Vous êtes sur la page 1sur 41

! "#$% &'()%* +, -.

*#'

"#$% &'()%* +, -.*#'


/+.01(2#%* 3%45%%0 "#$% &'()%*

6+0%* +, 704%0*#48 (01 92%:.%0'8


70;0#4% "#$% &'()%

&.<2( "#$% &'()%


-('2+ "#$% &'()%
!"#$"%&'() (* &+" ,-$#( .'/" 0$-1"
,-$#(*(#/
2"3'4) (* ,-$#(*(#/
-%*+ "#$% &'()%
0(5)6 ,-33"37 ."8&5#"37 -)6 91(563
91(56 .-8()(/:
&+.01 =3>%'4 "#$% &'()%
.+" 0")3-&'() (* .()"
;(/(4")"(53 <(&"3 ="#353 ;"&"#(4")"(53 0(5)6 >?@"$&3
0(5)6 >?@"$& ,(#%+(1(4:
-#'2+ "#$% &'()%
!"#$"%&'() (* ,'$#(3(5)6
,'$#(&"/%(#-1 A)&")3'&: !"#$"%&'()
,'$#(&"/%(#-1 B53'() -)6 B'33'()
! "#$%&'( )

,'$#(&"/%(#-1 0'1")$" !"#$"%&'()


,'$#(&"/%(#-1 !'&$+ !"#$"%&'()
,'$#(&"/%(#-1 C56'&(#: C$5'&:
,'$#(&"/%(#-1 !#"-&&")&'=" !"#$"%&'()
,'$#(&"/%(#-1 05?1'/')-1 !"#$"%&'()
D'"E')4 -)6 ,-)'%51-&')4 &+" ,'$#(&'/" F"="1
2( &+" !-#&'$1"3 G"-11: H8'3&I
;"&"#(4")"'&: ') 0(5)6 !-#&'$1"3
&($<)%1 "#$% &'()%
0(5)6 9(/%(3'&'() E'&+ A)6'='65-1 0-/%1" !(')&3
C33"33/")& (* 0(5)6 9(/%(3'&'() E'&+ 0-/%1"3
&.3*($<)% "#$% &'()%
C1'-3"6 C#&"*-$&3
J1&#-3()'$ F(563%"-K"#3
C&(/'$ 0(5)6L !+()()3 -)6 !(1-#()3
C& &+" !+:3'$-1 F'/'&3L &+" !1-)$K .'/" A)&"#=-1
70;0#4%*#$() "#$% &'()%

=.4*#1% "#$% -.*#'


"?% &#@% +, &+.01*

&.$$(28

.+" "=(15&'() (* /53'$-1 "8%#"33'() ')&"#&E')"3 E'&+ &+" 6"="1(%/")& (* /53'M


$-1 ')3&#5/")&3N .+'3 E-3 )"="# /(#" "='6")& &+-) ') &+" &E")&'"&+ $")&5#:N
O"4'))')4 E'&+ &+" 4'4-)&'$ ."1+-#/()'5/ 3:)&+"3'P"# 5)="'1"6 ') QRST UV"'M
6")--# QRWR7 QRRXY7 #"3"-#$+ 53+"#"6 *(#&+ - 3&"-6: 3&#"-/ (* "1"$&#'$-1 -)6
"1"$&#()'$ ')3&#5/")&3N .+"3" +-=" '##"=($-?1: /(16"6 &+" /53'$-1 1-)63$-%"N
.+" /(3& %#"$'3" -)6 Z"8'?1" "1"$&#()'$ /53'$ ')3&#5/")& "="# $()$"'="6 '3
&+" 6'4'&-1 $(/%5&"#N C3 E'&+ &+" %'%" (#4-)7 ')=")&"6 $")&5#'"3 "-#1'"#7 &+"
$(/%5&"#[3 %(E"# 6"#'="3 *#(/ '&3 -?'1'&: &( "/51-&"7 (# ') 3$'")&'\$ &"#/37 &(
/(6"1 %+")(/")-N .+" /(6"13 (* &+" $(/%5&"# &-K" &+" *(#/ (* 3:/?(1'$
$(6"N .+53 '& 6("3 )(& /-&&"# E+"&+"# &+" %+")(/")- ?"')4 /(6"1"6 "8'3&
(5&3'6" &+" $'#$5'&#: (* &+" /-$+')"7 (# E+"&+"# &+": -#" %5#" *-)&-3:N .+'3
7 8-9' .1$:'3 2; 0/3-1

/-K"3 &+" $(/%5&"# -) '6"-1 &"3&?"6 *(# &+" #"%#"3")&-&'() (* /53'$-1 3&#5$&5#"
() /51&'%1" &'/" 3$-1"3N
.+'3 $+-%&"# "8-/')"3 &+" &'/" 3$-1"3 (* /53'$N >5# /-') *($53 '3 &+" /'$#(
&'/" 3$-1" -)6 '&3 ')&"#-$&'()3 E'&+ (&+"# &'/" 3$-1"3N O: ')$156')4 "8&#"/" &'/"
3$-1"3]&+" ')\)'&" -)6 &+" ')\)'&"3'/-1]E" 3'&5-&" /53'$-1 &'/" E'&+') &+"
?#(-6"3& %(33'?1" $()&"8&N

"#$% &'()%* +, -.*#'

,53'$ &+"(#: +-3 1()4 #"$(4)'P"6 - &"/%(#-1 +'"#-#$+: (* 3&#5$&5#" ') /53'$
$(/%(3'&'()3N C $")&#-1 &-3K (* $(/%(3'&'() +-3 -1E-:3 ?"") &+" /-)-4"/")&
(* &+" ')&"#-$&'() -/()43& 3&#5$&5#"3 () 6'^"#")& &'/" 3$-1"3N 0&-#&')4 *#(/ &+"
&(%/(3& 1-:"# -)6 6"3$")6')47 ()" $-) 6'33"$& 1-:"#3 (* 3&#5$&5#"7 -##'=')4 -&
&+" ?(&&(/ 1-:"# (* ')6'='65-1 )(&"3N
.+'3 +'"#-#$+:7 +(E"="#7 '3 ')$(/%1"&"N C?(=" &+" 1"="1 (* -) ')6'='65-1 %'"$"
-#" &+" $51&5#-1 &'/" 3%-)3 6"\)')4 &+" ("5=#" (* - $(/%(3"# (# - 3&:1'3&'$
%"#'(6N O")"-&+ &+" 1"="1 (* &+" )(&" 1'"3 -)(&+"# /51&'1-:"#"6 3&#-&5/7 &+"
/'$#(3()'$ +'"#-#$+:N F'K" &+" _5-)&5/ E(#16 (* _5-#K37 1"%&()37 415()37
-)6 ?(3()37 &+" /'$#(3()'$ +'"#-#$+: E-3 1()4 ')='3'?1"N ,(6"#) &((13 1"& 53
='"E -)6 /-)'%51-&" &+" /'$#(3()'$ 1-:"#3 *#(/ E+'$+ -11 -$(53&'$ %+")(/")-
"/"#4"N O":()6 &+"3" %+:3'$-1 &'/" 3$-1"37 /-&+"/-&'$3 6"\)"3 &E( '6"-1
&"/%(#-1 ?(5)6-#'"3]&+" ')\)'&" -)6 &+" ')\)'&"3'/-1]E+'$+ -%%"-# ') &+"
&+"(#: (* /53'$-1 3'4)-1 %#($"33')4N
.-K')4 - $(/%#"+")3'=" ='"E7 E" 6'3&')45'3+ )')" &'/" 3$-1"3 (* /53'$7
3&-#&')4 *#(/ &+" 1()4"3&L
QN *+,+-&' .+" '6"-1 &'/" 3%-) (* /-&+"/-&'$-1 65#-&'()3 35$+ -3 &+" ')\)'&"
3')" E-="3 (* $1-33'$-1 B(5#'"# -)-1:3'3N
`N ./%($ C &'/" 3$-1" ?":()6 &+-& (* -) ')6'='65-1 $(/%(3'&'() -)6 "8&")6M
')4 ')&( /()&+37 :"-#37 6"$-6"37 -)6 $")&5#'"3N
aN 0$1(2 .+" &'/" 3$-1" (* (="#-11 /53'$-1 -#$+'&"$&5#" (# *(#/7 /"-35#"6 ')
/')5&"3 (# +(5#37 (# ') "8&#"/" $-3"37 6-:3N
bN 0'32 2'='3'()3 (* *(#/N c#(5%')43 (* 3(5)6 (?@"$&3 ')&( +'"#-#$+'"3 (*
%+#-3" 3&#5$&5#"3 (* =-#'(53 3'P"37 /"-35#"6 ') /')5&"3 (# 3"$()63N
XN .2/+4 256'1& C ?-3'$ 5)'& (* /53'$-1 3&#5$&5#"7 4")"#-1'P')4 &+" &#-6'&'()-1
$()$"%& (* )(&" &( ')$156" $(/%1"8 -)6 /5&-&')4 3(5)6 "=")&3 () - &'/"
3$-1" #-)4')4 *#(/ - *#-$&'() (* - 3"$()6 &( 3"="#-1 3"$()63N
< "#$%&'( )

TN 0-1(2 0(5)6 %-#&'$1"3 () - &'/" 3$-1" &+-& "8&")63 6(E) &( &+" &+#"3+M
(16 (* -56'&(#: %"#$"%&'() U/"-35#"6 ') &+(53-)6&+3 (* - 3"$()6 (# /'11'M
3"$()63YN
dN .$9%:' .+" -&(/'$ 1"="1 (* 6'4'&-1 -56'( 3:3&"/3L ')6'='65-1 ?')-#: 3-/M
%1"3 (# )5/"#'$-1 -/%1'&56" =-15"37 ()" *(11(E')4 -)(&+"# -& - \8"6 &'/"
')&"#=-1N .+" %"#'(6 ?"&E"") 3-/%1"3 '3 /"-35#"6 ') /'11'()&+3 (* - 3"$()6
U/'$#(3"$()63YN
WN ./53$9%:' B15$&5-&'()3 () - &'/" 3$-1" &(( ?#'"* &( ?" %#(%"#1: #"$(#6"6
(# %"#$"'="67 /"-35#"6 ') ?'11'()&+3 (* - 3"$()6 U)-)(3"$()63Y (# 1"33N
RN *+,+-&'3-9$: .+" '6"-1 &'/" 3%-) (* /-&+"/-&'$-1 65#-&'()3 35$+ -3 &+"
')\)'&"1: ?#'"* 6"1&- *5)$&'()3N

B'45#" QNQ %(#&#-:3 &+" )')" &'/" 3$-1"3 (* &+" &'/" 6(/-')N <(&'$" ') &+"
/'661" (* &+" 6'-4#-/7 ') &+" *#"_5")$: $(15/)7 - 1')" ')6'$-&')4 ee9()3$'(53
&'/"7 &+" %#"3")& U!TSS /3YN[[ .+'3 1')" /-#K3 (^ V')$K"1[3 UQRTdY "3&'/-&" (*
&+" ee&+'$K)"33 (* &+" %#"3")&N[[ .+" &+'$K)"33 "8&")63 &( &+" 1')" -& &+" #'4+&
')6'$-&')4 &+" %+:3'$-1 <>VN .+'3 &"/%(#-1 ')&"#=-1 $()3&'&5&"3 -) "3&'/-&"
(* &+" -$$5/51-&"6 1-4 &'/" (* &+" %"#$"%&5-1 -)6 $(4)'&'=" /"$+-)'3/3 -33(M
$'-&"6 E'&+ +"-#')4N ;"#" '3 ?5& ()" "8-/%1" (* - 6'3%-#'&: ?"&E"") 1#(2+23]
%+:3'$-1 &'/"7 -)6 &'9%/3]%"#$"'="6 &'/" Uf5g%%"# `SSSYN
.+" #"3& (* &+'3 $+-%&"# "8%1-')3 &+" $+-#-$&"#'3&'$3 (* "-$+ &'/" 3$-1" ') &5#)N
V" E'117 (* $(5#3"7 %-: %-#&'$51-# -&&")&'() &( &+" /'$#( &'/" 3$-1"N

/+.01(2#%* 3%45%%0 "#$% &'()%*

C3 3(5)6 %-33"3 *#(/ ()" &'/" 3$-1" &( -)(&+"# '& $#(33"3 %"#$"%&5-1 ?(5)6M
-#'"3N A& 3""/3 &( $+-)4" _5-1'&:N .+'3 '3 ?"$-53" +5/-) %"#$"%&'() %#($"33"3
"-$+ &'/" 3$-1" 6'^"#")&1:N 9()3'6"# - 3'/%1" 3')53('6 &#-)3%(3"6 &( =-#'(53
&'/" 3$-1"3 UQ !3"$7 Q /37 Q 3"$7 Q /')5&"7 Q +(5#YN .+" E-="*(#/ '3 '6")&'$-17
?5& ()" E(516 +-=" 6'h$51&: $1-33'*:')4 &+"3" -56'&(#: "8%"#'")$"3 ') &+" 3-/"
*-/'1:N
A) 3(/" $-3"3 &+" ?(#6"#3 ?"&E"") &'/" 3$-1"3 -#" 6"/-#$-&"6 $1"-#1:i -/M
?'45(53 P()"3 35##(5)6 (&+"#3N .#-')')4 -)6 $51&5#" $()6'&'() %"#$"%&'() (*
&+" &'/" 3$-1"3N .( +"-# - Z-& %'&$+ (# - 6#-44')4 ?"-&7 *(# "8-/%1"7 '3 &(
6"&"$& - &"/%(#-1 -)(/-1: () - /'$#( 3$-1" &+-& /'4+& )(& ?" )(&'$"6 ?: (&+"#
%"(%1"N
= 8-9' .1$:'3 2; 0/3-1

9#A.2% !B! .+" &'/" 6(/-')7 3"4/")&"6 ')&( %"#'(637 &'/" 6"1-: "^"$&37 *#"_5")$'"37
-)6 %"#$"%&'() -)6 -$&'()N <(&" &+-& &'/" ')&"#=-13 -#" )(& 6#-E) &( 3$-1"N
B "#$%&'( )

2'4'&-1 -56'( 3:3&"/37 35$+ -3 $(/%-$& 6'3$ %1-:"#37 (%"#-&" -& - \8"6 3-/M
%1')4 *#"_5")$:N .+'3 /-K"3 '& "-3: &( 6'3&')45'3+ &+" "8-$& ?(5)6-#: 3"%-#-&M
')4 &+" 3-/%1" &'/" 3$-1" *#(/ &+" 35?3-/%1" &'/" 3$-1"N .+'3 ?(5)6-#: '3 &+"
<:_5'3& *#"_5")$:7 (# &+" 3-/%1')4 *#"_5")$: 6'='6"6 ?: &E(N .+" "^"$& (*
$#(33')4 &+'3 ?(5)6-#: '3 )(& -1E-:3 %"#$"%&'?1"N A) )('3: 3(5)637 -1'-3"6 *#"M
_5")$'"3 *#(/ &+" 35?3-/%1" &'/" 6(/-') /-: /'8 5)(?&#53'="1: E'&+ +'4+
*#"_5")$'"3 ') &+" 3-/%1" &'/" 6(/-')N
.+" ?(#6"# ?"&E"") $"#&-') (&+"# &'/" 3$-1"3 '3 $()&"8&M6"%")6")&N O"&E"")
&+" 3-/%1" -)6 /'$#( &'/" 3$-1"37 *(# "8-/%1"7 '3 - #"4'() (* &#-)3'")& "=")&3]
&(( ?#'"* &( "=(K" - 3")3" (* %'&$+ ?5& #'$+ ') &'/?#-1 $()&")&N O"&E"") &+"
/'$#( -)6 &+" (?@"$& &'/" 3$-1"3 '3 - 3&#-&5/ (* ?#'"* "=")&3 35$+ -3 3+(#& 3&-$M
$-&( )(&"3N C)(&+"# P()" (* -/?'45'&: '3 &+" ?(#6"# ?"&E"") &+" 3(5)6 (?@"$&
-)6 /"3( 1"="137 "8"/%1'\"6 ?: -) "=(1=')4 &"8&5#"N C &"8&5#" /'4+& $()&-') -
3&-&'3&'$-1 6'3&#'?5&'() (* /'$#( "=")&3 &+-& -#" %"#$"'="6 -3 - 5)'&-#: :"& &'/"M
=-#:')4 3(5)6N
.'/" 3$-1"3 ')&"#1')KN C 4'=") 1"="1 ")$-%351-&"3 "=")&3 () 1(E"# 1"="13 -)6 '3
'&3"1* 35?35/"6 E'&+') +'4+"# &'/" 3$-1"3N ;")$" &( (%"#-&" () ()" 1"="1 '3 &(
-^"$& (&+"# 1"="13N .+" ')&"#-$&'() ?"&E"") &'/" 3$-1"3 '3 )(&7 +(E"="#7 - 3'/%1"
#"1-&'()N F')"-# $+-)4"3 () - 4'=") &'/" 3$-1" 6( )(& 45-#-)&"" - %"#$"%&'?1"
"^"$& () )"'4+?(#')4 &'/" 3$-1"3N

6+0%* +, 704%0*#48 (01 92%:.%0'8

.2/+4 -3 $+ $:&'(+$&-2+ -+ %('33/('> %$(&-1:' 4-3%:$1'9'+&> 2( %$(&-1:' ?':21-&@ %(2%$A$&'4


-+ $+ ':$3&-1 9$&'(-$:N U>13() QRXdY

O"*(#" E" $()&')5" *5#&+"#7 - ?#'"* 6'3$533'() (* -$(53&'$ &"#/')(1(4: /'4+& ?"
+"1%*51N A) 3$'")&'\$ %-#1-)$"]-3 (%%(3"6 &( %(%51-# 53-4"]&+" E(#6 ee3(5)6[[
#"*"#3 )(& ()1: &( %+")(/")- ') -'# #"3%()3'?1" *(# &+" 3")3-&'() (* +"-#')4
?5& -13( eeE+-&"="# "13" '3 4(="#)"6 ?: -)-1(4(53 %+:3'$-1 %#')$'%1"3[[ U!'"#$"
QRRbYN 0(5)6 $-) ?" 6"\)"6 ') - 4")"#-1 3")3" -3 /"$+-)'$-1 #-6'-)& ")"#4:
&+-& '3 &#-)3/'&&"6 ?: %#"335#" E-="3 ') - /-&"#'-1 /"6'5/N .+53 ?"3'6"3 &+"
-'#?(#)" *#"_5")$'"3 &+-& (5# "-#3 %"#$"'="7 ()" /-: -13( 3%"-K (* 5)6"#E-&"#
3(5)67 3(5)6 ') 3(1'637 (# 3&#5$&5#"M?(#)" 3(5)6N ,"$+-)'$-1 ='?#-&'()3 "=")
&-K" %1-$" () &+" -&(/'$ 1"="17 #"351&')4 ') _5-)&5/ 5)'&3 (* 3(5)6 ")"#4: $-11"6
%+()()3N .+" &"#/ ee-$(53&'$3[[ 1'K"E'3" '3 ')6"%")6")& (* -'# -)6 (* +5/-)
%"#$"%&'()N A& '3 6'3&')45'3+"6 *#(/ 2%&-13 ') &+-& '& ')=(1="3 /"$+-)'$-1]#-&+"#
&+-) "1"$&#(/-4)"&'$7 E-=" /(&'()N
F 8-9' .1$:'3 2; 0/3-1

9(##"3%()6')4 &( &+'3 ?#(-6 6"\)'&'() (* 3(5)6 '3 - ="#: E'6" #-)4" (*
&#-)3'")&7 $+-(&'$7 -)6 %"#'(6'$ Z5$&5-&'()37 3%-))')4 *#"_5")$'"3 &+-& -#" ?(&+
+'4+"# -)6 1(E"# &+-) &+" +5/-) "-# $-) %"#$"'="N .+" $/4-2 *#"_5")$'"37 &#-M
6'&'()-11: 3-'6 &( 3%-) &+" #-)4" (* -?(5& `S ;P &( `S K;P -#" %"#$"%&'?1" &( &+"
"-#N .+" 3%"$'\$ ?(5)6-#'"3 =-#: 6"%")6')4 () &+" ')6'='65-1N
D'?#-&'()3 -& *#"_5")$'"3 &(( 1(E &( ?" +"-#6 -3 $()&')5(53 &()"3 $-) ?"
%"#$"'="6 ?: &+" "-# -3 E"11 -3 &+" ?(6:N .+"3" -#" &+" ')*#-3()'$ '/%513"3 -)6
='?#-&'()37 ') &+" #-)4" ?"1(E -?(5& `S ;PN .+" ')*"$&'(53 #+:&+/3 (* &+" %"#M
$533'() ')3&#5/")&3 *-11 E'&+') &+'3 #-)4"N
C:&($32/+4 ')$156"3 &+" 6(/-') (* +'4+ *#"_5")$'"3 -?(=" &+" #-)4" (* +5M
/-) -56'?'1'&:N .+" &+#"3+(16 (* 51&#-3(5)6 =-#'"3 -$$(#6')4 &( &+" ')6'='65-17
&+"'# -4"7 -)6 &+" &"3& $()6'&'()3N 0$'")$" -)6 ')653&#: 53" 51&#-3()'$ &"$+)'M
_5"3 ') - =-#'"&: (* -%%1'$-&'()37 35$+ -3 -$(53&'$ '/-4')4 Uj5-&" QRRWY -)6
+'4+1: 6'#"$&'()-1 1(563%"-K"#3 U!(/%"' QRRWYN
0(/" 3(5)63 -#" &(( 3(*& &( ?" %"#$"'="6 ?: &+" +5/-) "-#7 35$+ -3 - $-&"#M
%'11-#[3 6"1'$-&" /-#$+ -$#(33 - 1"-*N .+'3 '3 &+" P()" (* 3/532+-1 ')&")3'&'"3N
>&+"# 3(5)63 -#" 3( 1(56 &+-& &( %"#$"'=" &+"/ 6'#"$&1: '3 6-)4"#(537 3')$"
&+": -#" 6"3&#5$&'=" &( &+" +5/-) ?(6:N 053&-')"6 "8%(35#" &( 3(5)6 1"="13
-#(5)6 Q`S 6O 1"-63 6'#"$&1: &( %-') -)6 +"-#')4 1(33N C?(=" QaS 6O7 3(5)6 '3
*"1& ?: &+" "8%(3"6 &'335"3 (* &+" ?(6: -3 - %-')*51 %#"335#" E-=" U!'"#$" QRWaYN
.+'3 6-)4"#(53 P()" "8&")63 &( - #-)4" (* 6"3&#5$&'=" -$(53&'$ %+")(/")-N .+"
*(#$" (* -) "8%1(3'()7 *(# "8-/%1"7 '3 -) ')&")3" -$(53&'$ 3+($K E-="N
B(# 1-$K (* - ?"&&"# &"#/7 E" $-11 &+"3" %'(-32+-1 ')&")3'&'"3 U*#(/ &+" F-&')
%'(-1/:23 /"-)')4 ee6-)4"#(53[[YN .+" $/4-5:' ')&")3'&'"3 *-11 ?"&E"") &+"3" &E(
#-)4"3N B'45#" QN` 6"%'$&3 &+" P()"3 (* 3(5)6 ')&")3'&: -)6 *#"_5")$:N .+" !
P()" ') &+" $")&"# '3 E+"#" -56'( *#"_5")$'"3 ')&"#3"$& E'&+ -56'?1" ')&")3'&'"37
")-?1')4 +"-#')4N <(&'$" &+-& &+" ! P()" '3 ?5& - &'): *#-$&'() (* - =-3& #-)4" (*
3()'$ %+")(/")-N
B(11(E')4 &+'3 6'3$533'() (* -$(53&'$-1 &"#/37 1"& 53 %#($""6 &( &+" /-')
&+"/" (* &+'3 $+-%&"#7 &+" &'/" 3$-1"3 (* /53'$N

70;0#4% "#$% &'()%

"29%:'D E2/(-'( $+$:@3-3 ('A$(43 &#' 3-A+$: 35? 3%"$'" -"&"#)'&-&'3N Uc-?(# QRX`Y

.+" +5/-) "8%"#'")$" (* /53'$-1 &'/" '3 1')K"6 &( &+" &'$K')4 $1($KN A& '3
)-&5#-1 &( -3KL E+") 6'6 &+" $1($K ?"4') &( &'$KI V'11 '& &'$K *(#"="#I C& &+"
G "#$%&'( )

9#A.2% !BC k()"3 (* ')&")3'&'"3 -)6 *#"_5")$'"3N >)1: &+" P()" /-#K"6 ! '3 -56'?1" &(
&+" "-#N .+'3 P()" $()3&'&5&"3 - &'): %(#&'() (* &+" #-)4" (* 3(5)6 %+")(/")-N

"8&#"/" 5%%"# ?(5)6-#: (* -11 &'/" 3$-1"3 '3 &+" /-&+"/-&'$-1 $()$"%& (* -)
')\)'&" &'/" 3%-)N .+'3 '3 - 1(4'$-1 "8&")3'() (* &+" ')\)'&" 3"#'"37 - *5)6-/")&-1
)(&'() ') /-&+"/-&'$3N C) ')\)'&" 3"#'"3 '3 - 3"_5")$" (* )5/?"#3 /Q ! / ` ! / a ! ! !
-##-)4"6 ') - %#"3$#'?"6 (#6"# -)6 *(#/"6 -$$(#6')4 &( - %-#&'$51-# #51"N
9()3'6"# &+'3 ')\)'&" 3"#'"3L
!
!
/- ! / Q " / ` " / a " # # #
-!Q

.+'3 "_5-&'() 35/3 - 3"& (* )5/?"#3 /- 7 E+"#" &+" ')6"8 - 4("3 *#(/ Q &( !N
V+-& '* "-$+ )5/?"# /- $(##"3%()6"6 &( - &'$K (* - $1($KI .+'3 3"#'"3 E(516
&+") 6"\)" -) ')\)'&" 65#-&'()N .+'3 '6"-1 '3 )(& 3( *-# #"/(="6 *#(/ /53'$ -3
'& /-: 3""/N .+" '6"- (* ')\)'&" 65#-&'() '3 '/%1'$'& ') &+" &+"(#: (* B(5#'"#
-)-1:3'37 E+'$+ 1')K3 &+" )(&'() (* *#"_5")$: &( 3')" E-="3 (* ')\)'&" 65#-&'()N
C3 $+-%&"# T 3+(E37 B(5#'"# -)-1:3'3 +-3 %#(=") &( ?" - 53"*51 &((1 ') &+" -)-1:M
3'3 -)6 &#-)3*(#/-&'() (* /53'$-1 3(5)6N
H 8-9' .1$:'3 2; 0/3-1

9#A.2% !BD .+" 3$(%" (* &+" 35%#-&"/%(#-1 6(/-')N

&.<2( "#$% &'()%

.+" 35%#- &'/" 3$-1" 3%-)3 &+" 65#-&'()3 &+-& -#" ?":()6 &+(3" (* -) ')6'='65-1
$(/%(3'&'()N A& ?"4')3 -3 &+" -%%1-53" 6'"3 (5& -*&"# &+" 1()4"3& $(/%(3'M
&'()37 -)6 "8&")63 ')&( E""K37 /()&+37 :"-#37 6"$-6"37 -)6 ?":()6 U\45#" QNaYN
9()$"#&3 -)6 *"3&'=-13 *-11 ')&( &+'3 $-&"4(#:N 0( 6( %#(4#-/3 *#(/ /53'$
?#(-6$-3&')4 3&-&'()37 E+'$+ /-: "8&")6 ')&( :"-#3 (* /(#"M(#M1"33 $()&')5(53
"/'33'()3N
,53'$-1 $51&5#"3 -#" $()3&#5$&"6 (5& (* 35%#-&"/%(#-1 ?#'$K3L &+" "#-3 (*
')3&#5/")&37 (* 3&:1"37 (* /53'$'-)37 -)6 (* $(/%(3"#3N ,53'$-1 "65$-&'() &-K"3
:"-#3i $51&5#-1 &-3&"3 "=(1=" (="# 6"$-6"3N .+" %"#$"%&'() -)6 -%%#"$'-&'() (*
)J "#$%&'( )

- 3')41" $(/%(3'&'() /-: $+-)4" 3"="#-1 &'/"3 E'&+') - $")&5#:N .+" ")&'#"
+'3&(#: (* /53'$ &#-)3%'#"3 E'&+') &+" 35%#-&"/%(#-1 3$-1"7 3&-#&')4 *#(/ &+"
"-#1'"3& K)(E) /53'$-1 ')3&#5/")&7 - <"-)6"#&+-1 Z5&" 6-&')4 ?-$K 3(/"
bX7SSS :"-#3 UV+'&"+(53" QRRRYN
9(/%(3'&'() '3 '&3"1* - 35%#-&"/%(#-1 -$&'='&:N A&3 #"351&3 1-3& ()1: - *#-$&'()
(* &+" &'/" #"_5'#"6 *(# '&3 $#"-&'()N C $(/%(3"# /-: 3%")6 - :"-# &( $(/%1"&"
- &")M/')5&" %'"$"N H=") '* &+" $(/%(3"# 6("3 )(& E(#K "="#: +(5# (* "="#:
6-:7 &+" #-&'( (* X`7XTS /')5&"3 %-33"6 *(# "="#: Q /')5&" $(/%(3"6 '3 3&'11
3'4)'\$-)&N V+-& +-%%")3 ') &+'3 &'/"I 9"#&-') $(/%(3"#3 6"3'4) - $(/%1"8
3&#-&"4: -3 %#"156" &( &+" #"-1'P-&'() (* - %'"$"N .+" "1"$&#()'$ /53'$ $(/%(3"#
/-: 3%")6 $()3'6"#-?1" &'/" ') $#"-&')4 &+" 3(5)6 /-&"#'-13 (* &+" E(#KN H'&+"#
(* &+"3" &-3K3 /-: ")&-'1 &+" 6"="1(%/")& (* 3(*&E-#"N D'#&5-11: -11 $(/%(3"#3
3%")6 &'/" "8%"#'/")&')47 %1-:')4 E'&+ /-&"#'-1 ') 6'^"#")& $(/?')-&'()3N
0(/" (* &+"3" "8%"#'/")&3 /-: #"351& ') *#-4/")&3 &+-& -#" "6'&"6 (# 6'3$-#6"67
&( ?" #"%1-$"6 E'&+ )"E *#-4/")&3N .+53 '& '3 ')"='&-?1" &+-& $(/%(3"#3 ')="3&
&'/" %5#35')4 6"-6 ")637 $(/%(3')4 *#-4/")&3 &+-& )( ()" "13" E'11 +"-#N .+'3
?-$K&#-$K')4 '3 )(& )"$"33-#'1: &'/" E-3&"6i '& '3 %-#& (* -) '/%(#&-)& *""6?-$K
1((% ') E+'$+ &+" $(/%(3"# #"\)"3 &+" E(#KN B')-11: E" 3+(516 /")&'() 6($5M
/")&-&'()N V+'1" ()1: - *"E $(/%(3"#3 6($5/")& &+"'# 1-?(#7 &+"3" 6($5/")&3
/-: ?" =-15-?1" &( &+(3" 3""K')4 - 6""%"# 5)6"#3&-)6')4 (* - E(#K -)6 &+"
$(/%(3'&'()-1 %#($"33 &+-& $#"-&"6 '&N 9(/%-#" -11 &+'3 E'&+ &+" "h$'")$: (* &+"
#"-1M&'/" '/%#(='3"#l
0(/" /53'$ 3%-)3 ?":()6 &+" 1'*"&'/" (* &+" ')6'='65-1 E+( $(/%(3"6 '&7
&+#(54+ %5?1'3+"6 )(&-&'()7 #"$(#6')437 -)6 %"6-4(4:N m"& &+" &"/%(#-1 #"-$+
(* /53'$ '3 1'/'&"6N ,-): $(/%(3'&'()3 -#" %"#*(#/"6 ()1: ()$"N 0$(#"37 &-%"37
-)6 6'3$3 6'3-%%"-# ')&( 3&(#-4"7 &( ?" 6'3$-#6"6 3(()"# (# 1-&"#N ,53'$M/-K')4
%#"35/-?1: +-3 -1E-:3 ?"") %-#& (* &+" "8%"#'")$" (* I292 3$%-'+37 E+( '& '3
3%"$51-&"6 $-/" ')&( ?"')4 3(/" `SS7SSS :"-#3 -4(N B"E &#-$"3 #"/-') (*
-):&+')4 /53'$-1 (16"# &+-) - 6(P") $")&5#'"3N ,(6"#) "1"$&#()'$ ')3&#5/")&3
-)6 #"$(#6')4 /"6'-7 &((7 -#" "%+"/"#-1N V'11 +5/-) /53'$-1 ='?#-&'()3 3(/"M
+(E (5&1-3& &+" 3%"$'"3 &+-& $#"-&"6 &+"/I !"#+-%3 &+" 1-3& &#-$" (* +5/-)
"8'3&")$" E'11 ?" #-6'( E-="3 ?"-/"6 ')&( 3%-$"7 &#-="1')4 =-3& 6'3&-)$"3 ?"*(#"
&+": 6'33(1=" ')&( )('3"N
.+" 5%%"# ?(5)6-#: (* &'/"7 -3 &+" $()$"%& '3 $5##")&1: 5)6"#3&((67 '3 &+"
-4" (* &+" %+:3'$-1 5)'="#3"N 0(/" 3$'")&'3&3 "3&'/-&" '& &( ?" -%%#(8'/-&"1:
\*&"") ?'11'() :"-#3 UF"6"#/-) -)6 0$#-// QRRXYN 9(3/(1(4'3&3 $()&')5" &(
6"?-&" +(E 1()4 &+" 5)'="#3" /-: "8%-)6N .+" 1-&"3& 3$'")&'\$ &+"(#'"3 $()M
&')5" &( &E'3& &+" )(&'() (* &'/" '&3"1* U3""7 *(# "8-/%1"7 f-K5 QRRXi C#K-)'M
;-/"6 "& -1N `SSSYN
)) 8-9' .1$:'3 2; 0/3-1

-('2+ "#$% &'()%

.+" /-$#( 1"="1 (* /53'$-1 &'/" $(##"3%()63 &( &+" )(&'() (* *(#/7 -)6
")$(/%-33"3 &+" (="#-11 -#$+'&"$&5#" (* - $(/%(3'&'()N A& '3 4")"#-11: /"-35#"6
') /')5&"3N .+" 5%%"# 1'/'& (* &+'3 &'/" 3$-1" '3 "8"/%1'\"6 ?: 35$+ /-#-&+()
$(/%(3'&'()3 -3 G'$+-#6 V-4)"#[3 K-+A $:$1"7 &+" n-%-)"3" f-?5K' &+"-&"#7
n"-)M91-56" H1(:[3 "=")')4M1()4 #'&5-137 -)6 f-#1+"')P 0&($K+-53")[3 (%"#-
L-1#& U3%-))')4 3"=") 6-:3 -)6 )'4+&3YN .+" 1'&"#-&5#" (* (%"#- -)6 $()&"/%(M
#-#: /53'$ $()&-')3 /-): "8-/%1"3 (* /53'$ () - &'/" 3$-1" &+-& "8$""63 &E(
+(5#3N <()"&+"1"337 &+" =-3& /-@(#'&: (* /53'$ $(/%(3'&'()3 #"-1'P"6 ') &+" %-3&
$")&5#: -#" 1"33 &+-) - +-1*M+(5# ') 65#-&'()N .+" -="#-4" 65#-&'() '3 %#(?-?1:
') &+" #-)4" (* - K'1(3"$()6 UQT /') bS 3"$YN 9(/%1"&" $(/%(3'&'()3 1-3&')4 1"33
&+-) - +"$&(3"$()6 UQ /') bS 3"$Y -#" #-#"N

E%2'%<4#+0 +, 4?% -('2+ "#$% &'()%

J)1"33 &+" /53'$-1 *(#/ '3 6"3$#'?"6 ') -6=-)$" (* %"#*(#/-)$" U&+#(54+ %#(M
4#-/ )(&"37 *(# "8-/%1"Y7 1'3&")"#3 %"#$"'=" &+" /-$#( &'/" 3$-1" ') #"&#(3%"$&7
&+#(54+ #"$(11"$&'()N A& '3 $(//() K)(E1"64" &+-& &+" #"/"/?#-)$" (* &+')43
%-3& '3 35?@"$& &( 3&#()4 6'3$()&')5'&'"3 -)6 6'3&(#&'()3N V" $-))(& #"$-11 &'/"
-3 - 1')"-#1: /"-35#"6 Z(EN C3 ') "="#:6-: 1'*"7 &+" %"#$"'="6 Z(E (* /53'$-1
&'/" '3 1')K"6 &( #"*"#")$" "=")&3 (# /"/(#'"3 &+-& -#" &-44"6 E'&+ "/(&'()-1
3'4)'\$-)$"N
91-33'$-1 /53'$ UO-$+7 ,(P-#&7 O""&+(=")7 "&$NY %1-$"3 #"*"#")$" "=")&3 -&
#"451-# ')&"#=-13 U$-6")$"37 #"%"&'&'()Y &( %"#'(6'$-11: (#'")& &+" 1'3&")"# E'&+')
&+" *#-/"E(#K (* &+" *(#/N 0(/" %(%51-# /53'$ &-K"3 &+'3 &( -) "8&#"/"7
#"/')6')4 1'3&")"#3 #"%"-&"61: () - 3+(#&"# &'/" ?-3"N
05?@"$&'=" *-$&(#3 %1-: ')&( - 6'3&(#&"6 3")3" (* &'/"N V-3 &+" 1'3&")"# ")M
4-4"6 ') -"3&+"&'$ -%%#"$'-&'() (* &+" E(#KI V"#" &+": %-:')4 -&&")&'()I V+-&
'3 &+"'# /53'$-1 &-3&"7 &+"'# &#-')')4I V"#" &+": %#"($$5%'"6 E'&+ 3&#"33 -)6
%"#3()-1 %#(?1"/3I C $(/%(3'&'() &+-& E" 6( )(& 5)6"#3&-)6 (# 1'K" -%%"-#3
&( "8%-)6 ') &'/" -3 E" "8%"#'")$" '&7 :"& =-)'3+"3 -1/(3& '//"6'-&"1: *#(/
/"/(#:N
.+" %"#$"%&'() (* &'/" Z(E -13( 6"%")63 () &+" (?@"$&'=" )-&5#" (* &+" /5M
3'$-1 /-&"#'-13N G"%"&'&'() -)6 - #"451-# %513" &")6 &( $-##: - E(#K "h$'")&1:
&+#(54+ &'/"7 E+'1" -) 5)$+-)4')47 5)?#(K") 3(5)6 U(# 3'1")$"Y #"65$"3 &+"
Z(E &( - $#-E1N
)! "#$%&'( )

.+" "-#[3 3")3'&'='&: &( 3(5)6 '3 1'/'&"6 ') 65#-&'()N F()4 $()&')5(53 )('3"3
(# #"451-# 3(5)63 ') &+" ")='#()/")& &")6 &( 6'3-%%"-# *#(/ $()3$'(53)"33 -)6
-#" )(&'$"6 -4-') ()1: E+") &+": $+-)4" -?#5%&1: (# &"#/')-&"N

-('2+,+2$

n53& -3 /53'$-1 &'/" $-) ?" ='"E"6 ') &"#/3 (* - +'"#-#$+: (* &'/" 3$-1"37 3( '&
'3 %(33'?1" &( '/-4')" /53'$-1 3&#5$&5#" -3 - &#"" ') &+" /-&+"/-&'$-1 3")3"N
,-&+"/-&'$-1 &#""3 -#" ')="#&"67 &+-& '37 &+" 5%%"#/(3& 1"="1 '3 &+" #((& 3:/?(17
#"%#"3")&')4 &+" ")&'#" E(#KN .+" #((& ?#-)$+"3 ')&( - 1-:"# (* /-$#(3&#5$&5#"
")$-%351-&')4 &+" /-@(# %-#&3 (* &+" %'"$"N .+'3 3"$()6 1"="1 '3 &+" *(#/L &+"
-##-)4"/")& (* &+" /-@(# 3"$&'()3 (* &+" %'"$"N O"1(E &+" 1"="1 (* *(#/ '3 -
3:)&-$&'$ +'"#-#$+: (* ?#-)$+"3 #"%#"3")&')4 /"3(3&#5$&5#"3 &+-& "8%-)6 ')&(
&+" &"#/')-1 1"="1 (* 3(5)6 (?@"$&3 UG(-63 QRWX6YN
.( %-#3" - /-&+"/-&'$-1 &#"" '3 3&#-'4+&*(#E-#6N m"& ()" $-))(& %-#3" - 3(M
%+'3&'$-&"6 /53'$-1 $(/%(3'&'() -3 "-3'1: -3 - $(/%'1"# %-#3"3 - $(/%5&"# %#(M
4#-/N C $(/%'1"# #"*"#")$"3 -) 5)-/?'45(53 *(#/-1 4#-//-#N O: $()&#-3&7 &+"
4#-//-# (* /53'$ '3 -/?'45(53]35?@"$& &( ')&"#%#"&-&'()7 -)6 ') - %"#%"&5-1
3&-&" (* "=(15&'()N 9(/%(3'&'()3 /-: $()&-') (="#1-%%')4 "1"/")&3 U() =-#'(53
1"="13Y &+-& $-))(& ?" "-3'1: 3"4/")&"6N .+" /53'$-1 +'"#-#$+: '3 (*&") *#-$M
&5#"6N A)6""67 &+'3 '3 -) "33")&'-1 ')4#"6'")& (* '&3 *-3$')-&'()N

!"#$%& '( )*+,'(',-

.+" 6"3'4) (* /-$#(*(#/ &-K"3 ()" (* &E( $()&#-3&')4 %-&+3L &2%M42N+ (#


52&&29M/%N C 3&#'$& &(%M6(E) -%%#(-$+ $()3'6"#3 /-$#(3&#5$&5#" -3 - %#"$()M
$"'="6 41(?-1 %1-) (# &"/%1-&" E+(3" 6"&-'13 -#" \11"6 ') ?: 1-&"# 3&-4"3 (* $(/M
%(3'&'()N .+'3 $(##"3%()63 &( &+" &#-6'&'()-1 )(&'() (* *(#/ ') $1-33'$-1 /53'$7
E+"#"') $"#&-') *(#/-1 3$+"/"3 +-=" ?"") 53"6 ?: $(/%(3"#3 -3 /(163 UC%"1
QRd`YN ,53'$ &+"(#: &"8&?((K3 $-&-1(4 &+" 4")"#'$ $1-33'$-1 *(#/3 UF"'$+&")&#'&&
QRXQY E+(3" +-?'&5-1 53" E-3 $-11"6 ')&( _5"3&'() -& &+" &5#) (* &+" &E")&'"&+
$")&5#:N 91-56" 2"?533:7 *(# "8-/%1"7 6'3$-#6"6 E+-& +" $-11"6 ee-6/')'3&#-M
&'=" *(#/3[[ -)6 #"%1-$"6 &+"/ E'&+ Z5$&5-&')4 /"3(3&#5$&5#"3 &+#(54+ - $+-')
(* -33($'-&"6 =-#'-&'()3N 0')$" 2"?533:7 $(/%(3"#3 +-=" E#'&&") - &#"/")6(53
-/(5)& (* /53'$ )(& ?-3"6 () $1-33'$-1 *(#/3N .+'3 /53'$ '3 *511 (* 1($-1 6"&-'1
-)6 "3$+"E3 *(#/-1 #"%"&'&'()N 05$+ 3&#5$&5#"3 #"3'3& $1-33'\$-&'() E'&+') &+"
$-&-1(4 (* 3&-)6-#6 &"8&?((K *(#/3N .+53 E+'1" /53'$-1 *(#/ +-3 $()&')5"6 &(
"=(1=" ') %#-$&'$" ') &+" %-3& $")&5#:7 &+" -$K)(E1"64"6 $-&-1(4 (* 4")"#'$ *(#/3
+-3 +-#61: $+-)4"6N
)7 8-9' .1$:'3 2; 0/3-1

.+'3 '3 )(& &( 3-: &+-& &+" 53" (* %#"$()$"'="6 *(#/3 +-3 6'"6 -E-:N .+"
%#-$&'$" (* &(%M6(E) %1-))')4 #"/-')3 $(//() ') $()&"/%(#-#: $(/%(3'&'()N
,-): $(/%(3"#3 %#"6"&"#/')" &+" /-$#(3&#5$&5#" (* &+"'# %'"$"3 -$$(#6')4 &(
- /(#"M(#M1"33 *(#/-1 3$+"/" ?"*(#" - 3')41" 3(5)6 '3 $(/%(3"6N
O: $()&#-3&7 - 3&#'$& ?(&&(/M5% -%%#(-$+ $()$"'="3 (* *(#/ -3 &+" #"351& (* -
%#($"33 (* ')&"#)-1 6"="1(%/")& %#(=(K"6 ?: ')&"#-$&'()3 () 1(E"# 1"="13 (*
/53'$-1 3&#5$&5#"N .+'3 -%%#(-$+ E-3 -#&'$51-&"6 ?: H64-#6 D-#"o3" UQRdQY7 E+(
3-'67 eeB(#/ '3 - #"351&]&+" #"351& (* - %#($"33N[[ A) &+'3 ='"E7 /-$#(3&#5$&5#"
-#&'$51-&"3 %#($"33"3 (* -&&#-$&'() -)6 #"%513'() U*(# "8-/%1"7 ') &+" #+:&+/'$
-)6 +-#/()'$ 6(/-')3Y 5)*(16')4 () 1(E"# 1"="13 (* 3&#5$&5#"N
,-)5-13 () &#-6'&'()-1 $(/%(3'&'() (^"# /:#'-6 E-:3 &( %#(@"$& 1(EM1"="1
3&#5$&5#"3 ')&( /-$#(3&#5$&5#"L

.9$::'( ;2(93 9$@ 5' 'D%$+4'4 5@ 9'$+3 2; 'D&'(+$: ('%'&-&-2+3> 3'O/'+1'3> 'D&'+3-2+3>
:-O/-4$&-2+3 $+4 5(2$4'+-+A 2; 12++'1&-?'3P 8#' +/95'( 2; %$(&3 9$@ 5' -+1('$3'4 5@ 3/%M
%:@-+A 124'&&$3> '%-324'3> '&1P *+ 3/1# 3-&/$&-2+3> 4'(-?$&-?'3 2; &#' 5$3-1 92&-?' $(' ;2(M
9/:$&'4 -+&2 +'N &#'9$&-1 /+-&3N U0$+(")?"#4 QRTdY

0"#'-1 (# 4"#/M$"11 -%%#(-$+"3 &( $(/%(3'&'() "8%-)6 - 3"#'"3 (# - *(#/51-


&+#(54+ %"#/5&-&'() -)6 $(/?')-&'() ')&( 1-#4"# 3&#5$&5#"3N
A) &+" 6(/-') (* $(/%5&"# /53'$7 - *#"_5")& &"$+)'_5" *(# "1-?(#-&'() '3 &(
&'/"M"8%-)6 - 3(5)6 *#-4/")& ')&( -) "=(1=')4 3(5)6 /-33N ;"#" &+" 5)*(16')4
(* 3()'$ /'$#(3&#5$&5#" #'3"3 &( &+" &"/%(#-1 1"="1 (* - +-#/()'$ %#(4#"33'()N
C 6'^"#")& ?(&&(/M5% -%%#(-$+ -%%"-#3 ') &+" E(#K (* &+" $()$"%&5-1 -)6
$+-)$" $(/%(3"#37 *(11(E')4 ') &+" E-K" (* n(+) 9-4"N 9-4" UQRdaY (*&") $()M
$"'="6 (* *(#/ -3 -#'3')4 *#(/ - 3"#'"3 (* -$$'6")&3]#-)6(/ (# '/%#(='3"6
"=")&3 ($$5##')4 () &+" 3(5)6 (?@"$& 1"="1N B(# 9-4"7 *(#/ U-)6 ')6""6 3(5)6Y
E-3 - 3'6"M"^"$& (* - $()$"%&5-1 3&#-&"4:N 05$+ -) -%%#(-$+ (*&") #"351&3 ')
6'3$()&')5(53 $+-)4"3 ') 3(5)6 3&#5$&5#"N .+'3 E-3 )(& -$$'6")&-1i 9-4" 6'3M
6-')"6 $()&')5'&: ') /53'$-1 3&#5$&5#"7 -1E-:3 *-=(#')4 @58&-%(3'&'()L

Q#'(' %'2%:' #$4 ;':& &#' +'1'33-&@ &2 3&-1R 32/+43 &2A'&#'( &2 9$R' $ 12+&-+/-&@> N' ;':&
&#' +'1'33-&@ &2 A'& (-4 2; &#' A:/' 32 &#$& 32/+43 N2/:4 5' &#'93':?'3N U9-4" QRXRY

B(# 3(/"7 $(/%(3'&'() ')=(1="3 - /"6'-&'() ?"&E"") &+" &(%M6(E) -)6


?(&&(/M5% -%%#(-$+"37 ?"&E"") -) -?3&#-$& +'4+M1"="1 $()$"%&'() -)6 &+" $()M
$#"&" /-&"#'-13 ?"')4 6"="1(%"6 () 1(E"# 1"="13 (* /53'$-1 &'/" 3&#5$&5#"N .+'3
'/%1'"3 )"4(&'-&'() ?"&E"") - 6"3'#" *(# (#6"#1: /-$#(3&#5$&5#" -)6 '/%"#-M
&'="3 &+-& "/"#4" *#(/ &+" 3(5#$" /-&"#'-1N 9"#&-') %+#-3" 3&#5$&5#"3 $-))(&
?" ")$-%351-&"6 )"-&1: E'&+') &+" ?(8 (* - %#"$5& *(#/N .+": /-)6-&" - $()M
&-')"# &+-& $()*(#/3 &( &+"'# 3+-%" -)6 E"'4+&N
)< "#$%&'( )

.+" 6"?-&" (="# &+" "/"#4")$" (* *(#/ '3 -)$'")&N ,53'$(1(4'3&3 +-="
1()4 -#45"6 E+"&+"#7 *(# "8-/%1"7 - *545" '3 - &"/%1-&" U*(#/Y (# - %#($"33
(* =-#'-&'()N .+'3 6"?-&" "$+("3 -) -)$'")& %+'1(3(%+'$-1 6'3$(5#3" %'&&')4
*(#/ -4-')3& Z587 6-&')4 ?-$K -3 *-# -3 &+" c#""K %+'1(3(%+"# ;"#-$1'&53N J1&'M
/-&"1:7 &+" 6'$+(&(/: ?"&E"") *(#/ -)6 %#($"33 '3 -) '1153'()7 - *-'15#" (*
1-)45-4" &( ?')6 &E( -3%"$&3 (* &+" 3-/" $()$"%& ')&( - 5)'&N A) $(/%5&"#
3$'")$"7 &+" $()$"%& (* 12+3&($-+&3 6("3 -E-: E'&+ &+'3 6'$+(&(/: U0533/-) -)6
0&""1" QRWQYN C *(#/ '3 $()3&#5$&"6 -$$(#6')4 &( - 3"& (* #"1-&'()3+'%3N C 3"& (*
#"1-&'()3+'%3 '/%1'"3 - %#($"33 (* "=-15-&'() &+-& #"351&3 ') - *(#/N

-%*+ "#$% &'()%

.+" /"3(3&#5$&5#-1 1"="1 4#(5%3 3(5)6 (?@"$&3 ')&( - _5-3' +'"#-#$+: (* %+#-3"
3&#5$&5#"3 (* 65#-&'()3 /"-35#"6 ') 3"$()63N .+'3 :21$: -3 (%%(3"6 &( A:25$:
&'/" 3$-1" '3 "8&#"/"1: '/%(#&-)& ') $(/%(3'&'()7 *(# '& '3 /(3& (*&") () &+"
/"3( 1"="1 &+-& &+" 3"_5")$"37 $(/?')-&'()37 -)6 &#-)3/5&-&'()3 &+-& $()3&'&5&"
/53'$-1 '6"-3 5)*(16N ,"1(6'$7 +-#/()'$7 -)6 $()&#-%5)&-1 #"1-&'()3 +-%%")
+"#"7 -3 6( %#($"33"3 35$+ -3 &+"/" -)6 =-#'-&'()37 -)6 /-): &:%"3 (* 6"="1M
(%/")&7 %#(4#"33'()7 -)6 @58&-%(3'&'()N F($-1 #+:&+/'$ -)6 /"&#'$ %-&&"#)37
&((7 5)*(16 () &+'3 3&#-&5/N
V'3+-#& UQRRbY $-11"6 &+'3 1"="1 (* 3&#5$&5#" &+" 3'O/'+1'N A) &+" $()&"8& (*
"1"$&#()'$ /53'$7 +" '6")&'\"6 &E( %#(%"#&'"3 (* 3"_5")$"3L &+" ,':4 U&+" /-&"M
#'-17 (# 3"& (* "1"/")&3 53"6 ') &+" 3"_5")$"Y7 -)6 &+" 2(4'(N .+" \"16 3"#="3 -3
- 1"8'$()]&+" =($-?51-#: (* - %'"$" (* /53'$N .+" (#6"# 6"&"#/')"3 &+"/-&'$
#"1-&'()3]&+" 4#-//-# (* - %-#&'$51-# %'"$"N C3 V'3+-#& (?3"#="67 &+" \"16 -)6
&+" (#6"# /53& ?" "3&-?1'3+"6 _5'$K1: '* &+": -#" &( 3"#=" -3 &+" ?"-#"#3 (* /53'$-1
$(6"N A) &#-6'&'()-1 /53'$7 &+": -#" 1-#4"1: %#"6"&"#/')"6 ?: $51&5#-1 )(#/3N
A) "1"$&#()'$ /53'$7 &+" /"3( 1-:"# %#"3")&3 &'/?#" /"1(6'"37 3'/51&-)"'&'"3
U$+(#6 -)-1(4'"3Y7 3%-&'-1 ')&"#%1-:7 -)6 -11 /-))"# (* &"8&5#-1 "=(15&'()3N ,-):
(* &+"3" %#($"33"3 -#" 6"3$#'?"6 -)6 $1-33'\"6 ') 2")'3 0/-11":[3 ')&"#"3&')4
&+"(#: (* 3%'1&(292(%#2:2A@]- &-8()(/: (* 3(5)6 4"3&5#" 3+-%"3 U0/-11":
QRWT7 QRRdYN

&+.01 -(**%*F "%G4.2%*F (01 H)+.1*

.( &+" 3"_5")$"3 -)6 $(/?')-&'()3 (* &#-6'&'()-1 /53'$7 E" /53& -66 -)(&+"#
%#')$'%1" (* (#4-)'P-&'() () &+" /"3( 3$-1"L &+" 3(5)6 /-33N 2"$-6"3 -4(7
)= 8-9' .1$:'3 2; 0/3-1

H64-#6 D-#"o3" %#"6'$&"6 &+-& &+" 3(5)63 ')&#(65$"6 ?: "1"$&#()'$ ')3&#5/")&3


E(516 )"$"33'&-&" )"E (#4-)'P')4 %#')$'%1"3 *(# /"3(3&#5$&5#"N

Q#'+ +'N -+3&(/9'+&3 N-:: $::2N 9' &2 N(-&' 9/3-1 $3 * 12+1'-?' -&> &$R-+A &#' %:$1' 2; &#'
:-+'$( 12/+&'(%2-+&> &#' 92?'9'+& 2; 32/+4 9$33'3> 2( 3#-;&-+A %:$+'3> N-:: 5' 1:'$(:@ %'(M
1'-?'4P Q#'+ &#'3' 32/+4 9$33'3 12::-4' &#' %#'+29'+$ 2; %'+'&($&-2+ 2( ('%/:3-2+ N-::
3''9 &2 211/(N UD-#"o3" QRT`Y

C &#")6 &(E-#6 3+-%')4 /53'$ &+#(54+ &+" 41(?-1 -&&#'?5&"3 (* - 3(5)6 /-33
?"4-) ') &+" QRXS3N >)" &:%" (* 3(5)6 /-33 '3 - $153&"# (* 353&-')"6 *#"_5")$'"3
&+-& *53" ')&( - 3(1'6 ?1($KN A) - $"#&-') 3&:1" (* 3(5)6 /-33 $(/%(3'&'()7
/53'$-1 6"="1(%/")& 5)*(163 -3 ')6'='65-1 1')"3 -#" -66"6 &( (# #"/(="6 *#(/
&+'3 $153&"#N c:(g#4: F'4"&'[3 S2:/9-+$ *(# (#4-) UQRT`Y '3 - /-3&"#%'"$" (* &+'3
3&:1"7 -)6 &+" $(/%(3"# +-3 "8%1(#"6 &+'3 -%%#(-$+ ') - )5/?"# (* (&+"# %'"$"37
')$156')4 T&923%#'U('3 UQRTQY -)6 L/D T'&'(+$ UQRTTYN
!-#&'$1"3 /-K" %(33'?1" -)(&+"# &:%" (* 3(5)6 /-33L 3&-&'3&'$-1 $1(563 (*
/'$#("=")&3 Up")-K'3 QRTSYN V'3+-#& UQRRbY -3$#'?"6 &E( %#(%"#&'"3 &( $1(56
&"8&5#"3N C3 E'&+ 3"_5")$"37 &+"'# \"16 '3 &+" 3"& (* "1"/")&3 53"6 ') &+" &"8&5#"7
E+'$+ /-: ?" $()3&-)& (# "=(1=')4N .+"'# 3"$()6 %#(%"#&: '3 6")3'&:7 E+'$+
3&'%51-&"3 &+" )5/?"# (* "=")&3 E'&+') - 4'=") &'/" %"#'(67 *#(/ 3%-#3" 3$-&M
&"#')43 &( 6")3" 3$')&'11-&'()3N
91(56 &"8&5#"3 3544"3& - 6'^"#")& -%%#(-$+ &( /53'$-1 (#4-)'P-&'()N A)
$()&#-3& &( &+" $(/?')-&(#'-1 3"_5")$"3 (* &#-6'&'()-1 /"3( 3&#5$&5#"7 $1(563
")$(5#-4" - %#($"33 (* 3&-&'3&'$-1 "=(15&'()N V'&+') &+'3 "=(15&'() &+" $(/M
%(3"# $-) '/%(3" 3%"$'\$ /(#%+(1(4'"3N 91(56 "=(15&'()3 $-) &-K" %1-$" ') &+"
6(/-') (* -/%1'&56" U$#"3$")6'q6"$#"3$")6'Y7 ')&"#)-1 &"/%( U-$$"1"#-)6(q
#-11")&-)6(Y7 6")3'&: U')$#"-3')4q6"$#"-3')4Y7 +-#/()'$'&: U%'&$+q$+(#6q$153&"#q
)('3"7 "&$NY7 -)6 3%"$&#5/ U+'4+q/'6q1(E7 "&$NYN
p")-K'3[3 &-%" $(/%(3'&'()3 "2+1('& VI UQRXWY7 W2#2( * UQRT`Y7 -)6 V'(M
3'%2:-3 UQRdQY *"-&5#" 6")3"7 /()(1'&+'$ $1(5637 -3 6( /-): (* +'3 E(#K3 *(#
&#-6'&'()-1 ')3&#5/")&3N 0&($K+-53") UQRXdY 53"6 3&-&'3&'$-1 *(#/M$#'&"#'- -3 ()"
$(/%()")& (* +'3 "-#1: $(/%(3'&'() &"$+)'_5"N 0')$" &+" QRTS37 %-#&'$1"
&"8&5#"3 +-=" -%%"-#"6 ') )5/"#(53 "1"$&#(-$(53&'$ $(/%(3'&'()37 35$+ -3 &+"
#"/-#K-?1" X' +$&/($ 32+2(/9 UQRdXY (* O"#)-#6 !-#/"4'-)'N
D-#"o3" 3%(K" (* &+" ')&"#%")"&#-&'() (* 3(5)6 /-33"3N .+" 6'-%+-)(53 )-M
&5#" (* $1(56 3&#5$&5#"3 /-K"3 &+'3 %(33'?1"N C $#(33*-6" ?"&E"") &E( $1(563
#"351&3 ') - 3/((&+ /5&-&'()N ,"3(3&#5$&5#-1 %#($"33"3 35$+ -3 6'3')&"4#-&'()
-)6 $(-1"3$")$" $-) ?" #"-1'P"6 &+#(54+ /-)'%51-&'()3 (* %-#&'$1" 6")3'&: U3""
$+-%&"# TYN 2")3'&: 6"&"#/')"3 &+" &#-)3%-#")$: (* &+" /-&"#'-1N C) ')$#"-3" ')
)B "#$%&'( )

6")3'&: 1'*&3 - $1(56 ')&( &+" *(#"4#(5)67 E+'1" - 6"$#"-3" $-53"3 "=-%(#-&'()7
6'33(1=')4 - $()&')5(53 3(5)6 ?-)6 ')&( - %(')&'11'3& #+:&+/ (# =-%(#(53 ?-$KM
4#(5)6 &"8&5#"N

./'01 2*3'&'-4

.( 6"3$#'?" 3(5)6 $1(563 %#"$'3"1:7 E" /'4+& #"*"# &( &+" &-8()(/: (* $1(56
3+-%"3 ') &+" -&/(3%+"#"L
"/9/:/3 E"11M6"\)"6 $-51'Z(E"#M3+-%"6 $(&&(): $1(563
.&($&21/9/:/3 ?15##"6 ?: E')6 /(&'()
.&($&/3 - &+') *#-4/")&"6 1-:"#7 (*&") &#-)315$")&
Y-9523&($&/3 - E'6"3%#"-6 4#-: (# E+'&" 3+""&7 (%-_5"
"-((/3 '3(1-&"6 3+""&3 &+-& 6"="1(% ') \1-/")&3 (# %-&$+"3
A) -)(&+"# #"-1/7 -/()4 &+" 3&-#37 (5&"# 3%-$" '3 \11"6 E'&+ 3E'#1')4 $1(563 (*
$(3/'$ #-E /-&"#'-1 $-11"6 +'5/:$'N
8#' 123923> :-R' &#' 3R@ 2+ $ &/(5/:'+& 3/99'( 4$@> -3 ,::'4 N-&# 1:2/43 2; 4-Z'('+& 3-['3>
3#$%'3> 3&(/1&/('3> $+4 4-3&$+1'3P .29' $(' 3N'::-+A 1/9/:/3> 2&#'(3 :-A#&> N-3%@ 1-((/3\$::
2; &#'9 12+3&$+&:@ 1#$+A-+A 12::-4-+A> ;2(9-+A> $+4 '?$%2($&-+AN Uf-1"# QRRdY

!511"6 ?: '//")3" 4#-='&-&'()-1 \"163 (# ?1(E) ?: $(3/'$ 3+($KE-="37


)"?51-" *(#/ ') 4#"-& =-#'"&:L 6-#K (# 41(E')47 -/(#%+(53 (# #')4M3+-%"67
$()3&-)&1: "=(1=')4 ') /(#%+(1(4:N .+"3" *(#/37 &((7 +-=" /53'$-1 -)-1(4'"3N
!#(4#-/3 *(# 3()(4#-%+'$ 3:)&+"3'3 U35$+ -3 ,"&-0:)&+ rV")4"# -)6 0%'"4"1
QRRRsY7 %#(='6" -'#?#53+ &((13 &+-& 1"& ()" 3%#-: 3(5)6 %-#&'$1"3 () &+" &'/"M
*#"_5")$: $-)=-3N >) &+" 3$#"")7 &+" ="#&'$-1 6'/")3'() #"%#"3")&3 *#"_5")$:7
-)6 &+" +(#'P()&-1 6'/")3'() #"%#"3")&3 &'/"N .+" '/-4"3 $-) ?" ?15##"67 *#-4M
/")&"67 (# 3"%-#-&"6 ')&( 3+""&3N 2"%")6')4 () &+"'# 6")3'&:7 &+": /-: ?"
&#-)315$")& (# (%-_5"N 2'3%1-$"/")& /-%3 $-) E-#% &+" $1(56 ')&( - $'#$51-#
(# 3%'#-1 3+-%" () &+" &'/"M*#"_5")$: $-)=-3N U0"" $+-%&"# T () 3()(4#-%+'$
&#-)3*(#/-&'() (* 3(5)6NY

&+.01 =3>%'4 "#$% &'()%

.+" 3(5)6 (?@"$& &'/" 3$-1" ")$(/%-33"3 "=")&3 (* - 65#-&'() -33($'-&"6 E'&+
&+" "1"/")&-#: 5)'& (* $(/%(3'&'() ') 3$(#"3L &+" )(&"N C )(&" 535-11: 1-3&3 *#(/
-?(5& QSS /3 &( 3"="#-1 3"$()637 -)6 '3 %1-:"6 ?: -) ')3&#5/")& (# 35)4 ?: -
)F 8-9' .1$:'3 2; 0/3-1

=($-1'3&N .+" $()$"%& (* 3(5)6 (?@"$& "8&")63 &+'3 &( -11(E -): 3(5)67 *#(/
-): 3(5#$"N .+" &"#/ 32/+4 256'1& $(/"3 *#(/ !'"##" 0$+-"^"#7 &+" %'()""# (*
9/3-O/' 12+1('U&'N .( +'/7 &+" %5#" 256'& 32+2(' E-3 - 3(5)6 E+(3" (#'4') -
1'3&")"# $(516 )(& '6")&'*: U0$+-"^"# QRXR7 QRdd7 %N RXYN V" &-K" - ?#(-6"# ='"E
+"#"N C): 3(5)6 E'&+') 3&'%51-&"6 &"/%(#-1 1'/'&3 '3 - 3(5)6 (?@"$&N p")-K'3
UQRWRY #"*"##"6 &( &+'3 -3 &+" ee/')'3&#5$&5#-1[[ &'/" 3$-1"N

"?% &%0*(4#+0 +, "+0%

.+" 3")3-&'() (* &()"]- 353&-')"6 (# $()&')5(53 "=")& (* 6"\)'&" (# ')6"\)'&"


%'&$+]($$5#3 () &+" 3(5)6 (?@"$& &'/" 3$-1"N .+" 1(EM*#"_5")$: ?(5)6-#: *(#
&+" 3")3-&'() (* - $()&')5(53 3(5)6]-3 (%%(3"6 &( - Z5&&"#')4 35$$"33'() (*
?#'"* /'$#(3(5)63]+-3 ?"") "3&'/-&"6 -& -):E+"#" *#(/ W ;P U0-=-#&Y &(
-?(5& aS ;PN UC3 #"*"#")$"7 &+" 6""%"3& 3(5)6 ') - &:%'$-1 (#$+"3&#- '3 &+" (%")
H (* &+" $()&#-?-33 -& bQN`X ;PNY ;"1/+(1&P7 &+" )')"&"")&+ $")&5#: c"#/-)
-$(53&'$'-)7 ')="3&'4-&"6 &+'3 1(E"# ?(5)6-#:N

*+ &#' ,(3& %:$1' -& -3 +'1'33$(@ &#$& &#' 3&('+A&# 2; &#' ?-5($&-2+3 2; &#' $-( ;2( ?'(@ :2N
&2+'3 3#2/:4 5' 'D&('9':@ A('$&'( &#$+ ;2( #-A# &2+'3P 8#' -+1('$3' -+ 3&('+A&# P P P -3 2;
'3%'1-$: 12+3'O/'+1' -+ &#' 4''%'3& &2+'3P P P P 82 4-312?'( &#' :-9-& 2; &#' 4''%'3& &2+'3 -& -3
+'1'33$(@ +2& 2+:@ &2 %(24/1' ?'(@ ?-2:'+& $A-&$&-2+3 -+ &#' $-( 5/& &2 A-?' &#'3' $ 3-9%:'
%'+4/:$( 92&-2+N U;"1/+(1&P QWWXY

;"1/+(1&P (?3"#="6 &+-& - 3")3" (* $()&')5'&: &-K"3 +(16 ?"&E"") `b &( `W


;P7 ?5& &+-& &+" '/%#"33'() (* - 6"\)'&" %'&$+ 6("3 )(& &-K" +(16 5)&'1 bS ;PN
!'&$+ -)6 &()" -#" )(& &+" 3-/" &+')4N C$(53&'$'-)3 3%"-K (* 129%:'D &2+'3
-)6 /+%-&1#'4 &2+'3N C): 3(5)6 %"#$"'="6 -3 $()&')5(53 '3 - &()"N .+'3 $-)7 *(#
"8-/%1" ')$156" )('3"N
O"&E"") &+" 3")3-&'() (* - $()&')5(53 &()" -)6 &+" 3")3-&'() (* /"&"#"6
#+:&+/ 3&-)63 - P()" (* -/?'45'&:7 -) ')*#-3()'$ *#"_5")$: 6(/-') &+-& '3 &((
31(E &( *(#/ - $()&')5(53 &()" ?5& &(( *-3& *(# #+:&+/'$ 6"\)'&'()N .+53 $()M
&')5(53 &()" '3 - %(33'?1" _5-1'&:7 ?5& )(& - )"$"33-#: %#(%"#&:7 (* - 3(5)6 (?M
@"$&N 9()3'6"# - #"1-&'="1: 6")3" $1(56 (* 3()'$ 4#-')3 E'&+ 3+(#& 3'1")& 4-%3 ()
&+" (#6"# (* &")3 (* /'11'3"$()63N 2(P")3 (* 6'^"#")& 3()'$ "=")&3 ($$5# %"#
3"$()67 "-$+ 5)'_5" -)6 3"%-#-&"6 ?: - ?#'"* ')&"#=-13 (* P"#( -/%1'&56"7 :"&
35$+ - $1(56 '3 %"#$"'="6 -3 - 5)'&-#: "=")&]- 3')41" 3(5)6 (?@"$&N
C 3")3" (* #"451-# %513" -)6 /"&"# ?"4')3 &( ($$5# *#(/ -%%#(8'/-&"1: W ;P
6(E) &( SNQ` ;P -)6 ?"1(E UB#-'33" QRW`YN <(& $(')$'6")&-11:7 '& '3 ') &+'3
#+:&+/'$-11: -%%#")3'?1" #-)4" &+-& &+" /(3& 3-1'")& -)6 "8%#"33'=" ='?#-&(7
&#"/(1(7 -)6 3%-&'-1 %-))')4 "^"$&3 ($$5#N
)G "#$%&'( )

I+$+A%0%+.* J+4%* K%2*.* I%4%2+A%0%+.* &+.01 =3>%'4*

.+" 3(5)6 (?@"$& &'/" 3$-1" '3 &+" 3-/" -3 &+-& (* &#-6'&'()-1 )(&"3N V+-& 6'3M
&')45'3+"3 3(5)6 (?@"$&3 *#(/ )(&"3I .+" )(&" '3 &+" +(/(4")"(53 ?#'$K (*
$()=")&'()-1 /53'$ -#$+'&"$&5#"N I292A'+'2/3 /"-)3 &+-& "="#: )(&" $-) ?"
6"3$#'?"6 ?: &+" 3-/" *(5# %#(%"#&'"3L
! %-&1#7 4")"#-11: ()" (* &E"1=" "_5-1M&"/%"#"6 %'&$+ $1-33"3
! &-95('7 4")"#-11: ()" (* -?(5& &E")&: 6'^"#")& ')3&#5/")&3 *(# - *511 (#$+"3M
&#-7 E'&+ &E( (# &+#"" 6'^"#")& -&&-$K &:%"3 *(# "-$+ ')3&#5/")&
! 4@+$9-1 9$(R-+A7 4")"#-11: ()" (* -?(5& &") 6'^"#")& #"1-&'=" 1"="13
! 4/($&-2+7 4")"#-11: ?"&E"") !QSS /3 U31'4+&1: 1"33 &+-) - &+'#&:M3"$()6 )(&"
-& - &"/%( (* TS ,N,NY &( !W 3"$()63 U*(# &E( &'"6 E+(1" )(&"3Y
.+"3" %#(%"#&'"3 -#" 3&-&'$7 45-#-)&""')4 &+-&7 ') &+"(#:7 - )(&" ') ()"
/"-35#" E'&+ - $"#&-') %'&$+7 6:)-/'$7 -)6 ')3&#5/")&-1 &'/?#" '3 *5)$&'()-11:
"_5'=-1")& &( - )(&" ') -)(&+"# /"-35#" E'&+ &+" 3-/" &+#"" %#(%"#&'"3N .+"
%#(%"#&'"3 (* - %-'# (* )(&"3 $-) ?" $(/%-#"6 () - 3'6"M?:M3'6" ?-3'3 -)6 -
6'3&-)$" (# ')&"#=-1 $-) ?" $-1$51-&"6N .+" )(&'()3 (* "_5'=-1")$" -)6 6'3&-)$"
1"-6 &( &+" )(&'() (* -+?$(-$+&37 (# ')&"#=-11'$ 6'3&-)$"3 &+-& -#" %#"3"#="6 -$#(33
&#-)3*(#/-&'()3N
F'/'&')4 /-&"#'-1 &( - 3&-&'$ +(/(4")"(53 3"& -11(E3 -?3&#-$&'() -)6 "hM
$'")$: ') /53'$-1 1-)45-4"N A& 3"#="3 -3 &+" ?-3'3 *(# (%"#-&'()3 35$+ -3
&#-)3%(3'&'()7 (#$+"3&#-&'() -)6 #"65$&'()7 &+" -14"?#- (* &()-1 +-#/(): -)6
$(5)&"#%(')&7 -)6 &+" -&()-1 -)6 3"#'-1 /-)'%51-&'()3N A) &+" %-3& 6"$-6"7 &+"
,A2A %#(&($(1 +-3 "8&")6"6 &+'3 +(/(4")"'&: ')&( &+" 6(/-') (* "1"$&#()'$
/53'$ &+#(54+ 3&-)6-#6'P"6 )(&" 3"_5")$"3 &+-& %1-: () -): 3:)&+"3'P"#N
.+" /"#'& (* &+'3 +(/(4")"(53 3:3&"/ '3 $1"-#i +'4+1: "1"4-)& 3&#5$&5#"3
+-=')4 ?"") ?5'1& E'&+ 3&-)6-#6 /-&"#'-13 ')+"#'&"6 *#(/ $")&5#'"3 %-3&N O5&
3')$" &+" 6-E) (* &+" &E")&'"&+ $")&5#:7 - #"$5##')4 -"3&+"&'$ 6#"-/ +-3 ?"")
&+" "8%-)3'() ?":()6 - \8"6 3"& (* +(/(4")"(53 /-&"#'-13 &( - /5$+ 1-#4"#
35%"#3"& (* +"&"#(4")"(53 /53'$-1 /-&"#'-13N
V+-& E" +-=" 3-'6 -?(5& &+" 1'/'&-&'()3 (* &+" H5#(%"-) )(&" $()$"%& 6("3
)(& )"$"33-#'1: -%%1: &( &+" /53'$3 (* (&+"# $51&5#"3N 9()3'6"# &+" 3+-K5+-$+'
/53'$ (* n-%-)7 (# $()&"/%(#-#: %#-$&'$" "/"#4')4 *#(/ &+" -6=-)$"6 6"="1M
(%/")&3 (* @-PPN
;"&"#(4")"'&: /"-)3 &+-& &E( (?@"$&3 /-: )(& 3+-#" $(//() %#(%"#&'"3N
.+"#"*(#" &+"'# %"#$"%& /-: ?" ")&'#"1: 6'^"#")&N 9()3'6"# &+" *(11(E')4 &E(
"8-/%1"3N 0(5)6 C '3 - ?#'"* "=")& $()3&#5$&"6 ?: %-33')4 -)-1(4 6'(6" )('3"
)H 8-9' .1$:'3 2; 0/3-1

&+#(54+ - &'/"M=-#:')4 ?-)6%-33 \1&"# -)6 -%%1:')4 -) "8%()")&'-11: 6"$-:')4


")="1(%" &( '&N 0(5)6 O 1-3&3 "'4+& 3"$()63N A& '3 $()3&#5$&"6 ?: 4#-)51-&')4
') /51&'%1" $+-))"13 3"="#-1 #"3()-)& 1(EM%'&$+"6 3&#(K"3 () -) C*#'$-) 31'&
6#5/7 &+") #"="#?"#-&')4 &+" &"8&5#"N 0')$" &+" -/%1'&56"3 -)6 ()3"& &'/"3 (*
&+" 4#-')3 =-#:7 &+'3 $#"-&"3 - @'&&"#')4 3(5)6 /-33N .( $(/%-#" C -)6 O '3 1'K"
$(/%-#')4 -%%1"3 -)6 (#-)4"3N .+"'# /'$#(3&#5$&5#"3 -#" 6'^"#")&7 -)6 E" $-)
()1: 5)6"#3&-)6 &+"/ &+#(54+ &+" %#(%"#&'"3 &+-& &+": 6( )(& +-=" ') $(//()N
.+53 ')3&"-6 (* +(/(4")"(53 )(&"37 E" 3%"-K (* #'&'(2A'+'2/3 32/+4 256'1&3N
.+" )(&'() (* 3(5)6 (?@"$& 4")"#-1'P"3 &+" )(&" $()$"%& ') &E( E-:3L

QN A& %5&3 -3'6" &+" #"3&#'$&'() (* - $(//() 3"& (* %#(%"#&'"3 ') *-=(# (* - +"&M
"#(4")"(53 $(11"$&'() (* %#(%"#&'"3N 0(/" (?@"$&3 /-: )(& 3+-#" $(//()
%#(%"#&'"3 E'&+ (&+"# (?@"$&3N 9"#&-') 3(5)6 (?@"$&3 /-: *5)$&'() -3 5)'_5"
3')451-#'&'"3N H)&'#" %'"$"3 /-: ?" $()3&#5$&"6 *#(/ )(&+')4 ?5& 35$+
3')451-#'&'"3N
`N A& 6'3$-#63 &+" )(&'() (* 3&-&'$7 &'/"M')=-#'-)& %#(%"#&'"3 ') *-=(# (* &'/"M
=-#:')4 %#(%"#&'"3 UG(-63 QRWX?YN

>?@"$&3 &+-& 6( )(& 3+-#" $(//() %#(%"#&'"3 /-: ?" 3"%-#-&"6 ')&( 6'="#3"
$1-33"3N H-$+ $1-33 E'11 1")6 '&3"1* &( 6'^"#")& &:%"3 (* /-)'%51-&'() -)6 /53'$-1
(#4-)'P-&'()N 9"#&-') 3(5)63 1-:"# E"117 )"-#1: -): /'8&5#" (* "1()4-&"6 3')"
E-="3 E'&+ 3/((&+ ")="1(%"3 *(# "8-/%1"N .+" 3-/" 3(5)63 (#4-)'P"6 ') -
3"_5")$"7 +(E"="#7 #-&+"# _5'$K1: ?"$(/" ?(#')4N >&+"# 3(5)637 35$+ -3 '3(M
1-&"6 '/%513"37 -#" /(3& "^"$&'=" E+") 3%-#3"1: 3$-&&"#"6 ()&( - )"5&#-1 3(5)6
$-)=-3N
.#-)3*(#/-&'()3 -%%1'"6 &( (?@"$&3 ') ()" $1-33 /-: )(& ?" "^"$&'=" ') -)M
(&+"# $1-33N B(# "8-/%1"7 - &'/"M3&#"&$+')4 (%"#-&'() /-: E(#K %"#*"$&1: E"11
() - %'%" (#4-) &()"7 %#"3"#=')4 '&3 '6")&'&: -)6 -^"$&')4 ()1: '&3 65#-&'()N .+"
3-/" (%"#-&'() -%%1'"6 &( &+" 3(5)6 (* ?5#)')4 "/?"#3 E'11 3/"-# &+" $#-$K1')4
&#-)3'")&3 ')&( - )()6"3$#'%& "1"$&#()'$ ?15#N
A) &#-6'&'()-1 E"3&"#) /53'$7 &+" %(33'?'1'&'"3 *(# &#-)3'&'() E'&+') - )(&" -#"
1'/'&"6 ?: &+" %+:3'$-1 %#(%"#&'"3 (* &+" -$(53&'$ ')3&#5/")& -3 E"11 -3 *#(P") ?:
&+"(#: -)6 3&:1"N J)1'K" )(&"37 &+" %#(%"#&'"3 (* - 3(5)6 (?@"$& -#" *#"" &( =-#:
(="# &'/"N .+'3 (%")3 5% &+" %(33'?'1'&: (* $(/%1"8 3(5)63 &+-& $-) /5&-&"
*#(/ ()" 3&-&" &( -)(&+"# E'&+') - 3')41" /53'$-1 "=")&N A) &+" $-3" (* 3:)&+"M
3'P"6 3(5)637 -) (?@"$& /-: ?" $()&#(11"6 ?: /51&'%1" &'/"M=-#:')4 ")="1(%"3
*(# %'&$+7 -/%1'&56"7 3%-&'-1 %(3'&'()7 -)6 /51&'%1" 6"&"#/')-)&3 (* &'/?#"N
.+"3" =-#'-&'()3 /-: &-K" %1-$" (="# &'/" 3$-1"3 /5$+ 1()4"# &+-) &+(3" -33(M
$'-&"6 E'&+ $()=")&'()-1 )(&"3N
!J "#$%&'( )

V" $-) 35?6'='6" - 3(5)6 (?@"$& )(& ()1: ?: '&3 %#(%"#&'"3 ?5& -13( ?: '&3
&"/%(#-1 3&-&"3N .+"3" 3&-&"3 -#" $(/%(3-?1" 53')4 3:)&+"3'3 &((13 &+-& (%"#-&"
() &+" /'$#(&'/" 3$-1"N .+" /'$#( 3&-&"3 (* - 3(5)6 $-) -13( ?" 6"$(/%(3"6
-)6 #"-##-)4"6 E'&+ &((13 35$+ -3 &'/" 4#-)51-&(#3 -)6 -)-1:3'3M#"3:)&+"3'3
3(*&E-#"N

&+.01 =3>%'4 -+2<?+)+A8

*+ 9/3-1> $3 -+ 2&#'( ,':43> &#' 2(A$+-[$&-2+ -3 12+4-&-2+'4 5@ &#' 9$&'(-$:N U0$+-"^"#


QRdd7 %N TWSY

.+" 6"3'#" &( 5)6"#3&-)6 &+" ")(#/(53 #-)4" (* %(33'?1" 3(5)6 (?@"$&3 1"6
!'"##" 0$+-"^"# &( -&&"/%& &( $1-33'*: &+"/7 ?"4'))')4 ') &+" "-#1: QRXS3
U0$+-"^"# -)6 ,(1"3 QRX`YN O((K D (* +'3 8($-&'] 4'3 256'&3 9/3-1$/D UQRddY7
")&'&1"6 02(%#2:2A-' $+4 &@%2:2A-' 4'3 256'&3 32+2('3 ')&#(65$"3 &+" 53"*51 )(M
&'() (* 32/+4 256'1& 92(%#2:2A@]&+" $(/%-#'3() (* &+" 3+-%" -)6 "=(15&'()
(* 3(5)6 (?@"$&3N 0$+-"^"# ?(##(E"6 &+" &"#/ 92(%#2:2A@ *#(/ &+" 3$'")$"37
E+"#" '& #"*"#3 &( &+" 3&56: (* *(#/ -)6 3&#5$&5#" U(* (#4-)'3/3 ') ?'(1(4:7 (*
E(#6M"1"/")&3 ') 1')45'3&'$37 (* #($K3 ') 4"(1(4:7 "&$NYN 0$+-"^"# 6'-4#-//"6
3(5)6 3+-%" ') &+#"" 6'/")3'()3L &+" +-#/()'$ U3%"$&#5/Y7 6:)-/'$ U-/%1'M
&56"Y7 -)6 /"1(6'$ U%'&$+YN ;" (?3"#="6 &+-& &+" "1"/")&3 /-K')4 5% - $(/M
%1"8 3(5)6 $-) ?" %"#$"'="6 -3 "'&+"# /"#4"6 &( *(#/ - 32/+4 129%2/+47 (#
#"/-')')4 3"%-#-&" &( *(#/ - 32/+4 9-D&/('N ;'3 &:%(1(4:7 (# $1-33'\$-&'()
(* 3(5)6 (?@"$&3 ')&( 6'^"#")& 4#(5%37 E-3 ?-3"6 () -$(53&'$ /(#%+(1(4'$-1
3&56'"3N
.+" '6"- (* 3(5)6 /(#%+(1(4: #"/-')3 $")&#-1 &( &+" &+"(#: (* "1"$&#(M
-$(53&'$ /53'$ UO-:1" QRRaY7 ') E+'$+ &+" /53'$-1 3%(&1'4+& '3 (*&") 3+()" ()
&+" 3(5)6 (?@"$& 1"="1N A) &#-6'&'()-1 $(/%(3'&'()7 &#-)3'&'()3 *5)$&'() () &+"
/"3(3&#5$&5#-1 1"="1 &+#(54+ &+" ')&"#%1-: (* )(&"3N A) "1"$&#(-$(53&'$ /53'$7
&+" /(#%+(1(4: (* -) ')6'='65-1 3(5)6 /-: %1-: - 3&#5$&5#-1 #(1"7 -)6 &#-)M
3'&'()3 $-) ($$5# E'&+') -) ')6'='65-1 3(5)6 (?@"$&N .+'3 5?'_5'&: (* /5&-&'()
/"-)3 &+-& "="#: 3()'$ "=")& '3 '&3"1* - %(&")&'-1 &#-)3*(#/-&'()N

-#'2+ "#$% &'()%

.+" /'$#( &'/" 3$-1" '3 &+" /-') 35?@"$& (* &+'3 ?((KN A& "/?#-$"3 &#-)3'")&
-56'( %+")(/")-7 - ?#(-6 $1-33 (* 3(5)63 &+-& "8&")63 *#(/ &+" &+#"3+(16 (*
!) 8-9' .1$:'3 2; 0/3-1

&'/?#" %"#$"%&'() U3"="#-1 +5)6#"6 /'$#(3"$()63Y 5% &( &+" 65#-&'() (* 3+(#&


3(5)6 (?@"$&3 U!QSS /3YN A& 3%-)3 &+" ?(5)6-#: ?"&E"") &+" -56'( *#"_5")$:
#-)4" U-%%#(8'/-&"1: `S ;P &( `S K;PY -)6 &+" ')*#-3()'$ *#"_5")$: #-)4"
U?"1(E `S ;PYN <"41"$&"6 ') &+" %-3& (E')4 &( '&3 ')-$$"33'?'1'&:7 &+" /'$#(&'/"
6(/-') )(E 3&-)63 -& &+" *(#"*#()& (* $(/%(3'&'()-1 ')&"#"3&N
,'$#(3(5)6 '3 5?'_5'&(53 ') &+" )-&5#-1 E(#16N .#-)3'")& "=")&3 5)*(16 -11
-#(5)6 ') &+" E'16L - ?'#6 $+'#%37 - &E'4 ?#"-K37 - 1"-* $#')K1"3N V" /-: )(&
&-K" )(&'$" (* /'$#(-$(53&'$-1 "=")&3 5)&'1 &+": ($$5# ") /-33"7 &#'44"#')4 -
41(?-1 3&-&'3&'$-1 %"#$"%&N V" "8%"#'")$" &+" ')&"#-$&'()3 (* /'$#(3(5)63 ') &+"
3(5)6 (* - 3%#-: (* E-&"# 6#(%1"&3 () - #($K: 3+(#"7 &+" 45#41')4 (* - ?#((K7
&+" %'&&"#M%-&&"# (* #-')7 &+" $#5)$+')4 (* 4#-="1 ?"')4 E-1K"6 5%()7 &+" 3)-%M
%')4 (* ?5#)')4 "/?"#37 &+" +5//')4 (* - 3E-#/ (* ?""37 &+" +'33')4 (*
#'$" 4#-')3 %(5#"6 ')&( - ?(E17 -)6 &+" $#-$K1')4 (* '$" /"1&')4N G"$(#6')43
(* 6(1%+')3 #"="-1 - 1-)45-4" /-6" 5% ")&'#"1: (* +'4+M*#"_5")$: $1'$K')4
%-&&"#)3N
>)" $(516 "8%1(#" &+" /'$#(3()'$ #"3(5#$"3 (* -): /53'$-1 ')3&#5/")& ') '&3
/(/")&-#: ?5#3&3 -)6 ')*#-3()'$ Z5&&"#')437 U- 3&56: (* &#-6'&'()-1 ')3&#5/")&3
*#(/ &+'3 %"#3%"$&'=" +-3 :"& &( ?" 5)6"#&-K")YN C/()4 5)%'&$+"6 %"#$533'()7
E" \)6 /'$#(3(5)63 ') &+" -)41"6 #-')3&'$K7 U3+-K")Y 3/-11 ?"1137 U4#')6')4Y
#-&$+"&7 U3$#-%"6Y 45'#(7 U @')41')4Y &-/?(5#')"7 -)6 &+" /-): =-#'"&'"3 (*
#-&&1"3N >* $(5#3"7 &+" %"#$533'() #(11]- 4#-)51-# 3&'$K &"$+)'_5"]$-) ?" -%M
%1'"6 &( -): 35#*-$"7 %'&$+"6 (# 5)%'&$+"6N
A) &+" 1'&"#-&5#" (* -$(53&'$3 -)6 3'4)-1 %#($"33')47 /-): &"#/3 #"*"# &(
3'/'1-# /'$#(3()'$ %+")(/")-L $12/3&-1 O/$+&/97 32+$: $&297 A($-+7 A:-332+7
A($-+:'&7 &($-+:'&7 ^$/33-$+ ':'9'+&$(@ 3-A+$:7 ^$/33-$+ %/:3'7 3#2(&M&-9' 3'A9'+&7
3:-4-+A N-+42N7 9-1(2$(17 ?2-1':7 "2-_'&7 3@99:'&7 ^$52( $&297 ^$52( N$?':'&7
A$52('&&'7 N$?':'&7 1#-(%:'&7 L-']+$(4 $&297 E`E7 E`^7 N$?' %$1R'&7 S23-9 %/:3'7
&-9'M;('O/'+1@ $&297 %/:3$(7 N$?'3'&7 -9%/:3'7 &2+'5/(3&7 &2+' %-%7 $12/3&-1 %-D':7
-)6 N-+42N ;/+1&-2+ %/:3' -#" @53& - *"EN .+"3" %+")(/")-7 ='"E"6 ') &+"'#
/-&+"/-&'$-1 65-1 3%-$"]&+" *#"_5")$: 6(/-')]&-K" () - 6'^"#")& 3"& (*
)-/"3L R'(+':7 :2A2+7 -)6 ;($9'7 *(# "8-/%1"N

E%2'%<4#+0 +, -#'2+*+.01

,'$#("=")&3 1-3& ()1: - ="#: 3+(#& &'/"7 )"-# &( &+" &+#"3+(16 (* -56'&(#: %"#M
$"%&'()N ,5$+ 3$'")&'\$ 3&56: +-3 4()" ')&( &+" %"#$"%&'() (* /'$#("=")&3N
;5/-) +"-#')4 /"$+-)'3/37 +(E"="#7 ')&"#&E')" E'&+ ?#-') *5)$&'()37 $(4)'M
&'()7 -)6 "/(&'()7 -)6 -#" )(& $(/%1"&"1: 5)6"#3&((6N 9"#&-') *-$&3 -#" $1"-#N
!! "#$%&'( )

>)" $-))(& 3%"-K (* - 3')41" &'/" *#-/"7 (# - &-9' 12+3&$+& *(# &+" -56'&(#:
3:3&"/ Uc(#6() QRRTYN >5# +"-#')4 /"$+-)'3/3 ')=(1=" /-): 6'^"#")& -4")&37
"-$+ (* E+'$+ (%"#-&"3 () '&3 (E) &'/" 3$-1" U3"" \45#" QNQYN .+" ?#-') ')&"M
4#-&"3 3'4)-13 3")& ?: =-#'(53 +"-#')4 -4")&3 ')&( - $(+"#")& -56'&(#: %'$&5#"N
H-#M?#-') /"$+-)'3/3 %#($"33 +'4+ -)6 1(E *#"_5")$'"3 6'^"#")&1:N f""%')4
+'4+ *#"_5")$'"3 $()3&-)&7 E+'1" ')65$')4 %+-3" 3+'*&3 ') 1(E"# *#"_5")$'"37
$-53"3 1'3&")"#3 &( +"-# - 6'^"#")& &'/?#"N
2"&"#/')')4 &+" &"/%(#-1 1'/'&3 (* %"#$"%&'() +-3 1()4 ")4-4"6 %3:$+(M
-$(53&'$'-)3 U2(54+&: -)6 c-#)"# QRbdi O53"# -)6 A/?"#& QRR`i ,":"#MH%%1"#
QRXRi V')$K"1 QRTdi V+'&\"16 QRdWYN .+" %'()""# (* 3(5)6 _5-)&-7 2"))'3
c-?(#7 3544"3&"6 &+-& -& 1"-3& &E( /"$+-)'3/3 -#" -& E(#K ') /'$#("=")& 6"M
&"$&'()L ()" &+-& '3(1-&"3 "=")&37 -)6 -)(&+"# &+-& -3$"#&-')3 &+"'# %'&$+N ;5/-)
?"')43 )""6 &'/" &( %#($"33 -56'( 3'4)-13N >5# +"-#')4 /"$+-)'3/3 '/%(3"
/')'/5/ &'/" &+#"3+(163 ') (#6"# &( "3&-?1'3+ - \#/ 3")3" (* &+" '6")&'&: -)6
%#(%"#&'"3 (* - /'$#("=")&N
A) &+"'# '/%(#&-)& ?((K T/4-&-2+ UQRR`Y7 O53"# -)6 A/?"#& 35//-#'P" - 1-#4"
)5/?"# (* "8%"#'/")&3 E'&+ &#-)3'&(#: -56'( %+")(/")-N .+" 4")"#-1 #"351&
*#(/ &+"3" "8%"#'/")&3 '3 &+-& ?"1(E `SS /37 /-): -3%"$&3 (* -56'&(#: %"#M
$"%&'() $+-)4" $+-#-$&"# -)6 6'^"#")& /(6"3 (* +"-#')4 $(/" ')&( %1-:N .+"
)"8& 3"$&'()3 6'3$533 /'$#(&"/%(#-1 %"#$"%&'()N

)$+,'5"-6',*/ 7&5"&#$54 8",+"65$'&

A) &+" P()" (* 1(E -/%1'&56"7 3+(#& 3(5)63 /53& ?" 4#"-&"# ') ')&")3'&: &+-)
1()4"# 3(5)63 &( ?" %"#$"%&'?1"N .+'3 ')$#"-3" '3 -?(5& "`S 6O *(# &()" %'%3
(* Q /3 (="# &+(3" (* QSS /3 65#-&'()N UC &()" %'% '3 - 3')53('6-1 ?5#3& E'&+
- _5-3'M#"$&-)451-# ")="1(%"NY A) 4")"#-17 35?@"$&'=" 1(56)"33 6'/')'3+"3 E'&+
3+#')K')4 65#-&'()3 ?"1(E `SS /3N

)$+,'5"-6',*/ 90#$'& *&1 9$##$'&

*+ 4'+3' %2(&-2+3 2; &#' 0-:R@ Q$@> 3&'::$( -9$A'3 $%%'$( &2 2?'(:$%> A-?-+A &#' 'Z'1& 2; $
+'$(M12+&-+/2/3 3#''& 2; :-A#& P P P 8#' 'Z'1& -3 $ A($+4 -::/3-2+P *+ ('$:-&@ P P P &#' +-A#&-9'
3R@ -3 ('9$(R$5:@ '9%&@P `; &#' ?2:/9' 2; 3%$1' 2+:@ ) %$(& -+ )J !) r()" %-#& ') - _5')M
&'11'()s -3 ,::'4 N-&# 3&$(3N Uf-1"# QRRdY

9'#$5'&#: $-) /"-35#" &'/" -)6 #"$(4)'P" %513" %-&&"#)3 -& &"/%' ') &+" #-)4"
(* - 4'4-+"#&PN ;5/-) +"-#')4 '3 /(#" 1'/'&"6N A* ()" '/%513" *(11(E3 1"33 &+-)
`SS /3 -*&"# -)(&+"#7 &+" ()3"& (* &+" \#3& '/%513" E'11 &")6 &( /-3K &+" 3"$()67
!7 8-9' .1$:'3 2; 0/3-1

- &'/"M1-4 %+")(/")() K)(E) -3 ;2(N$(4 9$3R-+A7 E+'$+ $()&#'?5&"3 &( &+"


'1153'() &+-& E" $-11 - 12+&-+/2/3 &2+'N
.+" 3")3-&'() (* &()" +-%%")3 E+") +5/-) %"#$"%&'() #"-$+"3 -&&")&'()-1
1'/'&3 E+"#" /'$#("=")&3 ($$5# &(( _5'$K1: ') 35$$"33'() &( ?" +"-#6 -3 6'3$#"&"
"=")&3N .+" -56'&(#: 3:3&"/7 E+'$+ '3 )()1')"-#7 #"(#4-)'P"3 &+"3" "=")&3 ')&(
- 4#(5%N B(# "8-/%1"7 - 3"#'"3 (* '/%513'()3 -& -?(5& `S ;P *53" ')&( - $()M
&')5(53 &()"N V+") - *-3& 3"_5")$" (* %'&$+"6 &()"3 /"#4"3 ')&( - $()&')5(53
ee#'%%1"7[[ &+" -56'&(#: 3:3&"/ '3 5)-?1" &( 35$$"33*511: &#-$K '&3 #+:&+/N A)3&"-67
'& 3'/%1'\"3 &+" 3'&5-&'() ?: ')&"#%#"&')4 &+" 3(5)6 -3 - $()&')5(53 &"8&5#"N .+"
(%%(3'&" "^"$&7 &2+' ,33-2+7 ($$5#3 E+") &+" *5)6-/")&-1 *#"_5")$: (* - &()"
6"3$")63 ')&( &+" ')*#-3()'$ *#"_5")$'"3N
.+" &+"(#: (* $/4-&2(@ 3&('$93 U,$C6-/3 -)6 O#"4/-) QRdRY -'/3 &( "8M
%1-') &+" %"#$"%&'() (* /"1(6'$ 1')"3N C) "8-/%1" (* - 3&#"-/')4 1-E '3L &+"
*-3&"# - /"1(6'$ 3"_5")$" %1-:37 &+" 3/-11"# &+" %'&$+ ')&"#=-1 )""6"6 &( 3%1'& '&
')&( &E( 3"%-#-&"1: %"#$"'="6 ee3&#"-/3N[[ >)" $-) (?3"#=" - *-/'1: (* 3&#"-/')4
"^"$&3 ?"&E"") &E( -1&"#)-&')4 &()"3 C -)6 ON .+"3" "^"$&3 #-)4" *#(/ 12#'(M
'+1' U&+" &()"3 C -)6 O *(#/ - 3')41" %"#$"%&Y7 &( (2:: UC 6(/')-&"3 OY7 &(
9$3R-+A UO '3 )( 1()4"# %"#$"'="6YN
.+" &+"(#: (* -56'&(#: 3&#"-/')4 E-3 -) -&&"/%& &( $#"-&" - %3:$+(-$(53&'$
?-3'3 *(# $()&#-%5)&-1 /53'$N C *5)6-/")&-1 -335/%&'() (* &+'3 #"3"-#$+ E-3
&+-& ee3"="#-1 /53'$-1 6'/")3'()37 35$+ -3 &'/?#"7 -&&-$K -)6 6"$-: &#-)3'")&37
-)6 &"/%( -#" (*&") )(& 3%"$'\"6 "8-$&1: ?: &+" $(/%(3"# -)6 -#" $()&#(11"6
?: &+" %"#*(#/"#[[ U,$C6-/3 -)6 O#"4/-) QRdRYN A) &+" 6(/-') (* "1"$&#()'$
/53'$7 35$+ -335/%&'()3 /-: )(& ?" =-1'6N

)$+,'5"-6',*/ :$/"&+" 8",+"65$'&

.+" "-# '3 _5'&" 3")3'&'=" &( ')&"#/'&&")$'"3 E'&+') %5#" 3')" E-="37 "3%"$'-11: ')
&+" /'661" #-)4" (* *#"_5")$'"3N C `S /3 Z5$&5-&'() ') - TSS ;P 3')" E-="7
$()3'3&')4 (* - TNX /3 *-6" (5&7 - d /3 3'1")& ')&"#=-17 -)6 - TNX /3 *-6" ')7
?#"-K3 &+" &()" ') &E(7 1'K" - 6(5?1" -#&'$51-&'()N C b /3 ')&"##5%&'()7 $()M
3'3&')4 (* - Q /3 *-6" (5&7 - ` /3 3'1")& ')&"#=-17 -)6 - Q /3 *-6" ')7 3(5)63 1'K"
- &#-)3'")& %(% +-3 ?"") 35%"#'/%(3"6 () &+" 3')" E-="N
A)&"#/'&&")$'"3 -#" )(& -3 )(&'$"-?1" ') $(/%1"8 &()"3N C b /3 ')&"##5%&'() '3
)(& %"#$"%&'?1" ') %')K )('3"7 -1&+(54+ - `S /3 ')&"##5%&'() '3N
A) ')&"#/"6'-&" &()"37 ?"&E"") - 3')" -)6 )('3"7 /'$#(&"/%(#-1 4-%3 1"33
&+-) QS /3 3(5)6 1'K" /(/")&-#: Z5$&5-&'()3 ') -/%1'&56" (# 1"33 )(&'$"-?1"
&#-)3'")& %(%3N
!< "#$%&'( )

)$+,'5"-6',*/ 8$5+; 8",+"65$'&

0&56'"3 ?: ,":"#MH%%1"# 3+(E &+-& %'&$+ #"$(4)'&'() &'/" '3 6"%")6")& () *#"M
_5")$:7 E'&+ &+" 4#"-&"3& %'&$+ 3")3'&'='&: ') &+" /'6M*#"_5")$: #-)4" ?"&E"")
QSSS -)6 `SSS ;P7 -3 &+" *(11(E')4 &-?1" U$'&"6 ') O5&1"# QRR`Y ')6'$-&"3N
B#"_5")$: ') ;P QSS XSS QSSS XSSS
,')'/5/ 65#-&'() ') /3 bX `T Qb QW

2(54+&: -)6 c-#)"# UQRbdY 6'='6"6 &+" /"$+-)'3/ (* %'&$+ %"#$"%&'() ')&(
&E( #"4'()3N C?(=" -?(5& Q K;P7 &+": "3&'/-&"67 - &()" /53& 1-3& -& 1"-3& QS /3
&( ?" +"-#6 -3 %'&$+"6N O"1(E Q K;P7 -& 1"-3& &E( &( &+#"" $:$1"3 (* &+" &()" -#"
)""6"6N

)$+,'5"-6',*/ <01$5',4 <+0$54

Q' ;'': -9%'::'4 &2 $31(-5' $ &'9%2($: $(($+A'9'+& &2 2/( 'D%'(-'+1'3P *; " -3 :$&'( &#$+ !
$+4 # -3 :$&'( &#$+ "> &#'+ # -3 $:32 :$&'( &#$+ !P T& ,(3& 3-A#& -& $%%'$(3 25?-2/3 &2 $33/9'
&#$& $ &'9%2($: $(($+A'9'+& 2; '?'+&3 'D-3&3 N#-1# $A(''3 N-&# &#' &'9%2($: $(($+A'9'+&
2; 'D%'(-'+1'3P 8#-3 N$3 42+' /+12+31-2/3:@ /+&-: 3R'%&-1$: 42/5&3 9$4' &#'93':?'3 ;':&P
E2( 'D$9%:'> &#' 2(4'( 2; 'D%'(-'+1'3 -+ &-9' 25&$-+'4 5@ $12/3&-1$: 9'$+3 1$+ 4-Z'( ;(29
&#' &'9%2($: 2(4'( A$-+'4 ?-3/$::@ P P P UH')3&"') QRX`Y

c#"") UQRdQY 3544"3&"6 &+-& &"/%(#-1 -56'&(#: -$5'&: U&+" -?'1'&: (* &+" "-# &(
6"&"$& 6'3$#"&" "=")&3 -)6 &( 6'3$"#) &+"'# (#6"#Y "8&")63 6(E) &( 65#-&'()3 -3
3+(#& -3 Q /3N F'3&")"#3 +"-# /'$#("=")&3 &+-& -#" 1"33 &+-) -?(5& ` /3 ') 65M
#-&'() -3 - $1'$K7 ?5& E" $-) 3&'11 $+-)4" &+" E-="*(#/ -)6 *#"_5")$: (* &+"3"
"=")&3 &( =-#: &+" &'/?#" (* &+" $1'$KN H=") 3+(#&"# "=")&3 U') &+" #-)4" (*
/'$#(3"$()63Y $-) ?" 6'3&')45'3+"6 () &+" ?-3'3 (* -/%1'&56"7 &'/?#"7 -)6 3%-M
&'-1 %(3'&'()N

)$+,'5"-6',*/ 8,"*55"&5$=" 8",+"65$'&

Q#'+ $ %'(32+ A:-9%3'3 &#' ;$1' 2; $ ;$92/3 $1&2(> 3+-Z3 $ ;$?2(-&' ;224> 2( #'$(3 &#' ?2-1'
2; $ ;(-'+4> ('12A+-&-2+ -3 -+3&$+&P Q-&#-+ $ ;($1&-2+ 2; $ 3'12+4 $;&'( &#' '@'3> +23'> '$(3>
&2+A/' 2( 3R-+ -3 3&-9/:$&'4> 2+' R+2N3 &#' 256'1& -3 ;$9-:-$( $+4 N#'&#'( -& -3 4'3-($5:' 2(
4$+A'(2/3P I2N 42'3 3/1# ('12A+-&-2+> N#-1# %3@1#2:2A-3&3 1$:: %#"-&&")&'=" %"#$"%&'()7
#$%%'+ 32 $11/($&':@ $+4 O/-1R:@> '?'+ N#'+ &#' 3&-9/:- $(' 129%:'D $+4 &#' 12+&'D& -+
N#-1# &#'@ $(-3' ?$(-'3a UB#""/-) QRRQY

>)" (* &+" /(3& '/%(#&-)& /"-35#"/")&3 ') ")4')""#')4 '3 &+" #"3%()3" (* -
3:3&"/ &( - 5)'& '/%513"N A& 3+(516 )(& ?" 35#%#'3')4 &( 1"-#) &+-& -56'&(#:
!= 8-9' .1$:'3 2; 0/3-1

)"5#(3$'")&'3&3 +-=" 3(54+& - 3'/'1-# &:%" (* /"-35#"/")& *(# &+" -56'&(#:


3:3&"/N .+" '/%513" #"3%()3" "_5'=-1")&3 ') &+" -56'&(#: 3:3&"/ -#" &+" $/4-M
&2(@ '?2R'4 %2&'+&-$:37 E+'$+ *(11(E 3&'/51-&'() ?: &()" %'%3 -)6 $1'$K3N
.+" \#3& #"3%()3" ') &+" -56'&(#: )"#=" ($$5#3 -?(5& QNX /3 -*&"# &+" ')'&'-1
3&'/5153 (* - $1'$K7 E+'$+ *-113 E'&+') &+" #"-1/ (* %('$&&'+&-?' %'(1'%&-2+
UB#""/-) QRRXYN .+" /"$+-)'3/3 (* %#"-&&")&'=" %"#$"%&'() %"#*(#/ - #-%'6
-)-1:3'3 ?: -) -##-: (* )"5#()37 $(/?')')4 &+'3 E'&+ %-3& "8%"#'")$" ')&( -
E-=" %-$K"& ') '&3 %+:3'$-1 *(#/7 (# - %"#$"%& ') '&3 ?"+-='(#-1 *(#/N .+" )"5#-1
-$&'='&'"3 353&-')')4 %#"-&&")&'=" %"#$"%&'() &-K" %1-$" ') &+" $"#"?#-1 $(#&"8N
0")3(#: 3&'/51' -#" %#"-)-1:P"6 ') ?(&+ &+" %513" -)6 E-=" /(6"3 ') ')&"#/"M
6'-&" 3&-&'()3 (* &+" ?#-')N C3 B#""/-) )(&"67 ') &+" ='35-1 3:3&"/ $(/%1"8
(%"#-&'()3 35$+ -3 -6-%&-&'()7 #-)4" $(/%#"33'()7 $()&#-3& ")+-)$"/")&7
-)6 /(&'() 6"&"$&'() &-K" %1-$" ') &+" #"&')- -)6 1(E"# ?#-')N 0")3(#: 3&'/51'
-$&'=-&" ;'$&/(' 'D&($1&2( )"5#()3 &+-& #"$(4)'P" 3%"$'\$ $+-#-$&"#'3&'$3N
9(/%-#-?1" (%"#-&'()3 +-=" ?"") 6"3$#'?"6 *(# &+" -56'&(#: $(#&"8L &+" \)-1
#"3%()3"3 &( - $1'$K ($$5# 3(/" aSS /3 1-&"#7 ') &+" /"6'-1 4")'$51-&" ?(6: (*
&+" &+-1-/53 ') &+" ?#-') UO53"# -)6 A/?"#& QRR`YN

)$+,'5"-6',*/ :0>/$-$&*/ 8",+"65$'&

B')-11:7 E" 3+(516 /")&'() 3/5:-9-+$: %'(1'%&-2+7 (# %"#$"%&'() E'&+(5& -E-#"M


)"33N !3:$+(1(4'$-1 3&56'"3 +-=" &"3&"6 &+" ')Z5")$" (* ?#'"* -56'&(#: 3&'/51'
() =-#'(53 $(4)'&'=" &-3K3N A) /(3& 3&56'"3 &+"3" &-K" &+" *(#/ (* ="#?-1 +')&3 &(
3(/" &-3K -3K"6 (* &+" 1'3&")"#N 0(/" "='6")$" (* ')Z5")$" +-3 ?"") 3+(E)7 ?5&
&+" #"351&3 -#" )(& $1"-#M$5&N !-#& (* &+" %#(?1"/ '3 &+"(#"&'$-1L +(E 6("3 35?M
1'/')-1 %"#$"%&'() E(#KI C$$(#6')4 &( - $(4)'&'=" &+"(#: (* G"6"# -)6 c(#6()
UQRRdY7 *(# - $()$"%& &( ?" ') $()3$'(53 -E-#")"337 '&3 -$&'=-&'() /53& ?" -?(="
- $"#&-') &+#"3+(16N ,-4)'&56" (* -$&'=-&'() '3 %-#&1: - *5)$&'() (* &+" "8%(35#"
65#-&'() (* &+" 3&'/5153N C 35?1'/')-1 /'$#("=")& #-'3"3 &+" -$&'=-&'() (* &+"
$(##"3%()6')4 "1"/")&7 ?5& )(& ")(54+ &( #"-$+ &+" &+#"3+(16N .+" ?#-')[3
ee%#(65$&'() #51"3[[ $-))(& \#" E'&+(5& &+" "1"/")&3 %-33')4 &+#"3+(167 ?5& -
35?1'/')-1 /'$#("=")& $-) #-'3" &+" $5##")& -$&'=-&'() 1"="1 (* -) "1"/")&
")(54+ &( /-K" '& "-3'"# &( \#" - %#(65$&'() #51" 1-&"#N
.+" /53'$-1 '/%1'$-&'()3 -#"7 %(&")&'-11:7 3'4)'\$-)&N A* &+" 35?1'/')-1 +')&3
-#" )(& *#-4/")&3 (* E(#63 ?5& #-&+"# /53'$-1 $5"3 U&( %'&$+7 &'/?#"7 3%-&'-1
%(3'&'()7 (# ')&")3'&:Y &+") E" $-) "/?"6 35$+ "=")&3 -& %'=(&-1 ')3&-)&37 K)(EM
')4 &+-& &+": E'11 $()&#'?5&" &( - %"#$"%& E'&+(5& &+" 1'3&")"# )"$"33-#'1: ?"')4
-E-#" (* &+"'# %#"3")$"N A)6""6 &+'3 '3 ()" (* &+" /(3& ')&"#"3&')4 6'/")3'()3 (*
/'$#(3(5)67 &+" E-: &+-& 35?1'/')-1 (# ?-#"1: %"#$"%&'?1" =-#'-&'()3 ') &+"
!B "#$%&'( )

%#(%"#&'"3 (* - $(11"$&'() (* /'$#("=")&3]&+"'# ()3"& &'/"7 65#-&'()7 *#"_5")$:7


E-="*(#/7 ")="1(%"7 3%-&'-1 %(3'&'()7 -)6 -/%1'&56"]1"-6 &( 6'^"#")& -"3&+"&'$
%"#$"%&'()3N

L#%5#0A (01 -(0#<.)(4#0A 4?% -#'2+4#$% M%K%)

,'$#("=")&3 &(5$+ &+" "8&#"/" &'/" 1'/'&3 (* +5/-) %"#$"%&'() -)6 %"#*(#M
/-)$"N A) (#6"# &( "8-/')" -)6 /-)'%51-&" &+"3" "=")&3 Z5'61:7 E" )""6 6'4'&-1
-56'( ee/'$#(3$(%"3[[]3(*&E-#" -)6 +-#6E-#" &+-& $-) /-4)'*: &+" /'$#( &'/"
3$-1" 3( &+-& E" $-) (%"#-&" () '&N
B(# &+" 3"#'(53 #"3"-#$+"#7 &+" /(3& %#"$'3" 3&#-&"4: *(# -$$"33')4 &+" /'$#(
&'/" 3$-1" '3 &+#(54+ $(/%5&"# %#(4#-//')4N O"4'))')4 ') QRdb7 /: #"3"-#$+
E-3 /-6" %(33'?1" ?: -$$"33 &( $(/%5&"#3 "_5'%%"6 E'&+ $(/%'1"# 3(*&E-#"
-)6 -56'( $()="#&"#3N J)&'1 #"$")&1:7 E#'&')4 ()"[3 (E) %#(4#-/3 E-3 &+" ()1:
%(33'?1" -%%#(-$+ &( /'$#(3(5)6 3:)&+"3'3 -)6 &#-)3*(#/-&'()N
,-): /53'$'-)3 E-)& &( ?" -?1" &( /-)'%51-&" &+'3 6(/-') E'&+(5& &+" &(&-1
'//"#3'() "8%"#'")$" &+-& '3 &+" 1'*"3&:1" (* 3(*&E-#" ")4')""#')4N B(#&5)-&"1:7
&+" '/%(#&-)$" (* &+" /'$#( &'/" 3$-1" '3 ?"4'))')4 &( ?" #"$(4)'P"6N C): 3(5)6
"6'&(# E'&+ - P((/ *5)$&'() &+-& %#($""63 6(E) &( &+" 3-/%1" 1"="1 $-) ='"E
-)6 /-)'%51-&" 3(5)6 /'$#(3&#5$&5#" U\45#" QNbYN
!#(4#-/3 35$+ -3 (5# 91(56 c")"#-&(# UG(-63 -)6 C1"8-)6"# QRRXY7
(^"# +'4+M1"="1 $()&#(13 ') &+" /'$#( &'/" 6(/-') U3"" -%%")6'8 CYN 91(56
c")"#-&(#[3 ')&"#*-$" 6'#"$&1: /-)'%51-&"3 &+" %#($"33 (* %-#&'$1" "/'33'()7
$()&#(11')4 &+" Z(E (* /-): %-#&'$1"3 ') -) "=(1=')4 $1(56N >5# /(#" #"$")&
!513-#c")"#-&(#7 6"3$#'?"6 ') $+-%&"# b7 '3 -)(&+"# "8-/%1" (* - 3:)&+"&'$
%-#&'$1" 4")"#-&(#N
.+" %"#$"'="6 #"351& (* %-#&'$1" 3:)&+"3'3 "/"#4"3 (5& (* &+" ')&"#-$&'() (*
%-#-/"&"# "=(15&'()3 () - /'$#( 3$-1"N A& &-K"3 - $"#&-') -/(5)& (* &#-')')4 &(
1"-#) +(E (%"#-&'()3 ') &+" /'$#( 6(/-') &#-)31-&" &( -$(53&'$ %"#$"%&'()3 ()
+'4+"# 1"="13N .+" 4#-') 65#-&'() %-#-/"&"# ') 4#-)51-# 3:)&+"3'37 *(# "8-/%1"7
+-3 - 3&#()4 "^"$& () &+" %"#$"'="6 3%"$&#5/ (* &+" &"8&5#"N
.+'3 3'&5-&'() '3 )( 6'^"#")& *#(/ (&+"# E"11MK)(E) 3:)&+"3'3 &"$+)'_5"3N
E('O/'+1@ 924/:$&-2+ 3@+&#'3-37 *(# "8-/%1"7 '3 $()&#(11"6 ?: %-#-/"&"#3 35$+
-3 $-##'"#M&(M/(651-&(# #-&'(3 -)6 /(651-&'() ')6"8"37 )"'&+"# (* E+'$+ -#"
6'#"$& &"#/3 (* &+" 6"3'#"6 3%"$&#5/N 0'/'1-#1:7 %#@3-1$: 924':-+A 3@+&#'3-3 '3
$()&#(11"6 ?: /-)'%51-&')4 &+" %-#-/"&"#3 &+-& 6"3$#'?" &+" %-#&3 (* - ='#&5-1 ')M
3&#5/")& U3'P"7 3+-%"7 /-&"#'-17 $(5%1')47 -%%1'"6 *(#$"7 "&$NY7 -)6 )(& &+" 3(5)6N
>)" $-) '/-4')" - /53'$-1 ')&"#*-$" ') E+'$+ - /53'$'-) 3%"$'\"3 &+" 6"3'#"6
3()'$ #"351& ') - /53'$-11: 6"3$#'%&'=" 1-)45-4" E+'$+ E(516 &+") ?" &#-)31-&"6
!F 8-9' .1$:'3 2; 0/3-1

9#A.2% !BR D'"E')4 &+" /'$#( &'/" 3$-1" ='- P((/')4N .+" &(% %'$&5#" '3 &+" E-="*(#/
(* - 3()'$ 4"3&5#" $()3&#5$&"6 *#(/ 3(5)6 %-#&'$1"3N A& 1-3&3 QaNSX 3"$()63N .+" /'661"
'/-4" '3 - #"351& (* P((/')4 ') &( - %-#& (* &+" &(% E-="*(#/ U')6'$-&"6 ?: &+" 6(&&"6
1')"3Y 1-3&')4 QNX 3"$()63N .+" ?(&&(/ '/-4" '3 - /'$#(&"/%(#-1 %(#&#-'& (* - QS /'11'M
3"$()6 *#-4/")& -& &+" ?"4'))')4 (* &+" &(% E-="*(#/ U')6'$-&"6 ?: &+" 6(&&"6 1')"3YN

')&( %-#&'$1" %-#-/"&"#3 -)6 #")6"#"6 ')&( 3(5)6N C) -1&"#)-&'=" E(516 ?" &(
3%"$'*: -) "8-/%1"L ee,-K" /" - 3(5)6 1'K" &+'3 U3(5)6\1"Y7 ?5& E'&+ 1"33
='?#-&(N[[ .+'3 '3 - $+-11")4')4 &-3K (* %$($9'&'( '3&-9$&-2+7 3')$" &+" 3:3&"/
E(516 +-=" &( ')&"#%#"& +(E &( -%%#(8'/-&" - 6"3'#"6 #"351&N B(# /(#" () &+"
%#(?1"/3 (* %-#-/"&"# "3&'/-&'() ') 3:)&+"3'3 3"" G(-63 UQRRTYN

N+ 4?% E(24#')%* O%())8 PG#*4Q

A) &+" QRbS37 &+" %+:3'$'3& 2"))'3 c-?(# /-6" &+" -33"#&'() &+-& -11 3(5)6]
"=") $()&')5(53 &()"3]$-) ?" $()3'6"#"6 -3 - 35$$"33'() (* "1"/")&-#: %-#M
&'$1"3 (* -$(53&'$ ")"#4:N U9+-%&"# ` 35//-#'P"3 &+'3 &+"(#:NY .+" _5"3&'() &+")
-#'3"3L 6( 3(5)6 %-#&'$1"3 #"-11: "8'3&7 (# -#" &+": /"#"1: - &+"(#"&'$-1 $()M
!G "#$%&'( )

3&#5$&'()I A) $"#&-') 3(5)637 35$+ -3 &+" &-%3 (* - 31(E 6#5/ #(117 &+" ')6'='65-1
%-#&'$1"3 -#" 6'#"$&1: %"#$"'=-?1"N A) (&+"# 3(5)637 E" $-) %#(=" &+" "8'3&")$" (*
- 4#-)51-# 1-:"# &+#(54+ 1(4'$-1 -#45/")&N
9()3'6"# &+" E+(1" )5/?"# XN .+'3 _5-)&'&: /-: ?" 3"") -3 - 35/ (* 35?M
_5-)&'&'"37 *(# "8-/%1" Q " Q " Q " Q " Q7 (# ` " a7 (# b " Q7 -)6 3( ()N A* E"
&-K" -E-: ()" (* &+" 35?_5-)&'&'"37 &+" 35/ )( 1()4"# '3 XN 0'/'1-#1:7 - $()&')M
5(53 &()" /-: ?" $()3'6"#"6 -3 - 35/ (* 35?_5-)&'&'"3]-3 - 3"_5")$" (* (="#M
1-%%')4 4#-')3N .+" 4#-')3 /-: ?" (* -#?'&#-#: 3'P"3N A* E" #"/(=" -): 4#-')7
&+" 3'4)-1 '3 )( 1()4"# &+" 3-/"N 0( $1"-#1: &+" 4#-')3 "8'3&7 -)6 E" )""6 -11 (*
&+"/ ') (#6"# &( $()3&'&5&" - $(/%1"8 3'4)-1N .+'3 -#45/")& $-) ?" "8&")6"6
&( "8%1-') &+" 6"$(/%(3'&'() (* - 3(5)6 ')&( -): ()" (* -) ')\)'&" $(11"$&'()
(* (#&+(4()-1 *5)$&'()37 35$+ -3 E-="1"&3 E'&+ 6'^"#")& ?-3'3 *5)$&'()37 V-13+
*5)$&'()37 c-?(# 4#-')37 -)6 3( ()N
.+'3 1(4'$7 &+(54+7 ?"$(/"3 &")5(53 '* '& '3 53"6 &( %(3'& &+" %#""8'3&")$" U')
-) '6"-1 !1-&()'$ #"-1/Y (* -11 %(33'?1" 6"$(/%(3'&'()3 E'&+') - E+(1"N B(# "8M
-/%1"7 6( &+" 31'$"3 (* - $-K" %#""8'3&7 E-'&')4 &( ?" -#&'$51-&"6I .+" %+'1(3(M
%+: (* /-&+"/-&'$3 '3 1'&&"#"6 E'&+ 35$+ _5"3&'()3 U9-3&()45-: QRd`7 QRdaYN
B(#&5)-&"1: '& '3 )(& (5# &-3K +"#" &( &#: &( -33-: &+"'# 3'4)'\$-)$"N

I%4%2+A%0%#48 #0 &+.01 E(24#')%*

.+" $()$"%& (* +"&"#(4")"'&: (# 6'="#3'&: (* 3(5)6 /-&"#'-137 E+'$+ E" +-="


-1#"-6: 6'3$533"6 ') &+" $()&"8& (* &+" 3(5)6 (?@"$& &'/" 3$-1"7 -13( -%%1'"3 &(
(&+"# &'/" 3$-1"3N ,-): &"$+)'_5"3 &+-& E" 53" &( 4")"#-&" 3(5)6 %-#&'$1"3 -3M
3'4) &( "-$+ %-#&'$1" - 5)'_5" '6")&'&:7 - %#"$'3" *#"_5")$:7 E-="*(#/7 65#-&'()7
-/%1'&56" /(#%+(1(4:7 -)6 3%-&'-1 %(3'&'()7 E+'$+ &+") 6'3&')45'3+"3 '& *#(/
"="#: (&+"# %-#&'$1"N n53& -3 $"#&-') 3(5)6 (?@"$&3 /-: *5)$&'() -3 3')451-#'&'"37
3( /-: $"#&-') 3(5)6 %-#&'$1"3N

&($<)%1 "#$% &'()%

O"1(E &+" 1"="1 (* /'$#(&'/" 3&-)63 &+" 3-/%1"6 &'/" 3$-1" U\45#" QNXYN .+"
"1"$&#()'$ $1($K &+-& 6#'="3 &+" 3-/%1')4 %#($"33 "3&-?1'3+"3 - &'/" 4#'6N .+"
3%-$')4 (* &+'3 4#'6 6"&"#/')"3 &+" &"/%(#-1 %#"$'3'() (* &+" 6'4'&-1 -56'(
/"6'5/N .+" 3-/%1"3 *(11(E ()" -)(&+"# -& - \8"6 &'/" ')&"#=-1 (* Q" ;. 7 E+"#"
;. '3 &+" 3-/%1')4 *#"_5")$:N V+") ;. ! bb#Q K;P U&+" $(/%-$& 6'3$ #-&"Y7
&+" 3-/%1"3 *(11(E ()" -)(&+"# "="#: ``NTdX /'11'()&+3 (* - 3"$()6 U!3"$YN
!H 8-9' .1$:'3 2; 0/3-1

9#A.2% !BS 0-/%1" %(')&3 ') - 6'4'&-1 E-="*(#/N ;"#" -#" QRQ %(')&3 3%-))')4 - bN`` /3
&'/" ')&"#=-1N .+" 3-/%1')4 #-&" '3 bbNQ K;PN

.+" -&(/ (* &+" 3-/%1" &'/" 3$-1" '3 &+" /+-& -9%/:3'7 &+" 6'3$#"&"M&'/" $(5)M
&"#%-#& (* &+" $()&')5(53M&'/" 2'#-$ 6"1&- *5)$&'()N C11 3-/%1"3 3+(516 ?" $()M
3'6"#"6 -3 &'/"M-)6M-/%1'&56"M&#-)3%(3"6 U6"1-:"6 -)6 3$-1"6Y ')3&-)$"3 (*
&+" 5)'& '/%513"N
.+" ')&"#=-1 (* ()" 3-/%1" %"#'(6 ?(#6"#3 )"-# &+" "64" (* +5/-) -56'(
%"#$"%&'()N V'&+ - 4((6 -56'( 3:3&"/ ()" $-) 6"&"$& &+" %#"3")$" (* -) ')6'M
='65-1 +'4+M-/%1'&56" 3-/%1" ')3"#&"6 ')&( - 3'1")& 3&#"-/ (* P"#(M=-15"6 3-/M
%1"3N F'K" - 3')41" %'8"1 () - $(/%5&"# 3$#"")7 -) ')6'='65-1 3-/%1" (^"#3 1'&&1"N
A&3 -/%1'&56" -)6 3%-&'-1 %(3'&'() $-) ?" 6'3$"#)"67 ?5& '& &#-)3/'&3 )( 3")3" (*
&'/?#" -)6 %'&$+N >)1: E+") $+-')"6 ')&( 3"_5")$"3 (* +5)6#"63 6( 3-/%1"3
Z(-& 5% &( &+" &+#"3+(16 (* &'/?#-1 3'4)'\$-)$"N C)6 3&'11 1()4"# 3"_5")$"3 (*
&+(53-)63 (* 3-/%1"3 -#" #"_5'#"6 &( #"%#"3")& %'&$+"6 &()"3N

&+.01 H+$<+*#4#+0 5#4? 701#K#1.() &($<)% E+#04*

J3"#3 (* 6'4'&-1 -56'( 3:3&"/3 #-#"1: -&&"/%& &( 6"-1 E'&+ ')6'='65-1 3-/%1"
%(')&37 E+'$+7 ')6""67 ()1: - *"E %#(4#-/3 *(# 3(5)6 $(/%(3'&'() /-)'%51-&"
6'#"$&1:N .E( (* &+"3" -#" cN ,N f(")'4[3 0(5)6 0:)&+"3'3 !#(4#-/ U00!Y -)6
7J "#$%&'( )

;"#?"#& O#5g)[3 0-E653& %#(4#-/7 ?(&+ 6"="1(%"6 ') &+" 1-&" QRdS3N f(")'4 -)6
O#5g) "/"#4"6 *#(/ &+" 9(1(4)" 3$+((1 (* 3"#'-1 $(/%(3'&'()7 ') E+'$+ &+" ')M
&"#%1-: ?"&E"") /-$#(M -)6 /'$#(&'/" E-3 - $")&#-1 -"3&+"&'$ &+"/" U0&($KM
+-53") QRXdi f(")'4 QRXRi ,-$()'" QRWRYN O#5g) E#(&"L

E2( 329' &-9' +2N -& #$3 5'129' %233-5:' &2 /3' $ 1295-+$&-2+ 2; $+$:2A $+4 4-A-&$:
129%/&'(3 $+4 12+?'(&'(3 ;2( &#' $+$:@3-3 $+4 3@+&#'3-3 2; 32/+4P T3 3/1# $ 3@3&'9 N-::
3&2(' 2( &($+39-& -+;2(9$&-2+ $& &#' ($&' 2; <J>JJJ 3$9%:'3 %'( 3'12+4> '?'+ &#' 923&
129%:'D N$?';2(93 -+ &#' $/4-2M;('O/'+1@ ($+A' 1$+ 5' 31$++'4 $+4 ('A-3&'('4 2( 5'
('12(4'4 2+ $/4-2 &$%'P 8#-3 P P P $::2N3> $& :$3&> &#' 129%23-&-2+ 2; &-95('> -+3&'$4 2; N-&#
&-95('P *+ $ 3'+3'> 2+' 9$@ 1$:: -& $ 12+&-+/$&-2+ 2; 9/1# N#-1# #$3 5''+ 42+' -+ &#' ':'1M
&(2+-1 9/3-1 3&/4-2> 2+:@ 2+ $ 4-Z'('+& 31$:'P 8#' 129%23'( #$3 &#' %233-5-:-&@ 2; 'D&'+4-+A
#-3 129%23-&-2+$: 12+&(2: 42N+ &2 ':'9'+&3 2; 32/+4 :$3&-+A 2+:@ )b!J>JJJ 2; $ 3'12+4N
UO#5) QRdSY

f(")'4[3 -)6 O#5g)[3 3:)&+"3'3 %#(4#-/3 E"#" $()$"%&5-11: 3'/'1-#N O(&+


#"%#"3")&"6 - %5#" -)6 #-6'$-1 -%%#(-$+ &( 3(5)6 $(/%(3'&'()N J3"#3 (* &+"3"
%#(4#-/3 3&'%51-&"6 3"&3 (* ')6'='65-1 &'/" -)6 -/%1'&56" %(')&37 E+"#" "-$+
3"& E-3 ') - 3"%-#-&" \1"N .+": &+") 3%"$'\"6 1(4'$-1 (%"#-&'()3 35$+ -3 :-+R-+A7
9-+A:-+A7 -)6 9'(A-+A7 &( /-% *#(/ - &'/"M%(')& 3"& &( -) -/%1'&56"M%(')& 3"&
') (#6"# &( $()3&#5$& - 3K"1"&() (* - E-="*(#/ *#-4/")&N 0')$" &+"3" %(')&3
E"#" #"1-&'="1: 3%-#3" $(/%-#"6 &( &+" )5/?"# (* 3-/%1"3 )""6"6 &( /-K" -
$()&')5(53 3(5)67 &+" 3(*&E-#" %"#*(#/"6 - 1')"-# ')&"#%(1-&'() &( $())"$& ')M
&"#/"6'-&" -/%1'&56" =-15"3 ?"&E"") &+" 3&'%51-&"6 %(')&3N .+'3 ')&"#%(1-&'()7
-3 '& E"#"7 Z"3+"6 (5& &+" 3K"1"&()N .+" $(/%(3"# $(516 &+") /-)'%51-&" &+"
E-="*(#/ *#-4/")&3 53')4 1(4'$-1 3"& &+"(#: (%"#-&'()3 &( $()3&#5$& 1-#4"# -)6
1-#4"# E-="*(#/37 ') - %#($"33 (* +'"#-#$+'$-1 $()3&#5$&'()N
f(")'4 E-3 "8%1'$'& -?(5& +'3 6"3'#" &( "3$-%" *#(/ &+" &#-6'&'()-1 $(/%5&"#M
4")"#-&"6 3(5)63L

0@ -+&'+&-2+ N$3 &2 A2 $N$@ ;(29 &#' 1:$33-1$: -+3&(/9'+&$: 4',+-&-2+3 2; 32/+4 -+ &'(93
2; :2/4+'33> %-&1#> $+4 4/($&-2+ $+4 32 2+> 5'1$/3' &#'+ @2/ 12/:4 (';'( &2 9/3-1$: ':'9'+&3
N#-1# $(' +2& +'1'33$(-:@ &#' ':'9'+&3 2; &#' :$+A/$A' 2; &24$@P 82 'D%:2(' $ +'N ,':4 2;
32/+4 %233-5-:-&-'3 * &#2/A#& -& 5'3& &2 1:23' &#' 1:$33-1$: 4'31(-%&-2+3 2; 32/+4 $+4 2%'+ /%
$+ 'D%'(-9'+&$: ,':4 -+ N#-1# @2/ N2/:4 ('$::@ #$?' &2 3&$(& $A$-+N UG(-63 QRdW?Y

A-))'3 p")-K'3 %#(%(3"6 - #"1-&"6 -%%#(-$+ Up")-K'3 QRR`i ;(^/-)) QRRb7


QRRT7 QRRdYN .+'3 ')=(1="3 &+" -%%1'$-&'() (* 3-'?' &#'2(@ &( &+" -/%1'&56" -)6
&'/" 6'/")3'()3 (* - 3(5)6 3:)&+"3'3 %#($"33N C3 ') +'3 c")6:) %#(4#-/7 &+"
'6"- '3 &( $()3&#5$& E-="*(#/3 *#(/ *#-4/")&3N H-$+ *#-4/")& '3 ?(5)6"6 ?:
&E( ?#"-K%(')&3N O"&E"") &+" ?#"-K%(')&37 &+" #"3& (* &+" E-="*(#/ '3 \11"6 ')
7) 8-9' .1$:'3 2; 0/3-1

?: ')&"#%(1-&'()N V+"#"-3 ') c")6:) &+" ?#"-K%(')&3 -#" $-1$51-&"6 *#(/ -


)()1')"-# 3&($+-3&'$ -14(#'&+/7 ') 3'"=" &+"(#: &+" ?#"-K%(')&3 E(516 ?" $-1$5M
1-&"6 -$$(#6')4 &( - %-#&'&'()')4 -14(#'&+/ ?-3"6 () 3'"="6 -/%1'&56" -)6 &'/"
6'/")3'()3N

T**%**$%04 +, &+.01 H+$<+*#4#+0 5#4? &($<)%*

.( $(/%(3" /53'$ ?: /"-)3 (* 1(4'$-1 (%"#-&'()3 () 3-/%1"3 '3 - 6-5)&')4


&-3KN A)6'='65-1 3-/%1"3 -#" 35?3:/?(1'$]%"#$"%&5-11: ')6'3&')45'3+-?1" *#(/
()" -)(&+"#N A& '3 ')&#')3'$-11: 6'h$51& &( 3&#')4 &(4"&+"# 3-/%1"3 ')&( /"-)')4M
*51 /53'$ 3:/?(13N >%"#-&'()3 ?(##(E"6 *#(/ 3"& &+"(#: -)6 *(#/-1 1(4'$ 6(
)(& &-K" ')&( -$$(5)& &+" 3-/%1"3[ -$(53&'$-1 3'4)'\$-)$"N C3 f(")'4[3 3&-&"M
/")& -?(=" /-K"3 $1"-#7 &( $(/%(3" ')&")&'()-11: - 4#-$"*51 /"1(6'$ \45#"7 -
3/((&+ &#-)3'&'()7 - $1(56 (* %-#&'$1"37 (# - %(1:%+()'$ &"8&5#" #"_5'#"3 "8&#-M
(#6')-#: "^(#&7 65" &( &+" -?3")$" (* -$(53&'$-11: #"1"=-)& %-#-/"&"#3 *(# ?5'16M
')4 +'4+"#M1"="1 3(5)6 3&#5$&5#"3N J3"#3 (* 3-/%1"M?-3"6 3:)&+"3'3 %#(4#-/3
/53& ?" E'11')4 &( 35?/'& &( &+" 3:)&+"3'3 -14(#'&+/7 &( -?-)6() 1($-1 $()&#(17
-)6 ?" 3-&'3\"6 E'&+ &+" K)(E1"64" &+-& &+" 3(5)6 E-3 $(/%(3"6 -$$(#6')4
&( - 1(4'$-1 %#($"33N >)1: - *"E $(/%(3"#3 &((K 5% ')&"#"3& ') &+'3 -%%#(-$+7
-)6 &+"#" +-3 )(& ?"") - 4#"-& 6"-1 (* "8%"#'/")&-&'() -1()4 &+"3" 1')"3 3')$"
&+" QRdS3N

&.3*($<)% "#$% &'()%

C 6'4'&-1 -56'( 3:3&"/ #"%#"3")&3 E-="*(#/3 -3 - 3&#"-/ (* ')6'='65-1 3-/%1"3


&+-& *(11(E ()" -)(&+"# -& - \8"6 &'/" ')&"#=-1 UQ" ;. 7 E+"#" ;. '3 &+" 3-/%1')4
*#"_5")$:YN .+" 35?3-/%1" &'/" 3$-1" 35%%(#&3 Z5$&5-&'()3 &+-& ($$5# ') 1"33
&+-) &E( 3-/%1')4 %"#'(63N ;")$" &+'3 &'/" 3$-1" 3%-)3 - #-)4" (* /')53$51"
65#-&'()3 /"-35#"6 ') )-)(3"$()63 -)6 "8&")6')4 6(E) &( &+" #"-1/ (* ')\)M
'&"3'/-1 ')&"#=-13N
.( 3&'%51-&" - 3-/%1')4 *#"_5")$: '3 &( \8 - 3&#'$& &+#"3+(16 ?"&E"") - 35?M
3-/%1" -)6 &+" 3-/%1" &'/" 3$-1"N B#"_5")$'"3 -?(=" &+'3 &+#"3+(16]&+"
Y@O/-3& ;('O/'+1@ U?: 6"\)'&'()L ;. "`Y]$-))(& ?" #"%#"3")&"6 %#(%"#1: ?: -
6'4'&-1 -56'( 3:3&"/N B(# &+" 3&-)6-#6 $(/%-$& 6'3$ 3-/%1')4 #-&" (* bbNQ K;P7
&+" <:_5'3& *#"_5")$: '3 ``NSX K;PN .+'3 /"-)3 &+-& -): E-=" Z5$&5-&'()
3+(#&"# &+-) &E( 3-/%1"37 (# bX !3"$7 '3 #"1"4-&"6 &( &+" 35?3-/%1" 6(/-')N .+"
RT K;P 3-/%1')4 #-&" 3&-)6-#6 #"65$"3 &+'3 ')&"#=-1 &( `SNW !3"$N
7! "#$%&'( )

.+" 35?3-/%1" &'/" 3$-1" ")$(/%-33"3 -) ")(#/(53 #-)4" (* %+")(/")-N


;"#" E" %#"3")& \=" $1-33"3 (* 35?3-/%1" %+")(/")-7 *#(/ &+" #"-1 -)6 %"#M
$"%&'?1" &( &+" '6"-1 -)6 '/%"#$"%&'?1"L -1'-3"6 -#&"*-$&37 51&#-3(5)637 -&(/'$
3(5)637 -)6 &+" !1-)$K ')&"#=-1N

T)#(*%1 T24%,('4*

A) $(/%-#'3() E'&+ &+" $1-33 (* -11 &'/" ')&"#=-137 &+" $1-33 (* %"#$"%&'?1"
-56'( %"#'(63 3%-)3 #"1-&'="1: 1-#4" &'/" ')&"#=-13N A) - 6'4'&-1 -56'( 3:3&"/7 &+"
3-/%1" %"#'(6 '3 - &+#"3+(16 3"%-#-&')4 -11 3'4)-1 Z5$&5-&'()3 ')&( &E( $1-33"3L
&+(3" E+(3" *#"_5")$'"3 -#" 1(E ")(54+ &( ?" -$$5#-&"1: #"$(#6"6 -)6 &+(3"
E+(3" *#"_5")$'"3 -#" &(( +'4+ &( ?" -$$5#-&"1: #"$(#6"6N O"$-53" - *#"_5")$:
'3 &(( +'4+ &( ?" #"$(#6"6 6("3 )(& /"-) &+-& '& '3 ')='3'?1" &( &+" 6'4'&-1 #"M
$(#6"#N >) &+" $()&#-#:7 35?3-/%1" Z5$&5-&'()37 -$$(#6')4 &( &+" &+"(#"/ (*
<:_5'3& UQR`WY7 #"$(#6 -3 -1'-3"6 -#&"*-$&3N 0%"$'\$-11:7 '* &+" ')%5& *#"_5")$: '3
+'4+"# &+-) +-1* &+" 3-/%1')4 *#"_5")$:7 &+")L

$:-$3'4 ;('O/'+1@ ! 3$9%:-+A ;('O/'+1@ $ -+%/& ;('O/'+1@


.+53 '* &+" 3-/%1')4 #-&" '3 bbNQ K;P7 -) ')%5& *#"_5")$: (* aS K;P '3
#"Z"$&"6 6(E) &( &+" -56'?1" QQNQ K;PN 2'4'&-1 #"$(#6"#3 /53&7 &+"#"*(#"7 -&M
&"/%& &( \1&"# (5& -11 35?3-/%1" Z5$&5-&'()3 ') (#6"# &( "1'/')-&" &+" 6'3&(#&'()
$-53"6 ?: -1'-3"6 -#&"*-$&3N
.+" 6"3'4) (* -)&'-1'-3')4 \1&"#3 +-3 '/%#(="6 ') &+" %-3& 6"$-6"N 95##")&
$(/%-$& 6'3$ #"$(#6')43 -#" "^"$&'="1: '//5)" *#(/ -1'-3')4 6'3&(#&'()N O5&
&+" #"/(=-1 (* -11 ')*(#/-&'() -?(=" ``NSX K;P %(3"3 %#(?1"/3N ,-): %"(%1"
+"-# 6"&-'1 U#"*"##"6 &( -3 $-(Y ') &+" #"4'() -?(=" `S K;P Uf(")'4 QWRRi <"="
QRR`YN G'4(#(53 3$'")&'\$ "8%"#'/")&3 +-=" $()\#/"6 &+" "^"$&37 *#(/ ?(&+
%+:3'(1(4'$-1 -)6 35?@"$&'=" ='"E%(')&37 (* 3(5)63 -?(=" `` K;P U>(+-3+' "&
-1N QRRQi >(+-3+' "& -1N QRRaYN B5#&+"#/(#"7 %-#&'-13 ') &+" 51&#-3()'$ #"4'()
')&"#-$&7 #"351&')4 ') -56'?1" 35?+-#/()'$3 -)6 -'#N V+") &+" -)&'-1'-3')4 \1&"#
#"/(="3 &+"3" 51&#-3()'$ ')&"#-$&'()37 &+" #"$(#6')4 1(3"3 6"&-'1N
C1'-3')4 #"/-')3 - %"#)'$'(53 %#(?1"/ ') 3(5)6 3:)&+"3'3N .+" 1-$K (* ;('M
O/'+1@ #'$4(229 ') &+" $(/%-$& 6'3$ 3&-)6-#6 #-&" (* bbNQ K;P (%")3 &+" 6((#
&( -1'-3')4 *#(/ E'&+') &+" 3:)&+"3'3 -14(#'&+/N H=") $(//() E-="*(#/3 $-53"
-1'-3')4 E+") "8&")6"6 ?":()6 - )-##(E *#"_5")$: #-)4"N 9()3'6"# &+"3" $-3"3
(* -1'-3')4 ') 3:)&+"3'3L
QN C ?-)6M1'/'&"6 3_5-#" E-=" /-6" *#(/ 3'8&"") (66M+-#/()'$ $(/%()")&3
$-53"3 -1'-3')4 -& *5)6-/")&-1 *#"_5")$'"3 4#"-&"# &+-) dTS ;PN
77 8-9' .1$:'3 2; 0/3-1

`N C) -66'&'=" 3:)&+"3'3 ')3&#5/")& E'&+ &+'#&:M&E( +-#/()'$ %-#&'-13 4")"#-&"3


-1'-3"6 $(/%()")&3 '* &+" *5)6-/")&-1 '3 +'4+"# &+-) TWR ;P U-%%#(8'/-&"1:
HXYN
aN .+" %-#&'-13 (* - 3-/%1"6 %'-)( &()" CM3+-#%` UQQT ;PY -1'-3 E+") &+" &()"
'3 &#-)3%(3"6 -) ($&-=" -)6 - \*&+ &( Bb UabR ;PYN
bN C 3')53('6-1 *#"_5")$: /(651-&'() ')3&#5/")& E'&+ - $-##'"#M&(M/(651-&(#
#-&'( (* Q L ` -)6 - *5)6-/")&-1 *#"_5")$: (* QSSS ;P -1'-3"3 '* &+" /(651-M
&'() ')6"8 "8$""63 dN A* "'&+"# &+" $-##'"# (# /(651-&(# '3 - )()M3')53('6-1
E-="*(#/ &+") &+" /(651-&'() ')6"8 /53& &:%'$-11: #"/-') 1"33 &+-) QN
C3 - $()3"_5")$" (* &+"3" +-#6 1'/'&37 3:)&+"3'3 ')3&#5/")&3 #"_5'#" %#"=")M
&-&'=" /"-35#"3 ') (#6"# &( "1'/')-&" -1'-3')4 6'3&(#&'()N 9(//"#$'-1 ')3&#5M
/")&3 \1&"# &+"'# E-="*(#/3 -)6 1'/'& &+"'# *5)6-/")&-1 *#"_5")$: #-)4"N A)
"8%"#'/")&-1 3(*&E-#" ')3&#5/")&37 E" /53& ')&#(65$" &"3&3 -)6 $()3&#-') &+"
$+('$" (* E-="*(#/3 -?(=" $"#&-') *#"_5")$'"3N
.+" $(/%-$& 6'3$ 3-/%1')4 #-&" (* bbNQ K;P #-&" '3 &(( 1(E *(# +'4+M\6"1'&:
/53'$ 3:)&+"3'3 -%%1'$-&'()3N B(#&5)-&"1:7 $()="#&"#3 (%"#-&')4 -& RT K;P -#"
?"$(/')4 %(%51-#7 -)6 3-/%1')4 #-&"3 5% &( QR` K;P -13( -#" -=-'1-?1"N

U)42(*+0#' M+.1*<%(V%2*

H=") ')-56'?1" ")"#4: ') &+" 51&#-3()'$ *#"_5")$: #-)4" $-) ?" +-#)"33"6 *(#
-56'( 53"N <"E 1(563%"-K"#3 +-=" ?"") 6"="1(%"6 () &+" ?-3'3 (* $12/3&-1$:
#'&'(24@+-+A UC/"#'$-) ."$+)(1(4: 9(#%(#-&'() QRRWi !(/%"' QRRWYN .+'3
%#')$'%1" '3 ?-3"6 () - %+")(/")() (?3"#="6 ?: ;"1/+(1&PN V+") &E( 3(5)6
3(5#$"3 -#" %(3'&'()"6 #"1-&'="1: $1(3"1: &(4"&+"# -)6 -#" (* - 35h$'")&1: +'4+
-/%1'&56"7 &E( )"E &()"3 -%%"-#L ()" 1(E"# -)6 ()" +'4+"# &+-) "'&+"# (* &+"
(#'4')-1 &()"3N .+" &E( )"E $(/?')-&'() &()"3 $(##"3%()6 &( &+" 35/ -)6 &+"
6'^"#")$" (* &+" &E( (#'4')-1 &()"3N B(# "8-/%1"7 '* ()" E"#" &( "/'& RS K;P
-)6 RQ K;P ')&( &+" -'#7 E'&+ 35h$'")& ")"#4:7 ()" E(516 %#(65$" &+" 35/
UQWQ K;PY -)6 &+" 6'^"#")$" UQ K;PY7 &+" 1-&&"# ?"')4 ') &+" #-)4" (* +5/-)
+"-#')4N G"%(#&')4 &+-& +" $(516 -13( +"-# 35//-&'() &()"3 UE+(3" *#"_5")$:
'3 &+" 35/7 #-&+"# &+-) &+" 6'^"#")$"7 (* &+" &E( *5)6-/")&-1 &()"3Y7 ;"1/M
+(1&P -#45"6 &+-& &+" %+")(/")() +-6 &( #"351& *#(/ - )()1')"-#'&: (* -'# /(1"M
$51"3N C'# /(1"$51"3 ?"4') &( ?"+-=" )()1')"-#1: U&( #'&'(24@+'Y -3 -/%1'&56"
')$#"-3"3N .+537 - *(#/ (* -$(53&'$-1 +"&"#(6:)')4 '3 #"-1'P"6 ?: $#"-&')4 6'*M
*"#")$" *#"_5")$'"3 *#(/ +'4+"# *#"_5")$: E-="3N A) -'#7 &+" "^"$& E(#K3 ')
7< "#$%&'( )

35$+ - E-: &+-& '* -) 51&#-3()'$ $-##'"# '3 ')$#"-3"6 ') -/%1'&56"7 - 6'^"#")$"
*#"_5")$: '3 $#"-&"6N 9()$5##")&1:7 &+" 5)53"6 35/ *#"_5")$: 6'/')'3+"3 ')
1(56)"33 -3 &+" $-##'"#[3 *#"_5")$: ')$#"-3"3N A) (&+"# E(#637 &+" /-@(# %(#&'()
(* &+" 51&#-3()'$ ")"#4: &#-)3*"#3 &( &+" -56'?1" 6'^"#")$" *#"_5")$:N
J)1'K" #"451-# 1(563%"-K"#37 -$(53&'$-1 +"&"#(6:)')4 1(563%"-K"#3 %#(@"$&
")"#4: ') - $(11'/-&"6 3(5)6 ?"-/7 -)-1(4(53 &( &+" ?"-/ (* 1'4+& *#(/ -
Z-3+1'4+&N >)" $-) 6'#"$& -) 51&#-3()'$ "/'&&"# &(E-#6 - E-11 -)6 &+" 1'3&")"#
E'11 %"#$"'=" &+" 3(5)6 -3 $(/')4 *#(/ - 3%(& () &+-& E-11N B(# - 6'#"$& 3(5)6
?"-/7 - 1'3&")"# 3&-)6')4 -):E+"#" ') -) -$(53&'$-1 ")='#()/")& '3 -?1" &(
%(')& &( &+" 1(563%"-K"# -3 &+" 3(5#$"N

T4+$#' &+.01W E?+0+0* (01 E+)(2+0*

C3 "-#1: -3 QRSd7 C1?"#& H')3&"') %#"6'$&"6 &+-& 51&#-3()'$ ='?#-&'() $(516


($$5# () &+" 3$-1" (* -&(/'$ 3&#5$&5#" U9($+#-) QRdaYN .+" -&(/3 ') $#:3&-137
+" &+"(#'P"67 &-K" &+" *(#/ (* - #"451-# 1-&&'$"N C ()"M6'/")3'()-1 1-&&'$"
#"3"/?1"3 &+" %+:3'$-1 /(6"1 (* - &-5& 3&#')4]- $(11"$&'() (* /-33"3 1')K"6
?: 3%#')43N 05$+ - /(6"1 /-: ?" 4")"#-1'P"6 &( (&+"# 3&#5$&5#"37 *(# "8-/%1"
&+#""M6'/")3'()-1 1-&&'$"3N F-&&'$"3 $-) ?" ')65$"6 &( ='?#-&" 51&#-3()'$-11:7
35?@"$&"6 &( &+" %#(%"# *(#$"7 &5#)')4 &+"/ ')&( +'4+M*#"_5")$: (3$'11-&(#3N .+'3
")"#4: '3 )(& $()&')5(537 +(E"="#7 ?5& '3 _5-)&'P"6 ?: -&(/'$ 3&#5$&5#" ')&(
5)'&3 &+-& H')3&"') $-11"6 %+()()37 ?: -)-1(4: &( %+(&()3]&+" _5-)&5/ 5)'&3
(* 1'4+&N A& E-3 )(& 5)&'1 QRQa &+-& #"451-# 1-&&'$"3 E"#" ="#'\"6 "8%"#'/")&-11:
-3 ?"')4 &+" -&(/'$ 3&#5$&5#" (* $#:3&-13N 0$'")&'3&3 6"&"#/')"6 &+-& &+" *#"M
_5")$: (* ='?#-&'() 6"%")63 () &+" /-33 (* &+" -&(/3 -)6 &+" )-&5#" (* &+"
')&"#-&(/'$ *(#$"3N .+53 &+" 1(E"# &+" -&(/'$ E"'4+&7 &+" +'4+"# &+" *#"_5")$:
(* &+" (3$'11-&(# U0&"=")3() -)6 ,((#" QRTdYN J1&#-3()'$ 6"='$"3 $-) 4")"#-&"
*#"_5")$'"3 ') &+" &#'11'()3 (* $:$1"3 %"# 3"$()6N
9(/%1"8 3(5)6 %+")(/")- ($$5# E+") %+()()'$ ")"#4: $(11'6"3 E'&+ (&+"#
%+()()3 (# (&+"# -&(/'$ %-#&'$1"3N V+") &+" 3(5#$"3 (* "8$'&-&'() -#" /51&'%1"
(# &+" -&(/'$ 3&#5$&5#" '##"451-#7 %+()()3 %#(%-4-&" ') $1(56M1'K" 3E-#/3
$-11"6 %2:$(2+3 U!')"3 QRTaYN >%&'$-1 ")"#4: 3(5#$"3 $-) ')65$" (# ')&"#*"#" E'&+
/"$+-)'$-1 ='?#-&'()3N .+53 (%&'$-1 %+(&()3 $-) 3$-&&"# -$(53&'$ %+()()3N B(#
"8-/%1"7 1-3"#M')65$"6 1-&&'$" ='?#-&'()3 $-) $+-)4" &+" ')6"8 (* #"*#-$&'() ') -
$#:3&-17 E+'$+ $+-)4"3 '&3 "1"$&#(/-4)"&'$ %#(%"#&'"3N >) - /'$#(3$(%'$ 3$-1"7
(%&'$-17 /"$+-)'$-17 -)6 "1"$&#(/-4)"&'$ _5-)&- -#" ')&"#1')K"6 -3 "1"/")&-#:
"8$'&-&'()3N
7= 8-9' .1$:'3 2; 0/3-1

F-3"#M')65$"6 %+()'$ 3(5)6 *($53"3 &+" ?"-/3 *#(/ &E( 1-3"#3 E'&+ - 3/-11
E-="1")4&+ 6'^"#")$" ()&( - $#:3&-1 35#*-$"N .+" 6'^"#")$" ') E-="1")4&+
$-53"3 ')&"#*"#")$"7 (# ?"-&')4N .+" $#:3&-1 35#*-$" 3+#')K3 -)6 "8%-)63 -3
&+'3 (3$'11-&'() (* ')&")3'&: $-53"3 %"#'(6'$ +"-&')4N .+'3 4")"#-&"3 - E-=" &+-&
%#(%-4-&"3 &+#(54+ &+" /"6'5/N .+" *#"_5")$: (* &+'3 3(5)6 '3 &:%'$-11: ') &+"
4'4-+"#&P #-)4"7 E'&+ - E-="1")4&+ (* &+" (#6"# (* Q /'$#()N O"$-53" (* &+"
3/-11 6'/")3'()3 (* &+" +"-&"6 3%(& () &+" 35#*-$"7 &+" E-=" ') &+" $#:3&-1 +-3
&+" 3+-%" (* - 6'#"$&'()-1 ?"-/N .+"3" 3(5)6 ?"-/3 $-) ?" 53"6 -3 %#(?"37 *(#
"8-/%1"7 &( 6"&"#/')" &+" ')&"#)-1 *"-&5#"3 (* 3"/'$()65$&(# $#:3&-137 -)6 &(
6"&"$& *-51&3 ') &+"'# 3&#5$&5#"N
>)" (* &+" /(3& '/%(#&-)& %#(%"#&'"3 (* 1-3"#M')65$"6 %+()()'$ 3(5)6 '3 &+-&
'& $-) ?" /-6" 12#'('+& U&+" E-=" &#-')3 -#" %+-3"M-1'4)"6Y7 -3 E"11 -3 /()(M
$+#(/-&'$ -)6 6'#"$&'()-1N .+'3 /-K"3 %(33'?1" 35$+ -%%1'$-&'()3 -3 $12/3&-1
#2:2A($%#@ U&+" ='35-1'P-&'() (* -$(53&'$ %+")(/")- ?: 1-3"# 1'4+&YN .(6-: &+"
3&56: (* %+()()'$ ='?#-&'()3 '3 -) -$&'=" \"167 \)6')4 -%%1'$-&'()3 ') 3/(;$1'
$12/3&-1 N$?' U0CVY \1&"#37 E-="45'6"37 -)6 $()6")3"6 /-&&"# %+:3'$3N

T4 4?% E?8*#'() M#$#4*W "?% E)(0'V "#$% 704%2K()

0(5)6 (?@"$&3 $-) ?" 35?6'='6"6 ')&( 4#-')37 -)6 4#-')3 ')&( 3-/%1"3N ;(E *-#
$-) &+'3 35?6'='3'() (* &'/" $()&')5"I ;-EK')4 -)6 !")#(3" UQRRTY +-=" 354M
4"3&"6 &+-& &'/" ') &+" %+:3'$-1 5)'="#3" '3 )(& ')\)'&"1: 6'='3'?1"N 0%"$'\$-11:7
&+-& )( 3'4)-1 Z5$&5-&'() $-) ?" *-3&"# &+-) &+" _5-)&5/ $+-)4"3 (* 3&-&" ')
35?-&(/'$ %-#&'$1"37 E+'$+ ($$5# -& $1(3" &( &+" V:$+1R 31$:'N .+" !1-)$K 3$-1"
3&-)63 -& &+" "8&#"/" 1'/'& (* &+" K)(E) %+:3'$-1 E(#167 E+"#" $5##")& $()$"%&3
(* 3%-$"7 &'/"7 -)6 /-&&"# ?#"-K 6(E)7 E+"#" &+" *(5# *(#$"3 5)'*:N A& '3 &+"
"8$""6')41: 3/-11 6'3&-)$"7 #"1-&"6 &( -) ')\)'&"3'/-1 &'/" 3%-) -)6 "8&#"/"1:
+'4+ ")"#4:7 &+-& "/"#4"3 E+") &+" *5)6-/")&-1 $()3&-)&3 *(# 4#-='&-&'()-1
-&&#-$&'()7 &+" ="1($'&: (* 1'4+&7 -)6 _5-)&5/ /"$+-)'$3 @(') U;-EK')4 -)6
!")#(3" QRRTYN
;(E /5$+ &'/" 6("3 '& &-K" 1'4+& &( $#(33 &+" !1-)$K 3$-1"I F'4+& &-K"3 -?(5&
aNa )-)(3"$()63 Ua#a % QS$QS Y &( &#-="#3" Q /"&"#N .+" V:$+1R &-9' -+&'(?$: '3
&+" &'/" '& &-K"3 1'4+& &( &#-="#3" &+" !1-)$K 3$-1"N J% 5)&'1 #"$")&1:7 &+" !1-)$K
3$-1" E-3 &+(54+& &( ?" QS$aa /"&"#N C) '/%(#&-)& )"E &+"(#: %5&3 &+" \45#" -&
- /5$+ 1-#4"# QS$QR /"&"# UC#K-)'M;-/"6 "& -1N `SSSYN ;"#"7 &+" !1-)$K &'/"
')&"#=-1 '3 a#a % QS$`W 3"$()637 - &'): &'/" ')&"#=-1N >)" $(516 $-11 &+" !1-)K
&'/" ')&"#=-1 - K')6 (* ee3-/%1')4 #-&" (* &+" 5)'="#3"7[[ 3')$" )( 3'4)-1 Z5$&5-M
&'() $-) ($$5# ') 1"33 &+-) &+" !1-)$K ')&"#=-1N
7B "#$%&'( )

A* &+" Z(E (* &'/" 3&5&&"#3 ') 6'3$#"&" _5-)&- $(##"3%()6')4 &( *5)6-/")&-1
%+:3'$-1 $()3&-)&37 &+'3 %(3"3 -) ')&"#"3&')4 $()5)6#5/7 #"$(4)'P"6 ?: A-))'3
p")-K'3L
*3+c& &-9' 3-9%:@ $+ '%-%#'+29'+$: +2&-2+ 2; $ 4''%'( ('$:-&@a P P P 8#' 'O/$&-2+3 2;
L2('+&[ME-&[A'($:4 $+4 d-+3&'-+ :-+R 3%$1' $+4 &-9' 5'1$/3' 2; &#' :-9-&'4 ?':21-&@ 2; :-A#&P
E(29 &#-3 -& ;2::2N3 &#$& &-9' -3 +2& $532:/&' P P P *& ee&$R'3 &-9'cc &2 A2 ;(29 2+' %2-+& &2
$+2&#'(> '?'+ -; &#$& &-9' 4'%'+43 2+ 92?-+A ;($9'3 2; (';'('+1' (':$&-?' &2 &#' 253'(?'(P
8#'(' -3 +2 -+3&$+&$+'2/3 6/9% ;(29 2+' %2-+& &2 $+2&#'( -+ 3%$1'> 9/1# :'33 3%$&-$:
/5-O/-&@\&#$& -3> &#' 3-9/:&$+'2/3 %('3'+1' 2; $+ '?'+& 2( 256'1& '?'(@N#'(' -+ 3%$1'P 82
&#' 12+&($(@> 2+' %23-&3 &#' +2&-2+ 2; 4-3%:$1'9'+&P Q-&#-+ $ :21$: (';'('+1' ;($9'> N#$&
42'3 4-3%:$1'9'+& 3-A+-;@a *; &#' +2&-2+ 2; 4-3%:$1'9'+& N'(' 92(' ;/+4$9'+&$: &#$+ &#$&
2; &-9'> 2+' 12/:4 ('4/1' $:: 9$1(2 $+4 9-1(2 1239-1 &($+3;2(9$&-2+3 &2 N'$R 1#$-+3 2;
4-3%:$1'9'+&P "2+3'O/'+&:@ P P P -; N' N'(' &2 $4#'(' &2 O/$+&/9 9'1#$+-13 $+4 -&3 -9%:-M
1$&-2+3> N' N2/:4 %'(#$%3 5' ;2(1'4 &2 $49-& &#' +2&-2+ 2; O/$+&-,'4 3%$1' $+4 -&3 12(2:M
:$(@> O/$+&-,'4 &-9'P W/& N#$& 12/:4 $ O/$+&-,'4 &-9' $+4 3%$1' 3-A+-;@> $ &-9' $+4 3%$1'
-+ N#-1# 12+&-A/-&@ N2/:4 5' $52:-3#'4P Q#$& N2/:4 &#' %$?'9'+& 2; &#' /+-?'(3' 5' -;
&#'(' N'(' A$%3 5'&N''+ &#' %$?-+A 3&2+'3> -+$11'33-5:' $+4 ,::'4 N-&# +2&#-+Aa Up")-K'3
QRWRY

70;0#4%*#$() "#$% &'()%

O"3'6"3 &+" ')\)'&"M65#-&'() 3')53('63 (* B(5#'"# &+"(#:7 /-&+"/-&'$3 +-3 $#"M


-&"6 (&+"# '6"-17 ')\)'&"M%#"$'3'() ?(5)6-#: _5-)&'&'"3N >)" $1-33 (* '6"-1 %+"M
)(/")- &+-& -%%"-#3 ') &+" &+"(#: (* 3'4)-1 %#($"33')4 '3 &+" /-&+"/-&'$-1
'/%513" (# 6"1&- U$Y *5)$&'()N 2"1&- *5)$&'()3 #"%#"3")& ')\)'&"1: ?#'"* ')&"#=-13
(* &'/"N .+" /(3& '/%(#&-)& '3 &+" X-($1 4':&$ ;/+1&-2+7 *(#/51-&"6 *(# &+"
&+"(#: (* _5-)&5/ /"$+-)'$3N A/-4')" &+" &'/" 3'4)-1 3+(E) ') \45#" QNT-7 -
)-##(E %513" (* +"'4+& Q"5 -)6 E'6&+ 57 $")&"#"6 () & ! SN .+'3 %513"7 D&&'7 '3
P"#( -& -11 &'/"3 (&( $ 5"`N B(# -): )()P"#( =-15" (* 57 &+" ')&"4#-1 (* D&&' '3
5)'&:N A/-4')" &+-& 5 3+#')K3 &( - 65#-&'() (* SN !+:3'$-11: &+'3 /"-)3 &+-&
&+" %513"[3 +"'4+& 4#(E3 -)6 &+" ')&"#=-1 (* ')&"4#-&'() U&+" %513"[3 65#-&'()Y
?"$(/"3 ="#: )-##(EN .+" 1'/'& (* D&&' -3 5 ) S '3 3+(E) ') \45#" QNT?N .+'3
3+(E3 &+-& &+" %513" ?"$(/"3 -) ')\)'&"1: +'4+ 3%'K" (* P"#( E'6&+7 ')6'$-&"6 -3
$&&'7 &+" 2'#-$ 6"1&- *5)$&'()N .+" &E( 3'4)'\$-)& %#(%"#&'"3 (* &+" $ *5)$&'()
-#"L UQY '& '3 P"#( "="#:E+"#" "8$"%& -& ()" %(')&7 -)6 U`Y '& '3 ')\)'&" ') -/M
%1'&56" -& &+'3 %(')&7 ?5& -%%#(-$+"3 ')\)'&: ') 35$+ - E-: &+-& '&3 ')&"4#-1 '3
5)'&:]- $5#'(53 (?@"$&l
7F 8-9' .1$:'3 2; 0/3-1

9#A.2% !BX 9(/%-#'3() (* - %513" -)6 &+" 2'#-$ 6"1&- *5)$&'()N U-Y C )-##(E %513" (*
+"'4+& Q"5 -)6 E'6&+ 57 $")&"#"6 () & ! SN U?Y .+" 2'#-$ 6"1&- *5)$&'()N
7G "#$%&'( )

.+" /-') -%%1'$-&'() (* &+" $ *5)$&'() ') 3'4)-1 %#($"33')4 '3 &( ?(13&"# &+"
/-&+"/-&'$-1 "8%1-)-&'() (* &+" %#($"33 (* 3-/%1')4N V+") - $ *5)$&'() ($$5#3
')3'6" -) ')&"4#-17 &+" =-15" (* &+" ')&"4#-1 '3 6"&"#/')"6 ?: \)6')4 &+" 1($-&'()
(* &+" '/%513" -)6 &+") "=-15-&')4 &+" ')&"4#-)6 -& &+-& 1($-&'()N 0')$" &+" $ '3
')\)'&"1: ?#'"*7 &+'3 '3 "_5'=-1")& &( 3-/%1')4 &+" *5)$&'() ?"')4 ')&"4#-&"6N
C)(&+"# ')&"#"3&')4 %#(%"#&: (* &+" $ *5)$&'() '3 &+-& '&3 B(5#'"# &#-)3*(#/7
('$6`%;& ( ! Q

*(# -): #"-1 =-15" (* &N A) (&+"# E(#637 &+" 3%"$&#5/ (* -) ')\)'&"1: ?#'"* '/M
%513" '3 ')\)'&" U<-+') QRRTYN
V" 3"" +"#" - %#(*(5)6 1-E (* 3'4)-1 %#($"33')47 E+'$+ E" E'11 ")$(5)&"#
#"%"-&"61: ') &+'3 &+"3'37 &+-& 65#-&'() -)6 3%"$&#5/ -#" $(/%1"/")&-#: _5-)M
&'&'"3N A) %-#&'$51-#7 &+" 3+(#&"# - 3'4)-1 '37 &+" ?#(-6"# '3 '&3 3%"$&#5/N F-&"# E"
E'11 3"" &+-& ()" $-) $+-#-$&"#'P" =-#'(53 3'4)-1 &#-)3*(#/-&'()3 ?: +(E &+":
#"3%()6 &( &+" $ *5)$&'() -)6 '&3 6'3$#"&" $(5)&"#%-#&7 &+" 5)'& '/%513"N
.+" (16"# f(2+'1R'( 4':&$ '3 -) ')&"4"#M=-15"6 '6"-1 '/%513" *5)$&'()N A& '3
6"\)"6 ?: &+" %#(%"#&'"3
"
S 9"+
$9! + !
Q 9!+
.+" 6"1&- *5)$&'()3 -#" 6"\)"6 (="# - $()&')5(53 -)6 ')\)'&" 6(/-')N .+"
3"$&'() () $:-$3'4 $(&';$1&3 "8-/')"3 3'/'1-# *5)$&'()3 ') &+" 6'3$#"&" 3-/%1"6
6(/-')N

=.4*#1% "#$% -.*#'

,53'$-1 3&#5$&5#" $-) "8'3&7 ') - 3")3"7 ee(5&3'6"[[ (* &'/" Up")-K'3 QRdQ7 QRR`YN
O: &+'37 E" /"-) -?3&#-$& 3&#5$&5#')4 %#')$'%1"3 E+(3" 6"\)'&'() 6("3 )(& '/%1:
- &"/%(#-1 (#6"#N C 3$-1"7 *(# "8-/%1"7 '3 ')6"%")6")& (* +(E - $(/%(3"# 53"3
'& ') &'/"N ,:#'-6 %('129%23-&-2+$: 3&#-&"4'"37 -)6 6-&-?-3"3 (* /-&"#'-1 $(516
-13( ?" 3-'6 &( ?" (5&3'6" &'/"N
C *5#&+"# "8-/%1" (* -) (5&3'6" &'/" 3&#5$&5#" '3 - /53'$-1 ')3&#5/")&N
.+" 1-:(5& (* K":3 () - %'-)( 4'="3 )( +')& (* &+" (#6"# ') E+'$+ &+": E'11
?" %1-:"6N T:'$&2(-1 $(/%(3'&'()3 (* &+" QRXS3 -)6 QRTS37 E+'$+ 1"*& =-#'(53
%-#-/"&"#37 ')$156')4 &+" 3"_5")$" (* "=")&3 &( $+-)$"7 E"#" -13( (5&3'6" &'/"
3&#5$&5#"3N
7H 8-9' .1$:'3 2; 0/3-1

.(6-: E" 3"" ')3&-11-&'()3 -)6 ='#&5-1 ")='#()/")&3 ') E+'$+ 3(5)63 ($$5# ')
-) (#6"# &+-& 6"%")63 () &+" %-&+ (* &+" %"#3() ')&"#-$&')4 E'&+ &+" 3:3&"/N A)
-11 (* &+"3" $-3"37 3"1"$&')4 -)6 (#6"#')4 &+" /-&"#'-1 %1-$"3 '& ') &'/"N

"?% &#@% +, &+.01*

0(5)63 *(#/ ') &+" %+:3'$-1 /"6'5/ (* -'#]- 4-3"(53 *(#/ (* /-&&"#N .+537
3(5)6 E-="3 )""6 3%-$" &( *(#/N n53& -3 3(5)63 "8'3& () 6'^"#")& &'/" 3$-1"37
3( &+": &-K" 3+-%" () 6'^"#")& 3$-1"3 (* 3%-$"N H="#: 3(5)6 +-3 - &+#""M
6'/")3'()-1 3+-%" -)6 3'P"7 E+'$+ '3 '&3 6'^53'() (# 6'3%"#3'() %-&&"#) (="# &'/"N
0')$" &+" E-="1")4&+ (* - +'4+ *#"_5")$: 3(5)6 '3 3+(#&7 +'4+ *#"_5")$'"3 *(#/
') 3/-11 3%-$"3N C 1(E *#"_5")$: E-="*(#/ )""63 3"="#-1 /"&"#3 &( 5)*(16N .+"
&"/%(#-1 -)6 &+" 3%-&'-1 /(#%+(1(4'"3 (* - 3(5)6 ')&"#&E')"N C 3(5)6[3 65#-M
&'()7 *#"_5")$:7 -/%1'&56"7 -)6 %-&&"#) (* #-6'-&'() *#(/ '&3 3(5#$" -11 $()M
&#'?5&" &( '&3 %+:3'$-1 *(#/7 -3 6("3 &+" 3%-$" ') E+'$+ &+" 3(5)6 /-)'*"3&3N
.+" 65#-&'() (* - 3(5)6 '3 -) '/%(#&-)& 6"&"#/')-)& (* %+:3'$-1 3+-%"7 "3M
%"$'-11: ') &+" (%") -'#N C 1()4M65#-&'() 3(5)6 '3 1()4 ') 3%-&'-1 "8&")&7 3%-)M
)')4 &+" ")&'#" 6'3&-)$" *#(/ &+" 3(5#$" &( &+" %(')& -& E+'$+ '&3 ")"#4: '3
$(/%1"&"1: -?3(#?"6N 0+(#&M65#-&'() 3(5)637 () &+" $()&#-#:7 -#" &+') ') 3%-&'-1
"8&")&7 6'3-%%"-#')4 *#(/ &+"'# %(')& (* (#'4') _5'$K1:N .+" E-=" (* - 3+(#&M
65#-&'() 3(5)6 ($$5%'"3 - &+') ?-)6 (* -'#7 -1&+(54+ &+" Z5$&5-&'()3 &+-& '&
$-##'"3 /-: &#-="1 4#"-& 6'3&-)$"3 '* '& '3 1(56 ")(54+N
.(6-: E" +-=" -$$5#-&" /"-35#"/")&3 (* &+" 3%""6 (* 3(5)6 E-="3 ') - =-M
#'"&: (* /"6'- U!'"#$" QRRbYN .+" -$$"%&"6 =-15" *(# &+" 3%""6 (* 3(5)6 ') 6#:
-'# '3 aaQNX /"&"#3q3"$()6N .+53 - `S ;P -$(53&'$-1 E-=" #"_5'#"3 )( 1"33 &+-)
QTNX /"&"#3 UXbNQa *""&Y &( 5)*(16 E'&+(5& (?3&#5$&'()N >?3&#5$&'()3 35$+ -3
E-113 $-53" &+" E-=" &( #"Z"$& ?-$K () '&3"1*7 $#"-&')4 %+-3" $-)$"11-&'() "^"$&3N
C +'4+M*#"_5")$: E-="*(#/ -& `S K;P +-3 - %"#'(6 (* ()1: Qq`S7SSS&+ (* -
3"$()6N .+'3 &-K"3 ()1: QNTX $/ &( *(#/N .+" "-# '3 ="#: 3")3'&'=" &( &+" &'/" (*
-##'=-1 (* 3(5)63 *#(/ 6'^"#")& 3%-&'-1 %(3'&'()3N .+537 "=") - /')(# 6'^"#")$"
') &+" 6'3&-)$" (* &+" 1'3&")"# *#(/ &E( 3"%-#-&" 3(5#$"3 E'11 3K"E &+" 3%-&'-1
'/-4"3N
.+" /(3& '/%(#&-)& 6"&"#/')-)& (* - 3(5)6[3 3'P" '3 '&3 -/%1'&56"N D"#: 1(56
3(5)63 U35$+ -3 -&/(3%+"#'$ &+5)6"# -)6 (&+"# "8%1(3'()3Y &#-="1 *-#N C3 &+":
&#-="17 &+" -'# 4#-65-11: -?3(#?3 &+" +'4+ *#"_5")$'"37 3( &+-& ()1: &+" 1(E *#"M
_5")$'"3 #"-$+ 4#"-& 6'3&-)$"3N
<J "#$%&'( )

&.$$(28

V$(&-1:' %#@3-13 3''R3 &2 ,+4 $ 3-9%:' $+4 2(4'(:@ %$&&'(+ &2 &#' 5'#$?-2( 2; 9$&&'( 2+ &#'
$&29-1 $+4 3/5$&29-1 :'?':P 82 &#-3 '+4> :$(A' %$(&-1:' $11':'($&2(3 $(' 5/-:&> $1&-+A :-R'
A-$+& 9-1(2312%'3 &#$& [229 42N+ &#(2/A# &#' $&29 P P P T3&(2+29'(3 5/-:4 'O/$::@ 129M
%:'D 4'?-1'3\&':'312%'3 $+4 253'(?$&2(-'3P 8#'3' A$&#'( 4$&$ ;(29 4-3&$+& 1:/3&'(3 2;
A$:$D-'3> $:: &#' N$@ 2/& &2 &#' (-9 2; &#' 123923 P P P Q' $(' 3''-+A #'(' $ 12+?'(A'+1'
5'&N''+ %$(&-1:' %#@3-13 $+4 12392:2A@P 8#' -+3&(/9'+&3> $+4 '?'+ &#' 3&$&'4 256'1&-?'3>
$(' 4-Z'('+&> 5/& &#' :$+A/$A'3 4($N 1:23'(P 8#' :$N3 2; +$&/(' &#$& 12+&(2: $+4 2(4'( &#'
9-1(2312%-1 N2(:4> $+4 &#23' &#$& 4'&'(9-+'4 &#' 1('$&-2+ $+4 '?2:/&-2+ 2; &#' /+-?'(3'> P P P
$(' 5'A-++-+A &2 :22R -4'+&-1$:N UF"6"#/-) -)6 0$+#-// QRRXY

!#(@"$&')4 &'/" +(#'P()&-11:7 -)6 -/%1'&56" ="#&'$-11:7 &+" $()$"%& (* )'1 65#-M
&'() $(##"3%()63 &( - P"#(M6'/")3'()-1 %(')& () &+" &'/"M-/%1'&56" %1-)"N .+'3
%(')& P"#( '3 /5&"L )( Z58 (* ")"#4: $-) ($$5# ') &+" -?3")$" (* - &'/" E')6(EN
A) &+-& '6"-1 E(#16 "8%"#'")$"6 ()1: ?: &+" 4(63 (* /-&+"/-&'$37 &+" 6"1&-
*5)$&'() $&&' ?#"-K3 &+" /()(&(): E'&+ -) ')3&-)&-)"(53 '/%513" &+-& '3 ?(#)
-)6 6'"3 E'&+') &+" /(3& ')\)'&"3'/-1 E')6(E ?":()6 %(')& P"#(N
>5# /5)6-)" 6'4'&-1 6(/-') '3 - 6'3$#"&" -%%#(8'/-&'() &( &+" '6"-1 #"-1/
(* ')\)'&"3'/-1 &'/"N A) &+" 6'4'&-1 6(/-')7 &+" 3/-11"3& "=")& +-3 - 65#-&'()
"_5'=-1")& &( &+" %"#'(6 (* &+" 3-/%1')4 *#"_5")$:N .+'3 3(5)6 -&(/7 &+" 3-/M
%1" %"#'(67 '3 &+" 4#'6 &+-& _5-)&'P"3 -11 &'/" =-15"3 ') -) -56'( 3'4)-1N C):
$5#=" ')3$#'?"6 () &+" -/%1'&56"M="#353M&'/" %1-)" /53& 3:)$+#()'P" &( &+'3
4#'6N A)6'='65-1 3-/%1"3 #"/-') 35?3:/?(1'$N F'K" &+" E(=") &+#"-63 (* $-)=-3
+(16')4 %-')& ') %1-$"7 &+"'# %#"3")$" '3 - )"$"33'&:7 "=") '* E" $-) 3"" &+"/ ()1:
') &+" -44#"4-&"N
C3 &+" E')6(E (* &'/" "8%-)637 &+"#" '3 - %(33'?'1'&: *(# $+-(&'$ Z5$&5-&'()7
%"#'(6'$ #"%"&'&'()7 "$+("37 &()"7 )('3"7 -)6 /"-35#"6 3'1")$"N H-$+ -66'&'()-1
')3&-)& (* &'/" -$$#5"3 )"E %(33'?'1'&'"3N
,'$#(3()'$ %-#&'$1"3 $-) ?" 1'K")"6 &( /(1"$51"3 ?5'1& *#(/ -&(/'$ 3-/%1"3N
.( ='"E &+'3 1"="1 (* 6"&-'17 E" #"1: () &+" &((13 (* 3(5)6 -)-1:3'3 -)6 6'3%1-:N
J)6"# &+'3 3$#5&'):7 #"/-#K-?1" %-&&"#)3 "/"#4" -)6 E" 4-') )"E ')3'4+& ')&(
3(5)6 3&#5$&5#"N .+"3" '/-4"3 3+(E &+" +'66") /(#%+(1(4'"3 (* "1"/")&-#:
3(5)6 /(1"$51"3 U\45#" QNdYN
,(1"$51-# /-&"#'-13 -1&"# &+" &"##-') (* $(/%(3'&'()N !1'-)& 41(?51"3 $-) ?"
/(16"6 ')&( -#?'&#-#: (?@"$& /(#%+(1(4'"3N .+" %#"3")$" (* /5&-&')4 3(5)6
(?@"$&3 3544"3&3 - Z5'6 -%%#(-$+ &( $(/%(3'&'()-1 /"3(3&#5$&5#"7 3%-E)')4
#'=51"&37 3&#"-/37 -)6 $1(563 -3 E"11 -3 6'3$#"&" "=")&3N .+" %-$K-4" *(# -11 &+"3"
<) 8-9' .1$:'3 2; 0/3-1

9#A.2% !BY A/-4" (* - 4#-') ') &+" &'/"M6(/-') U&(%Y -)6 '&3 *#"_5")$:M6(/-') $(5)M
&"#%-#& U?(&&(/YN

/53'$-1 3&#5$&5#"37 &+" /-$#(*(#/7 $-) ?" &-'1(#"6 E'&+ +'4+ Z"8'?'1'&: -)6
%#"$'3'() ') - 3(5)6 /'8')4 %#(4#-/N
A& '3 )"$"33-#: &( 3"" /53'$ (="# - ?#(-6 #-)4" (* &'/" 3$-1"37 *#(/ &+" ')\)'M
&"3'/-1 &( &+" 35%#- 3$-1" U9+#'3&")3") QRRTYN <(& -11 /53'$'-)3 -#" %#"%-#"6
&( ='"E /53'$-1 &'/" *#(/ 35$+ - $(/%#"+")3'=" %"#3%"$&'="7 +(E"="#7 -)6
'& /-: E"11 &-K" 6"$-6"3 *(# &+'3 %"#3%"$&'=" &( \1&"# ')&( (5# 4")"#-1 /53'$-1
=($-?51-#:N

Vous aimerez peut-être aussi