!"# %&"%'()*+# &,-*"#,*# (#,# '. -,#/#)6,=& %,'#-&,

>#6,*%*& 1#,)6"

"#$%&'% (#$ )*%+, -$%-*./$ '6&*-&' =6*$=+, -#>+ -$6 $/ 1'$-&6+ 9$ 1?-*8' 9$ :368#/$-<

2 -+-&*$%$ /' /$0$%9' (#$ $/ >$(#$4+, 5'-&*9*'9+ >+6 /'- 9*5*8#/&'9$- 9$ /' 8/'-$, &$61*%7
1'&;%9+/+ 9$ #% =+/>$ 9$ /*6' $% /' 8'.$F'< "+% $-&$ >6*1$6 1;6&*6 '>6$%9*1+-, /+-
*%8/*%'9+- ' /' $%-$4'%F' '6&M-&*8', /+- 6*$-=+- 9$ /'- >6$8$>&*N'- 6M=*9'-< A'/ N$F >+6 $/ 1*$9+
'/ *1>'8&+ 9$ /'- 8+1>/$&'- 9$ IO'H$->$'6$, &'/ N$F >+6(#$ -3 9$ -# N+/#./$ #&*/*9'9 &6'&'63
9$ J+9$6 '(#M 8+% /'- 6$=/'- /+ 1$%+- >+-*./$< C+ $- (#$ %+ -*6N'%, >+6 -#>#$-&+, >$6+ -#$/$
>'-'6%+- 8+% $//'- /+ (#$ 8+% $/ >'>$/ O*=*3%*8+L 8#'%9+ $-&;% 'OM -+% -+/+ #% #&$%-*/*+
N#/='6B 8#'%9+ #%+ 6$'/1$%&$ /'- %$8$-*&' 0 %+ /'- &*$%$ ' 1'%+ $- 8#'%9+ $1>*$F' 9$
N$69'9 ' 9'6/$- *1>+6&'%8*'< 2 86$+ (#$ $-$ $- $/ 1+1$%&+ J#-&+ >'6' *%8+6>+6'6/'-, +
6$8#>$6'6/'-, >+6(#$ -$ /+ O'8$ $%&+%8$- 9$-9$ $/ ?%*8+ /#='6 9+%9$ $/ '>6$%9*F'J$ -#$/$
8+.6'6 '/=?% -$%&*9+L $/ 9$/ 9$-$+<

C+ /$ -'8+ 9$ &+9+- 1+9+- @8+%&*%#'%9+ 8+% $/ 9$/*8'9+ &+%+ 9$ /' 1$&;5+6'@ $/ 8#/+
' /' J$6*%='< D%&$%&'63 $%-$4'6 871+ &6'.'J+, 0 871+ 86$+ (#$ >#$9$ O'8$6-$ 1$J+6 $-&+ 9$
$-86*.*6 &$'&6+< E;- '#%L 9$->#3- 9$ &'%&+- '4+- 9$ 1'$-&6+ 96'1'&#6=+ %+ 1$ *1'=*%+
$-86*.*$%9+ -*% $%-$4'6, '-M 8+1+ -*$1>6$ O$ -'.*9+ (#$ %#%8' >+96M' $%-$4'6 -$6*'1$%&$
$-86*.*6<9*? I7/+ -#8$9$ (#$ ' /' 6*=*9$F 9$ /' (,'%'()*+# >+9$1+- >6$-$%&'6/$ '/&$6%'&*N'-
-*% $-86*.*6<9
'/=+ 1;- O#1'%'-L #%' %&"%'()*+# -*% *6 1;- /$J+- G9$ 8&"%'()6:3 $/ '8&+ 9$ 8+%8$.*6, /'
8+%8$>8*7%, #% $J$68*8*+ @%+ 1$ %$='6;%@ .'-&'%&$ 1;- $%&6$&$%*9+K< V% 8'J7% 9$ #&$%-*/*+-
>'6' -$6 $1>#4'9+- $% #% +69$% 8#'/(#*$6' 0 -$=?% /' 1'%#5'8&#6' /+ 6$(#*$6'<

]*$%$ $-&$ >$(#$4+ >67/+=+, '%&$ &+9+, >'6' (#$ /+- (#$ .#-8'% /' 6$8$&' N'0'%
-'.*$%9+ (#$ %+ $- '(#M< I#8$9$ (#$ O'8*' /+- '4+- ^QY <'",2 0&,- *%N$%&7
0&,- *%N$%&7 #% >6+8$9*1*$%&+
*%9#-&6*'/ (#$ $/ -#$4+ 8'>*&'/*-&' $%&6+%*F7 6;>*9'1$%&$ 8+1+ 86$9+ 0 /*&#6=*'B #% 1$8'%*-1+
8'>'F 9$ 8+%J#6'6 *%8/#-+ /'- 86$8*$%&$- 9$1'%9'- -+8*'/$- 9$ /' 3>+8'L /' 8'9$%' 9$ 1+%&'J$<
_$-9$ $%&+%8$- /' 8#/&#6' %+6&$'1$6*8'%' 0 -# F+%' 9$ *%5/#$%8*' %+ -$ O' .'J'9+ 9$/ 1*&+ 9$
/' 8+%-&6#88*7% -$6*'9'L #% +69$% 9$ $%8'-&6$ >6$8*-+ 0 -*%86+%*F'9+, (#$ '#1$%&' /'
>6+9#88*7% 0 ='6'%&*F' /' O+1+=$%$*9'9 9$/ >6+9#8&+< )+ O'% #-'9+ >'6' #% .'66*9+ 8+1+
>'6' #% 56$='9+, 0 /' 96'1'&#6=*' %+ 5#$ #%' $X8$>8*7%< _$ 4#5&: 7=,* >'6'
7=,* >'6' '66*.', @0 .'-&'%&$
1;- >'6' '.'J+@ O'% >6+/*5$6'9+ /+- 1'%#'/$- '#&+6'/$- 9$/ E3&+9+< Z $-' 6*=*9$F &'X'&*N' 9$ /'
8'9$%' 9$ 1+%&'J$ O$ >6$5$6*9+ -*$1>6$ +>+%$6/$ $/ 8'+- 86$'&*N+ 9$/ .'%8+ 9$ '6&$-'%+B ' /+-
 
=
 

O+6'6*+- >'#&'9+- 9$ 8+1*9', /' -$6$%*9'9 1;- >'8O+66*$%&' 9$ /' >'N' 0 $/ 1'&$ -+.6$ $/
'-$66M% 56'='%&$< V% 8'J7% 9$ O$66'1*$%&'- @>6$5*$6+ >6+>+%$6@ 9+%9$ -$6;% '8+1+9'9'-,
$%&+%8$-, %+ $% 5#%8*7% 9$ #% +69$% >6$9$&$61*%'9+ + #%' 5#%8*7% 5*J', -*%+ @8+1+ -$ O'8$@
>'6' (#$ $%&6$% /'- 1;- >+-*./$- 0 %+ -$ $%='%8O$% 9$1'-*'9+ $%&6$ $//'- '/ -'8'6/'-<

;&"*'"-& 6" /6"-& # +*+*,<

+*+*,<
"6$+ (#$ #%' 9$ /'- >6*1$6'- 8+-'- (#$ O'.6M' (#$ $%&$%9$6 -+.6$ $-&$ +5*8*+ $- (#$ /'
$-86*&#6' 9$ #%' >*$F' &$'&6'/ %+ $- +&6' 8+-' (#$ /' 8+%8$>8*7% 9$ #% &,=#"*:/&
&,=#"*:/&<< V% $%&$ N*N+,
0 '#&7%+1+< V% 1*86+8+-1+- $% $(#*/*.6*+< V%' .*+-5$6' (#$ 8+%&*$%$ 9$-9$ -# =3%$-*- &+9+-
0 8'9' #%+ 9$ /+- $/$1$%&+- >'6' -# >6+>*+ 8*8/+ $8+/7=*8+< V%' 86*'&#6', .'O, (#$ -* $- -'%*&',
'617%*8', 0 &*$%$ 9$ 9+%9$ '/*1$%&'6-$, 86$8$6; O'-&' -# 9$-&*%+ 9$5*%*&*N+< "+1+ $% 8#'/(#*$6
+&6' %,*#)6,#
%,*#)6,#,, -# >6+8$-+ 86$'9+6 -$ //$N' ' 8'.+ 9$%&6+ 9$ -M, 9$%&6+ 1*-1+ 9$/ +.J$&+ 86$'9+<
I+% /'- >6*1$6'- *1;=$%$-, *%&#*8*+%$- $ *%9*8*+- 9$ /+ (#$ //$='6; $-$ +.J$&+ ' -$6B 0 $- $/
96'1'&#6=+ (#*$% @-$%8*//'1$%&$@ .#8$' $% $//'-, 9$-8#.6$, -$ -+6>6$%9$ 0 /'- 9$J' 86$8$6
>6+&$=*3%9+/'- '617%*8'1$%&$< V% _*+-*&+ N#/='6, 9*='1+-, (#$ 6$>*&$ $% >$(#$4+ $/ 8*8/+
%'&#6'/ 9$ &+9+ +6='%*-1+ N*N+<

Z-M, '/ 96'1'&#6=+ /$ 8'.$ /' 1*/'=6+-' &'6$' 9$ *%-$1*%'6 8+% -#- *1;=$%$-, 0 >6$-&'6 '
-# N$F $/ N*$%&6$ >'6' (#$ -$ &6'%-5+61$% $% +.6'< V% >6+9*=*+ O$61'56+9*&'< S$6+ >'6' (#$
$-+ -$ 8#1>/' $X*-&$ #% 6$(#*-*&+ *%-+-/'0'./$L (#$ /+ -$1*%'/ $-&3 N*N*&+ 0 8+/$'%9+< 2 /' ?%*8'
-$1*//' 8'>'F 9$ 5$8#%9'6 $% /' *1'=*%'8*7%, $- J#-&'1$%&$ -# #%*9'9L /' *1'=$%< Z(#$//+ (#$
-*% $-&'6 >#$9+ 6$>6+9#8*6 $% 1* 5'%&'-M' 0 8'>&'6 */#=*"#,*#/'")'
*/#=*"#,*#/'")' 8+%
 8+% &+9+- 1*- -$%&*9+-< )'
*1'=$% $- $-+, #%' '#-$%8*', 9$8M' F#,),'
F#,),',, (#$ /+=6+ 8+%8$.*6 @9'6 N*9'@ 0 &6'%-5+61'6, 9$
'/=#%' 1'%$6', $% 6$'/<

V%' +.6' 9$ &$'&6+ -$ >#$9$ $1>$F'6 ' $-86*.*6 9$ *%5*%*&'- 1'%$6'-L 8+% #%' *9$', #%'
$-&6#8&#6', #%' O*-&+6*', #%' 1$&;5+6', #% -$%&*1*$%&+< S$6+ -# '#&3%&*8+ >6+8$-+ @'-M 8+1+ %+
.'-&' /' &+6&' 9$ .+9'- >'6' $1.'6'F'6 ' /' %+N*'@ 8+1*$%F' -7/+ 8#'%9+ /' #%*9'9 N*N' 9$ /'
*1'=*%'8*7%, /' *1'=$%, '>'6$8$ '/ 5*%< I*% $//' %+ O'.6; %#%8' '#&3%&*8' 86$'8*7% G9$ 8,'#,'3
8,'#,'3  
$%=$%96'6K, N*9', %* %'9' (#$ -$ /$ >'6$F8'<

C+ (#*-*$6' -*% $1.'6=+ -+%'6 9$1'-*'9+ &6'-8$%9$%&'/ &'1>+8+< Z/ 5*% 0 '/ 8'.+ -*
.*$% $- N$69'9 (#$ /'- .#$%'- +.6'- -+% -+/+ '(#$//'- (#$ &*$%$% N*9', >+6 #% $(#MN+8+
>'&3&*8+, -#$/$% $-&6$%'6-$ '%#'/1$%&$ #%+- 8#'%&+- 8'9;N$6$- &'1.*3%< I#8$9$ (#$ O'0
O+0 $% 9M' 1#0 >+8+- -,#/#)6,=&:
-,#/#)6,=&:,, >$6+ 1#8O' ='")' M6' ':%,*N' )'#),&<
)'#),&< \Z%='?
96'1'&#6=+\ G"+1+ -* 5#$6' 96'1'&#6=+K 9*6M'% 8+% &M>*8+ O#1+6 =#'6'%M $% %#$-&6+

 
>
 

%+6$-&$< R- '-M (#$ .#$%' >'6&$ 9$ /'- +.6'- (#$ -$ $-86*.$%, %'8$% 1#$6&'- G-* '/=#*$% &*$%$
9#9'- /+ *%N*&+ ' /' *%$5'./$ $X>$6*$%8*' 9$ -$6 J#6'9+ 9$ '/=?% 8+%8#6-+ 9$ /*&$6'&#6'
96'1;&*8'K< R- .'-&'%&$ 56$8#$%&$ -*% $1.'6=+ (#$ ' /+- 5*%'9+- -$ /+- //$N$ &'1.*3% 9$ N$F
$% 8#'%9+ ' $-8$%'< )+- '8&+6$-, 6$-*=%'9+-, /$ 1#$N$% /+- .6'8*&+- 8+%-*=#*$%9+ ' N$8$-
9$-9$ /$J+- '/=#%' -$%-'8*7% 9$ N*9'< "*$6&+- 86M&*8+-, (#$ -+% $% =$%$6'/ 9$ 1*6'6 9$ /$J+-,
O'% >6$1*'9+ *%8/#-+ ' 1;- 9$ 8#'&6+< )' =$%&$ @$/ >?./*8+, .'O@ -$ -#$/$ &6'='6 &'1.*3% /'
>M/9+6' 8+% 5'8*/*9'9< )' &$/$N*-*7% /+- O' '8+-&#1.6'9+ 9$ &'/ 1'%$6' ' N$6 9$-5*/'6 ' /+-
9*5#%&*&+-, (#$ &$61*%'% >+6 86$$6 (#$ '-M $- /' 96'1'&#6=*'< P6'8*'- ' _*+-, /+ (#$ %'9*$ O'
8+%-$=#*9+ $- (#$, 8+1+ /'- +.6'- N*N'-, /+- 1#$6&*&+- 86$F8'% 8+% $/ &*$1>+<

4# :'":&,*#.*-#-A 
:'":&,*#.*-#-A 
I* >'6&*1+- 9$/ 8+%8$>&+ 9$ (#$ $- /' *1'=$% /+ (#$ 9' N*9', 0 (#$ -*% $//' -+/+ (#$9'
/' */#-*7% 5'/'F 9$ '%*1'6 G9'6 #"*/6:I '/1'K #%' *9$', >+96$1+- $%&$%9$6 /' *1>+6&'%8*'
5#%9'8*+%'/ 9$ /' :'":&,*#.*-#- $% %#$-&6+ .'%8+ 9$ &6'.'J+< )' :'":&,*#.*-#-I /' 8'>'8*9'9
>'6' 8+%8$.*6 *1'=*%'6*'1$%&$ 8+% &+9+- /+- -$%&*9+- #%' *1'=$%, $- $/ >6+8$9*1*$%&+ .'-$
9$/ &6'.'J+ 96'1'&?6=*8+, 0 $/ $J$68*8*+ 5#%9'1$%&'/ 9$ -# $%&6$%'1*$%&+< "#'%9+ )'90
E'8.$&O 6$5*$6$ ' /' -'%=6$ >6*%=+-' + O$9*+%9' %+ $-&; 8+%-&6#0$%9+ 1$8;%*8'1$%&$ #%'
1$&;5+6' 8+% >*$F'- 9$ #% '6&$5'8&+, -*%+ (#$ $-&; &6'%-1*&*$%9+, 1*/'=6+-'1$%&$, #%'
-$%-'8*7% N*&'/ (#$ *%N'9*7 >6$N*'1$%&$ ' -# '#&+6 0 6$8*3% 9$->#3- ' 8'9' #%+ 9$ %+-+&6+-<

FO#H':('#,'   -*%&*7 $%&6$ /+- 9$9+- $-$ >$=+&$, 8+1+ 9$-9$ )$'6 /' &+61$%&', 0
FO#H':('#,' 
9$-9$ $-' -$%-+6*'/*9'9 8+%-&6#07 #%' 9$ /'- 1;- N*N'-, 0 >+>#/'6$-, 1$&;5+6'- -+.6$ /'
8#/>'<99**?  I* $%&$%9$1+- (#$ $/ &6'.'J+ 9$/ 96'1'&#6=+ $- $/ 9$ &6'%-1*&*6 '/ >'>$/ /+ (#$ N$
8#/>'<
0 $-8#8O' $% -# 8'.$F' @'%*1'9+ >+6 /+ (#$ &+8', =#-&' 0 O#$/$@, /+ (#$ 8'>&'% -#- -$%&*9+-
6$8+6&'9+ $% /' >'%&'//' 9$ #% $->'8*+ $-83%*8+ 9$&$61*%'9+, $%&$%9$6$1+- O'-&' (#$
>#%&+ -*% -$%-+6*'/*9'9 %+ O'0 *1'=*%'8*7%< )' >$68$>8*7% $- :*'/(,'
:*'/(,' /'
 /' 8#%' 9$ /' *9$'< Z-M
O' -*9+ $% &+9'- /'- '6&$- 0 $% 8'9' #%' 9$ /' 8*$%8*'-< _$-9$ /' 1'%F'%' 9$ C$T&+%, ' $-$
$X&6'4+ -#$4+ *%5'%&*/ 9$/ %*4+ 86#F'%9+ $/ #%*N$6-+ 1+%&'9+ -+.6$ #% 6'0+, (#$ '-$=#6'.'
R*%-&$*% 5#$ $/ +6*=$% 9$ -# &$+6M', $- -*$1>6$ /' 9$%-*9'9 9$ /' >$68$>8*7% /' (#$ >$61*&$ /'
8+6>+6*F'8*7% 9$ /' *9$'< 2 $- $/ >*%=@>+%= $%&6$ '1.'- /' (#$ 9*%'1*F' -# 9$-'66+//+< 2 $/
&$'&6+ %+ $- #%' $X8$>8*7%< V%' *9$' (#$ %+ >#$9$ -$6 >$68*.*9' @-$' '6=#1$%&'/, $-83%*8',
+ 5*/+-75*8'@ $- -7/+ $-+L #%' *9$', 0 %+ O'0 5+61' 9$ (#$ -$ &6'%-5+61$ $% +.6'< A'/ N$F ' $-+
-$ 6$5$6M' ;*%#::&
;*%#::& 8#'%9+
 8#'%9+ -+-&$%M' (#$ $/ '6&$ $- #% 8$1$%&$6*+ 9$ +8#66$%8*'-<

 
1
 

7:(#%*& ':%J"*%& +',:6: -'%&,#-&A 

-'%&,#-&A 
I* $%&$%9$1+- /' *1>+6&'%8*' 9$ $-' -$%-+6*'/*9'9, $%&+%8$-, '/8'%F'6$1+- '
8+1>6$%9$6 /+ 5#%9'1$%&'/ (#$ 6$-#/&' >'6' $/ >6+8$-+ $/ $->'8*+ $-83%*8+ 8+%8$.*9+ $% /'
*1'=*%'8*7%< 2 #%+ 9$ /+- $66+6$- (#$ 1;- 9*5*8#/&'% $/ 9*%'1*-1+ 9$ /'- *1;=$%$- $% $/
&6'.'J+ 9$/ '#&+6, -# 5/#*6, $- /' >6;8&*8' *%=$%#' 9$ 8+%8$.*6 $-'- *1;=$%$- -+.6$ #%
$-8$%'6*+, U$- 9$8*6 -+.6$ $/ /#='6 9$ 6$@86$'8*7% 9$ /'- 1*-1'-U $% 8'1.*+ 9$ O'8$6/+ $% /'
/*.$6&'9 9$ #% ':(#%*& ':%J"*%& *1'=*%'6*+<
':%J"*%& *1'=*%'6*+< V% /#='6 9+%9$ 8+% /+- /M1*&$- 9$ /+ &$'&6'/, /'-
8+-'- :'#"
:'#" 6$'/1$%&$
 6$'/1$%&$ 0 %+ -+/+ /+ '>'6$%&$%< V% $->'8*+ 9+%9$ $/ 8'/+6 -$ -*$%&', 9+%9$ /+-
+/+6$- %+- *%N'9'%, *%N*&'%9+ ' /' *1'=*%'8*7% ' 6$>6+9#8*6-$ $% #%' 1#/&*&#9 9$ %#$N'-
*1;=$%$-, 9+%9$ /+- 8O'68+- %+- 1+J$% /+- F'>'&+- 0 %+ %+- 9$J$% F'5'6 9$ $-' -$%-'8*7% 9$
*%8+1+9*9'9 (#$ *1>6*1*6; -*% 9#9' -# *1>6+%&' '/ 8+1>+6&'1*$%&+ 9$/ >$6-+%'J$<

D1'=*%'%9+ #% $-8$%'6*+, /' -$%-+6*'/*9'9 %+ +>$6' %#%8' -+.6$ /' F+%' 1;- 6*8' 0
-$%-*./$ -*%+ -+.6$ -# 8'/8+ '6&*5*8*'/< D1'=M%$-$ ' IO'H$->$'6$ 8+%8*.*$%9+ /' &+61$%&' 9$
)$'6 9$-9$ #% 8$%*&'/ (#$ &*&*/' /+- 6$/;1>'=+- 0 #%' .'%9' =6'.'9' (#$ *%-$6&' &6#$%+-
8'9' &'%&+, 0 $%&$%9$6$1+- #% >+8+ 1;- /' 9$-1$-#6' 9$/ $-5#$6F+ 8+% /' (#$ $/
96'1'&#6=+ $X*=$ '/ *1'=*%'6*+ $% .#-8' 9$ -*=%+- 0, @/+ (#$ $- 1;- *1>+6&'%&$@ %#$N'-
*1;=$%$-, (#$ 86$$% $-' 8+66*$%&$ 5/#*9' (#$ //'1'1+- *%->*6'8*7%< )' *1'=*%'8*7% %+ $- /'
8'>'8*9'9 9$ 8+%8$.*6 *1;=$%$-, -*%+ /' 9$ &6'%-5+61'6/'- $% #% 1+N*1*$%&+ 8+%-&'%&$<

R-' 9*'/38&*8' $- 6$-#/&'9+ -*$1>6$ 9$ /' &+61$%&' 9$ $-&M1#/+- (#$ $N+8' $%

%#$-&6+- -$%&*9+- /' >6$-$%8*' 9$ 8*$6&'- *1;=$%$-< _$ '//M (#$ /' >6*%8*>'/ $-&6'&$=*' >'6'
*/#=*"#,,, %+ >#$9$ -$6 +&6' (#$ /' 9$ -'/*6 ' 8'F'6 *1;=$%$-, 0 #%' N$F $%&6'1>'9'-
*/#=*"#,
'8+-'6/'- @0 '8#8*'6/'-@ O'-&' -'8'6/$- /' ?/&*1' =+&'< Z-M 8+1+ -$ 8'F' ' /+- >;J'6+- 8+%
5/$8O'- O$8O'- 9$ -#- >6+>*'- >/#1'-, /' 6$9 9$ 8'F'6 *1;=$%$- $-&; &$J*9' -7/+ 9$ *1;=$%$-<
"+% /' 1#/&*&#9 9$ $//'- (#$ %+- *%N'9$ 8#'%9+ $N+8'1+- $/ 1#%9+ (#$ %+- 6+9$', @$/ 6$'/ +
$/ 5'%&;-&*8+@ 8+% &+9+ /+ 9$-'5*'%&$, 'F'6+-+ 0 'N$%&#6$6+ (#$ $-&' $X>$9*8*7% %+-
>6+>+%$, (#3 .#6+86;&*8+ 6$-#/&' >$%-'6 $% -'/*6 9$ 8'F' $%&6$ /+- /M1*&$- 9$ #%'
$-8$%+=6'5M'< V% -'5'6* $% $/ F++, 9+%9$ >'6' 8+%N$%8$6-$ (#$ $-&; #%+ $% /' J#%=/' O'0 (#$
8+8'8+/'<9***? 
&6'&'6 9$ %+ 1*6'6 '/ N$%9$9+6 9$ 8+8'8+/'<9

8&" .&: :'")*-&: -':'"%O6C#-&:A 

-':'"%O6C#-&:A 
S$6+ 1;- >$6%*8*+-+ >'6' $/ 96'1'&#6=+ (#$ $/ '>/*8'6 /+- -$%&*9+- -+.6$ #% +.J$&+
*%'%*1'9+, $- %+ '>/*8'6/+- -+.6$ %*%=#%+< 2 U'#%(#$ >'6$F8' *1>+-*./$U -#8$9$< R-
O'.*&#'/ (#$ /'- *1;=$%$- $-&3% /*1*&'9'- ' '/=#%+ 9$ /+- -$%&*9+-< :'0 '/=#%'-

 
9
 

9$5*%*&*N'1$%&$ N*-#'/$-, /'- O'0 '#9*&*N'-, $&8< R/ &6'.'J+ 9$ /' *1'=*%'8*7% 9$/ 96'1'&#6=+
$- 8+1>/$&'6/'-< S+6 >$6$F' 1#8O'- N$8$-, >+6 9$-8+%+8*1*$%&+, $/ $-86*&+6 /'- '8$>&' 8+1+
N*$%$%, 0 '-M /'- 6$=*-&6'< I* %+ -+% N*-#'/$-, 9*='1+-, -$ /*1*&' ' 6$=*-&6'6 /+- 9*;/+=+-, 0 -* %+
&*$%$% '#9*+, /+- &$X&+- -+% 86$'9+- '6&*5*8*'/1$%&$ G\(#3 9*6M' $-&$ >$6-+%'J$ $% $-&'
-*&#'8*7%\K< 2 8/'6+, /+ (#$ %+ N$ $/ '#&+6, + /+ (#$ %+ $-8#8O', %+ /+ N$6; %* $-8#8O'6; %* $/

/$8&+6, %* $/9$/
9*-5#%8*7% '8&+6, (#$ 9$.$6; 86$'6 U8#'%9+ >#$9'U #% -M1*/ $-83%*8+, #% .'-&7% >'6' /'
+6*=*%'/<

Z-M N$1+- 1#/&*>/*8'6-$ &N,#: %*'=#:,

%*'=#:, + :&,-#:
:&,-#:,, (#$ %+ &*$%$% -*(#*$6' 8+%8*$%8*' 9$
-# 9*-8'>'8*9'9< E$ 6$1*&+ #%' N$F 1;- ' /+- 8+%8#6-+- 9$ 96'1'&#6=*', 9+%9$ /+- J#6'9+-
>+9$1+- O'8$6 #% N$69'9$6+ 9*'=%7-&*8+ =$%$6'/ 9$ #% 1'68+ >6+9#8&*N+L $- %+&'./$ $/
>+68$%&'J$ 9$ +.6'- 9+%9$ /' 9*-5#%8*7% -$%-+6*'/ &6'%-5+61' ' >+&$%8*'/$- >+$1'-
$-83%*8+- $% 1$6+- /*.6$&+-< I+/+ $%&$%9*$%9+ $/ 5$%71$%+ '#9*&*N+ *1'=*%'6*+ (#$ O'8$ '/
&6'.'J+ 9$/ '#&+6 &$'&6'/ -$ 8+%8*.$ $/ 6*&1+ *%&$6%+ (#$ 9+1*%' -*$1>6$ ' $-' $-86*&#6', /$
>6+>+68*+%' '61+%M', 0 /$ 9' 8'6;8&$6 9$ (#,)*)6,# #%)6#N.'L9*+? #% 6$=*-&6+ (#$ 9' 8#$%&' 9$
'(#$//' >$68$>8*7% -$%-+6*'/ 9$/ '6&*-&'< R- 5;8*/ 8+1>6+.'6 871+ /' $-86*&#6' 6$&76*8',
'(#$//' =$%$6'9' $% $/ /+=+- 9$/ '#&+6, 8'6$8$ 9$ $-$ 6*&1+< W'-&' N$6, >+6 $J$1>/+ 871+
8*$6&'- &6'9#88*+%$- /*&$6'/$- O#%'" ,6*-&I >*$69$%
,6*-&I >*$69$% #%*9'9 6M&1*8' 0 &+9+ -$ N' '/ 9$1+%*+< [
871+ '(#$//'- +&6'- -#.+69*%'9'- '/ 8O*-&$, >+6 $J$1>/+, >'='% 8+% -# '61+%M' /' $X*=$%8*'
9$/ *%=$%*+< )+- -$%&*9+- 9$/ 96'1'&#6=+ -+% /+- (#$ 8'>&'% $/ =':)6:
=':)6: 9$
 9$ /' >*$F' G9$ =',','3
=',','3  
8+%9#8*6, //$N'6 ' 8'.+K, -*% $//+-, -*% *1;=$%$-, -7/+ %+- (#$9' /' 6$&76*8'L 9$-'>'6$8$
$%&+%8$- &+9+ =':)& 0 -7/+ (#$9' /' 5'/-$9'9 *1>+-&'9' 9$/ #-'/B"A
#-'/B"A  

)' -$%-+6*'/*9'9 U*%-*-&+U $- $/ >6+8$9*1*$%&+ .'-$ 9$/ &6'.'J+ 9$/ '#&+6< I#

O$66'1*$%&' 5#%9'1$%&'/< "+% $//' N*'J' $ *%9'=' $% -# 1#%9+ 5'%&;-&*8+< 2 ' $-&'
*%9'='8*7%, (#$ %+ 9$.$ 9$-1'0'6 9#6'%&$ &+9+ $/ 9$-'66+//+, /' 8+1>/$1$%&' 8+% +&6'-
.?-(#$9'-, 9$ +&6+ &*>+, (#$ /$ >$61*&$% 8'>&'6, +69$%'6, 0 6$-*=%*5*8'6 -#- *1;=$%$- $ *9$'-
$% 5+61' U5*%'/1$%&$U 9$ >*$F' &$'&6'/< :'./'63 1;- '9$/'%&$ 9$ +&6'- 9+- *%9'='8*+%$-,
(#$ 8+1>/$1$%&'% .*$% $/ >6+8$-+L /' (&J)*%#I 0 /' -,#/B)*%#A

@&"& 2 ':)*.&3 O*5&: "#)6,#.': -' .# %,6D# OEN,*-#A 

OEN,*-#A  
"#'%9+ 1$F8/'1+- $% /' >'/$&' 9+- 8+/+6$- >6*1'6*+-, (#$ 9'% #% &$68$6+,
>6+N+8'1+- #% //'1'&*N+ 1*/'=6+L fmfna< RX&6'4+ -+6&*/$=*+ >+6 $/ (#$ $/ %#$N+ 8+/+6 %+ $-
-*1>/$1$%&$ 6$-#/&'9+ 9$ /' -#1' 9$ -#- >'6&$-, -*%+ #% $%&$ %#$N+, '#&7%+1+, 0 'O+6'
*%9*N*-*./$< Z-M, /' 1$F8/' U>+6 $J$1>/+U 9$ /' '88*7% *%9'='&+6*' -$%-+6*'/, 8+% /' 96'1;&*8',

 
?
 

0 /' >+3&*8' 8+%5*=#6'% #% 5$%71$%+ 9$ #(#,'#/*'")& C#")B:)*%& U$/ =6'% 1$8'%*-1+ 9$ /'
$%-+4'8*7%U (#$ 9' 8#$6>+ ' /' >*$F' 5#&#6'< A+9+ $% %#$-&6' *1'=*%'8*7% $- 6$-#/&'9+ 9$
$-$ 8+J*%8O$, 0 -*% 3/ U-*% /'- 1$F8/'-U >+8+ O'.6M' O+0 (#$ N$6 $% $/ &$'&6+ 8+%&$1>+6;%$+<

I#8$9$ (#$ 9#6'%&$ 1#8O+- '4+-, -*=/+-, $/ &$'&6+ O' N$%*9+ >$%-;%9+-$ 9$-9$ -M

1*-1+< E*6;%9+-$
8+%8$6&'.'% $/ +1./*=+
1'&6*1+%*+ 9$-9$1*$1.6+-
8+% +&6+- $/ +1./*=+<
9$ "+1+ $% $-'-
/' 5'1*/*', '-8$%9$%8*'-
$/ &$'&6+ 6$'/$-
'>'6$;%9+-$ (#$8+%
-+/+ -+/+
$/
&$'&6+ &$61*%7 //$%'%9+ >$%+-'1$%&$ /' $-8$%' 9$ O*J+- .+.+-< Z /' *%N$6-', /' '>'6*8*7% 9$
/+- =6'%9$- .'-&'69+-, /+- O*J+- */$=M&*1+- 9$ /' 86#F' 1;- OM.6*9', O'% &6'M9+ 8+% -# -'%=6$
%#$N', %#$N' >'-*7% &'1.*3% '/ $-8$%'6*+ '9+61$8*9+< io#3 +&6' 8+-' O' -*9+ G,'%O) G,'%O),, -*%+ $/
*%-$1*%'9+6, 1;- '#9'F, 9$ /' >+/M&*8' $% /' 8'N*9'9 &$'&6'/h iC+ -$ N$ 8/'6+, '8'-+, $/ &$'&6+
9$ G#,N#
G#,N#,, + G,&&H
G,&&H,, 8+1+ 6$-#/&'9+ 9$/ 9$/*8*+-+ >'6 8+%&6'%'&#6' #"),&(&.&=E# K ':%'"#,*&h
':%'"#,*&h
iC+ 9$8M' 1#")&,
1#")&, (#$
 (#$ 3/ %+ O'8M' &$'&6+ -*%+ >/;-&*8'h iC+ O' '>+6&'9+ ' /' 96'1'&#6=*' ;*"#
G#6:%O,, 9$-9$ /' 9'%F', 1;- (#$ 8#'/(#*$6' 9$ /+- 1'%#'/$- 9$ 4#5&: 7=,*h
G#6:%O 7=,*h iC+ O' -*9+ $/
13&+9+ 9$ #% $-&#9*+-+ 9$ /' 6M&1*8' 8+1+ V#%M6':K]#.%,&D'
V#%M6':K]#.%,&D',, $/ (#$ *%5/#07 9$ 1'%$6' 1'-
9$8*-*N' $% /' $-&*/M-&*8' '8&+6'/ 8+%&$1>+6;%$'h 
8+%&$1>+6;%$'h  

V%' 9$ /'- ?/&*1'- *%-&'/'8*+%$- 9$ V&:'(O G'62: U$-$

G'62: U$-$ 5'%&;-&*8+ 8O'1;% =$61'%+U
-$ 9$-'66+//'.' $% $/ 1'68+ 9$ #%' $X>+-*8*7% 9$ 6$>6+9#88*+%$- 9$ >*%&#6' 1+9$6%', ' /'
(#$ $/ '6&*-&' 6$8+66M', 1#61#6;%9+/$ -#- 8+1$%&'6*+- 86M&*8+- ' #%' /*$.6$ 1#$6&' (#$
'8#%'.' 1'&$6%'/1$%&$ $%&6$ -#- .6'F+-< iC+ $-&'.' $% 6$'/*9'9 O'8*$%9+ &$'&6+ 9$/ 1$J+6h

"6$+ $% $-&'- 6#>&#6'- 9*'/38&*8'- 8+1+ $% /'- N$69'9$6'- NM'- 9$ 86$'8*7%, >+6(#$
86$+ (#$ $/ *1'=*%'6*+ U+6=;%*8+ '/ 5*%U &6'.'J' '>'6$'%9+ UN*:&%*#"-&K
U N*:&%*#"-&K $/$1$%&+-
 $/$1$%&+- $%&6$ -*
U/' 1'0+6M' 9$ $//+- $% 9$-#-+U $% #%' '#&3%&*8' &'6$' 9$ .'-#6$6+< !"#$%&'(')%) $+ ,%
-%.%-')%) .%#% #$,%-'/6%# $,$=$6&/+ %6&$+ 6/ #$,%-'/6%)/+> 1 $, %#&'+&% $+ +'=.,$=$6&$ 9?'$6
&'$6$ ,% .%?&% 9?$ -/6$-&%!> -*%&$&*F7
-/6$-&%!> -*%&$&*F7 ^,'=&,2 G#)':&"<
G#)':&"< R% $-' N*:&%*#%*Q" O' $-&'9+ -*$1>6$
/' //'N$L $-' '88*7% -#-&'%8*'/1$%&$ 9*-&*%&' 9$ /' '-+8*'6 + 9*-+8*'6, '#&3%&*8' 87>#/'
5'%&;-&*8' 9$ /' (#$ U' 9*5$6$%8*' 9$ $-&'-U %+ 6$-#/&' -# >6+/$ -#1' %* 9*N*-*7% 9$ -#- >'6&$-,
0 -M #%' 86*'&#6' %#$N', '#&7%+1'B #% -$6 8+% '")*-#- '")*-#-<< Z 9*5$6$%8*' 9$ 8#'/(#*$6
-*1>/*5*8'8*7% -*-&31*8', $/ *1'=*%'6*+ 86$' 6$8*8/'%9+ 9$-$8O+- ' /+- (#$ 9', >+6
'>'6$'1*$%&+, %#$N' 8+%9*8*7%< )' >'/'.6' *"+'")#,
*"+'")#,   >6+N*$%$ 9$ *"+'"*,'
*"+'"*,'   (#$ %+ -*=%*5*8'
+&6' 8+-' (#$ O#..#,
O#..#,<<

 
8
 

D%N$%&'6 $- -*1>/$1$%&$ $%8+%&6'6, $%&+%8$-, $%&6$ /' >*/' 9$ &+9+ $-$ 9$-8'6&$ (#$
/+ 8+%8$>&#'/ >6+9#8$ 9$ '(#$//+ ' /+ (#$ 0' O' '=+&'9+ 9$ -*=%*5*8'9+-< R/ '6&*-&' $%8#$%&6'
'/ 1#%9+ 8+/$&$'%9+ '>6$-'9+ $%&6$ /+- %#9+- 9$ /' 6$9 8+%8$>&#'/, 0 $- -# 1*6'9' 1*-1' /'
(#$ */#1*%' 8+% '#6' >+3&*8' $-$ +.J$&+ O'-&' $%&+%8$- '=+&'9+ $% /+- /M1*&$- 9$ -# >6+>*'
8+%8$>&#'/*9'9 U!#/=.$
U!#/=.$ $, -#'+&%, )$ ,% -/+&?=8#$!> 
-/+&?=8#$!>  9*6M' ;,&6:)
;,&6:)U,
U, 0 /+ /*.$6' 9$ /' 6$9< !:%

+'=.,$ $,$--'36 )$ ?6 /8<$&/ 1% $9?'(%,$ % ,% -#$%-'36!> 

-#$%-'36!>  >6+N+8'.' E'68$/ _#8O'1>< V-'6 #%
$/$1$%&+ >'6' +&6' 5#%8*7% (#$ '(#$//' ' /' (#$ /+ 8+%9$%' /' -#0' >6+>*' $- 0' $% -M 1*-1+
#% '88*+%'6 >+3&*8+<

)+- 9+- 1$J+6$- $J$1>/'6$- 9$ F),#-*+#,*6:

F),#-*+#,*6:   (#$ -$ 8+%+8$% $% $/ 1#%9+ U0 #-+
'5'/(.#, '
'5'/(.#,  ' >6+>7-*&+ 9$/ 8'6;8&$6 '%*1'/, '%*1'9+, 9$/ +.J$&+ 9$ '6&$U 5#$6+% 6$'/*F'9+- >+6
'(#$/ /#&O*$6 8+% /+- 6$-&+- 9$ #%+- 6$1+- 9$-&6#*9+- >+6 $/ &*$1>+ 0 $/ #-+, (#$ O'//7 J#%&+
' #%+ 9$ /+- 8'%'/$- 9$ ]$%$8*'< R-' 1'9$6' '.'%9+%'9' >+6 *%?&*/, 8#1>/*9+ 0' -# 8*8/+
8+%8$>&#'/, -$ O'.M' $%6*(#$8*9+ 9$ &'/ 1'%$6' >+6 $/ 1*-1+, &'%&+ /' O'.M' &$1>/'9+ /'
*%%#1$6'./$ -#8$-*7% 9$ 1+J'9#6'- 0 -+/'F+-, (#$ %*%=?% $-&'8*+%'1*$%&+ >+6 /'6=+ (#$

5#$-$ O#.*$6' R-'

$->$8*'/*-&'-< 8+%-$=#*9+
8'>'8*9'9/' 9$
8+%-*-&$%8*' 6$-+%'%&$ (#$
'>'6$'6 $/$1$%&+- '#% O+0 -+6>6$%9$
'>'6$%&$1$%&$ ' /+-
*%'-+8*'./$- $-
8'6'8&$6M-&*8' 9$ /+- >6+8$-+- 86$'9+6$- 1;- 536&*/$-<

)$M O'8$ #% &*$1>+ #%' 8+%5$-*7% 9$ ^#,%E# >B,M6'D  >B,M6'D  (#$ '-$=#6'.' (#$ 9+-
N$6-*+%$- 9$ -# 8*'" #Y&: -' :&.'-#- 
:&.'-#-  5#$6+% '/ 8$-&+ O'-&' /+=6'6 $%8+%&6'6 $/ &+%+ U
$-(#*N+U (#$ %+ &$61*%'.' 9$ O'//'6 >'6' '(#$//' +.6'B 0 (#$ /' 6$N$/'8*7%, /' $>*5'%M', 5#$ $/
9$-8#.6*6 9$ >6+%&+ (#$ -$ &6'&'.' -*1>/$1$%&$ 9$ $-86*.*6 $-'- O*-&+6*'- \-/=/ \ -/=/ =' %8?$,%
=$ -/6&%8% ,%+ +?1%+\<
+?1%+\< R-' '#9'8*' OM.6*9' $- /' (#$ /$ >$61*&$ ' /+- 86$'9+6$- F'5'6 9$ /'
O#$//' >6+5#%9' 9$ /+- N*$J+- 8'1*%+- 0 &6'F'6 /+- >6+>*+-< D%N$%&'6 -#- >6+>*+- &+%+- 0
$-&*/+- G0 =3%$6+-, >+6 (#3 %+K 0 '.'%9+%'6 /' 8;68$/ 9$ /+- 1+9$/+- &7>*8+-< A+9+ $-&; 'OM, '
/' 1'%+ 9$/ 96'1'&#6=+, >'6' '>'6$'6-$ 8+% -#- &$X&+-< E#%9+- 0 >$6-+%'J$- *%-7/*&+- (#$
/+- -'(#$% 9$/ /#='6 8+1?% 9$/ &$'&6+ 9$ /*N*%=, + 9$/ '.-#69+ %+ 1$%+- 8+%N$%8*+%'/<
I*-&$1'- $X>6$-*N+- 9*5$6$%&$- (#$ /+ +./*=#$% ' *%N$%&'6-$ #%' %#$N' N+FL /+- =3%$6+-
>+>#/'6$-L $/ 8*68+, $/ N'6*$&3B /' /*&$6'&#6', $/ 8*%$, /+- 8+1*8-, /'- $-&6#8&#6'- -#6=*9'- 9$
1#-*8'/$-<9+? 2 >+6 (#3 %+L /'-
+&6'- '6&$-, $/ F'>>*%=, $/ N*9$+ 8/*>, /'- 5+61'- >/;-&*8'-, 0 /'- 1#-*8'/$-<9
F+%'- 1;- 9*->'6'&'9'1$%&$ /$J'%'-L $/ 8'&8O, /+- 1$&$=+/$-, + $/ >$$> -O+T<

4# */#='" ='"',#-&,#3 
='"',#-&,#3 

 
:
 

Z /' 56;=*/ 6*=*9$F 9$/ $-(#$1' 96'1;&*8+ >6$N*+, 0 /' >6$1*-', (#$ >6$8+%*F'% 8*$6&+-
1'%#'/$-, O$ >6$5$6*9+ -*$1>6$ $/ >6+8$9*1*$%&+ 86$'&*N+ 1;- %'&#6'/ 0 +6=;%*8+ 9$ /'
*/#='" ='"',#-&,#<
='"',#-&,#< Z-M O$ $-86*&+ &+9'- 1*- >*$F'- 0 %+ 1$ *1'=*%+ &6'.'J'%9+ 9$ +&6'
1'%$6'< I3 9$ /' #&*/*9'9 >6;8&*8' 9$/ >/+&, 0 $/ $-(#$1' 96'1;&*8+ >6$N*+ >'6' 1$9*+- 8+1+
/' &$N3 9+%9$ /' #6=$%8*' %+ >$61*&$ 8'-* %#%8' #% >6+8$-+ '617%*8+, >$6+ $% $/ &$'&6+,

$-(#$1' 96'1;&*8+ -#$/$ -$6 -*%7%*1+ 9$ '6&*5*8*+-*9'9< C+ $- 9*5M8*/ $%&$%9$6 >+6 (#3 #%
':M6'/# -,#/B)*%& 
-,#/B)*%&  >6$N*+ 8+%9$%', 8'-* -*% $X8$>8*7% ' #% -,#/# ':M6'/B)*%&L
':M6'/B)*%&L -#8$9$
(#$ $% 3-&$, /+- >$6-+%'J$- -+% +./*='9+- ' 6$8+66$6 #% &6'0$8&+ >6$5*J'9+ (#$ U
%'&#6'/1$%&$U %+ >#$9$ &$%$6 $% 8#$%&' -#- %$8$-*9'9$-, %* /' $%+61$ 1#/&*&#9 9$
$/$1$%&+- (#$ -$ /$ '>'6$8$6;% $% $/ N*'J$<

Z-M $/ >$6-+%'J$ -$ &6'%-5+61' $% #% F+1.*$ U#% 1#$6&+N*N+U -*% N+/#%&'9 %*%=#%',

#% '#&71'&' 9$/ '#&+6 (#$ 9$.$ O'8$6, 9$8*6, $ *%5+61'6 ' -# -$6N*8*+, 0 >+6 8#1>/*6 -#
8+1$&*9+ >*$69$ *%$X+6'./$1$%&$ -# 8+%9*8*7% 9$ 86*'&#6' N*N*$%&$ 0 '8&*N'< R- N$69'9 (#$
8+% 1#8O+ +5*8*+ -#$/$ '>6$%9$6-$ ' 9+1*%'6 1$J+6 ' /+- >$6-+%'J$-, ' *%5/#$%8*'6 -+.6$

$//+-, 9*='1+-,
-*%7%*1+ >$6+ >'6'
9$ 56'8'-+< AM&$6$$/0 96'1'&#6=+
&*&*6*&$6+ ' /'%+N$/
N$FL $/
'-M $-(#$1' 96'1;&*8+
-$ 6$-#$/N$ $- >'6'9+J'
/' $X&6'4' 8'-* -*$1>6$
9$/
96'1'&#6=+<99+*? 
96'1'&#6=+<

_$-8#.6M O'8$ #% &*$1>+ #% /*.6+ 1'=%M5*8+ (#$ 1$ '>+6&7 1#8O+ ' 1*- &6'.'J+- $%
96'1'&#6=*' G8+1+ 1$ >'-' O'.*&#'/1$%&$ 8+% .#$%' >'6&$ 9$ /+- /*.6+- (#$ %+ O'./'% 9$
96'1'&#6=*'K<99+**?  V% $%5+(#$ 1#0 -$%-*./$ 9$/ 5$%71$%+ >/;-&*8+ (#$ 9$5*%$ /+- &6'F'9+-
96'1'&#6=*'K<
-+.6$ $/ >/'%+ G/' >*%&#6', .'O<K 9$-9$ /' 8+$X*-&$%8*' 9$ &6$- 8/'-$- 9$ /M%$'- (#$ O'8$% ' /'
86$'&*N*9'9 9$/ '6&*-&'< S+%$ $/ /*.6+ $% >6*1$6 /#='6 ' /' .E"'# -*':),#,
-*':),#, ' /' (#$ 8'6'8&$6*F'L !222
&'$6$ ,% -%#%-&$#0+&'-% )$ +$# #%-'/6%,> '=.?$+&%4 $+ 5#?&/ )$ 6?$+&#/ %-/+&?=8#%='$6&/> )$ ,%
7%8',')%) -/6+$;?')% ./# ,% #$.$&'-'36 )$ $<$#-'-'/+2 F? &#%M%)/ $+ )$5'6'&/#'/> #$;?,%#> 6/
=%6'5'$+&% -%=8'/+ $ '=.,'-% '6&$6-'/6%,')%)2 N/ -%#$-$ )$ $A.#$+'(')%) .$#/ 6/+ =?$+&#% ?6%
+/,% $ '6)?8'&%8,$ -%#%2 F' -/#&I#%=/+ ?6% 7/<% )$ .%.$, -/6 ?6% &'<$#%> )$ ?6 +/,/ =/('='$6&/
$<$=.,'5'-%#0%=/+ +? -%#%-&$#0+&'-%2!

:'./' 9$->#3- 9$ /' 4E"'# :'":*N.',

:'":*N.', 0 9*8$ 9$ $//'L !F' O% )'5$#$6-'% )$ ,% ,06$% )'$+&#%O
?6% ,06$% +?5#$ -%=8'/+ $6&#$ )/+ .?6&/+ H+$ %)$,;%M%> +$ .'$#)$> (?$,($ +/8#$ +0 ='+=%> $&-2J 1
9?'$6 ,% #$%,'M% +$ 7% %8%6)/6%)/ % ?6% %--'36 6/ .#$('+&%> )$+./<I6)/6/+ )$, =%1/# ;#%)/
./+'8,$ )$ #%-'/6%,')%) &$6$=/+ -/=/ #$+?,&%)/ ?6% !"#$% '$#'()!$* C$9?'$#$> -/=/ ,/ +$L%,%8%
B$6-$#> +$# '$#+(,% ./# +? %?&/#2! 2
%?&/#2! 2 8+1>/$&' >+6 ?/&*1+, 1;- '9$/'%&$L !F'
'9$/'%&$L  !F' /8+$#(%=/+ -/6

 
3
 

)$&$6'='$6&/ +? &#%M% 
&#%M%  G/' 9$ /' .E"'# :'":*N.'? 
:'":*N.'?  $6-/6&#%#$=/+ 9?$ 7%1 $6 $,,% #$+&/+>
5#%;=$6&/+ )$ ,06$%+ 9?$ +$ %.#/A'=%6 % #$-&%+> .%#I8/,%+> $,'.+$+> -?#(%+ '##$;?,%#$+2 F' -/=/
7$=/+ 7$-7/ -/6 ,% ,06$% )'$+&#%> .#/,/6;%=/+ $+&/+ #$=%6$6&$+ )$ #$-&%+> $,'.+$+> .%#I8/,%+>
($#$=/+ 9?$ &$6$=/+ '66?=$#%8,$+ ./+'8',')%)$+ )$ .#/1$-&%#6/+ +/8#$ $, .,%6/ 1 ,/;#%#> ./#
,/ &%6&/> ?6% (%#'%)% )'('+'36 )$ ,% +?.$#5'-'$2 @+&% $+ =?-7/ =I+ #'-% 9?$ ,% 9?$ .#/./#-'/6%8%

,% ,06$% )'$+&#% 1 6/+ .$#='&$ -/6&%# -/6 =%1/# -%.%-')%) )$ $,$--'362

D$=/+ -/6+$;?')/ %+0 ?6% !"#$% (--%,(%#+$ > 9?$ $+ $6&/6-$+> ,% ,06$% +$6+'8,$ -?1%+
)'#$--'/6%,')%)$+ $6 ./&$6-'% 7%6 +')/ $5$-&'('M%)%+2! Z 6*$-=+ 9$ O'.$6 8+%N$6&*9+ #%' 8*&'
$% &6'&'9+, >6$5$6M 8+%-$6N'6 /' *%&$=6*9'9 9$ /'- >'/'.6'- 9$ -#- '#&+6$- $% /' -$=#6*9'9 9$
(#$ (#*$% -$>' /$$6 >+6 '%'/+=M' $%8+%&6'6; $% $-&'- 9$5*%*8*+%$- #%' 9$-86*>8*7% 1;- 8/'6'
(#$ /' 9$ 8#'/(#*$6 1'%#'/, 9$/ &6'.'J+ 9$/ 96'1'&#6=+ 8+% -#- *1;=$%$-L V%' .E"'# :'":*N.'
GD1'=$% =$%$6'9+6'K (#$ $- *%9'='9', 0 8+1>/$&'9' >+6 %#$-&6' .E"'# -*':),# G$/ >6+>*+
+5*8*+K $% .#-8' 9$ 9$-'66+//'6 + 8+1>/$&'6 $-'- >'6;.+/'-, $/*>-$-, 0 /M%$'- *66$=#/'6$- G/'-
O*>7&$-*- >+3&*8'-, + 9$ '88*7%, + >$6-+%'J$-K O'8*' -# 9$-&*%+ 9$ .E"'# *,,#-*#")'I 8+% /' (#$

//$='6 ' /' +.6'<

R% /'- 1'%8O'- 9$ #%' $->+%J' $%&*%&'9' (#$ '/=#*$% &*6' 8+%&6' /' &$/', N$ $/ >*%&+6
.'&'//'<9+***?  Z-M $- %#$-&6+ &6'.'J+L /' 8'>'8*9'9 9$ +.-$6N'6 $-'- 1'%8O'- U
#%' 5'.#/+-' .'&'//'<9
.+66+-'- $% >6*%8*>*+U 0 >6$-&'6/$- /' 1'%+ >'6' (#$ 1$&'1+65+-$$% 9$ -$%-'8*7% $%
-$%&*9+< RX*-&$ $% $/ %+6&$ 9$ 1* >'M- #%' '6&$-'%M' (#$ 1$ =#-&' ' 6'.*'6L /' %O#/(#I
%O#/(#I /'
 /' &'//'
-+.6$ 1'9$6'- 6$8+=*9'- $% /+- /$8O+- -$8+- 9$ /+- 6M+-, ' /'- (#$ /' $6+-*7% 9$ /'- '=#'- 0
/+- N*$%&+- 8'6=7 9$ 1*-&$6*+-'- 5*=#6'- *%-*%#'9'-, (#$ $/ '6&*-&' 9$-8#.6$, 0 8+% -#-
O$66'1*$%&'-, '>6+N$8O', 0 9$-'66+//'< Z-M &6'.'J' $/ 96'1'&#6=+ -+.6$ $/ 'F'6 9$ -#-
*1;=$%$-< W#-8'%9+ (#$ $/ #%%*-'")'#%%*-'")',, 8+1+ /$ 8+%5$-'.' '/=#%' N$F 0,#"%*: G#%&" 
G#%&"  '

>#,=',*)' ]6,#:,
]6,#:, -$ N#$/N' 8#'96+<
j$8#$69+ -*$1>6$ #% $-86*&+ 9$ 8O'5&+
8O'5&+,, (#$ 1$ &6'%-1*&*$6' 1* 1'$-&6+ _*%#,-&
>&")*,, -+.6$ /'- *1;=$%$- *%*8*'/$- 9$ 7. 5#,-E" -' .&: %','D&:L
>&")* %','D&: L ! E6% =?<$# 5#$6&$ % ?6 .'%6/>
?6 =%6-/ 9?$ 7%8,% -/6 &G#='6/+ )$ <?;%)/# )$ 8',,%#> )/+ 7/=8#$+ 9?$ -/6($#+%6 ='$6&#%+
.$+-%6> ?6% #%=% )$ -$#$M/ 5,/#$-')% 9?$ $6&#% ./# ?6% ($6&%6%2!  ($6&%6%2!   RX&6'4+- 8#'96+-
9$-8'6='9+- $% >6*%8*>*+ 9$ -$%&*9+ $% /+- (#$ -$ 9$-8#.6$, -*% $1.'6=+ G8+%+8*$%9+ /'
>*$F', 8/'6+K #% .+-(#$J+ 9$ N+/#%&'9 >+3&*8', 0 #% &6'F+ 9$ >$6-+%'J$ UP;*$NU (#$ -$6;%
/#$=+ -$//+ *%8+%5#%9*./$<

 
<
 

!222=$ .%#$-$ ($# ?6% =?<$# +$6&%)% $6 ?6% +',,%> $+.$#%6)/ %,;/> $6 (%6/2 B%, ($M %=/#2
K/# ,% ($6&%6% $6&#%8%6 <'#/6$+ )$ ,?M ,?6%#> 1 $+/ =$ +?;'#'3 %,;/ ,?6I&'-/2 GZO, $-$ O#1+6K 
O#1+6K 
@+-#'80 ?6% $+-$6% 1 ,% &'&?,G .% '(!!% ,$ /!%#6=$ $# !% !>#% !  Z-M 9$-86*.$ @'""'::' X*..*#/: -#
X*..*#/: -#
>6*1$6 8+%&'8&+ 8+% /'- *1;=$%$- 9$ !" ),#"+E# ..#/#-& -':'&, -':'&,9*Z?  0 8#'/(#*$6 >$-(#*-'
'5*8*+%'9+ $%8+%&6'6; $% $//' *%9*8*+- (#$ 8+%9#8$% '/ O$8O+ >+-&$6*+6<

_$ $-&' 1*-&$6*+-' 1'%$6' -#$/$% 8+1>+%$6-$ /'- +.6'- (#$ 8+%+8$1+-< RX>/+6'%9+
#% &$66*&+6*+ 9$-8+%+8*9+ (#$ -$ */#1*%' ' %#$-&6+ >'-+ 8+1+ -* -*$1>6$ O#.*$-$ $-&'9+
'//M<99Z? A6'%-5+61'%9+ 8#*9'9+-'1$%&$ $-'- *1;=$%$- $% 9*-8#6-+, $% >+$-M', $% O*-&+6*'-< Z
'//M<
8+%8*$%8*' 9$ (#$ 8#'/(#*$6 $X8$-+ 9$ >$-+ (#$ -$ /$- (#*$6' 8'6='6 &$61*%' >+6 '>/'-&'6/'-<
o#$ -+% /$N$-, $ *%=6;N*9'-, 0 (#$ &6'%-5+61'6/'- $% &$X&+ 6$-#/&' /*&$6'/1$%&$ #% >6+./$1'
9$ =,#+'-#-
=,#+'-#-LL #%+ >'-' 9$ N+/'6 ' '66'-&6'6-$< "+1+ -+-&#N+ 9$ $//'- '/=#%' N$F X*/
X'"-',:LL !F/6 -/=/ -%#%-/,$+> 9?$ +$ #$.,'$;%6 +' +$ ,$+ &/-% ,% %6&$6%2 B%=./-/ ,$+ ;?+&%
X'"-',:
7%-$# )$ -%8%,,/+V 6/ ,$+ ;?+&% &#%6+./#&%# 6' =$6+%<$+> 6' +$6&')/+> 6' .#/.3+'&/+> 6' =/#%,2
K$#/ $+/ $+ .#$-'+%=$6&$ ,/ 9?$ 9?'$#$6 )$ $,,%+ ,%+ 7'+&/#'%+! 
7'+&/#'%+!  

4# (&J)*%# -'. &5& -'. O#.%Q"3 

O#.%Q"3  
]*N*1+- $% #% 1#%9+ 9+1*%'9+ >+6 /+ /#%,&A
/#%,&A "*$%
 "*$% 8'%'/$- ' /' 1'%+ $% $/ 6$1+&+ 9$
/' &$N3, $%+61$- -#>$61$68'9+- 0 -O+>>*%=- (#$ 1#/&*>/*8'% /' +5$6&' -*1#/&;%$' O'-&' /+
*1>+-*./$, D%&$6%$&, '88$-+ ' N$/+8$- N*'J$- '36$+- (#$ %+- //$N'% 9$ #%' 8#/&#6' ' /' +&6' $%
1*%#&+-< A+9+ ' %#$-&6+ '/6$9$9+6 -$ =*='%&*F', 0 $% %#$-&6+ *%&$%&+ 9$ '.'68'6/+ %+-
N+/N$1+- *%$N*&'./$1$%&$ -#>$65*8*'/$-<

c6$%&$ ' /' =6..*+',*D#%*Q"

=6..*+',*D#%*Q" 9$/
 9$/ 1#%9+, (#$ >+6 =*='%&*-1+ &$61*%' >*-'%9+ -*% N$6 '
&+9+ /+ (#$ %+ $-&; $% -# $-8'/' @/'- 8#/&#6'- >+6 $J$1>/+@, /+ /*%,&
/*%,&   8+1*$%F' ' '>'6$8$6
Z*

8+1+ '/&$6%'&*N' \>+*3&*8'\,9

\>+*3&*8'\,9 ?  9$-8+%8$>&#'/*F'9+6', 0 6$N+/#8*+%'6*'< )+ 1*%*1'/ 6$-#/&'
O+0 #% 9$-'5M+ 0 $-&; >6$-$%&$ $% /' >6+N+8'8*7% '6&M-&*8' 0 $% /' 5*/+-75*8'< 2 $-' 8#'/*9'9
1*86+ O' $-&'9+, 0 $-&;, $% /' $-$%8*' 1*-1' 9$ /' 8+%9*8*7% &$'&6'/< A'/ N$F $% $-+ -$
-+-&$%=', *%8/#-+, -# 1*-&$6*+-' N*=$%8*'< R/ &$'&6+ O' -'.*9+ 9$-9$ -*$1>6$ $/ 5$%71$%+ 9$
/' 8+%9$%-'8*7%, 0 8#'%9+ 8+%5#%9*9+, 0 6'.*+-+ 9$ $%N*9*', *%&$%&7 9$->/$='6-$ O'8*' /'-
F+%'- 8+1>$&*&*N'- 9$ /+ 8*%$1'&+=6;5*8+, >+6 $J$1>/+, 1+-&67 -# $%+61$ 9$.*/*9'9 $% $/
8'1>+ 1'86+< _$-9$ -*$1>6$ $/ &$'&6+ -#>+ (#$ %+ -$ &6'&'.' 9$ 9$->/$='6 O*-&+6*'- -*%+ 9$
8+%9$%-'6/'-< l'6'.$ 9$ N*9', .+%-'* 9$ %+N$/', /' $-8$%' @8+1+ $% 8*$6&'- '6&$- 1'68*'/$-@
b+&&L9Z**? !]%+&% #$)?-'# -'$6 ($-$+ $, &%=%L/
'>6$%9*7 ' '>6+N$8O'6 -# 9$.*/*9'9< I+-&*$%$ l'% b+&&L9
)$ ?6 7/=8#$ .%#% 9?$ ?6% &#%;$)'% -/#&$+%6% +$ -/6('$#&% $6 ?6 -'#-/ )$ .?,;%+2 ]%+&%

 
=6
 

%?=$6&%#,/ -'$6 ($-$+ .%#% 9?$ ?6 8$+/ +$ -/6('$#&% $6 ?6% =/6+&#?/+')%)\<

=/6+&#?/+')%) \< R5$8&*N'1$%&$,
&+9+ $% $/ &$'&6+ $- 8#$-&*7% 9$ 7>&*8'< 2 >'6' $/ 96'1'&#6=+ $-' /$%&$ $- O$66'1*$%&' 9$
#-+ 8+&*9*'%+<

c6$%&$ ' /' '%=#-&*' 9$ &$%$6 (#$ *1'=*%'6 /' $%+61$ &+&'/*9'9 9$ #%' >*$F', 56$%&$ '

/' -$%-'8*7% 9$-+/'9+6' 9$ (#$ '//M '9$%&6+ $-&; &+9', >$6+ (#$ &+9+ %+ >#$9$ -$6 8'>&'9+,
$/ ?%*8+ 6$8#6-+ $- J#-&'1$%&$ $-' Q()*%#
Q()*%# (#$
 (#$ %+- >$61*&$ -*%&+%*F'6 $% '(#$//' $>*5'%M' 9$
/' *1'=$% #% >$(#$4+ $/$1$%&+ 8#'/(#*$6' 0 $X>6*1*6/+ O'-&' -'8'6/$ O'-&' /' ?/&*1' =+&' 9$
-# J#=+ >+3&*8+< "#'%9+ 56$%&$ ' /' '%=#-&*' 9$/ O&,,&, +#%6* +#%6*  6$'88*+%'1+- 8+% N+6'8*9'9
1'86+, -+/+ 8+%-$=#*1+- -#>$65*8*'/*9'9 1'86+, 8*68+- 9$ >#/='-< :$ '(#M /' *1>+6&'%8*' 9$
/'- *"-#=#%*&"':
*"-#=#%*&"':   $% /' 8'>&'8*7% 9$ &+9+- 0 8'9' #%+ 9$ /+- 9$&'//$- 9$ /+ -+%9$'9+, 0 $/
-$86$&+ 9$ $-' */#='" ='"',#-&,#L
='"',#-&,#L #% 56'=1$%&+ (#$ $X>/+6'9+ $% /' >'6&*8#/'6*9'9 9$ -#-
-*=%+- $- 8'>'F 9$ 9$8+9*5*8'6 #%' %+N$/' 8+1>/$JM-*1'< R/ &6'.'J+ 9$/ 96'1'&#6=+, -#-
*"-#=#%*&"':I   -+% /' /$8&#6' 8'.'/M-&*8' 9$ #% \(#:#5'S
*"-#=#%*&"':I \ (#:#5'S   9$ /' O*-&+6*'< 2 >+6 $-+- \(#:#5':S
\(#:#5':S,,
J#-&'1$%&$, -$ /' 6$8+66$ $% -# &+&'/*9'9< )' 9$8+9*5*8'8*7% 1*86+ 9$ -*=%+- 1M%*1+- (#$ N'%

8+%-&6#0$%9+ $/ 1'86+ 9$ #%' O*-&+6*' ' /' (#$ +.-$6N'1+- '/&$6%'&*N'1$%&$ 8+%5*=#6' $/
$J$68*8*+ N*-#'/ 8'6'8&$6M-&*8+ 9$/ 96'1'&#6=+<

V%+ 9$ /+- '>'6'&+- 7>&*8+- 1;- >'6&*8#/'6$- 0 '-+1.6+-+- 9$ /' %'&#6'/$F' $- $/ +J+
9$/ O'/87%< Z 9*5$6$%8*' 9$/ %#$-&6+, $% $/ (#$ 1*86+ 0 1'86+ -+% 5#%8*+%$- '.-+/#&'1$%&$
9*5$6$%8*'9'- 0 %#%8' -*1#/&'%$'-, $/ 'N$ 9$ >6$-' >#$9$ 6$8+6&'6 $% #%' 1*-1' N*-*7% #%
>'%+6'1', 0 -# 9$&'//$< V%' >'%&'//', 9*='1+-, 8'>'F 9$ 8'>&'6 -*1#/&;%$'1$%&$ $/ >'*-'J$
9$/ .+-(#$ $% >'%+6;1*8', 0 6$8+6&'9+ 9$%&6+, $% #%' >'%&'//' 1$%+6, $/ >6*1$6M-*1+ >/'%+
'1>/*'9+ 9$ /' >$(#$4' >6$-' (#$ -$ +8#/&' $% #%' 6'1'< C*%=#%' 8#'/*9'9 F++/7=*8' -$6M'
1$J+6 '&6*.#&+ >'6' $/ '#&+6 &$'&6'/< )' >6$-$%8*' -*1#/&;%$' 9$ #%' >'6&$ 0 9$ -# &+9+ '/ (#$

6$5*$6$ 0 '%*1' $- 8+%9*8*7% 9$ /'- =6'%9$- +.6'- 9$ /' O*-&+6*' 9$/ &$'&6+L $/ >'4#$/+ 9$
_$-931+%', 0 /' &6'=$9*' 9$ [&$//+B /'- 1'%+- 9$ )'90 E'8.$&O 0 /' $%+61*9'9 '-5*X*'%&$
9$/ '-$-*%'&+< R/ -$86$&+ 9$/ 96'1'&#6=+ @8+1+ $/ 9$ 8#'/(#*$6 '/.'4*/ N#/='6@ $- -'.$6 (#$ #%
$9*5*8*+ -$ O'8$ 9$ 8'9' #%+ 9$ /+- /'96*//+-< 2 (#$ /' N$6&*8'/*9'9 9$/ 1#6+, (#$ %#%8' -$
>*$69$ 9$ N*-&', %+ $- 1;- *1>+6&'%&$ (#$ $/ 8#*9'9+-+ &6'&'1*$%&+ 9$ -# #%*9'9<

4# *"-#=#%*Q" (&J)*%#3
!F/1 ?6 ./$&%2 ^ )$+.?G+ ./6;/ ,% ./$+0% $6 $, )#%=%2 :% ./6;/ $6 ,/+ #$,%&/+> 1 $6 ,%+
/8#%+ &$%&#%,$+2 :% ./$+0% $+ ,% ./$+0%2 N/ &'$6$ ./# 9?G +$# ,,%=%)% ./$=%> 1% +$ +%8$2!> 9$8M'
@'""'::'<<9Z***? 2 (#$ 9#9' 8'.$< Z-M 8+1+ /' -$%-+6*'/*9'9 /$ >$61*&$ '/ 96'1'&#6=+
$/ N*$J+ @'""'::'

 
==
 

-+%9$'6 $% -#- *1;=$%$- N*-#'/$- + '#9*&*N'-, $- -# :'")*-& (&J)*%& @'(#$/ (#$ \+ -$ &*$%$ +
%+ -$ &*$%$\@ $/ (#$ &6'.'J' -+.6$ $//'- $% -# '8$>8*7% /*&$6'6*'B $/ (#$ 1'%$J' 0 >6+8$-'
N*-#'/*9'9 0 >'/'.6'- 9$-8#.6*$%9+ -#- 5+61'- 1$&'576*8'-, 1$&+%M1*8'-, $&8< I+% $-&'-
5*=#6'- /'- ?%*8'- 8'>'8$- 9$ 9+&'6 ' #%' >*$F' 9$ $-' 1'6'N*//+-' 8+%9*8*7% 9$
6$>6$-$%&'8*7% 8*56'9' 9$ /' 6$'/*9'9, 9$ !%)'('6%6M% )$, =?6)/! 
=?6)/!  8+1+ 9$8M' ^#,%E#
Z*+

>B,M6'D<9 ? I$6M' %$8*+, -*% $1.'6=+, O'./'6 9$ $//'- 8+1+ 9$ +69*%'6*+- 1$8'%*-1+- 9$ /'
>B,M6'D<
6$&76*8'< _$5*%M' \*')D:%O'
\*')D:%O'<< !:% =$&I5/#% 6/ $+ .%#% $, ($#)%)$#/ ./$&%> ?6% 5';?#% #$&3#'-%>
+'6/ =I+ 8'$6 ?6% '=%;$6 #$%,=$6&$ ('+&%> 9?$ +?+&'&?1$ % ?6% ')$%2!< ')$%2! < C+ 8+1$&$63 /'
.'%'/*9'9 9$ +.-$6N'6/'-, $%&+%8$-, 8+1+ N#/='6$- $-&6'&$=*'- -*=%*5*8'%&$-, >$6+ 1$
6$5$6*63, -M, ' '/=#%+- &6+>+- (#$ O'% 1+-&6'9+ 9$-9$ -*$1>6$ -$6 >'6&$- 9$/ 5$%71$%+ 0 '
'/=#%'- 9$ -#- 8'6'8&$6M-&*8'- 1$%+- 9*N#/='9'-< ]*$%$ $% 1* '0#9' #%' .6$N$ >+%$%8*' (#$
&6'%-86*.+< 9Z+? 
$-86*.*$6' O'8$ #%+- '4+- 0 (#$ '(#M &6'%-86*.+<9

4# (#,#-&5#3 
(#,#-&5#3 
:'8$ #% >'6 9$ '4+- '&6;- $% #%' N*-*&' (#$ R,)O6, >*..', 
>*..',  O*8*$6' ' /' Z6=$%&*%',

'/=#%+- 96'1'&#6=+- &#N*1+- /' +>+6&#%*9'9 9$ 8O'6/'6 #% >'6 9$ O+6'- 8+% 3/< C+ %+-
-+6>6$%9*7 ' (#*$%$- 8+%+8M'1+- .*$% -# +.6' -# 8+%5$-*7% 9$ (#$ 8'9' #%' 9$ -#- >*$F'-
O'.M' %'8*9+ 9$ #%' *1'=$% 8#0' >6*%8*>'/ 8'6'8&$6M-&*8' O'.M' -*9+ -# 8+%9*8*7% >'6'9+J'/<
7,"':) <'/*"=P#2 
<'/*"=P#2  9$8M' (#$ >'6' -$6 #% .#$% %+N$/*-&' $6' 5#%9'1$%&'/ >+-$$6 #% =6'%
9$&$8&+6 9$ 1*$69'< "6$+ @' /' 1'%$6' 9$ E*//$6@ (#$ >'6' $/ 96'1'&#6=+ #%+ 9$ /+-
9$&$8&+6$- 5#%9'1$%&'/$- $- $/ 9$ >'6'9+J'-< )' >'6'9+J' $- $/ '>'6$'1*$%&+ 5'%&;-&*8+
>$65$8&+L %+ -+/+ #%$ 9+- &361*%+- $% #% 1*-1+ $/$1$%&+, -*%+ (#$ $-+- &361*%+- -+%
'%&*&3&*8+- $%&6$ -*< ]$'1+-L V% O+1.6$ $%'1+6'9+ 9$ -# 1'96$< _+- '9+/$-8$%&$- (#$ >+6
N*N*6 -$ 1'&'%< V%+- O+1.6$- (#$ $->$6'% $% #% 86#8$ 9$ 8'1*%+- ' +&6+ (#$ -'.$% (#$ %+
//$='6;< )' >'6'9+J' @#% '#&3%&*8+ +6='%*-1+ >+3&*8+ .*-$X#'9+@ &*$%$ $-' 6'6' 8+%9*8*7% 9$

1+&+6 86$'9+6, $% &'%&+ >$61*&$ $/ 8O*->+66+&$+ >+3&*8+ 9$ /+- >6+>*+- >+/+- 9*'/38&*8+- 9$
/' 8+-', 0 -'"),& /*:/& 9$
/*:/& 9$ /' 8+-'< )' >'6'9+J' $- $/ %+% >/#- #/&6' 9$ /+ .*%'6*+<

R-86*.*6 #%' +.6' 9$ &$'&6+ $- @8+1+ /+ O$1+- 9*8O+ '/ >6*%8*>*+@ (&"', 6" /6"-& #
+*+*,<< A'% -$%8*//+ 0 &'% 8+1>/$J+ 8+1+ $-+< R-+- >$6-+%'J$-, $-'- -*&#'8*+%$- &*$%$% 8+1+
+*+*,
8+%9*8*7% /' 9$ $-&'6 N*N+- 9$%&6+ %#$-&6+, $X*-&*6, >'6' (#$ $-' N*9' >#$9' -$6 &6'%->/'%&'9'
' /' >*$F'< !@, 7/=8#$ $+ =?)/>\
=?)/>\ 9$8M' ;#:)',"#H
;#:)',"#H  !$+ ,% '=%;$6 ,% 9?$ 7%8,%\<
7%8,%\< S$6+ 8#'%9+ $-'
*1'=$% 8+%&*$%$ %+ -+/+ /' >6$-$%8*' =$%3&*8' 9$ /+ (#$ -$ N$ + -$ +0$, -*%+ &'1.*3% -#
*1>6+%&' >+3&*8', 0 @1$68$9 '/ 8+%5/*8&+ *1>/M8*&+@ -# >6+>*+ 8'6;8&$6 9*%;1*8+, '/8'%F' $-$

 
=>
 

=6'9+ 9$ 8+%8$%&6'8*7% 0 1+N*/*9'9 (#$ $- 9$-N$/+ -*$1>6$ 9$ &+9+ 96'1'&#6=+< S+6 -#

8+%9*8*7% 9*'/38&*8' /' >'6'9+J' 6$-#/&' $/ &6+>+ $1./$1;&*8+ 9$/ '#&+6 &$'&6'/<

>')BC&,# 2 ,*:#
"+%N$%='1+- $% '/=+L R/ '6&$ %+ $- -$6*+< R/ '6&$ $- &6'-8$%9$%&$, *%9*->$%-'./$, $-

#%' 8#'%&'- 8+-'- 1;-, >$6+ %+ $- -$6*+< 2 /+- '6&*-&'- O'.*&#'/1$%&$ &'1>+8+< R/ 1#%9+ 9$
/' >6+9#88*7% @(#$ $% &+9+- /+- -*-&$1'- 9$ >$%-'1*$%&+ $- (#*$% *%-&'/' $%&6$ -#- /M1*&$- '/
8'1>+ 9$ /+ >6+5'%+@ $- >+6 >6$-*7% 1*-1' 9$ /+ 8+%8$>&#'/, 9$ /+ *9$+/7=*8+, /+ (#$
8+%+8$1+- 8+1+ #%' '8&*N*9'9 -$6*'< S$6+ 871+ >+96M' -$6 -$6*+ '(#$//+ (#$ >+6
>$6&$%$%8*' %'&#6'/ '/ +&6+ 8/#., '/ 9$ /+ -'=6'9+, -$ 1#$N$ $% $/ $->'8*+ 6*&#'/, 0 8'8O+%9+,
9$ /' 5*$-&'< I*% $1.'6=+, #% $%N'6'9+ $1>'(#$&'1*$%&+ O' 9$->6$-&*=*'9+ ' /+ 871*8+
8+1+ >'6&$ '8&*N' 9$/ 5$%71$%+ 86$'9+6< R/ >$%-'1*$%&+ 86M&*8+ @$J$68*9+ 9$1'-*'9+
O'.*&#'/1$%&$ 9$-9$ $/ 8'1>+ -+/$1%$ 9$ /+ >6+5'%+@ O' N'/+6*F'9+ /+ :',*& :',*&,, 0 %+ O'
8+1>6$%9*9+ $% =$%$6'/ /' 5$%+1$%+/+=M' 9$ /+ -*+',)*-&A
-*+',)*-&A _*N$6&*6
 _*N$6&*6 G9$ 9*N$6-#-L 9*N$6-+K %+
$- +&6' 8+-' (#$ /' '88*7% 9$ -$>'6'6 /' '&$%8*7% 9$ #%' NM' @)' >6+9#88*7%, /+ >6+5'%+, /+

-$6*+@ 0 9$-N*'6/' >'6' /' +&6' @)' 5*$-&', /' 6*-', /+ -'=6'9+@< )' 6*-', @8+1+ 9*8$ R,)O6,
1&':).',@@9Z+*? $- J#-&'1$%&$ #% !#$5,$</ )$ ,?</!I
1&':).', ,?</!I -*% #&*/*9'9 .*+/7=*8' '>'6$%&$, 0 8#0' ?%*8'
5#%8*7% >'6$8$ /' 9$ >6+>+68*+%'6 '/*N*+ ' /'- &$%-*+%$- >6+9#8*9'- >+6 /'- '8&*N*9'9$- ?&*/$-L
/' >6+9#88*7%< I* -*+',)*,
-*+',)*, $-
 $- >+6&'6 /+- $->M6*&#- 9$ #% $->'8*+ '/ +&6+, N$'1+- $%&+%8$- (#3
>$9'F+ 9$ 1$9*+ 9$ &6'%->+6&$ -$ O' 8+%-$=#*9+ /+ >+3&*8+ >'6' O'8$6 -#- 5/$&$- 9$-9$ $/
$9*5*8*+ '/*$%'%&$ 9$/ 4&=&:
4&=&: '/
 '/ 8'1>+ $%-+4'%&$ 9$/ >2)O&:
>2)O&:<< 2' -7/+ >+6 $-' 5$%+1$%+/+=M'
/' 6*-' -$ O'.6M' ='%'9+ -# /#='6 $% /' 86$'&*N*9'9, >$6+ O'0 1;- &+9'NM'<

)' >+$-M' $- #%' $->$8*$ 9$ 1$&'5M-*8' '/ >'-+, 0 &+9' 1$&;5+6' @-# O$66'1*$%&' 1;-
>6+9#8&*N'@ #% 1*&+ $% >$(#$4+< K2 (#3 +&6' 8+-' -+1+- /+- 96'1'&#6=+- -*%+ 86*'9+6$- 9$

1*&+-h R%8+%&6'6 /' *1'=$% 1$&'576*8' (#$ @8+1+ #% 7N#/+ 5$8#%9'9+@ 8+%&*$%$ ' /' >*$F'
$% -# N$6-*7% 1;- 8+%9$%-'9' >$6+ 0' N*N', $- >'6&$ 9$ /+- 9$-N$/+- 9$ %#$-&6' 9*-8*>/*%'<
I'8'6/'- 9$/ 8O'68+ 9$ /+ 871*8+ O' 6$-#/&'9+ -*$1>6$ @8/'6+@ >+8+ -$6*+< )+- 86$'9+6$- /$
&$1$%, $% =$%$6'/, '/ 8O*-&$, 8+1+ ' /' /$>6', -*% $%&$%9$6 (#$ $/ -M1*/ 871*8+ $- /' 1'-
$->'8*+-' 9$ /'- >#$6&'- &6'-$6'- 9$ /' 1$&;5+6'<

!K#$-'+$ )$=%+'%)/ ?6% '=%;$6 ./G&'-%V +?+-'&%#I ,% #'+%2 Q?0&$,$ .#$-'+'36 % ?6% '=%;$6
#')0-?,%V .#/(/-%#I ,% $=/-'36 ./G&'-%! R-&'
./G&'-%! R-&' 56'-$ 9$ ^#:)Q" G#%O'.#,- 1$
G#%O'.#,- 1$ 9*+ N#$/&'- $% /'
8'.$F' 9#6'%&$ 1#8O+ &*$1>+, >$6+ 5#$ &*$1>+ 9$->#3- $% 8+%$X*7% 8+% +&6' 9$ b+$-&/$6
(#$ '(#M &6'%-86*.+ (#$ 1$ O*F+ 8+6&+8*68#*&+L !@, 7?=/# $+ $, Y6'-/ $<$=.,/ )$ $+&0=?,/

 
=1
 

'6&$,$-&?%, 9?$ ,'8$#% ?6% #$+.?$+&% -/#./#%, +'=.,$ 1 .#$)$-'8,$V $, #$5,$</ )$ 7',%#')%)2 @+&%
#$+.?$+&% $6&/6-$+ .?$)$ +$# &/=%)% -/=/ '6)'-%)/# )$ 7?=/#2 @+&$ .#/-$)'='$6&/ 6/ .?$)$
%.,'-%#+$ $6 6'6;?6% /&#% 5/#=% )$, %#&$> 1 +' $, .%+/ )$ ,/ +?8,'=$ % ,/ #')0-?,/ $+ #$($#+'8,$> $,
$+&?)'/ )$ ,/ #')0-?,/ 6/+ )%#0% .'+&%+ =?1 '=./#&%6&$+ .%#% $6&$6)$# 1 $6&#%# $6 ,/
+?8,'=$2\\9Z+**?  W'-&7 $%&+%8$- '%'/*F'6 /' $-&6#8&#6' 9$/ 5$%71$%+ 871*8+ 0 /' 9$/ >+3&*8+
+?8,'=$2

>'6' (#$ -$ O*8*$6' /' /#FL $/ 8O*-&$ $- #%' N*:&%*#%*Q"

N*:&%*#%*Q"   $%&6$ 9+- 8+%&$X&+- *%8+1>'&*./$-
8#0+ 8+6&+8*68#*&+ 9$-'5M' %#$-&6'- $X>$8&'&*N'- /7=*8'-< K2 %+ $- '8'-+ $-' 1*-1' #%'
9$5*%*8*7% >$65$8&' 9$ 1$&;5+6'h C+ O'0 $% /+- 9+- >6+8$9*1*$%&+- 9*5$6$%8*' '/=#%'< :'0
&'%&' >+-*.*/*9'9 9$ 6*9M8#/+ 8'6='%9+ /'- &*%&'- 5'6-$-8'- -+.6$ /' 1$&;5+6' S4# +*-# ': 6"
%6'")& %&")#-& (&, 6" *-*&)#AAAS 8+1+
*-*&)#AAAS 8+1+ >6+5#%9*9'9 >+3&*8' $% $/ 8O*-&$ S!" /#:&M6*:)# ':
6"# (',:&"# M6' .' =6:)# N#Y#,:' %&" #=6# O'.#-#I (&, ':& :' N#Y# %&" #=6# %#.*'")'AS )'
9*5$6$%8*' $-&; $% /' 1*6'9' 9$/ '6&*-&', 0 9$ $//' 9$>$%9$ @8+1+ -*$1>6$@ /' '=#9$F' >'6'
-$>'6'6 $/ +6+ 9$ /' '6$%'<

>')&"*/*#3  
>')&"*/*#3

@*'"' /6%O& ':%'"#,*&,

':%'"#,*&, 9$8*1+- 9$ '/=#*$%, +L "& :' :#N' .# .'),#,
.'),#, +L .' C#.)# (,'":#,
(,'":#,
0 O$1+- >6+5$6*9+ &6$- 1$&+%*1*'-L GF*"J%-&M6':
GF*"J%-&M6':,, $% '/=?% 8'-+< >$6+ 8+1+ ' N$8$- /+-
8'1>+- -+% *%8*$6&+- 1$ 6$5$6*63 ' $//'- =$%36*8'1$%&$ 8+1+ 1$&+%*1*'-<K, ' 1* =#-&+ /'
1'- '8&*N' 0 $->$8M5*8'1$%&$ &$'&6'/ 9$ /'- 5*=#6'- >+3&*8'-< C*%=#%+ 9$ #-&$9$- 8+%8*.*7 $%
-# *1'=*%'8*7% '/ $-8#8O'6/'- %* #% ':%'"#,*&
':%'"#,*&,, %* #%' .'),#
.'),#,, %* #%' (,'":#
(,'":#   J#-&'1$%&$, -*%+
(#$ ' >'6&*6 9$ $-' >$(#$4' >'6&$ @8+1+ #%' -$1*//' *%-&'%&;%$'@ 86$8*7 $% #-&$9$- #% &+9+,
#%' *1'=$% 1#8O+ 1'0+6 (#$ '.'68'L /' N*9' 9$ '/=#*$%, >+6 $J$1>/+, $% $/ >6*1$6 8'-+B
&+9+ #% &$X&+ &$'&6'/ $% $/ -$=#%9+, + ' /' '8&*N*9'9 9$ >6+1+8*7% $% $/ &$68$6+< R-' (#,)'
(&, '. )&-& 
)&-&  J#-&'1$%&$, O' >6+9#8*9+ $/ $5$8&+ 1*/'=6+-+ 9$ $N+8'8*7% >+6 $/ (#$ #%
56'=1$%&+, #%' >'6&M8#/' 9$ #%' 8+-', -$ N#$/N$ @>'6'97J*8'1$%&$@ >+6&'9+6 9$ /' &+&'/*9'9

9$ /' 8+-'< ]$'1+- $%&+%8$- (#$ >$9'F+ 9$ O$66'1*$%&' 6$-#/&' >'6' /' 96'1'&#6=*' 8#0+
9$-N$/+ 1'0+6 $- J#-&'1$%&$ $/ 9$ /' 8+%9$%-'8*7%<

_*8$ ;')', G,&&HL

G,&&HL !@6 $, &$%&#/ ,% '=%;'6%-'36 ,,$6% $, $+.%-'/> % )'5$#$6-'% )$ ,%
.%6&%,,% )$ -'6$ 9?$ #$.#$+$6&% $, &/)/ 1 $A';$ 9?$ &/)/ ,/ 9?$ %.%#$-$ $6 '=%;$6 $+&G
#$,%-'/6%)/ )$ ?6% =%6$#% ,3;'-% 1 -/7$#$6&$! 0
-/7$#$6&$!  0 8+%&*%?'L !@, (%-0/ $6 $, &$%&#/ .$#='&$ 9?$ ,%
'=%;'6%-'36 ,,$6$ ,/+ 7?$-/+2 K%#%)3<'-%=$6&$> -?%6&/ =$6/+ +$ ,$ )% % ,% '=%;'6%-'36> =I+
5$,'M +$ +'$6&$> ./#9?$ $+ ?6 =Y+-?,/ 9?$ )'+5#?&% <?;%6)/2! 0
<?;%6)/2!  0 '=6$=' !@6 $, &$%&#/ ?6/ .?$)$
'=%;'6%# % ?6 %-&/# -/6 +?+ #/.%+ 6/#=%,$+ 1 +%8$# 9?$ $+ $, K%.% ./#9?$ ,,$(% ?6 ;/##/ 8,%6-/2
_%&'-%6/2! 9Z+*** ?  R5$8&*N'1$%&$ $% $-$ '8&+ 9$
E6% .%,%8#% 8%+&%#0% .%#% $(/-%# %, _%&'-%6/2!9

 
=9
 

8+%9$%-'8*7% 5'%&;-&*8' @(#$ 1$%&'1+- '/ O'./'6 9$ /' 7>&*8'@ 6'9*8' #%+ 9$ /+- -$86$&+- 9$
/+ $-83%*8+< "6$+ $% /' >*$F' &$'&6'/ 8+1+ $/ /#='6 9$ 8+%5/#$%8*' 0 8+%9$%-'8*7% 9$ /'-
*1;=$%$- 9$ #%' %+N$/' @$/ '6=#1$%&+@ ' /' (#$ #% 6$8+6&$ @$/ 9*-8#6-+@ 6$5*$6$ -*$1>6$
1$&+%M1*8'1$%&$< )' >'6&$ N*-*./$ 9$ #% *8$.$6= (#$ 1'%&*$%$ >6$-$%&$ $% %#$-&6'
*1'=*%'8*7%, '#%(#$ '#-$%&$ $% %#$-&6+- +J+-, ' -# >'6&$ -#1$6=*9'< V% '8&+6 $%&6' '

$-8$%' '=*&'%9+ #% >'6'=#'- 1+J'9+ 0 8+%-*=#$ $/ >6+9*=*+ 9$ #%' >/'&$' 8+%8*.*$%9+ #%'
&+61$%&' (#$ %+ N$, %* N$6;, %* $X*-&$ -*(#*$6'< V% -+/9'9+ $% /' &6*%8O$6' *%-&'/' $% /' $-8$%'
/' =#$66' 8+% &+9+ -# O+66+6< R/ /*N*%= 9$ #% 9$>'6&'1$%&+ 9$8'9$%&$ $% I'*%& )#*-, 9+%9$
#%' 1#8O'8O' 6$%=' 8+/$88*+%' '%*1'/*&+- 9$ 86*-&'/, 8+%9$%-', 8+1+ -* %'9', #%' O*-&+6*'
$% /' (#$ N$6$1+- @-*% N$6/+ %#%8', 8/'6+@ '/ >'96$ (#$ /+- '.'%9+%7, /' J#N$%&#9 9$ -#
1'96$, -# 8/*$%&$/' &$/$57%*8', $/ &6'.'J+ 9$ -# O$61'%+, 0 O'-&' $-' '8'9$1*' 9$
9'8&*/+=6'5M' 9+%9$ /' 1#8O'8O' $%5$61' 9$ &*1*9$F N+1*&' $/ &$8/'9+<

R% $/ &$'&6+, @0' /+ O$1+- 9*8O+@ -#- /M1*&$- -+% &'1.*3% -# N*6&#9< V%' 1$&+%*1*' $-
/' $X>6$-*7% 9$ /' >+&$%8*' 9$ /'- >'6&$- $% -# 8'>'8*9'9 9$ >6+N+8'6 #% &+9+< V% 9*'1'%&$

$- #%' =6'% >*$96' 9$ 8'6.7% 8+%9$%-'9', '>6$&'9'- 9$ &'/ 1'%$6' -#- 1+/38#/'- O'-&'
N+/N$6/+ &6'%->'6$%&$< "6$+ $% /' >*$F' &$'&6'/ 8+1+ $% $-$ 9*'1'%&$ 5'8$&'9+, >#/*9+, 0
&6'%-/?8*9+ (#$ $%&6' >+6 /+- +J+- 9$/ $->$8&'9+6, &$%&'9+ >+6 -# .$//$F', 0 (#$ #%' N$F $% /'
8'.$F' -$ /$ O*96'&' 0 86$8$ @1$&+%M1*8+@ O'-&' -# N+/#1$% +6*=*%'/L S*$96' 9$ 8'6.7%
%#$N'1$%&$ 'O+6', /*-&' >'6' >6+9#8*6 $% /'- 8+%8*$%8*'- $-' 5+='&', $-$ *%8$%9*+, (#$ -+/+
$/ '6&$ -'.$ $%8$%9$6<

4# *"-#=#%*Q" -,#/B)*%#A
j$8#$69+ (#$ 8#'%9+ $6' 8O*8+ 1$ '>'-*+%'.' /' *9$' 9$ &$%$6 #% 5+61*8'6*+< V%
56'-8+ 9$ N*96*+ $% 6$'/*9'9 $% $/ (#$ #%' 8+/+%*' 9$ O+61*='- -$ $-&'./$8$, N*N$, 0 -$

9$-'66+//', >$61*&*$%9+ $/ $->$8&;8#/+ 1'6'N*//+-+ 9$ -#- ='/$6M'- $% /'- (#$ >#/#/' /' N*9' 9$
#%' 8+1#%*9'9< )+ *%&$%&3 8'%&*9'9 9$ N$8$- 0 -*$1>6$ 56'8'-3< _$.+ O'.$6 '-$-*%'9+ 1;-
O+61*='- (#$ $/ __A< )/$%'.' $/ 56'-8+, 8#*9'.' (#$ $-&#N*$-$ '*6$'9+, /' O#1$9'9 J#-&', $/
>'-&+, >$6+ /' 1#/&*&#9 O+61*=#$'.' #% >'6 9$ 9M'- 0 &$61*%'.' >'&'- >'6' '66*.'< Z/=#*$%
1$ -+>/7 $/ -$86$&+< "+1+ /'- '.$J'-, $-' $->$8*$, %$8$-*&'.' #%' O+61*=' 6$*%'< I*% $//' %+
&$%M'% #%' 6'F7% >'6' O'8$6, #% +.J$&*N+< c#$ 8+%-$=#*6/', 0 /' '8&*N*9'9 8+1$%F7 8+1+ >+6
1*/'=6+< _*-56#&3 9$/ 5+61*8'6*+ >+6 '4+-< Z-M, /'- >*$F'- &$'&6'/$- 8#'%9+ %+ $%8#$%&6'% $/
17N*/ (#$ /$- 9' 5#%9'1$%&+ 0 N*9' @/' '88*7%@ -$ &6'%-5+61'% $% #% >;6'1+ 9+%9$ #%'
1#/&*&#9 9$ 86*'&#6'- @-#- >$6-+%'J$-@ '=+%*F' 9$'1.#/'%9+ -*% -$%&*9+<

 
=?
 

)' 1*-1' >'/'.6' -,#/#I

-,#/#I =#'69'
 =#'69' $/ -$86$&+ $% -# -*=%*5*8'9+L ='")' '" #%%*Q"<
#%%*Q"< Z%&$-
(#$ #% 1$8'%*-1+ +69$%'9+6, + #% 1$6+ >6+9#8&+6 9$ *%&$63-, O$ >$%-'9+ -*$1>6$ $% /'
'88*7% 8+1+ '/=+ 1#8OM-*1+ 1;- >6+5#%9+, #%' $->$8*$ 9$ 8+%9*8*7% 8$/$.6'&+6*' 9$/
&$'&6+, (#$ O'8$ ' /' ':'"%*#
':'"%*# 9$
 9$ -# -$6, 0 6$-#/&' >'6&$ *%9*N*-*./$<

!@, =/('='$6&/ $+ ,% /#%-'36 )$ ,% =%&$#'%> 

=%&$#'%>  @1$ 9$-/#1.67 '/=#%' N$F G#%O'.#,-
G#%O'.#,-@@ ,%
Y6'-% ,$6;?% 9?$ 7%8,% X'/+! o#3 $X&6'+69*%'6*' /*&#6=*', $%&+%8$-, /' 9$ $-' 1'&$6*' $%
1$&'1+65+-*-B (#3 +56$%9' /' 9$ $-$ 6*&+ $% $/ (#$ @$% 8+1#%*7%@ #% 1#%9+ -$ 1#$N$,
&+6%', 8'1.*', 56$%&$ ' /+- +J+- 9$/ $->$8&'9+6 8+%1+N*9+, 8+%1+8*+%'9+, 0 8+%N$6&*9+
'O+6' $% '/=+ 1;- &6'-8$%9$%&$ (#$ #%' 1'J'9' (#$ -*$1>6$ -$ 6M$ 9+%9$ %+ 9$.$ 0 &+-$ $%
/'- >'#-'-< K 2 (#3 -*=%*5*8' %&"/&+*-&
%&"/&+*-& @(#3
 @(#3 $- %&"T/&%*&"#-&T
%&"T/&%*&"#-&T,, -*%+ /&+*-& %&"h
%&"h R- 9$-9$
/' '88*7%, @0 -# 1+&+6, $/ 8+%5/*8&+@ (#$ $/ $->$8&'9+6 $- >+6&'9+ '/ $->'8*+ 9$ -# >6+>*'
$1+8*7%<

S$6+ 1#8O+ 1;- '#% (#$ $/ $5$8&+ $X&$6%+, =#'69' /' '88*7% 8+1+ 5$%71$%+ *%&$6%+

>'6' $/ &6'.'J+ 9$/ 96'1'&#6=+, 8+1+ 5#%8*7% 86$'&*N' 1*-1'< )'- *1;=$%$- *%*8*'/$- 9$ /'
>*$F' 6'6' N$F 8+%&*$%$% #% 8+%5/*8&+ 8/'6+, + #%' /M%$' 9$ '88*7% >6$8*-'< S$6+ -#8$9$ (#$
-*% $//+ $- N$69'9$6'1$%&$ 9*5M8*/ 8+1$%F'6< R/ 96'1'&#6=+ '>$/' $%&+%8$- ' #%' 9$ /'-
$-&6'&$=*'- &6'9*8*+%'/$-, (#$ $- /' $/$88*7% 9$ /' :*)6#%*Q"I
:*)6#%*Q"I #%
 #% 8+%&$X&+ 9*%;1*8+, 9*='1+-,
8'>'F 9$ +./*='6 ' /+- >$6-+%'J$- ' 1+N*/*F'6-$ 8+1+ &'/$-< Z-M 8+1+ /' //#N*' $- 6$-#/&'9+ 9$
/' 8+%9$%-'8*7% 9$/ N'>+6 9$ '=#' -+.6$ #%' >'6&M8#/' 9$ >+/N+ -+.6$ /' (#$ -$ 8+%N*$6&$ $%
=+&', 0 8'$ >+6 -# >6+>*+ >$-+, /' :*)6#%*Q"
:*)6#%*Q"   &*$%$ $/ >+9$6 9$ 8+%9$%-'6 -+.6$ $//' ' /'-
N'>+6+-'- *1;=$%$-, (#$ 'O+6' -M, 1;- >'/>'./$-, /M(#*9'-, 8'$% >$68*.*./$- >'6' $/ 86$'9+6<
I*$1>6$ $-&#N*$6+% '//M, >$6+ -*% -*&#'8*7% (#$ /'- 8+%9$%-$ %#%8' O#.*$6'% 8'1.*'9+ $/
8'6;8&$6< S$6+ %+ .'-&' -*1>/$1$%&$ $-' //#N*', $-$ *%*8*+, '#%(#$ -$' &+66$%8*'/, >'6' O'8$6 @

N'/=' /' >'6'9+J'@ #% )&,,'")'

)&,,'")'<< 2 $-+ $- -*% $1.'6=+ /+ (#$ %$8$-*&'1+- /+- 96'1'&#6=+-
86$'6< I#8$9$ (#$ /'- '=#'- -+.6$ /' &*$66' %*N$/'9' &*$%9$% ' $X>'%9*6-$ >/;8*9'1$%&$, '
O'8$6 8O'68+-, $1.'/-'9+-, '=#'- $-&'%8'- (#$ -* %+ $%8#$%&6'% #%' >$%9*$%&$ //$='6;% @$%
$/ 1$J+6 9$ /+- 8'-+-@ ' $%+61$ /'=#%'< S$6+ O$ '(#M (#$ -*% 8+66*$%&$, -*% 6;>*9+-, $- 1#0
>*$F'< 9Z*Z? )' *%9'='8*7% 96'1;&*8', $/ 9$-8#.6*1*$%&+ 9$ /'- 5#$6F'- (#$ -$
9*5M8*/ (#$ O'0' >*$F'<9
1#$N$% $% $/ 1#%9+ *1'=*%'6*+, $- J#-&'1$%&$ $/ O'//'F=+ 9$ '(#$//' >$%9*$%&$ (#$ @8+1+
$% 8#'/(#*$6 -*-&$1' OM96*8+@ $%8'1*%$ ' /'- //#N*'- *%*8*'/$- 9$ *1;=$%$- O'8*' -# 9$-&*%+ 9$
8#$%8' '/ >6*%8*>*+B 9$ 8'#8$ /#$=+B 0 9$ 9$-$1.+8'9#6' '/ 5*%'/<

 
=8
 

I* $- N$69'9 (#$ &+9'- /'- >'/'.6'- $-8+%9$% #% N$6.+L 0 -* $- 8*$6&+ (#$ %#$-&6'
'/(#*1*' $- 8+%N$6&*6 $-$ N$6.+ $% 8'6%$B /' >*$96' 9$ &+(#$, /' >*$96' 5*/+-+5'/, %+ $- +&6'
(#$ /' '88*7%, 0 -# 1;(#*%'L $/ 8+%5/*8&+<

Z-M $%8'1*%'9' %#$-&6' *1'=*%'8*7% >+6 $-'- 5#$6F'- (#$ /' '66'-&6'%, >+6 -#

8+66$%&'9', 9$-8#.6$ $/ 96'1'&#6=+ (#$ /' *":(*,#%*Q"

*":(*,#%*Q"   $- $% 6$'/*9'9 #%' 
#%'  #:(*,#%*Q"<
#:(*,#%*Q"< V%
9$-$+ *1>/'8'./$ 9$ *6 O'8*', (#$ $- $/ (#$ +69$%' @$% -# 9+./$ '8$>8*7% 9$ O#%', &,-'",
&,-'", 0
/#"-#,@,
/#"-#, @, $/ (#$ &*6' 9$/ 8'66+, 0 O'8$ 9$ .6?J#/' ' /' N$F< E*$%&6'- $/ 8+%5/*8&+ =$%$6$ -#
>6+>*' %&,,*'")'I $-&' -$6; /' $%$6=M' (#$ //$N$ &+9+ '9$/'%&$ 8+% N$/+8*9'9 0 >+&$%8*'
'617%*8'< I* $-' 8+66*$%&$ 9$-'>'6$8$ '/ '#&+6 -+/+ /$ 6$-&' /' '>$/'8*7% '/ 6$8#6-+L $- '8;
9+%9$ '>'6$8$% /+- 6'0+- 9$/ 8*$/+, /+- ]'6Z 'Z /#%O*"#3 )'
/#%O*"#3 )' %#6:#.*-#-
%#6:#.*-#- $-
 $- 6$$1>/'F'9' >+6
/' %#:6#.*-#-A

Z-M 8+1+ 6$-#/&' 9*5M8*/ $X>6*1*6 #%' %'6'%J' 8+% /' 1'%+, 0 &+9+ -$ 5'8*/*&'
1;=*8'1$%&$ 8#'%9+ 8+%&'1+- 8+% $/ '88$-+6*+ 8+%&6' $/ 8#'/ $-&6#J'6/', $/ 1#%9+ 9$

*1;=$%$- 9$/ '#&+6 &$'&6'/ 6$(#*$6$ 9$ #% +.J$&+ -7/*9+ (#$ /'- N*+/$%&$< R/ 8+%5/*8&+, $- >'6'
%+-+&6+- $-$ $X>6*1*9+6, 8+%&6' $/ 8#'/ &$61*%'% 9'%9+ /'- *1;=$%$- O'-&' /' ?/&*1' =+&' 9$
J#=+<

4&: (6")&: -' *"C.'Z*Q"A 

*"C.'Z*Q"A 
V% >#%&+ 9$ *%5/$X*7% $- '(#$/ @>'6' /' =$+1$&6M'@ $% $/ (#$ #%' 8#6N' 8'1.*' -#
-$%&*9+< R/ /#='6 >6$8*-+ $% $/ (#$ #%' /M%$' (#$ N*$%$, >+6 $J$1>/+, 8#6N;%9+-$ O'8*' /'
9$6$8O', >'-' ' 9+./'6 ' /' *F(#*$69'< Z-M, $% /'- %+61'/1$%&$ 6#&*%'6*'- 8*68#%-&'%8*'- 9$
#%' N*9', -#$/$% '>'6$8$6/$ /'- #.)',"#)*+#:3
#.)',"#)*+#:3   V% '9+/$-8$%&$ 8#0+ 9$-&*%+ >'6$8$ -$6 $/ 9$
8'-'6-$ 8+% #%' %*4' ' /' (#$ '1', 8+%+8$ $% #%' 5*$-&' +&6' 9$ #%' 5'1*/*' 6*N'/ 0 -$

$%'1+6' >$69*9'1$%&$ 9$ $//'< V%' 1#J$6 (#$ N*N$ >/;8*9'1$%&$ -# 1'&6*1+%*+ 8+% #%
>+/'8+ N*=+6+-+, 6$8*.$ /' -+6>6$-*N' N*-*&' 9$ -# O$61'%' @'/*$%'9'@ (#$ 9$-8'/'.6' &+9+<
"#'/(#*$6 5+%&'%$6+ N#/='6 -'.$ (#$ /+- 8+9+- -+% /+- /#='6$- 9$ /' 8'4$6M' 9+%9$ 1;- -$
'8#1#/' /' -#.-&'%8*'< A'1.*3% >'6' %+-+&6+- /+- 96'1'&#6=+- $-&+- 8+9+-, $-&+- >#%&+- 9$
*%5/$X*7%, -+% >#%&+- 9$ '8#1#/'8*7% 9$ 1'&$6*' 96'1;&*8', 0 >+6 -# 8'6;8&$6 9$ /&/'")&:
),#":*%*&"#.':,, ='6'%&M' -$=#6' 9$ '88*7%< "#'%9+ 8+%&'1+- /' N*9' 9$ '/=#*$% $% &6$*%&'
),#":*%*&"#.':
>'/'.6'-, /+ (#$ O'8$1+- $% 6$'/*9'9 $- 6$-#1*6/' $% -#- >#%&+- 9$ *%5/$X*7%< I#- 1+1$%&+-
N*:#=,#A S+6 $-' 8#'/*9'9 1$&+%M1*8', >+6 $-' 8'6'8&$6M-&*8' %&26")6,#.
%&26")6,#.,, /'- $/$=*1+-
ZZ
J#-&'1$%&$ /+- '#&+6$- 8+1+ O$66'1*$%&' 1#/&*5#%8*7%<9
1#/&*5#%8*7%<9 ? 

 
=:
 

2 &$61*%+, 8+% $-&+, 9$ 6$5$6*61$ '/ 5$%71$%+ 9$ '88*7%< Z 8+%8*$%8*' 9$ O'.$6

-+.6$N+/'9+ '>$%'- $/ &$1', 0 9$ (#$ $/ '-#%&+ 9' >'6' #% &6'&'9+ $% -M 1*-1+< R/
1$8'%*-1+ @-*% 9#9'@ 1;- -*%=#/'6 9$ /' 8+%-&6#88*7% &$'&6'/< V% O$8O+ 9$ 8'6;8&$6 ' N$8$-
1$&'5M-*8+, (#$ -$ N#$/N$, $% +&6'-, $/ #&$%-*/*+ 1;- >6;8&*8+ 9$ /' 8+8*%'<

_'(,&-6%%*Q" 2 %,E# -'. (',:&"#5' )'#),#.A 

)'#),#.A 
!@6 $, .#'=$# &#%&%='$6&/ &$60% ,% '=.#$+'36 )$ 9?$ $, ;#%)/ )$ '6&'=')%) % 9?$ 7%80%
,,$;%)/ -/6 ='+ .$#+/6%<$+ $#% $, 9?$ +$ /8&'$6$ $6 ?6 ('%<$ $6 &#$6V 6/+ 7$=/+ -/6/-')/ 1
7$=/+ -7%#,%)/ +/8#$ $+&/ 1 ,/ /&#/2 @6 $, +$;?6)/222 1% -/6/M-/ % ='+ .$#+/6%<$+ -/=/ ?6/
./)#0% -/6/-$#,/+ ,?$;/ )$ (%#'%+ +$=%6%+ )$ .$#=%6$6-'% $6 ?6%+ &$#=%+V 7$ ,,$;%)/ % $+&%#
%, &%6&/ )$ ,/+ #%+;/+ 5?6)%=$6&%,$+ )$ +?+ -%#%-&$#$+> %+0 -/=/ &%=8'G6 )$ +?+ .$9?$L/+ &'-+>
%?69?$ &/)%(0% $+ ./+'8,$ 9?$ $+&G $9?'(/-%)/ %-$#-% )$ %,;?6/+ %+.$-&/+ $+$6-'%,$+2 @6 ,%
Y,&'=% ($#+'36> ,,$;/ ./# 5'6 %, ,0='&$ )$ ='+ -/6/-'='$6&/+V -/6/M-/ % ='+ .$#+/6%<$+ ,?$;/ )$
?6% $+&#$-7% 1 ,%#;% '6&'=')%)V +/6 ='+ %=';/+ 06&'=/+ 1 6/ =$ )$5#%?)%#I62 ^/> ./# =' .%#&$>
,/+ ($#G +'$=.#$ -/=/ ,/+ ($/ %7/#%2! )' UN:'",9ZZ*? $ */#1*%' 8+% /#F 8/'6'
%7/#%2!  )' 8*&' $- 9$ <'",*H UN:'",

$-' 1'%$6' >'6&*8#/'6 (#$ &$%$1+- /+- 96'1'&#6=+- >'6' >$%$&6'6 $% /' N*9' 9$ %#$-&6+-
>$6-+%'J$-< R-$ 6$8+66*9+ $->*6'/'9+ (#$ 8+1$%F'1+- $% /' >$6*5$6*' 9$/ 8'6;8&$6, $% -#
1$6' 9*1$%-*7% 5M-*8' ' N$8$-, 0 (#$ N' 'N'%F'%9+ O'8*' '9$%&6+ O'-&' '/8'%F'6 $/ %?8/$+, -#
1$+//+< R% -# *%*8*+, /+- >$6-+%'J$- -#$/$% '>'6$836-$%+- ' /+- '#&+6$- 8+1+ $-5$6'-
>$65$8&'-, 0 9$ 6#&*%'6*' O+1+=$%$*9'9< V%' .+/' *=#'/ ' -M 1*-1', -$ /' */#1*%$ 9$ 9+%9$ -$
/' */#1*%$< C#$-&6+ &6'.'J+, $/ >'#/'&*%+ &6'.'J+ 9$ 8+1>+-*8*7%, %+ $- +&6+ (#$ $/ 9$ *6
5'8$&'%9+ $-' $-5$6', &'//'6 $% $//' 5'8$-, 8'6'-, (#$ 6$5/$J$% 'O+6' -# /#F 8'9' #%', 9$-9$ #%
;%=#/+ >6+>*+ 0 9*5$6$%&$<

S$6+ 8/'6+ $-&;, $/ >$6-+%'J$ %+ $- #%' 1'(#*%'6*' ' /' (#$ >+9'1+- 9*-$4'6

>6$N*'1$%&$, %* (#$ -+>+6&$ $/ '6&*5*8*+-+ >6+8$-+ 9$ *-'")*H*)A

*-'")*H*)A A'1.*3%
 A'1.*3% $/ >$6-+%'J$, 8+1+
.#$%' >'6&$ 9$ /+ (#$ N$%*1+- '(#M -+-&$%*$%9+, :' O#%' # :E /*:/&<
/*:/&< \\ Z,;/
 Z,;/ +$ =?$($ ./#9?$
-/6&'$6$ ?6% -/6&#%)'--'36!> -+-&$%M'
-/6&#%)'--'36!> -+-&$%M' <'='.
<'='.,, (#$ '/=+ -'.M' 9$/ '-#%&+< R/ 1+N*1*$%&+ 9$ #%
'#&+17N*/, -*% *6 1;- /$J+-, $- -*1>/$1$%&$ $/ 6$-#/&'9+ $%&6$ $/ 9$-$+ $X>'%-*N+ 9$ /+-
='-$- 9$ /' ='-+/*%' $%8$%9*9+- >+6 #%' 8O*->', 0 /' 8+%&6'9*88*7% 8+1>6$-+6' 9$/ >*-&7%
6$>/$='9+ $% -# 8*/*%96+< Z-M 8+1+ -*% $-' 8+%&6'9*88*7% '(#$//' 8+1.#-&*7% -$6M' -+/+ #%'
$X>/+-*7% '/ '*6$, -*% $5$8&+ 9*%;1*8+ %*%=#%+, #% >$6-+%'J$ -*% $//' @-*% -# 8+%&6'9*88*7%@ $-
#% N$OM8#/+ *%17N*/ $% 1$9*+ 9$ #%' 6#&' @$/ '6=#1$%&+@ $->$6'%9+ /' =6?' 1*/'=6+-' (#$ /+
'66'-&6$ O'-&' /' >67X*1' $-8$%'< 2 $-$ '#X*/*+ @' 5'/&' 9$ >+&$%8*' >6+>*'@ -7/+ -$ /+ >#$9$%
.6*%9'6 /+- 9$-$+- 0 8+%5/*8&+- 9$ /+- 9$1;- >$6-+%'J$-<

 
=3
 

_$-8#.6*6 /' 8+%&6'9*88*7% $- $%8$%9$6 $/ 1+&+6 9*'/38&*8+ 9$/ >$6-+%'J$< R/ ?%*8+ (#$
/$ >$61*&$ #%%*&"#,
#%%*&"#,   >+6 -M 1*-1+, 0 $/ (#$ /+ &6'%-5+61' 1*/'=6+-'1$%&$ $% 6$5/$J+ @5*$/ +
9*-&+6-*+%'9+, 9$ '8#$69+ ' &+%+, =3%$6+ + $-&*/+@ 9$ /' 86*'&#6' O#1'%'< )' S/&,N*-'DD#S
S/&,N*-'DD#S,,
/' -$%-'8*7% 9$ N*9' (#$ 9$-N$/'.' '/ >*%&+6 8/;-*8+, &*$%$ $% /' >*%&#6' 96'1'&?6=*8' $-$

-$86$&+ 9$ '&$/*$6 (#$ $-&; >6$-$%&$ $% &+9+- 0 8'9' #%+ 9$ /+- =6'%9$- >$6-+%'J$- 9$/
&$'&6+< "/'6+ $-&; (#$ 8*$6&+- 8'6'8&$6$-, >+6 6$(#$6*1*$%&+ 1*-1+ 9$ /'- >6+>+68*+%$- 9$
8+1>+-*8*7% $X*=$% #% &6'&'1*$%&+ 1;- $-5#1'9+, -+% 1;- 5+%9+ (#$ 5+61', '-M 8+1+ '
+&6+-, /$- O' '=6'%9'9+ $/ '6&*-&' /+- 6'-=+- >'6' 9$-&'8'6 #%+ # +&6+< S$6+ 8#'%9+
+.-$6N'1+- ' /+- =6'%9$- >6+&'=+%*-&'- 9$ /' /*&$6'&#6' 96'1;&*8', 9$-8#.6*1+- $% &+9+-
$//+- $-$ $/$1$%&+ 8+1?%L /' >+9$6+-' '%&*%+1*' *%&$6%' (#$ /+ 9+&' 9$ 9*%'1*-1+, 0
+6*$%&' $/ -$%&*9+ 9$ -#- >'-+-<

"+%+8$6 /' *%&*1*9'9 9$ '/=#*$%, 8+1+ UN:'"

UN:'"   >6+>+%M', %+ -#$/$ &$%$6 1;- -$86$&+
(#$ $/ 9$ 8+%+8$6 @%+ $/ 9$-$+, (#$ -#$/$ -$6 *%9*-*1#/'./$ 0 >+6 /+ &'%&+ $X&$6*+6@ -*%+ /+

*")':)*"&3 -# >6+5#%9' 8+%&6'9*88*7% *%&$6%'< 2 -7/+ 8+% $-$ =6'9+ 9$ 6$8+%+8*1*$%&+

*%&$-&*%+ >+96$1+- &6'N$-&*6%+- $% $-$ 8#$6>+ 8+1+ $- 8+%9*8*7% 1*13&*8' *%-+-/'0'./$ 9$/
96'1;&*8+<9ZZ**? 
>+$&' 96'1;&*8+<9

Z-M, 1;- (#$ .#-8'6 $/ 9$-$+, $/ +.J$&*N+ 9$ 1*- >$6-+%'J$-, (#$ -#$/$ '>'6$8$6
$->+%&;%$'1$%&$ $% -# >6*1$6 '88*+%'6, O$ '>6$%9*9+ ' .#8$'6 $% -# 1#%9+ 9$
8+%&6'9*88*+%$-, -#- 8+%5/*8&+- *%&$6%+- (#$ 8+1>6*1'% 9$ &'/ 1'%$6' '(#$/ 9$-$+ (#$ @
8#'%9+ /' $X>/+-*7%@ /+- &6'%-5+61$ $% *%$N*&'./$1$%&$ 9*%;1*8+- 0 O#1'%+-<

;#,# )',/*"#,A 
)',/*"#,A 

S$%-'6 $% #% ?/&*1+ 8+%-$J+ 8+% $/ (#$ 8$66'6 $/ &6'.'J+ 1$ -#1$6=$ *%$N*&'./$1$%&$

$% #% 8O'68+ 9$ 1+6'/*%' 9+%9$ -$ 1$ '1'-'% 8*$%&+- 9$ 8+%-*9$6'8*+%$- 9*-&*%&'-< S$6+ -*
9$.+ -'8'6 9$/ 5'%='/ #%', ?%*8', *%9*->$%-'./$, 0 -*% /' 8#'/ -*$%&' (#$ $/ 96'1'&#6=+
9*5M8*/1$%&$ '/8'%8$ /' >/$%*&#9 9$ -# 86$'8*7%B $/*J+ -*% /#='6 ' 9#9'- /' 6$8+1$%9'8*7% 9$
8W__7^U_<<
8W__7^U_

:'8$ #% &*$1>+ N* $% #% 8'%'/ 9$ 9+8#1$%&'/$- #%' >$/M8#/' -+.6$ /'- 8+-&#1.6$- 9$

#%' &6*.# *%9M=$%', (#$ 1$ 1+N*/*F7 -+.6$1'%$6'< V% >#$./+ 9$ 8'F'9+6$- 8#0'
'/*1$%&'8*7% O'.*&#'/ $6' /' 8'6%$ 9$ 1+%+< Z%*1'/$- (#$ 8'F'.'% 9$ 1'%$6' &'% 8#6*+-' 0
'/$88*+%'9+6' 8+1+ >'6' 1$6$8$6 -# 5;.#/' >6+>*'< Z>6+N$8O'%9+ /' >6+N$6N*'/ 8#6*+-*9'9

 
=<
 

9$/ -*1*+, >6'8&*8'.'% $-&6$8O'- 0 >6+5#%9'- >$65+6'8*+%$- $% /' 6+8' (#$ //$%'.'% ' /' N*-&'
9$ /' 1+%'9' 8+% %#$8$- 0 +&6'- 9$/*H'&$--$%< Z>$%'- -$ '/$J'.'% 9$/ /#='6, /+- 1*8+- -$
'66+J'.'% 8+% 'N*9$F -+.6$ /'- O$%9*9#6'- 0 1$&M'% /+- .6'F+-, >6+5#%9'1$%&$ O'-&' /'
8+1*9', 0 &+1;%9+/' ' >#4'9+- &6'&'.'% 9$ $X&6'$6/' 9$ /+ O+%9+ 9$ /' >*$96'< S$6+ O$ '(#M
(#$ /'- 1'%+-, (#$ N'8M'- $%&6'.'% >$65$8&'1$%&$ $% $/ &#.+, //$%'- %+ $%8+%&6'.'%

1'%$6' 9$ -'/*6 >+6 -# .+8' $-&6$8OM-*1'< :#1'%+*9$- '/ 5*%, /'- .$-&*'- &$%M'% /' *%&$/*=$%8*'
-#5*8*$%&$ 8+1+ >'6' '='66'6, >$6+ %+ /' &$%M'% >'6' 9$-$8O'6, >'6' -'.$6 -+/&'6 ' &*$1>+, 0
8+% =6*&+- 9$-$->$6'9+- &*6+%$'.'% *1>+&$%&$-, O'-&' (#$ $/ ='66+&'F+ 8$6&$6+ 9$/ 8'F'9+6
/+- >6$8*>*&'.' ' -# 9$-&*%+ *%1*%$%&$ 9$ >'66*//'9'<
Z-M, $% &'%&+- '4+- 9$ 96'1'&#6=+ O$ N*-&+ 9+6'6-$ ' /'- .6'-'- 1#/&*&#9 9$ '#&+6$-,
(#$ >+6 %+ -'.$6 &*6'6 '/ 8$-&+, >+6 %+ -'.$6 '.6*6 /' 1'%+ ' &*$1>+, &$61*%'6+% '/ '-'9+6<
C#%8' $%&$%9M >+6(#3 $/ '8&+ 9$ 8+66$=*6 (#$ $- *1>/M8*&+ $% /' 1'0+6M' 9$ /'- '6&$-, -#$/$
-$6 &'% 6$-*-&*9+ >+6 (#*$%$- -$ '8$68'% ' /' 96'1'&#6=*'< W'-&' 1*6'6 $/ &6'.'J+ 9$/ '8&+6,
>'6' 9$-8#.6*6 8+1+ &+9' -# 9*'/38&*8' 9$ &6'.'J+ -$ .'-' $% >6#$.' 0 $66+6< R/ $%-'0+
&$'&6'/, %+ $- +&6' 8+-' (#$ #% $->'8*+ >'6' $(#*N+8'6-$ $% 8'1*%+ '/ '8*$6&+< "#'%9+ N$1+-

' #% >*%&+6 -+.6$ /' &$/', +.-$6N'1+- (#$ 8'9' >*%8$/'9', /$J+- 9$ 6$->$&'6 /+- /M1*&$- 9$ /'-
'%&$6*+6$-, /'- *%N'9$, /'- 8#.6$, /'- 1+9*5*8', 9$ 1'%$6' &'/ (#$ >+96M'1+- //$='6 ' >$%-'6 '
8+66$=*9+-< 9ZZ***? C+ '/8'%F'6M'% /+- /M1*&$- -$%-'&+-
#% 8#'96+ 8+1+ ' #%' -#1' 9$ $66+6$- 8+66$=*9+-<9
9$/ '>3%9*8$ 9$ %+&'- 9$ $-&$ &6'.'J+ >'6' &6'%-86*.*6 /' 1#/&*&#9 9$ $J$1>/+- -+.6$ $/
1$&*8#/+-+ &6'.'J+ 9$ 8+66$88*7% 9$ /+- '#&+6$- 8+%-'=6'9+-< A6$-, 8*%8+, +8O+ N$6-*+%$-
9*5$6$%&$- O'8$% ' N$8$- ' #%' >*$F' &$61*%'9', 0 +&6' 1;-, -$=#6'1$%&$, 8#'%9+
$%56$%&'9+- ' -# >#$-&' 9$-8#.6*1+- +&6+- $66+6$-, + >+-*.*/*9'9$-, $-8+%9*9+- &6'- /'
1'6'4' /*&$6'6*'<

Z>6$%9$6 ' 8+66$=*6 $- '>6$%9$6 &'1.*3% ' %+ &$1$6 '/ $66+6, 0 $-' '#9'8*' @

>'6'97J*8'1$%&$@ $- =$%$6'9+6' 9$ $->+%&'%$*9'9< o#*$% 1;- 8+%5M' $% /' 8+66$88*7%

>+-&$6*+6 $- (#*$% 1;- -$ '66*$-=' 5#$6' 9$ /+- -$%9$6+- +.N*+- 9$ /+ 8+%8$>&#'/< I*% $-$
6*$-=+, -*% $-' '#9'8*' >'6' 8+66$6 $% /+ +-8#6+, /' $-86*&#6' &$1$6+-' 9' 8#$%&' -*$1>6$ 9$/
>*-'9'<9ZZ*+? 
&6'%8+< C+ O'0 5/#*9$F, %+ O'0 '%9'6, -*%+ >*-'9'<9

2 8*$66+ '(#M $-&$ &6'.'J+< D%-&'%9+ @>'6' &$61*%'6@ '/ '>6$%9*F 9$ 96'1'&#6=+ '
'-#1*6 8+1+ >6+>*+ $/ 8+1>6+1*-+ (#$ $/ &$'&6+ %+- $X*=$ 8'9' N$F 1;- ' (#*$%$- N*N*1+-
$% $/L -# >6+>*' 8+%-$6N'8*7%< )' /#8O' >+6 -+-&$%$6 $-&$ $->'8*+ >+3&*8+ 8+%&6' N*$%&+ 0
1'6$'< )' 8+1>6$%-*7% 9$ (#$ /' $-8$%' $- '/=+ 1;- (#$ #% 1$6+ 6$8#6-+ $X>6$-*N+< o#$ $%
$-&' -+8*$9'9 -'8*'9' >+6 1$9*+- 9$ $X>6$-*N*9'9 6#1.+-'L /' 6$'/*9'9 N*6&#'/, /' 8'66$&$6'

 
>6
 

*%5+61;&*8', $/ -?>$6 8*%$ 9$ $5$8&+-, /+- J#$=+- 9$ -*1#/'9+6, + /' 5#='8*9'9 $5M1$6' 9$ /'
*1'=$% 0 $/ *%-&'%&$, 56'=1$%&'9+- $% $/ F'>>*%= >+6 8*$% 8'%'/$-B (#$ $% #% >'%9$1+%*#1
'-ML $/ &$'&6+ $- #%' 9$ /'- ?/&*1'- F+%'- 9$ >6$-$6N'8*7% 9$ /' '8&*N*9'9 >+3&*8'< V%+ 9$ -#-
?/&*1+- S'6(#$- C'8*+%'/$-< V% 8+&+ 9$ $1+&*N*9'9, #%' 6$-$6N' %'&#6'/ 9+%9$ -$ >6$-$6N$
>'6' =$%$6'8*+%$- 5#&#6'- %'9' 1;- 0 %'9' 1$%+- (#$ '(#$//' 8#'/*9'9 -$%-*./$ 9$/

$->$8&'9+6, (#$ -$ >*$69$ *%$X+6'./$1$%&$ >+6 9$-#-+, 8+1+ -#8$9*7 '/=#%' N$F 8+% $/
6'.+ 9$/ '%*1'/ O#1'%+< !B%6 ($#;/6M/+/ $+ 6/ +%8$# $6;%L%# 8'$6> -/=/ $, 6/ )$<%#+$
$6;%L%# +$6+'8,$=$6&$!, ;.6)#,%&<<9ZZ+? _$5$%9'1+- '/ >?./*8+ @'/ O#1'%+@ 9$/ 6*$-=+ 9$
+$6+'8,$=$6&$!, 9$8M' ;.6)#,%&
9$-'>6$%9$6 $-' -$%-*.*/*9'9 5'%&;-&*8'< V%' 5+61' 9$ '0#9'6/+ ' 8+%-$6N'6 $-' 8+/' '%&$-
(#$ -$ 8'*=' >+6 *%?&*/, 0 -7/+ (#$9$ 9$ $//' #% $-8'/+56M+ $% /' $->'/9' 8'9' &'%&+<

>#6,*%*& 1#,)6" 
1#,)6" 

 
>=
 

R;7\]U87  
R;7\]U87

l. Dks quo ogsoýmg irmemturjlm slg osarlnlrdm eo roauorimg m dks quo pundlamg dlnrks sknro

ll. Yc. ^lnkt -quo ym og od sljdk pmsmik ostuilñ od hogñeogk og prkhugilimi- y quo akg
Jkurlmg y su Ycokrlo io d'lgvogtlkg  os od pmiro iod Vogsmelogtk Dmtormd,  quo cky mdjugks
mvlvmiks vogiog akek gkvoimi, so rohlrlñ md toem akg mjuiozm2 "Osm hkrem io dm lemjlgmalñg
aromikrm, clbm proildoatm io dm sogsmalñg, suodo prosogtmrso iosguim io osm ktrm soýmd lgtorlkr
quo vlogo iod sogtlelogtk, quo m voaos dm makepmým suporhlalmdeogto. Vork tmenlìg kaurro quo
dks iks odoeogtks, sogskrlmd y mhoatlvk, somg ljumdeogto pkiorksks0 cmy m dm voz vlslñg lgtogsm y
 pdogm io dm romdlimi, y dm oekalñg prkhugim k dm smauilim vlkdogtm0 ogtkgaos surjog dks
lemjlgmtlvks oxaopalkgmdos akek Qcm`ospomro."  Dm lemjlgmalñg aromikrm. Emirli, =<6=.  

ll
llll . Vmrm akepogsmr od sknrousk io Qcm`ospomro quo vogjk cmalogik dos tlrk ug Gold Qlekg
quo eo vlogo bustk2 "Gugam vlsumdlzk añek so vorí ugm knrm og dm osaogm, slgk quo vlsumdlzk
añek so vo og dm vlim. Xlsumdlzk osm cmnltmalñg ikgio dm emiro ostí akgskdmgik md pmiro. _gk
vo m tmgtks osarltkros akg dm elrmim porilim og od ospmalk. Gk os quo ostìg vlogik gmim, slgk quo
ostíg vlsumdlzmgik dk quo plogsmg."
plogsmg." ^opkrtmbo io Vmrås ^ovlow, =<<>. 
lv. Qaclddor, altmik pkr Glotzsaco, skstogåm quo su aromalñg so ionåm ospoaåhlameogto m ugm
ilspkslalñg euslamd2 "Dm poraopalñg so vorlhlam og eå prleormeogto slg knbotk admrk y iohlglik0
osto so hkrem eís tmrio. _g ostmik io mdem euslamd do proaoio y ogjogirm og eå dm liom
 pkìtlam" . H. Glotzsaco. Od krljog io dm trmjoilm. 
Os quo od rltek rosudtm pmrm od aromikr mdjk eís quo ugm mdtorgmgalm porauslvm. Mdjk eís
quo tloepk ilvlilik og pkralkgos. Ilao md rospoatk Katmvlk Vmz2 " Od " Od rltek prkvkam ugm
oxpoatmalñg, susaltm ug mgcodmr. Ql so lgtorruepo sogtleks ug ackquo. Mdjk so cm rktk. Ql
akgtlgòm, ospormeks mdjk quo gk maortmeks m gkenrmr. Od rltek ogjogirm og gksktrks ugm
ilspkslalñg io íglek quo sñdk pkirí amdemrso aumgik sknrovogjm "mdjk". Gks akdkam og matltui
io osporm. Qogtleks quo od rltek os ug lr cmalm mdjk, mugquo gk sopmeks quì puoim sor oso
mdjk".
mdjk". Od mrak y dm dlrm. Oi. Hkgik io Audturm Oakgñelam. =<?8.  

v. Jmraåm Eírquoz auogtm quo su Ktkýk iod pmtrlmram huo lghdulik pkr ugm elxturm euslamd
io Nodm Nmrtk` y rlteks pkpudmros amrlnoýks. "Dm eozadm togåm quo sor -ilao-  slg roeoilk,
oxpdkslvm".  
oxpdkslvm".

vl. Qknro od toem suogm lgtorosmgto dk quo do akghlosm Yke Qtkppmri  m Yco Vmrås ^ovlow 
(=<33)2 "Gk pdmgok od mrjueogtk mgtos io oepozmr, skdk cmjk ug nksquobk jogormd. Dm knrm
amenlm aumgik ugk dm osarlno. Dm ilhlaudtmi os smnor auígik oepozmr2 os akek od cuovk k dm
 jmddlgm... ugk gk smno quì vm m osarlnlr cmstm quo gk oeplozm, y gk puoio oepozmr cmstm gk
 smnordk."  
Ymenlìg pmrm Yco Vmrås...  pork ikao mýks mgtos ioadmrmnm md rospoatk Cmrkdi Vlgtor2
"...osarlnk og ug ostmik euy lgtogsk io oxaltmalñg y hrustrmalñg. Qljk dk quo vok og od pmpod mgto
eå... ugm krmalñg trms ktrm. (...) Dm lemjog lglalmd gk ogjogirm skdmeogto dk quo kaurro
 
>>
 

lgeoilmtmeogto, slgk quo ogjogirm dm pkslnldlimi io ug makgtoalelogtk jogormd, quo os dk quo

eo cmao mvmgzmr. Yogjk ugm liom io dk quo  pkiråm kaurrlr. M voaos ostky mnskdutmeogto og dk
alortk, pork og euacms kamslkgos so eo cm ioekstrmik ostmr oqulvkamik pkr dk quo kaurro
romdeogto. M voaos sljk miodmgto y eo iosaunrk osarlnlogik "Ogtrm A." aumgik og romdlimi gk
 smnåm quo ìd lnm m ogtrmr2 togåm quo ogtrmr og oso pugtk, osk os tkik."  
Vmrm akepdotmr trmgsarlnk mquå akgaoptks io Mrtcur Elddor md elsek eoilk (=<88) "...io
ropogto oeplozk m osarlnlr ilídkjks quo akelogzmg io mauorik m dk pdmgomik pork quo duojk so
iosvåmg cmalm mdjk quo gl slqulorm so eo cmnåm kaurrlik. Os akek ug rodíepmjk, supkgjk. Og
mdjòg dujmr lgtorgk ugk tlogo ugm knrm, y iono ospormr cmstm quo pmso mgto sus kbks."  

vll. Dm Amgtorm Lgtorlkr. Dm akgqulstm iod sogtlelogtk pdístlak. Corlnortk Rkrrlddm y

Codogm Ilstìhmgk. Vdmgotm, =<<>.

vlll. Dokgmrik Im Xlgal. Ilmrlk. Oi. Mustrmd. 

lx. Od eugik irmeítlak io Yoggosso Zlddlmes. H. Ikgmcuo. Oi. Ilmgm, Eìxlak, =<8:. 

x. "...ugk amelgm pkr od nksquo slg ug auaclddk, slg nròbudm. Vork sl dks prkplks lgstlgtks skg
nuogks, sl so tlogo mdjòg sogtlik io dm jokjrmhåm, ugk iosaunro quo ostí mnrlogik ug amelgk quo
vm md dujmr mioaumik. Ql so prkiuao od eldmjrk, ugk ddojm md elsek dujmr md quo quoråm ddojmr .
 Vork akg hroauogalm cmy quo vkdvor md prlgalplk iod nksquo y vkdvor m mtrmvosmrdk
m trmvosmrdk ilalogik" Hul
 pkr mddå. Os ug amelgk slg smdlim". Qo roakrrog ktrks ruenks, mrrlnm y mnmbk. Og od amelgk so
akgkaog guovks meljks, porskgms m dms quo ugk gugam skýñ akgkaor. Od amelgk gks ddovm m ug
eugik md quo gk pogsínmeks lr md oepozmr dm knrm. Dm knrm puoio cmnor oepozmik akg dm
lgtogalñg io sor ugm akeoilm, y io prkgtk ugk ddojm m ug dujmr io tmgtm prkhugilimi quo dk
 skrprogio."  Gold Qlekg. Kp. Alt. 

xl. Iod dmtåg Vklotm

dmtåg Vklotm.. Yke. iod jrlojk Vklotos
jrlojk Vklotos22 Cmaoikr. Aromikr.

xll. Mpugtos sknro Qcm`ospomro. Qolx Nmrrmd. =<8<.  

xlll. Yoggosso Zlddlmes. Kp. Alt.  

xlv. Od kdkr io dm Jumymnm. Oi. Dm kvobm gojrm. Akdkenlm. =<3>.  

xv. "Yros oxausms pmrm elrmr dms aksms iosio ktrk dujmr"   Vrleor Ymddor Quporlkr io
Irmemturjlm iod S Hostlvmd io Yomtrk io Amrmams, =<<?. Aumiorgks io Mrtåstlam, Mýk L
G=L, =<<8. 
Vkams smtlshmaalkgos slogto od osarltkr akek dm io roaladmr osarlturms io mraclvk. Qo slogto
ugk akek ug oeprosmrlk -pkr hlg- akek ug makplmikr akg stka` prkplk iosio od quo iospmacmr
 pmrm tkiks dks justks. _gm utkpåm ampltmdlstm og dm quo aroao ugk io vudjmr mrtosmgk m hmnrlamgto.
Mnrk dks ilroatkrlks y mcå ostí od ampltmdltk iod tlpk. Dks roakrrk smtlshoack akek qulog roakrro dm
cmalogim. \ pmrm quo dm keglpktogalm som mnskdutm, oxtrmljk ostm elsem gktm io mpìgilao  io
ktrk mrtåaudk quo mdjugm voz eo ogamrjñ ugm rovlstm y gugam pundlañ.
 
>1
 

xvl. Mrtcur @kostdor. Og Nusam io dk mnskdutk. Oi. @mlrks. =<31. 

xvlll .
xvl Kp. Alt.

xvlll.  Votor Nrkk`. Dm puortm mnlortm. Oi. Mdnm. =<<9. 

xlx. "Os vorimi quo dms emdms knrms so nmsmg og vlkdogalm, 

vlkdogalm,  -msojurm Orla Nogtdoy-  pork
gk os eogks alortk quo dms nuogms gk puoiog prosalgilr io oddm.
oddm."" Dm vlim iod irmem. Oi.
Vmliks. =<3>. 

xx. "Akrtm pkr dms akyugturms sloepro". Dk

sloepro".  Dk iono ogsoýmr m ilmrlk ug amrglaork aumdqulorm m
su mprogilz. Vork qulog dk iobñ osarltk og dm clstkrlm huo gmim eogks quo Vdmtñg.

xxl. Altmik pkr Orla Nogtdoy. Kp. Alt.

xxll. Ioaåm Glotzsaco  (Kp. Alt.)2 " Os pkotm od quo pksoo dm hmaudtmi io vor slg aosmr
euacoiuenros mìroms vlvlogtos y mjltmims m su mdroioikr0 os irmemturjk od quo slogto ug
lepudsk lrroslstlndo m eotmekrhksomrso ìd elsek y m vlvlr y knrmr pkr eoilk io ktrks auorpks y
ktrms mdems." (...) "Xorso m sl elsek  eotmekrhksomik mgto sl   y knrmr ogtkgaos akek sl

romdeogto" vorso
 pmrmikbm2 so vlvloso og ktrk
m sl elsek auorpk akg ktrk
eotmekrhksomik amríator".
amríator". 
mgto sl " 
"  os   Ostodmmatk
os -arok- io io
osogalm trmvostlsek vudjmr
dm prkhoslñg. y
Xlvlr
oso coaclzk io dm eotmekrhksls, os sloepro akgilalñg lgtrågsoam io tkik matk irmeítlak.

xxlll. " Els aumirks skg sloepro ugm suem io iostruaalkgos"  msojurmnm

 msojurmnm Vmndk Vlamssk. 

xxlv. "_gk io els plos so ddmem pmsmik, pork od ktrk so ddmem huturk"  ilao
  ilao iod mgimr Jmstñg
Nmacodmri. Od mlro y dks suoýks. Oi. Hkgik io Audturm Oakgñelam. =<36. 

xxv. Vdutmrak. Io muilogils pkotls. 

 
>9