c\ꢀi]Zꢀ^ca^cZꢀ  
gZaZVhZ!ꢀVgZꢀXdccZXiZYꢀhZXjgZanꢀꢁhZZꢀJh^c\ꢀMWdmꢀ8dcigdaaZghꢀ  
dcꢀeV\Zꢀ,ꢂ#  
JhZꢀdcanꢀMWdm"XdbeVi^WaZꢀeZg^e]ZgVahꢀ  
i]Viꢀ]VkZꢀi]^hꢀad\d/  
Jc^iZYꢀHiViZhꢀVcYꢀ8VcVYV/ꢀ  
&"-%%")BN"M7DMꢀꢁ&"-%%")+.".'+.ꢂ  
BZm^Xd/ꢀ%%&ꢀ-++ꢀ,)*ꢀ-(ꢀ&'  
;dgꢀVꢀa^hiꢀd[ꢀB^Xgdhd[iÉhꢀMWdmꢀeZg^e]ZgVaꢀegdYjXih!ꢀhZZꢀMWdmꢀ  
EZg^e]ZgVahꢀdcꢀeV\Zꢀ^^#  
IINꢀjhZghꢀꢁgZfj^gZhꢀheZX^VaꢀZfj^ebZciꢀ[dgꢀ]VgYꢀd[ꢀ]ZVg^c\ꢂ/  
Jc^iZYꢀHiViZhꢀVcYꢀ8VcVYV/ꢀ  
&"-++",)%".'+.ꢀdgꢀ&")'*"+(*",&%'  
BV`ZꢀhjgZꢀi]ZꢀMWdmꢀ\VbZꢀhjeedgihꢀVcnꢀdei^dcVaꢀeZg^e]ZgVahꢀ  
XdccZXiZYꢀidꢀi]ZꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZb#ꢀ>[ꢀVꢀeZg^e]ZgVaꢀ^hꢀcdiꢀ  
hjeedgiZYꢀWnꢀi]ZꢀheZX^ÒXꢀ\VbZ!ꢀi]Zꢀ\VbZꢀbVnꢀcdiꢀeaVn#  
BZm^Xd/ꢀ%%&ꢀ-++ꢀ'*&ꢀ'+ꢀ'&  
8VccdiꢀHVkZꢀ<VbZ  
9dꢀcdiꢀiV`ZꢀndjgꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀdgꢀeZg^e]ZgVaꢀidꢀndjgꢀ  
gZiV^aZgꢀ[dgꢀgZeV^gꢀdgꢀhZgk^XZ!ꢀjcaZhhꢀ^chigjXiZYꢀidꢀYdꢀhdꢀWnꢀVcꢀ  
MWdmꢀ8jhidbZgꢀHjeedgiꢀgZegZhZciVi^kZ#  
I]ZꢀMWdmꢀ]VgYꢀY^h`ꢀdgꢀbZbdgnꢀjc^iꢀbjhiꢀ]VkZꢀZcdj\]ꢀ[gZZꢀ  
WadX`hꢀidꢀhVkZꢀi]Zꢀ\VbZ#ꢀ;dgꢀ^c[dgbVi^dcꢀdcꢀ]dlꢀidꢀ[gZZꢀheVXZ!ꢀ  
hZZꢀBVcV\^c\ꢀBZbdgnꢀdcꢀeV\Zꢀ&'#  
HE:8>;>86I>DCH  
<ZcZgVa  
Hjeea^ZYꢀEZg^e]ZgVah  
EdlZgꢀgZfj^gZbZcih/ꢀ&'%ꢀKꢀ68!ꢀ+%ꢀ=o  
EdlZgꢀXdchjbei^dc/ꢀ&%%ꢀL  
HZZꢀI]ZꢀMWdmꢀK^YZdꢀ<VbZꢀHnhiZbꢀdcꢀeV\Zꢀ^^#  
Dei^dcVaꢀEZg^e]ZgVah  
9^bZch^dchꢀꢁVeegdm^bViZꢂ/ꢀ('%ꢀmꢀ&%%ꢀmꢀ'+%ꢀbb0ꢀ  
&'#*ꢀmꢀ)ꢀmꢀ&%#*ꢀ^cX]Zhꢀꢁl$]$Yꢂ  
HZZꢀMWdmꢀEZg^e]ZgVahꢀdcꢀeV\Zꢀ^^#  
BVhhꢀꢁVeegdm^bViZꢂ/ꢀ)ꢀ`\ꢀꢁ-ꢀaWꢀ&(ꢀdoꢂ  
DeZgVi^c\ꢀiZbeZgVijgZ/ꢀ*ꢀ•8ꢀidꢀ(*ꢀ•8ꢀꢁ)&ꢀ•;ꢀidꢀ.*ꢀ•;ꢂ  
EgdYjXiꢀ9^hedhVaꢀ>c[dgbVi^dc  
AVhZgꢀY^dYZꢀegdeZgi^Zh/ꢀBViZg^Va/ꢀ<V6a6h!ꢀ  
LVkZaZc\i]/ꢀaꢀ2ꢀ+*%ꢀcb  
9^hedhZꢀd[ꢀi]^hꢀegdYjXiꢀ^cꢀVXXdgYVcXZꢀl^i]ꢀadXVaꢀVcYꢀcVi^dcVaꢀ  
Y^hedhVaꢀgZ\jaVi^dch#  
>cejih$Djiejih  
8dcigdaaZgꢀedgihꢀꢁ)ꢂ  
:i]ZgcZiꢀedgiꢀꢁ&ꢂ  
6Kꢀedgiꢀꢁ&ꢂ  
9Zh^\cꢀVcYꢀheZX^ÒXVi^dchꢀVgZꢀhjW_ZXiꢀidꢀX]Vc\Zꢀl^i]djiꢀcdi^XZ#  
68ꢀ>CꢀedlZgꢀedgiꢀꢁ&ꢂ  
 
]iie/$$lll#mWdm#Xdb  
Zc\a^h]  
&,  
L6GG6CIN  
(#ꢀ9ZaZiZꢀdgꢀgZbdkZꢀVcnꢀÒaZhꢀdgꢀYViVꢀndjꢀXdch^YZgꢀeg^kViZꢀdgꢀ  
XdcÒYZci^Vaꢀeg^dgꢀidꢀhZcY^c\ꢀi]ZꢀMWdmꢀEgdYjXiꢀidꢀB^Xgdhd[i#ꢀ  
EA:6H:ꢀG:69ꢀI=>HꢀA>B>I:9ꢀL6GG6CINꢀ86G:;JAANꢀIDꢀ  
JC9:GHI6C9ꢀNDJGꢀG><=IHꢀ6C9ꢀD7A><6I>DCHꢅ  
;V^ajgZꢀidꢀ[daadlꢀi]ZꢀVWdkZꢀ^chigjXi^dchꢀbVnꢀgZhjaiꢀ^cꢀ  
YZaVnh!ꢀXVjhZꢀndjꢀidꢀ^cXjgꢀVYY^i^dcVaꢀX]Vg\Zh!ꢀdgꢀbVnꢀkd^Yꢀ  
ndjgꢀlVggVcin#ꢀꢀ  
A>B>I:9ꢀL6GG6CIN  
I]ZꢀiZgbꢀÆMWdmꢀEgdYjXiÇꢀbZVchꢀi]ZꢀB^Xgdhd[iꢀMWdmꢀK^YZdꢀ<VbZꢀ  
HnhiZbꢀXdchdaZꢀ^cXajY^c\ꢀꢁl]ZcꢀXdch^YZgZYꢀVhꢀVꢀl]daZꢂꢀi]Zꢀ  
B^Xgdhd[iꢀhd[ilVgZꢀhidgZYꢀdcꢀi]Zꢀ]VgYꢀY^h`ꢀVcYꢀZbWZYYZYꢀ^cꢀ  
b^XgdegdXZhhdghꢀl^i]^cꢀi]ZꢀMWdmꢀXdchdaZ!ꢀVcYꢀMWdm"XdbeVi^WaZꢀ  
]VgYlVgZꢀbVcj[VXijgZYꢀWnꢀdgꢀ[dgꢀB^Xgdhd[i!ꢀl]Zi]Zgꢀ^cXajYZYꢀ  
l^i]ꢀi]ZꢀMWdmꢀK^YZdꢀ<VbZꢀHnhiZbꢀdgꢀejgX]VhZYꢀhZeVgViZan#ꢀꢀ  
8#ꢀꢀ:M8AJH>K:ꢀG:B:9N#ꢀꢀ9jg^c\ꢀi]ZꢀLVggVcinꢀEZg^dYꢀVcYꢀ  
hjW_ZXiꢀidꢀVeea^XVWaZꢀaVl!ꢀB^Xgdhd[iꢀl^aa!ꢀViꢀ^ihꢀdei^dcꢀVcYꢀVhꢀ  
ndjgꢀZmXajh^kZꢀgZbZYnꢀ[dgꢀWgZVX]ꢀd[ꢀi]^hꢀA^b^iZYꢀLVggVcinꢀdgꢀ  
Vcnꢀ^bea^ZYꢀlVggVci^Zh/ꢀ  
&ꢀGZeV^gꢀdgꢀgZeaVXZꢀVꢀYZ[ZXi^kZꢀMWdmꢀEgdYjXi!ꢀdg  
6#ꢀꢀL6GG6CI>:H  
'ꢀ;daadl^c\ꢀgZijgcꢀd[ꢀndjgꢀMWdmꢀEgdYjXi!ꢀbV`ZꢀeVnbZciꢀidꢀndjꢀ  
[dgꢀi]ZꢀVaadlVWaZꢀYVbV\Zhꢀi]Viꢀndjꢀ^cXjgꢀ^cꢀgZVhdcVWaZꢀgZa^VcXZꢀ  
Wjiꢀdcanꢀjeꢀidꢀi]ZꢀVbdjciꢀd[ꢀi]ZꢀejgX]VhZꢀeg^XZꢀi]ViꢀndjꢀeV^Yꢀ  
[dgꢀndjgꢀMWdmꢀEgdYjXi#ꢀꢀI]^hꢀgZ[jcYꢀbVnꢀ^cXajYZꢀVꢀYZYjXi^dcꢀ[dgꢀ  
YZegZX^Vi^dcꢀWVhZYꢀdcꢀndjgꢀVXijVaꢀjhZ#ꢀ  
&ꢀ.%"9Vnꢀ:megZhhꢀLVggVcin#ꢀꢀHjW_ZXiꢀidꢀi]ZꢀiZgbhꢀVcYꢀ  
XdcY^i^dchꢀd[ꢀi]^hꢀA^b^iZYꢀLVggVcin!ꢀB^Xgdhd[iꢀlVggVcihꢀidꢀ  
ndjꢀdcanꢀꢁi]Zꢀdg^\^cVaꢀejgX]VhZgꢂ!ꢀi]ViꢀjcYZgꢀcdgbVaꢀjhZꢀVcYꢀ  
hZgk^XZꢀi]ZꢀMWdmꢀEgdYjXiꢀl^aaꢀhjWhiVci^VaanꢀXdc[dgbꢀl^i]ꢀi]Zꢀ  
VXXdbeVcn^c\ꢀeg^ciZYꢀjhZgꢀ^chigjXi^dcꢀbViZg^Vahꢀ[dgꢀVꢀeZg^dYꢀ  
d[ꢀ.%ꢀYVnhꢀhiVgi^c\ꢀVhꢀd[ꢀi]ZꢀYViZꢀd[ꢀndjgꢀhVaZhꢀgZXZ^eiꢀꢁi]Zꢀ  
ÆLVggVcinꢀEZg^dYÇꢂ#ꢀꢀ  
(ꢀ6cnꢀgZeaVXZbZciꢀeVgihꢀdgꢀMWdmꢀEgdYjXiꢀl^aaꢀWZꢀcZlꢀdgꢀ  
gZ[jgW^h]ZYꢀdgꢀhZgk^XZVWanꢀjhZY!ꢀXdbeVgVWaZꢀ^cꢀ[jcXi^dcꢀVcYꢀ  
eZg[dgbVcXZꢀidꢀi]Zꢀdg^\^cVaꢀeVgiꢀdgꢀMWdmꢀEgdYjXiꢀVcYꢀlVggVciZYꢀ  
[dgꢀi]ZꢀgZbV^cYZgꢀd[ꢀi]Zꢀdg^\^cVaꢀLVggVcinꢀEZg^dYꢀdgꢀ(%ꢀYVnhꢀ  
[gdbꢀi]ZꢀYViZꢀd[ꢀh]^ebZciꢀd[ꢀi]ZꢀMWdmꢀEgdYjXiꢀWVX`ꢀidꢀndj!ꢀ  
l]^X]ZkZgꢀ^hꢀadc\Zg#ꢀꢀ  
'ꢀ>bea^ZYꢀLVggVcin#ꢀꢀNdjꢀbVnꢀVahdꢀ]VkZꢀVcꢀ^bea^ZYꢀlVggVcinꢀ  
VcY$dgꢀXdcY^i^dcꢀjcYZgꢀi]ZꢀaVlhꢀd[ꢀhdbZꢀ_jg^hY^Xi^dch!ꢀl]^X]ꢀ^hꢀ  
]ZgZWnꢀa^b^iZYꢀidꢀi]ZꢀYjgVi^dcꢀd[ꢀi]ZꢀLVggVcinꢀEZg^dY#ꢀꢀHdbZꢀ  
_jg^hY^Xi^dchꢀYdꢀcdiꢀVaadlꢀa^b^iVi^dchꢀdcꢀ]dlꢀadc\ꢀVcꢀ^bea^ZYꢀ  
lVggVcinꢀdgꢀXdcY^i^dcꢀaVhih!ꢀhdꢀi]Zꢀ[dgZ\d^c\ꢀa^b^iVi^dcꢀbVnꢀcdiꢀ  
Veeanꢀidꢀndj#  
)ꢀB^Xgdhd[iꢀbVn!ꢀViꢀ^ihꢀhdaZꢀdei^dc!ꢀZaZXiꢀidꢀgZeaVXZꢀi]Zꢀ  
]VgYꢀY^h`ꢀXdciV^cZYꢀ^cꢀndjgꢀMWdmꢀEgdYjXiꢀZkZcꢀ^[ꢀi]^hꢀ  
XVjhZhꢀVꢀadhhꢀd[ꢀYViV#ꢀꢀNDJꢀ6<G::ꢀI=6IꢀB>8GDHD;Iꢀ>Hꢀ  
CDIꢀA>67A:ꢀIDꢀNDJꢀ;DGꢀ6CNꢀADHHꢀD;ꢀNDJGꢀ96I6#ꢀꢀ  
6hꢀidꢀVcnꢀYZ[ZXihꢀY^hXdkZgZYꢀV[iZgꢀi]ZꢀLVggVcinꢀEZg^dY!ꢀi]ZgZꢀ^hꢀ  
cdꢀlVggVcinꢀdgꢀXdcY^i^dcꢀd[ꢀVcnꢀ`^cY#ꢀꢀ  
*ꢀ6[iZgꢀi]ZꢀLVggVcinꢀEZg^dYꢀ]VhꢀZme^gZY!ꢀB^Xgdhd[iꢀbVnꢀX]Vg\Zꢀ  
ndjꢀVꢀ[ZZꢀ[dgꢀ^ihꢀZ[[dgihꢀidꢀY^V\cdhZꢀVcYꢀhZgk^XZꢀVcnꢀMWdmꢀ  
EgdYjXi"gZaViZYꢀegdWaZbh#ꢀꢀ  
7#ꢀꢀD7I6>C>C<ꢀL6GG6CINꢀH:GK>8:#ꢀꢀIdꢀgZXZ^kZꢀ  
^chigjXi^dchꢀ[dgꢀdWiV^c^c\ꢀgZeV^gꢀdgꢀgZeaVXZbZciꢀlVggVcinꢀ  
hZgk^XZhꢀndjꢀbjhiꢀXVaa/  
+ꢀB^Xgdhd[iꢀl^aaꢀjhZꢀXdbbZgX^VaanꢀgZVhdcVWaZꢀZ[[dgihꢀidꢀ  
Y^V\cdhZꢀVcYꢀViiZbeiꢀidꢀXdggZXi!ꢀdgꢀhj\\Zhiꢀhdaji^dchꢀ[dg!ꢀMWdmꢀ  
EgdYjXiꢀYZ[ZXihꢀi]ViꢀVgZꢀXdkZgZYꢀWnꢀi]^hꢀA^b^iZYꢀLVggVcin#ꢀ  
B>8GDHD;Iꢀ9D:HꢀCDIꢀEGDK>9:ꢀ6CNꢀL6GG6CI>:Hꢀ  
G:<6G9>C<ꢀ>IHꢀL6GG6CINꢀH:GK>8:Hꢀ6C9!ꢀ:M8:EIꢀ;DGꢀ  
I=:ꢀEG:8::9>C<ꢀH:CI:C8:!ꢀ9>H8A6>BHꢀ6AAꢀ9JI>:Hꢀ  
ꢁ>;ꢀ6CNꢂꢀD;ꢀLDG@B6CA>@:ꢀ:;;DGIꢀDGꢀD;ꢀA68@ꢀD;ꢀ  
C:<A><:C8:#ꢀꢀ  
L^i]^cꢀi]ZꢀJ#H#!ꢀJ#H#ꢀIZgg^idg^ZhꢀVcYꢀ8VcVYV/ꢀ  
&"-%%")BNM7DMꢀꢁ&"-%%")+.".'+.ꢂ  
IINꢀjhZghꢀꢁgZfj^gZhꢀheZX^VaꢀZfj^ebZciꢀ[dgꢀ]VgYꢀd[ꢀ]ZVg^c\ꢂ/  
L^i]^cꢀi]ZꢀJ#H#!ꢀJ#H#ꢀIZgg^idg^ZhꢀVcYꢀ8VcVYV/  
&"-++",)%".'+.ꢀdgꢀ&")'*"+(*",&%'  
NdjꢀbjhiꢀVahd/ꢀ  
&#ꢀHjWb^iꢀegdd[ꢀd[ꢀejgX]VhZꢀ^cꢀi]Zꢀ[dgbꢀd[ꢀVꢀWdcVꢀÒYZ!ꢀYViZYꢀ  
W^aaꢀd[ꢀhVaZ!ꢀgZXZ^ei!ꢀdgꢀ^ckd^XZꢀꢁdgꢀVꢀXdenꢂꢀZk^YZcX^c\ꢀi]Viꢀndjgꢀ  
gZfjZhiꢀ[dgꢀhZgk^XZꢀ^hꢀbVYZꢀl^i]^cꢀi]ZꢀLVggVcinꢀEZg^dY#  
9#ꢀꢀCDꢀDI=:GꢀL6GG6CI>:H#ꢀꢀI]ZꢀZmegZhhꢀlVggVcinꢀhiViZYꢀ  
^cꢀHZXi^dcꢀ6ꢀVWdkZꢀ^hꢀi]ZꢀdcanꢀZmegZhhꢀlVggVcinꢀbVYZꢀidꢀ  
ndjꢀVcYꢀ^hꢀegdk^YZYꢀ^cꢀa^Zjꢀd[ꢀVaaꢀdi]ZgꢀZmegZhhꢀdgꢀ^bea^ZYꢀ  
lVggVci^ZhꢀVcYꢀXdcY^i^dchꢀꢁ^[ꢀVcnꢂꢀ^cXajY^c\ꢀVcnꢀXgZViZYꢀWnꢀVcnꢀ  
di]ZgꢀYdXjbZciVi^dcꢀdgꢀeVX`V\^c\#ꢀꢀCdꢀdi]ZgꢀlVggVci^Zhꢀdgꢀ  
XdcY^i^dchꢀVgZꢀbVYZꢀl^i]ꢀgZheZXiꢀidꢀi]ZꢀMWdmꢀEgdYjXiꢀdgꢀi]Zꢀ  
lVggVcinꢀhZgk^XZhꢀWnꢀVcnꢀeZghdc!ꢀ^cXajY^c\ꢀWjiꢀcdiꢀa^b^iZYꢀidꢀ  
B^Xgdhd[iꢀVcYꢀ^ihꢀhjeea^Zgh#ꢀꢀCdꢀ^c[dgbVi^dcꢀꢁdgVaꢀdgꢀlg^iiZcꢂꢀ  
dgꢀhj\\Zhi^dchꢀ\^kZcꢀWnꢀB^Xgdhd[i!ꢀ^ihꢀV\Zcihꢀdgꢀhjeea^Zghꢀ  
dgꢀ^ihꢀdgꢀi]Z^gꢀZbeadnZZh!ꢀh]VaaꢀXgZViZꢀVꢀlVggVcinꢀdgꢀ  
XdcY^i^dcꢀdgꢀZmeVcYꢀi]ZꢀhXdeZꢀd[ꢀi]^hꢀA^b^iZYꢀLVggVcin#ꢀꢀ  
6ahd!ꢀi]ZgZꢀ^hꢀcdꢀlVggVcinꢀdgꢀXdcY^i^dcꢀd[ꢀi^iaZ!ꢀfj^ZiꢀZc_dnbZci!ꢀ  
dgꢀcdc^c[g^c\ZbZciꢀ^cꢀi]ZꢀMWdmꢀEgdYjXi#ꢀꢀNdjꢀbVnꢀ]VkZꢀ\gZViZgꢀ  
g^\]ihꢀZm^hi^c\ꢀjcYZgꢀaZ\^haVi^dcꢀ^cꢀndjgꢀ_jg^hY^Xi^dc#ꢀꢀL]ZgZꢀ  
VcnꢀiZgbꢀd[ꢀi]^hꢀA^b^iZYꢀLVggVcinꢀ^hꢀegd]^W^iZYꢀWnꢀhjX]ꢀaVlh!ꢀ  
^iꢀh]VaaꢀWZꢀcjaaꢀVcYꢀkd^Y!ꢀWjiꢀi]ZꢀgZbV^cYZgꢀd[ꢀi]ZꢀA^b^iZYꢀ  
LVggVcinꢀh]VaaꢀgZbV^cꢀ^cꢀ[jaaꢀ[dgXZꢀVcYꢀZ[[ZXi#  
'#ꢀ;daadlꢀB^Xgdhd[iÉhꢀh]^ee^c\ꢀVcYꢀdi]Zgꢀ^chigjXi^dchꢀ^[ꢀ^iꢀ  
YZiZgb^cZhꢀi]ViꢀVaaꢀdgꢀeVgiꢀd[ꢀndjgꢀMWdmꢀEgdYjXiꢀgZfj^gZhꢀ  
gZijgcꢀ[dgꢀgZeV^gꢀdgꢀgZeaVXZbZci#ꢀꢀIdꢀdWiV^cꢀi]ZꢀlVggVcinꢀ  
hZgk^XZ!ꢀndjꢀbjhiꢀiV`ZꢀdgꢀYZa^kZgꢀi]ZꢀMWdmꢀEgdYjXiꢀ^cꢀZ^i]Zgꢀ^ihꢀ  
dg^\^cVaꢀeVX`V\^c\ꢀdgꢀeVX`V\^c\ꢀi]Viꢀegdk^YZhꢀVcꢀZfjVaꢀYZ\gZZꢀ  
d[ꢀegdiZXi^dcꢀidꢀi]ZꢀadXVi^dcꢀheZX^ÒZYꢀWnꢀB^Xgdhd[i#ꢀꢀ:mXZeiꢀ  
Vhꢀdi]Zgl^hZꢀgZfj^gZYꢀWnꢀaZ\^haVi^dcꢀ^cꢀndjgꢀ_jg^hY^Xi^dc!ꢀXdhihꢀ  
VhhdX^ViZYꢀl^i]ꢀigVchedgiꢀꢁ^cXajY^c\ꢀeVX`V\^c\ꢂꢀ[dgꢀlVggVcinꢀ  
hZgk^XZꢀh]VaaꢀWZꢀViꢀndjgꢀZmeZchZ#ꢀꢀ  
 
&-  
Zc\a^h]  
]iie/$$lll#mWdm#Xdb  
L6GG6CIN  
:#ꢀꢀ:M8AJH>DCHꢀ;GDBꢀA>B>I:9ꢀL6GG6CIN#ꢀꢀI]^hꢀA^b^iZYꢀ  
LVggVcinꢀh]VaaꢀcdiꢀVeeanꢀVcYꢀB^Xgdhd[iꢀ]Vhꢀcdꢀa^VW^a^inꢀjcYZgꢀ  
i]^hꢀA^b^iZYꢀLVggVcinꢀ^[ꢀi]ZꢀMWdmꢀEgdYjXi/  
<#ꢀꢀ699>I>DC6Aꢀ8DC9>I>DCH  
I]Zꢀhd[ilVgZꢀ^cXajYZYꢀ^cꢀi]ZꢀMWdmꢀEgdYjXiꢀ^hꢀa^XZchZYꢀidꢀndj!ꢀ  
cdiꢀhdaY#ꢀꢀNdjꢀVgZꢀa^XZchZYꢀidꢀjhZꢀhjX]ꢀhd[ilVgZꢀdcanꢀ^cꢀndjgꢀ  
MWdmꢀEgdYjXiꢀVcYꢀndjꢀbVnꢀcdiꢀgZkZghZꢀZc\^cZZgꢀ^i!ꢀZmXZeiꢀVhꢀ  
ZmegZhhanꢀeZgb^iiZYꢀWnꢀVeea^XVWaZꢀaVlꢀcdil^i]hiVcY^c\ꢀi]^hꢀ  
a^b^iVi^dc#  
&ꢀ^hꢀjhZYꢀl^i]ꢀegdYjXihꢀcdiꢀhdaYꢀdgꢀa^XZchZYꢀWnꢀB^Xgdhd[iꢀ  
ꢁ^cXajY^c\!ꢀWjiꢀcdiꢀa^b^iZYꢀid!ꢀcdc"a^XZchZYꢀ\VbZhꢀVcYꢀ\VbZꢀ  
Zc]VcXZbZciꢀYZk^XZh!ꢀVYVeidghꢀVcYꢀedlZgꢀhjeeanꢀhdjgXZhꢂꢀdgꢀ  
l]^X]ꢀVgZꢀdi]Zgl^hZꢀcdiꢀXdbeVi^WaZ0  
NdjgꢀMWdmꢀEgdYjXiꢀVcYꢀ^ihꢀ^ciZgcVaꢀXdbedcZcihꢀVgZꢀcZlꢀ  
ejghjVciꢀidꢀ^cYjhignꢀhiVcYVgYh!ꢀjcaZhhꢀdi]Zgl^hZꢀ^cY^XViZYꢀdcꢀ  
i]ZꢀMWdmꢀEgdYjXiꢀgZiV^aꢀeVX`V\^c\ꢀVhꢀÆGZ[jgW^h]ZYÇ#ꢀ  
'ꢀ^hꢀjhZYꢀ[dgꢀXdbbZgX^VaꢀejgedhZhꢀꢁ^cXajY^c\ꢀgZciVaꢀdgꢀaZVhZꢂ0ꢀ  
(ꢀ^hꢀbdY^ÒZYꢀdgꢀiVbeZgZYꢀl^i]0  
NdjꢀV\gZZꢀidꢀXdbeanꢀl^i]ꢀVaaꢀVeea^XVWaZꢀZmedgiꢀaVlhꢀVcYꢀ  
gZ\jaVi^dchꢀ^[ꢀndjꢀZmedgiꢀi]ZꢀEgdYjXiꢀdjih^YZꢀd[ꢀi]ZꢀJc^iZYꢀ  
HiViZhꢀdgꢀ8VcVYV#  
)ꢀ^hꢀYVbV\ZYꢀWnꢀ6Xihꢀd[ꢀ<dY!ꢀedlZgꢀhjg\Z!ꢀb^hjhZ!ꢀ  
VWjhZ!ꢀcZ\a^\ZcXZ!ꢀVXX^YZci!ꢀlZVgꢀVcYꢀiZVg!ꢀb^h]VcYa^c\!ꢀ  
b^hVeea^XVi^dc!ꢀdgꢀdi]ZgꢀXVjhZhꢀjcgZaViZYꢀidꢀYZ[ZXi^kZꢀbViZg^Vahꢀ  
dgꢀldg`bVch]^e0  
I]^hꢀA^b^iZYꢀLVggVcinꢀVeea^Zhꢀidꢀi]Zꢀdg^\^cVaꢀejgX]VhZgꢀdcanꢀ  
VcYꢀbVnꢀcdiꢀWZꢀVhh^\cZYꢀdgꢀigVch[ZggZY#ꢀꢀ=dlZkZg!ꢀhdbZꢀ  
_jg^hY^Xi^dchꢀZmiZcYꢀi]ZꢀegdiZXi^dcꢀd[ꢀ^bea^ZYꢀlVggVci^Zhꢀidꢀ  
hjWhZfjZciꢀXdchjbZghꢀVcYꢀi]ZgZ[dgZꢀi]^hꢀa^b^iVi^dcꢀbVnꢀcdiꢀ  
Veeanꢀidꢀndj#  
*ꢀhZg^VaꢀcjbWZgꢀ^hꢀYZ[VXZY!ꢀVaiZgZYꢀdgꢀgZbdkZY0  
+ꢀ^hꢀYVbV\ZYꢀWnꢀegd\gVbh!ꢀYViV!ꢀk^gjhZh!ꢀdgꢀÒaZh!ꢀdgꢀYjg^c\ꢀ  
h]^ebZcih0  
=#ꢀꢀ<DK:GC>C<ꢀA6L#ꢀꢀI]^hꢀA^b^iZYꢀLVggVcinꢀ^hꢀkVa^Yꢀdcanꢀ  
^cꢀi]ZꢀJc^iZYꢀHiViZhꢀd[ꢀ6bZg^XVꢀVcYꢀ8VcVYV#ꢀ>[ꢀndjꢀVXfj^gZYꢀ  
i]ZꢀEgdYjXiꢀ^cꢀi]ZꢀJc^iZYꢀHiViZh!ꢀi]ZꢀaVlhꢀd[ꢀi]ZꢀHiViZꢀd[ꢀ  
LVh]^c\idc!ꢀJ#H#6#!ꢀl^aaꢀVeeanꢀidꢀi]^hꢀA^b^iZYꢀLVggVcin#ꢀꢀ  
,ꢀ^hꢀcdiꢀjhZYꢀ^cꢀVXXdgYVcXZꢀl^i]ꢀi]ZꢀVXXdbeVcn^c\ꢀ  
YdXjbZciVi^dcꢀVcYꢀjhZꢀ^chigjXi^dch0ꢀdg  
-ꢀ^hꢀgZeV^gZY!ꢀbdY^ÒZYꢀdgꢀVaiZgZYꢀWnꢀdi]Zgꢀi]VcꢀB^Xgdhd[iꢀ  
Vji]dg^oZYꢀgZeV^gꢀXZciZgh#  
>[ꢀndjꢀVXfj^gZYꢀi]ZꢀEgdYjXiꢀ^cꢀ8VcVYV!ꢀZmXZeiꢀl]ZgZꢀZmegZhhanꢀ  
egd]^W^iZYꢀWnꢀadXVaꢀaVl!ꢀi]ZꢀaVlhꢀ^cꢀ[dgXZꢀ^cꢀi]ZꢀEgdk^cXZꢀd[ꢀ  
DciVg^d!ꢀ8VcVYVꢀl^aaꢀVeean#  
I]^hꢀA^b^iZYꢀLVggVcinꢀYdZhꢀcdiꢀXdkZgꢀndjgꢀYViV!ꢀVcnꢀhZeVgViZꢀ  
hd[ilVgZꢀdgꢀMWdmꢀ\VbZhꢀl]Zi]ZgꢀdgꢀcdiꢀeVX`V\ZYꢀdgꢀ^cXajYZYꢀ  
l^i]ꢀi]ZꢀMWdmꢀEgdYjXi!ꢀdgꢀVcnꢀMWdmꢀVXXZhhdg^ZhꢀdgꢀeZg^e]ZgVaꢀ  
YZk^XZhꢀi]ViꢀVgZꢀcdiꢀbVcj[VXijgZYꢀWnꢀdgꢀ[dgꢀB^Xgdhd[i#  
>#ꢀꢀFJ:HI>DCH4ꢀꢀꢀEaZVhZꢀXVaaꢀ&"-%%")BNM7DMꢀꢁ&"-%%")+.".'+.ꢂꢀ  
l^i]^cꢀi]ZꢀJ#H#!ꢀJ#H#ꢀIZgg^idg^ZhꢀVcYꢀ8VcVYV#ꢀ  
;#ꢀꢀ:M8AJH>DCꢀD;ꢀ8DCH:FJ:CI>6A!ꢀ>C8>9:CI6Aꢀ6C9ꢀ  
8:GI6>CꢀDI=:Gꢀ96B6<:HꢀVcYꢀA>B>I6I>DCꢀD;ꢀA>67>A>INꢀꢀ  
I]^hꢀA^b^iZYꢀLVggVcinꢀ\^kZhꢀndjꢀheZX^ÒXꢀaZ\Vaꢀg^\]ih!ꢀVcYꢀndjꢀ  
bVnꢀVahdꢀ]VkZꢀdi]Zgꢀg^\]ihꢀl]^X]ꢀkVgnꢀ[gdbꢀ_jg^hY^Xi^dcꢀidꢀ  
_jg^hY^Xi^dc#  
IDꢀI=:ꢀ;JAAꢀ:MI:CIꢀ6AADL:9ꢀ7NꢀA6L!ꢀB>8GDHD;Iꢀ>HꢀCDIꢀ  
A>67A:ꢀ;DGꢀ6CN/  
ꢁ^ꢂꢀꢀ8DCH:FJ:CI>6AꢀDGꢀ>C8>9:CI6Aꢀ96B6<:H0ꢀ  
ꢁ^^ꢂꢀ96B6<:HꢀDGꢀADHHꢀD;ꢀ6CNꢀC6IJG:ꢀL=6IHD:K:Gꢀ  
G:A6I>C<ꢀIDꢀADHIꢀEGD;>IH!ꢀADHHꢀD;ꢀ96I6ꢀDGꢀEG>K68NꢀDGꢀ  
8DC;>9:CI>6A>IN!ꢀ6CNꢀ>C67>A>INꢀIDꢀJH:ꢀ6AAꢀDGꢀꢀE6GIꢀD;ꢀ  
I=:ꢀM7DMꢀEGD9J8I!ꢀE:GHDC6Aꢀ>C?JGN!ꢀDGꢀ6CNꢀ;6>AJG:ꢀIDꢀ  
B::Iꢀ6CNꢀ9JINꢀꢁ>C8AJ9>C<ꢀ7JIꢀCDIꢀA>B>I:9ꢀIDꢀ6CNꢀA68@ꢀ  
D;ꢀC:<A><:C8:ꢀDGꢀD;ꢀLDG@B6CA>@:ꢀ:;;DGIꢂ0ꢀDGꢀ  
ꢁ^^^ꢂꢀ>C9>G:8I!ꢀHE:8>6A!ꢀDGꢀEJC>I>K:ꢀ96B6<:H0ꢀ  
6G>H>C<ꢀDJIꢀD;ꢀG:A6I>C<ꢀ>Cꢀ6CNꢀL6NꢀIDꢀI=:ꢀM7DMꢀ  
EGD9J8I#ꢀꢀ  
I=:ꢀ;DG:<D>C<ꢀ6EEA>:Hꢀ:K:Cꢀ>;ꢀB>8GDHD;IꢀDGꢀ6CNꢀ  
HJEEA>:GꢀDGꢀ6<:CIꢀ=6Hꢀ7::Cꢀ69K>H:9ꢀD;ꢀI=:ꢀEDHH>7>A>INꢀ  
D;ꢀHJ8=ꢀADHH:HꢀDGꢀ96B6<:H0ꢀ:K:Cꢀ>CꢀI=:ꢀ:K:CIꢀD;ꢀ  
;6JAI!ꢀIDGIꢀꢁ>C8AJ9>C<ꢀC:<A><:C8:ꢂ!ꢀHIG>8IꢀDGꢀEGD9J8Iꢀ  
A>67>A>IN!ꢀB>HG:EG:H:CI6I>DCꢀDGꢀDI=:GꢀG:6HDC0ꢀ6C9ꢀ  
:K:Cꢀ>;ꢀ6CNꢀG:B:9Nꢀ;6>AHꢀD;ꢀ>IHꢀ:HH:CI>6AꢀEJGEDH:#ꢀꢀ  
HdbZꢀ_jg^hY^Xi^dchꢀYdꢀcdiꢀVaadlꢀi]ZꢀZmXajh^dcꢀdgꢀa^b^iVi^dcꢀd[ꢀ  
^cX^YZciVaꢀdgꢀXdchZfjZci^VaꢀYVbV\Zh!ꢀhdꢀi]ZꢀVWdkZꢀa^b^iVi^dchꢀ  
dgꢀZmXajh^dchꢀbVnꢀcdiꢀVeeanꢀidꢀndj#  
 
]iie/$$lll#mWdm#Xdb  
Zc\a^h]  
&.  
:HG7ꢀG6I>C<Hꢀ<J>9:  
6hꢀVꢀeVgZciꢀidYVn!ꢀYdꢀndjꢀ[ZZaꢀa^`ZꢀndjꢀYdcÉiꢀ`cdlꢀl]ViÉhꢀ^cꢀ  
:6GANꢀ8=>A9=DD9  
i]dhZꢀXdbejiZgꢀVcYꢀk^YZdꢀ\VbZhꢀndjgꢀ`^Yhꢀa^`ZꢀidꢀeaVn4ꢀ9dꢀ  
ndjꢀcZZYꢀbdgZꢀ^c[dgbVi^dcꢀVWdjiꢀl]Viꢀ>ciZgcZiꢀLZWꢀh^iZhꢀ  
VcYꢀ^ciZgVXi^kZꢀ\VbZhꢀVgZꢀVeegdeg^ViZꢀ[dgꢀndjgꢀX]^aY4  
8dciZciꢀbVnꢀWZꢀhj^iVWaZꢀ[dgꢀeZghdchꢀV\Zhꢀ(ꢀVcYꢀ  
daYZg#ꢀ8dciV^chꢀcdꢀbViZg^Vaꢀi]ViꢀeVgZcihꢀldjaYꢀ  
ÒcYꢀ^cVeegdeg^ViZ#  
I]ZꢀXdcigdaꢀ^hꢀ^cꢀndjgꢀ]VcYh#  
:K:GNDC:  
8]ZX`ꢀi]ZꢀGVi^c\  
8dciZciꢀbVnꢀWZꢀhj^iVWaZꢀ[dgꢀeZghdchꢀV\Zhꢀ+ꢀVcYꢀ  
daYZg#ꢀBVnꢀXdciV^cꢀb^c^bVaꢀk^daZcXZꢀVcYꢀhdbZꢀ  
Xdb^Xꢀb^hX]^Z[ꢀdgꢀXgjYZꢀaVc\jV\Z#  
6abdhiꢀZkZgnꢀXdbejiZgꢀVcYꢀk^YZdꢀ\VbZꢀ]VhꢀVꢀgVi^c\ꢀhnbWdaꢀVcYꢀ  
VꢀXdciZciꢀYZhXg^eidgꢀg^\]iꢀdcꢀi]ZꢀWdm#ꢀI]ZꢀgVi^c\ꢀhnbWdaꢀiZaahꢀ  
ndjꢀl]ViꢀV\Zꢀ\gdjeꢀi]Zꢀ\VbZꢀ^hꢀVeegdeg^ViZꢀ[dg#ꢀI]ZꢀXdciZciꢀ  
YZhXg^eidgꢀdjia^cZhꢀi]ZꢀXdciZciꢀd[ꢀi]Zꢀ\VbZ#  
I::C  
8dciZciꢀbVnꢀWZꢀhj^iVWaZꢀ[dgꢀeZghdchꢀV\Zhꢀ&(ꢀ  
VcYꢀdaYZg#ꢀBVnꢀXdciV^cꢀk^daZciꢀXdciZci!ꢀb^aYꢀdgꢀ  
higdc\ꢀaVc\jV\Z!ꢀVcY$dgꢀhj\\Zhi^kZꢀi]ZbZh#  
L]nꢀJhZꢀVꢀGVi^c\ꢀHnhiZb4  
I]ZꢀgVi^c\ꢀhnhiZbꢀ^hꢀVcꢀjcW^VhZY!ꢀhiVcYVgY^oZYꢀlVnꢀidꢀ]Zaeꢀndjꢀ  
YZiZgb^cZꢀl]Zi]ZgꢀVꢀ\VbZꢀ^hꢀVeegdeg^ViZꢀ[dgꢀndjgꢀX]^aY#ꢀGVi^c\hꢀ  
VgZꢀYZiZgb^cZYꢀWnꢀi]Zꢀ:ciZgiV^cbZciꢀHd[ilVgZꢀGVi^c\ꢀ7dVgYꢀ  
ꢁ:HG7ꢂ!ꢀVcꢀ^cYZeZcYZciꢀWdVgYꢀYZkZadeZYꢀl^i]ꢀi]Zꢀhjeedgiꢀd[ꢀ  
i]ZꢀXdbejiZgꢀVcYꢀk^YZdꢀ\VbZꢀ^cYjhign#  
B6IJG:  
8dciZciꢀbVnꢀWZꢀhj^iVWaZꢀ[dgꢀeZghdchꢀV\Zhꢀ&,ꢀ  
VcYꢀdaYZg#ꢀBVnꢀXdciV^cꢀbVijgZꢀhZmjVaꢀi]ZbZhꢀdgꢀ  
bdgZꢀ^ciZchZꢀk^daZcXZꢀdgꢀaVc\jV\Z#  
6Wdjiꢀi]Zꢀ8dciZciꢀ9ZhXg^eidgh  
>cꢀVYY^i^dcꢀidꢀi]ZꢀgVi^c\!ꢀXdchjbZghꢀh]djaYꢀX]ZX`ꢀ[dgꢀ^bedgiVciꢀ  
XdciZciꢀ^c[dgbVi^dcꢀꢁVahdꢀXVaaZYꢀÆYZhXg^eidghÇꢂꢀ^cꢀi]ZꢀWaVX`"  
VcY"l]^iZꢀWdmꢀdcꢀi]ZꢀWVX`ꢀd[ꢀi]ZꢀeVX`V\Z#ꢀI]ZhZꢀXdciZciꢀ  
YZhXg^eidghꢀ\^kZꢀbdgZꢀYZiV^ahꢀVWdjiꢀi]ZꢀegdYjXiꢀ^cꢀiZgbhꢀd[ꢀ  
k^daZcXZ!ꢀhZmjVaꢀi]ZbZh!ꢀaVc\jV\Z!ꢀVcYꢀdi]ZgꢀVgZVhꢀi]ViꢀbVnꢀWZꢀ  
d[ꢀ^ciZgZhiꢀidꢀhdbZꢀXdchjbZgh#ꢀ>[ꢀi]ZgZꢀ^hꢀcdꢀXdciZciꢀYZhXg^eidgꢀ  
dcꢀi]ZꢀWVX`ꢀd[ꢀi]ZꢀeVX`V\Z!ꢀi]ZꢀGVi^c\ꢀ7dVgYꢀWZa^ZkZhꢀi]Viꢀi]Zꢀ  
egdYjXiꢀYdZhꢀcdiꢀ^cXajYZꢀXdciZciꢀi]ViꢀbjhiꢀWZꢀ]^\]a^\]iZY#  
G6I>C<ꢀE:C9>C<  
EgdYjXiꢀ]VhꢀWZZcꢀhjWb^iiZYꢀidꢀi]Zꢀ:HG7ꢀVcYꢀ^hꢀ  
VlV^i^c\ꢀÒcVaꢀgVi^c\#  
69JAIHꢀDCAN  
8dciZciꢀhj^iVWaZꢀdcanꢀ[dgꢀVYjaih#ꢀBVnꢀ^cXajYZꢀ  
\gVe]^XꢀYZe^Xi^dchꢀd[ꢀhZmꢀVcY$dgꢀk^daZcXZ#ꢀCdiꢀ  
^ciZcYZYꢀ[dgꢀeZghdchꢀjcYZgꢀi]ZꢀV\Zꢀd[ꢀ&-#  
8dciVXiꢀJh  
I]Zꢀ:HG7ꢀ]VhꢀZhiVWa^h]ZYꢀVꢀidaa"[gZZꢀa^cZꢀꢁJc^iZYꢀHiViZhꢀ  
VcYꢀ8VcVYVꢀdcanꢂꢀViꢀ&"-%%",,&":HG7ꢀꢁ(,,'ꢂꢀVcYꢀLZWꢀh^iZꢀViꢀ  
]iie/$$lll#ZhgW#dg\ꢀhdꢀi]ViꢀeVgZcihꢀVcYꢀXdchjbZghꢀXVcꢀVXXZhhꢀ  
je"id"YViZꢀgVi^c\ꢀ^c[dgbVi^dc#ꢀI]ZhZꢀXdchjbZgꢀV^YhꢀVgZꢀVahdꢀ  
VkV^aVWaZꢀ^cꢀ;gZcX]ꢀVcYꢀHeVc^h]#  
>[ꢀndjꢀ]VkZꢀVcnꢀfjZhi^dchꢀdgꢀgZfj^gZꢀVcnꢀVYY^i^dcVaꢀ^c[dgbVi^dc!ꢀ  
eaZVhZꢀXdciVXiꢀi]Zꢀ:HG7ꢀVi/  
:HG7  
-)*ꢀI]^gYꢀ6kZcjZ  
CZlꢀNdg`!ꢀC#N#ꢀ&%%''  
E]dcZ/ꢀ'&'",*."%,%%  
;Vm/ꢀ'&'",*."'''(  
:"bV^a/ꢀ^c[d5ZhgW#dg\  
 
'%  
;G6Cv6>H  
]iie/$$lll#mWdm#Xdb  
ꢀ A6ꢀ8DCHDA:ꢀ9:ꢀ?:JꢀK>9wDꢀM7DM  
AVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmžꢀYZꢀB^Xgdhd[iꢀeZgbZiꢀYZꢀ_djZgꢀ  
|ꢀYZhꢀ_ZjmꢀMWdmꢀZiꢀYꢃ‚XdjiZgꢀYZhꢀY^hfjZhꢀXdbeVXih#ꢀK‚g^ÒZoꢀ  
fjZꢀidjhꢀaZhꢀXdbedhVcihꢀYZꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀhdciꢀ  
eg‚hZcihꢀYVchꢀaꢃZbWVaaV\Z!ꢀ|ꢀhVkd^gꢀ/  
8dgYdc  
YÉVa^bZciVi^dc  
™ꢀ 8dchdaZꢀMWdm  
™ꢀ BVcZiiZꢀYZꢀ_ZjꢀHꢀMWdm  
™ꢀ 8}WaZꢀVjY^d"k^Y‚dꢀhiVcYVgYꢀMWdm  
™ꢀ 8dgYdcꢀYꢃVa^bZciVi^dc  
8dchdaZꢀMWdm  
™ꢀ BVcjZaꢀYꢃ^chigjXi^dchꢀZiꢀidjiZꢀVjigZꢀYdXjbZciVi^dcꢀ  
^beg^b‚Z  
8}WaZꢀVjY^d"k^Y‚dꢀ  
hiVcYVgY  
8dchZgkZoꢀXZhꢀ^chigjXi^dch#  
EdjgꢀidjiZꢀYZbVcYZꢀYZꢀgZchZ^\cZbZcihꢀgZaVi^kZꢀVjꢀegdYj^i!ꢀ  
k^h^iZoꢀaZꢀh^iZꢀlll#mWdm#XdbꢀdjꢀXdbedhZoꢀjcꢀYZhꢀcjb‚gdhꢀ  
hj^kVcih#  
wiVih"Jc^hꢀZiꢀ8VcVYVꢀ/ꢀ  
&ꢀ-%%ꢀ)BN"M7DMꢀꢁ&ꢀ-%%ꢀ)+.".'+.ꢂ  
BZm^fjZꢀ/ꢀ%%&ꢀ-++ꢀ,)*ꢀ-(ꢀ&'  
BVcZiiZꢀYZꢀ_ZjꢀHꢀMWdm  
9dXjbZciVi^dcꢀ^beg^b‚Z  
ꢁnꢀXdbeg^hꢀXZꢀbVcjZaꢂ  
Ji^a^hViZjghꢀbVaZciZcYVcihꢀ/  
wiVih"Jc^hꢀZiꢀ8VcVYVꢀ/ꢀ  
&ꢀꢁ-++ꢂꢀ,)%".'+.ꢀdjꢀ&ꢀꢁ)'*ꢂꢀ+(*",&%'  
BZm^fjZꢀ/ꢀ%%&ꢀ-++ꢀ'*&ꢀ'+ꢀ'&  
ꢀ EwG>E=wG>FJ:HꢀM7DM  
jcZꢀegdiZXi^dcꢀhj[ÒhVciZꢀXdcigZꢀaZhꢀ^ciZg[‚gZcXZhꢀYVchꢀjcZꢀ  
^chiVaaVi^dcꢀg‚h^YZci^ZaaZ#ꢀ8Ziꢀ‚fj^eZbZciꢀ\‚cƒgZ!ꢀji^a^hZꢀZiꢀ  
eZjiꢀ‚bZiigZꢀYZhꢀ[g‚fjZcXZhꢀgVY^dꢀfj^!ꢀZcꢀXVhꢀYꢃji^a^hVi^dcꢀZiꢀ  
Yꢃ^chiVaaVi^dcꢀcdcꢀXdc[dgbZhꢀVjmꢀ^chigjXi^dchꢀ[djgc^Zh!ꢀeZjkZciꢀ  
„igZꢀ|ꢀaꢃdg^\^cZꢀYꢃ^ciZg[‚gZcXZhꢀYVchꢀaVꢀg‚XZei^dcꢀYZhꢀedhiZhꢀYZꢀ  
gVY^dꢀZiꢀYZꢀi‚a‚k^h^dc#  
AZhꢀe‚g^e]‚g^fjZhꢀMWdmꢀhj^kVcihꢀhdciꢀkZcYjhꢀh‚eVg‚bZciꢀ/  
BVcZiiZꢀYZꢀ_ZjꢀHꢀMWdmꢀ"ꢀWdˆi^ZgꢀYZꢀXdbbVcYZ  
BVcZiiZꢀYZꢀ_ZjꢀMWdmꢀ"ꢀWdˆi^ZgꢀYZꢀXdbbVcYZ  
8VgiZꢀb‚bd^gZꢀMWdmꢀ"ꢀe‚g^e]‚g^fjZꢀYZꢀhidX`V\ZꢀedgiVi^[  
8}WaZꢀYZꢀa^V^hdcꢀXdchdaZꢀMWdmꢀ"ꢀX}WaZꢀeZgbZiiVciꢀYZꢀgZa^ZgꢀYZjmꢀ  
XdchdaZhꢀMWdmꢀaꢃjcZꢀ|ꢀaꢃVjigZꢀedjgꢀaZhꢀ_Zjmꢀbjai^_djZjghꢀ  
IdjiZ[d^h!ꢀXZhꢀeg‚XVji^dchꢀcZꢀ\VgVci^hhZciꢀeVhꢀfjꢃVjXjcZꢀ  
^ciZg[‚gZcXZꢀgVY^d‚aZXig^fjZꢀcZꢀhZꢀegdYj^gVꢀYVchꢀjcZꢀ^chiVaaVi^dcꢀ  
eVgi^Xja^ƒgZ#ꢀH^ꢀXZiꢀ‚fj^eZbZciꢀegdkdfjZꢀYZhꢀ^ciZg[‚gZcXZhꢀYVchꢀ  
aVꢀg‚XZei^dcꢀYZhꢀedhiZhꢀYZꢀgVY^dꢀZiꢀYZꢀi‚a‚k^h^dc!ꢀXZꢀfj^ꢀeZjiꢀ  
„igZꢀY‚iZgb^c‚ꢀZcꢀaꢃVaajbVciꢀej^hꢀZcꢀaꢃ‚iZ^\cVci!ꢀaꢃji^a^hViZjgꢀ  
Zhiꢀ^ck^i‚ꢀ|ꢀiZciZgꢀYꢃnꢀgZb‚Y^ZgꢀZcꢀegZcVciꢀjcZꢀdjꢀeajh^ZjghꢀYZhꢀ  
bZhjgZhꢀhj^kVciZhꢀ/  
BdYjaZꢀ9K9ꢀk^Y‚dꢀMWdmꢀ"ꢀi‚a‚XdbbVcYZꢀZiꢀg‚XZeiZjgꢀedjgꢀaVꢀ  
aZXijgZꢀYZꢀ9K9ꢀk^Y‚d  
8}WaZꢀVjY^d"k^Y‚dꢀhiVcYVgYꢀMWdmꢀ"ꢀVYVeiViZjgꢀVjY^d"k^Y‚dꢀ  
Xdbedh^iZ  
BdYjaZꢀVjY^d"k^Y‚dꢀVkVcX‚ꢀMWdmꢀ"ꢀVYVeiViZjgꢀh"k^Y‚dꢀZiꢀ  
VjY^dcjb‚g^fjZ  
™ꢀ BdY^ÒZgꢀaꢃdg^ZciVi^dcꢀdjꢀaꢃZbeaVXZbZciꢀYZꢀaꢃVciZccZꢀYZꢀ  
g‚XZei^dc  
BdYjaZꢀVjY^d"k^Y‚dꢀ]VjiZꢀY‚Òc^i^dcꢀMWdmꢀ"ꢀVYVeiViZjgꢀYZꢀ  
XdbedhVcihꢀk^Y‚dꢀZiꢀVjY^dcjb‚g^fjZ  
™ꢀ wad^\cZgꢀaꢃ‚fj^eZbZciꢀYjꢀg‚XZeiZjg  
™ꢀ 7gVcX]Zgꢀaꢃ‚fj^eZbZciꢀhjgꢀjcꢀX^gXj^iꢀY^[[‚gZciꢀYZꢀXZaj^ꢀYjꢀ  
g‚XZeiZjg  
6YVeiViZjgꢀG;ꢀMWdmꢀ"ꢀVYVeiViZjgꢀYꢃVciZccZꢀꢁX}WaZꢀXdVm^Vaꢂ  
8dbbjc^XViZjgꢀMWdmꢀ"ꢀXVhfjZꢀYꢃ‚XdjiZꢀedjgꢀXdbbVcYZꢀkdXVaZꢀ  
ZiꢀXdckZghVi^dc  
™ꢀ 8dchjaiZgꢀaZꢀgZkZcYZjgꢀdjꢀjcꢀiZX]c^X^ZcꢀgVY^d$i‚a‚k^h^dcꢀ  
Zme‚g^bZci‚  
GZbVgfjZ/ꢀIdjiZꢀbdY^ÒXVi^dcꢀVeedgi‚ZꢀVjꢀhnhiƒbZꢀZiꢀfj^ꢀcꢃVꢀ  
eVhꢀ‚i‚ꢀZmegZhh‚bZciꢀVeegdjk‚ZꢀeVgꢀaZꢀ[VWg^XVciꢀeZjiꢀVccjaZgꢀ  
aZꢀYgd^iꢀYZꢀaꢃji^a^hViZjgꢀYZꢀ[V^gZꢀ[dcXi^dccZgꢀaꢃ‚fj^eZbZci#  
EdjgꢀaZhꢀXa^Zcihꢀg‚h^YVciꢀVjmꢀwiVih"Jc^hꢀ/  
8Ziꢀ‚fj^eZbZciꢀVꢀ‚i‚ꢀiZhi‚ꢀZiꢀgZXdccjꢀXdc[dgbZꢀVjmꢀcdgbZhꢀ  
gZaVi^kZhꢀVjꢀbVi‚g^Zaꢀ^c[dgbVi^fjZꢀYZꢀXaVhhZꢀ7!ꢀÒm‚ZhꢀeVgꢀ  
aꢃVgi^XaZꢀ&*ꢀYZhꢀgƒ\aZbZcihꢀYZꢀaVꢀ;88ꢀZiꢀYZhi^c‚Zhꢀ|ꢀVhhjgZgꢀ  
 
;G6Cv6>H  
'&  
]iie/$$lll#mWdm#Xdb  
I67A:ꢀ9:HꢀB6I>ÝG:H  
AVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdm########################################################################################################################################################'%  
E‚g^e]‚g^fjZhꢀMWdm########################################################################################################################################################################'%  
IVWaZꢀYZhꢀbVi^ƒgZh ########################################################################################################################################################################'&  
>c[dgbVi^dchꢀ^bedgiVciZhꢀhjgꢀaVꢀh‚Xjg^i‚####################################################################################################################################''  
>c[dgbVi^dchꢀ^bedgiVciZhꢀedjgꢀaVꢀhVci‚######################################################################################################################################')  
H‚aZXi^dcꢀYÉjcꢀZbeaVXZbZciꢀedjgꢀaVꢀXdchdaZꢀMWdm#####################################################################################################################'*  
GVXXdgYZbZciꢀ|ꢀjcꢀi‚a‚k^hZjg######################################################################################################################################################'+  
GVXXdgYZbZciꢀYZhꢀbVcZiiZhꢀYZꢀ_ZjꢀMWdm####################################################################################################################################',  
Ji^a^hVi^dcꢀYZhꢀbVcZiiZhꢀYZꢀ_ZjꢀMWdm ##########################################################################################################################################',  
B^hZꢀhdjhꢀiZch^dcꢀYZꢀaVꢀXdchdaZꢀMWdm #########################################################################################################################################'-  
8dcÒ\jgVi^dcꢀ^c^i^VaZ#####################################################################################################################################################################'.  
EVgVbƒigZhꢀVjY^d!ꢀk^Y‚dꢀZiꢀVjigZh ###############################################################################################################################################'.  
?Zjmꢀk^Y‚dꢀZiꢀaZXijgZꢀYZꢀY^hfjZhꢀXdbeVXih#################################################################################################################################(%  
7VcYZh"hdc ####################################################################################################################################################################################(&  
8dcigaZꢀeVgZciVa ##########################################################################################################################################################################(&  
<Zhi^dcꢀYZꢀaVꢀb‚bd^gZ ##################################################################################################################################################################('  
?Zjmꢀedjgꢀ_djZjghꢀbjai^eaZh #########################################################################################################################################################('  
MWdmꢀA^kZ########################################################################################################################################################################################((  
8dccZm^dcꢀYjꢀbVi‚g^Za ##################################################################################################################################################################((  
B^hZꢀ|ꢀ_djgꢀYZꢀaÉ^ciZg[VXZꢀMWdm#####################################################################################################################################################()  
6WdccZbZciꢀ|ꢀMWdmꢀA^kZ###############################################################################################################################################################()  
CZiidnV\ZꢀYZꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdm #################################################################################################################################(*  
9‚eVccV\Z#####################################################################################################################################################################################(*  
He‚X^ÒXVi^dch#################################################################################################################################################################################(,  
<VgVci^Z #########################################################################################################################################################################################(-  
<j^YZꢀYZꢀXaVhh^ÒXVi^dcꢀ:HG7 ########################################################################################################################################################)%  
8deng^\]i########################################################################################################################################################################################+'  
AZhꢀhnbWdaZhꢀhj^kVcihꢀÒ\jgZciꢀhjgꢀaZhꢀ‚i^fjZiiZhꢀVeedh‚Zhꢀhjgꢀ  
aVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀYZꢀB^Xgdhd[iꢀ/  
9‚XaVgVi^dcꢀYZꢀXdc[dgb^i‚  
CdbꢀXdbbZgX^Vaꢀ/ꢀ B^Xgdhd[iꢀ8dge#  
8ZꢀhnbWdaZꢀVii^gZꢀaꢃViiZci^dcꢀYZꢀaꢃji^a^hViZjgꢀhjgꢀ  
YZhꢀ^chigjXi^dchꢀ^bedgiVciZh!ꢀgZeg^hZhꢀYVchꢀaVꢀ  
YdXjbZciVi^dcꢀYZꢀaVꢀXdchdaZ!ꢀZiꢀXdcXZgcVciꢀaVꢀ  
h‚Xjg^i‚!ꢀaZꢀ[dcXi^dccZbZciꢀZiꢀaꢃZcigZi^Zc#  
GZhedchVWaZꢀ/ꢀ  
B^Xgdhd[iꢀ8dgedgVi^dc  
6YgZhhZꢀ/ꢀ  
MWdmꢀ8jhidbZgꢀ8VgZ  
DcZꢀB^Xgdhd[iꢀLVn  
GZYbdcY!ꢀL6!ꢀ.-%*'  
wiVih"Jc^h  
ꢀ
ꢀ
ꢀ
8ZꢀhnbWdaZꢀVii^gZꢀaꢃViiZci^dcꢀYZꢀaꢃji^a^hViZjgꢀ  
hjgꢀaVꢀeg‚hZcXZ!ꢀYVchꢀaZꢀWdˆi^ZgꢀYjꢀegdYj^i!ꢀYZꢀ  
XdbedhVcihꢀcdcꢀ^hda‚hꢀYdciꢀaVꢀiZch^dcꢀ‚aZXig^fjZꢀ  
Zhiꢀhj[ÒhVbbZciꢀ‚aZk‚ZꢀedjgꢀgZeg‚hZciZgꢀjcꢀ  
g^hfjZꢀYꢃ‚aZXigdXji^dc#  
I‚a‚e]dcZꢀ/ꢀꢀ  
&ꢀ-%%ꢀ)BN"M7DMꢀꢁ&ꢀ-%%ꢀ)+.".'+.ꢂ  
8Ziꢀ‚fj^eZbZciꢀZhiꢀXdc[dgbZꢀ|ꢀaꢃVgi^XaZꢀ&*ꢀYZhꢀ  
gƒ\aZbZcihꢀYZꢀaVꢀ;88#ꢀHdcꢀ[dcXi^dccZbZciꢀZhiꢀhdjb^hꢀ  
VjmꢀYZjmꢀXdcY^i^dchꢀhj^kVciZh/ꢀ8Ziꢀ‚fj^eZbZciꢀ&ꢂꢀcZꢀ  
Yd^iꢀeVhꢀegdkdfjZgꢀYꢃ^ciZg[‚gZcXZhꢀcj^h^WaZhꢀZiꢀ'ꢂꢀYd^iꢀ  
VXXZeiZgꢀidjiZhꢀaZhꢀ^ciZg[‚gZcXZhꢀgZjZh!ꢀnꢀXdbeg^hꢀ  
XZaaZhꢀfj^ꢀg^hfjZciꢀYꢃZcꢀV[[ZXiZgꢀaZꢀ[dcXi^dccZbZci#ꢀ  
6kZgi^hhZbZciꢀ/ꢀEdjgꢀg‚Yj^gZꢀaZhꢀg^hfjZhꢀYꢄ^cXZcY^Zꢀ  
djꢀYꢄ‚aZXigdXji^dc!ꢀ‚k^iZoꢀYꢄZmedhZgꢀXZiꢀVeeVgZ^aꢀVjmꢀ  
^ciZbe‚g^Zhꢀdjꢀ|ꢀaꢄ]jb^Y^i‚#  
AVhZgꢀaƒgZꢀXVi‚\dg^Z  
EdjgꢀaZhꢀXa^Zcihꢀg‚h^YVciꢀVjꢀ8VcVYVꢀ/ꢀ  
8ZiꢀVeeVgZ^aꢀcjb‚g^fjZꢀYZꢀaVꢀXaVhhZꢀ7ꢀZhiꢀXdc[dgbZꢀ|ꢀaVꢀcdgbZꢀ  
>8:H"%%(ꢀYjꢀ8VcVYV#  
 
''  
;G6Cv6>H  
]iie/$$lll#mWdm#Xdb  
ꢀ >C;DGB6I>DCHꢀ>BEDGI6CI:HꢀHJGꢀA6ꢀHw8JG>Iw  
8ZꢀbVcjZaꢀXdci^ZciꢀYZhꢀ^c[dgbVi^dchꢀ^bedgiVciZhꢀhjgꢀ  
aꢃ^chiVaaVi^dc!ꢀaꢃji^a^hVi^dcꢀZiꢀaꢃZcigZi^ZcꢀXdggZXihꢀZiꢀh‚Xjg^iV^gZh  
YZꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdm#  
Cꢄ^cigdYj^hZoꢀVjXjcꢀdW_ZiꢀYVchꢀaZhꢀ‚kZcih#  
™ꢀ KZ^aaZoꢀ|ꢀXZꢀfjZꢀaZhꢀZc[Vcihꢀcꢃ^cigdYj^hZciꢀVjXjcꢀXdgehꢀ  
‚igVc\Zg!ꢀcdiVbbZciꢀYZhꢀdW_Zihꢀb‚iVaa^fjZh!ꢀYVchꢀaVꢀ  
XdchdaZꢀMWdm#  
™ꢀ Cꢃ^cigdYj^hZoꢀeVhꢀYꢃdW_ZiꢀYVchꢀaZhꢀ‚kZcihꢀedjgꢀcZiidnZgꢀ  
aVꢀXdchdaZꢀMWdm#  
6K:GI>HH:B:CI  
™ꢀ Eg„iZoꢀViiZci^dcꢀVjmꢀWgj^ihꢀfjZꢀ[ZgV^iꢀjcꢀdW_ZiꢀbdW^aZꢀ  
|ꢀaꢃ^ci‚g^ZjgꢀYZꢀaVꢀXdchdaZꢀMWdm#ꢀH^ꢀkdjhꢀgZbVgfjZoꢀdjꢀ  
hdjedccZoꢀaVꢀeg‚hZcXZꢀYꢃjcꢀdW_Ziꢀa^WgZꢀYVchꢀaVꢀ  
XdchdaZꢀMWdmꢀ/  
Aꢃ^chiVaaVi^dc!ꢀaꢃji^a^hVi^dcꢀZiꢀaꢃZcigZi^Zcꢀ^cVY‚fjVihꢀYZꢀaVꢀ  
XdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀhdciꢀhjhXZei^WaZhꢀYꢃVXXgdˆigZꢀaZhꢀ  
g^hfjZhꢀYꢃ‚aZXigdXji^dcꢀZiꢀYꢃ^cXZcY^Z#ꢀAZꢀg^hfjZꢀYZꢀX]jiZꢀYZꢀ  
aVꢀXdchdaZꢀhjgꢀjcZꢀeZghdccZꢀeZjiꢀ‚\VaZbZciꢀ„igZꢀVXXgj#ꢀ  
6ÒcꢀYZꢀg‚Yj^gZꢀaZꢀg^hfjZꢀYZꢀWaZhhjgZhꢀ\gVkZhꢀdjꢀ[ViVaZh!ꢀ  
djꢀedjgꢀa^b^iZgꢀaZhꢀY‚\}ihꢀdXXVh^dcc‚hꢀ|ꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀ  
k^Y‚dꢀMWdmꢀ/  
™ꢀ 9‚WgVcX]Zo"aVꢀ^bb‚Y^ViZbZciꢀZiꢀcZꢀaꢃji^a^hZoꢀeVh#  
™ꢀ 8dciVXiZoꢀaZꢀhjeedgiꢀiZX]c^fjZꢀMWdmꢀYZꢀB^Xgdhd[iꢀ  
MWdmꢀZcꢀXdbedhVciꢀaZꢀcjb‚gdꢀ^cY^fj‚ꢀ|ꢀaVꢀeV\Zꢀ'%#  
™ꢀ CZꢀidjX]ZoꢀeVhꢀVjmꢀe^ƒXZhꢀb‚iVaa^fjZhꢀYZꢀidjiꢀXdgYdcꢀ  
XdccZXi‚ꢀ|ꢀaVꢀXdchdaZꢀMWdmꢀadghfjZꢀXZaaZ"X^ꢀZhiꢀWgVcX]‚Z#  
™ꢀ A^hZoꢀViiZci^kZbZciꢀXZhꢀ^chigjXi^dch#  
™ꢀ 8dchZgkZo"aZh#  
™ꢀ 9‚WgVcX]Zoꢀidj_djghꢀaVꢀXdchdaZꢀMWdmꢀYZꢀaꢃVa^bZciVi^dcꢀ  
hZXiZjgꢀVkVciꢀYZꢀXdccZXiZgꢀaVꢀXdchdaZꢀMWdmꢀVjꢀ  
i‚a‚k^hZjg!ꢀVjꢀbV\c‚idhXdeZꢀdjꢀ|ꢀjcꢀVjigZꢀVeeVgZ^aꢀ  
VjY^dꢀdjꢀk^Y‚d!ꢀdjꢀYZꢀaꢃZcꢀY‚XdccZXiZg#  
™ꢀ IZcZoꢀXdbeiZꢀYZꢀidjhꢀaZhꢀVkZgi^hhZbZcih#  
™ꢀ Hj^kZoꢀidjiZhꢀaZhꢀ^chigjXi^dch#  
EgZcZoꢀaZhꢀeg‚XVji^dchꢀc‚XZhhV^gZhꢀedjgꢀ‚k^iZgꢀjcZꢀ  
X]jiZꢀYZꢀaVꢀXdchdaZꢀMWdm#  
wk^iZoꢀidjiꢀXdciVXiꢀVkZXꢀaZhꢀ  
XdbedhVcihꢀ‚aZXig^fjZhꢀYZꢀaVꢀ  
XdchdaZꢀMWdm#  
:cꢀidbWVci!ꢀaVꢀXdchdaZꢀMWdmꢀeZjiꢀ]ZjgiZgꢀfjZafjꢃjc!ꢀZcꢀ  
eVgi^Xja^Zgꢀjcꢀ_ZjcZꢀZc[Vci!ꢀZiꢀegdkdfjZgꢀYZhꢀWaZhhjgZhꢀ  
\gVkZh#ꢀEdjgꢀa^b^iZgꢀaZhꢀg^hfjZhꢀYZꢀWaZhhjgZhꢀXdgedgZaaZhꢀZiꢀ  
YZꢀYdbbV\ZhꢀbVi‚g^Zah!ꢀ^chiVaaZoꢀZiꢀji^a^hZoꢀXdggZXiZbZciꢀaVꢀ  
XdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀZcꢀhj^kVciꢀaZhꢀ^chigjXi^dchꢀ[djgc^Zhꢀ  
VjꢀX]Ve^igZꢀH‚aZXi^dcꢀYꢄjcꢀZbeaVXZbZciꢀedjgꢀaVꢀXdchdaZꢀ  
MWdmꢀ|ꢀaVꢀeV\Zꢀ'*ꢀZiꢀVjꢀeVgV\gVe]Zꢀ8dccZXiZjgꢀZcꢀa^\cZꢀ|ꢀaVꢀ  
eV\Zꢀ',#  
AVꢀXdchdaZꢀMWdmꢀZhiꢀVa^bZci‚ZꢀYƒhꢀfjꢃZaaZꢀZhiꢀ  
WgVcX]‚Zꢀ|ꢀaVꢀeg^hZꢀYZꢀXdjgVci!ꢀfjꢃZaaZꢀhd^iꢀVaajb‚Zꢀdjꢀcdc#ꢀ  
9ZhꢀiZch^dchꢀYVc\ZgZjhZhꢀhdciꢀYdcXꢀeg‚hZciZh#ꢀIdjiꢀXdciVXiꢀ  
VkZXꢀXZhꢀiZch^dchꢀeZjiꢀZcꢀZ[[ZiꢀZcigVˆcZgꢀYZhꢀWaZhhjgZhꢀ  
\gVkZhꢀdjꢀaVꢀbdgiꢀeVgꢀ‚aZXigdXji^dc#ꢀ:cꢀdjigZ!ꢀaVꢀXdchdaZꢀ  
MWdmꢀg^hfjZꢀYZꢀegZcYgZꢀ[ZjꢀdjꢀYꢃ„igZꢀZcYdbbV\‚Z#ꢀEdjgꢀ  
^ciZggdbegZꢀaꢃVa^bZciVi^dcꢀYZꢀaVꢀXdchdaZꢀMWdm!ꢀY‚WgVcX]ZoꢀaZꢀ  
XdgYdcꢀYꢃVa^bZciVi^dc#ꢀEdjgꢀg‚Yj^gZꢀaZhꢀg^hfjZhꢀYꢃ^cXZcY^ZꢀZiꢀ  
Yꢃ‚aZXigdXji^dcꢀZiꢀa^b^iZgꢀaZhꢀY‚\}ihꢀdXXVh^dcc‚hꢀ|ꢀaVꢀ  
XdchdaZꢀMWdm/  
CZꢀY‚bdciZoꢀeVhꢀaVꢀXdchdaZꢀMWdm#  
CZꢀiZciZoꢀeVhꢀYꢃZ[[ZXijZgꢀjcꢀZcigZi^Zcꢀc^ꢀYZꢀg‚eVgZgꢀaVꢀXdchdaZꢀ  
kdjh"b„bZ#ꢀEdjgꢀaZhꢀde‚gVi^dchꢀYꢃZcigZi^Zc!ꢀVYgZhhZo"kdjhꢀ|ꢀ  
YjꢀeZghdccZaꢀfjVa^Ò‚#ꢀ9ZꢀiZaaZhꢀde‚gVi^dchꢀhdciꢀc‚XZhhV^gZhꢀ  
adghfjZꢀaꢃVeeVgZ^aꢀVꢀhjW^ꢀjcꢀYdbbV\ZꢀfjZaXdcfjZ!ꢀcdiVbbZciꢀ  
YVchꢀaZhꢀXVhꢀhj^kVcihꢀ/  
™ꢀ XdgYdcꢀYꢃVa^bZciVi^dcꢀdjꢀÒX]ZꢀZcYdbbV\‚h0  
™ꢀ eg‚hZcXZꢀYZꢀa^fj^YZꢀdjꢀYZꢀXdgehꢀ‚igVc\Zgh0  
™ꢀ Zmedh^i^dcꢀVjmꢀ^ciZbe‚g^ZhꢀZiꢀ|ꢀaꢃ]jb^Y^i‚!ꢀ  
[dcXi^dccZbZciꢀY‚[ZXijZjmꢀdjꢀX]jiZ#  
CꢃZhhVnZoꢀ_VbV^hꢀYꢃVeedgiZgꢀjcZꢀfjZaXdcfjZꢀbdY^ÒXVi^dcꢀ|ꢀaVꢀ  
XdchdaZꢀMWdm#  
 
;G6Cv6>H  
'(  
]iie/$$lll#mWdm#Xdb  
>C;DGB6I>DCHꢀ>BEDGI6CI:HꢀHJGꢀA6ꢀHw8JG>Iw  
CZiidnZoꢀhd^\cZjhZbZciꢀaꢄZmi‚g^ZjgꢀYZꢀaV  
XdchdaZꢀMWdm#  
Eg‚XVji^dchꢀ\‚c‚gVaZhꢀZcꢀbVi^ƒgZꢀ  
Yꢄ‚aZXig^X^i‚  
Ji^a^hZoꢀjc^fjZbZciꢀjcꢀX]^[[dcꢀhZX#ꢀEdjgꢀYZꢀeajhꢀVbeaZhꢀ  
^c[dgbVi^dch!ꢀXdchjaiZoꢀaZꢀX]Ve^igZꢀ^ci^ija‚ꢀCZiidnV\ZꢀYZ  
aVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀ|ꢀaVꢀeV\Zꢀ(*#  
8dbbZꢀXꢃZhiꢀaZꢀXVhꢀVkZXꢀYZꢀcdbWgZjmꢀVjigZhꢀ  
VeeVgZ^ahꢀ‚aZXig^fjZh!ꢀaZꢀcdc"gZheZXiꢀYZhꢀ  
eg‚XVji^dchꢀhj^kVciZhꢀeZjiꢀcdcꢀhZjaZbZciꢀegdkdfjZgꢀYZhꢀ  
WaZhhjgZhꢀ\gVkZhꢀdjꢀZcigVˆcZgꢀaVꢀbdgiꢀeVgꢀ‚aZXigdXji^dcꢀdjꢀ  
eVgꢀaZꢀ[Zj!ꢀbV^hꢀ‚\VaZbZciꢀZcYdbbV\ZgꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀ  
k^Y‚dꢀMWdm#  
9‚WgVcX]ZoꢀXZiꢀVeeVgZ^aꢀYjgVciꢀaZhꢀdgV\Zhꢀdjꢀ  
adghfjꢄ^aꢀgZhiZꢀ^cji^a^h‚ꢀeZcYVciꢀYZꢀadc\jZhꢀe‚g^dYZh#  
:cꢀdjigZ!ꢀcZꢀaV^hhZoꢀeVhꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀWgVcX]‚Zꢀ  
ZcꢀXVhꢀYꢃVWhZcXZꢀegdadc\‚Z#  
wk^iZoꢀYꢄZcYdbbV\ZgꢀaZꢀXdgYdcꢀYꢄVa^bZciVi^dc#  
™ꢀ KZ^aaZoꢀ|ꢀXZꢀfjZꢀaꢃdcꢀcZꢀej^hhZꢀeVhꢀbVgX]Zgꢀc^ꢀZmZgXZgꢀ  
jcZꢀegZhh^dcꢀhjgꢀaZꢀXdgYdc!ꢀZcꢀeVgi^Xja^ZgꢀVjꢀc^kZVjꢀYZhꢀ  
eg^hZh!ꢀYZhꢀXdccZXiZjghꢀZiꢀYZhꢀed^cihꢀYZꢀgVXXdgYꢀ  
|ꢀaꢃVeeVgZ^a#  
Ji^a^hZoꢀjc^fjZbZciꢀaZhꢀX}WaZhꢀZiꢀaZhꢀe‚g^e]‚g^fjZhꢀ  
gZXdbbVcY‚hꢀeVgꢀaZꢀ[VWg^XVci#  
Egdi‚\ZoꢀaVꢀXdchdaZꢀMWdmꢀXdcigZꢀaVꢀhjgX]Vj[[Z#  
™ꢀ wk^iZoꢀYZꢀi^gZgꢀWgjhfjZbZciꢀhjgꢀaZꢀXdgYdcꢀYꢃVa^bZciVi^dc!ꢀ  
YZꢀaZꢀcdjZg!ꢀYZꢀaZꢀea^ZgꢀZcꢀYZjmꢀdjꢀYZꢀaꢃVWˆbZg#  
CꢄdWhigjZoꢀeVhꢀaZhꢀ‚kZcih#ꢀ:[[ZXijZoꢀaꢃ^chiVaaVi^dcꢀ  
Xdc[dgb‚bZciꢀVjmꢀ^chigjXi^dchꢀYjꢀ[VWg^XVci#ꢀEdjgꢀYZꢀeajhꢀ  
VbeaZhꢀ^c[dgbVi^dch!ꢀXdchjaiZoꢀaZꢀX]Ve^igZꢀH‚aZXi^dcꢀYꢄjcꢀ  
ZbeaVXZbZciꢀedjgꢀaVꢀXdchdaZꢀMWdmꢀ|ꢀaVꢀeV\Zꢀ'*#  
™ꢀ CꢃZmedhZoꢀeVhꢀaZꢀXdgYdcꢀYꢃVa^bZciVi^dcꢀ|ꢀjcZꢀhdjgXZꢀ  
YZꢀX]VaZjg#  
™ꢀ wad^\cZoꢀaZhꢀZc[VcihꢀZiꢀaZhꢀVc^bVjmꢀYdbZhi^fjZhꢀYjꢀ  
XdgYdcꢀYꢃVa^bZciVi^dcꢀZiꢀcZꢀaZjgꢀeZgbZiiZoꢀeVhꢀYZꢀaZꢀ  
bdgYgZꢀc^ꢀYZꢀaZꢀgdc\Zg#  
CZꢀeaVXZoꢀeVhꢀaVꢀXdchdaZꢀMWdmꢀ|ꢀegdm^b^i‚ꢀYZꢀhdjgXZhꢀYZꢀ  
X]VaZjg!ꢀiZaaZhꢀfjZꢀYZhꢀgVY^ViZjgh!ꢀYZhꢀgZ\^higZhꢀYZꢀX]VaZjg!ꢀYZhꢀ  
Xj^h^c^ƒgZhꢀdjꢀYꢃVjigZhꢀY^hedh^i^[hꢀꢁnꢀXdbeg^hꢀaZhꢀVbea^ÒXViZjghꢂꢀ  
egdYj^hVciꢀYZꢀaVꢀX]VaZjg#  
™ꢀ AdghfjZꢀkdjhꢀY‚WgVcX]ZoꢀaZꢀXdgYdcꢀYZꢀaVꢀXdchdaZꢀMWdmꢀ  
djꢀYꢃjcZꢀhdjgXZꢀYꢃVa^bZciVi^dc!ꢀi^gZoꢀhjgꢀaVꢀÒX]ZꢀZiꢀcdcꢀ  
hjgꢀaZꢀXdgYdc#  
8ZhhZoꢀYꢃji^a^hZgꢀaZꢀXdgYdcꢀYꢃVa^bZciVi^dcꢀYƒhꢀfjꢃ^aꢀZhiꢀ  
ZcYdbbV\‚#ꢀ8dciVXiZoꢀaZꢀhjeedgiꢀiZX]c^fjZꢀMWdmꢀYZꢀB^Xgdhd[iꢀ  
ZcꢀXdbedhVciꢀaZꢀcjb‚gdꢀ^cY^fj‚ꢀ|ꢀaVꢀeV\Zꢀ'%#  
wk^iZoꢀYZꢀhjgX]Vg\ZgꢀaZhꢀgVaadc\Zh!ꢀaZhꢀeg^hZhꢀ  
hZXiZjgꢀdjꢀaZhꢀY^[[‚gZcihꢀineZhꢀYZꢀeg^hZꢀ[ZbZaaZ#ꢀ  
AVꢀXdchdbbVi^dcꢀ‚cZg\‚i^fjZꢀYZꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀ  
eZjiꢀViiZ^cYgZꢀ&%%ꢀlViih#ꢀCZꢀY‚eVhhZoꢀeVhꢀaZꢀXVa^WgZꢀcdb^cVaꢀ  
YZhꢀXdgYdchꢀZiꢀYZhꢀeg^hZhꢀYZꢀXdjgVci#  
Ji^a^hZoꢀjcZꢀhdjgXZꢀYꢄVa^bZciVi^dcꢀYjꢀineZꢀ^cY^fj‚ꢀ  
hjgꢀaVꢀXdchdaZꢀMWdm#  
:cꢀXVhꢀYZꢀYdjiZꢀhjgꢀaVꢀcVijgZꢀYZꢀaꢃVa^bZciVi^dcꢀYZꢀkdigZꢀ[dnZg!ꢀ  
egZcZoꢀXdciVXiꢀVkZXꢀjcꢀ‚aZXig^X^ZcꢀfjVa^Ò‚#  
wk^iZoꢀYꢄZmedhZgꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀ|ꢀYZhꢀ  
a^fj^YZhꢀdjꢀ|ꢀaꢄ]jb^Y^i‚#  
™ꢀ wk^iZoꢀYꢃji^a^hZgꢀaꢃVeeVgZ^aꢀ|ꢀegdm^b^i‚ꢀYZꢀaꢃZVjꢀꢁ‚k^Zg!ꢀ  
WV^\cd^gZꢀdjꢀe^hX^cZꢀeVgꢀZmZbeaZꢂꢀdjꢀYZꢀaꢃZmedhZgꢀVjmꢀ  
^ciZbe‚g^Zh!ꢀ|ꢀaꢃ]jb^Y^i‚!ꢀdjꢀ|ꢀYZhꢀ‚XdjaZbZcihꢀdjꢀYZhꢀ  
egd_ZXi^dchꢀYZꢀa^fj^YZh#  
™ꢀ wk^iZoꢀYZꢀeaVXZgꢀYZhꢀdW_ZihꢀXdciZcVciꢀjcꢀa^fj^YZ!ꢀiZaꢀ  
fjꢃjcꢀkZggZꢀdjꢀjcꢀkVhZ!ꢀhjgꢀdjꢀ|ꢀegdm^b^i‚ꢀYZꢀaVꢀ  
XdchdaZꢀMWdm#  
™ꢀ CZꢀcZiidnZoꢀeVhꢀaVꢀXdchdaZꢀMWdmꢀVkZXꢀYZꢀaꢃZVj!ꢀYZhꢀ  
cZiidnVcihꢀa^fj^YZh!ꢀYZhꢀhdakVcihꢀdjꢀYZhꢀV‚gdhdah#  
 
')  
;G6Cv6>H  
]iie/$$lll#mWdm#Xdb  
ꢀ >C;DGB6I>DCHꢀ>BEDGI6CI:HꢀEDJGꢀA6ꢀH6CIw  
¿ꢀegdedhꢀYZꢀaꢄ‚e^aZeh^Zꢀe]didhZch^WaZ  
¿ꢀegdedhꢀYZhꢀigdjWaZhꢀbjhXjad"hfjZaZii^fjZh  
Jcꢀigƒhꢀ[V^WaZꢀedjgXZciV\ZꢀYZꢀeZghdccZhꢀeZjkZciꢀ„igZꢀk^Xi^bZhꢀ  
YꢃjcZꢀXg^hZꢀYꢃ‚e^aZeh^ZꢀadghfjꢃZaaZhꢀhdciꢀhdjb^hZhꢀ|ꢀXZgiV^chꢀ  
ineZhꢀYꢃ^bV\Zh!ꢀeVgꢀZmZbeaZꢀ|ꢀjcZꢀhjXXZhh^dcꢀYꢃ‚XaV^ghꢀdjꢀ  
YZꢀbdi^[hꢀajb^cZjmꢀhjhXZei^WaZhꢀYꢃVeeVgVˆigZꢀYVchꢀaZhꢀ_Zjmꢀ  
k^Y‚d#ꢀB„bZꢀaZhꢀeZghdccZhꢀfj^ꢀcZꢀhdciꢀeVhꢀhj_ZiiZhꢀVjmꢀXg^hZhꢀ  
Yꢃ‚e^aZeh^ZꢀeZjkZciꢀeg‚hZciZgꢀjcꢀ‚iViꢀcdcꢀY^V\cdhi^fj‚ꢀegde^XZꢀ  
VjꢀY‚XaZcX]ZbZciꢀYZꢀXg^hZhꢀYꢃ‚e^aZeh^Zꢀe]didhZch^WaZꢀadghꢀYZꢀaVꢀ  
k^hjVa^hVi^dcꢀYZꢀ_Zjmꢀk^Y‚d#  
Aꢃji^a^hVi^dcꢀYZhꢀbVcZiiZhꢀYZꢀ_Zj!ꢀYZhꢀXaVk^Zgh!ꢀYZhꢀhdjg^hꢀdjꢀYZhꢀ  
VjigZhꢀY^hedh^i^[hꢀ‚aZXigdc^fjZhꢀYZꢀhV^h^ZꢀeZjiꢀ„igZꢀVhhdX^‚Zꢀ|ꢀ  
aꢃVeeVg^i^dcꢀYZꢀWaZhhjgZhꢀdjꢀYZꢀigdjWaZhꢀ\gVkZh#  
AdghfjZꢀkdjhꢀ_djZoꢀ|ꢀYZhꢀ_Zjmꢀk^Y‚dꢀXdbbZꢀYVchꢀaZꢀXVYgZꢀYZꢀ  
cdbWgZjhZhꢀVjigZhꢀVXi^k^i‚h!ꢀ^aꢀhZꢀeZjiꢀfjZꢀkdjhꢀ‚egdjk^ZoꢀjcZꢀ  
\„cZꢀdXXVh^dccZaaZꢀVjꢀc^kZVjꢀYZhꢀbV^ch!ꢀYZhꢀWgVh!ꢀYZhꢀ‚eVjaZh!ꢀ  
YjꢀXdjꢀdjꢀYꢃVjigZhꢀeVgi^ZhꢀYjꢀXdgeh#ꢀIdjiZ[d^h!ꢀh^ꢀkdjhꢀ‚egdjkZoꢀ  
YZhꢀhnbeibZhꢀiZahꢀfjZꢀ\„cZꢀeZgh^hiVciZꢀdjꢀg‚XjggZciZ!ꢀ  
YdjaZjgh!ꢀ‚aVcXZbZcih!ꢀe^XdiZbZcih!ꢀZc\djgY^hhZbZcih!ꢀ  
hZchVi^dchꢀYZꢀWg’ajgZꢀdjꢀgV^YZjgh!ꢀCꢃ><CDG:OꢀE6Hꢀ8:HꢀH><C:Hꢀ  
9ꢃ6K:GI>HH:B:CI#ꢀ8DCHJAI:OꢀJCꢀBw9:8>CꢀH6CHꢀI6G9:G!ꢀ  
b„bZꢀh^ꢀXZhꢀhnbeibZhꢀVeeVgV^hhZciꢀjc^fjZbZciꢀadghfjZꢀkdjhꢀ  
_djZoꢀ|ꢀjcꢀ_Zjꢀk^Y‚d#ꢀ9ZꢀiZahꢀhnbeibZhꢀeZjkZciꢀ„igZꢀVhhdX^‚hꢀ  
|ꢀYZhꢀWaZhhjgZhꢀYdjadjgZjhZh!ꢀeVg[d^hꢀ^ckVa^YVciZhꢀYZꢀbVc^ƒgZꢀ  
^gg‚kZgh^WaZ!ꢀdjꢀ|ꢀYZhꢀigdjWaZhꢀYjꢀhnhiƒbZꢀcZgkZjm!ꢀYZhꢀbjhXaZh!ꢀ  
YZhꢀiZcYdch!ꢀYZhꢀkV^hhZVjmꢀhVc\j^chꢀZiꢀYꢃVjigZhꢀeVgi^ZhꢀYjꢀ  
Xdgeh#ꢀEVgb^ꢀaZhꢀigdjWaZhꢀbjhXjad"hfjZaZii^fjZh!ꢀX^idchꢀaZꢀ  
hncYgdbZꢀYjꢀXVcVaꢀXVge^Zc!ꢀaVꢀiZcY^c^iZ!ꢀaVꢀi‚cdhncdk^iZ!ꢀaVꢀ  
bVaVY^ZꢀYZhꢀk^WgVi^dchꢀZiꢀYꢃVjigZhꢀ‚iVih#  
8ZhꢀXg^hZhꢀeZjkZciꢀhÉVXXdbeV\cZgꢀYZꢀhnbeibZhꢀY^kZgh!ꢀiZahꢀ  
fjZꢀkZgi^\Zh!ꢀigdjWaZhꢀYZꢀaVꢀkjZ!ꢀXdcigVXi^dchꢀYZꢀaVꢀeje^aaZꢀ  
djꢀYjꢀk^hV\Z!ꢀXg^heVi^dchꢀdjꢀigZbWaZbZcihꢀYZhꢀWgVhꢀdjꢀYZhꢀ  
_VbWZh!ꢀeZgiZꢀYjꢀhZchꢀYZꢀaÉdg^ZciVi^dc!ꢀXdc[jh^dcꢀbZciVaZꢀdjꢀ  
eZgiZꢀYZꢀXdchX^ZcXZꢀbdbZciVc‚Z#ꢀ8ZhꢀXg^hZhꢀhdciꢀ‚\VaZbZciꢀ  
hjhXZei^WaZhꢀYZꢀegdkdfjZgꢀjcZꢀeZgiZꢀYZꢀXdccV^hhVcXZꢀdjꢀYZhꢀ  
Xdckjah^dchꢀedjkVciꢀZcigVˆcZgꢀYZhꢀWaZhhjgZh!ꢀeVgꢀhj^iZꢀYÉjcZꢀ  
X]jiZꢀdjꢀYÉjcꢀ]ZjgiꢀYÉdW_ZihꢀegdX]Zh#  
6gg„iZoꢀ^bb‚Y^ViZbZciꢀYZꢀ_djZgꢀZiꢀXdchjaiZoꢀjcꢀb‚YZX^cꢀh^ꢀ  
kdjhꢀ‚egdjkZoꢀaꢃjcꢀYZꢀXZhꢀhnbeibZh#ꢀAZhꢀeVgZcihꢀYd^kZciꢀ„igZꢀ  
ViiZci^[hꢀZiꢀ^ciZggd\ZgꢀaZjghꢀZc[VcihꢀhjgꢀaꢃVeeVg^i^dcꢀ‚kZcijZaaZꢀ  
YZꢀXZhꢀhnbeibZh!ꢀaZhꢀZc[VcihꢀZiꢀaZhꢀVYdaZhXZcihꢀ‚iVciꢀeajhꢀ  
hdjkZciꢀidjX]‚hꢀfjZꢀaZhꢀVYjaiZh#  
7^ZcꢀfjZꢀYZꢀcdbWgZjhZhꢀfjZhi^dchꢀgZaVi^kZhꢀVjmꢀigdjWaZhꢀ  
bjhXjad"hfjZaZii^fjZhꢀYZbZjgZciꢀZcXdgZꢀhVchꢀg‚edchZ!ꢀaVꢀ  
eajeVgiꢀYZhꢀX]ZgX]ZjghꢀZhi^bZciꢀfjZꢀaZjgꢀVeeVg^i^dcꢀZhiꢀa^‚Zꢀ  
|ꢀYZꢀbjai^eaZhꢀ[VXiZjgh#ꢀ>ahꢀX^iZciꢀcdiVbbZciꢀXZgiV^chꢀ‚iVihꢀ  
eVi]dad\^fjZhꢀZiꢀe]nh^fjZh!ꢀaZꢀhigZhhꢀZiꢀhdcꢀbdYZꢀYZꢀ\Zhi^dc!ꢀ  
aꢃ‚iViꢀYZꢀhVci‚ꢀ\‚c‚gVa!ꢀaZꢀbV^ci^ZcꢀYZꢀaVꢀeZghdccZꢀZiꢀaZhꢀ  
hdaa^X^iVi^dchꢀYjꢀXdgehꢀeZcYVciꢀaZꢀigVkV^aꢀZiꢀaꢃZm‚Xji^dcꢀYꢃVjigZhꢀ  
VXi^k^i‚hꢀꢁnꢀXdbeg^hꢀaZhꢀ_Zjmꢀk^Y‚dꢂ#ꢀ8ZgiV^cZhꢀ‚ijYZhꢀhZbWaZciꢀ  
^cY^fjZgꢀfjZꢀaZꢀiZbehꢀXdchVXg‚ꢀ|ꢀjcZꢀXZgiV^cZꢀVXi^k^i‚ꢀeZjiꢀ  
‚\VaZbZciꢀ„igZꢀY‚iZgb^cVci#  
AZꢀg^hfjZꢀYZꢀXg^hZꢀYÉ‚e^aZeh^Zꢀe]didhZch^WaZꢀeZjiꢀ„igZꢀg‚Yj^iꢀeVgꢀ  
aZhꢀfjZafjZhꢀeg‚XVji^dchꢀhj^kVciZhꢀ/  
™ꢀ 6hhZnZo"kdjhꢀ|ꢀjcZꢀY^hiVcXZꢀhj[ÒhVciZꢀYZꢀaꢃ‚XgVcꢀ  
YZꢀi‚a‚k^h^dc#  
™ꢀ Ji^a^hZoꢀjcꢀ‚XgVcꢀYZꢀi‚a‚k^h^dcꢀeajhꢀeZi^i#  
™ꢀ ?djZoꢀYVchꢀjcZꢀe^ƒXZꢀW^Zcꢀ‚XaV^g‚Z#  
KdjhꢀigdjkZgZoꢀYZhꢀXdchZ^ahꢀedjgꢀVb‚a^dgZgꢀkdigZꢀXdc[dgiꢀ  
YZꢀigVkV^aꢀZiꢀYZꢀ_Zj!ꢀkd^gZꢀb„bZꢀg‚Yj^gZꢀaZꢀg^hfjZꢀYꢃVeeVg^i^dcꢀ  
YZꢀigdjWaZhꢀbjhXjad"hfjZaZii^fjZh!ꢀYVchꢀaZꢀbVcjZaꢀ  
>c[dgbVi^fjZꢀZiꢀZg\dcdb^ZꢀꢁY^hedc^WaZꢀ|ꢀaꢃVYgZhhZꢀ  
]iie/$$lll#mWdm#Xdb$hjeedgiꢂ#ꢀ8ZhꢀgZXdbbVcYVi^dchꢀ  
hdciꢀgZ\gdje‚ZhꢀhdjhꢀY^kZghZhꢀgjWg^fjZh!ꢀeVgꢀZmZbeaZꢀ/  
™ꢀ CZꢀ_djZoꢀeVhꢀh^ꢀkdjhꢀkdjhꢀhZciZoꢀ[Vi^\j‚ꢁZꢂꢀdjꢀ  
hdbcdaZciꢁZꢂ#  
H^ꢀkdjh"b„bZꢀꢁdjꢀaꢃjcꢁZꢂꢀYZꢀkdhꢀegdX]ZhꢂꢀVkZoꢀY‚_|ꢀhjW^ꢀYZhꢀ  
Xg^hZhꢀYꢃ‚e^aZeh^Z!ꢀYZbVcYZoꢀaꢃVk^hꢀYZꢀkdigZꢀb‚YZX^cꢀVkVciꢀ  
YZꢀ_djZg#  
™ꢀ IZcZo"kdjhꢀXdggZXiZbZciꢀZiꢀ‚k^iZoꢀaZhꢀedhijgZhꢀ  
^cXdbbdYZh#  
™ꢀ 9‚XdcigVXiZoꢀkdhꢀbV^ch!ꢀkdhꢀYd^\ihꢀZiꢀaZhꢀVjigZhꢀeVgi^Zhꢀ  
YZꢀkdigZꢀXdgeh#  
™ꢀ EgZcZoꢀYZhꢀeVjhZh#  
™ꢀ 6YdeiZoꢀjcꢀhinaZꢀYZꢀk^ZꢀhV^c#  
H^ꢀkdjhꢀVkZoꢀYZhꢀfjZhi^dchꢀhjgꢀaZꢀa^ZcꢀZm^hiVciꢀZcigZꢀkdigZꢀhinaZꢀ  
YZꢀk^Z!ꢀkdhꢀVXi^k^i‚h!ꢀkdigZꢀ‚iViꢀYZꢀhVci‚ꢀdjꢀkdigZꢀ‚iViꢀe]nh^fjZꢀ  
ZiꢀaZhꢀbVaVY^ZhꢀbjhXjad"hfjZaZii^fjZh!ꢀXdchjaiZoꢀjcꢀb‚YZX^c#  
 
;G6Cv6>H  
'*  
]iie/$$lll#mWdm#Xdb  
HwA:8I>DCꢀ9ꢁJCꢀ:BEA68:B:CIꢀEDJGꢀA6ꢀ8DCHDA:ꢀM7DM  
8]d^h^hhZoꢀjcꢀZbeaVXZbZciꢀh’g#  
EgdiZXi^dcꢀYZꢀkdigZꢀi‚a‚k^hZjgꢀdjꢀYꢄVjigZhꢀ  
VeeVgZ^ahꢀVjY^dk^hjZahꢀXdcigZꢀaꢄZcYdbbV\ZbZci  
AdghꢀYjꢀX]d^mꢀYꢃjcꢀZbeaVXZbZciꢀedjgꢀkdigZꢀXdchdaZꢀYZꢀ_Zjꢀ  
k^Y‚dꢀMWdm!ꢀegZcZoꢀZcꢀXdbeiZꢀaZhꢀed^cihꢀhj^kVcihꢀZiꢀaZhꢀ  
VkZgi^hhZbZcihꢀYjꢀX]Ve^igZꢀ>c[dgbVi^dchꢀ^bedgiVciZhꢀhjgꢀaVꢀ  
h‚Xjg^i‚ꢀ|ꢀaVꢀeV\Zꢀ''#  
Cꢃji^a^hZoꢀeVhꢀVkZXꢀXZgiV^chꢀineZhꢀYZꢀi‚a‚k^hZjgh#ꢀAꢃji^a^hVi^dcꢀ  
YZhꢀ_Zjmꢀk^Y‚d!ꢀnꢀXdbeg^hꢀaZhꢀ_ZjmꢀMWdm!ꢀg^hfjZꢀYꢃZcYdbbV\Zgꢀ  
XZgiV^chꢀineZhꢀYZꢀi‚a‚k^hZjg!ꢀcdiVbbZciꢀaZhꢀineZhꢀ|ꢀegd_ZXi^dcꢀ  
eVgꢀg‚ÓZm^dcꢀZiꢀ|ꢀegd_ZXi^dcꢀeVgꢀigVcheVgZcXZ#ꢀAZhꢀ^bV\Zhꢀ  
hiVi^fjZhꢀegd_Zi‚ZhꢀYjgVciꢀaVꢀegd\gZhh^dcꢀcdgbVaZꢀYꢃjcꢀ_Zjꢀhdciꢀ  
hjhXZei^WaZhꢀYZꢀ»ꢀWg’aZgꢀ¼ꢀaꢃ‚XgVc!ꢀnꢀaV^hhVciꢀjcZꢀdbWgZꢀk^h^WaZꢀ  
b„bZꢀadghfjZꢀaVꢀXdchdaZꢀYZꢀ_ZjꢀcꢃZhiꢀeVhꢀji^a^h‚Z#ꢀ9Zꢀb„bZ!ꢀ  
aVꢀb^hZꢀZcꢀeVjhZꢀYꢃjcꢀ_Zjꢀk^Y‚dꢀeZjiꢀegdkdfjZgꢀYZhꢀY‚\}ihꢀ  
VcVad\jZhꢀZcꢀÒ\ZVciꢀaZhꢀ^bV\Zh#ꢀGZedgiZo"kdjhꢀVjꢀbVcjZaꢀYZꢀ  
aꢃji^a^hViZjgꢀYjꢀi‚a‚k^hZjgꢀedjgꢀY‚iZgb^cZgꢀh^ꢀkdjhꢀedjkZoꢀ_djZgꢀ  
|ꢀYZhꢀ_Zjmꢀk^Y‚dꢀZcꢀidjiZꢀh‚Xjg^i‚ꢀhjgꢀkdigZꢀedhiZꢀYZꢀi‚a‚k^h^dc#ꢀ  
H^ꢀXZhꢀ^c[dgbVi^dchꢀcZꢀhdciꢀeVhꢀY^hedc^WaZhꢀYVchꢀaZꢀbVcjZaꢀYZꢀ  
aꢃji^a^hViZjg!ꢀXdciVXiZoꢀaZꢀgZkZcYZjgꢀdjꢀaZꢀ[VWg^XVciꢀYZꢀkdigZꢀ  
i‚a‚k^hZjgꢀedjgꢀY‚iZgb^cZgꢀh^ꢀkdigZꢀedhiZꢀZhiꢀVYVei‚ꢀVjmꢀ  
_Zjmꢀk^Y‚d#  
Egdi‚\ZoꢀaVꢀXdchdaZꢀMWdmꢀXdcigZꢀaZhꢀX]jiZh#  
:cꢀidbWVci!ꢀaVꢀXdchdaZꢀMWdmꢀeZjiꢀ]ZjgiZgꢀfjZafjꢃjc!ꢀZcꢀ  
eVgi^Xja^Zgꢀjcꢀ_ZjcZꢀZc[Vci!ꢀZiꢀegdkdfjZgꢀYZhꢀWaZhhjgZhꢀ  
\gVkZh#ꢀEdjgꢀa^b^iZgꢀaZhꢀg^hfjZhꢀYZꢀWaZhhjgZhꢀXdgedgZaaZhꢀZiꢀYZꢀ  
YdbbV\ZhꢀbVi‚g^Zah!ꢀeaVXZoꢀaVꢀXdchdaZꢀMWdmꢀhjgꢀjcZꢀhjg[VXZꢀ/  
™ꢀ eaVcZꢀZiꢀ]dg^odciVaZ0  
™ꢀ hj[ÒhVbbZciꢀhiVWaZꢀedjgꢀcZꢀeVhꢀWVhXjaZg0  
™ꢀ hjgꢀaVfjZaaZꢀaZhꢀfjVigZꢀe^ZYhꢀYZꢀaVꢀXdchdaZꢀMWdmꢀ  
eZjkZciꢀgZedhZg0  
6kVciꢀYZꢀgVXXdgYZgꢀdjꢀYZꢀY‚XdccZXiZgꢀjcꢀVeeVgZ^aꢀVjY^dk^hjZaꢀ  
ꢁeVgꢀZmZbeaZ!ꢀjcꢀi‚a‚k^hZjgꢀdjꢀjcꢀbV\c‚idhXdeZꢂ!ꢀVhhjgZo"  
kdjhꢀfjZꢀaVꢀXdchdaZꢀMWdmꢀZhiꢀY‚WgVcX]‚ZꢀZiꢀfjZꢀaZꢀi‚a‚k^hZjg!ꢀ  
aZꢀbV\c‚idhXdeZꢀdjꢀidjiꢀVjigZꢀVeeVgZ^aꢀVjY^dk^hjZaꢀZhiꢀ]dghꢀ  
iZch^dc#ꢀKdjhꢀg‚Yj^gZoꢀV^ch^ꢀaZhꢀg^hfjZhꢀYZꢀX]dXhꢀ‚aZXig^fjZhꢀZiꢀ  
YZꢀY‚\}ihꢀ‚aZXig^fjZhꢀ|ꢀaꢃ‚fj^eZbZci#  
™ꢀ egdegZ!ꢀhVchꢀedjhh^ƒgZꢀc^ꢀY‚Wg^h0  
™ꢀ fj^ꢀZbe„X]ZꢀaVꢀXdchdaZꢀMWdmꢀYZꢀ\a^hhZgꢀdjꢀYZꢀidbWZg#  
HdnZoꢀegjYZciꢀVkZXꢀaZhꢀX}WaZhꢀZiꢀaZhꢀXdgYdch#  
6ggVc\ZoꢀidjhꢀaZhꢀX}WaZhꢀZiꢀXdgYdchꢀedjgꢀ‚k^iZgꢀfjꢃ^ahꢀcZꢀ  
[VhhZciꢀig‚WjX]ZgꢀYZhꢀeZghdccZhꢀdjꢀYZhꢀVc^bVjmꢀYdbZhi^fjZhꢀ  
djꢀfjZꢀXZjm"X^ꢀi^gZciꢀVXX^YZciZaaZbZciꢀYZhhjhꢀZcꢀhZꢀY‚eaVVciꢀ  
djꢀZcꢀeVhhVciꢀ|ꢀegdm^b^i‚#  
6ÒcꢀYꢃ‚a^b^cZgꢀaZhꢀg^hfjZhꢀYZꢀX]dXhꢀ‚aZXig^fjZhꢀZiꢀYZꢀYdbbV\Zhꢀ  
|ꢀaꢃ‚fj^eZbZciꢀVjY^dk^hjZaꢀdjꢀ|ꢀaVꢀXdchdaZꢀMWdm!ꢀcZꢀidjX]Zoꢀ  
eVhꢀVjmꢀWdgcZhꢀYjꢀXdgYdcꢀVjY^d"k^Y‚dꢀc^ꢀVjꢀedgiꢀVjY^d"k^Y‚dꢀYZꢀ  
aVꢀXdchdaZꢀMꢀZiꢀ‚k^iZoꢀidjiꢀXdciVXiꢀYZꢀXZhꢀ‚a‚bZcihꢀVkZXꢀYZhꢀ  
e^ƒXZhꢀb‚iVaa^fjZh#  
AdghfjZꢀaVꢀXdchdaZꢀMWdmꢀcꢃZhiꢀeVhꢀji^a^h‚Z!ꢀkdjhꢀedjkZoꢀ  
Y‚WgVcX]ZgꢀaZhꢀX}WaZhꢀZiꢀaZhꢀXdgYdchꢀgVXXdgY‚hꢀ|ꢀaꢃVkVciꢀZiꢀ|ꢀ  
aꢃVgg^ƒgZꢀYZꢀaꢃVeeVgZ^aꢀedjgꢀ‚k^iZgꢀfjꢃ^ahꢀcZꢀhd^ZciꢀVggVX]‚hꢀeVgꢀ  
aZhꢀZc[Vcih#ꢀCZꢀeZgbZiiZoꢀeVhꢀVjmꢀZc[VcihꢀYZꢀ_djZgꢀVkZXꢀaZhꢀ  
X}WaZhꢀZiꢀaZhꢀXdgYdch#  
CZꢀidjX]ZoꢀeVhꢀVjmꢀe^ƒXZhꢀb‚iVaa^fjZhꢀYZꢀidjiꢀXdgYdcꢀXdccZXi‚ꢀ  
|ꢀaVꢀXdchdaZꢀMWdmꢀadghfjZꢀXZaaZ"X^ꢀZhiꢀWgVcX]‚Z#  
Egdi‚\ZoꢀaVꢀXdchdaZꢀMWdmꢀXdcigZꢀaVꢀhjgX]Vj[[Z#  
CꢃdWhigjZoꢀeVhꢀaZhꢀ‚kZcih#ꢀCZꢀeaVXZoꢀeVhꢀaVꢀXdchdaZꢀMWdmꢀ  
hjgꢀjcꢀa^i!ꢀhjgꢀjcꢀXVcVe‚ꢀdjꢀhjgꢀjcZꢀVjigZꢀhjg[VXZꢀbdZaaZjhZꢀ  
hjhXZei^WaZꢀYZꢀWadfjZgꢀaZhꢀ‚kZcih#  
CZꢀeaVXZoꢀeVhꢀaVꢀXdchdaZꢀMWdmꢀYVchꢀjcꢀZcYgd^iꢀXdcÒc‚ꢀꢁjcZꢀ  
W^Wa^di]ƒfjZ!ꢀjcZꢀ‚iV\ƒgZꢀdjꢀjcꢀbZjWaZꢀedjgꢀX]VˆcZꢀhi‚g‚dꢀeVgꢀ  
ZmZbeaZꢂ!ꢀ|ꢀbd^chꢀYZꢀY^hedhZgꢀYꢃjcZꢀWdccZꢀkZci^aVi^dc#  
CZꢀeaVXZoꢀeVhꢀaVꢀXdchdaZꢀMWdmꢀ|ꢀegdm^b^i‚ꢀYZꢀhdjgXZhꢀYZꢀ  
X]VaZjg!ꢀiZaaZhꢀfjZꢀYZhꢀgVY^ViZjgh!ꢀYZhꢀgZ\^higZhꢀYZꢀX]VaZjg!ꢀYZhꢀ  
Xj^h^c^ƒgZhꢀdjꢀYꢃVjigZhꢀY^hedh^i^[hꢀꢁnꢀXdbeg^hꢀaZhꢀVbea^ÒXViZjghꢂꢀ  
egdYj^hVciꢀYZꢀaVꢀX]VaZjg#  
 
'+  
;G6Cv6>H  
]iie/$$lll#mWdm#Xdb  
ꢀ G688DG9:B:CIꢀ¿ꢀJCꢀIwAwK>H:JG  
I‚a‚k^hZjg  
BV\c‚idhXdeZ  
?VjcZ  
7aVcX  
Gdj\Z  
?VjcZ  
7aVcX  
Gdj\Z  
;V^iZhꢀXdggZhedcYgZꢀaZhꢀXdjaZjghꢀ  
adghꢀYjꢀgVXXdgYZbZci  
;V^iZhꢀXdggZhedcYgZꢀaZhꢀXdjaZjghꢀ  
adghꢀYjꢀgVXXdgYZbZci  
8}WaZꢀVjY^d"k^Y‚d  
8}WaZꢀVjY^d"k^Y‚d  
Ji^a^hVi^dcꢀYjꢀX}WaZꢀVjY^d"k^Y‚dꢀhiVcYVgYꢀMWdm  
(#ꢀ 7gVcX]ZoꢀaZhꢀXdccZXiZjghꢀ|ꢀXdYZꢀYZꢀXdjaZjgꢀhjgꢀaZhꢀ  
eg^hZhꢀXdggZhedcYVciZhꢀYjꢀbV\c‚idhXdeZꢀ/ꢀ_VjcZꢀVkZXꢀ  
_VjcZꢀꢁk^Y‚dꢂ!ꢀgdj\ZꢀVkZXꢀgdj\ZꢀꢁVjY^dꢀYgd^iꢂꢀZiꢀWaVcXꢀ  
VkZXꢀWaVcXꢀꢁVjY^dꢀ\VjX]Zꢂ#  
H^ꢀkdigZꢀi‚a‚k^hZjgꢀedhhƒYZꢀjcZꢀZcig‚Zꢀk^Y‚dꢀXdbedh^iZ!ꢀji^a^hZoꢀ  
aZꢀX}WaZꢀVjY^d"k^Y‚dꢀhiVcYVgYꢀa^kg‚ꢀVkZXꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀ  
k^Y‚dꢀMWdm#  
ꢀꢀ GZbVgfjZ/ꢀHꢃ^aꢀhꢃV\^iꢀYꢃjcꢀbV\c‚idhXdeZꢀbdcVjgVa!ꢀ  
WgVcX]ZoꢀaZꢀXdccZXiZjgꢀVjY^dꢀ\VjX]ZꢀdjꢀYgd^iꢀhjgꢀaVꢀ  
eg^hZꢀVjY^dꢀYjꢀbV\c‚idhXdeZ#  
EdjgꢀgVXXdgYZgꢀaVꢀXdchdaZꢀ|ꢀjcꢀi‚a‚k^hZjg  
&#ꢀ 6hhjgZo"kdjhꢀfjZꢀaVꢀXdchdaZꢀMWdmꢀZhiꢀY‚WgVcX]‚Z#  
'#ꢀ 7gVcX]ZoꢀaZꢀXdccZXiZjgꢀVjY^d"k^Y‚dꢀMWdmꢀhjgꢀaZꢀedgiꢀ  
VjY^d"k^Y‚dꢀYZꢀaVꢀXdchdaZꢀMWdm#  
)#ꢀ CZꢀbdY^ÒZoꢀeVhꢀaVꢀXdccZm^dcꢀ‚iVWa^ZꢀZcigZꢀaZꢀ  
bV\c‚idhXdeZꢀZiꢀaZꢀi‚a‚k^hZjg#  
(#ꢀ 7gVcX]ZoꢀaZhꢀXdccZXiZjghꢀ|ꢀXdYZꢀYZꢀXdjaZjgꢀhjgꢀaZhꢀ  
eg^hZhꢀXdggZhedcYVciZhꢀYjꢀi‚a‚k^hZjg/ꢀ_VjcZꢀVkZXꢀ_VjcZꢀ  
ꢁk^Y‚dꢂ!ꢀgdj\ZꢀVkZXꢀgdj\ZꢀꢁVjY^dꢀYgd^iꢂꢀZiꢀWaVcXꢀVkZXꢀ  
WaVcXꢀꢁVjY^dꢀ\VjX]Zꢂ#ꢀ8Zhꢀeg^hZhꢀeZjkZciꢀ„igZꢀh^ij‚Zhꢀ|ꢀ  
aꢃVkVciꢀdjꢀ|ꢀaꢃVgg^ƒgZꢀYjꢀi‚a‚k^hZjg#  
*#ꢀ 7gVcX]ZoꢀaVꢀXdchdaZꢀMWdm#  
+#ꢀ G‚\aZoꢀaZꢀeVgVbƒigZꢀIK$K8GꢀYZꢀkdigZꢀbV\c‚idhXdeZꢀ  
hjgꢀK8G#ꢀ  
,#ꢀ H‚aZXi^dccZoꢀaꢃZcig‚Zꢀk^Y‚dꢀVY‚fjViZꢀYZꢀkdigZꢀ  
bV\c‚idhXdeZ#ꢀEdjgꢀYZꢀeajhꢀVbeaZhꢀ^c[dgbVi^dch!ꢀ  
gZedgiZo"kdjhꢀ|ꢀaVꢀhZXi^dcꢀH‚aZXi^dcꢀYZꢀaꢄZcig‚Z  
X^"YZhhdjh#  
ꢀꢀ GZbVgfjZ/ꢀH^ꢀkdigZꢀi‚a‚k^hZjgꢀZhiꢀbdcVjgVa!ꢀ  
XꢃZhi"|"Y^gZꢀ‚fj^e‚ꢀYꢃjcZꢀhZjaZꢀeg^hZꢀVjY^d!ꢀWgVcX]Zoꢀ  
aZꢀXdccZXiZjgꢀVjY^dꢀYgd^iꢀdjꢀ\VjX]Zꢀꢁgdj\ZꢀdjꢀWaVcXꢂꢀ  
hjgꢀaVꢀeg^hZꢀVjY^d#  
H‚aZXi^dcꢀYZꢀaꢄZcig‚Z  
)#ꢀ 7gVcX]ZoꢀaVꢀXdchdaZꢀMWdm#  
H‚aZXi^dccZoꢀaꢃZcig‚Zꢀk^Y‚dꢀYZꢀkdigZꢀi‚a‚k^hZjgꢀdjꢀYZꢀkdigZꢀ  
bV\c‚idhXdeZꢀfj^ꢀV[ÒX]ZꢀaZꢀ_ZjꢀMWdm#ꢀ>aꢀZm^hiZꢀeajh^Zjghꢀ[Vdchꢀ  
YZꢀadXVa^hZgꢀaVꢀh‚aZXi^dcꢀYZꢀaꢃZcig‚ZꢀhjgꢀaZꢀi‚a‚k^hZjgꢀdjꢀaZꢀ  
bV\c‚idhXdeZ!ꢀcdiVbbZciꢀ/ꢀ  
*#ꢀ H‚aZXi^dccZoꢀaꢃZcig‚Zꢀk^Y‚dꢀVY‚fjViZꢀhjgꢀkdigZꢀi‚a‚k^hZjg#ꢀ  
EdjgꢀYZꢀeajhꢀVbeaZhꢀ^c[dgbVi^dch!ꢀgZedgiZo"kdjhꢀ|ꢀaVꢀ  
hZXi^dcꢀH‚aZXi^dcꢀYZꢀaꢄZcig‚ZꢀX^"YZhhdjh#  
>aꢀhZꢀeZjiꢀfjZꢀkdjhꢀcZꢀej^hh^ZoꢀeVhꢀkdjhꢀXdccZXiZgꢀ|ꢀkdigZꢀ  
i‚a‚k^hZjgꢀVkZXꢀaZꢀX}WaZꢀVjY^d"k^Y‚dꢀhiVcYVgY#ꢀH^ꢀkdjhꢀ  
edhh‚YZoꢀjcZꢀVciZccZ!ꢀjcZꢀZcig‚Zꢀh"k^Y‚dꢀdjꢀk^Y‚dꢀedjgꢀ  
XdbedhVciꢀdjꢀjcZꢀZcig‚ZꢀVjY^dcjb‚g^fjZ!ꢀji^a^hZoꢀjcꢀbdYjaZꢀ  
djꢀjcꢀVYVeiViZjgꢀVjY^d"k^Y‚dꢀMWdmꢀꢁkZcYjꢀh‚eVg‚bZciꢂ#ꢀ  
EdjgꢀYZꢀeajhꢀVbeaZhꢀ^c[dgbVi^dch!ꢀgZedgiZo"kdjhꢀVjꢀh^iZꢀ  
]iie/$$lll#mWdm#Xdbꢀdjꢀ|ꢀaVꢀhZXi^dcꢀE‚g^e]‚g^fjZhꢀMWdmꢀ|ꢀ  
aVꢀeV\Zꢀ'%#  
™ꢀ ZcꢀVeejnVciꢀhjgꢀjcꢀWdjidcꢀ|ꢀaꢃVkVciꢀYjꢀi‚a‚k^hZjgꢀdjꢀ  
YjꢀbV\c‚idhXdeZ0ꢀaZꢀWdjidcꢀeZjiꢀ„igZꢀbVhfj‚ꢀeVgꢀ  
jcꢀeVccZVj0  
™ꢀ ZcꢀVeejnVciꢀhjgꢀjcꢀWdjidcꢀYZꢀaVꢀi‚a‚XdbbVcYZꢀ  
Yꢃdg^\^cZ0  
™ꢀ Zcꢀh‚aZXi^dccVciꢀYZhꢀeZi^ihꢀdjꢀYZhꢀ\gVcYhꢀcjb‚gdhꢀ  
YZꢀXVcVjm0  
H^ꢀkdigZꢀi‚a‚k^hZjgꢀZhiꢀgZa^‚ꢀ|ꢀjcꢀbV\c‚idhXdeZꢀedhh‚YVciꢀ  
jcZꢀZcig‚Zꢀk^Y‚dꢀXdbedh^iZꢀꢁ^ci‚\g‚Zꢂ!ꢀkdjhꢀedjkZoꢀji^a^hZgꢀ  
aZꢀX}WaZꢀVjY^d"k^Y‚dꢀhiVcYVgYꢀedjgꢀWgVcX]ZgꢀaVꢀXdchdaZꢀhjgꢀaZꢀ  
bV\c‚idhXdeZ#  
™ꢀ |ꢀaꢃV^YZꢀYꢃjcZꢀdei^dcꢀYꢃjcꢀbZcjꢀ|ꢀaꢃ‚XgVc#ꢀ  
GZbVgfjZ/ꢀHZadcꢀaZꢀineZꢀZiꢀaVꢀbVgfjZꢀYZꢀkdigZꢀi‚a‚k^hZjgꢀdjꢀYZꢀ  
kdigZꢀbV\c‚idhXdeZ!ꢀkd^X^ꢀYZhꢀcdbhꢀXdjgVcihꢀYꢃZcig‚Zꢀk^Y‚dꢀ/ꢀ  
>cejiꢀHZaZXi!ꢀ6JM!ꢀK^YZd!ꢀA^cZ!ꢀA^cZꢀ>c!ꢀ>ceji!ꢀHdjgXZ!ꢀ>cꢀZiꢀ:MI#ꢀ  
GVXXdgYZbZciꢀ|ꢀjcꢀbV\c‚idhXdeZ  
EdjgꢀYZꢀeajhꢀVbeaZhꢀ^c[dgbVi^dch!ꢀXdchjaiZoꢀaZꢀbVcjZaꢀYZꢀkdigZꢀ  
edhiZꢀYZꢀi‚a‚k^h^dcꢀdjꢀYZꢀkdigZꢀbV\c‚idhXdeZ#  
&#ꢀ 6hhjgZo"kdjhꢀfjZꢀaVꢀXdchdaZꢀMWdmꢀZhiꢀY‚WgVcX]‚Z#  
'#ꢀ 7gVcX]ZoꢀaZꢀXdccZXiZjgꢀVjY^d"k^Y‚dꢀMWdmꢀhjgꢀaZꢀedgiꢀ  
VjY^d"k^Y‚dꢀYZꢀaVꢀXdchdaZꢀMWdm#  
 
;G6Cv6>H  
',  
]iie/$$lll#mWdm#Xdb  
G688DG9:B:CIꢀ9:HꢀB6C:II:Hꢀ9:ꢀ?:JꢀM7DM  
GVXXdgYZbZciꢀZiꢀY‚WgVcX]ZbZciꢀYZhꢀbVcZiiZhꢀ  
YZꢀ_ZjꢀMWdm  
EdjgꢀgVXXdgYZgꢀjcZꢀbVcZiiZꢀYZꢀ_ZjꢀMWdm!ꢀ^ch‚gZoꢀaZꢀXdccZXiZjgꢀ  
YZꢀaVꢀbVcZiiZꢀYVchꢀjcꢀYZhꢀedgihꢀeg‚kjhꢀ|ꢀXZiꢀZ[[Ziꢀ|ꢀaꢃVkVciꢀYZꢀ  
aVꢀXdchdaZꢀMWdm#ꢀ  
EdjgꢀY‚WgVcX]ZgꢀaVꢀbVcZiiZꢀYZꢀ_ZjꢀMWdm!ꢀgZi^gZoꢀaZꢀXdccZXiZjgꢀ  
YZꢀaVꢀbVcZiiZꢀYjꢀedgiꢀYZꢀaVꢀXdchdaZꢀMWdm#ꢀEdjgꢀY‚WgVcX]ZgꢀaVꢀ  
bVcZiiZꢀYZꢀ_Zj!ꢀVhhjgZo"kdjhꢀYZꢀi^gZgꢀhjgꢀaZꢀXdccZXiZjgꢀYZꢀaVꢀ  
bVcZiiZꢀZiꢀcdcꢀhjgꢀaZꢀX}WaZꢀdjꢀaZꢀXdccZXiZjgꢀZcꢀa^\cZ#  
CZꢀidjX]ZoꢀeVhꢀVjmꢀWdgcZhꢀYjꢀXdgYdcꢀYZꢀaVꢀbVcZiiZꢀc^ꢀ  
VjmꢀedgihꢀYZꢀaVꢀbVcZiiZꢀMWdmꢀZiꢀ‚k^iZoꢀidjiꢀXdciVXiꢀYZꢀ  
XZhꢀ‚a‚bZcihꢀVkZXꢀYZhꢀe^ƒXZhꢀb‚iVaa^fjZh#ꢀKdjhꢀg^hfjZoꢀ  
YꢃZcYdbbV\ZgꢀaVꢀbVcZiiZꢀYZꢀ_ZjꢀdjꢀaVꢀXdchdaZꢀMWdm#  
Ji^a^hVi^dcꢀYZhꢀbVcZiiZhꢀYZꢀ_ZjꢀMWdmꢀYVchꢀaZꢀ  
XVYgZꢀYꢄjcꢀ_Zj  
EdjgꢀYZꢀeajhꢀVbeaZhꢀ^c[dgbVi^dchꢀhjgꢀaꢃji^a^hVi^dcꢀYZꢀaVꢀbVcZiiZꢀ  
YZꢀ_ZjꢀMWdmꢀYVchꢀaZꢀXVYgZꢀYꢃjcꢀ_Zj!ꢀgZedgiZo"kdjhꢀVjꢀbVcjZaꢀYZꢀ  
XZꢀ_Zj#  
JI>A>H6I>DCꢀ9:HꢀJI>A>H6I>DCꢀ9:H  
B6C:II:Hꢀ9:ꢀ?:JꢀM7DM  
8dccZXiZjgꢀZcꢀa^\cZ  
KZghꢀaVꢀXdchdaZ  
AZꢀXdgYdcꢀYZꢀX]VfjZꢀbVcZiiZꢀYZꢀ_ZjꢀMWdmꢀZhiꢀ‚fj^e‚ꢀYꢃjcꢀ  
XdccZXiZjgꢀZcꢀa^\cZ#ꢀ>aꢀhꢃV\^iꢀYꢃjcZꢀbZhjgZꢀYZꢀh‚Xjg^i‚ꢀYZhi^c‚Zꢀ  
|ꢀg‚Yj^gZꢀaZꢀg^hfjZꢀYZꢀX]jiZꢀYZꢀaVꢀXdchdaZꢀMWdmꢀadghfjZꢀaꢃdcꢀ  
i^gZꢀhjgꢀaZꢀXdgYdc#ꢀ:cꢀidbWVci!ꢀaVꢀXdchdaZꢀMWdmꢀeZjiꢀ]ZjgiZgꢀ  
fjZafjꢃjc!ꢀZcꢀeVgi^Xja^Zgꢀjcꢀ_ZjcZꢀZc[Vci!ꢀZiꢀegdkdfjZgꢀYZhꢀ  
WaZhhjgZhꢀ\gVkZh#ꢀEdjgꢀg‚Yj^gZꢀaZꢀg^hfjZꢀYZꢀWaZhhjgZhꢀe]nh^fjZhꢀ  
djꢀYꢃZcYdbbV\ZbZciꢀYZꢀaVꢀXdchdaZꢀMWdm!ꢀ^aꢀZhiꢀ^bedgiVciꢀ  
Yꢃji^a^hZgꢀXdggZXiZbZciꢀaZhꢀbVcZiiZhꢀYZꢀ_ZjꢀMWdmꢀZiꢀaZꢀ  
XdccZXiZjgꢀZcꢀa^\cZ#ꢀ  
Ji^a^hZoꢀaZꢀXdccZXiZjgꢀYZꢀaVꢀbVcZiiZꢀMWdmꢀZiꢀcdcꢀaZꢀXdccZXiZjgꢀ  
Zcꢀa^\cZꢀedjgꢀWgVcX]ZgꢀdjꢀY‚WgVcX]ZgꢀaVꢀbVcZiiZꢀYZꢀ_ZjꢀMWdm#ꢀ  
H^ꢀjcꢀXdccZXiZjgꢀZcꢀa^\cZꢀZhiꢀY‚WgVcX]‚!ꢀ^aꢀhj[ÒiꢀYZꢀaZꢀgVXXdgYZgꢀ  
Zcꢀ[V^hVciꢀXdggZhedcYgZꢀaZhꢀZcXdX]ZhꢀYZhꢀYZjmꢀeVgi^ZhꢀYjꢀ  
XdccZXiZjgꢀZcꢀa^\cZ!ꢀej^hꢀZcꢀZc[dcVciꢀ[ZgbZbZciꢀXZhꢀYZjmꢀ  
Zmig‚b^i‚hꢀaꢃjcZꢀYVchꢀaꢃVjigZ#ꢀCZꢀidjX]Zoꢀ|ꢀVjXjcZꢀYZhꢀe^ƒXZhꢀ  
b‚iVaa^fjZhꢀYjꢀXdccZXiZjgꢀZcꢀa^\cZꢀadghfjZꢀaVꢀXdchdaZꢀMWdmꢀZhiꢀ  
WgVcX]‚Z#ꢀAVꢀbVcZiiZꢀYZꢀ_ZjꢀMWdmꢀcZꢀ[dcXi^dccZꢀfjZꢀh^ꢀaZhꢀYZjmꢀ  
eVgi^ZhꢀYjꢀXdccZXiZjgꢀZcꢀa^\cZꢀhdciꢀXdggZXiZbZciꢀgVXXdgY‚Zh#  
KZghꢀaVꢀbVcZiiZꢀYZꢀ_Zj  
™ꢀ :be„X]Zoꢀfj^XdcfjZꢀYZꢀi^gZgꢀhjgꢀaZhꢀbVcZiiZhꢀYZꢀ_Zjꢀ  
MWdmꢀdjꢀhjgꢀaZhꢀXdgYdchꢀYZhꢀbVcZiiZh!ꢀZiꢀYZꢀY‚eaVXZgꢀ  
eVgꢀb‚\VgYZꢀaVꢀXdchdaZ#ꢀ  
6K:GI>HH:B:CIꢃꢀwk^iZoꢀYꢃji^a^hZgꢀYjꢀgjWVcꢀVY]‚h^[!ꢀYZꢀaVꢀXdaaZꢀ  
djꢀidjiꢀVjigZꢀbdnZcꢀYZꢀÒmVi^dcꢀedjgꢀg‚eVgZgꢀjcꢀXdccZXiZjgꢀZcꢀ  
a^\cZꢀY‚[ZXijZjm#  
™ꢀ KZ^aaZoꢀ|ꢀcZꢀeVhꢀZcigZXgd^hZgꢀc^ꢀZcX]Zk„igZgꢀaZhꢀXdgYdchꢀ  
YZhꢀbVcZiiZhꢀYZꢀ_ZjꢀMWdm#  
AZꢀXdccZXiZjgꢀZcꢀa^\cZꢀg‚Yj^iꢀaZꢀg^hfjZꢀYZꢀX]jiZꢀYZꢀaVꢀXdchdaZꢀ  
MWdm!ꢀhVchꢀidjiZ[d^hꢀaꢃ‚a^b^cZgꢀXdbeaƒiZbZci#ꢀEdjgꢀg‚Yj^gZꢀXZꢀ  
g^hfjZꢀVjꢀb^c^bjbꢀ/ꢀ  
™ꢀ A^hZoꢀZiꢀhj^kZoꢀaZhꢀ^chigjXi^dchꢀÒ\jgVciꢀVjꢀX]Ve^igZꢀ  
^ci^ija‚ꢀH‚aZXi^dcꢀYꢄjcꢀZbeaVXZbZciꢀedjgꢀaVꢀXdchdaZꢀ  
MWdmꢀ|ꢀaVꢀeV\Zꢀ'*#  
 
'-  
;G6Cv6>H  
]iie/$$lll#mWdm#Xdb  
ꢀ JI>A>H6I>DCꢀ9:HꢀB6C:II:Hꢀ9:ꢀ?:JꢀM7DM  
Ji^a^hVi^dcꢀYZhꢀad\ZbZcihꢀYꢄZmiZch^dcꢀYZꢀaVꢀ  
bVcZiiZꢀYZꢀ_ZjꢀMWdm  
AVꢀbVcZiiZꢀYZꢀ_ZjꢀMWdmꢀZhiꢀ‚fj^e‚ZꢀYZꢀYZjmꢀad\ZbZcihꢀ  
YꢃZmiZch^dcꢀfj^ꢀhZgkZciꢀVjꢀgVXXdgYZbZciꢀYZꢀe‚g^e]‚g^fjZh#ꢀ  
KdjhꢀedjkZoꢀeVgꢀZmZbeaZꢀV_djiZgꢀYZꢀaVꢀb‚bd^gZꢀ|ꢀaVꢀXdchdaZꢀ  
YZꢀ_Zjꢀk^Y‚dꢀMWdmꢀZcꢀgVXXdgYVciꢀjcZꢀXVgiZꢀb‚bd^gZꢀMWdmꢀ  
ꢁkZcYjZꢀh‚eVg‚bZciꢂ!ꢀXdbbZꢀaZꢀbdcigZꢀaZꢀhX]‚bVꢀX^"YZhhdjh#ꢀ  
H^ꢀkdjhꢀ„iZhꢀVWdcc‚ꢀVjꢀhZgk^XZꢀMWdmꢀA^kZ!ꢀkdjhꢀedjkZoꢀ  
V_djiZgꢀaZꢀXdbbjc^XViZjgꢀMWdmꢀꢁkZcYjꢀh‚eVg‚bZciꢂꢀedjgꢀaZhꢀ  
Xdbbjc^XVi^dchꢀkdXVaZh#ꢀEdjgꢀYZꢀeajhꢀVbeaZhꢀ^c[dgbVi^dch!ꢀ  
gZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀE‚g^e]‚g^fjZhꢀMWdmꢀ|ꢀaVꢀeV\Zꢀ'%#ꢀ  
ꢀ B>H:ꢀHDJHꢀI:CH>DCꢀ9:ꢀA6ꢀ8DCHDA:ꢀM7DM  
6hhjgZo"kdjhꢀfjZꢀidjiZhꢀaZhꢀXdccZm^dchꢀVjꢀi‚a‚k^hZjg!ꢀVjꢀ  
bV\c‚idhXdeZꢀdjꢀ|ꢀidjiꢀVjigZꢀVeeVgZ^aꢀVjY^dk^hjZaꢀhdciꢀ  
W^Zcꢀ[V^iZh#ꢀ7gVcX]ZoꢀaZꢀXdgYdcꢀYꢃVa^bZciVi^dcꢀhjgꢀaVꢀXdchdaZꢀ  
MWdm!ꢀej^hꢀZc[dcXZoꢀaVꢀÒX]ZꢀYVchꢀaVꢀeg^hZꢀYZꢀXdjgVci#ꢀEdjgꢀYZꢀ  
eajhꢀVbeaZhꢀ^c[dgbVi^dch!ꢀgZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀ^ci^ija‚ꢀ  
Eg‚XVji^dchꢀ\‚c‚gVaZhꢀZcꢀbVi^ƒgZꢀYꢄ‚aZXig^X^i‚ꢀ|ꢀaVꢀeV\Zꢀ'(#ꢀ  
BZiiZoꢀaVꢀXdchdaZꢀMWdmꢀhdjhꢀiZch^dcꢀZcꢀVeejnVciꢀhjgꢀaZꢀWdjidcꢀ  
bVgX]Z$Vgg„i#ꢀAZꢀi‚bd^cꢀYꢃ‚iViꢀhꢃVaajbZ#  
BZiiZoꢀaVꢀXdchdaZꢀMWdmꢀ]dghꢀiZch^dcꢀZcꢀVeejnVciꢀhjgꢀaZꢀWdjidcꢀ  
bVgX]Z$Vgg„i#ꢀEdjgꢀ^ciZggdbegZꢀaꢃVa^bZciVi^dcꢀYZꢀaVꢀXdchdaZꢀ  
MWdm!ꢀbZiiZo"aVꢀYꢃVWdgYꢀ]dghꢀiZch^dc!ꢀej^hꢀY‚WgVcX]ZoꢀaZꢀXdgYdcꢀ  
YꢃVa^bZciVi^dc#  
 
;G6Cv6>H  
'.  
]iie/$$lll#mWdm#Xdb  
8DC;><JG6I>DCꢀ>C>I>6A:  
AdghꢀYZꢀaVꢀegZb^ƒgZꢀb^hZꢀhdjhꢀiZch^dcꢀYZꢀkdigZꢀXdchdaZꢀYZꢀ_Zjꢀ  
k^Y‚dꢀMWdm!ꢀkdjhꢀYZkZoꢀY‚Òc^gꢀaVꢀaVc\jZꢀZiꢀaꢃ]dgad\ZꢀeVgꢀY‚[Vjiꢀ  
VkVciꢀYZꢀ_djZgꢀdjꢀYꢃ‚XdjiZgꢀjcꢀY^hfjZꢀXdbeVXi#ꢀJcZꢀ[d^hꢀXZhꢀ  
eVgVbƒigZhꢀ‚iVWa^h!ꢀ^aꢀZhiꢀ^cji^aZꢀYZꢀaZhꢀgZY‚Òc^gꢀiVciꢀfjZꢀaVꢀ  
XdchdaZꢀMWdmꢀgZhiZꢀWgVcX]‚Zꢀ|ꢀaVꢀeg^hZꢀYZꢀXdjgVci#  
EdjgꢀX]Vc\ZgꢀaVꢀh‚aZXi^dcꢀ|ꢀaꢃ‚XgVc!ꢀVeejnZoꢀhjgꢀaZꢀWdjidcꢀ  
bjai^Y^gZXi^dccZaꢀYZꢀaVꢀbVcZiiZꢀYZꢀ_ZjꢀMWdm#ꢀEdjgꢀ[V^gZꢀjcZꢀ  
h‚aZXi^dc!ꢀVeejnZoꢀhjgꢀ6#ꢀEdjgꢀVccjaZg!ꢀVeejnZoꢀhjgꢀ7#  
E6G6BÝIG:Hꢀ6J9>D!ꢀK>9wDꢀ:Iꢀ6JIG:H  
DjigZꢀaVꢀaVc\jZꢀZiꢀaꢃ]dgad\Z!ꢀkdjhꢀedjkZoꢀhe‚X^ÒZgꢀYꢃVjigZhꢀ  
eVgVbƒigZhꢀedjgꢀkdigZꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdm#ꢀEdjgꢀ  
h‚aZXi^dccZgꢀYZhꢀeVgVbƒigZh!ꢀbZiiZoꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀ  
MWdmꢀhdjhꢀiZch^dc!ꢀhVchꢀ^cigdYj^gZꢀYZꢀY^hfjZꢀYVchꢀaZꢀi^gd^g#ꢀ  
EdjgꢀY‚Òc^gꢀYZhꢀeVgVbƒigZhꢀVjY^dꢀdjꢀk^Y‚dꢀ/  
&#ꢀ H‚aZXi^dccZoꢀEVgVbƒigZh!ꢀej^hꢀ6jY^dꢀdjꢀK^Y‚d#  
'#ꢀ H‚aZXi^dccZoꢀaZhꢀdei^dchꢀfj^ꢀXdck^ZccZciꢀ|ꢀ  
kdigZꢀXdchdaZ#  
KdjhꢀedjkZoꢀXdcÒ\jgZgꢀaVꢀXdchdaZꢀMWdmꢀYZꢀiZaaZꢀhdgiZꢀfjꢃZaaZꢀ  
hd^iꢀVjidbVi^fjZbZciꢀb^hZꢀ]dghꢀiZch^dcꢀVegƒhꢀjcꢀY‚aV^ꢀ  
Yꢃ^cVXi^k^i‚ꢀYZꢀh^mꢀ]ZjgZh#ꢀ  
Edjgꢀh‚aZXi^dccZgꢀaZꢀeVgVbƒigZꢀYZꢀb^hZꢀ]dgh  
iZch^dcꢀVjidbVi^fjZ  
&#ꢀ H‚aZXi^dccZoꢀEVgVbƒigZh!ꢀej^hꢀ6gg„iꢀVjidbVi^fjZ#  
'#ꢀ H‚aZXi^dccZoꢀDj^ꢀedjgꢀfjZꢀaVꢀXdchdaZꢀMWdmꢀhd^iꢀ  
VjidbVi^fjZbZciꢀb^hZꢀ]dghꢀiZch^dc!ꢀdjꢀCdcꢀꢁeVgVbƒigZꢀ  
eVgꢀY‚[Vjiꢂ#  
 
(%  
;G6Cv6>H  
]iie/$$lll#mWdm#Xdb  
ꢀ ?:JMꢀK>9wDꢀ:IꢀA:8IJG:ꢀ9:ꢀ9>HFJ:Hꢀ8DBE68IH  
7djidcꢀ:_ZXiꢀꢁ‚_ZXiZgꢂ  
I^gd^g  
7djidcꢀEdlZg$gZhZiꢀꢁbVgX]Z$Vgg„i"g‚^c^i^Va^hZgꢂ  
?Zjmꢀk^Y‚d  
AZXijgZꢀYZꢀY^hfjZhꢀXdbeVXih  
HZjahꢀaZhꢀ_ZjmꢀXdcjhꢀedjgꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀ  
MWdmꢀZiꢀhdjhꢀa^XZcXZꢀB^Xgdhd[iꢀhdciꢀeg^hꢀZcꢀX]Vg\Z#ꢀ  
AZhꢀ_Zjmꢀhdjhꢀa^XZcXZꢀedgiZciꢀaZꢀad\dꢀX^"XdcigZ#ꢀ  
AVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀegZcYꢀZcꢀX]Vg\Zꢀ  
aZhꢀY^hfjZhꢀXdbeVXihꢀedgiVciꢀaZꢀad\dꢀX^"YZhhjh#ꢀ  
Edjgꢀ‚XdjiZgꢀjcꢀY^hfjZꢀXdbeVXi  
EdjgꢀXdbbZcXZgꢀjcZꢀeVgi^Z  
&#ꢀ 6eejnZoꢀhjgꢀaZꢀWdjidcꢀ:_ZXiꢀedjgꢀdjkg^gꢀaZꢀi^gd^gꢀYjꢀ  
aZXiZjgꢀYZꢀ89#  
&#ꢀ 6eejnZoꢀhjgꢀaZꢀWdjidcꢀ:_ZXiꢀedjgꢀdjkg^gꢀaZꢀi^gd^gꢀYjꢀ  
aZXiZjgꢀYZꢀ89#  
'#ꢀ EaVXZoꢀaZꢀY^hfjZꢀXdbeVXiꢀhjgꢀaZꢀi^gd^gꢀꢁ‚i^fjZiiZꢀk^h^WaZꢂ#  
'#ꢀ EaVXZoꢀaZꢀY^hfjZꢀYjꢀ_ZjꢀMWdmꢀhjgꢀaZꢀi^gd^gꢀꢁ‚i^fjZiiZꢀ  
k^h^WaZꢂ#  
(#ꢀ 6eejnZoꢀYZꢀcdjkZVjꢀhjgꢀaZꢀWdjidcꢀ:_ZXiꢀedjgꢀ[ZgbZgꢀ  
aZꢀi^gd^g#ꢀAVꢀaZXijgZꢀYjꢀY^hfjZꢀXdbeVXiꢀXdbbZcXZꢀ  
VjidbVi^fjZbZci#  
(#ꢀ 6eejnZoꢀYZꢀcdjkZVjꢀhjgꢀaZꢀWdjidcꢀ:_ZXiꢀedjgꢀ[ZgbZgꢀaZꢀ  
i^gd^g#ꢀAZꢀ_ZjꢀXdbbZcXZꢀVjidbVi^fjZbZci#  
AZXijgZꢀYZꢀ9K9ꢀk^Y‚d  
EdjgꢀeVhhZgꢀ|ꢀjcꢀVjigZꢀ_Zj  
Edjgꢀa^gZꢀYZhꢀ9K9ꢀk^Y‚dꢀhjgꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdm!ꢀkdjhꢀ  
YZkZoꢀji^a^hZgꢀaZꢀbdYjaZꢀ9K9ꢀk^Y‚dꢀꢁkZcYjꢀh‚eVg‚bZciꢂ#ꢀEdjgꢀ  
YZꢀeajhꢀVbeaZhꢀ^c[dgbVi^dchꢀhjgꢀaVꢀaZXijgZꢀYZꢀ9K9ꢀk^Y‚d!ꢀ  
gZedgiZo"kdjhꢀ|ꢀaVꢀhZXi^dcꢀYjꢀbVcjZaꢀYꢃ^chigjXi^dchꢀVnVciꢀigV^iꢀ  
VjꢀbdYjaZꢀ9K9ꢀk^Y‚dꢀMWdm#  
&#ꢀ 6eejnZoꢀhjgꢀaZꢀWdjidcꢀ:_ZXiꢀedjgꢀdjkg^gꢀaZꢀi^gd^gꢀYjꢀ  
aZXiZjgꢀYZꢀ89#  
'#ꢀ GZi^gZoꢀaZꢀY^hfjZ#  
(#ꢀ EaVXZoꢀaZꢀY^hfjZꢀYjꢀcdjkZVjꢀ_ZjꢀMWdmꢀhjgꢀaZꢀi^gd^gꢀYjꢀ  
aZXiZjgꢀYZꢀ89#  
EgdiZXi^dcꢀYZhꢀY^hfjZhꢀZiꢀYjꢀaZXiZjgꢀXdcigZꢀ  
aꢄZcYdbbV\ZbZci  
)#ꢀ 6eejnZoꢀYZꢀcdjkZVjꢀhjgꢀaZꢀWdjidcꢀ:_ZXiꢀedjgꢀ[ZgbZgꢀaZꢀ  
i^gd^g#ꢀAZꢀcdjkZVjꢀ_ZjꢀXdbbZcXZꢀVjidbVi^fjZbZci#  
™ꢀ CZꢀaV^hhZoꢀeVhꢀYZꢀY^hfjZꢀYVchꢀaVꢀXdchdaZꢀMWdmꢀh^ꢀkdjhꢀcZꢀ  
aꢃji^a^hZoꢀeVh#  
EdjgꢀiZgb^cZgꢀjcꢀ_Zj  
™ꢀ wk^iZoꢀYZꢀY‚eaVXZgꢀaVꢀXdchdaZꢀMWdmꢀadghfjꢃZaaZꢀZhiꢀhdjhꢀ  
iZch^dcꢀZiꢀfjꢃZaaZꢀgZc[ZgbZꢀjcꢀY^hfjZ#  
&#ꢀ 6eejnZoꢀhjgꢀaZꢀWdjidcꢀ:_ZXiꢀedjgꢀdjkg^gꢀaZꢀi^gd^gꢀYjꢀ  
aZXiZjgꢀYZꢀ89#  
™ꢀ CꢃVeedhZoꢀeVhꢀYꢃ‚i^fjZiiZh!ꢀYꢃVjidXdaaVcihꢀc^ꢀYꢃVjigZhꢀ  
dW_ZihꢀhjgꢀaZhꢀY^hfjZh#  
'#ꢀ GZi^gZoꢀaZꢀY^hfjZ#  
(#ꢀ 6eejnZoꢀYZꢀcdjkZVjꢀhjgꢀaZꢀWdjidcꢀ:_ZXiꢀedjgꢀ[ZgbZgꢀ  
aZꢀi^gd^g#  
 
;G6Cv6>H  
(&  
]iie/$$lll#mWdm#Xdb  
76C9:H"HDC  
KdjhꢀedjkZoꢀXde^ZgꢀaZhꢀe^hiZhꢀYꢃjcꢀY^hfjZꢀXdbeVXiꢀ|ꢀaꢃV^YZꢀYZꢀ  
aVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdm#ꢀKdjhꢀedjkZoꢀZchj^iZꢀgVhhZbWaZgꢀ  
XZhꢀe^hiZhꢀedjgꢀXg‚ZgꢀjcZꢀWVcYZ"hdcꢀfjZꢀkdjhꢀ‚XdjiZoꢀ|ꢀaꢃV^YZꢀ  
YZꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀhVchꢀYZkd^gꢀ^ch‚gZgꢀaZꢀY^hfjZꢀ  
Yꢃdg^\^cZ#ꢀKdjhꢀedjkZoꢀV^ch^ꢀ‚XdjiZgꢀkdhꢀegdegZhꢀXdbe^aVi^dchꢀ  
idjiꢀZcꢀ_djVciꢀ|ꢀYZhꢀ_ZjmꢀMWdm#ꢀEdjgꢀY‚iZgb^cZgꢀh^ꢀjcꢀ_Zjꢀ  
eZgbZiꢀaꢃ‚XdjiZꢀYZꢀWVcYZh"hdcꢀZiꢀedjgꢀhVkd^gꢀXdbbZciꢀ[V^gZꢀ  
_djZgꢀjcZꢀWVcYZ"hdcꢀeZcYVciꢀjcZꢀeVgi^Z!ꢀgZedgiZo"kdjhꢀVjꢀ  
bVcjZaꢀYꢃ^chigjXi^dchꢀYjꢀ_Zj#  
EdjgꢀXde^ZgꢀYZhꢀbdgXZVjm  
&#ꢀ ;V^iZhꢀ_djZgꢀjcꢀY^hfjZꢀXdbeVXi#  
'#ꢀ H‚aZXi^dccZoꢀGZidjgꢀhjgꢀaZꢀaZXiZjgꢀYZꢀbjh^fjZ#  
(#ꢀ H‚aZXi^dccZoꢀ8de^ZgꢀedjgꢀV[ÒX]ZgꢀaZhꢀe^hiZh#  
)#ꢀ H‚aZXi^dccZoꢀaZhꢀe^hiZhꢀ|ꢀXde^Zg#ꢀKdjhꢀedjkZoꢀ  
h‚aZXi^dccZgꢀjcZꢀdjꢀeajh^Zjghꢀe^hiZh!ꢀkd^gZꢀidjiZhꢀaZhꢀ  
e^hiZh#  
*#ꢀ H‚aZXi^dccZoꢀ8de^ZgꢀedjgꢀaVcXZgꢀaVꢀXde^ZꢀYZhꢀe^hiZh#ꢀ  
+#ꢀ H‚aZXi^dccZoꢀjcZꢀWVcYZ"hdc!ꢀdjꢀXg‚Zo"ZcꢀjcZꢀedjgꢀnꢀ  
hidX`ZgꢀaZhꢀe^hiZhꢀXde^‚Zh#ꢀH^ꢀkdjhꢀXg‚ZoꢀjcZꢀWVcYZ"hdc!ꢀ  
Viig^WjZo"aj^ꢀjcꢀcdbꢀ|ꢀaꢃV^YZꢀYjꢀXaVk^Zgꢀk^gijZa#  
(#ꢀ HdjhꢀBjh^fjZ!ꢀkdjhꢀedjkZoꢀX]d^h^gꢀaꢃdei^dcꢀ89ꢀ6jY^d#ꢀ  
IdjiZhꢀaZhꢀWVcYZh"hdcꢀfjZꢀkdjhꢀVkZoꢀZcgZ\^hig‚Zhꢀ  
VeeVgV^hhZciꢀYVchꢀaVꢀa^hiZꢀhdjhꢀaZꢀcdbꢀfjZꢀkdjhꢀaZjgꢀ  
VkZoꢀViig^Wj‚#  
Edjgꢀa^gZꢀYZhꢀWVcYZh"hdc  
&#ꢀ BZiiZoꢀaVꢀXdchdaZꢀhdjhꢀiZch^dcꢀhVchꢀ^ch‚gZgꢀYZꢀY^hfjZꢀ  
YVchꢀaZꢀi^gd^g#  
'#ꢀ H‚aZXi^dccZoꢀBjh^fjZꢀ|ꢀaꢃ^ciZg[VXZꢀMWdm#  
)#ꢀ 8]d^h^hhZoꢀaVꢀWVcYZ"hdcꢀfjZꢀkdjhꢀY‚h^gZoꢀ‚XdjiZg#  
*#ꢀ H‚aZXi^dccZoꢀAZXijgZꢀedjgꢀXdbbZcXZgꢀaVꢀaZXijgZ#  
8DCIGãA:ꢀE6G:CI6A  
KdjhꢀedjkZoꢀa^b^iZgꢀaZꢀineZꢀYZꢀXdciZcjꢀgZegdYj^iꢀhjgꢀaVꢀXdchdaZꢀ  
YZꢀ_Zjꢀk^Y‚dꢀMWdmꢀZcꢀ[dcXi^dcꢀYZꢀaVꢀXaVhh^ÒXVi^dcꢀ:HG7#ꢀAVꢀ  
XdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀVꢀ‚i‚ꢀXdcÒ\jg‚ZꢀeVgꢀY‚[Vjiꢀedjgꢀ  
a^gZꢀidjhꢀaZhꢀXdciZcjh#ꢀKdjhꢀVkZoꢀaVꢀedhh^W^a^i‚ꢀYZꢀh‚aZXi^dccZgꢀ  
Y^[[‚gZcihꢀc^kZVjmꢀYZꢀXdcigaZꢀeVgZciVaꢀedjgꢀaZhꢀ_ZjmꢀZiꢀaZhꢀ9K9ꢀ  
k^Y‚d#ꢀEdjgꢀa^gZꢀYZhꢀ9K9ꢀk^Y‚dꢀhjgꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdm!ꢀ  
kdjhꢀYZkZoꢀji^a^hZgꢀaZꢀbdYjaZꢀ9K9ꢀk^Y‚dꢀꢁkZcYjꢀh‚eVg‚bZciꢂ#  
EdjgꢀbdY^ÒZgꢀaZꢀineZꢀYZꢀXdciZcjꢀfj^ꢀeZjiꢀ„igZꢀaj  
&#ꢀ BZiiZoꢀaVꢀXdchdaZꢀhdjhꢀiZch^dcꢀhVchꢀ^ch‚gZgꢀYZꢀY^hfjZꢀ  
YVchꢀaZꢀi^gd^g#  
'#ꢀ H‚aZXi^dccZoꢀEVgVbƒigZh!ꢀ8dcigaZꢀeVgZciVa!ꢀej^hꢀ?Zjm#  
(#ꢀ H‚aZXi^dccZoꢀaZꢀcdjkZVjꢀc^kZVjꢀ/ꢀ6aaꢀꢁidjhꢂ!ꢀBꢀꢁ&-ꢀVchꢀZiꢀ  
eajhꢂ!ꢀIꢀꢁVYdaZhXZcihꢂ!ꢀ:ꢀꢁidjhꢀejWa^Xhꢂ!ꢀ@"6ꢀꢁ_ZjcZhꢀZiꢀ  
VYjaiZhꢂ!ꢀ:8ꢀꢁ_ZjcZhꢀZc[Vcihꢂ!ꢀdjꢀCdcZꢀꢁVjXjcꢂ#  
AVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀcZꢀegZcYꢀZcꢀX]Vg\ZꢀfjZꢀaZhꢀ  
_ZjmꢀZiꢀ9K9ꢀk^Y‚dꢀYZꢀc^kZVjꢀ‚fj^kVaZciꢀdjꢀ^c[‚g^Zjgꢀ|ꢀXZaj^ꢀ  
h‚aZXi^dcc‚#ꢀH^!ꢀeVgꢀZmZbeaZ!ꢀaZꢀeVgVbƒigZꢀIꢀZhiꢀh‚aZXi^dcc‚!ꢀ  
aꢃji^a^hViZjgꢀeZjiꢀ_djZgꢀ|ꢀYZhꢀ_ZjmꢀYZꢀc^kZVjꢀI!ꢀ:!ꢀ@"6ꢀZiꢀ:8#ꢀH^ꢀ  
kdjhꢀX]d^h^hhZoꢀjcꢀc^kZVjꢀVjigZꢀfjZꢀ6aa!ꢀkdjhꢀYZkZoꢀ^cY^fjZgꢀjcꢀ  
bdiꢀYZꢀeVhhZ#  
:cꢀXVhꢀYZꢀeZgiZꢀdjꢀYꢃdjWa^ꢀYZꢀkdigZꢀbdiꢀYZꢀeVhhZ!ꢀVeeZaZoꢀaZꢀ  
hjeedgiꢀiZX]c^fjZꢀMWdmꢀYdciꢀaZꢀcjb‚gdꢀÒ\jgZꢀ|ꢀaVꢀeV\Zꢀ'%#  
 
('  
;G6Cv6>H  
]iie/$$lll#mWdm#Xdb  
ꢀ <:HI>DCꢀ9:ꢀA6ꢀBwBD>G:  
AVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀedhhƒYZꢀjcꢀY^hfjZꢀYjgꢀ^ciZgcZꢀ  
edjgꢀaꢃZcgZ\^higZbZciꢀYZhꢀeVgi^ZhꢀZiꢀYZhꢀWVcYZh"hdc#ꢀEdjgꢀZcꢀ  
hVkd^gꢀeajhꢀhjgꢀaVꢀhVjkZ\VgYZꢀYꢃjcZꢀeVgi^Z!ꢀgZedgiZo"kdjhꢀVjꢀ  
bVcjZaꢀYjꢀ_ZjꢀMWdmꢀXdggZhedcYVci#ꢀEdjgꢀZcꢀhVkd^gꢀeajhꢀhjgꢀ  
aVꢀhVjkZ\VgYZꢀYꢃjcZꢀWVcYZ"hdc!ꢀgZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀ  
7VcYZh"hdcꢀ|ꢀaVꢀeV\Zꢀ(&#  
(#ꢀ H‚aZXi^dccZoꢀjcꢀ_Zj#ꢀ  
)#ꢀ H‚aZXi^dccZoꢀHjeeg^bZgꢀedjgꢀZ[[VXZgꢀaVꢀeVgi^Zꢀ  
h‚aZXi^dcc‚Z!ꢀnꢀXdbeg^hꢀidjiZhꢀaZhꢀeVgi^ZhꢀhVjkZ\VgY‚Zh!ꢀ  
YjꢀY^hfjZꢀYjgꢀMWdm#ꢀH‚aZXi^dccZoꢀDj^ꢀadghfjꢃdcꢀkdjhꢀ  
YZbVcYZꢀYZꢀXdcÒgbZg#  
EdjgꢀXde^Zgꢀdjꢀhjeeg^bZgꢀjcZꢀeVgi^ZꢀhVjkZ\VgY‚Z  
Edjgꢀ\‚gZgꢀdjꢀa^W‚gZgꢀYZꢀaꢃZheVXZꢀY^hfjZ!ꢀkdjhꢀedjkZoꢀhjeeg^bZgꢀ  
idjiZhꢀaZhꢀ^c[dgbVi^dchꢀhjgꢀjcꢀ_ZjꢀMWdmꢀZiꢀaZhꢀeVgi^Zhꢀfj^ꢀdciꢀ  
‚i‚ꢀhVjkZ\VgY‚Zh#ꢀKdjhꢀedjkZoꢀVjhh^ꢀcZꢀXde^ZgꢀdjꢀcZꢀhjeeg^bZgꢀ  
fjZꢀXZgiV^cZhꢀeVgi^ZhꢀhVjkZ\VgY‚Zh#  
&#ꢀ BZiiZoꢀaVꢀXdchdaZꢀhdjhꢀiZch^dcꢀhVchꢀ^ch‚gZgꢀYZꢀY^hfjZꢀ  
YVchꢀaZꢀi^gd^g#  
'#ꢀ H‚aZXi^dccZoꢀB‚bd^gZ!ꢀej^hꢀ9^hfjZꢀYjgꢀMWdm#  
(#ꢀ H‚aZXi^dccZoꢀaZꢀcdbꢀYꢃjcZꢀeVgi^ZꢀYVchꢀaVꢀa^hiZꢀYZhꢀ  
eVgi^ZhꢀhVjkZ\VgY‚Zh#  
)#ꢀ H‚aZXi^dccZoꢀ8de^ZgꢀedjgꢀigVch[‚gZgꢀXZiiZꢀeVgi^Zꢀhjgꢀ  
jcZꢀXVgiZꢀb‚bd^gZꢀMWdmꢀꢁkZcYjZꢀh‚eVg‚bZciꢂꢀdjꢀ  
Hjeeg^bZgꢀedjgꢀZ[[VXZgꢀaVꢀeVgi^ZꢀhVjkZ\VgY‚ZꢀYjꢀY^hfjZꢀ  
Yjg#ꢀ9VchꢀaZꢀXVhꢀYꢃjcZꢀhjeegZhh^dc!ꢀh‚aZXi^dccZoꢀDj^ꢀ  
adghfjꢃdcꢀkdjhꢀYZbVcYZꢀYZꢀXdcÒgbZg#  
Edjgꢀhjeeg^bZgꢀidjiZhꢀaZhꢀ^c[dgbVi^dchꢀVjꢀhj_Zi  
Yꢄjcꢀ_Zj#  
&#ꢀ BZiiZoꢀaVꢀXdchdaZꢀhdjhꢀiZch^dcꢀhVchꢀ^ch‚gZgꢀYZꢀY^hfjZꢀ  
YVchꢀaZꢀi^gd^g#  
'#ꢀ H‚aZXi^dccZoꢀB‚bd^gZ!ꢀej^hꢀ9^hfjZꢀYjgꢀMWdm#  
ꢀ ?:JMꢀEDJGꢀ?DJ:JGHꢀBJAI>EA:H  
Edjgꢀ_djZgꢀ|ꢀeajh^Zjgh!ꢀkdjhꢀedjkZoꢀgVXXdgYZgꢀ_jhfjꢃ|ꢀfjVigZꢀ  
bVcZiiZhꢀMWdmꢀ|ꢀaVꢀXdchdaZ#ꢀIdjhꢀaZhꢀ_ZjmꢀMWdmꢀcZꢀegZccZciꢀeVhꢀ  
ZcꢀX]Vg\ZꢀaZhꢀeVgi^Zhꢀbjai^_djZjgh#ꢀEdjgꢀhVkd^gꢀhꢃ^aꢀZhiꢀedhh^WaZꢀ  
YZꢀ_djZgꢀ|ꢀeajh^Zjgh!ꢀXdchjaiZoꢀaZꢀbVcjZaꢀYZꢀkdigZꢀ_Zj#  
EdjgꢀXZgiV^chꢀ_Zjm!ꢀkdjhꢀedjkZoꢀji^a^hZgꢀaZꢀX}WaZꢀYZꢀa^V^hdcꢀ  
XdchdaZꢀMWdmꢀꢁkZcYjꢀh‚eVg‚bZciꢂꢀedjgꢀgZa^ZgꢀkdigZꢀXdchdaZꢀ  
|ꢀjcZꢀVjigZꢀZiꢀ[V^gZꢀjcZꢀeVgi^Zꢀ|ꢀYZjm#ꢀEdjgꢀYZꢀeajhꢀ  
VbeaZhꢀ^c[dgbVi^dch!ꢀgZedgiZo"kdjhꢀ|ꢀaVꢀhZXi^dcꢀYjꢀbVcjZaꢀ  
Yꢃ^chigjXi^dchꢀhZꢀgVeedgiVciꢀVjꢀX}WaZꢀYZꢀa^V^hdcꢀXdchdaZꢀMWdm#  
 
;G6Cv6>H  
((  
]iie/$$lll#mWdm#Xdb  
M7DMꢀA>K:ž  
Vkd^gꢀWZhd^cꢀYZꢀbVi‚g^Zaꢀhjeea‚bZciV^gZ#ꢀAVꢀeajeVgiꢀYZhꢀ  
hZgk^XZhꢀYZꢀhZgk^XZꢀ>ciZgcZiꢀ]VjiZꢀk^iZhhZꢀeVgꢀX}WaZꢀdjꢀ9HAꢀ  
egZccZciꢀZcꢀX]Vg\ZꢀMWdmꢀA^kZ#ꢀK‚g^ÒZoꢀaVꢀXdbeVi^W^a^i‚ꢀYZꢀkdigZꢀ  
hnhiƒbZꢀZcꢀXdciVXiVciꢀkdigZꢀ[djgc^hhZjgꢀYZꢀhZgk^XZh#  
8dcÒ\jgVi^dcꢀZm^\‚ZꢀedjgꢀMWdmꢀA^kZꢀhjgꢀaZhꢀ  
bdYƒaZhꢀYÉZbWVaaV\ZꢀYjꢀad\^X^Za  
™ꢀ 8dchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀ  
™ꢀ 6XXƒhꢀ>ciZgcZiꢀ]VjiZꢀk^iZhhZꢀꢁX}WaZꢀdjꢀ9HAꢂꢀ  
ꢀMWdmꢀA^kZꢀZhiꢀY^hedc^WaZꢀjc^fjZbZciꢀVjmꢀwiVih"Jc^hꢀZiꢀ  
Vjꢀ8VcVYV#ꢀAÉji^a^hVi^dcꢀZhiꢀVhhj_Zii^ZꢀVjmꢀ8dcY^i^dchꢀ  
YÉji^a^hVi^dcꢀYZꢀMWdmꢀA^kZ#ꢀJcZꢀXVgiZꢀYZꢀXg‚Y^iꢀgZXdccjZꢀZhiꢀ  
Zm^\‚Z#ꢀCZꢀXdck^ZciꢀeVhꢀVjmꢀZc[VcihꢀYZꢀbd^chꢀYZꢀ&(ꢀVch#  
™ꢀ GVXXdgYZbZciꢀ|ꢀaVꢀXdchdaZꢀMWdmꢀeVgꢀX}WaZꢀ:i]ZgcZi  
ꢁcdcꢀ^cXajhꢂꢀ  
™ꢀ 6WdccZbZciꢀVjꢀhZgk^XZꢀMWdmꢀA^kZꢀꢁkZcYjꢀh‚eVg‚bZciꢂꢀ  
>bedgiVciꢃꢀMWdmꢀA^kZꢀZhiꢀjcꢀhZgk^XZꢀeVgꢀVWdccZbZci#ꢀKdjhꢀ  
VjgZoꢀWZhd^cꢀYÉjcꢀXdYZꢀYÉVWdccZbZciꢀedjgꢀXg‚ZgꢀjcꢀXdbeiZꢀ  
MWdmꢀA^kZꢀZiꢀ_djZgꢀZcꢀa^\cZ#ꢀEdjgꢀhVkd^gꢀXdbbZciꢀdWiZc^gꢀjcꢀ  
XdYZꢀYÉVWdccZbZci!ꢀVYgZhhZo"kdjhꢀ|ꢀkdigZꢀY‚iV^aaVciꢀadXVaꢀdjꢀ  
k^h^iZoꢀaZꢀh^iZꢀLZWꢀlll#mWdm#Xdb$a^kZ#  
AZhꢀeZg[dgbVcXZhꢀeZjkZciꢀkVg^ZgꢀhZadcꢀaZꢀ_Zj!ꢀaVꢀk^iZhhZꢀYÉVXXƒhꢀ  
|ꢀ>ciZgcZi!ꢀaÉVXi^k^i‚ꢀhjgꢀaZꢀg‚hZVjꢀdjꢀaVꢀXVeVX^i‚#ꢀHZadcꢀkdigZꢀ  
XdccZm^dcꢀ>ciZgcZiꢀdjꢀkdigZꢀXdcÒ\jgVi^dcꢀg‚hZVj!ꢀkdjhꢀedjgg^Zoꢀ  
8DCC:M>DCꢀ9JꢀB6IwG>:A  
EdjgꢀWgVcX]ZgꢀkdigZꢀXdchdaZꢀMWdmꢀY^gZXiZbZciꢀ|ꢀjcZꢀXdccZm^dcꢀ  
|ꢀaVg\ZꢀWVcYZ!ꢀgZedgiZo"kdjhꢀ|ꢀaVꢀhZXi^dcꢀ6#  
7#ꢀ8dccZm^dcꢀeVgiV\‚Z  
JcꢀgdjiZjgꢀX}WaZ$9HAꢀeZgbZiꢀYZꢀXdccZXiZgꢀh^bjaiVc‚bZciꢀaVꢀ  
XdchdaZꢀMWdmꢀZiꢀjcꢀE8ꢀ|ꢀkdigZꢀbdYZbꢀX}WaZ$9HAꢀdjꢀ|ꢀjcꢀVjigZꢀ  
Y^hedh^i^[ꢀYZꢀg‚hZVjꢀ|ꢀaVg\ZꢀWVcYZ#ꢀ  
EdjgꢀeVgiV\ZgꢀkdigZꢀXdccZm^dcꢀ|ꢀaVg\ZꢀWVcYZꢀVkZXꢀjcꢀE8!ꢀ  
gZedgiZo"kdjhꢀ|ꢀaVꢀhZXi^dcꢀ7#  
EdjgꢀeajhꢀYZꢀY‚iV^ahꢀZiꢀYÉVjigZhꢀdei^dchꢀYZꢀg‚hZVjꢀYdbZhi^fjZ!ꢀ  
XdchjaiZoꢀaZꢀh^iZꢀlll#mWdm#Xdb$a^kZ#  
™ꢀ GVXXdgYZoꢀaZꢀedgiꢀ:i]ZgcZiꢀYjꢀbdYZbꢀX}WaZ$9HAꢀVjꢀedgiꢀ  
L6CꢀdjꢀJea^c`ꢀYjꢀgdjiZjgꢀX}WaZ$9HA#  
™ꢀ 8dccZXiZoꢀaZꢀE8ꢀ|ꢀaÉjcꢀYZhꢀedgihꢀA6Cꢀ:i]ZgcZiꢀa^WgZhꢀhjgꢀ  
aZꢀgdjiZjgꢀX}WaZ$9HA#  
6#ꢀ8dccZm^dcꢀY^gZXiZ  
KdjhꢀedjkZoꢀgVXXdgYZgꢀaZꢀX}WaZꢀ:i]ZgcZiꢀ[djgc^ꢀVkZXꢀkdigZꢀ  
bdYZbꢀX}WaZꢀdjꢀ9HAꢀY^gZXiZbZciꢀVjꢀedgiꢀ:i]ZgcZiꢀh^ij‚ꢀ  
|ꢀaÉVgg^ƒgZꢀYZꢀaVꢀXdchdaZꢀMWdm#ꢀ>aꢀeZjiꢀ„igZꢀc‚XZhhV^gZꢀYZꢀ  
XdcÒ\jgZgꢀXZgiV^chꢀeVgVbƒigZhꢀYZꢀg‚hZVjꢀMWdmꢀꢁXdchjaiZgꢀaVꢀ  
gjWg^fjZꢀ8dcÒ\jgVi^dcꢀYZhꢀeVgVbƒigZhꢀYZꢀg‚hZVjꢀMWdmꢀ|ꢀ  
aVꢀeV\Zꢀ()ꢂ#  
™ꢀ GVXXdgYZoꢀaZꢀedgiꢀ:i]ZgcZiꢀ|ꢀaÉVgg^ƒgZꢀYZꢀaVꢀXdchdaZꢀ  
MWdmꢀ|ꢀaÉjcꢀYZhꢀedgihꢀA6Cꢀ:i]ZgcZiꢀa^WgZhꢀhjgꢀaZꢀgdjiZjgꢀ  
X}WaZ$9HA#  
GZbVgfjZꢀ/ꢀꢀꢀ8ZgiV^chꢀbdYZbhꢀX}WaZ$9HAꢀdjꢀY^hedh^i^[hꢀYZꢀ  
g‚hZVjꢀ|ꢀaVg\ZꢀWVcYZꢀeZjkZciꢀZm^\ZgꢀjcꢀXdcXZcigViZjgꢀeajiiꢀ  
fjÉjcꢀgdjiZjgꢀX}WaZ$9HA#ꢀKdjhꢀedjkZoꢀidj_djghꢀji^a^hZgꢀaZꢀ  
Y^V\gVbbZꢀ7#  
BdYZbꢀX}WaZꢀdjꢀ9HA  
BdYZbꢀX}WaZꢀdjꢀ9HA  
E8  
BdYZbꢀX}WaZꢀdjꢀgdjiZjg  
L6CꢀJea^c`  
EdgihꢀA6C  
8}WaZꢀ:i]ZgcZiꢀꢁG?")*ꢂ  
8}WaZꢀ:i]ZgcZiꢀꢁG?")*ꢂ  
 
()  
;G6Cv6>H  
]iie/$$lll#mWdm#Xdb  
ꢀ B>H:ꢀ¿ꢀ?DJGꢀ9:ꢀAꢁ>CI:G;68:ꢀM7DM  
6kVciꢀYZꢀkdjhꢀZcgZ\^higZgꢀVjꢀhZgk^XZꢀMWdmꢀA^kZꢀZiꢀYZꢀ  
8dcÒ\jgVi^dcꢀYZhꢀeVgVbƒigZhꢀYZꢀg‚hZVjꢀMWdmꢀ  
ꢁVjꢀWZhd^cꢂ  
XdbbZcXZgꢀ|ꢀ_djZgꢀZcꢀa^\cZ!ꢀaZꢀiVWaZVjꢀYZꢀWdgYꢀYd^iꢀ„igZꢀ  
b^hꢀ|ꢀ_djg#ꢀEdjgꢀbZiigZꢀ|ꢀ_djgꢀaZꢀiVWaZVjꢀYZꢀWdgY!ꢀegdX‚YZoꢀ  
XdbbZꢀhj^iꢀ/  
AVꢀXdchdaZꢀiZciZꢀYZꢀhZꢀXdcÒ\jgZgꢀVjidbVi^fjZbZciꢀZcꢀ[dcXi^dcꢀ  
YZꢀkdigZꢀXdccZm^dcꢀ|ꢀaVg\ZꢀWVcYZꢀadghfjZꢀkdjhꢀh‚aZXi^dccZoꢀ  
aÉdei^dcꢀMWdmꢀA^kZꢀ|ꢀaÉ^ci‚g^ZjgꢀYjꢀ_Zj#  
&#ꢀ >ch‚gZoꢀaZꢀY^hfjZꢀYjꢀ@^iꢀYZꢀY‚bVggV\ZꢀY^gZXiꢀMWdmꢀ  
A^kZꢀdjꢀjcꢀY^hfjZꢀYZꢀ_ZjꢀYVchꢀaZꢀi^gd^g#ꢀK‚g^ÒZoꢀhjgꢀ  
aÉZbWVaaV\Zꢀh^ꢀaZꢀ_ZjꢀZhiꢀXdbeVi^WaZꢀVkZXꢀMWdmꢀA^kZ#  
Eajh^Zjghꢀ[djgc^hhZjghꢀYZꢀhZgk^XZꢀ>ciZgcZiꢀꢁ;H>ꢂꢀZm^\ZciꢀYZhꢀ  
g‚\aV\Zhꢀhe‚X^ÒfjZhꢀVkVciꢀYZꢀYdccZgꢀVXXƒhꢀ|ꢀ>ciZgcZi#ꢀ8Zhꢀ  
g‚\aV\ZhꢀeZjkZciꢀXdbegZcYgZꢀjcꢀcdbꢀYÉ]iZ!ꢀjcZꢀVYgZhhZꢀB68ꢀ  
ZiꢀꢁdjꢂꢀjcꢀcdbꢀYÉji^a^hViZjgꢀZiꢀjcꢀbdiꢀYZꢀeVhhZꢀVhh^\c‚hꢀeVgꢀaZꢀ  
;H>ꢀꢁVji]Zci^ÒXVi^dcꢀEEEd:ꢂ#ꢀEdjgꢀk‚g^ÒZgꢀh^ꢀkdjhꢀVkZoꢀWZhd^cꢀ  
YZꢀXZiiZꢀ^c[dgbVi^dc!ꢀXdchjaiZoꢀkdigZꢀ[djgc^hhZjgꢀYZꢀhZgk^XZꢀ  
]VjiZꢀk^iZhhZ#ꢀ  
'#ꢀ ¿ꢀaÉ^ci‚g^ZjgꢀYjꢀ_Zj!ꢀh‚aZXi^dccZoꢀaÉdei^dcꢀMWdmꢀA^kZ#  
EdjgꢀYZꢀeajhꢀVbeaZhꢀ^c[dgbVi^dchꢀhjgꢀaZhꢀeVgVbƒigZhꢀg‚hZVjꢀYZꢀ  
aÉ^ciZg[VXZꢀMWdmꢀZiꢀYÉVjigZhꢀfjZhi^dchꢀiZX]c^fjZh!ꢀXdchjaiZoꢀaZꢀ  
h^iZꢀlll#mWdm#Xdb$a^kZ#  
ꢀ 67DCC:B:CIꢀ¿ꢀM7DMꢀA>K:  
GZbVgfjZꢀ/ꢀEdjgꢀedjkd^gꢀdjkg^gꢀjcꢀXdbeiZ!ꢀkdjhꢀYZkZoꢀYÉVWdgYꢀ  
bZiigZꢀ|ꢀ_djgꢀaÉ^ciZg[VXZꢀMWdmꢀVkZXꢀaÉ^c[dgbVi^dcꢀgZaVi^kZꢀ|ꢀMWdmꢀ  
A^kZꢀꢁXdchjaiZoꢀaVꢀgjWg^fjZꢀB^hZꢀ|ꢀ_djgꢀYZꢀaÉ^ciZg[VXZꢀMWdmꢀ  
|ꢀaVꢀeV\Zꢀ()ꢂ#  
7:HD>Cꢀ9ꢄ6>9:4  
GZcYZo"kdjhꢀhjgꢀlll#mWdm#Xdb$a^kZꢀdjꢀXdciVXiZoꢀaZꢀhjeedgiꢀ  
iZX]c^fjZꢀMWdmꢀVjꢀcjb‚gdꢀhj^kVciꢀ/  
wiVih"Jc^hꢀZiꢀ8VcVYVꢀ  
DjkZgijgZꢀYꢄjcꢀcdjkZVjꢀXdbeiZ  
&ꢀ-%%ꢀ)BN"M7DMꢀꢁ&ꢀ-%%ꢀ)+.".'+.ꢂ  
Edjgꢀdjkg^gꢀjcꢀcdjkZVjꢀXdbeiZ!ꢀh‚aZXi^dccZoꢀaÉdei^dcꢀMWdmꢀ  
A^kZꢀYVchꢀaZꢀiVWaZVjꢀYZꢀWdgY#ꢀHj^kZoꢀaZhꢀ^chigjXi^dchꢀ|ꢀ  
aÉ‚XgVcꢀZiꢀadghfjZꢀaZꢀhnhiƒbZꢀkdjhꢀnꢀ^ck^iZ!ꢀZcigZoꢀkdigZꢀXdYZꢀ  
YÉVWdccZbZciꢀꢁkd^gꢀaZhꢀZm^\ZcXZhꢀhnhiƒbZꢀYZꢀMWdmꢀA^kZꢀ|ꢀaVꢀ  
eV\Zꢀ((ꢂ#  
Ji^a^hViZjghꢀbVaZciZcYVcihꢀ/  
wiVih"Jc^hꢀZiꢀ8VcVYVꢀ  
&ꢀꢁ-++ꢂꢀ,)%".'+.ꢀdjꢀ&ꢀꢁ)'*ꢂꢀ+(*",&%'  
 
;G6Cv6>H  
(*  
]iie/$$lll#mWdm#Xdb  
C:IIDN6<:ꢀ9:ꢀA6ꢀ8DCHDA:ꢀ9:ꢀ?:JꢀK>9wDꢀM7DM  
EdjgꢀcZiidnZgꢀaZhꢀY^hfjZhꢀYZꢀ_ZjꢀMWdmꢀZiꢀaZhꢀ89ꢀVjY^d  
CZiidnV\ZꢀYZꢀaVꢀXdchdaZꢀMWdm  
™ꢀ IZcZoꢀaZꢀY^hfjZꢀeVgꢀaZhꢀWdgYh#ꢀwk^iZoꢀYZꢀidjX]ZgꢀaVꢀ  
hjg[VXZꢀYjꢀY^hfjZ#  
>aꢀZhiꢀ^bedgiVciꢀYZꢀkZ^aaZgꢀ|ꢀaVꢀegdegZi‚ꢀꢁVWhZcXZꢀYZꢀedjhh^ƒgZꢀ  
ZiꢀYZꢀY‚Wg^hꢂꢀYZhꢀe^ZYhꢀZcꢀXVdjiX]djXꢀYZꢀaVꢀXdchdaZꢀMWdm!ꢀVÒcꢀ  
YZꢀg‚Yj^gZꢀaZꢀg^hfjZꢀYZꢀX]jiZꢀYZꢀaVꢀXdchdaZꢀMWdmꢀhjgꢀ  
jcZꢀeZghdccZ#  
™ꢀ CZiidnZoꢀaZꢀY^hfjZꢀZcꢀeVhhVciꢀjcꢀX]^[[dcꢀYdjm!ꢀhVchꢀ  
[gdiiZg!ꢀYjꢀXZcigZꢀkZghꢀaVꢀe‚g^e]‚g^Z#  
™ꢀ H^ꢀaZhꢀe^ZYhꢀZcꢀXVdjiX]djXꢀhdciꢀhVaZhꢀdjꢀedjhh^‚gZjm!ꢀ  
ZhhjnZo"aZhꢀVkZXꢀjcꢀX]^[[dcꢀhZX#  
™ꢀ wk^iZoꢀYꢃji^a^hZgꢀYZhꢀhdakVcihꢀfj^ꢀedjggV^ZciꢀZcYdbbV\Zgꢀ  
aZꢀY^hfjZꢀꢁeVgꢀZmZbeaZ!ꢀYjꢀWZcoƒcZꢂ#  
™ꢀ KZ^aaZoꢀ|ꢀaVꢀegdegZi‚ꢀYZꢀaVꢀhjg[VXZꢀhjgꢀaVfjZaaZꢀgZedhZꢀaVꢀ  
XdchdaZꢀMWdm#ꢀEdjgꢀaꢃZhhjnV\Z!ꢀji^a^hZoꢀjcꢀX]^[[dcꢀhZX#  
EdjgꢀcZiidnZgꢀaVꢀXdchdaZꢀMWdm  
™ꢀ 9‚WgVcX]ZoꢀaVꢀXdchdaZꢀMWdmꢀYZꢀaVꢀeg^hZꢀYꢃVa^bZciVi^dc#  
™ꢀ CZiidnZoꢀjc^fjZbZciꢀaꢃZmi‚g^ZjgꢀYZꢀaVꢀXdchdaZ#ꢀ6hhjgZo"  
kdjhꢀfjꢃVjXjcꢀdW_ZiꢀcꢃdWhigjZꢀaZhꢀ‚kZcih#  
™ꢀ Ji^a^hZoꢀjcꢀX]^[[dcꢀhZX#ꢀwk^iZoꢀaZhꢀ‚edc\ZhꢀVWgVh^kZh!ꢀ  
aZhꢀY‚iZg\Zcih!ꢀaZhꢀedjYgZhꢀ|ꢀg‚XjgZg!ꢀaZhꢀhdakVcihꢀ  
ꢁVaXdda!ꢀZhhZcXZ!ꢀY^ajVci!ꢀWZcoƒcZꢂꢀZiꢀidjiꢀVjigZꢀegdYj^iꢀ  
cZiidnVci!ꢀa^fj^YZꢀdjꢀZcꢀV‚gdhda#  
9wE6CC6<:  
™ꢀ I‚bd^cꢀdgVc\ZꢀXa^\cdiVciꢀ/ꢀHVꢀeZgh^hiVcXZꢀ^cY^fjZꢀjcZꢀ  
hjgX]Vj[[ZꢀYZꢀaVꢀXdchdaZꢀMWdm#ꢀKdjhꢀcZꢀedjggZoꢀ_djZgꢀ  
fjꢃVegƒhꢀaZꢀgZ[gd^Y^hhZbZciꢀYZꢀXZaaZ"X^#ꢀEaVXZoꢀaVꢀXdchdaZꢀ  
MWdmꢀYVchꢀjcꢀZcYgd^iꢀhj[ÒhVbbZciꢀV‚g‚!ꢀ|ꢀaꢃVWg^ꢀYZꢀ  
idjiZꢀhdjgXZꢀYZꢀX]VaZjg#ꢀJcZꢀ[d^hꢀaVꢀXdchdaZꢀgZ[gd^Y^Z!ꢀaZꢀ  
Xa^\cdiZbZciꢀXZhhZꢀZiꢀkdjhꢀedjkZoꢀgZegZcYgZꢀkdigZꢀ_Zj#ꢀ  
EdjgꢀYZꢀeajhꢀVbeaZhꢀ^c[dgbVi^dch!ꢀXdchjaiZoꢀaZꢀX]Ve^igZꢀ  
H‚aZXi^dcꢀYꢄjcꢀZbeaVXZbZciꢀedjgꢀaVꢀXdchdaZꢀMWdmꢀ|ꢀ  
aVꢀeV\Zꢀ'*#  
6K:GI>HH:B:CI  
Edjgꢀg‚Yj^gZꢀaZhꢀg^hfjZhꢀYZꢀWaZhhjgZhꢀ\gVkZhꢀdjꢀYZꢀ  
bdgiꢀeVgꢀ‚aZXigdXji^dcꢀdjꢀeVgꢀaZꢀ[Zj!ꢀcZꢀiZciZoꢀeVhꢀ  
YꢃZ[[ZXijZgꢀkdjh"b„bZꢀaꢃZcigZi^ZcꢀZiꢀaVꢀg‚eVgVi^dcꢀYZꢀ  
aVꢀXdchdaZꢀMWdm#ꢀCꢃZhhVnZoꢀ_VbV^hꢀYZꢀaVꢀY‚bdciZgꢀdjꢀ  
YꢃnꢀVeedgiZgꢀjcZꢀfjZaXdcfjZꢀbdY^ÒXVi^dc#ꢀEdjgꢀaZhꢀ  
de‚gVi^dchꢀYꢃZcigZi^Zc!ꢀVYgZhhZo"kdjhꢀ|ꢀYjꢀeZghdccZaꢀ  
fjVa^Ò‚#ꢀ  
™ꢀ I‚bd^cꢀXa^\cdiVciꢀiVciiꢀkZgi!ꢀiVciiꢀdgVc\Zꢀ/ꢀAZꢀ  
X}WaZꢀVjY^d"k^Y‚dꢀcꢃZhiꢀeVhꢀW^ZcꢀXdccZXi‚#ꢀGVXXdgYZo"  
aZꢀZcꢀhj^kVciꢀaZhꢀ^chigjXi^dchꢀYjꢀX]Ve^igZꢀ^ci^ija‚ꢀ  
GVXXdgYZbZciꢀ|ꢀjcꢀi‚a‚k^hZjgꢀ|ꢀaVꢀeV\Zꢀ'+#ꢀ  
™ꢀ IdjiꢀVjigZꢀXdbedgiZbZciꢀYjꢀi‚bd^cꢀ^cY^fjZꢀjcꢀ  
egdWaƒbZꢀ^ciZgcZꢀfj^ꢀYd^iꢀ„igZꢀg‚eVg‚ꢀeVgꢀjcꢀhe‚X^Va^hiZ#ꢀ  
8dciVXiZoꢀaZꢀhjeedgiꢀiZX]c^fjZꢀMWdmꢀZcꢀhj^kVciꢀaZhꢀ  
^chigjXi^dchꢀYZꢀaVꢀhZXi^dcꢀ^ci^ija‚Zꢀ7Zhd^cꢀYÉV^YZ4ꢀ|ꢀaVꢀ  
eV\Zꢀ()#  
Ji^a^hZoꢀXZiiZꢀegdX‚YjgZꢀedjgꢀg‚hdjYgZꢀaZhꢀegdWaƒbZhꢀa^‚hꢀ|ꢀaVꢀ  
XdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀ/  
6WhZcXZꢀYZꢀXdjgVci  
7gVcX]ZoꢀaZꢀXdgYdcꢀYꢃVa^bZciVi^dcꢀꢁgZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀ  
B^hZꢀhdjhꢀiZch^dcꢀYZꢀaVꢀXdchdaZꢀMWdmꢀ|ꢀaVꢀeV\Zꢀ'-ꢂ#  
AZꢀi^gd^gꢀcZꢀhꢄdjkgZꢀeVh#  
7gVcX]ZoꢀaZꢀXdgYdcꢀYꢃVa^bZciVi^dcꢀꢁgZedgiZo"kdjhꢀ|ꢀaVꢀhZXi^dcꢀ  
B^hZꢀhdjhꢀiZch^dcꢀYZꢀaVꢀXdchdaZꢀMWdmꢀ|ꢀaVꢀeV\Zꢀ'-ꢂ#  
EZgh^hiVcXZꢀYjꢀXa^\cdiZbZciꢀYjꢀi‚bd^cꢀYꢄ‚iVi  
AZꢀi‚bd^cꢀYꢃ‚iViꢀZhiꢀkZgiꢀadghfjZꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀ  
ZhiꢀhdjhꢀiZch^dc#ꢀ>aꢀhZꢀbZiꢀ|ꢀXa^\cdiZg!ꢀidjiꢀZcꢀgZhiVciꢀkZgi!ꢀ  
adghfjZꢀkdjhꢀVeejnZoꢀhjgꢀaZꢀWdjidcꢀ:_ZXi#ꢀH^ꢀaZꢀi‚bd^cꢀYꢃ‚iViꢀ  
cZꢀXZhhZꢀYZꢀXa^\cdiZgꢀVjꢀXdjghꢀYꢃjcZꢀde‚gVi^dc!ꢀXZaVꢀ^cY^fjZꢀjcꢀ  
egdWaƒbZꢀ^ciZgcZꢀ|ꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdm#  
BZiiZoꢀaVꢀXdchdaZꢀMWdmꢀhdjhꢀiZch^dcꢀZcꢀVeejnVciꢀhjgꢀaZꢀWdjidcꢀ  
bVgX]Z$Vgg„iꢀꢁgZedgiZo"kdjhꢀ|ꢀaVꢀhZXi^dcꢀB^hZꢀhdjhꢀiZch^dcꢀYZꢀ  
aVꢀXdchdaZꢀMWdmꢀ|ꢀaVꢀeV\Zꢀ'-ꢂ#  
 
(+  
;G6Cv6>H  
]iie/$$lll#mWdm#Xdb  
ꢀ 9wE6CC6<:  
H‚aZXi^dccZoꢀaVꢀhdgi^ZꢀVjY^dꢀVeegdeg^‚ZꢀꢁgZedgiZo"kdjhꢀVjꢀ  
X]Ve^igZꢀ^ci^ija‚ꢀGVXXdgYZbZciꢀ|ꢀjcꢀi‚a‚k^hZjgꢀ|ꢀaVꢀeV\Zꢀ'+ꢂ#  
?ZꢀcZꢀeVgk^ZchꢀeVhꢀ|ꢀY‚bVggZgꢀaZꢀ_Zj#  
Ji^a^hZoꢀjc^fjZbZciꢀYZhꢀY^hfjZhꢀYZꢀ_ZjꢀMWdmꢀhdjhꢀa^XZcXZꢀ  
B^Xgdhd[iꢀꢁgZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀ^ci^ija‚ꢀ?Zjmꢀk^Y‚dꢀZiꢀ  
aZXijgZꢀYZꢀY^hfjZhꢀXdbeVXihꢀ|ꢀaVꢀeV\Zꢀ(%ꢂ#  
Ji^a^hZoꢀjc^fjZbZciꢀYZhꢀY^hfjZhꢀeg^hꢀZcꢀX]Vg\Z!ꢀXꢃZhi"|"Y^gZꢀYZhꢀ  
_ZjmꢀZiꢀYZhꢀY^hfjZhꢀXdbeVXihꢀMWdmꢀꢁgZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀ  
^ci^ija‚ꢀ?Zjmꢀk^Y‚dꢀZiꢀaZXijgZꢀYZꢀY^hfjZhꢀXdbeVXihꢀ|ꢀaV  
eV\Zꢀ(%ꢂ#  
>ch‚gZoꢀaZꢀY^hfjZꢀYZꢀhdgiZꢀfjZꢀaꢃ‚i^fjZiiZꢀhd^iꢀk^h^WaZ!ꢀZiꢀ[ZgbZoꢀ  
aZꢀi^gd^gꢀꢁgZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀ^ci^ija‚ꢀ?Zjmꢀk^Y‚dꢀZiꢀ  
aZXijgZꢀYZꢀY^hfjZhꢀXdbeVXihꢀ|ꢀaVꢀeV\Zꢀ(%ꢂ#  
HdcꢀYZꢀfjVa^i‚ꢀb‚Y^dXgZ  
CZiidnZoꢀaZꢀY^hfjZꢀꢁgZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀ^ci^ija‚ꢀ  
CZiidnV\ZꢀYZꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀ|ꢀaVꢀeV\Zꢀ(*ꢂ#  
CZiidnZoꢀaZꢀY^hfjZꢀꢁgZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀ^ci^ija‚ꢀ  
CZiidnV\ZꢀYZꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀ|ꢀaVꢀeV\Zꢀ(*ꢂ#  
CZꢀgZegdYj^hZoꢀYjꢀhdcꢀ9daWnœꢀ9^\^iVaꢀfjZꢀhjgꢀYZhꢀZcXZ^ciZhꢀ  
XdbeVi^WaZhꢀ9daWnꢀ9^\^iVa#  
6WhZcXZꢀYꢄ^bV\Z  
7gVcX]ZoꢀaZꢀX}WaZꢀVjY^d"k^Y‚dꢀVeegdeg^‚ꢀꢁgZedgiZo"kdjhꢀVjꢀ  
H‚aZXi^dccZoꢀaVꢀhdgi^ZꢀVjY^dꢀeg^hZꢀZcꢀX]Vg\ZꢀeVgꢀkdigZꢀhnhiƒbZꢀ  
djꢀkdigZꢀi‚a‚k^hZjgꢀꢁHi‚g‚dꢀdjꢀ9daWnœꢀHjggdjcYꢀedjgꢀaZhꢀ  
ZcXZ^ciZhꢀhi‚g‚d!ꢀBdcdꢀedjgꢀaZhꢀZcXZ^ciZhꢀbdcdꢂ#ꢀꢁGZedgiZo"  
kdjhꢀVjꢀX]Ve^igZꢀEVgVbƒigZhꢀVjY^d!ꢀk^Y‚dꢀZiꢀVjigZhꢀ|ꢀaV  
eV\Zꢀ'.#ꢂ  
X]Ve^igZꢀ^ci^ija‚ꢀGVXXdgYZbZciꢀ|ꢀjcꢀi‚a‚k^hZjgꢀ|ꢀaVꢀeV\Zꢀ'+ꢂ#  
6aajbZoꢀaZꢀedhiZꢀYZꢀi‚a‚k^h^dc#  
H‚aZXi^dccZoꢀaꢃZcig‚Zꢀk^Y‚dꢀYZꢀkdigZꢀi‚a‚k^hZjgꢀdjꢀYZꢀkdigZꢀ  
bV\c‚idhXdeZꢀfj^ꢀV[ÒX]ZꢀaZꢀ_ZjꢀMWdm#ꢀ>aꢀZm^hiZꢀeajh^Zjghꢀ[Vdchꢀ  
YZꢀadXVa^hZgꢀaVꢀh‚aZXi^dcꢀYZꢀaꢃZcig‚ZꢀhjgꢀaZꢀi‚a‚k^hZjgꢀdjꢀaZꢀ  
bV\c‚idhXdeZ!ꢀcdiVbbZciꢀ/ꢀ  
H^ꢀaZꢀhdcꢀcZꢀhdgiꢀfjZꢀYꢃjcZꢀhZjaZꢀZcXZ^ciZ!ꢀVhhjgZo"kdjhꢀfjZꢀaZhꢀ  
X}WaZhꢀVjY^dꢀhdciꢀXdggZXiZbZciꢀgVXXdgY‚h#  
™ꢀ ZcꢀVeejnVciꢀhjgꢀjcꢀWdjidcꢀ|ꢀaꢃVkVciꢀYjꢀi‚a‚k^hZjgꢀdjꢀYjꢀ  
bV\c‚idhXdeZ0ꢀaZꢀWdjidcꢀeZjiꢀ„igZꢀbVhfj‚ꢀeVgꢀ  
jcꢀeVccZVj0  
AVꢀbVcZiiZꢀYZꢀ_ZjꢀdjꢀaZꢀe‚g^e]‚g^fjZꢀMWdmꢀcZꢀ  
[dcXi^dccZꢀeVh#  
™ꢀ ZcꢀVeejnVciꢀhjgꢀjcꢀWdjidcꢀYZꢀaVꢀi‚a‚XdbbVcYZꢀ  
Yꢃdg^\^cZ0  
GVXXdgYZoꢀaVꢀbVcZiiZꢀYZꢀ_ZjꢀMWdmꢀ|ꢀjcꢀedgiꢀeg‚kjꢀ|ꢀXZiꢀZ[[Ziꢀ  
ꢁgZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀGVXXdgYZbZciꢀYZhꢀbVcZiiZhꢀYZꢀ  
_ZjꢀMWdmꢀ|ꢀaVꢀeV\Zꢀ',ꢂ#  
™ꢀ Zcꢀh‚aZXi^dccVciꢀYZhꢀeZi^ihꢀdjꢀYZhꢀ\gVcYhꢀcjb‚gdhꢀ  
YZꢀXVcVjm0  
6hhjgZo"kdjhꢀfjZꢀaZhꢀXdccZXiZjghꢀYZꢀaVꢀbVcZiiZ!ꢀnꢀXdbeg^hꢀaZꢀ  
XdccZXiZjgꢀZcꢀa^\cZ!ꢀhdciꢀXdggZXiZbZciꢀWgVcX]‚hꢀꢁgZedgiZo"kdjhꢀ  
VjꢀX]Ve^igZꢀJi^a^hVi^dcꢀYZhꢀbVcZiiZhꢀYZꢀ_ZjꢀMWdmꢀ|ꢀaVꢀ  
eV\Zꢀ',ꢂ#  
™ꢀ |ꢀaꢃV^YZꢀYꢃjcZꢀdei^dcꢀYꢃjcꢀbZcjꢀ|ꢀaꢃ‚XgVc#ꢀ  
GZbVgfjZ/ꢀHZadcꢀaZꢀineZꢀZiꢀaVꢀbVgfjZꢀYZꢀkdigZꢀi‚a‚k^hZjgꢀdjꢀYZꢀ  
kdigZꢀbV\c‚idhXdeZ!ꢀkd^X^ꢀYZhꢀcdbhꢀXdjgVcihꢀYꢃZcig‚Zꢀk^Y‚dꢀ/ꢀ  
>cejiꢀHZaZXi!ꢀ6JM!ꢀK^YZd!ꢀA^cZ!ꢀA^cZꢀ>c!ꢀ>ceji!ꢀHdjgXZ!ꢀ>cꢀZiꢀ:MI#ꢀ  
Ji^a^hZoꢀjc^fjZbZciꢀYZhꢀe‚g^e]‚g^fjZhꢀ  
XdbeVi^WaZhꢀMWdmꢀfj^ꢀedgiZciꢀaZꢀad\dꢀ  
hj^kVciꢀ/  
EdjgꢀYZꢀeajhꢀVbeaZhꢀ^c[dgbVi^dch!ꢀXdchjaiZoꢀaZꢀbVcjZaꢀYZꢀkdigZꢀ  
edhiZꢀYZꢀi‚a‚k^h^dcꢀdjꢀYZꢀkdigZꢀbV\c‚idhXdeZ#  
EdjgꢀXdchjaiZoꢀaVꢀa^hiZꢀYZhꢀe‚g^e]‚g^fjZhꢀMWdmꢀYZꢀB^Xgdhd[i!ꢀ  
gZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀE‚g^e]‚g^fjZhꢀMWdmꢀ|ꢀaVꢀeV\Zꢀ'%#  
Ji^a^hZoꢀjc^fjZbZciꢀYZhꢀY^hfjZhꢀeg^hꢀZcꢀX]Vg\Z!ꢀXꢃZhi"|"Y^gZꢀYZhꢀ  
_ZjmꢀZiꢀYZhꢀY^hfjZhꢀXdbeVXihꢀMWdmꢀꢁgZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀ  
^ci^ija‚ꢀ?Zjmꢀk^Y‚dꢀZiꢀaZXijgZꢀYZꢀY^hfjZhꢀXdbeVXihꢀ|ꢀaV  
eV\Zꢀ(%ꢂ#  
6hhjgZo"kdjhꢀfjZꢀaZꢀ_ZjꢀMWdmꢀegZcYꢀZcꢀX]Vg\ZꢀaZhꢀe‚g^e]‚g^fjZhꢀ  
Zcꢀdei^dcꢀgZa^‚hꢀ|ꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdm#ꢀH^ꢀkdjhꢀji^a^hZoꢀ  
jcꢀe‚g^e]‚g^fjZꢀcdcꢀXdbeVi^WaZꢀVkZXꢀjcꢀ_Zjꢀhe‚X^ÒfjZ!ꢀkdjhꢀcZꢀ  
edjkZoꢀeVhꢀ_djZgꢀ|ꢀXZꢀ_Zj#  
>bV\ZꢀYZꢀfjVa^i‚ꢀb‚Y^dXgZ  
CZiidnZoꢀaZꢀY^hfjZꢀꢁgZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀ^ci^ija‚ꢀ  
CZiidnV\ZꢀYZꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀ|ꢀaVꢀeV\Zꢀ(*ꢂ#  
>bedhh^W^a^i‚ꢀYZꢀhVjkZ\VgYZgꢀjcZꢀeVgi^Z  
>aꢀYd^iꢀnꢀVkd^gꢀhj[ÒhVbbZciꢀYZꢀWadXhꢀa^WgZhꢀhjgꢀaZꢀY^hfjZꢀYjgꢀ  
djꢀaVꢀXVgiZꢀb‚bd^gZꢀMWdmꢀedjgꢀhVjkZ\VgYZgꢀaVꢀeVgi^Z#ꢀEdjgꢀYZꢀ  
eajhꢀVbeaZhꢀ^c[dgbVi^dchꢀhjgꢀaVꢀ[VdcꢀYZꢀa^W‚gZgꢀYZꢀaꢃZheVXZ!ꢀ  
gZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀ<Zhi^dcꢀYZꢀaVꢀb‚bd^gZꢀ|ꢀaVꢀeV\Zꢀ('#  
6WhZcXZꢀYZꢀhdc  
7gVcX]ZoꢀXdggZXiZbZciꢀaZꢀX}WaZꢀVjY^d"k^Y‚dꢀꢁgZedgiZo"kdjhꢀVjꢀ  
X]Ve^igZꢀ^ci^ija‚ꢀGVXXdgYZbZciꢀ|ꢀjcꢀi‚a‚k^hZjgꢀ|ꢀaVꢀeV\Zꢀ'+ꢂ#  
K‚g^ÒZoꢀaZꢀkdajbZꢀYjꢀi‚a‚k^hZjgꢀZiꢀY‚hVXi^kZoꢀaZꢀeVgVbƒigZꢀYZꢀ  
bji^hbZꢀꢁXdchjaiZoꢀaZꢀbVcjZaꢀYZꢀkdigZꢀedhiZꢀYZꢀi‚a‚k^h^dcꢂ#  
 
;G6Cv6>H  
(,  
]iie/$$lll#mWdm#Xdb  
9wE6CC6<:  
Ji^a^hViZjghꢀbVaZciZcYVcihꢀ/  
wiVih"Jc^hꢀZiꢀ8VcVYVꢀ  
&ꢀꢁ-++ꢂꢀ,)%".'+.ꢀdjꢀ&ꢀꢁ)'*ꢂꢀ+(*",&%'  
BZm^fjZꢀ/ꢀ%%&ꢀ-++ꢀ'*&ꢀ'+ꢀ'&  
H^ꢀkdjhꢀVkZoꢀWZhd^cꢀYꢄV^YZ###  
H^ꢀaZꢀegdWaƒbZꢀeZgh^hiZ!ꢀcꢃZhhVnZoꢀ_VbV^hꢀYZꢀY‚bdciZg!ꢀYZꢀ  
g‚eVgZgꢀc^ꢀYZꢀbdY^ÒZgꢀaVꢀXdchdaZꢀMWdmꢀYZꢀfjZafjZꢀbVc^ƒgZꢀfjZꢀ  
XZꢀhd^i#ꢀIdjiZꢀiZciVi^kZꢀYZꢀXZꢀ\ZcgZꢀg^hfjZgV^iꢀYZꢀegdkdfjZgꢀYZhꢀ  
WaZhhjgZhꢀ\gVkZhꢀdjꢀYꢃZcigVˆcZgꢀaVꢀbdgiꢀeVgꢀ‚aZXigdXji^dc#ꢀKdigZꢀ  
\VgVci^ZꢀhZgV^iꢀeVgꢀV^aaZjghꢀVccja‚Z#ꢀKZj^aaZoꢀkdjhꢀgZedgiZgꢀVjꢀ  
h^iZꢀlll#mWdm#XdbꢀdjꢀXdciVXiZgꢀaZꢀhjeedgiꢀiZX]c^fjZꢀMWdmꢀVjꢀ  
cjb‚gdꢀhj^kVciꢀ/  
CZꢀXdcÒZoꢀeVhꢀaVꢀg‚eVgVi^dcꢀc^ꢀaꢃZcigZi^ZcꢀYZꢀaVꢀXdchdaZꢀYZꢀ  
_Zjꢀk^Y‚dꢀdjꢀYꢃjcꢀe‚g^e]‚g^fjZꢀMWdmꢀ|ꢀkdigZꢀgZkZcYZjg!ꢀhVj[ꢀ  
^chigjXi^dchꢀhe‚X^ÒfjZhꢀYZꢀaVꢀeVgiꢀYꢃjcꢀgZeg‚hZciVciꢀYjꢀhjeedgiꢀ  
iZX]c^fjZꢀMWdm#  
wiVih"Jc^hꢀZiꢀ8VcVYVꢀ  
&ꢀ-%%ꢀ)BN"M7DMꢀꢁ&ꢀ-%%ꢀ)+.".'+.ꢂ  
BZm^fjZꢀ/ꢀ%%&ꢀ-++ꢀ,)*ꢀ-(ꢀ&'  
HEw8>;>86I>DCH  
E‚g^e]‚g^fjZhꢀ[djgc^h  
<‚c‚gVa^i‚h  
GZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀ^ci^ija‚ꢀAVꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀ  
MWdmꢀ|ꢀaVꢀeV\Zꢀ'%#  
6a^bZciVi^dcꢀ/ꢀ&'%ꢀKꢀX#V#!ꢀ+%ꢀ=o  
8dchdbbVi^dcꢀYꢃ‚cZg\^Zꢀ/ꢀ&%%ꢀL  
E‚g^e]‚g^fjZhꢀZcꢀdei^dc  
9^bZch^dchꢀVeegdm^bVi^kZhꢀ/ꢀ('%ꢀmꢀ&%%ꢀmꢀ'+%ꢀbbꢀꢁaVg\Zjg!ꢀ  
]VjiZjg!ꢀadc\jZjgꢂ  
GZedgiZo"kdjhꢀVjꢀX]Ve^igZꢀE‚g^e]‚g^fjZhꢀMWdmꢀ|ꢀaVꢀeV\Zꢀ'%#  
Ed^YhꢀVeegdm^bVi^[ꢀ/ꢀ)ꢀ`\  
>c[dgbVi^dchꢀhjgꢀaZꢀbdYZꢀYZꢀY^hedh^i^dc  
IZbe‚gVijgZꢀYZꢀ[dcXi^dccZbZciꢀ/ꢀYZꢀ*ꢀ|ꢀ(*ꢀ•8  
8VgVXi‚g^hi^fjZhꢀYZꢀaVꢀY^dYZꢀaVhZgꢀ/ꢀbVi‚g^Vjꢀ/<V6a6h!ꢀ  
adc\jZjgꢀYꢃdcYZꢀ/ꢀaꢀ2ꢀ+*%ꢀcb  
KdjhꢀYZkZoꢀY^hedhZgꢀYZꢀXZꢀegdYj^iꢀXdc[dgb‚bZciꢀVjmꢀad^hꢀ  
adXVaZhꢀZiꢀcVi^dcVaZhꢀVeea^XVWaZh#  
AVꢀXdcXZei^dcꢀZiꢀaZhꢀhe‚X^ÒXVi^dchꢀhdciꢀhjhXZei^WaZhꢀYꢃ„igZꢀ  
bdY^Ò‚ZhꢀhVchꢀeg‚Vk^h#  
:cig‚Zh$hdgi^Zh  
EdgihꢀYZꢀbVcZiiZꢀꢁ)ꢂ  
Edgiꢀ:i]ZgcZiꢀꢁ&ꢂ  
EdgiꢀVjY^d"k^Y‚dꢀꢁ&ꢂ  
7dgcZꢀYꢃZcig‚Zꢀ86ꢀꢁ&ꢂ  
 
(-  
;G6Cv6>H  
]iie/$$lll#mWdm#Xdb  
ꢀ <6G6CI>:  
K:J>AA:OꢀA>G:ꢀ6II:CI>K:B:CIꢀA6ꢀEGwH:CI:ꢀ<6G6CI>:ꢀ  
A>B>Iw:ꢀ6;>Cꢀ9:ꢀ7>:Cꢀ8DBEG:C9G:ꢀFJ:AHꢀHDCIꢀKDHꢀ  
9GD>IHꢀ:IꢀKDHꢀD7A><6I>DCHꢅ  
YÉVkVcXZꢀYVchꢀhdcꢀZbWVaaV\Zꢀ^c^i^VaꢀdjꢀYVchꢀjcꢀZbWVaaV\Zꢀfj^ꢀ  
d[[gZꢀjcꢀYZ\g‚ꢀ‚fj^kVaZciꢀYZꢀegdiZXi^dc#ꢀ¿ꢀbd^chꢀfjZꢀaZhꢀad^hꢀ  
Zcꢀk^\jZjgꢀYVchꢀkdigZꢀiZgg^id^gZꢀcÉZcꢀeg‚kd^ZciꢀVjigZbZci!ꢀkdjhꢀ  
YZkgZoꢀVhhjbZgꢀaZhꢀXd’ihꢀa^‚hꢀ|ꢀaÉZme‚Y^i^dcꢀdjꢀVjꢀigVchedgiꢀ|ꢀ  
aÉ‚\VgYꢀYjꢀhZgk^XZꢀYZꢀ\VgVci^Z#  
<6G6CI>:ꢀA>B>Iw:  
AÉZmegZhh^dcꢀ»ꢀEgdYj^iꢀMWdmꢀ¼ꢀhÉZciZcYꢀYZꢀaVꢀXdchdaZꢀYZꢀ_Zjꢀ  
k^Y‚dꢀB^Xgdhd[iꢀMWdm!ꢀnꢀXdbeg^hꢀꢁadghfjÉdcꢀaVꢀXdch^YƒgZꢀXdbbZꢀ  
jcꢀZchZbWaZꢂꢀaZꢀad\^X^ZaꢀYZꢀB^Xgdhd[iꢀhidX`‚ꢀhjgꢀaZꢀY^hfjZꢀYjgꢀZiꢀ  
ZbWVgfj‚ꢀYVchꢀaZhꢀb^XgdegdXZhhZjghꢀ|ꢀaÉ^ci‚g^ZjgꢀYZꢀaVꢀXdchdaZꢀ  
MWdm!ꢀZiꢀaZꢀbVi‚g^ZaꢀXdbeVi^WaZꢀVkZXꢀaVꢀMWdmꢀ[VWg^fj‚ꢀeVgꢀ  
B^Xgdhd[iꢀdjꢀZcꢀhdcꢀcdb!ꢀfjÉ^ahꢀhd^Zciꢀ^cXajhꢀVkZXꢀaVꢀXdchdaZꢀYZꢀ  
_Zjꢀk^Y‚dꢀMWdmꢀdjꢀVX]Zi‚hꢀh‚eVg‚bZci#  
(ꢀHjeeg^bZgꢀdjꢀgZi^gZgꢀaZhꢀÒX]^ZghꢀdjꢀYdcc‚ZhꢀfjZꢀkdjhꢀ  
Xdch^Y‚gZoꢀXdbbZꢀeg^k‚hꢀdjꢀXdcÒYZci^ZahꢀVkVciꢀYÉZckdnZgꢀaZꢀ  
egdYj^iꢀMWdmꢀ|ꢀB^Xgdhd[i#ꢀ  
AZꢀY‚[VjiꢀYZꢀhj^kgZꢀaZhꢀ^chigjXi^dchꢀfj^ꢀeg‚XƒYZciꢀeZjiꢀ  
dXXVh^dccZgꢀYZhꢀgZiVgYh!ꢀkdjhꢀ[dgXZgꢀ|ꢀZc\V\ZgꢀYZhꢀ[gV^hꢀ  
hjeea‚bZciV^gZhꢀdjꢀb„bZꢀVccjaZgꢀkdigZꢀ\VgVci^Z#ꢀ  
6#ꢀꢀ<6G6CI>:H  
8#ꢀꢀG:8DJGHꢀ:M8AJH>;#ꢀꢀ6jꢀXdjghꢀYZꢀaVꢀe‚g^dYZꢀYZꢀ\VgVci^Zꢀ  
Ziꢀhdjhꢀg‚hZgkZꢀYZhꢀad^hꢀVeea^XVWaZh!ꢀB^Xgdhd[iꢀYZkgV!ꢀ|ꢀhdcꢀ  
X]d^mꢀZiꢀXdbbZꢀkdigZꢀgZXdjghꢀZmXajh^[ꢀZcꢀXVhꢀYZꢀk^daVi^dcꢀYZꢀaVꢀ  
eg‚hZciZꢀ\VgVci^Zꢀa^b^i‚ZꢀdjꢀYZꢀidjiZꢀ\VgVci^Zꢀ^bea^X^iZꢀ/  
&ꢀ<VgVci^ZꢀZmegZhhZꢀYZꢀ.%ꢀ_djgh#ꢀꢀHdjhꢀg‚hZgkZꢀYZhꢀXdcY^i^dchꢀ  
\‚c‚gVaZhꢀYZꢀaVꢀeg‚hZciZꢀ\VgVci^Zꢀa^b^i‚Z!ꢀB^Xgdhd[iꢀkdjhꢀ  
\VgVci^i!ꢀ|ꢀkdjhꢀjc^fjZbZciꢀꢁaÉVX]ZiZjgꢀ^c^i^Vaꢂ!ꢀfjZꢀYVchꢀYZhꢀ  
XdcY^i^dchꢀcdgbVaZhꢀYÉji^a^hVi^dcꢀZiꢀYÉZcigZi^Zc!ꢀaZꢀegdYj^iꢀ  
MWdmꢀhZgVꢀZhhZci^ZaaZbZciꢀXdc[dgbZꢀ|ꢀXZꢀfj^ꢀZhiꢀ^cY^fj‚ꢀ  
YVchꢀaVꢀYdXjbZciVi^dcꢀ^beg^b‚ZꢀYZꢀY^gZXi^kZhꢀYÉji^a^hVi^dcꢀ  
fj^ꢀaÉVXXdbeV\cZ!ꢀZiꢀXZ!ꢀeZcYVciꢀjcꢀY‚aV^ꢀYZꢀ.%ꢀ_djghꢀ|ꢀeVgi^gꢀ  
YZꢀaVꢀYViZꢀ^cY^fj‚ZꢀhjgꢀkdigZꢀgZjꢀYZꢀXV^hhZꢀꢁaVꢀ»ꢀe‚g^dYZꢀYZꢀ  
\VgVci^Zꢀ¼ꢂ#ꢀꢀ  
&ꢀG‚eVgZgꢀdjꢀgZbeaVXZgꢀjcꢀegdYj^iꢀMWdmꢀY‚[ZXijZjm!ꢀdj  
'ꢀ6egƒhꢀaZꢀgZidjgꢀYZꢀkdigZꢀegdYj^iꢀMWdm!ꢀkdjhꢀ[V^gZꢀjcꢀeV^ZbZciꢀ  
hZꢀa^b^iVciꢀVjmꢀYdbbV\ZhꢀgV^hdccVWaZhꢀfjZꢀkdjhꢀVkZoꢀhjW^h!ꢀ  
bV^hꢀjc^fjZbZciꢀ_jhfjÉ|ꢀXdcXjggZcXZꢀYjꢀeg^mꢀYÉVX]ViꢀfjZꢀkdjhꢀ  
VkZoꢀeVn‚ꢀ|ꢀaÉ‚\VgYꢀYZꢀkdigZꢀegdYj^iꢀMWdm#ꢀ8ZꢀgZbWdjghZbZciꢀ  
eZjiꢀXdbedgiZgꢀjcZꢀY‚YjXi^dcꢀgZaVi^kZbZciꢀ|ꢀaVꢀY‚eg‚X^Vi^dcꢀZcꢀ  
[dcXi^dcꢀYZꢀaÉjhV\Zꢀg‚ZaꢀfjZꢀkdjhꢀVkZoꢀ[V^iꢀYjꢀegdYj^iꢀMWdm#  
'ꢀ<VgVci^Zꢀ^bea^X^iZ#ꢀꢀ>aꢀhZꢀeZjiꢀfjZꢀkdjhꢀ_dj^hh^Zoꢀ‚\VaZbZciꢀ  
YÉjcZꢀ\VgVci^ZꢀZi$djꢀXdcY^i^dcꢀ^bea^X^iZꢀZcꢀkZgijꢀYZhꢀad^hꢀYZꢀ  
XZgiV^chꢀiZgg^id^gZh!ꢀYdciꢀaVꢀYjg‚ZꢀZhiꢀeVgꢀaVꢀeg‚hZciZꢀa^b^i‚Zꢀ|ꢀ  
aVꢀe‚g^dYZꢀYZꢀ\VgVci^Z#ꢀ8ZgiV^chꢀiZgg^id^gZhꢀcZꢀeZgbZiiZciꢀeVhꢀ  
YZꢀa^b^iZgꢀaVꢀYjg‚ZꢀYÉjcZꢀ\VgVci^ZꢀdjꢀXdcY^i^dcꢀ^bea^X^iZ!ꢀYZꢀ  
hdgiZꢀfjZꢀaVꢀa^b^iVi^dcꢀX^"YZhhjhꢀeZjiꢀcZꢀeVhꢀhÉVeea^fjZgꢀ|ꢀkdjh#  
(ꢀAZhꢀe^ƒXZhꢀdjꢀaZꢀegdYj^iꢀMWdmꢀYZꢀgZbeaVXZbZciꢀhZgdciꢀcZj[hꢀ  
djꢀgZb^hꢀ|ꢀcZj[ꢀdjꢀYÉdXXVh^dcꢀbV^hꢀZcꢀ‚iViꢀYZꢀ[dcXi^dccZg!ꢀ  
d[[gVciꢀYZhꢀ[dcXi^dchꢀZiꢀeZg[dgbVcXZhꢀXdbeVgVWaZhꢀ|ꢀaVꢀe^ƒXZꢀ  
djꢀVjꢀegdYj^iꢀMWdmꢀYÉdg^\^cZꢀZiꢀhZgdciꢀ\VgVci^hꢀeZcYVciꢀaZꢀgZhiZꢀ  
YZꢀaVꢀe‚g^dYZꢀYZꢀ\VgVci^Zꢀ^c^i^VaZꢀdjꢀeZcYVciꢀ(%ꢀ_djghꢀVegƒhꢀaVꢀ  
YViZꢀYZꢀaÉZme‚Y^i^dcꢀYjꢀegdYj^iꢀMWdmꢀfj^ꢀkdjhꢀVꢀ‚i‚ꢀgZidjgc‚!ꢀ  
hZadcꢀaZꢀeajhꢀadc\ꢀYZꢀXZhꢀYZjmꢀY‚aV^h#  
EdjgꢀXZꢀfj^ꢀZhiꢀYZhꢀk^XZhꢀY‚XdjkZgihꢀVegƒhꢀaVꢀe‚g^dYZꢀYZꢀ  
\VgVci^Z!ꢀ^aꢀcÉnꢀVꢀeVhꢀYZꢀ\VgVci^ZꢀdjꢀXdcY^i^dcꢀYZꢀfjZafjZꢀcVijgZꢀ  
fjZꢀXZꢀhd^i#ꢀꢀ  
)ꢀB^Xgdhd[iꢀeZji!ꢀ|ꢀhdcꢀZci^ƒgZꢀY^hXg‚i^dc!ꢀX]d^h^gꢀYZꢀ  
gZbeaVXZgꢀaZꢀY^hfjZꢀYjgꢀfjZꢀgZc[ZgbZꢀkdigZꢀegdYj^iꢀ  
MWdmꢀb„bZꢀh^ꢀXZaVꢀZcigVˆcZꢀaVꢀeZgiZꢀYZꢀYdcc‚Zh#ꢀKDJHꢀ  
8DCK:C:OꢀFJ:ꢀB>8GDHD;IꢀCÉ:HIꢀE6HꢀG:HEDCH67A:ꢀ  
:CK:GHꢀKDJHꢀ9:ꢀA6ꢀE:GI:ꢀ9:ꢀKDHꢀ9DCCw:H#  
7#ꢀꢀD7I:CI>DCꢀ9JꢀH:GK>8:ꢀ9:ꢀ<6G6CI>:#ꢀꢀEdjgꢀgZXZkd^gꢀaZhꢀ  
^chigjXi^dchꢀfjVciꢀ|ꢀaÉdWiZci^dcꢀYZhꢀhZgk^XZhꢀYZꢀg‚eVgVi^dcꢀdjꢀ  
YZꢀgZbeaVXZbZciꢀd[[ZgihꢀVjmꢀiZgbZhꢀYZꢀaVꢀ\VgVci^Z!ꢀkdjhꢀYZkZoꢀ  
XdbedhZgꢀaZhꢀcjb‚gdhꢀhj^kVcihꢀ/  
6jmꢀwiVih"Jc^h!ꢀYVchꢀaZhꢀiZgg^id^gZhꢀVb‚g^XV^ch!ꢀ  
ZiꢀVjꢀ8VcVYVꢀ/ꢀ &ꢀ-%%ꢀ)BNM7DMꢀꢁ&ꢀ-%%ꢀ)+.".'+.ꢂ  
*ꢀ6egƒhꢀaÉZme^gVi^dcꢀYZꢀaVꢀe‚g^dYZꢀYZꢀ\VgVci^Z!ꢀB^Xgdhd[iꢀ  
eZjiꢀkdjhꢀ^bejiZgꢀYZhꢀ[gV^hꢀgZaVi^kZbZciꢀ|ꢀhZhꢀZ[[dgihꢀedjgꢀ  
Y^V\cdhi^fjZgꢀZiꢀXdgg^\ZgꢀidjiꢀegdWaƒbZꢀgZa^‚ꢀVjꢀegdYj^iꢀMWdm#  
Ji^a^hViZjghꢀbVaZciZcYVcihꢀ/ꢀ  
6jmꢀwiVih"Jc^h!ꢀYVchꢀaZhꢀiZgg^id^gZhꢀVb‚g^XV^ch!ꢀ  
ZiꢀVjꢀ8VcVYVꢀ/ꢀ &ꢀ-++ꢀ,)%".'+.ꢀdjꢀ&ꢀ)'*ꢀ+(*",&%'  
+ꢀB^Xgdhd[iꢀY‚ead^ZgVꢀYZhꢀZ[[dgihꢀgV^hdccVWaZhꢀZjꢀ‚\VgYꢀ  
VjmꢀjhV\ZhꢀYjꢀXdbbZgXZꢀedjgꢀY^V\cdhi^fjZgꢀZiꢀiZciZgꢀYZꢀ  
Xdgg^\ZgꢀaZhꢀk^XZhꢀYjꢀegdYj^iꢀMWdmꢀfj^ꢀhdciꢀXdjkZgihꢀeVgꢀ  
aVꢀeg‚hZciZꢀ\VgVci^Zꢀa^b^i‚Zꢀdjꢀhj\\‚gZgꢀYZhꢀhdaji^dchꢀ|ꢀ  
aZjgꢀ‚\VgY#ꢀB>8GDHD;IꢀC:ꢀ9DCC:ꢀ6J8JC:ꢀ<6G6CI>:ꢀ  
G:A6I>K:B:CIꢀ¿ꢀH:HꢀH:GK>8:Hꢀ6JMꢀI:GB:Hꢀ9:ꢀA6ꢀ  
<6G6CI>:ꢀ:I!ꢀH>ꢀ8:ꢀCÉ:HIꢀ9:ꢀA6ꢀE=G6H:ꢀFJ>ꢀEGw8Ý9:!ꢀ  
9wC>:ꢀIDJI:ꢀD7A><6I>DCꢀꢁA:ꢀ86Hꢀw8=w6CIꢂꢀ9É:;;DGIHꢀ  
9wEADNwHꢀH:ADCꢀA:HꢀGÝ<A:Hꢀ9:ꢀAÉ6GIꢀDJꢀ9É67H:C8:ꢀ9:ꢀ  
Cw<A><:C8:#  
KdjhꢀYZkZoꢀ‚\VaZbZciꢀ/ꢀ  
&ꢀEg‚hZciZgꢀjcZꢀegZjkZꢀYÉVX]ViꢀhdjhꢀaVꢀ[dgbZꢀYÉjcꢀXdcigViꢀYZꢀ  
kZciZ!ꢀYÉjcꢀgZjꢀdjꢀYÉjcZꢀ[VXijgZꢀꢁdjꢀYÉjcZꢀXde^ZꢂꢀVji]Zci^fjZꢀ  
ZiꢀYVi‚!ꢀViiZhiVciꢀfjZꢀkdigZꢀYZbVcYZꢀYZꢀhZgk^XZꢀZhiꢀ[V^iZꢀVjꢀ  
XdjghꢀYZꢀaVꢀe‚g^dYZꢀYZꢀ\VgVci^Z#  
'ꢀHj^kgZꢀaZhꢀ^chigjXi^dchꢀYÉZme‚Y^i^dcꢀZiꢀaZhꢀVjigZhꢀY^gZXi^kZhꢀ  
YZꢀB^Xgdhd[iꢀh^ꢀXZiiZꢀYZgc^ƒgZꢀ‚iVWa^iꢀfjZꢀaVꢀidiVa^i‚ꢀdjꢀjcZꢀ  
eVgi^ZꢀYZꢀkdigZꢀegdYj^iꢀMWdmꢀYd^iꢀ„igZꢀgZidjgc‚ꢀ|ꢀYZhꢀÒchꢀYZꢀ  
g‚eVgVi^dcꢀdjꢀYZꢀgZbeaVXZbZci#ꢀEdjgꢀedjkd^gꢀdWiZc^gꢀaZꢀhZgk^XZꢀ  
YZꢀ\VgVci^Z!ꢀkdjhꢀYZkZoꢀVeedgiZgꢀaZꢀegdYj^iꢀMWdmꢀ|ꢀaÉZcYgd^iꢀ  
^cY^fj‚ꢀeVgꢀB^Xgdhd[iꢀdjꢀaZꢀ[V^gZꢀeVgkZc^gꢀ|ꢀXZiꢀZcYgd^iꢀedgiꢀeVn‚ꢀ  
9#ꢀꢀ67H:C8:ꢀ9É6JIG:ꢀ<6G6CI>:#ꢀꢀAVꢀ\VgVci^ZꢀZmegZhhZꢀ  
‚cdcX‚ZꢀYVchꢀaVꢀeVgi^Zꢀ6ꢀX^"YZhhjhꢀZhiꢀaVꢀhZjaZꢀ\VgVci^Zꢀ  
ZmegZhhZꢀfj^ꢀkdjhꢀZhiꢀYdcc‚ZꢀZiꢀgZbeaVXZꢀidjiZhꢀaZhꢀVjigZhꢀ  
\VgVci^ZhꢀZiꢀXdcY^i^dchꢀꢁaZꢀXVhꢀ‚X]‚VciꢂꢀZmegZhhZhꢀdjꢀ^bea^X^iZh!ꢀ  
 
;G6Cv6>H  
(.  
]iie/$$lll#mWdm#Xdb  
<6G6CI>:  
cdiVbbZciꢀXZaaZhꢀfj^ꢀhdciꢀXg‚‚ZhꢀeVgꢀidjiꢀVjigZꢀYdXjbZciꢀdjꢀ  
ZbWVaaV\Z#ꢀ6jXjcZꢀVjigZꢀ\VgVci^ZꢀdjꢀXdcY^i^dcꢀcÉZhiꢀYdcc‚Zꢀ  
gZaVi^kZbZciꢀVjꢀegdYj^iꢀMWdmꢀdjꢀVjmꢀhZgk^XZhꢀYZꢀ\VgVci^ZꢀeVgꢀ  
fj^XdcfjZ!ꢀcdiVbbZciꢀB^Xgdhd[iꢀZiꢀhZhꢀ[djgc^hhZjgh#ꢀ6jXjcZꢀ  
^c[dgbVi^dcꢀꢁkZgWVaZꢀdjꢀ‚Xg^iZꢂꢀdjꢀhj\\Zhi^dcꢀYdcc‚ZꢀeVgꢀ  
B^Xgdhd[i!ꢀhZhꢀV\Zcihꢀdjꢀ[djgc^hhZjghꢀdjꢀaZjghꢀZbeadn‚hꢀ  
gZheZXi^[h!ꢀcZꢀXg‚ZꢀYZꢀ\VgVci^ZꢀdjꢀXdcY^i^dcꢀc^ꢀcÉ‚aVg\^iꢀaVꢀ  
edgi‚ZꢀYZꢀaVꢀeg‚hZciZꢀ\VgVci^Zꢀa^b^i‚Z#ꢀ9Zꢀeajh!ꢀ^aꢀcÉnꢀVꢀeVhꢀ  
YZꢀ\VgVci^ZꢀdjꢀXdcY^i^dcꢀYZꢀYgd^iꢀYZꢀegdeg^‚i‚!ꢀYZꢀ_dj^hhVcXZꢀ  
eV^h^WaZꢀdjꢀYÉVWhZcXZꢀYZꢀXdcigZ[Vdcꢀ|ꢀaÉ‚\VgYꢀYjꢀegdYj^iꢀMWdm#ꢀ  
KdjhꢀedjkZoꢀ_dj^gꢀYZꢀYgd^ihꢀeajhꢀ‚iZcYjhꢀZcꢀkZgijꢀYZhꢀad^hꢀ  
Veea^XVWaZhꢀYVchꢀkdigZꢀiZgg^id^gZ#ꢀ9VchꢀaZꢀXVhꢀd‘ꢀjcZꢀbdYVa^i‚ꢀ  
YZꢀaVꢀeg‚hZciZꢀ\VgVci^Zꢀa^b^i‚ZꢀhZgV^iꢀ^ciZgY^iZꢀZcꢀkZgijꢀYZꢀXZhꢀ  
ad^h!ꢀZaaZꢀZhiꢀcjaaZꢀZiꢀhVchꢀZ[[Zi!ꢀbV^hꢀaZꢀgZhiZꢀYZꢀaVꢀ\VgVci^Zꢀ  
a^b^i‚ZꢀXdci^cjZꢀYÉ„igZꢀeaZ^cZbZciꢀZcꢀk^\jZjg#  
9:ꢀ9DCCw:HꢀDJꢀ¿ꢀA6ꢀK>DA6I>DCꢀ9:ꢀA6ꢀK>:ꢀEG>Kw:ꢀDJꢀ  
9:ꢀA6ꢀ8DC;>9:CI>6A>Iw!ꢀ¿ꢀIDJI:ꢀ>C86E68>Iwꢀ9ÉJI>A>H:Gꢀ  
A6ꢀIDI6A>IwꢀDJꢀJC:ꢀE6GI>:ꢀ9JꢀEGD9J>IꢀM7DM!ꢀ¿ꢀIDJIꢀ  
EGw?J9>8:ꢀE:GHDCC:AꢀDJꢀ¿ꢀIDJIꢀ9w;6JIꢀ9:ꢀHÉ68FJ>II:Gꢀ  
9ÉJCꢀ9:KD>GꢀꢁCDI6BB:CIꢀ¿ꢀIDJI:ꢀ67H:C8:ꢀ9:ꢀ  
Cw<A><:C8:ꢀDJꢀ9É:;;DGIHꢀ9wEADNwHꢀH:ADCꢀA:HꢀGÝ<A:Hꢀ9:ꢀ  
AÉ6GIꢂ0ꢀDJ  
ꢁ^^^ꢂꢀ9:Hꢀ9DBB6<:Hꢀ>C9>G:8IH!ꢀHE‚8>6JMꢀDJꢀEJC>I>;H0  
H:ꢀG6EEDGI6CIꢀ9:ꢀFJ:AFJ:ꢀB6C>ÝG:ꢀFJ:ꢀ8:ꢀHD>Iꢀ6Jꢀ  
EGD9J>IꢀM7DMꢀDJꢀ:Cꢀ9‚8DJA6CI#ꢀA6ꢀ9>HEDH>I>DCꢀ  
FJ>ꢀEGw8Ý9:ꢀHÉ6EEA>FJ:ꢀBÚB:ꢀH>ꢀB>8GDHD;IꢀDJꢀ  
IDJIꢀ;DJGC>HH:JGꢀDJꢀ6<:CIꢀ6ꢀwIwꢀ>C;DGBwꢀ9:ꢀA6ꢀ  
EDHH>7>A>Iwꢀ9:ꢀ8:HꢀE:GI:HꢀDJꢀ9DBB6<:H!ꢀBÚB:ꢀ:Cꢀ86Hꢀ  
9:ꢀ;6JI:!ꢀ9:ꢀ9wA>Iꢀ8>K>AꢀꢁNꢀ8DBEG>HꢀA6ꢀCw<A><:C8:ꢂ!ꢀ9:ꢀ  
G:HEDCH67>A>IwꢀHIG>8I:ꢀDJꢀ9:ꢀG:HEDCH67>A>Iwꢀ8>K>A:ꢀ  
9:ꢀEGD9J>IH!ꢀ9:ꢀ9w8A6G6I>DCꢀ;6JHH:ꢀDJꢀIGDBE:JH:ꢀDJꢀ  
9É6JIG:HꢀG6>HDCH!ꢀ:IꢀBÚB:ꢀH>ꢀIDJIꢀG:8DJGHꢀB6CFJ:ꢀ  
HDCꢀ7JIꢀ:HH:CI>:A#ꢀ8ZgiV^chꢀiZgg^id^gZhꢀcZꢀeZgbZiiZciꢀeVhꢀ  
YÉZmXajgZꢀdjꢀYZꢀa^b^iZgꢀaZhꢀYdbbV\Zhꢀ^cY^gZXihꢀdjꢀVXXZhhd^gZh!ꢀ  
YZꢀhdgiZꢀfjZꢀaZhꢀa^b^iVi^dchꢀdjꢀZmXajh^dchꢀX^"YZhhjhꢀeZjkZciꢀcZꢀ  
eVhꢀhÉVeea^fjZgꢀ|ꢀkdjh#  
:#ꢀꢀ:M8AJH>DCHꢀ9:ꢀA6ꢀ<6G6CI>:ꢀA>B>Iw:#ꢀꢀAVꢀeg‚hZciZꢀ  
\VgVci^Zꢀa^b^i‚ZꢀcZꢀhÉVeea^fjZꢀeVhꢀZiꢀB^Xgdhd[iꢀcÉVꢀVjXjcZꢀ  
dWa^\Vi^dcꢀVjmꢀiZgbZhꢀYZꢀaVꢀeg‚hZciZꢀ\VgVci^Zꢀa^b^i‚Zꢀh^ꢀaZꢀ  
egdYj^iꢀMWdmꢀ/  
&ꢀZhiꢀji^a^h‚ꢀVkZXꢀYZhꢀegdYj^ihꢀfj^ꢀcZꢀhdciꢀeVhꢀkZcYjhꢀdjꢀ  
XdcX‚Y‚hꢀhdjhꢀa^XZcXZꢀeVgꢀB^Xgdhd[iꢀꢁcdiVbbZciꢀYZhꢀ_Zjmꢀ  
ZiꢀY^hedh^i^[hꢀYÉZcg^X]^hhZbZciꢀYZꢀ_Zjm!ꢀVYVeiViZjghꢀZiꢀ  
Va^bZciVi^dchꢀcdcꢀXdcX‚Y‚hꢀhdjhꢀa^XZcXZꢂꢀdjꢀfj^ꢀcZꢀhdciꢀeVgꢀ  
V^aaZjghꢀeVhꢀXdbeVi^WaZh0  
<#ꢀꢀ8DC9>I>DCHꢀHJEEAwB:CI6>G:H  
&ꢀAZꢀad\^X^Zaꢀ^cXajhꢀVkZXꢀaZꢀegdYj^iꢀMWdmꢀkdjhꢀZhiꢀXdcX‚Y‚ꢀhdjhꢀ  
a^XZcXZꢀZiꢀcdcꢀkZcYj#ꢀKdjhꢀY‚iZcZoꢀaVꢀa^XZcXZꢀYÉji^a^hVi^dcꢀ  
YZꢀXZꢀad\^X^Zaꢀjc^fjZbZciꢀ|ꢀaÉ‚\VgYꢀYZꢀkdigZꢀegdYj^iꢀMWdmꢀZiꢀ  
kdjhꢀcZꢀedjkZoꢀeVhꢀZcꢀ[V^gZꢀaZꢀY‚hdhhV\Z!ꢀhVj[ꢀYVchꢀaZhꢀXVhꢀ  
ZmegZhh‚bZciꢀVjidg^h‚hꢀeVgꢀaVꢀad^ꢀVeea^XVWaZꢀbVa\g‚ꢀaVꢀeg‚hZciZꢀ  
a^b^iVi^dc#  
'ꢀZhiꢀji^a^h‚ꢀ|ꢀYZhꢀÒchꢀXdbbZgX^VaZhꢀꢁnꢀXdbeg^hꢀaVꢀadXVi^dcꢀdjꢀaZꢀ  
Xg‚Y^i"WV^aꢂ0ꢀ  
(ꢀZhiꢀbdY^Ò‚ꢀdjꢀigVÒfj‚0  
'ꢀKdigZꢀegdYj^iꢀMWdmꢀZiꢀhZhꢀXdbedhVcihꢀ^ciZgcZhꢀhdciꢀcZj[hꢀ  
hj^kVciꢀaZhꢀcdgbZhꢀYZꢀaÉ^cYjhig^Z!ꢀ|ꢀbd^chꢀYÉ^cY^XVi^dcꢀXdcigV^gZꢀ  
hjgꢀaÉZbWVaaV\ZꢀYjꢀegdYj^iꢀMWdmꢀkZcYjꢀVjꢀY‚iV^aꢀ^cY^fjVciꢀ  
»ꢀgZb^hꢀ|ꢀcZj[ꢀ¼#  
)ꢀZhiꢀZcYdbbV\‚ꢀZcꢀgV^hdcꢀYZꢀXVhꢀ[dgij^i!ꢀhVjiZꢀYZꢀej^hhVcXZ!ꢀ  
YÉji^a^hVi^dcꢀVWjh^kZ!ꢀYZꢀc‚\a^\ZcXZ!ꢀYÉVXX^YZci!ꢀYÉjhjgZ!ꢀYZꢀ  
bVcjiZci^dcꢀ^cVY‚fjViZ!ꢀYZꢀY‚idjgcZbZciꢀdjꢀYÉVjigZhꢀbdi^[hꢀ  
cÉVnVciꢀeVhꢀigV^iꢀ|ꢀYZhꢀk^XZhꢀYZꢀbVi‚g^VjmꢀdjꢀYZꢀ[VWg^XVi^dc0  
(ꢀKdjhꢀXdckZcZoꢀYZꢀgZheZXiZgꢀaÉZchZbWaZꢀYZhꢀad^hꢀZiꢀ  
gƒ\aZbZcihꢀVeea^XVWaZhꢀZcꢀbVi^ƒgZꢀYÉZmedgiVi^dcꢀh^ꢀkdjhꢀ  
ZmedgiZoꢀaZꢀegdYj^iꢀ]dghꢀYZhꢀwiVih"Jc^hꢀdjꢀYjꢀ8VcVYV#  
*ꢀkd^iꢀhdcꢀcjb‚gdꢀYZꢀh‚g^ZꢀY‚Ò\jg‚!ꢀbdY^Ò‚ꢀdjꢀgZi^g‚0  
+ꢀZhiꢀZcYdbbV\‚ꢀeVgꢀYZhꢀegd\gVbbZh!ꢀYdcc‚Zh!ꢀk^gjhꢀdjꢀ  
ÒX]^Zgh!ꢀdjꢀVjꢀXdjghꢀYZꢀaÉZme‚Y^i^dc0  
)ꢀAVꢀeg‚hZciZꢀ\VgVci^Zꢀa^b^i‚ZꢀcZꢀhÉVeea^fjZꢀfjÉ|ꢀaÉVX]ZiZjgꢀ  
^c^i^VaꢀZiꢀcZꢀeZjiꢀ„igZꢀX‚Y‚ZꢀdjꢀigVch[‚g‚Z#ꢀIdjiZ[d^h!ꢀXZgiV^chꢀ  
iZgg^id^gZhꢀVXXdgYZciꢀaVꢀegdiZXi^dcꢀYZhꢀ\VgVci^Zhꢀ^bea^X^iZhꢀVjmꢀ  
XdchdbbViZjghꢀjai‚g^Zjgh!ꢀYZꢀhdgiZꢀfjZꢀaVꢀeg‚hZciZꢀa^b^iVi^dcꢀ  
eZjiꢀcZꢀeVhꢀhÉVeea^fjZgꢀ|ꢀkdjh#  
,ꢀcÉZhiꢀeVhꢀji^a^h‚ꢀXdc[dgb‚bZciꢀ|ꢀaVꢀYdXjbZciVi^dcꢀZiꢀVjmꢀ  
^chigjXi^dchꢀYÉji^a^hVi^dcꢀfj^ꢀnꢀhdciꢀ_d^ciZh0  
-ꢀZhiꢀg‚eVg‚!ꢀbdY^Ò‚ꢀdjꢀigVch[dgb‚ꢀeVgꢀYÉVjigZhꢀXZcigZhꢀYZꢀ  
g‚eVgVi^dcꢀfjZꢀaZhꢀXZcigZhꢀVjidg^h‚hꢀYZꢀB^Xgdhd[i#  
=#ꢀꢀAD>Hꢀ6EEA>867A:H#ꢀꢀAVꢀeg‚hZciZꢀ\VgVci^Zꢀa^b^i‚ZꢀcÉZhiꢀ  
kVa^YZꢀfjÉVjmꢀwiVih"Jc^hꢀYÉ6b‚g^fjZꢀZiꢀVjꢀ8VcVYV#ꢀH^ꢀkdjhꢀ  
VkZoꢀVXfj^hꢀaZꢀegdYj^iꢀVjmꢀwiVih"Jc^h!ꢀaZhꢀad^hꢀYZꢀaÉwiViꢀYZꢀ  
LVh]^c\idcꢀꢁJ#H#6#ꢂꢀhÉVeea^fjZciꢀ|ꢀaVꢀeg‚hZciZꢀ\VgVci^Zꢀa^b^i‚Z#ꢀ  
AVꢀeg‚hZciZꢀ\VgVci^Zꢀa^b^i‚ZꢀcZꢀhÉVeea^fjZꢀeVhꢀ|ꢀkdhꢀYdcc‚Zh!ꢀ  
Vjmꢀad\^X^ZahꢀY^hi^cXihꢀdjꢀVjmꢀ_ZjmꢀMWdm!ꢀfjÉ^ahꢀhd^Zciꢀdjꢀcdcꢀ  
ZbWVaa‚hꢀdjꢀ^cXajhꢀVkZXꢀaZꢀegdYj^iꢀMWdm!ꢀc^ꢀVjmꢀVXXZhhd^gZhꢀdjꢀ  
e‚g^e]‚g^fjZhꢀMWdmꢀfj^ꢀcZꢀhdciꢀeVhꢀ[VWg^fj‚hꢀeVgꢀB^Xgdhd[iꢀdjꢀ  
Zcꢀhdcꢀcdb#  
H^ꢀkdjhꢀVkZoꢀVXfj^hꢀaZꢀegdYj^iꢀVjꢀ8VcVYV!ꢀhVj[ꢀZcꢀXVhꢀ  
YÉ^ciZgY^Xi^dcꢀZmegZhh‚bZciꢀeg‚kjZꢀeVgꢀaZhꢀad^hꢀadXVaZh!ꢀaZhꢀad^hꢀ  
Zcꢀk^\jZjgꢀYVchꢀaVꢀegdk^cXZꢀYÉDciVg^dꢀꢁ8VcVYVꢂꢀhÉVeea^fjZci#  
;#ꢀꢀ:M8AJH>DCꢀ9:Hꢀ9DBB6<:Hꢀ688:HHD>G:H!ꢀ>C9>G:8IHꢀ  
:Iꢀ9:ꢀ8:GI6>CHꢀ6JIG:Hꢀ9DBB6<:HꢀZiꢀA>B>I6I>DCꢀ9:ꢀ  
G:HEDCH67>A>Iwꢀ  
>#ꢀꢀFJ:HI>DCH4ꢀꢀꢀKZj^aaZoꢀXdbedhZgꢀaZꢀ&ꢀ-%%ꢀ)BNM7DMꢀ  
ꢁ&ꢀ-%%ꢀ)+.".'+.ꢂꢀVjmꢀwiVih"Jc^h!ꢀYVchꢀaZhꢀiZgg^id^gZhꢀVb‚g^XV^chꢀ  
ZiꢀVjꢀ8VcVYV#ꢀ  
96CHꢀA6ꢀB:HJG:ꢀB6M>B6A:ꢀE:GB>H:ꢀE6GꢀA6ꢀAD>!ꢀB>8GDHD;Iꢀ  
CÉ:HIꢀ:Cꢀ6J8JCꢀ86HꢀG:HEDCH67A:ꢀ/  
ꢁ^ꢂꢀꢀ9:Hꢀ9DBB6<:Hꢀ688:HHD>G:HꢀDJꢀ>C9>G:8IH0  
ꢁ^^ꢂꢀ9:Hꢀ9DBB6<:HꢀDJꢀE:GI:Hꢀ9:ꢀFJ:AFJ:ꢀC6IJG:ꢀFJ:ꢀ  
8:ꢀHD>IꢀG:A6I>K:B:CIꢀ6JꢀB6CFJ:ꢀ¿ꢀ<6<C:G!ꢀ¿ꢀA6ꢀE:GI:ꢀ  
AVꢀeg‚hZciZꢀ\VgVci^Zꢀa^b^i‚ZꢀkdjhꢀVXXdgYZꢀYZhꢀYgd^ihꢀeg‚X^hꢀZcꢀ  
kZgijꢀYZꢀaVꢀad^!ꢀZiꢀkdjhꢀedjkZoꢀ‚\VaZbZciꢀ_dj^gꢀYÉVjigZhꢀYgd^ih!ꢀ  
aZhfjZahꢀkVg^ZciꢀYÉjcꢀiZgg^id^gZꢀ|ꢀjcꢀVjigZ#  
 
)%  
;G6Cv6>H  
]iie/$$lll#mWdm#Xdb  
<J>9:ꢀ9:ꢀ8A6HH>;>86I>DCꢀ:HG7  
:cꢀiVciꢀfjZꢀeVgZci!ꢀVkZo"kdjhꢀaZꢀhZci^bZciꢀYZꢀcZꢀeVhꢀ  
hVkd^gꢀXZꢀfjZꢀXdci^ZccZciꢀXZhꢀ_Zjmꢀk^Y‚dꢀZiꢀhjgꢀdgY^cViZjgꢀ  
VjmfjZahꢀkdhꢀZc[VcihꢀV^bZciꢀ_djZg4ꢀ6kZo"kdjhꢀWZhd^cꢀYZꢀ  
eajhꢀYꢄ^c[dgbVi^dcꢀVjꢀhj_ZiꢀYZhꢀh^iZhꢀLZWꢀZiꢀYZhꢀ_Zjmꢀ  
^ciZgVXi^[hꢀfj^ꢀXdck^ZccZciꢀ|ꢀkdigZꢀZc[Vci4  
:8ꢀ"ꢀ:6GANꢀ8=>A9=DD9ꢀ  
ꢁ_ZjcZhꢀZc[Vcihꢂ  
AZꢀXdciZcjꢀXdck^Zciꢀ|ꢀYZhꢀeZghdccZhꢀ}\‚ZhꢀYZꢀ(ꢀ  
VchꢀZiꢀeajh#ꢀ>aꢀcZꢀXdci^Zciꢀg^ZcꢀedjkVciꢀ„igZꢀ_j\‚ꢀ  
cdcꢀVeegdeg^‚ꢀeVgꢀaZhꢀeVgZcih#  
AZꢀXdcigaZꢀZhiꢀZcigZꢀkdhꢀbV^ch#  
:ꢀ"ꢀ:K:GNDC:ꢀꢁidjhꢀejWa^Xhꢂ  
K‚g^ÒXVi^dcꢀYZꢀaVꢀXaVhh^ÒXVi^dc  
AZꢀXdciZcjꢀXdck^Zciꢀ|ꢀYZhꢀeZghdccZhꢀ}\‚ZhꢀYZꢀ+ꢀ  
VchꢀZiꢀeajh#ꢀ>aꢀeZjiꢀXdbedgiZgꢀjcꢀeZjꢀYZꢀk^daZcXZꢀ  
ZiꢀfjZafjZhꢀb‚[V^ihꢀ]jbdg^hi^fjZhꢀdjꢀjcꢀaVc\V\Zꢀ  
\gdhh^Zg#  
AꢃZbWVaaV\ZꢀYZꢀegZhfjZꢀidjhꢀaZhꢀ_Zjmꢀk^Y‚dꢀZiꢀedjgꢀdgY^cViZjgꢀ  
XdbedgiZꢀjcꢀhnbWdaZꢀYZꢀXaVhh^ÒXVi^dcꢀZiꢀjcZꢀYZhXg^ei^dcꢀYjꢀ  
XdciZcj#ꢀAZꢀhnbWdaZꢀYZꢀXaVhh^ÒXVi^dcꢀkdjhꢀ^cY^fjZꢀ|ꢀfjZaꢀ  
\gdjeZꢀYꢃ}\ZhꢀaZꢀ_ZjꢀhꢃVYgZhhZ#ꢀAVꢀYZhXg^ei^dcꢀeg‚hZciZꢀaZꢀ  
XdciZcjꢀYjꢀ_Zj#  
Iꢀ"ꢀI::CꢀꢁVYdaZhXZcihꢂ  
AZꢀXdciZcjꢀXdck^Zciꢀ|ꢀYZhꢀeZghdccZhꢀ}\‚ZhꢀYZꢀ  
&(ꢀVchꢀZiꢀeajh#ꢀEZjiꢀXdciZc^gꢀYZꢀaVꢀk^daZcXZ!ꢀjcꢀ  
aVc\V\ZꢀbdY‚g‚ꢀdjꢀ\gdhh^ZgꢀZiꢀꢁdjꢂꢀYZhꢀi]ƒbZhꢀ  
hj\\Zhi^[h#  
Edjgfjd^ꢀjcꢀhnhiƒbZꢀYZꢀXaVhh^ÒXVi^dc4  
AZꢀhnhiƒbZꢀYZꢀXaVhh^ÒXVi^dcꢀZhiꢀjcZꢀ[Vdcꢀ^beVgi^VaZꢀZiꢀ  
jc^[dgb^h‚ZꢀYZꢀkdjhꢀV^YZgꢀ|ꢀY‚iZgb^cZgꢀh^ꢀjcꢀ_ZjꢀXdck^Zciꢀ  
|ꢀkdigZꢀZc[Vci#ꢀAZhꢀXaVhh^ÒXVi^dchꢀhdciꢀY‚iZgb^c‚ZhꢀeVgꢀ  
aꢃ:ciZgiV^cbZciꢀHd[ilVgZꢀGVi^c\ꢀ7dVgYꢀꢁ:HG7ꢂ!ꢀjcꢀWjgZVjꢀ  
^cY‚eZcYVciꢀb^hꢀhjgꢀe^ZYꢀVkZXꢀaꢃVeej^ꢀYZꢀaꢃ^cYjhig^ZꢀYZhꢀ_Zjmꢀ  
k^Y‚dꢀZiꢀedjgꢀdgY^cViZjg#  
Bꢀ"ꢀB6IJG:ꢀꢁ&,ꢀVchꢀZiꢀeajhꢂ  
AZꢀXdciZcjꢀXdck^Zciꢀ|ꢀYZhꢀeZghdccZhꢀ}\‚ZhꢀYZꢀ  
&,ꢀVchꢀZiꢀeajh#ꢀEZjiꢀXdciZc^gꢀYZhꢀi]ƒbZhꢀhZmjZahꢀ  
VYjaiZhꢀdjꢀeajhꢀk^daZcihꢀdjꢀjcꢀaVc\V\Zꢀeajhꢀ  
\gdhh^Zg#  
9ZhXg^ei^dcꢀYjꢀXdciZcj  
DjigZꢀaVꢀXaVhh^ÒXVi^dc!ꢀ^aꢀZhiꢀ^bedgiVciꢀYZꢀa^gZꢀaVꢀYZhXg^ei^dcꢀ  
YjꢀXdciZcjꢀYVchꢀaꢃZcXVYg‚ꢀcd^gꢀZiꢀWaVcXꢀVjꢀYdhꢀYZꢀaꢃZbWVaaV\Zꢀ  
Yjꢀ_Zj#ꢀ8ZiiZꢀYZhXg^ei^dcꢀYdccZꢀeajhꢀYZꢀgZchZ^\cZbZcihꢀhjgꢀaZꢀ  
egdYj^iꢀZcꢀXZꢀfj^ꢀVꢀigV^iꢀ|ꢀaVꢀk^daZcXZ!ꢀVjmꢀi]ƒbZhꢀ|ꢀXVgVXiƒgZꢀ  
hZmjZa!ꢀVjꢀaVc\V\Zꢀji^a^h‚ꢀV^ch^ꢀfjꢃ|ꢀYꢃVjigZhꢀVheZXihꢀYꢃ^ci‚g„iꢀ  
edjgꢀXZgiV^chꢀXdchdbbViZjgh#ꢀH^ꢀaꢃZbWVaaV\ZꢀcZꢀXdbedgiZꢀ  
VjXjcZꢀYZhXg^ei^dcꢀYjꢀXdciZcjꢀVjꢀYdh!ꢀXZaVꢀh^\c^ÒZꢀfjZꢀaZꢀ  
GVi^c\ꢀ7dVgYꢀXdch^YƒgZꢀfjZꢀaZꢀegdYj^iꢀcZꢀeg‚hZciZꢀVjXjcꢀ  
XdciZcjꢀb‚g^iVciꢀYꢃ„igZꢀhdja^\c‚#  
G6I>C<ꢀE:C9>C<ꢀ  
ꢁZcꢀViiZciZꢀYZꢀXaVhh^ÒXVi^dcꢂ  
AZꢀegdYj^iꢀVꢀ‚i‚ꢀhdjb^hꢀ|ꢀaꢃ:HG7ꢀZiꢀZhiꢀZcꢀViiZciZꢀ  
YZꢀXaVhh^ÒXVi^dc#  
6Dꢀ"ꢀ69JAIHꢀDCANꢀꢁVYjaiZhꢂ  
AZꢀXdciZcjꢀXdck^Zciꢀjc^fjZbZciꢀVjmꢀVYjaiZh#ꢀ  
EZjiꢀXdbedgiZgꢀYZhꢀgZeg‚hZciVi^dchꢀ\gVe]^fjZhꢀ|ꢀ  
XVgVXiƒgZꢀhZmjZaꢀZiꢀꢁdjꢂꢀk^daZci#ꢀCZꢀXdck^ZciꢀeVhꢀ  
VjmꢀeZghdccZhꢀ}\‚ZhꢀYZꢀbd^chꢀYZꢀ&-ꢀVch#  
8dciVXiZo"cdjh  
Aꢃ:HG7ꢀd[[gZꢀjcꢀcjb‚gdꢀYꢃVeeZaꢀhVchꢀ[gV^hꢀꢁVjmꢀwiVih"Jc^hꢀZiꢀVjꢀ  
8VcVYVꢀhZjaZbZciꢂ!ꢀaZꢀ&ꢀ-%%ꢀ,,&":HG7ꢀꢁ(,,'ꢂ!ꢀZiꢀjcꢀh^iZꢀLZW!ꢀ  
|ꢀaꢃVYgZhhZꢀ]iie/$$lll#ZhgW#dg\!ꢀVÒcꢀYZꢀeZgbZiigZꢀVjmꢀeVgZcihꢀ  
ZiꢀVjmꢀXdchdbbViZjghꢀYꢃdWiZc^gꢀaꢃ^c[dgbVi^dcꢀYZꢀXaVhh^ÒXVi^dcꢀ  
aVꢀeajhꢀg‚XZciZ#ꢀ8ZhꢀhZgk^XZhꢀhdciꢀ‚\VaZbZciꢀd[[ZgihꢀZcꢀ[gVcV^hꢀ  
ZiꢀZcꢀZheV\cda#  
H^ꢀkdjhꢀVkZoꢀYZhꢀfjZhi^dchꢀdjꢀY‚h^gZoꢀdWiZc^gꢀYZꢀeajhꢀVbeaZhꢀ  
^c[dgbVi^dch!ꢀkZj^aaZoꢀXdciVXiZgꢀaꢃ:HG7ꢀ|ꢀaꢃVYgZhhZꢀhj^kVciZꢀ/  
:HG7  
-)*ꢀI]^gYꢀ6kZcjZ  
CZlꢀNdg`!ꢀC#N#ꢀ&%%''  
I‚a‚e]dcZꢀ/ꢀꢁ'&'ꢂꢀ,*."%,%%  
I‚a‚Xde^Zjgꢀ/ꢀꢁ'&'ꢂꢀ,*."'''(  
8djgg^Zaꢀ/ꢀ^c[d5ZhgW#dg\  
 
)&  
]iie/$$lll#mWdm#Xdb  
ZheVxda  
ꢀ
H>HI:B6ꢀ9:ꢀK>9:D?J:<DHꢀM7DM  
EjZYZꢀ_j\VgꢀXdcꢀ_jZ\dhꢀeVgVꢀMWdmꢀnꢀgZegdYjX^gꢀ89ꢀYZꢀVjY^dꢀXdcꢀ  
ZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmžꢀYZꢀB^Xgdhd[i#ꢀ6hZ\gZhZꢀfjZꢀ  
idYdhꢀadhꢀXdbedcZciZhꢀfjZꢀhZꢀ^ajhigVcꢀVꢀXdci^cjVX^‹cꢀZhi‚cꢀ  
8VWaZꢀeVgVꢀXdgg^ZciZ  
^cXaj^YdhꢀZcꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀZcꢀZhiZꢀeVfjZiZ/  
™ꢀ 8dchdaVꢀMWdm  
™ꢀ 8dcigdaVYdgꢀHꢀMWdm  
™ꢀ 8VWaZꢀZhiVcYVg^oVYdꢀYZꢀXdcZm^‹cꢀVjY^d$k^YZdꢀMWdm  
™ꢀ 8VWaZꢀeVgVꢀXdgg^ZciZ  
8dchdaVꢀMWdm  
™ꢀ BVcjVaꢀYZꢀ^chigjXX^dcZhꢀnꢀdigdhꢀbViZg^VaZhꢀ^begZhdh  
8VWaZꢀZhi{cYVgꢀYZꢀ  
XdcZm^‹cꢀVjY^d$k^YZd  
8dchZgkZꢀZhiVhꢀ^chigjXX^dcZh#  
H^ꢀi^ZcZꢀYjYVhꢀhdWgZꢀZhiZꢀegdYjXid!ꢀXdchjaiZꢀZaꢀh^i^dꢀLZWꢀ  
lll#mWdm#XdbꢀdꢀaaVbZꢀVaꢀiZa‚[dcd/  
:hiVYdhꢀJc^Ydhꢀnꢀ8VcVY{/ꢀ  
&"-%%")BN"M7DMꢀꢁ&"-%%")+.".'+.ꢂ  
B‚m^Xd/ꢀ%%&ꢀ-++ꢀ,)*ꢀ-(ꢀ&'  
JhjVg^dhꢀYZꢀIINꢀꢁhZꢀcZXZh^iVꢀjcꢀZfj^edꢀZheZX^VaꢀeVgVꢀaVhꢀ  
eZghdcVhꢀXdcꢀegdWaZbVhꢀYZꢀVjY^X^‹cꢂ/  
8dcigdaVYdgꢀHꢀMWdm  
9dXjbZciVX^‹c  
ꢁ^cXaj^YdꢀZhiZꢀbVcjVaꢂ  
:hiVYdhꢀJc^Ydhꢀnꢀ8VcVY{/ꢀ  
&"-++",)%".'+.ꢀdꢀ&")'*"+(*",&%'  
B‚m^Xd/ꢀ%%&ꢀ-++ꢀ'*&ꢀ'+ꢀ'&  
ꢀ
9>HEDH>I>KDHꢀE:G>;wG>8DHꢀM7DM  
Adhꢀh^\j^ZciZhꢀ9^hedh^i^kdhꢀeZg^[‚g^XdhꢀMWdmꢀhZꢀkZcYZcꢀedgꢀ  
hZeVgVYd/  
EVgVꢀadhꢀXa^ZciZhꢀYZꢀ:hiVYdhꢀJc^Ydh/  
:hiZꢀZfj^edꢀhZꢀhdbZi^‹ꢀVꢀaVhꢀegjZWVhꢀYZW^YVhꢀnꢀhZꢀXdbegdW‹ꢀ  
fjZꢀXjbeaZꢀXdcꢀaVhꢀa^b^iVX^dcZhꢀZheZX^ÒXVYVhꢀeVgVꢀjcꢀ  
Y^hedh^i^kdꢀY^\^iVaꢀYZꢀ8aVhZꢀ7!ꢀZcꢀXdc[dgb^YVYꢀXdcꢀaVꢀHZXX^‹cꢀ  
&*ꢀYZꢀaVꢀcdgbVi^kVꢀYZꢀ;88#ꢀ:hiVhꢀa^b^iVX^dcZhꢀhZꢀY^hZŠVgdcꢀ  
eVgVꢀd[gZXZgꢀaVꢀegdiZXX^‹cꢀVYZXjVYVꢀXdcigVꢀaVhꢀ^ciZg[ZgZcX^Vhꢀ  
eZg_jY^X^VaZhꢀfjZꢀejZYZcꢀegdYjX^ghZꢀZcꢀjcVꢀ^chiVaVX^‹cꢀ  
Ydb‚hi^XV#ꢀ:hiZꢀZfj^edꢀ\ZcZgV!ꢀji^a^oVꢀnꢀejZYZꢀZb^i^gꢀZcZg\†Vꢀ  
YZꢀgVY^d[gZXjZcX^V!ꢀedgꢀadꢀfjZꢀYZWZꢀ^chiVaVghZꢀnꢀji^a^oVghZꢀZcꢀ  
Xdc[dgb^YVYꢀXdcꢀaVhꢀ^chigjXX^dcZh#ꢀ9ZꢀadꢀXdcigVg^d!ꢀejZYZꢀ  
egdkdXVgꢀ^ciZg[ZgZcX^VhꢀeZg_jY^X^VaZhꢀVꢀaVhꢀgVY^dXdbjc^XVX^dcZh#  
8dcigdaVYdgꢀHꢀMWdmꢀÄꢀXdcigdaVYdgꢀeVgVꢀ_jZ\dh  
8dcigdaVYdgꢀMWdmꢀÄꢀXdcigdaVYdgꢀeVgVꢀ_jZ\dh  
Jc^YVYꢀYZꢀbZbdg^VꢀMWdmꢀÄꢀY^hedh^i^kdꢀYZꢀZmeVch^‹cꢀYZꢀ  
VabVXZcVb^Zcidꢀedgi{i^a  
8VWaZꢀYZꢀ^ciZgXdcZm^‹cꢀMWdmꢀÄꢀXVWaZꢀeVgVꢀXdcZXiVgꢀYdhꢀ8dchdaVhꢀ  
MWdmꢀZcꢀ_jZ\dhꢀeVgVꢀbai^eaZhꢀ_j\VYdgZhꢀYZꢀ^\jVaꢀVꢀ^\jVaꢀ  
@^iꢀYZꢀgZegdYjXX^‹cꢀYZꢀeZa†XjaVhꢀ9K9ꢀMWdmꢀÄꢀXdcigdaꢀgZbdidꢀnꢀ  
gZXZeidgꢀeVgVꢀgZegdYjX^gꢀeZa†XjaVhꢀZcꢀ9K9  
CdꢀdWhiVciZ!ꢀcdꢀhZꢀ\VgVci^oVꢀfjZꢀZcꢀjcVꢀ^chiVaVX^‹cꢀYdb‚hi^XVꢀ  
cdꢀhZꢀegdYjoXVꢀc^c\jcVꢀ^ciZg[ZgZcX^V#ꢀH^ꢀZaꢀZfj^edꢀegdYjXZꢀ  
^ciZg[ZgZcX^VhꢀeZg_jY^X^VaZhꢀZcꢀaVꢀgZXZeX^‹cꢀYZꢀgVY^dꢀdꢀiZaZk^h^‹c!ꢀ  
adꢀfjZꢀejZYZꢀYZiZgb^cVghZꢀZcXZcY^ZcYdꢀnꢀVeV\VcYdꢀZaꢀZfj^ed!ꢀ  
hZꢀgZXdb^ZcYVꢀfjZꢀZaꢀjhjVg^dꢀaVhꢀXdgg^_VꢀXdcꢀjcdꢀdꢀkVg^dhꢀYZꢀadhꢀ  
h^\j^ZciZhꢀegdXZY^b^Zcidh/  
8VWaZꢀZhi{cYVgꢀYZꢀXdcZm^‹cꢀVjY^d$k^YZdꢀMWdmꢀÄꢀVYVeiVYdgꢀYZꢀ  
VjY^d$h"k^YZdꢀXdbejZhid  
8VWaZꢀYZꢀXdcZm^‹cꢀVjY^d$h"k^YZdꢀMWdmꢀÄꢀVYVeiVYdgꢀYZꢀVjY^dꢀ  
Y^\^iVaꢀnꢀh"k^YZd  
@^iꢀYZꢀXdcZm^‹cꢀVjY^d$k^YZdꢀYZꢀVaiVꢀYZÒc^X^‹cꢀMWdmꢀÄꢀVYVeiVYdgꢀ  
YZꢀVjY^dꢀY^\^iVaꢀnꢀYZꢀk^YZdꢀYZꢀadhꢀXdbedcZciZh  
™ꢀ 8VbW^ZꢀaVꢀdg^ZciVX^‹cꢀdꢀaVꢀjW^XVX^‹cꢀYZꢀaVꢀVciZcVꢀ  
gZXZeidgV#  
™ꢀ 6jbZciZꢀaVꢀhZeVgVX^‹cꢀZcigZꢀZaꢀZfj^edꢀnꢀZaꢀgZXZeidg#  
™ꢀ 8dcZXiZꢀZaꢀZfj^edꢀVꢀjcVꢀidbVꢀYZꢀXdgg^ZciZꢀYZꢀjcꢀX^gXj^idꢀ  
Y^hi^cidꢀVaꢀfjZꢀZhi{ꢀXdcZXiVYdꢀZaꢀgZXZeidg#  
™ꢀ 8dchjaiZꢀXdcꢀZaꢀY^hig^Wj^Ydgꢀdꢀi‚Xc^XdꢀYZꢀgVY^dꢀdꢀiZaZk^hdgꢀ  
XVa^ÒXVYdꢀeVgVꢀdWiZcZgꢀVh^hiZcX^V#  
6YVeiVYdgꢀG;ꢀMWdmꢀÄꢀVYVeiVYdgꢀꢁXVWaZꢀXdVm^VaꢂꢀYZꢀVciZcV  
MWdmꢀ8dbbjc^XVidgꢀÄꢀkdoꢀnꢀY^hedh^i^kdꢀYZꢀZmeVch^‹cꢀYZaꢀ  
Vjg^XjaVgꢀYZꢀXdbVcYdh  
CdiV/ꢀ8jVafj^ZgꢀXVbW^dꢀdꢀbdY^ÒXVX^‹cꢀfjZꢀ]V\VꢀZcꢀZaꢀh^hiZbVꢀ  
h^cꢀZaꢀXdchZci^b^ZcidꢀZmea†X^idꢀYZaꢀ[VWg^XVciZꢀejZYZꢀVcjaVgꢀaVꢀ  
Vjidg^oVX^‹cꢀYZaꢀjhjVg^dꢀeVgVꢀji^a^oVgꢀZaꢀZfj^ed#  
 
)' ZheVxda  
]iie/$$lll#mWdm#Xdb  
I67A6ꢀ9:ꢀ8DCI:C>9D  
H^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdm########################################################################################################################################################)&  
9^hedh^i^kdhꢀeZg^[‚g^XdhꢀMWdm ########################################################################################################################################################)&  
IVWaVꢀYZꢀXdciZc^Yd ########################################################################################################################################################################)'  
>c[dgbVX^‹cꢀ^bedgiVciZꢀhdWgZꢀhZ\jg^YVY#####################################################################################################################################)(  
6YkZgiZcX^Vhꢀ^bedgiVciZhꢀhdWgZꢀaVꢀhVajY ####################################################################################################################################)*  
HZaZXX^‹cꢀYZꢀjcVꢀjW^XVX^‹cꢀeVgVꢀaVꢀXdchdaVꢀMWdm #######################################################################################################################)+  
8dcZm^‹cꢀVꢀjcꢀiZaZk^hdg#################################################################################################################################################################),  
8dcZm^‹cꢀYZꢀXdcigdaVYdgZhꢀMWdm ##################################################################################################################################################)-  
JhdꢀYZaꢀXdcigdaVYdgꢀMWdmꢀ ############################################################################################################################################################)-  
6Xi^kVX^‹cꢀYZꢀaVꢀXdchdaVꢀMWdm ######################################################################################################################################################).  
>chiVaVX^‹cꢀ^c^X^Va##########################################################################################################################################################################*%  
8dcÒ\jgVX^‹cꢀYZꢀk^YZd!ꢀVjY^dꢀnꢀdigdhꢀkVadgZh #############################################################################################################################*%  
JhdꢀYZꢀadhꢀ_jZ\dhꢀnꢀgZegdYjXX^‹cꢀYZꢀbh^XV ###############################################################################################################################*&  
GZXde^aVX^dcZh###############################################################################################################################################################################*'  
8dcigdaꢀeViZgcd #############################################################################################################################################################################*'  
6Yb^c^higVX^‹cꢀYZꢀbZbdg^V ##########################################################################################################################################################*(  
?jZ\dhꢀeVgVꢀkVg^dhꢀ_j\VYdgZh #######################################################################################################################################################*)  
MWdmꢀA^kZ########################################################################################################################################################################################*)  
8dcZm^‹cꢀYZaꢀ]VgYlVgZ##################################################################################################################################################################**  
6XijVa^oVX^‹cꢀYZꢀaVꢀ^ciZg[VoꢀMWdm #################################################################################################################################################**  
GZ\^higVghZꢀZcꢀMWdmꢀA^kZꢀ##############################################################################################################################################################*+  
A^be^ZoVꢀYZaꢀh^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdm ##################################################################################################################################*+  
H^ꢀcZXZh^iVꢀVnjYV###########################################################################################################################################################################*,  
:heZX^ÒXVX^dcZh#############################################################################################################################################################################*-  
<VgVci†V #########################################################################################################################################################################################*.  
8deng^\]i########################################################################################################################################################################################+'  
:cꢀaVhꢀZi^fjZiVhꢀYZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀYZꢀB^Xgdhd[iꢀ  
hZꢀji^a^oVcꢀadhꢀh†bWdadhꢀh^\j^ZciZh/  
9ZXaVgVX^‹cꢀYZꢀXdc[dgb^YVY  
CdbWgZꢀXdbZgX^Va/ꢀ  
EVgiZꢀgZhedchVWaZ/ꢀ  
B^Xgdhd[iꢀ8dge#  
:hiZꢀh†bWdadꢀh^gkZꢀeVgVꢀVk^hVgꢀVaꢀjhjVg^dꢀYZꢀfjZꢀ  
B^Xgdhd[iꢀ8dgedgVi^dc  
aVꢀYdXjbZciVX^‹cꢀfjZꢀhZꢀVY_jciVꢀXdcꢀaVꢀ8dchdaVꢀ  
Xdci^ZcZꢀ^chigjXX^dcZhꢀ^bedgiVciZhꢀhdWgZꢀ  
hZ\jg^YVY!ꢀ[jcX^dcVb^ZcidꢀnꢀbVciZc^b^Zcid#  
9^gZXX^‹c//ꢀ  
ꢀ
ꢀ
ꢀ
MWdmꢀ8jhidbZgꢀ8VgZ  
DcZꢀB^Xgdhd[iꢀLVn  
GZYbdcY!ꢀL6!ꢀ.-%*'ꢀ::#JJ#  
ꢀ
ꢀ
ꢀ
ꢀ
C°ꢀYZꢀiZa‚[dcd/ꢀꢀ ꢀ  
&"-%%")BN"M7DM  
&"-%%")+.".'+.  
:hiZꢀh†bWdadꢀh^gkZꢀeVgVꢀVk^hVgꢀVaꢀjhjVg^dꢀYZꢀ  
aVꢀegZhZcX^VꢀYZꢀꢄiZch^‹cꢀeZa^\gdhVꢄꢀh^cꢀV^haVgꢀ  
ZcꢀZaꢀZckVhZꢀYZaꢀegdYjXidꢀadꢀhjÒX^ZciZbZciZꢀ  
^bedgiVciZꢀeVgVꢀXdchi^ij^gꢀjcꢀg^Zh\dꢀYZꢀ  
YZhXVg\VhꢀZa‚Xig^XVhꢀeVgVꢀaVhꢀeZghdcVh#  
ꢀ
ꢀ
ꢀ
:hiZꢀY^hedh^i^kdꢀXjbeaZꢀXdcꢀaVhꢀZheZX^ÒXVX^dcZhꢀYZꢀ  
aVꢀEVgiZꢀ&*ꢀYZꢀaVhꢀGZ\aVhꢀ;88#ꢀ:aꢀ[jcX^dcVb^ZcidꢀYZaꢀ  
Y^hedh^i^kdꢀZhi{ꢀhj_ZidꢀVꢀZhiVhꢀYdhꢀXdcY^X^dcZh/ꢀꢁ&ꢂꢀCdꢀ  
ejZYZꢀegdkdXVgꢀ^ciZg[ZgZcX^VhꢀeZg_jY^X^VaZh!ꢀnꢀꢁ'ꢂꢀYZWZꢀ  
VYb^i^gꢀXjVafj^Zgꢀ^ciZg[ZgZcX^VꢀgZX^W^YV!ꢀ^cXaj^YVhꢀaVhꢀ  
^ciZg[ZgZcX^VhꢀfjZꢀejZYVcꢀXVjhVgꢀjcꢀ[jcX^dcVb^Zcid  
cdꢀYZhZVYd#  
6YkZgiZcX^V/ꢀeVgVꢀgZYjX^gꢀZaꢀg^Zh\dꢀYZꢀ^cXZcY^dꢀdꢀYZhXVg\Vꢀ  
Za‚Xig^XV!ꢀcdꢀZmedc\VꢀZhiZꢀVeVgVidꢀVꢀaVꢀaajk^Vꢀc^ꢀVꢀaVꢀ  
]jbZYVY#  
EVgVꢀadhꢀXa^ZciZhꢀYZꢀ8VcVY{/ꢀ  
:hiZꢀVeVgVidꢀY^\^iVaꢀYZꢀ8aVhZꢀ7ꢀXjbeaZꢀXdcꢀaVhꢀZheZX^ÒXVX^dcZhꢀ  
XVcVY^ZchZhꢀ>8:H"%%(#  
EgdYjXidꢀa{hZg  
YZꢀaVhZꢀ&  
 
)(  
]iie/$$lll#mWdm#Xdb  
ZheVxda  
>C;DGB68ÞDCꢀ>BEDGI6CI:ꢀHD7G:ꢀH:<JG>969  
:hiZꢀbVcjVaꢀXdci^ZcZꢀ^bedgiVciZꢀ^c[dgbVX^‹cꢀhdWgZꢀX‹bdꢀ  
^chiVaVg!ꢀji^a^oVgꢀnꢀXdchZgkVgꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdm  
XdcꢀhZ\jg^YVY#  
Cdꢀ[jZgXZꢀc^ꢀ^chZgiZꢀc^c\cꢀdW_ZidꢀZcꢀaVhꢀVWZgijgVhꢀ  
YZhi^cVYVhꢀVꢀaVꢀkZci^aVX^‹c#  
™ꢀ IdbZꢀaVhꢀegZXVjX^dcZhꢀcZXZhVg^VhꢀeVgVꢀZk^iVgꢀfjZꢀadhꢀ  
c^Šdhꢀ^chZgiZcꢀdW_Zidh!ꢀZheZX^VabZciZꢀYZꢀbZiVa!ꢀZcꢀaVhꢀ  
VWZgijgVhꢀYZꢀkZci^aVX^‹cꢀYZꢀaVꢀXdchdaVꢀMWdm#  
™ꢀ Cdꢀ^chZgiZꢀdW_ZidhꢀZcꢀaVhꢀVWZgijgVhꢀYZꢀkZci^aVX^‹cꢀYZꢀaVꢀ  
XdchdaVꢀMWdmꢀXjVcYdꢀaVꢀa^be^Z#  
69K:GI:C8>6  
:aꢀ]ZX]dꢀYZꢀ^chiVaVg!ꢀji^a^oVgꢀnꢀXdchZgkVgꢀ^cXdggZXiVbZciZꢀ  
YZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀejZYZꢀ^cXgZbZciVgꢀZaꢀ  
g^Zh\dꢀYZꢀYZhXVg\VhꢀZa‚Xig^XVhꢀdꢀ^cXZcY^d#ꢀIVbW^‚cꢀejZYZꢀ  
^cXgZbZciVgꢀZaꢀg^Zh\dꢀYZꢀfjZꢀaVꢀ8dchdaVꢀMWdmꢀhZꢀXV^\Vꢀnꢀ  
\daeZZꢀVꢀVa\j^Zc#ꢀEVgVꢀgZYjX^gꢀZaꢀg^Zh\dꢀYZꢀaZh^dcZhꢀ\gVkZhꢀ  
dꢀYZꢀbjZgiZ!ꢀdꢀYZꢀYVŠdhꢀVaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdm/  
™ꢀ :hi‚ꢀViZcidꢀedgꢀh^ꢀZhXjX]VꢀZaꢀgj^YdꢀYZꢀVa\cꢀdW_Zidꢀ  
hjZaidꢀZcꢀZaꢀ^ciZg^dgꢀYZꢀaVꢀXdchdaVꢀMWdm#ꢀH^ꢀVa\jcVꢀkZoꢀ  
dWhZgkVꢀdꢀhdheZX]VꢀfjZꢀZm^hiZꢀVa\cꢀdW_ZidꢀhjZaidꢀZcꢀZaꢀ  
^ciZg^dgꢀYZꢀaVꢀXdchdaVꢀMWdm/  
™ꢀ 9ZhXdcZXiZꢀ^cbZY^ViVbZciZꢀaVꢀXdchdaVꢀMWdmꢀYZꢀaVꢀ  
idbVꢀYZꢀXdgg^ZciZꢀnꢀnVꢀcdꢀaVꢀjhZ#  
™ꢀ AaVbZꢀVaꢀcbZgdꢀYZꢀHZgk^X^dꢀVaꢀXa^ZciZꢀYZꢀMWdmꢀYZꢀ  
B^Xgdhd[iꢀfjZꢀhZꢀ^cY^XVꢀZcꢀaVꢀe{\^cVꢀ)&#  
™ꢀ AZVꢀZhiVhꢀ^chigjXX^dcZh#  
™ꢀ 8dchZgkZꢀZhiVhꢀ^chigjXX^dcZh#  
™ꢀ IZc\VꢀZcꢀXjZciVꢀidYVhꢀaVhꢀVYkZgiZcX^Vh#  
™ꢀ H^\VꢀidYVhꢀaVhꢀ^chigjXX^dcZh#  
™ꢀ CdꢀidfjZꢀaVhꢀeVgiZhꢀbZi{a^XVhꢀYZꢀc^c\cꢀXVWaZꢀfjZꢀhVa\Vꢀ  
YZꢀaVꢀXdchdaVꢀMWdmꢀXjVcYdꢀaVꢀXdchdaVꢀZhi‚ꢀXdcZXiVYVꢀVꢀ  
aVꢀXdgg^ZciZ#  
™ꢀ 9ZhXdcZXiZꢀh^ZbegZꢀaVꢀXdchdaVꢀMWdmꢀYZꢀaVꢀidbVꢀYZꢀ  
Xdgg^ZciZꢀVciZhꢀYZꢀXdcZXiVgaVꢀdꢀYZhXdcZXiVgaVꢀYZaꢀ  
iZaZk^hdg!ꢀaVꢀk^YZd\gVWVYdgVꢀjꢀdigdꢀY^hedh^i^kdꢀYZ  
VjY^d$k^YZd#  
BVci‚c\VhZꢀVaZ_VYdꢀYZaꢀkdaiV_Zꢀ  
eZa^\gdhdꢀYZcigdꢀYZꢀaVꢀXdchdaVꢀMWdm  
H^ZbegZꢀfjZꢀaVꢀXdchdaVꢀMWdmꢀZhi‚ꢀXdcZXiVYVꢀVꢀ  
aVꢀXdgg^ZciZ!ꢀhZꢀ\ZcZgVꢀkdaiV_ZꢀeZa^\gdhdꢀZcꢀhjꢀ  
IdbZꢀegZXVjX^dcZhꢀeVgVꢀZk^iVgꢀfjZꢀaVꢀ8dchdaVꢀ  
MWdmꢀhZꢀXV^\V  
^ciZg^dg!ꢀ^cYZeZcY^ZciZbZciZꢀYZꢀh^ꢀZhi{ꢀZcXZcY^YVꢀdꢀVeV\VYV#  
:aꢀXdciVXidꢀXdcꢀZaꢀkdaiV_ZꢀeZa^\gdhdꢀejZYZꢀXVjhVgꢀaZh^dcZhꢀ  
\gVkZhꢀdꢀ^cXajhdꢀaVꢀbjZgiZꢀedgꢀYZhXVg\VꢀZa‚Xig^XV#ꢀIVbW^‚cꢀ  
ejZYZꢀegdkdXVgꢀjcꢀ^cXZcY^dꢀdꢀYVŠdhꢀVꢀaVꢀXdchdaVꢀMWdm#ꢀEVgVꢀ  
Za^b^cVgꢀidYVꢀ\ZcZgVX^‹cꢀYZꢀkdaiV_ZꢀZcꢀaVꢀXdchdaVꢀMWdm!ꢀ  
YZhXdcZXiZꢀZaꢀXVWaZꢀYZꢀaVꢀidbVꢀYZꢀXdgg^ZciZ#ꢀEVgVꢀgZYjX^g  
Zaꢀg^Zh\dꢀYZꢀYZhXVg\VꢀZa‚Xig^XV!ꢀ^cXZcY^dꢀdꢀYVŠdhꢀVꢀaV  
XdchdaVꢀMWdm/  
H^ꢀaVꢀ8dchdaVꢀMWdmꢀhZꢀXVZꢀnꢀ\daeZVꢀVꢀVa\j^Zc!ꢀhdWgZꢀidYdꢀh^ꢀ  
hZꢀigViVꢀYZꢀjcꢀc^ŠdꢀeZfjZŠd!ꢀejZYZꢀegdkdXVgꢀYVŠdhꢀ\gVkZh#ꢀ  
EVgVꢀgZYjX^gꢀZaꢀg^Zh\dꢀYZꢀYVŠdhꢀeZghdcVaZhꢀdꢀYVŠdhꢀVꢀaVꢀ  
XdchdaVꢀMWdm!ꢀ^chiVaZꢀnꢀji^a^XZꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀ  
XdggZXiVbZciZ!ꢀhZ\cꢀaVhꢀ^chigjXX^dcZhꢀfjZꢀhZꢀYZhXg^WZcꢀZcꢀ  
HZaZXX^‹cꢀYZꢀjcVꢀjW^XVX^‹cꢀeVgVꢀaVꢀ8dchdaVꢀMWdm!ꢀZcꢀaVꢀ  
e{\^cVꢀ)+!ꢀnꢀZcꢀ8dcZXidgꢀYZꢀhjZaiVꢀZcꢀa^cZV!ꢀZcꢀaVꢀe{\^cVꢀ)-#  
CdꢀYZhbdciZꢀaVꢀ8dchdaVꢀMWdm#  
Cdꢀ^ciZciZꢀgZeVgVgꢀaVꢀ8dchdaVꢀMWdmꢀjhiZYꢀb^hbd#ꢀGZb^iVꢀidYVhꢀ  
aVhꢀgZeVgVX^dcZhꢀVaꢀeZghdcVaꢀYZꢀhZgk^X^dꢀXjVa^ÒXVYd#ꢀHZꢀgZfjZg^g{ꢀ  
Vh^hiZcX^Vꢀi‚Xc^XVꢀXjVcYdꢀZaꢀVeVgVidꢀhj[gVꢀVa\cꢀi^edꢀYZꢀYVŠd!ꢀ  
XdbdꢀedgꢀZ_Zbead/  
™ꢀ :aꢀXVWaZꢀYZꢀXdgg^ZciZꢀdꢀZaꢀXdcZXidgꢀZhi{cꢀYVŠVYdh#  
™ꢀ HZꢀYZggVb‹ꢀa†fj^YdꢀdꢀhZꢀXVn‹ꢀVa\cꢀdW_ZidꢀYZcigdꢀYZaꢀ  
VeVgVid#  
™ꢀ :aꢀVeVgVidꢀZhijkdꢀZmejZhidꢀVꢀaVꢀaajk^VꢀdꢀVꢀaVꢀ]jbZYVY!ꢀ  
cdꢀ[jcX^dcVꢀXdggZXiVbZciZꢀdꢀhZꢀXVn‹ꢀVaꢀhjZad#  
Cdꢀ^ciZciZꢀbdY^ÒXVgꢀaVꢀ8dchdaVꢀMWdmꢀYZꢀc^c\jcVꢀbVcZgV#  
 
)) ZheVxda  
]iie/$$lll#mWdm#Xdb  
>C;DGB68>âCꢀ>BEDGI6CI:ꢀHD7G:ꢀH:<JG>969  
A^be^ZꢀaVꢀeVgiZꢀZmiZg^dgꢀYZꢀaVꢀ8dchdaVꢀMWdmꢀ  
XdggZXiVbZciZ#  
EgZXVjX^dcZhꢀZa‚Xig^XVhꢀ\ZcZgVaZh  
6h†ꢀXdbdꢀXdcꢀbjX]dhꢀdigdhꢀY^hedh^i^kdhꢀ  
Za‚Xig^Xdh!ꢀcdꢀhZ\j^gꢀaVhꢀegZXVjX^dcZhꢀh^\j^ZciZhꢀ  
ejZYZꢀegdkdXVgꢀaZh^dcZhꢀ\gVkZhꢀdꢀ^cXajhdꢀaVꢀ  
A†be^ZaVꢀhdaVbZciZꢀXdcꢀjcꢀeVŠdꢀhZXd#ꢀEVgVꢀdWiZcZgꢀb{hꢀ  
^c[dgbVX^‹c!ꢀXdchjaiZꢀaVꢀhZXX^‹cꢀA^be^ZoVꢀYZaꢀH^hiZbVꢀYZꢀ  
k^YZd_jZ\dhꢀMWdmꢀZcꢀaVꢀe{\^cVꢀ*+#  
bjZgiZꢀVꢀXVjhVꢀYZꢀjcVꢀYZhXVg\VꢀZa‚Xig^XVꢀdꢀjcꢀ  
^cXZcY^d!ꢀdꢀW^ZcꢀYVŠdhꢀZcꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdm#  
9ZhXdcZXiZꢀZaꢀVeVgVidꢀYjgVciZꢀidgbZciVhꢀZa‚Xig^XVhꢀ  
dꢀXjVcYdꢀcdꢀadꢀji^a^XZꢀYjgVciZꢀeZg†dYdhꢀaVg\dhꢀYZꢀ  
i^Zbed#  
:k^iZꢀYVŠVgꢀZaꢀXVWaZꢀYZꢀXdgg^ZciZ#  
™ꢀ :k^iZꢀe^hVgꢀZaꢀXVWaZꢀYZꢀXdgg^ZciZꢀdꢀeZaa^oXVgꢀadhꢀ  
XdcZXidgZh!ꢀidbVhꢀYZꢀXdgg^ZciZꢀnꢀejcidhꢀYZꢀhVa^YVꢀYZaꢀ  
VeVgVid#  
6h^b^hbd!ꢀcdꢀYZ_ZꢀXdcZXiVYdꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀ  
YZhViZcY^YdꢀYjgVciZꢀaVg\dhꢀeZg†dYdh#  
™ꢀ CdꢀhVXjYV!ꢀYdWaZꢀWgjhXVbZciZ!ꢀ]V\VꢀcjYdhꢀc^ꢀXVjhZꢀ  
c^c\cꢀi^edꢀYZꢀYZheZg[ZXidꢀZcꢀZaꢀXVWaZꢀYZꢀXdgg^ZciZ#  
Ji^a^XZꢀc^XVbZciZꢀadhꢀXdcZXidgZhꢀnꢀY^hedh^i^kdhꢀ  
eZg^[‚g^XdhꢀZheZX^ÒXVYdhꢀedgꢀZaꢀ[VWg^XVciZ#  
™ꢀ CdꢀZmedc\VꢀZaꢀXVWaZꢀYZꢀXdgg^ZciZꢀVꢀ[jZciZhꢀYZꢀXVadg#  
™ꢀ BVciZc\VꢀVꢀadhꢀc^ŠdhꢀnꢀVc^bVaZhꢀVaZ_VYdhꢀYZaꢀXVWaZꢀYZꢀ  
Xdgg^ZciZ!ꢀnꢀZk^iZꢀfjZꢀadꢀbjZgYVc#  
:k^iZꢀfjZꢀaVꢀ8dchdaVꢀMWdmꢀhZꢀhdWgZXVa^ZciZ  
CdꢀWadfjZZꢀc^c\jcVꢀYZꢀaVhꢀVWZgijgVhꢀYZꢀkZci^aVX^‹c#ꢀGZVa^XZꢀ  
aVꢀ^chiVaVX^‹cꢀYZꢀVXjZgYdꢀXdcꢀaVhꢀ^chigjXX^dcZhꢀYZaꢀ[VWg^XVciZ#ꢀ  
EVgVꢀdWiZcZgꢀb{hꢀ^c[dgbVX^‹c!ꢀXdchjaiZꢀaVꢀhZXX^‹cꢀHZaZXX^‹cꢀ  
YZꢀjcVꢀjW^XVX^‹cꢀeVgVꢀaVꢀ8dchdaVꢀMWdmꢀZcꢀaVꢀe{\^cVꢀ)+#  
™ꢀ 8jVcYdꢀYZhXdcZXiZꢀZaꢀXVWaZꢀYZꢀXdgg^ZciZꢀYZꢀaVꢀXdchdaVꢀ  
MWdmꢀdꢀYZꢀaVꢀidbVꢀYZꢀXdgg^ZciZ!ꢀi^gZꢀYZaꢀXdcZXidgꢀnꢀcdꢀ  
YZaꢀXVWaZ#  
H^ꢀZaꢀXVWaZꢀYZꢀXdgg^ZciZꢀhj[gZꢀVa\cꢀYVŠd!ꢀYZ_ZꢀYZꢀji^a^oVgadꢀ  
^cbZY^ViVbZciZꢀnꢀaaVbZꢀVaꢀcbZgdꢀYZꢀHZgk^X^dꢀVaꢀXa^ZciZꢀYZꢀ  
MWdmꢀYZꢀB^Xgdhd[iꢀfjZꢀhZꢀ^cY^XVꢀZcꢀaVꢀe{\^cVꢀ)&#  
Cdꢀ^chiVaZꢀaVꢀXdchdaVꢀMWdmꢀXZgXVꢀYZꢀ[jZciZhꢀYZꢀXVadg!ꢀXdbdꢀ  
gVY^VYdgZh!ꢀhVa^YVhꢀYZꢀV^gZꢀXVa^ZciZ!ꢀXVaZciVYdgZhꢀjꢀdigdhꢀ  
Y^hedh^i^kdhꢀfjZꢀegdYjoXVcꢀXVadg!ꢀXdbdꢀadhꢀVbea^ÒXVYdgZh#  
CdꢀhdWgZXVg\jZꢀjcꢀXVWaZꢀYZꢀZmiZch^‹c!ꢀjcVꢀidbVꢀYZꢀ  
eVgZYꢀjꢀdigdꢀi^edꢀYZꢀidbV#ꢀ  
:aꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀejZYZꢀXdchjb^gꢀ]VhiVꢀ&%%ꢀLꢀ  
YZꢀediZcX^V#ꢀCdꢀZmXZYVꢀaVhꢀZheZX^ÒXVX^dcZhꢀ^cY^XVYVhꢀYZꢀadhꢀ  
XVWaZhꢀc^ꢀYZꢀadhꢀZcX]j[Zh#  
Ji^a^XZꢀZaꢀi^edꢀYZꢀ[jZciZꢀYZꢀVa^bZciVX^‹cꢀ^cY^XVYVꢀZcꢀ  
aVꢀ8dchdaVꢀMWdm#  
H^ꢀcdꢀZhi{ꢀhZ\jgdꢀYZaꢀi^edꢀYZꢀ[jZciZꢀYZꢀVa^bZciVX^‹cꢀYZꢀhjꢀ  
]d\Vg!ꢀXdchjaiZꢀXdcꢀjcꢀZaZXig^X^hiVꢀXjVa^ÒXVYd#  
CdꢀZmedc\VꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀVꢀ  
a†fj^Ydhꢀc^ꢀ]jbZYVY#  
™ꢀ Cdꢀji^a^XZꢀZhiZꢀVeVgVidꢀXZgXVꢀYZꢀ[jZciZhꢀYZꢀV\jV!ꢀXdbdꢀ  
[gZ\VYZgdh!ꢀi^cVhꢀYZꢀWVŠdꢀdꢀe^hX^cVh!ꢀc^ꢀadꢀZmedc\VꢀVꢀaVꢀ  
aajk^V!ꢀVꢀaVꢀ]jbZYVYꢀc^ꢀVꢀa†fj^YdhꢀfjZꢀejZYVcꢀ\diZVgꢀdꢀ  
hVae^XVg#  
™ꢀ CdꢀXdadfjZꢀdW_ZidhꢀXdcꢀa†fj^Ydh!ꢀXdbdꢀWZW^YVhꢀdꢀ  
_VggdcZh!ꢀZcX^bVꢀdꢀXZgXVꢀYZꢀaVꢀXdchdaVꢀMWdm#  
™ꢀ Cdꢀa^be^ZꢀaVꢀ8dchdaVꢀMWdmꢀXdcꢀV\jV!ꢀa^be^VYdgZhꢀ  
a†fj^Ydh!ꢀY^hdakZciZhꢀc^ꢀVZgdhdaZh#  
 
)*  
]iie/$$lll#mWdm#Xdb  
ZheVxda  
ꢀ
69K:GI:C8>6Hꢀ>BEDGI6CI:HꢀHD7G:ꢀA6ꢀH6AJ9  
6XZgXVꢀYZꢀaVhꢀXg^h^hꢀegdYjX^YVhꢀedgꢀaVꢀ  
[didhZch^W^a^YVY  
6XZgXVꢀYZꢀadhꢀegdWaZbVhꢀbjhXjaVgZhꢀnꢀYZaꢀ  
ZhfjZaZid  
JcꢀedgXZciV_ZꢀbjnꢀgZYjX^YdꢀYZꢀeZghdcVhꢀejZYZꢀZmeZg^bZciVgꢀ  
jcVꢀXg^h^hꢀVaꢀZmedcZghZꢀVꢀX^ZgiVhꢀ^b{\ZcZhꢀk^hjVaZh!ꢀXdbdꢀ  
ajXZhꢀdꢀ^b{\ZcZhꢀeVgeVYZVciZhꢀfjZꢀejZYZcꢀVeVgZXZgꢀZcꢀadhꢀ  
k^YZd_jZ\dh#ꢀ:hiVhꢀXg^h^hꢀejZYZcꢀegZhZciVgꢀkVg^dhꢀh†cidbVh!ꢀ  
^cXaj^YdhꢀbVgZdh!ꢀVaiZgVX^‹cꢀYZꢀaVꢀk^h^‹c!ꢀi^XhꢀdXjaVgZhꢀdꢀ  
[VX^VaZh!ꢀiZbWadgZhꢀYZꢀaVhꢀZmigZb^YVYZh!ꢀYZhdg^ZciVX^‹cꢀdꢀ  
Xdc[jh^‹c#  
:aꢀjhdꢀYZꢀXdcigdaVYdgZhꢀYZꢀ_jZ\dh!ꢀiZXaVYdh!ꢀgVi‹cꢀnꢀdigdhꢀ  
Y^hedh^i^kdhꢀYZꢀZcigVYVꢀZaZXig‹c^XdhꢀejZYZcꢀZhiVgꢀgZaVX^dcVYdhꢀ  
XdcꢀaZh^dcZhꢀdꢀegdWaZbVhꢀ\gVkZh#  
6aꢀ_j\VgꢀXdcꢀk^YZd_jZ\dh!ꢀVaꢀ^\jVaꢀfjZꢀZcꢀbjX]VhꢀdigVhꢀ  
VXi^k^YVYZh!ꢀVꢀkZXZhꢀejZYZꢀZmeZg^bZciVgꢀjcꢀbVaZhiVgꢀZcꢀ  
aVhꢀbVcdh!ꢀadhꢀWgVodh!ꢀadhꢀ]dbWgdh!ꢀZaꢀXjZaadꢀjꢀdigVhꢀeVgiZhꢀ  
YZaꢀXjZged#ꢀH^cꢀZbWVg\d!ꢀh^ꢀZmeZg^bZciVꢀh†cidbVhꢀXdbdꢀ  
jcꢀbVaZhiVgꢀeZgh^hiZciZꢀdꢀgZeZi^Yd!ꢀYdadg!ꢀeVae^iVX^dcZh!ꢀ  
]dgb^\jZdh!ꢀ^chZch^W^a^YVY!ꢀhd[dXdhꢀdꢀg^\^YZo!ꢀCDꢀ><CDG:ꢀ  
:HIDHꢀH><CDHꢀ9:ꢀ69K:GI:C8>6#ꢀ68J96ꢀ>CB:9>6I6B:CI:ꢀ  
6ꢀJCꢀEGD;:H>DC6Aꢀ9:ꢀA6ꢀB:9>8>C6ꢀ8J6A>;>869D!ꢀ  
^cXajhdꢀh^ꢀadhꢀh†cidbVhꢀhZꢀegdYjXZcꢀXjVcYdꢀcdꢀZhi{ꢀ  
_j\VcYdꢀXdcꢀjcꢀk^YZd_jZ\d#ꢀAdhꢀh†cidbVhꢀYZꢀZhiZꢀi^edꢀZhi{cꢀ  
VhdX^VYdhꢀXdcꢀaZh^dcZhꢀYdadgdhVhꢀn!ꢀVꢀkZXZh!ꢀfjZꢀ^cXVeVX^iVcꢀ  
eZgbVcZciZbZciZ!ꢀdꢀigVhidgcdhꢀYZꢀadhꢀcZgk^dh!ꢀbhXjadh!ꢀ  
iZcYdcZh!ꢀkVhdhꢀhVc\j†cZdhꢀnꢀdigVhꢀeVgiZhꢀYZaꢀXjZged#ꢀ:hidhꢀ  
egdWaZbVhꢀbjhXjadZhfjZa‚i^Xdhꢀ^cXajnZcꢀZaꢀh†cYgdbZꢀYZꢀicZaꢀ  
XVge^Vcd!ꢀiZcY^c^i^h!ꢀiZcdh^cdk^i^h!ꢀh†cYgdbZhꢀYZꢀk^WgVX^‹cꢀnꢀdigVhꢀ  
XdcY^X^dcZh#  
:hiVhꢀXg^h^hꢀi^ZcZcꢀY^[ZgZciZhꢀh†cidbVh!ꢀXdbdꢀbVgZdh!ꢀ  
VaiZgVX^dcZhꢀYZꢀaVꢀk^h^‹c!ꢀi^XhꢀZcꢀadhꢀd_dhꢀdꢀZcꢀaVꢀXVgV!ꢀ  
bdk^b^ZcidhꢀWgjhXdhꢀXdcꢀadhꢀWgVodhꢀdꢀaVhꢀe^ZgcVh!ꢀ  
YZhdg^ZciVX^‹c!ꢀXdc[jh^‹cꢀdꢀe‚gY^YVꢀbdbZci{cZVꢀYZaꢀ  
XdcdX^b^Zcid#ꢀAVhꢀXg^h^hꢀiVbW^‚cꢀejZYZcꢀegdkdXVgꢀaVꢀe‚gY^YVꢀ  
YZꢀXdcX^ZcX^VꢀdꢀXdckjah^dcZhꢀfjZꢀXVjhVcꢀaZh^dcZhꢀYZW^YdꢀVꢀaVhꢀ  
XV†YVhꢀdꢀ\daeZhꢀXdcꢀdW_ZidhꢀXZgXVcdh#  
9Z_ZꢀYZꢀ_j\Vgꢀ^cbZY^ViVbZciZꢀnꢀXdchjaiZꢀVꢀjcꢀb‚Y^Xdꢀh^ꢀ  
aaZ\VꢀVꢀhZci^gꢀVa\jcdꢀYZꢀZhidhꢀh†cidbVh#ꢀAdhꢀeVYgZhꢀYZWZcꢀ  
k^\^aVgꢀVꢀhjhꢀ]^_dhꢀdꢀegZ\jciVgaZhꢀVXZgXVꢀYZꢀadhꢀh†cidbVhꢀ  
VciZg^dgZh0ꢀadhꢀc^ŠdhꢀnꢀadhꢀVYdaZhXZciZhꢀhdcꢀb{hꢀegdeZchdhꢀfjZꢀ  
adhꢀVYjaidhꢀVꢀZmeZg^bZciVgꢀZhiVhꢀXg^h^h#  
6jcfjZꢀadhꢀ^ckZhi^\VYdgZhꢀidYVk†VꢀcdꢀejZYZcꢀd[gZXZgꢀ  
gZhejZhiVhꢀVXZgXVꢀYZꢀbjX]VhꢀegZ\jciVhꢀhdWgZꢀadhꢀegdWaZbVhꢀ  
bjhXjadZhfjZa‚i^Xdh!ꢀZm^hiZꢀjcꢀVXjZgYdꢀ\ZcZgVaꢀZcꢀfjZꢀ  
bjX]dhꢀ[VXidgZhꢀejZYZcꢀZhiVgꢀgZaVX^dcVYdhꢀXdcꢀhjꢀVeVg^X^‹c!ꢀ  
XdbdꢀaVhꢀXdcY^X^dcZhꢀb‚Y^XVhꢀnꢀ[†h^XVh!ꢀZaꢀZhig‚hꢀnꢀZaꢀbdYdꢀYZꢀ  
XdbWVi^gad!ꢀaVꢀhVajYꢀ\ZcZgVaꢀnꢀaVꢀedh^X^‹cꢀnꢀZaꢀjhdꢀYZaꢀXjZgedꢀ  
YjgVciZꢀZaꢀigVWV_dꢀnꢀdigVhꢀVXi^k^YVYZhꢀꢁXdbd!ꢀedgꢀZ_Zbead!ꢀ_j\Vgꢀ  
Xdcꢀjcꢀk^YZd_jZ\dꢂ#ꢀ6a\jcdhꢀZhijY^dhꢀhj\^ZgZcꢀfjZꢀaVꢀXVci^YVYꢀ  
YZꢀi^ZbedꢀfjZꢀjcVꢀeZghdcVꢀ^ck^ZgiZꢀZcꢀ]VXZgꢀjcVꢀVXi^k^YVYꢀ  
iVbW^‚cꢀejZYZꢀhZgꢀjcꢀ[VXidg#  
HZꢀejZYZꢀgZYjX^gꢀZaꢀg^Zh\dꢀYZꢀXg^h^hꢀZe^a‚ei^XVhꢀegdkdXVYVhꢀedgꢀ  
aVꢀ[didhZch^W^a^YVYꢀh^ꢀhZꢀidbVcꢀaVhꢀegZXVjX^dcZhꢀh^\j^ZciZh/  
™ꢀ H^‚ciZhZꢀb{hꢀaZ_dhꢀYZꢀaVꢀeVciVaaVꢀYZaꢀiZaZk^hdg  
™ꢀ JhZꢀjcVꢀeVciVaaVꢀYZꢀiZaZk^hdgꢀb{hꢀeZfjZŠV  
™ꢀ ?jZ\jZꢀZcꢀjcVꢀ]VW^iVX^‹cꢀW^Zcꢀ^ajb^cVYV  
™ꢀ Cdꢀ_jZ\jZꢀXjVcYdꢀiZc\VꢀhjZŠdꢀdꢀZhi‚ꢀXVchVYd  
H^ꢀjhiZYꢀdꢀVa\jcdꢀYZꢀhjhꢀ[Vb^a^VgZhꢀi^ZcZcꢀjcꢀ]^hidg^VaꢀYZꢀXg^h^hꢀ  
dꢀZe^aZeh^V!ꢀXdchjaiZꢀVꢀjcꢀb‚Y^XdꢀVciZhꢀYZꢀ_j\Vg#  
AVꢀejWa^XVX^‹cꢀ=ZVai]nꢀ<Vb^c\ꢀ<j^YZꢀ^cXajnZꢀVa\jcVhꢀ  
^cY^XVX^dcZhꢀfjZꢀaZꢀVnjYVg{cꢀVꢀigVWV_Vgꢀnꢀ_j\VgꢀXdcꢀb{hꢀ  
XdbdY^YVYꢀn!ꢀedh^WaZbZciZ!ꢀVꢀgZYjX^gꢀZaꢀg^Zh\dꢀYZꢀZmeZg^bZciVgꢀ  
jcꢀegdWaZbVꢀbjhXjadZhfjZa‚i^Xd#ꢀ:cXdcigVg{ꢀZhiVꢀejWa^XVX^‹cꢀ  
Zcꢀlll#mWdm#Xdb$hjeedgi#ꢀ:hiVhꢀY^gZXig^XZhꢀigViVcꢀiZbVhꢀ  
Xdbd/  
™ꢀ 8dadXVX^‹cꢀYZaꢀ_j\VYdgꢀZcꢀjcVꢀedhijgVꢀX‹bdYVꢀnꢀcVijgVa#  
™ꢀ Edh^X^‹cꢀgZaV_VYVꢀYZꢀaVhꢀbVcdh!ꢀYZYdhꢀnꢀdigVhꢀeVgiZhꢀYZaꢀ  
XjZged#  
™ꢀ 9ZhXVchdhꢀeZg^‹Y^Xdh#  
™ꢀ :hi^adꢀYZꢀk^YVꢀhVajYVWaZ#  
H^ꢀi^ZcZꢀYjYVhꢀhdWgZꢀX‹bdꢀhZꢀgZaVX^dcVcꢀhjꢀZhi^adꢀYZꢀk^YV!ꢀ  
hjhꢀVXi^k^YVYZhꢀdꢀhjꢀZhiVYdꢀb‚Y^XVꢀdꢀ[†h^XdꢀXdcꢀadhꢀegdWaZbVhꢀ  
bjhXjadZhfjZa‚i^Xdh!ꢀXdchjaiZꢀXdcꢀjcꢀegd[Zh^dcVaꢀYZꢀaVꢀhVajY#  
 
)+ ZheVxda  
]iie/$$lll#mWdm#Xdb  
H:A:88>âCꢀ9:ꢀJC6ꢀJ7>868>âCꢀE6G6ꢀA6ꢀ8DCHDA6ꢀM7DM  
HZaZXX^dcZꢀjcVꢀjW^XVX^‹cꢀhZ\jgV  
:k^iZꢀYVŠdhꢀVꢀhjꢀiZaZk^hdgꢀnꢀVꢀdigdhꢀZfj^edh  
YZꢀVjY^d$k^YZd  
6aꢀhZaZXX^dcVgꢀjcVꢀjW^XVX^‹cꢀeVgVꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀ  
MWdm!ꢀiZc\VꢀZcꢀXjZciVꢀadhꢀiZbVhꢀh^\j^ZciZh!ꢀVh†ꢀXdbdꢀaVꢀ  
>c[dgbVX^‹cꢀ^bedgiVciZꢀhdWgZꢀhZ\jg^YVYꢀZcꢀaVꢀe{\^cVꢀ)(#  
Cdꢀji^a^XZꢀX^ZgidhꢀiZaZk^hdgZh#ꢀ6a\jcdhꢀiZaZk^hdgZh!ꢀ  
ZheZX^VabZciZꢀadhꢀYZꢀegdnZXX^‹cꢀ[gdciVaꢀdꢀedhiZg^dg!ꢀejZYZcꢀ  
YVŠVghZꢀh^ꢀhZꢀ_jZ\VꢀXdcꢀk^YZd_jZ\dh!ꢀ^cXaj^Ydhꢀadhꢀ_jZ\dhꢀMWdm#ꢀ  
AVhꢀ^b{\ZcZhꢀZhi{i^XVhꢀfjZꢀVeVgZXZcꢀYjgVciZꢀZaꢀXjghdꢀcdgbVaꢀ  
YZaꢀk^YZd_jZ\dꢀejZYZcꢀÆfjZbVghZÇꢀZcꢀaVꢀeVciVaaVꢀnꢀegdkdXVgꢀ  
fjZꢀVeVgZoXVꢀjcVꢀhdbWgVꢀeZgbVcZciZꢀYZꢀaVꢀ^bV\ZcꢀZcꢀidYdꢀ  
bdbZcid!ꢀ^cXajhdꢀXjVcYdꢀcdꢀhZꢀZhi{ꢀ_j\VcYdꢀXdcꢀk^YZd_jZ\dh#ꢀ  
HZꢀejZYZcꢀegdYjX^gꢀYVŠdhꢀh^b^aVgZhꢀVꢀXVjhVꢀYZꢀ^b{\ZcZhꢀ  
Zhi{i^XVhꢀXgZVYVhꢀVaꢀYZ_Vgꢀjcꢀk^YZd_jZ\dꢀZcꢀZheZgVꢀdꢀZcꢀeVjhV#ꢀ  
8dchjaiZꢀZaꢀbVcjVaꢀYZaꢀjhjVg^dꢀYZaꢀiZaZk^hdgꢀeVgVꢀYZiZgb^cVgꢀh^ꢀ  
hZꢀejZYZꢀ_j\VgꢀXdcꢀk^YZd_jZ\dhꢀh^cꢀegdWaZbVhꢀZcꢀhjꢀiZaZk^hdg#ꢀ  
6ciZhꢀYZꢀXdcZXiVgꢀdꢀYZhXdcZXiVgꢀXjVafj^ZgꢀY^hedh^i^kdꢀYZꢀ  
VjY^d$k^YZdꢀꢁedgꢀZ_Zbead!ꢀjcꢀiZaZk^hdgꢀdꢀjcVꢀk^YZd\gVWVYdgVꢂ!ꢀ  
XdbegjZWZꢀfjZꢀaVꢀ8dchdaVꢀMWdmꢀnꢀZaꢀY^hedh^i^kdꢀZhi‚cꢀVeV\VYdh#  
:k^iZꢀfjZꢀaVꢀ8dchdaVꢀMWdmꢀhZꢀXV^\VꢀVaꢀhjZad  
H^ꢀaVꢀ8dchdaVꢀMWdmꢀhZꢀXVZꢀnꢀ\daeZVꢀVꢀVa\j^Zc!ꢀhdWgZꢀidYdꢀh^ꢀ  
hZꢀigViVꢀYZꢀjcꢀc^ŠdꢀeZfjZŠd!ꢀejZYZꢀegdkdXVgꢀYVŠdhꢀ\gVkZh#ꢀ  
EVgVꢀgZYjX^gꢀZaꢀg^Zh\dꢀYZꢀY^X]dhꢀYVŠdhꢀeZghdcVaZhꢀdꢀYVŠdhꢀVꢀaVꢀ  
8dchdaVꢀMWdm!ꢀXdadfjZꢀZaꢀVeVgVidꢀZcꢀjcVꢀhjeZgÒX^Z/  
™ꢀ eaVcVꢀnꢀc^kZaVYV#  
™ꢀ ZhiVWaZꢀnꢀfjZꢀcdꢀhZꢀejZYVꢀ^cXa^cVg#  
™ꢀ ZcꢀaVꢀfjZꢀaVhꢀXjVigdꢀeViVhꢀYZꢀaVꢀXdchdaVꢀMWdmꢀZhi‚c  
ZcꢀXdciVXidꢀXdcꢀaVꢀhjeZgÒX^Z#  
6ciZhꢀYZꢀXdcZXiVgꢀdꢀYZhXdcZXiVgꢀXjVafj^ZgꢀY^hedh^i^kdꢀYZꢀVjY^d$  
k^YZd!ꢀXdbdꢀZaꢀiZaZk^hdgꢀdꢀaVꢀk^YZd\gVWVYdgV!ꢀVhZ\gZhZꢀYZꢀfjZꢀ  
aVꢀXdchdaVꢀMWdmꢀZhi‚ꢀYZhXdcZXiVYVꢀYZꢀaVꢀidbVꢀYZꢀXdgg^ZciZꢀnꢀ  
fjZꢀZaꢀiZaZk^hdg!ꢀaVꢀk^YZd\gVWVYdgVꢀnꢀXjVafj^ZgꢀY^hedh^i^kdꢀYZꢀ  
VjY^d$k^YZdꢀZhi‚cꢀVeV\VYdh#ꢀ9ZꢀZhiVꢀ[dgbVꢀgZYjX^g{ꢀZaꢀg^Zh\dꢀ  
YZꢀYZhXVg\VhꢀZa‚Xig^XVhꢀdꢀYVŠdhꢀVaꢀZfj^ed#  
™ꢀ a^be^Vꢀnꢀh^cꢀedakdꢀc^ꢀc^c\cꢀdigdꢀgZh^Yjd#  
™ꢀ fjZꢀcdꢀeZgb^iVꢀfjZꢀaVꢀ8dchdaVꢀMWdmꢀhZꢀgZhWVaZ  
dꢀhZꢀYZha^XZ#  
IdbZꢀaVhꢀYZW^YVhꢀegZXVjX^dcZhꢀXjVcYdꢀji^a^XZꢀ  
adhꢀXVWaZh  
EVgVꢀZk^iVgꢀZaꢀg^Zh\dꢀYZꢀYZhXVg\VhꢀZa‚Xig^XVhꢀdꢀYVŠdhꢀVaꢀZfj^edꢀ  
YZꢀVjY^d$k^YZdꢀdꢀVꢀaVꢀXdchdaVꢀMWdm!ꢀcdꢀidfjZꢀaVhꢀiZgb^cVaZhꢀYZꢀ  
adhꢀXVWaZhꢀc^ꢀZaꢀejZgidꢀYZꢀVjY^d$k^YZdꢀYZꢀaVꢀXdchdaVꢀMWdmꢀXdcꢀ  
adhꢀYZYdhꢀc^ꢀXdcꢀc^c\jcVꢀeVgiZꢀbZi{a^XV#  
Dg\Vc^XZꢀidYdhꢀadhꢀXVWaZhꢀYZꢀbVcZgVꢀfjZꢀc^ꢀeZghdcVhꢀc^ꢀ  
Vc^bVaZhꢀejZYVcꢀigdeZoVgꢀdꢀi^gVgꢀVXX^YZciVabZciZꢀYZꢀZaadhꢀ  
XjVcYdꢀeVhZcꢀdꢀhZꢀbjZkVcꢀedgꢀZhVꢀodcV#  
8jVcYdꢀcdꢀhZꢀji^a^XZꢀaVꢀ8dchdaVꢀMWdm!ꢀhZꢀgZXdb^ZcYVꢀ  
YZhXdcZXiVgꢀidYdhꢀadhꢀXVWaZhꢀYZꢀaVhꢀeVgiZhꢀVciZg^dgꢀnꢀedhiZg^dgꢀ  
YZaꢀVeVgVidꢀeVgVꢀZk^iVgꢀfjZꢀadhꢀc^Šdhꢀi^gZcꢀYZꢀZaadh#ꢀCdꢀeZgb^iVꢀ  
fjZꢀadhꢀc^Šdhꢀ_jZ\jZcꢀXdcꢀadhꢀXVWaZh#  
CdꢀidfjZꢀaVhꢀeVgiZhꢀbZi{a^XVhꢀYZꢀc^c\cꢀXVWaZꢀfjZꢀhVa\VꢀYZꢀaVꢀ  
XdchdaVꢀMWdmꢀXjVcYdꢀZhi‚ꢀXdcZXiVYVꢀVꢀaVꢀXdgg^ZciZ#  
:k^iZꢀfjZꢀaVꢀ8dchdaVꢀMWdmꢀhZꢀhdWgZXVa^ZciZ  
CdꢀWadfjZZꢀc^c\jcVꢀYZꢀaVhꢀVWZgijgVhꢀYZꢀkZci^aVX^‹c#ꢀCdꢀXdadfjZꢀ  
aVꢀ8dchdaVꢀMWdmꢀZcX^bVꢀYZꢀjcVꢀXVbV!ꢀjcꢀhd[{ꢀjꢀdigVꢀhjeZgÒX^Zꢀ  
WaVcYVꢀfjZꢀejZYVꢀWadfjZVgꢀaVhꢀVWZgijgVhꢀYZꢀkZci^aVX^‹c#  
CdꢀXdadfjZꢀaVꢀ8dchdaVꢀMWdmꢀZcꢀjcꢀZheVX^dꢀXZggVYd!ꢀXdbdꢀjcꢀ  
a^WgZgd!ꢀjcVꢀZhiVciZg†VꢀdꢀjcꢀVgbVg^dꢀeVgVꢀZaꢀZhi‚gZd!ꢀVꢀcdꢀhZgꢀ  
fjZꢀiZc\VꢀkZci^aVX^‹c#  
Cdꢀ^chiVaZꢀaVꢀXdchdaVꢀMWdmꢀXZgXVꢀYZꢀ[jZciZhꢀYZꢀXVadg!ꢀXdbdꢀ  
gVY^VYdgZh!ꢀhVa^YVhꢀYZꢀV^gZꢀXVa^ZciZ!ꢀXVaZciVYdgZhꢀjꢀdigdhꢀ  
Y^hedh^i^kdhꢀfjZꢀegdYjoXVcꢀXVadg!ꢀXdbdꢀadhꢀVbea^ÒXVYdgZh#  
 
),  
]iie/$$lll#mWdm#Xdb  
ZheVxda  
ꢀ
8DC:M>âCꢀ6ꢀJCꢀI:A:K>HDG  
IZaZk^hdg  
K8G  
6bVg^aad  
7aVcXd  
Gd_d  
6bVg^aad  
7aVcXd  
Gd_d  
8VWaZꢀYZꢀXdcZm^‹cꢀ  
VjY^d$k^YZd  
8VWaZꢀYZꢀXdcZm^‹cꢀ  
8d^cX^Y^gꢀXdadgZhꢀVaꢀXdbW^cVg  
8d^cX^Y^gꢀXdadgZhꢀVaꢀXdbW^cVg  
VjY^d$k^YZd  
(#ꢀ :cX]j[ZꢀadhꢀXdcZXidgZhꢀXdcꢀX‹Y^\dꢀYZꢀXdadgꢀVaꢀXdcZXidgꢀ  
XdggZhedcY^ZciZꢀZcꢀaVꢀk^YZd\gVWVYdgV/ꢀVbVg^aadꢀXdcꢀ  
VbVg^aadꢀꢁk^YZdꢂ!ꢀgd_dꢀXdcꢀgd_dꢀꢁVjY^dꢀYZgZX]dꢂꢀnꢀWaVcXdꢀ  
XdcꢀWaVcXdꢀꢁVjY^dꢀ^ofj^ZgYdꢂ#  
JhdꢀYZaꢀXVWaZꢀZhi{cYVgꢀYZꢀXdcZm^‹cꢀYZ  
VjY^d$k^YZdꢀMWdm  
H^ꢀZaꢀiZaZk^hdgꢀi^ZcZꢀjcVꢀZcigVYVꢀYZꢀk^YZdꢀXdbejZhid!ꢀji^a^XZꢀZaꢀ  
XVWaZꢀZhiVcYVg^oVYdꢀYZꢀXdcZm^‹cꢀVjY^d$k^YZdꢀfjZꢀhZꢀ^cXajnZꢀXdcꢀ  
ZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdm#  
ꢀꢀ CdiV/ꢀh^ꢀjhVꢀk^YZd\gVWVYdgVhꢀbdcdVjg^XjaVgZh!ꢀXdcZXiZꢀ  
ZaꢀXdcZXidgꢀYZgZX]dꢀdꢀ^ofj^ZgYdꢀVaꢀXdcZXidgꢀYZꢀVjY^d#  
)#ꢀ CdꢀXVbW^ZꢀaVꢀXdcZm^‹cꢀZm^hiZciZꢀZcigZꢀaVꢀk^YZd\gVWVYdgVꢀ  
nꢀZaꢀiZaZk^hdg#  
8dcZm^‹cꢀVꢀjcꢀiZaZk^hdg  
&#ꢀ 6hZ\gZhZꢀYZꢀfjZꢀaVꢀXdchdaVꢀMWdmꢀZhi‚ꢀYZhXdcZXiVYVꢀYZꢀ  
aVꢀidbVꢀYZꢀXdgg^ZciZ#  
*#ꢀ 8dcZXiZꢀaVꢀXdchdaVꢀMWdmꢀVꢀaVꢀidbVꢀYZꢀXdgg^ZciZ#  
+#ꢀ HZaZXX^dcZꢀaVꢀdeX^‹cꢀK8Gꢀꢁk^YZd\gVWVYdgVꢂꢀZcꢀaVꢀ  
XdcÒ\jgVX^‹cꢀYZꢀIK$K8GꢀꢁiZaZk^hdg$k^YZd\gVWVYdgVꢂꢀYZꢀ  
aVꢀk^YZd\gVWVYdgV#ꢀ  
'#ꢀ :cX]j[ZꢀZaꢀXdcZXidgꢀYZꢀVjY^d$k^YZdꢀMWdmꢀVꢀjcꢀejZgidꢀYZꢀ  
VjY^d$k^YZdꢀYZꢀaVꢀ8dchdaVꢀMWdm#  
(#ꢀ :cX]j[ZꢀadhꢀXdcZXidgZhꢀXdcꢀX‹Y^\dꢀYZꢀXdadgꢀVꢀadhꢀ  
XdcZXidgZhꢀXdggZhedcY^ZciZhꢀZcꢀZaꢀiZaZk^hdg/ꢀVbVg^aadꢀXdcꢀ  
VbVg^aadꢀꢁk^YZdꢂ!ꢀgd_dꢀXdcꢀgd_dꢀꢁVjY^dꢀYZgZX]dꢂꢀnꢀWaVcXdꢀ  
XdcꢀWaVcXdꢀꢁVjY^dꢀ^ofj^ZgYdꢂ#ꢀAdhꢀXdcZXidgZhꢀejZYZcꢀ  
ZhiVgꢀZcꢀaVꢀeVgiZꢀ[gdciVaꢀdꢀedhiZg^dgꢀYZaꢀiZaZk^hdg#  
,#ꢀ HZaZXX^dcZꢀaVꢀZcigVYVꢀYZꢀk^YZdꢀVegde^VYVꢀYZꢀaVꢀ  
k^YZd\gVWVYdgV#ꢀEVgVꢀdWiZcZgꢀb{hꢀ^c[dgbVX^‹c!ꢀXdchjaiZꢀ  
HZaZXX^‹cꢀYZꢀZcigVYVh!ꢀb{hꢀVYZaVciZ#  
HZaZXX^‹cꢀYZꢀZcigVYVh  
ꢀꢀ CdiV/ꢀh^ꢀjhVꢀiZaZk^hdgZhꢀbdcdVjg^XjaVgZhꢀXdcꢀjcꢀhdadꢀ  
XdcZXidgꢀYZꢀVjY^d!ꢀZcX]j[ZꢀZaꢀXdcZXidgꢀYZgZX]dꢀdꢀ  
^ofj^ZgYdꢀVaꢀXdcZXidgꢀYZꢀVjY^d#  
HZaZXX^dcZꢀaVꢀZcigVYVꢀYZꢀk^YZdꢀZcꢀZaꢀiZaZk^hdgꢀdꢀaVꢀ  
k^YZd\gVWVYdgVꢀfjZꢀeZgb^iZꢀkZgꢀZaꢀ_jZ\dꢀYZꢀMWdm#ꢀAVꢀhZaZXX^‹cꢀ  
YZꢀaVꢀZcigVYVꢀZcꢀZaꢀiZaZk^hdgꢀdꢀaVꢀk^YZd\gVWVYdgVꢀhZꢀ]VXZꢀ  
\ZcZgVabZciZꢀYZꢀjcVꢀYZꢀaVhꢀh^\j^ZciZhꢀbVcZgVh/ꢀ  
)#ꢀ 8dcZXiZꢀaVꢀXdchdaVꢀMWdmꢀVꢀaVꢀidbVꢀYZꢀXdgg^ZciZ#  
*#ꢀ HZaZXX^dcZꢀaVꢀZcigVYVꢀYZꢀk^YZdꢀVegde^VYVꢀYZaꢀiZaZk^hdg#ꢀ  
EVgVꢀdWiZcZgꢀb{hꢀ^c[dgbVX^‹c!ꢀXdchjaiZꢀHZaZXX^‹cꢀYZꢀ  
ZcigVYVh!ꢀb{hꢀVYZaVciZ#  
™ꢀ Deg^b^ZcYdꢀjcꢀWdi‹cꢀZcꢀaVꢀeVgiZꢀ[gdciVaꢀYZaꢀVeVgVidꢀ  
ꢁejZYZꢀZhiVgꢀdXjaidꢀYZig{hꢀYZꢀjcꢀeVcZaꢂ#  
™ꢀ Deg^b^ZcYdꢀjcꢀWdi‹cꢀZcꢀZaꢀXdcigdaꢀgZbdidꢀdg^\^cVa#  
™ꢀ HZaZXX^dcVcYdꢀjcꢀcbZgdꢀYZꢀXVcVaꢀWV_dꢀdꢀVaid#  
:hꢀedh^WaZꢀfjZꢀcdꢀejZYVꢀXdcZXiVgꢀZaꢀiZaZk^hdgꢀXdcꢀZaꢀXVWaZꢀ  
YZꢀVjY^d$k^YZdꢀZhiVcYVg^oVYd#ꢀH^ꢀi^ZcZꢀjcVꢀZcigVYVꢀYZꢀk^YZdꢀ  
YZꢀXdbedcZciZh!ꢀYZꢀVciZcV!ꢀYZꢀk^YZdꢀHꢀdꢀZcigVYVꢀYZꢀVjY^dꢀ  
Y^\^iVa!ꢀjhZꢀZaꢀXVWaZꢀdꢀVYVeiVYdgꢀYZꢀXdcZm^‹cꢀVjY^d$k^YZdꢀMWdmꢀ  
XdggZhedcY^ZciZꢀꢁhZꢀkZcYZꢀedgꢀhZeVgVYdꢂ#ꢀEVgVꢀdWiZcZgꢀb{hꢀ  
^c[dgbVX^‹c!ꢀk^h^iZꢀZaꢀh^i^dꢀLZWꢀ]iie/$$lll#mWdm#XdbꢀdꢀXdchjaiZꢀ  
9^hedh^i^kdhꢀeZg^[‚g^XdhꢀMWdm!ꢀZcꢀaVꢀe{\^cVꢀ)&#  
™ꢀ BZY^VciZꢀjcVꢀdeX^‹cꢀYZꢀjcꢀbZcꢀfjZꢀVeVgZXZꢀZcꢀaVꢀ  
eVciVaaV#ꢀ  
CdiV/ꢀ9ZeZcY^ZcYdꢀYZaꢀi^edꢀdꢀaVꢀbVgXVꢀYZaꢀiZaZk^hdgꢀdꢀYZꢀaVꢀ  
k^YZd\gVWVYdgV!ꢀaVhꢀZcigVYVhꢀYZꢀk^YZdꢀhZꢀhjZaZcꢀ^YZci^ÒXVgꢀXdcꢀ  
Va\jcdꢀYZꢀadhꢀh^\j^ZciZhꢀcdbWgZh/ꢀ>cejiꢀHZaZXi!ꢀ6JM!ꢀK^YZd!ꢀ  
A^cZ!ꢀA^cZꢀ>c!ꢀ>ceji!ꢀHdjgXZ!ꢀ>cꢀdꢀ:MI#ꢀ  
H^ꢀhjꢀiZaZk^hdgꢀZhi{ꢀXdcZXiVYdꢀVꢀjcVꢀk^YZd\gVWVYdgVꢀnꢀ‚hiVꢀ  
XjZciVꢀXdcꢀjcVꢀZcigVYVꢀYZꢀk^YZdꢀꢁ^ciZ\gVYdꢂꢀXdbejZhid!ꢀejZYZꢀ  
ji^a^oVgꢀZaꢀ8VWaZꢀZhi{cYVgꢀYZꢀXdcZm^‹cꢀVjY^d$k^YZdꢀMWdmꢀeVgVꢀ  
XdcZXiVghZꢀVꢀaVꢀk^YZd\gVWVYdgV#  
EVgVꢀdWiZcZgꢀb{hꢀ^c[dgbVX^‹c!ꢀXdchjaiZꢀZaꢀbVcjVaꢀYZaꢀiZaZk^hdgꢀ  
dꢀk^YZd\gVWVYdgV#  
EVgVꢀXdcZXiVghZꢀVꢀjcVꢀk^YZd\gVWVYdgV  
&#ꢀ 6hZ\gZhZꢀYZꢀfjZꢀaVꢀXdchdaVꢀMWdmꢀZhi‚ꢀYZhXdcZXiVYVꢀYZꢀ  
aVꢀidbVꢀYZꢀXdgg^ZciZ#  
'#ꢀ :cX]j[ZꢀZaꢀXdcZXidgꢀYZꢀVjY^d$k^YZdꢀMWdmꢀVꢀjcꢀejZgidꢀYZꢀ  
VjY^d$k^YZdꢀYZꢀaVꢀ8dchdaVꢀMWdm#  
 
)- ZheVxda  
]iie/$$lll#mWdm#Xdb  
8DC:M>âCꢀ9:ꢀ8DCIGDA69DG:HꢀM7DM  
8dcZm^‹cꢀnꢀYZhXdcZm^‹cꢀYZꢀadhꢀ  
XdcigdaVYdgZhꢀMWdm  
EVgVꢀXdcZXiVgꢀjcꢀXdcigdaVYdgꢀMWdm!ꢀ^chZgiZꢀZaꢀXdcZXidgꢀ  
XdggZhedcY^ZciZꢀZcꢀXjVafj^ZgꢀejZgidꢀYZꢀXdcigdaVYdgꢀYZ  
aVꢀXdchdaVꢀMWdm#ꢀ  
EVgVꢀYZhXdcZXiVgad!ꢀfj^iZꢀZaꢀXdcZXidgꢀYZaꢀXdcigdaVYdgꢀMWdmꢀYZaꢀ  
ejZgidꢀXdggZhedcY^ZciZ#ꢀ6aꢀYZhXdcZXiVgad!ꢀi^gZꢀYZaꢀXdcZXidgꢀYZaꢀ  
XdcigdaVYdg!ꢀcdꢀYZaꢀXVWaZꢀc^ꢀYZaꢀXdcZXidgꢀZcꢀa†cZV#  
CdꢀidfjZꢀaVhꢀiZgb^cVaZhꢀYZaꢀXVWaZꢀc^ꢀadhꢀejZgidhꢀYZaꢀXdcigdaVYdgꢀ  
MWdmꢀXdcꢀadhꢀYZYdhꢀc^ꢀXdcꢀc^c\jcVꢀeVgiZꢀbZi{a^XV#ꢀH^ꢀadꢀ]VXZ!ꢀ  
edYg†VꢀYVŠVgꢀZaꢀXdcigdaVYdgꢀMWdmꢀdꢀaVꢀXdchdaVꢀMWdm#  
JhdꢀYZaꢀXdcigdaVYdgꢀMWdmꢀZcꢀ_jZ\dh  
EVgVꢀdWiZcZgꢀb{hꢀ^c[dgbVX^‹cꢀVXZgXVꢀYZaꢀjhdꢀYZaꢀXdcigdaVYdgꢀ  
MWdmꢀXdcꢀjcꢀ_jZ\d!ꢀXdchjaiZꢀZaꢀbVcjVaꢀYZaꢀ_jZ\d#  
JHDꢀ9:Aꢀ8DCIGDA69DGꢀM7DMꢀ  
8dcZXidgꢀYZꢀhjZaiVꢀZcꢀa†cZV  
6ꢀaVꢀXdchdaV  
8VYVꢀXVWaZꢀYZaꢀXdcigdaVYdgꢀMWdmꢀi^ZcZꢀjcꢀXdcZXidgꢀZcꢀa†cZV#ꢀ  
:hiVꢀXVgVXiZg†hi^XVꢀYZꢀhZ\jg^YVYꢀhZꢀY^hZŠ‹ꢀeVgVꢀgZYjX^gꢀZaꢀg^Zh\dꢀ  
YZꢀXV†YVꢀYZꢀaVꢀ8dchdaVꢀMWdmꢀVaꢀi^gVgꢀYZaꢀXVWaZ#ꢀH^ꢀaVꢀ8dchdaVꢀ  
MWdmꢀhZꢀXVZꢀnꢀ\daeZVꢀVꢀVa\j^Zc!ꢀhdWgZꢀidYdꢀh^ꢀhZꢀigViVꢀYZꢀjcꢀ  
c^ŠdꢀeZfjZŠd!ꢀejZYZꢀegdkdXVgꢀYVŠdhꢀ\gVkZh#ꢀEVgVꢀgZYjX^gꢀZaꢀ  
g^Zh\dꢀYZꢀYVŠdhꢀeZghdcVaZhꢀdꢀYVŠdhꢀVꢀaVꢀXdchdaVꢀMWdm!ꢀZhꢀ  
^bedgiVciZꢀji^a^oVgꢀXdggZXiVbZciZꢀadhꢀXdcigdaVYdgZhꢀMWdmꢀnꢀZaꢀ  
XdcZXidgꢀZcꢀa†cZV#ꢀ  
8VYVꢀkZoꢀfjZꢀXdcZXiZꢀnꢀYZhXdcZXiZꢀZaꢀXdcigdaVYdgꢀMWdm!ꢀjhZꢀ  
ZaꢀXdcZXidgꢀYZaꢀXdcigdaVYdgꢀnꢀcdꢀZaꢀXdcZXidgꢀZcꢀa†cZV#ꢀH^ꢀjcꢀ  
XdcZXidgꢀZcꢀa†cZVꢀhZꢀYZhXdcZXiV!ꢀWVhiVꢀXdcꢀkdakZgadꢀVꢀXdcZXiVgꢀ  
Va^cZVcYdꢀaVhꢀbjZhXVhꢀVXVcVaVYVhꢀYZꢀVbWdhꢀZmigZbdh#ꢀEVgVꢀ  
Zaad!ꢀYZWZꢀ_jciVgꢀVbWVhꢀeVgiZhꢀXdbeaZiVbZciZꢀnꢀegZh^dcVgaVh#ꢀ  
CdꢀidfjZꢀc^c\jcVꢀe^ZoVꢀbZi{a^XVꢀYZaꢀXdcZXidgꢀZaꢀa†cZVꢀXjVcYdꢀ  
aVꢀXdchdaVꢀMWdmꢀZhi‚ꢀXdcZXiVYVꢀVꢀaVꢀXdgg^ZciZ#ꢀ:aꢀXdcigdaVYdgꢀ  
MWdmꢀcdꢀ[jcX^dcVꢀh^ꢀZaꢀXdcZXidgꢀZcꢀa†cZVꢀcdꢀZhi{ꢀXdcZXiVYdꢀ  
XdggZXiVbZciZ#  
6aꢀXdcigdaVYdg  
™ꢀ CdꢀeZgb^iVꢀfjZꢀcVY^Zꢀi^gZꢀYZꢀadhꢀXdcigdaVYdgZhꢀMWdmꢀdꢀ  
YZꢀadhꢀXVWaZhꢀYZaꢀXdcigdaVYdgꢀYZꢀbVcZgVꢀfjZꢀbjZkVꢀaVꢀ  
XdchdaVꢀMWdm#ꢀ  
69K:GI:C8>6ꢀCdꢀVea^fjZꢀX^ciVꢀVY]Zh^kV!ꢀeZ\jZꢀc^ꢀji^a^XZꢀdigdꢀ  
b‚idYdꢀeVgVꢀZk^iVgꢀfjZꢀhZꢀhZeVgZꢀZaꢀXdcZXidgꢀYZꢀhjZaiV  
Zcꢀa†cZV#  
™ꢀ CdꢀeZgb^iVꢀfjZꢀadhꢀXVWaZhꢀYZaꢀXdcigdaVYdgꢀMWdmꢀhZꢀ  
XgjXZcꢀdꢀhZꢀZcgZYZcꢀZcigZꢀh^#  
:aꢀXdcZXidgꢀYZꢀhjZaiVꢀZcꢀa†cZVꢀgZYjXZ!ꢀVjcfjZꢀcdꢀZa^b^cV!ꢀZaꢀ  
g^Zh\dꢀYZꢀYZheaVoVgꢀaVꢀ8dchdaVꢀMWdmꢀYZꢀaVꢀhjeZgÒX^ZꢀYdcYZꢀ  
gZedhV#ꢀEVgVꢀgZYjX^gꢀVcꢀb{hꢀZaꢀg^Zh\d/ꢀ  
™ꢀ AZVꢀnꢀh^\VꢀaVhꢀ^chigjXX^dcZhꢀYZꢀaVꢀhZXX^‹cꢀHZaZXX^‹cꢀYZꢀ  
jcVꢀjW^XVX^‹cꢀeVgVꢀaVꢀ8dchdaVꢀMWdm!ꢀZcꢀaVꢀe{\^cVꢀ)+#  
 
).  
]iie/$$lll#mWdm#Xdb  
ZheVxda  
ꢀ
JHDꢀ9:Aꢀ8DCIGDA69DGꢀM7DMꢀ  
JhdꢀYZꢀaVhꢀgVcjgVhꢀYZꢀZmeVch^‹cꢀYZaꢀ  
XdcigdaVYdgꢀMWdm  
:aꢀXdcigdaVYdgꢀMWdmꢀXjZciVꢀXdcꢀYdhꢀgVcjgVhꢀYZꢀZmeVch^‹cꢀ  
fjZꢀeZgb^iZcꢀXdcZXiVgꢀadhꢀY^hedh^i^kdhꢀYZꢀZmeVch^‹cꢀVaꢀ  
XdcigdaVYdgꢀMWdm#ꢀEdgꢀZ_Zbead!ꢀejZYZꢀV\gZ\VgꢀjcVꢀjc^YVYꢀYZꢀ  
VabVXZcVb^Zcidꢀedgi{i^aꢀVaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀh^ꢀ  
XdcZXiVꢀjcVꢀjc^YVYꢀYZꢀbZbdg^VꢀMWdmꢀXdbdꢀhZꢀbjZhigVꢀZcꢀaVꢀ  
Ò\jgVꢀꢁhZꢀkZcYZꢀedgꢀhZeVgVYdꢂ#ꢀH^ꢀ_jZ\VꢀZcꢀZaꢀhZgk^X^dꢀMWdmꢀ  
A^kZ!ꢀZhꢀedh^WaZꢀfjZꢀYZhZZꢀV\gZ\VgꢀZaꢀMWdmꢀ8dbbjc^XVidgꢀꢁhZꢀ  
kZcYZꢀedgꢀhZeVgVYdꢂ!ꢀfjZꢀeZgb^iZꢀaVꢀXdbjc^XVX^‹cꢀedgꢀkdo#ꢀEVgVꢀ  
dWiZcZgꢀb{hꢀ^c[dgbVX^‹c!ꢀXdchjaiZꢀaVꢀhZXX^‹cꢀ9^hedh^i^kdhꢀ  
eZg^[‚g^XdhꢀMWdmꢀZcꢀaVꢀe{\^cVꢀ)&#ꢀ  
ꢀ
68I>K68>âCꢀ9:ꢀA6ꢀ8DCHDA6ꢀM7DM  
8dbegjZWZꢀfjZꢀ]VꢀgZVa^oVYdꢀidYVhꢀaVhꢀXdcZm^dcZhꢀVaꢀiZaZk^hdg!ꢀ  
aVꢀk^YZd\gVWVYdgVꢀdꢀZaꢀY^hedh^i^kdꢀYZꢀVjY^d$k^YZd#ꢀ8dcZXiZꢀZaꢀ  
XVWaZꢀeVgVꢀXdgg^ZciZꢀVꢀaVꢀ8dchdaVꢀMWdmꢀn!ꢀVꢀXdci^cjVX^‹c!ꢀ^chZgiZꢀ  
XdbeaZiVbZciZꢀZaꢀXdcZXidgꢀZcꢀaVꢀidbVꢀYZꢀVa^bZciVX^‹c#ꢀEVgVꢀ  
dWiZcZgꢀb{hꢀ^c[dgbVX^‹c!ꢀXdchjaiZꢀEgZXVjX^dcZhꢀZa‚Xig^XVhꢀ  
\ZcZgVaZhꢀZcꢀaVꢀe{\^cVꢀ))#ꢀ  
:cX^ZcYVꢀaVꢀ8dchdaVꢀMWdmꢀegZh^dcVcYdꢀZaꢀWdi‹cꢀEdlZgꢀ  
ꢁZcXZcY^Ydꢂ#ꢀAVꢀajoꢀ^cY^XVYdgVꢀYZaꢀZhiVYdꢀhZꢀZcXZcYZg{#  
6eV\jZꢀaVꢀXdchdaVꢀMWdmꢀegZh^dcVcYdꢀZaꢀWdi‹cꢀEdlZgꢀ  
ꢁZcXZcY^Ydꢂ#ꢀEVgVꢀZa^b^cVgꢀidYVꢀaVꢀiZch^‹cꢀVXjbjaVYVꢀZcꢀaVꢀ  
8dchdaVꢀMWdm!ꢀVeV\jZꢀZaꢀVeVgVidꢀn!ꢀVꢀXdci^cjVX^‹c!ꢀYZhXdcZXiZꢀ  
ZaꢀXVWaZꢀeVgVꢀXdgg^ZciZꢀYZꢀaVꢀidbVꢀYZꢀVa^bZciVX^‹c#  
 
*% ZheVxda  
]iie/$$lll#mWdm#Xdb  
>CHI6A68>âCꢀ>C>8>6A  
AVꢀeg^bZgVꢀkZoꢀfjZꢀZcX^ZcYVꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdm!ꢀ  
VciZhꢀYZꢀZbeZoVgꢀVꢀ_j\VgꢀXdcꢀjcꢀ_jZ\dꢀdꢀgZegdYjX^gꢀjcꢀ89ꢀYZꢀ  
VjY^d!ꢀYZWZg{ꢀZhiVWaZXZgꢀZaꢀ^Y^dbVꢀnꢀaVꢀ]dgVꢀegZYZiZgb^cVYdh#ꢀ  
JcVꢀkZoꢀZheZX^ÒXVYVꢀaVꢀXdcÒ\jgVX^‹c!ꢀcdꢀcZXZh^iVꢀkdakZgꢀVꢀ  
ZheZX^ÒXVgaVꢀh^ꢀYZ_VꢀaVꢀXdchdaVꢀMWdmꢀXdcZXiVYVꢀVꢀaVꢀXdgg^ZciZ#  
EVgVꢀbdkZgꢀZaꢀ[dXdꢀYZꢀhZaZXX^‹cꢀZcꢀaVꢀeVciVaaV!ꢀegZh^dcZꢀbVcYdꢀ  
YZꢀY^gZXX^‹cꢀYZaꢀXdcigdaVYdgꢀMWdm#ꢀEVgVꢀhZaZXX^dcVg!ꢀegZh^dcZꢀ6#ꢀ  
EVgVꢀXVcXZaVg!ꢀegZh^dcZꢀ7#  
8DC;><JG68>âCꢀ9:ꢀK>9:D!ꢀ6J9>DꢀNꢀDIGDHꢀK6ADG:H  
6YZb{hꢀYZꢀaVꢀXdcÒ\jgVX^‹cꢀYZꢀ^Y^dbVꢀnꢀ]dgVꢀ^c^X^VaZh!ꢀejZYZꢀ  
ZheZX^ÒXVgꢀdigVꢀXdcÒ\jgVX^‹cꢀeVgVꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀ  
MWdm#ꢀEVgVꢀhZaZXX^dcVgꢀaVꢀXdcÒ\jgVX^‹cꢀYZaꢀh^hiZbV!ꢀZcX^ZcYVꢀZaꢀ  
H^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀh^cꢀc^c\cꢀY^hXdꢀZcꢀaVꢀWVcYZ_V#ꢀ  
EVgVꢀhZaZXX^dcVgꢀaVꢀXdcÒ\jgVX^‹cꢀYZꢀVjY^dꢀdꢀk^YZd  
&#ꢀ HZaZXX^dcZꢀ8dcÒ\jgVX^‹cꢀnꢀajZ\dꢀ6jY^dꢀdꢀK^YZd#  
'#ꢀ HZaZXX^dcZꢀaVhꢀdeX^dcZhꢀVYZXjVYVhꢀeVgVꢀZaꢀh^hiZbV#  
EjZYZꢀXdcÒ\jgVgꢀaVꢀ8dchdaVꢀMWdmꢀeVgVꢀfjZꢀhZꢀVeV\jZꢀ  
Vjidb{i^XVbZciZꢀh^ꢀhZꢀYZ_VꢀYZhViZcY^YVꢀYjgVciZꢀhZ^hꢀ]dgVh#ꢀ  
EVgVꢀhZaZXX^dcVgꢀZaꢀVeV\VYdꢀVjidb{i^Xd  
&#ꢀ HZaZXX^dcZꢀ8dcÒ\jgVX^‹cꢀnꢀajZ\dꢀ6eV\VYdꢀVjidb{i^Xd#  
'#ꢀ HZaZXX^dcZꢀH†ꢀeVgVꢀ]VXZgꢀfjZꢀaVꢀXdchdaVꢀMWdmꢀhZꢀVeV\jZꢀ  
Vjidb{i^XVbZciZꢀdꢀCd!ꢀZaꢀkVadgꢀegZYZiZgb^cVYd#  
 
*&  
]iie/$$lll#mWdm#Xdb  
ZheVxda  
ꢀ
JHDꢀ9:ꢀADHꢀ?J:<DHꢀNꢀG:EGD9J88>âCꢀ9:ꢀBåH>86  
7di‹cꢀZ_ZXiꢀꢁZmejahVgꢂ  
7VcYZ_VꢀYZꢀY^hXdh  
7di‹cꢀEdlZg$gZhZiꢀꢁZcXZcY^Yd$ZhiVWaZX^b^Zcidꢂ  
JhdꢀYZꢀadhꢀ_jZ\dh  
GZegdYjXX^‹cꢀYZꢀbh^XV  
:aꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀh‹adꢀejZYZꢀ  
gZegdYjX^gꢀ_jZ\dhꢀXdcꢀa^XZcX^VꢀYZꢀB^Xgdhd[iꢀeVgVꢀ  
ZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdm#ꢀAdhꢀ_jZ\dhꢀXdcꢀ  
a^XZcX^Vꢀi^ZcZcꢀZhiZꢀad\di^ed/ꢀ  
:aꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀejZYZꢀgZegdYjX^gꢀ  
89ꢀYZꢀVjY^dꢀfjZꢀiZc\Vc  
ZhiZꢀad\di^ed/ꢀ  
EVgVꢀgZegdYjX^gꢀjcꢀ89ꢀYZꢀVjY^d  
EVgVꢀ^c^X^Vgꢀjcꢀ_jZ\d  
&#ꢀ EgZh^dcZꢀZaꢀWdi‹cꢀ:_ZXiꢀꢁZmejahVgꢂꢀeVgVꢀVWg^gꢀaVꢀWVcYZ_Vꢀ  
YZꢀY^hXdh#  
&#ꢀ EgZh^dcZꢀZaꢀWdi‹cꢀ:_ZXiꢀꢁZmejahVgꢂꢀeVgVꢀVWg^gꢀaVꢀWVcYZ_Vꢀ  
YZꢀY^hXdh#  
'#ꢀ 8dadfjZꢀZaꢀ89ꢀYZꢀVjY^dꢀZcꢀaVꢀWVcYZ_VꢀYZꢀY^hXdhꢀXdcꢀaVꢀ  
Zi^fjZiVꢀ]VX^VꢀVgg^WV#  
'#ꢀ 8dadfjZꢀZaꢀY^hXdꢀYZaꢀ_jZ\dꢀMWdmꢀZcꢀaVꢀWVcYZ_VꢀYZꢀY^hXdhꢀ  
XdcꢀaVꢀZi^fjZiVꢀ]VX^VꢀVgg^WV#  
(#ꢀ EgZh^dcZꢀZaꢀWdi‹cꢀ:_ZXiꢀꢁZmejahVgꢂꢀeVgVꢀXZggVgꢀaVꢀWVcYZ_Vꢀ  
YZꢀY^hXdh#ꢀ:aꢀ89ꢀYZꢀVjY^dꢀhZꢀgZegdYjX^g{#  
(#ꢀ EgZh^dcZꢀZaꢀWdi‹cꢀ:_ZXiꢀꢁZmejahVgꢂꢀeVgVꢀXZggVgꢀaVꢀWVcYZ_Vꢀ  
YZꢀY^hXdh#ꢀ:aꢀ_jZ\dꢀZbeZoVg{  
GZegdYjXX^‹cꢀYZꢀY^hXdhꢀYZꢀeZa†XjaVhꢀZcꢀ9K9  
EVgVꢀXVbW^VgꢀYZꢀ_jZ\d  
EVgVꢀgZegdYjX^gꢀeZa†XjaVhꢀZcꢀ9K9ꢀZcꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀ  
MWdm!ꢀcZXZh^iVꢀZaꢀ@^iꢀYZꢀgZegdYjXX^‹cꢀYZꢀeZa†XjaVhꢀ9K9ꢀMWdmꢀ  
ꢁhZꢀkZcYZꢀedgꢀhZeVgVYdꢂ#ꢀEVgVꢀdWiZcZgꢀb{hꢀ^c[dgbVX^‹cꢀVXZgXVꢀ  
YZꢀaVꢀgZegdYjXX^‹cꢀYZꢀeZa†XjaVhꢀZcꢀ9K9!ꢀXdchjaiZꢀZaꢀbVcjVaꢀYZꢀ  
^chigjXX^dcZhꢀYZaꢀ@^iꢀYZꢀgZegdYjXX^‹cꢀYZꢀeZa†XjaVhꢀ9K9ꢀMWdm#  
&#ꢀ EgZh^dcZꢀZaꢀWdi‹cꢀ:_ZXiꢀꢁZmejahVgꢂꢀeVgVꢀVWg^gꢀaVꢀWVcYZ_Vꢀ  
YZꢀY^hXdh#  
'#ꢀ GZi^gZꢀZaꢀY^hXdꢀYZaꢀ_jZ\d#  
(#ꢀ 8dadfjZꢀjcꢀcjZkdꢀ_jZ\dꢀMWdmꢀZcꢀaVꢀWVcYZ_VꢀYZꢀY^hXdh#  
8‹bdꢀZk^iVgꢀYVŠdhꢀZcꢀadhꢀY^hXdhꢀnꢀZcꢀaVꢀjc^YVYꢀYZꢀ  
Y^hXd  
)#ꢀ EgZh^dcZꢀZaꢀWdi‹cꢀ:_ZXiꢀꢁZmejahVgꢂꢀeVgVꢀXZggVgꢀaVꢀWVcYZ_Vꢀ  
YZꢀY^hXdh#ꢀ:aꢀcjZkdꢀ_jZ\dꢀZbeZoVg{#  
™ꢀ CdꢀYZ_ZꢀjcꢀY^hXdꢀZcꢀaVꢀXdchdaVꢀMWdmꢀYjgVciZꢀaVg\dhꢀ  
eZg†dYdhꢀYZꢀi^ZbedꢀXjVcYdꢀcdꢀaVꢀjhZ#  
EVgVꢀÒcVa^oVgꢀjcꢀ_jZ\d  
&#ꢀ EgZh^dcZꢀZaꢀWdi‹cꢀ:_ZXiꢀꢁZmejahVgꢂꢀnꢀhZꢀVWg^g{ꢀaVꢀWVcYZ_Vꢀ  
YZꢀY^hXdh#  
™ꢀ CdꢀbjZkVꢀaVꢀXdchdaVꢀMWdmꢀb^ZcigVhꢀZhi‚ꢀXdcZXiVYVꢀVꢀaVꢀ  
Xdgg^ZciZꢀnꢀiZc\VꢀjcꢀY^hXdꢀ^chZgiVYd#  
'#ꢀ GZi^gZꢀZaꢀY^hXdꢀYZaꢀ_jZ\dꢀMWdm#  
™ꢀ CdꢀeZ\jZꢀZi^fjZiVh!ꢀXVaXdbVc†Vhꢀc^ꢀdigdhꢀdW_Zidhꢀ  
ZmigVŠdhꢀZcꢀadhꢀY^hXdh#  
(#ꢀ KjZakVꢀVꢀegZh^dcVgꢀZaꢀWdi‹cꢀ:_ZXiꢀꢁZmejahVgꢂꢀeVgVꢀXZggVgꢀ  
aVꢀWVcYZ_VꢀYZꢀY^hXdh#  
 
*' ZheVxda  
]iie/$$lll#mWdm#Xdb  
G:8DE>A68>DC:H  
EjZYZꢀXde^Vgꢀe^hiVhꢀYZꢀVjY^dꢀYZaꢀ89ꢀZcꢀZaꢀH^hiZbVꢀYZꢀ  
k^YZd_jZ\dhꢀMWdm#ꢀ9Zhej‚h!ꢀejZYZꢀdg\Vc^oVgꢀaVhꢀe^hiVhꢀZcꢀ  
gZXde^aVX^dcZhꢀnꢀZhXjX]VgaVhꢀYZhYZꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀ  
MWdmꢀh^cꢀcZXZh^YVYꢀYZꢀ^chZgiVgꢀZaꢀ89ꢀYZꢀVjY^dꢀdg^\^cVa#ꢀH^ꢀZaꢀ  
_jZ\dꢀadꢀVYb^iZ!ꢀejZYZꢀZhXjX]VgꢀhjhꢀgZXde^aVX^dcZhꢀb^ZcigVhꢀ  
_jZ\VꢀXdcꢀjcꢀ_jZ\dꢀYZꢀMWdm#ꢀEVgVꢀhVWZgꢀh^ꢀjcꢀYZiZgb^cVYdꢀi†ijadꢀ  
VYb^iZꢀaVꢀgZegdYjXX^‹cꢀYZꢀgZXde^aVX^dcZhꢀnꢀX‹bdꢀZhXjX]VgaVhꢀ  
YjgVciZꢀZaꢀ_jZ\d!ꢀXdchjaiZꢀZaꢀbVcjVaꢀYZꢀ^chigjXX^dcZhꢀYZaꢀ_jZ\d#  
EVgVꢀXde^Vgꢀe^hiVh  
&#ꢀ GZegdYjoXVꢀjcꢀ89ꢀYZꢀVjY^d#  
'#ꢀ HZaZXX^dcZꢀ7VX`ꢀꢁkdakZgꢂꢀZcꢀZaꢀgZegdYjXidgꢀYZꢀbh^XV#  
(#ꢀ HZaZXX^dcZꢀ8de^VgꢀeVgVꢀkZgꢀaVhꢀe^hiVh#  
)#ꢀ HZaZXX^dcZꢀaVhꢀe^hiVhꢀfjZꢀYZhZVꢀXde^Vg#ꢀEjZYZꢀ  
hZaZXX^dcVgꢀjcVꢀe^hiV!ꢀkVg^VhꢀdꢀidYVh#  
*#ꢀ HZaZXX^dcZꢀ8de^VgꢀeVgVꢀZbeZoVgꢀVꢀXde^VgꢀaVhꢀe^hiVh#ꢀ  
+#ꢀ HZaZXX^dcZꢀjcVꢀgZXde^aVX^‹cꢀZm^hiZciZꢀdꢀW^ZcꢀXgZZꢀjcVꢀ  
cjZkVꢀeVgVꢀVabVXZcVgꢀaVhꢀe^hiVhꢀXde^VYVh#ꢀH^ꢀXgZVꢀjcVꢀ  
cjZkVꢀgZXde^aVX^‹c!ꢀ^c\gZhZꢀjcꢀcdbWgZꢀXdcꢀaVꢀVnjYVꢀYZaꢀ  
iZXaVYdꢀk^gijVa#  
(#ꢀ :cꢀBh^XV!ꢀkZg{ꢀaVꢀdeX^‹cꢀ89ꢀYZꢀVjY^d#ꢀ6fj†ꢀVeVgZXZcꢀ  
idYVhꢀaVhꢀgZXde^aVX^dcZhꢀ\jVgYVYVh!ꢀXdcꢀadhꢀcdbWgZh  
fjZꢀXgZ‹#  
)#ꢀ :a^_VꢀaVꢀgZXde^aVX^‹cꢀfjZꢀYZhZZꢀZhXjX]Vg#  
*#ꢀ HZaZXX^dcZꢀGZegdYjXX^‹cꢀeVgVꢀZbeZoVgꢀaVꢀgZegdYjXX^‹c#  
EVgVꢀgZegdYjX^gꢀgZXde^aVX^dcZh  
&#ꢀ :cX^ZcYVꢀaVꢀ8dchdaVꢀMWdmꢀh^cꢀc^c\cꢀY^hXdꢀ^chZgiVYdꢀZcꢀ  
aVꢀWVcYZ_VꢀYZꢀY^hXdh#  
'#ꢀ HZaZXX^dcZꢀBh^XVꢀZcꢀaVꢀ^ciZg[VoꢀMWdm#  
8DCIGDAꢀE6I:GCD  
EjZYZꢀa^b^iVgꢀZaꢀi^edꢀYZꢀXdciZc^YdꢀfjZꢀhZꢀgZegdYjXZꢀZcꢀZaꢀ  
H^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀWVh{cYdhZꢀZcꢀadhꢀc^kZaZhꢀYZꢀ:HG7#ꢀ  
9Zꢀ[dgbVꢀegZYZiZgb^cVYV!ꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀ  
Zhi{ꢀZhiVWaZX^YdꢀeVgVꢀfjZꢀgZegdYjoXVꢀidYdꢀZaꢀXdciZc^Yd#ꢀEjZYZꢀ  
hZaZXX^dcVgꢀY^[ZgZciZhꢀc^kZaZhꢀYZꢀXdcigdaꢀeViZgcdꢀeVgVꢀ_jZ\dhꢀ  
nꢀeZa†XjaVhꢀZcꢀ9K9#ꢀEVgVꢀgZegdYjX^gꢀeZa†XjaVhꢀZcꢀ9K9ꢀZcꢀZaꢀ  
H^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdm!ꢀcZXZh^iVꢀZaꢀ@^iꢀYZꢀgZegdYjXX^‹cꢀYZꢀ  
eZa†XjaVhꢀ9K9ꢀMWdmꢀꢁhZꢀkZcYZꢀedgꢀhZeVgVYdꢂ#  
EVgVꢀXVbW^VgꢀZaꢀc^kZaꢀYZꢀXdciZc^YdꢀfjZꢀ  
ejZYZꢀgZegdYjX^ghZ  
&#ꢀ :cX^ZcYVꢀaVꢀXdchdaVꢀMWdmꢀh^cꢀc^c\cꢀY^hXdꢀ^chZgiVYd  
aVꢀWVcYZ_VꢀYZꢀY^hXdh#  
'#ꢀ HZaZXX^dcZꢀ8dcÒ\jgVX^‹c!ꢀ8dcigdaꢀeViZgcdꢀnꢀYZhej‚h!ꢀ  
?jZ\dh#  
(#ꢀ HZaZXX^dcZꢀZaꢀcjZkdꢀc^kZa/ꢀ6aaꢀꢁIdYdhꢂ!ꢀBꢀꢁb{hꢀYZꢀ&,ꢀ  
VŠdhꢂ!ꢀIꢀꢁVYdaZhXZciZhꢂꢀ:ꢀꢁidYVhꢀaVhꢀZYVYZhꢂ!ꢀ@"6ꢀꢁc^Šdhꢀ  
nꢀVYjaidhꢂ!ꢀ:8ꢀꢁc^ŠdhꢀeZfjZŠdhꢂꢀdꢀCdcZꢀꢁC^c\jcdꢂ#  
:aꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀgZegdYjX^g{ꢀadhꢀ_jZ\dhꢀ  
nꢀeZa†XjaVhꢀZcꢀ9K9ꢀfjZꢀZhi‚cꢀXaVh^ÒXVYdhꢀXdcꢀZaꢀc^kZaꢀ  
hZaZXX^dcVYdꢀdꢀc^kZaZhꢀ^c[Zg^dgZh#ꢀEdgꢀZ_Zbead!ꢀh^ꢀZaꢀc^kZaꢀ  
hZaZXX^dcVYdꢀZhꢀI!ꢀedYg{ꢀgZegdYjX^gꢀadhꢀ_jZ\dhꢀfjZꢀiZc\Vcꢀ  
Zaꢀc^kZaꢀI!ꢀ:!ꢀ@"6ꢀnꢀ:8#ꢀH^ꢀhZaZXX^dcVꢀjcꢀc^kZaꢀfjZꢀcdꢀhZVꢀ6aaꢀ  
ꢁIdYdhꢂ!ꢀYZWZg{ꢀhZaZXX^dcVgꢀjcVꢀX‹Y^\dꢀYZꢀVXXZhd#  
H^ꢀe^ZgYZꢀjꢀdak^YVꢀZaꢀX‹Y^\dꢀYZꢀVXXZhd!ꢀaaVbZꢀVaꢀcbZgdꢀYZaꢀ  
HZgk^X^dꢀVaꢀXa^ZciZꢀYZꢀMWdmꢀYZꢀB^Xgdhd[i!ꢀfjZꢀVeVgZXZꢀZcꢀaVꢀ  
e{\^cVꢀ)&#  
 
*(  
]iie/$$lll#mWdm#Xdb  
ZheVxda  
ꢀ
69B>C>HIG68>âCꢀ9:ꢀB:BDG>6  
:aꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀ^cXajnZꢀjcꢀY^hXdꢀYjgdꢀ  
^ciZgcdꢀeVgVꢀZaꢀVabVXZcVb^ZcidꢀYZꢀ^c[dgbVX^‹cꢀYZꢀ_jZ\dhꢀ  
nꢀgZXde^aVX^dcZh#ꢀEVgVꢀdWiZcZgꢀ^c[dgbVX^‹cꢀhdWgZꢀZaꢀ  
VabVXZcVb^ZcidꢀYZꢀ_jZ\dh!ꢀXdchjaiZꢀZaꢀbVcjVaꢀYZaꢀ_jZ\dꢀ  
MWdm#ꢀEVgVꢀdWiZcZgꢀ^c[dgbVX^‹cꢀhdWgZꢀZaꢀVabVXZcVb^ZcidꢀYZꢀ  
gZXde^aVX^dcZh!ꢀXdchjaiZꢀGZXde^aVX^dcZhꢀZcꢀaVꢀe{\^cVꢀ*'#  
EVgVꢀXde^VgꢀdꢀZa^b^cVgꢀjcꢀ_jZ\dꢀ\jVgYVYd  
&#ꢀ :cX^ZcYVꢀaVꢀ8dchdaVꢀMWdmꢀh^cꢀc^c\cꢀY^hXdꢀ^chZgiVYdꢀZcꢀ  
aVꢀWVcYZ_VꢀYZꢀY^hXdh#  
'#ꢀ HZaZXX^dcZꢀBZbdg^VꢀnꢀajZ\dꢀ9^hXdꢀYjgdꢀYZꢀMWdm#  
(#ꢀ HZaZXX^dcZꢀZaꢀcdbWgZꢀYZꢀjcꢀ_jZ\dꢀ\jVgYVYdꢀ^cY^k^YjVaꢀ  
YZaꢀXdc_jcidꢀYZꢀ_jZ\dhꢀ\jVgYVYdh#  
EVgVꢀVYb^c^higVgꢀdꢀa^WZgVgꢀZheVX^dꢀYZaꢀY^hXdꢀYjgdꢀYZꢀMWdm!ꢀejZYZꢀ  
Za^b^cVgꢀidYVꢀaVꢀ^c[dgbVX^‹cꢀVabVXZcVYVꢀnꢀeVgi^YVhꢀ\jVgYVYVhꢀ  
YZꢀjcꢀ_jZ\dꢀMWdm!ꢀdꢀW^ZcꢀXde^VgꢀdꢀZa^b^cVgꢀeVgi^YVhꢀ\jVgYVYVhꢀ  
ZheZX†ÒXVh#  
)#ꢀ HZaZXX^dcZꢀ8de^VgꢀeVgVꢀigVch[Zg^gꢀZaꢀ_jZ\dꢀ\jVgYVYdꢀVꢀ  
jcVꢀJc^YVYꢀYZꢀbZbdg^VꢀMWdmꢀꢁhZꢀkZcYZꢀedgꢀhZeVgVYdꢂꢀ  
dꢀ:a^b^cVgꢀeVgVꢀhjeg^b^gꢀZaꢀ_jZ\dꢀhZaZXX^dcVYdꢀYZaꢀ  
Y^hXdꢀYjgdꢀYZꢀMWdm#ꢀEVgVꢀZa^b^cVg!ꢀhZaZXX^dcZꢀH†ꢀXjVcYdꢀ  
VeVgZoXVꢀaVꢀegZ\jciVꢀÆ6gZꢀndjꢀhjgZꢀndjꢀlVciꢀidꢀ  
eZgbVcZcianꢀgZbdkZꢀi]^hꢀhVkZYꢀ\VbZ4Çꢀꢁ´:hi{ꢀhZ\jgdꢀ  
YZꢀfjZꢀYZhZVꢀZa^b^cVgꢀeZgbVcZciZbZciZꢀZhiZꢀ_jZ\dꢀ  
\jVgYVYd4ꢂ#  
EVgVꢀZa^b^cVgꢀidYVꢀaVꢀ^c[dgbVX^‹cꢀYZꢀjcꢀ_jZ\d  
&#ꢀ :cX^ZcYVꢀaVꢀ8dchdaVꢀMWdmꢀh^cꢀc^c\cꢀY^hXdꢀ^chZgiVYdꢀZcꢀ  
aVꢀWVcYZ_VꢀYZꢀY^hXdh#  
'#ꢀ HZaZXX^dcZꢀBZbdg^VꢀnꢀajZ\dꢀ9^hXdꢀYjgdꢀYZꢀMWdm#  
(#ꢀ HZaZXX^dcZꢀjcꢀ_jZ\d#ꢀ  
)#ꢀ HZaZXiꢀFj^iVgꢀeVgi^YVꢀeVgVꢀZa^b^cVgꢀZaꢀ_jZ\dꢀ  
hZaZXX^dcVYdꢀXdcꢀidYVhꢀaVhꢀeVgi^YVhꢀ\jVgYVYVhꢀYZaꢀ  
Y^hXdꢀYjgdꢀYZꢀMWdm#ꢀHZaZXX^dcZꢀH†ꢀXjVcYdꢀVeVgZoXVꢀ  
aVꢀegZ\jciVꢀÆ6gZꢀndjꢀhjgZꢀndjꢀlVciꢀidꢀeZgbVcZcianꢀ  
gZbdkZꢀi]^hꢀi^iaZ4Çꢀꢁ´:hi{ꢀhZ\jgdꢀYZꢀfjZꢀYZhZVꢀZa^b^cVgꢀ  
eZgbVcZciZbZciZꢀZhiZꢀi†ijad4ꢂ#  
 
*) ZheVxda  
]iie/$$lll#mWdm#Xdb  
?J:<DHꢀE6G6ꢀK6G>DHꢀ?J<69DG:H  
8dcZXiZꢀ]VhiVꢀXjVigdꢀXdcigdaVYdgZhꢀMWdmꢀVꢀaVꢀXdchdaVꢀMWdmꢀ  
eVgVꢀ_jZ\dhꢀfjZꢀVYb^iZcꢀkVg^dhꢀ_j\VYdgZh#ꢀCdꢀidYdhꢀadhꢀ_jZ\dhꢀ  
MWdmꢀVYb^iZcꢀkVg^dhꢀ_j\VYdgZh#ꢀEVgVꢀVkZg^\jVgꢀh^ꢀZaꢀ_jZ\dꢀadhꢀ  
VYb^iZ!ꢀXdchjaiZꢀZaꢀbVcjVaꢀYZaꢀ_jZ\d#  
6a\jcdhꢀ_jZ\dhꢀejZYZcꢀjhVghZꢀXdcꢀZaꢀXVWaZꢀYZꢀ^ciZgXdcZm^‹cꢀ  
MWdmꢀꢁhZꢀkZcYZꢀedgꢀhZeVgVYdꢂ!ꢀfjZꢀeZgb^iZꢀXdcZXiVgꢀYdhꢀ  
XdchdaVhꢀMWdmꢀeVgVꢀ_j\VgꢀYZꢀ^\jVaꢀVꢀ^\jVa#ꢀEVgVꢀdWiZcZgꢀb{hꢀ  
^c[dgbVX^‹c!ꢀXdchjaiZꢀZaꢀbVcjVaꢀYZꢀ^chigjXX^dcZhꢀYZaꢀ8VWaZꢀYZꢀ  
^ciZgXdcZm^‹cꢀMWdm#  
M7DMꢀA>K:ž  
:aꢀgZcY^b^ZcidꢀYZeZcYZꢀYZaꢀ_jZ\d!ꢀYZꢀaVꢀkZadX^YVYꢀYZꢀXdcZm^‹cꢀ  
GZfj^h^idhꢀYZaꢀh^hiZbVꢀMWdmꢀA^kZꢀeVgVꢀaVhꢀ  
eaVci^aaVhꢀYZꢀXV_VhꢀYZꢀhd[ilVgZ/  
Vꢀ>ciZgcZi!ꢀYZꢀaVꢀVXi^k^YVYꢀnꢀXVeVX^YVYꢀYZꢀaVꢀgZY#ꢀFj^o{ꢀcZXZh^iZꢀ  
Va\cꢀY^hedh^i^kdꢀYZꢀ]VgYlVgZꢀVY^X^dcVa!ꢀYZeZcY^ZcYdꢀYZꢀaVꢀ  
XdcZm^‹cꢀVꢀ>ciZgcZiꢀdꢀYZꢀaVꢀXdcÒ\jgVX^‹cꢀYZꢀaVꢀgZY#ꢀ6jcfjZꢀ  
aVꢀbVndgꢀeVgiZꢀYZꢀadhꢀhZgk^X^dhꢀYZꢀ>ciZgcZiꢀYZꢀVaiVꢀkZadX^YVYꢀ  
9HAꢀdꢀedgꢀXVWaZꢀ[jcX^dcVcꢀXdcꢀMWdmꢀA^kZ!ꢀZhꢀedh^WaZꢀfjZꢀ]VnVꢀ  
ZmXZeX^dcZh0ꢀegZ\jciZꢀVꢀhjꢀegdkZZYdgꢀYZꢀhZgk^X^d#  
™ꢀ H^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀ  
™ꢀ 8dcZm^‹cꢀYZꢀVaiVꢀkZadX^YVYꢀVꢀ>ciZgcZiꢀꢁXVWaZꢀdꢀ9HAꢂꢀ  
™ꢀ 8dcZm^‹cꢀVꢀaVꢀXdchdaVꢀMWdmꢀXdcꢀjcꢀXVWaZꢀ:i]ZgcZiꢀꢁcdꢀ  
^cXaj^Ydꢂꢀ  
ꢀMWdmꢀA^kZꢀh‹adꢀZhi{ꢀY^hedc^WaZꢀZcꢀ:hiVYdhꢀJc^Ydhꢀnꢀ8VcVY{#ꢀ  
Hjꢀji^a^oVX^‹cꢀfjZYVꢀhj_ZiVꢀVꢀadhꢀI‚gb^cdhꢀYZꢀjhdꢀYZꢀMWdmꢀA^kZ#ꢀ  
CZXZh^iVꢀXdciVgꢀXdcꢀjcVꢀiVg_ZiVꢀYZꢀXg‚Y^idꢀVXZeiVYVꢀedgꢀZaꢀ  
h^hiZbV#ꢀCdꢀZhi{ꢀYZhi^cVYdꢀVꢀbZcdgZhꢀYZꢀ&(ꢀVŠdh#  
™ꢀ HjhXg^eX^‹cꢀVaꢀhZgk^X^dꢀMWdmꢀA^kZꢀꢁhZꢀkZcYZꢀedgꢀhZeVgVYdꢂꢀ  
>BEDGI6CI:/ꢀMWdmꢀA^kZꢀZhꢀjcꢀhZgk^X^dꢀYZꢀhjhXg^eX^‹c#ꢀ  
CZXZh^iVg{ꢀjcꢀX‹Y^\dꢀYZꢀhjhXg^eX^‹cꢀeVgVꢀVWg^gꢀjcVꢀXjZciVꢀMWdmꢀ  
A^kZꢀnꢀ_j\VgꢀZcꢀa†cZV#ꢀEVgVꢀb{hꢀ^c[dgbVX^‹cꢀhdWgZꢀX‹bdꢀdWiZcZgꢀ  
jcꢀX‹Y^\dꢀYZꢀhjhXg^eX^‹c!ꢀXdci{XiZhZꢀXdcꢀhjꢀegdkZZYdgꢀdꢀk^h^iZꢀ  
aVꢀY^gZXX^‹cꢀlll#mWdm#Xdb$a^kZ#  
 
**  
]iie/$$lll#mWdm#Xdb  
ZheVxda  
ꢀ
8DC:M>âCꢀ9:Aꢀ=6G9L6G:  
EVgVꢀXdcZXiVgꢀaVꢀXdchdaVꢀMWdmꢀY^gZXiVbZciZꢀVꢀaVꢀWVcYVꢀVcX]V!ꢀ  
XdchjaiZꢀaVꢀhZXX^‹cꢀ6#  
™ꢀ 8dcZXiZꢀZaꢀejZgidꢀ:i]ZgcZiꢀYZaꢀb‹YZbꢀedgꢀ8VWaZꢀdꢀ9HAꢀ  
VaꢀejZgidꢀL6CꢀdꢀYZꢀZcaVXZꢀVhXZcYZciZꢀꢁJea^c`ꢂꢀYZaꢀ  
ZcgjiVYdgꢀ8VWaZ$9HA#  
EVgVꢀXdbeVgi^gꢀaVꢀXdcZm^‹cꢀYZꢀWVcYVꢀVcX]VꢀXdcꢀjcꢀE8!ꢀXdchjaiZꢀ  
aVꢀhZXX^‹cꢀ7#  
™ꢀ 8dcZXiZꢀhjꢀE8ꢀVꢀjcdꢀYZꢀadhꢀejZgidhꢀ:i]ZgcZiꢀA6Cꢀ  
Y^hedc^WaZhꢀZcꢀZaꢀZcgjiVYdgꢀ8VWaZ$9HA#  
EVgVꢀdWiZcZgꢀb{hꢀ^c[dgbVX^‹cꢀnꢀXdcdXZgꢀdigVhꢀdeX^dcZhꢀ  
YZꢀXdcZm^‹cꢀZcꢀgZYꢀZcꢀjcꢀVbW^ZciZꢀYdb‚hi^Xd!ꢀk^h^iZꢀ  
]iie/$$lll#mWdm#Xdb$a^kZ#  
™ꢀ 8dcZXiZꢀZaꢀejZgidꢀ:i]ZgcZiꢀfjZꢀZhi{ꢀZcꢀaVꢀeVgiZꢀ  
edhiZg^dgꢀYZꢀaVꢀXdchdaVꢀMWdmꢀVꢀjcdꢀYZꢀadhꢀejZgidhꢀ  
:i]ZgcZiꢀA6CꢀY^hedc^WaZhꢀZcꢀZaꢀZcgjiVYdgꢀ8VWaZ$9HA#  
6#ꢀ8dcZm^‹cꢀY^gZXiV  
CdiV/ꢀꢀ6a\jcdhꢀ8VWaZb‹YZbh!ꢀb‹YZbhꢀ9HAꢀnꢀY^hedh^i^kdhꢀ  
YZꢀWVcYVꢀVcX]VꢀejZYZcꢀcZXZh^iVgꢀjcꢀXdcXZcigVYdgꢀYZꢀgZYꢀZcꢀ  
aj\VgꢀYZꢀjcꢀZcgjiVYdgꢀYZꢀ8VWaZꢀdꢀ9HA#ꢀEjZYZꢀYZꢀidYVhꢀ[dgbVhꢀ  
Y^V\gVbVgꢀ7#  
EjZYZꢀXdcZXiVgꢀZaꢀXVWaZꢀ:i]ZgcZiꢀfjZꢀgZX^W^‹ꢀXdcꢀhjꢀb‹YZbꢀedgꢀ  
8VWaZꢀdꢀ9HAꢀY^gZXiVbZciZꢀVaꢀejZgidꢀ:i]ZgcZiꢀfjZꢀZhi{ꢀZcꢀaVꢀ  
eVgiZꢀedhiZg^dgꢀYZꢀaVꢀXdchdaVꢀMWdm#ꢀ:hꢀedh^WaZꢀfjZꢀhZVꢀcZXZhVg^dꢀ  
XdcÒ\jgVgꢀVa\jcVhꢀYZꢀaVhꢀdeX^dcZhꢀYZꢀaVꢀGZYꢀMWdmꢀꢁXdchjaiZꢀ  
8dcÒ\jgVX^‹cꢀYZꢀaVꢀgZYꢀZcꢀMWdmꢀZcꢀaVꢀe{\^cVꢀ**ꢂ#  
B‹YZbꢀYZꢀXVWaZꢀdꢀ9HA  
B‹YZbꢀYZꢀXVWaZꢀdꢀ9HA  
B‹YZbꢀYZꢀXVWaZ  
dꢀZcgjiVYdg  
:caVXZꢀVhXZcYZciZꢀ  
ꢁjea^c`ꢂꢀYZꢀL6CA6Cꢀ  
EjZgidhꢀYZꢀA6C  
8VWaZꢀ:i]ZgcZiꢀꢁG?")*ꢂ  
7#ꢀ8dcZm^‹cꢀXdbeVgi^YV  
JcꢀZcgjiVYdgꢀ8VWaZ$9HAꢀeZgb^iZꢀfjZꢀiVcidꢀaVꢀXdchdaVꢀMWdmꢀ  
XdbdꢀhjꢀE8ꢀhZꢀXdcZXiZcꢀVaꢀb^hbdꢀi^ZbedꢀVaꢀ8VWaZb‹YZb!ꢀ  
b‹YZbꢀ9HAꢀjꢀdigdꢀY^hedh^i^kdꢀYZꢀWVcYVꢀVcX]V#ꢀ  
8VWaZꢀ:i]ZgcZiꢀꢁG?")*ꢂ  
68IJ6A>O68>âCꢀ9:ꢀA6ꢀ>CI:G;6OꢀM7DM  
EVgVꢀedYZgꢀgZ\^higVghZꢀZcꢀMWdmꢀA^kZꢀnꢀXdbZcoVgꢀVꢀ_j\VgꢀZcꢀa†cZV!ꢀ  
cZXZh^iVꢀVXijVa^oVgꢀaVꢀ^ciZg[VoꢀMWdm#ꢀEVgVꢀVXijVa^oVgꢀaVꢀ^ciZg[Voꢀ  
MWdm/  
8dcÒ\jgVX^‹cꢀYZꢀaVꢀgZYꢀZcꢀMWdmꢀ  
ꢁh^ꢀZhꢀcZXZhVg^dꢂ  
AVꢀXdchdaVꢀMWdmꢀ^ciZciVg{ꢀXdcÒ\jgVghZꢀVjidb{i^XVbZciZꢀeVgVꢀ  
ji^a^oVgꢀhjꢀXdcZm^‹cꢀYZꢀWVcYVꢀVcX]VꢀXjVcYdꢀhZaZXX^dcZꢀMWdmꢀ  
A^kZꢀZcꢀZaꢀ_jZ\d#  
&#ꢀ>chZgiZꢀjcꢀY^hXdꢀYZaꢀ@^iꢀ7{h^XdꢀMWdmꢀA^kZꢀdꢀjcꢀ_jZ\dꢀZcꢀaVꢀ  
WVcYZ_V#ꢀ8dcÒgbZꢀZcꢀaVꢀXV_VꢀYZaꢀ_jZ\dꢀfjZꢀhZꢀigViVꢀYZꢀ  
jcꢀ_jZ\dꢀXdbeVi^WaZꢀXdcꢀMWdmꢀA^kZ#  
BjX]dhꢀegdkZZYdgZhꢀYZꢀhZgk^X^dhꢀYZꢀ>ciZgcZiꢀcZXZh^iVcꢀjcVꢀ  
XdcÒ\jgVX^‹cꢀZheZX†ÒXVꢀeVgVꢀeZgb^i^gꢀZaꢀVXXZhdꢀVꢀ>ciZgcZi#ꢀ  
EdgꢀZ_Zbead!ꢀZhꢀedh^WaZꢀfjZꢀcZXZh^iZꢀjcꢀcdbWgZꢀYZꢀVcÒig^‹c!ꢀ  
jcVꢀY^gZXX^‹cꢀB68!ꢀdꢀZaꢀcdbWgZꢀYZꢀjhjVg^dꢀnꢀaVꢀXdcigVhZŠVꢀYZaꢀ  
>HEꢀꢁeVgVꢀaVꢀVjiZci^XVX^‹cꢀEEEd:ꢂ#ꢀH^ꢀcdꢀZhi{ꢀhZ\jgdꢀYZꢀfjZꢀ  
cZXZh^iVꢀZhiVꢀ^c[dgbVX^‹c!ꢀXdchjaiZꢀVꢀhjꢀegdkZZYdgꢀYZꢀhZgk^X^dhꢀ  
YZꢀWVcYVꢀVcX]V#ꢀ  
'#ꢀ9ZhYZꢀZaꢀ_jZ\d!ꢀhZaZXX^dcZꢀaVꢀdeX^‹cꢀeVgVꢀMWdmꢀA^kZ#  
EVgVꢀdWiZcZgꢀ^c[dgbVX^‹cꢀb{hꢀYZiVaaVYVꢀhdWgZꢀaVꢀXdcÒ\jgVX^‹cꢀ  
YZꢀdeX^dcZhꢀYZꢀgZYꢀZcꢀaVꢀ^ciZg[VoꢀMWdmꢀnꢀdigdhꢀiZbVhꢀYZꢀ  
Vh^hiZcX^V!ꢀXdchjaiZꢀ]iie/$$lll#mWdm#Xdb$a^kZ#  
 
*+ ZheVxda  
]iie/$$lll#mWdm#Xdb  
G:<>HIG6GH:ꢀ:CꢀM7DMꢀA>K:ꢀ  
CdiV/ꢀCdꢀedYg{ꢀZhiVWaZXZgꢀjcVꢀXjZciVꢀ]VhiVꢀfjZꢀcdꢀ]VnVꢀ  
VXijVa^oVYdꢀaVꢀ^ciZg[VoꢀMWdmꢀeVgVꢀMWdmꢀA^kZ#ꢀKZVꢀ6XijVa^oVX^‹cꢀ  
YZꢀaVꢀ^ciZg[VoꢀMWdmꢀZcꢀaVꢀeV\^cVꢀ**#  
H>ꢀC:8:H>I6ꢀBÛHꢀ6NJ96  
8dchjaiZꢀZaꢀh^i^dꢀLZWꢀ]iie/$$lll#mWdm#Xdb$hjeedgiꢀdꢀaaVbZꢀVaꢀ  
cbZgdꢀYZꢀHZgk^X^dꢀVaꢀXa^ZciZꢀYZꢀMWdm/  
GZ\^higdꢀYZꢀjcVꢀXjZciVꢀcjZkV  
:hiVYdhꢀJc^Ydhꢀnꢀ8VcVY{/ꢀ  
&"-%%")BN"M7DMꢀꢁ&"-%%")+.".'+.ꢂ  
EVgVꢀXgZVgꢀjcVꢀXjZciVꢀcjZkV!ꢀhZaZXX^dcZꢀaVꢀdeX^‹cꢀMWdmꢀA^kZꢀZcꢀ  
aVꢀ^ciZg[VoꢀMWdm#ꢀH^\VꢀaVhꢀ^chigjXX^dcZhꢀZcꢀeVciVaaVꢀZꢀ^c\gZhZꢀhjꢀ  
cbZgdꢀYZꢀhjhXg^eX^‹cꢀꢁXdchjaiZꢀadhꢀgZfj^h^idhꢀeVgVꢀZaꢀh^hiZbVꢀ  
MWdmꢀA^kZꢀZcꢀaVꢀe{\^cVꢀ*)ꢂꢀXjVcYdꢀhZꢀ  
JhjVg^dhꢀYZꢀIINꢀꢁhZꢀcZXZh^iVꢀjcꢀZfj^edꢀZheZX^VaꢀeVgVꢀaVhꢀ  
eZghdcVhꢀXdcꢀegdWaZbVhꢀYZꢀVjY^X^‹cꢂ/  
:hiVYdhꢀJc^Ydhꢀnꢀ8VcVY{/ꢀ  
&"-++",)%".'+.ꢀdꢀ&")'*"+(*",&%'  
aZꢀ^cY^fjZ#  
ꢀ A>BE>:O6ꢀ9:AꢀH>HI:B6ꢀ9:ꢀK>9:D?J:<DHꢀM7DM  
™ꢀ JhZꢀjcꢀeVŠdꢀhZXd0ꢀcdꢀji^a^XZꢀeVŠdhꢀZbeVeVYdhꢀ  
A^be^ZoVꢀYZꢀaVꢀ8dchdaVꢀMWdm  
XdcꢀegdYjXidhꢀVWgVh^kdh!ꢀYZiZg\ZciZh!ꢀedakdhꢀeVgVꢀ  
YZhZc\gVhVg!ꢀhdakZciZhꢀꢁXdbdꢀVaXd]da!ꢀ\Vhda^cV!ꢀ  
Y^hdakZciZꢀYZꢀe^cijgVhꢀdꢀWZcXZcdꢂꢀc^ꢀdigdhꢀa^be^VYdgZhꢀ  
a†fj^YdhꢀdꢀVZgdhdaZh#  
:hꢀ^bedgiVciZꢀbVciZcZgꢀadhꢀhdedgiZhꢀYZꢀ\dbVꢀXdadXVYdhꢀZcꢀaVꢀ  
eVgiZꢀ^c[Zg^dgꢀYZꢀaVꢀ8dchdaVꢀMWdmꢀa^be^dhꢀnꢀh^cꢀedakdꢀc^ꢀdigdhꢀ  
gZh^Yjdh!ꢀeVgVꢀ^beZY^gꢀfjZꢀZaꢀVeVgVidꢀhZꢀXV^\VꢀnꢀejZYVꢀ\daeZVgꢀ  
VꢀVa\j^Zc#  
™ꢀ H^ꢀaVhꢀeViVhꢀYZꢀ\dbVꢀhZꢀZchjX^VcꢀdꢀVXjbjaVcꢀedakd!ꢀ  
a†be^ZaVhꢀXdcꢀjcꢀeVŠdꢀhZXd#  
EVgVꢀa^be^VgꢀadhꢀY^hXdhꢀYZꢀ_jZ\dhꢀdꢀadhꢀYZꢀ89ꢀYZ  
VjY^dꢀMWdm  
™ꢀ Ji^a^XZꢀjcꢀeVŠdꢀhZXdꢀeVgVꢀa^be^VgꢀaVꢀhjeZgÒX^ZꢀZcꢀaVꢀfjZꢀ  
hZꢀXdadXVꢀaVꢀXdchdaVꢀMWdm#  
™ꢀ HdhiZc\VꢀadhꢀY^hXdhꢀedgꢀadhꢀWdgYZh!ꢀh^cꢀidXVgꢀaVꢀ  
hjeZgÒX^ZꢀXdcꢀadhꢀYZYdh#  
™ꢀ A^be^ZꢀadhꢀY^hXdhꢀXdcꢀjcꢀeVŠdꢀhjVkZ!ꢀ[gdiVcYdꢀ  
hjVkZbZciZꢀYZaꢀXZcigdꢀ]VX^Vꢀ[jZgV#  
H^ꢀa^be^VꢀaVꢀ8dchdaVꢀMWdm/  
™ꢀ 9ZhXdcZXiZꢀaVꢀXdchdaVꢀMWdmꢀYZꢀaVꢀidbVꢀYZꢀXdgg^ZciZ#  
™ꢀ Cdꢀji^a^XZꢀhdakZciZhꢀꢁedgꢀZ_Zbead!ꢀWZcXZcdꢂ!ꢀnVꢀfjZꢀ  
ejZYZcꢀYVŠVgꢀZaꢀY^hXd#  
™ꢀ A^be^Zꢀc^XVbZciZꢀaVꢀeVgiZꢀZmiZg^dgꢀYZꢀaVꢀXdchdaVꢀMWdm#ꢀ  
6hZ\gZhZꢀYZꢀfjZꢀcdꢀhZꢀ^chZgi‹ꢀc^c\cꢀdW_ZidꢀZcꢀaVhꢀ  
VWZgijgVhꢀYZꢀkZci^aVX^‹c#  
 
*,  
]iie/$$lll#mWdm#Xdb  
ZheVxda  
ꢀ
H>ꢀC:8:H>I6ꢀ6NJ96  
:aꢀ_jZ\dꢀcdꢀZbe^ZoV  
JhZꢀc^XVbZciZꢀY^hXdhꢀYZꢀ_jZ\dhꢀXdcꢀa^XZcX^VꢀYZꢀMWdmꢀꢁXdchjaiZꢀ  
JhdꢀYZꢀadhꢀ_jZ\dhꢀnꢀgZegdYjXX^‹cꢀYZꢀbh^XVꢀZcꢀaVꢀe{\^cVꢀ*&ꢂ#  
69K:GI:C8>6  
>chZgiZꢀZaꢀY^hXdꢀXdcꢀaVꢀZi^fjZiVꢀ]VX^VꢀVgg^WVꢀnꢀX^ZggZꢀaVꢀWVcYZ_Vꢀ  
YZꢀY^hXdhꢀꢁXdchjaiZꢀJhdꢀYZꢀadhꢀ_jZ\dhꢀnꢀgZegdYjXX^‹cꢀYZꢀ  
bh^XVꢀZcꢀaVꢀe{\^cVꢀ*&ꢂ#  
EVgVꢀgZYjX^gꢀZaꢀg^Zh\dꢀYZꢀaZh^dcZhꢀ\gVkZhꢀdꢀbjZgiZꢀVꢀ  
XVjhVꢀYZꢀjcVꢀhVXjY^YVꢀZa‚Xig^XVꢀdꢀjcꢀ^cXZcY^d!ꢀcdꢀ^ciZciZꢀ  
gZeVgVgꢀaVꢀ8dchdaVꢀMWdm#ꢀCdꢀ^ciZciZꢀYZhbdciVgꢀaVꢀ8dchdaVꢀ  
MWdmꢀc^ꢀbdY^ÒXVgaVꢀYZꢀc^c\jcVꢀbVcZgV#ꢀGZb^iVꢀidYVhꢀaVhꢀ  
gZeVgVX^dcZhꢀVaꢀeZghdcVaꢀYZꢀhZgk^X^dꢀXjVa^ÒXVYd#  
A^be^ZꢀZaꢀY^hXdꢀꢁXdchjaiZꢀA^be^ZoVꢀYZaꢀH^hiZbVꢀYZꢀ  
k^YZd_jZ\dhꢀMWdmꢀZcꢀaVꢀe{\^cVꢀ*+ꢂ#  
CdꢀVeVgZXZcꢀ^b{\ZcZh  
8dcZXiZꢀZaꢀXVWaZꢀYZꢀXdcZm^‹cꢀVjY^d$k^YZdꢀVYZXjVYdꢀꢁXdchjaiZꢀ  
8dcZm^‹cꢀVꢀjcꢀiZaZk^hdgꢀZcꢀaVꢀe{\^cVꢀ),ꢂ#  
H^\VꢀaVhꢀ^chigjXX^dcZhꢀh^\j^ZciZhꢀeVgVꢀgZhdakZgꢀaVhꢀY^ÒXjaiVYZhꢀ  
XdcꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdm/  
:cX^ZcYVꢀZaꢀiZaZk^hdg#  
CdꢀaaZ\VꢀXdgg^ZciZ  
HZaZXX^dcZꢀaVꢀZcigVYVꢀYZꢀk^YZdꢀZcꢀZaꢀiZaZk^hdgꢀdꢀaVꢀ  
k^YZd\gVWVYdgVꢀfjZꢀeZgb^iZꢀkZgꢀZaꢀ_jZ\dꢀYZꢀMWdm#ꢀAVꢀhZaZXX^‹cꢀ  
YZꢀaVꢀZcigVYVꢀZcꢀZaꢀiZaZk^hdgꢀdꢀaVꢀk^YZd\gVWVYdgVꢀhZꢀ]VXZꢀ  
\ZcZgVabZciZꢀYZꢀjcVꢀYZꢀaVhꢀh^\j^ZciZhꢀbVcZgVh/ꢀ  
8dcZXiZꢀZaꢀXVWaZꢀYZꢀXdgg^ZciZꢀꢁXdchjaiZꢀ6Xi^kVX^‹cꢀYZꢀaVꢀ  
XdchdaVꢀMWdmꢀZcꢀaVꢀe{\^cVꢀ).ꢂ#  
™ꢀ Deg^b^ZcYdꢀjcꢀWdi‹cꢀZcꢀaVꢀeVgiZꢀ[gdciVaꢀYZaꢀVeVgVidꢀ  
ꢁejZYZꢀZhiVgꢀdXjaidꢀYZig{hꢀYZꢀjcꢀeVcZaꢂ#  
™ꢀ Deg^b^ZcYdꢀjcꢀWdi‹cꢀZcꢀZaꢀXdcigdaꢀgZbdidꢀdg^\^cVa#  
™ꢀ HZaZXX^dcVcYdꢀjcꢀcbZgdꢀYZꢀXVcVaꢀWV_dꢀdꢀVaid#  
™ꢀ BZY^VciZꢀjcVꢀdeX^‹cꢀYZꢀjcꢀbZcꢀfjZꢀVeVgZXZꢀZcꢀaVꢀ  
eVciVaaV#ꢀ  
AVꢀajoꢀYZaꢀ^cY^XVYdgꢀYZaꢀZhiVYdꢀeVgeVYZVꢀ  
Xdci^cjVbZciZ  
AVꢀajoꢀYZaꢀ^cY^XVYdgꢀYZaꢀZhiVYdꢀhjZaZꢀhZgꢀkZgYZꢀb^ZcigVhꢀfjZꢀ  
ZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀZhi{ꢀZcXZcY^YdꢀdꢀeVgeVYZVꢀ  
XjVcYdꢀhZꢀegZh^dcVꢀZaꢀWdi‹cꢀ:_ZXiꢀꢁZmejahVgꢂ#ꢀH^ꢀaVꢀajoꢀYZaꢀ  
^cY^XVYdgꢀYZaꢀZhiVYdꢀeVgeVYZVꢀXdci^cjVbZciZꢀb^ZcigVhꢀZhi{ꢀ  
ZcXZcY^Yd!ꢀh^\c^ÒXVꢀfjZꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀhj[gZꢀ  
jcꢀegdWaZbVꢀ^ciZgcd/  
CdiV/ꢀ9ZeZcY^ZcYdꢀYZaꢀi^edꢀdꢀaVꢀbVgXVꢀYZaꢀiZaZk^hdgꢀdꢀYZꢀaVꢀ  
k^YZd\gVWVYdgV!ꢀaVhꢀZcigVYVhꢀYZꢀk^YZdꢀhZꢀhjZaZcꢀ^YZci^ÒXVgꢀXdcꢀ  
Va\jcdꢀYZꢀadhꢀh^\j^ZciZhꢀcdbWgZh/ꢀ>cejiꢀHZaZXi!ꢀ6JM!ꢀK^YZd!ꢀ  
A^cZ!ꢀA^cZꢀ>c!ꢀ>ceji!ꢀHdjgXZ!ꢀ>cꢀdꢀ:MI#ꢀ  
™ꢀ H^ꢀaVꢀajoꢀVcVgVc_VYVꢀeVgeVYZVꢀXdci^cjVbZciZ/ꢀaVꢀXdchdaVꢀ  
MWdmꢀZhi{ꢀYZbVh^VYdꢀXVa^ZciZꢀnꢀcdꢀgZegdYjX^g{ꢀ_jZ\dhꢀ  
]VhiVꢀfjZꢀcdꢀhZꢀ]VnVꢀZc[g^VYd#ꢀ8dadfjZꢀaVꢀ8dchdaVꢀMWdmꢀ  
ZcꢀjcVꢀodcVꢀW^ZcꢀkZci^aVYVꢀnꢀVaZ_VYVꢀYZꢀdigVhꢀ[jZciZhꢀ  
YZꢀXVadg#ꢀJcVꢀkZoꢀZc[g^VYVꢀaVꢀ8dchdaV!ꢀhZꢀYZiZcYg{ꢀZaꢀ  
eVgeVYZdꢀnꢀedYg{ꢀji^a^oVghZꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀ  
MWdm#ꢀEVgVꢀdWiZcZgꢀb{hꢀ^c[dgbVX^‹c!ꢀXdchjaiZꢀaVꢀhZXX^‹cꢀ  
HZaZXX^‹cꢀYZꢀjcVꢀjW^XVX^‹cꢀeVgVꢀaVꢀ8dchdaVꢀMWdmꢀZcꢀ  
aVꢀe{\^cVꢀ)+#  
EVgVꢀdWiZcZgꢀb{hꢀ^c[dgbVX^‹c!ꢀXdchjaiZꢀZaꢀbVcjVaꢀYZaꢀiZaZk^hdgꢀ  
dꢀk^YZd\gVWVYdgV#  
JhZꢀc^XVbZciZꢀY^hXdhꢀXdbeVi^WaZhꢀꢁ_jZ\dhꢀYZꢀMWdmꢀnꢀ89ꢀYZꢀ  
VjY^d0ꢀXdchjaiZꢀJhdꢀYZꢀadhꢀ_jZ\dhꢀnꢀgZegdYjXX^‹cꢀYZꢀbh^XVꢀ  
ZcꢀaVꢀe{\^cVꢀ*&ꢂ#  
>b{\ZcZhꢀYZꢀWV_VꢀXVa^YVY  
™ꢀ H^ꢀaVhꢀajXZhꢀkZgYZꢀnꢀVcVgVc_VYVꢀeVgeVYZVcꢀ  
Xdci^cjVbZciZ/ꢀZaꢀXVWaZꢀYZꢀXdcZm^‹cꢀVjY^d$k^YZdꢀcdꢀ  
Zhi{ꢀXdcZXiVYdꢀXdggZXiVbZciZ#ꢀ8dc‚XiZadꢀh^\j^ZcYdꢀaVhꢀ  
^chigjXX^dcZhꢀfjZꢀhZꢀYZiVaaVcꢀZcꢀaVꢀhZXX^‹cꢀ8dcZm^‹cꢀVꢀ  
jcꢀiZaZk^hdgꢀZcꢀaVꢀe{\^cVꢀ),#ꢀ  
A^be^ZꢀZaꢀY^hXdꢀꢁXdchjaiZꢀA^be^ZoVꢀYZaꢀH^hiZbVꢀYZꢀ  
k^YZd_jZ\dhꢀMWdmꢀZcꢀaVꢀe{\^cVꢀ*+ꢂ#  
Cdꢀ]Vnꢀhdc^Yd  
™ꢀ Digdꢀi^edꢀYZꢀbVc^[ZhiVX^dcZh/ꢀjcꢀegdWaZbVꢀ^ciZgcdꢀ  
gZfj^ZgZꢀVh^hiZcX^Vꢀi‚Xc^XV#ꢀE‹c\VhZꢀZcꢀXdciVXidꢀXdcꢀZaꢀ  
HZgk^X^dꢀVaꢀXa^ZciZꢀYZꢀMWdmꢀh^\j^ZcYdꢀaVhꢀ^chigjXX^dcZhꢀ  
YZiVaaVYVhꢀZcꢀaVꢀhZXX^‹cꢀH^ꢀcZXZh^iVꢀVnjYV###!ꢀZcꢀaVꢀ  
e{\^cVꢀ*-#  
8dcZXiZꢀXdggZXiVbZciZꢀZaꢀXVWaZꢀYZꢀXdcZm^‹cꢀYZꢀVjY^d$k^YZdꢀ  
ꢁXdchjaiZꢀ8dcZm^‹cꢀVꢀjcꢀiZaZk^hdgꢀZcꢀaVꢀe{\^cVꢀ),ꢂ#  
8dbegjZWZꢀZaꢀkdajbZcꢀYZaꢀiZaZk^hdgꢀnꢀYZhXdcZXiZꢀZaꢀbdYdꢀYZꢀ  
h^aZcX^dꢀYZaꢀb^hbdꢀꢁXdchjaiZꢀZaꢀbVcjVaꢀYZaꢀiZaZk^hdgꢂ#  
HZaZXX^dcZꢀaVꢀhVa^YVꢀYZꢀVjY^dꢀXdggZXiVꢀꢁXdchjaiZꢀ8dcZm^‹cꢀVꢀjcꢀ  
iZaZk^hdgꢀZcꢀaVꢀe{\^cVꢀ),ꢂ#  
AVꢀWVcYZ_VꢀYZꢀY^hXdhꢀcdꢀhZꢀVWgZ  
JhZꢀc^XVbZciZꢀY^hXdhꢀXdbeVi^WaZhꢀꢁ_jZ\dhꢀYZꢀMWdmꢀnꢀ89ꢀYZꢀ  
VjY^d0ꢀXdchjaiZꢀJhdꢀYZꢀadhꢀ_jZ\dhꢀnꢀgZegdYjXX^‹cꢀYZꢀbh^XVꢀ  
ZcꢀaVꢀe{\^cVꢀ*&ꢂ#  
8dcZXiZꢀZaꢀXVWaZꢀYZꢀXdgg^ZciZꢀꢁXdchjaiZꢀ6Xi^kVX^‹cꢀYZꢀaVꢀ  
XdchdaVꢀMWdmꢀZcꢀaVꢀe{\^cVꢀ).ꢂ#  
:cX^ZcYVꢀaVꢀXdchdaVꢀMWdmꢀegZh^dcVcYdꢀZaꢀWdi‹cꢀEdlZgꢀ  
ꢁZcXZcY^YdꢂꢀꢁXdchjaiZꢀ6Xi^kVX^‹cꢀYZꢀaVꢀXdchdaVꢀMWdmꢀZcꢀaVꢀ  
e{\^cVꢀ).ꢂ#  
 
*- ZheVxda  
]iie/$$lll#mWdm#Xdb  
H>ꢀC:8:H>I6ꢀ6NJ96  
MWdm#ꢀH^ꢀjcꢀY^hedh^i^kdꢀeZg^[‚g^XdꢀcdꢀZhꢀXdbeVi^WaZꢀXdcꢀjcꢀ_jZ\dꢀ  
ZheZX†ÒXd!ꢀ‚hiZꢀcdꢀ[jcX^dcVg{#  
Hdc^YdꢀYZꢀWV_VꢀXVa^YVY  
A^be^ZꢀZaꢀY^hXdꢀꢁXdchjaiZꢀA^be^ZoVꢀYZaꢀH^hiZbVꢀYZꢀ  
k^YZd_jZ\dhꢀMWdmꢀZcꢀaVꢀe{\^cVꢀ*+ꢂ#  
CdꢀhZꢀejZYZꢀ\jVgYVgꢀjcꢀ_jZ\d  
GZegdYjoXVꢀVjY^dꢀ9daWnœꢀ9^\^iVaꢀhdaVbZciZꢀZcꢀWdX^cVhꢀfjZꢀ  
VYb^iVcꢀ9daWnꢀ9^\^iVa#  
:aꢀY^hXdꢀYjgdꢀdꢀaVꢀjc^YVYꢀYZꢀbZbdg^VꢀYZꢀMWdmꢀYZWZcꢀiZcZgꢀ  
jcꢀcbZgdꢀhjÒX^ZciZꢀYZꢀWadfjZhꢀa^WgZhꢀeVgVꢀ\jVgYVgꢀZaꢀ_jZ\d#ꢀ  
EVgVꢀdWiZcZgꢀ^c[dgbVX^‹cꢀhdWgZꢀX‹bdꢀa^WZgVgꢀZheVX^d!ꢀXdchjaiZꢀ  
6Yb^c^higVX^‹cꢀYZꢀbZbdg^VꢀZcꢀaVꢀe{\^cVꢀ*(#  
HZaZXX^dcZꢀaVꢀhVa^YVꢀYZꢀVjY^dꢀfjZꢀVYb^iZꢀZaꢀh^hiZbVꢀdꢀZaꢀ  
iZaZk^hdgꢀꢁ:hi‚gZdꢀdꢀ9daWnœꢀHjggdjcYꢀeVgVꢀWdX^cVhꢀZhi‚gZd!ꢀ  
BdcdꢀeVgVꢀWdX^cVhꢀbdcdVjg^XjaVgZhꢂ#ꢀꢁ8dchjaiZꢀaVꢀhZXX^‹cꢀ  
8dcÒ\jgVX^‹cꢀYZꢀVjY^dꢀnꢀk^YZdꢀnꢀdigdhꢀkVadgZhꢀZcꢀaV  
e{\^cVꢀ*%ꢂ#  
H^ꢀcZXZh^iVꢀVnjYV###  
H^ꢀZaꢀegdWaZbVꢀeZgh^hiZ!ꢀcdꢀ^ciZciZꢀYZhbdciVgꢀaVꢀ8dchdaVꢀMWdm!ꢀ  
gZeVgVgaVꢀc^ꢀbdY^ÒXVgaVꢀYZꢀc^c\jcVꢀbVcZgV#ꢀEdYg†VꢀXdggZgꢀZaꢀ  
g^Zh\dꢀYZꢀhj[g^gꢀYVŠdhꢀ\gVkZhꢀdꢀ^cXajhdꢀaVꢀbjZgiZꢀegdkdXVYVꢀedgꢀ  
YZhXVg\VꢀZa‚Xig^XVꢀdꢀ^cXZcY^dꢀnꢀaVꢀ\VgVci†VꢀfjZYVg†VꢀVcjaVYV#ꢀ  
8dchjaiZꢀZaꢀh^i^dꢀLZWꢀlll#mWdm#XdbꢀdꢀaaVbZꢀVaꢀcbZgdꢀYZꢀ  
HZgk^X^dꢀVaꢀXa^ZciZꢀYZꢀMWdm/  
H^ꢀh‹adꢀhZꢀdnZꢀhdc^YdꢀedgꢀjcVꢀWdX^cV!ꢀXdbegjZWZꢀfjZꢀidYdhꢀadhꢀ  
XVWaZhꢀYZꢀVjY^dꢀZhi‚cꢀXdcZXiVYdhꢀXdggZXiVbZciZ#  
:aꢀXdcigdaVYdgꢀMWdmꢀdꢀjcꢀY^hedh^i^kdꢀeZg^[‚g^Xdꢀ  
cdꢀ[jcX^dcV  
8dcZXiZꢀZaꢀXdcigdaVYdgꢀMWdmꢀVꢀXjVafj^ZgꢀejZgidꢀYZꢀXdcigdaVYdgꢀ  
:hiVYdhꢀJc^Ydhꢀnꢀ8VcVY{/ꢀ  
ꢁXdchjaiZꢀ8dcZm^‹cꢀYZꢀXdcigdaVYdgZhꢀMWdmꢀZcꢀaVꢀe{\^cVꢀ)-ꢂ#  
&"-%%")BN"M7DMꢀꢁ&"-%%")+.".'+.ꢂ  
6hZ\gZhZꢀYZꢀfjZꢀadhꢀXdcZXidgZhꢀYZaꢀXdcigdaVYdgꢀZhi‚cꢀW^Zcꢀ  
XdcZXiVYdh!ꢀ^cXaj^YdꢀZaꢀXdcZXidgꢀZcꢀa†cZVꢀꢁXdchjaiZꢀJhdꢀYZaꢀ  
XdcigdaVYdgꢀMWdmꢀZcꢀaVꢀe{\^cVꢀ)-ꢂ#  
B‚m^Xd/ꢀ%%&ꢀ-++ꢀ,)*ꢀ-(ꢀ&'  
JhjVg^dhꢀYZꢀIINꢀꢁhZꢀcZXZh^iVꢀjcꢀZfj^edꢀZheZX^VaꢀeVgVꢀaVhꢀ  
eZghdcVhꢀXdcꢀegdWaZbVhꢀYZꢀVjY^X^‹cꢂ/  
JhZꢀc^XVbZciZꢀY^hedh^i^kdhꢀeZg^[‚g^Xdhꢀ  
XdbeVi^WaZhꢀXdcꢀMWdmꢀfjZꢀiZc\VcꢀZhiZꢀ  
ad\di^ed/  
:hiVYdhꢀJc^Ydhꢀnꢀ8VcVY{/ꢀ  
&"-++",)%".'+.ꢀdꢀ&")'*"+(*",&%'  
B‚m^Xd/ꢀ%%&ꢀ-++ꢀ'*&ꢀ'+ꢀ'&  
8dchjaiZꢀaVꢀa^hiVꢀYZꢀY^hedh^i^kdhꢀeZg^[‚g^XdhꢀeVgVꢀMWdmꢀYZꢀ  
B^Xgdhd[iꢀZcꢀ9^hedh^i^kdhꢀeZg^[‚g^XdhꢀMWdm!ꢀZcꢀaVꢀe{\^cVꢀ)&#  
CdꢀaaZkZꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀc^ꢀY^hedh^i^kdhꢀeZg^[‚g^Xdhꢀ  
MWdmꢀVꢀjcꢀY^hig^Wj^YdgꢀeVgVꢀhjꢀgZeVgVX^‹cꢀVꢀcdꢀhZgꢀfjZꢀVh†ꢀadꢀ  
^cY^fjZꢀjcꢀgZegZhZciVciZꢀYZaꢀHZgk^X^dꢀVaꢀXa^ZciZꢀYZꢀMWdm#  
6hZ\gZhZꢀYZꢀfjZꢀZaꢀ_jZ\dꢀMWdmꢀVYb^iZꢀidYdhꢀadhꢀY^hedh^i^kdhꢀ  
eZg^[‚g^XdhꢀdeX^dcVaZhꢀXdcZXiVYdhꢀVaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀ  
ꢀ :HE:8>;>868>DC:H  
<ZcZgVa  
9^hedh^i^kdhꢀeZg^[‚g^Xdhꢀhjb^c^higVYdh  
GZfj^h^idhꢀYZꢀXdgg^ZciZ/ꢀ&'%ꢀK86!ꢀ+%ꢀ=o  
8dchjbdꢀYZꢀediZcX^V/ꢀ&%%ꢀL  
8dchjaiZꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀZcꢀaVꢀe{\^cVꢀ)&#  
9^hedh^i^kdhꢀeZg^[‚g^XdhꢀdeX^dcVaZh  
9^bZch^dcZhꢀꢁVegdm^bVYVhꢂ/ꢀ('%ꢀmꢀ&%%ꢀmꢀ'+%ꢀbbꢀ  
ꢁ6cꢀmꢀ6aꢀmꢀEgd[ꢂ  
8dchjaiZꢀ9^hedh^i^kdhꢀeZg^[‚g^XdhꢀMWdmꢀZcꢀaVꢀe{\^cVꢀ)&#  
EZhdꢀꢁVegdm^bVYdꢂ/ꢀ)ꢀ`\  
>c[dgbVX^‹cꢀeVgVꢀYZhZX]VgꢀZaꢀegdYjXid  
IZbeZgVijgVꢀYZꢀ[jcX^dcVb^Zcid/ꢀ*ꢀ•8ꢀVꢀ(*ꢀ•8  
Egde^ZYVYZhꢀYZaꢀY^dYdꢀa{hZg/ꢀBViZg^Va/ꢀ<V6a6h!ꢀ  
Adc\^ijYꢀYZꢀdcYV/ꢀaꢀ2ꢀ+*%ꢀcb  
9ZhZX]ZꢀZhiZꢀegdYjXidꢀYZꢀVXjZgYdꢀXdcꢀaVꢀgZ\aVbZciVX^‹c  
adXVaꢀnꢀcVX^dcVaꢀhdWgZꢀYZhZX]dh#  
:aꢀY^hZŠdꢀnꢀaVhꢀZheZX^ÒXVX^dcZhꢀZhi{cꢀhj_ZidhꢀVꢀXVbW^dhꢀh^cꢀ  
egZk^dꢀVk^hd#  
:cigVYVh$hVa^YVh  
EjZgidhꢀYZꢀXdcigdaVYdgꢀꢁ)ꢂ  
EjZgidꢀ:i]ZgcZiꢀꢁ&ꢂ  
EjZgidꢀYZꢀVjY^d$k^YZdꢀꢁ&ꢂ  
EjZgidꢀYZꢀVa^bZciVX^‹cꢀYZꢀZcigVYVꢀYZꢀ86ꢀꢁ&ꢂ  
 
*.  
]iie/$$lll#mWdm#Xdb  
ZheVxda  
ꢀ
<6G6CIÞ6  
EDGꢀ;6KDGꢀA:6ꢀ8J>969DH6B:CI:ꢀ:HI6ꢀ<6G6CIÞ6ꢀA>B>I696ꢀ  
E6G6ꢀ:CI:C9:GꢀHJHꢀ9:G:8=DHꢀNꢀD7A><68>DC:Hꢅ  
(#ꢀ7dggVgꢀdꢀgZbdkZgꢀXjVaZhfj^ZgꢀVgX]^kdhꢀdꢀYVidhꢀfjZꢀJhiZYꢀ  
Xdch^YZgZꢀeg^kVYdhꢀdꢀXdcÒYZcX^VaZh!ꢀVciZhꢀYZꢀZck^VgꢀZaꢀEgdYjXidꢀ  
MWdmꢀVꢀB^Xgdhd[i#  
<6G6CI>6ꢀA>B>I696  
:aꢀ^cXjbea^b^ZcidꢀYZꢀaVhꢀ^chigjXX^dcZhꢀVgg^WVꢀbZcX^dcVYVhꢀ  
edYg{ꢀgZhjaiVgꢀZcꢀgZigVhdh!ꢀdXVh^dcVgꢀfjZꢀJhiZYꢀ^cXjggVꢀZcꢀ  
XVg\dhꢀVY^X^dcVaZh!ꢀdꢀYZ_Vgꢀh^cꢀZ[ZXidhꢀhjꢀ\VgVci†V#  
:aꢀi‚gb^cdꢀÆEgdYjXidꢀMWdmÇꢀh^\c^ÒXVꢀaVꢀXdchdaVꢀYZaꢀH^hiZbVꢀ  
YZꢀk^YZd_jZ\dhꢀMWdmꢀYZꢀB^Xgdhd[i!ꢀ^cXajnZcYdꢀꢁXjVcYdꢀhZꢀ  
aZꢀXdch^YZgZꢀXdbdꢀjcꢀidYdꢂꢀVaꢀegd\gVbVꢀYZꢀXdbejiVX^‹cꢀ  
ꢁhd[ilVgZꢂꢀYZꢀB^Xgdhd[iꢀVabVXZcVYdꢀZcꢀZaꢀY^hXdꢀYjgdꢀZꢀ  
^chZgiVYdꢀZcꢀb^XgdegdXZhVYdgZhꢀYZcigdꢀYZꢀaVꢀXdchdaVꢀMWdm!ꢀnꢀ  
ZaꢀZfj^edꢀꢁ]VgYlVgZꢂꢀXdbeVi^WaZꢀXdcꢀMWdmꢀ[VWg^XVYdꢀedgꢀdꢀeVgVꢀ  
B^Xgdhd[i!ꢀnVꢀhZVꢀfjZꢀhZꢀ^cXajnVꢀZcꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀ  
MWdmꢀdꢀfjZꢀhZVꢀXdbegVYdꢀedgꢀhZeVgVYd#ꢀ  
8#ꢀG:8JGHDꢀ:M8AJH>KD#ꢀ9jgVciZꢀZaꢀEZg^dYdꢀYZꢀ<VgVci†Vꢀnꢀ  
hj_ZidꢀVaꢀYZgZX]dꢀVea^XVWaZ!ꢀB^Xgdhd[i!ꢀVꢀhjꢀY^hXgZX^‹cꢀnꢀXdbdꢀ  
c^XdꢀgZXjghdꢀeVgVꢀJhiZYꢀedgꢀ^cXjbea^gꢀXdcꢀZhiVꢀ<VgVci†Vꢀ  
A^b^iVYVꢀdꢀXjVaZhfj^Zgꢀ\VgVci†Vhꢀ^bea†X^iVh/ꢀ  
&ꢀGZeVgVg{ꢀdꢀgZZbeaVoVg{ꢀZaꢀEgdYjXidꢀMWdmꢀYZ[ZXijdhd!ꢀd  
6#ꢀ<6G6CI>6H  
'ꢀAjZ\dꢀYZꢀaVꢀYZkdajX^‹cꢀYZꢀhjꢀEgdYjXidꢀMWdm!ꢀaZꢀeV\Vg{ꢀadhꢀ  
YVŠdhꢀeZgb^i^YdhꢀZcꢀadhꢀfjZꢀJhiZYꢀgVodcVWaZbZciZꢀ^cXjggV!ꢀ  
eZgdꢀc^XVbZciZꢀ]VhiVꢀZaꢀbdcidꢀYZaꢀegZX^dꢀYZꢀXdbegVꢀfjZꢀ  
JhiZYꢀ]VnVꢀeV\VYdꢀedgꢀhjꢀEgdYjXidꢀMWdm#ꢀ:hiZꢀgZZbWdahdꢀ  
edYg{ꢀ^cXaj^gꢀjcVꢀYZYjXX^‹cꢀedgꢀYZegZX^VX^‹c!ꢀWVhVYdꢀZcꢀZaꢀjhdꢀ  
fjZꢀaZꢀ]VnVꢀYVYdꢀVaꢀEgdYjXidꢀMWdm#  
&ꢀ<VgVci†Vꢀ:megZhVꢀedgꢀ&ꢀVŠd#ꢀHj_ZidꢀVꢀadhꢀi‚gb^cdhꢀnꢀ  
XdcY^X^dcZhꢀYZꢀaVꢀegZhZciZꢀ<VgVci†VꢀA^b^iVYV!ꢀB^Xgdhd[iꢀaZꢀ  
\VgVci^oVꢀc^XVbZciZꢀVꢀJhiZYꢀꢁZaꢀXdbegVYdgꢀdg^\^cVaꢂꢀfjZ!ꢀ  
WV_dꢀXdcY^X^dcZhꢀYZꢀjhdꢀnꢀhZgk^X^dꢀcdgbVaZh!ꢀZaꢀEgdYjXidꢀMWdmꢀ  
Xjbea^g{ꢀhjWhiVcX^VabZciZꢀXdcꢀadhꢀbViZg^VaZhꢀ^begZhdhꢀYZꢀ  
^chigjXX^dcZhꢀYZaꢀjhjVg^dꢀfjZꢀhZꢀVXdbeVŠVc!ꢀedgꢀjcꢀeZg^dYdꢀYZꢀ  
&ꢀVŠdꢀXdciVYdꢀVꢀeVgi^gꢀYZꢀaVꢀ[ZX]VꢀYZꢀhjꢀgZX^WdꢀYZꢀXdbegVꢀꢁZaꢀ  
ÆEZg^dYdꢀYZꢀ<VgVci†VÇꢂ#  
(ꢀ8jVaZhfj^ZgꢀeVgiZhꢀYZꢀgZZbeaVodꢀdꢀEgdYjXidhꢀMWdmꢀhZg{cꢀ  
cjZkdhꢀdꢀgZXdchigj^Ydh!ꢀdꢀjhVYdhꢀeZgdꢀZcꢀWjZcꢀZhiVYd!ꢀ  
XdbeVgVWaZhꢀZcꢀ[jcX^dcVa^YVYꢀnꢀYZhZbeZŠdꢀXdcꢀaVꢀeVgiZꢀ  
dg^\^cVaꢀdꢀEgdYjXidꢀMWdmꢀnꢀhZg{cꢀ\VgVci^oVYdhꢀedgꢀZaꢀgZhidꢀYZaꢀ  
EZg^dYdꢀYZꢀ<VgVci†Vꢀdg^\^cVaꢀdꢀedgꢀ(%ꢀY†VhꢀVꢀeVgi^gꢀYZꢀaVꢀ[ZX]Vꢀ  
ZcꢀfjZꢀZaꢀEgdYjXidꢀMWdmꢀaZꢀhZVꢀZck^VYdꢀYZꢀgZ\gZhdꢀVꢀJhiZY!ꢀadꢀ  
fjZꢀgZhjaiZꢀbVndg#  
'ꢀ<VgVci†Vꢀ>bea†X^iV#ꢀJhiZYꢀiVbW^‚cꢀejZYZꢀiZcZgꢀjcVꢀ\VgVci†Vꢀ  
n$dꢀXdcY^X^dcZhꢀ^bea†X^iVhꢀYZꢀVXjZgYdꢀXdcꢀaVhꢀaZnZhꢀYZꢀVa\jcVhꢀ  
_jg^hY^XX^dcZh!ꢀaVꢀXjVaꢀedgꢀZhiZꢀYdXjbZcidꢀhZꢀa^b^iVꢀVꢀaVꢀ  
YjgVX^‹cꢀYZaꢀEZg^dYdꢀYZꢀ<VgVci†V#ꢀ6a\jcVhꢀ_jg^hY^XX^dcZhꢀcdꢀ  
eZgb^iZcꢀa^b^iVX^dcZhꢀgZheZXidꢀVꢀaVꢀYjgVX^‹cꢀYZꢀjcVꢀ\VgVci†Vꢀdꢀ  
XdcY^X^dcZhꢀ^bea†X^iVh!ꢀYZꢀiVaꢀ[dgbVꢀfjZꢀaVꢀVciZg^dgꢀa^b^iVX^‹cꢀ  
ejY^ZgZꢀcdꢀhZgaZꢀVea^XVWaZ#  
)ꢀB^Xgdhd[iꢀedYg{!ꢀVꢀhjꢀhdaVꢀY^hXgZX^‹c!ꢀZaZ\^gꢀgZZbeaVoVgꢀ  
ZaꢀY^hXdꢀYjgdꢀXdciZc^YdꢀZcꢀhjꢀEgdYjXidꢀMWdm!ꢀVjcꢀh^ꢀ  
ZaadꢀXVjhVꢀjcVꢀe‚gY^YVꢀYZꢀ^c[dgbVX^‹c#ꢀJHI:9ꢀ:HI6ꢀ9:ꢀ  
68J:G9Dꢀ:CꢀFJ:ꢀB>8GDHD;IꢀCDꢀH:G6ꢀG:HEDCH67A:ꢀ  
E6G6ꢀ8DCꢀJHI:9ꢀEDGꢀ8J6AFJ>:GꢀE:G9>96ꢀ9:ꢀHJꢀ  
>C;DGB68>DC#  
GZheZXidꢀYZꢀXjVaZhfj^ZgꢀYZ[ZXidhꢀfjZꢀ[jZgZcꢀYZhXjW^Zgidhꢀ  
YZhej‚hꢀYZaꢀEZg^dYdꢀYZꢀ<VgVci†V!ꢀcdꢀZm^hiZꢀ\VgVci†Vꢀdꢀ  
XdcY^X^dcZhꢀYZꢀc^c\cꢀi^ed#  
7#ꢀE6G6ꢀD7I:C:GꢀH:GK>8>Dꢀ9:ꢀ<6G6CI>6#ꢀ6ꢀZ[ZXidꢀYZꢀ  
gZX^W^gꢀ^chigjXX^dcZhꢀeVgVꢀdWiZcZgꢀhZgk^X^dhꢀYZꢀ\VgVci†VꢀYZꢀ  
gZeVgVX^‹cꢀdꢀYZꢀgZZbeaVod!ꢀJhiZYꢀYZWZꢀaaVbVg/  
*ꢀAjZ\dꢀYZꢀfjZꢀZaꢀEZg^dYdꢀYZꢀ<VgVci†Vꢀ]VnVꢀkZcX^Yd!ꢀB^Xgdhd[iꢀ  
edYg{ꢀXdWgVgaZꢀjcꢀ]dcdgVg^dꢀedgꢀhjhꢀZh[jZgodhꢀeVgVꢀY^V\cdhi^XVgꢀ  
nꢀYVgꢀhZgk^X^dꢀZcꢀgZaVX^‹cꢀVꢀXjVaZhfj^ZgꢀegdWaZbVhꢀgZaVX^dcVYdhꢀ  
XdcꢀZaꢀEgdYjXidꢀMWdm#  
9ZcigdꢀYZꢀB‚m^Xd/ꢀ%%&ꢀ-++ꢀ,)*ꢀ-(ꢀ&'  
+ꢀB^Xgdhd[iꢀZbeaZVg{ꢀZh[jZgodhꢀXdbZgX^VabZciZꢀgVodcVWaZhꢀ  
eVgVꢀY^V\cdhi^XVgꢀZꢀ^ciZciVgꢀXdggZ\^g!ꢀdꢀhj\Zg^gꢀhdajX^dcZhꢀ  
eVgV!ꢀYZ[ZXidhꢀYZaꢀEgdYjXidꢀMWdmꢀXjW^ZgidhꢀedgꢀZhiVꢀ<VgVci†Vꢀ  
A^b^iVYV#ꢀB>8GDHD;IꢀCDꢀEGDEDG8>DC6ꢀ<6G6CI>6ꢀ  
6A<JC6ꢀG:HE:8IDꢀ9:ꢀHJHꢀH:GK>8>DHꢀ9:ꢀ<6G6CI>6ꢀ  
N!ꢀH6AKDꢀEDGꢀ:Aꢀ:CJC8>69Dꢀ6CI:G>DG!ꢀ9:H8DCD8:ꢀ  
8J6AFJ>:Gꢀ9:7:GꢀJꢀD7A><68>âCꢀꢀꢁH>ꢀA6ꢀ=J7>:G:ꢂꢀ  
9:ꢀ:H;J:GODꢀ:CꢀA6ꢀB6CDꢀ9:ꢀD7G6ꢀDꢀ9:ꢀ;6AI6ꢀ9:ꢀ  
C:<A><:C8>6#  
JhjVg^dhꢀYZꢀIINꢀꢁhZꢀcZXZh^iVꢀjcꢀZfj^edꢀZheZX^VaꢀeVgVꢀaVhꢀ  
eZghdcVhꢀXdcꢀegdWaZbVhꢀYZꢀVjY^X^‹cꢂ/ꢀ%%&ꢀ-++ꢀ'*&ꢀ'+ꢀ'&  
JhiZYꢀiVbW^‚cꢀYZWZg{/  
&#ꢀEgZhZciVgꢀZk^YZcX^VꢀYZꢀXdbegV!ꢀZcꢀ[dgbVꢀYZꢀjcVꢀ[VXijgVꢀdꢀ  
gZX^WdꢀYZꢀXdbegVꢀꢁdꢀjcVꢀXde^Vꢂꢀ[ZX]VYd!ꢀhdbZi^YdꢀYZꢀWjZcVꢀ[Z!ꢀ  
fjZꢀXdbegjZWZꢀfjZꢀhjꢀhda^X^ijYꢀYZꢀhZgk^X^dꢀhZꢀgZVa^oVꢀYZcigdꢀYZaꢀ  
EZg^dYdꢀYZꢀ<VgVci†V#ꢀ  
'#ꢀHZ\j^gꢀaVhꢀ^chigjXX^dcZhꢀYZꢀB^Xgdhd[iꢀYZꢀZck†dꢀnꢀXjVaZhfj^Zgꢀ  
digVh!ꢀh^ꢀ‚hiVꢀYZiZgb^cVꢀfjZꢀidYdꢀdꢀeVgiZꢀYZꢀhjꢀEgdYjXidꢀ  
MWdmꢀgZfj^ZgZꢀhZgꢀYZkjZaidꢀeVgVꢀgZeVgVX^‹cꢀdꢀgZZbeaVod#ꢀEVgVꢀ  
dWiZcZgꢀZaꢀhZgk^X^dꢀYZꢀ\VgVci†V!ꢀJhiZYꢀYZWZg{ꢀaaZkVgꢀdꢀZck^VgꢀZaꢀ  
EgdYjXidꢀMWdm!ꢀnVꢀhZVꢀZcꢀhjꢀZbeVfjZꢀdg^\^cVaꢀdꢀZcꢀjcꢀZbeVfjZꢀ  
fjZꢀegdedgX^dcZꢀjcꢀ\gVYdꢀh^b^aVgꢀYZꢀegdiZXX^‹c!ꢀVaꢀaj\VgꢀfjZꢀ  
^cY^fjZꢀB^Xgdhd[i#ꢀHVakdꢀfjZꢀhZꢀgZfj^ZgVꢀYZꢀVa\jcVꢀdigVꢀ[dgbVꢀ  
WV_dꢀaVhꢀaZnZhꢀYZꢀhjꢀ_jg^hY^XX^‹c!ꢀadhꢀXdhidhꢀgZaVX^dcVYdhꢀXdcꢀZaꢀ  
igVchedgiZꢀꢁ^cXajnZcYdꢀZbeVfjZꢂꢀeVgVꢀZaꢀhZgk^X^dꢀYZꢀ\VgVci†Vꢀ  
XdggZg{cꢀedgꢀXjZciVꢀYZꢀJhiZY#ꢀ  
9#ꢀC>C<JC6ꢀDIG6ꢀ<6G6CI>6#ꢀAVꢀ\VgVci†VꢀZmegZhVꢀ  
ZhiVWaZX^YVꢀZcꢀaVꢀHZXX^‹cꢀ6ꢀVciZg^dgꢀZhꢀaVꢀc^XVꢀ\VgVci†Vꢀ  
ZmegZhVꢀegdedgX^dcVYVꢀVꢀJhiZYꢀnꢀhZꢀaZꢀdidg\VꢀZcꢀaj\VgꢀYZꢀ  
XjVaZhfj^ZgVꢀdigVhꢀ\VgVci†VhꢀdꢀXdcY^X^dcZhꢀZmegZhVhꢀdꢀ^bea†X^iVhꢀ  
ꢁZcꢀhjꢀXVhdꢂꢀ^cXajnZcYdꢀXjVaZhfj^ZgVꢀdg^\^cVYVhꢀZcꢀXjVafj^Zgꢀ  
digVꢀYdXjbZciVX^‹cꢀdꢀZbeVfjZ#ꢀCdꢀhZꢀdidg\Vꢀc^c\jcVꢀdigVꢀ  
\VgVci†VꢀdꢀXdcY^X^‹cꢀXdcꢀgZheZXidꢀYZaꢀEgdYjXidꢀMWdmꢀdꢀadhꢀ  
 
+% ZheVxda  
<6G6CIÞ6  
]iie/$$lll#mWdm#Xdb  
hZgk^X^dhꢀYZꢀ\VgVci†VꢀedgꢀeZghdcVꢀVa\jcV!ꢀ^cXajnZcYdꢀeZgdꢀcdꢀ  
a^b^iVYdꢀVꢀB^Xgdhd[iꢀnꢀhjhꢀegdkZZYdgZh#ꢀC^c\jcVꢀ^c[dgbVX^‹cꢀ  
ꢁkZgWVaꢀdꢀZhXg^iVꢂꢀdꢀhj\ZgZcX^VꢀegdedgX^dcVYVꢀedgꢀ  
B^Xgdhd[i!ꢀhjhꢀV\ZciZhꢀdꢀegdkZZYdgZhꢀdꢀadhꢀZbeaZVYdhꢀYZꢀ  
‚hidhꢀdꢀYZꢀB^Xgdhd[i!ꢀXgZVg{ꢀjcVꢀ\VgVci†VꢀdꢀXdcY^X^‹cꢀdꢀ  
Vbea^Vg{ꢀZaꢀVaXVcXZꢀYZꢀZhiVꢀ<VgVci†VꢀA^b^iVYV#ꢀ6h^b^hbd!ꢀ  
cdꢀZm^hiZꢀ\VgVci†VꢀdꢀXdcY^X^‹cꢀYZꢀegde^ZYVYꢀdꢀi^ijaVg^YVY!ꢀjhdꢀ  
eVX†ÒXd!ꢀdꢀYZꢀcdꢀk^daVX^‹cꢀgZheZXidꢀYZaꢀEgdYjXidꢀMWdm#ꢀEjZYZꢀ  
hZgꢀfjZꢀJhiZYꢀ\dXZꢀYZꢀbVndgZhꢀYZgZX]dhꢀWV_dꢀaVhꢀaZnZhꢀYZꢀ  
hjꢀ_jg^hY^XX^‹c#ꢀ8jVcYdꢀXjVafj^ZgꢀY^hedh^X^‹cꢀYZꢀZhiVꢀ<VgVci†Vꢀ  
A^b^iVYVꢀZhi‚ꢀegd]^W^YVꢀedgꢀY^X]VhꢀaZnZh!ꢀY^X]VꢀY^hedh^X^‹cꢀhZg{ꢀ  
cjaVꢀnꢀfjZYVg{ꢀh^cꢀZ[ZXidh!ꢀeZgdꢀaVhꢀYZb{hꢀY^hedh^X^dcZhꢀYZꢀaVꢀ  
<VgVci†VꢀA^b^iVYVꢀꢀeZgbVcZXZg{cꢀZcꢀk^\dgꢀnꢀhjgi^ZcYdꢀeaZcdhꢀ  
Z[ZXidh#  
;#ꢀ:M8AJH>DCꢀ9:ꢀ96xDHꢀ8DCH:8J:C8>6A:H!ꢀ  
>C8>9:CI6A:HꢀNꢀ9:ꢀDIG6ꢀ>C9DA:ꢀNꢀA>B>I68>âCꢀ9:ꢀ  
G:HEDCH67>A>969  
:CꢀA6ꢀB6M>B6ꢀB:9>96ꢀE:GB>I>96ꢀEDGꢀA6ꢀA:N!ꢀB>8GDHD;Iꢀ  
CDꢀ:HꢀG:HEDCH67A:ꢀ9:/  
ꢁ^ꢂꢀ96xDHꢀ8DCH:8J:C8>6A:HꢀDꢀ>C8>9:CI6A:H0  
ꢁ^^ꢂꢀ96xDHꢀDꢀE:G9>96Hꢀ9:ꢀ8J6AFJ>:GꢀC6IJG6A:O6ꢀFJ:ꢀ  
H:ꢀG:A68>DC:Cꢀ8DCꢀE:G9>96ꢀ9:ꢀJI>A>969:H!ꢀE:G9>96ꢀ  
9:ꢀ>C;DGB68>DCꢀDꢀEG>K68>969ꢀDꢀ8DC;>9:C8>6A>969!ꢀ  
8J6AFJ>:Gꢀ>C86E68>969ꢀE6G6ꢀJI>A>O6GꢀID9DꢀDꢀE6GI:ꢀ  
9:AꢀEGD9J8IDꢀM7DM!ꢀA:H>DC:HꢀE:GHDC6A:H!ꢀDꢀ8J6AFJ>:Gꢀ  
;6AA6ꢀ:Cꢀ8JBEA>Gꢀ8J6AFJ>:Gꢀ9:7:Gꢀꢁ>C8AJN:C9DꢀH>Cꢀ  
A>B>I6Gꢀ8J6AFJ>:Gꢀ;6AI6ꢀ9:ꢀC:<A><:C8>6ꢀDꢀ9:ꢀ:H;J:GODHꢀ  
9:ꢀB6CDꢀ9:ꢀD7G6ꢂ0ꢀD  
:#ꢀꢀ:M8AJH>DC:Hꢀ9:ꢀA6ꢀ<6G6CI>6ꢀA>B>I696#ꢀ:hiVꢀ  
<VgVci†VꢀA^b^iVYVꢀcdꢀVea^XVg{ꢀnꢀB^Xgdhd[iꢀcdꢀiZcYg{ꢀc^c\jcVꢀ  
gZhedchVW^a^YVYꢀWV_dꢀZhiVꢀ<VgVci†VꢀA^b^iVYV!ꢀh^ꢀZaꢀEgdYjXidꢀ  
MWdm/  
ꢁ^^^ꢂꢀ96xDHꢀ>C9>G:8IDH!ꢀ:HE:8>6A:HꢀDꢀEJC>I>KDH0  
FJ:ꢀG:HJAI:Cꢀ9:ꢀDꢀ:HI:CꢀG:A68>DC69DHꢀ9:ꢀ8J6AFJ>:Gꢀ  
;DGB6ꢀ8DCꢀ:AꢀEGD9J8IDꢀM7DM#ꢀADꢀ6CI:G>DGꢀ6EA>86ꢀ  
6JCꢀNꢀ8J6C9DꢀB>8GDHD;IꢀDꢀ8J6AFJ>:GꢀDIGDꢀ  
&ꢀ:hꢀji^a^oVYdꢀXdcꢀegdYjXidhꢀcdꢀkZcY^Ydhꢀdꢀa^XZcX^VYdhꢀedgꢀ  
B^Xgdhd[iꢀꢁ^cXajnZcYd!ꢀeZgdꢀcdꢀa^b^iVYdꢀV!ꢀ_jZ\dhꢀcd"a^XZcX^VYdhꢀ  
nꢀVgiZ[VXidhꢀeVgVꢀbZ_dgVgꢀ_jZ\dh!ꢀVYVeiVYdgZhꢀnꢀ[jZciZhꢀYZꢀ  
ZcZg\†VꢂꢀdꢀfjZꢀYZꢀVa\jcVꢀdigVꢀ[dgbVꢀcdꢀhZVcꢀXdbeVi^WaZh0  
EGDK::9DGꢀDꢀ6<:CI:ꢀ=6N6ꢀH>9Dꢀ6K>H69DꢀHD7G:ꢀA6ꢀ  
EDH>7>A>969ꢀ9:ꢀ9>8=6HꢀE:G9>96HꢀDꢀ96xDH0ꢀ6JCꢀ:Cꢀ  
86HDꢀ9:ꢀ>C8JBEA>B>:CIDꢀꢁ>C8AJN:C9DꢀC:<A><:C8>6ꢂ!ꢀ  
G:HEDCH67>A>969ꢀD7?:I>K6ꢀDꢀG:HEDCH67>A>969ꢀEDGꢀ  
EGD9J8ID!ꢀ9:8A6G68>âCꢀ;6AH6ꢀDꢀ:GGDC:6ꢀJꢀDIG6ꢀG6ODC0ꢀ  
Nꢀ6JCꢀH>ꢀ6A<JCꢀG:8JGHDꢀCDꢀAD<G6ꢀ8JBEA>GꢀHJꢀD7?:I>KDꢀ  
:H:C8>6A#ꢀ6a\jcVhꢀ_jg^hY^XX^dcZhꢀcdꢀeZgb^iZcꢀaVꢀZmXajh^‹cꢀ  
dꢀa^b^iVX^‹cꢀYZꢀYVŠdhꢀ^cX^YZciVaZhꢀdꢀXdchZXjZcX^VaZh!ꢀedgꢀadꢀ  
fjZꢀaVhꢀa^b^iVX^dcZhꢀdꢀZmXajh^dcZhꢀVciZg^dgZhꢀejZYZcꢀcdꢀhZgꢀ  
Vea^XVWaZhꢀVꢀJhiZY#  
'ꢀ:hꢀji^a^oVYdꢀeVgVꢀÒcZhꢀXdbZgX^VaZhꢀꢁ^cXajnZcYdꢀgZciVꢀdꢀ  
VggZcYVb^ZcidꢀÒcVcX^Zgdꢂ0  
(ꢀ:hꢀbdY^ÒXVYd!ꢀVaiZgVYdꢀdꢀ[dgoVYd0  
)ꢀ:hꢀYVŠVYdꢀedgꢀXVhdꢀ[dgij^idꢀdꢀ[jZgoVꢀbVndg!ꢀYZhXVg\VꢀZa‚Xig^XVꢀ  
dꢀkVg^VX^‹cꢀYZꢀkdaiV_Z!ꢀbVaꢀjhd!ꢀVWjhd!ꢀcZ\a^\ZcX^V!ꢀVXX^YZciZ!ꢀ  
YZh\VhiZ!ꢀbVaꢀbVcZ_d!ꢀbVaVꢀji^a^oVX^‹c!ꢀjꢀdigVhꢀXVjhVhꢀcdꢀ  
gZaVX^dcVYVhꢀXdcꢀbViZg^VaZhꢀdꢀbVcdꢀYZꢀdWgVꢀYZ[ZXijdhdh0  
<#ꢀ8DC9>8>DC:Hꢀ69>8>DC6A:H  
*ꢀH^ꢀZaꢀcbZgdꢀYZꢀhZg^ZꢀZhꢀbji^aVYd!ꢀVaiZgVYdꢀdꢀgZbdk^Yd0  
&ꢀAdhꢀegd\gVbVhꢀYZꢀXdbejiVX^‹cꢀꢁhd[ilVgZꢂꢀ^cXaj^YdhꢀZcꢀZaꢀ  
EgdYjXidꢀMWdmꢀhZꢀaZꢀdidg\VcꢀWV_dꢀa^XZcX^V!ꢀcdꢀhZꢀaZꢀkZcYZc#ꢀ  
JhiZYꢀZhi{ꢀa^XZcX^VYdꢀeVgVꢀji^a^oVgꢀY^X]dꢀegd\gVbVꢀYZꢀ  
XdbejiVX^‹cꢀꢁhd[ilVgZꢂꢀc^XVbZciZꢀZcꢀhjꢀEgdYjXidꢀMWdmꢀnꢀcdꢀ  
edYg{ꢀji^a^oVgꢀi‚Xc^XVhꢀYZꢀ^c\Zc^Zg†Vꢀ^ckZghV!ꢀhVakdꢀZcꢀaVꢀbZY^YVꢀ  
ZcꢀfjZꢀaVꢀaZnꢀVea^XVWaZꢀadꢀeZgb^iV!ꢀcdꢀdWhiVciZꢀZhiVꢀa^b^iVX^‹c#  
+ꢀ:hꢀYVŠVYdꢀedgꢀegd\gVbVh!ꢀ^c[dgbVX^‹c!ꢀk^gjh!ꢀdꢀVgX]^kdh!ꢀdꢀ  
YjgVciZꢀhjꢀigVhaVYd0  
,ꢀCdꢀZhꢀji^a^oVYdꢀYZꢀXdc[dgb^YVYꢀXdcꢀaVꢀYdXjbZciVX^‹cꢀfjZꢀhZꢀ  
VXdbeVŠVꢀZꢀ^chigjXX^dcZhꢀYZꢀjhd0ꢀd  
'ꢀHjꢀEgdYjXidꢀMWdmꢀnꢀhjhꢀXdbedcZciZhꢀ^ciZgcdhꢀhdcꢀcjZkdhꢀYZꢀ  
Xdc[dgb^YVYꢀXdcꢀadhꢀZhi{cYVgZhꢀYZꢀaVꢀ^cYjhig^V!ꢀhVakdꢀfjZꢀZcꢀ  
ZaꢀeVfjZiZꢀYZaꢀEgdYjXidꢀMWdmꢀd[gZX^YdꢀVaꢀeWa^Xdꢀb^cdg^hiV!ꢀhZꢀ  
^cY^fjZꢀfjZꢀZhꢀÆGZXdchigj^YdÇ#  
-ꢀ:hꢀgZeVgVYd!ꢀbdY^ÒXVYdꢀdꢀVaiZgVYdꢀedgꢀVa\j^ZcꢀY^hi^cidꢀYZꢀadhꢀ  
XZcigdhꢀYZꢀgZeVgVX^‹cꢀVjidg^oVYdhꢀedgꢀB^Xgdhd[i#  
:hiVꢀ<VgVci†VꢀA^b^iVYVꢀcdꢀXjWgZꢀhjꢀ^c[dgbVX^‹c!ꢀXjVaZhfj^Zgꢀ  
egd\gVbVhꢀYZꢀXdbejiVX^‹cꢀꢁhd[ilVgZꢂꢀdꢀ_jZ\dhꢀMWdmꢀedgꢀ  
hZeVgVYd!ꢀ]VnVcꢀh^YdꢀdꢀcdꢀZbeVXVYdhꢀdꢀ^cXaj^YdhꢀXdcꢀZaꢀ  
EgdYjXidꢀMWdm!ꢀdꢀXjVaZhfj^ZgꢀVXXZhdg^dhꢀMWdmꢀdꢀY^hedh^i^kdhꢀ  
hZXjcYVg^dhꢀdꢀeZg^[‚g^XdhꢀYZꢀMWdmꢀfjZꢀcdꢀhZVcꢀ[VWg^XVYdhꢀedgꢀdꢀ  
eVgVꢀB^Xgdhd[i#ꢀ  
(ꢀJhiZYꢀVXZeiVꢀXjbea^gꢀXdcꢀidYVhꢀaVhꢀaZnZhꢀnꢀgZ\aVbZcidhꢀYZꢀ  
ZmedgiVX^‹cꢀVea^XVWaZhꢀh^ꢀJhiZYꢀZmedgiVꢀZaꢀEgdYjXidꢀMWdmꢀ[jZgVꢀ  
YZꢀB‚m^Xd#  
)ꢀ:hiVꢀ<VgVci†VꢀA^b^iVYVꢀVea^XVꢀc^XVbZciZꢀVaꢀXdbegVYdgꢀ  
dg^\^cVaꢀnꢀcdꢀedYg{ꢀhZgꢀXZY^YVꢀdꢀigVchb^i^YV#ꢀH^cꢀZbWVg\d!ꢀ  
Va\jcVhꢀ_jg^hY^XX^dcZhꢀZmi^ZcYZcꢀaVꢀegdiZXX^‹cꢀYZꢀ\VgVci†Vhꢀ  
^bea†X^iVhꢀVꢀXdchjb^YdgZhꢀhjWhZXjZciZhꢀnꢀedgꢀadꢀiVcidꢀZhi{ꢀ  
a^b^iVX^‹cꢀejZYZꢀcdꢀhZgꢀVea^XVWaZꢀVꢀJhiZY#  
 
+&  
]iie/$$lll#mWdm#Xdb  
ZheVxda  
<6G6CIÞ6  
=#ꢀA:<>HA68>DCꢀ6EA>867A:#ꢀ:hiVꢀ<VgVci†VꢀA^b^iVYVꢀZhꢀk{a^YVꢀ  
c^XVbZciZꢀZcꢀB‚m^Xd#ꢀH^ꢀJhiZYꢀVYfj^g^‹ꢀZhiZꢀegdYjXidꢀZcꢀ  
B‚m^Xd!ꢀZcidcXZhꢀaVhꢀaZnZhꢀYZꢀB‚m^XdꢀhZg{cꢀaVhꢀVea^XVWaZh#  
>#ꢀEG:<JCI6H4ꢀEdgꢀ[VkdgꢀaaVbZꢀVaꢀ%%&"-++",)*"-(&'ꢀYZcigdꢀYZꢀ  
B‚m^Xd#  
AVꢀegZhZciZꢀ<VgVci†VꢀA^b^iVYVꢀaZꢀYVꢀYZgZX]dhꢀaZ\VaZhꢀ  
ZheZX†ÒXdh!ꢀnꢀJhiZYꢀedYg†VꢀiZcZgꢀiVbW^‚cꢀdigdhꢀYZgZX]dhꢀfjZꢀ  
kVg†VcꢀYZꢀ_jg^hY^XX^‹cꢀZcꢀ_jg^hY^XX^‹c#  
 
>c[dgbVi^dcꢀ^cꢀi]^hꢀYdXjbZci!ꢀ^cXajY^c\ꢀJGAꢀVcYꢀdi]Zgꢀ>ciZgcZiꢀLZWꢀh^iZꢀgZ[ZgZcXZh!ꢀ^hꢀhjW_ZXiꢀidꢀX]Vc\Zꢀl^i]djiꢀcdi^XZ#ꢀJcaZhhꢀdi]Zgl^hZꢀcdiZY!ꢀi]ZꢀZmVbeaZꢀXdbeVc^Zh!ꢀ  
dg\Vc^oVi^dch!ꢀegdYjXih!ꢀYdbV^cꢀcVbZh!ꢀZ"bV^aꢀVYYgZhhZh!ꢀad\dh!ꢀeZdeaZ!ꢀeaVXZhꢀVcYꢀZkZcihꢀYZe^XiZYꢀ]ZgZ^cꢀVgZꢀÒXi^i^djh!ꢀVcYꢀcdꢀVhhdX^Vi^dcꢀl^i]ꢀVcnꢀgZVaꢀXdbeVcn!ꢀ  
dg\Vc^oVi^dc!ꢀegdYjXi!ꢀYdbV^cꢀcVbZ!ꢀZ"bV^aꢀVYYgZhh!ꢀad\d!ꢀeZghdc!ꢀeaVXZꢀdgꢀZkZciꢀ^hꢀ^ciZcYZYꢀdgꢀh]djaYꢀWZꢀ^c[ZggZY#ꢀ8dbean^c\ꢀl^i]ꢀVaaꢀVeea^XVWaZꢀXdeng^\]iꢀaVlhꢀ^hꢀi]Zꢀ  
gZhedch^W^a^inꢀd[ꢀi]ZꢀjhZg#ꢀL^i]djiꢀa^b^i^c\ꢀi]Zꢀg^\]ihꢀjcYZgꢀXdeng^\]i!ꢀcdꢀeVgiꢀd[ꢀi]^hꢀYdXjbZciꢀbVnꢀWZꢀgZegdYjXZY!ꢀhidgZYꢀ^cꢀdgꢀ^cigdYjXZYꢀ^cidꢀVꢀgZig^ZkVaꢀhnhiZb!ꢀdgꢀ  
igVchb^iiZYꢀ^cꢀVcnꢀ[dgbꢀdgꢀWnꢀVcnꢀbZVchꢀꢁZaZXigdc^X!ꢀbZX]Vc^XVa!ꢀe]didXden^c\!ꢀgZXdgY^c\!ꢀdgꢀdi]Zgl^hZꢂ!ꢀdgꢀ[dgꢀVcnꢀejgedhZ!ꢀl^i]djiꢀi]ZꢀZmegZhhꢀlg^iiZcꢀeZgb^hh^dcꢀd[ꢀ  
B^Xgdhd[iꢀ8dgedgVi^dc#ꢀ  
B^Xgdhd[iꢀbVnꢀ]VkZꢀeViZcih!ꢀeViZciꢀVeea^XVi^dch!ꢀigVYZbVg`h!ꢀXdeng^\]ih!ꢀdgꢀdi]Zgꢀ^ciZaaZXijVaꢀegdeZginꢀg^\]ihꢀXdkZg^c\ꢀhjW_ZXiꢀbViiZgꢀ^cꢀi]^hꢀYdXjbZci#ꢀ:mXZeiꢀVhꢀ  
ZmegZhhanꢀegdk^YZYꢀ^cꢀVcnꢀlg^iiZcꢀa^XZchZꢀV\gZZbZciꢀ[gdbꢀB^Xgdhd[i!ꢀi]Zꢀ[jgc^h]^c\ꢀd[ꢀi]^hꢀYdXjbZciꢀYdZhꢀcdiꢀ\^kZꢀndjꢀVcnꢀa^XZchZꢀidꢀi]ZhZꢀeViZcih!ꢀigVYZbVg`h!ꢀ  
Xdeng^\]ih!ꢀdgꢀdi]Zgꢀ^ciZaaZXijVaꢀegdeZgin#  
ꢀ'%%&"'%%(ꢀB^Xgdhd[iꢀ8dgedgVi^dc#ꢀ6aaꢀg^\]ihꢀgZhZgkZY#  
B^Xgdhd[i!ꢀMWdm!ꢀMWdmꢀA^kZ!ꢀVcYꢀi]ZꢀMWdmꢀad\dhꢀVgZꢀZ^i]ZgꢀgZ\^hiZgZYꢀigVYZbVg`hꢀdgꢀigVYZbVg`hꢀd[ꢀB^Xgdhd[iꢀ8dgedgVi^dcꢀ^cꢀi]ZꢀJc^iZYꢀHiViZhꢀVcY$dgꢀdi]ZgꢀXdjcig^Zh#  
I]^hꢀegdYjXiꢀ^cXdgedgViZhꢀXdeng^\]iꢀegdiZXi^dcꢀiZX]cdad\nꢀi]Viꢀ^hꢀegdiZXiZYꢀWnꢀbZi]dYꢀXaV^bhꢀd[ꢀXZgiV^cꢀJ#H#ꢀeViZcihꢀVcYꢀdi]Zgꢀ^ciZaaZXijVaꢀegdeZginꢀg^\]ihꢀdlcZYꢀWnꢀ  
BVXgdk^h^dcꢀ8dgedgVi^dcꢀVcYꢀdi]Zgꢀg^\]ihꢀdlcZgh#ꢀJhZꢀd[ꢀi]^hꢀXdeng^\]iꢀegdiZXi^dcꢀiZX]cdad\nꢀbjhiꢀWZꢀVji]dg^oZYꢀWnꢀBVXgdk^h^dcꢀ8dgedgVi^dc!ꢀVcYꢀ^hꢀ^ciZcYZYꢀ[dgꢀ]dbZꢀVcYꢀ  
di]Zgꢀa^b^iZYꢀk^Zl^c\ꢀjhZhꢀdcanꢀjcaZhhꢀdi]Zgl^hZꢀVji]dg^oZYꢀWnꢀBVXgdk^h^dcꢀ8dgedgVi^dc#ꢀGZkZghZꢀZc\^cZZg^c\ꢀdgꢀY^hVhhZbWanꢀ^hꢀegd]^W^iZY#  
BVcj[VXijgZYꢀjcYZgꢀa^XZchZꢀ[gdbꢀ9daWnꢀAVWdgVidg^Zh#ꢀꢃ9daWnꢃꢀVcYꢀi]ZꢀYdjWaZ"9ꢀhnbWdaꢀVgZꢀigVYZbVg`hꢀd[ꢀ9daWnꢀAVWdgVidg^Zh#ꢀ8dcÒYZci^VaꢀjcejWa^h]ZYꢀldg`h#ꢀ8deng^\]iꢀ  
&...Ä'%%&ꢀ9daWnꢀAVWdgVidg^Zh#ꢀ6aaꢀg^\]ihꢀgZhZgkZY#  
I]ZꢀcVbZhꢀd[ꢀVXijVaꢀXdbeVc^ZhꢀVcYꢀegdYjXihꢀbZci^dcZYꢀ]ZgZ^cꢀbVnꢀWZꢀi]ZꢀigVYZbVg`hꢀd[ꢀi]Z^gꢀgZheZXi^kZꢀdlcZgh#  
AZhꢀ^c[dgbVi^dchꢀXdciZcjZhꢀYVchꢀaZꢀeg‚hZciꢀYdXjbZci!ꢀnꢀXdbeg^hꢀaZhꢀJGAꢀZiꢀVjigZhꢀg‚[‚gZcXZhꢀ|ꢀYZhꢀh^iZhꢀLZW!ꢀeZjkZciꢀ[V^gZꢀaꢄdW_ZiꢀYZꢀbdY^ÒXVi^dchꢀhVchꢀeg‚Vk^h#ꢀ  
HVj[ꢀ^cY^XVi^dcꢀXdcigV^gZ!ꢀaZhꢀZcigZeg^hZh!ꢀdg\Vc^hbZh!ꢀegdYj^ih!ꢀcdbhꢀYZꢀYdbV^cZ!ꢀVYgZhhZhꢀ‚aZXigdc^fjZh!ꢀad\dh!ꢀeZghdccZh!ꢀa^ZjmꢀZiꢀ‚k‚cZbZcihꢀÒ\jgVciꢀYVchꢀXZꢀbVcjZaꢀ  
hdciꢀÒXi^[hꢀZiꢀhVchꢀfjZaXdcfjZꢀgVeedgi!ꢀ^ciZci^dccZaꢀdjꢀ^bea^X^iZ!ꢀVkZXꢀjcZꢀZcigZeg^hZ!ꢀjcꢀdg\Vc^hbZ!ꢀjcꢀegdYj^i!ꢀjcꢀcdbꢀYZꢀYdbV^cZ!ꢀjcZꢀVYgZhhZꢀ‚aZXigdc^fjZ!ꢀjcꢀad\d!ꢀ  
jcZꢀeZghdccZ!ꢀjcꢀa^Zjꢀdjꢀjcꢀ‚k‚cZbZciꢀg‚Zah#ꢀAꢄji^a^hViZjgꢀZhiꢀiZcjꢀYꢄdWhZgkZgꢀaVꢀg‚\aZbZciVi^dcꢀgZaVi^kZꢀVjmꢀYgd^ihꢀYꢄVjiZjg!ꢀVeea^XVWaZꢀYVchꢀhdcꢀeVnh#ꢀHVchꢀa^b^iVi^dcꢀYZhꢀ  
Ygd^ihꢀYꢄVjiZjg!ꢀVjXjcZꢀeVgi^ZꢀYZꢀXZꢀYdXjbZciꢀcZꢀeZjiꢀ„igZꢀgZegdYj^iZ!ꢀhidX`‚Zꢀc^ꢀ^cigdYj^iZꢀYVchꢀjcꢀhnhiƒbZꢀYZꢀgZhi^iji^dc!ꢀdjꢀigVchb^hZꢀ|ꢀfjZafjZꢀÒc!ꢀeVgꢀ  
fjZafjZꢀbdnZcꢀfjZꢀXZꢀhd^iꢀꢁ‚aZXigdc^fjZ!ꢀb‚XVc^fjZ!ꢀe]didXde^Z!ꢀZcgZ\^higZbZciꢀdjꢀVjigZꢂꢀdjꢀYVchꢀjcꢀWjiꢀfjZaXdcfjZ!ꢀhVchꢀaVꢀeZgb^hh^dcꢀZmegZhhZꢀZiꢀ‚Xg^iZꢀYZꢀ  
B^Xgdhd[iꢀ8dgedgVi^dc#ꢀ  
B^Xgdhd[iꢀeZjiꢀY‚iZc^gꢀYZhꢀWgZkZih!ꢀVkd^gꢀY‚edh‚ꢀYZhꢀYZbVcYZhꢀYꢄZcgZ\^higZbZciꢀYZꢀWgZkZihꢀdjꢀ„igZꢀi^ijaV^gZꢀYZꢀbVgfjZh!ꢀYgd^ihꢀYꢄVjiZjgꢀdjꢀVjigZhꢀYgd^ihꢀYZꢀegdeg^‚i‚ꢀ  
^ciZaaZXijZaaZꢀedgiVciꢀhjgꢀaVꢀidiVa^i‚ꢀdjꢀjcZꢀeVgi^ZꢀYZhꢀ‚a‚bZcihꢀfj^ꢀ[dciꢀaꢄdW_ZiꢀYjꢀeg‚hZciꢀYdXjbZci#ꢀHVj[ꢀhi^ejaVi^dcꢀZmegZhhZꢀXdcigV^gZꢀYꢄjcꢀXdcigViꢀYZꢀa^XZcXZꢀ‚Xg^iꢀ  
YZꢀB^Xgdhd[i!ꢀaVꢀ[djgc^ijgZꢀYZꢀXZꢀYdXjbZciꢀcꢄVꢀeVhꢀedjgꢀZ[[ZiꢀYZꢀkdjhꢀXdcX‚YZgꢀjcZꢀa^XZcXZꢀhjgꢀXZhꢀWgZkZih!ꢀbVgfjZh!ꢀYgd^ihꢀYꢄVjiZjgꢀdjꢀVjigZhꢀYgd^ihꢀYZꢀegdeg^‚i‚ꢀ  
^ciZaaZXijZaaZ#  
ꢀ'%%&"'%%(ꢀB^Xgdhd[iꢀ8dgedgVi^dc#ꢀIdjhꢀYgd^ihꢀg‚hZgk‚h#  
B^Xgdhd[i!ꢀMWdm!ꢀMWdmꢀA^kZ!ꢀZiꢀaZhꢀad\dhꢀMWdmꢀhdciꢀYZhꢀbVgfjZhꢀYZꢀXdbbZgXZꢀdjꢀYZhꢀbVgfjZhꢀY‚edh‚ZhꢀYZꢀB^Xgdhd[iꢀ8dgedgVi^dcꢀVjmꢀwiVih"Jc^hꢀZiꢀꢁdjꢂꢀYVchꢀ  
YꢄVjigZhꢀeVnh#  
8ZꢀegdYj^iꢀ^ciƒ\gZꢀjcZꢀiZX]cdad\^ZꢀYZꢀegdiZXi^dcꢀYjꢀXdeng^\]iꢀfj^ꢀZhiꢀegdi‚\‚ZꢀeVgꢀYZhꢀgZkZcY^XVi^dchꢀYZꢀb‚i]dYZꢀ^c]‚gZciZhꢀ|ꢀXZgiV^chꢀWgZkZihꢀVb‚g^XV^chꢀZiꢀVjigZhꢀ  
Ygd^ihꢀYZꢀegdeg^‚i‚ꢀ^ciZaaZXijZaaZꢀY‚iZcjhꢀeVgꢀBVXgdk^h^dcꢀ8dgedgVi^dcꢀZiꢀYꢄVjigZhꢀY‚iZciZjghꢀYZꢀYgd^ih#ꢀAꢄji^a^hVi^dcꢀYZꢀXZiiZꢀiZX]cdad\^ZꢀYZꢀegdiZXi^dcꢀYjꢀXdeng^\]iꢀYd^iꢀ  
„igZꢀVeegdjk‚ZꢀeVgꢀBVXgdk^h^dcꢀ8dgedgVi^dcꢀZiꢀZhiꢀg‚hZgk‚Zꢀ|ꢀjcꢀjhV\Zꢀeg^k‚ꢀZiꢀa^b^i‚!ꢀhVj[ꢀbZci^dcꢀXdcigV^gZꢀeVgꢀBVXgdk^h^dcꢀ8dgedgVi^dc#ꢀAꢄ^c\‚c^Zg^Zꢀ^ckZghZꢀdjꢀaZꢀ  
Y‚hVhhZbWaV\ZꢀZhiꢀ^ciZgY^i#  
;VWg^fj‚ꢀhdjhꢀa^XZcXZꢀYZꢀ9daWnꢀAVWdgVidg^Zh#ꢀAZꢀiZgbZꢀ»ꢀ9daWnꢀ¼ꢀZiꢀaZꢀhnbWdaZꢀYdjWaZ"9ꢀhdciꢀYZhꢀbVgfjZhꢀY‚edh‚ZhꢀYZꢀ9daWnꢀAVWdgVidg^Zh#ꢀDZjkgZhꢀ^c‚Y^iZhꢀ  
XdcÒYZci^ZaaZh#ꢀ9gd^ihꢀYꢄVjiZjg!ꢀ&..."'%%&ꢀ9daWnꢀAVWdgVidg^Zh#ꢀIdjhꢀYgd^ihꢀg‚hZgk‚h#  
AZhꢀcdbhꢀYZꢀhdX^‚i‚hꢀZiꢀYZꢀegdYj^ihꢀg‚ZahꢀbZci^dcc‚hꢀYVchꢀXZꢀbVcjZaꢀeZjkZciꢀ„igZꢀYZhꢀbVgfjZhꢀYZꢀXdbbZgXZꢀYZꢀaZjghꢀegdeg^‚iV^gZhꢀgZheZXi^[h#  
AVꢀ^c[dgbVX^‹cꢀXdciZc^YVꢀZcꢀZhiZꢀYdXjbZcid!ꢀXdbdꢀY^gZXX^dcZhꢀJGAꢀnꢀdigVhꢀgZ[ZgZcX^VhꢀVꢀh^i^dhꢀLZWꢀYZꢀ>ciZgcZi!ꢀZhi{ꢀhj_ZiVꢀVꢀXVbW^dhꢀh^cꢀegZk^dꢀVk^hd#ꢀ6ꢀcdꢀhZgꢀfjZꢀhZꢀ  
^cY^fjZꢀadꢀXdcigVg^d!ꢀadhꢀcdbWgZhꢀYZꢀXdbeVŠ†Vh!ꢀdg\Vc^oVX^dcZh!ꢀegdYjXidh!ꢀYdb^c^dh!ꢀY^gZXX^dcZhꢀYZꢀXdggZdꢀZaZXig‹c^Xd!ꢀad\di^edh!ꢀeZghdcVh!ꢀh^i^dhꢀnꢀZkZcidhꢀYZꢀZ_Zbeadꢀ  
bZcX^dcVYdhꢀhdcꢀÒXi^X^dh!ꢀnꢀcdꢀYZWZꢀYZYjX^ghZꢀc^c\jcVꢀVhdX^VX^‹cꢀZcigZꢀadhꢀb^hbdhꢀnꢀadhꢀcdbWgZhꢀYZꢀXdbeVŠ†Vh!ꢀdg\Vc^oVX^dcZh!ꢀegdYjXidh!ꢀYdb^c^dh!ꢀY^gZXX^dcZhꢀYZꢀ  
XdggZdꢀZaZXig‹c^Xd!ꢀad\di^edh!ꢀeZghdcVh!ꢀaj\VgZhꢀdꢀZkZcidhꢀgZVaZh#ꢀ:aꢀXjbea^b^ZcidꢀYZꢀidYVhꢀaVhꢀaZnZhꢀYZꢀYZgZX]dhꢀYZꢀVjidgꢀVea^XVWaZhꢀZhꢀgZhedchVW^a^YVYꢀYZaꢀjhjVg^d#ꢀH^cꢀ  
a^b^iVgꢀadhꢀYZgZX]dhꢀZheZX^ÒXVYdhꢀZcꢀadhꢀYZgZX]dhꢀYZꢀVjidg!ꢀfjZYVꢀegd]^W^YVꢀaVꢀgZegdYjXX^‹c!ꢀVabVXZcVb^Zcidꢀdꢀ^c\gZhdꢀZcꢀVa\cꢀi^edꢀYZꢀh^hiZbVꢀYZꢀgZXjeZgVX^‹c!ꢀdꢀ  
igVchb^h^‹cꢀYZꢀXjVafj^ZgꢀeVgiZꢀYZꢀZhiZꢀYdXjbZcidꢀYZꢀc^c\jcVꢀ[dgbVꢀc^ꢀedgꢀc^c\cꢀbZY^dꢀꢁZaZXig‹c^Xd!ꢀbZX{c^Xd!ꢀ[didXde^VYd!ꢀ\gVWVYd!ꢀZiX#ꢂ!ꢀc^ꢀXdcꢀc^c\jcVꢀÒcVa^YVY!ꢀh^cꢀ  
ZaꢀXdchZci^b^ZcidꢀZmea†X^idꢀedgꢀZhXg^idꢀYZꢀB^Xgdhd[iꢀ8dgedgVi^dc#ꢀ  
B^Xgdhd[iꢀejZYZꢀiZcZgꢀeViZciZh!ꢀVea^XVX^dcZhꢀYZꢀeViZciZh!ꢀbVgXVhꢀXdbZgX^VaZh!ꢀYZgZX]dhꢀYZꢀVjidgꢀjꢀdigdhꢀYZgZX]dhꢀYZꢀegde^ZYVYꢀ^ciZaZXijVaꢀVea^XVWaZhꢀVꢀadhꢀVhjcidhꢀ  
bZcX^dcVYdhꢀZcꢀZhiZꢀYdXjbZcid#ꢀ:mXZeijVcYdꢀadꢀZmea†X^iVbZciZꢀegdk^hidꢀZcꢀXjVafj^ZgꢀVXjZgYdꢀYZꢀa^XZcX^VꢀedgꢀZhXg^idꢀYZꢀB^Xgdhd[i!ꢀaVꢀZcigZ\VꢀYZꢀZhiZꢀYdXjbZcidꢀcdꢀaZꢀ  
didg\Vꢀc^c\jcVꢀa^XZcX^VꢀhdWgZꢀY^X]VhꢀeViZciZh!ꢀbVgXVhꢀXdbZgX^VaZh!ꢀYZgZX]dhꢀYZꢀVjidgꢀjꢀdigdhꢀYZgZX]dhꢀYZꢀegde^ZYVYꢀ^ciZaZXijVa#  
ꢀ'%%&"'%%(ꢀB^Xgdhd[iꢀ8dgedgVi^dc#ꢀGZhZgkVYdhꢀidYdhꢀadhꢀYZgZX]dh#  
B^Xgdhd[i!ꢀMWdm!ꢀMWdmꢀA^kZ!ꢀnꢀZaꢀad\di^edꢀYZꢀMWdmꢀhdcꢀbVgXVhꢀgZ\^higVYVhꢀdꢀbVgXVhꢀXdbZgX^VaZhꢀYZꢀB^Xgdhd[iꢀ8dgedgVi^dcꢀZcꢀ:hiVYdhꢀJc^YdhꢀnꢀZcꢀdigdhꢀeV†hZh#  
:hiZꢀegdYjXidꢀ^cXdgedgVꢀiZXcdad\†VꢀYZꢀegdiZXX^‹cꢀYZꢀXdeng^\]iꢀbZY^VciZꢀYZiZgb^cVYVhꢀeViZciZhꢀYZꢀ::#JJ#ꢀnꢀdigdhꢀYZgZX]dhꢀYZꢀegde^ZYVYꢀ^ciZaZXijVaꢀegde^ZYVYꢀYZꢀ  
BVXgdk^h^dcꢀ8dgedgVi^dcꢀnꢀdigdhꢀi^ijaVgZh#ꢀ:aꢀjhdꢀYZꢀZhiVꢀiZXcdad\†VꢀegdiZ\^YVꢀedgꢀXdeng^\]iꢀYZWZꢀhZgꢀVjidg^oVYdꢀedgꢀBVXgdk^h^dcꢀ8dgedgVi^dcꢀnꢀZhꢀc^XVbZciZꢀeVgVꢀjhdꢀ  
Ydb‚hi^XdꢀnꢀeVgVꢀdigVhꢀ[dgbVhꢀYZꢀk^hiVꢀa^b^iVYVh!ꢀVꢀbZcdhꢀfjZꢀBVXgdk^h^dcꢀ8dgedgVi^dcꢀVjidg^XZꢀjcꢀjhdꢀY^hi^cid#ꢀHZꢀegd]†WZꢀZaꢀYZhbdciV_ZꢀYZaꢀVeVgVidꢀnꢀaVꢀ  
^c\Zc^Zg†Vꢀ^ckZghV#  
;VWg^XVYdꢀWV_dꢀa^XZcX^VꢀYZꢀ9daWnꢀAVWdgVidg^Zh#ꢀÆ9daWnÇꢀnꢀZaꢀh†bWdadꢀYdjWaZ"9ꢀhdcꢀbVgXVhꢀXdbZgX^VaZhꢀYZꢀ9daWnꢀAVWdgVidg^Zh#ꢀIgVWV_dhꢀXdcÒYZcX^VaZhꢀcdꢀejWa^XVYdh#ꢀ  
8deng^\]iꢀ&...Ä'%%&ꢀ9daWnꢀAVWdgVidg^Zh#ꢀGZhZgkVYdhꢀidYdhꢀadhꢀYZgZX]dh#  
AdhꢀcdbWgZhꢀYZꢀadhꢀegdYjXidhꢀnꢀXdbeVŠ†VhꢀgZVaZhꢀbZcX^dcVYdhꢀZcꢀZaꢀegZhZciZꢀYdXjbZcidꢀhdcꢀbVgXVhꢀXdbZgX^VaZhꢀYZꢀhjhꢀgZheZXi^kdhꢀegde^ZiVg^dh#  
9dꢀcdiꢀiV`ZꢀndjgꢀMWdmꢀk^YZdꢀ\VbZꢀhnhiZbꢀdgꢀeZg^e]ZgVaꢀidꢀndjgꢀgZiV^aZgꢀ[dgꢀgZeV^gꢀdgꢀhZgk^XZ!ꢀjcaZhhꢀ^chigjXiZYꢀidꢀYdꢀhdꢀWnꢀVcꢀMWdmꢀ  
8jhidbZgꢀHjeedgiꢀgZegZhZciVi^kZ#  
CZꢀXdcÒZoꢀeVhꢀaVꢀg‚eVgVi^dcꢀc^ꢀaÉZcigZi^ZcꢀYZꢀkdigZꢀXdchdaZꢀYZꢀ_Zjꢀk^Y‚dꢀMWdmꢀdjꢀYZhꢀe‚g^e]‚g^fjZhꢀVhhdX^‚hꢀ|ꢀkdigZꢀgZkZcYZjg!ꢀhVj[ꢀ  
^chigjXi^dchꢀhe‚X^ÒfjZhꢀYZꢀaVꢀeVgiꢀYÉjcꢀgZeg‚hZciVciꢀYZꢀaÉVhh^hiVcXZꢀiZX]c^fjZꢀMWdm#  
CdꢀaaZkZꢀZaꢀH^hiZbVꢀYZꢀk^YZd_jZ\dhꢀMWdmꢀc^ꢀjcꢀeZg^[‚g^XdꢀVꢀhjꢀY^hig^Wj^YdgꢀeVgVꢀfjZꢀadꢀgZeVgZꢀhVakdꢀfjZꢀZaꢀhZgk^X^dꢀYZꢀViZcX^‹cꢀVaꢀXa^ZciZꢀ  
MWdmꢀVh†ꢀhZꢀadꢀ^cY^fjZ#  
&%%'ꢀEVgiꢀCjbWZgꢀM%-"-&,-."%'  
 

Kuppersbusch USA Oven EEB 96000 User Manual
Lenovo Tablet A1107 User Manual
LG Electronics Refrigerator LFXS27566S User Manual
Logitech Universal Remote 880 User Manual
Makita Grinder GA7001L User Manual
Makita Laminate Trimmer 3707FC User Manual
Maxxsonics Speaker CRSS108 User Manual
Maytag Range W10419390A User Manual
Meade Telescope 60EQ D User Manual
Metra Electronics Automobile Accessories 99 7861 User Manual