Ledermen Lion

BOŽIJA ESTICA
Prevod: Nedeljkovi B. Aleksandar

Lederman Leon GOD PARTICLE (THE), 1993.

 !
" #
" "
#

"
"

" "
"
#

"
#
" $ "

%
" #
&
" #

" " '

#
" #
"

"
"
"

%
#
"
 (

#
" "
'
#

"

)
* " '

"
'

&
&

"
#
+,-./01 " (
#
! " #
" '
" " '

"
#
#

"
2 2

# "
&
'

%
'

#
"
#
#

4
 +,-./01 # "
"
2 " 2

$ % &

#
"

#
" "

" #

2 2
#
%
' " %& '
"

%
&
"
'
' %
# "

" 3!

%
4
"
%

'
"

"
"
"

"
( "
5
# " %

"

5
 " "
# #

"
" &

"

6
 6.,17 - 8. 9+ 0+:1;.6<=9; . >61<;<1 ;+=0.71
=?-@+ <.@;1 = <7 .81 7 19<= <+ -9A+618 ?1 <1-B.8
1:. 6.?.8 ?1 9+ - <7 .81 A0=9;=0 A=8+01 -6.7 1
>1= : 1C-? <1 6=?. >1? /1 <+>. <+8.0 8-B.
D1: -? 8- A0.: 1D.@91 8+;0=8 . 91;=8
D1 8+0+<7 + A0=9;=01 <.>1? <.7+ A016. ?1<
+0 <+>- 6=: 7- 6.?.;+ .81 . 1;=8
A1 961>. B19 8+<7 1 96=7 + E;+<7
+ . A:
1<

=0+<9

7
 ;=8=9 .:. 1(;=8 +=0.79>. A0+?6.,+<1 B+9;.F1 0=<1@1= 7 - 7+ +8=>0.; 6171(;=8
8=01 C.;. <+?+: 7
.6 . <+6.?: 7.6 < 7 + <1781<7 1 7+?.<.F1 81;+0.7+ + ;0+C1 /1 8+@1;. 91
;1>=D61<.8 E+8.7 9>.8 1;=8=8 >=7 . 7+ 918= <17 81<7 1 7 +?.<.F1 <+>=/ E+8.7 9>=/
+:+8+<;1 6=?=<.>1 0+F.8= .: . -/:7+<.>1 >.9+=<.>1 . ;1>= ?1: 7+
610> =6177 + 1(;=8 =9;=7 . @+9; 01D:.B.;.E >610>=61 ( A+; .E 7+ =;>0.6+<= 1 D1 =<.8
@+9;.8 9+ 7 =@ ;01/1 91?1 /=?.<+ 33* 61>. =? ;+ @+9;=0.F+ 7 -<1>1 8=G+ C.;. - ;0.
C=7+ 18= ?6=7 .F1 =? <7 .E @+9;=0.F+ >610> /=0+ . >610> ?=: + A=9;=7 + A0.0=?<= -
?1<1@<7 =7 19+: 7
+<.
:+>;0=< 06. =;>0.6+<. 1(;=8 7 =@/=?.<+ !3! 1 <7 +/1 9+ >1= . D1 96+ 9160+8+<+
1(;=8+ 6+0-7 + ?1 .81 B-?<=61;- =?: .>- 2<-: ;=/ A0+B<.>12 : 1< 7 + :+A;=<9>+ A=0=?.F+ 1(
;=81
+-;0.<= =@7 +?1< 1(;=8 .DA=0=?.F+ : +A;=<1 =9;=7 + ;0. 609;+ <+-;0.<1 ? <7.E 9+
<+ /01?. 81;+0.7 1 1: . 9- C.;<. D1 .D6+9<+ 0+1>F.7 + =C+,-7 - <1 ;1>8.B+<7 .81 8.<.81: .9;1
.817 - <1+:+>;0.91<7 + <-: 1 A0+B<.> <-: 1 1 . 819- <17 6+0=61;<.7+ <-: 1

-=< . ;1- 6. :+A;=<. 9- 0=,1F. +: +>;0=<1 918= 9- 8<=/= ;+G.

=;=< /016.;=< 4H 4( . 96+ 618 7 + =6= 7 +?<1 A=0=?.F1 +9- B+9;.F+ 1: . <.9-
B+9;.F+ 81;+0.7 + >1= >610>=6. . : +A;=<. 0+<=9+ +: +>;0=81/<+;<- /016.;1F.=<- 9: 1C- .
71>- 9.: - ;.8 0+?=8 >1>= .E <1C0=7 198= ? 96.E <7 .E 7 +?.<= 7=@/016.;=< <.7 + =;>0.6+<
01D<.<1 .@;1 .@;16.:= = 618 7 + =<= A01D<= >0=D>=7 + 9+ 1(;=8. >0+I- 1<1@<7 .
;+=0+;.B10. 9- D19-: . A01D<.<- >1= .D: +;<.F. =;A1F.81 961>=7 1>.8 >0@+8 6.0;-+: <.E B+9;.F1
. ?0-/.8 98+I+8 160+8+<1 0+B D1 A01D<.<- /: 19. 261>--82 : . A=<+>1? 9+ >1G+ . 2 +;+02
6.?. .9A=?
;+0 D8.9: .= /1 7 + 9+0 91> 7 -;< 911F +J;=< A= ?0-/. A-; /1 7 + .D8.9:.= G+7 89
:+0> 1>96+: 18+9 #: +0> 1KJ+: : = 618 7 + =<= <+@;= @;= .A1> .9A-<7 161 A01D<.<-
19+: 7+<+ 7<@;17 < :C+0; .<9;+.< 7 + ?=>1D1= <7 +/=6= <+A=9;=7 1<7+ . =?C1F.= /1 1: .
+;+0 9+ 91?1 .A1> >0.@=8 <+>1>= 601I1 . -6: 1B. <1 A=D=0<.F- >1= =<17C.6@. 18+0.B>.
A0+?9+?<.> .B10? .>9=< +9;+ +;+0 7 + 61>--8 D1.9;1 1: . <1;=610+< B+9;.F181 >=7 + 9-
918= ;+=0.7 9>. A=9;=7 +I+ ?1>: + 918= 9- 16+;. ?-E=6. B+9;.F1
>F+: +01;=0 A0161 - >=7 =7 A=6+I1618= +<+0/.7 - B+9;.F1 =@;= 7 + L 8F)
1>F+: +01;=0 -B.<. ?1 ;+ B+9;.F+ A=9;1<- ;+G+
>9A+0.8+<;1;=0 M .D.B10 >=7. 60@. =A.;+
+=0+;.B10 M .D.B10 >=7 . <+ 60@. =A.;+

0+?9;16:
718= 618 . /:
16<=//:
-8F1

% #

A=D<1;- . A=? <1D.6.81 ./9=61 B+9;.F1 .:

. ./9=6C=D=< .:
. ./9=69>1:
10<. C=D=<

8
 +8=>0.; .D C?+0+

918=8 A=B+;>- C+@+ A01D<.<1 ( 7 +?<1 <+=C.B<1 609;1 61>--81 ( 7 +?<= <.@;1 -
>=8+ <.7 + C.: = <. A0=9;=01 <. 60+8+<1 <. 81;+0.7 + <. 96+;: =9;. <. D6->1 1 .A1> 9-
D1>=<. A0.0=?+ C.: . ;- . C.: . 9- <1 9<1D. 1 =617B-?<=61;. 61>--8 .81= 7 + 96=7A=;+<F.7 1:
1= ?.6=69>1 9;+<1 >=7 1: +G. <1 918=8 0-C- =/0=8<= 6.9=>+ : .;.F+
B+>17 ;+ 81: =
0+ <+/= @;= 9;+<1 A1?<+ C.: = C. A=@;+<= ?1 A0.D<18 ?1 D1.9;1 A0.B18 9196.8
<1A18+; =/.B<= 7 + ?1 A0.B1 A=B<+ =? A=B+;>1 :
. =6= 7 + A0.B1 = 19+: 7+<. 1 8.
<1G1: =9; <+818= <.>1>6.E A=?1;1>1 = 18=8 =B+;>- .>1>6.E -: 1 <.@;1 + D<18=
8. C1@ <.@;1 = 19+: 7
+<. A0+ <+/= 7 + <160@.: 1 7 +?1< 8.: .710?.;. ?+= C.: .=<.;=/ ?+: 1 A06+
9+>-<?+ ( 6+=81 >01;>= 01D?=C: 7+ A=9: + ;0+<-;>1 918=/ <7 +<=/ 9;6101<7 1 - +: .>=8
A019>- 0+81 ;=8+ ?=C0= A1D.;+ >1? /=? B.;1;+ .: . 9:-@1;+ 2 >1>= 7 + 0=,+<1 19+: 7+<12
;= <+>= .D8.@: 71 - 9;+ <1 A=?0-B7 - M .:
=D=M .7+ 18= =/ D<1 @;1 9+ ?+9.: = <1 18=8
=B+;>- : . ?= ?1<1 ?1<1@<7 +/ <1 <18 ;= <.7 + 0+>: 1
=C0= /?+ 98= 9;1: .' (E1
1= ?.6=69>1 9;+<1 >=7 1 9+ <1?<=9. <1? D7 1A+I. C+D?1< .@;16.:= 7 + B+>1: = -
016<=;+G. ;1>= .D609<=7?1 7 + 918= 7 +?1< <17 =C.B<.7 . E.0 <.@;1 6.@+ 7 +?<= A0=.D6=: 7<= 2 +
C1@8. 9+ E=I+2 C.= 9196.8 ?=6=: 71< -D0=> D1 A0=8+<- ( >=7 1 9+ 9;610<= . ?=/=?.: 1 .
9;6=0.: 1 19+: 7+<- +> ;1>= C-8 .@;16.: = 7 + +>9A: =?.01: = ;=7A06=7A0=61: . =/<7 1
9;6=0+<. 9- . A0=9;=0 . 60+8+
D;+ +<+0/.7 + .D0=<.: 1 7+ 81;+0.7 1 ( /-9;1 A: 1D81 B+9;.F1 >=7 1 9+ 019;=A.: 1 - D01B+<7 +
1 =<?1 =A+; D/-9<-: 1 - 81;+0.7 - 1? 6+I.818= - 0->181 C10 A=<+>- B.<7 +<.F- . C10
<+@;= 81: = ;+=0.7 + 81>10 . 9A+>-: 1;.6<+ 1 ;= 81: = B.<7 +<.F1 . 81: = <+>.E E.A=;+D.F1
6+I8=G+ ?1 9+ 01?. +9;.F+ 9- 9+ 9-?101: + . <1 ;17<1B.< ?=6=?.: + ?= 01,1<7 1 <=6.E
B+9;.F1 0+8+ . A0=9;=0 9- >: 7-B1: . . A+<-@1: . 9+ F0<+ 0-A+ 9- 9+ 9;6101: + . 019;1>1: +
1>167 + ;= A0.D=0 C.=
;=>- ;=/ @.0+<7 1 19+: 7+<1 9+ . E: 1?.: 1 9.8 ;=/1 A=9;17 1:1 7 + 81<7 + /-9;1
+9;.F+ 9- 9+ -B60@I.61: + 1 9.: + 9- 9+ 01D?617 1:+ 7 +?<1 =? ?0-/+ 19;17 1:. 9- A0=;=<. .
<+-;0=<. D1;.8 1;=89>1 7 +D/01 A1 . F+: . 1;=8.N. =/0=8<. =C: 1F. A01@.<+ 9- <19;17 1:. 1
=<. 9- <19;16: 717 -I. ?1 9+ 019A0=9;.0- - 96+ @.01 A0=9;01<9;61 A=<+/?+ .A1> A=B.<7 1:. (
=<1>= : =>1: <= 918= - <17 C:.G+8 9-9+?9;6- ( ?1 9+ D/0-@<7 1617 - 9;61017 -I. D6+D?+
/1: 1>9.7 + . A: 1<+;+ 1 7 +?<=7A: 1<+;. 7 +?<=79196.8 =C.B<=7 >=7 1 >0-G. =>= 7 +?<=/
9196.8 =90+?<7 +/ 9-<F1 >1= ;0-<B.F1 - 7 +?<=8 9A.01: <=8 >01>- 7 +?<+ 9196.8 =C.B<+
/1: 1>9.7 + ( 619A=9;16.: . 9- 9+ D1;1: 191<. >=<;.<+<;. . -D160+: . =>+1<. 1 A=9: + 9+ -
=>+1<.81 A=7 16.:= . 8<=/= <+B+/ : 7./16=/ = : 7./16= C.: . 9- =0/1<9>. 8=: +>-: . >=7 . 9-
=;A=B+: . 96=7 + 0+1>F.7 + 91/01?.: . C+: 1<B+6.<+ . G.6=; 7 + A=B+= D 7 +?<=9;16<.E
=0/1<.D181 01D6.: + 9- 9+ +6=: -F.7
=8 C.: 7>+ . G.6=;.<7 + . 7 +?<=/ ?1<1 A=7 16.: 1 9- 9+ .
:7
-?9>1 C.I1
": 16<1 01D: .>1 .D8+,- : 7-?9>.E . =9;1: .E C.I1 C.: 1 7 + - ;=8+ @;= 7 + 7 +?.<= ;1 G.61 609;1
=9+I1: 1 9.: <- 01?=D<1: =9; - 6+D. 91 96=7 =8 =>=: .<=8 =>=8 ?-/=/ 60+8+<1 8+,-
:7
-?.81 9- 9+ ?=/=?.: + . 8-;1F.7 +N7 +?<1 B-?<=61;1 A=?609;1 : 7-?9>.E 9;6=0=61 A=B+: 1 7 +
?1 : -<7 1 ;18=(18= A= 96+;- 1?8+<. <+>. 9;6=0=6. ;= C+E- 8+9;= ?1 <1A0=9;= -G.617 -
- 6+: .B1<9;6+<=9;. 19+: 7
+<+ =<. 9;1: <= <+@;= D1A.;>-7 - 1>= =6=' 1>= =<=' 1>= 7 +
9;6=0+<1 19+: 7+<1' 1>= 7 + 8=/-I+ ?1 7 +?<1 .9;1 619+: 7+<9>1 2 ;6102A0=.D6+?+ ;1>=
<+A=7 18<- 01D<=609<=9; <1@+/ 96+;1 ( D6+D?+ . A: 1<+;+ 8=09>+ 6.?0+ . =>+1<+ >=01: + .
-<B+6 97 17 : 7-?9>. 8=D1>' 1 =6= A=9: +?<7 + A.;1<7 + 8-;1<1;1 8=/1= 9+ <1I. =?/=6=0
1:. ;+> A=9: + <+>=: .>= E.: 7
1?1 /=?.<1 8->=;0A<=/ ;0-?1 9.: <=/ A=96+I.61<7 1 ;=8 01?-
-A=0<=/ A0+<=@+<7 1 D<1<7 1 91 -B.;+: 71 <1 -B+<.>1 . ;1>= ?1: 7 + . ;1>= ?1: 7+ 9;=;.<181
A=>=: +<7 1 .;1<7 + 7 + ?=6+: = . ?= 8<=@;61 <+;1B<.E . A=9;.,-7 -I+ /: -A16.E =?/=6=01 :.
=6. 8-;1<;. 9- -0=,+<= <+9A=9=C<. ?1 9+ A=9;.?+ - 9: -B17 - ?1 <+@;= <+ D<17 - .: . A0=81@+
1D.617 - 9+ M .D.B10.

9
 <. 9- 8=D/1: . = ;=8 A.;1<7 - 6+I<+>.E ?6+ . A= E.: 71?+ /=?.<1 1 9+ 01D-8+8= ( ;=
7+ <1 >=98=: =@>=79>1: . 60+8+<1 ;+> ;0+A;17=>1 . ?1<19 A=9: + ?61?+9+; A+; 6+>=61
<7 .E=6=/;0-?1 A=B.<7 +8= <19: -I.61;. F+: .<- A0.B+ = =9;1<7- =8=I- <1@.E 8.>0=9>=A1 .
;+: +9>=A1 =A9+061;=0.7 1 . :
1C=01;=0.71 ( . A=8=I- <1@.E 96+D1>1 - >=7 .81 C+:+G.8= @;=@;1
( A=B.<7 +8= <1D.01;. B.9;- . A0+B.9;- : +A=;- . 9.8+;0.7 - >=7+ 6:1?1E- A06.8 ;0+<-F.81
19+: 7
+<+ 1: ;+<+ 6.?.8= >1>= 7 + ;= .D/: +?1:= : . 81:;+<+N<+ C1@9196.8 : .>1 7
=@<.7+
719<1 ( @;16.@+ =9+I18= ?1 <18 <+@;= D1>: 1<71 A=/:+?N<+@;= <+>1 801B<1 9.: 1 >=71
A=8-I-7 + A0.>0.61 D1A+;: 7
161 9-@;.<9>- 7 +?<=9;16<=9; <1@+/96+;1

61 ><7 ./1 A=96+I+<1 7 +7 +?<=8 A0=C: +8- 1 ;= 7 + =<17>=7 . .D1D.61 A=8+;<7 - - <1-F.
7=@ =? 1<;.B>.E 60+8+<1 ;1 9- A=9: +?<7 . >017 <7 . <17 81<7 . ?+: .I. =? >=7 .E 7+ 81;+0.7 1
91/01,+<1'"0B>. M .:
=D=M +8=>0.; ?1= .8 7 + <1D.6 1;=8. 1 /0B>=8 7 +D.>- C. 2 1 ;=8=92
D<1B.: = =<17>=7 . 9+ <+ 8=G+ 9+I. . I+8= 0+I. ?1 7 + ;= 1(;=8N ;1>= <1A.91<= 91
F0;.F=8 1D.;+ ?=C0= ;= <.7 + =<171;=8 = >=8+ 9;+ -B.: . <1 B19- E+8.7 + - 90+?<7 =7@>=: .(
0+F.8= 1;=8 6=?=<.>1 E+: .7-81 : .;.7-81 . ;1>= 0+?=8 96+ ?= -01<1 . 7 =@ ;+G.E
+8.7 9>. 1;=8 7 +9;+ 91 <1@+/ ?1<1@<7 +/ 9;1<=6.@;1 1: . D1.9;1 . 91 +8=>0.;=6=/
9;1<=6.@;1 7 +?<1 6+: .>1 9: =G+<1 . D180@+<1 E0A1 >=7 +B+/1 +8.7 9>. 1;=8 7 + A0+A-<
01D<=01D<.E . >=7 +>1>6.E 2 F+: .<12 ": +?1<= =B.81 M .D.B101 E+8.7 9>. 1;=8 7 + A-<1 >1<;1 .
;= >1<;1 D1 98+I+ +: +>;0=<1 A0=;=<1 . <+-;0=<1 1 A0=;=<. . <+-;0=<. 9- ;1>=,+ >1<;+ .: .
>=M + A-<+ <+>.E 81<7 .E 8=81>1 +,-;.8 8. C1@ E=I+8= ?1 D<18= @;1 7 + =<=
<17 9.;<.7+ <17 A0.8.;.6<.7+ . >1>6+ 9.: + -A016: 717- ?0-@;6+<.8 G.6=;=8 ;.E <17 7+?<=9;16<.7 .E
B+9;.F1 ;1 <17 7+?<=9;16<.7 1 >=7 - 7 =@ <.98= A0=<1@: . ;= 7 + +8=>0.;=6 1(;=8 ;= 7 +
>:7-B D1 9E61;1<7 + 81;+0.7 +
1;+0.71 >=7 - ?1<19 6.?.8= =>= 9+C+ A0.: .B<= 7 + 9: =G+<1 =9;=7 . 9;=;.<1> 01D: .B.;.E
609;1 E+8.7 9>.E 1;=81 0=7>=0.9<.E -A=;0+C: 7.6.E >=8C.<1F.7 1 ;.E 1;=81 E+8.7 9>.E
8=G+ 9+ .D01B-<1;. . =/0=81< 7 + A=9;=7 + 8.: .710?+ . 8.: .710?+ ;=/1 0.0=?1 7 + .9>=0.9;.: 1
<+>+ =? ;.E >=8C.<1F.7 1 E+8.7 9>.E +: +8+<1;1 D1 >=7 + .818= . <1D.6 8=: +>-: . .
<1A016.: 1 A: 1<+;+ 9-<F1 6.0-9+ A: 1<.<+ B+>=6+ D1 A: 1I1<7 + C+D/=;=6=/ <=6F1 A.: -:+
19A.0.<1 : .;+010<+ 1/+<;+ . ?0-/+ >=0.9<+ A0+?8+;+ :. <.7+ =?-6+> C.: = ;1>= =>=8
<17 01<.7.E ;0+<-;1>1 A=9: + <19;1<>1 19+: 7+<+ ?1>: + A=9: + +: .>=/ A019>1 <.7 + A=9;=7 1:1
;1 01D<=609<=9; 81;+0.7 + >1>6- A=D<17 +8= ?1<19 .7 + C.: = 1;=89>.E 7 +D/101 1 <. 1;=81
<.7+ C.:= <.B+/@;= C. 9+ 919;=7 1: = =? <+>.E 81<7 .E 7 +?<=9;16<.7 .E ?+: .I1 D1@;=' 1;= @;=
=/0=8<1 60+: .<1 ;+ 01<+ 19+: 7+<+ <.7+7 =@?=A-9;.: 1 ?1 9+ 81 @;1 9: =G+<= -=C: .B. .:. =?0G.N
1>= 7 + - <+>=8 9-?10- . <19;1: = <+@;= @;= C. C.: = 9: =G+<= =? 0+F.8= ?61 ?+: .I1 =?81E
9+ . 019A1?1: = DC=/ ;1>= 6.9=>+ ;+8A+01;-0+ 1?1 7 + A=9;=7 1:1 8=G?1 918= 7 +?<1
7+?.<1 609;1 B+9;.F1 . 918= 7 +?<1 7 +?.<1 9.: 1 ( .: . B1> 918= 7 +?<1 =C7 +?.<7 +<1
9.:15B+9;.F1 ( 1 A=9;=7 1:. 9- . D1>=<. M .D.>+ ;=8 A01.9>=<9>=8 +<;.;+;- 6+I9- 9+ >0.: +
>:.F+ .D>=7 .E I+ <19;1;. >19<.7 . 9:=G+<. 96+; - >=8+ I+ 7 +?<=/?1<1 +6=: -F.7=8 <19;1;. .
:7
-?9>. 0=? B.7 1 7+ 8=G?1 /: 16<1 960E1 A=9;=7 1<7 1 -A016= ?1 01D8.@: 71 = ;.8 9;610.81
181 I+ 9+ 8=G?1 -B.<.;. ?1 7 + ;1 A01.9>=<9>1 19+: 7+<1 C.: 1 ?=91?<1 1: . D1 M.D.B101 >=7 .
01?. <1 A=: 7- +: +8+<;10<.E B+9;.F1 ;= 9- C.: 1 D:1;<1 60+8+<1 1>= .E ?1<19 91/: +?1618=
;+> >1= >0=D 81/: - 918= >0=D <1@1 <1/1,1<7 1 .A1> =9+I18= ?1 9- ;= C.: 1 60+8+<1
A0+?.6<1 - 96=7 =77+?<=9;16<=9;.

1> . A0+ 8=/ 7 -<1>1 +8=>0.;1 C.: = 7+ /0B>.E M.:

=D=M1 >=7 . 9- 9+ -9-,.61: . ?1
A=>-@17 - =C7 19<.;. 96+; A=8=I- 01F.=<1: <.E ?=>1D1 9;0=/= .DC+/1617 -I. A01D<=6+07 1
8.;=6+ . -9>1>1<7 1 01D<.E C=/=61 - ./0- =8+<-;+ ;0. 9;610. A01D<=6+0.F+ 8.;=6. .
C=/=6. C.: + 9- - ;= ?=C1 6+=81 >=0.9<+ : 7-?.81 >1= .9A=8=ID1 =A9;17 1<7 + - 7+?<=8
96+;- >=7. 7+ C.= A-< D19;01@-7-I.E . A0.6.?<= <19-8.B<.E A=7161 : . "0F. 9- C.:. D1?.6:7+<.
. A=9;=7
1<7 +8 8<=/.E A016.: <.E 9;610. <1 96+;- 0+?=6<.8 98+<7 .61<7 +8 ?1<1 . <=I. >1=
. /=?.@<7.E ?=C1 ?+: =61<7+8 61;0+ 6=?+ . 6+;01 +I =>= $O /=?.<+ A0+ 0.9;1 -

10
 0+?=D+8: 7-7 + A=9;=7 1:1 8=I<1 ;+E<=: =/.71 7 -?. 9- -8+: . ?1 A0+8+01617 - D+8: 7.@;+ 1
8=0- 9- D<1: . ?1 9+ =0.7 +<;.@- A= D6+D?181 81: . 9- 60: = -9160@+<- 8+;1: -0/.7
-
=?0=C<= 9- A=D<161: . A=:=G17 + D6+D?1 . A: 1<+;1 D1E61: 7-7-I. B+8- 9- A016.: . >1:+<?10+ .
A0+?6.,1: . >1? I+ 9+ @;1 ?+@161;. 0=.D6=?.: . 9- +: +/1<;<+ 1: 1;>+ M .<+ ;>1<.<+ >+018.>-
>.;<719;= =C: .>=61<- . =C=7 +<- 7+?<=7=? >=: =<.7 1 /0B>=/ F109;61 /?+ 7 + ;0/=6.<1 C.: 1
6+=81 01D6.7 +<1 - /01?.I- .:+;- <1 D1A1?<=7=C1: . A=: -=9;061 >=7 + ?1<19 A0.A1?1
-09>=7 0=?.: = 9+ -6+0+<7 + ?1 7 + 96+; .1>= .D/: +?1 D180@+< . 9: =G+< - C.;. .A1>
7+?<=9;161< . ?1 9+ : =/.B>.8 01D8.@: 71<7 +8 8=G+ A0=<.><-;. ?= ;+ 9-@;.<9>+
7+?<=9;16<=9;. 96+;1 =@?6+ 9;=;.<+ /=?.<1 7 + A0=@: = ( . A=7 16.= 9+ - ?0-/=8 /01?.I-
C?+0. ;17 +8=>0.; >=7 . 7+ .D<+= A0+;A=9;16>- ?1 >: 7-B D1 7 +?<=9;16<- 19+: 7+<- 7 +9-
1(;=8. =;01/1 7 + ;=/;0+<-;>1 >0+<-: 1
.D.>1 7 + <19;1: 1 .D 19;0=<=8.7 + D1;= @;= 9- <17 01<.7 . M .:
=D=M . ?.D1:. A=/: +? 91
9;01E=A=@;=61<7 +8 >1 <=I<=8 <+C- . ;01/1: . D1 : =/.B>.8 8=?+: .81 A=8=I- >=7 .E C. 8=/: .
=C7 19<.;. 019A=0+? D6+D?1 <1 <+C- A=8+01<7 + A: 1<+;1 .D: 1D1> . D1: 1D1> -<F1 1>= 7+
60+8+ A0=: 1D.:= ;1>= 9- <+>. =? <1-B<.>1 A=B.<7 1: . /:+?1;. . +8: 7
- . A=7 16+ <1 <7 =7( A1?
71C->+ 91 ?06+;1 : +; 9;0+: + 016<=8+0<= >0+;1<7 + >: 1;<1 6+;10 A: .8-N .D 96+/1 ;=/1
.D6+:. 9- 2 D1>=<+ M .D.>+2 ?=C1 0+<+91<9+ M .D.>1 7 + A0=F61: 1 . A=9;1: 1 <+/?+ =>= O
/=?.<+ D19+C<1 <1-B<1 ?.9F.A: .<1 1: 71:. 9- 9+ 6+>=6. ?1: 7+ 1 <1@+ 8=I. =A1G1<7 1 9- 9+
.D=@;0161: + D1;= @;= 98= A0=<1@: . 8.>0=9>=A ;+: +9>=A 61>--89>- A-8A- 01D<+ 609;+
B19=6<.>1 . ;1>= ?1: 7+N<1.: 1D.:. 98= <1 96+ 6+I. C0=7A=7 161 >=7 + 8=G+@A=;1<>= =A.91;.
;1>= @;= I+@D1A.9.61;. C0=7 +6+ - 96=7 - 96+9>- A016.;. ;1C: .F+ .9F0;161;. /01M .>=<+ 1 =<?1
;0.7-8M 1:<= .D7 16.;. ?1 9+ A0.0=?1 ;1B<= ?0G1: 1 81;+81;.B>.E D1>=<1
=> 98= ?=/-01: . ?= A=B+;>1 ?61?+9+;=/ 6+>1 1;=8. 9- A=9;1: . A0+?<7 1 -?10<1
/01<.F1 <1A0+;>1 M .D.>+N 1 =>= 3P /=?.<+ /: 16<1 .9;01G.61<7 1 -98+0.: 1 9- 9+ <1
1;=89>= 7 +D/0= 6+ 6.@+ 01D<.E =C: 19;. -: 1D.: = 7 + - ?=8+; <1@+ 8=I. =A1G1<7 1 016.: .
98= 96+ 8=I<.7 + .<9;0-8+<;+ . D16.0.61: . - 9;610. 96+ 9.;<.7 + D1 A=981;01<7 1 . 8+0+<7 1
<+.DC+G<= 9- <19;-A1: + <1@+ 9.<;+D+ 91G+;1 DC017 1<71 96+/1 ?=;1? 91D<1;=/ 1 961>.8
>0-A<.8 <1?.01<7 +8 <1A0+? A=: 7+ M .D.>+ 9+ ?+: .:= <1 A=;A=: 71 +>. <1-B<.F. 9- =?8.F1: .
0+?->F.=<.9;.B>.8 A-;1<7 181 >1 <->: +10<=8 . 9-C<->: +10<=8 A=?0-B7 - ?1>: + >1 96+
9.;<.7.8 B+9;.F181 ?=> 9- ?0-/. .@: . A-;1<7 =8 >1 =C7 +?.<7 +<=8 91/: +?161<7 - F+: =/1;=81
;= 7+ 1;=89>1 M .D.>1 F+: =/8=: +>-: 1 ;= 01?. 8=: +>-: 10<1 M .D.>1 1 . E+8.7 1 . ;1>= ?1: 7
+

* +

=B+= 918 >1= ?+;+ >=7 + 9- D1<.81: . 8=: +>-: . 1.8+ C.= 918 >: .<1F >=7 . 7+ -
90+?<7 =7@>=: . . <1 A=B+;>- 9;-?.7 1 6=:+= E+8.7 - 1: . 81: =(A=81: = A0+:1D.= 918 <1 M .D.>-
>=7 1 8. 7 + C.: 1 <+>1>= B.9;.7 1 ( - 9-@;.<. 9: =C=?<1 =? 96.E =<.E D<1;+ 8.0.91 +=81 9-
<1 8+<+ -;.F1: . >:.<F. 91 M .D.>+ D1;= @;= 9- C.: . D1C16<.7 . . C=:7+ ./01:. >=@10>- <1@=7
/0-A. ?G.< >1 >=8+ 98= 96. ?.D1: . A=/:+? C.= 7 + >: .<1F A= .8+<- 7 D1> 1: A+0< 911F
1:A+0< 91?1 A0=M +9=0 M .D.>+ <1 1@.</;=<9>=8 -<.6+0D.;+;- < 7 + /=6=0.= ?1 ?=
=/: 19<+ ;1C: + =?: 1D. <1 ?1< >1? 9+ ;18= A=7 16+ <1@+ =F+<+ 918= .D7 +?<=/01D: =/1 ?1
6.?. ?1 : . 9- -D<7 +/=6= .8+ 9: =61 22( =D<1>1 D1 <17 6.@- =F+<- ( @;18A1<1 2 91 016<.8
60E=8 .: . 91 @.: 7 1;.82 1016<= ?1 98= /1 96. 6=: +:. 9.8 ;=/1 =< 7 + 8=/1= ?1 9>=B. -
?1: 7D<1;<= 6.@+ =? <19
1D<+ ;+8+ .DM .D.>+ 8+<+ 9- D1<.81: + D1;= @;= 918 - <7 .81 <1: 1D.= 9196.8 .D=@;0+<-
:=/.>- . =A.;+ 91 9196.8 7 19<.8 A=9: +?.F181 1 8=7 =7 D160@<=7/=?.<. 9;-?.7 1 8=7
<17 C=:7. A0.7 1;+: 7 .D 90+?<7 + @>=: + 10;.< : 17< 10;.< : +.< >=7. 7+ 91? .9;1><-;.
17<@;17 <.9;1 <1 <.6+0D.;+;- +: A=B+= 7 + ?1 8+ -C+,-7 + - ;= >1>6+ 9- 96+ ?.6=;+ M .D.>+
+?<+ ?-/+ 6+B+0. A=9: + 8<=/= A=A.7 +<.E B1@1 A.61 -C+?.= 8+ 7 + ;-A.= 918 - 6=7 9>-
>1= ?.A: =8.01<. E+8.B10 0+@+< ?1 A=9;1<+ M .D.B10 >1? . 1>= A0+G.6. A+@1?.7 9>- =C->- .
0-/. 96+;9>. 01;
+> /=?.<+ 3P! 7 1 918 9+ >=<1B<= 2 0=?.=2- 96+;- M .D.>+ ;1>= @;= 918 A=B+=
A0.A0+81;. ?=>;=09>- ?.9+0;1F.7 - 01?+I. <1 ;1?1 <17 8=I<.7 +8 1>F+: +01;=0- B+9;.F1 <1
96+;- .= 7 + ;= 9.<E0=;0=< <1 <.6+0D.;+;- =: -8C.7 1 0+?9+?<.> ;=/-<.6+0D.;+;1 D61= 9+
617; 7 D+<E1-+0 J./E; .9+<E=J+0 +> 7 -<1 3O /=?.<+ 7 D+<E1-+0 7 + A0+9+>1=
60AF- . 96+B1<= A-9;.= =6179.<E0=;0=< - 01? =@;= 918 7 1 A=8=/1= 7 >- ?1 ?=C.7 + 01;

11
6: 19;. <1 <.6+0D.;+;- =: -8C.7 1 9- 8+ 6=: +:+ ( 8<=/= 1;= 9- 8. A: 1I1: . B1> F+: .E B+;.0.
E.: 71?+ ?=: 101 D1 /=?.<- ?1<1 08C1<7 1 =? A= ?+6+?+9+; 91;. <+?+: 7<= .: 1 9- ;= 60;=/: 161
60+8+<1 =>=8 A+?+9+;.E /=?.<1 ;179.<E0=;0=< . ?0-/. 1>F+: +01;=0. 9;6=0.@+ 7 +?<- <=6-
<1-B<- ?.9F.A: .<- M .D.>- B+9;.F1
1 A=981;01B+ 9A=: 71 6+0=61;<= <17 A0.8+;<.7 1 =?: .>1 M .D.>+ B+9;.F1 7 +9;+ =A0+81 >=7 -
8. .818= <1@. .<9;0-8+<;. 1 918 9+ - A=;01/- ->: 7
-B.= -A016= - ?=C1 >1? 9-
1>F+: +01;=0. 91D0+61: . : +?+I.E B+;0?+9+; /=?.<1 =<. 9- ?=8.<.01: . M .D.>=8 1 ?=8.<.017 - .
?1<19 06. 2 01DC.7 1B 1;=812C.= 7 + 9A016.F1 <+>.E ?61?+9+;1> F+<;.8+;101 - A0+B<.>-
1<1@<7 . <17 71B. 1>F+: +01;=0 <1: 1D. 9+ - +08.7 +6=7 <1F.=<1: <=7 1>F+: +01;=09>=7
:1C=01;=0.7 . 9>01I+<= +08.: 1C- - /01?- 1;16.7 1 - 916+D<=7 ?0G16. : .<=7 61
+08.: 1C=61 81@.<1 D61<1 2+61;0=<2.81 =C.8 =? @+9; . A= >.: =8+;101N- <7 =79+ .D6=?+
B+=<. 9-?10. A0=;=<1 . 1<;.A0=;=<1 +<+0/.7 =8 6+I=8 <+/= ./?+ ?0-/?+ <1 96+;- +I+ <.
+61;0=< ?-/= C.;. <17 71B. <1 2 A0+?<7 =7 /01<.F.2 N =>= ) /=?.<+ C.I+ ?=60@+<
9-A+0A0=6=?<. 9-A+0>=: 17 ?+0 # ( 2-A+0F=<?-F;.</ -A+0 #=: :
.?+02 - +>919-
D/01?<7 1 =6+ 2 817 >+ 96.E 1>F+: +01;=0126+I 7 + D1A=B+;1 C.8 I+ 7 =7C.;. =918?+9+;
9+?18 >.: =8+;101
1A.;18= 9+ A=>1;>1? <.98= : . <+/?+ <1 <+>=7019>09<.F. =;.@: . <1 A=/0+@<- 9;01<-
.7 + : . <18 ;1 <1@1 /0?<1 =A0+81 A0+019: 1 - 96=7 +609<- =A9+9.7 -' 1 : . 7 + M.D.>1 B+9;.F1
A=9;1: 1 <+>1>61 ;17 1<9;6+<1 2 >.C+0(<1->12- >=7 =7B.;16. C1;1: 7=<. <1-B<.>1 >=0.9;+I.
81@.<+0.7 - =/0=8<.E 01D8+01 A=>-@1617 - ?1 A0=<.><- - A0=C: +8+ ;=: .>= 1A9;01>;<+ ?1
B1> <. 9181 =/.<7 1 .: . =/ <+ D<1 C1@;1B<= @;1 9+ ?+@161 >1? 9+ 7 +<+ .: . 7 +/=6+
B+9;.F+ 9-?10+ <1 ;1>= 6.9=>.8 +<+0/.7 181' : . 601I1 <18 9+ 918=A=-D?1<7 + >1= .
<1?1E<-I+ >1? 91/: +?18= 916 <1@ A=91= >1= 7 +?1< E0=<=: =@>. -; D1 >=7 . 9+ 8=G+
=A016?1<= ;60?.;. ?1 7 + D1A=B+; $O /=?.<+ A0+ 0.9;1 - /0B>=7<19+=C.<. .: +;- 1
>017 <7 =7;1B>. ;=/ -;1 <1: 1D. 9+ /01? - >=8+ 7 + 96+ 9E61I+<= ( - >=8+ . 01?<.F. /01?9>+
B.9;=I+ 1 . /01?=<1B+: <.> D<17 - >1>= 19+: 7+<1 ?+7 9;6-7 + <=/. 9- .@: . -;+8
+8=>0.; 0E.8+? =A+0<.> #=A+0<.F-9 "1: .:+= "1: .:+7 "1: .:+. A1 7 -;< 101?+7
101?1Q 96+ ?= 7 <@;17 <1 +08.7 1 +08. . 8=7 .E 9160+8+<.>1
+/?+ 9+ A-; A0=@.0-7 + <+/?+ 9-G161NA0=: 1D. >0=D 6+: .>1 A0=9;01<9;61 <.B+/1 >1=
18+0.B>. 1-;=A-; ! >0=D +C019>- 1 .81 . <+>+ 6+=81 >0.6-?16+ . A0=8+;<+ ?+: =6+
6+: .>= .9>-@+<7 + A-;<.>1 ?=6=?+ 01D<+ C=B<+ 9;1D+ . A-;1<7 + A=0+? >=7 .E 9- ;1C: + 91
<1;A.9.81 2 +:+>;0=.<G+<7 +09;6=2 2 E+8.7 12 2 01?.=(>=8-<.>1F.7 +2 .: . 2 >=<?+<D=61<1
81;+0.7 12 <. >=7 . 9- 9>0+<-: . <1 ;+ ?0-/+ A-;+6+ .D8+<.: . 9- G.6=; : 7-?9>=/0=?1 <1 =6=7
A: 1<+;. : . =<. ?0-/. >=7 . .9;017 <= =9;17 - C1@<1 918=8 -;- 6.?+ ?1 7 + F+: =8 ?-G.<=8
=C+: +G+< 7 +?<.8 .9;.8 -6+> A=<16: 71<.8 <1;A.9=8 21>= ?+7 9;6-7 + 19+: 7+<1'2 6.?.;+
<1 ;=8 -;- <1: 1D.8= . 1>F+: +01;=0+ .D?+6+?+9+;.E /=?.<1
1 918 <1 019>09<.F. 16+<.7 + 0=?6+7 . ;= ?61?+9+;+ -: .F+ - /01?- 7-7 =0>-
D1=>0+<-= . A0+@1= <1 -; .: . 9- ;= ?1<. >1? 9+ B.<.: = ?1 9- <1-B<. A0=C: +8. 6+=81 7 19<.
. 6+=81 61G<. 0+C1: = 7 + .D<1: 1D.;. =?: .>+ <+B+/1 @;= 98= ;1? <1D.61: . 2 71>= <->: +10<=
8+,-?+7 9;6=2 1 . <1I. <+>+ B+9;.F+ ;1?1 ;+> ;+=0.7 9>. A0+?6.,+<+ >=7 + C. 9+ D61: + 2 A.(
8+D=<.2.: . 2A.=<.2 >F+: +01;=0 - <.6+0D.;+;- =: -8C.7 1 C.= 7 + -?+@+< ?1 C=8C10?-7 +
<+?-G<+ 8+;+ A016.8 A: 7-9>=6.81 A0=;=<1 <+ C. : . <19;1= <+>. A.(8+D=< <9;0-8+<;. 9-
C.: . A0.: .B<= 7 +?<=9;16<. .A: =81F .E 7 + 8=/1= 01D-8+;.
.:<. -9A+9. M .D.>+ ?=/1,1: . 9- 9+ <1 <.6+0D.;+;- =: -8C.7 1 A+?+9+;.E /=?.<1 10:9
1-<9 #E10: +9 =J<+9 =;>0.= 7 + :19+0 . ?=C.= =C+: =6- <1/01?- 1>6- .9;- ( <1A.@.8=
9>01I+<= ( 1/01?- ?=C.= 7 + . G+7 89 +7 <6=;+0 18+9 1.<J1;+0 D1 96=7 8=?+:
1;=89>=/ 7 +D/01 1;.8 .: .9 +8 4.: :.9 18C D1;= @;= 7 + .D8+0.= 817 -@<+ A=81>+ -
9A+>;01: <.8 : .<.7181 6=?=<.>1 =C+: =61F 91?=0 1C. 91?=0+ 1C. >=7 . 7+ <1?1E<-=
96+ <19 A0+?6=?.= 7 + +>.A- - >=7 =79- C.: . . =081< +8D. =081< 189+Q . =: .>10A
-@ =: Q>10A -9FE >=7 . 9- =C=7 .F1 >19<.7 + ?=C.: . =C+: =6+ <1/01?+ 1 ;+=0.7 - =
<10-@161<7 - A10<=9;. 1/01?- 7 + ;1>=,+ ?=C.= . ++ 1: . <+ 918 <+/=
D17 +?<= 91 7 =@ 7 +?<.8 <1-B<.>=8 "-9;.<1 A0=M +9=01 A=A09>1<.E @6+?9>=8 96+;=8
6=?.F=8 C.: 1 7+ - ;=7<1@=7M 1>-: ;+;9>=7A=9-?. . =?-@+6: 71617 -I1 . =C+9E01C0-7 -I1 +>.
=? <19 8: 1?.E A0=M +9=01 <=9.: . 9- ;1?1 C+?G+6+ 91 <1;A.9=8 2=@<+2
1 8+<+ 7 + +: .>. A0191> A0=M +9.=<1: <+ 9: 16+ ?=@1= - 01D?=C: 7- .D8+,- 3O3 . 3$)
>1? 98= ?6=7 .F1 8=7 .E >=: +/1 91 <.6+0D.;+;1 =: -8C.7 1 . 7 1 A06. - .9;=0.7 . .D8+0.: .
6.9=>=+<+0/+;9>+ 9-?10+ <+-;0.<1 ? 96.E B+9;.F1 7 1 <17 6.@+ 6=: .8 <+-;0.<+ +-;0.<=

12
<+81 /=;=6= <.7 +?<- =9=C.<- <+81 819- .:. .81 <+@;= 60: = 81: = <+81
<1+: +>;0.91<7 + C1@ >1= <. A0+B<.> ( 1 ?1 C.98= C1@ 9196.8 ?=?1: . 2D:= <1 /=0+2 <.7 +
A=?: =G1< ?+7 9;6- 7 1>+ 9.: + C: 1G+<= /=6=0+ =<. >=7 . >1G- ?1 7 + <+-;0.<= 2 ;+@>= -E61;: 7.62
+-;0.<= 7 + 918= 7 +?<1 B.<7 +<.F1 . <.@;1 6.@+ 1 . ;= 7 +?61 < 8=G+ ?1 A0=: +;. >0=D
8.: .=<+ >.: =8+;101 ?+C+= =: =6<. =>: =A 1 ?1 A0. ;=8+ .D/: +?. D1 8+0: 7.69-?10 C-?- 9196.8
81: .
1@ =A.; .D 3$ A=9: -G.= 7 + >1= >18+<(;+8+: 7
1F =<=8+ @;= 7 + >19<.7 + -
9+?18?+9+;.8 /=?.<181 ?=C.: = <1D.62 9;1<?10?<. 8=?+: 2M.D.>+ B+9;.F1 +> 3!! /=?.<+
@6+?9>1 01: 7
+69>1 1>1?+8.7 1 <1->1 A=;60?.: 1 7 + 60+?<=9; ;=/ =A.;1 =C+: =6=8
<1/01?=8 6. 8+ A.;17 - .9;= DC=/ B+/1 7 + >1?+8.7 1 B+>1: 1 ?61?+9+; 9+?18 /=?.<1'
1 ;= D1.9;1 <+ D<18 1? /=? 9- 8+ ;= A.;1: . B:1<=6. 8=7 + A=0=?.F+ 7 1 918 .8 /=6=0.= (
7+M;.<= .D60?161<7 + A0.D<17 +8 ( ?1 7 + >1?+8.7 . ;0+C1: = ;=: .>= 60+8+<1 ?1 =?: -B. >=7 + =?
8=7 .E 6+: .>.E =;>0.I1 ?1 <1/01?. 1C=8+ ?1 918 9+ =?-@+6.= >1? 918 ?=C.= =C+: =6-
<1/01?- :. ;= =?-@+6: 7 +<7 + <.7 + <. C: +?1 9+< =<=/ <1@+/ 9.: <=/ -DC-,+<7 1 >=7 + <19 7 +
D1E61;.: = - ;0+<- >1? 98= 9E61;.: . ?1 <18 7 + =A.; -9A+=
.D.B10+ ?1<19 =C-D.817 - .9;1 =9+I1<7 1 >1= . ?0-/+ <1-B<.>+ ;=>=8 6+>=61 %.6=;
M.D.B101 A0+A-< 7 + D1C0.<-;=9;. C=: 1 ;+/=C1 <1A+;=9;. <1: +;1 =C+9E01C0+<=9;.
A=;.@;+<=9;. C+D<1,1 :. 7 + .9A0+>.?1< C: +9>=6.81 =?-@+6: 7+<7 1 98+E1 01?=9;.
;0.7-8M 1 6+ A=7 16+ <19;-A17 - - <+A0+?6.?.6.8 ;0+<-F.81 +9;= <19;17 - <1A0=9;= D1;=
@;= 9E61;.@ - 7 +?<=8 <+=B+>.61<=8 ;0+<- <+@;= <=6= 61G<= . ?.6<= 1 @;= A0=.9;.B+ .D
;-,.E 9;10.E =;>0.I1 :
. 1>= 9. 2 980;1< B=6+>2 1 6+I.<1 <1-B<.>1 >=7 + 7 1 A=D<17 +8 7 +9-
;1>6. ?1: +>= ;. 7 + 9: 1,+ >1? 918 : .B<= A=9;./<+@<=6= =;>0.I+ = 19+: 7+<. +6+0=61;<=
7+ >=: .>= B+9;= 9+ ?=/1,1 ?1 ;1>6. ;0+<-F. <19;-A+ =>= ;0. 91;1 -7 -;0= ?=> 9+?.@ 918
918F.7 1; - : 1C=01;=0.7 . . -6.,1@?1 9. -A016= =;>0.= <+@;= ?-C=>= <+@;= @;= - ;=8 ;0+<-
<+ D<1 <.>= =? A0+=9;1: .E A+; 8.: .710?. : 7
-?. <1 96+;- : . 9+ C10 ;. <1?1@?1 <+ D<1 <.>=
1016<= ?1 I+@=<?1 A=7 -0.;. ?1 ;= @;= A0+ >1G+@96.81 = 9+ D=6+ =C7 16: 7.61<7 +
6= 7 + ><7 ./1 = 7 +?<=8 <.D- C+9>=<1B<= 9: 1;>.E ;0+<-;1>1 >=7 + 9- <1-B<.F. ?=G.6+: .
;=>=8 A=9: +?<7 .E ?6+ . A= E.: 71?+ /=?.<1 1C01<. 96. ;. 9: 1;>. ;0+<-F. ?17 - <1@+ 91?1@<7 +
D<1<7 + = ;=8+ @;1 19+: 7+<1 7 +9;+ . >1>= =<1 2 01?.2 =:. ;-/1 ;1>=,+ 9- ?+= ;+ A0.B+
+9;= 9+ DC=/ <+B.7 + ;60?=/: 16=9;. D1?0;=9;. .: . DC=/ B.9;=/ 2 C1>9-D: ->12A0.0=?+ <.7 +
8=/1= =9;610.;. +-0+>1(;0+<-;1>
1-B<.> 8+,-;.8 <+ 8=G+ ?1 9+ =9: =<. <1 +-0+>1(;0+<-;>+ 1>= E=I+ ?1 8- G.6=;
C-?+ -9A+@1< =01 C.;. <+>+ 01?=9;. . - 961>=?<+6<.8 ?+: 1;<=9;.81 1 ;- 01?=9;
<1: 1D.8 - A: 1<.01<7 - . .D/01?<7 . 1A101;1 >=7 . ;0+C1 ?1 <18 ?=<+9- <+>= 91D<1<7 + = =6=7
.D-D+;<= 1A9;01>;<=7=C: 19;. 1? 918 C.= 8: 1? 9;-?+<; <1 <.6+0D.;+;- =: -8C.7 1 6+=81
A0.7+8B.6 A=8=/1= 918 7 +?<=8 96+;9>. A0=9: 16: 7
+<=8 A0=M +9=0- .D .81 >=7 . 7+ ?=@1=
>=? <19 - A=9+;- ?1 <1A016. C0=7 1B B+9;.F1 1 918 - ;=8 A=9: - C.= A=;A-<. A=B+;<.> C.=
8. 7 + ;= 2 A06. A-;2 1 =< 7 + - ;=8+ C.= 9;10. 6+: +817 9;=0 17 +?<= 98= A0.;+/: . 8+9.</1<-
F+6 <1 9;0-/ . D160;+: . 7+ C.: = 7 + 6+IA0=@: = A+; 91;. A= A=?<+ . 96. <1@. 8+;1: =9;0-/10.
=;.@: . 9- >-I. 1610.: . 98= 9A+F.7 1: <+ A=>: =AF+ <1 =C1 >017 1 61>. A=>: =A1F .81= 7 +
9;1>: +<. 60E A0=C=?+< 8+;1: <=8 2 9:18>=82 0=6->: . 98= D: 1;<- G.F- >0=D;+ ?6+ 9: 18>+ .
D1;+/: . 7 + 1:+8.: . 98= ;= +>=: .>= 91;. 98= .9A.01: . -<-;01@<7 =9; C0=7 1B1 A=9+C<.8
/19=8 1 D1 ;= 60+8+ 98= A0.>: 7-B.61: . 7 +?1< =9F.: =9>=A <1 D: 1;<- G.F- D1@;.I+<
A=9+C<.8 >=<?+<D1;=0=8 =? .D6=01 <1A=<1 7 1B.<+ 6=: ;. =7A0.7 1;+: 7A0=M +9=0 ( .8+
8- C+@+ &.: C+0;= ( C1F1= 7 + A=/: +? <1 .9F0;1<. ;01/ <1 D+: +<=8 +>01<- =9F.: =9>=A1 1: .
<.7+ A0+9;17 1= ?1 8. ?0G. A0+?161<7 + <1 96=8 9160@+<= .;1: .71<9>=8 +</: +9>=8 = .9;=0.7 .
. 01D6=7 - C0=7 1B1 B+9;.F1 17 +?<=8 7 + &.: C+0;= <1B.9;= A=@1<?0F1= R 181 8.1
=/: +?1: = =6= .<>0+?.C.: = 0.8= 9+>-09= R( ;1>= <+>1>= 7 + D6-B1: = ;= @;= 7 + =< 6.>1=
=>1D.61= 7 + A09;=8 ?+0<7 1= 9+ A=?./1= 8+ - 61D?-E .1>= 918 7 1 C.= A+;<1+9;
F+<;.8+;101 6.@. . ?61?+9+; A+; >.: 1 ;+G. =? <7 +/1 =6->1= 8+ 7 + ?1 A: +@+8= A= 91: .
R ;1 9+ ?+@161'R8-F1= 918 7 1
R -M .:+;= R6.>1= 7 + =< R <= + A0=01?.: = A0=01?.: =R
=G?1 7 + 81: = . /: -8.= D1 8=7 + ?=C0= 1: . D1.9;1 9+ . 01?=61= @;= 2 7+ A0=01?.: =2( 1
C0=7 1B 7 + D1.9;1 A0=01?.= . 98= 96=7 .8 0->181 =B.81 . A18+I- 9>0A.: . 7+?<- 9A016-
>=7 17 + A=B+: 1 0+/.9;0=61;. A0=: 1D1> >=98.B>=/D01B+<7 1 >1? /=? <+>1 B+9;.F1 .D>=98=91
A=/=?. . A0=9;0+: . ;1>6- F+6 <1 =9F.: =9>=A- 9+ A=>1G+ ;1B>.F1 1 ;= 9+ . B-7 + 1?1 7 +
9./-0<= E.: 71?181 A-;1 /: +?1= ;1>6+ A=7 16+ &.: C+0;= 9+ <.>1? <.7 + A0+9;1= -DC-,.61;.

13
DC=/ ;+ : +A=;+ +?1< ?+= -DC-,+<7 1 A=;.B+ =? B.<7 +<.F+ ?1 7 + 9160@+<= 9;610<1
A0+;A=9;16>1 ?1 7+ <+>1 =? ;.E B+9;.F1 D1A=B+:1 96=7
+ A-;=61<7 + - <+>=7?1: +>=7/1:1>9.7.
8.:.=<.81 96+;:=9<.E /=?.<1 ?1: +>= 918= ?1 C. 91? A=/=?.: 1 <1@- 9>1: 18+0.7- <1
?+9+;=8 9A01;- D/01?+ <1 -/: - 16+<.7 + 0=?6+7. ;= ?61?+9+;+ -: .F+ - /01?- 7 -7=0>-
&.:C+0;=6+<;-D.71D18 >=8+ >1= ?1 <.7 + C.:
= >0171 @.0.= 9+ <+=?=: 7
.6= . <1 ?0-/+ =9=C+

1? =C7 1@<7 1618 <+>=8+ M .D.>- +: +8+<;10<.E B+9;.F1 B+9;= A=D17 8.8 . 81: =
-:+A@18 =<1>= ?=?1;<= 8+;1M =0- 0.89>=/ A+9<.>1 . M .:=D=M 1 ->0+F.7 1 0+;A=9;16.8=
?1 <18 <+>= A=6+0. D1?1;1> ?1 =;>0.7 +8= <17 =9<=6<.7 + +: +8+<;+ - <+>=7C.C: .=;+F. ;1
C.98= 01?.: .' 06= C.98= 8=G?1 A=8.9: .:
. ?1 01D609;18= ><7 ./+ A= >1;+/=0.7 181
.9;=0.7 9>+ <1-B<+ C.=/01M 9>+ . ;1>= ?1: 7+ : . C.98= .E 8=G?1 =0/1<.D=61: . A= 6+: .B.<.
?+C+: + . ;1<>+ 6+: .>+ . 81: + 1D8.9: .8= = 8<=/.8 ;1>6.8 8=/-I.8 A=?+: 181 . 9+;.8=
9+ ?1 9- ><7 ./+ 9: =G+<. A0+?8+;. >=7 + 7+ :1>= A=?+: .;. <1 81<7 + ?+: =6+ 1;= D16.0.8= -
><7 ./+ - <7 .E=6- -<-;01@<7 =9; 0D= =?C1F.8= A=/: 16: 71 A19-9+ . 0+B+<.F+ >1= +: +8+<;+
>=7 . 7+9- >=<9;.;-;.6<. D1.9;1 91B.<7 1617 - ><7./- 1: . <.9- ?=6=: 7<= +: +/1<;<. +B. 1?<+
<18 <1 -8 ?1 A=9;=7 . C: .D- -: 1D1 7 +?1< ?+C+: . >1;1: =/>=7 . 91?0G. 96+ 0+B. .9A.91<+ - ;.8
><7 ./181 0+B<.> >= 9+ A0.?0G1618= =?0+,+<.E A016.: 1 A=<1@1<7 1 D1A.91<.E - ><7 .D.
>=7 1 7 + A=D<1;1 A=? <1D.6=8 /0181;.>1 8=G+8= 919;16.;. C1@96+ ;+>9;=6+ - F+: =7;=7
C.C: .=;+F. +0 D1 A.91<7 + ><7 ./1 >=0.9;+ 9+ .9;+ 0+B. A=<=6= . .D<=61 918= .E A.91F -6+>
->: 1A1 - <=6+ F+: .<+
+,-;.8 0+B. - 0+B<.>- .81 C1@8<=/= =@81: = 01D8.@: 71<7 1 ?=6+@I+ <19 ?= 9: =61
7+0 961>- 0+B 8=G+8= ?1 2 9+B+8=2 (E1 91? 98= 9+ 9+;.: . A016+ 9;610. 61?+9+; @+9;
9:=61 +</: +9>+ 1C+F+?+ ?=6=: 7<= 7 + ?1 9+ 919;16. ?+9+;.<+ E.: 71?1 <17 01D:.B.;.7.E 0+B.
+</: +9>=/ 7 +D.>1 1 =<?1 A=8=I- ;.E 0+B. 8=G+8= <1A.91;. 8.: .=<+ 8.: .710?+'
<17 01D: .B.;.7.E ><7 ./1 18= 91? 8=018= -6+9;. - -A=;0+C- 7 =@7 +?1< 9>-A A016.: 1 A=D<1;
>1= A016=A.9 + 8=G+8= 9: =61 >=8C.<=61;. . <1/=8.: 161;. C1@C.: = >1>= <+/= . ;- .81
<+>+ A016.: <=9;. <1?=81> 98= ?1 =C7 16.8= >1>= 98= 0+@.: . A0=C: +8 >1? .D<+<1?1
=/: 19. 9+ 7 +?1< 8: 1?. >0.;.B10 R <1@@;1 ?+?1 <.7 + ;. A=;0+C<= ?61?+9+; @+9; 9: =61R >1G+
;178=81> R =6=: 7<= ;. 7+ ?1 .81@<-: -.7 +?.<.F- R 1<19 ?+F1 7 =@=? >=: +6>+ ?=E61;17 -
?./.;1: <+ ./01B>+ A1 .8 7 + <17 <=081: <.7+ ?1 -A=;0+C+ <+>. =? 1: /=0.;181 D1 A0+;6101<7 +
9:=61 1DC->+ - <.D=6+ <-: 1 . 7 +?.<.F1 >= 9. 9-6.@+ 81;=0 81;=01 D1 ;= 8=G?1 A18;.@
9;10- ?=C0- =0D+=6- 1DC->- - >=7 =77 + 961>= 9: =6= A0+;6=0+<= - F0;.F+ . ;1B>+ @;= 8-
?=,+ .9;= >1= <-: + . 7+?.<.F+ 1>:+ >=8C.<=61<7 +8 ?61 D<1>1 <1B.<.@F+: - 1DC->- -D
A=8=IA016.: 1 A016=A.91 . /0181;.>+ <1A.@+@0+B. 0+B+<.F+ A=/: 16: 71 . 96+ ;+ ><7 ./+
><7 ./+ ?1C=8+ 91B.<7 1617 - C.C: .=;+>-
1?1 1>= 7 + C+98.9: +< A=>-@17?1 019;16.8= <-: - .:. 7+?.<.F- <1 <+>+ 7 =@ 81<7 +
919;16<+ ?+: =6+ .818= A01.9>=<9>+ 1(;=89>+ 919;=7 >+ <1@+ C.C: .=;+>+ =6=71: +/=0.7 .
>=7 1 7 + <1016<= <+9160@+<1 19+: 7
+<1 7 + C.C:.=;+>1 9.: + A0.0=?+ 9- /0181;.>1 A016=A.9 .
1:/=0.;18 1 <-: 1 . 7 +?.<.F1 9- >610>=6. . : +A;=<. <1@. ?1<1@<7 . >1<?.?1;. D1 ;.;-: -
+8=>0.;=6.E 1(;=81 96+ A=8+<-;= =9.8 <1016<= C.C: .=;+>+ <+6.?: 7.6= 7+

+?<1 /=9A=,1 - A-C: .F. C.:1 7+ -A=0<1 R+9;+ : . 6. .>1?1 6.?+:. 1;=8'R 1 <1-B<.>1
>=7. 7+ ?-/= G.6+= 91 =C7 +>;.6<=8 9;610<=@I- 1;=81 =61>6= A.;1<7 + 7
+ 9E61;: 7.6= 1: . /1
.A1> <+06.01 1 -8+8 9+C. 6.D-+: <= ?1 ?=B1018 -<-;01@<7 - 9;0->;-0- 1;=81 18.@: 718
+:+>;0=< >=7. :
+;. ->0-/ ;=: .>= C0D= ?1 9+ 9: .>1 2D18-;.2A1 . <+ 6.?.@+: +>;0=< 918 <+/=
7+?1< =C: 1B.I +:+>;0=<=6=/ A0.9-9;61 -=>=: = 7+D/01 18.@:718 7 +D/0= >=7 + 7 + 9.I-@<1
;1B>1 - 90+?.<. 1: . .A1> -9A+61 ?1 A0.6: 1B. +:+>;0=< ;1781/: +<. >0-G<. =C: 1B.I ?=6=: 7<=
9<1G<= ?1 =< <+ A=C+/<+ 61 8+<;1: <1 9: .>1 <.7
+ <. >=? 7 +?<=/ <1-B<.>1 .9;1 >1= >=?
<+>=/?0-/=/ 7 +0 961>= D18.@: 7 1 <1 =9<=6- 019A=: =G.6.E 7 +?<1B.<1 7+?<1B.<+ <.9- C1@
@;= C. 9+ ?1<19 0+>: = 2 A0.71;+:79>. <19;0=7 +<+ A0+81 >=0.9<.>-291 9;1<=6.@;1 : 7-?9>+

14
A0.0=?<+ A=;0+C+ ?1 96+ C-?+ D18.9: .6= - <+>1>6.8 9: .>181 6.D-+: .D=61<= 1 .A1> .81
<1B.<1 <1 >=7 . 8. -9A+618= ?1 2 6.?.8=21;=8+ A0=;=<+ B1> . >610>=6+
=7 . A=>-@17 . ?1 =?/=6=0.8 <1 =6= ;0<=6.;= A.;1<7 + -6+> A=B.<7 - <19;=7 1<7 +8 ?1 9+
<1,+ <+>= @.0+ -=A@;+<.7 + D<1B+<7 + 0+B. 2 6.?+;.2 1 : . ;. 6.?.@ =6- 9;01<.F- 1>= <=9.@
<1=B10+' >= /: +?1@ 8.>0=M .:
8=61<- 6+0D.7 -' =;=>=A.7 - =6= C. D<1B.: = ?1 8+ <+>=
A:71B>1 7 +0 A0=?17 +M =;=>=A.7 + 8=7 + ><7 ./+ 1 <+ A: 1I1 8. <. A10.F- D1 8=71-;=09>. ;0-? '
1>= B.;1;+ ;+>9; 8=7 + ><7 ./+ <1 +>01<- ;= 7 +9; 8=<.;=0- >=8A7 -;+01' 17 D1? -
=B17 1<7 - 7 1 A.;18 R 6. /=9A=,= ?1 : . 9;+ .>1?1 6.?+: . 0.89>=/A1A-'R
R E A1 <1016<=R =C.B<= /: 19. =?/=6=0 R .?2 :
1 918 /1 <1 ;+: +6.D.7.R+ : 2;+ 8=: .8
619' .?2 :. 9;+ +: +>;0=<9>. D01> >=7 .7+ -?101= - 9: =7M=9M =01 <181D1< A= -<-;01@<7 =79;01<.
7+?<=/9;1>: +<=/+>01<1 =7. ?=>1D. ?1 A=9;=7 . 1;=8 .: . >610> <.9- <.@;1 : =@.7 . =? ;=/1
>=7 + ;= ?=>1D+ 7 1 .818' 01/=6+ B+9;.F1 - 81/: +<=7 >=8=0. .: . 2.: 9=<=6=7
>=8=0.2 1>F+: +01;=0- - +08.: 1C- 2 >0E=;.<+2>=7 + <19;1<- A=9: + 9-?101 A0=;=<1 91
1<;.A0=;=<=8 9<.818= +: +>;0=<9>. A=8=I- ?+;+>;=01 >=7 . 7+ 6.9=> ;0. 9A01;1 . >=@;1
@+D?+9+; 8.: .=<1 ?=: 101 6?+ 9+ 2 ?=>1D2 ;= 7 +9; 2 /: +?1<7 +2 919;=7 . - ;=8+ @;= -
E.:71?181 9+<D=01 <19;17 + 7
+?1< .8A-: 9 ?=> B+9;.F1 A0=: +I+ 6+ ;+ .8A-: 9+ 6=?.8= >0=D
9;=;.<+ E.: 71?1 G.F1 ?= +: +>;0=<9>.E <1A0161 D1 =C01?- A=?1;1>1 1 >017 - 9<.81> 9;1<+
<1 7 +?1< <18=;1781/<+;<+ ;01>+ <.81> 7 + >=?.01< <.D=6.81 <-: 1 . 7+?.<.F1 1 ;=7
;01F. ?1>: + .818= 9<.8: 7+<+ 60+: + 9-?10+ A0=;=<(1<;.A0=;=< 7+?1< ;1>169-?10 8=G+
?1;. . ?= 9+?18?+9+; B+9;.F1 >=7 + 9+ 01D: +;+ >-? >=7 1 - 01D<+ ?+: =6+ ?+;+>;=01
1->1 1 <10=B.;= M .D.>1 B+9;.F1 9;.B+ A=-D?1<7 + A=<16: 7
1<7 +8 1 A0.8+0 <+>. =A.; -
1:.M
=0<.7 . A=<=6+ <+>. ?0-/. <1-B<.F. - %+<+6. <1 1>F+: +01;=0- ?0-/1B.7 + 609;+ . A=;60?+
?1 7 + 0+D-: ;1; ;1B1< 9.8 ;=/1 8. - 961>. =A.; -/01?.8= 8+0+ -<-;01@<7 + >=<;0=: + .
A0=6+0+ ?1 C.98= C.: . 9./-0<. ?1 7 + 96+ ?+7 9;6=61: = >1>= ;0+C1 -/7 + ;= A=91= . <1A=01<
1 - <7 +/1 7 + -/01,+<= .9>-9;6= A0.>-A: 7
1<= ?+F+<.7 181
1 .A1> M .D.>1 B+9;.F1 =9;17 + <+?=>-B.61 8<=/.8 : 7-?.81 <1 -A=0<1 ?181 - A-C: .F.
<.7+ 7 +?.<1 >=7 1 <+ 9E61;1 >1>= ;= /=8.: 1 <1-B<.>1 7 -0. <+>+ <+6.?: 7.6+ 9.I-@<+ ;0-<.
1;= A=>-@17 8= 91 7 =@7 +?<=8 1: +/=0.7=8

18.9:.;+ 7+?<- .<;+: ./+<;<- 019- 91 A: 1<+;+ -;=<.7 + -;=<F. .D/: +?17 - 81<7 +(6.@+
>1= 8. A0.B17 - =;A0.: .>+ >1= 8. . 01?+ 96+ >1= : 7-?. ( =9.8 7 +?<+ 9;610. 817 - 7+?<-
<+=C.B<- 9: 1C=9; - 96=8 B-: - 6.?1 + 6.?+ <.7 +?1< A0+?8+; 91B.<7 +< =? =@;0.E >=<;019;1
F0<+ . C+: + C=7 + + 6.?+ <1 A0.8+0 D+C0+ .;. >=@-: 7+ 9-?.7 1 - E=>+7 - <1 : +?- .;.
M-?C1: 9>+ : =A;+ .7+ ;= <+>. 9;01@1< <+?=9;1;1> 6.D-+: <=/ 1A101;1 7 +0 8. +8: 71<.
.818= 7 =@ C.D10<.7 . >610 818= ?6+ C->61: <= 9: +A+ 80: 7
+ A= 7 +?<- - 961>=8 =>-
C:.D- 90+?.<+ 6.?<=/ A=: 71 : . <+ A0.8+I-7 +8= 0-A+ <1 ;1 ?61 8+9;1 D1;= @;= <1@8=D1>
A016. .<;+0A=: 1F.7- <1 =9<=6- .<M =081F.7 1 .D=>=: <.E ?+: =61 6.?<=/ A=: 71 ;1>= ?1 8=D1>
D1A016= <1/1,1 @;1 C. ;0+C1: = ?1 9+ <1: 1D. <1 ;1 ?61 8+9;1 . =<?1 <18 7 16:71 ?1 9+ ;=
;18= =?.9;1 . <1: 1D. =6+> ;+01 1-;=8=C.: $O >.: =8+;101 <1 91; =C16: 71 8=G?1<-
E.0-0/.7- G=</: .01 91 <+>=: .>= -A1: 7+<.E C->;.<7 1 - .9;= 60+8+ 1 .A1> 7 +?1< ?+= =<=/1
@;= 6.?. D1A016= 7 + 918= ?=C0= <1/1,1<7 + 1 <+ 9;610<= 6.,+<7 +
+F.8= ?1 9- A=9+;.=F. 91 A: 1<+;+ -;=<.7 + ?=@: . <1 +8: 7- >1= /0-A1 - 8.9.7 - ?=C0+
6=: 7
+ 1 C.98= .8 =8=/-I.: . ?1 6.?+ >1>61 7 + <1@1 F.6.: .D1F.7
1 =?6+?+8= .E ?1
A=/: +?17 - 7+?1< =? <17 A=A-: 10<.7 .E A:1<+;<=(>-: ;-0<.E ?=/1,17 1 -;1>8.F- <1 96+;9>=8
M-?C1: 9>=8 A06+<9;6- <+ D<18= ?1 -;=<F. : =A;- <+ 8=/- ?1 6.?+ 7 +0 7+ 91B.<7+<1 =?
F0<.E . C+:.E ?+:=61 -@.6+<.E ;1>= ?1 9- <1.D8+<.F+ 7 +?1< ?= ?0-/=/ +;= -;=<F. 9+?+
<1 9;1?.=<- . /: +?17 - -;1>8.F- 7 .E=6. .D01D. :
.F1 9- -B;.6. 1: . DC-<7 +<. +0 @;1 =<. 6.?+ (
/0-A- : 7-?. - @=0;9+6.81 <1 7 +?<=8 A=: 7
- . : 7-?. - @=0;9+6.81 7 -0F17 - ;18=(18= C+D
01D:=/1 D181E-7 - <=/181 A= 61D?-E- 9-?1017 - 9+ A1?17 - =<+>1? 7 +?<= 9: -GC+<= : .F+
?-<+ - A.@;1: 7>- 1 ;1?1 7 +?1< ./01B A0.;0B. .6.B<=7: .<.7
. 9;1<+ <1 <7 - . A0-G. =C+ 0->+
919;16: 7+<+ .D<1? /: 16+N?0-/. ./01B. /1 /: +?17 - =<+>1? 9+ ?+9. 1: . 6+=81 0+;>= ?1
7+?1< =? 2 /=:81<12<+=C7 1@<7.6= A1?<+ <1 D+8: 7- <1 9;1?.=<- <19;17 + =A@;+ >: .F1<7+ .
81E1<7 + 17 +?1< A=+< 9+ A0.A.@+ =<=8 ?0-/=8 A0=;.6<.B>=8 ;.8-

15
 06.E A+;<1+9; 8.<-;1 ./0+ -;=<F. /: +?17- <+ 9E61;17 -I. <.@;1 <?1 B.9;= ?1 .8
C-?+ 81<7 + ?=91?<= A=>-@17 - ?1 9E61;+ @;1 9+ ;= 01?. +>. -;=<F. A0.C+/<- ;+E<.F.
>:19.M .>1F.7+ +?->-7 - ?=C0.8 ?+: =8 <1 =9<=6- =?+I+ ?1 <1 ;+0+<- A=9;=7 + ?6+ +>.A+
>=7 + ./017 - 7 +?<1 A0=;.6 ?0-/+ <1B. ;- 7 + <+>. 9->=C' +>. -;=<F. <1F0;17 - /01M .B>+
A0.>1D+ <1 >=7 .81 9+ 6.?. >1>= 9+ >=7 . ./01B >0+;1=N.9A=9;16. 9+ ?1 961>. ./01B =9;17 +
81<7 +(6.@+ <1 .9;=8 2 /+=/01M 9>=82A=?0-B7 - ;+0+<1 =>1G+ 9+ ?1 >=? 01D<.E ./01B1
A0+=6: 1,-7 - 01D: .B.;. ;+: +9<. A=>0+;. -;=<F. A=9;-A+ >1= : 7-?. ?1 C. ?1: 7+ ;-81B+<7 + ./0+
C.:= -9A+@<.7 + A0.A.@- A=: =G17- 961>=/ ./01B1 A= 7 +?1< <1D.6 1;.8 >1;+/=0.D-7 - ;+
A=: =G17 + ( /?+ 7 + >=N-A=0+,-7 - .E /: +?17 - A= B+8- 9+ 01D: .>-7 + ./01 7+?<.E =? ./0+ <+>.E
?0-/.E -;=<F. .D01?+ ?.6=69>- ;1C+: - - >=7 - -C+: +G+ A0+?<=9;. . =/01<.B+<7 1 961>=/
./01B>=/ A=: =G17 1 0-A1< A0+=>0+; - =6=8 .9;01G.61<7 - <19;-A. >1? =;>0.7 - 9.8+;0.7 - <1
;+0+<- 61>=8 ./01B- ;.81 =?/=6101 7 +?1< <1 9-A0=;<=79;01<. 9.8+;0.B1< - 8<=/=
B+8- ./01B ;.81
= >017 1 -;1>8.F+ =9;1<+ 7 =@ ?61 8.<-;1 -;=<F. 9- .9A.91: . ?+9+;.<+ /01M .>=<1 .
81A1 9;=;.<+ ;1C: .F1 . M =08-: 1 ?+9+;.<+ 9: =G+<.E A016.: 1 >=7 1 .8 >1G- @;1 >1>= ?+7 9;6-7 +
- M -?C1: 9>=7-;1>8.F. +>1 =? ;.E A016.: 1 9- ?=.9;1 ;1>61 ( D<1B. -;=<F. 9- .E -
7+?<=8 =/01<.B+<=8 98.9: - 9E61;.: . .9A016<=NA1 .A1> <.7 + .8 <. <17 81<7 +7 19<= - B+8-
7+ D1A016= 9-@;.<1 ./0+ <?1 7+?1< 8: 1?. -;=<1F >=7 .7+ 96+ ?= ;1? I-;1= D1;01G. 0+B
=A-9;+ 8- ?1 . =< >1G+ 96=7 + 8.@: 7+<7+ 7-<=@1 =<1>= ;1<>.8 /: 19=8 A1 7 =@ .
<+06=D<= >1G+ R 0+;A=9;16.8= ?1 ;- <+/?+ A=9;=7 . <+6.?: 7.61 : =A;1 R
R ;1 0+B+' ;1 A0.B1 =617 'R-D601;+ 9;10.7 . -;=<F.
=> 9- 9;10.7 . A1D.: . <1 =<= @;= 7 + A= <7 .E=6=8 8.@: 7+<7 - C.: =7+D/0= -;1>8.F+ 1 ;= 9-
?=: 1G+<7 1 . =?: 1G+<7 1 01D<.E ./01B1 . <7 .E=61 A0+: 1G+<7 1 A0+>= : .<.71 <1 ;+0+<- 8=81> 7 +
=C01I1= A1G<7 - <1 A=7 +?.<+ 0+;>+ .D-D+;<+ ?=/1,17 + <1 ;+0+<- =/=?.= 9+ <+>= 60+8+
A=9: + A=B+;>1 -;1>8.F+ 7 +?1< ;1>16 +A=90+?<= A0+ <+/= @;= 7 + 9:-GC+<.> <1 ;+0+<-
A0=/: 19.= 7 +?1< A=+< /=8.: 1 A-C: .>+ 7 + >0.><-: 1 . ?1: 1 9+ - A0=?-G+<= ?.6: 7+ -0:.>1<7 +N1: .
918= ?+: .I 9+>-<?+ A0+ ;=/1 - D1?<7 +8 ?+: - 80+G+ <1 7 +?<=8 /=: - A=7 16.:1 9+
>01;>=;017 <1 .DC=B.<1 :1?. -;=<1F 7 + =A1D.= ;- .DC=B.<- - 80+G. -?C1:7 + ./01 - >=7 =7
9+ A=9;.G+ 60: = 81: = A=+<1 A1 9- 9+ =61>6+ .DC=B.<+ - 80+G181 A=7 16:7.61:+ 60:= 0+;>=
A1> C.: = 7 + . ;=/1 ?=/=?.: = 9+ ?=6=: 7<= A-;1 ?1 8: 1?. -;=<1F -=B. ?1 7 + .D=C: .B+<7 +
80+G+ 961>. A-; C.: = A=: -: =A;19;= ;-? <7 +/=6 : -?= 98+: . D1>: 7-B1> ?1 9+ F+: 1 ./01 60;.
=>= : =A;+ 1: . <+6.?: 7.6+ C10 -;=<F.81 <+6.?: 7
.6+
9;1: . B: 1<=6. 9-;=<9>+ /0-A+ A=9+;.: 1F1 919: -@17 - <7 +/=6- E.A=;+D- . D1>: 7-B-7 -
A=9: + 019A016+ ?1 7 + 8: 1?.I+6?=>1D<. 81;+0.7 1: ?=?-@+ 6+=81 2 ;1<1>2 1: . ?1 ;- .A1>
6+0=61;<= .81 <+B+/ +?1< 9;10.7 . ?0G16<.> 8+,- -;=<F.81 A=9+C<= -/: +?1< .D7 16. ?1
9+ A=<+>1? 6.@+ 8=G+ 91D<1;. <1 =9<=6- <+>=: .>= 0+;>.E ?=/1,17 1 <+/= <1 =9<=6-
E.:71?1 =C.B<.E =A@;+A=D<1;.E : . =<= @;= <1 >017 - A0+61/<+ - >=0.9; 8: 1?.I+6+ E.A=;+D+
7+9;+ B.<7 +<.F1 ?1 <1 ;+0+<- <1A0=9;= 8=01 A=9;=7 1;. . : =A;1 +0 1>= 9+ -96=7 .
A0+;A=9;16>1 ?1 7 + : =A;1 A0.9-;<1 1: . ?1 7 + -;=<F. .D <+>=/ 01D: =/1 <+ A0.8+I-7 -
<17 +?<=8 9+ 96+ ->: 1A1 96+ ?+7 9;6-7 + /01 ?=C.7 1 98.91= <+ 918= ;= 96+ ;+=0.7 +
81A+ ?.7 1/018. . ;1C: .F+ <1F0;1<. ;=>=8 ;=/A=A=?<+61 ( =9;17 - <1 9<1D. =A;1 <1A0=9;=
?17 + 98.91= 6+I-=B+<.8 A016.: .81
6= 7 + 7 +?<1 A0=@.0+<1 8+;1M =01 1: +/=0.71 D1A016= D1 8<=/+ D1/=<+;>+ - M .D.F.
10=B.;= 7 + D<1B17 <1 D1 M .D.>- B+9;.F1 + 8=G+8= 9E61;.;. A016.: 1 ./0+ D1>=<+ A0.0=?+
1>= <+ D<18= A0+?8+;+ A=8=I- >=7 .E 9+ ./01 6=?. : =A;- N1>= <+ C.98= 6+0=61: . ?1
A=9;=7 . 7+?1< : =/.B1< 9>-A A016.: 1 <.>1? <+ C.98= -9A+: . ?+?->=61;. A=9;=7 1<7+ 96.E
B+9;.F1

0.B18= = <1-F. 1 <10=B.;= = M .D.F. 0+ <+/= @;= <19;16.8= E17 ?+ ?1 =?0+?.8= <+>+
;+08.<+ ;1 7
+ ;= 2
M.D.B102' 1>= 9+ =A.9 <7 +/=6=/ A=9:1 ->: 1A1 - =A@;- 9E+8- : 7-?9>+
<1->+'
=9;=7. ;- 7+?<1 E.7 +010E.7
1 . =<1 7 + =A1D.61 1:. ;= <.7+ E.7+010E.71 - 98.9:- >= 7+
>=:.>= F+<7 +< - ?0-@;6- <.;. >= 7 + >=:.>= A18+;1< >1>6=77 + E.7+010E.7
. 0+B :+A= 7+
.9>1D1= 0+?+0.> 10<+0 0+?+0.F> -0<+0 9;0-B<7 1> D1 ?0-@;6+<+ <1->+ <1 +>91@>=8

16
-<.6+0D.;+;- =9;=7 . >1G+ =< A.018.?1 <1->+ 9<=6.F- A.018.?+ B.<. 81;+81;.>1 <+
D1;= @;= 7 + 1A9;01>;<.7 1 .:. @;= 7 + - <+>=8 98.9: -2 C=: 712.: . 6=:7+<.7 1 =? ?0-/.E <1->1 <+/=
D1;= @;= <+ 8=01 ?1 9+ =9: 1<7 1 <. <1 >=7 - ?0-/- <1->- ?=> M .D.>1 >=7 17 + 9: +?+I. 9: =7 .: .
9A01; A.018.?+ 8=01 <+.DC+G<= ?1 9+ =9: 1<7 1 <1 81;+81;.>- D<1? M .D.>+ 7 + E+8.7 1
>=7 1 <+ 8=G+ C+D96=/ =9: =<F1 1 =9: =<1F 7 =77 + ?1C=8+ =<= @;= 7 + .9A=? <7 + M .D.>1
>= A0.D<18= ?1 7 + 96+ =6= 7 +?<= 6+: .>= A=7 +?<=9;16: 7+<7 + 8=G+8= 0+I. ?1 M .D.>1 8=G+
C+DE+8.7 + 7+0 7+ D1>=<. E+8.7 + <+ D1<.817 - 6= A0.8+01 E+8.B10. G+: + ?1 D<17 - >1>=
9+ 1;=8. >=8C.<-7 - - 8=: +>-: + . >1>= 9+ 8=: +>-: . A=<1@17 - >1? 9- 9196.8 C: .D- 7 +?1<
?0-/=8+ .:
+ .D8+,- 1;=81 9- 9: =G+<+ 1: . - 9-@;.<. 9+ 96=?+ <1 D1>=< = A0.6: 1B+<7 - .
=?C.7 1<7 - <1+: +>;0.91<.E B+9;.F1 ( ?1>: + <1 M .D.>- : +?+I. 9A01; 7 + C.=: =/.7 1 >=7 1 9+ 8=01
=9: =<.;. <1 ?=C0= A=D<161<7 + . M .D.>+ . E+8.7 + =@ 6.@. 9A01;=6. =6+ E.7 +010E.7 + ;= 7 +9;
A.018.?+ A=B.<7 - ?1 9+ A0+;1A17 - . 8+@17 - 96+ ;+G+ .E 7 + 01D?+: .;.N?=> 9;./<+8= ?=
M.D.=:=/.7 + 8+?.F.<+ A9.E=: =/.7 + A=9;1<+ <+8=/-I+ D1>: 7-B.;. @;1 7 + .D<1? B+/1 1
A0+: 1D<.8 A=60@.<181 .D8+,- A=7 +?.<.E <1->1 A=7 16: 7-7 - 9+ ?.9F.A: .<+ 9: =G+<+ =? ?617 - .:.
6.@+ ?0-/.E 81;+81;.B>1 M .D.>1 M .D.B>1 E+8.7 1 C.=M .D.>1 9;0=<=8.7 - ?1C=8+ 8=018
<+>1>= ?1 -/-018 - M .D.>- 1: . 9;610<= <+ D<18 >-?1 I- 91 /+=M .D.>=8 .: . 0+F.8=
<+-0=M .D.=:=/.7=8 ( <1->=8 = <+06.81 . <+06<.8 I+: .7181
6- A.018.?- 8=G+8= 91G+;. <1 =C0<-; <1B.< 7 +?<=8 9;10=8 .D0+>=8 M .D.B10.
A0.D<17 - 918= 81;+81;.F. ?1 7 + .D<1? <7 .E 1 81;+81;.B10. A0.D<17 - 918= =/- ?1 7 +
.D<1? <7 .E :
. A=>-@17 ;+ ?1 <1,+;+ 81;+81;.B101 >=7 . I+ .9A=: 7.;. ;=:.>= 9>0=8<=9;.

"

?.9F.A: .<. D61<=7M .D.>1 B+9;.F1 .81;+ ;+=0+;.B10+ . +>9A+0.8+<;1;=0+ 1 918 =6=
?0-/= .D.>1 >1= F+: .<1 <1A0+?-7 + -/: 16<=8 >0=D8+,-?+7 9;6= . <1?=A-<7 161<7 + ;+ ?6+
96=7 + 2 ?.6.D.7+2 6+B<=8 =?<=9- : 7
-C16(80G<7 1 >=7 . A=9;=7 . .D8+,- ;+=0.7 + . =A.;1 6=?+
9+ C.: 1<9. ( >= 7 + >=: .>= A=9;./1= =: .>= 7 + 61G<.E =A.;<.E =;>0.I1 A06= A0+?9>1D1<= -
01?=6.81 ;+=0+;.B101' >=: .>= .E 7 + ?=@: = 9196.8 .D<+<1?<=' 1 A0.8+0 A=9;=7 1<7+
A=D.;.6<=/ +: +>;0=<1 A=D.;0=<1 A0+?6.?+: 1 7 + ;+=0.7 1 0+?6.?+: 1 7 + .9;= ;1>= .
A=9;=7 1<7 + A.(8+D=<1 1<;.A0=;=<1 . <+-;0.<1 +,-;.8 ;1- : +A;=< 8-=< . -A9.: =< .9>=B.: .
9- >1= A=;A-<1 .D<+<1,+<7 1 1? 9+ =DC.: 7<.7+ 1<1: .;.B>. -A-9;.8= - =6- 98+@<- .
<+01D-8<- 019A016- A=>1G+ 9+ ?1 7 + 0+D-: ;1; =;A0.: .>+ .D7 +?<1B+< : . D16.9. =? ;=/1 >=/1
A.;1;+ >= C0=7 .
A.; 7 + A=981;01<7 + . 8+0+<7 + =01 9+ .D6=?.;. A=? A=9+C<.8 -9: =6.81 ?1 C.
A=981;01<7 + . 8+0+<7 + ?1: . @;= A: =?=<=9<.7 + 0+D-: ;1;+ 0+6<. "0F. . 8=?+0<. 19;0=<=8.
.817 - 7 +?1< D17 +?<.B>. A0=C: +8 <. ;1?1 <.9- -A016: 71:. 1 <. =6. ?1<19 <+ 8=/-
-A016: 71;. . A0+-0+,.61;. A= 96=7 =76=: 7
. A0+?8+;+ >=7 + A=981;017 - 0+6<. /0B>. <1-B<.F. .: .
<.9- 8=/: . .: . <1A0=9;= <.9- E;+: . ?1 60@+ =A.;+ND1?=6=: 7
161: . 9- 9+ ;.8+ ?1 A=981;017 -
96+; 9;0=<=8. C. ?1<19 8<=/= 6=: +:. ?1 8=/- ?1 ?=E61;+ ?61 9-<F1 . ;0+9<- 7 +?<= -
?0-/=N 7 =@ C=: 7+ ( ?6+ /1: 1>9.7 + :. 7=@ <+817 - ;- 8=I 1;= 9+ 8=017 - D1?=6=: 7
.;.
A=C=: 7 @161<7 +8 >61: .;+;1 96=7 .E =981;01<7 1 : . >1= @;= >1G- 2 8. - A1<.7 . .818= *
<1B.<12?1 A0=-B1618= =?: .>+ <1@.E B+9;.F1
A=;0+C: 7
1618= 1>F+: +01;=0+ 98.@: 718= =A.;+ >=7 . I+ =8=/-I.;. ?1 9+ -9;1<=6.
A=9;=7 1<7 + .:. <+A=9;=7 1<7 + <=6.E B+9;.F1 0/1<.D-7 +8= B+9;.F+ ;1>= ?1 9+ =<+ 9-?1017 -
91 1;=89>.8 7 +D/0.81 1 A=7 +?.<=9;. .9E=?1 ;.E 9-?101 B.;18= >1= @;= A0=-B161=F. ?0+6<+
.>+<+ B.;17 - A.98= : .<+10 <1.8+ 8=G+8= A0=B.;1;. 1>= -9A+8= ?1 2 A0=61: .8=2@.M 0-
>=7 =8 7 + ;= D1A.91<= 016.8= B+9;.F+ 1 =<?1 2 /:+?18=2?1 C.98= 6.?+: . >=: .>= I+ >=7 1
?-/= G.6+;.
=61 B+9;.F1 7 + A0+?6.,+<1 >1? <+>. A0=<.F: 7
.6 ;+=0+;.B10 ;1>= =C7 +?.<. A=9;=7 +I+
B.<7+<.F+ ?1 9+ 9;+><+ -;.91> ?1 8=01 A=9;=7 1;. . 7+?<1 ;1>61 B+9;.F1 +@161 9+ - 6.@+ =?
A=: =6.<+ 9: -B17 +61 ?1 A0+?9>1D1<1 B+9;.F1 .A1> <+ A=9;=7 . =7 + =<?1 -?101F ;+=0.7 . >=71
7- 7 + A0+?9>1D.61: 1 1 :. I+ =<1 ;.8 -?10F+8 C.;. -<.@;+<1 .: . <+ D16.9. =? =;A=0<=9;.
;+=0+;.B101 =+<;1 7 + - ;=8+ @;= 8. =C16: 7
18= =C+ 609;+ =A.;1 =<+ >=7 . ;0+C1 ?1 A0=6+0+
61: 71<=9; <+>+ ;+=0.7 + . =<+ >=7 . ;0+C1 ?1 D1?0- - <+A=D<1;- ;+0.;=0.7 - 1016<= ?1 7 +
B+9;= 8<=/= D1C16<.7 + ?=>1D1;. ?1 <+B.7 1 ;+=0.7 1 <+ 61: 7
1 1= @;= 7 + <1A.91= =819
1>9: . E=819 -K: +Q R +: .>1 ;01/+?.7 1 <1->+ >1? <+>1 0-G<1 B.<7 +<.F1 -C.7 +

17
A0+?.6<- E.A=;+D- R =C0+ ;+=0.7 + =C7 1@<7 1617 - =<= @;= 7 + 6+I A=D<1;= . A0+?9>1D-7 -
0+D-: ;1;+ <=6.E =A.;1 6= 8+,-?+7 9;6= ;+=0.7 + . A01>9+ 7 +9;+ 7 +?<1 =? 01?=9;. M .D.>+
B+9;.F1
.: = 7+ - .9;=0.7 . <+>=: .>= 6+: .>.E +>9A+0.8+<;1;=01 >=7 . 9- -7 +?<= C.: . . =?: .B<. .: . C10
9=: .?<. ;+=0+;.B10. "1: .:+7 .0E=M .0FEE=M M 101?+7 8A+0 8AS0+ +0F +0;D
=C=7 .F1 =89=<1 E=89=< " E=89=< . 1?+0M =0? -;E+0M =0? :.
+>9A+0.8+<;1;=0(;+=0+;.B10 7 +9;+ 0191 - .D-8.01<7 - <1@+ ?=C1 ;1>16 7 + C.= <0.>=
+08. .9;1><-;. .D-D+;1> =? =6=/ A016.: 1 6=7 - D1C0.<-;=9; DC=/ =6+ 96+ @.0+ A0=61: .7+
.D01D.= 7 + 1C. >=8+<;10=8 ?1 +60=A9>. +>9A+0.8+<;1;=0. <+ -8+7 - ?1 91C+0- 9;-C1F
C0=7 +61 1 +60=A9>. ;+=0+;.B10. <+ -8+7 - ?1 6+G- 9+C. A+0;: + <1 F.A+: 181 1<19 9- ;=
?6+ /0-A+ M .D.B101 >=7 . .817 - ?=?-@+ D17 +?<.B>. F.: 7?1 9E61;+ 19+: 7+<- 1: . 9+ 6+=81
01D: .>-7 - A= >-: ;-0=: =@>=7=0.7 +<;1F.7 . 6+@;.<181 . 01?<.8 <16.>181 +=0+;.B10 ?=: 1D. <1
A=91= >19<= 9+?. <1 ?-/=;017 <.8 ;+@>.8 >=<M +0+<F.7 181 <1 /0B>.8 =9;06.81 .: . <160E
<+>+ @617 F109>+ A: 1<.<+ .?+ <1 A016+ /=?.@<7 + =?8=0+ . >=? >-I+ 7 + ?=6=: 7<= ?1 8=G+
B+@I+ .DC1F.61;. ,-C0+ 0.<+ .E <+91<.F1 0.B1 9+ ?1 7 + 7 +?1< ;+=0+;.B10 =;.@1=
M1>-: ;+;9>=8 : +>10- . A=G1: .= 9+ R =>;=0+ A=81/17 ;+ =I- 9A1618 ?=C0= 1 . A0+
A=?<+ .9;= ;1>= 1: . A= A=?<+ <.>1>= ?1 =>1 9>: =A.8 96+ 9+ <+@;= A0+60I+8 A= >0+6+;- R
61>6= A=<1@1<7 + =8=/-I.: =7 + ?1 9+ - C+9;9+: +0(><7 .D. =>=: .F1 ;+=0+;.B109>+ >: 19+ E+
+.9-0+ =M;E+ E+=0Q #: 199 =09;17 <1 +C: +<1 E=09;+.< +C: +< A=7 16. <+ C1@A=@;+<1
>101>;+0.D1F.7 1: .>=61
>9A+0.8+<;1;=0 <+ 8=G+ ?1 D1>19<. >-I. ( 7 +0 >-I. . <+ .?+ 1? 9+ A=91= -
:1C=010=0.7 . D1E->I+ 9A=: 71@<7 . 96+; A0+9;17 + ?1 A=9;=7 . =96+I+<=9; =A.;- A=9;17 +
A=;A-<1 A161<7 + 7 + >1? -9A+@?1 9+ 9>: -AB1@<+/?+ <1 A=?- -D1>F+: +01;=0 . =?0+81@
7+?1< 91; +=0+;.B10 8=G+ A0=6+9;. F+= G.6=; 1 ?1 <+ =9+;. <.7 +?<=8 .<;+: +>;-1: <.
.D1D=6 =A.;<=/ 01?1 <.;. -DC-,+<7 1 . =A19<=9;. : 1C=01;=0.7 + ( >01< >=7 . A=: 1>= A0+<=9.
?+9+; ;=<1 ;+0+;1 .D<1? ;6=7 + /: 16+ A1: 7+<7 + . /1@+<7 + D<1>=61 91 -F0;1<=8 : =C1<7 =8 .
?6+ ->0@;+<+ >=9;. .: . <1;A.9+ +?.<1 9;610<1 =A19<=9; >=7 1
A0+;. ;+=0+;.B10- 7 +9;+ ?1 9+ 8=G+ -C=9;. =: =6>=8 - A09; ?=> <1A1?1 <1>- C-C.F- >=7 1
A-D. A= <7 +/=6.8 A0=01B-<.81 =79;16 A0+81 ;+=0+;.B10.81 7 +9;+ 8+@16.<1 D16.9;. .
9;01E1 1: . 7 1 .E .A1> . A=@;-7 +8 . 6=: .8 6+ A=A-: 10<+ ><7 ./+ = <1-F. <1A.91: . 9-
;+=0+;.B10. 17<F +7 ?G+: 9 +.<D 1/+: 9 0+<> .: B+> 01<> 4.: FD+> ;.6+< =>.</
;+AE+< 1J>.</ .B10? 17 <8+< .FE10? +Q<81< . =9;1: 1 ?0-G.<1 @;= . <+ C.
A.91: . : 7-?.' 817 - 9: =C=?<=/ 60+8+<1 >=: .>= /=? E=I+ +=0+;.B10. 9- 9>: =<. .
<1?8+<=9;. +I18 9+ ?=> 918 C.= <1 6: 19;. - +08.: 1C- <1@=7/0-A. ;+=0+;.B101 918
96+B1<= 9>0+<-= A1G<7 - <1 ;= ?1 <+ C-?- <1?8+<. 10 7 +?1< =? <7 .E 7 + ;= A0.8.=
=DC.: 7 <= .>1? <+I- D1C=016.;. 8=: .;6- >=7 - 918 -9>=0= B-= ( ?=A.01: 1 7+ .D <7 +/=6+
>1<F+: 10.7+ R "=9A=?+ =G+ <1 <+C+9.81 =A0=9;. 8. /0+E <1?8+<=9;. >1? >1G+8
<1?8+<=9; "=9A=?+ =<?1 .81@?1 D<1@?1 ;= D<1B. ;1B<= 9: +?+I+ 9: -B17 +6+ 1C017 18
06= R
+=0+;.B10. 8=/- C.;. >1= . 8<=/. ?0-/. <1-B<.F. =A9+?<-;. =9+I1<7 +8 8+,-9=C<=/
;1>81@;61 . ;= G+9;=>= A=<+>1? ?= C+98.9: 1 +>. 9- 8+,-;.8 98.0+<= 6+?0. A: =6+
?1: +>= .D<1? C.;1>1 - >=7 + 9+ -A-@;17 - =C.B<. 980;<.F. :19.B1< A0.8+0 7 +9;+ <0.>=
+08. 176+: .>. .;1: .71<9>. M .D.B10 <.>1?1 <.7 + B1> <. <1/=6+@;17?1= ?1 C. 8- 9-A10<.@;6=
8=/: = .@;1 D<1B.;. +>. =C.B1< M .D.B10 8=/1= C. A=6.>1;. R . 98= ;= -01?.: . A06. R1: .
+08. 7 + 918= A.;1= D1 A=7 +?.<=9;. +,-;.8 7 +?<=/ : +A=/ : +;<7 +/ ?1<1 <1 A: 1G. C: .D-
:1C=01;=0.7 + 0->E+7 6+< <1 =</ 7 :+<?- A=>1D1= 918 8- >1>= 9+ =? 6: 1G<=/ A+9>1
8=/- .D617 1;. 0+1: .9;.B<+ 9>-: A;-0+ +I9: +?+I+/ ;0+<-;>1 =< 7 + <161: .= ?1 9+ ;1>8.B.8=
>= I+ .D617 1;. C=: 7-M ./-0- /=: + G+<9>+ +I- 618 0+I. >= 7 + A=C+?.= 9E=? D16.9. =? ;=/1
?1 : . 9;+ 6.@+ =A0+?+: 7+<. D1 8+?.;+01<9>- .: . D1 A+: E189>=(D1: .69>- @>=: - A+@B1<.E 9;1;-1
<1/.E G+<1
+?<=8 <1 7 +?<=7>=<M +0+<F.7 . >1? 98= =;.@: . <1 0-B1> <1@1= 918 9+ ?= +08.7 1
9A-<7 +< 9;01E=A=@;=61<7 +8 DC=/ A0.9-9;61 ;=/ 6+: .>1<1 A.;1= 918 /1 @;1 8.9: . =
A0+?161<7 - >=7 + 98= -A016= B-: . ?1 : . 7+ C.: 1 -C+?: 7.61 10/-8+<;1F.7 1 ?1 A=9;=7 . B+9;.F1
>=7 1 C. 9+ D61: 1 (<-: 1(?61 +08. 7 + <+>= 60+8+ D-0.= - 8+<+ 1 =<?1 0+>1= R : 1?.
B=6+B+ ?1 918 8=/1= ?1 A18;.8 .8+<1 96.E ;.E B+9;.F1 C.= C.E C=;1<.B10 R 6- .9;-
A0.B- A0+A0.B1: . 9- 8<=/. M .D.B10. 1: . .9;.<1 /: 19. =61>= ;178: 1?. 9-/+9;.C.: <. M .D.B10 C.=
918 7 1

18
 +=0+;.B10. -8+7 - C.;. ;=A: 1 A=: +;<1 : 7-?9>1 C.I1 91 >=7 .81 +>9A+0.8+<;1;=0. ?1>: +
6=?=.<9;1: 1;+0. . +: +>;0.B10.ND1<1;: .79>. 96+; ( ;= 98= 8. 6=: + ?1 01D/=61017 - <+ C. : .
<+@;= . <1-B.: . 81= 918 90+I- ?1 -G.618 - ?-/.8 01D/=6=0.81 91 <+>.81 =?
<17 .9;1><-;.7 .E ;+=0+;.B101 <1@+ +A=E+ 91 A=>=7 <.8 .B10?=8 17 <8+<=8 91 <7 +/=6.8
>=: +/=8 <1 1: ;+>- 10+7 +8 "+: ( 1<=8 -001Q "+: :
( 1<< 91 /=0?.8 +>91@1<.<=8
A= .8+<- ;.6+< 17 <C+0/ ;+6+< 4+.<C+0/ . 91 7 +?<.8 >=7 . 7+ >=8+?.7 1<; .9;= >=: .>= .
71 1 D=6+ 9+ +: ?=< ": +@=- E+: ?=< ": 19E=J G+7 89 7 =0>+< 18+9 7 =0>+<
10;.<-9 +: ;81< 10;.<-9 +: ;81< +0. "1710 100Q "1.: :10? . . C.:
. 9- ;1>=,+
6+: .>1<. <1->+ 1: . . :7-?. 91 >=7 .81 9. 8=/1= ?1 9+ @1: .@. ?1 ;. C-?+ D1C16<= - <7 .E=6=8
?0-@;6- >1= . ?1 <1-B.@8<=/= =? <7 .E <1B17 1< ?+= 8=7 .E =A.;1 A=;+>1= 7 + .D9;0-B<.E
01?=61 .: . .D019A0161 =6.E D<1: 1F1 +>. ;+=0+;.B10. 9- ?1: +>= 81<7 + A0.7 1;<. >1= : 7-?.N
<7 .E=61 C: .9;16=9; A=8-I+<1 7 + B-?<=61;=8 <+9./-0<=@I- >=7 1 8=G?1 A=?9+I1 <1 9;16
1: .7+0.71 A0+81 8: 1?=8+ =F10;- - M .:8- 81?+-9 R 1@;= 9. =G+ -<+= ;1>=
.D61<0+?<=/. <1?8=I<=/>=8A=D.;=01 - ;+: =7+?<=/?-A+/: 16F1'R
+=0+;.B10. A=9;.G- 96=7 + 60E-<9>+ G.6=;<+ ?=8+;+ <17 B+@I+ - 8: 1?=9;.N >=? <7 .E
>0+1;.6<. 9=>=6. >0+<- 60: = 01<= 1 A=B<- ?1 A0+9-@-7 - 6+I91 A+;<1+9; /=?.<1 ( ;1>= 9+
C10+8 B.<. =;0+C<= 7 + ?1 ;+=0+;.B10 .81 918= =<=: .>= D<1<7 1 >=:.>= 7+ ?=6=: 7<= . <+
6.@+ =? ;=/1N?=> 7 + 8: 1? 7 =@<.7 + A=/-0+< A=? ;+0+;=8 9-6.@<=/.<;+: +>;-1: <=/A0;: 71/1
>=7 . 9+ 60+8+<=8 <1/=8.: 161
1016<= ;+=0+;.B10.81 9+ A0.D<17 + 8<=/= 6+I. -?+= - 9: 16. >=<1B<=/ =;>0.I1 <+/=
@;= ;= =<. D19: -G-7 - : +? ;+=0+;.B10(+>9A+0.8+<;1;=0(=;>0.I+ <+>= 7 + -A=0+?.= 91 9: +?=8
9+: 7 1>(96.<7 1(;10;-M +: 7
1> =?6+?+ 96.<7 - ?= 8+9;1 /?+ C. 9+ 8=/: + <1I. ;+ .D-D+;<=
9>-A=F+<+ /: 7.6+ 6.<71 <161: . A1 0.7 + A= D+8: 7. 60+?<= . A=9: + ?-G+/ 60+8+<1 <1,+
/:7 .6-N1: . >1? D.<+ ?1 7 + A=7+?+ 9+: 7
1> 7 + @B+A1 . -D8+ 7 + D1 9+C+

9:+?+I.E <+>=: .>= A=/: 16:71 A0.9;-A.I- A0.B. = .9;=0.7 . . C-?-I<=9;. 81;+0.7 + >0=D=B.
=<.E >=7 . 9- ;= =;>0.61: .N<1/: 191> 9;16: 718 ( <1?18 9+ ?1 - ;=8+ <+ A0+;+0-7 +8 ( <1
+>9A+0.8+<;1;=0+ =8.9: .;+ >1>= 7 + "1: .:
+7 :-A>1= A= >18+<=8 A=?- =<.8 96=7 .8
A1A-B181 96+ ?= 60E1 0.6=/ ;=0<7 1 - .D. 918= ?1 C. .9A-9;.= 91 6.9.<+ ?61 ;+/1
<+7 +?<1>= ;+@>1 1 =<?1 =9: -@>.61= ?1 : . I+ 9+ B-;. ?61 2 ;-A2.: . 918= 7 +?<= 2 ;-A2
18.9: .;+ >1>= +08. . <7 +/=6+ >=: +/+ =;A=B.<7 - A06- >=<;0=: .91<- :1<B1<- 0+1>F.7 - .9A=?
01/C. ./01: .@;1 .>1@>=/-<.6+0D.;+;1
1? /=6=0.8 = C=: - . 8->181 - G.6=;- <1-B<.>1 <.7 + ;= 918= - A9.E=: =@>=8 98.9: -
2;-/1 A=9;=7 1<71 . =A9;17 1<7 1 <1 =6=8 96+;-2. ;=8+ 9: .B<= "1: .:
+7+601? #0>61 7 + =9-?.: 1N
/=9A=,1 .0. 7 + 96=7 + ?+: = /: 16=8 A: 1;.:
1 7 +0 7+ =? A0+6+: .>=/ .D: 1/1<7 1 01?.=1>;.6<=8
D01B+<7 - ?=C.: 1 :+->+8.7 - <=/= 7 + . A0+8<=/= <19 >=7 . ?=C.7 +8= >1;101>;+ =B.7 - .>=
<+ -9A+61 ?1 9A161 ?=6=: 7<= ?-/= ": 16<.<- =<=/1 @;= 7 + B=6+B1<9;6- A=D<1;= =
19+:7+<. <+ C.98= D<1: . ?1 <.7 + C.:
= 8<=/= ;.A=61 . ?181 >=7 . =9;17- C-?<. ?= >19<= -
<=I
A0.B. = 1(;=8- A=7 16: 7-7- 9+ <1016<= . ;+=0+;.B10. <. <18 A=81G- ?1 A0+C0=?.8=
=<1 01D?=C: 71 D1 >=7 1 ;.6+< 17 <C+0/ >1G+ ?1 9- R 801B<1 60+8+<1 .D8+,- =A.;<.E
A0=C=7 1 >=7 . /=;=6= <+A0.8+;<= ?=6+?- ?= .D8+<1 - 01<.7 .8 6+0=61<7 .81R 17 <C+0/=61
><7 ./1 061 ;0. 8.<-;1 7 +?<1 7 + =? <17 C=:7.E .>1?1 <1A.91<.E .1>= 91? A=81: = D19;10+: 1
A=A-: 10<.E ><7 ./1 = 0=,+<7 - 19+: 7+<+ 81;01= 918 B.8 918 6.?+= <7 +< <19: =6 1
981;018 . ?1<19 ?1 9+ ;1>= ?=C0= A0=?17 + D1;= @;= <10=? 8.9: . ?1 7+ ;= 7 =@ 7 +?1<
A0.0-B<.> = 9+>9- 1 I- <1/: 1@161;. =<1 A0+9-?<1 8+0+<7 1 - 1;=8- >=7 1 98= .D60@.: .
18= <+81 <. /=6=01 = ;=8+ ?1 8=G+@A0.B1;. = A=?1F.81 1 ?1 <+ A=8+<+@A=<+>1? .
;+=0.7- ;1 D<1B+ 961 ;1 8+0+<7 1'

& )&

=01I+ 9+ 81:
= A=8+<-;. . 81;+81;.>1 1> <. +>9A+0.8+<;1;=0. <+ 8=/- ?1 9+
A0=6->- >0=D G.6=; C+D A=<+>+ 7 +?<1B.<+ A=<+>+ C0=7>+ ;- . ;18= DC+/161;.

19
81;+81;.>- 9196.8 C.: = C. ;= >1= ?1 9. 1<;0=A=: =/ 1 .DC+/161@7 +D.> =<+ >-: ;-0+ >=7 -
A0=-B161@ .: . >1= ?1 9. @+>9A.0=: =/ 1 <+ D<1@ +</: +9>. 1;+81;.>1 ;1>= A0=G.81
.9;1<B1<= ;>1<7 + <1->+ 1 <10=B.;= M .D.>+ ?1 <7 +<.8 .D=9;16: 71<7 +8 /-C.@ 6+: .>. ?+=
:+A=;+ A0.>: 1?<=9;. .D01D1 A1 . 0.;-1: .9;.B>=/ >=9;.8.01<7 1 96=7 + ;+8+ 1 A01>;.B<=8
<.6=- 81;+81;.>1 <18 =: 1>@161 ?1 =C7 19<.8= >1>= 9- 9+ D18.9: . 01D6.71:+ >1>= 01D<+
9A016+ 01?+ >1>= 7 + 96+ ;= -;>1<= - 7 +?<- F+: .<- 1,+@7 +?1< C0=7<1 7 +?<=8 8+9;-N
<1 ?0-/=8 8+9;- <1,+@ /: + .9;. ;17C0=7 N8=G?1 9- <+>1>= A=6+D1<.'
01C0= 918= E01C0= +I- C1@ ?1 .D01B-<1618 =6?+ +I+;+ ?=C.;. 2 81;.@2<1
D160@<=8 .9A.;- +?<+ /=?.<+ ?0G1= 918 <1 .>1@>=8 -<.6+0D.;+;- ;+B17D1 9;-?+<;+
D160@<+ /=?.<+ B.7 . /: 16<. A0+?8+;. <.9- C.: . .D =C: 19;. A0.0=?<.E <1->1 ;1>=D61<1
2>61<;<1 8+E1<.>1 D1 A+9<.>+2 1=C.: 1D.= 918 81;.@ ;1>= @;= 918 .9F0;161= @;=@;1
81;+81;.B>= <1 ;1C: . . =<?1 918= A=>1D.61= A09;=8 . /=6=0.= = ;=8+ .918 9;610<=
.D01B-<161= <.@;1 1:+>= C.: = . <+ ?17 =G+ ?1 <+>= 01?. 81;+81;.>- A0+? ;=: .>.8
96+;=8 1 .A1> . 918= A=7 16: 7.61<7 + 1A9;01>;<.E 9.8C=: 1 <1 ;1C: . ?=6=?. ?= 7 +?<+
1-;=81;9>+ 0+1>F.7 + =0/1<.D81 ( <1.8+ 9;.8-: .@+ 9+ <+>. =0/1< <+>1 G: +D?1 61: 7?1 >=7 .
-9;1>: . A=/: +? 9;-?+<;9>.E =B.7 - 1A.@+8 <1 A0.8+0 K L 6; 1 ;= 9+ B.;1 D<1;+ 2 .>9
7+?<1>= 6+ A-;1 ;+2 1 9: -@1=F. A-<1 91: 1 9;-?+<1;1 918= 7 +><- -E :
.9;16. 9- ;=
9;-?+<;. 1 0=?.;+: 7. 961>=/1 =? <7 .E A: 1I17- @>=:10.<- =? ) ?=:101 /=?.@<7 +N<.7 +
C1@ ?1 ;. 8=8F. . ;+ ?+6=7 >+ <+ 8=/- ?1 916: 1?17 - KL 6; >= .8 ?1@60+?<=9;. D1 K.
D1 ; . D1;01G.@?1 -9;1<=6+ >=: .>= 7 + 6 P! A0=F+<1;1 <7 .E I+ <1C=9;. ;1B1< =?/=6=0 O
A=9;= I+ =?C.;. ?1 =?/=6=0+ ?=> 9+ <+ A=916+;-7 - 91 96=7 .8 1?6=>1;=8 1 O A=9;= I+ 9+
.D719<.;. ?1 9- A0.9-;<. =C0= <18 ?1 DC.0 =6?+ <+ .D<=9. 9;= A=9;= : . 71 918 918=
+>9A+0.8+<;1;=0 <.918 D<1;+ ;+=0+;.B10 9.8 ;=/1 >1? 7 1 <1A016.8 <+>- ;1>= /: -A-
/0+@>- 9;-?+<;. 9+ =E01C0+ <= DC=/ B+/1 9;-?+<;. /=;=6= 9>0+<- 91 -81 . ->=B+ 9+
=? 9;016+ 7 +9;+ 91D<1<7 + ?1 I- 7 1 =? ;=/ ;0+<-;>1 ;+> A=B+;. ?1 /=6=0.8 = 81;.@- 1;.@
7+ D1 <7 .E <+@;= <=6= . -G191617 -I+
1 C.E A=<=6= A0.?=C.= A=@;=61<7 + . A0.60G+<=9; 9;-?+<1;1 7 1 C0G+(C=: 7+ A0=8+<.8
;+8- 0+,+8 <1 <+@;= @;= 7 + 96.81 8<=/= C=: 7+ A=D<1;= <+@;= 91 B.8+ 9+ =9+I17 -
?1: +>= -?=C<.7 + 6= /: +?17 ;+

18.9:
.;+ >1>= <+>. 109=61F D-0. - =617?.7 1/018 . A=>-@161 ?1 9E61;. <7 +/=6
98.91= 1A0+G+ 9+ 96+ ?=> 8- 9-D+ <+ A=F-0+ .D A-A>1 +,-;.8 ;.A.B<. 18+0.B>.
90+?<7 =@>=:1F =?81E ?0+><+ R = 7 + 9E+81 2: 19;2A=8=I- >=7 + 9+ 61@.</;=<9>. +?9>.<9.
A0=C.7 17
- ?= /=: (:
.<.7
+R 1 : . 7+ =617A0.>1D A0=?=01 7 +?<=/ 01/C. C+>1 A0+81 /=: (:.<.7.
D1.9;1 ;=:.>= 7 +?<=9;16<.7 1 9;610 =? M =08-: + K L 6;' 1? A=/: +?1;+ 7 +?<1>= 7 +
1A9;01>;<1 918= ?1: +>= 81<7 + A=D<1;1 - 96+;- +?<1B.<1 K L 6; ?+7 9;6-7 + 7+?<1>=
-9A+@<= 96-?1 -D?-G . A=A0+>= F+: =/ >=98=91 +?9>.<9. 91 ;.8 96=7 .8 M 1D=<.81
8=/- ?1 A=9;./<- <+>. /=:918= - +;0=.;- .: . 1M 1:
- 1 6+IA0=;.6 +091 ( <. 9: -B17 <=
=8.9:.;+ ?1>: + <1 =6= 7 +?<1B.<+ .817 - <+>= D<1B+<7 + - 9;610<=8 96+;- C1@>1=
@;= . ?.7
1/018. 01/C.9;1 D180@+<. . <++: +/1<;<. .817 - D<1B+<7 + >1? .E - 9;610<=8 96+;-
;0+<+0 =>1B. <1 ;1C: - 1A016= . <.7 + ;=:.>= C.;<= ?1 : . 98= - 9;1<7 - ?1 81<.A-: .@+8=
7+?<1B.<=8 K L 6; 1:+>= 7+ 61G<.7+ ?1 98= - 9;1<7 - ?1 7 + A0=B.;18= ?1 7 + 9E61;.8=
>1= 7 +?<- .D716- = 96+;- - >=8+ G.6.8= 1D-8+;. =6= K L 6; D<1B. .81;. 8=I 1.8+
8=I?1 A0+?6.?.@C-?-I<=9; . A0=B.;1@A0=@: =9; = ;. 7 + . ;1C:1 D1 ./0- 2
-.?G12. A: =B1 .D
=D+;+ 1 ?=C0= ( ?1 A=/: +?18= @;1 ;1 7 +?<1B.<1 D<1B.

20
 <= K>1G+ /?+ 7 + <+@;= ;= <+@;= 8=G+ C.;. 10. ?191 >=7 . 7 -0. 1-;=A-;+8 - 96=8
A=0@+- .: . 8=G+ C.;. +: +>;0=< >=7 . 7 + -A016= .D: +;+= .D1>F+: +01;=01 1? 7+ K L $ <+>.E
7+?.<.F1 <1 A0.8+0 ;= D<1B. ?1 7 + 10. .: . 7+ +: +>;0=< $ ;.E 7 +?.<.F1 -?1: 7+< =? <+>=/
8+9;1 >=7 + 8. <1D.618= 2 <-:
12 =<= 6 ;= 618 7 + C0D.<1 >=7 =8 9+ >0+I+ 10. .: .
+: +>;0=< ( <1 A0.8+0 10. /1D. $ >.: =8+;101 <1 91; .: . 9+ +: +>;0=< 6-B+ 8: .;16= .
A=: 1>= <+>.E 7 1?<.E 8.: .=< 8+;101 - 9+>-<?. @;1 <18 7 + =<= ;' = 7 + 60+8+ 60+8+
>=7 + A0=;+><+ =? ;0+<1 >1? <+>= ?0+><+ R 1? R. 10. .: . +: +>;0=< 7 -0<+ <1A0+? ;=
9;+>: . 98= 8=I?1 A0+?9>1G+8= /?+ I+ <1@+ 2 <+@;=2C.;. - C.: = >=8 B19- - C-?-I<=9;.
96+7 +?<= ?1 : . 7 + ; L * 9+>-<?+ .: . $ 91;. .: . /=?.<1 ;16.@+ 91? 98=
=9A=9=C: 7+<. ?1 >1G+8= /?+ 9+ ;= A=8+<-;= 2 <+@;=2<1: 1D.:
= . - A0=@: =9;. 0+F.8= - ;0+<- ;
L (T 9+>-<?. D<1B. T 9+>-<?. A0+ ; L .:. @;= ?1 <+ ; L ( 8.: .=< /=?.<1 0-/.8
0+B.81 1>= 7 + 10. C.= A10>.01< .9A0+? ;6=7 + >-I+ . >0+<-= =?1;: + . 6=D.= <+A0+>.?<= <1
.9;=> A=9;=7 1<=8 C0D.<=8 =? $ >.: =8+;101 <1 91; =<?1 7 19<1 9;610 C.I+ $
>.:=8+;101 .9;=B<= =? ;6=7 + >-I+ - ;0+<- >1? .9;+><+ F+= 7 +?1< 91; =? ;6=/A=6.>1 R 10.
>0+++<. 91? R =C01;<= 8=G+@.D01B-<1;. /?+ 7 + 10. C.= A0+ 7 +?1< 91; ?1>: + - 60+8+
D61<= 2 8.<-9 7 +?1< 91;2 A=? A0+;A=9;16>=8 ?1 7 + 7=@ =?01<.7 + 6=D.= ;1>= . ?1 7 + ;=8
C0D.<=8 6 918= A0=E-7 1= A=0+? ;6=7 + >-I+ =?-@+ - =6=8 A=9: +?<7 +8 A=9;=7 . 7+?1<
A0=C: +8 >0.;.B<1 A0+;A=9;16>1 8=G?1 10. <.7 + -6+> 6=D.= C0D.<=8 6 8=G?1 7 + =<
2:7-?9>= C.I+ >=8+ ;0+C1 A.I+2A1 7 + -9A-; 9;1= . <1F60F1= 9+ - C10- 2=? G=12
.B10? 17<8+< ?=B10161 <18 <1 ?0-/. <1B.< .9;1<B1<=9; =6+ 7 +?<1B.<+
17<8+<=6=76+0D.7 . 91=C01I17 <1 A1;0=: 1 D1-9;16: 71 7+?<- G+<- >=7 1 6=D. =<176+: .>. 1-;=
91 A0=@.0+<.8 D1?<7 .8 ?+: =8 =: .F171F 9+ ?=@+;1 A=: 1>= ?= A0=D=01 >=: 1 . >1G+ 1 6.@+
0+G. <+/= @;= /=6=0. ;=7G+<. R "=9A=,= 7 + :2D<1;+ 6. ?1 9;+ .@: . A0+>= =918?+9+; 8.: 71
<1 91;'R
R 1 E17 ;+ 8=: .8 619 <+8=7 ;+ C.;. 98+@<.R =?/=6101 8- G+<1 R +81 <. A+;<1+9;
8.<-;1 >1>= 918 >0+<-: 1 =? >-I+ R 17 <8+< 7 + A0.B1= 9;-?+<;.81 =6176.F 8.9: +I. ?1 I+
.E ;1>= : 1>@+ -6+9;. - A=7 18 ?.M+0+<F.7 1:<=/01B-<1 . D1A1<7 .= 9+ >1? 9- /1 >0.;.>=61: . ?1
7+ 9+>9.9;1 D;=/01D: =/1 <+I- ?1 618 .9A0.B18 >1>= 9+ 6.F D160@161
=+<;1 =6=/ <1@+/ >01;>=/ .D: +;1 - D+8: 7- 81;+81;.>+ 7 + 9:+?+I1 7 +?<1B.<+ .817 -
0+@+<7 1 1 ;1 0+@+<7 1 8=/- C.;. -A=0+,+<1 91 2 9;610<.8 96+;=828+0+<7 1 . =A1G1<7 1 1
1>= .9E=? =6=/ 9-=B+<7 1 <+>=/ D1>=<1 91 9;610<=@I- C-?+ A=6=: 71< 8. =<?1 91 6+I.8
A=-D?1<7 +8 /: +?18= <1 ;17D1>=< ( B60@I+ 98= -6+0+<. ?1 7 + ;1B1< A+; ?=/=?. 9+ 9
60+8+<1 <1 60+8+ ?1 0+@+<7 1 <+>.E 7 +?<1B.<1 <+ C-?- C1@ - 9>: 1?- 91 =<.8 @;=
.D8+0.8= . =A1D.8=N - ;=8 9: -B17 - 8. A0=6+0.8= 7 =@ 7 +?<=8 A0=6+0.8= 7 =@ 8<=/=
8<=/= A-;1 . <17 D1? C1F.8= ;17;=C=G<7 . D1>=< >1= 7 =@ 7+?<- <1@- D1C: -?- - >=@ D1
98+I+ - .9;=0.7 - +9. 9+ >1;>1? ?1 0+@+<7 1 <+>.E 7 +?<1B.<1 >=7 + .9>1D-7 - <+>. A0.0=?<.
D1>=< C-?- 9196.8 <+=B+>.61<1 . C.D10<1 DC=/B+/1 F+: 1 ;+=0.7 1 ?=: 1D. A=? D<1> A.;1<7 1
>= >19<.7 1 =981;01<7 1 A=>1G- ?1 7 + ;+=0.7 1 .A1> C.: 1 .9A016<1 8. 9+ 01?-7 +8= 1>16
/=? .9E=? ?1 C-?+ 8. D<18= ?1 . <17 >0-A<.7 + .9;.<+ = 19+: 7+<. . 81: + .9;.<+ =
0+D=<1<F.7 . 7+?<=/ +: +>;0=<9>=/ >=: 1 .: . = 6.C0.01<7 - <+>+ B+: .B<+ /0+?+ 8=/- C.;.
.9>1D1<+ 7 +D.>=8 81;+81;.>+

* - ' +

=@ <+@;= = C0=7 +6.81 1@1 ;+81 7 + ;1>61 ?1 9+ B+9;= A0+C1F-7 +8= .D 96+;1
817 -@<.E <17 81<7 .E 9;610. - 96+; =/0=8<.E <17 6+I.E <1B. 8=018= 9+ 9-=B.;. 8<=/=
A-;1 91 C0=7 +6.81 =/0=8<.8 . C0=7 +6.81 6+=81 81: .8 =@;= 7 + ;= ;1>= A.91I- .E <1
<1-B<. <1B.< ( <1-B<=8 <=;1F.7 =8 1 A0.8+0 -8+9;= ?1 27+?1< 8.: .=<2<1A.@+8 91 @+9;
<-:1 ?1>: + 71 I- /1 <1A.91;. =61>= $ = 618 D<1B. ?+9+; ?./<-;= <1
@+9;. 9;+A+< . B.;1 9+ R ?+9+; <1 @+9;.R +?.<.F1 . @+9; <-:1 ?1>: + 1 918= ?1 D<1;+ (
=;A0.:.>+ ;=:.>= ?=: 101 .D<=9+ ;0=@>=6. 18+0.B>+ 916+D<+ 6: 1?+ <1 961>.E ?61?+9+;
9+>-<?. +>. 6+:.>. C0=7 +6. <+ A=B.<7
- ;1>= D/=?<= 918= 7 +?.<.F=8 : . -8+8= 8. . <7
.E
?1 <1A.@+8= <1-B<=8 <=;1F.7 =8 +F.8= A+; . A= 8.:.=<1 OO A.@+8= =61>=
OO K $ >1? 9- C0=7 +6. <+ 6+:.>. <+/= <1A0=;.6 81: . <+81 A0=C: +81 918=
-C1F.8= 8.<-9 .:.=<.;. ?+= <+B+/1 5 A.@+8= =61>= ($ =G+ =6= ?1 9+

21
<1A.@+ . >1= ?+F.81: <. C0=7 1>= ;1>= 6.@+ 6=: .8=N=<?1 A.@+8= <-: 1 D1A+;1 <-: 1 <-: 1 .
7+?.<.F- 9;16.8= B1> <1 @+9;= 8+9;= ?+9<= =? ?+F.81: <+ D1A+;+ ?1>: +
1G<= 7 + 9E61;.;. >1>6+ 9- 8+,-9=C<+ 01D8+0+ =6.E C0=7 +61 +?<1 =? <+D/=?<.E
=9=C.<1 <1-B<+ <=;1F.7 + 919;=7 . 9+ - ;=8+ @;= =<1 ?=<+>: + . A0.>0.61 >=: .>= 9- <+>.
C0=7 +6. D1A016= =/0=8<. .: . 817 -@<. 19A=< 01D<.E 60+8+<1 61G<.E D1 <1->- >0+I+ 9+
=? 81: .E ?= ;1>= : -?= : -?= 81: .E ?1 B=6+>- 9;610<= A18+; 9;1<+ 1 A0.8+0 (
?+9+;.<>1 9+>-<?+ ( ;= 7 + =<= 60+8+ >=7 + ;. 7+ A=;0+C<= ?1 ;0+A<+@NC->61: <= ;0+< =>1
+9;.F1 D61<1 8-=< G.6. ($ 9+>-<?. M=;=< B+9;.F1 96+;: =9;. A0+61: . 019;=7 1<7 +
7+?<1>= A0+B<.>- 7 +?<=/ 1;=89>=/ 7 +D/01 D1 918= ()* 9+>-<?+ 1?18 9+ ?1 <.98=
D1C=016.: . ?1 >1? /=? 9+ =6. C0=7 +6. 281: = A=?./<-;= <1A.91<.2A=6+I17 - D1 7 +?1< 9;610
A=9;17 + ?+9+; A-;1 6+I1 .: . 81<7 1N >1= ?1 <+>= 961>. A-; A=6+I1 <+>- =A>: 1?-
?+9+;=9;0->= 6= /: +?17;+ @;1 +>9A=<+<; 01?. T 9+>-<?. 7 + <+@;= =>= B+;.0. 8+9+F1
1:. 3 9+>-<?. 7 + ;0.?+9+; /=?.<1 A=8.9: .;+ 918= ! 9+>-<?. 7 + =;A0.:.>+ 9;10=9;
F+: + 19+: 7
+<+ ( 60+8+ >=7 + 7 + 8.<-: = =? +: .>=/ A019>1 .D.B10. 8+0+ . 9;10=9; >=98=91
- 9+>-<?181 918= @;= ;.E 9+>-<?. .81 8<=/=
0+8+ <.7 + 7 +?.<1 ?.8+<D.7 1 >=7 1 .81 019A=< =? <+A=7 18<= 81: =/ ?= 6+: .>=/
?.6=69>=/ 17 81<7 1 -?1: 7+<=9; >=7 1 - <1-F. ?1<19 .81 <+>- 61G<=9; 7 +9;+ ( T
F+<;.8+;101 ;=: .>= ?1: +>= -9A+ ?1 9+ =?6-B+ 7 +?<1 9;610B.F1 >=7- D=6+8= D+ <-: 1
A0+ <+/= @;= .@B+D<+ .D<1@+/ 96+;1 +=0+;.B10. A=<+>1? 01D8.@: 717- . = ?1: +>= 81<7 .8
019;=7 1<7.81N<1 A0.8+0 >1? 9+ A=6+?+ 01D/=6=0 = 9-A+09;0-<181 6+=81 8=?+0<=7 1: .
. 6+=81 1A9;01>;<=7. E.A=;+;.B>=7;+=0.7 . B+9;.F1 <+>. ;+=0+;.B10. >1G- ?1 C. A0+B<.> 7 +?<+
9-A+09;0-<+ ;0+C1: = ?1 C-?+ (*O F+<;.8+;101 = 7 + D<1;+ D1.9;1 60: = 81:= 19-A0=;
;=8+ - =C: 19;. 6+:.>=/ >017 <=9; B.<. A=: -A0+B<.> F+: + 19+: 7
+<+ >=7- 98= ?= 91?1 -9A+: .
?1 =A1D.8= =< .D<=9. <+/?+ C: .D- )!F+<;.8+;101

1? 918 .81= ?+9+; /=?.<1 01DC=: .8 9+ 7 1 =? 81: .E C=/.<7 1 1 ;1;1 ?1 8+ 01D6+9+: .

>-A. 8. 7 +?<- ><7 ./- @;18A1<- 60: = >0-A<.8 9: =6.81N <19: =6 7 =7 7 + C.= 0.B1 =
0+:1;.6<=9;. 1A.91: . 9- 7 + : C+0; 7 <@;17 < . +=A=: ? <M +:? +=A=: ? <M +: ? .>1?1 <+I-
D1C=016.;. A=B+;1> ;+ ><7 ./+ 7 <@;17 <1 . <M +:
?1 .= 7+ = ?+;+>;.69>.8 A0.B181 >1>= -
961>=7 ?+;+>;.69>=7 A0.B. A=9;=7 . D1/=<+;>1 A=9;=7 + <1/=6+@;17 . . <1D<1>+ . A=9;=7 .
?+;+>;.6 17?+;+>;.6 A=8=I- A=9;=7 +I.E ;01/=61 <19;=7 . ?1 0+@. D1/=<+;>-
A0.B. >=7 1 7+ A0+? <181 A=9;=7 + - 9-@;.<. 918= ?6+ D1/=<+;>+ C+ 9+ .9A=: 71617-
>1= B+9;.F+ 061 7 + ?-/= ;01G+<. 1(;=8 <+6.?: 7
.61 . <+?+: 7
.61 81;+0.7 1:<1 B+9;.F1 >=7 -7+
>1= A=9;-: 1; A06. ?1= +8=>0.; 6171(;=8 : +G. - 918=8 90F- <17 =9<=6<.7 .E A.;1<7 1
M.D.>+ B+9;.F1
+I ?6+ . A= E.: 7 1?+ /=?.<1 8. C.7 +8= C.;>- ?1 0+@.8= ;- A06- D1/=<+;>-
1/=6+@;17 1 .81 <1 E.: 71?+ 1 961>. =? <7 .E =;>0.:. 98= 8->=;0A<.8 01?=8 . ;0-?=8
A06.E <+>=: .>= A=/: 16: 71 A=981;01I+8= >1>= 9- 9+ <1@. A0+F. ;0-?.: . ?1 0+@+ D1/=<+;>-
D<+<1?.I+;+ 9+ >1? 6.?.;+ >=: .>= 7+ <1@.E 2 <17<=6.7.E2D18.9: . - 9;610. C.:= A=D<1;= : 7-?.81
7=@ - 9+?18<1+9;=8 6+>- . - @+9<1+9;=8 A1 . 01<.7 + ( D1A016= 7 =@ 6+>=6.81 A0+
0.9;1 A0+ >017 1 ><7 ./+ 601;.I+8= 9+ <1 91?1@<7 =9; . <1 7-0<7 16- D1 ?0-/=8 8=G?1 .
6+I=8 ;17 <=8 1 ;= 7 + B+9;.F1 >=7 1 A= 8=8 8.@: 7+<7 - -A016: 7
1 F+: =8 >=98.B>=8
9.8M =<.7=8 .?+I+;+ B.;17 -I. =6- ><7 ./- >=: .>= 7 + 6+: .>1 90=?<=9; .D8+,- =<=/
81;+81;.B101 .D @+9<1+9;=/ 6+>1 >=7 . .9A-@;1 ;+@>+ A0+?8+;+ 91 ;=0<7 1 - .;1: .71<9>=8
/01?- .D. . ?1<1@<7 +/M .D.B101 B+9;.F1 >=7 . - 18+0.B>=7916+D<=7?0G16. : .<=7 -90+? D.8+
- : +?+<=7 6+;0=6.;=7A0+0.7 . 01?. 96=7A=91= A=: -980D<-;.E A09;.7 - - <+>=7@-A. ( -D.81
A=?1;>+ .D 1>F+: +01;=01 >=7 . 9+ <1: 1D. ?=: + .9A=? 9: +,+<=/ D+8: 7.@;1 C=7 .F1 9-
A=9;16: 71:1 .9;1 A.;1<7 1 =7 17+ =9<=6<1 9;0->;-01 81;+0.7 +' 1>= 01?. 19+: 7
+<1'
=> 918 019;1= - 0=<>9- =C.B161= 918 ?1 A=981;018 91;.81 8=/ 9;10.7 +/ C01;1
>1>= 9+ ./01 E+8.>1: .7181 .= 7 + A016. B10=C<7 1> 1 -01?.8 96+ ;+@>+ A=9: =6+ - >-I. D1
;17?1< 1 =< 8+ D1-D601; A-9;. ?1 /: +?18 <7 +/=6 01? 1<19 9+ =< C16. A0=?17 =8
01D<.E ?=8.@: 71;.E <=6.E A0=.D6=?1 0=?17 + 9;610. >1= @;= 9- 2 6-A. 7 19;-B.I.2 =/0=8<+
0+/.9;109>+ ;1C: .F+ . 817 .F+ 91 A0.6: 1B<.8 <1;A.9.81 >=7 . =8=/-I1617 - : 7-?.81 ?1 .9>1G-
96=7A=/: +? <1 96+; D1.9;1 60: = 7
+D/0=6.;= ( 7 +?<=8 .D7 16=8 <1A.91<=8 <1 A0=9;=0- >=7 .

22
<.7 + @.0. =? <7 .E=6.E 9=A9;6+<.E A091 0+C1: = C. ?1 F.: 7<1->+ <.7 + 81<7 + -D6.@+< =? ;=/1
=7 1 18C.F.7 1 - G.6=;- 7 +9;+ ?1 ?=G.6.8 ;0+<-;1> >1? I+ F+: 1M .D.>1 8=I. ?1 C-?+ 96+?+<1
<1 7 +?<- M =08-: - ;1>= 7 +?<=9;16<- . +: +/1<;<- ?1 I+8= 7 + 8=I. <1A.91;. <1 A0+?<7 =7
9;01<. 7 +?<+ 817 .F+
<1;1< <1A0+?1> A=9;./<-; 7 + - A=9: +?<7 .E ?61?+9+; . <+@;= 6+>=61 - A0.C: .G161<7 -
=6=7>=<1B<=7817 .F. +0 91> 7 -;< 7 + <1 A0.8+0 ?=A0.<+= =6=8 A=9: - ;1>= @;= 7 +
=C7 19<.= /016.;1F.7 - ;- 9.: - >=7 1 =A+; =C7 1@<7 161 7 +?1< D1A1<7 -7 -I+ @.0=> 019A=<
01D: .B.;.E A=7161 A: .8- . =9+>- A1? 7 1C->+ =0C.;+ A: 1<+;1 /0-A.91<7 + /1: 1>9.7 1 - 71;1
1 7 -;<=6=7817 .F. A.@+ L 81 19<.7+ 9- 17 >: 101?+7. G+7 89 : +0> 1>96+:
01D=;>0.: . ;17 <- +: +>;0=81/<+;<=/ 9A+>;01 ( <1.8+ -9;1<=6.: . 9- ?1 +: +>;0.F.;+;
81/<+;.D18 96+;: =9; -<F1 01?.=(;1: 19. . 0+<?/+<9>. D01F. 7 +9- 96. 918= 01D: .B.;1
.D01G161<7 1 7 +?<+ .9;+ 9.: + 961>=7?=C0=7><7 .G10. - 9;-?+<;9>=8 /01?- A0=?1I+ 618
817 .F- 91 1>96+: =6.8 7 +?<1B.<181 .9A.91<.8 <1 <7 =7
1<19 8<=/= B+9;.F1 >19<.7 + .818= 9;1<?10?<. 8=?+: >=7 . 96=?. F+:- 9;610<=9; <1
918= <+>.E ?+9+;1> B+9;.F1 . <1 918= B+;.0. 9.: + 179;1<?10?<. 8=?+:A0+?9;16: 71 DC.0
96+/1 =<=/1 @;= 98= ?=D<1: . -D A=8=I 96.E <1@.E 1>F+: +01;=01 7 =@ =? 0.6=/ ;=0<7 1 -
.D. A1 ?= ?1<1 ?1<1@<7 +/ < =0/1<.D-7 + B+9;.F+ D61<+ >610>=6. @+9; <7 .E . ?0-/+
B+9;.F+ 1 ;= 9- : +A;=<. ;1>=,+ @+9; >=81?1 - 918= 7 +?1< +: +/1<;1< 019A=0+? <1
918= 7 +?<=7;1C: .F. 1.9;1 8=G+;+ <1 7 +?<=7817 .F. <=9.;. ?.7 1/018 F+: =/ 9;1<?10?<=/
8=?+: 1 81?1 I+ ;= C.;. ?=9;1 9.;<= . /-9;= .9A.91<1 817 .F1 ->=;0A<= 7 + .DC=0+<1 ;1
7+?<=9;16<=9;N.DC=0.: + 9- 7 + :+/.7
+ M .D.B101 >=7 + 9- 96+ <1?.01: + 7+?<.8 .9;.8 ?0-8=8
+,-;.8 817 .F1 91 9;1<?10?<.8 8=?+: =8 619 6101 +9;+ ?1 .81 ?61<1+9; B+9;.F1 . B+;.0.
9.: + . ?1 7 + 96+ ;= : +A= . ;1B<= 1: . =<1 7 + . <+A=;A-<1 @;16.@+ 91?0G. -<-;01@<7 +
A0=;.6-0+B<=9;. <+?=9: +?<=9;. 1>= C.9;+ E;+: . <1 <+>=7 ?0-/=7 817 .F. .9A.91;.
D1?=6=: 71617-I1 =C7 1@<7 +<71 D1 96+ @;= <.7 + - 0+?- <1 A06=7 8=01: . C.9;+ <1I. 7 +?<-
9: =<=69>. 6+: .>- 817 .F- 1 8=G?1 <. =<1 <+ C. C.: 1 ?=6=: 7
<1
= <18 ;= 98+;1 >= <18 9+ .9A0+B.= <1 A-;- >= <18 <+ ?U?1 <1A016.8= 9160@+<-
817 .F-' ;= >1>= 9+ 601I18= <1 =<- ?0-/- D1/=<+;>- 1 C.98= 9;./: . ?= >017 1 D1?1;>1
>=7 . D1A=B+@+ 0+@161;. 7 =@ 9;10. "0F. 8=018= 01D8=;0.;. 8=/-I<=9; ?1 A0=;.6<.> >=/1
:=6.8= =9;16: 71 <18+0<= : 1G<+ ;01/=6+ ?1 C. <19 D16101= =<+>1? >1= -E=?1 - <+>=8
0=81<- G=<1 + 10+1 +>9A+0.8+<;1;=0 8=01 ?1 A=9;16. D18>- =01 ?1 2 <16-B+2
9-8<7 .6F1 ?1 9+ 918 =?1

.D.B10. B+9;.F1 -A016= 91?1 A0.A0+817 -7 +?<- ;1>6- D18>- "01?.8= ;-<+:=918?+9+;
9+?18 >.: =8+;101 - =C.8- - >=8+ I+ C.;. 98+@;+<+ ?6+ -A=0+?<+ F+6. 9-A+0A0=6=?<=/
9-A+0>=: 17?+01 1?18= 9+ ?1 I+8= ;- ->+C1;. <1@+/1 D: =I-
;17D: =I1 7 + ( <17/=0. =? 96.E 17 6+I. A=?: 1F 96.E 60+8+<1 +0-7+8= ?1 A=9;=7 .
7+?<= 16+;.<7 9>= A0.9-9;6= >=7 + 9+ 01@.0.: = >0=DF+: - 19+: 7+<- . >=7+ <19 =<+8=/-I161 ?1
9E61;.8= A016- A0.0=?- 81;+0.7 + 1: ;+<+ >1= ?1 <+@;= .: . <+>= C1@<18+0<= 9A0+B161
<19 : 7-?+ ?1 9+ A0=C.7 +8= ?= >=<1B<=/D<1<7 1
61 <+6.?: 7.61 A0+A0+>1 >=7 1 <19 9A0+B161 ?1 ?=D<18= .9;.<- D=6+ 9+ ./9=6= A=: 7
+
0-G.:1 7 + 96=7 + :+?+<+ A.A>+ - 961>. >-;1> 19+: 7+<+ 1 <7 +<+ <1-B<+ . M .:
=D=M 9>+
.8A: .>1F.7 + ;1>6+ 9- ?1 9+ =? <7 .E M.D.B10 916 <17 +G. ./9=6= A=: 7+ =9;610-7+ 96=7 - F0<-
81/.7 - A=8=I- 7 +?<+ B+9;.F+ ?1C=8+ 1 A=8=I- B+/1 ?0-/=/ C. 8=/: =' - B+9;.F-
D<18= A=? <1D.6=8 ./9=6 C=D=< .?.;+ ./9=6 C=D=< 7 +9;+ /: 16<. 01D: =/ D1 .D/01?<7 -
9-A+0A0=6=?<=/ 9-A+0>=: 17?+01 7 +?.<+ 9A016+ >=7 1 I+ .81;. ?=6=: 7<= +<+0/.7 + ?1
A0=.D6+?+ . -=B. ;- B+9;.F- 10 8. 6+0-7 +8= ?1 I+ .81;. ;17C=D=< 7 + =? ;1>=
90+?.@<7 +/ D<1B17 1 D1 9;1<7+ M.D.>+ ?1<19 ;1>= A0+9-?1< D1 <1@+ >=<1B<= 01D-8+61<7 +
81;+0.7 + 1 =A+; ;1>= <+-E61;: 7 .6 ?1 918 8- 7 1 ?1= <1?.81> =G.71 B+9;.F1 1@;=
=G.71' D?61 01D: =/1 06= .D?161B 8. <+ ?=A-@;1 ?1 <1 ><7 ./- 9;16.8 <19: =6 01G.7 1
.1>= C. C.= 8=G?1 ;1B<.7 . 1>= .818= - 6.?- >=: .>- @;+;- <18 ./9=6 C=D=< B.<. . >=: .>+
81;+0.7 1:<+ ;0=@>=6+ .D.9>-7 + 0-/= A=9;=7 . 96=7 +609<1 6+D1 .D8+,- =6+ ><7 ./+ . 7+?<+
8<=/= 8<=/= 9;10.7 +

23
 C+@+ <1 F.7+:=7 +8: 7.7+?1< 7
+D.> . 7
+?<1>+ 0.7+B.
>1? =;.?=@+ =? .9;=>1 <1,=@+ 016<.F- - D+8: 7. +<109>=7 . <19+: .@+ 9+ =<?+ 1
0+>=@+ 8+,- 9=C=8 E17 ?+ ?1 A016.8= A: =B+ . ?1 .E - 61;0. A+B+8= C7 +E- .8 =A+>+
87 +9;= >18+<1 . 98=: 1 D+8: 7
1<1 87 +9;= >0+B1 =9: .7+ 0+>=@+ E17 ?+ ?1 91D.?18= /01? .
>-:- >=7 =7I+ 60E C.;. ?= <+C1 ?1 9;+B+8= 9+C. .8+ ?1 9+ <+ C.98= 019.7 1:. A= D+8:7.
"=9A=? 9.,+ ?1 6.?. /01? . >-: - @;= D.?1E- 9.<=6. B=67 +B.7. 0+B+ "=9A=? /: +
<10=? 7+?1< . 7 +?1< 7 +D.> - 96.7
+E . ;= A=B+@+ 01?.;. . <+I+ .8 98+;1;. <.@;1 ?1 <+ -01?+
@;= 9- <1-8.: . 17?+ ?1 9.,+8= . ?1 .8 A=8+;+8= 7 +D.> ?1 <+ 01D-8+7 - 7 +?1< ?0-/=/1
@;= /=6=0+
1>= .E "=9A=? 019- =?1<?+ A= 96=7D+8: 7
. ;+ <+ 91D.?1@+ /01?1 1;= 9+ A0=D61
16.:=<

2061 ><7
./1 =7
9.7
+612 (3

.:=7 +7 +?<=8 7 +?<= ?=C1 8<=/= A0+ <+/= @;= 7 + ;1 /=0+ <16+?+<1 ><7 ./1 <1A.91<1
>1?1 7 + F+: 1 A0.0=?1 /=6=0.: 1 918= 7 +?<.8 7 +D.>=8 6-/?+ 81;+0.7 1 C+@+ .9;1 ( A0+?.6<1
- 96=7 =7 +: +/1<;<=7 =/<7 +<=7 9.8+;0.7 . :. 8.<-@+ +=<. 1 81;+0.7 1 9+ .D8+<.
0+=C01G+<1 01D19-;1 - 8<=/= 01D<.E =C: .>1 A= >=98=9- =<1 91? ?=6=?. - D1C-<- <19
>=7 . 9;1<-7 +8= <1 =6=7=C.B<=7A: 1<+;. <1 =0C.;. =>= 7 +?<+ <.81: = A=9+C<+ D6+D?+
;01/1<7 - B=6+B1<9;61 D1 01F.=<1: <.8 01D-8+61<7 +8 96+;1 C.: = 7 + A0.:.>1 >1? 9+
<1A0+?=61: = C0D= >1? 9- 9+ B+9;= ?+@161: . A0=C=7 . . >1? 9- <1-B<.F. C.: . A-<. =A;.8.D81
<+>.8 ?0-/.8 01D?=C: 7.81 6: 1?1: 1 7 + A=8+;<7 1 +9;= 9- <17 98+;+<.7 1 01D?=C: 71
01D?=C: 7
1 .<;+: +>;-1: <+ >0.D+ . A=;A-<=/<+01D-8+61<7 1 C.: 1 <1/=6+@;17 . ?1 I+ 9+ -9>=0=
<+@;= A0+=>0+<-;. <1C=: 7+
A=9: +?<7 .E <+>=: .>= ?+F+<.7 1 M.D.>+ B+9;.F1 C.: . 98= - 01D?=C: 7- ;1>= B-?<=61;+
.<;+: +>;-1: <+ <1A0+/<-;=9;. ?1 1: +/=0.7 1 = -: . 16.: =<9>=7.D/: +?1 ;1B<= =?/=61017 -I1
.D.B10. B+9;.F1 >=0.9;.: . 9- 96=7 + ?.6=69>+ 1>F+: +01;=0+ ?1 A0=-B1617 - >=98=9 . A0=F+9+ -
<7 +8- ?+: .IA= ?+: .I 01/1<7 - 9- A=9: +?<7 .E /=?.<1 ?=A0.<=9.: . . 19;0=<=8. . 19;0=M .D.B10.
>=7 . 8+;1M =0.B>. /=6=0+I. D16.0-7 - >0=D ?.6=69>+ ;+: +9>=A+ <+ C. : . -/: +?1: . A0+=9;1: +
.9>0.F+ - A+A+: - 7+?<+ >1;1>: .D8.B<+ +>9A: =D.7+ >=7 1 9+ A= <7 .E=6=8 8.@: 7+<7- ?=/=?.: 1
A0+ A+;<1+9; 8.: .7
10?. /=?.<1 1 D1 >=7 - =<. .817 - <1D.62+: .>. A0191>2
C+ =6+ /0-A+ <1-B<.>1 <1A0+?=61: + 9- >1 7 +?<=8 7 +?<=9;16<=8 - F+: .<-
A=6+D1<=8 96+=C-E61;<=8 8=?+: - >=7 . I+ =C7 19<.;. 96+ 9;0->;-0- 81;+0.7 + . +<+0/.7 +
A=<1@1<7 + A0.0=?<.E 9.: 1 - 019A=<- =? <17 01<.7 .E ;0+<-;1>1 C+C+( 19+: 7+<+ 91 =<1>=
<+A=7 18<= 6.9=>=8 ;+8A+01;-0=8 . /-9;.<=8 A1 96+ ?= 901D8+0<= E: 1?<=/ . A01D<=/
96+;1 >=7 . 6.?.8= ?1<19 +A= <18 7 + .@: = A0.6.?<= : +A= 96+ ?=> 9+ <.98= 9A=;1>: . =
7+?<- B-?<=61;- A=7 16- 7 +?<- 0+>: = C. 9+ 2 <+A0.7 1;+: 79>-29.: - >=7 1 9;-A1 >=98=9=8 =
7+ A=7 161 >=7 1 .9>1B+ .D=6=/ <181 A=D<1;=/ 96+A0.9-;<=/ A0=9;=01 - >=7 . 9- -91,+<+
<1@+ A: 1<+;+ D6+D?+ . /1: 1>9.7 + + 8=G+8= 7 =@ ?1 =;>0.7 +8= ;=N.D/: +?1 >1= ?1 7 +
9;6=0+<= ?1 <19 DC-<7 -7 + ?1 9;16. <1 .9>-@+<7 + <1@- 8=I 1 : . 98= 9+ A0.81>: . C: .G+
<+/= @;= 98= 98+: .' =9;=7 . :. <+>. <+06=D<. 2+: .>. B10=C<7 1> .D D12>=7 . 8+<7 1 1: .
1: 7>16= 8+<7 1 10E+=: =@>+ <1: 1D+'
.;1<7+ 7 + ?1 : . I+ M .D.B10. ?=D6=: .;. ?1 .E =617A0=C: +8 01DC.7 + .:. I+ D1 01D: .>- =?
D: =90+I<.E 16.: =<7 1<1 <19;16.;. ?1 D.?17 - 96=7 - >-: - . <1A=9: +;>- >1>= 0+B+ 7 <@;17 <
R?=>-B.;. -8 =G.7 .R
C+@+ - F+: =7 19+: 7+<. 7+?1< 7 +D.> . 7+?1< /=6=0
=/=?. 9+ ?=> 9- A-;=61: . 91 .9;=>1 ?1 <1,- 7 +?<- 016<.F- - D+8: 7 . 1>91E1B. . ?1
9+ ;- <19;1<+ 1 0+>=@+ 8+,- 9=C=8 E17 ?+ ?1 <1A016.8= ?G.<=69>. >=: 17?+0 B.7 . C.
9-?10. 8=/: . ?=9+/<-;. -<1D1? ?= A=B+;>1 60+8+<1 =B+@+ ?1 A016+ 9-A+0A0=6=?<+
81/<+;+ ?1 .8 A=9: -G+ D1 916.7 1<7 + D01>1 1 A0=;=<+ ?1 -D.817 - . 01DC.7 17 -

24
 "=9A=? 9.,+ ?1 6.?. 9-A+0A0=6=?<. 9-A+0>=: 17?+0 @;= ?+F1 B=6+>=61 /01?+ 0+B+
"=9A=? /: + =<= >1>= 918 .E 71 9A+;:
71= =6. .D/:+?1 =;A+;: 71617- 1 -D?1E<- "=9A=? .
D1>:
7-B. ?=C0= 9.I. I+8= . ?1I+8= .8 =G.7 - B+9;.F- +>1 6.?+ A= <7=7 >1>= 7+ ?.6=;<1
19+:7
+<1 =61 >=7 -71 9;6=0.E
20:= <=6. D16+;2

D/:+?1= 7
+ .D<+<1,+< R 0=<1@1= 9. <=G >=7
.8 9+ 8=G+ A0+9+I. 1;=8'R-A.;1 =< R
=6=8 /01?-'R
:
.8<-= 918 /:16=8 R A016= 91? 9+?.8= <1 /:
16<=8 <+06- ;=/<=G1R 0+>=E

D6.<7
1618= 9+ 1<;+0- =8A9=<-

= /=? E=I+ 8=G+ ?1 9+ ?=6+D+ 1-;=8=C.: =8 .: . C.F.>: =8 .: . ?1 ?=,+ A+@.F+ -

+08.: 1C .1>= 7 + ;= <17 -9160@+<.7 1 <1-B<1 : 1C=01;=0.7 1 <1 96+;- +I.<1 18+0.B>.E
M+?+01: <.E -9;1<=61 01;=C=0<= B-61 96=7 - A0.61;<=9; :. A=91= +08.: 1C1 7 +9;+ ?1 96+
;17 <+ =;>0.61 . =CD<1<7 -7+ .E 2 <1 961 D6=<12 1 <+ ?1 .E 91>0.61 =>=8 01?.>1: <.E
@+D?+9+;.E /=?.<1 =6=/6+>1 =8.9.7 1 D1 1;=89>- +<+0/.7 - # 91=A@;.: 17 + =C+0;-
.:
9=<- =C+0; 4.: 9=< >=7 . 7+ A0+ 8+<+ C.= ?.0+>;=0 +08.: 1C1 ?1 8=01 A0.A0+8.;.
<+>. A: 1< @;1 ?1 9+ 01?. 1>= 9+ 9;-?+<;9>+ ?+8=<9;01F.7 + A0.81><- >1A.7 . +08.: 1C1
.:
9=< 7 + 98.9: .= A: 1< 6+=81 7 +?<=9;161< 1=A@;.= 7 + #(- ?1 I+ 918 9;-A.;. A0+?
?+8=<9;01<;+ <1=0-G1< 918= 7 +?<.8 =0-G7 +8 A0+?161<7 +8 .DM .D.>+ : . ;= A0+?161<7 +
7+ ;1>= 980;=<=9<= <1/=6+9;.= 7 + .: 9=< ?1 I+ D17 +8B+<= 019;+01;. B1> . <17 E01C0.7 +
>=: =6=,+ 9;-?+<;9>=/ A0=;+9;1 ?= ?1<19 ?.0+>;=0. =6+ : 1C=01;=0.7 + .817 - A0. 0-F.
9A0+8<= ;1>6= A0+?161<7 + + ?17 =G+ ?1 .>1? <19;-A. 9.;-1F.7 1 - >=7 =7C.98= /1 8=01: .
-A=;0+C.;.
+08.: 1C 9+ A0=9;.0+ <1 =>= ?6+ E.: 71?+ =918 9;=;.<1 E+>;101 C.6@.E >->-0-D.@;1 =918
>.:=8+;101 .9;=B<= =? /01?.I1 1;16.7 + - 916+D<=7?0G16. : .<=7 7 +?<= 91; 6=G<7 + <1 D1A1?
=? .>1/1 1 >1A.7 . >1 +;.<109>=7-: .F. 9;=7 . ?.6=69>1 B+: .B<1 9>-: A;-01 ?+: = =C+0;1
.:
9=<1 >=7 . <+ 918= @;= 7 + C.= A06. ?.0+>;=0 <+/= 7 + - 6+: .>=78+0. . -A016: 71= .D/01?<7 =8
+08.: 1C1 D?1<7 1 >=7 + 7+ A016. ;0.7 -8M10E.;+>;-0+ -8+;<=9;. . <1->+ >-: A;-01 9+ D=6+
:=8: 7+<1 9.8+;0.7 1 . 919;=7 . 9+ =? ;0. 6+: .>1 : ->1 >=7 . 9;0+8+ -6.9 >1= ?1 9+ G+: + A0+9+I.
- <+>=7;1B>. A+;<1+9;1> 8+;101 .D<1? ;: 1 : . ;17A0+9+> <+ -9A+617 - ?1 A=9;./<- .: . C10
<+ B.9;= . 7 19<= -90+I- 9+ - 61D?-E- <+>1>= <+-0+?<= <19-8.B<= >1= ?1 9- .E A016.: +
;0. 01D:.B.;+ /01,+6.<109>+ M .08+ 1 961>1 - 961,. 91 =9;1: + ?6+ >-: A;-01 =9;16: 71 -;.91>
<+9160@+<=9;. =;A0.: .>+ >1= . <1@1 ?1<1@<7 1 19+: 7 +<1 >= 9+ A0=@+;1@->0-/ =>= =6+
9>-: A;-0+ ;17 =/0=8<. 9>-A B+: .B<.E ?+: =61 .D/: +?1I+ ;. .D 961>=/ -/: 1 -A1?: 7
.6=
19.8+;0.B1< : . 1>= : +/<+@<1 : +,1 ;1B<= <1 90+?.<- . A=/: +?1@A016= -6.9 6.?+I+@ 918=
. 7+?.<= .D;=/ -/: 1 /: +?1<7 1 ?1 7 + 9>-: A;-01 .A1> 9.8+;0.B<1 6= .: 9=<=6= -8+;<.B>=
?+: = 9160@+<= =?/=6101 +08.: 1C- A=@;= A=91= M .D.B101 =6?+ . 7 +9;+ ?1 ;01/17 - D1
<1/=6+@;17 .81 9>0.6+<.E 9.8+;0.7 1 >=7 + 8=G?1 A=9;=7 + - 7 +?<=7 19+: 7+<. >=7 1 7+ >=: .>=
8=G+8= 6.?+;. 60: = 19.8+;0.B<1
1? A0=,+@ 1-;=8 >0=D >1A.7 - 91 ;+ 9;01<+ >=8A: +>91 <1.,+@ <1 <17 .9;1><-;.7 -
/01,+6.<- +08.: 1C1 = 7 + .: 9=< =: 90+?.@<7 1 :1C=01;=0.7 9>1 D/01?1 @+9<1+9; 9A01;=61
6.9=>1 <1 9+ ?.G+ <1/: = A016= -6.9 .D A0=9;01<+ 016<.F+ ?=<+>: + <1: .> <1 F0;+G
90+?<7 =6+>=6<=/ 9: .>101 : C0+E;1 .0+01 >=7 . A0.>1D-7 + :7-?9>+ 0->+ 9>: =A: 7+<+ - 8=: .;6.
/01?1 7 + <1?1E<-;1 7 +?<=8 >1;+?01: =8 >=7 - 7 + .: 9=< 6.?+= >1? 7 + C=016.= -
M01<F-9>=8 /01?- =6+ 18=@<7 1 >1;+?01: 1 A=?./<-;1 7 + <+/?+ =>= /=?.<+ ))ON.81
?6+ >-: + C: .D<1>.<7 + 1 .D8+,- <7 .E =: ;109>. ?+= .:9=< =: ?=60@+< 3T) /=?.<+ .81
;1>=,+ ?6+ >-: + C: .D<1>.<7 + ;= 9- ;+ 2 0->+ 9>: =A:7+<+ - 8=: .;6.2 1: . . A0=: 1D+ <1: .> <1
;-<+: + >0=D 61D?-E A1910+: + <1 <+>=: .>= 9A01;=61 >1= . 7 +?1< =? <17 A0=9;01<.7 .E
1;0.7-81 <1 96+;- 1 7 +?<=8 -: 1D- - D/01?- <1: 1D. 9+ C1D+< >=7 . =?9.7 161 1 <1
<7 +/=6=8 7 +?<=8 >017 - 7 + 6.9=>. =C+: .9> A=9: +?<7 . .: 9=<=6 -8+;<.B>. ?=A0.<=9 =6=7
:1C=01;=0.7 . A=D<1; >1= 2.: 9=<=61 A=9: +?<7 1 >=<9;0->F.7 12

25
 61 =/0=8<1 /01,+6.<1 .:9=< =: ?=?.0-7 + 1: . 918= ;1</+<F.7 1:<= =<= @;= 7 +
01.9=< ?2 +;0+ F+: + 9;610. 1>F+: +01;=0 B+9;.F1 <1016<= #+6=? <+0,17 -I+/B+: .>1 A0+B<.>1
<+>=: .>= .<B1 ->=A1<1 7 + ?+9+; 8+;101 ?-C=>= A=? A0+0.7 - >0-G<=/ 7 + =C: .>1 91
=C.8=8 =? =>= B+;.0. 8.: 7
+ #+6 7 + A0=6-B+<1 >0=DE.: 71?- 9-A+0A0=6=?<.E 81/<+;1 >=7 .
-98+01617 - A0=;=<+ A= A0+?6.,+<=7 >0-G<=7 A-;1<7 . >F+: +01;=0 7 + A0+A-< 9-?101 .
60+: .<+ 0=D =6- 1>F+: +01;=09>- F+6 A0=;=<. 7 -0F17 - C0D.<181 >=7 + 9- C: .9>+ C0D.<.
96+;: =9;. 918= ?1 C. 9+ -<.@;.: . >1? 9+ B+=8.F+ 9-?10+ 91 96=7 =8 C01I=8 9-A0=;<=/
A0+?D<1>1 1<;.A0=;=<.81 ;1>6=8 9-?10- =9;610. 9+ <1 ;0+< ;+8A+01;-01 =? ?+9+;
8.: .=<1 8.: .710?. 9;+A+<. .D<1? 1A9=: -;<+ <-: + $ 9;+A+<. @;= 7 + ?1: +>= A0+61D.: 1D.
710- - 7 +D/0- -<F1 .: . - 90+?.<. 01DC+9<+: + +>9A: =D.7+ 9-A+0<=6+ 1-B<.F. >=7 . =6?+ 01?+
9- 2 60+8+A: =6F.2- 7 +?<=8 8<=/= : +/.;.8<.7 +8 98.9: - <+/= =<. - M
.:8=6.81 +0
A=8+<-;1 ;+8A+01;-01 A=9: +?<7 . A-; 7 + A0.0=?<= A=9;=7 1:1 918= A0.: .>=8 01,1<7 1
19+: 7+<+ - <+>=8 81: +<=8 ?+: .I- 9+>-<?+ A=9: + +: .>=/A019>1N<.>1?1 A=9: + ;=/1
>F+: +01;=09>. A09;+< 7 +9;+ ?-C=>= .9A=? A=60@.<+ ;: 1 1: . 9+ =?=D/= .A1> 91 : 1>=I=8
6.?. /?+ 7 + D1;= @;= 9+ .D<1? <7 +/1 F+: =8 ?-G.<=8 A0-G1 D+8: 71<. <19.A 6.9=> 9+?18
8+;101 18.9: .;+ 6+><- M 01<F-9>=/ E: +C1 1: . 6+=81 ?-/1B>- . 916.7 +<- ->0-/ <=/.
:7-?. 8.9: + ?1 7 + 960E1 <19.A1 ?1 1A9=0C-7 + D01B+<7 + .D81@.<+ 1: . <19.A 7 + -.9;.<- ?=?1;
918= D1;= @;= 7 + .: 9=<=6= =9+I1<7 + D1 +9;+;.>- ;1>= D1E;+61: = : =G.= B=6+> =<=: .>. ;0-?
- .D/01?<7 - 1>F+: +01;=01 ( A1 D10 91? ?1 <+ 6.?. /?+ 9+ 1>F+: +01;=0 <1: 1D.' D1;= 7 +
<10+?.= >1? 9- 01?<.F. >=A1: . 0-A+ D1 E: 1,+<7 + 96-? =>= 1>F+: +01;=01 ?1 .9>=A1<-
D+8: 7- <1C1F17 - - 7 +?1< =/0=81< >0-G<. C+?+8 ;1B<= .D<1? 1>F+: +01;=09>+ F+6. ?1 C.
<19.A- ?1= . 2 1>F+<1;2 <10+?.= 7 + ?1 9+ 91 9A=: 71@<7 + 9;01<+ .9>=A1 . >1<1: ;0. 8+;01
@.0=> <1A-<. 6=?=8 . - <7 +/1 -/01?+ A-8A+ >=7 + @;0F17 - 8: 1D+6+ 6=?+ - 61D?-E
=?-@+ ;17 >1<1:9: -G. . <+B+8- @;= 7 + =? <+A=90+?<+ >=0.9;. ;1 .9;1 6=?1 E: 1?.
1>F+: +01;=0 >-A<1 9: .>1 ;1>= 91 6=?=9>=F.81 B-?<=61;= 7 + : +A1 016: 7
+<+ 9-
91;+: .;9>+ 9: .>+ 91 6.9.<+ =? A+; 9;=;.<1 >.: =8+;101N;17<1@<19.A . >1<1:.D/: +?17 - ;1>=
9<.8: 7+<. >1= 9160@+<. >0-/ . A0+?9;16: 717- <17 =@;0.7 + 6.?: 7.6- =?: .>- A0+?+: 1 - 9+6+0<=8
?+: - ?0G16+ : .<=7
=60@.<1 D+8: 7.@;1 =C-E61I+<1 >0-G<.8 >1<1: =8 . <19.A=8 )$T E+>;101 016<=/ ;: 1
?1<19 A0.>1D-7 + 96=7 +609<. 2 A-; - A0=@: =9;2 1@1 : 1C=01;=0.7 1 9+ ;0-?. ?1 -<-;10 =6=/
96=/ A09;+<1 601;. - G.6=; =<- <+/?1@<7 - A0+0.7 - =<=6= 98= D191?.: . 9;10+ A0+0.7 9>+
;016+ >=7 + 9- ;=>=8 A0=;+>: 1 ?61 6+>1 /=;=6= 9196.8 -/-@+<+ <161: =8 01D<.E +60=A9>.E
;0161N=6= 98= A=9;./: . D1E61: 7-7 -I. ;0-?- <+>=: .>= 9;=;.<1 ?=C0=6=: 71F1 >=7 . 9- A0.>-A: 71: .
9+8+ ;0161 91 A=7 +?.<.E =9;1;1>1 A0+0.7 + - =>=: .<. .>1/1 1C-?=6. ;0-C1B. >1<1?9>+
/-9>+ . A+@B1<. G?01: =6. <19;1<.: . 9- 9+ - 7 +D+0F.81 -<-;10 =6=/ A0=9;=01N 1 ;1 <18
7+D+0F1 9: -G+ D1 A0.>-A: 71<7 + 6=?+
?0-/+ 9;01<+ -: .F+ =9;610-7 + 9+ 7 =@7 +?1< A0=7 +>1; 0+9;1-01F.7 + A0.0=?+ ( A1@<7 1> A=
>=8+ : -;1 >0?= =? =>= 9;=;.<- 9+6+0<=18+0.B>.E C.D=<1 = 9- -/: 16<=8 G.6=;.<7 +
?=6+?+<+ .D =: =01?1 . -G<+ 1>=;+ 81?1 9+ <1@: = <+>=: .>= . - ?0G16. : .<=7 1>= <.7 +
C.:= <.7 +?<=/>0?1 - C: .D.<. 1;16.7 + A=9: +?<7 .E =918 9;=;.<1 /=?.<1 A0+ ;=/?=C1 >0?1
C.D=<1 C.: 1 9- <17 <=081: <.71 9;610 <1 ;.8 016<.F181 /?+ 91?1 : -;1 . 6.@+ =? 9;=;.<-
M.D.B101 0E+=: =D. <18 >1G- ?1 9- : 7-?. : =6.:. C.D=<+ <1 =6.8 A0=9;=0.81 7 =@A0+ ?+6+;
E.:71?1 : +;1N?=>1DD1 ;= 7 +9- <+C0=7 +<. 60E=6. 9;0+: 1 A0=<1,+<. -<1=>=: = D/: +?1 ?1 7 +
7+?<= A: +8+ ?=8=0=?1F1 8+0.>+ <19;1<7 +<= <1 =C: .G<7 =7 .9.B7 =70+F. 6+>=6.81 9: 1: =
96=7 + : =6F+ <1 A0=9;=0 /?+ 7 + 91? +08.: 1C 1 : =6F. 9- =<?1 ;- : =/=0=61: . -C.7 1:. C.D=<+ .
<=9.: . .E <1D1? ?= 0+>+ ?= <19+=C.<+ A: +8+<1
+>+ : 7-?+ 81: B.F+ -D<+8.0161 ?1<1@<7 + A0.9-9;6= C.D=<1 =6?+ +?<=8 ?=> 918
-B+9;6=61= - +8.9.7 . .: 1 =<1E7 -1 . /=6=0.= A0=8=;.6<+ 9;610. = <1@=7: 1C=01;=0.7 .
716.: 1 9+ ;+: +M=<=8 7 +?<1 /: +?1;+: 7>1 >=7 1 G.6. - C: .D.<. +08.: 1C1 R 1? ?0 +?+08+<
/=6=0. 9;.B+ 9+ -;.91> ?1 7 + 1>F+: +01;=0 901D8+0<= C+D=A191<R A=G1: .:
1 9+ =<1 R : . 1>=
7+ ;1>= @;1 I+ .8 =<=: .>= >0?= C.D=<1' . 96. D<18= ?1 9- C.D=<. G.6=;.<7 + .D-D+;<=
=9+;: 7.6+ <1 01?.=1>;.6<=9; R <1 7 + 8.9: .:1 ?1 9- C.D=<. <+@;= >1= =<. >1<10.<F. - 0-?<.>-
1:. -6+GC1<. ?1 A=A1?17 - >1? =9+;+ 01?.=1>;.6<=9; 1 <+ -/: 7+<(8=<=>9.? <1B. 01B-<1: 1
7+ =61>= 7 1 .D8=7 + >1<F+: 10.7+ - .: 9=< =: - 8=;0.8 >017 .B>=8 =>1 <1 >0?= 9A0+81< ?1
A=7 -0.8 A0+81 A10>.</- 1>= 9+ <+>. C.D=< A0+;-0. . : +/<+ 2 91 96+ B+;.0. -6.92 9;.<1 /: 19.
C.D=<. 9- <1A0=9;= C.D=<. "17 /+0=6 C0=7 1B 8<=/= C=: 7+ =;>0.61 01?.=1>;.6<= D01B+<7 +
<+/= C.D=< 1 =9.8 ;=/1 7 +?+ 8<=/= 81<7 + 9+<1

26
 >= 9+ A=6+D+@ +;.<109>=8 -: .F=8 >1 .9;=>- -?1: 71617 -I. 9+ =? .: 9=< =: 1 9;./<+@
?= <+>=: .>= ?0-/.E 61G<.E D/01?1 8+,- >=7 .81 7 + =9;0=7 +<7 + D1 =;>0.61<7 + 9-?101 >1= .
<=6=.D/01,+<. 2=8A7 -;+09>. F+<;10 .B10? 17<8+<2 <1D61< A= ;=8 6+: .>1<- 91
1:;+>1 81;+81;.B10- >=7 . 7+ -80= A0+ <+>=: .>= /=?.<1 =D. ?1: 7 + A1 I+@-9>=0= 9;.I. -
-:.F- =: 1 >0+<. ?+9<= . ;+0177 =@7 +?<= >.: =8+;10 . A= . 6.?+I+@9 : +6+ 9;01<+ 9+=9>-
>-I- 9;10- =>= 9;= A+?+9+; /=?.<1 - 918 7 1 9;1<=61= ?=> 918 C.= ?.0+>;=0 +08.: 1C1
-:.F1 =: 1 C0=7 *T : . ;= <.7 + 9: -GC+<1 A=@;1<9>1 1?0+91 <+/= 9+ 8+<. ?=A1: = ?1 <1 ;-
>-I- <1>1B.8 +;= C1@;17C0=7
9;610. 7 + .B10? 17 <8+< A0+?: =G.= ?1 96. M .D.B10. =>1B+ A= 96=7 .8 >-I181 .
>1<F+: 10.7181 ;1C: - 91 ;.8 C0=7 +8 >=7 . I+ <19 9;1: <= A=?9+I1;. <1 ;= >=: .>= 7 + 6+: .>=
<1@+ <+D<1<7 + 1 ;1C: . ;0+C1 ?1 A.@+ <1A0=9;= *T .?.;+ 9;= ;0.?+9+; 9+?18 7 +
0+F.A0=B<1 60+?<=9; <+B+/1 @;= 9+ D=6+ 2 >=<9;1<;1 M .<+ 9;0->;-0+2 17C0=7.D01G161
6+0=61;<=I- ?1 I+ 7 +?1< +: +>;0=< +8.;=61;. .: . 1A9=0C=61;. M =;=< 61 >=<9;1<;1 .81 .
?0-/. <1D.6 1: M1 1 8=G+;+ 7 + ?=C.;. ;1>= @;= I+;+ -D+;. >61?01; <1+: +>;0.91<7 1 +: +>;0=<1
A=?+: .;. /1 C0D.<=8 96+;: =9;. . A=8<=G.;. : 1<>=6=8 >=<9;1<;=8 ;= A-<= A0.B+ 1 @;1
98= 9;610<= 0+>: .' +>: . 98= ?1 ;17 7 +?1< C0=7 *T =C7 +?.<7 -7+ - 9+C. 7 +D/0=
+:+>;0=81/<+;.D81 1 ;= 618 7 + +: +>;0=< ?1C=8+ 7 +D/0= ;+=0.7 + 0+: 1;.6<=9;. C0D.<-
96+;: =9;. . 7 +D/0= >61<;<+ ;+=0.7 + : 1<>=6- >=<9;1<;- <=/= C. A0.7 1;<.7+ C.: = >1? C. 9+
A=>1D1: = ?1 7 + =?<=9 .D8+,- ;1 ;0. 7 +D/01 <+>. 7 +?<=9;16<.7 . C0=7 0+F.8= 7 +?1< .: . ;0. .: .
8=G?1 <+>. -8<=G1> C0=7 1A : . *T' 1@;= C1@ *T'
17.D-D+;<.7 1 9;610 = ;=8 .D-D+;<=8 C0=7 - 7 +9;+ ;1 ?1 =< <+81 ?.8+<D.7 + 0D.<1
96+;: =9;. 7 + =>= * >.:=8+;101 - 9+>-<?. C01E18 .<>=: < C.= 7 + 6.9=> =>= ?61
8+;01 +I.<1 C0=7 +61 <18 ?=: 1D. ;1>= 91 A0.>1B+<=8 <+>=8 ?.8+<D.7 =8 :. A=>1D1: =
9+ ?1 >1? >=8C.<-7 +8= 6+: .B.<+ >=7 + B.<+ 1: M- >=<9;1<;- M .<+ 9;0->;-0+ 96+ ?.8+<D.7 +
?= A=9: +?<7 + A=<.@;+ 7 +?<1 ?0-/- =,+ 918 C0=7 *T /= =/=: 7+< <.@;1 <+81 =9.8 @;=
.81 918=/1 9+C+ ;1>16 /= =< 9+ A=7 16: 7-7 + ( C1@96-?1 = D<1B. ?1 <+>. <1-B<.F. <1
109- .: . <+>. ?0-/. <1-B<.F. <1 0+F.8= B+;0<1+9;=7A: 1<+;. .0.7 -91 >=7 . >=0.9;+ =/ C.
/1 D<1= >=7 + . >1>6+ /0=D<+ 7 +?.<.F+ D1 <1+: +>;0.91<7 + . C0D.<- >1= . <+>- 96=7 - 6+0D.7 -
:1<>=6+ >=<9;1<;+ 8=017 - <+.DC+G<= ;1>=,+ ?=C.;. C0=7 *T = 7 +7 +?1< B.9; C0=7
.D.B10. 9+ <+A=7 18<= 8-B+ =>= C0=7 1 *T 6+I A+?+9+; /=?.<1 +0<+0 17 D+<C+0/
4+0<+0 +.9+<C+0/ 7 + 7+?<=8 A0.: .>=8 A0=/: 19.= ?1 I+ 96+ <+?=-8.F+ >61<;<+ M .D.>+
<1A0=9;= ?1 .9A10+ . <+9;1<- B.8 >=<1B<= 01D0+@.8= ;17 <- C0=7 1 *T "=6=0.= 918 8=7 .8
9;-?+<;.81 ?1 1>= 9+ .>1? <1,- - <+6=: 7. - <+>=8 6+: .>=8 /01?- =6=/ 96+;1 ;0+C1 ?1
<1A.@- <1 <+>=7A: =B. 60: = >0-A<= 2*T2. ?0G+ ;= >1= ;01<9A10+<; .D<1? /: 16+ . ;= <1
-/: - <+>+ A0=8+;<+ -: .F+ 1<.7 + .: . >19<.7 + <1.I. I+ <+>. M .D.B10 6.?+I+ ?1 7 + ;- <+>.
>=: +/1 - <+6=: 7. A1 I+ A0.9>=B.;. - A=8=I + D<18 ?1 : . 7+ .>= .>1?1 A=>-@1= =6= 1: .
;0+C1: = C. ?1 -9A+
+?<1 =? ?.6<.E A0.B1 81?1 7 =7<+?=9;17 + A=;60?1 .D =C: 19;. M .D.>+ .: -9;0-7 + D<1B17
C0=7 1 *T 1: . . <1?8+<=9; M .D.B101 1.8+ 9: 16<. 1-9;0.7 9>. 81;+81;.B10 . M .D.B10 =: M/1</
1-: . 4=: M/1</ 1-: . >=7 . 7+ A=9: + A=9;1= 617 F101F =?+ A=9: + 980;. >0=D017 9>+ ?6+0.
A=@;= 7 + D1 G.6=;1 C.= ;1>= 9: 161< <1-B<.> A-9;+ /1 ?1 .D.,+ <1 01D/=6=0 91 918.8
=/=8
R 1-: . ;+C. 7 + ?=A-@;+<= 7 +?<= A.;1<7 + ;1 G+: .@D<1;.'R
1-: . 98+9;1 A=9;16. 7 +?<= A.;1<7 + =<= <1 >=7 + 7+ /0?<.8 1: . -D1: -?<.8 <1A=0=8
A=>-@161= <1I. =?/=6=0 ;=>=8 ?+9+; A=9: +?<7 .E /=?.<1 96=/ G.6=;1 R 1@;= 1: M1 .D<=9.
7+?1< >0=D *T'R
=/ .: . =/.<7 1 1>= <.9;+ D1C=016.: . 91 =98+E=8 ?=E61;. >0+?- . A=B<+ A.91;. A=
7+?<=7 @>=: 9>=7 ;1C: . 7 +?<1B.<+ =9: + <+>=: .>= 8.<-;1 =>0+<+ 9+ 1-: .7- >=7 . 918=
=?81E<+ 0->=8 . >1G+ R 19 .9; M 1: 9FE R 1 <+81B>=8 R = 7 + A=/0+@<= R
=C0= 1: . .9;.<.;1 7 + A0.B1 . D1.9;1 A=;60,+<1 >=7 1 9+ ?=/=?.: 1 =6?+ <1 +8: 7 . 1-: .7 +
-.9;.<- C.= =A9+?<-; C0=7 +8 *T . ;0=@.= 7 + C+DC0=7 <+ 91;+ 01D8.@: 717-I. = ;=8 C0=7 - .
<7 +/=6=8 98.9: - . D<1B17 - .7+ /1 ;1 9;610 A0+9;1: 1 8-B.;. C->61: <= <. - 9-?<7 +8 B19-
?= 918+ 980;. 1? 7 + 7 +?1< 19.9;+<; ?=@1= ?1 /1 A=9+;. - C=: <.B>=79=C. - >=7 =77 + C.=
98+@;+< -=B. >=C<+ =A+01F.7 + 1-: . /1 7 + D18=: .= ?1 A0.: .>=8 =?: 19>1 =C01;. A1G<7 - <1
C0=79=C+ 9.9;+<; 7 + A=/: +?1= 1-: . 7+: +G1= . A0=6=?.= A=9: +?<7 . ?1< 96=/G.6=;1 - 9=C.
*T
;= 6.?.;+ 7 1 918 ;- 9;1<=61= -: .F1 =: 1 C0=7 *T

27
 , "

01I1= 918 9+ - ;- >-I- 7 +?<+ <=I. A=9: + A=D<+ 6+B+0+ - 1;16.7 .N1 C.= 7 + 6.>+<?
1 <+>=: .>= 01D<.E ;1B1>1 - -: .F. =:1 8=G+;+ 6.?+;. 90+?.@<7 - :1C=01;=0.7 9>- D/01?- >1>=
9+ -D?.G+ =96+;: 7
+<1 <19A018 <+C1 A0+0.7 + 1? /: +?1;+ .: 9=< =:- A=: 1 ?61<1+9; <=I-
- 9-C=;<7 - .: . <+?+: 7<- <=I =?81E 618 7 +7 19<= >=: .>= 7 + 9.:<1 G+: 71M .D.B101 ?1 01D0+@+
A0+=9;1: + ;17 <+ 19+: 7+<+ 1.8+ 96+;: 1 9- 7 =@-A1: 7+<1 - 8<=/= A0=9;=0.7 1 @.0=8 96.E
@+9<1+9; 9A01;=61N1 961>= 96+;: = =D<1B161 A= 7 +?<=/ M .D.B101 >=7 . .1>= 9- 8- =B. >1=
9108+ . ?1: 7+ A=>-@161 ?1 ?=>-B. <+@;= = <+>=7;+@>=7;+=0.7 . - 6+D. 91 81;+0.7 =8 .
+<+0/.7 =8 1 90+I- 7 1 918 8=/1= ?1 9+ =?6+D+8 >-I. . 90-@.8 - >0+6+; 1? 918 C.=
?.0+>;=0 +08.: 1C1 A1 9- 8=7 + =C16+D+ - A=/: +?- =9;17 1<7 1 >19<= - <=IC.: + ?019;.B<=
96+?+<+ =/1= 918 ?1 A0+9A1618 961>. A0=C: +8 . A=/: +?18 /1 ;+> 9-;01 <.918 8=01=
<. <1 7 +?<=8 A0=C: +8- ?1 01?.8 <=I- + <=I. 961: .= 918 9+ - A=9;+: 7- D1.9;1 91
=9+I1<7 +8 D1E61: <=9;. @;= 8=/- ;1>= 1 <+ 8=018 ?1 : +G.8 <+/?+ <1 A=?- A=>017
1>F+: +01;=01 . ?0+818 918= ?=> <+ A0.9;./<- A=?1F. 1 .A1> - 9<- 9+ A=B+E <+@;=
=>0+;1;. A0+60;1;. C0.<+8 9+ @;1 I- 91 : +A;=<.81 @;1 91 =M .7
.F=8 91 >610>=6.81 91
=<=8 &.<=8 1A=9: +;>- A=B<+8 ?1 C0=7 .8 =6F+ ?1 C.E A0+9;1= 8.9: .;. <1 M .D.>- 0=7 .8
71 =6F+ R *P *O *$ *T R
17 +?<=8 9+ .D6.7 +8 .D8+,- B10@161 . 7 =0/1<1 . -9;1<+8 /=<7 +< =9+I1<7 +8 E.;<=9;.
. >0+<+8 <1A=: 7+ .D>-I+ D6-B+8 C.F.>:.D@-A+ . ( 7 =@- A.?G18. 1 96+ =6+ 8+?1: 7+ >=7 +
918 - G.6=;- <1?=C.7 1= A1?17 - 8. 7 +?<1 A= 7 +?<1 91 0+6+01 A.?G18+ ?=> 6=D.8 C.F.>:(
>0+<+8 >1 ?+;+>;=0- 9-?101 1G1:=9; C.F.>:9+ >0+I+ <+A=?<=@: 7.6= 9A=0= <18 ?1 .81
<+@;= E.;<= ?1 9+ -01?. - ?+;+>;=0- 1: . <+ -9A+618 ?1 A0.9.: .8 C.F.>:?1 >0+<+ C0G+ <?1
9+ 9+;.8 @;1 8. 7 + A0.B1= 7 +?1< A9.E=: =/ <+?16<= ?1 A=9;=7 . ;1>=D61<= : -F.?<= 91<7 1<7 +
>1? 91<7 1@ 1 D<1@?1 91<7 1@ 96+9;1< 9. ;+ B.<7 +<.F+ 1? 91<7 1B 9E61;. ?1 7 + ;= ;1>=
0+>1= 8. 7 + A9.E=: =/ =<?1 8=G+ - 96=8+ 9<- ?1 01?. @;1 /=? E=I+ 06. >=01> 7 + ?1
<1,+@<+>. <1/=6+@;17?1 91<7 1@ ?1 ;= @;= 6.?.@=>= 9+C+ <.7 + 9;610<=9; = 7 + C.: = :1>=
0=>: +;= ?=C0= 918 D<1= ?1 7 + 96+ 918= 91< D1;= @;= 918 6.?+= ?1 7 + <1A.91<= >=9.8
9:=6.81 ( >-0D.6=8 0D.8 >-0D.6 +@>= 9+ B.;1 1C=8+ .9>=0.9;.8 =6- 9.;-1F.7 -
A0+-D8+8 >=<;0=: - <1? 96=7 .8 9<=8 . >1= A06= >0.><+8 R +G. 91 ;.8 >-0D.6=8 R
EEE =: .>= =6= A0.7 1 1? 7 + 8<=/= 8<=/= C=: 7+ 0+C1F.8 C17 9 - 81>9. C0D.<- .
>0+<+8 C0D.<=8 96+;: =9;. D1@;= <+ - 9<- 8=G+ 96+ >1 A=9;0=7 +<7 - D1 =;>0.61<7 +
9-?101 7 =7 . A0+C0D= =C: +;.8 +8: 7- =918 A-;1 . 601;.8 9+ ?= .9A0+? 8=7 + >-I+ 1;=
A0+C1F.8 C.F.>:<1 <+@;= -8+0+<.7 - C0D.<- . D1A-;.8 9+ 91 01DC=0.;.E ) <1 91; ?=
A=9;0=7 +<7 1 +9; ?1 7 + C.: = ;0. -7 -;0= 1: . A10>.</ 7 + .A1> C.= 81<7 +(6.@+ A-<N -
1>F+: +01;=09>.8 A=9;0=7 +<7 .81 A0=;=<. 9+ <+ 98.0-7 - <. <=I-
6.G?-I+8 7 +?<- 16+;.<7 9>- : 1/1<- 8+: =?.7.F- . -@+;1618 9+ - A=9;0=7 +<7 + D61<=
# >=7 + 7 + 6+: .>= >1= .<?-9;0.7 9>. E1</10 1 - <7 +8- 96+ =C=7 +<= - A: 16- .
96+;: =<101<?G19;- C=7 - 81 ;- 8<=/= >1<F+: 10.71 >=8A7 -;+09>.E 9=C1 . >=<;0=: <.E 91: 1
1: . 9- =<+ 96+ 019A=0+,+<+ ?-G 7 +?<=/ D.?1N1 96+ =9;1: = 7 + 7+?<1 =/0=8<1 A0=9;=0.7 1 -
>=7 =77 + 98+@;+< 918 ?+;+>;=0 .<9;0-8+<; 6.9=> ;0. 9A01;1 . ;+G1> A+; E.: 71?1 ;=<1 >=
?6+9;1 M .D.B101 . -D<7 .E ?6+9;1 .<G+<7 +01 01?.: =7+ 6.@+ =? =918 /=?.<1 ?1 C. 9>: =A.: = =617
@617 F109>. B19=6<.> =? A+; E.: 71?1 ;=<1 +;+>;=0 7 + 01D<=C=7 1< .81 D6+D?19;. .D/: +? >1=
D01F. >=7 . 9+ @.0+ .D90+?.@;1 1 96. ?+: =6. ?+;+>;=01 9+ D1A016= @.0+ 9.8+;0.B<= .D7 +?<+
81: + 0-A+ - 90+?.<. 617?+;+>;=0 7 + >0-<9>. ?01/-: 7<1@+ : 1C=01;=0.7 + +D <7 +/1 <+
C.98= 8=/: . ?1 2 6.?.8=2@;1 9+ ?+@161 - 1>F+: +01;=09>=7F+6. >=7 1 A0=: 1D. >0=D 918=
90+?.@;+ ?+;+>;=01 ?+@161 9+ ;= ?1 C1@ ;1B<= - 90+?.@;- 96+/1 ;=/1 - 90+?.<. F+6.
;0+9<- A0=;=<. - 1<;.A0=;=<+ ;= 7 + ;17<7 .E=6 B+=<. 9-?10 1?.7 1:<. 2A1=F.2=? >=7 .E 9+
?+;+>;=0 -/: 16<=8 . 919;=7 . <18+@;+<. 9- ;1>= ?1 9+ A=?-?1017 - 91 A016F.81 - >=7 .81
9+ >1= >1>6+ 9.;<+ 019A0@;1<+ >1A: 7
.F+ 01D: +I- 9;=;.<+ B+9;.F1 >=7 + - 9-?10.81 <19;17 -
+;+>;=0 9+ A=>0+I+ A= @.<181 >=7 + 8- =8=/-I1617 - .1>= 7 + ;1>= =/0=81< ?1
A=<+>1? .D.,+ .D1>F+: +01;=09>=/ ;-<+: 1 . A0+,+ <1 A=? 8=<;1G<+ E1: + ?1 C. 9+ =C16.: =
0+?=6<= =?0G161<7 + . =C.B<= <18+9;.8= ?1 ;= =?0G161<7 + A1?<+ <+>1>= - 7 -: . . 16/-9;
>1? 7 + 9;0-7 1 <17 9>-A: 71 >= A: 1I1 9;0-7 - 6.@+ =? ?+9+; 8.: .=<1 ?=: 101 /=?.@<7 + 8=01 ?1
8.9: . . <1 ;1>6+ =>=: <=9;. ?1 C. -@;+?+= C10 81: = :
. =6+ <=I. ?+;+>;=0 7 + ->: 7 -B+< 0+

28
->: 7-B.61<7 1 =?6+D+< 7 + <1;01/ - ;-<+: <1 96=7 + 8+9;= <1016<= 1 =C: .G<7 1 9=C.F1 D1
817 9;=0+ >=7 . /1 =?0G1617 - D1@;.I+<1 7 + =? D01B+<7 1 ;1>= @;= 9- D1;6=0+<1 B+: .B<1 601;1 -
=C: .>- B+A1 ;0. 8+;01 ?+C+: 1 >F+: +01;=0 7 + <1B.<7 +< ;1>= ?1 9+ 9-?10. A0=;=<1 .
1<;.A0=;=<1 ?+@1617 - A=<17 6.@+ - =<=8 ?+: - F+6. >=7 . A0=:
1D. >0=D?+;+>;=0 17?+= 9+
D=6+ =C: 19; 9-?101 196.8 7 + 719<= @;1 ?+;+>;=0 ;0+C1 ?1 01?. =A1G1 . 9;16: 71 - <1@+
>1;1: =/+ 961>- B+9;.F- >=7 1 <19;1<+ - 9-?10- A(=61 . A 8.<-9(1 0=;=<1 . 2 8.<-9<.E
A0=;=<12;= 7 +9; 1<;.A0=;=<1
?1:7+ - A.?G18. =?: 1D.8 - >=<;0=: <- 91: - <1 ?0-/=8 9A01;- .D >=7 + 9;1: <=
<1?/: +?18= <1: 1D+ >=7 + ?+;+>;=0 C+: +G. 1:1 7+ ;.E1 >1= @;= C. 9+ - =6+ 9.;<+ 91;+
8=/: = . =B+>.61;. +81@ D1610.61B+ . ?0-/+ 01?<.>+ ?1 9+ 60D817 - A=96-?1 . 6+B.;=
<+@;= A=A016: 7
17 - .:
. =?0G1617 - @;= 7 + - ?<+6<.8 98+<181 0+?=6<1 A=7 161 6+;: 1 - =6=7
>=<;0=: <=7 91: . 9- >1= . =C.B<= A0./-@+<1 ?1 C=: 7+ 6.?.8= A: 16>19;. 97 17 ?+9+;.<1
>=8A7 -;+09>.E 8=<.;=01 1@. 01B-<10. - >=<;0=: <=791: . # 9- 28+>.<;=@.2 .9;. >1= =<.
>=7 + 8=G+@>-A.;. ?1 6=?.@96=7 +M .<1<9.7 + .:
. ?1 ./01@./0.F- 2=98.B>. D8=2 <M =081F.7 +
A0.817 - =? =/0=8<=/ =6?+ .D/01,+<=/ /: 16<=/ >=8A7 -;+01 >=7 . 7+ A=6+D1< 91
?+;+>;=0=8 . D17 +?<= 91 <7 .8 A0+;01G-7 + >0=D8<=@;6= 2 >0E=;.<12<19;1: .E - 9-?10.81 17
<18+<9>. 9>: =A: 7+< /: 16<. 01B-<10 7 + D1A016= 7 +?1< 6+=81 -9160@+< 9.9;+8 D1
A0.C16: 71<7+ A=?1;1>1 V 1@+/ V(1 9- A016.: . <+>. =? <17 C=: 7
.E <1-B<.>1 F+: =/1
96+;1 <1-B<.F. 91 A+;<1+9;1> -<.6+0D.;+;1 @.0=8 A: 1<+;+ >=7 . 9- 9101,.61: . . - .D/01?<7 .
?+;+>;=01 =@;= 9+ 961>+ 9+>-<?+ - F+6. ?+@161 <1 9;=;.<+ E.: 71?1 9-?101 <+>= 8=01 ?1
=?1C+0+ =<+ >=7 . 9- ?=6=: 7 <= D1<.8: 7.6. . 61G<. ?1 .E 60+?. 9<.8.;. <1 81/<+;<- ;01>- .
A=?0=C<.7 + A0=-B.;. 17<+>= 7 + V 2 +>.<;=@.2918= A1D+ <1 8<=/=C0=7 <+ A=8=I<+
A=?9.9;+8+ >=7 . A0.>-A: 717- A=?1;>+
98=;0.8 7 1 91: - -=B.8 8<=/=C0=7 <+ A01D<+ A: 19;.B<+ B1@+ D1 >1M - . /0-A.F- 8: 1?.E
M.D.B101 ?= C+96+9;. A0+8=0+<.E 1: . .A1> . 91? A0+<1A+;.E ;= <19;17 + >1= A=9: +?.F1
?-/=/ A0+>=60+8+<=/ 01?1 . A0+;+0.61<7 1 - A.7+<7- >1M + ;0. <=I- =6?+ 01?+ -/: 16<=8
8: 1?. A=9;?.A: =8F. . <=6. ?=>;=0. ( ?1>: + : 7-?. >=7. 7=@<+817 - ?=6=: 7<= 6.9=>= 8+9;= -
<1@+8 9.9;+8- 9;10+@.<9;61 . D1;= <+ 8=/- ?1 9+ -6->- - <+>- A0.9;=7 <- 98+<-
1B-?= ?=C10 ?+= ;+ /0-A.F+ B.<+ 8: 1?+ G+<+ 1 <7 .E - 6+I.<. : 1C=01;=0.7 1 D1 M .D.>- .81
60:= 81: = +,-;.8 8. 98= D1 A=;0+C+ <1@+/ ?+;+>;=01 A0+?-D+: . =?: -B<- 1/0+9.6<-
20+/0-;1F.7 -2A1 98= -9A+: . ?1 A0.?=C.7 +8= . G+<9>+ ?1 9+ D1A=9: + =6?+ ( <1 D1?=6=: 79;6=
. ?=C.;1> 96.E
+,-;.8 - 7 +?<=8 -/: - 9+?. 7 +?1< B=6+> >=7 . 9+ <+>1>= <+ ->: 1A1 0@16 C01?1
01DC10-@+<1 =C0= A1 ;1>6. 9- . 8<=/. ?0-/. <1@. .9;01G.61B.N1: . 71 A= <+B+8- .A1>
D<18 ?1 =< <.7 + >=? <19 D1A=9: +< =G?1 A= ;=8+ @;= 7 + =?+6+< - ;=/- -0. -
28+>.<;=@+2. A0./-@+<= <+06=D<= 9+ 98+7 + 18.9: .;+ 98+7 1;. 9+ - >=<;0=: <=791: . #
8+7 1;. 9+ 7 +?<=8 =? <17 6+:.B1<9;6+<.7 .E =A.;1 - .9;=0.7 . <1->+ 0+8+ 7 + ?1 7 1
A0+?-D8+8 =?: -B<+ 8+0+ =6?+ ;= 7 + 8<=/= ( 8<=/= 7 +

10?=< +9. : . ;. ;17<=6. 81;+81;.B10 >=/1 7 + ;0+C1:

= ?1 A=@1: 7
- 91
.>1@>=/-<.6+0D.;+;1'
" 0=M+9.7- 9. A=/=?.= /01? A0=81@.= 8+ 8. 7 + +8=>0.; D C?+0+
?=E=?.8 <+ .D .>1/1 =6- 8+ 198+7 1<. .:=D=M
D C?+0+'
"01? - 01>.7 . <1 >=A<+<=8 ?+: - "0B>+
+ A18;.8 ?1 918 ;01G.= <+>=/ .D 01>.7 + 1@+8 =9=C: 7- <+A=;0+C1< 7
+
198+7 1<. .:=D=M 6?+ 96+ @1: + A0.B18 71
1 B-= 918 D1 198+7 1<=/ ?.0+>;=01 +08.: 1C1 +8=7 ?1 ;+ ;=
D1C0.<7 161 + 6+0-7 +8 ?1 I- =6?+ C.;. ?-/= =CD.0=8 <1 ;= @;1 918 ?=91? 6.?+= ( <+I-
?-/=
<?1 D1@;= <18 D1-D.81@A0=9;=0 - >=<;0=: <=791: .'
01/18 D1 <+B.8 +B.8 ?=.9;1 81: +<.8
1 A016= 8+9;= 9. ?=@1= . 98= 9;0-B<7
1F. D1 9.;<=
0+>=@+ 8. ;1>= 71 +6= ;01/18 D1 ;=8 9;610B.F=8 6+I?6+ E.: 7
1?+
B+;.0. 9;=;.<+ :
+;1
;. 9. ;17 +8=>0.;
<1@<+>=/?0-/=/'

29
 1? 8. 7 +7 19<= . 9. >1= =<171<,+= : 10+<9 - ?+: - %.6=; 7 + ?.6<1 9;610 (
-A-I+< 9. ?1 8+ =?/=6=0.@ =? 918=-C.9;61 7
1 . 7 +918 01D8.@: 71= = 918=-C.9;6-
.>1>= ?1 <1C=?+8= >610> 60E
18=-C.9;6= =?9+I1@8+ <1 =>01;1 + 1<,+= <.918 1 A0+?9;161 =
C+980;<=9;. 98.@: 7+<1 7 + A=9: + 8=/60+8+<1 =A-: 10.91= 7 -7 + =<17;-A16. : 1;=<
1>= C. ;. 8=/1= C.;. =6?+ ?1 <.9. C+980;1<' 80= 9. A0+ 6.@+ =? ?61
8.: +<.7-81
81 6.@+ 9;610. <1 <+C+9.81 . <1 +8: 7. =01F.= <+/= @;= 61@1 M .:
=D=M .7
1
. 91<71
6-B. A=D<1;=
=D17 8.= 918 ;= =? 7 +?<=/ ;.A1 91 >=7 .8 918 9+ -A=D<1= - @+9<1+9;=8
6+>- +/= ?1 ;. =?/=6=0.8 C16.8 9+ =<.8 @;= C. ;. <1D61= A-;=61<7 + >0=D60+8+
-;=61<7 + >0=D 60+8+' . 9;+ A0=C: +8 A-;=61<7 1 >0=D 60+8+ 0+@.: . -
A+;=8 6+>- A0+ 0.9;1 - "0B>=7 '
0+8+ 7 + 60: = :1> A0=C: +8 81B7 . >1@1: 7 +B+ <1A0+? ;+B+ . <1D1? ,+@
- <7 +/1 . 6=D.@9+ <+>= 60+8+ >0=D60+8+ A1 .D.,+@ >1= =<. 9-0M +0. <1 ;1: 19.81 <1 61@.8
>1: .M
=0<.79>.8 A: 1G181 +@;= ?0-/= 7 + ;+@>= D1 9E61;1<7 + 81;+0.7 1 . 98= B1> A=9: 1:.
<+>+ <1@+ A=9;?.A: =8F+ ?1 9+ -C1F+ - 61@- +0- +?1< =? <7 .E ;+M 1<+=9 =>.</=9 B1>
7+ . A=9;./1= A=A0.: .B<+ -9A+E+ >=: .>= B-7 +8 < 9+ 9A+F.7 1:.D=61= D1 ;= ;1>=D61<=
260+8+2 : . 96+ @;= D<1 <1-B.= 7 + =? <19
1@;= <.9;+ =C7 16.: . ;= 61@+ =;>0.I+'
C7 16.: .' 1 @+D?+9+; 9+?18 ><7 ./1 <1A.91E . 8=/: . 9- 9+ A0=?1;. 9;01@<.
;.01G. 1:. .D?161B <.7 + E;+= <.@;1 ?1 -: =G. - 0+>: 18- <= @;= 9;+ 6. = 8+<. 91D<1: . 91D<1: .
9;+ -/: 16<=8 .D 0.9;=;+: =6.E A.91<.7 1 +/= ?1 7 1 ;+C+ =C16+9;.8 = <+B+8 ?0-/=8
-;=61= 918 ( 1E+7 >=: .>= 918 7 1 A-;=61= 0=@1= 918 >0=D 6.@+ 8+9;1 <+/= .7 +?1<
B=6+> - 8=8+ 60+8+<- =C16.= 918 <17 =C.8<.7 1 .9;01G.61<7 1 6.?+= 6.@+ D+81: 71 . >:.81
B-= 6.@+ 9: 16<.E : 7-?.
:. : 1;=< ;+ 7 + 80D+= 1 :. 7+ .9;.<1 =<= ?1 9+ <7 +8- ;6=7 + ><7 ./+ ;=: .>=
<.9- ?=A1?1: + ?1 7 + ;01G.= ?1 C-?- 96+ 9A1: 7+<+'
1 . -81: = ?1 -9A+ 81;=0. 9-7 +6+0<. 7 101F : . =<17A=G10 - : +>91<?0.7 .
9;610<= 7 + -A0=A19;.= 8=7-/: +? 1;= 6. ;1>=D61<. 8=?+0<. D<1;+ ;1>= 81: = .:. <.81: = =
81<.A-: .91<7 - 60+8+<=8 .@;1 B=6+> <+ 8=G+ ?1 B-7 + =? 619 <+/= 918= 7 -;<
7<@;17<
?=C0= B+8- 91? =61 A=9+;1 1;16.7 . - 2 :+;.81 /=9A=?<7 .82
?+6+?+9+;.8 6+>1 ?61?+9+;=/'
18= A0=6+01618 7 +?<- =? 8=7 .E D18.9: . 7 +?<- >=7 - 9- 8=7 . D+8: 71F.
<1 <+90+I- <1A-9;.: .
:1?.8 9+ ?1 = 1;=8- 1;=8=9- DC=0.@ +8=>0.;+
1 = <7 +8- 1(;=8- B+9;.F. >017 <7 =7 <+6.?: 7 .6=7. <+?+: 7
.6=7 =<=7=?
>=7 + 961 =9;1: 1 81;+0.7 1 91D?1<1 7 + 0+9>1B+8 96+ ?1: 7+ . ?1: 7 + >0=D60+8+ <1A0+? ?1
6.?.8 >=: .>= 7 +:7-?9>. 0=? A=9;./1= - -9160@161<7 - 8=7 + ;+=0.7 +
;6=7 1 ;+=0.7 1 >1G+
D1D.61@8+ 8: 1?. B=6+B+ 1>61 9- 8=7 1 -6+0+<7 1 C.: 1 ;= ;. ?=C0= D<1@
+ D1C=016. 7 1 7 +918 A0+9>1>1= >0=D60+8+ 1: . 918 .A1> .@1= 0+?=8 .D6+>1 - 6+> .D
?+F+<.7 + - ?+F+<.7 - <1<= 8. 7 + 6+=81 ?=C0= ?1 9- - 6+>- ?+6+;<1+9;=8 E+8.B10. 1 -
?61?+9+;=8 M .D.B10. A=>-@161: . 8=7 .8 D18.9: .81 ?1 9+ ./017 - +8=7 8+ A=/0+@<=
9E61;.;. ( ?=C0= 7 + @;= 9- ;= 01?.: . 18= : +A+ 90+I+ ?1 7 + : 1;=< ;1>= 8-?10 C.=
1 918= E;+?=E ?1 B-7 +8 ;6=7 - ;+=0.7 - =? ;+C+ : .B<= ;6=7 .8 0+B.81
.9>1D1<- +0 8. = ;6=8 9;6101: 1@;6- -/: 16<=8 >0=D.9>1D+ ?0-/.E D<18=
1 E17 ? <+> ;. C-?+ 6= A= >= D<1 >=7 . A-; >= D6-B.8 >1= ?1 9+
?=91,-7 +8 ;= 7 + D1;= @;= 918 <+?16<= 96+ .9;= =61>= A0.B1= =<=8 ?0-/10-
A+<E17 8+0- 18= 7 +?<= <+8=7 <+8=78+ A0+>.?1;. <+>.8 ?=91?<.8 8=D/1<7 .81 =
<16=?<=7A101: +:<=9;. .D8+,- M .D.>+ . E.<?-.9;.B>+ 0+: ./.7
+
1 : . C. ;. E;+= B-;. 8=7 - ;+=0.7 - = -: =D. >.<+9>+ E01<+ - <10-@161<7 -
=/: +?1:9>+ 9.8+;0.7 +' +=0.7 1 7 + ;= >=7 1 .81 7 +?<1>- 60+?<=9; >1= =<= 61@+ ?1 7 + 96+;
91B.<7 +< =? 61D?-E1 D+8: 7
+ 61;0+ . 6=?+

30
 17 ? >1= ?1 ;. 81: = I-;.@. A-9;.@8+ ?1 A=B<+8 =? A=B+;>1 +?. +;=
A=0+? ;+ 2 8+>.<;=@29;610. . B-78+ . A=B-7 >= 8.9: .@8=701? 01D-8+;. . 01? 96.E <19
1;=8.9;1 8=018= 9+ 601;.;. ?61?+9+; @+9; 6+>=61 - A0=@: =9; +>.E ?6+9;1 : +;1 A0+
0=,+<7 1 8=/ A0=F61= 7 + - 96=8+ 01?- 7 +?1< B=6+> .8+<=8 1: +9 =>= @+9; 9;=;.<1
/=?.<1 A0+ 0=,+<7 1 9-91 0.9;1 1 - .: +;- <19+: 7- <+>.E ;+@>.E 9+: 71B.<1 - A=>017 .<.
=<.7 . D1 >=7 - 6. 91? >1G+;+ ?1 7 + 2-09>12
;17 1: +9 M .:=D=MC+@+'
;+ >1>= 06. /0B>. M .:=D=M @;16.@+ : . 9- M .:=D=M . A0+?9=>01;=69>+ "0B>+
D1.9;1 D<1: . 8<=/= ;=/1 1: +9 C+@+ 81;+81;.B10 -9A+@1< >1= . 19;0=<=8 6=7 + 9;-?.7 +
.D=@;0. - /.A;- . - +9=A=;18.7 . A=;=8 +9;+ : . D<1: . ?1 7 + =< A0+?9>1D1= 7 +?<=
A=801B+<7 + -<F1 >=7 + 9+ ?=/=?.: = A0+? 918 >01701;1 .D8+,- .?.7 1F1 . +?+7 1F1' < 7 +
<1B.<.= . 7 +?1< =? A06.E 1: 81<1E1 ( >=: .>= B-7 +8 6. ;17D1?1;1> ?1<19 A0+A-@;1;+
01;10.81 ( 1 8=0<10+ 7 + <1@+ <1-B.= >1>= ?1 -98+01617 - : 1,- >0=D <=I /: +?17-I. <1
91D6+G,+ 1: . 8+?6+? +@+ =< . A=: .;.B>. 916+;<.> A0=<.F: 7.6 A=9: =6<. B=6+> . M .<.
.<G+<7 +0 1<. /0B>. M .:
=D=M . C+E- F+<7 +<. <+ 918= DC=/ : +A=;+ -8<=/ 01?1 96=/1 <+/= .
DC=/ A01>;.B<.E 6+@;.<1 .: . >1>= C.9;+ 6. ?1<19 0+>: . DC=/ A0.8+<7 +<+ <1->+ 1
M.D.B10.81 ?1<19 ?1 : .7 + ?0-/1B.7 +'
+@161: = 9+ ?1 . 8. -B.<.8= A=<+@;= >=0.9<= A=>1;>1? : . G1= 8. 7 + @;=
0+I. 8=018 ?1 9- <1@1 D<1<7 1 ?1<19 -/: 16<=8 >1 60: = -9>.8 F.: 7+6.81 -98+0+<1 . ?1
81: = >= =? <19 /0B>. 7 +D.> DC=0.;. D<1
0+I1 7 + ;6=7 1 ?1>: + @;= 7 1 D<18 +</: +9>. ;1>= ?=C0= D10 <+' -7
?1>: + 1: +9 7 + >1= . 7 1 9+C. <+A0+9;1<= 7 +?<= A.;1<7 + =<= <17 =9<=6<.7 + A=9;16: 71= ?
B+/1 7 + 96+; 91D?1< . >1>= ;= 2 <+@;=2?+7 9;6-7 +'2 .?.8= A0.6.?1< E1=9 A=96-? =>= <19
#61;. F6+I+ A1 -8.0+ =A: 16+ D+8: 7- -<.@;1617 - +D+01 9+ - A-9;.<7 + A0+=C01I17 - D
<+C+91 8+;+=0.; A1?<+ =6.;: 1F. 6+;01 A=7 16+ 9+ A0.6.?<= <.=;>-? 60+8+<1 <1 60+8+
A=<+>1 A: 1<.<1 A019<+ 7 -?. =9;10+ -80- . - A01E 9+ A0+;6=0+ =9;=7 . : . .A1> <+@;=
;017 <= 7 +?1< .?+<;.;+; >=7 . .9A=? 96+/1 ;=/1 : +G. . >=7 . >0=D96- ;- 9;1: <- 8+<- . A0=8+<-
.9;017 161' =G+ : . 9+ 96+ ;= @;= A=9;=7 . 96+9;. <1 A016.: 1 ;1>= 7 +?<=9;16<1 ?1 .E B1> .
<1@1 81: +<1 A18+; -9A+ 9E61;.;.'
1:+9=6=?/=6=0 1>= /1 7 + <1@1= @;1 C+@+'
=?1 1: +9 0+B+ ?1 6=?1 7 +9;+ +: +8+<; >=<1B<. . =9<=6<.
1 =9<=6- B+/1 7 + =< ;='
1 . <.7 + 8- ;= C.: 1 ;1>= : -?1 D18.91= .918 9196.8 9./-01< @;1 9+ -
<7 +/=6=7/: 16. ?+@161: = :
. A=8.9: . 6=?1 7 + A0+9-?<1 D1 019; C.: 71>1 C10 +8+<>+
.817 - A0.0=?- 6: 1G<- "=;=6= 961>1 9;610 .9A-@;1 >1? 7 + D1/0+61@ 6=?- =?1 7 +
@;16.@+ 7 +?.<1 D<1<1 ;610 >=7 1 8=G+ A=9;=7 1;. . >1= B609;= ;+: = . >1= ;+B<=9; . >1= /19 (
<1.8+ >1= 6=?+<1 A101 =G?1 7 + 1: +9 8.9: .= ?1 C. 9+ 6=?1 <19;16: 71<7 +8 <+>.E =?
A=8+<-;.E A0=F+91 8=/: 1 A0+=C01D.;. - D+8: 7- + D<18 @;1 7 + 8.9: .= :. 961>1>= 7 +
=?: .B<= A=B+= - =C: 19;. >=7 - 6. ?1<19 <1->1 <1D.61;+
.7+ C.:=: =@+ D1 A06. A=>-@17
;.91> 6: 1?1 -=>=: = 8=01 /+7 9>=/1 ?1 9- 1: +9- . <7 +/=6=7?0-G.<. -/: +?
A=>610.: . .9;=0.B10. 1 <10=B.;= 0.9;=;+: 0.9;=;+:C+@+ =A9+?<-; 01D8.@: 71<7 +8 = 9.: 181 .
-D0=F.81 D0=B<=9; /=;=6= <. = B+8- ?0-/=8 <+ 8=G+@ 9 <7 .8 A0.B1;. 1A1?1= 7 +
1:+91 . <7 +/=6+ A0.7 1;+: 7+ .: +;=6F+ 21@;= 6=?1'2 1 =<?1 =A+; 2=7 1 ;= 9.: 1 .D<-,-7 +
A0=8+<- .D>0-;+ 6=?+ - +;+0.B<- 6=?-' 1@;= .81 ;1>= 8<=/= 01D: .B.;.E =C: .>1 6=?+'2
8=?+0<=7 E8 A10?=< E=I- 0+I. - =6=7M .D.F. ?1<19 D1E;+61 9+ ?1
A=9;=7 + 9.: + 1: ..
196.8 7 + : 1>= 8=/-I+ ?1 9- 1: +9 . <7 +/=61 ?0-G.<1 -A: +: . ;- D18.91=
-D0=B<=9;. - 918- A0.0=?- <7 .E=6+ <1 6=?. D19<=61<+ 81;+0.7 + .:1 91 81;+0.7 =8
-7 +?.<7 +<1 +/= ?1 =9;16.8= ;= D1 81: = >19<.7 + 1A=9: +;>- I+@;. >1D1;. 8+<. = ;.8
61@.8 >1>= .E D=6+;+ /: -=<.81 . = 9-A+09.8+;0.7 . .
+@+ 9+ A=818<= 96-? A= ;+: - 1 >=G1 8- 7 + <17 +?<=8 961 9.: <=
<17 +G+<1 1(?1 =C0=(?=C0= ;1 7 =@7 + ;17/+<.7 + -01?.='
81= 7 + . <+>+ 8.9;.B<+ D18.9: . >=7 + 9- 8- C1@D/=?<= ?=@: + +0=61= 7 +
?1 +8: 7 1 <1 6=?. A: =6. +0=61= 7 + ?1 81/<+; D1;= @;= /6=G,+ A=>0+<-;. 8=G+ .81
?-@- :. 6+0=61= 7 + ;1>=,+ - 7 +?<=9;16<=9; . 6+0=61= 7 + ?1 F+: 1 19+: 7+<1 7 +9;+
=C7 +?.<7 +<1 C+D=CD.01 <1 ;= @;= 9- A=7 16<. =C: .F. <+C0=7 +<.E 2 81;+0.7 1: <.E 9;610.2=>= <19

31
;=: .>= 01D: .B.;. 1: +9 7 +7 +?1< <.D01D: =G<.E 10/-8+<1;1 A0+A: += 91 961>=7 1>.8 8.;=: =@>.8
818-0: -F.81 >=7 . 9- 9+ - <7 +/=6=7/: 16. D1?0G1: . . ;1>= ?1= 6=?. ;17A=9+C1< A=: =G17
0+;A=9;16: 718 ?1 7 + 8.9: .= ?1 =6- A: 1<+;- <1 : +,.81 <=9. ?.6 ;: 19 >=7 .
9;=7 . <1 >=0<7 1B.
- F=<;01.0+ A016= 9-A0=;<= =? ;=/1 A0.7 1;+: 7- 8=7 1: +9 . <7 +/=6.
?0-/10. .81: . 9- 7 +?1< 6+=81 D<1B17 1< 919;1<1> 6+0=61;<= - D1?<7 =7 91: . 7 +?<=/
0+9;=01<1 - 90+?.@;- /01?.I1 .: +;1 =9: + .D6+9<+ >=: .B.<+ +/.A1;9>=/ 6.<1 @-;<-: . 9-
;:191 . 96+B1<= 9+ D1>: +: . 2 ? ?1<1 =6=/1 =C7 1@<7 +<7 1 . ;+=0.7+ = ?+7 9;6=61<7 - 96+;1
D19<.61I+ 9+ 9;0=/= 918= <1 : =/.B<.8 10/-8+<;.81 +81 9-7 +6+07 1 6.@+ .@;1 <18
+69 "0=8=6<.> <+ A.@+ + -A-I-7 +8= ;+<. 8=: .;6+ <.9- <18 A=;0+C<. +0>-:<.;. 1
<. 1=(#+ <. -?1 19 7 +?.<= =<= 818. @;= 8=G+8= ?1 -;60?.8= 918. 2 =G?1 7 + ;=
<17 61G<.7 . ?=/=6=0 - .9;=0.7 . B=6+B1<9;61 +@+ : +;= ( A0+ 0.9;1 ( @+9;= A+?+9+;= <=I
6+0=61;<= <=I=? B+;60;>1 <1 A+;1> 1?1 9+ 0=?.: 1 <1->1
18.@: 71@ ?1 98= 8. ?1<19 9: =C=?<. =? 9-7 +6+0.F1 . A01D<=6+0.F1' .9.
.81= 9-90+; 91 <1@.8 >0+1F.=<.9;.81' 91 <1@.8 +>9;0+8.9;.81 A=>0+;1 D1 A0161
G.6=;.<7 1'
6?+ - +08.: 1C-'
+ 1: . - C: .D.<. +/= 0+F. 8. >1? 7 + -9>=B.: 1 ;1 D18.91= = D+8: 7.
61D?-E- 61;0. . 6=?.'
=: 1>= A=: 1>= =9;=7 + ?61(;0. ?0-/1 B=6+>1 A0+ <+/= @;= 9;./<+8= ?=
;+ ;+=0.7 + <1>9.81<?+0 <1 A0.8+0 .= 7 + ;= 1: +9=6 8: 1?. A0.9;1: .F1 - .:+;-
<1>9.81<?+0 7 + ;1>=,+ 2 D101?.= 96=7 + 818-D+201?+I. A01>;.B<+ A=9: =6+ ( <1 A0.8+0
;1>= @;= 7 + D1 8.: +;=69>+ 8=0<10+ <1F0;1= 81A- #0<=/ 8=01 1= . 1: +9 ;01/1= 7 + . =<
D1 =9<=6<.8 2 =A+>1812=? >=7 .E 7+ 81;+0.7 1 961 91/01,+<1 1: . 7+ D1>: 7-B.= ?1 <+ 8=G+
C.;. =? 6=?+
= 7 + 961>1>= C.= <=6. <1A0+?1> /0B>+ <1->+ <1>9.81<?+0 7 + D1 ;-
-: =/- >1<?.?=61= ( @;1' 1>: 16-'
8+79+ ;. D1@;= <+ 0D= I+8= 8. A0+I. <1 61@+ ;+=0.7 + <1>9.81<?+0
C+@+ 7 =@7 +?1< =? ;.E A01>;.B<.E /+<.7 1 1= . <7 +/=6 8+<;=0 1: +9 >=0.9;.= 7 + 9:=C=?<=
60+8+ ?1 9+ ->: 7-B. - M .:=D=M 9>+ 019A016+ <1>9.81<?+0=61 : =/.>1 C.: 1 7 + A0.: .B<=
.9;1<B1<1 6.?+= 7 + ?1 96+; 7 +9;+ 91/01,+< =? 9-A0=;<=9;. >=7 + .D8+,- 9+C+ 01;-7 -
;=A: = A0=;.6E: 1?<=/ 8=>0= A0=;.69-6=/ =?1 61;0- /19.N -<F+ 6=?- =9-@. +; F+;+01
;-? =9<=6<1 ;610 19+: 7+<+ <+ 8=G+ C.;. <. 6=?1 <. 81 @;1 ?0-/= @;= 7 + =?0+,+<=
.7+?<=8 9;610. >=7 1 A0.A1?1 ;.8 9-A0=;<=9;.81 - <+ C. C.: = 9.8+;0.7 + D<1@>=: .>= 9-
"0F. 6=: +:. 9.8+;0.7 - 1 A0.8+0 1>= 7 + - A06= 60+8+ 961 81;+0.7 1 C.:1 6=?1 >1= @;= 1: +9
/=6=01@+ =<?1 60+: .<+ <.>1?1 <+ C. 8=/: = C.;. <.;. 61;0+ 7 +0 6=?1 61;0- <+ ?17 + 6+I7 +
-<.@;161
1 @;1 =<?1 <1>9.81<?+0 >1= A0181;+0.7 - A0+?: =G.'
< 7 + ;= <1D61= 1A+.0=< @;= D<1B. 2 =<= C+D /01<.F12 = A06= 9;1<7 +
81;+0.7 + C.: = 7 + 7 +?<1 8191 <+01D?+: 7+<1 6+: .B.<=8 =/0=8<1 1 8=G?1 . C+9>=<1B<1
0.8.;.6<1 2 ;61027 + ;= C.: 1 <+-;01: <1 <+/?+ .D8+,- 96.E ;.E 9-A0=;<=9;. ;1 A=8.91=
?-C=>= 7 + -;.F1: 1 <1 8=7 + 01D8.@: 71<7 +
<1B. ;171A+.0=< C.= 7 + <+@;= <1: .> <1 ;6=71(;=8 ( =9.8 @;= 7 + C.= ;610
C+9>=<1B<1 C+9>017 <1 1 <+ B+9;.F1 .<M .<.;+D.81: <= 9.I-@<1' 10 ;= <.7 + 918= D18-;.: =
9.;-1F.7 -'
+ <1>9.81<?+0 7 + C.= <1 ;01/- <+B+/1 A+.0=< 7 + C.= C+9>=<1B1< . -
A0=9;=0- . - 60+8+<- C+9>017 1< 1: . . C+D.>1>6+ 9;0->;-0+ <.>1>6.E 919;16<.E ?+: =61 <+
.81,1@+ .@;1 <+ C+@+ =9.8 1A+.0=< 9>0=D . 9196.8 1>= E=I+@ ?1 ?=<+9+@ =?: ->-
>=7 1 I+ ;. =9<=6<1 ;610 C.;. =<?1 C. ?=C0= C.: = ?1 =<1 .81 ;- =?: .>- 1A016= A=+<;1
8=7 1 -A016= 7 + =6= ?1 619 A=9;.?.8 ;.8+ @;= +6= A=9: + ?6+ E.: 71?+ /=?.<1 6. <10=?+
>=<1B<= A=B.<7 +;+ F+<.;. A0.9-;<=9; 8=7 + ?0-G.<+ <1>9.81<?+0 7 + 61.9;.<- 61>--8
A0=<1@1= .9:.8 ?1 7 + 61@ .01> .01F >=<1B<= A=B+= ;+> - /=?.<181
?61?+9+;.8 6+>1 61@+/1 ?161;. 61>--8- =<+ =?: .>+ >=7 + 61>--8 D19: -G-7 + <1>9.7 +6
1A+.0=< C.= 7 + A0=;=;.A D1 8=7 - 2A01D<.<-2<.@;16.: = - >=8+ 9+ B+9;.F+ >0+I- 91> 7 -;< .
G+7 89 : +0> 1>96+:<1D61@+ ;= +;+0
=<= @;= 7 +9;+ <+@;=' 1;+0.7 1'

32
 6= A=B-7 D6: 1B. .D;=/+ 96.;1> A+0/18+<;1 <18+@;1 <1 <=9 <1=B10+
281/<16.G<2>-A: 7+<+ <1 <+>=7019A0=?17 . <1>9.81<?+0 DC=0. =61>= 2.7 + ;= 6=?1 <.;.
.7+?1< =? ?0-/.E ;1>=D61<.E +: +8+<1;1 <+/= 7 + ;610 7 +?<1 ?0-/1B.7 1 .D>=7 + 9+ 01,17 -
961 <+C+91 . 96. 96+;=6. - <7 .81 ;610. >1?1 A0=A1?17 - 019;1B- 9+ - =<= .9;= =? B+/1 9-
. ?=C.: + 96=7 + C.69;6= -A0=;<=9;. 9- A06= C.: + 96+ - ;=8 7 +?<=8 A1 9- 9+ =<?1
.D?6=7 .:
+ . 01D?6=7 .:
+ 2 +@;= 8. A1?1 <1 -8 B.<7 +<.F1 ?1 6. 8: 1?.I. .D?61?+9+;=/ 6+>1
9;1: <= <+@;= 81;+0.7 1 1<;.81;+0.7 1 =C+ - 61>--8- A1 ?=: 1D. ?= 1<.E.: 1F.7 +
1 ?=C0= ;= 7 +9;+ ;1>= 1: .
1? <1>9.81<?+0 >1G+ ?1 9- 9-A0=;<=9;. - 1A+.0=<- C.: + ( E17 ? <+> /1
<1D=6+8= . 61>--8 . +;+0 ( A1 9- 9+ A=9: + .D?617 1:+ . 01D?617 1:+ D10 ;= <.7 + ?=<+>: +
<1: .> <1 =<= @;= 6. 8.9: .;+'
1 A1 <1 <+>. <1B.< 7 +9;+ :. 71 C.E 8<=/= 01?.7 + ?1 ?=D<18 @;1 7 +
<16+: = <1>9.81<?+01 <1 8.9: . ;1>6+
19<= ?1 =< <.7 + -<1A0+? 9;6=0.= 9-? = A=9;=7 1<7 - 1<;.81;+0.7 + :.
981;01= 7 + ?1 - 61>--8- >=7 . 7+ =A0+8: 7+< 96.8 =9=C.<181 >=7 + 61>--8 ?=.9;1 . ;0+C1
?1 .81 9-A0=;<=9;. 8=/- ?1 9+ .D?6=7 + 60+: = . E: 1?<= 8=>0= . 9-6= 9: 1;>= . >.9+: = .
?1<19 ;=8+ ?=?17 +;+ A=D.;.6<= . <+/1;.6<= 7 -/ . 9+6+0 1? 9+ 9-A0=;<=9;. -7 +?.<+
<7 .E=6+ =?: .>+ 9+ 8+,-9=C<= A=<.@;+ . ;1>= =A+; ?17 - <+-;01: <. 1A+.0=< 10 <.7 + ;=
D/=?<= -?+@+<='
;= <+ C.98= =<?1 -6+: . - ;= . +8=>01;9>- 9;01<>- . +A-C: .>1<9>-
9;01<>-' 1 <.7 + C.= <+>. "0> ;18= A= .8+<- +A-C: .>=9'
1 E1 =C01 ;. 7 + ?=9+;>1 <1>9.81<?+0 7 + C10 A=>-@1= ?1 =C7 19<.
8+E1<.D18 >=7 .8 9+ .D 7 +?<=/ =9<=6<=/ +: +8+<;1 9;6101 01D<=609<=9; ;1 <7 +/=61
;+=0.7 1 = 01D609;161<7 - 1A+.0=<1 6=?.: 1 7 + ?= .D6+9<=/ C0=7 1 A0+;A=9;16>. 8+,- >=7 .81
.81 . ;1>6.E >=7 + C. 6+0=61;<= ;6=7 - 91/: 19<=9; ?=C.: + <1>9.81<?+0 7 + 6+0=61=
A0.8+0.F+ ?1 B=6+> =? <.G.E <19;1?+ G.6=;.<7 1 . ;= 01D6=7 +8 1 ;+ <.G+ D6+0. ?1 =A+; =?
?0-/.E G.6=;.<7 1 <19;1?=@+ . ;= =? =<.E >=7 + 9- A=0+>: =8 .D 8=01 <1>9.81<?+0=61
<17 6+I1 >=98=: =@>1 D18.91= C.: 1 7 + ?1 9+ =;1019. <+ 918= ?.61 ;: 191 <+/= B1> . ;=/
1:+9=6=/ =>+1<1 A= >=8+ ;=C=G +8: 7 1 A: =6. <1?.7 1@+ <1>9.81<?+0 ?1 +8: 7- <.7 +
A=;0+C<= ?0G1;. <. =9: =<F+ 7 =7A=?8+;1;. >= D18.9: .@ +8: 7- 96+7 +?<= @;= 7 =@<+ D<1@
?1 7 + :=A;19;1 >1>= - 1A+.0=<- : +C?. C+9>=<1B<=8+ 7 19<= 7 + ?1 =<1 <+81 >-?1 A=I.
=;A-<= - 91/: 19<=9;. 91 7 -;<=6.8 D1>=<.81 1>= >1= @;= 9- =6. 8=7 . "0F. 8.9: .:
. <+
A=9;=7 . <./?+ <.@;1 ?0-/= <1>9.81<?+0 7 + 8+,-;.8 01B-<1= <1 ;= ?1 8=01 A=9;=7 1;.
6.@+ =? 7 +?<=/ 96+;1 .: . >=98=91 ;16.@+ =61>= <1>9.81<?+0 <1A.91 ?1 A=9;=7 .
<+=/01<.B+< C0=7 19+: 7+<1 . ?1 961>1 01<.7 + .: . >19<.7 + A0=A19; ?=G.6. . <+9;1<1> .
9:+?+I=8 19+: 7+<=8 D18+<7 +<1 C-?+
1= 1: ;+0<1;.6<+ 19+: 7+<+ - 26+D?1<.8 9;1D1812 '
=:1>= 91 ;.8 61@.8 0+>: 18<.8 A=0->181 18.91= = C+DC0=7 <.8
96+;=6.81 A=9;1: 17 + 6+=81 61G<1 <181 1;=8.9;.81
+>1781: = 18;.8 7 1 <+>+ 0+B+<.F+ >=7 + 9. ;. +8=>0.;+ <1A.91= 1 =?
>=7 .E 918 9+ 7 1 /: +?17 -I. .E - 96+;: =9;. 8=?+0<+ >=98=: =/.7 + D1.9;1 <17 +G.= <18 7 1 ;+
=?: =8>+ <1A18+; 61>= 9. <1A.91= 2=9;=7 + <+C0=7 +<. 96+;=6. 01D: .B.;.E 6+: .B.<1
<+>.81 <+81 9-<F1 <. 8+9+F1 - ?0-/.81 .81 1: . 9- 01D8+01 6+I.E <+/= - <1@+8 96+;-
1 .81 =A+; . 96+;=61 91 6.@+ 9-<1F1 . 6.@+ 8+9+F1 2
1 8. 9;10. "0F. .81: . 98= <+>+ D18.9: . - >=7 + 6+0-7 + . 61@ >1A+;1<
.0> 1 ;=8 01D: .>=8 @;= 98= 9+ 8. =C: 1B.: . ?1: +>= C=: 7+ +/= 7 1 C.E 01?.7 + -A=0+?.=
8=7 - D18.91= 91 2 8+E-0=6.81( 19+: 7+<1812 = >=7 .81 61@. 2 .<M:
1F.=<. >=98=: =D.2
=C7 16: 7-7- <1-B<+ 01?=6+ =6.E ?1<1
A016= =? ;=/1 =<1>6- 7 +D- =9+;.E 10 <.7 + 7+?1< =? ;6=7 .E A0+;E=?<.>1
6+0=61= ?1 7 + 61D?-E =<17>017 <7. +:+8+<;'
= ;. 8.9: .@<1 <1>9.8+<1 >=7 . C+@+ <1>9.81<?+0=68: 1,1<. 9: +?C+<.>
. A=9: +?<7 . B:1< 1: +9=6+ ?0-G.<+ :
. ;17 <1>9.8+< 7 + =?9;-A.= 7 +?1< >=01> -<1D1? =?
<1>9.81<?+01 . 601;.= 9+ <1 =<= 1: +9=6= ?1 A=9;=7 . 7+?1< 96+=A@;. A01+: +8+<; 18=
7+ .<9.9;.01= ?1 7 + ;= 61D?-E <+ 6=?1
0+C1: = 7+ ?1 9: -@1 96=/ 8+<;=01N=<?1 9+ <+ C. =A0+?+: .= D1 <+@;= ;1>=
C1<1: <= >1= @;= 7 + 61D?-E

33
 1 1: . 7+ D1;= <1>9.8+< 98.9: .= A18+;1< 8+E1<.D18 >=7 .8 7 + =C7 19<.=
>1>= 9- =? ;+ =9<=6<+ ;610. A0+=C01G17 .81 <19;1: . 01D<. =C: .F. 81;+0.7 + =: .>= 91D<1?=E
.D <+>.E ;+>9;=61 >=7 + <+?16<= A0=B.;1E ;. 9. 7 +?1< =? =<.E D1 >=7 + 9+ >1G+ ?1 9-
+>9A+0.8+<;1;=0.
E1 81@<+>. A0=C: +8 9 ;.8+'
0.8+I-7 +8 ;6=7910>1D18 A0+81 /: 16<.<. ;+=0.7 1 /0B>.E 19: -I-7+8 ?1
7+ ;= D1;= @;= 8<=/+ =? ;.E ;+=0.7 1 .1>= 9+ -6.?=8 - =61796+; =>= <19 8=/- C01<.;. .A1>
<.9- <.7 +?<.8 =A.;=8 A0+9-?<= A=;60,+<+
1>= 7 + >9A+0.8+<;1;=0. 8<=/= 6=: + D18.91= >=7 - 8=G+@ A0=6+0.;.
1>6.8 A0=6+0161<7 +8 8. D<1@ D101,-7 +8= E: +C <1@<19-@<.
<?1 C. ;0+C1: = 6.@+ ?1 F+<.@ <1>9.8+<1 7 +0 7 + =< 96=7 1 -6+0+<7 1
D19<.61= <1 =A1G1<7 .81 +=0.7 1 <7 +/=61 7 + C.:1 ?1 9+ .D61D?-E1 01D<. +: +8+<;. 81;+0.7 +
.D?617 17- >=<?+<D1F.7 =8 . 01D0+,.61<7 +8 1D?-E 9+ 8=G+ 96+9;. <1 6: 1/- . =C01;<=
6:1/1 A0+;6=0.;. - 61D?-E 0+: .<1 . E: 1?<=I1 A0+=C01G1617 - 61D?-E - 01D: .B.;+ ;610. 1 C.
A=>1D1= >1>= 7 + ;=A: =;1 - 6+D. 91 01D0+,.61<7 +8 1 E: 1?<=I1 - 6+D. 91 D/-@<7 161<7 +8
<1>9.81<?+0 7 + 916+;=61= : 7-?.81 ?1 .D6+?- 9: +?+I. =A.; >1? .D?-61617 - 61D?-E >0=D
-9<+ 60: = C:.9>= A0.81><-;+ 61D?-E .D: 1D. =9+;<= E: 1?<.7 . 1 >1? A=: 1>= .9A-@;17 - 61D?-E
>0=D@.0=>= =;6=0+<1 -9;1 ?1E C-?+ A0.8+;<= ;=A: .7.
=</0+9 7 +?.<7 +<.E 8+0.B>.E 0G161 C. 6=: += <1>9.81<?+01 7+/=6.
=A.;. 9- >-?.>18= 7 +M;.<.7. =? =6.E 8=7 .E 9.8 ;=/1 =<. - =</0+9- /-017 - ;=: .>+ >=: .B.<+
61D?-E1 <1A=: 7+ >0=D96=7 1 -9;1 96+7 +?<= ?1 : . ;=A: =/.: . E: 1?<=/ ?1 D1.9;1
=C0= 01D-8+= 918 1: . 918= G+: .8 01D1/<1;. ;6=7-;.91> A=/0+@<. ?1 8.
1<;.B>. "0F. <.>1?1 60@.: . =A.;+ <.98= ": 16<. A0=C: +8 91 8.9: .=F.81 A=A-; 1: +91 .
<1>9.8+<1 C+@+ 6+0=61<7 + <7 .E=6= ?1 9+ ;610. 8=/- A0+=C01G161;. 6=?1 61D?-E ?1
A=9;1<+ 61D?-E - =/1<7?1 9+ A0+;6=0. ;= <+ 8=G+ 617B6=0 >=7 . <19 7 + ;=: .>=
91A: .;1= <+ A=>-@1 <.>= - <1@=701<=7M .:=D=M .7. ?1 01D0+@. 96+ ?=> <+ ?=,=@+ ?6=7 .F1
8=7 .E 9160+8+<.>1 ( 108+<.? . 8A+?=>: +
8A+?=>: + 7+ ;.A >=7 . 7+ D19;-A1= =<= 61D?-E D+8: 7
1 . ;1>= ?1: 7+ 10
<+' D1 108+<.?1 8+ A=?9+;. @;1 =<= C+@+
1 108+<.?1 9+ B+9;= /=6=0.: = ?1 7 + =;1F .?+1: .D81 D1;= @;= 7 + 6+: .>. ?+=
<7 +/=6.E D18.9: . A=>-A.= =<17.?.=; : 1;=<N1 .9;.<1 /: 19. ?1 7 + 108+<.? C.= 81;+0.7 1: .9;1
. ;= ;60? @;= 6. >1G+;+ 2 E10?(>=02 =A0.: .B<= 7 + A0.B1= = .I- 1: . ;= <7 +/=6= .I+ C.: = 7+
81;+0.7 1: <= 9-@;.<. 108+<.? 7 + 6+0=61= ?1 .I+ <+ 8=G+ ?1 <+9;1<+ <.;. ?1 A=9;1<+
1;+0.7 1 <+ 8=G+ 918= ;1>= ?1 -9>=B. - A=9;=7 1<7 + <.;. ?1 918= -B.<. 2=A 2. <+9;1<+
1;+0.7 17 +9;+ ;- /?+ 7 +9;+ 1 8. 7 + -<.@;.;. <+ 8=G+8=
1 9.,+8= <19 ?6=7 .F1 B19>=8 ?= 1>F+: +01;=01 A1 ?1 6.?.@ >=: .>=
108+<.? <.7 + C.= - A016- . 91 81;+0.7 =8 01?.8= 961>. ?1< -A016= ;= 019 ( . =<1 6.@+
<+ A=9;=7 . -8 ( . +6= 7 + <19;1: 17 +
=C0= ?=C0= : . ;= 7 + 7 +?<1 D<1B17 <1 A0+?9;161 108+<.? 7 + =C-E61;.=
D18.91= >=7 17 + <181 "0F.81 C.: 1 6+=81 ?01/1 D18.91= 7 +?.<9;61 7 +?<=9;. F+: =9;. <=
@;= A=9;=7 . A=9;=7 . <= 7 + A=;A-<= =<= 7 + ;017 <= :-;.8 ?1 ;. . ;6=7 + >=: +/+ ;1>=,+
A0./0: .9;+ 7+?<=9;
+9; A0+?9;161 7 + ;= ;017 <1 . ?01/1 . 9+ ;0-?.8= <1@1 -6+0+<7 1 ?1
6=?.8= >1 -7 +?.<7 +<7 - >1? /=? 7 + 8=/-I+ +:.>1 =C7 +?.<7 +<1 ;+=0.7 1 ;= 7 + 7+?<1 =?
<1@.E ?1<1@<7 .E =A9+9.7 1
;= @;= 6. >1G+;+ 2-8 2. <=61 81;+0.7 1 <19;1<+ ( 7 1 <+ C.E 0+>1= ?1 7 +
;= C1@;1>= A0=F+9 B.9;= 6=: 7<. <+/= >=: .>= D<18 8=01;+ - ;17A0=F+9 -<+;. +<+0/.7 -
1B<= 818 =6?+ 01B-<+ D1 9;0-7 - A=6+: .>+ A=8=I- >=7 .E 8=/- ;=
?=>1D1;.
<1B. - <+>=8 98.9: - 0+B. 108+<.? <.7 + 8<=/= A0=81@.= >=
->: 7-B.8= . 81;+0.7 - . +<+0/.7 - - ;= @;= =< <1D.61 2.I+2 =<?1 7 + =< C1@- A016- +0 ;= .
;1>6= .I+ <+ 8=G+ <19;1;. <.;. <+9;1;. C10 <+ - <+>=8 A=;A-<=8 98.9: - +,-;.8 <1@1
B-: 1 A0.B17 - <18 ?0-/- A0.B- .?.8= ?1 <+>= ?06= 91/=0. ?= D+8: 7+ .?.8= ?1 6=?1
-<.@;. <+>- 61;0- .?.8= ?1 60+: . 61D?-E : +;1 .D1D=6+ .9A10161<7 + 6=?+ #6+;=6. 9+
019F6+;17 - ( A1 -6+<- 8A+?=>: + 7 + 6.?+= >1>= 8=G+8= D1=C.I. =6+ A0.6.?<+
A0=;.6-0+B<=9;. 1/: 19.= 9+ 91 108+<.?=8 ?1 8=01 A=9;=7 1;. =B-61<7 + 81;+0.7 + ?1
81;+0.7 1 <+ 8=G+ <19;17 1;. . <+9;17 1;. >1? 9+ >=8+ A0=E;+ : . 9+ <.7 + 9:=G.= 91 1: +9=8 .

34
 <1>9.8+<=8 ?1 7 +?<1 609;1 81;+0.7 + 8=G+ C.;. A0+=C01G+<1 - ?0-/- <?1 >1>=
=C7 19<.;. 9;1: <+ A0=8+<+ >=7 + =>= 9+C+ 6.?.8=' =9;=7 + 918= B+;.0. 609;+ 81;+0.7 + 0+>1=
7+ 8A+?=>: + 7 +/=6+ 9: 16<+ B+;.0. ( D+8: 71 61D?-E 61;01 . 6=?1 = 9- +: +8+<;. >=7 . 9+
<+ A0+=C01G1617 - <. - >1>6+ ?0-/+ ;.A=6+ 81;+0.7 + <+A0=8+<: 7.6. 9- ;= 9- >=<1B<+
B+9;.F+ =? >=7 .E 9- 91/01,+<. 96. >=<>0+;<. A0+?8+;. 96+;1
=7 + 6+IC=: 7+
<1= 918 ?1 I+ ;. 9+ 96.?+;. 0+?8+;. <19;17 - ;1>= @;= 9+ ;. +: +8+<;.
8+@17 - . >=8C.<-7 - A0+?8+;. <+9;17 - ;1>= @;= 9+ ;. +: +8+<;. 01D?617 17- . 01D.: 1D+ :.
918. +: +8+<;. ( D+8: 7
1 61D?-E 61;01 . 6=?1 ( <.;. <19;17 - <.;. <+9;17 - <+/= =9;17 -
<+.D8+<7 +<. 19<1 9;610 7 1 9+ <+ 9: 1G+8 9 <7 .8 - A=/: +?- .?+<;.;+;1 ;.E B+9;.F1N<.9- ;+
B+;.0. >=7 + 7 + =< 0+>1= :. - <1B+: - <7 +/=61 ;+=0.7 1 A0+?9;16: 71 7+?1< D<1B17 1<
.<;+: +>;-1: <. 9>=> <1A0+? 6+; 9+ 919;=7 . =? 918= <+>=: .>= =9<=6<.E 919;=7 1>1 1
A0+?8+;+ 91D?17 +8= ;1>= @;= =9<=6<+ 919;=7 >+ A=8+@18=NA=9;=7 . 8<=/= <1B.<1 <1 >=7 .
8=/- C.;. A=8+@1<. 8A+?=>: + 7+ ;60?.= ?1 7 + >=9; 91/01,+<1 =? ?61 ?+: 1 D+8: 7+ ?61
?+: 1 6=?+ . B+;.0. ?+: 1 61;0+ 1>= 7+ ?=@1= C1@?= ;=/ 1 <+ ?= <+>=/ ?0-/=/ 0+F+A;1
<+ 8=/- ?1 9+ A0.9+;.8
. A=>-@1: . 91 8+@16.<=8 6=?1(61D?-E(D+8: 71(61;01 . ?=C.: . 918= 60-I+
8+E-016= >: 7-B1: = C: 1;= .@;1 6.@+
9;610<= =6. 2 8=?+0<.2-8+7 - ?1 90=D17 - 961>- 019A016- - C: 1;=
9.:+' .<. 9+ ?1 <.>=8+ =? 619 "0>1 <.7 + A1: = <1 -8 ?1 8=01;+ .81;. .
9.:+ 1 <+ 918= B+9;.F+
1 918 9+ ?6=-8.= 1: . 8A+?=>: + C. 9+ 9: =G.= 9 ;=C=8 6.?+= 7 + ?1
8=01@ .81;. . <+>+ 9.: + >=7 + I+ 9A=7 .;. B+9;.F+ +: +8+<1;1 - A0+?8+; 1>: 7
-B.= 7 + ?1
A=9;=7 + ?6+ 9.: + : 7-C16. C=0C1 7 -C167 + =<1 9.:1 >=7 1 A0.6:1B. . 9A17 1 1 C=0C1 .: . 01D?=0
7+9;+ =<1 9.: 1 >=7 1 01D?617 1 =G?1 ;= <.7 + 8<=/= <1-B<= 1: . D10 <+817 - <1-B<.F. -
61@=7+A=E. 7 +?1< 9: .B1< 9.9;+8 6+0=61<7 1 = 19+: 7
+<.' 1 9+ =<1 919;=7 . =? .D6+9<=/
C0=7 1 B+9;.F1 . =? <+>=: .>= 9.: 1 >=7 + B.<+ 7 +?1< 9>-A' D10 6. <7 .81 <+ ?17 +;+ B+9;= <1D.6+
9196.8 <+=DC.: 7<+'
888 ( ?1 <1 <+>. <1B.< 7 + ;1>= 818= <1@ ;1>=D61<. 2 9;1<?10?<.
8=?+: 2 >=7 . >1G+ ?1 96+ @;= 8. = 19+: 7+<. D<18= 8=G+ C.;. =C7 1@<7 +<= 8+,-?+7 9;6.81
?61<1+9;1> B+9;.F1 . B+;.0. 9.: +
;= 6.?.@ 8A+?=>: =6 A=/: +? <1 96+; D6-B. =;A0.: .>+ >1= ;= @;= 9. 91?
0+>1= D10 <+' 8A+?=>: + 7 + ;60?.= ?1 9+ 96+; 8=G+ =C7 19<.;. 91 B+;.0. B+9;.F+ . ?6+ 9.: +
. 9;+ ?=?1: .7 =@<+>=: .>= 1: . 9>: =A ;1 ?61 8=?+: 1 A0.: .B<= 7 + 9:.B1< D10 <+'
1C=8+ 918= 8. <+ A0.E61;18= 91?0G.<- <7 +/=6=/ 8=?+: 1 >1>61
6=?1 >1>61 C=0C1
1 ?=C0= 8=01;+ <+B.8 ?1 =A016?1;+ @;1 9;+ 01?.: . ?6+ E.: 7
1?+ /=?.<1
:. ?1 9+ 01D-8+8= <. 7 1 <+ 6+0-7 +8 - 8A+?=>: =6- ;+=0.7 -
+/= - @;1'
E1 >=<1B<= A0+: 1D.8= <1 918- 9;610 1? 108+<.?=6 . 8A+?=>: =6
A0.A0+8.= 7 + ;+0+< D1 8=7<19;-A +0=61= 918 - 1;=8 <1.8+ - 1(;=8 1 ;= 7 + =<= @;=
9+ A0+9+I. <+ 8=G+ ;=8 7 + F./:1 =? >=7 + 7+ 19+: 7
+<1 .D/01,+<1 61 81;+0.7 1 7 +
91B.<7 +<1 =? 1;=81 01D: .B.;= 019A=0+,+<.E ;=8 7 + <17 81<7 1 9;610 - 19+: 7
+<.
. 9;+ - "0B>=7- A+;=8 6+>- A0+ <1@+ +0+ .81: . -0+,17 + A=;0+C<+ ?1 9+
A0=<1,- <+6.?: 7
.6. A0+?8+;.'
+ C1@?1 9+ 2 A0=<1,-2
+/='
=G?1 7 + C=: 7 + 0+I. 2?1 9+ =;>0.7 -2 1 918 =;>0.= 1;=8 A=8=I- B.9;=/
01D-81
<1B. 918= 9. <1A0=9;= 01D8.@: 71= .9. 9+ A=;0-?.= ?1 .D6+?+@<.7 +?1<
=A.;
.0. 0->+ . A=>1D-7 + F+:= A0=9;01<9;6= : 1C=01;=0.7 + 81 <+>.E =A.;1 >=7 +
-8 -8+ .D6+9;. C=: 7+ <+/= B1> . <17 6+I. <17 A0+F.D<.7. -0+,17
;1 ;+ 7 + <16+: = <1 D18.91= = 1;=8.81' .: 1 7+ ;= 7 1 8=018 A0.D<1;.
97 17<1 E.A=;+D1 :. 7 + A0+9>=B.: 1 <1 <+@;= @;= 7 + 6+=81 -?1: 7+<= =? D18.9: . ;6=7 .E
A0+;E=?<.>1 1>='
C=/E: +C1

35
 C=/E: +C1' +>= ;+ 7 + A: 1I1= ?1 98.9: .@E.A=;+D- = 1;=8.81'
+ <.918 - ;=8 98.9: - 8.9: .= 2DC=/ E: +C12 .: = 7 + ;= - +A=E. >1? <.98=
8=01: . ?1 9+ ?=6.7 18= >1>= ?1 ?=C.7 +8= C-?G+;9>= M .<1<9.01<7 + =? 916+D<+ ?0G16+
.9:.8 C->61: <= <1 E: +C <18.0<.F- +?<=/?1<1 C1@>1? 918 C.= ?-C=>= D1@1= - A=9;
<+>= 7 + -@1= - 8=7 - 01?<- 9=C- ?=<=9+I. 6+><- E: +C1 A016= .DA+I. <1= 918 ?1 7 + E: +C
7=@ 8<=/= A0+ <+/= @;= 918 ;- 6+><- 6.?+= =8.9: .E <+>1 <+6.?: 7.61 9-@;.<1 E: +C1
?=A-;=61: 1 7 + ?= 8=/ /0B>=/ <=91 A0+ <+/= @;= 7 + ?=A-;=61= E: +C 918 1B.<.= 918 ;1?
D1C+: +@>- = 8.0.9.81 1 =<?1 A=01D8.9: .= . = ?0-/.8 2 A-;-7 -I.8 9-@;.<1812 10.F1 6=?+
A=9;17 + 96+ 81<7 1 . <1A=9: +;>- 9+ .9-@. 9196.8 1>=' 1@;=' =/- : . <+6.?: 7.6+ 9-@;.<+
6=?+ .9>1>1;. .DC10.F+ . @.0.;. 9+ 96+ ?= ?1: +>.E A0=9;=01 >1= @;= A=9;.G+ 8=7;=A: . E: +C'
<=/= ;1>6.E 81: .E 9;610. 9+ <1@: = D<1@NB=6+> /: +?1 01D8.@: 71 A1 . A0.B1 =7A0.71;+:7
+->.A . 7 1 019A016- 6=?.98= ?1<.81 8<=/= ?1<1 A1 . 8<=/= <=I. 96+ ?= =<.E B19=61
>1? -<F+ .D: 1D. 1 <1@+ G+<+ ?=: 1D+ 91 8=;>181 - 0->181 1 >017 - 98= D1>: 7-B.:
. =6=
1>= C. 961>1 ;610 C.: 1 919;16: 7+<1 =? 96=7 .E 1;=81 >=7 . 9- <+6.?: 7.6. D1;= @;= 9- A0+81: +<.
?1 .E <1@+ : 7-?9>+ =B. 6.?+ =<?1 C. ;= D<1B.: = ?1 .81 A0+8<=/= 01D<.E ;.A=61 1;=81
1;=8. 6=?+ 1;=8. /6=G,1 1;=8. F6+;<.E : 1;.F1 1;=8. AB+: .<7+ A0+?<7 + <=/+ .9;+8
;=:.>= 0-G1< ?1 7 + D1.9;1 <+/0B>.
<?1 98= 9+ ?=9+;.: . <+B+/ ?0-/=/ 0+C1 .81;. 918= <+>=: .>= 01D: .B.;.E 29;.:=612
1;=81 0+F.8= /: 1;>+ 1;=8+ 01A16+ =>0-/: + -/: 19;+ . .81;. 7 +?1< 81: . ?=C0= =?1C01<
C0=7=C: .>1 1;=81 1: . D1;= .81;. C+9>=<1B<- D1: .E- 961>+ =? ;.E 609;1 ;16.;. .E 96+ -
A01D1< A0=9;=0 =6+B+ ;0+C1: = 7+ ?1 6.?.@ >=: .>= 98= A.61 A=A.: . ?1 C.98= 9E61;.: .
A01D1< A0=9;=0 1>= 6. ?+M .<.@+;+ 2C1@<.@;12 ' -9;.;. ;+ 1;=8+ ?1 9+ <19-8.B<= 60D817 -
A= A0=9;=0- >= 9+ =<. A=>0+I- <+A0+9;1<= A=<+>1? 9-?1017 - A=<+>1? D1: +A+ 7 +?<. D1
?0-/+ .: . /0-A.@- ?=C.I+8= 7 +?<- 9>-A.<- 1;=81 >=7 1 7 + 6.<= ?0-/- >=7 1 7 + B1@1 .D>=7 +
I+8= 6.<= A.;. . ;1>= .9;= D1 96+ =9;1: = M +;1 9.0 819: .<+ . C1>: 16-
10 <.7 + 0.9;=;+:;60?.= ?1 C. ;1>6. 1;=8. 8=01: . DC=/ 96=7 + A0.0=?+
A1?1;.'
= 7 + <7 +/=6A0=C: +8 +9. : . .>1? A=981;01= ;0-<B.F+ A01@.<+ >1>= A: +@-
- D01>- -<F1 >=7 . 9+ A0=C.= - D1801B+<- 9=C-' 0-<B.F+ 9+ A=>0+I- - 961>=8 . - C.: =
>=8 A016F- C1@>1= 1;=8.
>1>= 9;+ 9+ ?=9+;.: . ?1 1;=8. C-?- <+?+: 7.6.'
= 9+ =?./01: = - -8- 18.9: . <=G =? C0=<D+ ?=C0= -/: 1B1< 1;01G.8=
=? <1@+/ 9: -/+ ?1 /1 /: 1B1 F+= C=/=6+;<. ?1< 96+ ?=> =@;0.F1 <+ C-?+ ;1>= =@;01 ?1
8=G+ A0+9+I. 6: 1; ;016+ -D?-G<= . ;= A=: 1D+I. 91 60E1 >1? 8. 6: 1; ?0G.8= D1 ?=<7 . >017
=<1B<= D1?=6=: 7 1< 7 1 9;-A18 - ?+7 9;6= D.818 >=81? 9.01
+;+'
1016<= 0+9+B+8 /1 ;.8 <=G+8 <1A=: 1 <?1 =A+; . =A+; . =A+; ?=> <+
?=C.7 +8 ;0-<B.F- 9.01 ;1>= 81: +<- ?1 7 + <+ 8=/- <. ?0G1;. 1? D18.9: .8 ?1 918 9+
981<7 .= . ;= 8<=/= ;=8 9: -B17- C. =61 ;0-<B.F1 8+<. .D/: +?1: 1 6+: .>1 8=/1= C.E 7 +
?0G1;. 1 >1? C. 8=7<=G C.= 7 =@ C=: 7+ <1=@;0+< 8=/1= C.E 7 + . 9+I. 1? 7 =@ 7+?<=8
D18.@: 718 ?1 918 9+ 981<7 .= ?1 918 A=9;1= 81: +< >1= C-C-: 7.F1 <1 <=9- <+>=/80161
19;16: 718 ?1 A0+A=: =6: 71618 ;- ;0-<>- 9.01 >= ?=6=: 7<= A-;1 A=<16: 718 =617A0=F+9
D<1@: . >=7 . I+ .9E=? C.;.'
1016<= =;A.91I+8= M +;- >1= @;+;-
19;+<7 + MMM 1> . 198+7 1<=8 .: =D=M - 98+;17 - ;1>= : =@+ ./0+ 0+B.
>= 8=/- <19;16.;. 17A=9: + I- <1.I. <1 A10B+<F+ ;1>= ;60?= ?1 <.>1?1 <+I+ 8=I. ?1
C-?+ A0+9+B+<= A1 B1> . >1? C.98= .81: . ?=6=: 7
<= 9: -/- ?1 <18 9;= /=?.<1 =@;0+ <=G
+0-7+8 ?1 7 + 918= A= 9+C. 7 19<= ?1 <17 81<7 . A0+?8+; <+ 8=G+ C.;. A0+9+B+< D1;= @;= 7 +
<+D18.9: .6= ?1 C. 9+ 81;+0.7 1 8=/: 1 -9.;<7 161;. C+D/01<.B<= >1= @;= ;= ;60?+ <+>.
;1>=D61<. -B+<. M .:=D=M . ;./1= 918 ?1>: + ?= >=<1B<=/ <+019+F.6=/ A0+?8+;1 ?= 1(
;=8=91
. 9. ?=@1= <1 ;- D18.91= - "0B>=7- A+;=8 6+>- A0+ 0.9;1'
1 1 D1@;= <+ C.E' 1 : . 9- ;6=7 + D18.9: . ?1<19 ;=: .>= 01D: .B.;+ =? =6+'
1 D1A016= 81<7 +(6.@+ 9- .9;+ <+/= 7 1 80D.8 B.<7 +<.F- ?1 9. ;. ;=
=C7 16.= A06.
+,-;.8 =<= D1 @;1 6. <1-B<.F. >1G+;+ ?1 7 + 1;=8 ;= <.7 + =<= <1 @;1
918 7 1 8.9: .=

36
 1 ?=C0= ;= 7 + D1C-<1 >=7 1 7 + <19;1: 1 >0.6.F=8 <+>.E E+8.B101 -
?+6+;<1+9;=8 6+>- 1016<= ?1 <.>= ?1<19 <+ 981;01 ?1 9- =<. 1;=8. <1 A+0.=?<=7
;1C: .F. +: +8+<1;1 ( 1;=8 6=?=<.>1 1;=8 >.9+=<.>1 -/: 7
+<.>1 . ;1>= ?1: 7+ ( <+?+: 7.6.
=C7 +>;. . 8=8F. 9- 9+ 81: = D1: +;+: . .9:.:. 9- ?1 9- A0=<1@: . ;6=7+ 1;=8+ ?= >=<1B<=/
9.01 .81: =7+7 =@?1 9+ 81@+ <=G+8 ( .(E1(E1
. 9;+ ?1<19 ;= >=<1B<= A10B+ A0=<1@: .'
0=<1@: . 98= <7 .E A10B.I+ .7 + 918= 7 +?<=
1016<= <1016<= +->.A . 7 1 6+0=61: . 98= ?1 .81 8<=/= 1;=81
.9: .= 918 ?1 +->.A <.7 + 9;610<= A=9;=7 1=
+F. ;. ;= /=9A=,. +->.A =C0= D<18 ?1 <+>. <1-B<.F. 8.9: + ?1 7+ =< C.=
.D8.@: 7+<1 : .B<=9; :. C.= 7 + 9;6101< .9;= >1= =61761@ 2 8+>.<;=@2=6?+ : -A1 @1>=8 A=
>=8A7 -;+0- 81?1 7 1 <+ D<18 C1@ @;1 618 7 + =6= . D1 @;1 +->.A 7 + C.= .D /01?.I1
.:+;1 .9;= >1= . 1: +9 . =9;1: . < . 7 1 98= D17 +?<= 01D01,.61: . <1@- 1;=89>- ;+=0.7 - A1
7+ ?1<19 ;+@>= A0.9+;.;. 9+ ;1B<= >= 7 + @;1 A0+?: =G.= +>. : 7
-?. /=6=0+ 918= D1;= @;= 7 +
+->.A C.= <+>=: .>= /=?.<1 9;10.7 . =? 8+<+ ?1 8. 7 + C.= -B.;+: 7
: . 961>1>= 9. ;. C.= ;17>=7 .7 + .<9.9;.01= <1 ;=8+ ?1 .81 8<=/= 1;=81
1 ;= A18;.8 =9;=7 . C+9>017 1< C0=7 <+?+: 7.6.E 7 +?.<.F1 <+ 9+
01D: .>-7 - ?1>: + 1;=8. 9+ 01D: .>-7 - A= 6+: .B.<. . =C: .>- 1: . =9.8 ;=/1 <+817 - <.>1>6+
9;610<+ =?: .>+ =9.8 96=7 + 9;18+<=9;. <+A0=C=7 <+ B609;.<+
C: .> .817 - 1: . <.>1>6- ?0-/- 9;0->;-0- <+817 -
1 ;= 7 + ?=C10 <1B.< ?1 9+ ;= .9>1G+
>1>= 9;+ 6. - ;=8 E17 ?+ ?1 >1G+8 61@+8 9;1<?10?<=8 8=?+: -
A=6+D1: . =9=C.<+ 1;=81 91 ;610. =? >=7 + 9- 91D?1<.'
.7 + C.: = C1@;=: .>= >=<>0+;<= 1B-<1: . 98= ?1 C. ;0+C1: = <1 A0.8+0 ?1
9:1;>+ 9;610. C-?- =? <+>.E /: 1;>.E 1;=81 1 /=0>+ =? =@;0.E 6= A=9: +?<7 + D<18= D1;=
@;= /=0>+ 9;610. A=60+,-7 - 7 +D.> +B<=9;. 9- =? =>0-/: .E 1;=81 ?=> 8+,-;.8 1;=8.
8+;1: 1 .817 - 81: + C016+ >=7 .81 9+ D1>: 7-B1617 - 7 +?<. D1 ?0-/+ A1 9- D1;= ;1>= ;60?.
1;01 7 + 91B.<7 +<1 =? 9.;<.E : =A;19;.E 1;=81N B=6+>=61 ?-@1 .9;= ;1>= = ;+=0.7181
108+<.?1 . 8A+?=>: 1 <.@;1 <+ 8=G+ 9;610<= C.;. <. 0=,+<= <. -<.@;+<= 0+?8+;. >=7 +
6.?.8= =>= 9+C+ 8+<7 17 - 9+ <+A0+9;1<= 1: . ;= 7 + D1;= @;= 9+ 1;=8. - <7 .81 919;17 - .
019;17 -
1>= 9+ ?=/1,1 ;= 019;17 1<7 + . 919;17 1<7 +'
;=8. 9- - 9;1: <=8 >0+;1<7 - =<+>1? 9+ ->: =A+ - <+>- >=8C.<1F.7 - 1>=
9+ D1?+9. ?1 .817 - =C: .>+ >=7 . 9+ ->: =A.;. 8=/- = =<?1 9;6101 6+I+ =C: .>+ >=7 + 8.
8=G+8= 6.?+;. ?06+I+ 6=?- A-<7 +<+ A1A0.>+ = <+A0+9;1<= >0+;1<7 + 8=G+ ;1>=,+
?=6+9;. ?= 01D.: 1G+<7 1 1;=81 1 ;1? 6.?.8= 2 A0=8+<- 81;+0.7 +2=>= 9+C+
+,-;.8 1>= /=6=0.8= .D-/: 1 918.E 1;=81 <+ 9;6101 9+ <.>1>61 <=61
81;+0.7 1 <.;. 9+ .>1? -<.@;161'
1>= 7 + ;6101<7 1 . -<.@;161<7 1 9- 918= A0.6.?<1
>= 7 + 961 ;610 91B.<7 +<1 918= =? ;.E 1;=81 >=7 . - 9-@;.<. . <+817 -
<.>1>6+ =?: .>+ D1@;= 9- A0+?8+;. ;=: .>= 01D: .B.;.' 1@;= 9- <1 A0.8+0 9;+<+ ;60?+ 1 =6F+
8+>+'
= 7 + : 1>= A.;1<7 + 60?+ 9;610. .817 - - 9+C. 81<7 + A01D<=/ A0=9;=01
7.E=6. 1;=8. 9- DC.7 +<.7 + -A1>=61<. +>1<+ 9;610. 91?0G+ - 9+C. 6.@+ A0=9;=01
<1B. 6. "0F. 9;+ A0.E61;1: . A0+?9;16- = A0=9;=0- 01D<.<.
1C=8+ =7=0;1> +->.A . 7 1 .D8.9: .:
. 98= 1;=8 <?1 98= /1 8=01: .
9;16.;. <+/?+ - <+@;= +->.A 9+ 916 9A+;: 71= 1 . <1A.= A=>-@1617 -I. ?1 =?0+?. A01D1<
A0=9;=0 - >=7 . C.98= 8=/: . 9;16.;. 1;=8+ >= 7 + ;17A0=9;=0 A01D1< 1>= 7 + <.@;1 >1>=
?+M .<.91;. <.@;1' 108+<.? 7 + <+=C=0.6= B609;= ?=>1D1= ?1 A01D1< A0=9;=0 <+ 8=G+
A=9;=7 1;. . 98= >=<1B<= D1>: 7-B.: . ?1 108+<.?=6<+=C=0.6. ?=>1D<+ A=9;=7 . 8+7 + 9+
;.E= ;0161 A0=C: +8 =A.98= =<=: .>= 0+F.<+ DC=/ <7 +/1 60+8+ >1? 9+ 6+0=61: = -
=<= 61D?-E(D+8: 7 1(61;01(6=?1 981;01: = 9+ ;1>=,+ ?1 A+;1 9-@;.<1 7 +9;+ A01D1<
A0=9;=0 <.@;16.: = .:= <18 7 + =<= A+;1 +9+<F.7 1 .: . >1= @;= C.9;+ 6. 0+>: . >6.<;+9+<F.7 1
19+: 7+<+ 0=C: +8B.<1 6. 8=?+0<. A0.E61;1;+ A01D<.<- 9196.8 : 1>= ( . <+ ;0+A<+;+'
1 8=018= .@;1 <+ C. 8=/: = ?+7 9;6=61;. C+D E8 <.B+/1 :. B1> .
?1<19 ;= 2 <.@;127 + ;+@>1 . 9: =G+<1 A0+?9;161 +,-;.8 >1= @;= . 918 >1G+@ <1@+ 2 <.@;12
;= 7 +9; 61>--8 9;1: <= 9+ A-<. <=6.8 ;+=0.7 9>.8 D18.9: .81 +;+0=8 D01B+<7 +8 8=0+8

37
<+/1;.6<+ +<+0/.7 + ./9=8 1= >1? ->-I1<. C1F17 - 01D<+ <+A=;0+C<+ 9;610. <1 ;161<
96=7 + >-I+ 1 <1A0=9;= <+ D<18 @;1 C.98= 01?.: . C+D;1>6=/A01D<=/A0=9;=01
8=G+@;+> D18.9: .;. >1>= 7 + ;+@>= C.: = P) /=?.<+ A0+ 0=,+<7 1 9-91
0.9;1 =C7 19<.;. A01D<.<- 108+<.? 7 + A=0.F1= ?1 7 + =<1 9;610<1 +->.A 7 + A06. 0+>1= ?1
C+D A01D<.<+ <. >0+;<7 + <+ C. 8=/: = C.;. . ?1 A0+81 ;=8+ A01D<.<1 8=01 A=9;=7 1;.
+,-;.8 8A+?=>: + 7 + 9A0+8.= 7 +?1< : ->16 =?/=6=0 <1 ;= . -9A+= 8<=/+ : 7 -?+ <+>=
60+8+ D16101;. <7 .8+ +>1= 7 + ?1 7 + .A1> 8=/-I+ >0+;1<7 + . C+DA01D<=/ A0=9;=01 7 +0
>1>= C. 9+ .<1B+ 0.C+ >0+;1: + >0=D=>+1< 1? 0.C1 A: .61 /: 16=8 019+F1 6=?- . ;1 6=?1 9+
9>: 1<71 : +6= . ?+9<= 1 =<?1 ;0+<-;<= A=A-<7 161 A0=9;=0 >=7 . A0+=9;1<+ A=9: + A0=: 19>1
0.C+ ?1>: + 919;16: 71 9+ =?81E .D1 0.C: 7 +/ 0+A1 =A+; - 7 +?<- <+A0+>.<-;- 819- 6=?+
.C1 . 6=?1 9- 9;1: <= - ?=?.0- . ;- <.B+/ A01D<=/ <+81 1>:+ =<?1 C. ;0+C1: = ?1
D1C=016.8= 0+B. 2 A01D1< A0=9;=02
:7-?. 9- A0.E61;1: . ;1710/-8+<;'
8A+?=>: + 7 + C.= A18+;1< B=6+> 01<.7 + 7 + -9A+61= ?1 =A=60/<+
10/-8+<;+ =<.E >=7 . 9- ;60?.: . ?1 A=9;=7 . A01D<.<1 ;60?.: . 9- A.;1/=0+7 F. <1 A0.8+0 (
8A+?=>: =6. 9160+8+<.F. ( D1;= @;= 9- 981;01: . ?1 7 + 9196.8 =B./: +?<= ?1 A01D<.<1 8=01
A=9;=7 1;. 7 +0 @;1 C. .<1B+ 01D?617 1:=7 +?.<.F+
+E- : . ;= =<. M .:=D=M . >=7 . 9- =?C.7 1:. ?1 7+?- A19-: 7'
1 1 ;= <. - 7 +?<=7+A=E. <.7 + 9196.8 : =@1 D18.91= 81: . 9- =<. . <+>1
?0-/1 ;0.6.7 1:
<1 6+0=61<7 1 ( <1 A0.8+0 ?1 <+ ;0+C1 9+?+;. <1 >=@10. A-<=7G.;1 . ?1 >1?
9+C. A=;>01;.@ <=>;+ <+ ;0+C1 ?1 9;=7 .@ <1 =?9+B+<.8 ?+: =6.81 >=7 . 9- A1: . <1 A=?
+,-;.8 ;. .9;. A.;1/=0+7 F. 9- A=9;./: . >1= @;= ;. ?=C0= D<1@ <+>+ D1<.8: 7.6+ 9;610. -
10.;8+;.F. . /+=8+;0.7 . : . - =6=7019A016. =>= A01D<.<+ 8A+?=>: + .E 7+ D1.9;1 <1?8-?0.=
D1;= @;= 9- =<. 0+>: . ?1 7 + A01D<.<1 .9A-<7 +<1 61D?-E=8 8A+?=>: +7 + <1A0=9;= A=>1D1=
?1 7 + 61D?-E 81;+0.7 1: 1< . 918.8 ;.8 <7 .E=6. 10/-8+<;. 9- A1: .
>1>= 9+ =<?1 ?=/=?.: = ?1 ;. A0.E61;.@ A01D<.<-' =@;=61= 9.
8A+?=>: =61 /: +?.@;1 D10 <+'
1.9;.<- 7 +918 . ;1 <7 +/=61 A=+<;1 ?-/= 8+ 7 + A=01G161: 1 .>1>= 8.
A01D<.<1 <+ 2 :
+G.2?=C0= 1>= ?1 =A.@+8 <.@;16.: =' >= 7 + 9;610<= <.@;1 >1>= 7 + 8=/-I+
?1 A=9;=7 .' =7 + @1>+ ?=?.0-7 - =617;6=701?<. 9;= => 9+ >0+I- >1 <7 +8- 8=7?: 1<
=9+I1 C: 1/. A0=;=> 61D?-E1 >=7 .8 7 + .9A-<7 +<1 A01D<.<1 .D8+,- 8+<+ . A=60@.<+ 9;=: 1 1
.A1> ;1761D?-E <+ 8=G+ C.;. A01D<.<1 9181N 8A+?=>: + 7 + ;= 9196.8 ?=6=: 7<= ?=>1D1=
1>= 8=/- D18.9: .;. 8=7 + 1;=8+ 1>= <+ 8=/- =9+;.;. ;- A01D<.<- >0=D >=7 - 9+ =<.
8=017 - >0+;1;.' 1 .A1> 1>= G+: .8 <+>1>= =C7 19<.;. 96+; 91B.<7 +< =? 1;=81 8=018 A06=
=?0+?.;. <+@;= @;= .D/: +?1 <+8=/-I+ =?0+?.;. D1;= @;= <+81 <.7 +?<- =9=C.<-
@;1 9. -B.<.='
8+7 + 9+ ?: -B.= ?1 9+ <+ C0.<+8 0=C: +8. C1D<. 01D<. 9- A01D<.
(7===7
10?=< 10?=< + =DC.: 7
<= ;17A0=C: +8 918 0+@.= <=G+8
<.8 ;6=7 .8 D18.@: 7+<.8 >=7 . 9+B+ 9.0 <1 1;=8+'
+ A016.8 <=G+8 >=7 . 9+B+ 0+F.8= 7 1C->- A016- +B.6= 8=01 <1I.
A01D1< A0=9;=0 - >=7 . I+ A0=?.01;. 1>: + A01D1< A0=9;=0 A=9;=7 . : . ;= <.7+ C.: = A0+9-?<=N
6+I7 + A0+9-?<= C.: = ;= @;= 7 1 9+C. ;1?1 0+>=E 1 . ?1<19 ;1>= 6+0-7 +8 ?1 B=6+> <+ 98+
?=D6=: .;. ?1 /1 <+>1 : =/.B>1 A0+A0+>1 D1-9;16. D1-6+> ?+8= ?1: 7
+N<19;16: 718= >1= ?1
<.@;16.: = 8=G+ C.;. A0.E61I+<= 6= 7 + 61G1< >=01> 1>= 8.9: .8= ?1: 7+ ?1 ;01/18= D1
=C7 1@<7 +<7 +8 >1>= 96+ ?+7 9;6-7 + 0+I+8= 9+ A= 918=7.6.F. : =/.>+N8=018= ?1>: + C.;.
A0.A016<. ?1 A=<+>1? . A1?<+8= 0+;A=9;16: 7 18 ?1 C. 619 8=?+0<+ +>9A+0.8+<;1;=0+
@=>.01= =6179;16 1 C.9;+ .=: + =?8.F1: . <1A0+? 8=01;+ -9A-; 961>- A=7 +?.<- ;1B>- ?=
>=7 + 9;./<+;+ ?1 ?=>1G+;+ ;+8+: 7.;= A1 ;+> =<?1 ?1 >0+<+;+ ?1: 7+
1A0=;.6 6=7A0.9;-A 7 + 60: = 8=?+01< . 01?.8= .9;= ;1>= 9:1<7 18= 9+
<1 961>=7 1>+ A0+;A=9;16>+N8=018= .<1B+ <.>1? <.@;1 <+ C.98= A=9;./: . =<+>1? B1>
=C01I18= A1G<7 - <1 =<= @;= ;+=0+;.B10. A0.B17 - +@161: = 9+ ?1 A=7 +?.<+ D1/=<+;>+
<1A0=9;= D1=C.,+8= . A0+A-9;.8= ?1 .E 0+@1617 - <+>. C-?-I. M .D.B10.
=B.<7 +@/=6=0.;. A0.: .B<= 9E61;: 7 .6=
=C0= ?1 D1>: 7-B.8= ;6=7 1 19+: 7+<1 7 + 9196.8 7 +?<=9;16<1
.@;1 <+ A=9;=7 . =9.8 1;=81 . A01D<=/ A0=9;=01N 96+ =9;1: = 9- 918=
8<7 +<7 1

38
 >= 9. 96+ 9E61;.= @;1 I+@=<?1 =6?+ <1 918=8 0+A- ?61?+9+;=/6+>1'
1= @;= A=8+<-E 7 1 A0+9>1B+8 >0=D60+8+ 96+ ?1: 7+ - C-?-I<=9; ?1
6.?.8 >1?1 I+ . ?1 : . I+ 9+ 8<7 +<7 1 . 9E61;1<7 1 : 7-?9>=/ 0=?1 >=<1B<= A=?-?10.;. 91
9;610<=@I- <18 ?1 9- 8=7 . D+8: 7 1F. =?C1F.: . 1(;=8 >=<1B<- B+9;.F- -7 +8 ?1 : 7-?.
/=?.<+ 33* <+ 918= @;= A0.E61;17 - A=9;=7 1<7 + 1(;=81 <+/= . 8.9: + ?1 9- /1 A0=<1@: .
1 . <+ . 6+0-7 +8= ?1 >=<1B<1 B+9;.F1 A=9;=7 . 1: . <+ C1@ 9196.8 -
=<=8 98.9: - - >=8+ 9. ;= ;. 0+>1=
1>= ;='
1= A06= ;. 6+0-7 +@ ?1 7 + 1(;=8 =9<=6<1 F./: 1 =? >=7 + 9+ D.?1 96+ -
19+: 7+<. 1:. .A1> . 6+0-7 +@?1 A=9;=7 . 8<=/= 609;1 1(;=81 ?1 9- 1(;=8. ;+B<=9;. =>0-/: .
1(;=8. 8+;1: 1 9<1C?+6+<. 2 C01618121(;=8. @+I+01 . ?0-/.E 9: 1;>.E 9;610. /: 1;>. ?=> =@;0.
?17 -: .8-< . ?0-/+ >.9+: + 9;610. . ;1>= ?1: 7 +
=+<;1 7 + ;6=7 1'
= ;. 7 + 9-6.@+ 9: =G+<= 1@ 1(;=8 7 + 8<=/= 7 +?<=9;16<.7 . ;6=8
8=?+: - A=9;=7 1:1 C. A0+6+: .>1 01D<=609<=9; 1(;=81 1:
;+<+ A= 7 +?<1 609;1 D1 961>. ;.A
;610. 8. 9+ <1?18= ?1 I+8= <1I. 918= 7 +?1< 7 +?.<. ;.A = I+ C.;. <1@1(;=8
.6.8 9+ 61@+8 ;01/1<7 - D1 7 +?<=9;16<=@I- 1: . >1>= C. 8=/1= ;1>16
8=?+:-9A+61;.' 1>= .D;=/7 +?.<=/;.A1 1(;=81 ?=C.;. 01D<=609<=9; . @;1 7 + -=A@;+ =<'
=6=7+;1A. <1@+/01?1 .DC=0.: . 98= 9+ ?1 .818= 60: = 81: . C0=71(;=81
+:.8= .E <1 ?6+ 609;+ 2 >610>=6+2. 2 :+A;=<+2 818= @+9; >=81?1 - 7 +?<=7. @+9; >=81?1
- ?0-/=7609;.
>=8 98.9: - ;.E ?61<1+9; B+9;.F1 : .B+ <1 8=71(;=8'
+?+: 7.6+ 9- A=9;=7 1<+ <+817 - <.>1>6- -<-;01@<7 - 9;0->;-0- <+6.?: 7
.6+
9- . 81: +<+
=: .>= 81: +<+'
. 8.9: .8= ?1 7 + >610> >1= ;1B>1 = C. D<1B.: = ?1 <+81 <.7 +?<-
?.8+<D.7 - A1 918.8 ;.8 <. =C: .> = ;=8+ 9+ ?1C=8+ 01D: .>-7+ =? ;6=/1(;=81
+81 01D8+0+' .A1> A=9;=7 ..2 B609;27 +' = D<1B. DC.7 +< C+D@-A: 7.<1'
. 6+0-7 +8= ?1 7 + >610> 81;+81;.B>1 ;1B>1 1 1>= 7 + ;1>= =<?1 A.;1<7 +
B609;.<+ A=9;17 + 81/: =6.;= . <+61G<= 0.6.?<1 A=9;=7 1<=9; 81;+0.7 + D16.9. =? A=7 +?.<=9;.
- A=6+D.61<7 - >610>=61 .D8+,- 9+C+ . 91 : +A;=<.81
+@>= 7 + = ;=8+ 8.9: .;. :. ?178. 60+8+<1 1D-8+8 61@ ;+=0.7 9>.
A0=C: +8 =6?+ .9: .8 ?1 8=/- A0.E61;.;. ;17>610> ;- ;610 >=7 1 7 + >1G+@ C+D01D8+01
+,-;.8 >1>= =<?1 ;. =C7 1@<7 161@ =6- 01D<=609<=9; 96+;1 =>= <19 ( ?06+I+ /-9>+ .
28+>.<;=@+2( D19<=61<- <1 918= ?61<1+9; B+9;.F1'
610>=6. . : +A;=<. 9+ >=8C.<-7 - 1 ;17<1B.< C.61 91/01,+<= 96+ -
19+: 7+<. 818= @+9; 01D: .B.;.E >610>=61 . @+9; 01D: .B.;.E :
+A;=<1 91 918= ?61 >610>1 .
7+?<.8 : +A;=<=8 8=G+8= 8.: .710?+ 01D<.E A0+?8+;1 .D/01?.;. +>= 60+8+ 98= . 6+0=61: .
?1 A=9;=7 + 918= ?61 >610>1 . 7 +?1< : +A;=< . <.@;1 6.@+ 0.0=?1 8+,-;.8 G+: . 6.@+
:1G+8 9+ ?1 7 + 8<=/= 7 +?<=9;16<.7 . 8=?+:91 ?61<1+9; <+/= 8=78=?+:
91 8<=/=C0=7 <.8 609;181 1(;=81 : . . ?61<1+9; 7 + A=A0.: .B<= 6+: .>. C0=7
.E @+9; >610>=61 8=G?1 9- 918= @+9; 6.?=61 .9A=: 7161<7 1 .9;+ 9;610. .
>1G+8= ?1 >610> .81 @+9; 2 ->-912 >1= ?1 7 + E01<1 6= <18 ?=D6=: 7161 ?1 .E
>=8C.<-7 +8= 961>=7 1>= . ?=C.7 18= 961>=7 1>+ 609;+ 81;+0.7 + :. <+ ;0+C1 <18 ?0-/.
->-9 >610>1 D1 961>. <=6. A0+?8+; - 19+: 7+<. D1 61;0- D1 >.9+=<.> D1 =: =6= >1= @;=
- ;6=8 8=?+: - 8=01 C.;.
1>= 618 9+ >=8C.<-7 - ;. 61@. >610>=6.'
=9;=7 . .D8+,- <7 .E 7 1>1 9.: 1 7 +?<1 8<=/= <+=C.B<1 609;1 9.: + >=7 1 9+
A=<1@1 9196.8 ?0-/1B.7 + =? +: +>;0.B<+ 9.: + >=7 17 + ;1>=,+ ->: 7-B+<1 - 9;610
<18 D<18 7 1 ;1761@ A=91= 91 +: +>;0.F.;+;=8 =A0.B1= 918 91 =<.8
?0-/10=8 101?+7 =8 = ;=8+ - ?+6+;<1+9;=8 6+>-
:.9;16<1-B<.>
=G?1 1: . 81;+81;.>1 8- 7 + C.: 1 .9A=? 961>+ >0.;.>+ .>1? ;17<+ C.
A=9;./1= -9A+E - /.A;- /?+ 918 7 1 -B.= +/= 9>0+<-= 918 9 ;+8+ 1>1 9.: 1 6+: .@;.
.9:.@<1 /016.;1F.=<- 9.: - = >=7 =7918 A=<+@;= B-='
.:1 ;+G+ 7 + 9-6.@+ 9: 1C1 D1 =6= 610>=6+ <1 =>-A- ?0G+ D1A016=
B+9;.F+ >=7 + 8. <1D.618= /: -=<.

39
 E1 ?1(?1 /: -=<. <1B. 91? A=8.<7 +@ 7 +?<- A=;A-<= <=6- 609;-
B+9;.F+ 1 D10 <+ 0+B+ 81: =B19 ?1 9+ 81;+0.7 1 919;=7 . =? >610>=61
61>1>= 9+ =? >610>=61 919;=7 . 18= <+8=7. 9.: + D1C=016.;. A=9;=7 +.
B+9;.F+ >=7 + 8. <1D.618= 2 /+7?G C=D=<.2.: . 2C1G?109>. C=D=<.2 <. .817 - 7+?1< D1?1;1>
7.E=6A=91= 7 + ?1 A0+<+9- .<M =081F.7 - = 9.: . =? B+9;.F+ <1 B+9;.F- . <1D1? <1 B+9;.F-
1>= C. .<1B+ D<1: = ?1 7 + .D: =G+<= ?+7 9;6- <+>+ 9.: + >=7 1 9;.G+ 91 '
E1 -0+>1 +=81 /0B>1 D18.91= 1: +91 C. =6= =?-@+6.: =
"+7 ?G C=D=<. 1 D=6+8= .E 8. D<1@ . A0+<=9.=F. 9.: + =?<=9<= D=6+8= .E
. A=90+?<.F. 9.: + +E =617 6.?. 1G?109>. C=D=<. .817 - =?0+,+<+ =?: .>+ ( 819- 9A.< .
<1C=7( >=7 + D1A016= =?0+,-7 - A=<1@1<7 + ;+ 9.: + 1>= <1 A0.8+0 M =;=<. >=7 . A0+<=9+
+:+>;0=81/<+;<- 9.: - .817 - <-: ;- 819- @;= .8 =8=/-I161 ?1 A-;-7 - 6+=81 C0D= 6=
<18 A=>1D-7 + ?1 ;1 9.: 1 .81 6+=81 ?-/ ?=E61; 1>1 9.: 1 >=7 - A0+<=9+ /: -=<. <-: ;+
819+ ;1>=,+ .81 ?=E61; 96+ ?= C+9>=<1B<=9;. 1: . 7 + ;=:.>= 7 1>1 ?1 >610>=6. <.>1?1 <+
8=/- 8<=/= ?1 9+ -?1: 7
+ 7 +?1< =? ?0-/=/ +@>+ 4 . B+9;.F+ >=7 + A0+<=9+ <+@;= @;=
8. <1D.618= 2 9:1C1 9.: 12 .817 - >01;1> ?=9+/ ?+: =61<7 1 + B+9;.F+ ?+: -7 - 918= <1 60: =
81: .8 81: +F<.8 =?9;=7 1<7 .81 818= 8. . 7 +?<- B+9;.F- D1 /016.;1F.7 - . <1D6198= 7 +
2/016.;=<21: .7 =@<.>1? <.7 +?<- <.98= 6.?+: . <.;. ;+=0.7 - D1 <7 - 91B.<.: .
;+C. 7 + ;= 27+?<=9;16<.7 +2<+/= 8=78=?+: '
>1>= 9;+ 6. 1;=8.9;. =C7 1@<7 161: . A=9;=7 1<7 + 01D:.B.;.E 9.:1'
.98= <. =C7 1@<7 161: . +->.A . 7 1 98= D<1: . ?1 1;=8. 8=017 - C.;. -
<+A0+9;1<=8 A=>0+;- . <1A0=9;= 98= ;= ;1>= A0.E61;1: . .98= <16+: . <.7+?1< 01D: =/D1@;=
7+ 96+; - ?=C1 96=/ A=9;1<>1 9;+>1= ;- =?: .>- ?1 9+ - <7 +8- 96+ 9;1: <= >0+I+ =9.8
8=G?1 - 8.: +;=69>=8 98.9: - ( <1.8+ 981;01: . 98= ?1 7 + -D0=> 96+8 ;=8 >0+;1<7 -
-/01,+< - 918+ 1;=8+ ?+= <7 .E=6.E <+01D?6=7 <.E 96=7 9;161 6+; 7 +9;+ =<= @;= 7 +9;+ 1
B=6+> 8=01 A0.E61;.;. .D6+9<+ =9<=6<+ =9=C.<+ 96+;1 1>= C.9;+ 9+ 8=/: . <+ 9: =G.;. 91
=6.8 /: +?.@;+8 6. >=7 . .81;+ ;+=0.7 + = B+;.0. 01D: .B.;+ 9.: +'
+ C.98= 9+ 8=/: . C1@ <+ 9: =G.;. +,-;.8 D<1B. : . ;= ?1 9- 1;=8.9;.
B609;= 6+0=61: . - 9-?C.<- .: . - ?+7 9;6= A->+ 9: -B17 <=9;.'
6+ @;= - 19+: 7+<. A=9;=7 . A:=? 7 + 9: -B17 1 . <-G<=9;.
:-B17. <-G<=9; ( ?6+ 9-A0=;<+ A0+?9;16+
1 .A1> A0.0=?1 9+ A=6.<-7 + . 7 +?<=7. ?0-/=7 9;.<1 7 + ?1 .D 9+8+<>+
81>1 -6+> .D019;+ 81> <+ B.B1> :
. >=: .>. C0=79+8+<>. 81>1 I+ <19;1;. ;= - D<1;<=7
8+0. 8=G+ D16.9.;. =? 9: -B17 1 - 9-?10.81 1;=81
. ?1>: + >1G+@?1 <18 A0.0=?1 >1= <+>. >=F>10 ?=?+: . >10;+ <1 =9<=6-
9:-B17 1N1 A=9: + >1? 9- >10;+ 6+I9: -B17 <= A=?+: 7+<+ 96+ 9+ <19;16: 71 ?1: 7
+ =?6.7 1;. A= (
<-G<=9;.
-: /10<= A=0+,+<7 + 1: . ?1 ;1>= 96+; ?+7 9;6-7 + +C. 7 + ;= ;1>= 9;01<='
.7 + 6= @;= 9. -A016= =A.91= 9: .B<= 7 + 7 +?<=8 =? =9<=6<.E 6+0=61<7 1
8=?+0<+ M .D.>+ 1 =<= 9+ <1D.61 2 >61<;<1 ;+=0.7 12
1 ?1 ;. 61@. 0+M =081;=0. =>= E.: 71?- ?+6+; 9;=;.<1 ?61?+9+;+ . ;0.?+9+;+
.918 9+ ?-/= D1?0G161= - ;.8 ?+F+<.7 181 =: .>= 9- 9+ C=0.: . A0=;.6 ;=/ ?0-/101
7<@;17<1 ( 1 7 1 <.918 6.?+= 8<=/= 98.9: 1 - ;=8+
.9. -G.61= - =<.8 A0+?.6<.8 019A016181 8+,- >61<;.9;.81 1 ;= 9- C.: .
.:9 =0 .+: 9 =E0 +0<+0 17 D+<C+0/ 1>9 =0< 1K =0< ;1 ?0-G.<1 ( 1 91
9-A0=;<+ 9;01<+ M .D.B10. >1= 06.< 0+?.</+0 0J.< FE0W?.</+0 . : C+0; 7 <@;17 < >=7 . 9-
=9A=0161: . D18.91= ?1 9: -B17-A016: 71 ?=/1,17 .81 - A0.0=?.'
+8=7 8+ A=/0+@<= 9E61;.;. 6+ 9- ;= C.: . 9717 <. : 7
-?. :. <7 .E=6.
10/-8+<;. -6+> 9- 9+ D160@161: . A=D.61<7 +8 <1 =/1 .: . =/.<7 - . <1 <16=?<+ =G.7 +
01D: =/+
7 <@;17 < 9+ .D7 19<.= =61>= ?1 =< <+ 8=G+ A0.E61;.;. ;60?<7 - ?1 9+ =/
>=F>1 91 19+: 7+<=8
1 >1? /=? <+817 - @;1 ?1 >1G- - <+>=7019A016. =<. C1F+ 7 1>- >10;-
+F1 .D0->161 =/1 ?1 D<1@ ?=9;1 918 9+ ;=/1 <19: -@1= - 1<;.B>=7"0B>=7 1> .
8=7C01<.;+: 7 0.9;=;+:9;01@<= 8+ 7 + /0?.= @;= 6+0-7 +8 - 9: -B17. @;= 981;018 ?1 7 +
>0+;1<7 + <1A0=9;= 2 ?1;=2
1>= ;. 9+ 96.?+: 1 >61<;<1 ;+=0.7 1'

40
 .9: .8 ?1 8. 9+ 6+=81 ?=A1: 1 1:7?1 =9: + 918 A=A0.B1= 91 .B10?=8
17 <8+<=8 >=7 . 8. 7 + A0.D<1= ?1 7 + <. =< <.7 + <.>1? 9E61;.= ? A06=/;0+<-;>1 9- 8. -
<7 =7D198+;1: + =<+ +>1781: = 0=8+<.= 9. ;+8- 1 9+ 8. 601;.8= <1 2 7+?<=9;16<+2
B+9;.F+ = >=7 .81 9. 9+ =<=: .>= C.= 019A0.B1= C7 1@<7 161= 9. ?1 9+ >610>=6. D1: +A+ 7 +?1<
D1 ?0-/. . =<?1 ?17 - @;1'
610>=6. 9- F./: + =? >=7 .E 7 + 91D?1<1 7 +?<1 6+: .>1 >: 191 A0+?8+;1 >=7 +
8. <1D.618= 2 E1?0=<.2 = 7 + 0+B -D+;1 .D/0B>=/7 +D.>1 . D<1B 2 ;+@>.2
1 E17 ?+
1 C10 ;=: .>= 98= 8=/: . -B.<.;. 17 9:16<.7 . A0+?8+; 91/01,+< =?
>610>=61 7 +9;+ A0=;=< 0+C1 .81;. ;0. >610>1 1>= 9+ G+: . <1A016.;. 7 +?1< A0=;=< .9;.<-
;0+C1 .81;. ;0. >610>1 . D1 A016: 7+<7 + 8<=/.E ?0-/.E B+9;.F1 >=7 + 9- A0=;=<- 0=?C.<1 1: .
A=@;= A=9;=7 . @+9; 609;1 >610>=61 .81 6+=81 8<=/= 8=/-I.E >=8C.<1F.7 1 - >=7 .81 I+
9+ A=7 16.;. ;0. 81 ?6+9;1 @+9<1+9; 8=/-I.E >=8C.<1F.7 1 B.<. 9+ 8+<. +I.<- ;.E
E1?0=<1 8. 98= ?=.9;1 . =;>0.: . . ?1: . 98= .8 <1D.6+ >=7 . A=B.<7 - /0B>.8 9: =6.81 >1= @;=
9- : 18C?1 9./81 . ;1>= ?1: 7+
0=;=< 7 + D<1B. 7 +?1< =? ;.E ) $E1?0=<1'
+9;+ -7+?<= 7 + <17 A=A-: 10<.71 B+9;.F1 - <1@=791?1@<7 =7 19+: 7+<. =G2
D1: +A.@;0. >610>1 ( . +;= ;. 7 +?1< A0=;=<N.: . 7+?1< <+-;0=< 18= ?=?1@<1 ;- 9;01<- .
7+?1< +: +>;0=< ( 1 +: +>;0=< A0.A1?1 =<=7?0-/=7>: 19. B+9;.F1 D61<=72 :+A;=<.2( . /: + 6+I9.
?=C.= 7 +?1< 1;=8 . ;= 6=?=<.>1 D8. =918 A0=;=<1 . =918 <+-;0=<1 1 . +: +>;0=<1 .9;=
=918 . 91/01?.= 9. 1;=8 >.9+=<.>1 +-;0=<. . A0=;=<. 9+ D/-0+ - 7 +?<- /0-A.F- D1 >=7 -
8. >1G+8= ?1 7 + 7 +D/0= =6+?. ?61 1;=81 6=?=<.>1 . 7 +?1< 1;=8 >.9+=<.>1 ?1 9+
-?0-G+ . ?=C.= 9. 6=?- D8. 81: = 6.@+ 6=?+ -/: 7+<.>1 1D=;1 . 7 =@>=7 +B+/1 . ?=C.I+@
01<.7 + .:. >19<.7 + >=810F+ >=<7 + . "0>+
96+ A=B.<7 + =? >610>=61
E1
<.@;1 ?0-/= ;. <.7 + A=;0+C<=
1 91? + C1@ 0+C1 ;. <+@;= ?1 ?0G. ?+: .I+ 1;=81 ?1 9+ <+ 01D.,- >-?
>=7 . 1 D1;.8 . ?1 ?0G. 1;=8+ ?1 <+ A=C+/<- .D96=7 .E 9>-A.<1 8=: +>-: 1
A+; /: -=<.
+(<+(<+ /: -=<. 918= : +A+ >610> D1 >610>
E <+ E <+
- -: 1D+ 101?+7. ?0-/. +: +>;0.B10. >1= 1> -: =< #E-F> #=-: =8C
0=-B161: . 9- +: +>;0.B<+ 9.: + >=7 + D1?0G1617 - +: +>;0=<+ - C: .D.<. 7+D/01 ;=8. A0.6: 1B+
7+?<. ?0-/+ 9: =G+<.8 A: +9=8 +: +>;0=<1 . 7 +D/101
. +: +>;0=<. ;1>=,+ <=9+ +: +>;0.F.;+; 7 +: 2;1>='
:+>;0.F.;+; 7 +7 +?<1 =? /: 16<.E 609;1 0=C+ - <7 .E=6.8 60+I181
<1B. . +: +>;0=<. 9- /+7 ?G C=D=<. >1= @;= 9- ;= . M =;=<. 4 B+9;.F+ .
B+9;.F+
.9- <.9- : +>;0=<. 9- B+9;.F+ 81;+0.7 + 0.A1?17 - A=0=?.F. : +A;=<1 1D.
81;+0.7 1 9+ 919;=7 . =? >610>=61 . =? : +A;=<1 =;=<. 4(=6. (=6. . /016.;=<. 9- B+9;.F+
9.:1 +?1< =? <17 .D1D=6<.7 .E 01D6=7 1 ?=/1,17 1 - <1-F. ?1<19 919;=7 . 9+ - ;=8+ @;= 7 19<=
01D/01<.B+<7 + .D8+,- 81;+0.7 + . +<+0/.7 + A=B.<7 + ?1 9+ D18-I-7 + 6+ 9- ;= B+9;.F+ = 7 +
7+?<1 <=61 7 +?<=9;16<=9;
+<. 9+ 6.@+ ?=A1?1 8=79.9;+8 =7 1 D1A+;: 71<=9; .D/: +?1 7 +?<=9;16<.7 1
<+/= 61@1 7 +?<=9;16<=9; +/= >1G. 8. A0+=9;1: .E A+; : +A;=<1 9- '
= 9- 7 +?<1 ?0-/1 . ;0+I1 610.7 1<;1 <+-;0.<1 D1;.8 7 +?1< : +A;=< D61<.
8-=< . 7 +?1< D61<. ;1- =: 7+ ?1 9+ <+ -A-@;18= 91?1 - ;= : +>;0=< ;. 7 + ?1<19 ?1: +>=
<17 61G<.7 . =? 96.E : +A;=<1 - 96+;9>=7A0.60+?.
<1B. ;0+C1 ?1 9+ C0.<+8 918= =>= +: +>;0=<1 . =>= ;.E @+9; >610>=61
=7. 7+: . =C7 1@<7 1617 - . A;.F+ 8=01 =C: 1>+
.9;.<- 7 + /=;=6= 96+ - ?1<1@<7 =7 19+: 7+<. 91B.<7 +<= =? 918= ?61
>610>1 D=6- 9+ /=0+ . ?=: + . =? +: +>;0=<1 81 7 =@ ;17<+-;0.<= >=7 . M
.7
-B+ >0=D F+: -
19+: 7
+<- >1>= /=? 8- 9+ A0=E;+ 1 .D: +I+ .D<+>.E <1@.E 01?.=1>;.6<.E 7 +D/101N1 /=;=6=
96+ ?0-/+ B+9;.F+ >=7 + A=8+<-E 8<=@;6= ;.E >610>=61 . : +A;=<1 8=017 - 9+ - :1C=01;=0.7 .
A0=.D6=?.;.
1 @;1 I+ 618'

41
 =C0= A.;1<7 + +0-7 +8= - =6= A=9;=7 . ?61<1+9; B+9;.F1 81;+0.7 + +9;
>610>=61 . @+9; : +A;=<1 18= <+>=: .>= <7 .E A=9;=7 . - .D=C.: 7- ?1<19 :. 96.E ?61<1+9;
C+E- A0.9-;<+ . D19;-A: 7+<+ 7 +?<1>= . 016<=A016<= - ;0+<-;>- +: .>=/ A019>1 0=,+<7 1
19+:7+<+
>= 6+0-7 + - 96+ ;= - @+9; >610>=61 . @+9; : +A;=<1' 19 <+>=: .F.<1' : .
918= ?61(;0. =;A1?<.>1' : . 96. 6.'
6. 8. 6+0-7 +8= - ;= 1.8+ 96. A18+;<. M .D.B10. B+9;.F1 : . ;- <1@-
A0+?9;16- A0.E61;.: . 9- 81<7 +(6.@+ . 96. ?0-/. <1-B<.F. 817 - A=6+0+<7 1 - <19 - =6=8
A=/: +?-
1 - B+8- 7 + =<?1 <1@+ <+9: 1/1<7 +' 1 0+>=E ?1 A=9;=7 . 7+?1< 1(;=8 >=7 .
9+ <+ 8=G+ A0+9+I. =?-@+ - 8<=/= 01D<.E =C: .>1 6+=81 8<=/= 01D<.E =C: .>1 ?1 9+
A=6+D-7 - =<. >=7 . .817 - <1?=A-<7 -7-I+ =C: .>+ . 6+: .;+ ?1 1(;=81 .81 @+9; .: . ?61<1+9;
?1 <+817 - =C:.>+ 1: . 9+ >=8C.<-7 - DC=/ 96=7 .E >=8A: +8+<;10<.E <1+: +>;0.91<7 1 . 61@.
>610>=6. <. : +A;=<. <+ 8=/- 9+ A0+9+F1;. <1 81<7 + ?+: =6+ +/= 7 +9;+ : . C1@9./-0<. ?1
.E .81 ;1B<= ?61<1+9;'
71 16.9. =? ;=/1 >1>= C0=7 .@ 1.8+ A=9;=7 . . @+9; 1<;.>610>=61 . @+9;
1<;.:+A;=<1 .
+69=6.E 8- /1F1 +69=6.E 8- /1I1
.7+ ;= ;1>= 9;01@<= >1= @;= D6-B. . 9+ 8<=/= 6.@+ 9: 1G+8= <+/= @;= 9+
<+ 9: 1G+8= : . . A=9: + 96+/1 =6=/1 @;= 9. 8. 0+>1= 7 1 =9;17 +8 D1A1<7 +< B.<7 +<.F=8 ?1 7 +
7+?1< ;1>16A0.8.;.6<. D1=9;1: . <+E0.@I1<.< -0=,+<.>(<+D<1: .F1 8=/1= 9;.I. ?= D18.9: . =
1(;=8- <181 A=D<1;=8 A=? <1D.6=8 >610> =7 + 609;+ =A.;1 9;+ 6. =C16: 7 1: . ?1 C.9;+
A=;60?.: . ;+ 61@+ D18.9: .' 1 : . 9;+ ;0=@.: . 8.: .710?+ ?01E8. <1 A0=6+0- 961>+ A0+;A=9;16>+'
1>= 7+ 8=/-I+ ?1 9;+ 01?.: . ;1>= ?G1C1>1'
. 98= 01?.: . <1 <1@<1B.< 9;10=8=?<= =@;= <.98= .81: . .<.9;109;6= D1
+<+0/.7 - <.;. 1F.=<1: <- D1?-GC.<- D1 <1->- 8=01: . 98= >=0.9;.;. B.9;. -8
0-/.8 0+B.81 .D8.@: 71:. 9;+ @;1 /=? . >1>= /=? 9;+ E;+: .
+ B1> . 8. ?0+6<. "0F. .81: . 98= <1 019A=: 1/1<7 - .D6+9<+ <1/=6+@;17 +
<1 >=7 + 98= 9+ =9: 1<7 1: . >1? 98= 617 1:. 96=7 + D18.9: . 1= @;= A=8+<-E =A1D.: . 98= ?1 .D
9+8+<1 81>1 -6+> .D019;+ 81> 0=: +I+ -6+> A=9: + D.8+ ?=,+ -<F+ .D: 1D. . D1: 1D.
8A+?=>: + 7+ A0=-B161= 6=?+<+ B19=6<.>+ . ;=B>=6+ <1 >=7 .81 9- C.: + =>1B+<+ >=M +
=6+> 8=G+ ?=I. ?= =?0+,+<.E D1>: 7-B1>1 1>= ?=C0= A=981;01 96+; =>= 9+C+
2 <=/= 8=G+@6.?+;. 1>= /: +?1@20+>1= 7 +7 +?1< 8=79160+8+<.>
1B<= ;1>= >= 7 + ;178-?01F A+09A+>;.6+ ;1>= E+: +<9>+'
+?1 =/.
+?1< =? 61@.E <17 6+I.E M .:=D=M 1 <+ 9-8<7 18
1 8=/: = C. 9+ 0+I. <+@;= ;1>= +/= D1@;= 6. <+81;+ A=6+0+<7 1 - =A.;'
8 7 + C=: 7. =? B-: 1 8 91?0G. -0=,+<= .9;.<.;= D<1<7 + <= ?0-/= D<1<7 +
7+ 8+@1<1F 0=,+< .D <+B.9;.E 6+D1 91 B-: .81 91 6.?=8 9: -E=8 8.0.9=8 ->-9=8
?=?.0=8 =01D8.9: . = ;=8+ .I+ >=7 + 7 + ;+C. 9: 1;>= 8+<. 9+ 8=G+ -B.<.;. >.9+: = %+<1
>=7 1 7+ ;+C. : +A1 A= 8=8 -;.9>- 8=G+ C.;. 2 <.>1>612 -G<= ?+;+ 7 + 96=7 =7817 F. : +A=
1>= 8=G+8= .81;. A=6+0+<7 1 - ;1>6+ .<M =081F.7 +'
<1B. ;. <+ 6+0-7 +@?1 8=G+8= 8+0.;. 96+; A0+?8+;1' 81;01@?1 B-: 1
<1A0=9;= A0=.D6=?+ .<M =081F.7 + <+=9<=61<+'
+ <1@1 B-: 1 <+ 9;61017 - D<1<7 + .DA01D<.<+ 0+?8+;. DC1F-7 - 91 9+C+
8<=@;61 96=7 .E 1;=81 1;= .E . -9A+618= 6.?+;. .: . <18.0.91;. ( >1= =<- 6+><- E: +C1 >=7 -
918 ;. A=8+<-= . 1;=8.5 9: .>+ -: 1D+ >0=D<1@+ =0/1<+ B-: 1 >=7 . 7+9- A0=: 1D. >1 ?-@. : .
?=> A-;-7 - >0=D 61D?-E 9: .>+ 9+ .D=C: .B-7 - DC=/ B+/1 9+ ?+@161 B1> ?1 <+>+ 60: =
-?1: 7+<+ A0+?8+;+ -=A@;+ <+ 6.?.8= -: 1 ?17 - A=?1;>+ = 9;610<=9;. 1: . <+A=-D?1<+
6+ 7+ 9-C7 +>;.6<=
= ;+C. =C7 +>;.6<1 9;610<=9; <+ A=9;=7 .'
1 A=9;=7 . =C7 +>;.6<1 9;610<=9; . ;+ >1>= 918= 7 + 8. <.98= 9A=9=C<.
91/: +?1;. ;1B<= 1? 9+ 01DC=: .@ E01<1 A=A0.81 D1 ;+C+ ?0-/. ->-9 9;1 6=?1 9.A1<1
A0+>= 7 +?<+ ;6=7 + @1>+ 8=G+ ?1;. -;.91> ;=A: =;+ 1 9.A1<1 A0+>= ?0-/+ ( -;.91> E: 1?<=I+
6+ ;= D16.9. =? A0.60+8+<=/019A=0+?1 1;=81 - <1@+8 ;+: - . =? <7 .E=6=/0+1/=61<7 1 <1
;1>=,+ A0.60+8+<+ 019A=0+?+ 1;=81 - A0+?8+;- >=7 . =A1G18= 9;.<1 8=01 C.;. >-?.>18=
?-C: 71 <+/= @;= B-: 17 16: 7
17 -

42
 <1B. A0+?8+; >=7 . 8+0.8= . .<9;0-8+<; >=7 .8 8+0.8= ( - =6=8 9: -B17 -
<1@+ ;+: = ( ?+7 9;6-7 - -D17 18<= 8+<7 17 - 7 +?<= ?0-/= . D1;= 8+0+<7 + A=9;17 +
<+A=-D?1<=
= 7 + <+D/01A1< <1B.< ?1 9+ = ;=8+ 01D8.@: 7
1 1: . ?1 ;1>= 7 + <1 @;1
F.:71@'
1 -8+9;= ?1 >1G+8= ?1 7 + D<1<7 + 2 8+@1<1F2 8=G+8= 0+I. ?1 7 +
8+0+<7 + <+9./-0<= ?1 9- . -;.9F. B-: 1 <+A=-D?1<.
=/- ;= A0.E61;.;. : . ?1 <16+?+8 +01>: .;1 2-: 1 9- : =@. 96+?=F. 2
D10 7 + -8 C=: 7. 96+?=> C+D =CD.01 <1 ;= @;= /1 ;. <1D.61@ .D6=0
-0=,+<=/ .9;.<.;=/ D<1<7 1' 8 7 + A= ;+C. =?: .>1 <+B+/1 @;= ;. <1D.61@?-@1 1 ?-@1 7 +
=A+; >1G+@ =? 1;=81 91B.<7 +<1 10 <.9- . ;. 1;=8. - 9;1: <=8 >0+;1<7 - D10 <+ 9;-A17 --
8+,-?+7 9;61 91 .D=C: .B+<.8 9: .>181 >=7 + .8 ?=<=9+ 1;=8. 9A=: 7
1' =G+8= : . 9196.8
01D?6=7 .;. B-: 1 =? 8.9: .'
=C01 ;. 7 + ;1 A=+<;1 1= @;= 918 =<=81? <1A.91= 21?<. -8 =< A=;.B+
=? <19 2 =;.B+ =? B-: 1 1 .A1> B.9;. -8 I+ <19 81<7 + =?6=?.;. <1 A=/0+@1< A-; <+/= @;=
I+ ;= B-: 1 -B.<.;. 9;17 +8 9>+A;.> >1? 9- ;. 61@. =A.;. - A.;1<7 - +<. 9+ B.<. ?1 9- =6+
/0?<+ D/01?-0.<+ G.F+;.<+ 81@.<B.<+ 81: ;+<+ 98+@<+
=G?1 . 7 +9- 98+@<+ :. =<+ 9;=7 + >1= 9A=8+<.> ;+@>=I. 6+0=61<7 1
B-: .81 .?.8= B-7 +8= ?=?.0-7 +8= ( 1 =A+; <+ 6+0-7 +8= = @;= 7 + .9>1D1<= ;6=7 .8
D1A1G1<7 .81 = 9-C7 +>;.6<=9;. 8+0+<7 1 8. 98= -B.: . A=: 1/1<= - @+9<1+9;=8 6+>- -
9+?18<1+9;=8 . =918<1+9;=8 1: =(A=81: = -B.: . 98= ?1 =A1G1<7 1 . 8+0+<7 1 96+?+8=
<1 =C7 +>;.6<+ A=9;-A>+ >=7 . 9+ D160@1617 - -A.9.61<7 +8 C0=7 +61 - 96+9>+ 1-B.:. 98=
>1>= ?1 .9A.;-7 +8= E.A=;+D+ D18.9: . A0.0=?<+ A0=F+9+ >1>= ?1 .E A=/: +?18= .D8<=/=
-/: =61 - 8<=/.8 : 1C=01;=0.7 181 >0=D =B. 01D: .B.;.E <1-B<.>1 ;1>= ?1 <1 >017 - .D0=<.
<17 C=:7. 019A=: =G.6. A0.C: .G<. 0+D-: ;1; ( 7 +?<=/: 19<= 1A016.: . 98= ?.6<+ -0+,17 + >=7 . <18
A=81G- - =981;01<7 - 1: . 98= . <1-B.: . ?1 <+ A=>: =<.8= A=6+0+<7 + <.7 +?<=8 0+D-: ;1;-
?=> <+ C-?+ A=;60,+< <1 <+>=8 ?0-/=8 8+9;- ( @;16.@+ <1 8<=/= ?0-/.E 8+9;1
A=8=I- 8<=/= 01D<.E ;+E<.>1 =981;01<7 1 17 D1? 8. 96+ 0+D-: ;1;+ A=?60/1618= . A0=C.
60+8+<1 >= 9;= /=?.<1 >19<.7 + ?=,+ <+>. 8: 1?. <1A1: 7
+<>= G+: 71< ?1 9+ A0=9: 16. .
?=>1G+ ?1 9- <18 D1>: 7-BF. C.: . A=/0+@<. 90-@. .E ( 8. >1G+8= A1 <+>1 +> 0-@.
?18= <7 +8- 8+?1: 7+ . <1/01?+ D1;= @;= 7 + 90-@.= <1@1 <+;1B<1 01<.7 1 -6+0+<7 1 1-B.: .
98= ?1 9-DC.7 18= 96=7 - D16.9; . 96=79;01E . ?1 6=: .8= ;=/ A0=>: +;=/ 817 8-<1 >=7 . <19
;1>= 019>0.<>1
/?+ 7 + ;- 1-;=0.;+;' "=;=6= 96+ @;= 96+; D<1 = 8=8 01?- ?=@: = 7 + .D
0.9;=;+:=6.E 9A.91 ;= 7 + C.= 1-;=0.;+; +(E+7 +@161: = 9+ ?1 <+>=/ =;+017 - -
A0=/=<9;6= .: . -;18<.B+ .: . 91E01<+ D1;= @;= 9+ -9A0=;.6.= -B+<7 .81 9;10=/ 0.9;=;+: 1
18.91= = 1;=8- 7 +?61 7 + G.61 ?=9A+: 1 <+>1>= ?= 0+<+91<9+
1? 7 + 9;1<7 + 8<=/= C=: 7+ .7 + 9160@+<= 1: . 7 +9;+ C=: 7+ 1:;+<+
8=G+8= ?1<19 ?1 -9;1<=6.8= >=: .>= >=7 . <1-B<.> 60+?. A= ;=8+ 91 >=: .>= 9>+A9+ /: +?1
<1 2 +9;1C: .@8+<;2
+691 8. ;= 9- ?=C0+ 6+9;. =:.>- A: 1;- ?17 +;+ D0+: =8 <1-B<.>- >=7 . 9+
<+ C16. A0=D=0.81 <.;. =A.;.81'
. 9+ =B./: +?<= 7 16: 7 1@<1 >=<>-09 D1 01?<= 8+9;= ;+=0+;.B101 1 ;1>6+
<+@;= 9: 1C= D1A=@: 71618 1: . >1? <+>=/ D1A=9: .8 01?<= 60+8+ 8- 7 + A=6=: 7<=
+=0+;.B10. <.>1? <+ D1>1G- 919;1<1> D1 90+?- 7 +0 C. .8 ;= -A0=A19;.: = ?61 6.>+<?1 9.8
;=/1 <.9. ;. ;=: .>. A0=;.6<.> =A.;1 >=: .>= 9+ A016.@ 6.,1: = 9+ ;= ;+C. .: . <+ =9;17 + B.<7+<.F1
?1 7 +9. .D6=?.= =A.;+
+918 : .'
1C=8+ <= 91 <=G+8 = 7 + C.= 918= 8.91=<. =A.; 1: . .A1> =A.; . 9.
9+>-I. - 96=8+ -8- A10B+ 9.01 <1 96+ 9.;<.7 + ?+:.I+ 9;./1= ?= 1;=89>+ ;+=0.7 +
1 1: . ;= 7 + C.:= 96+ - -8- .9;. -8
;1 1>= ;. 7 1 A=>1G+8 <=G >=7 . 8=G+ 81;+0.7 - ?1 9+B+ . 9+B+ C+9>017 <= .
>=<1B<= ?1 =?9+B+ 7 +?1< 1;=8 918= 7 +?1<'
0=<1@1= 9. <=G >=7 .8 9+ 8=G+ A0+9+I. 1;=8' =6=8 /01?-'
:.81 /: 16=8 A016= 91? 9+?.8= <1 /: 16<=8 2 <+06-2;=/<=G1
61 : 1C=01;=0.7 17+ ;6=7<=G'

43
 1 >F+: +01;=0 B+9;.F1 9A=? <1@.E <=/- B+9;.F+ 9+ D1: +I- 9A.01: <= >0=D
>0-G<- F+6=C.81 @+9; . A= >.: =8+;101 1 =<?1 9+ 2 D1>-F1617 -27 +?<1 - ?0-/-
;1>= 6. =?9+F1;+ ?+: .I+ 81;+0.7 + . 9;.G+;+ ?= 7 +?<=/1(;=81'
= >610>=61 . : +A;=<1 ?1
1 918 D1?.6: 7+< ./-0<. 9;+ ?1>: + ?1 <+ A=9;=7 . <.@;1 9.;<.7 +'
888 A1 ?1 >017 <7 + 98= 0+>1= C.E 8=G?1 9./-0<.
:
. <.9;+ C1@ ?.C.?-9 A=D.;.6<= 9./-0<. <1B+ C.9;+ =?16<= =C-9;16.: .
9+F>1<7 +
2+F>1<7 +2<18 =8=/-I161 ?1 91D<17 +8= @;=@;1 = =9=C.<181 >610>=61 .
:+A;=<1 C+D=CD.01 <1 ;= @;= - <7 .81 <+ A=9;=7 + 81: . :7-?. >=7 . C. ;0B1: . /=0+(?=: + >0=D
-<-;01@<7 =9; 7 +?<=/>610>1 .: .7+?<=/: +A;=<1
E ?1 ;= D1C=016.E ?1 -A.;18 610>=6. 9- 96. 7 + : . ;1>= ;1B>19;.N
<+817 - <.7 +?<- ?.8+<D.7 - <+817 - ?1>: + - A016=8 98.9: - 0+B. C1@<.>1>6- 6+: .B.<- 1
?=C0= =<?1 A= B+8- .E =9.8 A= <7 .E=6=8 <1+: +>;0.91<7 - 01D: .>-7 +;+'
817 - 01D: .B.;+ 819+
+>. 9- ;+@>. <+>. 9- : 1>.'
1G+ <1 0-9>=8 7 +D.>- <+ <1 +</: +9>=8 111
= 8+ - D1C-<- ?=6=?.
= @;= .817 - 01D: .B.;+ 819+'
= @;= -=A@;+ .817 - .>1>6- ;+G.<- =7 . 1;=8. 9- C+D;+G.<+ 10 ;+C+ <+
-D<+8.0161 ;= @;= 61@. >610>=6. .817 - 819-' =G+;+ : . 6. ;= =C7 19<.;.'
1 ;= -D<+8.0161 96+ <19 1: . <+ <+ -8+8= ;= =C7 19<.;. : . @;1 ?1 9+
01?. >1? <1@. =A.;. A=>1D-7 - ?1 7 +9;+ -A016= ;1>= =@7 + 8<=/= /=0+ 91 /+7 ?G C=D=<.81
1D-8<+ ;+=0.7 + >1G- ?1 8191 ;1>6.E B+9;.F1 8=01 C.;. <-: 1 <.@;1 <.+<;+ : . 1617
61>. <+->. ;01>.7 9>. A+;: 710=@9;./1= C. ?= .9;=/ A0=C: +81;.B<=/ 8+9;1 -
01D8.@: 71<7 - =?./<+@>18+< +G1> ;. 7 + - 0-F. =?./<+@A018+< 6-<+ 1> ;. 7 + - 0-F.
0=.9;.B+ .D 918=/ G.6: 7+<7 1 - =6=8 96+;- ?1 1;=8. ( .: . >610>=6. 1>= E=I+@ ( 8=017 -
.81;. 01D: .B.;+ ;+G.<+ : . =A+; B-: 1 9- : =@. 96+?=F. A=;0+C: 71617 -I. B.9;. -8 7 1 <+ 6.?.8
D1@;= C. 81;+0.7 1 -=A@;+ .81: 1 .>1>6- 819- =G+;+ : . 6. ;= =C7 19<.;.' ;1 ;= ?17 +
B+9;.F181 819-'
= 7 + 7+?<1 ;17 <1 . 9+ 06+8= 91 ;.8 A.;1<7 +8 >= 9+ -9A+@D1?0G1;. -
=6=7 >=<;0=: <=7 91: . 96+ ?= <1@+/ A0+: 19>1 - =98= A=/: 16: 7+ 01D7 19<.I- A0=C: +8
19:-I-7 +8= ?1 8191 ?=: 1D. 8=G?1 =? 7 +?<=/A=: 71
1? A1 A=: 71' 191 2 ?=: 1D. =? A=: 712'
1@. ;+=0.7 9>. M .D.B10. >1G- ?1 7 + ;= ./9=6= A=: 7+ <= 7 + A0=G+: = 916
>=98=9 F+= 1A+.0=< D1/-@.: = 7+ 96- 61@- A01D<.<- A1 6-B+ 81;+0.7 - ;+/: . 7 + . =<1
A=9;17 + ;+@>1
./9' = ;. 7 + 91? A1 ;17 ./9' 1@;= <+ <1D=6+;+ <+>- B+9;.F- A= 8+<. (
0+F.8= ?+8=>0.;=< .8 B-7 +;+ >1>= ;1 0+B D6-B. =?81E D<1;+ ?1 7 + 6=: 7<1 ?1 ?=A-9;.
016<=A016<+ 0+1>F.7 + 96.8 ?0-/.8 B+9;.F181
A1 .D6.<. +=0+;.B10. -6+> 96+ <1D.617 - A= A0+D.8+<.81 ?0-/.E
;+=0+;.B101
1>6= 7 + ;= A=: 7+'
= A=: 7+ A0+?9;16: 717 +?<1 B+9;.F1 >=7 - <1D.618= 2./9=6C=D=<2
+?<1 B+9;.F1 1? 8. 9+ 6+I?=A1?1 . <1,=9;+ ?1>: + ./9=6C=D=< -
61@.8 1>F+: +01;=0.81'
617 A1 <+
+/= /?+ 9;+ /1 <1@: .'
./?+ 7 =@ < A=9;=7 . 918= - >=: +>;.6<=8 -8- <19 M .D.B101 1= - <+>=8
<+B.9;=8 -8-
C=/B+/1 6+0-7 +;+ - <7 +/1'
1;= @;= =< 8=01 A=9;=7 1;. 610>=6. : +A;=<. . 96+ B+;.0. D<1<+ 9.: + ( 96+
;= =9;17 + ?+: .8.B<= <+9E61;: 7.6= 1>= <+ A=9;=7 . . 7+?<= 819.6<= A=: 7+ >=7 + .D=C: .B-7 + 961
<1@1 =A1G1<7 1 96+ 0+D-: ;1;+ <1@.E =A.;1 1>: + ./9 7 + ;18= <1A=: 7
-
6= 0+B+ >2 = 9;10. +: +< 6.,1 8. 9+ ;= ./9=6= A=: 7+ +/= B-7 8=018
>0+<-;. =?16?+ -= 918 ?1 - ?61?+9+; A06=8 6+>- A=9;=7 + .D-D+;<= A=6=: 7
<+
019A0=?17 + 91<?1: 1 0+ <+/= @;= A0=?-G.8 - C-?-I<=9; 0+F. 8. 1>= D<1@- >=7 + 60+8+ .

44
8+9;= C. C.: = <17 A18+;<.7 + ?1 A0+9>=B.8 ?1 C.E 6.?+= <+>. 6+I. <1A0+?1> - A=;01D. D1
8=7 .8 1;=8=8'
81@D1 ;= ?61 60+8+<1 . ?61 8+9;1 06= 9601;. /=?.<+ 33O <1 .9;=
=6= 8+9;= - 1;16.7 - =9: + ;=/1 A0=C17- 1>91E1B.7 - - 916+D<=7?0G16. +>919 <+/?+
=>= /=?.<+ 0+F.8= ) O
0><+ 1 C+G. 6. 6. M .D.B10. 9;+ .9;. .9:.;+ ?1 I+ 96+ C.;. 01D7 1@<7 +<=
D1 /=?.<-(?6+ =9+;.= 918 7 1 :=0?1 +: 6.<1 +:6.< /=?.<+ 3 . 10+7 1 "+: ( 1<1
/=?.<+ 3T) . =C=7 .F1 9- 8+ -6+0161: 1 ?1 7 + M.D.>1 D160@.: 1 96=7A=91= . ?1 7 + 6.@+ <+I+
C.;. 7+0 7 + <16=?<= 96+ - F+: =9;. 9E61I+<= "=6=0.: . 9- 8. ?1 ?=,+8 >0=D@+9; 8+9+F.
7+0 I+ - ;=8 0=>- C.;. 01D7 1@<7 +<. . A=9: +?<7 . A0+=9;1: . A0=C: +8B.I.
1 ;= <+ >1G+8
1?18 9+ ?1 <+ >1G+@ 6=8 9;1D=8 7 1 E=?.8 +6= 6+I?61?+9+; B+;.0.
9;=: +I1 .7 + ;= <. : 1>=
<18 1 ;. >1G+8 ?1 ?=,+@ 33O . ) O /=?.<+ D1;= @;= I+ ?= ;1? C.;.
D1<.8: 7
.6.E ?=/1,17 1
1 A0.8+0'
18;.@?1 .81 @+9; >610>=61' 1@: . 98= 918= A+; <7 .E +;. 7 + A0=<1,+<
C1@=6?+ - +08.: 1C- /=?.<+ 3TT 181 7 + A=;0+C<= ?1 A0=<1,+8= . @+9;. A=9: +?<7 .
>610> >=8+ ?1?=98= <1D.660EN;177 + <17 ;+G.
=B+I+;+ /1 ;01G.;. /=?.<+ 33O'
01G.8= /1 =6=/ ;0+<-;>1 +9;.F+ 9+ >=6.;: 17- - F+6. .9A=? <1@.E <=/-
8. .E 01D?617 18= . A0+/: +?18= A=8<= A=8<= - A=;01D. D1 @+9;.8 >610>=8 .98= /1
7=@<1@: . : . ?= 33O <1I. I+8= /1 .: . I+8= ?=>1D1;. ?1 <+ A=9;=7 .
. ;= 8=G+;+'
1 <1@1 81@.<1 7 + ;=: .>= 8=I<1 ;=: .>= A0+F.D<1 >= 8. <7 +/1 <1,+8=
96+ 7 + - 0+?- .I+ 7 =@;+8+: 7
.;.7
+ -B60@I+<= <1@+ -6+0+<7 + ?1 9- ;.E @+9; >610>=61 . @+9;
:+A;=<1 ;6=7 . 1(;=8.
1>= <+
>= <+ =<?1 I+ 9+ 96+ 9806.;. . 019A19;. 1@+ ;+=0.7 + <1@9;1<?10?<.
8=?+:C.I+ 81: ;+<+ C+D60+?<. +=0+;.B10. I+ 9+ C1F1;. >0=DA0=D=0+ 96=7 .E >1<F+: 10.7
1 <1
?0-/=8 9A01;- +9;+0.91I+ 9+C. 6+<+ <1 D/: =C=6.81 . ;= <=G+6.81 D1 819: 1F
8+7 + 9+ = C. C1@C.: = D1C16<= A016- 9. =;0+C<= 7 + ?1 ?=,+8 -
1;16.7 - /=?.<+ 33O
18= ;= C. 8=/1= C.;. . >01E ;6=7 + ;+=0.7 + 8=/1= C.E ?=?1;.
:1?.I- 8=7 + D18.9: . 9- A0+G.6+: + ?-/= >= 1(;=8 <.7 + <. >610> <.
:+A;=< A=7 16.I+ 9+ 01<.7 + .:. >19<.7 + >1= <+@;= ?0-/= 6+> 9+ ;1>= A=7 16: 7
.61= +/= 0+F.
8. D1@;= ) O' /?+ ;. 7 + ;17 1>91E1B.'
+>919- - <+>=7A-9;.<7 . /?+ /01?.8= <17 6+I. 1>F+: +01;=0 B+9;.F1 -
.9;=0.7. .I+ ;= D1A016= <17 6+I1 <1-B<1 1: 1;>1 81 >=7 + 609;+ 7 =@ =? +A=E+ 6+: .>.E
A.018.?1 + D<18 >= 7 + C.= <+.810 A.018.?1 1: . 916 M .D.B>. 01? =C16.: . 9- 8=7 . A0+F.
.I+ ;= 9-A+0A0=6=?<. 9-A+0>=: 17?+0 <1@1 <=61 81@.<1 0+C1: = C. ?1 C-?+ - A-<=8
D181E- 6+I=>= ) O A: -9(8.<-9 <+>=: .>= /=?.<1 - D16.9<=9;. =? ;=/1 >1? I+ =</0+9
=?=C0.;. ?=6=: 7<= A101
;1 I+ ;= A0=<1I. 61@<=6. -C0D.61B 1 =617=6?+ <+ 8=G+'
1 ./9=6 C=D=< 0+<-I+ - A=;01/- D1 ./9=6.8 A=: 7
+8 =>-@1I+ ?1
-: =6. ./9=6- B+9;.F- 1?18= 9+ ?1 I+8= 91D<1;. A06. A-; D1@;= 9- 9;610. ;+@>+ . D1@;=
96+; .D/: +?1 ;1>= 9: =G+<= .1>= ;. . 7 1 D<18= ?1 7 + <+/?+ - ?-C.<. 6+=81 7 +?<=9;161<
1= /0B>. E018
:
. >1= 9.<1/=/1 - 0=<>9-
=018 6.?+;. ;- <=6- 81@.<- ;- B+9;.F- ./9=6 C=D=< <.7
+ =9=C.;=
A=+;.B<= .8+
1 /1 <1D.618 2=G.7 1 B+9;.F12
= 7 + C=: 7+ 1?1 C.E 7 1 ;= 01?.7 + A.91= 81: .8 A=B+;<.8 9: =6=8 =@=6=
8. 0+F. >=: .>= 9;+ M .D.B>.E ?=>1D1 A0.>-A.: . ?=91? D1 A=9;=7 1<7 + ;+ ./9=6+ B+9;.F+'
.@;1 -: 1 <+81 1A016= >1? 9+ <+ C.98= =9: 1<71: . <1 B.9;. -8 6+I.<1
01D-8<.E M .D.B101 D1>: 7-B.:1 C. <1 =9<=6- ?=91?1@<7 .E A=>-@17 1 ?=>1D.61<7 1 ?1 ./9=6
C=D=< <+ A=9;=7 .

45
 .A1> .9;017
161;+
+/1;.6<. ?=>1D. ;+> 9- A0+:
.8.<10<. ?+= A=9:
1 9.8 ;=/1 .818= 8. -
=6=7D+8:
7.7
+?<- .D0+>-
1'
2.7 + /=;=6= ?=> <+ C-?+ /=;=6= 2
+?1 =/.'
E1
"+<.7 +

1 9+6+0<.8 =C1: 181 /+7 9>=/1 8=01 - /0B>=7A=>017 .<. 01>.7 . /01?.I C?+01 : +G.
<1 -@I- 0+>+ +9;=9 1= . - 8<=/.8 ?0-/.8 /01?=6.81 - =6=8 ?+: - 96+;1 .9;=0.7 1 7 +
-A.91<1 - 918+ 9;+<+ <1 C0?.81 .D<1? =6?1@<7 .E 9-A+0810>+;1 C.=9>=A1 . A10>.</1 0+
<+>.E ?6+ E.: 71?+ B+;.0. 9;=;.<+ /=?.<1 =6?+ 7 + C.= A0=8+;<. >=<;.<+<;1: <. A-; >=7 .7 + 6=?.=
.D =;1?GC.<+ 1<;.B>+ D+8: 7+ +: +<1 ?= 61G<.E /0B>.E A=9+?1 - =<.7 . >=7 1 7 + 91?1
D1A1?<. ?+= -09>+ C?+0- 9- D1A016= <19;1<.: + 7 =<.7 9>+ .DC+/: .F+ - A=6: 1B+<7 - =?
<190;17 1 6=7 9>+ F101 .01 +: .>=/
18.9: .;+ G.6=; - C?+0. - A+;=8 6+>- A0+ 0.9;1 =6=7D+8: 7. >=D1 . >=D101 A0.0=?<.
?=/1,17 . <.9- -6+> =C7 1@<7 161<. A0.0=?<.8 -D0=F.81 1? -?10. 8-<7 1 D<1 9+ ( C1F.= 7 -
7+ 91 60E1 A: 1<.<+ : .8A : .B<= +69 - 96=8+ /<+6- 1 :. I+@-G.61;. - 8.0<=8 8=0- .: .
I+ <1.I. A: .8<. ;1: 19 ?1 ;+ -<.@;. ;= D16.9. =? I-?. C=/1 8=01 =9+7 ?=<1 ": 1?<+ /=?.<+ .
/=?.<+ /=DC. <1.: 1D+ D16.9<= =? 6=: 7+ C=/.<7 + 01;109;61 1 <7 +<= .8+ 7 + #+0+9N =?
1;8=9M +09>.E A0.: .>1 <+ D16.9+ 18.9: .;+ =<?1 >=: .>= 7 + -90+?90+,+<=9;. . F+: =6.;=9;.
8=01= .81;. -8 >=7 . 9+ -9A+61= =?-A0+;. <10=?<.8 6+0=61<7 .81 ;=/1 ?=C1 . 98.9: .;.
A0+?9;16+ >=7 + 9- - 9>: 1?- 91 >610>=6.81 . >61<;<=8 ;+=0.7 =8 ?0+6<=7"0B>=7 1 .
91?1 <1A0+?1> 9+ ?=/1,1= 9: -B17 <= >1? .9>09<+ <+>. /+<.7 + ( D16.9.= 7 + =? A=7 +?.<F1 =?
<7 +/=6+ 6.D.7 + . 9;6101: 1B>+ 8=I. :. +8=>0.; 7 + ?1:+>= =?81>1= B1> . /+<.7 .81 96=/
60+8+<1
+0=61;<= 7 + <17 C=: 7+ A=D<1; A= ?61 96=7 1 <16=?1 >=7 1 9- 8=G?1 ?6+ .<;-.F.7 =8
<17 C=/1;.7 + 0+B+<.F+ >=7 + 7+ .>1? .D/=6=0.= .7 +?1< B=6+> 1<;.B>.E 60+8+<1 R .@;1 <+
A=9;=7 . =9.8 1;=81 . A01D<=/ A0=9;=01N 96+ =9;1: = 9- 918= 8<7 +<7 1R . R 6+ @;= -
19+:7+<. A=9;=7 . A: =? 7 + 9: -B17 1 . <-G<=9;. R 1016<= 8=018= A0.D<1;. D19: -/+
+8=>0.;=6.8 A0+;E=?<.F.81 ( 7 +0 =< 7 + <19: +?.= >=: =91: <1 ?=9;./<-I1 01<.7 .E 8.9: .:1F1
=<.E - /01?- .: +;- . : 7-?. 9- =?0+?.: . D1?1;1> A=9;=7 . 918= 7 +?1< 0+? .9A=? F+: =/=6=/
E1=91 =A1G1<7 1 >=7 1 9;.G- ?= <19 1 8. 8=G+8= . 8=018= =;>0.;. ;170+?
+8=>0.;- 7 + 6+0=61;<= A=8=/: = ;= @;= 7 + A-;=61= R 0=@1= 918 >0=D 6.@+ 8+9;1
<+/= .7 +?1< B=6+> - 8=8 60+8+<- =C16.= 918 <17 =C.8<.7 1 .9;01G.61<7 1 6.?+= 6.@+
D+81: 71 . >: .81 B-= 6.@+ 9: 16<.E : 7-?. R B.= 7 + 19;0=<=8.7 - - /.A;- . 81;+81;.>- -
16.:=<.7 . =9+I.61= 7 + +09.7 - :. A=?9;.F17D1 96=7 + 1;=8.9;.B>+ ;+=0.7 + ?=C.= 7 + .D
"0B>+ >1= @;= 9- ?=C.: . . <7 +/=6. A0+;E=?<.F. 1: +9 8A+?=>: + . 8=G?1 <1016<=
+->.A
>=: .>= 7 + 918= =C7 16:7.61= >1;1: =/- : +>91<?0.7 9>+ C.C: .=;+>+ C.: = 7+ <1C0=7 1<=
6.@+ =? @+D?+9+; <7 +/=6.E 01?=61 = M .D.F. >=98=: =/.7. 19;0=<=8.7 . 81;+81;.F.
81/<+;.D8- C=;1<.F. ;+=0.7 . A=+D.7 + . 8-D.>+ : .</6.9;.F. 01;109;6- 9: .>109;6- . ?0-/.8
;+8181 1>= 0+I. <.7 +?<= =? <7 +/=6.E ?+: 1 <.7 + A0+G.6+: = <+=@;+I+<=N +8=>0.;=6 01?
A=D<17 +8= -/: 16<=8 <1 =9<=6- =?: =81>1 . <1 =9<=6- 96+?=B+<7 1 >19<.7 .E /0B>.E
.9;=0.B101 1= . 7 -;< A.91= 7 + . =< = 81/.7 . . 1: E+8.B109>.8 =;>0.I.81 1>167 + ;= B=6+>
C.='
9;=0.B10. /1 A=8.<7 - >1= 198+7 1<=/ .: =D=M 1 >=8+ 9- /: -A=9;. B=6+B1<9;61 C.: +
.D6=0 98+E1 . @1: + +0=61;<= 7 + C.= C=/1;N6+I.<1 /0B>.E M .:
=D=M 1 C.:. 9- C=/1;1@. <18=
?1 7 + C.= A0=;.6 9+>91 +>9 ?=<=9. ;=: .>= D1?=6=: 79;61 A.91= 7 + +8=>0.; ?1 9196.8
916: 1?1 96+9; B=6+>=6- =G?1 7 + - ;=8+ C.: 1 ;17 <1 +8=>0.;=6+ -9A+@<=9;. . 8=G?1 C.
8. ;0+C1: = ?1 D1C01<.8= 9+>9 <1@.8 ;+=0+;.B10.81 ?1 C. =<. 8=/: . 01D8.@: 7
1;. -9A+@<.7 +
>9A+0.8+<;1;=0 <+81 @;1 ?1 8.9: . ( ?1>: + +>9A+0.8+<;1;=0+ C.98= .D-D+: . =? ;=/
A0=A.91 +8=>0.; 7 + A0.7 1;+: 7
9;6= 6.9=>= F+<.= 1 = G+<181 .81= : =@+ 8.@: 7
+<7 + .7+
G+: += ?1 .81 ?+F- 7 +0 C. 8- A=?.D1<7 + . A=?-B161<7 + ?+F+ =?-D+: = ?+= 60+8+<1
A=;0+C<=/D1 <7 +/=6- M .:=D=M .7- 60?.= 7 + ?1 80D. 96+ @;= 7 + 9.:=6.;= . 9;019;6+<=

46
 +@>= 7 + 8+,-;.8 A=6+0=61;. - ;- <7 +/=6- ;60?<7 - .7+ <7 +8- <19.: 7+ C.: =
<+A=D<1;=N <7 +/=6. 1;=8. C.: . 9- - <+A0+9;1<=8 9.: =6.;=8 >0+;1<7 - 0+C1: = 7 + =9.8
;=/1 A=A0.: .B<= 9;019;. ?1 C. 9+ A=6+0=61: = - =<= - @;1 7 + +8=>0.; 6+0=61= 9;1= 7 + ?=
>017 1 -A=01< - 96=7 .8 -6+0+<7 .81 .1>= D1 <7 .E <.7 + C.= <1/01,+< 9: 16=8 0.9;=;+:/1 7 +
F+<.= 1: .7+ : 1;=< >1= @;= A=8+<-98= ;01G.= ?1 96+ +8=>0.;=6+ ><7 ./+ C-?- 9A1: 7+<+
96=8 0=?<=8 /01?- +8=>0.; 7 + =9;1= - 9+<F. ?0-/=/ M .:=D=M 1 0=;1/=0+
<17 .9;1><-;.7 +/ 9=M .9;+ =M.9;. C+E- 7 +?<1 M .:
=D=M 9>1 @>=: 1 1?.: . 9- E=<=010<= >1=
<19;16<.F. 0+;=0.>+ 7
.E=6. ,1F. C.: . 9- C=/1;1@>. 9.<=6. 1? 7 + 0=;1/=01 =;.@1= .D
C?+0+ - ;.<- ?=B+>1< 7 + =?-@+6: 7+<= +8=>0.; 7 + 8+,-;.8 D1A.91= R1 - ;.<-
=?=E . <.>= 8+ <+ D<1?+ R
+8=>0.; 7 + 6+0=61= - 7 =@8<=/= 9;610. >=7 + <+ A=8+<-98= - <1@+8 D18.@: 7+<=8
01D/=6=0- 919;16: 7+<=8 <1 =9<=6- A=7 +?.<.E <16=?1 .D +8=>0.;=6.E 9A.91 . D1B.<7 +< 91
81: = 81@;+ 1= 918 9+C. 81: = 9: =C=?+ 1: . <.918 8+<7 1= +8=>0.;=61 =9<=6<1
-6+0+<7 1 .1>= 918 ?=A-9;.= 9+C. : ->9-D?1 -C+?.8 198+7 1<=/ .: =D=M 1 - ;= ?1 9- =A.;.
.A1> ?=C01 9;610 ./-01< 918 ?1 =< <+ C. =?=: += .9>-@+<7 - ?1 : .B<= A=/: +?1 >1>= ;= -
-;0=C. +08.: 1C1 <7 +/=68.;9>. 2 <=G2A=9;17 + G.61 9;610<=9;
+8=>0.;=6 01? <1 A01D<.<. C.= 7 + 0+6=: -F.=<101< +8=>0.; 7 + <1 A0.8+0 D<1= ?1 -
>=98=9- <+ A=9;=7 + A016F. 2 /=0+2 2 ?=: +2.: . <+>. 2 90+?<7 .2 1>= 7 + ;- D18.91= A06. .D: =G.=
<1>9.81<?+0 .A1> 7 + C.:1 .D61<0+?<= ?=9;./<-I+ D1 -8 7 +?<=/: 7
-?9>=/C.I1 0=,+<=/<1
=6=7A: 1<+;. /?+ 7 + F+: 1 A=A-: 1F.7 1 /+=F+<;0.B<1 =8.91= ?1 - 19+: 7+<. <+ A=9;=7 . <.@;1
-9A016<= <.;. <1/: 161B>+ ;+@>1 7 + . ?1<19 D1 6+I.<- : 7
-?. .1>= 9- /: +?1: . A0.D=0+ 91
>=98.B>.8 >1A9-: 181 +?<= =? +8=>0.;=6.E 7 =@ -?1: 7
+<.7 .E 7 =@ B-?<.7 .E D1 =<=
60+8+ -6+0+<7 1 C.: = 7 + ?1 A=9;=7 + <+C0=7 +<. 96+;=6. . ?1 9- 01D: .B.;.E 6+: .B.<1N?1 9+
<1: 1D+ <1 <+7 +?<1>.8 019;=7 1<7 .81 . ?1 .E .81 6.@+ - <+>.8 A016F.81 1 81<7 + - <+>.8
?0-/.8N?1 <+>. F6+;17 - 1 ?0-/. 9+ <1: 1D+ - =A1?1<7 - 1 <+>.8 8+9;.81 6+0=61= 7 +
+8=>0.; 96+;=6. 9+ 01,17 - <1 ?0-/.8 8+9;.81 -8.0- 019;0/<-;. - 8+,-9=C<.8
9-?10.81 1 <+>.8 96+;=6.81 <+81 C.: 71>1 <.;. G.6=;.<7 1 1 <. 6=?+ -?<+ 7 + ;= A0.B+
A0.B1= +8=>0.; 1 8. .E 8=G+8= A=6+D1;. <+A=90+?<= 91 <17 <=6.7 .8 >=98=: =@>.8
D18.9: .81 A1 . 91 ;+=0.7 =8 D61<=8 2 .<M :
1F.=<1 19+: 7+<12>=7 1 >1G+ ?1 7 + - A06=C.;<=7
2.<M:1F.7 .2 ?1>: + @.0+<7 - . <1?-6161<7 - ?=@: = ?= 01,1<7 1 . 8<=/.E 2 8+E-019;.E 19+: 7+<12
= 96+ =? 7 +?<=/ M .:=D=M 1 9>: =<=/ 98+7 1<7 - >=7 . 7+ A0+/1D.= 8<=/+ A-;+6+ . 8<=/+
9;1D+ A= 1<;.B>=7E+: +<9>=7.8A+0.7 . A0+ 6.@+ =? ?61 8.: +<.7 -81
;= 9+ ;.B+ +8=>0.;=6=/ A0=9: 16: 7+<=/ <16=?1 ?1 7 + 96+ @;= A=9;=7 . R A: =? 9: -B17 1 .
<-G<=9;.R <1: 1D.8= ?1<19 .9;. ;17A101?=>9 - ?0181;.B<= D1=@;0+<=8 =C: .>- - <1@=7
>61<;<=78+E1<.F. 7 +?<=7=? 6+: .>.E ;+=0.7 1 ?61?+9+;=/ 6+>1 =7 +?.<1B<. 9-?10. 1;=81
0+>1= 7 + +8=>0.; .817 - >1? 9+ 6+I?=/=?+ <+8.<=6<+ A=9: +?.F+ =9;=7 + 9;0=/. D1>=<.
- ;=8+ 1 .A1> >=7 . I+ 9+ 9-?10. B+@I+ ?=/1,1;. >=7 .E I+ 9+ 1;=81 <1I. 6.@+ <1 <+>=8
=?0+,+<=8 8+9;- ( = ;=8+ =?: -B-7 + 9: -B17 1? 9+ =6= -B+<7 + .D6+?+ ?= 96=7 .E :=/.B>.E
A=9: +?.F1 =<= D<1B. ?1 <19;1<1> .: . <+<19;1<1> 7 +?<=//=;=6= .?+1: <=/9.9;+81 2-<F+
A: -9 +8: 712( ?1>: + 7 +?<+ D6+D?+ . 7 +?<+ A: 1<+;+ -D<7 - ( D16.9. =? 90+I<=/.: . <+90+I<=/
9;.F17 1 =>=: <=9;. 1? A=8=I- 8=?+0<+ >61<;<+ ;+=0.7 + 01D0+@1618= ;- D160D: 18-
.D6+9<=9; A=;A-<1 A=-D?1<=9; . A016.: <=9; .D01<7 17- >1= ?=/1,17 . >=7 . 9- 7 +?1< A0=9+B<.
.9E=? 6+I+/ C0=7 1 A=7 +?.<1B<.E ?=/1,17 1 =? >=7 .E 961>. .81 01D: .B.;- 6+0=61;<=I- ?1 9+
?+9. <=@;6= <19-8.B<.E ?=/1,17 1 ?17 + D17 +?<= 7 +?1< A0=9+> 1 >1>16 I+ ;17A0=9+>
C.;. ;= 8. 8=G+8= A0+?6.?+;. -;=: .>= 9./-0<.7 + ->=: .>= 7 + 6+I+ 8<=@;6= ;.E <19-8.B<.E
+8=>0.;=6= -6+0+<7 + - 9>: 1?- 7 + 91 <1@.8 ?1<1@<7 .8 6+0=61<7 +8 +8=/-I+ 7 +
A=-D?1<= A0+?6.?+;. >1>61 I+ 9-?C.<1 ?1 D1?+9. 81 >=7 . A=7 +?.<1B<. 1;=8 1: . 7 + 8=/-I+
;1B<= A0+?6.?+;. ->-A<. .9E=? >1? 9+ <+C0=7 +<= 8<=@;6= 1;=81 9-?101 <19-8.B<= -
A0=9;=0-
1> . <7 +/=6= <+A=6+0+<7 + - B-: 1 ?17 + .D-D+;<= ?01/=F+<+ -6.?+ +8=>0.; .9;.B+ ?1
9- =0/1<. B-: 1 91D?1<. =? 1;=81 >=7 . 9+ 9-?1017 - 91 1;=8.81 A=981;01<=/ A0+?8+;1
DC=/ B+/1 <1@. -;.9F. <.9- 9196.8 ;1B<. 1= @;= I+8= 6.?+;. - A+;=8 A=/: 16: 7-
+8=>0.;=6<1B.< .D01G161<7 1 >1? = =6=7A0=C: +81;.F. /=6=0. - 91/: 19<=9;. 7 + 91 ?0-/.8
=/0=8<.8 =;>0.I+8 <1@+/1 9;=: +I1 1 ;= 7 + 17 D+<C+0/=6= <1B+: = <+=?0+,+<=9;. .<
8+0+<7 1 -;.B+ <1 B+9;.F- >=7 - 8+0.8= 1 .81 ;- <+>+ A=+D.7 +
1>6= 7 + +8=>0.;=6= 8+9;= - .9;=0.7 . M.:=D=M .7+' = >=<6+<F.=<1: <.8 8+0.: .81 <.7 +
=9=C.;= 6.9=>= ( 961>1>= <+ - A=0+,+<7 - 91 <7 +/=6.8 9: 16<.8 9160+8+<.F.81 =>01;=8

47
 :
1;=<=8 . 0.9;=;+: =8 +>. .9;=0.B10. 981;017 - ?1 7 + +8=>0.;=6= 9;6101: 1@;6= 7 +?<1
C.D10<1 M -9<=;1 >=7 - ;0+C1 A0.?=?1;. -D .9;=0.7 - /0B>+ M .:=D=M .7+ A1> B-: = 9+ C10 7 +?<=
8=I<= 9-A0=;<= 8.@: 7
+<7 + 0.;1<9>. M .:
=D=M +0;01<? 19+: +0;01<? -99+: : 0+>1= 7 + ?1
7+ M.:=D=M .71 A=9: + +8=>0.;1 A=B+: 1 ?1 A1?1 . ?1 9+ ;+> - 0+<+91<9. =A=016.: 1 +8=>0.; .
=<. A0+ <7 +/1 R 1</1G=61: . 9- 9+ - <1A=0- C+D.>1>6.E : .B<.E .<;+0+91 . >=0.9;. ?1 9E61;+
96+;R A.91= 7 + 19+:. ?=?1= ?1 7 + <7 .E=69;16C.= R .81/.<1;.61< . G-9;10 A-< A-9;=: =6<=/
=?-@+6: 7
+<7 1 1 96+ 9- C.: . D1.<;+0+9=61<. ( D1 8+;+=0.;+ . A=801B+<7 1 D1 0.C+ .
61D?-@<+ >=6.;: 1F+ D1 0+: ./.7 - . 8=01: N >=8C.<=61: . 9- A0=?=01< .<;+: +>; . ?+;.<7 19;.
21A+;.;2?1 9+ D<1 96+R .9- C.: . 9-7 +6+0<. <+/= 9- 9+ C16.: . A016=8 <1->=8 1
A0+?019-?+ <7 .E=6=/?=C1 <.9- 8<=/= -;.F1: + <1 <7 .E
1016<= ?1 7 + 19+: C1@ >1= . +8=>0.; C.= =DC.: 71< 81;+81;.B10 1 ;. 8=8F. 9+
8+,-9=C<= A=?-A.0- D<1;+ =081: <= ?1 I+ 7 +?1< 81;+81;.B10 C.;. 9>: =< ?1 2 <16.712D1
0./=0=D<+ 8.9: .=F+ >1= @;= C+E- +8=>0.; +->.A . 8A+?=>: + 19+:7 + .9;1>1= 9: +?+I+
.1>= 9- 0.9;=;+:. ?0-/. D18+01: . 1;=8.9;.81 @;= <+ <16=?+ @;1 7 + <1 A=B+;>- 19+: 7+<+
A=>0+<-: = 96+ 1;=8+ .A1> 7 + -B+<7 + +->.A1 +8=>0.;1 . ?0-/.E 1;=8.9;1 C.: = <1-B<.7 +
-A016= D1;= @;= 9+ <.9- A=;0-?.: . ?1 19+: 7
+<. A0.A.@- <+>- 960E- 19<= 7 + C.: = 1;=8.9;.81
?1 : 1<1F -D0=>1 . A=9: +?.F1 8=01 .81;. . <+>1>16 96=7A=B+;1> . ?1 9+ <.>1>16 -D0=> <+
8=G+ <1I. ;=8 A=B+;>- 1 1;=8.9;+ 7 + >0+;1<7 + C.: = <1A0=9;= <+@;= @;= 7 + ?1;= @;=
7+9;+ ;=8.9;. 9- A=9;16: 71: . 8+E1<.9;.B>1 A.;1<7 1 . ?161: . 8+E1<.9;.B>+ =?/=6=0+ 1? 9-
A.;1: . R 1@;='R E;+: . 9- 0+I. >=7 . 7+ -D0=> =6=/ ?=/1,17 1' >1? 9- A=;=<7 . M.:
=D=M . (
:
1;=< 0.9;=;+:. =<. A=9: + <7 .E ( A.;1: . R 1@;='R E;+: . 9- 0+I. >=7 1 7 + 960E1 =6=/
?=/1,17 1' 1 <+90+I- =617?0-/. 98+0 .9;01G.61<7 1 >1G+ 19+:R =C.B<= 9;./<+ . ;= C0D=
?= 6=0F1 .: . C10 ?= 6=0F1 0.6.?1R =<?1 8=01 =9;1;. <+=C7 1@<7 .6= >= 7 + 9;6=0.=
6=0F1 =9.8 1>= 98= 019A=: =G+<. ?1 .D<1? <7 +/1 D18.9: .8= 7 =@7 +?<=/ ?1>: + 1?;6=0F1
1 .D<1? =6=/ 1?<1?;6=0F1 . ;1>= 96+ ?1: 7+ . ?1: 7+ 61 609;1 01D8.@: 71<7 1 0+>1= 7 +
19+:-6=?. <1->- - I=09=>1> /?+ =<1 =9;1<+ D10=C: 7+<1 . A= <+>=: .>= 6+>=61
"?+ 98= ?1<19 - A=0+,+<7 - 91 "0B>=8 =>= P /=?.<+ A0+ <1@+ +0+' 1<1@<7 .
29;1<?10?<. 8=?+: 2>=7 . 9+ 916A=>0+I+ A=8=I- =A.;1 <.7 + 8<=/= 01D: .B.; =? +8=>0.;=6+
9A+>-: 1;.6<+ 1;=89>+ ;+=0.7 + =G+8= 91/01?.;. C.: = @;1 - 91?1@<7 =7 .: . ?=91?1@<7 =7
19+: 7+<. =? A.: +I+ 9-A+ ?= <+-;0=<9>.E D6+D?1 91 918= ?61<1+9; B+9;.F1 81;+0.7 + 1@.
1(;=8. ?=: 1D+ >1= ?6+ A=0=?.F+ @+9; >610>=61 . @+9; : +A;=<1 .E @+9; >610>=61 D=6- 9+
/=0+ ?=: + @108 B-?<. 60E .: . .9;.<1 . ?<= .: . :+A=;1 +A;=<. 9- +: +>;0=< C10 <7 +/1
?=C0= D<18= +: +>;0=<9>. <+-;0.<= 8-=< 8-=<9>. <+-;0.<= ;1- . ;1-(<+-;0.<=
18= A0.8+;.;+ ?1 98= 0+>: . 2
91?1@<7 1 .:. ?=91?1@<7 12 19+: 7+<1 >= 01D/=61018=
918= = 91?1@<7 =7 +6= C1@?1<1@<7 =7 19+: 7+<. =? .9;=B<.E >610;=61 /01?1 .>1/1 A1 96+
?= 0-C1 19+: 7+<+ 8=G+8= 9+ : +A= 9<1I. . 91 >-?.>18= -G.8 .DC=0=8 B+9;.F1 ? @+9;
>610>=61 ?=6=: 7<= <18 7 + ?1 -D8+8= 918= ?61 ?=: + . /=0+ 7 +0 =<. - 01D<.8
>=8C.<1F.7 181 ?17 - 7 +D/0= 96.E 1;=81 =<.E 1;=81 >=7 . 9;=7 + - A+0.=?<=7 ;1C: .F.
+:+8+<1;1 ? 96.E : +A;=<1 7 +?.<= C+D9;10=/ ?=C0=/ +: +>;0=<1 >=7 . 2>0-G.2=>= 7 +D/01 .
C+D <+-;0.<1 >=7 . 7+ C.;1< - 8<=/.8 0+1>F.7 181 <+ 8=G+8= G.6+;. <?1 @;1 I+ <18
-=A@;+ 8-=< . ;1-' ;1 I+ <18 @108 >610> B-?<. >610> . ;+G. >610>=6.' =C0= -8+8=
?1 .E <1A016.8= - <1@.8 1>F+: +01;=0.81 ( @;16.@+ =;>0.618= .E . - 9-?10.81 >=98.B>.E
D01>1 : . D1@;= 9- =<. =6?+' .@+ = ;.8 2 +>9;0121(;=8.81 >1D1I+8= <+@;= >19<.7 + - =6=7
><7 .D.

;=8.D18 7 + - 96=7=7.9;=0.7. .81= . -9A=<+ . A1?=6+ .81= 7 + /1@+<7 1 . A1:

7+<7 1 96=/
2
8=;=012 1: . <17D1? <19 7 + ?=6->1= ?= 9;1<?10?<=/ 8=?+: 1 /?+ 98= 91? ;=8.D18 7 +
A=B+= 91 1: +9=8 >=7. 7+ ;60?.= ?1 7 + 96+ 6=?1 C0=71;=81 8A+?=>: + 7+ .<9.9;.01=
<+ <+/= 61D?-E(D+8: 71(61;01(6=?1 C0=7 P +8=>0.; 7 + .81= <+: 1/=?<= 6+: .>. C0=7
=C: .>1 1;=81 1: . 918= 7 +?1< >=<F+A; C0=7 ' <?1 7 + <19;-A.:1 ?-/1 .9;=0.79>1 A1-D1
1:. 7+ 1;=8 =9;1= M.:
=D=M9>1 ;+81 = >=7 =79- 019A016:71:. ->0+F.7+ 7 -;< -,+0 =@>=6.I.
8<=/. ?0-/. 17D1? 7
+ G=< 1: ;=< =E< 1: ;=< ! * 96+= 1;=8+ <1 +>9A+0.8+<;1: <-
<-G<=9; <?1 9- 9+ 1;=8. <1@: . B609;= - @1>181 E+8.B101 . A=B+: . 9+ 8<=G.;. ( ) <7 .E
A1 P! <17 D1? A=B+;>=8 =6=/ 6+>1 3) 1;=81 9>=0= 9- <->: +10<. E+8.B10. A=B+: .
A0=.D6=?.;. <=6+ E+8.7 9>+ +:+8+<;+ ?1>: + <=6+ 609;+ 1;=81 C0=79;.G+ ?= ). <19;16: 71

48
9+ A=6+I161;. =0? 1?+0M =0? 7 + 8+,-;.8 -B.<.= ?.6=69>. >=01> -<1D1? >1
7+?<=9;16<=9;. >1? 7 + -9;1<=6.= =>= 3 /=?.<+ ?1 1: ;=<=61;=8 <.7 + <+?+: 7.6 <+/=
?1 9+ 919;=7 . =? 7 +D/01 . +: +>;0=<1 C0=7 ) -E ?1 . M =;=< 7 + ;- <+/?+ C0=7 * "=?.<+
3* <1,+<= 7 + ?1 7 + 7 +D/0= >-I1 A-<1 <+ 918= A0=;=<1 <+/= . <+-;0=<1 C0=7 P
1<19 .818= $ >610>=61 $ : +A;=<1 ) /+7 ?G C=D=<1 . 1>= E=I+8= ?1 C-?+8= D: .
8=G+8= -01B-<1;. . 1<;.B+9;.F+ 96.E =6.E >1= . C=7 + >610>=61 7 +0 >610>=6. ?=: 1D+ - ;0.
01D<+ C=7 + C0=7 $ :. >=8+ 7 + ?= ;=: .>=/C0=7 1<7 1'
9;=0.71 /=6=0. = ;=8+ ?1 C.98= 8=/: . <1I. .D6+9<+ 9;610B.F+ E17 ?+ ?1 .E <1D=6+8=
2A0+;>610>=6.2 >=7 + C. <18 =8=/-I.: + ?1 981<7 .8= ->-A1< C0=7=6.E =9<=6<.E =A+>1 =?
>=7 .E 7 + 96+; .D/01,+< =9;=7 . 7+?<1 <=6.7 1 A0+;A=9;16>1 >=7 1 >1G+ ?1 8. /: +?18= >0=D
;18<= 9;1>: = ( ?1 =6= 8<=@;6= ;=C=G<7 .E 1(;=81 - <1@+8 9;1<?10?<=8 8=?+: - 7 +9;+
<1A0=9;= A=9: +?.F1 <1B.<1 <1 >=7 . /:+?18= +?<1 ?+B7 1 ./01B>1 D61<1 >1: +.?=9>=A
A=>1D-7 + ?.6<+ =C019F+ >=7 . <19;17 - 0+>=8C.<1F.7 =8 ?+: .I1 . ?+7 9;6=8 ;0. =/: +?1: 1 >=7 1
-8<=G1617 - <19;1: + 9: .>+ . ?17 - .8 9.8+;0.7 - =B.8= <+>. 019A=0+? D6+D?1 1 A=9: + 9+
A=>1G+ ?1 7 + <19;1= DC=/ /016.;1F.=<=/ 9=B.61 1>= 91?1 9E61;18= : 1>= C. 9+ 8=/: =
?+9.;. ?1 ./9=6 C=D=< ( =G.7 1 B+9;.F1 ( ?=<+9+ - <1@+ 0->+ =<178+E1<.D18 A=8=I-
>=/1 I+8= -/: +?1;. 96+; ?+6.B1<9>+ 7 +?<=9;16<=9;. .D1 <1@+/ 96+ D1A+;: 7
1<.7+/
9;1<?10?<=/8=?+: 1
6= <19 601I1 7 +?<=79;10=7M .:
=D=M 9>=7019A016. 1 :. 7 + =61 19+: 7+<1 9;610<1' >=
7+9;+ >1>= 9+ 8=G+8= -6+0.;. - ;= ( >1>= D<1;. 91 9./-0<=@I- ?1 7 + 19+: 7
+<1 9;610<1'
+=0+;.B10. 9+ 0+;>= C16+ =6.8 A0=C: +8=8 1A0=9;= A0.E61;17 - =C7 +>;.6<- 9;610<=9; >1=
<+@;= ?1;= @;= 7 +9;+ ;- /?+ 7 +9;+ 1 =<?1 9+ A=96+I-7 - 96=7 .8 A0=01B-<.81 -?01
=?: ->1 1>= 01?.@ 918= =: =6>=8 A= E10;.7 . 1 E=I+@ <+@;= . ?1 A=9;./<+@ +,-;.8
+>9A+0.8+<;1;=0 <18-B+< 9: 1C=9;.81 96=7 .E .<9;0-8+<1;1 1: . . 96=7.E B-: 1 =9+;. >1>= /1
A0=C.7 1 E:1?1< D<=7>1? 918= A=8.9: . <1 D1?1;1> 8+0+<7 1 >=: .>= 7 + 96+; 9;6101< =>1G+
9+ ?1 96+; -8+ C.;. 6+=81 >: .D16>1? A=: =G.@: +<7 .0 <1 <7 +/1 6=,+< G+: 7=8 ?1 .D8+0.@;-
=9=C.<- 9;610<=9; +@161 9+ ?1 .D <+>=/ =A.;1 A0=.D.,- C0=7 +6. ;=: .>= B-?<. .
<+=B+>.61<. ?1 9+ M .D.B10- >=91 ?./<+ <1 /: 16. =? -G191
=/: +?17;+ 918= A0=C: +8 819+ =?1F. >=7 + 98= A0.>-A.: . = 819. >610>=61 . 4 .
B+9;.F1 >017 <7 + 9- DC-<7 -7 -I. :+A;=<. ( +: +>;0=< 8-=< . ;1- ( .D/: +?1 ?1 9- 7 +?<1>. -
96+8- C1@- 96+8- =9.8 A= 96=7 =7819. 1 :. 7+ 8191 9;610<1' : . 7+ 918= =A9+<1
A0.6.,+<7 + <19;1: = DC=/ <1@+/ >=98.B>=/ =>0-G+<7 1' +?<= =C7 1@<7 +<7 + >=7 + <1A0=9;=
>:7-B1 >0=D : .;+01;-0- =918?+9+;.E . ?+6+?+9+;.E /=?.<1 =6=/ 6+>1 /=6=0. <18 ?1 7 +
A01D1< A0=9;=0 A0=G+; <+B.8 <+B.8 @;= 1;=8.81 A0.?=?17 + 7 +?<- A0.6.?<- =9=C.<- (
;+G.<- = <+@;= I+ 9+ 7 +?<=/?1<1 =?9: .>1;. - <1@.8 -0+,17 .81 >1= B+9;.F1
?=;1? <.@;1 <+ A=9;=7 . =9.8 1;=81 . A01D<=/A0=9;=01N96+ =9;1: = 9- 918= 8<7 +<71
-7+8 >1>= 9+ 9;10. +8=>0.; ;.E= 98+7 +

49
50
 181 >=7 . 9+ A0.A0+81;+ ?1 =C+: +G.;+ ;0.9;1 A+?+9+;- /=?.@<7.F- =C716:7.61<71 6+:
.>=/
"1:.:
+7 +6=/<1-B<=/01?1 .1: =/E. 9-. ?-+ 8199.8. 9.9;+8. ?+:8=<?= G+: += C.E ?1 >1G+8
?1 7+ .9>-9;6= #0>6+ ;=>=8 ;.E ?=/1,17 1 91 "1: .:
+7+8 . >19<.7
+ ?=6+: = ?= 7+?<=/D0+: .7
+/
9;161 . ?= ;1B<.7 +/ -6.,1<7 1 >=:.>= 6: 19;. #0>61 8=G+ . ;0+C1 ?1 .81 =<16: 7
18 A0+?
6181 =<= @;= .9>1D1E A0+? =<;.M .F.79>=8 1>1?+8.7 =8 <1->1 <=6+8C01 3T3
21?18 9+ ?1 I+ ;+=: =D. <1-B<.F. . .9;=0.B10. A=>0+<-;. ?-E=8 .9;.<9>+ 9101?<7 + ?-C: 7
+
A0=-B161;. 9:-B17"1: .:
+7+6 . ?1 I+ .9>0+<= A0.D<17 -I. <+A016?+ 81 9 >=7 + 9;01<+ ?1 9-
C.:
+ <1E0-A.: + 01D1/<1;. <+A=6+0+<7 + >=7 + . ?= ?1<1 ?1<1@<7 +/1 B.<. D1A0+>- - 96+9;.
8<=/.E : 7-?. A:=?<=79: =D. <1->+ . 6+0+ 2

7
+/=61 96+;=9; A1A1 =61< 16:
+ 0-/. 3!$

.<I+<F= "1: .:
+7 .<F+<D= "1: .:+. 80D+= 7 + 81;+81;.B10+ = 8=G+ .D/: +?1;. B-?<=
7+0 =< 918 C+@+ 81;+81;.B10 6+=81 9A=9=C1< :. 6.@+ =? ;=/1 C+@+ =?1< 8-D.F.
B-6+<. : 1-;.9;1 - .0+<F. @+9<1+9;=/ 6+>1 >= /=?.<+ O! A=96+;. =< A1G<7 - ;+=0.7 .
8-D.>+ . <1,+ ?1 =<1 <+ 61: 7
1 0.6.F- D1 =6= A0.A.91 7 +?<=8 81;+81;.B10- >=7 . C+@+ ?6+
E.:7
1?+ /=?.<1 A0+ ;=/1 -A=>=7 +< .;1/=01 7 + >0.6 0+B+ .<I+<F=
.;1/=01 7 + C.= 8.9;.> =,+< 7 + <1 /0B>=8 =9;06- 18=9- =;A0.: .>+ 7 +?1< 6+> A0+
+8=>0.;1 0=6+= 7 + /: 16<.<- 96=/ G.6=;1 - ;1: .7. /?+ 7 + . =0/1<.D=61= 96=7A=>0+;
A.;1/=0+7 F+ 7 +?<- 609;- ;17 <=/ -?0-G+<7 1 8-@>101F1 >=7 . 9- <1 0+: ./.79>. <1B.< =C=G161: .
C0=7+6+ . >=7 . 9- G.6+: . A=? 9;+/=8 <+>=: .>= =A9+9.6<.E ;1C-1 ?C.7 1:. 9- ?1 7 +?- A19-: 7.: .
?1 A=?./<- 81 >=7 . A0+?8+; >=7 . A1?<+ 91 <7 .E .:
. .D<7 .E=6.E 0->- 1? /=? 9- 9+ -7 -;0=
A0=C-?.: . 6+=81 A=8<= 9- A=016<161: . A=9;+: 7
.<- ?1 <+ =9;1<+ <. <17 81<7 + -?-C: 7+<7 +
- =C: .>- <7.E=6.E ;+: 1 +0=61: . 9- - 0+.<>10<1F.7 - . =?C.7 1:. ?1 7
+?- A9+I+ 8+9= .: . B1> ?1
;->- A9+ 981;017 -I. ?1 C. - ;+: - <+>=/ A91 8=/1= C.;. ?-E <+>=/ <7 .E=6=/ ?16<=
A0+8.<-: =/A0.7 1;+:7 1
A9+?<-;. 9- C.: . C0=7 +6.81 +0=61: . 9- ?1 9;610. 7 +9- C0=7 +6. + - 98.9: - ?1 9;610.
8=G+@A0+C0=7 1;. <+/= ?1 A0+?8+;. 7 +9- C0=7 +6. <1 A0.8+0 C0=7 ?1 7 + 7+?1< A0+?8+;
7+?<1 9;610NC0=7) .: . T .:. *);1>=,+ 9- 9;610. =C7 +>;. .;1/=01 7 + <19;=7 1= ?1 6.?. =C: .>
C0=7+61 . ?=9+;.= 9+ ?1 C0=7 +6+ ?.G+ <1 >61?01; . <1 >-C 1 ;= 9- .D01D. >=7 + . ?1<19
>=0.9;.8= :. 7+ /=6=0.= . = C0=7 +6.81 >=7 . 9- <16=?<= 2 =61:<.2.:. 2
;0=-/: 19;.2 @;= <181
?1<19 <. <1 >017A18+;. <.7 + ?1 -A=;0+C.8=
.;1/=01 7 + A06. ?=>-B.= 7 +?<- 6+: .>- .9;.<- = A016=-/: .8 ;0=-/: =6.81 >1D1= 7 + <1
B.<7+<.F- ?1 7 + >61?01; <1? E.A=;+<-D=8 7 +?<1> DC.0- >61?01;1 <1? >1;+;181 @;= ?1<19
D<1 961>= ?+;+ <1 7 +0 8- ;= D1>-F17 - - 8=D1> <19;16<.F. 81;+81;.>+ - 961>=7@>=: .
=? + -1<1 ?= : 1< 1;=01 6= 8+ A=?9+I1 <1 60+8+ >1? 7 +7 +?1< =? 8=7 .E 9;-?+<1;1
0+/0-;=61< +?<=/ ?1<1 9+?+ 8: 1?. 6=7 <.F. 0+?=6. 1 <10+?<.> .8 ?0G. A0+?161<7 + =
8+;0.B>=8 9.9;+8- 8+01

8+;0.B>=8 9.9;+8- 8+01 6=?1 >:

7-B1 <1 ?+6+?+9+; 9;+A+<.
D6.<7
1618 9+ /=9?=A=?.<+ >: 7
-B1 <1 9;=
E ?1 A=/0+@.= 918 016-/1= >: 7-B1 <1 ?+6+?+9+; 9;+A+<.

.;1/=0+7F. 9- 6=: +:. ?1 A0=-B1617 - 01D8+0+ C0=7 <+ =?<=9+ 8.9: .:

. 9- 2D:1;<.
A016=-/1=<.>2 .?+1: 1< =C: .> B.7+ 01D8+0+ 7 19<= 6.?.8= <1 10;+<=<- . 8<=/.8 ?0-/.8
/0B>.8 /01,+6.<181 1: . . <1 0+<+91<9<.8 9: .>181
.;1/=01 7+ C.= A06. >=98=: =/ < 7 + <1.8+ . -D+= 0+B >=98=9 =< 1 <+ 10: +/1< .
<7=8+ =D<1B.= 96+ @;= A=9;=7 . - <1@=7 19+: 7+<. C1@96+ =?7+?<=8 =? : 7-?9>.E C.I1 ?=
D6+D?1 >=7 + 9+ .D<1? <19 60;+ ->0-/ 9;610. >=98=9 7 + 0+B >=71 7+ . A0+ .;1/=0+
A=9;=7 1:1 - /0B>=8 7 +D.>- 1: . 7+ D<1B.: 1 <+@;= <+A0+6=?.6= =;A0.: .>+ -0+?<=9;
90+,+<=9; : +A=;1 19+: 7+<1 7 + 7 +?1< >=98=9 0+>1= 7 + .;1/=01 1 . 961>. B=6+> 7 + A=
7+?1< >=98=9 D1 9+C+ 918= <+ 961>. A=?7 +?<1>=
1? C. .;1/=01 C.= G.6 ?1<19 9;1<=61= C. - C0+/=6.81 1: .C- .:
. 8=G?1 - 10.<
1-<;.7- 1?0G161= C. 9+ A= 0+9;=01<.81 2 D?016+ E01<+2 - A01;<7. 8:1?.E G+<1 >=7 + C.

51
80D+: + A19-: 7 =C=G161: + <7 +/1 . .81: + .8+<1 >1= 20.<F+D1 "17 12.: . 2-<B.F1 >1F.7 12 : .
C. 8=G?1 C.= A0=M 1 91 A=: 1 01?<=/ 60+8+<1 . A0+?161= 81;.@ <1 1:.M=0<.7 9>=8
-<.6+0D.;+;- - 1<;1 0-D-
1A016.= 918 6+: .>- ?./0+9.7 - :7-B<1 .9;.<1 - <1@=7A0.B. 7 +9;+ ;1 ?1 9- A.;1/=0+7 F.
=C=G161: . 8-D.>- - >=7 - 9- -<=9.: . 96=7 - =A9+?<-;=9; C0=7 +6.81 .;1/=01 7 + 6+0=61= ?1
91D6-B7 1 - 8-D.F. A0=.9;.B- .D2 D6-B<.E C0=7 +612 60?.= 7 + ?1 9160@+<. 1>=0?. 7 +9- .<;+061: .
<1 8-D.B>.8 : +9;6.F181 . ;= .<;+061: . >=7 . 9+ 8=/- .9>1D1;. C0=7 +6.81 ) * . P C.0 ;1
B+;.0. C0=7 1 7 +9;+ 1 ;= 7 + - A.;1/=0+7 9>=8 A=/: +?- <1 96+; 9160@+< C0=7 .;1/=0+7 F. 9-
?=<=9.: . 8-D.B>+ .<9;0-8+<;+ <1 96=7 + 9>-A=6+ >=7 . 9- A0+019;1: . - 2 718 9+99.=<2
9:=C=?<=/96.01<7 1 + D<18= ?1 : .7+ . >=: .>= ;1 8-D.>1 C.: 1 ?=C01 7 +0 <.9- ;= 9<.81: . <1
>=8A1>; ?.9>=6+ +,-;.8 7 +?1< >19<.7 . >0.;.B10 7 + .D0+>1= -B+<- A0+;A=9;16>- = ;=7
9;610.
.<I+<F= "1: .:+7-9;60?.= 7 + ?1 9- .;1/=0+7 F. 961>1>= C.: . /: -61I. 96. =?0+?1 .817 -I.
- 6.?- <7 .E=6+ ;+=0.7 + = 1>=0?.81 .<I+<F- 7 + 9: -E 7 16: 71= ?1 7 + .;1/=0.<= -B+<7 + =
91D6-B7 .81 9>0=D(<19>0=D A=/0+@<= 9;1: . 1>;.6<. 8-D.B10. @+9<1+9;=/ 6+>1 ;1>=,+ 9-
A0+<+C0+/161: . ;+ ?16<+ "0>+ 1 .A1> .;1/=0.<+ D18.9: . G.6+: + 9- . ?=/-01: + B1> ?=
.<I+<F=6.E ?1<1N2 D6-B<. C0=7 +6.2D1?0G1: . 9- 9+ >1= -61G161< ?+= 8-D.B>+ ;+=0.7 + 81?1
.E <.>= <.7 + A0.8+<7 .61= - A01>9. 17 6+I. C01<.;+: 7 .;1/=0+ - ;1: .7. - @+9<1+9;=8 6+>-
C.= 7 + &=D+M = 10: .<= ".=9+M M= 10: .<= <17.9;1><-;.7 . 8-D.B>. ;+=0+;.B10 ;=/ ?=C1 .
-7 +?<= .<I+<F=6-B.;+: 7
.<I+<F= . &=D+M = 9- 9+ /0?<= A=961,1: . =>= =6=/1 1 =<?1 7 + .<I+<F= 98.9: .= <1B.<
0+6=: -F.=<101< D1 =<= 60+8+ ?1 ?=>1G+ ?1 7 + - A016- 60@.= 7 + =A.;+ 0.A0+8.= 7 + .
=C16.= ?6+ /0-A+ =A.;1 . ;= 91 9;0-<181 01D: .B.;.E ?-G.<1 . 91 ?0-/.8 9;0-<181 >=7 + 9-
96+ C.: + .9;+ ?-G.<+ 1: . 01D: .B.;+ D1;+/<-;=9;. 1?+I. ;1>= =;>0.= 7 + <=6+ <+A.;1/=0+7 9>+
81;+81;.B>+ =?<=9+ - 8-D.B>=7: +9;6.F. +>. >1G- ?1 7 + .<I+<F= A06. B=6+> >=7 . 7+
=A.;<.8 ?=>1D.81 =C=0.= 7 +?1< ?= ;1?1 =A@;+A0.E61I+<. 81;+81;.B>. D1>=< ./-0<= 7 +
C10 =6= C.= 7 + <1 B+: - 7 +?<=/ A=>0+;1 >=7 . 7 + 9;10- A=: .M=<.7 - D18+<.= 8=?+0<=8
E108=<.7 =8
<18= D19./-0<= ?1 7 + ;.8 =A.;.81 91 9;0-<181 A0.9-9;6=61= C10 7 +?1<
D1.<;+0+9=61<. A=981;01B .<I+<F=6 <17 9;10.7 . 9.< /: +?1= 7 + @;1 ;1;1 8+0. . 01B-<1
/=0B+< 8-D.B>=(;+=0.7 9>.8 ?=/81;.D8=8 .<I+<F= 9+ ?+0<7 1= <19;=7 +I. ?1 ?=>1G+
9.<- >=: .>= 7 + 81;+81;.>1 /: -A161 + D<18= ;1B<+ 0+B. >=7 + 7 + .D/=6101= 1: . 8+<. 9+
A0.B.<7 161 ?1 B-7 +8 .<I+<F1 >1>= 6.B+ =;A0.: .>+ =6= R 1C=016. ;+ ;+=0.7 + 91 /: -A.8
C0=7 +6.81 :
-@17@;1 ;. -E= /=6=0. +8=79: -B17<= ?1 B-7 +8 <+@;= >1= ?1 C. ;. ?1
A=9;1<+@ ?1: +>= C.: = 81;+81;.B10 R =?-B161= 7 + 8=8>1 61: 71<= A1 7 + <7 +/=6
<17 9;10.7 . 9.< A=9;1= -8+@1< .D6=,1B <1 : 1-;. . <1 ?0-/.8 .<9;0-8+<;.81 6+GC161= 7 +
B-: 1 96=/1 9.<1 -B.= /1 >1>= ?1 =9+;. /0+@>- - 019A=: 1/1<7 - 60+8+<=8N1 -A016= 7 +
=9+I1<7 + D1 60+8+ C.;<= D1 8-D.B101 +,-;.8 .<I+<F= 7 + G+: += ?1 9+ <7 +/=6<17 9;10.7 .
9.< =?0+><+ . 8-D.>+ . 81;+81;.>+ +@+ .<I+<F= ;.A.B1< =;1F A-< G+: 7
+ ?1 8- 9.<
A=9;1<+ : +>10 ?1 C. 8=/1= A0.9;=7 <= D101,.61;. D1 G.6=;
=981;01<7 + ;.E =A.;1 ?+: =61: = 7+ <1 8: 1?.I1 8<=/= 7 1B+ <+/= @;= 7 + ;= .<I+<F=
8=/1= . D18.9: .;. =8>1 7 + <10=B.;= =B10161= 7 +?1< =A.; - >=8+ 7 + <7 +/=6;1;1 A=9;./1=
01D: .B.;+ D1;+/<-;=9;. G.F1 ;1>= @;= 7 + = <7 .E =>1B.= 01D: .B.;+ ;+/=6+ %.F1 <1 B.7 +8 >017 -
6.9. ;+/ 8=G+ >1? 7 + B-A<+@ A=B+;. . ?1 9+ <7 .@+ >1= >: 1;<=N 8=G?1 7 + ;= <16+: =
8: 1?=/1 B: 1<1 A=0=?.F+ "1: .:+7?1 A=B<+ 01D8.@: 71;. = 01D: .B.;.8 <1B.<.81 <1 >=7 + 9+
A0+?8+;. >0+I- >0=D=6- 19+: 7+<-
8+ ;=/ 8=8>1 C.: = 7 + <1016<= "1: .:+= 1? /: +?18= =?16?+ 8=?+0<.8 =B.81
?=9;./<-I1 "1: .:+7 +61 ;=: .>= C: .9;17 - ?1 <18 7 + ;+@>= ?1 -=B.8= A0.9-;<=9; 81 >=/1
?0-/=/ - ;=8 01D?=C: 7- .9;=0.7 + "1: .:+7 7 + A0+<+C0+/1= .<I+<F=6+ E101</+ A0=;.6
A=?: 1F1 >=7 . 9+ C16+ B.9;=8 81;+81;.>=8 . A=9;1= -A016= <19;16<.> 81;+81;.>+ : . .1>=
7+ 6+=81 6=: += 81;+81;.B>= : =/.B>= 01D8.@: 71<7 + A=?60/<-= /1 7 + A=981;01<7 .81 .
=A.;1 1A016= 8<=/. ?1<19 981;017 - ?1 7 + "1: .:+7 +6= 9A0+;<= 9;1A1<7 + ;.E ?617 -
+: +8+<1;1 C.: = A016. A=B+;1> <1-B<=/8+;=?1

52
 "

"1: .:
+7C+@+ <=6. A=B+;1> =6=8 . 9: +?+I+8 A=/: 16: 7- 6.?+I+8= >1>= 7 + 9;6101<1
>: 19.B<1 M .D.>1 -90+@I+8= 9+ 91 D1A1<7 -7-I.8 <.D=8 7 -<1>1 A06. 9;-A1 "1: .:
+7 D1 <7 .8
7-;< A1 16=1D.7 + 16=.9.+0 +<?+: 7+7+6 101?+7 1>96+: +0F . 7 =@8<=/. 61>.
=? <7 .E <1A1?1= 7 + .D<+>=/ <=6=/ -/: 1 A0=C: +8 A0=<1: 1G+<7 1 >=<1B<+ =A+>+ =? >=7 + 7 +
19+: 7+<1 91D?1<1 1 9+ A: 1@.8 =6=/ A=/: 16: 7
1 0?= ><7 ./1 7 + <1A.91<= = =6.8
<1-B<.F.81 61 M.D.>1 7 + ;+0.;=0.7 1 ?16<= .9;01G+<1 9+I18 9+ >1= 9+?8. 8-G 1D+
"1C=0 <18 ;1B<= @;1 ;0+C1 ?1 01?.8 1: . >1>= ?1 A=9;./<+8 ?1 ;= C-?+ D1<.8: 7.6='
1E61: 7-7-I. 8.9: .=F.81 A=9: + +8=>0.;1 - <1-F. 9+ 81: = @;1 -01?.: = =? 60+8+<1
1;=8.9;1 A1 96+ ?= A=B+;>1 0+<+91<9+ = 7 + C.= 7+?1< =? 01D: =/1 @;= 9- 2 801B<. 6+>=6.2
C.: . ;=:.>= 801B<. +?<1 D/=?<1 =?: .>1 M.D.>+ B+9;.F1 919;=7 . 9+ - ;=8+ @;= 8=G+8= E: 1?<=
?1 A0+<+C0+/<+8= <+>.E ?6+ E.: 71?+ /=?.<1 .<;+: +>;-1: <=/ A0+/1: 1@;61 =>=8 ;=: .>=/
01D?=C: 7
1 D1A1?<=8 >-: ;-0=8 7 + A0+=6: 1,.61: 1 10.9;=;+: =69>1 : =/.>1 ( /+=F+<;0.B<1
1<;0=A=F+<;0.B<1 0+: ./.79>1 ( 1 ;1>61 =>=: .<1 7+ D1 M .D.>- <+A: =?<1 1016<= <. "1: .:+7
<.7 + .D019;1= .D C1@ A=;A-<+ A-9;.<7 + < 9+ >19<.7 + 8<=/= D1E61: 7.61= 0E.8+?-
+8=>0.;- . 0.89>=8 A+9<.>- . M .:=D=M - ->0+F.7 - -8<7 + <+81 "1: .:+77 + A0=-B.= 96=7 +
A0+;E=?<.>+ . /01?.= ?1: 7+ <1 <7 .E=6.8 =9;610+<7 .81N1: . .8+<1 ;.E A0+;E=?<.>1 ?1<19 9-
A=D<1;1 918= -A-I+<.F.81 "1: .:+77 + A0.E61;.= >=A+0<.>1<9>. A=/: +? <1 96+; 1: . ;+>
A=@;= /1 7 + A=8<= A0=6+0.= . ;.8+ =?0+?.= 96=7 -: .B<- . A=: .;.B>- C-?-I<=9;
.?+I+8= - =6=8 01D?=C: 7
- 01D.: 1D1> 91 /0B>.8 8+;=?=8 .9;. -8 6.@+ <.7 + C.=
?=6=: 71< @:
= 9+ - +0- =A.;1 1= @;= 7 + .<I+<F= 0+>1= 96=8+ 9.<- .D8+,- 9;610<=/
96+;1 . B.9;=/ -81 1 ;= 7 + 81;+81;.>1 A=90+?-7 - B-: 1 >=7 1 9+ ;= 7 + <1761G<.7 +
A=;A=81G- 8+0+<7 +8 81I+8= 9-90+;+ . 91 <+>=: .>= A=>=: +<7 1 +>9A+0.8+<;1;=01 1 <+
918= ;+=0+;.B101 .?+I+8= >1>= 7 + 8+,-./01 ;1 ?61 -@1<B+<1 ;1C=01 A=8=/: 1 ?1 9+
.D/01?. 6+: .B1<9;6+<1 /01,+6.<1 .<;+: +>;1 91?1 A=D<1;1 >1= >: 19.B<1 M .D.>1 1? 96.E =6.E
<1-B<.>1 C.= 7 + =? >=0.9;. <+ 918= <1-B<.F.81 . M .:
=D=M .81 <+/= . ?0-/.81 D=;>0.I1 >=7 1
9- ;. : 7-?. A=9;./:. A0=.D.@: + 9- <=6+ ;+E<=: =/.7+ >=7 + 9- .D8+<.: + G.6=; : 7-?9>=/ 0=?1 <1
=6=7A: 1<+;.
1016<= -D1: -? 7 + @;= 9. ;. 6=: 7
1< ?1 8+0.@1>= <+81@B.8+ 1>= <+81@.<9;0-8+<;+
.:1 9- ;= 60+8+<1 ?.6<.E <1-B<.>1 1: . .9;= ;1>= . ?.6<.E .<9;0-8+<1;1

"1:.:+79+ <10=B.;= -98+0.= <1 A0=-B161<7 + >0+;1<71 =G?1 7+9;+ 1 8=G?1 . <.7 +
C1F1= >18+<+ >-/: + 91 0.6=/ ;=0<7 1 - .D.N <+>+ =A.;+ 961>1>= 7 +9;+ .D6=?.= :. 7+
6+0=61;<= A0+ =A.;1 : =/.B>. 1<1: .D.01= 6+D+ .D8+,- -?1: 7
+<=9;. 60+8+<1 . C0D.<+ "1: .:
+7
7+ A0=-B161= >0+;1<7 + A0+?8+;1 1: . <+ ;1>= @;= .E 7+ A-@;1= ?1 A1?17 - <+/= <1 ?0-/.
<1B.< A0.8+<.= 7 + 7 +?1< ;0.> <1@1= 7 + D18+<- D1 A1?1<7 + 1 ;= 7 + 9;081 0161<
1D8.@:71= 7 + =61>= >0+;1<7 + >-/: + <.D/: 1;>- ?19>- >=7 1 7
+ ?= <+>+ 8+0+ <1/<-;1 <1
7+?<- 9;01<- 8=01: = C. ?1 C-?+ - C: .9>=8 90=?9;6- 91 >0+;1<7 +8 .9;+ ;+ >-/: + >1? 7 +
A-9;.@ - 9: =C=?1< A1? 9 ;=8 01D: .>=8 @;= 7 + >=;0:
71<7+ A= 9;08=7016<. <+-A=0+?.6=
A=6=:7<.7 + D1 +>9A+0.8+<;1;=01 7 +0 7 + 9A=0.7 + A1 /1 7+:1>@+ 8+0.;.
<1B+: - =< 7 + 8=/1= ?1 A0=6+0161 ;1B<=9; =6=/ D1>: 7
-B.61<71 ;1>= @;= C. A=B+= 91
60:= C:1/.8 <1/.C.81 7+/=61 ?19>1 C.: 1 7+ ?-/1B>1 =>= ?61 8+;01 >= C. A=?./1=
7+?1< <7 +< >017918= ?+9+;1> F+<;.8+;101 ?=C.= C. C: 1/ <1/.C <1 >=8+ C. 8=/1= ?1
8+0. C0D.<-N=<?1 C. 8=/1= A=9;+A+<= ?1 A=6+I161 <1/.C . ?1 A=<16: 7
1 8+0+<7 1 96+ ?=>
C0D.<1 >0+;1<7 1 <+ C. A=9;1: 1 ;=:.>= 6+: .>1 ?1 9+ 6.@+ <+ C. 8=/: 1 A=;A-<= ;1B<= 8+0.;.
6.8 C. "1: .:+79;+>1= A=-D?1<7 + ?1 A0=@.0. 96=7 + D1>:7
-B>+ . <1 <17 9;08.7. 8=/-I. <1/.C
1 ;= 7
+ =>=8.; 9: =C=?1< A1?
1016<= C.: = 8- 7 + A=;0+C<= <+@;= A=8=I- B+/1 C. 8+0.= 60+8+ ?=> 9+ >-/: +
>=;0:7
17 - 601;.= C. =< - ;0/=61B>. >017/01?1 ?1 >-A. @;=A+0.F- 1: . -D1:-?N@;=A+0.F+ 9-
A0=<1,+<+ ;+> ;0. 9;=;.<+ /=?.<1 >19<.7 + - 9+ =<?1 -8+@1: 1 =C->1 >=7 - 7+ 9;+>1= >=?
=F1 18;.8= ?1 7 + .<I+<F= -9160@.= "1: .:
+7+6- 9A=9=C<=9; =9:-@>.61<7 1 0.;81 - 8-D.F.
<+>=8 810@- 0+F.8= A= 7 +?1< 0.;8.B>. -?10 ?=,+ 8=G?1 - 961>.E A=: 1 9+>-<?+ 0.

53
;1>6=8 0.;8- 6.B1< 8-D.B10 >1= @;= 7 + "1: .:+7C.= =9+;. ?1 <+@;= <.7 + - 0+?- B.8 9+ 0.;18
-C0D1 .: . -9A=0. D1 918= 7 +?<- @+D?+9+;B+;60;.<>- 9+>-<?+
1: -;1= - D+8: 7- C+DB19=6<.>1 "1: .:+77 + =?: -B.= ?1 -A=;0+C. 96=7 - >=9- 0161< >1=
96=7 +609<. 8-D.B>. .<9;0-8+<; 1D1A+= 7 + G.F+ =? : 1-;+ A=A0+>= A0+>= ?19>+ <1
=?0+,+<.8 019;=7 1<7 .81 0. 961>=8 >=;0: 71<7 - <.DC0?= >-/: 1 7+ A0+: 1D.: 1 A0+>= 96.E ;.E
G.F1 . .D961>+ .D818.: 1 A= 7+?1< D6-> 7 +?<= 2 @>60F 2"1: .:+77 + =<?1 01D8+@;1= G.F+ : +6=(
?+9<= 96+ ?=> <.7 + A=9;./1= ?1 ;. D6-F. A= <7 +/=6=8 -;.9>- . 9: -E- <19;17 - - ;1B<=
-7+?<1B+<=8 0.;8- +61= 7 + 7 +?<- 810@+69>- A+98- . A-@;1= >-/: - ;1B<= - ;0+<-
7+?<=/ 0.;8.B>=/ -?101 A1 >1? 9- 9;0-<+ C.: + <17 D1? 019A=0+,+<+ C1@>1>= ;0+C1 961>=
2@>60F 2 9;.D1: = 7 + ;1B<= A=: 1 9+>-<?+ A=9: + =<=/ A0+;E=?<=/ ( ?=C.= 9+ ;1B1<
A=:-9+>-<?<. 0.;18 A=?-?101< 91 A+98=8 >1? 7 + "1: .:
+7=<?1 .D8+0.= 019;=7 1<7 1
.D8+,- G.F1 <1 ?19F. 6.?+= 7 + ( 8.01C.: + ?.F;- ( ?1 9+ =<1 =?=D/= <1?=: + A=6+I1617 -
/+=8+;0.7 9>=8 A0=/0+9.7 =8 0-/.8 0+B.81 019;=7 1<7 + =? A=B+;>1 ?= ?0-/+ G.F+ C.: = 7 +
B+;.0. A-;1 6+I+ <+/= =? A=B+;>1 ?= A06+ G.F+N1 ?= ;0+I+ G.F+ C.: = 7 + ?+6+; A-;1 6+I+ 1
?= B+;60;+ G.F+ @+9<1+9; A-;1 6+I+ . ;1>= ?1: 7+ .1>= 7 + 60+8+<9>. 01D81> .D8+,- 96.E
2@>60F 2C.= -6+> 7 +?<1> -6+> A= A=: 1 9+>-<?+ 1D8+01 01D81>1 .D8+,- "1: .:+7+6.E
G.F1 8=G+ 9+ . =61>= <1A.91;. ) )) *) P). ;1>= ?1: 7+ ( ?1>: + - >61?01;<=8 =C: .>-
:. @;1 9+ ?+@161 1>= ?19>- 7 =@81: = <1/<+8=' "1: .:
+77 + .9A0=C1= 8<=/+ <1/.C+ .
-9;1<=6.= ?1 9+ D1?0G161 .9;. 901D8+01< =?<=9 .9;. 0+?=9: +? >61?01;1 A0. 961>=8
<1/.C- =? 60: = C: 1/=/ ?= 60: = 9;08=/ 96+ ?= =<=/ <1/.C1 A0. >=8+ 7 + 2 B19=6<.>2
A=9;17 1= <+-A=;0+C: 7.6 DC=/ A0+C0D=/ A1?1<7 1 : 7-B<1 9;610 >=7 - 7 + "1: .:+7A=>1D1= C.: 1
7+ ?1 .9A-@;+<. A0+?8+; <+ A1?1 ;+> C.: = >1>= <+/= A1?1 96+ C0G+ . C0G+ ( ?1>: + -C0D161
( 1 ;= -C0D1<7 +7+ 9;1: <=
=@;= 7 + C.= 81;+81;.B10 919;16.= 7 + M =08-: - >=7 =8 7 + =A.91= =6= >0+;1<7 +
1D?1: 7.<1 9 >=7 - A1?17 -I+ ;+: = A0+61: . 7+?<1>1 7 + C0=7 - 1 A=8<=G+<=8 >61?01;=8
60+8+<1 ; >=7 + 7 + A0=;+>: = =? A=B+;>1 A1?1<7 1 A=;0+C.8= A019;10. 7 +D.> 1: /+C0+ .
9>01;.8= =6= ;1>= ?1 91? /: 19. 9 L 1;) 61 >=<9;1<;1 1 8+<7 1: 1 9+ A0. 961>=7A0=8+<.
<1/.C1 ?19>+ = 1 7 + A06= 9: =6= =? 0+B. 1>F+: +01F.7 1 @;= D<1B. -C0D161<7 + A=6+I161<7 +
C0D.<+ A0+?8+;1 ?=> A1?1 "1: .:+7 7 + -9A+= ?1 -9;1<=6. ?1 9+ C0D.<1 A=6+I161 <1
7+?<=9;16<.7 . <1B.< <+/= A0+,+<. A-; 0D.<1 9+ A=6+I161 - 9>: 1?- 91 A0=;+>: .8
60+8+<=8 1 <+ - 9>: 1?- 91 >61?01;=8 A0=;+>: =/60+8+<1
1/<-;1 0161< -6+GC1<= 8-D.B109>= -6= >1?0= ?1 8+0. 01D81>+ 60+8+<1 91
;1B<=@I- >=7 1 7 + ?=9;.D1: 1 7 +?<- @+D?+9+;B+;60;.<>- 9+>-<?+ . 9A=9=C<=9; ?1 8+0.
01D?1: 7.<+ 91 A0+F.D<=@I- =? A0.C: .G<= ?61 8.: .8+;01 ?1?=@+ "1: .:+7- ;1B<=9; A=;0+C<- D1
=C16: 71<7 + =6.E A=9: =61 19<.7+ 7 + "1: .:+7A0=<1@1= B19=6<.> 91 >: 1;<=8N;1B<=9; =6=/
B19=6<.>1 D19<.61: 1 9+ <1 A016.: <=8 A+0.=?.B<=8 <7 .E1<7 - >: 1;<1 1<19 .0= D1
9;1<?10?+ - 7 +?.<7 +<.8 8+0.B>.8 0G16181 .81 1;=89>+ B19=6<.>+ 91 F+D.7 -8=8 >=7 .
<+ 8=/- ?1 A=/0+@+ D1 6.@+ =? 7 +?1< 8.: .=<.;. ?+: .I 9+>-<?+ /=?.@<7 + 1 ;.8 <1@.8
F+D.7-89>.8 ;1>8.B+ 9+ .D6+9<. B19=6<.F. >=7 + 7 + 9181 A0.0=?1 ?1: 1 19;0=<=89>. =C7 +>;.
D61<. A-: 910. 1 ;= 9- D1A016= <+-;0=<9>+ D6+D?+ >=7 + 9+ 6+=81 C0D= =>0+I- =>= 96=7 +
=9+ . A0. ;=8+ A=A-; 96+;.=<.>1 =?1@.: 7 - 01?.=(D01B+<7 + - >=98=9 91 A016.: <=@I- A0+81
>=7=7. ;+ >1>= 8=G+;+ A=?+@161;. B19=6<.>+ =/-I+ 7 + D1A016= ?1 7 + =6= 2 .8A-: 9<=2
D01B+<7 + <+-;0=<9>+ D6+D?+ B1> . A016.: <.7 + =? 1;=89>=/A-: 9.01<7 1 - F+D.7 -8- "1: .:+7C.
C.= =B101< =6=8 ?-C=>=8 6+D=8 1;=8.D81 . 19;0=<=8.7 +
@;1 7 + 91? ;=: .>= 61G<= - M =08-: . 9 L 1;)'
1?1 7 + >=: .>= 8. D<18= A06. A-; - .9;=0.7 . B=6+B1<9;61 >0+;1<7 + =A.91<= <1
81;+81;.B>. ;1B1< <1B.< 0+9-?<. A=7 8=6. -C0D1<7 + . C0D.<1 7 19<= 9- =?0+,+<. .D.>1
7+ A0=-B161<7 + 81;+0.7 + . >0+;1<7 1 0+;1<7 1 A0=7 +>;.:1 >0+;1<7 1 1;=81 >0-G<1 >0+;1<7 1
A:1<+;1 . >=8+;1 8=017 - 961 C.;. =A.91<1 >61<;.;1;.6<= "1: .:
+7 +61 81;+81;.>1 A=;60,+<1
=A.;.81 ?1: 1 <18 7 + ;1B>- 91 >=7 + 98= >0+<-: . - ;17A=91=
18= ?1 =6= <+ C. D6-B1: = >1= ?1 7 + 96+ C.: = : 1>= ;0+C1 -A=D=0.;. <1 ;= ?1 7 +
"1: .:
+7 +61 =A9+?<-;=9; D1>=<=8 9: =C=?<=/ A1?1 ;017 1: 1 ?+F+<.7 181 7
+?<=796=7 =7
A-C: .>1F.7 . B1> /1 7 + <1A.91= <+;1B<= +I.<1 <19 - =9<=6. 98= 10.9;=;+: =6F. ?1 : . 9. D<1=
?01/. B.;1=B+ ?1 9. - =9<=6. 10.9;=;+: =61F' . D1;= C. <18 C.: = A0.0=?<= ?1 <1/1,18=
=61>= A1 61: 7?1 C0D.<1 A1?1<7 1 D16.9. =? ;+G.<+ >-/: + 10 <+I+ ;+G1 >-/: 1 A1?1;. C0G+'
"1: .:
+7 7 + C.= A18+;1< A1 7 + 01D8.@: 71= ?0-/1B.7 + D1@;= 98= 8. ;= 9>: =<. ?1
A0+;A=9;16.8= ?1 ;+G. A0+?8+;. A1?17 - C0G+N 7 +98= : . : -?.' .98= <+/= <19 A0.0=?1

54
<16=?. <1 A=/0+@>- 1>= 7 + C.= 6+=81 A18+;1< "1: .:
+77 + 8=01= C.;. . 9.:
<= A1G:7.6 A0.
60@+<7
- =A.;1 ?1 C. A=>1D1= ?1 A0.6.?<1 6+D1 ;+G.<+ 91 C0D.<=8 A1?1<7 1 A=;.B+ =? ;0+<71
.D8+,- ?19>+ . >-/:+ 1;= 7 + ?19>- /:1B1= . /:
1B1= ?1 C. ;0+<7
+ C.:
= @;= 81<7 +

D+;. <+>. 9>-A 0+D-: ;1;1 +>9A+0.8+<1;1 A1 .D <7 .E .D6-I. 7 +?1< 7 +?<=9;161< D1>=<
M.D.>+ ( <.7 + C1@ 7 +?<=9;16<= 0.0=?1 96=7 - 7 +?<=9;16<=9; A0.>0.61 /-9;= .D?G.>: 71:.8
>=0=6=8 961>=7 1>.E A01;+I.E =>=: <=9;. 1 A=91= 7 + +>9A+0.8+<;1;=01 ?1 9+B+ . ->: 1<71 ;17
>=0=6 1>=< 9: =C=?<=/ A1?1<7 1 =?: .B1< 7 + A0.8+0 D1 =6= 17 +8= ,1F.81 A06+ /=?.<+
90+?<7 + @>=: + <1 B19- M .D.>+ ?1 .9A-9;+ 7 +?1< <=6B.I . 7 +?<= A+0F+ - 9;1>: +<- F+6
A0.:.B<= 6.9=>- =6B.IA1?<+ C0D= . D6+><+ = A=?: =/- D1 0+F.8= 7 +?<- 9+>-<?- 1 A+0=
9+ : +:-7 1 . ?=A: =6. ?= ?<1 ;+> A=9: + A+;(@+9; 9+>-<?. 1>61 A=981;01<7 1 <16+: 1 9-
0.9;=;+: 1 ?1 M =08-: .@+ D1>=< A= >=8+ ;+G1 ;+: 1 C0G+ A1?17 - <?1 D1;6=0.8= F+6
.9A-8A18= 61D?-E .D<7 + . A=<=6.8= =A.; +0= A1?<+ .9;=60+8+<= 91 <=6B.I+8 <1B.
=;A=0 61D?-E1 9A0+B161= <19 7 + ?1 7 19<= 6.?.8= D1>=< = 9: =C=?<=8 A1?- 1 C. 9+
A=9;./1= <1A0+?1> 8=01 9+ =;>: =<.;. ;1 A=;+@>=I1 ;= 91 61D?-E=8 . =<?1 8=G+8=
91/: +?1;. 7 +?<=9;16<. D1>=< 19<.7 + 1>= A=9;=7 + D<1B17 <. 01D:=D. 8=G+8= ?1 9+ 601;.8=
. A0=-B.8= >1>= 61: 71 -01B-<1;. . =;A=0 61D?-E1 ?1 C.98= ?=C.: . 7
+?<- <=6- M =08-: 1F.7-
.9;=/ D1>=<1 D180@+<.7 - 1: . 8=G?1 . >=0.9<.7 - >1? ;0+C1 0+@161;. <+>+ A0=C: +8+ -
A01>9.
0.9;=;+: =6F. 9- 6+0=61: . ?1 7 + 2A0.0=?<=29;1<7 + 961>=/ ;+: 1 ?1 8.0-7 + "-0<. : =A;- A=
<+>=7016<. . =<1 I+ 9+ A=9: + <+>=/ 60+8+<1 D1-9;16.;. D10 <+'"1: .:+7
- 7 + C.: = 6+=81
719<= ?1 9- -9: =6. D1 .D6=,+<7 + =A.;1 ?1: +>= =? 9160@+<.EN;= D<1<7 + ?=6+: = /1 7 + ?=
7+?<=/ =? <7 +/=6.E 6+: .>.E =;>0.I1 < 7+ .D 9;08.E 016<. B.;1= M .D.>- =<1>= >1>= 7 +
.>+: 1<,+: = 6.?+= 6+: .B1<9;6+<1 ;+: 1 - C: =>=6.81 8+08+01 +,-;.8 9E61;.= 7 + ?1 DC=/
;0+<7 1 A0.;.9>1 61D?-E1 . ?0-/.E <+9160@+<.E =>=: <=9;. <7 +/=61 ?19>1 <.7 + .?+1: <1 D1
A0=-B161<7 + 9.:1 >=7 + ?+: -7 - <1 01D<+ A0+?8+;+ @;1 C. C.: = D1A.;1= 9+ =< >1? C.98=
.81: . .?+1: <- 0161<' 1= +8=>0.; >=7 . 7+ - 8.9: .81 =@;0.= <=G "1: .:
+77 + <1 .9;. ;17<1B.<
-/: 1B161= 7 +?<- 0161< 96+ ?=> <.7 + ?=9;./: 1 60E-<9>- A=: .01<=9; A=;A-<= =?9-9;6=
;0+<7 1 ;16.@;1>6- 0161< - 61>--89>- >=8=0- ?1 ;. <+ ?=91,-7 + <. 61D?-E A0=?-G.@
0161< ?= C+9>=<1B<=9;. 0.A1D.@?1 <.7 + A=? <1/.C=8 <+/= 9160@+<= 6=?=016<1 91?
1>= <1 ;=79160@+<= 6=?=016<=7016<. 9+?. . 8.0-7 + 7 +?<1 .?+1: <= -/: 1B1<1 : =A;1 >=7 - ;.
918= 81: = /-0<+@ >=: .>= ?-/= . >=: .>= ?1: +>= I+ 9+ : =A;1 =;>=;0: 7
1;.' =>: + /=? =617
=A.; =9;17 + 918= - 8.9: .81 .D6=?: 7.67 + . @;16.@+ 7 +M ;.<
?/=6=0 /: 19. ?= 6+B<=9;. . ?= C+9>017 1 "1: .:+77 + =61>= 01D8.@: 71= 1>= /-0<+@
>-/: - <1 =6=7 <+9160@+<=7 D+81: 7 9>=7 ?19F. <1/<-;=7 81: = <1/=0+ >-/: 1 I+ A=I.
2-DC0?=21: . I+ 9+ >0+;1;. 96+ 9A=0.7 + . 9A=0.7 + >= <1/<+@?19>- <1?=: + >-/: 1 I+ E61;1;.
96+ 6+I- C0D.<- .D8+,- ;1 ?61 1>= 7 + ?19>1 9196.8 6=?=016<1' =0.9;+I. 96=7 +
.<;-.;.6<= D<1<7 + = <+A0+>.?<=9;. 1>F.7 + "1: .:+77 + .<;-.;.6<= 9>=B.= >1 =<=8+ @;= I+ 7 -;<
>19<.7 + <1D61;. A06. D1>=< >0+;1<7 1 ;+: = - A=>0+;- <19;=7 . ?1 =9;1<+ - A=>0+;- .: + <.9-
<+=AE=?<+ ?1 C. C.: = >0+;1<7 1N <+=AE=?<+ 9- 8+,-;.8 ?1 C. <19;-A.: 1 A0=8+<1
>0+;1<7 1 19-A0=; 10.9;=;+: =69>=8 /: +?.@;- A0.0=?<= 9;1<7 + ;+: 1 7 +9;+ >0+;1<7 +
A=9;=7 1<=8 C0D.<=8 .0=61<7 + 7+ 918= A=9+C1< 9: -B17;=/1 9;1<7 + <-: ;+ C0D.<+ 1: . A=
=6=8 <=6=8 -B+<7 - =<= <.7 + <. A0.0=?<.7 + <.;. 81<7 + A0.0=?<= =? >0+;1<7 1 81 >=7 =8
A=9;=7 1<=8 C0D.<=8 1 96+ <19 >=7 . 98= .>1?1 6=D.: . >=: 1 .:. 01;<.B>+ ?6=>=: .F+ =6= 7 +
9-A0=;<= =<=8+ @;= C.98= A= .<;-.F.7 . =B+>.61: . 1>= <+ ?0G.@<=/- <1 A+?1: . D1 /19 .: .
1>= <+ @.C1@>=<7 + 6=D.: = I+ 9+ A=9: + <+>=/ 60+8+<1 D1-9;16.;. "1: .:+77 + -6.?+= ?1 8.
8=018= 1>= G+: .8= <1I. .9;.<- ?1 A0.A.@+8= <1@+8 .<9;0-8+<;- .?+1: <+ =9=C.<+
0-/1 8=/-I<=9; 7 + ?1 A=;+018= 1-;=8=C.: <1 A-; A=;A-<= A0+>0.6+< : +?=8
"1: .:
+7 +61 /+<.7 1:<=9; 919;=7 1: 1 9+ - ;=8+ @;= 7 + -6.?+= >1>= 9+ 8=/- ->: =<.;. A0.0=?<+
D1A+;: 7
1<F.7 + >1= @;= 9- ;0+<7 + . =;A=0 61D?-E1 ?1 C. 9+ -9A=9;16.= 7 +?1< 9>-A =9<=6<.E
6+D1 ?1>: + 81;+81;.B>.E =?<=91 >=7 . /=6=0+ = =6=8 96+;-
1= @;= I+8= 6.?+;. . 9181 =G.7 1 B+9;.F1 7 + 7 +?<1 D1A+;: 71<F.7 1 >=7 - 7 + <+>=
<18+;<-= =6=7 ?.6<=7 7 +?<=9;16<=7 19+: 7+<. 17 <+>= 7 + 8=G?1 E;+= ?1 A0.>0.7 +
D19+<7 -7 -I- 9.8+;0.7 - =? : 7-?9>=/1 0=?1 >=7 .7=@<.7 + D19: -G.= ?1 ;1>= <+@;= 6.?.

55
 17 9: 16<.7 . A0.8+0 "1: .:+7+6+ 9A=9=C<=9;. ?1 019>0B. <+7 19<=I+ . 9;./<+ ?=
7+?<=9;16<=9;. 7 +9;+ A0.B1 = C1F1<7 - >-/: . 91 0.6=/ ;=0<7 1 - .D. <=/. 9;0-B<7 1F. <.9-
-C+,+<. ?1 9+ =6179: 16<. ?=/1,17.>1? ?+9.= ;.6+< =>.</ <1 A0.8+0 A.@+ ?1 7 + ;1
A0.B1 R /=;=6= 9./-0<= <+.9;.<.;1R 1@;= C. A.;1 =>.</ "1: .:+7/-C.= 60+8+ C1F17 -I.
<+@;= 91 ;=0<7 1 >1? <.7 + .81= <1B.<1 ?1 ;1B<= .D8+0. 60+8+ A1?1<7 1 ;=/ <+B+/ ?=> 7 +
<1 >=9=7016<. .81= 8=/-I<=9; ?1 8+0. 60+8+' : . ;1>= 8- 9+<. 9;10.E "0+>=91 =>.</
7+ ;+=0+;.B10 >=7 . 9+ =6?+ 9: -G. B.9;.8 -8=8 ;= <.7 + A0161 9;610 >1? 01D8.@: 7
18= =
"1: .:
+7 - >=7 .7+ C.= +>9A+0.8+<;1;=0 <1? 96.8 +>9A+0.8+<;1;=0.81
;.:8+< 0+7 > ;.::81< 01>+ B=6+> >=7 . 9+ =A0+?+: .= ?1 A=9;1<+ C.=/01M"1: .:+71
6+0-7 + ?1 7 + A0.B1 = 0.6=8 ;=0<7 - - .D. .9;.<.;1 < =6= 6+0-7 + .D<+>=: .>= 01D: =/1 . ;=
?=C0.E .9;=0.7 9>.E 01D: =/1 : . ( . DC=/: .B<=9;. "1: .:
+7 +6+N<1A0=9;= C. 9+ ;1>= <+@;= 8=/: =
=? "1: .:+7 1 =B+>.61;. A.; <1 0.6=8 ;=0<7 - -=A@;+ <.7 + C.= =A.; C.: 1 7 + ;= 918=
?+8=<9;01F.7 1 8+?.7 9>1 1;01>F.7 1 A061 6+: .>1 <1-B<1 A0.0+?C1 <18+<7 +<1 D1?.6: 7+<7 -
716<=9;. F+: =/<10=?1 "1: .:
+77 + E;+= ?1 9+ A016. 61G1< 1 -7 +?<= ?1 A=>1G+ . ?=>1G+ ?1
<7+/=6. A0=;.6<.F. <+817 - A=7 81
"1: .:+77 + >1= : .B<=9; C.= A0.: .B<= E.;10 ?1 9+ <1: 7-;. ( <+ C1@ 961,1: .F1 1: . .A1>
61;0+< . 9>: =< ?1 - ;0+<- A0.E61;. ?=C1B+<. .D1D=6 8+= 7 + ?1 A=9;1<+ : -?= ?=91?1< .
-A=01< >1? 8- 7 + <+@;= 98+;1: = 1 98+;1: 1 8- 7 + /: -A=9; - 96.8 =C: .F.81 +M =081: 1< -
=C: 1B+<7 - A=?98+61= 9+ ?=>;=09>.8 ;=/181 C+D >=7 .E <.7 + C.: = ?=D6=: 7 +<= <19;-A1<7 +
<1 <.6+0D.;+;- - .D.N <1A.91= 7 + E-8=0.9;.B<- A=+8- 20=;.6 ;=/+2 >=7 1 7 + A=9;1: 1
A=A-: 10<1 8+,- 8: 1,.8 . 9.0=81@<.7 .8 -<.6+0D.;+;9>.8 A0+?161B.81 >=7 . <.9- .81: .
?=6=: 7<= A101 ?1 >-A+ ;1>6- =?+G?- 1 A=+81 9+ 8+,-;.8 <.81: = <+ C. 96.?+: 1
+8=>0.;- >=7 . 7+ 8<=/= 6=: += ;=/- ;10.7. A0=M+9=0. <.9- 981;01: . ?1 7+ A=+81 =9=C.;=
D1C16<1 "1: .:+77 + A.91= ;+>9;=6+ - >=7 .81 7 + <1A1?1= 96=7 + A0=;.6<.>+NA=;A.9.61= .E 7 +
01D<.8 A9+-?=<.8.81 1: . A=@;= 7 + <7 +/=6 9;.:C.= A0+A=D<1;: 7
.6 81<7 +(6.@+ 961>=8+ 7 +
C.:= 7 19<= >= 9+ .D1 A9+-?=<.81 >0.7 + .>1>6= B-?= ?1>: + ?1 7 + "1: .:
+7 .81=
<+A0.7 1;+: 7+
7+/=6. <17 /=0. .<;+: +>;-1: <. ;1>81F. C+E- 10.9;=;+: =6F. B609;= -6+0+<. ?1 9+ ;+: =
>0+I+ 918= ?=> /1 <+@;= /-01 .: . 6-B+ . ?1 ;+@>1 ;+: 1 A1?17 - C0G+ <+/= : 1>1 D1;= @;= 9-
71B+ A0.6-B+<1 +8: 7
. .8 : 7-?.81 <. <1 A18+; <.7 + A1?1: = ?1 A0=6+0+ =6= 1-B<.F.
10.9;=;+: =6F. .81: . 9- /=;=6= A=;A-<- 6: 19; <1? <.6+0D.;+;=8 - .D. 1: . 1>= C=: 7+
A=/: +?18= . <1? /=;=6= 96.8 =9;1: .8 -<.6+0D.;+;.81 - ;1: .7. >1= @;= 8=G+;+ D18.9: .;.
<1 <7 .E=6.8 : .9;181 A=A-: 10<=9;. "1: .:+7<.7 + C.= <+@;= 8<=/= C: .D- 8+9;1 C0=77 +?1<
1 ;=7/0-A. C.: 1 7 + -A+0+<1 A101?1 91 0.6.8 ;=0<7 +8 =>.</ ?=C0= >1G+ ?1 ;= D1
"1: .:
+7 1 <+ C. C.= .?+1: 1< =A.; :
. ;= 7 + C.= 7 16<. ?=/1,17 1= >=? 96.E ;1>6.E
A0.A0+8: 7+<.E A0+?9;161 /: 16<. =0/1<.D1;=0 ;1B<= 7 + D<1= @;1 I+ C.;. <1 >017 - 1 /1 6.?.8
>1>= 9+ A+<7 + <1 >-: - - 80>: =8 801>- - ;0. 91;1 -7 -;0= . C1F1 ?6+ <+7 +?<1>+ =: =6<+
>-/: + <1 /: 16- 96=7 .8 19.9;+<;.81 A=9;?.A: =8F.81 R 0+C1: = C. ?1 619 ?08<- =C+
.9;=60+8+<=R 6.B+ =< 91 >-: + R . ;18= ?0+><. 1>= ;+ =61 6+I1 0=><+ - /: 16- A061 R +
?=C0= <.7 + =< 9;610<= 8=01= ;= ?1 01?. 7 +0 7+ 6+I 9E61;.= ?1 I+ =C+ =: =6<+ >-/: + .
6+:.>1 . 81: 1 ;0+9<-;. <1 D+8: 7- .9;=60+8+<=
6=7 .8 -8=8 7 + ;= ?=>=<1= 6= >1>= 0+;A=9;16.8= 0+>1= 7 + =< ?1 7 + 0.9;=;+:-
A016- 0+;A=9;16.8= ?1 I+ ;+G1 >-/: 1 A19;. A061 @;= C. D<1B.: = ?1 =<1 A=9;.G+ 6+I+
-C0D1<7 + 91? ?1 -D8+8= 7 +?<= >=<=AB+ . 6+G+8= : 1>@- >-/: - D1 ;+G- >= : 1>@1
>-/: 1 D1.9;1 A1?1 9A=0.7 + >=<=A1F I+ 9+ D1;+/<-;. : 1>@1 >-/: 1 I+ 6-I. ;+G- -<1D1?
-9A=0161I+ <7 +< A1? : . B+>17 A1 1>= 98= .E 6+D1: . =<+ 9- 91? 7 +?<= 7 +?1< 9-
A0+?8+; . ;= ;+G. D<1B. ;1>= ?=C.7 +<. <=6. A0+?8+; 8=01= C. ?1 A1?1 7 =@C0G+ <+/= ;+G1
>-/: 1 ?=> 7 + C.: 1 9181' 1>= 0+@.;. =6- <+?=-8.F-' 18= 7 +?<= 0+@+<7 + D1?=6=: 7161 96+
A=9;16: 7+<+ -9: =6+ =C+ : =A;+ 8=017 - A1?1;. .9;=8 C0D.<=8 . -C0D1<7 +8 +?.<= ;= . <.@;1
?0-/= =8=/-I-7 + <18 ?1 D1=C.,+8= F+: - ;- D1A+;: 71<F.7 - 91 A.;1<7 .81 >=7 1 7 +
C0G15 9A=0.7 1
= : +/+<?. "1: .:+7A0=6+?+ F+: = A0+A=?<+ <1 >-: . C1F17 -I. =: =6<+ >-/: + =?=D/=
A=9;.G-I. ?1 9+ D1.<;+0+9=61<. A=981;01B. -6+0+ - .9;.<- . /0?<= A: 1@+I. =9;1: . <10=? >=7 .

56
7+ D1D.01= =? ;+ ;-;<7 16+ . /-G6+ -?10 7 + C.= A1 <.7 + C1F1= <=6B.I. A+0= <+/= ;+/=6+
01D: .B.;+ ;+G.<+ 1 7 +?<1>=/ =C: .>1 <1 A0.8+0 7 +?<- ?06+<- >-/: - . 7+?<- =: =6<- @-A: 7-
>-/: - <= >19<.7 + 7 + .9;=0.7
1 .: . C. ;0+C1: = ?1 C-?+ .9;=0.7 1 "1: .:
+77 + A=>1D1= ?1
9:=C=?1< A1? <.81: = <+ D16.9. =? 819.6<=9;. .1>= <.7 + D<1= D1@;= 7 + ;= ;1>=N;+> I+
7<@;17 < 3 O /=?.<+ =6= D1.9;1 019;-81B.;. 0.9;=;+: =6F.81 7 + =B.;1= :+>F.7
- >=7 - =<.
6.@+ <.>1?1 <.9- 8=/: . ?1 D1C=016+ <.;. ?1 8- =A0=9;+
+: . =6= <1->1 .: . @=-(C.D<.9' 1: =7 +?<= 1 81: = . ?0-/= .9- 918= +>9A+0.8+<;1;=0.
9>: =<. =61>6.8 9;610.81 .B10? 17 <8+< 6+: .>. ;+=0+;.B10 >=7 . 9+ ;1>=,+ 6+=81 D1<.81=
D1 =A.;+ -@1= 7 + - 90+?.@;+ 8+?.7 9>+ A1G<7 + >1? 9- /1 -B: 1<.: . - >=8.9.7 - >=71 7 + .81: 1
D1?1;1> ?1 .9A.;1 DC=/B+/1 7 + +>9A: =?.01= @1;: +: +<?G+0 1= @;= 8=G?1 A18;.;+ C.: 17 +
6+: .>1 019A0161 ?1 : . ;1>=D61<. 2 (A09;+<=6.28=/- .: . <+ 8=/- .D?0G1;. <.9>- ;+8A+01;-0-
17 <8+< 7 + <1 =6+ 019A016+ 9;16.= ;1B>- ;1>= @;= 7 + -01?.= 7 +?<=9;16<- 9;610 -C1F.= 7 +
>=81? ;=/=C0-B1 - : +?+<- 6=?- 1 =<?1 A=>1D1= A-C: .F. >1>= 7 + ;17A0+?8+; A=9;1= >0;
91?1 D10 618 9+ <+ B.<. ?1 7 + . 17 <8+< A=A-; "1: .:+7
1 -<1A0+? D<1= @;1 I+ 9+
?=/=?.;.'
1 ?.6<= B-?= ?=/=?.: = 9+ ?1 7 + ?+6+?+9+;.E /=?.<1 =6=/ 6+>1 "1: .:
+7+6 =A.; 91
0.6.8 ;=0<7 +8 =A+; .D0=<.= - 90+?.@;+ <1-B<+ A1G<7 + 1: . 91 <=6=8 9<1/=8 +>. :7-?.
/=6=0+ ?1 8=G?1 A=9;=7 . 2A+;1 9.: 12 7 +?<1 E.A=;+;.B<1 ?=A-<1 7-;<=6=8 D1>=<-
/016.;1F.7 + >=7 1 C. ?=6+: 1 ?= ;=/1 ?1 C1>10<1 >-/: 1 . 0+F.8= =: =6<1 >-/: 1 .A1> <+
A1?17 - A=;A-<= .9;=8 C0D.<=8 <+/= 81: = 918= 81: B.F+ ?0-/1B.7 =8 >= A1?17 - -
A01D<.<- ?-C=>- 0+F.8= ;0.?+9+; 8+;101 01D: .>1 - 60+8+<- 9;.D1<7 1 ?= ?<1 .D<=9.: 1 C.
A0.C: .G<= 7 +?1< 8.: .710?.;. ?+= 9+>-<?+N 8+0+<7 + ;1>6=/ <+B+/ C.: = 7 + <+D18.9: .6= -
"1: .:+7 +6.8 60+8+<.81 1 91 ?1<1@<7 =8 ;+E<=: =/.7 =8 ;= 7 + D1?1;1> ?=9;=7 1< A=@;=61<7 1
1:. .D6=?: 7
.6 16=?<. 2 ?=>1D.2= A+;=79.: . >=7 . 9- 9+ A=7 16.:. A=;>017=918?+9+;.E /=?.<1
=6=/ 6+>1 91?1 9- /=;=6= 9196.8 .@B+D: . 1: . .A1> <+8=7 ;+ A0+9;1;. ?1 ;01/1;+ -
<=6.<181 ( 8=/: 1 C. 7 +?<=/?1<1 ?1 9+ A=7 16. . <+>1 <=61 6+9; = =6=8+

;1 7 + "1: .:+78.9: .= = 1;=8.81' =? -;.F17 +8 0E.8+?1 +8=>0.;1 . ->0+F.7 1 1: . .

96=7+ .<;-.F.7 + "1: .:
+7C+@+ 1;=8.9; 0G1= 7+ =< A0+?161<7 1 . A.91= = A0.0=?. 81;+0.7 + .
96+;:=9;. /=?.<181 . ?+F+<.7 181 1 <10=B.;= - 96=7 =7><7 .D. A0=C161: 1F .D $)) /=?.<+ .
- 96=8 A=9: +?<7 +8 ?+: - 6+: .B1<9;6+<=8 .7 1:=/- = ?6+ <=6+ <1->+ .<.: = 9+ ?1 "1: .:+7
6+0-7+ ?1 9+ 96+;: =9; 919;=7 . =? 9.;<.E ;1B>19;.E ;+: 1 >=0A-9>-: 1 C1@>1= . 81;+0.7 1
"1: .:
+77 + A.91= ?1 9- 1;=8. 2 <17 81<7 . >61<;.2 ?1>: + 2 <17 81<7 + >=: .B.<+2 19<.7 + 7 +
?=B101= 9: .>- = 2 C+9>=<1B<=8 C0=7 - 1;=81 >=7 . 9- 01D?6=7 +<. C+9>=<1B<.8 C0=7 +8
A01D<.<12 6178+E1<.9;.B>. A=/: +? C: .9>= 7+ A=6+D1< 91 81;+81;.>=8 .<M .<.;+D.81: 1
>=71 7+ A0+;E=?<.> 01B-<1 @;= I+ /1 A0=<1I. 7 -;< @+D?+9+; /=?.<1 >19<.7 + 6?+ .818=
C=/1; /0-8+< A101?=>91 17?+ ?1 -D8+8= 7 +?1< 7 +?<=9;161< >0-G<. >=<-9 ( >-A-
?1>:+ >=7 =77 + =9<=6.F1 >0-/N<+>1 7 + ;1 >-A1 >1A1 90+?<7 =6+>=6<+ ?6=09>+ : -?+ 9: 1G+;+
9+' 1? D18.9: .;+ ?1 =6- >-A- A0+9+B+8= A=A0+>= 7 +?<.8 6=?=016<.8 D181E=8 >=7 .
I+ ?1>: + C.;. -A=0+?1< 91 =9<=6.F=8 >-A+ =C.7
+8= ?61 >=81?1 /=0<7 . . ?=<7 . . 961>.
.81 96=7 - A=60@.<- ;18= /?+ 7 + A0+9+> -B.<7 +< ?=<7 . >=81? .81 96=7 - >0-G<- A=6@.<-
;18= /?+ 7 + =?0-C: 7
+< . ;= 8- 7 + 91? /=0<7 1 A=60@.<1N1 /=0<7 . >=81? .81 96=7 + ?<=
;1>=,+ >0-G<= 1 A=/: +?18= A1G: 7.6= =@;= 9- ;+ ?6+ A=60@.<+ ?= 81: =B19 C.: + -
<+A=90+?<=8 ?=?.0- ;1B>1 -D ;1B>- A0.: 7
-C:7+<+ D<1B. ?1 .817 - .9;. A=: -A0+B<.> :.
>-A1 7 + >1? 7 + /: +?18= .?-I. >1 <7 +<=8 60E- 9;1: <= 96+ -G1 . -G1 A1 >1>= =<?1 ;+
?6+ <=6=<19;1: + A=60@.<+ 8=/- C.;. 7 +?<1>+' +,-;.8 1>= 7 + >-A1 91/01,+<1 =?
C+9>=<1B<=/8<=@;61 1;=81 . A01D<.<1 B=6+> 8=G+ D18.9: .;. ?1 <1 =<=7/=0<7 =7>0-G<=7
A=60@.<. <19;1: =7A0+9+F1<7 +8 A=9;=7 . .A1> 81: = 81<7 . C0=71;=81 . A01D<.<1 1: =
81<7 . A1 .A1> C+9>=<1B1<N8=G+ : . ;= ?1 C-?+' +' 17 ?+ ?1 9+ A0.9+;.8= ?1 7 + /=?.<1
$* .:
. <+>1 C: .9>1 . ?1 9+ =6?+ 01D/=6101 = .D-D+;<= 1A9;01>;<.8 A0+?9;16181 ( =
D18.9: .81 >=7 + I+ ;+> >0=D <+>.E ?6+9;=;.<1> /=?.<1 C.;. A=?60/<-;+ +>9A+0.8+<;1: <=7
A0=6+0. +?1< <1B.< ?1 9+ =617A101?=>9 D1=C.,+ C.= C. ?1 9+ D1A.;18= >=: .>= 7 + ?+C+=
;17<=G .9:.8 ?1 =A+; B-7 +8 +8=>0.;=6= R +(E+ R

57
 ><7 .D. .7 1:
=D. = ?6+ <=6+ <1->+ "1: .:+7.D<=9. 96=7 + A=9: +?<7
+ 8.9: . = 9;0->;-0.
1;=81 = <7 +/=6=7E.A=;+D. C10+8 >1>= 7 + B.;17 - <17<=6.7 . A0=-B161=F. .9;=0.7+ <1->+
1;=8. 8=017 - C.;. 96+?+<. <1 81;+81;.B>- 1A9;01>F.7 - ( <1 ;1B>+N1 ;= D<1B. ?1 <+817 -
<.>1>6- ?.8+<D.7 - DC=/ B+/1 9- 7 19<= <+?+: 7.6. <+ 8=/- C.;. A0+9+B+<. 1: . <+ 8=/-
.81;. <. =C: .>+ >1= @;= 7
+ +8=>0.; D18.@:71=
6?+ "1: .:
+7A=8.B+ 1;=89>- D18.91= C: .G+ =<=76+0D.7 . >=7 1 7
+ ?1<19 <17 8=?+0<.7 1 (
<1.8+ A0+;A=9;16F. ?1 9- >610>=6. . :+A;=<. ;1B>+

610>=6. 9- 7 =@1A9;01>;<.7 . =? 1;=81 . 7 =@.E 7 + ;+G+ ?=B101;. .>= <.>1? <.7 + 26.?+=2
<.7+?1< >610> ?1>: + <18 =<?1 A=8.91= ?1 =<. A=9;=7 +' 818= ?=>1D+ 1: . A=90+?<+
+9;.F+ 9+ 9-?1017 - - 1>F+: +01;=0- 9160@+<1 +: +>;0=<.>1 A0.81 . =C01,-7 + +: +>;0.B<+
.8A-: 9+ >=7 + B+9;.F+ ?=> A0=: +I- .D1D.617 - - 961>=7 1>.8 9+<D=0.81 -/01,+<.8 -
?+;+>;=0 =8A7 -;+0 ;-81B. +: +>;0=<9>+ .8A-: 9+ >=7 . 8- 9;.G- .D?+;+>;=01 96=?. .E <1
E0A+ <-: 1 . 7+?.<.F1 + <1: 1D+ @1: 7+ ?= 8=<.;=09>.E +>01<1 - <1@=7>=<;0=: <=791: . .
/:+?18= A0+?9;16- 91B.<7 +<- <1 =9<=6- 96.E ;.E <-: 1.7 +?.<.F1 . >1G+8= R -E : 7-?. +<=
7+?<=/>610>1 R 1.>- ;= .D/: +?1 A0.: .B<= <1;+/<-;= 1>= 98= ;= 8. C1@9./-0<.' 10 <.7 +
8=/: = ?1 9+ ?+9. ?1 <+>1 <1@1 9A0161 1>F+: +01;=0 ?+;+>;=0 01B-<10 .: . <1A0=9;= <+>1
G.F1 <+/?+ 2 .D8.9: .2;17>610>' 1 8. <.>1? <.7 +?1< >610> <.98= 6.?+: . =6.8 =B.81 >=7 +
<18 =/ ?1?+ E >1? C.98= 9+ 918= 8=/: . 601;.;. - 60+8+<1 >1? 7 + <1->1 C.: 1
7+?<=9;16<.7 1 10 <+ C. 9-A+0 C.: = ?1 =A+; D10=<.8= - @+9<1+9;. 6+>' =G?1 C. 1 8=G?1
. <+ C. 1' .;17 ;+ "1: .:+71
"1: .:+7 7 + ;1>= 9;=7 . - <7 +/=6.8 D1A.9.81 <1A016.= =/0=81< C0=7 ;+: +9>=A1
A0=C161= .E 7 + >1G+ R 9;= E.: 7 1?1 A-;1 <1 9;= E.: 71?1 D6+D?1 . ?0-/.E =C7 +>1;1R 81= 7 +
6+: .>= A=6+0+<7 + - ;+: +9>=A 6= 8+<. 7 +?<+ 9: .>+ - 8.9: .81 ;=7. "1: .:
+7 1 =>= <7 +/1
<7 +/=6. A=9;?.A: =8F. 96. < ;+: +9>=A=8 =981;01 >0=DA0=D=0 . =A.9-7 + @;1 6.?. 1 96.
D1A.9-7 - G-0<= R .?.8 7 +?<= ?06= 7
+/=61 /01<1 7 + 916.7 +<1 <1 ;1>16 . ;1>16<1B.< D
;+ /01<+ 7 +?1< 6+: .>. :.9; 9;0@. - ;=8 . ;=8 A016F- R >1? .8 ?=6=: 7<= .9A0.B1 =<. 96.
A=7 1@- >=<7 + .:. 9+ ->0F17 - - <+>1 >=: 1 1-;=C-9' . C0D= A0+>= A=: 71 ?1 A0=6+0+N>1?
;18= 9;610<= 7 + ;1>= >1= - C+: +@>181 6= 9+ D=6+ 2 >1: .C01F.7 1 .<9;0-8+<;12 = -01?.@
9;610<= ?+9+; E.: 7
1?1 A-;1 +,-;.8 7 +?1< =? =<.E >=7 . >0.;.>-7 - "1: .:+71 >1G+ R =C0=
?=> ;+: +9>=A=8 /: +?18= 9;610. <1 +8: 7. 9;610<= =?: .B<= 01?. 818 7 1 A=6+0+<7 1 -
;+:+9>=A <+ : 1G+ <19 =< A=? ;.8 -9: =6=8 .1>= 7 + ;+: +9>=A 9;610 >=7 - 7 + <+>= -C1F.=
.D8+,- C=/=8?1<=/ =>1 . C=/=8?1<=/ A0+?8+;1 A=981;01<7 1 :. >1? A=/: +?1@<+C=
6.?.@7 +?<- D6+D?- =<?1 A=/: +?1@;- .9;- D6+D?- >0=D;+: +9>=A . 6.?.@?6+ D6+D?+ ( + ;=
<+ 8=G+ = 7 + 6+I: -?.: =R
=C0= <.7 + ;= ;1B1< <16=? <+B.7 .E 0+B. : .7+?1< =? >0.;.B101 0+>1= 7 + - 9-@;.<. ?1 <+
8=G+ C.;. ;1B<1 "1: .:+7 +61 ;60?<7 1 ?1 -A.;+0 .81 B+;.0. 8+9+F1 =@;= ;+: +9>=A
=8=/-I161 "1: .:+7- ?1 6.?. 6.@+ <+/= @;= 9+ 8=G+ /=: .8 =>=8 6.?+;. D<1B. ( ;+: +9>=A
:1G+ +?1< A0=M +9=0 81;+81;.>+ ;1>=,+ 7 + =?C1F.= "1: .: +7+6+ ;60?<7 + 0+>16@. ?1 C. . =<
8=/1= ?1 6.?. B+;.0. 8+9+F1 =>= -A.;+01 >1? C. .81= ?=6=: 7<= 60+8+<1 ?1 .E R -/01?. -
<+>1 9;1>: 1R
= /=? 9+ 9: -G. .>1>6.8 .<9;0-8+<;=8 <1.,+ <1 =617A0=C: +8 1 : . .<9;0-8+<;
2A0=.D6=?.20+D-: ;1;+' <. >=7 . 9- ;1>= >0.;.>=61: . "1: .:+7 1 .D/: +?17 - <18 ?1<19 >1=
<+01D-8<.F.N1: . @;1 1>= 9- 918= C.: . >=<D+061;.6<. <1-B<.F.' .: = 7 + <+81 9-8<7 + .
7+?<=/ . ?0-/=/ "=?.<+ $ :7
-?. 9- 6+0=61: . ?1 B=6+B7 + =>= .81 1>;.6<- -: =/- -
/:+?1<7 -N?1 <18 7 + =B<- 7 1C-B.F- ?1= =/ . ?1 =<1 ;-81B. 6.?: 7
.6. 96+; . 7 16: 71 <18 =
;=8+ 1<19 D<18= ?1 7 + =>= 918= 7 +?<= 9=B.6= .D1 >=/1 7 + A=9;16: 7+< 9>-A 0+F+A;=01
>=7 . A0.817 - .<M =081F.7 + . A0+<=9+ .E ?1: 7+ - <1@8=D1> . ;= - ;1>=D61<. 6.D-+: <. >=0;+>9N
8. ;+> ;18= - >=0;+>9- 9;610<= 2 6.?.8=2 >= 7 + -.9;.<- 918= 7 +?1< A=90+?<.> .D8+,-
A0+?8+;1 . 8=D/1 ;+: +9>=A 7 + ;= .9;= =9.@ : . ;. <1=B10+' >= <=9.@ +;= 6+I
A0+.<1B-7 +@ <+@;= 1A016= 8+,- A=C=G<.8 M .:=D=M .81 - @+9<1+9;=8 6+>- - 60=A.
981;01: = 9+ ?1 7 + <=@+<7 + <1=B101 81: ;+<+ 96+;=/0,+ .1>= 9- 60=A: 7
1<.81 <1=B10+ C.: +
A=D<1;+ 6+I ;0. 9;=;.<+ /=?.<1 A0+ ;=/1 +?1< 6+=81 0+: ./.=D1< B=6+> =E1< +A: +0
=E1<<+9 +A: +0 .A1> 9+ =?: -B.= ?1 <=9. <1=B10+ ?1 C. C=: 7+ 6.?+=N1 ;= 8- 7 + C.=

58
?=C10 A=;+D @;= D<18= <1 =9<=6- B.<7 +<.F+ ?1 7 + A=9:
+ A=9;1= <179:16<.7. 19;0=<=8 96=/
60+8+<1
17
?+ ?1 A0.E61;.8= ?1 ?=C0= >1: .C0.91< .<9;0-8+<; 8=G+ ?1;. A0.C:.G<= ;1B1< .D6+@;17
= 9;610<=9;. =G?1 <+ : =@.7
. =? =<=/ .D6+@;17 1 >=7. 9+ <1 >017- 9;6=0. - >=<1B<=8
.<9;0-8+<;- 1 ;= 7 + <1@8=D1> 1 B1> . 8=D1> 8=01 A=<+>1? ?1 9+ >1: .C0.01 B1> . -
<7+8- 8=017 - A=9;=71;. 9./-0<=9<+ 8+0+ A0=;.6/0+@1>1 . .D=C: .B+<71 ;1 ?1 618 >1G+8
( 96. D<1;+ ?1 618 9+ 8=G+ ?+9.;. B1> . 1>= .81;+ 9160@+<= =@;10 6.? ?1 A=9: + <+>=:
.>=
B1@1 6.<1 =?7+?<=8 6.?.;+ =>= 9+C+ ?6=9;0->= 6+I. C0=7A0.7 1;+:71

!--

"1: .:
+77 + C.= 7 +?1< =? A0+?6=?<.>1 A=>0+;1 D1 A0.E61;1<7 + .<9;0-8+<1;1 - <1-F. .8+
7+ ?1= =/0=81< ?=A0.<=9 01D6=7 - <1->+ . 01D6=7 - 961>=609<=/ 60@+<7 1 =A.;1 1>16 7 +
B=6+> C.= ;17"1: .:+7' ;.B+8= -;.91> ?1 7 + C.= ?-C=>. 8.9: .:
1F .9;1<B1<=/ -81 9A=9=C1<
?1 .<;-.;.6<= 9>=B. ?= E.A=;+D1 <1 >=7 .81 8- 8=G+ A=D16.?+;. 961>. M .D.B10 ?1<19 1: .
.9;=60+8+<= ;=: .>= =C?10+< +<+0/.7 =8 . ;+E<.B>.8 6+@;.<181 ?1 7 + -8+= : .B<= .
96=7 +0-B<= ?1 /: 1B1 9=B.61 . A016. 8<=/+ .<9;0-8+<;+ ->: 7-B-7 -I. ;+:+9>=A+ 6.@+9;0->.
8.>0=9>=A . B19=6<.> 91 >: 1;<=8 A=: .;.F. >0+;1= 9+ =? ?0+8: 7
.6=/ >=<D+061;.D81 ?=
E01C0.E <17 =@;0.7 .E <1A1?1 <1 A0=;.6<.>+ ./-0<= 7 + ;= C.: 1 A0161 ?.<18=(81@.<1 =?
B=6+>1 9;1: <= - <+>=8 A=9: -N =9;16.= 7 + D1 9=C=8 C0?1 A0+A.9>+ . 6+: .B1<9;6+<+
@;18A1<+ ><7 ./+ A-<+ <1-B<.E 01?=61 .= 7 + . 6+: .>. A=A-: 10.D1;=0 ?0G1= 7 + 7 16<1
A0+?161<7 1 /=8.: 181 9: -@1: 1F1 A=9: + 9-A+0<=6+ .D $ P /=?.<+N A.91= 7 + : -F.?<.8
6-: /10.D=61<.8 : 1;.<9>.8 7 +D.>=8 .>= 8- <.7 + <. C: .D- - >=<>-0+<F.7 . D1 10: 1 +/1<1
=<.E ?1<1 1>-: ;+;1 9A0+8<.E ?1 8- D17 +8B+ ?=G.6=;<= C+DC+?<= D1A=9: +<7 + C.: = 7 +
;1?1 60: = 81: . C0=7 N6+I.<1 .A1> <.7 + C.: 1 6=: 7<1 ?1 8- ;= A=<-?. =: .>= 7 + G+9;=> C.=
<7+/=6 9;.:.D01G1617 1 ;=: .>= =@;01 <7 +/=61 >0.;.>1 C10 ?=> <.7 + ?=9A+= A0+? 9-? . C.=
=9-,+<
1 :. 7+ "1: .:
+7C.= >=8A: +;1< M .D.B10' +81 A=;A-<.7 +/ - .9;=0.7. 1>= -D8+;+ - =CD.0
>1>= 7 + 6+: .B1<9;6+<= 60@.= =A.;+ . ;+=0+;.91= 81= 7 + . <+>.E <+?=9;1;1>1 1: . -/: 16<=8
>1= ;+=0+;.B10 1>61 >=8C.<1F.7 1 9A=9=C<=9;. C.: 17 + A0.: .B<= B+9;1 - =918<1+9;=8 6+>-
. - ?+6+;<1+9;=8 1: . - ?1<1@<7 +8 ?=C- 9A+F.7 1:.D1F.7 + . -9>.E -98+0161<7 1 0+;>1 7 +
9+?18<1+9;=8 9;=: +I- 6+: .>. ?+= =<=/1 @;= 9+ ;1?1 8=/: = <1D61;. ;+=0.7 1 ;=:.>= 7 + C: .9>=
A=?0G161= =A.;+ ?1 9+ =? <7 .E ;+@>= 8=/1= . 01D?6=7 .;. 9>=0= I+8= 6.?+;. >1>167 + 6+: .>.
?=C.;1> >1? A=9: + 6+: .>=/ +>9A+0.8+<;1;=01 ?=,+ 6+: .>. ;+=0+;.B10 1A016= 7 +?1< ;1>16
9:+? 6+I 9+ ?=/=?.= . A0+ "1: .:
+7+6=/ 60+8+<1 1 .9E=? 7 + C.= ( A0+>0+;<.F1 - .9;=0.7 .
<1->+

=D6=: .;+ 8. ?1 9+ =A+; 81: = 601;.8 - A0=@:=9; 7 +0 <.7 +?<1 ><7 ./1 = .<9;0-8+<;.81 .
8.9: .81 = =A.;- . ;+=0.7 . <+ 8=G+ C.;. A=;A-<1 C+D ?61 .8+<1 >=7 1 .?- <+=?6=7 .6=
D17 +?<= >1= 10>9 10K . </+: 9 </+:9 8+09=< 8+09=< . =0= E=0+1- .: .
./M 0.? .+/M 0.+? . =7 =Q "=6=0.8 = 01E+- QFE= 01E+ . +A: +0- <. 9- C.: .
9;0=/= 19;0=<=8. <+ M .D.B10.NA1 .A1> D19: -G-7- >01;>- ?./0+9.7 -
.E= 01E+ C.= 7 + 7 +?1< =? C.D10<.7 .E ;.A=61 - .9;=0.7 . <1->+ 1<9>. A: +8.I 0=,+<
OP$ A=>1D1= 9+ - 19;0=<=89>=8 8+0+<7 - >1= 817 9;=0 <1? 817 9;=0.81 1 01D:.>- =?
1;=89>.E M .D.B101 >=7 . /: +?17 - ?=: + =< 7 + /:+?1= /=0+ - <+C+91 . ;= A0+F.D<.7 + <+/= .>=
A0+ <7 +/1 01E+ 7 + <1B.<.= 961>=7 1>+ .<9;0-8+<;+ D1 8+0+<7 + A=:
=G17 1 D6+D?1 A: 1<+;1
>=8+;1 +9+F1 1 918= ?6+ ?+F+<.7 + A0=81@.= 7 + =;>0.I+ ;+: +9>=A1N A1 A=@;=
;+: +9>=A1 7 =@ <.7 + C.:= 01E+ 7 + <1A016.= 01D<+ ?0-/+ 9A016+ D1 /: +?1<7 + ( 1D.8-;<+
A=: ->0-/=6+ A;=: +8+7 9>+ : +<7.0+ C0=<D1<+ 9+>9;1<;+ 1D.8-;<+ >61?01<;+ A101: 1>9<+
:+<7 .0+ ( . 96+ 9- ;= =< . <7 +/=6. A=8=I<.F. >=0.9;.: . /:+?17 -I. - <+C= /=: .8 =>=8 ?1 C.
2D1>-F1: .2>==0?.<+;+ D6+D?1 . ?0-/.E <+C+9>.E ;+: 1 +I.<1 ;.E 01E+=6.E 610.7 1F.71 <1
;+8- ?1<1@<7 +/ 9+>9;1<;1 919;=7 1:1 9+ =? ?6+ ->0@;+<+ A=: -/+ . : -B<.E A:=B.F1 .D8+,-
<7 .E 6+ 7 + ;= C.: = 8+;1: <= 9;0=<=8. 9- <.@1<.:. >61?01<;.81 >1= A-@>181 A=?./<+@

59
>61?01<; . /: +?1@?-G 016<+ 8+;1: <+ @.A>+ ?=> 9+ <+ A=>: =A+ <.@1< 8-@.F1 <1 -?1: 7+<=8
>017 - @.A>+ . <+C+9>= ;+: = >=7 + A=981;01@ -B<+ A: =B.F+ 9: -G.: + 9- >1= =<+ <1 ,1B>=8
@+9;10- >=7 . -7 +?<= 8+0. : -B<. -/1=N<1<.@1<.@?0-/=8 A=: -/=8 <1 <+>- =?0+,+<- ;1B>-
<1 <+C- . -9;1<=6.@-/1= .D8+,- 7 +?<+ : .<.7+ /: +?1<7 1 . ?0-/+ : .<.7 + /: +?1<7 1
.7+ C.: = <.B+/ <10=B.;= <=6=/ - =9<=6<=7D18.9: . 01E+=6.E .<9;0-8+<1;1 1: . 7+ =<
A=9;1= 96+;9>. A061> - <7 .E=6=8 -9160@161<7 - 0@.= 7 + =A.;+ 01D<.8 81;+0.7 1:.81
0=<1: 1D.= 7 + ?=9+;: 7.6+ <1B.<+ ?1 ;+ 9>1: 18+0.7 + <1B.<. ;1>= ?1 9+ 8=/- : 1>= 0=;.01;. =>=
-9A016<+ . =>= 6=?=016<+ =9+ 1: . ?1 9+ ;1>=,+ 8=/- : 1>= C: =>.01;. 1>= 7 + A=;0+C<= ?1
C. ;=>=8 8<=/.E -D19;=A<.E <=I. =9;1: 1 .9;1 <1<.@1<7 +<=9; - =?<=9- <1 >=7 - C. 9+ =<?1
A0.8+;.: = >=: .>= 9+ <+>= <+C+9>= ;+: = A=81>: = :. A0+ 96+/1 01E+=6. 8+0<.
.<9;0-8+<;. C.: . 9- 6+: .>. 1= @;= I+8= 6.?+;. >1? A0+,+8= <1 8=?+0<1 60+8+<1 6+I+
<+ D<1B. -6+> ( 1: . <17 B+@I+ .A1> D<1B. ( . C=: 7+ .E=6<17 9:16<.7 . .<9;0-8+<; C.= 7 + D.?<.
>61?01<; @+9; 8+;101 - A0+B<.>- +;0?+9+; 9;18+<= /01,+<.E 8-@>101F1 8=01: = 9+
061;. 91 ;=8 9A016=8 ?1 C. 7 + A=9;16.: . <1 =?/=61017 -I+ 8+9;= .= 7 + ;= D1 =<1
60+8+<1 A016. A016F.7 1;. 9-A+0>=: 17 ?+0 1 8+;1: <.8 A: =B181 C.: . 9- .9F0;1<. -/1=<.
9;+A+<. . C.: . 9- ;1>= =/0=8<. ?1 7 + 01E+ -9A+= ?1 .D?+: . 961>. 9;+A+< <1 @+D?+9+;
A=?+=>1N1 - 961>=8 ;1>= ?=C.7 +<=8 8.<-;- .81= 7 + -0+D1<.E 7 =@A= @+9; F0;.F1 >=7 . 9-
=D<1B161: . A= ?+9+; -/1=<.E 9+>-<?. = D<1B. ?1 7 + 8=/-I- A=/0+@>- - 8+0+<7 -
981<7 .= <1 ?+C: 7.<- @.61I+ ./: + >=7 - ?0G.@9196.8 .9A0-G+<=8 0->=8 <17 ?1: 7+ =? 9+C+ @;=
8=G+@ <.@1<7 +<7 + .A1> ( /=: .8 =>=8 18= ?1 9E61;.;+ >=: .>. 7 + C.= 01E+=6+/= +6= .
=6=/ A=?1;>1 - 90+?.<- : -B<+ A: =B+ C.= 7 + -/01,+< A=0;0+; .E=1 01E+1 - A0.0=?<=7
6+: .B.<.
=/: . C.9;+ A=8.9: .;. ?1 B=6+> >=7 . A=>1D-7 + ;=: .>- =981;01B>- A+?1<;<=9; 8=01 C.;.
9;.?: 7.6>= A=6-B+< =? ?0-@;61 . =? G+<1 .E= 01E+ 7 + C.= 96+ 918= ;= <+ 7+/=61
<17 <+=C.B<.7 1 F0;1 C.= 7 + <7 +/=6 <=9 ( <1.8+ <7 +/=6 <+?=9;1;1> <=91 1= 9;-?+<;
8=81> =? ?61?+9+; /=?.<1 01E+ 9+ 7 +?<+ <=I. G+9;=>= 019A016: 71= A1 . A=961,1= 91
7+?<.8 ?0-/.8 9;-?+<;=8 ;.A=8 A= .8+<- 1<?+0-A 109C7 +0/ 1<?+0-A 109C7 +0/
=>= <+>=/ 81;+81;.B>=/ A.;1<7 1 .:= 7 + ;= <1 <+>=7A0=9: 16. - >-I. 7 +?<=/ A0=M +9=01
61,1 ?6=7 .F+ 9;-?+<1;1 A=9;1: 17 + ;1>= G+9;=>1 ?1 9- : 7-?. 8=01: . ?1 .E 01D?617 17- ?1 9+
<+ A=;->- =C0= 8=G?1 7 +9;+ @=<7 1 =<17>= 9+ ;-B+ DC=/ 81;+81;.>+ -8+9;= DC=/
?+6=7 >+ +?+: 7- ?1<1 >19<.7 + 01E+ . <7 +/=6 9-A10<.> 9-90+: . 9- 9+ =A+; <1 A0=9: 16.
=G.I1 A=A.: . 9- 81: = 6.@+ 1 =<?1 >0+<-: . =A+; - .9;- 81;+81;.B>- 019A016- 6=/ A-;1
<.>= <.7 + -9A+= ?1 .E =E: 1?. =6->: . 9- 9+ <1 7 +?<= 801B<= 8+9;= A=0+? /0=C: 7
1 . A=;+/: .
81B+6+ 7 +?1< <1 ?0-/=/ 109C7 +0/ 7 + 60: = C0D= =>=<B1= =617?6=C=7;1>= @;= 7 + 7 +?<.8
=? A06.E D181E1 =?9+>1= ?=C10 ?+= 01E+=6=/<=91
6= 91 <=9+8 <.7 + ?1: = 01E+- 8.01 96+ ?= >017 1 G.6=;1 0+?-D+= 7 + >=D8+;.B>-
E.0-0/.7 - ;= D<18= :. >1>6-' ;=8+ A=9;=7 + ?6+ A0.B+ +?<1 <17 6+0=61;<.7 + : 1G<1
>1G+ ?1 7 + <10-B.= B.;16<.D6+@;1B>.E <=9+61 =? 01D: .B.;.E 81;+0.7 1:1 ?1 .E <=9. - 01D<.8
A0.: .>181 0-/1 A0.B1 >=7 - A0.E61;1 6+I.<1 .9;=0.B101 7 +?<1>= 7 + ?=C01 = ;=76+0D.7 .
01E+ 7 + <10-B.= ?1 8- 9+ <1A016. 918= 7 +?1< <=9 1: . =? 90+C01 . D: 1;1 .D617 1< 1: . .
6+@;= =C=7 +< ?1 : .B. <1 A016. 16=?<= 7 + <=9.= -D1 9+ . >-;.7 .F- : +A>1 ?1 A0.B609;. <=9
1>= A=B<+ ?1 9+ >: .81 <=/. 9- 8- 9+ A=?0-/.61: . DC=/;=/<=91 +?1< A0=;.6<.> ;60?.=
7+ ?1 01E+ /: +?1 . D6+D?+ >0=D<=9 B.7 . 8- 60E 9: -G. >1= <.@1<
01E+ 7 + .81= ;+ ;+@>=I+ 1: . . 7 +?<- A0+?<=9; >=7 - 8<=/. 19;0=<=8. ?1<19 <+817 - (
C.= 7 + A= 0=,+<7 - 10.9;=>01;1 .= 7 + . ?=C10 A0.7 1;+: 791 >01: 7+8 0+?+0.>=8 0-/.8N>1?
9+ A0=9: 16.= =981;01<7 +8 9-A+0<=6+ - 91D6+G,- 19.=A+7 + >01: 78- 7 + ?1= <1 A=>: =<
=9;06= 6+< ?1 8- -C-?-I+ C-?+ =A9+061;=0.7 1 .8+ 7 + 01E+ A=9;1= . M +-?1: <.
/=9A=?10 <1? ;18=@<7 .8 9;1<=6<.@;6=8 >=7 + 8- 7 + 8=01: = A: 1I1;. >.0.7 - 1 ?=C.7 1= 7 + .
?=?1;<1 2 C-?G+;9>1 90+?9;612=? >01: 71 1>= 7 + .E= 01E+ A=9;1= A06. - .9;=0.7 . 96+;1
2?.0+>;=0 : 1C=01;=0.7 +2 >1>167 + ;= ?.0+>;=0 C.= ( ?.0+>;=0B.<1 1 ;=: .>= A101 =? <10=?<.E
>.0.7 1 . 91 <=6F+8 .D>01: 7+69>+ C: 1/17 <+ . 91 96=7 .8 9=A9;6+<.8 C=/1;9;6=8 G.6+= 7 +
9;610<= >01: 7+69>. +?.<= <.7 + .81= 8=/-I<=9; ?1 -G.61 - A0+/=6=0.81 91 C-?G+;9>.8
B.<=6<.F.81 - ?1<1@<7 =7 8+0.F.
=60@.<1 =9;061 .D<=9.: 1 7 + =>= =918 9;=;.<1 E+>;101 .E =918 9;=;.<1 E+>;101
A=9;1?=@+ 017 D1 19;0=<=8.7 - .:+ 9- ;- 01?.=<.F+ - >=7 .81 9- 817 9;=0. .D01,.61: .
.<9;0-8+<;+ A1 7 + . 7 +?<1 6+;0+<7 1B1 ;- 9;17 1:1 . M 1C0.B.F1 E10;.7 + . A+?+9+; . <+>=: .>=
0.C<7 1>1 1 918=/ 9+C+ 01E+ 7 + .D/01?.= 6+: .B1<9;6+<- >-I-(=A9+061;=0.7 - <1 <17 6.@=7

60
;1B>. =9;061 -I. ?1?+ <1D.6 01<.C=0/ @;= D<1B. 2+C+9>. D181>2 . =>0-G. 7 + D.?=8 -
=C: .>- >61?01;1 <-;10 >61?01;1 <1@: = 9+ 8+9;1 D1 @;18A10.7 - 9;1<=6+ D1 A=9: -/- . D1
@;+<10+ D1 01E+=6+ A9+ B-610+ 1: . . D1 60;=6+ 91 F6+I+8 : +7+ 91 =?1C01<.8 ;016181 .
D1 =>= ;0. 9;=;.<+ 9;1C1: 1 01D<=/?06+I1
01E+ 7 + <1 >017 - 8=01= =;.I. =?1;: + A=? =>=: <=9;.81 <+ C1@ A0.7 1;<.8 7+/=6
?=C0=B.<.;+: 7 >01: 7 0+?+0.> -80= 7 + =? A0+;+01<=/ A.7 +<7 1 210: 9C+0/12.: . <+>+ ?0-/+
8+?=6.<+ >=7 1 7 + - 1<9>=7C.: 1 A=A-: 10<1 =>= /=?.<+ $ :
19<.@;6= <1? M +-?=8
6+< 601;.: = 9+ ;=/ ;0+<-;>1 >0-<. 1 >0-<1 7 + ?=9A+: 1 <1 /: 16- 7 +?<=/ <=6=/ >01: 71 >=7 .
7+ ;= =9;06= ?1= - 6: 19<.@;6= 7 +?<=7 ?18. A= .8+<- 10+< <?+09?1;+0 10+<
<?+09?1;;+0 91 >=7 =8 9+ -A=D<1= <1 <+>=7961?C. . >=7 1 8- 7 + A=9;1: 1 : 7-C16<.F1 6=
<+>1 C-?+ A=->1 96.8 ?.0+>;=0.81 : 1C=01;=0.7 1 ?1 D<17 - /?+ .8 7 + 8+9;= 8+,-
8=I<.F.81 =6=/ 96+;1 . >1>= : 1>= 8=/- ?1 C-?- =?C1B+<. 1 90+I- 01E+ 9+ ?=B+>1=
<1 <=/+N.DC1B+< A=>-A.= 7 + 96=7 + A=?1;>+ . .<9;0-8+<;+ . A0+9+: .= 9+ - 7 +?1< ?6=01F
C:.D- 01/1 /?+ 9- /1 01?= A0.E61;.: . . A0-G.: . 8- A0.: .>- ?1 <19;16. 01?
016.:<=9; 19+: 7
+<+ C.: 1 7+ =<= @;= 7 + 01E+1 A0.6->: = <1-F. 1= ?+B1> =? B+;0<1+9;
/=?.<1 C.= 7 + =B101< A=;A-<.8 A=801B+<7 +8 -<F1 >=7 + 7 + C.:= A0+?9>1D1<= D1 )
16/-9; O$ 1>= 8=/- : 7
-?. ?1 9E61;+ >0+;1<7 + D6+D?1 . A: 1<+;1 ;1>= ;1B<= ?1
A0+?9>1G- <7 .E=6+ A=: =G17+ 8<=/= /=?.<1 -<1A0+?' 01E+ 7 + =9;16.= =/0=8<= <19: +,+
>1;1: =/ 91 A=: =G17 .81 ;1B<= E.: 7
1?- D6+D?1 <+>0+;<.F1 >=7 .8 7 + <1?81@.= ;=: +8+7 +6
>:19.B<. >1;1: =/. -<.@;.= 8<=/+ 9;10+ ;+=0.7 +
+:.>1 60:.<1 01E+=6=/ A=981;01B>=/ 01?1 919;=7 1: 1 9+ - ;=8+ @;= 7 + =< A=8<=
A1D.= <1 8=/-I+ /0+@>+ - 96=7 .8 8+0+<7 .81 <9.9;.01= 7 + >1= <.>= - /=?.<. O! . <.>=
A0+ ;=/1 <1 ;=8+ ?1 8+0+<7 + 8=01 C.;. A=<=6: 7+<= 8<=/= A-;1 . ?1 -D961>= 8+0+<7 +
8=01 C.;. A0.C+: +G+<1 . A0=F+<1 = ;=8+ >=: .>1 7 + 6+0=61;<1 <7 +/=61 ;1B<=9; 01E+ 7 +
=;.@1= ?1: +>= .9A0+? 96=/ 60+8+<1 ;.8+ @;= 7 + -A=0<= -D A=?1;>+ =C7 16: 7.61= . >=: .>=
8=G+8= - ;+ A=?1;>+ .81;. A=6+0+<7 1
1= A=981;01B . 8+0.: 1F 01E+ 7 + C.= <+<1?81@1< 1= ;+=0+;.B10 8+,-;.8 A=>1D1=
9+ 8<=/= 9: 1C.7. =,+< 7 + ;0. /=?.<+ A=9: + 980;. .>=: + =A+0<.>1 1: . >=A+0<.>1<9>.
9.9;+8 A= >=8+ 9+ +8: 7
1 =>0+I+ =>= -<F1 <.>1? <.7 + 9196.8 A0.E61;.= .@+ 7 + 6+0=61=
- ;=: +8+7 +6 9.9;+8 M =08-: .91< 8<=/= 6+>=61 01<.7 + A= >=8+ 9+ 96+ =>0+I+ =>=
+8: 7+ .1>= 9+ 9=A9;6+<.8 A=981;01<7 .81 -6+0.= ?1 =< <+ ?+7 9;6-7 + >=: =61< >1=
10.9;=;+: =61F <.>1? <.7 + 8=/1= A0.6=: +;. 9+C+ ?1 A=6+0-7 + - ;= ?1 9+ +8: 7 1 =>0+I+ =>=
96=7 + =9+ . ?1 <.7 + 90+?.@;+ 19+: 7 +<+ 1D8.@: 71= 7 + =61>= >1? C. C.: = ;1B<= ?1 9+
+8: 71 =>0+I+ =>= 96=7 + =9+ =<?1 C.98= 8=/: . ?1 .9A1: .8= ;=A - 98+0- ;=/ =>0+;1<7 1 .
,-: + C. ?=C1F.: = ?1: 7+ <+/= 1>= .9A1: .8= .9;. ;17;=A - 98+0- 9-A0=;<=8 =? =>0+;1<7 1
+8: 7+N1 ,-: 1? <+ ?=C1F-7 - ;1>= 1;= 9+ 01E+ D1?=6=: 7.= >=8A0=8.9=8 ?1 9+ 96+
A:1<+;+ =>0+I- =>= -<F1 1: . -<F+ .A1> =>= +8: 7+

=>=8 96=7 + >10.7 +0+ 01E+ 7 + .81= 8<=/+ .D609<+ A=8=I<.>+ 17

C:.9;16.7 . =? 96.E
C.= 7+ 7+?1< B-?1< B=6+> 8.9;.> 81;+81;.B10 . 19;0=<=8 A= .8+<- =E1< +A: +0 =
0=,+<7 - +81F A= 6+0. =?1<. : -;+01<1F +A: +0 7+ D1A016= G+: += ?1 A=9;1<+ 96+@;+<.>
1:. 8- 7 + 81;+81;.>1 A=<-?.: 1 <1B.< ?1 D101?. D1 G.6=; =@1= 7 + <1 .9A.;+ D1 A0.7 +8 -
96+@;+<.B>= D61<7 + 1: . 7
+ <1 <7 .81 A1=N /=;=6= 9: -B17<= 7+ A=B+= ?1 A0=-B161
19;0=<=8.7 - . >1= ?0-/- =C: 19; >=7 =79+ 60: = 9<1G<= A=96+;.= 19;0=: =/.7 - 1 .A1>
9-?C.<1 7 + A0.A0+8.: 1 D1 <7 +/1 9: 16- ?1 A=9;1<+ =<17 ;+=0+;.B10 >=7 . I+ -=B.;.
7+?<=9;16<+ ?-C=>+ .9;.<+ - 01E+=6=7A: 1<.<. A=?1;1>1 A0.C16: 7+<.E =981;01<7 +8
+A:+0 7 + - 60: = <+90+I<= 60+8+ C.= A0=;+9;1<; -A016= ;1?1 7 + A0=;.60+M =081F.71
>=9.:1 96+ .9A0+? 9+C+ A= 60=A. +A:+0 7+ C.= B=6+> >01;>=6.? >0E>+ ;+: +9<+ /01,+
<+-0=;.B1<N <.7 + .81= <.81: = 918=-6+0+<=9;. 7 +?<=/ 01E+1 .: . 7+?<=/ "1: .:+71 #+: 1
A=0=?.F1 +A: +0 C.:
1 7+ 81: = B-?<1 +A:+0=6 ;1;1 C.= 7 + 6=7<.>(A:1I+<.> <7 +/=6- 818-
9- ;+01:. <1 9-? A=? =A;-GC=8 ?1 7 + 6+@;.F1 1 =E1< 7 + ;0=@.= ?=C10 ?+= 96=/ 60+8+<1
<1 19;0=: =/.7- 0+I=8 - ;=8+ 7 + .81= -9A+E1 A1 7 + 9;.D1= ?1 A:1;. <+>+ 01B-<+ "=?.<+
O3O 91B.<.= 7 + >1: +<?10 D1 /01? "01F . A0+?9>1D1= G+9;=>+ 801D+6+ 9+: 71B>+ A=C-<+ .
;-09>+ -A1?+ ( . 96+ ;= 9+ 9;610<= ?=/=?.: = =@;+<= 7 + A0+81 +A: +0- ?1 >1G+8= ?1 <.7 +

61
918= =< D101,.61= 2 <1 F0<=2>1= 19;0=: =/ "1: .:
+77 + 919;16: 7
1= E=0=9>=A+ D1 6: 1?109>-
A=0=?.F- +?.B. 1 . 01E+ 9+ 81: = A=D1C16.= 19;0=: =@>=8 6+@;.<=8 1: . <+-9A+@<= <1
=9<=6- A=801B+<7 1 +9+F1 )! =>;=C01 O$$ A0+?9>1D1= 7 + ?1 I+ -80+;. 9-: ;1<
-: +7 81< +: .B1<9;6+<. 9-: ;1< 7 + - ;= 60+8+ C.= 6+I=?16<= 80;16
0+81 =6=8 96=8 A=8=I<.>- 01E+ 9+ A=<1@1= A0.: .B<= : =@+ ( >1= A0+81 >1>6=8
A=9;?.A: =8F- @;= 7 + +A: +0 . C.= 1 <+ >1= A0+81 9+C. 016<=8 @;= 7 + +A: +0 961>1>=
D19: -G.61= 9+;: 7.6. +A: +0 : 7
-;.;= 7 + 0+1/=61= <1 -60+?+ A1 9- 9+ <7 .E ?6=7 .F1 8<=/=
A-;1 A=961,1: 1 . 7 +?<1>= 8<=/= A-;1 A=8.0.: 1N 1 01E+ 7 + <1 >017 - .A1> A0.E61;.=
+A: +0=6- C: .9;16=9;
>;=C01 $ 01E+ 7 + =;.@1= <1 <+>- 6+B+0.<>- . >1= @;= 7 + C.= 9>: =< A0+;+01= 7 +-
A.I- 1?1 7 + 61G.: = 60: = 9;0=/= A016.: = -B;.6=9;. A= >=8+ <.>= <+ 98+ -9;1;. =? 9;=: 1 ?=>
=C0=> ;017 + 1? 7 + 01E+ >=<1B<= A=7 -0.= <1601;(<1<=9 - >-A1;.: = C.: =7 + 6+IA0+>19<=
2+@;= D<1B17 <=27 + A09: = <+/?+ - <7 +8- +?1<1+9; ?1<1 >19<.7 + C.= 7 + 80;16 =@;= 7 +
6+IA0+ ;=/1 <1.8+<=61= +A: +01 D1 96=/ /: 16<=/ A=8=I<.>1 <1 9180;<=7A=9;+: 7. ?1=
8- 7 + - <19: +,+ F+: =>-A<- 819- A=?1;1>1 A0.>-A: 7+<- ;=>=8 .D61<0+?<+ =?: .B<=
M.<1<9.01<+ >10.7 +0+ . A0+>: .<7 1= /1 ?1 -A=;0+C. 96=71<1: .;.B>. -8 . 9;6=0. 7 +?<- 6+: .>-
9.<;+D- >=7 1 I+ -<1A0+?.;. B=6+>=6= 01D-8+61<7 + <+C1 1016<= ?=?1= 7 + ;= +A: +0
;0+C1 ?1 -01?. - =>6.0- ;.E=C01E+=69>+ E.A=;+D+ ?1 7 + - 90+?.@;- 19+: 7+<+ 961>1>=
+8: 71
+A: +0 9+ 91/: 19.= 91 =6=8 G+: 7=8 9180;<.>1 1: . 7+ <+9-8<7 .6= ?0G1= ->0@;+<1 ?61
A09;1 ?=> 7 + ;= /=6=0.= 7 +0 6+I;1?1 7 + 981;01= ?1 7 + 01E+=6 9.9;+8 ;+@>1 /: -A=9; : .
01E+=6. A=?1F. =?1F. >=7 .81 <.7 +?<1 ?0-/1 DC.0>1 19;0=<=89>.E A=?1;1>1 <1 96+;-
<.7 + C.: 1 016<1 +A: +0 9+ D1?-C.= - <7 .E D-0.= 7 + -A=0<= ;01G+I. =C019F+ - >0+;1<7 .81
A: 1<+;1 ?C1F.= 7 + - A=B+;>- . A;=: +8+7 9>. . ;.E=C01E+=69>. 9.9;+8 19+: 7
+<+ D1;= @;=
9- C.: . ;=: .>= ;01A16. A1> 8=01= 7 + . =< =? <+B+/?1 >0+<+ 1;= 7 + A=B+= =9: 1<7 17 -I. 9+
<1 9.9;+8 .>=: + =A+0<.>1 >=7 . 7
+ A=: 1D+I. =? A0+;A=9;16>+ ?1 9+ <+C+9>1 ;+: 1 >0+I-
=>= -<F1 =0C.;181 ;1B<= >0-G<.8 C.= <17 +:+/1<;<.7 1 =? 96.E A=<-,+<.E D18.9: .
.9;.> - +A: +0- 01?= 7 + A0.E61;.= D18.91= ?1 - 90+?.@;- 96+/1 9;=7 . -<F+ >=7 + <+
918= @;= =C197 161 96+ A: 1<+;+ <+/= ?17 + . 7 +?<- 9.: - ;1?1 9+ <.7 + /=6=0.: = 29.:12<+/=
2A=C-?12 A=8=I- >=7 + 6: 1?1 >0+;1<7 .81 A: 1<+;1 +A: +0- <.7 + C.: = C1@ <17 7 19<.7 + >1>=
-<F+ -9A+61 =6= ?1 A=9;./<+N <1/1,1= 7 + ?1 ;- 8=01 C.;. ?1 A=9;=7 . <+@;= >1=
81/<+;.D18 :. . ;1>= A=A: =B1= 7 + A-; >=7 .8 I+ 7 -;< >0+<-;. +A: +0 7 + C.= 7 +?1< =?
A06.E >=7 . 9- ;60?.: . ?1 7 + A=;0+C<= ?1 01D8.@: 718= = <+>=79.: . 1>= G+: .8= ?1 01D809.8=
@;1 9+ ;= D1A016= ?+@161 - -<B+6=8 9.9;+8-
=?7 +?<1>= 7 + C.: = 61G<= . ;= @;= 7 + +A: +0 -9;1<=6.= ?1 9+ >=A+0<.>1<9>. 9.9;+8 <+
A=?-?101 C1@9160@+<= 91 01E+=6.8 A=?1F.81 : =6=: 7<. 81;=0. 1<1F ?=C0= 7 + <1-B.=
+A: +01 >1>= 9+ A=91= <1->+ .<?->;.6<=8 8+;=?=8 01?. A06= A=981;01<7 +8 ->=A1@
9;18+<+ ;+8+: 7 + B.<7 +<.F1 1 ;+> A=9: + ;=/1 -D?.G+@ 9+ 91 <7 .E >1 -D0=F.81 9;610.
19-A0=; 96=8+ 8.9;.F.D8- . 96=7 =7=A9+?<-;=9;. /+=8+;0.7 9>.8 =C: .F.81 >=7 . 9- 8-
-: .61: . 9;01E=A=@;=61<7 + +A: +0 7 + =9;1= 6+01< B.<7 +<.F181 A=?1F.81 D0=<.= 7 + .D
96=7 .E A0=-B161<7 1 01E+=6+ D1=9;16@;.<+ ( <10=B.;= A=?1;1>1 = 109- ( ?=<=9+I. ;0.
D1>=<1 = >0+;1<7 - A: 1<+;1 1 ;0. D1>=<1 . ?1<19 +6= 9>=0= B+;.0. 9;=;.<1 /=?.<1 >19<.7 +
9:-G+ >1= =9<=61 8=?+0<+ A: 1<+;<+ 19;0=<=8.7 + +I- =6?+ <16+9;. ;1 ;0. D1>=<1
A=?0=C<= 918= I- 0+I. ?1 7 + 6+IA06. =? <7 .E -<.@;.= ?.6<- >=A+0<.>1<9>- A0+?9;16- =
>0-G<.8 =0C.;181 >=7 1 7 + D1A016= A=9;=7 1: 1 <+?.0<-;1 . <+=9A=0+<1 7 =@=? : 1;=<=6.E
?1<1 +A: +0 7 + ?=>1D1= ?1 9+ A: 1<+;+ >0+I- =>= -<F1 A-;1<7 181 >=7 + 9- +: .A9+ 91
-<F+8 - 7 +?<=7G.G. 617+>9F+<;0.B<. : -;+01<1F 9A191= 7 + >=A+0<.>1<9;6= .D6->1= /1 .D
D1A+;: 71<.E /0B>.E 2 +A.F.>: 12 N 1 ;= 7 + A=9;./1= <1 ;17<1B.< @;= 7 + A=@;=61= 01E+=6+
A=?1;>+ ?= >017 1 ?= 961>=/-/1=<=/9;+A+<1 . 8.<-;1 ;1B<=
:.A9+ .9;1 81;+81;.>1 : . 9- =<+ .A1> B.9;1 A0.0=?1' >= 9+ A: 1<+;+ D1.9;1 >1=
@;= 7 + =E1< +A: +0 ;60?.= >0+I- A= 9160@+<.8 +: .A9181 . 1>= 7 + -6+> - 7 +?<=7G.G. 961>+
;1>6+ +: .A9+ -<F+ =<?1 A0.0=?1 961>1>= 6=: . 81;+81;.>- +@;= .: . <+>= ( 8=G?1 =/ (
/: +?1 ?=: + <1 +8: 7- . /=6=0. R1 6=: .8 81;+81;.B>+ =C: .>+ R 1>= 7 + ?=>1D1;. ?1 A0.0=?1
6=: . 81;+81;.B>+ =C: .>+ D8+@>18+< . C1F.@/1 < A=: +;. >0=D61D?-E A-;1<7 =8 >=7 1
7+ A0.: .B<= ?=C01 A101C=: 1 1? <+ C. C.: = 61D?-E1 C.: 1 C. ;= 9160@+<1 A101C=: 1 + 918=
@;= 7 + 81;+81;.B10N =/ 7 + ;1>=,+ ?=C0=?-@1< :. ?=C0=?-@<1 1>= 7 + <1 0.>0.61
.D6+9<+ >=8A: .>1F.7 + =? <19 96+ ?=> <1@ -8 <+ A=9;1<+ ?=6=: 7<= D0+= ?1 .E 9E61;.

62
 1.8+ 8. ?1<19 D<18= ?1 =0C.;+ A: 1<+;1 <.9- C1@ 9160@+<+ +: .A9+ <+/= 9+ 81: B.F+
.D=C: .B-7- D1;= @;= A:1<+;+ 6->- 7 +?<1 ?0-/-N1: . ;1 .D=C: .B+<7 1 C.:1 9- A0+81: +<1 ?1 C. .E
01E+=6. .<9;0-8+<;. 8=/: . =A1D.;.
+A:+0=61 /+<.7 1:<=9; C.: 1 7+ - ><7 ./181 >=7 + 7 + <1A.91= B+9;= D19+<7 +<1 6+: .>.8
>=: .B.<181 01D<.E 9-6.@<.E 9;610. . >=7 +@;10.71 +0=61= 7 + ?1 9- >=8+;+ /: 19<.F. D: +
9-?C+N?1 7 + 19+: 7+<1 A=?+: 7+<1 - ;0. =C:19;. <16=?<= - 9>: 1?- 91 E0.@I1<9>.8 -B+<7 +8
= 6+;=8 ;0=7 9;6-N B1> 7 + 6+0=61= ?1 9- A: .8+ . =9+>+ ?.91<7 + +8: 7+ 1 +8: 7- 7 +
-A=0+,.61= 91 =/0=8<=8 G.6=8 G.6=;.<7 =8 1 D18.91= = +8: 7. >1= 7+?<=8 =0/1<.D8-
619>09<-: 17+ - <1@+ ?=C1 >0=DE.A=;+D- D61<- "1.1
1 .A1> +A:+0 7+ C.= B=6+> 6+: .B1<9;6+<=/ -81 "=?.<+ 3* >0-;. . D1>=AB1<. 9+0
0;-0 ?.</;=< 0;E-0 ??.</;=< 7 +?1< =? <17 +8.<+<;<.7 .E M.D.B101 96=/1 ?=C1 .D7 16.=
7+ ?1 7 + =E1< +A: +0 R A0+;+B1 8=?+0<=/ ;+=0.7 9>=/ M .D.B101R ?.</;=< 7 + E61:
.= +A: +01
DC=/;=/1 @;= 7 + +A: +0 A0.8+<7 .61= 7 +?1< A=/: +? <1 96+; 9: .B1< 9E61;1<7 .81 ;+=0+;.B101 -
;.8 >61<;<.8 60+8+<.81 +A:+0 A= ;60?<7 . ?.</;=<1 <.7 + <. A=>-@1= ?1 <1,+ <+>.
>=<>0+;1< 8+E1<.D18 >=7 .8 C. =C7 19<.= -<B+6 9.9;+8 1: . 9+ R -A016:71= =9+I1<7 +8 D1
81;+81;.B>. =C: .> +9;+;9>.8 <1/=<=8 D1 A0.>: 1?<=9; 9;610.R

"=?.<+ O3T 8<=/= A0+ <+/= @;= 7 + 01D0+@.= A0=C: +81;.B<+ A=7 +?.<=9;. +A: +0 7 +
A.91= "1: .:
+7- . ;01G.= =? <7 +/1 ?1 7 16<= A=?0G. >=A+0<.>1<9>. 9.9;+8 9>1D1= 7 + ;= 91
0+:./.79>=8 9;019;6+<=@I- ;.A.B<=8 D1 <7 +/1N D1E;+61= 7 + ?1 "1: .:
+7 R 6+0-7 + . 9;-A.
<1A0+?R "1: .:+77 + =?C.= ?1 .9>=01B. .D A;=: +8+7 9>=/ =081<1 ?=>1D ?=>1D 8- 7 + C.=
A=;0+C1< ?=>1D7 + . ?=@1= A=90+?9;6=8 7 +?<=/.<9;0-8+<;1 ;+: +9>=A1
=I. =? P ?= O 7 1<-101 $ /=?.<+ 8=017 - =9;1;. D1C+: +G+<+ >1= .D-D+;<=
D<1B17 <+ 8+,- <17 D<1B17 <.7 .8 <=I.81 - .9;=0.7 . 19;0=<=8.7 + 1?1 7 + A=8=I- <=6=/ .
A=C=: 7@1<=/ ;+: +9>=A1 >=7 . 7 + 918 <1B.<.= "1: .:+76.?+= .D8+0.= . A01;.= B+;.0. 9.;<+
2D6+D?+2>=7 + 9- 9+ >0+;1: + C: .D- A: 1<+;+ -A.;+0 .= 7 + A0.9.:7 +< ?1 D1>: 7-B. ?1 9+ ;1 B+;.0.
;+:1 >0+I- <1 =0C.;181 =>= -A.;+01 617 D1>: 7
-B1> A0+=C01;.= 7 + "1: .:+7 1 -
>=A+0<.>1<9;6= +0 1>= <+>1 ;+: 1 =0C.;.017 - =>= -A.;+01 =<?1 ;60?<7 1 ?1 96+ A: 1<+;+ .
96+ D6+D?+ =0C.;.017 - =>= +8: 7+ <.7+ ;1B<1 1= . 6+I.<1 A=D<.E >=<6+0;.;1 ( =<.E >=7 . 9+
>19<= A0+=C01;+ - <+>- ?0-/- 6+0- .: . <1-B<= -6+0+<7 + .: . A=: .;.B>- 9;01<>- ( "1: .:+77 +
.9A=:7.= .D-D+;<- ?=9: +?<- G+9;.<- - D19;-A1<7 - =A+0<.>=6+ 19;0=<=8.7 + 9;=0.7 1
A0.A.9-7 + 96- D19: -/- "1: .:+7 - 1: . 8. 8=018= =?1;. A0.D<1<7 + . ;+: +9>=A- >=7 . 7 + -
"1: .:
+7 +6.8 9A=9=C<.8 0->181 =;6=0.= <+C=
-/1 . 9: =G+<1 A0.B1 = "1: .:
+7+6=8 9->=C- 91 ;1?1@<7 .8 6: 19;.81 8<=/= A-;1 7 +
.9A0.B1<1 #0>61 /1 7 + DC=/<7 +/=6.E 19;0=<=89>.E -6+0+<7 1 =9-?.: 1 <1 ?=G.6=;<- 0=C.7 -
1D<1 7 + >19<.7 + A0+;6=0+<1 - ?=G.6=;<. >-I<. A0.;6=0 +> !)) /=?.<+ A0=/: 19.= 7 +
;1?1@<7 . A1A1 ?1 -<F+ .A1> 8=G+ C.;. - 90+?.@;- -<B+6=/9.9;+81 ;+> 3!O 1;.>1<
7+ A0.D<1= ?1 7 + "1: .:
+7C.= 6+: .>. 19;0=<=8 . ?1 8- 7 + >1;=:.B>1 F0>61 -B.<.: 1 <+A016?-

"1:.:+77 + A=B.<.= . 7 +?<- ?0-/- 7 +0+9 >=7 1 7+ 81<7 + A=D<1;1 1: . 7+ C:.G1 90F- <1@+
;17<+ <+/= @;= 9- ;= =0C.;+ 1091 . -A.;+01 1? 7+ >0+<-= <1 96=7A06. <1-B<. A=E=? -
.8 ?1 A0.7 16. 96+;- <1->+ >1>61 7 + 96+ =;>0.I1 A=9;./1= 01?=8 - =C: 19;. M
.D.>+ . =A;.>+
A=<+= 7 + . 7 +?<= 91<?-B+ 91 >=81?.I.81 >18+<1 - 609;- >18+<1 A0=<1@: . 9-
1:E+8.B10. - =: =<7 . 1>16>18+< 96+;: . - 801>- 1<19 D<18= ?1 7 + ;= 8.<+01: ?1 9+
D=6+ C10.7 -8(9-: M.? . ?1 7+ :-8.<.9F+<;1< :
. :+;1 /=9A=?<7 +/ $ 1:E+8.B10. 9- /1
<1D.61: . .8+<=8 ?1: +>= A=+;.B<.7.8 9-<B1<. 9-<,+0
"1:.:+7?=<+9+ >=81?+ 9-<B1<=/ 9-<,+01 - .8 ?1 8- 9+ <1,- A0. 0-F. ?=> 9+ C-?+
C16.= 96=7 .8 <17 ?01G.8 E=C.7 +8 ( <1.8+ ?=> <+06.01 ?= C+96+9;. 96=7 + >=: +/+
10.9;=;+: =6F+ <. 9+?+ - 801>- . D-0+ - C10.7 -8(9-: M.? >=7. ;.E= 97
17. >1= ?1 9+ G10. .
9196.8 ?=C0= D<17 - @;1 <7.E=6 C-<;=6<. >=: +/1 ;.8+ ?=>1D-7 + =< ?=>1D-7 + ?1 7 +
96+;:=9; 7 +?<1 9;610 0+?8+; < B=6+> : +A= 9;16. ;17>18+< <1 -<F+ -<+9+ /1 D1;.8

63
- 801> 1 91 >18+<=8 -<+9+ . -<B+697 17 <1B. <+;1B<1 7 + 10.9;=;+: =69>1 D18.91= ?1
7+ 96+;: =9; <1A0=9;= 7 +?1< >61: .;+; =C197 1<=/8+?.7 -81 ?1 7 + 96+;: =9; C+9;+: +9<1 "1: .:
+7
7+ 01D?6=7 .= 96+;: =9; =? =<=/=96+;: 7+<=/ =>1D1= 7 + ?1 8=G+@96+;: =9; ?1 -D8+@. <=9.@
1 >1;=: .>1 10.9;=;+: =6F1 ;= 7 + >1= ?1 <+>= >1G+ ?1 8=G+ -D+;. 96+;=9; 17 >+ =G.7 + .
-<+;. 7 + - <+>- 81/10.F- .: . - 9;+<- =? B+/1 9+ 919;=7 . 96+;: =9;' 7 - 91B.<7 1617 -
<+6.?: 7
.61 ;+: 1@F1 /=6=0.= 7 + "1: .:+7 +9;.F+ 96+;:=9;. A=9;=7 . ?1>: + <+>1 8+E1<.B>1
1>F.7 1 +9;.F+ A-;-7 - -?1017 - - A0+?8+;+ =?C.7 17 - 9+ =? A0+?8+;1 A0=: 1D+ >0=D<+>+
A0+?8+;+ "1: .:
+717 + =6= 91D<1<7 + ?1 7 + 96+;:=9; >=0A-9>-: 10<+ A0.0=?+ =?6+: = ?= D18.9: .
= <+?+: 7.6.8 1;=8.81 .7
+ 8- C.: = 8<=/= 7 19<= <1 >=7 . <1B.< 9-<B1<. 9-<,+0 ?+7 9;6-7 +
1: . 8=G?1 ?+7 9;6-7+ ;1>= @;= =61 A=9+C<1 609;1 >18+<1 A0.6: 1B. B+9;.F+ 96+;: =9;. <1 .9;.
<1B.< <1 >=7 . 81/<+; A0.6: 1B. /6=D?+<+ =A.: 7>+ =?-@+ "1: .:
+7<. ;- ;+=0.7 - <.7+ C->61: <=
A0.E61;.= 961>=8 9: -B17 - =61>6+ D18.9: . 7=@ 6.@+ 9- A=/=0@1: + "1: .:
+7+6 A=: .;.B>.
A=: =G176.,+< 91 9;1<=6.@;1 >1;=: .B>+ A016=6+0<=9;.
181 9+ B.<. ?1 7 + "1: .:+7+6= .9;=0.7 9>= <19: +,+ <+01D?6=7 <= 6+D1<= D1 >1;=: .B>- F0>6-
. D1 0+: ./.7 - -=A@;+ 1: . =< 9+C+ <+ C. =A.91= >1= A0=M +9.=<1: <=/7 +0+;.>1 <.;. >1= 96+F1 >=7 .
7+ <+6.< =A;-G+< 81;01= C. ?1 7 +M .D.B10 1 ;= 7 + . C.=N91 <1@+/9;1<=6.@;1 6+: .>. M.D.B10
9196.8 <+D16.9<= =? <7 +/=6=/ 01;=61<7 1 D1 >=A+0<.>1<9;6= 19>0.: .= 7+ ?6+0. D<1<7 1 -
8<=/.8 =C: 19;.81 ;1A1= 7 + =A.;+ . 81;+81;.B>= 01D8.@: 71<7+ - 7 +?<- F+: .<- 1? 9+
<+>= ;+: = >0+I+ /=6=0.= 7 + "1: .:
+7 61G<= 7 + .D8+0.;. ;= >0+;1<7 + . ?=C.7 +<= 91D<1<7 +
.D01D.;. 81;+81;.B>=8 7 +?<1B.<=8 +B.;= 7 + A.;1= R 1>= 9+ 9;610. >0+I-' 1>=' 1>='R
.7+ A.;1= R 1@;=' 1@;= =61 >-/: 1 A1?1'R .= 7 + 96+9;1< ?1 918= =A.9-7 + >0+;1<7 1 . ?1
<+ B.<. <.@;1 6.@+ =? ;=/1N1: . . ;= 7 + - =<.8 60+8+<.81 C.= . ;+ >1>= ;+G1> D1?1;1>
+8=>0.; C. 8=/1= A=6=?=8 ;=/1 0+I. - @1: . ?1 7 + "1: .:+7/: +?1= ?1 =9;16. <+@;= A=9: 1.
7 -;<-

178.: =9;.6.7
. /=9A=?.<+
-C.9;6= I+ C.;. .D60@+<= 1 7 1 I- C.;. G0;61 . 81?1 . 9+0 8=G?1 8.9:.;+ ?1 ;= <.7
+
;1>= .9;.<1 7+ ;1 .I- -C.7
+< <17 /=0.8 =? 96.E -980I+<71 ;= 7
+ A0+? :.F+8 016?+
=9.8 1>= C-?+8 .DC16: 7+< 1@.8 8.:=9;.6.8 0->181

1>= 7 + A.91= =9-,+<. M 1:9.M.>1;=0 .: .7

+8 1: =<+0 ( <17 G.6=A.9<.7. . <17 ?=6.;: 7.6.7.
>0.8.<1: 1F =<=/ ?=C1 ( /=?.<+ $3! =<=8 .9;=8 ?0G16<=8 9: -GC+<.>- >=7 . 7+ >=<1B<=
-9A+= ?1 /1 -E61;. .D6+?+ A0+? 9-? . A=9;./<+ ?1 M 1:9.M
.>1;=0 C-?+ . =9-,+< 1: =<+0 7 +
?=6+= - =A19<=9; B609;.<- +</: +9>=/<=6F1 >=7 . 7
+ ;1?1 C.= -/: 16<=8 - =C: .>- D: 1;<.>1 .
90+C0<7 1>1
.:=9;.6. /=9A=?.< >=8+ 7 + ;171A+:-A-I+< C.= 7 + <.>= ?0-/. ?= 91> 7 -;< <1?D=0<.>
1 -9>=0= . -A016<.> ?0G16<+ >=6<.F+ <=6F1 7 -;< 7 + 01?.= 96=7A=91= >=7 . 9+ 919;=7 1= -
;=8+ ?1 <1?/: +?1 =6<.F- ?1 A01;. =/0=81< 01? <1 ;=A: 7+<7- 9;10.E . .D: .61<7 - <=6.E
<=6B.I1 . ?1 @;.;. 61: -;- =? 01D<.E : =A-G1 M 1:9.M
.>1;=01 . 29;0-/1;=012( =<.E >=7 . 91 <=6B.I1
919;0-G- .D6+9<- >=: .B.<- ?01/=F+<=/ 8+;1: 1 1 =<?1 2 -61:+2<+>=8+ ;1>16 <=6B.I >1=
.9A0161< +@;= >1= /-6+0<+0 <10=?<+ C1<>+N8=01 ?1 9+ -8+@1 - 6.9=>- A=: .;.>- . -
A10: 18+<;10<+ 019A016+ 1: . 8=01 . ?1 /=<. A= 9: -GC+<=7?-G<=9;. >=7 +>1>6+ 8-I>10=@+
<+A: 1;.@+ . <+601;.@+ A+01B+ <+D1>=<.;= 9;+B+<=/<=6F1 . 01D<=01D<. ?0-/. @: 718 >=7 . DC=/
:.B<=/ @.I101 A=>-@161 ?1 A=;>=A1 <=61F 7 +?<+ >01: 7
+6.<+ 0-<1 7 + ?1:1 C1@=617A=91=
7-;<- <17 9:
16<.7 +8 <1-B<.>- ;.E ?1<1 >1= -E: +C:
7+ ?1 .81 =? B+/1 ?1 G.6. ?=> 01?. <1
D<1B17 <.7.8 9;610.81 :. 7-;< 7 + =617 A=91= 9E61;.= =DC.: 7<= D8.9: .= 7 + ;+E<.>-
-0+D.61<7 1 A016.: <.E D-AB19;.E 2 0+F>.2- .6.F- <=6B.I1 ?1 C. A=;->1= 9;0-/1;=0+ .B<= 7 +
A0.9-9;6=61= 6+@1<7 - M 1:9.M .>1;=01 6= 01?<= 8+9;= C.: = 7+ 60:= ?1: +>= =? -D6.@+<=/
6+?0=/ 9A=>=7 9;61 7-;<=6=/ ?=;1?1@<7 +/ G.6=;1 >1? 7 + <7 +/=61 =A9+?<-;=9;
81;+81;.>=8 . A0.0=?<.8 <1->181 ?=6+: 1 ?= 8=G?1 <17 ?-C: 7
+/ <1A0+;>1 - F+: =>-A<=7
.9;=0.7. A0.0=?<+ M .:
=D=M .7+ ?= <1A0+;>1 >=7 . <+I+ C.;. 7 19<= <1?81@+< 8=G?1 96+ ?=
A=7 16+ ;+=0.7 + 0+:1;.6<=9;. A=B+;>=8 ?61?+9+;=/6+>1
+?1< =? E.0=61 E0=<=: =/.7 +7 +9;+ ;17@;= 9+ 7 -;< 0=?.= C1@=<+ /=?.<+ $P) >1? 7 +
"1: .:
+7-80= + 8=G+@ /=6=0.;. = M .D.F. 1 ?1 <+ /=6=0.@ = 7 -;<- .= 7 + ;= <1-B<.>

64
D<1B17 1 >=7 . A0+61D.: 1D. /01<.F+ ?= ;1?1 A=D<1;+ ;.F17<7 +/=6.E A=9;./<-I1 <1 : 7-?9>-
609;- 8=G+ 9+ A=0+?.;. 91 -;.F17 +8 =7 9.71 9-91 -E18+?1 . "1<?.7 1 >1= . 91 -;.F17 +8
:+>91<?01 +:.>=/ 1A=: +=<1 . ?0-/.E ;1>6.E 7-;<=6 =A@;. D1>=< /016.;1F.7 + .
8+;=?=: =/.71 >=7 - 7 + =< 9;6=0.= D1-D.817 - A06.E A+;(@+9; A=/: 16:7
1 - 961>=8 -?GC+<.>-
M.D.>+N 01D-8+61<7 + ;.E 9;610. =? C.;<=/ 7 + D<1B17 1 D1 961>=/1 >= 8.9: . ?1 9+ C16.
<1-B<=8 .: . .<G+<7 +09>=8 >10.7 +0=8 1 7 -;<1 9+ ;60?. ?1 7 + C.= 9>0=81< DC=/ =<+
<7 +/=6+ 9: 16<+ 0+B+<.F+ R .?+= 918 6.@+ <+/= 6+I.<1 : 7-?. D1;= @;= 918 9;17 1= <1
018+<.81 ?.6=61R D1 >=7 - 6+I.<1 : 7-?. 8.9:. ?1 9+ =?<=9. <1 =A+0<.>1 01E+1 +A: +01
"1: .:
+71 . 9: .B<+ :. A=9;=7 . ?0-/= =C7 1@<7 +<7 + ;+ 0+B+<.F+N 8=G?1 7 + 7 -;< <1A0=9;=
D16.;:161= 96=/ /: 16<=/ <1-B<=/ ;1>81F1 B=6+>1 >=7 . 8- <.7+ ?1= 8.01 1 >=7 . 9+ D61=
=C+0; -> =C+0; ==>+ 17 -> B=6+> 60: = <.9>=/ 019;1 ;60?.= 7 + <+ 9196.8 C+D
=9<=61 ?1 7 + A06. =;>0.= /016.;1F.7 -
1@1= 918 6.@+ =? ?61?+9+; =DC.: 7<.E C.=/01M .7
1 9+0 91>1 7 -;<1 :.;+01;-01 >=7 1
A0=-B161 . =C7 1@<7 161 A0=@.0-7 + 019A016- >=8+<;10.@+ 7 -;<=6G.6=; . ?+:= ( =/0=8<1 7 +
"=?.<+ 3! =C7 16.= 7+ .B10? +9;M =: .FE10? 4+9;M 1::7+?<- C.=/01M .7
- 7 -;<1 - >=7 =7
<16=?. . C.C: .=/01M .7- ><7 ./1 >=7 .81 9+ A=9: -G.= ?+9+; A-<.E 9;01<.F1 C.C: .=/01M.7
+
+9;M=:=6= ?.6: 7+<7 + A0+81 ;+8. >=7 - =C01,-7 + C+D/01<.B<= 7 +

81= 918 A=6: 19;.F- ?1 - 01D<.8 A0.: .>181 -A=D<18 01D<+ 61<9+0.7 9>+ . 97
17<+ :
7-?+
:7
-?+ D1 >=7 + A0.D<17+8 C+D=>: +61<7 1 ?1 9- .<;+:+>;-1: <= <1?8=I<. - =?<=9- <1 8+<+
:. <.>1?1 <.918 -A=D<1= <.>=/1 9 >.8 <+ C.E .81= 6=: 7+ ?1 9+ -A=0+?.8 ;1>= ?1 8=/-
0+I. ?1 .818 C10 A=: =6.<- <7 +/=6.E 9A=9=C<=9;. .: . ;0+I.<- .:. B+;60;.<- - 961>=8 9: -B17 -
<+>. =?0+,+<. 01D: =81> 1 D160@+;>- 8=7 .E A0=-B161<7 1 91>1 7 -;<1 8=018 0+I. ?1 91
<7.8 -A=0+,.61<7 1 <+81 < 7+ D1 8+<+ A=9;1= <+@;= 9196.8 ?0-/= 7 +?1< =? <+>=: .F.<+
60E-<9>.E /+<.7 1 >=7. 9- =C:.>=61:. . 918+ >1;+/=0.7 +: 7-?9>=/.<;+: +>;1

9;=0.7
1 1;=8.D81 7 +9;+ .9;=0.7 1 0+?->F.=<.D81 ( <1A=01 ?1 9+ 961 DC.61<7 1 - A0.0=?.
96+?- -6+> <1 96+ 81<7 . . 81<7 . C0=7<17 =9<=6<.7.E D1>=<1 . <1 96+ 81<7. . 81<7 . C0=7
<17=9<=6<.7.E A0+?8+;1 >=7 . 9- A=?60/<-;. ?+: =61<7 - ;.E D1>=<1 17-9A+@<.7. =? 96.E
0+?->F.=<.9;1 C.= 7
+ 91> 7 -;< +> B+;60; 8.: +<.7
-81 A=9: + <7
+/1 7+?1< /+<.7 + >=7. 8-
7+ 8=G?1 0161< .D0=<.I+ .D8191 E=8= 91A.+<91 - /01?- : 8- - +81B>=7 /=?.<+ !T3

1 C.98= 9;+>: . =9+I1<7 + D1 <1B.< <1 >=7 . <1->1 ?+7 9;6-7 + 8=018= A0=-B161;.
7-;<1 1 .A1> <7 -;<=69>1 =C->1 D1 9;-?+<;10.7 - - =>6.0- A=B+;<=/ >-091 .D M .D.>+
<17 B+@I+ A0.>0.7 + 9;610<. 01D81E . 9;610<- 8=I <7 +/=6+ 9.<;+D+ 7-;< 7 + 01D6.=
>61<;.;1;.61< 1 .A1> 96+=C-E61;1< =A.9 M .D.B>=/96+;1 =A.9 >=7 . 9+ A=?-?101 91 9;610<.8
A=<1@1<7 +8 ;=/ 96+;1 7+/=6= : +/+<?10<= A=6+D.61<7 + 71C->+ >=7 1 A1?1 91 ?06+;1 .
+9+F1 >=7 . >0-G. =>= +8: 7+ ->1D-7 + <1 D1A1<7 -7-I- 8=I<7 +/=6=/ D1>: 7-B.61<7 1 1B.<
<1 >=7 . 7
1C->1 A1?<+ 91 /01<+ . <1B.< <1 >=7 . <17 A0+F.D<.7 + .D8+0+<= +9+F >0-G. =>=
+8: 7+ =C-E61I+<. 9- 7 +?<=8 D18.@: 7- 96+=C-E61;<=8 7-;< 7 + A.91= R 18= 90+I+
>1? C.98= . =9;1: + A0.0=?<+ A=7 16+ 8=/: . .D6+9;. .9;.8 <.6==8 D1>: 7-B.61<71 .D8+E1<.B>.E
<1B+: 1N9>: =< 918 .D8<=/.E 01D: =/1 ?1 6+0-7 +8 ?1 8=G?1 =<+ 96+ D16.9+ =? .D6+9<.E
9.:1R
= 7-;<=6=/ 60+8+<1 <1->1 7 + 6+I ?=D<1: 1 >1>= 9+ A0+?8+;. >0+I- >=7 =8
A-;1<7 =8 : +;. E.;<-; >18+< >1>6=8 A016.: <=@I- 9+ <7 .@+ >:1;<= >1>= ;+: 1 .?- <.D9;08-
0161< >1>= A1?17 - 01D:.B.;. A0+?8+;. D1@;= 9- <+>+ 9;0->;-0+ 9;1C.: <+ D1@;= >1A 6=?+
.81 ;17=C: .> >=7. .81 7-;< 7 + 918= =0/1<.D=61= ;+ A=7 16+ . 8<=/+ ?0-/+ - 7 +?1<
9.9;+8 1>: 7
-B.= 7 + ?1 961>- A0=8+<- >0+;1<7 1 .D1D.61 <+>1 9.: 1 . ?1 7 + 0+1/=61<7 +
7+?<=/;+: 1 <1 9.:- 901D8+0<= 7 +?<=7=9=C.<. ;1>=D61<=72 819.2;=/;+: 1 61>=8 ,1>- 7 +
A=D<1;= ?1 7 + 7 -;< M =08-: .91= ;0. D1>=<1 >0+;1<7 1 7 +/=6A06. D1>=< =;A0.: .>+ 7
+ .9;= =<=
"1: .:
+7 +6= -B+<7 + ?1 <.7+ A=;0+C<1 <.>1>61 9.: 1 ?1 ;+: = - A=9;=7 1<=8 >0+;1<7 - =9;1<+ -
;=8 A=9;=7 1<=8 >0+;1<7 - <+.D8+<7 +<=8N 7 -;< 7 + ;= 918= 0+>1= <+@;= ?0-/1B.7 .8
0+B.81 6?+ <19 D1<.81 ?0-/. 7 -;<=6 D1>=< 90+?.@;- ;=/ D1>=<1 7 + 9.:1 1: . 9.:1

65
<+01D?6=7 <= 9A: +;+<1 91 7 +?<=8 =? 6+: .>.E ;17 <. - <1@=7A0.B. 1 ;= 7 + 8191 617D1>=<
=?0+,-7 + >1>= 9.: 1 8+<7 1 >0+;1<7 + ;+:1
=>=: +<7 1 -?GC+<.>1 C=0.: 1 9- 9+ 91 ?+M .<.F.7181 . : =/.B>.8 <+?=9: +?<=9;.81
7-;<=6=/ ?0-/=/ D1>=<1 >=7 . 9+ A.@+ =61>= L 81 = 9+ D<1;+ B.;1 R +M7 +?<1>= +8
A-;1 1R 1 D<1B. R 9.:17 +7 +?<1>1 A0=.D6=?- 819+ . -C0D1<7 1R 6=8 7 +?<1B.<=8 7 -;< <.7 +
?+M .<.91= <. 9.: - 1 <. 819- ;1>= ?1 ?= ?1<19 =9;17 + <+7 19<= ?1 : . 7+ =6= ?+M .<.F.7 1 .:. 7+
D1>=< M .D.>+ 6+7 +?<= >1? .9A: .618= >0=D ;+ A=;+@>=I+ - 0->181 <18 =9;17 +
<17 >=0.9<.7 . D1>=< M .D.>+ .>1?1 A0=<1,+< 1 7 +?<1B.<1 7 + ;1>= 7 +?<=9;16<1 1 .81 ;1>=
9;01E=6.;- 8=IN.D/: +?1 C+D1D: +<= 1: . -8+ ?1 C-?+ ;+@>1 D1 0+@161<7 + 7 =7 C+G.;+ : 7-?.
1;+81;.>1 + <+ <+8=7 ;+ C+G1;. <+81 C0./+ 8. I+8= =6?+ 918= 01D/=6101;. =
81;+81;.F. <+I+8= 9;610<= 01?.;. 81;+81;.>- 9.8 ;=/1 ;= L 81 7 +9;+ ;1>= D/=?<1
M=08-: .F1 >: 7
-B.I >=7 . <18 =8=/-I-7 + ?1 =;>: 7-B18= F+: - 8+E1<.B>- 19+: 7+<- A1
A0+81 ;=8+ .818= .A1> A0.: .B1< 01D: =/ ?1 9+ A=;0-?.8= ?1 9E61;.8= D<1B+<7 + ;=/1
>-A<= ?6+ 7 -;<=6+ M =08-: + I+8= 01D81;01;. 06- . ?0-/- 61 7 + A061 17 ?+ ?1 7 +
=D<1B.8= =61>=
;1 7 + 1' = 7 + =<1 .9;1 6+: .B.<1 -C0D1<7 + >=7 - 7 + "1: .:+78+0.= - .D. . 1?=6. =G+
;= C.;. -C0D1<7 + C.: = >=/A0+?8+;1 0+F.8= >18+<1 .: . ;+/1 <1 >017 - >: 1;<1 .: . 01>+;+ >=7 1
:+A= 1: . =A19<= 6.7 1 >0=D <+C+91 .: . >=98.B>=/ C0=?1 2A=: =2 >= <+ =/01<.B1618=
?=81@1761G+<7 1 <1@+ M =08-: .F+ =<?1 1 61G. . D1 >0+;1<7 + A: 1<+;1 D6+D?1 .: . +: +>;0=<1
C0D1<7 + 7 + =<17;+8A= >=7 .8 9+ C0D.<1 <+B+/1 8+<7 1 1? 8+0.>1<F. >1G- ?1 7 + 7 +?<1
A+?1: 1 - <7 .E=6.8 1-;=8=C.: .81 1>F+: +01;=0 ;= 7 +9; -C0D.61B ;= 7 + =?: .B1< <1D.6 >=
6=D.@C0D.<=8 =? O>.: =8+;101 <1 91; . A=B<+@?1 -C0D161@ . A=9: + A+; 8.<-;1 ?=9;./<+@
$ >.: =8+;101 <1 91; ;= ;. 7 + C.: = <+>= -C0D1<7 + >1>6=(;1>6= :
. 1>= .D 8.0=61<7 1
?=9;./<+@C0D.<- =? 9;= >.: =8+;101 <1 91; D1 918= 9+>-<?. =<?1 7 + ;6=71-;=8=C.:
=9;610.= 8<=/= 6+I+ -C0D1<7 +
;1 7 + 8' 1>= <18 7 + ?1 9+ .D6-B+8= .D =6=/1 2 <1 >610<=2 18= >1G+8= 7 +?<1
=9=C.<1 81;+0.7 + +0. 9+ 0+1/=61<7 +8 A0+?8+;1 <1 9.: - ;= 7 + 6+I+ 8 7 +?<=/
A0+?8+;1 ;= 81<7 + I+ C.;. 1 >1?1 9.: 1 ?+7 9;6-7 + <1 ;17A0+?8+; : . D1 =6- .9;- =9=C.<-
B+9;= 9+ >1G+ ?1 7 + .<+0F.7 1 016. A-<. <1D.6 D1 8 /: 19. - 9;610. 2 .<+0F.=<1 81912
"1: .:+77 + A0.D.61= .<+0F.7 - >1? 7 + /=6=0.= ?1 ;+: = >=7 + 9+ <1: 1D. - >0+;1<7 - R .81 9>: =<=9;
?1 - ;=8 >0+;1<7 - =9;1<+R 1@- 81: +<- 81: +F>- 7 +?<1B.<- 961>1>= 8=G+8= .9>=0.9;.;.
?1 01D: .>-7 +8= >=7 1 8191 7 + >=: .>1 +: -7+8= 7 +?<=8 .9;=8 9.: =8 ( @;1 7 + 9.: 1 = ;=8+
I+8= A0.B1;. >19<.7 + ( <1 6+I. C0=701D: .B.;.E ;+: 1NA=8=I- @;=A+0.F+ . : +<7.01 -9;1<=6.8=
@;1 98= >=7 + -C0D1<7 + A=9;./: . >=? >=/;+: 1 1>:+ A=981;018= . C+: +G.8= >=: .>= 98= 1
?=C.: . >=? >=/ ;+: 1 A1 : +A= ;+: 1 91 01D: .B.;.8 8 ?=C.: 1 9- -6+0.I+8= 9+ 01D: .B.;= 1
=G+8= .D6+9;. ?-/. <.D=61>6.E =A.;1 -A=0+,-7 -I. 8(=6+ 01D<.E ;+: 1 >= <18 ;= ?=C0=
.?+ =? 0->+ 8=G+8= A0=.D6=: 7<= ?1 <1A016.8= 7 +?1< A0+?8+; >=7 . I+ =? ;=/?1<1 C.;. D1
<19 9;1<?10?<= ;+: = 1;01G.I+8= =? 817 9;=01 ?1 .D01?+ ;17A0+?8+; .D609<= =? <+>=/
;017 <=/ =;A=0<=/ 8+;1: 1 1 <1 <7 +8- ?1 A.@+ 2 >.: =/0182 ;= 7 + <1@1 7 +?.<.F1 819+ .
9A-9;.I+8= ;17A0+?8+;(>.: =/018 - 9+M- A=?0-8- .0=1 D1 9;1<?10?+ - 8+0.F. 9;+
;1>6+ 7 +?<1>= .D01,+<+ A0+?8+;+ 91 <1;A.9=8 2 >.: =/0182A=9: 1I+8= <1 B-61<7 + -
8<=/= .<9;.;-;1 D1 9;1<?10?+ - A0+9;=<.F181 ?0-/.E D+81: 71 6= I+ : 1>@+ .I. 1>= -
96+;- 6: 1?1 8.0 1 <+ 01; ;= 91? .818= 90+?9;6= >=7 .8 8=G+8= 961>=8 ;+: - A0.A.91;.
=?0+,+<- 60+?<=9; .9>1D1<- - 7 +?.<.F181 8 1A0=9;= >1G+8= ?1 <+>= ;+: = .81 819- =?
;=:.>= . ;=: .>= >.: =/0181 .: . <+>. 01D: =81> A=: 1 B+;60; .:. <+>. ?0-/. ?+: .I>.: =/0181
=C0= ;= 7 + C.: = = 819. 1 @;1 I+8= 91 ' 1 9.: =8 ;1 7 + ;= 9.: 1' 7 -;< 7 + /=6=0.= ?1
7+ 9.:1 R <161: 7.61<7 + 7 +?<=/ ;+: 1 <1 ?0-/=R >1= . ?1 7 + =<1 -D0=B<.> A0=8+<+ >0+;1<7 1
1>: + 9.: 1 7 + =<= DC=/ B+/1 <+>= ;+: = .D8+<. 96=7 + >0+;1<7 + 1 : . 9+ 8. ;= =61>6.8
01D8.@: 71<7 .81 81: = 60;.8= ->0-/' +0=61;<= 1: 2<+81 6+D+N A=8=I- .9;=/ =6=/
D1>=<1 8=G+8= ?1 -A=0+,-7 +8= 01D<+ 9.: +7 +?<- 9 ?0-/=8 1>= .E A-9;.8= ?1 ?+: -7- <1
9;1<?10?<= ;+: = 1? ?=: 1D. D1<.8: 7
.6 ?+= .:+ <18 9;16: 71 <1 019A=: 1/1<7 + A0.0=?1
?161;+: 7.F1 961>=609<=/ .D=C.: 71 7-;< 7 + ?1= 7 +?<1B.<- 0.0=?1 ?17 + 961>- 9.: - . -
=6=8 ;0+<-;>- D<18= D1 A=9;=7 1<7+ - 619F+: =7A0.0=?. 918= B+;.0. 9.: + 7 -;<=6= ?=C1
<1-B<.F. 9- ;+> A=B.<7 1:. ?1 ?=D<17 - B.<7 +<.F+ = 7 +?<=7=? ;+ B+;.0. = /016.;1F.7 . C=/
/016.;1F.7 + A0+?8+;. A1?17 - ?=: + 1 >: 1;<1 9+ >: 1;+N A0=7 +>;.: . -D: +I- C=0+I. 9+ A0=;.6
/016.;1F.7 + : 1<+;1 +8: 7
1 6-B+ >1 9+C. 96+ @;= A=9;=7 . <1 <7 +<=7A=60@.<. . 96+ @;= 9+

66
<1,+ - C: .D.<. ( 6-B+ . 6-B+ ?17 + 9.:- >=7 1 6.?.;+ ?=6=?. ?= =/0=8<+ 01D<=609<=9;.
961>=7 1>.E >0+;1<7 1 . 8.0=61<7 1 <1 +8: 7.
=G+8= 8. ?1 -A=;0+C.8= <1@+ L 81 ?1 C.98= =C7 19<.: . 9;0->;-0- <+A=>0+;<.E
9;610. >1= @;= 7 + <1@1 B.;1;+: 7>1 >=7 1 9+?. - M =;+:7 . . B.;1 =6- ><7 ./- C1@91? =@A=-B<.7 .
A0.8+0 7 +9;+ <1@1 B.;1;+: 7>1 >1? 9;1<+ <1 >-I<- 61/- - >-A1;.: - : 1<+;1 +8: 71 6-B+
<1@- B.;1;+: 7>- <1?=: + =?0+,+<=8 9.: =8 >-I<=761/. .81 =<1 =A0-/1 >=7 1 9+ =A.0+
/-01 B.;1;+: 7>- <1/=0+ 9.: =8 7 +?<1>=8 1: . 9-A0=;<= -98+0+<=8 C.0 ;.E ?617 - 9.: 1
7+?<1> 7 + <-: . C=/ ;=/1 9+ <+ ?+@161 <.@;1 <+81 >0+;1<7 1 196.8 7 + ?0-/1 9.;-1F.7 1
C.:1 >1? 7 + <1@1 B.;1;+: 7>1 .D: 1D.: 1 .D>-I+ ?1 C. ;01/1: 1 D1 =6=8 ><7 ./=8 . >-A.: 1 7 + 1
61/. A=9;=7 . . =<1 9>1: 1 <1 >=7 =79+ 8=G+ =B.;1;. >=: .>= 61/1 8=01 ?1 D1A<+ ?1 C. 9+
=?-A0: 1 ;+G.<. B.;1;+: 7>+N?0-/.8 0+B.81 >=: .>= >=@;1 C=0C1 A0=;.6/016.;1F.7 + .?.;+ ?1 -D
F0;.F- 9;=7 . =D<1>1 2 $ 2 ?1>: + ( $ >.: =/0181 <+>.8 <+>-: ;-0<.8 . D1=9;1: .8
D+8: 7181 /?+ <10=? 7 =@ <.7 + <1-B.= 9.9;+8 8+;10(>.: =/018(9+>-<? ;= <+I+ C.;. $
>.:=/0181 <+/= I+ C.;. *) M -<;+ R 7 (7=7 =G+ =G+ =? 9-;01 A=B.<7 +8 ?.7 +;- R 1>: +
01D-8+: . 98= 9.: 1 /016.;1F.7 + 6-B+ B.;1;+: 7
>- 8. >1G+8= ?1 7 + ;= 2 ;+G.<12 +G.<1 7 +
<1A0=9;= 8+01 D1 ;= >=: .>= 7 1>= +8: 7
1 6-B+ B.;1;+: 7
>- 7-;< 7 + D<1= ?1 I+ ;6=7 1 ;+G.<1
C.;. 81: = 81: = ?0-/1B.7 1 1>= 9+ 8+0.@<1 60E- 6.9=>+ A: 1<.<+ .: . - ?<- ?-C=>+ ?=: .<+ 1: .
7+ D<1= . ;= ?1 C. <1 +9+F- C.: 1 8<=/= ?0-/1B.7 1 : . ;6=71 8191 =<= - ;+C. @;= 9+ =A.0+
/-01<7 - . 6-B+<7 - =9;17 + .9;1 <+ 8+<7 1 9+
7-;< <.7 + D<1= ?1 A0.;.91> .: . 6-B+<7 + A=?1 9;=: .F+ 9;0-<+ =A0-/+ 6+;01 6=?+ 7 +9- -
=9<=6. ?+: =61<7 + +: +>;0.B<+ 9.: + : . ;= 8- <.7 + <.81: = D198+;1: = =0+>: = 9.:+ <.81: = <+
-;.B+ <1 ;1B<=9; <7 +/=6+ 9: 16<+ 7 +?<1B.<+ =8=I- L 81 =< 7 + 8=/1= ?1 A0=-B161
>1>= ?+: -7 + =A0-/1 >1>= A1: .F1 D1 >0.>+; >1>= 01?+ 01D<. 8+E1<.D8. >1>= <19;17 +
A=D<1;. =C: .> >1A: 7.F+ 6=?+ D1@;= . 9181 +8: 71 .81 ;17=C: .> >=7 . .81 >= D<18= >=: .>1
7+ 9.: 1 .D01B-<18= >0+;1<7 + >= 7 + 9.:1 7 +?<1>1 <-: . =<?1 I+ . A0=8+<1 C0D.<+ ;+: 1 C.;.
7+?<1>1 <-: . ( ?1>: + ;+: = I+ <19;16.;. ?1 9+ >0+I+ .9;= >1= @;= 9+ . ?= ;1?1 >0+;1: =
A=9;=7 1<=8 C0D.<=8 >= @-;<+@: =A;- =>=8.;= -6.9 =<1 9+ ?.G+ ?.G+ 96+ 9A=0.7 + =<?1
<1 60E- 96=7 + A-;1<7 + D19;1<+ A1 A=B<+ ?1 A1?1 96+ C0G+ . C0G+ = 7 + D1;= @;= 9.: 1 ;+G+
6-B+ : =A;- -A=0<= <1?=: + +,-;.8 1>= C1F.@ : =A;- ->=9= A0+>= ./01: .@;1 /: + >1>16
+:+/1<;1< : -> <19;17 + 1>= ?1 9E61;.8= ;- A-;1<7 -' 1>= @;= 01D: 1G+8= >0+;1<7 + :=A;+
<1 ?61 919;=7 >1 . ;= <1 <7 +<= >0+;1<7 + /=0+ A1 ?=: + . <7 +<= 6=?=016<= >0+;1<7 + >=7 + 9+
:1>= 6.?. 1>= : =A;1 C1F1 9+<>- .9A=? 9+C+ <1 ;+0+< 1 6=?=016<= >0+;1<7 + <+ -;.B+
<.>1>61 9.: 1N;- 9.: + <+81 1>= D1<+810.8= 7 +?1< 81: +<. B.<.: 1F >=7 . D1A+;: 7161 9;610
=;A=0 61D?-E1 >1= @;= /1 7 + D1<+810.61= "1: .:+7 <1B. 6=?=016<= >0+;1<7 + ;+ : =A;+
7+9;+ >0+;1<7 + A=9;=7 1<=8 C0D.<=8 :. =>=8.;= >0+;1<7 + 0+>=98= 8+<7 1 9+ =?
-D: 1D<=/ >=7 + A=9;17 + 96+ 9A=0.7 + . 9A=0.7 + ?= 9.: 1D<=/ >=7 + A=9;17 + 96+ C0G+ ->-A<=
9:=G+<= >0+;1<7 + >=7 + 6.?.8= ?17 + A-;1<7 - >=7 1 7 + A101C=: 1 7
=7 ;= 7 =@7 +?<=8 7 +
<1 A=>1D1: 1 >=: .>= ?=C0= 6: 1?1 /+=8+;0.7 =8
0+;A=9;16.8= ?1 D<18= >=: .>1 7 + 8191 ;+ : =A;+ . ?1 8=G+8= ?1 .D8+0.8= -C0D1<7 +
>=7 +7 =77 + ?1;= ;=8 9: -B17 - A=8=I- L 81 8=G+8= ;1B<= ?1 .D01B-<18= >1>= I+ 9+
:=A;1 >0+;1;. C:.> A-;1<7 + -<1A0+? 7 + A=D<1; C.I+ A101C=: 1 :
. A101C=: 1 .81 01D<.E
.81 .E <+C0=7 +<= 8<=@;6= >= 7 + ;= -;1>8.F1 - C+DC=: - <+7 1>= -?10+<1 : =A;.F1 7 +?61
I+ ?=C1F.;. ?= 91./01B1N1 G+9;=>= B61><-;1 A=: +;+I+ ;1>= ?1: +>= ?1 I+ 91./01B 8=01;. ?1
;0B. -<1D1? ?1 C. 7 + -E61;.= B+8- 9+ 919;=7 . 01D: .>1 .D8+,- A06=/ 9: -B171 . ?0-/=/
9:-B17 1' 1 ;1>6+ A0=8+<: 7.6+ 6+: .B.<+ 7 -;< 7 + /=6=0.= ?1 9- A=B+;<. -9: =6. ?=C0=
>=7 . 9- A=B+;<. -9: =6. >=? =6+ : =A;.F+ ?1<19' >= 7 -7 + <+>= E.;<-= C1@A016= -6.9 =<1 I+
8- -9>=0= A19;. <1 /: 16- >= 7 -7 + E.;<-= 9196.8 6=?=016<= -A=0+?<= 91 ;+0+<=8 =<1
I+ C0D= D160@.;. <+ <1 <7 +/=6=7/: 16. <+/= <1 ;016. 961>=8 9: -B17 - A-;1<7 1: =A;.F+ C.I+
=?0+,+<1 A=B+;<=8 C0D.<=8 . A=B+;<.8 A016F+8 >0+;1<7 1

1:+;+98= <1 ?-C=>- M .:=D=M

.7
- >= .818= =?0+,+< C0=7A0+?8+;1 . 1>= D<18= 96+
9.:
+ >=7 + <1 <7 .E ?+:-7- 8=G+8= A0+?9>1D1;. >1>6= I+ <7 .E=6= >0+;1<7 + C.;. 96+ ?=
6+B<=9;. 7
-;<=6 96+; 7 + A0+?6.?.6 . -<1A0+? =?0+,+< 17?+ <1 A0.8+0 ?1
A0+;A=9;16.8= ?1 7 + 96+ @;= A=9;=7. <1 F+:=8+ 96+;- 91B.<7+<= =? 1;=81 ( A0+;A=9;16>1
91 >=7=8 7 + D1.9;1 C.D10<= <19;-A.;. <1 ?+6+?+9+; @+9;=79;01<. =6+ ><7./+ 0+;A=9;16.8=

67
?1 D1 961>. =? ;.E 1;=81 D1 96+ ;+ 8.: .710?+ . 8.: .710?+ . 8.:
.7
10?+ <7 .E ;1B<= D<18= -
>1>6=8 7 + A=B+;<=8 >0+;1<7 - . >1>6+ 9.: + ?+: -7- <1 <7 +/1 0+;A=9;16.8= ?1 <+>.
>=98.B>. >=8A7 -;+0 <1? 96.8 >=8A7 -;+0.81 8=G+ 96+ ;+ A=?1;>+ ?1 A0.E61;. . ?1
.D01B-<1 C-?-I. A=: =G17961>=/ 1;=81 .;18= 9+ /?+ I+ >=7 . 1;=8 C.;. - =?0+,+<=8
;0+<-;>- - C-?-I<=9;. 0+F.8= >1? 9+ A=9: + : .D1C+;+ 0-/+ C-?+ >0-<.91= <=6. +</: +9>.
8=<10E' 1 <+81 A0=C: +81 ;= 8=G+8= 91D<1;. ;1B<= .D01B-<1;= +0 9196.8 7 +
A0+?6.?.6= /?+ I+ C.;. 96+ /?+ I+ C.;. 961>1 A=7 +?.<1 9;610 A1 . <+>. 81: . A=?9>-A=6.
1;=81 >=7 . 9+ D=6- 2 ?01/1 B.;1;+: 7>12 2.=< +?+08+<2 .: . 2 >1;=: .B>. A1A12 6+
A0+?9>1D.6= 96+ =?0+,+<= A1 ;- -=A@;+ . <+81 <.>1>6=/ 9: =C=?<=/ .DC=01 -;.91> ?1
.81 9: =C=?<- 6=: 7
- 9;6=0.= 7 + 9+C. <+>. -8 >=7 . 7+ - ;=8+ <1: 1D.= <+>. 96=7.<;+0+9
7-;<=69>1 <1->1 C.: 1 7 + =B./: +?<= ?+;+08.<.9;.B>1 :=/- 6=0F1 M .:=D=M . A=9:+ 7 -;<1
96+: . 9- <1 ;= ?1 6=01F 918= <16.7 + =A0-/+ . A-9;. 8+E1<.D18 19+: 7+<+ - A=>0+; =9: +
;=/1 19+: 7 +<1 9160@+<= : +A= 01?. . C+D .>1>6=/ C=G1<9>=/ -A: .61 1:= 98.0+<.7
+
E:1?<.7 + /:16+ >=7 + 9+ ;.8 A.;1<7 .81 C16+ - ?+6+?+9+;.8 /=?.<181 =6=/ 6+>1 <+ 8.9: +
?1 7 + ;= C1@;1>=
7
-;<=6 -;.F17<1 M .:
=D=M .7
- . 0+:./.7- C.= 7 + 7+?<1>= =/0=81< >1= . <1 M .D.>- 96+ 7+
.D6.01: = .D;+ 81: + 81: +F>+ 1: . >:
7-B<+ 7 +?<1B.<+

L 81

;>-? 91? =6+ 9;0+: .F+ .D<1? . 1' =?1;+ 9- =6=/A-;1 918= ?1 A=?9+;+ 9;-?+<;1 <1
;= ?1 961>1 9.: 1 . -C0D1<7 + >=7 + DC=/9.: + <19;1<- .817- =?0+,+< A0161F ?+: =61<7 1 = 9-
6+>;=0. <=/+ ?0-/+ 6+: .B.<+ - M .D.F. <1 A0.8+0 8191 ;+8A+01;-01 D1A0+8.<1 ( <.9-
-A016: 7+<+ <. A0+81 >=7 =7;1B>. - A0=9;=0- +>;=09>+ 60+?<=9;. 7 +9- 0+F.8= 9.: 1 C0D.<1
. -C0D1<7 + ;+ D1;= .D<1? <7 .E F0;18= 9;0+:.F-
0+ <+/= @;= =9;16.8= 2 +M7+?<1>= +8 A-;1 12.D1 9+C+ E17 ?+ ?1 7 =@81: = 01D8.9:.8=
= 9<1D. ;+ M =08-: .B.F+ <1 7 + ;+8+: 796+/ <1@+/ .<G+<7 +09;61 81@.<9>=/ /01,+6.<9>=/
E.?01-: .B>=/ 1>-9;.B>=/ . 961>=/ ?0-/=/N A=8=I- ;=/ .9;=/ 2 +M7 +?<1>= +8 A-;1 12
01D-8+8= A=60@.<9>. <1A=< A0=;=> ;+B<=9;. >0=D F+6. >1A.: 10<- 9.: - A=8+01<7 +
>=<;.<+<1;1 @.0+<7 + D6->1 >0=D61D?-E . >0=DB+: .> 9;1C.:<=9; .09=6.E A=9: =6<.E >-:1 .
7+?<=/ =? <17 ?.6<.7 .E 8=9;=61 <1 96+;- 1 ;= 7 + 8=9; 0=<>9( 17 ;9;=-< >=7 . /01F.=D<.8
:->=8 A0+: 1D. A0+>= 6=?1 D1: .61 +: +8 1? 918 C.= ?+B1> .@1= 918 C.F.>: =8 <1 =C1: +
D1:.61 +: +8 =?1>: + 918 /: +?1= /01,+<7 + ;=/8=9;1 <G+<7 +0. >=7. 9- /1 A016.: . A=D<161: .
9- 60: = C: .9>= 7 -;<=6- 7 +?<1B.<-N1 ?1<19 <1@. 01B-<10. A=9;17 - 96+ C0G. A1 98= D1;= -
9;1<7- ?1 0+@1618= 96+ 6+I. C0=7 A0=C: +81 A=8=I- L 81 +7 91B+ ?=C0= 9.
A=9;./1=
C+I1= 918 ;0. D1>=<1 1 .9A=0-B.= 918 918= ?61 0+I. /: 19. =61>= R >F.7 1 7 +
7+?<1>1 0+1>F.7 . R 1B<.7 + ;= D<1B. ?1 >1? /=? ;+: = ?+:-7+ <+>=8 9.: =8 <1 ;+: =
?+:-7+ .9;=8 ;=: .>=8 9.: =8 918= - 9-A0=;<=8 98+0- <1 =I=6=/ D1>=<1 919;=7 . 9+
- ;=8+ @;= =< 61G. D1 96+ C1@96+ 9.: + C+D=CD.01 <1 ;= >1>= <19;17 - ( D1 /016.;1F.=<-
+:+>;0.B<- 81/<+;<- . ;1>= ?1: 7+

:+?+I+ =? <17 ?-C: 7.E =;>0.I1 91>1 7 -;<1 C.: = 7

+ - 6+D. 91 7+?<=8 ;1B<= =?0+,+<=8
9.:=8 >=7 - 7+ - A0.0=?. <1@1= 1 ;= 7 + /016.;1F.71 817 ;+ <1 -8- ?1 =<= 91 9;0+: .F=8
.D<1? - 7 -;<=6=8 ?0-/=8 D1>=<- 7 +9;+ A06= 9: =6= =? +</: +9>+ 0+B. M =0F+ >=71 D<1B.
29.:
12( <1A0=9;= C.: = >=7 1 9.:
1 961>1 9.: 1 +,-;.8 >1? 9+ B=6+> =?: -B-7 + >=7- =?0+,+<-
9.:- ?1 -?+<+ - M =08-: - L 81 =<?1 8=01 A06= ?1 =?0+?. ;- 9.: - 8=01 <+>1>= ?1 7 +
>61<;.M.>-7 + ?1 C. 7 +?<1B.<1 8=/: 1 ?1 ?+7 9;6-7+ =6= D<1B. ( =/ <+> <18 C-?+ -
A=8=I. ( ?1 8=018= <1A.91;. 7 =@7 +?<- 7+?<1B.<-
+?<1B.<1 >=7 - 7+ 7 -;< <1A.91= D1 /016.;1F.71 ( 1: . 918= >1?1 7 + 0+:+61<;<1 9.:1
/016.;1F.7 1 ( <1D.61 9+ =A@;. D1>=< /016.;1F.7 + 18.91= 9+ 919;=7 . - ;=8+ ?1 961>= ;+: =
?+: -7
+ /016.;1F.=<.8 9.: 181 <1 961 ?0-/1 ;+: 1 >=:.>=8 9<1/=8 I+ ?+: =61;. ;= D16.9. =?
;=/1 >=: .>= 9- ;+:1 -?1: 7+<1 . >=:.>= - >=8 ;+: - .81 81;+0.7 + 1;+0.7+' +>1781: = 6?+
7+ ?=@:1 ?= .D01G17 1 7 -;<=61 =A0+?+: 7+<=9; D1 1;=89>- A0.0=?- 81;+0.7 + < 7+ D1>:
7-B.=

68
?1 9.:1 /016.;1F.7 + ?+: -7+ <1 96+ 1;=8+ 7 +?<=/ A0+?8+;1 1 <+ 918= <1 <+>+N<+ 918=
<1 =<+ <1 A=60@.<. 0+F.8= 1>:+ >1? A: 1<+;1 +8: 71 A0.6:1B. 71C->- A0.6: 1B. 7
+ F+:- 1
<+ 918= >=0- 61>. 1;=8 A: 1<+;+ +8: 7+ ?+:-7+ A0.6: 1B<=8 9<1/=8 <1 961>. 1;=8 ;+
71C->+ 9;= ;1>= ?+: -7+ ?-G<. 98= ?1 >1G+8= . 961>. 1;=8 7 1C->+ <1 96+ 1;=8+
A:1<+;+ +8: 7 + ( <1 961>. A=7 +?.<. ;016.B<1 9.8+;0.7 1 A=9;=7 . =6?+ 7+0 >1? 71C->1 A1?1
>1 +8: 7. . +8: 71 9+ A=81><+ 81: = <+8+0: 7.6= 81: = >1 71C-F. +8: 71 . 7
1C->1 >0+<-
7+?<1 ?0-/=7- 9-90+; = @;= >1G+8= ?1 7 + ;17D1>=< 2 96+61G+I.2-A-I-7 + <19 . <1
B.<7+<.F- ?1 9+ ;1 9.: 1 <1:1D. 96-?1 : 1<+;1 +8: 7
1 .9;= ;1>= 6-B+ +9+FN;+/: . =<1 ;1>= .
A:1<+;- 109 A1 . 918= -<F+N @;16.@+ . 7 +?<= ?0-/= -<F+ >=7 + 9+ D=6+ 0=>9.81
+<;1-01 . <17 C:.G1 <18 7 + D6+D?1 - 19+: 7+<. -?1: 7+<1 =>= P!
>.:=8+;101 =?16?+ >01;>= 7-;<=6 D1>=< /016.;1F.7 + =C-E61;1 961 ;+: 1 96-?1 = 7+
7+?<1 9.: 1 >=7 1 9+ A0-G1 - A0=9;=0 . ?=E61;1 96+ 9;610. 1: . 91 A=6+I1<7+8 -?1: 7+<=9;.
A=9;17 + 9:1C.71 . ;+018= 9;-?+<;+ ?1 <1-B+ ?1 ;- A=9;=7 . 2
=C0<-;. >61?01; 019;=71<7121
;= D<1B. 9: 1C:7+<7 + 9.:+ /016.;1F.7+ 901D8+0<= 7 + -?1: 7+<=9;. ?./<-;=7<1 >61?01; 1>:+
1>= 019;=7 1<7+ .D8+,- ?61 ;+: 1 A=9;1<+ ?6=9;0->= 6+I+ 9.: 1 A=9;1<+ <+ ?6=9;0->= <+/=
B+;6=0=9;0->= 9: 1C.7 1 >= 9+ 019;=7 1<7 + -;0=9;0-B. 9.:1 /016.;1F.7 + =9:
1C. ?+6+;=9;0->= (
;1>= ?1: 7+

) #

1= @;= A=8+<-E 9.: 1 -6+> >1= <+>1 9;0+: 1 A=>1D-7 + - <+>=8 A016F- 1 A0.8+0 9.: 1
+8: 7.<+ ;+G+ -A+0+<1 7 + <1?=: + A016= >1 90+?.@;- +8: 7
+ 1>61 7 + A0.0=?1 =<+
A0=;.69.: + =<+ @;= /-01 =?=D?= <1/=0+ ;1>= ?1 <1@1 B.;1;+: 7>1 =9;17 + - M =;+:7. 1 <+
A=;=<+ - ?-C.<-' 17 ?+ ?1 01D8.9: .8= . = <+>.8 ?0-/.8 9: -B17 +6.81 1? ?06+<1 A1: .F1
D1 C+DC=:;0+9<+ A= : =A;.F. >1>6=8 7 + ;= 9.: =8 : =A;.F1 D1A016= -?10+<1' >1? B+>.I
;0+9>1 A= /: 16. +>9+01' 1? /19 E+: .7-8 /-01 D.?=6+ C1: =<1 .D<-;01 ;1>= ?1 9+ C1: =<
<1?.81' 1? 6=?1 60@. 2 A0.;.91>2. .9;.9>-7 + A10B+ ?06+;1 >=7 + ;. /-01@ A=? A=60@.<-'
1>61 ;= 9.: 1 B.<. ?1 >1? : +/<+@<1 >0+6+; =A0-/+ - <7 +8- 9+ 916.7 - 1: . .A1> A0-G+ =;A=0
. A=?0G+ ;+ <+ 9A: 7+9>17 - 9+ 9196.8' ;>-? ;1 ;-G<1 <+9A=9=C<=9; 6+I.<+ <19 ?1
A0=: 1D.8= >0=DD.?=6+' ?/=6=0 A=9;=7 . :. =< 619 8=G+ .D<+<1?.;. B1> @=>.01;. 6+ ;+
9.:+ >=7 + 918 A=8+<-= 918= 9- 01D: .B.;. 6.?=6. .9A=: 7161<7 1 +: +>;0.B<+ 9.: +
A06. 81E =6= D1D6-B. 2 C+D 6+D+2 1 <+ A=?0G1617 - <19 +: +>;0.B<+ 8-<7 + ?=>
9+?.8= - M =;+:7. .:. 9;=7.8= <1 >-I<=761/. +,-;.8 ;= 7 + 7 +?<1 A=90+?<1 9.: 1 1= @;=
98= <1-B.: . =? +8=>0.;1 . >1= @;= 9- A=>1D1: . =A.;. - ?61?+9+;=8 6+>- 81;+0.7 1 9+
-/: 16<=8 919;=7 . =? A01D<=/ A0=9;=01 . 96+ 9;610. 9- <1A016: 7+<+ =? 1;=81 <= @;=
1;=8+ ?0G. <1 =>-A- ?1 9+ <+ 019A1?<- . =<= @;= ?17 + 81;+0.7 . B609;.<- 7 +9;+ +:+>;0.B<1
9.:1 .?.;+ B1> . =;A=0 >=7 . B609;= ;+: = A0-G1 A0=?.01<7 - <+>=/ ?0-/=/ B609;=/ ;+: 1 7+9;+
- 6+D. 91 >61<;<=8 ;+=0.7 =8 1 +: +>;0.B<1 9.: 1 6+=81 7 + 7 1>1 =: .F<1 7 + =<1 61/1 -
;6=8 >-A1;.: - 81: +F<1 1 .A1> -9A+61 ?1 9+ =?-A0+ 9.: . >=7 =8 ;+C+ 6-B+ <1?=: + F+:1
A: 1<+;1 =?-@+ 1>= 9;1<+@<=/181 <1 A=60@.<- 7 +D+01 .: . 1>= .9>=01B.@91 C1: >=<1 <1
?+9+;=8 9A01;- - 61D?-E ;=8. 9- - 6=?. 1 <10=B.;= - 61D?-E- . 9-6.@+ 01D0+,+<. A1
<+ 8=/- ?1 9+ =?-A0- A0.;.9>- ;6=7 .E <=/- ?=6=: 7<= >0-;= 6=7 1 ;+G.<1 I+ <1?6: 1?1;.
<7 .E=6=;A=0
A=0+,+<7 - 91 +: +>;0.B<=8 9.: =8 >=7 1 ?0G. 81;+0.7 - <1 =>-A- . ?17 + 7=7>0-;=9;
/016.;1F.=<1 9.: 1 7 + .D-D+;<= 9: 1C1 =: .>= 9: 1C1' 1? ?0G.8 B19 M .D.>+ <1 =6=8 8+9;-
.D6+?+8 7 +?1< =A.; D8+8 ?06+<- /0+?.F- ?-/1B>- 0+F.8= ;0.?+9+;1> F+<;.8+;101 1
?+C+: - A+; . @.0=>- ?+9+; F+<;.8+;101 . >0+?=8 <1A016.8 <1 <7 =7A=A0+B<- F0;- A0+>=
90+?.<+ 1 7 +?<=7A=: =6.<. >0+?=8 <1A.@+8 /=(A= @;= ;0+C1 ?1 D<1B. /=0<7 1 A=: =6.<1
1 ?0-/=7<1A.@+8 ?=(A= @;= ;0+C1 D<1;+ 6+I =<7 1 A=: =6.<1 <?1 -D8+8 /0+?.F-
?0G+I. 7 + 918= 91 ?61 A09;1 D1 60E ?1>: + D1 /=(A= . A.;18 R 1@;= ?=(A= =9;17 + -D/=(A=
.1>= F+: 1 A: 1<+;1 +8: 7
1 6-B+ ?=(A= > 9+C. A=>-@161 ?1 =;0/<+ ?=(A= =? /=(A='R
;-?+<;. =?/=6=0+ R 1;= @;= 7 + ?=<7 1 A=: =6.<1 B609;= 9A=7 +<1 91 /=0<7 =8 0G. .E
>=E+D.7 1 ?06+;1 :+>;0.B<+ 9.: + 8+,- 1;=8.81 ?06+;1 +?+08+< ?0G. /=0<7 . >017R
1C=8+ = 7 + ;1B<=
1? ;0+C1 ?1 A0=F+<.8= >=: .>= 7+ 7 1B1 >=E+D.7 1 ?06+;1 ?1>: + +: +>;0.B<1 9.: 1 >=7 1 ?0G.
/0+?.F- <1 =>-A- =? /016.;1F.=<+ 9.: + <1@+ A: 1<+;+ >=7 1 <+ =?-9;17 + =? A=>-@17 1 ?1

69
=;>.<+ ?=(A= =E61;.8 ;+9;+0- . A0+;+9;+0.@+8 /0+?.F- <1A=: 1 ;1B<= A= =<=7 : .<.7.
>0+?=8 ?-6+> 918 G+: += ?1 C-?+8 <19;16<.> =A@;+;+E<.B>=/ 1? 918 ;+9;+0=8
981<7 .= +:+>;0.B<+ 9.:+ .D8+,- /=(A= . ?=(A= A01>;.B<= <1 <-: - =<7=7A=: =6.<. A0+?9;=7 .
A1? <1 A=? :. ;- A=9;=7 . 7+?1< 9->=C 9.:1 +0 /=0<7 1 A=: =6.<1 7=@6-B+ ?=<7 - > 9+C. (
B.8+' =A9;6+<=8 /016.;1F.=<=8 9.: =8 =/=?.;+ >= A=C+?. +8:71 ?1C=8+ =(A=
D6+><+ <1 A=?
A=;0+C.8= 7 +?<1B.<- D1 D1>=< /016.;1F.7 + . .D01B-<18= 01D: .>- .D8+,- ;1 ?61
/016.;1F.=<1 A0.6: 1B+<71 +D-:;1; A=>1G+ ?1 A:1<+;1 +8: 71 6-B+ ?=<7 . >=81? ?06+;1 >
9+C. C10 8.: .710?- A-;1 7 1B+ <+/= @;= /1 /=0<7 . >=81? ?06+;1 6-B+ <1/=0+ 817 ;+
A=6+0+<7 1 >1? 618 >1G+8 ?1 ;= .D01B-<161<7 + .9A1?<+ ;1>= 1>:7
-B1> +: +>;0.B<+ 9.:+
>=7+ 9- ?0G1: + ?=<7 - . /=0<7 - A=:=6.<- <1 =>-A- A0+ <+/= @;= 918 7 1 <161: .= ?1
;+9;+0.@+8 C.: + 9- C10 8.: .7
10?- A-;1 7 1B+ <+/= /016.;1F.=<1 A0.6: 1B<1 9<1/1 /=0<7 +
A=:=6.<+ = 7 + <17 C=:7+ .D01B-<161<7 + >=7+ -9A+8= ?1 .D6+?+8= - 91: . D1 A0+?161<7 1
+,-;.8 ;1B1< C0=7/: 19. P A-;1 = 618 7 + 7 +?.<.F1 . .D1 <7
+ B+;0?+9+; 7+?<1 <-: 1
17
?+ ?1 <1A.@+8= . ;=

+8=/-I+ 7 + =9+;.;. >=:.>= 7 + C0=7 P ?.6=69>. = <.>= <+ 8=G+ ?1 F+<. A=

=9+I1<7 - :. +6= <+B+/ @;= C. 8=/: = ?1 A=8=/<+ 18.9: .;+ ?1 .818= 7 +?1< +:+>;0=< .
7+?1< A=D.;0=< . ?1 9+ <1: 1D+ <1 8+,-9=C<=8 019;=7 1<7 - =? 7 +?<=/.<B1 1 ;= D<1B. )OP
8.: .8+;01 D01B-<18= >=: .>= 7+ 9<1G<= /016.;1F.=<= A0.6: 1B+<7 + .D8+,- =6+ <1@+ ?6+
B+9;.F+ =<?1 .D01B-<18= >=: .>= C. ;0+C1:= ?1 C-?+ 019;=7 1<7+ .D8+,- <7 .E A1 ?1
+:+>;0.B<1 9.: 1 >=7 =8 9+ -D17 18<= A0.6: 1B+ C-?+ 7 +?<1>= 7 1>1 >1= @;= 7 + 91?
/016.;1F.=<1 = 7+9; ( 7+?<1>= 9: 1C1 ?/=6=0 /: 19. =>= E.: 71?- . @+9; 9;=;.<1 8.: .=<1
8.: .=<1 >.:=8+;101 A+?+9+; 96+;: =9<.E /=?.<1 . ;= A=? A0+;A=9;16>=8 ?1 9+ 9.: 1
+:+>;0=A0.6:1B+<7 1 981<7 -7+ 91 >61?01;=8 019;=7 1<71 .9;= >1= /016.;1F.=<1 + : 291?
719<.7 +'"016.;1F.7 1 ?=8.<.01 8<=/.8 >0+;1<7 .81 >=7 17 + "1: .:
+7A0=-B161= D1;= @;= 961>1
;0-<B.F1 F+: + +8: 7
+ 6-B+ > 9+C. 961>- 9;610 <1 A=60@.<. +8: 7+ =? A0=-B161<7 1 1;=81
. A0+?8+;1 7 =@81<7 .E /016.;1F.=<= ?+7 9;6= ;=:
.>= 7+ 81: = ?1 9+ <+ 8=G+ <. =A1D.;. =?
8<=/.E ?0-/.E =A.;1 /016.;1F.7 1 7 + <+61G<1 +F.8= >=? 9-?101 ?6+ C.: .7
109>+ >-/: +
M.D.B10. 6=:
+ 9-?101<7 + >1= 1:1;>- D1 01D-8+61<7 + /016.;1F.7 1 <+81 <.>1>6- -: =/- 7+0 9+
>-/: + >=;0:717 - A= 016<=8 9;=: - "016.;1F.7 1 6-B+ >-/: + <1?=: + 1: . 9;= .E ;1B<= .9;=8
;=:.>=8 9<1/=8 =?/-0-7 + <1/=0+ 0+=9;17 - 918= 6=?=016<+ 9.: + >=7+ 9;-A17 - - ?+79;6=
>1? 7 +?<1 >-/: 1 B61><+ ?0-/-

7
-;<=6 D1>=< =A@;+ /016.;1F.7 + ?1= <18 7 + - 96.8 =<.8 9: -B17+6.81 - >=7 .81 7 +
/016.;1F.7 1 0+:+61<;<1 ;= 7 +9; =? .>1>6=/D<1B17 1 =8+<-E ?1 7 + =< <1A.91= ;= 96=7 +
;1>= ?1 9.: 1 >=7 =8 C.:= >=7+ ;+:= E17 ?2?1 >1G+8= +8: 7
1 A0.6: 1B. > 9+C. C.:= >=7+ ?0-/=
;+:= E17 ?2?1 >1G+8= +9+F D16.9. =? >=: .B.<+ 2
9;610.2- 7+?<=8 . - ?0-/=8 ;+: - 1.8+
A=8<=G.8= >=: .B.<- ;=/1 - 7 +?<=8 91 >=: .B.<=8 ;=/1 - ?0-/=8 ;+: - 1 C. =6- ?-C=>-
.9;.<- >61<;.M .>=61= 7-;< 7+ <1A.91= 7
=@7 +?<- M =08-: - =>= >=7 + 98= 96+ ?= 91? - =6=7
><7 .D. =C.:1D.:
. >1= 81B>1 =>= 60+: =/ 8: +>1 06= I+8= ;- M =08-: - >1D1;. 0+B.81 6=
=61>= .: 1 /016.;1F.7+ .D8+,- 81 >=7 1 ?61 ;+:1 8=G+8= .E =D<1B.;. >1= . 7
+?<1>1 7 +
.D6+9<=7C0=7 B1<=7>=<9;1<;. =C.B<= 9+ =D<1B161 6+: .>.8 9:=6=8 " >=7 - ;0+C1 A=8<=G.;.
>=: .B.<=8 819+ - ;+: - ;= =D<1B1618= 9: =6.81 . D1;.8 7 =@ A=8<=G.;. >=: .B.<=8
819+ - ;= =D<1B1618= 9: =6.81 1 .9E=? 96+/ ;=/ 8<=G+<7 1 A=?+:.;. 019;=7 1<7+8
.D81,- . ?./<-;.8 <1 >61?01; =C0= ( 1 <1A.91<= 9.8C=: .81 >1= M =08-: 1 ;= .D/: +?1
=61>=

L" 1 K C 5)

6- M=08-:- =C+:+G.I+8= 0.89>.8 C0=7+8 1> . A=;A-<. ?-?-F. D1 C0=7+6+ .

81;+81;.>- -6.?+I+ >=:
.>= 7
+ +>=<=8.B<.7
+ >1? <1A.@+8= ;1>= 91G+;= %+: .8= :
. <+@;=

70
=A.A:
7.6.7
- A0+?9;16-' +>1 7 + A:1<+;1 +8: 7
1 . <+>1 7+ +9+F + D1C=016:7
18=
<1016<= ?1 9+ =61 7 -;<=61 8=I<1 M =08-:1 8=G+ A0.8+<.;. . <1 961 =9;1:
1 ;+:
1 ( <1 C.:
=
>=71 ?61 ;+:1 - 19+:7+<. 1? <1A.@+8= 7+?<1B.<- ;1>= ?1 7 + =<1 A=9+C<1 ( <1.8+
=?<=9. 9+ C1@<1 +8: 7- . C1@<1 +9+F

L" +8:
7+K +9+F1 5 )

1D?1: 7.<1 +8: 71( +9+F .D<=9. =>= *!P >.:=8+;101 =<9;1<;1 " 1>= G+: .;+
D<1;. .D<=9. $$T K ( - =<.8 8+0<.8 7 +?.<.F181 >=7 + .818= 1>= =C+ 819+ 8+0.8=
- >.:=/018.81 1 019;=7 1<7 + - 8+;0.81 .7 + A=;0+C<= ?1 D1A18;.;+ ;17C0=7 <.;. -=A@;+
?1 9+ =C1D.0+;+ <1 <7 +/1 18= D1A1D.;+ ?1 ( D<1B. ?1 7 + ;- <+@;= 81: +<= 6+=81
81: +<= .:1 A=9;17 + 9;610<= D<1B17 <1 ;+> >1? 7 + 7 +?<= =? ;1 ?61 A016. ?.6 >1=
0+F.8= +8: 7 1 =8.9: .;+ >=: .>= 8<=/= .81 =<=/;60?=/. ;+@>=/- F+: =7A: 1<+;. +8: 7.
1>= C. 6=01F - <+>=8 <19;-A- D: + 6=: 7
+ 981<7 .= " <1 <-: - ->=: .>= C. ;= -=A@;+
8=/1=' G.6=; <1 =6=8 96+;- =>=<B1= C. 9+ 6+=81 C0D= 8+9;= ?1 9+ =>0+I+ =>=
-<F1 +8: 71 C. =?: +;+:1 A= ;1</+<;. 91 96=7 + 91?1@<7 + +:.A;.B<+ =0C.;+ - : +?+<. A0=9;=0
>=98=91 /?+ C. 9+ 91?1@<7 + /: =C1: <= =;=A: 7161<7 + ?0181;.B<= A0+=>0+<-: =
DC-?: 7.61 9;610 =6?+ 7 +9;+ >=7+ <1D.618= /016.;1F.=<1 8191 +>=E ?1 9- <1@1
?61 (1 .9>1D. >=7 . <18 >1G- >=: .>= .81 =<+ 2 9;610.2- +8: 7. 1 >=: .>= - +9+F- ;=
;60?= =A.A: 7.6= ;= 7 + <1016<= 8191 ( ?1>: + =<= @;= 9;6101 9.: - ;+G+ R 7 B+>17 ;+ :7
-?.R
C-<. 9+ <+>= .DA=9: +?<7 +/ 0+?1 R 1? .9A1?1 ?1 .818= ?6+ 01D: .B.;+ 609;+ 819+ +?<-
<1A.91<- 81: .8 9:=6=8 =<= 8 - M =08-: . L 81 1 91? >1= <+>- ?0-/- <1A.91<- 6+: .>.8
9:=6=8 - =6=7?0-/=7M =08-: . ;1 91? ;- <.7 + - 0+?-'R +=81 A0=<.F: 7.6= ( >1G+8
71 : . ;= <.7+ A0=A19; + ;= 7 +7 +?1< .D1D=6
17?+ ?1 ;+ ?6+ 01D: .B.;+ 609;+ 819+ <1D=6+8= +: .>= . 1: = 8 +:
.>= 7+
/016.;1F.=<1 8191 - 7 +?<=8 ;+: - =<1 8191 >=7 1 6-B+ <+>= ?0-/= ;+: = > 9+C. 1 01D: .>-
=? ;=/1 1: = 8 7 + .<+0F.=<1 8191 =<1 8191 >=7 1 9+ =A.0+ 9.: . . =?: -B-7 -I+ -;.B+ <1 ;=
>=:.>= I+ ;+: = C.;. =?/-0<-;= <1: +;=8 <+>+ 9.: + = 9- ?61 9196.8 01D: .B.;1 1;0.C-;1
81;+0.7 + 7-;<=61 /+<.7 1: <=9; C.: 1 7 + - ;=8+ @;= 7 + 9E61;.= ?1 =A.;. >=7 + 7 + .D6+= "1: .:+7
9+;.;+ 9+ .D+ . ?0-/. =A.;. >=7 + 9- .D6+: . 8<=/. <1-B<.F. D17 +?<= <1: 1G- . ;= 60: =
9<1G<= <1: 1G- ?1 7 + L 8 "016.;1F.=<1 8191 7 + ;1B<= 9196.8 ;1B<= 7 +?<1>1
.<+0F.=<=7819. >=7 1 9+ A=7 16: 7-7 +- 7 -;<=6=8 ?0-/=8 D1>=<-

7-;<- <.7 + C.: = 7 19<= DC=/ B+/1 C. =61 ?61 96=7 9;61 C.: 1 7 +?<1>1N <1A0=9;= 7 +
A0.E61;.= ?1 ;= 7 +9;+ ;1>= 1> 7 + .D6+= <+>+ ?=6.;: 7.6+ =A.;+ ?1 A0=6+0. ?1 : . ;= 7 +9;+ ;1>=
7+/=6. =A.;. 9- ?=>1D1: . ?1 9- . 8 7+?<1>. 1: . 7 + =9;1: 1 8=/-I<=9; /0+@>+ =? =>=
A=9;= ;18=(18= . 8=G+8= =6= 91D<1<7 + = <7 .E=6=77 +?<1>=9;. ?1 <1A.@+8= . =61>=
58 L = 9+ B.;1 +8 >0=D +8 7 +?<1>= 7 + 7 +?1< D1A+;1 <-: 1 <-:1 : . =61>=
A=?+: 7+<= 91 8 ?17 +7 +?.<.F- >=7 - <.@;1 <+ >610. - 9: +?+I1 ?61 ?+F.81: <1 8+9;1 .@+ =?
?6+9;1 /=?.<1 >19<.7 + =617C0=77 + ?0181;.B<= A=C=: 7@1< D8+,- /=?.<+ !!! . 3))
7+?1< 81,109>. A: +8.I C10=< =: 1<? ;6+@ =: 1<? W;6W9 .D6+= 7 + <+6+0=61;<=
?=8.@: 71; <.D =A.;1 91 >: 1;<.81 <1 >=7 1 7+ <18+@;1= ;+/=6+ =? 1: -8.<.7 -81 C1>01
?06+;1 . ?0-/.E 81;+0.7 1:1 . ?=>1D1= ?1 7 + 7 +?<1>=9; =6+ ?6+ 6+=81 61G<+ =9=C.<+
81;+0.7 + ;1B<1 ?= A+; 8.: .7
10?.;.E ?+: =61 1;+81;.B>. .D01G+<= ;= 8- ?=,+ =61>=
/016.;1F.7158 .<+0F.7 1 L A:
-9(8.<-9 O 1>: + ;1B1< .9E=?
8=01 C.;. <+/?+ .D8+,- O. 33333333O
1<19 98= A=;60?.: . =6- 01D8+0- 7 =@ C=: 7+ =/-01: . 98= 7 + ?= ?61<1+9; <-: 1 .D1
7+?.<.F+ "1: .:+77 + - .D. ?=>1D1= ?1 ?6+ <+7 +?<1>+ >-/: + A1?17 - .9;=8 C0D.<=8 7 -;< 7+
A=>1D1= DC=/ B+/1 7 + ;= ;1>= =@;= 7 + 6+:.>= 7 +?<1>= 81: =8 8 9.: 1 ;+G+ >=7 =8
+8:71 6-B+ >-/: - > 9+C. 901D8+0<1 7 + 819. ;+ >-/: + 1D8.9: .;+ /016.;1F.=<1 8191
;=A=69>=/ ,-: +;1 8=G+ C.;. E.: 71?- A-;1 6+I1 =? ;1>=,+ /016.;1F.=<+ 819+ <+>=/
>:.>+01 /6=D?+<F1 1>:+ +8: 71 I+ E.: 7
1?- A-;1 7 1B+ A0.6: 1B.;. > 9+C. ;=A=69>= ,-: + <+/=
>:.>+0 /6=D?+<1F :. /: + B-?1 .<+0F.=<1 8191 ;=/ ,-: +;1 =A.01I+ 9+ +8: 7.<=79.: . ;+G+

71
E.: 7
1?- A-;1 7 1B+ <+/= .<+0F.=<1 8191 /6=D?+<F1 >= C1F.8= 91 >-: + ,-: + . /6=D?+<1F
;1 ?61 ?+7 9;61 8+,-9=C<= 9+ A=;.0- 1;= ,-: + . /6=D?+<1F -?10+ = ;: + - .9;=8 ;0+<-
6= A=>: 1A1<7 + . 8 C.: = 7 + <+6+0=61;<1 A=?-?10<=9; >=7 1 7 + 6+>=6.81
-D<+8.0161: 1 <1-B<.>+ >1= @;= <19 ?1<19 -D<+8.0161 =<= *T +> /=?.<+ 3 O
7<@;17 < 7 + =6- 2 A=?-?10<=9;2-/01?.= - 7 +?<- ?-C=>- ;+=0.7 - >=7 1 7 + A=D<1;1 >1= =A@;1
;+=0.7 1 0+: 1;.6<=9;.
9;01G.61<7 1 C10=<1 ;6+@1 = . 8 C.: 1 9- <7 +/=6 <17 D1A1G+<.7 . 1: . <+ . <17 6+I.
?=A0.<=9 <1-F. D8+,- =9;1: =/ C.= 7 + 817 9;=0 - A.91<7 - A0+D.8+<1 91 ;.8 -8: 1-;9>.8
;1B>181 .D<1? <+>.E 918=/: 19<.>1 +?<= A0+D.8+ 1 ?61 -8: 1-;1 =@7 + 61G<.7 + C.:= ;=
@;= 9+ ;6+@ D1.<;+0+9=61= D1 =C01D=61<7 + - <1-F. . D1 =9A=9=C: 7161<7 + 6.9=>=@>=: 9>.E
<19;16<.>1 1 ;= 7 + ;+81 8+<. C: .9>1 . ?01/1 9;=0.B10. 9- D1A1D.: . ?1 9- =C01D=6<. <1A=0.
C10=<1 ;6+@1 ?=6+: . ?= A016+ +>9A: =D.7+ /+<.7 1: <=9;. ( .D -?.8A+@;+ 9- D1 60+8+
;6+@=6+ +0+ ?=@: . ;1>6. 6+: .>1<. M .D.>+ >1= ?610? +: +0 ?J10? +: :+0 -/+< ./<+0
-/+<+ 4./<+0 .= .: 10? += D.: :
10? A1 81;+81;.B10 G=< M =< =7 81< =E< 6=<
+-81<< =:.>= 7 + 81;+81;.B101 . M .D.B101 9;6=0+<= - 1,109>=7<1 918=8 A=B+;>-
?61?+9+;=/ 6+>1 ?1 9- <+>. .<1B+ 98.0+<. A=981;01B. ?=@: . ?= D1>: 7-B>1 ?1 9+ .<61D.7 1
109=61F1 6+I?=/=?.: 1 . ?1 7 + -?.8A+@;1 <7 .E=61 C1D1 - >=7 - 9- 9+ <19+: .:. ?1 C. =?1;: +
>0+<-: . - .<M.:
;01F.7 - 1 D1;.8 =>-A1F.7 - F+:=/96+;1
=9;./<-I1 7 -;<1 . ;6+@1 ?0181;.B<= .: -9;0-7 - 19;0=<1-;. - >1C.<181 >=98.B>.E
C0=?=61 6. 98= /: +?1: . 6.?+=(9<.8>+ .D ;.E <7 .E=6.E >1A9-: 1 ;18= /=0+ 19;0=<1-;
.9A-9;. =: =6>- 1: . =:=6>1 <+ A1?<+ <+/= =9;1<+ ?1 : +C?. <1?=81> <7 +/=6.E A09;.7 - =7 +
?.6<1 ?+8=<9;01F.7 1 ;=C=G<7 +/ C+9;+G.<9>=/ 9;1<7 1 1016<= ;17B=6+> . <7 +/=61 =: =6>1
<.9- 9;610<= C+D;+G.<+ .:1 +8: 7.<+ /016.;1F.7 + . ;+ >1>= <19;16: 71 ?1 ?+: -7+ <1 <7 .E
+8: 71 6-B+ > 9+C. /016.;1F.=<- 819- >1A9-: + . 19;0=<1-;1 . =: =6>+ :
. 7 -0<7161
>=98.B>=/ C0=?1 ->0-/ A= =0C.;. =?0+,+<1 7 + <1@=8 M =08-: =8 =@;= 9- ?6+ 819+
/016.;1F.=<1 . .<+0F.=<1 7 +?<1>+ =<?1 96. A=8+<-;. A0+?8+;. A=9;.G- .9;= >0+;1<7 + =>=
+8: 7+ 9;0=<1-; : +;. >1A9-: 1 :
+;. . =: =6>1 : +;. =<. 96. -B+9;6-7 - - A: +9- 2C+9;+G.<9>=/2
9;1<7 1
0-/. A0.9;-A 7 +9;+ ?1 91/: +?18= ;= @;= 9+ 91 19;0=<1-;.81 ?+@161 >1= 9: =C=?<. A1?
1A9-: 1 >=7 1 =0C.;.01 =>= +8: 7+ ( 9;1: <= A1?1 <1 +8: 7 - 0C.;.01<7 + 7 + ;= 9;1: <=
A1?1<7 + +9+F - .D6+9<=8 98.9: - 9;1: <= A1?1 >1 +8: 7
. 1: . <.>1>= ?1 ?= <7 + 9;./<+
D1;= @;= A=60@.<1 +8: 7.<+ >-/: + C+G. 2 A1?1 - ?1: 7.<-2;1B<= .9;=8 C0D.<=8 <1B. 1>=
<1@19;0=<1-; 9: =C=?<= A1?1 1 . =: =6>1 >=7 - 7 + =< .9A-9;.= ;1>=,+ 9: =C=?<= A1?1 =<?1
9- ;1 ?61 - .9;=8 8+,-9=C<=8 =?<=9- >1= ?61 ;+@>1 A0+?8+;1 C1B+<1 91 0.6=/;=0<7 1
- .D. 6+7 +?<= ?1 : . - >1A9-: . .:. .D61< >1A9-: + 19;0=<1-; I+ 1>= -9A+ ?1 9;1<+ <1
>-I<- 61/- =B.;1;. 96=7 - ;+G.<- >1= <-: - +I+ 9+ A=>1D1;. <.>1>61 ;+G.<1 1;= 9+ . >1G+
2C+9;+G.<9>= 9;1<7 +2 /+<F.7 1 >=0.9;. 9;610<= 9: =C=?<= A1?1<7 + >1= ;+E<.>- D1
-6+GC161<7 + 19;0=<1-;1 = 7 + 9.8-: .01<7 + C+9;+G.<9>=/ 9;1<7 1 1?. 9+ =61>= A=6+?-
19;0=<1-;+ 8: 1D<.8 16.=<=8 <1 6+: .>- 6.9.<- <?1 9+ 16.=< <1/: = A0=A<+ -6.9 918= ?1
C. =?81E A=;=8 2 D10=<.=2<=9=8 A0+81 D+8: 7.N19;0=<1-;. -<-;01 ?=G.6: 71617 - 9: =C=?<.
A1? 6.=< 9+ A=9: + 601;. <1 .9;- 6.9.<- A1 9+ =A+01F.7 1 A=<=6. 96+ - 96+8- 7 +?<=
B+;0?+9+;1> A-;1 -;1<7 1 16.=<1 A0. 961>=8 ;=8 81<+60- C-?+ A101C=: 1 =A+; =<1 1
9:=C=?<. A1? <19;-A1 <1 9.: 1D<=8 >01>- A101C=: + :=C=?<. A1? C+9;+G.<9>= 9;1<7 +
18= <+8=7 ;+ D18.@: 7
1;. ?1 7 + ;= 9196.8 A0.7 1;<= +D61<.B<. <1D.6 D1 ;1>16 16.=< 7 +
2>=8+;1 - >=7 =79+ A=601I12
= 9- 01D/=6=0. .D =6.E <1@.E >=98.B>.E 60+8+<1 : . 6+I 7 + 7 -;< D<1= 96+ =
19;0=<1-;- . =: =6F. =@ - 9+?18<1+9;=8 6+>- 8=/1= 618 7 + ;1B<= 0+I. @;1 I+ 9+
?+@161;. - 96+8.09>=8 @1;: -

7
-;< 7+ - +8C0.?G- G.6+= A0.:
.B<= A=6-B+<= 1: . 7
+ B+9;= =?: 1D.= <1 96=7+ A=0=?.B<=
.81<7+ - .<>=: <@170- - 60+8+ >1? 9- /=;=6= 96. ?0-/. 6+:.>. <1-B<. -8=6. <19;=7 1:
. ?1
9+ 8-617 - 9;1:<= A= =<?=<- ? $!P ?= $!T /=?.<+ 8->=;0A<= 7 + 01?.= <1 ><7.D.
>=71 I+ A=9;1;. <7+/=6= /:
16<= ?+:= 1;+81;.B>1 <1B+: 1 M .:
=D=M.7
+ A0.0=?+ E.:
=9AE.1+
1;-01:.9 0.<F.A.1 1;E+81;.F1 1701? C.= 7+ =C7 +?.<7161<7 + 96.E 7 -;<=6.E 01<.7.E

72
9;-?.7 1 .D =C: 19;. 81;+81;.>+ . 8+E1<.>+ >=7 + 9- 6+: .>.8 ?+: =8 C.:+ <+A=;A-<+
<+=?: -B<= .9>1D1<+ ?6=98.9: +<+ +> ><7 ./1 0.<F.A1 C.:1 7 + A=;A-<1 9.8M =<.7
1
C-E61;.: 17+ 916<7 +/=601? - A0+;E=?<.E ?61?+9+; /=?.<1
1 C. <1A.91= ><7 ./- 0.<F.A.1 7
-;< 7+ 8=01= ?1 A=<=6= A0+/: +?1 A0.>-A: 7+<+
A=?1;>+ . A=<=6= 01D8.@: 71 = <7 .81 ?1 A=<=6= .D01B-<161 8<=/= @;=@;1 1: . . ?1
A0.>-A: 71 <=6+ A=?1;>+ ( = A0=: 1G+<7 - >=8+;1 = A0.0=?<.8 91;+: .;.81 -A.;+01 . 1;-0<1
= A: .8. . =9+F. <1 -@I- +8D+ - =>+1< . = 7 =@ 8<=/.8 9;610.81 6?+ 7+ A=B+= ?1
.<9.9;.01 <1 A=9;=7 1<7- 1A9=:-;<=/ A0=9;=01 . 1A9=: -;<=/ 60+8+<1N =6?+ 7 + . <19;-A.=
>1;+/=0.B<= 91 96=7 1 ;0. D1>=<1 >0+;1<7 1 6?+ 7 + 01D6.= . >=<F+A; 819+ >1= 96=7 9;61
=<=/ ;+@>=/ =A.A: 7.6=/ - 7 +?<=8 ;+: - R =: .B.<1 81;+0.7 + 7+9;+ =<= @;= A0=.9;.B+
7+?<=60+8+<= .D/-9;.<+ . 6+: .B.<+ ;+:1R
61781E<.;. 7 -0.@- 9;6101: 1B>. 01? .81= 7+ 96=7 + A01;+I+ 81<7 + 61G<+ A=9:+?.F+ =
96+?=B+<7 -7+?<=/A=8=I<.>1 >=7 .7+ 9;1<=61= A=>017 7 -;<1

=: .>= 9+ =DC.:
7<= -9;0+8.= <1 96=7 + .D-B161<7 + ?1 7 + 7
+= 60:
= 81: = 1 B+9;= . 9196.8
D1C=016: 71= ?1 7+?+ +;>= 9+ ?+@161:= ?1 ?=<+9+ =?: ->- ?1 >0+<+ - ;0A+D10.7-.7 +?+ 91
=9;1: .81N 1 - ;1>6.8 A0.: .>181 .D.@1= C. <1 -: .F- -6.?+= /0+@>- . -8+9;= ?1 =?+ -
;0A+D10.7 - 601;.= C. 9+ - 96=7 + =?17
+ +@161:= 9+ ?1 A=B<+ A.91;. 9;=7+I. <+ ?17-I. 9+C.
<. ;0+<-;1> 9: =C=?<=/60+8+<1 ?1 A0.6-B+ 9;=: .F- . 9+?<+

;= 6.?.;+ >1>61 7 + =A9+?<-;=9; <1-B<.>1(9;6101=F1

<7 ./1 0.<F.A.1 A1: 1 7+ <1 </: +9>- A1 . <1 B.;16- 60=A- >1= =/0=8<1 C=8C1
": 19.<+ = <7 =7@.0.: + 9- 9+ >1= A=G10 7 =@ A0+ <+/= @;= 7 + @;18A1<1 +,- M .D.B10.81 .
81;+81;.B10.81 7-;< 7 + 6+I -G.61= 6.9=> -/: +? 1: . ;+> /1 7 + ><7 ./1 0.<F.A.1
>1;1A-: ;.01: 1 - 9;1;-9 : +/+<?+ . ?=6+: 1 - 90+?.@;+ A1G<7 + M.:=D=M 1 >1= @;= 9- C.: . G=< =>
=E< =F>+ . - 01<F-9>=7 =: ;+0 =:;1.0+ .:1 7 + 9-A+0E.; :+?C+<.F. =<. >=7 . 9-
=?-@+6: 7+<= A0./0: .:. <=6= A1 B1> . >0.;.B10. . 918. 61<0+?<. <1-B<.F. >1= @;= C+E-
0.9;.71< 17 /+<9 #E0.9;.1< -Q/+<9 . "=;M 0.? 17 C<.F "=;M 0.+? +.C<.F A0.?0-G.: . 9- 9+
A=E61: 181N6+: .B1: . 9- D1A1<7 -7-I. ?=E61; . ?-C.<- ;+ ><7 ./+ <17/=0. 7 -;<=6;1>81F
=C+0; 2 1: +F>.2 -> A0.?0-G.= 9+ ;1>= @;= 7 + ><7 .D. -A-;.= <17 6+I. >=8A: .8+<; D1 >=7 . 7
+
C.= 9A=9=C1< .D7 16.= 7 + ?1 7 + 7 -;< 96+ ;= A0+A.91= =? <7 +/1
1? 918 A=9: +?<7 . A-; C.= <1 +8C0.?G9>=8 -<.6+0D.;+;- D1;01G.= 918 ?1 6.?.8
A0.8+01> 0.<F.A.+ B+>.61= 918 ?1 I+ ><7 ./1 C.;. - 9;1>: +<=8 91<?->- - E+: .7-89>=7
1;8=9M +0. 1? <+ <7 ./1 7 +?<=9;16<= 9;=7 . <1 A=: .F. 91 =9;1: .8 ><7 ./181 - C.C: .=;+F. D1
M.D.>- 06= .D?1<7 + ;1 ><7 ./1 7 + .D8+<.: 1 <1->-
?1>: + 7 -;<- <1?1E<-I+' A+; A0+ .D: 19>1 0.<F.A.+ =C7 16: 7+<1 7 + =C.8<1 : .;+01;-01
= >0+;1<7 - A: 1<+;1N<1@: . 9- 9+ ;- . <+>. 60: = 9-/+9;.6<. 01?=6. 1: +F>=/ ->1 . .D6=0.
6+0=61;<= 9- -;.F1: . <1 7 -;<1 C10 - 7 +?<1>=78+0. >1= <7 +/=61 8=I.<;-.F.7 + <1 >=7 -
A=8.@: 718= >1? B-7 +8= =<- <+C0=7 +<= A-;1 A=<=6: 7+<- A0.B- = 7 1C-F. 16=?<= 7 + 7 -;<
7+?<=/ A=D<=/ A=A=?<+61 /: +?1= +9+F >=7 . 7+ C.= <.9>= <1 <+C- 1 =<?1 7 + 6.?+= >1>=
91 7 +?<+ /01<+ A1?1 7 1C->1 . ;1? 8- 7 + 2 9.<-: =2 +8: 71 ?+: -7+ 96=7 =8 9.: =8 ;+G+ <1
71C->- A0+?8+; D+81: 79>. 1: . ;1 9.:1 9+ A0-G1 7 =@- 6.9.<- - ?1: 7.<- ;1>= 9.: <= ?1: +>= ?1
?=E61;1 . 7 +?1< A0+?8+; <+C+9>. +9+F C=/ ;+ 9.: + 7 1C->1 A1?<+ <1 ;: + C=/ ;+ 9.: +
+9+F <19;16: 71 ?1 >0-G. =>= +8: 7+ 7-;< 7 + ->: 7-B.= 96=7 + 7 +?<1B.<+ - =6= . 96+ 9+
->: =A.: = +/?+ =>= 90+?.<+ =918?+9+;.E /=?.<1 9+?18<1+9;=/ 6+>1 7 -;< 7 + A=B+= ?1
>=8C.<-7 + <+C+9>- 91 D+81: 79>=8 8+E1<.>=8 A@;. D1>=< /016.;1F.7 + =C7 19<.= 7 +
9:=G+<. A: +9 -<B+6=/ 9.9;+81 =C7 19<.= 7 + . A: .8+ . =9+>+ . =>-A: 71<7 + D6+D?1 -
/1: 1>9.7 + 1 /1: 1>9.7 1 - /1: 1>;.B>1 7 1;1N=C7 19<.= 7 + . 0+;>+ 1: . A0+?6.?.6+ A=9+;+ 1: +7+6+
>=8+;+ . 7 =@ 8<=/= ?0-/.E 9;610. "=?.<+ 3$3 7+ 9;16.: 1 ;0. B=6+>1 - 01>+;- .
A=9: 1: 1 .E <1 +9+F 1 =6= 7 + C.:1 A=;0+C<1 ;+E<=: =/.7 1 . =A0+81 >=98.B>=/ ?=C1 1: .
>:7 -B<+ 7 +?<1B.<+ -<+;+ - >=8A7 -;+0+ ?1 C. 9+ 8=/: 1 A: 1<.01;. A-;1<7 1 D1 =?: 1D1> .
A=601;1> C.: + 9- ;0. 6+>1 9;10+ 96+ 9- C.: + 7 -;<=6+

73
 .?+:. 98= ?1 7 + <1 <.6=- 1;=81 /016.;1F.=<1 9.: 1 ( 0+F.8= =<1 >=7 =8 7 +?1< +: +>;0=<
?+: -7
+ <1 7 +?1< A0=;=< ( ;1>= 81: +<1 ?1 <7 +<- 9: 1C1@<=9; 8=G+8= .D01D.;. ;+> -DA=8=I
7+?<+ 7 +?.<.F+ . B+;0?+9+; 7 +?<+ <-: + =7 + -.9;.<- ( 9:1C= 81>0=9>=A9>.8 01D8+0181
D1>=< = =C0<-;=8 >61?01;- 019;=7 1<7 1 :1>= 7+ A0=6+0.;. A=981;01<7 +8 ?.<18.>+ <1@+/
-<B+6=/ 9.9;+81 :. - : 1C=01;=0.7. 7 + 60:= ;+@>= A0=6+0.;. D1>=< /016.;1F.7 + 0+C1
-A=;0+C.;. =9+;: 7.6- ;=0D.=<- 61/- 0161 <+6=: 71 91 /016.;1F.7=8 - ?+6+?+9+;.8 /=?.<181
=6=/ 6+>1 919;=7 . 9+ - ;=8+ @;= 8. =? B+;.0. A=D<1;+ 9.: + 918= 7 =@ =6- 7 +?<- <+
-9A+618= ?1 ->: =A.8= - >61<;<- ;+=0.7 - 1= @;= 918 A=8+<-= 01<.7 + .?+<;.M .>=61:.
98= B+9;.F+ >=7 + 9- A0+<=9.=F. 9.: + . ;= =<+ >=7 + A0+<=9+ 9: 1C- 7 1>- . +: +>;0=81/<+;<-
9.:- : . B+9;.F1 >=7 1 C. C.:1 - 6+D. 91 /016.;1F.7 =8 7 =@<18 .D8.B+ 1?+<-: . 98= <1D.6;=7
E.A=;+;.B<=7B+9;.F. >=7 1 C. 8=/: 1 A0+<=9.;. /016.;1F.=<- 9.: - ( /016.;=< ( 1: . <.98= <.>1?
<.7+?1< /016.;=< =;>0.: . D/01,+<. 9- 6+=81 6+: .>. 6+=81 =9+;: 7.6. -0+,17 . >=7 . C. ;0+C1: =
?1 =;>0.7- /016.;1F.=<+ ;1: 19+N=B+>-7 +8= ?1 /016.;1F.=<. ;1: 19 <19;1<+ >1? ;18= <+/?+
- >=98=9- <19;-A. <+>. >1;1>: .D8.B<. 19;0=<=89>. ?=/1,17( <1 A0.8+0 9-A+0<=61 ( .: .
>1? F0<1 0-A1 <17 +?<=8 A0=/-;1 <+>- D: =90+I<- D6+D?- .: . >1? 9+ @;= 7 + 81: =
6+0=61;<= 9-?10+ ?6+ <+-;0=<9>+ D6+D?+ :
. 7=@ <.>1?1 <.7 +?1< ;1>16 ?=/1,17<.98=
=;>0.:. 01/1<7 + 9+ <19;16: 71
"016.;1F.7 1 7+ <181 A0=C: +8 C0=77 +?1< >1? /=? A=>-@18= ?1 9A=7 .8= M .D.>- B+9;.F1
91 >=98=: =/.7=8 =<1@18= 9+ - ;=8+ >1= ?1 98= 1<;.B>. "0F. <1A0=9;= B+>18=
B+>18= ?1 9+ <+@;= ?+9. <.98= 9A=9=C<. ?1 .D6+?+8= <.7 +?1< =A.; E >1? C.98= 8=/: .
?1 <1A016.8= 9;01E=6.;= C0DB+=<. 9-?10 ?6+ D6+D?+ 1 <+ ?61 A0=;=<1 1? C.98= 6.?+: .
<+>1 9;610<1 ?+7 9;61 >= 9- >=98=: =D. - A016- . 1>= ;+=0.7 1 D61<1 +: .>. A0191> 7 =@7 +9;+
?=C01 ( 1 8+<+ 9- <+>. : 7-?. -C+,.61: . <+?16<= <1 7 +?<=8 919;1<>- ?1 7 + ;= ;1>= ?1 9+
7=@<.7 + 90-@.: 1 ( =<?1 9- - <+>=76+=81 01<=7M 1D. 96+ B+9;.F+ 19+: 7+<+ C.: + D/-0+<+ -
7+?1< 6+=81 81: +< A0=9;=0 1?1 7 + +<+0/.7 1 A= B+9;.F. C.: 1 =/0=8<1 "016.;1F.=<1 9.: 1
=71B1<1 ;=: .>=8 +<+0/.7 =8 1 +<+0/.7 1 7 + +>6.61: +<; 819+ ;1?1 7 + C.:1 ;=: .>= 6+: .>1 ?1
7+ . - 01D8+0181 1;=81 8=01: 1 C.;. ?=9;=7 <1 A=@;=61<7 1 >61<;<1 ;+=0.7 1 7 +9;+
/=9A=?10.F1 1;=81 =>:+ /=? <+ -6+?+8= . 9.: - ;+G+ - A=0=?.F- >61<;<.E 9.: 1 <+I+8=
8=I. ?1 9E61;.8= A=7 +?.<=9;. +: .>=/A019>1 <.;. ?1 D1.9;1 01D-8+8= <17 ?-C: 7- 9;0->;-0-
+:+8+<;10<.E B+9;.F1

+I.<1 A0=-B161: 1F1 7 -;<=6+ <1->+ 91/: 19<1 7 + ?1 7 + =< 6+0=61= - <+@;= <1: .> <1
B+9;.B<- 9;0->;-0- 81;+0.7 + ? 96.E 9.: 1 7 +?.<= 7 + /016.;1F.7 - =C01?.= 81;+81;.B>.
81;01= 7 + ?1 9.: + .D8+,- ;+: 1 96+7 +?<= ?1 : . 9- ;1 ;+: 1 +8: 71 . +9+F .: . +8: 71 .
71C->1 8=017 - C.;. A=9:+?.F1 9.: 1 .D8+,- B+9;.F1 ;.E ;+: 1 1>:+ =<.E B+9;.F1 =? >=7 .E 9-
;1 ;+:1 91D?1<1 1 C.E 9+ =?61G.= ?1 A0+;A=9;16.8 ?1 7 -;<=6= =;>0.I+ ?.M +0+<F.71<=/
01B-<1 9;=7 . - 6+D. 91 <7 +/=6.8 6+0=61<7 +8 - 1;=8+ 1 C.98= 9E61;.: . 9.:
- +8: 71(
+9+F <1 A0.8+0 8=018= ?1 -A=;0+C.8= <1@- M =08-: - :
. @;1 I+ <18 ;1B<= C.;. (
-?1:7+<=9; .D8+,- +8: 7+ . +9+F1' 1? C. +8: 71 C.:1 9.I-@<1 >1= . +9+F ;17A0=C: +8
9+ <+ C. A=9;16: 71= 1B-<1@?1: 7.<- =? 90+?.@;1 7 +?<=/ ?= 90+?.@;1 ?0-/=/ A0+?8+;1 .
/=;=6= +,-;.8 ?1 C.98= 91C01: . 9.:+ >=7.81 <+C0=7 +<= 8<=@;6= ;0-<B.F1 +8: 7+ ?+:-7 +
<1 +9+F ( 1 961>1 ;0-<B.F1 9<1/=8 >=7 1 7+ 60: = 81: +<1 ( A=;0+C<= 7 + A0.8+<.;.
;1>=D61<. .<;+/01: <. 01B-< >=7 . 7 + D1A016= 8+;=? D1 91C.01<7 + C+9>=<1B<=/ C0=7 1
C+9>=<1B<= 81: .E ?+: =61 7-;< 7+ A0=<1@1= ?.M +0+<F.71: <. 01B-< -A016= ;+ 9: 16<+ /=?.<+
$$$ =?<=9<= <+A=90+?<= A0+ .: . A=9:+ N918 7 + 0+>1= ?1 7 + <7 +/=6 -8 ;+ /=?.<+ C.=
R.D-D+;<= 9A0+81< D1 A=9;.D1<7 + =;>0.I1R
1:1D.8= 60: = 81: = .:. <.81: = ?=>1D1 = A=9;=7 1<7- 1;=89>+ ;+=0.7 + - 9+?18<1+9;=8
6+>- 7-;< - ><7 .D. 0.<F.A.1 >1G+ ?1 8=018= A=: 1D.;. =? =<=/1 @;= <18 /=6=0+ B-: 1 .
01D-8 ?1 C.98= 9E61;.: . >1>= ?+7 9;6-7 - 8.>0=9>=A9>+ B+9;.F+ =? >=7 .E 9- 91B.<7 +<1 ;+: 1
R =@;= ;60?=I1 F+: .<+ A=;.B+ =? ;60?=I+ ?+: =61 8. 9 A016=8 D1>: 7-B-7+8= ?1 9- ;60?+
<+ 918= <+A=?+: 7+<+ B+9;.F+ =<.E ;+: 1 >=71 8. =9+I18= <+/= . 96.E ?0-/.E ;+: 1R

74
 9;01G.61<7 + =A;.>+ <16+: = 7
+ . <7+/1 >1= . "1:.:+7
1 ?1 ;-81B. 96+;: =9; >1= 8: 1D
B+9;.F1 1 >017- 96=7 + ><7./+ A;.>1 7
-;< ?17+ 91G+;. A0+/:+? 96.E ;1?1 A=9;=7+I.E
D18.9: . = 96+;:=9;. 1 =<?1 9+ C1F1 <1A0+? .9A=:
71617
-I. E01C0=9; =? >=7
+ D19;17+ ?1E

10 <+817 - B+9;.F+ 01D<.E ;+:1 .D6+9<+ 96=7 + 8=I. 96=7 9;61 .:. 9.:
+ >=7.81 ?+: -7- <1
?1:7.<- <+ 918= <1 D01>+ 96+;: =9;. ?1 .E =?C.717- A0+: 1817- .:. 916.717- <+/= . 7
+?<= ;+:=
<1 ?0-/= A0. B+8- <19;17 + 6+:.>. ?+= A=7 161 - A0.0=?.' +0 ?=C0= 7 + D<1<= ?1 ;+:1 ?+:-7-
7+?<= <1 ?0-/= /016.;1F.=<.8 81/<+;<.8 . +: +>;0.B<.8 A0.6: 1B+<7 .81 1 ;. A0.8+0.
->1D-7 - <1 9>:=<=9; . -98+0+<7 + A0.0=?+ . B.<+ ?1 <.7+ <+6+0=61;<= ?1 C. 8=/: + A=9;=71;.
7=@<+>+ 9.:+ A0.6:
1B+<7 1 ?0-/+ 9.: + >=7 + ?=9+G- 918= ?= 019;=7 1<71 ;1>= 81: +<.E ?1 8.
<7.E=6= A=9;=71<7+ 7=@<.98= D1A1D.: .N8=/-I+ 7 + -D;= ?1 +: +>;0.B<1 A0.6:1B<=9; ?+:-7+
<1 81: .8 019;=71<7.81 B1> .1>= <.7+ ;0+<7+8 A=C-,+<1 =?6:1B+<7 + 8=7 +

6= 7
+ A0+?9>1D1<7 +N=6= 7 + -6.? -<1A0+?N8=G+;+ B1> 0+I. ?1 ;- : +G+ <1/=6+@;17 .
6+:.>=/=C7+?.<7
+<71 96.E 9.:1 >=7
+ A0+?9;16:7
1 6+;. /01:M .D.B101 ?+6+?+9+;.E /=?.<1 =6=/
6+>1 10 <.7 + 7-;< =6.8 0+B.81 A=D.61= <1 ;01/1<7+ D1 9.:181 - 1;=8- >=7 + ?1<19 7+9-
A=D<1;+ >1= 9:
1C1 . 7
1>1 9.:1' 1 9.:
181 >=7 + D1 01D:
.>- =? /016.;1F.7+ ?+:-7- <1 81: +<.8
019;=71<7
.81' 1: 7
+7 + 7 -;< A.91=

1? 9+ 96+ -D8+ - =CD.0 B.<. 8. 9+ 6+0=61;<= ?1 7

+ =/<1 =B+;>- 9;6=0.= 81;+0.7 --
B+9;.F181 9;18+<.8 819.6<.8 ;60?.8 <+A0=C=7 <.8 . A=>0+;<.8 1 ;+ A0.8.;.6<+
B+9;.F+ =9.8 @;= 9- 9;18+<+ 7+9- . ;1>= ;60?+ ?1 9+ <.>1? <+ 8=/- .9;0=@.;. <.;.
01D:=8.;. <1 >=81?+N<.7 +?<1 =C.B<1 9.: 1 <+ 8=G+ A=?+:.;. =<= @;= 7
+ =/ 918 A0.:.>=8
=9;1<71 96+;1 <1B.<.= ?1 C-?+ 7+?<=

=>1D. 9- C.: . <+7 1>. 1: . 7

+ 7 -;< .A1> <1 =9<=6- <7 .E =?0+?.= A0161F D1 C-?-I+
>0+;1<7+ M .D.>+NA=;=8 7 +M.D.>1 <+-8=:7.6= .@:
1 <1A0+? 96=7.8 >0.6-?16.8 A-;+8 . 9;./:1
- 8.>0=96+; >610>=61 . : +A;=<1 01/1<7 + D1 7
+?<=8 <+=C.B<=8 9.: =8 >=71 C. .A1> 8=/:1
?1 A=?+: . 2=<= @;= 7 + =/ 918 <1B.<.= ?1 C-?+ 7 +?<=2A0+?9;16:71 ?1<19 1>;.6<- /01<.F-
<1 >=7=7M .D.>1 B+9;.F1 A=>-@161 ?1 =9;610. <1A0+?1>

?0-/=8 .D?1<7 - ><7 ./+ A;.>1 7 -;< 9+ A=9;16.= 81: = =A0+D<.7 + A1 7 + 96=7+
D1>: 7
-B>+ =>0-G.= <.D=8 A.;1<7 1 = 9- A.;1<7 1 ;1>= =;6=0+<1 ( . ;1>= A+0F+A;.6<1 ( ?1
B=6+> - <7 .81 8=G+ A0=<1I. @;1 /=? G+: . :. <.7+ 6+: .>= A0+;+0.61<7 + 1>= >1G+8= ?1 7 +
7-;< 8=G?1 A0+?=9+;.= <1 <+>. ?-C=>= .<;-.;.61< <1B.< ;1: 19<=(B+9;.B<- ?6=7 <=9;
8=?+0<+ >61<;<+ ;+=0.7 + +?<1 =? <17 <+D/=?<.7 .E A=9: +?.F1 7
-;<=6+ ;+=0.7 + 7+9;+
A0=C: +8 ?+: =61<71 <1 ?1: 7.<- : 1<+;1 +8: 71 ;+/: . 7 1C->- >1 9+C. 1C->1 A1?<+ -<F+
;+/:. A: 1<+;+ >1 9+C. : 1<+;+ 9+ >0+I- =>= -<F1 +: .A;.B<= 1>= 9+ =6= ?+@161' 1>= 7 +
8=/-I+ ?1 ?61 ;+: 1 .D8+,- >=7 .E <+ A=9;=7 . <.@;1 =9.8 A01D<=/ A0=9;=01 A0+<=9+ 9.: -
7+?<= <1 ?0-/=' +?1< 8=?+: A=A-: 101< - =<= ?=C1 A0+;A=9;16: 71= 7+ ?1 A=9;=7 .
<+>1>16 +;+0 1 ;= C. D<1B.: = <+6.?: 7.6. C+9;+: +9<. 8+?.7 -8 >=7 . 7+ -9A+= ?1 .9A-<. 96+
A0=9;=0+ >=98=91NA= ;=7E.A=;+D. ;+: = ?+: -7 + <1 ;+: = A=8=I- +;+01
1= @;= I+8= 6.?+;. D18.9: . = +;+0- ?=B+A1= 9+ G+7 89 : +0> 1>96+:. A=B+= ;60?.;.
?1 +;+0 A0+<=9. <7 +/=6+ 1>96+: =6+ +: +>;0=81/<+;<+ ;1: 19+ 6- D18.91= 7 + 8+,-;.8
-<.@;.= 7 <@;17< /=?.<+ 3 O : . C1@>1= . 1-: .<1 +;+0 7 + <+@;= @;= 8=G+ ?1 <19;01?1
A1 ?1 9+ =A+; 601;. G.6= . D?016=N8. ?1<19 6+0-7 +8= ?1 .A1> A=9;=7 . +;+0 1:. - 7+?<=7
<=6=76+0D.7 . >=7 17 + D1A016= =<1 A01D<.<1 = >=7 =79- /=6=0.: . +8=>0.; . <1>9.81<?+0
. ?1 9+ - ;=8 +;+0- 9>0.61 =G.7 1 B+9;.F1
7-;< 7+ <1 >017 - =?C1F.= A=7 18 +;+01 7
+/=6= 1;=8.9;.B>= /: +?1<7 + <1 A0.0=?-
D1E;+61: = C. ?1 9+ . +;+0 919;=7 . =? <+>1>6.E B+9;.F1 1 =< 9+ ;=7A0+;A=9;16F. A0=;.6.=
9.8 ;=/1 C.: = C. <+=AE=?<= ?1 +;+0 A0+<=9. 01D<+ 9.: + 1: . ?1 <.81: = <+ =8+;1 >0+;1<7 +
;+:1 ( <1 A0.8+0 >0+;1<7 + A: 1<+;1 A= <7 .E=6.8 <+<10-@.6.8 =0C.;181
7-;<=69;16.: -9;0=61< 7 + =6.8 =?: =8>=8 .D><7 ./+ 0.<F.A.1

75
 =9;=7. <+>. -D0=B<.> C+D>=/1 9+ =6+ A=>0+;1B>+ 9.: + <+ C. @.0.:
+ A= =>=:<=8 A0=9;=0-N
1 ?1 :. 7
+ ;17-D0=B<.> <+>= ;+: = - 90+?.@;- >1= @;= 7 + 81/<+; ;+: = - 90+?.@;- 81/<+;<+
9.:
+ .:. 7+ >1>16?0-/. ;= 9+ D191? <+ 6.?. 71 918 <18+0.= ?1 ?18 918= 81;+81;.B>.
A0.>1D;.E 9.:1 C+D01D81;01<7 1 <7
.E=6.E M.D.B>.E -D0=>1 . =?:
.>1

1 =6= C. A-C: .>1 - ?6=01<. >1? C. C.: 1 91B.<7 +<1 =? M .D.B101 <1 <+>=8 9+8.<10-
?1<1@<7 .F+ A=B+: 1 ?1 -9;17 + A: 7
+9>1 . >:.B+ 7 +0 =6?+ 7 -;< A=/1,1 7 +?<- 60: = 8=?+0<-
;+8- 1 ;= 7 + ?1 60+?<=9; 961>+ ;+=0.7 + ;0+C1 =F+<.;. <1 =9<=6- =A1G1<7 1 . =A.;1 ;1 810.
1>= 7-;< . <7 +/=6. ?1<1@<7 . A=@;=61=F. <+ D<17 - 1@;= /016.;1F.7 1' ;1 9;6101
/016.;1F.7 -' = 7 + M .:=D=M 9>= A.;1<7 + 96+ ?=> <+>= <+ A=>1G+ ?1 7 + /016.;1F.7 1 A=9: +?.F1
<+>=/ ?-C: 7+/ >=<F+A;1 8=G?1 0+F.8= <+>+ A0=9;=060+8+<9>+ 9.8+;0.7 + - 6.@.8
?.8+<D.7 181
=9;1 M .:=D=M .7+ 7-;< 7 + =/0=8<= -<1A0+?.= <1@+ ;01/1<7 + D1 1(;=8=8 ;1>= @;= 7 +
-9A=9;16.= 9;0=/. A=9;-A1> A0+?6.,1<7 1 @;= 7 + ?1= 9.<;+D- >=7 1 9+ 8=G+ A0.8+<.;. <1
=/0=81< C0=7M .D.B>.E A0=C: +81 1 <1B+: 1 9- 9+ A=9;+A+<= @.0.: 1 >0=D 96+; <1->+ .
->=0+<7 .61:1 . .81: 1 9- >1= @;= 98= 6.?+: . =/0=81< -;.F17<1 A01>;.B<+ 6+@;.<+ >1= @;=
9- .<G+<7 +09;6= . ;+E<=: =/.71 7-;<=69>1 8+E1<.>1 91 96=7 =8 <=6=8 81;+81;.>=8
D1.9;1 7 + =9<=61 7 +?<+ A.018.?+ 1 =?=D/= 9- <19: 1/1<. . <1?=/01,+<. 96. 9: =7+6. M.D.B>.E
<1->1 . ;+E<=: =/.7 1 .:1 7+ ;= 0+6=: -F.71 C.;<1 A0=8+<1 - 8=/-I<=9;.81 : 7-?9>=/
8.@: 7+<7 1 +D =6+ A0=8+<+ <+ C. C.: = .<?-9;0.7 9>+ 0+6=: -F.7+ <.;. <+A0+>.?<=/
9.9;+81;9>=/;01/1<7 1 D1 <=6.8 D<1<7 +8 . <=6.8 ;+E<=: =/.7181 6.8 7 + =C+: +G+< A0+: 1D
91 9;1;.B<=/ ?0-@;61 >=7 + B+>1 ?1 9+ <+@;= ?+9. <1 ?.<18.B<= ?0-@;6= >=7 + <161: 7-7+ ?1
9+ ?=8=/<+ D<1<7 1 D1;= @;= 9E61;1 ?1 .D D<1<7 1 A0=.9;.B+ . >=<;0=: .91<7 + 9.8 ;=/1
<7-;<=69>1 ;01?.F.7 1 8=I<= 7 + A=?0G1: 1 0+?->F.=<.D18
7-;<=6. ?=A0.<=9. M .D.F. . 81;+81;.F. . <7 +/=61 =A0+?+: 7+<=9; D1 1;=89>- 19+: 7+<-
719<= 9- ?=>-8+<;=61<. <= @;= =9;17 + - .D81/: .F181 7 +9;+ -;.F17<7 +/=6=/ 2 ?0-/=/
G.6=;12<1 <7 +/=6 <1-B<. 01? ;=8 2 ?0-/=8 G.6=;-2C.: = 7 + 961B+/1N 7 -;< 9+ A=8<=
C16.= 1: E+8.7 =8 1 . A=96+I.61= 9+ =>-: ;<=7M .:
=D=M .7. <10=B.;= D18.9: .81 ;1>=D61<.E
E+08+;.>1 >=7 1 9+G- - A0=@: =9; B1> ?= 96+@;+<.B>+ 81/.7 + ?0+6<.E /.AI1<1 + 96=7 +
?+:1;<=9;. 7-;< 7 + /=;=6= 9196.8 A0.>0.= 1= A0=M +9=0 <1 : ->19=69>=7 >1;+?0. -
+8C0.?G- 91?1 9+ <1 ;=8 8+9;- <1: 1D. ;.6+< =>.</ 1 >19<.7 + . >1= B: 1< :=<?=<9>=/
A=:.;.B>=/ +9;1C: .@8+<;1 7-;< <.7 + 8=/1= ?=D6=: .;. ?1 <7 +/=61 =?1<=9; =6.8
<+A0.D<1;.8 0+: ./.79>.8 -A01G<7 161<7.81 A=9;1<+ A=D<1;1 7 16<=9;. 7 +0 C. 8- ;= ?=<+: =
=/0=8<- 9018=;- 1 8=G?1 C. C.= B1> . .DC1B+< .D7 16<=/G.6=;1
17?+ ?1 A0+A-9;.8= 7 <@;17 <- ?1 .9>1G+ A=9: +?<7 . >=8+<;10 = 7 -;<=6=8 01?-

A0=9;. 8. 7-;<+N;. 9. <1@1= 7

+?.<- A-;1<7- >=7 1 7 + 81?1 7 +?61 ?=E61;:7
.61 C.:
1
8=/-I1 - ;6=7 =7+A=E. B=6+>- <17 6.@+ 8.91=<=9;. . <176+I+ 9;6101: 1B>+ 8=I. =<F+A;.
>=7
+ 9. ;. 9;6=0.= 6=?+ . ?1<19 <1@1 01D8.@:71<71 = M.D.F. .1>= 91?1 D<18= ?1 I+8= .E
D18+<.;. ?0-/.8 >=<F+A;.81 7 =@-?1:7+<.7
.8 =? 9M+0+ <+A=90+?<=/ .9>-9;61 D1;= @;= ;=
8=018= 1>= <18 7 + F.:
7?1 A=9;./<+8= ?-C: 7
+ 01D-8+61<7 + =?<=91 9;610.

=@7 +?<1 C+: +@>1 D160@<1 = =6=7+;1A. ?=C- 8+E1<.>+ 6+: .>=7+0. >: 19.B<+ M.D.>+
01D- 2.@1= 7+ .9A0+? 96=/ 60+8+<12: 7-?. >=0.9;+ B+9;= . A0+B+9;= :. 71 I- 7 + =6?+ .A1>
-A=;0+C.;. + /=6=0.8 = "1: .:+7- <.;. = 7 -;<- C=7.F1 9- 9;./: 1 C1@- A016= 60+8+ <.
A0+01<= <. A0+>19<= "016.;1F.7 1 60@+<7 + =A.;1 8+0+<7 + 81;+81;.B>. ?=>1D. 96+ ;+
9;610. C.:+ 9- - 61D?-E- "1: .:+7 +A: +0 01E+ . 7 -;< C.:. 9- A0.E61I+<. ( 9: 16:7+<. 91
M1<M10181 ( - 9=A9;6+<=8 60+8+<- D1;= @;= 9- <19;-A.: . 91 D18.9: .81 >=7 + 7+ <1-B<1
D17+?<.F1 C.:1 9A0+8<1 ?1 A0.E61;. .7 + 961>= ;+ 90+I+
-,+0 =9.A =@>=6.I A= 0=,+<7 - -C0=6B1<.< >=7 . 7
+ 6+: .>. ?+= 96=7 + >10.7+0+ A0=6+=
.A1> - .8- 0=,+< 7 + T /=?.<+ @+9<1+9; /=?.<1 A0+ 980;. 7 -;<1 =@>=6.I 7 +
6+=81 A=?0G161= 7 -;<=6+ ;+=0.7+ 1: . 7+ .81= .D6+9<+ A0=C: +8+ 91 D1>=<=8 /016.;1F.7 +
+>1= 7+ ?1 9- ;. A0=C:+8. - 6+D. 91 2 >:19.B<=8 /01<.F=82>=7 1 9+ 919;=7 . - ;=8+ @;= >1?
9- 01D?1: 7.<+ 6+=81 6+: .>+ 8=G+@ ?1 9+ =A0+?+: .@ D1 <+>- A0.C: .G<= ;1B<- 60+?<=9;

76
 =@>=6.I 7 + ;60?.= ?1 9- 7 -;<=6. D1>=<. /016.;1F.7 + R 81:;+<+ 9160@+<= ;1B<. 1: . ?1
.D6+9<1 =?9;-A1<7 1 =? D1>=<1 = =C0<-;=8 >61?01;- 019;=7 1<71 .A1> A=9;=7 + .1>= 9- 60: =
81: +<1 R 1/1,1= 7 + ?1 I+ =617>: 19.B<. D1>=< 8=01;. 9196.8 ?1 9+ 2 90-@.2<1 1;=89>=7
01D8+0. 6+: .B.<1 <1 >=7 =79- 9.:+ A0.6:1B+<7 1 D18+<7 +<+ =9F.:1F.7181 .D8+,- A0.6: 1B<.E .
=?C=7 <.E 9.:1 1A0+A1@I-7 -I1 8.91= D1 <1-B<.>1 - =918<1+9;=8 6+>-
=@>=6.I9+ 061= . 91 9;10.8 A0=C: +8=8 ?+: =61<7 1 .D?1:7.<+ =@;= 7 + C.= A0+ 96+/1 .
.D<1? 96+/1 /+=8+;10 ?=@1= 7 + <1 D18.91= ?1 A=9;=7 + A=:7
1 9.: + A=8=I- >=7 .E 8=G+8=
?1 =C7 19<.8= >1>= ;+: 1 ?+: -7- <1 ?0-/1 ;+: 1 <1 019;=7 1<7 - : . B+>17 ;+ <.7+ ;= 96+
=@>=6.I7 + .81= 7 =@7 +?<- D18.91= A=;A-<= : -?1B>- D1 =918<1+9;. 6+> 1 8=G?1 .
D1 C.:= >=7 . ?0-/. 1;+0.7 1 7
+ 91D?1<1 =? <+6.?: 7.6.E . <+?+: 7.6.E 1(;=81 0+>1= 7 + =<
=C0= ;= <.7 + =9=C.;= <=6= 91 ;.8 C. 9+ 91/: 19.:. . +->.A +8=>0.; "1: .:+7 7 -;< .
?0-/. : . B-7 ;+ =6= @;= 7 + <=6= =@>=6.I7 + ;60?.= ?1 ;+ B+9;.F+ <+817 - 6+: .B.<-N<1.8+
?1 9- /+=8+;0.7 9>+ ;1B>+ 19<= 7 + >1= . >=? 8<=/.E ?0-/.E D18.9: . - <1-F. ?1 9+ D1 =6=
8=/- <1I. <1/=6+@;17 . - 01?=6.81 01<.7 .E <1-B<.>1N6+0=61;<= 6+I >=? 9;10.E "0>1 1
<1016<= . >=? "1: .:
+7 1 1= @;= 9;+ 8=G?1 D1A18;.: . <1 B19=6.81 /+=8+;0.7 + - 90+?<7 =7
@>=:. ;1B>1 7 + 918= 7 +?<= 8+9;= +D?.8+<D.7 1 =@>=6.I;60?. <. 81<7 + <. 6.@+ ?1 7 +
81;+0.7 1 91D?1<1 =? B+9;.F1 >=7 + <+817 - <.>1>6+ ?.8+<D.7 + . <1,=98= +6= A0+
?61?+9+;1> /=?.<1 7 +?<- B+9;.F- >=7 1 =?/=6101 ;=8 =A.9- 1D6198= 7 + >610>
01;.I+8= 9+ 7 =@<1 /=9A=?.<1 =@>=6.I1

77
 1-B<.> <+ A0>=9. 19+:7+<. 0.E61;1 7 + =7 + <7+/=61 E01<1 >=7 - ;0+C1 91 -G.61<7 +8
/0.F>1;.N ;= 7+ <7 +/=6= F109;6= >=7+ ;0+C1 .9;01G.61;.N ;= 7 + <7 +/=61 A-9;=: =6.<1 .
=?-@+6: 7
+<7 + >=8+ <.>1? >017<+ ?=: 1D. =G+ 9+ ?+9.;. ?1 ;. - 0->181 A=A-9;. . ?1
.D81><+ 1: . <+ 8=G+ <.>1? C.;. ?=91?<1 19+:7+<1 7+ A0+?.6<1 . - 81: .8 . - 6+: .>.8
01D8+0181 >01;>= .9;01G.61<7+ 19+:7+<+ <17 -D6.@+<.7
. 7+ A=91= >=7 .8 9+ 7 +?1<
?G+<;:8+< 8=G+ C16.;.

1C.

6= A0.D<1<7 1 .9- 918= M .D.B10. ;01/1: . D1 +8=>0.;=6.8 1(;=8=8 E+8.B10. 9-

<+81 9A=01 -B.<.: . <+@;= <10=B.;= ;=>=8 =<=/ ?-/=/ 01D?=C: 71 A0.C: .G<= =? $ ?=
3 /=?.<+ >1? 9+ 01D6.7 1:1 >: 19.B<1 M .D.>1 1D:.>1 .D8+,- E+8.B101 . M .D.B101 <.7+
9;610<= <+A0+8=9;.61 1 918 A=B+= >1= E+8.B10 1: . 918 9+ A0+C1F.= <1 M .D.>- .D8+,-
=9;1: =/ . D1;= @;= 7 + M .D.>1 C.:1 : 1>@1 ? ;1?1 918 B+9;= D1A1G1= ?1 <+>. =? 8=7 .E
<17 C=:7.E A0.7
1;+: 71 01D/=61017 - . 91 E+8.B10.81
+8.B10. 9- -01?.: . <+@;= @;= M .D.B10. A0+ <7.E <.9- C16.:. 9- =A.;+ >=7 . .817 - 6+D+ 91
1;=8.81 "1: .:
+7 7 -;< . =9;1: . .1>= 9- =A.;.81 A=9;./: . 8<=/= ;=/1 =9;1?=@+ .A1> >1?
7+ 0+B = 1;=8.81 918= <1 B.9;=8 ;+=0+;.91<7 - .7+ ;= C.:= .D : +<7 =9;.N<1A0=9;= <.9-
.81: . =A0+8- +> 9- E+8.B10. .D6+: . A06+ =A.;+ - >=7 .81 9- 1;=8. C.: . <1;+01<. ?1 A=>1G-
?1 9- A0.9-;<. =6=8 A=/: 16:7- A=D1C16.I+8= 9+ C=/1;.8 +>9A+0.8+<;1: <.8 ?=>1D.81 -
A0.:=/ A=9;=7 1<7 1 +8=>0.;=6.E 1(;=81 .?+I+8= >=: .>= 7+ C.:= <+-9A+: .E A=B+;1>1 - ;=7
;0F. >=: .>= 2F06+<.E E10.</.2>=7 + D16+?- .9A.;.61=F+ <1 9196.8 A=/0+@1< A-; >=: .>=
0+D-: ;1;1 A=/0+@<= ;-81B.<.E =6= A=9: +?<7 +7 + 6+B.;. =;0=6D1 +>9A+0.8+<;1;=0+

0+ <+/= @;= A0+,+8= <1 C1@ A016+ E+8.B10+ 8=018= A=8+<-;. <1-B<.>1 >=7 . 9+
D61= 61<,+: .9;1 =0.B+: . 61</+: .9;1 =0.F+: :. $ !( $PT < 7+ A0+8=9;.= A0=61: .7-
.D8+,- 8+E1<.>+ . E+8.7 + - A=>-@17 - ?1 601;. 1;=8.D8- 9;1;-9 =DC.: 7<+ <1-B<+ ;+=0.7 +
=<=6.I- +8=>0.; /=6=01@+ R + A=9;=7 . <.@;1 =9.8 1;=81 . A01D<=/ A0=9;=01N 96+
=9;1:= 9- 918= 8<7 +<7 1 R 0+81 ;=8+ 1>= E=I+@ ?1 ?=>1G+@ 60+?<=9; 1;=8.D81
A=;0+C<. 9- ;. 1;=8. 1: . ;1>=,+ 9- ;. A=;0+C<. A01D<. A0=9;=0. .D8+,- <7 .E 0.9;=;+:9+
A0=;.6.= . 918=7D18.9: . 61>--81 /=6=0.= 7 + R 0.0=?1 9+ -G19161 61>--81R @;= 7 + A=9: +
<19;16.: 1 ?1 /=6=0. >1;=: .B>1 F0>61 B1> . ;=>=8 0+<+91<9+
- 9+ -8+@1= =0.B+: . .= 7 + 7+?1< =? "1: .: +7+6.E -B+<.>1 - 60+8+ >1? 7 + "1: .:
+76+I
C.= - A=D<.8 /=?.<181 +;1 "=9A=?<7 +/ $P) ?1?+ "1: .:+7=6=8 96=8+ -B+<.>- 7 +?1<
D1?1;1> .0+<;.<9>. >=A1B. C-<101 A0.8+;.: . 9- ?1 -9.9<1 A-8A1 <.>1>= <+I+ ?1 A=6-B+
6=?- 6.@+ =? 8+;101 -6.9 C=/ B+/1 C. ;= C.: = ;1>=' =B+;<1 A0+;A=9;16>1 >=7 - 9-
D19;-A.: . "1:.:+7. ?0-/. /: 19.:
1 7 + ?1 61>--8 7 +9;+ 7+?<1 2 9.:
12 ?1 A-8A1 A0=.D6=?.
?+:.8.B<. 61>--8 1 =<?1 ;17?+: .8.B<. 61>--8 A=6-B+ 6=?- -6.9 >=: .>= 8=G+ "1: .:
+7
=B./:+?<= <.7 + G+:+= ?1 9+ C16. A0=C: +8.81 ;18= <+>.E C-<10?G.7 1 A1 7 + A=9:1= 8=8>1
?1 ;= 6.?.
=0.B+:. 7
+ -6.?+= ?1 6=?- <+ 6-B+ <.@;1 -6.9 <+/= ?1 7 + <+@;= /-01 =?=D?= ( . ?1 ;=
<+@;= 7 +9;+ <=081: 1< A0.;.91> 61D?-E1 1? A-8A1 .9.9161 61D?-E .D<1? 9;-C1 6=?+ <1
;=8 8+9;- <19;17 + 81<7 . A0.;.91> 1: . A=@;= <=081: 1< 61D?-E 96-?1 =>= ;+ A-8A+ 60@. <1
A=60@.<- 6=?+ 7 1> A0.;.91> A1 . <1 6=?- >=7 1 7 + -;=<-:1 - 9: =7+6+ D+8: 7
+ =>= C-<101
6=?1 8=01 ?1 9+ A=81><+ <1/=0+ "=?.<- ?1<1 A=9: + "1: .:+7+6+ 980;. =0.B+:. 7 +
A0=6+0.= =6- 96=7 - ;+=0.7 - 1B-<1= 7 + =61>= A=@;= 7 + G.61 * O A-;1 /-@I1 =? 6=?+
;0+C1:= C. ?1 A=;.91> 61D?-E1 =?/-01 G.6- -6.9 >0=D F+6 * O A-;1 81<7 + <+/= @;=
-9A+61 6=?-N1 ;= C. C.: = =>= T$ 8.: .8+;101 =0.B+:
. 7+ <1C16.= ?+C+: - 9;1>: +<- F+6
?-/1B>- =>= 8+;10 D1;6=0+<- <1 ?<- C16.= 7 +7 +?1< 7 +?<=9;161< =A.; 19-= 7 + - ;-

78
F+6 G.6- 96+ ?= 60E1 D+= 7 + B+A . D1;6=0.= F+6 <?1 7 + A0+60<-= F+6 <1=A1B>+
D1/<7 -0.= - B.<.7 - A-<- G.6+ . .D6->1= B+A +?1< ?+= ;=/ ;+B<=/ 8+;1: 1 .D:.= 9+ .DF+6. -
D?+: - : . C1@>1= @;= 7 + =0.B+: . A0+?6.?+= T$ 8.: .8+;101 G.6.<=/9;-C1 =9;1: =7 + - F+6.
617?=/1,17=? A0+>0+;<=/ D<1B17 1 - M .D.F. B+9;= 9+ A=8.<7 + >1= A0=<1: 1D1> A06=/
C10=8+;01 @;= ?1C=8+ . 7 +9;+ =0.B+: . 7
+ =A1D.= ?1 9+ 6.9.<1 G.6.<=/ 9;-C1 8+<7 1 .D
?1<1 - ?1< D1;= @;= . A0.;.91> 61D?-E1 610.01 =0.B+: .7
+61 F+6 8+0.: 1 7 + =6+ M :->;-1F.7 +
1;8=9M +09>=/ A0.;.9>1 :. <19 =6?+ D1<.81 <+@;= >-?.>18= D<1B17 <.7+ 17 ?+ ?1
D1C=016.8= ;179;-C G.6+ 6.9=> ;0.?+9+; A1: 1F1 . ?1 /: +?18= 918= =<.E A01D<.E ?+6+;
A1: B+61 <1 =<=8 >017 - F+6. >=7 . 7+ 91?1 /=0+ - 9;610<= <+81 <.B+/1 01D<.<1
;1>:+<1 F+6 1 - ;=8 <7 +<=8 ?+: - <+81 G.6+ 1: . <. 61D?-E1 =C0= <.7 + C1@9196.8
;1>=N;= 7 + A0.:.B<= ?=C10 61>--8 1: . G.61 .9A10161 A1 9+ ;- <1,+ A=/?+>=7 . 8=: +>-:
G.6.<+ A10+ . ;= - D16.9<=9;. =? ;+8A+01;-0+ 8=G?1 81: = 6.@+ .: . 81: = 81<7 + 17
61>--8 8=G+8= 8+0.;. 7 +?.<.F=8 D1 A0.;.91> >=7 1 9+ D=6+ 2 ;=02A= =0.B+: .7
- 1: . 7 + ?1<19
.D61< 9.9;+81 A0.E61I+<.E 8+0<.E 7 +?.<.F1 . >1D1;. ?1 .D<=9. =>= ($;=01 1 ;= D<1B. =>=
7+?1< 8.: .710?.;. ?+= <=081: <=/ 61D?-@<=/ A0.;.9>1 =?+0<+ A-8A+ A=9;.G- ( ;=01
A1 . C=: 7+ =? ;=/1 961>=8 9: -B17 - =0.B+:. 7 + A=9;./1= A06. 6+@;1B>. 9;6=0+<.
6.9=>=>61: .;+;<. 61>--8 ? ;=/D1>: 7-B>1 <.7 + 9+ 8=/: = =?9;-A.;. ( <.7+ 9+ .81: = <1 >=7 -
9;01<- -D8.F1;. =G?1 9+ A0.0=?1 -G19161 1 8=G?1 9+ . <+ -G19161 61>--81 1: .
961>1>= 8=01 ?1 /1 =;0A. A=<+/?+
91? >1? 98= ?=>1D1: . ?1 A=9;=7 . A01D1< A0=9;=0 C.: = 7+ A=;0+C<= ?1 <1,+8= .
1;=8+ >=7 + I+8= - <7 +/1 9;16.;.

19;-A1 =C+0; =7 : =C+0; =Q: + 6=/ E+8.B101 A= 0=,+<7 - 0F1 ?0-/. E+8.B10.
=A;-G.61: . 9- ?1 01D8.@: 7
1 =?6+I M .D.B109>. 1 <+?=6=: 7
<= E+8.B109>. 1: . <7+/=61
?=9;./<-I1 <+9-8<7 .6= 9A1?17 - A06+<9;6+<= - =C: 19; E+8.7 + .= 7+ ;= +>9A+0.8+<;1;=0
B.7. 9- 9+ 8<=/. =A.;. A=>1D1: . >1= 9196.8 <+-9A+@<. . -D1: -?<. ( A1 .A1> =< 7 + -<1A0+?.=
D18.91= 1;=8.D81 - </: +9>=7. <1 +60=A9>=8 >=<;.<+<;- .= 7 + A=D<1; >1= =;1F E+8.7 +
. -71> 0: 1 =? =0>1
=? -;.F17 +8 =0.B+: .7+6=/ 01?1 =7:9+ =?-@+6: 7+<= A=96+;.= 01D<.8 61>--8.81
<17 8.= 7 + =C+0;1 ->1 =<=/ .9;=/ 2 1: +F>=/2>=7 . 7
+ ;=: .>= 6=: += 7 -;<1 ?1 8-
<1A016. C=: 7- A-8A- D1 61D?-E 1D?-@<1 A-8A1 <16=?.: 1 7 + <1 01D8.@: 71<7+ =
/19=6.81 D1 >=7 +7 + =7 :-6.?+= ?1 9- >: 7-B D1 1;=8.D18 6?+ 8- 7 + 8=G?1 . A=8=/1=
-> >=7 . 7+ ->1D1= <1 ;= ?1 A0.;.91> /191 <1 D.?=6+ A=9-?+ - >=7 - 7+ /19 D10=C: 7+< (
A0.;.91> 0+F.8= 61D?-E1 .D<-;01 <1 D.?=6+ C1: =<1 ( 8=G+ C.;. A=9: +?.F1 <161: 7.61<71 F+: +
2C-7 .F+21;=81 + 6.?.8= <1 C1: =<- A=7 +?.<1B<1 .9A-AB+<7 1 D1;= @;= 7 + C-7.F1 91B.<7 +<1
=? 8.: .7
10?. . 8.: .710?. 1;=81 >=7 . <161: 7-7- <1 D.? . 9;61017 - A0.6.? /: 1;>=/A=;.9>1 A0+81
9A=: 71
1= . =0.B+: . =7 :7 + -A=;0+C.= D1 96=7=A.; G.6- D+= 7 + 9;1>: +<- F+6 - =C: .>-
:1;.<.B<=/ 6+: .>=/ 9: =61 22 6.9=>- =>= )) F+<;.8+;101NA=;A-<= 7 + D1;6=0.= ;17?=<7 .
>01I. >017 81: = A=6.7 +< <1/=0+ ND1;.8 7 + - =<176.9=>. =;6=0+<. ?+= F+6. A=B+= ?1 9.A1
G.6- %.61 9+ A06= 9: .:1 <1 ?<= . .D6+9<1 >=: .B.<1 61D?-E1 =9;1: 1 7+2 -E61I+<1 - >: =A>-2-
>01I+8 <1/=0+ A=6.7 +<=8 >017 - 22 ;= 7 + 6.@+ G.6+ =7 :?=: .61= ;= 9+ 6.@+ 981<7 .61=
6.?: 7.6. A0=9;=0 - >=8+ 9+ <1: 1D.= ;17D10=C: 7+<. 61D?-E :. 9+ - .9;= 60+8+ A=6+I161=
A0.;.91> - ;=8 A0=9;=0- @;= 9+ : 1>= 6.?+: = A= B.<7 +<.F. ?1 7+ - =;6=0+<=8 6.9=>=8 >01>-
;=/ 9;1>: +<=/ 2 9:=61 29;-C G.6+ C.= 96+ 6.@. . 6.@. - =?<=9- <1 9;-C G.6+ - >01;>=8
D1;6=0+<=8 >01>- - 01D: .>- - 6.9.<. : 1>= 7 + C.:= .D8+0.;. =7:7 + -9;1<=6.= ?1 9+
D1A0+8.<1 61D?-E1 8+<7 1 =C0<-;= 901D8+0<= A0.;.9>- >=7 . <1 <7 +/1 .D60@.8= 0.;.91> <1
61D?-E - >01I+8 A=6.7 +<=8 ?+: - F+6. A=9: +?.F1 7 + ?=?1;<+ ;+G.<+ 6.@+/ 9;-C1 G.6+ 1: . .
<=081: <=/ 1;8=9M +09>=/ A0.;.9>1 >=7 . A=60@.<- ;+ G.6+ /-01 <1?=: + 1? 7+ =7 :?=: .=
;=:.>= G.6+ ?1 9+ A0.;.91> -?6=9;0-B.= D1A0+8.<1 D10=C: 7+<=/ 61D?-E1 981<7 .:
1 9+ <1
A=: =6.<- 1? 7 + A0.;.91> A=9;1= ;0.A-; 6+I. 61D?-E 9+ 91C.= - ;0+I.<- <+/?1@<7 +
D1A0+8.<+ . ;1>= ?1: 7+ 617+M +>1; A=9;1= 7 + A=D<1; >1= =7 :=6D1>=< . +6= . ?= ?1<19
7+7 +?1< =? -A=0.@<.E D1>=<1 E+8.7 +

79
 =@ 61G<.7 1 A=9: +?.F1 .D61<0+?<= D<1B17 <1 7 +9;+ D1>: 7-B1> ?1 9+ 61D?-E 1 . 961>.
?0-/. /19 8=G+ 91C.7 1;. +?1< =? <1B.<1 ?1 =6= 9E61;.8= 7 +9;+ ?1 A0+;A=9;16.8= ?1 9+
/19 919;=7 . =? B+9;.F1 01D?6=7 +<.E A01D<.8 A0=9;=0=8 0.;.91> .E 91C.7 1 ?1 C-?- 96+ C: .G+
. C:.G+ 7 +?<1 ?0-/=7 1 : . 7+ ;= ?=>1D?1 1;=8. A=9;=7 +' 1G1: =9; 8=/-I+ 7 + D18.9: .;. .
?0-/1 =C7 1@<7 +<7 1N =7 :=6 =A.; 7 + 918= A0-G.= <1-B<.F.81 ?=>1D >=7 . 7 +9;+ - 9>: 1?- 91
1;=8.9;.B>=8 ;+=0.7 =8 :
. . ;177 +?1< ?=>1D C.= 7 + ?=6=: 71< ?1 -C+?. <+>+ <1-B<.>+
8+,- >=7 .81 9+ <1@1= . 91> 7 -;< ?1 ;0+C1 >0+<-;. A-;+6.81 1;=8.9;.B>+ ;+=0.7 +
81;+0.7 + =7 :
=6=A.; 7 + =9.8 ;=/1 C1F.= C10+8 7 +?1< .D1D=6- : .F+ 0.9;=;+: =6=7;+=0.7 . ?1
7+ 81;+0.7 1 >=<;.<-1: <1 96-?1 A=6+D1<1 . <+A0+>.<-;1 9;1= 7+ A0=C: +8 91 ;+B<=9;.81 .
91 B609;.8 ;+: .81N <. 7 +?<= <. ?0-/= <+ 8=G+@ 91C.7 1;. ;1>= D/=?<= >1= /19=6+ =
8+,-;.8 <.7 + D<1B.: = ?1 ;+B<=9;. . B609;1 ;+: 1 <.9- 91B.<7 +<. =? 1;=81N918= 7 + D<1B.: =
?1 91?0G+ 81<7 + A01D<=/A0=9;=01
=7 :7+ C.= 6+: .>. C=01F D1 <1B+: = ?1 ;0+C1 60@.;. =A.;+N- 9+?18<1+9;=8 6+>- =A.; 7 + .
A=9: + -9A+E1 >=7 + 9- A=9;./: . "1: .:+7. ?0-/. 7 =@C.= 981;01< D1 <+@;= 9-8<7 .6= =7 :7 +
6=?.= ?-/- 019A016- 91 E=: 1<?9>.8 M .:=D=M=8 +<+?.>;=8 A.<=D=8 +<+?.F; A.<=D1
>=7 . 9+ .<1B+ C16.= /: 1B1<7 +8 9=B.61N A.;1<7 + 7 + C.: = 8=/- : . 9+ =A.;.81 A0.C16: 71;.
?=>1D. = A.<=D. 7 +?.<= : =/.B>.8 01D8.@: 71<7 +8 B=6+> 8=G+ -=A@;+ <+@;= ?=>1D1;.N1
=A.; 7 + <1A0=9;= 90+?9;6= D1 A=;60,.61<7 + .:
. =C101<7 + A=7 +?.<.E D18.9: . 1> . <+>. 6+: .>.
<1-B<.F. >1= 17 /+<9 . 17C<.F /: +?1:. 9- <1 60@+<7 + =A.;1 A=?=D0.6= ?-6+>
+>9A+0.8+<;1;=0. 8=017 - - 96=7 + C.;>+ ?1 >0+I- -DC0?=
=7 :
=61 <19;=7 1<7 1 ?1 ?=>1G+ ?1 A=9;=7 + 1;=8. 1: . =< 7 + D1 <7 .E /=6=0.= ?1 9-
2>=0A-9>-: +2 -<1A0+?.: 1 9- E+8.7 - >=7 1 7 + ;1? C.: 1 - 9;1<7 - A=A0.: .B<=/ 019-: 1
0+=6: 1,-7 -I+ -6+0+<7 + - ;.8 60+8+<.81 C.: = 7 + =<= A019;10= 8A+?=>: =6= = B+;.0.
+: +8+<;1 1 ;= 9- 61D?-E D+8: 71 61;01 . 6=?1N918= 9- ;=>=8 /=?.<1 ?=?1;. <+>.
<=6. 9= 9-8A=0 G.61 M :+/81 2M
:+/812 ' -: 7+ @A.0.;-9 >.9+: .<1 . 1: >1:
9+?18<1+9;=8 6+>- 6+0=61: = 9+ <+ 918= ?1 9- ;= <17 7+?<=9;16<.7 + ;610. A=D<1;+ A=
019A=: =G.6=7;+=0.7 . <+/= 9+ 981;01: = . ?1 9- ;= >: 7 -B<. 919;=7 F. 96+/1 .9:.:
= 9+ <1
A0.8+0 ?1 7 + - 961>=8 7 +?.<7 +<7 - A0.9-;<1 >.9+: .<1 1>= 9- E+8.B10. 8=01: . C.;.
DC-<7 +<. 1 ;1>6.8 A=: 1D<.8 A0+;A=9;16>181 9./-0<= .8 7 + C.:= <+8=/-I+ ?1 .9A.;17 -
B1> . <17 7+?<=9;16<.7 - 0+1>F.7 - =7 :=61 ;+: 1@F1 6=?.: 1 9- >1 7 +?<=8 8+;=?- 1<1: .D+
7+?.<7 +<7 1 >=7 .7+ 8<=/= 7 +?<=9;16<.7 . D1;= @;= 7 + - D<1;<= 6+I=78+0. 0+?->F.=<.9;.B>.

+?1< =? A0=C: +81 91 >=7 .81 9- 9+ E+8.B10. 9-=B161: . - 9+?18<1+9;=8 .

=918<1+9;=8 6+>- C.= 7 + ;17@;= 9- 8<=/.8 E+8.>1: .7
181 <1D.6. ?161<. <1 C+98.9: +<
<1B.< <;=1< =01< 16=1D.7 + <;=.<+ 1-0+<; 16=.9.+0 .D8+<.= 7 + 96+ ;= /=?.<+ T!T
;1>= @;= 7 + =C7 16.= 96=7 + >:19.B<= ?+: = +;=?1 E+8.7 9>+ <=8+<>: 1;-0+ 16=1D.7 +1 C.98=
8=/: . <1D61;. 291> 7 -;< E+8.7 +2 = D<1 8=G?1 E+8.B10. >1G- ?1 7 + 91> 7 -;< C.=
216=1D.7 +M .D.>+2
16=1D.7 + 7+ C.= D1A1<7 -7 -I. :.> =>1D1= 9+ >1= /+=: =/ =?: .B<.8 01?=8 - ;=7=C: 19;.
.= 7
+ . A.=<.0 - <1-B<=8 01?- - =C: 19;. 1/0=;+E<.>+ ;1>=,+ 7 + C.= .D609;1< M .<1<9.7+0 1: ..
9=F.71: <. 0+M =081;=0 >=7 . 7+ ?=A0.<+= .DC.7 1<7 - M01<F-9>+ /01,1<9>+ 0+6=: -F.7+ 9A=9;16.=
7+ <=69.9;+8 ;+G.<9>.E . ?0-/.E 8+0<.E 7 +?.<.F1 @;= 7 + ?=6+: = ?= -9A=9;16: 71<71 9.9;+81
8+;10(>.: =/018(9+>-<? >=7 . 7+ <1 >017 - A0+=6: 1?1= - F.6.: .D=61<.8 <1F.7 181 =>=8
?+6+?+9+;.E /=?.<1 ?61?+9+;=/ 6+>1 7 +?.<7 +<+ 8+0.B>+ 0G16+ A=B.<7 - 8.F(A=(8.F ?1
9+ >0+I- - ;=8 .9;=8 A016F- ?1 C. 981<7 .:
+ 96=7 - D1=9;1: =9;
0+;E=?<= 9;=: +I+ A0=.D6+: = 7 + A: 1<.<- A=?1;1>1 1: . C+D<1?+G<= ?+D=0/1<.D=61<.E
1D.6. A=7 +?.<.E ;610. ( A=8M =:.>9 >=: >=;E10 109+<.>=6 819: 1F F.<>=6 F6+; =0A.8+<;
C=7 <. +;.=A ( C.: . 9- G.6=A.9<. 1: . <.9- ?161: . <.>1>16<1/=6+@;17= 0+?- .: . A=0+;>- >=7 . C.
.9A=? <7 .E 8=/1= A=9;=7 1;. +?1< =? 16=1D.7 +=6.E 8+<;=01 0+>1= 8- 7 +7 +?<=8 A0.: .>=8
?1 R -8+;<=9; 01D8.@: 7
1<7 1 <.7 + <.@;1 ?0-/= ?= 7 +D.> ?=C0= -0+,+<R . 16=1D.7 + 7 + ;=
<17 =DC.: 7<.7+ 9E61;.= 0+-D+= 7 + >19<.7 + <1 96=7 1 A: +I1 D1?1;1> ?1 0+=0/1<.D-7 + F+: -
E+8.7 - . ?1 =?0+?. <=6+ <1D.6+ D1 96+ - <7 =7 =7 <. +;.=A 7 + A0+.8+<=61= - =>9.? /6=G,1N
=0A.8+<; ;1?1 A=9;1?+ 109+<.>(9-: M
.? 1D<. A0+M .>9. >1= 2 =>92. 2 9-:M2. 9-M.>9. >1= 2.?2. 2.>2
A=8=/: . 9- ?1 9+ 90+?+ . >1;1: =/.D-7 - <+C0=7 +<+ E.: 7
1?+ 7 +?.<7 +<71 =:.>= 60+?. 918

80
<1D.6' =<+>1? 7 + <=8+<>: 1;-01 9-?C.<1 1 :. C. 0B.C1:? .B ?=C.= =<=: .>+ /:16<+ -: =/+
-M .:8=6.81 ?1 <.7 + A0=8+<.= .8+ - +0. "01<;'
=91= A0+? 16=1D.7 +=8 <.7 + C.= C1@ ;1>= 7 +?<=9;161< 1 C. 8=/1= ?1 0+6.?.01
<=8+<>: 1;-0- 8=01= 7 + A06= ?1 0+6.?.01 918- E+8.7 9>- ;+=0.7 - 16=1D.7+=6. /: 16<.
?=A0.<=9. E+8.7 . C.:. 9- - 6+D. 91 A0.0=?=8 /19=61 . A0.0=?=8 91/=0+61<7 1 +8.B10.
=918<1+9;=/ 6+>1 6+0=61: . 9- ?1 1>= D1/0+61@6=?- =<1 9+ A=: 1>= A0+;6101 - 61D?-EN
981;01: . 9- ?1 7 + 61D?-E 7 +?.<. A016. /19 16=1D.7 +=6+ 9;-?.7+ ?=6+: + 9- ?= -6.,1<7 1 ?1
961>. E+8.7 9>. +: +8+<; 8=G+ A=9;=7 1;. - ;0. 1/0+/1;<1 9;1<7 1 1 ;= 9- B609;= ;+B<= .
/19=6.;= 16=1D.7 + 7 + -9;1<=6.= ?1 7+ 91/=0+61<7 + E+8.79>1 0+1>F.71 - >=7 =79+ ;610. >1=
@;= 9- -/: 7+<.> 9-8A=0 .: . M=9M=0 6+D-7- 91 >.9+=<.>=8 0-@.= 7+ ;+=0.7 - = M :
=/.9;=<-
7+?<- ;.A.B<= 10.9;=;+: =69>- A0+A0+>- 9E61;1<7 - 9;610<+ A0.0=?+ E+8.7 9>.E 0+1>F.71 <+
918= ;= 16=1D.7 +=6 9;.:.9;01G.61<71 D19<=61< <1 A0+F.D<=9;. .D609<=7=A.;<=7;+E<.F. .
>0.;.B>=71<1: .D. ?=C.7 +<.E A=?1;1>1 A=9;16.= 7 + E+8.7 - <1 A-; >=7.8 9+ =<1 . ?1<19 >0+I+
16=1D.7 +=6 <+A=90+?1< ?=A0.<=9 1;=8.D8- C.= 7 + <+D<1;1< 1: . 7+ 16=1D.7 + A=9;16.=
F+:=>-A<- E+8.7 9>- <1->- <1 B609;+ ;+8+: 7
+ C+D>=7 .E <1-B<.F. - 9: +?+I+8 6+>- <+ C.
-9A+: . ?1 ?17 - <+A=90+?<+ ?=>1D+ = A=9;=7 1<7 - 1;=81

=?1 7 + =B10161: 1 16=1D.7 +1 =<= 60+8+ 8<=/. <1-B<.F. 7 =@9- 6+0=61: . ?1 7+ 6=?1
7+?1< =? =9<=6<.E +: +8+<1;1 . ?1 9+ <+ 8=G+ 01D: =G.;. <1 919;=7 >+ +>. 9- 6+0=61: . . -
;01<98-;1F.7 - ( <1 A0.8+0 ?1 9+ 6=?1 8=G+ A0+;6=0.;. - D+8: 7
- .: = 7 + . =A.;1 >=7 .81 9-
=6= ?=>1D.61: . ;16.@>=;1= 6=?+ <1 61;0- . A=9: + ?-G+/ >: 7-B1<7 1 <1 6=?. A=B<+ ?1 9+
9;6101 7 +?1< 9: =7=? B609;.E =9;1;1>1 = 9+ 6=?1 A=B+: 1 A0+;6101;. - B60@I+ +: +8+<;+
0+>: . C. ;1>6. <1-B<.F. 1> . 6+: .>. =C+0; =7 :6+0=61= 7 + - ;01<98-;1F.7 - 0@.= 7 + =A.;+
91 C.: 7>181 . ?=>1D1= ?1 =<+ ?=> 019;- -A.7 17 - 6=?- 0/= 6=?1 9+ A0+;6101 - : .@I+
9;1C: 7.>+ F6+I+ 1? 6.?.8= D1@;= 8<=/. : 7-?. <.9- .81: . A=6+0+<7 1 - =A.;+ +0 D1>: 7 -BF.
>1= =61 ?61 ?=6=: 7<. 9- ?1 B=6+> 81: ;+<+ A0+,+ <1 A.<=D.<- 9;01<-
16=1D.7 +7 + 6.?+= ?1 - ;1>6.8 =A.;.81 A=9;=7 . /0+@>1 - 8+0+<7 - 01?.= 7 + . =< 7 +?1<
=A.; - 6+D. 91 >: 7-B1<7 +8 6=?+ 1: . ;1>= @;= 7 + -D+= .9>: 7-B.6= ?+9;.: .91<- 6=?- . D1;6=0.=
7+ - A=9+C<- A=9-?- D61<- 2 A+: .>1<2 1 A=9-?1 <+ ?17 + ?=C.7 +<=76=?+<=7A10. ?1 .D.,+
<1 C.: = >=7 - 9;01<- <+/= 7 + D10=C: 7161 . >=<?+<D-7 +N>=<?+<D=61<1 =<1 9+ 9: .61 - 7+?1<
:=A;19;. ?+= =?1>: + 9+ >0=D ?6+ F+6. <1: .> <1 0-B>+ 601I1 - =<17?+= - >=8+ >: 7-B1
1>: + <. <17 81<7 1 >=: .B.<1 6=?+ <.7 + 9+ 8=/: 1 .D/-C.;. 16=1D.7 + 7+ A1G: 7 .6= .D8+0.=
A+: .>1< D1;.8 . ?+9;.: .91<- 6=?- 1 =<?1 =9;16.= 6=?- ?1 ;1>= >: 7-B1 ?1< C+D
A0+9;1<>1 1 >017 - =6=/ ?-/=;017 <=/ =A.;1 <1 ?<- 9+ 9;610<= <1@: 1 A0.8+;<1 >=: .B.<1
B609;+ 81;+0.7 + 16=1D.7 + 7 + ;1?1 A1G: 7
.6= .D8+0.= 6=?- A=9+C<= A+: .>1< A=9+C<= . ;17
B609;. =9;1;1> A=9+C<= =>1D1: = 9+ ?1 7 + ;+G.<1 6=?+ =9;1: 1 ;1B<= .9;1 . A=9: + 9;= 7 +?<=/
?1<1 >-61<7 1 @;= <18 >1D-7 + <+@;= = A=8<=9;. 16=1D.7 +=6+ ;+E<.>+ +:
.>1< 7 +
8+,-;.8 C.= 81: = :1>@. +G.<1 B609;=/ ;1: =/1 C.: 1 7 + 7 +?<1>1 =<=8+ @;= 7 + A+: .>1<
.D/-C.= 17 =9;1;1> <1 ?<- <.7 + C.:1 2 ;01<98-;=61<1 6=?12<+/= 9- ;= C.: . ?+: .I.
9.:.>1;<=/ 9;1>: 1 019;6=0+<. ;=>=8 >-61<7 1 16=1D.7 + 7 + A=>1D1= ?1 9- =A.;. C+D
A0+F.D<=/ 8+0+<7 1 C+D60+?<. ?1 B1> 8=/- D16+9;. B=6+>1 <1 9196.8 A=/0+@<+ A-;+6+
16=1D.7 +7 + .81= 7 +?<- A0+F.D<- 016<=;+G<- 61/- 91 ?61 7 +?<1>1 ;191 . 91 ;+/=6.81ND1
;1>6- 61/- >1G+8= ?1 9- ;= 2 1A=;+>109>+ ;+01D.7 +2 + 1A=;+>109>+ ;+01D.7 + C.:+ 9-
<7+/=61 6.=: .<1 <1 >=7 =77 + D<1= ?1 96.01 ;1>= ?=C0= ?1 7 + A=9;./1= 0+6=: -F.7- - E+8.7 .
=: .>= = ;01<98-;1F.7 . : . 8<=/. : 7-?. A1 . 918 16=1D.7 + 7 =@9- 6+0=61: . ?1 7 + 6=?1
=9<=6<. +: +8+<; - D1C: -?- =?1/<1= 7 + 918 16=1D.7 + 1.8+ <1A016.= 7 + 1A101; 91
?61 8: 1D<.>1 A1 7 + >0=D<7 .E A-@;1= 8: 1D+6+ ?61 01D: .B.;1 /191 . A=>-@161= ?1 .E D1A1: .
<+ C. : . 9+ 9A=7 .:
. - <+@;= ;0+I+ +?<=/ ?1<1 =?: -B.= 7 + ?1 ;= -01?. 91 >.9+=<.>=8 .
6=?=<.>=8 =B+>-7 -I. ?1 9+ 9A=7 + - <+>1>6- >.9+: .<- .: . ;1>= <+@;= +,-;.8 ?=C.= 7 +
6=?- 1> 7 + . =A.91= ;- 6=?- 0+>1= 7 + ?1 7 +R B.9;1 A=A-; ?+9;.: =61<+ 6=?+R D1@;= . ?1
<+ C-?+ B.9;1' 016.= 7 - 7 + A=: 1D+I. =? A=B+;>1 1? 7 + A=9;1: = =B./: +?<= ?1 6=?1 <.7 +
+:+8+<; 96+;1 <+/= ?1 7 + ;610 >=7 1 9+ 8=G+ <1A016.;. ;1>= @;= ?61 ?+: 1 6=?=<.>1 9A1: .@
-7 +?<=8 ?+: - >.9+=<.>1

81
 "=?.<+ T!* ?+9.= 9+ .9;=0.7 9>. ?=/1,17>=7 . 7+ A=90+?<= -<1A0+?.= E+8.7 - 01I1
=</=: M7+ =</=: M
.+0 .D6+: 1 9- ;1?1 A06+ : +;=6+ C1: =<1 91 : 7-?9>=8 A=91?=8ND1 A=/=<
C1: =<1 9:-G.= 7 + 60-I61D?-E C0D= A=9: + ;=/1 .D6+9<. 10: # #E10: +9 >=7 .
7+ C.= <. 81<7 + <. 6.@+ <+/= <19;16<.> M .D.>+ <1A-<.= 7 + 96=7C1: =< 6=?=<.>=8 . ?./1= 9+
<1 =>= ;0. E.: 71?+ 8+;101 16=1D.7 +1 7 + =6= D1?.6.: =N8.9: .= 7+ <1 8=/-I<=9; ?1 9+ : 7
-?.
;1>6.8 C1: =<.81 ?.G- .D<1? =C: 1>1 ?1 C. A0=-B161: . 8+;+=0+ C0D= 7 + 16=1D.7 +
<1.8+<=61< D1 B: 1<1 =?C=01 >=7 . 7 + .81= D1?1;1> ?1 .9;01G. >1>= C. 9+ /19 D1 C1: =<+
8=/1= A0=.D6=?.;. - 6+: .>.8 >=:.B.<181 16=1D.7 + 7 + <18+9;.= ;=A=69>- F+6 <1A-<.= 7 +
/6=D?+<.8 A09;+<=6.81 D1/0+7 1= ?= -G10+<=9;. . =<?1 A-@;1= 6=?- ?1 A0=: 1D. >0=D;=
=C.71:+ 9- 9+ 9;610<= 6+: .>+ >=:.B.<+ 6=?=<.>1 7 +0 9+ 6=?1 01D: =G.:1 <1 96=7 + 919;16<+
+:+8+<;+
1? 6.@+ <.>= A18+;1< <.7 + 6+0=61= ?1 7 + 6=?1 +: +8+<; +,-;.8 16=1D.7 +1 7 +
B+>1: =7 =@6+I+ .D<+<1,+<7 + 1D: 1/1= 7 + =/0=8<+ >=: .B.<+ 6=?+ <1 6=?=<.> . >.9+=<.> 1: .
7+ 01D8+01 .D8+,- ;1 ?61 .9A1?1: 1 961>. A-; ;1B<= .9;1 .7 + 9+ 8=/1= .DC+I. D1>: 7-B1> ?1
;- A=9;=7 . <+>. M.<. 8+E1<.D18 >=7 . C. 9+ 8=/1= =C7 19<.;. <+B.8 @;= 7 + - <+>=76+D. 91
1;=8.81
16=1D.7 + <.7+ 8<=/= <1/1,1= = 1;=8.D8- 918= 7 + 0+>1= ?1 - E+8.7 . ?+:-7- <+>+
7+?<=9;16<+ <+?+: 7.6+ B+9;.F+ = >=7 .81 <+ D<18= 8<=/= : . 6.?.;+ =< <.7 + ?=C.= A0.: .>-
?1 9+?<+ =<1>= A+<D.=<+09>. =98=;0. F+: - 96=7 - >10.7 +0- . <1A.@+ 8+8=10+ - >=7 .81 C.
8=/1= .D<+;. <+>1 ?1: 71 01D8.@: 71<7 1 = 1;=8.81 .= 7 + -B+9<.> - 0+6=: -F.7
. 7 =@ =?
A=B+;>1 1: . 7+ ;=>=8 01D?=C: 7
1 D61<=/ 2 ;+0=02A1= - <+8.: =9; . =?6+?+< <1 /.: 7=;.<-
/=?.<+ T3P >1? 8- 7 + C.:= ;+> A+?+9+; /=?.<1
1 ?1< >1? 7 + <1? 16=1D.7 +=8 .D60@+<1 980;<1 >1D<1 /+=8+;10 %=D+M -7 1/01<G
=9+AE =-.9 1/01</+ 9-8.01= 7 + =6- ;01/+?.7 - 0+B.81 R 7 .81 7 + C.= ?=6=: 7
1< 918=
7+?1< ;0+< ?1 =?9+>- ;- /: 16- 1 <=61 ;1>61 <+I+ <19;1;. 8=G?1 <. - 9: +?+I.E 9;=
/=?.<1 R

8A: .>1F.7 + 16=1D.7 +=6=/01?1 .9A.;.61= 7 + 7 +?<= A=>=: +<7+ >19<.7 + 9>0=8<. +</: +9>.
<19;16<.> /01,1<.< .D 90+?<7 + ?0-@;6+<+ >: 19+ G=< 1: ;=< =E< 1: ;=< +> 91
1:;=<=8 >=<1B<= .818= <1@- >: 19.B<- 9:.>- <1-B<.>1 A=/=?<- D1 ;+: +6.D.79>+ M .:
8=6+
D/: +?1 ?1 9+ - <7 +/=6=8 : .B<=8 G.6=;- <.7 + <.>1? ?+9.: = <.@;1 .7+ 9+ <.>1? <. =G+<.=
"=6=0.= 7 + R ":161 8. 7 + ;=: .>= A-<1 ;0=-/: =61 E+8.7 9>.E A0=F+91 +: +>;0.B<.E =A.;1 .
9:.B<=/ ?1 <+818 >1? ?1 8.9: .8 = G+<.?C. R 1 <7 +/1 7 + ?1< 6+: .>.E ?=/1,17 1 C.= 1>= 9+
A0=@+;1 A= /01?- . 8=G?1 =?+ <1 919;1<1> 6+09>+ D17 +?<.F+ >6+>+01
1: ;=< 7 + A=B+= >1= 9>0=8<. <19;16<.> - @>=: . .<;+0<1;9>=/ ;.A1 /?+ 7 + 9:=C=?<=
60+8+ .9A-<7 161= B.;17 -I. ?+: 1 7 -;<1 . =7 :1 .@+ =? ?+9+; /=?.<1 C.= 7 + <1 ;=8 01?<=8
8+9;- 1 =<?1 9+ -C1F.= ?1 C-?+ <19;16<.> 81;+81;.>+ - 7 +?<=8 >=: +?G- - 1<B+9;+0-
1? 7 + ;18= 9;./1= 91=A@;.: . 9- 8- ?1 I+ 8=01;. ;1>=,+ ?1 ?0G. B19=6+ E+8.7 + : =G.= 7+
G1: C- 7 +0 7 + ;= D<1B.: = ?61?+9+; 7 +?1< 91; <19;16+ <+?+: 7<= "=?.<+ ! ?17 + =9;16>- .
=;6101 96=7 - 9=A9;6+<- <19;16<- 1>1?+8.7 - @;= 8- 7 + ?1: = 60+8+<1 ?1 9+ C16.
.9;01G.61<7 .81 - =C: 19;. E+8.7 + +,- <1-B<.F.81 9+ 981;01: = ?1 7 + G=< 1: ;=< 7 +?61
<+@;= 81: = 6.@+ =? 181;+01 ( 96+ ?=> <.7 + =;>0.= 96+;- 96=7 - 1;=89>- ;+=0.7 - 1 ;= 7 +
-B.<.= .D8+,- ! * . ! ! /=?.<+ ?1>: + <1 A=B+;>- ?+6+;<1+9;=/6+>1 =: .>= 7+ <181
A=D<1;= 1: ;=< 7+ C.= A06. >=7 . 7+ . M=081: <= 619>09<-= +8=>0.;=6 ;+08.< 1;=8 -
D<1B+<7 - 9.I-@<1 A=7 +?.<1B<1 B+9;.F1 >=7 1 D17 +?<= 91 7 =@ 8<=/= ;1>6.E 91B.<7 161
81;+0.7 - :. -<+= 7 + .D8+<- 18;.8= ?1 9- >=? +8=>0.;1 1;=8. 01D: .B.;.E ;610. .81: .
01D: .B.;+ =C: .>+ - >: 7 -B<- -: =/- >=? 1: ;=<1 7+ A0+-D+: 1 ;+G.<1
61 1;=89>1 ;+=0.7 1 C.:1 7 + 1: ;=<=6 <17 6+I. ?=A0.<=9 <1-F. +>. :7
-?. A0.B17 - ?1 7 +
=;>0.I+ 1;=81 ;1?1 6+I2 6.9.:= - 61D?-E-2 1 . 7 +9;+ <+>. .9;=0.B10. >1G- ?1 9+ 1: ;=<-
A0.A.9-7 + 6.@+ D19: -/1 <+/= @;= .E D160+,-7 + 1: . - 961>=8 9: -B17 - <.>= <+ ?=6=?. -
A.;1<7 + B.<7 +<.F- ?1 7 + <7 +/=61 ;+=0.7 1 D1A1<7 -7-I+ -;.F1: 1 <1 1;=89>- ;+=0.7 - E+8.7 + (
?.9F.A: .<- >=7 1 7+ -9>=0= A=9;1: 1 7+?<1 =? <17 -;.F17 <.7.E - F+: =>-A<=7<1-F. A0=?.0-I. -
8<=/+ ?0-/+ =C: 19;. 196.8 7 + - 0+?- ;= @;= 7 + A06. =A.;<. 2 ?=>1D2= A=9;=7 1<7 - 1;=81
?=@1= -A016= .D E+8.7 + 18;.8= >1>= 9- 9;019;6+<= 1<;.B>. "0F. A=>-@161: . ?1 6.?+

82
<+@;= <+A0=8+<: 7 .6= 7 +?<= 2 10E+2 - =6=8 96+;- /?+ 9+ 9;1: <= 96+ 8+<7 1 6- >0.D-
01D0+@.= 7+ 1(;=8 18= A0+8+@;1@ . A0+019A=0+,-7 +@ 1(;=8+ . A=9;./<+@ >=7 - /=?
A0=8+<- G+: .@ 1: . B609;1 9;+<1 <1 >=7 =79+ ;+8+: 7. <1@+ A=9;=7 1<7+ 1 ;1 9;+<1 7 + 1(;=8
=9;17+ <+A0=8+<: 7.61 E+8.7 . 901D8+0<= 81: . C0=7 609;1 1;=81 ?17 + =/0=8<+
8=/-I<=9;. .DC=01 D1;= @;= A=9;=7 . =/0=81< C0=78=/-I.E >=8C.<1F.7 1 7 +?1< -/: 7
+<.>=6
1;=8 8=G+ 9+ >=8C.<=61;. 91 7 +?<.8 >.9+=<.>=6.8 .: . 91 ?61N6=?=<.> 91 >.9+=<.>=8 .: .
91 E:=0=8 .: . 91 9-8A=0=8 . ;1>= ?1: 7
+ A1 .A1> 1;=8. 6=?.<.>1 =9;17 - -6+> 6=?=<.> ( 96.
9- 8+,-9=C<= 7 +?<1>. . <+ 8=/- 9+ .D8+<.;. <.>1>= E C1@ 98= 9+ D1: +;+:. 1
D1C=016.98= <1@+/7 -<1>1 1: ;=<1
=@;= 7 + A0.8+;.= ?1 9+ =9=C.<+ /19=61 <17 C=: 7+ 8=/- =C7 19<.;. A=9;-: 1;=8 =
1;=8.81 1:;=< 7 + A0.=<-= <1 A=91= ?1 =6- D18.91= A0.8+<. <1 E+8.7 9>+ 0+1>F.7 +
0.8+;.= 7+ ?1 961>= E+8.7 9>= 7 +?.<7 +<7+ -6+> 91?0G. 96=7 + 919;16<+ +: +8+<;+ - 01D8+0.
>=71 =9;17 + .9;1 ;+G.<9>. /: +?1<= 1 A0.8+0 -/: 7+<.> . >.9+=<.> 9+ >=8C.<-7 - . ?17 -
-/:7+<(8=<=>9.? # >= E=I+@?1 <1A016.@-/: 7+<(8=<=>9.? -6+> I+ ;. C.;. A=;0+C<=
) /0181 -/: 7
+<.>1 . $ /0181 >.9+=<.>1 .: . ) >.: =/0181 -/: 7
+<.>1 . $ >.: =/0181
>.9+=<.>1N>=7 - /=? ;+G.<9>- 7 +?.<.F- ?1 G+: .@ -D8. 7 + 1: . 01D8+01 I+ -6+> =9;1;. ) $
1>= C. 9+ =6= 8=/: = =C7 19<.;.' >= 7 +?1< 1;=8 -/: 7+<.>1 .81 ;+G.<- =? ) <+>.E 9.;<.E
7+?.<.F1 1 7 +?1< 1;=8 >.9+=<.>1 ;+G.<- =? $ .9;.E ;.E 9.;<.E 7 +?.<.F1 =<?1 A0.: .>=8
9A171<7 1 81>10 . <17 6+I.E >=: .B.<1 ;1 ?61 +: +8+<;1 8=01 .9>09<-;. .9;1 ;1 01D8+01 6=
918= A= 9+C. <+ C. C.= 7 1> 10/-8+<; - A0.: =/ 1;=81 +,-;.8 8=G+@ A016.;. 01D<1
7+?.<7+<71 6=?=<.>1 91 >.9+=<.>=8 . 91 -/: 7+<.>=8 . 01D8+01 I+ -6+> C.;. A0+81 )
A0+81 $ 1? 6+IA=B.<7 - ?1 A=<+9;17 - 1:
;+0<1;.6<1 =C7 1@<7 +<71 >1? 9+ .9;1 ;1 : =/.>1
-9A+@<= A0.8+<. <1 9;=;.<+ 01D<.E 7 +?.<7+<71 1;=8. =9;17 -7 +?.<= 01D-8<= =C7 1@<7+<7 +
1:;=< 7+ .D6+= 0+6=: -F.7- - <1-F. ;1>= @;= 7 + A0=/: 19.= ?1 7+ 1;=8 =9<=6<1 7 +?.<.F1
961>=/ E+8.7 9>=/ +: +8+<;1 . ?1 961>. E+8.7 9>. 1;=8 .81 96=7 - 9=A9;6+<- =?0+,+<-
;+G.<- 6= >1>= ;= A.@+ 918 1: ;=< /=?.<+ ! !

=9;=7+ ;0. 7 19<= 01D: .B.;1 ;+:1 A= 609;181 .: . ;0. 9;1<7 1 >=7 1 9- <10=B.;= A0.6->: 1
A1G<7 - M.:
=D=M9>.E E+8.B101N1 ;= 7 +9- 9;1<7 1 =D<1B+<1 <1D.6.81 +: 19;.B<. M:
-.?. ;+B<=9;. .
B609;1 ;+:1 +?1< 60: = 9:161< A0.8+0 7 +9;+ 6=?1 >=7 1 <18 9+ ->1D-7 + >1= ;610 9A=9=C<1
A=? =?0+,+<.8 =>=: <=9;.81 ?1 961 ;1 ;0. 9;1<7 1 A=A0.8. 6=?+<=7 A10. 8.
A0+A=D<17 +8= 9160@+<= +: 19;.B1< M :
-.? - 6=?. 9160@+<- ;+B<=9; 1 - : +?- ;+: = 9196.8
B609;= 61 =A1G1<7 1 ;.E= 9- ?=6+: 1 ?= D1>: 7
-B>1 >=7 . .D/:
+?1 ?1 7 + =A@;+A0.E61I+< 1 A=
>=8+ 961 ;+: 1 =A1D.6= 6+: .>1 96+7 +?<= ?1 : . ;+B<1 .: . B609;1 7 +9- 919;16: 7+<1 =?
=/0=8<=/ C0=7 1 >017 <7 + 81: +<.E B+9;.F1 .:. 1;=81 81;+0.7 + A=6+D1<.E 9.: =8 A0.6: 1B+<7 1
>=7 17+ 81<7 + .:. 6.@+ 7 1>1 D16.9<= =? =>=: <=9;.
+8.7 9>1 1<1: .D1 . 9.<;+D1 <+ .?- ?1: 7
+ =? ;=/1 <+/= ?1 =0/1<.D-7 - 01D?617 1<7 + B+9;.F1
7+?<.E =? B+9;.F1 ?0-/.E . <7 .E=6= A=<=6<= 9A17 1<7 + .>1>6= <=6= 9;6101<7 + 1 <.
-<.@;161<7 + 81;+0.7 + <.7 + - ?=81@17 - ?+: 1<71 E+8.7 9>.E 1/+<191 1= ?1 A=>-@1618=
?=6-I. <+>- <=6- A: 1<+;- - -<B+6. 9.9;+8 .: . A1> -<.@;.;. <+>- 6+IA=9;=7 +I- ;1>= C.
C.:= >1? C.98= E;+: . B+9;.F- 6=?=<.>1 9;6=0.;. .: . -<.@;.;. 6+ A0=8+<+ >=7 + 8. 8=G+8=
.D1D61;. 919;=7+ 9+ - ;=8+ ?1 01D?6=7 .8= B+9;.F+ >=7 + 9- - 9;1<7 - A=6+D1<=8 .: . =<+ >=7 +
9- 81: =A0+ C.:+ -?1: 7+<+ 91?1 ?1 DC: .G.8=

1<.8: 7.61 7+ 9-A0=;<=9; - <1-B<=8 9;.: - 16=1D.7 +1 . 1: ;=<1 => 7+ 16=1D.7+ C.=
A=8<. 8+0.;+: 7 ?0G1= ?= A0+F.D<=9;. . ;.8+ A=9;./1= ?0181;.B<= A0+-9;0=7 161<7+ E+8.79>+
8+;=?=: =/.7+ 1: ;=< 7+ B.<.= 8<=/= /0+@1>1 C+:
+G.= 7+ C0=7T -8+9;= ! D1 0+: 1;.6<-
;+G.<- >.9+=<.>1 - =?<=9- <1 6=?=<.> =/0+@<= 7 + 9E61;.= 919;166=?+ >1= . 18=<.7 1>1
1 .A1> A=9;./1= 7 + 7+?<= =? <17 ?-C:
7.E <1-B<.E =;>0.I1 ;+ +A=E+ A=9: + )) /=?.<1
<1/1,1<7 1 . 8-;<.E 9A+>-: 1F.71 ?=>1D1= 7 + C1@ =< G=< 1: ;=< ?1 1;=8. 9;610<=
A=9;=7+ 0+?9;16.= 7 + 716<=9;. <=6. A=/: +? <1 9;610. >=7 . R 1>= 9+ -9;1:. @;= 7
1 <+
9-8<7 +8 ?1 60+8+<=8 E=I+ =<?1 I+ A0=.D6+9;. <17 D181@<.7 + A0=8+<+ - 9.9;+8-
E+8.7 + . 96+9;. 7+ F+: - <1 7 +?<- <1->- 6+: .>+ 7+?<=9;16<=9;. R <7 +/=6 1A101; <.7
+ C.=
8=I1< 8.>0=9>=A <.;. 1>F+: +01;=0 B+9;.F1 <+/= A0+/0@; +A0-6+;1 7 +?<+ A0+F.D<+
1A=;+>109>+ ;+01D.7 + E+8.7 9>1 <1-B<1 :.;+01;-01 =<=/60+8+<1 . 9;6101: 1B>= <1?1E<-I+
<= B+8- 7 + 1:;=< <1?+<-= <1D.6 1;=8 961>1>= <.7 + 1(;=8 .D +8=>0.;=6.E
A0+?6.,1<7 1 1?1 D<18= ?1 1;=8 >.9+=<.>1 <1 A0.8+0 <.7 + <+?+:7.6 < .81 96=7 -

83
A=?9;0->;-0- . ;= 6+=81 9:=G+<- :
. ;17<1D.6 D1?0G1= 9+ - -A=;0+C. >1? 9+ ?1<19
<=081: <= >1G+ 1;=8 8.9:. 9+ <1 1: ;=<=6 1;=8 ;= 7
+ D1A016= E+8.7 9>. 1;=8
<1781<7 . 8=/-I. >=81?.I <+>=/ E+8.79>=/ +:
+8+<;1 >1= @;= 9- 6=?=<.> >.9+=<.>
-/:7
+<.> .:. -01<

19:
=6- ?<+6<=8 :
.9;- =7
1: <>617
+0+0 .D ! O /=?.<+

#
(

60+8+<1 <1 =/0=8<= 60+8+ ?=/=?. 9+ ?1 <+>. <1-B<.> ?=,+ ?= 91D<1<7 1 >=7 +7 +
;1>= 7 +?<=9;16<= . +: +/1<;<= ?1 <1A0=9;= 8=01 C.;. .9;.<.;= 91D<1<7 1 >=7 + B.<. 9+ 0+@161
7+?<.8 C0D.8 A=;+D=8 <+>. A0=C: +8 >=7 .7+ 8-B.= <1->- E.: 71?181 /=?.<1 60+8+<1 <1
9;= A-;1 =/0=8<.7 + 60+8+ ?=/=?. 9+ ?1 7 + ;17<1-B<.> - A016-
.:
.7+8- 01-;- 4.: :.18 0=-; 8=G+;+ 0+I. 918= ;= ?1 7 + C.= C: .D- ;1>= C: .D-
7+/=6 A0+?: =/ C.= 7 + 7+?1< =? <+>=: .>= <17 6+I.E 2E D181: = 2A0+?: =/1 - <7 +/=6=8
9;=:+I- 1/1,1= 7 + 1 >1? 7 + 96=7- ;60?<7 - .D<+= =?C1B+<1 7 + 1: . .DA=/0+@<=/ 01D: =/1
A1 . ;= -/: 16<=8 9;.F17 +8 <+90+I<.E =>=: <=9;. +/?+ =>= ! O /=?.<+ =617+</: +9>.
E+8.B10 A=8.9: .= 7+ ?1 7 + <1@1= B+9;.F- =? >=7 + 7 + 91/01,+<1 961 81;+0.7 1 1;=8
6=?=<.>1
17?+ ?1 C-?+8= A=@;+<. A0+81 <7 +8- 18.91= 7 + C.: 1 ?-C=>1 +: +/1<;<1 1
A=/0+@<1 2 918= 81: B.F+2 01-; 7 + 01?.= =<= @;= ?=C10 <1-B<.> ;0+C1 ?1 01?. ;01/1= 7 + D1
7+?<=9;16<=@I- >1= @;= <19 7 =@ /0B>1 ;01?.F.7 1 -B. 01G.= 7 + 8+,- ?61?+9+; A+;
E+8.7 9>.E +: +8+<1;1 A=D<1;.E - =<= 60+8+ <17 81<7 . D17+?<.B>. 91?0G1: 1F 1: 71 A0.D<1;.
?1 7 + 81: = =?: -;1= .D A=: 71 96=7+ 9;0-B<=9;. ": 16<= A=9;./<-I+ A= >=8+ 7 + C.= A=D<1;
9160+8+<.F.81 919;=7 1:= 9+ - ;=8+ @;= 7 + <1A.91= F+: =6.; A0.0-B<.> = 8=>01I. 9.8 ;=/1
=C16: 71= 7 + =A@.0<+ =A.;+ 91 .D8+;=8 D8.7 + >=7 1 9+ D=6+ C=1(?16.;+: 7 1>= /1 7 + ;=
?=6+: = ?= 1;=8.D81 <+ C.E ?1 <1/1,18
01-;- 7 + C.: = 719<= ?1 6=?=<.> .81 1;=89>- ;+G.<- . ?1 7 + <17 :
1>@. =? 96.E
+:+8+<1;1 1 8=G?1 7 + =<?1 ;= 2 =9<=6<1 81;+0.7 12 0+>1= 7 + =< 8=G?1 9- 96. =9;1: .
+:+8+<;. 918= >=8C.<1F.7 + 6=?=<.>=6.E 1;=81 =,+< ?-E=8 ?0+6<.E 8-?01F1 ?1= 7 +
=6=796=7 =7>6.<;+9+<F.7 . <1D.6 2A0=;17 :
2 7 +/=61 D18.91= C.: 1 7 + A=A0.: .B<= 01D-8<1 7 +0
1;=89>+ ;+G.<+ 6+I.<+ E+8.7 9>.E +:+8+<1;1 C.: + 9- =;A0.: .>+ F+: . A0.0=?<. C0=7 +6. . 8=/: +
9- 9+ ?=C.;. ;1>= ?1 <1A0=9;= A=8<=G.@ ;+G.<- 6=?=<.>=6=/ 1;=81 91 <+>.8 F+: .8
C0=7+8 1.8+ ;1>= 7 + .D/: +?1:= D1;= @;= 7 + 8+0+<7 + 0+: 1;.6<+ 1;=89>+ ;+G.<+ ;1?1
=C16: 71<= <17 B+@I+ A0.:.B<= A0.C:.G<= : . ;1 8+0+<7 1 9- A=: 1>= A=9;17 1:1 96+ ;1B<.7 1 . ;1?1
7+ 01-;=61 E.A=;+D1 =A=60/<-;1 .DA=/0+@<=/ 01D: =/1 1,+<= 7 + ?1 E: =0 <1 A0.8+0
.81 0+: 1;.6<- 1;=89>- ;+G.<- =? *OO .8+ 7 + 01-;=61 D18.91= C.: 1 =C=0+<1 7 +0 <+
8=G+ A=9;=7 1;. A=: 1 1;=81 8. 91?1 D<18= ?1 7 + A0.0=?<. E: =0 8+@16.<1 ?61 .D=;=A1
E:=01 ( ?1>: + ?6+ 610.7 1F.7+ +?1< .D=;=A 7 + 2;+G1> *O 6=?=<.>121 ?0-/. .D=;=A 7 + 2;+G1>
*T6=?=<.>12 ;= <.9- <.>1>6. 6=?=<.F. <+/= 9- ;= A0=;=<. . <+-;0=<. >=7 . .817- 81: ;+<+
.9;- 819- >1= 6=?=<.>=61;=8
<= @;= 7 + 01-; 96=7 =8 E.A=;+D=8 A0+?6.?+= C.: = 7+ ?1 C. 8=/1= A=9;=7 1;. 7 +?1<
<->: +=< <->: +=<. 9- B+9;.F+ - 7 +D/0-NA=9;=7 + ?61 <->: +=<1 7 +?1< 7 + A0=;=< ?0-/. 7 +
<+-;0=< >=7 . C. C.= -<.6+0D1: <1 2=A+>12=? >=7 + 7 + 961 81;+0.7 1 91D?1<1 = 7+ 01-;
,16=: 9>. ?=C0= A=>-@1= =;+01 D1 9.9;+8=8 >=7 . 9+ <+ 919;=7 . =? )O+: +8+<1;1 <+/= =?
<+B+/7 +?<=9;16<.7 +/ <+8.<=6<= 7 + 8=01: 1 -9A+;. >1?(;1?
:
. <+ - ?+6+;<1+9;=8 6+>-

1@- <1601;(<1<=9 7
-0<716- >0=D6.@+ =? ?6+9;1 /=?.<1 E+8.7
+ D160@1618= B=6+>=8
A= .8+<- 8.;0.7 +<?+: 7+7
+6 17E+8.B10 0=?.= 9+ - .C.0- < 7
+ <1A016.= A+0.=?<.
9.9;+8 +: +8+<1;1 1 <7+/=61 ;1C:.F1 C.:
1 7+ =/0=81< >=01> <1A0+? - >:19.M.>=61<7
-
E+8.7 9>.E +:
+8+<1;1N .9;=60+8+<= D<1B.: 1 7
+ <1A0+?1> - ;01/1<7- D1 +8=>0.;=6.8
1;=8=8

84
 :. +<?+: 7+7 +67 + - 96=8+ G.6=;- .9;0A+= 8<=/= : 7-?9>+ 80G<7 + . D:=C+ =/B-?1>1 (
E01<.= 9+ -/: 16<=8 >.9+: .8 8: +>=8 .9A0=C161= 7 + ;1B<=9; <+>+ ;1?1@<7 + 8=?+ -
8+?.F.<. ( -A016= 9- DC=/;1C: .F+ A+0.=?<=9;. +: +8+<1;1 /0-C= .98+61: + >=: +/+ 6+> 7 +
C.= <1 9;01<. 9;-?+<1;1 >1?1 9- .9>09161: . A0=C: +8. <1 +;0=/01?9>=8 -<.6+0D.;+;-N. >1?
.E 7 + A=?0G1= 6+IA0+? >01796=7 + >10.7 +0+ - <+>=8 9;-?+<;9>=8 @;017 >- -<.6+0D.;+;9>+
6:19;. 9- /1 .DC1F.: + 9 A=9: 1
1 <.7 + .81= 9;-?+<;+ 8=/-I+ 7 + ?1 <.>1?1 <+ C. <1B.<.= A+0.=?<. 9.9;+8 1? 7 +
<1.8+<=61< ?1 A0+?17 + <1 >1;+?0. D1 E+8.7 - /=?.<+ !$T +<?+: 7
+7 +6<.7 + 8=/1= <1I.
?=C10 -?GC+<.> >=7 . C. A0+A=0-B.= 9;-?+<;.81 A1 7 + D1;= A0.=<-= ?1 /1 <1A.@+ 918
+8.7 -7 + 91/: +?161= >1= 2 <1->- = 819.2( +;= =A+; ;+ -98+0+<=9;. <1-B<.>1 <1 819- ( 1
A0.:.>=8 A.91<7 1 -?GC+<.>1 ?=9+;.= 9+ ?1 A=D<1;+ +: +8+<;+ A=0+,1 <1A0=9;= A= 0+?=9: +?-
<7.E=6+ 1;=89>+ ;+G.<+
= 7 + -01?.= ;1>= @;= 7 + ./01= >10;+ 1A016.= 7 + >10;+ >1= D1 >10;1<7 + 1: . A01D<+
A=/=?<+ ?1 9+ <1 <7 .81 <+@;= D1A.9-7 +ND1A.91= 7 + <1 961>=79.8C=:D1 A= 7 +?1< E+8.7 9>.
+:+8+<; : . -D;= 7 + D1A.91= . <7 .E=6+ 1;=89>+ ;+G.<+ . 01D<+ =?: .>+ <1 A0.8+0 <1;0.7 -8
1>;.61< 8+;1: N10/=< .<+0;1< /19 +<?+: 7+7+6 7 + 6=: += 7 +?<- ./0- 91 >10;181 D61<-
A19.7 1<9 ;1>= 7 + =< 0+,1= A19.7 1<9 <18+@;17 -I. >10;+ A= 0+?=9: +?- <7 .E=6.E 1;=89>.E
;+G.<1 =? 6=?=<.>1 A1 0+?=8 >1 96+ ;+G.8 . ;+G.8 +: +8+<;.81 <?1 7 + =;>0.= ?1 ;-
A=9;=7 . .D6+9<1 A+0.=?.B<=9; :
.B<+ E+8.7 9>+ =?: .>+ A=7 16.: + 9- 9+ . A= <+>=: .>= A-;1 <1
961>=7=98=7>10;. 1 A0.8+0 : .;.7
-8 <1;0.7 -8 . >1: .7
-8 9- E+8.7 9>. 1>;.6<. 8+;1: . 1
<1: 1D+ 9+ <1 A=: =G17 181 * . 3 : .B<= ;=8+ 6=?=<.> M:-=0 3 . E: =0 T 9-
1>;.6<. /19=6. < 7+ A=0+,1= A19.7 1<9 ?0-/1B.7 + ;1>= ?1 7 + 91? ?=C.= =918 -9A016<.E
0+?=61 961>=8 9;-AF- <1@: . 9- 9+ +: +8+<;. 91 9: .B<.8 =9=C.<181
+<?+: 7+7+6 7 + -B.<.= 7 =@<+@;= <+=C.B<= .7 + <1 9.: - A=A-<.= 961>= A01D<= 8+9;=
1= . - >10;1<7 - D<1= 7 + ?1 7 + A=<+>1 ?=C01 >10;1 9>0.6+<1 %+: += 7 + ;1C: .F- >=7 1 I+
.D/: +?1;. 01D-8<= >1? 9+ B.;1 . -9A016<= . 6=?=016<= >= - 9.9;+8- A=9;=7 .7 +?<= A01D<=
8+9;= 1 9.9;+8 D1E;+61 ?1 ;- C-?+ <+>. +: +8+<; >=7 . C. .81= =?0+,+<+ =9=C.<+ 1 ;1>16
+:+8+<; 7 =@ <.7 + =;>0.6+< ( A1 <.@;1 D1;= <+> =9;1<+ 8+9;= <+A=A-<7 +<= =: 7
+ ;1>=
<+/= ?1 9+ <+>. A=D<1;. +: +8+<; -/-01 ;18= /?+ 8- 8+9;= <.7 + 18= +<?+: 7+7+6 7 +
961>=7 ;1>6=7 A01D<.<. <1?+<-= <1D.6 >=0.9;+I. <+=C.B<. A0+M .>9 2 +>12>=7 . <1 7 +D.>-
91<9>0.; D<1B. 2 7+?1<2 -A- .9A=? 1: -8.<.7 -81 <1D61= 7 + +>1(1: -8.<.7 -8 1 0-A- .9A=?
9.:.F.7-81 <1D61= 7 + +>1(9.: .F.7-8
+ 0-A+ - 9.9;+8- C.: + 9- 7 +?1< =? A=6=?1 D1 A=?98+61<7 + 8<=/.E >=: +/1
+<?+: 7+7+61 1? =<= A+; /=?.<1 >19<.7 + =;>0.6+< 7 + /1: .7
-8 . A=>1D1: = 9+ ?1 7 +
A=A-<.= 0-A- 2 +>1(1: -8.<.7 -82. ?1 .81 96+ =<+ =9=C.<+ >=7 +7 + +<?+: 7+7+6A0+?6.?+=
/=?.<+ !!$ =;>0.@+ <1-B<.F. . /+081<.7 -8 . /: + B-?1 =< ;1B<= A=A-<. 0-A- 2 +>1(
9.:.F.7-82. A=>1D1 9+ ?1 ./01 E+8.7 9>=/A19.7 1<91 <.7 + C1@;=: .>1 /: -A=9;
+?1< =? B.<.: 1F1 >=7 . 9- -B.<.: . +<?1: 7+7 +6:7+6- ;1C: .F- 8=/-I=8 C.: = 7 + . ;= @;= 9-
E+8.B10. A=9;1: . A0+F.D<.7 . - 8+0+<7 - 1;=89>.E ;+G.<1 +: +8+<1;1 +<?+: 7+7 +6 7 + :.B<=
=C16.= <+>1 8+0+<7 1 . .9A016.= <+>+ =? ?=;1?1@<7 .E /0+@1>1 . ;.8+ 918= <16->1= <1
9+C+ : 7-;- 80G<7 - =<.E <1-B<.>1 2 =? 1-;=0.;+;12B.7 +7 + 0+D-: ;1;+ 0+6.?.01=
;>-? ;+ A016.: <=9;. - A+0.=?<=7 ;1C: .F. ;= <.>=8+ <.7 + C.: = 7 19<= 96+ ?=> -
?61?+9+;=8 6+>- <.9- =;>0.6+<. 7 +D/0= 1;=81 . >61<;<. 1;=8 1A016= =C7 16: 7.61<7 +
A+0.=?<+ ;1C: .F+ - A06. 81E =C+9E01C0.: = 7 + <1-B<.>+ +?+9+;1> A=A-<7 +<.E 8+9;1 <1
;1C: .F. 1 961>- A=A-<7 161 <+@;= @;= C. ;0+C1: = ?1 C-?+ 2 1;=82( ?1>: + 7 +?1< =? =9<=6<.E
919;=7 1>1 F+: + 19+: 7+<+ 919;=7 1>1 >=7 . <16=?<= <+ 8=/- C.;. ?+: 7
+<. <1 C.: = @;1 9.;<.7 +
617C0=77 + C0D= 019;1= . ?=9;./1= ?+6+?+9+; =;>017?+6+;<1+9;=/6+>1 918 A=/: +? <1
A+0.=?<. 9.9;+8 +: +8+<1;1 8=/1= 7 + <16+9;. 8<=/+ <1-B<.>+ <1 =B17 161<7 + 1 /?+ 7 +
;= 7 +?<=9;16<= 7 +?.<9;6= D1 >=7 .8 ;=: .>= ;01/198= 6+I ?61?+9+; . <+>=: .>= 6+>=61'
+,-;.8 -A016= =<170+? >=7 . 7 + +<?+: 7+7+6 A0=<1@1= - =A@;+8 2 E1=9-2+: +8+<1;1
->1D.61= 7 + <1 A=9;=7 1<7 + ?-C: 7+ 7+?<=9;16<=9;. 1? /: +?18= =<?1@<7 - ;1C: .F- 1: . 91
D<1<7 +8 >=7 + 91?1 .818= 7 19<= <18 7 + ?1 7 + ;1 ;1C: .F1 <1A0=9;= 8=: .:1 ?1 9+ <+>=
98.: -7 + . >1G+ ?1 1;=8. .817 - =?0+,+<- -<-;01@<7 - 9;0->;-0- >=7 1 9+ A+0.=?.B<= A=<16: 71
:
. <+NE+8.B10. <.9- C.: . 9A0+8<. ?1 =?-9;1<- =? D18.9: . ?1 7 + 1;=8 6=?=<.>1 <+?+: 7
.6
1;=8 >.9+=<.>1 <+?+: 7
.6 . ;1>= ?1: 7+ ( ?1 7 + 961>. <+?+: 7.6 +,-;.8 <1->1 I+ .D6+9;.
<+@;= -9A+@<.7 . <1A1? .D7 +?<=/?0-/=/A016F1

85
 +8=7 ;+ C1F1;. <1 +<?+: 7+7
+61 >0.6.F- @;= 8- 7 + 9.9;+8 C.= ;1>= 9: =G+< =6+> 7+
<1A0=9;= =0/1<.D=61= ?G-8C-9 - <+>1>16 0+? >=: .>= 7+ <17 C=:7
+ C.:= 8=/-I+N01?.= 7 +
=<= @;= ?=C0. <1-B<.F. 01?+ ( ;01/1= D1 0+?=8 -90+? 9: =G+<=9;. 1 G.6=;1 <.7+ ?=C.= =?
96=7.E >=: +/1 D19:-G+<= A0.D<1<7 + 1 <. =C+: =6- <1/01?- .1>= 7 + C.= G.6 7=@ <+>=:.>=
/=?.<1 A= -9;1<=6: 7+<7
- ;+ <1/01?+ :. >1? 7 + -80= /=?.<+ 3 T ?=C.= 7 + <176+I-
8=/-I- A=B19; D1 7 +?<=/ <19;16<.>1 "0-A1 9;-?+<1;1 .@: 1 7+ .D1 A=/0+C<+ A=6=0>+
<=9+I. 6.9=>= .D<1? /: 16+ A=?./<-;- ;1C:.F- 91 <7+/=6.8 A+0.=?<.8 9.9;+8=8 +: +8+<1;1
= . 7+9;+ =<= @;= 7+ =9;16.= - <19:
+,+ :7-?9>=8 0=?- ;- ;1C: .F- >=71 ?1<19 6.9. <1 D.?-
961>+ : 1C=01;=0.7
+ . 961>=/>1C.<+;1 D1 E+8.7 - - 96.8 90+?<7 .8 @>=: 181 <1 =6=8 96+;-

91?1 <1 A=9: +?<7 =7 +;1A. =6=/ =9F.: .017-I+/ 01D6=7 1 >:19.B<+ M .D.>+ <1A-@;18=
.D-B161<7 1 81;+0.7 + . B+9;.F1 . 601I18= 9+ A0=-B161<7 - 9.: + =6=8 9: -B17 - +: +>;0.F.;+;1
?+6+;<1+9;=8 6+>- 981;01: = 9+ ?1 7 + A=D<161<7 + +: +>;0.F.;+;1 A01>;.B<= D19+C<1
<1->1
.:1 7+ ;= ;17 1<9;6+<1 9.: 1 A06= 60+8+ B.<.: = 9+ ?1 <./?+ - A0.0=?. <+ <19;17 +
9A=<;1<= =9.8 - 7 +?<=8 D19;01@-7 -I+8 =C: .>- 1 ;= 7 + 8-<7 1 1;= 9- .9;01G.61B. 8=01: .
?1 -01?+ 7 +?<- 2 <+A0.0=?<-29;610 A06= ?1 A0=.D6+?- =6- A=7 16- 1 ;+> =<?1 ?1 7 +
A0=-B1617 - 1<19 D<18= 8+,-;.8 ?1 7 + +: +>;0.F.;+; 96-?1N961 81;+0.7 1 7 + +: +>;0.B<+
A0.0=?+ 6= .817 ;+ <1 -8- >1? 9;./<+8= - 8=?+0<1 60+8+<1 >1? A=B<+8= 019A016- =
+/D=;.B<.8 B+9;.F181 >=7 + 9+ A0=.D6=?+ - 1>F+: +01;=0.81 +:+>;0.F.;+; 7 + 981;01< D1
<+@;= +/D=;.B<= - ?+6+;<1+9;=8 6+>- <+ 81<7 + <+/= >610>=6. ?1<19 /:+ >1>= 98= 9+
?1<19 =>0-G.: . +:+>;0.F.;+;=8 = 7 + 7=@7 +?1< A0.8+0 >1>= : 7
-?9>1 C.I1 -8+7 - ?1 8+<7 17-
96=7 - G.6=;<- =>=: .<-
<=/. : 7-?. A=9;1?=@+ E+0=7 . +: +>;0.F.;+;1 . 81/<+;.D81 - =6=8 01<=8 01D?=C: 7-N
.8+<1 8<=/.E ;1>6.E ?1;1 9- 01D<.8 +: +>;0.B<.8 7 +?.<.F181 +?1< =? <7 .E 7 + 10:
/.9;+< ?+ -: =< #E10: +9 -/-9;.< ?+ #=-: =8C A= >=8+ 7 + <1D61<1 7 +?.<.F1 D1 >=: .B.<-
+:+>;0.F.;+;1 >-: =< ?+8= ?1: 7+ <?0+ 8A+0 <?0S 8A+0+ ( 7 +?.<.F1 D1 7 1B.<-
+:+>;0.B<+ 9;0-7 + 18A+0 "+=0/ 8 "+=0/ E8 ( 7 +?.<.F1 D1 +: +>;0.B<. =;A=0 =8
G+7 89 1; 18+9 41;; ( 7 +?.<.F1 D1 9<1/- 61; - 7 + <+/?+ . G+7 89 G-: 18+9
=-: + A= >=8+ <1D61@+ 7 +?.<.F- D1 01? . +<+0/.7 - ?G-: -.,. "1: 61<. -./. "1: 61<. <18
7+ ?1= /1: 61<=8+;10 9A016.F- D1 8+0+<7 + +: +>;0.B<.E 9;0-7 1 1 :+91<?0= =: ;1
:
+991<?0= =: ;1 ?1= <18 7 + 6=: ; 7 +?.<.F- D1 <1A=< ;= 7 +9; A=;+<F.7 1: =?<=9<=
+:+>;0=8=;=0<- 9.: - : .B<= ;=8+ 9- "1-9 # "1-99 1<9 0.9;.7 1< 09;+? 1<9
#E0.9;.1< +09;+? . +C+0 4 4+C+0 =9;16.: . ;01/- <1-F. 1 96=7 1 .8+<1 01D<.8
8+0<.8 7 +?.<.F181 . >=: .B.<181 901B-<1;.8 ?1 9+7 - -G19 . /1,+<7 + >0=D0+?=6+ C-?-I.E
9;-?+<1;1 +: +>;0=;+E<.>+ 18= +<?G18.< 0+<>: .< ( <.@;1 .7
+?<1 +: +>;0.B<1 7 +?.<.F1
?1<19 9+ A= <7 +8- <+ D=6+ .1>= 7 + ?1= D<1B17 <+ ?=A0.<=9+ 1?<. +< 1 ?=C0= 1: . 9+
7+?<1 609;1 M -0-<.F+ D=6+ A= <7 +8- 1 =9.8 ;=/1 <7 +/=67 + A=0;0+; <1 <=6B1<.F181 =? 9;=
?=: 101 0+<>: .< 7 + A0.8+;.= ?1 A=9;=7 + ?6+ 609;+ +: +>;0.F.;+;1 =/1= .8 7 + ?1;. <1D.6+
=F1 . =F1 1: . =< 7 + =?: -B.= ?1 .E <1D=6+ A: -9 H . 8.<-9 ( 0+<>: .< 7 + =?0+?.= ?1 9+
>=: .B.<1 +: +>;0.F.;+;1 >=7 1 A=9;=7 . <1 <+>=8 ;+: - D=6+ 2 +: +>;0.B<. <1C=7 2.:. 2<1+: +>;0.91<7 +2
;>0.= 7 + . A016.: = = =B-61<7 - <1C=7 1 >=7 + 9+ 919;=7 . - ;=8+ @;= >1? +: +>;0.F.;+; C.61
A0+<+; 91 7 +?<=/ ;+: 1 <1 ?0-/= DC.0 <1C=7 1 >=7 . 9- C.: . A0+ . >=7 . 9- <19;1: . A=9: + ;=/
A0+<=91 8=01 C.;. 7 +?<1> <-: . : . 8+,- 96.8 =6.8 <1-B<.F.81 9;=7 + 918= ?61 ?.61 . ;=
?61 0.;1<F1 17>: 101?+7. G+7 89 : +0> 1>96+:

61 <1@1 A0.B1 A=B.<7 + A0+? >017 =918<1+9;=/ 6+>1 >1? 7 + "1: 61<. A0=<1@1=
C1;+0.7- 19<.7 +7-7 + -9160@.= =: ;1 ;1>=,+ ;1: .7
1< "1: 61<. 7+ A0=-B161= 0+M:+>9+ G1C+
D1 60+8+ =: -7+ >1B.= 7+ G1C: 7
+ 8.@.I+ <1 0+@+;>- ;1>= =>1B+<+ .9;-01= >0=D A0=D=0 .
D1>: 7
-B.= ?1 9+ ;0D17- >1? <1A=: 7- 9+617 - 8-<7+ .8+ 7 + ?=>1D1= A=9;=7 1<7+ 21<.81: <=/
+:+>;0.F.;+;12 6= 7+ <16+:= =: ;- ?1 9+ C1F. <1 A=91= =>= T3 /=?.<+NC1@7 + ?=C0= @;=
7+ ;1>= C.:= =8.9: .;+ ?1 7
+ 18+0.B>. A0=.D6=,1B 1-;=8=C.: 1 +<0. =0? 8=01= ?1 -/01?. -
961>. 96=71-;= A= 7 +?<- >-;.7- A-<- G1C1 91 <1D<1>=8 <1 A=>: =AF- 2 %1C+ =C16+D<=
<1E01<.;. <1 961>.E O 8.: 71 2 =: ;1 7+ -9;1<=6.= ?1 +:
+>;0.F.;+; <19;17+ >1? ?61 01D: .B.;1

86
8+;1: 1 A=6+G+@ <+B.8 G1C: 7.8 /1?<.8 . =/16<.8 "1: 61<. 7 + >1B.= G1C: 7+ >01>+ =
C0=<D1<+ >->+ 1 0+@+;>1 8- 7 + C.:1 /6=D?+<1 =:;1 7+ -8+9;= G1C+ -/: 16.= >=81?
G.6=;.<7 9>+ @;16: 7+<+ >=G+ <1;=A: 7+<+ 8=09>=8 6=?=8 . ?=C.= 9;0-7 -N <1 =617<1B.<
.9A0=C161= 7 + 01D: .B.;+ A10=6+ 8+;1: 1 A0+?+: .= 9+ A=9: + <+>=/60+8+<1 D1 F.<> . C1>10
. A=B+= ?1 9: 1G+ <+ 918= ?6+ A: =B+ <+/= 6.@+ A: =B1 B.;16+ /=8.: + A0. B+8- 9+ A=>1D1: =
?1 ?=C.7 +<1 9;0-7 1 >=7 - 7 + -A-I.61= >0=D 9;0-7 <= >=: = A=9;17 + 96+ 7 1B1 ? C.;<=/
D<1B17 1 D1 ?1: 7 . 01? C.= 7 + 7=@ 7 +?1< =: ;.< A0=<1: 1D1> +: +>;0=8+;10 >=7 . 7+ 8+0.= ;-
9;0-7 - =:;1 <18 7 + =9;16.= : 1C=01;=0.7 9>- =A0+8- D1 A0=.D6=?<7 - 9;0-7 + 1: . . 91D<1<7 +
?1 9+ E+8.7 9>.8 0+1>F.7 181 8=G+ A0=.D6=?.;. +: +>;0.B<1 9;0-7 1
=@ <+@;= C.;<= D1 01D6=7<1->+ ?=/=?.: = 9+ >1? 7 + -: =< A=B+= ?1 8+0. 7 1B.<- .
A=<1@1<7 + +: +>;0.B<+ 9.: + .D8+,- ?6+ <1+: +>;0.91<+ : =A;.F+ 1 C. =617=A.; .D6+= .D8.9: .=
7+ ;=0D.=<- 61/- 9A016.F- >=7 1 .D609<= 8+0. 6+=81 81: +<+ 9.: + <1 9.:1 >=7 - 7+ E;+= ?1
-E61;. C.: 1 7 + ?1C=8+ +: +>;0.B<1 =8=I- 96=7 + ;=0D.=<+ 61/+ -: =< 7+ -9;1<=6.= ?1 9+
9.:1 .D8+,- +: +>;0.B<.E <1C=7 1 8+<7 1 =C0<-;= 901D8+0<= >61?01;- 019;=7 1<7 1 .D8+,- <7 .E
1>=,+ 7 + =;>0.= ?1 9+ <1C=7 . .9;=/ D<1>1 A: -9 . A: -9 .:. 8.<-9 . 8.<-9 =?C.7 17- ?=> 9+
9-A0=;<. <1C=7 . A: -9 . 8.<-9 A0.6: 1B+ -:=<=6 D1>=< >=7 . ?17+ 9.:- D1 +: +>;0.B<+
<1C=7 + =?./01I+ >: 7
-B<- -: =/- - <1@+8 01D-8+61<7 - 1;=81
<?1 7 + <19;1: 1 =A@;1 <161: 1 <1 60@+<7 + =A.;1 A=7 -0.:. 9- 8<=/. ?1 9+ C16+ ;.8+N-
A06= 60+8+ 6+0=61: . 9- ?1 7 + +: +>;0.F.;+; 7+?<= 1 81/<+;.D18 <+@;= 9196.8 ?0-/= =9: +
918= A+?+9+;1> /=?.<1 =;A0.: .>+ =? !) ?= !T .D <+C0=7 +<=/ 8<=@;61 =A.;1
.D0=<.: 1 7 + 6+: .>1 9.<;+D1 >=7 1 7 + ?1: 1 =C7 +?.<7 +<- ;+=0.7 - <+ 918= +: +>;0.F.;+;1 .
81/<+;.D81 <+/= . 96+;: =9;.

+:.>. ?+= <1@+/ D<1<7 1 = +: +>;0.F.;+;- A0=.9;+>1= 7 + .D=;>0.I1 - E+8.7 . 1 <10=B.;= -

=C: 19;. >=7 - ?1<19 <1D.618= +: +>;0=E+8.7 1 =: ;.<1 C1;+0.7 1 A=>1D1: 17 + <1-B<.F.81 ?1 7 +
8=/-I+ <1A016.;. +: +>;0.B<= >=: = -D8+@C1;+0.7 - A0.>1B.@G.F- D1 7 +?1< A=:A1 =A0-G.@;-
G.F- 96+ ?= ?0-/=/ A=: 1N9;0-7 1 A=;+B+ ->0-/ = 7 + ;1>=D61<= +: +>;0.B<= >=: = >= <1
7+?<=8 8+9;- A0+>.<+@ =6= >=: = . A0.B609;.@ ?61 >017 1 G.F+ D1 ?61 A10B+;1 8+;1: 1
-0=<7 +<1 - <+>- ;+B<=9; 9;0-7 1 <19;16. ?1 ;+B+ 91? . >0=D;- ;+B<=9; 1: . - <7 =7 A=>1D1: =
9+ ?=6=?. ?= =?0+,+<=/ E+8.7 9>=/ A0=F+91 ( ?= 01D: 1/1<7 1 ;+B<=9;. >= 9. ?6+ ;1>6+
+: +>;0=?+ D1C.= - 6=?- >=? 7 +?<+ A=B<+ ?1 9+ A=7 16:7-7+ 6=?=<.> >=? ?0-/+ >.9+=<.> .
;= - 01D8+0. ) A0+81 @;= <1/=6+@;161 ?1 9+ 6=?1 01D: 1G+ <1 919;16<+ ?+: =6+ >= ;=
<.7 + =C.B<1 6=?1 <+/= 6=?1 - >=7 =77 + 019;6=0+< <1;0.7 -8(E: =0.? >-E.<7 9>1 9= 7 +?<1
+: +>;0=?1 I+ A=B+;. ?1 9+ =C: 1G+ <1;0.7 -8=8 1 =>= ?0-/+ I+ A=B+;. ?1 8+E-01 D+: +<>19;.
=;0=6<. /19 E: =0 ?1;:+ ?= .<?-9;0.7 + 2+:+>;0=A:1;.01<7 12 ;= 7 +9; +:+>;0=: .;.B>=/ =C: 1/1<7 1
8+;1: <.E A0+?8+;1 9: =7 +6.81 ?0-/.E 8+;1: 1 <.>: =61<7 + A=90+C0.61<7 + A=D: 1I.61<7 + .
;1>= ?1: 7+ <.7 + .81: = ?-/= ?1 9+ B+>1
1D: 1/1<7 + E+8.7 9>.E 7+?.<7 +<7 1 A=8=I- +: +>;0.B<+ 9;0-7 + ->1D1: =7 + <1 7 +?<- ?-C=>-
.9;.<- ?1 A=9;=7 . 6+D1 .D8+,- +: +>;0.B<.E 9.:1 . =<=/1 @;= ?0G. 1;=8+ <1 =>-A- =B+: = 9+
/=6=0.;. ?1 A0.6: 1B<=9; .D8+,- A=7 +?.<.E 1;=81 ?1>: + . 21M .<.;+;27+?<+ E+8.>1: .7+ A0+81
?0-/=7 8=G+ C.;. <1 <+>. <1B.< +: +>;0.B<+ A0.0=?+
17 >: 101?+7 A=B+= 7 + 96=7 01? - +: +>;0=E+8.7 . ;1>= @;= 7 + 9.9;+81;.D=61=
<=8+<>: 1;-0- >1= 01<.7 + 16=1D.7 + - E+8.7 . =8=/: = 7+ . =617A-; 8<=/= 101?+77 +
?1= <1D.6 2 +:+>;0=?+2 ;.8 <1+: +>;0.91<.8 >=81?.81 8+;1: 1 D1/<7 -0+<.8 - ;+B<=9;
+/1;.6<- 7 + <1D61= >1;=?1 1 A=D.;.6<- 1<=?1 1? +: +>;0.F.;+; 2@.C12>0=D 6=?- =<
019;0G+ 8=: +>-: + ;1>= ?1 <1+: +>;0.91<. 1;=8. 8=017 - ?1 9+ A0=C.7 17- >0=D;+B<=9; ?1 9+
/-017 - >0=D<7 - <+>. .?- >1 1<=?. 1 <+>. A0+81 >1;=?. <=081: <=8 9;1<7 - E+8.7 9>.
1;=8. 9- <+-;01: <. <+ <=9+ <. A=D.;.6<= <. <+/1;.6<= <1+: +>;0.91<7 + <1 9+C.
0=A-@;1<7 +8 +: +>;0.B<+ 9;0-7 + >0=D;+B<=9; =6= 9+ <1 <+>. <1B.< 8+<7 1: =N8+<7 1:. 9- 9+
1;=8. 101?+77 + =?0+?.= ?1 9+ <1+: +>;0.91<. 1;=8 -C-?-I+ .81 <1D.61;. 2 7 =<2 1<19
D<18= ?1 7 + 7 =< 1;=8 >=7 . 7+ A=9;1= <1+: +>;0.91< DC=/ ;=/1 @;= 8- 7 + =;0/<-; .: .
A0.?=?1; 7 +?1< +: +>;0=< .: . <+ 918= 7 +?1< <+/= 6.@+ <7 .E 101?+7 +6= ?=C1 <.7 + C.: =
A=D<1;= A=9;=7 1<7 + +: +>;0=<1 .7+ 9+ C1@ D<1: = <. @;1 7 + +:+>;0.B<1 9;0-7 1 1 : . 7+
8+,-;.8 101?+7<19: -I.61= ?1 C. +: +>;0=<. 8=/: . A=9;=7 1;.' ;0.?+9+;.8 /=?.<181

87
?+6+;<1+9;=/ 6+>1 .D6+= 7+ <.D 9A+>;1>-:
10<.E =A.;1 >=7
. 9- D1 .9E=? .81:. ?61
7+?<=9;16<1 91G+;1 D1>: 7
-B>1 ?1<19 A=D<1;1 A=? <1D.6=8 2101?+7 +6. D1>=<.
+:+>;0=:
.D+2

191 E+8.>1: .7
+ >=7 1 I+ C.;. =9:=C=,+<1 <1 7+?<=7+: +>;0=?. 901D8+0<1 7 + 71B.<.
9;0-7
+ A=8<=G+<=7 60+8+<=8 >=: .>= 7 + 9;0-7
1 A0=;.F1:1 1>: + =9: =C=,+<1 8191
901D8+0<1 7+ >=:.B.<. +:+>;0.F.;+;1 >=7
17 + A0=@:
1 >0=D;+B<=9;
) 191 >=7 - =9: =C=?. 7 +?<1 =?0+,+<1 =/01<.B+<1 >=: .B.<1 +:+>;0.B<+ 9;0-7 +
901D8+0<1 7+ 1;=89>=7;+G.<. ;+ ;610. A=8<=G+<=791 C0=7 +8 1;=81 - ;=8 7 +?.<7+<7-

6. D1>=<. D<1B+ ?1 +: +>;0.F.;+; <.7+ <+@;= /:1;>= . <+A0+>.?<= <+/= ?1 9+ 8=G+

A=?+: .;. <1 2>=81?+2 <1 A10B.I+ >= .818= - 6.?- 1: ;=<=6- A0+?9;16- = 1;=8.81
=<?1 <18 101?+7 +6. D1>=<. >1G- ?1 9+ 1;=8. - ;+B<=9;. 7 =<. A0+8+@;17 - 96+ ?=
+:+>;0=?+ /?+ 9+ 961>=8 7 =<- .9A=0-B. =?0+,+<1 >=: .B.<1 +:+>;0.F.;+;1 >=7
1 /1 A0+;6=0. -
9:=C=?<. 1;=8 6=?=<.>1 >.9+=<.>1 90+C01 .: . 6+I >=7 + C.:= ;610. >=71 9+ - 019;6=0-
<1:1D.: 1 101?+7
+6. D1>=<. -A-I-7 - <1 <+.DC+G1< D1>: 7-B1> ?1 A=9;=7 + B+9;.F+
+:+>;0.F.;+;1 617D1>:7-B1> 7
+ <1G1: =9; 8=01= B+>1;. 7 =@=>= @+D?+9+; /=?.<1 +> ;1?1
7+ ?0181;.B<= A=;60,+< =;>0.I+8 +: +>;0=<1 <1 918=8 >017 - ?+6+;<1+9;=/6+>1

1 C.98= <19;16.: . .9;=0.7- +: +>;0.B<+ 9;0-7 + ( =<=/<+B+/@;= ?=A.0+ .D?6+ .: . ;0. 0-A+ -
961>=8 D.?<=8 -;.>1B- - ;6=7 =7>-I. 1: . <.7+ ?G1C+ <+/= 9+ A: 1I1 ( 8=018= =;.I. -
?0G16- 1<9>- - /01? =A+<E1/+< "=?.<+ !) 1<9 0.9;.7 1< 09;+? ?=@1= 7 + ?=
>: 7-B<=/ =;>0.I1 ( <+>. .9;=0.B10. B1> ;60?+ ?1 7 + ;= C.:= <17 61G<.7 + =;>0.I+ - =6=7<1-F.
06= 7+ <1A016.= +: +>;0.B<- 9;0-7 - <1 <1B.< ;1?1 6+I?=C0= D<1< %.F=8 7 + A=6+D1= 7 +?1<
A=: =: ;.<+ 9>101C-?G.7 + C1;+0.7 + E=I- 0+I. 91 ?0-/.8 .>= <.7 + 7 =@ D<1= @;1 7 + ;=
+: +>;0.B<1 9;0-7 1 1: . 9+ D<1: = ?1 <+@;= D61<= 2 <1A=<2A-;-7 + >0=DG.F- =C0= ;- <.7 + C.:=
<.>1>6.E .D<+<1,+<7 1 96+ ?=> 09;+? <.7 + ;=8 9;0-7 <=8 >=: - A0.81>1= >=8A19<- ./: -
>=7 1 7+ 81/<+; < ->: 7
-B. 9;0-7 - ( 1 >=8A19 D1=>0+<+ . 6.@+ <+ A=>1D-7 + >1 9+6+0<=8
A=: - A: 1<+;+ +8: 7
+ ;= 7 + >=8A19.81 <=081: 1< =A.9 01?<+ ?-G<=9;. <+/= 9+ -98+0.
<+>1>= 98+@<= A=? A016.8 -/: =8 - =?<=9- <1 G.F- 09;+?1 7 + =6= D1C0.<7 161: = 96+ ?=>
9+ <.7 + ?=9+;.= ?1 >=8A19 D1A016= . 7 +9;+ .<9;0-8+<; D1 =;>0.61<7 + 81/<+;<.E A=: 7
1
<1B. 9;0-7 1 - G.F. 8=01 C.;. ?1 9;6101 <+>= 81/<+;<= A=: 7+ D10 <+' 09;+? 7 + =;>0.=
6+D- +: +>;0.F.;+;1 . 81/<+;.D81 +: +>;0.B<+ 9;0-7 + 9;61017 - 81/<+;<1 A=: 7
1 : . <1016<= .
81/<+;. 9;61017 - 81/<+;<1 A=: 71 1 9A=9=C<=9; 81/<+;1 ?1 A0.6->- > 9+C. =A.: 7>+
/6=G,1 .: . ?1 ?0G+ B609;= D1;6=0+<+ 2 >=AB+2<1 601;.81 =081<1 .: . M
0.G.?+01 C.: 1 7 + 6+I
?=C0= A0=-B+<1 61 6+9; A0=: +;+: 17 + F+:=8 60=A=8 .D1D.617 -I. D<1;<1 -DC-,+<7 1
10.G1<.< <?0+ 10. 8A+0 ?=/01C.= 7 + =6- .<M =081F.7 - . <1@1= 81;+81;.B>. =?<=9
.D8+,- +: +>;0.B<+ 9;0-7 + . 81/<+;<=/ A=: 7 1 1>61 I+ ;1B<= C.;. -98+0+<=9; . >=: .>1 I+
C.;. 9<1/1 81/<+;<=/A=: 71 D16.9. A=>1D1: = 9+ =? 9;0-7 + >=71 >0=DG.F- A0=;.B+ . =? =C: .>1
G.F+ ( ?1 : . 7+ A0161 .: . 916.7+<1 ->0-/ .: . 6+I @;1 8A+0 7 + <1 C0D.<- .D6+= 8<=@;6=
=A.;1 -A=;0+C.= 81;+81;.B>. <1B.< 01D8.@: 7
1<7 1 . -9A+= 918(918F.; ?1 A=>0+<+ A016-
:16.<- <1-B<.E 019A0161 .D >=7 .E 7+ >1? 9- 9;610. A0=;.F1<7 +8 60+8+<1 ?=@: + <1 96=7 +
8+9;= .D0=<.= 0+F+A; D1 .D01B-<161<7 + 81/<+;<=/ A=: 71 >=7 + I+ +: +>;0.B<1 9;0-7 1 ?1;.
A0=: 19>=8 >0=D 81 >=7 - . 81 >1>6- G.F- 016<- .: . >0.6-?16- D1A+;: 71<- .: . <18=;1<-
/-9;= <1 >1: +8 =@;= 9;0-7 1 >1? A0=: 1D. >0=D?6+ -A=0+?<+ G.F+ A0=.D6=?. D1A016= ?61
81/<+;<1 A=: 7
1 =<?1 9+ ;1 ?61 A=: 71 8+,-9=C<= =?/-0-7 -N1 ;= - 9-@;.<. D<1B. ?1 ;+ ?6+
G.F+ ?+: -7- 7+?<1 <1 ?0-/- <+>=8 9.: =8 6= 7+ =8=/-I.: = 101?+7 - ?1 =;>0.7 + +: +>;0.B<.
8=;=0 .<7 +<.F1 ?1 9;0-7 1 >1? .?+ ->0-/ A=<=6= . A=<=6= ?17 + 81/<+;<= A=: 7+ C.: 1 7+
;1>=,+ =? .D-D+;<=/D<1B17 1 ;1 1>= =<1781/<+;<. >18+< B.7 1 9- 96=7 9;61 A=D<161: .7=@
9;10. "0F. ( ?1>: + >18+< >=7 . 7+ A0.0=?<. 81/<+; ( 91?0G. - 9+C. <+>+ ;1>6+ >0-G<+
+: +>;0.B<+ 9;0-7 + - 81: +<.8 1;=89>.8 01D8+0181' ;= 7 =@7 +?<=/<1/=6+@;17 1 ?1 1;=8.
.817 - +:+>;0.B<- A0.0=?-
09;+? 7 + >1= . 8<=/. ?0-/. <1-B<.F. 9;0+8.= >1 =C7 +?.<7 +<7 - A=7 +?<=9;16: 7
+<7 -
0+?->F.7 . +0=61= 7 + ?1 9- /016.;1F.7 1 +: +>;0.F.;+; . 81/<+;.D18 918= 01D: .B.;. 6.?=6.

88
.9A=:7
161<7 1 7+?<+ .9;+ 9.:
+ 1;= 7+ =;>0.I+ <+A=90+?<+ 6+D+ .D8+,- ?6+ =? ;.E 9.:1 C.:
=
;1>= -DC-?: 7.6= @=>1<;<=' 8A+0 7 + ;01/1= D1 7
+?<=9;16<=@I- 8A+0 7+ - 9-@;.<.
A=>-@161= ?1 =?9;01<. 81/<+;.D18 ?1 ?=>1G+ ?1 7 + ;= 918= 7+?1< 6.? +:
+>;0.F.;+;1 -
>0+;1<7- ( ?1>:+ ?1 9A1?1 - =C:19; +:
+>;0=?.<18.>+

1?1 <19;-A1 17 >: 101?+7 =C0= 6+I 01<.7 + 7+ -@1= 1: . 91? D61<.B<= 1<M 10+
8=: .8 >= 101?+7<.7 + C.= <17 6+I. +>9A+0.8+<;1;=0 96=/ 60+8+<1 C.= 7 + 961>1>=
7+?1< =? >1<?.?1;1 D1 ;- ;.;-: - 1G+ 9+ ?1 7+ = <7 +8- <1A.91<= 6.@+ C.=/01M .71 <+/= =
7
-;<- 7 <@;17<- .:. +0.:.< =<0= 1@;=' +?<.8 ?+: =8 DC=/<7 +/=6+ 8: 1?=9;. >=7 1 >1=
?1 A=;.B+ .DA0.B+ = +A+: 7
-/. .= 7 + 0=,+< - 9.0=81@;6- A=<+>1? 7 + .@1= /:1?1< 7 +?<=8
9- 8- ?1: . 7+?<- 6+><- E: +C1 . ;= 8- 7 + C.:1 961 E01<1 D1 <+?+: 7- ?1<1 .7
+ ?=C.=
A01>;.B<= <.>1>6= @>=: =61<7+ =9.8 F0>6+<=/ 1 B+;0<1+9; /=?.<1 A=9;1= 7 + @+/0; -
><7./=6+D<.F. 18= 7 + -9A+= ?1 A0=B.;1 <+>+ =? ><7 ./1 >=7
+ 7 + >=0.B.= 1>= 9+ 918
=C01D=61= -D 01? >=7 . 8- 7 + A=81/1= ?1 01D6.7 + . 9A0+;<=9; 0->- >=7 1 I+ 8- >19<.7 +
A=8=I. ?1 .D6=?. =A.;+ +?<=/ ?1<1 ?=,+ 8-@;+0.7 1 91 019>-A-91<.8 ;0+I.8 .D?1<7 +8
<F.>:=A+?.7 + C0.;1<.>+ ?1 C-?+ A0+>=0.B+<= <-;01 101?+7<1,+ B: 1<1> = +: +>;0.F.;+;-
A0=B.;1 -E61;. 9+ <1 ;- 2 -?.F-2( . A0=8+<. 96+;
1D8.9: .;+ = =6=8+ 0+?1>F.7 - <+>+ 8+?.7 9>+ 80+G+ 9;.G- ?6+ 6+9;. .D 9=@.7 +;+?
0+91

. ?0-/1

"

;1 I+ =? ;1 ?61 -I. - 6+B+0<7 + 6+9;. >1= /: 16<1 ;+81' ' 1 7 19<= 1A=:+=<
+,-;.8 - 9: +?+I.E A+?+9+; /=?.<1 101?+7 +61 =;>0.I1 9- C->61: <= <1+: +>;0.91:1
</:+9>- ( <1.8+ =8=/-I.: 1 ?1 A=B<+ +: +>;0.M.>1F.7
1 ( . A=>0+<-:17 +?<- =? <17>=0+<.;.7.E
A0=8+<1 - <1B.<- G.6=;1 : 7-?. <1 =6=7A: 1<+;. >=7 1 7 + .>1? A0=.9;+>:
1 .D A0=<1:1D1>1
7+?<=/ A=7 +?.<F1 E >1? C. =<. >=7 . ?0G+ >: 7-B+ 8+?.7 9>.E >1A.7
1 8=01:. - 90+?<7=7@>=: .
?1 ?=C.7- ?=C0+ =F+<+ .DC10 <+>=:.>= A0.0=?<=<1-B<.E A0+?8+;1

, " " % )

6= @;1 7+ 17 >: 101?+7A=9;./1= 1? 7+ A=B+= A0=M +9.=<1: <. 01? >1= E+8.B10 ;1?1
8- 7 + C.:1 ?61?+9+; 7+?<1 /=?.<1 =;>0.= 7 + .D6+9;1< C0=7=0/1<9>.E 7 +?.<7
+<71 8+,-
<7.81 . C+<D+< 0+@1= 7 + <1 M.D.>- ;1>= @;= 7+ 01@B.9;.= 9.;-1F.7- - +:+>;0=E+8.7
. 1 9-
=<. E+8.B10. <1 <.6+0D.;+;- -;1 >=7 .81 9+ A0.B.<.:= /=?.<+ 3!3 ?1 9- =;>0.: . E:
1?<-
M-D.7
- 81: B.F+ C=:7
+ 01D-8+: . 101?+7 +6+ D1>=<+ +: +>;0=: .D+ <+ C. =<1>= .DC: 18.01: . .
9+C+ . 96+ <19 101?+77 + =<?1 >0+<-= >0=D A=: 71 +: +>;0.F.;+;1 . 81/<+;.D81 B.<+I.
>0-A<1 =;>0.I1 6= .E

( =;>0.= 7 + D1>=< .<?->F.7 + ?1<19 A=D<1; >1= 101?+7 +6 D1>=< >=7

. A=>1D-7
+ >1>=
A0=8+<1 81/<+;<=/A=: 71 9;6101 +:
+>;0.B<- 9;0-7 -N
( A06. 7+ 9;610<= . A0=.D6+= +:+>;0.B<- 9;0-7 - -A=;0+C=8 81/<+;<=/A=:71N
( A0=<1@1= 7 + +:+>;0=8=;=0 . ?.<18=N
( A=>1D1= 7 + 6+D- .D8+,- +: +>;0.F.;+;1 . 9;6101<7
1 E+8.79>.E 6+D1N
( =;>0.= 7+ ?+7 9;6= 81/<+;.D81 <1 96+;: =9;N
(.7 =@8<=/= ?0-/=/

89
 96+ ;= C+D?=>;=09>+ ?.9+0;1F.7 + 1 . C+D81/.9;109>+ ;.;-: + +D?.A: =8+ @;16.@+
1> <.7+ <.>1? <. 90+?<7 - @>=: - D160@.= <.;. .@;1 @;= C. C.: = 016<= 90+?<7 =7@>=: . ;16.@+
C.= 7+ 81;+81;.B>. <+A.98+< 6=71 =;>0.I1 <.7 + D1A.9.61= 7 +?<1B.<181 <+/= =C.B<.8
0+B+<.F181 ( /=6=0.= 7 + = <7 .81 =A.9.61= .E +9;= 9+ -D ;= 9: -G.= . 9: .>181 >=7 + 9-
=C7 1@<7 161:+ @;1 A=?1F. D<1B+
"=?.<+ 33 .>1@>. -<.6+0D.;+; A=>0+<-= 7 + 9+0.7- A=? <19: =6=8 =G.I<1
A0+?161<7 1 1 918 .81= B19; ?1 =?0G.8 A06= 1= 918 8- <19: =626+I1 . 19+: 7+<121
;= 7+ <+@;= @;= 918 A=D17 8.= =? 101?+7 1 >=7 . 7 + A06. ?0G1= ;1 C=G.I<1 A0+?161<7 1 D1
?+F- /=?.<+ !)$ 96=8 A06=8 A0+?161<7 - ;60?.= 7 + ?1 -A1: 7+<1 96+I1 .: -9;0-7 + 96+
A0=F+9+ >=7 . 9- <1-F. A=D<1;. = 7 + C.: = ;1B<= /=?.<+ !)$ 1: . ?1<19 /=?.<+ 33
A=D<17 +8= . 8<=/+ A0=F+9+ >=7 . 9+ <+ ?+@1617 - - 96+I. 7 +0 7+ <7 +<1 ;+8A+01;-01 9-6.@+
<.9>1 6+7+?<= 101?+7 +61 A0+?161<7 1 = 96+I. C.: 1 9- =@;0=-8<1 . D1C16<1 . >1=
C=G.I<. A=>: =< D1 61@- ?+F- C.: 1 C. 9-A+0 1>= C. 9+ <1@1= <+>. /: -81F 91 90+C0<.8
/:19=8 ?1 .E <19<.8. <1 >=8A1>; ?.9> =?17 +8= 7 =@7 +?<- M 1F+;- =6=7.D-D+;<=7: .B<=9;.
( C.= 7+ 6+:.>. A=A-: 10.D1;=0
+I98= 019A016: 71: . = <7 +/=6=8 .9A.;.61<7 - +: +>;0=: .D+ >=7 +7 + =;6=0.: = A-; =;>0.61<7 -
+:+>;0.B<+ 9;0->;-0+ E+8.7 9>.E 1;=81 . =;>0.61<7 - +: +>;0=<1 918=/ 1?1 G+: .8 ?1 =A.@+8
?61 101?+7 +61 <17 <+=C.B<.7 1 ?=A0.<=91 +: +>;0=81/<+;<- .<?->F.7 - . <7 +/=6 /=;=6=
8.9;.B<. >=<F+A; 2 A=: 712
-; >1 8=?+0<=8 9E61;1<7 - +: +>;0.F.;+;1 ;1B<.7 + +: +>;0=81/<+;.D81 .: .
+:+>;0=81/<+;<=/ A=: 71 9: .B1< 7 + =<=79: 16<=7>=8C.<1F.7 . - C+DC=: - 9+I1;+ 9+ ( .<>+0
?= 6+091 =617?= +<91 =6=8 9: -B17- : =A;.F- 9- ?=?161: . 09;+? ?= 8A+01 1 =617
?= 101?+7 1 09;+? . 8A+0 9- <1B.<.: . A06+ >=01>+ - 01D-8+61<7 - +: +>;0.B<.E 9;0-7 1 .
81/<+;<.E A=: 71 1? +: +>;0.B<1 9;0-7 1 A0=;.B+ >0=DG.F+ 1 ;= 01?. - ;6=7 =7>-I. B+9;= =<1
9;6101 81/<+;<1 A=: 71 1;= 8. 8=G+8= ?1 <1A016.8= 81/<+; 9<1G1< >=: .>= /=?
E=I+8= =? =<=/ 81: +F>=/ - +: +>;0=8=;=0B.I- 6+<;.: 1;=01 >=7 . ?0G.@- 0-F. 1 =< 01?. <1
C1;+0.7+ A1 96+ ?= ?.6=69>.E 81/<+;1 - 1>F+: +01;=0.81 ( 96+ ;1>= @;= I+8= =0/1<.D=61;.
A0=;.F1<7 1 +: +>;0.B<.E 9;0-7 1 6= 01D-8+61<7 + +: +>;0=81/<+;1 =8=/-I.: = <18 7 + ?1
9E61;.8= ?1 <181/<+;.91<= A10B+ /6=G,1 ?1>: + 81/<+; 91?0G. - 9+C. 81: +<1 >0-G+<7 1
+:+>;0.B<+ 9;0-7 + - 96=7 .8 1;=8.81N;1>= 81: +<1 . ?1 9101?<7 =8 =/0=8<=/ C0=7 1 ;.E
>0-G+<7 1 <19;17 + D17 +?<.B>= 81/<+;<= A=: 7+ F+: =/ ;=/ >=81?1 /6=G,1 1;=8.
<+81/<+;<.E 81;+0.7 1:1 .817 - ;1 96=7 1 18A+09>1 >0-G+<7 1 9;0-7 + 1: . <+I+ ?1 9+ A=9;0=7 +N
<7.E=61 =0.7 +<;1F.7 1 =9;17 + <19-8.B<1 DC=/ B+/1 <7 .E=6. 1;=8. ?+: -7-I. >-?(>=7 . <+
-9A+617 - ?1 9;6=0+ <.>1>6= =C7 +?.<7 +<= D17 +?<.B>= 81/<+;<= A=: 7+
101?+79+ ?-/= C=0.= ?1 =C7 +?.<. +: +>;0.F.;+; . 81/<+;.D18 >= +: +>;0.F.;+; 8=G+ ?1
9;6101 81/<+;<1 A=: 71 01D8.@: 7
1= 7 + =< 8=/- : . . 81/<+;. ?1 <1A016+ +: +>;0.F.;+;' 1@;=
<+' 0.0=?1 6=: . 9.8+;0.7 - :. ;0+C1: = 8- 7 + 6.@+ =? ?+9+; /=?.<1 !) ( !* ?1 ;= .
?=>1G+ ;= 7 + 6+0=61;<= <7 +/=6= <17 6+I+ =;>0.I+
6= 101?+7 +6= =A.;<= =;>0.I+ <1D.61 9+ +: +>;0=81/<+;<1 .<?->F.7 1 1 9.8+;0.7 1 D1
>=7=8 7 + =< ;01/1= A=7 16.: 1 9+ - .D<+<1,-7 -I+8 =C: .>- -; ?= 9: 16+ A=A: =B1< 7 + ?=C0.8
<18+0181 06= 9+ D1A.;1= 8=G+ : . 81/<+; ?1 <1;+01 7 +?<- +: +>;0.B<- G.F- >0=D >=7 -
A0=;.B+ 9;0-7 1 ?1 9+ A=>0+<+ =B101= 7 + 9+C. 9: .>- ;.E 9.: 1 1 =<?1 7 + 9>: =A.= 1A101; >=7 .
9+ 919;=7 1= =? G.F+ B.7 .7 +7 +?1< >017C.= A0.>: 7-B+< <1 C1;+0.7 - 1 ?0-/. 9: =C=?<= 6.9.= . C.=
D18=B+< - B.<.7 - A-<- G.6+ G.6- 7 + .9A=? ;=/8+9;1 A=;=A.= . /6=D?+<. 81/<+; 1? 7 +
->:7-B.= 9;0-7 - .DC1;+0.7 + G.F1 7 + A=B+: 1 ?1 9+ =>0+I+ A= G.6. ->0-/ =>= 81/<+;1 1<19
D<18= ?1 7 + ;1 B-?<=61;1 <1A0161 C.: 1 +:+>;0.B<. 8=;=0 101?+77 + A0+;6=0.= +: +>;0.F.;+; -
>0+;1<7 + 9A=9=C<= ?1 =C16: 71 01?
17?+ ?1 A0+9>=B.8= <1 /=?.<- !* . <1 7 =@ 7 +?1< A0=<1: 1D1> 101?+77 + -D+=
>=81? 8+>=/ /6=G,1 .D: .6+< - =C: .>- -@;.A>1 ?+C+: =/ A09;+<1 91 6+: .>=8 0-A=8 -
90+?.<. 1;.8 7 + -D+= ?-/1B>- C1>10<- G.F- . =6.= 7 + 8<=/= A-;1 =>= 7 +?<+ 9;01<+
-@;.A>1 ;1>= ?1 9- ;- <19;1: . 8<=/=C0=7 <. <18=;17 . 61 >017 1 ;+ G.F+ A0.>: 7-B.= 7 + <1
=9+;:7.6 .<9;0-8+<; D1 8+0+<7 + 9;0-7 + ;1>=D61<. /1: 61<=8+;10 0-/. 9: .B1< >=81? G.F+
=6.= 7 + 8<=/= A-;1 =>= 9-A0=;<=/ >017 1 /6=D?+<=/ -@;.A>1 1: . 7+ >017 +6+ ;+ G.F+
A0.>:7-B.= <1 C1;+0.7 - ;1>= ?1 7 + 91? 8=/1= A= G+: 7
. ?1 ->: 7-B. 9;0-7 - 61 9A0161 91? 9+
D=6+ ;01<9M =081;=0 1 6.?.8= 818= ?61 <18=;17 1 9=: +<=.?1 .D=: =61<+ G.F+ <1 ?6+
9-A0=;<+ 9;01<+ -@;.A>1 +?1< <18=;17 E17 ?+ ?1 >1G+8= ?1 7 + ;= <18=;17 A0.>: 7-B+<
7+ <1 C1;+0.7 -N?0-/. <18=;17 <1 /1: 61<=8+;10 ;1 I+ C.;. >1? <+>= ->: 7-B. 9;0-7 -'

90
 617=?/=6=0 61G1< 7 + D1 .9;=0.7 - <1->+ 1? 9;0-7 1 A=7 -0. - <18=;17 ;17+: +>;0.F.;+;
I+ ?=6+9;. ?= <19;1<>1 81/<+;<=/ A=: 7
1 101?+77 + =B+>.61= ?1 I+ =<?1 81/<+;<=
A=:7+ A0=-D0=>=61;. <19;1<1> 9;0-7 + - ?0-/=8 <18=;17 - :. <.7 + .9A1: = C1@ ;1>=N
?+79;6= 7 + C.= A0.: .B<= B-?<= 0.: .>=8 ->: 7
-B+<7 1 9;0-7 + ./: 1 /1: 61<=8+;01 A0.>: 7-B+<=/
<1 =?9>=B.: 1 7 + ( 01 : +>;0.B<1 9;0-7 1 ( 1: . 918= <1 ;0+< +?1< <1/: . 9>=> 1 =<?1
A1? <1 <-: - /: 17 + ;- <1 <-: . . =9;1: 1 =7 + ?1 .D: -?.@ "?+ 7 + 9;0-7 1' >1? 7 + .9>:7
-B.=
?=6=? 9;0-7 + - <18=;17 ./: 1 /1: 61<=8+;01 6+D1<=/D1 =A+; 7 + 9>=B.: 1 D1 ;0+< 1: . <1
9-A0=;<- 9;01<- 101?+77 + A0.>:7-B.= ?0-/. =9+;: 7.6.7
. /1: 61<=8+;10N<.@;1 =6+I1= 7 +
C0=7<18=;17 1N=A+; <.@;1 =6->1= 7 + . A0.>:7 -B.= 8<=/= 7 1B- C1;+0.7 -N-D1: -? <?1
+-0+>1(;0+<-;1> </: +D. - ;1>6=8 ;0+<-;>- <+ -D6.>-7 - R -0+>1R <+/= R 1>= 8.
-A.;+01 R 101?+77 + <17 D1? 9E61;.= ?1 I+ 9;0-7 1 - A06=8 <18=;17 - .D1D61;. A=7 16-
9;0-7+ - ?0-/=8 <18=;17 - 1: . 918= A0.: .>=8 A0=8+<+ 0+81 ;=8+ >1= @;= 9+ -
9:+?+I.E ;0.?+9+; /=?.<1 .9;01G.61<7 1 A=;60?.: = +: +>;0.B<= A=: 7+ <19;17 + 918= A=?
?+79;6=8 A0=8+<: 7 .6=/81/<+;<=/A=: 71
+E<=: =/.7 1 >=7 1 7 + >1? 7 =77 + ?=@: = 60+8+ .D0=<.: 1 .D=6=/ =;>0.I1 D=6+ 9+ +: +>;0.B<.
/+<+01;=0 E61;.8= 81/<+; . <1>1B.8= /1 <1 <+@;= @;= 9+ 60;. <+>- =9=6.<-N;1>6.8
8+E1<.B>.8 0=;.01<7 +8 81/<+;1 ?=C.7 +8= =C0;<= 81/<+;<= A=: 7+ <= 9+ ?1>: + 9;1: <=
8+<7 1 = A=: 7+ I+ - =<=8 ?0-/=8 <18=;17 - 9;6=0.;. +: +>;0.B<= A=: 7+N1>= >017 +6+ G.F+
;=/ ?0-/=/ <18=;17 1 A=6+G+8= - <+>1>6= +: +>;0.B<= >=: = ;- I+ ?1 A=;+B+ +: +>;0.B<1
9;0-71 91? >1>= ?1 =C0I+8= =9=6.<-' =G+ ;= A=8=I- A=: -/+ A=6.7 +<+ - 9;01<- 91
0-B>=8 D=6+ 9+ 2 >-0C: 12 -E61;.@ A1 =C0I+@ =C0I+@ =G+@. ?1 <18+9;.@?1 ;= 01?.
9.:
1 <+>=/ 6=?=A1?1 :. -A0+/<+@ 9<1/- <+>+ A10<+ ;-0C.<+ ;= >1>= 98= ?=C.: .
+:+>;0.B<- 9;0-7 - >=7 1 A0+;6101 <=I - ?1< . >=7 1 ?17 + +<+0+/.7 - 96.8 =<.8 -;.>1B>.8
>-;.7181 - D.?=6.81 <1@.E 9;1<=61 . M 1C0.>1
:. 8. B.9;. <1-B<.F. 8. 98= <1 ;01/- 1(;=8- . =G.7 =7B+9;.F.N8. 9+ D1<.818= D1
=6- ;+E<=: =/.7- 918= D1;= @;= C. C+D 101?+7 +6=/ +: +>;0.F.;+;1 C.: = 9;01@<= ;+@>=
<1A016.;. -C0D.61B+ B+9;.F1 @;= 9+ 101?+7 1 ;.B+ <7 +/1 : .B<= C. +: +>;0.M .>1F.71 96+;1
D1<.81: 1 918= -;=: .>= @;= C. 91? .81= 8=/-I<=9; ?1 01?. . <=I-
06. /+<+01;=0 D1 A0=.D6=?<7 - 9;0-7 + .81= 7 + D1.9;1 >-0C: - 8=01= 7 + <+>= ?1 /1 =C0I+
0-B<= 1A016.= /1 7 + 101?+796=7 .8 0->181 =<.8 60+8+<.81 ;1 81@.<1 D61: 1 9+
?.<18= :. >1? /1 7 + <1A016.= <.7 + C1@D<1= @;1 ?1 01?. 9 <7 .8N9-6.@+ 7 + C.= D1-D+;
R=;>0.61<7 +8 <=6.E B.<7 +<.F1 1 9./-01< ?1 I+ =<= ?0-/= A01>;.B<1 A0.8+<1
A0=<1: 1D1>1 6+I C.;. 01D6.7 +<= >19<.7 +R =D<1;1 7 + A0.B1 = A=9+;. C0.;1<9>=/
A0+?9+?<.>1 6: 1?+ !*) /=?.<+ 101?+7 +6=7: 1C=01;=0.7 . A+0.= 7 + A09; >1 ;=798+@<=7
81@.<B.<. . A.;1= D1 @;1 I+ 9+ >=0.9;.;. R = 8. A=D<1;= <.7 + 1: . 918 9A0+81< ?1 9+
=A>:1?.8 ?1 I+ 7 +?<=/?1<1 61@1 6: 1?1 01D0+D1;. A=0+D<1 ;=R 0+>1= 7 + 101?+7 =0+D<1
A0=.D6=?<7 - 9;0-7 + -6+?+<1 7 + - </: +9>=7/=?.<+ !!

101?+7 +6 /: 16<. >=<F+A;-1: <. ?=A0.<=9 C.;1< D1 <1@- .9;=0.7 - 0+?->F.=<.D81 C.: = 7+
A=: 7
+ 1 9+ A0.A0+8.8= D1 =6= 8=018= 9+ 601;.8= ?= -,+01 =@>=6.I1 >=7 .7+ =C716.=
01?.>1: <- E.A=;+D- <+>.E 9+?18?+9+; /=?.<1 A0+ 101?+7 +6=/ 60+8+<1 . A=<+= 1(;=8
7+?1< 61G1< >=01> <1A0+? 1>= 9+ 1(;=8. 9-?1017 -'( A.;1= 7 + -,+0 =@>=6.I 1? 9+
C.:.7
109>+ >-/: + B-><- .D=C: .B+ 9+N A=@;= 9- <1A016: 7
+<+ =? ?06+;1 >=7 + 7 + +:19;.B<=
.9A016:71<7 +8 <19;1: =/ .D=C: .B+<7 1 >-/: + 9+ =;.9<- 7+?<1 =? ?0-/+ =G+ :. 9+ D18.9: .;.
.D=C:.B+<. 1(;=8' ;1 C. 9+ ;= .D=C: .B.:
=' ;1 C. 9+ ;= 601;.:= - 96=7A06=C.;<. =C: .>' 1>6=
01D8.@: 71<7+ <16+: = 7+ =@>=6.I1 ?1 96+?+ 1(;=8+ <1 81;+81;.B>+ ;1B>+ C+D?.8+<D.7 1 .
C+D9;0->;-0+ 1 ;1B>1 7 + .D6=0 9.: 1 >1>= A0.6: 1B<.E ;1>= . =?C=7 <.E 1B.<.= 7 + A=?0=C1<
/+=8+;0.7 9>. 8=?+:>=7 . 7+ =A.9.61= 1;=89>+ 9-?10+ 6+=81 6+0=?=9;=7 <= 1B>19;. 1;=8
B.<.= 7+ 96+ @;= . 7 -;<=62 ;60?. 819.6<.21;=8 1 <-?.= 7 + . <+>+ A0+?<=9;. 1>= <.7 + .81=
<.>1>6- A0=@.0+<=9; .81= 7 + .<+0F.7 - 1 ;= D<1B. . 819- =@>=6.I+6 1(;=8 A=9+D1= 7 + .
?=E61;1= - A0=9;=0 =>= 9+C+ A=8=I- 9.: 1 >=7 + 9- D01B.:+ .D <7+/1 6= 7 + C.:= D1.9;1
A0=0=B1<9>= 01D8.@: 71<7+ ( >1= ?1 7 + =@>=6.I.81= D<1<7 + .DC-?-I<=9;. 101?+77 + C.=
-6+0+< ?1 7 + 1(;=8 ;1B>1 1: . = ;=8+ <.7 + 8<=/= /=6=0.= D1;= @;= <.7 + 8=/1= A=<-?.;.
<.7+?1< ?=>1D .A=;+D1 =@>=6.I( 101?+7/: 19. 81;+0.7 1 9+ 919;=7 . =? ;1B>19;.E 1(;=81

91
>=7 . 9- =>0-G+<. 9.: 181 7-;< 7 + /=6=0.= ?1 9.: 1 ?+: -7 + <1 819-N=6= 7 + =B./: +?<= C.: =
A0=@.0+<7 + 7 -;<=6+ D18.9: . >1>= 9+ ;1 9.: 1 .9A=: 7161'
R 17 ?+ ?1 9+ D1C16.8= 7 +?<=8 ./0=8R >1G+8 9;-?+<;.81 - 6+: .>=7 M 1>-: ;+;9>=7
?6=01<. R 1? 9;-?+<; >=7 . 7 + :+6= =? ;+C+ ?./<+ . 9A-9;. 0->- =<?1 . ;. ?./<. . 9A-9;.
0->- R 1 >017 - 961>=/ 0+?1 9./<1:A=81><+8= D1 ;177 +?1< 0+? -<1D1? . A0+C1F.8=
-A-;9;6= ?1 /: 19. R 9;-?+<; ?+9<= =? ;+C+R =/: +?18= >= 9+?. - A06=8 0+?- 9196.8 <1
:+6=8 >017 - . A=B<+8= =? ;=/ 9;-?+<;1 9;-?+<;>.<7 + < .: . =<1 ?./<+ . 9A-9;. 0->-
1:19 ;=/?.D1<7 1 0->+ >0+<+ ?-G A06=/0+?1 A0=,+ F+: =8 @.0.<=8 ?6=01<+ A0+<+9+ 9+ -
?0-/. 0+? ;0+I. 0+? . ;1>= 96+ ?= A=9: +?<7 +/ <17 6.@+/ 0+?1 /?+ <1 >017 - A0+9;1<+ - 9+
716: 71 7+?<= -D<+8.0+<7 + >=7 + 9+ 019A=9;.0+ >0=D90+?.<- 9;-?+<1;1 <+>=8 C0D.<=8 9;=
>1= >1? ;1: 1917 - E.: 71?+ <16.7 1B1 -9>: 1,+<= <1 9A=0;9>.8 9;1?.=<.81 @.0=8 96+;1 =?+<.
;1: 19 .81 .9;+ =?: .>+ =0+8+I17A-;-7 + ?1C=8+ 1: . 961>1 A=7 +?.<1 B+9;.F1 6=?+ =9;17 +
/?+ 7 + . C.:
1N?.G+ 9+ . 9A-@;1 1: . <+ .?+ <.>1>6=8 6=?=016<=8 C0D.<=8 <.>-?1 +?.<=
0+8+I+<7 + 7 + -D?.D1<7 + ;1: 191 +?.7 -8 7 + 6=?1 0D.<1 D16.9. =? =9=C.<1 6=?+ 6-F. 9+
@.0+ >0=D61D?-E <1 9: .B1< <1B.< :. >1>= 9.: 1 A0+9>1B+ 91 1;=81 <1 1;=8 >0=DA01D1<
A0=9;=0 >=7 .8 9- 1;=8. 01D?6=7 +<.' 7 -;< 7 + ;- : =A;- =?C.= =? 9+C+ R + M =08-: .@+8
<.>1>6- E.A=;+D-R 0+>1= 7 + =08-: .91= =< .: . <+ E.A=;+D1 7 + A=9;=7 1:1 C.: 1 7+ @.0=>=
019A0=9;01<7 +<1 . A0.E61I+<1 . /=6=0.: 1 7 + ?1 A=9;=7 . <+>= ;17 1<9;6+<= ?+: =61<7 + <1
?1: 7.<- + 0+B. 9- 9: -G.: + 918= ?1 2 B-617 - 8+9;=2D1 <+>= C-?-I+ 01D-8+61<7 + >1>=
/016.;1F.7 1 D1A016= ?+: -7+
101?+77 + -6+= >=<F+A; A=: 71 9A=9=C<=9;. A0=9;=01 ?1 C-?+ -D<+8.0+< ?+: =61<7 +8
<+>=/ .D6=01 >=7 . 9+ <+/?+ <1: 1D. 17
A=D<1;.7 . A0.8+0 7 +9;+ 81/<+; >=7 . A=>-@161 ?1
?=E61;. . D/01C. /6=D?+<+ +>9+0+ 101?+77 + 9+C. ?=B10161= 9: .>- >1>= 7 + A0=9;=0 =>=
81/<+;1 .: . <18=;17 1 2 <1A0+/<-;2DC=/ .D6=01 =<F+A; A=: 71 .D01<7 1= 7+ C=: <= ;=>=8
8<=/= /=?.<1 - 8<=/.8 9A.9.81 ;1>= ?1 .9;=0.B10. -G.617 - <1?8-?0-7 -I. 9+ =>= A.;1<7 1
>1? 7 + /?+ @;1 . >1>= .9A: .61:= <1 A=60@.<- 6= @;1 7 + <1A.91= 101?+7>1= C+: +@>-
/=?.<+ !*) R 1? 81/<+; ?+: -7+ <1 -?1: 7+<. 81/<+; .: . <1 A10B+ /6=G,1 -D0=B<.> ;=/1
-;.F17 1 <1A0+?-7 + A=9;-A<= .D81/<+;<.E ;+: 1 . ;0+C1 8- <+>= 60+8+ ?1 9;./<+ R 1
918 A=?6->1= ;.E A=9: +?<7 .E @+9; 0+B. 101?+7 +6 >=<F+A; 7 + ?1>: + 9: +?+I. 7 +?<=
20+8+I+<7 +2( <1 A0.8+0 81/<+;<= A=: 7
+ 71B.<+ ;+9: + ( 8=G+ ?1 A-;-7 + >0=DA0=9;=0
?1 ?=A-;-7 + ?= ;0-<B.F+ /6=D?+<=/ A01E1N1 =<?1 ?1 =C16+9;. ;0-<B.F- /6=D?+<=/A01E1
?1 7 + 9;./:= . ?1 @;16.@+ 8=G+ A0.8+<.;. 9.: - = 7 + =<= @;= 7 1> 6=?+<. ;1: 19 -01?.
<+A1G: 7.6=8 >-A1B- =?+<. ;1: 19 <+> 7 + 6.9=> 0+F.8= 7 +?1< 8+;10 8=01 ?1 .81 <1
019A=: 1/1<7 - 6=?- ?1 C. .81= >0=D@;1 ?1 A-;-7 + @;1 8=01 81/<+;<= A=: 7+ ?1 .81 <1
019A=: 1/1<7 -' 1 ;.8 A.;1<7 +8 9+ . ?1<19 06+8= 19<.7 + I+8= = ;=8+
1 01D=;>0.61<7 + A0.9-;<=9;. 81/<+;<.E : .<.71 9.: + A=9: -G.I+ <18 =<179;10. =A.; >=7 . 9;+
.D6=?.: . - @>=: . A0+>= A=;>=6.B19;=/ 81/<+;1 9;16. 9+ : .9; E10;.7 + 1 A= <7 +8- A=9A-
;0-<B.F+ /6=G,1 1: = >-F>1@ <+B.8 A= E10;.7 . ?1 C. 9+ ;0-<B.F+ =9: =C=?.: + ;0+<7 1 91
E10;.7 =8N=<+ =?9>1B- 81: B.F+ . 019A=0+,-7 - 9+ A=9;+A+<= - A0+A=D<1;: 7.6. =C01D1F : .<.71
>=7 + 9A17 17- A=: =6+ 81/<+;1 101?+77 + 981;01= ?1 9- ;+ : .<.7 + 9;610<1 .9A=: 7161<7 1
<7 +/=6=/>=<F+A;1 A=: 7 1 1G<= A.;1<7 + =6?+ <.9- 101?+7 +6. ?6=98.9: +<. =A.9. ;+ <7 +/=6+
1:;+0<1;.6+ D1 ?+: =61<7 + <1 ?1: 7
.<-N<+/= >1>= I+ ;17>=<F+A; .D8+<.;. . -A=;0+C.;. <1@
9:+?+I. +: +>;0.B10 >=; A= .8+<- G+7 89 : +0> 1>96+: !* ( !T3
0+ <+/= @;= <1A-9;.8= 101?+7 1 ;0+C1 ?1 01D7 19<.8= <7 +/=6 9;16 A0+81 1;=8.81
9;16.= <18 7 + /=?.<+ !*3 ?61 <16=?1 >1= ?61 ?01/1 >18+<1 06. /: 19.

1>= <.>1>6=/ D<1<7 1 <+818= = ;=8+ @;1 1;=8 7 +9;+ <+ 8=G+8= =?=: +;. .9>-@+<7 -
?1 <+ -=C: .B.8= <+>- D18.91= = 81: +<=7B+9;.F. >=71 - <1@+8 -8- ;0+C1 ?1 A0+?9;16.
1;=8 ( A=9;=7 . 961 9.:
1 B.<7+<.F1 >=7 + =A016?1617- <1@+ 6+0=61<7+ ?1 1;=8. 81;+0.7+7 +9-
<1 <+>. <1B.< 91 +: +>;0.B<.8 9.: 181 A=6+D1<. >=7 .81 ?-/-7- 96=7+ <17-=B:
7.6.7+ =?:.>+
8+,- >=7 .81 7 + . E+8.79>. 1M.<.;+; >1? 7+?1< 1;=8 ?0-/. 1;=8 A0.6:
1B.

0-/. /:
19.
=018 A0.D<1;. ?1 D1D.0+8 =? 0+B. 1;=8 7 +0 .1>= 7+ 60:
= :1>= = 1;=8.81 A0.B1;. 60:
=
7
+ ;+@>= -=C:.B.;. <+>- 7
19<- D18.91= = <7.E=6=7A0.0=?. >1? 01D81;018= 9:=G+<1 ;+:1

92
 7C01E18 +7 D C01E18 1.9 F.;.017
-I. =6+ .9>1D+ - 96=7=7 ><7 .D. <-;01@<7
1
A=6+D1<=9; D1>:7-B-7+ R= 7 + A016. 101?+7 .D609<. +>9A+0.8+<;1;=0 >=7. A0.E61;1 918=
=<= @;= 7
+ 9.:
=8 =A.;<.E ?=>1D1 A0.<-,+< ?1 A0.E61;. R

>= 9- 9+ - A06=8 ?+: - -;1>8.F+ : =A;- 7 +?1< ?0-/=8 ?=?161: . 09;+? 8A+0 .
101?+7 91? 9+ <19;16: 71 ;1>= ?= 1>96+: 1 >=7 . I+ ?=?1;. : =A;- +0F- 1>= 7 + 101?+7 (
A0=<1: 1D1B .D8+<.= 96+; <7 +/=61 <1->1 <.7 + 8=/: 1 9181 9;17 1;. <1 <=/181 . C0D= C.
9>=<B1: 1 - <+>=8 C+D.D: 1D7 - ?1 <.7 + C.: = 1>96+: =6+ 9.<;+D+ 1>96+: - 9+ B.<.: = ?1
101?+7?17 + 918= <1A=: 1 10;.>-: .91<+ <1.8+ <+81;+81;.B>+ -6.?+ >= D18.9: .;+
101?+7 1 >1= .E=1 01E+1 1>96+:7 + A=9;1= <7 +/=6 +A: +0 101?+7 +6+ 81/<+;<+ : .<.7+
9.:+ A=9: -G.:+ 9- 8- >1= 9;+A+<.F+ D1 -9A=< ?= >=<F+A;1 A=: 71 1 =<17 101?+7 +69196.8
.D-D+;1< >=8+<;10 .D !*) /=?.<+ ( ?1 9+ +: +>;0=81/<+;<1 ?+7 9;61 <+ A0+<=9+ ;0+<-;<=
<+/= ?1 .8 7 + A=;0+C<= ?1 A-;-7 - ;=>=8 ;1B<= =?0+,+<=/ 60+8+<1 ( =?./01= 7 + >: 7-B<-
-: =/- - 1>96+: =6=8 6+: .>=8 =;>0.I-
1>96+: 7 + - F+: =9;. A0.D<1= @;1 96+ ?-/-7 + 101?+7 - B1> 9+ ?.6.= <7 +/=6=7
81;+81;.B>=7<+A.98+<=9;. D1;= @;= 7 + -A016= =<1 A0.<-?.: 1 101?+7 1 ?1 9+ .D01G161
R7+D.>=8 A0.0=?<.8 <+;+E<.B>.8R 1>96+: 7 + ;60?.= ?1 <1?196+ G+: . ?1 A0+<+9+
101?+7 +6+ A=/: +?+ <1 +: +>;0.F.;+; . 81/<+;.D18 - 81;+81;.B>. =C: .> : . .D-B161<7 + >=7 +
7+ .D;=/1 A0=.D.@: = =;.@: =7 + 8<=/= ?1: 7+ <+/= @;= C. 101?+7.>1? 8=/1=
=>=8 @+9; /=?.<1 =? !$ ?= !$O .D: 1D.: . 9- .D@;18A+ 1>96+: =6. 9;0-B<. 01?=6.
.:. 9- A0.8+0 DC.7 +<+ ;+@>+ 9: =G+<+ 81;+81;.>+ /111EEEE 1:. 9- 9+ A=>1D1: . >1=
>0-<1 9: 16+ ;+ <1->+ +: +>;0.B<+ >=7 1 7 + A=B+: 1 7 =@ - 8-;<.8 ?16<.8 60+8+<.81
A0=<1: 1G+<7 +8 A0.0=?<= <181/<+;.91<.E >=81?1 /6=D?+<+ 0-?+ . ;0: 71<7 +8 I.: .C101
;=8 >=<1B<=8 =C: .>- 1>96+:<+ 918= @;= 7 + >=8A=<=61= 81;+81;.B>- M 101?+7 9>-
8-D.>- 81?1 1;=<1: <- <+/= 7 + . ?=>1D1= ?1 +: +>;0=81/<+;<. ;1: 19. A=9;=7 + . ?1 9+
A0=9;.0- >0=DA0=9;=0 <+>=8 >=<1B<=8 C0D.<=8 >1= @;= 7 + 101?+7. A0+?6.?+= .:1 7 +
=6= 61G<1 A=+<;1N 8<=/. 101?+7 +6. . 1>96+: =6. 9160+8+<.F. 8.9: .:. 9- ?1 9+ 9.: +
A0+<=9+ ;0+<-;<= 1>96+:7 + A0+F.D.01= >1>= I+ 101?+7 +6= A=: 7+ ?+7 9;6=61;. 101?+77 +
=A.;<= -9;1<=6.= ?1 81/<+;<= A=: 7 + >1? 9+ 8+<7 1 ?=6=?. ?= 9;6101<7 1 +:+>;0.B<=/
A=: 71 1>96+:7 + 06-I. 9+ ?1 - 96=7 .8 7 +?<1B.<181 A=9;./<+ 9.8+;0.7 - . ?=9: +?<=9; ?1=
A=9;-: 1; A= >=8+ . A0=8+<+ - +: +>;0.B<=8 A=: 7- 8=017 - ?1;. 81/<+;<= =9: +?.F1 =6=/1
>=7 1 9+ ?=/=?.: 1 - 918=781;+81;.F. C.: 1 7 + 9: +?+I1 +: +>;0.B<1 . 81/<+;<1 A=: 7
1 A=B+: 1
9- ?1 9+ ;1: 1917 - . A=6: 1B+ <1A0+?(<1D1? 1 =61 ;1: 191<7 1 A=7 -0.:1 9- <1A=: 7+ - =>=: <1
A0=9;01<9;61 96+ 7 =@918= - 1>96+: =6.8 96+9>181 ;= 7 +9; ?1 9+ -?1: 7-7- =? 96=7 .E
.D6=01 C0D.<=8 >=7 17 + 8=01: 1 D16.9.;. =? 961>=7 1>.E +: +>;0.B<.E . 81/<+;<.E 60+?<=9;.
: . 1>96+: 17 + B+>1: =7 +?<= .D<+<1,+<7 + >=7 + 101?+7<.7 + A0+?6.?+= 1 >=7 + 8=G+8=
981;01;. 1>96+: =6.8 - 9-@;.<. <17 6+I.8 =;>0.I+8 0D.<1 ;.E +: +>;0=81/<+;<.E ;1: 191
1>96+: 7 + D-0.= - 96=7 + 7 +?<1B.<+ 1 >1? 7 + - <7 .E ->: 7-B.= ;1B<+ C0=7 +6+
+>9A+0.8+<;1: <= -;60,+<+ <1 ?0-/=8 >017 - 9+ A=7 16.= .9E=? * K !8+;101 - 9+>-<?.
R"-9>- ;. A=B-A= R>0.><-= 7 + 1>96+:( ;+ .: . <+>+ ?0-/+ 0+B. >=7 + >=; >1G+ >1? 7 +
.D<+<1,+< +0 * K ! ;= 7 + C0D.<1 96+;: =9;. .D8+0+<1 A06. A-; <+>=: .>= /=?.<1 A0+ ;=/1
1= @;= <18 7 + A=>1D1= 01<.7 . 9:-B1791 7 -;<=8 . ;17 <=8 ?6+ 819+ - <1-F. A=9;=7 . 60: =
81: = .: . <.81: = A016.E A=?-?10<=9;. 1>96+:7 + D1>: 7-B.= ?1 7 + 96+;: =9; 918= 7 +?1<
A0.8+0 +: +>;0=81/<+;<=/;1: 191<7 1 1>: + +: +>;0.F.;+; <+ 8=01 =9;1;. D10=C: 7+< - G.F181
=< 8=G+ . ?1 A=: +;. >0=D A0=9;=0 >1= @;= ;= 96+;: =9; B.<. R +@>= 8=G+8= .DC+I.
D1>: 7-B1>R A.91= 7 + 1>96+: R ?1 9+ 96+;: =9; 919;=7 . =? A=A0+B<.E ;01<96+0D1: <.E
;1: 191<7 1 .9;=/ =<=/ 8+?.7 -81 >=7 . -D0=>-7 + . +: +>;0.B<+ A=7 16+ >1= . 81/<+;<+ R
1>96+:7 + =;6=0.= 8=/-I<=9; >=7 - 7 + 17 <0.E +0F A=;=8 D/01C.= ?1 9+ =61 ;+=0.7 1
=A.;<= A=;60?. ;1>= @;= I+ 9+ +: +>;0=81/<+;<. ;1: 19. A0=.D6=?.;. +> <+>. 9196.8 ?0-/.
:7-?. 8+,- >=7 .81 9- "-: 7+: 8= 10>=<. "-/: .+:8= 10F=<. . 8<=@;6= A0=<1: 1D1B1 -
<=6.7 .8 60+8+<.81 01D6.: . 9- 2 ?0-/. ;1: 192+: +>;0=81/<+;<+ ;+E<=: =/.7 + 01?.= 01?10
;+: +6.D.7 - 8.>0=;1: 19<- A+I<.F- . : 19+09>+ >=8-<.>1F.7 +
6= >1>= ;= 01?. 1D8=;0.8= 7 +?1< +: +>;0=< >=7 . <.>-? <+ .?+ ( <1A0=9;= 8.0-7 +
=@;= =< .81 <1+: +>;0.91<7 + =>= <7 +/1 A=9;=7 . +:+>;0.B<= A=: 7+ >=7 + 9+ @.0. >0=D 916

93
A0=9;=0 .81 <+=/01<.B+< ?=81@17 1: . 7+ 71B+ - C: .D.<. +:+>;0=<1 1 A=9;17 + 96+ 9:1C.7+ .
9:1C.7+ 1>= 9+ =? +: +>;0=<1 -?1: 71618= 6= +: +>;0.B<= A=: 7+ 2 ->1D-7 + <12;17+: +>;0=<
1>= D<18= ?1 A=9;=7 . ;= A=:7+' +A= -D8+@7 +?1< A=D.;.61< <1C=7. 9;16.@/1 C.: = /?+ 1
=< =9+;. 9.:- >=7 1 A=B.<7 + ?1 /1 6-B+ >1 +: +>;0=<- 91? <1;+018= ;17+: +>;0=< ?1 >0+<+
<1 A-; >0=D<+>- G.F- . ;= C0D= 6+ 9;610. 9+ ?=/=?+ 06= +: +>;0.B<= A=: 7+ A=B<+ ?1 9+
8+<7 1 . ;= <+ ;0+<-;<= <+/= ;+> =<?1 >1? .<M =081F.7 1 = ;=8+ ?=A0+ ?= =<+ ;1B>+ -
A0=9;=0- /?+ 8. 60@.8= 8+0+<7 + 0-/= >1? 9+ 7 +?<= <1+: +>;0.91<7+ A=8+01 ;= 6+I
7+9;+ +:+>;0.B<1 9;0-71 - ;=7G.F.NDC=/;=/1 <19;17 + 81/<+;<= A=: 7+ =>= <7+
1? -A=;0+C. 9.: - . <1;+017;177 +?1< +: +>;0=< . 8<=@;6= <7 +/=6+ 91C01I+ ?1 7 -0F17-
>0=D G.F- ;18=(18= ;18=(18= +>1 ;= C-?+ 7 +?1< A016.: 1< F.>: -9 >0+;1<7 1 <1A0+? .
<1D1? <1A0+? . <1D1? 19;1: + A0=8+<+ - +: +>;0.B<=8 . 81/<+;<=8 A=: 7
- @.0+ 9+ =? G.F+
- =>=: <. A0=9;=0 <+>=8 >=<1B<=8 C0D.<=8 ( C0D.<=8 96+;: =9;. +?<1 ;1>61 A0=8+<1
7+9;+ 7+?1< +: +>;0=81/<+;<. ;1: 19 %.F- - >=7 =79+ =6= ;0B>101<7 + ;18=(18= ?=/1,1 B+9;=
<1D.618= 2 1<;+<12 1 =<1 9.: 1 >=7 1 /=<. +: +>;0=<+ ?1 ;= 01?+ B+9;= 7 + 9./<1:<1 <+>=7
01?.=;1:19<=7M 0+>6+<F.7 . 1>= 9+ ?=/=?. ?1 9./<1: <=9+I. >=7 - /=? E=I+;+ A=0->- A=: +;.
.D1<;+<+ C0D.<=8 96+;: =9;. 1 =<?1 9+ @.0. <1 96+ 9;01<+ 1? 9;./<+ ?= ?0-/+ 1<;+<+ @;1
/1 B+>1 - <7 =7' +>1 /1 8<=@;6= ?0-/.E +: +>;0=<1N9./<1:I+ 91?1 <7 .E <1;+01;. ?1 9+
>0+I- 91 ;0D17 .81 ;18=(18= 9;61017 -I. A0=8+<: 7.6- 9;0-7 - >=7 1 9+ 8=G+ =;>0.;. .
A0+;6=0.;. - 6.?+= . 1-?.= .<M =081F.7 -
1>= 7+ ?1= ?.6=69>. ?=A0.<=9 <1-F. 1>96+:<.7 + A=9;1= >1= @;= >1G- 2 9:161< A0+>=
<=I.2 -7 ;+ 918= @;1 9- A=7 +?.<. >0.;.B10. /=6=0.:. = <7 +/=6=8 ?+: -

( R =<F+AF.7
1 ?=9;1 /0-C1R 9+0 .B10? ":+7DC0-> .FE10? ":
1Q+C0==>
( R 9+I1<7+ <+: 1/=?<=9;. B+9;= B1> . <+A=6+0+<71 8+@1 9+ 91 ?.6:7+<7+8 R <0.
=1<>10+ +<0. =.<F10S
( R .7+ <1@1= <.>1>6= -A=0.@;+ - +81B>=7 /?+ D1A016= 7 +?61 ?1 /1 7 + .>=
A0.8+;.=R 1>9 : 1<> 1K :1<F>
( R =/- ?1 >1G+8 7 +?<- 9;610 = ;=7;+=0.7. = +:+>;0=81/<+;<=7;+=0.7
. 96+;:
=9;.
.9:
.8 ?1 7+ <+A0.E61;:7
.61R =0? +: 6.<

1? - @;18A. ?=C.7 1@ =61>6+ =F+<+ ;+@>= 7+ A=9;1;. 29-A+09;102 1>96+: 1 7

+ ?=
:
+/+<?+ -D?./1= ;+> 7+?1< +>9A+0.8+<;1;=0 1:
. 1>96+:<.7+ ?=B+>1= ;1 60+8+<1 80=
7
+ ?+9+;1> /=?.<1 A0+01<=

016. 7 -<1> A= 8.@: 7+<7- =6=/ 6+=81 A0.9;019<=/ .9;=0.B101 <1->+ C.= 7 + 17 <0.E
+0F >=7 . 7
+ 9+0.7 =8 =A.;1 >=7 . 9- A=;017 1: . 6.@+ =? ?+9+; /=?.<1 !T*( !!! A=;60?.=
961 A0+?6.,1<7 1 ?1;1 - 1>96+: =6=7;+=0.7 .
1:19. .817 - ;1: 19<- ?-G.<- = .8 7 + =<1 01D?1: 7.<1 .D8+,- 60E1 7 +?<=/ . 60E1
9:+?+I+/ ;1: 191 1: 19. 6=?+ - =>+1<- 01D81><-;. 9- ;.A.B<= <+>=: .>= 8+;101 0+F.8=
<+>.E 9+?18 ?= ?+9+; 8+;101 1: 19<1 ?-G.<1 D6-B<.E ;1: 191 .D<=9. =;A0.: .>+ F+<;.8+;10(
?61 .: . ;0. : +>;0=81/<+;.D18 ;1>=,+ <1.: 1D. - ;1: 19.81 1D: .B.;. +:+>;0=81/<+;<. ;1: 19. (
.<M01F06+<. 8.>0=;1: 19. 0+<?/+<9>. 01?.=(;1: 19. ( 01D: .>-7- 9+ .D8+,- 9+C+ <1A0=9;= A=
;1:19<=7?-G.<. .?: 7.61 96+;:=9; ( A: 161 D+: +<1 <101<?G19;1 F06+<1 ( <1: 1D. 9+ - 90+?.<.
+:+>;0=81/<+;<=/ 9A+>;01 1?.=(;1: 19. . 8.>0=;1: 19. .817 - 6+I+ ;1: 19<+ ?-G.<+
:
;01:7-C.B19;. 0+<?/+<9>. . /181(D01F. .817 - >01I+ ;1: 19<+ ?-G.<+
A=;0+C:71617 -I. <18=;1791 9;0-7 =8 6.9=>=/ <1A=<1 . 7 +?1< ?+;+>;=0 +0F 7+ <1@1=
<1B.< ?1 A0=.D6=?. 01?.=(;1: 19+ . ?1 8+0. <7 .E=6- C0D.<- =>1D1= 7 + ?1 .817 - .9;+ =?:.>+ -
A=/: +?- =?C.7 1<71 A0+: 181<7 1 . A=: 10.D1F.7 + >1= . 96+;: =9<. ;1:19.N@;16.@+ ?1 9+ 8=/- .
A0.>-A.;. - G.G- 1>96+: 1 9- =<=: .>= /0?.: . 1 .9A1: = 7+ ?1 7 + C.= - A016- +0F <+ 918=
@;= 7+ A=?60/1= 1>96+: =6+ ;+=0.7 + 9;0=/=7=A.;<=7A0=6+0.N=< .E 7 + . -B.<.= 7 19<.7.8 .
A=7 +?<=9;16.= <1 2 9.9;+8 B+;.0. 7 +?<1B.<+2<1 >=7 . I+8= -9>=0= ?=I.
=9: + +0F1 1>96+: =6+ D18.9: . A=9;1?=@+ =A@;+A0.E61I+<+ ;10. A0=C: +8 ?+: =61<7 1
<1 ?1: 7.<- ;.8+ 7 + =?: =G+< - 9;01<- .:
+ - =C: .>- 01D<.E A=: 71 .?- >0=DA0=9;=0 @.0+ 9+
>0=D <7 +/1 7+?<=8 >=<1B<=8 C0D.<=8 1 ;= 7 + C1@ C0D.<1 96+;: =9;. 1>96+:7 + =9+I1=

94
A=;0+C- ?1 96=7 .8 +: +>;0.B<.8 . 81/<+;<.8 A=: 7.81 =C+DC+?. <+>. 8+?.7 -8 >=7 . I+ .E
A=?0G161;. . A0+<=9.;.N- ;+ 960E+ A0.: 1/=?.= 7+ D18.91= 101?+7 1 . =@>=6.I1 = 7 +?<=8
96+A0=G.817 -I+8 +;+0- - >=8+ 6.C0.017 - +:+>;0.B<1 . 81/<+;<1 A=: 71 1@ >1= =<17
7-;<=6=?C1B+<. +;+0 ;1>= 7 + . =617+;+0 .81= <+>+ 60: =2D160<-;+2=?: .>+ . =?./01= -: =/-
- 9:+?+I=7<1-B<=70+6=: -F.7.
0.7-8M 101?+7 1 1>96+: 1 . +0F1 D<1B.= 7 + -7 +?<= . <=6. -9A+E 0+?->F.=<.D81
<.6+0D.;+;. <.9- 6.@+ 8=01: . ?1 D1A=9: + 7
+?<=/ A0=M +9=01 ?1 A0+?17 + +:+>;0.F.;+; ?0-/=/
81/<+;.D18 1 ;0+I+/ =A;.>- = 9+ 96+ 91? -7 +?.<.:= - .9;. A0+?8+; A1 7 + ?=6=: 7<=
D1A=9: .;. 7
+?<=/ A0=M - ;1>= ?1 =9;17 + 6.@+ A101 D1 01/C. +>.A- .8 7 +?<.8 <1-B<.8
A0+?8+;=8 =C-E61I+<1 7 + =/0=8<1 01D<=609<=9; : 7
-?9>.E ;6=0+6.<1 . A=7 161 A0.0=?+
8=;=0. . /+<+01;=0. ;01<9M =081;=0. =/0=8<1 .<?-9;0.7 1 D1 A0=.D6=?<7 - +: +>;0.B<+
+<+0/.7 + 1: . . 96+;: =9; -<F1 D6+D?1<1 96+;: =9; 01?.= 01?10 8.>0=;1: 19. >1= . D01F.
.<M01F06+<. -: ;01:7-C.B19;. 0+<?/+<9>. . /181 . : 19+0. 0=9;.01<7 + 96.E <7 .E =C71@<7 161 9+
A=8=I- 1>96+: =6+ B+;.0. 7 +?<1B.<+ >=7 + - 96=8 8=?+0<=8 =C: .>- A0.8+<7 +<+ <1
+:+>;0.F.;+; - 9:=C=?<=8 A0=9;=0- .D/: +?17- =61>=

F ?+:;1 K L( ? 5?;
F ?+:;1 K L ? 5
?;
?+:;1 L
?+:;1 L

=6.8 7 +?<1B.<181 7
+ +:+>;0.B<= A=: 7+N 7 + 81/<+;<= A=: 7+N1 F @;= 7 + ?1C=8+
C0D.<1 96+;: =9;. 7 +9;+ >=8C.<1F.7 1 +: +>;0.B<.E . 81/<+;<.E 96=7 9;161 >=7 + 8=G+8= <1
:1C=01;=0.7 9>=8 01?<=8 9;=: - ?1 .D8+0.8= 1A1D.;+ 9.8+;0.7 - . +8=7 ;+ 9+ 8-B.;. 91
;.8 <+01D-8: 7.6.8 @>01C=F.7 181ND1 <1@- 960E- <.7 + <+=AE=?<= ?1 =C7 1@<7 1618= >1>=
=6+ 7 +?<1B.<+ ?+7 9;6-7 - -@;.<1 7 + 9:+?+I1 ;+ B+;.0. 7 +?<1B.<+ 7 +9- <1-B<. <1B.< ?1
>1G+8= R +>1 C-?+ 96+;: =9; R
;-?+<;. M .D.>+ . .<G+<7 +09;61 @.0=8 96+;1 <=9+ 817 .F+ <1 >=7 .81 9- .9A.91<+ =6+ B+;.0.
9;0=/+ 7 +?<1B.<+ 1>96+: =6+ A06=C.;<+ 7 +?<1B.<+ 8+,-;.8 <.9- <. .D?1: +>1 : .B.:+ <1 =6+
B+;.0. 6+ -A0=@I+<+ 6+0D.7 + ?+:= 9- +0F1 B=6+>1 >=7 . 7+ 7+?1< =? =<.E 60: = 0+;>.E
9:-B17 +61 >1? <+>= A=9;./<+ .D61<0+?<+ 0+D-: ;1;+ >1= +>9A+0.8+<;1;=0 1 - .9;= 60+8+
019A=: 1G+ . D<1<7 +8 ;+=0.7 + >=7 + 7+ .D<1? 2 ?=6=: 7<=/ 9<1: 1G+<7 12 +0F 7 + C.= .D-D+;<=
-9A+@1< - =C1 1= . 101?+7 C.= 7 + 96+9;1< =/0=8<=/ A01>;.B<=/ D<1B17 1 96=7 .E
A=9;./<-I1 1: . <+D1.<;+0+9=61< D1 ;= 0+A-9;.= 7 + ?1 A01>;.B<+ A0.8+<+ 01D6.7 17 -
9>0=8<.7 . <1-B<. -8=6. >1= @;= 9- 10>=<. . 10. .</ 100Q .</ +0F=6;+=0.7 9>. 01?
919;=7 1= 9+ -/: 16<=8 - ;=8+ @;= 7 + =B.9;.= . 90+?.= 1>96+: 1 96+= . A=A-: 10.D=61=
<7 +/=6- ;+=0.7 - 1 <.7 + C.: = +0F1 9;-?+<;. M .D.>+ 8=01: . C. ?1 ?.G- ;+/=6+ 6+=81 -A=0<=
?1 C. A=9;1: . 8<=/= @.0. - 018+<.81 >1>= C. =<?1 <1 <7 .E=6.8 817 .F181 C.: = ?=6=: 7<=
A0=9;=01 D1 1>96+: =6- ;01A16- . D1A+;: 71<- 81;+81;.>-
9;17 +8= 6+0<. <1@=7;01?.F.7 . . =C+I1<7 - >=7+ ?1?=98= +8=>0.;- >=7 . <18 7 +
-D/0+? 0+B+<= 81: =B19 ;+: +M1>9=8 A=9: 1= A=0->- ?1 9+ 601;.8= ;+8. <1B. ;0+C1 ?1
A.;18= 1>96+: 1 .: . <19: +?<.>+ = 1;=8.81 1C=8+ ?1 7 + =< 6+0=61= - <7 .E .= 7 +
;1>=,+ 1-;=0 60: = -9A+@<+ ;+=0.7 + >=7 1 7 + A=981;01: 1 /19=6+ >1= 9>-A=6+ 1;=81
+0=61= 7 + . C.= 7 + - A016- ?1 E+8.7 9>. 1;=8. <.9- <1A0=9;= >0-;1 ;+: 1 <+/= ?1 .817 - .
<+>- 9: =G+<- 9;0->;-0- 6= 6+0=61<7 + ?=@: =7 + .D<7 +/=6=/A=D<161<7 1 =A;.B>=/9A+>;01
>=7 . 7+ A=9;1= D<1B17 1< >1= @;= I+8= 6.?+;. - 01D6.7 1<7 - >61<;<+ ;+=0.7 + 1>96+:7 +
;1>=,+ 6+0=61= 1: . A=/0+@<= ?1 <7 +/=6. 9: =G+<. 1;=8. <+ 8=/- C.;. A0+9+B+<. <1 81<7 +
?+: =6+ 6= 7 + .9>1D1= ?.6<. 9;.: =8 . 7 +D.>=8 /=?.<+ !TO R1>= 7 + ;=>=8 ?-/.E
01D?=C: 71 C.: = >1;19;0=M 1 <+C+9>.E >=7 + 9+ . =A+; ?+9.;. 8=/-N.1>= 9+ ?0+6<1 ?0-@;61
8=/- 019A19;. 1 .D <7 .E=6.E 0-@+6.<1 -D?.I. <=61N.A1> 1;=8. =? >=7 .E 96. ;. 9.9;+8.
+8: 71 -<B+69.9;+8 . ;1>= ?1: 7+ 7 +9- 91D?1<. ( >18+<=6. ;+8+: 7F. ?1>: + 81;+0.7 1:<+
19+: 7+<+ ( =9;17 - <+9: =8: 7+<. ( <+A=E1C1<. @;16.@+ R E ?1 7 + 918= 0+>1= 2 >610>=6. .
:+A;=<.21 <+ ;= 2 1;=8.2
=<1B<1 =F+<1 = 1>96+: - ?=:1D. =A+; =? 7 <@;17<1 >=7 . 7
+ 0+>1= ?1 7 + 1>96+:?1=
<17 61G<.7 . A=7 +?.<1B<. ?=A0.<=9 <1-F. ?+6+;<1+9;=/6+>1

95
 1: = 98= A0+9>=B.: . <+>+ 61G<+ A=7 +?.<=9;. - <1@=7A0.B. ;>-? D<18= ?1 9+ A=: 71
@.0+ <+>=8 =?0+,+<=8 C0D.<=8' 1>= 9- M .D.B10. ?+6+;<1+9;=/ 6+>1 -=A@;+ D<1: . >=71 7 +
C0D.<1 96+;: =9;.' B+8- 7 + 01D:.>1 .D8+,- ;0+<-;<=/?+: =61<7 1 <1 ?1: 7.<- . ?+: =61<7 1 ;+>
>1? 9./<1:?=A-;-7 +'
18.9: .;+ 60: = 8=I1< +: +>;0=81/<+; <1 7 +?<=8 >017 - 01/C. ./01: .@;1 1 <1 ?0-/=8
>017 - /6=D?+<- : =A;- =>1B+<- = 60: = ;1<>- G.F- ?1 6.9. 91 60: = 6.9=>=/9;-C1 =A;1 I+ 9+
<1/.<7 1;. 81: = 918= 81: = >1 81/<+;- 1? A0+;A=9;16.8= ?1 60: = C0D= .9>: 7-B.8= 9;0-7 -
- +: +>;0=81/<+;- >= A=8<= 8=;0.8= <1 >-/: - . G.F- A0.8+;.I+8= ?1 <19;17 + 0+1>F.7 1
-/: 1 >1= ?1 7 + =9: =C=,+<1 601I1 9+ A=: 1>= - 016<=;+G<. A=: =G17 +,-;.8 ?1 : . ;1
0+1>F.7 1 <19;17 + ;0+<-;<=' 1 -A016= ;1>= >1G- D19;-A<.F. ;0+<-;<=/ ?+: =61<7 1 <1
?1: 7.<- D8+,- 81/<+;1 . >-/: + A=9;=7 . 6+D1 >=7 1 7 + B609;= D1;+/<-;1N>1? 81/<+;<=
?+7 9;6= .@B+D<+ >-/: 1 .9;=/ ;0+<1 A=: 1D. <1;01/ >1 016<=;+G<=8 A=: =G17 - /?+ I+ <7 +<
=;>: =< C.;. <-: 1 R + R>1G- D19;-A<.F. >=<1B<+ C0D.<+ 0+>= ./01: .@;1 A-;-7 + .<M=081F.7 1
>=7 1 >1G+ R +7 ;. 1/<+; 7 + .9>: 7
-B+< 8=G+@ 9+ 91? =A-9;.;. R <1 A-;-7 + <+>=8
=?0+,+<=8 C0D.<=8 1 >1? 9;./<+ >-/: 1 A=B<+ ?1 9+ 601I1 ;+> ;1? - 016<=;+G<.
A=: =G17
181 7 + ?1<19 A=D<1; ;1B1< =?/=6=0 -/: 1 8=01 81: = ?1 91B+>1N60: = 81: = D1;=
@;= .<M =081F.7 + A-;-7 - C0D.<=8 96+;: =9;. 1: . .A1> 8=01 <+>= 60+8+N 1 ;= 60+8+ 7 +
8+0: 7.6= ?1 91B+>1 1<19 ;= D<18= 1: . - 1>96+: =6= 60+8+ =617A0=C: +8 C.= 7 + -
90+?.@;- 9.: =6.;+ 019A016+ A.;1<7- 7+ C.: 1 9-?C.<1 F+: + D18.9: . A=: 71 @;= <.9- =<. : +A=
.D6+: . =A.;+ A1 6.?+: .' 1 D1;= @;= 96+;: =9; A-;-7 + ;1>= C0D= ?1 D1 8.: .=<.;. ?+= 9+>-<?+
A0+: +;. 01/C. ./01: .@;+ >= /=?.<+ !! <.7 + C.: = C1@ : 1>= .D8+0.;. ;1>= 81: +<=
D1>1@<7 +<7 + 1<19 <.7 + <.>1>16 A0=C: +8 ( @;16.@+ ;0.6.7 1:<= 7 + ( 8+0.;. . 8.: .7
10?.;+
?+: =6+ 9+>-<?+ ;1>= ?1 @.0+<7 1 01D<.E +: +>;0=81/<+;<.E A=7 161 8+0.8= ?= 8.: + 6=: 7+ .
-6+> <1: 1D.8= ?1 9+ A0=9;.0- <+>=8 =?0+,+<=8 >=<1B<=8 C0D.<=8 1 A0.8+0
A=9;16.8= =/: +?1:= <1 A=60@.<- +9+F1 <?1 : 19+09>.8 D01>=8 91 +8: 7+ /1,18= ;=
=/: +?1: = . /: +?18= >1? I+8= 6.?+;+ 0+M :+>;=61<. D01> 1 =6= ?6=98+0<= A-;=61<7 +
+8: 71( +9+F( +8: 71 96+;: =9;. 7
+ A=;0+C<= <+@;= 6.@+ =? ?6+ . A= 9+>-<?+
6= A0.8+01 - >-?.>18= 6+I.8 01D8+0181 61?+9+; ;0+I+/M +C0-101 3!T ;1B<= - T
91;. . *$ 8.<-;1 A= /0.<.B>=8 90+?<7 +8 60+8+<- A0.8+I+<1 7 + +>9A: =D.7 1 7 +?<+ D6+D?+
<1 7 -G<=8 <+C- 1 9-A+0<=61 +>9A: =?.01: 1 7 + - +: .>=8 1/+: 1<=6=8 =C: 1>- 1 ;= 7 +
7+?<1 9>-A.<1 D6+D?1 . A01@.<+ /1: 1>9.7 1 <+>.E $ 96+;: =9<.E /=?.<1 =?16?+
0-/.8 0+B.81 +: +>;0=81/<+;<1 .<M =081F.7 1 = +>9A: =D.7 . A-;=61: 1 7 + =? 9-A+0<=6+ B1>
9;= @+D?+9+; E.: 71?1 /=?.<1 ?1 C. <17 D1? 9;./: 1 ?= +8: 7+ ;1 9-A+0<=61 0+/.9;0=61<1
>1= !T D1A016= <18 7 + 9-9+? ;- 7 + C: .D- 17-?1: 7+<.7 . =A1G+<. >=98.B>. =C7 +>;
-?1: 7+< 7 + =>= ! 8.: .710?. 96+;: =9<.E /=?.<1 6+;: =9; >=7 1 <18 91? 9;.G+ 91 ;.E =C7 +>1;1
>0+<-: 17 +-7 +?<= ?=C1 >=7 +7+ C.:= A0.:.B<= C: .D- =B+;>-
0D.<- 96+;: =9;. A06. A-; 7 + .D8+0.= <1 +8: 7. - : 1C=01;=0.7 . 7 +?1< 01<F-DA= .8+<-
081<( A=: .;( -7 .D= 081<?( .AA=: Q;+( =-.9 .D+1- /=?.<+ !P3 =@;= <.7 + <1
019A=: 1/1<7 - .81= =9F.: =9>=A+ . >610F<+ B19=6<.>+ .D= 7 + ?=8.@: 7
1;= 019A=0+?.=
=/: +?1: 1 ?1 C. A0.9.: .= 96+;: =9; ?1 .?+ @;= ?-G=8 A-;1<7 =8 . ?1 9+ 601;. . <18+9;.=
7+?1< D-AB19;. ;=B1> >=7 . 9+ 8=/1= D160;+;. 6+=81 C0D= >= D<18= >=7 =8 C0D.<=8 9+
;=B1> 60;. . D<18= =C.8 ;=B>1 8=G+8= ?1 .D01B-<18= >=: .>= 60+8+<1 ;0+C1 ?1 - 7 +?<=
A01D<= 8+9;= <1.,+ D-C1F . D1>: =<. /1 =?+9.8= ?1 =6= 60+8+ C-?+ ;1>= ?1 96+;: =9;
A0=,+ .D8+,- ?61 D-AF1 =?+ ?= =<.E ?1: +>.E =/: +?1: 1 601;. 9+ . A=<=6= A0=,+ >0=D.9;.
=;6=0 - =>= 897 + .D=1 =< ?.+- .?.8 /1 1? A=9;+A+<= -C0D1618= ;=B1>
9>01I-7 +8= 60+8+ 019A=: =G.6= D1 A0=: 1D1> D01>1 . <17 D1? <19;-A. C: =>1?1 96+;: =9;. ;=
1? D<18= <+ 918= >=: .>. A-; 7 + D01> 8=01= ?1 A0+61: . ( .D.D6=01 96+;: =9;. >0=DA01D<.<-
.D8+,- ?61 D-AF1 ?= =/: +?1:1 A1 <1D1? /?+ <1: +;. <1 D-C1F ( <+/= D<18= . D1 >=7 +
60+8+ 7 + D01> ;= A=9;./1= 1D<1 A+;: 7
1<7 1 . A=?+@161<7 1 =6=/1 ?1: 1 9- .D=- 9: 16<. C0=7
;0.9;1 8.: .=<1 8+;101 - 9+>-<?. * K !85 9 =?<=9<= !$ 8.: 71 - 9+>-<?.
6+> 8+ .D<+<1?. M .:=D=M 9>1 ?-C.<1 ;.E 8=81>1 - 0+<+91<9. +: +>;0=81/<+;.D81
09;+? 7 + 6+0=61= <19-A0=; 7 -;<- ?1 9- 96+ 9.: + - A0.0=?. 1 ;= 7 + ;1? D<1B.: =
/016.;1F.7 1 +: +>;0.F.;+; . 81/<+;.D18 918= 01D: .B.;. 6.?=6. .9A=: 7161<7 17 +?<+ A01.9>=<9>+
9.:+ = 7 + ;1111>= 8=?+0<= 101?+7 +61 <19;=7 1<7 1 ?1 -9A=9;16. 9.8+;0.7 - +: +>;0.F.;+;1 .

96
81/<+;.D81 =?D61<7 17- /0B>.8 <19: +,+8 ( ;01/1<7 +8 D1 7 +?<=9;16<=@I- .
=C7+?.<7+<7
+8N1 ;= 9- ?61 =? ->-A<= 9;= ;0.?+9+; 9+?18 F.:
7+61 >=7
+ ?1<19 ?+6+?+9+;.E
/=?.<1 ?61?+9+;=/6+>1 9+C. A=9;16:
71 +08.: 1C

,#

A0+;E=?<=8 . - =6=8 A=/: 16: 7- A=>0.: . 98= 6.@+ =? ;0. 9;=;.<+ /=?.<1 >: 19.B<+ M .D.>+
=? "1: .:+71 ?= +0F1 0+9>=B.= 918 8<=/+ ?=C0+ : 7-?+ =: 1<,1<.< 0.9;.7 1< 17 /+<9 <1
A0.8+0 0+>1= <18 7 + 8<=/= = 96+;: =9;. . ;1: 19.81 01<F-D +<+ +>10; +<S
+9F10;+9 =9<.61B 1<1: .;.B>+ /+=8+;0.7 + C.= 7 + 8+,- 6=?+I.8 D19;-A<.F.81 1;=8.D81
1 ?161= 7 + . <+>+ ;+=0.7 + = 81;+0.7 . . >=98=: =/.7. 6+=81 81@;=6.;+ 91 6+: .>.8 01D81E=8
1:. <+-9A+@<+
": +?1: . 98= >: 19.B<- M .D.>- .D7 +?<=/ <+-=C.B17 +<=/ -/: 1 ( <1.8+ A01;+I. A=;01/- D1
+8=>0.;=6.8 1(;=8=8 C.B<= 9+ =61 >: 19.B<1 +01 A=981;01 >1= .9;01G.61<7 + 9.: 1 . ;=
?6+ 9.: + 1 ;= 9- 9.: 1 ;+G+ . +: +>;0=81/<+;<1 9.: 1 1= @;= 98= 6.?+: . 9.:1 ;+G+ A=;.B+ =?
A0.6: 1B+<7 1 8191 +:+>;0.F.;+;- 7 + 101?+7A0+A=D<1= ?0-/1B.7 - A=7 16-N;- 7 + 81;+0.7 1
<+61G<1 0+>1= 7 + =< =: 71 9.:1 ;0+C1 /: +?1;. 1016<= >1? ?=C.7 +@9.: - .A1> 9+ 8=01@
A=D61;. <1 7 -;<=6?0-/. D1>=< L 81 ?1 C. -9;1<=6.= >=: .>= I+ >0+;1<7 + A0=.9;+I. .D;+
9.:+N1 ;- .<+0F.=<1 81;+0.7 1 9;610<= 7 +9;+ C.;<1 101?+7 +61 ;+D1 ?1 81;+0.7 1 <.7 + C.;<1
.D6+?+<1 7 + .D.<;-.F.7 + -,+01 =@>=6.I1 7 +?<=/ =? A.=<.01 1;=8.D81 1016<= 101?+7
7+ ?1= . A06+ <1/=6+@;17 + = 2 1;=8.81 +: +>;0.F.;+;12 =G?1 C. <+>. : 7-?. 0+>: . ?1 <+ ;0+C1
.9;=0.7 - /: +?1;. <1 =617<1B.< >1= ;01/1<7 + D1 7 +?<.8 >=<F+A;=8 D1 >=<1B<=8 B+9;.F=8
1 .A1> ;= ;01/1<7 + A=9;=7 . .9A=? A=60@.<+ .<;+: +>;-1: <=/G.6=;1 8<=/.E 7 -<1>1 M .D.>+
=;>017?+6+?+9+;.E /=?.<1 ?+6+;<1+9;=/ 6+>1 M .D.B10. 9- 8.9: .:
. ?1 9- 6+I =;A0.: .>+
9>: =A.: . F+:- 9: .>- E61;.: . F+= +: +>;0.F.;+; F+= 81/<+;.D18 F+: - 96+;: =9; F+: - 8+E1<.>- .
96+ = 9;610.81 - A=>0+;- 1 . >=98=: =/.7 - . /016.;1F.7 - =6: 1?1: . 96.8 ;.8 9;610.81 . ;=
A=8=I- 918= <+>=: .>= 7 +?<=9;16<.E 7 +?<1B.<1 ;= 9+ 1;=81 ;.B+ 6+I.<1 E+8.B101
981;01: 1 7 + ;= A.;1<7 + 81<7 +(6.@+ D1;6=0+<.8 818= A+0.=?<- ;1C: .F- +: +8+<1;1
=?=<.> E+: .7-8 -/: 7+<.> >.9+=<.> . ;1>= ?1: 7
+ 96. 9- +: +8+<;. 961>. 9+ 919;=7 . =?
96=7 .E 1;=81 1 ;. 1;=8. 9- 96. <+6.?: 7.6. . 96. <+?+: 7.6.
=?-@+ @;1 0+I. ;- . ;18= 9+ - ;=79: .F. <1: 1D.:
1 A=<+>1 ;17 1<9;6+<1 <1A09: .<1
-<F+ <1 A0.8+0 C-<7 .61: = .E 7+ =0.9;+I. ;1?1@<7 + A=D<161<7 + E+8.7 + . 1;=8.9;.>+
C0.;1<9>. <1-B<.> : =0? 17 :. .D01B-<1= 7 + ?1 7 + -<F+ 961>1>= ;0+C1: = ?1 91/=0. 96+ 96=7 +
019A=: =G.6= /=0.6= - 0=>- =? * /=?.<1 =? 96=/1 A=9;1<>1 1-B<.F. 9- 8+,-;.8
D<1: . ?1 7 + -<F+ 8<=/= 9;10.7 + =? ;=/1 1 =<?1 ;1 9;610 91 +;+0=8 <=/= <+D/=?<1
9;610 ;+0 C. 8=01= ?1 .81 <+>+ 8+E1<.B>+ =9=C.<+ >=7 + 9- ( 91>: =<. =G+ ( D1.9;1
C.D10<+ =01= C. ?1 C-?+ A=;A-<= A0=6.?1<N;1>=,+ 9A=9=C1< ?1 >: .D. .D8+,- 1;=81
96.E 81;+0.7 1 1 ?1 .E <+ -D<+8.0. <. <17 81<7 + 1 .A1> - .9;= 60+8+ ?1 C-?+ B609; >1=
B+: .> ?1 C. .D?0G1= <1.: 1D1> 96+;: =9;. >=7 1 >0=D<7 +/1 @.C1 ;1>= 9;016.B<=8 C0D.<=8 A1>
:7-?. 9- 9+ <1?1: . ?1 I+ ;+ . ?0-/+ ;17 <+ 6+I C.;. <+>1>= 0+@+<+ >1? D1 ;= ?=,+ A016=
60+8+ 1 918 7 1 C.= <19;16<.> ?16<+ !3 : 1>= 9+ 8=/: = ?+9.;. ?1 >1G+8 96.8 8=7 .8
9;-?+<;.81 ?1 .?- >-I. . ?1 9+ =A0+?+: + D1 <+>- D1<.8: 7.6.7 - <1->- 7 +0 9- - M .D.F. 961
6+: .>1 A.;1<7 1 0+@+<1 <= 81: = @;= 7 + =9;1: = ( =;>-? -<F- 9<1/1 =;>-? 01?.=1>;.6<=9;
. 7=@ A=<+>1 D1/=<+;>1 ( 01<.7 + .: . >19<.7 + A0+/1D.I+ ;+=0.7 9>. A10<. 61: 71> 7 -;<1 .
1>96+: 1 <+I+ ;. A0=C: +8B.I. =?=: +;. ;1>6=79<1D. .D.>1 7 + - 9-@;.<. F+: 1 6+I98+@;+<1
-0+?<= - >-;.7 - >-;.7 1 D18=;1<1 - ->019<. A1A.0 -6+D1<1 ->019<=8 ;01>=8 1 ;01>1 7 +
<160E >-;.7 + 6+D1<1 7 =@. - 2 81@<.F-2
1? <17 +?<=8 <1 918=8 >017 - 6+>1 A=B+ ;17A1>+; ?1 9+ 01D8=;161 0.61F 7 + C.:1
+>9A+0.8+<;1: <1 <1->1 = C. ?0-/.

=>=8 ?+6+;<1+9;=/6+>1 M .D.B10. 9- 9+ D1:

7-C.:
. - +:
+>;0.B<1 A01G<7+<71 >=7
1 9+ 8=/-
A-@;1;. >0=D9;1>:
+<- F+6.9A-<7 +<- <+>.8 /19=8 A=? <.9>.8 A0.;.9>=8 ?+@>=? ?-61B1
9;1>:
1 . =< ;. <1A016. ?.6<- F+6B-/- 8+;10 ?-/1B>- =C1 >017 1 -6->- 9+ 8+;1:<+

97
+:+>;0=?+ 1 =<?1 9+ D1;=A+ >9A+0.8+<;1;=0 .9A-8A1 61D?-E <17 C=: 7 + @;= -8+ . 8=G+
1 =<?1 A-9;. -<-;01 918= 81: = <+>=/ G+: 7+<=/ /191 6=?=<.>1 .: . -/: 7+<(?.=>9.?1 1
8=G+ . ?1 =9;1<+ 81: = 61D?-E1 N61G<= 7 + ?1 A0.;.91> C-?+ <.D1> +/?+ - C: .D.<. ;0+C1
?1 C-?+ C1;+0.7 1N G.F+ .D <7 + A0.>1B.@ <1 7 +?<- . ?0-/- +: +>;0=?- =;0+C1< 7 + 6.9=>.
<1A=< <?1 - D1801B+<=79=C. <1-B<.F. 91 ?.6: 7+<7 +8 /: +?17 - A0+>019<1 G10+<7 1 .
C: .9;1<7 1 /191 >=7 1 I+ . 8+<7 1;. =C: .> 1>= 9+ A0.;.91> 8+<7 1 = /=? 7 + 6.?+= <+=<9>-
0+>: 18- D<1 >1>= .D/: +?1 ;= C: .9;1<7 + . G10+<7 + >1? 9+ A0.;.91> ?=6=: 7<= 981<7 .
C: .9;1<7 + - F+6. A0+;6=0. 9+ - D01> 918= 7 +?1< A016 >=7 . A-;-7 + =? >1;=?+ <+/1;.6<+
+:+>;0=?+ A0+81 1<=?. A=D.;.6<=7 17D01> <1D61@+ : =/.B<= 2 >1;=?<. D01>2 6+ A=7 16+
D1 >=7 + 91? D<18= ?1 <.9- <.81: =7 +?<=9;16<+ =B101: + 9- F+: =7 +?<= A=>=: +<7 +M .D.B101 .
A0.6: 1B.: + D1<.81<7 +: 1.>1 @.0=8 60=A+
1-B<.F. 9- D<1: . D1 <+>+ 9A=0<+ . 8+,-9=C<= 9-A0=;<+ A=7 +?.<=9;. = ;.8 >1;=?<.8
D01F.81 01F. ?=<=9+ <+/1;.6<. +: +>;0.B<. <1C=7 -;-7 - A016=: .<.79>. >= .8 9+ <1 A-;
-<-;10 F+6. 91 <.9>.8 A0.;.9>=8 <18+9;. M .<. : 1>. ;=B1> 91 : =A1;.F181 D01F. I+ ;17;=B1>
A=B+;. ?1 =>0+I- : +>;0.B<1 A=: 71 <+ 9>0+I- =61>16D01> : +>;0.B<1 A=: 71 9>0+I- =61>16
D01> 1/<+;<= A=: 7+ 916.7 1 /1 - : -> 1 ;17: -> 7 + =<1 609;1 >=7 17 + =C: .>=8 ?+= >0-G<.F+
>0-G<. : -> 0=D ?+C+: - 8+;1: <- A: =B- =617D01> <+ 8=G+ ?1 9+ A0=C.7 + >0=D ;1<>-
8+;1: <- M =: .7- 8=G+
1<.8: 7 .6+ B.<7 +<.F+ 1: . =9;1: 1 7+ /: 16<1 ;17 <1 @;1 9- >1;=?<. D01F.' A=D<=8
?+6+;<1+9;=8 6+>- <1/1,1<7 1 = =6=8+ .@: 1 9- - ?61 A016F1 +>. .9;01G.61B. 9- 8.9: .: .
?1 C. >1;=?<. D01F. 8=/: . ?1 C-?- +: +>;0=81/<+;<+ 6.C01F.7 + - +;+0- . ;= 6.C01F.7 + C+D
.>1>6+ 819+ .7+ .8 ;= C.: = : =@+ <1/1,1<7 + +0 >1;=?<. D01> 96+;: . >1= 96+;: =9<. D01>
>=7 . 7 +9;+ 7 +?<1 609;1 1: . <+ ;1 609;1 +: +>;0=81/<+;<=/ ;0+A+0+<7 1 19<= 7 + C.: = ?1
+:+>;0.F.;+; >=7 .7 + =C: .> +: +>;0=81/<+;.D81 .81 <+>+ 6+D+ 91 =6.8 D01>=8
0-/. ;1C=0 ;60?.= 7 + ?1 >1;=?<. D01> .A1> 7 +9;+ <+>. =C: .> 81;+0.7 + 1/1,1: = 9+ ?1 9-
;= <+>. 8=: +>-: . /191 - F+6. >=7 . 9- =? +: +>;0.F.;+;1 -D+: . ?+= <1A=<1 :
. .9;= ;1>= 9+
<1/1,1: = ?1 7 + >1;=?<. D01> 91D?1< =? <+>=/ <=6=/ =C: .>1 81;+0.7 + =? <+>1>6.E 9.;<.E
B+9;.F1 >=7 + <.>1? ?=;1? <.9- .D?6=7 +<+ D 01D<.E 01D: =/1 D18.91= ?1 A=9;=7 . <+>.
=9<=6<. A0+<=9.: 1F <1+: +>;0.91<7 1 2 6.9.:1 7 + - 61D?-E-2 1 ?=C0= E17 ?+ ?1 8. =?81E
A-9;.8= 81B>- .D;+ 60+I+ 1;=?<. D01F. <.9- C.: + +:+>;0=81/<+;<+ 6.C01F.7 + <.;. 9- C.: .
8=: +>-: . /191
1 7 + 101?+7 C.= 7 =@ G.6 - ;= ?=C1 @;1 C. 0+>1=' 7 +/=6. D1>=<. 9<1G<= 9-
<1/=6+@;161: . ?1 A=9;=7 + 2 1;=8. +: +>;0.F.;+;12 +;.I+;+ 9+ ?1 7 + . 101?+7A016.= <+>+
9:.B<+ =A.;+ 9 ;.8 @;= 7 + A0=6=?.= +: +>;0.B<- 9;0-7 - >0=D;+B<=9;. 1 <+ >0=D/19=6+N<1
>017 - 7 + ?=C.7 1= 7 =<+ ?1>: + <1+: +>;0.91<+ 1;=8+ =@ /=?.<+ !TP G=0?G G=<9;=<
;=-<. "+=0/+ =E<9;=< ;=<+Q .09>. M .D.B10 9>=61= 7 + ;+08.< 2 +:+>;0=<2D1 =<- 7 +?.<.F-
<1+: +>;0.91<7 1 >=7 1 C-?+ .D/-C: 7+<1 - ;0+<-;>- >1? <+>. 1;=8 A=9;17 + 7 =< 1 7+ 101?+7
8=/1= ?1 /: +?1 >1;=?<+ D01>+ 8=G?1 C. - ?-C.<. ?-@+ D<1= ?1 9- ;= +: +>;0=<. - 1>F.7 .
+>. <1-B<.F. 9- - =6=8 01D?=C: 7
- 8=G?1 <19: -I.61: . ?1 7 + >1;=?<. D01> 91B.<7 +< =?
B+9;.F1N8=G?1 9- <+>. . 981;01: . ?1 7 + ;.8+ +: +>;0=< >=<1B<= A0=<1,+< :. >1>= ;=
-9;1<=6.;.' 1>= ?=>1D1;.' 01D?=C: 7- A=8<.E .9;01G.61<7 1 ?= /=?.<+ !3O 8<=/.
.9;1><-;. .9;01G.61B. - </: +9>=7 >=;9>=7 +81B>=7 . A0=-B161: . 9- +: +>;0.B<1
A01G<7 +<7 1 - /19=6.81 2: 1;<. 0-?<.>2<1@1= 7 + 8+,-;.8 ;+> G G =89=< </: +D
+>. ?0-/. 9- C.: . <1 ?=81>- 960<-I+8= 9+ <1 ?6=7 .F- ;1>6.E 918= ?1 C.98= 6.?+: .
>=: .>= ;-/+ . G1: =9;. 8=G+ C.;. - <1-B<=8 01?-
.A >=7 . 9+ <17 C:.G+ A0.81>1= ?1 A0+ =89=<1 =;>0.7 + +: +>;0=< C.= 7 + 8.: 17 E+0;
8.:4+.FE+0; A0-9>. M .D.B10 6=7 - ;+E<.>- A=>1D1= 7 + A-C: .F. - 7+?<=7?6=01<. 7 1<-101
!!T /=?.<+ 7+/=61 9;1>: +<1 F+6 C.: 1 7+ =>= B+;0?+9+; F+<;.8+;101 ?-/1B>1 1 =918
F+<;.8+;101 - A0+B<.>- 6=01<1 7 + C.:1 ?+: .8.B<= D1801B+<1 ;1>= ?1 9- C: .9;16. >1;=?<.
D01F. - F+6. C.: . =?: .B<= 6.?: 7.6.
>= 9. <1-8.= ?1 <+>=7B+9;.F. <1C1F.@ : 19= =>= 601;1 . -6-B+@ 7 + - =/01?- D61<-
2>=01: 2 8=01@?1 A=9;./<+@?6+ 9;610. ?1 =A.@+@>=7 + <1+: +>;0.91<7 + + =<1 .81 . >=7 -
819- 8 =<= ?=C1 B+9;.F1 = >=7 =7/=6=0.8= <.7 + 8=/: 1 ?1 C-?+ .D8+0+<1 7 +0 <.7 +
C.: = <1B.<1 ?1 9+ .D8+0. ;+G.<1 <+B+/ ;1>= 81: +<=/ 1 C. D1=C.@: . =617A0=C: +8 8<=/.
.9;01G.61B. 9- 9+ <+D16.9<= 7 +?1< =? ?0-/=/ ?=9+;.: . ?1 <1 D01> ?+: -7 - A=D<1;.8
+:+>;0.B<.8 . 81/<+;<.8 9.: 181 A1 ?1 .D8+0+ <19;1: - 0+1>F.7 - D01>1 +I1;+ 9+ ?1 7 + L
81 >= 7 + >1;=?<. D01> 9;610<= 8: 1D<+>1>6.E <1+: +>;0.91<.E B+9;.F1 =<?1 I+ 9.: 1 >=7 1

98
<1 <7 .E ?+: -7 + D16.9.;. =? >=: .B.<+ <1+: +>;0.91<7 1 + >=7 - 961>1 ;1 B+9;.F1 <=9. :
. I+
0+1>F.7 1 D01>1 C.;. -;=: .>= 9: 1C.7 1 ->=: .>= 7 + .<+0F.=<1 8191 8 961>+ B+9;.F+ 6+I1 1
<+90+I- ?1>: + 7 +?.<= 9. 8=/1= ?1 .D8+0.@>=+M .F.7+<; ?=C.7 +< ?+: 7+<7 +8 7 +?<+ ;+ 6+: .B.<+
?0-/=8N01D: =81> +5 8 ;= D<1B. ?1 <.>1>= <.9. 8=/1= <1I. >=: .>= 7 + 918= + 1 >=: .>= 7 +
918= 8 ;1 ;. 60+?. ?1 ?=C.7 +@ <+>. C0=7>=7 . 7+ .9E=? ?+: 7+<7 1 + 91 8' 6= 7 +?<=/
7+?<=9;16<=/ A0.8+01 17 - ;. C0=7) . >1G- ?1 7 + <19;1= ;1>= @;= 7 + <+@;= A=?+: 7+<= 91
<+B.8 81@ D1.9;1 7 +?1< <1/=6+@;17 1: . 918= <1/=6+@;17 1 ?61 C0=7 1 D1 >=7 .81
;01/1@8=/- C.;. ) . .:. .9;= ;1>= $* . * 1: . 8=/: = C. C.;. . T. 5 * 1@;= <+ ) . '
;1>= ?1: 7+ ( ?= C+9>=<1B<=9;. :. >1? C. C10 <19: -;.= >=7 . 7+ 7 +?1< =? ;1 ?61 C0=7 1 D1
;0+< C. -9;1<=6.= . =<17?0-/. +?->F.7 =8
96=8+ 7 -0.@- <1 +5 8 17 E+0; 7 + A0+>= F+6. 9;16.= A=;>=6.B19;. 81/<+; ;1>= ?1 9+
F+6<1@: 1 - 0-A. A=;>=6.F+ .D8+,- >01>=61 : .9;16. D01> 916.= 9+ - : -> 1/<+; =?/-0-7 +
+:+>;0.B<+ <1C=7 + - B+9;.F181 <1 7 +?<- 9;01<-N->=: .>= 9- =<+ 9A=0.7 + -;=: .>= I+ : 1>@+
81/<+; -9A+;. ?1 916.7 + <7 .E=6- A-;1<7 - - >0-G<. : -> 17 E+0; 7 + ?=>-B.= >=: .>1 7 + C0D.<1
D01>1 . <1 =9<=6- ;=/1 . 81/<+;1 A0.: .B<= ?=C0= =F+<.= +5 8
.:= 8- 7 + ;1>=,+ 7 19<= ?1 1>= 8=G+ <1 =9<=6- .=: + .>1>6=/D<1<7 1 ?1 <19: -;. >=: .>=
7+ <1+: +>;0.91<7 + B+9;.F+ =?81E A=;=8 8=G+ . ?1 .D01B-<1 A0.C: .G<- <7 +<- 819-
1>: 7-B1> 17 E+0;=6 /: 19.= 7 + R +818= =6?+ <.>1>61 A=9: 1 91 1;=8.81 D<1<.8 .D
E+8.7 + 7 +0 8191 =6.E A=>0+;<.E B+9;.F1 - >1;=?<=8 D01>- .D/: +?1 ?1 7 + ?6+ E.: 71?+ ?=
B+;.0. E.: 71?+ A-;1 81<7 1 =? 819+ <17 :
1>@+/ A=D<1;=/ E+8.7 9>=/ 1;=81 6=?=<.>=6=/R
=7 + C.: = 81: ;+<+ - 918= 90+?.@;+ 8+;+ =6+> 7 + C.= 96+9;1< ?1 ;01/1 D1 <=6=8 609;=8
B+9;.F+ .= 7 + A0=>: +;= C: .D- ?1 A=/=?. <7 +<- ;1B<- 819- 1<19 D<18= ?1 7 + 8191
7+?<=/ +: +>;0=<1 !*T A-;1 81<7 1 <+/= 8191 6=?=<.>=6=/ 1;=81 1 D1@;= 7 + =<?1
=89=< - 6.9.<181 9: 16+ 1 17 E+0; 918= M -9<=;1' 1;= @;= 7 + 17 E+0; <1A0=9;=
A0+;A=9;16.= <1/1,1= 60+?<=9; D1 <1+: +>;0.91<7 +N <.7 + .81= <.>1>16 ?=>1D = ;=8+
17E+0;- 7 + 98+;1: = . ;= @;= 7 + C1@;1?1 A0+: 1D.= 91 7 +?<=/ D1A=9: +<7 1 <1 ?0-/=N>1= . ;=
@;= 8- 7 + A1G<7 - =?6: 1B.: = ?0-/= .<;+0+9=61<7 + ( D1 /+=M .D.>- .= 7 + ;= <1-B<.> >=7 . 7+
A=/=?.= ;1B1< D1>: 7-B1> 1: . <.7 + .81= 96+ A=?1;>+ A=;0+C<+ D1 ;= 1 =6=8 61@10- ;6=7 1
9;0+: .F1 7 + A=/=?.: 1 8.: + 1: . F./10- <.9. =96=7 .=
0-/. 2E D181: = 2A0=<1: 1D1B +: +>;0=<1 C.= 7 + 1: ;+0 1-M 81< 41: ;+0 1-M 81<< -
+0:.<- 17?0-/10 7 + A0=7 -0.= A0+>= : .<.7+ M .<.@1 =6+ ;0>+ - 1A0.: - !3T 1: . 9- <7 +/=6+
/0+@>+ C.: + ;1B<= 9-A0=;<+ =? 17 E+0;=6.E =6+> A0.>-A.= ?=C0+ A=?1;>+ 1 =<?1 : =@+
01D8.@: 71= = <7 .81 =< 7 + A=8=I- 81/<+;<.E . +: +>;0.B<.E A=: 71 ?=@1= ?= 60+?<=9;. D1
+5 8 1: . 7+ A=<+= =6+ =A.;+ 7 =@?1: 7+ ( 7 +?1< D<1B17 1< >=01> ?1: 7+ 1.<;+0+9=61= 9+ D1
A.;1<7 + >1>= C. 9+ 60+?<=9; +5 8 8+<7 1:1 >1? C. 9+ . A0.;.91> /191 - F+6. 8+<7 1= . >1? C.
9+ @;16.@+ 8+<7 1: 1 609;1 /191 - F+6. ( 61D?-E 6=?=<.> -/: 7+<(?.=>9.? 1 01D: .>- =?
17E+0;1 1-M 81< 7 + 8.9: .= ?1 9- B+9;.F+ >1;=?<=/ D01>1 <1A0=9;= <1+: +>;0.91<. 1;=8.
;=//191 >=7 . 9+ - F+6. <1: 1D.N.D;=/1 A0=.9;.B+ ?1 I+ =<+ .81;. 9196.8 01D: .B.;+ 819+ >1?
7+ - F+6. =617 .: . =<17 .: . <+>. ;0+I. /19 :. .D<+<1,+<7 + 1-M 81< 7 + -9;1<=6.= ?1 9+
60+?<=9; +5 8 A0.: .>=8 A0=8+<+ 609;+ /191 - F+6. <+ 8+<7 1 6+?+@- F+6C.: = >=7 . /19 .
A=? C.: = >=7 .8 A0.;.9>=8 1 =6= +5 8 =9;1<+ ( .9;= 1-M 81< 7 + =9;1= 2 C+D ;+>9;12 <.7 +
D<1= @;1 C. ?1: 7+ A0+?-D+= 1;= 7 + . A0=A-9;.= B181F >1 =C1: . 9:16+ ;+;1 @;+;1 D1.9;1
7+0 <7 +/=6=A.; C.= 7 + . ;+ >1>= +: +/1<;1< 1-M 81< 7 + B1> ;1B<.7 + .D01B-<1= 60+?<=9; +5 8
<+/= =<17>= 7 + - =6=8 ;1>8.B+<7 - A=C+?.= G G =89=< 1.9;1 7 +7 +?<1 =? 96.0+A.E
.0=<.7 1 <1->+ ?1 1-M 81< <.7 + 6.?+= <.7 + B-= =<= @;= 9- <7 +/=6. A=?1F. <1A0=9;= 6.>1: .
60.@;1: . <7 +8- - : .F+ ;6=7 + B+9;.F+ 9- <=6. =C: .> 81;+0.7 + E+7 -88>=AM /: 16= ;60?1 +
B+9;.F+ 9- 919;16<. ?+: .I. 1;=81 . ;= 96.E 1;=81 961>+ 609;+ 1;=81 1;= 9+ +5 8 <+
8+<7 1
G=D+M G=< =89=< A=B+= 7 + >10.7 +0- - =C: 19;. 81;+81;.B>+ M .D.>+ . 6+=81 9+
.D<+<1?.= >1? 9- /1 !!P /=?.<+ .8+<=61: . D1 A0=M +9=01 +>9A+0.8+<;1: <+ M .D.>+ -
9:16<=7: 1C=01;=0.7 . +6+<?.@<1 +8C0.?G9>=8 -<.6+0D.;+;- 1@C. : +A= C.: = >1? C.98=
D<1: . ?1 : . 7+ D1.9;1 G+: += ?1 A=9;1<+ +>9A+0.8+<;1;=0 1?1: +>= 9+ @.0.= /: 19 = <7 +/=6=7
M.D.B>=7;01A16=9;. - 0->=61<7 - 01D<.8 A0+?8+;.81 ;=>=8 =C16: 71<7 1 =A.;1 : . =< 7 + .81=
;- 90+I- ?1 9- 9+ =>= <7 +/1 <1@: . =?: .B<. 19.9;+<;. >=7 . 9- A=9;-A1: . A= <7 +/=6.8
-A-;9;6.81 ;1>= ?1 A0=M +9=0 =89=< <.7 + 8=01= ?1 A0.: 1D. <. C: .D- 9;1>: 10.7 . >=7 1 >1= @;=
D<18= ;1>= : 1>= 8=G+ ?1 9+ A=: =8.

99
 "=?.<+ !3$ =89=< 7 + A0.=<-= <1 A=91= ?1 9E61;. A0.0=?- >1;=?<=/D01>1 81= 7 +
. =< 9;1>: +<- F+6 ?-/1B>- B+;0?+9+; F+<;.8+;101 91? <1 7 +?<=8 >017 - 7 + >1;=?1 .D
>=7 + .DC.7 17 - ;. ;17 <=6.;. D01F. 01F. 90: 717- A0+81 1<=?. ?=C0= 1: . - 1<=?. 7 + <+>= .DC-@.=
0-A- 1 0-A1 ?=A-@;1 7 +?<=8 ?+: - >1;=?<.E D01>1 B.;17 +: +>;0=<1 ?1 A0=: +;+ >0=D<7 -.
:+;+ ?1: 7+ 96+ ?= >017 1 F+6. 18= 7 + <18+@;+< 7 +?1< M :
-=0+9F+<;<. +>01<B.I 1 <7 +8-
<19;17 + C: .9;161 D+: +<1 ;1B>.F1 =89=< -6=?. 7 +?<= .D<+<1,+<7 + F+6 -<=9. ?6+
A: =B.F+ ?-/1B>+ A= A+;<1+9;1> F+<;.8+;101 +?<- <18+@;1 .D<1? ?0-/- .9A=? 1;=?<.
D01> >=7 . 7 + 6+IA0=@1= >0=D0-A- - 1<=?. 8=01 91? ?1 A0=,+ . .D8+,- =6.E A: =B.F1 ?1 C.
;+> =<?1 -?10.= - +>01<B.I =89=< A=6+D-7 + ;+ ?6+ A: =B.F+ D1 C1;+0.7 - A-@;1 9;0-7 -
<19;17 + +: +>;0.B<= A=: 7+ A=? A016.8 -/: =8 - =?<=9- <1 A-;1<7 - >1;=?<=/D01>1 1? 98=
- =C: 19;. ?+M :+>9.7 +
>= D01> C-?+ 0+1/=61= <1 =6= A=: 7+ ;= I+ D<1B.;. ?1 7 + <=9.: 1F <1+: +>;0.91<7 1 >=
9- 8+,-;.8 >1;=?<. D01F. M =;=<. A0+<+C0+I. I+ A=9;=7 1<7 + =6+ ?6+ A: =B.F+ . A0=?-G.I+ ?1
9+ >0+I- A016=: .<.7 9>. 96+ ?= +>01<1 =89=< -D.81 8=I<- C1;+0.7 - . 6.?. ?1 9+ D+: +<1
;1B>.F1 <1 M :
-=0+9F+<;<=8 +>01<- A=8+01 <1?=: + >1? 7 + /=0<7 1 A: =B.F1 <1+: +>;0.91<1
<+/1;.6<= 1 <1/=0+ >1? 7 + <1+: +>;0.91<1 A=D.;.6<= .8+ ?=>1D-7 + ?1 9- >1;=?<. D01F.
<1+: +>;0.91<. <1>= -D/0+? =;>0.61 ?1 1>= 7 + 9;0-7 1 <1.D8+<.B<1 1>= 9+ C0D= 98+<7 -7 -
<7 +<1 ?61 A=: 1 A: -9(8.<-9 A: -9(8.<-9 A: -9(8.<-9 ;1B>.F1 7 -0. /=0+(?=: + /=0+(?=: +
;1>= C0D= ?1 9+ A0+;6101 - C: .9;16- D+: +<- : .<.7- = 7 + A06. >=01> - A016F- 9;6101<7 1
;+: +6.D.79>=/+>01<1 . /: +?1<7 1 +<1 +7 ?+01 <1 6+B+0<7 +8 ?<+6<.>-
:
. /=?.<1 7 + ;+> !3$ 1 =89=<- 91? <.7 + ?= ;=/1 < <+@;= ?0-/= .81 <1 -8-
=@;= 7 + 9.: 1 A=D<1;1 ;= 7 +7 1B.<1 +: +>;0.B<=/A=: 71 <.@;1 : 1>@+ <+/= .D01B-<1;. A=8=I-
<17 7
+?<=9;16<.7 + <7 -;<=69>+ 8+E1<.>+ >=: .>= ;1 C: .9;161 ;1B>.F1 ;0+C1 ?1 9+ A=8+0.
<1/=0+ .: . <1?=: + 1>= D<18= C0D.<- D01>1 1? =89=< -C1F-7 + 7 +?1< ;0.> 18+@;1 .
81/<+; =>= F+6. - ;1>16A=: =G17?1 81/<+;<= A=: 7+ ?+: -7 + 9196.8 9-A0=;<= +: +>;0.B<=8
A=: 7-N D<1B. 81/<+;<. =;>: =< . +: +>;0.B<. =;>: =< ;0+C1 8+,-9=C<= ?1 9+ ;1B<= A=;0-
=@;= I+ 81/<+;<1 9.: 1 D16.9.;. =? ;+ <+A=D<1;+ C0D.<+ =89=<- 7 + ?=6=: 7<= ?1 =B.;1
9<1/- +: +>;0.B<=/ . 9<1/- 81/<+;<=/ A=: 71 A1 ?1 ?=C.7 + ;1B<- 60+?<=9; D1 A=8+<-;-
C0D.<- < ;= . B.<. 91? >1? 7 + -9;1<=6.= C0D.<- >0+;1<7 1 >1;=?<=/ D01>1 8=G+ 9+
601;.;. A0+;E=?<=8 D1?1;>- 8+0+<7 - =;>: =<1 D01>1 - +: +>;0.B<=8 A=: 7
- =C.7 1 0+D-: ;1;
;1B<- 60+?<=9; D1 +5 8 1 ;= 7 + 01D: =81> ?=C.7 +< ?+: 7+<7 +8 <1+: +>;0.91<7 1 7 +?<+ B+9;.F+
>1;=?<=/D01>1 819=8 ;+ .9;+ B+9;.F+
+=81 A0.: 7+G<= =89=< A-@;1 01D: .B.;+ 7 1B.<+ +: +>;0.B<=/ A=: 71 ?1 ?+: -7- +0.
=;>: =<+ =<.@;161 =;>: =<+ A=8=I- ?+7 9;61 ?0-/.E A=: 71 +0. A=: 71 ?=C.7 17 =@A=?1;1>1 =
+5 8 9;= >1= . 1-M 81< 96+ A0=6+0161 . 91 >1;=?=8 <1A016: 7+<=8 =? ?0-/.E 8+;1: 1 =?
1:-8.<.7 -81 A: 1;.<+ C1>01 >1: 17 1 A.;. A=<=6: 7+<. ( 0+D-: ;1;. .9;. =C.7 1 9+ -6+> 7 +?1<
.9;. C0=7 =89=< ;1>=,+ 8+<7 1 /19 - F+6. 61D?-E 6=?=<.> -/: 7+<(?.=>9.? +D-: ;1;.
=A+; .9;. =89=< <+ A=<16: 71 1-M 81<=6- /0+@>- 1>: 7-B-7 + ?1 >1;=?<. D01F. <.9-
<+1: +>;0.91<. 8=: +>-: . <.7 +?<=/ /191 <+/= ?1 9- ;= <+>+ =9<=6<+ B+9;.F+ >=7 + 8=017 -
-: 1D.;. - 919;1696+ 81;+0.7 +
=@;= 7 =@ <.7 + D1?=6=: 71< >=: .B.<=8 A0.>-A: 7+<.E ?=>1D1 =< 9+ ?=9+;. ?1 .9>=0.9;.
D1>=< = =B-61<7 - +<+0/.7 + 61;1 >1;=?<+ D01>+ ;1>= @;= <1 <7 .E=6- A-;1<7 - 9;16: 71
7+?1< C: => 8+;1: 1 >1= 81: - =A+>- 17C: => E61;1 >1;=?<+ D01>+ . D1?0G161 .E - 9+C.
<+0/.7 1 >=7 =8 D01F. 019A=: 1G- A=D<1;1 7 +N;= 7 + <1A0=9;= +: +>;0.B<1 +<+0/.7 1 ;1B<= =<1
>=7 - .8 <1A=< C1;+0.7 + ?17 + =:.>= I+ 9+ C: => 8+;1: 1 D1/0+7 1;.' =89=< 8+0. ;-
;+8A+01;-0- . =A1G1 ?1 >1? A=?+: . +<+0/.7 - =<- >=7 - 9- E.A=;+;.B<. 2 +:+>;0=<.28=01: .
.81;. ;=A: =;=8 9;6=0+<=8 - 8+;1: <=72 =A+>.2 ?=C.7 1 C1@=<- .9;- 01D8+0- +5 8 0+I+
?-/=;017 <.8 <.D=8 =A.;1 . ?=C.7 1 60+?<=9; D1 +5 8 ) K >-: =<1 A= >.: =/018- >=7 1
<.7 + 8<=/= 01D: .B.;1 =? <7 +/=6=/A06=/<1: 1D1 "=?.<+ !3T =89=< 91=A@;161 0+D-: ;1;
R818= - >1;=?<=8 D01>- 81;+0.7 - - 7 +?<=8 <=6=8 9;1<7 - 9;1<7 - - >=8+ 9+ 91
?+=C=8 81;+0.7 + <1 96+ 9.;<.7 + . 9.;<.7 + ?+: .I+ =;.@: = 8<=/= 6+=81 8<=/= ?1: 7
+ <+/= A0.
9;6101<7 - =C.B<=/ /19=6.;=/ 9;1<7 1 R 61 R ?+=C1 81;+0.7 + <1 96+ 9.;<.7 + . 9.;<.7 + ?+: .I+R
61G. D1 96- 81;+0.7 - 1 A0=<1,+<. ?+: .I. 7+9- R ?+= =<+ ;610. =? >=7 + 9- E+8.7 9>. +:+8+<;.
91D?1<.R
1>= <1D61;. ;- <=6- B+9;.F-' +I7 + A0. 0-F. 0+B >=7 -7 + 98.9: .= ;=-<. 2 +:+>;0=<2 NA1
>1? 7 + ;1>= <+> C-?+ +: +>;0=< =89=< 7 + >0+<-= ?1 ?0G. A0+?161<7 1 . ?1 A.@+ B: 1<>+ =

100
=9=C.<181 B+9;.F1 >1;=?<=/D01>1 6.8 9+ C16. =? 1A0.: 1 ?= 16/-9;1 !3T 17A=91= 7 +
A=D<1; A=? <1D.6=8 810>+;.</( .D<=@+<7 + ;6=7 .E <1-B<.E 0+D-: ;1;1 <1 2;0G.@;+2
0+=9;1: 1 7 + 7 =@ 7 +?<1 DC-<7 -7-I1 9;610 >=7 - 7 + ;0+C1: = 01D0+@.;. =:.>1 7 + 60+?<=9;
918= + 1 >=: .>1 7 + D19+C<= =? + 60+?<=9; =<=/1 8' =89=< 9+ ;- <1: 1D. - .9;=8
@>0.AF- >1= 17 E+0; <+>=: .>= /=?.<1 A0+ ;=/1 1;= A0+?-D.81 <+@;= =@;0=-8<=
0.8+I-7 + ?1 7 + +5 8 D1 =6- <=6- B+9;.F- =;A0.: .>+ E.: 71?- A-;1 6+I+ <+/= D1 6=?=<.>
<17 :
1>@. =? 96.E E+8.7 9>.E 1;=81 . 9E61;1 ?1 >=? +: +>;0=<1 .: . + 8=01 C.;. 8<=/= 6+I+ .: .
8 8<=/= 81<7 + ;1 6.@+ 6=: .8= 6+: .>= + .: . 81: = 8' = .<;-.F.7 . =89=< .?+ <1 81: =8
( E01C10 .DC=0 7 +0 =< 7 + <1A0=9;= <1/1,1= ?1 C. <=61 B+9;.F1 8=/: 1 .81;. 817 -@<- 819-
?1: +>= 81<7 - =? 6=?=<.>=6+ 817 8= <1 -8- ?1 - ;= ?=C1 6+I.<1 E+8.B101 . M .D.B101 7 =@
6+0-7 + ?1 9+ E+8.7 9>. 1;=8 <+ 8=G+ A=?+: .;. /: + @;1 01?. =617 =89=< .<9.9;.01 ?1 ;17
97 17- <7 +/=6=7F+6. 7 +9;+ ?=>1D?1 A=9;=7 . 7 +?1< D17 +?<.B>. 919;=7 1> 96.E 1;=81 7 +?1<
<7 .E=69.;<.7 . 919;16<. ?+: .I
"=?.<+ !3! =89=< >0+I+ ?1 .D8+0. +: +>;0.B<. <1C=7+: +>;0=<1 = C. D<1B.: = ?1
A=90+?<= -9;1<=6. =?81E . 819- +: +>;0=<1 1 =6= >=0.9;. 9196.8 <=6- ;+E<.>- A=D<1;-
A=? <1D.6=8 2 81/: +<1 >=8=012 D8.9: .= 7 - 7 + <7 +/=6 9;-?+<; >=;:1<,1<.< A= .8+<-
.:9=< # 4.: 9=< 1: . 91 <18+0=8 ?1 A0=-B161 =9=C.<+ >.@+ >=;9>=7.817 - >.@+
<1A0+;+>N;18= <.7 + <+9;1@.F1 ;=/1 .@1 <19;17 + >1? 9+ 6=?+<1 A101 >=<?+<D-7 + =>=
;0-<B.F1 A01@.<+ 9;61017 -I. ;1>= >1A: 7.F+ 1? 7 + 61D?-E B.9; <1+: +>;0.91<. 1;=8. ?1>: +
7=<. 8=/- ?1 A=9: -G+ -8+9;= A01@.<+ -A016= ;= 9+ ?+@161 - 81/: +<=7>=8=0.
>-A<. +: +>;0.B<. <1C=781/: + - >=8=0. =89=< 7 + .D8+0.= A=8=I- +: +>;0=8+;0.7 9>+
;+E<.>+ 1 =<?1 7 + -9;1<=6.= >=: .>. 7+ <1C=7961>+ >1A: 7.F+ 6:1/+ ;1>= @;= .E 7 + A0+C0=7 1= .
<7 .E=6.8 C0=7 +8 A=?+: .= ->-A<. <1C=7
1? 918 9A0+81= ?=>;=09>- ?.9+0;1F.7 - 8=01= 918 >1= ?+= ;=/ A=9: 1 ?1 <1B.<.8
7+?<- .: 9=<=6- ;= 7 +9; 81/: +<- >=8=0- . =? ;1?1 80D.8 ;- ;+E<.>- 80D.8 .: 9=<1
80D.8 961>=/1 >= 7 + .81= .>1>6+ 6+D+ 91 ;=8 D: =90+I<=8 9A016=8 ;60?=/: 16=8 A=A-;
81D/+ = @;= 7 + =89=< .D6->1= ;1B<- 60+?<=9; + . =<?1 <1016<= ?=C.= . ;1B<-
60+?<=9; 8 ;= 7 + B-?= <1? B-?.81 A=8.9: .;+ 918= 91 B.8 9+ =< 7 =@ 9-=B161=
7+/=61 =?1<=9; A=9: - 8=01: 1 7 + C.;. 9;610<= 9;18+<1 ;>-? =< D<1 >=: .>= 7 + 71>=
+: +>;0.B<= A=: 7+' 0=B.;1 <1: +A<.F- <1 C1;+0.7 . 8=G?1' 1: +A<.F+ <+81 ;>-? D<1 C1@
;1B<- 7 1B.<- 81/<+;<=/ A=: 71 C+D B+/1 <+ 8=G+ .D8+0.;. C0D.<-' >1>= 7 + =< -=A@;+
8+0.= 9;0-7 -'": +?1@>1>= 9+ A=8.B+ ./: 1 <1 9>1: . 1:. ;- .81 A0=C: +81 /: 1 .81 . <+>-
96=7 - ?+C: 7.<- /: 1 9+ A=<+>1? <7 .@+ .:. ;0+A+0. >1>= 9. >1: .C0.91= ;178+0<. .<9;0-8+<;
( <1 =9<=6- B+/1 9- A=?+=F. <1 9>1: . <1F0;1<. C1@;1>= 1 <+ ?0-/1B.7 +'"=?.<+ !3T <.9.
8=/1= .D <+>=/ >1;1: =/1 ?1 <10-B.@96+ @;= ;0+C1 A0=.D6+?+<= ;1B<= A= 9;1<?10?.81
61>= A=7 +?.<= 8+0+<7 + ( <1A=<1 7 1B.<+ 9;0-7 + ;+8A+01;-0+ A0.;.9>1 -?1: 7 +<=9;.
A0=;+>: =/ 60+8+<1 ( C.: = 7 + D19+C1< =/0=81< A0=C: +8 1 0+@161<7 + 961>=/ ;1>6=/
A0=C: +81 8=01= 9. ?= - ;1<B.<+ ?1 A=D<17 +@ 01? C1;+0.7 + 81/<+;1 8+0<=/
.<9;0-8+<;1
;+> A=: .;.B>. A0=C: +8 >1>= -C+?.;. : 7-?+ >=7 . 9- <1 6: 19;. ?1 ;. =?=C0+ <=61F
A=;0+C1< D1 96+ ;= =89=< 7 + C.= /1D?1 - ;=7: 1C=01;=0.7 . @;= 8- 7 + D1.9;1 A=8=/: =
+,-;.8 <+ A=8+<-E <17 6+I. =? 96.E A0=C: +81 >1>= =?: -B.;. >=7 . =A.; ;0+C1 ?1 9+ 01?.
=89=< 7 + .81= ?10 A=: .;.B>- 9A0+;<=9; . M .D.B>- .D?0G: 7.6=9; ?1 .D/-01 ?= >017 1 ;17A=91=
- >=8+ 9- 96. ?0-/. A=>: +>: . . A1:. "=?.<+ !3! =C7 16.= 7 + ?1 9- +: +>;0=<. 919;=7 F. 1;=81
. ?1 9- >1;=?<. D01F. +: +>;0=<. =;0/<-;. =? 1;=81 = ;1?1 9- <1-B<.F. 8.9: .:. ?1 7 +
E+8.7 9>. 1;=8 : .@+< 9;0->;-0+ ?1 /1 7 + <+8=/-I+ A0+9+I. =89=< /1 7 + 019>: =A.=
;=8 7 + ;1>= C.= 019F+A: 7+< 1@: . 98= <1@- A06- +: +8+<;10<- B+9;.F- A06. 1(;=8
-7 +;+ : . ?1 9+ <+>= ;18= ;.E= 98+7 -: 7
.'

101
 6?+ 9+ ?+@161 <+@;= /:19<=
1:
2@;1 9+ ?+@161 <.7
+7 19<=

1M
1:= A0.</M
.:
?

1 <=6=/=?.@<7 + 6+B+ <1 >017 - ) /=?.<+ ?=> 9+ F+= 96+; C-?+ 6+9+: .= <1
A=9: +?<7 =76+: .>=796+;>=6.<. - =6=8 9;=: +I- M .D.B10. =? 1: = : ;1 ?= =6=9.C.09>1 =?
+7A;1-<1 ?= +7 >716.>1 =?8101I+ 9+ -8=0<. =? 96=7 + 96+;>=6.<+ =;A0.: .>+ ;0. /=?.<+
A0+ ;=/1 ( >1? 9- A0=9: 16.:. 9;=;- /=?.@<7 .F- 1 ;= 7 + - 33! /=?.<. =;>0.I1 +: +>;0=<1
A06+ D1.9;1 +: +8+<;10<+ B+9;.F+ .D.B10. 6=: + ?1 96+;>-7 - 0=9: 16.I+ =<. 0=,+<?1< 961>+
B+9;.F+ 81 >1>= =A9>-0<+ : . +:+>;0=< ( = -1- : +91I+ =<. A= -: .F181
1? 9- =;>0.: . +:+>;0=< A=9: + ;=/1 9- 8- B+9;= <1D?016: 7
1: . <1 8+9;- /?+ 7 + 0=,+< 1
;= 7+ - : 1C=01;=0.7 . +6+<?.@- +8C0.?G- /=6=0+I. 91 B1@=8 - -D?./<-;=70-F. R -/=
<18 A=G.6+= . <.>1?1 <. D1 @;1 <+ A=9: -G.= R : . <.7+ -9A+: = 0=@: =7 + +6= <+A-<= 7 +?<=
9;=:+I+ 1 F+: =>-A<1 <1@1 ;+E<=: =@>1 <1?/01?<7 1 D19<=61<1 7 + <1 ;=8 7 +?<=8 81: +<=8
?0-/10- +: +>;0=<-
+> @;= 9+ 0=?.= +: +>;0=< 7 + A=B+= ?1 <18 A016. A0=C: +8+ 1F1 <19 =< 2 - 0+C-92. ?=
?1<1 ?1<1@<7 +/ 1? E=I+8= 9+C. ?1 ?=B1018= 2 9:.>-2+: +>;0=<1 =<?1 D18.9: .8= 7 +?<-
:=A;.F- +: +>;0.B<=/ <1C=7 1 >=7 1 9+ C0D= 60;. =>= 96=7 + =9+ . ;.8+ 9;6101 81/<+;<= A=: 7+
G G =89=< 9+ C=0.= >1= : 16?1 .D8+0. <1+: +>;0.91<7 + . 819- =6+ B+9;.F+ . .DC=0.= 9+
1<19 D<18= . 7 +?<- . ?0-/- 60+?<=9; 6+=81 A0+F.D<=
1G<71 91? >0+I+ =<= 16+;.<7 9>= B-?<=61;=8 96+;- 1;=81 81<7 +(6.@+ 7 +
-96=7 +<= ?1 7 + A=: -A0+B<.> +: +>;0=<1 7 +?<1> <-: . 6= A=9;16: 71 A0+? <19 .D6+9<+
A0=C: +8+

( >= 7
+ A=: -A0+B<.> <-:
1 @;1 9+ 60;.'
( >1>= 8=G+ .81;. 819-'
( /?+ 7+ ;17<7+/=6<1C=7 '
( ;>-? <18 -=A@;+ D18.91= ?1 8- 7 + A=:-A0+B<.> 7+?<1> <-: .'
( +:28=G+;+ 6. <181 ?1 601;.;+ A10+ >=7+ 98= -A: 1;.:
. D1 =61>6= 2
@>=:
=61<7
+2'

1? 9+ /: +?18= =B. - =B. 91 A0=C: +8.81 -,+01 =@>=6.I1 < 7 + A0=C:+8 9-?101<7 1
1;=81 0+@.= ;1>= @;= .E 7 + A0+;6=0.= - ;1B>+ C+D.>1>6.E ?.8+<D.7 1 + <7 +/=6+ ;1B>+ C.:+
9- C->61: <= 81;+81;.B>+ ;1B>+ 1: . 7
+ =< .A1> ?=D6=: .= 96=7.8 ;1B>19;.8 B+9;.F181 ?1
D1?0G+ <+>+ 9196.8 =C.B<+ =9=C.<+ 819- >1= . <+@;= @;= ?1<19 <1D.618= <1C=7 1
=@>=6.I7 + /=6=0.= ?1 7 + ;= R .D6=0 A=: 7
1 9.:+R =@>=6.I7 + A0.B1= ;+=0.79>. 9A+>-: 1;.6<=
:
. +: +>;0=< 7 + 9;6101< 9;610<= A=9;=7 . +0=61;<= 7 +9;+ ;1B>19;1 B+9;.F1 1: . 96+ =<+
?0-/+ =?: .>+ .81 1?0G161 .E <+?.0<-;+ 19- .81 1+:+>;0.91<7+ .81 A.< .81
=: -A0+B<.> <+81
+;.;+ 9+ B+@.09>=/81B=01 - 0=81<- : .91 - D+8: 7. B-?1 -.91 +0=: 1 +J.9 #100=: :
1: =(A=81: = <+9;17 + B+@.09>. 81B1> . <17 D1? /1 <+81 918= <7 +/=6 =98+E =9;17 +
1B=01 ;- <+81 18= 9+ =98+E D1?0G1= 1 :+A= D18.@: 7
17;+ >1>= 9+ A=: -A0+B<.>
7+?<+ B+9;.F+ >=7 1 9+ 60;. =>= 96=7 + =9+ 981<7 -7+ 981<7 -7+ A=: 1>= . <17 D1? <+9;1<+
1:. =9;1<- 9A.< ;+ B+9;.F+ <1+: +>;0.91<7 + 8191 . =98+E
6= A=/: 16:7+ /=6=0. = 0=,+<7 - . 01D6=7- >61<;<+ ;+=0.7 + = 7 + A0.B1 = =<=8+ @;= 9+
?+@161 - 1;=8- =B.<7 +8 91 +: +>;0=<=8 D1;= @;= 7 + ;1>61 B+9;.F1 >=7 1 .81 819- . 9A.<
1 <.>1>16 A0+B<.> <+81 9-A0=;<1 .<;-.F.7 . <19 : 7
-?9>.E C.I1 <1 7 + ?1>: +
>=<;01.<;-.;.6<1 1D8.@: 71;. = ;1>6.8 9;610.81 ;= 7 + >1= ?1 01?.@ 8=G?1<+ 9>: +>=6+
=I+ 8=D1> ?1 D1C=: . 81: B.F+ 7+0 9. A0.<-,+< ?1 >=0.9;.@<+>+ =A9>-0<+ 8=G?1<+ 8.@.I+
>=7 . ?= ;1?1 <.9- 01?.: . 8=G?1 <.@;1
1 .A1> D18.91= = +: +>;0=<- >1= ;1B>19;=7819. ;1B>19;=8 +: +>;0.B<=8 <1C=7 - .
;1B>19;=8 9A.<- 9;16: 7
1 <19 A0+? >=<F+A;-1: <+ A0=C: +8+ 1 =6.8 9;0->;-0<.8
;+@>=I181 C: .9>= 7+ A=6+D1<1 . =G.7 1 B+9;.F1 -C.<9>= 9E61;1<7 + @;1 7+ ;= 281912<181
7=@ .D8.B+ 1 +: +>;0=< .D ;0.?+9+;.E . B+;0?+9+;.E /=?.<1 C.= 7 + 6+9<.> =6.E ;+@>=I1

102
 +0+<7 + 01D8+01 +: +>;0=<1 A=9;1: = 7 + 96=7 +609<1 <10=?<1 01?.<=9; ;- 9- C01<.: .
?=>;=09>+ ?.9+0;1F.7 + A0.A1?<.F. 961>+ <1F.7 + .DF+: =/ 96+;1 A1 . 91 .C+;1 0=: 1D.:
+ 9-
/=?.<+ .D6=,+<. 9- =A.;. 91 96+ 6+I=8 =9+;: 7.6=@I- . 961>. A-; ?=C.7 1<. 9- 96+ 81<7 . .
81<7 . C0=7+6. +D-: ;1;. 9- 961>. A-; C.: . ;1>6. ?1 C. 9+ ->: =A.:
. . 91 <-:;.8 A=:-A0+B<.>=8
1= ?1 7 + =/ -D+= +: +>;0=< - @1>- . 9;.9>1= 9;.9>1: 1 <17 71B+ @;= 8=G+ D A=8=I
6+:.>.E 1>F+: +01;=01 <1A016: 7+<.E ;=>=8 9+?18?+9+;.E . =918?+9+;.E /=?.<1 =6=/ 6+>1
=61 8+0+<7 1 A=9;1?=@+ 7 =@ A0+F.D<.7 1 "=?.<+ 33 -9;1<=6: 7+<= 7 + ?1 A=: -A0+B<.>
+:+>;0=<1 8=01 C.;. 81<7 . =? .<B1 .:. <1-B<= <1A.91<= =>= =?
( ! F8 = 7 + <17C=: 71 2<-:12>=7 - M.D.>1 8=G+ = +: +>;0=<=6=8 A=: -A0+B<.>- ?1 ?U D1
91?1 1? C.E 98.9:.= =A.; >=7 .8 C. 9+ <1 =6= 8=/: 1 ?=?1;. 7 =@7 +?<1 <-: 1 C1F.= C.E .D
0->- 96+ ?0-/+ A=9: =6+ . A=7 -0.= C.E ?1 ;01G.8 =?=C0+<7 + D1 ;17A=?-E61;
=@ 7 +?<1 D1<.8: 7.61 =9=C.<1 +: +>;0=<1 7 +9;+ <7 +/=6 81/<+;.D18 >=7 . 7
+ =A.91<
A=8=I- 7 +?<=/ C0=7 1 A=D<1;=/ >1= / B.<.: 1F A=;0+C=8 >61<;<+ ;+=0.7 + .D01B-<1;= 7+
?1 /B.<.: 1F .D<=9.

)K O3$O) 3

:. ;= 9- C.:
1 .D01B-<161<7 1 +:+8179;=0. ;+=0.7
9>+ M
.D.>+ /=?.<181 9- 01?.:
. >=0.9;+I.
=/0=8<= 60+8+ <1 >=8A7 -;+0.81 ?1 C. ;= .D01B-<1: . 1?. A=;60,.61<7 1
+>9A+0.8+<;1;=0. 9- 98.9: .:
. 6+=81 ?=8.@: 71;+ 8+;=?+ ?1 .D8+0+ / B.<.: 1F 91 .9;=8
;1>6=8 A0+F.D<=@I- +D-: ;1; 7+

)K O3$O) 3*

1= @;= 6.?.;+ .818= A=;60?- 81: ;+<+ ?= ?61<1+9;=/ ?+F.81: <=/ 8+9;1 = 7 +
9A+>;1>-: 10<= A=?-?101<7 + ;+=0.7 + . =A.;1 -@;.<1 7+ =6?+ ;= @;= A0=01B-<. / B.<.=F1
.D019;17 - .D>61<;<+ ;+=0.7 + 1 - 918=8 90F- >61<;<+ ;+=0.7 + : +G. =<= @;= ?1<19 >1G+8=
?1 7 + 217 D+<C+0/=6= <1B+: = <+=?0+,+<=9;.2 "=?.<+ 3)T 7 +?1< <+81B>. M .D.B10
A0+?: =G.= 7 + D1A1<7 -7 -I- D18.91= ?1 7 + <+8=/-I+ .D8+0.;. 91 <+>=8 A0=.D6=: 7<=
G+:7+<=8 A0+F.D<=@I- . C0D.<- . A=: =G17B+9;.F+ .9;=60+8+<= =<16: 718 ( . 7+?<= . ?0-/=N
<+8=/-I+ 7 + .D8+0.;. =C1 61 <+8=/-I<=9; <+81 <.>1>6+ 6+D+ 91 /+<.7 1:<=@I-
+>9A+0.8+<;1;=01 . 91 01D8+0181 C-?G+;1 >=7 . 8- 7 + ?1; <1 019A=: 1/1<7 + 1
<+8=/-I<=9; 7 +7 +?1< =? <17 =9<=6<.7 .E D1>=<1 A0.0=?+
1 .A1> .1>= 7 + <+=?0+,+<=9; -;>1<1 - 918= ;>.6= - 918= C.I+ >61<;<+ ;+=0.7 + =61
;+=0.71 <19;16: 7
1 ?1 A0=.D6=?. 96+ <=61 . <=61 A0+?6.,1<7 1 >=7 1 9+ A=9: + A=?-?10+ 91
0+D-: ;1;.81 =A.;1 ?= 0+F.8= 7 +?1<1+9;=/ ?+F.81: <=/ 8+9;1 61<;<1 ;+=0.7 1 7 +
<+9-8<7 .6= <1-B<1 0+6=: -F.71 . -7 +?<= -A=0.@;+ <1 >=8+ : +G+ ;+8+: 7
. F+:=>-A<+ <1->+
?61?+9+;=/ 6+>1 1:. A=B+: 1 7+ A0.D<1<7 +8 = 7+?<=7<+=?0+,+<=9;. <+8=/-I<=9;. ?1 9+
C-?+ 9./-01<
;>-? <18 ;1 ;+=0.7 1' 0.B1 = ;=8+ 7 + ?=C0= ?+;+>;.69>= @;.6=N>1= . - 96.8 ?+: .81 ;+
609;+ . =6?+ .81;+ ;01/=6+ =? >=7 .E 9- <+>. A016. 1 <+>. : 1G<. 1 96+ 9;01<+ 9+ 60D817 -
<+>. C1;: +0. . DC-<7 -7 - ?+;+>;.6+ "01?9>. A1<?-0. A1 D1;.8 A=: .F.7
1 916+D<+ ?0G16+ .
<17 D1? ?=: 1D+ 961,17 - 9+ 9101,-7 - =?: 1D+ 961>. <1 96=7 - 9;01<- -<1>1 .81
8<=/= =9;=7 + A0+=>0+;. . =<?1 A0+=>0+;. A0+=>0+;1 1I- 7 +?<= 6+=81 7 +?<=9;01<=
/:+?1<7 + <1 =6= <19;=7 1I- ?1 A0+<+9+8 -/: 16<=8 918= >1>6= 7 + C.:= =9+I1<7+ ?=> 9-
9+ =6+ D18.9: . 01D6.7 1:+ =? 3 ?= ;0.?+9+;.E /=?.<1 1?1 9- 6+=81 D0+: .
20+6=: -F.=<10.2?=6+: . - 0+? . 2 D160@<+2A=7 +?.<=9;. =6+ ;+=0.7 + :. -A=D=01618 619
.>0=96+; 7 + >=<;01.<;-.;.61<N ;1B>19;+ 819+ ;1B>19;. <1C=7 . ;1B>+ >=7 + 9+ 60;+ 7 +9-
=A.;<= ?=>1D1<+ =?: .>+ B+9;.F1 - 1;=89>=8 96+;- 1: . 8. - 961>=?<+6<=8 <=081: <=8
G.6=;- <+ 6.?.8= <.@;1 <. .D?1: +>1 9: .B<= ;=8+ >= I+8= A0+G.6+;. D17 +?<= . =9;1;.
A0.71;+:7. ?= >017 1 =6=/A=/: 16:71 8=01I+8= <1-B.;. ?1 A0+A=D<17 +8= =<17818-0: -> >=7 .
- <1@=7/: 16. =9;17 + DC=/ =/01<.B+<=/ .9>-9;61 >=7 + 9;.B+8= >1= 81>0=9;6=0+<7 1 1>:+
D1C=016.;+ =<= @;= 7 + <=081: <=N =B+>-7 ;+ @=> . <+6+0.F- .:9 =0 7 +?1< =? =9<.61B1
>61<;<+ ;+=0.7 + 0+>1= 7 + ?1 =<17>= >61<;<=8 ;+=0.7 =8 <.7 + @=>.01< <.7 + <. 01D-8+= @;1
9+ - <7 =7>1G+ .B10? 17 <8+< 7 + 91=A@;.= ?1 >61<;<- ;+=0.7 - <+ 01D-8+ <.>= R 1 @;1
=<?1 . =B+>-7 +;+ =? <19'RA.;17 - 8=7 . 9;-?+<;. 7<@;17< 0+?.</+0 . 7 =@ <+>. ?=C0.
<1-B<.F. <.>1?1 9+ <.9- A=8.0.: . 91 .8A: .>1F.7
181 >61<;<+ ;+=0.7 + A1 .A1> ?1<19 -

103
?+6+?+9+;.8 /=?.<181 ?61?+9+;=/ 6+>1 D1 8<=/+ >61<;<+ 2 16+;.2981;01 9+ ?1 9- =?
A0+9-?<=/D<1B17 1 D1 01D-8+61<7 + <19;1<>1 19+: 7+<+
109+<1: - .<;+: +>;-1: <=/ <1=0-G1<7 1 91 >=7 .8 9- .9;01G.61B. D1>=01B.: . - <=6. 96+;
1;=81 C+E- . 7 -;<=61 8+E1<.>1 . 1>96+: =6+ 7+?<1B.<+ .<.: = 9+ ?1 96+ 81>0=9>=A9>+
A=716+ 7 +9- A=?60/<-;+ ;.8 ?6+81 8=I<.8 9.<;+D181 :. =A.;. .D ?+6+?+9+;.E /=?.<1
?+6+;<1+9;=/ 6+>1 A=B+: . 9- ?1 D1C0.<7 1617 - ;+=0+;.B10+ >1;=?<.8 D01F.81 6+I 98=
/=6=0.:. 1 =<. 9- ?=6+: . ?= =;>0.I1 +: +>;0=<1 "=?.<+ !3O .: E+:8 +<;/+< 4.: E+:8
W<;/+< =;>0.= 7 + D01>+ >=7 . 9+ A= <7 +8- ;1>= . D=6- 0+<?/+<9>. D01F. "=?.<+ !3$
<;=1< +>+0+: <;=.<+ +FX-+0+: A->.8 9: -B17+8 =;>0.61 01?.=1>;.6<=9;N<1.8+ =< 7 +
9;0A1= - .9;- : 1?.F- .D6+9<+ M =;=/01M9>+ A: =B+ . <+>+ >=81?+ -01<1 1?.=1>;.6<=9; 7+
C0D= ?=6+: 1 ?= >=<F+A;1 G.6=;<=/ 6+>1 . 2 6+>1 A=: -019A1?1<7 12 .:. 2 A=:-G.6=;12
01?.=1>;.6<.E ;610. =:=6.<1 01?.=1>;.6<=/ 81;+0.7 1:1 019A1?<+ 9+ A=9: + .D6+9<=/
60+8+<1 =9=C+<=/D1 ;1781;+0.7 1: +B 7 + ;- = 7+?<=8 A0=9+>- >=7 . 9+ 8=G+ .D8+0.;. 1: .
>1? I+ 9+ . ?1 : . I+ 9+ <+>. =?0+,+<. A=7 +?.<1B<. 1;=8 019A19;. ;= 7 + <+A0+?6.?: 7.6= 1
@;1 96+ ;= D<1B.' = <.>=8+ <.7 + C.:= 7
19<= .7
+?<1 =? A=8+<-;.E A=7 161 <.7+ 9+ 8=/: 1
=C719<.;. <1 >:19.B1< <1B.<

.D.B10. 9- ;1?1 A=B+: . ?1 D16.0-7 - .DC:.D1 . - =9=C.<+ 96+;: =9;. 7 -;< 7 + A=8=I- A0.D8+
A=>1D1= ?1 8=G+ <1A016.;. >=A.7 - ?-/+ ;1>= @;= I+ 019;16.;. C+: - 96+;: =9; - <7 +<+
9A+>;01: <+ 919;=7 >+N?=C.7 1 9+ 9A+>;10 >=7 . A=B.<7 + F06+<=8 C=7 =8 1 <1 ?0-/=8 >017 - 9+
D160@161 : 7-C.B19;=8 A0. B+8- 9+ C=7 + A=9;-A<= . /: 1;>= A0+;1A17 - 7 +?<1 - ?0-/-
"=?.<+ ! O =D+M M =< 01-<E=M +0 =9+AE 6=< 01-<E=M +0 D1<1;: .71 6+=81 6+@;
D<1;<= 7 + -<1A0+?.= =A;.B>. 9.9;+8 >=0.@I+< D1 /: +?1<7 + ;.E C=7 1 >=7 + .D6.0- .D A0.D8+
18+9;.= 7 + A=0+? A0.D8+ 81: +<. ;+: +9>=A 1? D-0.@7 +?<.8 =>=8 >0=D;17;+: +9>=A 1
?0-/= D1;6=0.@ -/: +?1@ 6+=81 7 19<= 91 .D609<.8 .D=@;0+<7 +8 -6+: .B1<- 9: .>- 9A+>;01
6.8 .<9;0-8+<;=8 01-<E=M +0 7 + D1B19 ?=@1= ?= 7 +?<=/ =;>0.I1 1 6+: .B1<9;6+<.8
C=7 181 -<B+6=/ 9A+>;01 A=9;=7 + A=>1D1: = 9+ <+>+ M .<+ F0<+ : .<.7+ B.;16 <.DN
01-<E=M +0 7+ A=9: + <+>=/ 60+8+<1 D1C+: +G.= B1> OT$ ;.E -A=0+?<.E ;1<>.E : .<.71 ;1 C.
;= 8=/: = ?1 D<1B.' 01-<E=M +0=6= 60+8+ 6+I 7 + C.:= A=D<1;= ?1 7 + 96+;: =9; ;1: 19<1
A=7 161 19<.7 + I+ G+7 89 : +0> 1>96+:A=>1D1;. ?1 9- 96+;: =9<. ;1: 19. +: +>;0.B<1 .
81/<+;<1 A=: 71 . ?1 7 + >=? <7 .E A0+9-?1< A1018+;10 01D?1: 7.<1 .D8+,- 60E1 7 +?<=/
;1:191 . 60E1 9: +?+I+/( ?1>: + ;1: 19<1 ?-G.<1 >=7 1 =?0+,-7 + C=7 -
1? D<18= ;1: 19<+ ?-G.<+ 8=G+8= 9A+>;10 ?-/.<.E C=7 1 01@.0+< .9A0+? <19 01D: =G.;.
<1 -9A016<+ -A=0+?<+ ;01>+ . 961>=7;01F. A0.?=?1;. =?0+,+<+ C0=7 B1<+ 60+?<=9;. .I+ ;=
<-8+0.B>1 9>1: 1 ;= 7 +9; 019A=< C0=7 +61 .?:7
.61 96+;: =9; >0+I+ 9+ =? ?-C=>+ F06+<+
>=7 1 .81 ;1: 19<- ?-G.<- =>= ! 1</9;0+81 ! F8 A1 96+ ?= ?-C=>+
:7-C.B19;+ >=7 1 .81 =>= P 1</9;0+81 A=;0+C: 7
1617 -I. =6- 9>1: - 01-<E=M +0 7 +
;1B<= =?0+?.= 8+9;= 961>+ =? ;.E ;1<>.E F0<.E : .<.71 1 A0.8+0 7 +?<1 9: 16<1 A=D<1;1
>1= 2 E1(1: M12 ;1>= 9+ <1D.61 1 1>= ;. 9+ ;= <+ ?=A1?1 8=G+@?1 7 + A0+>09;.@- 0+F.8=
2#.F12 .81 ;1: 19<- ?-G.<- =? $O)$! 1</9;0+81 . <1: 1D. 9+ - D+: +<=8 A=?0-B7 - C: .D-
90+?.<+ 9A+>;01
;1 <19 C0./1 D1 ;+ F0;+' 0./1 <19 7 + . ;+ >1>= 7 +0 7+ =>= !O3 /=?.<+ <+81B>.
M.D.B10 "-9;1M =C+0; .0E=M "-9;16 =C+0; .0FE=M M A0=<1@1= ?-C=>- A=6+D1<=9; =6.E
:.<.71 91 E+8.7 9>.8 +: +8+<;.81 .A 7+ D1/0+61= A=7 +?.<+ E+8.7 9>+ +: +8+<;+ ( C1>10
-/: 7+<.> <1;0.7 -8 ( - A: 18+<- ?=> .E <.7 + ?=6+= ?= -9.7 1<7 1 0=A-@;1= 7 + 9;0-7 - >0=D
01D<+ /19=6+ - F+6.81 . A=8=I- 7 =@-9160@+<.7 + =A;.B>+ 1A101;-0+ =981;01= 7 + 9A+>;10
?=C.7 +< 01D: 1/1<7 +8 96+;: =9;. .D 961>+ ;1>6+ -G10+<+ ;610. ;>0.= 7 + ?1 961>. +: +8+<;
+8.;-7 + =9=C+<. <.D60: = =@;0.E : .<.7 1 C: .9;16= =C=7 +<.E <1 A=D1?.<. >=7 1 9+ 919;=7 1:1 =?
;18<.7 +/ G10+<7 1 C=7 1 >=7 + 9+ C+D A0+>.?1 A0+: .617 - 7+?<1 - ?0-/- =? .0E=M 1 7 + -
-<-;01@<7 =9; ;+: +9>=A1 C.: 1 6+I-8+;<-;1 7 +?<1 9>1: 1 -/016.01<1 - 9;1>: = >1: .C0.91<1 ?1
A=8=I- <7 + 8=G+@ =?81E ;1B<= .D8+0.;. ;1: 19<+ ?-G.<+ 1 ;17<1B.< 9+ 8=/: = 60: =
A0+F.D<= =?0+?.;. 8+9;= <1 >=8+ 9+ <1: 1D. 961>1 C: .9;161 :.<.71 =@;= 9- 019A=0+?. =6.E
:.<.71 C.: . 01D: .B.;. D1 961>. E+8.7 9>. +: +8+<; .0E=M. <7 +/=6 9101?<.> =C+0; -<D+<
=C+0; -<9+< <1A016.: . 9- >1;1: =/ =6.E 2 =;.91>1 A09;.7 -2>=7 + 961>. +: +8+<; =9;16: 71

104
A=8=I- A=8+<-;.E 9A+>;01: <.E : .<.71 .0E=M- 7 + C.= A=;0+C1< <+>= ?1 -G10-7 + 96+ ;+
+: +8+<;+N1 >=/1 C. C=: 7+/ 8=/1= ?1 1</1G-7 + <+/= B=6+>1 >=7 . 7+ A0=<1@1= -<D+<=6
/=0.=<.>' 9>=0= 9- .9;01G.61B. 8=/: . -D 81: = 6+@;.<+ ?1 -9;1<=6+ ?1 : . 9+ - <+>.
-G10+<. >=81? A0=6->: 1 <+B.9;=I1 ( A0.9-;<=9; <+>=/?0-/=/E+8.7 9>=/+: +8+<;1 - 81: =7
>=: .B.<. 1>= 7 + <1->1 ?=C.: 1 1: 1;>- A=8=I- >=7 + 8=G+ ?1 .9A.;-7 + E+8.7 9>. 919;16
961>=/ A0+?8+;1 >=7 . .D 9+C+ D01B. 96+;: =9; ( -<F1 <1 A0.8+0NA=9: + .D6+9<=/ C0=7 1
/=?.<1 A=B+: . 98= <1 ;17<1B.< ?1 .9A.;-7 +8= . 919;16 ?1: +>.E D6+D?1 1-B<.F. 9- <1@: .
9A+>;01: <+ : .<.7+ B.;16=/ <.D1 <=6.E 7 =@<+=;>0.6+<.E E+8.7 9>.E +: +8+<1;1 >1= A0+C=/1;.
0-?<.> -<F- 7 + <1,+< 7 +?1< ;1>16 . ?1; 8- 7 + <1D.6 2 9-<B1<.2 1 ;= 7 + E+: .7-8
9A+>;0- 7 + -=B+< !T! /=?.<+ 1 ;+> 9+?18<1+9; /=?.<1 >19<.7 + =617E+8.7 9>. +: +8+<;
>=7 . 9+ - D6+D?181 01,1 =;>0.6+< 7 + . <1 +8: 7.
=8.9: .;+ >1>6= 7 + ;= -DC-,+<7 + C.: = >1? 7 + A06. A-; A0=-B+<1 96+;: =9; 7 +?<+ C: .9;16+
D6+D?+ . >1? 9+ A=>1D1: = ?1 7 + . =<1 91/01,+<1 =? .9;.E =6.E 81;+0.7 1:1 =? >=7 .E 98=
91/01,+<. 8. =6?+ <1 +8: 7. =@;= 7 + 96+;: =9; D6+D?1 6+=81 C: +?1 C.: 1 7 + A=;0+C<1
6+: .>1 6+@;.<1 - C101;1<7 - ;+: +9>=A=8 . 9A+>;0=9>=A=8 ?1 C. 9+ A0=-B161: . D6+D?1<.
9A+>;01: <. =;.9F. C=7 1 . F0<.E : .<.7 1 1: . 9- ?=C.7 +<. D1>: 7-BF. >=7 + 6.@+ <.>= <.7 + 8=/1= ?1
.DC+/<+ . -<F+ . D6+D?+ =? .9;+ 9- /01,+ >1= +8: 71 1A016= 7 =@<.98= <1@: . <. 7 +?1<
7+?.<. +: +8+<; - D6+D?181 >=7 . 6+I<+818= <1 +8: 7 . 6. 98= <1A016: 7+<. =? D6+D?1<+
;610. 1 961>= -D6.@+<= D1>: 7-B.61<7 + = 96+;- - >=8+ G.6.8= =6= =;>0.I+ 7 + <1016<= =?
<+A=7 18<= 6+: .>+ 61G<=9;. <= ?=?1;<= A=;60,-7 + =A+0<.>=6= /: +?.@;+ <.98= <.@;1
A=9+C<=
E ?1 1: . =;>-? =<+ F0<+ F0;+ >=7 + 7 + 6.?+= 6+I 01-<E=M +0 ;.A >=7 . 7 + 96+ =6=
D1A=B+='#0<+ -9A016<+ : .<.7 + - 9A+>;0- -<F1' ?/=6=0 <1 =6= A.;1<7 + <1,+< 7 + A0.: .B<=
C0D= G10+<= 7 +D/0= -<F1 =<= 7 + C+: =N <1: 1D. 9+ - 9;1<7 - C+: =/ -9.7 1<7 1 +8.;-7 +
96+;: =9; 96.E ;1: 19<.E ?-G.<1 +,-;.8 ;1 96+;: =9; 8=01 ?1 A0=,+ >0=D 901D8+0<=
2A0=E: 1?<+2 ;= 7 +9; 8<=/= E: 1?<.7 + =? 7 +D/01 /19=6+ <1 A=60@.<. -<F1 1 ?=> 96+;: =9;
A0=: 1D. /19=6. 1A9=0C-7 - .D<7 + .D6+9<+ M 0+>6+<F.7 + . ;= -A016= .9;+ =<+ >=7 + 6=: + . ?1
+8.;-7 - 0+81 ;=8+ 01-<E=M +0=6+ ;18<+ : .<.7+ 9- A=9: +?.F1 . ?=>1D 1A9=0AF.7 +
-A.7 1<7 1 <7+/=6+ 96+;: +: .<.7+ 9- A=9: +?.F1 . ?=>1D +8.9.7 +
1:1D.8= 9+ ?1>: + <1 >017 - ?+6+;<1+9;=/ 6+>1 . <19;=7 .8= 96+ =6= <+>1>= ?1
9>=<;18= ;1 91?' 16=?<= 9- E+8.7 9>. +: +8+<;. B+9;.F+ >=7 + 9- ;60?+ .817 - 819-
<+817 - 9;0->;-0- <+8=/-I+ 7 + ?1 C-?- A0+9+B+<+ 1(;=8. : . /: + 961>. ;1>162 1(;=82
.D/: +?1 ?1 7 + 9A=9=C1< ?1 +8.;-7 + .: . 1A9=0C-7 + 96=7 =9=C+< <.D =@;0.E ;01>1
+: +>;0=81/<+;<+ +<+0/.7 + +>.8 <1-B<.F.81 9+ B.<.: = ?1 =6+ B.<7 +<.F+ <1A0=9;= 6.B- ?1
9+ ?+0<7 17 - R ;0->;-01 ;0->;-01 R .: = 7 + 6+=81 ?=C0= A=D<1;= ?1 <+>. 8+E1<.B>.
A0+?8+;. .817 - 9;0->;-0- >=7 1 >1? <1 <7 - ?+: -7+;+ -7 +?<1B+<.8 A016.: <.8 . 7 +?<1>.8
.8A-: 9.81 A=B.<7 + ?1 ?17 + 0+D=<1<F.7 - A=7 1B1<= =?D61<7 1<7 + %.F+ <1 6.=: .<. .: . - >: 16.0-
;0+A+0+ . D1;= =6. 60: = A1G: 7.6= A016: 7+<. .<9;0-8+<;. ?17 - 8-D.B>+ <=;+ 1? <+>. 8=I<.
;+<=0 A+61 9160@+<- <=;- ?+@161 9+ ?1 M .<1 6.<9>1 B1@1 A09<+ - >=81?+ =7 9>1 >0+<+
A0+>= 8=9;1 <1 <+01D-81< <1B.< /0-617 -I. <=/181 2 96. - >=01>2. 8=9; A=B<+ 9;01E=6.;=
?1 9+ ;0+9+ . 6.C0.01 96+;: =9<. ;1: 19. 9- ;= .9;= <.@;1 ?0-/= .8A-: 9. >=7 . .817 - 96=7
20.;1821 ;= 618 7 + <7 .E=61 C0D.<1 A=?+: 7
+<1 <7 .E=6=8 ;1: 19<=8 ?-G.<=8 6. 8+E1<.B>.
A0.8+0. <16=?.: . 9- :7-?+ <1 A.;1<7 + 1>= 1;=8. <+817 - -<-;01@<7 - 9;0->;-0- >1>= 8=/-
?1 .9A=: 7 1617 - =?: .>+ 0+D=<1<F.7 + >1= @;= 7 + =6= 91 9A+>;01: <.8 : .<.7 181'
: . 1>= 1;=8. .817 - 9;0->;-0- @;1 C. 7 -;<=6+ . 1>96+: =6+ ;+=0.7 + 0+>: + = ;=8+'
+?<1 9;610 C.: 1 7+ D17 +?<.B>1 D1 0+<?/+<9>+ D01>+ 01?.=1>;.6<=9; +: +>;0=< . 9A+>;01: <+
:.<.7 + <.@;1 =? ;1 B+;.0. <.7 + 9+ <.>1>= 8=/: = =C7 19<.;. >: 19.B<=8 ;+=0.7 =8 8<=/. 9-
A=>-@1: . A+; <.7 +?<1 =? ;.E A=7 161 <.7 + C.: 1 <. - <+A=90+?<=7 9-A0=;<=9;. 91
7 -;<=6=8 . 1>96+: =6=8 ;+=0.7 =8 = 9- C.: + 918= A=7 16+ >=7 + 9+ <.9- ?1: + =C7 19<.;.
1>: + <.7 + 9+ <./?+ 6.?+= 2 D1?.8: 7+<. A.@;=: 72. D1;= >: 19.B<1 M .D.>1 <.7 + C.: 1 : +@- A1?-N
=9;17 1:17 + <1?1 ?1 I+ =?<+>-? ?=@+;1;. <+>. 8: 1?. A18+;<7 1>=6.I?1 7 =79A19+ G.6=;
.7+ ?=@+;1= <.7 +?1< 8+9;= ;=/1 A=7 16.= 9+ A.@;=: 7.D>=/1 9+ ?.8.: = 9;610. C10
;0. D1?.8: 7+<1 A.@;=: 7 1 9- 9+ A=7 16.:1

105
 )

06. =A1G+<. ?=>1D >=7 . 7+ A016= >0+<-= ?1 C1@ 2 -C.7+2>: 19.B<- ;+=0.7 - C.:= 7 +
;1>=D61<= 2 D01B+<7 + F0<=/ ;+: 12 D 96.E A0+?8+;1 D01B. +<+0/.7 1 =A: .7. A0+?8+;. D01B+
6.@+ +<+0/.7 + %.6= ?.@-I+ : 7-?9>= 9;6=0+<7 + +8.;-7 + =>= ) 61;. D01B+<7 1 -
.<M 01F06+<=8 <+6.?: 7.6=8 A=?0-B7 - 9A+>;01 +=0+;.B10. ) 1 A=: .;.B10. >1? 9+ D1E->I-
?=9;.G- )O
6. A0+?8+;. ;1>=,+ 1A9=0C-7 - +<+0/.7 - .D 96=/ =>0-G+<7 1 >= 9- ;=A: .7. =? 96=/
=>0-G+<7 1 =<?1 6.@+ D01B+ <+/= @;= 1A9=0C-7 - = D<1B. E: 1?+ 9+ D01D 2 F0<= ;+: =27 +
9;0-B<. ;+E<.B>. ;+08.< = C. C.: = <+>= ;+: = >=7 + C. 9160@+<= -A.7 1: = ( ?1>: + >=7 + C.
-9A+61: = ?1 -A.7 + 96.E Y D01B+<7 1 >=7 1 ?= <7 +/1 9;./<- 1>16 A0+?8+; >1? 7 +
E: 1?1< .D/: +?1 F0< D1;= @;= <+ =?C.7 1 =? 9+C+ <. D01B1> 96+;: =9;. 96+ -A.7 1
>9A+0.8+<;1;=0. 6=: + ?1 A=8.<7 - ;= D18.@: 7+<= 2 F0<= ;+: =2D1;= @;= 7 + =<= +;1: =<
9;1<?10? D1 8+0+<7 + D1 A=0+,+<7 + A0+81 >=8+ 8=/- ?1 8+0+ >=: .>= D01B+<7 1
.9A-@;17 - .D9+C+ 01D<1 ;+: 1 >=7 1 9;610<= A=9;=7 +
1? 9+ <+>= ;+: = <+>= >=7 + 9;610<= A=9;=7 . D1/0+61 D1<.8: 7.6= 7 + A01;.;. <7 +/=6=
D01B+<7 + +F.8= ?1 9+ D1/0+61 >=81? -/: 71 .: . >=<7 9>1 A=;>=6.F1 .: . G.F1 - ;=9;+0- >1?
E=I+@?1 A0+A+B+@>0.@>- E: +C1 ": +?1@>=7 - C=7 - 96+;: =9;. A0+?8+; .9A-@;1 ( ?1>: + >=7 -
;1: 19<- ?-G.<- 1/0+618= A0+?8+; A=: 1>= 1 <1@+ =B. A06= A0.8+;+ ?1 =< A=B.<7 + ?1 9+
G10.;. ;18<=F06+<=8 C=7 =8 A1 =<?1 96+;: .7=8 F06+<=8N>1? A=9;1<+ 8<=/= 60+: .7. G10.
9+ G-;=8 C=7 =8 D1;.8 A: 16=C+: =8 1 >1? 9+ C1@ 6+=81 -G10. 8<=/= ;=A: =;+ =<?1
C:.9;1 C+: =8 96+;: =@I- 1@;= C1@C+: =8'
=9;+A+<= A=8+01<7 + C=7 1 ?-G 9A+>;01 D<1> 7 + ?1 9+ ?=> ;+8A+01;-01 019;+
60E-<9>. .<;+<D.;+; 96+;: 1 ;1>= A=8+01 =? .<M 01F06+<=/ A0+>= F06+<=/ . G-;=/ A1 96+ ?=
A:16=/ : . ?=> 9+ ;= ?+@161 @.0. 9+ . ->-A<. 019A=< A0=.D6+?+<.E 96+;: =9<.E ;1: 191 96.E
C=7 1 => 60E-<1F <17 7 1B1 A0=.D6=?<7 1 D01B+<7 1 9;./<+ ?= A: 16=/>017 1 9A+>;01 6+I7 +-
;=>- A0=.D6=?<7 1 . 96.E ?0-/.E C=7 1 >=7 + 9+ 8+@17 - @;= <1@+8 =>- ?17 + 96+->-A<=
-;.91> C+: .<+ 1 >1G+8= C+: = -9.7 1<7 + 1<19 19;0=M .D.B10. A0=-B1617 - D01B+<7 + F0<=/
;+: 1 A0+=9;1: = .D<17 C: .9;16.7 + A0=61: + D01B+<7 1 - .9;=0.7 . >=98=91 ( +: .>=/A019>1
:. =6= 7 + ?./0+9.7 1 A=9: +?<7 .E <+>=: .>= /=?.<1 ?+6+;<1+9;=/ 6+>1 A=?1F. =
D01B+<7 - 01D<.E 9;610<.E ;+: 1 A=?60/<-;.E -9.7 161<7 - A=9;17 1:. 9- 96+ C=: 7. . C=: 7
. @;1 7 +
1>96+: =61 ;+=0.7 1 /=6=0.: 1 = ;=8+ ?1 C. =<. ;0+C1: = ?1 C-?-' ;= >1;19;0=M + =>1D1: = 9+
?1 7 + 1>96+: =61 ;+=0.7 1 /=6=0.: 1 <+@;= @;= 7 + <1A0=9;= A=/0+@<= 1.8+ ;1 1>96+: =61
>:19.B<1 ;+=0.7 1 A0+?6.,1: 17 +7 +?<- =?0+,+<- >0.6- 7 +?1< /01M .>=< 019A=?+: + .<;+<D.;+;1
96+;: =9;. 8+,- 01D: .B.;.8 C=7 181 1: . A=/0+@<- >0.6- = >: 19.B<=7 ;+=0.7 . 60E-<1F
.<;+<D.;+;1 8=01= C. -6+> ?1 C-?+ <+/?+ - <17 >01I.8 ;1: 19<.8 ?-G.<181 <1?=81>
:7-C.B19;=/ >017 1 6.?: 7.6=/ 9A+>;01 .: . B1> - <+6.?: 7
.6=8 ?+: - ( -: ;01: 7-C.B19;=8 :. <+
?+@161 9+ ;1>= ;-? >1G+8= 2 -:;01:7-C.B19;1 >1;19;0=M 12 = 7 + A06. D1?.8: 7+<. A.@;=: 7
A06= 60+8+ 9+ 6+0=61: = ?1 =617<+-9A+E - A0.8+<. 1>96+: =6.E 7 +?<1B.<1 8=G+ C.;.
0+@+< C=: 7.8 01D-8+61<7 +8 <1B.<1 <1 >=7 . 81;+0.7 1 9;6101 . D01B. +: +>;0=81/<+;<-
+<+0/.7 - 06. M .D.B10 >=7 . 7+ -6.?+= 9;610<. D<1B17=6=/ <+-9A+E1 C.= 7 + : C+0; 7 <@;17 <
/=?.<+ 3 O : . A=D=0<.F- D1 <19;-A =6=/ 6+: .>=/ 817 9;=01 A0.A0+8.= 7 + .A1> <+>=
?0-/.
:
1D. 1>9 : 1<> ;+=0+;.B10 .D +0: .<1 9;10 =>= B+;0?+9+; /=?.<1 B=6+> .D1 >=/1 7 +
6+I?-/1 >10.7 +01 - M .D.F. 9;0-B<7 1> D1 ;+=0.7 - ;=A: =;+ .= 7 + =@;0=-81<N1: . C.= 7 + . A016.
A0=M 1 +?<=8 A0.: .>=8 D1C=016.= 7 + - >=7 =7 M 1>-: ;+;9>=7 91: . 7 + ;0+C1: = ?1 =?0G.
A0+?161<7 +N9601;.= 7 + ?= >1<F+: 10.71 >1;+?0+ D1 M .D.>- . A.;1= RD6.<2 ;+ - >=7 =791: . ?1<19
?0G. A0+?161<7 + A0=M +9=0 : 1<>'R ?/=6=0.@+ 8- 9;0=/.8 /: 19=8 R : 1?.I- <+8=7;. ;18=
?1 .?+@ -6.@+ 9. ;. 8: 1? ?1 01D-8+@A0+?161<7 1 <1@+/-B+<=/A0=M +9=01 : 1<>1 R
961>=8 9: -B17 - : 1<> 7 + .81= <1 019A=: 1/1<7 - A=?1;>+ ?=C.7 +<+ +>9A+0.8+<;.81
+: .>. ?+= ;.E A=?1;1>1 A0.>-A.: + 9- D1A016= >=: +/+ - <7 +/=6=7C+0: .<9>=7: 1C=01;=0.7 . 1
=< 7 + 0+@.= ?1 .E 019;-81B. 1?1E<-;= 7 + <1/1,1= = 81;+81;.B>=8 .D01D- >=7 . C. 9+
?=C0= ->: =A.= 91 =6.8 A=?1F.81 1/1,1= . A=/=?.= 17<7 +/=6 .D01D <+ 918= @;= 7 +
=?/=6101= 019A=?+: . 96+;: =9<.E 7 1B.<1 A0. C.: = >=7 =7 ?1;=7 ;+8A+01;-0. <+/= 9+ .
A=?-?101= 91 <1B.<=8 <1 >=7 . 9+ =61 >0.61 019A=?+: 1 ;1: 19<.E ?-G.<1 8+<7 1:1 91
A0=8+<=8 ;+8A+01;-0+ 1 C.98= 01D-8+: . =<= @;= 9+ A=9: + ;=/1 ?=/1,1: = 61G<= 7 +
<1/: 19.;. ?1 ?1;1 >0.61 =8=/-I-7 + ?1 .D01B-<18= ;+8A+01;-0- ;+: 1 >=7 + D01B. : 1<> 7 +

106
.81= B.8+ ?1 9+ A=<=9. R 1<19 918 A=9;./1= =;>0.I+ 016<= 7 -;<=6=8R E61: .= 9+ =<
96=8+ 9.<-
:+?+I. : 1<>=6 A0=C: +8 C.= 7 + >1>= ?1 A=6+G+ 96=790+I1< <1 D<1<7 - D19<=61<
A=/=?1> 91 <+>.8 D1>=<=8 A0.0=?+ #0<1 ;+: 1 +8.;-7 - /=6=0.: . 9- A=?1F. 60: = 81: =
D01B+<7 1 <1 >01;>.8 ;1: 19<.8 ?-G.<181 =7 . C. ;= 2D1>=< A0.0=?+28=/1= 9-DC.7 1;. >01;>+
;1:19<+ ?-G.<+ >=7 + >: 19.B<1 1>96+: =61 ;+=0.7 1 ;=: .>= 6=: .' +>=: .>= 8+9+F. A=9: +
=C7 16: 7
.61<7 1 96=7 + -9A+@<+ 7 +?<1B.<+ : 1<> 7 + <1: +;+= <1 7 +?<- 8=/-I<=9; =A: =;1 7+
=C:.> +<+0/.7 + 1 ;= D<1B. ?1 7 + +<+0/+;9>. 91?0G17D01B+I+/ ;+: 1 =/01<.B+< ;+8A+01;-0=8
;=/;+: 1 ;= 7 + ;+: = 60+: .7+ 6.@+ +<+0/.7 + .81 >:
19.B<=7;+=0.7 . ;1 +<+0/.7 1 ;0+C1: = C. ?1
C-?+ 7 +?<1>= 019A=0+,+<1 <1 01D<+ ;1: 19<+ ?-G.<+ :::
(. 17 +G.;+ 9+ ?= ,16=: 1 +6=
=6=/ ;0+<-;>1 I+8= =;>0.;. >61<;<- ;+=0.7 - 0+;A=9;16.8= ?1 >=: .B.<1 +<+0/.7 + D16.9. =?
;1:19<+ ?-G.<+ ;+ +<+0/.7 + 0+;A=9;16.8= ?1 >01I+ ;1: 19<+ ?-G.<+ 2 >=@;17 -26.@+ +<+0/.7 +
<?1 1>= A=>-@1618= ?1 A0=.D6=?.8= >01;>=;1: 19<1 D01B+<7 1 -;0=@.8= 9-6.@+ +<+0/.7 +
<1 <18 ?1>: + A=<+9;1<+ . <+818= 7 + ?=6=: 7
<= D1 ;17D1?1;1>
:
1<> 7 + -9;1<=6.= ?1 8=01 1>= G+: . ?1 =?C01<. 96=7 - M =08-: - >=7 1 7 + 91?1 A=D<1;1
>1= : 1<>=6D1>=< D01B+<7 1 -96=7 .;. ?6+ A0+;A=9;16>+ .D0.B.;= = 7 + . -B.<.= +>1= 7 +
A06= ?1 D01B+<1 +<+0/.7 1 9;=7 . - 6+D. 91 ;1: 19<=8 ?-G.<=8 96+;: =9;. >=7 1 9+ D01B.N.
?0-/= ?1 =61 A=7 161 <+8.<=6<= 7 +9;+ A=6+D1<1 . ;= <+01D?6=7 <= A=6+D1<1 91
;1>=D61<.8 2 ?.9>0+;<.82D01B+<7 +8 1 ;= D<1B. - D19+C<.8 .D?6=7 +<.8 >=: .B.<181
>=81?.I.81 +?.<= ;1>= 7 + : 1<> 8=/1= ?1 9A19+ 96=7 - M =08-: - 1 ?1 .DC+/<+ =C7 16-
01;1 D1>=<.81 ;=A: =;+ <1B. D01B+<7 + .D: 1D. .D;=A: =/;+: 1-2 A1>+;.I.812- D18=;-: 7
F.81
61>. ;1>16D18=;-: 71> 7 + 7 +?<1 2 >=: .B.<12 @;= 9+ : 1;.<9>. >1G+ 2 >61<;-82 ;= =?.: = 9+
61>. >61<;-8 ;= 7 +9; >61<; A=6+D1< 7 + 91 M 0+>6+<F.7 =8 - >=7 =7?=: 1D.N7 +?<1B.<1 D1
=6= 9196.8 7 + 7 +?<=9;16<1 . /: 19. =61>= L EM <+0/.7 1 7 +?<=/ >61<;1 7+?<1>1 7 +
M0+>6+<F.7 . ;+ 96+;: =9;. MA=8<=G+<=77 +?<=8 >=<9;1<;=8 61 >=<9;1<;1 >=7 =8 ;0+C1
A=8<=G.;. M 7 +9;+ ?1>1>= =6= E =@;= 7 +M 0+>6+<F.7 1 =C0<-;= 901D8+0<1 ;1: 19<=7?-G.<.
>01I+ ;1: 19<+ ?-G.<+ ?1>: + 6.@+ M 0+>6+<F.7 + >=@;17 - 6.@+ +<+0/.7 + =:.>1 /=?
;+8A+01;-01 ?1 7 + ?1;1 .A1> 7 + >=: .B.<1 +<+0/.7 + =/01<.B+<1 <.7 + C+9>017 <1 ;-? 9+
A0=.D6=?. 81<7 + =<.E 6.9=>.E M 0+>6+<F.7 1 ? >: 7
-B<=/ 7 + D<1B17 1 ?1 96+;: =9; ?=: 1D. -
A1>+;.I.81 0+>6+<F.7 17 + C0D.<1 A=?+: 7+<1 ;1: 19<=8 ?-G.<=8
61 >=<9;1<;1 >=7 - 7 + : 1<> -6+= E C.: 1 7 + =?0+,+<1 6+IA0.>-A: 7+<.8 A=?1F.81 : .
@;1 7 + E' : 1<> 7 - 7 + <1D.61= 2 >61<;-8 1>F.7 +2 ;= 7 +9; 2>=: .B.<1 ?+: 1<7 12 1: . .9;=0.7 1 7+
=?:-B.: 1 ?1 9+ E D=6+ 2: 1<>=61 >=<9;1<;12 1>= 7 + =9;1: = . ;1 I+ >=<9;1<;1 D1-6+>
9.8C=: .91;. =6- 0+6=: -F.=<10<- <=6- M .D.>- : 1<>=61 >=<9;1<;1 .81 =?0+,+<- 60+?<=9;
>=71 .D<=9. P K ( O + 9+>-<?. 1 91? 1>= 618 ;= <+@;= D<1B. +8=7 ;+ 9+ ;0-?.;.
?1 -A18;.;+ 18= -=B.;+ ?1 7 + ;= 6+=81 81: +< C0=7 7 +0 - 9+C. .81 =6= ( O @;= D<1B.
<-:1 D1A+;1 <-: 1 <-: 1 <-: 1 . ;1>= 0+?=8 A+;<1+9; <-: 1 A=9: + ?+F.81: <+ D1A+;+ . ;+>
=<?1 <+@;=
6= ( -6=,+<7 + D18.9: . ?1 A=9;=7 . >61<; ;= 7 +9; D18=;-: 71> +<+0/.7 +(7 +9;+ A0+>0+;<1
;1B>1 .1>= <. : 1<> <. <7 +/=6+ >=: +/+ <.9- 9E61;1: . ?-C.<- ;=/ =;>0.I1 +?.<. 7 + ;=
9E61;.= 7 <@;17 < 18= 7 + =< -6.?+= 9;610<. D<1B17 : 1<>=6.E >61<;1N1 961 =9;1: 1 <1-B<1
D17+?<.F1 -9A+: 1 7 + ;= ?1 ->1A.01 ;+> A=9: + 7 =@ ?61?+9+; A+; /=?.<1 01D7 1@<7 161<7 1
1>91 : 1<>1 7 + <7 +/=61 9=A9;6+<1 ;+=0.7 1 C1F.: 1 - D1C0.<-;=9; .7+ G+: += ?1 6.?.
-<.@;+<7 + >: 19.B<+ M .D.>+ R =01I+8= <+>1>= G.6+;. 91 >61<;<=8 ;+=0.7 =8R 0+>1= 7 + 1>9
:
1<> >=<1B<= 8.0+I. 9+ 91 9-?C.<=8 R =<1 I+ 9+ 6+0-7 ;+ 8. @.0.;. +I+ =<1 =9;1;.
918= - =A;.F. 1E61;.I+ 961 A=: 71 R 1>= 7 + C.= - A016-
=?1I+8= 7 +?1< D160@<. >=8+<;10 = =6=8+ "=?.<+ 33 7 +?1< 91;+: .; >=7 . 9+ <1D.61
29;01G.61B >=98.B>=/ A=D1?.<9>=/ D01B+<7 12 # ( #=98.F 1F>/0=-<? KA: =0+0
A=9: 1= 7 + <1 +8: 7- 96=7 .8 =?-@+6: 7+<.8 /=9A=?10.81 19;0=M .D.B10.81 A=?1;>+ =
9A+>;01: <=7019A=?+: . >=98.B>=/ A=D1?.<9>=/ D01B+<7 1 >=7 + .9A-<7 161 96- 19+: 7+<- 6.
A=?1F. >=7 . 9+ =?: .>-7 - 01<.7 + <+?=9;./<-;=8 A0+F.D<=@I- ;1B<= 9- 9+ ->: =A.: .- : 1<>=6-
M=08-: - D1 F0<= ;+: = 18;.8= ?1 >0.61 >=7 1 A0.>1D-7 + 019A=0+? .<;+<D.;+;1 01D<.E ;1: 19<.E
?-G.<1 @;= .E D01B. <+>= ;+: = =8=/-I-7 + ?1 =?0+?.8= . ;+8A+01;-0- ;=/ ;+: 1 =8=I-
A=?1;1>1 91 # 91;+: .;1 . A=8=I- : 1<>=6+ 7 +?<1B.<+ .D01B-<1: . 98= A0=9+B<-
;+8A+01;-0- 19+: 7+<+ 1>: + 19+: 7+<1 7 + 7 +?<= 8<=/= E: 1?<= 8+9;= 918= 7 + )T*
9;+A+<1 .D<1? 1A9=: -;<+ <-: +

107
 )

0+9>1B+8= E.;0= <1 : C+0;1 7 <@;17 <1 >=7 . 01?-F>1 A=: 1>= >1= I1;1 - 1;+<;<=8
D16=?- ?0G16+ 617 F109>+ - /01?- +0<- "=?.<1 7 + 3 O 6+ /=?.<+ A0+ ;=/1 7 <@;17<
7+ =?C01<.= ?=>;=09>- ;+D- =9: + ?=>;=0.01<7 1 A0=6+= 7 + 7 +?<- /=?.<- 01D8.@: 717
-I.
9-8=0<= = 98.9: - . 9.9;+8- G.6=;1 : . /=?.<+ 3 O >0+<-: = 8- 7 + C=:7+ 9A+= 7 + ?1 0+@.
;0. >0-A<1 A0=C: +81 M .D.>+ 961 ;0. ;+ .9;+ /=?.<+ M =;=+: +>;0.B<. +M +>1; = ;=8+ I+8= 91?
;+=0.7 - 01-<=6=/ >0+;1<7 1 .D6=: 2;+ A1 A=/: +?17 ;+ ;= - <+>=7?0-/=7><7 .D. . ( =E ?1 (
A=9+C<- ;+=0.7 - 0+: 1;.6<=9;. 7<@;17 < 7+ 9E61;.= ?1 =<= @;= 7 + : 1<> A=/=?.= D<1B. ?1 9+
96+;: =9; +: +>;0=81/<+;<1 +<+0/.7 1 +8.;-7 + -6+> - ?.9>0+;<.8 D19+C<.8 .D?6=7 +<.8
/0-?6181 +<+0/.7 + 61>= EM7 + 7+?<1 ;1>61 /0-?61 + ?=/1,1 9+ =<1 >: 19.B<1 .?.:1 -
>=7 =7+8.9.7 1 918= ;+B+ /: 1;>= ;+B+ . 961>1 ;1: 19<1 ?-G.<1 9+ /: 1;>= . <+A0+>.<-;=
A0+: .61 - =<+ A0+ . A=9: + 9+C+
6= -6.,1<7 + 961>1>= 7 + <16+: = 7 <@;17 <1 <1 A=8.91= ?1 C. 8=/1= ?1 =C7 19<. 7+?<=
+>9A+0.8+<;1: <= =A1G1<7 + 17 <0.E1 +0F1 >=7 . 7 + A0=.D6=?.= 01?.=(;1: 19+ ?1 C. A=;60?.=
1>96+: =6- ;+=0.7 - +0F .E 7 + A0=.D6=?.= ;1>= @;= 7 + <18+@;1= ?1 .D8+,- ?6+ 8+;1: <+
>-/: + .9>1B- .9>0+ => 9+ C16.= ;.8+ A0.8+;.= 7 + ?1 610<.F+ : 1>@+ .9>1B- 1>= 9- >-/: +
<+?16<= .D/: 1B1<+ =8.9: .= 7 + ?1 -/: 1B1<=9; =: 1>@161 +: +>;0.B<=8 <1C=7 - 9>=> >1
9-9+?<=7 >-/: . =@;= 7 + C.= 01?=D<1= -;0=@.= 7 + .D6+9<= 60+8+ A0=-B1617 -I. >1>=
96+;: =9; ?+:-7 + <1 8+;1: <+ A=60@.<+ 0.8+;.= 7 + ?1 >1? 610<.F1 D1C: .9;1 A:16=:7-C.B19;=8
C=7 =8 - C: .D.<. >-/: + 9+ A=7 16. 6+I1 >=: .B.<1 <1+: +>;0.91<7 1 @;= =<?1 A=81G+ . =: 1>@161
?1 D1A01@;+ 7 =@8<=/+ .9>0+ +0F 7+ =61>= 01D8.@: 71= /: 1B1<7 +8 9+ 9>.?17 - =>9.?. >=7.
61: 7?1 =8+;17 - ?+: =61<7 + 96+;: =9;. <1 A=60@.<- 8+;1: 1
=>1D1: = 9+ ?1 A: 16=: 7-C.B19;1 96+;: =9; <16=?. +: +>;0=<+ ?1 .D: +I- .D8+;1: 1 - =>=:<.
A0=9;=0 =<= 60+8+ B.<.: = 9+ ?1 7 + ;= C1@ C.D101< +M +>1; 0-/. +>9A+0.8+<;1;=0. 9-
A0=-B161: . =6- A=7 16- . ?=@: . ?= 9:+?+I.E <+=C.B<.E D1>: 7-B1>1

#06+<1 96+;:=9; <+ -9A+61 ?1 =9:=C=?. +:

+>;0=<+ A1 B1> <. >1? 7
+ .D-D+;<= 7
1>1
) 7 -C.B19;1 96+;:=9; B1> . >1? 7+ 901D8+0<= 9:1C1 -9A+61 60: = :1>= ?1 =9:=C=?.
+:+>;0=<+
* ;= 7+ >01I1 ;1: 19<1 ?-G.<1 @;= 7 + 96+;:=9; :
7-C.B19;.7
1 6.@1 7+ +<+0/.7
1
=9:=C=,+<.E +:+>;0=<1

7<@;17< 7 + 9E61;.= ?1 : 1<>=61 D18.91= ?1 9+ 96+;: =9; 7 16:71 - D18=;-: 7F.81 8=G+
C.;. >:7-B D1 9E61;1<7 + =6+ M =;=+:+>;0.B<+ ;17 <+ 18.9: .;+ 7+?1< +: +>;0=< >1>= - 8+;1: -
<+>+ +0F=6+ 9.: <= -/: 1B1<+ >-/: + /: +?1 96=7 1 A=9: 1 =71 609;1 96+;: =9;. 8=G+ ?=?1;.
=6=8 +: +>;0=<- ;=: .>= +<+0/.7 + ?1 =< .9>=B. .D A=60@.<+ 8+;1: 1' 7 <@;17 < 7 + >=0.9;+I.
:1<>=6- 7 +?<1B.<- D1>: 7-B.= ?1 >1? 7 + ;1:19<1 ?-G.<1 96+;: =9;. ?=6=:7<= >01;>1 +: +>;0=<
A0.8. ?=6=: 7 <= +<+0/.7 + ?1 9+ 2 =;0/<+2.D 8+;1: 1 . A=: +;. >0=D 61D?-E :+>;0=< ;- .81
918= ?6+ 8=/-I<=9;. 01D8.@: 7
1= 7 + 7 <@;17 < .: . ?1 A0=/-;1 F+= D18=;-: 7
1> +<+0/.7 + .: .
<.@;1 91? 1>= 7 + ;1: 19<1 ?-G.<1 A0=/-;1<=/D18=;-: 7>1 A0+6+: .>1 1 >=: .B.<1 +<+0/.7 +
?1>: + A0+81: 1 +: +>;0=< <+I+ 8=I. ?1 A=C+/<+N<+I+ .81;. ?=6=: 7<= +<+0/.7 + D1: -?
I+@ ;. D19.A1;. 8+;1:A016=8 A=A: 16=8 <+8=I<.E .8A=;+<;<.E ?-/=;1: 19<.E A1>+;.I1
96+;: =9<+ +<+0/.7 + .@;1 ;= <+ A=81G+ .;<= 7 + 0+>1= 7 + 7 <@;17 < >=: .>= +<+0/.7 + .81 -
961>=8 D18=;-: 7>- A=<1=9=C 1 <+ >=: .>= ;.E D18=;-: 71>1 .81@
61 7 <@;17 <=61 D18.91= ?+7 9;6-7+ ?= 9160@+<9;61 ?=C0= =? M=;=+: +>;0.B<=/ +M +>;1
C.617 - 1A9=0C=61<. 96+;: =9<. >61<;. ( ?1>: + M =;=<. ;= 9- ;. D18=;-: 7F. ;= 7 +9; A1>+;.I.
: 1<>=61 ;+=0.7 1 7+ =C7 19<.:1 >1>= 9+ +8.;-7 - 1? 6.?.8= >1>= 9+ 1A9=0C-7 - >=?
+8.;=61<7 1 . >=? 1A9=0C=61<7 1 <+=AE=?<. 9- >61<;. 1 <7 .E=61 +<+0/.7 1 7+?<1>1 7 + E
A-;1 M 18.91= = >61<;.81 96+ @.0+ 7 + A0.E61;1<1 - <1-F. : . A=9;=71<7 +M =;=<1 -C+?: 7.6=
7+ ?=>1D1<= ;+> 3)* /=?.<+ >1? 7 + 18+0.B>. M .D.B10 0;-0 =8A;=< 0;E-0 #=8A;=<
A=>1D1= ?1 M =;=< 8=G+ ?1 9+ 9-?10. 91 +: +>;0=<=8N?1 ;= .?+ =;A0.: .>+ >1= 9-?10 ?6+
C.:.7109>+ >-/: +N?1 A=9: + ;=/ 9-?101 M =;=< =?: +;. ?0-/.8 A016F+8 . .81 ?0-/- +<+0/.7 - .
?0-/. .8A-: 9 . -=A@;+ A=<1@1 9+ - 961>=8 A=/: +?- >1= B+9;.F1 ( 1: . 9196.8 .D-D+;<1
B+9;.F1 >=7 17 + <1 <+>. <1B.< A=6+D1<1 91 M 0+>6+<F.7 =8 ;0+A+0+<7 1 6.C0.01<7 1 @;= D<1B.
?1C=8+ . 91 ;1: 19<=8 ?-G.<=8

108
 - 9+ 7+?1< ?-E ?./1= .D/0=C1 0.0=?1 96+;: =9;. C.:1 7+ C=7 .@;+ 60:
= 9;10= +;.;+ 9+
7
-;< . "1: .:
+7981;01: . 9- ?1 9+ 96+;: =9; 919;=7 . =? 2 >=0A-9>-: 12( ?1>: + 2 ;+:1@1F12
+,-;.8 ?1<9>. 19;0=<=8 0.9;.7 1< 17 /+<9 D1: 1/1= 9+ D1 ;1: 19<- ;+=0.7- 6- .9;=0.7
9>-
C.;>- 7 -;<=6.E ;+:1@1F1 . 17 /+<9=6.E ;1: 191 98.0.= 7 + =819 1</ E=819 Z=-</ ;1>=
@;= 7+ A=C+?- ?=?+: .= ;1:19.81 01D8=;0.I+8= -9>=0= 1</=6 =A.; 91 ?61 A0=0+D1
A=B+;>=8 ?+6+;<1+9;=/ 6+>1 :. <1.:19>=8 >61<;<+ ;+=0.7 + 619>09<-: 1 7+ B+9;.F1
96+;:=9;. 91?1 <1D61<1 M =;=< 1 <+?=-8.F1 2 ;1:19 .: . B+9;.F12=A+; 9+ A=9;16.: 1 A0+?
<1->- C0D= 7 + 0+@+<1 <1 A0.: .B<= .D<+<1,-7 -I. <1B.<
:. 7
=@F0<7 + . /=0+ <+6=: 7+ B+>1: + 9- >:19.B<- M .D.>- DC=/ 0<+9;1 1?+0M =0?1 >=7 . 7
+
=;>0.= 1;=89>= 7 +D/0=

) , ) #

0<+9; 1?+0M =0? C.= 7 + 7+?1< =? =<.E : .>=61 >=7 . 9- 81: ;+<+ 9-6.@+ ?=C0. ?1 C. C.: .
.9;.<.;. >1= ?1 7 + <+>1 M .:89>1 >=8A1<.7 1 A=9: 1:1 /: -8F1 .?+1: <=/ D1 -: =/- <1-B<.>1
0-A1< 0=C-9;1< =6=D+: 1<,1<.< .81= 7 + C0>=6+ >1= 8=09>. >=<7. C.= 7 + A06. 9;01<.
.9;01G.61B .>1?1 A-@;+< ?1 01?. - 9: 16<=7: 1C=01;=0.7 . +6+<?.@ >=7 =8 7 + - =<= ?=C1
-A016: 71= G G =89=< 1?+0M =0? 7 + ?=@1= ;1B<= <1 60+8+ ?1 A0.9-9;6-7 + =;>0.I-
+:+>;0=<1 +=81 6+@;.E 0->- D1 01D: .>- =? /1D?+ - ;=7: 1C=01;=0.7 . A0=M +9=01 =89=<1
C.= 7 + 60E-<9>. 9A=9=C1< +>9A+0.8+<;1;=0 ?=9;=7 1< ;1>81F 101?+7 +6=79: 16. - ;=8
A=/: +?- 0=B-= 9+ A= 96=8+ -6+0+<7 - ?1 >1? A9-7 +@7 +?1< =A.; =< A0=01?. C=: 7
+N=6=
-6+0+<7 + A=?0G1<= 7 + 1?+0M =0?=6.8 =A.;<.8 -9A+9.81 1>= 6+I <+ . ;+=0.7 =8 1?
60+?<-7 +8= 1?+0M =0?1 8=018= A1D.;. ?1 -D8+8= - =CD.0 . <7 +/=6+ 9;-?+<;+ .
A=9;?.A: =8F+ >=7 . 9- A=? <7 +/=6.8 : 7-;.;.8 A=/: +?=8 -9A+@<= =C16: 7
1:. 6+: .>+ =A.;+
81= 7 + =< D<1;1< C0=7<7 .EN7 +?1< 7 + C.= 10: 9 :.9 #E10: +9 :
:.9 >=7 .7+ =;>0.= C+;1
019A1? 0-/. 7+ C.= G+7 89 +?6.> 18+9 #E1?J.F> ;.A >=7 . 7
+ =;>0.= <+-;0=< 0+I.
1<9 "17 /+0 1<9 "+./+0 >=7 . ( D<1;+ 6+I 0=7 1B C.:=7 + . ?0-/.E +8=7 ;+ D18.@: 71;.
?1 7 + :1>= ?0G1;. A=? 96=7 .8 <1?D=0=8 A+?+9+; A=9;?.A: =81F1 1= A06= 8=01@A0=B.;1;.
9;0-B<+ 01?=6+ >=7 + =<. ?=<=9+ -7 ;+ >=7 .8 0+B.81 7 +7 +?1< =? 8=7 .E <17 C=:7
.E 9;-?+<1;1
D1A=B+= 96=7 - ?=>;=09>- ;+D- R 6= A=: 7
+ M .D.>+ 7+ ;=: .>= ?+6.B1<9>= ?1 <.7 +?<1 : 7-?9>1
=B<1 7 1C-B.F1 7=@<.7 +?<=8 <.7 + <=/=8 >0=B.: 1 A= <7 +8- R =: 7+ ?1 9+ 601;.8= 0<+9;-
1?+0M =0? 7+ 9:1C= -9A+61= ?1 A0.>0.7 + 96=7A0+D.0 A0+81 ;+=0+;.B10.81 81?1 >1= @;=
I+8= 6.?+;. . 918 <.7 + C.= : =@;+=0+;.B10 +/= 8<=/= 7 + ?=C01 9;610 @;= <=6.<10. A0+
?+6+?+9+; /=?.<1 <.9- ;1>= 6+@;= A0=?.01: . - <1@1 A=9: 1 >1= @;= ;= B.<+ ?1<19 1?+0M =0?
7+ ;1>= -8+= ?1 2 =?61: .2 ?1 C. 918 9+C. -A0=A19;.= <+C0=7 +<+ C-?G+;9>+ ?=;1F.7 + A-<+
>18.=<+ A101 ?1 7 + >=7 .8 9: -B17 +8 - @;18A. <16+?+<= @;1 7 + 0+>1= 6= <+>=: .>=
1?+0M =0?=6.E C.9+01 >=7 . 9- A0=F-0.: . >0=D?+F+<.7 + . 9;./: . ?= <19

R +8=7<+>= <1 8=7 =7>1;+?0. ?1 C. A=8+<-= 19+: 7+<- R

R ;= 5 0+:
1;.6<=9;5 . =6?+ <+ =C01I18= <.>1>6- A1G<7 - <1 ;= >1? 01?.8= R
R 61 <1->1 7+ .:
.M.D.>1 .:
.M.:
1;+:
.71R
R .;18 <+@;= =<+ 8=7 + 01?=6+ .D8: 1?=9;. . >1G+8 9+C. 1?+0M =0?+ 8=8B+ 1:29. C.=
A18+;1< <+>1? R

17@;= 7 + C.= 6+=81 A18+;1< <+>1? 01?.= 7 + 7+?<= 60+8+ 91 =89=<=8 =<?1
A0+@1= ;: 1<;.> . 01?.= <1 <.6+0D.;+;- +> ".:- =<;0+1: - - 1<1?. A1 9+ 601;.= -
</: +9>- . D1-D+= >1;+?0- <1 1<B+9;+09>=8 -<.6+0D.;+;- "=?.<+ 3 ! ?=C.= 7 +
=C+: =6- <1/01?- D1 96=701? - =C: 19;. 01?.=1>;.6<=9;. = C. 6+I.<. : 7
-?. C.= ?.61<
60E-<1F >10.7 +0+ 1: . <+ 1?+0M=0?- 17M =0? 7
+ ;+> ;1? A=B+= ?1 01?.
:. <+ 60+?. A0.B1;. = 1?+0M=0?- 1 ?1 <+ =C7 19<.@<+>+ 9;610. = : 1C=01;=0.7 . +6+<?.@
>=7 1 7 + =9<=61<1 !TP /=?.<+ >1= .9;01G.61B>1 : 1C=01;=0.71 +8C0.?G9>=/ -<.6+0D.;+;1
06. ?.0+>;=0 C.= 7 + 1>96+: ;+=0+;.B10 ?1 >=81<?-7 + - : 1C=01;=0.7
.' 0-/. 7+ C.= :
=0?
+7:. 1 ;0+I. =89=< A=B+6=? /=?.<+ !!P 1?+0M =0? 7+ ?=@1= .D96=7 + 0=?<+ D1C.;. >1=
9;-?+<;(.9;01G.61B /=?.<+ !3O 1 ;= 7 + C.:= M1<;19;.B<= 60+8+ D1 6+: .>1 <1/: 1 =;>0.I1
+?1< =? /: 16<.E 919;=7 1>1 D1 A0=M+9.=<1:<. -9A+E - <1-F. 7 +9;+ B.9;1 90+I1 >= <.9.
;1:.B1< <+81 .D/: +?1 <1 -9A+E 1?+0M=0? 7+ C.= 90+I1< 1? <1 01?.=1>;.6<=9;. A=7 16.

109
;1?1 <=6==;>0.6+<=7 /=6=0.: = 9+ ?1 9- ;= +>+0+: =6. D01F. .D=@;0.= /1 7 + . A0.A0+8.= D1
<7 +/=6= <17 61G<.7 + =;>0.I+ =;>0.I+ 1;=89>=/ 7 +D/01 3 /=?.<+ ;=89>= 7 +D/0= =;>0.=
7+ <1 1<B+9;+09>=8 -<.6+0D.;+;- =<?1 9+ ;0.7 -8M 1:<= 601;.= <1 +6+<?.@. ;- <19: +?.=
=89=<1 ( <1.8+ A=9;1= ?.0+>;=0 -8+9;= <7 +/1
18;.;+ ?1 7 + =89=< /1?<= D1A+;: 71= .9;01G.61<7 + 81;+0.7 + ;.8+ @;= 7 + =;>0.=
+:+>;0=< .9:.:
= 9+ ?1 7 + E+8.7 9>. 1;=8 =<1 <+?+: 7.61 B+9;.F1 >=7 - 7 + A0+?: =G.= 7 =@
+8=>0.; 1 91? 9+ A=>1D1: = ?1 <+>. 81: . 8=8F. C+9=8-B<= ;0B+ ->0-/ - -<-;01@<7 =9;.
961>=/ 1;=81 :+>;0=<. =C0= 1>= 961>. +: +>;0=< .81 A= 7 +?<= <+/1;.6<=
<1+: +>;0.91<7 + ;- 6.?.8= 7 +?1< A0=C: +8B.I 1;+0.7 1 7 + <+-;01: <1 <.7 + <. A=D.;.6<1 <.
<+/1;.6<1 <?1 @;1 .D016<7 161 ;= 7 +9; A=<.@;161 ;- <+/1;.6<=9; >=7 - +: +>;0=<. .817 -'
61 ?0181;.B<1 A0.A=6+9; A=B+: 17 + 60: = A0=D1.B<= : 1D. /1D?1 - : 1C=01;=0.7 - - 9+?.
7+?1< A=9;?.A: =81F 1<9 "17 /+0 . 7 +?1< 9;-?+<; >=7 . 7+ +;= ;1>= /-C.= 60+8+ . : -<7 1=
A= A0=9;=0.7 181 0<+9; 109?+< <. =C16: 717- =A.; 91 019.A1<7 +8 1: M1(B+9;.F1 D6=0
01?.=1>;.6<=9;. ( <1 A0.8+0 01?=< ))) ( A0.0=?<= . 9A=<;1<= +8.;-7 + 1: M1(B+9;.F+ :M1(
B+9;.F+ >1>= 9+ A=>1D1: = <.9- D1A016= <.@;1 ?0-/= <+/= E+: .7-8=6. 1;=8. : .@+<. 96=7 .E
+:+>;0=<1N1 ;= D<1B. 7 +D/01 E+: .7 -81 >1= @;= 7 + 1?+0M =0? -6.?+= /=?.<+ 3 ! 1?=<
>=7 . <18 9: -G. >1= .D6=0 1: M1(B+9;.F1 9;16.8= - 7 +?1< =: =6<. 91<?-> 91 0-A=8 . ;=
-D1<=8 0-A=8 <1 7 +?<=79;01<. : M1(B+9;.F+ A0=: 1D+ >0=D;- 0-A- 1 8. <1<.@1<.8= ;1>=
?1 A=/1,17 - - 7 +?<- .D-D+;<= ;1<>- D: 1;<- M =:.7- :M+ A0=: +I- >0=DM =:.7- 1: . 9+ 8<=/+
-9A-; 9-?1017 - 91 1;=8.81 D: 1;1 @;= .E 9>0+I+ 9 A-;1 -9;1<=6.;. A=? >=7 .8 .E -/: =8
9>0+I+ 9 A-;1 ;= 7 + C.= F.: 7A0=-B161<7 1 1?+0M =0? 7 + C.= <18+9;.= ;177 +?1< =A.; >=7 . 7+
A=9;1= .9;=0.7 9>. A0=;=;.A D1 96+ >19<.7 + =A.;+ 91 019.A1<7 +8 B+9;.F1 9A-F161@B+9;.F+ -
8+;- . /: +?1@ >-?1 I+ >=7 1 ?1 =?9>=B. =6=8 9: -B17 - 961>1 1: M1(B+9;.F1 C.: 1 7 + >1=
7+?<1 81: 1 9=<?1 1 960E1 9=<?.01<7 1 C.: 1 7 + ?1 9+ 8=G?1 ?=D<1 >1>61 7 + 9;0->;-01
1;=81 +;1 <1A016: 7+<1 =? 9-A+0;1<>=/ : .9;.I1 D: 1;1 =>0-G+<1 7 + 91 96.E 9;01<1 ( *$
9;+A+<. ( D19;=0.81 =? F.<>(9-: M .?1 1? 1: M1(B+9;.F1 ;0+9<+ - 8=: +>-:F.<>(9-: M.?1 ;17
8=: +>-:.9A-9;. .D9+C+ 7 +?1< C: +91> 96+;: =9;. 6= =8=/-I. .9;01G.61B.81 ?1 .D8+0+ -/1=
A=? >=7 .8 9+ 1: M1 =?C.: 1 =? D: 1;1 1 A=<=6.8= 1: M1 9+ D1: +;. - M =:.7- =? D: 1;1 B61><+
<+>. 1;=8 D: 1;1 DC=/;=/1 9>0+<+ . 9>0>1 9+ - +>01< =? F.<>(9-: M.?1 +6<+ +I.<1 1: M1(
B+9;.F1 9>0+<+ 91 96=7 + A-;1<7 + 918= 81: = ;1>= ?1 9+ C: +9>=6. ?+@1617 - -/: 16<=8
A016= .9A0+? D: 1;<+ M =: .7+ .= 7 + =6= 8->=;0A1< =A.; .9- .81: . <.>1>16 C0=7 1B B+9;.F1
D1;= @;= /1 "17 /+0 7 =@<.7 + .D-8+= 1;= 9- . "17 /+0 . 109?+< C.: . A0.9.: 7
+<. ?1 9+?+ -
801B<=7>=8=0. 91;.81 A1 >1? .8 9+ =B. A0.6.><- <1 801> ?1 A=B<- =A.; 0+C1: = 7 +
96=7 .8 9=A9;6+<.8 =B.81 ?1 =A1D+ 961>. ;1>1681: . =?97 17. ?1 - 7 +?1< >1;1: =/-A.@- /?+
7+ . >=: .>= C: +9>=61 C.: =
1?+0M =0? ?1>: + <1.: 1D. ( =< <.7 + 8=01= ?1 9+?. <. - >1>6=7801B<=7>=8=0. 7 +0 =< 7 +
;- C.= /1D?1 ( . >1G+ ;=7?6=7 .F. R 17 26.?.;+ ?1 : 29+ <+ =?C.7 + <+@;= . <1D1? =? D: 1;1 R
0-/.8 0+B.81 ?1 : . 9+ ?=/1,1 ?1 <+>1 1: M1(B+9;.F1 -?10. - D: 1;<- M =:.7- . A=7 -0. <1;01/
A0+81 96=8+ .D6=0- 109?+< 7 + >19<.7 + A0.B1= = ;=8 ?=/1,17 - R 1@8+ 7 + .D<+<1?.: =
>1? 918 A0.8+;.= -A016= ;17+M +>1; +>1= 918 ;= 1?+0M =0?- >19<.7 + >1? 918 /1 90+=
<1 9;+A+<.@;- >=7 +7 + 6=?.: = >1 <7 +/=6=8 >1C.<+;- R
=?1F. >=7 + 9- "17 /+0 . 109?+< =C7 16.:. =C16+@;1617 - <19 ?1 7 + A= 7 +?<1 =? 961>.E
! 1:M1(B+9;.F1 A=: +;1: 1 ;1B<= <1D1? 1? 9- 9: 16<+ 0+B. >=7 .81 7 + 1?+0M =0? =A.91=
96=7 - 0+1>F.7 - - A06=8 ;0+<-;>- >1? 8- 7 + 6+9; 91=A@;+<1 R .= 7 + ;= 961>1>=
<17 <+6+0=61;<.7 . ?=/1,17- F+: =8 8=8 G.6=;- .:= 7 + ;= >1= ?1 .9A1: .@ 10;.: 7+0.79>-
/01<1;- =? *! 8.: .8+;101 <1 : .9;.I;=1: +;(A1A.01 1 /01<1;1 9+ =?C.7 + . ?=: +;. <1D1? ?=
;+C+ . ;0+9<+ ;+ R
.= 7+ 817 3 3 /=?.<+ =B+;>=8 3 1?+0M =0? 91?1 <19;-A17 -I. >1= ;+=0.7 9>.
M.D.B10 -9A+61 ?1 0+@. =617A0=C: +8 =B+>-7 + 96=7 + 9;-?+<;+ @.0=>.8 =98+E=8 R <18
>1>= .D/: +?1 1;=8 . 01D-8+8 ;= 9<1G<= 019.A1<7 + -<1D1? R 17 1 .9;+ /=?.<+ <7 +/=6
B:1<1> >=7 .8 9+ A0=/: 1@161 ?1 A=9;=7 . 2<->: +10<. 1;=82.D: 1D. .D@;18A+ = 7 + >0177 +?<+
+A=E+ 1? 9+ 6.?. .9;.<1 = E+8.7 9>=8 1;=8- 1? 9+ D<1 ?1 7 + 9: =G+< 1 <+ 7 +?<=9;161<N
?1 9+ 8=G+ 9+I.N?1 <.81: = <+ : .B. <1 1(;=8 =B+: 1 7 + <=61 +01 +01 <->: +10<+ M .D.>+ 1
>:19.B<1 M .D.>1 7 + A=;-B+<1 C10 - -<-;01@<7 =9;. 1;=81
1?+0M =0?- 7 + ;0+C1: = 6.@+ =? =918<1+9; 8+9+F. ?1 9+ 01D1C+0+ - =6=8 A0=C: +8-
>=7 . 91?1 0+@1617 - <1@. 9;-?+<;. M .D.>+ . ;= <1 A06=7/=?.<. >1= C0-F=@. 1@;= 7 + A=;A-<1
0+M :
+>9.7 1 1: M
1(B+9;.F1 ;=: .>= DC-<.: 1 1?+0M =0?1' =01: = 7 + =6= C.;. - <+>=7 6+D. 91

110
<1B.<=8 <1 >=7 . 9- <1-B<.F. ;=/?=C1 6.?+: . 1;=8 +?<1 819.6<1 A=D.;.6<= <1+: +>;0.91<1
1:M1(B+9;.F1 D1: +;. 9+ - 1;=8 D: 1;1 . ( =?C.7 + 9+ =? <7 +/1' A@;1 91/: 19<=9; - /=?.<. 3 3
C.:1 7 + ?1 C. 1: M1(B+9;.F1 8=01: 1 ?1 A0=7 -0. 9.: =6.;= . C+D D1-9;16: 71<7 1 >1= 10;.: 7
+0.7 9>1
/01<1;1 >0=D4# A1A.0 1>= I+8= -A=;0+C.;. 1?+0M =0?=6= A=0+,+<7 +
174# 8=?+:1;=81 A=;.B+ 7 =@=? 7 -;<1 >=7 . 7 + 0+>1= ?1 9+ 9.: + - 1;=8- 8=017 -
8+,-9=C<= A=<.@;161;. ?1 C. =< .81= 8+E1<.B>- 9;1C.: <=9; 0+81 ;=8+ +: +>;0.B<+ 9.: +
A0.6: 1B+<7 1 . =?C.7 1<7 1 8=017 - <+>1>= ?1 9+ -016<=;+G+ 1>= E=I+8= 9;1C.: 1< 1;=8 - >=7 .
C.98= 8=/: . .81;. A=6+0+<7 1 +=0+;.B10. - ;=7+A=E. <1 >017 - 7 +?<=/ . A=B+;>- ?0-/=/
6+>1 A0=@: . 9- >0=D01D?=C: 7+ D1.9;1 81E<.;=/ A016: 7 +<7 1 . 019;-01<7 1 961>=7 1>.E 8=?+: 1
<+ C. : . 019A=0+?.: . +: +>;0=<+ ;1>= ?1 9+ ?=C.7 + 9;1C.: 1< 1;=8 <1: = 9+ ?1 1;=8. .817 -
8<=@;6= +: +>;0=<1 >=7 . <=9+ 96=7 + <+/1;.6<+ <1C=7 + <1B. <+/?+ -<-;01 8=01 C.;.
7+?<1> C0=7A=D.;.6<.E <1C=7 1 019A=0+,+<.E <+>1>= =@;= 9- +: +>;0=<. 60: = :1>. 1 1;=8
;+G1> =<?1 8=01 C.;. .: . ?1 9+ 1;=8 919;=7 . =? 8<=/= E.: 71?1 +: +>;0=<1 ?1 C. 9+ ?=C.: 1 ;1
;+G.<1 .: . ?1 ;+G.<1 A=B.61 - A=D.;.6<.8 <1C=7 .81 +,- 8<=/= A0+?: =G+<.E 8=?+: 1
.D?6=7 .= 9+ >1= 6=?+I. =<17>=7 . 7 + <19;1= ;0-?=8 <.>=/ ?0-/=/ ?= 918=/ G G
=89=<1 .9;+0 : +>;0=<1 178=?+:<1D61< 7 +2 A-?.</=? @: 7.612D1;= @;= 9- - </: +9>=7
.81: . =C.B17?1 - 6+: .>- A=9-?- A-<- A-?.</1 -8+@17 - . A=>=7 - @: 7.6- 1 - =89=<=6=8
8=?+: - 7 + A=D.;.6<. <1C=7C.= 2 01D8-I+<2A= F+: =8 1;=8- <1: .> <1 : =A;- <+>1>6=/
A-?.</1 ?=> 9- +: +>;0=<. C.: . ;- . ;18= -91,+<. - -<-;01@<7 =9; >1= @: 7
.6+ - A-?.</ .<.: =
9+ ?1 C. ;1>16 101<G81< 8=/1= ?1 .81 8+E1<.B>- A=9;=7 1<=9; A1 B1> . ?1 ?=A-9;.
+:+>;0=<.81 ?1 6.C0.017 - =>= 96=7 .E 016<=;+G<.E A=: =G17 1 :
. A0.0=?1 A=D.;.6<=/ <1C=7 1
=9;17 1: 17 + 9196.8 ;17 1<9;6+<1
1?+0M =0? 7 + 8+,-;.8 981;01= ?1 918= 7 +?<1 >=<M ./-01F.7 1 8=G+ ?1 9+ .9A0+B. 1: M1(
B+9;.F. <1 A-; . ?1 7 + ?08<+ ;1>6=8 9<1/=8 ?1 =<1 =?: +;. A016= <1D1? =;>-?1 7 + . ?=@: 1
1 ;= 7 + >=<M ./-01F.7 1 - >=7 =7C. 961 8191 . 916 A=D.;.6<. <1C=7C.: . -90+?90+,+<. - 60: =
81: - D1A0+8.<- - 90+?.@;- 7 +?<+ 901D8+0<= =/0=8<+ 6+: .>+ >1= F+= ;171;=8 >-/: +
+D/0= :+>;0=<. C. C.: . 01D8+@;+<. 96-? A= >-/: . 0+8+ 7 + A0=: 1D.:= 9;.D1: . 9- 96+
.D=@;0+<.7 . A=?1F. A1 7 + 1?+0M =0? A0+B.9;.= 96=7 - ;+=0.7 - 0+?.@<7 . ?+= <1C.7 +<
A=D.;.6<.8 <1+: +>;0.91<7 +8 .81 D1A0+8.<- >=7 1 7 + =;A0.: .>+ 7 +?1< C.: .=<.;. ?+= ->-A<+
D1A0+8.<+ 1;=81 E.: 71?.;. ?+= 8.: .710?.;=/?+: 1 = 1?+0M =0?=6=8 8=?+: - 81;+0.7 1 9+
919;=7 . -/: 16<=8 =? A01D<=/A0=9;=01 1? ;. : -A1@A+9<.F=8 A= 9;=: - B.<. ;. 9+ ?1 7 + 9;=
9;18+< 1: . ;= 7 + 918= DC=/8+,-./0+ +: +>;0.B<.E 9.: 1 . >61<;<.E A016.: 1 8+,- 1;=8.81 .
8=: +>-: .81N918= A0.6.? B609;.<+ ;=8 7 + -/: 16<=8 A01D<.<1 0.9;=;+:C. 9+ -G19<-=
1?+0M =0?=6= .D<+<1,+<7 + @;= 9+ 1: M1(B+9;.F+ =<1>= =?C.7 17 - 8=G+8= C=: 7
+ 9E61;.;.
1>= 9+ 81<+8= ;=/<7 +/=6=/A=0+,+<7 1 91 ;=A=69>.8 A0=7 +>;.: =8 . 01D8.9: .8= = >-/: . D1
>-/: 1<7 + >=7 1 /08. <.D 96=7 - 9;1D- A0+81 A=0+,1<.8 B-<7 +6.81 18.9: .;+ >1>= C. 9+
@=>.01: 1 >-/: 1@.F1 .: . >-/: 1@ >1? C. 9+ >-/: 1 =?C.: 1 =? B-<7 +61 . A=7 -0.:1 A016= <1D1?
.9;=8 9;1D=8 A0+;+I. ?1 : .@. >-/: 1@.F- <7 +<=/1 G.6=;1 =G+ : . 9+ ;= ?=/=?.;.' 1
A0+;A=9;16.8= ?1 9+ <+/?+ =>= 90+?.<+ ;0=-/1=<= 019A=0+,+<+ /0-A+ -9A016<.E B-<7 +61
<1: 1D. . 7 +?1< A=9+C<. B-<7 2 ?+C+: 7>=2 .D: .6+< =? .0.?.7 -81 <17 /-@I+/ <181 A=D<1;=/
8+;1: 1 +D .>1>6.E @-A: 7.<1 17B-<77 + ;+++G1> +?+9+; A-;1 7 + ;+G. =? >-/: + .D
M=;=/01M .71 9<.8: 7+<.E 9-A+0C0D=8 >18+0=8 . A=9: + A-@;+<.E -9A=0+<= A=>1D1I+ <18
>1>= >-/: 1 <1: +I+ <1 ?+C+: 7>1 >=7 . 9+ 81: = -D?081 . -?-C. 91 ;+ 9;01<+ 1: . C0D= .9A016: 7 1
<19;1: = .D=C: .B+<7 + . ;.8+ =?C1F-7 + >-/: - +<+0/.B<= =? 9+C+N >-/: 1 ?=C.7 1 C0D.<- -
9-A0=;<=8 98+0- .9;. A0161F . 90: 71 <1;01/ A0+81 9A=0;.9;>.<7 . 9A=0;.9;. 61>= 9+
?+@161 A0. 961>=8 +: 19;.B<=8 9-?10- ( 0+F.8= .D8+,- C.: .7109>+ >-/: + . =/01?+
C.:.7109>=/ 9;=: 1 1?+0M =0?=61 >-?.>18= 9: .>=6.;.7 1 8+;1M =01 91 ;=1: +;<.8 A1A.0=8
A0=.9;+>: 1 7 + .D<7 +/=6+ 01<.7 + D1C: -?+ - >=7 =79- C.: . . /=;=6= 96. M .D.B10. =<=/ 60+8+<1
?1 7 + 1;=8 >-/: 1 60: = 01D0+,+<=/ A-?.</1 >=7 . A=A-<7 161 916 019A=: =G.6. ?1>: + 6+=81
6+: .>. A0=9;=0 +=81 6+: .>. ;= D<1B. >=? 1;=81 D: 1;1 >-/: - A=: -A0+B<.>1 (38+;101
1 C.98= 9;+>: . -;.91> >1>= .D/: +?1 1?+0M =0?=6 1;=8 D18.9: .8= ?1 7 + 7+D/0= 6+: .>=
>1= D0<= /01@>1 = 618 7 + A0+B<.> =? <+>.E A+;(@+9; 8.: .8+;101 ;=8 9: -B17 -
A=: -A0+B<.> 1;=81 7 + =>= 9;= 8+;101N1;=8 7 + ?1>: + : =A;1 A0+B<.>1 ) 8+;101 - >=7 -
8=G+8= ?1 -/-018= @+9; 01/C. ./01: .@;1 1>= .E 81: = 9;.9<+8= . 019A=0+?.8= =;A0.: .>+ -
>61?01; =6?+ 7 + 1?+0M =0? .81= 8<=/= 90+I+ ->.8 9: -B17 +8 9+ ?+9.: = ?1 <7 +/=6
01?.=1>;.6<. .D6=0 A0=.D6=?. 1: M+ B.7 1 7+ +<+0/.7 1 C.:1 =>= A+; 8.: .=<1 +: +>;0=<(6=: ;. 8. ;=
A.@+8= O + ( .?+1: <= D1 =;>0.61<7 + 7 +D/01 0. ;1>= <.9>=7+<+0/.7 . 1: M1(B+9;.F1 <+

111
-9A+ ?1 9+ A0=C.7 + ?= 918=/ 7 +D/01 <+/= C.61 =?C.7 +<1 6+I918.8 ?+7 9;6=8 <7 +/=6=/
+:+>;0.B<=/ A=: 71 >=7 + 7 + A=D.;.6<= . 9<1G<= >=:<. =C: 1> +: +>;0=<1 8+,-;.8 .81= 7 +
819- ;1>= 81: +<- ?1 <.7 + 8=/1= =DC.: 7<.7+ D198+;1;. A0=: 1G+<7 - 1:M
+ 1 7 + 1:M1(B+9;.F1
.81: 1 8<=/= 6+I- +<+0/.7 - D10.: 1 C. 9+ - 7 +D/0= =9+;.: 1 C. 71>- <->: +10<- 9.: - = ;=8+
I+8= -B.;. >19<.7 + A1 C. 9+ =C01D1F 019.A1<7 1 1:M
1(B+9;.F1 6+=81 D1A+;: 71= 1016<=
=/0=8<1 6+I.<1 1: M. A0=E-7 . >0=D 1;=8 ;1>= ?1: +>= =? 7 +D/01 ?1 <7 .E=61 9>0+;1<7 1 91
A016=: .<.79>+ A-;1<7 + C-?- 81: +<1 =/=?.:= 9+ 9;.F17 +8 96.E =6.E =>=: <=9;. ?1 7 +
=C01D1F 019.A1<7 1 1: M 1(B+9;.F1 D1C+: +G+< ;0-?=8 "17 /+01 . 109?+<1 1 >19<.7 + . ;0-?=8
B.;16+ /=8.: + <7 .E=6.E ;1>81F1 <1 01D<.8 8+9;.81 <1 +60=A9>=8 >=<;.<+<;- C.=
81;+81;.B>. 0161< =<=8+ @;= C. 9+ 8=/: = =B+>.61;. . 1>= C. 7 +D/0= C.:= ;1B>1 . 91?1
D<18= ?1 7 +D/0= <.7 + ;1B>1 1: . 1>= 9+ 1: M1(B+9;.F1 <+ D10.7 + 9-6.@+ ?-C=>= A0+81 7 +D/0-
10.;8+;.>1 .D.,+ <1 .9;=
=@>=6.IC. C.= D1?=6=: 71<N=A.; - 1<B+9;+0- A=?0G1= 7 + <7+/=6+ 6.D.7 + 9E=? 9-?101
D16.9. =? A=: 71 9.:1 >=7 1 A=9;=7 + =>= <+>.E 9;610. >=7 + 9- 2 ;1B>+2 1?+0M =0?=6=A.; 7 + .81=
. <+>+ ?0-/+ .8A: .>1F.7 + ?1: 7 + =? =;>0.I1 7 +D/01 9A=9;16.= 7 + A016.: = ?1 60: = 9<1G<1
9>0+;1<7 1 B+9;.F+ D<1B+ ?1 7 + B+9;.F1 <1: +;+:1 <1 81: - 2 ;1B>19;-2>=<F+<;01F.7 -N1 ;= 7 +
7+?<1 =? >: 7-B<.E D18.9: . >=7 .81 I+ 9+ .9;01G.61B. 0->=6=?.;. >19<.7 + >1? C-?- 7 -0.:.
>610>=6+ >=7 . D1.9;1 7 +9- ;1B>+ A0=F+9- A=9;+A+<=/-6.,1<7 1 >1>61 7 + D1.9;1 9;0->;-01
1;=81 1?+0M =0?=68=?+:C.= 7 + <+9-8<7 .6= =0.7+<;.0 =? =/0=8<=/D<1B17 1
1?+0M =0?=6 1;=8 C.= 7 + D1.9;1 >1= <+>. 8.<.7 1;-0<. -<B+6 9.9;+8 90+?.@;- 7 +
A=D.;.6<= <1+: +>;0.91<= DC.7 +<= 7 +D/0= 1 =>= <7 +/1 :+;. .D6+9;1< C0=7+: +>;0=<1 A= 01D<.8
=0C.;181 ;1>= ?1 9+ ->-A<= A=D.;.6<= . ->-A<= <+/1;.6<= <1+: +>;0.91<7 + 8+,-9=C<=
;1B<= A=;.0- 1>96+: 1 . 7 -;<1 =?81E A=D61@+ - A=8=I 0C.;.017 -I. +: +>;0=< 7 + >1=
>1>61 81: 1 A: 1<+;1 A=9: -@<= .D60@161= 7 -;<=6- >=81<?- L 81 1? 7 + ?=?-@+ 9.: 1
C.:1 +: +>;0.B<1 9.: 1 .D8+,- <1+: +>;0.91<.E B+9;.F1 A= -: =<=6=8 D1>=<- =@;= 7 + . =6=
9.:1 >=7 1 =A1?1 =C0<-;= 901D8+0<= >61?01;- -?1: 7
+<=9;. >1= . /016.;1F.7 1 B=6+> 8=G+
A0+;A=9;16.;. <1 A06. A=/: +? ?1 I+ <19;1;. =0C.;+ 9: .B<+ A: 1<+;<.8 +;= /=;=6 A=91=
?=C.: . 9;+ -0+?1< 9-<B+69.9;+8B.I ;= 618 7 + 8=?+:E+8.7 9>=/1;=81 6+ : +A= . M.<=
1 ?=C0= C.: = 7 + : +A= . M .<= ?=> <.7 + - 1<B+9;+0 ?=@1= 7 +?1< 8: 1?. ?1<9>. M .D.B10
9>: =< A0+;+G<= ;+=0.7 . R =M +8 9+ =E0 .: 9 +<0.> 116.? =E0 A0=M +9=0+ 1?E+0M =0? 1
918 8: 1; ;E+=0+;9>. AE.9.F.9; . ?=@1E= 918 ;1 618 A=8=/E<+8 R =G+8= 918= D18.9: .;.
>1>= 7 + <1 =6= 0+1/=61= /0-C. =6=D+: 1<,1<.< 9>: =< A0=9;1B>=8 .D01G161<7 -

+6=: -F.7
1 >=7 17 + <181 A=D<1;1 >1= >61<;<1 M .D.>1 <.7 + .9>=B.:1 /=;=61 . F+: 1 .D<+>=/
;+=0+;.B109>=/ B+: 1 <1 7 + .D6=,+<1 ?+= A= ?+= <1 =9<=6- A=?1;1>1 >=7 . 9- 9;.D1: . .D
E+8.7 9>.E 1;=81 >= A01;.8= >1>= 9+ =?6.7 1:1 ;1 C=0C1 01D-8+I+8= ?1 7 + ;1?1@<7 .
1;=8 C.= 918= 6+GC1 D1 A016- >19<.7 - C.;>- 1 ;= 7 + 01D-8+61<7 + 9-C1;=89>.E B+9;.F1
9-C<->: +10<+ ?G-</: +
=G?1 7 + C1@?=C0= @;= 9+ 9;610<. 96+; =;6101 A0+? <181 ;1>= 9A=0= 81: =(A=81: =
;1 C. A=8.9: .:
. "1: .:+7 .: . B1> 7 -;< >1? C. <+>= 9;16.= A0+? <7 .E F+: - 819- D<1<7 1 .D
+08.: 1C1' +?<=8 8=8 >=: +/. <1 =:-8C.7 . A0=M +9=0- 60: = 8: 1?=8 C: .9;16=
.<;+:./+<;<=8 =?: .B<=8 /=6=0<.>- A0+A-<=8 A=: +;1 ?1: . 9- 7 +?<=8 A0.: .>=8
7+?.<9;6+< <19;16<. D1?1;1> 0+C1:= 7 + ?1 -D8+ <+>.E B+;0?+9+; C0-F=@1 >=7 . 9- 9+
=A0+?+: .:. D1 M .D.>- . ?1 91 <7 .81 ?6+ /=?.<+ 01?. .D-D+;<= -C0D1<= +?1< A0=M +9=0
B+;0?+9+;=0= 8: 1?.E >=7 . G+:+ ?1 A=9;1<- M .D.B10. 0=> ?6+ /=?.<+ A.; 9+ D160@.= A=01D<=
:=@+ "=;=6= 96. ;. 9;-?+<;. 9- <1A-9;.: . M
.D.>- . A0+@: . <1 01D<+ ?0-/+ =C: 19;. 1D: =/ 7 +
<16+= >19<.7 + 7 +?1< =? <7 .E >1? 7 + ?.A: =8.01= >1= 81;+81;.B10 R 0=M +9=0 +:C.= 7 +
9-A+0 C.= 7 + ;= <17 C=: 7
. <19;16<.> >=/1 918 .>1? .81= 1 ;+ ?6+ /=?.<+ <+ 918= ?1 98=
A0=7 -0.:. >0=D =<= -=C.B17 +<= ( <7 -;<=69>- 8+E1<.>- =A;.>- +: +>;0.F.;+; . ;1>= ?1: 7+ (
<+/= 7 + =< D1 <19 =;6=0.= A0=D=0 . A0+81 96+;- 8=?+0<+ M .D.>+ . =8=/-I.= <18 ?1 C1F.8=
A=/: +? <1 A0=C: +8+ >=7 .81 9+ C16.= - 96=8 .9;01G.61B>=8 01?- ;1?1 81;01= 918 ?1 7 1
<.>1>= . <.>1? <+ C.E 8=/1= ?1 =6: 1?18 ;1>= ;+@>.8 A0=C: +8.81 A1 918 A0+@1= <1
81;+81;.>- R

112
 6= <19 6=?. >1 7 +?<=8 ?-C: 7+8 A.;1<7 - 1 ;= 7 + ?1 : . I+ : 7-?9>. 8=D1> .>1?1 C.;.
9A=9=C1< ?1 A0.E61;. ;17 <+ >61<;<+ M .D.>+ ;17 <+ >=7 + -D<+8.01617 - B1> . <+>+ =?
<17 C=: 7.E M.D.B101 - ?+6+?+9+;.8 /=?.<181 ?61?+9+;=/ 6+>1 +=0+;.B10 1<9 +7 ?G+: 9
1<9 1/+: 9 >=7 . 7 + A=/.<-= A0+ <+>=: .>= /=?.<1 - ;01/.B<=8 ?=/1,17 - A0.:.>=8
A: 1<.<10+<7 1 .D: =G.= 7 + D18.91= - 96=7 =7.D609<=7><7 .D. =98.B>. >=? ?1 : 7
-?9>. 8=D1>
8=G?1 <.7 + ?=9;./1= - 96=7 =7 +6=:-F.7. =<17 9;+A+< 01D6=7 1 >=7 . C. C.= A=;0+C1< ?1
01D-8+8= >61<;<- 9;610<=9; =G?1 7 + +7 ?G+:9 C.= - A016- 81?1 .D/: +?1 ?1 .81
<+>=: .>= >=: +/1 ?1<19 >=7 . 981;017 - ?1 9- 91 +6=: -F.7=8 =?81>: . 8<=/= ?1: 7+ <+/= 8.
=9;1: .
<= @;= 9+ <1?196+ 8=01 D<1;. = >61<;<=7;+=0.7 . >=7 1 7 + ?1<19 6+=81 .9;1<B1<1 .
>=7 1 B609;= 6: 1?1 M .D.>=8 7 +9;+ 9: +?+I+ >61<;<1 ;+=0.7 1 -9A+@<= 01?. <1 A=>1D-7 + ;17
96=7-9A+@1< 01? - 1;=8- 8=: +>-:- ;1>=,+ <1 ?+7 9;6-7 + - 9:=G+<.8 B609;.8 ;+: .81
- 8+;1: .81 . .D=: 1;=0.81 - A=: -A0=6=?<.F.81 . 9-A+0A0=6=?<.F.81 =<1 <1A0=9;= 97 17<=
?+7 9;6-7 + /?+ /=? 98= 7 + A0.8+<.: . +:.>. ?+= ->-A<=/ <1F.=<1: <=/ A0=.D6=?1 -
A0.60+?181 6=?+I.E D+81: 71 D19<.61 9+ <1 .<?-9;0.7 9>.8 A0=F+9.81 - >=7 .81 9+ 961>. ?1<
A=<=6= . A=<=6= ?=>1D-7 + ?1 7 + >61<;<1 ;+=0.7 1 ;1B<1 181 7 + 7=@ . 61G<.7 + ;= @;=
<+818= <.>1>6- ?0-/- 1: 1;>- =9.8 >61<;<+ ;+=0.7 + D1 A0=?.01<7 + ?=:+ ?-C: 7
+-7 +D/0= -
919;=7 >+ 7+D/101 ?=: + 7 =@?=: + - =/0=8<- 9.;<=9; A01.9>=<9>+ 81;+0.7 + ( /?+ I+8= 9+
<1I. >=<1B<= =B. - =B. 91 1(;=8=8 . 91 =G.7 =8 B+9;.F=8 :. -A016= ;- 8=/- C.;. =?
A0+9-?<=/ D<1B17 1 .D6+9<+ ;+@>=I+ - =C019F- >61<;<+ M .D.>+ .1>= .E 6+I.<1 1>;.6<.E
M.D.B101 =?C1F-7 - >1= 2 M.:
=D=M .01<7+2

1?+0M =0?=6= =;>0.I+ ?= >=/1 7 + ?=@1= A=9: + <+>=: .>= +>9A+0.8+<;1: <.E 0+D-: ;1;1 >=7 .
9- C.: . - 9-A0=;<=9;. 91 >: 19.B<=8 M .D.>=8 C.: = 7 + A=9: +?<7 . +>9+0 D1>-F1< - 80;61B>.
91<?-> A=8+<-;+ >: 19.>+ 9;1:<=8 ;1>8.B+<7 - . <1?8-?0.61<7 - >=7 + A=9;=7 . .D8+,-
;+=0.7 + . A01>9+ - M .D.F. ;= 7+ C.= ;0+<-;1> A=/=?1< ?1 9+ >1G+ R =: .>= 7=@?=>1D1 =61>=
719<.E ;0+C1 8. +>9A+0.8+<;1;=0. ?1 ?=<+9+8= ?1 C. 6181 ;+=0+;.B10.81 961<-: = ?1
8=01;+ <+@;= ?1 8+<7 1;+'R : . 1?+0M =0? .D/: +?1 <.7 + <. 9E61;1= ?= >=7 + 8+0+ I+ <7 +/=6
<=6. 1;=8 ?1 2 01DC-F12>: 19.B<- M .D.>-
=<?1 7 + -@+;1= ;17 .: 9 =0 >=7 . I+ D1 =6=/ .E=1 01E+1 C.;. =E1< +A: +0 D1 =6=/
101?+7 1 ( 1>96+: =0 7 + - </: +9>=7A06= ?=C.= A=: =G17<1 +8C0.?G- /?+ 7 + 01?.= D1
6+: .>=/ G G N1: . 7+ ;17?61?+9+;A+;=/=?.@<7 1> <+A0+9;1<= <+06.01= 9;10=/ 817 9;=01
;1>= @;= 7 + - <7 +/=6=7><7 .D. A0=<1: 1D.= /0+@>+ =0 7 + .<1B+ C.= 9;.A+<?.9;1 6+0=61: . .:.
<+ M .08+ >=7 1 A0=.D6=?. A.6= 210: 9C+0/2 ?=> 7 + A0=6=?.= 60+8+ - +8C0.?G- . 9;-?.01=
- : 1C=01;=0.7 . +6+<?.@ =0 7 + - 7 +9+< 3 B-= 1?+0M =0?=6= A0+?161<7 + = <=6=8
8=?+: - 1;=81 =0=61 ?=>;=09>1 ;+D1 =?C01<7 +<1 A0+ ;.E ?=/1,17 1 =?<=9.: 1 9+ <1
29:=C=?<+2+: +>;0=<+ - 8+;1: .81ND1;= 7 + =0 ?=C0= D<1= ?1 7 + >:19.B<1 M .D.>1 - 6+=81
:=@+8 2 D?0169;6+<=8 9;1<7 -2 =0- 7 + ?1>1>= C.= A=D<1; . : 1<>=6 01? >1= .
7<@;17 <=6= >-?.>18= ?0181;.B<.7 + 9>0+;1<7 + 91 9;1D+ >: 19.B<+ A016=6+0<+ M .D.>+
A+>;01: <+ : .<.7 + >=7 + E+8.7 9>. +: +8+<;. +8.;-7 - >1? 9- -G10+<. C.: + 9- 7 =@ 7 +?1<
<1/=6+@;17 = >61<;<=7 A0.0=?. 1;=81 =0 7 + C.= ;=: .>= D1?.6: 7+< 1?+0M =0?=6.8
A0+?161<7 +8 . 1?+0M =0?=6.8 1;=8=8 ?1 7 + 90+?.= ?1 8- C-?+ =8=/-I+<= ?1 =;A-;-7 +
- 1<B+9;+0 . ;18= =9;1<+ B+;.0. 8+9+F1 - A=9+;. /=?.<+ 3 )
.: 9 =0 7 + 6.?+= 9;610<. D<1B17<=6=/ 8=?+: 1 6.?+= 7 + ?1 C. +: +>;0=<. <1 >0-G<.8
=0C.;181 =>= 90+?.@<7 +/ 7 +D/01 8=01: . ?1 C. D1?=6=: 7.:. 1>96+: =6+ 7+?<1B.<+ 9;1: <= ?1
D01B+ +<+0/.7 - .9;= >1= +: +>;0=< >=7 . 7-0F1 /=0+(?=: + /=0+(?=: + >0=D1<;+<- : . =<?1 ?1
C. C.: . D1?=6=: 7+<. D1>=<. = =B-61<7 - +<+0/.7 + 961>1 ;1>61 =0C.;1 8=01: 1 C. 9+ 9-G161;.
A=9;1: 1 C. 9A.01: 1 +: +>;0=< C. 9.: 1D.= 96+ C: .G+ . C: .G+ 7+D/0- . ?=> ;0+A<+@ =>=8 (
9;08=/: 16.= C. 9+ <1 7 +D/0= 1? C. 96. ;+=0.7 9>. -9: =6. C.: . .9A-<7 +<. 81;+0.7 1 C. C.: 1
<+A=9;=7 1<1 1>:+ ( 8=?+:7 + A=;A-<= A0=A1= .A1> <.7 + A=9;=7 1:1 <.>1>61 ?0-/1
8=/-I<=9;
=0 <.7 + .81= <.>1>6+ 9;610<+ 1: ;+0<1;.6+ =9.8 ?1 A0=C1 <+@;= 6+=81 <=6=
17 7
+?<=9;16<.7 . =? 96.E 1;=81 7 + 6=?=<.>=6 1;= 7 + =0 <161: .= ?1 A=?0=C<= A0=-B. 96+
A=9;=7 +I+ A=?1;>+ ( <1 A0.8+0 >1>= 1: M1(B+9;.F+ -9A=01617 - - /19=6.;=8 6=?=<.>-

113
 1>: 7-B.= 7 + ?1 6=?=<.>=6 1;=8 .81 7 +?1< +: +>;0=< <1 01?+0M =0?=69>=7 =0C.;. =>=
A=D.;.6<= <1+: +>;0.91<=/ 7 +D/01 => 9+ ?6=-8.= ?1 : . ?1 019>.<+ 91 >: 19.B<=8 ;+=0.7 =8
=0 7 + ?=C.= A=?9;0+> =? 7 =@ <+>.E <+=C.B<=9;. A1D.= 7 + ?1 <.@;1 - >: 19.B<=7M .D.F. <+
=?0+,-7 + A=: -A0+B<.> +: +>;0=<=6+ =0C.;+ - 6=?=<.>=6=8 1;=8- -<B+69.9;+8 7 + 6.?.;+
?=C10 A0.8+0 >=: .>= 01D<=609<+ 8=/- C.;. =0C.;+ A: 1<+;1 0G+I. 9+ 7 -;<=6.E D1>=<1
8=G+8= D18.9: .;. >=7 - /=? E=I+8= =0C.;- D1 C.: = >=7 - A: 1<+;-N 918= ;0+C1 - A06=8
;0+<-;>- /-0<-;. A: 1<+;- 61: 7
1<= . =<1 I+ =? ;1?1 C.;. <1 ;=7=0C.;. 1>= C. =0C.;1 <+>+
A: 1<+;+ C.: 1 C1@ ;1B<= >0-G<1 61G.: = C. 9: +?+I+ A016.: = B.8 C. A=: -A0+B<.> ;+ >0-G<+
=0C.;+ C.= -9A=9;16: 7+< =0C.;1: <1 C0D.<1 ;+ A: 1<+;+ . ;017 1<7 + 7 +?<=/ A-<=/ >0-G+<7 1
7 +?<+ /=?.<+ C.: . C. 7 19<= =?0+,+<. +,-;.8 B.<.: = 9+ ?1 9- 96. 6=?=<.>=6. 1;=8. C1@
.9;. .7
+ 9+ 8=/: 1 A0.8+;.;. 01D<=609<=9; =0C.;1 >=7 - C.98= - A: 1<+;<=8 8=?+: -
=B+>.61: . =0 7 + D1;= .9;-A.= 91 A0+;A=9;16>=8 01D-8<=8 1: . A=;A-<= 9-A0=;<=8
>: 19.B<=7M .D.F. ?1 9- - 1;=8.81 ?=D6=: 7+<+ 918= . 7 +?.<= <+>+ 1 <+ 96+ =0C.;+
=0 7 + ;1>=,+ .D: =G.= /: +?.@;+ A= >=8+ +: +>;0=< ?=> 7 -0. <+>=8 =? ;.E A=9+C<.E
7+?.<= ?=A-@;+<.E =0C.;1 <+ D01B. <.@;1 6= 7 + 1>= .818= - 6.?- .9;=0.7 9>. >=<;+>9; -
>=8+ 9+ =0 <1: 1D.= C.: 1 E.A=;+D1 <+A=7 18<= 60;=/: 16= E01C01 1>96+:9+ A=B+=
;-8C1;. - 96=8+ /0=C- 1: . =0 7 + .@1= ?1: 7+ <1A0=9;= 7 + A=>-@161= ?1 ?=6+?+ B.<7 +<.F+
- <+>. 01D-81< 8+,-=?<=9 1G<+ 9- C.: + =<+ 9A+>;01: <+ :.<.7+ B.7 +7 + C:.9;1<7 + .D1;=81
=;>0.= <+>=: .>= ?+F+<.7 1 01<.7 + .0E=M G10+<. 6=?=<.> >1= . 961>. ?0-/. E+8.7 9>.
+: +8+<; +8.;-7 + <.D9A+>;01: <.E :.<.7 1 >=7 . 7 + <7 +/=6 A0+A=D<1;: 7 .6 2A=;A.92 19;=7 +I. ?1
<+>1>= ?=C.7 + ;+ 9A+>;01: <+ : .<.7+ =0 7 + -6.?+= ?1 8=01 ?=A-9;.;. +: +>;0=<- ?1 .81 ?6+
.:. 6.@+ 8=/-I<=9;. D1 =0C.;.01<7 +N?0-/.8 0+B.81 ?1 8=G+ - 9>: 1?- 91 +<+0/.7 =8 >=7 =8
019A=: 1G+ ?1 9+ A=A<+ <1 =6- .: . =<- .: . <+>- ;0+I- =0C.;- 1;= 7 + ?1= 6=?=<.>=6=8
-918: 7+<=8 +: +>;0=<- 7 +?1< 9>-A ?=A-@;+<.E A=: -A0+B<.>1 >0-G+<7 1 =>= 7 +D/01 61>.
9: +?+I. A=: -A0+B<.> C.= 7 + 6+I. =? ?=;1?1@<7 .E 7 +0 7 + A0+?9;16: 71= 9;1<7 + 6.@+ +<+0/.7 + 1
C. =C7 19<.= 9A+>;01: <+ : .<.7+ .:
9 =0 7 + A=9;-: .01= C+D .>1>6.E ?=>1D1 7 +?<=9;16<=
2A0.B17 -I. <1A18+;2 ?1 9+ D01B+<7 + ?+@161 >1? +: +>;0=< A0+9>1B+ 91 <+>=/ 6.@+/
+<+0/+;9>=/ <.6=1 <1 <+>. <.G. ;= 7 +9; <1 <.G- =0C.;-N=<= @;= C.61 .D01B+<= ;= 7 + 7 +?1<
M=;=< 1 +<+0/.7 1 ;=/M =;=<1 7 +?<1>1 7 + 01D: .F. +<+0/.7 + >=7 - +: +>;0=< .81 >1? 7 + <1 6.@=7.
>1? 7 + <1 <.G=7=0C.;. <?1 7 + =0 A0+?: =G.= D1.9;1 @=>1<;<= 2 <+D18.9: .6=2A016.: = D1 ;+
A=9+C<+ ?=A-@;+<+ A=: -A0+B<.>+ =C: +;1<7 1 +: +>;0=<1 =>= 7 +D/01 =D6=: 7+<+ 9-
.9>: 7-B.6= =<+ =0C.;+ 0+>1= 7 + =< - >=7 .81 -/1=<. 8=8+<1; 1 ;= 7 + 9;101 ?=C0= D<1<1
>=: .B.<1 8+01 D1 D181E <+B+/1 @;= 9+ 60;. =>= 96=7 + =9+ 8=G+ >=? +: +>;0=<1 >=7 .
=0C.;.01 =>= 7 +D/01 C.;. 918= . 7 +?.<= F+= C0=71>= 9+ 8+0. 7 +?<=8 <=6=8 >61<;<=8
7+?.<.F=8 8+0+ ;1 =0=61 >61<;<1 7 +?.<.F1 8+0+ C.: 1 7 + <.@;1 ?0-/= ?= : 1<>=61
>=<9;1<;1 E 19<.7 + 7 + =0 =C7 1@<7 161= ?1 7 + R 6.9.:1 - 61D?-E- A=;0+C1 ?1 9+ A=>-@17 -
<+>1>= .9>=0.9;.;. 6+IA=9;=7 +I+ >61<;<+ D18.9: .R

1 A=/: +?18= @;1 ;= 01?. .: 9 =0 - 96=7 =79=C.F. - A=;>0=6: 7- - A=D<= ?=C1 <=I. -
/01?- 1<B+9;+0- 91 /=8.: =8 A01D<.E : .9;=61 E10;.7 + =:=6>=8 <=G.I+8 D1 =@;0+<7 +
=:=6>+ 91 ;1>=D61<.8 @.C+0=8 D1 .D01B-<161<7 + . 91 <+>=: .>= 0+M +0+<;<.E ><7 ./1 A0.
0-F.' ;1 ;= B.<. @;1 ?+: 1' = =< ;01/1 D1 D1>=<.81 A0.0=?+ D1>=<.81 >=7 . I+ C.;. -
9>:1?- 91 B.<7 +<.F181 >=7 + 9- 6+I<16+?+<+ - ;.8 0+M +0+<;<.8 ><7 ./181 ?1>:+ <7 +8-
A016= ?1 A0=A.9-7 + A016.:1 A=<1@1<7 1 <+6.?: 7
.6.8 +: +>;0=<.81 >=7 . :
+;+ ->0-/=>= ;1>=,+
<+6.?:7.6.E 7+D/101 6=?=<.>=6.E 1;=81' 1? ?=C0= 01D8.9: .8= D1>: 7-B-7 +8= ?1 7+ ;= @;=
=< 01?. :+/.;.8<= - =<=78+0. . <+ 6.@+ - >=7 =7-9A+ ?1 =C7 19<. A=?1;>+ 0+<-= 7+ =?
<177+?<=9;16<.7 +/ 1;=81 6=?=<.>=6=/ 19<= 7 + <7 +8- ?1 I+ <1 >017 - 8=01;. ?1 C-?+
A0=<1,+<= . <+>= ?-C=>= <1B+: = .D>=/1 A0=.9;.B- ;1 A016.: 1 1: . =< /: +?1 ?1 A06= =?0+?.
9181 A016.: 1 1>= 01?+ ;+=0+;.B10. =0 7 + - 1<B+9;+0- A=>-@161= 0+I. I+8= ;=
7<@;17 <=6.8 0+B.81 ?1 ?=>-B. -8 =/1
=0 9+ -C0D= 601;.= - =A+<E1/+< ?1 C. A-9;.= ?1 ;+ >: 7-B<+ D18.9: . - <7
+/=6=7/: 16.
81: = =?9;=7 + 91D0- <?1 7 + ?1= - @;18A- ;0. 96=7 1 9;0-B<1 01?1 - 1A0.: - 7 -<- .
16/-9;- 3 * /=?.<+ .:
1 7+ ;= <7+/=61 6+: .>1 ;0.:=/.71 <7.81 7 + A0+?9;16.= 7 16<=9;.
96=7- >61<;<- ;+=0.7 - 6=?=<.>=6=/ 1;=81 ( 8+@16.<- >: 19.B<.E D1>=<1 . 9196.8
A0=.D6=: 7
<.E <1C1F.61<7 1 A0+;A=9;16>. 2=<1>=2 C+D=9<=61 :
. ;1 8+@16.<1 =B./: +?<= 7 +
<1F.:7
1<1 ?1 9;./<+ ?= ;1B<.E =?/=6=01 < 7+ ;1>= .D6+= 96=71;=89>. 8=?+: ?1 7 +
A=9;./1= =C7 1@<7+<7 + D1 9A+>;01: <+ :
.<.7
+ =<+ 6+IA=D<1;+ 1C: .F+ =6.E 9A+>;01: <.E :.<.7
1

114
( ?1>: + <.D=6. C0=7+61 ( 8->=;0A<= 9- A0.>-A.: . 9:
+?C+<.F. .0E=M 1 . -<D+<1N=<?1 9- =<+
A0=6+0+<+ - ;01DC-0- >1= . - "+;.</+<- A1 A=<=6= - =<?=<- . <17 D1? - .:1<- 1>=
.D/:+?17 - ;. C0=7+6.' 6= <+>=: .>= <7 .E D1 6=?=<.> : L P P : ) L P**3 :
* L
P!O!O : PL $O$ $ D6.<.;+ 1: . A.;1: . 9;+ + C0.<.;+ +81 A=;0+C+ ?1 C.: = @;1 =? ;=/1
A18;.;+ 1>= <19;17 - =6+ 6.C01F.7 + - 9A+>;0-' D1@;= 918= ;+ -6+> .9;+ C+D=CD.01 <1
;= ?= >=7 + 7+ ;+8A+01;-0+ 6=?=<.> -G10+<' 1B-?= =0 7 + >19<.7 + /=6=0.= ?1 9A+>;01:<+
:.<.7
+ <.9- C.: + 8<=/= 61G<+ R =6+> 8.9: .= 7
+ ?1 9- 9A+>;0. B-?+9<. : . <+81 A0=/0+9 ;-
?1 9+ <1A016. <+ 1= >0.: = =? : +A;.01 ?1 9. .81= =<?1 7 + =<= 0+/-: 10<= 6+=81 91 =<.8
C=7 181 . ;1>= ?1: 7+ : . <.>= <.7+ 8.9: .= ?1 A0=/0+9 - C.=: =/.7. 8=G+ ?1 9+ <1A016. =? C=7 +
<1 >0.: - :
+A;.01 <+ R .A1> 9+ A=>1D1: = ?1 9- 9A+>;01: <+ : .<.7
+ 6=?=<.>1 7 +?<= ;1>6=
2:+A;.0=6= >0.:=2?1: + A0+9-?<+ <1/=6+@;17 +
=0=61 ;+=0.71 C.:17 + .D01,+<1 . A=?+@+<1 ;1>= ?1 >1= 96=7.9E=? ?U=<+ C0=7 +6+ >=7.
9- 6+IC.: . - ;.8 ><7 ./181 : 7-B<. B.<.: 1F - <7+/=6.8 1<1: .D181 C.: 17 + +<+0/.7
1 ;+08.< -
7-;<=6= ?=C1 ;1B<= =?0+,+< 1: . >=7 . 9+ >19<.7 + 01D6.7
1= . @.0.= C01D=61< B=6+> ;0+C1
?1 D<1 @;1 7 + +<+0/.71 17 ?+ ?1 .D?6=7 .8= =? ->-A<=/ <1@+/ ;0-?1 C10 ?61 8.<-;1 D1
+<+0/.7 -

90+?<7 =7@>=: . <1 B19- M .D.>+ >1G+ 9+ ?1 A0+?8+; >=7 . .81 .D6+9<- 819- . >0+I+ 9+
.D6+9<=8 C0D.<=8 A=9+?-7 + >.<+;.B>- +<+0/.7 - +<+0/.7 - 96=/1 >0+;1<7 1 0+?8+;.
;1>=,+ .817 - +<+0/.7 - D1E61: 7-7 -I. ;=8+ @;= 9+ <1: 1D+ <1 <+>=8 8+9;- +: .B<1 >-/: 1 <1
>0=6- =C: 1>=?+01 .09 .81 A=;+<F.7 1:<- +<+0/.7 - D1;= @;= 9+ <+>= ?=C0= A=8-B.= ?1 7 +
.D<+9+ B1> ;18= >= 7 + C1F.8= 91 ;=/ >0=61 =<1 I+ ?=> A1?1 A0+;6101;. 96=7 -
A=;+<F.7 1:<- +<+0/.7 - - >.<+;.B>-
+?.<= DC=/B+/1 7 + +<+0/.7 1 D1<.8: 7.61 7
+9;+ ;= @;= =<1 C.61 91B-61<1 =B1017 ;+ 9+C.
9:.>- 7 +?<=/ 9: =G+<=/ 9.9;+81 >=7 . 9+ 919;=7 . =? 8.: .710?. 1;=81 /191 96. 9+ =<. C0D=
>0+I- 9-?1017 - 9+ 91 D.?=6.81 A=9-?+ . 7 +?1< 91 ?0-/.8 +>. =? <7 .E - ;=8 9-?101<7 -
?=C.7 - 1 <+>. /-C+ +<+0/.7 - : . DC.0 ->-A<1 <7 .E=61 +<+0/.7 1 =9;17 + .9;. <+A0=8+<: 7.6
+> - =918<1+9;=8 6+>- <1-B<.F. 9- =;>0.: . ?1 7 + ;=A: =;1 7 +?1< =C: .> +<+0/.7 + 1G+8=
?1 7+ ;= ;=A: =;<1 .: . ;+08.B>1 +<+0/.7 1 E+8.>1: .7
+ -8+7 - ?1 =9:=C=?+ +<+0/.7 - A-;+8
0+1>F.7 1 >1= @;= 7 + 91/=0+61<7 + -/: 71 <+0/.7 1 8=G+ ?1 9+ A0+;1B+ .D 7 +?<=/ =C: .>1 -
?0-/. 1 ;= 9;1: <= . 01?. 1<19 981;018= ?1 A=9;=7 + 9: +?+I+ 609;+ +<+0/.7 + 8+E1<.B>1
;=A:=;<1 E+8.7 9>1 +: +>;0.B<1 . <->: +10<1 181 7 + A=D<1;= ?1 8191 8=G+ ?1 9+
A0+=C01D. - +<+0/.7 - A= M =08-: . L 8F) A=0+? ;=: .>+ 9: =G+<=9;. -C+,+<. 98= . 91?1 .
;= 9;=A=9;=;<= -C+,+<. ?1 - 9: =G+<.8 0+1>F.7 181 ->-A<1 +<+0/.7 1 -01B-<1617 -I. ;- .
819- =9;17 + -6+> 9;1: <1 0.8+0 /-0<+@ 7 +?<- =A+>- A= <+>=7/: 1;>=7?19F. A+>1
>:.D<+ 7 =@ 81: = A1 9;1<+ D/-C.: 1 7 + 96- 96=7 - >.<+;.B>- +<+0/.7 - >=7 1 9+ 8+,-;.8
A0+;6=0.: 1 - ;=A: =;<- ?19>1 7 + 91? <1 8+9;.81 /?+ 7 + =A+>1 A0=: 1D.:1 81: = 918=
81: B.F+ ;=A: .71 0.8+0 9.A1@ C+<D.< - 1-;= D<17 -I. ?1 9. >-A.: 1 >-A.= PO : .;101
E+8.7 9>+ +<+0/.7 + ;0+C1: = C. ?1 7 + 8+0.8= - ?G-: .81 A=8=I- >=7 + 91? 8=G+@ ?1;.
96=7 =7;=7 =;. .D6+9<- >.<+;.B>- +<+0/.7 - =D.@ 6=D.@ . A=;0=@.@916;17C+<D.< 1: .7 19<= 7 +
/?+ 7 + +<+0/.7 1 =;.@: 1 ( -9A+: 1 9. -9A+= 9. ?1 A0+61: .@A-; =? O P>.: =8+;101 =? 7 -10>1
?= =0; .0=1 <+0/.7 1 7 + ?1>: + =B-61<1 0.8+0 6=?=A1? 9+ 90-B-7 + <1 0=;=0 <+>+
E.0?=+: +>;01<+ =;=0 =>0+I+ +: +>;0=/+<+01;=0 . ;1>= 9+ 7 +?<1 A0.0=?<1 A=;+<F.7 1:<1
+<+0/.7 1 A0+;6101 - +: +>;0.B<- +<+0/.7 - >=7 1 I+ =C197 161;. . D1/0+61;. <+>. ?1: +>. /01?
01B-<=6=?9;6+<.8 ><7 ./181 A0.0=?+ 961 91C.01<7 1 . =?-D.81<7 1 8=017 - 9+ .D016<1;. 1
>017- ?=C.7 +@;1B<= =<=: .>= >=: .>= -<+9+@

) #

1 ;= ?1 =6= .81 6+D+ 91 1;=8=8 =0=6=79: .F. +:

+>;0=< 9+ 8=01 =C-D?1;. ?1
=9;1<+ -6+> 918= <1 7 +?<=7=? <+>=:.>= 8=/-I.E ;1B<= =?0+,+<.E =0C.;1 1 961>1 =? ;.E
=0C.;1 ?+M
.<.@+ 9+ 96=7
.8 A=:-A0+B<.>=8 61>. =? ;.E ?=A-@;+<.E A=: -A0+B<.>1 =?/=6101
7+?<=8 ;1B<= =?0+,+<=8 +<+0/+;9>=8 9;1<7 - 1;=81 17
81<7 . A=:-A0+B<.> =?/=6101

115
<17 81<7 =7+<+0/.7 . . <1D.61 9+ 2 =9<=6<= 9;1<7 +2 >= ?=: .7+8= .D6+9<- >=: .B.<- +<+0/.7 +
7+?<=8 -D=0>- 6=?=<.>1 - /19=6.;=8 9;1<7 - 7 +?1< ?+= ;+ +<+0/.7 + C.I+ -;0=@+< ;1>= @;=
I+ 1;=8. 6=?=<.>1 C.;. 2 A0=?081<.2 A=B+I+ 7 1B+ ?1 9+ 2 ;0+9-2 >0+I- ;18=(18= +,-;.8
7+?1< ?+= ;+ +<+0/.7 + 1A9=0C=61I+ +: +>;0=< . ;= <1 ;1B<= =?0+,+< <1B.< 1.8+
6=?=<.>=6 +: +>;0=< 8=G+ 1A9=0C=61;. ;- +<+0/.7 - 918= - 2 D18=;-: 7F.812 A18;.8=
M=;=+: +>;0.B<. +M +>1; . ;=8 A0.: .>=8 I+ A0+9>=B.;. <1 <+>- =? 6.@.E =0C.;1 + <.6=+
=C+: +G.: . 98= 0+?<.8 C0=7 +6.81 ) * P 1 961>. =? <7 .E .81 96=7 - +<+0/.7 - ?1>: +
) * P. ;1>= ?1: 7 + =0 7 + 91D?1= 96=7 - ;+=0.7 - ;1>= ?1 7 + - <7 - ->: 7-B.= . 7 <@;17 <=6-
D18.91= ?1 +<+0/.7 17 +?<=/M =;=<1 =?0+,-7 + >=: .>- I+ ;1: 19<- ?-G.<- =< .81;.
>= <1 7 +?1< 6=?=<.>=6 1;=8 A=B<- ?1 9+ 9: .617 - >1= >.@1 M =;=<. 961>=7 1>.E
<17 01D: .B.;.7 .E ;1: 19<.E ?-G.<1 6=?=<.>=61;=8 I+ 01<.7 + .: . >19<.7 + ?1 A0=/-;1 7 +?1< =? ;.E
M=;=<1 1: . <+ C.: = >=7 . <+/= -A016= =<17>=7 . 8- ;1B<= =?/=6101ND<1B. +: +>;0=< I+ ?1
2A=7 +?+2 -A016= =<17 A1>+;.I +<+0/.7 + M =;=< >=7 . I+ 8- =8=/-I.;. ?1 91 96=/1
?=;1?1@<7 +/ A0+9>=B. <1 A06. 9: +?+I. 6.@. +<+0/+;9>. <.6= +F.8= 91 ) <1 * 1>=
+:+>;0=<. A=B<- ?1 <19+: 71617 - 6.@+ <.6=+ +<+0/.7 + - 96=7 .8 1;=8.81 = 9+ ?+@161
0+F.8= - =<.8 F+6.81 /?+ 6.?.8.= : +A1 +: +>;0.B<1 A01G<7 +<7 1 - /19=6.81 :+>;0.B<1
+<+0/.7 1 -,+ 1 F+6 961 D1C: .9;1 =9=C+<.8 C=7 181 6=?=<.>1 1 6.@. +<+0/+;9>. <.6=
A0+9>=B.I+ D<1;1< C0=7=? ->-A<= A0.9-;<.E 1;=81 6=?=<.>1 - F+6.N1 A0.9-;<= 7 + 8<=/=
E.:71?1 8.: .7 10?. <7 .E >= A-9;.8= ?=6=: 7<= 9;0-7 + 8<=/= ;.E 1;=81 .81I+ 96=7+: +>;0=<
<1 =6=8 .: . =<=8 A1 . <1 <17 6.@+8 +<+0/+;9>=8 <.6=-N?1>: + - F+6. I+ C.;. 8<=@;6=
6=?=<.>=6.E 1;=81 <1 96.8 +<+0/+;9>.8 <.6=.81 >=7 . 9- 6=?=<.>- 8=/-I.
=0=61 9: .>1 <18 A=>1D-7 + ?1 +: +>;0=<. >=7 . 9- 9+ A=A+: . E=I+ A=9: + . ?1 9.,- <1 <.G.
+<+0/+;9>. <.6= = 9+ <7 .81 ?=/1,1 9A=<;1<= 91? 9+ A0.9+;.;+ <1@+/81: =/ 81: +F<=/
A0+?161<7 1 = =B-61<7 - +<+0/.7 + >= +: +>;0=< 9.,+ <1 <.G- =0C.;- /-C. +<+0/.7 - 1 ;1
.D/-C: 7
+<1 +<+0/.7 1 8=01 <+/?+ <+>1>= ?1 =?+ R +81 A0=C: +81R >1G+ =0 => 9.: 1D.
+:+>;0=< +8.;-7 + 7 +?1< M =;=< B.7 1 7+ +<+0/.7 1 ;1B<= =<1 >=7 1 8=01 <+/?+ <+>1>= ?1
=?+ >= +: +>;0=< 9.,+ B1> ?61 <.6=1 <.G+ 0+F.8= 91 <.6=1 P <1 <.6= ) ;17M =;=< I+
=?<+;. +<+0/.7 - 7 +?<1>- P 8.<-9 ) =/-I<=9;. D1 9>=> .81 8<=/= 01D<.E <1 A0.8+0
)[ *[ .:. P[ * =D6=:7+<= 7 + . A1?1<7 + - ?6+ +;1A+ 0+F.8= 9.: 1D1> P[
) 1 =?81E A=9: + ;=/1 ) [ 961>. ;1>16 /-C.;1> +: +>;0=<=6+ +<+0/.7 + A01I+< 7 +
+8.;=61<7 +8 A= 7 +?<=/ M =;=<1 ;1B<= ;+ +<+0/.7 + 1;= -G10+<. 6=?=<.> ?17 + C1@;17<.D
9A+>;01: <.E : .<.7 1 >=7 . ?17 + 1 <+ <+>. ?0-/.
=0=6= 1? E=F >61D.>: 19.B<= =C7 1@<7+<7 + 1;=81 C.: = 7 + 6.0;-=D<= . <+=0;=?=>9<= <
9+ 9: -G.= 7 -;<=8 . 1>96+: =8 918= >1? . >=: .>= 8- 7 + =?/=6101: = >1? 8- <.9- C.: . A=
6=: 7. =?C1F.61= .E 7 + D.81= 7 + =< . : 1<>1 . 7 <@;17 <1 >1? 9- 8- C.: . =? >=0.9;. 1?
<1-B<.> 01?. <1 ;17<1B.< ;= 7 + 9;610<= D1 961>- =9-?- : . ( =0 7 + C.= A0.: .B<= C.9;10
A1 7 + <1@1= ;1B<1 0+@+<7 1
1 <1A016.8= 0+D.8+ 1E61: 7
-7-I. 01?- 01-<E=M +01 . .0E=M 1 7 =@ - ?+6+;<1+9;=8
6+>- D<1: . 98= D1 9A+>;01: <+ : .<.7 + <1: . 98= ?1 1;=8. . 8=: +>-: . +8.;-7 - . 1A9=0C-7 -
D01B+<7 + <1 ;1B<= =?0+,+<.8 ;1: 19<.8 ?-G.<181 . ?1 961>. 1;=8 .81 96=7=9=C+<.
=C01D1F ;1: 19<.E ?-G.<1 1E61: 7 -7-I. : 1<>- D<18= ?1 9+ 96+;: =9; +8.;-7 + - >61<;.81
1E61: 7-7 -I. +0F- . 7 <@;17 <- D<18= ?1 9+ . 1A9=0C-7 + - >61<;.81 1E61: 7-7 -I.
=89=<- 91D<1: . 98= ?1 A=9;=7 + +: +>;0=<. 1E61: 7-7 -I. 1?+0M =0?- D<1: . 98= ?1 1;=8
.81 7 +?<= 7 +D/0= /-9;= 1 81: = ;1>=,+ ?1 1;=8 91?0G. - 9+C. 8<=/= 8<=/= A01D<=/
A0=9;=01 . ?1 >0=D ;17A01D<. A0=9;=0 A0=: +I- ;- . ;18= +: +>;0=<. 1E61: 7-7 -I. 8=7 =7
818. . 8=8 ;1;. 8+<. 7 + D1A1: = ?1 8=018 96+ =6= ?1 -B.8 .:9 =0 7 + 91C01= 96+ =6+
A=?1;>+ ( . 7 =@8<=/= 8<=/= ?0-/.E ( - 7 +?<- F+: .<- : +>;0=<.81 9- ?=A-@;+<+ 918=
.D6+9<+ =?0+,+<+ =0C.;+ 0+>1= 7 + =0 <. >1? 1A9=0C-7 - +<+0/.7 - 1 ;= 8=G+ C.;. 918=
<1 <1B+: - 2 .:. F+= 7 +?1< >61<; .: . <.@;12 ;1?1 9- A0.9.: 7+<. ?1 9>=B+ <1 <+>- 6.@- =0C.;-
=9: + >1? 9.,- =A+; <1 <.G- .9A-@;17 - =A+; F+= 7 +?1< >61<; +<+0/.7 + . ;= M =;=< >61<;
96+;: =9;. 1-B<.F. /: +?17 - ;+ >61<;+ 6.?+ .E >1= ;1B<= =?0+,+<+ ;1: 19<+ ?-G.<+ ( : .<.7+
9A+>;01 A=9+C<+ D1 961>. E+8.7 9>. +: +8+<; A=<1=9=C
1 =0=6- ;+=0.7 - 01D6.7 1<- .D8+,- 3 * . 3)O /=?.<+ 91?1 >1G+8= ?1 7 + 29;101
>61<;<1 ;+=0.7 12 : 1<> 7 <@;17 < . =0 ;.8 0+?=8 >0+<-: . 9- ?1 A0>=9+ >: 19.B<=7M .D.F. 6.
9- 019A=: 1/1: . B609;.8 =A.;<.8 A=?1F.81 <1 =9<=6- >=7 .E 9- D<1: . ?1 9- - A016- : 1<>=61
;+=0.7 1 9+ ?.6<= 9: 1/1: 1 91 9A+>;0=8 F0<=/ ;+: 1 7<@;17 <=61 91 A=?0=C<.8 8+0+<7 +8
M=;=+: +>;0=<1 =0=6.8 81;+81;.B>.8 M =08-: 181 <1: 1D.8= >=: .B.<+ >1= @;= 9- <1C=7.

116
8191 +: +>;0=<1 : 1<>=61 >=<9;1<;1 <+>=: .>= A(+61 >1= C0=7* . 7 +?1< 61G1< F+= C0=7 1
;= 7 + >61<;<. C0=7A=8=I- >=/1 9+ D1 <+>= +<+0/+;9>= 9;1<7 + >1G+ >=7 + 7 + =<= A= 0+?-
6+ =6= >1? 9+ ->: =A. - 7 +?<- F+: .<- ?17 + M =08-: - .D>=7 + 8=G+8= ?1 .D01B-<18= 96+
9A+>;01: <+ : .<.7+ 6=?=<.>1 =?-?101<7 + 91 A=?1F.81 C.: =7 + 9;610<= .D609<=
1?+0M =0?- 9+ 6+=81 96.?+: 1 =0=61 ;+=0.7 1 1: . 7+ =< A=9;16.= . 7 +?<= A.;1<7 + >1? .
>1>= +: +>;0=< =?: -B. ?1 9>=B. 91 7 +?<=/+<+0/+;9>=/<.6=1 <1 ?0-/.' =0 7 + = ;=8+ I-;1=
1?+0M =0? 9+ A0.9+;.= . 7 +?<+ 01<.7 + D1/=<+;>+ >1? ;= 7 +?1< 01?.=1>;.6<. 1;=8 ?=<+9+
=?: ->- ?1 9+ 019A1?<+' >:
19.B<=7M .D.F. 961>=8 ?=/1,17 - A0+;E=?. <+>. -D0=> 1
A=?0-B7 - 1;=81 ;1 609;1 -D0=B<=(A=9: +?.B<.E 6+D1 >1= ?1 <+ A=9;=7 . =0 7 + -6.?+= >0.D-
>=7 1 <.7 + 9;610<= 0+@+<1 96+ ?=> 7 <@;17 < <.7 + 3 $ /=?.<+ =C7 16.= 01? = 2 9A=<;1<.8
A0+: 1D.812 . ->1D1= <1 8=/-I. A0161F +,-;.8 +>9A+0.8+<;1;=0. >=7 . 9- D1E->;1<=
.9;01G.61: . A=7 16+ 1;=89>=/ 96+;1 A=B+@+ ?1 A0=<1: 1D+ 7 =@<+>+ 9;610. <1 >=7 + =0 <.7 +
01B-<1=
1? 7 + 18+0.B>. M .D.B10 : C+0; 17 >:9=< :C+0; .FE1+: 9=< M 1<1;.> A0+F.D<=9;. .9A.;1=
9A+>;01: <+ : .<.7+ C1@A=?0=C<= D1A1D.= 7 + ?1 961>1 =? 6=?=<.>=6.E : .<.71 D1A016= 7 +9;+
?6=7 <1 : .<.7 1 ?6+ -A=0+?<+ ;1<>+ F0;+ 9196.8 C: .D- 7 +?<1 ?0-/=7 = 7 + D<1B.: = <1016<=
?6+ ;1: 19<+ ?-G.<+ >=7 + 9+ 918= 81: = 01D: .>-7 - 6= -?617 1<7 + D<1B. ?1 +: +>;0=< >1? 9+
9A0+81 ?1 9.,+ <1 <.G. <.6= .81 A0+? 9=C=8 .DC=0 ?61 01D: .B.;1 9;1<7 1 >=7 1 9- =C1 <1
;=8 <.G+8 <.6=- =0=68=?+:;= <.7 + A0+?6.?+= =7A=7 16. -?617 1<7 1 ?1?=@+ <1D.62 M.<1
9;0->;-012 : C+0; =8+0M +:? :
C+0; =8+0M +: ? =0=69160+8+<.> . 9101?<.> A0.8+;.= 7 +
?1 C0D.<1 +: +>;0=<1 ?=> 9+ >0+I- -<-;10 6=?=<.>=6=/ 1;=81 .D<=9. 7 +?1< D<1B17 1< ?+=
C0D.<+ 96+;: =9;. @;= D<1B. ?1 9+ A=<1@1<7 + +: +>;0=<1 8=01 A=981;01;. . 91 9;1<=6.@;1
7<@;17 <=6+ ;+=0.7 + 0+: 1;.6<=9;. =<+ .D 3 O >1? 7 + -01B-<1= ;+=0.7 - 0+: 1;.6<=9;.
A0.8+;.= 7 + ?1 9- .9E=?. ;1>6. ?1 ;18= /?+ =0 A0+?6.,1 918= 7 +?<- =0C.;- <=61 ;+=0.7 1
A0+?6.,1 ?6+ =0C.;+ 8+,-9=C<= 6+=81 C: .9>+ .8+ 7 + -?617 1<7 + :.<.7 1 C.: = =C7 1@<7 +<=
1 C. =617 96=7 01B-< ?=6+= ?= >017 1 =8+0M +:? 7 + -6+= 2 <=6- 9>01I+<.F-2<+>.E
>=<9;1<;. >=7 + 9- 8- 9+ B+9;= A=7 16: 7.61: + - 7 +?<1B.<. 1>= 7 + <1 A0.8+0 )A+)5 EF
D18+<.= <1A0=9;= /0B>.8 9: =6=8 1: M1 1 + ?=D6=: .;+ ?1 619 =8+0M +: ?=61 7 +?<1B.<1
-D<+8.0. <. <17 81<7 + +,-;.8 D1<.8: 7.6= 7 + =6= >1? 9+ - A=8+<-;. 81;+81;.B>. .D01D
-/-017 - A=D<1;+ 60+?<=9;. . ;= -8+9;= + ( 60+?<=9; D1 <1+: +>;0.91<7 + +: +>;0=<1 D1;.8
:
1<>=61 >=<9;1<;1 ;= 7 + E . C0D.<1 96+;: =9;. 1 ;= 7 + ?1C=8+ F ?=C.7 + 9+ 0+D-: ;1;
5 *T ;= /1 = 7 + ;= *T .9; C0=7
>9A+0.8+<;1;=0. A0=?-G.@+ ?1 ?=/01,-7 - =0=6=8 1;=89>=8 8=?+: - A=7 +?.<+
?+: =6+ =@ !3$ /=?.<+ A0+ =;>0.I1 +: +>;0=<1 =: 1<,1<.< A= .8+<- .;+0 +81< .+;+0
++81< 9;16.= 7 + -<D+<=6 /=0.=<.> .D8+,- A=: =61 6+=81 7 1>=/ 81/<+;1 <1 A: 18+<
/=0.=<.>1 /0-?6- >-E.<7 9>+ 9=: . . A=981;01= G-;- 96+;: =9; >=7 1 7+ .D/0-?6+ .DC.7 1: 1 =?
-G10+<=/<1;0.7 -81 A=8=I- 6+=81 A0+F.D<=/9A+>;0=8+;01 18 /1 7 + <1B.<.= /:+
- 81/<+;<=8 A=: 7- G-;+ 9A+>;01: <+ : .<.7 + A=9;1: + 9- @.0+ 1 ;= 7 + D<1B.: = ?1 81/<+;<=
A=: 7+ <1 <+>. <1B.< -9A+61 ?1 2 019F+A.2=6+ : .<.7+ 6= ?+7 9;6= A=;60,.61<= 7 + 96+
A0+F.D<.7 .8 8+0+<7 .81 96+ ?= /=?.<+ 3)O >1? 9- ?6=7 .F1 E=: 1<?9>.E M .D.B101 +8-+:
"=-?98.; +8-+:"=-?98.; . "+=0/ : +<C+> "+=0/+ E: +<C+F> .9;-A.: . 91 C.D10<=8
D18.@: 7
- ?1 C. 9+ =617+M +>1; 8=/1= =C7 19<.;. 7 +?.<= 1>= C. 9+ A=6+0=61: = ?1 +: +>;0=<.
.817 - 7 =@ 7 +?<- =?: .>- ( 2 9A.<2 =? <+>=/ A0+?8+;1 - >: 19.B<=78+E1<.F. 0+F.8= >=?
B./0+ 0+B 2 9A.<2D<1B. ;1B<= =<= @;= B./01 01?. A0+?8+; 0=;.01 =>= 96=7 + =9+ 9.8+;0.7 +
0;. 9+ 61<;<. 1<1: =/=< ;=/1 7 +9;+ =617;1>=D61<. 9A.< >=? +: +>;0=<1
6+ ;+ <=6+ D18.9: . .1>= 7 + 961>1 D1 9+C+ C.: 1 ;1B<1 : 7 -?. 9- <1>1B.<7 1:. <1 =0=6
8=?+:.D 3 * /=?.<+ <.81: = +: +/1<;<=N >1= ?1 <1 <+>. 9;10. 1-;= ?=?17 +@ ?+: =6+
A0=.D6+?+<+ - ?0-/.8 M 1C0.>181 . - ?0-/=8 60+8+<- +>. A019;10. M =0? 0+F.8= 1 ;. -
<7 +/1 -/: 16.@ +0>=<?.@< <18+9;.@ 01;>1A<+ - 9A.<+0 9;.: - A=D1?. D1610.@ -9A016<1
2A+017 1291 <+>+ ?0-/+ 609;+ 1-;=8=C.: 1 . ;1>= ?1: 7+ 1 =6.8 =>1B+<.8 ?=?1F.81
=0=61 ;+=0.7 1 7+ 91? C.: 1 8<=/= 2 6+I12 C7 1@<7 161: 1 7 + 6+:.>- >=: .B.<- A0+F.D<.E 97 17 <=
?=C16: 7+<.E =A.;<.E A=?1;1>1
6178=?+:.81= 7 + 918= 7 +?<- 9: 1C- ;1B>- .= 7 + A=/0+@1<

117
 96+ 6+I+ . 96+ /=0+ ;+@>=I+ -A: =6: 7161: 1 7 + ;1 9>0A: 7+<1 <1E+0+<1 ;+=0.7 1 >=7 - 7 +
A06. .D:=G.= .: 9 =0 >1?1 7 + /=?.<+ 3)P 7 +?1< M 01<F-9>. A=9;?.A: =81F =;>0.= A0+9-?<.
2>:7-B2D1 0+@+<7 + A0=C: +81 : 7 -B 7 + ?=?-@+ D1A1= - ;+@>= A0.9;-A1B<= 8+9;= - /0=D<=
:=@+ A.91<+ 0+B+<.F+ <7 +/=6+ ?=>;=09>+ ?.9+0;1F.7 + 1: . A0=01?.= 7 + 9:+?.: + 9- ;0.
?0181;.B<+ /=?.<+ .D >=7 .E 7 + .D0=<.: 1 7 +?<1 9196.8 <=61 A=9;16>1 9;610<=9;. -
8.>0=96+;- -;=0 7 + C.= 8: 1?. A: +8.I A0.<F -7 ( .>;=0 ?+ 0=: 7. =-.9( .F;=0 ?+ 0=/: .+
178=81> 9+ - 10.D- A0+D<=7 161= A=>-@1617 -I. ?1 919;16. ?=>;=09>- ;+D- + 0=: 7.71
7+ <1?1E<-= 7 +?1< 7 <@;17 <=6 =C7 16: 7+<. 01? .D 3 3 - >=8+ 7 + 7 <@;17 < A=>-@161= ?1
01D8=;0. D<1B1796=7 .E >61<;1 96+;: =9;. 1>= 7 + 8=/-I+ ?1 9+ 96+;: =9; A=<1@1 >1= 0=7
:+;+I.E D18=;-: 71>1 +<+0/.7 + ( @;= I+ 0+I. >1= 0=7B+9;.F1 ( 1 .9;=60+8+<= ?1 A=>1D-7 +
96+ =?: .>+ ;1: 191 <1 A0.8+0 .<;+0M +0+<F.7 - ?.M 01>F.7 - . ?0-/+ =9=C.<+ >=7 + D1E;+617 -
;1:19<- ?-G.<-'
+ 0=: 7 . 7+ 981;01= ?1 =617B-?<=61;. ?6=7 <. >101>;+0 96+;: =9;. 8=G?1 8=G+ C.;.
=9<=6<= 96=7 9;6= F+: + A0.0=?+ 96=7 9;6= >=7 + C. 61G.: = . D1 81;+0.7 1:<+ A0+?8+;+ ( 0+F.8=
+:+>;0=<+ 7
<@;17 < 7+ .?-I. D1 : 1<>=8 - 96=7 =7M =;=+: +>;0.B<=7;+=0.7 . A0.A.91= >61<;-
96+;: =9;. =?0+,+<- +<+0/.7 - >=7 1 D16.9. =? <7 +/=6+ ;1: 19<+ ?-G.<+ + 0=: 7. 7 + =<?1
A0.D61= 7 +?<- <=6- 9.8+;0.7 - 1>= ;1: 19. 8=/- C.;. B+9;.F+ =<?1 . B+9;.F+ +: +>;0=<.
8=/- C.;. ;1: 19. D<1@1= 7 + <1B.< ?1 A0.A.@+ +: +>;0=<.81 =?0+,+<- ;1: 19<- ?-G.<-
A=6+D1<- 91 +<+0/.7 =8 961>=/ A=7 +?.<=/ 1 =6=8 D18.@: 7- =?81E 7 + -@+;1= - D: 1;<.
0-?<.> B.8 7 + A=>-@1= ?1 7 + A0.8+<. <1 +: +>;0=< - 6=?=<.>=6=8 1;=8- 0.A.91<1
;1:19<1 ?-G.<1 .9;=/ ;0+<1 =C7 19<.: 1 7 + =0=6= A016.: = >=7 + 7+ =0 .D8.9: .= 1? E=F ?1 9-
+:+>;0=<- ?=D6=: 7+<. 918= <+>. 1 <+ 96. A=: -A0+B<.F. =0C.;.01<7 1 ;610 7 + 7 19<1 .
=B./: +?<1 9181 A= 9+C. 1 <+8=7 ;+' + : 27 +9;+' +9;+ >= - =0=6=8 1;=8- +: +>;0=<
.81 ;1: 19<- ?-G.<- >=7 1 .D<=9. 0+F.8= ;17. ;17?+: .I F+<;.8+;01 ;= I+ C.;. <+>. 81: .
81: +F>. ?+: .I F+<;.8+;01 =<?1 9- 8- ?=D6=: 7 +<+ =<+ =0C.;+ B.7 . =C.8 ?1>: + ?-G.<1
=0C.;+ .D<=9. ;1B<= 7 +?<- ;- ;1: 19<- ?-G.<-N.: . ;1B<= ?6+N.: . ;1B<= ;0. . ;1>= ?1: 7
+ <1B.
A=8<=G.8= ;1: 19<- ?-G.<- ;=/ 7 +?<=/ >=<>0+;<=/ +: +>;0=<1 C0=7 +8 .:. C0=7 +8 ) .: .
C0=7 +8 * . ;1>= ?1: 7+ -6+> <+>.8 F+: .8 A0.0=?<.8 C0=7 +8 . ?=C.7 +8= =C.8 96.E
?=D6=: 7+<.E =0C.;1 ;=/ +: +>;0=<1 0-/.8 0+B.81 C.;<= 7 + >=: .>= ;.E ;1: 19<.E ?-G.<1
8=G+8= ?1 -/-018= ?1 9;1<- ;1B<= F+: + -7 +?<- =0C.;- .?.;+ =6?+ <18 8=G+ A=8=I.
7+?<1 .: -9;01F.7 1 >=7 1 I+ <19 =;A0.: .>+ <16+9;. <1 01D-8+61<7 + =6=/ A0=C: +81 D8.;+
A-<- @1>- 8+;1: <.E <=6B.I1 9.;<.<+ ;16.;+ - 90+?.<- 7 +?1< <=6B.I=? )O F+<;. = 7 +
91? >1= 1;=89>= 7 +D/0= >= <7 +/1 <10+,17 ;+ ->0-/ <=6B.I+ =? A= F+<;. <. 9-
>1= =0C.;1 +: +>;0=<1 ;>0.I+;+ ?1 618 D1 <17 DC.7 +<.7. ?1>: + >017 <7 + 2;+91<2>0-/ ;0+C1
9+?18 =6.E 81<7 .E <=6B.I1 .8+ 7 + =?0+,+< =C.8 ;=/ >0-/1 =< 7 + T 1: . ?1C=8+ .
A=: -A0+B<.> . 91? A=G+: .;+ ?1 -/-01;+ 7 =@7 +?1< <=6B.I=? ?+9+; F+<;. +81 A0=C: +81
1:. =C.8 >0-/1 91? I+ C.;. 6+I. ! A1 I+ 918.8 ;.8 . A=: -A0+B<.> ;=/ >0-/1 C.;. 6+I. 1
>=: .>= 6+I.' 61>1>= <+ 2 C+D 6+D+26+I. 18= 7 +?1< 7 +?.<. A=: -A0+B<.> 7 +9;+ ;1B1<
A=: -A0+B<.> >0-/1 >=7 . 9+ 919;=7 . =? =918 <=6B.I1 >= -6+?+8= . ?+6+;. ;1>16<=6B.I A1
. ?+9+;. 7 +?1<1+9;. . ;1>= ?1: 7+ =C.8 >0-/1 A=9;17 1I+ 96+ 6+I. 1: . I+ ;17>0-/ 961>. A-;
?=C.;. . 7 +?1< ;1B<= =?0+,+<. <=6. 6+I. A=: -A0+B<.> D =6=/ A0.: .B<= /: -A=/ A0.8+01
6.?.8= ?1 1>= 9+ =/01<.B.8= <1 01? 918= 91 F+: .8 <=6B.I.81 ;1: 19<.8 ?-G.<181 C.I+
<18 ?=A-@;+<. 918= =?0+,+<. A=: -A0+B<.F. +?<1 =0C.;1 8=G+ A0.8.;. 7 +?1< F+= ;1: 19
;1B<=N.: . ?61 F+: 1 ;1: 191 >=7 . I+ 9+ ;1B<= <1?=6+D1;. 7 +?1< <1 ?0-/.N.: . ;0. F+: 1 ;1: 191 .
;1>= ?1: 7
+ :. <.>1>= <+ 8=G+ ?1 <19;1<+ <+>= /<7 +B+<7 + .: . A0+>: 1A1<7 + ( 2 <=6B.I
?+: .8.B<= A0+>= <=6B.I12( <.;. C.: = @;1 9: .B<= + 0=: 7.7
+61 D18.91= 919;=7 1: 1 9+ - ;=8+
?1 ;1: 19<1 ?-G.<1 +: +>;0=<1 ?1>: + A0+B<.> <=6B.I1 =?0+,-7 + >=: .>. I+ A=: -A0+B<.> =0C.;+
C.;. ?=D6=: 7
+< >:7-B F+: + D18.9: . 7 +9;+ ;= ?1 9+ +: +>;0=<- -=A@;+ A0.A.@+ <+>1 ;1: 19<1
?-G.<1
+ 0=: 7. - 96=7 =7?.9+0;1F.7 . <1/1,1 ?1 : . +: +>;0=<. E=I+ .: . <+I+ .9A=: 7 .;. ?0-/1 ;1: 19<1
96=7 9;61 >1= @;= 9- .<;+0M +0+<F.7 1 . ?.M 01>F.7 1 + 0=: 7.7+6. 916+;<.F. <1 M 1>-: ;+;- <1
10.9>=8 -<.6+0D.;+;- C.: . 9- .8A0+9.=<.01<. 6.0;-=D<.8 01?=8 8: 1?=/ A0.<F1 1: . .
DC-<7 +<. A0.B=8 = B+9;.F. >=7 1 7 + ;1: 19 +?1< =? B: 1<=61 .9A.;<+ >=8.9.7 + A=G+: += 7 + ?1
B-7 + . <+>= 8.@: 7+<7 + 91 9;01<+ A1 7 + A=9: 1= 7 +?1< A0.8+01> ?.9+0;1F.7 + 7 <@;17 <- >=7 . 7+
-D601;.= A.98=8 A-<.8 >=8A: .8+<1;1 D1 8: 1?=/ + 0=: 7.7
1 R< 7 + =?./1= 7 +?1< -/1=

118
6+: .>=/ 6+: 1R A.91= 7+ 7 <@;17 < +D1 7 + =?C01<7 +<1 3)P /=?.<+ 1 D1 <7 - 7 + + 0=: 7.
>19<.7 + ?=C.= . =C+: =6- <1/01?-NC.= 7 + ;= A06. A0.8+0 - .9;=0.7 . ?1 7 +?1< M .D.B10 ?=C.7 +
=C+: =6- <1/01?- D1 96=7 - ?=>;=09>- ?.9+0;1F.7 - :
. <176+I. ?=C.;<.> <1 >017 - C.= 7 +
06.< 0+?.</+0 >=7 .7+ 6.?+= 9;610<. A=;+<F.7 1:9>0.6+< - + 0=: 7
.7+6=8 01?-
1? ?=: 1D. D1<.8: 7.6= ?=?161<7 + :=A;.F+ .D8+,- ;+=0+;.B101 . +>9A+0.8+<;1;=01 +
0=: 7
.7+61 D18.91= <.7 + .81: 1 <.>1>6- +>A+0.8+<;1: <- A=?0@>- :+>;0=< ;1: 19' ;1 ;=
D<1B.' +=AE=?<1 A=?0@>1 A=7 16.:1 9+ 3)T /=?.<+ . ;= - 7 - G+0D.7 - ( <+ <1 =<=8
+</: +9>=8 =9;06- >=7 + 9+ 9: .B<= D=6+ - >1<1: - 181<@ <+/= - 18+0.B>=7916+D<=7
?0G16. 7 - G+0D. . ;= C: .D- /01?1 7 -10>1 7+?<=79: 16<=7.9;01G.61B>=7: 1C=01;=0.7 . -
919;16- 7 +?<+ A=9: =6<+ M .08+ ( 1 ;= 7 + 2+:;+: +M=< :1C=01;=0.712- 9>: =A- A0+?-D+I1 2+:
;+: +M=<2( 01?.: = 9+ <1 A0=-B161<7 - 61>--89>.E F+6. <1;+ 61>--89>+ F+6. 2 : 18A+2
7+9- 7 +?<1 A01?0+6<1 +: +>;0=<9>1 ;+E<=: =/.7 1 >=71 9+ >=0.9;.:
1 A0+ =96.;1 F.6.: .D1F.7 + A0+
A0=<1: 19>1 ;01<D.9;=01 - >18+<= ?=C1 ;1>=0+I. ?6=7.F1 <1-B<.>1 :.<;=< +7 6.9=<
#: .<;=< 16.99=< . +9;+0 G+08+0 +9;+0 "+08+0 ;18= 9- C=8C10?=61: . 01D<+
8+;1: <+ A=60@.<+ 1: . =>9.?.91<+ 8: 1D+6.81 +: +>;0=<1 G+08+0 7 + 01?+I. A=
+7 6.9=<=6.8 -A-;9;6.81 =;>0.= ?1 9+ +: +>;0=<. 91 <+>.E <+=>9.?.91<.E A=60@.<1 =?C.7 17 -
- B-?<=61;.8 =C019F.81
"=?.<+ 3)$ =;A-;-7 + +7 6.9=< - </: +9>- . ?=D<1 D1 + 0=: 7.7+6- D18.91= ?7-0. -
8+0.>- 9;-@;. 9+ - M .08- . <161: . ?1 01D81;01 A=?1;>+ .D A+09A+>;.6+ ;1: 19<=/
A=<1@1<7 1 1A1D. =C019F+ >=7 . 9+ ;1B<= ->: 1A17 - - A=<1@1<7 + >=7 + C. +:+>;0=<. 8=01: . ?1
.9A=: 71617 - 1>= 7 +9- ;1: 19. . 1>= 7 + <7 .E=61 ;1: 19<1 ?-G.<1 A=6+D1<1 91 <7 .E=6=8
>=: .B.<=8 +<+0/.7 + 1? =< . G+08+0 A=E.;17 - ?1 =6= =C7 16+ @;= A0+ .: =7 + . 01D: =/1 D1
G-0C- :1C=01;=0.7. +6+<?.@ G=0?G =89=< 0=,+<. 9.< 9: 16<=/1 G G =89=<1
?=60@161= 7 + 9:.B<= .9;01G.61<7 + "=?.<+ 3*! =C+: =6- <1/01?- D1 A06= =A1G1<7 +
+: +>;0=<1 >1= ;1: 191 ?=C.: . 9- D17 +?<= +7 6.9=< . ;178: 1?. =89=<
18= -D/0+? ?1 >1G+8= ?1 A=9;=7 . 91B-61<1 A0.9<1 A0+A.9>1 >=7 1 C=/1;= .: -9;0-7 +
>1>6. 9- C.: . =?<=9. .D8+,- =F1 =89=<1 . 9.<1 =89=<1 7+?<=8 =? 96=7 .E
<17 +8=;.6<.7 .E A.9181 9.< A-@;1 ?-@. <1 6=: 7-

01/. =B+
1>= <18 7 + ?1; ;0=-/1= -A.91< - >-/:
- 91 9;01<.F181 1CF
. ;1>= ?1:7+ ;0. 9;01<.F+ =6=/A.981 DC.7
+<= <1>0>1<+ 96+ - ;=8 .9;=8 9;.:
-

6=79.< G=0?G

=C0= 1? 7
+ +:
+>;0=<- A0.?0-G+<1 =?:.>1 ?1 7
+ . ;1:
19 = 61G. D1 +:
+>;0=<+ >=7 . 9-
-;18<.B+<. - 1;=8.81 1: . . D1 =<+ >=7. A-;-7- >0=D 61>--89>- F+6 : . @;1 9+ ;= -
+:+>;0=<- ;1:
191'

>= 7 + 1?+0M =0? C.= 9196.8 =9=C+< A0.8+0 +>9A+0.8+<;1;=01 +0<+0 17 D+<C+0/
D1.9;1 7+9;+ <7+/=61 ;+=0+;.B109>1 9-A0=;<=9; >:=A.= 9+ - =<- <1A=8+<- 1C.71 =
;+=0+;.B10.81 >=7 . <+ -8+7 - <. ?1 6+G- A+0;:
+ 918. +?1< =? <17 C:.9;16.7.E 9;-?+<1;1 -
F+:=7 60=A. 17D+<C+0/ -81: = ?1 A1?<+ <1 -98+<=7=?C01<. ?=>;=09>+ ?.9+0;1F.7 + <1
.<E+<9>=8 -<.6+0D.;+;- 1@;=' 1;= @;= 9+ <.7+ ?=A1= 7 +?<=8 B: 1<- .9A.;<+ >=8.9.7 +
B=6+>- A= .8+<- .: E+:8 .< 4.: E+:8 4.+< >=7 . 7+ .<1B+ C.= 7 +?1< =? A.=<.01 -
A0=-B161<7 - D01B+<7 1 F0<=/ ;+: 1 =B<+ .< <7 +8- ?1 A=9;16: 71 A01>;.B<1 A.;1<7 1 1>=
01?. C1;+0.71' 17 D+<C+0/ ( <. ?1 C+><+ +81 A=7 81 .< <19;16. ?1 A=9;16: 71 A01>;.B<1
A.;1<71 1 =<?1 D1;01G. ?1 >1<?.?1; C-?+ =C=0+< 8.0+<.7 + /:16+ 9- A0+=6: 1?1:+ .
17D+<C+0/1 9- A-9;.: . ?1 9+ A0=6-B+ 91 =F+<=8 >=7 1 7+ C.:1 +>6.61: +<; 2?G+<;:8+<9>+
@+9;.F+2
17D+<C+0/=6 =;1F C.= 7 + A0=M+9=0 /0B>=/ 7+D.>1 - .<E+<- A1 7 + 17 D+<C+0/ >1=
8: 1? A0=B.;1= : 1;=<=6 ;+>9; .8+7 /?+ 7 + D1C+:+G+<1 F+: 1 : 1;=<=61 1;=89>1 ;+=0.7 1
17D+<C+0/ 7 + D1>: 7-B.= ?1 7 + : 1;=< C.= 918= 81: = 81: B.F+ C:+916 ( 1;=8. - =C: .>-
>=F>+ A.018.?+ ( 1: . 9+ =?-@+6.= : 1;=<=6=8 =9<=6<=8 ;60?<7 =8 1 ;= 7 + ?1 19+: 7+<-

119
<.>1?1 <+I+8= 9E61;.;. 1>= A06= <+ 9E61;.8= <17 9.;<.7 + 919;=7 >+ 81;+0.7 + :1?.
17D+<C+0/=?: -B. ?1 A=96+;. 96=7G.6=; A0=-B161<7 - ;.E <17 9.;<.7.E 919;=7
1>1
17D+<C+0/ 7 + .D 96+ 9<1/+ A=>-@161= ?1 - 96=7 =796+9;. <1A016. 9: .>- 1?+0M =0?(
=0=6=/ 1;=81 1: . -D1: -? 0C.;+ =0=6.E +: +>;0=<1 <.7 + 8=/1= 9+C. <.>1>= ?1 ?=B101
<1;+ =<179: 1;>. 81: . 1;=8 >=7 . 7
+ /=?.<181 C.= 9.8C=:18+0.B>+ =8.9.7 + D1 1;=89>-
+<+0/.7 - 7 +D/0= 1 =>= <7 +/1 >0-G+ +: +>;0=<B.I. 961>. 96=7 .8 281/.B<.82A=: -A0+B<.>=8 1
<.7+?1< <.@;1 <+ D01B. ;=8+ 17 D+<C+0/ <.7 + <1@1= <.81: = A18+;. 17D+<C+0/ 7 +
-6.?+= ?1 9- =0=6+ =0C.;+ <1A0=9;= .D8.@: 7+<+ .9>=<9;0-.91<+ ;+> ?1 C. 9+ C0=7 +6.
->: =A.:
. . ?1 7 + =0 ;= -B.<.= 918= ?1 C. 9+ =;1019.= >: 19.B<.E D18+0>. >=7 + 9-
1?+0M=0?=6=8 1;=8- -A-I.61<+ :. ?1 C. ;+ D18+0>+ @;= 7 + 7 =@ C=:7+ A0+8+9;.= <1
7+?1< M .<.7. <.6= :. ?1 9- ;= 9;610<+ =0C.;+' + =0=61 >61<;<1 ;+=0.7 1 <.7 + =;.@:
1
?=6=: 7<= ?1: +>= - =?C1F.61<7 - <+A=;0+C<=/ A0;: 71/1 >: 19.B<+ M .D.>+ 1B<= 7 + ?1 A0=9;=0
-<-;10 1;=81 ?=A-@;1 918= <+>+ =0C.;+ 1: . ?1 C. 9+ ;= 9;610<= =C7 19<.: = 8=01: = 9+
A0.C+I. <+>.8 7 =@>=0+<.;.7 .8 A=9;-AF.81 17 D+<C+0/ 7 + <17 D1? -6.?+= ?1 ;17<=6. 1;=8
<1A0=9;= <.7 + 8=/-I+ 6.D-+: <= A0+?9;16.;.N@;16.@+ ?1 7 + ;= 7+?<1 =? ;+8+: 7 <.E =9=C.<1
;=/1;=81 1;= 7 + 17 D+<C+0/9+C. <18+;<-= 7 +?<= B609;= A016.: = <+8=79+ C16.;. <.B.8
@;= <+ 8=G+ C.;. .D8+0+<= + =0C.;+ <+ 8=/- C.;. .D8+0+<+ A+>;01: <+ :.<.7 + 8+,-;.8
8=/- 17D+<C+0/ 7 + <1A.91= ;+=0.7 - >=7 =7 7 + ?1= <1D.6 2 81;0.B<1 81;+81;.>12
19<=61<1 7 + <1 7 +?<=781;+81;.B>=7A=7 16. ;1>=D61<.8 81;0.F181 7+/=6. 8+;=?. C.: .
9- 81;+81;.B>. ;+@>. 1 D1 6.D-+: <= A0.>1D.61<7 + 7 =@ ;+G. 1: . C.:
= 7 + 7 19<= ?1 7 +
17D+<C+0/ -9A+= C.;<= ?1 A=A016. =0=6- 9;10- ;+=0.7 - 0+8+<=8 9+ ?=@: = ?= ;=/1 ?1
7+ 81;0.B<1 81;+81;.>1 A=9;./: 1 .D<=61 96+ 9;10+ -9A+E+ =0=6+ ;+=0.7 + 1: . C+DA=;0+C+
?1 9+ -6=?+ A0=.D6=: 7<. 81/.B<. A=: -A0+B<.F. ;16.@+ 17 D+<C+0/=6+ 81;0.F+ >0+<-: + 9-
>1 <=6.8 -9A+9.81 ;18= /?+ 7 + 9;101 ;+=0.7 1 ;0A+: 1 <+-9A+E+ :. M .D.B10.81 7 +
-A=;0+C: 7161<7 + ;.E 81;0.F1 C.:= <1A=0<=
<?1 9+ ?=/=?.= <17 9:16<.7
. /=?.@<7 . =?8=0 - .9;=0.7 .M.D.>+

+>=: .>= 8+9+F. A=@;= 7 + 17

D+<C+0/ ?=60@.= M =08-: .91<7 + 96=7 .E 81;0.F1 06.<
0+?.</+0 7 + D1>: 7-B.= R +<. 7 + A=;0+C1< /=?.@<7 . =?8=0 R C.: 1 7+ D.81 3)O /=?.<+
7=@ ?+9+;1> ?1<1 ?= =G.I1 0+?.</+0 7 + C.= >=8A+;+<;1< 1: . <+ =9=C.;= .9;1><-;
A0=M +9=0 M .D.>+ <1 #.0.@>=8 -<.6+0D.;+;- 1 96. M 1>-: ;+;9>. <19;16<.F. D19: -G-7 - C=G.I<.
019A-9; 0+?.</+0 7 + =9;16.= G+<- >=? >-I+ .D<17 8.= 6.:- - @617 F109>.8 : A.81 <1 ?6+ .
A= <+?+: 7+ A=<+= 96+9>+ . ?61 C.9+01 . ( A=6+= 91 9=C=8 7 +?<- ?18- 7 +?<- 96=7 - 01<.7-
G+<9>- .D +B1 +C. 7+ =?0+?.= 8.9.7 - ?1 9A19+ >61<;<- ;+=0.7 - 60+8+<1 >=7 1 7+ ;1?1
C.:1 961 D1>0A: 7+<1 . @>0.A-;161 617M .D.B10 0=,+< - +B- -/-01= 7 + 9+C. ;1 ?61 C.9+01 -
-@. ?1 8- <.>1>6. 9-6.@<. D6-F. <+ C. 9>0+;1: . A1G<7 - 6=7 - ?+6=7 >- 7+ 98+9;.= - >0+6+;
?1 8- 9+ <1,+ A0. 0-F. D1 <1?1E<-I+ .7+ .81= @;1 ?1 9+ ?6=-8. 918= 7 + ;0+C1:= ?1
=?01?. ?61 A=9: 1 ?1 9;6=0. <=6- >61<;<- ;+=0.7 - . ?1 A=9;./<+ ;= ?1 8: 1?1 ?181 C-?+
D1?=6=: 7
<1 +8=7A=9;1;. M .D.B10 1>= <.9. 9A0+81< ?1 .9A-<.@;1 ?61 D1E;+61
0+?.</+0 7 + >10.7 +0- D1A=B+= >1= +>9A+0.8+<;1;=0 1: . 9+ 01<= A0+C1F.= <1 ;+=0.7 -
1? 7 + C.= A0.: .B<= 81;=0 D1 ;+=0+;.B101 .81= 7 + ;=/ =G.I1 ;0.?+9+; =918 /=?.<1
1016<= .81 >=: .>= /=? E=I+@ 90+?=6+B<.E A1 . 9;10.E ;+=0+;.B101N 1: . =<. =C.B<=
A=9;./<- 96=7 1 <17 C=:71 =9;610+<7 1 ?=> 9- - ?61?+9+;.8 /=?.<181 1 =<?1 9+ -
.<;+:+>;-1: <=8 98.9: - 2A+<D.=<.@-2. A=9;1<- 2 9;10.7. ?0G16<.F.2M .D.>+ 61 A=7 161 D6+D?+(
A1?1: .F+ <10=B.;= 7 + 61G.: 1 ;=>=8 9: 16<.E ?1<1 9;6101<7 1 >61<;<+ ;+=0.7 + >1? 9- =:
.01> +0<+0 17 D+<C+0/ =: M/1</ 1-: . . .: 9 =0 96. ?1: . 96=7 + <17 C=:7+ ;+=0.7 + >1=
6+=81 8: 1?. :7-?. 1? 7+ .01> .@1= - ;=>E=: 8 A= =C+: =6- <1/01?- A01;.: 1 /1 7 + (
G.61 .9;.<1 ( <7 +/=61 817 >1N 17 D+<C+0/1 .9;= ;1>= +?<=8 7 + .01> <1A.91=

;10=9; 7+ <1016<= /0=D1 <17 /=01

>=7+ 9+ 961>. M
.D.B10 C=7
.
+0 =617>1? A0+/-01 ;0.?+9+;-
<+81 6.@+ 01D:=/1 ?1 A=9;=7.

120
 ?=C.= 7 + =C+: =6- D1 M .D.>- <+ D1 ><7 .G+6<=9; 1 90+I- A= <1->- .01> =6=
96=7 + -A=D=0+<7 + <.7+ A=9: -@1= <+/= 7 + ?=/-01= ?= =918?+9+; . A=A0.: .B<= /=?.<1
+?<1 =? 96+@B.F1 >=7 - 7 + 0+?.</+0 A=<+= 91 9=C=8 C.: 1 7+ =<1 + 0=: 7.7+61 =
B+9;.F181 . ;1: 19.81 1?+I. /0=D<.B16= 0+?.</+0 7 + A=81>1= >61<;<. >=<F+A; 7 =@?1: 7
+
.7
+ 9+ D1?0G1= <1 ;=8+ ?1 +: +>;0=<+ 981;01 B+9;.F181 >=7 + .817 - . =?: .>+ ;1: 191
1A.91= 7 + 7+?<1B.<- - >=7 =7+: +>;0=<. 7 +9- ;1: 19. ;1: 19. 81;+0.7 + ": 16<. /: -81F - =6=7
0+?.</+0=6=7A0=9: 16: 7+<=77 +?<1B.<. 7 +9;+ /0B>= 9: =6= Q >=7 + 9+ B.;1 <1 /0B>=8 7 +D.>-
2A9.2 : . <1 +</: +9>=8 9+ B.;1 2 917 22 -D?1E2 A1 <+>. M .D.B10. >1G- ?1 7 + 0+?.</+0 96+=
96+ <1 -D?1E+ 6= Q A=D<1;= 7 + >1= ;1: 19<1 M -<>F.7 1 . 91?0G. 96+ @;= D<18= . 96+ @;=
8=G+8= D<1;. = +: +>;0=<- 1? 0+@161@ 0+?.</+0=6- 7 +?<1B.<- =<1 ;. ?17 + 01D<+
60+?<=9;. Q D1 01D<1 +: +>;0=<=61 8+9;1 - A0=9;=0- . 01D<1 <7 +/=61 8+<7 1<7 1 - 60+8+<-
19<.7+ 7 + =61 7 +?<1B.<1 A0.8+<7 +<1 <1 9.9;+8+ 91 ?61 . 6.@+ A1 . 8<=/= +: +>;0=<1 A1
>=<1B<= . <1 961>. 9.9;+8 >=7 . D1E;+61 ?1 C-?+ >61<;<= ;0+;.01< 0-/.8 0+B.81
0+?.</+0=61 7 +?<1B.<1 A1 ;.8+ . 2 ;1:19<1 8+E1<.>12 61G. D1 1;=8+ 8=: +>-: + A0=;=<+
<+-;0=<+ . @;= 7 + D1 <19 ?1<19 .D-D+;<= D<1B17 <= D1 9>-A >610>=61N>1= . D1 ?0-/+
B+9;.F+
0+?.</+0 7 + >0+<-= ?1 9A19+ >: 19.B<- M .D.>- <9.9;.01= 7 + <1 ;=8+ ?1 +: +>;0=<.
C->61: <= 7 +9- >: 19.B<. ;1: 19. A=A-; D6-B<.E .: . =<.E - 6=?. .: . 1>96+: =6.E 96+;: =9<.E
;1:191 . 01?.=(;1: 191 1 ?1 7 + <7 .E=6B+9;.B<. 6.? 610>1 6+ ;+ B+9;.F+ 7 +9- A= 0+?.</+0-
81;+0.7 1: <. ;1: 19. ( ;= 7 +9; ;1: 19. 81;+0.7 + 1:19. 9- C.: . 7 =@ ?16<= A0+ ;=/1 ?=C0=
9E61I+<1 A=7 161N: 1>= .E 7 + 01D-8+;. 1 : 1>= .E 7 + . 9+C. 6.D-+: <= ?=B101;. D1 01D: .>- =?
=0=6.E +: +>;0=<1 >=7 . 9>1B- E;+: .(<+ E;+: . 91 =0C.;+ <1 =0C.;- = 0+?.</+0=6=8
;-81B+<7 - Q D1A016= >61?01; =? Q ?1>: + Q) =A.9-7 + 019A=0+? /-9;.<+ =6=/ ;1: 191
81;+0.7 + 7 +/=61 7 +?<1B.<1 =A.9-7 + =6+ ;1: 19+ A=? ?+7 9;6=8 +: +>;0.B<.E 9.: 1 - 1;=8- 1
A0.8+0 - 6=?=<.>=6=8 1;=8- 0+?.</+0=6. ;1: 19. 9+ /-9;= DC.7 17- <1 =<1 8+9;1 /?+
=0=61 >61<;<1 ;+=0.7 1 >1G+ ?1 A=9;=7 + =0C.;+ +?<1B.<1 7 + ?161: 1 =0=6+ A=: -A0+B<.>+
1-;=81;9>. C+D.>1>6.E A=?+@161<7 1N?161: 1 7 + . 9A+>;01: <+ : .<.7+ <+ 918= D1 6=?=<.>
<+/= . D1 96+ ?0-/+ E+8.7 9>+ +: +8+<;+
18= <+>=: .>= <+?+: 71 A= =?: 19>- .D ;+ 6.: + 0+?.</+0 7 + =C7 16.= 96=7 - ;1: 19<-
7+?<1B.<- >=7 1 7 + .9;=/ ;0+<-;>1 A=9;1: 1 9+<D1F.7 1 .: = 7+ ;= 7 +?<= =? <17 8=I<.7 .E .>1?1
A0=<1,+<.E 81;+81;.B>.E =0-,1 D1 .9;01G.61<7 + 9;0->;-0+ 81;+0.7 + = 3$ /=?.<+
=C7 16:7+<= 7 + A0+>= <1-B<.E 01?=61 D19<=61<.E <1 A0.8+<. 0+?.</+0=6+
7+?<1B.<+ 0+?.</+0 9+ ?1= <1 A=91= . <1A.91= 7 +?1< D1 ?0-/.8 7 =@A+; 01?=61 . 96.E
A+; 9- =C7 16:7+<. - 0=>- >01I+8 =? @+9; 8+9+F. =? A=7 16: 7.61<7 1 A06=/ .= 7 + ;= 7 +?1< =?
<17 6+I.E <1: +;1 >0+1;.6<=9;. - F+: =>-A<=7.9;=0.7 . <1->+ =C+0; A+<E17 8+0 7 + .D7 16.= ?1
7+ ;+=0.7 1 ;1:19<+ 8+E1<.>+ R 8=G?1 7 +?<1 =? <17 9160@+<.7 .E <17 ;1B<.7 .E . <17 :
+A@.E ;+=0.7 1
>=7 +7 + B=6+> .>1?1 9;6=0.=R 0<=: ? =8+0M +:? 6+: .>. M
.D.B10 . 81;+81;.B10 0+>1= 7 + ?1 7 +
0+?.</+0=61 ;+=0.7 1 R A=<17 6.@+ D1A1<7 -7-I1 8+,- 96.8 D1A1<7 -7 -I.8 =;>0.I.81 -
?61?+9+;=8 6+>-R
=@;= 7 + 96+ ;= ;1>= 7 1 +6= =A01@;18 0+?.</+0- @;= 9+ - .9;= 60+8+ C16.=
0=81<;.B<.8 .D: +;.81 >=7 . .A1> . <+ ;0+C1 ?1 9+ ;.B- <.>=/1 =9.8 C.=/01M 1 9=F.=.9;=0.B101
. >=:+/1 A0+A-<.E D16.9;.

.D.B10. 9- 0+?.</+0=6- 7 +?<1B.<- 6=: +:

. .D?61 01D: =/1 A06= 8=/: . 9- ?1 7+ 0+@+ .
?0-/= =<1 7 + ?+79;6=61: 1 =?-@+ . 17 D+<C+0/=61 81;0.B<1 81;+81;.>1 ?161: 17 + ;1B<1
0+@+<7 1 1: . 9- 96. D/01C.: . 0+?.</+0=68+;=? D1;= @;= 7 + ;= C.:
1 ?=C01 9;101 ?.M+0+<F.71:<1
7+?<1B.<1 ;=A: = ?=C0= A=D<1;= A=?0-B7 + 81;+81;.>+ +>=:.>= /=?.<1 >19<.7 + A=>1D1<=
7+ ?1 9- M .D.B>+ D18.9: . . <-8+0.B>+ A=9: +?.F+ 17 D+<C+0/=6+ ;+=0.7 + . 0+?.</+0=6+ ;+=0.7+
.9;=6+;<+ + ?6+ 9- C.: + .9;1 9;610 918= <1A.91<1 A=8=I- ?61 01D: .B.;1 81;+81;.B>1
7+D.>1 1<19 >=0.9;.8= 8+@16.<- >=7 1 9+ 919;=7. =? <17A=/=?<.7 .E +:+8+<1;1 . 7 +?<=/ .
?0-/=/
+?.<. A0=C: +8 - 0+?.</+0=6=7 7 +?<1B.<. C.= 7 + ;17 @;= 7 + =<1 91?0G1: 1 <+;1B<=
;-81B+<7 + A=7 81 2 ;1:
192 =>1D1: = 9+ ?1 ;= Q <+ 8=G+ A0+?9;16: 71;. ;1:
19+ 81;+0.7 + .7
+

121
C.:= <. <17 81<7 + 9-8<7 + ?1 A0+?9;16: 71 <+>1>6= ;1: 191<7 + 1: . =9;17 1:= 7 + A.;1<7 + @;1 9+
;1:191'
1B1< =?/=6=0 ?1= 7 + <+81B>. M .D.B10 1>9 =0< 6+I - ;=>- ;+ ?0181;.B<+ 3)$
/=?.<+ =0< 7 + .<9.9;.01= <1 ;=8+ ?1 A=9;=7 . 918= 7 +?<= ?=9: +?<= ;-81B+<7 +
0+?.</+0=6+ ;1: 19<+ M -<>F.7 + 1 A= <7 +8- Q) A0+?9;16: 7
1 6+0=61;<=I- <1: 1G+<7 1 7 +?<+
B+9;.F+ 7 +?<=/ +: +>;0=<1 <1 <+>=8 ;1B<= =?0+,+<=8 8+9;- <18= ?1 9+ Q 8+<7 1 -
9>: 1?- 91 A=8+01<7 +8 +: +>;0=<1 >0=DA0=9;=0 . 60+8+ 18= /?+ 7 + 60+?<=9; Q) 6+: .>1
6+: .>1 7 + . 6+0=61;<=I1 ?1 I+8= ;17+: +>;0=< <1I. 18= A1> /?+ 7 +QL 8. /1 <+I+8=
<1I. <.>1?1 1: 19<1 M -<>F.7 17 + ;1: 19 6+0=61;<=I+
1 =0<1 9- -;.F1: . =A.;. - >=7 .81 9+ 8: 1D +: +>;0=<1 -A+0. >1 <+>1>6=7+<+0/+;9>=7
A0+A0+F. 1>61 A0+A0+>1 8=G+ C.;. <1 A0.8+0 G.B1<1 80+G1 9A=7 +<1 91 <+/1;.6<.8
A=: =8 <+>+ C1;+0.7 + ;1>= ?1 9+ ?=C.7 + 8.<-9<. <1A=< =? 0+F.8= 6=: ;. >= +: +>;0=<.
.817 - +<+0/.7 - =? 918= O 6=: ;. =<?1 C. ;0+C1: = A= >: 19.B<=7M .D.F. ?1 9+ =?C.7 - >= 7 +
+<+0/.7 1 +: +>;0=<1 6+I1 =? +<+0/.7 + A0+A0+>+ +: +>;0=< A0=: 1D. >1= >1? C1F.@: =A;- A0+>=
D.?1 >= 7 + 81<7 1 =< <+ A0=: 1D. <+/= 9+ =?C.7 + >1= >1? C1F.@: =A;- <1 D.? +,-;.8
0+?.</+0=61 >61<;<1 7 +?<1B.<1 >1G+ ?1 I+ 9+ 7 +?1< ?+= Q(;1: 191 A0=C.;. 1 7 +?1< ?+=
=?C.;. ;1>= 9+ A=<1@1 96+;: =9; 0=,+@ A=0+? <+>=/ .D: =/1 . 6.?.@ 01D<+ D/=?10.7 +
.D:=G+<+ -<-;01 1: . .A1> 6.?.@ . 7 +?<- C: +?- 9: .>- 918=/1 9+C+ 6+;: =9; A0=: 1D. >0=D
9;1>: = 1: . 9+ 7 +?<.8 ?+: =8 . =?C.7 1 0+?.</+0=61 7 +?<1B.<1 A0+?6.,1 9: .B<+ .9E=?+ : . 8.
<.>1?1 <+ 6.?.8= 2 7+?1< ?+=2<+>=/ A=7 +?.<1B<=/ +: +>;0=<1
A.; .?+ =61>= A=@1: 7+8= +:+>;0=<1 - A016F- A0+A0+>+ "17 /+0=6. C0=7 1B.
A=>1G- ?1 7 + OO A0=@: = 1 PO 9+ =?C.: = :
. - 961>=8 A=7 +?.<=8 =? ;.E 9: -B17 +61
=;>0.7 +8= A= 7 +?1< F+= +: +>;0=< 0+?.</+0=6. ;1: 19. .D01B-<1;. >1>= 61: 71 . ;0+C1 ?17 -
9;1;.9;.B>- 6+0=61;<=I- C1@ OO A0+81 PO >= A0.E61;.8= =0<=6= ;-81B+<7 + 961>.
A=7 +?.<. +: +>;0=< .81 6+0=61;<=I- =? OO =?9;= ?1 9+ A0=C.7 + . PO =?9;= ?1 9+ =?C.7 + ?1
C-?+ =?01G+< =@;= 9+ <.>1?1 <+ 8=G+ ?=/=?.;. ?1 7 +?1< +: +>;0=< C-?+ A=?+: 7
+< <1 81
>1>6+ ?+: =6+ 0+?.</+0=6;1: 19 <+ 8=G+ C.;. +: +>;0=< =G+ C.;. 918= 6+0=61;<=I1
=0< 7 + >1= . 17 D+<C+0/ C.= ?+= /+;.</+<9>+ @>=: + = 7 + C.: 1 7+?<1 /0-A1 M .D.B101
8+,- <17 C: .9;16.7.81 - 96=8+ ?=C-N A0=M +9.=<1: <= . .<;+: +>;-1: <= C.: . 9- A=6+D1<. 91
"+;.</+<@>.8 -<.6+0D.;+;=8 - +81B>=7 =0<=6= 9;1;.9;.B>= ;-81B+<7 + 0+?.</+0=6=/
2A9.2?=@: = 7 + .D-6+0+<7 1 A0.A1?<.>1 /+;.</+<@>+ @>=: + ?1 9- +: +>;0=<. B+9;.F+ : +>;0=<.
<16=?+ "17 /+0=6C0=7 1B ?1 9+ =/: 19. A-F>+;1<7 +8 9;16: 7
17 - =@;0+ ;01/=6+ - .: 9=<=6=7
81/: +<=7 >=8=0. -?1017 - 9+ 91 ?0-/.8 B+9;.F181 . =?9>1B- =? <7 .E ;= 91?
0+?.</+0=6+ 7 +?<1B.<+ >=7 1 A0=.D6=?. ;1B<+ =?/=6=0+ 1: . =A.9-7 + +: +>;0=<+ >1= ;1: 19+
1>= ?1 7 + A0+;6=0.8= - B+9;.B<- 7 +?<1B.<-'
0=<.7 1 9;1: <= .?+ -D .9;=0.7 - 18.91= >=7 1 7 + A0=8+<.: 1 96+ <1,+<1 7 + =A+; -
7<@;17 <=6=8 01?- A+;<1+9; /=?.<1 9;10=8 .= 7 + ;= 7 +?1< 7 <@;17 <=6 9A+>-: 1;.6<. 01?
.D 3 = =?<=9- .D8+,- M =;=<1 . 1>96+: =6.E >:19.B<.E 7 +?<1B.<1 A=: 71 7 <@;17 <7 + ;1?1
A0+?: 1/1= ?1 C. 96=7 9;61 A=: 71 8=/: 1 ?1 6=?+ M =;=<+ >1 8+9;.81 91 6+I=8
6+0=61;<=I=8 =0<=6= 01D0+@+<7 + A.;1<7 1 R1 : . 7+ A=90+?. B+9;.F1 .: . ;1: 19'R919;=7 . 9+
<1A0=9;= - 9: +?+I+8 +: +>;0=< >1= . <7 +/=6. A0.7 1;+: 7. A=<1@1 9+ >1= B+9;.F1 >1? /1
<+>= =;>0.7 + 1: . >1? <.>= <+ 8+0. /?+ 7 + <7 +/=6 019A=0+? A= A0=9;=0- - 9>: 1?- 7 + 91
;1:19<.8 =C019F+8 6+0=61;<=I1 >=7 . ?=C.718= .D 0+?.</+0=6+ 7 +?<1B.<+ 0-/.8 0+B.81
=6= 0+?.</+0=6= 2 A9.2 Q =A.9-7 + 6+0=61;<= 8+9;= +: +>;0=<1 ;1 6+0=61;<=I1 8=G+ 9+
A=<1@1;. >1= ;1: 19 0+?.</+0 7 + =C16.= =<17;+G1> ?+= A=9: 1 9>=61= 7 + 7 +?<1B.<- >=7 1
91? : +G. - 90F- ;+=0.7 + : . ;+> 7 + =0< <1?1E<-; ?16<.8 7 <@;17 <=6.8 01?=8 9E61;.= @;1
0+?.</+0=61 7 +?<1B.<1 D1A016= A0+?9>1D-7 + 0=<.7 1 9+ 919;=7 . - ;=8+ @;= 7 <@;17 <
-A016= =6= =0<=6= ;-81B+<7 + ;1: 19<+ M -<>F.7+ >1= 6+0=61;<=I+ <.>1? <.7 + A0.E61;.=

) "

=0<=6= ;-81B+<7 + 0+?.</+0=6+ 7 +?<1B.<+ A0+?9;16:7

1 <17?0181;.B<.7- . <17>0-A<.7-
A0=8+<- - <1@+8 A=/: +?- <1 96+; 7 =@ =? 7 -;<1 A1 96+ ?= ?1<19 .81: = <19 <+
.D<+<1,-7 + B.<7 +<.F1 ?1 7 + 918 0+?.</+0 D1>: 7-B.= ?1 7+ =0<=61 D18.91= A=;A-<=
<+A0.E61;:7.61 . D1G1:.= @;= 7
+ .>1?1 A0=<1@1= 7+?<1B.<- >=71 7
+ +;= A=9: -G.:1 <+>=8+ ?1
A=B<+ @.0.;. ;1>6+ /:-A=9;. +,-;.8 .:9 =0 17D+<C+0/ =8+0M +:
? . ?0-/. A0.E61;.:
. 9-

122
 =0<1 . ;= C+D8<=/= /-<,1<7 1 D1;= @;= 7 +2 6+0=61;<=I1 C.: 1 - 61D?-E-2 =0<=6B: 1<1>
-C+?: 7.6= 7 + 91=A@;161= ?1 ;1 7 +?<1B.<1 8=G+ 918= A0+?9>1D.61;. 6+0=61;<=I+ <.@;1
?0-/= 1: . ?1 81;+81;.B>. =C: .> 6+0=61;<=I+ 8=G+ ?1 9+ 01D6.7 + A-;1<7 181 9160@+<=
A0+?6.?: 7.6.8
=6=8 <=6=8 ;-81B+<7 - 7 +?<1B.<1 9+ =?<=9. <1 ;1: 19+ 6+0=61;<=I+ Q >=7 .
A0+?6.,17 - @;1 I+ +: +>;0=< 01?.;. >=7 1 I+ 8- +<+0/.7 1 C.;. /?+ 7 + =< . ;1>= ?1: 7+ 1
A0+?6.,1<7 1 .817 - =C: .> 6+0=61;<=I1 ;1 9+ ?1>: + ;1: 191 @;1 2 81@+2/=0+(?=: + >=?
+: +>;0=<1' 1 ;= 9+ ;1: 191 +0=61;<=I1 9+ ;1: 191 +@1618= 7 +?<1B.<+ 1 0+@+<7 1 9+ <1
<+>.8 8+9;.81 <1/=8.: 1617 - . ?17 - 6.9=>- 6+0=61;<=I- 1 <1 ?0-/.8 8+9;.81 9+
8+,-9=C<= A=;.0- . ?17 - <.9>- 6+0=61;<=I- 1? .D6+?+8= ;+9; ?1 6.?.8= ?1 : .7 + ;= ;1>=
.D6+?+8= /1 - 9-@;.<. =/0=81< C0=7A-;1 ( <1.8+ 91 =/0=8<.8 C0=7 +8 +: +>;0=<1
6+I.<. 9: -B17 +61 +: +>;0=< 9+ <1,+ ;18= /?+ 7 +?<1B.<1 >1G+ ?1 7 + <17 6+0=61;<.7 + ?1 I+ 9+
<1I. +;>= 9+ <1,+ ;18= /?+ 7 +?<1B.<+ >1G- ?1 9- 8- 9: 1C. .D/: +?. ?1 9+ <1,+ 1>: +
>61<;.;1;.6<= /: +?1<= 96+ 9+ ;1B<= A=?-?10. 91 A0+?6.,+<7 +8 =>1<;<= 7 + 8+,-;.8 ;=
@;= 8=G+@.9;. =A.; .D6+9;. ?61A-; 91 918= A= 7 +?<.8 +: +>;0=<=8 <1 A=;A-<= .9;. <1B.< .
.A1> ?=C.;. - A06=8 A=>-@17 -7 +?1< 1 - ?0-/=8 A=>-@17 - <+>. 9196.8 ?0-/1B.7 . 0+D-: ;1;
0+?.</+0=61 7 +?<1B.<1 91 =0<=6.8 ;-81B+<7 +8 - 98.9: - 6+0=61;<=I+ A=9;./: 1 7 +
=/0=8<+ -9A+E+ <1 7 + >:7-B A=8=I- >=/1 98= 01D-8+: . 6=?=<.> . E+: .7-8 >= C.98=
.81: . ?=6=: 7<= 6+: .>. 01B-<10 8=/: . C.98= ?1 01D-8+8= . -01< =8=I- <7 + 9E61;.: . 98=
>1>= 9+ ?61 +: +8+<;1 9A17 17 - - 8=: +>-: NA=?./: . 98= E+8.7 - <1 ?1: +>= <1-B<.7 . <.6=
=8=I- <7 + -9A+618= ?1 <1B.<.8= +: +>;0=<9>+ 8.>0=9>=A+ A1 B1> . A0=;=<9>+
8.>0=9>=A+ 01D?=C: 7- =? 3* ?= 3O =<1 7 + A0+<+;1 - 7 +D/0= 1;=81 . ;18= 9+
A=>1D1: 17 +?<1>= 61: 71<1 >1= . - 96+;- F+: .E 1;=81
0+?.</+0=61 7 +?<1B.<1 A0+?6.,1 91 6.9=>.8 9;+A+<=8 ;1B<=9;. 1: . ;= @;= =<1
A0+?6.,1 7 +9;+ 6+0=61;<=I1
;1 7 + ;= 6+0=61;<=I1'
M.D.F. <+@;= <1: .> <1 6+0=61;<=I- - G.6=;- A0.60+?<=8 G.6=;- 8.: .710?+ ?=: 101
-: 1G- 9+ <1 =9<=6- 6+0=61;<=I+ = I+ 618 A=;60?.;. : 7-?. .D=9./-01617 -I.E >=8A1<.7 1
;+>9;.: F. 1 . 8<=/. ?0-/. - ?0-@;6- A+; 9;=;.<1 <17 7
1B.E M .08. ;1;.9;.B10. I+ 618 91=A@;.;.
?1 I+ A0=9+B1< 8+0.>1<1F 1>= 7 + C+: 1F <+A-@1B 8-@>101F 0=,+< 3P G.6+;. T$P
/=?.<+ : . <.@;1 ;. <+ 8=/- =<. 7 16.;. = 9-?C.<. ;6=/ C01;1 >=7 . 9+ D=6+ +: >=7 . 7
+ 0=,+<
C1@ 3P /=?.<+ 7 +/1 8=G+ ?1 D/1D. >18.=< 9-;01 .: . =< 8=G+ ?1 -80+ =? .<M +>F.7 + <1
<=>;- <=G<=/A1: F1 >0=D?6+ /=?.<+ <. 2 A=781 <+817 -2@;1 B+ 9+ +: - ?+9.;.
1? ?0G.8 <19;16- <1 .>1@>=8 -<.6+0D.;+;- <1 7 +?<=8 B19- =?./018 -: =/- C=/1;=/
M1C0.>1<;1 ;+>9;.: 1 =9;.I. - G.6=;- -9A+E >1= ;0/=61F >0A181 .: . >1= 2 B+9;.B102- M .D.F. ;=
;. 7+ 9: .B<= =C1 9: -B17 1 ;0+C1 ?=C0= ?1 6: 1?1@ D1>=<=8 6+0=61;<=I+ . ?1 9+ ?=C0=
9<1: 1D.@- 91>=- =? ;6.?1 1;01G.8 =? 9;-?+<1;1 ?1 961>= 0+?=8 >1G+ >=: .>= 7 + 6.9=>
1 7 1 ;= D1A.9-7 +8 . <1 ;1C: . A016.8 /01M .>=< +>= 7 + 6.9=> O) F+<;.8+;01 <+>= OT
<+>= T$ . ;1>= ?1: 7+ +?1< ?0-/10 7 + 6.9=> 3! +E @;= <+818= >=@10>1@>. ;.8
0=9+> .9A1?<+ T F+8;.8+;101 >-A<= 7 + $$ 9;-?+<1;1 - ?6=01<. . 7 1 ?=C.7 +8
A=?1;>+ =? 96.E . <1F0;18 : +A- D6=<19;- >0.6- >=7 1 6=?. =? =<.E 81: +F>.E A1 9+ -D?.G+
A=: 1>= ?=,+ ?= T 1 =<?1 9+ 9A-@;1 ?+9<= A0+81 96+ 81: =C0=7 <.7 .81 >=7 . 9- 6+=81
6.9=>. . D160@161 9+ 9196.8 <.9>= 91 =<=8 <+A016.: <=@I- =? 3! 1? .818 2 >0.6-
019A=?+: +2= ;+: +9<=7 6.9.<. =6=/=?.@<7 .E C0-F=@1 A1 1>= 918 01D-8<= 9./-01< ?1
=A0+?+: 7
.61<7 + =8: 1?.<+ C1@ D1 A0=-B161<7 + M .D.>+ <+ .D=C: .B-7+ ;- >0.6- .818
0+A0+D+<;1;.6<. -D=01> ;+: +9<.E 6.9.<1 C0-F=@1 <1 .>1@>=8 -<.6+0D.;+;- =8=I- =>=8.;+
=9+ 8=/- ?1 A0=B.;18 A=9;=;>+N8=/- <1 A0.8+0 ?1 A=/: +?18 >=: .>= A=9;=;1>1 <7 .E
.81 6.9.<- .D8+,- T . TP 1>=,+ A=8=I- =6=/ /01M .>=<1 8=/- <1 A0.8+0 ?1
-9;1<=6.8 ?1 A=9;=7 . 6+0=61;<=I1 =? )$Y ?1 9: +?+I. 9;-?+<; .: . 9;-?+<;>.<7 1 .81 6.9.<-
.D8+,- 0+F.8= $O. TO 1>= 8+ ;= D1<.81
1? 918 9A0+81< ?1 A0=.D6=?.8 =?+: 1 >= 9- =6. 9;-?+<;. 8=7 + ;0G.@;+ 1 ;= C1@<+
C. C.: . >1? C.E C.= ;+>9;.: 1F 8=/- ?1 A0=F+<.8 >=7 . A=9;=;1> 8=7 .E =?+6<.E A0+?8+;1
;0+C1 ?1 C-?+ =6=/.: . =<=/2 C0=7 12 - 98.9: - 6+: .B.<+ >= <+818 =617/01M .>=< ;+: +9<.E
6.9.<1 8=7 .E 8-@;+0.7 1 8=01I- ?1 =F+<.8 2 =? =>12>=: .>= B+/1 ?1 9+ A0=.D6+?+ A1 I+ 8.
- 7 -<- =9;1;. <+A0=?1;= *T =?+: 1 6+: .B.<+ P$ >=7 1 <.>= <+I+ :
. 71 I- >0.6.F- C1F.;. <1
8=/19.9;+<;1 G+7 >1

123
 0+?.</+0=61 7 +?<1B.<1 >1? 7 + 0+@.;+ D1 C.: = >=7 - 9.;-1F.7 - - >=7 =79+ ?+@161 <+>.
1;=89>. A0=F+9 ?17 + 7+?<- >0.6- : .<.7- 7 +?1< /01M .>=< 9: .B1< =6=8+ = 6.9.<181
9;-?+<1;1 =?-@+ =C: .> /01M.>=<1 8=G+ C.;. 9196.8 ?0-/1B.7 . >= G+: .8= ?1 D<18= /?+
9+ 2 8=;127 +?1< +: +>;0=< 0+F.8= =<177 +?.<. >=7. A=9;=7 . - 6=?=<.>=6=8 1;=8- ( ?0-/.8
0+B.81 >=: .>= 7 + =< ?1: +>= =? 7 +D/01 ;=/ 1;=81 ( .D01B-<1I+8= . ?=C.I+8= >0.6-
019A=?+: + 6+0=61;<=I+ <1: 1G+<7 1 >=7 1 <1/: = =A1?1 A=9: + <+>.E (!F8 91 6+0=61;<=I=<
=? =>= ! Y ?1 I+ 9+ +: +>;0=< D1?0G161;. -<-;10 >-/: + B.7. 7
+ A=: -A0+B<.> (! F8 = 7 +
=<= <17 <.G+ +<+0/+;9>= 9;1<7 + 2=9<=6<. <.6=2;=/+: +>;0=<1 >= A=C-?.8= +: +>;0=< ?1 9+
A=A<+ <1 9: +?+I. 6.@. +<+0/+;9>. <.6= ?=C.I+8= D6=<19;- >0.6- >=7 1 I+ ->1D.61;. <1
A=: -A0+B<.> >=7 . 7 + - A0=9+>- <+>.E B+;.0. A-;1 6+I. =G+8= .D01B-<1;. >0.6+
6+0=61;<=I+ . D1 ?0-/+ A0=F+9+ 6?+ 8=018= 7 19<= ?1 01D: .>-7+8= A0+?6.,1<7 1 =
6+0=61;<=I. =? A0+?6.,1<7 1 = 8=/-I<=9;. +=81 7 + A0+F.D<= A=D<1;= >=7 . 9- +<+0/+;9>.
<.6=. 8=/-I. 1: . 1>= 9+ D1A.;18= - >=8 +<+0/+;9>=8 9;1<7 - I+ +: +>;0=< C.;. <1,+< =
;=8+ 8=G+8= .D01B-<1;. 918= 6+0=61;<=I- >=7 1 D16.9. =? .9;=0.7 + 9.9;+81 >= +: +>;0=<
.81 .DC=0 <1 >=7 . I+ <.G. +<+0/+;9>. <.6= 9.I. <1 <+>. =? ?61 .: . 6.@+ <.6=1 1>= 9- 8-
8=/-I. =A+; 8=G+8= ?1 .D01B-<18= 6+0=61;<=I+N<1 A0.8+0 !) A=9;=;>1 6+0=61;<=I+
?1 9.,+ <1 3 A=9;= 6+0=61;<=I+ ?1 9.,+ <1 ) . ;1>= ?1: 7+ +8=>0.; 7 + ;= <17 C=:7
+
>1D1= =<=8 96=7 =8 0+B+<.F=8 R 6+ @;= - 19+: 7+<. A=9;=7 . A:=? 7 + 9: -B17 1 . <-G<=9;. R
1D:.B.;1 +<+0/+;9>1 9;1<7 1 9- <-G<=9; 7 +0 918= =<1 8=/- ?1 A=9;=7 + : . <1 >=7 + I+ =?
;.E +<+0/+;9>.E 9;1<7 1 +:+>;0=< ?1 ?=9A+ ;= 8. 8=G+8= ?1 A0+?9>1G+8= 918= >1=
6+0=61;<=I+ +0 = ;=8+ =?: -B-7+ 9: -B17
=<F+A;. 6+0=61;<=I+ 9196.8 9- <=081: <. 9;1;.9;.B10.81 D<+8.0.: . 9- 8+,-;.8
M.D.B10+ - A06.8 ?+F+<.7 181 =6=/ 6+>1 D1;= @;= 9- =<. C.: . @>=: =61<. ?1 6+0-7 - - >:19.B<-
M.D.>- D<+8.01617 - 8<=/+ . ?1<19 7
-;< 7+ =A.91= 7 +?1< ?+;+08.<.9;.B>. 96+; >=
C1F.@ >18+< : 1<9.01@ 01>+;- .: . -6+?+@ <=6- A: 1<+;- - -<B+6 9.9;+8 8=G+@ C10 -
<1B+: - 1>= 9- ;. A=D<1;+ 96+ 9.: + . 96. A=B+;<. -9: =6. 9160@+<= A=-D?1<= ?1 A0+?6.?.@
>-?1 I+ ;17C1B+<. .: . :
1<9.01<. .:. -6+?+<. A0+?8+; .I. 61<;<1 ;+=0.7 1 8+,-;.8 >1G+
<+ =B+;<. -9: =6. 9- 918. A= 9+C. <+=?0+,+<. =G+@ ?1 .D8+0.@918= 6+0=61;<=I+ D1
96+ =<= @;= G+: .@ /?+ I+ C.;. B+9;.F1 >=: .>= I+ C0D1 C.;. . ;1>= ?1: 7+ =0<=6= ;-81B+<7 +
0+?.</+01 -D<+8.0.: = 7 + M
.D.B10+ >=7 . 9- ;=>=8 ;0. 6+>1 A=9: + "1: .:+71 . 7 -;<1 A0.E61;1: .
?+;+08.<.D18 >1= 96=7A=/: +? <1 96+; 61<;<1 ;+=0.7 1 A0+;. ?1 .E 96+ A0+;6=0. - 81: =
2-D6.@+<.7 -2609;- 9;1;.9;.B101

"=?.<+ 3)T +</: +9>. M .D.B10 =: .01> A=>-@161= 7 + ?1 A0=@.0. >61<;<- ;+=0.7 - D1
>=7- 9+ - ;= ?=C1 B.<.: = ?1 7 + - <+9>: 1?- 91 7<@;17 <=6=8 A=9+C<=8 ;+=0.7 =8
0+:1;.6<=9;. + ?6+ ;+=0.7 + 6+I7 +2A0+?9;16.=27 +?<- ?0-/=7 =8+0M +:? 1: . .01> 7+ =?: -B.=
?1 .E -6+?+ - 90+I1< 9>: 1? ?1 .E 6+<B1 . ?1 <1?/: +?1 ?1 90+I<= -01?+ =<= @;= <1
A=B+;>- C01>1 ;0+C1 ?1 -01?+
.<+I. ;= <1@1= 7 + +: +/1<;<- <=6- 7 +?<1B.<- D1 +: +>;0=< >=7 - C1@ <+=C.B<=
<1D.618= .01>=61 7 +?<1B.<1 D;+ 8=I<+ 7 +?<1B.<+ A0=.9;.B- ?61 D1>: 7-B>1 <1.8+ ?1
+:+>;0=<. 8=017 - .81;. 9A.< . 8=017 - 9;6101;. 81/<+;<= A=: 7+ 0.9+;.;+ 9+ / B.<.=F1 91
A=B+;>1 =6=/ A=/: 16:71 .01>=6. A0=01B-<. A=>1D1: . 9- ?1 7 1B.<1 81/<+;.D81 +: +>;0=<1
8+0+<1 A=8=I- / 8=01 C.;. ) +> 8<=/= >19<.7 + C0-@+<7 +8 =6+ 7 +?<1B.<+ ?=@: = 9+
?= =<+ ;1B<.7 + 60+?<=9;. >=7 - 98= 618 6+I ?1: . 7=@ <+@;= .01> ;1?1 8=81> =?
?61?+9+; B+;.0. /=?.<+ <1,+ ?1 A0.: .>=8 ?=C.7 1<7 1 +:+>;0=<9>=(;1: 19<=/ 0+@+<7 1 <7+/=6+
7+?<1B.<+ .9>09161 7 =@7 +?<= 0+@+<7 + 91 C.D10<.8 .8A: .>1F.7181 =01: 1 C. A=9;=71;. 7=@
7+?<1 B+9;.F1 >=7 1 C. .81: 1 =?: .>+ - 96+8- 7 +?<1>+ +: +>;0=<- 1: . 91 9-A0=;<.8
<1+: +>;0.91<7+8 1;+81;.B>. 01D: =/ D1 =6= 9196.8 7 + 7 +?<=9;161< . 7 191< 61>= ?+;+
D<1 ?1 >61?01;<. >=0+< .DB+;.0. 7 +9;+ ?61 @;= D<1B. A: -9 ?61N1: . .9;= ;1>= . 8.<-9 ?61
7+0 7+ 8.<-9 ?61 A-;1 8.<-9 ?61 ;1>=,+ 7 +?<1>= B+;.0. 6= /: +?17 ;+ ) K ) L P 1: .
<+9-8<7 .6= . () K () L P 61?01;<. >=0+< .DB+;.0. 7 + .:
. A:-9 .:. 8.<-9 ?61
0=C: +8 7+ C.= - ;=8+ @;= =61 9.8+;0.7 1 .8A: .F.01<1 .01>=6=8 7 +?<1B.<=8 D<1B. ?1
D1 961>- <1+: +>;0.91<- B+9;.F- 8=01 A=9;=7 1;. 7=@ 7 +?<1 .9;1 ;1>61 1: . 91 9-A0=;<.8
<1C=7 +8 1;= 7 + .01> ?G+<;: 8+< >=<D+061;.61< . ;=: .>= <+E10.D81;.B1< ?1 9- 9+ = ;=8+

124
01D6.:+ : +/+<?+ C.= A0.9.: 7
+< ?1 9+ <+>1>= .DC=0. 91 96=7 .8 9=A9;6+<.8 0+@+<7 +8 17 D1?
9+ =?: -B.= ?1 .9;-A. 91 9: +?+I=8 ;60?<7 =8 - A0.0=?. 8=01 C.;. ?1 A=9;=7 + . A=D.;.6<.
+:+>;0=<. 1 <+ 918= <+/1;.6<. +>= 7+ 9>=61= 0+B 1<;.81;+0.7 1 1 1<;.81;+0.7 1 ;0+C1: =
C. ?1 9+ <1: 1D. 96-?1N1: . <.>= 7+ <.>1? <.7 + A0.8+;.= <. - <17 81<7 =7>=: .B.<.
"=?.<+ 3*) 7 +?1< 8: 1?. M .D.B10 91 1: ;+>1 ;.A A= .8+<- 10: <?+09=< #10:
<?+09=< 91/01?.= 7 + 81/: +<- >=8=0- -?+@+<- ?1 9+ - <7 =70+/.9;0-7 - . M=;=/01M .@-
9-C1;=89>+ B+9;.F+ >= ;+ <1A016+ C.= 7 + A=9;16: 7+< 8=I1< 81/<+; ?1 C. 916.7 1=
A-;1<7 - B+9;.F1 . ;.8+ =?0+,.61= 8+0- <7 .E=6+ +<+0/.7 + <?+09=< 7 + - 96=7 - 60+I-
-E61;.= C.D10<- <=6- B+9;.F- ( <7 +< ;01/ D1A016= ( B.7 . 7+ :+; >0=D >=8=0- 9<.8.=
1?+<-= 7 + =6=8 B-?<=8 <=6=8 A0+?8+;- <1D.6A=D.;0=< DC=/ ;=/1 @;= 9- 96+ =9=C.<+
C.:+ .9;+ >1= >=? +: +>;0=<1 1 918= <1+: +>;0.91<7 + ?0-/1B.7 + =D.;.6<= <?+09=< 7 + =6=
=;>0.I+ =C7 16.= 1: . C+D .>1>6=/ A=8.<7 1<71 .01>=6+ ;+=0.7 +N 1:. 8<=/. 9- 9+ -C0D=
?=9+;.: . @;1 7+ A=90+?. ( ?1 7 + <?+09=< D1A016= A0=<1@1= 7 +?<- <=6- 609;- 81;+0.7 +
1<;.B+9;.F- >=7 1 7 + <+>=: .>= /=?.<1 A0+ ;=/1 6+I 2 .D:+;+:12.D .01>=6+ ;+=0.7 + ;1 7 +
9;6101: = ;+ ;01/=6+ - <?+09=<=6=7>=8=0.' =98.B>. D01F. 9- .E 9;6101: .N1 >=98.B>. D01F.
7+9- D01B+<7 + >=7 + <19;17 + >1? 01D<+ B+9;.F+ ?=: +I- .D>=98=91 .D?1: +>.E ?+: =61 <1@+
"1: 1>9.7 + . -?1017 - - <1@- 1;8=9M +0- 1 C. ?=C.= 7 =@C=: 7+ A=?1;>+ <?+09=< 7 + A0+<+=
F+:- 96=7 - 9>1: 18+0.7 - .D/01?1 191?+<+ <1 60E 7 +?<+ A: 1<.<+ - =: =01?- /?+ 7 + 61D?-E
01D0+,+<.7 . 1 >=98.B>= D10B+<7 + 9<1G<.7 +
<?+09=<=6= : .F+ <1 <19: =6<=79;01<. : .9;1 27 -7=0> 17 892 >1= . 91=A@;+<7 + = =6=8
=;>0.I- A=9: -G.:. 9- >1= <1?1E<-I+ .D6+9<=8 8: 1?=8 +?+08+<-N;1? 7 + ?=;.B<. 7 -<=@1
A06. A-; C.= .D: =G+< 0=81<;.B<=7D18.9: . = @: +A=61<7 - <+>+ /0?<+ =A0+8+ B1> <1 60E
A:1<.<+ D101? <1-B<=/ 8+0+<7 1 =9:
+ 9+ A=>1D1: = ?1 7 + 1<;.81;+0.7 1 60: = C.;<1 9;610
<+8.<=6<= -A: +;+<1 - G.6=; 961>=/ M .D.B101 >=7 . A0=-B161 +: +8+<;10<+ B+9;.F+ = B+8-
I- =C+I1618 >19<.7 + 0+I. 6.@+ 61<;<1 ;+=0.7 1 A=9;./:17 +7 =@7 +?1< -9A+E

"=?.<+ 3)T 17 D+<C+0/ 7 + .D8.9: .= 96=7 + 0+: 1F.7+ = <+=?0+,+<=9;. >=7 + 9- 9;16.: +
>1A- <1 /: 16- ;+ 6+: .>+ <1-B<+ 0+6=: -F.7
+ D1 >=7 - >1G+8= ?1 7 + >61<;<1 ;+=0.7 1 =C0=
>61<;<1 ;+=0.7 1 <.7 + 9;610<= ?=60@+<1 ?= B+;0?+9+;.E /=?.<1 =6=/ 6+>1 1 1>= C1@
E=I+8= . ?1<19 9+ <19;16: 71 <7 +< 01D6=7 - 6+0D.7 . <1D61<=7>61<;<1 ;+=0.7 1 A=:71N<+81
;- 9;610<+ ?=60@+<=9;. ?=> 7 + <+ 9A=7 .8= - F+: =9;. 91 /016.;1F.7 =8 : . D1 960E+ >=7 .81 9+
8. - =6=7><7 .D. C16.8= <1B+: = <+=?0+,+<=9;. A0+?9;16: 71 ?=C0= 8+9;= D1 D160@+;1>
17D+<C+0/=6+ 0+: 1F.7+ = <+=?0+,+<=9;. 7 +9- 81;+81;.B>1 A=9: +?.F1 0+?.</+0=6+
7+?<1B.<+N;1>=,+ 9- : =/.B>. A=9;-: 1;. .:. A0+;A=9;16>+ 7 +?<+ <=6+ >61<;<+ 8+E1<.>+
=@;= 9- 17 D+<C+0/=6+ D18.9: . >:7
-B<+ D1 9E61;1<7 + >=: .>= 7+ >61<;<. 96+; 9;610<= <=6
C.I+ A=;0+C<= ?1 9+ ;- 81: = D1?0G.8=
+.810. >61<;<+ ;+=0.7 + -A=0<= /=6=0+ ?1 9- 61G<1 918= 8+0+<7 1 <1 9- ?1>1>=
?01/1 90F- +>9A+0.8+<;1;=01 1G- 96+ @;= =? 7 +?<+ ;+=0.7 + 8=G+8= ;01G.;. 7 +9;+ ?1
A0+?9>1D-7 + .9E=?+ <+>.E 8+0: 7
.6.E ?=/1,17 1 +>: = C. 9+ ?1 7 + ;= 918= A= 9+C. 7 19<= 1: .
1>= 81>10 . D1 ;0+< D1C=016.8= ;= A016.: = A=7 16+ 9+ A101?=>9. D6+9<. 1-;=0. <=9.=F.
;1>=D61<+ A=A-: 10<+ <+ >-: ;-0+ 6+=81 6=: + ?1 +>9A: =1;.@- ;+ A101?=>9+ =?1I- . =6=
-A016= <1 ;+=0.7 . 8+0+<7 1 A0.9.: 7
+<1 7 + >61<;<1 ;+=0.7 1 ?1 9+ 9-=B161 91 96=7 .8
<+>1?1@<7 .8 ?1<1@<7 .8 . <+9-8<7 .6= C-?-I.8 >0.;.B10.81
17 D+<C+0/ 7 + A0=/: 19.= ?1 <1@+ .9;=60+8+<= D<1<7 + = 8+9;- /?+ 9+ 7 +?<1 B+9;.F1
<1:1D. . = <7 +<=8 >0+;1<7 - 7 +9;+ =/01<.B+<= >1= . ?1 >=8C.<=61<1 <+=?0+,+<=9; ;+ ?6+
6+:.B.<+ 8=01 ?1 A0+61D.,+ <.@;1 ?0-/= <+/= : 1<>=6- >=<9;1<;- E =<- .9;- >=7 - 98=
A06. A-; 9-90+: .-M =08-: . L EM 1@+ 8+0+<7 + A=: =G17 1 B+9;.F+ . >0+;1<7 1 B+9;.F+ <7 +<=/
.8A-: 91 7 +9- - =C0<-;= 901D8+0<=79A0+/<-;=9;. ;= 6.@+ D<18= = 7 +?<=8 81<7 +
D<18= = ?0-/=8 0+?.</+0=61 7 +?<1B.<1 ?17 + <18 6+0=61;<=I+ D1 ;+ B.<.=F+ >=
98.9: .8= <+>. =A.; >=7 .8 I+8= ;1B<= =?0+?.;. /?+ 7 + 7+?1< +: +>;0=< ( 0+F.8= ?1 I+ 9+
?=C.;. <+>+ >==0?.<1;+ 91 .D-D+;<= 81: +<=8 <+9./-0<=@I- - A=/: +?- A=: =G171 ( 01@.0.I+
9+ - =?/=61017 -I=78+0. 6+: .>1 2 :
+A+D128=/-I.E 60+?<=9;. .8A-: 91 A= 17 D+<C+0/=6=7
0+:1F.7. 0=.D6=? =6.E ?617 - <+=?0+,+<=9;. 1 8. .8 8=G+8= A0.A.91;. <+>+ =?0+,+<+
C0=7 B1<+ 60+?<=9;. -6+> 7 + 6+I. =? : 1<>=6=/ 96+A0.9-;<=/ E 17D+<C+0/=6+ 0+: 1F.7+

125
-<.@;.: + 9- 7 +?<=8 D1 961/?1 >: 19.B<- 9: .>- =0C.;1 18 A=7 18 2 A=:=G17 2( ;= 7 +9; 2 8+9;=2
( 91? 7 + 81<7 + =?0+,+< 17 ?+ ?1 9+ 8. 601;.8= 7 -;<- . <+B+8- @;= 8=G+8= 9+C.
6.D-+: <= ?1 A0+?9;16.8=
0+;A=9;16.8= ?1 .818= 0161< ?0-8 A= >=8+ <+>=8 ?=C0=8 C0D.<=8 A-I>1 7 +?1<
1-;=8=C.: <+>1 7 + ;= >=0+7 1<9>. E.-<?1. . ?=<+9+8= =?: ->- ?1 .D8+0.8= <7 +/=6-
A=: =G17- <+>=8 ;0+<- =;A0.: .>+ - =<=8 >1? A0=7 -0. A=>017<19 :
. ;1>=,+ G+: .8= ?1
D<18= 8=: .8 : +A= ( >=7 =8 C0D.<=8 .?+ <7-;<=69>=7M .D.F. >1? ;1B<= -9;1<=6.8=
A=: =G17. C0D.<- 7 +?<=/ ;+: 1 - <+>=8 ;0+<-;>- ;.8+ 9;.B+8= 8=I?1 A0+?6.?.8= ;1B<=
/?+ I+ ;= ;+: = C.;. - C.: = >=8 C-?-I+8 ;0+<-;>-
+,-;.8 8. >=7 . 01?.8= - >61<;<=7M .D.F. >1? ?=6-B+8= G+: 7+<- >=: .B.<- : +<7 .01 .
B19=6<.>1 C: .F+61 . >18+01 -9;1<=6.8= ?1 @;= A1G: 7.6.7 + 8+0.8= A=: =G17<+B+/1 ;= 7 +
81<7 1 <1@1 9A=9=C<=9; ?1 8- .D8+0.8= C0D.<- . =C01;<= 0.9+;.;+ 9+ C0D.<1 7 +
A0=8+<1 8+9;1 A=?+: 7+<1 60+8+<=8 - >: 19.B<=7M .D.F. 1-;=8=C.: 8=G+8= 9;1: <=
?1 A=C=: 7@1618= ;1B<=9; 8+0+<7 1 . C0D.<+ . A=: =G17 1N8=G+8= - ;=8+ ?=9;.I. ;1B<=9;
>=: .>- /=? E=I+8= 0+C1 918= ?1 .D6-B+8= =? <+>=/ 8.<.9;109;61 ?=6=: 7
<= : =6+ D1
A0=.D6=?<7 -7 =@C=: 7+ 8+0<+ =A0+8+
A=?0-B7 - 1;=81 17
D+<C+0/ 7 + -9;1<=6.= 7 +?<- 9-@;.<9>- <+91D<1;: 7.6=9; >=7 1 9+
<+ 8=G+ A=A016.;. <.>1>6=8 >=: .B.<=8 =A0+8+ /+<.7 1: <=9;. <.;. ?0G16<.E A101
17 D+<C+0/;60?. ?1 7 +7 +?<1 =? ;+8+: 7<.E =?: .>1 A0.0=?+ -A016= ;= ( ?1 A0=.D6=? =6+ ?6+
<+=?0+,+<=9;. 8=01 -6+> C.;. 6+I. =? : 1<>=6+ >=<9;1<;+ 91? =6= 8=G+ D6-B1;.
B-?<=N1: . ( A=9;=7 . B609;1 M .D.B>1 =9<=6.F1 D1 =6- <+=?0+,+<=9; - 8+0+<7 - 8.>0=96+;1
=>-@17 8= <1 A0.8+0 ?1 ;1B<= -9;1<=6.8= /?+ 7 + 7+?1< +: +>;0=< 1 C.98= ;= A=9;./: .
8=018= /1 2 6.?+;.2 ;= D<1B. ?1 8=01@ A=9;.I. ?1 <+>1 96+;: =9; =?9>=B. =? <7 +/1
19A+@/1 M =;=<.81 7 +?1< M =;=< 9+ =?C.7 + =? <7 +/1 - 0+?- 6.?.8 /1 .?.8 ;17+: +>;0=<
<18 <7 +/=6 A=: =G17- =6=8 ;0+<-;>- +,-;.8 >1? 9+ M =;=< 9-?10. 91 +: +>;0=<=8
A0=8+<. <7 +/=6= ?1: 7+ >0+;1<7 + A=0+8+;. /1 D8+0.: . 98= 7 +?<= A=>610.: . ?0-/=
>61<;<=78+E1<.F. 8+0+<7 + <+8.<=6<= ?=6=?. ?= A0=8+<+ =<=/ @;= 8+0.8= 7 +0 9+ 01?.
- 1;=89>.8 9.9;+8.81 ;1>= ?1 8+0<. 1: 1;. <+ 8=/- C.;. 81<7 . <+G<.7 . <.;. C: 1G. ;=8.
.817 - A0+B<.> 0+?1 7 +?<=/ ?+9+;=8.: .7
10?.;=/ ?+: 1 F+<;.8+;01N 1 ;+G.<1 .8 7 + 0+?1
8.: =<.;=/?+: 1 8.: .710?.;=(8.: .710?.;=/?+: 1 7+?<=//0181 1>: + <.7 + 8<=/= A=;0+C<= A1
?1 .D60@.@6+: .>. -;.F17<1 7 +?1< 1;=8 1 01D: .>- =? ;=/1 - 9.9;+8.81 - >: 19.B<=7M .D.F.
8=G+8= A=9;.I. ?1 B.< 8+0+<7 1 -;.B+ <1 8+0+<. A0+?8+; 918= 81: = <+D<1;<=
0+;A=9;16.8= ?1 G+: .8= .D8+0.;. ;+8A+01;-0- 6=?+ 18=B.8= 81: . ;+08=8+;10 -
7+D+0= .8+ <+I+8= A0=8+<.;. ;+8A+01;-0- ;=/ 7 +D+01 :. 1>= C.98= D18=B.: . <+>.
6+: .>. ?+C+: . ;+08=8+;10 - 7 +?1< <1A09;1> 6=?+ ;= C. C.: = C1@/: -A= 7 +0 C. ;+08=8+;10
.D8+<.= ;=7 6=?. ;+8A+01;-0- ( >=7 - ;0+C1 ?1 .D8+0. 1;=89>.8 9.9;+8.81 >1G+
>61<;<1 ;+=0.7 1 8=018= D<1;. ?1 . 8+0+<7 + 9.9;+81 7 +9;+ 919;16<. ?+= ;=/.9;=/9.9;+81

179:16<.7. . <17A=-B<.7 . A0.8+0 >=<;01.<;-.;.6<+ A0.0=?+ >61<;<+ ;+=0.7 + 7+9;+ =A.; 91

?6=9;0->.8 A0=0+D=8 06. B=6+> >=7 . 7+ .D6+= =617=A.; C.= 7 + =819 1</ : +>10 : +;1
/=9A=?<7 +/ ! P 1?1 A0+ 9>=0= ?61 6+>1 ;= 7 + <1@.0=>= A=D?016: 7+<= >1=
+>9A+0.8+<;1: <. ?=>1D ;1: 19<+ A0.0=?+ 96+;: =9;. >9A+0.8+<;1;=0 -A+0. 8: 1D 96+;:=9;.
0+F.8= G-;+ <1 D.? 0+;E=?<= 7 + <1 ;=8 D.?- <1B.<.= ?61 A0=0+D1 -A=0+?<1 6+=81
;1<>1 . 6+=81 C: .D- 7
+?1< ?0-/=8 1:+>= .D1 D.?1 7 + +>01< <= 81: = 96+;:
=9;. @;= 9+
A0=;.9<+ >0=D;1 ?61 ;1<>1 D19+>1 A1?<+ <1 +>01< ( ;= 7 +9; A0=7+>;-7 + 9+ <1 <7+/1 1?
7+ 1</ A=>0.= 7 +?1< A0=0+D <1 +>01<- 9+ A=7 16.:1 7+?<=9;16<1 C: .9;161 81: = 01@.0+<1
9:.>1 ?0-/=/ =;6=0+<=/ A0=0+D1 +,-;.8 >1? 7 + =9;16.= ?1 =C1 A0=0+D1 C-?- =;6=0+<1
.9E=? 7 + C.= .D<+<1,-7 -I. =716.:
1 9+ =C197 1<1 A=60@.<1 1: . >1? 7 - 7+ 1</ A=8<=
01D/:+?1= .9A=9;16.: = 9+ ?1 <1 <7 +<.8 0-C=6.81 A=9;=7 + 96+;:+ . ;18<+ ;01>+ 1C=8+
;18<+ ;01>+ 9- =<1 8+9;1 <1 >=7 1 96+;:=9; <+ ?=A.0+
6+ ;01>+ 9- ?=>1D ?1 7 + 96+;:=9; ;1:191<7+ 0+>1= 7 + 1</ 1@;=' 1;= @;= 9- ?+=
;1>=D61<+ 2 .<;+0M +0+<F.=<+ 9: .>+2 <;+0M +0+<F.7
1 9+ A=7 16: 7
-7+ >1? /=? 9+ 8+,-9=C<=
9-?1017 - C.:
= >1>6. ;1: 19. ;= <1 A0.8+0 ?61 ;1: 191 - 6=?. 9+ 9-?10+ . A=?-?10+ 60E
7+?<=/ 9+ A0+>: =A. 91 60E=8 ?0-/=/ - ;=8 ;0+<-;>- .818= D<1;<= 6+I+ <1?.D1<7 +

126
6=?+ =<. 9- 9+ A=7 1B1: . :. 1>= 7 + 7 +?1< D1>19<.= D1 A=: 1 ?-G.<+ A1 <1.,+ 96=7 =8
-?=: .<=8 <1 60E =<=/?0-/=/ - ;=8 ;0+<-;>- .818= D<1;<= 81<7 + <1?.D1<7 + 6=?+ =<.
9+ 8+,-9=C<= A=<.@;1617 - =?1 9+ - D<1;<=78+0. A=016<1
1</=61 =C7 1@<7 +<7 + =A.;1 91 ?61 A0=0+D1 919;=7 1: = 9+ - ;=8+ ?1 <1 .D6+9<.8
8+9;.81 -D<+8.0+<7 1 9: .B<1 ;1: 19.81 6=?+ 1 ;1 -D<+8.0+<7 1 7+9- 96+;: =9<. ;1: 19. .D?61
A0=0+D1 A0.9;.G- 91 ;1B<= ;1>6.8 A=8+01<7 +8 M 1D+ ?1 9+ 8+,-9=C<= A=<.@;+ 60E 7 +?<=/
96+;: =9<=/ ;1: 191 A=?-?10. 9+ 91 -?=: .<=8 ?0-/=/ . >1= .9E=? .81@ 801> 1>61
A=<.@;161<7 1 9- <17 C.;<.7 . D<1> 961>+ ;1: 19<+ .<;+0M +0+<F.7 + >1? 9+ 60E 7 +?<=/ ;1: 191
96+;: =9;. A=?-?10. 91 60E=8 ?0-/=/ ;1: 191 96+;: =9;. ;- ?=C.7 +8= 7 =@ 7 1B- 96+;: =9; 1
;=8 8+9;- <1 +>01<- C-?+ 96+;: 1 A0-/1 6= 7+ A0.E61I+<= >1= ?=>1D ?1 7 + 96+;: =9;
;1:19<1 A=7 161
1 ?=C0= - <1B+: - 7 + 8=/-I+ ?1 9+ .9;. =617=A.; .D6+?+ . 91 +: +>;0=<.81 9-@;.<.
;= 7 + =<= @;= 7 + +7 6.9=< -01?.= - : 1C=01;=0.7 181 M .08+ 2+: 2 1? A0=0+D+ =C19A+@
8: 1D+6.81 +: +>;0=<1 <1 +>01<- ?=C.7 +@ .<;+0M +0+<F.=<- 9: .>- >01< 7 + A=>0.6+<
8.<.7 1;-0<.8 "17 /+0=6.8 C0=7 1B.81N 961>. 9+ =/: 19. 7 +?<.8 2: .> 2>1? - <7 +/1 -: +;.
+:+>;0=< "17 /+0=6 C0=7 1B =;>0.7 + B+9;.F+ 1 C.98= A0=6+0.: . ?1 : . =6. "17 /+0=6. C0=7 1B.
01?+ A0.;.9<+8= ?+C+= >=81? =: =61 <1 A0=0+D C0=7) 1?1 I+ 96. "17 /+0=6. C0=7 1B.
A0.716.;. ?1 9- -E61;.: . A=<+@;= 1>= B+>18= ;1>= ?-/= ?1 8<=/= E.: 71?1 +: +>;0=<1 A0=,+
>0=DA0+=9;1: . A0=0+D >0=DC0=7 :. >1? =9;16.8= ?1 =C1 A0=0+D1 C-?- =;6=0+<1 B.;16.
0+?=6. "17 /+0=6.E C0=7 1B1 D1<+8+
18= 81: = =: 1>= 9 ;.8+ 1? 7 + 7 +?1< A0=0+DD1;6=0+< +: +>;0=<. 9+ A0=;.9>-7 - >0=D
=<17>=7 . 98= =9;16.: . =;6=0+<N<1A0=9;= @;0F17 - >0=D <7 +/1 1: . >1? A0=,- 019.A17 - 9+
<+>. .?- : +6= <+>. ?+9<= /=0+ ?=: + 1 <+>. C1@ A0=?-G+ A016= 1 +>01<- 9+ D1B-7 +
8<=@;6= 2: .> :.> :.> 2=;A0.: .>+ 96-?1 =;A0.: .>+ -7 +?<1B+<= <1: .> <1 =<= >1? 7 + 1</
=9;16.= 7 +?1< A0=0+D=;6=0+< . ?=C.= -7 +?<1B+<- 1: . .A1> . 81: = 01D: .6+<- ;01>- 96+;: =9;.
0-/.8 0+B.81 +: +>;0=<. 9+ A=<1@17 - >1= B+9;.F+ 1 ;= . 7 +9;+ 9160@+<= : =/.B<=
:. 1>= =;6=0.8= . ?0-/. A0=0+D 8<=/. +: +>;0=<. I+ <1E0-A.;. <1A0+? . >0=D<7 +/1 : .>1
I+ 9+ A0=8+<.;. A=7 16.I+ 9+ 2 F0<+ ;01>+2- >=7 + <+I+ ?=9A+61;. <.7 +?1< +: +>;0=< 1? 9+
+:+>;0=<. A=<1@17 - >1= ;1: 19. D<18= ?1 9- B+9;.F+ A= ;=8+ @;= "17 /+0=6. C0=7 1B. >:.>I-
=/: . C.9;+ 6. >1D1;. =61>= 8=G?1 ?61 .: . 6.@+ +: +>;0=<1 A0=,- .9;=60+8+<= >0=D
A0=0+D+ . <1B.<+ 9.8-: 1F.7 - =C019F1 ;1: 19<+ .<;+0M +0+<F.7 + 1 C.98= A=>1D1: . ?1 9+ ;= <+
?=/1,1 D<1;<= 981<7 .8= C0=7+: +>;0=<1 >=7 + A-@;18= 91? 961>=/1 8.<-;1 A-@;18=
918= A= 7 +?1< =716. 9+ =A+; .<;+0M +0+<F.=<1 9: .>1 1>: 7-B1> +: +>;0=< ?=> A0=: 1D.
>0=D 7 +?1< A0=0+D 2 D<12?1 : . 7+ ?0-/. A0=0+D D1;6=0+< .: . =;6=0+< =<1@1 9+ ;1B<= -
9>: 1?- 9 ;.8
?1>: + <18 ;1 A=8.91= ?1 9- +: +>;0=<. 2 A18+;<.2 ' ;16.;+ 9+C+ - A=: =G17
+>9A+0.8+<;1;=01 81@ +: +>;0=<9>. ;=A . <+81 <+?=-8.F+ ( .9A1: 7
-7 +@ +: +>;0=<+ <1 ;+
A0=0+D+ = 7 + 719<= <1@ 9./-0<= ?1 <1 F.: 79;.G- B+9;.F+ 7 +0 "17 /+0=6. C0=7 1B. >: .>I-
61>. ;1>16D6-> D<1B. ?1 7 + - C0=7 1B -: +;+:1 7 +?<1 B+9;.F1 <1B. =9;16.= ;. 918= 7 +?1<
A0=0+D.: . =C1 961>1>= A=B.<7 +@. D160@161@91 B+9;.F181 +,-;.8 /?+ I+ B+9;.F+ A1?1;.
D16.9. =? ;=/1 ?1 : . =;6=0.@=C1 A0=0+D1 .: . 918= 7 +?1< 0+81 ;=8+ B+9;.F1 >=7 1 A0=: +I+
>0=D7 +?1< A0=0+DA=<1@1 9+ >1= ?1 D<1 ?1 : . 7+ =<17?0-/. A0=0+D=;6=0+<N8+<7 1 96=7 +
A=<1@1<7 + - 9>: 1?- 91 =6=8 .<M =081F.7 =8 >= 7 + ?0-/. A0=0+D D1;6=0+< B+9;.F1 >1G+
9+C. R +81 M 0>+ 91? 8=/- ?1 -?10.8 - C.: = >=7 . ?+= +>01<1R +,-;.8 1>= 7 + ?0-/.
A0=0+D =;6=0+< B+9;.F1 >1G+ 9+C. R -E 1? 8=018 ?1 .DC+/1618 <+>1 8+9;1 <1
+>01<- =<1 8+9;1 /?+ ;0+C1 ?1 =9;1<- ;18<+ ;01>+ ?1 C. 9+ ?=C.: 1 .<;+0M +0+<F.=<1
9:.>1 R =@;= B+9;.F+ <+ 8=/- <.@;1 ?1 D<17 - : =/.>1 D1A1?1 - >0.D-
61<;<1 8+E1<.>1 >1G+ ?1 8=G+8= A0+?9>1D1;. 6+0=61;<=I- A0=: 1G+<7 1 +: +>;0=<1
>0=DA0=0+D+ . >19<.7 +/<7 .E=6=/9;.D1<7 1 ?= +>01<1 +0=61;<=I1 7 + ;1: 19 1 ;1: 19. >1? .8
<18+9;.@ ?61 A0=: 1D1 =C01D-7 - .<;+0M +0+<F.=<- 9: .>- 1? 9- =C1 A0=0+D1 =;6=0+<1 Q
;1:19. 6+0=61;<=I+ 8=/- .D8+,- 9+C+ .<;+0M +0.01;. <1 ;1>16 <1B.< ?1 I+ <1 <+>.8
?+: =6.81 +>01<1 .9E=? C.;. <-: ;1 6+0=61;<=I1 Q L ?1 +: +>;0=< ;- -?10. .8 A=9;16: 71@
1<;0=A=8=0M <1 A.;1<7 1 >1= - A0+;E=?<=8 A19-9- D<1B. ?1 9+ <.9. 2 =;0+D<.=2=? >: 19.B<+
M.D.>+N=<1 ;+ 7 =@?0G. >61<;<=8 96+;- <+ 8=G+ 9+ A=9;16.;. A.;1<7 + R 1>= +: +>;0=< D<1
>0=D >=7 . A0=0+D ?1 A0=,+'R D1;= @;= 7 + ;= <+@;= <1 @;1 <+ 8=G+8= 8+0+<7 +8 ?=C.;.
=?/=6=0 .>= <+ A=981;01 A-;1<7 - ;=/7 +?<=/+: +>;0=<1 .D;1B>+ - ;1B>- F+: .8 A-;+8
A1 A0+81 ;=8+ B1> <. A.;1<7 + R 0=D >=7 . 7+ =? =61 ?61 =;6=0+<1 A0=0+D1 +: +>;0=<

127
A0=@1='R<+ ?=: 1D. - =CD.0 D1 01D81;01<7 + 17 D+<C+0/=6+ 0+: 1F.7+ <+=?0+,+<=9;. : +B+ <19
=? 818-0: ->1 . =61>= ->1D-7 - <18 ?1 1>= A=>-@18= 8+0.;. A-;1<7 - >=7 =8 9+ +: +>;0=<
>0+I+ =? +: +>;0=<9>=/ ;=A1 ?= A0=0+D1 ;.8+ <+8.<=6<= 8=018= 9196.8 ?1 .D8+<.8=
A-;1<7- ;=/+: +>;0=<1 1 =<?1 <18 7 + =A.; 9196.8 C+D60+?1< =G+8= ?1 D<18= A=B+;<+
-9:=6+ =A.;1 +: +>;0=< 7 + .9A1: 7
+< .D +: +>;0=<9>=/ ;=A1 =G+8= D<1;. . .9E=? +: +>;0=<
-:+I+ - 7 +?1< "17 /+0=6 C0=7 1B >=7 . 9+ <1: 1D. <+/?+ <1 +>01<- :. <+ 8=G+8= ?1
?=D<18= A-;1<7 - >=7=8 9+ +: +>;0=< >0+I+ =? ?= =9.8 1>= 98= 9A0+8<. ?1 9196.8
-A0=A19;.8= =A.; = 618 7 + ;1 91C:19<1 16+;.<7 9>1 A0.0=?1 =6=/<=6=/96+;1 1;=81
6= >61<;<=8+E1<.B>= 0+@+<7 + >=7 + - 9-@;.<. >1G+ R 1 C1@<19 C0./1 . ;= .D8+0.;.
<+ 8=G+8= R 9196.8 7 + : =/.B<= 1: . .A1> <.7+ D1?=6=: 71617-I+ D1 -8 6+I.<+ : 7
-?. +0
B=6+>=6-8 9+ C=0. ?1 9E61;. A=7 +?.<=9;. =6=/ 96+;1 =>= <19 =9;=7 + .D6+9<+ <18-B+<+
?-@+ >=7 + . ?1<19 =?C.7 17- ?1 A: 1;+ =6- 6+=81 6.9=>- F+<- A=8.0+<7 1 91 >61<;<=8
;+=0.7
=8 1@1 =?C01<1 /: 19. =61>= A1 ;= 7 +7 +?.<1 <181 A=D<1;1 ;+=0.7 1 >=7
1 ?+7 9;6-7+

=01@ ?1 <+/-7 +@ - 9+C. 7 +?<- <=6- .<;-.F.7 - 6+ /=?.<+ A=;0=@.8= ?1 9;-?+<;+

<1-B.8= >: 19.B<=7M .D.F. 1 A=9: + ;=/1 <19;=7 .8= ?1 .E =>0+<+8= <1 9196.8 ?0-/- 9;01<- .
<1-B.8= >61<;<=7;+=0.7 . +> A=9;?.A: =8F. A=9: + 7=@?6+ .: . 6.@+ /=?.<1 01?1 01D6.7 - -
9+C. >61<;<- .<;-.F.7 - ? ;+C+ ;1: .B<. B.;1=B+5 B.;1;+: 7>= =B+>-7 +8= ?1 =6- A.0-+;-
.D6+?+@- A0=9;=0- =6=/A=/: 16:71
18= A= 9+C. <18+I+ 9+ A.;1<7 + >=7 1 ;+=0.7 1 7+ ;1B<1 7-;<=61 .: . 0+?.</+0=61'
=:.8= G.0. ?1 A0+?1 >=6+0;+ 91 96=7 .8 =F+<181 =C+?<.> 7 + 0+?.</+0 7-;<=61
M.D.>1 01D6.7 +<1 7 + D1 6+: .>+ A0+?8+;+N =<1 <+ -9A+61 - -<-;01@<7 =9;. 1;=81
0+?.</+0=61 ;+=0.7 1 01D6.7 +<1 7 + D1 8.>0=A=7 16+ :. >1? 9+ A0.8+<. <1 81>0=9>=A9>+
9.;-1F.7 + ( -9A+61 17 + .9;+ 0+D-: ;1;+ >1= 7 -;<=61
=/: +?17 8= 7 +?1< >: 19.B1< A0.8+0 :1<+;1 +8: 7
1 >0-G. =>= -<F1 :
+>;0=< (
-A=;0+C.I+8= 7 +D.> >: 19.B<+ M .D.>+ =0=6 ( 2 >0-G.2=>= 7 +D/01 :+>;0=< 7 + 8+,-;.8
A0.9.:7+< ?1 9+ ?0G. 918= <+>.E =0C.;1 9196.8 =?0+,+<.E =9;=7 + : . . <+>+ =?0+,+<+
>61<;<+ =0C.;+ >=7 + 9- A: 1<+;181 - <7 .E=6=8 >0+;1<7 - =>= -<F1 7 +?.<+ ?=D6=: 7+<+'
7-;< C. 0+>1= <+ =0C.;1 A: 1<+;+ 8=G+ 9+ <1: 1D.;. C.: = /?+ 1B1< =?/=6=0 8+,-;.8
/: 19. ?1 =G+8= ?1 A0.8+<.8= 0+?.</+0=6- 7 +?<1B.<- . <1 9.9;+8 +8: 71( -<F+
;=8 9: -B17 - 0+?.</+0=61 7 +?<1B.<1 ?1I+ <18 96=7-=C.B17 +<. 9>-A ?.9>0+;<.E D19+C<.E
=0C.;1 1: . =/0=81< C0=7<7 .E =@;= - 7 +?<1B.<- 8=018= -/-01;. 819- F+: + +8: 7+ 1 <+
7+?<=/ +: +>;0=<1 . ;= .9A=? 01D: =81B>+ F0;+ 01D81F. .D8+,- 961>+ ?6+ 9-9+?<+ =0C.;+
=6?+ /?+ +8: 71 7 +9;+ 1 ;= D<1B. <1 =>= O 8.: .=<1 >.: =8+;101 ?1: +>= =? -<F1
.D<=9.I+ <+@;= ;1>= 817 -@<= ( 0+F.8= <1 =;A0.: .>+ 961>. 8.: .710?.;. ?+= 8.: .710?.;=/ ?+: 1
F+<;.8+;01 A= 7 +?<1 ( ?1 7 + ;= - A01>9. .9;= @;= . <+A0+>.<-;1 A=6+D1<1 9: =C=?1 ?1
=0C.;1 C-?+ C.: = /?+ 1 A01>;.B<+ ;1B>+ /: +?1<7 1 .9A1?1 ?1 7 + ;1B<= =<= 7 -;<=6= ?1 9-
96+ =0C.;+ ?=D6=: 7+<+ E61;.@ 0+?.</+0=6- 7 +?<1B.<- . A0.8+<.@7 + <1 81>0==C7 +>1; 1
=<1 A=B<+ A0+? ;6=7 .8 =B.81 ?1 9+ 8+<7 1 8+<7 1 ( . A0+;6=0. 9+ - L 81 : . - <+@;=
9196.8 9: .B<= ;=8+ -,+0 =@>=6.I7 + C.= -D/0+? 0+B+<= ;17>=7 . 7+7 =@- =918<1+9;=8
6+>- A0+;A=9;16.= ?1 9- 7 -;<=6+ M =08-: + 918= A0.C: .G<= ;1B<+ ?=C0+ D1 -A=;0+C- >1?
9+ C101;1 6+: .>.8 01D?1: 7.<181 1: . ?1 <+I+ 8=I. ?1 9+ =?0G+ - 8.>0=96+;- 0+81 ;=8+
<1@. ?.A: =8F. <+ 8=017 - ?1 A=C1F17 - 96=7 + -?GC+<.>+ .D 8+E1<.>+ +>= I+ 9+ 8=G?1
D1A=9: .;. >=? .:. - C+DC=:>: -C- 2.>1@>. 8: 1?-<F.2?1 ;18= .D01B-<161 A-;1<7 +
01>+;1 .: . C+DC=:: =A;.F1 A=8=I- ?=C0.E 9;10.E <7 -;<=69>.E 7 +?<1B.<1
>61<;<=7;+=0.7 . >=<F+A; =0C.;1 .: . A.;1<7 + @;1 +: +>;0=< 01?. - 1;=8- .: . - <+>=8
D01>- <.7 + =? >=0.9;. 1G<. 9- 918= 0+D-: ;1;. 8+0+<7 1 1 >1? 9+ =<. A0+?9>1D-7 -
>61<;<1 <1->1 8=G+ 918= ?1;. 6+0=61;<=I+ =61>6=/ .: . =<1>6=/ 0+D-: ;1;1 >= 8+0.@
/?+ 9+ +: +>;0=< <1: 1D. 0+F.8= - 6=?=<.>=6=8 1;=8- >1= 0+D-: ;1; 8=G+@ ?=C.;. 7 +?1<
C0=7>=7 . I+ ;. >1D1;. >=: .>= 7 + +:+>;0=< ?1: +>= =? 7 +D/01 : . ;= <+ A=9;.G+@8+0+I. 7 +?1<
1;=8 <+/= A=<16: 7
17 -I. 8+0+<7 + 8<=/= 8<=/= A-;1 D1;.8 F0;17 -I. 7+?<- >0.6- -<=9+I.
96+ ?=C.7 +<+ 0+D-: ;1;+ . A=0+?+I. ?=C.7 +<. /01M .>=< 91 ;+=0.7 9>.8 A0+?6.,1<7 +8 +=0.7 1 <+
8=G+ A0+?6.?+;. >1>16 I+@ 0+D-: ;1; ?=C.;. A0. 7 +?<=8 8+0+<7 - 6= 9- ;. 9;1;.9;.B109>1
A=9: 1 01;.I- 9+ =<=8+ >1>= C. C.: = >1? C.E C.= C=/1;. ;+>9;.: 1F -9;1<=6.= 918 0+F.8=

128
?1 7 + A0=9+B1< C0-F=@ <1 .>1@>=8 -<.6+0D.;+;- 6.9=> T F8 1: . . >1? 918 ;=
-9;1<=6.= 60: = :1>= 8=G+ C.;. ?1 9: +?+I. >=/1 A=/: +?18 C-?+ 6.9=> .: . 6.9=>1 O! .: .
!! + 8=G+8= A0+?9>1D1;. 6.9.<- 9: +?+I+/ >=/1 I+8= 8+0.;.N 918= 8=G+8= .81;.
;1B<- 9;1;.9;.B>- /01M .B>- >0.6- = 96.81 <7 .81
;610. A=9;17 - 91C: 19<+ >1? ;0+C1 A0+?9>1D1;. >1>= I+ 9+ B+9;.F1 A0=C.7 1;. >0=D<+>-
A0+A0+>- .: . >1? I+ 9+ <+>. 01?.=1>;.6<. 1;=8 019A19;. . 96+ :+A= A0.A0+8.8= ?1 =A.;
8<=/= A-;1 .D6+?+8= 9196.8 .9;= 9A1: .8= +: +>;0=< =? O + <1 A0+A0+>- >=7 1 7 +
<+/1;.6<= <1+: +>;0.91<1 - .D<=9- OO + 0=/<=D1 7 + ?1 I+ 9+ - PO A=9;= 9: -B17 +61
+:+>;0=< A0=C.;. >0=D A0+A0+>- <1B. A0=C.I+ 9+ =? 961>.E 9;=;.<- PO : . <.>1?1 <+
8=G+8= D1 7 +?1< =?0+,+<. +: +>;0=< C.;. 9./-0<. @;1 I+ -B.<.;. +?1< 9+ A0=C.7 +N?0-/. -
961>=8 A=/: +?- .9;=6+;1< <+ A0=C.7 + 9+ A.;. .9;. .9E=?. ?0-/1B.7 . =7 + >61<;<. 96+;
>:19.B<=7M .D.F. <1/: 1@1618= D<1B17A=<16: 7
1<7 1 =A.;1 ?1 C. 9+ A=;60?.: = ?1 9- 01? .
D1>:7-B1> 01<.7 .E +>9A+0.8+<;1;=01 C.: . ?=C0. >61<;<=8 96+;- 8=G+8= A=<=6.;. 96+
=9.8 0+D-: ;1;1
;610 7 + .9;1 91 <+-;0=<=8 < .81 2 A=:-G.6=;2 ;= 7 +9; 01D?=C: 7+ A=: -019A1?1 >=7 .
.D<=9. * 8.<-;1 6= D<1B. ?1 1>= <1 A=B+;>- .818= <+-;0=<1 >0=D 8.<-;1
. ! 9+>-<?. .81I+8= .E 918= O :
. 7 +?1< A=7 +?.<1B<. <+-;0=<' 1 ;179+ 8=G+
019A19;. >0=D* 9+>-<?+ .: . >0=D)3 8.<-;1 7+/=6= ;1B<= 60+8+ 019A1?1 <+A0+?6.?.6=
7+ 7<@;17 < 7 + 80D+= =6- .?+7 - R =/ 9+ <+ >=F>1 91 19+: 7+<=8R /=6=0.= 7 + 7 <@;17 <
+>. ?0-/. >0.;.B10. 9- /=6=0.: . 1 @;1 1>= A=9;=7 . - 961>=8 <+-;0=<- . 961>=8 +: +>;0=<-
<+>. 8+E1<.D18 9>0.6+<1 =A0-/1 <+>1 2 9>0.6+<1 A0=8+<: 7.61 6+:.B.<12DC=/>=7 +7 + 961>.
<+-;0=< ?0-/1B.7 .N ;= C. C.: = >1= >=? : 7-?. 961>= 7 + ?0-/1B.7 1 =9=C1 1 .A1> A=9;=7 .
A0=9+B1< : 7-?9>. G.6=;<. 6+> =? : 7-?. .81 8<=@;6= B.<.: 1F1 <+ C1@ 6+=81 9>0.6+<.E (
/+<. D1B+A: 7+<+ 10;+0.7 + . ;1>= ?1: 7+ ( A=8=I- >=7 .E 8=G+8= C10 - <1B+: - A0+?9>1D1;.
>1? I+ 7 +?1< =?0+,+<. A=7 +?.<1F -80+;. A=? A0+;A=9;16>=8 ?1 /1 A0+ ;=/1 <+ 90+?. : .M
;
>=7. 9+ =;>1B. 91 >1C: =61 <.;. 0=81<;.B<1 6+D1 91 >1;19;0=M 1:<.8 D160@+;>=8 <.;.
8+0F+?+9 >=7 . 9+ .D81>1= >=<;0=: . 6=D1B1
:. ;1 E.A=;+D1 = 9>0.6+<=8 A0=8+<: 7 .6=8 B.<.=F- - 9-@;.<. 7 + A0=A1: 1 . ;= .D ?61
01D:=/1 06= 6+I7 + .D6+?+<= <1 8.: .7
10?+ =A.;1 91 +: +>;0=<.81 1 <.>1? 9+ <. ;01/ 81 .
<1781<7 +/9>0.6+<=/A0=8+<: 7.6=/B.<.=F1 <.7 + ->1D1=N?0-/= <=6+ A=C=: 7@1<+ ;+=0.7 +-
6+D. 91 >61<;<=8+E1<.B>.8 =A.;.81 >1G- ?1 ;1>6. B.<.=F. <+ A=9;=7 + . <+ 8=/- A=9;=7 1;.

=/:= C. 9+ >1D1;. ?1 >61<;<1 8+E1<.>1 .81 ;0. =9=C.<+ >=7 + 9- D1.9;1 .D-D+;<+
=<1 7 + >=<;01.<;-.;.6<1N ) =<1 ?+7 9;6-7 + 01?.N. * =<1 .81 <+>+ 6.?=6+ >=7 . 9- ;1>6.
?1 .E <.7 + 8=/1= A0.E61;.;. B1> <. 918 7 <@;17< B1> <. 918 0+?.</+0 6.?=6+ DC=/ >=7 .E
9+ A=?60/161 96+ <=6.8 . <=6.8 A0+.9A.;.61<7 .81 +6= . 91? - A=9: +?<7 =7?+F+<.7 .
?61?+9+;=/6+>1 ?+8= 0+?=8
=<;01.<;-.;.6<1 06. A0.8+0 -8+9;= ?1 9- A=7 16+ >=<;.<-.01<+ >61<;<1
8+E1<.>1 .E D18+<7 -7 + 2?.9>0+;<=I-2( ;= 7 +9; .<9.9;.01 <1 ;=8+ ?1 9- .9+F>1<+ <1
D19+C<+ >=81?.I+ +;1M=0.B>. >1D1<= -8+9;= ?1 9+ - B1@- -: .61 ;+B<=9; /: 1;>= -: .61
9+ 60: = M.<. A+91> . B-7 +@<+>. /: 1;>. ;=< 1: . ;= 7
+ 918= C-C<7 1<7+ 8.: .710?. 1;=81 A=
;6=7.8 C-C<.8 =A<181
0-/. A0.8+0 =<17-G191617 -I. =A.; 91 ?61 A0=0+D1 = >=8+ 98= 6+I/=6=0.: .
0+I. A0.8+0 D1 >=<;01.<;-.;.6<=9; 7 +9;+ 2 ;-<+: +M +>1;2 0.B1: . 98= = .9A1: 7
.61<7 -
+:+>;0=<1 <1 +: +>;0=<9>- A0+A0+>- <1: =/.71 - >: 19.B<=7M .D.F. D1 =6= 7 +9;+ >=;0: 71<7 +
:=A;+ A= -DC0?.F. >= 9. <1 A=B+;>- ?=6=: 7<= 7 1>= /-0<-= : =A;- -D<+>= C0?1@F+ ?1= 9.
7=7?=6=: 7<= +<+0/.7 + =<1 I+ 9+ A0+>=;0: 71;. A0+>= 60E1 . =;.I. <1 ?0-/- 9;01<- >= <.9.
9>=;0:71I+ 9+ <1D1? - -?=: .<- : . D18.9: .;+ ;=C=/1< B.7 . 7
+ 61/=< =9;1= - -?=: .<. .D8+,-
?61 D19;01@-7 -I1 -9A=<1 0+;A=9;16.8= ?1 61/=< .81 7 =@?=6=: 7
<= D181E1 ?1 9+ A=A<+
?= A=: 1 -DC0?.F+ >=7 1 7+ A0+? <7 .8 <?1 I+ 9+ D1>=;0: 7
1;. -<1D1? ?= ?<1 -?=: .<+ A1
=A+; -DC0?= 1: . -<1D1? A= -9A=<- .D1 9+C+NA1 96+ =A+; ;1>= <1A0+? . <1D1? 1?
C.98= 8=/: . ?1 =?9;01<.8= ;0+<7 + 61/=< C. ;1>= =9F.: =61= 6+B.;= <1A0+?(<1D1?
D10=C: 7+< .D8+,- ?61 <+916: 1?.61 -9A=<1 >61<;<=71;=89>=7;+=0.7 . ;1>61 9.;-1F.7 1 7 +
A=D<1;1 >1= 2 6+D1<= 9;1<7 +2 +,-;.8 >1? =A.9-7 +8= @;1 9+ ?=/1,1 91 +: +>;0=<.81 >=7 +

129
98= A=9: 1: . ?1 90: 717 - >1 <+>=7+<+0/+;9>=7A0+A0+F. .: . =9;16.: . D10=C: 7+<+ .D8+,- ?6+
8=018= -D+;. - =CD.0 ;1: 19+ 6+0=61;<=I+ A=>1G+ 9+ ?1 7 +?1< ?+= ;1: 191 .A1> 8=G+ ?1
9+ A0=6-B+ ?1 2 A0=F-0.2>0=D A0+A0+>- 1;=89>.8 9.9;+8.81 .: . 9.9;+8.81 7 +D/101
A0+A0+>1 7 + .: . =? +: +>;0.B<+ 9.: + .:. =? 7 1>+ 9.: + 0+81 ;=8+ A=9;=7 . >=<1B<. .D<=9
6+0=61;<=I+ ?1 I+ 9+ D10=C: 7+<1 B+9;.F1 .A1> A=7 16.;. ( .D61< >: =A>+ 6= <.7 + C.: = 918=
>=<;01.<;-.;.6<= =6= 7 + 6+IC.= =/0=81< A101?=>9 D1;= @;= C. +: +>;0=< - ;0+<-F.81 ?=>
A0=: 1D. >0=DC10.7 +0- .81= <+/1;.6<- >.<+;.B>- +<+0/.7 - ( 1 ;= 7 + >: 19.B<. 1A9-0? : . >1?
9+ - B=6+>- 01D6.7 + >61<;<1 .<;-.F.7 1 =< 9+ =9A=9=C. ?1 =?/=6=0. =61>= R 1 9;1<7 + ;=/
+:+>;0=<1 ?=> A0=: 1D. >0=D 2 ;-<+: 2 +<+0/.7 + >=7 1 8- 7 + A0=;.6<1 <+ 8=G+8= ?1
A=981;018= 0+81 ;=8+ ;= <.7 + A.;1<7 + D1 M.D.>- R 9;610<= 8. 918= =A1D.8= ?1 7 + =<
.D.@1= 61 A=7 161 A=D<1;1 >1= 2 ;-<+: +M +>1;2 .9>=0.@I+<1 7 + ?1 =C7 19<.8= 1: M1
01?.=1>;.6<=9; <1 7 + ;1>=,+ =9<=61 D1 7 +?<- 61G<- 9A016.F- - ;01<D.9;=09>=7
+:+>;0=<.F. A=D<1;- >1= ;-<+: 9>1 ?.=?1 -<+:+M +>1; <+9-8<7 .6= 7 +9;+ 2 E: 1?<1 9;01612D1
96+ <19 91 9;1<=6.@;1 : =/.>+ A1 .A1> <+A0+9;1<= /1 >=0.9;.8= - 8=?+0<.8 01B-<10.81 .
?0-/.8 +: +>;0=<9>.8 9A016181
+9;.F+ >=7 + 9- ;1B>+N ;-<+: +M +>1;N 01?.=1>;.6<=9;N <1@+ 8->+ <+6.,+<+ DC=/
?6=9;0->=/ A0=0+D1N 96+ ;= <19 7 + A0.9.: 7161: = ?1 01D6.7 18= <=6- .<;-.F.7 - >=7 1 7 +
>61<;<=7M .D.F. C.:1 A=;0+C<1 - A=D<.8 ?61?+9+;.8 . - ;0.?+9+;.8 /=?.<181 =6=/6+>1 >1?
9- 9+ <1-B<.F. 2 01D6.7 1:. - 9;0+: F+2. A=: 1D.:. <1=0-G1<. <=6.8 .<;+: +>;-1: <.8 =0-G7 +8 -
;01/1<7 + D1 <+=C7 1@<7 +<.8 A=7 16181
) +7 9;6-7 + 9E=? 96.E ;.E ?=/1,17 1 .D8+,- 3)* . 3)T 7 +9;+ ?1 7 + 1;=8 9E61I+<
=?-@+ - =<.8 60+8+<.81 A0+ >=8A7 -;+01 918= <17 7+?<=9;16<.7 . 1;=8. ( 6=?=<.>
E+: .7-8 : .;.7-8 . <+>. >=7 .81 7 + 7+?1< .: . 6.@+ +: +>;0=<1 =;0/<-;= A1 9- 7 =<.D=61<. (
8=/: . 9- C.;. A0=-B161<. >1>= 61: 71 . ;0+C1 ": 16<. A0=?=0 - =6=8 A=9: - A=9;./1= 7 +
=: M/1</ 1-: . 7 +?1< =? ;.E 2 6-<?+0>.<?12>=7 . 9- 91 ?+6+;<1+9; /=?.<1 01D-8+: . ;+=0.7 -
0+: 1;.6<=9;. . A0+;6=0.: . 9+ - 2 1<M 1< ;+0.C: 2D1 9;10.7 + ?0G16<.>+ M .D.>+
6?+ 7 + <+.DC+G<1 ?./0+9.7 1 = 1-: .7- =D<1; 7 + C.= A= 96=7 .8 6.9=>.8 8+0.: .81 1: . .
A= 9>: =<=9;. ?1 9+ 01DC+9<. .= 7 + A0161 916+9; M .D.>+ =<=/60+8+<1 : . <1A0=9;= .9>0+<
B=6+>' 7 C01E18 +7 D7 + A0.7 16.= ?1 8- 9+ 1-: . 7+?<=8 A0.: .>=8 G1: .= >1>= 8- <.7 +: 1>=
?1 A0=<1,+ ?=6=: 7<= .D1D=61< A0=C: +8 >=8+ C. 9+ A=96+;.= R =G?1 D1;= @;= 9-6.@+
D<18 R .7 + ;= C.: = E61: .91<7 + <+/= <1A0=9;= 91=A@;161<7 + B.<7 +<.F+ =G+;+ D18.9: .;.
>1>= 7 + ;60? C.= A0+81 96=7 .8 19.9;+<;.81 1? 8- 9+ 7 +?1< <=6. 8: 1?. 19.9;+<; .>;=0
17 9>=AM .F;=0 4+.99>=AM 7 16.= <1 ?-G<=9; - #.0.E- 1-: . /1 7 + =?8+0.= A=/: +?=8 =?
/: 16+ ?= A+;+ =?81E<-= /: 16=8 . 0+>1= R EEE ;1>= 8: 1? 1 6+I <+A=D<1; R 0=,+
<+>=: .>= 8+9+F. 1 17 9>=AMA0+?1 1-: .7- 7+?1< 96=7A=>-@17;+=0.7 9>=/01?1 1-: . 918=
C1F. A=/: +? . =?81E >1G+ R E =6= <.7 + B1> <. A=/0+@<= R +?<=8 9;-?+<;- <1
A=9;?=>;=09>.8 9;-?.7 181 7 + 0+>1= R + 98+;1 8+<. @;= 8.9: .;+ 9A=0= 8+;1 8. @;=
=C7 16: 7-7+;+ C0G+ <+/= @;= 8.9: .;+ R .>= <.7 + C.= C+DC+?1< =? 1-: .71 1? 7 +
A0+A=0-B.61= 7 +?<=/ 8=8>1 ?1 A=9;1<+ 19.9;+<; 7 <@;17 <- >=7 . 9+ - 9;10=9;. D1?-C.= -
81;+81;.B>- +/D=;.>- - 96=8 <+-9A+@<=8 ;01/1<7 - D1 =C7 +?.<7 +<=8 ;+=0.7 =8 A=: 71
1-: . 7+ <1A.91= =61>6= A0=A01;<= A.98= R 01/. 7 <@;17 <+ =6179;-?+<; 7 + ?=C10 1: . 7=@
<.7 + 9196.8 9E61;.= 01D: .>- .D8+,- 81;+81;.>+ . M .D.>+ 1 ;. 9. ?01/. 17 9;=0+ =?16<=
D1C=016.= /?+ 7 +719<1 /01<.F1 R 1>= 7 + -8+= ?1 2 9>0+@+2<1@8=81> =: M/1</
"=?.<+ 3)P 1-: . 7 + A0+?: =G.= 7 +?<= ;+8+: 7<= <1B+: = >=7 .8 7 + =C7 1@<7 +<1
+<?+: 7+7+6: 7+61 A+0.=?<1 ;1C: .F1 +: +8+<1;1 0=C: +8 7 + - 9: +?+I+8 1;=8+ ;+G.E
E+8.7 9>.E +: +8+<1;1 .D/01,-7 +8= ;1>= @;= ?=?17 +8= 7 +D/0- <=6+ A=D.;.6<+ B+9;.F+
A0=;=<+ 1 +: +>;0=<9>=8 =8=;1B- <=6+ +: +>;0=<+ >=7 . 8=017 - D1-D+;. <+>1 8+9;1 8+,-
?=D6=: 7+<.8 +<+0/+;9>.8 9;1<7 .81 ;= 7 +9; <.6=.81 ;=/ 1;=81 A= 9;10=8 >: 19.B<=8
<1B.<- /=6=01 <+>+ =0C.;+ -?1 =?: 1D+ +: +>;0=<.' 1-: . 7 + =C7 16.= A016.: = >=7 + 7 +
A=9;1: = A=D<1;= >1= 1-: .7+6= <1B+: = .9>: 7-B+<7 1 <.>1?1 <+ 8=/- ?61 +: +>;0=<1
D1-D.81;. .9;= >61<;<= 9;1<7 + 6= 7 + - A06. 81E C.: = 918= 1-: .7+6= <1?1E<-;=
<1/1,1<7 + 1 >19<.7 + 9+ A=>1D1: = ?1 7 + A=9: +?.F1 7 +?<+ ?-C=>+ A0+?.6<+ 9.8+;0.7 +
1 A=/: +?18= >1>= =G.I 1;1 - 96=7 =701?.=<.F. A016. E+8.7 9>+ +: +8+<;+ =01 .E
<1A016.;. 61: 71<= 7 +0 01?. D1 7 - =/.<7 - 1 <1 7 + 8<=/= <+D/=?<1 1 6=?=<.> 7 +: 1>=
=G.I 1;1 -D8+ 7 +?1< A0=;=< ( +;= 7 +D/01 =?1 . 7 +?1< +: +>;0=< >=7 . D1-D8+ <17 <.G+
8=/-I+ +<+0/+;9>= 9;1<7 + ( A= 9;10=7 =0=6=7;+=0.7 . >=7 1 . ?1<19 =9;17 + >=0.9<1 -
98.9: - 9: .>=6.;=9;. ;= C. C.: 1 =0C.;1 91 <17 81<7 .8 ?=D6=: 7+<.8 A=: -A0+B<.>=8 +?1 01D

130
<+ 8=01 =6?+ <10=B.;= ?1 9+ ;0-?. ?=6=: 7<= 7 + ?1 918= =;A0.: .>+ C1F. +: +>;0=< <+/?+
C: .D- A0=;=<1 1 +: +>;0=< I+ =<?1 918 =? 9+C+ 2 9>=B.;.2<1 ;= <17 <.G+ 2 A0.D+8<=29;1<7 +N
-9A-; I+ +8.;=61;. M =;=<+ 91? E+: .7-8 +?1 01D919;16: 717 +D/0= 1;=81 E+: .7-81 -
>=8+ A=9;=7 + ?61 A=D.;.6<1 <1+: +>;0.91<7 1 <1B. =< 8=01 ?1 -C1F. . ?61 +: +>;0=<1 +I
>=? : .;.7-81 8=01I+ ?1 -C1F. <+ ?61 <+/= ;0. +: +>;0=<1 ?1 C. ?=C.= +: +>;0.B<= <+-;01: <.
1;=8 .;1<7 +7 + >-?1 =?: 1D+ =6. +: +>;0=<. >61<;<=8 96+;- ?=A-@;+<1 9- 918= .D6+9<1
;1B<= =?0+,+<1 9;1<7 1 1 : . 9+ <1 <17 <.G- =0C.;- 2 =9<=6<= 9;1<7 +2 <1/-017 - 96. ?61
+: +>;0=<1 ;0. B+;.0. A+; ' - 91? <1 A=D=0<.F- 9;-A1 1-: .7+6= <1B+: = + 8=/- 96.
>1G+ 1-: . + 8=/- B1> <. ?61 +: +>;0=<1 C.;. - .9;=8 >61<;<=8 9;1<7 - =? E+: .7-81
?0-/=8 +: +>;0=<- 7 +9;+ ?=A-@;+<= ?1 9+ A0.?0-G. A06=8+ <1 <17 <.G+8 +<+0/+;9>=8
<.6=- 1: . 918= 1>= .81 9A.< 9-A0=;1< 9A.<- A06=/1 >= A016.8= 1;=8 : .;.7-81 ?=?18=
;0+I. A0=;=< . ;0+I. +: +>;0=<N+ ;17;0+I. <+81 ?=D6=: - ?1 9+ ->0F1 - <17 <.G+ 9;1<7 + =< 9+
8=01 =?81E A=A+;. <1 =<= 9: +?+I+ 6.@+ =>1D-7 + 9+ ?1 ;176.@. +<+0/+;9>. <.6= .81
8<=/= 6+I. A=: -A0+B<.> =A+; - 9>: 1?- 91 =0=6=8 ;+=0.7 =8 B.8+ 7 + =C7 1@<7 +<1
:.;.7-8=61 E+8.7 9>1 1>;.6<=9; ( <1.8+ : 1>=I1 >=7 =8 8=G+ ;1796=7;0+I. +: +>;0=< ?1
.D/-C. ?1 C. 9;-A.= - E+8.7 9>1 7 +?.<7 +<7 1 91 ?0-/.8 E+8.7 9>.8 +: +8+<;.81 =9: +: .;.7-81
.818= 1;=8 91 B+;.0. +: +>;0=<1 C+0.: .7-8=6 =? <7 +/1 9+ B+;60;. +: +>;0=< A0.?0-G-7 +
;0+I+8 +: +>;0=<- . <7 .E ?6=7 .F1 D17 +?<= B.<+ ?0-/- 2 :7-9>-2 ;= 7 +9; ?0-/. 9: =7( ?0-/.
+<+0/+;9>. <.6=
1? 6+9+: = .?+8= ?1: 7+ . ;= 9+ C0D= <1>10.>1 C+0.: .7-8 C=0 -/: 7 +<.> 1D=; >.9+=<.>
M:-=0 <+=< ?=?17 +8= A0=;=<+ - 7 +D/0= 1: . . +: +>;0=<+ - =8=;1B 96+ ?=> 961>. 9: =7<+
C-?+ A=A-<7 +< >1? 7 + 7 +?1< 9: =7 A=A-<7 +< - <7 +/1 <+ 8=G+ 9;1;. 6.@+ <.7 +?1<
+: +>;0=< >1G+ 1-: . =01 C.;. D1A=B+;= A=A-<7 161<7 + <=6=/ 9: +?+I+/ 17 >01I+ 0+B+<=
A016.: <= A=7 16:7.61<7 + E+8.7 9>.E =9=C.<1 . A=<1@1<7 1 A=;.B+ - F+: =9;. =? =6=/ >61<;<=/
<1?=?161<7 1 7 +?<=/ A= 7 +?<=/ +: +>;0=<1 A= 1-: .7+6=8 <1B+: - 0+ 918= <+>=: .>=
?+F+<.7 1 <1-B<.F. 9- 9+ 0-/1: . .<9.9;.01<7 - +<?+: 7
+7+61 ?1 +: +8+<;. 8=017 - C.;. A=0+,1<.
<+ 918= - 0+?=6+ <+/= . - 9;-AF+ - 9>: 1?- 91 <7 .E=6.8 =9=C.<181 1-: . 7+ A=>1D1= ?1
9- ;+ A+0.=?.B<=9;. <7 .E=6.E =9=C.<1 ;1B<= A=6+D1<+ 91 01D<.8 +: +>;0=<9>.8 9: =7 +6.81 .
>61<;<.8 9;1<7 .81 +: +>;0=<1 - A06. 9: =78=/- 9;1;. ?61 +: +>;0=<1 - ?0-/. =918 - ;0+I.
=A+; =918 . ;1>= ?1: 7+ +0.=?<1 ;1C: .F1 7+ D1.9;1 91?0G1: 1 ?-C: 7. 98.91=
1 0+D.8.018= =6- 61G<- 8.91= 1-: . 7 + 98.9: .= <=6= A016.: = = <1B.<- <1 >=7 .
E+8.7 9>. +: +8+<;. 8+<7 17 - 96=7 - +: +>;0=<9>- 9;0->;-0- 6= A016.: = =C7 1@<7 161 E+8.7 9>+
=?: .>+ ?1 : . I+ <+>. +: +8+<; C.;. .<+0;<. /19 .: . 1>;.61< 8+;1:. ;1>= ?1: 7+ ;1>= @;= ;+
=?: .>+ B609;= A=6+D-7 + 91 C0=7 +8 . 9;1<7 +8 <7 +/=6.E +: +>;0=<1 1 <10=B.;= =<.E -
9A=: 7 1@<7 +8 9: =7 - /?+ =<. <17 9A0+8<.7 + 9;-A17 - - ?=?.0 91 ?0-/.8 1;=8.81 +?<1
?0181;.B<1 A=9: +?.F1 1-: .7+6=/A016.: 1 919;=7 . 9+ - ;=8+ @;= >1? 7 +7 +?1< +: +>;0=<9>. 9: =7
A-< - <7 +/1 <+ 8=G+@?=?1;. 7 =@7 +?1< +: +>;0=< ( <.>1>= <. >=7 . 9- 9+ 6+I<19;1<.: .
-<-;01 . A=A-<.: . /1 A0-G17 - =/0=81< =;A=0 = 7 + A016. -D0=> <+A0=C=7 <=9;. 81;+0.7 +
;=8. 7 +9- 6.@+ =? 3333Y A01D1< A0=9;=0 A1 .A1> 7 1 .818 9;610<. A0=C: +8 >1? /=?
A=>-@18 ?1 9+ A0=@+;18 >0=D<+>. D.? 6181 7 + ;= 6+0=61;<= .D6=0 9;01@<=/ =9+I1<7 1
-9>01I+<=9;. DC=/B+/1 <+ -9A+618 ?1 A0=,+8 >0=DD.?' =? B609;.E A0+?8+;1 1;=8.
9- 2 A0.>1B+<.27 +?1< D1 ?0-/. 6+=81 9: =G+<.8 +: +>;0.B<.8 A0.6: 1B+<7 .81 A1 >1? 9+ 9.9;+8
+: +>;0=<1 ;6=/;+: 1 A0.C: .G. +:+>;0=<.81 >=7 . B.<+ 1;=8+ - 9.9;+8- D.?1 =<. 8- <+ ?17 - ?1
A0=,+ =A.0- 9+ <18+;1<7 - <=6.E +: +>;0=<1 -@B1<. 8+;1> 9+ D10.7 + - ;17.9;. D.? D1;= @;=
019>.?1 6+D+ >=7 .81 9- 1;=8. D1 1;=8+ A0.>1B+<.N>1= <17 >0-A<.7 . 01/C.9;1 019>0B. 9+C.
A-; A=01DC1F1 =<+ >=7 . 8- 98+;17 - . A0=,+ <=9+I. 96=7 + 9=A9;6+<+ +: +>;0=<+ 91 9=C=8
1-: .7+6= <1B+: = 7 + =? A0+9-?<=/ D<1B17 1 . - <+>.8 C.D10<.8 . 0=81<;.B<.8 9.9;+8.81
>1= @;= 9- <+-;0=<9>+ D6+D?+ . F0<+ 0-A+ +/= 9>0+<-= 918 9 ;+8+
1? 9E61;.8= 1;=8+ =<?1 <18 7 +7 19<= . <7 .E=6= >=8C.<=61<7 + - 8=: +>-: + 0+F.8= -
) .: . - 1#: =: +>-: . <19;17 - ?+: =61<7 +8 >=8A: +>91 9.: 1 .D8+,- 1;=81 >=7 . I+ -I. -
<7 .E=6 919;16 . ;= .D8+,- <7 .E=6.E +: +>;0=<1 >1= . <7 .E=6.E 7 +D/101 1 C. 8=: +>-:C.=
9;1C.: 1< =? >: 7-B<=/ D<1B17 1 7 +9;+ ;1B1< 101<G81< +: +>;0=<1 - =8=;1B.81 1;=81
61<;<1 ;+=0.7 1 ?1: 1 7 + E+8.7 . B609;- <1-B<- =9<=6- 1<19 7 + >61<;<1 E+8.7 1 C-7 <=
A=: 7+ >=7 + 9+ <1/: = 01D6.7 1N.D<7 + .D019;17 - <=6+ <1-B<+ ?.9F.A: .<+ >1= @;= 9- 8=: +>-: 10<1
C.=: =/.7 1 /+<+;9>. .<G+<7 +0.</ . 8=: +>-: 10<1 8+?.F.<1 <1-F. = 81;+0.7 1: .81 >61<;<1
;+=0.7 1 <18 A=81G+ ?1 =C7 19<.8= . >=<;0=: .@+8= =?: .>+ 8+;1: 1 .D=: 1;=01
9-A+0A0=6=?<.>1 . A=: -A0=6=?<.>1 =: -A0=6=?<.F. 9- ?=6+: . ?= =;>0.I1 ;01<D.9;=01 B.7 . 9-

131
A0=<1: 1D1B. C+D =>: +61<7 1 A0.D<1: . ?1 9- <1?1E<-I+ ?=C.: . .D >61<;<+ ;+=0.7 + 8+;1: 1 D
;=/ =;>0.I1 0=?.: . 9- 9+ >=8A7 -;+0. 8.>0=+: +>;0=<.>1 . 961 =61 0+6=: -F.71 -
>=8-<.>1F.7 181 . .<M =081F.7 181 A=8.9: .;+ 918= <1 : 19+0+ . 819+0+ >=7 . 9- A=;A-<=
>61<;<. 9.9;+8.
1? 9- <1@1 8+0+<7 1 ?=9+/: 1 - 1;=89>= 7 +D/0= ( ?1>: + - 01D8+0+ 01D?1: 7 .<1
A-;1 81<7 + <+/= @;= 7 + A0+B<.> 1;=81 ( >61<;1<1 ;+=0.7 1 <18 7 + C.: 1 /: 16<. 1: 1; D1
9<1: 1G+<7 + - ;=8 <=6=8 0+G.8- 19;0=M .D.F. D6+D?1<. A0=F+9. ?17 - 8<=/+ +/D=;.B<+
=C7 +>;+ >1= @;= 9- 9-<F1 1 8+,- <7 .81 . F06+<. ?G.<=6. . C+: . A1;-: 7F.ND1;.8 <+-;0=<9>+
D6+D?+NA1 F0<+ 0-A+ .=/01M .7+ ;.E A0+?8+;1 D19<.617 - 9+ <1 >61<;<=7;+=0.7 . >1? 7 +
0+B = ?0-@;6+<=7>=0.9<=9;. A0=F+<7 -7+8= ?1 =>= )O A=9;= ->-A<=/<1F.=<1: <=/?=E=;>1
<17 01D6.7 +<.7 .E D+81: 71 A0=.9;.B+ .D +>9A: =1;.91<7 1 >61<;<+ ;+=0.7 + 18.9: .;+ 918=
+60=A9>.E M .D.B101 .81 ;=: .>= >=: .>= .E .81 . =<. 8.9: + 8.9: + =A9+?<-;. A.;1<7 +8 >1>=
1;=8 ?+7 9;6-7 +N.D<7 .E=6=/;0-?1 A0=.9;.B+ A0.60+?<. -9A+E E.: 71?+ 8.: .7
10?. ?=: 101 <=6=/
?=E=;>1 1 9- 918= ?0G16+ C.: + 8-?0+ . ?1: +>=6.?+ A1 ?1 9- <18+;<-: + A=0+D =?
918= Y <1 96+ A0=.D6=?+ >=7 .E <+ C. C.: = C+D>61<;<+ M .D.>+ . ?1 9- A0.>-A: 7 +<+ A10+
-98+0.: + - =C01D=61<7 + . <1-B<= .9;01G.61<7 + .@;1 .?+8= 8. ?1: 7
+ 61<;<1 M .D.>1
D1.9;1 -9A+@<= 01?.
* <1 .81 A0=C: +8B.I+ =7 . 9- - 6+D. 91 ;1: 19<=8 M -<>F.7 =8 A9. .: . Q . =<.8 @;= ;1
M-<>F.7 1 9;610<= D<1B. A=9: + ;=: .>= =/0=8<.E .<;+: +>;-1: <.E . A01>;.B<.E ;0.7 -8M 1 ;1: 19<+
;+=0.7 + 8. <+ D<18= C1@ @;1 ;1 ;+=0.7 1 D<1B. 9+I18= 9+ <+: 1/=?<= DC=/ <7 + 1@1
<+: 1/=?<=9; 8=G?1 7 + A=9: +?.F1 <+>+ -0=,+<+ 9: 1C=9;. : 7-?9>=/ -81N =A+; <.7 +
<+8=/-I+ ?1 I+ 9+ 7 +?<=/ ?1<1 ?=@+;1;. <+>. /+<.7 + 91 <=6=8 9: .>=8 . =C7 19<.;. 96+ <1
;1>16 <1B.< ?1 I+ 96. C.;. 90+I<. >= 9;+ 9-8<7 .B16. . D1C0.<-;. DC=/ =<=/1 @;= >61<;<1
;+=0.7 1 >1G+ <+ C0.<.;+ ?=C0=8 9;+ ?0-@;6- 61<;<1 ;+=0.7 17 + -D<+8.0161: 1. M .D.B10+
8+,- <7 .81 . : 1<>1 7 <@;17 <1 + 0=: 7.71 0+?.</+01
=9;=7 . C=/1;1 : .;+01;-01 - >=7 =79+ >0.;.>-7 + A0.0=?1 >61<;<+ ;+=0.7 + D19<=61<1 <1
6+0=61;<=I. =6- C.;>- 7 -0.= 7 + 7 <@;17 < .9A0+? 96.E >1= C107 1>;10NA0+?-D+= 7 + =< ?-/.
<.DA=>-@17 1 <+ : 1>.E D1 01D-8+61<7 + ?1 90-@. 0+: 1F.7+ = <+=?0+,+<=9;. . 961>. A-; /1
7+ 91A: += .: 9 =0 >=7 . 7 + 01D6.= =<= @;= ?1<19 <1D.618= 2 >=A+<E1/+<9>= ;-81B+<7 +2
;1: 19<+ M -<>F.7 + =0 . 7 <@;17 < 9;610<= 9- =>= =6=/1 6=?.: . 01; C+9A=@;+?<= 7
<@;17 <
98.9: . <+>. 8.91=<. =A.; >=7 . ;0+C1 ?1 A=: +;. >1= 9;0+: 1 . D10.7 + 9+ - 90F+ <=6+ >61<;<+
;+=0.7 +N1 .: 9 =0 <17 B+@I+ A=9: + 918= 7 +?<=/6.>+<?1 <1A=0<=/01?1 A0=<1,+ /0+@>- -
7<@;17 <=6=7: =/.F. 7<@;17 < 7 + ;- C.= =<17A0=C: +81;.B<. .D A-C: .>+ >=7 . 9;1: <= <+@;=
=9A=0161 1>6. <1 B19=6.81 E0.@I1<9>+ 6+0=<1->+ A.;17 - R >= =/8=G+ 96+ 8=G+ : ..
?1 <1A016. 9;+<- ;1>= ;+@>- ?1 B1> <. =< 918 <+ 8=G+ ?1 7 + A=?./<+'R ;1>= 7 +
7<@;17 < 98.@: 71= 96+ <=6+ . <=6+ >61<;<+ A101?=>9+ 1 =0 7 + C.= =<17A=A >=7 . =?C.7 1
961>- ;1>6- A0.8+?C-
0.B1 9+ ?1 9- 8<=/= A-;1 019A016: 71:. @+;17 -I. 9+ <7 .E ?6=7 .F1 918. A= @-8. <18
@;1 7 + C.: =7 +?<=8 >1? 9+ .9A0+? <7 .E A=7 16.= =/0=81< 8+?6+? =0 7 + =?81E .D6->1= A10
20.C=>2A1;.>1 D1 ;0B1<7 + ;= 9- =<+ @;= >=@;17 - * ?=:101 =C-= .E . A=B+= ?1 6+D-7 +
A+0;: + R ;1 ;= 01?.@ .: 9+' <1@?1 <+ 8=G+@;0B1;. C0G+ =? 8+?6+?1R ->1D-7 + 7 <@;17 <
:=/.B<= R E <.7 + <+=AE=?<= ?1 7 1 ;0B1;. C0@+ =? 8+;6+;1 ?01/. : C+E0;R -D601I1 .: 9
=0 R =6=: 7<= ?1 7 1 ;0B1;. C0@+ =? ;+C+ R
"=?.<+ 3*$ 7 <@;17 < 7 + A0.D<1= <+01?= ?1 >61<;<1 8+E1<.>1 >=0+>;<= =A.9-7 + 96+
8=/-I+ =A.;+ .: . C10 96+ >=7 + 8. 8=G+8= D18.9: .;. ?81E 7 + 8+,-;.8 A0+@1= - 2 ?0-/-
C0D.<-2. .D7 16.= ?1 >61<;<1 8+E1<.>1 <.>1>= <+ 8=G+ C.;. A=;A-<. =A.9 96+;1 C+D=CD.01
<1 ;= @;= ;1B<= ?17 + 6+0=61;<=I- D1 .9E=? 96.E C-?-I.E =A.;1 =0=61 =?C01<1 C.: 1 7+ ?1
;1 <+A=;A-<=9; >=7 1 7 <@;17 <1 D1C0.<7 161 <.7 + A=9: +?.F1 <.>1>6+ 9: 1C=9;. <.;. <+?=9;1;>1
>61<;<+ ;+=0.7 + <+/= 7 + =?: .>1 =6=/96+;1 - >=8+ G.6.8= ;1>= 9- <7 .E ?6=7 .F1 <19;16.: 1
019A016- = >61<;<=78+E1<.F. C->61: <= ?= /0=C1N 9./-01< 918 ?1 =<. . 91? = ;=8+
019A016: 717- ;18= /=0+ =9.8 1>= .8 7 + 2 1;=0.2 ;1>= 7 + 7 <@;17 < <1D.61= =/1 =;>0.= -
<+>=8 <19;-A- ?=C0=;+ ;1B<= 0+@+<7 +
.:= C. A=;0+C<= <+>=: .>= =61>6.E ><7 ./1 ?1 C. 9+ A0+A0.B1: + 96+ 019A016+ 7 <@;17 <1 .
.:91 =01 1: . 7
1 I- A=>-@1;. ?1 .: -9;0-7 +8 9;610 918= 7 +?<.8 A0.8+0=8 18= <+ /-C.;+
.D 6.?1 =9<=6<= 17 D+<C+0/=6= -6+0+<7 + <.>1?1 <+ 8=G+ -9A+;. <.7 +?1< A=>-@17?1
7+?<=60+8+<= .D8+0.8= /?+ <+>1 B+9;.F1 7 +9;+ . >=7 =8 9+ C0D.<=8 >0+I+ 8.9: . <1B.< ?1
.D8+0.@/?+ 7 + +: +>;0=< .D8+0. ;=N<+81 A0=C: +81 =< 7 + ;- =G+@.D8+0.;. >=: .>= /=?

132
E=I+@;1B<= : . 9+ =A0+?+: . D1 =<= ?0-/= ( ?1 -;60?.@>=: .>= C0D= 9+ >0+I+ : . ?1 -;60?.@
=C1 ;= <+ 8=G+ ;1 7 + 9;610<= ( ?1>: + 9;610<=9; >=7 - 01D<1 8+0+<7 1 =;>0.617 - ( ;=
D16.9. =? 9;01;+/.7 + D1 >=7 - 9+ +>9A+0.8+<;1;=0 =A0+?+: . - 6.?.;+ 6: 1?1 9-C7 +>;.6<=9;
>=7 1 A0>=9. <1@+8 ?01/=8 6+0=61<7 - - -D0=>+ . A=9: +?.F+ >= +: +>;0=< >0+<+ .D .
9;./<+ - <181 9+ B.<. ?1 7 + 2A0.0=?<12A0+;A=9;16>1 ?1 7 + =< 9;610<= : +;+= <+>=8
=?0+,+<=8 A-;1<7 =8 .D8+,- . 1 <.7 + >1G+ <18 >61<;<1 M .D.>1 -;1<7 1 7 +
<+91D<1;: 7.61 6+ A-;1<7 + 9- 8=/-I+ 61>1 .81 <+>- 96=7 - 6+0=61;<=I- 6+I- .: .
81<7 -
<1A=0- ?1 01D=;>0.7 +: 1G<=9; =6+ >61<;<+ D18.9: . = A-;1<7 . >=7 1 >1= ?1 7 + 16+;.<7 9>1
1 <+ 9;610<1 7<@;17 < 7 + A0+?: =G.= 7 +?1< A0+9-?<. =A.; +818 =6?+ 8+9;1 ?1 /1
=C7 19<.8 =<1>= A=?0=C<= >1>= ;= =< D19: -G-7 + 1: . A0+A0.B1I- <17 91G+;.7 + 1<19 9+ >1G+
?1 7 + ;= 2 8.91=<. =A.; 2 @;= 9- A061 9: =61 =? A0+D.8+<1 ;0=7 .F+ M .D.B101 >=7 . 9- /1
D17 +?<= 98.9: .:
. .<9;+.< =?=: 9>Q =9+< 7.E ;0=7.F1 A0+?: =G.@+ =A.; 91 ?6+ B+9;.F+ 1: .
;1>6+ B.7 1 7 + 9-?C.<1 8+,-9=C<= <+019>.?.6= 6+D1<1 =9;=7 + 8+;=?. D1 9;6101<7 + ?6+
B+9;.F+ >=7 + 9+ 01D: +;+ <1 ?6+ 9;01<+ 1 .A1> 1>= 7 +?<1 .81 9A.< <1/=0+ ?0-/1 8=01
.81;. 9A.< <1?=: + .: . 1>= 7 +?<1 .81 9A.< <1: +6= ?0-/1 8=01 <1?+9<= =@1: 7+8= 8.
7+?<- =? ;+ ?6+ A-;1<7 =8 >1 17 :
1<?- . =<1 =?7 -0. - /: 16<. /01? ( 1</>=> 0-/-
A=@1: 7+8= - .>1/= 7
<@;17 < >1G+ - 0+?- E17 ?+ <+>1 . A0.E61;.8= D18.91= ?1 <. =
7+?<=7B+9;.F. <.@;1 <+ 8=G+8= D<1;. ?=> 7 + <+ .D8+0.8= 1G. +6= 8+0.8= B+9;.F-
>=7 1 7+ ?=: +;+: 1 - .>1/= ;>0.618= =<1 .81 9A.< <1?+9<= 18.8 ;.8 D<18= ?1
B+9;.F1 >=7 1 -A016= A0.9;.G+ - 1</>=> .81 9A.< <1: +6= 0+ <+/= @;= 98= .D8+0.: . -
.>1/- 6+0=61;<=I1 D1 C.:1 7 + O Y ?1 .81 9A.< <1: +6= . O Y ?1 .81 9A.< <1?+9<=
1? A=9: + 8+0+<7 1 - .>1/- 8. D<18= ?1 .81 9A.< <1: +6= :. >1>= 7 + B+9;.F1
91D<1: 1 .9E=? 8+0+<7 1 - .>1/-' 1> . >1? C. B+9;.F1 <=9.: 1 91 9=C=8 81: . 01?.=(
1A101; ?1 9: -@1 6+9;. .A1> C. 6+9;.81 ;0+C1: = <+>= 60+8+ ?1 9;./<- - 1</>=> D1;= @;=
9+ 01?.=(;1: 19. A0+<=9+ 918= C0D.<=8 96+;: =9;. 1 <+ ;0+<-;<= 1 >1>16 7 + =<?1 ;=
8+E1<.D18 >=8-<.>1F.7 + >=7 . <.7+ B1> <. ;=: .>= A0.9;=7 1< ?1 9+ >0+I+ C0D.<=8 96+;: =9;.'
7<@;17 < 7+ 0+>1= ?1 7 + ;= 2 91C: 19<= ?+: =61<7 + <1 ?1: 7.<-2 1>: 7-B1> =A.;1 C.= C. ?1
9+ 918= <1 7 +?1< 7 +?.<. <1B.< 8=G+ =C7 19<.;. 6+D1 .D8+,- =<=/ @;= 9+ ?+9.: = B+9;.F.
<1@+ 8+0+<7 + 9+ <7 =7?+9.: = . 0+1>F.7 + B+9;.F+ <1 ;=N1 ;17<1B.< 7 + ?1 9+ =;>0.7 - 7 =@
<+>+ .9;.<+ = ?+7 9;6=61<7 - 81;+0.7 + <+>+ A=7 +?.<=9;. >=7 + <18 >61<;<1 ;+=0.7 1 <+ 8=G+
?1;. R ;= ;. RA=6.>1= 7 + : C+0; R >61<;<1 8+E1<.>1 7 + <+A=;A-<1 R
1? 7 + 7
<@;17 < ;0+9<-= A0=;.6<.>1 =6.8 A0=C: +8=8 B1> . 91=C01I17 -
=A+<E1/+<- C.= 7 + =C-9;16: 7+< ?=> 7 + .: 9 =0 8=D/1= = 8=/-I+8 =?/=6=0- 8
7<@;17 < A=>-@161 ?1 D1;01G. ?1 9+ .9A=? 17 D+<C+0/=6+ <+=?0+,+<=9;. =;>0.7 + <+@;= 7 =@
.9;1<B1<.7 +N =< .<9.9;.01 <1 ;=8+ ?1 9+ .D8+0. . =<1 ?0-/1 B+9;.F1 ?1' =9: + <+>=/
60+8+<1 =0 7 + -D601;.= =61>= <+ 8=G+8= ?1 /: +?18= D19+C<= ?=/1,17 + >=?
?=/1,17 + >=? . A=981;01B1N<+/= 7 + 96+ ;= 7 +?1< 9.9;+8 - >=8+ 9+ <1: 1D+ . . .
A=981;01B 6= 7 + E=: .9;.B>. =?/=6=0 91 A0.D6->=8 .9;=B<7 1B>=/ 8.9;.F.D81N?= ?1<19 7 +
<1A.91<= 8<=/= . A0+8<=/= ><7 ./1 = ;.8 6+D181 .;1<7 +7 + ?1 : . B+9;.F1 . A=981;01B
.:. ?+;+>;=0 .817 - 9;610<= 17 <@;17 <=69>= A=9;=7 1<7 + .: . 9- C+D<1B17 <. ?-E=6.(A=90+?<.F.
A0+ 8+0+<7 1 : . A=9;./<-; 7 + . - =6=7=C: 19;. A0+9-?1< ;+=0.7 9>. <1A0+?1> . 1E1 .D6+?+<
7+ C: .9;16=A.;
1E61: 7-I. ;+=0+8. >=7 - 7 + 3$P /=?.<+ 01D6.= ;+=0+;.B10 +: +8+<;10<.E B+9;.F1 A=
.8+<- G=< +: =E< +: : A=9;1: = 7+ 719<= ?1 9+ 7 +?1< A0+.<1B+<. =C: .> 8.91=<=/
=A.;1 8=G+ 9;610<= .D6+9;. - : 1C=01;=0.7 . +: 7 + 98.9: .= =A.; - >=8+ 8=G+8= ?1
A0+?9>1G+8= 01D: .B.;+ =C.8+ >=0+: 1F.7+ .D8+,- A=<1@1<7 1 B+9;.F+ . B+9;.F+ -
D16.9<=9;. =? ;=/1 ?1 : .7 + ;1B<= 7 <@;17 <=6= .: . =0=6= -6+0+<7 + +: =61 ;+=0+81 7 + ?1<19
A0+019: 1 81: ;+<+ - >-: ; 8=G?1 . D1;= @;= ?=C0= 9;1<+ <1 817 .F- =9;=7 . C10 7 +?1< G+<9>.
>: -C 8.9: .8 ?1 7 + - A0.</M .:?- B.7 + 9+ B:1<.F+ 919;17 - 961>=/ B+;60;>1 A=9: + A=?<+ ?1
019A016: 717 - = +: =6=7 ;+=0+8. <=/. 9- B1> <1 +: =6= <+D1?=6=: 79;6= . : 7-;<7 -
A=D?016.: . ;- ;+=0+8- >1= 2 ?=>1D2A=9;=7 1<71 <+>1>6.E A101<=081: <.E A=7 161
+:=61 D18.91= <1?1E<-: 1 7 + <.D =A.;1 9;610<= .D6+?+<.E 8+,- >=7 .81 7 +
<17 -9A+@<.7 . C.= =<17>=7 . 9- A0+?-D+: . : 1< 9A+>; :1< 9A+F; . <7 +/=6+ >=: +/+ /=?.<+
3!) - 10.D- 17 =A.; 7 + - 9-@;.<. 8+0.= >=: .>= A-;1 9+ 0+D-: ;1;. D1C+: +G+<. <1
?+;+>;=0- A=?-?1017 - 91 =<.81 <1 ?+;+>;=0- 1 ?+;+>;=0=8 9+ -9;1<=6: 7161= : +6. .
?+9<. 9A.<N?1>: + >=: .>= A-;1 9+ ?=/=?.: = ?1 C-?- .D8+0+<. : +6. . : +6. .: . ?+9<. . ?+9<.

133
 +:=61 1<1: .D1 =8=/-I.: 1 <18 7 + ?1 A0+?6.?.8= >=: .>= I+ =61 >=0+: 1F.71 C.;. 6+: .>1 1>= 7+
.9A016<= =0=6= ;-81B+<7 + A= >=8+ 7 + >61<;<1 ;+=0.7 1 6+I 91? 9196.8 -A=;A-<7 +<1
<17 A=;A-<.7 1 @;= 8=G+ .>1? C.;. 1 >=: .>= I+ C.;. 6+:
.>1 1>= 7 + - A016- 7 <@;17 < 91 96=7 =8
;60?<7 =8 ?1 8=017 - A=9;=7 1;. . <+>. 9>0.6+<. A0=8+<: 7.6. B.<.=F. >=7 . .A1> =?: -B-7 - =
>=0+: 1F.7. A.; 7
+7 19<= A=>1D1= ?1 7 + =0 C.= - A016- 1 7 <@;17< <+ <1B. 96. 9- .D/: +?.
?1 B+9;.F+ >=7 + 9+ <1: 1D+ <1 6+: .>.8 -?1: 7
+<=9;.81 7 +?<1 =? ?0-/+ 7 +?<=9;16<= .817 -
<+>+ 96=7 + .9;=60+8+<=9;. >=0+: 1F.7+ <1A0=9;= D1;= @;= <1A0=9;= D1;= @;= A0.0=?1 ;1>=
?+7 9;6-7 +
;1 A.;1;+ ?1 : . 7+ ;.8+ =61 019A0161 =>=<B1<1' .7 + . -;.@1<1 B1> <1 C+9<.
A-<=8 G+9;.<=8 . ?1<19
=@7 +?<= =? =A19<.E 8+9;1 /?+ 9+ 2 16+;.2>61<;<+ 7 +D+ 6.9=>= -D?.G- =>= <19 7 +9;+
=<= . 8+9;= . 60+8+ /?+ 7 + 19+: 7+<1 9;6=0+<1 <17 01<.7.8 M 1D181 96=/ <19;1<>1
19+: 7+<1 7 + C.:1 9-C1;=89>. 81: +<1 A1 7 + >61<;<1 M .D.>1 61G.: 1 D1 F+: =>-A<. >=98=9
=?7 +?<=8 <1;+ @;1 ?1 618 7 1 >1G+8 - .8+ 8=7 + . 6+: .>=/C0=7 1 ?0-/.E M .D.B101 7 1 I-
9+ ?0G1;. 8=/ 1>F+: +01;=01 . 8=7 .E .9;01G.61<7 1 1@ 8. 7 + ?01/= @;= I+ 9+ <+>= ?0-/.
C16.;. C0./181 =>= ;.E >=<F+A;-1: <.E ;+8+: 71 >61<;<+ ;+=0.7 +
. >=7 . 9+ <+ -A-@;18= - ;1>6+ A=?6./+ .?+8= 918= 96=7 .8 A-;+8 ?1: 7
+ 8=I<=
<1=0-G1<. 0+?.</+0=8 .01>=8 . <=6.7 .8 7 +?<1B.<181 1 ;= 9- 7 +?<1B.<+ >61<;<+
;+=0.7 + A=:71 -; >1 =G.7 =7B+9;.F. ( .:. C10 A=B+;1> ;=/A-;1 ( 6.?.8= 7 19<=

/012
345 ) ,% ,

=>=8 C+9>017 <=/ A0=F+91 9;6101<7 1 . 619>09161<7 1 A=: +;1 D1 .D/01?<7 - #(1
9-A+0A0=6=?<=/ 9-A+0>=: 17?+01 A=9+;.= 918 7 +?<=/ ?1<1 >1<F+: 10.7- =<- -
1@</;=<- 9+<1;=01 +<+;1 G=<9;=<1 +<<+;; =E<9;=< .D -.D.7 1<+ < 7 + B: 1<
+8=>01;9>+ 9;01<>+ 7+/=61 A=?0@>1 C.: 1 7 + 61G<1 D1 9-?C.<- 9-A+0>=: 17?+01 D1 >=7 .
9+ =B+>-7 + ?1 I+ >=@;1;. ->-A<= ! 8.: .710?. ?=: 101 617 G=<9;=< 7 + D1 7 +?<=/
18+0.B>=/ 9+<1;=01 B-?1< 8=81> =:. ?1 01D/=6101 = F0<.8 0-A181 = D1>0.6: 7+<7.81
60+8+<1 . = ?0-/.8 ;1>6.8 A=7 16181 .8 918 -@1= - <7 +/=6- >1<F+: 10.7- -9;1= 7 + .D1
01?<=/ 9;=: 1 . A0=;0+91= 7 +?<=8 ><7 ./=8 A0+81 8=8 : .F- R+?+08+<+R 0+B+ =<
8=: +I.6.8 ;=<=8 R .818 8<=/= A.;1<7 1 D1 ;+C+ = =6=8+ R <7 ./1 7 + C.:
1 1D./01<. 6-(: .
817 9;=0. =? "10.7 1 ->161 "10Q ->16 =>=8 <1@+/ 01D/=6=01 <+A0+9;1<= 7 +
A0=?-G161= 8=7 .E 2 A+;<1+9; 8.<-;12 ;1>= ?1 98= A0=6+: . 7 +?1< 91; A0.B17 -I. = M .D.F.
;1: <= 918 60+C1= <1 <+>. A0=: 1D>0=D>=7 . C.E 8=/1= ?1 -C1F.8 ;+8- D101? >=7 + 918 .
?=@1= 1 ;= 7 + D1: 1/1<7 + ?1 ;0+C1 ?1;. ?0G16<+ A10+ D1 9-A+0>=: 17?+0 R 1? 6+I
A=8+<-98= A0=;=<+ .818 =6- 81@.<- >=7 1 R : . G=<9;=< 7 + C.= <+-8=: 7.6 0.B1= 7 +
= M .D.F. C+DA0+9;1<>1 1? 7 + <7 +/=61 9+>0+;10.F1 -@: 1 A= B+;60;. A-; ?1 <19 A0+>.<+ . ?1
>1G+ >=: .>= : 7-?. B+>1 <1A=: 7- <1 D1>1D1<+ 01D/=6=0+ =< 9+ =98+E<-= . 0+>1= R .?.
D<18 D1@;= 9. ?=@1= 1 9. 8. .D6+= 96=7A0=8=;.6<. <19;-A D1 >=: 17?+0 =C+I1= C.E ?1 I-
2-B.<.;. >=: .>= 8=/-2 : . =6= 7 + C.:= 8<=/= D1C16<.7 + -01?.I- 9;610<= >=: .>= 8=/- R
-01?.= 7 + -.9;.<- A=A0.: .B<=
+<+ 7 + ;1?1 A=81: = -D<+8.0.: = ;= ?1 7 +?1< 9+<1;=0 /:1?1< D<1<7 1 D1?=6=: 7
161
96=7 - 01?=D<1: =9; ><7 ./=8 ;=/ ->161 =>=8 A=9: +?<7 .E <+>=: .>= /=?.<1 A=7 16.= 9+
D<1;1< C0=7><7 ./1 ( 7 +?<1 =? <7 .E 7+ . 1= M .D.>+ ( >=7 + <19;=7 + ?1 =C7 19<+ 8=?+0<- M .D.>-
- 96+;: =9;. .9;=B<7 1B>+ 0+: ./.7+ . 8.9;.F.D81 -;=0. 9- 9>: =<. ?1 D1>: 7-B+ - 96=8+ D1<=9- .
=?-@+6: 7+<=8 C: 1G+<9;6- ?1 98= 96. 8. ?+= >=98=91 . ?1 7 + >=98=9 ?+= 96.E <19 6.
98= 8. 7 +?<= 1D. 8=: .8 ;+ 1 D1@;= =<?1 01B-<. 9;.G- 961>=8 A=9+C<=' 0.<-= 918
9+ D1;= @;= C. ;179+<1;=0 8=/1= .D6-I. <+>+ A=/0+@<+ A=0->+ .D;1>6.E ><7 ./1 <+A=90+?<=
A0+ 7 +?<=/61G<=//: 191<7 1 = 81@.<. =? =918 8.: .7
10?. ?=: 101 >=7 =8 ;0+C1 ?1 -A016: 717-
M.D.B10. =?-@+ G=<9;=< 7 + <1-B<= A.98+< 1 . A=D<17 + 8<=/+ <1-B<.>+
1?1E<-I1 D1 ;1>6+ ><7 ./+ =C.B<= 7 + >61<;<1 ;+=0.7 1 91 96=7 .8 16+;<.8 ;60?<7 181
>=7 + 9- <7 +< <+01D?6=7 .6. -0=,+<. ?+= +?<1 ><7 ./1 B.7 . <19: =6<+I+8= A=8+<-;. .D: 1G+
A0.: .B<= ;0+D6+<= =C7 1@<7 +<7 1 = 17 D+<C+0/=6.8 0+: 1F.7 181 <+=?0+,+<=9;. = 8.91=<=8
=A.;- 7 <@;17 <1 =?=: 9>=/. =D+<1 >1= . = +: =6=7;+=0+8. 1 =<?1 D1<+9+<= 7 +D?. ?1: 7+
-2 ;0.A=6+2 <10>=91 - A0.B+ = >-I<.8 ?-E=6.81 >=7 .2A=8+017 - A0+?8+;+2 . = ?16<=
-80: =8 +<;.;+;- >=7 . 9+ D=6+ +;E . >=7 . 96=7 + D18.9: . 91=A@;161 : 7-?9>=8 0=?- ;1>= @;=

134
A0+-D.81 >=81<?- <1? /: 19=8 . ?+9<=8 @1>=8 >=7 1 ?0G. =: =6>- .D6+9<+ : 8.0+
?=81I.F+ - 7 -7 =0>- B.;= 7 +?<1 =? A=: 1D<.E A0+;A=9;16>. <1 >=7 .81 7 + D19<=61<1 =61
><7 ./1 . <+ 918= =61 <+/= 8<=@;6= ?0-/.E 7+9;+ 9: +?+I+ A=@;= 7 + >61<;<1 ;+=0.7 1
;1>= 91C: 19<1 1 <1-B<= 7 + .9;.<.;1 D1@;= <+ C. . 96+ ?0-/+ 91C: 19<+ A0.B+ C.: + <1-B<=
.9;.<.;+'
+ C. B=6+> <=081: <= C0.<-= DC=/ ;1>6.E A.91<.7 1 >1? C. ;= =9;17 1:= - =<.8 ?+: =6.81
><7 .G101 /?+ 9;=7 + <1;A.9. 2 0+: ./.7 12 .: . 2
A101<=081: <=2 .: . 2A=: ;+0/17 9;.2.: . 6+I;1>= <+@;=
1 <+90+I- A0=?16F. ><7 ./1 B+9;= 9;0A17 - ;= - ?+= /?+ 9- ><7 ./+ = <1-F. 6+0=61;<= D1;=
@;= 9+ - <19: =6- A=7 16. <+>1 0+B >1= 2 >61<;<=2.: . 2M.D.>12 <17?+= <1@+/<10=?1 >=7 . B.;1
><7 ./+ ?=C.7 1 6+: .>- . A0+6+: .>- >=: .B.<- .<M =081F.7 1 = <1-F. .D;1>6.E ?+: 1 6?+ I+8= 9+
D1?0G1;. <1 918= ?6+ <17 .9;1><-;.7 + 8+,- <7 .81 = 9- 1= M .D.>+ . 1D./01<. =C+
=C7 16: 7+<+ - 9+?18?+9+;.8 /=?.<181 =6=/ 6+>1 -?.8= A=@;+<. ><7 ./- 1= M .D.>+
<1A.91= 7 + 0.;E=M 1A01 0.;7 =M#1A01 >=7 . 7+ ?=>;=0.01= M .D.>- <1 +B>=8 -<.6+0D.;+;-N
=<1 7 + 8<=/+ : 7-?+ -6+: 1 - 8<=/1 D<1<7 1=M .D.F. @;= 7 + ?=C0= : .B<= 7 + A=9;./: 1 . ><7 ./1
1D./01<. >=7 - 7 + <1A.91= "10. ->16 A.91F .>= <7 .81 ?6=7 .F. <+ D18+01 @;=
A0=<1: 1D+ A101: +: + .D8+,- <=6+ >61<;<+ M .D.>+ . E.<?-.D81 C-?.D81 ;1=.D81 D+<1 .: .
<10=?<+ >-E.<7 + - >.<+9>=7A=>017 .<. -<1< D1@;= <+ 1A01 . ->16 9- 8<=/= @;=@;1
0+>: . ;1B<= =C+ ;+ ><7 ./+ .81 : +A=/. ?=C0=/A.91<7 1=M .D.F. @;= .8 ?17 + -6+0: 7.6=9; 1
<+90+I- =C1 ;1 A.9F1 B.<+ 9>=> 91 B609;.E ?=>1D1<.E <1-B<.E .9;.<1 <1 <+>+ 9196.8
?0-/+ D18.9: . >=7 + 9- .D61< <1->+ .D61< M .D.>+N9>=> .: . A0+: 1D1> A0+>= <+>1>6=/8=9;.I1
>=7 .7 + >017 <7 + >: .816.: . /1 . <+81
1D./01<.8 <1 A0.8+0 ->16 : +A= =C7 1@<7 161 9: 16<. =A.; =8191 1</1 91 ?61
A0=0+D1 : . =<?1 9+ -A-@;1 - A0.: .B<= C.D10<- 1<1: .D- 0+D-: ;1;1 1= @;= 98= 6.?+: . A=@;=
9+ ?=C.7 1 01D: .B.; =C01D1F M =;=<1 .: . +: +>;0=<1 <1 +>01<- - D16.9<=9;. =? ;=/1 ?1 : . 7+
=;6=0+< 918= 7 +?1< A0=0+D .: . . =<17 ?0-/. -A=0+?<. - <+A=90+?<=7 C: .D.<. <7 +/1
+>9A+0.8+<;1;=0 C. 9+ 8=/1= D1A.;1;. R 1 >1>= B+9;.F1 2 D<12>=: .>= .81 =;6=0+<.E
A0=0+D1'R 6= 7 + <1016<= 7 +?<1 <+=DC.: 7<1 >=<6+0D1F.=<1 M =08-: 1F.7 1 9;610<=/A.;1<7 1
>=7 + <1-B<= /: 19. >=7 . 8+E1<.D8. ?=6=?+ ?= ;.E A=7 161 17D+<C+0/=6= <1B+: =
<+=?0+,+<=9;. >=7 + 7+ - 918=8 ;+8+: 7- >61<;<+ ;+=0.7 + >1G+ ?1 <+ 8=G+8= 91D<1;.
>0=D>=7 . =? ;1 ?61 =;6=01 I+ 9+ <1@1 B+9;.F1 - 96=8+ D8.7 9>=8 ;1: 191<7 - A0=@-<7 1;.N<+
8=G+8= 91D<1;. =9.8 <1 <+>. ;1>16 <1B.< >=7 . C. <18 -A0=A19;.= B.;16 =A.; ;0=/=9;
>61<;<+ ;+=0.7 + 7 + B-?<=61;1 1: . ?17 + 0+D-: ;1;+ ;1 9;0=/=9; D1E;+61 ?1 =?C1F.8=
A=8+<-;= A.;1<7 + ?1 D1>: 7-B.8= ?1 =<= <1A0=9;= <.7 + 0+: +61<;<=
+,-;.8 ->16 .D6: 1B. 9196.8 ?0-/1B.7 - A=0->- .D =A.;1 91 ?6=9;0->.8 A0=0+D=8
B+9;.F1 D<1 ?1 : . 7 + . =<17?0-/. A0=0+D=;6=0+< =;=<. 9- A18+;<. +>17 ;+ ;+> A=9;17 +
-DC-?: 7.6= R +81 9+ >-? 8=018= A0.D<1;.R A.@+ ->16 R ?1 M =;=<. >=7 . 9- +<+0/.7 1 A=
96+8- 9-?+I. =C01,-7 - .<M =081F.7 + A1 9+ . A=<1@17 - - 9>: 1?- 91 =<.8 @;= ;1>= 91D<17 -N
A0+81 ;=8+ =<. 9- 81 >1>= B-?<= ;= 8=/: = D6-B1;. =0/1<9>1 C.I1 R 6= 7 + D1C16<=
8=G?1 .81 B1> . <+>+ 6+D+ 91 M .:=D=M .7=8 1: . <1->1 961>1>= <.7 +
101?=>91: <= =617.9;. ->16>=7 . A0.A.9-7 +M =;=<.81 96+9; =?C.7 1 ?1 A0.E61;. ?1 1;=8.
A=9;=7 + 61>= A.@+ ->16 R ;=8. .=<1>= <.>1?1 <.9- C.: . 9;610<. ;=8. 9- E.A=;+;.B<.
+<;.;+;. 91D?1<. 918= ?1 C. 9+ =A.;<1 =A1G1<7 1 <+>1>= -B.<.: 1 9E61;: 7.6.8 .>= <.>1? (
<.7+?1< B=6+> <1 96+;- ( <.7 + 6.?+= <.7 +?1< 1;=8 R ;= <18 =A+; =<+ 9;10+ ?18+ -
A-C: .F. >=7 1 <18 C1F1 0->16.F- .D1D=61 A.;17 -I. R 7 +9;+ . .>1? 6.?2 :. 1;=8'R 18= ;1
?181 7 + .A1> 6=: 7<1 . ?1 919: -@1 =?/=6=0 ->16 918 =?/=6101 . ;= =?0+B<= :.
<+;1B<= B1> . 1>= -96=7 .8= C->61: <= D<1B+<7 + 0+B. 2 6.?+;.2 +0 A=9: + .D: 19>1 <7 +/=6+
><7 ./+ .D@;18A+ -9160@+< 7 + 9>+<.017 -I. ;-<+: 9>. 8.>0=9>=A D1E61: 7-7-I. >=8+ 9- 8<=/.
:7-?. 6.?+: . 1;=8+ . /: +?17 - .E . 91? <1;+ ;1>16 8.>0=9>=A A016. ?.6<+ 9: .>+ ;.E 81: .E
?0-/101 ( 1;=81
1A01 7 + 8<=/= =@;0=-8<.7 . =< 9+ -D?0G161 =? A0+;+01<.E D1: +;1<7 1 . - .?+7 181 . -
7+D.>- >=7 .8 9+ 9: -G. 1: . - 9-@;.<. . =< 7 + 7 +?1< =? <+6+0<.>1 <1->+ <9.9;.01 ?1 2 A0=9;1
8+E1<.9;.B>1 9: .>1 F./1: 1 >=7 + 918= ;0+C1 9: 1/1;. 7 +?<- <1 ?0-/-2;0+C1 ?1 C-?+
<1A-@;+<1 =B.<7 + 01D-8<.8 =A.9.61<7 +8 >61<;<+ M .D.>+ 1: . =<?1 A016. 01D<1 9: =G+<1
A0=@.0+<7 1 - >=7 .81 <+81 6.@+ <. ;01/1 =? 01D-8+61<7 1 >1>= 9+ A=8<= 8=017 - ?1 9A: +;-
- 7 +?<- F+: .<- =A.; . ;+=0.7 1 . >=: .>= >06. D<=7 1 . 9-D1 8=01 ?1 9+ -: =G. - 961>. <1@C=: <.
>=01> <1A0+?

135
 =60@<=9; . <+810<=9; ;1>6.E A.91F1 =?C.7 1 8+ 1: . >1? <1.,+8 <1 @>01C=F.7 + A016.E
@10: 1;1<1 .9>: 7-B.8 9+ A=;A-<= 1A016= ><7 ./+ 1= M .D.>+ . 1D./01<. 6-(: . 817 9;=0.
A0+?9;16: 717- <+>. 90+?<7 . ;+0+< 60+?1< .D6+9<=/ -61G161<7 1 .D8+,- A016.E ><7 ./1 =
<1-F. . : -?1B>.E 0-C=61 /?+ <1?.0- : 1G=6B.<+ . : =A=6B-/+ @10: 1;1<. . 8+<;1: <= A=0+8+I+<.
;.A=6. 7 -?. >=7 . 618 7 +8B+ ?1 I+;+ G.6+;. 6+B<= 1>= <+ 7 +?+;+ <.@;1 =9.8 >=0+<7 1 C.: 7 >+
9-81> 7
-?. >=7 . 7 16: 717- ?1 9- 61<D+81: 7F. ?=: 1D.:. <7 .81 : .B<= - A=9+;- 7-?. >=7 .
<+;1B<=9; ;+=0.7 + 0+: 1;.6<=9;. ?=>1D-7 - A=8=I- 9-8+09>.E >1: +<?101 D1 A=: 7=A0.60+?<+
01?=6+ 1>6. D19.A17 - 96=7 .8 81<.7 1B>.8 A.98.81 B19=A.9 27 -7 =0> <>617 +0+02 1: . .
961>=/ .9;1><-;=/ <1-B<.>1 +I.<=8 9- ;= C+D=A19<. =;>1B+<7 1F. >1= =<1 ?181 =?
9+?18?+9+; . <+>=: .>= /=?.<1 >=7 1 8. 7 + 7 16.: 1 <1 =918 9;01<.F1 /-9;= .9A-<7 +<.E 9.;<.8
0->=A.9=8 = ;=8+ @;1 9- 7 =796+ A0.B1: . 81: . D+: +<. A=9+;.=F. .D>=98=91 : . <.9- C1@96.
C+D1D: +<. +?1< 7 + A=;+/1= A.@;=: 7. -C.= 9+>0+;10.F- <1-B<=/ B19=A.91 2+6.7 1 D1 M .D.>-2
D1;= @;= 7 + 0+?1>F.7 1 =?C.: 1 ?1 @;18A1 <7 +/=6 B: 1<1> >=7 . 7 + C.= <+A=6+D1<= : -A+;1<7 +
961>=7 1>.E /: -A=9;.
1G<1 A=+<;1 7 + 6+0-7 +8 =6= - 961>=7?.9F.A: .<. - 961>=7=C: 19;. : 7-?9>=/ 01?1 .
;0-?1 A=9;=7 . <+>. 2 +9;1C: .@8+<;2<+>1 /0-A1 : 7-?. >=7 . 9- <1 6: 19;. . B.<+ ?+= ?0-@;6+<=/
9.9;+81 +>1 9- ;= - 7 +?<=8 9: -B17 - 9;10. A0=M +9=0. M .D.>+ <1 A0+9;.G<.8 -<.6+0D.;+;.81
<+>=8 ?0-/=8 9: -B17 - ;= 9- 0+F.8= /: 16<. C=/1;1@. - A=9: - A0=.D6=?<7 + . A0=?17 +
C0D+ E01<+ ;0+I+8 9: -B17 - 9;10.7 . 9: -GC+<.F. 18+0.B>=/ ?0-G+<7 1 1?6=>1;1 .: . -
01;9;6- A=@;101 .: . <.7 + C.;<= -; >1 <1A0+;>- - <1-F. <17 C0G. 7 + >1? <+>= -9A+ ?1
A=0-@. ;+ ?G.<=6+ <1= 918 ?1 I+ =6?+ .9A19;. <+>1 ?=C01 A=8+@1<1 8+;1M =01 1;=
G+: 7<= ;01/18= D1 .>=<=C=0F.81 D1 C-<;=6<.F.81 >=7 . 9- 9A=9=C<. ?1 C1F+ C=8C- 1: .
918= .<;+: +>;-1: <- N D1 ;1>6.81 ;01/1 B1> . 918 +9;1C: .@8+<; <1->+ 1016<=
<.7+?<=8 ;+=0+;.B10- <+ A0.7 1 ?1 /: +?1 >1>= <7 +/=6- ;+=0.7 - C1F17 - - >=<;+7 <+0 D1
98+I+NA=7 +?.<. ;+=0+;.B10. 9>: =<. 9- 8=G?1 ?1 0+1/-7 - - A06=8 ;0+<-;>- B.9;= <1/=<9>.
>1= A=: .;.B10. 9-=B+<. 91 <10=?<.8 -9;1<>=8 :. ;01?.F.7 1 DC1F.61<7 1 01<.7 .E -B+<7 1
?-C=>= 7 + -/01,+<1 - 918= C.I+ <1->+ 6+;1 =C16+D1 961>=/ <1-B<=/ +9;1C: .@8+<;1
7+9;+ -A016= ;= ?1 <+/-7 + . <1/01,-7 + 8: 1?+ . >0+1;.6<+ 17 ;-G<.7 . .D6+@;17>=7 . 8=G+8=
?=C.;. = <+>=8 8: 1?=8 >=: +/. /: 19. <.7 + ?=6=: 7<= 918= C.;. 8: 1? 61 <1@1 +;.>1 (
>=7 1 >1G+ ?1 ;0+C1 C.;. =;6=0+< A0+81 8: 1?=9;. <+=0;=?=>9<=9;. . A=C-<. ( =;6101
8+,-;.8 A0=: 1D . 01D<.8 A0+6101<;.81 . D1C: -?+: .8 =9=C181 1 ;1>6. -8+7 - ?1 9+
<18+I- <1-B<= <+A.98+<.8 .: . <+810<.8 <=6.<10.81 -0+?<.F.81 . ?0-/.8 B-610.81
8+?.7 9>.E >1A.7 1 +>. A0+6101<;. A=9;./: . 9- =/0=81< -9A+E >1= <1 A0.8+0 .D01+: 9>.
81,.=<.B10 0. "+: +0 0. "+: :+0 .: . A.91F 81<-+: +: .>=69>. 881<-+: +: .>=69>Q 1: .
<1,+ 9+ 8+,- ;1>6.81 . A=<+>. ?=>;=0 A0.0=?<.E <1->1 . =C+: =61 <1/01?1 <+ 7 +8B.
?1 7 + <+>= - A016- 1 >18=: . ?=>;=01; 81 : 7-?. >=7 . <18 A=>-@1617 - A0=?1;. C1@
A=;A-<1 : -A+;1<7 1 2 @1>+ >=7 + 6.?+2 2 A9.E=>.<+D-2 2 >0+1F.=<.D182 2 A=: .6=?-2 2 E: 1?<-
M-D.7 -2. 8<=/1 ?0-/1 A0+6101<;9>1 C1: 7+D/1<7 1 =C.B17 +<1 7 + >=? ;1>6.E 81</-A1
;60?<7 1 ?1 +9;1C: .@8+<; >=7 . 9+ 2 -G.0.=2<1 A=: =G17 .81 6: 19;. 8=I. . A=6: 19;.F1 9A0+B161
?1 9+ ?=D<1 A0161 .9;.<1
1016<= 8=/-I+ 7 + ?1 9+ ;1>61 9A0+B161<7 1 -.9;.<- ?=/=?+ :. - <1@=7?.9F.A: .<.
M.D.F. B+9;.F1 B1> . B: 1<=6. +9;1C: .@8+<;1 A=<+>1? G+9;=>= <1A1?17 - .9;. ;17+9;1C: .@8+<;
+?1< =? <1@.E 96+;1F1(A=>0=6.;+: 71 .B10? 17 <8+< - 96=8+ +9+7 - 2;1 7 + <1->1'2
-A=D=0161 9;-?+<;+ R 1-B.;+ .D <1->+ ;= ?1 8=01;+ 9-8<7 1;. . - =<= @;= /=6=0+
9;0-B<7 1F. 1->1 7 + 6+0=61<7 + - <+D<1<7 + 9;0-B<7 1>1 R ?1: 7 + R 61>= A=>=: +<7 + >=7 +
96=7 .8 .9>-9;6=8 <+@;= =;>0.7 + 8=01 ;= A0+<+;. ?1: 7+ 1: . A0+<+;. -D=<- ;1<1<- 016<=;+G-
A=@;=61<7 1 . <+A=@;=61<7 1 ;1>= ?1 9+ ;0>1 <19;16. ?1 <1 8: 1?+ : 7
-?+ <+ A0+,- -
A0+6+: .>.8 >=: .B.<181 /0+@>+ 9;10.7 .E >0-;= A0+<+;+ 1: . .A1> ?1 A0+,- - ?=6=: 7 <.8
>=: .B.<181 =<+ A18+;<+ 9;610. >=7 + .8 9;10.7 . .817 - ?1;. <1/=8.: 1<1 8-?0=9; 9;10.7 .EN-D
<7 - =A+; . 96+9; ?1 8-?0=9; 8=G+ C.;. : 1G<1 R
6170+B.;. A19-9 .D01G161 <+@;= @;= 7 + ?-C=>= -91,+<= - 96+ <19 >=7 . 98= 01C=;1: . -
6.<=/01?.81 <1->+ 1016<= ?1 <+ 8=G+ 961>. <1-B<.> .9A=: 7.;. =<- 9A=9=C<=9; D1
>0.;.>- 9;019; . A+0F+A;.6<=9; >=7 - 7 + 17 <8+< -8+= ?1 .9A=: 7. >1? 9+ A=6+?+ 019A0161 =
<+B+8- ;=8+ 9+ <1-B<.F. 01D: .>-7 - 8+,-9=C<= 1>=,+ 7 + .9;.<1 ?1 8<=/. <1-B<.F.
9E61;17 - 9+C+ 9-6.@+ =DC.: 7<= = =<?1 <1<=9. @;+;- <7 .81 918.81 7 +0 =<. /-C+
9A=9=C<=9; ?1 >0.;.B>. A0+.9A.;17 - 9=A9;6+<. 01? . 7 =@ /=0+ 01? 8: 1?.E : 7-?. >=7 . .8
-A-I-7 - <+>. <1-B<. .D1D=6 .7 +?<1 <1-B<1 ?.9F.A: .<1 <.7 + 9160@+<1 : . <10=? >=7 . 9+ <+

136
C16. <1->=8 ?1>: + :1.B>1 A-C: .>1 0+;>= >1? -6.,1 91 >=: .>= 9A0+8<=9;. G+: 7+ B1> 91
>=: .>= =B17 <.B>=/ A0.G+: 7
>.61<7 1 ->-A<1 D17 +?<.F1 <1->+ A=D?016: 71 ?=: 1D1> 961>=/
.<;+: +>;-1: <=/C=0F1 A0=;.69;10.E .?+7 1 ( 918= A=? -9: =6=8 ?1 =< .: . =<1 .81 =<- A016-
0=C- =<- >=7 1 9+ ;01G.
.7+ 918= A= 9+C. ;01/.B<= ;= @;= 1: 7>16. A.9F. A9+-?=<1->+ C0: 7
17 - >=7 +@;1 A= E10;.7.
.;. ;= @;= I+ <+>. A0=?161F A=: .91 D1 =9./-01<7 + - .B.;. >=7 . 9+ ?=9+;.= /?+ 7 + 7 <@;17
<
A=/0+@.= <1A.91;. ><7 ./- = ;=8+ . =C7 16.;. 7+ = 96=8 ;0=@>- .7+ ;01/.B<= @;= I+ 01D<.
8-;: 710=@. 9A0+8<. ?1 -B.<+ C.: = @;1 D1 @1>- ?=: 101 <1;0-I1;. /=8.: - >=7 +@;10.7 1 81 .
C.I+ 0. "+: +01 . 81<-+: 1 +: .>=69>.E 01/+?.7 1 7 + @;= =<. <1<=9+ @;+;- 8.: .=<.81 : 7
-?.
=<.81 >=7 . 9- :1>=6+0<. 1 - <1->- 9+ <+ 01D-8+7 - 1? <10=? A=B.<7 + ?1 >-A-7 +2 8=I<+
A.018.?+2 ?1 ?17 + B.;161 C=/1;9;61 D1 2 .<7
+>F.7+ .D817 8-<9>.E G: +D?12 ?1 /0.D+ >=@B.F+
=? >17 9.7+N.81 <10=?1 >=7 . 7+ 9A0+81< ?1 B.<. C.: = @;1 . ?1 A=,+ C.: = >-?1 1>= <1A0+?
9;-A1 6+@; 6101: .F1 >=7. 96=7 + :1A0?1<7 + A0+8+9;. 91 D1?<7 .E 601;1 F.0>-9>.E >=: 1 <1 <+>.
A=A-: 101< >1<1:. =<?1 C+D.81: = 9;.?1 . 90181 <-?. 961>=7 1>+ A1: .71;.6<+ A0F1C=F+
>1= 2 :+> D1 96+21 - .8+ ( <1->+
1@;= 98= 8. 1 ;.8+ E=I- 0+I. 7 16<=9; <10=? ;1>= 01<7 .6.' +?1< 8=/-I=?/=6=0 C.=
C. 9: +?+I. <10=? 9+ <+: 1/=?<= =9+I1 >1? /: +?1 @;1 <1->1 01?. 1B.< <1 >=7 . 9+ <1->1
01D6.7 1 . <1A0+?-7 + <.7 + <10=?- ?=C0= A=D<1; 716<=9;. 9+ 9;.B+ -;.91> ?1 7 + <1->1
<+>1>6= 8=<=: .;<= D?1<7 + 9>=61<= =? <+-8.;<.E A016.: 1 . 6+0=61<7 1 8+?.7 .81 9+
9;6101 9: .>1 ?1 9- <1-B<.F. 9;.9<-;+ @=<7 + - C+: .8 81<;.: .81 9;10. . 9;10=8=?<.
M=9.: .D=61<. C01<.=F. 9;10=/ A=0+;>1 9;610. 9;.<1 /: 19. ?1 7 + <1->1 <+@;= 8<=/=
M:+>9.C.: <.7 + 1->1 9+ <+ C16. A=?0G161<7 +8 9;1;-9 >6=1 <1 E=I+ 0+6=: -F.7+

61<;<1 ;+=0.7 1 7 + : 1>1 8+;1 D1 =<+ A.9F+ >=7 . A0=/: 1@1617 - ?1 7 + =<1 <+@;= 90=?<=
<+>=70+: ./.7 . .:
. 8.9;.F.D8- :
19.B<- <7 -;<=69>- M .D.>- B+9;= A0.>1D-7 - >1= C+DC+?<-
:=/.B<- . -9>: 1,+<- 91 B=6+>=6=8 .<;-.F.7 =8 <?1 <1.,+ >61<;<1 ;+=0.7 1 >=7 1 7 +
>=<;01.<;-.;.6<1 . 16+;.<7 9>1 . 2 D18+<.2<7 -;<=69>- +@>1 7 + D1 01D-8+61<7 + 6-B.
A0+;+I+ +?<= 0+@+<7 + ( A0+?: =G+<= - <+>.8 =? A=8+<-;.E ><7 ./1 ( 7 +9;+ ;= ?1 9+ =
>61<;<=7M .D.F. 01D8.@: 71 >1= = 7 =@7 +?<=70+: ./.7. 1@;= <+ 981;01;. ?1 7 + =<1 918= <=6.
=C: .> E.<?-.D81 .: . C-?.D81 . ;1>= ?1: 7+ ' ;= : +A=/<1B.<1 ?1 <1A0=9;= <1A-9;.8= 961>-
:=/.>-
+,-;.8 8=G+ 9+ 9;610 91/: +?1;. . =61>= >61<;<1 ;+=0.7 1 7 + E8 <1->1 @;= 9+
;.B+ =<=/1 ?1 <+>= <+>=/1 D18+<7 -7 + <+8=7 ;+ <19+?1;. <1 ;= 1->1 <+ C1F1 <1
,-C0.@;+ .?+7 + 6+>=6.81 9;10+ ;+> ;1>= >1>= 9+ <+>=8+ A0=E;+ 10=B.;= <+ =<+ .?+7 +
>=7 + 9- -9A+@<= ?+7 9;6=61: + 0+?. =6?+ <1A016.;. 7 +?<- 81: - ?./0+9.7 - . 6.?+;. >1>= 9+
?+@1617 - <1-B<+ 0+6=: -F.7+
+ 8=01 <=61 M .D.>1 -6+> ?1 A=;-B+ 9;10- 1->1 7 + 9>:=<1 ?1 0+6=: -F.7+ - 9+C. 918=7
.D6=?. >=<D+061;.6<= . +>=<=8.B<= =G?1 M .:=D=M 9>+ A=9: +?.F+ 8=/- ?1 2 =C1017 - 9 <=/-2
?1 C10 A0.6.?<= <1A-9;+ 9;10- 8-?0=9; >=7 1 7 + /=6=0.: 1 >1>= 96+; ?+7 9;6-7+ . ;1>= ?1: 7
+
: . - >=<>0+;<=7 9;610<=9;. <1->+ ?=/=?. 9+ =6= 9;101 ?=/81 9+ A0=@.0. <1 <=61
A=?0-B7 1
=8.9: .;+ <1 7 +?<=/ 1<;.B>=/ "0>1 >=7 . 9+ D61= 0E.8+? "=?.<+ A0+ 0=,+<7 1
0.9;1 ;17 7 + <1-B<.> 91G+= <1B+: 1 9;1;.>+ . E.?0=9;1;.>+ ;1;.>1 7 + ?.9F.A: .<1 >=7 1
A0=-B161 A=9;=7 1<=9; 9>: =A=61 >1= @;= 9- 8+0?+6.<+ 8=9;=6. . /01,+6.<9>. : ->=6. (
<17 B+@I+ <+>.E 9;610. >=7 +7 + B=6+> <1B.<.= ?1 8- G.6=; C-?+ -?=C<.7 . 0E.8+? 7 + 01?.= .
<1 E.?0=9;1;.F. >=7 1 /=6=0. = ;+B<=9;.81 . = A0+?8+;.81 >=7 . A:=6+ A= ;+B<=9;. .: . A=;=<-
.:. A: =6+ <+>= 60+8+ -9A016<= A1 9+ =<?1 .D60<-N = <1B+: .81 A: =6<=9;. D1;.8 =
01D: =D.81 DC=/ >=7 .E C. <=081: 1< B=6+> 8=/1= ?1 A=B<+ ?1 6.B+ R -0+>1 -0+>1 R>1?
-,+ - >1?- A-<- 6=?+ . ;1>= ?1: 7
+ + ;+8+ 9- . ?1<19 .9;= =<1>= 61G<+ >1= . A0+ ?6+
E.: 7
1?+ : +;1 ( @;16.@+ <1B.< <1 >=7 . .8 7 + 0E.8+? A0.9;-A1= ?=C10 7 + . ?1<19
"=?.<+ $ "1: .:+= "1: .:+7 -D+= 7 + ?1 A0+.9A.;1 D1>=<+ 9;1;.>+ . E.?0=9;1;.>+
+,-;.8 96=7 1 8+0+<7 1 A0=@.0.= 7 + . <1 A0+?8+;+ - A=>0+;- ( <1 A0.8+0 : =A;+ >=7 + 9+
>=;0: 717- <.D<1/<-;+ G: +C=6+ ?0-/+ : =A;+ >=7 + <+>= A-@;1 ?1 A1?17 - 91 ;=0<7 1 D1;.8 <1
9;0-<+ 8-D.B>=/.<9;0-8+<;1 : +-;1 1: . =A;+0+I+<+ ;+/=6.81 ( 1 ;1>6+ 9- 9+ C: 1/= <7 .E1:+

137
;18=(18= - 01?.=<.F. <7 +/=6=/ =F1 "1: .:
+7+6 01? 7
+ =C-E61;.= . ->: 7
-B.= - 9+C+
0E.8+?=61 ?=9;./<-I1 1: . 7+ =C7 19<.= . 8<=/= 6.@+ 1> ?= =C7 1@<7
+<71 D1 A=7+?.<+
=?:.>+ A=60@.<+ +9+F1 . B1> ?= -A.;+0=6.E A0.0=?<.E 91;+: .;1 ?=9+/<-= 7+ "1:.:
+7+601?
.7
+ "1:.:
+7A=C+?.= . 90-@.= 0E.8+?1 C-E61;.= /1 7+ >= C.98= E;+:. 9:
.>=8 ?1
A0.>1G+8= @;1 9+ ;- ?+9.:
= 9: .>1 C. .D/:
+?1: 1 =61>=

7-;< 7+ ?=81@.= 8<=/= ?1: 7+ <+/= "1: .:

+7 =?17 -I. -D0=B<=9; -9A+= 7 + ?1 .9A.;1 <1@
A:1<+;<. 9.9;+8 >1= . ?<+6<+ A: .8+ . =9+>+ 7-;<=61 9.<;+D1 ->: 7-B.:
1 7+ <=61 8+0+<7 1
>0+;1<71 A: 1<+;1 . <7
.E=6.E 2
8+9+F12 A0.0=?<.E 91;+: .;1 .@;1 - 7-;<=6=70+6=: -F.7. <.7
+
C1F.:= :71/- <1 ?=9;./<-I1 "1: .:+7
1 1 <. 0E.8+?1 1: . 7+ ;1 0+6=:-F.7
1 A0=@.0.:1 =<=
A=?0-B7 + 19+: 7+<+ >=7+7+ ?=9;-A<= <1@=76+: .>=79.<;+D.

=918<1+9;=8 . ?+6+;<1+9;=8 6+>- <1-B<.F. 9- A=B+: . ?1 A0=-B1617 - 7 +?<- A=7 16-

>=71 .D:1D. .D=>6.01 961>.?1@<7 +/ : 7
-?9>=/ .9>-9;61 <1 7
+ ?=C.: 1 <1D.6 +: +>;0.F.;+; 1
C.98= 8=/: . ?1 A0=-B1618= +: +>;0.F.;+; 8=01: . 98= A06= ?1 /1 918. A0=.D6=?.8= =9.8 -
7+?<=8 9: -B17 - 1 ;= 7 + >1? 9+6<+ 8-<7 1 ( <+9-8<7 .6= D19;01@-7-I1 A=7 161 9;= ;1>=
8=018= ?1<19 ?1 A06= A0=.D6+?+8= <+>+ B+9;.F+ - <1@.8 1>F+: +01;=0.81 1 ;+> =<?1 ?1
.E A0=-B1618= :
+>;0.F.;+; 7
+ ;1? C.= 7 +?<1>= +/D=;.B1< >1= >610>=6. ?1<19 : +>;0.B<1
9;0-71 <1A=< 7 1B.<1 01D<1 +: +>;0.B<1 . 81/<+;<1 A=: 71 A=9;+A+<= 9- 9E61;1<. 1> .
9;16:71<. A=? >=<;0=: - 1>=<+ +: +>;0.F.;+;1 . 81/<+;.D81 A0=@.0.= 7 + . >=?.M.>=61= G+7 89
1>96+: : . 9- 1>96+: A1 17 <0.E +0F A1 "-: 7+:8= 10>=<. A1 10: 9 ;17 <8+F
#E10: +9 ;+.<8+;D . 8<=/. ?0-/. -6=?.: . ;+ D18.9: . . - A01>;.B<- A0.8+<- A1 9+ : 7
-?9>1
G.6=;<1 =>=: .<1 8+<7 1:1 19 ?1<19 +: +>;0.F.;+; =>0-G-7 + 91 96.E 9;01<1 >=8-<.>1F.7 +
A-F>+;17 - - =6=8 61D?-E- >=7 . -?.@+8= 1 .A1> 1>96+: 7 + 91 C+9A0+>=0<.8
A=@;=61<7 +8 /: +?1= <1 96+ 96=7 + A0+;E=?<.>+

=9:+ 7 -;<1 . 1>96+: 1 <.7

+ .81:= 6.@+ @;1 ?1 9+ ;01G. - <+>.8 A0=9;=0.81 2
.D61<2 1
:
. I+ C.;. C1@ ;1>=' 7 <@;17< 7 + -90+?90+?.= 96=7 - A1G<7 - <1 918 0-C <7 -;<=69>=/
>=98=91 7+/=6+ >=<F+A;-1: <+ D18.9: . =;.@:+ 9- 6+=81 ?-C=>=N A=7 +?.<. 6.?=6.
"1:.:
+7+6.E . 7 -;<=6.E 6+0=61<7 1 -D<+8.0161: . 9- 7 <@;17<1 . >=<1B<= /1 <1;+01: . ?1

138
98.9:. =?61G<+ <=6+ A0+8.9+ =?0-B7 + <7+/=6.E A=981;01<7 1 91?1 7+ =C-E61;.:
= . <+>+
9;610. >=7
+ 9+ >0+I- 6+=81 C0D= 1>6+ A=7 16+ <.9- C.: + =? D<1B17 1 A=981;01B.81 A0+
/=?.<+ 3 +,-;.8 A=@;= 9- A=9: + 3 :
7-?. A=B+: . ?1 01D/:+?17- 1;=8+ ?1 A016+
<->:+10<+ <1A016+ . ?1 D16.0.7- - <17
01<.71 ?+@161<7 1 A0. A=9;1<>- >=98=91 7 <@;17<=61
01D81;01<7 1 9;+>:
1 9- 6+I. D<1B17

7<@;17<=61 ;+=0.7 1 /016.;1F.7+ ;1>=,+ 7 + =;.@:1 ?1: 7+ =? 7 -;<=6+ ->: 7

-B.:1 7+ .
?.<18.>- 19+: 7
+<+ 7 +0 7 -;< 7+ 6+0=61= - 9;1;.B<- 19+: 7+<- >1= . @.0+<7 + 19+: 7+<+ .D
7+?<=/ A06=C.;<=/ >1;1>: .D8.B<=/ ?=/1,17 1 1 .A1> >1? A0.8+<.8= 7
<@;17<=6+
7+?<1B.<+ <1 7 -;<=696+; =<+ ?17 - <7-;<=69>+ 0+D-: ;1;+
<1B. ;.8+ 7 + F+:1 M 0>1 =>=<B1<1 D10 <+' + +> 7 + ;0+C1: = ?1 D16.0.8= -
-<-;01@<7 =9; 1;=81 1 D1 ;= 9- <18 C.: . <+=AE=?<+ D18.9: . >=7+ I+ =;.I. 8<=/= 8<=/=
?1:7+ <+/= 7 -;< D18.9: . <+A0.E61;: 7.6+ B1> . 918=8+ 7 <@;17 <- 1?1 98= 8=01: . ?1
A0=@.0.8= 96=796+; <1?=: + - ?-C.<- 1;=81 - 7 +D/0= 1;=81N;17A-; 7 =@<.7 + A0+,+< ?=
>0171 .D/: +?1 ?1 .81 ?1 9+ .?+ . ?1: 7
+ = 7+9; 7 =@ ?-C: 7+ -<-;01 1 .A1> <.@;1 -
>61<;<=70+6=: -F.7
. <.7
+ <19 <16+: = ?1 A0=?18= 0E.8+?1 <+A0.7 1;+:
7- .D?18= "1: .:+7
1
=A-9;=@.8= 7 -;<1 =C19A+8= 7 <@;17 <=6- 0+:1;.6<=9; C:1;=8 + <+/= 98= -@: . -7+?1<
<=6. ?0-/1B.7 . 96+; A-< 9196.8 <=6.E A=7 161 9;1<=6.: . 98= ?1 7 + 7 -;<=61 <1->1 ;18=
<+A0.>:1?<1NA0=;.F1: =7+ 60+8+ . 7 +?<=/?1<1 9;./: = 9+ ?= <=6+ 9.<;+D+

18;.;+ @;1 98= =<= 0+>: . - A+;=8 A=/:16: 7- ( ?1 7 + 0+?.</+0=61 7+?<1B.<1 9;6=0+<1
?1 C. 9+ =6:1?1: = +:+>;0=<.81 . ?0-/.8 B+9;.F181 1: . ?1 A0.8+<7 +<1 <1 :=A;.F+ D1 C+DC=:
. ?0-/+ 6+:.>+ A0+?8+;+ =<1 A=B<+ A0+? <1@.8 =B.81 ?1 9+ 8+<7 1 8+<7 1 . <17D1? 9+
A0+;6=0. - L 81' : . C10 - <+@;= 9196.8 C: .9>= . 9: .B<= ;=8+ .01>=61 7
+?<1B.<1 =<1
>=71 7+ A0+?9>1D1: 1 1<;.81;+0.7 - C.:1 7+ 2
+:+/1<;<= A0=B.@I+<7 +2 0+?.</+0=6+ 98.@: 7+<=
?1 9+ -E61;+ 2 C0D.2+: +>;0=<. =<. >=7 . :
+;+ <+>=8 C0D.<=8 >=7 1 7
+ D<1B17 1< ?+= C0D.<+
96+;:=9;. 1 .A1> >1? .01>=6- 7 +?<1B.<- A0.8+<.8= <1 9A=0+ +: +>;0=<+ =<1 A=B<+ ?1
9+ 8+<7 1 . /:
+ @;1 D-0. - <19 0+?.</+0=61 7 +?<1B.<1 =?-@+ 81/.B<= A0=@.0+<1 7 +0
- <7=791?1 A=9;=7 . . 9A.< +:
+>;0=<1 +98= : . 91? .D/1D.: . 7-;<1' .98= .@;1 <. 9:
.B<=
;=8+

139
 =G?1 =617 810@ <1A0+;>1 D6-B. >1= ?1 7 + A0+?.6<= ?+: =;6=01< 1;= ;0+C1 ?1
<1A=8+<+8= ?1 - <1-B<=8 01?- <19;17 - . =/0=8<+ >=: .B.<+ @>10;1 . 019.A1<7 1 1? /=?
=61>= 01?=D<1: . . ?=6.;: 7.6. . =C.: 1;= M .<1<9.01<. .D C-?G+;1 =6+ <1@+ 916+D<+ 6: 1?+
=;6=0.8= D1 A=981;01<7 + <+>- <=6- =C: 19; .D <1@+/ 0=/1 .D=C.: 71 A=;+>- C-7 .F+ <=6.E
D18.9: . ;+=0.7 1 . 9-/+9;.7 1 -/: 16<=8 A=/0+@<.E =?. 9+ C=0C1 D1 >=<;0=: - <17 ?1: 7+
?=E61;: 7.6+ /01<.F+ D<1<7 1N A=C+?<.> C-?+ 8+,- D18.9: .81 =C.B<= 918= 7 +?<1 6+
=9;1: + 9- /-C.;<.F. <+ A=;=<- - ;18- <+ =9;17 - 918= M -9<=;+ - .9;=0.7 . <1->+
1>= 9+ ?=/=?. 0+6=: -F.7 1' =>=8 961>=/ 01D?=C: 71 .<;+: +>;-1: <+ 98.0+<=9;. >1= @;=
7+ C.:= =<= ?=C1 A=? >017?+6+;<1+9;=/ 6+>1 A=9;=7 . . 7+?1< 9>-A A=7 161 >=7 + 27=@<.9-
=C7 1@<7 +<+2 >9A+0.8+<;1;=0. 9+ <1?17 - ?1 I+ =A1D.;. <+@;= A=8=I- B+/1 8=G+ C.;.
-C.7 +<1 6: 1?17 -I1 ;+=0.7 1 A1 ?1 <=61 C=: 71 ;+=0.7 1 D1-D8+ <7 +<= 8+9;= 1 <=6. : 7-?.
9;+><- /: 16<- 9: 16- :
. ;= =C.B<= <+ -9A+61NA=>1G+ 9+ ?1 9- 8+0+<7 1 C.:1 <+;1B<1 .: .
?1 9+ <=6. ;1B<. A=?1F. 8=/- .A1> =C7 19<.;. ?=8.@: 7 1;=8 A0.8+<=8 9;10+ ;+=0.7 + A1>
A=<+>1? -9A+ 6+> A=9;=7 + ;0. 8=/-I<=9;. A=/0+@<. A=?1F.N ) 9;101 ;+=0.7 1 9+
G.:16= C01<. . * A=;0+C<1 7 + <=61 A.;. B.<+ ?1 7 + <1->1 7 +?1< 60: = G.61E1< D1<1;
>1? 9+ 0+6=: -F.71 - <1-F. ?=/=?. =<1 <+ 918= @;= A0=@.0. ?=E61; <1-B<+ 8.9: . <+/=
A=>1;>1? C.;<= -;.B+ . <1 <1@->-A1< A=/: +? <1 96+; 0.8+0 7
-;< <+ 918= @;= 7 + ?1=
=A@;. D1>=< /016.;1F.7 + =< 7 + -6+= . ?+;+08.<.9;.B>- M .:=D=M .7- >=71 7+ A0.<-?.: 1 ;+=:=/+ ?1
=/- ?=?+: + 9196.8 <=6- -: =/- 7-;<=69>+ 81;+81;.B>+ 7 +?<1B.<+ A=>1D1: + 9- ?1
8=G+8= =?0+?.;. C-?-I<=9; 961>=/9.9;+81 1>= D<18= A=B+;<+ -9: =6+ -A0=;<= =? ;=/1
?+: =61: 1 7 + B.8 7 + 9;-A.: 1 <1 A=D=0<.F- >61<;<1 M .D.>1 =<1 >=7 1 7 + A0.8+<: 7
.61 - 96+;-
1;=81N -C: 1G.: 1 7 + ?+;+08.<.D18 1:1 7 + A=7 +?.<1B<.8 1;=89>.8 ?=/1,17 .81
D1?=6=: 7 9;6= <+=?0+,+<=9;. 0+;1<7 1 - <1-F. <17 <=6.7 +/ ?=C1 A=>1D-7 - ?1 7 + B1> . -
96+;- 6+: .>.E A0+?8+;1 7 -;<=6?+;+08.<.D18 D1A016= 9-6.@+ .?+1: .9;.B>. A0.>1D=<=/@;=
9+ 9;610<= DC.61 <=/+ A=7 16+ - 81>0=96+;- 91B.<7 +<+ 9- =? =/0=8<=/ C0=7 1 81: .E
919;16<.E ?+: =61 <1 ;1>16 <1B.< ->: =A:7+<.E - 9.9;+8 ?1 . <17 <+D<1;<.7 1 A0=8+<1 -
A=B+;<.8 -9: =6.81 8=G+ .D1D61;. =/0=81< A0+=>0+; - >=<1B<=8 .9E=?- ;1 I+;+
7+?<=9;16<.7 . 9.9;+8 <+/= >1? 6=?1 ;+B+ <.DC0?= .: . >1? 9+ ?61 >: 1;<1 <7 .@- 7 +?<= A=>017
?0-/=/N A1 .A1> . ;- 9+ A=>1G+ 2 E1=;.B<= A=<1@1<7 +2 1?1 A=9;=7 . <1->1 = E1=9-
;1>=D61<1 <+: .<+10<1 ?.<18.>1 >=7 1 <18 A=>1D-7 + ?1 9;610<. 96+; <.7 + <. A0.C: .G<=
=<=: .>= ?+;+08.<.9;.B>. >=: .>= 9+ 01<.7 + 8.9: .:=
= 8+,-;.8 <.>1>= <+ D<1B. ?1 9- <1->+ . 01D<. .9;=B<7 1B>. 8.9;.F.D8. <17 +?<=8
=;>0.:. ?1 .817 - 8<=/= D17 +?<.B>=/ +817 - :. .A1> 1>= 6181 : .B<= <+>+ 6+09>+
8+;1M =0+ ?1;+ - ><7 ./181 1-;=01 >=7 . A=0+?+ <=6- M .D.>- 91 .9;=B<7 1B>.8 8.9;.F.D8=8
A=81G- ?1 9+ 9<1,+;+ - 8=?+0<.8 0+6=: -F.7181 - M .D.F. ( >=0.9;.;+ .E D1@;= <+ +;1M =0+
.A1> =9;17 - 918= 8+;1M =0+ = 9- 60: = /0-C+ 81A+ =D17 8.I+8= 7 +?<- 9;10- .D0+>- <+
/-C. <.>1? .D6.?1 >=: .>= 9+ 01D: .>-7- 81A1 . 9;610<. ;+0+< .D.>1 <.7 + 0+: ./.71 E >1? C.
C.:1 >=: .>= C.98= : 1>@+ A0.C16.: . A10+

! " #

% =9;=7. :
. - 6+D. 91 <1?1<7 .81 ?1 9+ =6171>F+: +01;=0
91/01?. .@;1 @;= C. <1 81 >=7 . <1B.< 8=/: = -;.F1;. <1 C+DC+?<=9; =6+ ?0G16+'
+ /=9A=?.<+ .9:.8 ?1 <+ A=9;=7
.
1@<.@;1'
1@<.@;1
>F+:+01;=0 7+ 91 ;=/9;1<=6.@;1 A=;A-<= C+D60+?1<'
0+?<=9; 1>F+: +01;=01 918= 7 + - =<=8+ DC=/ B+/1 8. 7 +?<. ?0-/+
A=@;-7+8= - ?=9;=7 1<9;6- B=6+>1 ;= 7 + =<= DC=/ B+/1 6=: .8= <1@- >-:;-0- +98= : .
?=C0. 9:
.>10. ?=C0. 617 10. 6+:.>. A+9<.F.' 9;= ;1>= ;0+C1 ?1 9+ A.;18= . >1? 7+ 0+B = =6=8
1>F+:+01;=0- 818 - 6.?- 96+ =<= @;= 7 + - =6=7 D+8: 7
. A0+?8+; <1@+/ =/0=8<=/
-61G161<7 1 A=B19;. . 0=?=: 7-C:71 >F+: +01;=0 <+81 <.>1>6+ 6+D+ 91 =?C01<=8 =6+
?0G16+ =9.8 @;= B.<. ?1 7 -7 + 60+?<= C01<.;.

. - +08.: 1C- .818= 7 +?<- ;01?.F.7

- 61>=/ 7-<1 C+D =CD.01 <1 ;= ?1 : . 7
+
9-<B1<= .:
. A1?1 >.@1 ;1B<= - T 91;. -7
-;0= >0+<+8= ( F+:
= =9=C:
7+ 96. D1A=9:+<. ( ?1

140
=A;0B.8= . ;= : 1>.8 ;0>=8 7 +?1< A-< >0-/ @+9; . A= >.: =8+;101 =>= 1>F+: +01;=01
0B.8= -6+> - =<=8 98+0- - >=8 1<;.A0=;=<. -C0D1617 - 1 ;= <18 9: -G. A=60@.<9>. A-;
>=7 .7+ ;1B<= .D<1? ;-<+: 1 .D/01,+< 1 >=7 . 6.?.;+ ?=C0= ?=,+ . >1= 9;1D1 D1 ?G=/.</ =7 +
A=9: +?<7 + <+D61<.B<= .D8+0+<= 60+8+ C.: = 7 + *! 8.<-;1 1?1@<7 . ?.0+>;=0 +08.: 1C1
8=7<19: +?<.> G=< .A: 9 =E< +=A: +9 >1? 7 + D1A=B+= 96=7 + A06= : +;= <1 ;=8 A=9: -
=>1B.= 7 + A: 1>1; >=7 .8 7 + A=D61= =9=C: 7+ ?1 A06=/ 7 -<1 A=;0B. 91 2 8:1,.8 C0G.8
?.0+>;=0=82 .= 7 + C0G. =? 8+<+ ;1B<= 1: . <. 7 1 <. =< <+ 8=G+8= A0+9;.I. 1<;.A0=;=<+
<. =A;0B+ 7 +?1< >0-/ D1 )) 8.: .=<.;1 ?+: 1 9+>-<?+ @;= D<1B. ?1 ?=> 7 1 =A;0B.8 7 +?1<
A-< >0-/ 1<;.A0=;=< 8+ A0+9;./<+ =>= 8.: .=<1 A-;1 ( <1.8+ =< ;=: .>= A-;1 =A;0B. .9;.
;17A-< >0-/
<;.A0=;=<. <1 =617<1B.< 961>+ /=?.<+ A=<.D+ =9=C: 7+ +08.: 1C1 . .8 9+ 8+,-;.8
=96+;.8= ;1>= @;= .8 <18+9;.8= =A.;+ - >=7 .81 9+ =<. 8=017 - <1C.;. B+=8.F+ - 8: 1D
A0=;=<1 >=7 . 9;.G+ 7 +?<1>= D1E->;1<= 1: . .D 9-A0=;<=/ 98+01 -@;.<1 =6=/ A=/: 16:7 1
7+9;+ >1>= 8. ;= ;+018= B+9;.F+ ?1 9+ 9-?1017 -
1@1 019A0161 = 1>F+: +01;=0.81 D<1B.I+ A0.: .B<= 6+: .>- A0=8+<- - =6=7><7 .D. 6+
?=91? 98= 7 -0.:. >0=D 6+>=6+ <1-B<=/ <1A0+;>1 >1= >18.=< >=7 . 9+ =;+= >=<;0=: . 1?
<18 A0+?9;=7 . ?1 81: = A0.>=B.8= +I+8= 6.@+ /=6=0.;. 8<=/= = =;>0.I.81 A1 <. =
M.D.B10.81 <+/= -/: 16<=8 = 81@.<181 <9;0-8+<;. 9- <+01D?6=7 <= A=6+D1<. 91 <1-B<.8
<1A0+;>=8 7 =@=? "1: .:
+7 +6.E 9;08.E 016<. A1 ?= 1?+0M =0?=6+ 9F.<;.: 1F.=<+ >=8=0+
91?1 7 + <1 90+?.<. A=D=0<.F+ 7 +?1< =?0+,+<. .<9;0-8+<; +8=/-I+ 7 + 01D-8+;. A=9: +?<7 .E
<+>=: .>= ?+F+<.7 1 01D6=7 1 M .D.>+ C+D 01D-8+61<7 1 A0.0=?+ 1>F+: +01;=01 . 01D<=609<.E
?+;+>;=01 B+9;.F1N7 +0 ;= 9- /: 16<. 1:1;. <1 =6=8 A=: 7
- 6+IB+;0?+9+; . 6.@+ /=?.<1 >1?
9E61;.8= 1>F+: +01;=0 -7 +?<= 98= <1-B.: . A=A0.: .B<= = M .D.F. 7 +0 - ;- 81@.<- ->: 7-B+<1 9-
8<=/1 <1B+: 1 <1 B.7 +8 -9160@161<7 -M .D.B10. 6+I?+F+<.7 181 8->=;0A<= 01?+
=<+>1? A=8.@: 718 ?1 7 + 0.6. ;=01<7 - .D. A06. 1>F+: +01;=0 B+9;.F1N 7 +?1< ?1
>1G+8= -81: = =>=8.; : .<+10<. 1>F+: +01;=0 >=7 . 7+ "1: .:+7>=0.9;.= - 96=7 .8 01D<.8
=A.;.81 +,-;.8 A0161 A0.B1 A=B.<7 + 8<=/= >19<.7 + 1D6=71>F+: +01;=01 A0=.9;.B+ .D
<1@+ G+: 7+ ?1 9.,+8= - 1;=8 >= =9;16.8= "1: .:+71 A= 9;01<. .9;=0.7 1 =6=/A=9: 1 A=B.<7 +
91 0<+9;=8 1?+0M =0?=8 . <7 +/=6.8 9;-?+<;.81 >=7 . 9- G+: 7<. ?1 .9;01G+ 1;=8 A=9;1: .
817 9;=0. - >=0.@I+<7 - 1: M
1(B+9;.F+
:M1(B+9;.F1 7 + A=>: =< >=7 . 98= =? 9-?C.<+ ?=C.: . 1? 9+ .D6+9<. 01?.=1>;.6<. 81;+0.7 1: .
9A=<;1<= 019A1?17 - .9A1: 7-7 - .D 9+C+ =6+ ;+@>+ B+9;.F+ A-<+ +<+0/.7 + :
M1(B+9;.F1
=C.B<= .81 +<+0/.7 - =? O 8.: .=<1 +:+>;0=<(6=: ;. +?1< +: +>;0=<(6=: ; + 7
+9;+ >=: .B.<1
+<+0/.7 + >=7- C. 7 +?1< 7 +?.<. +: +>;0=< ?=C.= A0+: 1D+I. - <+>=7C1;+0.7 9>=796+;.: 7
>. 1>= 7 +
-8+;<-;1 C1;+0.7 1 91 <1A=<=8 =? 6=: ; .D<+/1;.6<=/A=: 1 C1;+0.7 + <1 A=D.;.6<. A=: =>
6. ?=/-01;+ ?= >017 1 =6=/ A=/: 16:71 . ?= >017 1 =<=/ 9: +?+I+/ C.I+ 618 + <+@;= 60: =
?=C0= D<1<= <+@;= C: .9>= >1= . F+<;.8+;10 >1: =0.71 .:. 8+/1C17 ; 6= B+;.0. 9>01I+<.F+
>=7 + C. ;0+C1: = ?1 A=D<17 +;+ A0+ <+/= @;= <19;16.8=

+ E.:
71?- +:+>;0=<(6=: ;. D1 >.:=
+ 8.:.=< +:+>;0=<(6=: ;. D1 8.: .=<
"+ 8.:.7
10?- +: +>;0=<(6=: ;. " D1 /./1
+ C.:
.=< +:+>;0=<(6=:;. D1 ;+01

=9:
+ + A0.C+/1618= <=;1F.7 . 91 9;+A+<=61<7 +8 C0=7 1 ?+9+; 1016<= )+
7+?<1>= 7 + + 0+>= P + <1@1 ;+E<=: =/.7
1 91?1@<7 1 . 961>1 >=7 - - ?=/: +?<=7
C-?-I<=9;. 8=G+8= 9;6=0.;. <+ 8=G+ ?1 ?=C1F. 9;17 - <18 ;1?1 918= >=98.B>. D01F.
>=7. C=8C10?-7 - <1@- A: 1<+;- .D>=98=91 <. 9- 81: =C0=7 <. 1:. <7.E=6+ +<+0/.7+ ?=9+G-
96+ ?= ) +
1 9;1<=6.@;1 M
.D.>+ B+9;.F1 O + . <.7 + <+@;= 1?+0M =0?=6+ 1: M+ 7+?61 9- -9A+61: +
?1 9+ A0=/-017- ?= 7+D/01 1;=81 1D=;1NC.: . 9- ;= 8=G?1 A06. <18+0<= .D6+?+<. <->: +10<.
9-?10. 18= ?1: +>. <1/=6+@;17 . = =<=8 96+;- >=7 . A=9;=7 . -<-;01 - 1;=8- ?=C.7 +<. 9-
;1>6.8 9-?10B.I.81 61<;<1 ;+=0.7 1 <19 -B. ?1 @;= 7 + 81<7 . =C7 +>; >=7. G+:
.8= ?1
A0=-B1618= 6.@+ +<+0/.7 + <18 7 + A=;0+C<= ( ;= 618 7 + 016<= D1=@;0161<7 -
+8=>0.;=6=/ <=G1 >= E=I+8= -9A+@<= ?1 9+F>18= 7 +D/0= 8=018= ?1 9A0+8.8=
8<=/= ?+9+;.<1 A1 . 8<=/= 9;=;.<1 + ;= 6.@+ ;= C=: 7+

141
 ) #

+?<1 M .:=D=M 9>1 ?./0+9.7 1 1= @;= I- -9>=0= =A.91;. M .D.B10. B+9;.F1 9- 6+9+: = /01?.: .
96+ 71B+ . 7 1B+ 1>F+: +01;=0+ A=?9;1><-;. >1= . 96. =9;1: . 91A.+<9. D1 96+ @;= -=A@;+ 01?+
01?=D<1: =@I- +/=8 G+: 7=8 ?1 9;+><- 8=I A=E: +A=8 18C.F.7 =8 60+8+<1 <1
60+8+ 919;1<+ 9+ /0-A1 <19 9+?<+8= =>= >0./: . A.61 . 01D8.@: 7
18= =61>= ?1 : . . 9181
=/.<7 1 D<1 @;1 I+ 9+ 0=?.;. - <1@=7 9: +?+I=7 81@.<B.<. ( <1 A0.8+0 - ;0.?+9+;(
/./1+: +>;0=<6=: ;<=8 2 B-?=6.@;-2 B.71 9+ .D/01?<7 1 C: .G.:1 >017 - /=?.<+ 3O3 -
0->E+7 6+<- ;1 1>= 8. 918. D1 9+C+ .D8.@: 718= 96+ <=6+ D1/=<+;>+ >=7 + .<1B+ <+ C.
<. A=9;=7 1:+ >1? /=? A=9;./<+8= <=6+ 2 7=@ <+B-6+<.7 +2 +<+0/.7 +' 1 : . =/.<71
;6=0.;+:7.F1 6.0. A0+>= 018+<1 <+>=/ "+: ( 1<1 17 <8+<1 .: . 6+I <+>=/ ?0-/=/ 96=/
=8.: 7+<=/ ;+=0+;.B101 . 8.9: . R 1@ 9+ A.;18 @;1 I+ C.;. >1? =617=A1: . .D =6+ =/0=8<+
9;610.'R =G?1 =<1 91D=6+ ?+G-0<- +>.A- 1<,+: 1 ( 7 -F- 7 <@;17 <=F- 1>96+: B+;1 ( ?1
.E A.;1 @;1 ;0+C1 ?1 9+ ?+9. >1? @.C<+8= * "+ ' 61>61 01D8.@: 71<7 1 D19<.617 - 9+
?=<+>: + . <1 9>=>=6.;=8 01D6=7 - .9;=0.79>. /: +?1<= <1@+ ;+=0.7 + B.<. 9+ >1= ?1 <1?.0+8=
96+ ?1: 7+ . ?1: 7 + 1 <1 961>. A-; 98.9: . @;1 I+ +,-;.8 <1A0+?1> - .9;01G.61<7 -
>=98.B>.E D01>1 C0D= <19 -6+0. ?1 7 + ;= 918= A0.B1<7 + C+D6+D+ =<1>= A0+>= A.61 <1
A=B+;>- 6.>+<?1 <+ <1@+ >=: +/+ >=7+ /:+?17 - -6.9 -6+01617 - <19 ?1 - 19+: 7+<. .81 *
"+ >=: .>= E=I+@ ?1 9+ 19+: 7
+<1 ./01 . B+9;.F181 =? * "+ 01DC1F-7 + 9+ =<1
<+@;+?.8.F+ . B+9;.F181 =? ;0. 8.: .710?+ "+ 0=D >=98.B>. A0=9;=0 A: =6+ ;1>6+
19;0=<=89>+ +<+0/.7 + 9.8 ;=/1 =<= @;= 7 + <181 ?1<19 - <+>=7: 1C=01;=0.7 . <1 =</
7:
+<?- 1;16.7 . .:
. #->-C. +/D=;.B1< ?=/1,17>=7 . 9+ ?+9. 918= - 7 +?<=7.<M .<.;+D.81: <=
9.;<=7 ;1B>. 9-?101 ;= 7 + - 60+8+ <+A=90+?<= A=9: + 01,1<7 1 19+: 7+<+ C.: = <+@;=
<17 <=081: <.7 + . 019: =7 + A=96-?1 >1= D+: +<.:= - >=8@.7 .<=7C1@;.
=C0= ?1 9+ 601;.8= 81@.<181

) #

178=I<.7 . <1 96+;- 1>F+: +01;=0 ?1<19 7 + +61;0=< - +08.: 1C- < A=9;.G+ 9-?10+ =?
=>= ) + 1 ;= 7 + P A-;1 6.@+ +<+0/.7 + <+/= @;= 9- .81: + 1?+0M =0?=6+ 1: M
+ <17
<1@ C-?-I. 9-A+0A0=6=?<. 9-A+0>=: 17?+0 A0+?6.,+< 7 + ?1 A=9;./<+ >1? /1 ?=60@.8=
<+>.E P +
91? P + D6-B. >1= 6+=81 6+: .>1 >=: .B.<1 +<+0/.7 + 1 . 7 +9;+ >1? 9+ 961 9>0>1
918= - 9-?10 ?6+ B+9;.F+ A1> ?17 ;+ ?1 91/: +?18= 9;610. - <+>=7A+09A+>;.6. 0+9<+8=
@.C.F- ;- <19;1<+ 7 +?<1 E+8.7 9>1 0+1>F.7 1 - >=7 =7-B+9;6-7 + =>= ) 1;=81 1 961>. =?
<7 .E 91 =>= + +<+0/.7 + ?1>: + A0. A1: 7+<7 - 7 +?<=/ 7 +?.<=/ A1: .?06F1 =9: =C=?. 9+
->-A<1 +<+0/.7 1 =? A0.C: .G<= )) +: +>;0=<(6=: ;. 1 ;= 7 + =>= 8.:.7
10?. +
-A+0>=: 17?+0 I+ =9;610.61;. 8.: .=<1 9-?101 - 9+>-<?. A= P + - 961>=8 ;= 618
7+ ->-A<= 918= P8.: .7
10?+ + .?.;+ ( 9-A+0>=: 17?+0 I+ C.;. 9: 1C.7. <+/= 7 +?<1 ->0+91<1
@.C.F1 ;=9 7+ - ;=8+ @;= -90+?90+,-7 +8= ;- +<+0/.7 - - 918= <+>=: .>= B+9;.F1 1 <+ -
8.: .7
10?+ . 8.: .7
10?+ . 8.:.710?+ B+9;.F1 >=: .>= .E .81 - 961>=7;0-<B.F. 6.?: 7.6+ 81;+0.7 +
>= =C-E61;.8= A=/: +?=8 F+= 7 +?1< 1>F+: +01;=09>. >=8A: +>9 ( =? +: +>;01<+ >=7 1
01?. <1 <1M ;- A1 A0+>= >1C: =61 D1 ?=6=? 9;0-7 + ?= : 1C=01;=0.7+ - >=7 =7;01<9M =081;=0.
A0+C1F+ ;- +: +>;0.B<- +<+0/.7 - - 81/<+;+ . - 01?.=(M 0+>6+<;<+ @-A: 7.<+ ( 96+ ;= 8=G+8=
?1 91/: +?18= >1= 7 +?<- ?.6=69>- 9A016- D1 -90+?90+,+<7 + E+8.7 9>+ +<+0/.7 + -D 60: =
<.D1> 9;+A+< .9>=0.@I+<7 1 ;= 7 +9; ?+: =;6=0<=9;. - 918= <+>.E ;0.B16.E 8.: .710?- A0=;=<1 -
9+>-<?. 1? C. 9+ 81>0=9>=A9>1 >=: .B.<1 <1M ;+ =61 6+: .>1 >=: .B.<1 >=7 - .818= -
0+D+06=10- D1/0+7 1:1 ;1>= ?1 961>. <7 +< 919;16<. 1;=8 .81 +<+0/.7 - =? A= P +
<19;1: 1 C. ;+8A+01;-01 =? P K T 9;+A+<. +: 6.<=6.E B+;.0. 9;=;.<+ 8.: .=<1 8.: .710?.
9;+A+<. ;=8. C. 9+ 019;=A.: . - 96=7 + 919;16<+ >610>=6+ ;1>6= . 7 +9;+ C.: = 9;1<7 +
19+: 7
+<+ - ;0+<- >=7 .7
+ <19;-A.= <+@;= 81: = A0+ .9;+>1 A06=/8.: .=<.;=/?+: 1 8.:.710?.;=/
?+: 1 9+>-<?1 A=9: + =9;1<7 1
1 @;1 01?.8= 91 ;=: .>=8 +<+0/.7 =8' 61<;<1 ;+=0.7 1 D1E;+61 96+ 8=I<.7 + . 8=I<.7 +
1>F+: +01;=0+ ?1 C.98= A0=-B161: . 961 81<7 + . 81<7 + 9;610. 6= 7 +?<+ ;1C: .F+ >=7 1

142
A=>1D-7 + A0.C:.G<= >=:.>= <18 7
+ +<+0/.7
+ A=;0+C<= ?1 C.98= 2
019F=A1:
.201D<+ D1<.8:
7.6+
9;0->;-0+ . D16.0.:
. - <7
.E

" A0.C:
.G<=
+ 8=: +>-:6+: .>. 1;=8 (!8+;101
+ 1;=8 (38
+ 1;=89>= 7 +D/0= ( 8
+ ?+C+: =7+D/0= ( P8
+ <->: +10<= 7 +D/0= ( O8
"+ <+-;0=< .: . A0=;=< ( $8
"+ >610><. +M +>;. ( T8
"+ >610><. +M +>;. 91 6.@+ A=7 +?.<=9;. ( !8
+ =G.71 B+9;.F1' () 8

0.8+I-7 +;+ >1>= 7 + A0+?6.?: 7.6= ?1 961>. A-; +<+0/.7 1 A=9;17 + 96+ 6+I1 1 01D8+0+
A=981;01<=/ A0+?8+;1 96+ 81<7 + 1>=,+ D1A1G1;+ ?1 618 7 + ?=6=: 71< . 918=
+:+>;0=<(6=: ; ?1 A0=-B161;+ 1;=8+ 1 C+D 8.: .710?. +:+>;0=<(6=: ;. <+ 8=G+;+ <. A=B+;.
?1 A0=-B161;+ >610>=6+
>F+: +01;=0. 9- >1= 8.>0=9>=A. >=7 .81 9+ C.=: =D. 9:-G+ ?1 .D-B1617 - 96+ 9.;<.7 + . 9.;<.7+
9;610. =C.B<=8 8.>0=9>=A- >=0.9;. 9+ 96+;: =9; >=7 1 =C197 161 0+F.8= 7 +?<= F06+<=
>06<= D0<F+ .?+I+8= <7 +/=6- 9;0->;-0- :. A=9;=7 + . +:+>;0=<9>. 8.>0=9>=A. : =6F. <1
8.>0=C+ .E 6=: + >=7 . 9- 8=I<.7 . -A016= D1;= @;= 7 + +<+0/.7 1 +:+>;0=<1 6+I1 <+/= +<+0/.7 1
96+;: =9;. - =A;.B>=8 8.>0=9>=A- 9.8 ;=/1 ;1: 19<1 ?-G.<1 ;.E +: +>;0=<1 ;1>= 7 + 81: 1
?1 C.=: =D. 8=/- 2 6.?+;.2B1> . 8=: +>-: + =? >=7 .E 7+ F06+<= >06<= D0<F+ 91B.<7 +<= 1: 19<1
?-G.<1 =<.E A0+?8+;1 >=7 .81 C=8C10?-7 +8= A=981;01<- 9;610 =?0+,-7 + >=: .>= I+8=
9.;<+ A=7 +?.<=9;. 8=I. ?1 2 6.?.8=2. A0=-B.8= >61<;<=7;+=0.7 . D<18= ?1 @;= 7 + >01I1
;1:19<1 ?-G.<1 6+I1 7 + +<+0/.7 1N ;1C+: 1 >=7 - 98= -A016= ?1: . A0.>1D-7 + <1A0=9;= ;-
6+D-
"=?.<+ 3)T 1?+0M =0? 7+ ?0G+I. /=6=0 - C0.;1<9>=8 01: 7+69>=8 ?0-@;6- .D01D.=
<1?- ?1 I+ <1-B<.F. 7 +?<=/ ?1<1 <1I. <1B.<1 ?1 -C0D1617 - B+9;.F+ ?= +<+0/.7 1 6+I.E =?
=<.E >=7 + <19;17 - A0. 01?.=1>;.6<=8 019A1?1<7 - 0+?6.?+= 7 + ?1 I+ C.;. A0=<1,+<+
81@.<+ 9A=9=C<+ ?1 /+<+0.@- 8.: .=<+ 6=: ;. 6= 7 + C.:= A=;0+C<= .D7 =@7 +?<=/ 01D: =/1 1
<+ 918= DC=/ +<+0/.7 + A0=7+>;.: 1NM .D.B10.81 7 + C.: = <+=AE=?<= ?1 D19.A17 - 8+;- 6+I.8
C0=7 +8 A0=7 +>;.:1 1B<= 7 + ?1 A0.0=?1 A0-G1 .D6=0+ 1: M1(B+9;.F1 1: . ;. .D6=0. <.9- <10=B.;=
.D?1@<. <.7 + C.:= 8=/-I+ -98+0.;. 6.@+ =? 8.: .=< B+9;.F1 - 9+>-<?. <1 8+;- A=60@.<+
7+?1< >61?01;<. F+<;.8+;10 .:
.=< ;= D6-B. >1= <+@;= 8<=/= 1: . 7+D/01 D1-D.817 - 918=
9;=8.: .=<.;. ?+= A=60@.<+ 8+;+ 0+C1 ;. C10 E.: 71?- A-;1 6+I. C0=7B+9;.F1 ?1>: + <1 8+;-
;0+C1 ?1 .9A1: .@C10 8.: .7
10?- B+9;.F1 - 9+>-<?. 1 =9.8 ;=/1 <+=AE=?<= 7 + >1= @;= 98=
6+I 0+>: . ?1 961>1 =? ;.E B+9;.F1 .81 6+I- +<+0/.7 - <+>+ 8.: .=<+ + M.D.B10. <.9- C.: .
9./-0<. >=: .>= 8.: .=<1 + ?1 C. 9+ 7 +D/01 8=/: 1 -9A+@<= A=/1,1;. 1: . . A0=-B161;.
=;>017?61?+9+;.E /=?.<1 =6=/ 6+>1 B.<.: = 9+ ?1 7 + ;= D19;01@-7 -I. D1?1;1> ( A1 .A1>
M.D.B10. - 8<=/.8 : 1C=01;=0.7 181 C1F.: . 9- 9+ <1 A=91= <+ C. : . <+>1>= A=B+: . ?1 0+@1617 -
;17A0=C: +8 9:+?.:1 7 + ;0>1 >= I+ A0+ <1A016.;. 81@.<- - >=7 =7C. 9+ B+9;.F+ A0=.D6=?.: +
- <+=AE=?<=8 C0=7 - 1 ;= D<1B. - =/0=8<=8 8<=@;6- . =<?1 -C0D161: + ?= C10+8
7+?<=/ 8.: .=<1 6=: ;. 0+ <+/= @;= 6.?.8= >1>= 9+ - ;=7;+E<=: =/.7 . <1A0+?=61: = ?1
01D7 19<.8= A06= <+>+ =9<=6<+ 9;610.

.D.>1 -C0D161<7 1 B+9;.F1 7 +?<=9;16<1 7 + D1 =C7 1@<7161<7 + 1 ?1 +=81

7+?<=9;16<1 ?. >-A. C1;+0.7- - <+>=7A0=?16<.F. . A=6+G. <7 +<1 ?61 A=: 1 1 ;= D<1B.
<7 +<1 ?61 <1+:+>;0.91<1 .D:1D1 A: -9 . 8.<-9 91 ?6+ 8+;1: <+ A:=B+ 18= ?1 D<1@ 91? .
D1 ;+ ?6+ A: =B+ >1G+8= ;1>=,+ ?1 9- A=: =6. +>1 7 + 019;=71<7+ .D8+,- ;+ ?6+ A: =B+
0+F.8= ;0.?+9+; F+<;.8+;101 ;= 019;=71<7 + <1D.61 9+ 1D81> ( ?1>: + D7 1A+I1 A01D<.<1
.D8+,- ?61 A=: 1 E61;. <+>- 6+: .>- ;+/:- . D1;=A. =6+ ?6+ A:=B+ -<-;01 1 =<?1 .D;+/: +
.9.91791661D?-E 0/1<.D-7=A0+8- ;1>= ?1 <+>1 <1+: +>;0.91<1 B+9;.F1 ( /:16<. A0=7+>;.:.

143
9- +: +>;0=<. . A0=;=<. ( 8=G+ 9: =C=?<= ?1 : +;. >0=D 1D81> : +>;0=< >=7 . 7+ <+/1;.6<=
<1+: +>;0.91< 60: = 01?= I+ A=7 -0.;. A0+81 A=D.;.6<=8 A=: - A=D.;.6<=7A: =B. .<+I. ;=
?=C.I+ +<+0/.7 - >=7 1 .D<=9. B+>17?1 A=/: +?18= @;1 A.@+ <1 C1;+0.7 . PO + <1B.
1D81> A0=.D6=?. -C0D1<7 + >= A=D.;.6<. A=:<.7 + B609;1 A: =B1 <+/= G.B1<1 80+G1 6+I.<1
+:+>;0=<1 I+ A0=7 -0.;. >0=D80+G- 9;61017 -I. ;1>= -98+0+<. 8: 1D+: +>;0=<1 >=7 . 96. .817 -
+<+0/.7 - =? A= B+;.0. . A= +: +>;0=<(6=: ;1 +81 9-8<7 + ?1 7 + + D1.9;1 60: = 81: 1 >=: .B.<1
+<+0/.7 + 1 . <1@1 B+;.0. . A= + 7 + 81: = 181 ;0+C1 8.: .710?- 6=: ;. 1: . - 918=A=9: -D. <+
A0=?17 - C1;+0.7 + =? 8.: .7
10?- 6=:;. .;. ;1>6+ A=9;=7 + 1;+0.7 17 + 9A0161 >=7 1 01?. A=8=I-
E+8.7 + 1 D1 <+>+ =/0=8<+ <1A=<+ 8=018= 9+ A=9: -G.;. 9196.8 ?0-/.8 90+?9;6.81 <+
E+8.7 9>.8 : . C+D=CD.01 <1 ;= ?1 : . /=6=0.8= = =6=8 <1@+8 81: +F>=8 1>F+: +01;=0- =?
PO +: +>;0=<(6=: ;. .: . = =<=8 >=7 . <1A016.@+ =>0=M ; #=F>0=M ; . =: ;=< 41: ;=< -
?61?+9+;.8 /=?.<181 =6=/ 6+>1 .: . = 9-A+0>=: 17?+0- 91 >0-G<.8 ;-<+: =8 ?-/1B>.8 !P
>.:=8+;01 =9<=6<. 8+E1<.D18 7 + -6+> .9;. A=9;=7 . 1D81> B+9;.F+ /1 A0+: +I- . B.<+I.
;= ?=C.7 17- 6+I- +<+0/.7 -
>F+:101;=0 -D.81 <=081: <+ B+9;.F+ =<+ >=7 + 9+ A=<1@17 - >1>= .8 . ?=: .>-7 + 1 =<?1
.8 ?=?17 +7 =@+<+0/.7 + 1>= ?=C.7 18= B+9;.F+' 1 +: +>;0=<+ 7 +: 1>= G10.8= <+>- G.F- (
+:+>;0=<. 918= A=E0: + .D<7 + <1 96+ 9;01<+ A0=;=<+ 7 + :1>= <1C16.;. 0=;=< 7 + 7 +D/0=
6=?=<.>=6=/1;=81 6=?=<.>=6. 1;=8. - 96=8 7 +D/0- <+817 - <.7+?1< <+-;0=< A1 A0+81
;=8+ ;0+C1 918= ?1 >-A.8= =? <+>+ M 1C0.>+ C=F- 6=?=<.>1 - /19=6.;=8 9;1<7 - ;= 9+
A0=?17 + >1= . 961>1 ?0-/1 0=C1 =G+8= 8. ?1 -C0D1618= . 8<=/+ ?0-/+ B+9;.F+N1: . =<+
8=017 - C.;. 9;1C.: <+ @;= D<1B. ( 8=017 - .81;. ?-/ G.6=; 7 +0 -C0D161<7 + 7+ A0=F+9 >=7 .
A0.:.B<= ?-/= ;017 + 9.8 ;=/1 =<+ 8=017 - C.;. <1+: +>;0.91<+ 7 +0 1D81> <1016<= <+ C.
<.81: = -C0D161= B+9;.F- >=7 1 7+ <+-;01: <1 ": 16<. >1<?.?1;. D1 -C0D161<7 + 9- =9.8
+:+>;0=<1 . A0=;=<1 7 =@. A=D.;0=< 1 ;= 7 + 1<;.+: +>;0=< A=D.;.6<. +: +>;0=< . 1<;.A0=;=<
=G+8= -C0D161;. . 7 +D/01 ;+G1 =? 6=?=<.>=6=/ 0+F.8= ?+-;+0=< .: . 1: M1(B+9;.F-N;= 9+ .
01?. D1 A=9+C<+ 960E+ 1 =</ 7 :
+<?- - 7 -7 =0>- - ;=>- 7 + .D/01?<7 1 <+-=C.B17 +<+
81@.<+ >=7 1 I+ -C0D161;. 7 +D/01 -01<1 ?= C0D.<+ =? <+>=: .>= 8.: .710?. +:+>;0=<(6=: ;.

;1 ;1B<= C-?+ 91 B+9;.F=8 - 1>F+: +01;=0-' 1> 1: . <+A=;A-< =?/=6=0 /: 19. ?1 ;1

B+9;.F1(90+I<.F1 A=7 -0. C0D= . <19;16. ?1 7 -0. 96+ C0G+ 01<.8 ?1<.81 =6=/ A=9: 1 ;= 7+
C.:= ?=6=: 7<= =C7 1@<7+<7 + :
. C=: 7. 7+ =A.9 1>= >1G+8= ?1 9+ A=6+I161 +<+0/.7 1 B+9;.F+
1? 9- <1-B<.F. A=B+: . ?1 A016+ 8=I<+ 1>F+: +01;=0+ C0D= 9- A=9;./<-;+ C0D.<+ C: .9>+
=<=7<17 6+I=78=/-I=7 1 ;= 7 + C0D.<1 96+;: =9;. 7 <@;17 <=61 A=9+C<1 ;+=0.7 1 0+:1;.6<=9;.
=C7 16: 7+<1 3 O /=?.<+ ;60?. ?1 9+ <.@;1 <.>1? <+ 8=G+ >0+;1;. C0G+ =? 96+;: =9;. C=/
;+=0.7 + 0+:1;.6<=9;. 0+B 2 C0D.<12<.7 + 8<=/= >=0.9<1 - =6=8 A=9: - +F.8= ?1 <+>1 9;101
81@.<1 -C0D161 A0=;=<+ ?= 33 A=9;= C0D.<+ 96+;: =9;. <=/=9;0->= 9>-A: 7
1 81@.<1 >=7 -
.D/01?.8= ?+9+; /=?.<1 >19<.7 + A=C=: 7@1 =617.9E=? <1 333 A=9;=;1>1 C0D.<+ 96+;: =9;.
.E 918= 3 A=9;=' ?. ;. A1 =C7 19<. <+>=8 >=</0+98+<- ?1 7 + =<1>= =/0=8<1 : =61
-;0=@+<1 ?1 C. 9+ A=9;./: = ;1>= 81: =
.7+ C0D.<1 =<= @;= =@;0. +8=>0.;=6 <=G . =;6101 <18 <=6+ A0=9;=0+ D1 =981;01<7 +
= A=9;.G+ +<+0/.7 1 0=;=< >=7 . 9+ >0+I+ C0D.<=8 =? 33Y C0D.<+ 96+;: =9;. 33Y F .81
+<+0/.7 - =? =>= T"+ A=9;./<-;= 3OO /=?.<+ - ;1>=D61<=8 +61;0=<- - +0>: .7- 1: .
A0=;=< >=7 . ?=9;./<+ 333OY .81 * "+ A=9;./<-;= 3$ /=?.<+ - " -
0->E+7 6+<- ?=> A0=;=< 91 33333Y C0D.<+ 96+;: =9;. .81 B1> ) "+ A=9;./<-;=
3T) /=?.<+ - +08.: 1C- C=/ 7 <@;17<=6+ 0+: 1;.6<=9;. 6.?.;+ >=7 1 -A016: 71
A0=8+<181 C0D.<+ . +<+0/.7 + 98+@<= D6-B. >1? A=8.<7 +8= ;+ C0D.<+ 1G<+ 9- >=: .B.<+
+<+0/.7 + =9;=7 . 7=@7 +?<= 96=7 9;6= B+9;.F+ 1 <1D.61 9+ .8A-: 9 =? B+9;.F+ >=7 1 9+ >0+I+
6+=81 C0D= 8=G+8= 981;01;. ?1 7 + .8A-: 9 <+@;= >1= 2 -98+0+<1 +<+0/.7 12 D/0+?
0+B+<= ;1 B+9;.F1 >=7 - -C0D1618= A=9;17 + . ;+G1 DC=/ =<=/ L 8F) ;+=0.7 .
0+: 1;.6<=9;. . B+9;.F1 >=7 1 <.>-? <+ .?+ .81 .A1> =?0+,+<- +<+0/.7 - A= .9;=7=6=7M =08-: .
>=7 1 =<?1 /: 19. L 8 F) 0. ;=8+ 7 + 8 ?+M .<.91<= >1= 2 8191 8.0=61<7 12;+ B+9;.F+
.8 9+ B+9;.F1 -C0D1 6+I7 + ?=C.: 1 <+>- 6+I- +<+0/.7 - A1 918.8 ;.8 . 6+I- 819-
8 @;= 7+ C:.G+ C0D.<. 96+;: =9;. ;= ;+G1 A=9;17 + A1 7 + 918.8 ;.8 96+ ;+G+ . ;+G+ A=9;.I.
81 >1>6= <7 +<= ?1: 7+ -C0D161<7 + 6+ ;+G1 D<1B. . 96+ A-<.7 1 +<+0/.7 + 191 8.0=61<7 1

144
A0=;=<1 C1@7 + D/=?<1 D1 <19 .D<=9. A0.C:
.G<= "+ A1 7 + 01B-<.F1 7
+?<=9;16<1 A0=;=<
B.7
1 9+ +<+0/.71 A=?./<+ <1 ) "+ 91? .81 . ) A-;1 6+I- 819- <+/= ?=> 7 + 8.0=61=
-?=C<= 98+@;+< - C=F- /19=6.;=/ 6=?=<.>1 1@ 1>F+:
+01;=0 7+ D1A016= 2 A=<?+01;=02
1 0+B D<1B. =<17>=7 . ?=?17
+ ;+G.<-

"

1>= >=0.9;.8= ;+ B+9;.F+' +?<=9;16<= 0+B+<= <18+9;.8= .8 ?1 9+ 9-?10+ =@;= 7 +

=6= <17 61G<.7 . <1B.< 9;.F1<7 1 D<1<7 1 = 81;+0.7 . . +<+0/.7 . D19: -G-7 + ?1 9+ A=/: +?1 81: =
A=C: .G+ 196.8 7 + - 0+?- ?1 D1C=016.;+ 96+ =<+ A=7 +?.<=9;. = 81@.<+0.7 . . = <1B.<-
-C0D161<7 1 81?1 9- ;= C1@D1<.8: 7 .6+ 9;610. D10 <+' 1: . =617?+= D1A18;.;+ 961>1>=
+?.<. 98.91= A=9;=7 1<7 1 1>F+: +01;=01 7 +9;+ 9-?10
+E<.>1 >=7 =8 9+ 9: -G.8= ?1 C.98= =A1D.: . 1 7 +?<=/ ?1<1 . 9E61;.: . 1A9;01>;<.
9-C<->: +10<. 6.:17 +; 9:.B<1 7 + <1B.<- <1 >=7 . =A1G18= . 9E61;18= . C.: = @;1 ?0-/= <1 96+;-
( <+>= ?06= 0+F.8= 1>= .?+ ;17A0=F+9' 06= <18 7 + A=;0+C<1 96+;: =9; 17?+ ?1
.9>=0.9;.8= -<B+6- 96+;: =9; D -<F1 M =;=<. ?=A.0- - C-7 .F181 D1A: 7-9>-7 - ;= ?06=
=?C.7 17 - 9+ =? : .@I1 . >=0+ /01<B.F1 . /01<1N <+>. ?+= =? ;+ ->-A<+ >=: .B.<+ M =;=<1
?=9A+61 - <1@+ =>= =G+8= ;= .9;= 0+I. . <1 =617<1B.< M =;=<. -?1017 - - =C7 +>1;
019.A17 - 9+ . : +;+ <+>. =? <7 .E >1 ?+;+>;=0- . .818= =B<- 7 1C-B.F- 1 - <7 =79+ <1: 1D.
=B<= 9=B.6= <= ?=6=?. . G.G- 96+;: =9; . C1F1 .D=@;0+<- 9: .>- <1 80+G<7 1B- >=7 1 9+ <1: 1D.
?-C=>= -<-;01 - =>- 0+G<7 1B1 =;>0.7 + M =;=<+ . >: 19.M .>-7 + <7 .E=6+ =?: .>+ >=7 + =A1D.
C=7 - <.7 1<9- 7 1B.<- =96+;: 7+<7 1 <?1 ;+ .<M =081F.7 + C-?- =0/1<.D=61<+ . A=9: 1;+
7+?<=8 A0=F+9=0- >=7 . 7 + 6+I->: 7-B+< . 9A0+8<= B+>1 1 ;= 7 + =F.A.;1: <. 0+G1<78=D/1
9A+F.7 1: .D=61< D1 =C01?- 6.D-+: <.E A=?1;1>1 =9: + <+>=/60+8+<1 ;17A0=F+9=0 ?=: 1D. ?=
D1>: 7-B>1 R ": + ?06= 1@7 +: +A= R
<M =081F.7 + 8=/- - =>= ?1 9;.G- . M .:;0.01<+ ( 0+F.8= >0=D =C.B<+ <1=B10. .: . >0=D
<1=B10. D1 -<F+N;= I+ A=6+I1;. ?.9;=0D.7 - >=7 + 9+ 6+I?=/1,1 DC=/ =9=C.<1 918=/ =>1
=D1> .81 ?-G<=9; ?1 .9A016: 7 1 <19;1: 1 .D=C: .B+<7 1 17 ?+ ?1 D18+<.8= =>= >18+0=8
+?+: 7- ?1<1 >19<.7 + 1>= G+: .8= 7 =@ 6+I. 9;+A+< 1A9;01>F.7 + 8=G+8= <18+9;.;. ?1 ;1
>18+01 <+ /: +?1 9;610<= G.6= ?06= <+/= 918= 9: .>- ?06+;1 ( <+>= - A=0=?.F. 7 +
96=7 +60+8+<= M =;=/01M .91= ;= ?06= <1A016: 7+< 7+ 9: 17 ? . 91? 8=G+8= A=8=I- A0=7 +>;=01
D1 9: 17?=6+ ?1 C1F18= 9: .>- ?06+;1 <1 <+>. D19;=0 =9;=7 . . ?0-/. <1B.< 9<.818= ?06=
6.?+=(>18+0=8 >=7 1 E61;1 M =;=<+ . A0+;6101 ?=C.7 +<+ 96+;: =9<+ .<M =081F.7 + - 8: 1D
+:+>;0=<9>.E ?./.;1: <.E .<M =081F.7 1 - ?-/+ <.D=6+ <-: 1 . 7 +?.<.F1 =9:+ =6= A-9;.8=
A=8=I- 6.?+=(0+>=0?+01 <1 <1@ . /: + <1 +>01<- 7 + 9: .>1 ?06+;1 >= C.98= G+: +: . ?1
A=@1: 7+8= 2 ?06=2<1@.8 >=: +/181 <1-B<.F.81 <1 A: 1<+;. /.D.D. 8=G?1 C.98= A=9: 1:.
918= ?./.;1: <- .<M =081F.7 - <+ 7 =@A0+;6=0+<- - 1<1: =/<-NA1 .A1> . ;1>= =<. ;18= C.
A0.8.: . >017 <7+ ;1B<= >=<M ./-01F.7 - D1 >=7 - +8: 71<. >1G- ?1 7 + ?06=
1016<= - 1>F+: +01;=0- <.7 + ;1>= 7 +?<=9;16<= 1D: .B.;+ B+9;.F+ >=0.9;+ 9+ <1 01D: .B.;+
<1B.<+ 1 .A1> =6- 1: +/=0.7 - 91 /: +?1<7 +8 ?06+;1 8=G+8= - <1@+8 01D/=6=0- =
<->: +10<.8 9-?10.81 . = 019.A1<7 - .D/-01;. 7 =@7 +?1< >=01> ?1: 7+ = ?06= <+ .D/: +?1 .9;=
-7-;0= - A=?<+ . A0. D1: 19>- -<F1 01<F-9>. 9: .>10 =<+ =<+; <1B.<.= 7 + C0=7 <+ 9: .>+
-:1D1 - >1;+?01: - - -1<- - 01D<1 ?=C1 ?1<1N>= /=? .E 7 + 6.?+= D<1 >=: .>- 01D: .>- B.<.
?0-/1B.7 . >61:.;+; 96+;: 1 ;1 7 + ;- .9;.<1' 1 -8+;<.>1 >1;+?01: 1 .81 8<=/= .9;.<1 61>1
=? ;.E .9;.<1 96+;: -F1 96=7 =8 9;610<=@I- ( 81/: .B19;1 96+;: =9; 01<=/ 7 -;01 ?019;.B<.
>=<;019;. 96+;: =9;. . 9+<>+ <1 A=?<+6<=8 7 1>=8 9-<F- .: . C=/1;= G10+<7 + A=D<=/
A=A=?<+61 0. 961>=8 =? ;.E =96+;: 7 +<7 1 A=>1G+ 9+ <+>. ?0-/. ?0-/1B.7 . 6.? .9;.<+ A1
. M.D.B10. 01?+ ;1>= 181 9- A=;0+C<+ 96+ .<M =081F.7 + >=7 + 8=G+8= ?1 ?=C.7 +8=
8+;<.> -A=;0+C: 7161 -<B+697 17 >=7 . 9+ 9;1: <= 8+<7 1 . =C19.A18= A0+?8+; 01D: .B.;.8
B+9;.F181 8: 1D+6.81 +: +>;0=<1 8: 1D+6.81 8-=<1 .: . <+-;0.<1 ( 1 <7 .E=6+ +<+0/.7 +
9;1:<= 8+<7 18=
6= >1>= ;= 01?.
9-?10- D<18= ?6+ 9;610. ( <1.8+ @;1 - 9-?10 -: 1D. . @;1 .D9-?101 .D: 1D. 7 =@( >1>=
.D:1D. ;1 9+ ?+9. - =<=7817 -@<=7D1A0+8.<. - 81: +F>=8 ?+: - A0=9;=01 /?+ C-?+ C1@
918 9-?10' = <+ 8=G+8= 6.?+;. 9;.<1 7 + ;1>61 ?1 .D: -?.@ <+ 8=G+8= 6.?+;. 1= ?1 9+
9-?10 =?./0161 -<-;10 <+>+ D1;6=0+<+ F0<+ >-;.7 .F+ <-;01@<7 + 8+E1<.B>+ A=7 +?.<=9;.

145
918=/ 9-?101 <.9- ?=9;-A<+ A=981;01<7 - . 8+0+<7 -N 1 60: = .E 7 + ;+@>= 1>= <+ .
<+8=/-I+ B1> . ?=B101;. - 81@;. D18.9: .;. <7 .E=6R .D/: +?R 1>= 618 7 + ;= - 91C: 19<=8
;0+A+016=8 96+;- >61<;1 19A=: 1G+8= 8=?+: =8 D1 01D-8+61<7 + 9.: 1 >=7 + 9;-A17 - -
8+,-9=C<- ./0- <+>.8 9: -B17 +6.81 ;18= /?+ .81 =9<=61 <19;=7 .8= ?1 ?=B1018=
9+C. . <+>- 9;0->;-0- A0+?8+;1 B+9;.F1 >=7 . 9+ 9-?1017 - .?.8= @;1 -: 1D. . @;1 A=9: +
9-?101 .D: 1D. =9;16: 718= A.;1<7 + ?1 : . ?=C.7 +<. 0+D-: ;1;. 8=/- C.;. A0+?9>1D1<. A=8=I-
<1@+/8=?+: 1 =<=/1 @;= 7 +-2 F0<=7>-;.7 .F.2
<1@+8 =C01D=6<=8 A0=/018- D1 ?+F- =? ?+9+; /=?.<1 8. - +08.: 1C- A=9;16: 718=
A0+? 81: .@1<+ 9: +?+I. A0=C: +8 18= .8 7 +?<- A01D<- >=F>19;- >-;.7 - ?1 7 + 01D/: +?17 -
;0+9- 8+0+ <?1 9;16.8= - >-;.7 - <+@;= <1 A0.8+0 C: => ?06+;1 .: . ;0. B+: .B<+ >-/: .F+
=<=6= D1;01G.8= =? ,1>1 ?1 >-;.7 - 8+0+ ?0817 - <1/.<7 - =9: -@>-7 - . ?1 <18 <1
=9<=6- ;=/1 >1G- 96+ @;= 8=/- = A0+?8+;.81 >=7 . 9- -<-;01 = 6+: .B.<. ;.E A0+?8+;1
=C: .>- ;+G.<. =7 + ?=C01 8+;1M =01 D1 =<= @;= 9;610<= 01?.8= - <1@.8 =A.;.81 019.A1<7 1
B+9;.F1 D<+<1?.: . C.9;+ 9+ >=: .>= B+9;= ?+F1 A=/=?+ .9;.<- = =<=8+ -<-;01
0+C1F-7 +8= 9+ 91? <1 =?019: + . <1 B+9;.F+ 0+;A=9;16.8= ?1 G+: .8= 91D<1;. >=: .>= 7 +
6+: .>. A=: -A0+B<.> A0=;=<1 =D17 8.8= M 1D=< =? 9: .>101 =<+1 ": +?1I+8= A0=;=<
A=8=I- 01D<.E 609;1 2 96+;: =9;.2 =G?1 C. A0=;=<. 8=/: . C.;. ;1B>+' 1 C. =6= -9;1<=6.: .
M.D.B10. /1,17 - A0=;=<+ ?0-/.8 A0=;=<.81 . ;= 60: = <.9>+ +<+0/.7 + ?1 C. A0=-B.: .
+:+>;0=81/<+;<+ 9.: + .D8+,- =61 ?61 <1+: +>;0.91<7 1 -: =<=6 D1>=< >1G+ ?1 9+
+:+>;0=81/<+;<1 9.: 1 A0=;+G+ ?= C+9>=<1B<=9;. 1: . A=9;17 + 96+ 9: 1C.7 1 91 >61?01;=8
01D?1: 7.<+ 0=;=< >=7 . 7 + <18+@;+< ?1 C-?+ 8+;1 1 .9;= ;1>= . =<17-C0D1<. A0=;=< >=7 .
7-0. >1 <7 +8- =C1 9- <1016<= A=D.;.6<= <1+: +>;0.91<1 A1 A=@;= 9+ A: -9 . A: -9 =?C.7 17 -
=617>=7 . 9;=7 . <1 8+;. 60: = 9A0+8<= =?C.7 + -: 7 +D1 =? 9+C+ C0D1<. A0=;=< <+ 9;./<+ <.
C: .D- =? ;=8 609;=8 2 96+;: =9;.2 A0=;=< D1.9;1 .D/: +?1 >1= ;1B>1 . ;= ;1B>1
<1+: +>;0.91<7 1 1;= A=B<+8= ?1 A=6+I1618= +<+0/.7 - <1A1?1B1 -C0D1<.E A0=;=<1
1?1 =?9;-A1<7 1 - =C019F- 019+7 1<7 1 A0=;=<1 <1/=6+@;1617 - ?1 <+>. C0G. A0=;=<.
-9A+617 - ?1 9+ A0=C.7 - 60: = ?-C=>= . ?=?.0<- ;1>=D61<- 7 1>- 9.: - D1 >=7 - 91?1 D<18= ?1
=?0G161 A0=;=<=6+ 919;16<+ ?+: =6+ <1 =>-A- 1>1 9.: 1 7 + 9;= A-;1 7 1B1 =? -: =<=6+
+:+>;0.B<+ 9.: + 1: . 9+ 01D: .>-7 + =? <7 + A= ?=81@17 - >=7 . <. - >=8 9: -B17 - <.7 + C+9>=<1B1<N
<1A0=;.6 1>1 9.: 1 ?=81@-7 + <1 =;A0.: .>+ ( * F+<;.8+;101 1 =<?1 C0D= =A1?1 <1 <-: -
=7 1B1617 -I. +<+0/.7 - 9-?101 -9A+618= ?1 2 .9>=A18=296+ 6.@+ . 6.@+ A=?1;1>1 =
71>=79.: . 0=;=<. .817 - ;1: 19<- ?-G.<- A18;.8= + 0=: 7.71 . 0+?.</+01 ;= .8 7 + 6+I1
+<+0/.7 1 81<7 1 .8 7 + ;1: 19<1 ?-G.<1 @;= 7 + >01I1 ;1: 19<1 ?-G.<1 -;=: .>= 9+ 6.@+
A=7 +?.<=9;. 8=G+ 01D1D<1;. = B+9;.F. >=7 - A0=-B1618=
+>+ =? <17 C=: 7.E 2 9: .>12A0=;=<1 <1B.<.= 7 + A+?+9+;.E /=?.<1 =6=/ 6+>1 =C+0;
=M @;1;+0 =C+0; =M 9;1?;+0 <1 ;+<M =0?9>=8 -<.6+0D.;+;- < 7 + >1= 2 96+;: =9;2D1
/: +?1<7 + A0=;=<1 -A=;0+C.= 8: 1D+6+ +: +>;0=<1 1 <+ ?0-/.E A0=;=<1 =M@;1;+0=61 +>.A1
-98+0161: 1 7+ ?=C0= =0/1<.D=61< D01> +: +>;0=<1 >=7 . 9- <=9.: . 961>. A= 0+F.8= ! +
+<+0/.7 + <1 7 +?<- 81: - A=9-?- 91 ;+B<.8 6=?=<.>=8 : +>;0=<. 9- C=8C10?=61: . A0=;=<+
- 6=?=<.>- . .D: +;1: . .DA=9-?+ 019.A17 -I. 9+ ( ?1>: + 8+<7 1= .8 9+ A0161F >0+;1<7 1 = 9-
01?+0M =0?=69>1 A=9: 1 1 01D: .>- =? A0=;=<1 +: +>;0=< <+ 0+1/-7 + <1 7 1>- <->: +10<- 9.: -
+1/-7 + 918= <1 +: +>;0.B<. <1C=7 - A0=;=<- 1;= 9- <1-B<.F. <1 ;+<M =0?- C.: . -
8=/-I<=9;. ?1 .9A.;17 - =C: .> 019A=?+: + <1+: +>;0.91<7 1 - A0=;=<- 9-@;.<. ;= 7 + =;>0.: = .
6+: .B.<- A0=;=<1 .:= 7+ 7 19<= ?1 A0=;=< <.7 + ;1B>1 D8+0+< 7 + A0+B<.> =? )! K ( *
F8 9 ;.8 @;= 7 + <1+: +>;0.91<7 + C.: = <1/=8.: 1<= <10=B.;= - 90+?.@;- 1 =A1?1: = 7 + A0+81
0-C=6.81 ;+ 9;610. >=7 - <1D.618= 2 A0=;=<2 : .B<. 0+D-: ;1;. ?=C.7 +<. 9- >1? 9- =A.;.
A=<=6: 7+<. 91 8-=<9>.8 D01F.81 >=7 . ;1>=,+ A0+<+C0+/1617 - 7 1>- 9.: - =M@;1;+0 7 +
3$ ?=C.= =C+: =6- <1/01?- D1 =6- 2 M =;=/01M .7-2A0=;=<1
+/?+ =>= 3$! /=?.<+ M .D.B10. - 9;+<M =0?9>=8 F+<;0- D1 : .<+10<- 1>F+: +01F.7 -
9>01I+<= # C=8C10?=61: . 9- A0=;=<+ +: +>;0=<.81 8<=/= 6+I+ +<+0/.7 + ( =? !?= O
"+ ( . ?=C.: . A=;A-<= ?0-/1B.7 + 9: .>+ 019.A1<7 1 C197 1< A=8=I- ;+ ;60?+ 96+;: =9;.
A0=;=< 7 + A=>1D1= 9196.8 ?0-/1B.7 - 9: .>- =M @;1;+0=6. 901D8+0<= 9: 1C. +: +>;0=<. ?1: . 9-
918= 8-;<- 9: .>- 9;.F1= 9+ -;.91> ?1 7 + A0=;=< >1@19;1 : =A;.F1 - >=7 =77 + <1+: +>;0.91<7 +
=;A0.: .>+ 016<=8+0<= 019A=0+,+<= <1 A=8+<-;. <1B.< #(=6. +: +>;0=<. D1?.01: . 9-
8<=/= =@;0.7 + . A0=<1@: . <+>+ 81: + 8=8>+ >=7 . ;0B+ =>=: = -<-;10 A0=;=<1 .= 7 + ;= A06.
A=>1D1;+: 7?1 >610>=6. 9;610<= A=9;=7 + =6. A=?1F. . 9;10. A=?1F. ->: 1A1: . 9- 9+ ;1B<= (
>1= . =<+=6+ 7 -;10<7 + . 6+B+0<7 + 9: .>+ ( 9 ;=8 01D: .>=8 @;= 9- =<. <1 <.9>.8 +<+0/.7 181

146
=;>0.61: . 918= A0=9+B<- 019A=?+: - <1+: +>;0.91<7 1 .D-+: .D1F.7 1 >=7 - 98= ?=C.: . ;+> 91
+:+>;0=<.81 8<=/= 7 1B.8 91 8<=/= 6.@+ +<+0/.7 + A=>1D1: 1 7 + ?1 A0=;=< 91?0G. ;0.
919;16<1 ?+: .I1 >=7 . 9+ 6+=81 C0D= >0+I- . ?1 961>. =? ;1 ;0. .D/: +?1 >1= ;1B>1 1@;= 7 +
#(=6 =A.; A=>1D1= =6+ A=7 +?.<=9;. 1 =M @;1;+0=61 9;-?.7 1 <.7 +' 1? +: +>;0=< -: +;. 91
?=6=: 7<= 6.9=>=8 +<+0/.7 =8 - 9-?10 >610>=6. D19;1<- - 8+9;- >1= ?1 9- 2 D1>-F1<.2 1
+:+>;0=< >=7 . 7 + <1 <7 .E <1: +;+= =9+;. ?+7 9;6= 9.: + ;1B>19;=/ .D6=01N96+ ;= D1>: 7
-B-7 +8=
.9>: 7-B.6= <1 =9<=6- D<1<7 1 @;1 7 + -@: = - 9-?10 1 @;1 7 + .D 9-?101 .D.@: = =@ 7 +?<=8
.D6: 1B.8= >=0.9; .D>01;>=I+ >01;>.E ;1: 191 1B>19;1 9.: 1 .D1D.61 6+: .>- A0=8+<- +<+0/.7 +
+:+>;0=<1 . C1F1 /1 A=? <+>.8 7 1>.8 -/: =8 - 9;01<- 18;.8= 1?+0M =0?1 . 7 +D/0=
;0-B<. D61<.B<. <1D.6 D1 =6- A=7 16- 7 +9;+ ?-C=>= <++: 19;.B<= 019+7 1<7 +
=M @;1;+0=6.8 01<.7 .8 =A.;.81 2 ;0B1<7 +2>610>=61 =9;17 + D18-I+<= A1 A0=;=< .D/: +?1
2/:1?1>2. -7 +?<1B+< -<-;01 1 96+ D1;= @;= 7 + <.9>1 +<+0/.7 1 =<.E +: +>;0=<1 A=8=I- >=7 .E
A0.>-A: 718= .<M =081F.7 + 18.9: . ;0. 60:= 9.;<+ 9.7 1:.F+ >=7 + 60: = C0D= ;0+A+0+ND18.9: . ?1 .E
9:.>1@A=8=I- M =;=1A101;1 B.7 1 +>9A=D.F.7 1 .D<=9. 8.<-; 1 M.:8- C. =9;1: 1 9: .>1 <+B+/
6+: .>=/ 8-;<=/ <+7 19<=/ A.; - #(- 7 +9;+ >1= M =;=1A101; >=7 . 8<=/= C0G+ @>: 7=F<+
-: =6. . 2 D1-9;16.2;+ ;1B>.F+ 96+;: =9;. ;1>= ?1 .E : 1>= 8=G+8= A0+C0=7 1;.
=@;= 7 + >610>=69>= ;-81B+<7 + =6=/ 019.A1<7 1 6.9=>=+<+0/+;9>.E +: +>;0=<1 C.: 1 60: =
<+-=C.B17 +<1 . =/0=8<= 61G<1 9;610 ;. =A.;. 9- A=<16: 71<. - +08.: 1C- . - # (-
60=A9>. F+<;10 D1 <->: +10<1 .9;01G.61<7 1 A=8=I- 8-=<1 91 +<+0/.7 =8 ?+9+; A-;1
6+I=8 =? #(=6+ O "+ A1 . A=8=I- <+-;0.<1 -=<. >1= . +: +>;0=<. .9A0=C1617 -
+:+>;0=81/<+;<- 9;0->;-0- A0=;=<1 ?=> <+-;0.<. >=7 . <.81: = <+ 810+ <. D1
+:+>;0=81/<+;<- 1: . <. D1 71>- 9.: - ;+9;.017 - ;1>=D61<- 2 019A=?+: - 9: 1C+ 9.: +2 : 1C1 9.: 1
7+ =<1 <->: +10<1 9.: 1 >=7 1 7+ =?/=6=0<1 D1 01?.=1>;.6<= 019A1?1<7 + . D1 7 =@<+>+ 9;610.
6. =/0=8<. =A.;. .D6+?+<. - D1E->;1: =8 60+: =8 ;1>8.B+<7 - .D8+,- A=7 +?.<.E /0-A1
<1-B<.>1 ?1: . 9- 96. C+D .D-D+;>1 .9;. D1>: 7-B1> A0=;=< 7 + 91/01,+< =? ;0. >610>1
=D<1: . 98= . <+>+ A=7 +?.<=9;. = <1B.<- <1 >=7 . 9+ >610>=6. >0+I- ;18= -<-;01 7.E=6.8
>0+;1<7 +8 =?0+,+<= 7 + ;= <+@;= @;= <1D.618= 2 A0=;=<2
=?0=C<+ 1<1: .D+ 96+ ;0. 609;+ =A.;1 ( 91 +: +>;0=<.81 91 8-=<.81 . 91 <+-;0.<.81 (
?=6+: + 9- ?= =;>0.I1 <=6+ B+9;.F+ 1 ;= 7 + /: -=< ": -=<. 9- A0+<=9.=F. 7 1>+ 9.: +NC+D<7 .E
<1@. A=?1F. <1A0=9;= <+ C. 8=/: . C.;. =C7 1@<7 +<. + .9;+ 1<1: .D+ ?1: + 9- <18 .
>61<;.;1;.6<+ A=?1;>+ = <1B.<- <1 >=7 . 9+ >610>=6. >=6.;: 17 - 7 +?1< =>= ?0-/=/ - 96=8
A0=;=<9>=8 D1;6=0- 61?+9+; /=?.<1 ;1>6.E A0=-B161<7 1 D1 >=7 1 .818= 9;0-B<.
D61<.B<. <1D.6 .D-B161<7 + 9;0->;-0<.E M -<>F.7 1 ?1?=@+ <18 .9;1<B1< 8=?+: >=7 .
=C7 1@<7 161 96+ 9-?10<+ =A.;+ - >=7 .81 A=8=I- A0=;=<1 <+-;0=<1 +: +>;0=<1 8-=<1
>1= . A=8=I- M =;=<1 A.=<1 . 1<;.A0=;=<1 /1,18= A0=;=<+ = 618 7 + 9: .>10 =<+
?=9;./<-; . <1?81@+< =G?1 7 + >1= C=: 7. A0.8+0 8=/: 1 ?1 A=9: -G. A+981 =: 191 ;.6+<91
41: :
1F+ ;+6+<9 20.<1+9; <1B.<1 /: +?1<7 1 <1 /1601<12
1= @;= 6.?.;+ ?=D<18= 8<=/= . =C7 19<.8= @;1 7 + -@: = 1 @;1 7 + 2.D:+;+: =2.D9-?101
1D<18= 8<=/= ;=/1 . = 9.: 181 . = <1B.<- <1 >=7 . .D;.E 9.: 1 A0=.9;+><- 9: =G+<+ 9;0->;-0+
A=A-; A0=;=<1 >=7 . 7 + <1A016: 7+< =? ;0. >610>1 . 8+D=<1 >=7 . 9+ 919;=7 . =? 7 +?<=/
>610>1 . 7 +?<=/1<;.>610>1 1 >1? .818= ;=: .>- >=: .B.<- .<M =081F.7 1 . 6.?.8= ?1 9- 96+
=<+ 8+,-9=C<= -91/: 1@+<+ <.7 + <18 8<=/= 61G<= . 96+ 81<7 + <18 7 + 61G<= ;= @;= <+
8=G+8= C1@ ?1 D16.0.8= - 918- F0<- >-;.7 .F- /?+ 9+ 9-?10 D1.9;1 ?=/1,1
;+: . 8. ;= .: . <+ <1 <19 8=01 ?1 =9;16. 7 1> -;.91> 9.<;1/81 2 9+8+ -<-;10 9+8+<12
=: +>-:7 + <1B.<7 +< =? 1;=81 ;=8 .81 7 +D/0= +D/0= 7 + <1B.<7 +<= =? A0=;=<1 .
<+-;0=<1 0=;=< . <+-;0=< 9- <1B.<7 +<. =? >610>=61 610>=6. 9- <1BBB +(E+7 9;1<.
81: = 610>=6. <+ 8=/- C.;. 01DC.7 +<. 1.8+ 8. 8.9: .8= ?1 <+ 8=/- 1: . ?1C=8+
<.98= - ;= 9196.8 9./-0<. ;>-? <18 A016= ?1 >1;+/=0.B<= .D7 16.8= ?1 98= 9;./: . ?=
>017 1 ;=/ ?0-81' 1 .A1> - =6=8 B19- A=9;./<-;1 7 + 91/: 19<=9; ?1 >610> <+ 8=G+ C.;.
01D: -A1< =9;1: =8 <. ;17 +8=>0.; <+ 8=G+ G.6+;. 6+B<=

+> ;0+C1 ?1 01D8=;0.8= 7 +?1< 61G1< A0=F+9 >=7 . 9+ ?+@161 ;=>=8 <+>.E 9-?101
=6+ B+9;.F+ 9+ 9;61017- 6= 9+ . - 61@=7>-I. 9;1:<= ?+@161 =/: +?17;+ 9.7
1:.F- >=71 9+
E01C0= ;0-?. ?1 =C1971 =6- 9;01<.F- >=7- B.;1;+ 1 >=7
1 C. .<1B+ C.:
1 - 801>- ;1 7 + .D6=0

147
;+ 96+;:=9;.' :+>;0=<. <. 9- -D<+8.0+<. ?+7 9;6=8 +: +>;0.B<+ +<+0/.7+ >=71 >-: 71 - 6:1><=
61@+ 9.7 1:.F+ .:
. 1>= 9;+ 7 +?1< =? =<.E >=7 . 6=: + ?1 @;+?+ +<+0/.7 - - /19 - 61@=7
M:-=0+9F+<;<=796+;.: 7
>. . +:+>;0=<. +8.;-7 - M=;=<+ C=/ ;=/ A0=F+91 9.7 1: .F1 9.71 >=
I+8= /=6=0.;. 1A9;01>;<.7 .8 7 +D.>=8 M .D.B101 >=7 . .81 A=9: 1 91 +:+8+<;10<.8 B+9;.F181
=<?1 I+8= >1D1;. ?1 +: +>;0=< - A0=F+9- 9-?101 D01B. 7 +?1< M =;=< 1 C. +: +>;0=< =6=
8=/1= -B.<.;. 9;.G+ 8- >0=D-;.>1B +<+0/.7 1 >=7 1 .D1D.61 A0=F+9 -C0D161<7 1
1? 8=018= =6= ?1 -=A@;.8= A0=F+9- 9;6101<7 1 <181 9- <18+;<-;1 =?0+,+<1
=/01<.B+<7 1 6+D1<. 98= D1>=<.81 = =B-61<7 - +<+0/.7 + = 8=8+<;- 9.: + =
<1+: +>;0.91<7- >1= . 96.8 >61<;<.8 A016.: .81 9.8 ;=/1 =<17A0+?8+; >=7 . 7+ <1 <+>.
<1B.< =?/=6=01< D1 9;6101<7 + <=6+ B+9;.F+ 8=01 ?1 .81 <+>- 2 6+D-291 B+9;.F=8 >=7 1
;0+C1 ?1 C-?+ 9;6=0+<1 0.8+0 A0=;=< 9+ 91 ?0-/.8 A0=;=<=8 9-?10. . <19;1<+ 7 +?<1
<=61 B+9;.F1 A.=< = A.@+8= =61>=

AH H AH [ AH H AH H <

.;18= ?61 A0=;=<1 9+ 9-?1017 - . <19;1<+ =A+; 7 +?1< A0=;=< 7 +?1< A=D.;.6<. A.=< ;=
7+ AH . 7 +?1< <+-;0=< <= @;= B.<. 6+D- .D8+,- 96.E =6.E B+9;.F1 7 +9;+ 7 1>1 9.: 1
0.>1D1< 7 + 7 +?1< ;.A.B1< A0=F+9 9;6101<7 1 B+9;.F+ =G+8= . ?0-/1B.7 + ?1 A0=B.;18=
/=0<7 . .9>1D 7 +?1< A0=;=< 9+ 2 A=? -;.F17 +82?0-/=/A0=;=<1 019A1?1 <1 7 +?<= 2 A. A:-92.
<1 7 +?1< <+-;0=<
=9;=7 . 7=@ 7 +?<1 609;1 9;6101<7 1 = 7 + 0+?1> . -DC-?: 7.6 A0=F+9 1 <1D.61 9+
1<.E.: 1F.7 1 <17C->61: <.7 +8 98.9: - =<=8 .D0+B<.>1 1<.E.: 1F.71 D<1B. ?1 <+@;= A=9;17 +
<.@;1 ;= 7 +9; A0+9;17 + ?1 A=9;=7 . 1? 9+ +: +>;0=< 9-?10. 91 96=7 =8 1<;.B+9;.F=8
A=D.;0=<=8 <+9;17 - =C1 . +: +>;0=< . A=D.;0=< 1 ;=8 8+9;- 9+ +<+0/.7 1 D1 ;0+<-;1>
A=7 16. - =C: .>- 7+?<=/ M =;=<1 617A0=F+9 <+ 96.,1 9+ D1>=<.81 = =B-61<7 - A1 7 + D1;=
=6=8 M =;=<- >01;1> 6+> =< 8=01 ?1 <+9;1<+ 1 <18+9;= <7 +/1 A=7 16:7-7- 9+ -C0D= ?6+
B+9;.F+ ( <1 A0.8+0 =A+; 7 +?1< +: +>;0=< . 7 +?1< A=D.;0=< +,+ 9+ ?+@161 ?1 9+ M =;=<
019A1?<+ <1 8-=< . 1<;.8-=< .: . B1> <1 A0=;=< . 1<;.A0=;=< <.E.:1F.7
1 7+ 7+?.<. A0=F+9
>=7 . 91 A-<.8 -9A+E=8 A0+;6101 81;+0.7 - - +<+0/.7 - A= 7 <@;17 <=6=7M =08-: . L 8F)
+0 >1? +>9A: =?.01 0+F.8= 1;=89>1 C=8C1 918= 7 +?1< ?+: .I=? 7 +?<=/A=9;=;>1 <7 +<+
819+ A0+=C01;. 9+ - +<+0/.7 - => >1? 9+ 81;+0.7 1 . 1<;.81;+0.7 1 9-?10+ 9;= A=9;= 819+
.@B+D161
1? A016.8= <=6+ B+9;.F+ =9<=6<. 7 + D1E;+6?1 +<+0/.7 + 8=01 C.;. ?=6=: 7<= 1 =9<=6<.
2><7 ./=6=?9;6+<.21: 1; 7 + L 8F) 1 A0.8+0 A=8+<-: . 98= ?1 9-?10 +: +>;0=<1 .
A=D.;0=<1 8=G+ ?=6+9;. ?= 9;6101<7 17 +?<=/A0=;=<1 . 7 +?<=/1<;.A0=;=<1 D/0+? 0+B+<=
8. - 8+0.F. >1G+8= D1 ;1 ?61 A . A(C10 A 91 F0;.F=8 =@;= +<+0/.7 1 8.0=61<7 17 +?<=/
A0=;=<1 .D<=9. =>= "+ B+9;.F+ >=7 + -: 1D+ - 9-?10 8=017 - 91 9=C=8 ?=<+;. C10 ) "+
+<+0/.7 + ?1 C. A=91= -9A+= ;= 6.@+ +<+0/.7 + 6+I1 7 + . 6+0=61;<=I1 ?1 I+ -9A+;. ?1
I+8= ?=C.;. A10 A5 A( 1 =9.8 ;=/1 : 1>@+ 7 + . =;>0.;. ?=C.7+<+ B+9;.F+ D1;= @;= =<+ 9;+><- .
<+@;= >.<+;.B>+ +<+0/.7 + ;= 7 +9; >0+;1<7 1
61 D19+<7 -7
-I1 =9=C.<1 1<;.81;+0.7 + ?=6+: 1 7 + ?= 81@;1<7 1 - <1-B<=7M 1<;19;.F. =
;=8+ ?1 C. 1<;.81;+0.7 1 8=/: 1 0+@.;. +<+0/+;9>- >0.D- 9;.<1 7 + ;= ?1 C. B1> 7 +?1<
>.:=/018 1<;.81;+0.7 + C.= A=;0+C1< ?1 C. 7 +?.<7 +<+ 8+0.B>+ 0G16+ ?=C.: + ?=6=: 7
<=
+<+0/.7 + D1 7 +?1< ?1< G.6=;1 . 01?1 17>.: =/018 C. 9+ - F+: =9;. A0+;6=0.= - +<+0/.7 - D1;=
@;= F+: 1 8191 . A0=;=<1 . 1<;.A0=;=<1 C.61 A0. 1<.E.: 1F.7. A0+;6=0+<1 - +<+0/.7 - =?
91/=0+61<7 1 -/: 71 .:. <1M ;+ 918= 7 +?1< 8.: .710?.;. ?+= 819+ A0+;6101 9+ - +<+0/.7 -
M.9.=<.8 0+1>;=0.81 A=9;=;1> 1 >1? C.98= =9;610.: . M-D.=<- +<+0/.7 - <1 @;1 6+I
;=: .>= ?+F+<.7 1 B+>18= =61 C0=7 >1 C. 9+ A=6+I1: 1 <+ =B+>-7 ;+ A0+6.@+ <1 =>= OY

=@7 +?1< <1B.< ?1 9+ = =6.8 9;610.81 01D8.@: 71 7+9;+ 9:+?+I. 18.9: .8= ?1 7+ 916
A0=9;=0 A1 . =<179196.8 A01D1< - 9;610. .A1> A0+A-< B+9;.F1 = 7 + A016. =>+1< B+9;.F1
>=7. D1A: 7
-9>-7+ =?196-? ;=8 D1A: 7-9>.61<7- A=716:7-7- 9+ 96+ 609;+ B+9;.F1 96+ @;=
A0.0=?1 - 96=7 =78-?0=9;. -8+ ?1 <1A016. 1 =6= <+ A0.B18 8+;1M =0.B>. +?<1 =?
.8A: .>1F.7
1 >61<;<+ ;+=0.7
+7+9;+ . ;= ?1 B+9;.F+ C->61:<= .9>1B- <. .DB+/1 . =A+; =?:+I- -

148
;= <.@;1 ( <+9;17 - - 61>--8- <+ -9>1B- - A=9;=7 1<7 + . .9>1B- .D A=9;=7 1<71 6+ ;+
B+9;.F+ 918= 9- A0.60+8+<+ 19;1<- ( . D1B19 <+9;1<- = 7 + >1= 7 +?1< .9;=B<7 1B>. C1D10
- >=8+ 96+ 60. =? <10=?1 =? /-G6+ =>:+ /=? 9+ =6= <19;17 1<7 + . <+9;17 1<7 + ?+@161 -
A01D<=8 A0=9;=0- ( ?=;: + 9+ <+ ?+@161 D1A016= <.@;1 = 618 7 + >61<;<1 7 +D1 1: . =<1
8=G+ A=8=I. ?1 =C7 19<.8= @;1 9+ ?+@161 A0.: .>=8 918=/ 9-?101 ": + 18= 7 + .9>=B.=
7+?1< A10 @108 >610>=61 ;= D<1B. @108 >610> . @108 1<;.>610> . =?81E <+9;1= E=
<?+ 9+ 0=?.= >610> ?<= . <7 +/=6 =0;1> >610> 1<;.?<= 6+I =C=7 .F1 <+9;1?=@+ +>17
81: = 1 @;1 7 + =<= =<18= C.: =' =C0= ;- 7 + <19;1: 1 <+>1 B+9;.F1 .>9 = >=7 =78. - 60+8+
.D:19>1 =6+ ><7 ./+ .D@;18A+ 33* 7 =@<+818= A=7 81 . <7 +<1 1<;.B+9;.F1 1<;..>9
=6=8 E1=;.B<=8 : -?.:- A=9;=7 + A016.: 1 61<;<. C0=7 +6. 8=017 - C.;. ;1>6. ?1 <7 .E=6
DC.0 ?17 + <-: - <-: - 61>--81 =@7 +?<= A016.: = @;= 7 + ;+G. =C7 +>1; B+9;.F1 ;= I+ 0+,+
?1 .9>1B+ <. .D B+/1 . ?1 9+ 601I1 - <.@;1 +0 96+ =6+ B+9;.F+ 2 A=D17 8: 7-7-2+<+0/.7 - .D
A01D<.<+ 918= ?1 C. 9+ @+A-0.: + - A=9;=7 1<7- ;=>=8 7 +?<=/ D1.9;1 81: +<=/
<17 81: +F>.7+/?+: .I1 9+>-<?+N. =?81E A=;=8 <+9;1<- D1;= @;= 96+ A=D17 8: 7+<= 8=017 -.
?1 601;+ - =<=8 60+8+<- >=7 + 7
+ =?0+,+<= 17 D+<C+0/=6.8 0+: 1F.7181 = <+=?0+,+<=9;.
6= 91?1 >: 7-B1 1>= 9+ .D6+9<1 >=: .B.<1 +<+0/.7 + 8=G+ =C+DC+?.;. 9A=: 71 =<?1 A0=: 1D<1
6.0;-+: <1 A=7 161 ;.E B+9;.F1 8=G+ A=9;1;. 9;610<=9; =/- ?1>: + C.;. =;>0.6+<+ -
8+E-019;.8 >=8=0181 . C0=7 1B.81 1 =;>-? 9+ 8=G+ =C+DC+?.;. ;1 +<+0/.7 1' 1 =;-?
@;= 1>= 7 +?<1 +<+0/.B<1 B+9;.F1 96+G+ .9A1: 7+<1 .D 1>F+: +01;=01 G+: 7
<1 ?1 <1,+ 9+C.
?0-@;6= .9A=: 7. 9A0+8<=9; ?1 A: 1;. A=;0+C<- F+<- ( 1 ;= D<1B. ?1 9+ =?0+><+ .D6+9<+
>=: .B.<+ +<+0/.7 + >=7 1 8=01 C.;. C10+8 7 +?<1>1 819. 8.0=61<7 1 G+: 7+<=/ A101 0+F.8=
>610>=61 .: . .>9=61 ( ;1?1 61>--8 =?: 1D. D1?=6=: 71< 7+0 8- 7 + ?-/- F+: =9;. 601I+<N1 8.
>1G+8= ?1 7 + <1@1 -C0D1<1 B+9;.F1 9;6=0.: 1 7+?1< A10 >610>5 1<;.>610> B./:+?<= @;= 9-
;+G+ B+9;.F+ >=7 + G+: .8= ?1 <1A016.8= 6+I- +<+0/.7 - 8=018= ?=C.;. .D<1@+ 81@.<+
9+?8=8 . =98=8 A=/: 16:7- 9-90+@I+;+ 8<=/+ <=6+ B+9;.F+ >=7 + 9- 9+ 0=?.: + C1@<1 =617
<1B.< 18= ?1 618 >1G+8 =61 >61<;<1 M 1<;1D.7 1 = 96+A0.9-;<=8 61>--8- >=7 . >.A. =?
26.0;-+: <.E B+9;.F12.81 . <+>+ ?0-/+ =A.;<+ .8A: .>1F.7+ ( ;0+C1: = C. <1 A0.8+0 ?1 A0+.<1B.
819- . 81/<+;.D18 +: +>;0=<1 . 8-=<1 C71@<7 161I+8= ;= ?1: 7+ >1? 9;./<+8= ?= =A.;1
2/8.<-9 )2

=@- 1?+0M =0?=6.8 60+8+<.81 A=B+: 1 7 + ;0>1 >= I+ A06. <1A016.;. 1A101;+ - >=7 .81
C. C.:+ ?=9;./<-;+ 60: = 6.9=>+ +<+0/.7 + =6=8 <1A=0- ;=>=8 ?61?+9+;.E /=?.<1 <1@+/
6+>1 A=81/1: + 9- >=8A1<.7 + D1 A0=.D6=?<7 - . 019A=?+: - +: +>;0.B<+ +<+0/.7 + D1;= @;= 9+
+:+>;0.B<1 9;0-7 1 <17 +>=<=8.B<.7 + A0+<=9. A0. 6.9=>.8 <1A=<.81 =@7 +?<1 A=C-?1 C.: 17 +
G+:71 ?1 9+ A0=.D6=?+ 0+<?/+<9>. D01F. >=7 .81 C. 9+ 9-DC.7 1:. D:=I-?<. ;-8=0. 1?.7 -8 7 +
6+I;1?1 >=0.@I+< D1 -<.@;161<7 + ;-8=01 1: . 7+ C.= 9;01@<= 9>-AN=9.8 ;=/1 8.9: .:= 9+ ?1
C. D01B+<7 + 91 6.@=8 +<+0/.7 =8 8=/: = C.;. =? 6+: .>+ >=0.9;. A1F.7 +<;.81 1;= 9-
+:+>;0=>=8A1<.7 + . 8+?.F.<9>+ .9;01G.61B>+ -9;1<=6+ A=?0G161: + 01D6=7/+<+01;=01 D1
A0=.D6=?<7 - 9;0-7 + 6.9=>=/ <1A=<1 1 B+:= ;0>+ .DC.= 7 + <1 96=7=9=C+<. <1B.< 1?+0M =0?
>1? 7 + -A-;.= +</: +9>=7 +: +>;0=>=8A1<.7 . 2 +;0=A=: .;+<( .>+092 .D1D=6 R 17 ;+ <18
A=;+<F.7 1:0+?1 ?+9+; 8.: .=<1 6=: ;. 1: . ?1 9+ 8=G+ 98+9;.;. - 9=C- 01D-8<+ 6+: .B.<+ .
?17;+ <18 61>--89>- F+69A=9=C<- ?1 .D?0G. ;17<1A=< R
+81B>. M .D.B10. A=>-@1: . 9- ?1 -A0+/<- =/0=8<- 6=: ;1G- 1: A9>.E =: -71 C=/1;.E
/08: 716.<=8 D8+,- ?61 A: 1<.<9>1 60E1 =>1B.: . 9- .D=: =61< >1C: N>1? /=? C. - C: .D.<.
9+6<-: 1 8-<7 1 =<. 9- -9A+61: . .D;=/ >1C: 1 ?1 .D6->- <1A=< B1> ?= O 8.: .=<1 6=: ;. . ?1
A=9;./<- A0+9>1>1<7 + =/0=8<.E 610<.F1 .D8+,- ?6+ 8+;1: <+ >-/: + 01D81><-;+ B1> $
8+;101 ( 9A+>;1>-: 10<= 1: . =? 9: 1C+ >=0.9;. D1 A=91= 617A0.9;-A 7 + <1A-@;+< >1? 7 +
7+?1< <1-B<.> A=/.<-= ?=> 7 + A=?+@161= 1A101;
01E =6=/ A=>-@17 1 <+81B>+ +>.A+ A=>1D1= 7 + ?1 ;0+C1 =C+DC+?.;. . <+@;= 6.@+ 1 <+
918= 9.: - =: =6. - 1D81>- 8=01: . 9- C.;. 98+@;+<. - <+>- +: +>;0=<9>- F+6 .: .
61>--89>- >=8=0- >=7 1 I+ A=9: -G.;. >1= =?: .B1< .D=:1;=0 .9=>. <1A=< <1A0=9;= =C=G161
?1 A0+9>=B. >0=D .D=: 1F.=<. A01D1< A0=9;=0 >=7 . =9;16.8= 6= 9+ 8=G+ 9A0+B.;. 918=
6+=81 ;1B<=8 >=<9;0->F.7 =8 1 F+6 7 + 8=01: 1 C.;. ?=6=: 7<= 7 1>1 ?1 .D?0G.
.9A-8A161<7 + 61D?-E1 =? C.;<=/ D<1B17 1 C.= 7 + 61>--8N 8=01= 7 + C.;.

149
6.9=>=>61: .;+;1< >= C. - F+6. D1=9;1: = 9-6.@+ 8=: +>-: 1 /191 =<. C. - 96=8+ A: =6: 7+<7 -
;18=(18= -: +;1:. - D01> . =8+;1: . /1 .9=>1 6=: ;1G1 8=01: 17 + C.;. ?=6=: 7<= A=9;=7 1<1 ?1
-C0D161 8<=/= B+9;.F1 1 =6.8 . ?0-/.8 ;+E<.B>.8 A0=C: +8.81 01?.: = 9+ =? 3)$ ?=
3** >1? 9- >=<1B<= 0+@+<.
6= ;1>8.B+<7 + C.: = 7 + G+9;=>= @.0=8 60=A+ 1 18+0.B>+ .<9;.;-F.7 + . <1-B<.F. C0D= 9-
9+ ->: 7-B.: . - =A@;- 2 M0>-2 +0: .<- 7 + M .081 2: /+817 <+ : +>;0.F.;+; "+D+: @1M ;2<1A016.: 1
.8A-: 9<. /+<+01;=0 >=7 . 7 + ?161= <1A=<+ . ?= )P 8.: .=<1 6=: ;. 1: . <.7 +?<- B+9;.F-
+81B>1 D18.91= A0+<+;1 7 + - 18+0.B>. /01?.I +<+>;+?. /?+ 7 +M .081 2 G+<+01: : +>;0.>2
A=C=: 7@1: 1 0+D-: ;1; <1 $ 8.: .=<1 6=: ;. .<9;.;-F.7 . 10<+/. - 1@.</;=<- M .D.B10 +0: -6+
+0: + -6+ <1;+01= 7 + 7 +?1< .<?->F.=<. <18=;17( 9=: +<=.? ( ?1 A0=.D6+?+ <+>=: .>=
8.: .=<1 6=: ;. /=?.<+ 3)! 1: . <.7 + .81= =?/=61017 -I- 61>--89>- F+6 10: 9 =0.F+<
#E10: +9 1-0.;9+< -9A+= 7 + - 1: ;+>- ?1 <1A016. 61>--89>- F+6 9A=9=C<- ?1 .D?0G.
TO 6=: ;. -6+ 7 + 1?1A;.01= =0.F+<=6- F+6 . A0=.D6+= D01> 91 * ?+9+; E.: 71?1
8.: .710?. A0=;=<1 - 9+>-<?. A0. <1A=<- =? A=: 1 8.: .=<1 6=: ;. @;= 7 + ;+=0.7 9>. ?=6=: 7 <=
.D=C.: 7+ A0=7 +>;.:1 1 . ?=6=: 7
1< <1A=< ?1 9+ A=B<+ .9;01G.61;. 7 +D/0= -6+ 7 + . A=9;./1=
9-?10+ 7 +D/101 1: . ;+> 3** 1 ?= ;1?1 9- ?6+ ?0-/+ +>.A+ 6+I=9;610.: + ;= .9;=
=@7 +?1< =? -B+9<.>1 1: . <+ A=C+?<.>1 C.= 7 + =C+0; 1< ?+ "01M =C+0; 1< ?+
"011M M >=7 . 7 + 01?.= <1 +: - 1 A=9: + <1 (-N=< 7 + 91/01?.= 81@.<- >=7 1 7 + A=8=I-
96.:+<+ A=>0+;<+ 2 C+9>=<1B<+ ;01>+2<=9.: 1 81: =(A=81: = <1+: +>;0.91<7 + ?= 7 +?<+ 6+: .>+
8+;1: <+ >-/: + <1 B.7 =79A=: 71@<7 =9;. 9+ <1A=< A=6+I161= 17D1? A= ?=9;.D1<7 - <+>=: .>=
8.: .=<1 6=: ;. <1A=< 9+ A01D<.= ;1>= @;= 7 + =/0=8<1 2 8-<7 12A=: +;1: 1 91 >-/: + . D1C.7 1:1 9+
- D.? : 1C=01;=0.7 + .= 7 + ;= 1< ?+ "01M =6/+<+01;=0 A0=9: 16:7+< - ;= ?=C1 = >=8+ 9- <1
B19=6.81 M .D.>+ -B.: . 96. 90+?<7 =@>=: F. ;= 7 + 6+I. C.= A=: -A0+B<.> >-/: + ;= 7 + >19<.7 +
?=: 1D.: = ?= =<=/ D160@<=/ C: +9>1 8-<7 + 1? 7 + -8+9;= 61D?-E1 - A0=9;=0.7 . C.= 918=
9-6. 1D=; - /19<=8 9;1<7 - ?=9;.D1<. 9- 7 =@6.@. <1A=<. A0+ ;=/ <1/: =/ A01G<7 +<7 1 =9: +
<+>=/ 60+8+<1 1< ?+ "01M =6. /+<+01;=0. =?1C01<. 9- >1= <17 C=: 7+ 0+@+<7 + D1 81@.<+ -
>1;+/=0.7 . .9A=? 8.: .=<1 6=: ;. 1: . C.: + 9- A=;0+C<+ 7 =@/=?.<+ 01?1 ?1 C. 9+ ;1 D18.91=
-9160@.: 1
0>1 9+ <19;16.: 1 . - >19<.8 ?61?+9+;.8 . 01<.8 ;0.?+9+;.8 /=?.<181 =6=/ 6+>1
=C+?.@+ 1: . D1 ?: 1>- .9A0+? ?0-/.E ?6=7 .F1 .D <+>1?1@<7 + 1?+0M =0?=6+ ?0-G.<+ 91
+6+<?.@1 G=< =>0=M ; . 0<+9; =: ;=< 7 .81 7 + =6?+ 8=018 ?1 D17 +B.8 =? 8->+
A0+9-?<= A=8=/1= 7 +?1< ;+=0+;.B10 =>0=M ; . =: ;=< 9- A=9: + <.D1 A0+;0A: 7+<.E
<+-9A+E1 A=>-@161: . ?1 ?=9;./<- 8.: .=< 6=: ;. <1A=< >=7 . 7 + 981;01< <+=AE=?<.8 D1
A0=C=7 - 7 +D/0= +?1< 0-9>. ;+=0+;.B10 A= .8+<- "+=0/ "18=6 C=016.= 7 + ;1?1 -
=A+<E1/+<- /?+ 7 + ?=@1= - A=9+;- .: 9- =0- >=><-= 7 + A0+>= 6=?+ - +8C0.?G ?1
81: = 6.?. @;1 9+ ;18= 01?. A0+ <+/= @;= >0+<+ >-I. :
. ;18= 9+ -A: += - 019A016- 91
=>0=M ;=8 . =: ;=<=8NA=>-@161= 7 + ;=7?6=7 .F. +>9A+0.8+<;1;=01 ?1 =C7 19<. ?1 .8 <.7 +
A=;0+C<1 ;=: .>= 6.9=>1 6=: ;1G1 >=: .>= 9- =<. 8.9: .:
. =>1D.61= .8 7 + ?1 <=61 ;+=0.7 1
>61<;<1 ?=A-@;1 -9A+@<+ A0=?=0+ - 7 +D/0= B1> . 1>= 9+ <+ 019A=: 1G+ +<+0/.7 =8 ?=6=: 7 <=
6.9=>=8 D1 916: 1?161<7 + =?C=7 <+ 9.: + A=D.;.6<=/+: +>;0.F.;+;1 - <7 +8- C7 1@<7 161= .8 7 +
?1 >61<;<1 ;+=0.7 1 ?17 + A0=;=<.81 ;1: 19<+ =9=C.<+ @;= .8 =8=/-I161 ?1 A0=>0B+ 9+C.
2;-<+: 2>0=D C10.7 +0- 91B.<7 +<- =? <1?8=I<=/ <1+: +>;0.91<7 1 .9;=/ D<1>1 >1= @;= 98=
6.?+: . - A+;=8 A=/: 16: 7- =>0=M ; . =: ;=< 9- /1 >=<1B<= A=9: -@1: . . 90+?.: . 96=71A101; ?1
A=>-@17 - 91 O 6=: ;. A=;0+C.: . 9- ;01<9M =081;=0 . +: +>;0.B<= >=: = D1 -6+I1<7 +
<1A=<1 A1 9- -C0D161: . A0=;=<+ ?=C.7 +<+ .D F+6. 91 +: +>;0=?181 -<-;01 <1: .> <1 =<-
A=8=I- >=7 +7 + G G =89=< 9;6101= >1;=?<+ D01>+
81@.<. =>0=M ;1 . =: ;=<1 8: 1D+6. A0=;=<1 A0.C: .G<= A= C.: .=< <7 .E 961>+ 9+>-<?+
7-0.:. 9- >0=D C+D61D?-@<- F+6 -C0D161<. . D10.61: . 9+ - 8+;+ =? =: =61 : .;.7
-81 .
C+0.: .7 -81 "=?.<1 7 + C.: 1 3* -9A+E 7 + A=9;./<-; <17 D1? 7 + A=8=I- -C0D1<.E B+9;.F1
.D6+?+<1 7 +?<1 <->: +10<1 0+1>F.7 1 .;.7 -8 9+ 019A1?1= A=? <1: +;=8 A0=;=<1 91 918=
P + +<+0/.7 + @;= 7 + C.: = ?1: +>= .9A=? =<.E 8.: .=<1 6=: ;. D1 >=7 + 9+ 8.9: .:= ?1 9-
<+.D=9;16<= A=;0+C<. .= 7 + ;= .9;=0.7 9>. ?=/1,17 ? ;=/ ;0+<-;>1 <1->1 .81 <1
019A=: 1/1<7 -2 <=G2<=6+ 609;+N?=?-@+ ;1?1 7 + C.= ;+> - 96=8 <17 A0.8.;.6<.7 +8 =C: .>-

150
 1?<7 1 9+ 91?1 A0+8+@;1 - +0>: . - 1: .M=0<.7 . /?+ /=?.<+ 3)! ?=: 1D. 0<+9;
0:1<?= =0+<9 0=?=8 .D -G<+ 1>=;+ >=7 . 7+ 81: = A0+ ;=/1 =9;610.= C: .9;16 A=B+;1>
>1= M .D.B10(.9;01G.61B <1 +: - 617 =0+<9 A0=<1@1= 7 + >=0+<.;= ?0-/1B.7 - ;+E<.>-
-C0D161<7 1 B+9;.F1 1 ;= 7 + 9;6=0.= 81@.<- >=7 1 I+ 9+ D61;. F.>: =;0=< . ?=C.= =C+: =6-
<1/01?- 3*3 /=?.<+ =0+<9- C+E- ?=C0= A=D<1;+ ;01A16+ +: +>;0=9;1;.B>+ 9>1: 18+0.7 +
- >=7 .81 <1C.7 +@ =/0=8<- 6=: ;1G- 1 =<?1 9+ <+@;= A=>610. - +: +>;0.B<=8 9.9;+8-N
981;01= 7 + ?1 8=01 A=9;=7 1;. <+>. C=: 7. <1B.< 0+;01G.61= 7 +: .;+01;-0- /: +?17 -I. >1>= 9+
6.9=>1 +<+0/.7 1 8=G+ A=9;.I. C+D 6.9=>=/ <1A=<1N <1.@1= 7 + <1 9;0-B<. 01? 7 +?<=/
<=06+@>=/ .<G+<7 +01 A= .8+<- =: M .?+0=+ =: M4.?+0W+ .A 7 + A0+?: 1/1= ?1 +<+0/.7 -
B+9;.F+ -?6=9;0-B.8= ;1>= @;= I+8= B+9;.F- A0=@+;1;. A06= >0=D7 +?1< A1 D1;.8 >0=D7 =@
7+?1< 1D81> C+D A=?.D1<7 1 <1A=<1 - <7 .81 .?+0=+61 D18.91= 7 + =9<=6 D1 =<+
1>F+: +01;=0+ D1 >=7 + ?1<19 >1G+8= ?1 9- : .<+10<. +?1< .D1 ?0-/=/ - A016=7: .<.7.
8<=/= 1D81>1 1 B+9;.F1 918= M -01 >0=D 96+ <7 .E . - 961>=8 ?=C.7 + 7 =@ . 7 =@ . 7 =@
+<+0/.7 +
+,-;.8 =0+<9 7 + B.;17 -I. .?+0=+6 B: 1<1> ?=@1= <1 7 =@C=: 7- D18.91= 1@;= <+
>=0.9;.;. 7 +?1< .9;. 1D81> . - <7 +8- <+>- 9>0=8<- 6=: ;1G- 1: . A=<=6= . A=<=6= 8<=/=
A-;1' =0+<9 7 + 01D8.@: 71= =61>= >1? <1+: +>;0.91<1 B+9;.F1 ?=9A+ - 81/<+;<= A=: 7
+
A=B<+ ?1 9+ 60;. ->0-/ -;1<7 1 B+9;.F+ C.61 916.7 +<1 - >0-/ B.7 . 7+ A=: -A0+B<.> =?0+,+<
9<1/=8 81/<+;1 7 1B. 81/<+; ( 81<7 . A=: -A0+B<.> . 8=8+<;=8 9.: + ;+ <1+: +>;0.91<+
B+9;.F+ @;= 9+ =<1 7 1B+ D1: +;+: 1 ( ;= 7 + 6+I. A=: -A0+B<.> 178=8+<1; 9.: + ;= 618 7 +
<1A0=9;= 8191 A-;1 C0D.<1 B+9;.F+ ( ?1>: + D181E 6= D<1B. ?1 I+ 7 1> 81/<+; <1;+01;.
B+9;.F- ?1 : +;. ->0-/ 1 >0-/ I+ C.;. 81: . 81: +F1>N8+,-;.8 1>= B+9;.F1 ?=C.7 1 96+ 6+I.
D181E A1 ;.8+ . +<+0/.7 - -9A+61I+ .A1> ?1 9+ .DC=0. D1 96+ A0=9;01<.7 . >0-/
18.9: .;+ =/0=8<- >-;.7 - D1 A0+<=@+<7 + ?189>.E @+@.01 .: . D1 ;=0;- D<1? . .9A=?
>-;.7 + 9- ?61 A=: 1 7 -G<. . 9+6+0<. 7 +?<=/ 60: = 7 1>=/ 81/<+;1 +>1 7 + =61 >-;.7 1
<1A016: 7 +<1 =? C0=<D+ .: . =? <+0,17 -I+/ B+: .>1 ( ?1>: + =? <+B+/ @;= 7 + ;60?= 1: .
<+81/<+;<= D >-;.7 + .9A-8A17 ;+ 61D?-E >-;.7 - 9;16.;+ ?6+ 7 +?<1>+ @-A: 7+ C1>10<+
9;0->;-0+ - =C: .>- A=: ->0-/1 .: . 2A=: =6.<+ ;=0;+2( <1: .> <1 6+: .>= : 1;.<.B<= 9: =6= 1 ?61
A=: ->0-/1 =>0+<-;1 9- 016<.8 .6.F181 7 +?1< >1 ?0-/=8 6+: .>1 9- ;=: .>= ?1 81: ;+<+
9196.8 .9A-<7 1617 - >-;.7 - 1: . A=@;= 9- @-A: 7
. B+9;.F+ -<-;10 <7 .E 8=/- 9: =C=?<= ?1 : +;+
D8+,- <7 .E =9;17 + 1D81> 1: . 60:= 81: . 0+;A=9;16.8= ?1 98= 7 +?<=8 A=: ->0-/- ?1: .
<+/1;.6<= 1 ?0-/=8 A=D.;.6<= <1+: +>;0.91<7 + . ?1 7 + <1A=< 0+F.8= 6=: ;. :
1D
A0=;=<1 A0=.D6+?+<.E 6+I<+>1>= C: .D- 90+?.@;1 =6+ >-;.7 + G+: . ?1 A0+,+ A0+>= 1D81>1
=? A=D.;.6<=/ A=: ->0-/1 >1 <+/1;.6<=8+ = . C-?+ 1? 9- A0=;=<. ?=C.: . ?=A-<9>-
+<+0/.7 - =? E.: 71?- 6=: ;. 1 A=@;= 9- -C0D1: . 96=7 + >0+;1<7 + A=: -A0+B<.> <7 .E=6=/>0-G+<7 1
91? 7 + A=6+I1< 0=;=<. =C.,- A=: 1 >0-/1 1? 9+ 91 9-A0=;<+ 9;01<+ =A+; A0.C: .G1617 -
1D81>- : . 8. 98= : ->16= .9>: 7-B.:. 9;0-7 - . A=<=6= 7 + ->:7-B.: . 91 A0=8+<=8 A=: 10.;+;1 (
=<= @;= 7 + C.: = A:-9 91? 7 + 8.<-9 . =C01;<= 0=;=<. 7 -0+ . 6.?+ .9A0+? 9+C+ 1D81> 1 9
=<+ 9;01<+ 1D81>1 7 + ( =A+; <+/1;.6<= >=7 + .E A0.6: 1B. =@;= .E A0.6: 1B. =<. -C0D1617 -
A0+>= 1D81>1 . 9;.B- 7 =@ 6+I- +<+0/.7 - 1? 6+I .817 - ) + 617A0=F+9 9+
<19;16: 71 0. 961>=8 A0+: +;1<7 - >0=D 1D81> A0=;=<. ?=C.7 17 - 7 =@ A= +:+>;0=<(
6=: ;. =@;= 9- 96+ C0G. =<. 9+ 96+ -9A+@<.7 + C=0+ A0=;.6 81/<+;1 >=7 . A=>-@161 ?1 .E
9;.9<+ <1 81: +<- A-;1<7 - >0+I- 9+ - 96+ @.0.8 . @.0.8 >0-/=6.81 1>: + A=: -A0+B<.>
<7.E=6+ A-;1<7 + 9+ A=6+I161 0=;=<. <19;16: 717- ?1 >0-G+ 1: . 96+ 9- C: .G+ 0-C- >-;.7 +
7+?<=8 ;0+<-;>- 2 D1>-F17 -29+ - 8+;- >=7 - 98= .8 A=?8+;<-: . ?=/=?+ 9+ 9-?10. 1 <1@+
<1-B<= .9;01G.61<7 + ;.8+ A=B.<7 +
:
7 -B<1 9;610 D1 A=9;.D1<7 + -9A+E1 A0. =61>6=8 -C0D161<7 -7 +9;+ <1016<= ?1 A0=;=<
961>. A-; >1? 9+ A0.C: .G. 1D81>- 2 -/: +?12.9A0+? 9+C+ =A+; <+/1;.6<= <1+: +>;0.91<7 +
<1B. A=: 10.;+; @;1 7 + A: -9 1 @;1 8.<-9 8=01 60: = E.;0= ?1 9+ A0+=>0+I+ - ;1B<=7
9.<E0=<.D1F.7 . 91 >0+;1<7 +8 A0=;=<1 ->0-/ . I+;+ 9+ 8=G?1 D1A.;1;. A1 D10 <.7 + ;+@>=
9.<E0=<.D=61;. ;= A0+=>0+;1<7 + A: -9(8.<-9(A: -9(8.<-9 91 >0-G+<7 +8 A0=;=<1 >=7 .
8+<7 17 - . C0D.<- . =C.8 A-;1<7 +' .7 + =0+<9 7 + =;>0.= ?1 ;= <.7 + ;+@>= D1;= @;= 7 + =/ -
96=7 =78-?0=9;. -?+9.= ?1 A0=;=<. ?=> : +;+ A= ;=796=7 =796+ @.0=79A.01: . ?-G. A-; ;1B<=
>=8A+<D-7 - 6+I=8 C0D.<=8 C:+;+ 961>. >0-/ D1 ;1B<= .9;= 60+8+ 617A0=F+9 A=D<1;
7+ >1= 2 0+D=<1<;<= -C0D1<7 +2 0+81 ;=8+ ?1 C.98= 961>. A-; <18+9;.: . 8.<-9 .9A0+?

151
A0=;=<1 ?=6=: 7<= 7+ ?1 918= 7+?<=8 -E61;.8= ;1B1< 0.;18 A0=8+<+ A: -9(8.<-9 . ?1
/1 9+ A=9:+ ;=/1 ?0G.8= C+D.D8+<+ = 9+ =A+; =?16<= 01?.: = - 01?.=(;+E<.F. . <.7
+ C.:=
<.>1>16 A0=C: +8 ;-? <1D.6 >=7+ 9- ?1:. 8+E1<.D8- D1 A0+=>0+;1<7 + <1A=<1 -
1>F+:+01;=0- /+<+01;=0 01?.=(M0+>6+<F.7
+ =6=8 9.9;+8- A0=;=< ?=9A+61 <1 A=B+;1>
1D81>1 -A016= - =<=8 ;0+<-;>- >1? .9A0+? <7 +/1 =<17?0-/. A=: ->0-/ .81 <17 6+I.
<+/1;.61< <1A=<

=0+<9 7 + 96=7 - ;+=0.7 - F.>: =;0=<1 01D01?.= ;=>=8 3)3 . 3* /=?.<+ 19<.7+ 7+
A0=7+>;=61= <1 E10;.7 . 81@.<- - >=7 =7C. A0=;=<. =C:+;+:. >0-/=61 1 961>. A-; <1 (
1D81>- <1 1D81>- .D8+,- ?61 A=: ->0-/1 ?61 ?=C.:. 7
=@A= 6=: ;. = C.
<7+8- ?1: = A0=;=<9>. D01> 9<1/+ + 61>= K >0-/=61 L + 1>16
D01> C.= C. 2 >=0.9;1< D1 A0=-B161<7 + 1;=89>.E 7 +D/1012 06. B=6+> >=7 . 9+ :1;.= A=9: 1 .
9;610<= <1A016.= =6= C.= 7 + ;+<: . .6.</9;=< ;1<:
+Q .6.</9;=< 7 +?1< =? =0+<9=6.E
9;-?+<1;1 1: . 7
+ A0.: .B<= A=?C1F.= - =9;610+<7 - ( A=9;./1= 7+ 918= ! 6=:;. <?1 7+
=0+<9 >0+<-= 2 <1 6+: .>=2 0.C16.= 7 + =/0=8<1 C-?G+;9>1 90+?9;61 ( E.: 71?- ?=: 101 #.:7
<1A016.;. 81@.<- >=7 1 C. 01DC.7 1:1 1;=89>1 7 +D/01 =:=6. 81/<+;1 9+6+0<. . 7 -G<. A=:
81/<+;1 /=0<7 . . ?=<7 . 81/<+; .81: . 9- - A0+B<.>- A= )O F+<;.8+;101 "=?.<+ 3*)
=61 81@.<1 -C0D1: 17 + A0=;=<+ ?= +<+0/.7 + =? ) + 1>6. A0=;=<. C1F1<. 9- -9A+@<= -
9-?10 91 7 +D/0.81 : .;.7-81 . ?0-/.E E+8.7 9>.E +:+8+<1;1 918= <+>=: .>= 8+9+F. A=@;= 9-
=>0=M; . =: ;=< ;= .9;= A=9;./: . <1 +8C0.?G- 0-/=A: 19.01< 1 .A1> 7 + . =0+<9 A0.A1: .=
F./10-

6 ) 6

=0+<9 7 + D1E61: 7
-7 -I. 96=7 =7 +<+0/.7 . . 9A=9=C<=9;. A=9;1= 6+: .>. 2 ?081;=02 -
18+0.B>=8 ?0-@;6- =9;1= 7 + =;1F +: .>+ <1->+ 17 .D01D =?<=9. 9+ <1 =/0=8<+
F+<;01: .D=61<+ :1C=01;=0.7 + 6+=81 9: =G+<+ . 9>-A+ - >=7 .81 D17 +?<= 01?+ C0=7 <+ /0-A+
<1-B<.>1 81: 1 7 + +: .>1 <1->1 . 96=7 01D6=7 N 9;6=0.:1 7 + <=6+ <1B.<+ .9;01G.61<7 1
D19<=61<+ <1 9101?<7 . F+:.E ;.8=61 <1-B<.>1 ;6=0.:
1 7 + . ?.6<+ <=6+ 9=F.=: =@>+
A0=C: +8+ = >=7 .81 I+8= A0.B1;. >19<.7 + 7 -?. >1= =0+<9 <.9- 6.,+<. 7 =@ =? 60+8+<1
.E=1 01E+1 ><+D1 =? 01<.C=0/1 . <7 +/=6+ :1C=01;=0.7+ <1 =9;06- 6+< =0+<9 7 +
A=9;16.= 7 +?.<7+<+ 8+0.B>+ 0G16+ - 10+<- 96+;9>+ +>9A+0.8+<;1: <+ M .D.>+ . ;= >1=
=DC.:7<=/ -B+9<.>1 =A0.<+= 7 + ?1 9+ - 1: .M
=0<.7. -9A=9;16. 2=<= <+@;=2 7 +?<1 A=81: =
;171<9;6+<1 <1>: =<=9; >1 ;+E<=: =@>=7 +>9;0161/1<;<=9;. >1 9>-A.8 . 9: =G+<.8
A=?-E61;.81 .:. 9- ;= -.9;.<- A0.6:1B<. .D1D=6. D1 8: 1?- 1: .M
=0<.7- =?<=9<= D1 8: 1?+
7
+?.<7 +<+ 8+0.B>+ 0G16+
+I 3*P /=?.<+ =0+<9 7 + A0=.D6=?.= D01>+ 91B.<7 +<+ =? ?+-;+0=<1 9<1/+ O + -
F.>:=;0=<- B.7 . 7
+ A0+B<.> .D<=9.= 3P F+<;.8+;01 +-;+0=< 7 + 1;=89>= 7 +D/0= >=7 + 9+
919;=7 . =? 7+?<=/ A0=;=<1 . 7 +?<=/ <+-;0=<1 ?1>: + 7 +D/0= ?+-;+0.7-81 1 =;>0.6+<= 7 +
3* . A=>1D1: = 9+ ?1 7 + >1= A0=7+>;.:D1 .D1D.61<7 + <->: +10<.E 0+1>F.7
1 A=/=?<.7 + <+/=

152
918 A0=;=< "=?.<+ 3*$ =0+<9 7 + .81= D01> =? ! + ;1>=,+ 91 ?+-;+0=<.81 "=?.<+
3*3 <7 +/=61 81@.<1 A0+B<.>1 8+;10 . A= ?161: 1 7+ ) + 016= 2B-?=6.@;+2A=B+: = 7+
?1 9+ /01?. 3P /=?.<+ND160@+<= 7 + A=9:+ 0-/=/ 96+;9>=/ 01;1 ( .<9;1: 1F.7
1 B.7. 7
+
918= 81/<+; ;+G1> ;=<1 .0=8 96+;1 /01?.: . 9- 9+ F.>:=;0=<. D1;= @;= 9- ?=>1D1: .
96=7- 9A=9=C<=9; ?1 =;>0.617 - ;17<+ 7+D/101 01> B+9;.F1 -A+0+< <1 ;-8=0 =9;16: 71 -
;>.6- ;=:.>= +<+0/.7
+ ?1 /1 -<.@;161 1?1 - ?+6+?+9+;.8 /=?.<181 - C=: <.F181 @.0=8
.81;+ A0+>= E.: 7
1?- F.>: =;0=<1 +,-;.8 ;+8+: 7 <1 .9;01G.61<7 1 = B+9;.F181 =;.@:1 9-
7=@?1: 7+ <1A-9;.:1 9- F.>:
=;0=< . A0+@:1 <1 7
+?1< <=6. ;.A 81@.<+

161: 1 >1 96+ 6.@.8 +<+0/.7 181 @.0.: 1 9+ . 7 1B1: 1 - F+: =8 96+;- 0.:
.>=8 -: 19>1 -
961>= 9: +?+I+ +<+0/+;9>= 2 A=?0-B7 +2 A=9;.D1<1 9- <=61 =;>0.I1 19;171:+ 9- . <=6+
D1/=<+;>+ @;= 7 + A=6+I161: = G+: 7
- D1 7 =@ 6.@.8 +<+0/.7 181 .<.:= 9+ ?1 9- C=/1;9;61
A0.0=?+ 9>0.6+<1 - <->: +10<=8 . 9-C<->: +10<=8 8.>0=96+;-
/01<.B1617 -I. B.<.:1F - F.>: =;0=<- 7 +9;+ 918 <7 +/=69>: =A =@;= B+9;.F+ .?- 9A.01: <=
96+ C: .G+ 0-C=6.81 019A=: =G.6=/ A0=9;=01 -<-;01 =B./: +?<= 7 + ?1 >1? ?=,- ?= >017 1 (
<+81 ?1: 7+ + 8=G+ 9+ A=9;.I. A-;1<7 1 91 A=: -A0+B<.>=8 6+I.8 =? F+: =/ 019A=: =G.6=/
-<-;01<7 +/ A0=9;=01 - (A=: ->0-/=6.81 >= G+: .@ 6+I. C0=7=0C.;1 96+ 6+I.E . 6+I.E
.D6=:. A1 <1A016. 6+I. F.>: =;0=< 1/<+;<= A=: 7
+ 8=01 ?+: =61;. <1 F+: - =C: 19; - >=7 =79+
?=/1,1 ;= 9A.01: <= >0+;1<7 + ( D<1B. 81/<+; 8=01 C.;. 6+: .>. . 9>-A
:1D. <=6. /: -81F 9.<E0=;0=< >= <+ ?=D6=: .8= B+9;.F181 ?1 9+ 9A.01: <= A=8+017 -
>1 96+ @.0.8 . @.0.8 =0C.;181 <+/= .E A0.9.: .8= ?1 =9;17 - 6+B.;= <1 .9;=7A-;1<7 . ?1>: + <1
A-;1<7 . 91 9;1: <.8 A=: -A0+B<.>=8 =<?1 7 + 81/<+; A=;0+C1< 918= .D<1? 7 +?<+ -9>+
9;1D+ ( C1@ .D<1? 918+ ;+ A-;1<7 + +>1 B+9;.F+ ?=C.7 17 - 96+ 6.@+ . 6.@+ +<+0/.7 +N8.
I+8= .9;=60+8+<= A=7 1B161;. 81/<+;<= A=: 7+ A016= <1 ;17<1B.< 9A0+B161I+8= <7 .E=6=
A0+8+@;1<7 + >1 <+>.8 6+I.8 A=: -A0+B<.F.81 >0-G+<7 1 1@98= A18+;<. 1' @;+?+I+8=
8<=/= ;=<1 /6=G,1 7 +0 81/<+;<. A=: =6. =<. >=7 . 8=017 - C.;. .D<1? . .9A=? A-;1<7 + 8=/-
91? C.;. 918= ?+9+;1>(A+;<1+9; F+<;.8+;101 @.0=>. 1 <+ 8+;0.81
=017 - 9+ ;- A=8+<-;. 7 =@ ?6+ 61G<+ A=7 +?.<=9;. A0+ <+/= @;= 9+ D1/<7 -0.8= -
?+6+?+9+;+ /=?.<+ F.>:=;0=<- <1+: +>;0.91<+ B+9;.F+ A0=;=<. .: . ?+-;+0=<. A-;-7 -
8<=/= A-;1 ->0-/NC-?+ ;- . 6.@+ E.: 71?1 =C0;17 1 1:1D+ 9+ - 61>--89>=7>=8=0. >=7 1
>1= ?1 7 +2 9A:7+9>1<12.D8+,- ?61 81/<+;<1 A=: 1 1 9+ A0=;=<. <+ C. 01D.: 1D.:. . -?101: .-
96+ D.?=6+ =>= 9+C+ C.: =7 + >017 <7+ C.;<= ?1 A=9;=7 . <+>. <1B.< D1 M =>-9.01<7 + B+9;.F1 1@
>1= @;= =<= 9=B.6= <1A0+? <1 C1;+0.7 9>=796+;.: 7>. A=9;.G+ ?1 M =;=<. <+ .?- >-? >=7 . <+/=
?1 /: 16<.<1 .?+ A016= <1A0+? - 7 +?<=8 D01>- ?1>: + =;A0.: .>+ -A=0+?<= A1 9: .B<=
;=8+ A=8=I- 81/<+;<+ 9.: + ?0G.8= B+9;.F+ =;A0.: .>+ - 7 +?<=8 -D1<=8 D01>-
F.>: =;0=<- =617 A=91= M =>-9.01<7 1 =C16: 718= ;1>= @;= 9+ 81/<+;<= A=: 7+ <1
=?0+,+<. <1B.< 8+<7 1 C1@=<?1 >1? 9+ A0=;=<. >0+I- A0+81 9A=: 7
1@<7 +8 0-C- 81/<+;1
=C+0; .:
9=< 7 +?1< =? =0+<9=6.E 8: 1?.E 9;-?+<1;1 . >19<.7 + /01?.;+: 71>F+: +01;=01 -
+08.: 1C- A06. 7 + ?=>-B.= 6+=81 ;1<1<1 1: . A0+9-?<1 81/<+;<1 ?+7 9;61 >=7 1 9A0+B1617 -
A0=;=<+ ?1 9+ 019A- - @.0.<- A06.8 9.<E0=;0=<.81 81/<+;. 9- C.: . <1 =?0+,+<. <1B.<
2.D617 1<.2 -=C: .B+<. ?1 C. 9+ =6= A=9;./: = 19<.7 + 9- D1 M =>-9.01<7 + B+9;.F1 >=0.@I+<.
A=9+C<. B+;6=0=A=: <. 81/<+;. >61?0=A=: . 91 ?61 7 -G<1 . ?61 9+6+0<1 A=: 1 ?=> 9- ?0-/.
?6=A=: <. 81/<+;. ?.A=: . D1?0G161: . ;1>= M =>-9.01<+ B+9;.F+ <1 G+: 7+<=7 -6+> .9;=7=0C.;.
+08.: 1C=6 +61;0=< 81@.<1 =? C.: .=< 6=: ;. A-@;+< - 01? 3!* /=?.<+ ?=C10 7 +
A0.8+0 =I<. 9-A+0A0=6=?<. 81/<+;. -98+01617 - B+9;.F+ <1 =0C.;- 918= 7 +?<- >0-G<-
<. ;= 01?+ =;A0.: .>+ >1= @;= @.<+ -98+01617 - 6=D >=7 . 7 + -@1= - 7 1>- >0.6.<- <1@=7
F+6. >0=D >=7 - D01> A0=: 1D. 6: 1?1 6+=81 >61: .;+;1< 61>--8 1 7 + F+6 <1A016: 7
+<1 =?
<+0,17 -I+/ B+: .>1 ?1>: + <+81/<+;<1 7 + - A=A0+B<=8 A0+9+>- 7 + =61: <1 ( =;A0.: .>+ TO
F+<;.8+;101 @.0=>1 1 O F+<;.8+;101 6.9=>1 . <1: 1D. 9+ ;1B<= .D8+,- 7 -G<=/ . 9+6+0<=/
A=: 1 81/<+;1 61>. =? <1@.E ?.A=: 1 ?1>: + -98+0.61B1 ?-/1B1> 7 + A= T 8+;101 1 961>.
>61?0=A=: 8. >1G+8= 9>01I+<= 2 >61?2 A= O 8+;101 #+67 + ;=: .>= ?-/1B>1 ?1 7 + ?-G <7 +
<10+,1<= 6.@+ =? E.: 71?- 81/<+;1 61 F+6 91 81/<+;.81 <1B.B>1<.8 =>= <7 + B.<. >0-/
A=: -A0+B<.>1 >.:=8+;10 6= 7+ A0.: .B<1 A0=8+<1 - =?<=9- <1 =0+<9=6- A06- <1A016-
>=7 1 7 + .81: 1 ?+9+; F+<;.8+;101 - A0+B<.>- ;= 6.?.;+ >=7 + 9- A0+?<=9;. 9.<E0=;0=<1

153
 1B<= 7 + ?1 ;0+C1 6+: .>. C0=781/<+;1 1: . 9- =<. A0.: .B<= 2 80@16.2 A0.9: =<7+<. 9- -D
61>--89>- F+6 . A=>0.617 - 918= <7 - 1? C. <1@ +61;0=< C.= F.>: =;0=< ;0+C1= C. 8-
81/<+; =C1 A=: 1 >=7 . C. C.= A0+B<.>1 )>.: =8+;01
+9;.F+ =A;0B+ 96=7 - 9;1D- =>= @+9; . A= >.: =8+;101 A= O A-;1 - 961>=7
9+>-<?. 1 ?+9+; 9+>-<?. =<+ A0+,- ?1: +>+ A-;+ ( A0+>= ;0. 8.: .=<1 >.: =8+;101 1? /=?
A0=: +I- >0=D 1D81> >=7 . <.7+ 918= 7 +?1< A=9;=7 . F+= <.DA=9+C<= 91D?1<.E 1D81>1
<1A=< >=7 . .E A0.D.61 > 9+C. ?=?17 + .8 7 =@ A= 7 +?1< + ./?+ <1 F+: =7=6=7A-;1<7 .
B+9;.F+ <+ 8=/- ?1 60: -?17 - 6.@+ =? ;0. 8.: .8+;01 ;18= .: . 18= 7 +0 .8 ;= <+ ?=A-@;17 -
81/<+;. >=7 . .E M =>-9.017 - .7+ 9160@+<= 1: . 9: -G. 61 ;1B<=9; 7 + >1= ?1 <1<.@1<.@
A-@>=8 <1 >=810F1 >=7 . 9+?. <1 +9+F- =A1: .@. A=/=?.@/1 1: . - A=/0+@<= =>= 1 C.
A0=;=<. =9;17 1:. <1 ;=7 .9;=7 =0C.;. .1>= 9- 96+ C0G. . C0G. 9<1/1 81/<+;1 8=01 9+
A=7 1B161;. - ;1B<=79.<E0=<.D1F.7 . 91 A=6+I1<7 +8 +<+0/.7 + ;.E A0=;=<1
0-/1 61G<1 A=7 +?.<=9; =?<=9. 9+ <1 ;+=0.7 - 0+: 1;.6<=9;. >1? +<+0/.7 1 A0=;=<1 A=B<+
?1 9+ ?.G+ .D<1? ?61?+9+;1> .: . ;0.?+9+;1> + =<. A=9;17 - A0.8+;<= ;+G. 6= A=6+I1<7 +
819+ -A0=A1@I161 <18 2 F.>:=;0=<9>- 0+D=<1<F-2>=7 - 7+ =0+<9 =;>0.= =<- - >=7 =79-
A0=;=<. A-;=61: . 96+ ?-G.8 9;1D181 1: . 9- ;= ;1B<= <1?=><1,.61: . 96=7=8 96+ 6+I=8
C0D.<=8 6?+ <+ 8=G+ 7 +?<1 A=9;=7 1<1 01?.=(M 0+>6+<F.7 1 -6+> .9;1 ?1 D1A=6+?1
A0+=>0+;1<7 .81 A: -9(8.<-9(A: -9(8.<-9 <+/= 9+ ;= 8=01 A=9;+A+<= -9A=0161;. D1;= @;= 7 +
81/<+;.81 96+ ;+G+ . ;+G+ ?1 =;+G1: + A0=;=<+ .D6->- ?= <+>.E <=6.E C0D.<1 1;=
A0.8+<7 -7+8= 9.9;+8 M 0+>6+<;<- 8=?-: 1F.7 - ?1 <18 D1A=6+?1 A0+=>0+;.81 A: -91 .
8.<-91 ;1B<= - 9>: 1?- 91 819=8 A0=;=<1 >=7 1 9+ A=: 1/1<= A=6+I+61 A016= 7 + A06.
9.<E0=(F.>: =;0=< ?1>: + M 0+>6+<;<=(8=?-: 1F.=<. F.>: =;0=< C.= A06. A0.8+0 -;.F17 1 ;+=0.7 +
0+:1;.6<=9;. <1 <1@A=91= 91 1>F+: +01;=0.81
0=;=<9>. 9.<E0=;0=< 0+@161 A0=C: +8 7 =@+: +/1<;<.7 + 1: =7 + 9:=G+<= 1: . =9:1<7 1 9+ <1
B.<7+<.F- ?1 C0D.<1 B+9;.F+ >=7 - 8. G+: .8= ?1 A=9;./<+8= A0+81@1 33 A=9;=;1>1 C0D.<+
96+;: =9;.N1 ;= D<1B. ?1 7 + - 9-@;.<. -6+> =;A0.: .>+ .9;1 0+;A=9;16.8= ?1 B+9;.F1 <1.,+ <1
1D81> -A016= - =<=8 ?+: - 01?.=(M 0+>6+<;<=/F.>: -91 >1? 7 + 6=:;1G1 7 +?<1>1 <-: . +81
-C0D1<7 1 :
. 1>= 8. 81: = A=7 1B18= 81/<+;<= A=: 7
+ A-;1<7 1 9+ 81: = 9;.9<+ A=9;1<+
81: B.F+ >01I1 B+9;.F1 9;.G+ <1 1D81> 81: = 01<.7 + . 91? 6.?. .9A0+? 9+C+ <1+: +>;0.91<7 +
>1 >=8+ C. E;+: 1 ?1 -C0D1 191 019;+ A=: -A0+B<.> =0C.;+ 9+ A=6+I161 . - .9;=798=
9.;-1F.7 . >1= <1 A=B+;>- 9 ;.8 @;= 7 + +<+0/.7 1 B+9;.F+ A=9;1: 1 6+I1 6179.9;+8 .9A016: 71
918=/1 9+C+ 9;1: <= >= B+9;.F1 9;+><+ A0+6.@+ +<+0/.7 + 819+ A=: -A0+B<.> <7 +<+
A-;1<7 + I+ 9+ A=6+I1;. . =<1 I+ 9;.I. <1 1D81> A0+>19<= 6.?+I+ 6=: ;1G- >=7 1 I+ 7 +
-9A=0.;. . ;.8+ I+ /0+@>1 C.;. .9A016: 7+<1 . 918= ;0+C1 ?1 A=7 1B1618= 81/<+;<= A=: 7+
.8+ I+ B+9;.F1 >=7 1 7 + <1@ /: 16<. 7 -<1> - A0.B. ?=C.7 1;. 6+I- +<+0/.7 - 6178+;=?
=9:1<7 1 9+ <1 ;1>=D61<- 2 M 1D<- 9;1C.: <=9;2= >=7 =7I+ C.;. 0+B. >19<.7 + - =6=8 A=/: 16:7-

+?1< =? 01<.E 1>F+: +01;=01 C.= 8. 7 + . C:.D- . ?01/ ( 9.<E0=(F.>: =;0=< =? P + <1
<.6+0D.;+;- =: -8C.7 1 177 + C.= 91/01,+< <1 7 +?<=8 .81<7 - - 8+9;1@F- 06.</;=< <1
1?9=<- - ?0G16. 7 -7
=0>N 8=/: = 9+ 91 +<E+;<1 9;.I. /01?9>.8 A0+6=D=8 ?=<?+
:19<.> ;=/.81<7 1 - >=: =<.7 1:<= ?=C1 C.= 7 + : +>91<?10 18.: ;=< :
+K1<?+0 18.: ;=<
< 7+ .81<7 - ?1= <1D.6 2+< +6.92 A= 7 +?<=7A: 1<.<. - >=;9>=7 =?1>: + 9- C.: . <7+/=6.
A0+F. 19<.7. 6:19<.F. .81<7 1 C.:. 9- <+>. : 7-?. .D 7+?<=/ =/01<>1 A=0=?.F+ .A=< -
=<; 1 A=9: + <7 .E <.6+0D.;+; =: -8C.7 1 1: .7+ <1D.62+< +6.92=9;1= 1;= 7 + . F.>:=;0=<
?=C.= <1D.6 +6.9 1/01,+< 7 + .D8+,- 3PT . 3P3 01?.= 7 + ?61?+9+;1> /=?.<1 =?
3O ?= 3T) . C.= 7 + 7 +?1< =? <17 A0=?->;.6<.7 .E 1>F+: +01;=01 <1 96+;- - ;=8
01D?=C: 7
- 0=.D6+= 7 + =< . =>= O ?=>;=01 <1->1 =? >=7 .E 7+ A0.C:.G<= A=:=6.<1 =9;1: 1 <1
A=:7- M .D.>+ B+9;.F1 . A=9;1: 1 A0=M +9=0. <1 +0>: .7
- ;+<M =0?- 1:;+>- 0.<9;=<- . -
8<=/.8 ?0-/.8 ;1>6.8 A=: -.:+/1:<.8 I-8+D.81 0-/1 A=: =6.<1 ;.E ?=>;=01 M .D.>+ =;.?+
>-? >=7 . - 01D<+ 81: + <19;16<+ .<9;.;-F.7 + - ?0G16<+ : 1C=01;=0.7+ - <1-B<-
1?8.<.9;01F.7 - - .<?-9;0.7 9>= .9;01G.61<7 + .<6+9;.F.=<= C1<>109;6=
.= 918 A=9;?.A: =81F >1? 7 + ;1?1@<7 . A0+?9+?<.> <.6+0D.;+;1 =: -8C.7 1 617;
7D+<E1-+0 A0=/: 19.= ;= <=6= A=9;0=7 +<7+ =;6=0+<.8 7 -<1 3O /=?.<+ <1 81: =7
96+B1<=9;. >=7 1 7 + =?0G1<1 <1 ;016<7 1>- ?.6<=/ .81<7 1 +6.9 18= 7 + ?06+I+

154
6+:.B1<9;6+<= GC-<7 + ?.6<= .81;+ <+>=: .>= D/01?1 =? F06+<+ =A+>+ 1 <+>=: .>= :.61?1
<.G+ A0=;.B+ 6+: .B1<9;6+<= 0+>1 1?9=< 7 > 7+ =?0G1= A0.>: 1?1< /=6=0 1 =<?1 =>0+<-=
A0+>.?1BN.DD6-B<.>1 9+ D1B-: = A=71B1<= A-F>+;1<7 + "17 /+0=6=/ C0=7 1B1 @;= 7 + ;0+C1: =
?1 D<1B. ?1 ;- <+/?+ - D/01?. .81 01?.=1>;.6<=/ D01B+<7 1 -F>+;1<7 + 7+ <19;17 1:= D1;=
@;= 918 ?0G1= 7 +?1< .D6=0 01?.=1>;.6<=9;. C: .D- ;=/ "17 /+0=6=/ C0=7 1B1 +0 81@.<1 7 +
C.:1 =?1C01:1 C1@;17?1< . 91; ?1 9+ A=>610. 7 > ;= <.>1? <.7 + 91D<1=
1@;= P + '"=?.<+ 3O <181 7 + /:16<1 A= D<1B17 - B+9;.F1 C.= A.=< D1 >=7 . 9+
7=@ -A=;0+C: 7
161 . <1D.6 A.(8+D=< =9;=7 1<7+ A.=<1 A0+?6.?+= 7 + 3*$ /=?.<+ 7 +?1<
1A1<1F ;+=0.7 9>. M.D.B10 .?+>. ->161 .?+>. Z->1J1 .9:.:
= 9+ ?1 C. A.=< 8=/1= C.;.
>:7-B D1 7
1>- 9.:- >=7 17 + - =<= ?=C1 C.:1 6+:.>1 ;17 <1 . ?1<19 = 7 1>=79.: . 01D8.@:718= -
;+08.<.81 /: -=<1 :. - =<= 60+8+ A.=<. ;= 7 +9; A.(8+D=<. >=7 . :+;-F17- <1A0+?(<1D1?
.D8+,- A0=;=<1 . <+-;0=<1 . ?0G+ .E B609;= <1 =>-A- - 7 +D/0- C.: . 9- >:7-B . <181 7 + C.:=
A=;0+C<= ?1 .E A016.8= . A0=-B1618= 1 C.9;+ A0=.D6+: . A.=<+ - <->: +10<.8 9-?10.81
B+9;.F1 >=71 ?=: +I+ .D 1>F+: +01;=01 8=01 .81;. +<+0/.7 - 6+I- <+/= @;= 7 + 8191 A.=<1
A=8<=G+<1 C0D.<=8 96+;: =9;. <1 >61?01; ?1>: + 6+I- =? 8 A.=<1 F)N1 ;= D<1B. 6+I- =?
+<+0/.7+ >=7 - .81 A.=<=61 8191 8.0=61<7 1 1? A.=<=6- 819- 8.0=61<7 1 A=8<=G.@
C0D.<=8 96+;: =9;. A=?./<-;=8 <1 >61?01; ?=C.7 +@ P + = 8- 7 + 8191 8.0=61<7 1
.9>1D1<1 91? >1= +<+0/.7 1 =@;= 918= 7 +?1< ?+= +<+0/.7 + 9-?101 C.61 .9>=0.@I+< D1
A0=.D6=?<7 - <=6.E B+9;.F1 <.7 + <18 C.:= ?=6=: 7<= <. P A1 98= =F+<.: . ?1 C. P C.: =
61:7?1 ?=6=: 7<= 1@.<1 D61<1 +6.9 A=9;1: 17 +M 1C0.>1 A.(8+D=<1

B+>17 ;+ 06= <+>=: .>= 0+B. = ;=8+ >1>= 7 + 96+; -=A@;+ 91D<1= ?1 A.=<. 9;610<=
A=9;=7 + 19<= - B+;0?+9+;.8 /=?.<181 <1-B<.F. <1 0.9;=: 9>=8 -<.6+0D.;+;- - </: +9>=7
A0.8+;.: . 9- ?1 1: M1(B+9;.F1 >1? 9+ D1: +;. >0=D M =;=/01M 9>- +8-: D.7- <1 9;1>: +<=7A: =B.
21>;.6.0128=: +>-: + ?-G 96=7 + A-;1<7 + 1D6.7 +@;17<+/1;.6 M .: 89>- A: =B- . 6.?.@;01/1: M+
=A.91< B+9;.F181 90+C0<=/ C0=8.?1 1 =6= A=981;01<7 + A=;0+C1< 7 + 8.>0=9>=A 1: . <+
71> 0.9;=:9>1 /0-A1 9A0+81: 1 7 + 6+I+ >=: .B.<+ 9;1>: +<.E A: =B1 <181D1<.E 60: = ?+C+: .8
9:=7+6.81 M =;=+8-: D.7
+ . 9: 1:1 .E C1: =<.81 /=;=6= <1 60E 1;8=9M +0+ D1;= @;= 7 + ;18=
71B.<1 >=98.B>.E D01>1 8<=/= 6+I1 <+/= <1 <.6=- 8=01 617A0.0=?<. .D6=0 D10B+<7 1
.81= 7 + B+9;.F+ <+-A=0+?.6= 6+I+ +<+0/.7 + <+/= 1?+0M =0?=6+ 1: M+ 91 96=7 .E 71?<.E .
C+?<.E O + =61>6.8 +8-: D.7 181 .D: 1/1<.8 >=98.B>=8 D01B+<7 - A.=<. 9- 3PT
/=?.<+ A0.8+I+<. A06. A-; =9;./: . 9- ;= +D10+ 1;+9 #+D10+ 1;;+9 01D.:1FN&-D+A+
B1:.<. ".-9+AA+ FF.1: .<. ;1:.71<N. 1-+: # =J+: : A0=M +9=0 ;017 <= D1A=9: +<
- 0.9;=: -
17 G.6=A.9<.7 . A=7 +?.<1F 8+,- ;=8 ;0=7 .F=8 C.= 7 + B1: .<. >=/1 9- A0.7 1;+:7. D61:. 918=
+A= < 7+ C.= . 181;+0(9A+: +=: =/ >=8A-: 9.6<. @1: 7
.6?G.7 1 . -D;= /: 16<. 2 8=;=02F+: +
=6+ /0-A+ <1-B<.>1 =6+= 7 + /=8.: - 8: 1?.E G+<1 . =C-B.= .E D1 8->=;0A<. A=91=
A0+/: +?1<7 1 +8-: D.71 81: =(A=81: = A=? 8.>0=9>=A=8 =78+<;=0 >=7 . 7+ <1?/: +?1=
>1>= 01?.8 ?=>;=09>- ?.9+0;1F.7 - C.= 7 + &.: C+0;= +0<10?.<. ".: C+0;= +0<10?.<. +A=6
C:.D1> A0.7 1;+: 7 +?<=/ ?1<1 ?=,+ +0<10?.<. - 0.9;=:?1 A=9+;. +A=1 =C.7 + -A-;9;61
<1 ;1B<=8 .9A016<=8 +</: +9>=8 7 +D.>-N1: . ;1>16+</: +9>. <7 +8- 7 + C.= 60: = ;+G1> . D1;=
+0<10?.<. D1: -;1 - E=?<.F.81 =9: + ?-G+/60+8+<1 <1C191 <1 7 +?<- : 1C=01;=0.7 - - >=7 =7
9+?. <+>=: .>= 9196.8 A0.9;=7 <.E +</: +9>.E ?181 . A9-7 + <1 .;1: .71<9>=8 ( 0+B.81 >=7 + C.
C.:+ D1C01<7 +<+ . <1 ?=>=6.81 &+<=6+ R >>= RA=6.B+ +0<10?.<. R 66= C.: :1 +A=61
:1CC1 R
. ;01/=6. - +8-: D.7181 A=>1D.61: . 9- ?1 A.=< -: +;. 6+=81 C0D= =<?1 A=9;-A<=
-9A=0161 1 ;= 9+ 6.?. A= ;=8+ @;= 9+ A=6+I161 /-9;.<1 ;0-<B.F1 90+C0=(C0=8.?1 ?-G
A-;1<7 + . >=<1B<= 9+ D1-9;16. 1 918=8 >017 - ;+ A-;1<7 + A=7 16. 9+ <=61 B+9;.F1
A0+A-<1 +<+0/.7 + . =?7 -0. - ?1: 7.<+ .=< 7 + <+9;1C.: 1< 019A1?<+ 9+ - 9;=;.<>.
8.>0=9+>-<?+ <1 8-=< ;= 7 + ;1 +<+0/.B<1 B+9;.F1 >=7 1 A=C+/<+ - ?1: 7
.<+ . <1 7 =@<+@;=
?0-/= =>1D1: = 9+ ?1 ;= <+@;= 7 +9;+ <+-;0.<= >=7 . - +8-: D.7 . <+ =9;16: 71 <. <17 81<7 . ;01/
6- 0+1>F.7 - D1A.9-7 +8= <1 9: +?+I. <1B.< A [ 8 H < .;18= A.=< <1 >017 - <+9;1<+
?17 -I. 7 +?1< 8-=< . 7 +?1< <+-;0.<= =@;= <1 +8-: D.7 . <+ =9;17 + .<M =081F.7 1 =
60+8+<9>=8 0+?=9: +?- ?=/1,1<7 1 C10 A+;(@+9; =61>6.E 9: -B17 +61 >=7 . 9+ 6+=81 0+;>=

155
?=/1,17 - 8=01: = 7
+ A=8<= ?1 9+ 1<1: .D.01 ?1 C. C.:
= 7 19<= >=71 7 + ;= B+9;.F1 -: +;+:1 .
>1>= 9+ 019A1: 1 .:
= 7 + <+=AE=?<= ?1 9+ A.=< A0=-B161 1: . 91 =6.8 C1: =<.81 .
>=98.B>.8 D01F.81 <1-B<.F. 9- -9A+61: . ?1 -E61;+ 918= ?+9+;1> A.=<9>.E 019A1?1
/=?.@<7+ 1= . >=? ?0-/.E <->: +10<.E 019A1?1 C.: . 9- . - =6=8 9: -B17 - A=;0+C<.
1>F+:+01;=0. 91 ?=6=:7 <= 6.9=>=8 +<+0/.7 =8
+0>:.7- =0+<9=6 F.>: =;0=< A0+B<.>1 P$T F+<;.8+;101 A=B+= 7 + ?1 A0=.D6=?. A.=<+
A.(8+D=<+ C1@ >1= . 81@.<1 +6.9 9>=0= 9- 9.<E0=;0=<. - =B+9;+0- .6+0A-: -
.;9C-0/- .>1/- =>.7 - 10.D- . - -C<. /01?- - C: .D.<. =9>6+ .D-B161: . A.=<9>1 7 1>1
8+,-?+7 9;61 91 <+-;0=<.81 . A0=;=<.81 >1= . 9: 1C- 9.:- - A.=<9>=8 01?.=1>;.6<=8
019A1?- 0-/+ 81@.<+ <1 =0<+:- 1: ;+>- +0>: .7
- . <1 : .<=.9>=8 -<.6+0D.;+;-
A0=.D6=?.:+ 9- A.=<+ A=8=I- +: +>;0=<1N 1: . <17
?+:=;6=0<.7. 9- - =6=8 A=9: - =9;1: .
A0=;=<9>. 9.<E0=;0=<.

) , " &

1@1= 918 9+ +;= . 7 1 ;- - : +;= /=?.<+ 3O 91 81@.<=8 >=7 1 9+ 7 =@<.7 + 0=?.: 1 7 =@

7+ C.: = - ;=>- 2 A=01,1<7 +2 .: . 9- 8. A=;0+C<. A=?1F. ?1 C.E ?=60@.= ?=>;=01; . ?1 C.E
=<?1 8=/1= D101,.61;. D1 G.6=; =?<. ;0+<? C.: . 9- ;+ /=?.<+ A.=<. D8. A10B+ <+B+/1 (
-/: 7+<.>1 C1>01 C.: = B+/1 @;= .81 7 +D/01 ( . =@.<. A= ;=8+ A0=;=<.81 =? P + .D
81@.<+ +6.9N ?=C.I+@ A.=<+ +0>:. 7+ D1A=9: .= ;=/ 1;+91 >=7 . 7+ A=>1D1= M .D.B10.81
>1>= ?1 .D: 1G- D01B+<7 - . >1>= ?1 01D6.7 17- 6+=81 =9+;: 7.6+ +8-: D.7+ A=8=I- >=7 .E 9- =<.
- 0.9;=: - A=9;./: . -9A+E 6= >1>= D8- /=8.: - ;.E A: =B.F1 91 +8-: D.7
181 . 9A-9;+ .E -
61>--8 - 7 +?1< 0+D+06=10 C: .D- D01>1 ?+9+ ?1 A0=;=<. -?1017 - - 7 +?<- 8+;- C: .D-
+8-: D.71 =9: + >0=DC+D61D?-@<- >=8=0- .D61?+ +8-: D.7 + 01D6.7 - .E 96+ ;= 7 + <+?+: 7-
?1<1 01?1 A1 8.>0=9>=A=8 A0=-B1617 - 7+?<- A= 7 +?<- <+>=: .>= 8+9+F. 1>=
=/0=81< ;0-? ?=<+= 7 + +>.A. - +0>: .7- 918= <+>=: .>= ?+9+;.<1 A.=<9>.E ?=/1,17 1 =01=
7+ A=9;=7 1;. <+>. : 1>@. <1B.< 0=C: +8 9+ 919;=7 1= - ;=8+ @;= 7 + ?+;+>;=0 B+9;.F1 8=01=
C.;. .<9;1: .91< - -<-;01@<7 =9; 1>F+: +01;=01 /?+ 1>F+: +01;=09>. 81/<+;. 9.: =6.;= ?+: -7 - +
8=G+@ ?1 D1C+: +G.@ <.@;1 C+D ?+;+>;=01 +?.<= A01>;.B<= 90+?9;6= D1 01? A=? ;1>6.8
=>=: <=9;.81 C.: + 9- +8-: D.7 + +0<10?.<. 7 + A: 1<.01= ?1 .D6+?+ <1 81@.<. +6.9 =A.; 9: .B1<
=<=8+ - >=7 . 9- 9+ =6. 8=7 . <1 +0>: .7- D1/: .C.:. =?-@+ 7 1 918 <1A016.= 6+: .>-
+:+/1<;<- 81/: +<- >=8=0- D1 ?=>;=01; >=7 1 7 + 8=/: 1 ?1 A=9: -G. >1= 8<=/= C=: 7.
?+;+>;=0 1: . ;1>= 6+: .>. ?+;+>;=0 <.>1? <+ C.98= 8=/: . ?1 -/-018= .D8+,- A=: =61
81/<+;1 - -<-;01@<7 =9;. 1>F+: +01;=01 9.8 ;=/1 - 1>F+: +01;=0- <19;17 - . 01D<1 ?0-/1
D01B+<7 1 >=7 1 C. -A0=A19;.: 1 961>. -B.<1> <1 8=8 ?+;+>;=0- D8+,- F.>: =;0=<1 . 8+9;1
/?+ 9+ =B+>.61: = ?1 +>9A+0.8+<;1;=0. 9;=7 + . 01?+ C.= 7 + D.? =? C+;=<1 ;0. 8+;01 ?+C+=
?1 C. D1@;.;.= : 7
-?+ =? 961>=609<.E : -;17 -I.E 01?.=1>;.6<.E D01B+<7 1 .D1>F+: +01;=01
+?1< <=6. ?=>;=0 M .D.>+ G=< .<: =; =E< .<: =; 9;./1= 7 + <1 =: -8C.7 - .D9: 16<+
/0-A+ 0-<1 =9.7 1 >=7 1 7 + <1 (- A0=-B161: 1 >=98.B>+ D01>+ .<:=; 7 + C.= A016.
817 9;=0 M.D.>+ A=D<=8 A-C+0;+;- A=9;1= 7 + 6.=: .<.9;1 >=<F+0;<+ 60+?<=9;. 1: .7 + =9;16.=
6.=:.<- A=@;= 7 + ;+> A=9: + C=: <.E <+?=-8.F1 =?: -B.= ?1 .A1> A0=-B161 M .D.>- .= 7 + ;=
A06. 8: 1?. ?=>;=0 <1->1 91 >=7 .8 918 .>1?1 01?.=N=? <7 +/1 <1-B.E 8<=/= 9;610. +
918= = M .D.F. G=< 7 + C.= /+<+;9>. A0.9.: 7 +< ?1 9+ >: 1?. . >=F>1 <1 >=<7 9>.8 ;0>181 -
C:+>(?G+>- <1 0-: +;- A=>+0- ( <10=B.;= <1 A=>+0- /01: . 98= A=>+0 ;=>=8 =A.;1 ?=> 7 +
A0.>-A: 7
1<7 + A=?1;1>1 ;017 1:= /01: . 98= D1 60+8+ /=?.@<7 .E =?8=01 - 6=D=6.81 -
16.=<.81 .= 7 + ;= 901D8+0<= 9>-A <1B.< D1 8+<+ ?1 <1-B.8 M .D.>- 1: . 918 9+ 9<1: 1D.=
;1>= @;= 918 =<= .D/-C: 7
+<= <1?=><1,.61= ./017 -I. 91 961>=7 1>.8 ?0-/.8 A0=;.6<.F.81 (
91 9;-?+<;.81 ;+E<.B10.81 . 9;01G10.81 >=7 + 7+ G=< ?=6=?.= D1 ;- 960E- < <.7 + .81=
8.: =9;.
+?.8= G=< . 7 1 <1 A=?- 1>F+: +01;=01 >=7 . <.7 +7 =@9;610<= A=B+= ?1 01?. A.7 -F>18=
A.6= . 019A016: 718= = =6=8 96+;- R ;1 9+ 9;610<= ?+@161 91 A.=<.81 >=7 . .D: +I- .D
8+;+'RA.;1 G=< .D<+<1?1 1 918 9+ ?= ;=/60+8+<1 6+IC.= <1-B.= =A0+D<=9;. G=< 7 +
-8+= ?1 9+ >: 1?. . - M .D.F. 1 <+ 918= <1 E.A=?0=8- R 1 1>= 7 + 8+;1 -<-;10 81@.<+ 1
8=01: 1 7+ C.;.N<.98= D<1: . >1>= ?1 .D6+?+8= -C0D1<+ A0=;=<+ <1A=: 7+ .D1>F+: +01;=01
=<?1 I+ .E 81/<+; A=@;= 7 + ;=:.>= 7 1> 01DC1F1;. <1 96+ 9;01<+R =?/=6=0.8 =C1D0.6=

156
 % :. <+>. I+ .D:+;+;. .D81@.<+ . -?101;. - =617D.? >=7. <19 D1>:
1<7
1'
1C=8+ 1: . <+ 918= - 7 +?<= 8+9;= <+/= 96-?1
% 1@;= <+ A0=6+0.8='
1>='
% 61;18= 81/<+;<. ;01/
- .81 ?1 9+ 01?. .= 7
+ A+;1> =918 91;. -6+B+
% 818= ;1C: .F- .D8+0+<.E 81/<+;<.E A=: 71'
1 C.E ?1 .?+8 >-I.
% A=;0+C.I+8= =<+ =/0=8<+ <18=;17 + 80>=/ A1>A1A.01 . F0;1I+8= <1 <7
.81
A-;1<7
+ A.=<1 - 01D8+0. 7 +?1< A0+81 7 +?1<
A=<+?+: 71>'
% . 01?. @.C+0=8 /=?.<1 7 + C.:
1 3O 1 7 1 F0;18 A-;1<7 +

= B+;.0. 91;1 -7 -;0= =9;1?=98= ;+ <=I. . A=9;./=98= 7 +?<= ;+8+: 7

<= =;>0.I+ >=7 + 7 +
A0=8+<.: = <1B.< -A=;0+C+ F.>: =;0=<1 - F+: =8 96+;- #0;1: . 98= @;1 C. C.: = >1? C. C.: =N
<1.8+ <1F0;1: . 98= ;01/=6+ <+>.E =918?+9+; M .>;.6<.E B+9;.F1 D1 >=7 + 98= D18.@: 71: . ?1
C. 8=/: + .D:+;1;. .D 8+;+ - 1>F+: +01;=0- . >0+;1;. 9+ <+>.8 -6+0: 7
.6.8 +<+0/.7 181 .
A016F.81 ( P + D1;.8 $ + A1 ! + . <17 D1? +6 1 <1@+ D1A0+A1@I+<7 +
B+9;.F+ <.9- <1A0=9;= : -<7 1: + 2 A=96-?12 8+@1: 1 9- 9+ 9<1G<1 81/<+;<1 A=: 71 >=7 1 9+
@.0+ .DF.>: =;0=<1 - =>=: <. A0=9;=0 1 A=: 71 9- E61;1: 1 A=C+/: + B+9;.F+ . -98+0161: 1 .E -
7+?1< 7 +?.<. -D1< D01> >=7 . 7+ ;+G.= ?1 9+ =C16.7 + =>= 81@.<+ ;>0.:. 98= A=7 16- >=7 17 +
>19<.7 + ?=C.:1 <1D.6 2 M
=>-9.01<7 + - 810/.<1: <=8 A=: 7-2 ;16.@+ =C0;1: . 98= ;+ 6+: .>+
:.9;=6+ E10;.7 + ( ;= D<1B. C.01: . 98= =?0+,+<+ A=: =G17 + 8+;+ ( . A=9;./: . 98= ?1 A.=<. .D
7+?<=/ @.0=>=/ A=7 191 +<+0/.7 + C: .D- $ + .?- A016= >1 8=7 =7 ;+> A0=.D6+?+<=7
81/: +<=7>=8=0. 18= 7 + 7 +?<1 9.;<.F1 98+;1: 1 A1 ?1 96+ ;= A=9;1<+ 9;610<=9; .D8+,-
1>F+: +01;=01 . A0=9;=01 - >=8+ 7 + ?0+81: 1 8=7 1 ?01/1 A0.<F+D1 >=8=01 =9;17 1= 7 +
C+;=<9>. D.?.I?+C+= ;0. 8+;0.I1
.>= <.7 + A0+?6.?+= =61>= <+@;= 6.I+ 7 -;0= - A=<+?+: 71> 1 <19 ?6=7 .F1 -: =/=0+<.
.9A0+? >1<F+: 10.7+ ?.0+>;=01 9A0+8<. ?1 9+ C1F.8= <1 <7 +/1 91 =6.8 81: . 98= ;0.
7+?<=9;16<1 D1E;+61 ?1 9+ - 81@.<. 8+;1 A=9;16. <1 ?0-/= 8+9;=N ) ?1 D.? .D8+,-
61>--89>+ >=8=0+ F.>: =;0=<1 . 9A=: 7 1@<7 +/ 96+;1 C-?+ 8<=/= ;1<7 . 7 +0 B+: .B<. =>: =A
?+C+= ?61 . A= F+<;.8+;01 8<=/= 98+;1 A.=<.81 >=7 . C. G+: +:. ?1 .D.,- - 96+; . * ?1 9+ -
D1@;.;<=8 C+;=<9>=8 D.?- .DC-@. 0-A1 >=7 1 C. ;0+C1: = ?1 C-?+ <1/1,1: . 98= 8. ?+9+;
F+<;.8+;101 6.9=>1 1 ?61?+9+; A+; @.0=>1 =:.8 : +A= ( D1E;+6 .9A=9;16: 717 - 7 +?1<
A=<.D<. A=9;?.A: =81F . 7+?1< 96+G. ?=>;=0
1@ ?.0+>;=0 A0=M +9=0 -?G.< -; -/+<+ ==;E C.= 7 + ?G+<;: 8+< .D G=0?G.7 + .
0=-?9=69>. <1-B+<7 1> A1 8- 9+ 0+;>= ?+@161: = ?1 -D6.><+ R 1>= 8. 96+/1 R 6=/ A-;1
7+ ;= -B.<.= . A=<=6.= . 98= =C7 1@<7 161: . -C+,.61: . 98= /1 A0.?=C.7 1: . : .>1:. 98= 6.D.7 +
96+;9>+ 9: 16+ < I+ C.;. 9: 161< 18.9: .;+ A.=<9>. D01> .D61< 81@.<+ A06. A-; - .9;=0.7 .
-; <19 7 + .DC1F.= <1A=: 7+ :. A=9: + 0-B>1 <19 7 + =A+; A=D61= -<-;01 . 98= ;=
60+8+ A0=6+: . 019A016: 7
17 -I. @;1 7 + C=: 7+ 109+<.> .: . 9;0.E<.< +0<10?.<. 7 + -
8+,-60+8+<- 9601;.= >=? -;1 . -; 7 + =A0=C1= >1>= I+ <1 ;- D18.91= 0+1/=61;. <1@
+8.<+<;<. /=9;-7 -I. A0=M1 1/1,18 ?1 A=7 +?.<=9;. .D/=6=0+<+ 91 -;=6.8 ?G=0?G.7 9>.8
.D=C: .B+<7 +8 0+B. &.: C+0;= <.7 + <. 8=/1= ?1 01D-8+ &.: C+0;= 8. 7 + 7 +?<=8 - A=6+0+<7 -
0+>1= R 1 >111>= 9+ .D/=6101: =' ---9 +' ---@' + 8=/: = .D/=6===0. =6= 18+0.F>=
.8+<1 R +,-;.8 +0<10?.<. <19 7 + A=?0G1= 91 ;.A.B<= : 1;.<9>=8 A0+;+01<=@I- . 8. 98=
?=9A+: .2-<-;012
+9+F ?1<1 >19<.7 + 96+ 7 + A=B+: = ?1 01?. . ;= -9A+@<= ( ;1B<= >1= @;= 98= D18.9: .:.
<1 <1@.8 9>.F181 <1 A1>A1A.0- 1 918= <+>=: .>= ?1<1 8=7 1 81/: +<1 >=8=01
0+/.9;0=61: 1 7+ 6.@+ A.=<1 <+/= @;= 9- 96+ ?0-/+ : 1C=01;=0.7 + <1 96+;- ?=;1? D17 +?<=
-9A+: + 1 961>=7M =;=/01M .7. @>: 7
=F1: . 98= 961>=/8.<-;1 A= 7 +?<- 6.?.@A= @+9; 9+?18
<+>. A-; . ?+9+; A0+?.6<.E A.=<9>.E ;01/=61 1 961>=7;0+I=7.: . B+;60;=7M =;=/01M .7. 6.?.@?1
9+ A0=F+9 D160<-= A.=< <18 9+ 019A1= <1 8-=< . =<= <+@;= ?0-/= 1 ( A1M =?81E
-C1F.8 . 019A1? A.=<1 - 8=7 - ;+D- 0=>- =? @+9; 8+9+F. .81: . 98= - -A=;0+C. B+;.0.
01D: .B.;1 D01>1 . 81@.<1 +6.9 7 + ;-;<7 1:1 A-<=8 9<1/=8 A0=.D6=?+I. B.;16= 8=0+
A=?1;1>1 = =?: .>181 A.(8+D=<1 06=8 A0.: .>=8 G=< . 7 1 98= =;.@: . <1 E.A=?0=8 /?+ 7 +
G=< - <19;=7 1<7- ?1 A0=?-G. 96=7D181E ;1: .B<=9;. -: =G.= A10+ >=7 + 9- C.: + 9A0+8: 7 +<+

157
D1 <1@0-B1> >1= . A10+ >=7 .81 7+ ;0+C1:= ?1 >-A.8= C+<D.< D1 A=601;1> - : 1C=01;=0.7-
96+ <1 7+?<=/ >=<7 1 - =98=7;0F. :=D. 9- C.:. )! A0+81 7 +?1< A0=;.6;=/ >=<71 G=< 9+
>:1?.= ?1 I+ C1@;17A=C+?.;. ?=C.= 7 + ;610<= 7 + ;= C.= 8=81> . A=
G=< .<: =; 7
+ 961>1>= 019A=: 1/1= 9196.8 .D-D+;<=8 9<1/=8 .<;-.F.7 + 7+0 >1>= 7 +
?0-/1B.7+ 8=/1= A=8.9: .;. ?1 .81 <+>+ >=0.9;. =? ;.E 810/.<1:<.E A=:71 >=7
1 9+ A0=C.717- .D
F.>:
=;0=<1 - 9A=: 71@<7. A0=9;=0 >1? 9- 96. ?0-/. <1-B<.F. ;- 8=/-I<=9; A0+6.,1: . 19<.7 +
7+ .<: =; A=9;./1= .D609<- >10.7 +0- >1= A0=M +09=0 <1 <.6+0D.;+;- =B+9;+0 1: . 7+ -
B+;0?+9+; ;0+I=7/=?.<. -80= =? 01>1

0-/. 96+;9>. 01; C.= 7 + A0+>0+;<.F1 - <1-B<=.9;01G.61B>=8 01?- =C0= D6-B. >1=
A=B+;1> <+>=/ /=6=01 1' 1>=,+ 7 + =D<1B.= A=B+;1> <=6+ M 1D+ - ;01/1<7 - D1 1(;=8=8
1 <16+?+8= <+>+ A-;1<7 + >=7 .81 7 + ;= .@: = 1; 7 + ?=6+= ?= <1/: .E -9A=<1 - ;+E<=: =/.7 .
A=<17 6.@+ - ?0G16. - >=7 =7<.9- /0-61: + C=8C+ C1B+<+ <1 9-9+?<+ >-I+ A=7 161
>=7 1 7 + - +60=A9>.8 D+8: 7181 81: B.F+ =8+;1: 1 <1-B<. 01? 1?10 9+ 01D6.= - ;=>- ;=/
01;1 >1= . +: +>;0=<.>1 . <->: +10<1 C=8C1 ;1>= ;0+C1 ?1 9+ D=6+ 1 <+ 2 1;=89>12N96+ 7 +
;= A=>1D1: = >=7 + =/0=8<+ -9A+E+ 8=/- A=9;.I. <1-B<.F. . .<G+<7 +0. >1? 01?+ D17 +?<= ( .
>1? .817 - <1 019A=: 1/1<7 - A101 >=: .>= /=? A=G+: +
1<+610 -@ 1<<+610 -9E <1-B<.> >=7 . 7 + ;=>=8 01;1 -A016: 71= 18+0.B>.8
<1-B<.8 <1A=0.81 =A.91= 7 + =6+ <=6+ =?<=9+ .D8+,- <1->+ . ?0G16+ - 7 +?<=8 0+B.;=8
A.98- A0+?9+?<.>- 0+<>: .<- -D6+: ;- ? ;=/ ?1<1 18+0.B>1 916+D<1 6: 1?1 C.: 1 7+
B609;= 0+@+<1 ?1 A=?0G161 ;+8+: 7<1 .9;01G.61<7 1 - 96.8 A0.0=?<.8 <1->181 -?G+;9>1
A=?0@>1 D1 ;= 1 . D1 .9;01G.61<7 1 - =C: 19;. A0.8+<7 +<+ <1->+ ;1>= 9+ <1/: = A=6+I1: 1 ?1
<18 7 + ?1<19 98+@1< =<17.D<=9 =? E.: 71?- ?=: 101 >=7 . 7+ =0+<9 =C+DC+?.= -D
=<=: .>. ;0-? A=B+;>=8 ;0.?+9+;.E /=?.<1 =6=/ 6+>1 1> . >1? -D8+8= - =CD.0 .<M :1F.7-
>=7 1 9+ - 8+,-60+8+<- ?=/=?.: 1 <7 +/=61 96=;1 7 + ;0-<B.F1 - A=0+,+<7 - 91 =<.8 @;= 7 +
916+D<1 ?0G161 ?1: 1 D1 ;+8+: 7<1 <1-B<1 .9;01G.61<7 1 - /=?.<. 33 ( A0.C: .G<= )8.: .710?.
?=: 101 9.8 ;=/1 0-/. 96+;9>. 01; .9;+01= 7 + .D 60=A+ 8<=@;6= <1-B<.>1N=<. 9- F+: 1
7+?<1 A=A: 161 <7 .E ?=@: . - 8+0.>- . C.;<= ?=A0.<+: . A0=F61;- <1->+ =6?+
=B+;>=8 A+?+9+;.E /=?.<1 ?61?+9+;=/6+>1 8. 98= <1 ?61?+9+;1> -<.6+0D.;+;1 .81: .
1>F+: +01;=0+ 9A=9=C<+ ?1 -B+9;6-7 - - 60E-<9>.8 <1-B<.8 A0=?=0.81 =<=/?=C1 E61;1: .
98= 1;=89>= 7 +D/0= 96+ C=: 7+ . C=: 7+ 1 /01<.B<1 : .<.71 .D8+,- D<1<7 1 . <+A=D<1;=/
A0+8+9;.: 1 9+ - 9-C<->: +10<. 6.: 17+; /?+ 9- 8+,-;.8 C.: + A=;0+C<+ 7 =@ 6+I+ ( 7 =@
9>-A: 7
+ ( 81@.<+ 0D= 7 + <19;-A.: 1 +01 A0+-9;0=7 161<7 1 <1-B<.E D17 +?<.F1 9A17 1<7 1 -
6+I+ 2 M.08+2 +6+; -<.6+0D.;+;1 -?0-G.: = 9+ - 7 +?<- /0-A1F.7 - >1>= C. -9A+: = ?1 .D/01?.
:1C=01;=0.7 - - 0->E+7 6+<- <1 =</ 7 :+<?- 1 D1;.8 . ?1 <7 =8+ -A016: 71 10-B.:
. 9- .
A: 1;.:. 81@.<- =? * "+ /=?.<+ 3O) 1 D1;.8 ?0-/- <=6- =? * "+ /=?.<+ 3$
0.<9;=<9>. . +<9.: 61<.7 9>. -<.6+0D.;+;. -?0-G.: . 9- 9+ . 91/01?.: . A0=;=<9>- 81@.<-
<1?=81> 0.<9;=<1 . 10610? 9- .D/01?.: . # ( 1>F+: +01;=0 +: +>;0=<1 - +8C0.?G-
191B-9+;9 91 9<1/=8 $"+
=>=8 /=?.<1 =6. >=<D=0F.7 -8. A=9;17 1: . 9- 96+ 6+I. :
. C0=7 81@.<1 - A06=8
7-0.@<=8 0+?- <1->+ 981<7 .61= 9+ .:1 <18 7 + A=;0+C<1 96+ 6.@1 . 6.@1 +<+0/.7 1 ?1
C.98= 9;0+8.: . >1 =?/=6=0- <1 A.;1<7 + R ;1 .81 -<-;01'R. ?1 C.98= ;01/1: . D1 A016.8 1(
;=8=8 ( 1 ;= 9- <-: 1 . 7+?.<.F1 - =<=7<1@=71: +/=0.7 . = C.<10<=7C.C: .=;+F. 0+?: 1/1<+ 9-
<=6+ 81@.<+ 1: . 9- 9;10+ .9>: 7-B.61<+ .D-A=;0+C+ ?1 C. 9+ =9: =C=?.: 1 C-?G+;9>1 90+?9;61
D1 <=6= +: .>1 <1->1 .D01D >=7 . <+D<1: .F+ - 8+?.7 .81 A=<+>1? -A=;0+C: 71617 - -
A=/0?<=8 D<1B+<7 - A=9;17 1:1 7 + 96+ 6+I1 A+?+9+;.8 /=?.<181 /0-A1 =? ?61 ;0. .: .
B+;.0. <1-B<.>1 8=/: 17 + A0+?-D+;. A= ?61 .: . ;0. =A.;1 961>+ /=?.<+ +F+<.7 + 9- A0=;.F1: +
=C7 +?.<7 +<+ ?0-G.<+ A=9;17 1:
+ 9- 96+ 8<=/=: 7-?<.7 + 1 =A.;. ?-/=;017 <.7. .D8+,- =9;1: =/.
DC=/;=/1 @;= 9- ?+;+>;=0. 8=01: . A=9;17 1;. 96+ 9: =G+<.7 . 1?1 A=9: + 33 /=?.<+ 918=
<1 ?+;+>;=0- - +08.: 1C- 1</1G=61<= 7 + *$ <1-B<.>1 . 9;-?+<1;1 91 ?61<1+9;
-<.6+0D.;+;1 ?6+ <1F.=<1: <+ : 1C=01;=0.7 + . <+>=: .>= .<9;.;-F.7 1 .D 1A1<1 . ;1: .7
+
9A: 1<.01<1 <+A0+>.?<1 A0.>-A: 71<7 1 A=?1;1>1 - 7 +?<=8 7 +?.<=8 =A.;- A=;017 - . A= /=?.<-
?1<1 A1 . ?-G+N;- =<?1 .818= A1-D- 918= D1 =G.I +;60;. 7 -:
. . >1? 9+ <+@;= A=>610.

158
 8+0.B>1 6: 1?1 <1?/: +?1: 1 7+ =61701D6=7 =? <1->+ <1 7 +?<=8 01?<=8 9;=: - ?=
1>F+: +01;=01 B.7 . 9+ =C.8 8+0. >.: =8+;0.81 DA0=/0181 D1 A016: 7 +<7 + <->: +10<+ C=8C+ -
0-/=8 96+;9>=8 01;- 0=?.: 1 9+ A=9: + 01;1 =8.9.7 1 D1 1;=89>- +<+0/.7 -( # ;=8.F
<+0/Q #=88.9.=< F.6.:<1 1/+<F.7 1 >=7 1 <1?/: +?1 .9;01G.61<7 1 - =C: 19;. <->: +10<=/
=0-G7 1 >1= . <7 +/=6- A0=.D6=?<7 - . B-61<7 + 8+0.B>1 <1F.7 1 A=6+0.: 1 7 + =6=7-9;1<=6. .
?1 M .<1<9.01 . <1?D.0+ ;+8+: 7<= <1-B<= .9;01G.61<7 + - 1;=89>=7M .D.F. 1 <10=B.;= - =<=8+
@;= 9+ ?1<19 <1D.61 M .D.>1 B+9;.F1
%+: 71 ?1 9+ 9;./<+ ?= +8=>0.;=6=/ 1(;=81 A=9;1: 1 7 + A=D<1;1 . - ?6=01<181
18+0.B>=/ =</0+91 >=7 .7 + =C01D=61= 17 +?<.B>. =?C=0 =C1 ?=81 D1 1;=89>- +<+0/.7 -
>1>= C. .81= -6.? - ;- =C: 19; ?C=0 A=D.61 : 7-?+ <1 .<M =081;.6<+ 01D/=6=0+ 1 A=9: +
@;18A1 F+= ;+>9; ;1>6.E 919: -@1<7 1 - DC.7 +<.8 ><7 .G.F181 ?0G16<+ D+: +<+ C=7 + = 9-
.D?1<7 1 >=7 1 A=9: + A=9: -G+ >1= A016. =0; =>9 .<M =081F.7 1 D1 .9;=0.B10+ <1->+ - 8=G+;+
B.;1;. >1>= 7 + 96+?=B.= =0+<9 @;1 9- ;1B<= 0+>: . =C+0; .: 9=< 1C. G
=C+0; A+<E17 8+0 1<9 +;+ <0.>= +08. 10+7"+: ( 1< . 8<=/. ?0-/. >=7 . 9-
9;0A: 7
.6= =?/=6101: . <1 A.;1<7 1 = ;=8+ >1>= A=;01/1 D1 >=<1B<=8 B+9;.F=8 <1A0+?-7 + ( .
D1@;= 7 + =A+; =A+; A=;0+C<1 <=61 81@.<1' .7 1: =/ <1 A=B+;>- =6=/ A=/: 16:71 .D8+,-
+08.: 1C=6=/ =9<.61B1 . A06=/ ?.0+>;=01 =C+0;1 .: 9=<1 >=7 . 7+ C.= 7 +?<1 D1.9;1
G.6=A.9<1 =9=C1 . 9+<1;=01 G=<1 19;=0+1 A0+A.91< 7 + .D7 +?<+ ;1>6+ D+: +<+ ><7 .G.F+
17 ?+ ?1 9.A18= 7 =@ 9: =61 - <1@- 9-A- 91 1DC->=8 9;1<=61 # A0+;=A.: 1 9+ -
<+@;= ?0-/= 1 ;= 7 + /+<F.7 1 D1 +<+0/+;9>1 .9;01G.61<7 1 . 01D6=7 ( <+0/Q
+9+10FE 1<? +6+: =A8+<; /+<FQ >=7 1 7 + -C0D= A0+;6=0+<1 - .<.9;109;6= +<+0/.7 +
+A10;8+<; =M <+0/Q ( =6=8 ;0+<-;>- <1?D.0+ 96+ <1F.=<1: <+
:1C=01;=0.7 + - >=7 .81 <+>= 01DC.7 1 1;=8+ :
. ;1>6.E : 1C=01;=0.7 1 .81 918= A+; - =6=7
D+8: 7. = 9- # 0->E+7 6+< =0<+: +08.: 1C 1 A+;1 7 + ;+> - .D/01?<7 . ;= 7 +
9-A+0A0=6=?<. 9-A+0>=: 17 ?+0
>F+: +01;=09>+ : 1C=01;=0.7 + -/: 16<=8 9- - ?0G16<=8 6: 19<.@;6- 1: . <7 .81 -A016: 71
<+>. 2 >=<;01>;=02( ?1>: + <+>= >= 7 + 91 ?0G16=8 A=;A.91= -/=6=0 ?1 ;= 01?. =<;01>;=0
8=G+ C.;. <+>. -<.6+0D.;+; >1= @;= 7 + ;+<M =0? D1 # .: . >=<D=0F.7 -8 -<.6+0D.;+;1 .
?0-/.E .<9;.;-F.7 1 >1= =617@;= 6=?. +08.: 1C =<;01>;=0 A=9;16. ?.0+>;=01 1 =<?1 .?+ -
F0>6- . 8=: . =/1 +0 ?.0+>;=0 -A016: 71 96.8 A=9: =6.81 - F+: =7: 1C=01;=0.7 . ?=<=9. 96+
61G<+ =?: ->+ . B+9;= =9;1<+ <1 96=8 01?<=8 8+9;- ?-G+ <+/= @;= C. C.: = ?=C0= 1 918
C.= ?.0+>;=0 - +08.: 1C- =? 3T3 ?= 3!3 1 8=7/: 16<. D1?1;1> C.= 7 + ?1 =9;610.8 6.D.7 -
=C+0;1 .:
9=<1 .D/01?<7 - +61;0=<1 A06=/ <1 96+;- 9-A+0A0=6=?<=/ 1>F+: +01;=01
0+C1: =7 + ?1 9;6=0.8= . A0=;=<(1<;.A0=;=< >=: 17?+0 >1= . 961>=7 1>+ ?+;+>;=0B.<+ ?1 C. 9+
6.?+: = @;1 C.61 A0. B+=<.8 9-?10.81 7 +?<1>= -C0D1<.E B+9;.F1 <1 +<+0/.7 181 =? C: .D- )
+
+=81 8<=/= 918 9+ D1C0.<-= =>= A0=F+91 .9;01G.61B>=/ 01?1 >1? 918 A=9;1=
?.0+>;=0 +08.: 1C1 1>= 8=/- A=9;?.A: =8F. . <=6. ?=>;=0. =9+;.;. =<- 01?=9; =9617 1;.
D<1<7 + . .9A=: 7161;. 9;6101: 1@;6= <1 <.6=- 7 +?<=/ 1?+0M =0?1 . <7 +/=6.E 9;-?+<1;1N<1
<.6=- =9<.61B1 >61<;<+ ;+=0.7 +N<1 <.6=- >=7 . ?=9;./=98= 7 1 . 8=7 1 /0-A.F1 >=: +/1 >1? 9+
;0+C1: = A0+D<=7 161;. A=0+? 81@.<+ +6.9 . 0+@161;. A0=C: +8 D1 A0=C: +8=8' : . @;= 918
6.@+ 9;.F1= -6.? - 01? ;.E <=6.E : 7-?. - +08.: 1C- 96+ C=: 7+ 918 9+ =9+I1= A=7 +?.<.8
<=I.81 A=9+I.61= 918 D/01?- >=7 - 7+ .9A-<.= =<17<1@?.6=69>. ?+;+>;=0 9-?101 . 6.?+=
918 1: . 918= - =<.8 9: -B17 +6.81 >1? 8+ ;18= <.7 + B+>1= +8=>0.; ?1 9- 9;-?+<;. 9.: <=
-DC-,+<. DC=/96=7 .E =A.;1 1 ?.6=69>=8 +>01<- 9+617 - 96+ <=6. =A1G+<. ?=/1,17 . >=7 +
7+ >=8A7 -;+0 2 A0+6=?.2?1 C. ?+9+;1> M .D.B101 >=7 . 9- - ;=798+<. <1 ?-G<=9;. 8=/: . ?1
9E61;+ @;1 9+ DC.61 =<+>1? <1.,+ ?=/1,17>=7 . - ;=78+0. -A-I-7 + <1 2 <=6- M .D.>-2 ?1
96. A=981;01B. -/: 19 -D6.><-
61>1 6+: .>1 .9;01G.61B>1 C0./1?1 919;=7 . 9+ =? 8<=/= B+;1 - >=7 .81 7 + A= A+; ?=
?+9+; : 7-?. +?<- B+;- 91B.<7 1617- A0=M +9=0 .: . ?61 A0=M +9=01 <+>=: .>= <=6.E ?=>;=01 .
<+>=: .>= A=9;?.A: =81F1 0=M 1 A1D. <1 96=7 +7 1;= ?1 /1 <+ .D/-C. - /=8.: . 1 A=B+;>- 9-
96. - A=9: - ?1 A0=7 +>;-7 - =A0+8- >=7 1 I+ .8 ;0+C1;. ?1 7 + <1A016+ . ?1 7 + A0=6+0+ +>
A=9: + 9+ ?=C.7 17 - . 1<1: .D.017 - A=?1F. 918= 7 +?<=8 =? ;.E =A.;1 <1 >=: 17?+0- ?=C.7 + 9+
;1>= =/0=8<1 >=: .B.<1 A=?1;1>1 ?1 B+9;= 8=018= B+>1;. ?1 =61 .: . =<1 /0-A1 ?=60@.
1<1: .D- 1 ;+> A=9: + ;=/1 8=G+8= ?1 9+ -98+0.8= <1 9: +?+I. A0=C: +8 :
1?. <1-B<.> .: .
<1-B<.F1 ?1>: + 918= A=7 +?.<1F - 96+8- =6=8+ =?1C+0+ 8=G?1 A= 916+;- 96=/
A0=M +9=01 7 +?1< A0=C: +8 D1 >=7 . ?=C.7 + 91/: 19<=9; >=<9+<D-9=8 96.E ?0-/.E 6=,1

159
B+;1 +0 =<. 96. 91B.<7 1617 - 7+?1< 916+; >=7 . = =6=8+ =?: -B-7 + A0=C: +81 .81 -
.D=C.: 7- 1 A0.8+0 >1? 9+ - 9-?10- A0=;=<(1<;.A0=;=< 9;6=0. A10 4H . 4( >=7 . 7
+ ;1B1<
=C: .> ;=/ A0=F+91' =: .>= +<+0/.7 + =?<+9- ;+ ?6+ B+9;.F+' =? >=7 .8 -/: =6.81 C.617 -
+8.;=61<+' ;1>= ?1: 7+ 1? 9+ <1 7 +?<= =61>6= A.;1<7 + ?=C.7 + =?/=6=0 =< 8=G+ C.;.
918= 2 D1<.8: 7.61 A=7 +?.<=9;21: . 8=G+ 9+ ?+9.;. ?1 C-?+ . >: 7-B D1 <+>. 61G1< 8+E1<.D18
- 01?- 9: 1C+ .: . 71>+ 9.: + ?+6+?+9+;.8 /=?.<181 <17 -DC-?: 7 .6.7. 7+ D1?1;1> A0=<1I.
>610> 60E . .D8+0.;. <7 +/=6+ =?: .>+ 6+ ?= 90+?.<+ 33) /=?.<+ <1 =6=8+ 9- 01?.: +
918= B+;.0. B+;+ 8+,- ;.E *$ : 7-?. - ?+;+>;=09>=7D/01?. # - +08.: 1C- . ;= 961>1
B+;1 D1 9+C+
;1>= ?=,+ ?1< >1? 9+ 8: 1?. M.D.B10. <1,- A0+A-@;+<. 918. 9+C. A0.9.: 7+<. ?1 9+ 06- 91
D1A+;: 7 1<.8 01B-<109>.8 A0=/018.81 . 91 <+.DC+G<.8 .D=C: .B+<7 .81 ?= >=7 .E ?=: 1D. D1;=
@;= -0+,17 . <.9- 9160@+<. 7
.E=67 + A0=C: +8 >1>= .D6-I. 7 +?1< .9;.<.; D1>: 7-B1> = <1B.<-
<1 >=7 . A0.0=?1 ?+7 9;6-7 +N>1>= -8+;<-;. C10 7 =@7 +?1< >=81?.I9: 1/1: .F+ >=7 1 <18 ?17 +
9:.>- 8.>0=96+;1 ( 6+=81 DC-<7 -7 -I- 9: .>- .D.B10.81 A=81G+ 8<=/=C0=7 <= =9=C: 7
+
-6+> 9- A0. 0-F. >=8A7 -;+09>. 9;0-B<7 1F. D1 9=M ;6+0 ?0-/. >=7 . 9+ C16+ 918= ;+=0.7 9>.8
1<1: .D181 ;0+I. >=7 . 9- -8+;<.F. ;01/1<7 1 D1 81>10 7 +?<.8 ?=>1D=8 >=7 . C. .@1= .=: + -
A0.:=/<+>=8 A0=6.D=0<= <1C1B+<=8 8=/-I+8 D1>: 7
-B>- 0+;A=9;16.8= ?1 7 + A0.8+I+<1
<+>1 D1<.8: 7.61 <+A016.: <=9; - <1B.<- <1 >=7 . >1? 9+ A0=;=< . 1<;.A0=;=< 2 9A-F17 -2?6+ 4
B+9;.F+ A=: +;+ .D;=/ 8+9;1 9-?101 ;>-? <+A016.: <=9;' 1 : . 7 + <+@;= 81: B.F+ 01D?+@+<=
- <1@.8 1A101;.81' +;1M =0.B<= /=6=0+I. ?1 <18 <.7 + 2<1A->1= 8.>0=9>=A2 ' 1 <.7 + -
9=M ;6+0- <1@+/01B-<101 <+>. 2 C1/2( <+>1 2 C-C.F126.0-9 >610' : . ;1 <+A016.: <=9; 9;610<=
A=9;=7 .' >= A=9;=7 . 1>= 7 + 9;610<1 =<?1 D1C=/1 D10 <+ C. <+@;= 9: .B<= ;=8+ 8=01=
A0.8+;.;. . >=: +/1 10. - 96=7 .8 1<1: .D181 B+9;.F1'( .: . >=: +/.<.F1 10?G=0. 8=G?1 -
96=7 =71<1: .D. 8: 1D+61 <19;1: .E DC=/-D81>1 A0. 9-?10-'
+: .>1 <1->1 A=9;=7 . . >=? <+>.E ?0-/.E ?0-/101 1 <+ 918= >=? M .D.B101 B+9;.F1
9;0=<=8. D17 +?<= 01?+ <1 ?G.<=69>.8 ;+: +9>=A.81 1 =A1G1<7 17 +?<.E A=9: + A0=6+01617 -
. ?0-/. ?1 C. 9+ ?=C.: . 61: 71<. A=?1F. = >=98=9- >+1<=/01M . ;1>=,+ D17 +?<.B>. 01?+ <1
.9;01G.61B>.8 C0=?=6.81 >=7 . .817 - 9: =G+<- 9=<10<- =A0+8- A=9+C<1 0=<.: 1 A=9+C<+
>18+0+ .=: =D. .817 - A0=/018 .9;01G.61<7 1 /+<=81N ;= 7 + <7 .81 +: .>1 <1->1 1> .
E+8.B10- 9- A=;0+C<. 819+<. 9A+>;0=8+;0. 9>-A=F+<. : 19+0. ;1B<= =?0+,+<+ C=7 +
=/0=8<. >=8A7 -;+0. 6+ 7 + 6+I. C0=7?.9F.A: .<1 - >=7 .81 <1-B<.F. <+.DC+G<= 8=017 -
?+: .;. .D8+,- 9+C+ 019A=: =G.6= 60+8+ >=0.@I+<7 1 =A0+8+ >=7 1 7 + 9>-A1 1 <+=AE=?<1 D1
?1: 7. <1A0+?1>
=@;= 918 96+ =6= .9A0.B1= 8=018 <1/: 19.;. ?1 7 + ;1>=,+ .D-D+;<= 61G<= ?1 8: 1?.
<1-B<.F. -8+7 - ?1 01?+ . <1 ?0-/+ >-?.>18= ;01?.F.=<1: <.7+ <1B.<+ ( 0+F.8= =>-A: 7+<.
=>= =A.;1 >=7 . 7+ F+= <1 7 +?<=8 01?<=8 9;=: - /?+ -B+9;6-7 + 918= ?+9+;1> <7 .E=6.E
>=: +/1 . 7 +?1< A0=M +9=0 - =<. .817 - ?.6<- 8=/-I<=9; ?1 .D6->- <+>. -;.>1B =>0+<- <+>.
A0+>.?1B . >1? 9- 961 96+;: 1 .9>: 7
-B+<1 . 96+ A0+>.<-;= =?- >-I. ?1 01D8.@: 7 17- 8=G?1
B1> . ?1 9A1617 - 1: 1 <1->1 7 + .D6=0 =;>0.I1 A0=8+<1 1 ;= 9- ?=A0.<=9. D<1B17 <. D1
->-A<= <1A0+?=61<7 + D<1<7 1 =018= <1I. A016- 016<=;+G- - <1@=7<1-B<=7A=: .;.F.
.D8+,- 6+: .>=/ . 81: =/ . 8=018= =/- D1E61: 7.61;. @;= 9- <18 =C+ ;+ 8=/-I<=9;. <1
019A=: 1/1<7 - :
. >1? 7 + - A.;1<7 - A01>;.B1< 01? <1 ?1: 7.8 6.9=>=+<+0/+;9>.8
.9;01G.61<7 .81 8=G+8= 918= ?1 81@;18= = ?16<.8 60+8+<.81 >1? 7 + -918: 7+<.
<1-B<.> 9+?+= - 96=7 =7 : 1C=01;=0.7 . <1A016: 7+<=7 - 2 <10=?<=7 01?.<=9;.2 . 8-I>1=
01D<=C=7 <+ +: .>9.0+ = 7 + <=9;1: /.B1< A0.D=0 1: . =< <19 <+I+ <.>1?1 ?=6+9;. ?= =G.7 +
B+9;.F+

) .

<=/1 9- ;+E<.B>1 -<1A0+,+<7 1 A=9;./<-;1 ;1>= ?1 7 + 91? - 9-@;.<. 8=/-I+

-C0D161<7 + ?= <+=/01<.B+<= 6+:.>.E +<+0/.7 1 1:. >1? C. C-?G+;. C.: . <+=/01<.B+<. ;=
<.9- =/: +?1I+8= ;0. ;1>61 -<1A0+,+<7 1 .DC: .D1
06. A0=?=0 C.= 7
+ >=<F+A; M1D<+ 9;1C.:<=9;. = 9- =;>0.: 1 ?61 <1-B<.>1 - .9;= 60+8+
1:. 9196.8 <+D16.9<= 7 +?1< =? ?0-/=/ +?1< 7 + C.= +>9: +0 0-9>. /+<.7+N?0-/. 7 +
C.= ?6.< 1>8.: 1< ?J.< F .: :
1< M .D.B10 <1 +0>: .7
- : . .9;- ;- D18.91= <+D16.9<= 7 +
A1;+<;.01= . <1@ 96+A0.9-;<. <=06+@>. .<G+<7 +0 =: M .?+0=+ 1D<1 9;1C.:<=9; ;=:.>= 7+

160
61G<1 ?1 D19: -G-7 + A0.9;-A >0=D 7 +?<= A=0+,+<7 + 18.9: .;+ ?6+ .9;=6+;<+ A=: -:=A;19;+
B.<.7+ D1 6=I+ +>. /0<B10 .E 7 + <1A016.= ;1>= ?1 961>1 .81 918= 81: = 81: +F>= 016<=
?<= <1 >=8+ 9;=7 . 1? A0+60<+;+ 7 +?<- B.<.7 -N;= <7 +<= 81: = 016<= ?<= A=9;1: = 7+ 81: .
016<. 60E 7 +?<=/ A=: -:=A;19;=/ A0+?8+;1 =>0+<-;=/ <1/=0+ D8.;+ ?6+ 7 +?<1>+ : =A;+
+?<- 9;16.;+ - =<- B.<.7 - >=7 1 <=081: <= 9;=7 . <1 9;=: - 0-/- : =A;- 9;16.;+ <1 016<. 60E
A0+60<-;+ B.<.7 + C+ : =A;+ 8.0-7 - +9- : . =C+ - 9;1C.: <=8 A=: =G17 -' .9- +9; 9+ 919;=7 .
- ;=8+ @;= /-0<+8= . 7 +?<- . ?0-/- <1 >=7 1 7 + <1 60E- 9>=;0: 71 9+ . =?+ <+>-?N
A0=8+<. 96=7 + 9;1<7 + .D =9<=6+ <1 >=7 1 7+ - B.<.7 . D1>=;0: 71 9+ 81: = -D D1>0.6: 7+<7 +
B.<.7+ A1 9+ D1>=;0: 7 1 -<1;01/ ?= 016<=;+G<+ ;1B>+ A0=,+ >0=D<7 - . <+>= 60+8+ ;1>=
=9F.: .01 A0+ <+/= @;= 9+ .A1> 98.0. - 96=8 016<=;+G<=8 A=: =G17 - ;= 618 7 + 9;1C.: <=9;
1;+81;.>1 <1@.E B+9;.F1 - 1>F+: +01;=0.81 .81 8<=/= 9: .B<=9;. 91 =6.8 =A.;=8 81@
<+>- B+9;.F- <1 : +;. >0=D ;6=7 1>F+: +01;=0 >= 7 + ?=6=: 7<= 918= <+>= 81: =
-D<+8.0+<7 + ( <1 A0.8+0 7 +?1< C: 1/9-?10 91 1;=8=8 /191 D1=9;1: .8 - F+6. .: . 91 <+>=8
?0-/=8 -C0D1<=8 B+9;.F=8 A1 ?1 ?=,+ ?= 6+: .>.E A0=8+<1 - >0+;1<7 - B+9;.F+ =<?1 ;=
<7+<= >0+;1<7 + <+81 =9<=6<- 9;1C.: <=9; . 01<.7 + .: . >19<.7 + =<1 I+ C.;. .D/-C: 7+<1 >=
8+,-;.8 01D<. ;1>6. A=0+8+I17 . ?=6=?+ 918= ?= 81: .E =9F.: 1;=0<.E .9>=01B+<7 1 A=9: +
>=7 .E 9+ B+9;.F1 .A1> 98.0. <1 96=7 =7.?+1: <=7=0C.;. =<?1 A=91= .?+ 9;1C.: <=
1A0+?1> - 98.@: 71<7 - 96+ C=: 7.E >=<9;0->F.=<.E A: 1<=61 D1 <=6+ 1>F+: +01;=0+ C.= 7 +
?.6<1 8+@16.<1 1<1: .;.B>.E 9;-?.7 1 91? 9+ ;= -/: 16<=8 01?. >=8A7 -;+09>. . A0=<1: 1G+<7 1
961>=7 1>.E ?=8.@: 71;.E 9A0161 . 9A016.F1 B+9;= 91 =9: =<F+8 <1 01?109>- ;+E<=: =/.7- >=7 1
7+ .D0=<.: 1 .D 0-/=/ 96+;9>=/ 01;1 =<F+A; M 1D<+ 9;1C.: <=9;. A0.8+<7 +< 7 + - 8<=/.8
01D<=609<.8 81@.<181 >=? >=7 .E 9- 01?.=(M 0+>6+<F.7 + A0+<=@+<+ <1 01D<+ +: +>;0.B<+
9.:+ 1D<1 9;1C.: <=9; - 7 +?<=8 1>F+: +01;=0- <19;17 + >1? =0/1<.D-7 +8= 01?.=(M 0+>6+<F.7 -
-C0D1<7 1 <1 ;1>16 <1B.< ?1 B+9;.F1 9;.G+ A0+? 1D81> - ;0+<- >=7 . 7 + 918= 81: B.F+
A=/0+@1< @;= ?=6=?. ?= 918= 81: + .D8+<+ A-;1<7 +N6+IA0. 9: +?+I+8 -: +;1<7 - ;+ B+9;.F+
- ;17 1D81> =6= =?9;-A1<7 + 9+ 918= =? 9+C+ .9A016. 1:. 98= 01<.7 + 7 +?1< A0.8+0
=6=/1 >=? 9.<E0=;0=<1 9;610<=9;. 9+ ?+@161 ?1 9+ =?9;-A1<7 + <+ 918= .9A016. >=: .>=
;0+C1 <+/= . 81: = 6.@+ <+/= @;= ;0+C1 DC=/ B+/1 <19;17 + <=6= 81: +<= =?9;-A1<7 + ( <1
9-A0=;<- 9;01<-N. ;1>= M 1D1 B+9;.F+ =9F.: -7+ - =?<=9- <1 D1?1;- 01?.=(M 0+>6+<F.7 - >1=
=<1 : =A;1 - D?+: . A0+C1F-7 + .:. A=?C1F-7 + - =?<=9- <1 .?+1: <- M 1D- =9;.G+ 9+ ?=C0=
-C0D1<7 +
0-/= 6+: .>= -<1A0+,+<7 + DC.: = 9+ /=?.<+ 3O) >1? 7 + : 1C=01;=0.7 1 0->E+7 6+<
?=60@161: 1 96=71>F+: +01;=0 =? * "+ >=8+ 9- <1?+<-: . <1D.6 2=98=;0=<2 B+>.61: . 9-
?1 .8 - A=9+;- ?=,- +60=A9>+ >=: +/+ .D: 1C=01;=0.7 + # - %+<+6. /?+ 7 + C.: = - ;=>-
A0=7 +>;=61<7 + 81@.<+ =? "+ 0.A0+817 -I. 9+ D1 =6179-90+; ;0=7 .F1 M .D.B101 ?=,=@+
?= 7 +?<=/ 61G<=/ =;>0.I1 1 ;0=7 .F1 C.: . 9- ;+<: . .6.</9;=< 0+>1= 918 7 +?1< =?
=0+<9=6.E 9;-?+<1;1 0<109; -01<; 0<+9; #=-01<; . 10;: +<? <17 ?+0 10;:1<?
<Q?+0 61 ;0=7 .F1 A0.A1?1: . 9- 7 +?<=7 <=6=7 019. 81B1>1 C.: . 9- ;+=0+;.B10.
1>F+: +01;=01 =9+;.: . 9- 9+ 7 +?<=/<1B+: 1 >=7 + 9+ <1D.61 7 1>= M =>-9.01<7 + 0+ <+/= @;= ;=
=A.@+8 ;0+C1: = C. ?1 .9;1><+8 ?1 9- 1>F+: +01;=0. B+9;.F1 A=9;1: . 918. D1 9+C+ -9160@+<1 .
71>1 <1-B<1 ?.9F.A: .<1 91? >0+I+8= . ;= A06= =? =9<=6<.E A=7 8=61 ;= 9+ .9A: 1;.
01?.;. 818= 1D81> >=7 . 9+ D=6+ . 01?.=(M 0+>6+<;<1 @-A: 7.<1 +9;.F1 8=01 ?1 A0=: +;.
>0=D ;= 1 A0=: +I-I. ?=C.7 1 ?=?1;<- +<+0/.7 - 1 C.98= 961>. =61>16 1D81> >=0.9;.: .
8<=/= A-;1 A=<=6= . A=<=6= 8. - 9-@;.<. A=8=I- 81/<+;1 <1;+0-7 +8= B+9;.F+ ?1 7 -0+
->0-/ =: .>- I+ <17 6+I- +<+0/.7 - 8=I. B+9;.F+ ?1 ?=C.7 --7 +?<=8 1>F+: +01;=0- D16.9. =?
?61 C.;<1 B.<.=F1 >=: .>. 9+ <17 6+I. A=: -A0+B<.> A-;1<7 + 8=G+ =9;610.;. A=8=I-
019A=: =G.6.E 81/<+;1 . ) >=: .>= .D<=9. <17 6+I1 7 1B.<1 81/<+;<=/ A=: 71 >=7 - 8=G+8=
=>= ;+ A-;1<7 + ?1 9;6=0.8= <1B. 81@.<- 91 6.@=8 +<+0/.7 =8 8=G+8= ?1 <1A016.8= <1
?61 <1B.<1 A06= ?1 7 =7A=: -A0+B<.> C-?+ 6+I. . ?0-/= ?1 <7 +<= <17 71B+ 81/<+;<= A=: 7
+
C-?+ 7 1B+ <+/= >=? ?=;1?1@<7 .E 81@.<1 1016<= ;0+I. <1B.< 7 + ?1 A=9;./<+8= . 7 +?<= .
?0-/=
1? 9- ;1 ?61 A1018+;01 >=<1B<= =?0+,+<1 =<?1 1>= C.98= B+9;.F181 A0.?=?1: .
9-6.@+ +<+0/.7 + =<+ C. .D: +;+: + 91 A-;1<7 + .D/-C.: . C.98= .E #.>: =;0=<. - /=?.<. 3O)
-9A+61: . 9- ?1 -C0D17 - B+9;.F+ ?= 918= + 9.<E0=;0=<. -=A@;+ . <+ ?=A-@;17 -
A0=@.0+<7 + A=: -A0+B<.>1 >0-G+<7 1 B+9;.F+ <+/= 918= A=7 1B1617 - 96=7 + 81/<+;<= A=: 7
+
A=9;-A<= =? 60: = 9: 1C=/ <1 A=B+;>- ?= 6+=81 7 1>=/ <1 >017 - .<E0=;0=< 7 + 81@.<1 -

161
=C: .>- -@;.A>1N- =<.8 60+8+<.81 A=: -A0+B<.> -@;.A>1 C.= 7 + ;0.(B+;.0. 8+;01 1 >=? <+>.E
<17 6+I.E A+;<1+9;1> 8+;101 =9;.D1<+ 9- +<+0/.7 + ?= "+
0=C: +8 >=7 .8 9- 9+ A=D1C16.: . =6. A0.: .B<= C.9;0. ;+=0+;.B10. - 0->E+7 6+<- C.= 7 +
>1>= A=9;.I. ?1 B+9;.F+ 7 +D?+ <1A0+? - <+>=7DC.7 +<=7 9;1C.: <=7M =081F.7 . C: .D- =<+
A-;1<7 + >=7=8 C. 9+ >0+;1: 1 <+>1 D18.@: 7+<1 .?+1: <1 B+9;.F1 >=7 - <.@;1 <+ -D<+8.0161
>1? C. C.: 1 - .?+1:<.8 81;+81;.B>. 9160@+<.8 81/<+;<.8 A=: 7.81 =@;= 9- >0+;1<7 1 ;1>=
?-/=;017 <1 B1> . <17 81<7 . A=0+8+I17.: . <+>1 <17 81<7 1 <+9160@+<=9; 81/<+;<=/ A=: 71
?=6=: 7<. 9- ?1 B+9;.F+ A=B<- ?1 2 60: 717-296+ ?1: 7
+ =? .?+1: <+ =0C.;+ . 7=@?1: 7+ . 8.
-9>=0= <+818= D01> <1B. 8=018= ?1 9;6=0.8= -9: =6+ ?1 -C0D1<7 + .?+ A=9;=7 1<=
1;+81;.>1 =6=/1 C.: 1 7 + 0+>1= 7 + 7 +?1< =? =6+ ;0=7 .F+ R ?=6=: 7<= D180@+<1 ?1 A=A-
6+G+ =C06+ - B6=0R
1>= M =>-9.01<7 + 919;=7 . 9+ - ;=8+ ?1 .D617 18= 81/<+;<1 A=: 71 ( ?18= .8 ;1>16=C: .>
?1 =<1 8=/- 6=?.;. . 2 A0.?0G161;.2B+9;.F+ 91 96.E 9;01<1 ;1>= ?1 =<+ =9;1<- @;= C: .G+
.?+1: <=7A-;1<7 . : 7-B<1 D18.91= 7 +9;+ ?1 .D617 18= <1016<= 918+ 81/<+;+ ?-C: 7+<7 1
- <7 .81 ;0+C1 ?1 C-?- ;1>= =C: .>=61<1 ?1 81/<+;<+ 9.: + <16+?- B+9;.F- ?1 =9F.: .01 C0D=
1:. 91 817 -@<=8 18A: .;-?=8 817 -@<.8 9>0+;1<7 +8 <1 C.: = >=7 - 9;01<- - =?<=9- <1
.?+1: <- =0C.;- = 618 7 + 9;1C.: <=9; >0+;1<7 1 0+ 71>=/ M =>-9.01<7 1 61>--89>1 F+6
8=01: 1 7+ ?1 .81 A=A0+B<. A0+9+> =? A=: 1 8+;01 .: . 8+;10 A1 9- . 81/<+;<. A=: =6. 8=01: .
C.;. <+>+ 9: .B<+ 6+: .B.<+ 0=<1: 1D1> - 0->E+7 6+<- 981<7 .= 7 + ;= <1 ?+9+;1> 8=G?1
?61<1+9; F+<;.8+;101 9E=?' 1 =/0=8<1 <=6B1<1 -@;+?1 #+<1 7 +?<=/1>F+: +01;=09>=/
+ A=9;./<-;+ +<+0/.7 + C.;<= 7 + 981<7 +<1
1>= M =>-9.01<7 + =8=/-I.: = 7 + >1= <1B.< +>=<=8.91<7 1 - <1@+8 A=9: - ?1 A=B<+8=
=DC.: 7<= 01D8.@: 7
1;. = 81@.<. B.7 . C. A=: -A0+B<.> C.= <+>.E $O 8+;101 19<.7 + I+8=
A=A0.B1;. = =<=8 ?0-/=8 A1018+;0- 7 1B.<. 81/<+;<=/A=: 7
1 =>: + /=? ;. >=0.9;.@/6=G,+
?1 A=8=I- <7 +/1 6=?.@B+9;.F- <17 71B+ 81/<+;<= A=: 7+ ;. 7+ =>= ) ;+9: + 7 +0 7+ ;= 9<1/1
A=9: + >=7 + /6=G,+ 2 A=8=?0. =? 8->+2. <+ 8=G+ 6.@+ 61 ;0=7 .F1 817 9;=01 ?1: 1 9- ;1B1<
=A.9 7 1>=/ M =>-9.01<7 1 - ;=8+ 9+ 919;=7 1= <7 .E=6-9A+E 06. A-; 7 + <7 .E=61 ?=8.@: 7 1;=9;
A0.8+<7 +<1 - 81@.<. D1 -C0D161<7 + +: +>;0=<1 ?= "+ >=7 -7 + - =0<+: - 91/01?.= =C+0;
20D.2 .: 9=< =8+<-;1 ;0=7 >1 91=A@;.: 1 7 + 96=7A0+?: =/ D1 .D/01?<7 - 6+=81 M =>-9.01<+
A0=;=<9>+ 81@.<+ =8.9.7 . D1 1;=89>- +<+0/.7 - ( <17 =C.B<.7 .8 A.98=8 A=@;=8 0.B1 9+
?1 7 + 96+ @;= 9- .81: . ?1 >1G- 9;1: = <1 918= ?6+ 9;01<.F+ E 91? C.98= 8=/: . A=B+;.
G1:=A=7 >+ >1>= 7 + ?1<19 C.0=>01;.7 1 8<=/= 6+I1 1: . C.= C. <18 ;= -D1: -?1< ;0-?
=8.9.7 1 7+ =?=C0.: 1 D18.91= . : 7-?. 9- - 0->E+7 6+<- <1A016.: . 81@.<- =? * "+ >=7 =7
9- ?1: . <1D.6 " 0=01?.: 1 7 + 3$ - G+<+69>=8 # (- =?-9;1: . 9- =? A: 1<=61 D1
81@.<- >=7 1 C. .8 91 9: 1C.8 M =>-9.01<7 +8 ?161: 1 "+ A1 9- A=8=I- =6+
C0->E+7 6+<9>+ D18.9: . <1A016.: . -8+9;= ;=/1 ?0-/- 81@.<- 91 7 1>.8 M =>-9.01<7 +8 .
?=C.: . )O"+ ( D1 .9;+ A10+ = <7 .E=6= 7 + A0=01?.: = 6+I 3O3
0+? >017@+D?+9+;.E /=?.<1 <1A-@;+<1 7 + D18.91= = ?1: 7+8 8-B+<7 - .9;.E 81/<+;1 ?1
01?+ ?61 A=9: 1 ( ?1 6=?+ D01> . ?1 /1 M =>-9.017 - 0+=6: 1?1: 1 7 + D18.91= = 2 01D?617 1<7 -
M-<>F.7 12 <18+9;.@ =?: .B<+ ?.A=: + ?1 6=?+ D01> . <18+9;.@ >61?0=A=: + 9.8+;0.B<= =>=
D01>1 ;= 7 +9; =>= F+6. >0=D >=7 - D01> A0=: +I+ ?1 /1 M =>-9.017 -N=>= A-;1<7 + B+9;.F+
<1B.B>1@8<=/= . 7 +?<.E . ?0-/.E 1 961>1 609;1 01?. 96=7A=91=
=0.9;+I. 81;+81;.>- M .D.B10. 9- 91D<1: . <1 >=7 . I+ <1B.< 9: =G+<1 81/<+;<1 A=: 71
-98+0161;. . M =>-9.01;. B+9;.F+NA=B+: . 9- ?1 9+ -A=;0+C: 71617 - . 81/<+;. 91 6+I.8 C0=7 +8
9+6+0<.E . 7 -G<.E A=: =61 ( 91 @+9; =918 .: . ?+9+; 9+>9;1A=: . =>;1A=: . . ?+>1A=: . =B+6
=? 3$ >=8A7 -;+0. 9- ?=C.7 1: . 96+ 61G<.7 - >=81<?<- . <1?D=0<- -: =/- - 6+D. 91
A0=;=>=8 . <1A=<=8 9;0-7 + A0.;.9F.81 . ;+8A+01;-0181 - 1>F+: +01;=0.81 1/<+;. 91
71>.8 M =>-9.01<7 +8 . >=8A7 -;+09>1 1-;=81;.D1F.7 1 =8=/-I.: . 9- 9;6101<7 + .D61<0+?<.E
<=6.E 81@.<1 - @+D?+9+;.8 . 9+?18?+9+;.8 /=?.<181
061 "+ 81@.<1 91 E.: 7 1?- 8.: .710?. +: +>;0=<(6=: ;. ?=C.: 1 7 + 9>0=81< <1D.6
=98=;0=< =B+: 1 7 + ?1 01?. - 0->E+7 6+<- 3O) /=?.<+ :+?+I. 7 + C.= =0<+:91
81@.<=8 =? )"+ 1C0=7 1I+8= . ?0-/+ D6+D?+ ;+ +0+

# " "
+61;0=< $"+ +0>:. 3OP
" * "+ 0->E+7 6+< 3$
" )O"+ 0/=< >=? .>1/1 3$P

162
 6+9;=;>1 ) "+ +08.:
1C 3T) =? 3TP P "+
+61;0=< 3 "+ +08.:
1C 3!*

.<=9;01<9;6- 9- .D/01,+<. 1>F+: +01;=0. 21;-0<2 01<F-9>1 * "+ 2.80=?2

</: +9>1 "+ 2 -C<12 -9.7 1 "+ 2 2 1A1< * "+ N;1>=,+ # (
=62 2 %+<+61 )O"+ 2+0A-E=62 -9.7 1 T "+ 2 2# 5%+<+61 P "+
0+I+ 6+: .>= =;>0.I+ C.:= 7+ >19>1?<= -C0D1<7 + 617>=<F+A; 9+ A0.A.9-7 + M.D.B10- 91
1:;+>1 A= .8+<- 1; +<?9 1;; 1<?9 < 9+ ?=9+;.= ?1 C.98= 8=/: . A=0+,1;.
<+>=: .>= 1>F+: +01;=01 - 7+?1< <.D 9 ;.8 ?1 961>. 1>F+: +01;=0 C-?+ =A;.81: <= A=?+@+< D1
=?0+,+<. +<+0/+;9>. 01D81> 0+F.8= =? ?= + =? ?= + . ;1>= ?1: 7+ =
618 7 + >1= 8+<7 1B - 9A=0;9>=8 1-;=8=C.: - 961>1 C0D.<1 <18+<7 +<1 7 + ?1 =8=/-I.
<17?+: =;6=0<.7+ .D6:1B+<7 + 6=D.:1 ?= 9: +?+I+ 7 =@6+I+ C0D.<+ 1? A=6+I1618= +<+0/.7 -
-C0D1<. D01> A=9;17 + 96+ DC.7+<.7 . <1B. 8=/- 9+ 981<7 .61;. . A0+B<.F. 81/<+;1 A1 ;.8+ .
<7.E=61 F+<1 6= >19>1?<= 0+@+<7 + >=0.@I+<= 7+ A0. .D/01?<7 . 96.E 1>F+:+01;=01 A=B+6=?
3$ /=?.<+ 0E-<9>. A0.8+0. 7 +9- +61;0=< - <7 +/1 7 + -/01,+<= A+; =61>6.E
9;+A+<=61 . 9-A+0>=: 17 ?+0 >=7 . I+ .81;. @+9; >1? C-?+ ?=60@+< - +>919-

, #

0=;-;<7 1:. 98= >0=D;=: .>- 019A016- = ;+E<.B>.8 6.?=6.81 01?1 <1 -C0D161<7 - B+9;.F1
1 <.98= D19;1: . ?1 A=8.9: .8= D6=/B+/1 7 + A=;0+C<= ?1 F.>: =;0=<. . 9.<E0=;0=<. C-?- 6+: .>.
=@9- .?+0=+ . =0+<9 A=>1D1: . ?1 <.7+ <+=AE=?<= A0=.D6=?.;. =/0=8<+ <1A=<+ >1= @;=
9- A.=<.0. <1@+/A=9: 1 D18.@: 7 1:. ?1 C. 9+ B+9;.F+ -C0D1: + ?= 6.9=>.E +<+0/.7 1 =6=: 7<= 7+
A=9: 1;. B+9;.F- >0=D<.D 1D81>1 .: . -?+9.;. ?1 B+9;.F1 A-;-7 + >0-G<=8 =0C.;=8 ;1>= ?1
7+?1< .9;. 1D81> 8=G+ C.;. -A=;0+C: 7
161< 8<=/= A-;1 -D19;=AF+ >0-G<.8 81@.<181
A0+=9;17 - 918= ?61 A1018+;01 7 1B.<1 81/<+;<=/ A=: 71 . A=: -A0+B<.> >0-G<+ A-;1<7 +
B+9;.F1 "01?.;+: 7. 1>F+:+01;=01 A=?+9+ =61 ?61 A1018+;01 ?1 C. ?=C.: . =<- +<+0/.7 - >=7 -
G+:+ =:.>= A101 ;=: .>= A=: -A0+B<.>1 = A=: -A0+B<.>- 7 +?<=/ 1>F+: +01;=01 =?: -B-7+
-/:16<=8 019A=: =G.61 96=;1 <=6F1 1B.<1 81/<+;<=/ A=: 71 =/01<.B+<1 7 + 8+,-;.8
8=/-I<=9;.81 <1@+ ;+E<=: =/.7 + >= <+ 8=G+8= 7 =@6.@+ A=7 1B1;. 81/<+;<= A=: 7
+ 1 C1@
98= 0+@.: . ?1 A=9;./<+8= 6+I- +<+0/.7 - @;1 ?0-/= =<?1 ?1 9+ 01?. ( 8=018= ?1
.D/01?.8= 6+I. >0-/ <18= ?1 - 9-A+0>=: 17?+0- G+:.8= ?1 961>. D01> ?=C.7 + +<+0/.7 - =?
A= ) + 1>=,+ D<18= .: . 8.9: .8= ?1 D<18= >=: .>= 7+ 71> <17 71B. 81/<+; >=7 . .>1>=
8=G+8= <1A016.;. 1 =9<=6- ;=/1 .D01B-<1: . 98= >=: .>= 8=01 ?1 .D<=9. =C.8
9-A+0>=: 17 ?+01 !O>.: =8+;101

16<+ 3 /=?.<+ 7 +?1< E=: 1<?9>. M .D.B10 =;>0.= 7+ ?1 .D6+9<. 8+;1: . >1? 9+ =E: 1?+
?= >017 <7+ <.9>.E ;+8A+01;-01 ( 1 ;= D<1B. 918= 9;+A+<(?61 .D<1? 1A9=: -;<+ <-: + <1
+:6.<=6=7 : +9;6.F. ()T* <1 #+: D.7-9=6=7 ( <+ ?17 - 6.@+ <.>1>16 =;A=0 A0=;.F1<7 -
+:+>;0.B<+ 9;0-7 + 1 ;1>6=7;+8A+01;-0. 9;0-7 1 C. >0=D 7 +?1< >0-/ =? G.F+ 8=/: 1 ?1
A0=;.B+ ?1 >0-G. 6+B<= C+D.>1>6=/?1: 7+/-;0=@>1 +<+0/.7 +
;6=8 9;1<- +: +>;0.B<1 9<1/1 9+ .9A=0-B-7 + ?1 C. ;. 8=/1=5 8=/: 1 ?1 7+ ;0=@.@ >0=D
C1>10<+ G.F+ 617A=9: .I=C+DC+,-7 + ;6=71 ?01/1 +: +>;0=?.9;0.C-;.6<1 >=8A1<.7 1 %.F+ 9+
?=<+>: + . D1/0+617 - D1;= @;= A0-G17 - =;A=0 A0=;.F1<7 - 9;0-7 + ;= 7 + =;A0.:
.>+ >1= 7 +?<=
;0+<7 + >=7 + <+ ?=A-@;1 9;0-7 . ?1 A0=;.B+ 9196.8 9: =C=?<= 1 ;= D1/0+61<7 + G.F1 >=7 + 7+
B.9;1 @;+;1 . 019.A1<7+ A=;0=@. 9+ .D6+9<1 >=: .B.<1 +<+0/.7+ 1;= ;6=701B-< D1 9;0-7 - C-?+
6+I. =? >=<6+<F.=<1: <.E +: +>;0=81/<+;1 >=7 . 01?+ - 8=;=0.81 /+<+01;=0.81 .
1>F+: +01;=0.81 9;0-7 1 ;1>=,+ A0=;.B+ >0=DC1>10<+ G.F+ ;1>= <18=;1<+ ?1 9+ ?=C.7 17 1>=
+:+>;0=81/<+;<= A=: 7+ 8=;=0- ;= A=: 7+ =C0I+ <+>+ ?0-/+ <18=;17 + G.F+ 0=;=0 >0=D
>=7 + ;1>=,+ A0=;.B+ 9;0-7 1 0-G. 0->- . =A.A178=;=0 ;=A1= 7 + 1>F+:+01;=0- 81/<+;<=
A=:7 + -98+0161 B+9;.F+ . M =>-9.01 .E 1>10<+ G.F+ 9+ -/0+7 - 1 D1B19 C. 9+ . A0+/0+7 1:+ 1: .
.E E: 1?.8= ;1>= @;= A-@;18= ?1 >0=D<7 .E ;+B+ =/0=8<1 >=: .B.<1 6=?+ =C.B<= >0=D0-A+
>=7 + 9- <18+0<= =9;16: 7+<+ - ?+C+: .8 <18=;17 .81 G.F+ 1>= 9+ A.;1;+ >-?1 =;.B+ : =61

163
+6= 7 +?<=/ A=?1;>1 +08.: 1C=6 1>F+: +01;=0 <1>10.>1= 7 + - ;=>- 3TO /=?.<1 01B-< D1
9;0-7 - - ->-A<=8 .D<=9- =? O 8.: .=<1 ?=: 101 +>.E 3 Y ;=/1 A=;0=@.: . 9- 8=I<.
81/<+;. - /: 16<=8 A09;+<- =? P "+
=B+;>=8 @+D?+9+;.E /=?.<1 ?=/=?.: = 9+ 6+: .>= ;+E<.B>= -<1A0+,+<7 + =C.: . 98=
<=6+ : +/-0+ <19;1: + 8+@1<7 +8 +/D=;.B<.E 8+;1: 1 6+ : +/-0+ 9- 9A=9=C<+ ?1 =9;1<- -
;=8 =9+;: 7.6=8 9;1<7 - D61<=8 2 9-A+0A0=6=?: 7.6=9;2. >1? A0=6=?+ >0=D 9+C+ =/0=8<+
>=: .B.<+ 9;0-7 + . A0=.D6=?+ 81/<+;<1 A=: 7
1 =/0=8<+ 7 1B.<+ 6+ ;= <1 901D8+0<=
2F.6.:.D=61<.82;+8A+01;-0181 =? O ?= 9;+A+<. .D<1? 1A9=: -;<+ <-: + @;= 7 + <181
<+-A=0+?.6= : 1>@+ ?1 A=9;./<+8= . =?0G1618= <+/= .:. ) 9;+A+<1 >=: .>= 7 + A=;0+C<=
>=? =C.B<.E 8+;1: 1 +:.7-8 =9;17 + A0161 ;+B<=9; . <1 O 96+ ?0-/= 9+ <1 ;1>= <.9>=7
;+8A+01;-0. 9;60?<+ . D1;= <18 9+ ->1D1: 1 A0.: .>1 D1 9;610<- A01>;.B<- -A=;0+C-
9-A+0A0=6=?: 7.6=9;. 6+I.<. 6+: .>.E : 1C=01;=0.7 1 <1-B<.F. 9- ;1?1 =;A=B+: . <+>1 A=9: 1 91
G.F181 >=7 + <.9- =? C1>01 <+/= =? : +/-01 >1= @;= 7 + <.=C.7 -8(;.;1<.7 -8 .: . <.=C.7 -8(*(
>1: 17 -@;1: . 9- ?1 9+ A0+>= ;.E G.F1 9: .61 ;+B<. E+: .7-8 >=7 . .E D1?0G161 <1 ;+8A+01;-0.
/?+ 7 + ;.8 : +/-0181 9-A+0A0=6=?: 7.6=9; 7 =@8=/-I1
+: .>. 81/<+;. =6+ 609;+ A016: 7+<. 9- D1 ?+;+>;=0+ B+9;.F1N<18+9;.@;1>6+ 81/<+;+
0+F.8= 96-?1 =>= ;6=7 + 81/: +<+ >=8=0+ :. <.9- >=0.@I+<. - 1>F+: +01;=0.81 - >=7 .81
9+ 7 1B.<1 81/<+;<=/A=: 71 8=01 9;1: <= A=6+I161;. ?=> 9+ . +<+0/.7 1 B+9;.F1 A=6+I161 =
A=6+I161<7 + ( ?1>: + 8+<7 1<7 + ( >610. <18 A=91= D1;= @;= <19;17 - ?+7 9;61 >=7 1 9- >1=
;0+<7 + 60;: =G<+ 9;0-7 + . G.F+ 9+ D1/0+7 - A1 9-A+0A0=6=?: 7
.6=9; C-?+ -A0=A1@I+<1
/0=8<+ >=: .B.<+ .9;01G.61B>=/ 01?1 -: 1/1<+ 9- - =617A0=C: +8 ;=>=8 <+>.E ?61?+9+;
8->=;0A<.E /=?.<1 +08.: 1C 7 + A=? -A016=8 =C+0;1 .: 9=<1 C.= <+/?+ <1 B+: - =6.E
<19;=7 1<7 1 +?1< .: 9=<=6;.8 C1F.= 9+ <1 .9;01G.61<7 + . 01D6=79-A+0A0=6=?<.E 81/<+;1
/=?.<+ 3T* -C0D= A=9: + 1>;.6.01<7 1 A06=C.;<+ 6+9;=;>+ +?<1 =? A=C-?1 D1 -: 1/1<7 +
=6=/ 01?1 C.: 1 7+ . ;1 @;= 9+ F+<1 9;0-7 + <1/: = A=6+I161: 1 DC=/ <1M ;<+ >0.D+ >=7 1 7+
<19;1: 1 - 96+;- - ;= ?=C1 0-/. 8=;.6 C.= 7 + ;17@;= 9- <1@. +60=A9>. ;1>81F. =<. -
>=<D=0F.7 -8- # - %+<+6. /01C.: . <1A0+?
+?18?+9+;+ 9- C.: + 80@16+ /=?.<+ D1 C-?G+;+ 18+0.B>.E <1-B<=.9;01G.61B>.E
-9;1<=61 =9: + 0-/=/ 96+;9>=/ 01;1 =61 D+8: 71 7 + C.: 1 B609;= .9A0+? 96.E - <1-B<=8
.9;01G.61<7 - D1;= @;= 9- 96. =9;1: . 8=01: . ?1 9+ ;0-?+ ?1 =C<=6+ A=9: + 01;<.E 01D101<7 1
96=7 - A0.60+?- . 96=7 - <1-B<- .<M 019;0->;-0- 0+? >0179+?18?+9+;.E <+>1 016<=;+G1
=A+; 9+ -9A=9;16.: 1 60=A: 71<. 9- /01?.: . 81@.<- =? P "+ 9-A+0A0=;=<9>. 9.<E0=;0=<
1 ;= 9- .81: . 6+I+ A10+ <+/= 8. =6?+ . <+ 918= ;= <+/= 9- -9A+: . ?1 <18+9;+ .
6+I. C0=79>-A=F+<.E ?+;+>;=01 =? >=7 .E D16.9. >61: .;+; .9;01G.61B>=/ 01?1 1 81@.<1
=D<1B.: 1 7 + A=B+;1> <=6=/ F.>: -91 - 8+,-<10=?<=79101?<7 . 1: . . - -;1>8.F. 1?1 -
?+6+?+9+;.8 /=?.<181 60=A1 . 1A1< 9- .9A0+? 8+0.>+ - <+>.8 =C: 19;.81 .9;01G.61<7 1
1 - <+>.8 ?0-/.8 D1=9;17 - 1: . <+ 8<=/=
.:9=<=61 D18.91= C.: 17 + 9: +?+I1 1>= 9+ =;1019.8= ;+ <+6=: 7+ 91 60;: =G<.8 9;0-7 181
A1 =>0-G.8= F+= 1>F+: +01;=0 9-A+0A0=6=?<.8 81/<+;.81 -@;+?+I+8= =/0=8<+ >=: .B.<+
9;0-7 + 1 ?=C.I+8= 7 1B1 81/<+;<1 A=: 71 @;= I+ D<1B.;. C+D .>1>6=/ A=6+I1<7 1
A=: -A0+B<.>1 ?1 I+8= ?=C.7 1;. B+9;.F+ 91 6+I=8 +<+0/.7 =8 =81/1= 8- 7 + : 6.<
=:+9;0-A :6.< =: :+9;0-A A0=M +9=0 91 1: ;+>1 >=7 . 7+ ?=@1= ?1 - +08.: 1C- A0=6+?+
96=7 - 9: =C=?<- /=?.<- 1: . 7+ ;= A0=?-G.= . <19;16.= ?1 A0=?-G161 . =9;1= D1 9;1: <=
.:
9=< . =: +9;0-A 9- 6+=81 A=;1<>= A0=-B161: . >1>= A0=8+<+ - A0=;.F1<7 - 9;0-7 + . -
81/<+;<=8 A=: 7
- .D1D.617 -: =>1: <= D1/0+61<7 + +08.: 1C=6=7/0-A. A=81/1: . 9- . <1-B<.F.
>=7 . 9- 01?.: . - <+>.8 ?0-/.8 : 1C=01;=0.7 181 <10=B.;= =<. - 1?+0M =0?=6=7: 1C=01;=0.7 . -
</: +9>=7 +08.: 1C=6F. 9- <1A016.: . 9;=;.<+ 8=?+: 1 81/<+;1 D1 A0=C- 101,.61: . 9- . 91
8+;1: -0D.81 . 91 =<.81 >=7 . 9+ C16+ .9>: 7-B.6= <1->=8 = 81;+0.7 1:.81 D8+,- 3T* .
3TT 0+@+<7 + 7 + <17 D1? <1,+<= 9A+: . 98= ?1 A=7 1B18= 9;0-7 - - 9-A+0A0=6=?<.8
81/<+;.81 =? <-: + ?= O 18A+01 D1 918= 9+>-<?. 1 ?1 <+ .D/-C.8=
9-A+0A0=6=?: 7.6=9; D.8- 3T!(T3 /=?.<+ A=B+: 17 + ?1 01?. 7 +?<1 A0=.D6=?<1 : .<.71 >=7 1
7+ A016.: 1 81/<+;+ 9+?18 8+;101 ?-/1B>+ 91 .D609<.8 =?: .>181 "=?.<+ 3!* 01?
+61;0=<1 - +08.: 1C- A=7 1B1< 7 + ;1>= @;= 7 + <1 .D: 1D<. ?+= F+6. ?=?1;= 7 +?<= 6+: .>=
9-A+0A0=6=?<= A10B+ ( >1= =<= >1? <1 .D: 1D<. ?+= 16.=<9>=/8: 1D<=/8=;=01 <1>1B+ 7 =@
. >=8=0- D1 ?=?1;<= 91/=0+61<7 + .8+ 7 + +<+0/.7 1 A=?./<-;1 91 P <1 3 "+ 1
A=;0+C<1 9<1/1 +: +>;0.B<+ 9;0-7 + 981<7 +<1 91 $ <1 ) 8+/161;1 1 . ;= 9+ 6+I.8 ?+: =8
;0=@. <1 A0=.D6=?<7 - ;+B<=/E+: .7-81

164
 1? 7+ .: 9=< A=>0+<-= 96=7A0=/018 .9;01G.61<7 1 . 01D6=71 3T* /=?.<+ ->-A<1
/=?.@<71 A0=.D6=?<7 1 9-A+0A0=6=?<=/ 81;+0.7 1:1 - 8+0.F. .D<=9.: 1 7+ 9;=;.<1> .:
. ?6+9;1
>.:
=/0181 +08.:1C 7 + 8+,-;.8 A=B+= ?1 >-A-7 + A= @+D?+9+;1> E.: 7
1?1 >.: =/0181
/=?.@<7+ @;= 7 + ;=7.<?-9;0.7. =8=/-I.: = ?1 9+ .D/01?. <1 9196.8 ?0-/1B.7 . <1B.< ": 16<.
>-AF. 9-A+0A0=6=?<=/ 81;+0.7 1:1 ?1<19 7 +9- =<+ M .08+ >=7 + A016+ 81/<+;<=(
0+D=<1<;<+ 9>+<+0+ A=8=I- >=7 .E :
+>10. >1? ;0+C1 ?1 =?0+?+ ?.7 1/<=D- D16.0+ -
A1F.7
+<;1 ;= 7+ .<?-9;0.7
1 >=7 1 =C0<+ O 8.: .=<1 ?=: 101 /=?.@<7+ =G+ 9+ 0+I. ?1 D1
-9A+E ;=/A=9: 1 <+>- 81: - D19:-/- .81 . +08.: 1C

=6+> >=7 . 7+ ?=C0.8 ?+: =8 D19: -G1< @;= +08.: 1C -=A@;+ A=9;=7 . 7+9;+ <1@ A06.
?.0+>;=0 -8+;<.>5 >1-C=75>=<9;0->;=0 =C+0; 1;C1< .: 9=< <1;+ @;1 .81 E10.D8+ .
E10.D8+ 1: . =< 7 + - ;=8 A=/: +?- C.= 9-A+0@18A.=< ?019;1= 7 + - 17 =8.</- /?+ 7 +
71E1= >=<7 + . 60+?<= -B.= - @>=: . . .DC=0.= 9+ ?1 8- ?17 - 9;.A+<?.7 - A=8=I- >=7 + 9+
-C1F.= <1 +0>: . 18= 7 + A=9;1= 9;-?+<; =0+<91
+I918 =A.91= <+.8109>+ A=?6./+ =6=/ 0+<+91<9<=/ B=6+>1 - .D/01?<7 . +08.: 1C1
=?1= C.E ?1 7 + =< C.= . ;+E<=: =@>. 8-?10 .:9=< 7 + A=9;1= ?.0+>;=0(=9<.61B +08.: 1C1
3$T /=?.<+ . =C+DC+?.= C-?G+; =? )O 8.: .=<1 ?=: 101 ?1 C. 91/01?.= ;1>= 7 + A.91:= -
9A+F.M .>1F.7 . 81@.<- =? ) "+ 91 9+?18 D01>19;.E : .<.71 D/01?<7 1 7 + A=B+: 1 3$! .
;0+C1: = 7 + ?1 ;017 + A+; /=?.<1 1: . 7
+ .: 9=< ?=60@.= 81@.<- A0+ 0=>1 /=?.<+ 3T) +I
3TP 01?.: 1 7 + A=9;=7 1<= <1 P "+ 91 P D01B<.E : .<.7 1 1 =? A101 <18+<7 +<.E D1
.D/01?<7 - A0+=9;1: = 7 + <+A=;0=@+<.E 7 =@ ?+9+; 8.: .=<1 ?=: 101 6+ ;= -D
<17 6+: .B1<9;6+<.7 - 10E.;+>;-0- .>1?1 =9;610+<- - 81 >=7 =718+0.B>=7?0G16<=7.<9;1: 1F.7.
+?16<= 918 .D01B-<1= 9: +?+I+ ?1 7 + .: 9=<- A=6+0+<= ?1 -A016: 7
1 91 ;.8 .9;.8
6+@;.<181 . 9A=9=C<=9;.81 <1@.8 C-?G+;=8 D1 <1F.=<1: <- =?C01<- ;=>=8 A0=;+>: .E
A+;<1+9; /=?.<1 91?1 C. 7 +?.<7 +<+ 0G16+ .81: + A0.71;1< A: -9 - C-?G+;- 1 <1@. ;+<>=6.
C. C.:. /: 16<1 ;+81 - 96+;- : .>=6<.E -8+;<.>1
0.B1 9+ ?1 7 + .: 9=<- A06. A-; A1: = <1 A18+; ?1 91/01?. <+@;= <1: .> <1 +08.: 1C 7 =@
<1 A=B+;>- @+D?+9+;.E /=?.<1 +?<+ =? ;.E /=?.<1 <1@1= 9+ - 10.D- >1= A0=M +9=0 -
9>: =A- 8+,-<10=?<+ 01D8+<+ +?<=/ ?1<1 ?1?=@+ 8- D1?1;1> . ?1 -B+9;6-7 + - 716<=7
9+9.7. 9: .>1<7 1 1>= 9+ .: 9=< <1@1= - "01< =8.7 +- /?+ 7 + D17+?<= 91 /0-A=8 ?0-/.E
-8+;<.>1 8=01= ?1 9+?. . F0;1 <1/- G+<- ( 1 >1= 8=?+:.8 7 + A=D.01: 1 <+>1 C1@=C.: 1;=
/01,+<1 ;= 60+8+ - 9- 6=,+<+ 019A016+ = 6+9;=;>. . .: 9=<- 9+ <.7 + 96.,1: = =<=
@;= 7+ B.;1= - A.98.81 >=7 1 9- 8- 9;.D1: 1 ?=> 9- 96. ?0-/. F0;1: . =>0-/: + 9.9+ .: 9=< 7 +
F0;1= ?0-/1B.7 + >0-/=6+ ( >1>= C. 9+ D01F. 8=/: . 916.71;. ( . ->01@161= .E 7 +?<1B.<181 =
618 7 + A=96+I+<=9; A=9: -
.:9=< <.7 + C.= 9160@+< 0.: .>=8 D.?1<7 1 +08.: 1C1 >=0.9;.= 7 + 2A0+B.F+2?1 C. ?=C.= <1
60+8+<- 1: . ;= 8- 9+ <.7 + 961>. A-; -9A+@<= D160@.: = /=0B+<= 9+ G1: .= ?1 7 + DC=/918=
7+?<=/ 7 +?.<=/ A0=81@17 1 .D/-C.= ?+9+; 8.: .=<1 ?=: 101 . /=?.<- ?1<1 .<1B+ C. D160@.=
+08.: 1C 7 =@ 3T /=?.<+ 8+= 7 + =< . ?1 2 A=: -?.2N /=?.<+ 3T! D/1,+< 9A=0.8
A0.;.F1<7 +8 C-?G+;9>.E 90+?9;161 D1 <7 +/=6 01? <1 9-A+0A0=6=?: 7 .6=9;. A=?<+= 7 +
=9;16>- +<+ 9- =<?1 A.;1: . ?1 A=9;1<+8 <7 +/=6<19: +?<.> 1 ( A016= >=? <7 +/1 < 8.
7+ D1A0+;.= ?1 I+ 8+ 16+;.<7 9>. A=E=?.;. 1>= <+ A0.E61;.8 ;= 01?<= 8+9;= 61 A0+;<7 1
8+ 7 + 9: =8.: 1 1A0=9;= <.918 8=/1= .D?0G1;. A=8.91= ?1 - <=I.81 D1 8<=8 7 1@+
.:
9=<=6?-E <1 >=<7 - D1;= 918 A0.E61;.= ;17A=91= . A0.A0+8.= ;0. >=6+0;+

6+ @;= 7+ - =6=8 A=/: 16:7- =C7 1@<7 +<= 8=G+8= .: -9;0=61;. ;1>= @;= I+8= =A.91;.
+08.: 1C=6 >19>1?<. 1>F+:+01;=0 >=7 . 9+ 919;=7
. =? A+; -D19;=A<.E 81@.<1 9+?18 1>=
-C0=7.;+ . =<1 ?61 A09;+<1 - >=7 .81 A016.8= 1<;.81;+0.7 - +08.:1C 7+ 7+?<1 9: =G+<1
>=0+=/01M .7
1 91B.<7+<1 =? A+; 01D:.B.;.E 1>F+:+01;=01 1 961>. =? <7.E D<1B. A= 7
+?1< >=01>
<16.@+ - +<+0/.7. . -9160@+<=9;. >1= =<;=/+<+;9>1 0+>1A.;-: 1F.7
1 M.:
=/+<+D+ .: . @;1 6+I
0+>1A.;-:.01

165
 06= 8=018= ?1 .818= <+@;= @;= C.98= -C0D161: . >=><+8= A0+>=A-;1 -
A0=?16<.F- . ;= - /6=G,10- . >-A.8= 7 +?<- =? =<.E 6.9=>.E 8+;1: <.E C=F1 - >=: .81 9+
<1: 1D. /19 6=?=<.> A=? 6+: .>.8 A0.;.9>=8 =?=<.>=61;=8 919;=7 . 9+ =? 7 +?<=/+: +>;0=<1
. 7 +D/01 >=7 +7 + 9196.8 7 +?<=9;16<= ( <7 +/1 B.<. 918= 7 +?1< A0=;=< ;=77 +?<=7C=F. .81
?=6=: 7<= A0=;=<1 ?1 +08.: 1C 01?. /=?.<- ?1<1 #+<1 ?61?+9+; ?=: 101 C+D >1-F.7 +
D<1B. 1>= I+8= 601;.;. A01D<- C=F- 061 81@.<1 - >19>1?. 7 + =>0=M ;( =: ;=<=6
+: +>;0=9;1;.B>. 1>F+: +01;=0 91D?1< .9;= >1= =<17A06. .D ;0.?+9+;.E /=?.<1 = 7+ ?1: +>=
<17 9;10.7 . =? 96.E 1>F+: +01;=01 - +08.: 1C- A1 .A1> >=? <=6.<101 <17 A=A-: 10<.7 . D1
9: .>1<7 + D1;= @;= .D/: +?1 M -;-0.9;.B>. ->01@+< 7 + =/0=8<.8 C: .9;16.8 >-/: 181 . >0-G<.8
A09;+<=6.81 <1: .> <1 -@;.A1> =>0=M ;( =: ;=<- A019<+ 610<.F1 . =/-: . +: +>;0=<+ 91
1;=81 ;1>= ?1 =9;17 - 918= A0=;=<. A=D.;.6<= <1+: +>;0.91<. ;=8 ;0+<-;>- =<.
=;A0.: .>+ 8.0-7 - <+ .?- <.>-? 1 81@.<1 .E =<?1 -C0D161 . <1A016. D01> =? TO + >=7 .
7+ <1<.@1<7 +< A016= >1 -: 1D- - 9: +?+I- 81@.<- 1 ;= 7 + : .<+10<. 1>F+: +01;=0 9>01I+<=
:.<1> 617: .<1> C1F. A0=;=<+ >0=D 7 +?1< O 8+;101 ?-/1B1> <.D 01?.=(M 0+>6+<;<.E
@-A: 7.<1 1D81>1 . ;.8+ .E .D6-B+ ?= ) +
1 =6=8 91?1 6+I A=@;=61<7 1 ?=9;=7 <=8 +<+0/.7 =8 =<. C.617 - A0+C1B+<.
81/<+;<.8 -98+0161<7 +8 . M =>-9.01<7 +8 - 2 C-9;+02 ;= 7 +9; 2 ?=?161B 9<1/+2 = 7 +
9.<E0=;0=< >=7 . .E ?=B+A1 . 60;. 60;. . A=?./<+ <7 .E=6- +<+0/.7 - <1 ! "+ 18=
A=8.9: .;+ 6+I98= A=9;./: . 6+I- +<+0/.7 - <+/= @;= 7 + .81= +61;0=< - +0>: .7- A06. /./1(
1>F+: +01;=0 1 ;+> <18 =9;17 - ?61 <17 71B1 A09;+<1 6- ?=C.7 +<- >=: .B.<- A0=;=<1
-C0.D/1618= - /: 16<. A09;+< 1 ;= <18 7 + ;17=? @+9; . A= >.: =8+;101 - =C.8-N;= 7 + <1@1
6+9;=;>1 >=7 1 7 + =? 3TP ?= 3!) A=9;.D1: 1 P "+ ?6=9;0->= 6.@+ <+/= @;= 7 +
A0=7 +>;=61<1 ?1 A=9;.G+ 617/: 16<. A09;+< C.= 7 + 01?<. >=<7F+: =/ +08.: 1C1
1? 98= ->: 7-B.: . . +61;0=< /=?.<+ 3!* 6+9;=;>. 7 + G.6=; A=9;1= <+@;= : 1>@. 1?1
=<1 A=6-B+ A0=;=<+ 918= ?= O "+ 1 =<?1 .E ?=?17 + 9-A+0A0=6=?<.B>=8 +61;0=<-
B.7 . 7+ A09;+< ;1B<= .9;=/ A=: -A0+B<.>1 >1= /: 16<. 1: . 7+ ->=A1< <+@;= ?-C: 7
+ - D+8: 7
- (
918= ?61(;0. 8+;01 ?-C: 7
+ 1? +61;0=< A0.8+<7 -7+8= <1 >=<6+<F.=<1: 1< <1B.<
9-A+0A0=6=?<. 81/<+;. ?=E61;+ B+9;.F- . <=9+ 7 + ->0-/ ->0-/ O A-;1 - 9+>-<?. 1
A0. 961>=8 >0-/- =<1 ?=C.7 +7 =@A= A0.C: .G<= T + NA=9: + <+>.E )O9+>-<?. .D6-B+<1
7+ ?= +<+0/.7 + =? 3 "+ 1?1 >0=D 81/<+;+ A0=;.B+ 9;0-7 1 9<1/+ O 18A+01 1
71B.<1 <7 .E=6=/ 81/<+;<=/ A=: 71 A=6+I1: 1 9+ <1 P ;+9: 1 @;= 7 + 6.@+ <+/= ?6=9;0->=
71B+ =? =<=/@;= 9+ 8=G+ ?=C.;. =? 9;10.E /6=D?+<.E 81/<+;1 <+0/.7 1 >=7 - ;0+C1 ;0=@.;.
?1 C. 9+ =?0G1: 1 9;0-7 1 7 1B.<+ ;.E O 18A+01 7 +?<1>1 7 + A0.C: .G<= <-: . +E<=: =/.71
9-A+0A0=6=?<.E : +/-01 <+A0+9;1<= 9+ A=C=: 7@161 = /=?.<+ 33 ;=: .>= 7 + A=C=: 7@1<1
?1 I+ - 9-A+0>=: 17?+0- C.;. A=9;.D1<1 81/<+;<1 A=: 717 1B.<+ @+9; . A= ;+9: . 1 =<. ?0-/10. -
# (- 01?+ 96.8 9.: 181 ?1 ;- ;+E<=: =/.7 - A=/-017 - ?= 8=G?1 >017 <7
.E /01<.F1 8=/-I.E
D1 <.=C.7 -89>+ : +/-0+ ( ;+9:. "=?.<+ 3!T =;>0.6+<1 7 + <=61 609;1 9-A+0A0=6=?<.>1
91 >+018.B>.8 81;+0.7 1:.81 >=7 .81 7 + ?=6=: 7<= . E: 1,+<7 + 918= ;+B<.8 1D=;=8 - 9- 9+
:7-?. 8<=/= A=<1?1: . ?1 I+ ;0=@>=6. C.;. ?019;.B<= 981<7 +<. 1: . A=;0+C<1 7 1>1 81/<+;<1
A=: 71 7 =@ <.9- A=9;./: .ND191? <.>= <+ 8=G+ A0+?6.?+;. >1? I+ . ?1 : . I+ .>1? ;. <=6.
81;+0.7 1:. D18+<.;. : +/-0- <.=C.7 -81 . ;.;1<.7 -81
=C0= . 98= - +61;0=<- /?+ 7 + =/01<.B+<7 + P ;+9: + 1? +: +>;0=81/<+;<+ 9.: +
20.;<-2A0=;=<+ . .DC1F+ .E <1 7 +?<- =0C.;- >=7 1 .E .D6+?+ 9196.8 .D;+ 81@.<+ <. -:+I- -
7+?1< ;-<+: - .E 019A=?+: .8= <1 ->-A<= P D01B<.E : .<.7 1 ( D<1B. =? 7 +?<=/ 8: 1D1
<1A016.8= P 81<7 .E D19+C<.E 8: 1D+61 61>=8+ =? ;.E 8: 1D+61 A= 7 +?<1 +>.A1
<1-B<.>1 A=?8+;<+ 8+;- - >=7 - 8: 1D-?10. 1: . <18+9;. . ?+;+>;=0+ ?1 6.?. @;1 I+ =<?1
?1 C-?+ =6=8 <1@+8 A0=/018- /?+ 9+ A0=;=<.81 <18+@;17 - <+A=>0+;<+ 8+;+ 01?.
<+>.E E.: 71?- M .D.B101 1@.<1 01?. - F.>: -9.81 0+C1 7 =7=>= * 9+>-<?. ?1 A=9;./<+ 961
;1 A=8+<-;1 -C0D1<7 1 <?1 A0=9.A1 96=7D01> <+ 96+ =?7 +?<=8 <+/= 81: =(A=81: =
;=>=8 ?61?+9+;1> 9+>-<?. ?1 +>9A+0.8+<;1;=0. <+ C. C.: . D19-;. A0+6+: .>=8 >=: .B.<=8
B+9;.F1 @;= C. .8 A=>610.: = =A.; = 7 + 7 +?1< F.>: -9 < 9+ 961>=/ 8.<-;1 A=<=6. .D
A=B+;>1
A=: 71@<7 . D01> ( ;= 7 + =<17>=7 . 6+I>017 <7+ -C0D1< .D: +I+ .D +61;0=<1 ( 6+=81 7 +
-9>= M =>-9.01< =7+ >=: +/+ . 7 1 .D6+: . 98= 7 +?1< =A.; 91 60: = =@;0.8 C0.7 1B+8 01> 98=
-98+0.: . - 2 A0=;=<(F+<;102 6=?.: . 7
=@ ?61 . A= >.: =8+;01 . <7 .8+ /1,1: . =@;0.F- C0.7 1B1
0=;=<. 9- A=/1,1: . 918= =@;0.F- . =?C.7 1:. 9+ = <7 +<- ?+C: 7 .<- >=7 1 7+ 81<7 1 =? 9;=;=/
?+: 1 8.: .8+;01 A.; 7 + A=;017 1= <+?+: 7181 . D01> 7 + 961>=/ 8.<-;1 A=<=6= . A=<=6=

166
A=/1,1= . <.7 +?<=8 <.7 + A0=81@.=N<7+/=61 >=: +C1<7 1 C.:
1 9- 8<=/= 81<7 1 =? ?+C: 7.<+ ;+
8+;+
0-/. <1B.< >=0.@I+<7 1 +61;0=<1 7+9;+ >=:17?+09>. 9-?10<. = 7 + <+@;= 9196.8 ?0-/=
19:-G-7 + ?1 9+ =C7 19<. <1;+<1<+ 1 A=B+;>- A0=;=<. -@A0.F1<. - +61;0=< >0-G+ .
>0-G+ 1: . <+ ?=C.7 17- <.>1>6- <=6- +<+0/.7 - ( =9;17- <1 O "+ 91 >=: .>= 9- . -@:. <.
B+>17 - 1<;.A0=;=<+ A016=8 ;0+<-;>- <1@.D6=0 2 A.(C1012;= 7 +9; 1<;.A0=;=<1 -01?. 96=7
A=91= A0=.D6+?+ 1<;.A0=;=<+ . C1F. .E - +61;0=<=6 A09;+< 1: . ;1>= ?1 9+ >0+I- -
9-A0=;<=8 98+0- A0=;=<.81 - 9-90+; 1? .818= - +61;0=<- =C1 ;1 D01>1 A=B<+8=
?1 A=7 1B1618= 81/<+;<1 A=: 7
1 .8+ -C0D1618= =C1 ;=8+ -9>=0= A=?0=C<.7 +
961>=7 M 1D. =6=/ <1@+/ 01?<=/ <.D1 >=8A7 -;+0. >=<;0=: .@- 81/<+;+ . 01?.=(
M0+>6+<;<+ 9.9;+8+ ;1>= ?1 A0=;=<. =9;17 - B609;= DC.7 +<. . 6=,+<. +<D=0. ?17 -
.<M=081F.7 + = 71B.<. . <1A=<- 01D<.E 9;0-71 = A0.;.9F.81 ;+8A+01;-0181 = 8+9;- /?+ 9+
A0=;=<. ;0+<-;<= <1: 1D+ >1= . <17<=6.7+ C+0D1<9>+ .D6+@;17 + 18= 7 +?<1 /0+@>1 . D01>
C. 8=/1= ?1 .D: +;. 91 A0+?6.,+<+ A-;1<7 + . D10.7
+ 9+ - =>=: <+ 81/<+;+ <7.81 C. .DC-@.=
0-A.F- 60: =M .<- . 60: = 9>-A- 6= 9+ <.>1? <.7 + ?=/=?.:= = 91?1

" #

1A0.B198= 9+ ;=: .>= = A0=;=<9>.8 81@.<181 1 A0=;=<. .A1> <.9- <1@1 7 +?.<1
8=/-I<=9; =? <7 .E 7 + M .<= ;= @;= .E 8=G+8= 7 +M;.<= -C0D161;. 96+ ?= E.: 7
1?+ 8.: .710?.
+: +>;0=<(6=: ;. -A+0>=: 17?+0 I+ .E -C0D161;. ?= ) C.: .=<1 + 1A016= 8=G?1 <+ A=9;=7 .
;+=0.7 9>1 /=0<7 1 /01<.F1 +<+0/.7 + >=7 1 C. 9+ ;1>= 8=/: 1 ?=9;.I. <= @;= >=? A0=;=<1 <+
61: 71 ;= 7 + @;= 9- A-<. ?0-/.E B+9;.F1 ( >610>=61 . /: -=<1 1? 9+ 918= 7 +?1< A0=;=<
019A-F1 = 8+;- .D <7 +/1 .D: +;. 961@;1 1;= <+>. M .D.B10. 6.@+ 6=: + ?1 -C0D1617 -
+: +>;0=<+ >=7 . 9- >1= ;1B>1 >1= 1(;=8 1F.@;1B>- - 9-?10 9-?10 =9;1<+ B.9; : . C10
B.9;.7. <+/= 91 A0=;=<=8 :
. >=? +: +>;0=<1 =A+; <+ 61: 71 ;= @;= .8 7 + 8191 ?1: +>=
81<7 1 A1 7 + ;+@>= . 9>-A= -C0D161;. .E +: .>- >=: .B.<- +: +>;0=81/<+;<=/ D01B+<7 1
8=018= -;0=@.;. ?1 C.98= ;1>= 81: +<- 819- 6=?.: . G+: 7+<=8 >0-G<=8 A-;1<7 =8 =
D01B+<7 + 9+ 019.A1 =?: 1D. <1 96+ 9;01<+ 1 C.98= <1?=><1?.: . /-C.;1> 8=018= ;0=@.;.
?=?1;<+ >=: .B.<+ 9;0-7 + ?=@+ A10+ +,-;.8 -A016= =6= D01B+<7 + >=7 + 91 <1@+/
/: +?.@;1 2 .?+ - @;+;-2<+>.8 ?0-/.8 <1-B<.F.81 .?+ C1@- >=0.9; D1;= @;= 7 + 6+=81 9<1G<=
. 6+=81 6.9=>+ M 0+>6+<F.7 + =9;=7 + 8<=/. >0-G<. 1>F+: +01;=0. +: +>;0=<1 >=7 . - 9;610. <+
01?+ <.@;1 ?0-/= >=0.9<= ( A=96+I+<. 9- - F+: =9;. A0=.D6=?<7 . =6.E 9.<E0=;0=<9>.E
+: +>;0=81/<+;<.E D01B+<7 1 =:1D. 8<=/= 8-@;+0.7 1 C.=: =D. >=7 . A=8=I- 9<1G<.E
M=;=<9>.E D01>1 A0=-B1617 - =/0=8<+ 8=: +>-: +NA0=.D6=,1B. +: +>;0=<9>.E B.A=61 >=7 . 01?+
0+<?/+<9>- : .;=/01M .7-N A0=-B161=F. >=<?+<D=61<+ 81;+0.7 + >=7 . A0=-B1617 - 9;0->;-0-
81;+0.7 1: 1 . 8<=/= ?0-/=/96+;1 >=7 . 9+ C16. ;.8 ;1>= A01>;.B<.8 9;610.81
+?1< <1B.< ?1 9+ .DC+/<+ =617 /-C.;1> +<+0/.7 + C.= C. ?1 9+ -A=;0+C. : .<+10<.
1>F+: +01;=0 >1= @;= 7 + =<17;0. >.: =8+;01 ?-/1B1> : .<1> - ;+<M =0?- # 91/01,+< 7 =@
A=B+;>=8 @+D?+9+;.E - 9;+<M =0?9>- 81@.<- A06=C.;<= 9- D61: . 2 2 @;= 7 + C.: = 9>01I+<=
=? 2 =<9;0-82 NC.= 7 + 9;610<= D1 96=7 + 60+8+ B-?=6.@<= 6+: .>. =B.<7 + >=? 9;+<M =0?9>=/
9;-?+<;9>=/ /01?1 <+>.E B+;.0. 9;=;.<+ 8+;101 =? 019+: .<+ 6+;. <?0+7 1 . A0-G1 9+ >1
D1: .6- 1< 01<F.9>= # D1 96=7 + A=9;=7 1<7 + .81 ?1 D1E61: . D181E- . 9<1: 1G: 7.6=9;.
96=/ A06=/ ?.0+>;=01 =:M/1</1 1<=M 9>=/ 4=: M/1</ 1<=M 9>Q :
. 6.?.;+ G =C+0;
A+<E17 8+0 8. 7 + .9A0.B1= ?1 9- ;1797 17<. 1<=M 9>. . <7 +/=67 +?<1>= 97 17 <. C01;(C: .D1<1F
1<9 .@:. <1 0.<9;=< D17 +?<= A=9;./: . =C=7 .F1 D6+D?1<= 6.9=> 1>1?+89>. -9A+E 1: . 7 +?1<
7+ .A1> D1 ?: 1>- C=: 7
. =? ?0-/=/ ? ;1?1 .E D=6- 0+>1= 7 + A+<E17 8+0 18+;<. 1<=M 9>.
. ": -A. 1<=M 9>. : . >=7 .7 + >=7 .'R = 7+ ;17 <1 R.D7 16: 7-7 + =: M/1</ D61: . 98= /1 -.9;.<-
.M
1D:.>+ .D8+,- +08.: 1C1 . 0.<9;=<1 9- =B./: +?<+ 61701?. A0=;=<+ =<17+: +>;0=<+
6177 + =>0-/1= =<170161< >1? >1G+8= ?1 7 + : .<+10<. 1>F+: +01;=0 A016 ;= D<1B.
9;610<= - A016=7: .<.7 . 1 A0.8+0 A0+;A=9;16.8= ?1 <+>= .D/01?. ;0. >.: =8+;01 ?0-81
"01,+6.<10. 7 +8B+ ?1 7 + ?0-8 A016 >1= 9;0+: 1 1: . <.7+ < 7 + D1>0.6: 7+< - 9>: 1?- 91 60: =
C: 1/.8 D1>0.6: 7+<7 +8 A=60@.<+ A: 1<+;+ +8: 7
+ "+=8+;0- >=7 . 9;=7 . <1 <7 +8- .D/: +?1
9196.8 A016 1: . 6.,+< .D>=98=91 ;= 7 +7 +?1< C: 1/. : -> 1 01D: .>- =? ;=/1 F+6>0=D>=7 -
9+ >0+I- +: +>;0=<. #(1 7 +9;+ A0161 1? C. +8: 71 C.: 1 9160@+<1 >-/: 1 =617: .<1> C.=

167
C. ;0.>.:
=8+;109>1 ;1</+<;1 <1 <7+<- A=60@.<- 1@.<+ 91 +:+>;0=<.81 9- 9+ <18<=G.: + A=
96+;- 1: . 7
+ # =9;1= <179A+>;1>-:10<.7
1 =? <7.E -C0D161= 7 + +:+>;0=<+ ?= ) "+ -
3$ /=?.<. . ?= O "+ - 3!3 1 =<?1 9- 60=A: 71<. A0+-D+:. 9;610. - 96=7
+ 0->+

=C0= D<1B. =6= 9- <1@+ 8=/-I<=9;. .DC=01 ?= 91? =G+@ -C0D161;. A0=;=<+ .: .
+:+>;0=<+N . 8=G+@ .E -C0D161;. - >0-/=6.81 .: . - A016=7: .<.7 . A1> 8=01 7 =@ 7 +?<1
=?: ->1 ?1 9+ ?=<+9+
=<6+<F.=<1: <. <1B.< 9-?101<7 1 919;=7 . 9+ - ;=8+ @;= 2 9A19+8=2 7 +?1< D01> .D
<7+/=6=/81/<+;<=/D1;6=01 . A-9;.8= /1 ?1 A=: +;. ( <1016<= -6+> >0=DF+6. - >=7 .81 7 +
61>--8 ( ?= 8+;+ 1?1 9+ D01> D1C.7 + - 8+;- <19;1<- 9-?10. C719<.: . 98= >1>=
1<1: .D1 ;.E 9-?101 ?17 + .<M=081F.7 + = 9-C<->: +10<=8 96+;- C0D1<1 B+9;.F1 ?=<=9. 91
9=C=8 .D6+9<- >=: .B.<- +<+0/.7 + 1: . 918= ?+= ;+ +<+0/.7 + 9;610<= A=9: -G. 9609.
.9;01G.61<7 - A0.0=?+ <1 60: = 81: .8 01D?1: 7.<181 .: . A0=.D6=?<7 . <=6.E B+9;.F1 A=8=I- L
8F) 1>=< = =B-61<7 - .8A-: 91 >1G+ ?1 I+ 7 +?1< ?+= -<+;+ +<+0/.7 + C.;. =B-61< .
<1A0=9;= A0+?1; >=<1B<.8 A0=.D6=?.81 9-?101 ( ;= I+ 91? C.;. <7 .E=6 .8A-: 9 +>1 <18
=6= A=9: -G. >1= A=0+,+<7 + 1-;=C-9 - A-<=8 D1: +;- ;0+9<+ - >18.=< +:.>. ?+= ;=/
.8A-: 91 C.I+ A0+<+; <1 01D<+ >=81?+ 8+;1: 1 /-8+ . 9;1>: 1 >=7 . I+ A=: +;+;. <1A0+? -
98+0- >=7 .8 9+ ?= 9-?101 >0+;1= 1-;=C-9 = =?<=9. ?+= +<+0/.7 + @;= D<1B. ?1 <.7 + 961
-;0=@+<1 <1 019;-01<7 + >18.=<1N8=/1= 7 + C.;. 7=@A=;A-<.7 + 01D: -A1<
>= "+ ;0+9<+ - 7 +?1< A0=;=< >=7 . 8.0-7 + A0.0=?1 .<9.9;.01 <1 ;=8+ ?1 B+9;.F+
>=7 + =?1;: + A0=.9;+><- 81 >=7 + C.:+ 8=017 - .81;. ->-A<= >0+;1<7 + <1A0+? 7 +?<1>=
>0+;1<7 - >=7+ 7+ A0=;=<(-A1?1B ?=<+= 1? 9+ =6= : +A= .D01B-<1 A=>1G+ 9+ ?1 918= P)
"+ =? ;.E E.: 71?- A0+=9;17 - D1 A016: 7
+<7 + <=6.E B+9;.F1
. 98= <+/?+ 90+?.<=8 @+D?+9+;.E /=?.<1 9E61;.: . >=<1B<= ?1 C.98= A=9;.D1: . ?1:+>=
9.:=6.;.7+ 9-?10+ >1? C.98= -?+9.: . ?1 ?61 D01>1 961>. -C0D1< <17 6.@+ @;= 7 + - ;=8
1>F+: +01;=0- 8=/-I+ A=7 -0+ 7+?1< ?0-/=8+ A016= - 9-90+; A0. B+8- 9+ B+9;.F+ 9-?10+
B+=8.F+ B+=<. 9-?10 9;1 +<+0/.7 1 1>F+: +01;=01 C.: 1 C. - .9;. 9-?10 -: =G+<1 ?61A-; . C.: 1
C. 961 <1 019A=: 1/1<7 - 7 +0 7+ -<+;. 8=8+<1; 9.: + 7 +?<1> <-: . D1;= @;= 9+ 7 +?<1>. 1: .
9-A0=;<. .8A-: 9. ?617 - 9-?10+<.E B+9;.F1 - ;=8 9: -B17 - 8+,-9=C<= =?-D.817 - ;= 7 +9;
A=;.0- 0/= - 1>F+: +01;=0- =? "+ B+=<. 9-?10 ?6+ B+9;.F+ =9;16: 71 <18 <1
019A=: 1/1<7 -) "+ +<+0/.7 + 918= D1 A016: 7
+<7 + <=6.E B+9;.F1 1 <+ P) >1= >1? 98=
/1,1: . <+A=8.B<- 8+;- 81 ?=?-@+ . 7 +?<1 2 >1D<12?1 9+ A: 1;. .7+ A0=C: +8 .D
8.;01: 7
+D1 A=/=?.;. 18C10N1: .7 +9;+ 81: = <+D/=?<= -?+9.;. ?1 9+ ?61 8.;01: 7
+D1 -D17 18<=
/1,17 - ;1>= ?1 9+ >-0@-8. 9-?1017 - - 61D?-E- = 618 7 + ;1 <+D/=?1F.7 1 >=? 0->=61<7 1
1>F+: +01;=0=8 - >=8+ 9+ D01F. 9-?1017 - ( >=:17 ?+0=8

1 ;+<M =0?- 7 + A=9: + A06=/ >=: 17?+01 <1A016: 7+< . ?0-/. 6+=81 A0=?->;.61<
1D61@+ /1 2;1<M =0? =9.;0=<( : +F;0=< FF+: +01;=0 .</2( 2;+<M =0?9>. A=D.;0=<(
+:+>;0=< 1>F+: +01;=09>. A09;+<2 =60@+< 7 + 3T* /=?.<+ - 9+ - : .<+10<=8
1>F+:+01;=0- ?-/1B>=8 ;0. >.: =8+;01 D01> +: +>;0=<1 -C0D161 ?= +<+0/.7 + >=7 1 .D<=9.
.D8+,- . ) "+ 1 =<?1 9+ =9;16: 7
1 ?1 >0-G. . >0-G. - 7 +?<=8 81: =8 81/<+;<=8
A09;+<- >=7 . 9:
-G. 918= D1 ;= D1 B-61<7 + 6+I-C0D1<.E +: +>;0=<1 =D.;0=<+ B+9;.F+ 10: 1
<?+09=<1 A0=.D6=?.8= A=8=I- 7 +?<=/ <.D1 0+1>F.7 1 06= 7 1>.8 D01>=8 +: +>;0=<1
C=8C10?-7 +8= <+>- 8+;- @;= ?=6=?. ?= A0=.D6=?<7 + .D8+,- =9;1: =/ . 7+?<=/ 7 1>=/
D01>1 M =;=<1 1/<+;. 019>0B+ 961>=7 1>. >0@ <1+: +>;0.91<.E B+9;.F1 ( A=B.9;+ .E 96+ -
9;01<-N1: . <+ -;.B- <1 M =;=<+ >=7 . 9- <+-;01: <. 1>= ?=C.7 +<=8 B.9;=8 D01>- M =;=<1
?=D6=: .8= ?1 -?101 - 8+;- >=7 1 7 + <1B.<7 +<1 =? 60: = ;1<>=/ : .9;1 <+>=/ 81;+0.7 1:1
0+F.8= A: 1;.<+ 17
B+@I. .9E=? 7+ ;17?1 9+ B.9;1 +<+0/.7 1M =;=<1 A0+;6101 - 7 +?1< +: +>;0=<
. 7+?1< A=D.;0=<N- >0+;1<7 - ;1 ?61 =B-61<1 7 + -A1?<1 +<+0/.7 1 M=;=<1 8.<-9 =<= @;= 7 +
8191 8.0=61<7 1 ?617- 9;6=0+<.E B+9;.F1

168
 +?1< 81/<+;<. 9.9;+8 -9A+61 ?1 A=>-A. C10 ?+= <19;1: .E A=D.;0=<1 7 .E -C0D1618= .
C1F18= - =<17A09;+< D1 B-61<7 + - >=8+ -C0D1<. +: +>;0=<. D1 96+ ;= 60+8+ 9;0A: 7.6= 7-0+
->0-/ ->0-/ =@;= +: +>;0=<. . A=D.;0=<. .817 - 9-A0=;<= <1+: +>;0.91<7 + 81/<+; .E
D160I+ <1 9-A0=;<- 9;01<- >= 8: 1D7 +?<.E 7 -0. - 98+0- >0+;1<7 1 >1D1: 7>. <1 91;- 8: 1D
=<.E ?0-/.E 7 -0.I+ - 9-A0=;<=8 98+0- 19<= <18 7 + @;1 I+ 9+ =<?1 ?+9.;. 9-?10.I+ 9+
B+=<= 617 7+ A=9;./1= <+>=: .>= D<1B17 <.E =;>0.I1 >=: 17?+0. 9- A=9;1: . A=A-: 10<. .
?1 6.?.;+ >=7 1 9- A=+;.B<1 .8+<1 A=?10+<1 96+;- 1016<= <1 +</: +9>=8 9A+10 D<1B.
>=A: 7
+ 0+ =6=/ <1@+/ >=A: 7
1 C.= 7 + ;1: .71 ) "+ NA=9: + (1 * "+
?=@+;1: 1 7 + +81B>1 $ "+ A1 =A+; ;+<M =0? * "+ N
+81B>1 * "+ N# =0<+: ! "+ A1 0-9>. =<?1 1A1< $ ?=
T "+6 # "+6 . # ;+<M =0? "+ 817 ;+ <1 -8- ?1 9+ >=: 17 ?+0.
01</.017 - ;1>= @;= 9+ 91C+0- +<+0/.7 + =C1 D01>1 1 A0.8+0 ?17 + O "+ 7 +?<=8
96=8 D01>- 1 ?0-/=8 7 =@O "+ ?1>: + ;= 7 + 81@.<1 =? "+
"=?.<+ 3T) A=9;1: . 9- <18 ?=9;-A<. . 9-?10. A0=;=<(A0=;=< ;1>=,+ B+=<. - A06=7
.<9;1: 1F.7 . ;+ 609;+ <1 96+;- - # (- = 7 + .<9;1: 1F.7 1 <;+09+F;.</ ;=01/+ .</9
- >=7 =7A=9;=7 + ?61 <+D16.9<1 A09;+<1 1>= 9- D19+C<. ;. A09;+<=6. 9+ .A1> A0+A: .I- 0=D
=C1 A09;+<1 7 -0+ A0=;=<. 1: . - 9-A0=;<.8 98+0=6.81 18+@;+<= 7 + =918 ;1B1>1
A0+9+>1 /?+ 9+ A0=;=<9>. D01> .D 7 +?<=/ ->0@;1 91 A0=;=<9>.8 D01>=8 .D =<=/ ?0-/=/
98+01 . /?+ ?=: 1D. ?= B+=<=/ 9-?101 . 8=G+;+ <1;+01;. 81;+0.7 - . 1<;.81;+0.7 - <1
A0.8+0 +: +>;0=<+ . A=D.;0=<+ <1 >0-G+<7 + >0=D918= 7 +?1< A09;+< 1 D1;.8 9-?101<7 + 7 +0
.9;. 81/<+;. ;+017 - 81;+0.7 - - 7 +?<=8 1 1<;.81;+0.7 - - 9-A0=;<=8 98+0-N1: . >1? E=I+;+
;1>= <+@;= ?1 .D6+?+;+ 91 A0=;=<.81 8=01;+ .D/01?.;. ?61 =?6=7 +<1 A09;+<1
;=8 961>. A09;+< .9A-<7 161 9+ A0=;=<.81 >=7 . 9- 6+I -C0D1<. ?= * "+ 1
A0=.D6+?+<. - 7 +?<=8 >=<6+<F.=<1: <.7+8 # (=6=8 1>F+: +01;=0- >=7 . 9+ D=6+
<9;1: 1F.71 C.: 1 7 + <1 >017 - 6+=81 -9A+@<1 1: . >1? 9- 7 + 617 F10F. A06. A-; 9;16.: . -
?+7 9;6= /=?.<+ 3T) A=9;.D1<= 7 + 918= A= <+>=: .>= E.: 7
1?1 9-?101 - 961>=7=? ;.E =918
;1B1>1 2 6.9=>+ : -8.<=D<=9;.2 +08.< 2 :-8.<=D<=9;2>=0.9;.8= - 98.9: - C0=79-?101 -
9+>-<?. . 01<. 7 1?. (1 A=>1D1: . 9- >=: .>= 7 + ;+@>= -?+9.;. ?1 9+ D0<1 .9A1: 7 +<1 .D?61
8.;01: 7+D1 ;= 7 +9; A0=;=<. .D ?61 A016F1 9-?1017 - 8+,-9=C<= 0+?-D+;+ 9- 01D<+
A=A016>+ A1 9+ <+>1>= ?=/-01: = ?= O8.: .=<1 9-?101 - 9+>-<?. 1-B<. -B.<F. .<9;1: 1F.7+
C.:. 9- @;1 0+I. >0=8<. +>1 61G<1 8+0+<7 1 9- =9;610+<1 : . /: 16<1 >=0.9; =?
(1 C.: 1 7 + .A1> ;0+<1G<1N;- 98= -B.: . <+>+ ;+E<.>+ 01?1 91 >=: 17?+0.81 1 <10=B.;=
;+E<.>+ =;>0.61<7 1 C+@+ +: +/1<;<1 81@.<1 >1>= A= ;+E<.B>.8 =9=C.<181 ;1>= . A=
.D/: +?- .A.B1< @617 F109>. 01? 18= 918 01?.= ;=>=8 8=7 + 9:=C=?<+ /=?.<+ 3T) 1 . -
9:+?+I.E ?+9+; /=?.<1 918 <1601I1= B+9;= 0.:.>=8 7 +?<=/ =? A06.E ;1>6.E 8=7 .E
A=601;1>1 A=6+= 918 - =C.: 1D1> 1C.7 1 >=7 . 7+ ;1?1 C=016.= - %+<+6. ?1 C.
-B+9;6=61= <1 >=<M +0+<F.7 . 2;=8. D1 8.02 .8 98= -@: . - +: +/1<;<= -0+,+<.
1>F+: +01;=09>. ;-<+: 1C. -D6.><- R E 1;+> .: .A R
"01,+<7 + <17 ;+G+/ =? 96.E >=: 17 ?+01 1 ;= 7 + =<17- >=8+ 9+ C1F17 - A0=;=<. <1
1<;.A0=;=<+ C.: = 7 + 8=/-I+ D1E61: 7 -7-I. A0=<1: 19>- 7 +?<=/ 9: 16<=/ -91 "+0@=<1
-?>+01 17"+0@=< 01?.= 7 + - 0-9>=8 2 /01?- <1->+2( =6=9.C.09>- -?>+0 7 + ?= ;1?1
/01?.= A= -9.7 . 81@.<+ 91 +: +>;0=<.81 ;=8+ 9+ ;1>8.B.= 91 96=7 .8 18+0.B>.8
A0.7 1;+:7+8 =:M/1</=8 1<=M 9>.8 <?1 9=67 +;9>1 6: 19; C1F. -?>+01 - .C.0 - ;17
<=6=.D/01,+<. <1-B<=.9;01G.61B>. >=8A: +>9 1G+ -?>+0 A=@;= =<. ;18= <.9- <1 9: .B1<
<1B.< C1F.: . 1<=M 9>=/<1 : 719>- ;1>8.B+<7 +7 + A=9;1: = <+016<=A016<= A1 918 8=01= 7 1
?1 98.9: .8 <+@;= <=6=
=6=9.C.09>- 7 + - A+?+9+;.8 . @+D?+9+;.8 /=?.<181 -?>+0 60: = -9A+@<= 6=?.=
7+?1< B.9;= >1A.;1: .9;.B>. 9.9;+8 A0=?17 + 81: .E 1>F+: +01;=01 9=67 +;9>=7.<?-9;0.7 . - D18+<-
D1 81;+0.7 1:. A10+ A=;0+C<+ ?1 9+ .9;01G.61B>. 01? <19;16. -?>+01 9- =B10161: . .D/: +?. ?1
-A=;0+C. 1<;.A0=;=<+ >1= 7 +?<- 9;01<- - 9-?101<7 - - 1>F+: +01;=0.81 1: . 7+ 9E61;.= ?1 9+
1<;.A0=;=<. ;+@>= ?17 - <1C16.;. +?.<= .E 8=G+@<1I. A=9: + 6.9=>=+<+0/+;9>.E 9-?101 -
>=7 .81 9+ A0=.D6=?+ ( A=8=I- >=7 + 7 +?<1B.<+ @;1 8.9: .;+' 1 ?1 =8=I- L 8F)
1@.<1 91 8<=/= ?+9+;.<1 "+ ?161I+ - /=8.: . 01D<=/>0@1 A=9: + 96=7 .E 9-?101 . A=<+>.
1<;.A0=;=< 1 C. B=6+> A0.>-A.= ?=6=: 7<= 1<;.A0=;=<1 D1 <+>= >19<.7 + >=0.9<= 9-?101<7 +
91 A0=;=<.81 8=01= C. .E 2 E61;1;.291;.81 ;= 7 + <17 /=0+ 1<;.A0=;=<. >1?1 9+ - <+>=7
8+;. 9;6=0+ A0.: .>=8 9-?101 .D: +I- D1.9;1 <1 96+ 9;01<+ >F+: +01;=09>. <1-B<.F. 6=: + ?1
.9>1D-7 - ;1 >0+;1<7 1 - ;+08.<.81 /: 16<=/A016F1 +<+0/.7 + . 9-6.@<.E >0+;1<7 1 =?9;-A1<7 1

169
=? /: 16<=/ A016F1 >=7 1 =?6=?+ B+9;.F- - =<+ ?+: =6+ 61>--89>+ >=8=0+ /?+ 8. ;= <+
C.98= G+: +: . -?>+0 7 + 6.?+= 7 +?<- 8=/-I<=9; ?1 9+ =61 9-6.@<1 >0+;1<7 1 1<;.A0=;=<1
2=E: 1?+2. ?1 9+ 1<;.A0=;=<. A0.>-A+ - 7 +?1< 8<=/= /-@I. D01> . ;1>= @1: 7- <1 B-61<7 + =
7+ 9: =G+< A=91= 06= 9- 8=01: . C.;. ?=9;./<-;. <=6. <.6=. 9160@+<9;61 - >=<;0=: . D01>1
9;1C.: <=9;. 81/<+;1 . B.9;=I. -: ;01B.9;=/ 61>--81 <;.A0=;=<+ ;0+C1 E: 1?.;. B-61;. .
A=: 1>= A0.>-A: 71;. 8=G?1 ?+9+; .: . 6.@+ B19=61N;+> ;1? .E C-?+ ?=6=: 7
<= D1 -C1F.61<7 + -
>=: 17 ?+0 . -C0D161<7 + =7 + C.: 1 7 +?<1 : .09>1 D18.91= 1: . A-; ?= =9;610+<7 1 C.= 7 + 8<=/=
9:=G+<.7 . <+/= @;= 7 + -?>+0- 91 =/01<.B+<.8 .D6=0.81 - .C.0- C.: = .D6=?: 7
.6=
:1D. <=61 : .B<=9; .8=< 1< ?+0 +0 .8=< 1< ?+0 ++0 E=: 1<?9>. .<G+<7 +0
D1A=9: +< - # (- >=7 . 7 + =6- ;+E<.>- E: 1,+<7 1 -<1A0+?.= A0+? >0179+?18?+9+;.E
/=?.<1 . A=8=/1= ?1 9+ .D/01?. A06. 1<;.A0=;=<9>. .D6=0 >=7 . 7+ =<?1 9;610<= . -A=;0+C: 7
+<
- A06=8 >=: 17 ?+0- A0=;=<(1<;.A0=;=< +0 +0 7 + .9>=0.9;.= # (=6A09;+< =? P "+ .
D1 B-61<7 + . D1 9-?101<7 +NA06. 9-?10. A5 A( >0+<-: . 9- 3! /=?.<+ 1< ?+0 +0 7 + 3!O
?=C.= =C+: =6- <1/01?- D17 +?<= 91 10: =8 -C.7 =8 #10: = -CC.1 D1 96=7?=A0.<=9 (
<1D61< 2 9;=E19;.B>= E: 1,+<7 +2( -C.7 .<=8 A0=/018-N .9E=? 7 + C.= ;17?1 9- =;>0.6+<+
B+9;.F+ 4H 4( . = >=7 .81 I+8= >19<.7 + 0+I. 6.@+
10: = -C.7 1 7 + ;1>= G.6=A.9<1 : .B<=9; ?1 D19: -G-7 + ?1 9+ = <7 +8- <1A.@+ F+: 1 7
+?<1
><7 ./1 1 ;=: .>= 7 + . ?=C.= =C+: =6. 9<. 1-;=0 "10. 1-C9 5 "10Q 1-C+95 +?1< =?
C: .9;16.7 .E 9;-?+<1;1 <1 D19;01@-7 -I=7 >-=: 1 =081: + - .D. /?+ 7 + 9;-?.01= . <0.>=
+08. 10: =7 + /+<+01;=0 >=7 . 9+ <.>1? <+ 8=G+ D1-9;16.;. 1?.= 7 + <1 81@.<. +6.9 A1
- # (- A1 <1 10610?- A1 - +08.: 1C- A1 =A+; - # (- A1 =A+; - +08.: 1C-
=@;= 7 + ;=: .>= A-;=61= 01D6.= 7 + 9: =G+< 81;+81;.B>. 9.9;+8 D1 8.<.81: .D=61<7 + ;0=@>=61
D19<=61< <1 ;=8+ ?1 -6+> 01D8+<7 -7+ >=? 16.=(>=8A1<.7 1 96=7 + <+-;0=@+<+ 2 ?=2. 2 =?2
A=: =6.<+ A=601;<.E >101;1 +?<=8 918 -9A+= ?1 /1 -C+?.8 1: . <+ D1?-/= ?1 I+ DC=/
;=/9.9;+81 .81;. - ;0+<-;>- >1? C-?+ =?: 1D.= - A+<D.7 - <+-;0=@+<.E =918 F+: .E >101;1
. ;= 96+ D1 : +;=6+ 91 D1A1?1 <1 .9;=> "=?.<+ 3!3 -C.7 1 7 + A=9;1= ?.0+>;=0 # (1
;= ?=C1 =61 D17 +?<.B>1 +60=A9>1 .<9;.;-F.7 1 6+I7 + ?0G1: 1 @+9; -D19;=A<.E /=?.<1 96+;9>=
6=,9;6= - 9-?10.81 A0=;=<(1<;.A0=;=< :. =;A0.:.>+ ;1? >1? 9+ =< ;18= A=A+= <1 6: 19;
+08.: 1C .8 7 + A0+=;+= A06= 8+9;= D1;= @;= 98= 8. =6?+ 91 <1@.8 +61;0=<=8 A=C=: 7@1: .
# (=69.9;+8 01?1 . -6+: . - -A=;0+C- <1@ C=: 7. .D6=0 1<;.A0=;=<1
.;. 1<;.A0=;=<. 019;- <1 ?06+I- <.;. .E 8=G+;+ >-A.;. - /6=G,10. 1? 9- ?+6+?+9+;+
/=?.<+ 1 <17 6+I. 96+;9>. 81/1F.< 1<;.A0=;=<1 7 +9;+ =6?+ - +08.: 1C- 0G.8= .E -
7+?<=8 81/<+;<=8 A09;+<- .:1 7 + 7+?<1 M -;-0.9;.B>1 9;-?.7 1 >=7 - 7+ .D6+: = 18+0.B>=
01;<= 61D?-E=A: =69;6= - 9101?<7 . 91 >=0A=01F.7 =8 2+<?2 =@: . 9- ?= D1>: 7-B>1 ?1 C.
.?+1: <= 01>+;<= /=0.6= C.: . 1<;.A0=;=<. D1;= @;= 7 +?1< 8.: ./018 1<;.A0=;=<1 91?0G. .9;-
>=: .B.<- +<+0/.7 + >1= ?6+ ;=<+ C+<D.<1 1 A=@;= 7 + +08.: 1C 96+;9>. A061> - A0=.D6=?<7 .
1<;.A0=;=<1 8. A016.8= ;=/1 <1 91; >=: .>= C. <18 60+8+<1 ;0+C1: = ?1 A0.>-A.8=
7+?1< 8.: ./018' 0+C1: = C. <18 1>= =61>= <19;16.8= <+>=: .>= 8.: .=<1 /=?.<1 A=?
A0+;A=9;16>=8 ?1 ;= 01?.8= ?61?+9+; B+;.0. 91;1 <1 ?1< +>+ <+6+0=61;<= =A;.8.9;.B>+
A0+;A=9;16>+ = C-?-I.8 ;+E<=: =@>.8 A=C=: 7
@1<7 .81 981<7 .:
+ C. =617 0=> <1 918=
<+>=: .>= E.: 7 1?1 /=?.<1 1;= 618 916+;-7 +8 ?1 <+ -: =G.;+ 96=7 - -@;+,+6.<- - 1?0-/-
D1 1<;.A0=;=<9>= /=0.6= 2=: .?<=9;2
+08.: 1C- 9-?10. .?- =61>= >: 7-B.8= 9;10. ?=C0. P "+ 1>F+: +01;=0 /: 16<.
A09;+< 1: . ?1 01?. <1 918= ) "+ . =< C1F1 A0=;=<+ - 7 +?<- 8+;- . ;= 961>+ ?6+
9+>-<?+ A=<=6= 0. 961>=8 ;1>6=8 97 -0.61<7 - ) A0=;=<1 - 8+;- A0=.D6+?+ 9+ .
<+>.E 8.: .=<1 1<;.A0=;=<1 ( /=6=0.8 918= = =<.81 >=7 . .?- - A=G+: 7
<=8 A016F- . .817 -
A=G+: 7 1< .D<=9 +<+0/.7 + 1 961>. ;1>16 1<;.A0=;=< ?=C.7 +8= . E.: 7
1?+ <+G+: 7+<.E A.(
8+D=<1 >1=<1 . ?0-/=/ =;A1?<=/ 81;+0.7 1:1 1: . 96+ 7 + ;= <+9;1C.: <= . D1;= 01<.7 + .: .
>19<.7 + <+9;1<+ <;.A0=;=<+ M =>-9.018= . -6=?.8= - 7 +?1< 81/<+;<. A09;+< D1 >=7 .
.818= <1D.6 2 ?.C1<B+02 - .E =C01?.8= =0/1<.D-7 +8= . 91C.7 +8= 1 D1;.8 A0+C1F.8= -
?0-/. A09;+< 2 1>-8-: 1;=02 >=7 . 9: -G. ?1 9+ =<. - <7 +8- <1>-A: 717 - <1/=8.: 1617 - C.8
2?.C1<B+0127 + =>= O 8+;101 =C.8 2 1>-8-: 1;=012.9;= ;=: .>= <;.A0=;=<. >=7 . >0-G+ >0=D
<7 .E .817 - +<+0/.7 - =? ! "+ .9;- >1= @;= ?17 + <1@C-9;+0(1>F+: +01;=0 =<17@;= <18 7 +
;0+I. A= 0+?- +; ?= ?+9+; 91;. 01?.8= ?1 C.98= <1A1C.0B.: . ?=6=: 7<= 1<;.A0=;=<1 1? .E
.818= ?=6=: 7<= 8=G+8= .E -C0.D/1;. <1;01/ - 1>F+: +01;=09>. >=8A: +>9 -61;.
1<;.A0=;=<+ ;= 7 + ?+:.>1;1< A=91= D1;= @;= 7 + 961 <1@1 =A0+81 <1A016: 7+<1 =? 81;+0.7 +
8=: .8 : +A= =? B+/1 C. ?0-/=/' 1 1<;.A0=;=<. 9- 1<;.81;+0.7 1 >= 1<;.A0=;=<. ?=,- -

170
?=?.0 91 81;+0.7 =8 ( C-8 <.E.:1F.7 1 1;= 8=018= 6+=81 ?=C0= ?1 A0.A1D.8= ?1
1<;.A0=;=<. C-?- -6+> <+/?+ C: .D- 90+?.<+ 61>--89>+ F+6. >61:.;+; 61>--81 8=01 C.;.
.D-D+;1<N8=01 ;= C.;. <17 C=:7+ <.@;1 >=7 + 9+ <1@=8 ;+E<=: =/.7 =8 8=G+ >-A.;.
=9:+ 0+F.8= ?+9+; 91;. A1C.0B+<7 1 1<;.A0=;=<1 . <7 .E=6=/ =?0G161<7 1 - DC.7 +<=8
8: 1D- 9A0+8<. 98= ?1 .E @;0F<+8= <1D1? - 1>F+: +01;=0 =?1>: + 9- . ?=@: . =B.<7 +8=
A0=F+?-0- >=7 1 A=?9+I1 <1 =<= >1? :1<9.01 >=98.B>- 01>+;- 818= =?C0=7 161<7 +
6+=81 <1A+;= B.7 1 7 + 960E1 ?1 =C+DC+?. ?1 961>. A0=;=> 9;0-7 + 961>. <1A=< 961>.
81/<+; 961>. A0+>.?1B C-?- ;1B<= >1>= ;0+C1 9A1: .8= .E - /: 16<. A09;+< /?+ =<. >0-G+
9-A0=;<= =? 98+01 >1D1: 7 >+ <1 91;- D1;= @;= 9- <+/1;.6<. - .E -C0D18= <1 O "+ .
=<?1 A0+8+9;.8= =A+; A=8=I- <1@.E +: +/1;<.E 81/<+;<.E ;0.>=61 - +61;0=<=6
9-A+0A0=6=?<. A09;+< ;- B+>17 - 7 =@=?16<= A0=;=<. >=7 . 9;0A:7.6= . <+-8=0<= >0-G+
>0-G+ 1: . <1016<= - 98+0- >1D1: 7
>. <1 91;- 1? .818= ?61 D01>1 - .9;=7F+6. <. 2;0B+2
7+?1< <19-A0=; ?0-/=8+ 61>. A=?+: .8= <1 @+9; 2 /=8.: .F12B+9;.F1 1 - 961>=7/=8.: .F.
C-?+ )A0=;=<1 . <+@;= 81<7 . C0=71<;.A0=;=<1
1/1D.8= ?= ?19>+ =C1 D01>1 A=?./<+8= 91 O <1 3 "+ @;= 7 + +61;0=<=6
81>9.8-8 =9: +?<7. >=01> 7 + 291G.81<7 +2 =@;= 9- =<. 7 -0.:. >0=D.9;- F+6 - 9-A0=;<.8
A016F.81 <+8.<=6<= 7 + ?=: 1D.:= ?= 9-?101 A0=;=<5 1<;.A0=;=< 1: . 6+=81 0+;>= +C: 7.<1
8: 1D1 A0=;=<1 7 + <+@;= >1= 9: 18>1 >0=D>=7 - A.7 +;+ 01D<+ 9=>=6+ ;0.(B+;.0. 8.: .8+;01 1
?+C: 7
.<1 8: 1D1 1<;.A0=;=<1 ;1>=,+ ;=: .>= =9;-A1> D61<. 9;.9>1<7 + 919;=7 . 9+ - ;=8+ ?1
->: 7-B.8= ?=;=> +<+0/.7 + A=9+C<.8 B+;6=0=A=: <.8 81/<+;.81 >=7 . 29:18>-291C.7 - <1
26:19 : 7
-?9>+ >=9+2 .D6+9;1< C0=78.>0=<1 6.8 DC.7 1<7 +8 /-9;.<1 B+9;.F1 9+ =/0=8<=
A=6+I1 1? 9+ A0. 961>=8 A0=: +;1<7 - 7 +?<=/ D01>1 >0=D ?0-/. ?+9. C10 7 +?1< 9-?10
A0=;=<5 1<;.A0=;=< 1/<+;+ 81: =2 6-B+8= D1 <=92;1>= ?1 9+ =6. 9-?10. ?+@1617 - ;1B<= -
90+?.@;- ?+;+>;=01 <= @;= A0+=9;17 + 8=017 - 81: . ;0>1B. ?1 -01?+ 918.
1? A=9;./<+8= ?1 =A+01F.7 1 >0+<+ 9;1C.: <= ->: 7-B-7 +8= ?+;+>;=0+ . A=B.<7 +8= ?1
A0.>-A: 7
18= A=?1;>+ ;.A.B<=8 =A.;- ;= A0.>-A: 71<7 + A=?1;1>1 A=;017 + 9:+?+I.E ?+9+; .: .
?61?+9+; 91;. 1 ;= 60+8+ 9;10. ?=C0. /: 16<. A09;+< <1>-A: 71 <=6+ >=: .B.<+ 1<;.A0=;=<1
0+8+<=8 . A0=;=<9>. . 1<;.A0=;=<9>. D01> A=9;17 - 96+ 6.@+ ?.M -D<. 1 . 96+ 9.0=81@<.7 .
1;= ?=C.7 18= 96+ 81<7 . C0=72 ?=/1,17 12 ;= 7 +9; 9-?101 1? : -8.<=D<=9; 0+>=E ;= 7 +
C0=79-?101 - 9+>-<?. 9A1?<+ <1 <+>.E * A=9;= A=B+;<+ =C1 D01>1 A-9;.8= ?1 =?- ?1
.D:+;+ .D1>F+: +01;=01 1>: + <7 .E 6.@+ <+81 F+6 7 + A01D<1 1016<= ;= -01?.8= 918=
1>= 98= 9./-0<. ?1 7 + <1A1C.0B+<1 ?=6=: 7<1 >=: .B.<1 <=6.E 1<;.A0=;=<1 ?1 9+ 96+ A=B<+ .D
A=B+;>1 1? =A+; =<= =?C0=7 161<7 + >1= ?1 .9A1: 7-7 + <+@;= - >=98=9 0+C1 <+>.E
A=: 1 91;1 01?1 ?1 9+ +61;0=<=6 >=: 17 ?+0 <1A-<. 81;01 9+ ?1 7 + =>= ) 8.: .710?.
1<;.A0=;=<1 A0.9;=7 1< C0=791 >=7 .8 9+ 8=G+ .I. - <=6. F.>: -9 A=9: 1 >=: .>= 7+ 6.@+ =? )
8.: .710?. -;=: .>= C=: 7
+ C0.D/18= .E 7 .81 - 9-90+; : +;. <+>.E O 8.: .710?. A0=;=<1 >=7 +
98= <+-A=0+?.6= : 1>@+ A0.C16.: . ?+;+>;=0- C-?+ 9;=;.<1> E.: 71?1 9-?101 - 9+>-<?.
A0+8.: . 98= 01D<1 A=C=: 7@1<7 1 - =6=8 A0=F+9- . ;0+C1: = C. ?1 .E -/01?.8= ?= >017 1 =6=/
6+>1 1?1 I+ 9+ =6. C0=7 +6. A=6+I1;. =;A0.: .>+ ?+9+;=9;0->=
"=?.<+ 33 # (=6 A5 A( >=: 17?+0 9+ A+<D.=<.91= ;1>= ?1 7 + ;= A=: 7
+ 01?1 91?
A0+A-@;+<= +08.: 1C- . <7 +/=6.8 8=I<.8 ?+;+>;=0.81

<1<7 + = 9-C<->: +10<=8 A=?0-B7 - 9;.B+8= ;1>= @;= =981;018= 8+0.8= .

A0=-B1618= 9-?10+ .D1D61<+ 6.9=>=+<+0/+;9>.8 B+9;.F181 0<+9; 1?+0M =0? 7+ D1;6101=
96=7- +>.A- - 801B<- >=8=0- A1 9- : 7-?. -9A+61:. ?1 6.?+ . A0+C0=7+ 96+;:-F1<7 1 =?
-?101 1: M
1(B+9;.F1 A= F.<>(9-: M
.?<.8 +>01<.81 1@+ ;+E<.>+ A0+C0=7 161<71 B+9;.F1 D<1;<=
9- -9160@+<+ =? ;1?1 A=9+C<= - 01D?=C: 7- A=9:+ 0-/=/96+;9>=/01;1
0+ 0-/=/ 96+;9>=/ 01;1 /: 16<. 1:1; C.:
1 7+ 81/: +<1 >=8=01 <?+09=< 7+ A=8=I-
<7+ =;>0.= A=D.;0=< =/:. 9;+ ?1 6.?.;+ 81/: +<- >=8=0- - : 1C=01;=0.7181 D1 .9;01G.61<7+
>=98.B>.E D01>1 @.0=8 96+;1 =7D1?1;1> <1 =: -8C.7 . >1? 918 9A0+81= ?=>;=09>-
?.9+0;1F.7
- C.= 7 + ?1 <1A016.8 81/: +<- >=8=0- >=7 1 I+ 01?.;. 91 F.>:
=;0=<=8 +6.9
=@;= 918 C.= A=9;?.A: =81F . ;= A=;A-<= D+: +< <.918 D<1= <.@;1 =? =<=/ .9;1<B1<=/
817 9;=09>=/ D<1<7 1 >=7+ 7 + A=;0+C<= D1 81/: +<- >=8=0-N1 ;1>8.B.= 918 9+ +;= 91
9;0-B<71F.81 >=7 . 9- 01?.:. .9;= ;= <1 +0>: .7
- 1:
;+>- =B+9;+0- . <1 ?0-/.8 ;1>6.8

171
8+9;.81 1/: +<+ >=8=0+ 9- =9+;: 7.61 . I-?: 7
.61 9;6=0+<7 1 : 1>= 9+ 2 =;0-7 -2 1>= - <7 .E
A0=?0+ <+>1 <+B.9;=I1 >=7 1 9;6101 <+G+: 7 +<+ >1A: 7.F+ @;= A=9;17 - 2 >=<>-0+<F.7 12=<.8
G+: 7+<.8 ( ;01/=6.81 A0=: +;1<7 1 B+9;.F1 .>= <1 =: -8C.7 . <.7+ .81= <.>1>6= .9>-9;6= 91
=6=8 =/16<=8 609;=8 ?+;+>;=01 0=B.;1= 918 96- : .;+01;-0- >=7 1 7+ A=9;=7 1:1 1 ;1>=,+
918 -96=7 .= 961 9-7 +6+07 1 9;1>: = B.9;. <1;0.7 -8(E.?0=>9.?=8 A1 .9A.0176=?=8 ;0.A-;
?+9;.: =61<=8N /-8+<- ?.7 1M01/8- A0=>-617 - 9;=A=9;=;<=8 8+;.: (1:>=E=: -N 8-8: 17
C17 1:.F+ . ;= <+ C.: = >=7+ <+/= 1 . 81: = 8=: .;6+ 8=G?1 <+I+ @>=?.;.
=B17 1<7 - A=>-@1= 918 ?1 <1,+8 01C.<1 >=7 . C. C: 1/=9: =6.= 8=7 - 81/: +<- >=8=0-
1 <+90+I- <18+0.= 918 9+ <1 A=/0+@<=/ 01C.<1 17 7 + C.= A016=6+01< 6+=81
0+: ./.=D1< . >1? 918 /1 A=>-@1= <16+9;. ?1 =B.;1 C0-E- D1 8=7 - 81/: +<- >=8=0- =< 7 +
D1;01G.= =C7 1@<7 +<7 + @;1 7 + ;= 81/: +<1 >=8=01 =>1D1= 918 8- M =;=/01M .7
- 1 =< 9+
9.:<= <1: 7-;.= >1>= 9+ -9-,-7 +8 ?1 ?=,+8 >=? <7 +/1 91 ;1>= 96+;=/0?<.8 :
+?+I. ;.A
>=? >=/1 918 A=>-@1= C.= 7 + >=<D+061;.6<. 01C.< 1? 7 + 6.?+= M =;=/01M .7- D1A.;1= 7 +
>1>= 81/: +<1 >=8=01 ?+7 9;6-7 + 1 A=B<+8 ?1 =C7 1@<7 1618 < 9: -@1 >: .81 /: 16=8
/: 1?. C01?- . <17 D1? 91=A@;. ;-G<.8 /: 19=8 ?1 <+ 8=G+ R 1>=< R ?+8 <17 D1? >=?
01C.<1 =<+ ;0+I+ 609;+ ( >=? 0+M =08.9;+ ;./<+8 A0+? <7 +/=6- >-I- -A016= >1? 7 + ;.A
.D:1D.= .D 96=/ 1-;=8=C.: 1 7 1/-101 \ R 1C.<+ 8=G+;+ : . 8. =B.;1;. C0-E- D1 8=7 -
81/: +<- >=8=0-'RA=B<+8 ?1 8=: 71>18 R 0-E-'R=?/=6=0. =< R ;1 ;. 7 + ;= C0-E1'R
0./+ C0./+
17D1? 918 C.= 9A0+81< D1 6+: .>- A0=C- ;=8 ;0+<-;>- ;0+C1: = 7 + ?1 96+ 6+I
?+7 9;6-7 + 1: . >1? /=? 98= >=8=0- -A=;0+C.: . ?=C.= 918 918= /-9;. C+: . 2?.82 .E ?1<1
?=@1= 7 + <1 =: -8C.7 - &.: C+0;= +0<10?.<. A016. 9;0-B<7 1> . A=B+= ?1 /: +?1 A0+>= 8=/
018+<1
R 0=<;= 1 =<= C0=<D1 9.A>1 - >=8=01 9;1 ;= C.: ='RA.;1 =<
R = 8. 7 + 01?.=1>;.6<. .D6=0R >1G+8 7 1 R 1 C.E ?=C.= ;01/=6+ : . ?=C.7 18 918= C+: .
?.8 R
R . .D611(?. R
R =: .8' 1 .D61?.8 C0=<D1<- @.A>-'R
R 1 9. 9. .A>1 .D6111?. R
71 -E61;.8 C0=<D1<- @.A>- .D6-B+8 7 + .D >=8=0+ +>=: .>= 8.<-;1 >19<.7 +
01/=6. .6<. >0.6-?16. ;01/=6. A0=: +;1<71 B+9;.F1 918= M 0F17- >0=D8=7 - >=8=0- A.M
A1M 17 :+A@. A0.D=0 >=7 . 918 .>1?1 6.?+= ?+9.: = 9+ =6= 1 @.A>1 7 + C.: 1 8=78.: .>.0.7 9>.
.D6=0 D01B+<7 1 : . C.= 7+ ;= .D6=0 ?1: +>= A0+7 1> 1;= 9+ F+: 1 >=8=01 .9A-<7 161: 1 7 =<.81
1 961>. 7 =< ?=C.7 + A= 7 +?<- >1A: 7.F- 9E=? /-9;1 C+: .<1 .D/: +?=8 >1= ?.8 .7+
D1A016= <. C.= A=;0+C1< <.>1>16.D6=0 01?.=1>;.6<=9;. =98.B>. D01F. A=/1,17 - 96+ <19 .
96+ =>= <19 A1 . 81/: +<+ >=8=0+ >=7 + -9A+8= ?1 9>0A.8= = 7 + C.: 1 - 8=8 9: -B17 -
9196.8 ?=6=: 7<1 01?.=1>;.6<=9; FF=
=>1D1: = 9+ ?1 7 + ;1 8=7 1 81/: +<1 >=8=01 7 +?1< 6+=81 A0=?->;.61< -0+,17
81/: +<=7>=8=0. >1= @;= 0+>=98= ?-G A-;1<7 + B+9;.F+ =C01D-7 - 9+ 817 -@<+ >1A. 6=?+
>=7 + ?17 - C+: . ;01/ >1= >=<B.I >=7 . 9+ 8=G+ M =;=/01M .91;. A0+ <+/= @;= <+9;1<+ >=
?=?18= 81/<+;<= A=: 7+ ;01/=6. I+ 9+ A=6.7 1;. <1 7 +?<- .: . <1 ?0-/- 9;01<- +0+<7 +8
A=: -A0+B<.>1 =6=/ D1>0.6: 7+<7 1 A-;1<7 + ?=C.7 +8= .8A-: 9 >=7 .8 7 + ;1 B+9;.F1 019A=: 1/1: 1
;= 7 + ;01/ A016.7 . 81<7 + 916.7 +< ;= 7 + ?1>: + B+9;.F1 .81: 1 6+I. .8A-: 9 18;.8=
A0=;=<+ - =0+<9=6=8 F.>: =;0=<- =<. 9- ?=C.7 1:. 96+ 6+I. . 6+I. .8A-: 9 A1 9- D1;=
=A.9.61: . A-;1<7 - 96+ 6+I+/ A=: -A0+B<.>1 >=7 1 9+ 9A.01: <= @.0.: 1 6- 8=7 - 81/: +<-
>=8=0- 9: .>1: . 98= E.: 7
1?181 A-;1 . ?=D<1: . 8<=@;6= 01D<.E A=?1;1>1 = =?: .>181 A.=<1 .
8-=<1 1/: +<1 >=8=01 ( /: +?1<1 >1= -0+,17D1 <1-B<= .9;01G.61<7 + 1 <+ >1= 90+?9;6=
D1 ?=C.7 1<7 + ?=>;=09>+ ;.;-: + . ?=G.6=;<=/ -<.6+0D.;+;9>=/ D1A=9: +<7 1 >1>= 918 7 + 7 1
-A=;0+C.= ( =8=/-I-7 + ?1 9+ A016+ M =;=/01M .7+ <1 >=7 .81 C-?+ -E61I+<= . A= ?+9+; A1 .
6.@+ 9-?101 .=< A0=E-7 . >0=D >=8=0- D1 A0.C: .G<= 7 +?1< 8.: .7
10?.;. ?+= 9+>-<?+ >=
8- <18+9;.8= <1 A-; A: =B- =? <+>=/ /-9;=/ 81;+0.7 1:1 A.=< I+ 9+ 8=G?1 9-?10.;. 91
<+B.8 <1 ;=7A: =B.N.9E=?. ;=/1 C.I+ -E61I+<. <1 8=G?1 961>=79;=;=7M =;=/01M .7
. A=@;=
98= A016.: . A= 7 +?<- 9: .>- <1 8.<-; <1@ ;+8A= A0.>-A: 71<71 A=?1;1>1 C.= 7 + A0.: .B<=
=/01<.B+<

172
 " ,

:+?+I. >=01> <1A0+? C.: 17 + >=8=01 1: . <+ 81/: +<1 <+/= 91 8+E-0.I.81 0=<1@1= 7 -
7+ 90+?.<=8 A+?+9+;.E /=?.<1 =<1: ? ": +7 D+0 =<1: ? ": 19+0 >=7 . 7 + ;1?1 C.= <1
.B./+<9>=8 -<.6+0D.;+;- 061 8+E-0191;1 >=8=01 C.= 7 + 7 +?1< <1A09;1> A-< ;+B<=/
6=?=<.>1 =9: +?<7 1 >=7 - 7 + .>= .>1? -A=;0+C.= =;.@: 1 7 + - A+<D.7 - 3!T - +08.: 1C-NC.: =
7+ ;= C-0+ =? <+0,17 -I+/B+: .>1 . 9;1>: 1 O8+;01 @.0=>= . * 6.9=>=
>=8=0. >=7 17 + .9A-<7 +<1 ;+B<=@I- ( <1 A0.8+0 ;+B<.8 6=?=<.>=8 ( 817 -@<. 8+E-0.
<19;17 - ?-G A-;1<7 + >=7 =8 A0=: +;. <+>1 B+9;.F1 <. 9- A=9: +?.F1 >: 7-B1<7 1 >=7 + 7 +
<19;1: = D1;= @;= 98= <1/: = C1@;1?1 9<.D.: . A0.;.91> - ;+B<=9;. <.G+<7 + A0.;.9>1 7 + ;1>6=
?1 9+ 91? <17 +?<=8 961 ;1 8191 ;+B<=9;. <1: 1D. .D<1? ;1B>+ >: 7-B1<7 1 <18= ?1 ;1B>1
>:7-B1<7 1 D16.9. <+ 918= =? ;+8A+01;-0+ <+/= . =? A0.;.9>1 =G?1 9;+ <+>1? C=016.: . -
>-I. <1 <+>=76.9=>=7A: 1<.<. . A=>-@1: . ?1 9>-61;+ 7 17 + 0.;.91> 61D?-E1 7 + ;18= <.D1>
=?1 >: 7-B1 <1 D<1;<= 81<7 + =? 9;+A+<. #+: D.7-91 196.8 B.9;1 ;+B<=9; 81 >=: .>=
60-I1 =A.01I+ 9+ >: 7-B1<7 - 1 A0.8+0 -D8. -: 7+ D1 7 +: = 9.A17/1 - <+>. ?-C=> : =<1F .
D1/0+617?= <+>+ ;+8A+01;-0+ >=7 1 7 + D<1;<= .D<1? <=081: <+ ;1B>+ >: 7-B1<7 1 ;=/ -: 71
>= 7 + 96+ 9;610<= B.9;= -: 7
+ <+I+ A0=>: 7-B1;. :
. 1>= -C1F.@-<-;01 918= 7 +?<- >0.@>-
>0=8A.01 ( 1-E <+ ?1 I+ <19;1;. >: 7-B1<7 + <+/= 81: ;+<+ A0161 +>9A: =D.71 <1B. ?6+
9;610. 9- A=;0+C<+ ?1 C. 9+ A0=.D6+: = >: 7-B1<7 + ;+8A+01;-01 .D<1? ;1B>+ >: 7-B1<7 1 .
<+>1>61 <+B.9;=I1 >=7 1 I+ .D1D61;. 9;6101<7 + 8+E-0.I1 8+E-019;=7>=8=0. <1/: =
981<7 .61<7 + A0.;.9>1 .81 D1 A=9: +?.F- ?1 7 + ;+B<=9; 91? 8<=/= .D<1? ;1B>+ >: 7-B1<7 1 >1=
?1 7 + A=9;1: 1 A0+/0+7 1<1 1+: +>;0.91<1 B+9;.F1 -: +I+ . 9-?101 9+ C: 1/= 1: . 8<=/= A-;1
91 1;=8.81 ;+B<=9;. >=7 . 9+ <1,- <1 <7 +<=7A-;1<7 .ND1 9=C=8 =9;16: 71 ;01/ 91B.<7 +< =?
A=C-,+<.E 1;=81 >=7 . A=@;= A0.;.91> C1@;1? =A1?1 7 +9- .?+1: <. >1<?.?1;. ?1 A=9: -G+
>1= 7 +D/0= 8+E-0.I1 0+;A=9;16.8= ?1 9+ ?=/=?. 9-?10 .D8+,- B+9;.F+ >=7 1 -: +I+ .
7+?<=/ A0=;=<1 ?1>: + 7 +?<=/ 7 +D/01 6=?=<.>1 - A=9-?. ;=8 9: -B17 - A=9;1I+ 6.?: 7
.6+
A-;1<7 + 96.E <1+: +>;0.91<.E B+9;.F1 >=7 + .D ;1>6=/ 9-?101 A0=.D.,- =@;= 7 + 8+?.7 -8
;+B<=9; <.7 + A=;0+C<1 ?+C+: 1 A: =B1 1 ;1B>1 9-?101 7 19<= 7 + 6.?: 7.61 9;01G.61B. @.0=8
96+;1 <1A016.: . 9- 8<=/= 8.: .=<1 M =;=/01M .71 ;.E 9-?101 - 8+E-019;.8 >=8=0181N -
1<1: .D. 9- A=81/1: . 1-;=81;9>. 9>+<+0.
6= >1>= 9+ ;17 A=91= 01?. >F+: +01;=0 .9A1: . 7 +?1< D01> B+9;.F1 >1 8+E-019;=7
>=8=0. >= 9- ;= <1+: +>;0.91<+ B+9;.F+ ;- 9+ A=B<+ ?=/1,1;. . A= ?+9+; A1 . A=
?61?+9+; 9-?101 =?7 +?<=8 B.;161 /-G61 0:= C0D= A=9: + A0=: +;1<7 1 B+9;.F+ =;A0.: .>+
7+?1< 8.: .9+>-<? >19<.7 + 7 +?1< >: .A 9+ E.;0= A=6-B+ -<1D1? . A0.;.91> - >=8=0. 9+ <1/: =
981<7 .N D1;= A=B<+ 9;6101<7 + 8+E-0.I1 =A-@;18= ?1 A0=,+ 7 =@ =;A0.: .>+ 7 +?1<
8.: .9+>-<? ?1 ;01/=6. : +A= A=019;- <?1 9+6<+ C: .F <1A016. 9+ M =;=/01M .71 M .:8 9+
A=>0+<+ D1 7 +?1< >61?01; <1A0+? . 96+ 7 + 9A0+8<= D1 <=6. F.>: -9
0.B1 9+ ?1 7 + ": +7 D+0 >=7 . 7+ D1 8+E-019;- >=8=0- ?=C.= =C+: =6- <1/01?- . =?81E
A=9: + ;=/1 A=9;1= C.=: =/ ?=@1= ?= <1?1E<-I1 D1 96=7 + 6+: .>= =;>0.I+ ;1>= @;= 7 +
A0=-B161= DC=/ B+/1 -9A+61 =<17;0.> ?1 >=<=C10. A.6= 81: = A=9=: + 1 =<= =<?1 ?17 +
8<=/= 6.@+ A+<+ - >0./: . 1>= 9- <18 >1M 1<+ - =C: 19;. < 0C=0 - .B./+<- A=?10.: +7 =@
7+?1< -9A+@1< .<9;0-8+<; A=8=I- >=/1 98= ;01/1: . D1 =G.7 =8 B+9;.F=8
=9;=7 + ?61 >: 7
-B1 D1 1<1: .D- 9-?101 A0=9;=0 . 60+8+ %+: +:. C.98= ?1 9<.8.8= ;1B<-
A-;1<7 - B+9;.F+ >0=D A0=9;=0 1: . . ;1B<= 60+8+ >1? 7 + =<1 ;=8 A-;1<7 =8 A0=@: 1 1
A0.8+0 7 +?<1 B+9;.F1 -: +;. - ?+;+>;=0 D1-9;16. 9+ .D1D=6+ <19;1<1> 9: +?+I+ B+9;.F+ D1
>=7 - >1G+8= ?1 7 + 9+>-<?10<1 =C10 A0.8+0 D1 =<- A06- =9<=6<- 7 +9;+ 8-=< >=7 .
-:+;. D1-9;16. 9+ . A0+;6=0. 9+ 8.: .=<.;. ?+= 9+>-<?+ A=9: + ?=/1,17 1 >=7 . 7 + .D1D61=
D1-9;16: 71<7 + - 7 +?1< +: +>;0=< ;= ;1B<.7 . ?+;+>;=0 ;= 6.@+ .<M =081F.7 1 A0.>-A.8=
+E-019;+ >=8=0+ 9- .D609<+ D1 A0=9;=0<- 1<1: .D- ?=/1,17 1 +9;.F+ 9+ >0+I- =9;16: 717 -
;01/=6+ 1 8. 8=G+8= -9;1<=6.;. 91 8=/-I<=@I- /0+@>+ =? <17 6.@+ 7 +?1< 8.: .8+;10 /?+
7+ B+9;.F1 D1.9;1 A0=@: 1 : . ;- <+81 <.>1>6+ .<M =081F.7 + = 60+8+<-
F.<;.: 1F.=<. C0=7 1B. -9A+617 - ?1 : =F.017- B+9;.F- . - A0=9;=0- . - 60+8+<- 1A016: 7
+<.
9- =? A=9+C<+ A: 19;.>+ 17- A= 7 +?1< 81: +<. C: +91> 96+;: =9;. >1? /=? - <7 .E ;0+9<+
<1+: +>;0.91<1 B+9;.F1 0=7 1B 7 + =C16.7 +< 9: =7 +8 F0<+ A: 19;.>+ ;1>6.8 ?1 <. <17 81<7 1
>=: .B.<1 96+;: =9;. <+ 8=G+ ?1 -,+ <-;01 9+ <1: 1D+ +: +>;0=<9>. M =;=8-: ;.A: .>1;=0. (
A=7 1B.61B. 96+;: 1 >=7 . -E61;+ 961>. 817 -@<. 9+6 . A0+;61017 - /1 - 9./<1: - 7 +?1< 7 19<=
=?0+,+< +: +>;0.B<. 2 =;>-F17 2 A-: 9 1 =61>16 C0=7 1B >1G+8= ?1 7 + 9F.<;.: 1F.=<1 ;01>1

173
 :+>;0=<9>. 9./<1:.?+ ?= +: +>;0=<9>=/ B19=6<.>1 >=7 . .81 96=7<.D+: +>;0=<9>.E A-: 9+61N
9-A+0A=<.01<7 +8 7 +?<=/ <1 ?0-/= 8=G+ 9+ =?0+?.;. 60+8+ >1? 7 + B+9;.F1 -: +;+: 1 91
;1B<=@I- =? <+>=: .>= 8.: .710?.;.E ?+: =61 9+>-<?+ >= A0.9: =<.8= <+>=: .>= =6.E
9F.<;.: 1F.=<.E ;01>1 7 +?<- ?= ?0-/+ B+9;.F1 I+ 9+ A0=C.;. >0=D 7 +?<- ?0-/- ;0+I- .
961>1 ;01>1 I+ 0+1/=61;. ?=C.I+8= <1.D8+<.B<+ A-: 9+6+ ( ?1>: + <.D>=7 . I+ <18 =A.91;.
A-;1<7 - - A0=9;=0- . 60+8+<- : . 9F.<;.:1F.=<. C0=7 1B. 9- ;1>= 6+: .>. ?1 8+9;= - A0=9;=0-
/?+ 7 + B+9;.F1 A0=@: 1 =?0+,-7 - 91 8=/-I<=@I- /0+@>+ =? <+>=: .>= F+<;.8+;101
/0=81< >=01> <1A0+? C.: 1 7 + A0=A=0F.=<1 G.B1<1 >=8=01 ( 9>01I+<= 4#
A0=A=0;.=<1:J.0+ FE18C+0 = 7+ 98.9: .= A: =?<. -8 =<=/ 01<F-D1 A= .8+<- %=0G
10A1> "+=0/+9 #E10A1F >=7 . 01?. - # (- .A 7 + C.= E+0=7A=>0+;1 =;A=01 - 0-/=8
96+;9>=8 01;- 1: . 7 + -E61I+< A1 7 + A0=6+= <+>= 60+8+ - >=<F+<;01F.=<=8 : =/=0-NA=9: +
01;1 A=9;1= 7 + A0161 +8.<+<F.7 1 8+,- A0=<1: 1D1B.81 96+ <=6.E <1A0161 D1 =;>0.61<7 +
B+9;.F1 7+/=6 4# 7 + ?=8.@: 7 1; 2 7+?<=9;161<2A0=<1: 1D1> 018 A0+>= >=/1 7 + D1;+/<-;
6+I. C0=7M .<.E G.F1 <1 01D81F.81 =? A= <+>. 8.: .8+;10 .A.B<1 6+: .B.<1 =61>6=/0181 7 +
@+D?+9+; 91 9;= ?61?+9+; F+<;.8+;101 G.F+ 9- ?-/1B>+ A= $ F+<;.8+;101 . D1;+/<-;+ 9-
<+>=: .>= 9;=;.<1 <7 .E .D8+,- 7 +?<+ . ?0-/+ ?-G+ 9;01<.F+ 0181 1A=<. 9- =0/1<.D=61<.
;1>= ?1 >1? B+9;.F1 A0=: +;. C:.D- <+>+ G.F+ 9;6=0. - G.F. 7 +?1< +: +>;0.B<. .8A-: 9 >=7 . C-?+
D1C+: +G+< =@;= ;1B<= D<18= /?+ 9+ >=7 1 G.F1 <1: 1D. 6+I .818= 7 +?1< A=?1;1> =
A-;1<7 . B+9;.F+ 0+8+ A0=: 19>1 -;60?.8= A=0+,+<7 +8 ;=/ +: +>;0.B<=/ 9./<1: 1 91 7 +?<.8
+:+>;0=<9>.8 B19=6<.>=8 1D<.8 -9160@161<7 .81 A=9;./<-;= 7 + ?1 9+ A0=9;=0<1 ;1B<=9;
A=A016. <1 8.: .8+;10 1 60+8+<9>1 <1 (! 9+>-<?. <=/= =61>6.E G.B1<.E 018=61
=?<=9<= 80+G1 8=/-I+ 7 + <10+,1;. - 7 +?1< 91<?-> .D >=/1 7 + .D6-B+< 61D?-E 1: .
-A-8A1< <+>. =?/=61017 -I. /19 1?1 8=G+8= ;1B<= =?0+?.;. A-;1<7 - B+9;.F1 =@;= 7 +
>=8=01 1>;.6<1 918= 60: = >01;>= 60+8+ 01D<. A=D1?.<9>. <19-8.B<. ?=/1,17 . <+ 9;.G- ?1
9+ ?=/=?+ 1 8. =A+; 8=G+8= -A=;0+C.;. 60: = 9<1G1< D01> 10A1>=6 4# -B+9;6-7 + -
96.8 61G<.7 .8 =A.;.81 +6= 7 =@ =? A0.C: .G<= 3T "=?.<+ 33) ?1?=@+ 10A1>-
=C+: =6- <1/01?- ?=C.= 7 -7 + =< 918 D1 =617A0=<1: 1D1>
6. ;. 01D: .B.;. 9+<D=0. D1 -=B161<7 + B+9;.F1 1 . <+>. ?0-/. -/01,+<. 9- - 9: =G+<+
?+;+>;=0+ ;=>=8 =918?+9+;.E /=?.<1 1@?.6=? O ;=<1 # ?+;+>;=0 - +08.: 1C-
A0+?9;16: 71 A0.8+0 >1>= .D/: +?17 - <17 9: =G+<.7 . 9.9;+8. D1 ;17A=91= 7+/=61 .D/01?<7 1
>=@;1: 1 7 + $ 8.: .=<1 ?=: 101 18+<1 7 + <7 +/=61 ?1 A=981;01 9-?10+ A0=;=<1 .
1<;.A0=;=<1 - +61;0=<- # 7 + -/01,+<= 96+ - 96+8- <+>.E 9+<D=01 8+,-
>=7 .81 9- . 9F.<;.: 1F.=<. C0=7 1B. . G.B1<+ 80+G+ /+<.7 1:<= 019A=0+,+<+ - 01D<+ 8+,-9=C<+
A=: =G17 + . =?<=9+ D 9;= E.: 71?1 9+<D=01 <181 A0.;.B- 0+>+ .<M =081F.7 1 96+ - =C: .>-
+:+>;0=<9>.E A-: 9+61 6+ ;= -: .61 9+ - 7 +?1< 9.9;+8 >=7 . .<M=081F.7 + =0/1<.D-7 + M .:;0.01 .
>=<1B<= C+: +G. ?1 C. A=9: -G.:+ D1 <+>+ C-?-I+ 1<1: .D+
1= . - 96.8 ;1>6.8 ?+;+>;=0.81 . - <1@+8 ?.6- <19;17 + <+-A=0+?.6= 6.@+ .<M =081F.7 1
<+/= @;= .>= 8=G+ ?1 A0+/: +?1 2 - 9;610<=8 60+8+<-2 @;= D<1B. <1A0=9;= =?81E D
;=/ 01D: =/1 A=?1F. 9+ >=?.017 - - ?./.;1: <. =C: .> . <19<.81617 - <1 81/<+;<+ ;01>+
=8A7 -;+0 8=01 ?1 =?: -B. >=7 . 9-?10. 9- .9A1: . 2D1<.8: 7.6.2 1 >=7 . <.9- = I+ ?0-/.'
+61;0=<- 9+ ?=/1,1 9-?101 - 9+>-<?. 1 A0+ >017 1 =6=/ 6+>1 ;17C0=7I+ C.;.
A=6+I1< <1 8.: .=< /0=8<1 6+I.<1 ;.E 9-?101 <181 7 + <+D1<.8: 7.61 01/-: 7. 9- =<.
9-?10. - >=7 .81 >610> 7 +?<=/1 A0=;=<1 ;0+9<+ ;1B<= - 1<;.>610> .: . B1> /: -=< 1<;.A0=;=<1
1>6. 2 ;60?.29-?10. 9- 0+;>.
1@ 9.9;+8 D1 0->=61<7 + .<M =081F.7 181 .81 <1 019A=: 1/1<7 - 81<7 + =? 7 +?<=/
8.: .=<.;=/ ?+: .I1 9+>-<?+ ?1 ?=<+9+ 9-?C.<9>- =?: ->- - 6+D. 91 961>.8 9-?10=8
A=<1=9=C ?1 : . 7+ ;= D1<.8: 7.6?=/1,17 ' 7 -?9>=8 C.I- 2 A18+; 9;1<+2A0. A=8.9: . <1 ;1>=
C0D= ?=<=@+<7 + =?: ->1 1: . >=8A7 -;+0- <+ 6+ 618 7 + ;= 0+: 1;.6<= 7+?<=8 6+: .>=8
/01?- 7 +?<- >=0<7 1B- <1A1?<+ . =A: 71B>1 C1<?1 A-G+61 =9: + - A=: .F.7
. >=0<7 1B1 >1G+
R + D<18 6+ 9+ =?./01: = ;1>= C0D= R
1 C. 9+ -C: 1G.= =617 ;+0+; +: +>;0=<9>=/ ?=<=@+<7 1 =?: ->1 01D6.: . 98= 9.9;+8
9;+A+<19;=/ =?1C.01<7 1 1? A0=/018.017 - >=8A7 -;+0 +>9A+0.8+<;1;=0. 8=017 - ?1
=?1C+0- . =?0+?+ .D6+9<+ 2 =>.?1B+2 .<?.>1;=0+ >=7 . >1G- 9.9;+8- R +7 ;. 9<.8. =6= R 1
A0.8+0 -=C.B17 +<. =>.?1B 7 +9;+ 6.9=>1 +<+0/.7 1 >= 7 + ?=/1,17A0+?1= ?+;+>;=0.81 60: =
6.9=>- +<+0/.7 - ;= 7 + D1<.8: 7.6= D1;= @;= 7 + 6+I1 6+0=61;<=I1 ?1 9+ <+@;= 61G<= ?=/=?.
A0. 6.9=>.8 <+/= A0. <.9>.8 +<+0/.7 181 : . >1? ?=<=9.@=?: ->+ = =6.8 =>.?1B.81 ?=C0=
;. 9+ =D<=7 + ?: 1<=6. >= A=9;16.@=>.?1B+ 9-6.@+ <.9>= >=8A7 -;+0 I+ A0.E61;.;. A0+6.@+

174
6+: .>. C0=7?=/1,17 1 >1= 61G<+ . A=B+I+ ?1 9+ 2 ?16.2( <+I+ 8=I. ?1 =C01?. 9E61;. <.;.
9<.8. ;=: .>= :
. 1>= 9-6.@+ 6.9=>= A=9;16.@=>.?1B+ 8=G?1 I+@A0+6.?+;. . .9A-9;.;. <+>-
<=6- M .D.>- .: . I+ 9+ B.;16 ;6=7=A.; D160@.;. C+D.>1>6=/ .9E=?1 +>. =>.?1B. 9+ ->: 7-B+
>1? 9+<D=0. =A1D+ ?1 7 + .D<+>=/?=/1,17 1 .D: +;+= +: +>;0=< 91 6.9=>=8 +<+0/.7 =8 : . <+>.
?0-/. =>.?1B C.I+ -C+,+< ?1 7 + <+@;= <1@1= ->=: .>= 9+<D=0 =A1D. ?1 7 + <+>=: .>= B+9;.F1
<1.@: = D17 +?<= - <+=C.B<= /-9;=8 8: 1D- ( ;1>= ?1: 7
+ =? ;.A.B<=/ =A.;1 =?1C+0+8=
?+9+;1> .: . ?61?+9+;1> 9-?10<.E >=<M ./-01F.7 1 >=7 .81 I+ C.;. ?=A-@;+<= ?1 A=6->-
=>.?1B+ 6. ;. =>.?1B. D17 +?<= ;0+C1: = C. ?1 A0=A-9;+ 2 /=0+2 <1 9: +?+I. <.6= <1@+/ 01?1
7+?<= O ?= 9-?101 - 9+>-<?. = 7 + 6+I D<1;<= 81<7 . C0=7 1?1 .818=
8<=/= 6.@+ 60+8+<1 A= 7 +?1< ?+9+;=E.: 71?.;. 9+>-<?+ ?1 = 961>=8 =? ;.E ?=/1,17 1
?=C0= 01D8.9: .8= ?=C0= <+ C1@ 8. <+/= >=8A7 -;+0. .@+ 60+8+<1 ?1 A1G: 7.6=
A=/: +?18= 961>=/ >1<?.?1;1 %+: .8= : . 9;610<= ?1 9<.8.8= =617?=/1,17 ' =617 '
<. >=7 . A0=,- . ;= ?0-/= .9A.;.61<7 + .?- <1 9: +?+I. 9;+A+<N->-A<= A=9;=7 . A+; ;1>6.E
<.6=1 96+ 9;0=G+/ A=981;01<7 1 9-?101 1 >017 - <18 =9;1<+ ?+9+;1> 9;610<= <17 C=: 7
.E
?=/1,17 1 961>+ 9+>-<?+
.E ?+9+;1> 9+ 9<.817 - <1 81/<+;<- ;01>- . ;= ?= A=9: +?<7 + A=7 +?.<=9;. +,-;.8 <1
961>=8 <.6=- A=<+>1? 9<.8.8= . A= >=7 - 9;=;.<- ?=/1,17 1 C+D .>1>6=/ =?1C.01<7 1
<19-8.B<= ?1 C.98= - >19<.7 .8 1<1: .D181 A0=6+0.: . ?1 9+ <.7 + ?+@161: = <+@;= 61G<= @;=
<18 7 + 8=G?1 A0=8.F1: =
.;16 =617 9.9;+8 D1 A0.C16: 71<7 + A=?1;1>1 A=9;=7 . D1E61: 7-7 -I. 81: =
<1>0.6: 7+<=79101?<7 . M.D.B101 >=7 . 8.9: + ?1 D<17 - @;1 E=I+ C.9;0.E +: +>;0=.<G+<7 +01 >=7 . 9+
.D 96+ 9<1/+ ;0-?+ ?1 D1?=6=: 7+ D1E;+6+ M .D.B101 . ?1C=8+ =<.E >=7 . 9- =8=/-I.: .
0+6=: -F.7 - - >=8+0F.7 1: <=78.>0=+: +>;0=<.F. D19<=61<=7<1 A=: -A0=6=?<.>-
"+<.7 . >=7 . 9- 9;6101: . 96- =6- ;+E<=: =/.7 - =?6+I9- 8<=/=C0=7 <. ?1 C. 8=/: . C.;. 96.
=6?+ <1C0=7 1<.N 1: . A= 8=7 =79-C7 +>;.6<=7=F+<. 7 +?1< =? /: 16<.E .<=61;=01 C.= 7 +
9;.?: 7.6. .<G+<7 +0 +: +>;0=<.>+ >=7 . 7 + 01?.= <1 <.6+0D.;+;- =: -8C.7 1 . ;= - 7 +?<=79=C.F.(
>-: .F. - : 1C=01;=0.7 . +6.9 /?+ 918 7 1 =?019;1= .: .7
+8 .A1E 4.: :.18 .AA1FE =;.@1= 7 +
?1: +>= .9A0+? <19 M .D.B101 >=7 . 7 + ;0+C1: = ?1 <1?/: +?17 - <7 +/=6 01? . 98= ?1: .
9A+F.M .>1F.7 +N=< 7 + -01?.= <1F0;+ . .D/01?.= =:.>= 918 A-;1 >=: .>= A-;1 ;+: +M=<.01=
.A1E- - ;0. -7 -;0= . >->1= A: 1B<.8 /: 19=8 ?1 98= <1.@: . <1 =DC.: 7<= =/01<.B+<7 + -
<7 +/=6=7 -6+> 7 + C.: 1 <7 +/=61 >1? 98= .81: . A0=C: +8+ +: +>;0=<.F. < 8+ 919: -@1
I-;>+ 1 =<?1 A=9;16. A.;1<7 + R .?.@ : . 7 +?1< 8.>0=A0+>.?1B .9A=? A=>: =AB.I1 <1
@+9<1+9;=7A=: .F.' >: 7-B. /1 . ;6=7A0=C: +8 I+ C.;. 0+@+< 1>- <=IR .A1E=61 9: 161 @.0.: 1
9+ A= 96+;- .A.B<= 7 + C.: = ?1 D1 <+?+: 7 - ?1<1 ?=,- 918= ?1 C. A=A0.B1: . 91 <1@.8
.:
=8 A=9+;.=F. .D 7 - +7 6+<1 1: = : ;=1 %+<+6+ . =6=9.C.09>1
1@ .: .7+8( .: .A1E . 8<=/. ?0-/. >=7 . 9- A=8=/: . - 01D6.71<7 - =6.E 9: =G+<.E 9.9;+81
<19;16: 717 - 9: 16<- ;01?.F.7 - D1A=B+;- 7 =@ ;0.?+9+;.E . B+;0?+9+;.E /=?.<1 >1?1 9-
A0=<1: 1G+<. A06. ?+;+>;=0. B+9;.F1 . A06. ?1: . 9- 919;=7 >+ A=8=I- >=7 .E 7 + A=9;1: 1
8=/-I1 .D01?1 A06=/ A=>=: +<7 1 ?./.;1: <.E >=8A7 -;+01 =<. 9- 91 96=7 + 9;01<+
=8=/-I.: . A016: 7+<7 + 6+I.E . C=: 7.E 1>F+: +01;=01 . ?+;+>;=01 >=7 . 9- =A+; =8=/-I
+;+>;=0. 9- >=<1B<. .9E=? F+: =/;=/A=9: 1

1? = 1>F+: +01;=0.81 D<1;+ 96+ @;= ;0+C1 ?1 D<1;+ ( 8=G?1 . 6.@+ =/-I+ 7+ ?1 91?
D<1;+ D1A016= 6.@+ <+/= 6+I.<1 ;+=0+;.B101 + -A-I-7+8 7 1 <7 .81 <.>1>6- >0.;.>-
918= >=<9;1;-7 +8 B.<7+<.F- : . 61G<.7+ =? 1>F+:+01;=01 7
+9;+ =<= @;= 9- <18 1>F+: +01;=0.
>1D1: . = 96+;-
1= @;= A=8+<-E 9.<E0=(F.>: =;0=<. .DA+?+9+;.E /=?.<1 =8=/-I.: . 9- <18 ?1 91D<18=
8<=/= = A.=<.81 A.(8+D=<.81 +=0.71 .?+>.7 1 ->16+ 9-/+0.91: 1 7+ ?1 01D8+<=8
=?0+,+<+ B+9;.F+ 91 =?0+,+<=8 819=8 8=G+ C.;. 9;6=0+<1 7 1>1 A0.6:1B<1 A0=;.69.:
1 >=71
C. 6+D.61: 1 A0=;=<+ 91 A0=;=<.81 A0=;=<+ 91 <+-;0=<.81 . <+-;0=<+ 91 <+-;0=<.81
->161 7 + A0+?9>1D1= . 819- >1= . G.6=;<. 6+> ;+ B+9;.F+ >=7 1 9+ 01D8+<7 -7+ <1 7+
A.=<
.=< .81 +<+0/.7 - 8.0=61<71 =? P + 7
-?. 9- A=B+:. ?1 /1 A0=.D6=?+ - .D=C.:7- -
81@.<181 =? P ?= ! + <1 -<.6+0D.;+;.81 @.0=8 96+;1 ;=>=8 A+?+9+;.E /=?.<1

175
 .=<. 9+ 019A1?17 - <1 8-=<+ . <+-;0.<+ -=< <18 7 + C.= 6+: .>1 D1/=<+;>1 A+?+9+;.E
/=?.<1 .<.: = 9+ ?1 7 + ;= <+>1>61 ;+G1 6+0D.7 1 +: +>;0=<1 .B10? 17 <8+< C.= 7 +7 +?1< =?
=<.E .9;1><-;.E M .D.B101 >=7 . 9- 9+ /0?<= B-?.: . . 8-B.: . 6.?+I. A0+? 9=C=8 ?61 A0+?8+;1
>=7 . 9+ A=<1@17 - - 96+8- .9;=6+;<= =9.8 @;= 7 + 7 +?1< =? <7 .E ?6+9;1 A-;1 ;+G.
1D0+@161<7 + =6+ ;17 <+ 7 +?1< 7 + =? >: 7-B+61 D1 F+: .<- <1@+ A0.B+ A1 . D1 918- =G.7 -
B+9;.F-
:
+?+I1 /+<+01F.7 1 81@.<1 A0=.D6+: 1 7 + .D<+<1,+<7 + A=>=: +<7 1 >1? ?08<+8= A=
7+D/0- B+9;.F=8 =? 8.: .710?- 6=: ;. ?=/=?. 9+ 2 <+@;= 01D: .B.;=2 1 A=/: +?18= 91?1 @;1 96+
8=G+ ?1 9+ -B.<. A=8=I- 1>F+: +01;=01 0+C1 ;= ?1 D<1;+ 7 +0 D160@<. .9A.; 618 9+ C: .G.
9-@;.<. =/0=8<= -: 1/1<7 + - : 7 -?9>- /+<.7 1: <=9; =A.91<= - =6=8 A=/: 16: 7- ( <1.8+
01D6=78=?+0<.E 1>F+: +01;=01 . ?+;+>;=01 B+9;.F1 ( ?=A-@;1 <18 ?1 01?.8= ?6+ 609;+
A=9: 1 ?1 019+7 1618= A0+?8+;+ . =<= 2 <+@;= 01D: .B.;=2( <1.8+ ?1 A0=.D6=?.8= <=6+
A0+?8+;+
19+7 1<7 + =A.;.81 019+7 1<7 1 019.A1<7 1 /: +?18= >1>= B+9;.F+ >=7 + -: 1D+ - 9-?10
A=9: + ;=/1 =?: +I- <1 01D<+ 9;01<+ ;0-B<. .D01D D1 >=<1B<. .9E=? =61>6=/ =A.;1 /: 19.
-/1=<1 019A=?+: 1 1?1 9+ 1<1: .D.017 - A= A016.: .81 >61<;<+ M .D.>+ =6. =A.;. <18 >1G-
8<=/= @;=@;1 = 7 +D/0- 7 +0 =<= 7 + ;17A0+?8+; >=7 . 019.A1 -: 1D<+ B+9;.F+ <1 01D<+ 9;01<+
1>= +<+0/.7 1 -: 1D<.E B+9;.F1 >=7 + 9;.G- .D 1>F+: +01;=01 A=9;17 + 96+ 6+I1 . 6+I1
9;0->;-0- A=/=,+<=/7 +D/01 91/: +?1618= 96+ =@;0.7 + . =@;0.7 + 1>= 98= ?=D<1: . = 919;16-
01D<.E 7 +D/101 =A0.: .B<= D<18= = A0=;=<.81 . <+-;0=<.81 7 +D/01 - >1>6=8
8+,-9=C<=8 =?<=9- 9+ <1: 1D+ . >1>= 9+ 60D817 - ;18=(18= ?1 C. ;1>6- 6+D- =9;610.: .
=6+I1617 -I. +<+0/.7 - -: 1D<.E B+9;.F1 -9A+618= ?1 2 D16.0.8=2. - -<-;01@<7 =9; A0=;=<1 1
. <+-;0=<1 >-;.7 .F181 7 =@81<7 + >-;.7 .F+
1 C.98= A=7 +?<=9;16.: . 9;610. E17 ?+ ?1 D18.9: .8= 8+;- >=7 1 9+ 919;=7 . =? 918=
7+?<=/ 7 +?.<=/ A0=;=<1 ?1>: + 6=?=<.>=6=/ 7 +D/01 A.;. 91 019.A1<7 +8 7 16: 717- <18
>=: .>= 7 + ;17A0=;=< 6+: .>. . >1>= 7 + 019A=0+,+<= A=D.;.6<= <1+: +>;0.91<7 + =8.@: 71; B.;1: 1F
A=9;16.I+ A.;1<7 + ?1 : . .<9;0-8+<; >=7 .8 9+ 9: -G.8= ( 1 ;= 7 + -: 1D<1 B+9;.F1 >=7 1 /0-<+ -
8+;- ( ?=A0.<+9+ D1A+;: 71<=9;. .9E=?1 ?/=6=0 7 + ?1 1;= 9+ 9: -G.8= 01D: .B.;.8
.<9;0-8+<;.81 06= 98= /1,1: . ;17A0=;=< 1: M1(B+9;.F181 >=7 + 9- <19;1: + 9A=<;1<= >1=
01?.=1>;.6<= D01B+<7 + =9: + 98= /1,1: . A0=;=<.81 1: . . +: +>;0=<.81 .9A1: 7+<.8 .D
1>F+: +01;=01 =@>19<.7 + A=B+: . 98= ?1 9+ 9: -G.8= . 9+>-<?10<.8 B+9;.F181 /1,1: . 98=
8+;- M =;=<.81 A=0+>: =8 =? +: +>;0=<1 ;= 7 +9; C.: . 9- 2 ?+0.61; +: +>;0=<12N;1>=,+ 98=
>=0.9;.: . A.=<+ A.(8+D=<+ >=7 . 9- <19;1: . >1= A0=.D6=? 01<.7 .E 9-?101 ?0-/.E A0=;=<1 91
?0-/.8 7 +D/0.81 =>=8 @+D?+9+;.E . 9+?18?+9+;.E /=?.<1 01?.: . 98= =6= 96+ 6+@;.7 + .
96+ C=: 7+ A1 98= 9+ =9A=9=C.: . ?1 /1,18= 8+;- B1> ;+0F.7 10<.8 B+9;.F181 =<.81 >=7 +
9- ;0+I. 9;+A+< - =6=8+ 8-=<.81 <1 A0.8+0 >=7 . <19;17 - 019A1?1<7 +8 A.=<1N .: .
<+-;0.<.81 >=7 . ;1>=,+ <19;17 - 019A1?1<7 +8 A.=<1N.81 . 8<=/= ?0-/.E 8=/-I<=9;.
>F+: +01;=09>1 : 1C=01;=0.7 1 A=9;1: 1 7 + 9+06.9<. F+<;10 D1 8<=@;6= 01D<.E A0=.D6=?1
0+? >017 =918?+9+;.E /=?.<1 +08.: 1C=6. >=8+0F.7 1:.9;. ( ?1>: + <1@. 9;0-B<7 1F. D1
+>=<=89>- A0=A1/1<?- ( =/: 1@161: . 9- A=;+<F.7 1:<.8 8-@;+0.7 181 ?1 >=? <19 ;+>- A=
G+: 7. 8: 1D+6. ;=A: .E . E: 1?<.E A0=;=<1 <+-;0=<1 A.=<1 >1=<1 8-=<1 <+-;0.<1
1<0;.A0=;=<1 E.A+0=<1 A=: 10.D=61<.E A0=;=<1 ;= D<1B. ?1 96. .817 - 9A.< .9;=/ 98+01
;1/=61<.E M =;=<1 M =;=<1 91 D1>1B+<=8 F+<=8 ( ;= D<1B. ?1 D<18= >=: .>= .817 -
+<+0/.7 + 1 @;= <+81 - .D: =/- A.;17 ;+ - 01?<7 .
) 0=.D6=?<7 1 <=6.E B+9;.F1 6?+ 7 + F.: 7?1 6.?.8= 8=G+ : . -B.<1> <=6=/+<+0/+;9>=/
A=?0-B7 1 C.;. 9;6101<7 + <+>.E <=6.E <.>1?1 01<.7 + 6.,+<.E B+9;.F1 >= 9+ <1,+ <+>1 <=61
B+9;.F1 G+: .8= ?1 D<18= 96+ = <7 =7 >=: .>1 7 =77 + 8191 9A.< <1+: +>;0.91<7 + >=7 =7
A=0=?.F. A0.A1?1 . ;1>= ?1: 7 + 1>=,+ <18 7 + A=;0+C<= ?1 D<18= >=: .>= =<1 G.6. . - >=7 +
?0-/+ B+9;.F+ 019A1?1<7 +8 A0+: 1D. 1016<= ;0+C1 . ?1 D<18= <7 +<= .8+ . -: =/- >=7 -
.81 - 6+: .>=710E.;+>;-0. 96+;1 B+9;.F1 .=< 7 + =;>0.6+< - >=98.B>.8 D01F.81 1: . 98= C0D=
91D<1: . ?1 <+ .9>1B+ F+= . =?019;1= .D B+: 1 <1@.E 81/: +<.E >=8=01 =/1,1 9+ =6=
A0=;=<. >=7 . A=9;=7 + - >=98.B>.8 D01F.81 97 -0-7 - 9+ - +8: 7.<- 1;8=9M +0- . ;- 9+
9-?1017 - 91 7 +D/0.81 1;=81 1D=;1 . >.9+=<.>1 . >=7 +>1>6.E ?0-/.E @;+;<.E /19=61
?1<19 >=7 + 98= 918. 9;6=0.: . A1 9+ .D ;.E 9-?101 01,17 - A.=<. 0.:
.>=8 A0=-B161<7 1
>=98.B>.E D01>1 A0.8+I+< 7 + 7 =@ A=/?+>=7 . 2 81: = <+<=081: 1<2A0+?8+; ( <1 A0.8+0
B+9;.F+ >=7 .81 9- ?1;1 .8+<1 H . ( . 7 +?1< A0+?8+; >=7 . 7
+ ?=C.= <1D.6: 18C?1 : 1?
9- 8=I<.7 . 1>F+: +01;=0. A0+-D+: . 9;610. - 96=7 + 0->+ A=: 1>= - A+?+9+;.8 A1 =<?1

176
<+D1?0G.6= - @+D?+9+;.8 - <7 .81 9- A=B+: + ?1 9+ 9;61017 - 01D<=609<+ +/D=;.B<+ B+9;.F+
+?<1 A1 ?0-/1 A1 7 =@<+>=: .>= 1 =<?1 B.;161 A=A: 161 <7 .E /0=8<+ +<+0/.7 + >=7 + 98=
-9A+: . ?1 -<+9+8= - 9-?10+ =;>0.: + 9- <18 A=9;=7 1<7 + <+ A+; <.;. A+?+9+; <+/= <1
9;=;.<+ <=6.E B+9;.F1 = >=7 .81 - 6+I.<. <1@.E M .:=D=M .71 D1.9;1 <. 91<7 1:. <.98= =01F.=
61 =;>0.I1 C.: 1 9- -B.<F. /0-A<=/ 01?1 A: =?=6. +: .>+ <1->+ . <1/: =/ C-7 1<71 ;+E<.>+ .
;+E<=: =/.7 +-M .D.F. B+9;.F1
61>=8 <=6==;>0.6+<=8 =C7 +>;- <1?+<-: . 98= <1D.6 <17 B+@I+ <+>= /0B>= 9: =6=
;>0.61B. =C.B<= /0-A1 =? @+D?+9+; ;0. . A= <1-B<.>1 >=7 . 96+ 01?+ D17 +?<= 91=A@;+ 96+;-
?1 9- =;>0.: . <=6. =C7 +>; . <16+?- 96+ <7 +/=6+ =?: .>+ A=D<1;+ - ;=8 ;0+<-;>- ( 819-
+:+>;0.B<. <1C=7 9A.< G.6=;<. 6+> . 7 =@ 7 +?<1< ?-/1B1> 9A.91> >61<;<.E =?: .>1 .8+
A0=,- A=0+? =D<1>.F+ 20+<.2 A=>-A+ ?6+9;1 ?=: 10B.I1 <1A.@- /?+>=7 - ?=>;=09>-
?.9+0;1F.7 - . : +A= B+>17 - ?1 C-?- A=D61<. ?1 ?0G+ A0+?161<7 1 <1 9+8.<10.81 ?1 A.@-
9;0-B<+ 01?=6+ D1 >=<M +0+<F.7 + ?1 ?=C.7 - -<1A0+,+<7 1 - 9: -GC. . 96+ ;= ;1>= @;= 9: +?-7 +
=<17 6.@+ .8 7 + 9;1: = ?1 <+>= ?0-/. <+/?+ D19-B+ 0->16+ . A0.=<+ <1 A=91= ?1 ;+
<7 .E=6+ 0+D-: ;1;+ A=;60?. . ;= 1>= 7 + .>1>= 8=/-I+ <+>=8 9196.8 ?0-/1B.7 =8 ;+E<.>=8
?1 C. 9+ .DC+/: 1 2 A0.9;019<=9; .<9;0-8+<;12 =D<1;= 7 + ?1 961>. 1>F+: +01;=0 D17 +?<= 91
F+: =8 96.;=8 96=7 .E ?+;+>;=01 .81 9>: =<=9; ?1 6.?. ?=/1,17 + <1 <+>. 2 96=7 281: = =9=C+<
<1B.< 1;= 7 + C.;<= ?1 <+>+ 9196.8 ?0-/+ =B. <1 ?0-/=8 8+9;- A=;60?+ ?1 D1.9;1
A=9;=7 . ;= @;= 7 + <1,+<= 91 ;.8 =?: .>181 6= 9+ D=6+ A=;60,.61<7 +
+E-019;1 >=8=01 A=9: -G.:1 7+ >1= 8=I<1 ;+E<.>1 D1 =;>0.61<7 + B+9;.F1 D1;= @;= 9+ -
<7 =78=/- 9<.8.;. . .D8+0.;. 8<=/+ A=7 +?.<=9;. 2 C:.9>=/ 9-90+;12 0-/. +>9A+0.8+<;1;=0.
=<. =A0+8: 7
+<. +: +>;0=<9>.8 90+?9;6.81 D1 ?+;+>F.7 - : =6.:. 9- <+>+ ?0-/+ =?0+,+<.7 +
9;610. 1? 7 +?<1 B+9;.F1 -9A+ ?1 .DC=0. 9+C. 8+9;= <1 9A.9>- =<.E >=7 + 9- A0.D<1;+ .
9;610<= A=9;=7 + =<?1 B=6+> 8=G+ A=: 1>= ?1 <18+@;1 ;1B<= =?0+,+<+ 609;+ 9-?101 .
9A0161 A=8=I- >=7 .E I+ A0.>-A.;. A=?1;>+ = G.6=;<=8 6+>- ( 96+ <=6+ B+9;.F+ C.: + 9-
<+9;1C.: <+ ( . = 01D<=: .>.8 8=/-I<=9;.81 019A1?1<7 1 @;1 9+ 0+B+<1 B+9;.F1 019A1?1'
18C?1 - 7 +?1< A0=;=< . 7 +?1< A.=<N1: . 9./81 - 7 +?<- : 18C?- . 7 +?1< A.=<N. ;1>= ?1: 7+
.@. ;1C: .F+ <19;=7?1 <+ A=;=<+@- 8=0- A=?1;1>1 = 9- C.: 1 ?61 =9<=6<1 A016.: 1 1>=
98= E;+: . ?1 91B-618= D?016 01D-8 - 9-C<->: +10<=8 96+;- >=7 . 7 + A=9;17 1= 96+
D1A+;: 71<.7 . 6+ =<+ <=6+ B+9;.F+ /0B>.8 9: =6.81 =C+: +G+<+ >=7 + 9- <19;17 1: + -
9-?10.81 /?+ 7 + A0+=6: 1?161: 1 71>1 9.: 1 =D<1B.: . 98= /0-A<.8 <1D.6=8 E1?0=<. =? /0B>+
0+B. D1 2 ;+@>=2 7 @;1 .E 7 + 1?0=<1 .81 C->61: <= <1 9;=;.<+ 01D<.E = <.7 + =<= @;=
98= G+: +: . 8+9;= ?1 <1,+8= 7 +?<- 918= 7 +?<- 7 +?.<- 817 -@<- B+9;.F- >=7 - <.@;1
6.@+ <+ 8=G+ 019+I. -8+9;= ?1>: + ?1 - <1@+8 ;01/1<7 - D1 ?+8=>0.;=69>.8 1(;=8=8
9;./<+8= <1 F.: 7 =;>0.98= <1 9;=;.<+ B+9;.F1 >=7 + 9- ;+@>+ . >=7 + 9+ =B./: +?<= . ;+ >1>=
8=/- ?1: 7 + 9+I. 1;19;0=M 1 ? <1@.E >=: +/1 C.=: =/1 <1-B.: . 98= @;1 <1-B<.> ;0+C1 ?1
01?. >1? <+ D<1 @;1 ?1 01?. 0+C1 ?1 >: 19.M .>-7
+ =8+ 98= 9+ A0+?1: . C+D-9;0-B161<7 1
+D-: ;1;. ( . A=9: +?.F+ ( ;=/9.: <=/>: 19.M
.>=61<7 1 C.I+ 01D81;01<. - 9: +?+I+8 A=/: 16: 7-

"

160@.I+8= =6= A=/: 16: 7+ <=6.8 <1B.<=8 /: +?1<7 1 <1 =<= @;= 9+ - 9-?10.81 -
1>F+: +01;=0- D1.9;1 ?+@161 17<=6. <1B.< ?=C.: . 98= <1 A=>: =< =? <1@.E : 7
-C1D<.E >=: +/1
19;0=M .D.B101 81 - +08.: 1C- 7 +?<1 81: 1 1: . 60: = D1C16<1 9>-A.<1 19;0=M .D.B101 >=7 . 9-
9+ ;- D16->: . . -B1-0.:
. .: 7-?. <19 -C+,-7 -(17 1 <+818 01D: =/1 ?1 .8 <+ 6+0-7 +8 ( ?1
7+ 96+; 9;6=0+< A0+ 7 +?<= O 8.: .710?. /=?.<1 - >1;1>: .D8.B>=7+>9A: =D.7. >=7- 9- <1D61: .
+:.>. A0191> A06=8 ;0+<- A=9: + =6=/ =9;1<7 1 19+:
7 +<1 ;+> 0=,+<1 C.: 1 7+ 60+: 1 .
D/-9<-;1 9-A1 A01.9>=<9>.E B+9;.F1 >=7 + 9- 9+ 8+,-9=C<= 9-?101: + 019A=: 1G-I. A0. ;=8+
+<+0/.7 181 >=7 + 9- +>6.61: +<; ;+8A+01;-0+ ;1>= : -?= =/0=8<.8 ?1 8. <. - A=9: +?<7 +8
C-<.: - 1>-;<+ 8+/1: =81<.7 + <+ 8=G+8= <. ?1 91<7 18= ?1 <+@;= ;1>= 0+A0=?->-7 +8= : .
19+: 7+<1 9+ @.0. . E:1?. <+>=8 ;0+<- =;A0.: .>+ ( )9+>-<?+ A=9: + =9;1<7 1 A0=9+B<1
;+8A+01;-01 B+9;.F1 - =6=760-I=7619+: 7+<9>=79-A. =A1: 1 7+ <1 918= C.:
.=< +:+>;0=<(
6=:;. ?1>: + + 1 ;= 7+ =;A0.:.>+ =<1 +<+0/.7 1 >=7 - +08.: 1C=6 +61;0=< A0=.D6+?+ -
961>=8 96=8 D01>- D ;=/ 01D: =/1 8=G+8= ?1 981;018= 1>F+: +01;=0+ D1 96=7 +609<+
60+8+A: =6+ +61;0=< =G.6: 7161 - =<=8 ;0+<- >1? 9+ A0=;=<. B+=<= 9-?10+ A=<1@1<7 +
F+:+ 19+: 7+<+ - 60+8+ >1? 7 + C.:1 9;101 28.:.=<.;. ?+= 8.: .=<.;=/ ?+:1 9+>-<?+2 =G+8=

177
?1 .D01B-<18= 01D6=7 19+: 7
+<+ 1>= D<18= M .D.>- 961>+ +A=E+ . -9: =6+ >=7 +7 =77 + A0+?1: 1
- <19: +?9;6= A0+;E=?<1 +A=E1
61 60+8+A: =69>1 A0.8+<1 7 + D1A016= A=91= D1 19;0=M .D.B10+ =? <=081: <.8
=>=: <=9;.81 D1 <19 2 B+9;.B10+2C.:= C. D1C16<= . : 19>16= 1: . 9160@+<= <+61G<= ;= @;=
1>F+: +01;=0. <16=?<= =A=<1@17 - 01<- 19+: 7+<- +,-;.8 - A=9: +?<7 .E <+>=: .>= /=?.<1
A=B+: . 98= ?1 -6.,18= 7 +?<- A=6+D1<=9; 1? 9+ 7 =@?1: 7
+ 601;.8= >0=D60+8+ ?= =<.E
?+:.I1 9+>-<?+ >1? 9- +<+0/.7 + C.:+ 8<=/= 6+I+ =? + 1 ;= 7+ /=0<7 1 /01<.F1 <1@+/
91?1@<7 +/1>F+: +01;=09>=/.<6+<;101 ?=9A+ 9+ ?= ;17 <+ >=71 <18 7 + A=;0+C<1 1 01<.7 1
60+:.71 19+: 7
+<1 91?0G. C.;1< >: 7-B >=7. <19 8=G+ A=6+9;. >1 9>0=6.@;- =G.7 + B+9;.F+
1 <1@1 19;0=M .D.B>1 6+D1 1>F+: +01;=0 6.,+< >1= 60+8+<9>1 81@.<1 7 +9;+ 7
+?1< <1B.<
/:+?1<7 1 0-/. ?=: 1D. =? =C+0;1 .: 9=<1 >1-C=7 1 /01?.;+:71 1>F+: +01;=01 >=7 .7 + A.91=

.B+/ <+=C.B<=/ <+81 - ;=8+ @;= 9- +9;+;9>+ . ;+E<.B>+ 60+?<=9;. <+=?6=7 .6=
A=6+D1<+ 5 - >=<9;0->F.7 . +08.: 1C15 1> 918 <1@1= . A=-D?1<= 6.?.8 B-?<- 9: .B<=9;
.D8+,- >1;+?01: + . 1>F+: +01;=01 +?<1 /01,+6.<1 A=?.D1<1 7 + 91 <18+0=8 ?1 9+ 6.<+
>0=DA0=9;=0 @;= 7 + 8=/-I+ 6.@+ - 6.9.<-N?0-/1 91 <18+0=8 ?1 A=9;./<+ 9: .B1< A=?6./-
+<+0/.7. 61>1>= +9;+;.>1 =C+ /01,+6.<+ A=;.B+ A06+<9;6+<= .D ;+E<.B>.E =9;610+<7 1
>1;+?01: . ;= 6.?.8= - M -<>F.=<1: <=9;. ;1>=D61<=/ @.: 7
1;=/ <1/=0+ A0+: =8:
7+<=/ :->1N;=
7+ >=<9;0->F.7 1 - >=7 =7 A=9;=7 + A=;.91> . A0=;.6A=;.91> 1 .D01G+<. 9- ;1>= ?.6<=
-A=;0+C: 7+<. ;1>= ?0181;.B<= =9;=7. ;+E<=: =@>1 +9;+;.>1 . >=? 1>F+: +01;=01 1
=0C.;181 9A.01: <=9; =9;=7 . +:+>;0.B<. A=;.91> . 81/<+;<. A0=;.6A=;.91> 7
+?1< . ?0-/.
?=A0.<=9+ 9;1: <= -D: 1D+I+8 ;1: 19- M =>-9.01<7 1 . ?+7 9;6=61<7 1 <1 A-;- >1 7 +?<=8
60E-<9>=8 .D01D- >=7 . I+ C.;. +<+0/+;9>. =9;610+< A=8=I- C: .9;16=/D01>1 B+9;.F1
=<+; =61>6.8 8.9: .81 D1/: +?1= 918 81: = A=8<.7 + - <1B.< <1 >=7 . 9- >1;+?01: +
D.?1<+ 1@1= 918 6+: .>+ 9: .B<=9;. .D8+,- D17 +?<.F+ /01?.;+: 7
1 >1;+?01:1 . D17+?<.F+
/01?.;+: 7
1 1>F+: +01;=01 . 7 +?<. . ?0-/. 9- C.: . =?61G<. ?=<=9.=F. <=6=/ A=?+: 7+<. A=
<1F.=<1: <=7A0.A1?<=9;. . .9A-<7 +<. 9.:<.8 ;1>8.B109>.8 ?-E=8 DC=/ ;=/1 A1 .A1> -
=9<=6. .<;+0<1F.=<1: .9;. =:
.8 ?1 A=0+?.8 6+: .>=/ 817 9;=01 9;6101:1@;61 -/+01 -/+0
=? +< +<.7 1 91 =>0=M 0=8 =? +8C0.?G1N.: . -: .7
1 -::Q =? =;0( 181 91 =0+<9=8
=? +0>: .7
1N1 .: 10 =<>=01 .: :10? ?+ =<<+F=-0; 91 -?>+0=8 =? =6=9.C.09>1

6=8+ 8=/- 918= ?1 ?=?18 ?1 A=9;=7 ..7 +?<1 ?-C: 71 6+D1 . >1;+?01: + . 1>F+:+01;=0.
/01?+ 9+ -D=/0=8<+ ;0=@>=6+ 1 01D: =/ /01?<7 + 7+ 6+01 >1;+?01: + . 1>F+: +01;=0. <-?+
?-E=6<= -D?./<-I+ ;01<9F+<?+<F.7 - . 1>= 9+ 8=: .;6+ =9;610+ ;>0=6+<7 + 1016<=
<.9- 96+ >1;+?01: + -9A+@<= ?+7 9;6=61: +
+?1< =? 9: 16<.E ;0+<-;1>1 - <1@+8 A=9: - 7 +9;+ =<1 9F+<1 >1? - >=<;0=: <=7?6=01<.
A0+A-<=7M .D.B101 D1 >=<D=: =8 9+?+ : .B<= /: 16<+ /1D?+ F+: + .<9;.;-F.7+ . D-0+ - +>01<+
D1;= @;= 7 + ?1<19 =<17A=9+C<. ?1< 6+ 7+ <1 96=8 8+9;- 0-? >=7 . 9- 8<=/= /=?.<1
-: 1/1: . 8<=/. <1-B<.F. . .<G+<7 +0. 91?1 ;0+C1 >=<1B<= ?1 9+ .9A: 1;. 01;.8=
<1A0+?=61<7 + D01>1 .D C=F+ 91 6=?=<.>=8 >0=D 9: =G+<- -;0=C- <1@+/ 1>F 9A+:=
9A+: = 818= D01> ?=> 9. 9;./1=5 9;./: 1 ?1 >1G+@918= 22=? 201 2 @18A1<7 1F 6+I
>:=>=I+ - B1@+ =? C+: + A:19;.>+ 1 <1 96.8 : .F.81 9- .9A.91<. 9: 16: 7
+ . +>9;1D1 <1@=7
96+;=78+;1M =0. 6.?.8 >1>= D.?10. A=9;16: 717- . A=9: +?<7+ ?+: =6+ =: ->1 <1 8+9;= 1
A=A=6. +A.9>=A. >10?.<1: . . <+.DC+G<. /0C16. D6=<10 <1A+;= 9;=7 + =>= =: ;101 ?1 6.?+ ?1 : .
I+ 9;610 A0=01?.;.
1 B=6+> 8=01 .81;. - 6.?- . +9;+;9>+ 60+?<=9;. 7 +?<=/ 1>F+: +01;=01 1 <+ 918=
<7 +/=6+ "+ . ?0-/1 ;+E<.B>1 96=7 9;61 0=D8<=/= E.: 71?1 /=?.<1 8=G?1 I+ 10E+=: =D. .
1<;0=A=: =D. =F+<7 .61;. <1@- >-: ;-0- A= <7 +<.8 1>F+: +01;=0.81 1@;= <+ C. A1 ;= 9-
<17 6+I+ 81@.<+ >=7 + 7+ <1@1 F.6.: .D1F.71 .>1?1 A=?./: 1 1<19 A=9+I-7 +8= ;=-<E+<?G .: .
6+: .>+ A.018.?+ - /.A;- . ?.6.8= 9+ A06= <7 .E=6=7: +A=;. 1 D1;.8 . ;+E<.B>=76+@;.<. >=7 1
7+ =8=/-I.: 1 :7-?.81 ?1 A=?./<- ;1>= <+@;= : . ;+ D/01?+ 9- .81: + . <1-B<- 960E-NC.: +
9- A0.8.;.6<+ 2 =A9+061;=0.7 +2 D1 A01I+<7 + >0+;1<7 1 <+C+9>.E ;+: 1 1;= 8=018= C.;.
D1?.6: 7+<. . B.<7+<.F=8 ?1 9- ?0+6<+ >-: ;-0+ A=?.D1: + ;1>= 6+: .B1<9;6+<1 D?1<7 1 - G+: 7
. ?1
.D8+0+ >0+;1<7 + <+C+91 . ?1 G.6+ - 91/: 19<=9;. 91 19+: 7+<=8 A.018.?181 . -
;=-<E+<?G- =C: .> . 960E1 9- 9+ 9A=7 .:. ?1 C. <1-B<+ .9;.<+ 8=/: + C.;. <1,+<+
>F+: +01;=0. 9- <1@+ A.018.?+ <1@ ;=-<E+<?G

178
 0+I+ M.<1: + =?<=9. 9+ <1 B=6+>1 A= >=8+ 7 + +08.: 1C ?=C.= .8+ 1 ;= 7 + ?1C=8+
<0.>= +08. 7 +?1< =? <17 9:16<.7.E M.D.B101 ;0.?+9+;.E B+;0?+9+;.E . A+?+9+;.E /=?.<1 .=
7+ ;1: .71< A= 0=,+<7 - 7+/=601? - .8- C.= 7 + =C+: +G+< C:.9;16.8 -<1A0+,+<7 .81 =A.;1
1:. . ;+=0.7
+ >1= . A0.9-9;6=8 6+: .>+ /0-A+ .D-D+;<.E 9;-?+<1;1 =>= <7 +/1 "=?.<+ 3*!
?=?+: 7+<1 8- 7 + =C+: =61 <1/01?1 1 =< 7 + ;= A-;=61<7 + - ;=>E=: 8 .9>=0.9;.= ?1
A=C+/<+ .DM 1@.9;.B>+ ;1: .7+ . ?1 9+ <19;1<. - 8+0.F.
7+/=61 9: 161 - <17 @.0=77 16<=9;. A=;.B+ =? ;=/1 @;= 7 + C.= <1 B+: - +>.A+ >=7 1 7
+
=9;610.: 1 A06- >=<;0=: .91<- <->: +10<- : 1<B1<- 0+1>F.7 - - .>1/- - 60+8+ 0-/=/
96+;9>=/ 01;1 =9:+ 01;1 =< 7 + <1 .>1@>=8 -<.6+0D.;+;- =A+; =>-A.= 97 17 <- /0-A-
9;-?+<1;1 ( ;+=0+;.B101 . +>9A+0.8+<;1;=01 +08.7 +6. 9;-?+<;. >1>= =<. .D <7 +/=6=/
0.89>=/ ;1>= . .D B.>1@>=/ 01D?=C: 71 01D.@: . 9- 9+ A= 96+;- . 96-?1 9- D1A=9+?1: .
60E-<9>1 8+9;1 . =9617 1: . 60E-<9>+ <1/01?+ R =C0=/ <19;16<.>1 A0+A=D<17 +@A= ;=8+
>=: .>= 7+ <7 +/=6.E 9;-?+<1;1 ?=C.: = =C+: =6- <1/01?-R -B. <19 7 +?<1 9;101 1F;+B>1
A=9: =6.F1
"=?.<+ 3OP +08. 7 + =?0G1= 96=7 =A0=@;17 <. /=6=0 >1= A0+?9+?<.> 8+0.B>=/
?0-@;61 D1 M .D.>- 1 8+@16.<=8 A=@;=61<7 1 . 91;.0+ A0+?6.?+= 7 + ?1 I+8= -
C:.9>=7C-?-I<=9;. 91/01?.;. 1>F+: +01;=0 <1 =0C.;. ?1 C.98= .9>=0.9;.: . 61>--8 >=/1 -
>=98=9- .81 >=: .>= /=? E=I+@ . ;= C+9A: 1;<= 1>=,+ 7 + 6+?0= <1A=8+<-= ?1 C. 9+ ;=
9196.8 : +A= 8=/: = M .<1<9.01;. A=8=I- F+: =/ 6=7 <=/ C-?G+;1 . A=;0+C=8
9-A+081/<+;1 . 8=/ ?G+A<=/ >1: >-:1;=01 D1 -@;+?+ 8=/: = C. 9+ >1G+8 7 1 ?=C.;. ;18=
/=0+ <+>.E O + D1 918= E.:7
1?1 8.: .710?. ?=:101 B1> . 1>= <+ -01B-<18=
A=A-9;+ A0. >-A=6.<. <1 6+: .>= 81 : . C=:7+/ <1B.<1 ?1 96+; 601;.8= D?016=8 01D-8-
<+/= ?1 A0+>-7 +8= 81B+6+ - 1>F+: +01;=0+'

/012
345 )

+ 8=/- 6+0=61;. ?1 7
+ =/:
+61> . ;= 9:
1C

=:
M/1</ 1-:
.

=/: +?179+ - =/: +?1:- + .D/: +?1@: =@+ 1' 0+;A=9;16.8= ?1 A=?./<+@?+9<- 0->-
6=7 1 9:.>1 - =/: +?1:- ;1>=,+ I+ A=?.I. ?+999 -E .7+ ?+9<-' +6- 0->- 1>16C. ;=
@=> C.= >1? C. 9: .>1 - =/: +?1: - A=?./: 1 A=/0+@<- 0->- = 9+ >=: .>= D<18= 7 =@<.>1?1
<.7
+ ?+9.: =: 7-?.81 : .7+9;+ 8-=<- >=7 . <18 7+ A0.0+?.= . =?/=61017 -I+ .D<+<1,+<7 +
/:+?1:9>1 9.8+;0.7 1 7+ - : 1C=01;=0.7 181 A0=6+0161<1 C+DC0=7A-;1 1-B<= <1D.6 D1
<7- /: 19. =B-61<7 + A10<=9;. 6= 7 + A0.B1 = 7+?<=8 61G<=8 =;>0.I- 1: . . = <1B.<- <1 >=7 .
- ;=>- <1A0+?=61<7 1 <1->+ B+9;= 918= 7 +?<1 0-G<1 B.<7 +<.F1 -980;. <+>- A0+?.6<-
;+=0.7- 6+ 7 + A=B+:= - A+;1> D1 60+8+ 0-B>1 1 D160@.: = 9+ ;0. . A= ?1<1 >19<.7 + - -;=01>
=>= B+;.0. 91;1 -7 -;0= 1 7 +?<- =? <1@.E 2 <17?-C: 7.E .9;.<12= <1B.<- <1 >=7 . 9+ A0.0=?1
A=<1@1 A=>1D1: = 9+ ?1 7 + A: .;>1 <+.9;.<1 18= <+>=: .>= 91;. A=8<=/ A0.>-A: 71<71
A=?1;1>1 -B.<.: = 7+ ?1 9+ D1-6+> A0=8+<. <1@+ 9E61;1<7 + = <1B.<- <1 >=7 . 7
+ 19+: 7+<1
91D?1<1 1? 9+ D1 <+>- +: +/1<;<- ;+=0.7 - A=>1G+ ?1 7 + <+;1B<1 >=? <1-B<.>1 <19;-A1
=A@;+ 01D=B10+<7 + 1D<18= ?1 7 + A0.0=?1 ;01A16.7 1 . /:=81D<.7 1 <+/= @;= 98= 8.9: .:. : .
C=:C-?+ -C: 1G+< 6+0=8 ?1 I+ 7 +?<=/?1<1 >1? 96+ C-?+ A=D<1;= A0+? <1@.8 A=/: +?=8
D1C:.9;1;. 7+?<1 ?-C: 71 :
+A=;1 1>= 7 + . C.:= >1? 7+ =;>0.6+<1 <10-@+<1 A10<=9; - 918=
<+>=: .>= 7 1<-109>.E ?1<1 /=?.<+ 3OT - /01?.I- 06.</;=< <1 1?9=<- ;0.?+9+;1>
>.:
=8+;101 9+6+0<= =? /01?1 7 -7=0>1

179
 .D.B10. 9.8+;0.7
- 6=: + D1;= @;= =<1 .81 81;+81;.B>- . .<;-.;.6<- : +A=;- 0.8+0. D1
9.8+;0.7- - -8+;<=9;. 9- 0+F.8= A1: 1;1 1?G 1E1: .: . <+>. /0B>. E018 A0.0=?.
@>=:
7>+ 7 +?<=9;16<+ G.6=;.<7 .F+ . 01D<. >0.9;1:
. .9A=:7
1617- A=<+>1? 9.8+;0.B<+ =C019F+
6+=81 : +A+N1 <.7 + :=@+ <. :
7-?9>= ;+: = >=7 + .81 /=;=6= 9160@+<- ?6=9;01<- 9.8+;0.7 -
D1>=<.81 A0.0=?+ .81 C=/1;+ .D=C.: <+ 9.8+;0.7 +N981;01: = 9+ ?= 7 1<-101 3OT ?1 9-
1A9=:-;<. . 9160@+<. /0=8<= 9- <18 A=8=/: . - 9E61;1<7- >0.9;1:
1 6+: .>.E 8=:+>-:1
1;=81 . B+9;.F1

1 7
+?<- =? =6.E 9.8+;0.71 /=6=0.: = 9+ ?1 7+ =/: +?1:9>1 9.8+;0.71 =B-61<7 + A10<=9;.
17D1>=< 7 + <1:1/1= ?1 A0.0=?1 ( D<1B. D1>=<. M .D.>+ ( <+ 8=G+ A0.8+;.;. 01D:.>- .D8+,-
9;610<=/96+;1 . 96+;1 - =/: +?1:-
6= 8=G+ ?1 9+ >1G+ . <1 81;+81;.B>. <1B.< 9;0-B<= 6= 0+I. I- ;= ;+> ?1 =9;1<+
<1 A1A.0- 7 +?<1B.<+ >=7 + =A.9-7 - D1>=<+ A0.0=?+ <+ 8+<7 17- 9+ >1? D >==0?.<1;+ 96.E
A0+?8+;1 D18+<.8= (D>==0?.<1;181
= 7
+ ;= 61 D>==0?.<1;1 7 +9;+ =<1 >=7 1 2-C1?12A016= - =/: +?1:= . ;= A=? A016.8
-/: =8 1? >1G+8= =/: +?1:= ;.8+ =?0+?.8= 7 +?<- 0161< A=60@.<- =/: +?1:
1 18+<1
A0.:.>=8 >=7 + -8+9;= 961>=/ D <1A.@+8= (D 7 +9;+ ;1B<= =<= @;= 9+ ?+@161 - 961>=8
9.9;+8- >=7 . 7
+ =?01G+< - =/: +?1:- 1 A0.8+0 ;. 9. .9A0+? =/:+?1:1 ?1: 7+< -?1: 7+<1 9.
=? =/: +?1:1 $ <+>.E 7 +?.<.F1 : .>1 - =/: +?1:
- A=>1D-7 + =9=C- >=7 1 7
+ ;1B<= $ ;.E .9;.E

180
7+?.<.F1 -?1: 7+<1 =? A=60@.<+ =/: +?1: 1 1: . 9 =<+ 9;01<+ 6= .9;= 61G. . D1 0+F.8= 7 +?1<
1;=8 .: . C.:
= @;1 ?0-/= .9A0+? =/: +?1:1 =2 9 =<+ 9;01<+2;= 618 7 + ;178.<-9 - (D =G+
C.;. ?1 9- <+>+ 7 +?<1B.<+ <+A0=8+<: 7.6+ - =?<=9- <1 =6- D18+<-N <1 A0.8+0 - ;.8
7+?<1B.<181 -6+> A.@+ 918= D) <.>1? 918= D >= 7 + ;1>= =<?1 7 + 9160@+<= 96+7 +?<=
?1 : .7+ DC.: = A: -9 .: . 8.<-9 /: +?1: 9>1 9.8+;0.7 17 + =B-61<1 A10<=9; 7 + =B-61<1
>= 7 + F+= 7 +?1< D.? <1@+ : 1C=01;=0.7 + =/: +?1: = . 1>= <1-B<.F. - : 1C=01;=0.7 . .D6=?+
01D<+ =A.;+ =<?1 I+ . <7 .E=6+ =/: +?1:9>+ 9: .>+ .D6=?.;. =/: +?1: 9>+ 9: .>+ ;.E .9;.E =A.;1 81
:. .>1>6=/ <1B.<1 ?1 D1>: 7-B.8= @;1 7 + A0161 : 1C=01;=0.7 1 1 @;1 918= <7 +<1 9: .>1 -
=/: +?1: -' =7 . C. ;= =C7 +>;.61< ;+9; 8=/: 1 : .91 ?1 .D6+?+ A1 ?1 C-?+ 9./-0<1 ?1 : . 7
+ -
=6=8 <1@+8 96+;- .: . - =<=8 .D1 =/: +?1: 1' 1 : . C. =?C=0 .9;1><-;.E <1-B<.>1 8=/1= ?1
A0+/: +?1 6.?+=(;01>- 91 9<.8>=8 <+>=/ =A.;1 . D1>: 7-B.;. ?1 : . 7+ >18+01 C.: 1 -A+0+<1 >1
9;610<=8 =A.;- .: . >1 =/: +?1: - - >=8+ 9+ 9;610<. =A.; 6.?+=' +F+8C01 3O$ =?/=6=0. <1
961 =61>61 A.;1<7 1 C.:. 9- C+D .>1>6+ <+?=-8.F+ + C. .7+ C.:= <.>1>6=/ <1B.<1 ?1
>=8.9.7 1 91B.<7 +<1 =? 9;0-B<7 1>1 ?=>1G+ ?1 7 + /: +?1: 1 9<.81> =A.;1 <1A016: 7+< >18+0=8
>=7 1 7 + C.:1 =>0+<-;1 <+ >1 9;610<=7: 1C=01;=0.7 . <+/= >1 <7 +<=8 =?01D- - =/: +?1: -
=6=8 ;0+<-;>- <+>. =@;0=-8<. <1.6B.<1 8=/1= C. 0+B. R : . 96. <1-B<.F. D1>=AB1617 - 96=7 +
C+: + : 1C=01;=0.7 9>+ 81<;.: + <1 ?+9<=N ?-/81? 9- .8 <1 : +6=79;01<. 81<;.: 1 1 =<.
A0+C1F+ A0+>= ;=/1 ?+9<- 9;01<- 81<;.: 1 <1 >=7 =79- 0-A+ . ;1>= D1>=AB17 - 81<;.: 1
=6=8 M .:8- 6.?.8= =C01;<=NA0+81 ;=8+ ;= 7 + 9<.81> =/: +?1: 1 R 1-B<.F. - >=8.9.7 .
8+,-;.8 =?/=61017 - R + ;= 7 + 918= 7 +?1< =C.B17 .@;1 - D1>=<.81 A0.0=?+ <+ >1G+ ?1
?-/81? 8=017 - ?1 C-?- <1 : +6=7 <.;. <1 ?+9<=79;01<. 81<;.: 1 6+ ;+ >+0+M +>+ >=7 +
.D8.@: 717 - . =?0+,-7 - :7-?. 918. 8. 8=018= ?1 =?C1F.8= 1 6.?.8= ( .81 : . <1 =6=8
M.:8- .@;1 @;= 7 + A0=;.6D1>=<1 M .D.>+ R
0+ 7 1<-101 3OT <. 7 +?<= 7 +?.<= ;1>6= <10-@161<7 + 9.8+;0.7 + <.7 + A0.8+I+<= -
=/: +?1: 9>=8 96+;- 96+; <=081: <= 6.,+< . <7 +/=61 9: .>1 - =/: +?1: - C+E- A=?7 +?<1>=
60+?<. . 61G+I. =A.9. A0.0=?+ ;1 /=? ?1 9+ ?=/=?.: = - =/: +?1: 9>=8 96+;- 8=/: = 7 + . -
<1B+: - . - A01>9. ?1 C-?+ ;1B<= .9;= ;1>= A=<=6: 7+<= . - 9;610<=8 A0=9;=0- : 1C=01;=0.7 +
10<=9; 7 + C.: 1 >=0.9<1 =81/1: 1 7+ ?1 9+ >: 19.M .>-7- 8=: +>-: 10<1 1;=89>1 . <->: +10<1
9;1<7 1 9.8 ;=/1 A10<=9; <18 -@;+,-7 + ;0-? >= 7 +?<= 9160@+<= : 7-?9>= C.I+ 9;1<+
C+D.>1>6+ =?+I+ A0+? =/: +?1:= . 1>= 7 + <+>.8 -9A016<.8 D19;=0=8 91>0.6+<1 F+: 17 +?<1
A=: =6.<1 ;=/ : 7
-?9>=/ C.I1 8. 8=G+8= A0=-B1617 -I. =<- A=: =6.<- >=7 1 9+ 6.?. ?1
9;+><+8= A0.: .B<= A=-D?1<= D<1<7 + . = ?0-/=7A=: =6.<. 1>61 7 + A=+D.7 1 9.8+;0.7 +
=/1,17 . .D7 1<-10- 3OT =A.91<. 9- >19<.7 + >1= 2 A1? A10<=9;.2 <. 9- =?: .B1< A0.8+0
>=7 . I+ <18 A=>1D1;. >1>= M .D.B10. 8.9: + >1>= 9+ A0.: 1/=,1617 - <=6.8 @=>1<;<.8
9;610.81 >1>= 9+ . ;+=0.7 1 . 81;+81;.>1 A=B<- ?1 A=6.7 17 - >1? ?-<- <+>. <=6. 6+;0=6.
=A1G1<7 1 . 8+0+<7 1 <= @;= 7 + - =6=7A0.B. ?1: +>= =? ;.A.B<=/ 7 +9;+ C0D.<1 . 901D8+0<1
7+?<=9;16<=9; =;>0.I1

6
) 6

+;1> B+;60;. 7 1<-10 A=?<+ +;1> 7 + C.= - =<1 60+8+<1 <1@;01?.F.=<1: <. ?1< D1
>.<+9>. 0-B1>ND1;= 7 + =9=C: 7+ D1A=9:+<= <1 1>-: ;+;- D1 M .D.>- <.6+0D.;+;1 =: -8C.7 1 1
;= D<1B. A+;<1+9;1> : 7
-?. ?=@: = A0+? 601;1 >1<F+: 10.7+ A0=M +9=01 #-</ 1= .7 1 +>=
60+8+ 98= 9+ ;- 60D81: . 1 =<?1 98= 96. D17 +?<= A=@: . .D;+ <1@+ D/01?+ >=7 1 9+ D=6+
-A.<=61 D/01?1 D1 M .D.>- <.DC0?= ;= ?61?+9+;=8 -: .F=8 96+ ?= 0+9;=01<1 21</17 2
>=7. 9+ <1:1D. <1 -/: - ;= ?61?+9+; A+;+ -: .F+ . 0=?6+7 1 61>= 98= A=B+: . ?1 0-B1618=
3O* /=?.<+ >1? 7 + ;17 . ?=@1= <1 =: -8C.7 - 91 .>1@>=/-<.6+0D.;+;1 =?1>: +7 + ?=<+=
A0.:
.B<= 96+G ?=>;=01; . 6+I.D/01,+< -/: +? ;+=0.79>+ 9-A+0D6+D?+
9=C.<1 ;.E <1@.E 0-B>=61 - A=?<+ C.: 1 7+ ?1 9+ A0.B1: = <1 916 /: 19 <+9-D?0G1<= =
B+8- /=? 7 + >= E;+=NB+9;= 9- /=6=0.: 1 . A= ;0=7.F1 .:
. B+;6=0.F1 -/: 19 = 7 + C.:= A0+>.?1<=
90>1<7 +8 2 D.89>+ 9-A+ =? : -C+<.F+2. G61>1<7 +8 2 D817 9>.E =?0+D1>12 : =A;.F1 =? @>18A.
8=09>.E >019;161F1 . ?0-/.E 6+=81 D1B.<7 +<.E +/D=;.B<.E 2 <71812.D9+6+0<+ .<+ "=?.<+
3OT ;= 7 =@<.7 + C.:
1 =A@;+A0.E61I+<1 8=?1 =@?=> 98= .@: . <.DC0?= 7 19<= 7 + C.:= ?1 I+
9+ C0C: 7
1;. = A10<=9;. ;=/ A+;>1 . = 60-I.8 6+9;.81 =? <1@+ >=: +/.<.F+ - #
4- >=7 1 9+ .1>= 91 .9;=/ ;=/ M 1>-:;+;1 <1: 1D.:1 A0.60+8+<= - 1@.</;=<- /?+ 7 + -
<1F.=<1: <=8 .0=- D1 9;1<?10?+ =C16: 71:1 <+>. =A.;

181
 0+ <+/= @;= C. 9+ C1F.= - =DC.: 71< A=91= ;1>6+ <+=DC.: 7<+ 019A016+ <1@ . 7+
=C16+D<= .D60@161= 96=7 - <+?+: 7
<- ?-G<=9; 1 ;= 7 + C.:
= ( ?1 <10-B. =:
1D.= 7 + >=<=C10(
8+<1?G+0 . ?=<=9.= 7 +?<= C: =>B+ 1 =<?1 91 A-<= A=@;=61<7 1 B+>1= 7+ 8=01= <1
C:=>B+;- ?1 <1A.@+ @;1 E=I+8= ?1 7 +?+8= < ;= 01?. <1 6+:.B1<9;6+< <1B.< = 7 + 7+?<1
609;1 -8+;<=9;. 06= D16.0-7 + - 7 +:=6<.> A1 C1F1 A=/: +? <1 C: =>B.I A1 A.;1 >+: <+01
<+@;= <1 81<?10.<9>=8 >.<+9>=8 7 +D.>- 60: = C0D=N<180@;. 9+ <1?<+9+ A.91: 7>- <1?
C:=>B+ A=8<= .9>1: ./01M.@+ <+>=:.>= 9.8C=: 1 =6= A.;1<7+NA0=8+<1 - 7 +?<=8 9.8C=: -
D1;.8 A=/: +? -A+0+< - : .8+<+ 0+: 7+M
+ <1 A: 1M=<- 61: 7?1 - A=;01D. D1 C=G1<9>.8
0->=6=,+<7 +8 =?=D/=N=<?1 <1/: = A.91<7+ 8<=@;61 ;.E >.<+9>.E 2 >101>;+012<1 C: =>B+;-
1;.8 9;16. C: => <1 9;= . =C16. D160@<. A0+/: +? =C+ @1>+ <1?<=9. <1? <1A.91<-
<10-?GC.<- A09;. 7 +?<+ @1>+ 9- 01@.0+<. . -D?./<-;. ?1 C1F+ A1A.< C: 1/=9: =6 <1 F+: -
/=8.: - - ?0-/=70-F. 7 + A1;0:71> =:=6>+ 1 :. 7+ 96+ <1A.91=' - 9- . 7 .< . 71</ C=7 1
;+>9;-01 . ->-9 96+ -016<=;+G+<= >1>= ;0+C1' =?17 + C:
=>B.I. =:=6>- >+:<+0- . C1F1 9+ -
01D/=6=0 91 <181
R +:+M
=<.01:1 7+ - . >1D1: 1 ?1 <7 +<. A0+:
.8.<10<. A=?1F. <1/=6+@;1617 - <+>. =/0=81<
+M+>1; R>1G+ =< -DC-,+<=

1 9+ 601;.8= 8. - : 1C=01;=0.7 - - 9;610<. 96+; >1>= /1 7 + =/.<7 1 ?1: 1 - >=7 =77 +

F+= 7 +?1< D.? A0+>0.6+< =/0=8<.8 =/: +?1: =8 1@+ <=081: <= .9>-9;6= 7 + 9: +?+I+ @;=
/=? -01?.8= A0+? ;.8 =/: +?1:=8 >1>16/=? =A.; .D60@.: . ( 019.A1<7 + B+9;.F1 A0=.D6=?<7 -
B+9;.F1 /016.;1F.=<+ =A.;+ <1: .> <1 =<+ "1: .:
+7 +6+ ( 96. =?01D. - <7 +8- C.I+ 9196.8 -
9>:1?- 91 96.8 D1>=<.81 A0.0=?+ >=7 . 61G+ . - 9;610<=7: 1C=01;=0.7 . 1 6.?.8= A= B+8-
C.98= A0+A=D<1: . <10-@161<7 + A10<=9;. >1? C. 9+ =<= A=7 16.:= 17 7+?<=9;16<.7 . =C7 +>;.6<.
;+9; : +6=0->+ .: . ?+9<=0->+ =0.7 +<;1F.7 + ;+9; >=7 . C.98= 8=/: . >=8-<.>1F.7 =8 ?1
A0+<+9+8= 9;1<=6<.F.81 A: 1<+;+ 617 :
=D=D= 7 +9;+ =<1791 D160;<7 +8 E61;.@ 7 +?1<
D160;1<7. -A+0.@/1 - ?06=N/: 161 <7 +/=61 =<1 <1 >=7 =77 + A=A0+B<. A0=0+D =>0+<-;1 7 +
A0+81 ;+C. 1? -D8+@ =?60;1B . A=B<+@ ?1 -60I+@ 2 - 98+0- >0+;1<7 1 >1D1: 7>. <1
B19=6<.>-2 >= D160;1<7A=B<+ ?1 -: 1D. - ?06= . -: 1D. 96+ ?-C: 7 + . ?-C: 7+ >1D1I+8= ?1 7 +
;= R?+9<=0->.RD160;1<7 1016<= - =/: +?1: - 9+ 6.?. ;.A >=7 . =>0+I+ 9-A0=;<= =? >1D1: 7>.
<1 B19=6<.>- 1: . ;17;.A .81 R :
+6=0->.RD160;1<7 N.D;=/01D: =/1 . <7 +/=6D160;1<7-: 1D. 96+
?-C: 7+ - ?06= 91? A0+;A=9;16.;+ ?1 G.6.8= - 96+;- ;1>= <+=C.B<=8 - <+>1>6=7
619+: 7+<. .D 6+D?1<.E 9;1D1 ?1 7 + 9196.8 <+8=/-I+ ( 9-A0=;<= 7 + D1>=<.81 M .D.>+ (
<1A016.;. : +6=0->. D160;1<7 .8+ C. =/: +?1: 9>1 9.8+;0.7 1 C.: 1 <10-@+<1N1>= 6.?.@ 9: .>-
:+6=0->=/ D160;<7 1 D<1@ ?1 7 + :
1G<1 ?1 ;1>= <+@;= <+ 8=G+ A=9;=7 1;.N- ;=8 9: -B17 -
A10<=9; 7 + <10-@+<1
6+ =6= 7 + 918= C: 1/. -6=? D1 =C7 1@<7 +<7 + >1>= 9- . . <7 +/=6 >=: +/1 91 0.<9;=<1
+< .</ 1</ #E+< .</ Z1</ A0+?: =G.:. ?1 .9A.;18= ?1 : . D1>=<. 9.8+;0.7 + 61G+ >=?
A0=F+91 91 9: 1C=8 9.: =8 - 7 + A=;0+C<1 <+>1 B+9;.F1 >=7 1 7 + ?+9<=0->1 :. :+6=0->1
<1 ;0+C1 ?1 9+ >0+I+ - <+>=8 A016F- 1: . A0. ;=8 . ?1 0=;.01 >1= D160;1<7 =/: +?17 ;+
<+>- B+9;.F- >=7 1 9;610<= 0=;.01 1 ;= D<1B. .81 9A.< ( <1 A0.8+0 8-=< =B1017 ;+ 9+C.
?1 7+ ;= 81: . 61:71> >=7 . 0=;.01 =>= 96=7 + -D?-G<+ =9+ 818= ?1>: + 0=;1F.7 - =@;= 9-
961>=8 ;1>6=8 61: 7B.I- =C1 >017 1 .9;1 <+ 8=G+8= <. D1 7 +?1< =? <7 .E D<1;. ?1 : . 7+
?+9<=0->. .: . :+6=0->. =I+8= ?1 A0=6+0.8= ;= =9;16.8= 7 +?1< ;1>16 61: 7B.I .D8+,-
;+C+ . ;6=7 + /: 16<+ A0=;.6<.F+ . 9+ >-<+@?1 61: 7
B.I0=;.01 - 98+0- >1D1: 7>+ <1 91;- <1
9+ >-<+ ?1 7 + =C01;<= +81 <1B.<1 ?1 9+ ?=>1G+ >= 7 + - A016- = 7 + 9.;-1F.7 1 - >=7 =79+
A10<=9; =?0G161
"+<.7 1:<=9; .7 1 . 1</1 919;=7 1:1 9+ - ;=8+ ?1 - ./0- -6->- . 9: 1C- 9.: - 7 +0 9- C1@<7 -
. G+:+:. ?1 .9A.;-7 - <1 ;17<1B.< @;= I+ A=981;01;. 019A1?1<7 + =6+ B+9;.F+ 91 =?0+,+<.8
9A.<=8 +?<1 =? 9;610. >=7 + <19;1<- >1? 9+ 8-=< 019A1?<+ 7 +9;+ +: +>;0=< 17 ?+ ?1
A0+;A=9;16.8= ?1 7 + A0.0=?1 =?0+?.: 1 ?1 +: +>;0=< 8=G+ .D: +;+;. 918= .D 7 +?<=/ >017 1
61:7>1 ;= 91? .818= A0161F 17D1? 8=G+8= ?1 =?0+?.8= >=7 . 7 + >=7 . >01761: 7>1 ?1
9+ =A0+?+: .8= ?1 7 +?1< C-?+ >1 <181 . =<?1 A=-D?1<= ?1 -9;1<=6.8= ?1 : . 7+ 0=;1F.7 1
61:7>1 ?+9<=0->1 - 98+0- >0+;1<7 1 >1D1: 7>+ <1 91;- .: . :
+6=0->1 ?0+,+<7 + >=7 . 7+ >=7 .
>0178=/-I+ 7 + D1;= @;= +: +>;0=< -6+> .D: +I+ .D 918= 7 +?<=/ >017 1 =G+8= 0+I. ?1
+:+>;0=< .D: +I+ <1A0+? .D8-=<1 >1= @;= D160;1<7A0=?.0+ 96=7 .8 @.: 7>=8 <1A0+? - ?06=
>= ;1>= /: +?18= 8-=< ?=> .D<7 +/1 +: +>;0=< .D: +I+ <1A0+? . 6.?.8= ?1 9+ 8-=< 60;.
>1= ?+9<=0->. D160;1<7 =<17>=7 . ;0+C1 D160;1;. - 98+0- >1D1: 7 >+ <1 91;- =<?1 7 + 8-=<

182
?+9<=0->1 B+9;.F1 = C. ?1>: + C.= 7 +?1< A0=F+9 >=? B+9;.F1 >=7
. C. <10-@.= =/: +?1:
9>-
9.8+;0.7- 1? /: +?18= ;1>6- B+9;.F- - =/:
+?1:- @;1 6.?.8=' +6=0->. 8-=<N1: . ;1>16<+
A=9;=7. - A0.0=?.

": 19.<+ = ;=8+ @;= 7 + - A=B+: 1 ?1 01?. 9;.D1: + 9- ;=>=8 C=G.I<7 +/ 019A-9;1 1: . =617
0-B1> - A+;1> A=9: + =6+ /=?.<+ C.= 7 + A06= =>-A: 7
1<7 + 96.E A0=M+9=01 A=9: + ;=/019A-9;1
"=?.<+ 3OT A0=M +9=0.F1 .+< .-</ - #E.+< E.-</ 4- C.: 1 7+ >1= . 7 1 A0+?161B
M.D.>+ <1 =: -8C.7 . 1 C.: 1 7+ . ?=C0= D<1<1 +>9A+0.8+<;1;=0>1 7
+<1 A=9+C<=9; C.: = 7+
01?.=1>;.6<= 019A1?1<7 + 7+D/101 =9;16: 7
1:1 7 + 60: = 9;0=/+ D1E;+6+ 96=7 .8 9;-?+<;.81 .
<=6.8 ?=>;=0.81 C.: 1 7+ .D-D+;<= +<+0/.B<1 A=8<= 7 + =?8+0161: 1 61: 7
1<=9; 96=7 .E
0+D-: ;1;1 . C.:1 6+=81 F+<7 +<1 DC=/ 6.9=>=/ >61: .;+;1 A=?1;1>1 >=7 + 7 + =C7 16:7.61:1
;-?+<;. 9- 7+ .D1 <7 +<.E : +,1 <1D.61: . /+<+01: .F1 1</>17 @+>=6.F1
1? 9- . . 1</ C1F.: . 0->16.F- .D1D=61 ?=6=?+I. A=? D<1> A.;1<7 1 61G<=9; D1>=<1 =
=B-61<7 - A10<=9;. - : +;= 3O$ /=?.<+ - 7 + ;1>=0+I. .9;=/ ;0+<-;>1 9;-A.: 1 - 1>F.7 - 1
A0+?8+; 96=/A0=-B161<7 1 =?1C01: 17 + 01?.=1>;.6<= 7 +D/0= >=C1: ;1 $ >=7 +7 + <+9;1C.: <=
6= 7 +D/0= 9+ A0+;6=0. - 7 +?<= 7 +D/0= <.>: 1 7 +?1< <+-;0.<= . 7 +?1< A=D.;.61< +: +>;0=<
A=D.;0=< + 6.?.@ 96+ ;=N 918= 2 6.?.@2>1>= .D >=C1: ;=6=/ 7 +D/01 =?7 +?<=8 .D: +I+
A=D.;0=< 617 =C: .> 01?.=1>;.6<=9;. A=D<1; 7 + >1= C+;1(019A1? D1;= @;= 9+ <+>1?1
/=6=0.: = D1 +: +>;0=<+ . A=D.;0=<+ +8.;=61<+ - ;1>6.8 A0=F+9.81 ?1 9- 2 C+;1(B+9;.F+2
C=/ B+/1 <19;17 + C+;1(019A1?' .D.B10. >1G- DC=/ 9: 1C=/ <->: +10<=/ 8+,-?+7 9;61 =
.8 D<1B. DC=/7 +?<+ 9.: 1 >=71 ?+:-7 + - A0.0=?. . 9;6101 ;1>6+ 0+1>F.7 + + C16+ 9+ 96+ 9.: +
918= ;.8+ ?1 <+@;= /-017 - .:
. 6->- A0.6: 1B+ .: . =?C.7 17-N<+>+ .D1D.617 - A0=8+<- 609;+
9;610. A0+;6=0+ 6.?.;+ >=C1: ; - <.>: . A0. ;=8 +8.;-7 -7 +?1< : +A;=< ? ;0.?+9+;.E /=?.<1
A1 ?= ?1<19 6+: .>. C0=70+1>F.7 1 A0.A.91< 7 + 9:1C=79.: . +: .>. ;1:=18+0.>1<1F <0.>= +08.
A06. 7 + ?1= 9: 1C=79.: . 81;+81;.B>. =C: .> @;= 8- 7 + =8=/-I.: = ?1 A=?0=C<= A0+?9>1G+
8<=/+ 0+1>F.7 + A1 . =6- 91 >=C1: ;=8 $

183
 01?- =C716: 7+<=8 3O$ /=?.<+ A=? <19: =6=8 2.;1<7 + =B-61<7 1 A10<=9;. >=? 9: 1C+
9.:
+2 . . 1</9- -D+: . = =CD.0 .D6+9;1< C0=70+1>F.7 1 A1 9- 01D81;01: . >1>6+ C. C.: + =A.;<+
.8A:.>1F.7
+ ->=: .>= 9: 1C1 9.: 1 <+ A=@;-7+ A10<=9; =/: +?1:9>- 9.8+;0.7- 7.E 7+ D1<.81: =-
>=8 A016F- I+ +: +>;0=< C.;. .DC1F.61< .D01D<.E 7 +D/101 >= C. +: +>;0=< 6=: += ?1 .D:+I+ .D
>=C1:;=6=/ 7+D/01 6.@+ <1 7 +?<- 9;01<- <+/= <1 ?0-/- C.: = C. ;= >1= ?1 /1 7 + A0.0=?1
=C->:1 - >=@-:7- 91 ?-/81?.81 <1: . C.98= @;1 7 + A016. =A.; 1 @;1 7+ 9: .>1 - =/: +?1:-
B+8- 7 + 01D: .>1 .D8+,- .D61<0+?<+ D18.9: . . 0-;.<9>=/ <1-B<=/ 01?1' <1: =/<=
A.;1<7+ 8=/: = C. 9+ A=9;16.;. = A+9<.@;6- 9: .>109;6- = <+>=78-D.B>=7>=8A=D.F.7 . A1
B1> 6+0=61: . .:. <+ . = 9-?9>=7;-GC. -8+;<=9;. >=<1B<. 6+: .>. 9-?.7 1 7 + 60+8+
<1-F. =A.; A0+9-,-7 + ?1 : . 7+ D18.91= C.: 1 2=<1 A01612 >= 7 + .D61<0+?<1 =<1 I+ =;6=0.;.
<=6+ A0=9;=0+ D1 .9;01G.61<7 + A0. B+8- I+ 9+ A=7 16.;. 8<=/= <=6.E A.;1<7 1 ( 1:. I+ 6+:.>.
C0=7A.;1<71 =;.I. D1-6+> <1 9A161<7 +
8 .71 >0+;1= 9+ <+>.8 M .<.8 9;1D.F181 >1? 7 + <10-B.61= 0-B1> . >1? 7 +
>=8+<;10.91= <+>- 9;10- >.<+9>- 61D<- .: . 9A=9=C<=9;. <+>=/ 9;-?+<;1 =< 7 + .D/=6101=
0+B+<.F+ A-<+ =@;0.E .6.F1 ;1>= ?1 9- A=?9+I1: + <1 C0-@+<+ ?.7 181<;+ =6=8
D17+?<.B>=8 <1-B<=8 01?- .7 1 . 1</1 1</1 <.918 =9=C.;= ?=C0= A=D<161= =61

184
>0.9;1: <1 D18.91= = A10<=9;. ?=C.: 1 7+ 8<=/+ =@;0+ .6.F+ 1 C. B=6+> ?=6+= - A.;1<7 +
7+?1< B609;= -9;=: .B+< D1>=< A0.0=?+ A=;0+C<= 7 + 8<=/= >.<+9>+ ?09>=9;. . 98= - ;=
?=C1 6+I.81: . =/0=8<= 8=0+ A=?1;1>1 A0.>-A: 7+<.E = ;=8 B609;= -9;=: .B+<=8 2 D1>=<-2
1:. 9- . . 1</ -6.?+: . ?1 ;= 8=0+ A=?1;1>1 <+81 <.>1>6+ 6+D+ 91 =6.8 ?+: =8 A0.0=?+
>=7 . .D1D.61 C+;1(019A1?+ ( 91 9: 1C=8 9.: =8 ;= 7=@ 7 +?<+ C:.9;16+ =@;0+ .6.F+ ;- 7 +
>=: .>= 71 D<18 A06. A-; - .9;=0.7 . <1->+ ?=A-@;+<1 8=/-I<=9; ?1 D1 01D: .B.;+ 9.:+ - A0.0=?.
61G+ 01D: .B.;. D1>=<. =B-61<7 1
. . 1</ 9- D19->1: . 0->16+ ?=?1: . 6+: .>- >=: .B.<- 2A0+/<-I1 A=0+? <1?1E<-I12.
A0+/: +?1: . 7 +?<- A= 7 +?<- 8<=/+ 0+1>F.7 + 01?.=1>;.6<=/ 019A1?1 >=7 + 9- A0+?9;16: 71:+
?=C0+ >1<?.?1;+ D1 A0=6+0- =/: +?1: 9>+ 9.8+;0.7 + <7 .E=6=8 01?- C.: + 9- 8->=;0A<= ?=
;1<B.<1 ?1;+ 1<1: .D+ 8=/-I.E 0+1>F.7 1 ?1 C. /: -A. +>9A+0.8+<;1;=0. D<1: . ;1B<= @;1 ;0+C1
?1 01?+ =: +/.<.F1 - 98.9: .:17+ >=<>0+;<- 6+0D.7 -7+?<=/=? ;.E A0+?: =G+<.E =A.;1 =<=/
91 >=C1: ;=6.8 7 +D/0=8 : 7-B <7
+<=/A0.9;-A1 919;=7 1= 9+ - ;=8+ ?1 A06= =C+DC+?.8= ?1
961 .: . C10 8<=/1 >=C1: ;<1 7+D/01 .817 - 9A.< .9;=/ 98+01 60?.:
1 7 + ?1 9+ ;= 8=G+
A=9;.I. ;1>= @;= C. <1@.D6=0 >=C1: ;1 $ 01?.= A0. 60: = <.9>.8 ;+8A+01;-0181 7+< =A.; 7+
C.= ?=D: 1C=/1 D1A+;: 71< D1E;+61= 7 + -A=;0+C- >0.=/+<+ =A0+8+ >=7 - <.7 + C.: = :1>=
A0=<1I. 1;= 7 + . =;.@:1 - .0= D1 9;1<?10?+ /?+ 9- ;+E<.>+ D1 A=9;0=7 161<7 + 9A.<1
B+9;.F1 C.: + 6+I=?16<= ?=C0= 01D6.7 +<+

0+;A=9: +?<7 + 7+:= ;=/ A+;>1 C.= 7 + 7+?1< 6+: .>. ?.<9;1<. @101< 91 9=9=8 =? F0<=/
A19-: 71 A01D.: ->=8 . : 7
-;.8 F0<.8 : ->=8 => 7+ ;= 9+06.01= . <18 7 + A=<=6.= >: 7-B<-
.<M=081F.7 - ;17+M +>1; >=7 . - A=981;01 6+=81 7 + 6+: .>. 6.@+ =? ?+9+; A-;1 6+I. <+/= @;=
7+ =B+>.61: 1 =?1F. 9- C.: . ;+> /: 19.<+ A0+A0.B161<7 1 7 =@<.@;1 9./-0<=N01D-8+;+ B.9;=
A0+:.8.<10<. 1: . 7+ 8+<. 9+06.01= 0.C: 7- /:16-?G- 7 +0 7 + D<1= ?1 6=: .8 =C01D+ 1>=
7+ +M+>1; ;=: .>= 6+: .>. =<?1 7 + ;= ;1B<= =<= @;= C.98= 8=/: . ?1 =B+>-7 +8= 1>= 7 + <+-;0.<=
?6=>=8A=<+<;1< 7
+/=6= ?1: 7+ -DC-,+<= B160: 71<7 + A0+9;1= 918 ?1 9: -@18 7 +0 7 +
7+?<1 .?+7 1 A=B+: 1 <.B+ - 8=7 =7/: 16.
=9: + =6=/ 0-B>1 =;.?=98= -DC0?= <1 7 +?1< 9+8.<10 =9: + 9- C.:1 <+>1 919;1<B+<7 1
A1 7 +?<= A.7 +<7 + B17 1 .D ?0-@;6+<.E 01D: =/1 . 7 +?1< >=: =>6.7 -8 0=D 96+ ;+ 1>;.6<=9;.
A0=:1D.= 918 019+7 1< 9;1: <= 60;+I. - /: 16. ;= ?1 - <1: 1D. +M +>1; >=7. 7+ 26+:.>.2 18;.=
918 .D .7 +6=/ A0+?161<7 1 =?0G1<=/ - 0->E+7 6+<- - 16/-9;- ?1 C. =B+>.61<. +M +>;.
.D1D61<. <10-@161<7 +8 A10<=9;. A0. 019A1?1<7 - 8-=<1 . A.=<1 A.(8+D=<1 8=01: . C.;.
817 -@<.
+:.>.' 16/-9;- 918 C1F.= A=/: +? <1 ;1>=D61<. 2 A.(8-2 A.=<(8-=< : 1<1F 019A1?<.E
0+1>F.7 1 . 9E61;.= ?1 ;- <+ 8=G+@ =0/1<.D=61;. ?=C10 =A.; C+D ?6+ -D19;=A<+ 0+1>F.7 +
=9:
+ 98= 81: = . 01B-<1: . ;=/ 16/-9;1 3O$ . D1>: 7-B.:. ?1 C. =A.; .81= 810/.<1: <+ .: .
<.>1>6+ .D/: +?+ ?1 -9A+ : . 1>= 7 + +M +>1; 6+:.>.
>= $ 91;. A= A=?<+ C.= 918 - >=: .81 . 6=D.= 9+ >-I. <1 6+B+0- - =C9 +0. 0+C1: =
7+ ?1 A=9: + ;=/1 A0=6+?+8 ;.E- 6+B+0<7 - 98+<- 91 8=7 .8 A=9;?.A: =8F+8 - =C: .G<7 =7
:1C=01;=0.7 . +6.9 - D<1;+ 6+I 06.</;=<- <1 1?9=<- 1@1>F+: +01;=0 +6.9 91 96=7 .E
P + C.= 7+ 01?<. >=<7>=7 . 7+ 6->1= . 6->1= A0=.D6=?<7 - . A0=-B161<7 + 8+D=<1 (
A+?+9+;.E /=?.<1 7 =@ 901D8+0<= <=6+ B+9;.F+ ;.8 90+I<.8 ?1<.81 <.7 + C.: = 8<=/=
8+D=<1 A1 7 + 81@.<1 +6.9 9;.D1: 1 ?1 9+ C0.<+ . = A.=<.81 . = 8-=<.81
+6.9- 98= C=8C10?=61: . 8+;- A0=;=<.81 . ?=C.7 1: . 9<1G<+ D01>+ A.=<1 .=<. 9-
<+9;1C.: <. . D1;= ?=> 9- .D: +;1: . .D8+;+ . .D1>F+: +01;=01 7 -0.:. >0=DD1@;.;<. D.? . -:+;1: . -
?6=01<- D1 =A.;+ ?61?+9+;1> A=9;=;1>1 <7 .E 9+ 019A1?1: = 9: 1C.8 019A1?=8 <1 8-=< .
<+-;0.<=

A [ 8 H< - :
+;-

-=<. 9- <17 B+@I+ <19;16: 71:. ?1 :+;+ - .9;=8 A016F- >1= . <7 .E=60=?.;+:7A.=< >= C.
9+ ;- >0@.= D1>=< A10<=9;. <19;17 1= C. 6.@1> 8-=<1 B.7 + 9- =9+ 9A.<1 - 98+0- >0+;1<7 1
B+9;.F1 1 81<7 1> 8-=<1 B.7 + C. =9+ 9A.<1 C.: + =>0+<-;+ 0+F.8= <1 9-A0=;<- 9;01<- >=
C. +M+>1; C.= 6+:.>. A0.0=?1 C. 8=/: 1 ?1 <18 =C+DC+?. -D=01> B+9;.F1 .9;=98+0<=/ 9A.<1
- 9.;-1F.7 - 7
+ - E;+: 1 ?1 9;6=0. E: 1?+I. >=C1: ; $ ?= >017 <7+ <.9>.E ;+8A+01;-01 -
81/<+;<=8 A=: 7- 0+9-?<= 7 + C.:= ?1 A=981;01 =<+ 8-=<+ B.7 . A0161F =9+ 9A.<1 D<1 . ?1
6.?. >1>= I+ 9+ =<. 019A1?1;. <1 +: +>;0=<+ . <+-;0.<+

185
 1=C01I17 <1 /-G61 <1 A-;- >1 9+6+0- >1 =- .: .6+0 10>6+7 - A+;>=8 -6+B+
=8+;1 B=6+>1 >=7 . C. G+: += ?1 01D/: +?1 ?.6<+ @-8=6.;+ C0+/=6+ ?-G ;=/A-;1 @;= >0.6-?1
A=0+? 0+>+ 1?9=< A=0+? .6+0?+7 :1 . =<>+091 . =?: 1D. <1 9+6+0 +/?+ <1 ;=8 A-;-
8+<. 7 + >=<1B<= 961<-: = >1>61 8=/-I<=9; A0=.9;.B+ .D;=/ 2 6+: .>=/2?+7 9;61 >= 7 + >=?
7+?<=/ =C7 +>;1 =?0+,+<=/ 9A.<1 A0.: .>=8 019A1?1 2 A=6: 1@I+<27 +?1< =?0+,+<. 98+0 =9+
9A.<1 ;= 7 + ;17+M +>1; 1:. +M +>1; C.= C. 1>= C. .D) 8-=<1 >=7 . 96. .817 - .9;. 9A.<
C.:= .9A1: 7+<= * +: +>;0=<1 <1 7 +?<- 9;01<- 1 3T <1 9-A0=;<- 9;01<-N;= C. C.: = 60:=
;+@>= -9;1<=6.;. 8+0+<7 +8 :. 6+: .>. +M +>1; 0+F.8= O A0+81 O C.:
= C. 8<=/=
:1>@+ -9;1<=6.;. 1 ;1 .9;1 90+I<1 A0+;+G<=9; A=8=/: 1 C. . - =0/1<.D=61<7 - 9A.<=61 8-=<1
-=<. C. .@: . .DF.>: =;0=<1 - <1@+ 1A101;+ ;= 7 +7 +?1< =?0+,+<. A0161F . 98+0 >0+;1<7 1N;17
98+0 <18 7 + 0+M +0+<F1 - =?<=9- <1 >=7 - 8=G+8= ?1 =?0+?.8= 9A.< 8-=<1 =I+8= ?1
6+I.<1 8-=<1 C-?- ?+9<=0->. .: . :+6=0->. 96+7 +?<= N A0. ;=8+ A0161F <7 .E=6=/ : +;1
7+9;+ =<17.9A0-G+<. A1: 1F 1 A=6.7 +<. A09;. A=>1D-7 - 98+0 2 9A.<=61<7 12 ;= 7 +9; 2 0=;.01<7 12
8-=<1 -=<. I+ 9;.D1;. A0=: 1D.;. >0=D A=<+>. C0=7 1B . D1-9;16: 71;. 9+ - 7 +?<=8 C: =>-
-/: 7+<.>1 D <7 +/1 I+ .D: +;1;. +: +>;0=<. 0=7.8= >=: .>= +: +>;0=<1 .D: 1D. - =<=8 .9;=8
98+0- - >=8+ 9- 8-=<. : +;+: . 1 >=: .>= .D:1D. <1 9-A0=;<- 9;01<- >= C. 9+ A=>1D1: 1 <+>1
D<1B17 <1 01D: .>1 ;= C. C.= ?=>1D= <10-@161<7 - A10<=9;. : 161 . C=/1;9;6=
17+?<=8 7 + 8=7 1 -=C.B17 +<1 98.0+<=9; A+;>=8 -6+B+ C.: 1 -<.@;+<1 ;1>= @;= 8. 7 +
A1: = <1 -8 ?1 C.98= 8=/: . ?1 .D6+?+8= ;17=A.; ;0.6.7 1:<= : 1>= 178=7A=9;?.A: =81F
109+: 17 <0.E 10F+:4+.<0.FE 6+I<+>= 60+8+ 9A0+81= 7 +7 +?1< =A.; 91 8-=<.81 .
C.98= 8=/: . ;= <7 +/=6= ?1 019;-0.8= .D60@.8= <+>=: .>= 7 +?<=9;16<.E A0+A016>. .
A=7 -0.8= D1 6+: .>.8 +M +>;=8 =B+E ?1 01D81;018 >1>= 9+ 8-=<. A016+ - 1>F+: +01;=0-
<1 =: -8C.7 . 1 918 C.= <+>1>169;0-B<7 1> D1 ;= 7 +0 918 91 G=<=8 .<: =;=8 01?.= <1
A0=7 +>;- D1 >=0.@I+<7 + 9A=: 7<.E A.=<9>.E . 8-=<9>.E D01>=61 A0+ .D6+9<=/ C0=7 1 /=?.<1
>1? 918 C.= <+=C-D?1<. A=9;?.A: =81F 1 81@.<1 9196.8 <=61
=B101= 918 9+C. - 8.9: .81 F+= A0=F+9 .818= 1>F+: +01;=0 = 7+ 81/<+; ;+G1>
P ;=<1 818= >-;.7 - =? <+0,17 -I+/B+: .>1 - >=7 =77 + 61>--8 1? >-;.7 - 9+ <1?<=9.
7+?1< A=:81/<+;1 ;= 7 + 016<1 A=60@.<1 >0-G<=/ =C: .>1 =>= 9+?18 8+;101 - A0+B<.>-
9A=? >-;.7 + 7 + ?0-/1 ;1>61 /6=D?+<1 016<.F1 =? 9+?18 8+;101 ;= 7 + ?0-/. A=:.9;=/;=/
81/<+;1 <1B. >-;.7 1 :+G. >1= - 9+<?6.B- 918= 90+?.@;+ >-;.7 + -@;0F1 9+ >0=D7 +?<-
F+6 D1.9;1 -D1<- 8: 1D A0=;=<1 0=;=<. A=: +;+ 0+I- 9+ 9A.01: <=8 A-;1<7 =8 >=7 1
A=9;17 + 96+ @.01 . @.01 D1;= @;= =<. A0.: .>=8 961>=/=C.: 19>1 C-?- +: +>;0.B<.8 A0.6: 1B+<7 +8
A=6-B+<. 7 =@ C0G+N;= <7 .81 01?. <1A=< >=<;0=: .91< 01?.=(M 0+>6+<F.7 =8 1? 7 + 9A.01: <=
A-;=61<7 + 6+I 9196.8 A0. >017 - 7 +0 9- A0=;=<. ?=@: . 81: ;+<+ ?= 918+ -<-;01@<7 + .6.F+
019A=: =G.6=/A0=9;=01 - >-;.7 . ;= 7 +9; >=8=0. /: + @;1 .8 9+ <1,+ <1 A-;- ( 7 +?<1 @.A>.F1
>=7 - 918 <1C-?G.= C1@ ;- 1 >017 - @.A>.F+ 7 + A10B+<F+ /01M .;1 >=7 + 91? B+>1 ?1 /1
C=8C10?-7 - =6. A0=;=<. A-<. +<+0/.7 + 61>. ;1>16A0=;=< ?=<=9. A= P 8.: .=<1 6=: ;. =
7+ ?=6=: 7<= D1 9;6101<7 + <=6.E B+9;.F1 ( A.=<1 ( 1 ;= I+ . C.;. .9E=? B.8 A0=;=<. A=B<- ?1
9+ 9-?1017 - 91 7 +D/0.81 -/: 7+<.>1 - ;=7/01M .;<=78+;.
8.9: .81 918 6.?+= >1>= A.=<. .D: +I- . ;= -/: 16<=8 A016= <1A0+? D1;= @;= .E ;1>=
<=9. .8A-: 9 A0+=9;1= =? D1C.7 1<7 1 A0=;=<1 - 7 +D/01 =,+<. ;- .D8+,- A=: =61 8=I<=/
F.>:=;0=<9>=/ 81/<+;1 A.=<. C: 1/.8 : ->=8 .D: +I- .D 1>F+: +01;=01 >0=D .D: 1D >=7 . .8 7 +
=9;16: 7+<N?=> ;= 01?+ -7 +?<= . A: +@- 96=7A: +9 <+9;1<>1 18+9;= <7 .E A=7 16:7 -7 - 9+
8-=<. >=7 . .E <19: +,-7 - 1: . . 918. <19;16: 717- ?1 : +;+ .9;= >1= ?= 81: =B19 A.=<. 1/<+;
7+ 6+I?1: +>= .D1 <7 .E 1: . =<= 81: = 81/<+;<=/A=: 7
1 @;= 7 =@.81 - ;=8 A0=9;=0- A=81G+
.A1> ?1 8-=<. A0=7 -0+ C0D= >0=D0-A- >=7 - 98= =9;16.: . - <1@+8 C+;=<9>=8 D1@;.;<=8
D.?- ?+C+: =8 ;0. 8+;01 . ?1 -: +;+ - 91: - D1 =A.;+ /?+ .E B+>18= 8.
109+: =6=8 =A.;- 8-=<+ C.98= -9A=0.: . A=8=I- M .:;+01 ?+C+: =/ =>= 9+?18 . A=
F+<;.8+;101 1 =<?1 . 9196.8 D1-9;16.: . - C: =>- <+>=/ E+8.7 9>=/ +: +8+<;1 81: . C.98=
01D<+ ;1>6+ C: =>=6+ ?+C: 7.<+ =>= ?61 . A= F+<;.8+;01 961>. -=<. C. /-C.: . +<+0/.7 - -
<.D- C: 1/.E 9-?101 91 1;=8.81 ;.E 81;+0.7 1:1 . <17 D1? A=@;= 9- <+/1;.6<= <1+: +>;0.91<.
?+9.: = C. .8 9+ ;= ?1 C. .E A=D.;.6<1 7 +D/01 D10=C.: 1 =@;= 8. - 8=8 =A.;- <+ C.98= G+: +:.
<.@;1 @;= C. -;.F1: = <1 =0.7 +<;1F.7 - =9+ 9A.<1 8-=<1 ;1>6= D10=C: 7
161<7 + C.:= C. >=C<=

186
 1;= C.98= A0=.D6=?.: . A=D.;.6<+ 1 <+ <+/1;.6<+ 8-=<+ ;1 C. =<?1 01?.: . 8-=<. 91
A=D.;.6<.8 +: +>;0.B<.8 <1C=7 +8' +0=61;<= C. 918= 9+?+: . ;1>= ;- - C: =>- 81;+0.7 1: 1 .
B+>1: . ?1 .8 ?=,+ 60+8+ D1 019A1? 1;+0.7 1:D1 ;17C: => 8=01= C. 9+ =?1C01;. A1G: 7 .6=
1>: 7
-B.E ?1 C. -/: 7+<.> C.= A0161 9;610
1? ;+> ?=: 1D. >:7 -B<1 8.91= ;=/ 6=D1B1 >=7 . 7+ 6=D.= >1 9+6+0- 7 +?<=/ A+;>1 -
71<-10- >= C. 9+ <1 <+>. <1B.< A=9;./: = ;= ?1 96. .: . 81: ;+<+ 96. 8-=<. 0=,+<. -
019A1?1<7 - 8=7 .E A.=<1 .817 - A=9;0=7 +<+ 96=7 + =9+ 9A.<1 ( ?1>: + 1>= C. 96+ =9+ C.: + -
.9;=8 A016F- ;= C. D<1B.: = ?1 7 + A10<=9; <10-@+<1 6+=81 <10-@+<1 - 0+1>F.7 . 2A.(8-2
+:.>. +M +>1; 17 ?+ ?1 D18.9: .8= ?1 C. A=8+<-;+ =9+ 9A.<1 =9;1: + -A=0+?<+ 91 A016F+8
:+;+<7 1 8=7 .E 8-=<B.I1 ?=> =<. .D: +I- .D 81@.<+ . : +;+ +: +/1<;<.8 : ->=8 >0=D 0-A- ;=
7+9; >1<1:=9;16: 7+< - C+;=<9>=8 D1@;.;<=8 D.?- -A016= D1 ;- 960E- >= 7+ / C: .D- )
;1B<= ;= 9+ . ?+9. 0+;A=9;16.8= ?1: 7+ ?1 <+C0=7 +<1 C: 1/1 9-?101<7 1 91 -/: 7+<.>=6.8
1;=8.81 DC=/ >=7 .E I+ 8-=<. A=9;-A<= -9A=0161;. 96=7 + >0+;1<7 + <+I+ <10-@.;. =617
=?<=9 .D8+,- A016F1 >0+;1<7 1 . =9+ 9A.<1 >= C. 9+ =6= 96+ =61>= =?./01: = 8.01C.: +
?.F;- 81= C.E -D=01> 8-=<1 >=7 . 9- 9+ 98.0.: . - 7 +?<=8 >=81?- 81;+0.7 + 1 96. .817 -
.9;. 9A.<
-=<=6G.6=;<. 6+> ?6+ 8.>0=9+>-<?+ C1@7 + A=/=?1< D1 96+ =6= +I98= .81: . 96+
<18+@;+<= D1 7 +?1< =A.; - >=8+ 7 + ;0+C1: = =;>0.;. +: +>;0=<+ >=7 . .D:
+I- .D 019A1?17 -I.E
8-=<1 .:= C. ?=6=: 7<= ?1 <1A0=9;= A1D.8= >=: .>= +: +>;0=<1 .D: +I+ <1 7 +?<- 9;01<- 1
>=: .>= <1 9-A0=;<- 7+?<. . ?0-/. C. 9+ >0+;1: . -A=0+?<= 91 =9181 9A.<1 = 7 + A0=6+01
=/: +?1: 9>+ 9.8+;0.7 + >= C-?+ <1 7 +?<- 9;01<- .D: +;1:= 6.@+ A10<=9; I+ C.;. 80;61 1 7 1
<7 +< -C.F1 1111000/EEEE
.<.: = 9+ 8+,-;.8 ?1 C. ;0+C1: = ?1 9+ ?+9. <+>=: .>= -D19;=A<.E B-?1 A1 ?1 8+<. 96+
=6= A=,+ D1 0->=8 A016= =617<.D?=/1,17 1 =C+9E01C0.= <19 7 + - 16/-9;- >1?1 9- . .
1</ A0=B.;1: . 96=7<1-B<. 01? =<17>=7 . 7+ A0+?6.,1= 81: . +M +>1; D8<=/= 9;0A: 7 +<7 1
8=/-I+ 7 + =6: 1?1;. 7 +?<.8 81: +<.8 +M +>;=8N1: . ?61 81: 1 ?+7 9;61 -D19;=A<= ( 0+F.8= ?1
9+ <+@;= 91 <+B.8 <+ A=?-?101 D1 7 +?1< A=9;= 1 ;170+D-: ;1; ?1 9+ A=9: + 91 <+B.8 ;0+I.8
=A+; 01D.: 1D. D1 918= 7 +?1< A=9;= ( ;= <.7 + =A.; ;= 7 + C+D<1,+ 1@;= ?61 81: 1 ?+7 9;61'
1 9+;.;+ 9+ A0.0=?1 A06= ;0+C1 ?1 =C+DC+?. ?1 9+ A.=<. 019A1?<- <1 8-=<+ 1: . ?1 9+
<19;1: . 8-=<. 60;+ =>= 96=7 + =9+ 6+I.<=8 <1 .9;- 9;01<- ;= 7 + B-?= C0 =9: + 8-=<.
;0+C1 ?1 9+ 019A1?<- <1 +: +>;0=<+ 91 =A1D.6=8 19.8+;0.7 =8 - =?<=9- <1 =9- 9A.<1
0+F.8= ?1 A=7 -0. 6.@+ +: +>;0=<1 /=0+ 1 81<7 + ?=: + ;= 7 + B-?= C0 )
=> 918 9;./1= ?= 7 16<+ ;+: +M=<9>+ /=6=0<.F+ - =<>+09- C.: 1 7
+ 3OT /=?.<1 D1
A=D.6 7 + C.= ?=6=: 71< <=6B.I =? O F+<;. C.= 918 6+I A=A0.: .B<= -DC-,+< +0 C.= 918
6+=81 9>: =< ?1 A=6+0-7 +8 ?1 1>= 9;610<= A=9;=7 . 6+:.>= <10-@161<7 + A10<=9;. 8-=<.
8=017 - C.;. A=: 10.D=61<. 96. 9A.<=6. A=>1D-7 - - .9;=8 98+0- 1>=,+ 918 D<1= ?1 9-
81/<+;<+ =9=C.<+ 8-=<=6=/ 9A.<1 ;1>6+ ?1 I+ A=? -;.F17 +8 81/<+;<=/ A=: 71 ?=I. ?=
29;.9>1<7 129A.<1 - A016F- >0+;1<7 1 B+9;.F+ 1<7 + 918 C.= 9./-01< - ;= @;1 I+ 9+ ?+9.;.
>1? 8-=<. -,- - /01M .; >=7 . I+ 1A9=0C=61;. <7 .E=6- +<+0/.7 - >= <.918 - A016- <7 .E=6+
=9+ 9A.<1 .81 ?1 9+ 2 019>: .817 -2>-? >=7 1 ;=8 9: -B17 - <+81 .D/: +?1 ?1 =A1D.8= ?1 : .
+:+>;0=<. .D: +I- <1 7 +?<- .: . <1 ?0-/- 9;01<-
17 ?+ ?1 ;= A=/: +?18= 96+ .DA=B+;>1 7 =@7 +?1<A-; 19A1?1<7 + A.=<1 9;6101 8-=<+
>=7 . 9A.<-7 - - =<=8 .9;=8 A016F- - >=8+ 9+ . >0+I- = 7 + ?+= B-?1 1? 61: 71 8-=<+
D1-9;16.;. ?1 C.98= /: +?1: . <1 >=7 - 9;01<- I+ .D: +;1;. +:+>;0=<. >1? 8-=<.81 ?=,+ 60+8+
?1 9+ 019A1?<- =@;= D<18= >1>= 9- A=9;0=7 +<. A0.: .>=8 -: +;1<7 1 - A10B+ -/: 7
+<.>1
60;+I+ 9+ . ?1: 7 + ;1>= 1>= .E <.@;1 <+ =8+;+ ?=> /-C+ +<+0/.7 - 60;+I+ 9+ ;1>= 96+ ?=>
9+ <+ 019A1?<- 18= ;0+C1 ?1 <18+9;.8= <1@+ ?+;+>;=0+ +: +>;0=<1 <1 7 +?<- ?19>- >=7 1
C. 8=/: 1 ?1 9+ =>0+I+ ;1>= ?1 91 961>+ 9;01<+ 8=G+ ?1 2 A=/: +?12@;1 .D: +I+ .D-8.0+<.E
8-=<1 ( ?1 : . =<. A=>1D-7 - =/: +?1: 9>- 9.8+;0.7 -
=B+: . 9- ?1 8. 9+ D<=7 + ?: 1<=6. ?=> 918 01D81;01= >1>= <18 9+ A=91= D/=?<=
<18+9;.= 6. C0=7 1B. ( 6+IA0. 0-F. : +>;0=<.>1 >=7 1 I+ 9./<1: .91;. ?1 7 + 6.9=>=+<+0/+;9>.
8-=< ?=@1= . ?1 -: 1D. - A10B+ /01M .;1 . 98.0-7 + 9+ - <7 +8- ( 6+I019A=0+,+<1 <1 96=7 1
8+9;1 . ;+8+: 7.;= A0=6+0+<1 818= 2 ;+: +9>=A2>=7 . 9+ 919;=7 . =? B+;.0. -D19;=A<1 C0=7 1B1
+:+>;0=<1 =<.E +: +>;0=<1 >=7 . C. ;0+C1: = ?1 .D: +I- A=9: + 019A1?1<7 1 8-=<1 =@918= ?1
/1 <1>1B.8= <1 ?19>- 1: . ;0+C1 <1A016.;. ;- ?19>- ;1>= ?1 =<1 8=G+ ?1 9+ 60;. -<1=>=: =
?1 91 961>+ 9;01<+ =981;01 ;= A10B+ /01M .;1 - >=8+ I+ 9+ 8-=<. D1-9;16: 71;. 1A016.;.

187
?19>- ?61 91;1 A=9: 1 =G?1 918= 7 +?1< 91; 1>: + D1>: 7-B.E 7 1 B+>1 <19 7 +?<1 ?-/1
<=I
18= 918 9601;.= >-I. ?1 <1 C0D.<- A0=/-;18 6+B+0- . A=A0.B18 91 ?+F=8 1D6=<.=
7+ ;+: +M =< 16.= 9+ .B10? "106.< .FE10? "10J.< M .D.B10 >=7 . 7 + 01?.= - M .08.
<7 .E=6.8 .9;01G.61B>.8 : 1C=01;=0.7 181 >=7 + 9+ <1: 1D+ - <+A=90+?<=7C: .D.<. >18A-91
<.6+0D.;+;1 =: -8C.7 1 D16.0.61= 7 + - .D6+9<+ <->: +10<+ A0=F+9+ .> "106.< 9+ B+9;=
8-61= A= <1@+8 M 1>-: ;+;- 1: . <.7 + C.= <1 >.<+9>=8 0-B>- ;=/?1<1NG+: += 7 + ?1 B-7 + @;1
9+ <17 <=6.7 + A0.B1 = =A.;- <1@+ >=: +/.<.F+ -
R +7 .> .818 9-A+0 D18.91= >1>= ?1 A0=6+0.8= >0@+<7 + A10<=9;.R >1G+8 7 1 R <1
<17 7+?<=9;16<.7 . <1B.< >=7 . 8=G+@D18.9: .;. R C7 19<.8 8- <1 C0D.<- . A.;18 R+ : 28=2 @2
?1 9+ ?=6+D+@?= : 1C=01;=0.7 + ?1 <18 A=8=/<+@'R .> "106.< 7 + 9;1<=61= - =C: .G<7 +8
>109?+7 :
- =918 91;. ;+ 6+B+0. 6+I 98= 019;-01: . 1A101;+ 7 +?<=/ 60: = DC-<7 +<=/ .
-D<+8.0+<=/ A=9;?.A: =8F1 109+: 7 + 8=01= ?1 /: +?1 >1>= <+>= <161: 7-7 + ?1 C1@
01D8=<;.01 F+= <7 +/=6 =A.; =<17>=7 . 7+ ;0+C1: = ?1 8- A=9: -G. D1 ?=>;=01; .> 7 + ?=C.=
D1?1;1> ?1 01D8.9: . >1>= ?1 9+ +: +>;0=<9>. ;+: +9>=A <18+9;. ?1 9+ A=>0+I+ =>= 8+;+ 91
961>+ 9;01<+ >1>= C.98= 8+0.: . 019A=?+: - +: +>;0=<1 - =?<=9- <1 A0+;A=9;16: 7+<- =9-
9A.<1 6= <.7 + C.= ;0.6.7 1: 1< A0=C: +8 7 +0 1>= C. 9+ ;=>=8 <1@+/2 061<7 1291 ;=8 ?19>=8
8+<7 1:1 -?1: 7 +<=9; =? -D=0>1 ?1>: + =? 8=7 .E 8-=<1 =<?1 C. . =A1G+<. C0=7+: +>;0=<1
8=/1= D<1;<= ?1 9+ 8+<7 1
1? 7 + A0=<1,+<1 ?0-/1 >: 7-B<1 9;610N98.9: .= 7- 7 + .> "106.< : -@17 ;+ 0+>1= 7 + =<
-8+9;= ?1 8-618= =6- ;+@>- A: 1;M =08- 91 C0=7 1B.81 ;18= . 18= E17 ?+ ?1 8. <+@;=
?0-/= -01?.8= +>1 ?19>1 8.0-7 + 1 8. ?1 -D8+8= 7 +?1< 81/<+; . ?1 =>0+I+8=
8-=<+ 9;1?=E D1A0+A1@I+< 7 +?<=9;16<=@I- . +: +/1<F.7 =8 =6+ D18.9: . 1016<=
1+: +>;0.91<1 B+9;.F1 >=7 1 9+ 60;. =>= 96=7 + =9+ ( ;= 618 7 + 6+I 7 +?1< 81: . 81/<+;
81/<+;<=8 A=: 7- =<1 I+ 9+ =>0+;1;. >1= >=8A19<1 ./: 1 =9.8 @;= I+ 8+E1<.B>+ 9.: + >=7 +
?+: -7 - <1 8-=<(81/<+; .D1D.61;. <+A0+>.?<- 0=;1F.7 - 18.91= 7 + C.: 1 ;=: .>= 7 +?<=9;16<1
?1 7 + C.: 1 ?-C=>1
.:1 7 + ?+B.7 1 ./01 .D01B-<1;. 60+?<=9; 81/<+;<=/ A=: 7
1 A=;0+C<- ?1 9+ 8-=<. -
01D-8<=8 0=>- =>0+<- D1 *$ 9;+A+<. ;1 7 + 01D-8<= 60+8+ D1 7 +?1< 8-=<' 1 6.?.;+
8-=<. 9+ 019A1?17 - <1 +: +>;0=<+ . <+-;0.<+ 1 A=: -G.6=; .8 .D<=9. O 8.>0=9+>-<?.
<1B. 6+I A=9: + 7 +?<+ . A= 8.>0=9+>-<?+ A=: =6.<1 8-=<1 7 + 0+>: 1 2 D?016= . DC=/=82
>= .E D1=>0+I+8= 9-6.@+ 9A=0= 0+F.8= D1 -/1=<. 9;+A+< - 8.>0=9+>-<?. 6+I.<1 I+
.@B+D<-;. 6+IA=9: + <+>=: .>= 8.>0=9+>-<?. ;1>= ?1 <+I+8= 9;.I. ?1 -A=0+?.8= >=: .>= 9-
+:+>;0=<1 C1F.: . A=? -/: =8 =? <-: 1 9;+A+<. 1 >=: .>= A=? -/: =8 =? ! 9;+A+<. ( C0=7
+:+>;0=<1 ?1>: + +8.;=61< 2 .D60E12. 2 .D?<128-=<1 ( 1 ;= <18 7 + A=+<;1 F+: =/ =A.;1
1>= I-@<+8= <+>. 7 1> 81/<+; ;18= . A=9;./<+8= 9;+A+<. - 961>=78.>0=9+>-<?.
8-=<. I+ 9+ ;-8C1;. ;=: .>= C0D= ?1 I+ 8: 1D+6. +: +>;0=<1 918= 7 -0.;. A0+>= ?+;+>;=01
?17 -I. 01D80: 7 1<+ 9: .6+<+ +M +>;+ 1>: 7-B.: . 98= ?1 C. .?+1: 1< ;+8A= =>0+;1<7 1 8-=<1 C.=
=>= PO9;+A+<. - 961>=78.>0=9+>-<?.
= G+: 7
+<= 81/<+;<= A=: 7
+ <1A016.: . 98= ;1>= @;= 98= -D+: . 7 +?<- G.F- <18=;1: . 7+
<+>=: .>= 9;=;.<1 A-;1 =>= 7 +?<=/ 61: 7>1 . A-9;.: . >0=D <7 - +: +>;0.B<- 9;0-7 - =? <+>=: .>=
18A+01 1@: . 98= 7 +?<- F+6 =? : -F.;1 . ;= <18 7 + C.= 61: 7
1> - 9-@;.<. 7 +?<1 A0=6.?<1
61: 7>19;1 F+6 =9: 1: . 98= 109+: 1 - 81/1F.< A= G.F- .9+>: . 98= /01M .;<. C: => D1
D1-9;16: 71<7 + ;1>= ?1 7 + 91?1 C.= ?=6=: 7<= 81: +< ?1 9;1<+ - : -F.;<- F+6 ->: 7-B.: . 98=
?61 >017 1 G.F+ - 7 +?1< .D6=0 9;0-7 + >=7 .7 + 8=/1= ?1 9+ ?1: 7.<9>. >=<;0=: .@+ 7 +?1< ;1>167 +
C.= C1@<1 A=: .F. .:
1 7 + ;= 6+: .>1 7 -0<7 161 - A=D<= ?=C1 A=<=I7 + 96+ C.: = 9A0+8<=
=01: . 98= ?1 G-0.8= 7 +0 9+ 1>F+: +01;=0 -6+> .9>: 7
-B-7 + - 9-C=;- - =918 91;. -7 -;0= DC=/
=A016>. . =?0G161<7 1
7+?1< 91; -7 -;0= <1@. C0=7 1B. 9- 6+IC+: +G.:. A=?1;>+N0+/.9;01;=0. 1>-8-: 1F.7 +7 16: 71:.
9- >=: .>= 7 + +: +>;0=<1 .D: +;+: = <1 >=7 - 9;01<- : . .817 ;+ <1 -8- 01?.: . 98= A=
"106.<=6=8 M 1D=<- 1 ;= 7 + D<1B.: = ?1 <.98= 8+0.: . -/: =6+ <+A=90+?<= 1@+: +>;0=<9>.
;+: +9>=A =9;17 1= 7 + <+A=>0+;1< 1 - 81/<+;<=8 A=: 7- =C0;1<. 9- 8-=<. ;1B<.7 + 6+>;=0.
<7 .E=6.E =91 9A.<1 0+81 ;=8+ 60+8+ A0.9;.D1<7 1 +: +>;0=<1 - ;+: +9>=A 91?1 7 +
=?/=6101: = <7 .E=6=8 A016F- .D: +;1<7 1 +: +G+I. ;= 60+8+ C+: +G.: . 98= . A0161F 0=C: +81
7+ ?1C=8+ C.: = A=A0.: .B<= 61: . 98= -A=0<= =A+01;=0+ 1>F+: +01;=01 . ?=91,.61: . .8
D1E;+6.81 ?1 @1: 7- @;= 7 + 8=/-I+ 6.@+ A0=;=<1 - <1@- 8+;- 6. C0=7 1B. >=7 . 9-
0+/.9;0=61: . A0.9;.D1<7 + . D1-9;16: 7 1<7 + 8-=<1 8=01: . 9- C.;. A=?+@+<. =01: . 98= ?1

188
A0=6+01618= >=: .>= ?=C0= >=<;0=: .@+8= ;= 81: = 81/<+;<= A=: 7
+ >=7 + 98= A0.8+<.: . <1
8-=<+
=9: + <+>=: .>= 91;. -D.81<7 1 A=?1;1>1 6.?+: . 98= -A1?: 7.6- 01D:.>- - C0=7 - +: +>;0=<1
+8.;=61<.E A=? -/: =8 =? <-: 1 . A=? -/: =8 =? ! 9;+A+<. - =?<=9- <1 8-=<9>- =9-
9A.<1 =?1F. 9- C.: . 60: = /0-C.ND1;= 98= 8+@1: . -DC-,+<. =A;.8.D18 91 9>+A;.F.D8=8
>1? 98= A=/: +?1: . A=?1;>+ - =918 91;. -7 -;0= 9>+A;.F.D18 7 + A=;60,+< >1= .9A0161<
1?1 9- A=?1F. C.: . ?1: +>= 81<7 + -C+?: 7.6. . 8=/: . 9- 9+ 9196.8 : +A= ->: =A.;. -
A0+;A=9;16>- ?1 7 + .DC1F.61<7 + +: +>;0=<1 - 96.8 A016F.81 7 +?<1>= ( 1 ;= 7 + A0+?9>1D.61B
=/: +?1: 9>+ 9.8+;0.7 + =: 71>1: . 98= =6+ @;= 01?+ 91 1>F+: +01;=0=8 ?1 <18 ?17 - 7 =@>=7 .
91; 1: . -D1: -? 19A=0+?. 01?1 9- 019A=0+?. 01?1 C+9E01C0+<. 9.@: . 98= ?=: + - 91: -
/?+ 7 + <1@ 1A101; 8.0=61= 18= <19 7 + A=D?016.: 1 =81<7 1 >1;19;0=M 1 =A: =;1
<18=;1<.E G.F1 A0+/0+7 1:1 7 + <1@- : -F.;<- F.: .<?0.B<- F+6>=7 1 9+ -9: +? ;=/1 .D=C: .B.: 1 A1
7+ >=81?.I/01M .;1 .9A1= -=<. 9+ ?1>: + <.9- .81: . - B+8- ?1 D1-9;16: 7
17- <.;. 9- 8=/: .
?1 C=016+ - 81/<+;<=8 A=: 7- >=7 + 98= D1 <7 .E <1A016.: . +?<= 60+8+ C1F1: . 98= >0.6.F-
7+?<. <1 ?0-/+ A1 96. <1 A=9;?.A: =8F1 <1016<= 1 =<?1 98= 9+ 01D6+?0.: . +0 <1@1
A=B+;<1 A0+;A=9;16>1 .A1> C. 8=/: 1 C.;. ;1B<1
8.9: .:. 98= @;1 I+8= A0+>= 6.>+<?1 06= 9A0+8.;. A0.9;=7 <= . 61: 71<= 81/<+;<=
A=: 7+ 0-/= 01D8.9: .;. ?1 : . C. 9+ >=: .B.<1 A=?1;1>1 8=/: 1 A=6+I1;. ;1>= @;= C. 9+
A=6+I1= C0=78-=<1 >=7 + D1-9;16: 718= A1 C.98= C0=7 1:. 6+I. ?+= 901D8+0<= 6.@+
8-=<1 >=7 . .D:1D+ 0+I+ 01D8.9: .;. @;1 9+ ;1B<= ?+@161 91 8-=<.81 >=7 . 9- A=D.;.6<=
<1+: +>;0.91<. ?=> 9+ 9-?1017 - 8<=/= A-;1 91 1;=8.81 -/: 7+<.>1 . A=: 1>= D1-9;16: 717 - 1
=<?1 9+?+ - 0+@+;>. -/: 7+<.>=6.E 1;=81 A1> 8=/: = C. C.;. ?1 A=D.;.6<. 8-=< D10=C. <+>.
=? +: +>;0=<1 >=7 . 9+ 9: =C=?<= @+;>17 - >0=D /01M .; 1 ;1>6.E .81 8<=/= A0. B+8- C.
+:+>;0=< : 1>= 8=/1= ?1 ?+A=: 10.D-7 + 9A.< 8-=<1 .9A0+;-8C1;. /1 ?1 D1=>0+<+ C.: =
>-?1 ;1>= ?1 8-=<. 6.@+ <+ C. .@: . 96. - >=01> >1= 6=7 9>1 <1 A101?<=8 810@-
;.@:. 98= 961 ;0=7 .F1 96=7 .8 >-I181 =?9A161: . <+>=: .>= 91;. . A=<=6= 9+ <1@: . <1
A=9: - - ?61 A= A=?<+ 0=6+: . 98= 916 =9;1;1> 6.>+<?1 01?+I. 961>= 96=7?+= A=9: 1 1
918 -9A+= ?1 .D A=B+;>1 .D01B-<18 >0+;1<7 + 8-=<1 A=B+6 =? ;0+<1 >1? 9+ =< 0=?. 1
<7 +/=6 0=?.;+: 7A.=< -9A+ .1>= 9+ 6+I019A1?1 ?1 /1 0.;<+ 7 =@7+?<=8 ( ;1>= ?1 2 ?+;+2
<19: +?. . .8A-: 9 . A0=?-G. ?1 7 -0. A016= <1A0+?ND1;.8 ;=>=8 =<=/ 60+8+<1 >=7 + 8-=<
A0=6=?. : +;+I. : -B<= >0=D;-<+:>=7 . 98= - C+;=<9>=8 D1@;.;<=8 D.?- =9;16.: . D1 <7 +/1 .
-: 1D+I. - <1@ 1A101; 01;.= 918 C+D A0+>.?1 9A.< . A0161F 0+;A=9;16.= 918 >017 <7+
<10-@161<7 + =/: +?1: 9>+ 9.8+;0.7 + 1 ;= C. D<1B.: = ?1 C1@ 96. 8-=<. .817 - 9A.< ;1B<=
-A=0+?1< 91 A-;1<7 =8 8-=<9>=/ D01>1 96+ 7 + ->1D.61: = <1 .9;. D1>: 7-B1> 1>= 7 +
<10-@161<7 + 9.8+;0.7 + 6+: .>= 1>= 7 + C10 A=: =6.<1 81>9.8-81 ;0+C1: = C. ?1 6.?.8= >0.6-
:.<.7- >=7 1 =9F.: -7 + /=0+(?=: + = C. <+ 918= ?=>1D1: = ?1 7 + A10<=9; <10-@+<1 <+/= C.
<18 ?1: = . C0=7 B1<. 0+D-: ;1; >=: .>= 7 + <10-@+<1N<+@;= .D8+,- 9;= A=9;= . + +++
<-: 1 A=9;= = /=? 618 >1G+ ?1 9- <1-B<.F. E: 1?<= =C7 +>;.6<1 C.I1 C+D 9;019;. ;177 +
C: +916 B17 <.B>. 98= G-?+: . ?1 6.?.8= A1? A10<=9;. 10<=9; <.7 + C.:1 8: 1?1 G+<9>1 1 8.
<.98= C.: . A-C+0;+;: .7+ 1: . 98= /=0+: . =? ;+ 9;019;. 0=6+01 <1-B<+ =C7 +>;.6<=9;. 919;=7 . 9+
- ;=8+ ?1 <+ ?=A-9;.@?1 B+G<7 1 -;.B+ <1 8+;=?=: =/.7 - 01?1 <.;. <1 ;6=7 - 918=>0.;.B<=9;
"106.< 7 + C1F.= : -F.;<. @-A: 7. 61: 71> . <18=;1= C1>10<- G.F- A016= <1 <=6 >=81?
/01M .;1N;179.9;+8 7 + A0=6+0.= ;1>= @;= 7 + >0=D<7 +/1 A-@;1= 9;0-7 - ?61A-; 7 1B- <+/= @;=
7+ <181 - =A.;- C.: = A=;0+C<= 109+:7 + A=<=6= <18+9;.= 96+ C0=7 1B+ A=C=: 7@1= <7 .E=6-
A=9;0=7 +<=9; ;1B<= 7 +?1< .D1 ?0-/=/ - .9;- : .<.7 - A0.C: .G.= +: +>;0=<9>. ;+: +9>=A /01M .;<=8
C: =>- D1 D1-9;16: 71<7 + 8-=<1 D1;.8 =A+; A0=6+0.= 96+ C0=7 1B+ . A=C=: 7 @1= <7 .E=6-
?+: =;6=0<=9; 1 D1 96+ ;= 60+8+ 9+ 8=: .= =/- ?1 .D ;=: .>=/ A+;: 71<7 1 A0=.9;+><+ C10
<+@;= @;= C. 8=/: = ?1 9+ =C7 16.
1? 7 + =?8.F1= : 1/1<= =<+?+: 71> -7 -;0= +>1 A0+A0.B161<7 1 = <1@+8 A=8<=8
01?- A0=F-0.: 1 9- 8+,- =A+01;.6<- A=91?- 1>F+: +01;=01 1 =?1;: + A=<+@;= . ?= <1@.E
>=: +/1 =8+<-;1 A=91?1 <1@: 17 + <+>+ =DC.: 7<+ A0=C: +8+ - 96=7 =781@.<. . .9>: 7-B.: 1 F+: -
9>1: 18+0.7 -ND<1B. A=<+?+: 71> <18 A0=A1?1 <+81 . <+I+ C.;. <.>1>6=/D01>1 ?= -;=0>1 -
! -7 -;0= - <17 C=: 7 +8 9: -B17 - =C0= <.@;1NC10 .818= 6.@+ 60+8+<1 ?1 9+ /0.D+8= ?1
D1A+;: 7 1618= . 019A+;: 71618= ?1 96+ A0=6+01618= +6.9 A=B+@+ ?1 ?=: 1D+ >=: +/+ 91
=:-8C.7 + D<1;.G+: 7 <. ?1 6.?+ @;1 <19 7 + ;= 9A=A1: = +?1< =@;0=-8<. 8: 1?. B=6+> >=7 . 7+
C.= <1 =<=8 >.<+9>=8 0-B>- A=9;16.= 7 + <+>=: .>= A.;1<7 1 . <1 =9<=6- 8=7 .E <+A=@;+<.E .
<+.9>0+<.E <+=?/=6=01 2 A0=61: .=2@;1 8. ;= A=>-@1618=

189
 R +81 .D/: +?1R -6+0161= 8+ 7 + =< R => /-C+ +<+0/.7 - - /01M .;<=8 M .:;+0- 8-=<.
.81 ?1 ;. 9+ ?+A=: 10.D-7 - R +<+ 7 + C.: = : 1>= C1F.;. - A=;.@;+<=9; 1: . <+ . <16+9;. ?1
=?-9;1<+8 18;.= 918 @;1 7 + /=6=0.= 8=78+<;=0 6+: .>. 8-?01F 91 =: -8C.7 +
1C. R A.< .9>: .D<+ ;1>= : 1>= R
A=<+?+: 71> =>= @+9; 91;. A= A=?<+ A0+ A0+?6.,+<=/ 0=>1 81@.<1 7 + A=B+: 1 ?1
A=>1D-7 + D<1>+ G.6=;1 =E.;1: . 98= 91 A=9: +?<7 .8 A0.A0+8181 A0=6+0.: . 96+ -0+,17 + .
019A=0+?+ =/: +?18 7 1 8+;- =? /01M .;1 +: +/1<;<= =8=;1<- C1>10<=8 G.F=8 . A=: =G+<-
<1 7 +?<- A: =B- ?+9+; 91 ?+9+; F+<;.8+;101 1 <+ : +G. <+>1>= 81: = <.9>=' 16.0.8 >0=D
>=<;0=: <. -0+,17 N9;610<= <.9>= 7 + 0+C1 A=?.I. . ;= D1 ?61 . A= F+<;.8+;01 7+?<=8
-/: - 6.?.8 >=<D+06- =? >1M + 2 1>96+: 1-92. - <7 =7<+>+ D160;<7 + D1 ?06= =?8+;<+8 ;-
>=<D+06- -8+9;= 7 +?<=/ ?+: 1 ?=;1?1@<7 + A=?: =/+ 160@+<= 19<.7 + 9- =<. .D
8.;9=<.7 1<9>+ -9;1<=6+ E;+: . ?1 A=<=6+ F+= <1@=A.; ;1B<= A1 9- ;01G.: . . ;- >=<D+06-
1:. <.98= -9A+: . ?1 7+ A0=<1,+8=
0+>= D6-B<.>1 A=B+@+ ?1 7 16: 717 - ?1 I+ 81@.<1 91? C.;. ->: 7-B+<1 . ?1 96.
+>9A+0.8+<;1;=0. 8=017 - <1A-9;.;. 1>F+: +01;=09>. A0=9;=0 ?1 <+ C. C.: . .9A0G+<. =7 -0.8=
109+:. 7 1 -D9;08+ /6=D?+<+ 9;+A+<.F+ A1 A0+>= A10>.</1 - D/01?- : 1C=01;=0.7 + /?+
9- >1C: =6. .D96.E <1@.E ?+;+>;=01 6+IC.: . ->: 7 -B+<. - 01D<+ -;.>1B+ <1 A=: .F181 A-<.8
+:+>;0=<.>+ G.F1 9>1: +01 =9F.: =9>=A1 "106.< 7 +7 =@<+>=: .>= 91;. A0+ ;=/1 C.= =;.@1= >-I.
1 7 1 918 A=9: 1= 109+: 1 ?1 ?=<+9+ <+@;= D1 7 +: = =B+= 918 ?1 A0=6+01618 +: +>;0=<9>+
9./<1: + >=7 . 9- 9;.D1: . .D<1@.E ?+;+>;=01 81: . 98= 6+: .>- ?+C+: -:1C=01;=0.7 9>- C+: +G<.F-
- >=7 - 98= D1A.9.61: . 96+ D<1B17 <+ .<M =081F.7 + .: 17 + 6+9+: = A=A-<7 +<1 /01M .;.81 2= 7 +
D1C=016.= ?1 -/19. 0+@='2 2 901<7 + 2 261: 1 ;+ G+<12 : . . A0+A-<1 D1C+: 1G1>1 =
9;610.81 >=7 + ;0+C1 -01?.;. .: . 9- 6+I-01,+<+ . = 9;1<7 - +: +>;0.B<.E 9;0-7 1 21D. C0=7 1B
C0 * 2 =I+ ?1 C1F1 610<.F+ . A0+9>1B+ - C0=7 1<7 -2
>= T O ;+ 6+B+0. -9A=9;16: 7+<1 7 + =;A0.: .>+ 9;1<?10?<1 A0=.D6=?<7 1 A0=;=<1 A1
98= ?1: 7 .<9>=8 >=<;0=: =8 <1C-?G.: . =<- @.A>.F- 91 8+;=8 >=7 1 I+ C.;. <1 -?10- .
A0=.D6=?.;. A.=<+ 9;=/ ;0+<1 C0=7 1B. 9- A=B+: . ?1 0+/.9;0-7 - A0.9;.D1<7 + B+9;.F1 1 918
A=/: +?1= <1 =<17A0+9-?<. 0+? C0=7 1B1 >=7 . ;0+C1 ?1 0+/.9;0-7 - >=:.>= +: +>;0=<1 .D: +I+ -
01D<.8 01D81F.81 A=9: + D1-9;16: 71<7 1 8-=<1 - /01M .;- 0=7+6. 9- 7 =@C.: . 81: . $ *
!
>= A=: 1 ?+9+; 9;./1= 7 + "106.< 1 =?: -B.8 ?1 81: = =?9A1618 A1 ?1 9+ 601;.8 -
@+9; -7 -;0= ?1 =?8+<.8 "106.<1 ?6+D+8 9+ >-I. 6=D+I. 60: = A=: 1>= 0=6+= 918
->-A<= ?61?+9+; 91;. C-?1< . 91? 918 C.= 9-6.@+ -8=01< ?1 7 +?+8 A-9;.8 /: 16- <1
719;-> . 6+I9: +?+I+/;0+<1 ( ;1>= 8. 9+ -B.<.: = ( D6=<. ;+: +M=< <1 B19=6<.>- A.@+ ?1 7 +
;0. -7 -;0= =6+ "106.< R .: = C. ?=C0= ?1 ?=,+@ 9A+: . 98= R
* )O 91;. ;+ <=I. A10>.01= 918 9+ .9A0+? : 1C=01;=0.7 + . 7 -0<-= -<-;01 "106.< 7 + -
C+: +G<.F- <1: +A.= >=81?+ A1A.0<+ ;01>+ >=7 17 + .D: 1D.:1 .DC0=7 1B1 0=7 >+ 9- C.: + -C.;1B<=
719<+ 6=9;0->= 6.@+ +: +>;0=<1 .D: +;1: = 7+ A=? -/: =8 =? 9;+A+<. <+/= A=? -/: =8 =?
! 9;+A+<. 0.0=?. 7 + C.: 1 7 19<1 01D: .>1 .D8+,- 9A.<1 <1?+9<= . <1: +6= 1@.<1 9+ -
8+,-60+8+<- D1E->;1: 1 ?= 96=/<17 C=: 7+/0+G.81 01?1 A1 9- C0=7 +6. <1 9>1: +0.81 918=
:+;+: . /=0+ ?=: + /=0+ ?=: + 1 C0=7 1B- >=7 . =?/=6101 <1/.C- =? <-: 1 9;+A+<. A.@+
)O$ N1 <1 =<=8 D1 ! 9;+A+<. A.@+ ))) ;1;.9;.B>. /: +?1<= ;= 9- =/0=8<+ 01D: .>+
=<. C0=7 1B. .D8+,- ?161: . 9- <+>+ 60+?<=9;. >=7 + 9- C.: + - D1?=6=: 7
1617 -I=78+0.
.D8+,- 8A: .>1F.7+ ;1>= 6+: .>=/ 01DC.7 1<7 1 A10<=9;. C.: + 9- <+A=7 18<= =/0=8<+ 1F.=
918 A=/: +? <1 .>1 =B.<7 1= 918 ;+@>= ?1 ?.@+8 ?: 1<=6. =D<=7 +<. 90B1<. 01? -C0D1< -
/:16. =9+I17 <7 + A01D<.<+ . : 1>=I+ ( ?1>: + 8<=/. 1: . <+ C1@ 96. 9.8A;=8. 9+>9-1: <=/
-DC-,+<7 1 6= 7 + C.: = <+@;= 6+: .>= =B+E ?1 9A0+818 : .9;- D1 A0=6+0- >=7 . +:+8+<;. C.
8=/: . ?1 01?+ <+.9A016<= 1: . <1 ;1>16<1B.< <+.9A016<= ?1 9.8-: .017- -A016= =617.9E=?
>=7 . 6.?.8=' =/-I<=9;. 7 + C.: = 8<=/= ;1>= 8<=/= 0=6+?=98= <1 A0.8+0 A-< 91;
918= A0=6+01617 -I. +: +>;0.B<+ 6=?=6+ ?= C0=7 1B1 +: +>;0=<1 ./?+ <.7 +?<=/ A0=C: +81
1>= 7 =@?1 A0=6+0.8= 96=7 + D1>: 7
-B>+'
;=01> P* 01<= 7 -;0= 1;01G.8= =? =9=C: 71 1>F+: +01;=01 ?1 .9>: 7
-B+ D01> ;0B.8=
A0+>= A-;1 . ?=E61;.8= - @1>+ ?19>- 91 +: +>;0=<9>.8 ;+: +9>=A=8 . =>0+<+8= 7 + - <=6.
A=: =G17 A=? -/: =8 =? 3 9;+A+<. - =?<=9- <1 ?=;1?1@<7 . .(A... C01D1F =A1G1<7 1
+:+>;0=<1 A=8+0. 9+ ;1B<= D1 ;=: .>=
=,+ $ 91;. -7 -;0= D.818 ;+: +M =< . D=6+8 .7 1 R .( . 8. 98= /: +?1: . A.(8-
:1<1F . 91?1 .818= ?61?+9+;=9;1<?10?<. ?+6.7 1F.7 9>. 9./<1: 1>=< A10<=9;. 7 + 80;16R

190
 0=D ;+: +M=< A=B<+ ?1 @;0F1 .( .7 +61 0+1>F.7 1 91B.<7 +<1 =? C0D=8+;<.E A.;1<7 1
R: +>;0=<. 9- >=7 + +<+0/.7 +' 1>= 19.8+;0.7 1 610.01 91 <7 .E=6=8 +<+0/.7 =8' 1 : . 7+ 9A.<
8-=<1 C.= -A=0+?1< 91 96=7 .8 A016F+8 ?=: 1G+<7 1'R 1 <+>1 =? ;.E A.;1<7 1 .81: . 98=
=?/=6=0+ +>. =?/=6=0. 9- ?=@: . >19<.7 + "106.< 7 + A=B+= ?1 F0;1 /01M .>=<+ . ?1 -<=9.
=B.;161<7 1 C0=7 1B1 - <7 .E 1 918 919;16.= 7 =@7 +?1< 9A.91> A=9: =61 >=7 + ;0+C1 =C16.;.
9+?18 91;. A=B+: . 9- ;+: +M=<9>. A=D.6. =? >=: +/1 91 =: -8C.7 + ?= >=7 .E 7 + ?=A0: 1 6+9; >=
=918 91;. "106.< 7 + ;.E= >: .9<-= . 6.@+ /1 <.7 + C.: = ;- :
. 9;./1= 7 + A=9;?.A: =81F 109+:
<1 <7 +/1 98= C.: . 9196.8 D1C=016.: . ?+6+; 91;. - 9=C. 7 + 6+I C.= =A@;. >0>: 7 1<1F
>=: +/+ ;+E<.B10. 9+>0+;10.F+ >=7 + A=>-@1617 - ?1 91D<17 - @;1 9+ ?+@161
=A.; ;017 + 918= 7 + 91? ;+@>= =?0G161;. /1 +<. 9- 9+ 601;.: . 9.8A;=8. 91 ;+@>.8
?.91<7 +8 . D<=7 +<7 +8 ?: 1<=61 1?1 98= C.: . .D6=0.@;+ 7 +?<+ <=6+ ?-C=>+ .<M =081F.7 + =
96+;- .D.>1 7 + C.: 1 .D8+<7 +<1 9.8 ;=/1 =6= <10-@161<7 + A10<=9;. ?1: = <18 7 + 8=I<-
<=6- 1: 1;>- A=: 10.D=61<+ 8-=<+ >=7 . 0+1/-7 - <1 81/<+;<= A=: 7+ 1 B.7 . 9+ 9A.<=6. 8=/-
A01;.;. A= +: +>;0=<.81 >=7 . .D:+I- A0. 019A1?1<7 - ;.E 8-=<1
+:+M=<. 9- D6=<.: . ?=<=9+I. A=D.6+ .D .>1/1 .D 1: .M
=0<.7 + . .D 60=A+ ;=>=8 9: +?+I.E
;0.(B+;.0. 91;1 6. >=7 . 9- .81: . 1>F+: +01;=0 B+9;.F1 ( - +0>: .7- .>1/- .6+0A-: - %+<+6.
=9>6. ( A=7 -0.:. 9- - 1>F.7 - >1= A.: =;. - 01;<= ?=C1 >1? ?=C.7 - -DC-<- 19;16.: . 98= =A.;
. A0=F+9 A0=6+0161<7 1 ;1B<=9;. ;=/1 @;= 98= 01?.: . 7 =@F+: .E 9+?18 ?1<1 <+A0+>.?<= 1: .
C.: . 98= =B17 <.B>. G+: 7<. ?1 =C7 16.8= 9;610 19;16.: . 98= ?1 -D.818= A=?1;>+ <1 =617.: .
=<17 <1B.< ?61?+9+; B+;.0. 91;1 <1 ?1< @+9; ?1<1 <+?+: 7<= 9: +?+I.E @+9; 8+9+F.
<+A0+9;1<= =?1F. 9- A0.;.F1: . >1= 0+>1 D?0-/.E : 1C=01;=0.7 1 -9>=0= 9- 9;./: + 6+9;. <1@.
0+D-: ;1;. 9- A=;60,+<.
=:+/.<.F1 - ?1C=8+ <.7 + C.: 1 C1@ A0+90+I<1 6.?+I. <1@+ B.9;+ <+9-8<7 .6+
.9E=?+ 81: . 98= 6=: 7- ?1 .E =C7 16.8= D17 +?<= 91 <7 =8 1: . <+>1 7 =76+B<= C-?+ E61: 1
D1 ;= =<1 7 + =?C.: 1 /=6=0+I. ?1 7 =7;0+C1 7 =@<+?+: 7- ?1<1 ?1 A0=6+0. 96=7 + 0+D-: ;1;+
+@>= 7 + 0+B.81 ?=B101;. ?= >=7 + 8+0+ 9- =6. 0+D-: ;1;. D1A1<7 .:
. D17 +?<.F- M .D.B101 .
98= =9A=0.: . ( D1A016= -<.@;.: . ( =C=G161< A0.6.? =<17A= >=8+ A0.0=?1 .81 =/: +?1: 9>-
9.8+;0.7 - >19<.7 .8 /=?.<181 >1= @;= I+8= 6.?+;. ?=>1D1<1 7 + <+;1B<=9; . <+>.E
?0-/.E 9.8+;0.7 1 1 .A1> B1> . A=9: + ;.E ?1: 7.E =;>0.I1 <+>. ;+=0+;.B10. 9- 9+ A0=;.6.: . (
;=: .>= 9- -D?081<. C.: . +,- <7 .81 9+ <1@1= . =: M/1</ 1-: . >=7 . 7 + ?1= =<- B-6+<-
.D716- R + 8=/- 6+0=61;. ?1 7 + =/: +61> . ;= 9: 1C R .8+ 1-: . <.7 + E;+= 0+I. ?1 C. =/
.:. =/.<7 1 ;0+C1: = ?1 C-?+ ?+@<7 1> .: . ?+@<7 1>.<7 1 <+/= ?1 C. ;0+C1: = =C+81 0->181
?1 9+ 9: -G. 9196.8 7 +?<1>=
1 /=?.@<7 . 919;1<1> 8+0.B>=/?0-@;61 D1 M .D.>- ?=@: =7 +) M .D.B101 >0>1: . 9- 9+
- C1: 9>- ?6=01<- E=;+: 1 210181-<;2- 7 -7 =0>- $ M +C0-101 3OT +>. 9- 6.9.: . 91
>0=6<.E /0+?1 96.8 61G<.7 .8 ?<+6<.8 <=6.<181 <1@01? 7 + A=D?016: 71< - B: 1<F.81 >=7 .
9- C.: . <1 <19: =6<.8 9;01<181 27 -7 =0> 17 8927 + =C7 16.= <1@+ 91=A@;+<7 + D1 @;18A-
F+: = =? 0+B. ?= 0+B. . ;= 91 9: .>181 B+9;.F1 . =/: +?1: 1 : . <.@;1 =? 96+/1 =6=/1 <.7 + C.: =
016<= =<=8 =9+I1<7 - - ;0. 91;1 -7 -;0= =<=78.9;.B<=7+-M =0.7 . - ;0+<-;>- >1? 9- ?6=7 .F1
M.D.B101 =;>0.: 17 +?<- <=6- ?-C=>- .9;.<-

191
 $ % &

-B+ 9- ;0=7.F1 <1-B<.>1 ?=C.:1 =C+:

=6- <1/01?- D1 A0=<1: 1G+<7+ <17
81<7+/
A0+?8+;1 <1 96+;- =>1D1:= 9+ ?1 7
+ ;17<1781<7
. A0+?8+; @<.F:
1 - >1M
1<. 2=? +<.7
12

G+7 .<= 1Q +<=

+?+9+;+ . @+D?+9+;+ C.: + 9- 6+: .>+ /=?.<+ D1 <1->- - 8+0.F. A=0+,+<- 91

?+6+?+9+;.8 >=7 + 9- 8<=/= ;60,+ B.<. 9+ ?1 7 + - A+?+9+;.8 961>= 8=/1= ?=C.;. A10+ D1
96=7=A.; A=? -9: =6=8 ?1 .81 ?=C0- D18.91= . ?=9;1 =?: -B<=9;. =G?1 7 + ;= 7+?<= =?
<17 C=:7.E 8+0.: 1 D1 =F+<7 .61<7 + >1? 7 + 7 +?<1 <1->1 D?0161 61 <1F.7 1 . ?1<19 .D6: 1B.
>=0.9;. =? <1-B<.E =;>0.I1 A=9;./<-;.E - ;+ ?6+ ?+F+<.7 +
=A:161 <=6.E 9-C<->: +10<.E 9;0->;-01 ?= >=7 .E 7 + A0.9;-A =;6=0+< -A=;0+C=8
1>F+: +01;=01 B+9;.F1 .D<+<1?.: 1 7 + <1->- 7 +?<1>= >1= "1: .:+7 +6= =;>0.I+ <=6.E <+C+9>.E
;+:1 =9;610+<= A=8=I- ;+: +9>=A1 1= - /1: .:+79>=70+6=: -F.7 . ;1>= 7 + . 91? : 7-?9>. 0=?
9;+>1= <=61 <+9: -I+<1 D<1<7 1 = 96+;- = @;= 9- 9+ D<1<7 1 =?<=9.: 1 <1 -<-;01@<7 . 1 <+
<1 =<179A=: 71@<7 . >=98.B>. A0=9;=0 <.7 + .E B.<.: = 81<7 + ?-C=>.8 =/1,171<1: =/1<
=6=8 7 +9;+ 19;+0=6= =;>0.I+ 8.>0=C1 . <+6.?: 7
.6+ C.=: =@>+ 619+: 7+<+ 8.>0==0/1<.D181
.D10<= <1/1,1<7 + <1@+/ 7 -<1>1 +8=>0.;1 R 1/1,1<7 + 7 + : 2
'RB-7 +8 /1 >1>= C+9<=
@>0.A. R 1/1,1<7 + 1'R <.7 + C.: = 6.@+ <. >=8+<;10.91<= 61>= 7 + A0.E61;.= ?1 A=9;=7 +
B+9;.F+ ;1>= 81: +<+ ?1 .E : 7-?9>= =>= <+ 8=G+ 6.?+;. 19<= 7 + C.:= ?1 I+ - ;01/1<7 - D1
<17 81<7 =8 B+9;.F=8 C.;. A=;0+C<. A0=?-G+F. : 7
-?9>=/ B-: 1 6.?1 : -A+ 8.>0=9>=A. .
1>F+: +01;=0. ( 96+ ?1 C. 9+ A=7 -0.: = @;= ?-C: 7+ ?=: + - A=;01/- D1 A016.8 1(;=8=8 @;1
98= ;18= ?=: + 6.?+: .' 1?0=<+ 8<=@;6= E1?0=<1 ;.E B+9;.F1 =D<1B+<.E /0B>.8 9: =6.81
>=7 + <19;17 --7 1>.8 9-?10.81 A=? ?+7 9;6=8 1>F+: +01;=09>.E D01>1
+ D<1B. ;= ?1 7 + =;>0.61<7 + ;=: .>=/ 8<=@;61 E1?0=<1 C.: = <+A=8-I+<1 01?=9; +9;+
?1 98= 96. ?=C.: . D1A=9: +<7 +NC=/1;9;6= 7 + 01@.0+<= <1 6+I. C0=7>=0.9<.>1 =;>0.61B. <=6.E
B+9;.F1 6.@+ <.9- C.: . +>9>: -D.61< >: -C %+: .;+ ?1 A0=<1,+;+ <+>- 9196.8 <=6- 609;-
E1?0=<1' D6=: 2;+ 918= 91B+>17 ;+ 9: +?+I. >0-/ 1 7 +?<=7>=<M +0+<F.7 . = .9;=0.7. M .D.>+
=?0G1<=7- +08.: 1C- 3$! /=?.<+ =: .01> 7 + A0.B1= >1>= 8- 7 + ;+@>= C.: = ?1 A0.E61;.
A=9: +?.F- 96=7 + 9=A9;6+<+ 7 +?<1B.<+ ( D1;= @;= 7 + ;1 A=9: +?.F1 C.: 1 ?1 8=01 A=9;=7 1;. <=61
B+9;.F1 A=D.;0=< >=7 - 7 + 10: <?+09=< 9;610<= . =;>0.= <+>=: .>= /=?.<1 >19<.7 + "=?.<+
3)T ;1>= 01?.>1: <1 01D8.@: 71<7 1 C.: 1 9- A0=;.6<1 ?=C0.8 =C.B17 .81 . A0.E61I+<=8
A=<1@1<7 - - M .D.F. 16. 9+ .DA-C: .>+ .>;=0 17 9>=AM. A=?9+;. .01>1 <1 =>=: <=9; ?1 7 +
7 <@;17< 7 =@ 3)) 9A+>-: .91= = A=9;=7 1<7 - A=D.;.6<=/ +: +>;0=<1 1 .01> 918= =?81E<+
0->=8 R 7 <@;17 < 7 + .81= 90+I+ R "=?.<+ 3* =:M/1</ 1-: . 9+ /0?<= ?6=-8.= A0+
<+/= @;= 7 + A0+?9>1D1= A=9;=7 1<7 + <+-;0.<1 =<1B<= 9+ 2 A0+: =8.=2?1 ;- B+9;.F- A0.E61;.
1:. 918= >1= 81<7 + D:= A=@;= 7 + 7+?.<1 ?0-/1 8=/-I<=9; C.: 1 ?1 9+ =?-9;1<+ =? D1>=<1
= =B-61<7 - +<+0/.7 + : . <+-;0.<= A=9;=7 . .:. =B-61<7 + +<+0/.7 + <+ 61G. 617>=<D+061;.61<
9;16A0+81 =;>0.61<7 - <=6.E B+9;.F1 A=9: + <+>=/60+8+<1 7 + <1A-@;+< 1= @;= A+61 =C
.:
1< R 0+8+<1 9+ 8+<7 17 -R .=<.0 - 8+<7 1<7 - ;+ M .:=D=M .7+ C.= 7 + ;+=0+;.B10 .?+>.
->161 >=7 . 7+ A=B+= C+D D1D=01 ?1 .D8.@: 71 96+ <=6+ . <=6+ B+9;.F+ D1 =C7 1@<7 161<7 +
<=6.E A=7 161N?0-/. 9- A0.E61;.: . =617 ->16.< A0.9;-A
A+?+9+;.8 /=?.<181 . A=B+;>=8 @+D?+9+;.E ;+=0+;.B10. 9- 9.: 1< 01? -: 1/1: . -
>:19.M.>=61<7 + 9;=;.<1 609;1 E1?0=<1 ;01/17 -I. D1 =C019F.81 ( D1 <+>.8 A016.: <.8 .: .
=98.@: 7+<.8 019A=0+?.81 - ;=8 <=6=8 9: =7 - 81;+0.7 +N .9;=60+8+<= 9- <161: 7.61: . <1
>=: +/+ +>9A+0.8+<;1;=0+ ;01G+I. 7 =@ A=?1;1>1 ;+ 9;=;.<+ E1?0=<1 C+E- -DC-?: 7.61
9;610 1: . . /: 16=C=: 71 "?+ 7 + =<1 7 +?<=9;16<=9; D1 >=7 =8 ;01/18= 7 =@ =? 60+8+<1
1: +91 8A+?=>: 1 . +8=>0.;1' + 8=G+@.D.I. <1>01791 ;1>= 6+: .>.8 D==: =@>.8 60;=8
B+9;.F1 =B.<7 1:. 98= 6+I ?1 9+ A0.C=7 1618= ?1 C. C0=7<=6.E B+9;.F1 >=7 + 9+ 8=/-
=;>0.61;. 8=/1= C.;. C+9>=<1B1< : +/.7 + C+D>017 1
=6=8 A=/: 16:7- 6.?+I+8= >1>= 9- 9<=6. +8=>0.;1 =@>=6.I1 . ?0-/.E >=<1B<=
=9;610+<. 9A0.B1I+8= E0=<.>- = -=C: .B161<7 - 9;1<?10?<=/ 8=?+: 1 >=7 . 91?0G. 96+
+:+8+<;10<+ B+9;.F+ A=;0+C<+ D1 .D/01?<7 - 96+ 81;+0.7 + - 19+: 7
+<. A0=@: =7. 91?1@<7 =7
>1= . 96+ 9.: + >=7 + <1 ;+ B+9;.F+ ?+: -7 - A=<+B+8- =617 8=?+:7 + 9: =G+<.7 . =?
+8=>0.;=6=/ - >=8+ 961>1 609;1 81;+0.7 + .81 96=7<+?+: 7.6. 1(;=8 A1 9+ 1(;=8.

192
->:1A17 - 7 +?1< 9 ?0-/.8 DC=/ 96=7 .E >=8A: +8+<;10<.E =C: .>1 9;1<?10?<=8 8=?+: -
B+9;.F+ 81;+0.7 + 9A17 17- 9+ 7+?<1 9 ?0-/=8 A=8=I- ;0. 01D: .B.;+ 9.:+ 1 A0+<=9.=F. ;.E 9.: 1
9- =A+; <+>+ B+9;.F+ 96+ ;+ B+9;.F+ ?+: -7- 7+?<1 <1 ?0-/- - 7 +?<=7D180@+<=7609;.
A:+91 >=7 . 8=G+ C.;. 81;+81;.B>. .9>1D1< 1: . <+ 8=G+ C.;. 6.D-+: <= D18.@: 7+< 1 .A1> -
A=<+B+8- ?0-/=8 9;1<?10?<. 8=?+:?1: +>= 7 +7+?<=9;16<.7 . <+/= @;= 7 + +8=>0.; .>1?1 .
D18.@: 71= + ;0+C1 <18 D19+C<1 609;1 1(;=81 D1 M +;1 9.0 1 D19+C<1 D1 9.0(8+@1<1F
;0+I1 D1 B1@.F+ - <1@.8 >=: +<.81 B+;60;1 D1 D+: +<- 91: 1;- =9;=7 . 918= 7 +?1< 81: . C0=7
1(;=81 016+I. =? <7 .E 01D<+ >=8C.<1F.7 + 8=G+@?=C.;. 96+ +I98= 9+ -A=D<1: . 91 ;0.
;1>6+ +: +8+<;10<+ B+9;.F+ 1 ;= 9- +: +>;0=< 8-=< . <+-;0.<= 9>=0= I+8= -A=D<1;. .
=9;1:+ . 6.?+;. >1>= 9+ ->: 1A17-
6= 7 + A=/: 16:7+ ;0.7
-8M 1 7 +0 - <7 +8- 9;.G+8= ?= >017 1 ?0-81 A0+,+<=/ - ;01/1<7 -
D1 <17 =9<=6<.7 =8 =A+>=8 =? >=7 + 7+ .D/01,+<= 96+ A+?+9+;.8 . @+D?+9+;.8 /=?.<181
<.98= 9+ =9+I1: . ;1>= : +G+0<= A= A.;1<7 - >=<1B<=/ =?/=6101<7 1 <1 +8=>0.;=6-
D1/=<+;>- C=/ /: 16=C=: 7
+ 91 29;= E1?0=<12 B.<.: = 9+ ?1 9- 9: 1C. .D/:+?. ?1 A0+A=D<18=
918= <+>. 81: . C0=7B+9;.F1 >=7 + C. C.:+ +:+8+<;10<+ .D.B10. 9- 8<=/= C=: 7+ <1A0+?=61: .
- =A.9.61<7 - 9.: 1 A0.0=?+ +;.0. 9.: + 98= 7 19<= A0+A=D<161: . /016.;1F.7 -
+:+>;0=81/<+;<- 7 1>- . 9: 1C- "016.;1F.7 1 7+ C.:
1 A=?0-B7 + D1 19;0=M .D.B10+ D1;= @;= 7 +
;1>= <+7 1>1 ?1 - 1>F+: +01;=09>=7: 1C=01;=0.7 . <+ 8=G+@ <.>1>= ?1 7 + -A=;0+C.@ 6=
.D=9;16: 71<7 + <18 9+ >19<.7 + 601;.:
= 2 <1 <1A: 1;-260: = <+D/=?<= : . A0+=9;1: + ;0. 9.:+ 98=
-9A+61: . ?1 9;16.8= A=? >=<;0=: -

B+;0?+9+;.8 /=?.<181 =6=/ 6+>1 >61<;<1 ;+=0.7 1 +: +>;0=81/<+;<+ 9.: + =?<+: 1 7 +

A=C+?- 1? =: 1 .01>1 .D 3)T /=?.<+ -9A+@<= 7 + 9A=7 .= >61<;<- ;+=0.7 - . A=9+C<-
0+: 1;.6<=9; ?17 -I. ;+=0.7 - +: +>;0=<1 +,-;.8 C01> >61<;<+ ;+=0.7 + . +:+>;0=81/<+;.D81
;= 7 +9; +: +>;0=81/<+;<+ 9.: + C.= 7 + C-01< . A-< -A=0<.E A0=C: +81
=0C1 D1 =C7 +?.<7+<7 + =6+ ?6+ ;+=0.7 + C.:1 7 + <+M =081: <= A=D<1;1 >1= 2 01; A0=;.6
C+9>=<1B<=9;.2 N01;=61: . 9- 90+?.<=8 B+;0?+9+;.E /=?.<1 C+9>=<1B<=9; 9 7 +?<+ 9;01<+ 1
91 9-A0=;<+ 9;01<+ <+>. =? <17 C: .9;16.7 .E M.D.B101 1-: . 17 9>=AM 17 D+<C+0/ 1<9 +;+ .
.01> >1= . <+>. <=6. M .D.B10. D6+D?+ - -9A=<- ( .B10? 17 <8+< <1 =0<+: - G-: .71<
6.</+0 -: .1< FEJ.</+0 <1 10610?- 0.8+< 17 9=< 0++81< Q9=< <1 0.<9;=<- .
.<(.;.0= =8=<1/1 .<(.;.0= =8=<1/1 - 1A1<- 6= =?1>: + 9- .D: 1D.:+ ;+
C+9>=<1B<=9;. <17 7+?<=9;16<.7 + 0+B+<= -D8+@ ?1 .D01B-<1@ 60+?<=9; D1 <+>+ =?: .>+
+: +>;0=<1 1 =?/=6=0 A= <=6.8 0+: 1;.6.9;.B>.8 >61<;<.8 ;+=0.7 181 C-?+ C+9>=<1B<=
6+: .>1 60+?<=9; + <+>. 6+: .>. .D<=9 <+/= C+9>=<1B1<
+?1< <1B.< ?1 9+ 6.D-+: <= ?=B101 ;1 81;+81;.B>1 >=: .B.<1 <1D61<1 C+9>=<1B<=9;
7+9;+ =617 D18.9: .@ ->-A1< C0=796.E F+: .E A0.0=?<.E C0=7 161 . ?=?1@ 7 =@7 +?1< 7=@
7+?1< . 7 =@ -6+> 8=G+ 7 =@7 +?1< 0-/. <1B.< >=7 . 7+ .81= 6.@+ .D/: +?1 ?1 9+ A=7 16. -
A0=01B-<.81 ;.E 61<0+?<.E 1: . <+90+I<.E ;+=0+;.B101 C.= 7 + ?1 A=>-@1@ .D01B-<1;.
60+?<=9; 01D: =8>1 - >=8+ 7 + .8+<.: 1F <-: 1 +I.<1 ?G+A<.E 01B-<101 -B;.6= I+ ;+
=C16+9;.;. =C.B<= A=8=I- 6+: .>=/ 9: =61 8=G?1 A=<=6: 7
+<=/ 8<=/= A-;1
?1 9. -01?.=5 -01?.:
1 <+@;= /: -A= <. 01<.7 . >1:>-:1;=0. 91 +: +>;0.B<.8 9>: =A>181 A0=.D6+: .
C. <+>+ <+D/=?<+ D6->+ >1>=M =<.7 - B1</0: 71<71 . @>0.A1<7 1 @;= C. 9+ D160@.: = A018+<=8
/-9;=/ ?.81 +=0+;.B10. 9- 6.?+: . ;+ C+9>=<1B<=9;. >1= D<1> ?1 +: +>;0=81/<+;.D18 .
>61<;<1 ;+=0.7 1 - 96=8+ C01>- 01?+ <+@;= 9196.8 A=/0+@<= ( E17 ?+ ?1 9+ <+ -A-@;18= -
8+;1M =0.B<= 01D81;01<7 + @;1 81?1 C.98= 01?= 961>=8 9: -B17- 17 <8+< 6.</+0 .
=8=<1/1 01?+I. 8+,-9=C<= <+D16.9<= A=9;./: . 9- <+>- 609;- A=C+?+ - A=D<.8
B+;0?+9+;.8 /=?.<181 =6=/ 6+>1 =<1B<= 9- A0+6: 1?1: . <1@- <+8=I ?1 .D01B-<18=
=?: .>+ <1+: +>;0.91<.E B+9;.F1 >1= @;= 7 + +: +>;0=<
+?1< =? /: 16<.E A=?9;.F17 1 >=7 . 7+ =8=/-I.= =617;+=0.7 9>. -9A+E A0.C16: 7+< 7+7 +?<.8
=A.;=8 01?.= /1 7 + <1 =: -8C.7 .7 +?1< =? 8=7 .E <19;16<.>1 .: .9 +8C 4.: :.9 18C
01<.8 A=9: +01;<.8 /=?.<181 +8C 7 + 6+I.<. <19 ?0G1= 6.@+ ;+B17 +6+ 1: . 7+ . 01?.= <1
+: +>;0=81/<+;.D8- < 7 + ;1>=,+ .9A: 1<.01= . .D6+= >=0.9;+I. 01;<- 01?109>- ;+E<=: =/.7 -
>=7 1 7 + -A016= <1 =: -8C.7 . 01D6.7 +<1 7 +?1< D1A1<7 -7-I+ A0+F.D1< =A.; = =?: .>181
.D6+9<.E =?1C01<.E +<+0/+;9>.E <.6=1 - 6=?=<.>=6=8 1;=8- 0+C1: = 7 + ?1 =6. +8C=6.

193
A=?1F. 9;16+ <1 A0=C- <+>+ =? <17 M.<.7.E ?+: =61 <=6+ ;+> .9>=61<+ >61<;<+
+:+>;0=81/<+;<+ ;+=0.7 + 0+9>=B.I- A=7 +?.<=9;. ?=6=: 7
<= 7 + 0+I. ?1 7 + =617=A.; C.= C.;1<
?=A0.<=9 - -DC-?: 7.6=8 01?- <1 9;6101<7 - -A=;0+C: 7.6+ ;+=0.7+ +:+>;0.B<+ 9.:+
<= @;= 9- A=8+<-;. ;+=0+;.B10. ?1: . D=6+ 9+ 2 0+<=081: .D=61<1 >61<;<1
+:+>;0=?.<18.>12 61<;<1 +: +>;0=?.<18.>1 V ( X-1<;-8 +: +F;0=?Q<18.F9 =8=/-I.: 1
7+ ;+=0+;.B10.81 ?1 .D01B-<17 - =9=C.<+ +: +>;0=<1 >1= . <7 +/=6=/ ;+G+/ C01;1 8-=<1 91
;1B<=@I- =? ?+9+; ?+F.81: 1
V 7+ C.:
1 ;+=0.7
1 A=: 7
1 A1 <18 7 + D1;= ?1: 1M .D.B>- 9:.>- >1>= 9+ 9.: 1 A0+<=9. .D8+,-
?6+ B+9;.F+ 81;+0.7 + ( 0+F.8= .D8+,- ?61 +: +>;0=<1 7
-;< 7 + .81= A0=C: +81 91 .?+7 =8
?+:=61<7 1 <1 ?1: 7
.<- 1>96+:;1>=,+ =7 . 7
+ 8+E1<.D18 ;=/ ?+: =61<7 1' +?1< =? ;.E
9;01@<= A18+;<.E ;.A=61 .D1<;.B>=/ ?=C1 <+>. +8=>0.;=6 =0;1> <+9-8<7 .6= =;>0.= 7+
?1 +9+F -;.B+ <1 A: .8- 1 =<?1 9+ 8-B.= A.;1<7 +8 >1>= ;= +9+F ?+7 9;6-7+ >0=D;=: .>.
A01D1< A0=9;=0 V >1G+ ?1 7 + . A=:7+ >61<;.D=61<= ( ;= 7 +9; 919;=7 . 9+ =? >61<;1 7 +?1<
>61<; ?61 >61<;1 . ;1>= ?1: 7+ ( @;= D<1B. =A+; =? B+9;.F1 = 8+,-;.8 <.9- B+9;.F+
81;+0.7+ = 9- B+9;.F+ A=: 7
1 <+ A0+<=9+ 9.: - ;1>= @;= A-;-7 - C0D.<=8 96+;: =9;. .D8+,-
?6+ 81;+0.7 1:<+ B+9;.F+ >=7 + 9;-A17 - - 8+,-?+7 9;6= = 9- B+9;.F+(A0+<=9.=F. 1 <7.E -
V >1G+8= ?1 9- M =;=<. 0-/+ 9.:+ .817 - 96=7 + ?0-/1B.7 + /:19<.>+ =8=I- ;.E B+9;.F1(
/:19<.>1 8. 9+C. ?=B101618= 2 .D/:+?29.:1

0+ <+/= @;= <19;16.8= ;0+C1 ?1 =C7 19<.8 ?1 A=9;=7 + ?61 6.?1 .9A=: 7
161<7 1 B+9;.F1
9;610<. . 6.0;-+: <. ;610<+ B+9;.F+ 8=/- ?1 A0+,- A-; =? ;1B>+ ?= ;1B>+ <+ B-617 -
+<+0/.7 - <+ <1;+0-7 - "17 /+0=6C0=7 1B ?1 9+ =/: 19. =<.8 96=7 .8 A-F>+;1<7 +8 .0;-+: <+
B+9;.F+ >1= @;= A=8+<-E - @+9;=8 A=/: 16:7- <+ A=9;.G- <.@;1 =? ;=/1 +9;.F+(/: 19<.F. (
A0+<=9.;+: 7. 9.:+ ( 8=/- C.;. 9;610<+ 1: . 9+ - ;+=0.7. B+@I+ A=7 16:7-7- >1= 6.0;-+: <+ ;1>= ?1
9+ A=<+>1? ;1 ?61 <1D.61 >=0.9;+ >1= 9.<=<.8. A016= 6.0;-+: <+ B+9;.F+ A0+<=9+ A=0->-
R .: 1 .:1 R =? 7 +?<+ B+9;.F+ ?= ?0-/+ >= ;- <+/?+ - <+A=90+?<=7C: .D.<. A=9;=7 .
.D=C.: 7
+ +<+0/.7 + +: +>;0=< 8=G+ +8.;=61;. .D9+C+ 7 +?1< 9;610<. M =;=< >=7 . I+ .D1D61;. -
"17 /+0=6=8 C0=7 1B- 7 +?1< 9;610<. D6-> R >:.>R .0;-+: <1 B+9;.F1 7 + 7+?1< : =/.B>. 9>: =A
>=7 . A=;.B+ .D;=/1 @;= >61<;<1 ;+=0.7 1 ?=A-@;1 8<=/= @;=@;1 0+81 >61<;<.8 A016.: .81
B+9;.F+ 8=/- C.;. 9;6=0+<+ ;1>= @;= I+ 9+ =?<+>-? A=D17 8.;. +<+0/.7 1 A=;0+C<1 D1 ;=
0171<7 + A=D17 8.F+ =?0+,+<= 7 + 17 D+<C+0/=6.8 A016.: .81 >=7 1 >1G- ?1 A0.D6=?
A=D17 8: 7+<+ +<+0/.7 + . ;0171<7 1 A=D17 8.F+ 8=01 C.;. 6+I. =? : 1<>=6+ >=<9;1<;+ A=?+: 7+<+
91 ?61 A. 1 7 +?<1B.<1 .D/: +?1 =61>= ?+: ;1 ?+: ;1 ; 6+I+ 7 + =? E5 )A 6= D<1B. ?1 @;= 7 +
6.@+ +<+0/.7 + A=D17 8: 7+<= ;= 7 + >01I+ 60+8+ >=7 + B+9;.F1 8=G+ A0=6+9;. A=9;=7 +I. .
-G.617 -I. - 96=7 =7A=D17 8.F.
= =6=8 9E61;1<7 - 9;610. ;1>=D61<. A01D1< A0=9;=0 8=G+ C.;. =>+1< A0+A-< ;.E
16+;.<7 9>.E A0+?8+;1 6.0;-+: <.E M =;=<1 6.0;-+: <.E +: +>;0=<1 . A=D.;0=<1 6.0;-+: <.E
>610>=61 . 1<;.>610>=61 A1 B1> 91 6+0=61;<=I=8 >=7 1 7 + 918 =/ D<1 >=: .>= 81: +<1 .
6.0;-+: <.E : =A;.F1 D1 /=: M. 1<;.:=A;.F1 D1 /=: M ;=8 61>--8- >=7 . 7
+ >1= C1: 9>1 ?6=01<1
A0+A-<1 A: +91B1 @;= 9+ G-9;0= >0+I- =9=C.<+ 9;610<.E B+9;.F1 8=017 - C.;. -<+>=: .>=
A0=8+<7 +<+ 1 90+I- A= D?016. 01D-8 . <1A0+?1> ;+ .D8+<+ 9- 817 -@<+ : . .A1> 8=/-
C.;. .D8+0+<+NB.8 7 + =6= 9E61I+<= A=B+: 1 9- ;1>8.B+<7 1 .D8+,- 96+ ;1B<.7 .E 8+0+<7 1 .
96+ 9;0A: 7.6.7 .E . -A=0<.7 .E ;+=0.7 9>.E .D01B-<161<7 1 =8.9: .;+ <1 A0.8+0 <1 7 +?1< 9;610<.
+: +>;0=< >= <7 +/1 9+ <1A0=9;= D1;= @;= A=9;=7 . 9;1: <= >=8+@1 =C: 1> >01;>=6+B<.E
6.0;-+: <.E M =;=<1 <. 716: 7
17 - 96.81 . 961>=8+ ?1 7 + A0.9-;1< 7 +?1< +: +>;0=< 1: . . -;.B-
<1 <7 +/=6+ =?: .>+ ;= 7 =@ <.7 + 96+ .0;-+:<. M =;=< 8=G+ ?1 9+ 019A1?<+ 60: =
>01;>=;017 <= - A10 +H +( 7 +?1< A=D.;0=< . 7 +?1< +: +>;0=< => 7 + >=8101F ;0+A<-=
=>=8 ;1 ?61 6+I9- 9+ 919;16.: 1 - =A+; .9;. M =;=< >1= @;= 7 + . C.= 1: . B1> . ;=8 96=8
>01;>=6+B<=8 A0+=C01G17 - .D60@+ <+>. -;.F17<1 =?: .>+ <1@+/+: +>;0=<1
A+;=8 A=/: 16: 7
- <1A.91= 918 / 60+?<=9; +: +>;0=<1 .D01B-<1;- ;+=0.7 9>. A= V .
.D8+0+<- - <1?1E<-;.8 =A.;.81 1= @;= 8=G?1 A18;.;+ ;+ ?6+ C0=7 >+ 9- 9+ A=?-?10.: +
- A06.E 7 +?1<1+9; 8+9;1 A=9: + ?+F.81: <+ D1A+;+ +?<1>= -9A+@<1 C.: 1 7 + . / 60+?<=9;
8-=<1 =@;= 7 + 8-=< ;+G. =? +: +>;0=<1 ?17 + 8=/-I<=9; D1 7 =@A=?0=C<.7 + A0=6+0161<7 +
D18.9: . A0+81 >=7 =79- <+>+ B+9;.F+ /: 19<.F.N 7+0 8-=<=6. /: 19<.F. 8=/- .81;. 6.@-

194
+<+0/.7 - . DC=/ ;=/1 9;6101;. 6+I- 2
<+6=:7-2 D =6=/1 A0=.9;.B+ ?1 I+ 6.;0-+:<1 =>=:.<1
-;.F1;. <1 =?:.>+ 8-=<1 7=@71B+ 6+ 7 + ;= 60:
= 1A9;01>;<= 1:. A=?-?10<=9; .D8+,- ;+=0.7
+
. =A.;1 /=;=6= 7+ <+6+0=61;<= ?=C01 @;= A=>1D-7+ >=:.>= 7
+ 8=I<1 ;1 ;+=0.7
1

>= I+8= = A=;60,.61<7 - ;+=0.7 + A=8=I- =A.;1 1? 918 ?=/-01= ?= 96=7 + A06+
9:=C=?<+ /=?.<+ 1 ;= 7 + C.: 1 @>=: 9>1 3O!(3 =;A-;=61= 918 - # - %+<+6-NA10+ D1
;17A-; ?1?=@+ 8. ?6+ D1?-GC.<+ =0?=61 . "-/+<E17 8=61 = 8. 7 + C.:= >1= ?=A-<1 -D
8=7 + A=: 1 A: 1;+ # 7+ C.= ;6=0+6.<1 >=<D=0F.7 -81 ?61<1+9; +60=A9>.E <1F.7 1 >=7 + 9-
9+ -?0-G.: + ?1 .D/01?+ . D17 +?<.B>. >=0.9;+ 9>-A=F+<1 A=9;0=7 +<7 1 A=;0+C<1 D1 M .D.>-
6.9=>.E +<+0/.7 1 9<=61< A0+? >017B+;0?+9+;.E /=?.<1 ?=> 9- 0-@+6.<+ 0-/=/96+;9>=/
01;1 C.: + 7=@;=A: + # 7
+ D<1B.= 9101?<7 - =<.E >=7 . 9- ?=<+?16<= 01;=61: . =9;1= 7 +
-D=0 8+,-<10=?<+ 9101?<7 + - <1-F. - 7 + 8=7 9;10. 9A=<D=0 . A0.7 1;+: 7 &.: C+0;=
+0<10?.<. C.= ?.0+>;=0 .9;01G.61<7 1 ": 16<. 8=701D: =/ D1 =?: 1D1> C.= 7 + ?1 81: = -G.618
- 60=A. ?1 <1-B.8 9>.7 1<7 + . ?1 81: = A0B>18 A= ;=7: 1C=01;=0.7 . >=71 9+ -/<+D?.: 1 <1
@617 F109>=(M 01<F-9>=7 /01<.F. <1?=81> %+<+6+ =>=8 ?61?+9+; /=?.<1 A=9: + ;=/1
A0=6+= 918 ->-A<= B+;.0. /=?.<+ C16+I. 9+ .9;01G.61<7 .81 - =6=7 6+: .B1<9;6+<=7
6.@+7 +D.B<=7 .<9;.;-F.7 . 1>= 9. B+9;= 8=/1= ?1 B-7 +@ M 01<F-9>. +</: +9>. <+81B>. .
.;1: .71<9>. 9: -GC+<. 7 +D.> # (1 C.= 7 + .9>610+<. M =0;01< -8: 1<7+ . A=>1D.61<7 +
A=>0+;.81 0->- ;1>=,+ 7 + -9A+61: = 81= 918 =C.B17?1 =61>= =C7 1@<7 1618 01D: .>-
.D8+,- # (1 . +08.: 1C1 R# 7+ >-: .<109>. 6+: .B1<9;6+< 1 10E.;+>;=<9>.
>1;19;0=M 1: 1< 1 +08.: 1C =C01;<= R <?1 918 -C+?.= =C1 .: 9=<1 ?1 -<17 8. "1C0.7 +:1
=0;+: - "1C0.+: =0;+: :1 : +/+<?10<=/ # (=6=/ @+M 1 >-E.<7 + . 8+<1?G+01 0+9;=01<1
?1 - +08.: 1C- <19;-A. >1= >=<9-: ;1<; # . +08.: 1C 9- 8. ;= ;1>= 6=: .8= ?1
>1G+8= ;1>81F. >=7 . 9101,-7 - . 6=: + ?1 80D+ 7 +?1< ?0-/=/1
# (- 918 -D&.: C+0;=6- A=8=I =0/1<.D=61= 7 +?1< =A.; 2 /8.<-9 )2 60E1 8- 7 +
C.: 1 ?1 .D8+0. 8-=<=6 / B.<.: 1F 91 D1A1<7 -7 -I=8 ;1B<=@I-N D1 ;= 7 + C.: = A=;0+C<=
A0.8+<.;. <+>=: .>= ;0.>=61 +?1< =? ;.E ;0.>=61 8=/-I 7 + D1;= @;= 8-=<. .D: 1D+ .D
A.=<=6=/ 019A1?1<7 1 A=: 10.D=61<.N<1.8+ =/0=8<1 6+I.<1 .81 9A.<=6+ >=7 . A=>1D-7 - -
98+0- <7 .E=6=/ >0+;1<7 1 0-/. =@;0=-81< ;0.> <17 16: 7+< 7 + - 918=8 <1D.6- =A.;1 2 /
8.<-9 )2 .: . 2D1Q 8=.<9 ?+-K2>1>= ;= 01<F-D. >1G- 1 60+?<=9; / 9;=7 . - 6+D. 91 =<.8
81: .8 81/<+;=8 >=7 . >1= ?1 7 + -/01,+< - =?: .>+ 961>+ <1+: +>;0.91<+ B+9;.F+ 91 9A.<=8 (
?1>: + . 8-=<1 . +: +>;0=<1
.01>=61 2 /0-C12;+=0.7 1 A0+?9>1D1: 1 7+ 9+I1;+ 9+ ?1 I+ 60+?<=9; / C.;. ;1B<= )
+,-;.8 V 9+ 01D6.: 1 A1 7 + -9;1<=6: 7+<= ?1 9- =6=7 .01>=6=760+?<=9;. ) A=;0+C<1
817 -@<1 1: . 61G<1 A=?+@161<7 1 1 81: 1 81: +F>1 A=?+@161<7 1 <19;17 - D1;= @;= 8-=<
.:. +: +>;0=< 2 =9+I12>61<;<+ =9F.: 1F.7+ A=: 7
1 =>= 9+C+ 0.9+I18= 9+ ?1 B+9;.F1 >=7 1 .81
+:+>;0.B<. <1C=78=G+ ?1 +8.;-7 + 7 +?1< M =;=< >=7 . I+ 7 =7C.;. /: 19<.> 617M =;=< >1= @;=
98= 6.?+: . 8=G+ 9+ 6.0;-+: <= 019A19;. <1 A10 B+9;.F1 >=7 + 9- 8+,-9=C<= 9-A0=;<=
<1+: +>;0.91<+ ( 918= <1 ;0+< ( 1 =<?1 I+ 9+ ;+ ?6+ 9A=7 .;. - .9;. M
=;=< A0+ <+/= @;= C. .>=
8=/1= .@;1 ?1 A0.8+;. : +>;0=< 7 + .D=: =61< - 96=8+ 61>--8- 1: . /1 .A1> 81: B.F+ A=6-B+
<19;1: . A0=: 1D<. <+9;610<. A=D.;0=< 81: = /1 /-0<+ 6.0;-+: <. +:+>;0=< 81: = /1 D160<-
81/<+;<+ 9.: + >=7 + 9- 2 918= - A0=;0B161<7 -2A=0+? <7 +/1 . . ?0-/. 7 =@M .<.7 . A0=F+9. -
-9>=8+@1<=7B=0C. 6.0;-+: <.E ?=/1,1<7 1 9A1717 - ;17+: +>;0=< 81>10 . <17 9:1C.7 + 91 96.8
<1+: +>;0.91<.8 B+9;.F181 >=7 + A=9;=7 + B.<1> ;=/1 7 +9;+ ?1 <19;-A1 .D6+9<= A0+.<1B+<7 +
+:+>;0=<=6.E =9=C.<1 <+=DC.: 7<=7: .</6.9;.F. ;+=0.7 9>.E M .D.B101 A=9;=7 .2
/=: .2+: +>;0=< 1 ;=
7+ =<17>=7 . 8=G+8= 918= ?1 D18.@: 718= . >=7 . C. C.= .D=: =61< =? 96.E -;.F17 1 A=: 71 >=7 .8
7+9;+ =>0-G+< . A=9;=7 . 2 =C-B+<.2+: +>;0=< >=7 . =9+I1 -;.F17 19+: 7+<+ =>= 9+C+N1 01D: .>1
7+ ->=A1<1 ?-C=>= - =<1 81: 1 81: +@<1 A0+.<1B+<7 1 60+?<=9;. /
A+;=8 A=/: 16:7
- =A.91= 918 +: +>;0=<=6 / B.<.: 1F +=0+;.B10+ 7 + 8-=< D1<.81= 7 =@
6.@+NA=@;= .81 ) A-;1 6+I- 819- 8-=< 8=G+ .D9+C+ ?1 +8.;-7 + 6.0;-+: <+ M =;=<+ >=7 .
9+ A0=;+G- 6.@+ - ?1: 7.<- ?= +/D=;.B<.7 .E A0=F+91 +?1< ;+=0+;.B10 -: =G.= 7 + 8<=/=
/=?.<1 01?1 ?1 C. <17 D1? ?=@1= ?= 9: +?+I+//B.<.=F1 D1 8-=<

/L ) $O3 !

195
 6170+D-: ;1; 91=A@;+< 3!T C.= 7 + 60E-<1F ?-/=/ <.D1 <7 +/=6.E .D01B-<161<7 1 -D
=9: =<1F <1 <=6+ V M=08-: 1F.7
+ ?=C.7 +<+ =? 17 <8+<1 . ?0-/.E =9;=7 .7+?1< 6+: .>. 9>-A
;+08.<1 >=7 . 91C01<. ?17 - =6= $O3 ! 1 >=7 . 9+ DC.0<= <1D.617 - 01?.7 1;.6<+
>=0+>F.7 + +?<=8 <1 =: -8C.7 . 9: -@18= 8. A0+?161<7 + 7 C01E181 +7 D1 = 01?.71;.6<.8
>=0+>F.7 181 >1? -: 1D. ?=810 91 M 01<F-9>.8 >: 7-B+8 - 0-F. +7 D9+ 81: = <1/<+ - 9;01<-
. A.;1 ?=8101 @;1 7 + 91? 1 <+>= .DA-C: .>+ ?=6.><+ R 1 ?=@1= B=6+> ?1 =C16. ;+ >=0+>F.7 +
01?.7 1;=01 R
1>= -A=0+,-7 +8= ;+=0.7 - 91 =A.;=8' =9+;>1 7 + C.: 1 - ;=8+ ?1 .D8+0.8= 918= =<17
.D<=9 A0+>= ) ( ?1>: + 918= 01D: .>- .D8+,- B.9;=/ ) . 9;610<+ 60+?<=9;. >= -8+8= ;=
?1 <18+9;.8= 8+0.8= <+A=90+?<= 01?.7 1;.6<- >=0+>F.7 - ( ?1>: + =<= $O3 ! 1
<+ F+= C0=7/ >=7 . 7+ 8<=/= 6+I. =8.9: .;+ >1>= C. C.: = ?1 8=01;+ 8+0.;. ;+G.<- <+>=/
B=6+>1 >1? .81 . >1? <+81 <=6B.I - ?G+A- ?1 C.9;+ =<?1 =?-D+: . 81<7 . 0+D-:;1; =?
6+I+/ . ;1>= -9;1<=6.: . ;+G.<- <=6B.I1 =: 7+ 7 + ?1 918= .D8+0.;+ ;+G.<- <=6B.I1
0+;A=9;16.8= ?1 7 +?1< 8-=< D10=C.8= ;1>= ?1 8=01 ?1 =0C.;.01 - 7 +?<=8 81/<+;<=8
A=: 7- 178-=< .81 96=7 + <1+: +>;0.91<7 + . DC=/96=/9A.<1 7 +9;+ 7 +?1< 81: . 81/<+;N.81
. 96=7 - / 60+?<=9; >=7 1 A= 1>96+: =6=7;+=0.7 . 8=01 C.;. ;1B<= ) 1 - 9;610<=9;. 7 + <+@;=
81: = .D<1? ) 18= ?1 9+ 01D-8+8= ;178-=< 7 + 81/<+; <1 ?61 D19+C<1 <1B.<1 ( 7 +?1<
7+ -<-;01@<7 . DC=/ 9A.<1 1 ?0-/. 9A=: 71@<7 . DC=/ ;=/1 @;= ;17.9;. 8-=< A-;-7 + >0=D
A0=9;=0 =A.9-7 -I. >0-/=6+ A=? -;.F17 +8 9A=: 7 1@<7 +/ 81/<+;1 ;1 ?61 81/<+;.D81 8-
9+ A=;.0- D8+0.8= 918= =<= @;= A0+=9;17 + 1 A0+=9;17 + - 8-=<=6=7 9A.<9>=7
<181/<+;.91<=9;. =<= 81: = .D<1? ) 1>= 8. -9A+618= <+A=90+?<= ?1 8+0.8= ;= 2 81: =
.D<1?2A1 81>10 . ?1 7 + D1.9;1 60: = 81: =
=B1017 ;+ 9+C. 9: .>- 7 +?<+ 81: + 9;0+: + = 7 + 8-=<=61 =91 9A.<1 +>1 =<1 A-;-7 +
7+?<=8 @.0=>=8 >0-G<=8 A-;1<7 =8 >0=D A0=9;=0 1: . ;1>= ?1 7 + -6+> ;1B<= - A=: =G17 -
;1</+<;+ - =?<=9- <1 ;- 96=7 - >0-G<- =0C.;- +,-;.8 1>= 9+ .9;.<.;1 60+?<=9; /
01D: .>-7 + =? ) 81>10 . 918= 81: = 9;0+: .F1 I+ A0.: .>=8 961>=/ =0C.;.01<7 1 =?9;-A.;. =?
;1</+<F.7 1:<=/ A016F1 D1 8=G?1 <+>. ?+: .I-/1=<=/ 9;+A+<1 =9: + 0+F.8= )O =0C.;1
8=G?1 I+ 9+ 9;0+: .F1 -A+0.;. A016= - 90+?.@;+ >0-/1 >1= A=: -A0+B<.> >= 9+ >0-G+<7 +
<19;16. 9;0+: .F1 I+ <1A-9;.;. ;1796=701?.7 1:<. A=: =G17. =>0+;1I+ 9+ 7 =@ 1 A=9: +
>0-/=61 601;.I+ 9+ - ;1B<= .9;. A=: =G17>1= <1 A=B+;>- @;= D<1B. ?1 I+ ?= ;1?1 <1A016.;.
7+?1< A-< =>0+; ( *$ 9;+A+<. A+; I+ C.;. ;1</+<;1 <1 >0-/ 9=A9;6+<=/1 =0C.;.01<7 1
1E61: 7-7-I. <10-@161<7 - A10<=9;. 8. 8=G+8= ;0.7 -8M 1:<= ?1 =;>0.7 +8= - >=8 A016F-
9;0+: .F1 8-=<=69A.< A=>1D-7 + 1 ;= I+8= . 6.?+;. 7 +0 <1 ;- 9;01<- I+ .D: +;1;. +:+>;0=<.
>1? 9+ 8-=< 019A1?<+ /1= .D8+,- 8-=<=6+ =9+ 9A.<1 . 9160@+<+ ;1</+<;+ D<1B.I+
01D: .>- .D8+,- C0=7 1 ) . 9;610<+ 60+?<=9;. / 1B<= 8+0+<7 + ;+ 01D: .>+ A0+?9;16: 7
1 ;1B<=
8+0+<7 + =<=/.D<1? ) .?.;+' + 6.?.;+' 1 =<?1 6+0-7 ;+
0+?: =G+<. =A.; C.= 7 + 9: =G+< . 18C.F.=D1< 1: . /=?.<+ 3O! C.: =7 +: 1>= ?=6+9;. C: .9;16+
8: 1?+ M .D.B10+ 6=: 7<+ ?1 A=8=/<- 0+?.<=8 3O3 /=?.<+ 601;.= 918 9+ - 1: . 918
A=60+8+<= .A1> =?: 1D.= - 60=A- ?1 6.?.8 >1>= ;17=A.; <1A0+?-7 + =< 7 + A0=@1= >0=D
<+>=: .>= M 1D1 A0. B+8- 7 + 961>1 M 1D1 <1/=6+@;161: 1 9: +?+I- . 96+ 9+ ;= 9;610<= =>=<B1: =
3T! >1? 7 + =C7 16: 7+<1 >=<1B<1 # (=61 / 60+?<=9; D1 8-=< .= 7 + ;= ;0.7-8M=A.;<+
=@;0=-8<=9;. 1: . . -A=0<=9;. =<=/1 @;= +8F. D=6- .;DM :+.9FE :+>;0=<=61 / 60+?<=9;
<1,+<1 7 +7=@;1B<.7 + 1: . <+8=7 8= D1C=016.;. ?1 9- +: +>;0=<. D1-6+> 91 <181 ?=> 8-=<.
=9;17 - - 19+: 7+<. 918= ?61 8.: .=<.;1 ?+: 1 9+>-<?+ +D-: ;1;'

/L ) $O3)* H( !

9;1:1 7
+ ?1>: + 8=/-I<=9; /0+@>+ A: -9 .:. 8.<-9 =918 9;=8.: .=<.;.E ?+: =61 @;=
9196.8 =B./:+?<= 8=G+ ?1 9+ ->: =A. - ;+=0.79>= A0+?6.,1<7 +
6+ =6= ;0+C1 ?1 618 9;16. ?= D<1<7 1 ?1 7 + V 6+: .>1 ;+=0.71 @;= . 7 +9;+ 7 +?1< =?
01D:=/1 ?1 6+0-7+8= ?1 9- 17 <8+< 6.</+0 . =8=<1/1 6+: .>. M
.D.B10. : . - <7 =7=9;17-
<+>. 2?G+A=6.2;17
<. 1 7+?<1 ;1>61 ;17 <1 60+?<1 7 + A1G<7+ . - 6+D. 7 + 91 <1@=8 ;+8=8
;= 9- ;+ C+9>=<1B<=9;. +?<1 =? C+9>=<1B<=9;. C.: 1 7
+ +: +>;0=<=61 8191 06. A=>-@17 .
?1 9+ A= >61<;<=7;+=0.7. A=:7
1 .D01B-<1 >=: .>1 7 + 8191 +:+>;0=<1 D160@.: . 9- 9+ ;1>= ?1 9+
?=C.:1 C+9>=<1B<= 6+: .>1 8191 1= ?1 7 + =G.I 1;1 >1? 7 + A0=.D6=?.= +: +>;0=<+ D1
=61796+; 8=01= D1 961>. =? <7 .E ?1 .D?6=7 . =?0+,+<- >=: .B.<- <1+: +>;0.91<7 1 . ?1 9;+/<+

196
71>= 9;+/<+ ?1 C. ;17+: +>;0.F.;+; 91C.= - 60:= 81: - D1A0+8.<- 1 ;= D<1B. ?1 -: =G.
=/0=81< 01? : =G+<. 01? 8=01= C. 9+ A=>1D1;. >1= =/0=8<1 8191 1: . +:
+>;0=< .81 819-
=? O + 1 ;= D<1B. =>= (* >.: =/0181 ( ?1>: + =< 7+ 9;610<= - : 1>=7>1;+/=0.7 .N
.81 81<7 - 819- <+/= .7 +?<1 ?0-/1 B+9;.F1 D1 >=7 - 9./-0<= D<18= ?1 7 =78191 <.7 + <-: 1
17
<8+< . <7 +/=6+ >=: +/+ A0+?: =G.:
. 9- 9:
+?+I+ >1? /=? 6.?.8= ?1 <18 9+ A0.8.B+
<+>1 ;1>61 -G19<1 C+9>=<1B<=9; ;0+C1 ?1 7 + - 9-@;.<. D1=C.,+8= ;1>= @;= I+8=
-8+9;= <7 + -C1F.;. A=D<1;- 819- +: +>;0=<1 9;610<=8 96+;- D1 =61>16 A=9;-A1> 9+
>1G+ ?1 7 + D1C-@161<7 + .:. .D6:1B+<7+ =? =DC.: 7
<=/ 01?1 96+;- ;+=0.7 + >1G+ 9+
20+<=081:.D1F.712 = 7 +9;+ 7 +?1< 81;+81;.B>. -91/: 1@+< 8+;=? ?1 9+ A=91= -01?.N
-9A+@<1 2M.<;12?1 9+ D1=C.,- ;+ <+-/=?<+ C+9>=<1B<=9;. >=7 + - 7+?<=761: 71<=7;+=0.7 .
<.>1? <+ C. <. 98+: + ?1 9+ A=7 16+ +D C0./+ 9A+:= 7+ . ?1: = 7+ 9-A+0;1B<1
.D01B-<161<7 1 >=71 A=8+<-98= 1>= 9+ A0+>= A0=C: +81 819+ 2 A0+@:=2<1 M .<;- ( 1:. 918
A0=C:+8 <.7 + 0+@+<N=9;1= 7 + <+/?+ - A=D1?.<. >1= ;+8A.01<1 C=8C1 >=7 1 ;.E= >-F>1 .
>=71 B+>1 <1.:1D1> =G.7 + B+9;.F+

+?<1 =? ;17 <. >=7 + 9- /0.F>1: + G.6F+ 1?+0M =0?- . 7 =@ <+>.81 =?<=9.: 1 9+ <1
01?.=1>;.6<=9; 1>= ;= ?1 9+ A=7 +?.<1 7 +D/01 . B+9;.F+ 019A1?<- ;+> ;1>= E=I+@(<+I+@ -
<+>+ ?0-/+ B+9;.F+' .D.B10 >=7 . 7+ =6= A06. 01D7 19<.= 7 +?<=8 7 19<=8 ;+=0.7 =8 C.= 7 +
<0.>= +08. ;0.?+9+;.E /=?.<1
=9;=7 + B.;16+ : +/.7 + A0.B1 = +08.7 +6=7C: .9;16=9;. 1? 7 + A06. A-; - .9;=0.7 . ;+9;.01<1
1;=89>1 C=8C1 >=? : 18=/=0?1 - =6=8 +>9.>- +08. 7 + : +G1= <1 ;: - <+>.E
A+;<1+9; >.: =8+;101 ?1: +>= =? >-: + 91 C=8C=8 .8 7 + C=8C1 =A1: .:1 +08. 7 + -9;1= .
.9A-9;.= <+>=: .>= A10B.I1 E10;.7 + <1 ;: + 1D?-E 7 + C.= 8.01< . E10;.7 .F+ 9- A=: 1>= A1: + <1
D+8: 7- +>=: .>= 9+>-<?. >19<.7 + >0=DD+8: 7- 7 + 9;./1= -?10<. ;1: 19 . A1A.0.I. 9- -D: +;+:. .
A1: . <+>=: .>= F+<;.8+;101 ?1: 7+ +08. 7 + <1 =9<=6- <7 .E=6=/ A=8+01<7 1 .D01B-<1= ;=/
;0+<-;>1 >=: .>1 7 + C.: 1 9<1/1 <->: +10<+ +>9A: =D.7+N <7 +/=61 60+?<=9; A0.C: .G<= 9+
A=?-?10.: 1 91 9: -GC+<=8 60+?<=@I- >=7 17 + .D01B-<1;1 ;+> A=9: + <+>=: .>= ?1<1 :
.7 +?1<
+08.7 +6 A0.7 1;+: 7 ;1: .71< 8.: .= +/0+ 5 8.: .= +/0S5 ->1D1= 7 + <1 ;= ?1 7 + +08. .A1>
C.= : 7-?9>= C.I+ 01B-<. D1 <7 +/=6+ ;0=@>=6+ <1 .>1@>=8 -<.6+0D.;+;- 9- 9;.D1: . . 9;.D1:. 1
+08. ;- 81;+81;.>- <.>1>= <.7 + -9A+61= ?1 9E61;.
1= . 8<=/. M .D.B10. +08. 7 + 6=: += ?1 98.@: 71 81;+81;.B>+ ./0+ : +< =;+<C+0/ : 1<
41;;+<C+0/ A0.B1 ?1 7 + +08. 7 +?1<A-; 0-B1= 91 /0-A=8 M .D.B101 A0.8+;.= ?1 9- A0=D=0.
A0:7 16. . -A-;.= 96.81 .D1D=6 >= 8=G+ .D01B-<1;. >=: .>= ?+C+= 8=01 A=9;1;. 9: =7
A0:7 16@;.<+ A0+ <+/= @;= =;A1?<+ =? 96=7 + 9=A9;6+<+ ;+G.<+' 1;.8 7 + A=81/1=
-B+9<.F.81 ?1 >0=D;- 6+GC- A0=,-N1 8=01: = 9+ >0+<-;. =? ;+8+: 7
<.E >=<9;1<;. A0.0=?+
A0.8+<.;. +: +>;0=81/<+;<1 8+,-?+7 9;61 <17 D1? .D01B-<1;. ?.+: +>;0.B<1 A0.6: 1B+<7 1 DC=/
>=7 .E 9+ .D=: 1F.=<. 9: =7 +6. :+A+ 7 +?<. D1 ?0-/+ - =9 : 18=9- ;=>=8 A0=7 +>;1
2 +<E+;<2 <+>. M .D.B10 7 + 7+?<=/ ?1<1 >=: .81 A0+/1D.= >=7 =;1 +08. 7 + =?81E .D7 16.= ?1
7+ 8=/-I+ .D01B-<1;. ->-A1< C0=7>=7 =;1 - A-9;.<7 . ;1>= @;= I+ 9+ +6.?+<;.01;. 961>=
8+,-?+7 9;6= 1-;=8=C.: (>=7 =; = 7+ >1= >=? 9-?101<7 1 B+9;.F1 0+>1= 7 + =< +>=: .>=
0+;>.E ?=/1,17 1 =8=/-I161 <18 -6.? - C0=7 <=9; F+: + A=A-: 1F.7+
.= 7+ 9;610<= 6+=81 C.9;10 1 96+; 8- 7 + ;= 6+=81 . A0.D<1= .@+ 9;610. 7 + <1D61<=
A= +08.7 - <+/= A= 81 >=8 ?0-/=8 B=6+>- D1 >=/1 7 1 D<18 1 6.?.8= +08.: 1C
=9;=7 ..7 +?1< .<9;.;-; >=7 . 9+ D=6+ 2<0.>= +08.2 1 96+ >610>=6+ . : +A;=<+ D17 +?<= >1G+
9+ ?1 9- M +08.=<. =9;=7 . . M
+08.7 +69>1 9;1;.9;.>1 D1=C.,.;+ 7 + +?.<.F1 ?-G.<+ M +08.
7+?<1>1 7 + ( * F+<;.8+;101 =71 60E-<9>1 M 1<;1D.7 1 7+ ?1 C10 <+@;= C-?+ A= 8+<.
<1D61<= 0+>: .<71= 918 >=: +/- .71 ?1 A0+?9>1G+ <+>- <=6- B+9;.F- >=7 1 C. 9+
D61: 1 >1? 7 +?<=/?1<1 C-?+ =;>0.6+<1 : .=< : . -D1: -? < <+I+ A1 <+I+
:. +08. 7 + ?1= 7 +?1< ?=A0.<=9 >=7 . 7+ .A1> >-?.>18= 61G<.7 . =? <7 +/=6=/ 01?1 <1
=<=8 A06=8 <->: +10<=8 0+1>;=0- .9A=? 9;1?.=<1 D1 01/C. - .>1/- 61G<.7 . B1> . =?
A=8+<-;+ 9;-?.7 + = A0+/1G+<.8 >=7 =;.81 +08. 7 + =A.91= 7 +?<- <=6- A0.0=?<- 9.: -
9:1C- @;= 7 + .A1> D<1;<= 9-@;.<9>.7 + D1 <1@+ A=.81<7 + 19+: 7+<+
17 ?+ ?1 <1A016.8= C0D. A=601;1> ?= +>+0+: 1 . 1?+0M =0?1 0.9+I18= 9+ ?1 7 +
+>+0+:90+I<=8 9: -B17 <=@I- =;>0.= 01?.=1>;.6<=9; /=?.<+ !3$ >1? 7 + 9;16.= .D6+9<-

197
>=: .B.<- -01<1 - : 1?.F- /?+ 7 + ?0G1= M =;=A1A.0 =9: +7 + 6.?+= ?1 8- 7 +M =;=A1A.0 A=F0<+=
A1 7 + A=9: + .D6+9<=/60+8+<1 ?=>=<1= ?1 8- 7 + ;= -01< D01B+I. <+>+ <+6.?: 7.6+ D01>+ .D
9+C+ A=>610.= : .9;=6+ M =;=A1A.01 =9: + =;>0.I1 01?.=1>;.6<=9;. 1?+0M =0? 7 + 01D7 19<.=
A=?+: - <1 1: M1 C+;1 . /181(D01B+<7 + <=/. <1-B<.F. @.0=8 96+;1 -90+?90+?.: . 9- 9+ <1
C+;1(B+9;.F+ >=7 + 9- -C0D= .?+<;.M .>=61<+ C.: . 9- ;= +: +>;0=<.
;>-? =<.' .D.B10. 9- 60: = C0D= 9E61;.: . ?1 9+ ;. +: +>;0=<. +8.;-7 - .D7 +D/01 >1? =<=
9A=<;1<= A0=8+<. 96=7 + 9;1<7 + ;0.?+9+;.8 /=?.<181 .9;01G.61B. 9- D1>: 7-B.: . ?1 9+
7+D/0= 919;=7 . =? A0=;=<1 . <+-;0=<1 1 ?1 01?.=1>;.6<=9; <19;17 + DC=/ <+9;1C.: <=9;.
A0=;=<1 . <+-;0=<1 - <+>.8 7 +D/0.81 196.8 7 + =B./: +?<= ?1 <.9- 961 7 +D/01
01?.=1>;.6<1 B-61<7 + +<+0/.7 + . 9: 1C1 9.: 1 ./017 - 61G<- -: =/- - 2 =?:-B.61<7 -2?1 : . I+ 9+ .
>1? I+ 9+ <+>. A0=;=< .: . <+-;0=< 019A19;. - <+>=8 7 +D/0-
017+8 ?61?+9+;.E /=?.<1 A1G: 7.6= 9- 8+0+<1 01?.=1>;.6<1 7 +D/01 A0+ . A=9: + D8+0.@
819- 7 +D/01 <1 A=B+;>- =<?1 7 + .D8+0.@A=9: + .D: 19>1 C+;1(D01>1 1: . 8+0.@. +<+0/.7 - .
819- +: +>;0=<1 >=7 . .D: 1D+ A18;+I. =<= L 8F) - 7 + ?=@: = ?= 61G<=/ =;>0.I1
60+?<=9; A=9: + <.7 + 9+ A=?-?101: 1 91 =<=8 A0+ +?=9;17 1: 1 7 + .D6+9<1 >=: .B.<1 +<+0/.7 +
0+1>F.7 - -,+ 6.@+ 1 .D.,+ 81<7 + =: M/1</ 1-: . 7+ ?1= A0+?: =/>=7 . 7+ ;1?1 C.= 98+=
<+>. 81: . <+-;01: <. =C7 +>1; =?<=9. ;- +<+0/.7 -
"=?.<+ 3** <0.>= +08. 7 + 96+ ;= : +A= 9>: =A.= 1 +: +>;0=<. ?=: 1D+ .D7 +D/01 1: . <+
A016= 06= 9+ ?=/=?. ;= ?1 9+ 7 +?1< <+-;0=< - 7 +D/0- 019A1?<+ <1 7 +?1< A0=;=< 7 +?1<
+:+>;0=< . 7 +?1< 81: . <+-;01: <. A0+?8+; =<17>=7 . 7+ 1-: . .D8.9: .= =8 81: =8 +08. 7 +
<1?+<-= <1D.6 <+-;0.<= @;= D<1B. =<17 <+-;01: <. 81: . 1 =6- 0+1>F.7 - - 7 +D/0-
=?/=6=0<1 7 + 7 +?<1 9.: 1 0+>1= 7 + +08. . <1D61= 7 - 7 + 9: 1C1 9.: 1 <1 7 + ?1: +>= 9: 1C.7 1
=? 7 1>+ <->: +10<+ 9.: + . =? +: +>;0=81/<+;.D81 1 A0.8+0 A0. <.9>.8 +<+0/.7 181 9: 1C1
9.:17 + E.:71?- A-;1 9: 1C.7 1 =? +: +>;0=81/<+;<+
=@;= <+-;0.<= <+81 <.>1>6= <1+: +>;0.91<7 + . 81: ;+<+ <.>1>6- 819- <7 +/1 -
;0.?+9+;.8 /=?.<181 <.7 + C.: = 8=/-I+ <+A=90+?<= =;>0.;.N?1<19 7 + 8=/-I+ 1: . 918= -D
6+=81 6+: .>. <1A=0 1>= 7 + A=9;=7 1<7 + <+-;0.<1 =A.;<= ?=>1D1<= ;+> - A+?+9+;.8
/=?.<181 6+I.<1 M .D.B101 981;01: 17 + ?1 <+-;0.<= 8=01 A=9;=7 1;. ?1 C. ><7 ./=6=?9;6= C.: =
.9A016<= ?1<1@<7 .8 +/D=;.B<.7 .8 0+1>F.7 181 - 1>F+: +01;=0.81 /?+ 9+ A=7 16: 7 -7 -
>610>=6. . ?0-/+ 9;610. >=7 + 9- 2 <+ C1@ <=081: <+2 1>= A0.8+;.8= ?1 <18 <+/?+
<+?=9;17 + +<+0/.7 1 =?81E A0+;A=9;16.8= ?1 7 + =<1 .D: +;+: 1 .D9-?101 - =C: .>- <+-;0.<1
>=7 + ?1C=8+ <.98= 8=/: . ?1 =;>0.7 +8= 179A0+;<. 81: . C+/-<1F >1= ?1 7 + =9;16.=
96=7 + <+6.?: 7 .6+ A=;A.9+ 96-?1 A= F+: =8 >=98=9-
+/= ?1 9+ 601;.8= 9: 1C=79.: . 17019A1? >=7 .7 + +08. =A.91= ( <+-;0=< 9+ A0+;6=0. -
A0=;=< +: +>;0=< . <+-;0.<= 1: . ;= 7 + D1A016= 1<;.<+-;0.<= 0-;.<9>1 7 + 9;610 >=?
9:=C=?<.E <+-;0=<1 B+9;= .8 9+ ?+@161 +,-;.8 >1? 7 + <+-;0=< D10=C: 7+< - 7 +D/0- ;17
019A1? 9+ 8=G+ ?=/=?.;. 918= A=? A=9+C<.8 =>=: <=9;.81 19-A0=; ;=8+ A0=;=< >1=
9:=C=?<1 B+9;.F1 -=A@;+ <+ 8=G+ ?1 9+ 019A1?<+ C10 >=: .>= 7 + <181 A=D<1;= 1: . D1;=
A0=;=< 9A-;1< - 7 +D/0- 8=G+ ?1 9+ 019A1?<+ <1 7 +?1< <+-;0=< 7 +?1< A=D.;0=< . 7 +?1<
<+-;0.<= 1D: =/ @;= 9: =C=?<. <+-;0=< 8=G+ ?1 9+ 019A1?<+ . ;= 9: 1C.8 019A1?=8 7 +9;+
7+?<=9;16<= =B-61<7 + +<+0/.7 + +-;0=< 7 + ;+G. =? A0=;=<1 A1 >1? 9+ 9: =C=?<. <+-;0=<
A0+;6=0. - A0=;=< =9;1<+ ?=6=: 7<= +<+0/.7 + - =C: .>- 6.@>1 819+ 8.0=61<7 1 ?1 C-?-
9;6=0+<. 7 +?1< +: +>;0=< . 7 =@7 +?1< <+-;0.<= . ?1 ;1 ?61 C-?- A=9: 1;1 <1 A-; 91 <+@;=
81: = +<+0/.7 + :=C=?<. A0=;=< <+81 ?=6=: 7<= 819+ D1 ;1>= <+@;= +,-;.8 - 7 +D/0-
A0.9-9;6= 96.E =<.E ?0-/.E 8=81>1 ?+: =;6=0<= 8+<7 1 819- 9A-;1<+ B+9;.F+ >= A0=;=<. .
<+-;0=<. >=7 . 9- 9+ D1;+>: . -<-;01 8=/- 019A1?17 -I. 9+ ?1 A=6+I17 - 9;1C.: <=9; 1 981<7 +
819- 7 +D/01 - >=8+ 9+ <1: 1D+ =<. ;= . -B.<+ +,-;.8 1>= 7 +7 +D/0= 6+I- 96=8+ 9;1<7 -
<17 <.G+ +<+0/.7 + =<= 7 + 9;1C.: <= A1 9+ <+ ?+@161 <.@;1 =>1D1: = 9+ ?1 =<= @;= <16=?.
96+ E1?0=<+ ( 1 ;= D<1B. A0=;=<+ <+-;0=<+ . 9;=;.<+ <7 .E=6.E 0=,1>1 ( <1 019A1?1<7 +
7+9;+ C1@9: 1C1 9.: 1N.D/: +?1 ?1 A=9;=7 . 918= 7 +?1< 7 +?.<. .D-D+;1> =? =6=/A016.: 1 1 ;= 7 +
9:=C=?<. A0=;=<
+=0.71 9: 1C+ 9.: + A=9;-A<= 7 + -=A@;161<1 A1 9+ - 9;1: <=8 9-=B+<7 - 91 <=6.8
A=?1F.81 01D6.: 1 - >61<;<- ;+=0.7 - A=: 71 9:1C+ 9.: + +?<1 <=61 609;1 ;+=0+;.B101 >=7 . 9-
9+ -/: 16<=8 A=7 16: 7
.61: . <1 18+0.B>.8 -<.6+0D.;+;.81 A=8=/: 17 + ?1 9+ ;1 ;+=0.7 1 -=C: .B.
;= 9- 17 <8+< "+: ( 1< . 1</ 6.</+0 =C+0; 10@1> =C+0; 109E1> . ?0-/.
8<=/.8 <=I.81 9A=A1?1 8+ -6+> .9;1 8=01 96. ;+=0+;.B10. >=7 + <.918 A=8+<-= ?=: 1D+
- 7 +?<= A0+?/01,+ +E+01<1 . ;18= ?0G+ 919;1<1> <1 >=8+ ?=<+9- =?: ->- ?1 A=<-?+

198
>1= <1/01?- E.;1< A0.9;-A - 17 +=0.7
+ =<=8+ >= =?81E . A=;A-<= 0+<=081:
.D-7
+
+?+08+<1

" ) )

:7 -B<1 =?: .>1 9:1C+ 9.: + 7 +9;+ <10-@161<7 + A10<=9;. 6+ ?0-/+ 9.: + A=@;-7 - 9.8+;0.7 -N
@=>.01: . 98= 9+ >1? 98= ?=D<1: . ?1 7 +?<1 9.: 1 ;= .A1> <+ B.<. : . A=>1D1<= 7 + ?1 9+ <+
A=@;-7 + 7=@7 +?<1 ?-C=>1 9.8+;0.7 1 =<1 .D8+,- 96+;1 . 1<;.96+;1 6= 7 + -9;1<=6: 7+<= -
.9;.8 =<.8 =A.;.81 >=7 . 9- ->1D1: . . <1 <10-@161<7 + A10<=9;. 9>01I+<= (<10-@161<7 +
1 =6- ?0-/- 9.8+;0.7 - >1G+ 9+ ?1 7 + #(9.8+;0.7 1 @;= 7 + 9>01I+<= =? ?6+ +</: +9>+ 0+B. (
FE10/+ F=<7 -/1;.=< 2 9A17 1<7 + <1+: +>;0.91<7 12 =6= #(<10-@161<7 + ?+@161: = 9+ 7+?.<= 91
9:1C=8 9.: =8 0+ <+/= @;= 7 + -;60,+<= #(<10-@161<7 + 8.9: .:= 9+ ?1 C. 9+ 96+; 91D?1< =?
1<;.81;+0.7 + 8=01= A=<1@1;. A= .9;.8 D1>=<.81 M .D.>+ >1= =617<=081: <. 9;10. ?=C0.
81;+0.7 1:<. 96+; + 0+>: . 9- A=?1F. : 1C1 9.: 1 <+ A=@;-7 + ;- 9.8+;0.7 -
;1 9- ;+=0+;.B10. 8=/: . 91? ?1 -01?+' =6->: . 9- 9+ <1 0+D+06<+ A=: =G17 + <1 7 +?<-
<=6- 9.8+;0.7 - >=7 =79- ?1: . <1D.6 # (9.8+;0.7 1 <1 >1G+ ?1 9- ?61 M .D.B>1 9.9;+81 -
9-@;.<. .9;=6+;<1 1>= 7 + 7 +?1< - 6+D. 91 ?0-/.8 <1 ;17<1B.< @;= 9- 96. <7 +/=6. A0+?8+;.
=?01G+<. - =/: +?1: - 1 .9;=60+8+<= 96+ B+9;.F+ A0+;6=0+<+ - 96=7 + 1<;.B+9;.F+ #
61 # (9.8+;0.7 1 0+>: . 9- ;+=0+;.B10. 8<=/= 7 + ?-C: 7
1 0.0=?1 ?=?-@+ >0@. A=9+C<= # 1
A=9+C<= 9.8+;0.7 - 1: . =C7 +?.<7 +<1 # 9.8+;0.7 1 =?C01<.;. 9+ 8=01 01<.: 1 9+ C01F= 96+
?= 3$P /=?.<+ >1? 9- +: .B 1: .;FE . G+7 89 0=<.< 18+9 #0=<.< ?6=7 .F1
+>9A+0.8+<;1;=01 91 0.<9;=<1 >=7 . 9- A0=-B161: . <+-;01: <+ >1=<+ ;- B+9;.F- =;>0.: 1 7 +
8=7 1 /0-A1 - =A.;.81 - 0->E+7 6+<- =? 3O$ ?= 3O! /=?.<+ A0.>-A.: . 7 19<+ .
<+=9A=0<+ A=?1;>+ ?1 <. # 9.8+;0.7 1 .A1> <.7 + 9160@+<1
.7 + 9160@+<1' +=0+;.B10. 9- A=>-<7 .:. <=9+6+ . ?-0.: . 9+ 1: . -8+;<.> - 96.81 <181 9+
01?=61= 8+;<.F. . 10E.;+>;+ 6=: + 81: = ?1 <19 D16.;: 1617 - -8+;<.B>.8 9: .>181 .
10E.;+>;=<9>.8 9;0->;-0181 >=7 + 9- D181: = 1: . .A1> <+ 9196.8 9.8+;0.B<+ =C10 A0.8+0
9- 19.8+;0.B<. ;=0<7 +6. <1 .<1B+ 9.8+;0.B<=7>1;+?01: . - 10;0- +79;6= # (<10-@161<7 1
C.:= 7 + 81: +<= ( 918= A= <+>=: .>= ?=/1,17 1 <1 961>.E E.: 71?- ( 1: . 719<= A0.9-;<= .
;+=0+;.B10. 9- ;.8+ C1B+<. <1;01/<1 A=: 1D<. >61?01; <7 .E=6+ 2 ;1C: + D1 ./0-2
=8.<7 +8 # (<10-@161<7 + .D;0. 01D: =/1 06= =<= 7 + A=9;1: = ?=C10 A0.8+0 D1 <+@;=
@;= 7 + >19<.7 + - <+>.8 ?0-/.8 9.: 181 A0.D<1;= >1= 2 81: B.F+ 9: =8: 7+<1 9.8+;0.7 12 >=
6+0-7 +8= - -<-;01@<7 - 9.8+;0.B<=9; A0.0=?+ ( ;= 7 +9; 1>= 98= -C+,+<. ?1 =<1 A=9;=7 . (
=<?1 8=01 C.;. ?1 <+@;= <+>. M .D.B>. 1/+<9 A0=?.0+ - ?=/1,17 + . 0-@. 9.8+;0.7 - = C. C.: =
<+@;= 60: = 90=?<= =<.8 A=7 16181 <1 >=7 + ?+: -7+ <1B. 9.8+;0.7 1 1>= 7 + ;1>= <.7 +
2-<.@;+<12 <+/= 7 + 918= A0.>0.6+<1 <+@;= 9+ -8+@1: = A1 9+ 9;+>1= A0.6.?
<+9.8+;0.B<=9;. =G.7 1 B+9;.F1 7 + 7 +?1< ;1>16A0.>0.61B 9.8+;0.7 + 1 ;= I+8= 9+ 601;.;. -
=98=8 A=/: 16: 7
- 0-/. 01D: =/ @;= A=8.<7 +8 # (<10-@161<7 + 7 +9;+ ;17 @;= 91?1 -
?+6+?+9+;.8 /=?.<181 7 +?<1 =? <1@.E <17 E.;<.7 .E A=;0+C1 ?1 C.98= 01D7 19<.: . A0=C: +8+ -
9;1<?10?<=8 8=?+: -7 +9;+ -A016= ;1 ?1 9E61;.8= # (9.;-1F.7 -
0+I. 01D: =/ >=7 . 7 + -7 +?<= . <16+= @6+?9>- >1?+8.7 - <1->1 ?1 .9A=: 7 . ?-G<=
A=@;=61<7 + A0+81 .B- . 0=<.<- 7 +9;+ ;17@;= 7 + <7 .E=6= # (<10-@161<7 + A0.8+<7 +<= <1
>=98=: =@>+ 8=?+: + 01D6=7 1 19+: 7+<+ 01D7 19<.: = D1/=<+;>- >=7 1 7 + >1= >-/1 8-B.: 1
19;0=M .D.B10+ A+?+9+; /=?.<1 = 3OT /=?.<+ 6+: .>. C0=7=A.;1 A=>1D.61= 7 + ?1 A=9;=7 .
9160@+<1 9.8+;0.7 1 .D8+,- 81;+0.7 + . 1<;.81;+0.7 + 1 1>= 9- 81;+0.7 1 . 1<;.81;+0.7 1
;=:.>= 9.8+;0.B<+ =<?1 D1@;= <1 <1@=7 A: 1<+;. - <1@+8 -<B+6=8 9.9;+8- <1@=7
"1: 1>9.7 . A1 B1> A0+81 <+>.8 ?=>1D.81 . - 96.8 ?0-/.8 /1: 1>9.7 181 ( 1<;.81;+0.7 +
-=A@;+ <+81' >1>= 7 +?1< =A.; .D6+?+< 3$O <1 =</ 7 :+<?- 8=G+ =C7 19<.;. 96+ ;='
=?+: . 9- <1/=6+@;161: . ?1 9+ A=9: + +: .>=/ A019>1 >=98=9 8=01= E: 1?.;. . ?1 7 + ;=8
A0.:.>=8 8=01: = ?=I. ?= A=;.01<7 1 96+ 81;+0.7 + . 96+ 1<;.81;+0.7 + A=9: + B+/1 C. >=98=9
C.= .9A-<7 +< - 9-@;.<. 918= B.9;.8 D01B+<7 +8N1 =<= 7 + - >=<1B<=8 01D81;01<7 - ;=: .>=
E:1?<= ;=: .>= 8- 7 + <.9>1 +<+0/.7 1 ?1 <+ C. 8=/: = 9;6=0.;. 81;+0.7 - : . 81;+0.7 1 ( A1 ;=
98= 8. ;>-? ;= ?1 98= 8. =6?+' A.; .B1 . 0=<.<1 A=<-?.= 7 + =C7 1@<7 +<7+ 7 +?1<
8=/-I. .D: 1D 1 9.8+;0.7 1 <.7 + C.: 1 9160@+<1 .:
= 7 + 81: = 81: B.F+ 6.@+ 81;+0.7 + <+/=
1<;.81;+0.7 + 1 961>.E 8.: .=<1 A10=61 >610>(1<;.>610> A=7 16.= 9+ . A= 7 +?1< 6.@1>
>610>1 = 7 + .9E=? 918= 81: +<=/ <10-@161<7 1 # (9.8+;0.7 +N . ;= 7 + 7 +?.<. 01D: =/ @;=

199
-=A@;+ A=9;=7. 961 =61 81;+0.71 >=7- 6.?.8= ?1<19 ->:
7-B-7
-I. . <19 918+ 61:
1
0=<.<+ E61:1 /=9A=?.<+ .B . 9;+ 97
17<. 8=8F.

+:.>. ?+= A=?0=C<.E .<M =081F.7 1 = 9:1C=79.: . ?1:. 9- <18 <+-;0.<9>. 9<=A=6. 1 - ;=8+
9+ >0.7 + 7 +?<1 ?0-/1 A0.B1 1-: .7+61 E.A=;+D1 .D 3* /=?.<+ ( ?1 A=9;=7 . 7+?<1 81: 1
<+-;01: <1 B+9;.F1 >=7 1 =9+I1 918= 9: 1C- 9.: - <.7 +?<- ?0-/- ( A0=6+0+<1 7 + <1 8<=/=
<1B.<1 =? ;0.?+9+;.E ?= @+D?+9+;.E /=?.<1 1B<1 8+0+<7 1 96+ 6+I+/C0=7 1 9: 1C=019A1?<.E
7+D/101 . B+9;.F1 A=?0G161: 1 9- E.A=;+D- ?1 .D 0+1>F.7 + C+G. <+@;= 81: +<= . <+-;01: <= .
=?<=9. ?+= +<+0/.7 + . .8A-: 91 1@D/=?1< <1B.< ?1 9+ 019;-81B+ 019A1?<+ 0+1>F.7 + 1: .
8=G+8= : . C->61: <= ?1 =;>0.7 +8= <+-;0.<='
= <.7 + C.= : 1> D1?1;1> +-;0.<= A0=,+ A: =6+I. 6+9+: = >0=D<17 ;60,. =>: =A =? 81;+0.7 +
=>:=A <+A=7 18<= ?+C+= . <.@;1 8- <.7 + 6= <+-;0.<= 8=G+ D1;= @;= <+ 9: -@1 <.7 +?<- 9.: -
=9.8 9: 1C+ 1 ;= D<1B. ?1 7 + 6+0=61;<=I1 9-?101 981<7 +<1 =/0=8<= D01B-<1;= 7 + ?1 1>=
G+:.8= =C+DC+?.;. ?1 9+ <+-;0.<= C10+8 7 +?1<A-; 9-?10. 91 <+B.8 8=018= <1 A-; ?1 8-
.9A0+B.8= =: =6<- 8+;- >=7 1 I+ C.;. ?+C+: 1 7
+?<- 96+;: =9<- /=?.<- ;= C. C.= 81: = 9>-A
=A.; +,-;.8 1>= -A=;0+C.8= 6+=81 6+: .>. C0=7 <+-;0.<1 =<?1 7 + ?+C: 7.<1 8+;+
A=;0+C<1 ?1 C. 9+ 6.?+= C10 7 +?1< 9-?10 D1 ;=: .>= A-;1 81<7 1 0+?.<=8 A+?+9+;.E
/=?.<1 >=0.9;.: . 98= <->: +10<+ 0+1>;=0+ >1= 9<1G<+ .D6=0+ <+-;0.<1 1 D1@;= . <+ C.98=
- 0+1>;=0- 7 + ;=: .>= 01?.=1>;.6<=9;. +;1 7 + C.: = =/0=8<= C-0+ A-<= >1?8.7 -8(
?.E:=0.?1 @;= 7 + D<1;<= 7 +M ;.<.7+ <+/= 96+;: =9<1 /=?.<1 =: =61 =@;= .D0+1>;=01 >-: 71 ;1>=
=/0=8<1 >=: .B.<1 <+-;0.<1 D1A016= 1<;.<+-;0.<1N- 0+1>;=0.81 <19;17 - -/: 16<=8 =<.
C.:= 7 + <+.DC+G<= ?1 <+>. <+-;0.<= B61><+ A= <+>=8 A0=;=<- <16=?+I. /1 <1 C+;1(
019A1?NA0. ;=8+ 9+ 8=017 - =9: =C=?.;. 7 +?1< A=D.;0=< . 7 +?1< <+-;0=< =D.;0=< I+ : -<7 1;.
=>=: = -9>=0= I+ <1C191;. <1 <+>. +: +>;0=< 91 <7 .8 9+ 1<.E.: .01;. 1 ;= I+ D<1B.;.
A0=.D6=?<7 - ?61 M =;=<1 >=7 . I+ A=: +;+;. <1 ?6+ 9;01<+ 61 ?61 M =;=<1 A=: +;+ <1A=: 7+ -
;+B<=9; D1 2 E+8.7 9>= B.@I+<7 +2 >=7 1 D196+;: -F1 >1? 7 + A=/=?. <+>. M =;=< >= 8. ?1>: +
=;>0.7+8= ?1 7 + <19;1= 7 +?1< <+-;0=< . 7 +?1< A10 M =;=<1 ;= I+ C.;. =A.;<. ?=>1D ?1 7 +
-:+;+= <+-;0.<= 6= 7+ A06. A-; A=9;./<-;= <+>.E ;0.?+9+; A+; /=?.<1 A=9: + 1-: .7
+6=/
A0+?6.,1<7 1 ?1 ;= 81: = 9;6=0+<7 + 8=01 A=9;=7 1;.
"=?.<+ 3O3 A=B+: 1 7 + ?1 <19 A0.;.9>1 7 +?<1 ?0-/1 >0.D1 1A016= ;= 9- C.: + ?6+
>0.D+ 0+?.@;+ =: -7 + C.:=7 + <1 <.6+0D.;+;- =: -8C.7 1 1: . 7
+ 01D-8+61<7 + . -B+@I+ 9;.D1: =
.DF+: =/@.0=>=/96+;1 6+ A=?1;>+ >=7 + 98= ?=;1? ?=C.7 1:
. = 9:1C=79.: . ?=C.7 1:. 98= ;1>=
@;= 9- B+9;.F+ ;=>=8 96=/ A0.0=?<=/ 019A1?1<7 1 C.:+ :7 -C1D<+ A1 9- .E ?161: + .@;1
B+9;.F1 <+ 6=: . ;1>= >1= ;= ?1 ?U96+ =? 9+C+ - >=0.9; A0=96+;: 7
+<7 1 <19 M .D.B101 1? /=?
98= E;+: . ?1 A0=-B1618= 9: 1C- 9.: - <1A0=9;= 98= /: +?1: . B+9;.F+ >1= @;= 9- <+-;0=< .
A.=< >1>= 9+ 019A1?17 - . A0+;61017 - - ?0-/+ B+9;.F+ =;0+C<- +<+0/.7 - ?161: + 9- 819+
8.0=61<7 1 <17 B+@I+ =? <+>=: .>= A1 ?= + 019A1?17 -I.E B+9;.F1 1> 9- . 9: =C=?<.
<+-;0.<. >=7 . 9- .D: +I-I. .D 0+1>;=01 <->: +10<+ F+<;01: + <1: +;1:. <+/?+ <1 9: 1C- 9.: -
?161: . 918= A= <+>=: .>= + 1? 98= ;+=0.7 - 9: 1C+ 9.: + A0.: 1/=?.: . 0+D-: ;1;.81
+>9A+0.8+<1;1 = >0@+<7 - A10<=9;. ?=C.: . 98= 9;610<= +: +/1<;<- ?.6<- ;+=0.7 - - >=7 - 9-
9+ ->: 1A1: . 96. 019A=: =G.6. A=?1F. ?=C.7 +<. 8.: .710?181 . 8.: .7
10?181 019A1?1 7 +D/101 >1=
. 019A1?1<7 +8 <+C0=7 +<.E A.=<1 8-=<1 : 18C?1 1 6+0=61;<= 81?1 7 + ;= ;+@>=
?=>1D1;. . 019A1?1<7 +8 F.6.: .D1F.7+ 1A1?1

061 >0.D1 A0=.9;+>:17 + .D81;+81;.>+ 9: 1C+ 9.:

+ 7
+?<1B.<181 9+ A=7 16:7-7
+ +<+0/.7 1
A0. >=7=77+ ;1 9.:1 8+0+<1 D16.9<=9;. =? A=?1;1>1 - 7+?<1B.<- I-@<+@+<+0/.7 - 819+
8.0=61<7 1 B+9;.F+ >=7 1 ;. 9+ 019A1?1 ( E17 ?+ <+>1 7+ ;= $O + .: . *T) + .: . ;1>=
<+@;= ( . .D 7 +?<1B.<+ .D.,+ ;1B1< =?/=6=0 <?1 81: = A+;:71@ B:
1<=6.81 7 +?<1B.<+N
A=6-F. A=;+/<. . A=9: + <+>=/ 60+8+<1 .D6-B+@ .D .9;+ ;+ 7 +?<1B.<+ A0+?6.,1<7 + >=: .>=
8=01 ;017 1;. G.6=; ;+ B+9;.F+ >1>16 8=01 C.;. 019A1? >=7 . I+ C.;. 9A+>;10 ?=C.7+<.E
+:+>;0=<1N96+ 9- ;= 9;610. >=7 + 9+ 8=/- A0=6+0.;. =A.;=8 0=6+0.@. A=>1G+ 9+ ?1 7 + 96+

200
;1B<= :. 1>= I-@<+@- ;- 7 +?<1B.<- <+>- 6+I- +<+0/.7 - 0+F.8= "+ 9;= 8.: .7
10?.
+:+>;0=<(6=: ;. 96+ 9+ <1/: = A=>610. +?<1B.<1 ;. <1A0=9;= +>9A: =?.01 - : .F+ G10/=<-
M.D.>+ >1G+ 9+ ?1 7 + =6= 2>0.D1 7+?.<9;6+<=9;.2
6= /?+ 7 + <+?=-8.F1 .:1 <18 7 + ?=C01 7 +?<1B.<1 1: . 7
+ 91?0G1: 1 - 9+C. <+>-
A1;=: =/.7- <1 6.9=>=7+<+0/.7 . 1 81: .8 C0=7 +6.81 8=G+ 91 6+: .>.8 <.>1>= .98=
?1>: + <1@: . >=<1B<- .9;.<- <+/= 918= .9;.<- >=7 1 61G. ?=> 9+ =9;17 + - 6.: 17+;- <.9>.E
+<+0/.7 1 <1B. 8=01 A=9;=7 1;. <+>1 ?0-/1 M .D.>1 >=7 1 I+ A0+.<1B.;. =61>6+ 7 +?<1B.<+ <1
6.9=>=7+<+0/.7 .
0-/1 >0.D1 <19;1: 1 7+ DC=/ 7 +?<+ 0+1>F.7 + >=7 - <.98= =A1D.: . =G+ 9+ .D01B-<1;.
>=: .>= B+9;= C. 9+ 8-=< 8=01= 019A19;. - 7 +?1< +: +>;0=< . 7+?1< M=;=< 1@1 ;+=0.7 1 9: 1C.E
A0=F+91 >1G+ ?1 8-=< ;0+C1 . ;1>= ?1 9+ 019A1?1 01/1: . 98= . ;01/1: . D1 ;=8 0+1>F.7 =8
C.= 7 + ;= =8.: 7+<. =A.; <1 81@.<. +6.9 +>=: .>= <=6.E ?=>;=01 M .D.>+ A0=6+?=@+ C=/D<1
>=: .>= 91;. ;0=@+I. -D1: -?<= D01> .D81@.<+ 1: . <+ <1: 1D+I. A=8+<-;- 0+1>F.7 - 10+7"+: (
1< >=7 . 7+ 981;01< D1 /: 16<=/ 8-?01F1 - 6+D. 91 ;1>= ;17 1<9;6+<.8 9;610.81 B+9;= 7 +
<16=,+< >1= 1-;=0 ;1>=D61<=/ 2 ;=;1:.;10<=/ A016.: 1 - M .D.F.2>=7+ /: 19. R 6+ @;= <.7 +
D1C01<7 +<= =C16+D<= 7 + R >= <1@. D1>=<. <+ D1C01<7 -7
- <+>. ?=/1,17 =<?1 =< <+ 918=
@;= 9+ 8=G+ <+/= 9+ . 8=01 ?=/=?.;. =@;= 019A1? 8-=<1 <1 +: +>;0=< . M =;=< <.7 +
D1C01<7 +< >1>= 7 + 8=/-I+ ?1 /1 <+ -9A+618= =A1D.;.' 10 <+@;= .A1> D1C01<7 -7 + ;17
8-(+(/181 019A1?' 6= 2 /18128=G+@B.;1;. . 2 M=;=<2
C+ ;+ >0.D+ C.: + 9- -DC-?: 7.6+ C+ 9- <-?.: + 8=/-I<=9; ?1 9;6=0.8= <+>- <=6-
M.D.>- +=0.7 9>.E 9A+>-: 1F.71 C.:= 7 + - .D=C.:7- 1: . +>9A+0.8+<;1;=0. 9- >.A+: . =? C+91 ;1
?1 9+ 01?.' . +>9A+0.8+<;1;=0. 8=018= <+@;= ?1 8+0.8= D1>-F1618= ;+9;+0.@+8=
;-0A.7 18= .: . C10 ?1 9: 1G+8= =: =6<+ =A+>+ ( 8=01 9+ 01?.;. <+@;= 1 +;= 01?.: . 98=
<+@;=

+:6.< 610F +:6.< FEJ10;D ?=F+<; <1 =: -8C.7 . 9: -@1= 7 + . 919: -@1= A=?0=C1<
.D6+@;17 = =6.8 <+6=: 7181 <=6+8C01 3O3 /=?.<+ "=6=0<.> 7 + C.= ;+=0+;.B10 91
=:-8C.7 + . <?1 7 + 610F ?=@1= <1 96=7 - D18.91= 1@;= <+ C.98=
9;6=0.:. 7
+?1< D01> <+-;0.<1 <1 ;17<1B.< @;= C.98= ?=A-9;.: . ?1 D01> A.=<1 6.9=>+ +<+0/.7 +
A:=6. >0=D A01D1< A0=9;=0 ;=: .>= ?-/= ?1 9+ <+>. ?+= 0+F.8= ?+9+; =?9;= ;.E A.=<1
019A1?<+ <1 8-=<+ . <+-;0.<+ .=<. ?1>: + : +;+ . - : +;- <+9;17 -N1 <1 8+9;- 961>=/
.@B+D:=/ A.=<1 A=7 16+ 9+ A= 7 +?1< 8-=< . 7 +?1< <+-;0.<= >=7 . D17 +?<= <=9+ .9;= =<=: .>=
+<+0/.7 + >=:.>= 7 + .81= A=>=7 <.> ;1 91? :+;. >0=DA0=9;=0' +;+ 8-=<. . <+-;0.<. <19;1: .
=? ;.E Y A=80: .E A.=<1 1: . :+;. 7=@. =<.E 3 Y A.=<1 >=7 . 9+ 7 =@<.9- 019A1: . 1 : +;-F1 .
961>=7 1>. <->: +10<. =;A1? @;= 9+ 01D: +;+= .D8+;+ >=7 1 7+ C.: 1 /1,1<1 ?1 C. A.=<. <19;1: .
91? 0+B+ 610F E17 ?+ ?1 8. ;= 96+ -98+0.8= - 7 +?1< 6+: .>. ?+C+: . B+: .B<. D.? =9:+
9+ A=>1D1: = ?1 <18 7 + C.= A=;0+C1< B+: .B<. D.? ?+C+= ) 8+;101 .@;1 <+I+ 8=I. ?1
A0=,+ >0=D ;17D.? <.@;1 =9.8 <+-;0.<1 >=7 . C. 7+?<1>= : 1>= A0=@.@1: . . >0=D B+: .B<. D.?
?+C+= ) 8.: .=<1 >.: =8+;101 <1B. <1 ?0-/- 9;01<- D.?1 .D: 1D. . 8. <1 ;17<1B.<
?=C.7 18= B.9; <+-;0.<9>. D01> 1 A=@;= <+-;0.<= <+ 9: -@1 <.7 +?<- 9.: - =9.8 9: 1C+ ;- <18
7+ . ?=C01 A0.: .>1 ?1 A0=-B1618= <+ 918= <+-;0.<+ <+/= >0=D9-?10+ <+-;0.<1 . 9: 1C-
9.:-
617A: 1< 7 + 8=/1= ?1 01D0+@. . A06- >0.D- . ?0-/- >0.D- +:=61 D18.91= C.: 17 + ?1 C.
<18 =617<+-;0.<9>. D01> =8=/-I.= ?1 A0=-B1618= 9: 1C- 9.: - A0. +<+0/.7 181 =? 6.@+
8.: .7
10?. 1 <+ 8.: .=<1 + ;+>: . C.98= 8=/-I<=9; ?1 /: +?18= >1>= 9+ 9: 1C1 9.: 1 A=<1@1
A0. 6.9=>=7+<+0/.7 . =/:. C.98= -7 +?<= ?1 <19: -;.8= C10 ?+: .I 01D:=/1 DC=/ >=/1 <+
A0.8+I-7 +8= <.7 +?1< 019A1? 8-=<1 - +: +>;0=< A: -9 M =;=<N 8=/: . C.98= 1>= 7 + ;-
<+-;0.<= <1 <+>. <1B.< -8+@1<
1= @;= 9+ B+9;= ?+@161 - <1-F. A01>;.B<= .9;- D18.91= =C7 16.= 7+ - 81: ;+<+ .9;=8
;0+<-;>- 9=67 +;9>. M .D.B10 0-<= =<;+>=06= 0-<= =<;+F=06= 91? 9+ 6. A.;1;+ D1@;=
<7+/=6= .8+ D6-B. 6.@+ .;1: .7
1<9>. <+/= 0-9>. 1 D1;= @;= 7 + ;= ;1: .7
1< >=7 . 7+ A+?+9+;.E
/=?.<1 A0+C+/1= - =9>6- .D .?+=: =@>.E 01D: =/1 6+7+?<= <7 +/=61 M .D.>1 <7 +/=6+
D18.9: . <7 +/=61 81@;1 =9;1?=@+ <1 60E-<9>=8 <.6=- 0-<=61 ;01/+?.7 1 <19;-A.: 1 7+
>19<.7 + D1;= @;= 7 + A=>-@161= ?1 96=7 + 81@;=6.;+ D18.9: . 9A0=6+?+ - ?+: = - 9.9;+8- -

201
>=8+ 7 + C.0=>01;.7 1 /-@.: 1 96+ +,-<10=?<+ >=<M +0+<F.7 + 9- 8+9;= <1 >=8+ C. A=
;01?.F.7 . ;0+C1: = ?1 9+ .9A=: 7161 ;=A: = A0.7 1;+: 79;6= <1-B<.>1 F+: =/1 96+;1N <1 7 +?<=7
;1>6=7>=<M +0+<F.7 . - =9>6. A.;1= 918 7 +?<=/A0.7 1;+: 71 R+6/+<.7 0+F. 8. >= 7 + =? 619
0-9>.E M .D.B101 D1.9;1 >=8-<.9;1'R +6/+<.79+ A=B+= =960;1;. A= ?6=01<. 1 =<?1 7 + A09;=8
A=>1D1= =<;+>=061 : . ;= 7 + C.:= /=?.<+ 3$
1? 918 9+ >017 +8 3$3 /=?.<+ 601;.= <1 =: -8C.7 - 91 A0.7 1;<= A0=6+?+<+ 9: =C=?<+
/=?.<+ - # (- A=B+= 918 ?1 9: -@18 019A016+ = >0.D181 6+D1<.8 D1 9: 1C- 9.: - A1 . ;-
610F=6- .?+7 - 610F 7 + <+>1>= ?=@1= ?= D1>: 7-B>1 ?1 <.7 +?1< A=9;=7 +I. 1>F+: +01;=0 <.7 +
?=6=: 7
<= 7 1> ?1 <1A016. <+-;0.<9>. D01> ?=6=: 7<=/ .<;+<D.;+;1 1: . 71 9+ 91 =6.8 <.918
9:=G.= 0->E+7 6+<- 9+ C: .G.:1 >017 - .D/01?<7 1 " (1 1: ;+0<10;.6<=(/01?.7 +<;<.
9.<E0=;0=< =? * "+ N7 1 918 <+>+ C0=7 >+ 81: = C1F.= <1 A1A.0 . -C+?.= 9+C+ 1 -9>=0= .
610F1 ?1 7 + =A.; .D6=?.6 1A016.: . 98= /1 .= 7 + ;= D1 /=?.<- 3$ =/0=81< =A.;
0.?0-G.= <18 9+ G+> ;17 <C+0/+0 1F> ;+.<C+0/+0 7 +?1< 8=7>=: +/1 <1 =: -8C.7 .
-D+: . 98= <+>=: .>= 9;-?+<1;1 . 8: 1?.E ?=>;=01 . <1A016.: . /0-A- =? 9+?18 : 7-?. 19
;0=7 .F1 G+> +:. 7 1 C.: . 98= A=D<1;. A= C: 1/=8 . : 7-C1D<=8 9;16- A0+81 96.81
=9;1: .81 +?1<A-; 918 E=?1= A= 1>F+: +01;=09>=8 A=?- . B-= >1>= 7 +?1< M .D.B10 >1G+
R 6= 9;.G+ =8A1<.7 1 D1 -C.9;6= R
A=;0+C.: . 98= 819.61< ?+;+>;=0 1 =>= <7 +/1 98= .D/01?.: . ?+C+= B+: .B<. D.? ?1 <+ C.
?=: +;1:+ <.=;>-? <.>1>6+ B+9;.F+ =9.8 <+-;0.<1 ;17D.? 8=01: . 98= ?1 -/01?.8= E.: 7 1?+
;=<1 B+: .>1 D+: . 98= .E 91 =<.E 01;<.E C0=?=61 >=7 . 9- - ;= ?=C1 C.: . C1F1<. - 9;10=
/6=G,+ =/0+@.= 918 A1 918 <+>=8 <=6.<10- 0+>1= - @1: . ?1 98= .9+>: . 01;<. C0=?
2 .9-0.2?1 C.98= <1A016.: . <1@D.? ;= ?=C1 8+,-;.8 C0=? 2 .9-0.2<.7 + C.= A=6-B+< .D
-A=;0+C+ <+/= 7 +7 =@A: =6-F>1= 61: 7?1 <+/?+ : . B+: .> 7 + 961>1>= ?=C.7 +< 9+B+<7 +8 9;10.E
6=7 <.E C0=?=61 6=9;0->= 918 A=/0+@.= A1 918 9+ <1@1: .= 0+>16@. ?1 I+8= 8=01;. 1>=
.DC.7 + <+>. 01; ?1 019;-0.8= =A.; . =A+; 9>: =A.8= ;1701;<. C0=? = 7 + >0+<-: = - 7 16<=9;
>1= A0.B1 >=7 1 7 + C0D= ?=C.: 1 . 2->019+2 A1 7 + .9A1: = ?1 <18 1;<1 8=0<10.F1 >=<M .9>-7 +
=A.; ?1 C. >0+<-: 1 - <+>. 01; >=7 . 7+ ;= 01; 8=/1= C.;. /=?.<+ 3$ ;= <. ?= ?1<19
<.>=8+ <.7 +7 19<=
1>=,+ 9- 81: = 2 <1?=/01?.: .28=7 - A0.B- = ;=A- 9;610<= 98= ?=C.: . 8=0<10.B>. ;=A
>1: .C01 * O 8.: .8+;101 91 =?/=61017 -I.8 G: +C=6.81 .D<-;01 . ?+C+: .8 D.?=6.81 F+6. .=
<18 7 + ;= ?.61< >=: .81;=0 9A0161 A=8=I- >=7 + M =>-9.018= D01> B+9;.F1 . <1<.@1<.8=
<7 .8+ >1 <+>=78+;. .9:.:. 98= ?1 <1A-<.8= ;- ;=A=69>- F+6 C+0.: .7-8=8 >=7 . C.
A=9: -G.= >1= M .:;+0 1: . F+6 7 + >1= @;= 0+>=E C.: 1 .D=: -B+<1 .D<-;01 . ;= ?-C=>= 6= 7 +
C.: = 98+;<7 1 1;= 918 <1@1= 7 +?<=/80@16=/A=9;?.A: =8F1 . A=9: 1= /1 -<-;01 - F+6 ?1
A=A-<7 161 ;+ 9A.01: <+ G: +C=6+ B+: .B<=8 6-<=8 1; >19<.7 + =< .9A-D. .D F+6. 916
A0+D<=7 +< A0+/0+7 1< 01D?01G+< . >1G+ R1 ?17 +8 =9;16>- R R 1 <+ 8=G+@ ?1 ?1@
=9;16>- RA=6.B+8 7 1 R "?+ ?1 <1,+8 ?0-/=/9;-?+<;1 ;6=/>1: .C01'R
1? 98= D160@.: . A0.A0+8+ B+: .> 91 D19;10+: .E : 1,1 : +G1= 7 + - ?+C+: .8 =C: =/181 =>=
?+;+>;=01 >=7 . 7 + C.= .D01,+< =? ?+9+; ;=<1 1: -8.<.7 -81 D/=?<= 019A=0+,+<=/ ;1>= ?1
1>= 9+ <+-;0.<= 9-?10. 91 <+>.8 7 +D/0=8 1: -8.<.7 -81 -9A+8= ?1 =A1D.8= A0=.D6=?+ ;=/
9-?101 1 609;1 ?+;+>;=01 D=6+ 9+ 2 .9>0.B161 >=8=012 7 - 7 + 98.9: .= 7 1A1<9>. M .D.B10
-?G. ->-7 . E-7 . ->-. -<= 98= <1-B.: . 01D/=61017 -I. 91 G.8=8 0=<.<=8 91
0.<9;=<1 >=7 . 7 + C.= =6: 1?1= ;=8 <=6=8 ;+E<.>=8 9: +?.: = 7 + ;1>8.B+<7 + ( >= <17 C=: 7+
-8+ ?1 -6+I1 0=<.<=6- <1A016- ;+@>- <+>=: .>= >.: =/0181 <1 ?+9+; ;=<1 =C+?.= 7 +
610F 7+/=61 >=8=01 C.: 1 7 + A=A-<7 +<1 1: -8.<.7 -89>.8 A: =B181 ?+C+: .8 ?61 . A=
F+<;.8+;01 .:+ 9- 81@.<9>.8 1: 1;.81 60: = : +A= .D0+D1<+ . .D/: 1B1<+ D8+,- A: =B1
=9;16.: . 98= 01D81> =? A= =;A0.: .>+ 7 +?1< . A= F+<;.8+;10 A: =B+ 7 + A-@;+<1 9;0-7 1
=/0=8<=/ <1A=<1 . ;= ;1>= ?1 - 9-9+?<.8 A: =B181 C-?+ -6+> 9-A0=;<= <1+: +>;0.91<7 +
>=8=0. 7 + -8+9;= 61D?-E1 C.= <+=< >= <+>1 <+1: +>;0.91<1 B+9;.F1 A=: +;. 91 7 +?<+
A: =B+ >1 ?0-/=7 D1 B+9;.F=8 =?81E >0+<+ . 6+: .>1 +: +>;0.B<1 .9>01 1 ;= 9+ 6+I 8=G+
M=;=/01M .91;. = 7 + : 1>@+ 0+I. <+/= -B.<.;. 7 +0 =61 ;+E<.>1 .81 96=7 + A0=C: +8+ :. ( .
?.6<+ 0+D-: ;1;+ .</ A-;1<7 1 7 +?<+ 9-C<->: +10<+ B+9;.F+ A=9;17 + 6.?: 7.61 >1=
F06+<=G-;. ;01/- /19- <+=<- +A=;1 A0161
06= 98= A016.: . 8=?+: + ;1>6.E 610<.B<.E >=8=01 . <18+@;1: . .E ?1 C.98= A0=-B.: .
<7 .E=6+ =9=C.<+ A=? -?10 D01>1 +: +>;0=<1 . A.=<1 +I.<1 >=8=01 - ;= ?=C1 C.: + 9- <+>.E
;0.?+9+;1> F+<;.8+;101 - A0+B<.>- . .81: + 9- ?+9+;1> .: . ?61?+9+;1> A: =B1 . 98= A0=C1: .
91 >=8=0=8 - >=7 =77 + C.: = 9;= A: =B1 1 =<+ 9- C.: + =;A0.: .>+ @+D?+9+; 91 @+D?+9+;

202
F+<;.8+;101 ?61 . A= F+<;.8+;01 ?+C+: + 60E1 A=9;=7 1<7 1 ;.E A: =B1 C.: 17 + ?1 8=: 7 1>17 -.
A0+>: .<7 - <+-;0.<+ ?1 9+ C10 7 +?1< 9-?10. 91 C10 <+>=8 =? <7 .E 1?.: . 98= <19 9+?8=0=
?1<7 - . <=I- >1= . - 01D<1 ?0-/1 60+8+<1 0+C1: = 7 + 8=<;.01;. F+= 1A101; 96-
+:+>;0=<.>- .D8.9: .;. 961>=7 1>+ <=6+ 9A016+ ( A=: -:=A;19;+ 01D81>+ /?+ 610<.F1 8=G+ ?1
A0+9>=B. 1-;=81;+ D1 .9A-@;1<7 + :+A>1 <=6+ 609;+ +: +>;0=<9>.E >=: 1 =81/1: . 9- <18 .
<+>. .<G+<7 +0. . <+>=: .>= ;+E<.B101
A.; 7 + >0+<-= A=D<= - 3$ /=?.<. 1: . 9+ <1 A=B+;>- D1/: .C.= - A=D1?.<9>=72 C-F.2
>=7 1 7 + <19;17 1: 1 DC=/ ;=/1 @;= 9- <+-;0=<. 1 . 01D<= ?0-/= 98+I+ >=7 + 7 + .D: +;1: = .D
8+;+ ;01G.: . . A0=<1: 1D.:. A-;1<7 + =>=: =(<1=>=: = A->=;.<+ . ;1>= -9A+61: . ?1 9+ A0=6->-
>0=D<1@.E 9.: <.E ?61<1+9; 8+;101 B+: .>1 ;6101: . 9- E1=9 =? .9>0+<7 1 - 610<.B<=7>=8=0.
0+D-: ;1;. 9- C.: . 9196.8 -A0=A1@I+<. 18= B-?= 8=G+ 9A0+B.;. ;+ A=D1?.<9>+ B+9;.F+ ?1 9+
-@-<7 17 - - ;6=7 - >=8=0- 1>= 9. .8 =9;16.= . <17 81<7 - A0.: .>- ( 0+F.8= 7 +?1< A0+81
8.: .7
10?- ( ?1 ;= -B.<+ +?+: 7181 98= 9+ C=0.: .ND1A-@.61: . 98= 961>- A->=;.<- /?+ C. 9+
.7+?1< <+-;0=< 8=/1= .>1>= A0=8-61;. -<-;01 1>=,+ 98= 60+?<= ;01/1: . .9A=? A=?1
:1C=01;=0.7 + @;1 1>= ;18= A=9;=7 + <+>. +: +>;0.B<. A0=6=?<.F.' +: 610F 7 + <1@1= 7 +?1<
;-<+:.9A=? A=?1 D16->1= 9+ - <7 +/1 ?1 6.?. @;1 .81 -<-;01 D1/: 16.= 9+ . =<?1 98=
8=01: . ?1 A=D=6+8= <+>=: .>= 9<1G<.E ;+E<.B101 ?1 /1 .D6->- 61>= 2 ;1<>=28+9;= <1
<1@+8 =/0=8<=8 =>: =A- A0+>0.61: . 98= C: =>=6.81 D10,1: =/ B+: .>1 91 C.6@+/ C=7 <=/
C0=?1 7+?<=8 ;0+<-;>- ?.0+>;=0- C0->E+7 6+<9>=/ 1>F+: +01;=01 ;+> A=9;16: 7+<=8
>=<1B<= 7 + A->1= M .:8 R +I+;+ 6.@+ <1/=8.: 161;. ;+ A0: 716+ A: =B+;.<+ C: .D- 8=7 + <=6+
81@.<+ = 8=G+ 918= A0+>= 8+<+ 80;6=/R/08+= 7 + =< .98= A0.E61;.: . A=<-?- 7 +0 C.
=< 80;16 . -/01,+< B.<.= <+A=G+: 7
<- .DC=B.<- <1 =>: =A- 1;= 98= A=A-9;.: . <7+/=6.8
D1E;+6.81 918= 81: = 81: B.F+ 19<= - <=6+8C0- A=D1?.<9>= D1/1,+<7 + <+G+: 7+<.8
B+9;.F181 96+?+<= 7 + <1 <.6= >=7 . 9+ 8=/1= A0+;0A+;.
6= @;1 98= 01?.: .
0=;=<. .D " (1 -?1017 - - 8+;- 961>=8 9-?10- A0=.D6+?- - A0=9+>- A= ;0. A.=<1
. .D1D.618= =>= 8.: .710?. 9-?101 - 9+>-<?. 19;17 - . 01D<=01D<. <+-;0=<.
A0=;=<. A=/?+>=7 . 1<;.A0=;=< . 01D<. ?0-/. =;A1F. 6+ ;= @;= 90: 71 A0+81 <181 8=01 ?1
A0+61: . A01D1< A0=9;=0 =? =>= A+;<1+9; 8+;101 A0+ <+/= @;= <1: +;. <1 <1@ <+A0=C=7 <.
B+: .B<. D.? = 7 + 01D?1: 7
.<1 >=7 1 =8=/-I161 ?1 9+ <+>.E ?+9+; A=9;= A.=<1 019A1?<+ ;1>=
?1 ?=C.7 +8= <+>=: .>= ?+9+;.<1 8.: .710?. <+-;0.<1 D6+9;1< C0=7 <7 .E 81<7 . 8<=/=
81<7 . :+;. C1@- =<=8 A016F- >=7 . <181 =?/=6101 <. A0=@.C17 - >0=D<1@B+: .B<. D.?
?+C+= ?61<1+9; 8+;101 ?0-/+ 9;01<+ D.?1 A=9: + 7 +?<+ A01D<.<+ >=7 1 .D<=9. =>=
;0.?+9+; F+<;.8+;101 A=B.<7 + <1@1 .9>0.B161 >=8=01 <1 : +G. . B+>1 1@1 A0=F+<1 7 + C.: 1
?1 I+8= -9A+;. 1>= C-?+ 90+I+ - <7 =7?1 9<.8.8= A= 7 +?1< <+-;0.<9>. 9-?10 <+?+: 7<=
1 ;.E <+?+: 7- ?1<1 .D 8+;+ I+ .D: +;+;. <+>.E O 8.: .=<1 8.: .710?. ?1>: + OK T
<+-;0.<1 A0+81 ?+;+>;=0- 1;= 98= 8=01: . ;1>= 9;0=/= ?1 =;>: =<.8= A=D1?.<9>- C->-
B+>.61: . 98= ?6+ 609;+ <+-;0.<9>.E 9-?101 <+-;0.<= <1: +;. <1 1: -8.<.7 -89>=
7+D/0= 1 >1= .9E=? <19;1<- 7 +?1< 8-=< . 7 +?<= A=C-,+<= 7 +D/0= .: . ) <+-;0.<= <1: +;.
<1 7 +D/0= 1: . .9E=? 7 + <19;1<1> 7 +?<=/ +: +>;0=<1 . 7 +?<=/ A=C-,+<=/ 7 +D/01 =C0=N
D1C=016.;+ ;1 7 +D/01 1G<= 7 + ?1 98= =B+>.61: . ?1 I+ .D<+-;0.<9>.E 9-?101 .D: 1D.;. 8-=<. .
+:+>;0=<. - =;A0.: .>+ 7 +?<1>=8 C0=7 - 1: . ?1C=8+ ?1 I+ .E A01;.;. . -D/0+?<= <19;1: . A.=<.
. ?0-/. =;A1? >=7 . I+ 9+ 01D: +;+;. .DA=C-,+<=/7 +D/01
016?1 7 + A=C+?.: 1 . 8. 98= ;=>=8 =918 8+9+F. 9<.81<7 1 -9A+: . ?1 9<.8.8= A+?+9+;
@+9; <+-;0.<9>.E 9-?101 =? B+/1 9- 8=G?1 A+; C.: . :1G<. 6-B. : 1>= 1: . 7 1 <.>1? <.>1?
<+I- D1C=016.;. =<17A06. <+-;0.<9>. ?=/1,17 1D6.: . 98= 7 +?1< >=;-0 M .:81 .9E=? <+?+: 7-
?1<1 -D.81<7 1 A=?1;1>1 : .>+ 9- 6+I.<=8 C.: + A01D<+ .: . 9- A=>1D.61: + A=<+>. =B./: +?1<
A0=?=0 >=98.B>=/ D01>1 =<?1 .D<+<1?1 +;= <7 +/1 7 +?1< 9A+>;1>-: 10<. 9-?10 91
?-/1B>.8 ?-/1B>.8 ;01/=8 8-=<1 >=7 . G-0<= =?: +I+ - ?1: 7.<- 17A06. ?=/1,17C.= 7 +
;0+<-;1> 2 8.<.+-0+>12C: +91> .D6+9<=9;. A=9: + ;=: .>= ;0-?1 ?1 =A.; -9A+61
06. <1@D1?1;1> C.= 7 + ?1 ?=>1G+8= ?1 9- ;= 9;610<= ;01/=6. <+-;0.<9>.E 1 <+ <+>.E
?0-/.E 9-?101N7 +0 ;= 7 + C.= A06. - .9;=0.7 . =A.; ;+ 609;+ ?0-G.: . 98= 96+ 96=7 + .9>-9;6=
A1 98= <1.D8+<.B<= A0+-D.81: . <1 9+C+ 7 +?1< A= 7 +?1< -: =/- ,16=: =6=/ 1?6=>1;1
<19;=7 +I. ?1 01D0-@.8= 96=7 + 9=A9;6+<+ D1>: 7-B>+ :
. A=?1F. 9- -.9;.<- C.: . B609;. >1=
9;+<1N?1>: + C.: = 7 + 60+8+ ?1 9+ .D.,+ - 7 16<=9; 9+I1: . 98= ?=6=: 7<= A=-D?1<7 + ?1
91=A@;.8= >=: +/181 96=7 + 0+D-: ;1;+ 0+C1: =7 + ?1 B-7 +;+ >1>= 7 + 610F /=6=0.= A0+A-<=7

203
91:. - 0->E+7 6+<- 1= 1?6=>1; .9>: 7
-B.61= 7 + 7 +?<- A= 7 +?<- 96+ =9;1: + 8=/-I<=9;.
A-C: .F. ( =98+9. . 9-D+ +: =6- 817 >- 9- 8=01: . ?1 .D6+?- 7 +F1: 17 + <+>=<;0=: .91<=
617=A.; .81= 7 + ;0. -6+> C-?- ;0. /: 16<+ A=9: +?.F+ 18;.;+ ?1 7 + 1-: . A06.
A0+?: =G.= A=9;=7 1<7 + <+-;0.<1 >1= 8=/-I+ =C7 1@<7 +<7 + D1 81<7 1> +<+0/.7 + - C+;1(
019A1?- - >=8+ .D1;=89>=/ 7 +D/01 .D: +I+ 7 +?1< +: +>;0=< 1-: .7+6. <+-;0.<. C.: . 9- -6+>
-?0-G+<. 91 +: +>;0=<.81 +,-;.8 - /=;=6= 96.8 <1@.8 ?=/1,17 .81 A0=.D6=? <1: +;1<71
<+-;0.<1 <1 7 +D/0= C.= 7 + 8-=< 1@. <+-;0.<. =?C.7 1:. 9- ?1 A0=.D6=?+ +: +>;0=<+ 1@;='
=01: . 98= D1>: 7 -B.;. ?1 =6. <+-;0.<. >=7 .81 9+ 8. 9: -G.8= .817 - <=6- A=9+C<-
=9=C.<- ( 8-=<9;6= =@;= 9+ ;. <+-;0.<. 01,17 - D17 +?<= 91 A= 7 +?<.8 8-=<=8 >1? 9+
019A1?1 A.=< =<?1 D<1B. <+>1 9>: =<=9; >1 8-=<.81 =9;17 + -/01,+<1 - <7 .E
1 C.98= =6= ?=>1D1: . A-<=791: . /+<+;9>. -9: =6:7 +<.E 9>+A;.>1 8=01: . 98= ?1 D<18=
. A=>1G+8= ?1 <.7 + 2 >0.62<1@1A101; ( <1.8+ ?1 ;= <.7 + <+>. /: -A= 91D?1< 1A101; >=7 .
8-=<+ E=I+ 1 +: +>;0=<+ <+I+ ?1 =;>0.7 + = 618 7 + =A+; A0=C: +8 "1: .:+7 +6=/ ;+: +9>=A1
1 90+I- C.: . 98= - 8=/-I<=9;. ?1 A=>1G+8= <1@.8 >0.;.B10.81 ?1 98= - =A0+8-
-/01?.: . . 9A=9=C<=9; =;>0.61<7 1 +: +>;0=<1 . ?1 98= ;= . ;+ >1>= A=;60?.: . .9A1: 7-7-I. A0=C<+
D01>+ +: +>;0=<1
=9;=7 1:=7 + ;- 7 =@7 +?<= A=D1?.<9>= ?+7 9;6= =<= =? >=98.B>.E D01>1 >=7 . 9+ <1 <.6=-
8=01 919;=7 + =? 8-=<1 +>. M.D.B10. :
=@.7 . =? <19 8=/: . C. D1 8-=< .D>=98.B>.E D01>1
>=7. 9 : +,1 -: +;. - ?+;+>;=0 . D1-9;16. 9+ - 90+?.<. A=8.9: .;. ?1 7 + A=90+?. 8-=<
<+-;0.<9>=/ A=0+>: 1 >=7 . 7 + >0+<-= <1A=: 7+ 8. 98= G+: +:. A0=<1I. 918= =6= ?0-/=
+98= -/01?.: . C:=>1?- ( D1A016= =>: =A A0=;.6 ;=/1 ( 1: . >1>= 8=G+8= C.;. 9./-0<. ?1
<18 7 + ;1 C: =>1?1 -9A+@<1'
=9;=7 1= 7 + <1B.< =9;16.@?+;+>;=0 ->: 7-B+< . >1? 7 + 81@.<1 .9>: 7-B+<1 ( 1 ;= 7 + C.:
=
=>= A+?+9+; =?9;= 60+8+<1 1? 7 + 1>F+: +01;=0 .9>: 7-B+< D<1 9+ 961>. 8-=< >=7 . .9>09<+
- ?+;+>;=0- 8=G+ . 8=01 C.;. 918= <+D61<. /=9; .D >=98.B>.E D01>1 :. <.7+ .9>09<-=
<.7+?1< =98.B>. D01F. <.9- -9A+61: . ?1 9+ A0=C.7 - >0=D<1@=>: =A
=8.<7 +8 96+ =6+ ;+E<.B>+ A=7 +?.<=9;. ?1 C.E 618 A=>1D1= ?1 60@+<7 + =A.;1 <.7 +: 1>=
. ?1 7 + ;-81B+<7 + 7 +?<=/ =A.;1 .9;1<B1< A=91= +?<=8 7 + 17 D+<C+0/ 0+>1= <+>=8
>=:+/. ?=> 9- 9;17 1: . C: .D- -: 1D1 - D/01?- 91 C1D+<=8 D1 A: .61<7 + R 6. -: 1D+ . 96. .D: 1D+
60:=M .<= =C-B+<. 1 : .7+ ;= ?=>1D?1 . A: .617 - =C-B+<.'R
1>: 7 -B1> >=7 . 98= 8. . 6+I.<1 ?0-/.E M .D.B101 .D6->: . .D=6=/=A.;1 C.= 7 + ?1 - A0.0=?.
A=9;=7 + C10 ?6+ 609;+ <+-;0.<1 ( 7 +?<= 7 + <+-;0.<= >=7 . 7+ - <+>=76+D. 91 +: +>;0=<.81 ;=
C. C.: . =C.B<. 1-: .7+6. <+-;0.<. 91 ->-9=8 9: 1?=: +?1 =? 61<.: + 1 ?0-/= 7 + <+-;0.<=
A=6+D1< 91 8-=<.81 1;= .E <1D6198= +: +>;0=<9>. <+-;0.<. =C.B<. . 8-=<9>. <+-;0.<.
>=7 + 98= 8. A016.: . 1?1 9+ D1 =6- 01D: .>- .D8+,- <+-;0.<1 >1G+ ?1 7 + 2->-92 <1
<+=DC.: 7<=8 7 +D.>- 9;1<?10?<=/ 8=?+: 1 =@ =<=/ ?1<1 : 7-?. 9- A=B+: . ?1 A016+ 7 +?<-
81: - ;1C: .F-

+:
+>;0=<9>. <+-;0.<= 8-=<9>. <+-;0.<=
+:
+>;0=< 8-=<

.:
. 9>01I+<.8 2
M.D.B109>.82A.91<7
+8

<+ <8
+8

:+>;0=< 7 + ;- 9;16: 7+< .9A=? +: +>;0=<9>=/ <+-;0.<1 >=7 . 8- 7 + 0=,1> @;= 7 +

<1/=6+@;+<= =<.8 81: .8 9: =6=8 + >=7 + 7+ <1A.91<= -D <7 +/1 1: . 81:= <.G+ -=< 7 +
.9A=? 96=/ 0=,1>1 8-=<9>=/ <+-;0.<1 17?+ ?1 9+ A0.9+;.8= ?1 98= A0+ =6=/ =A.;1
D<1: . D1 ;0. :
+A;=<1 ( + < . 8 ( >=7. <+ A=?: +G- 71>=79.:
. 1? /: + .818= B+;.0. ;1>61 +
<+ 8 . <8 1;= =6=8 =A.;- D1-6+> =9;1?+ <1D.62 ?61 <+-;0.<12 A1 <+->. : 7-?. 8.9:+ ?1
7+ ;= C.= <19;-A <+>=/.;1: .7
1<9>=/A: +9<=/A101 =>1D1: = 9+ ?1 7 + ;= -A016= =<= ?-/8+
D1 >=7 + 7+ A0.@.6+< F+= >1A-; 9;1<?10?<=/ 8=?+: 1 1A1D.;+ ?1 ;- .818= ?6+ 2 A=0=?.F+2
:+A;=<1 ;1B>19;.E B+9;.F1 A=9;0=7 +<+ =>=8.;= 061 A=0=?.F1 7 +9- +: +>;0=< . +:
+>;0=<9>.
<+-;0.<=N<7 .E .81 96-?1 - 19+: 7+<. 0-/1 A=0=?.F1 9- 8-=< . 8-=<9>. <+-;0.<= 7.E
<+ 8=G+;+ : 1>= <1I. - ?1<1@<7 =7 19+: 7+<. 8=01;+ .E 918. A016.;. - 1>F+: +01;=0.81 1
A0.0=?1 .E 9;6101 - 9-?10.81 >=98.B>.E D01>1 91 1;8=9M +0=8 1? 7 + 19+: 7+<1 C.:1 8:1?1

204
. 60-I1 8-=<1 . 8-=<9>.E <+-;0.<1 C.: = 7 + - .D=C.: 7- 1? 7 + =;>0.6+< 8-=< +: +>;0=<=6
;+@>. C01; 1C. 7 + A.;1= R = 7 + ;= <10-B.='R +> 7 + =A.; 91 ?61 <+-;0.<1 <1/=6+9;.= -
>=8 A016F- ;0+C1 A=;01G.;. =?/=6=0
E ?1 .<7 +<.F1 ?1 A=9;=7 + ?61 01D: .B.;1 <+-;0.<1 0+@.: 1 7 + >0.D- <+?=9;17 -I+ 8-(+(
/181 0+1>F.7 + =?9+I18 ;0+C1: = C. ?1 9+ 8-=< 019A1?<+ A=<+>1? . <1 7 +?1< +: +>;0=< .
7+?1< M =;=< 1: . ;= <.>1? <.>= <.7 + =;>0.= 81?1 9- 8<=/. A=>-@1: . 0+C1: = C. ?1 A=9;=7 .
0+?=9: +? A0=F+91 A06= ?1 9+ 8-=< 019A1?<+ <1 7 +?1< +: +>;0=< . ?61 <+-;0.<1 . ;= 7 +?1<
<=081: 1< . 7 +?1< 1<;.<+-;0.<= <?1 9+ ;1 ?61 <+-;0.<1 D1;= @;= 9- 81;+0.7 1 .
1<;.81;+0.7 1 8+,-9=C<= A=;0- . A0=.D6+?- 7 +?1< M =;=< :. ;+ M =;=<+ <.>1>= ?1 6.?.8=
1? 7 + C.= 7191< . 01D: =/ 1016<= A=D.;.6<. 8-=< 9+ 019A1?<+ <1 7 +?1< A=D.;0=< . ?61
<+-;0.<1 1: . ;= 9- 7 +?1< +: +>;0=<9>. <+-;0.<= . 7 +?1< 8-=<9>. 1<;.<+-;0.<= ;= 7 +9;
1<;.8-=<9>. <+-;0.<= 1 ?61 <+-;0.<1 <+I+ 1<.E.: .01;. 7 +?1< ?0-/=/ D1;= @;= 9- .D
01D: .B.;.E A=0=?.F1 <. <1A0=9;= ( =9;17 - <+-;0.<. + A0=.D6+?+ 9+ <.>1>16 M =;=< 1;= .
<+81 8-(+(/181 0+1>F.7 +
0-/1 A=9: +?.F1 =A.;1 >=7 . 7 + .D6+: 1 8=7 1 2=8A1<.7 1 D1 -C.9;612C.: 1 7 + ;1 ?1 98=
9;+>: . <=6= =0-,+ D1 01? - M .D.F. B+98- .D>=7 + ;+>- ;=A: . . E: 1?<. <+-;0.<9>. D01F. A= 6=: 7
.
= =0-,+ -9>=0= 7 + <18+@;+<= . - # (- - +08.: 1C- A1 - 0->E+7 6+<- . <17 D1? -
+0A-E=6- - -9.7 . 18;.;+ ?1 A0+ =6=/ 8=/ =A.;1 <1 " (- <.98= C.: . C1@A=;A-<=
9./-0<. - ;= ?1 <+-;0.<. A=9;=7 + 91? 98= A-@;1: . <+-;0.<9>+ D01>+ A= G+: 7. <10-B.=F1
+>. =? 619 8=G?1 9- -=B.: . ?1 =6?+ D1=C.: 1D.8 7 +?<- >0.D- ( <+ A0.: 1D.8 7 =7C: .D- =
7+ =<1 C0=77 +?1< ( B.<7 +<.F1 ?1 <1@1 7 +?<1B.<1 D1 9: 1C- 9.: - <+ ?+7 9;6-7 + <1 6.9=>.8
+<+0/.7 181 1@ =A.; .D 3$ A=>1D1= 7 + ?1 9+ C0=7 9-?101 D1.9;1 A=6+I161 91
A=6+I1<7 +8 +<+0/.7 + =918?+9+;.8 /=?.<181 A=8+<-;+ 1>F+: +01;=09>+ : 1C=01;=0.7 +
-9A+61: + 9- -A=;0+C=8 7 1B.E D01>1 6.@+ +<+0/.7 + . ?+;+>;=01 ;+@>.E A= <+>=: .>= 9;=;.<1
;=<1 ?1 9<.8+ 8.: .=<+ <+-;0.<9>.E 9-?101NB1> . A= <+>=: .>= - 8.<-;- @;= 7 + 8<=/=
C=: 7+ <+/= =<= <1@+ >1? 98= 9<.81: . A= 7 +?1< .: . ?61 <+?+: 7<= 1 .A1> >0.D1 91 9: 1C.8
8+,-?+7 9;6=8 A0. 6.9=>.8 +<+0/.7 181 <.7 + 0+@+<1 918= 7 + 8<=/= C=: 7+ =96+;: 7+<1
1.9;1 9+ C0=7<+-;0.<9>.E 9-?101 A=6+I161= 91 A=6.@+<7 +8 +<+0/.7 + >1= @;= 7 + <1@1
<.9>=+<+0/+;9>1 ;+=0.7 1 A0+?6.,1: 1 +,-;.8 9;01E ?1 I+ =<?1 C0=79-?101 A=9;17 1;. A0.
96+ 6.@.8 . 6.@.8 +<+0/.7 181 <+8=/-I+ 6+: .>. -C: 1G+< 7 + ;1>= @;= 7 + 3!) /=?.<+
=;>0.6+<1 4 B+9;.F1 = 7 + C.= ?+= 7 +?<+ <=6+ M .D.>+ >=7 1 7 + A0+.<1B.: 1 ;- ;+=0.7 - . A=6+: 1
7+ >1 C: 1G+8 . 98.0+<.7 +8 A=<1@1<7 - 1>= 7 + =?: =G+<1 >0.D1 >=7 =7I+8= 9+ .A1> 601;.;.

"

0+I1 A=9: +?.F1 ;=/ =A.;1 C.: 1 7+ ?1 9- 610F ;17 <C+0/+0 . +?+08+< ?=C.: . =C+: =6-
<1/01?- D1 M .D.>- :. >1?' +> 3!! ?1>: + ?61?+9+; 9+?18 /=?.<1 A=9: + =9;610+<=/
=;>0.I1 -= 918 ?1 9- <=6.<10. A.;1: . 9.<1 7+?<=/=? A=8+<-;.E : 1-0+1;1 R 1 : . C. 6=:+=
?1 . ;. ?=C.7+@ =C+: =6- <1/01?- >1= ;6=7;1;1'R : 1?. B=6+> 7+ =?/=6=0.= R + 1 C.E ?1
7+ ?=C.7 +8 918 R
E ;1 <1/01?1 818 .818 <+>+ >=8+<;10+ = <7 =7 =C+: 7 + 9;610 >=7 - 91
9;01E=A=@;=61<7 +8 /: +?18= /=;=6= 96. 8. >=7 . 01?.8= <1 =6=8 A=: 7
- 6+0=61;<= DC=/
D19+<7 -7-I+/ 97171 01<.7 .E ?=C.;<.>1 A=B+6 =? +<;/+<1 >=7 . 7- 7+ ?=C.= A06. /=?.<+
3 A1 A0+>= 8<=/.E <1@.E 7 -<1>1 >1= @;= 9- 1?+0M =0? 7 <@;17< =0 . 17 D+<C+0/
= 7 + <1/01?1 >=7 1 ?17 + 96=7+609<- 1-0- ?=C.;<.>- 1> . >1? ;6=7<17 C=: 7
. ?0-/10 91
>=7.8 9. <+>1? A.@>.= - @-8. ?=C.7 + ;- <1/01?- <1 <+>. <1B.< A=9;17 + - ;6=7 .8 =B.81
?0-/1B.7 .
<1= 918 ?1 9- 8+ <+>=: .>= A-;1 <=8.<=61: . 0+;A=9;16: 718 ?1 918 8=/1= ?=C.;.
=C+: 1 7=@ 3O$ D1 =;>0.I+ 2 ?-/=6+B<=/ <+-;01: <=/ >1=<12 NC.= 7 + ;= 6+=81 <+=C.B1<
A0+?8+; 1 >=0.9;. 9+ . ?1<19 >1= =0-,+ - <+>.8 C.;<.8 .D-B161<7 .81 # (9.8+;0.7 + 1
8=/1= 918 ?=C.;. <1/01?- . D1 .9;01G.61<7 + A10<=9;. - 0+1>F.7. A.=<(8-=< ;= 7 + C.: = =<=
91 >=: +/.<.F=8 - 1: . ;=>E=: 8 9+ =A0+?+: .= ?1 - ;.8 9: -B17 +6.81 <1/01?. <1@+
;+=0+;.B109>+ >=: =6=,+ .7
+ ;= C.:1 <+01D-8<1 =?: ->1 A1> ;= =;>0.I+ ?= >=/1 9+ ;1>=
-D/0+?<= ?=@: = =;>0.I+ = A=: 10.D=61<.8 8-=<.81 . <7 .E=6=8 19.8+;0.B<=8 019A1?1<7 -
.81: = 7 + . .81 6+: .>- A0.8+<- - M .D.F. >=<?+<D=61<+ 81;+0.7 + >1= . - 1;=89>=7 .

205
<->: +10<=7M .D.F.N A0.8+<- ;1>= 6+: .>- ?1 9+ . 91?1 0+?=6<= =?0G1617 - 8+,-<10=?<+
>=<M +0+<F.7 + = <7 .81
"=?.<+ 9- A0=8.F1: + 1 - 961>=7=? <7 .E =>;=C10 7 + C.= <+06=D1< 8+9+FN9;./<+ 6+9;
>= 7 + =6=/ A-;1 ?=C.= <1/01?- 1 =<?1 <+>= =? 8=7 .E ?01/.E A=;=81>1 ;+: +M=<.01 . A.;1
R 1 >1>= 'R .9;.<- .81 8<=/= M .D.B101 1 9./-01< 918 ?1 ;= 61G. . D1 E+8.B10+
8+?.F.<10+ . =<+ - <+<1->181 >=7 . =C+: 1 <.>1? ?=C.;. <+I+ .1>= 9- A=9;./: . 7
+?<1>1
A1 . 6+I1 =;>0.I1 =? =<.E >=7 . I+ /1 ?=C.;. 1@;= 7 + ;= ;1>=' + D<18 +?<.8 ?+: =8 7 + ;=
. A.;1<7 + 90+I+ =>=: <=9;. 6=: 7+ : 1E=6+
:.71 918 .81= 90+I+ A1 8. <.>1? <.9- <+?=9;17 1: 1 A0.D<1<7 1 1?.= 918 =<= @;= 918
6=: += ?1 01?.8 . D1 ;= 918 -<1A0+,+< - 0+?=6<=/A0=M +9=01 <1 =: -8C.7 . 3O! /=?.<+ .
?=C.= 01D-8<= ?=C0- A: 1;- .;. -<.6+0D.;+;9>. A0=M +9=0 - 8+0.F. ;= 7 + <17 C=: 7
+ 01?<=
8+9;= - F+: =7 1A1?<=7F.6.: .D1F.7. =G+@01?.;. @;1 /=? ;+ 6=: 71 A1 B1> . ?0G1;. <19;16-
=7 1 .9;01G.61<7 1 =?6.7 1: 1 9- 9+ G-9;0= -D A=8=I A=9;?.A: =81F1 >=7 .E 9+ .D0+,1: =
->-A<= A+?+9+; ?6=7 + - 01D?=C: 7- =? 3O$ ?= 3T3 /=?.<+ >1? 918 A=9;1= ?.0+>;=0
+08.: 1C1 +I.<- <1/01?1 ?=C.= 918 - ;0+<-F.81 >1? 918 C.= ;=: .>= D1-D+; ?1 =
<1/01?181 -=A@;+ <.918 9;.D1= <. ?1 8.9: .8 .D1C01< 918 - 1F.=<1: <- 1>1?+8.7 - <1->1
3$P ?=C.= 0+?9+?<.B>- 8+?1: 7- D1 <1->- -0-B.= 8. 7 - 7 + .<?=< G=<9=< 3$O .
01D<+ ?0-/1 =?: .>=61<7 1 . A0.D<1<7 1 "=?.<+ 3!* 10;.< +0: 10;.< +0: . 7 1 ?=C.: .
98= D17 +?<.B>. <1/01?- =: M >=7 - ?=?+: 7-7+ ?0G161 D01+: D1;= @;= 98= =;>0.: . ;0+I+
A=>=: +<7 + >610>=61 . : +A;=<1 ;1>=D61<. C >610> . ;1- : +A;=< .:= 7 + . A=B19<.E
?=>;=01;1 1: . ;= 7 + ;0G.@;+ <1 >=8+ ?=8.<.01 A0=?161F D1;= @;= A=9;=7 . <+>=: .>= 9;=;.<1
-<.6+0D.;+;1 >=7 . 961>+ /=?.<+ /: +?17 - ?1 <1/01?+ <1 =617<1B.< A= B+;6=0= .: . A+;=0=
:7-?. 1? 9+ B=6+> <1?=C.7 1 ;=: .>= ;=/1 A=B<+ 9;.F1;. <+>. 8.<.8-8 =9+I1<7 1 ?1 9+
=C+DC+?.= A1 . 98.0+<=9;. A= A.;1<7 - +6+<;-1: <+ =C+: =6+ <1/01?+
1? 7 + <17 D1? 9;./: 1 6+9; ?1 918 ?=C.= 1 9;./: 1 7 + ;+: +M =<9>.8 A=D.6=8 - $ 91;.
-7 -;0= =>;=C01 3!! -9: +?.: 1 7 + A0=61: 1 6+9+: 7 1 ?=;1? A0.>0.61<=/ =7 1 9-A0-/1
:+< . 71 -B;.6= 98= A0.8.: . 6+9; 1 =<?1 98= 9+ A=B+: . <1A0=9;= E.9;+0.B<= 98+7 1;. . ;= 7+
;017 1:= 96+ ?=> ;+: +M=< <.7 + A=B+= ?1 D60B. 1 <1@. G.6=;. ?1 9+ 8+<7 17- 1? 8+ 7 + <+>.
<=6.<10 A.;1= @;1 I- ?1 01?.8 91 A10181 =? =C+: 1 0+>1= 918 ?1 9+ 7 =@?6=-8.8 ?1 : .
?1 >-A.8 <+>=: .>= ;0>1B>.E >=<7 1 .: . ?6=01F - A1<.7 . =6+> =?+ . =C7 16. ;= - <=6.<181
=? 0+B. ?= 0+B. : +?+I+ <+?+: 7+ D=6+ 8+ >= C. ?0-/. 7 +?1< ;0/=61F <+>0+;<.<181 . >1G+
?1 .81 9;01@<- A=<-?- 7 +?1< A016. D181> - 19;.: 7 .
1? ?=C.7 +@ =C+: =6- <1/01?- 1 6+I9. A=A0.: .B<= .9;1><-; ;= .81 D1<.8: 7.6+ A01;+I+
A=9: +?.F+ 1 ?.0+>;=0 +08.: 1C1 .<9;.;-F.7 + 91 )) D1A=9: +<.EN<17 +?<=8 . =<. 96.E
?6+ E.: 7
1?+ ?6+9;1 A=B.<7 - ?1 9+ 2 C1@>10+2- ;=8 A-C: .F.;+;- >=7 . .8 7+ ?=@1= >1= 81: =
A0+-01<7 +< C=G.I<. A=>: =< 19;1<1> 91 A-<=8 . A0+A-<=8 : 1C=01;=0.7 =8 8=01= 9+
=?0G1;. <+>=: .>= A-;1 ?1 C. C1@96. ?=C.: . A0.:.>- ?1 -G.6= B-7 - /=6=0 "1D?+ B=6+>1 >=7 .
7+ . 01<.7 + 981;01< D1 D1C16<=/;.A1 1 91? <17 +?<=8 - <7 +8- 96. 6.?+ ;1>81F1 6=?.;+: 7-
G=<.7 - 109=<- <1:= 9+ ?1 91? . <+>. : 7-?. >=7 . D1.9;1 7 +9- 61G<. A=B.<7 - =DC.: 7<= ?1
9E61;17 - ;=/ D1C16<=/ ;.A1 .>1@>. : .9; 21< 17 892-D?081= 8+ 7 + <19: =6=8 R
R 27 -7 =0> 17 89-2?1?=@+ 9: .>- <1 >=7 =79+ 6.?. >1>= 918 .9A: 1D.=
7+D.> <1 <19: =6<=79;01<. ( . ;= <1 /=0<7 =7A=: =6.<. .D<1? A0+6=7 1
6+ =6= .DC: +?. 1: . 9;01E=A=@;=61<7 + 7 16<=9;. A0+81 ;=7;.;-: . =9;17 + 1 A0.7 +8.81
@.0=8 /01?1 A0+?9;16: 7
1< 918 >1= ?=C.;<.> =C+: =6+ <1/01?+ D1 8.0 .D=C: 19;. M .D.>+
>1? 918 A=G+: += ?1 -B.<.8 <+@;= 9A+>;1>-: 10<= 8=G?1 . <+01D-8<= . 0.D.B<= ?1 C.E
A=8=/1= 7 16<.8 @>=: 181 - .>1/- =C+: =61 96+;1 6=?.F1 7 + -9A+61: 1 7 -?. 9- 9: -@1:.
601;1 9- 9+ =;6101: 1 . <17 +?<=8 +;= A0=/0181 D1 A=C=: 7@1<7 + <19;16+ .D A0.0=?<.E
<1->1 - @>=: 181 - -G+8 90+?.@<7 +8 ?+: - /01?1 61 <1/01?1 <+6+0=61;<= A=81G+ >1?
/=? 9+ -A-@;1;+ - <+>- ?0-@;6+<= A=E61: <- ?+: 1;<=9; +D/=?<1 9;01<1 <=6B.I1 919;=7 .
9+ - ;=8+ @;= =?7 +?<=8 A=9;17 +;+ 9;0-B<7 1> D1 96+ 01D.: 9>. ?-/' ?/=6=0.I+ =617
?=C.;<.> 9=F.7 1:<=8 =9./-01<7 -' =G+ ?1 >1G+ R +F.;+ <18 A0=M +9=0+ +?+08+<
>=: .>= I+ C.;. ?-/1B>+ 9-><7 +'R R .I+ <17 >01I+ @;= 8=/- C.;. R =?/=6101 : 1-0+1; 91
A=E=;=8 - 90F- 8=7 1 <18+01 7 + ?1 C+9;.?<= 01C.8 =6- <1/01?- ?1 C.E A=8=/1=
=C01D=61<7 - .D =C: 19;. A0.0=?<.E <1->1 - ;=8 A=9: - A0.: .B<= C. 8. A=8=/: 1 7=@
7+?<1 =C+: =61 <1/01?1 1>= 8. 7 + ?17 -

206
 1@. ;0.7 -8M . - =;>0.61<7 - D180@+<.E A=7 +?.<=9;. = 9: 1C=79.: . C.:. 9- D<1;<. 9;1: = 7+
8+,-;.8 7 =@ <+>=: .>= 9;=;.<1 A0=C: +81;.B<.E B+9;.F1 >=7 + 9- <19 2 /<7 16.:+2 1 ;= 9-
E1?0=<.N7 +?<= .D=C.: 7+ B+9;.F1 >=7 + 9- 96+ A=?60/<-;+ 7 1>=79.: . 1 ;= 7 + =<1 >=7 1 ?0G.
7+D/0= 1;=81 <1 =>-A- + B+9;.F+ .81: + 9- 01D<+ =?: .>+N <+>+ =? ;.E =?: .>1 98=
A=8+<-: . >1= <1 A0.8+0 <1+: +>;0.91<7 + 819- . 9A.<
.=<. 0+F.8= =9;=7 + ;0. 01D: .B.;1 A.=<1 A.(8+D=<1 >=7 . 9+ 918= 81: = 01D: .>-7 - A=
819.NA0=-B.: . 98= .E - 8<=/= 01D<.E 9-?101 . 9609;1: . - 7 +?<- A=0=?.F- >=7 =798= ?1: .
<1D.6 8=G?1 <+=B+>.61< ( A=0=?.F1 A.=<1 7.E=61 <1+: +>;0.91<7 1 9- A: -9 7 +?1< 8.<-9
7+?1< . <-: 1 <+-;01: <= =>1D1: = 9+ ?1 961>. E1?0=< 8=G+ C.;. 9609;1< - <+>- A=0=?.F-N
96. 9- =<. ;1>= /0-A.91<. 1=<. 9+ A=9;0=7 1617 - =61>= H ( <1F. H ( .
=D<1B1617 - +: +>;0.B<. <1C=7 <1 6=?=016<1 F0;1 .D<1? ?0-/=/ <+-;01: <=/ >1=<1 =D<1>1
7+ ?1 7 + ;= 1<;.B+9;.F1 =0=?.B<. A=0;0+; A=0=?.F+ 9./81 .D/: +?1 =61>= H (
"0-A1 ;+C. <+@;= C=: 7+ A=D<1;1 7 +9;+ <->: +=<9>1 /0-A1 <7 - 91B.<7 1617 - <+-;0=< . A0=;=<
919;=7 F. 1;=89>=/7 +D/01
=0=?.F+ 9+ 919;=7 + =? B+9;.F1 >=7 + .817 - 9: .B<- 819- . 9: .B<= 9+ A=<1@17 - A0. 7 1>.8
9-?10.81 1 C. 9+ =61 D18.91= .9>1D1: 1 >=<>0+;<.7 + .D8.@: 7+< 7 + ;+08.< 2 .D=;=A<. 9A.<2.: .
.D=9A.< D=9A.< 7 + >=0.9;1< D1;= @;= <18 =8=/-I161 ?1 -6+> /: +?18= <1 A0.8+0
2<->: +=<2>1= 7 +?1< A0+?8+; 1: . - ?61 .D=9A.<9>1 9;1<7 1 <+-;0=< .: . A0=;=< : .B<= ;=8+
A.=< .81 ;0. .D=9A.<9>1 9;1<7 1 AH A( A =@7 +?<1 >=0.9<1 =?: .>1 .D=9A.<1 919;=7 . 9+ -
;=8+ @;= 7 + ;= 7 +?<1 6+: .B.<1 >=7 1 9+ A0. 7 1>.8 9-?10.81 =B-61 C1@>1= . <1+: +>;0.91<7 +
%+9;=> 9-?10 7 +?<=/ A0=;=<1 91 7 +?<.8 1<;.A0=;=<=8 8=G+ A0=.D6+9;. B+;0?+9+; 9+?18
A.=<1 =918 C10.=<1 .: . 01D<+ ?0-/+ 9;610. 1: . ->-A1< .D=9A.<9>. C0=7 A0=.D6+?+<.E
B+9;.F1 =9;17 + 9;1: 1<
-@;.<1 7 + 9: +?+I1 M .D.B10. 9- <19;=7 1:. ?1 9+ <+>1>= 9<1,- - ;=8 8<=@;6- 01D<.E
E1?0=<1 ?1 <1,- <+>. 98.91= 1 ;= 9- 01?.: . ;1>= @;= 9- A=>-@161: . ?1 -D8- - =CD.0 .
A=0+,17 - 96+ =9=C.<+ >=7 + 9- 9+ >=? E1?0=<1 .>1>= 8=/: + <1I. D;=/ 01D: =/1 8<=/.8
=?:.>181 E1?0=<1 ?1;. 9- <1D.6. >=7 . D6-B+ >1= B.9;= D+D1<7 + 2 C0=7B-?<=9;.2 C10.=<9>.
C0=7 E.A+0=<9>. C0=7. ;1>= ?1: 7+ 1@;= 2 C0=7 2
' 1;= @;= 9- 96+ ;+ =?: .>+ >61<;<+ A1
A0+81 ;=8+ 8=017 - C.;. >61<;<. C0=7 +6. >61<;<. C0=7 +6. A=@;-7 - <1B+: 1 =B-61<7 1 6=
7+ =A+; =8=/-I.: = ;+=0+;.B10.81 C1@>1= . +>9A+0.8+<;1;=0.81 C+D=A.;1 ?1 9+ ./017 -
E1?0=<.81 ?1 .E =0/1<.D-7 - ;1>= . =61>= ?1 .E 8=G?1 ;01G+I. <1?1E<-I+ - C.=: =/.7.
9609;1617 - - <+>+ @.0+ 0=?C.<9>+ /0-A+ +=0+;.B10. 9- 9+ 0->=6=?.: . A016.: .81
81;+81;.B>+ 9.8+;0.7 + 6+0-7 -I. ?1 . ;+8+: 7<+ 7 +?<1B.<+ A0.0=?+ 61: 7?1 A=@;-7 - ?-C=>+
9.8+;0.7 +
+?<- <10=B.;= -9A+@<- =0/1<.D1F.7 - 98.9: .= 7 + 3$ /=?.<+ 10+7"+: ( 1< ;+=0+;.B10
91 1: ;+>1 < 7 + =6=79E+8. ?1= <1D.6 2 =98=9;0->. A-;2A= -?.<=8 -B+<7 - >=7 + >1G+
R 6= 7 + -D6.@+<. =98=9;0->. A-; .9A016<. A=/: +?. .9A016<+ <18+0+ .9A0161< /=6=0 R
"+: ( 1< 7 + E1?0=<+ /=;=6= 81/.B<= 90+?.= - >=E+0+<;<+ /0-A+ 91 A= =918 ?= ?+9+;
B+9;.F1 - 961>=7/0-A. : -D.7 1 <1 C-?.D18 C.: 1 7 + 7
=@7 +?1< .D: +; - <+=DC.: 7<=9; 7 +?1< =?
8<=/.E ;1>6.E - M .D.F. 1: . 01D<. 8.9;.F. 9- 9+ ?=B+A1: . ;=/1 . ;= .8 7 + 91? 2 ?=>1D2?1 7 +
A016. A=0+?1> 96+;1 <+>1>= A=6+D1< 91 .9;=B<7 1B>.8 8.9;.F.D8=8
A1= 918 - <+6=: 7+ - A=D<.8 9+?18?+9+;.8 /=?.<181 >1? 7 + =? 8+<+ D1;01G+<= ?1
<1A.@+8 96=7 - >01;>- C.=/01M .7- D1 +08.: 1C=6 .<;+0<. C.: ;+< 1 A=6=?=8 =;>0.61<7 1
>610>1 ?<= =@;= 918 =B+>.61= ?1 ;= <+I+ B.;1;. <.>= =9.8 8=7 .E 9101?<.>1 - 1;16.7 .
9;16.= 918 <19: =6 2+1-;=0.D=61<1 1-;=C.=/01M .71 .=<1 +?+0( 1<12 1 8=7-G19 F+=
;+>9; 7 + A0+<+; . - # (=6.<;+0<. C.: ;+< 1 D1;.8 . - 17 +<9 9: -GC+<= /: 19.:= 8+0.B>=/
?0-@;61 D1 -<1A0+,+<7 + <1->+ >=7 + B.;1 <+>=: .>= 9;=;.<1 E.: 71?1 <1-B<.>1 - ;=7
8=7 =7A0.B. 9;=7 . . =6= R 7 +/=6= +?+08+<=6= 01D?=C: 7+ 60E-<9>+ >0+1;.6<=9;. <19;-A.=
7+ 3O$ >1? 7 + B-= 7 +?<= A0+?161<7 + "+: ( 1<1 = 8=/-I+8 A=9;=7 1<7 - <+-;01: <.E (
8+D=<1 =<+= 7 + ?6+ =?: ->+ A06= ?1 =? ;1?1 A.@+ 96=7 + A0+D.8+ 91 F0;.F=8 - 90+?.<.
>1= @;= B.<. "+: ( 1< R
6+7 +?<= ;+=0+;.B10 8.0.@+ 7 +?<1>= 9: 1;>= 81 >1>= ?1 /1 <1D=6+@ "+: ( 1<=6
=98=9;0->. A-; <16+= 7 + . ?0-/+ <1-B<.>+ ?1 F0;17 - ;1C+: + A=0+,1<.E E1?0=<1 ;1C+: + >=7 +
A=?9+I17 - <1 A+0.=?<. 9.9;+8 +: +8+<1;1 +<?+:7+7 +61 81?1 9- =6+ >-?.>18=
D1>-B19;.7 + 18;.;+ >1>= 7 + +<?+: 7+7 +6 - 96=8 A+0.=?<=8 9.9;+8- <18+9;.= +: +8+<;+
>=7. .817 - 9: .B<+ E+8.7 9>+ =?: .>+ 7 +?1< .9A=? ?0-/=/ ;1>= ?1 9- <19;1: . -9A016<. <.D=6. (

207
9;-AF.' 1 A+0.=?.B<=9; <1/=6+@;161:
17+7 +?<- -<-;01@<7 - =0/1<.D=61<=9; 019A=0+,+<=9;
+:+>;0=<1 - :
7-9>+ .1>= ;1?1 7=@<.@;1 <.98= D<1: . = +:
+>;0=<.81 +@;= - -<-;01@<7=9;.
1;=81 9+ A=<16: 7
1:=N1;=8. A=0+,1<. A= 6+:
.B.<. A=>1D1:. 9- =C01D1F 90+,+<=9; ": +?17-I.
-<1D1? .D=6=/60+8+<1 >1? 9- 1;=8. 9E61I+<. 9;.B+8= -;.91> ?1 7 + ;= ;0+C1:
= 961>=8+
?1 C-?+ 918= A= 9+C. 719<=

C019F. E1?0=<1 A=0+,1<.E A= 01D<.8 >61<;<.8 C0=7 +6.81 ;1>=,+ 60.@;+ R ;0->;-01
;0->;-01 R = C. D<1B.: = ?1 .817 - <+>- -<-;01@<7 - <.G- 9;0->;-0- A=?9;0->;-0- : . <.7+
C1@: 1>= B-;. >0.>+ 9-C<->: +10<.E +<;.;+;1 6=7 .F1 M .D.B101 =@;0=/ 9: -E1 ;= 9- -9A+: 1 A1
9- = ;=8+ . A.91: 1 "+: ( 1< 7 + A0+?: =G.= A=9;=7 1<7 + .D6+9<.E 9;0->;-01 >=7 .81 7 + ?1= <1D.6
281;+81;.B>+ 9;0->;-0+2 "=?.<+ 3$P =< 7 + .D<+= 96=7 + A=9;-: 1;+ A0+81 >=7 .81 =C019F.
=0/1<.D=61<7 1 E1?0=<1 8=/- C.;. =C7 1@<7+<. 1>= A=9;=7 + ;0. 2:=/.B>+ >=<9;0->F.7 +2 < 7 +
;.8 >=<9;0->F.7 181 ?1= . <1D.6+ 610>=6. A@;+ 7 + -6+0+<7 + ?1 7 + ;- 0+B 81D<-= .D
?.7 1C=:.B<=/ 0=81<1 G+7 891 G=7 91 18+9 =QF+ .<+/1<=6= C?+<7 + 18= - 7 +?<=8
;0+<-;>- <+>= >1G+ R 0. >610>1 D1 8-9;+01 10>1 R +</: R E0++ X-10>9 M =0 -9;+0
10> R G=0?G #617 / "+=0/+ J+./ "+: ( 1<=6 >=: +/1 ?=@1= 7 + <1 .9;- D18.91= ?=>
7+ 01?.= - # (-ND1>: 7-B.= 7 + ?1 A=9;=7 + ;0. 9;610B.F+ >=7 .81 7 + ?1= <1D.62 19=6.2
+0=61;<= <.>1? <+I+8= C1@ ;1B<= 91D<1;. >1>= 7 + <19;1: 1 ;1 A0+>0+;<1 D18.91=
<18 7 +?<- 6+0D.7 - D1;= @;= 918 C.= : .B<= A0.9-;1< ( <1 <.6+0D.;+;- =: -8C.7 1 3$*
/=?.<+ "+: ( 1< 7 + ?0G1= 9+8.<10 = 9.8+;0.7 . =98=9;0->=/ A-;1 E1?0=<1 >1? 7 +?1<
;+=0+;.B10 91 =: -8C.7 + =C+0; +0C+0 =C+0; +0C+0 D1;01G. 0+B . ->1G+ <1 B.<7 +<.F-
?1 C. 9+ =0/1<.D1F.7 1 - 2 =98.F+28=/: 1 =C7 19<.;. . ;1>= ?1 8=G?1 A=9;=7 + 918= ;0. <.G+
7+?.<.F+ =? >=7 .E C. B+9;.F+ C.: + .D/01,+<+ "+: ( 1< 9+ 91/: 19.= 1: . 7+ ?=?1= ?1 C. - ;=8
9:-B17 - ;+ A=?7 +?.<.F+ 1>= A=9;=7 + . 1>= 9- B+9;.F+ 8=01: + .81;. 7 +?<- <+B-6+<- =9=C.<-
( <1.8+ <7 .E=61 <1+: +>;0.91<7 1 8=01: 1 C. 9+ .9>1D.61;. 01D: =8F.81 B.7 . 7+ .8+<.: 1F ;0=7 >1
1>: + <1+: +>;0.91<7 1 C. C.: 1 5 * )5 * ( 5 * . ;1>= ?1: 7+
96+;- B+9;.F1 961 <1+: +>;0.91<7 1 9+ 8+0+ - =?<=9- <1 <1+: +>;0.91<7 + +: +>;0=<1
61>. +: +>;0=< <=9. +: +>;0.B<. <1C=7;1B<= .9;. . ;= $ ) 3* K ( 3 >-: =<1 =C0=
81<.;+ 9+ 91? A.;1<7 1 @;1 7 + >-: =< =6=: 7<= 7 + ?1 D<1;+ ?1 =6179: =G+<. C0=77 +9;+
7+?.<.F1 <1+: +>;0.91<7 1 . ?1 7 + <1D.618= <1A0=9;= D1;= @;= 7 + ;= <1+: +>;0.91<7 + 7 +?<=/
+:+>;0=<1 1@D/=?<= . <1+: +>;0.91<7 + A0=;=<1 7 + 1 . <1+: +>;0.91<=/ A.=<1 .9;=
;1>= . 8-=<1 D1 >=7 . 98= 7 =@8<=/= ;1B<.7 + 8+0.: . . ;1>= ?1: 7+ A0.0=?. <1+: +>;0.91<7 1
9- F+: =C0=7 <1 )* <1 9+ ?1 961>. ;1>16F+= C0=77 +9;+ - 9;610. =<= /=0+ 9: =G+<=
A=8<=G+<= 91 .:. 91 ) .: . 91 * . ;1>= ?1: 7+ ?1 1: . <1+: +>;0.91<7 1 8=/- C.;. - ?6+
609;+ A: -9 .: . 8.<-9 +818= A=7 81 D1@;= 1A0=9;= 7 + ;1>= =6+> C. 8=/1= D18.9: .;.
96+; - >=8+ C. +: +>;0=< 8=/1= .D/-C.;. 0+F.8= - <+>=8 G+9;=>=8 9-?10- .: . ./017 -I.
A=>+0 91 ?0-/.8 B+9;.F181 ) A=9;= =? 96=/ <1+: +>;0.91<7 1 = - =6=8 96+;- <+ 8=G+
:+>;0=< A0=;=< A. A: -9 . ;1>= ?1: 7
+ -6+> .817 - <1+: +>;0.91<7 +7 +?<1>=
D;=/ 01D: =/1 B.8 7 + +0C+0 .D<+= ;- D18.91= = B+9;.F181 B.7 1 C. <1+: +>;0.91<7 1 C.: 1
;0+I.<9>+ 60+?<=9;. F+: =/C0=7 1 96. 9- 0+>: . C+G. .@;1 =? ;=/1 .@;1 9: .B<= ;=8+ <.>1?1
<.7 + 6.,+<= 0.:.B<= <+=C.B<1 B.<7 +<.F1 ( ?1 9- 961 =A1G+<1 <1+: +>;0.91<7 1 7 +?<1>1
-8<=@>- F+: =/ A0.0=?<=/ C0=7 1 7 +?<=/ <+A0=8+<: 7.6=/ 9;1<?10?<=/ <1+: +>;0.91<7 1 (
A=9;1: 1 7 + ;=>=8 60+8+<1 ?+= .<;-.F.7 + M .D.B101 61 2 >61<;.D1F.7 12+: +>;0.B<.E <1C=7 1
>=0.@I+<1 7 + D1A016= >1= 90+?9;6= - ;01/1<7 - D1 <+>=8 ?-C: 7=8 9.8+;0.7 =8 A=8=I-
>=7 + C. 8=/: 1 C.;. =C7 1@<7 +<1 +,-;.8 "+: ( 1< 7 + A0+.9A.;1= ;- 9;610 A1 7 + .D<+=
E.A=;+D- = >610>=6.81 9;=60+8+<= <18 7 + 81: = C1F.= A01@.<- - =B. ;1>= 9+ C10
<+>.81 =? <19 B.<.: = .<9.9;.017 -I. ?1 >610>=6. <.9- 9;610<+ B+9;.F+ <+/= ?1 9- 918=
A=/=?<+ 81;+81;.B>+ >=<9;0->F.7 +
1 ;0. >610>1 0=,+<1 3$P /=?.<+ ?1<19 9+ D=6- /=0+ ?=: + . B-?<. 1 91G+;+ =D<1>+
9- .8 - ? . 9 =? <7 .E=6.E +</: +9>.E <1D.61 -A ?=J< 9;01</+ =9;=7 + <1016<= . ;0.
1<;.>610>1 - ? . 9 7 +?<1>.E 1: . 9-A0=;<.E <1+: +>;0.91<7 1 ?:.>+ >610>=61 8=01: + 9- C.;.
=C1D0.6= C.01<+ ?1 C. 9+ =? >610>=61 8=/: . 91/01?.;. 96. A=D<1;. E1?0=<. 610>- /=0+ 7 +
?1;= <1+: +>;0.91<7 + H)5 *N?=: + ( 5 * >=: .>= .81 . B-?<. >610> ?0-/. >61<;<. C0=7 +6. D1
>610>=6+ =?1C01<. 9- ;1>= ?1 A0. 91C.01<7 - ?17 - ;1B1< 0+D-: ;1; 1 A0.8+0 A0=;=< 7 +

208
91/01,+< =? ;0. >610>1 ( --? ( B.7 1 9- <1+: +>;0.91<7 1 H)5 * H)5 *.( 5 * @;= >1? 9+ 91C+0+
?17+ H 1 ;= . 7 +9;+ C1@;1B<= A0=;=<=6= <1+: +>;0.91<7 + <181 ?=C0= A=D<1;= +-;0=< 7 +
>=8C.<1F.7 1 -?? 91 <1C=7 .81 H)5 * ( 5 *.( 5 * @;= ?17 + DC.0 ( 1 ;= 7 + <.@;1 ;0+C1 ?1
C-?+ <.@;1 7 +0 <+-;0=< 7 + <+-;01: 1< +81 <.>1>6= <1+: +>;0.91<7+
6. E1?0=<. 91/01,+<. 9- =? >610>=61 <+>. =? ?61 1 <+>. =? ;0. D16.9<= =?
>610>=69>=/ 8=?+: 1 =9;=7 + ?6+ >: 19+ E1?0=<1 C10.=<. . 8+D=<. 10.=<. 9- 0=?C.<1
A0=;=<.81 . <+-;0=<.81N.817 - A= ;0. >610>1 - 9+C. +D=<. - >=7 + 9A1?17 - . A.=<. .
>1=<. 919;=7 + 9+ 961>. =? A= ?61 >610>1 1: . ( ;1 ?61 8=017 - -6+> C.;. 7 +?1< >610> .
7+?1< 1<;.>610> 0.8+0 =6=/1 7 +9;+ A=D.;.6<. A.=< AH >=7 . 7
+- ? 1+: +>;0.91<71 ;1 ?61
>610>1 .D<=9+ H)5 * . H 5 * @;= 7 + 7+?<1>= 1A1D.;+ ?1 ? ?1>: + >610> 1<;.?=: + .81
A=D.;.6<= <1+: +>;0.91<7+ H 5 *
1? 7 + 9>0=7 +<1 =61 01<1 E.A=;+D1 >61<;<. C0=7 +6. >610>=61 . <7 .E=6+ =?: .>+ >1= @;=
9- 9A.< <1C=7 .D=9A.< . ;1>= ?1: 7+ <18+@;+<. 9- ;1>= ?1 ;1B<= =C7 19<+ =9=C.<+ 918=
<+>=: .>= C10.=<1 ;= 9- A0=;=< <+-;0=< : 18C?1 . ;1>= ?1: 7
+ . <+>=: .>= 8+D=<1 =9: + 9+
;+> A=>1D1: = ?1 ;1>= A=9;16: 7+<. C0=7 +6. . <7 .E=6+ >=8C.<1F.7 + =?/=61017 - 96.8 =9;1: .8
E1?0=<.81 9;=;.<181 <7 .E 6-?1 9+ -9A+@<= ->: =A.:= 1;= C. ;0+C1: = ?1 . 96+ =9;1: +
=9=C.<+ 7 +?<=/ 9: =G+<=/ ;+: 1 A0=;=<1 0+F.8= C-?- =C-E61I+<+ =9=C.<181 =<.E
>610>=61 >=7 . 9- 919;16<. ?+: =6. ;=/ ;+: 1 -D =?0+,+<1 A=?+@161<7 1 >=7 1 A0=.9;.B- .D
B.<7+<.F+ ?1 >610>=6. -<-;10 ;=/;+: 17 +9- . - C: .9>.8 8+,-9=C<.8 =?<=9.81 0+C1: = C.
<1?18= 9+ 8. = 7 + D1?1;1> D1 9: +?+I1 A=>=: +<7 1 ;+=0+;.B101 >1= . D1 9: +?+I1 A=>=: +<7 1
01B-<101 <. I+ 9+ ;.8+ . C16.;. ?=?-@+ 918= 1>= .8 <+>= =C+DC+?. A=?1;>+
610>=69>+ >=8C.<1F.7 + ?=6=?+ ?= 7 +?<=/ D1<.8: 7
.6=/ A.;1<7 1 9=C.<1 7 + B=6+>1 ?1
8+<7 1 96=7 + A=<1@1<7 + >1? 7 + - ?0-@;6- ?0-/.E : 7-?. +,-;.8 >1= @;= I+8= 6.?+;.
>610> <.>1?1 <.7 + 918 D;=/ 01D: =/1 .9;.<9>+ <+.D8+<7 +<+ =?:.>+ >610>1 8=G+8= 918=
?1 .D6+?+8= <1 =9<=6- ;=/1 @;= I+8= >610>=6+ A=981;01;. A=? 01D: .B.;.8 =>=: <=9;.81
>1>= /=? -8+8=
.:= >1>= C.: = +6= 7 +?<+ ;1C: .F+ - >=7 =7 9- <16+?+<+ <+>+ ;.A.B<+ >610>=6<+
>=8C.<1F.7 + >1= . E1?0=<. >=7 . ;1>= <19;17 -

--? A0=;=< -? A=D.;.6<. A.=<

-?? <+-;0=< ?- <+/1;.6<. A.=<
-?9 :18C?1 -- H ?? <+-;01: <. A.=<
--9 9./81 A:-9 -9 A=D.;.6<. >1=<
??9 9./81 8.<-9 9- <+/1;.6<. >1=<
-?9 9./81 <-: 1 ?9 <+-;01:<. >1=<
?99 >9. 8.<-9 ?9 <+-;01:<. 1<;.>1=<
-99 >9. <-:
1

.D.B10. 9- 9+ =?-@+6: 7
161:. =6.8 9A+>;1>-: 10<.8 -9A+E=8 96+: . 9- 9;=;.<+ A0+?8+;1
>=7 . 9- A0.6.?<= C.: . =9<=6<. <1 >=8C.<1F.7 + 918= ;0. 01D<1 >610>1 <17;+08.< 2 19=6.2
.DC: +?+= 7 + . D1C=016: 7+< 7
+ .>= 9+ <+ 8=G+ ;1>8.B.;. 91 "+: ( 1<=8 - 6+@;.<. <1?+61<7 1
<1D.61 +=0.7- A0=6+0.8= ;1>= @;= /: +?18= 8=G+ : . =<1 <+@;= ?1 A0+?6.?.NE.A=;+D1 =
>610>=6.81 96+7 +?<= @;= 7 - 7+ "+:( 1< - A=B+;>- 81: = D181/: 7.61= <1 A=8+<-;. <1B.<
A=>1D1: 1 9+ C: .9;16= -9A+@<1 6= A0.8+01 =/-I1 C. C.: 1 >=8C.<1F.7 1 ;0. B-?<1 >610>1
999 .>= <.7 + A0.8+;.= ;1>6- B+9;.F- 1: . 8. 98= 7 =7 <+-D<+8.0+<. ;.8+ ?1: . <1D.6
=8+/1 8.<-9 = 9+ A.@+ 4( =@;= B+9;.F+ - >=7 .81 A=9;=7 . B-?<. >610> .817 -
=?0+,+<+ <181 A=D<1;+ =9=C.<+ C.: = 7+ 8=/-I+ A0+?6.?+;. . =9=C.<+ >=7 + C. ;0+C1:= ?1
.81 E1?0=< 999 1>= C. A=9;=7 1= 61 =8+/1 8.<-9 C.: 1 C. C1@ <+=C.B<1 B+9;.F1 91
9A+>;1>-: 10<.8 2 A=;A.9=82 "=?.<+ 3$P =;>0.6+<1 7 + - 8+E-019;=7 >=8=0. -
0->E+7 6+<- . C.:17 + ;1B<= =<= @;= 7+ ?0 "+: ( 1< <10-B.=
.9- 961 A.;1<7 1 0+@+<1 ( <. .D?1: +>1 961 9;1: = .E 7+ 8<=/= 1 A=B+;1> >1>= 9+ ;=
>610>=6. ?0G+ 7 +?<. D1 ?0-/+' =>=8 9: +?+I.E ;0.?+9+; /=?.<1 <1A.91<= 7 + <1 E.: 71?+
;+=0.7 9>.E 01?=61 . .D6+@;17 1 = =A.;.81 - 6+D. 91 7 1>=8 9.: =8 +=0.7 1 91 <1D.6=8 ;+@>.8
D1 .D/=6=0 2 >61<;<1 E0=8=?.<18.>12 A0+?: =G.:1 7 + A=9;=7 1<7+ 7+?<+ <=6+ 609;+ B+9;.F1
>=7 + 9- 918= A0+<=9.=F. 2 A=0->12 = 9- /: -=<. <. 9- >1= <+>1>16 2 F+8+<;2 .817 -
?-G<=9; ?1 2 C+;=<.017 -2>610>=6+ ?1 C. =6. =9;17 1:. D17+?<= <7.81 >19<.7 +

209
 >:19.B<=7M .D.F. A=9;=7 + ;0. 6+: .>1 D1>=<1 = =B-61<7 - = 9- D1>=<. = =B-61<7 -
+<+0/.7 + .8A-: 91 . 8=8+<;1 .8A-: 91 =>1D1<= 7 + ?1 9- 961 ;0. - ?-C=>=7A=6+D1<=9;. 91
>=<F+A;.81 A0=9;=01 . 60+8+<1 >1= @;= I+8= . 6.?+;. - =98=8 A=/: 16: 7
- 61<;<1 ;+=0.7 1
-6+: 1 7 + . 8<=@;6= ?=?1;<.E 96=7 9;161 >=7 1 9+ 8=017 - =B-61;. ( <1.8+ =9;1;.
<+A0=8+<7 +<1 . ;=>=8 8<=/.E 01D<=609<.E 9-C<->: +10<.E <->: +10<.E . 1;=89>.E
A0=F+91 0.8+0. D1 =6= 7 +9- +: +>;0.B<. <1C=7 A10<=9; . 8<=/+ <=6+ =?: .>+ >1= .D=9A.<
B-?<=9; C10.=<9>. C0=7. : +A;=<9>. C0=7 +I98= 91D<1: . ?1 9+ 9.: + A0.0=?+ 01D: .>-7 - A=
;=8+ @;= 96+ <+ A=@;-7 - 961>. D1>=< =B-61<7 1NA0.8+0 <18 7 + C.= A10<=9; .?+: . 98= ?1
+:+>;0=81/<+;<1 . 7 1>1 9.: 1 A=@;-7 - A10<=9; 1 9: 1C1 9.: 1 /1 <+ A=@;-7 +
1? E=I+8= ?1 A0=6+0.8= 61G+<7 + <+>=/ D1>=<1 = =B-61<7 - A0+/: +?18= =/0=81<
C0=70+1>F.7 1 - >=7 .81 7 +?<1 =?: .>1 ( <1 A0.8+0 <1+: +>;0.91<7 + ( 8=G+ C.;. -9;1<=6: 7+<1
A0+ . A=9: + 0+1>F.7 + 18;.8= ?1 9- A016.: 1 = =B-61<7 - +<+0/.7 + . = =B-61<7 - .8A-: 91 C.:1
;1>= ;60?= -@1<B+<1 ?1 98= >1? 7 + A0.8+I+<= ?1 - <+>.8 9: 1C.8 A0=F+9.81 <19;17 +
2>0@+<7 +2;.E A016.: 1 98.9: .:. <=6- B+9;.F- <+-;0.<= 918= ?1 C.98= =C7 19<.: . >-?1 =?: 1D+
+<+0/.7 1 . .8A-: 9N. ?=C0= 98= -B.<.: . 61G+<7 - <+>=/ D1>=<1 =B-61<7 1 8=G+8= <+@;=
91D<1;. . - 9: -B17 - ?1 <+>+ 0+1>F.7 + -A=0<= =?C.7 17- ?1 9+ ?=/=?+ 1 A0.8+0 +: +>;0=<
<+I+ ?1 9+ 019A1?<+ - ?61 <+-;0.<1 D1;= @;= C. ;= <10-@.: = D1>=< = =B-61<7 -
<1+: +>;0.91<7 1 0-/. A0.8+0 D1 =6= 7 + 019A1?1<7 + A0=;=<1 18;.;+ A0=;=< 9+ <+
019A1?1 0=;=<.81 7 + ?=?+: 7
+< 7 +?1< C10.=<9>. C0=7>=7 . - 9-@;.<. A0=.D: 1D. .DA0=;=<=6+
9;0->;-0+ ( .D;=/1 @;= 7 + =< 91/01,+< =? ;0. >610>1 0=;=<. <+-;0=<. : 18C?+ 9./8+ .
;1>= ?1: 7
+ ( 96. ;. ?0-/10. 919;16: 7+<. =? A= ;0. >610>1 ( .817 - C10.=<9>. C0=7 H
?/=61017 -I+ 1<;.B+9;.F+ .817 - ( 6. 8+D=<. A0+<=9.=F. 9.: + 1 . 96. : +A;=<. .817 -
C10.=<9>. C0=7 >= C10.=<9>. C0=78=01 9;0=/= ?1 9+ =B-61 =<?1 <17 :1>@. =? 96.E
C10.=<1 1 ;= 7 + A0=;=< <+ 8=G+ <.>1? ?1 9+ 019A1?<+ 7 +0 C. 8=01= ?1 9+ 019A1?<+ <1
B+9;.F+ : 1>@+ <+/= @;= 7 + =< 1 96. =<. 2 >1<?.?1;.2>=7 . C. - ;1>6=8 019A1?- 8=/: . <19;1;.
.817 - C10.=<9>. C0=7 1016<= >1? 9+ 9-?10+ A0=;=< . 1<;.A0=;=< <7 .E=6DC.0 C10.=<9>.E
C0=7+61 7 + . D1;= .D ;1>6=/ 9-?101 8=G+ ?1 <19;1<+ C.: = @;1 1>= C10.=<9>. C0=7
2=C71@<7 1612D1@;= 7 + A0=;=< 9;1C.: 1< +-;0=< >=7 . 9+ 019A1?1 <1 A0=;=< +: +>;0=< .
<+-;0.<= B-61 A0.: .>=8 019A1?1 96=7C10.=<9>. C0=7 N.9;= B.<. . A0=;=< - 7 +D/0- >=7 . 9+
8=G+ 019A19;. <1 <+-;0=< A=D.;0=< . <+-;0.<=
E 7 1?1< 7 + ;17>=7 . 8=01 6+B<= ?1 G.6. 0=;=< 9+ <+ 8=G+ 019A19;. <1 A.=<+ 7 +0 C. ;=
A0+>0@.: = D1>=< = =B-61<7 - C10.=<9>=/ C0=7 1 + 8=G+ 9+ 019A19;. <1 <+-;0=< A=D.;0=< .
<+-;0.<= 7 +0 C. ;.8+ A=/1D.= D1>=< = =?0G1<7 - +<+0/.7 + + 8=G+ 9+ <. - M =;=<+ <.;. -
<+-;0.<+ 019;=B.;. 7 +0 C. ;= C.: = A0=;.6 D1>=<1 = =?0G1<7 - <1+: +>;0.91<7 1 =9;=7 + . ?0-/.
D1>=<. = =?0G1<7 - . 8. A=B.<7 +8= ?1 9;.B+8= -;.91> ?1 -A016= D1>=<. = =?0G1<7 - ?17 -
=6=8 96+;- =C: .> >1>16 .81 1016<= 7 19<= <18 7 + 61: 7 ?1 96.81 >1? C. A0=;=< 8=/1=
;+> ;1>= ?1 9+ 019A1?1 <1@ =A9;1<1> C.= C. -/0=G+< =018= =A+; .81;. - 6.?- ?1
A0=;=<=6 G.6=;<. 6+> 8=G?1 .A1> <.7 + 9;610<= <+=/01<.B+< 19+: 7+<1 7 + 9;101 7 +?<=
A+;<1+9;1> 8.: .7 10?. /=?.<1 >= A0=;=<=6 G.6=; ;017 + 8<=/= ?-G+ =? ;=/1 8=G+8=
981;01;. ?1 9-?C.<1 <1@+ +A-C: .>+ <.7 + - <+>=76+: .>=78+0. ?=6+?+<1 - A.;1<7 +
+,-;.8 A=9;=7 + <+>+ <=6.7 + =C7 +?.<7 +<+ ;+=0.7+ A=: 71 >=7 + A0+?9>1D-7 - ?1 D1>=< =
=B-61<7 - C10.=<9>=/ C0=7 1 <+ 61G. C1@ A=;A-<= C=/ =6.E ;+=0.7 1 -B.<7 +<. 9- 6+: .>.
<1A=0. ?1 9+ =A1D. 019A1? 81>10 . 7 +?<=/ 7 +?.<=/ 9: =C=?<=/ A0=;=<1N 1: . -D1: -?
+,-;.8 <+>. D1>=<. = =B-61<7 - 9;610<= 9+ A=@;-7 - 918= A0.C: .G<= +?1< A0.8+0 D1 ;=
C.= 7+ A10<=9; -?<=9; 7 + 98.@: 7 +<1 ?1 C. 9+ <+>1>= =C7 19<.: 1 B.<7 +<.F1 ?1 <+>. C10.=<.
G.6+ 8<=/= ?-G+ <+/= @;= C. ;0+C1: = ?1 G.6+ 1>= 9+ .817 - - 6.?- 961 8=/-I1 >=<1B<1
9;1<7 1 - >=7 1 9+ ;. C10.=<. 8=/- 019A19;. +> ?=F<.7 + 98= ?=D<1: . ?1 B-?<=9; <+>+
B+9;.F+ ( 0+F.8= <+>+ : 18C?+ .: . >1=<1 ( D<1B. ?1 7 + - <7 =7A0.9-;1< 9 >610> 18C?1 .
>1=< 9+ .A1> A=9: + <+>=/ 60+8+<1 019A1?<- 1 <7 .E=69 >610> 9+ - ;=8 A0=F+9- A0+;6=0.
-: 1>@. ? >610> +,-;.8 - =6=8+ 9+ 1</1G-7 + 9:1C1 9.: 1N7 1>1 9.: 1 <+ G+: . ?1 .81 .>1>6+
6+D+ 91 9 [ ? A0=F+9=8 0-/.8 0+B.81 7 1>1 9.:1 B-61 B-?<=9; =@;= 7 + 9: 1C1 9.: 1 9:1C1
019A1? : 18C?+ >1=<1 . ?0-/.E B: 1<=61 ;+ A=0=?.F+ 7 + 9A=0 =;-? 7 + <7 .E=6G.6=;<. 6+> ?-/
( ( 9+>-<?+ -8+9;= ()* 9+>-<?+ >=: .>= C. <=081: <= ;0+C1: = ?1 ;017 - ;1>6.
A0=F+9.

210
 1@ 7+ ?=C0= @;= 98= .D 8<=/= A0161F1 B609;= ?=E61;.:. ;+ D1>=<+ = =B-61<7 -N7+0
A=9;=7. 7
+?1< 61G1< 81;+81;.B>. ?=>1D?1 9- D1>=<. =B-61<7 1 A=6+D1<. 91 9.8+;0.7
181
>=7+ A0.0=?1 A=@;-7+ 9.8+;0.71 7+ 7
=@ =? 1:+91 A1 96+ ?= +: ?=<1 ":+@=-1 /: 16<1
9;610 6- 6+D- =;>0.:
1 7+ 7 +?<1 G+<1 81;+81;.B10>1 8. +?+0 88Q =+;E+0 =>=
3) /=?.<+
1 9+ 601;.8= <1@=7A0.B.

A=9: + =;>0.61<7 1 =8+/+ 8.<-9 . A=9: + 01D<.E ?0-/.E <1@.E -9A+E1 =9;1: 1 7 +
B.<7 +<.F1 ?1 <.>1?1 <.98= 6.?+: . <.7+?1< >610> 1 =6= >1G+8 - =<=8 98.9: - >1>= ;=
M.D.B10. 8.9: + 1 <+ >1>= ;= 8.9: . =<1 9>+A;.B<1 9;101 ?181 - A-C: .F. #617 /7 + =? 918=/
A=B+;>1 ;60?.= ?1 9- 2 19=6.2 5>610>=6. 9;610<. A0+?8+;. +<;.;+;. >=7 . D1.9;1 A=9;=7 + : . >1?
7+ G=< .A: 9 91?1@<7 . ?.0+>;=0 +08.: 1C1 C.= 8: 1? +>9A+0.8+<;1;=0 - A=;01D. D1
>610>=6.81 "+: ( 1< 8- 7 + 0+>1= ?1 <+ ;0+C1 =>= ;=/1 ?1 9+ D1817 161 7 +0 >610>=6. 9-
918= 2 ><7 ./=6=?9;6+<= 90+?9;6=2
1>= <+@;= >1D1;. 7 +?<=8 +>9A+0.8+<;1;=0- ;= D<1B. C1F.;. 8- 0->16.F- - : .F+ 1 96+
9;01<+ 9- : 7
-?. >.?.91: . ?1 <1,- >610> 1C=8+ >1? /=? 9+ .D: +A+ A: 1>1;. 201G. 9+ 2
A=B<- ?1 9;.G- . : 1G<+ A0.7 16+ ( <+>=8+ 9+ 2 -B.<.2?1 7 + 6.?+= +>. 9- D16.0.61: . -
>=98.B>+ D01>+ .81 : . ;- >610>=61' +>. =A+; - ?-C=>+ 9: =7+6+ ;1: =/1 <1 ?<- 8=01
+>. - M .<= 9;10= 6.<= R <<<+81 >610>=61 =6?+ E.> R "?+ 7 + ;17 98+@<. 81: .
+:+>;0.B<. <1C=7 D1A0+;1< - 81;+0.7 .' 6. 1>F+: +01;=0. 9- -A=;0+C: 7
+<. - A=>-@17 - ?1 9+
01DC.7 - 0+@+;>+ 0=C.7 1@<.F+ . C10+8 7 +?1< >610> A-9;. <1 9: =C=?- 0+C1: = C. ?1 9+
<1+: +>;0.91<7 + =? 5 * .: . )5* 901D8+0<= : 1>= <1,+ 1: . 6+I.<1 =A.;1 =9;1: 1 7+ C+D.>1>6=/
.9E=?1 +?1< +>9A+0.8+<;1;=0 <1 ;+<M =0?9>=8 -<.6+0D.;+;- -A=;0+C.= 7 + 817 -@<+ 60: =
;1B<= .D01,+<+ : =A;+ =? <.=C.7 -81 . 91=A@;.= ?1 7 + -9A+= ?1 -E61;. 7 +?1< >610> - D18>-
? ;=/ =A.;1 <.7 + <.@;1 C.: = D1;= @;= <.>= <./?+ <.7 + -9A+= ?1 /1 A=<=6. +>. ?09>.
9;-?+<;. 9- A=9: + <=9.: . 817 .F+ 91 <1;A.9=8 R =01@.81;. <.=C.7 -89>+ : =A;+ 1>= G+: .@?1
-: =6.@>610> R
610>=6. 9- C.: . 16+;.<7 9>1 9;610NA=@;= 98= 8.9: .:. ?1 .E .81 ;0. 1 ;0A+: . <+-9A+E+ -
A=>-@17 - ?1 =;>0.7 +8= 81>10 918= 7 +?1< 1 >1= . DC=/ ?6=98.9: +<=9;. >=7 1 7 + =? 918=/
A=B+;>1 A01;.: 1 D18.91= >610>1 B.;16 >=<F+A; >610>=61 =9;1= 7 + <1A=: 1 <+A0.E61I+< ?=
>19<.E @+D?+9+;.E /=?.<1 1?1 7 + 7+?<1 ?0-/1 >: 191 =A.;1 D1;01G.: 1 =? <19 ?1 A0.D<18=
A=9;=7 1<7 + >610>=61 .: . C10 <+>.E 2 >610>19;.E29;610B.F1 D8.9: .:
. 98= >610>=6+ ?1 C.98=
=C7 19<.: . A=9;=7 1<7 + . >: 19.M.>1F.7- =/0=8<=/ C0=7 1 E1?0=<1 +,-;.8 1>= 9+ A0=;=<
919;=7 . =? ;0. >610>1 D1@;= 9+ ;1 ;0. <+ A=>1G-' E A1 6+I =?16<= 98= 618 =?1: . ;-
;17 <- =/-I+ 7+2 6.?+;.2>610>=6+ = 618 7 + =A+; =<17 1?+0M =0?=6=A.;

6 6

"=?.<+ 3$T A=8=I- <=6=/ D01>1 +: +>;0=<1 - #(- A0+?-D+; 7 + <.D =A.;1 91
019.A1<7 +8 #.: 7 A0=-B.;. 9;0->;-0- A0=;=<1 81: = A0=?=0<.7 + 2D19+I.2 - A0=;=<+
.9=>=+<+0/+;9>. +:+>;0=< -: +;. - 8+;- >=7 1 9+ 919;=7 . =? 6=?=<.>1N- <7 =7A=/=?. <+>.
A0=;=< D.,+ +: +>;0=< 8<=/= <.G+ +<+0/.7 + A=? <+>.8 6+: .>.8 -/: =8 - =?<=9- <1
A-;1<7 - >=7 =8 9+ A06=C.;<= >0+;1= <+ ;1B>19;+ 9;0->;-0+ >=7 + A=9;=7 + - A0=;=<-
A=9: -G.:
+ 9- ?1>: + - <+>=8 98.9: - 0+B. .9;= >1= @;= 7 + 9:-G.:
= =<= 7 +D/0= >=7 + 7 +
1?+0M=0? /1,1= 1: M1(B+9;.F181 9;= 1: . . <+ C1@ .9;= 7 +0 7+ =6?+ A=90+?. C.: = . <+@;=
.9;1<B1<.7+
6179;+<M =0?9>. ;.8 A0+?6=?.: 1 9- ;0=7 .F1 <1-B<.>1 #(=6 M.D.B10 .B10? +7 :=0
.FE10? 1Q: =0 A= <1F.=<1: <=9;. 1<1,1<.< D1;.8 G+0=8 0.?8+< +0=8+ 0.+?81<
. +<0. +<?1: +<0Q +<?1: : =C=7 .F1 M
.D.B10. 91 (1 7
.81 9- 96=7 .8 ;+=0+;.B109>.8
>.C.F=61<7 +8 =/0=8<= A=8=/: . .B10? 17 <8+< . G+7 89 7 =0>+< 17<8+< 7 + -<=9.=
96=7 - +<+0/.7- . 81@;- - 7 1>1 8+,-?+7 9;61 1 <10=B.;= - A.;1<7 + R ;1 .81 - A0=;=<-'R
17<8+< 7 + =9;1= - 1: ;+>- - 191?+<. 1: .7 + B+9;= ?=:1D.= - ;+<M =0? 7 =0>+< >=/1 96.
D=6- 918= 7 9;+<M =0?9>. 7+ ;+=0+;.B10 < 9+ 6+=81 D1<.81= D1 918 A=9;-A1> 60@+<7 1

211
=A.;1 >1= . D1 A016.: 1 >=7 1 9+ >0.7 - .9A=? A0.6.?<= 2 <+91D0+: .E2A=?1;1>1 1 A016.: 1
981;01= 7 + 7 =0> ;0+C1: = C. ?1 C-?- A=>1D1;+: 7= =9<=6<.8 D1>=<.81 >=7 . 6:1?17 - -<-;10
2F0<+ >-;.7 .F+2. >=7 1 >=<;0=: .@- 9;0->;-0- E1?0=<1
6?+ 8=018= ?1 9+ 601;.8= <1@.8 ?=C0.8 9;10.8 A0.7 1;+: 7.81 +8=>0.;- . -,+0-
=@>=6.I- D1;= @;= 9- =C=7 .F1 - .D6+9<=78+0. =96+;: .:1 =6- ;+8- +8=>0.;=6 ;+9; ?1 : .
<+@;= 7 +9;+ 1(;=8 .: . <.7 + 919;=7 . 9+ - ;=8+ ?1 A.;18= ?1 : . 7 + ;= <+@;= <+?+: 7.6=
>610>=69>=8 8=?+: - A0=;=< 7 + : +A:7.61 98+91 ;0. >610>1 >=7 . 9+ >0+I- C0D= =@;= 9- ;.
>610>=6. -6+> <+01D?6=7 <= 6+D1<. .D8+,- 9+C+ ;=>=8 =A.;1 B.<. 9+ ?1 7 + A0=;=< <+?+: 7 .6
=@>=6.I7 + 8+,-;.8 ?=?1= 7 =@7 +?1< ;+9; : +8+<;10<1 B+9;.F1 ?1>: + 1(;=8 8=01 C.;.
<1: .> <1 ;1B>- 1 =6=8 ;+9;- A0=;=< 961>1>= A1?1 =8+<-;1 +>.A1 .D ( #(1 -D
A=8=I 17 <8+<1 . 7 1 9E61;.: 1 7 + ?1 =A+01;.6<= 8+0.: = =6?+ 8=01 C.;. =<= = ;1B>19;=9;.
1 <+ = <+?+: 7.6=9;. . : 7-?. 9- 91?1 8=01: . ?1 A0+<+9- 96=7 + A=?1;>+ - <+>. 8=?+:>=7 . C.
91?0G1= ;1B>19;+ 919;16<+ ?+: =6+N=6= 7 + D1E;+61: = .9;1<B1<=9; ?1: +>= 6+I- <+/= @;= 7 +
1?+0M =0? - 96=8 =A.;- A=9;./1= 1;= 7 + C.: = ;1>= D/=?<= .81;. - ;.8- ?6=7 .F-
;+=0+;.B101 >=7 . 9- 8+,- <17 C=: 7.81 <1 96+;- 9E=? A=?1F. 9- <1/=6+9;.: . ?1 -<-;10
A0=;=<1 =?.9;1 A=9;=7 + ;1B>19;. A=>0+;<. A0+?8+;. "=?.<+ 33 +7:=0 0.?8+< . +<?1:
=;.@:. 9- . -D+: . 96=7 - =C+: =6- <1/01?- ?=C.7 +<- D1;= @;= 9- -9;1<=6.: . ?1 >610>=6.
9;610<= A=9;=7 + = 9- =<1 ;0=7 .F1 <1-B<.>1 >=7 + A=8.<7 + G+7 .<= <1 A=B+;>- =6=/
A=/: 16: 71
+?<= ?=C0= A.;1<7 + >1>= 8=/- ;. ?0-/10. ?1 6.?+ >610>=6+ >1? >610>=6. <.>1? <.9-
9:=C=?<.' =8.9: .;+ <1 E+08+;.B>. D1;6=0+<- >-;.7 .F- - >=7 =7 9- ;0. B+: .B<+ : =A;.F+
0=;0+91;+ >-;.7 - <1/.<7 +;+ 7 + ;18= . =618= =9: -@>-7 +;+ . D1>: 7-B.;+ ;0. : =A;.F+
-?.>18= M .<.71 A=+<;1 919;=7 . 9+ - ;=8+ @;= >610>=6+ -6+> 8=G+@=;>0.;. 918= - C: .D.<.
?0-/.E >610>=61 @;= C. 8=/: = .D8+<.;. <7 .E=6+ =?: .>+ +@;= 9+ 8=01: = -B.<.;. - 6+D. 91
=6.8 B.<.=F+8 1: . A.1<= A.1<=
+=0.7 1 >610>=61 A0.?=C.7 1:1 7 + <=6+ A0.9;1: .F+ <10=B.;= 8+,- ;+=0+;.B10.81 >=7 . 9-
/: +?1: . >1>= A=?1F. A=B.<7 - ?1 A0.?=?17 - >610>=6.81 96+ A=-D?1<.7 - 9;610<=9; >1>= 9+
A=7 16: 7-7 - <=6+ =?: .>+ >1>= 9+ -A016= ;1 <+8=/-I<=9; ?1 /: +?18= A=7 +?.<1B<+
>610>=6+ A0+;6101 - A0+?<=9; 17 A=A-: 10<.71 0+B A=9;1?+ 2 >=<M 17 <8+<;2 F=<M .<+8+<; (
D1;=B+<=9; D1;6=0+<=9; - =/01<.B+<. A0=9;=0 9A0+B+<=9; ?1 9+ .D <+>=/ 8+9;1 .D.,+
610>=6. =9;17 - ;- D1;=B+<. D1 961 60+8+<1 D1;= @;= >1? A=B<- ?1 9+ -?1: 7
-7 - 7 +?1< =?
?0-/=/ +<+0/.7 1 A=;0+C<1 D1 ?1: 7+ A=6+I1<7 + ;.E 019;=7 1<7 1 A=9;17 + 96+ 6+I1 . 6+I1 >=
C1@ <161: .8= .D 96+ 9<1/+ ?=?1;1 +<+0/.7 1 A=9;1<+ ?=6=: 7<= 6+: .>1 D1 9;6101<7 + A101
>610>(1<;.>610> . /: + 91? =?7 +?<=8 .818= B+;.0. >610>1 1 ;= D<1B. ?61 8+D=<1 = ;. 7 +
>1= ?1 A=>-@161@=?<+;. >-I. 918= 7 +?1< >017<+>=/ >1<1A1 E61;.@;17>017 A=6-B+@
A0+9+B+@<7 +/=6- 6+D- 91 ?0-/.8 >017 +8 . -E @;1 9+ ;= ?+9.: = =C.= 9. ?61 >1<1A1
@B.;161<7 + >610>=69>+ 9;0->;-0+ <1 =9<=6- =A.;1 91 019.A1<7 +8 +: +>;0=<1 C.: = 7+ -
60: = 6+: .>=78+0. 8=<=A=: 1A1?<+ =C1: + =018 <1A=8+<-;. 8+,-;.8 ?1 7 + .
8=7 1 /0-A1 - 0->E+7 6+<- - ;= 60+8+ A0.>-A: 71: 1 6+=81 9: .B<+ A=?1;>+ +9;= 918 - @1: .
/=6=0.= ?1 7 + ;17 7 =0>+< 01?.= <1 9;=B<=7=C1: . 7 1 C.E =;>0.= >610>=6+
=<;019;. .D8+,- =A.;1 - #(- . 0->E+7 6+<- A=>1D-7 - ?1 A=9;=7 . 6.@+ =? 7 +?<=/
<1B.<1 ?1 9+ 2 =?+0+2>610> =C1 9: -B17 1 /1,1< 7 + A0=;=< :. +7 :
=0 0.?8+< . +<?1:
>=0.9;.: . 9- >1= 9=<?+ +: +>;0=<+ 1 8. ( A0=;=<+ <. 9- - #(- C1F1: . +:+>;0=<+ - 2 F0<-
>-;.7 .F- A=?0-B7 1 9-?1012. 8+0.: . =<+ +: +>;0=<+ >=7 . 9- .D;=/1 .D: 1D.: . D: 1D.:= 7 + . 8<=/=
@;=@;1 ?0-/= ( <1 A0.8+0 A0=;=<. . A.=<. ( 1: . =6. ?0-/10. 9- ;= A0+<+C0+/: . . 98= -
0->E+7 6+<- A0=;=<.81 /1,1: . >=81? -01<1 ?1 C.98= A=/=?.: . A0=;=<+ - <7 +8- 1
A1G<7 - 98= -90+?90+?.: . <1 A10=6+ 8-=<1 >=7 . 9- .D: 1D.: .N <7 .E 98= 8+0.: . A=8<=
=<=6.I- D1 =<+ 8+,- 6181 >=7 . <.9- A1D.: . +: +>;0=<. . 8-=<. 9- : +A;=<. -=< .81 96+
.9;+ =9=C.<+ >1= +: +>;0=< 9+8 @;= 7 + ?6+9;1 A-;1 ;+G.
+>1= 918 01<.7 + ?1 7 + =A.; - #(- C.= 9: .B1< =<=8 1?+0M =0?=6=8 =A.;- 91
019.A1<7 +8 B+9;.F1 >=7 . 9+ D160@.= ;1>= @;= 7 + =;>0.6+<= A=9;=7 1<7 + 1;=89>=/ 7 +D/01 : .
1?+0M =0? 7 + <1A0=9;= /1,1= 7 +D/0= 1: M1(B+9;.F181 . 8+0.= A=? >=7 .8 -/: =8 =<+ =?9>1B-
#(- 7 + A0=F+9 C.= 9: =G+<.7 . >= I+8= /=6=0.;. 7 +D.>=8 ;+=0.7 + . >=0.9;.;. 8+<;1: <-
9:.>- >=7 - <18 <-?. 81;+81;.>1 +: +>;0=< >=7 . 9+ 97 -0-7 + >1 81: =7F0<=7>-;.7 . @1: 7+ .9A0+?
9+C+ - <7 - 7 +?1< M =;=< 17M =;=< 7 + /: 19<.> >= /: 19<.> .81 C1@=<+ A016+ A=;0+C<+
=9=C.<+ 8=G+ 9+ ?+9.;. ?1 /1 7 +?1< =? >610>=61 1A9=0C-7 + >= +: +>;0=< .DC1F. .D9+C+
7+?1< -9A+@1< M =;=<(/: 19<.> ;1>16>=7 . C-?+ - F0<=7>-;.7 .F. A=7 +?+< A=9: +?.F1 7 + ;= ?1

212
9+ .D8+<+ . +<+0/.7 1 . >0+;1<7 + ;=/+: +>;0=<1 1? +: +>;0=< .D: 1D. .DF0<+ >-;.7 .F+ =9: 1C: 7+<
1 <1-B<.F. /1 .D8+0+ 0-/.8 0+B.81 +<+0/.7 1 .D:1D+I+/ +: +>;0=<1 >1G+ <18 <+@;= =
C1B+<=8 . A=7 +?+<=8 M =;=<-(/: 19<.>- . @;= 7 + 7=@ 61G<.7 + = =<=8+ @;= 7 + /: 19<.>1
A=7 +: = =B+<. =C01D1F M =;=<1(/: 19<.>1 8=/1= 9+ ;-81B.;. 918= <1 7 +?1< <1B.< <1.8+
?1 .E 7 + - A0=;=<- -6+> 1A9=0C=61: = A= 7 +?<= 2 <+@;=2>=7 +7 + ;1B>19;=
?.8-=<9>=8 =A.;- ;1>= 7 + <1D61< 7 +0 98= A0=.D6=?.: . A= ?61 8-=<1 -
0->E+7 6+<- @1: 7+8= 6.9=>=+<+0/+;9>+ A0=;=<+ - =C: 19; F0<+ >-;.7 .F+ <+0/.7 1 ;=/
A0=;=<1 ?=6=?. ?= ;=/1 ?1 .D8+9;1 9-?101 C-?+ .D01B+< 7 +?1< M =;=<(/: 19<.> >=7 . >0+<+
<1A=: 7+ ?1 .D.,+ .D F0<+ >-;.7 .F+N1: . A0+ <+/= @;= ;= A=9;./<+ 019A1?<+ 9+ <1 8-=< .
=?/=61017 -I. 1<;.8-=< + ?6+ B+9;.F+ .D: +;+ .DF0<+ >-;.7 .F+ . C-?- .D8+0+<+ 6= <18
>1G+ <+@;= = =?: .>181 M =;=<1(/: 19<.>1 1 ;= 98= ?=D<161: . . - #(=6=8 =A.;-
+,-;.8 =A.; 91 A10=8 8-=<1 ;+=0.7 9>. 7 + 9E61I+< ;+> 3T) /=?.<+ 1 . A=9: + ;=/1 C.: =
7+ A=;0+C<= 7 =@ 8<=/= ?0-/.E .9;1<B1<.E ?=>1D1 ?1 C. 9+ <17 D1? 9;./: = ?= ;1B<=/
;-81B+<7 1
6= ;-81B+<7 + A06. 9- .D: =G.: . .?<. 0+: .?<+Q 0+: : . <7 +/=69;-?+<; -</ = 1<
-</ = Z1< <1 ;+<M =0?-N<.81: = .D<+<1,-7 -I+ 7 +0 9;+<M =0?=6F.81 9- 8-=<. - >06.
7.E=6 D1>: 7-B1> <1@M =;=<(/: 19<.> =<17.D>=/1 9+ 01,1 8-=<9>. A10 <19;17 + ;1>= @;=
7+?1< =? >610>=61 - A0.9;.G-I+8 C0D=8 A0=;=<- =9;610. 9-?10 91 7 +?<.8 1<;.>610>=8 -
A=/=,+<=78+;. A0. B+8- ?1C=8+ ;17>610> . ;171<;.>610> 8=017 - 8+,-9=C<= ?1 9+
1<.E.: .017 - 6= 7+ @.0=8 96+;1 A=D<1;= >1= 2 0+: ( 1<=6 =A.;2.1>= 98= 8. 98.9: .:. . .D6+: .
F+= =A.; 1 0+:. 1< 2 918=2A0=<1@: . A016= ;-81B+<7 +
1? 7 + .B10? 17 <8+< D1 8=7?.8-=<9>. =A.; <1A.91= - 7 +?<=796=7 =7><7 .D. ?1 7 +
2 0+: ( 1<=6=A.;2( @1: .= 9+ B=6+> ( 7 1 918 ;+: +M=<.01= 0+: - . 0+>1= 8- ?1 A=D=6+ 96+ =<+
/01,1<+ >=7 . 9- >-A.: . ;- 17 <8+<=6- ><7 ./- . ?1 961>=8 A=<1=9=C 91=A@;. ?1 ;0+C1
A0+F0;1;. .8+<1 0+:. 1< <1 9;01<. PT . .D<1? ;=/1 -A.91;. .8+ +?+08+< .918 9+
-9-?.= ?1 ?=91,-7 +8 17 <8+<- 0+:7 + 01?= A0.9;1= . A016?1 7 + ;0.7
-8M =61: 1
? ;.E 60+8+<1 ?= ?1<19 =A.; 0+: 1 1<1 . +?+08+<1 .D6+?+< 7 + - 96.8
:1C=01;=0.7 181 . 96-?1 7 + A0-G.= ?=>1D+ ( >=7 . 9+ 8+,-9=C<= ->: 1A17 - . A=;60,-7 - ( =
;1B<.8 <1B.<.81 <1 >=7 + >610>=6. /01?+ A0=;=<+ . 8+D=<+ 1 .A1> =6= <.7 + <16+: = C1@
96+ M .D.B10+ ?1 A=6+0-7 - - A=9;=7 1<7 + >610>=61 0+=9;1: =7 + <+@;= 9>+A;.F.D81 8. 98=
96+ ;= 60+8+ .81: . - 0->E+7 6+<- ?=>1D ?=>1D>=7 . 7+ 8=/1= 96+ 9>+A;.>+ ?1 -C+?. 1
>=7 . <18 7 + <1A0=9;= C]=B. 1: . <.98= D<1: . @;1 =< D<1B.
D6+: . 98= <1@=A.; 3$! /=?.<+ . ;= 7 + C.= A06. =A.; ;+ 609;+ <1 96+;- 981;01: . 98=
/: 1;>= A=6+I1<7 + A0=.D6=?<7 + 8-=<9>.E A10=61 >=7 + 7 + <19;-A1: = -A=0+?= 91
A=6+I1<7 +8 819+ -A=;0+C: 7+<.E M =;=<1(/: 19<.>1 =;=<(/: 19<.> 8=G+ ?1 .81 A0=: 1D<-
819- 81 >=7 + 60+?<=9;. 1: . @;= 7 + ;1 60+?<=9; 6+I1 ;= 7 + >01I. 6+> ;=/M =;=<1 1 . ;+G+ /1
7+ <1A016.;. 1? 17 D+<C+0/ A+; =< 18;.;+ @;= 7 + 6+I1 8191 ;= 7 + 81<7 . ?+: .I
A0=9;=01 >=7 . 8=G+ C.;. .9;01G+<NA=@;= 7 + ;= ;1>= ;0+C1: = C. ?1 6.?.8= A0. A=6+I161<7 -
+<+0/.7 + A0=;=<1 96+ 81<7 . C0=7 ?=/1,17 1 91 A=019;=8 +<+0/.7 + 96+ 81<7 . C0=7
8-=<9>.E A10=61 ?1>: + D8+8= ?=C.7 +<+ A=?1;>+ . C1F.8= .E - >==0?.<1;<. 9.9;+8
=C.7 +8= 7 +?1< /01M .>=< ;= 7 +9; 7 +?<- >0.6- =: =G+<1 =91 K(=91 9: -G. D1 ;= ?1 <1 <7 =7
=D<1B1618= 96+ 6+I+ . 6+I+ 819+ 9A016<1 =91 Q(=91 9: -G. ?1 <1D<1B.8= >=: .>= 7 +
8-=<9>.E A10=61 A0=.D6+?+<= 0+C1: = C. ?1 ?=C.7 +8= >0.6- =6=/=C: .>1

213
 B+>-7+8= ?1>: + /: 1;>- 9.:
1D<- :.<.7
- >=71 C. D<1B.:1 A0=.D6=?<7 - 96+ 81<7 +/ .
81<7 +/ C0=71 8-=<9>.E A10=61 >1? 9+ A=6+I161 +<+0/.7 1 M
=;=<1 >=7. C. E;+= ?1 .D:
+;. .D
F0<+ >-;.7
.F+ : . -8+9;= ;=/1 ?=C.7+8= <+@;= =;A0.:
.>+ =61>=

+/?+ =>= * "+ ?1>: + <1 ;=8 <.6=- 819+ /: 1;>= 9A-@;1<7 + <.D >0.6- C.: = 7
+
<10-@+<= ;1>= @;= 9+ A=7 16.: 17+?<1 2 /0C.<12D1 >=7 - 9+ 91? >1G+ ?1 7 + +?+08+<=61 /0C1
1>6= .9A-AB+<7 + <1 /01M .>=<- A=>1D-7 + ?1 9+ ?+9.: = <+@;= <+=B+>.61<= - =6=8 9: -B17-
<+>. ?=/1,17>=7 . <+ 8=G+ C.;. =C7 1@<7 +< 918= A=9;=7 1<7 +8 M =;=<1(/: 19<.>1 B./:+?<=
7=@<+@;= 7 +2 9+?+:=2<1 0+: ( 1<=6.8 ?=/1,17 .81 1? 98= A06. A-; 7 19<= . B.9;= A0=81@.: .
<+@;= @;= I+8= ;+> >19<.7 + =;>0.;. . @;= I+ C.;. >=<1B<. ?=>1D9;610<=9;. >610>=61
= @;= 9+ /0.F>18= @;= <.98= A06. =;>0.: . ;1B>19;- 9;0->;-0- A0=;=<1 . @;= 9- @6+?9>.8
?+>0+;=8 ?=?+: 7+<+ =C+: =6+ <1/01?+ 0.?8+<- +<?1: - . +7 :=0- <+ D<1B. ?1 98=
9;610<= : 7
-;. 1> <. 7 =0>+< ?1 7 + C.= >=? <19 8=G?1 <+ C. 8=/1= ?1 A0=D0+ /=?.<+
3$! 96+ M .<+ 6+D+ .D8+,- C0->E+7 6+<9>.E ?.8-=<1 . >610>=61 6+7+?<= ?.8-=<9>.
=A.; 7+ - 0+;0=9A+>;.6. 91/: +?1<= 8=7 <17 =8.:7+<.7. 1>= =0./.<1: <1 D18.91= ;1>=
81@;=6.;1 ;+E<.B>. D1.9;1 ?+;.<7 19;= 7 +?<=9;16<1 D1 .D6=,+<7 + ( ;=:
.>= 7+?<=9;16<1 ?1
918 A0=A-9;.= ?1 6.?.8 =;>0.I+ ?+F+<.7 + >=7 + 7+ C.:= ;- =?1F. 9- 9+ <1: 1D.:. <1 ;0.
8+9;1 <17 A0+ 7+ ;- C.= 0+: ( 1<=6 ?=>1D= ;1B>19;=79;0->;-0.N?0-/= ?=>1D?1 A=9;=7 .
>=<F+A; D61<. 2 C=712- 1A9=: -;<.8 .D<=9.81 = ;=8+ I+8= >19<.7 + N1 ;0+I+ 7 + =;>0.I+
5 9. ( ?G+7 (A9. =?81E <1.: 1D. 61>. A=7 +?.<. =? ;1 ;0. 919;=7 >1 C.= 7 + <=C+: =69>=/
>61:.;+;1 1 98= 9E61;.: . =<1>= >1>= 7 + ;0+C1: = ?1 9E61;.8= @6+?9>1 01: 7
+69>1
1>1?+8.7 1 8=/: 17 + ?1 -@;+?. 9+C. C10 ?6+ <1/01?+

214
 61 =A.;1 7 +?1< D1A=B+; 3T) 1 ?0-/. 3T* .D8+<.: 1 9- M .D.>- +?1< 7 + C.= -
0->E+7 6+<- <+>1?1@<7 +8 6=7 <=8 : =/=0- 8+,- >0G: 7
16.8 C=0.I.81 <1 A+9>- 918=
?+9+; 8.<-;1 ?1: +>= =? 7 +?<+ =? <17 :+A@.E A: 1G1 <1 96+;- <1 7 -G<=7=C1: . =</ 7 :
+<?1
>=7 . >1= ?=C10 ?=81I.< A0.81 =>+1<9>+ ;1: 19+ @;= 9+ ?= <7 +/1 61: 717 - 81: ;+<+ =?
10.D1 0-/. =A.; C.= 7 + - #(- - 98+,.8 C0?.81 .D<1? 9;+<M =0?9>=/ 9;-?+<;9>=/
/01?1 >=7 . 7
+ .D/01,+< - @A1<9>=8 9;.: - C1 ;1 =A.;1 C.:1 9- A+F1<7 + - 8-;<=76=?. .
7+?1< <. ?0-/. <.7 + C.= 719<= 8=;.6.91< 1: . >1? 9- 9+ 9-?10.: . ;= 7 + ;1>= ;0+9<-: = ?1 7+
D6-> =C: +;+= 96+; =/1,17 . 91 >0171 3TP /=?.<+ =9;17 - D1C+: +G+<. - .9;=0.7 . M
.D.>+ >1=
=6+8C109>1 0+6=: -F.71 = >=7 =79+ A0.B1 . A0.A=6+?1 >1? /=? M .D.B10. 9+?<- ?1 DC=0+ =
60+8+<.81 9;10.8 . 7 -<1F.81 .D ?16<.<1 . ?1 A.7 -F>17- 2+0.7 +02 A0+?.9;=0.71 ;+
0+6=: -F.7+ 7+9;+ ;+=0+;.B109>= -6+0+<7 + >=7 + 7+ <7.81 81: ;+<+ 0+: ./.71 ?1 A0.0=?1 8=01
C.;. :
+A1 9.8+;0.B<1
06= ?1 <1A=8+<+8= ?1 E.A=;+D1 = A=9;=7 1<7- >610>=61 <.7 + D<1B.: 1 <.>1>6- A0+;<7 -
9;1;-9- +: +>;0=<1 >1= +: +8+<;10<+ B+9;.F+ 1(;=81 18= 91?1 9- A=9;=7 1:+ ?6+ >: 19+
;1B>19;.E B+9;.F1 ( >610>=6. . : +A;=<. : +>;0=< 8-=< . <+-;0.<= 9- : +A;=<. 96+ 7+ 8=/: =
C.;. M.<= ?1 <.9- 610F ;17 <C+0/+0 . +?+08+< D1C0: 71:
. F+:- 9;610 =<.8 =A.;=8 91 ?61
<+-;0.<1 ?7 +?1<A-; 7 + .9A1: = ?1 .818= B+;.0. : +A;=<1 +: +>;0=< +: +>;0=<=6 <+-;0.<=
8-=< . 8-=<=6 <+-;0.<= 1 918= ;0. >610>1 /=0+ ?=: + . B-?<. 1C+: 1 = ;=8+ 8=/: 1
7+ /=?.<+ 3T) .D/: +?1;. <1A.91<1 M .D.B109>.8 91G+;.8 9.9;+8=8 <=;1F.7 + =61>=

>610>=6. - ? 9
:
+A;=<. + 8
<+ <8

:
71> -7 + <+ <+ C.9;+ 6. <1A.91: . ;1>6- ;1C: .F- 7+0 C.: 1 C. C+D6+D+ +A;=<. : +A=
90+,+<. ?61 A= ?61 1 =?+: 7+<7 + >610>=61 901D8+0<= 0-G<= 918= ;0. >=81?1 - 7 +?<=7
+A=E. >1? 9- M .D.B10. 6+IC.: . 01D=B101<. C0=7 +8 *
+=0+;.B10. +: ?=< ": +@=- . 7 =0>+< ?161: . 9- 6+I 3$P A0.8+?C+ >=7 + 9- 81<7 +(6.@+
D<1B.: + ?1 C. C.: = <1A0=9;= @1081<;<= >1? C. A=9;=7 1= B+;60;. >610> .8+ C. C.: 1
=C<=6: 7+<1 9.8+;0.7 1 .D8+,- >610>=61 . : +A;=<1 =<1 9.8+;0.7 1 >=7 - 98= -A0=A19;.: .
=;>0.I+8 8-=<9>=/ <+-;0.<1 B+;60;=/ : +A;=<1 "=?.<+ 3T A=7 16.= 9+ <+@;= 7 1B.
;+=0.7 9>. 01D: =/ ?1 9+ 6+0-7 + - A=9;=7 1<7 + B+;60;=/ >610>1N ": +@=- . <7 +/=6. 9101?<.F.
.9;1>: . 9- 10/-8+<;+ D1 ;= 9: =G+<+ 1: . ?.6<+ ? ;1?1 7 + ": +@=- C.= 9;019;6+<. C=01F D1
>610>=6+ <1B+ 81: = >= >1G+ 2 ":+@=-2 N<7 +/1 . =C=G161=F. . A0=;.6<.F. D=6- 9>01I+<=
+:. 6.?.;+ +:. 7+ <1A.91= <+>=: .>= ><7 ./1 . - <7 .81 ?=>1D1= ?1 8=G+ 9;610<= 60: =
9;019;6+<= ?1 9+ C16. ;.8 96=7 .8 1?6=>1;.91<7 +8 - A0.: =/ >610>=61 +:. 7+ 7+?1< =?
/:16<.E 10E.;+>1;1 <1@+/ 9;1<?10?<=/ 8=?+: 1 1: . 7+ 8<=/= F+<7 +< . DC=/ 96=7 .E A0.B1
F./101 . >0.;.B>.E >=8+<;101 = ;0+<?=6.81 - ;+=0.7 .
":+@=- 7 + =0/1<.D=61= B.;16 810>+;.</ D1 ;- 96=7 - D18.91= = B+;60;=8 >610>- 1=
8- 7 + . <1D.6( @108 -;=61= 7 + <1 <+C0=7 +<+ 9+8.<10+ 01?.=<.F+ . >=<M +0+<F.7 + . 96-?1
.<9.9;.01= ?1 +>9A+0.8+<;1;=0. ;0+C1 ?1 ;01/17 - D1 >610>=8 @108 7 +/=61 D18.91= C.: 17+
?1 I+8= A=8=I- ;=/ <=6=/ >610>1 . A=8=I- <=6+ 9.8+;0.7 + - >=7 =7>610>=6. ;1>=,+
?=: 1D+ 961>. 91 96=7 .8 A10<7 1>=8 ( /=0+5 ?=: + . @1085 B-?<. ( -9A+;. ?1 .D: +B.8= 8<=/+
A1;=: =/.7 + ?=>;=0+ C=: . 8+ =6?+ - ;+=0.7 . 9: 1C+ 9.: + 9A+: = C. <1 A0.8+0 A=<.@;161<7 +
<+>.E 0+1>F.7 1 >=7 + 9- C.: + A0+?6.,1<+ 1 <.>1? =A1G+<+ 1:=(A=81: = +: . 7+ A0.?=C.7 1=
>=:+/+N.81= 7 + C10 8+,- ;+=0+;.B10.81 96+ 6.@+ A0.9;1: .F1 :+;= 3TP /=?.<+ 7 +?1<
A0+>0+;<. A0+/: +? ?=;1?1@<7 .E A=9;./<-I1 A=? <19: =6=8 R 01/1<7 + D1 >610>=8R=C7 16.: .
9- D17 +?<.B>. +0. "17 10 10Q "1: :.10? 7 +?<1 =? ;01/.B<= 81: =C0=7 <.E G+<1 - M .D.F.
.D61<0+?1< ;+=0+;.B10 8+,- 60E-<9>.8N +< . . G=< =9<+0 =< =9<+0 617<7 .E=6
B:1<1> C.= 7 + D1 +>9A+0.8+<;1;=0+ <10=B.;= A=-B1< D1;= @;= 7 + ->1D.61= <1 ;= ?1 ;1>16
>610> E17 ?+ ?1 /1 <1D=6+8= F . <7 +/=61<;.>610> F 8=/- ?1 C-?- <1A016: 7+<. - F0<=7
>-;.7 .F. . ?1 .D<7 + .D.,- >1= 7 +?1< <+-;01: <. 8+D=< - >=8+ 9- 9A=7 +<. F . F = ;0=7 + 9- B1>
<1C1F.: . D18.91= ?1 9;10. C0->E+7 6+<9>. A=?1F. 8=7 + /0-A+ = A10=6.81 8-=<1 8=/- C.;.
?=>1D?1 9+ F F 019A1?17 - <1 ?61 8-=<1 . ?1 C. ;= 8=/: = C.;. ;-81B+<7 + +?+08+<=6+
/0C.<+ >=? *"+ = D<1B. ?1 C. 8191 ;+ 9;610. ;=/F F ;0+C1: = ?1 .D<=9. *"+

215
 A1> C.: + 9- ;= 918= ;+=0+;.B109>+ A0.B1<F.7 + <+>.8 =C7 16:7+<.8 .9;=0.7 1;.81
=6+8C109>+ 0+6=: -F.7 + ;60?. 9+ ?1 9- +>9A+0.8+<;1;=0. 01?.: . ?= C+96+9;. <1A=0<= ?1 C.
A=;60?.: . D18.9: . ;+=0+;.B101 61>=8 ;1>6=8 .9;=0.B10- >1G+8 91<717 91<7 17
>9A+0.8+<;1;=0. 9- A+F1: . <19: +A= <+ D<17 -I. @;1 C. .D;=/1 8=/: = .9A19;. 0->E+7 6+<-
7+ C.= 2 :=6 <1 ?G=8C-2( ;01/1<7 + D1 <+>=8 <+016<.<=8 - A=?1F.81 D1 <+B.8 @;= C.
8=/: = A0+60<-;. D1A0+G<1 >=: 1 A-<1 7 1C->1 1 <+ 9;1C.: .D=61;. .E
=> 9- ": +@=- "17 10=61 . 7 =@ <+>. : 7-?. A0.B1: . = @108- +>9A+0.8+<;1;=0. 9- C.: .
D1/: .C:7 +<. - <+>+ ?0-/+ 96=7 + A0=C: +8+ 61>=8+ 7 + 6+I C.: = 719<= ?1 7 + - ;=>-
96=7 +609<= ;1>8.B+<7 + .D8+,- >=: 17?+01 +: +>;0=<(A=D.;0=< +( +H . 1>F+: +01;=01 A0=;=<1
=?+: .:. 98= 9+ <1 ?6+ 609;+ <1-B<.>1 : +A;=<F+ . E1?0=<F+ D8+,- <19 9+ 6=?.: 1 G-9;01
019A0161 : +>;0=<. 9- A=9;.D1: . 9:1C+ -B.<>+ 1: . A=?0G161: 1 .E 7 + A0=A1/1<?<1 >18A1<7 1
;1>= 7 1>1 ( ;= 7 + ;0+C1: = ?1 B-7 +;+ =@;= 9+ 981;01 ?1 7 + +: +>;0=< ;1B>1 C+D .>1>6+
9;0->;-0+ =<?1 +: +>;0=< <1016<= <-?. 7 +?<= B.9;= A=B+;<= 9;1<7 + - 60@+<7 - =A.;1
.9A1: .@ 7 +?1< +( +: +>;0=< 1 - 9-A0=;<=8 98+0- +: +>;0=<- - 9-90+; 7 +?1< +H
A=D.;0=< . =<. -: +;+ - F0<- >-;.7 .F- A0=9;=0 - >=8+ 9+ 9-?10+ .9;= 7 19<= =B+;<. 7 +
>=01> .<9.9;.01: = 9+ - ;=8 8=?+: - ;17?1 9-?10 B+9;.F+ . 1<;.B+9;.F+ ?=6+?+ ?= 9;6101<7 1
7+?<=/ M =;=<1(/: 19<.>1 B.7 1 I+ +<+0/.7 1 C.;. 7+?<1>1 DC.0- +<+0/.7 1 ?617 - B+9;.F1 >=7 + 9-
9+ D1>-F1: +7 +?<1 - ?0-/-
17 M =;=<(/: 19<.> G.6. 6+=81 >01;>= 1 =<?1 9+ 81;+0.7 1:.D-7 + - A10=6+ B+9;.F1
=?/=61017 -I+ 819+ +<+0/.7 + 9A.<1 . ?0-/.E >61<;<.E C0=7 +61 >=7 . 9- <18+;<-;. D1>=<.81
= =B-61<7 - 17A10 B+9;.F1 .D: 1D. .DF0<+ >-;.7 .F+ . 8. 6.?.8= <17 B+@I+ 7=@7+?1< A10
+H +( ) A10 8-=<(1<;.8-=< .: . * E1?0=<+ - @.0=>=701D<=609<=9;. >=8C.<1F.7 1 1: .
-6+> =/01<.B+<+ A=B+;<.8 -9: =6.81 ( +<+0/.7 =8 . >61<;<.8 =?: .>181 =<=/ M =;=<1(
/: 19<.>1 1D<=609<=9; 8=/-I.E >=<1B<.E 9;1<7 1 >=7 1 961 A0=.9;.B- .D 7 +?<=9;16<=/
A=B+;<=/9;1<7 1 A=>1D-7 + ?1 7 + =61 ;+E<.>1 60: = 8=I<1
A=0+?.;+ =6= 91 9-?10=8 ?61 A0=;=<1 61>. 9+ 919;=7 . =? A= ;0. >610>1 >=7 . 71>=8
9.:=8 ?+: -7 - 7 +?<. <1 ?0-/+ ;1 ;= D<1B. 2 ?+: -7 -2' = D<1B. ?1 .D8+,- 9+C+ 60: = C0D=
01D8+<7 -7 - ( ;= 7 +9; 7 +?1< ?0-/=8+ ?=?17 - ( /: -=<+ B+9;.F+ >=7 + 9- A0+<=9.=F. 7 1>+ 9.: +
19<.7 + - =6=8 A=/: 16: 7- /=6=0.I+8= . = /: -=<.81 1 C. <1@ <+: +A. A0=;=< C.= 7 =@
D180@+<.7 . -6+> 9+ 8=G+ ?+9.;. ?1 <+>. /: -=< ?=> A-;-7 + =? 0+F.8= 7 +?<=/ /=0+ ?=
7+?<=/ ?=: + >610>1 D1 ;0+< D1C=016. 96=7 - ?-G<=9; . ?1 9+ 81;+0.7 1:.D-7 + >1= @;= B.<+
M=;=<.(/: 19<.F. - 7 +?1< C.: = >=7 . >610> . - <7 +/=61<;.>610> <1 A0.8+0 - 9 . 9 1 A=7 161
A101 9 9 6+=81 7 + >01;>=;017 <1 A=@;= /: -=< 8=01 =A+; ?1 9+ 601;. 2 > 9+C.2 8=01 ?1
A=9;1<+ =<= @;= 7 + . C.= <1 60+8+ ?1 9;./<+ <1 F.: 7. ?1 <1 F.: 7- C-?+ 1A9=0C=61< :.
.A1> ;=>=8 ;=/7 +?<=/;0+<1 A0=;=< 7 + 9:=G+<.7 . <+/= .<1B+
.D.B10. >=7 . 9- E;+: .(<+ E;+: . 8=01: . ?1 01?+ 918= 91 1>F+: +01;=0.81 +: +>;0=<1 7 +0
<.9- .81: . =<+ D1 A0=;=<+ A=?0-/: 7
.6= 9- /=6=0.: . <+ C1@9196.8 <+;1B<= ?1 7 + A0=;=<
2>1<;1 D1 98+I+21 9-?10 ?61 A0=;=<1 .: .7+?<=/A0=;=<1 . 7 +?<=/1<;.A0=;=<1 ( 9-?10 ?6+
>1<;+ A0+A-<+ ,-C0+;1 . ?1 .D9-?101 .D: +I- : 7-9>+ =? 7 171 >=0+ =? C1<1<1 =/0.D.<+ .
9A: 1B.<+ >1= . A=F+A1<. >: 1?.=<.B>. ;.>+;.
=>=8 @>=: 9>+ 3T*(TP /=?.<+ 9;+<M =0?9>. +: +>;0=<(A=D.;0=< +( +H >=: 17?+0
<1D61< A=B+= 7 + ?1 A0.>-A: 7
1 A=?1;>+ ?81E 7 + <1: +;+= <1 7 +?1< <+=C7 1@<7 .6
0+D-: ;1; -?10. 9- B+@I+ <+/= @;= 7 + ;= ;+=0.7 9>. C.: = A0+?6.,+<= ?161: . E1?0=<+ 0.B1 7 +
D180@+<1 1 C.: 1 7 + . A0.: .B<= ?=91?<1 96+ ?= =>;=C01 3TP .D.B10. 91 #(1
A0+?6=,+<. 10;=<=8 .E;+0=8 -0;=< .FE;+0 >=7 . .E - 9;610. .A1> <.7 + A0+?6=?.= 7 +0
7+ A= 9;10=7?=C0=7;01?.F.7 . 6=,1 /0-A1 C.= C1@;.E ?1<1 =?9-;1< A=B+: . 9- ?1 -:1D+ - ;01/
. >=01> A= >=01> ?1 9+ A0.8.B- <+>.8 B-?<=61;.8 ?+7 9;6.81 >=7 1 9- .9>09161: 1 >1? 7 + DC.0
+<+0/.7 + ?617 - 9-?10+<.E B+9;.F1 C.= =>= * "+ 1 ;= 7 + >1= @;= 9+ 8=G?1 9+I1;+ 7 +?<1
9-/+9;.6<1 8191
;610 7 + >=<1B<= D1C.C+0+<1 ;.8+ @;= 7 + A+; E.: 71?1 >.: =8+;101 .9;=B<= =?1;: + -
0->E+7 6+<- 7 +?<1 /0-A1 91 (1 A=<16: 71:1 =<17 <1@ =A.; .D 3$T /=?.<+ =<17
?.8-=<9>. +M7 + C.= +87 -+: .</ 18-+:# # .</ 1 ;=/;.A1 9+ A0.B1: = ?1 7 +
C.= D1A=6+?<.> 96.E 8: 1?.E .D6.,1B1 - +A-C: .F. .<. =<=7=9;069>=7 <1 17 61<-

216
961>=8 9: -B17 - ?=>;=0.01= 7 + - .B./+<- =?01?.= 7 +?<= A=: -/=?.@;+ >1= 8: 1?. ?=>;=0 -
# (- 1 =<?1 9+ A=B+;>=8 @+D?+9+;.E /=?.<1 A0.?0-G.= 8=7 =7/0-A. >1= ?=F+<; <1
=: -8C.7 . ?1>: + A0=M +9=0 - 9- <+>+ <7 +/=6+ =@;0+ .6.F+ 7 =@81: = .D=@;0+<+
0+F.D1< ?= 9.;<.F1 916+9;1< 9.: <= =?1< A=9: - +>9A+0.8+<;1;=0 >=7 . D1.9;1 -8+ ?1
=0/1<.D-7 + 9;610. =617 .</ 01?.= 7 + 91 8<=8 <1 =: -8C.7 . <+>=: .>= /=?.<1 D1;.8 7 +
A0=6+= <+>=: .>= ?=C0.E /=?.<1 . - : 1C=01;=0.7 . Z C: .D- 18C-0/1 - +81B>=7
=<?1 7 + A0+@1= ?1 C-?+ A0=M +9=0 <1 (- - 7+ C0D= A=9;1= 7 +?<1 =? <1@.E /: 16<.E
9<1/1 0+F.8= ?1 7 + D1-D+= A+;= 8+9;= ( @+9;=' ( A= D<1B17 - - .9;01G.61<7 - B+9;.F1
.91= 918 = <7 +8- A.98= 91 A0+A=0->181 . -A-;.= ;= (- >1? 7 + ;0+C1: = ?1 9+ =<
;18= D1A=9: .N1 - A.98- 918 81: = . A0+-6+: .B1= <+>+ <7 +/=6+ 9: 1C+ 9;01<+ ( @;= 7 + 9;101
?=C01 M =01 >1? 9;610<= E=I+@?1 <+>= C-?+ A0.8: 7+< ( A0+-6+: .B1= 0+>=E 918= ?1 C.E <1
>017 - A.981 8=/1= ?1 D1>: 7-B.8 R .</( 60-I. >.9+= >.<+9>. M .D.B10 R .9;.<- 7 + 8+<. .</
81: = . 98+;1= D1;= @;= 7 + >1? 918 C.= ?+;+ 8=7;1;1 C.= 6: 19<.> A+0.=<.F+ 6+@1 1 9
?0-/+ 9;01<+ -: .F+ C.: 1 7+ ?0-/1 >=<>-0+<;9>1 A+0.=<.F1 B.7 . 7 + 6: 19<.> C.= 7 +?1< .<+DN
;1?1 918 9+ <19: -@1= A0.B1 = .<+D.81 >1= <1@.8 ;1>81F.81 1;= 9+ . ?1<19 -<+06=D.8
>1? 9+ - C: .D.<. A=7 16. C.: = >=7 .M .D.B10 .<+D
=> 7 + 01?.= <1 +: +>;0=<9>=781@.<. - : 1C=01;=0.7 . A=9;1= 7 + 9;0-B<7 1> D1 1<1: .D+
+H +( A10=61 <19;1: .E - +: +>;0=<9>.8 9-?10.81ND1;= 7 + 91?1 D1>: 7-B.= ?1 C. =;>0.61<7 +
A10=61 +: +>;0=<1 C.: = C=: 7. <1B.< ?1 9+ .D6+?+ 0+:( 1<=6 ---A9 A10?=< .</=6
?.: +A;=<9>. =A.; 1>= 9+ ?1>: + ?+9.: = ?1 /=?.<+ 3TP .</C-?+ - 0->E+7 6+<- . ?1 D1
01D: .>- =? >=: +/1 - #(- >=7 . 9- 9-?101: . +:+>;0=<+ . A=D.;0=<+ -A=;0+C: 7161 918=
6.9=>=+<+0/+;9>+ A0=;=<+ C1F1 .E - 9;1F.=<10<- 8+;- . =<?1 <1A0=9;= A=981;01 A10=6+
+H +( >1>= .D: +I- .D F0<+ >-;.7 .F+ :. =< .E 7 + A=981;01= A=8=I- <17 <=6.7 +/ <1 96+;-
.<9;0-8+<;1 D1 ;= A=8=I- ?+;+>;=01 ?1: +>= ;1B<.7 +/ <+/= @;= 7 + C.:1 =<1 9>1: 18+0.7 1
>=7 - 98= 8. 9>-F1: . 9+?18 /=?.<1 A0+ ;=/1 =0.9;+I. 10A1>=6+ #E10A1> G.B1<+
>=8=0+ .</ 7 + -9A+61= ?1 .D8+0. . ;= ;1B<= 819- M =;=<1(/: 19<.>1 .: . C.:= >=7 + ?0-/+
B+9;.F+ >=7 1 .D 9+C+ 0=?. A=8+<-;. A10 +: +>;0=<(A=D.;0=< =@;= . 8-=<. . +: +>;0=<. 7 +9-
:+A;=<. 9;610 7 + ;6=7 + <1>: =<=9;. >=7 . I+@A10 01?.7 + ?1 A=981;01@ .</7 + >0+<-= - : =6<1
?G=8C- <19;=7 1= 7 + ?1 -A+F1 8=G?1 <+>- <=6- A=7 16- 1 <+ ?1 A=;60?. 81 >=7 -
A=9;=7 +I- E.A=;+D- R =: .8 ?1 7 +?+8 >.<+9>- E01<- 91 ;+=0+;.B10.81R 0+>1= 7 + .</
A0.B1 9+ 7 +?<=8 A0.: .>=8 R 1: . A0=6+9;. B.;16G.6=; 01?+I. =<= @;= ;+=0+;.B10. A0+?: 1G- ( ;=
C. C.: = /-C: 7+<7 + 60+8+<1 R 1@7 + A0.>: 1?<= ?1 ;1>16B=6+> <1,+ >610> D61<. @108
-?C.<1 7 + E;+: 1 ?1 =C+ /0-A+ . =<1 - 0->E+7 6+<- . =<1 - #(- ?=,- ?= .9;=/
=;>0.I1N1: . 96+ ?= <=6+8C01 3TP ;+ ?6+ /0-A+ +>9A+0.8+<;1;=01 <.9- D<1: + /=;=6=
<.@;1 7 +?<1 = 01?- =<+ ?0-/+ C=/B+/1 =<?1 >1G+8= ?1 9- ;1 ?61 =A.;1 - 8+,-9=C<=7
6+D.' #(=6 =A.; C1F1 +: +>;0=< <1 A=D.;0=< . >1= A06. >=01> ?=C.7 1 9+ 7 +?1< 6.0;-+: <.
M=;=< 0->E+7 6+<9>. =A.; .81 <1 918=8 96=8 A=B+;>- 9.;-1F.7 - >=7 1 7 + /0=D<=
D1A+;: 7
1<1 1: . =<?1 .A1> A=981;01 6.0;-+: <+ M =;=<+ 1>= ( . 918= 1>= ( =<. .D.,- .D/-G6+ .
019;-0+ 9+ - A10=6+ +H +( 1>: + =C1 =A.;1 .817 - A=9: 1 91 M =;=<=8(/: 19<.>=8 >=7 . 8=G+
.81;. C.: = >=7 - A0.60+8+<- 819-5 +<+0/.7 - =<1 D16.9. =? 9<1/+ 9-?101 =C0= A0=6+0+<.
8=?+:=<=/1 @;= 9+ ?+@161 - #(=6=8 9-?10- /: 19. =61>= 9;6=0. 9+ M =;=<(/: 19<.> >=7 .
9+ 8=G+ 2 019;6=0.;.2<1 E1?0=<+ ( 0+F.8= <1 ;0. E1?0=<1 .: . <1 A.=< . ?61 >1=<1 .: . <1
A0=;=< 1<;.A0=;=< . ?61 A.=<1 .: . <1 A10 +: +>;0=<1 .: . 8-=<1 . ;1>= ?1: 7
+ =/-I<=9;. 9-
8<=/=C0=7 <+ . -6+> 9- - 9>: 1?- 91 -: 1D<=8 +<+0/.7 =8 >1= . 91 .8A-: 9=8 9A.<=8 .
?0-/.8 -: 1D<.8 B.<.=F.81
0+81 ;=8+ 1>= A=9;=7 . <+@;= <=6= B.7 1 7 + 8191 81<7 1 =? DC.01 +<+0/.7 1 ?61 D01>1
@;= 9+ 9-?1017 - =<?1 . ;= <+@;= 8=G+ - =6=8 9-?101<7 - ?1 <19;1<+ ;16.@+ 1>= ;1
<=61 2 9;6102.81 =<+ .9;+ A=A-: 10<+ >61<;<+ C0=7 +6+ >=7 + . M =;=< .81 =<?1 ;1 9;610
8=G+ . ?1 ?=8.<.01 - 0+1>F.7 . 1>= 7 + DC.0 ?617 - +<+0/.7 1 ;1B<= 7 +?<1> 819. A=8+<-;+
<=6+ 9;610. +<. 9- <+>. : 7-?. A0.B1: . ?1 =A+09>. A+61B 1>= .9;017 <= A+61 =?0+,+<- <=;-
=?/=61017 -I=8 9<1/=8 8=G+ A0.9.: .;. M
.<- 6.<9>- B1@- ?1 9+ 019A09<+ =6+ B+9;.F+ 9+
01,17 - =;A0.: .>+ ;1>=
C0->E+7 6+<9>=76+0D.7 . 1>F+: +01;=0 C1F1 A0=;=<+ - <+A=8.B<- 8+;- 1 ;= 7 + -
=6=8 9: -B17 - >=81? C+0.: .7-81 1? A0=;=<. >=7 . 9- A0.: .B<= >0-A<+ B+9;.F+ 9;1<- ?1
-?1017 - - C+0.: .7-8=61 7 +D/01 >=7 1 9- ;1>=,+ A0.: .B<= >0-A<1 A=B<+ ?1 9+ ?+@161 96+ .
961@;1 610> <1: +;. <1 >610> +>. ?0-/. >610> <1: +;. <1 1<;.>610> 0+I. =A+; <1 /: -=<
:. /: -=< <1: +;. <1 /: -=< =: .>= /=? ?1 7 + 6.9=>1 +<+0/.7 1 1>F+: +01;=01 ?+@1617 - 9+ -6+>

217
. 9-?10. <1 8<=/= <.G.8 +<+0/.7 181 7 +0 >610>=6. >=7 . 9- 919;16<. ?+: =6. 7 +?<=/ A0=;=<1
-D.817 - 961>. D1 9+C+ A= 7 +?1< ?+= A0=;=<=6+ +<+0/.7 + 1: . 918= ?+= <.7 +?1< 7 + <+
-D.81 D1 9+C+ F+: - C=/ 96.E ;.E 01D: =/1 : +A;=<9>. A10=6. >=7 + 7 + .</ 8+0.= ?1 C.
;-81B.= 96=7=A.; .D: 1D.:. 9- .D81@.<+ 81<7 +(6.@+ <19-8.B<= 0+?<=9; ;1>6=/ 9: =G+<=/
A=B+;<=/ 9;1<7 1 919;=7 . 9+ - ;=8+ @;= .81@C10 <+>+ 81: + .D/: +?+ ?1 A0=.D6+?+@96+ @;=
9+ 91 ;=8 +<+0/.7 =8 A0=.D6+9;. 8=G+ +0 ;=: .>= ;=/1 9+ ?+@161 - 9-?10- ?6+ >1<;+ A-<+
=;A1?1>1 +D/=?1 7 + @;= =<- <=6- 9;610 8=01@ <+>1>= ?1 <1,+@ - /=8.: . >=7 +B+/1
?0-/=/ 1 C. B=6+> ?=>1D1= ?1 <=61 B+9;.F1 A=9;=7 . 8=01 ?1 A=<=6. F+= A0=F+9 8<=/=
A-;1 . ;= -9A+@<= . 0+D-: ;1;. 8=017 - C.;. 8+,-9=C<= - 9>: 1?- 1 =6= ;. 7 + A=;0+C1<
?=C10 ?+;+>;=0 1 90+I- =617 .</=67 + C.= 9;610<= 817 9;=09>.
#(=6= 2 >=A: 7+2 C.:
=7 + - 96+8- 9-A0=;<=9; <. 9- ;18= ;0+9>1: . +:+>;0=< =
A=D.;0=< 918= ;= -6+> = 7 + 7 +?<=9;16<= 6+ B+9;.F+ =C+ ;1B>19;+ 81;+0.7 1 .
1<;.81;+0.7 1 9-?10+ 9+ . -D17 18<= 1<.E.: .017 - 1;+0.7 1 <+9;1<+ A0+;61017 -I. 9+ - B.9;-
96+;: =9; - M =;=<(/: 19<.> = 7 + 7 +?1< A1>+;.I +<+0/.7 + >=7 . 9+ A=9: + =A+; D/-9<+ -
81;+0.7 - >= D01> 91 7 +?<+ 9;01<+ ?=<=9. +<+0/.7 - =? 0+F.8= OO)O "+ 1 ?0-/.
9-A0=;1< D01> .9;= ;=: .>= ;. ?=C.7 +@- 961>=8 9-?10- +<+0/.7 - >=7 1 7 + 7+?<1>1 <7 .E=6=8
DC.0- ?1>: + * O "+ >= A=9;=7 . <+>1 B+9;.F1 B.7 1 7 + 8191 C1@ ;=: .>1 9196.8 7 +
8=/-I+ ?1 <+I+@ A0=.D6+9;. M =;=< <+/= ;- B+9;.F- 1: ;+<+ 9. A0.9.: 7+< ?1 7 + =;>0.7 +@
81@.<1 . <+ 8=G+ ?0-/= <+0/.7 1 9-?101 >=7 . 9+ - <7 =7?+@1617 - A0+?=?0+,+<1 7 + >= 9+
G+: . A=9;.I. <+>1 ?0-/1 +<+0/.7 1 <1-B<.F. 8=017 - ?1 .9>: 7-B-7 - . A=<=6= ->: 7-B-7 -
81/<+;+ . ?1 =C16+ ?0-/1 A=?+@161<7 1 ;+<M =0?9>. M .D.B10. -8+: . 9- ?1 A=?+@1617 -
+<+0/.7 - 96=7 + 81@.<+ 8<=/= ;1B<.7 + <+/= @;= 7 + A0. <7 +<=7.D/01?<7 . C.: = A0+?6.,+<=N;=
7+ 6+: .>. ;+E<=: =@>. -9A+E 1 .9>0+<= <.918 8.9: .= ?1 7 + ;= .D6=?.6= +@>=I1 >=?
81@.<+ >1= @;= 7 + 919;=7 . 9+ - ;=8+ @;= 8=01@ >0=D 6.: 17+; +<+0/.7 + .I. A=: 1>=
>=01> A= >=01> .D-D+;<= 81: .8 >=01F.81N ;= 7 + 7+?<= 9;0A: 7 .6= A0+;01G.61<7 + :. 1>=
A=/=?.@=?81E =<- A016- +<+0/.7 - .: . 1>= ;. <+>= ?=@1A<+ ?=7 16. ( 1 = ;=8+ 9+ -9>=0=
A=6+: 1 019A0161 ( =<?1 8=G+@?1 =;>0.7 +@<=6- B+9;.F- . D1 ?1< .: . ?61
01;.8= 9+ =A+; D1 ;0+<-;1> - 0->E+7 6+< >=: 9>+ 3$T($! /=?.<+ >1? 98=
A0.8+;.: . <+=C.B<- ?.8-=<9>- /0C.<- <1@. A=?1F. >0+;1: . 9- 9+ - 019A=<- =? "+ ?= $
"+ 1 C0=78-=<9>.E A10=61 =A1G+<.E A0. $"+ C.= 7 + 918= 8.: .=<.;. ?+= =<=/C0=7 1 >=7 .
98= =A1G1: . <1 "+ 1 * "+ <19;17 1:= 7 + ;= <1/: = .D016<161<7 + >0.6+ >=7 1 A=>1D-7 +
=A1?1<7 + ?1>: + =A1?1<7 + 9+ A0+>.?1: = 1 6+I>=? A0.C: .G<= * O"+ <1/: = 9+ <19;16: 7
1:=
7+?<.8 9;08.8 A1?=8 ;-? /0C1 =G+;+ . ?0-/1B.7 + 0+I. ;= 7 + 7+?1< A: 1;= .D8+,- * .
* O "+ "=?.<+ 3$3 >1? 98= 9+ 9A0+81: . ?1 =C7 16.8= 0+D-: ;1;+ <19 9+?8=0.F1
1-;=01 D17 +?<= 019A016: 71:. 98= >1>= ?1 =A.@+8= ;17A: 1;= 1 : . ;- A=9;=7 . <+>1 <=61
B+9;.F1 B.7 + 7 + ?+7 9;6= 01D80: 7
1<= D1;= @;= <1@ ?+;+>;=0 - D<1;<=7 8+0. .D=C: .B-7+
0+D-: ;1;+' : . 7+ ;= <+>. <=6. A0=F+9 @;= A0=.D6=?. M =;=<+(/: 19<.>+ >=7 . ?17 - ?0-/1B.7 .
2A0.<=92+<+0/.7 +' .>= <.7 + D<1= /=?.<+ 3$3 >1>= <19;17 - 8-=<9>. A10=6. 1 918
A0+9-?.= ;. A=?1F. <.9- ?=6=: 7<= ?=C0. ?1 C.98= <1 =9<=6- <7 .E .D7 16.: . ?1 98= A=9;./: .
=;>0.I+
=C0= 7+?<=8 ?0181;.B<=8 9-=B161<7 - <1-B<.>1 >=7 + 9+ ?=/=?.: = <=6+8C01
3TP /=?.<+ A=>1D1: = 9+ ?1 . 9: 1>=6F. . C0->E+7 6+<=6F. .817 - 7 19<+ A=?1;>+ = ;=8
A0=@.0+<7 - <1 * O "+ #(- 9- -9A+61: . ?1 A=?+9+ 96=7 - 81@.<- <1 ;1B<= ;-
+<+0/.7 - @;= <.7 + <.81: =: 1>= . ;1?1 9- <7 .E=6. C0=7 1B. <1A0=9;= : -?+: . A=>1D.61: . 9- 9;=
A-;1 6+I. C0=7?=/1,17 1 1: . 9+ 96+ 601I1: = <1 <=081: <- 60+?<=9; B.8 C. 9+ 1>F+: +01;=0
A=?+9.= <1 * .:
. <1 * ) 61 0+D=<1<F.7 1 <.7+ 01<.7 + A0=<1,+<1 -A016= D1;= @;= 7 +
;1>= =@;01N ;1 .9;1 /0-A1 .9;01G.61B1 A0+@: 1 7 + 6+I 01<.7 + A0+>= ;+ ;+0.;=0.7 + 1: . <.7+
A0.8+;.: 1 @;1 9+ ?+@161 ;1B<= <1 * O .</=6.8 C0->E+7 6+<9>.8 A=?1F.81 .D: 1D+I.
A10=6. : +A;=<1 ;1B<= .D8+0+<. A=>1D.61: . 9- =@;0- .DC=B.<- 91 90+?.@;+8 <1 * "+
.</ 7 + >1= . >=: +/+ - #(- D1>: 7-B.= ?1 ;= 8=G+ D<1B.;. 918= 7 +?<= ?1 7 + =;>0.=
<+>= <=6= 9;1<7 + 81;+0.7 +
0=C: +8 >= 7 + A0+ A=9;./1= =6= =;>0.I+ A=>1D1= 9+ >1= A0.: .B<= ;0<=6.; = 7 + C.= A06.'
=:+;+: + 9- /: 19.<+ D1;.8 . =A;-GC+ +?<1 =A;-GC1 C.: 1 7 + ?1 9- 9: 1>=6F. <+>1>=
2<1<7 -@.: .2 .</=6+ A0+: .8.<10<+ 0+D-: ;1;+ . ?1 9- D1;= D<1: . /?+ ;0+C1 ?1 /: +?17 -
0=;.6=A;-GC1 7 + /:19.:1 ?1 7 + .</=61 .DC=B.<1 C.: 1 <+?=6=: 7<= 7 19<=/ =C: .>1 . ?1 9- 7 +
C0->E+7 6+<=6F. 819.01: . 7=@91;.81 A=9: + 9: 1>=69>=/ =;>0.I1 ( 7 =@<+>=: .>= 91;. ( 1 =<?1
=C7 16.:. :1>=6F. 9- <=6=8 A0+?8+;- ?1: . <1D.6 Q A9. 1 .</ /1 7 + <1D61= ?G+7

218
 1<19 9+ D1 ;- B+9;.F- <17
B+@I+ >1G+ R
?G+7
(A9.R ?1>:
+ 5
Q C<=6.:
. 98= :
7-C16. 9:
=/- -
<1@=7D17+?<.F. <1>= ;A0.: .>+

# ) . #

6+ 7 + ;= D1<.8: 7.6= 8=G+ C.;. 1: . D1@;= ;=: .>1 M 0>1 =>= ;+ 7 +?<+ 9;610B.F+' +9; =
=;>0.I- =9;610+<=8 . .9;=60+8+<= =C7 16:7+<=8 <=6+8C01 01@.0.: 1 9+ - ;0+<- A= F+: =7
A: 1<+;. +?1< # (=6 <1-B<.> =61>= =A.9-7 + ;17?1< R .: = 7+ <+=A.9.6= = E=?<.F.81
9- 96. A0.B1: . 918= = ;=8+ R <+?+: 7- 9+ <1 <19: =6<=79;01<. : .9;1 27 -7=0> 17 892A=7 16.=
<19: =6 & & # : . - B19=A.9- 217 +<92
# ": 16<. 9;10. 1-;=0.;+; 8+,- A.9F.81 =
<1-F. =: ;+0 1: .6+< 41: ;+0 -: :.61< A.91= 7 + >19<.7 + - 27 -7 =0> 17 89-2 21>61 =A@;1
6.>1 . /1: 181 - 96+;- M .D.>+ ?=/1,1 9+ 0+;>= .: . <.>1? 1 =6=7/1: 18. >0179+ 7 =@<+ 6.?. 2
18= ?6+ >01;>+ /=?.<.F+ >19<.7 + 3T$ ?=C.@+ .</ . .E;+0 =C+: =6- <1/01?-
17 +?<=
1 6+9; = <1/01?. ?=A0: 1 7 + . ?= 8+<+ 1?1 918 60+?<= 01?.= <1 7 +?<=8
+08.: 1C=6=8 =A.;- >=7 . 7 + C.= =D<1B+< 81: = +/D=;.B<= >1= 2 =A.; (T 2 +?.8 +6=
?1<19 - 8=7 =701?<=79=C. 9+?18<1+9; /=?.<1 A=9: + ;+ <7 .E=6+ =C+: =6+ <1/01?+ .
01D8.@: 718 =/- : . 9+ 91?1 A0.9+;.;. 96=7 .E ;1?1@<7 .E =9+I1<7 1' 1= <1-B<.> >1= M .D.B10
>=7 . 9+ B.;16=/G.6=;1 C16.= +: +8+<;10<.8 B+9;.F181 C.= 918 A0+90+I1< DC=/A=9;./<-;.E
=;>0.I1 81?1 <+ C+D 81: = D16.9;. . 81: = 9196.8 81: = G+: 7
+ ?1 A=-C.7 18 =6+ @;= 9-
=;>0.: . <+@;= A0+ 8+<+ = 9- <=081: <+ 0+1>F.7 + : . 7 1 918 9+ A06. @+;1= ;.8 A=?0-B7 +8 (
.</ 7 + 918= A=<=6.= 8=7=A.; 9;.<1 7 + ?1 ?+;+>;=09>+ >=8=0+ >=7 .81 7 + =< 019A=: 1/1=
<.9- 7 =@A=9;=7 1:+ - @>=: 9>=7 3$T($! /=?.<. 1 .A1> 8=79;10. C0->E+7 6+<9>. =A.; .81=
7+ - 9+C. +: +8+<;+ D1 C10+8 ?6+ =C+: =6+ <1/01?+ ?1 98= 918= .81: . 81: = C=: 7.
?+;+>;=0 . ?1 7 + 7 =0>+< C.= <1 =: -8C.7 . . ?1 98= C.: . 918= 81: = A18+;<.7 . ?1 7 +
8=7 1 C1C1 .81: 1 ;=B>=6+ ( ;1>= 98= - =<= ?=C1 D16.;: 161: . 01D<+ -D?.91;+: 7 + D1
A0=A-@;+<.8 ( C.: 1 C. ;0=: +7 C-9
+818 D1.9;1 >=/1 ?1 >0.6.8 =9.8 918=/ 9+C+ 0.8+;.= 918 A0.8+;.= 918 =<-
;17 1<9;6+<- .DC=B.<- /=?.<+ 3$T . @;1 918 =<?1 -01?.=' A0+?+: .= 918 9+ ?1
A0=-B1618 M .D.>- ?.: +A;=<1 <1 <=6.8 81@.<181 91 6.@=8 +<+0/.7 =8 >=7 + 9- -A016=
;1?1 A=B+: + ?1 9+ -A=;0+C: 71617- 0+C1: = 7+ ?1 - # (- 3T /=?.<+ C-?+ 96+B1<1
.<1-/-01F.7 1 <=6=/ >=: 17?+01 A0=;=<(A0=;=< <1D61<=/ B.7 1 C. ?+: =;6=0<1 +<+0/.7 1
C.:1 ?61?+9+; A-;1 6+I1 <+/= >=? =<=/1 - 0->E+7 6+<- D1;= 918 .9A-9;.= 8=7 -
C0->E+7 6+<9>- A;.F- - 0-F. . A=?<+= A0+?: =/ D1 =A.; # (- >1? 7 + ;17=A.; A=B+= ?1
?17 + A=?1;>+ /=?.<+ 3T) =A+; 918 A0+6.?+= ?1 9+ - <7 .81 >0.7 + ?G+7 (A9. =6=/1 A-;1
DC=/C+9=8-B<.E A=D1?.<9>.E 98+;<7 .N<19 9- 8.;01: 7.01: . <+=B+>.61<. A.=<. 0.67 + . <1@
;1?1 A06. A-; -A=;0+C: 7+<. ?+;+>;=0 91 =: =6<.8 9;1>: =8 .98= D<1: . ?1 /1 81@.<1 D19.A1
D01B+<7 +8 =?-@+ ;= A=D1?.<9>= D10B+<7 + A=>1D1: = 9+ 918= A= 9+C. >1= D<1B17 <=
=;>0.I+ =;>0.: . 98= E1?0=<+ 91 6.9=>.8 ;01<96+0D1: <.8 .8A-: 9=8 @;= 7 + 7 =@7 +?<1 609;1
A=?1;1>1 >=7 1 ->1D-7 + <1 >610>=6<- 9;0->;-0- -<-;10 A0=;=<1
.7+ ;= 96+ 1>=,+ 3T /=?.<+ +08.: 1C 9+ A0.A0+81= ?1 >0+<+ 91 81@.<=8 =? )
"+ 1 918 9+ >: 1?.= . <1 <7 - 17 +08.: 1C=6 =A.; A0+?-D+: . 98= A=B+;>=8 3T*
/=?.<+ 1 8=7.D/=6=0 @;= <. ;1? <.918 A0=<1@1= ?G+7 (A9. 7 +9;+ ;1 0+I. . 98= E;+: .
;1>= <+@;= ?1 01?.8= 1: . <.7+ <18 ;= ?=@: = <1 0+? A1G<7 - 9- <18 9>0+<-: . B-?<=61;.
A=?1F. >=7 + 9- A=7 +?.<+ /0-A+ .9;01G.61B1 ?=C.7 1: + - ;=8 9196.8 <=6=8 +08.: 1C=6=8
18C.7 +<;- = <19 7 + =?818.: = - >=7 +>1>6+ -D1: -?<=9;. - A=9: =6+ =? >=7 .E <1 >017 - <.7 +
C.:= <.@;1 => 98= 9;./: . ?1 9+ <17 D1? A=96+;.8= ?.: +A;=<.81 =6+8C109>1 0+6=: -F.71
6+I7 + C.:1 B609;= A=9;16: 7+<1 - .9;=0.7 9>+ ><7 ./+ 1>: + 7 1 918 9+ 0+>=0?<= .9A0=81@.61=
71 918 ;0. A-;1 A0+6.?+= ?G+7 (A9. 7 +?<=8 - 0->E+7 6+<- . ?61A-; <1 <=6.8 81@.<181
@;= 7 + 96=7 +609<= ?=9;./<-I+ - <+-9A+@<=9;. 7 +?<=/M .D.B101 B+9;.F1
=@<.918 =?/=6=0.= <1 A.;1<7 + @;1 7 + ;1>= .D-D+;<= 61G<= >=? B+9;.F+ ?G+7 (A9. <1 7 +
E1?0=< : . 8. 98= A0+ ;=/1 =;>0.: . 9;=;.<+ E1?0=<1 +8- =<?1 -DC-<1 =>= 7 =@7 +?<=/
A1 81>10 ?=C.= . ;1>= <+=C.B1< <1D.6>1= @;= 7 + ?G+7 (A9.' DC-<1 7 + D1;= @;= ?G+7 (A9. .81
6+: .>- 819- ;0. A-;1 7 + ;+G. =? A0=;=<1 1 =9.8 ;=/1 ;1 8191 8- 7 + 60: =2 =@;01281<7 + =?
O + ;18= .: . =618=

219
 @;01' 1 1 +6= @;1 ;= D<1B. +9;1C.:<1 B+9;.F1 <+ 8=G+ ?1 .81 7 +?<- ;1B<=
.9>1D1<- . =?0+,+<- 819- = 618 : +A= A.@+ - 17D+<C+0/=6.8 0+: 1F.7181
<+=?0+,+<=9;. ;= 7 + >01I. G.6=;<. 6+> B+9;.F+ ;= 7 + @.01 <7 +<1 ?.9;0.C-F.7 1 819+ = 9-
>61<;<1 A=9: 1 1? >1G+8= 2 ?.9;0.C-F.7 1 819+2 ;= D<1B. ?1 <.D=8 8+0+<7 1 ?=C.7 +8=
01D<+ 0+D-: ;1;+ 01D<+ 819+ 1 >1? .E 96+ <1<+9+8= <1 >==0?.<1;<. 9.9;+8 ?=C.7 +8=
7+?<- >0.6- : .<.7- >=7 1 .81 D6=<19;. "1-9=6 =C: .> ?=C0= A=D<1; .D 9;1;.9;.>+ ;= 7 +9; .D
D1>=<1 6+0=61;<=I+ ?0+?.8= /?+ 7 + 918 60E ;+ D6=<19;+ >0.6+ : .<.7+ . 1>= 7 + 60E <1
* O "+ =<?1 >1G+8= ?1 ;= 7 +9;+ 8191 ;+ B+9;.F+ 9;.<1 7 + 8+,-;.8 ?1 7 + =6=
201D81D.61<7 +2819+<.E 60+?<=9;. D1A016= 8+01 ;017 1<7 1 G.6=;1 ;+ B+9;.F+ <18= ?1 9+
<+=?0+,+<=9; =?01G161 - 8+0+<7 .81 = 8=G+8= ?1 01D-8+8= . =61>= >1? 7 + 7+?<1
B+9;.F1 9;1C.: <1 .818= <1 019A=: 1/1<7 - C+9>=<1B<= ?-/= 60+8+ ?1 8+0.8= <7 +<- 819-
1;= 7+ 01@.0+<=9; - : +6- . ?+9<- 9;01<- ?1>: + 01D: .B.;=9; <+A=?-?10<=9; .D8+0+<.E
8191 ;+ B+9;.F+ C+9>=<1B<= 9-G+<1 C+9>017 <= -9>1 >1? 7 + B+9;.F1 6+=81
>01;>=6+B<1 =<?1 <7 +<- 819- <+ 8=G+8= B1> <. - <1B+: - <.;. - A01>;.B<=8 01?- A1
B1> <. <17 /+<.7 1:<.7.8 <17 M.<.7.8 1A101;.81 ?1 .D8+0.8= ;1B<=N 961>1>= I+8= ?=C.;.
0+D-:;1;+ ;= 7 +9; 01D: .B.;+ .D<=9+ 1 =6+ 01D: .>+ C.I+ 6+=81 @.0=>+ 6= A0.8+01 .A.B<1
B+9;.F1 7 1>=/ 8+,-?+7 9;61 019A1?1 9+ A=9: + 918= ()* 9+>-<?. . .81 =6- 819+<-
01@.0+<=9; =? =>= +
=@ <+B+/ ?1 9+ A0.9+;.8= 0.8+;.:. 98= ?1 9- <+9;1C.: <. 96. E1?0=<. =9.8 7 +?<=/
7+?.<=/ 1 ;177 +?1< 7 + A0=;=< A1 . =< 7 + 9;1C.:
1< 918= >1? 7 + 9:=C=?1< 918 ;= 7+
6+I1 8191 <+>=/ E1?0=<1 .: . C.:= >=7 + ?0-/+ B+9;.F+ ;= 8- 7 + >01I. G.6=; 7 +0 A=9;=7 .
6+I. C0=79;610. <1 >=7 + 9+ 8=G+ 019A19;. +,-;.8 <1@: . 98= +;= ?G+7 (A9. B.7
1 7+ 8191
=/0=8<1 /=?.<+ 3TP ;= 7 + C.: 1 <17 ;+G1 =? 96.E A=D<1;.E B+9;.F1 1: . >1>16 @=>
A1G+<1 019A=?+: 1 819+ C.: 1 7 + .D-D+;<= =@;01 A0+>= E.: 71?- A-;1 -G1 <+/= @;= C. 9+
=B+>.61: = >=? ;.A.B<+ B+9;.F+ 7 1>=/ 8+,-?+7 9;61 = ;=8+ 98= D<1: . ?1 I+ =61 B+9;.F1
.81;. ?-/G.6=; 1>: + <+@;= 7 -7 + 9A0+B161: = ?1 9+ 019A1?<+

@;1'
+=0+;.B10. 9- 96. ?= 7 +?<=/?./: . 0->+ . /: 191:. =61>= ;- A=9;=7 . <+>. <=6. >61<;<. C0=7
.:
. 90=?<= ;=8+ ?+: -7+ <+>. <=6. D1>=< =B-61<7 1 =7 1 609;1 =B-61<7 1 C. ;= C.:1' =7 1 7+
;= <=61 9;610 >=7 1 C.61 =B-61<1' E 91?1 7 + G1/=0 961>. ;+=0+;.B10 =?/=6101 ?0-/1B.7 +
61 9.;-1F.71 A=;017 1:17 + <+>= 60+8+
19;16.: = 9+ A0.;.F1<7 + A=?1;1>1 1: . 918= 91 +H +( 81@.<1 (- 9+ 7 +?<=/ ?1<1
A0.?0-G.= >=: 17 ?+0 - ;1: .7. D1;.8 . - +81B>=7 =@7 +?<1 /0C1 A=>1D1: 1 9+
<1 * T "+ 1D=6.8= 7 + Q2 A9. A0.8 6.@+ <+81 A=;0+C+ ?1 A=8.<7 +8= <.>1>6= 2 ?G+72
A=@;= 7 + 91? 9;610 C.: 1 - F+: =9;. 9;+<M =0?9>1 .</ . <7 +/=6. 91?0-D. .9A1: . 9- .D ./0+N
<7.E=6 1>F+: +01;=0 7 + 7+?61 -9A+= ?1 =;>0.7 + ;- B+9;.F- 1 = <+>=8 ?1: 7+8 A=C=: 7@1<7-
A=?1;1>1 <1 <7 +8- <.7 + 8=/: = C.;. <. /=6=01 :. -A0>=9 /0=D<.B16.8 <1A=0.81 <.>1>=
9+ <.7+ <1:1D.: = =C71@<7+<7 + D1 .D<+<1,-7 -I- =@;0.<- ?G+7 (A9.71
=<1B<= 7 +7 +?<= <1/1,1<7 + A=B+: = ?1 D6-B. 01D-8<= =G?1 7+ ?G+7 (A9. =<17=?16<=
B+>1<. 2 1;=82 <19;1= 6+D.61<7 +8 F . F ?1>: + @108 >610>1 . <7 +/=6=/ 1<;.>610>1
?-@+6: 7+<. ": +@=- A0+?: =G. <=6. <1D.6D1 ?G+7 (A9. 2 @108=<.7 -82 FE108=<.-8 1 >017-
9+ .9A=9;16.: = ?1 7 + ;1 ;+=0.7 1 ;1B<1 1: . ;+> A=9: + ?=?1;<.E <1A=01 . <1/1,1<7 1 >=7 .
A=;017 1@+ 7=@?6+ /=?.<+ 1D: =/@;= 7 + ;0+C1: = ;=:.>= ?-/= B+>1;. <1 A=;60,.61<7 + ?1 7+ ;=
;1>16 2 1;=82919;=7 1= 9+ - ;=8+ @;= A0.: .>=8 >=8C.<=61<7 1 F . F 96+ .<E+0+<;<+ =?: .>+
@1081 C.617 - .DC0.91<+ ;= /=? F -<+9+ F A=<.@;. 6. 8+D=<. 9+ 919;=7 + =? A= 7 +?<=/
>610>1 . 7 +?<=/ 1<;.>610>1 1: . <+ =? >610>1 . -A016= <7 +/=6=/ .9;=609<=/ 1<;.>610>1
>1= E108=<.7 -8 .=< A.(8+D=< 7 + 0+F.8= -?
0+<-: 1 7+ A=;+01 D1 2 /=:.8 @108=82 1 ;= C. C.= 8+D=< - >=8+ C. 7 +?1< >610> @108
C.= 9A0+/<-; 91 0+F.8= >610>=8 1<;.?=: + 610> 1<;.?=: + <+ C. A=<.@;161= =?: .>+ 96=/
A10;<+01 A1 C. @108 C.= - 96=796=7 =7/=: =79: 16. .D: =G+< <1@.8 A=/: +?.81 = 7+
<17C=: 7+ A=9: + =<=/ @;= C. C.: = 7 =@8<=/= C=: 7+ 1: . <+ 8=G+ A=9;=7 1;. 1 ;= 7 + 9:=C=?<.
@108 >610> "=?.<+ 3T$ <1,+< 7 + 7+?1< 8+D=< 91 /=: .8 @108=8 F? 6= 7+ A=9;./:1
7+?<1 /0-A1 9: 1>=61F1 91 +0>: .7
1 A=? 0->=6=?9;6=8 "+09=<1 "=: ?E1C+01 "+09=<

220
"=: ?E1C+0 <1 9;+<M =0?9>=8 >=: 17 ?+0- +H +( =8 8+D=<- ?1; 7 + <1D.6 ?+ <-:1
:+?+I.E A+;<1+9; /=?.<1 81@.<+ 91 +: +>;0=<.81 C.: + 9- D1-D+;+ -A016= A0=-B161<7 +8
?+ <-: + 1<19 8+D=<. >1= @;= 9- F? F9 . F? 7 +9- /: 16<= G.;= D1 =<- 6=?+<.F- >=7 1
A0=.D6=?. ?=>;=09>+ ;.;-: + :=G+<=8 9A+>;0=9>=A.7 =8 01D<.E <7 .E=6.E 9;1<7 1
=C=/1I-7 +8= 96=7 + 01D-8+61<7 + =9=C.<1 >610>=61
1?1 7 + =@;0.<1 ?G+7 (A9.71 C.:1 9E61I+<1 108 7 + 7 +?1< <=6. >61<;<. C0=7 1 D1>=<.
=B-61<7 1 7 1>+ 9.:+ <.9- ?=A-@;1: . F >610>- ?1 9+ A0+=C01;. - <+>. >610> <.G+ ;= 7 +9;
81<7 + 819+ 1 C. 9+ ;1>6= A0+=C01I+<7 + .A1> A=9;./: = 8=01: + 9- C.;. A=D61<+ - A=8=I
9:1C1 9.:1 . +:+>;0=81/<+;<1 9.: 1 1 ;+ ?6+ ?+: -7- 8<=/= 9A=0.7 + ( =;-? ?-/. G.6=; . -D1<1
>0.61 019A=?+: + 819+
;A0.:.>+ - ;= 60+8+ A1: . 9- . A=9: +?<7. 0=6=6. .D>=7 .E 7+ A0-G1< =;A=0 .?+7 . >610>1 +0
D18.91= >610>1 ?=6+: 1 7 + ?= 60: = <+=C.B<.E A0=/<=D1 >=7 + 9- 9+ A=9: + ;=/1 =C.9;.<.: +
+0=61;<= 7 + B1> . "+: ( 1< A=8.@: 7
1= ?1 >610>=6. 8=G?1 7 +9- B+9;.F+ >=7 + 9;610<=
A=9;=7 + 9;17+ <18 A0=C: +8 6+D1<=9;. >=7 1 9+ 919;=7 . - ;=8+ @;= <.>1? <./?+ <+ 8=G+
?1 A=9;=7 . 9:
=C=?<. >610> = ;=8+ 9+ >610>=6. 01D: .>-7 - =? 96.E ?0-/.E B+9;.F1 81;+0.7 +
1 @108=8 <1@A+0.=?<. 9.9;+8 B+9;.F1 =A+; 7 + ?=9A+= - 9;1<7 + 016<=;+G+

/=0+ - @108 F
?=:+ ? B-?<. 9

+:
+>;0=<=6<+-;0.<= <+ 8-=<=6<+-;0.<= <8
+:
+>;0=< + 8-=< 8

.?.;+ ;- 9- 91? B+;.0. >610>1 B+;.0. ->-91 >610>1 - 9;610. . B+;.0. : +A;=<1 =B+: .
98= ?1 /=6=0.8= = ?61 A=>=: +<71 >=71 9- 019A=0+,+<1 =>=8.;= 7 +?<= .9A=? ?0-/=/ <1
=6=7;1C+: . 06= A=>=: +<7+ C.:
= C. -(?(<+(+ 1 A=@;= 9- -A016= =? <7 +/1 91/01,+<. A0=;=<.
. <+-;0=<. A06= A=>=: +<7 + ?=8.<.01 - =6=8 <1@+8 91?1@<7 +8 96+;- 0-/= A=>=: +<7 + 7
+
F(9(<8(8 7
+/1 6.?.8= 918= - G+9;=>=7 1: . >01;>=;017 <=760+:.<. 9-?101 - 1>F+: +01;=0-
.<. 9+ ?1 9- ;+ B+9;.F+ +/D=;.B<+ 1: . .E <+ 8=G+8= A0+<+C0+I. =@;= 98= <+-9;01@.6.
.9;01G.61B. 8=018= 9+ C=0.;. ?1 91/: +?18= >=7 -7 + -:=/- A0.0=?1 <18+<.: 1 <7.81
.918 A=96+;.= ?-G<- A1G<7 - ;+=0+;.B10.81 >=7 . 9- A0+?9>1D.61: . ?G+7 (A9. 1 =<?1 .
?=>1D1: . ?1 7+ =< @108=<.7 -8 >= 7+ # C.= =A.;<= 90F+ 10610? 7 + C.= ;+=0.7 9>.
8=D1> 18= 9- ": +@=- . <7+/=6 @>=: 9>. ?0-/10 ;.6 17 <C+0/ D17 +?<= 9- .@: . - 90+?<7 -
A0.0=?<=<1-B<- @>=: - - 0=<>9- 01?.: . -DA=8=I/=8.: + 8:1?.E /+<.7 1:1F1NA=8+<-I-
=? 96.E <7 .E 918= +: +< 6.< +:
+< V-.<< >=7 1 7+ C.;<= ?=A0.<+: 1 ;=7+-M =0.7. =>=
@108=<.7 -81 . >=71 9+ .?+1:<= ->:1A1 - 8=7D18.@: 7+<. ;.8 9101?<.>1 >1>6+ C.E G+: +=

1 D19;1<+8= . ?1 9+ =?81><+8= 7 +?1< >=01> =? 96+/1 ?=91?1@<7 +/ 6+> 7 + ;+G+

=A.9.61;. <+?16<+ ?=/1,17 + <10=B.;= =<+ - >=7 + 7+ -8+@1< . 918 =A.9.61B .7
+ 9+ 7 =@
.9A0+B.= M .:
;+0 60+8+<1 <+ - ?=6=: 7<=78+0. ?1 B=6+> =C7 +>;.6<= 91/: +?1 @;1 7+ C.: = :.
A=>-@1I- >=: .>= 8=/-
=@:+ 9- ?1>: + 9+?18?+9+;+ /=?.<+ . 8. 98= D1E61: 7-7-I. =/0=8<=8 -6+: .B1<7-
>=7+ 9+ - <=6.8 1>F+: +01;=0.81 A=9;.D1: = 1: . . D1E61: 7
-7-I. 9;01=C1: <= A18+;<=
<18+@;+<.8 ?+;+>;=0.81 >=7 . 9- 60+C1: . <1 =<= @;= .D.,+ .D 1>F+: +01;=01 <1A0+?=61: .
6+=81 C0D= >1 =;>0.61<7 - 1(;=81 A.;. 9- A=:1D.:
. - 96.8 A016F.81 91D<161: = 9+ =
01D<.8 @108(A0+?8+;.81 9.: + 9- .9A.;.61<+ 91 7=@8.>0=9>=A9>.7 + ;1B>+ /: +?1<7 1 /-01: .
98= 9+ >1 /01<.F181 +<+0/.7 + 0+@161: . 98= A0=C:+8+ >=7 . 9- - ?1;=8 ;0+<-;>- .D/: +?1:.
<17C.;<.7. <?1 7+ <+>= A0.;.9<-= >=B<.F- ( <1.8+ <=61F D1 ?1: 71 .9;01G.61<7 1 A=B+= 7 + ?1
A0+9-@-7 + 1; - .7 +;<18- F0A.= 7 + .D 8+0.>+ . M .<1<9.7 9>- 1: . . ?-E=6<- 9<1/-
<19;-A.:1 7 + . <1M;<1 ;= 7+9; +<+0/+;9>1 >0.D1 96+ 7 + A=9;1: = <+>1>= C=: +9<.7+. :=@.7+ A1

221
9- D1;= : 7-?. A=B+: . ?1 =>0+I- : +,1 ;+8+: 7
<.8 <1-B<.8 .9;01G.61<7 .81 6= 7 + 7 =@ /=0+
-?10.: = A= <1@.8 >=: +/181 - 2 81: =7 2<1-F. .D.B10. 6.9=>.E +<+0/.7 1 ?=<+>: + 9- D1@;.I+<.
;.8+ @;= 96=7;0-? -?0-G-7 - 1 <1 60: = 9>-A.8 .<9;1: 1F.7181 01?+ D17 +?<.B>.
+=0+;.B10. >=7 . 01?+ 7 +M;.<= <7 .81 ?17918= =: =6>- E0A- E10;.7 + . ?1 9+?<- - <+>.
>-;1> M 1>-: ;+;9>=/?+ : ->9 91: =<1 <19;16.: . 9- ?1 <.G- -9A+E+ A=7 1B1<. 9: 1A=6.81 <=6.E
A=?1;1>1 .?+: . 98= <1 9F+<. . ?1: 7+ .9;+ A0=M +9.=<1: F+ C.: . 9- ;= . 1</ 17 <8+< "+: (
1< ": +@=- 17 <C+0/. 7 =0>+< 0D= 9- D1C: .9;1: 1 . <+>1 <=61 .8+<1 10;.<-9 +: ;81<
10;.<-9 +: ;81< %+010 ;2-M ; "+010? 2 ; ==M ; C?-9 1: 18 C?-9 1: 18 G+M 0.
"=: ?9;=-< +M M0+Q "=: ?9;=<+ .;+0 ./9 +;+0 .//9 . ?0-/.
17 ?+ ?1 918= - A0=;0B161<7 - ?=?.0<+8= <+>+ <17 .9;1><-;.7 + =A.;+ .D=6=/01D?=C: 7
1
B.<.I+8= <+A016?- 7 +0 I+8= A0+?<=9; ?1;. 2 =?61G<.8 7 -0.@.81 - <+A=D<1;=2 1
D1<+8+0.61;. 2 9A=0= ;+8+: 7.;= A=8+01<7 + /01<.F+ <1A0+?2 "=?.<+ 3TO 10;.< +0:7 +
01?+I. 81: ;+<+ 918 918F.; . 81B-7 -I. 9+ >1= ?20;1<7 1< 91 96=7 .8 9=A9;6+<.8 >=: +/181 .
9101?<.F.81 -9A+= ?1 -C+?. A06= <7 .E 1 D1;.8 . 961>=/ <1 96+;- ?1 9+ - #(=6.8
A=?1F.81 >0.7 + . A+;. : +A;=< 1D61< 7 + ;1- ; . A=9;=7 . 91 ?61 01D: .B.;1 D<1>1 D1
<1+: +>;0.91<7 + C1@>1= . <7 +/=6. : 1>@. 0=,1F. +: +>;0=< . 8-=< ;H . ;(
=B+: = 7 + ?1>: + 9;6101<7 + ;0+I+/ A=>=: +<7 1 =@;= 9- 91 +: +>;0=<=8 . 8-=<=8
A=6+D1<. =?/=61017 -I. <+-;0.<. 961>= 7 + ?=@1= <1 A0.0=?<- A=8.91= ?1 8=01 A=9;=7 1;. .
;1- <+-;0.<= <;
1 ;= 60+8+ +?+08+<=61 /0-A.F1 - +08.: 1C- >=<1B<= 7 + 9E61;.: 1 >1>= ;0+C1
.9A016<= .D6+9;. ?.8-=<9>. =A.; 1A016.: 1 7 + <=6- =/0=8<= A=C=: 7@1<- =0/1<.D1F.7 -
96=7 .E 1A101;1 ;1>= ?1 9+ =?7 +?<=8 A=7 16.: = 9: =C=?<= =;6=0+<= A=: 7+ D1 A0+/: +? 96.E
B+9;.F1 >=7 + C. 8=/: + A=9;=7 1;. - 019A=<- =? ?G+7 (A9. 60E1 * "+ A1 96+ ?= <1?=81>
)O"+ @;= .8 7 + C.= 81>9.8-8 >=7 . 9+ 8=G+ A=9;.I. 91 +08.: 1C=6=8 +<+0/.7 =8 =? P
"+ 817 ;+ - 6.?- ( =6?+ /=6=0.8= = <+A=>0+;<.8 8+;181 @;= D<1B. ?1 918= 7 +?1<
?+= +<+0/.7 + -: 1D+I.E B+9;.F1 C.61 .9>=0.@I+< ?+: =;6=0<= /:+ A=>1D1@+ 9+ ;0. <=6+
/0C.<+ ;0. B6=0-/+ ;1>=0+I. <1 3P"+ <1 "+ A1 . <1 P"+ .:+ 9- -A1?: 7.6+
>1= +;=<. A= C: .9;16= 9-<B1<=8 ?1<- /: +?1<. .D 9>.7 1@>=/ =?8101: .@;1 "0+<? 10/.
/0=8<1 8191 A=?1;1>1 A=B+: 1 7+ ?1 A0.9;.G+ 1 >1= .9E=? ;=/1 96+;9>1 DC.0>1 ?.8-=<1
-6+I1<1 7 + 9;= A-;1 09;.:. 98= ;- <=6- B+9;.F- 2 .A9.:=<2 8.9: +I. ?1 7 + ;= A=9: +?<7 + 7 =@
<+.9>=0.@I+<= /0B>= 9: =6= 61 <=61 B+9;.F1 A=<=6.: 1 7 + A0.B- = ?G+7 (A9.7 - 1 <=61 9;610
>=7 1 7 + B-61<1 ;= 7 +9; <=6. A0+?8+; <1 >=7 . 9+ =?<=9. A016.: = =B-61<7 1 C.= 7 + >610>
D61<. 2 :+A=;12( .: . >1>= /1 D=6- <+>. M .D.B10. 81<7 + 9>: =<. -8+;<=9;. 2 >610> ?<=2 N
9>01I+<.F1 7 + - 961>=8 9: -B17 - 9: =6= C 0.E61I+<= 7 + ;-81B+<7 + ?1 7 + B+9;.F1 .A9.: =<
;1>=,+ 7 +?1< 2 1;=8291/01,+< =? ?61 >610>1 . ;= =? 7 +?<=/ C . 7 +?<=/ 1<;.(C >=7 . 9-
8+,-9=C<= 9A0+/<-;. <1 ?61 9;1<7 1 91 <+@;= 6.@=8 819=8 C.: 1 9- <1A0=9;= A=C-,+<1
9;1<7 1 ;1>6=/2 1;=812 DC-,+<7 + =>= =;>0.I1 .A9.: =<1 <.7 + C.: = <. .D?1: +>1 ;1>= 6+: .>= >1=
=<= DC=/ ?G+7 (A9.7 1 A1> A=7 161 ;0+I+/ A=>=: +<7 1 C.:1 7 + .;+>1>61 6+9; 16+: 1 7 + :7-?+
?1 9+ D1A.;17 - >=: .>= 7 =@;=/1 .81' D1@;= A0.0=?1 ;1>= -A=0<= A016. 2 M=;=>=A.7 +2 D1@;=
C. 961>= 9: +?+I+ A=>=: +<7 + C.: = -?617 1<7 + A0+;E=?<=/'
18= ->01;>= ?1 618 =A.@+8 A+0.A+;.7 + >=7 + 98= .81: . ?=> 98= 9;./: . ?= B+9;.F+
.A9.:=< <1@=7/0-A. M .D.B101 91 =: -8C.7 + +08.: 1C1 . ;=-<. 0->1 =</ 7 :+<?1 C.: =
7+ <+>=: .>= 8: 1?.E 9-A+0817 9;=01 60@+<7 1 =A.;1 1B.<.: . 98= 60E-<9>. >61: .;+;1< <1
96+;- <.7 + C.: = C=: 7 +/ 9A+>;0=8+;10 91 G.B1<.8 >=8=0181 81/<+;.81 9F.<;.: 1F.=<.8
E=?=9>=A.81 . 91 7 =@>=8=01 . 7 =@81/<+;1 1@9.9;+8 A0.>-A: 71<7 1 A=?1;1>1 C.= 7 +
>1= @;= C. 0+>: . 01<F-D. R ?+0<.+0 F0.R D19<=61< <1 +: +>;0=<.F. >=7 - 7 + <1B.<.= /+<.7 1: <.
.<G+<7 +0 .: .7+8 .A1E 6. 98= 8. 01?.: . - .9;=8 A=?0-B7 - +08.: 1C=6.E D01>1 =D<161: .
98= A0=C: +8+ =D<161: . 98= 7 +?<. ?0-/+
+,- <17 C=: 7.8 8: 1?.8 ?=>;=0.81 >=7 + 918 .>1?1 -A=D<1= C.: . 9- G=< =- =E<
Z=E ;.6 +0C ;+6+ +0C =:;+0 <9 41: ;+0 <<+9 . 10: 9 01-< #E10: +9 0=J<
<1B17 1< 9=M ;6+0 C: .G.= 9+ =<=8 9;-A<7 - -9160@+<=9;. >=7 . 7+ C.= A=;0+C1< D1 01? <1
>017 <7 =7?=9+/<-;=7/01<.F. D<1<7 1 1@ A0=C: +8 C.: = 7 + ;= @;= 98= 8=01: . ?1 C-?+8=
=9+;: 7.6. 918= <1 =<+ A016+ 0+1>F.7 + <181 A=;0+C<+ A1 81>10 <1.: 1D.:1 918= A= 7 +?<1
;1>61 - 961>.E 9;= E.: 71?1 8.: .7
10?. 9-?101 =@;= <18 7 + C.: = A=;0+C<= ?1 D1C+: +G.8= @;=
6.@+ ;.E 0+;>.E ?.8-=<9>.E ?=/1,17 1 8=01: . 98= ?1 9A0+8.8= 1A101;+ >=7 . <+I+
0+1/=61;. <1 <+C0=7 +<1 8<=@;61 B+9;.F1 C+D D<1B17 1 D1 =617A=91= 1@ ;.8 7 + ;1?1
01D6.= 7 +?.<9;6+<= 01D-8+61<7 + >1>= ;0+C1 01?.;. - =>0-G+<7 - 6.9=>=/ D01B+<7 1 1 .A1>

222
.81;. ?+;+>;=0+ >=7 . =9;17 - 2 G.6.2 1-B.: . 98= >1>= ?1 9+ =C+DC+,-7 +8= . 6.@+9;0->= A=
<+>=: .>= A-;1 =? .9;+ =A19<=9;. ;1>= ?1 <19 A0.0=?1 <.7 + 8=/: 1 A0+610.;. <. 96=7 .8
<17 :->16.7 .8 ;0.>=6.81
1<= - =6=8 A=9: - ?=> 7 + <1@A0=F+9 -B+<7 1 C.= ;+> - A=6=7 - -D.81: . 98= A=?1;>+ -
?.+: +>;0=<9>=8 8=?-9- . =A1D.: . <+>.E )O +: +>;0=<9>.E A10=61 .D<1? $ "+ 1B-?= B1>
) <7 .E C.: = 7 + /0-A.91<= =>= $ "+ "0C.<1' =6=8+ 98= 019A016: 71:. . =?: -B.: . ?1
91=A@;.8= 7 16<=9;. ?1 8=G?1 A=9;=7 . <+>1 B+9;.F1 <1 $ "+ +9; 8+9+F. >19<.7 + >1?
98= .81: . 6+I<+>.E ;0. 9;=;.<+ 9<.8: 7+<.E ?=/1,17 1 A-M M MM /0C1 7 + .@B+D: 1 019A: .<-: 1 9+
<.7+7 + C.:= C.:. 98= A0+?: =G.: . D1 <7 - -A016= <1D.62 .A9.: =<2 1? 9- C=: 7. A=?1F. -<.@;.: . ;-
<1@- D1C: -?- =9;1: 1 7 + A0.B1 ?1 ;1 <1@1 617 <1 2 B+9;.F12>=7 1 <18 9+ 918= A0.6.?+: 1 <.7 +
<.>1>= C.: 1 .A9.: =< <+/= ---A9 .=<
<?1 7 + ?=@: 1 A=;A-<= <=61 A=9;16>1 =A.;1 :=G.: . 98= 96+ 96=7 + .9>-9;6= - C=: 7+
<18+@;1<7 + 8+;+ =>: =A1 81/<+;1 . >=8=01 =?1;>+ 98= A=B+: . ?1 -D.818= - 817 -
3TT 0=@: 17 + +01 - >=7 =798= 8=01: . ?1 01?.8= 8+9+F ?1<1 ?1 C.98= A0.>-A.: . ?61?+9+;
9+?18 ?=/1,17 1 .: . ;0.9;1 ?=/1,17 1N 91? 98= .E 9<.81: . <1 E.: 71?+ 961>+ <+?+: 7
+ 1
A=D1?.<9>+ 98+;<7 + C.: + 9- 96+?+<+ A01>;.B<= <1 <-: - +;>= 9+ - M .D.F. ?=/1,1 ?1 ;1>=
A=8=I- 918= 7 +?<=/ <=6=/ .<9;0-8+<;1 <1->1 A0=?0+ - 9196.8 <=6= A=?0-B7 +
9;=0.7 9>. A0.8+0. ;1>6.E -9A+E1 <1016<= 8<=/= >0-A<.7 . C.:. 9- =;>0.I+ ;+: +9>=A1 .
=;>0.I+ 8.>0=9>=A1N1: . -DC-,+<7 + . 01?=9; >1?1 9- ;1 ?61 .<9;0-8+<;1 98.@: 7+<1 . A06.
A-; -A=;0+C: 7+<1 <.7 + 8=/: = C.;. 8<=/= 6+I+ =? =6=/ <1@+/ =9: + 918= <+?+: 7
- ?1<1
A=7 16.: 1 9+ @.0=>1 /0C.<1 C: .D- 3O "+ N ;= A0=@.0+<7 + -9>=0= 7 + A=9;1: = 9;1;.9;.B>.
A=9;=7 1<= 1A016= G=< =- 7 + 7 =@ - =<.E A06.E ;0.9;1 ?=/1,17 1 6.?+= ;- ?G=8C- 1: .
A=@;= 98= 9+ =<1>= .9A1: .:. 91 $ "+ =< 7 + 918= <1A.91= <1 7 +?<=7C=F. 18=6=/
@18A1<7 F1 2 3O2. 91>0.= 7 + - <1@M 0.G.?+0
7-<- 98= A=A.: . ;17@18A1<7 1F 96+ 918. 8-@>10F. A=@;= <1G1: =9; <.98= .81: .
<.7+?<- 9101?<.F- . 91=A@;.: . 6+9; >=7 17 + A0=F-0+: 1 . A0+ ;=/1 ( ?=D<1: = 9+ F+: =7<1@=7
:1C=01;=0.7 . ;.6 +0C 7 + =?0G1= ;17/=6=0 A0+? A0+A-<=8 91: =8 -DC-,+<+ A-C: .>+ .: =
7+ ;= A06= >0-A<= =;>0.I+ .>1?1 A=9;./<-;= - +08.: 1C- 19<.7 + ;=/8+9+F1 <1A.91: . 98= .
B:1<1> = =;>0.I- @.0=>=/ .9A-AB+<7 1 <1 ?+6+; . A= "+ 91 TT ?=/1,17 1 =A1G+<.E C1@-
;=8 A=?0-B7 - ( 1 ;= 7 + 9;1;.9;.B>. ?=6=: 7<= C+DC+?<= 0+ ;=/1 98= A0=6+: . <+C0=7 +<=
8<=/= 91;. ;01/17 -I. D1 81 >1>6.8 >610=8 .: . /0+@>=8 D1 81 B.8 @;= C. 8=/: = ?1
9.8-: .01 /0C- ;18= /?+ 7 + <+81 =G?1 A=9;=7 + <+>+ 80;6+ D=<+ - ?+;+>;=0-' =G?1 7 +
>.>9 - 9=M ;6+0-' +-8=: 7.6=8 9-0=6=@I- /1<7 1: . 98= 961>- 81 . <17 81<7 - 9-8<7 - ?=
<7 +<=/ A=;A-<=/ -<.@;+<7 1N ?+9+;.<+ ;1>6.E 1@+ -/01,+<+ 8+0+ C+DC+?<=9;. (
A0=6+0161<7 + 61: 71<=9;. A=?1;1>1 <1 ;17<1B.< @;= A=9;16: 7
1@A.;1<7 1 D1 >=7 1 -<1A0+? D<1@
>1>16 =?/=6=0 C. ;0+C1: = ?1 9+ A=>1G+ >1? 9+ 9;610 .9A0=C1 - A01>9. ( ?1: + 9- 9196.8
A=6=: 7 <+ 0+D-: ;1;+ 16/-9;- D1E61: 7-7-I. ?=?1;<.8 A=?1F.81 . 7 =@.9;1<B1<.7 =71<1: .D.
-9A+: . 98= ?1 91/: +?18= ;0. -D1<1 60E-<F1 F+: - A=0=?.F- .A9.: =< =6=/ A-;1 7 + ;= C.=
A016. .A9.: =< 1 <+ : 1G<7 1> .A9.: =< .A9.: =< A0.8 . .A9.: =< ?-C:A0.8 . <1 >=7 . <1B.< 9+ ;.
A=?1F. <.9- 8=/: . =C7 19<.;. M .D.>=8 A=D<1;=8 3TT 1 9F+<- 7 + 9;-A.= >610> : +A=;1 .: .
?<=
1: = .:. <.81: = =;A=01 A0-G+<= 7 + <1@+8 D1>: 7
-B>- ?1 98= 6.?+: . 9;1<7 + - >=8+ 7 +
7+?1< <=6. >610> ( <1D.617 ;+ /1 >610> C ( 6+D1< 91 96=7 .8 A10<7 1>=8 - 2 1<;.29;1;-9-
G+7 (A9. 7 + C.= FF 8+D=< A9.: =< 7 + CC 8+D=< =@;= 7 + 8191 .A9.: =<9>+ .DC=B.<+ C: .D-
"+ 8191 C >610>1 8=01 C.;. C: .D- O "+ .= 7 + ;= <17 ;+G. >610> D1C+: +G+< ?=;1?NF
>610> 7 + 918= <1 A0.C: .G<= O "+ 1>6. 2 1;=8.2>1= @;= 9- FF . CC 9;1<7 + . 01D<+
A=C-,+<+ 610.7 1<;+ 1@1 ;0. 60E-<F1 A0+?9;16: 71:1 9- =<= <17 <.G+ =9<=6<=
<+A=C-,+<= . ?61 A=C-,+<1 9;1<7 1
+?<1 =? D1C16<.E 9;610. >=? .A9.: =<1 C.: 17+ ;1 @;= 98= . 8. +>9A+0.8+<;1: F. 8=/: . ?1
=6: 1?18= 7 +?<1B.<181 =6=/ B-?<=61;=/ 1;=81 >=7 . 7 + 91/01,+< =? 7 +?<=/ ;+@>=/
>610>1 @;= >0-G. =>= 7 +?<=/ ;+@>=/ 1<;.>610>1 =C01 9;101 0+?.</+0=61 7 +?<1B.<1
01?.: 17 + C+D/0+@>+ 1:= 98= C1F.: . A=/: +? - <1@+ 9;-?+<;9>+ 96+9>+ A1 98= A=7 -0.: . ?1
A0+ ;+=0+;.B101 .D01B-<18= +<+0/+;9>+ <.6=+ . ?0-/+ =?: .>+ >=7 + 98= 6+I .D8+0.: . 1@
98= 9+ D1C16: 71:. 1: . ;+=0+;.B10. 9- A=C+?.: .
;>0.I1 9- -6+> >61D.9+>9-1: <. ?=G.6: 717. 1? 7 + G=< =- A= 2 C.F.>: (9.9;+8-29;./1= ?=
A06=/ <1/=6+@;17 1 ?1 C. ;- <+/?+ 8=/: 1 C.;. ;1 /0C1 =C-D+: = 8+ 7 + =<= 8+<. 91?1 6+I
?=C0= D<1<= =9+I1<7 + 9.: =6.;+ +-M =0.7 + 1: . A0=G+;= C0./=8 ?1 2 <+ 8=G+ C.;. ?1 7 + 9;610<=

223
;1>=2 06. A=0.6 7 + ?1 7 16.@ <+>=8+ ?1 >1G+@ : 7-?.81 :
. >=8+' 1@.8 G+<181
<17 C=: 7.8 A0.7 1;+: 7.81 ?+F. - =6=8 9: -B17 - ?.0+>;=0- +08.: 1C1 =C- .: 9=<- B.7 =7
:1C=01;=0.7 . 7+ C.: = =B17 <.B>. A=;0+C<= C10 7 +?<= =;>0.I+ <+B+/1 +:
+M =<.01: . 98= <1@.8
>=:+/181 >=7 + 9- C.: + -D81@.<- - +81B>=7. D18=: .:. .E ?1 6.?+ 8=/- : . <+>1>=
?1 ?=9;./<- <1 <7 .E=6=8 +H +( >=: 17?+0- +<+0/.7 - A=;0+C<- D1 A016: 7+<7 + .A9.: =<1
7+ C.: 1 7+?.<. ?0-/. 1>F+: +01;=0 <1 F+: =8 96+;- >=7 . 7+ .81= .=: + <+>- A0.: .>- ?1
?=81@. ;- +<+0/.7 - <. 9- ;18= <161: .:
. <1 A=91= .D6+: . A0161 B-?1 81@.<9>+ 6+@;.<+ ( .
-9A+: . =61 01?=9; =: 1>@1<7 + <+ 81: = 19<.7 + B=6+> A=B<+ ?1 01D8.@: 71 =
<1/01?181 1 : . I+ =6= C.;. ?=6=: 7<='
=91= <1 A=9;.D1<7 - =6=/=;>0.I1 C.= 7 + ;01-81;.B1< DC=/A=G101 >=7 . <19 7 + D1-9;16.=
A=9: + A06+ <+?+: 7+ ?=C0=/ 01?1 171 3TT 7 +?<1 9A0161 >=7 1 8+0. 9;0-7 - - <1@.8
81/<+;.81 9A0161 >=7 - 7+ <+81 9-8<7 + .9A=0-B.= <+>. 7 +M ;.< A0=.D6=,1B D1A1: .:1 9+
1;01 9+ A0+<+: 1 <1 +: +>;0.B<+ 6=?=6+ =G10 - +: +>;0.B<.8 .<9;1: 1F.7181 9;6101 E: =0<+
/19=6+ 1 >1?1 61@. A0.7 1;+: 7
. 61;0=/19F. -: +;+ 91 @80>=6.81 . 96+ .9A=: .617 - 6=?=8
9;6101 9+ - 61D?-E- E: =0=6=?=<.B<1 >.9+: .<1 #: >=7 1 9+ 9A-9;. <1 96+ ;01<D.9;=09>+
>10;.F+ ( A=B<+ A=: 1>= ?1 .E .D/0.D1
A19161<7 + +: +>;0=<.>+ - ;1>6.8 9: -B17 +6.81 7 + 7 +?1< =C: .> -8+;<=9;. 0.71;+: 7. -
# (- 9- 8. 01<.7 + A0.B1: . = 7+?<=8 ;1>6=8 A=G10- >=? <7 .E A1 918 .E A=D61= . A.;1=
D1 916+; 1?=@+ 8. .8+ . ;+: +M =<9>. C0=77 +?<=/ E=: 1<?9>=/ 817 9;=01 D1 ;= < 7+ 01?.=
D1 <+>- <+81B>- M .08- 1 G.6+= - 90+?.@<7 =7 A1<.7 . =G10 7 + C.= - 9-C=;- 1?1 7 + C.: =*
91;1 -7 -;0= <+?+: 71 D 8=7 + 9=C+ - +08.: 1C- D61= 918 A1<.7 - . ?=C.= 6+D- 91 ;.8
B=6+>=8 1N?=I. I+ -;=01> I+ 9+ 9;6=0.;. - .>1/- 1 ;=610<. 16.=< 91 A=;0+C<.8
81;+0.7 1:=8 9;.I. I+ - 90+?- : . C+D18+0.B>+ 6.D+ <+81 -: 19>1 - =6- ?0G16- 1 <1 6.D-
9+ =C.B<= B+>1 ?+9+;1> ?1<1 =D=6+8 18+0.B>- 18C191?- - 1?0.?- . A=B<+8 ?1 .E
:=G.8 R ;=89>1 +<+0/.7 1 <1F.=<1: <1 C+DC+?<=9; 8.: .=<. ?=: 101 9- - A.;1<7 - R A=7 +
8+ 91 7 +?<.8 18C191?=0=6.8 A=8=I<.>=8 .A 9: -@1 <.81: = .8A0+9.=<.01< 96+ ?=
;0+<-;>1 >1? >1G+8 ?1 918 A0=M +9=0 <1 =: -8C.7 . R 1 =: -8C.7 . RA=6.B+ =< R ;= <+
0+>=9;+ =?81E 1 ;18= ?.A: =8.02 = A+?+92@+9;+ +F.;+ 1@+8 ?0-/10- ?1 8+ A=D=6+ R
-;=01> 7 + 9;./1= /=9A=?.< +9+ +99+ 06= 7 + =8.0.91= ?+6+; 9;=;.<1 >10;.F1N<1
961>=798= .81: . A= O ;01<D.9;=01 C.: 1 7+ ;= ;+E<=: =/.7 1 .D 3TO <7-M @<7 -M
90+?- 9- 9;./: + E+8.>1: .7+ : . F10.<1 =6+ C0./+ . <+06.01<7 1 1: . .<.9;109;6= +<+0/.7 + 7+
A=8=/: = B+;60;1> 98= .81: . -9A=9;16: 7+<- 2 8=<;1G<- : .<.7 -2 M .D.B10. 9+>0+;10.F+
9-A0-/+ <1@+ ?+6=7 >+ ( 96+ ;+ =9=C+ 9- .81: + ?-G<=9; ?1 D18=B+ >10;.F- - ;17 <. 019;6=0
D1;.8 - D1;.8 ?1 =9-@+ B.9;.8 /19=6.;.8 1D=;=8 A1 ?1 .@B+;>17 - B+;>181 =?
>18.: 7 + ?: 1>+ . <17 D1? ?1 9: 1G- <1 /=8.: - 1A=: 1 918 =B+>.61= ?1 I+8= -D=617=C0+?
8=01;. . ?1 ;.E= 7 +B.8= <+>+ E=: 1<?9>+ 81/.7 9>+ .<>1<;1F.7 + 1: . .A1> <.7 + ?=@: = C1@?=
;=/1
+9+ 7 + >=<7 1<.> =6+> 9+ <19;1<.= - A1<.7 . ?1 C. 8=/1= ?1 ;0+<.01 91 @A1<9>=8
>=<7 .F=8 1? 7 + ?=D<1= ?1 .818 ;0. >=<7 1 =?7 -0.= 7 + ?1 7 1@+ 91 8=7 =8 G+<=8 .
+08.: 1C=6.8 >=<7 .B>.8 >: -C=8 =@;= 7 + A016. 9;0-B<7 1> ?161= 7 + A=->+ 96.81 9>=0=
9- 9+ A0+0.7 9>. 7 1E1B. 916+;=61: . .D8+,- 9+C+ >1>= <17 C=: 7 + .D6+9;. : +;+I+ A0=8+<+
A191G+ : 161?+ >=0C+;+ . >1A0.=: + 1?1 .818= -6+GC1<- M +08.: 1C=69>- >=<7 .F- 9A0+8<-
?1 C01<. : 1C=01;=0.7 - 1>= <+A0.7 1;+: 79>. >=<7 .B>. =?0+?. .D #(1 . .D # (1 >0+<- <1
<19
+;1> 98= A0=6+: . .<9;1: .017-I. 96+ ;+ >10;.F+ . A0=6+01617 -I. .E 96+ A=8<= 7 +?<- A=
7+?<- -C=;1 7 -;0= 96+ - A-<=8 A=/=<- : 1C=01;=0.7 1 01?. +>=: .>= ?1<1 >19<.7 +7 +?<1
E.;01 1<1: .D1 A=>1D1: 17 + ?1 9+ /0C.<1 7 =@6.?. +9+ 7 + =9;1= 7 =@?6+ <+?+: 7+ 7 1@-I. >=<7 +
@108.017 -I. <10=? . ?+: +I. 916+;+ = 9A0+B161<7 - A=G101 .>1? =? <7 +/1 <.98= ?=C.: . 01B-<
D1 =C16: 7+<. A=91= 1: . E+8.>1: .7 + 98= A: 1;.:. ;1>= 7 + +;= 96+; ?=C.= ;0+I+ A=>=: +<7 +
>610>=61 . : +A;=<1
>= 7 + <+>. >610> <1 ?<- ;= C. ;0+C1: = ?1 D<1B. . ?1 7 + <+>. <1 60E- = C. 9+ <1
+</: +9>=8 0+>: = ;=A X-10> :. 1>= 7 + ;17<1 ?<- 2 :+A=;12 1 =< 7 + ;= 1>= 618 9+ ;1>=
6.@+ 96.,1 =<?1 >1G.;+ ?1 7 + =<17<1 60E- 2 .9;.<12 =61 A+0.=?<1 ;1C: .F1 91? .D/: +?1
=61>=

A06=
A=>=:+<7
+ ?0-/=

224
A=>=:
+<7
+ ;0+I+
A=>=:
+<7
+

/=0+ - @108 F 60E ' ;

?=:+ ? B-?<. 9 ?<= C

+:
+>;0=<9>. <+-;0.<= <+ 8-=<9>. <+-;0.<= <8 ;1- <+-;0.<= <;
+:
+>;0=< + 8-=< 8 ;1- ;

=> .9A.9-7 +8 =6+ 0+?=6+ 9.;-1F.7 17 + 9:+?+I1 >610> 60E 7 =@<.7+ <1,+< 1- <+-;0.<=
;1>=,+ 7 =@ <.7 +?<=8 <.7 + =A.;<= 2 D1>-F1<2 1: . <.>= 9;610<= <+ 9-8<7 1 - <7 +/=6=
A=9;=7 1<7+ 1D<. A0+?: =D. D1 =A.;+ 91 ;0. <+-;0.<1 >=7 . C. C.: . =71B1<+ 6+0D.7 + =<=/91 ?61
<+-;0.<1 A=?<=@+<. 9- ;=>=8 /=?.<1 - +08.: 1C- 1: . 96. 9- =?C1B+<. D1;= @;= C. ;1>16
A0=7 +>1; 9;016.B<= >=@;1=
0.8+;.;+ ?1 7 + /0-A1 - ?=<7 +8 : +6=8 -/: - <1@+ ;1C: .F+ <+(+(<8(8 -9A=9;16: 7+<1
?6=<+-;0.<9>.8 =A.;=8 3$) /=?.<+ >610> ?<= . ;1- : +A;=< 9- D181: = -A=;A-<.: .
=6178=?+:A0+? >0179+?18?+9+;.E /=?.<1
61 ;1C: .F1 >1? 7 =7 9+ ?=?17 - . 01D<+ 9.: + 7 +9;+ 0+D.8+ 96.E A=?1;1>1 >=7 . 9-
A0.>-A: 7
+<. - 96.8 1>F+: +01;=0.81 A=B+6 =? =<=/ ?1<1 >1? 7 + "1: .:
+7 A-@;1= >-/: +
<+7 +?<1>= ;+@>+ ?1 A1?17 - 91 81: ;+<+ =>=8.;=/ ;=0<7 1 - .D. 1 =6- ;1C: .F- >1G+8= ?1
7+ 9;1<?10?<. 8=?+:.: . 9;1<?10?<1 9: .>1 .:. 9;1<?10?<1 ;+=0.7 1 6= -A18;.;.
"=?.<1 7 + 33* ;1<?10?<. 8=?+:. ?1: 7
+ 6:1?1 =< 7 + ?=/81 M .D.>+ B+9;.F1 1@.<+
>=7 + 9- - A=/=<- 91?1 - ?+6+?+9+;.8 /=?.<181 A=<17 A0+ +08.: 1C=6 +61;0=< . # (
=6 >=: 17?+0 +: +>;0=<1 91 A=D.;0=<.81 <1D61< ( 10/+ : +F;0=<( =9.;0=< ;=01/+
.</ -98+01617 - <1A=0+ E.: 71?1 +>9A+0.8+<;1;=01 A0+81 961>=8 8=/-I+8
<1/=6+@;17 - = <+B+8- @;= C. 8=/: = ?1 : +G. .D61< 9;1<?10?<=/ 8=?+: 1 1<7 + 81@.<+ -
=0<+: - 0->E+7 6+<- D1;.8 #. - #->-C. - 1A1<- ;1>=,+ A=>-@1617 -
?1 .9;1<B17 - <1@+ D<1<7 + = 8<=/.8 A1018+;0.81 9;1<?10?<=/8=?+: 1 . ?1 <1,- <1D<1>+
= <+>=7?-C: 7=79;610<=9;.
81 A=9: 1N.81 8<=/= A=9: 1 +?1< D1?1;1> 7 + .9;01G.61;. >610>=6+ 18;.;+ ?1 -
A0.0=?. A=9;=7 + 918= ?6+ 609;+ >=8C.<1F.7 1 >610> A: -9 1<;.>610> A.@+ 9+ XX ( ;= 9-
618 8+D=<. ( . ) ;0. >610>1 D17 +?<= XXX ( ;= 9- 618 C10.=<. 1? 8=G+8= ?1 9+
./018= . ?1 >=8A=<-7 +8= E1?0=<+ >1= @;= 9- -- -F -; . -F -; ?9 ?C 1C16: 717;+ 9+
1>=,+ --? FF? ;;C =/-I+ 9- 9;=;.<+ >=8C.<1F.7 1 <+>= <+/?+ . D<1 >=: .>= 6+ 9-
;= B+9;.F+ >=7 + 9- .: . =;>0.6+<+ . 9;16: 7
+<+ - ;1C: .F+ .:. B+>17 - ?1 .E <+>= =;>0.7 + +0+I.
819- 01D<.E B+9;.F1 <7 .E=6 G.6=;<. 6+> . <1B.<+ 019A1?1<7 1 91D<17 +8= 96+ 6.@+ = 7 1>=7
>610>=69>=79.: . D1 >=7 - 9- A=90+?<.F. A0+<=91 /: -=<. 1: . . = =9=C.<181 9: 1C+ 9.:+ 81
8<=/= ?1 9+ 01?.
=@7 +?<= 9: 16<= +>9A+0.81<;1: <= =;>0.I+ D=6+ 9+ 2 <+-;01: <+ 9;0-7 +2 <= 7 + =? C.;<=/
D<1B17 1 D1 <1@- A0.B- = =G.7 =7B+9;.F.

=>=8 9+?18?+9+;.E /=?.<1 A0.>-A: 7+<= 7 + 8<=@;6= A=?1;1>1 = 019A1?1<7 -

<+9;1C.:<.E E1?0=<1 6= 019A1?1<7 + 7
+ D1A016= .9A=: 7
161<7 + A=7 +?.<.E 0+1>F.71 >=7 + 9+
?=/1,17 - 919;16<.8 >610>=6.81 ( <1 A0.8+0 <+>. >610> /=0+ 9+ 2 A0+8+;<+2- ?=: + .: .
=C01;<= =@ .<M =081;.6<.7 . C.:
. 9- 0+D-: ;1;. 6.@+ ?+F+<.71 60@+<7 1 =A.;1 91 019.A1<7 +8
<+-;0.<1 6. ;. A=?1F. D17 +?<= /=6=0.: . 9- ?1 9: 1C- 9.:- 8=017 - A0+<=9.;. ;0. 819.6<+
B+9;.F+(A0+<=9.=F. 7 +?<1 C. C.: 1 4H ?0-/1 4( 1 ;0+I1 C. 9+ D61: 1 =01: + 9- C.;.
819.6<+ D1;= @;= 9: 1C1 9.:
1 .81 6+=81 81: . A=:
-A0+B<.> ?+79;61 <+ ?=E61;1 ?1: 7+ <+/=
?= A0.C: .G<= ( 3 8+;101 61<;<1 ;+=0.7 1 <18+I+ /0-C= A016.: = >=7 + >1G+ ?1 9+
?=81@179.: + 8+<7 1 =C0<-;= 901D8+0<= 819. B+9;.F+(A0+<=9.=F1 :
+>;0=81/<+;<1 9.: 1
?=9+G+ - C+9>=<1B<=9; .1>= A=9;17 + 91 A=6+I1<7 +8 -?1: 7+<71 96+ 9: 1C.71 1 <7 +<1
B+9;.F1(A0+<=9.:1F 7 +9;+ M
=;=< B.717 + 8191 8.0=61<7 17+?<1>1 <-: .

225
 :
. D1@;= ;0. A0+<=9.=F1 9.:+' 1@;= ;0. B+9;.F+(/: 19<.>1 ( =? >=7 .E 7
+ 7+?<1 A=D.;.6<=
<1+: +>;0.91<1 7 +?<1 <+/1;.6<= 1 7 +?<1 <+-;01: <1 ( ?1 C. 9+ @.0.:
= >0=DA0=9;=0 A=: 7+ >=7 +
<16=?. >610>=6+ ?1 A0+: 1D+ .D7+?<+ 609;+ - ?0-/-' 1 C.98= =6= =C7 19<.:
. 8=018= 81: =
C.;. 01B-<=6=,+ . ><7 ./=6=,+ M.D.>+ . A0. ;=8+ 8=018= A1D.;. ?1 =<= : +6= =? 9;0+: .F+
=9;1<+ -6+> 7 +?<1>= =<=8+ ?+9<= =? 9;0+: .F+ = 9+ =?<=9. . <1 D<1>+ <1+: +>;0.91<7 1
>= 9+ <1 A0.8+0 <+-;01: <1 B+9;.F1 019A1?<+ <1 <+>+ <1+: +>;0.91<+ =<?1 8+,- ;.8
;1>= <19;1: .8 B+9;.F181 ->-A<1 >=: .B.<1 A=D.;.6<=/ 8=01 C.;. 7 +?<1>1 ->-A<=7>=: .B.<.
<+/1;.6<=/<1+: +>;0.91<71
1 A=B+;1> +6= @;1 9+ ?+@161 >1? 9+ 7 +?1< <+-;0=< 2 019>=>12<1 7 +?1< A0=;=< . 7 =@
<+@;= = 7 + ;.A.B1< A0=F+9 D1 >=7.7+2=?/=6=0<129: 1C1 9.:
1 .@+8= /1 =61>=

< [ AH H +( H <+

+I 98= 7 +?<=8 =6= 6.?+: . 7 +?1< <+-;0=< 019A1?<+ 9+ <1 7 +?1< A0=;=< 7 +?1<
+:+>;0=< . 7+?1< 1<;.<+-;0.<= 0.8+I-7 +;+ ?1 <1 ?+9<=79;01<. 0+1>F.7 + .818= A=D.;.6<.
A0=;=< . <+/1;.6<. +:+>;0=< >=7 . 9+ -D17 18<= A=<.@;1617 -N1 1<;.<+-;0.<= 7 + <+-;01: 1<
<+<1+: +>;0.91< 6+ 9+ : +A= ->: =A.:= : . =6= 7+ 918= A=60@1< A=/: +? <1 ;- 0+1>F.7- >1=
>1? /:+?1;+ >1>= 9+ 717+ 019A1?1 . .D<7 +/1 9+ A=7 16:
7-7+ A;.B.F1 .9;+ -=A@;+ 6.?+:. @;1 7+
96+ M+;-9 01?.= -<-;01 +-;0=< 7+ D1A016= >=</: =8+01; ;0. >610>1 ( 7+?<=/ /=0+ . ?61
?=:+ -?? N1 A0=;=< 7 + >=</: =8+01; ?61 /=0+ . 7 +?<=/?=: + --? <1B. >1? 9+ <+-;0=<
019A1?<+ . A0=.D6+?+ 7 +?1< A0=;=< ;=8 A0.: .>=8 9+ 7 +?1< >610> ?=: + A0+=C01;. - >610>
/=0+ 1;= 7 + -A-;<.7+ ?1 A=/: +?18= - <+-;0=< . =A.@+8= @;1 9+ ?+@161 91 ;.8
>610>=6.81 91? .9;1 =61 0+1>F.71 8=G+ ?1 9+ <1A.@+ >610>=69>.8 7 +D.>=8 =61>=

? [ - H +( H <+

1>:+ 7 +?1< >610> ?=:

+ - <+-;0=<- A0+;6=0. 9+ - 7+?1< >610> /=0+ 1 A0. ;=8+ +8.;-7 +
7+?1< +: +>;0=< . 7
+?1< 1<;.<+-;0.<= +,-;.8 B1> . =6= 7 + A0+6+: .>= A=7+?<=9;16:7+<7+
=<=/1 @;= 9+ 9;610<= ?=/=?.: = 0161 6+0D.7 1 ?=/1,17 1 8=01 -D+;. - =CD.0 B.<7 +<.F- ?1
+:+>;0=< . 1<;.<+-;0.<= <+ .9>1B- <+A=90+?<= .D >610>1 ?=: + =9;=7
. ;- 7 +?<1
8+,-0+1>F.7 1 - >=7=77+?<1 4( B+9;.F1 =?./0161 C.;<- -: =/- 1;= >61<;<1 ;+=0.71 9:1C+
9.:
+ A.@+ A0=F+9 019A1?1 <+-;0=<1 >1= ?=/1,17>=7 . .81 ?6+ M1D+

?( 5
* [ 4( H -H)5
*

1 ;+> A=9:
+ ;=/1

) 4( [ +( H <+

A1D.;+ ?1 9+ >610> ?=: + 019A1?1 A06= - B+9;.F- 4( . - 7 +?1< >610> /=0+ +> A=9: +
;=/1 9+ ;1 4 B+9;.F1 019A1?1 - +: +>;0=< . 1<;.<+-;0.<= 1>:+ 47 + A=90+?<.> 9: 1C+ 9.:+ .
-B+9<.> - 0+1>F.7 . 019A1?1 /=0<7 =70+1>F.7 . ;= 8=01 C.;. <+/1;.6<1 4 B+9;.F1 ?1 C. 9+
-016<=;+G.: 1 A0=8+<1 <1+: +>;0.91<7 1 >=7 1 9+ ?=/=?.: 1 A0+;6101<7 +8 ? - - 1? 91C+0+@(
<1+: +>;0.91<7 + A=8+<-;+ B+9;.F+ 4( . H)5 * <1+: +>;0.91<7+ >610>1 /=0+ ?=C.7 +@( 5 * 1
;= 7+ <1+: +>;0.91<7 + >610>1 ?=: + >=7.7 + 0+1>F.7 - . A=>0+<-= 6+ 9+ : +A= ->:1A1
7+D/0.81 >610>=6. /=0+ 9+ ;1>=,+ 8=/- 019A19;. - >610>=6+ ?=: + A0. B+8- 9+
A0=;=<. A0+;61017 - - <+-;0=<+ 1 7 +D.>- >610>=61 =617A0=F+9 9+ =A.9-7 + =61>= - [ 4H
H ? 1 A=9: + ;=/1 <19;-A1 4H [ +H H <+ 6?+ <18 7 + A=;0+C1< A=D.;.61< 4 ?1 C. 9+
-016<=;+G.: + A0=8+<+ +: +>;0.B<.E <1C=7 1 1>:+ =A1G+<. 019A1?. >610>=61 -
A0+=C01I1<7 .81 <+-;0=<1 - A0=;=<+ . =C01;<= D1E;+617 - A=9;=7 1<7+ . A=D.;.6<=/ 1: . .
<+/1;.6<=/4 : . <. ;= <.7+ F+:1 A0.B1
A.;. .D6+?+<. 90+?.<=8 9+?18?+9+;.E /=?.<1 91 <+-;0.<9>.8 9<=A=6.81 ?=>1D1: . 9-
A=9;=7 1<7 +2 <+-;01: <.E 9;0-712>=7 + =A+; D1E;+617 - ?1 A=9;=7 . . 7
+?1< <+-;01: <. A0+<=9.: 1F
9.:
+ 1 =61>6+ =A.;+ <16=?.: . 9- <19 ;+=0+;.B10. >1= @;= 7 + ": +@=- >=7 . 9- 01?.:. <1
=C7+?.<7 +<7- 9.: 1 . <+06.01: . 9+ DC=/ B.<7 +<.F+ ?1 9- 9: 1C+ 9.: + A= 96.8 ?=;1?1@<7 .8
?=>1D.81 D1E;+61: + 918= <1+: +>;0.91<+ A0+<=9.=F+ 9.: + 1;= 9+ ?./: 1 A=;+01 D1
9;0-7181 >=7 + C. C.:+ <+-;01: <+

226
 +B 2 9;0-7 12- 9-@;.<. D<1B. C.:= @;1 @;= 9;0-7. A0=;.B+ 0+F. .:
. - B+98. .81;+ 6=?+<-
9;0-7- ;0-7 1 +: +>;0=<1 A0=;.B+ >0=DG.F- .:. >0=D<+>. 019;6=0 +9;.F+ 4( . 4H A=90+?-7 -
- 2 A0=;.F1<7 -2 B+9;.F1 .D 7 +?<=/ 9;1<7 1 - ?0-/=N A=;0+C1 ?1 9+ A01;. >-?1 =?: 1D.
<1+: +>;0.91<7 + . @;1 9+ ?+@161 9 <7 .8 6+0=61;<= 7 + <16+: 1 :7
-?+ ?1 A=B<- /=6=0.;. ?1 . ;-
A=9;=7 . <+>1 2 9;0-712 +9;.F1 4H A=90+?-7 + - A0=;.F1<7 - A=D.;.6<+ 9;0-7+N4( - A0=;.F1<7 -
<+/1;.6<+ 6+ 9;0-7 + A0=-B1618= - 9A=<;1<.8 9: 1C.8 019A1?.81 >1= @;= 9- =6. -A016=
=A.91<. :. =<+ 8=/- C.;. 9;6=0+<+ . <+-;0.<9>.8 9-?10.81 - 1>F+: +01;=0.81 @;= 7 +
8=/-I+ A=9;.I. D1;= @;= 9- +>9A+0.8+<;1;=0. - 0->E+7 6+<- - ?6=<+-;0.<9>=8 =A.;-
=6: 1?1: . A0=.D6=?<7 =8 <+-;0.<9>.E 9<=A=61
1 A=/: +?18= @;1 9+ ?+@161 >1? 9+ 8-=<9>. <+-;0.<= =<1 609;1 >=7 - 98= =;>0.:
. -
0->E+7 6+<- 9-?10. 91 A0=;=<=8 ( ;1B<.7 + 91 <+>.8 >610>=8 7 +?<=/1 A0=;=<1 -?10
8-=<9>=/ 1<;.<+-;0.<1 91 >610>=8 /=0+ ?=6+@I+ ?= <19;1<>1 7 +?<=/ >610>1 ?=: + .
7+?<=/A=D.;.6<=/8-=<1

<8 H -()5
* [ ?( 5
* H 8H

:. <1 961>=?<+6<=8 7 +D.>- 8-=<9>. 1<;.<+-;0.<= A:-9 >610> /=0+ ?17 + >610> ?=:+
A:
-9 A=D.;.6<. 8-=< = 8- .D.,+ <1 9: +?+I+ >1? 9+ <+-;0.<= . >610> /=0+ B61><- /=0+
A=9;1<+ ?=:+ 1 <+-;0.<= A=9;1<+ 8-=< :
. =A+; =<= @;= 9+ A= ;+=0.7. 9:
1C+ 9.:
+ D1.9;1
?+@161 7+9;+ 7+?1< 9:
+? =? ?6+ 0+1>F.7
+

<8 [ 4( H 8H
) 4( H - [ ?

<;.<+-;0.<= <1: +;. <1 >610> /=0+ . .D ;=/ 2>1018C=: 12.D:+;. >1= 8-=< "=0+ 9+
A0+;6101 - ?=: + 1 A=90+?<.> - ;=8 A=9:-7+9;+ <+/1;.6<1 4 B+9;.F1 <1B. ;- 7 + A0=;.F1:
1
7+?<1 <+/1;.6<1 9;0-7 1 ?1 1:.7=@ 3OO /=?.<+ A=7 +?.<. ;+=0+;.B10. <1 A0.8+0 G-: .7
1<
6.</+0 >=7 . 7+ C.= A0=M+9=0 +: ?=<- ":+@=- 91/: +?1:. 9- ?1 C. C.: = 8=/-I+ .81;. .
<+-;01:<- 9;0-7 - =61>=

<8 H - [ - H <8

1 ;- .818= .9;+ 9;610. <1 =C+ 9;01<+N: +6= 7 +?1< 8-=<9>. <+-;0.<= . >610> /=0+ 1
?+9<= =A+; >610> /=0+ . =A+; 8-=<9>. <+-;0.<= 1 @;1 : . 9+ ;- ?+@161' +@161 9+ ;= ?1
<+-;0.<= -?10. - >610> /=0+ . =?9>=B. 1: . .D:1D. .D;+ 0+1>F.7 + =A+; >1= <+-;0.<= 1 <+ >1=
8-=< @;= 98= .81: . - A0+;E=?<=70+1>F.7 . 610> /=0+ C-?+ I-@<-; 1: . =9;17+ /=0+ =@;=
7+ ;17>610> /=0+ ?+= 7 +?<=/ A0=;=<1 .: . <+-;0=<1 A=8+<-;. A0=;=< .1>= G+9;=>=
;0+9<-; =9;17 + A0=;=< >= C.98= C1F.: . A=/: +? <1 ;- 0+1>F.7 - 918= =6: 1@ A=60@<=
D1>:7-B.:. C.98= ?1 7 + 7+?1< 8-=<9>. <+-;0.<= -?10.= - A0=;=< . <1A0=9;= <+.D8+<7 +<
=?9>=B.= : . ?=/1,177 + >-?.>18= .9;1<B1<.7 . =? ;=/1 01<.7 .8 0+1>F.7 181 6.?+: . 98= ?1
7+ C.:1 A=;0+C<1 .: . <+/1;.6<1 .: . A=D.;.6<1 4 B+9;.F1 ?1 C. 9+ A=8=/: = A0+=C01G161<7 +
7+?<=/ >610>1 /=0+ - ?=: + .: . =C01;<=N?=> 8+,-;.8 =6?+ <+-;0.<= 8=01 ?1 +8.;-7 +
<+>- B+9;.F-(/: 19<.>1 >=7 1 I+ ?1 2 0.;<+2;17>610> /=0+ 7
+?<= I+ <+-;0.<1 2 A0=/-;1;.2
6:19;.;1 B+9;.F1(/: 19<.> 1? A=>-@18= ?1 <1A.@+8= =6- 0+1>F.7 - 7 19<= 6.?.8= ?1 ;1
B+9;.F1(/: 19<.> 8=01 C.;. <+-;01: <1
61 0+1>F.7 17+ 9: .B<1 <1B.<- <1 >=7 . 9E61;18= +: +>;0.B<- 9.: - ( <1 A0.8+0 .D8+,- ?61
A0=;=<1N?=/1,1 9+ 01D8+<1 7 +?<=/ <+-;01: <=/ A0+<=9.=F1 >=7 . 7
+ M=;=< 1 ;= ?=6=?. ?=
<19;1<>1 -: =<=6=/ D1>=<1 = 9.: . >=7 . ?=A-@;1 7 +?<=8 A0=;=<- ?1 2 @-;<+2<+>. ?0-/.
A0=;=< + ?=/1,1 9+ A0+: 1D1> .D7 +?<+ 609;+ - ?0-/- 61 9: .B<=9; <.7 + 9:-B17 <1 6. @;=
9+ C16+ -<.M .>1F.7=8 <+ 8.9: .8 <1 F0>6-5 9+>;- 2+: +B19<=/ -<12<+/= <1 +: ?=<1
":+@=-1 . <7 +/=6+ ?0-/10+ 8=017 - .81;. <1 019A=: 1/1<7 -7 +?1< ;1>16A0=F+9 1>= G+: + ?1
9;+><- 81>10 . <17 8.<.81: <.7- A0.: .>- ?1 .>1?1 =C7 +?.<+ 9: 1C- 9.: - 91 +: +>;0=81/<+;<=8
1>: + .D1D=6D1 +>9A+0.8+<;1;=0+ C.= 7 + 8=G+8= : . .D6+9;. <+>+ 0+1>F.7 + - >=7 .81 9+
<+-;0.<. 9-?1017 - 91 1;=89>.8 7 +D/0.81 . .D: 1D+ =A+; >1= <+-;0.<.' 0+9-?<. +: +8+<; -
=6=8+ 8=01= C. C.;. ;17?1 =A1D.8= ?1 9+ 9-?10 ?=/=?.= = D<1B. ?1 9+ A= <+B+8- 8=01
6.?+;. ?1 7 + 7 +D/0= A0+;0A+: = -?101F =9;=7 1:
. 9- <+>. ?6=98.9: +<. <1/=6+@;17 . ;1>6.E
0+1>F.71 7 =@- =<=8 <1@+8 ?6=<+-;0.<9>=8 =A.;- - 0->E+7 6+<- +: 610F 7 + D1 ;1>6+

227
9:-B17+6+ /=6=0.= ?1 9- 2 <.@;10.7
+2 <+-;01: <1 B+9;.F1 -,+ <+-;01: <1 B+9;.F1 .D.,+ . @;1 7+
;- C.:
=' .@;1 .7 + 9+ A0=8+<.: = <1+:+>;0.91<7+ =?-@+ 7 +D/0= C-?+ 01DC.7 +<=N;1 9.;<.F1
9+ .A1> ?+9. :. <1@ <+-;0.<9>. D01> - 0->E+7 6+<- .81= 7 + 901D8+0<= <.9>- +<+0/.7 -
=;-? 610F=61 : 7-;<71 ?1 <18 7 + ;= 2
<.@;12 +-;01: <+ 9;0-7+' D01D: =/1 >=7 .E 9+ <+ 8=/-
A0.9+;.;. <+>= 7+ <+/?+ =?: -B.= ?1 9+ <+-;01:<1 B+9;.F1(A0+<=9.: 1F .81 D61;. D+ <-:1
1 <+ 4 :
. >1? E=I+;+ ?1 =9;16.;+ 7 1> -;.91> <1 96=7 + A0.71;+:7
+ -A=;0+C: 71617;+ .D01D
2<+-;01: <+ 9;0-7
+2 @;= ;1>= ?=C0= D6-B. 1 D1A016= .D01G161 D18.91= ?1 8=018= .81;.
<+>- <+<1+: +>;0.91<- B+9;.F-(A0+<=9.=F1 >=7 1 I+ ?1 2@-;<+2. A=>0+<+ 0+1>F.7 - 9:1C+ 9.:
+

1 81: = A0+/: +?18= @;1 9- ;+=0+;.B10. - ;= 60+8+ 8.9: .:.

=9;=7 1<7 + 9:1C+ 9.: + A06. 7 + A0.8+;.= +08. - ;0.?+9+;.8 /=?.<181 1? 7 + A.91= 96=7 -
;+=0.7 - +08. 7 - 7 + 8=?+: =61= 7 +?<.8 ?+: =8 A0+81 >61<;<=7 ;+=0.7 . A=: 71 D1
+:+>;0=81/<+;<- 9.: - >=7 1 7 + <1D61<1 . >61<;<1 +: +>;0=?.<18.>1 ( V +08. 7 +
A=>-@1= ?1 6.?. ?1 : . C. =61 <=61 9.: 1 9: 1C1 ?+7 9;6=61: 1 A= ?.<18.F. 9;10.7 + 9.: +
+:+>;0=81/<+;.D81 9;10.7 + - 98.9: - ?1 98= 01<.7 + 91D<1: . D1 <7 - V (- >1= @;= 9;+
D1A18;.: . A=: 7+ <=9+ B+9;.F+(/: 19<.F. 1 ;= 9- M =;=<. 1;= 7 + 8=01: 1 . +08.7 +61 ;+=0.7 1 ?1
.81 <+>+ B+9;.F+(/: 19<.>+ : . >1>6+ C. ;= B+9;.F+ C.: +'
=;=< .81 819- <-: 1 1 ;= =8=/-I161 ?1 9+ -D?./<+ <1 <=/+ =<17 9: 16<.
?1: +>=?=8+;<. D1>=< =C0<-;.E >61?01;1 019;=7 1<7 1 +:+>;0.B<+ 9.: + : 1C1 9.: 1 .81: 17 + 60: =
>01;1> ?=8+; A1 7 + +08. - 9-@;.<. <1A0=9;= A0.>1B.= 96=7 .8 A0+<=9.=F.81 9.: + =?: .>- ?1
.817 - C+9>=<1B<= 6+: .>- 819- =/.B<= D10 <+ 19<.7 + 6+0D.7 + +08.7 +6+ ;+=0.7 + 1
<10=B.;= 6.</+0=61 -6=?+ ;+@>+ B+9;.F+ 4H . 4( >1= A0+<=9.=F+ 9: 1C+ 9.: + +>=: .>=
?0-/.E ;+=0+;.B101 A=9;-A.: =7 + <1 ;17.9;. <1B.< 1 6.?.8= . 1</ "+: ( 1< + 6=: .8
<.>1>= <+ 6=: .8 ?1 =?17 +8 A0.D<1<7 + 81 >=8 ;+=0+;.B10- 7 +0 DC=/;=/1 =?81E A=B<- ?1
9+ /0.D- . : 7
-;+ 33 A=9;= <7 .E >= <+>=/;+=0+;.B101 A=<+>1? <+ <16+?+8 1 =B./: +?<= 7 +
?1 918 -D+= D18.91= =? <7 +/1 ;= <.7 + D1;= @;= 918 D1C=016.= ;- =C16+D- <+/= D1;= @;=
/1 80D.8
1? =6= @;= 01?.8 A=9;17 + =9+;: 7.6= >:19.B<=78-D.F. A=9;=7 . :17;8=;.6 1 ;= 7 + <+>.
8=;.6.: . ;+81 >=7 . 9+ A=<16: 717 - 6.@+ A-;1 . -6+> -6=?+ <+>- D18.91= =9=C- .: . G.6=;.<7 -
1>16 7 + - 8-D.B>=8 ?+: - +,1 . 6-> =<17: 17;8=;.6 >=7 . <18 /=6=0. ?1 I+ +,1 -
9:+?+I.8 ;0+<-F.81 9;-A.;. <1 A=D=0<.F- =G?1 7 + D1 =617<1@9: -B17C=: 7
+ -A=0+,+<7 + 91
=<.8 D: =9: -;<.8 D6-F.81 6.=: =<B+: 1-M .:
8- 7 >-: 1 D6-> >=7 . <17 16: 7
-7 + A=7 16- 6+: .>+ C+: +
17>-: + 1 I- 91? =?96.01;. A06+ ;+81;9>+ <=;+ 019A: +;1 =6+ ><7 ./+ ?1I- A06+ D<1>+ =
=G.7 =7B+9;.F. : . <+I- 7 + A=>1D1;. F+: - =?81E 1= . - 961>=72 ;.D2 .D1D=6<=7 A0+?9;16.
>1= @;= 7 + 9;0.A;.D C=: 7+7 + A=: 1>=
A=D<.8 @+D?+9+;.8 . 01<.8 9+?18?+9+;.8 /=?.<181 <+>=: .F.<1 8: 1?.E ;+=0+;.B101
C1F.: 1 9+ <1 A0=-B161<7 + >61<;<+ ;+=0.7 + A=: 71 - <1?. ?1 A0=@.0. -9A+E V (1 . <1 ?0-/+
9.:+ =G?1 9;+ D1A18;.: . ?1 9- - ;=8 A=9: - A=9;=7 1:1 +:+/1<;<1 0+@+<7 1 D1 ?+: =61<7 + <1
?1: 7.<- 1: . ?1 9- .9>09: + . 81;+81;.B>+ <+6=: 7
+ <+>+ 6+: .B.<+ >=7 + C. ;0+C1: = ?1 C-?-
81: + . 8+0.6+ - 7 +?<1B.<181 9- .9>09161: + >1= C+9>=<1B<+ C+9>=<1B<= 7 + D<1;+ C1@
8<=/= 17 <8+< . <7 +/=6. A0.7 1;+:7. .D8.9: .:
. 9- A=9;-A1> 0+<=081: .D1F.7 + ?1 C. >1>=(;1>=
A0.>0.: . ;+ C+9>=<1B<=9;. A=8=I- =<.E >=: .B.<1 >=7 +7 +9- .D8+0+<+ ( <1 A0.8+0 A=8=I- + .
8 <1+: +>;0.91<7 1 . 819+ +: +>;0=<1 "=6=0.: = 9+ ?1 7 + V 0+<=081: .D1C.:<1 ;+=0.7 1 =
D<1B. ;1>61 - >=7 =79+ 8=G+@=;1019.;. ;.E /: -A.E C+9>=<1B<=9;. +,-;.8 B.8 7 + >61<;<1
;+=0.7 1 A=: 71 A0.8+<7 +<1 <1 ;0. ?0-/+ 9.: + ( <1 9: 1C- 7 1>- . <1 9.: - ;+G+ ( <19;-A.= 7 +
A=;A-<. <+-9A+E 01/+?.7 1 ?1 9+ ;1>= ?=C0.8 : 7-?.81 ?+9. <+@;= ;1>= =? ;+ ;0. 9.: +
C+9>=<1B<=9;. 9- A=?.6: 7
1: + . A=C+9<+: + ;=: .>= ?1 7 + ?=6+?+<1 - A.;1<7 + >=0.9<=9;
96+->-A<+ >61<;<+ ;+=0.7 + +>. ;+=0+;.B10. 9- =<?1 D1A+: . ?1 A0+.9A.;17 - V <+ C. : .
<1@: . =C7 1@<7 +<7+ DC=/B+/1 >=? +: +>;0=81/<+;.D81 ;1 ;+=0.7 1 -9A+61 ?=> ?0-/+ ;+=0.7 +
<+ -9A+617 -
=8+<-;1 ;+=0.7 1 >61<;<+ +: +>;0=?.<18.>+ V ;1 9-A+0;1B<1 ;+=0.7 1 >=7 1 ?17 +
60+?<=9; /;1B<= ?= 7 +?1<1+9;=/?+F.81: <=/8+9;1 A0.A1?1 >: 19. ;+=0.7 1 D1 >=7 + 9+ >1G+
?1 9- C1G?109>+ 2 /+7 ?G2 17;+08.< 2 C1G?109>+2D<1B. - =6=8 =>6.0- 01D8+0+ 6+: .B.<1
>1= >1? <+>= <1A016. D1 ?+B7 - G+: +D<.F- @.<+ ;1>=,+ 8.<.7 1;-0<+ 1: . - ;1B<=8 =C: .>- .

228
01D8+0. 1G?109>1 ;+=0.7 1 .9>1D-7 + 1A9;01>;<- 9.8+;0.7 - - A0.0=?. 9.8+;0.7 - >=7 1 7 + 60:=
C:.9>= A=6+D1<1 91 =A.;<.8 B.<7 +<.F181 ? >: 7-B<=/ D<1B17 1 7 + B: 1<1> 1</1 #
Z1</ . =C+0;1 .: 91 =C+0; .: :9 .D 3OP /=?.<+ - >=8+ 7 + <1/: 1@+<1 8=IC1G?109>+
9.8+;0.7 + 8+9;= ?1 9+ A0+?: 1G- 96+ <=6+ B+9;.F+ >=7 .81 C.98= =C7 1@<7 161: . =A1G+<+
A=7 16+ /=6=0.: = 9+ - ;=8 B: 1<>- ;0+C1: = C. ?1 ;01/18= D1 9.8+;0.7 181 >=7 + I+
A0+?9>1D1;. ;+ A=7 16+ 0.8+<7 +<1 <1 V C1G?109>1 9.8+;0.7 1 7 + C->61: <= A016.: 1
+:+>;0=81/<+;<- 9.: - 7 +8B.: 1 =?0G1<7 + <1+: +>;0.91<7 1.7 =@7 +8B.: 1 C+D?=A: 1;+ 9;610<=
7+M;.<= D1@;.;- =? <+>.E ( <1.8+ =? =<.E <17 /=0.E ( C+9>=<1B<=9;. +=0.7 + >=7 + 9+
=?: .>-7 - C1G?109>=8 9.8+;0.7 =8 7 +9- 0+<=081: .D1C.: <+ 6+GC161;. =6- 0+B+<.F- 96+ ?=>
9+ <+ A=9;./<+ /: 1?1> . C0D.D/=6=0 =9: + ;.8+ =?-@+6: 7
161;. ?0-@;6= D1 60+8+ 0-B>1 :.
C1G?109>+ ;+=0.7 + A=?01D-8+617 - A=9;=7 1<7 + C1G?109>.E B+9;.F1 =7 + C. ;= 8=/: + C.;.' 1
V ;= 9- M =;=<.(/: 19<.F.N>=7 + C. ?0-/+' 1 9: 1C- 9.: - ;= 9- 4H . 4( D1 7 1>- 9.: -' 1
/:-=<. ?1C=8+
+>. =? <17 C=: 7 .E . <17 A18+;<.7 .E ;+=0+;.B101 01?.: . 9- <1 9: 1C=79.: . 1 =6= 9- .81: .
?61 <+ ;0. 01D: =/1 1D: =/ C0=77 +?1< 7 +9;+ ;17@;= 7 + - 9: 1C=79.: . 96+ 606+: = =? ;.E
C+9>=<1B<=9;.N<.7 + C.: = 7 19<= >1>= 7 + A0+6+9;. - ?=E61; <+>+ C1G?109>+ ;+=0.7 + 0-/.
01D: =/ G+: 71 D1 -<.M .>1F.7 =8 ?1>: + =C7 +?.<7 +<7 +8 96.E 9.: 1N 7 <@;17 < 7 + ;=: .>= 6+: .B1= .
E61: .= ;= -98+0+<7 + 1 . =61 /0-A1 8: 1?.E ;+=0+;.B101 .81: 1 7 + ;= <1 -8- 10=B.;= 9- 9+
-90+?90+?.: . <1 =C7 +?.<7 161<7 + 9:1C+ 91 +: +>;0=81/<+;<=8 9.: =8 1 ;= 7 + C.= D19;01@-7 -I.
D1?1;1> D1;= @;= 7 + 9: 1C1 9.: 1 =/0=8<= 9: 1C.7 1 =? +: +>;0.B<+ .81 8<=/= 8<=/= >01I.
?=9+/ . >0@. <+>+ 9.8+;0.7 + ( <1 A0.8+0 A10<=9; - 96+8- ?0-/=8 ;+ ?6+ 9.: + 9-
9160@+<= 7 +?<1>+
0+I. 01D: =/ C.= 7 + ;17@;= 9+ D<1: = ?1 6+: .>1 9: 161 . C=/1;9;6= B+>17 - ;.A1 >=7 . 0+@. ;-
D1/=<+;>- =?+I. -B+9<.F. - ;0F. C.: . 9- ;.6+< 17 <C+0/ >=7 . 7 + ;1?1 C.= <1 0.<9;=<-N
+:?=< ": +@=- >=7 . 7 + 91 17 <C+0/=8 .@1= - .9;- <1-B<- 9+>F.7 - - @>=: .N C?-9 1: 18
A1>.9;1<9>. /+<.7 + D1A=9: +< - 8A+0.7 1:<=8 >=: +?G- - </: +9>=7 N 10;.<-9 +: ?81< -
/01?- ;0+E;- - =: 1<?.7 .N . +: ?81<=6 9;-?+<; %+010 ;2-M ; +>. 81;=0. ;+=0+;.B10.
A0+>= ;0.?+9+; /=?.<1 9;10=9;. A0.A0+8.: . 9- A=D=0<.F- 6.</+0 "+: ( 1< 17 <8+<
>=: = 9- 9+ 8=;1: . 7 =@<+>.N1 C.;<+ ?+=<.F+ <1 A.>=: =M 0-:.F181 96.01: . 9- G+M 0. "=: ?9;=<
. .;+0 ./9
0+9>=B.I+8= 96+ A=7 +?.<=9;. = ;+=0.7 9>.8 <1?6.>.61<7 .81 >=7 1 9- ;017 1: 1 7 +?<=
A+;<1+9; /=?.<1 A0.C: .G<= =? 3$ ?= 3TO . A0+I. I+8= A016= <1 .9E=?
0+<=081: .D1C.: <1 ;+=0.7 1 9: 1C+ 9.: + >=<1B<= 7 + A=9;./<-;1 .9;= 60+8+ <1,+<= 7 + ?1 C01>
9:1C+ 91 +: +>;0=81/<+;<=8 9.: =8 ;= 7 +9; 6+D1 91 V ;+=0.7 =8 91?1 .D/: +?1 >1=
A0.0=?<.7 1 8=/-I<=9; <+/= 01<.7 + :
. ?1 C. 9+ A=9;./: = 96+ ;= 8=01: 1 9+ 919;16.;. 7 +?<1
D17 +?<.B>1 A=0=?.F1 B+9;.F1(/: 19<.>1 >=7 + I+ A0+<=9.;. A1D.;+ 2 +:+>;0=9: 1C-29.: - -
=C7 +?.<7 +<- A=0=?.F- B.<+ 4H 4( .M=;=< :. .D/:+?17 - >1= =<1 8+@=6.;1 A=0=?.F1 -
>=7 =7A=: -C01I1 . A=: -9+9;0+ .D01D<.E 01<.7 .E C01>=61 A=>-@1617 - ?1 G.6+ - .9;=8 9;1<-
.1>= 9+ <.>= <. 91 >.8 <+ 9: 1G+ 1 96. 8=017 - ?1 >=0.9;+ .9;= >-A1;.: = =61 ;+@>1 B+9;.F1
A=8=/: 1 7 + ?1 9+ D1?=6=: 7+ D1E;+6. C1G?109>+ ;+=0.7 + 1 B+;6=0=B: 1<1 /0-A.F1
D1?=6=: 7.:1 7 + . 96+ D1E;+6+ >=7 . A0=.9;.B- .D>0@+<7 1 A10<=9;. 1: . . =B./: +?<- 9: 1C=9; 9: 1C+
9.:+ +9;.F+ 4 . 9- A0+?9>1D1<+ 7 =@A0+ 3T /=?.<+ ( ?1>: + - 60+8+ >1? .E 7 =@<.>=
<.7+ 6.?+= <.;. 7 + .>= D<1= >1>6+ C. 0+1>F.7 + 8=/: 1 A0=.D6+9;.
:. >1>= 8=G+8= /=6=0.;. = =C7 +?.<7 +<=7 +: +>;0=9: 1C=7 9.: . >1? 961>= ?+;+ -
:1C=01;=0.7 . -8+ ?1 A=>1G+ =/0=8<+ 01D: .>+ - A=<1@1<7 - ;+ ?6+ ( +: +>;0=81/<+;<+ .
9:1C+'
+?1< A0=C: +8 91 >=7 .8 9- 9+ =6. 9;0-B<7 1F. 9-=B.: . 961>= - 96=7 =7918=I. - <+>=7
>1<F+: 10.7. .:. >=? >-I+ .: . <1 16.=<9>=8 9+?.@;- C.= 7 + ;17@;= 9- 9: 1C=79.: . D1;= @;= 7 +
>01;>=?=8+;<1 A=;0+C<. ;+@>. A0+<=9.=F. 9.: + : . ;+@>. /: 19<.F. A0+<=9.=F. <.9- =<= @;=
7+ C1G?109>1 ;+=0.7 1 A0+?6.?+: 1N=9.8 ;=/1 <1 A=C-<- 9- 9+ ?./: + . =<+ C+9>=<1B<=9;.
D1C.7 17 -I. 9+ >1= =@;10 B+: .> - .<;+: +>;-1: <- -;0=C- ;+=0+;.B101 9.8 ;=/1 >1>= 7 +
8=/-I+ ?1 ;0. ;+@>1@1 4H 4( . A=9;=7 + - 90+I<=7A=0=?.F. 91 M =;=<=8 >=7 . 819-
-=A@;+ . <+81'
.;+0 ./9 91 1<B+9;+09>=/ -<.6+0D.;+;1 - </: +9>=7?1= <18 7 + >: 7
-B ( 7 =@ 7 +?<-
B+9;.F- = >=7 =7I+8= -9>=0= 6.@+ ( 1 ;17>: 7-B 7 + -D+= . .9>=0.9;.= ;.6+< 17 <C+0/ >=7 . 7
+
;1? 01?.= <1 10610?- 1 91? 7 + - +>919- 1016<= 8. 6=?=.<9;1: 1;+0. >=7 . ;-81018= A=
:1C=01;=0.7 181 <.98= 6.?+: . <.>1>6- 9.8+;0.7 - 9: 1C+ . +: +>;0=81/<+;<+ 9.: + = 9-

229
;+=0+;.B10. ?=C0= D<1: . 1: . 9- =B17 <.B>. G+: +:
. ?1 - =9<=6<.8 7 +?<1B.<181 =<1 .9>09<+
1;= 9- <181 <1C1F.: . D1?1;1> ?1 <1,+8= <+>. <1B.< ?1 ;- 9.8+;0.7 - -6+?+8= 1: . . ?1 7 +
A0+>0@.8= B.8 =<. 9;./<- ?1 96=7 .8 7 +?<1B.<181 A0+?9>1G- >1>= I+ 9+ >=7 . <1@ =A.;
D160@.;. 61796+; 7 + 9160@+< >1? 9+ /: +?1 81: = @.0+ 1A9;01>;<= 6.?.;+ 918= >1? 9+
9A-9;.8= <1 <.6= <+>.E ;18= 9.;<.F1 . D1B>=: 7.F1 =<?1 A=9;17 + <+9160@+< 7 + : 2;1>='
A=: 1>= .918 7 1 98.9: .= ?1 ;= ;1>= C-?+
6= >1>= 9;610 2 E=?12
17<C+0/ 7 + >=0.9;+I. ./9=6 01? =;>0.= 8+E1<.D18 A=8=I- >=/1 7 +?<1 /0-A1
B+9;.F1(?+6.F1 >=7 + <+817 - <.7 +?<1 <.>1>6- 819- 1 96+ 9: -G+ >1= /: 19<.F+ . 96+
D19;-A17 - +: +>;0=9: 1C- 9.: - 8=/- .A1> ?1 9+ -/=7 + 1: . 91? 6+I /=6=0.8 60: = A=+;9>.
;1>= @;= I+ ?1 G?+0- . A0=G?+0- .D6+9<+ <+G+: 7+<+ 919;=7 >+ .9;+ =6+ 17 <C+0/=6+ ;+=0.7 +
0+?-' .7 + - 0+?-' 1 9E61;.;+ ( A=8=I- ./9=6+ D18.9: . 8. -<.@;.8= 9.8+;0.7 - . /: +
B-?1 C+ 4 B+9;.F+ . B+9;.F1 ?=C.7 - 819- M =;=< =9;1<+ .9;1 =<1 ?+6.F1 >1= @;= 7 + . C.=
1 - A+A+: - -<.@;+<+ =C7 +?.<7 +<+ ;+=0.7 + A=7 16+ 9+ 9: 1C1 9.: 1 . +: +>;0=81/<+;<1 9.: 1
19.6<+ 4 . B+9;.F+ /+/17 - 9+ =>= <19 . .D1D.617 - 01?.=1>;.6<+ A=7 16+ . <+>+ 0+1>F.7 +
>=7 + A=<+>1? 9;1<- <1 A-; <+-;0.<- - <7 +/=6=8+ A0+: +;- >0=D B.;16- 19+: 7+<-ND1 ;=
60+8+ M =;=<.(/: 19<.F. ?=6=?+ ?= A=7 16+ +: +>;0.F.;+;1 1 ;= 7 + 7 +?<1 A=7 161 >=7 - 96. ?=C0=
A=D<17 +8= 8<=/= 6=: .8= 1 C=/18. . A: 1I18= ;= 1?.=1>;.6<=9; 9: 1C1 9.: 1 .
96+;:=9; +: +>;0=81/<+;.D18 -0+?<= ' 9- A=6+D1<+ 7 +?<1 91 ?0-/=8 ./9=61 D18.91=
.A1> <.7 + 9;610<= -<.@;.: 1 <+/= 7 + 918= A0.>0.: 1 9.8+;0.7 -
18= 7 +?<= A.;1<7 F+ 7 + =9;1: = 1@;= C. .>= A=6+0=61= - 96+ ;+ 81;+81;.B>+
A0.B1<F.7 +' 6= D1@;= 2 1:+F>.2 +: ;81< >1>= /1 D=6- 1 <.7 + 81: . <1A0=;.6 . %+010
;2-M ; ?1: . 9- 9+ <1 A=91= ?1 =>=A17 - .9;- ;- C1@;- 8=G?1 81: = ;+8+: 7.;.7+ <+/= =6. A0+
<7.E . -9A+: . 9- A=>1D1;. ?1 1>= .D6+?+8= 7 =@ ;17 1<9;6+< ./9=6 ;0.> . 01DC.7 +8=
9.8+;0.7 + <+9;17 - . 96+ =<+ C+9>=<1B<=9;. >=7 + 9- ;=:.>= 01<7 161: + ;+=0.7 - A1 ;+=0.7 1 .D: 1D.
>1= <=61 9196.8 : +A1 . B.9;1 0+<=081: .D=61<1
1;+81;.B>. /: +?1<= - 7 +?<1B.<181 9+ A=7 16.= <.D ;+08.<1 >=7 . 9- .81: . ;1>6+
A0+?D<1>+ ?1 9- 8=/: . . 8=01: . A=<.@;.;. =<+ ?0-/+ =<+ <+G+: 7+<+ ;+08.<+ >=7 . 9- ?=6=?.: .
?= C+9>=<1B<=9;. : . <+ 918= <+>=: .>= <+/= 8<=@;6= ;.E ;+08.<1 1 C. 9+ 9.9;+81;.B<=
.DC=0.= 91 96.81 <7 .81 ;2-M ; 7+ 9+= . <1A.91= >=8A7 -;+09>. A0=/018 1 =<?1 7 + 7 +?<=/
7-:9>=/ ?1<1 /=?.<+ 3T /: +?1= >1>= .D: 1D+ 0+D-: ;1;. 1B-<10 7 + .9A.91= <+>+ 9: =G+<+
.<;+/01: + 1 =<?1 A=B+= =? <7 .E ?1 =?-D.81 <+>+ ?0-/+ 9: =G+<+ .<;+/01: + 61>. =? ;.E
.<;+/01: 1 >1? C. 9+ 01D81;01= 918 D1 9+C+ =?: -;1= C. ?= C+9>=<1B<= 6+: .>.E 0+D-: ;1;1
:
. >1? 9- =?-D+;. 7 +?1< =? ?0-/=/ A=7 16.= 9+ ->-A1< 0+D-: ;1; 1>= D1 A06. ;+08.<
;1>= D1 ?0-/. . 0+?=8 -6+> <-: 1 6+ =<+ C+9>=<1B<=9;. 9- <+9;1: + =7 + C.: 1 ;2-M ;=61
?=>;=09>1 ;+D1 >=7 1 8=01 >1= . + 0=: 7.7
+61 ?1 9+ 981;01 D1 7 +?<- =? ;+D1 >=7 + 9-
.D8+<.: + .9;=0.7 -

=:.>= = ;+=0.7 . 1 7+ D180@+<1 ( 7 +9;+ :

. 8. I+8= 7 =79+ 601;.;. >19<.7 + 1 7 +?<=
B609;= A+?1/=@>= 91D<1<7 + >=7 + 918 9;+>1= ;=>=8 B+;0?+9+; /=?.<1 <19;16<.B>=/ 01?1
91 -B+<.F.81 - 019A=<- =? C0-F=@1 ?= 8: 1?.E ?=>;=01 M .D.>+ /: 19. B1> . 1>= A0. A06=8
A=>-@17 - -B+<7 1 ,1F. 3T A=9;= /01?.61 <+ -9A+7 - ?1 9E61;+ - ?0-/=8 A=>-@17 - /01?.6=
I+ .8 C.;. .A1> <+>1>= 81: B.F+ A=D<1;=
1>6+ 7 + A=9: +?.F+ .81: 1 961 =61 ;+=0.7 1 A= 9;610<. 96+;' <+ 6+: .B1<9;6+<+
.8A: .>1F.7 + 8=01I+ ?1 91B+>17 - <1 =98= A=/: 16:7+ +A=90+?<1 A=9: +?.F1 /=?.<+ 3T
D1 +>9A+0.8+<;1;=0+ C.: 17+ ;1 ?1 8=01 A=9;=7 1;. B+9;.F1 ?1 C. 96+ 8=/: = ?1 ?+7 9;6-7+
>= 7 + B+9;.F1 8=018= 7 + <1I.N ;1>= 98= 0+>: . 9+C. 1016<= 7+ +: +>;0.B<=
<+-;01: <1 <.7 + <. A=D.;.6<1 <. <+/1;.6<1NA= ;=8+ 7 + >1= <7 +<1 A=: -9+9;01 M =;=< :
. D1
01D:.>- =? M =;=<1 >=7 . <+81 819- C. 8=01: 1 C.;. 6+=81 ;+@>1 >1= <7 +<1 ?61 C01;1
C:.D1<F. 4 1?1;1> 7 + A0+? <181 C.= 7 191< ;01/17D1 <+B.8 @;= : .B. <1 M=;=< 1: . ;+G1>
8<=/.8 =A.;.81 A1 . <+>.8 8=7 .8 ;01/1: = 9+ D1 4 B+9;.F181 16.0.61: . 98= -
9-?10+ <+-;0.<1 . <.98= 6.?+: . <.@;1 1:
. 98= ;17<+-9A+E A0.A.91: . -6+0+<7 - ?1 7 + 8191 4
6+I1 =? ) "+ 1 7+ 4: 1>@. =? ;=/1 8=01= C. 2 A=>1D1;. <=926+I- <1@+8 ?0-/=8 <.D-
<+-;0.<9>.E =A.;1 - 0->E+7 6+<- 16.0.61: . 98= - 9-?10+ A0=;=<1 +81 4 <1B. 8191

230
.8 8=01 C.;. 6+I1 . =? O "+ +=0+;.B10. 9- ;1>=,+ .81: . <+>1 8.@: 7
+<7 1 = =?: .>181 4 .
A=8.<7 1: . 9- 9;1: <= 96+ 6+I- 819-N>19<= - 9+?18?+9+;.8 /=?.<181 A=B+: . 9- <1/1,1;.
?1 C. 8191 4 B+9;.F+ 8=01: 1 C.;. <+/?+ =>= T "+ ;= 7+ C.: = ?1: +>= A0+6.9=>= D1
81@.<+ =<=/1 ?=C1
+/= ?1 9+ 601;.8= B+9;.F. +-;0.<= -?10. - 7 +D/0= <+>=/ 1;=81 . 2 A0=9A+ 9+2
>= .D 9+C+ .DC1F. 7 +?<- 4H B+9;.F- A0+;6=0. 9+ - 8-=< <;.<+-;0.<= I+ .D 9+C+ ?1
.DC1F. 7 +?<- 4( B+9;.F- :. 1>= C. 8=/1= .D9+C+ .DC1F.;. 7 +?<- =9;1= C. <+-;0.<=
1= @;= 98= A=8+<-: . A=@;= A01;.8= =6+ .D8+<+ : +A;=<1 1 <./?+ - <7 .81 <+ 6.?.8=
A0=8+<- <1+: +>;0.91<7 1 >1G+8= ?1 9- =6= <+-;01: <+ 9;0-7 +
016. =A.; D1 =;>0.61<7 + <+-;01: <.E 9;0-7 1 <.7+ : 1> =;A.9 7 + 7 +?1< <+6.?: 7.6. <+-;0.<=
>=7 . -: 1D. >1= . 7 +?1< <+6.?: 7.6. <+-;0.<= >=7 . .D: 1D. D17 +?<= 91 A0+/0@; E1?0=<1 .D
A=/=,+<=/ <->: +=<1 @;1 6.?.@<1 ?+;+>;=0- 918= ;- E0A.F- E1?0=<1 1 ;= <.7 + =9=C.;=
.8A0+9.6<= +0 .9;. -B.<1> C.= C. . 1>= 7 + D1: -;1= <+>. <+-;0=< .DA=D1?.<+ # (- 7+
7+?<1 ?.6=69>1 8+E-0<1 >=8=01 <1D61<1 "10/18+: A=B+: 1 ?1 01?. A=? -?10=8
<+-;0.<9>=/ D01>1 /=?.<+ 3T >F+: +01;=0 7 + C.= 81@.<1 =? * "+ >=7 1 7 +
A0=.D6=?.: 1 <+-;0.<+ =? =>= "+ +I 3T) /=?.<+ =61 # (=61 /0-A1 C.: 1 7 + -6+: .>=
<1 ;01/- ?=/1,17 1 C+D8-=<1 .9;= 60+8+ <=61 +08.: 1C=61 81@.<1 9: 1:1 7 + <+-;0.<+
=? O "+ A0+81 819.6<=8 ?+;+>;=0- +: +>;0=<9>.E <+-;0.<1 +;+>;=0=8 9- -A016: 71:.
+7 6.? : 17 < 16.? #: .<+ 91 .9>=<9.<9>=/ -<.6+0D.;+;1 :M
0+? 1< :M0+? 1<< 91
+<9.: 61<.7 9>=/ -<.6+0D.;+;1 . 10: = -C.7 1 91 10610?1 # (1 .D 9+6+0<+ ;1: .7
+
:.;1: .7+
+ 8=G+8= ;=7A0.B. A=96+;.;. =<=: .>= A0=9;=01 >=: .>= =<1 D19: -G-7 + -<1 7 + 7 -0.@1 .
D1E->;1: =9;. ?.0: 7.6.E : 7-?9>.E A0.61;<.E =>=: <=9;. >1= . 9=F.=A=: .;.>+ <1->+ 0+9>1B+8=
96+ ;= 9>-A1 . <1A0=9;= >1G+8= ?1 7 + /0-A1 91 "10/18+: 1 =C7 16.: 1 /=?.<+ 3T* 81?1
<+ C1@>1;+/=0.B<= ?1 7 + A0.8+;.: 1 <+-;01: <+ 9;0-7 + - +08.: 1C- 7 + +>.A1 : 17<( 1<(
-C.7 1 .81: 1 <+>+ A=?1;>+ >=7 . 9- C.: . 2<. ;18= <. =618=2 =D1?.<9>. @-8 >=7 . 7+ =8+;1=
A=981;01<7 + C.= 7+ 60: = 7 1> 1 ?=C.7 +<. 9./<1: . <.9- C.: . C1@<+>. 2 <=>1-;+0.2 1 ;0=7 .F1 9-
D1>: 7-B.: 1 ?1 9- 8=G?1 <1@: 1 <+-;01: <+ 9;0-7 + 1: . 9- =<?1 A=6->: 1 ;- .D7 16- <?1 9-
A=6->: 1 A=6: 1B+<7 + 6= <7 .E=6= E=I-(<+I- 7 +?1< <+=DC.: 71< B=6+> =A.91= 7 + >1=
2<1.D8+<.B<- <+-;01: <- 9;0-7 -2
=/-01: = 9+ <+>1>= ?= /=?.<+ 3TP . ?= >=<M +0+<F.7 + - =<?=<- D61<+ 2=B+9;+02
=?0G161 9+ 961>+ ?0-/+ /=?.<+ C.7 +<1: + M .D.>+ ;610 7 + C.: 1 01@B.@I+<1 F+0<=6F. 9-
.81: . =A1G+<+ <+-;01: <+ 9;0-7 + M +08.: 1C=6F. -6+0: 7.6+ ?=>1D+ = 96=8 9./<1: - . ?=>1D. 9-
>1D.61: . ?1 2 <+@;= <1: .> <1 28=01 A=9;=7 1;. : . 1>= I+8= /=6=0.;. 9;0=/= A= A016.: .81
;= <+@;= 7 + 9;610<= =;>0.6+<= ;+> ?+6+; /=?.<1 >19<.7 + :161 D1 =6= =;.@: 1 7+ # (-
/=?.<+ 3!* 18= 7 + =A1G+< <+A=90+?<= 191' +9;.F1 C.:1 7+ -.9;.<- ;+@>1 3
"+
D/0+? 0+B+<= ?= 90+?.<+ 33) /=?.<1 81@.<1 - # (- 0+/.9;0=61: 1 7 + 6.@+ =?
?61 8.: .=<1 B+9;.F1 =?1F. 9- A0.>-A: 71<. - B+;.0. ?G.<=69>1 ?+;+>;=01 1 A0=-B161<7 -
B+9;.F1 <7.E=6=/ <19;17 1<7 1 . >19<.7 +/ 019A1?1<7 1 = B+8- 9+ ;18= A0.C16: 7
1 A016=
C=/1;9;6= A=?1;1>1 D1A=9: +<= 7 + 91?1 <+>.E P M.D.B101 +;.;+ 9+ >1>= 7 + 0<+9;
1?+0M =0? =;>0.= 1: M1(B+9;.F+ =C7 19<.= .E . =?81E 9+ ?1= <1 A=91= ?1 A=8=I- <7 .E
=;>0.61 7 +D/0= . 98= .9;= -B.<.: . 91 <+-;0.<.81N <+-;0.<9>. D01F. 9- ?1<19 6.?.;+
.<?-9;0.7 1 A=8=I- >=7 + A0=<1: 1D.8= B+9;.F+(/: 19<.>+ A0=-B1618= >610>=6+ . 01?.8= 7 =@
<+>+ >=0.9<+ 9;610. -B+01@<7 1M 1<;1D.7 17 + ?1<1@<7 + =;>0.I+ . 9-;01@<7 1 1:1;>1

.:= <18 7 + - 9+?18?+9+;.8 /=?.<181 A=;0+C<= 7 =@7 +?<= =;>0.I+ ?1 C.98= -A=;A-<.: .
9;1<?10?<. 8=?+: 81: . 98= >610>=6+ 1: . =<. 9+ ;1>= 71>= 6+D-7 - 7
+?1< D1 ?0-/=/1 ?1
9:=C=?<. >610> -=A@;+ <+ A=9;=7 . =7. 7 + 8+E1<.D18 ;=/ 6+D.61<7 1' ?/=6=0 98=
A=;01G.:. - >61<;<=7;+=0.7 . 1:. -D1:-? 7=0>+< 7 + =C719<.= =<+ 0+D-: ;1;+ 01<.E =A.;1 -
;+<M =0?- - >=7 .81 9+ +: +>;0=<. =?C.717 - =? A=7 +?.<.E >610>=61 - A0=;=<- >1?1 .E
A=/=?+ 1B.< <1 >=7. 9+ ;1?1 +:+>;0=<. 019.A17 - A=>1D.61= 7+ ?1 >1>61 /=? ;= ?1 7 + 9.:
1
=<1 ?0G. >610>=6+ .D<1<1,-7 -I+ 9:
1C= >1?1 9- 7 +?1< ?0-/=8+ C: .D-

231
 6= 7 + C.= -DC-?: 7.6 0+D-: ;1; D1;= @;= 98= G+: +: . ?1 A0.8+<.8= C1G?109>- 9.8+;0.7 - .
=6?+ 1G?109>+ ;= 7 +9; 2 /+7 ?G2 ;+=0.7 + -9A+61: + 9- ?1 A0+?6.?+ >=<;01.<;-.;.6<-
D18.91= ?1 <+>+ 9.: + ?+: -7 - .D C: .D.<+ 60: = <+7 1>= 1: . D1;= 96+ 7 1B+ . 7 1B+ >1? B+9;.F+
A=B<- ?1 9+ -?1: 71617 - 17A0=F+9 9- =;>0.: . <+>. >: .<F. ?+F1 A01>;.B<= +7 6.? =: .F+0
16.? =: .;D+0 91 10610?1 . +7 6.? "0=9 16.? "0=99 . 0+<> .: B+> 91 0.<9;=<1 1
?1: . 9- 8- <1D.6 <1 >=8+ C. A=D16.?+= 961>. A=: .;.B10 19.8A;=;9>1 9: =C=?1 +B
219.8A;=;9>.2D<1B. =;A0.: .>+ 2=<= @;= A0.: 1D. 96+ C: .G+ . C: .G+ . D1-6+> ;1>= 1: . <.>1?1 <+I+
?=?.0<-;.2 610>=6. .817 - 19.8A;=;9>- 9: =C=?- ?1 D181: = =?- <1A=: 7+ 1? 9+ 7 +?1<
>610> A0.C: .G161 ?0-/=8 >610>- 9: 1C1 9.: 1 .D8+,- <7 .E A=9;17 + 96+ 9: 1C.7 1 . 9: 1C.7 1 6=
D<1B. A101?=>91: <= ?1 >1? 9- 6+=81 C: .D- 7 +?1< ?0-/=8+ >610>=6. 8=/- ?1 9+
A=<1@17 - 81: ;+<+ >1= ?1 9- 9: =C=?<. :
. >1? 9+ 9;1<- 7 +?1< =? ?0-/=/ ?1 -?1: 71617 -
9.:1 >=7 1 .E 6+D-7 + A=9;17 + 96+ 7 1B1 1<7 1 -?1: 7+<7 1 ;0+C1: = C. ?1 C-?- D<1> 6.9=>.E
+<+0/.7 1 @;= C. D<1B.: = ?1 7 1>1 9.: 1 A=9;17 + 9: 1C.7 1 A0. 6.@.8 +<+0/.7 181 = ;=8+ 7 + =<1
A=;A-<= 9-A0=;<1 +: +>;0.B<=79.: . ;610. A=9;17 - 96+ B-?<=: -?<.7 + 0+B+ : .91 ;= 7 +7 =@
61G<.7 + . 7 1>=79.: . ;0+C1 B+9;.F1(A0+<=9.: 1F >1= . ?0-/.8 9.: 181 +>= 9+ <+/?+ 9+;.= ?1
;=7B+9;.F. <1: +A. <1D.6 /: -=< :. 7 +?<= 7 + <1?+<-;. <+B+8- <1D.6 1 ?0-/= 7 + ;= .
A=D<161;.
+?<1 ?0-/1 D18.91= >=7 1 7+ =?16<= D6+>+;1: 1 >1= D0<= /01@>1 - A01D<=7>1<;. A=
;+=0.7 9>=7: .;+01;-0. A=9;1: 1 7+ 91?1 0+: +61<;<1 1D.6 7 =77 + ?1= "+: ( 1< =6+ 9+ C=7 1
@;= 8. - 8+0.F. A.@+8= F=: =0 1 =<. ;18= - 60=A. 91 7 +?<.8 9: =6=8 6.@+ F=: =-0 :.
?1C=8+ <+81 <. <17 C: 1G+ 6+D+ 91 C=7 =8 - =<=8 <=081: <=8 98.9: - 0+B. ( ;= 7 +9; 91
=<.8 @;= ;. . 7 1 8.9: .8= >1? - 961>=?<+6<=8 G.6=;- >1G+8= 2 C=7 12 = 7 + <1A0=9;= <1B.<
?1 9+ =C7 19<+ <+>. 0+D-: ;1;. =A.;1 . ?1 9+ A0+?6.?+ ?0-/. 1 A0.8+0 C=7 1 =C7 1@<7 161 >1>=
;= A0=;=< 8=G+ ?1 .81 ?61 >610>1 /=0+ . 7 +?1< ?=: + >1? 1-: .7+6= <1B+: = .D0.B.;=
D1C01<7 -7 + ?61 7 +?<1>1 =C7 +>;1 - .9;=8 9;1<7 - >= 7 + 7 +?1< =? >610>=61 /=0+ A: 16 1
?0-/. D+: +< 98.0.: . 98= . 1-: .7
+6= <1B+: = =7 1 ?17 +7 1>=79.: . 96=7 +609<- A=?+: - <1: .> <1
=<= >1>= 7 + +: +>;0.F.;+; A=?+: 7+< <1 A: -9 . 8.<-9
=017 - A=9;=7 1;. ;0. C=7 + A0=/: 19.= 7 + "+: ( 1< 1 D1 <7 .8 . ?0-/. >=7 . 9- =C?+: 161: . ;17
60; 18;.8= >1>= 9- 101?+7. +< 0+<>: .< D1>: 7 -B.:. ?1 +: +>;0.F.;+; ?=: 1D. - ?61 2 9;.: 12.
?1 9+ 7 +?1< 9;.:.81 D61;. A: -9 1 ?0-/. 8.<-9 610>- 9- A=;0+C<1 ;0. 2 9;.: 12 1;= 91? 96.
>610>=6. C+D .D-D+;>1 7 +9- <+>+ C=7 + =G?1 7 + =61 D18.91= = C=7 181 ->01?+<1 91
9:.>109>+ A1: +;+ D1;= @;= A=9;=7 + 918= ;0. =9<=6<+ C=7 + =: 7
1 C. 1<1: =/.7 1 8=/: 1 C.;. =61
?1 D18.9: .8= +: +>;0.B<. <1C=7>1= ?1 7 + <+@;= 7 +?<=?.8+<D.=<= ( ?1>: + : .<.71 A= >=7 =79+
8=G+ .I. - A: -9 98+0- .: . - 8.<-9 98+0- 1 ?1 7 + >610>=69>1 C=7 1 <+@;= 2 ;0=?.8+<D.=<=2
;= 7 +9; ?1 ;- A=9;=7 . >==0?.<1;<. 9.9;+8 91 ;0. =9+ =? >=7 .E 7 + 7 +?<1 F06+<1 ?0-/1 A: 161 .
;0+I1 D+: +<1 =7 + =C7 1@<7 1617 - DC=/ B+/1 >610>=6. <+ 8=/- ?1 9+ A=7 16+ - A0.0=?. <. -
>1>6.8 ?0-/.8 >=8C.<1F.7 181 =9.8 7 +?1< >610> A: -9 7 +?1< 1<;.>610> ;1>= 9- 91/01,+<.
8+D=<. .: . ;0. >610>1 D17 +?<= C10.=<. 6= D1@;= 918= ;+ >=8C.<1F.7 + <+ A=>1D-7 -
C=7 - 2610>=6.;=9;2.@B+D<+ 91 6.?.>1 >1? D-0.8= - 8+D=< .: . - C10.=< #06+<. >610> 9+
-?0-G. 91 1<;.F06+<.8 1<;.>610>=8 . A0=.D6+?+ 8+D=< >=7 .7 + C+DC=7 1< D1;= @;= 9+ F06+<=
. 1<;.F06+<= 8+,-9=C<= A=<.@;1617 - :
.B<= ;=8+ F06+<= A: 16= . D+: +<= ( A=>-@17 ;+ ?1
=C=7 .;+ ;0+I.<- 7 +?<=/ ;=B>1 - F06+<= ;0+I.<- - A: 16= . ;0+I.<- - D+: +<= A1 ?1 /1 7 1>=
D160;.;+ . C.I+ 618 7 19<= ( >1? 9+ .D8+@17 - ?17 - C+: = C+: = D<1B. =A+; ?1 <+81 C=7 +
1>= A=9;=7 + ;. M .<. 01D: =D. D1 -A=;0+C- 0+B. 2 C=7 12;1 0+B =6?+ <+81 <.>1>6= C->61: <=
D<1B+<7 + .9- ;= <.>1>6+ 9;610<+ C=7 + 8. ;= 918= =A.9-7 +8= 7 =@ 7 +?<- 1A9;01>;<-
=?: .>- >=7 - 9- ;+=0+;.B10. A0.A.91: . >610>=6.81 ?1 C. =C7 19<.: . 9;1: <= 019;-I+ >=: .B.<+
A=?1;1>1 =/: . 98= <1D61;. ;+ ;0. =?: .>+ =8 .> . 10. 1 <+ F06+<= A: 16= . D+: +<=N.: .
98= .E 8=/: . <1D61;. . # 9196.8 96+7 +?<= : . <+>=8+ 9+ 61: 7?1 -B.<.: = ?1 7 +2 C=7 12
:+A@1 G.6=A.9<.7 1' >1= 8+;1M =01 160@.: = 9+ ;1>= ?1 C=7 + C1@>1= . >610>=6. . /: -=<.
=9;17 - B.<. 9+ D1 6+B.;1 60+8+<1 - F0<=7>-;.7 .F.N;= 9- 1A9;01>;<. +<;.;+;. >=7 . <.>1?1
<+I+ <16+9;. <.7 +?1< "17 /+0=6 C0=7 1B ?1 9+ =/: 19. =<.8 96=7 .8 D6->=8 R >:.> R( <+I+
<.>1?1 =9;16.;. ;01/ <. - 7 +?<=78+E-019;=7>=8=0. <+I+ <.>1?1 D1/=: .F1;. <.7 +?<- G.B.F-
<. - 7 +?<=8 +: +>;0=<9>=8 ?+;+>;=0-
0+?9;161 ?1 7 1>1 9.: 1 A=9;17 + 96+ 9: 1C.71 ?=> 9+ 7 +?1< >610> ?0-/=8+ A0.C: .G161 C.: 1
7+ -DC-?: 7.61 91 9;1<=6.@;1 ?1: 7
+/ =C7 +?.<7 161<7 1 9.: 1 => 9+ 01D?1: 7.<1 .D8+,- ?6+
B+9;.F+ 981<7 -7 + A=6+I161 9+ <7 .E=61 0+: 1;.6<1 +<+0/.7 1 81: 1 01D?1: 7.<1 D<1B. 6+: .>-
+<+0/.7 - 61 19.8A;=;9>1 9: =C=?1 .8A: .F.01 ?1 7 1>1 9.: 1 A=9;17 + A0. 96+ 6.@.8

232
+<+0/.7 181 96+ 9: 1C.71 01/1B. D1 =C7 +?.<7 +<7 +8 ;1>= 9- ?=C.: . <1?- ?1 C. A0. ?=6=: 7<=
6.9=>=7+<+0/.7 . 9<1/1 7 1>+ 9.: + 8=/: 1 ?1 9+ 981<7 . ;=:.>= ?1 A=9;1<+ C: .9>1 +: +>;0=9: 1C=7
9.:.
B+9;.F+(A0+<=9.=F.' 1>= ?1 =A.@+8= B+9;.F- >=7 1 <=9. . 9.: - . C=7 -' 9A=9;16.: = 9+ ?1
961>. /: -=< <=9. ?6+ C=7 + . ;= 7 +?<- C=7 - . <7 +<- 1<;.C=7 -N>1?1 <+>. >610> +8.;-7 + .D
9+C+ /: -=< .: . >1?1 /1 1A9=0C-7 + ;=8 A0.: .>=8 9+ A0=8+<. C=7 1 ;=/ >610>1 1 A0.8+0
F06+<=(1<;.A: 16. /: -=< A0+=>0+<+ F06+<. >610> - 1<;.A: 16. 61 01D8+<1 7 + .D6=0.@;+ 7 1>+
9.:+ A1 7 + 10+7 ": 16<. 8+<=61;+: 7 F+: =7 ;+=0.7 . ?1= <1D.6 >61<;<1 E0=8=?.<18.>1
X-1<;-8 FE0=8=?Q<18.F9 V# @;= 7 + : +A <1D.6 - 0+D=<1<F.7 . 91 >61<;<=8
+:+>;0=?.<18.>=8 ( V 1?1;1> 8+<7 1<7 1 C=7 1 D<1B. ?1 8=018= .81;. A0. 0-F. ?=6=: 7<=
/:-=<1 D1 96+ 8=/-I+ >=8C.<1F.7 + =>1D1: = 9+ ?1 7 + =918 /: -=<1 ?=6=: 7
<= >= A.;1;+
;+=0+;.B101 R 1@;= =918'R ( =< I+ A0=DC=0.;. 8-?0= R 1;= @;= 7 + =918 ?+6+; 81<7 +
7+?1< R
1@1 <+: 1/=?<=9; DC=/ B.<7 +<.F+ ?1 <.>= <.>1?1 <.7 + 6.?+= <.7 +?1< >610> .D61< <+>=/
E1?0=<1 C.: 1 7 + 918= 81: = -C: 1G+<1 M .D.B>=8 9: .>=8 >=7 1 =C7 1@<7 161 01D: =/+ D1 ;1>6=
<+A0+9;1<= D1;=B+<.@;6= 1? 9- 7 +?1< ?0-/=8+ C: .D- >610>=6. ?+: -7 - 901D8+0<= 9: 1C=
7+?1< <1 ?0-/=/1 - 9- A0=9;=0. 9: 16+ D1 ;+=0+;.B10+ 7 +0 =<. - ;.8 A0=9;=0.81 8=/- ?1
.D01B-<1617 - =?: .>+ >610>=69>=/ 9;1<7 1 . -;.F17 + >610>=61 <1 =A.;+ 91 9-?10.81
+,-;.8 >1? >610>=6. A=B<- ?1 9+ 01D8.B- 9.: 1 A=9;17 + 96+ 7 1B1 1 +<+0/.7 1 A=;0+C<1 D1
?1: 7+ 01D8.F1<7 + <1/: = 9+ A=6+I161N 8<=/= A0+ <+/= @;= C.98= -9A+: . 9;610<= ?1
=;0/<+8= 7 +?1< >610> =? ?0-/=/ ;=: .>. A0.: .6 +<+0/.7 + ?=6+@I+ ?= 9;6101<7 1 <=6=/ A101
>610>(1<;.>610> 61 B-?<=61;1 =?: .>1 A0=.9E=?. .DB.<7 +<.F+ ?1 /: -=<. <.9- 7 +?<=9;16<.
/:-A. A0+<=9.=F. A=0->1 <. . 7+?1< <1 ?0-/=/1 ?+: -7 - 9.:=8 ;=8+ 9+ V# 01D: .>-7 + =?
V 7+0 M=;=<. 7 +?<. ?0-/+ A0+<+C0+/1617 -
A1> A=9;=7 + . 8<=/+ C: .9>+ 1<1: =/.7+ .D8+,- V . V# <10=B.;= <1 A=?0-B7 -
6.9=>.E +<+0/.7 1 9A+9. ;+=0.7 + V# ?=: 1D.:. 9- :1/1<= 81: =(A=81: = 1: . A=9;=7 1<= =@;=
A0=01B-<. D1 =<17<+7 19<. ?1: +>=?=8+;<. ?+= 7 1>+ 9.: + <.9- <.>1? 9196.8 ;1B<. 8<=/.
=A.;. 9- D1>: 7-B+<. A0.: .B<= 8-;<.8 91=A@;+<7 +8 ?1 R <1@. 0+D-: ;1;. 7 +9- 91/: 19<. 91
A0+?6.,1<7 .81 V# R
1>61 <18 7 + ;= -=A@;+ ;+=0.7 1 >1? <.>1? <. D1 F+: - 6+B<=9; <+I+8= 6.?+;. <. 7 +?1<
7+?.<. 9: =C=?1< >610>' 8+8= ?1 .D6=?.8= =A.;+ ?1 =9+;.8= A0.9-9;6= A=7 +?.<.E
+:+>;0=<1 . ?1 .E .D8+0.8= . ;= <1 01D: .B.;+ <1B.<+ B1> . >1? 9- 6+D1<. - 1;=8.81
=G+8= : . ;1>= .9;= 91 >610>=6.81 . /: -=<.81' 7 =0>+< . 17 <8+< 9- A0+?: =G.:. ?1 -
6+=81 ;60?.8 9-?10.81 B+9;.F1 8=G+ ?1 9+ ?=/=?. ?1 >610> >=8+ 7 + ?=?1;= =C.: 7+
+<+0/.7 + A=7 -0. <1A=: 7+ >1 9: =C=?. . -A016= A0+ <+/= @;= C. 9+ =;0/1= -;.F17 - 96=7 .E
=0;1>1 ?0-/.E >610>=61 -9A+ ?1 9+ 819>.01 ?1 9+ A0+0-@. - -D1<. 8: 1DE1?0=<1 ( ;0. .: .
B+;.0. .:. =918 A.=<1 <1 A0.8+0 8=G?1 -D?=?1;1> A=<+>=/ >1=<1 .: . B1> <->: +=<1 6+
;+ B+9;.F+ A=: +;+:+ C. A016= <1A0+? =<=8 A-;1<7 =8 >=7 =8 7 + >610>(0=?.;+: 7G+: += ?1
A=,+ 6=7A=7 16. ?1; 7+ <1D.62 8: 1D+6.2. A=;01/1 7 + >0+<-: 1
1 81@.<181 .D9+?18?+9+;.E /=?.<1 =6+ 8: 1D+6+ <.7 + C.: =: 1>= 01D: .>=61;. =? ?0-/.E
B+9;.F1 D1;= @;= 98= 8=/: . ?1 A0=.D6=?.8= 918= >610>=6+ >=7 . 9- A0.: .B<= 9A=0. .D>=7 .E
=<?1 .D: +;. 9: 1C= DC.7 +< 2 01@.0+<28: 1D 1 - ;=8 8: 1D- 918= 81: . C0=7E1?0=<1 %+: +: . 98=
/-9;+ DC.7 +<+ 8: 1D+6+ 06. -9A+E - =6=8+ A=9;./: 1 7 + 7+?<1 G+<1 +>9A+0.8+<;1;=0>1
"+.: 1<9=< "+.: 1<9=< ?=>;=0 M .D.>+ 91 (1 >=7 1 7+ ;1? 01?.: 1 <1 #(- 7+<1
A=8<1 9;1;.9;.B>1 1<1: .D1 A=>1D1: 1 7 + ?1 9+ 7 +?<1 >=0+: 1F.7 1 E1?0=<1 D1.9;1 A=7 16: 7-7 + -
>0@- . : =8- A=9: + * "+ 9-?101 +H +( - (- 1<9=<=6=77 + A=8=/: 1 B.<7+<.F1 ?1 9-
- 9-?10 -: +;1: 1 918= ?61 +: +>;0=<1 1 .D 9-?101 .D: +;1: . 918= 7 +?1< >610> . 7 +?1<
1<;.>610> 9A0+/<-;. 2 :
+,1 -D : +,12?1 C. =B-61: . .8A-: 9 =0+: 1F.7 1 8: 1D+61 A=>1D1: 1 9+
918= 81: = 1: . ?=6=: 7<= ?1 ;= C-?+ =?: -B-7-I+ - 1<1: .D181 1<9=<=6+ => 98=
+8=>0.; . 7 1 =<=81? 9+?+: . - >=<;0=: <=7 91: . # (1 <1 6+: .>=8 +>01<- 7 + 961>.E
<+>=: .>= 8.<-;1 C: +9<-: 1 A= 7 +?<1 ;1>61 A=7 161 ?61 ./: 19;1 8: 1D1 91 A= ?+9+;1>
E1?0=<1 7 +?1< 8: 1D-98+0+< <1 7 +?<- 9;01<- 1 ?0-/. ! 9;+A+<. =;>: =<7 +< =? ;=/1 ;=
7+9; 9196.8 9-A0=;<= +81 01D: =/1 ?1 9+ A=7 16. ;1>61 9;0->;-01 =9.8 1>= 7 + 961>. ;1>16
8: 1DDC1B+< 91 A= 7 +?<=/ >610>1 >=7 . 7+ .81= 60: = 6.9=>- +<+0/.7 - . 60: = 6+:.>. .8A-: 9 .
G+: += ?1 9+ : +A= =C-B+ D1 .D: 1D1>
:
. /:16<= =;>0.I+ ?= >=/1 7 + - 9+?18?+9+;.8 /=?.<181 ?=@: = - 6+D. 91 =6.8 9;610.81
A=9;./<-;= 7 + <1 +H +( 81@.<. - 18C-0/- - +81B>=7 1 81@.<1 >=7 1 A=9;.G+

233
9-?10+ 91 ->-A<=8 +<+0/.7 =8 * "+ A=>1D1: 1 7 + ;1>=,+ C+D A=;0+C+ D1 .>1>6=8
9;1;.9;.B>=8 1<1: .D=8 =6- ?6=8: 1D<- 9;0->;-0- =6+> 7 + - ;.8 A=?1F.81 8=/1=
81: ;+<+ ?1 6.?. . 918+ >610>=6+ +,-;.8 A0.8+I+<= 7 +7 =@<+@;=
+?1< =? B+;.0. ?+;+>;=01 - 81@.<. .81= 7 + 96=79>01I+<. <1D.6 J=(
08+? =: +<=.?1: A+F;0=8+;+0 19=6F. 9- ;01/1: . D1 ?=/1,17 .81 - >=7 .81 C. 9+
A=7 16.: 1 ;0. 8: 1D1 E1?0=<1 +?<1 =? A=9: +?.F1 ;+=0.7 + V# 7 +9;+ ;1 ?1 >1? 9+ +H . +(
1<.E.: .017 - . 9;6=0+ 7 +?1< >610> . 7 +?1< 1<;.>610> A=9;=7 . . 01D-8<1 6+0=61;<=I1 ?1 I+
7+?1< =? ;1 ?61 >610>1 >=7 . .D:
1D+ .D;+ 0+1>F.7 + .D01B.;. . 7 +?<- B+9;.F-(A0+<=9.=F1 /: -=<
- .81 ?=6=: 7<= +<+0/.7 + ?1 9+ 2 6.0;-+: <.2/: -=< A0+;6=0. - 9;610<. /: -=< ": -=<. 9-
9;.?:7.61 9;6=0+<7 1 >1= . >610>=6. . D1;= 9+ >1= . >610>=6. =C->- - D<1;<- >=: .B.<- =?+I+
- ;0+<-;>- >1? <18+01617 - ?1 .D.,- .DF0<+ >-;.7 .F+ >1>= <1D.618= A0=9;=0 - >=8+ 9+
9-?10 ?+@161 1 >=: .B.<1 =?+I+ A=: +;. <1A0+? ;= ;0+I+/-D1<=/8: 1D1 E1?0=<1 : . D1
=6= 7 + A=;0+C<= 6.@+ +<+0/.7 +
=>=8 3!T A=>-@17 . <1 81@.<. 91 ->-A<=8 +<+0/.7 =8 =? * . =? T "+
<.9- ?1: . <.@;1 1: . <1 )T "+ <+@;= 9+ ?+9.: = 6- 1<1: .D- 6=?.: 1 7 + ;1>=,+ 7 +?<1 G+<1
1- 1< - 1- 1< 4- >=7 17 + A0=M +9=0 <1 .9>=<9.<9>=8 -<.6+0D.;+;- 7 +< A0=/018
-C0D= 7 + =;>0.= 6.@+ =? B+;0?+9+; ?=/1,17 1 - >=7 .81 9- 9+ A=7 16.:1 A= ;0. 8: 1D1 E1?0=<1
0=7;01/=61 ;= 7 +9; B+9;.F1 - 961>=8 =? ;1 ;0. 8: 1D1 C.= 7 + .D8+,- ;0. . ?+9+; 0=9;=0<.
019A=0+? ;0. 8: 1D1 C.= 7 + >1= =<17->019 <1 E1-C. 1-;=8=C.: 1 8+0F+?+9
<1 ?0-/1 /0-A1 A+;0.7 +61F1 ->0F1: 1 9+ -9>=0= <1 =61 >=: 1 -9A+E1 0+/: +?1: . 9- . =<.
.D A=B+;>1 96+ 96=7 + A=?1;>+ . <1@: . ;0=8: 1D<+ ?=/1,17 + "=?.<- ?1<1 >19<.7 + C0=7
9<.8: 7+<.E ;0=8: 1D<.E ?=/1,17 1 A=A+= 9+ <1 E.: 71?+ 1>= 7 + /: -=< 2 6.,+<2 C01D1F
;01/=61 A06= 7 + .D01B-<1= ;+=0+;.B10 G=< : .9 =E< : :.9 <1 # (- =9: 1<717 -I. 9+ <1
V# N;0+C1 A0.D<1;. ?1 7 + : .9 - ?=C0=78+0. D19: -G1< D1 A=?9;.F1<7 + +>9A+0.8+<;1;=01 ?1
9+ =6.8 ;0=8: 1D+6.81 A=D1C16+ 1=A@;+<7 + ?1 7 + /: -=< =;>0.6+< ?1;= 7 + <1 >=<M +0+<F.7 .
- +08.: 1C- - : +;= 3T3 1 8+<. 7 + ?=A1: 1 ?-G<=9; ?1 <1 ;+: +6.D.7 9>=8 @=- .: 1 =<1E7 -1
- .>1/- =C7 19<.8 =;>0.I+ 1 =?+8 ;18= . -;0=@.8 6.@+ +<+0/.7 + ?1 =C7 19<.8 ?1 =<.
C.D=<. <1 : .61?181 .D<1? <19 <.9- 8+E1<.D18 D1 01<= -A=D=0161<7 + <1 =A19<=9; =?
D01B+<7 1 : .M.D.F. 9- 61G<.7 1 6+9; C.: . .A1> /: -=<. >=7 . 9- C=D=<. 1 <+ C.D=<.
;1>= 91?1 .818= 96+ B+9;.F+(A0+<=9.=F+ .: . C1G?109>+ 2 /+7 ?G2 C=D=<+ >1>= 9+ ;=
+0-?.;9>.7 + >1G+ 1 2 /+7?G2?=: 1D. =? /+7 ?G 9.8+;0.7 + ;= 918 6+I=C7 19<.= 1 0+B 2 C=D=<2
.D6+?+<1 7 + .D.8+<1 .<?.7 9>=/ M .D.B101 =D+1 5 =9+5>=7 . 7+ =A.91= ;- >: 19-
B+9;.F1 91 F+: =C0=7 <.8 60+?<=9;.81 9A.<1 6+ B+9;.F+ 81;+0.7 + .817 - 9A.< 5 ) . D=6- 9+
M+08.=<. 1 96+ B+9;.F+(A0+<=9.=F. .817 - 9A.< . D=6- 9+ C=D=<. . 98= <+>+ A=7 +?.<=9;.
A0+9>=B.: . 1 A0.8+0 7 <@;17 < 7+ 3 O A0+?6.?+= A=9;=7 1<7 + M =;=<1 1 0;-0 =8A;=< 7 +
3)* . =A1D.= M =;=< A=8=I- 0+<?/+<9>.E D01>1 >=7 . 9- 9+ 9-?101: . 91 1;=89>.8
+:+>;0=<.81 . 019.A1: . 9+ +-;01: <+ 9;0-7 + =;>0.6+<+ 9- 90+?.<=8 9+?18?+9+;.E /=?.<1 1: .
9- B+9;.F+ 4 . <+A=90+?<= =A1G+<+ ;+> @>=: 9>+ 3!*5 !P >1?1 9- =;>0.6+<+ - # (
=6=8 E1?0=<9>=8 >=: 17?+0- 1= @;= 918 A=8+<-= /: -=<. 9- A=-D?1<= =A1G+<. 3T3
=6=7?-/=7019A016. = 7 1>=79.: . ;0+C1: = C. ?1 .9;1><+8= ?1 7 1>- 9.: - =?0+,-7 +8= >1=
9.:- >=7 1 ?+: -7 + .D8+,- >610>=61 ;= 7 +9; ;= 7 + 9.: 1 >610>(>610> 1 A0+<=9+ 7 + /: -=<.
/?+ <18 9+ .D/-C.: 1 =<1 2 9;10127 1>1 9.: 1 >=7 1 7+ ?+7 9;6=61: 1 .D8+,- <+-;0=<1 . A0=;=<1'
1?1 7 + 01D-8+8= >1= A0+=9;1: = ?+7 9;6= /: -=<1 >=7 . 81: = >1= F-0+ .D <+-;0=<1 .
A0=;=<1 . ;.8+ 9A17 17 - 1;=89>= 7 +D/0= - 7 +?<- F+: .<- ;101 7 1>1 9.: 1 >=7 1 7+ C.: 1 ?=C0=
=A.91<1 >1= 01D8+<1 A.=<1 91?1 7 + 91/: +?1<1 >1= A=9: +?.F1 .D6+9<.E 9: =G+<.E ?=/1,1<7 1
.D8+,- >610>=61 . /: -=<1

:1D+I. - =918?+9+;+ /=?.<+ 91/: +?1:. 98= 96+ B+9;.F+ 81;+0.7+ >610>=6+ . :+A;=<+
1 A0.:.B<= B609;= 98= D/01C.:. - @1>+ . B+9;.F+(A0+<=9.=F+ C1G?109>+ C=D=<+ ;0.7 - 9.:
1 (
96.E 9.:1 =9.8 /016.;1F.7
+ 1? B+9;.F181 81;+0.7 + A0.?=?1;+ . B+9;.F+ 9.:
1 .81;+ A=;A-<
9;1<?10?<. 8=?+:9>01I+<= <1D61< 1>: + 2;17
<1 19+: 7
+<+27 + A0+? 6181 .D6=:.;+ A1
7+ A0=B.;17;+

234
A06=
A=>=:+<7
+ ?0-/=
A=>=:+<7
+ ;0+I+
A=>=:+<7
+

-F ; '
?9C

<+ <8 <;

+8;

%
+:+>;0=81/<+;.D18 M=;=< /
9:1C1 9.:
1 4H 4(
71>1 9.:
1 =918 /:-=<1

<18= ?1 7 + 961>. >610> - <+>=7=? ;0. 8=/-I+ >610>=69>+ C=7 + <1B. 1>= C1@
E=I+8= ?1 C-?+8= D: . 8=G+8= ?1 <1C0=7 .8= =918<1+9; >610>=61 A1 ;+> A=9: + ;=/1
@+9; : +A;=<1 1;.8 A0+: 1D.8= <1 9.: - . <1C017 18= ?61<1+9; B+9;.F1(A0+<=9.=F1 >=7 +
A0+<=9+ 9.: - ( 1 =<+ 9- C1G?109>. C=D=<. +,-;.8 D1 =<17/=0<7 . ?+= ;1C: .F+ =<17<1
>=7. 9+ =?<=9. 0+B A=9;=7 . . 1<;.;1C:.F1 ;= 7 +9; ;1C: .F1 91 1<;.B+9;.F181 96.E ;.E
B+9;.F1 C.0 96+/1 ;=/1 7 +9;+ @+D?+9+; B+9;.F1 :. ?0G.;+ 9+ 6. =6+ ;1C: .F+ >=7 - 6.?.;+
.9A0+? 9+C+N 9196.8 7 + ?=6=: 7<= ?1 D<1;+ ;=: .>= 6+0+<. 98= ?1 >=<1B<= .818=
+8=>0.;=6+ 1(;=8+ = 9- >610>=6. . : +A;=<. ;0. 9.:+ . <7 .E=6+ B+9;.F+(A0+<=9.=F. ?17 -
=<= +8=>0.;=6= 2 9;1:<= 9.: =6.;= >0+;1<7 +2
=/1= C. <+>= >1D1;. ?1 7 + 9 <1@+ 9;01<+ <1?8+<= @;= A=>-@1618= ?1 91G8+8= F+: -
19+:7+<- <1 7 +?<- ;1C: .F- =71 <.7 + C1@<. 90+,+<1 >1>= ;0+C1 :. .D/:+?1 ?1 : 7-?9>1
C.I1 .817 - 7 1>- A=;0+C- ?1 A016+ ;1>6+ 9.<;+D+N - .9;=0.7 . 1A1?1 9;1: <= .9>091617 -
<+>1>6. 2 9;1<?10?<. 8=?+: .2 61791?1@<7 . 9;1<?10?<. 8=?+:?=C.= 7 + ;17<1D.6 ;+> -
9+?18?+9+;.8 /=?.<181 . ;= 7 + 7+?.<. ;1>16 <1D.6 - .9;=0.7 . M.D.>+ <=6=/ ?=C1 :. C+D
9-8<7 + - 01<.7 .8 +A=E181 C.: = 7 + 9;1<?10?<.E 8=?+: 1 . ;+ >1>= 1 9: +?+I+ ?6+
9;01<.F+ 6.?+I+;+ <+>=: .>= <7 .E
1@;= 7 + <1@9;1<?10?<. 8=?+:<+A=;A-<' +?<1 =B./: +?<1 0-A1 - <7 +8- 7 +9;+ >610>
60E ; >=7 . 7
=@<.7 + =A1G+< 0-/. D7 1A+I. <+?=9;1;1> 7 +9;+ ;17@;= - 8=?+: - <+81 9.: +
/016.;1F.7+ .>= D191? <+ D<1 >1>= ?1 -/01?.8= ;- 6+: .B1<9;6+<- 9;10- 9.: - - =617
8=?+: 9;+;9>. /: +?1<= 8=?+:7 + 0-G1< D1;= @;= <.7 + ?=6=: 7<= 7 +?<=9;161< ( ;0+C1: = C.
?1 6.@+ : .B. <1 =<= 8A+?=>: =6= D+8: 7
1 61D?-E 61;01 . 6=?1 A: -9 : 7
-C16 . C=0C1
=6=8 9;1<?10?<=8 8=?+: - .81 A0+6.@+ A1018+;101 A0+6.@+ =C0;<.E A0+>.?1B1 >=7 +
8=G+8= ?1 D160I+8= : +6= ?+9<= : +6= ?+9<=
6= <+ D<1B. ?1 9;1<?10?<. 8=?+:<.7 +7 +?<= =? 6+: .>.E ?=9;./<-I1 <1->+ <7+ .9E=?
01?1 8<=/.E 8=81>1 . ?+6=7 1>1 >=7 . 9- 08C1: . ?= >19<= - <=I 81 =< 96=7 - :+A=;- .
96=7@.0=>. =C-E61; 8=01 9+ A0.D<1;.NA1 .A1> =9;17 + <18 =9+I1<7 + ?1 2 ;= <.7+ ;=2 ?1 C.
;0+C1: = <1I. <+@;= 7 +?<=9;16<.7 + <+@;= @;= C. =?-@+6.: = . ?0+6<+ "0>+
:-@17 ;+ B-7 +;+ :. >1>= .D61>--81 ?=A.0+ 98+E'

-C0D1<1 .9;=0.7
1
+.810. 1;-8. +9;.F+ .: + F+<1 =8+<;10.
1:+9 .D .: +;1 $ A0+ 0.9;1 6=?1 <+ A=8.<7 + ( 06. >=7 . 7
+ =C719<.= 96+; A=8=I-
A0.0=?<.E 9.:
1 1 <+ C=/=61 18+<.= 8.;=: =/.7-: =/.>=8
8A+?=>: + .D >01/1<1 P$ A0+ 0.9;1 D+8: 7
1 61D?-E 61;01 . 6=?1 : 7
-C16 . C=0C1 H
=@1= <1 D18.91= ?1 .81 <+>=: .>= 01D:
.B.;.E 609;1 2B+9;.F12>=7
+ 9+ >=8C.<-7- . ;1>= ?17
-
96+ 609;1 81;+0.7
+

235
 +8=>0.; .D C?+0+ P* A0+ 0.9;1 <+6.?.:7.6. <+?+: 7
.6. 1;=8=9 ?1>: + 1(;=8 9;1: <=
9.:=6.;= >0+;1<7
+ 1>= 7 + <7 +/=6 8=?+:A0+?6.?+= A0+6+: .>. C0=701D: .B.;.E 609;1 B+9;.F1
A0. B+8- C. 9+ 961>1 609;1 =?: .>=61:1 96=7.8 =C: .>=8 .A1> 7 + +8=>0.;=61 =9<=6<1
D18.91= = 1(;=8- >=7 . <+ 8=G+ <.>1? C.;. A0+9+B+< . ?= ?1<19 =9;1: 1 >1= ?+M .<.F.7
1
+:+8+<;10<+ B+9;.F+
91> 7-;< .D </: +9>+ $!T <+A0=C=7 <. ;60?. 1;=8. >=7 . .817 - 819- - >=98=9-
/016.;1F.71 - 1;=8.81 <+A=D<1;+ 9.: + # =: += 7 + 1;=8+ 1: . <.7+ ?=A0.<+= .9;01G.61<7 - =
<7.81 7 +/=61 /016.;1F.71 91?1 /=?.<+ 33* D1?17 + 6+:
.>+ /: 16=C=: 7+ 6+: .>.8 8=8F.81

-,+0 =9.A =@>=6.I .D 1: 81F.7 + T$ 2 ;1B>+ 9.: +2 <+?+: 7

.6+ C+D =C: .>1 . ?.8+<D.7 1
A0.6: 1B<+ . =?C=7 <+ 9.: + >=7 + ?+: -7- .D8+,- ;.E ;1B1>1 H 7 +/=61 ;+=0.7 1 C.:1 7 +
<+A=;A-<1 . =/01<.B+<1 1: . D18.91= = B+9;.F181 >=7 + I+ .81;. A=: -A0+B<.> 7 +?<1> <-: . .
.D/:+?1;. >1= ;1B>1 1 .A1> 9;6101;. =>= 9+C+ 2 A=: 7
1 9.: 12 >: 7-B 7+ D1 F+: =>-A<- 8=?+0<-
M.D.>-
G=< 1: ;=< .D </: +9>+ ! ! 1;=8. >1= =9<=6<. ?+: .I. 961>=/ E+8.7 9>=/ +: +8+<;1
1;=8 -/: 7+<.>1 1;=8 >.9+=<.>1 . ;1>= ?1: 7+ 9.: + A0.6: 1B+<71 .D8+,- ;.E 1;=81 #H
+01D-8<= 9+ D1: +;+= -A=;0+C: 71617 -I. C1@ ;- 0+B 2 1;=82D1 <+@;= @;= .A1> <.7 +
<+?+: 7.6= :
. C10+8 7 + 60+;.= ;- +8=>0.;=6- 0+B - G.6=; 9.8 ;=/1 ?1= 7 + ?=C10
<1/=6+@;17D1 ?1: 71 .9;01G.61<7 1 ;.8+ @;= 7 + 0+>1= ?1 9+ 1;=8. 01D: .>-7- A= ;+G.<. 1 <+
>1= @;= 7 + +8=>0.; 8.9: .= A= =C: .>-
17>: 101?+7.D </: +9>+ !) +: +>;0.B<. <1C=7 . +:+>;0=81/<+;.D18 A: -9 /016.;1F.7 1
0.8+<.= 7 + 1;=8.9;.B>= -B+<7 + <1 +: +>;0.F.;+; ;1>= @;= 7 + <1/1,1= ?1 2 ;+:1@F1
+: +>;0.F.;+;12 +: +>;0=<. 91B.<7 1617 - +: +>;0.B<- 9;0-7 -
8.;0.7 61<=6.B +<?+: 7+7 +6.D .C.01 !T A+0.=?<1 ;1C: .F1 E+8.7 9>.E +: +8+<1;1 <.7 + 9+
C16.= 9A+>-: 1F.7181 = 9.: 181 0.E61;.= 7 + 1: ;=<=6>=<F+A; . =0/1<.D=61= 96+ A=D<1;+
E+8.7 9>+ +:+8+<;+ - 7 +?1< A+0.=?<. 9.9;+8 >=7 . 7 + 9<1G<= ->1D.61= <1 ;= ?1 A=9;=7 . <+>1
?-C: 71 =98.@: 7+<1 9;0->;-01
0<+9; 1?+M =0? 91 =6=/ +: 1<?1 3 <->: +10<1 7 1>1 9.: 1 A:-9 +: +>;0=81/<+;.D18
A: -9 /016.;1F.7 1 <->: +10<1 7 1>1 9.: 1 A: -9 +: +>;0=81/<+;.D18 A: -9 /016.;1F.7 1 ( ;>0.6@.
7+D/0= =;>0.= 7 +.7 +?<- <=6- 7 +?<=9;16<=9; - 96.8 1: ;=<=6.8 1;=8.81
7=0>+ +08. 0.?81< "+: 1< ": +<@=- +<?1: +?+081< +0: .E;+0 610F
;17<C+0/+0 +7:
=0 .</ . /: -81B>. 1<918C:919;16: 7
+< =? 7 =@ 8<=/= E.: 71?1 ?0-/.E
33) @+9; >610>=61 1: . 961>. A=9;=7 . - ;0. 01D<+ C=7 + . @+9; : +A;=<1 : . . 1<;.B+9;.F+ ;.E
A=8+<-;.E ?61<1+9; +: +>;0=81/<+;.D18 7 1>1 9.: 1 9: 1C1 9.: 1 ?61<1+9; B+9;.F1
A0+<=9.=F1 9.: + A: -9 /016.;1F.7 1 <+81 =F+<+ <.9- D160@.: . 2"-M M
1=2 8+7 + 9+ = 9+
98+7 +' 1 +8=>0.; .D C?+0+

236
 ' %

=/.<71 ?=: + A=/: +?1 <1 96+; 96=7 . C. D1?.6: 7+<1 :+A=;=8 <7 +/=6=8 ( 7 +0 ;- : +A=;+
C+@+ ;=: .>= ?1 9+ <1 019A: 1>1 = 96+; 91 918= 7 +?<=8 609;=8 B+9;.F1 C+@+ . 918=
7+?<=8 9.: =8 A0+<=@+<=8 A=8=I- 918= 7 +?<+ B+9;.F+(<=9.=F1 >=7 1 7+ - C=G1<9>=7
7+?<=9;16<=9;. -7 +?<= . ;1 A=8+<-;1 7 +?.<1 B+9;.F1 C.:1
6.?+ =/.<7 1 ?1 7 + ;1796+; A0+?.6=;<. >=7 . 7+ 9;6=0.:1 A=81: = . ?=91?1< 1;= A=B+
<1 .D01B-<161;. . 98+@>1;. 9+ . ?=D6=: . 6=7 =7 19+: 7+<. ?1 9+ 01@.0. . A=B<+ E: 1?.;. /: +
=E: 1?. 9+ ;=:.>= 19+: 7
+<1 ?1 - <7 =7A0=01?. =/.<7 .< 1/+<; 6+0<. . =A0=C1<. ./9=6= A=: 7 +
>=7 + A0+ E: 1,+<7 1 <+ 8=/1@+ .D?0G1;. <+6+0=61;<- 60+: .<- =9;1<7 1 A=? -;.F17 +8
./91 B+9;.F+ A=B+@+ -9.9161;. +<+0/.7 - .D =>=:<=/ A=: 7
1 . ;1>= +<+0/.7 =8 <1A-<7 +<+
819.6<+ A=9;17 1;. 61>1 7 + B+9;.F1 019: 1 <1 96=7 <1B.< <+ 96+ .9;= +>+ ?=C.@+
<+6+0=61;<= 6+: .>- 819- <+>+ 918= 81: +<- 1 <+>+ <. <17 81<7 - ?=> 7 + 01<.7 + 918=
7+?<1 B+9;.F1 C.: 1 91? .E ?61<1+9; <19;1?+ . ?=> 9- 01<.7 + <=9.: 1F . B+9;.F1 C.:. .9;= 91?
9+ 01D?6=7 .@+ - 01D: .B.;+ . ?=> 01<.7 + 918= 7 +?1< A0+<=9<.> 9.: + . 918= 7 +?<1 9.: 1 C+@+
91? 9+ A=7 16.@+ B+;.0. 9.: + . ?61<1+9; A0+<=9.: 1F1 . ?=> 01<.7 + C+@+ ?.6=;1 C+D>017 1 1: . .
C+D98.9: 1 91?1 9+ +8=>01;9>1 9;01<>1 . +A-C: .>1<9>1 A=7 16.
=/: +?1 =/.<7 1 @;1 7 + =? <7 +<=/ 96+;1 .9A1: = . =C-D+ 7 + 98+E <+D1?0G.6 . <+=?=: 7.6
=D61 <1 ./91 -=DC.: 7. 9+ 81: = A1 8- 9;0=/= A0=DC=0.
R ;= -<.@;. 9.8+;0.7 - 96+;1 /0+@<.B+'R
./9 -G19<-; . <17 81<7 .8 <1/=6+@;17 +8 <+=?=C0161<7 1 7 +<=/ A=B+ 9+ C01<.;.
0+B.81 =61>6.8
R "=9A=?10.F+ 8=7 1 9.8+;0.7 - <+ -<.@;.E <+/= 918= A=9;./=E ?1 C-?+ A0.>0.6+<1
-8+;<=@I- ;0=@+<7 1 +<+0/.7 + = B.<+I. 9;6=0.E 96+; D1.9;1 D180@+<
=7 + A0+?6.?+;. 8=/1= ?1 .D7 +?<=/?=91?<=/<.D1 .9;=6+;<.E ;+: 1 1;=89>1 I+ <19;1;.
7+D/01 . 1;=8. F+: . . 8=: +>-: . A: 1<+;+ D6+D?+ B1>'
= D<1?.7 1@+ ?1 D1: 19F. -<F1 I+ <19;1;. . =>+1<. . =>+1<9>+ 01D<+ : 7./+ =? 8+@1<7 1
96.E ;.E =?601;<.E 8=: +>-: 1 -D?081<.E 8-<7 181 . 60-I.<181'
= 7 + A0+?9>1D1;. 8=/1= +6=: -F.7 - . =6+ M .D.B10+ >=7 . 91?1 B1B>17 - . A0+;-017 - .
D16.0-7 - <+ C. :. <1@: . =<= @;= 918 7 1 - 9: -GC. 6=7 =7 ;1>= A=8<= 9>0.='R
=/.<7 1 7+?61 9+ -D?0G1617 -I. =? <=6=/98+E1 D<1> ?1?+ ?1 =A01@;1 ./9- . ?1?+
8- @;16.@+ . : +A- A=6.@.F- A: 1;+

0:
= <=6. D16+; *

1@I+ D1?1;1> C.;. - =6=8 A=/: 16:7- ?1 A0+;6=0.8= A+9<.@;6= ' 0: = <=6=/D16+;1 -
B609;= <1-B<= D<1<7 + . ;= .D=C: 19;. >=98=: =/.7+ B+9;.F1 :. <+ 8=G+8= 9+ =?: +A.;. C1@
91? =? <1@+ 019A016+ = 9;1<?10?<=8 8=?+: - =@<+ D6.0-7 + 7=@<+>=: .>= >=<B.I1 >=7 +
<.98= A=6+D1: . 1 <+>+ C1@ . <+ 8=G+8= ?1 A=6+G+8= 7 +?<. . ?0-/. 9- 61G<. D1 A0.B-
= 9;1<?10?<=8 8=?+: - . = 96+8- @;= A=9;=7 . 9 =<+ 9;01<+ 9;1<?10?<=/8=?+: 1 17 1 A06=
8=018 ?1 A0+A0.B18 7 =@ <+>=: .>= ;0.7-8M 1 60@+<7 1 =A.;1 >=7 . 9- B609;= -;+8+: 7.:. <1@+
91?1@<7 + D<1<7 + = 8.>0=96+;- = 9- 8=G?1 A=7 +?.<=9;. 1: . ?=B101617 - 9<1/- A0+8?1 .
=/01<.B+<=9;. 9;1<?10?<=/8=?+: 1
6+ 609;+ <+?=9;1;1>1 8-B+ <19 - 9;1<?10?<=8 8=?+: - 061 7 + <+A=;A-<=9; 6=
A=B+: 1 7+ . /=?.<1 33* 1 >610>1 60E 7 =@ <+81 1 . 7 +?1< <+-;0.<= ;1- <.7 + 7=@
=;>0.6+< <+A=90+?<= ;16.@+ 8<=/. C0=7 +6. >=7 . 9- <18 A=;0+C<. A=D<1;. 9- <+;1B<= 1
A0.8+0 <+ D<18= ?1 : . <+-;0.<. .817 - .:. .A1> <+817 - . <+>- 819- 8.0=61<7 1 %+: .8= ?1
D<18= <1 >=7 . <1B.< <10-@161<7 1 # (9.8+;0.7 + ( 1 =<1 9- C.: 1 ?+= A0=F+91 <19;1<>1
96+->-A<+ 81;+0.7 + ( -:1D+ - =6179.9;+8 17 61G<.7+ =? 96+/1 A=;0+C<= <18 7 + ?1 -
9;1<?10?<. 8=?+:-6+?+8= <=6- A=7 16- >=7 =798= ?1: . <1D.6 2./9=6= A=: 7+2 ?1 C. 9+
=B-61: 1 81;+81;.B>1 9-6.9: =9; <1@+/9;1<?10?<=/8=?+: 1 0-/1 609;1 <+?=9;1;1>1 B.9;=
7+ +9;+;9>1 ;1<?10?<. 8=?+:7 + ;=:.>= D180@+< ?1 8<=/.81 .D/: +?1 >1= 918= 7 +?<1
9;1<.F1 <1 A-;- >1 <+>=8 7 +?<=9;16<.7 +8 6.,+<7 - 96+;1 ./9=61 D18.91= . B+9;.F1 >=7 1
-D<7 - .?+ 1 ;= 7 + ./9=6C=D=< C.;<1 7 + D1 96+ =6= @;= -A016= <1C0=7 198= ;=: .>= C.;<1
?1 98= <7 =7- B19; =6=7><7 .D. ?1:. <19:=6 =G.7 1 B+9;.F1

237
 1D81;018= <+-;0.<=
R =7. <+-;0.<='R
.7+ C.;<= >=7 . 7?2 <+> C-?+ +: +>;0=<=6 <+-;0.<= =<17 <17 =C.B<.7
. .D A06=/
A=>=: +<71N=< .81 <17 <.G- 819- 9.8 <1016<= 1>= 9- 819+ 96.E <+-;0.<1 7 +?<1>+
<-:.
R 1G. 7 ?2<+> C-?+ R
+-;0.<= <+81 +: +>;0.B<. <1C=7
+81 7 1>- 9.: - 1 <. +:
+>;0=81/<+;<-
+81 6+: .B.<- -=A@;+ <+ D1-D.81 <.>1>16A0=9;=0 7 +/=6A=:-A0+B<.> 7+7+?<1> <-: .
=/-I+ 7 + ?1 <+81 <. 819-
.@;1 <1 96+;- .D =6=/1 .D-D.818 ?+>1<+ . 0+>;=0+ M 1>-:;+;1 . -<.6+0D.;+;1 .
A=:
.;.B10+ <+81 ;1>= 81: = =9=C.<1 >1= <+-;0.<= 7+/=6= A0.9-9;6= 7+ 81<7+ =? @1A1;1
1= >: .<F. 0+F.;=61:. 98=

-6.F+ <1 D.?-

.818 ;+ - 6.?-
+81@;1;-' +81@818-'
-7 A-7 A-7 /1?-0=

7
1 91?1 0+F.;-7
+8

+-;0.<B+ 81: . A0.<B+

96+;=8 : +;.@C0D>2 = 96+;:
=9;
819- <+81@ <1A=< 7 =>
<. 6+:
.B.<- ;= 7+ @=>
610.@<18 -=C.B17 +<.
8.91=<. ;=>

1 .A1> <+-;0.<= A=9;=7 . 81 <+>1>6= 8+9;= ( .81 A-;1<7 -N -6+> E.;1 - <+>=8
A016F- . ?0G. 9+ ;=/1 A016F1 1 C0D.<1 8- 7 + C: .9>1 .: . 7
+?<1>1 96+;: =9<=7 +-;0.<= .81
9A.< 1: . 1>= 9+ ?0D<+;+ ?1 A.;1;+ R ;1 9+ ;= 60;.'R( ;.8+ I+;+ 918= .D: =G.;. 9+C+ >0.;.F. ?1
9;+ =9=C1 >=7 1 7=@<.7 + =B.9;.:1 96=7-8 =? A0: 716=/ A0+>61<;<=/ <1B.<1 8.@: 7+<71 18
A=718 2 B+9;.F12A0+;A=9;16: 71 ?1 =<1 .81 9A.<N + 91? 1>= 7 + <+-;0.<=61 8191 D1.9;1
7+?<1>1 <-: . 1 <+-;0.<= 9+ .A1> >0+I+ A=9;=7 1<= - .9;=8 A016F- C0D.<=8 96+;: =9;. ( ;+
=9=C.<+ 9+ >=8C.<-7 - . <19;17 + 7+?<1 <=61 7 +?.<9;6+<1 =9=C.<1 >=7 - .81 918= . 7 +?.<=
<+-;0.<= . <.>= ?0-/. 1 <=61 =9=C.<1 D=6+ 9+ E.01: <=9; FE.01: .;Q .01:<=9; D1 6+B.;1
60+8+<1 6+D-7 + 98+0 9A.<1 - 98+0- >0+;1<7 1 >1D1: 7
>. <1 91;- .: . - 9-A0=;<=8 98+0- 91
98+0=8 <+-;0.<=6=/ >0+;1<7 1 +-;0.<= 8=G+ ?1 .81 ?+9<=0->- E.01: <=9; @;= D<1B. ?1
>1? : +;. ;18= /?+ A=>1D-7 + .9A0.G+<. A1: 1F ?+9<+ 0->+ 2 9A.<-7 +2>1>= A=>1D-7 - 916.7+<.
A09;. ;+ .9;+ ?+9<+ 0->+ +-;0.<= 8=G+ ?1 .81 . : +6=0->- E.01: <=9; @;= D<1B. ?1 ?=> : +;.
<1A0+? 2 9A.<-7 +2>1= @;= C. A=>1D.61: . 96.7+<. A09;. :+6+ @1>+ =6=8+ : +G. 7
+?<1 ?.6<1
9.8+;0.7 1 1G?109>1 ;+=0.7 1 <17 6.@+ 6=: . ?1 96+ B+9;.F+ .817 - 819- <-: 1 . 7+?.<9;6+<-
E.01:<- 9.8+;0.7 - 6= <19 =A+; >=? ;+ 0+B. 9.8+;0.7 1
.01:<1 9.8+;0.7 1 7 + 7
+?<1 =? =<.E +: +/1<;<.E 9.8+;0.7 1 >=7 + =A.9-7 - 01<- 19+: 7+<- (
=<1 7 + =C01D1F >=7 . 9+ A=<16: 71 . A=<16: 7
1 . A=<16: 7 1 >1= @10+ <1 D.?<.8 ;1A+;.81 1: .
C+D .>1>6.E D.?=61 . E=?<.>1 601;1 .: . -/: =61 ( ?= C+9>017 1 .>1>6= B-?= @;= 7 + ;= .
918=7 =/.<7 . ?=91?.:= A1 7 + <10-B.: 1 ./9=6= A=: 7+ ?1 C. A0+?8+;. ?=C.: . 819- 1 E.01: <1
9.8+;0.7 1 C.:1 <10-@+<1 1@;= 8191 8=01 ?1 A=>610. E.01: <- 9.8+;0.7 -' 1;= @;= B+9;.F1
1>= .81 819- 8=G+ ?1 A-;-7 + 918= C0D.<181 81<7 .8 =? C0D.<+ 96+;: =9;. = =A+; D<1B.
?1 ;. A=981;01B 8=G+@ . ?1 7 + A0+9;./<+@ >= ;. A=7 -0.@ C0G+ =? <7 + . A=B<+@ ?1 7 +
A0+9;.G+@ ;= D<1B. ?1 7 + =<1 - =?<=9- <1 ;+C+ A0=8+<.: 1 96=798+0 >0+;1<7 1 ?1>: + =<1
9+ 91? 2 =?8.B+ -<1D1?2 1: . 9A.< <.7 + A0=8+<.: 1 @;= D<1B. ?1 A= ;6=8 6.,+<7 - 91?1 .81
9-A0=;1< 9A.< <+/= A= 6.,+<7 - <+>.E ?0-/.E A=981;01B1 >=7 . <19;16: 7
17- ?1 7 + /:+?17 - : .
A=9;=7 + <+-;0.<. >=7 . 9- 8=G?1 A0+G.6+: . C=0F. .D <+>=/ 01;1 DC=/ E.01: <+ 9.8+;0.7 +

238
 +-;0.<= 7+ -6+> : +6=0-> 1<;.<+-;0.<= 7 + -6+> ?+9<=0-> 1 2 0->=9;2 E1<?+?<+99 7 +?<1
7+ =? 60:= 81: =/C0=7 1 =?: .>1 >=7+ <1@7 1?<. 81: . <+-;0=< -=A@;+ .81
E ?1 <+-;0.<= .81 7 =@ 7+?<- =?: .>- 9: 1C- 9.: - +-;0.<. .D:+I- .D =<.E A0=F+91 -
>=7.81 ?+: -7+ 9:1C1 9.: 1 1 >=7 . 9- 9;610<= : -?= 9A=0. A=<+>1? ;017 - B1> F+: - 7+?<-
8.>0=9+>-<?- 1= @;= 98= 6.?+: . <+-;0.<. 9+ 8=/- 9-?101;. 91 ?0-/.8 B+9;.F181 1
;1>169-?10 A=;0+C1< 7 + ?=?.0 ;1>= C: .D1> A0.9<=9; ;1>= ?-C=>1 ?1 9+ ;= .D-D+;<= 0+;>=
?+@161 1? <+-;0.<= A0=: +I+ >0=DB+: .B<- A: =B- ?+C+: - ?61 . A= F+<;.8+;01 6+0=61;<=I1
?1 9+ 9-?10. 91 <+B.8 7 +?<1>1 7 + =;A0.: .>+ 6+0=61;<=I. ?1 >1? D1/<7 -0.@B1@- - ;: 1<;9>.
=>+1< . .D6-B+@7 + A-<- 6=?+ ( - B1@. <1,+@. <+>. 81: . ?01/. >18+< >=7 . 9+ C1@;- <1@1=
D1;= @;= 9- /1 ;1: 19. =?<+>-? ?=<+: . 1 .A1> .1>= 7 + ;=: .>= 9.0=81@1< C0=7 +8 =9=C.<1
<+-;0.<= - =/0=8<=78+0. -;.B+ <1 8<=/+ ?=/1,17 + 1 A0.8+0 >1? <+-;0.<. - 8<=@;6-
A=7-0+ .D 7 +D/01 <+>+ D6+D?+ <19;=7 +I. ?1 .D.,- - =>=: <. A0=9;=0 D6+D?- ;= <16+?+ ?1
+>9A: =?.01 1 >1? =<1 ;= -01?. -7 +?<= 019.A1 A= >=98=9- ;+G+ +: +8+<;+ >=7 . 9- - <7 +<=7
-<-;01@<7 =9;. <+?16<= 2 9>-61<.2 8+I+ .D;1>6.E +>9A: =D.71 A=>1;>1? 9+ D/0-?61 . ;1>=
<19;1<- A: 1<+;+ =;-? 7 + - <7 .81 . 9.:.F.7 -8 . /6=G,+ . 96+ =6= ?=C0= @;= <1: 1D.8= - <1@.8
A:1<+;181
A=9:+?<7+ 60+8+ A0+?-D.817 - 9+ 6+: .>. <1A=0. ?1 9+ =;>0.7 + 1>= -=A@;+ A=9;=7 .
8191 <+-;0.<1 1 ;0. <+-;0.<1 >=7 1 9- ?+= <1@+/ 9;1<?10?<=/ 8=?+: 1 7 +9- >1<?.?1;. D1
;1>=D61<- 2 ;18<- 81;+0.7 -2 1>= 19;0=<=8. <1D.617 - 81;+0.7 1:>=7 . 9+ <+ 6.?. 1: . >1G-
=<. A0=G.81 F+: - 19+: 7+<- A1 B1> ?17 + /:16<.<- /016.;1F.7 + >=7 1 I+ =?: -B.;. = ?1:7+8
01D6=7 - 19+: 7+<+ . D191? D<18= 918= ;= ?1 C. <+-;0.<. 8=/: . ?1 .817 - <+>- 81: -
81: +F>- 819- .:
. <-: ;- <.>1>6- 819- :. <-:1 7 + ;1>= A=9+C1< C0=7 ?1 C. B1> .
9;610<= 60: = 9.I-@<1 8191 0+F.8= 8.: .=<.;. ?+= +: +>;0=<=6+ .81: 1 =/0=81< ;+=0.7 9>.
D<1B17 1= ?+= 9;1<?10?<=/8=?+: 1 <+-;0.<. 91 ;=8 96=7 =8 819=8 .: . =?9-9;6=8 819+
7+9- 7+?<= >0-A<= =;6=0+<= A.;1<7 +

1? 9+ <+>. <1-B<.> <1 A0.8+0 <+>. 0.;1<1F 9;610<= 9;01@<= <1: 7-;. <1 <+>=/1 . >1?
A=;+/<+ ;+@>+ 0+B. A0=F+?.I+ >0=DD-C+ R 0.9;=;+: =6B+ 7 +?1< /<-9<. R = 9- 0+B. >=7 .81
9+ =;A=B.<7 + ;-B1N7 +0 >1D1;. <+>=8+ ?1 7 + 10.9;=;+: =61F ;+@>= 7 + D18.9: .;. ;+G- -60+?-
0.9;=;+:- 9+ -/: 16<=8 A0.A.9-7 + 81?1 B=6+> 6+0=61;<= <.7 + C1@;=: .>= >0.6 ?1 7 +)
/=?.<1 9A0+B161= <1A0+?1> <1->+ 96+ ?= ?1<1 >1? 7 + "1: .:
+79;.9<-= A+;: 7 -. 2A=D61=2/1
<1 ?6=C=7 0+? /=8.: 181 <16.7 1B1 A=;->1= 7 + "1: .:+7. =C0->1= -B+<.>+ 0.9;=;+: =6+ <1
;0/- D61<=8 7 1F1 ?+: -=8= ;18= /?+ . ?1<19 ;=01<7<1E+0+<. 9;=7 . 1 ;1: .7
1<. A0=?17 -
;-0.9;.81 A.F+ . 9: 1?=: +?
1D81;01: . 98= ;- A0.B- = A0+?8+;.81 >=7 . A1?17 - 91 >0.6.E ;=0<7 +61 ( A+0F+
:+:-7 1<7+8 : 1/1<.8 B+: .B<+ >-/: + 9-<=601;=8 <1/: .8 = 7 + 0.9;=;+: - .D/: +?1: = C1@>1>=
;0+C1 A1 7 + A0=/: 19.= R +@>+ 9;610. C0D= A1?17 - 1 : 1>+ A=: 1>= R <;-.;.6<= 9160@+<=
.<;-.;.6<= 9.8 ;=/1 1>= D1>=;0: 7
1@>-/: - =<1 9+ A=9: + <+>=/ 60+8+<1 D1-9;16. =@;=
7+ ;1>= A0=/: 1@161 9;10. 0. 8.0=61<7 + 7+ RA0.0=?<= . A0.0=?1 /1 6.@+ 6=: . ?=> >0+;1<7 +
D1E;+61 ?1 <+>1 9.: 1 <161: 7-7 + ?1 C. 9+ <19;16: 7
1: =R 19<= ?1 7 19<.7 + <+ 8=G+ C.;. .
A=;60,+<= 961>.?1@<7 .8 .9>-9;6=8 <1@.8 A1 .A1> A=/0+@<= "1: .:+77 + A=9: + A=C+?+
=C19-= A0+D.0=8 <+ 0.9;=;+: 1 <+/= =<1 9.: <1 A=>=: +<71 M .:
=D=M1 >=7 . 9- 9+ >: 1<7 1:. -
0.9;=;+:=6=8 E018- . A0.E61;1: . 0.9;=;+: =61 -6+0+<7 1 1 <.9- 9+ D1A.;1: .
<= @;= 7 + "1: .:+7 6.?+= C.: 1 7 + ?-C=>1 7 +?<=9;16<=9; - D1>=<.81 >0+;1<7 1
7+?<=9;16<=9; >=7 1 9+ .9A=: 7
. B.8 -9A+8= ?1 ->: =<.8= 01D<+ =8+;17 -I+ 9;610. >1= @;= 9-
=;A=0 61D?-E1 . ;0+<7 + 9;610. >=7 + 9- . ;+ >1>= ?+= <1@+/ 9;610<=/ 96+;1 1: . >=7 +
A0.>0.617 - ;- 7 +?<=9;16<=9; "1: .:+77 + 6.?+= 81;+81;.>- ( A101C=: + >61?01;<+ 7 +?<1B.<+
( . 9E61;.= ?1 7 + ;= =<= >1>16 96+; 8=01 C.;. .: 089;0=</ +.: 089;0=</ A06.
19;0=<1-; <1 +9+F- .9A-9;.= 7 + .D 0->- <1 +9+B+6=7C+D61D?-@<=7A=60@.<. 7 +?<=
A+0F+ . 96=7B+>.I . ;1>= A=>1D1= 96.8 /: +?1=F.81 96+;1 7 =@7 +?<=8 =<= .9;= @;= . "1: .:+7
<1 0.6=8 ;=0<7 - - .D. +D=;A=01 61D?-E1 =C1 ;1 A0+?8+;1 A1?17 - .9;=8 C0D.<=8
>-/: 1 D1>=;0:71<1 A= 6=?=016<=7A=60@.<. >=;0: 71:1 C. 9+ D1.9;1 F+: - 6+B<=9; ;1>= ->=: .>=
<+ C. <1.@: 1 <. <1 >1>16=;A=0 1 =?: .B<= -/: 1B1<=7?06+<=7A=60@.<. =;>=;0: 71I+ 9+ ?1: 7
+
1 <1 >: .D16=8 : +?- .: . <1 61D?-@<=8 7 19;->- 7 =@ 8<=/= ?1: 7+ =;0+C<= 7 + .81;.

239
9A=9=C<=9; ?1 9+ 8.9: . 1A9;01>;<= ?1 9+ D18.9: . >0+;1<7
+ C+D61D?-E1 A1 . C+D;0+<7 1
>=7+ <19;17+ .D8+,- >-/: + . A=?:=/+N1 >1? ;= -9A+@ D1 <1/01?- ?=C.7 +@7 +?1< <=6. -6.?
- D1>=<+ >0+;1<7 1 A0=9;=01 . 60+8+<1
? ;+ ?16<+ A0.B+ >=7 1 90F+ D1/0+61 A1 ?= ?1<19 <1-B.: . 98= A=A0.:.B<= = 9>0.6+<=7
7+?<=9;16<=9;. 8+ A0.0=?1 ?1 A0.>0.61 9.8+;0.7- 7 +?<=9;16<=9; . :
+A=;- 1 81;+81;.>1
8+,-;.8 >=7 1 7+ 1A9;01>;<1 -8+ ;+ ;0. 9;610. ?1 =A.@+ 1? <+ 6.?.8= A0+? 9=C=8
"1:.:
+7+6 =;A=0 61D?-E1 . ;0+<7 + <.;. A=:.;.B>+ A0=C:+8+ >=7+ 7 + =< .81= 1 >=7 . 9- C.:.
016<. ;=8+ <+/= <1@ 9;1<?10?<. 8=?+: 1 C.98= 91 =6=8 .?+7 =8 ?=/-01: . ?=
?+6+?+9+;.E /=?.<1 =6=/ 6+>1 8=018= 9+ 601;.;. =<=7 A0.B. = ;+@>.8 B+9;.F181(
<=9.=F.81 >=7 + A0+<=9+ 9:1C- 9.:-

" ('-

1 918=8 A=B+;>- ;+ ?+F+<.7 + 8+,- ;+=0+;.B10.81 7 + 6:1?1:= A=A0.:.B<= D1?=6=:79;6=

A=9;./<-;.8 ;1<?10?<. 8=?+:9+ B609;= <18+9;.= <1 A0+9;= . 9+?. 8=?+:>=7 . 7+
?+6.B1<9>. B.9;. 0+D.8+ ;0. 6+>1 M .D.>+ B+9;.F1 +?. 1: . .D1D.61 +>9A+0.8+<;1;=0+ >=7 .
918= ;0+C1 ?1 2 A=A-<+ 7 =@ <+>+ A01D<.<+2 +9;.F+ 4H 4( . 7=@ <+=A1G+<+ 1 <.
>610> 60E <.7 + =A1G+< . ;1- <+-;0.<=ND1 <7 +/1 7+ A=;0+C1< =A.; 91 ;0. <+-;0.<1 <+>.
;1>6. =A.;. 9- . A0+?: =G+<. 1: . A0.A0+8+ C. C.: + ?=D: 1C=/1 D1A+;: 7
1<+ 1 .D/: +?. D1 -9A+E
81: . 1;= ;. =A.;. <.9- <. =?=C0+<. A.;. 91 <1+: +>;0.91<.8 ;1- : +A;=<=8 9<1G<=
<1/=6+@;1617 - ?1 ;1- <+-;0.<= 8=01 A=9;=7 1;.
1 96.8 81@.<181 - ;=>- 9- .9;01G.61<7 1 -98+0+<1 >1 >610>- 60E . <1 +: +>;0=<(
A=D.;0=< >=: 17?+0.81 . <1 2 A0=;=<>1812 1A1<- 9+ /01?. 81@.<1 >=7 1 I+ 9+ D61;.
0.9;1< >1>16 <1D.6 ( 0.9;1<NA=9;=7 . :. <+>1 ?-C=>1 6+D1 .D8+,- 7 1A1<9>+ >-: ;-0+ .
;+6;=<9>+ 8.;=: =/.7+' 0.9;1< I+ C.;. +H +( 81@.<1 >=7 1 I+ 8=I. ?1 A0=.D6+?+ . B+9;.F-
2>610> 60E A: -9 >610> 1<;.60E2 ; ; ->=: .>= 8191 >610>1 60E <.7 + 6+I1 =? *O "+ 1 ;= C.
D<1B.: = 9+?18 A-;1 ;+G1 =? >610>1 ?<= >=7 . 7+ >610>- 60E 0=,1> 918= 91 ?0-/1B.7 .8
->-9=8 1 .81 819- =? O "+ D1A016= ;17=A.; . 96+ @;= 9+ - ;=8 A=/: +?- =B+>-7 +
=? 0.9;1<1 -<1A0+? 7 + =9-,+<= <1 A0=A19; 610> 60E 7 + ;+G1>

;01/1<7 + D1 B+9;.F=8 4 60=A: 71<. 9- 9+ C1F.: . 96.8 9.:181 0+@+<. ?1 A=>1G- 96+;-
?1 9- . =<. =6: 1?1: .7 +?<.8 A=9: =8 1 C. <+>= A0=<1@1= 4 8=01 ?1 .81 81@.<- ?=6=: 7<=
8=I<- ?1 A0=.D6+?+ ;- B+9;.F- =:.>= 7+ +<+0/.7 + A=;0+C<=' 16.9. =? ;=/1 >=: .>= 7+ 4
;+G1> 0.E61;17 -I. -A=0<= . 9<1G<= .<9.9;.01<7 + 10: 1 -C.7 + 1 . <7 +/=6+ 10/-8+<;+
/=?.<+ 3T! # >0+I+ ?1 91/01?. A0=;=<(1<;.A0=;=< >=: 17?+0 D19<=61< <1 <7 .E=6=7
A0=;=<9>=781@.<. =? P "+
;= 60+8+ A0+? >0179+?18?+9+;.E /=?.<1 ;+=0+;.B10. 9- A0=F+<7 .61:. ?1 9- 4 .
29;= A-;1 ;+G. =? A0=;=<12 8191 8.0=61<7 1 A0=;=<1 7 + 9+;.I+;+ 9+ C1@ D/=?<1 D1
A18I+<7 + C: .9>1 7 + .D<=9- =? "+ 1 ;=: .>= 918=A=-D?1<7 1 7+ A0=F+<7 +<1 8191 4 .
?1 7 + # C.= 6=: 71< ?1 .<6+9;.01 8.: .=<1 ?=: 101 .:. 6.@+ - ;172 9./-01< A=91=2-
1>F+: +01;=0 >=7 . C. ;0+C1: = ?1 C-?+ - 9;1<7 - ?1 .9A=0-B. - 9-?10.81 ;=: .>= +<+0/.7 + ?1 9+
4 . 8=/- <1A016.;. 1: . . - ?+;+>;=0+ >=7 . I+ C.;. ?=6=: 7<= -9160@+<. . 9>-A. ?1 ;1>6+
9-?10+ =A1D+ ?1>: + .8 ;1>= =E=: 1 918=-6+0+<=9;'
:
1?1: 1 7+ 96=7 +609<1 +-M =0.7
1 D19<=61<1 <1 -6+0+<7 - ?1 7 + =C7+?.<7 +<1 ;+=0.7 1 <1@
>=<1B<. F.: 7 6+I<1 ?=E61;- ;= <+ 8=?+:91 @+9; >610>=61 @+9; : +A;=<1 . B+;.0. 9.:+
<+/= 8=?+:91 8=G?1 918= 7 +?<=8 >: 19=8 B+9;.F1 . 7 +?<=8 6+: .>=8 ( .7 1=7 >=: .>=
6+:.>=8 ( =C7 +?.<7 +<=8 9.: =8 = I+ 61: 7?1 C.;. =9;610+<7 + ?0+6<=/ /0B>=/ A=/: +?1 <1
9;610. =<=/ .9;=/ F.: 71 >1 >=8+ <1?.0+8= 7 =@=? =<=/ <7 .E=6=/ 6=?1 A1 D1;.8 D+8: 7
1
61D?-E . 61;01
C7+?.<7 +<7+ A0=<1: 1G+<7 + ;+=0.7 + >=71 C. C.: 1 7+?<=9;16<1 1 96+=C-E61;<1 <1@ 7 +
6+;. /01: =@ 3 /=?.<+ 7 <@;17 < 7+ ;1?1 8=81> =? )) /=?.<+ A.91= = 6+D181
.D8+,- 8=: +>-: 10<.E +: +>;0.B<.E 9.: 1 . /016.;1F.7 + ? 3)O A1 96+ ?= 96=7 + 980;.
3OO /=?.<+ ;01/1= 7 + -D1: -?<= D1 =C7 +?.<7 +<=8 +: +>;0=81/<+;<=(/016.;1F.=<=8 9.: =8

240
 617=/0=81< <1A=0 7 +?<=/ =? <17 6+I.E M .D.B101 <1@+/ 60+8+<1 . 96.E 60+8+<1 =9;1=
7+ C+D-9A+E1 1?1 D<18= ?1 A=9;=7 +7 =@?6+ 9.: + 9: 1C1 . 7 1>1 +D;+ ?6+ 7 <@;17 < <.7 +
.81= <.>1>6.E .D/: +?1 ?1 -9A+ - =C7 +?.<7 161<7 - =7 + C.= A06. 01D: =/<7 +/=6=/<+-9A+E1
1 ?0-/. 7 + C.= ;17@;= 9+ 2 01D6+=2=? 90+?.@<7 +/ ?=9;./<-I1 96+->-A<+ M .D.>+ ?61?+9+;=/
6+>1 ( =? >61<;<+ ;+=0.7 + 1>= 7 =77 + C1@=< ?1= =/0=8<+ ?=A0.<=9+ - ?1<.81 >1?1 7 +
C.:1 - M 1D. 9;6101<7 1 .>1?1 7 <@;17 < <.7 + A0.E61;.= 01?.>1: <+ 0+6=: -F.=<10<+ 9;610. >=7 +
7+ >61<;<1 ;+=0.7 1 /=6=0.: 1 9;610. >=7 + 9- D1A016= C.: + =>6.0 D1 =C7 +?.<7 161<7 + 96.E 9.: 1
@+D?+9+;.8 /=?.<181 B1> ;0. =? ;+ B+;.0. 9.: + M =08-: .91<+ 9- - ;+08.<.81 >61<;<+
;+=0.7 + A=: 71 . .9;1<B1<+ ?= ;+ 8+0+ ?1 7 + 2 =C7 +?.<7 +<7+2 <1A0=9;= 8=: .:= ?1 /1
A=9;./<+8=
6. 6+: .>. ;+=0+;.B10. 7 -0.: . 9- D1 <7 .8 18;.8 7 +?1< 9+8.<10 <1 =: -8C.7 . A=B+;>=8
A+?+9+;.E /=?.<1 >1? 9- 17 D+<C+0/ . 1-: . .D: =G.:. 96=7 - <=6- =C7 +?.<7 +<- ;+=0.7 -
+:+8+<;10<.E B+9;.F1 .:= 7 + ;= - A0=9;=0.7 . C0=7* ( >=7 1 9+ D=6+ -A.<=61 ?6=01<1
"-G61 - 91: . C.:1 7+ A=A0.: .B<1 A06=8 0+?- 9+?+ .: 9 =0 1C. 10: 9 1-<9
. =: .>10A -@ .: .9 +8C . G+7 89 +.<6=;+0 18+9 1.<J1;+0 ( >=<;.</+<; =<.E >=7 .
9- 6+I?=C.: . . =<.E >=7 . I+ ?=C.;. =C+: =6- <1/01?- :
1?. ?=>;=0. =<. >=7 . 9- C.: . ?=6=: 7<=
-;.F17 <. ?1 C-?- A=D61<. >0@+ 961 A016.: 1 A0=;.6A=G10<+ D1@;.;+ =9;?.A: =8F. 6.9+ 91
A=9+C<.E >->1 A=D1C1?1<.E - >0=6<+ /0+?+ "-G61 C01;+ +=0.7 1 7 + <1?81@.: 1 8=7 -
8=I?1 7 + A01;.8 - ;=8 ;0+<-;>-N1: . B.<7+<.F1 7 1 ?1 <+@;= <+ 01D-8+8 <.7 + ?=>1D?1 7 +
;= <+@;= ;1B<= 1? 7 + 0+>1= 96+ @;= 7 + .81= 1-: . 7+ D160@.= A0.D<1<7 +8 R 111 =6= 7 +
7+?<1 : -?1 ;+=0.7 1 R DA-C: .>+ 9+ =/: 19. .: 9 =0 . ;= 9- 0+B. >=7 + D1A18;.@+ 96. R +6=: 71
91 =6=8 ;+=0.7 =8 7 +9;+ - ;=8+ @;= =<1 <.7 + ?=6=: 7<= : -?1 R 19<.7 + 7 + ;1 ;+=0.7 1 .@B+D: 1
D1C=016: 7
+<1 7 + D17 +?<= 91 <+C0=7 +<.8 ?0-/.8 E01C0.8 A=>-@17 .81 <1B. =0 7 + . ;=8
A0.: .>=8 C.= =A+; - A016-
1: 7
1<1 ;+=0.7 1 9.:1 8=01 ?1 D1?=6=: 7. ?61 8+0.: 1 ;= 8=01 C.;. 7 +?<1 >61<;<1 ;+=0.7 1
A=: 7 1 >=7 1 I+ - 9+C+ ?1 ->: 7 -B. A=9+C<- ;+=0.7 - 0+: 1;.6<=9;. . C1G?109>- 9.8+;0.7 - 61
?0-/1 =?: .>1 C1G?109>1 9.8+;0.7 1 7 +?.<= 7 + @;= <18 7 +8B. D191? <+818= <.7 +?<- ?0-/-
7+89;6= D1 ;= ?1 I+ ;+=0.7 1 C.;. 81;+81;.B>. -91/: 1@+<1 0+<=081: .D1C.: <1 :. .81 7 =@
8<=/= ?0-/.E 01D: =/1NF+= ;17A=91= 91 C1G?109>=8 9.8+;0.7 =8 .81 ?-C=>- +9;+;9>-
A0.6: 1B<=9; 1 ?.6<= B-?= D18.91= C1G?109>+ 9.8+;0.7 + .D6->: . 98= -A016= .D =<+ 9.: +
>=7 - 7 +?.<- 7 =@ <.98= -9A+: . >61<;<= ?1 M =08-: .@+8= 1 ;= 7 + /016.;1F.7 1 7<@;17 <=61
/016.;1F.7 1 D1 01D: .>- =? 7 -;<=6+ A0=.9;.B+ .D G+: 7+ ?1 D1>=<. M .D.>+ C-?- .9;. D1 96+
A=981;01B+ >1>= D1 =<+ >=7 . 8.0-7 - ;1>= . D1 =<+ >=7 . 9+ <1: 1D+ - 01D<.8 -C0D1<.8
9.9;+8.81 A1 . - A0.9-9;6- /016.;1F.=<.E A=: 71 ( 0+F.8= <1 A=60@.<. +8: 7+ A=60@.<1
+8: 7
+ 0=;.01 <1 A=: -;10- C0D.<=8 =? =>= $T >.: =8+;101 <1 91; 1? 01?.8= -
:1C=01;=0.7 . >=7 1 9+ ;1>= : -?= >=6.;: 1 ;0+C1: = C. ?1 9+ A=7 16: 7-7- 9.: + DC=/>=7 .E I+ =A.;. ?1
?17 + 9196.8 ?0-/1B.7 + 0+D-: ;1;+ <+/= - <+>.8 : 1C=01;=0.7 181 >=7 + 9+ >0+I- /: 1;>= .
-7 +?<1B+<= ?1>: + - <+-C0D1<.8 7<@;17 < 7 + ;01/1= D1 D1>=<.81 >=7 . I+ .D/: +?1;. 96.8
A=981;01B.81 .9;= 1 =9=C.<1 D=6+ 9+ .<610.7 1<;<=9; 7<@;17 < 7 + - 96=7 =7=A@;=7;+=0.7 .
0+: 1;.6<=9;. .D 3 O /=?.<+ A=9;16.= A0.0=?. D1E;+6 ?1 C-?+ - 96=7 .8 D1>=<.81 M .D.>+
.<610.7 1<;<1 1 =6= 7 + <-G<= D1E;+61: = ?1 9.: 1 /016.;1F.7 + 8=01 ?1 A=9;=7 . 1 =6= 91?
>1G+8 ;1>= C0D= 1 ;=: .>= 918 /0?<= 01?1 . ;0-?1 -: =G.= ?=> 918 ;= . 918 9E61;.= +=0.7 1
0+: 1;.6<=9;. 91?0G. - 9+C. 7 +?<- -/01,+<- 9.8+;0.7 - >=7 1 A0+;A=9;16: 71 ?1 8=01 A=9;=7 1;.
7+?<1 =?0+,+<1 9.: 1 - A0.0=?. ( 9.: 1 /016.;1F.7 +
<1: =/<= ;=8+ C1G?109>1 9.8+;0.7 1 @;= A=?01D-8+61 7 +?<- 1A9;01>;<.7 -
.<610.7 1<;<=9; >=7 1 C.61 <18+;<-;1 0+: +61<;<.8 7 +?<1B.<181 A0=.D6=?. >=? 7 +?<.E
7+?<1B.<1 9: 1C- 9.: - >=? ?0-/.E 7 +?<1B.<1 7 1>- 9.: - 1 >=? ;0+I.E 7 +?<1B.<1
+:+>;0=81/<+;<- 9.: -

1? 6+I9;-A18= <1 =<17A0.61;<. A0.9;-A<. A-; D1 1-;=8=C.: + >=7. 6=?. ?= 0+D.?+<F.7+

- >=7=79;1<-7+ =G.7
1 B+9;.F1 =018= ?1 01D8=;0.8= <+>=: .>= D18.9: . +?<1 7 + - 6+D. 91
81;+0.71:
<.8 B+9;.F181 >610>=6.81 . : +A;=<.81 6+ =<+ .817 - 9A.< >=7 . 9+ -
B-?<=61;=7>61<;<=78+0<=77 +?.<.F. D1 9A.< .D01G161 01D:=8>=8 5 ) 1>: + .817 - 2
9A.<
7+?<1 A=:=6.<12 0-/= 9- A=: 71 9.:1 61 A=: 71 ;1>=,+ 8=G+8= ?1 A0+?9;16.8= >1=

241
B+9;.F+ >1= >61<;+ ;.E A=: 71 + B+9;.F+ 96+ .817 - F+: =C0=7 <. 9A.< ( 1 ;= 7 + 1>:+ 2 9A.<
7+?1<2 =7 + 9- ;= B+9;.F+' 1 =<+ .9;+ = >=7 .81 98= 6+I ;=: .>= A-;1 /=6=0.: . <1.8+
B+9;.F+(A0+<=9.=F. 1 ;= D<1B. C1G?109>. C=D=<. M =;=< 4 B+9;.F+ . B+9;.F+ . /: -=<. 6+
;+ B+9;.F+ 9- =;>0.6+<+ 1 <7 .E=6+ 819+ .D8+0+<+ 1 C. 9+ <1@1= <+>. 98.91= - =6=8
C=/1;=8 019A=<- A=<-,+<.E >=81?.I1 81;+0.7 + . >=81?.I1 9.: + E17 ?+ ?1 7 =@ 7 +?<=8
A0+.9A.;18= A=7 8=6+ .<610.7 1<;<=9;. . 9.8+;0.7 +
=91? 98= 9>1>-;1: . 6+@;= 96-?1 ->0-/ =>= C1G?109>+ 9.8+;0.7 + <19;=7 +I. ?1 <+
<1/1D.8= <1 <7 - D1;= @;= 7 - 7 + ;+@>= 1 8=G?1 . <+8=/-I+ =C7 19<.;. - F+: =9;. 0=C: +8
9+ 919;=7 . - ;=8+ @;= =6- ><7 ./- A.@+8 <1 +</: +9>=8 7 +D.>- ?=> 7 + 8+,-;.8 7 +D.>
C1G?109>+ ;+=0.7 + 81;+81;.>1 +</: +9>=8 7 +D.>- 8=018= 9+ =9: 1<7 1;. <1 8+;1M =0+
.I+ ;- 7 =@9;+A=61<7 1 1: . 8=G?1 I+ C.;. . <+>+ >=0.9;.
0.8+0 >-/: 1 .81 9160@+<- 9.8+;0.7 - - 98.9: - ?1 7 + 8=G+8= D1=>0+<-;. D1 C.: = >=7 .
-/1= =>= C.: = >=7 + =9+ C+D.D1D.61<7 1 81 . <17 81<7 + A0=8+<+ - 9.9;+8- .< 0=;.01<7 1
8=G+ 9+ =A.91;. 81;+81;.B>.N>-/: - A0+ 0=;.01<7 1 8=G+8= =A.91;. .D6+9<.8 7 +?<1B.<181 .
;- .9;- >-/: - A=9: + C.:
= >=/ . C.: = >1>6=/ 0=;.01<7 1 8=G+8= =A.91;. ?0-/.8 7 +?<1B.<181
>=7 + I+ C.;. A=;A-<= .9;=6+;<+ 91 A06.8 1>: + 9.8+;0.B<=9; >-/: + ?=6+: 1 7 + ?= 7 +?<+
A=9: +?.F+ ?= .<610.7 1<;<=9;. 7 +?<1B.<1 >=7 + >-/: - =A.9-7 - . ;= .<610.7 1<;<=9;. - =?<=9-
<1 0=;1F.7 -
:. >=/1 7 + C0./1 D1 9160@+<+ >-/: +' =9;=7 . 7=@<+@;= @;= 7 + - .9;=78+0. >1= >-/: 1
.<610.7 1<;<= - =?<=9- <1 961>- . C.: = >=7 - 0=;1F.7 - =7 + A01D1< A0=9;=0 D=6=/01D: =/1 .
7+?<1B.<+ - M .D.F. 8=017 - C.;. 0=;1F.=<= .<610.7 1<;<+ 1;+81;.B>. ;= D<1B. ?1 1>=
0=;.018= 7 +?1< >==0?.<1;<. 9.9;+8 K(Q(D - C.: = >=7 =7 8+0. ?1>: + D1 C.: = >=7 . -/1=
D1=>0+;1<7 1 - =?<=9- <1 C.: = >=7 - =9- 0=;1F.7 + ;17-/1= D1=>0+;1<7 1 <+I+ .9>09<-;.
<./?+ C1@<./?+ - 7 +?<1B.<. +I98= 019A016: 71: . = ?0-/.8 ;1>6.8 9.8+;0.7 181 +?<1 7 +
C.:1 =61 A=9;16.8= 7 +?1< A0+?8+; <1 016<- 6=?=016<- C+9>=<1B<- A=60@.<-
=81><+8= /1 81 >=: .>= ?1: +>= - 81 >=8 A016F- 19;1: 1 9.;-1F.7 17 + A=;A-<= .9;1 >1=
. A0+ ;=/ A=81>1 9.9;+8 7 + =9;1= .9;=6+;1< ( .9;. >1= @;= 7 + . C.=ND1;= >1G+8= ?1 7 + ;17
9.9;+8 .<610.7 1<;1< - =?<=9- <1 A=8.F1<7 + A0+?8+;1 A= 016<. =8.F1<7 + =? ?= D=6+
9+ ;01<9: 1F.71 +0-7 +8= ?1 7 + . A01D1< A0=9;=0 ;1>=,+ .<610.7 1<;1< <1 ;01<9: 1F.7 - 1>=
96.8 -?1: 7+<=9;.81 <+>.E 9;610. =? 7 +?<+ ;1B>+ ?=?18= A=81> =? ) 8+;101 <1 .9;-
9;01<- ;.E ) 8+;101 I+ .@B+D<-;. <1A0=9;= 2 .9A19;.2 .D 7 +?<1B.<1 0+81 ;=8+
<19;16: 7
18= <1@- : .;1<.7- 7 +?<1B.<+ M .D.>+ 8=017 - ?1 .9A=: 7+ ;01<9: 1F.=<- .<610.7 1<;<=9;
1 C. 9+ <19;16.: 1 . A0.B1 = 9.8+;0.7 .5=B-61<7 - .818= . D1>=< = =B-61<7 - +<+0/.7 +
-?<=61;1 9;610 ;17D1>=< 7 + - 6+D. 91 7 +?<=8 9.8+;0.7 =8 >=7 1 9+ =?<=9. <1 60+8+ (
<1.8+ - 6+D. 91 9.8+;0.7 =8 >=7 1 >1G+ ?1 9- D1>=<. M .D.>+ .<610.7 1<;<. <1 ;01<9: 1F.7- -
60+8+<- = D<1B. ?1 - M .D.F. 1>= ?=?18= 7 +?<1B.<181 7 +?1< .9;. 60+8+<9>. 01D81>
0+F.8= O 9+>-<?. 96-?1 /?+ 9+ - <7 .81 60+8+ A=7 16:7-7+ ;1 ?=?161<7 1 I+ 9+
8+,-9=C<= =A01;. . .9A01;. . <+I+ =? <7 .E =9;1;. <.@;1 <./?+ - 9.9;+8- +?<1B.<+ ?1>: +
=9;17 - .<610.7 1<;<+ <1 60+8+<9>. A=81>
91? =<= /: 16<= .8+;0.7 1 /=6=0. . <+>+ <=6+ 9;610. = A0.0=?. A0=9;=01 =8.<7 1=
918 6+I/=9A=,- 8. +?+0 =A0.<=9 >=7 . 7
+ =<1 3 ! /=?.<+ ?1: 1 <1-F. C.= 7 + 9:+?+I.
D1 961>- 9.8+;0.7 - >=7 1 9+ A=>1D-7 + >1= <+9A=9=C<=9; =9<=6<.E 7 +?<1B.<1 ?1 =A1D+
0=;1F.7 + . ;01<9: 1F.7 + - A0=9;=0- . ;01<9: 1F.7 - - 60+8+<- A=9;=7 . . A= 7 +?1< =?/=61017 -I.
D1>=< =B-61<7 1 D1>=<+ =B-61<7 1 6.?.;+ 8=G+8= =A.;<= ?1 A0=6+01618= 7+< 01?
A=6+D1= 7 + ;01<9: 1F.=<- .<610.7 1<;<=9; 91 ?=C0= =A0=C1<.8 D1>=<=8 = =B-61<7 - .8A-: 91N
0=;1F.=<- .<610.7 1<;<=9; 91 =B-61<7 +8 8=8+<;1 .8A-: 91N1 .<610.7 1<;<=9; <1 A=81> >0=D
60+8+ 91 =B-61<7 +8 +<+0/.7 + 1>:+ =6. D1>=<. = =B-61<7 - +<+0/.7 + >=7 . 9- =A.;.81
;=: .>= 6+I ?=>1D1<. ?1 .E 6.@+ <.>= <+ 8=G+ ?1 <1A1?1 >1G- 96.81 <181 >1? .E
/: +?18= . =<?1 -A=;0+C.8= .9;- ?=91?1@<7 - : =/.>- -<1;01@>+ ?1 60+8+ . A0=9;=0
A=@;-7 - =?0+,+<+ 9.8+;0.7 +
B-61<7 + A10<=9;. = B+8- 98= 019A016: 71:. - +,-./0. # 7 +9;+ A0.8+0 ?.9>0+;<+
9.8+;0.7 + >=7 1 9+ A0.8+<7 -7 + <1 >61<;<+ 8.>0=9>=A9>. 9.;<+ A0=9;=0+ /:+?1: 9>1
9.8+;0.7 1 .9;= 7 + @;= . C->61: <= =?01G161<7 + 96.E >==0?.<1;1 7 +?<=/ M .D.B>=/ 9.9;+81 -
<+>=8 =/: +?1: - 1;+81;.B>. =/: +?1: 9>1 9.8+;0.7 1 D<1B. ?1 96+ D>==0?.<1;+ A0+;6=0.8=
- D( >==0?.<1;+ A0. B+8- 7 + D>==0?.<1;<1 =91 -A+0+<1 A016= - =/: +?1: = 1= @;= 98=
6.?+: . 7 1>1 9.: 1 . +: +>;0=81/<+;<1 9.: 1 A=@;-7 - =6- 9.8+;0.7 - 1: . 9:1C1 9.: 1 7+ <+ A=@;-7 +
@;= <18 7 + <1016<= ?=<+: = =/0=8<- 01?=9; /=?.<+ ?16<+ 3OT

242
 6= @;= 918 ?=91? .9A0.B1= C.: = 7 + -/: 16<=8 91G+; A0+/: +? 9;10=/ 6+I A0+,+<=/
/01?.61 . =?+: 7+<7 + ?=C0= >1A.01 9+I18 7 1 ;= 9+?8=8 A=/: 16: 7
- 6.?+:. 98= ?1
8=/- A=9;=7 1;. . 1A9;01>;<.7 + 9.8+;0.7+ >=7 + <.9- - 6+D. 91 /+=8+;0.7 =8 A0+;E=?<. A0.8+0.
C.:. 9- /+=8+;0.7 9>. 1 <1@- <17 C=: 7
- >61<;<- ;+=0.7 - A=: 71 V .9A=9;16.:= 9+ ?1 7 +
.<610.7 1<;<1 - =?<=9- <1 <+@;= @;= .D/: +?1 >1= ?0181;.B<1 A0=8+<1 - 81;+81;.B>=8
=A.9.61<7 - = 2 <+@;=2<.7 + /+=8+;0.7 9>1 0=;1F.7 1 <. ;01<9: 1F.7
1 <. 0+M :+>9.71 - =/: +?1: -
<+/= 7 + 7+?<1 ?1: +>= 1A9;01>;<.7 1 A0=8+<1 - <1B.<- =A.9.61<7 1 A=: 71 <1 9+ D=6+
C1G?109>1 ;01<9M =081F.7 1 .>1>6= ?1: 7+ =A.9.61<7 + C1G?109>+ ;01<9M =081F.7+ <+I- <.
A=>-@1;. 7 +0 ;= <+ .?+ C+D 81;+81;.>+N C=: >=7 . C.9;+ 6. A0+;0A+: . - 9-=B+<7 - 91
81;+81;.>=8 ?1: +>= 7+ 6+I. <+/= ?=C.;1> >=7 . C.98= A=9;./: . 1;= <+>1 C-?+ ?=6=: 7<=
?1 918= >1G+8= ?1 9- 7 +?<1B.<+ >61<;<+ +: +>;0=?.<18.>+ V (1 .<610.7 1<;<+ <1
C1G?109>- ;01<9M =081F.7 - 6= 7+ 6+=81 8=I<1 9.8+;0.7 1 D1;= @;= .D<7 + 918+ 8=G+8=
?=C.;. 96+ =?: .>+ +: +>;0=81/<+;<+ 9.: + =?-@+ <.7 + ;= ;.8 0+?=8 9;610<= 01,+<= -
.9;=0.7. <1->+ 1: . 9+ ?1<19 - <+>.8 -?GC+<.F.81 D1 A=9;?.A: =8F+ .D: 1G+ ;.8 0+?=8 61
9.8+;0.7 1 7
+8B. ?1 A0+<=9.: 1F +:+>;0=81/<+;<+ 9.: + M=;=< 8=01 C.;. C+D819+ . 7 +9;+ C+D
819+ =@;= 7 + =6= =?9-9;6= 819+ A=6+D1<= 91 C1G?109>=8 9.8+;0.7 =8 D1 M =;=< 9+ >1G+
?1 7 + 2 C1G?109>. C=D=<2 18;.;+ ?1 7 + C=D=< 961>1 B+9;.F1 ( - 8<=/.8 9: -B17 +6.81
B+9;.F1(A0+<=9.: 1F ( >=7 1 .81 9A.< .D01G+< F+: .8 A0.0=?<.8 C0=7 +8 =@;= 7 + A=>1D1<= ?1
V 71>1 9.:1 . 9: 1C1 9.:1 7+9- =A.91<. 7 +?<1B.<181 >=7 + .9A=: 71617- C1G?109>- 9.8+;0.7 -
>1G+ 9+ D1 96+ A0+<=9.=F+ 9.: + ( ?1>: + D1 M =;=<+ 4 . B+9;.F+ . /: -=<+ ( ?1 9- C1G?109>.
C=D=<.
7
<@;17 <=6.E ;0.?+9+; /=?.<1 -D1: -?<=/ <1A=01 ?1 9+ <1,+ =C7 +?.<7+<1 ;+=0.7 1
A0+61D.,+<= 7 + >1? 9- A0+? >017@+D?+9+;.E /=?.<1 ": +@=- 17<C+0/ . 1: 18 -9A+: . ?1
=C7 +?.<+ 9: 1C- 91 +: +>;0=81/<+;<=8 9.: =8 ": 16<1 .8A: .>1F.71 <7.E=6+ ;+=0.7 + C.:
1 7+ ?1
8=017 - A=9;=7 1;. B+;.0. B+9;.F+(A0+<=9.=F. >=7 + I+ B.<.;. 7+?<- A=0=?.F- M =;=< 4H 4( .

1? -6=?.8= ;+8- =G.7 + B+9;.F+ 1>= 8=G+8= .81;. ;+@>+ 4 . B+9;.F+ - 7+?<=7
C1G?109>=7;+=0.7 .' 1>= 7 + 8=/-I+ ?1 A0+?8+;. >=7 . 9- 8+,-9=C<= ;1>= <+9>: 1?<. >1=
@;= 9- ;= M =;=< C+D 819+ . 60: = 819.6<. 4 . C-?- .9;1 A=0=?.F1' A016= <7 .E=6+
=/0=8<+ 01D: .>+ - 819. =C7 1@<7 1617- DC=/ B+/1 7 + ;=: .>= 01D:.B.;= A=<1@1<7 +
+:+>;0=81/<+;<+ . 9: 1C+ 9.:+
01;.I+8= 9+ =6=8 .D1D.6<=8 -6=?- >19<.7 +N;1>= 8<=/= ;+=0.7 + D18101 8=7?-E
9.8 ;=/1 A0+ <+/= @;= 9+ ;+=0+;.B10. 019A0.B17 - <+ C. : . ?1:. <+>1>16 =?/=6=0 <1
A0+;E=?<1 A.;1<7 1 8=018= ?1 <1,+8= 4 =?-@+ =<. <+ B+>17- <1 ;= 1:. 8. <1@A=91=
8=018= ?1 =C16.8=

, 7

1>= 7+ # A=:=G.= :=6- <1 9;= ;1B<.7 + A0+A-9;.= 7 + ;+ A10+ 10: - -C.7 . . A=;01/1
D1 4 B+9;.F181 7 + >0+<-:1 0+?. D1A1D.;. ?1 1>= 7 + 8191 4 B+9;.F+ =>= "+ - 9-?10
;0+C1 -:=G.;. +<+0/.7- D<1;<= 6+I- =? ;=/1 0=;=< 91 P "+ +<+0/.7 + >=7 . <1: +;. <1 <+>.
<+A=8.B1< A0=;=< <+I+ A=9;.I. -9A+E 7 +0 I+ =? P =9;1;. 918= )T "+ D1 A016: 7+<7+
<=6.E B+9;.F1 9;1;1> +<+0/.7 + .9;0=@. 9+ <1 .8A-: 9 1;= 7 + -C.7 1 A0+?: =G.= >=: 17?+09>.
A0.9;-A 7+/=61 D18.91= C.: 1 7 + ?1 9+ <1A016. .D6=0 1<;.A0=;=<1 A+(8.<-91 A.(C101
>1G+8= 8. 8+0.>1<F. =C.7+<. 1<;.A0=;=<. C. 9+ -C1F.: . - # (=6 9-A+0 A0=;=<9>.
9.<E0=;0=< =? P "+ 1? 9+ <1>-A. ?=6=: 7<1 >=: .B.<1 1<;.A0=;=<1 B-61 9+ -
81/<+;<=8 A09;+<- 81<7 +(6.@+ =<1>= >1>= 98= =C7 19<.:. - @+9;=8 A=/: 16: 7-
1 01D:.>- =? >19<.7+/ +61;0=<1 <.7+ C.= 9-A+0A0=6=?1< = D<1B. ?1 7 + <7+/=61
81>9.81: <1 +<+0/.7 1 C.:1 9>0=8<.7 1 <+/= @;= C. B=6+> A=8.9: .= 1 A06. A=/: +? 1>=
-C0D18= 1<;.A0=;=<+ ?= P "+ 1 =<?1 <7 .81 - 9-90+; .9A1: .8= A0=;=<+ ;1>=,+
-C0D1<+ ?= P "+ ;0+C1:= C. ?1 ?=C.7 +8= ->-A<- +<+0/.7 - =? ! "+ D10 <+'
+,-;.8 ?=<+;1 7 + =?:->1 ?1 <. A0=;=<9>. <. 1<;.A0=;=<9>. D01> <+ A0+,- )T "+ 1@;=
;1>= 81: =' 0+ 96+/1 D1;= @;= I+ 81/<+;. 8=01;. - ;=8 =A.;- ?1 A0=A-@;17 - 60: = 71>+
9;0-7+ ;=>=8 60: = ?-/=/ 60+8+<1 ( 6.@+ 91;. ( ?=> 9-?10. ;017 - # (=6. 81/<+;. <.9-
91D?1<. D1 ;1>6+ A=9: =6+NA=B+I+ ?1 9+ A0+/0+617 - 0-/= D1?0G161<7 + 60: = 7 1>.E A=:71
;=>=8 ?-G+/ 60+8+<1 7 + 9>-A= 1/<+;. (1 A: 1<.01<. 9- ?1 ?=9;./<- 96=7 .E

243
81>9.81: <.E P "+ <+>=: .>= 9+>-<?. /1,17 - 8+;- <+A=>0+;<- D01F.81 ;+ 9<1/+ 1
=<?1 ?1 9+ <7 .E=6= A=: 7+ 96+?+ <1 <-: - -C.7.<1 D18.91= = 9-?101<7 - ?61 D01>1 C.: 1 7+
/+<.7 1:<1 1: . 7+ -C.7 .< =9<=6<. A0=C: +8 C.= - ;=8+ @;= <7 +/=61 81@.<1 -=A@;+ <.7 +
91/01,+<1 ?1 01?. >1= >=: 17?+0
:
19;. - # (- . -C.7 1 C+E- 91/: 19<. - ;=8+ ?1 I+ A= )T "+ - 961>=8 D01>-
->-A<1 +<+0/.7 1 ?1>: + OP "+ C.;. 6+0=61;<= ?=6=: 7<= D1 A016: 7
+<7 + 4 B+9;.F1 >=7 +
.817 - 2;+G.<-2=? 9;=;.<1> "+ 0=7+>1; 7 + =?=C0+< . =?/=61017 -I1 >=: .B.<1 @617 F109>.E
M01<1>1 D1@-@;1: 1 7 + 3T! /=?.<+ -C.7 1 7 + =>-A.= ?6+ +>.A+ A06=7 9- C.: .
1>F+: +01;=09>. /+<.7 . ( 01<F-D. ;1: .7
1<. =:1<,1<. </: +D. =06+G1<. . A=/?+>=7 . +<>.
>=7 . <1601;. - A=9+;- . : 7
-?. 9- +</: +9>. /=6=0.: . 6+=81 981<?0: 71<= 1: . 1>F+:+01;=09>.
C+D /0+@>+ 0-/1 +>.A1 +>9A+0.8+<;1: <. M.D.B10. >=7.81 7 + A1:= - ?+= ?1 91/01?+
=/0=81< ?+;+>;=0 <+>= 8- 7 + - <19;-A- A=+;9>+ .81/.<1F.7 + ?1= <1D.6 (
1016<= ?+;+>;=0 C. A=981;01= 9-?10+ A0=;=<1 . 1<;.A0=;=<1
1>F+:+01;=09>=7/0-A. <1@1= 9+ 7 +?1< E=: 1<?9>. .<G+<7 +0 .8=< 1< ?+0 +0 .8=<
1< ?+0 ++0 >=7 . 7+ .D8.9: .= <=6. <1B.< ?1 9+ 1<;.A0=;=<. 91C.7 - - 6+=81 -D1< D01> -
81/<+;<=8 A09;+<- /?+ 9+ ;17 9>-A=F+<. 1<;.A0=.D6=? B-61 17 +0=6 A0=<1: 1D1>
<1D61< 2 9;=E19;.B>= E: 1,+<7 +2 C.= 7 + =? A0+9-?<=/ D<1B17 1 - A0.9.:7161<7 - ?=6=: 7<+
>=: .B.<+ 1<;.A0=;=<1 ?1 9+ 9;610<= D1C.7 17- - <1.: 1D+I+ A0=;=<+ ;1>= ?1 7 + A=9;./<-;
A=@;=61<7 1 ?=9;=7 1< C0=7 9-?101 <+/?+ =>= O - 9+>-<?. -C.7 1 6+: +817 9;=0
;+E<.>+ 9;1: <= 7 + A=G-0.61= 96=7 - /0-A- .D/01,.61= 2 A=:.;.B>.2A=:=G1796=/ =A.;1 @.0.=
810>+;.</ . A0=A1/1<?- =?1D.61= 9+ <1 ;+: +M=<9>+ A=D.6+ 7+/=61 ;+E<.>1 C-?+ /=6=0
E=I+ A0.B1 1 A0+?161<7 .81 7 + /=6=0.= >1= .D8.;01: 7+D1 D19.A1= 0+B.81 . 9: .>181 A=
A+; 9: 17?=61 - 8.<-;- C.= 7 + A0=8=;.61< 6.0;-=D1< C=8C19;.B1< 1: . 7+ .A1> /=6=0.= .
.9;.<-

<=/.81 >=7 . A01;+ M .D.>- B.<. 9+ ?1 7 + 10: = -C.7 1 <1-B<.>(?.6 E+0=7 9>=(1;: +;9>=/
9;.:1 +?1<A-; 8. 7 + D1A1: 1 ?-G<=9; ?1 8- ?18 0+B <1 C1<>+;- /?+ 7 + ;0+C1: = ?1 =<
=?0G. /=6=0 .:
= 7+ ;= <1 7 +?<=8 ?=C0= A=9+I+<=8 8+,-<10=?<=8 =>-A: 7
1<7 - - 1<;1
+- =9: + =C+: =6+ <1/01?+ >=7 - 7+ ?=C.= D1 =;>0.I+ 4 . B+9;.F1 =8 A0.: .>=8
.9A0.B1= 918 7 +?<- A0.B-
1 =C+: =6.8 96+B1<=9;.81 - ;=>E=: 8- >01: 7 : 1MA=D=6+ 10: 1 -C.7 - ?1 A=A0.B17 -
<+@;= 81: = A= 9;01<. =? =9;1: .E 19;1= 7 + DC=/ <+>+ /0+@>+ ;+E<.B>. A0=C: +8 >1G+
>01: 7 C=/ ;=/1 I+ =6+ /=?.<+ 8=I. ?1 9+ ?=?+: . 918= 7 +?<1 8+?1: 71 1 C. 9+ =?0+?.: =
>=7 . :
1-0+1; I+ ?=C.;. D: 1;= >01: 77 + A=9;16.= ;0. D1?1;>1 D1 7 -<1>+ 61>. A=?6./ ;0+C1
.D6+9;. - A= 7 +?<=8 @1;=0- <1 A=: 7
- >=7 + 7 + .D:=G+<= A=/: +?.81 F+: + 819+ /: +?1: 1F1
A06=8 @1;=0- >1G+ >01: 7 10: - <1I. I+ B+;.0. : .;01 @:7.6=6.F+ A.I1 >=7 + 7+ ?=C0.8 ?+: =8
?=A0.<+: = A0=A19;. ?0G16+ -/109>+ = 96+ ;0+C1 A=A.;. D1 ) 9+>-<?. ?0-/=8 @1;=0-
7+ /=0.:1 >=7 . <.7+ ?=C.= <.@;1 D1 7 +: = 6+IB+;.0. ?1<1 . >=/1 C=: . -019;1= -8<7 1> 1?1;1>
.D61?.;. 8- D-C 0+8+ P 9+>-<?. ;0+I+8 @1;=0- 7 + <17 .9>-9<.7 1 G+<1 D1 D1C16-
.01B>+ 6=7 9>+ 1?1;1> D1?=6=: 7.;. ;- >-0;.D1<- A=;A-<= 19A=: =G.6= 60+8+ $ 9+>-<?.
1B-7 + 9+ A-F1<79;10;<=/ A.@;=: 71 . 10: = >0-A<.8 9>=>=6.81 E0: . - @1;=0 C0=77 +?1<
6. B-7 - D6-> >: => >: =(>: =(>: => =9: + !$ 9+>-<?. 96. 6.?+ B+;.0. ;0.7 -8M 1:<=
A=?./<-;+ : .;109>+ C=F+ @: 7
.6=6.F+ 01D<+
+ /-C+I. 60+8+ 10: = B=6+>(: +/+<?1 90: 71 >=01F.81 ?=9;1 >: .816.8 - ?0-/. @1;=0N
91? F+: 1 A-C: .>1 B-7+ ?1 9+ .D@1;=01 01D: +G- /0?<. ?.6=69>. -0: .F. 1;.8 ;.@.<1 =9: + *3
9+>-<?+ 10: = 9+ .D;+;-01 .D@1;=01 <+9./-0<= A0.,+ 8.>0=M =<- . A.;1 R =C0= /?(/?+ 7 +
;(;17/=0.: 1 >=/1 C(C=: . D-C'R
-C:.>1 7 + A=B+: 1 ?1 9+ 98+7 + <1 916 /: 19 8=G?1 . D1;= @;= 7 + >=<M +0+<F.7 9>= 6.<=
;=B+<= >=: .>= /=? 7 + >= E;+= 17 D1? ?18 10: - 0+B 1 =< ?=> 98= 9+ 8.8=.: 1D.:. 7+0 7+
91? =< ?=: 1D.= <1 /=6=0<.B>= 8+9;= A0=@1A-I+ R .918 01D-8+= C7 19<. >19<.7 +R
-C.71 <.7 + .81= 9;0A: 7+<7 1 91 C-?1: 181 C.= 7 + 60:= 9;0=/ ?.0+>;=0 1 ;= 7 + .D1D.61:= .
=?0+,+<+ =;A=0+ +>= 60+8+ A=@;= 7 + -C.7 1 ?=C.= =C+: =6- <1/01?- "10. 1-C9 7 +
<1A.91= <7 +/=6- C.=/01M .7- =C+: =6. 9<=6. >=7 1 <.7 + 8<=/= : 19>161 +?<=8 >1? 918
C.= <1 <+>=8 D.89>=8 9+8.<10- 1 10: = 9+?+= - A-C: .F. 91=A@;.8 ?1 9- A0=?1;1 A0161

244
D1 +>01<.D1F.7 - ;+ ><7 ./+ . ?1 I+ /: 16<- -: =/- ./01;. /: -81F .?<. "0.<9;0.; ;177 + C.=
=;A0.:.>+ 7 +?<1> - =C.8- 9;0->1 >1= 10: = +>= .DA-C: .>+ 9+ 7 16. . >1G+ ?1 7 + "0.<9;0.;
-80= 1: . ?1 7 + - 961>=8 ?0-/=8 A=/: +?- ;= ?=C10 .DC=0 1 7+?<=7?0-/=7 1: . :+;<7=7
>=<M +0+<F.7 . <1 =</ 7 :+<?- <+>= 7 + <1 A: 1G. D1C.= ;01<9A10+<; R + >-A17 ;+ 9+ 10:=
>=0.9;. A:1G- R
-C.717 + - A=;01D. D1 4 B+9;.F181 /=<.= 96=7 + ;0-A+ 60: = 9.: =6.;= <1 96.8 M 0=<;=6.81
+A0+9;1<= 7 + 91: +;1= /01?.;+: 7+ ?+;+>;=01 ?1 A=G-0+ <. 9- A=9;16: 71:. =/0=8<+
81/<+;+ >=7 . I+ =;>0.;. . .9A.;1;. ?=/1,17 + - >=7 .81 A= A+?+9+; A1 . @+D?+9+; B+9;.F1
A0=.9;+><+ =?7 +?<=8 .DB+=<=/9-?101 7 +?<=/A0=;=<1 91 +<+0/.7 =8 =? )T "+ . 7 +?<=/
1<;.A0=;=<1 91 .9;=8 ;=: .>=8 +<+0/.7 =8 -C.7 1 7 + .9A=: 7.= 9:.B<= D<1<7 + . 1>;.6<=9; . -
A016: 7+<7- 1>-8-: 1;=01 1<;.A0=;=<1 ;= 7 +9; A09;+<1 ( ?1>: + 9A016+ - >=7 =77 + ;0+C1: =
?1 C-?+ A0.8+<7 +<1 D18.91= 1< ?+0 +01 8: 1D 1<;.A0=;=<1 C.= C. <17 A0+ 6+=81
9;.9<-; ?1 C. ;+> =<?1 C.= -@A0.F1< - A09;+< . ;18= -C0D161< 617A09;+< 8=01= 7 +
?1 .81 . 96=7 + 01?.=(M 0+>6+<;<+ @-A: 7.<+ 6=?+<= E: 1,+<7 + 91 -C0D1<.8 A0=;=>=8 .
A=9+C<= =A0+8: 7+<- ?6=01<- D1 8+,-?+7 9;61 - >=7 =7 I+ C.;. 8=<;.01< ;17 A18+;<=
<1D61<. ?+;+>;=0 ( 1><1?<= 9- 6: 19;. - # (- =?: -B.:+ ?1 .D/01?+ . ?=?1;<.
?+;+>;=0 >=8+ 7 + ?1; <1D.6 @;1 C. ?0-/= () ?1 C. 9+ A0.A1D.: = ?1 : . -C.7 1 96+ A=@;+<=
A0.716: 7
-7 + >1= . ?1 C. C.: = A0. 0-F. . <+@;= 2 D1 961>. 9: -B17 2 17?+;+>;=0 () C.= 7 +
9;610<= 6.9 =6+ 9.;-1F.7 + 1: . /0-A1 >=7 1 /1 7 + /01?.: 1 C.: 1 7+ 8: 1?1 . A-<1 A=: +;1 =@;=
9- C.:. 9A-;1<. D<1;<= 81<7 .8 C-?G+;=8 91/01?.: . 9- 9196.8 ?0-/1B.7 . ?+;+>;=0
-C.7.< ;0+I. M 0=<; C.= 7 + ?1 A=?/0+61 +<;-D.7 1D18 >=? =<.E >=7 . -A016: 717- # (=8
?1 =?0G161 <1A+;=9; . - 96+;9>=77 16<=9;. . ?1 A0.A0+81 A=D=0<.F- D1 6+: .>. 4 =A.; #+: 1
60=A1 7 + <16.7 1:1 ?1 =<. -9A+7 - 7 +0 C. ;= D<1B.: = ?1 7 + 60=A1 >=<1B<= 91D0+: 1 D1
<17 >0-A<.7 . <1-B<. 01? +?1< <=6.<10 7 + <1A.91= ?1 I+ - 9: -B17 - <+-9A+E1 =A.;1
RA=A1?1;. A0+8.7 +0. . A1A+R
A.; 7+ =;A=B+= 3! /=?.<+ 6+ 7 + C.: = <1 96=8 8+9;- ( ( () A09;+<
96+ A0=6+0+<= . 9A0+8<= 06. A=>-@17 . 98.@: 7+<. 6.@+ >1= ;+9; .9A016<=9;. 9.9;+81 C.: . 9-
01D-8<= -9A+@<. 6?+ F-0. ;18= /0+@>1 A=<+>. -?+9 1:. A=9: + .D6+9<=/ 60+8+<1
A=?1F. 6. <1 7 +?<=8 <=6=8 <.6=- 9: =G+<=9;. =<M +0+<F.7 1 2=B+9;+02D1 /=?.<- 3!)
;0+C1: = 7+ ?1 9+ =?0G. - 10.D- A1 7 + # ?1= 96+ =? 9+C+ ?1 <1 60+8+ A0.C16. <+>+
A=?1;>+ 91 >=7 .81 C. 9+ A0+? 2=B+9;+028=/: = .D.I.
0=<.7=8 9: -B17 1 A06. -9A+E A=9;./1= 7 + =<17?0-/. A=8=I<. ?+;+>;=0 () <.8.=
7+ 8: 1D+6+ =<+ -D1<+ 96+G<7 +6+ E1?0=<1 >=7 . 9- A=;A.9 >610>=61 1 ;= 60+8+ ( ;+>
- M 1D. -B+<7 1 >1>= A=91= 61: 71 01?.;. <.7 + A=9;./1= <.>1>6= =;>0.I+ 1? /=? 81: . 16.?
A=;-B+ 6+: .>=/ "=: .71;1 01?-7 - 9+ 96. =9.8 "=: .71;1 -C.7 1 9;01@<= 80D. A=01D+N- =6=8
9:-B17 - 8=01= 7 + A0.D<1;. ?1 =A1G1<7 + 8: 1D+61 7 +9;+ A016. ;0.7 -8M# (1 .7+ D1: -?
-: =G+<= ;=: .>= <=6F1 . ;0-?1 - 81@.<+ ?+;+>;=0+ 9=M ;6+0 0.C16: 7+< 7 + 7 1> A=>1D1;+: 7
0+<-: =7 + >= .81 ;.E 8: 1D+61 <. 4 B+9;.F+ <+ 8=/- C.;. ?1: +>=

=G?1 A=8=I- 7 +?<=/ M 1<;19;.B<=/ A-;=61<7 1 8=G+8= <17 C=:7+ ?1 .:-9;0-7 +8= >1>=
?+;+>;=0. 01?+ 1 =6= I- 9+ A0+C1F.;. - ?+;+>;=09>- /01,+6.<- # - +08.: 1C- 7 +0 7
+
8=?+0<.7 1 =? ( =?-@+ =9<=6<1 D18.91= 2 B+;.0. A.2.8 7 + .9;1 = 2
B+;.0. A.2( PA (
D<1B. ?1 ?+;+>;=0 91 96.E 9;01<1 =C-E61;1 ;1B>- 9-?101 1A18;.: . 9;+ >1? 9+ A0=;=< .
1<;.A0=;=< 9-?10+ 961>=7 1>+ B+9;.F+ <19;1<- . 019A0@+ 9+ - 96.8 A016F.81 ? 96.E ;.E
B+9;.F1 - A0=9+>- =>= 7 +?<1 ;0+I.<1 <7 .E C-?- <+-;01: <+ 1 ?6+ ;0+I.<+ <1+: +>;0.91<+
1?1;1> 7 + -9;1<=6.;. ;1B<= >-?1 961>1 B+9;.F1 =?: 1D. . @;1 ;1B<= 01?. 1= . >=? 96.E
=981;01<7 1-M .D.F. A=9;.G+ 9+ 918= ?+: .8.B1< -9A+E
17?+ ?1 9+ A0=6=D18= <1 7 +?<=7B+9;.F. +F.8= ?1 7 + ;= ;01/ C0=7)3 1@1 B+9;.F1
.D:+I+ A=? <+>.8 -/: =8 - =?<=9- <1 A0161F 9-?101<7 1 <1.: 1D. <1 ;1<>. 8+;1: <. D.?
61>--89>+ A=9-?+ ?1>: + F+6. - >=7 =77 + . <19;1: 1 A0=: +;. 6+=81 : 1>= >0=D <7 +/1 .
9:+?+I.E =;A0.:.>+ A=: 1 8+;01 7-0. >0=D/19 - >=8+ 9+ <1: 1D. =/0=81< C0=76+=81 ;1<>.E
D:1;<.E G.F1 1>= <./?+ ;1>= <+ A.@+ =6= 7 + 10A1>=61 ;+0.;=0.7 1 1@1 B+9;.F1 I+ A0=: +;+;.
A=>017<+>.E B+;0?+9+; .: . A+?+9+; G.F1 1 =<?1 I+ 9;.I. ?= >017 1 =6+ G.B1<+ >=8=0+ >= 7 +
B+9;.F1 <1+: +>;0.91<1 961>1 =C: .G<71 G.F1 I+ =A1D.;. <7 +< A0=: 1D1> . =8=/-I.;. A0=F+<-

245
>=: .>= 7+ C: .D- G.F+ B+9;.F1 A0=: +;+: 1 <M =081F.7 + A0.>-A: 7+<+ =? 96.E G.F1 =?0+?.I+ A-;1<7 -
B+9;.F+ =@;= 9+ G.B1<1 >=8=01 <1: 1D. - 7 1>=8 81/<+;<=8 A=: 7- A-;1<7 1 <1+: +>;0.91<+
B+9;.F+ C.I+ A=6.7 +<1 <1 7 +?<- 9;01<-N8+0+<7 + =6=/ =;>: =<1 .D01B-<1;= <1 =C: .G<7 +8
-/01,+<=8 >=8A7 -;+0- ?1I+ M .D.B10.81 A=?1;1> = .8A-: 9- =6+ B+9;.F+ <1@+ ?61?+9+;
?+6+;>+ <1 >=7 =79+ 6=D.8=
61?+9+; ?+6+;>1 7 +D?. ?1: 7+ 0=: +I+ >0=D61: 7>19;. D.? >=7 .8 7 + =C-E61I+<1 G.B1<1
>=8=01 . -: +I+ - 2>1: =0.8+;0.7 9>. =?+: 71>2/?+ 9+ 8+0. +<+0/.7 1 B+9;.F+ 1>= I+ 9+ B+9;.F1
?1: 7+ A=<1@1;. D16.9. =? ;=/1 @;1 7 +9;+ >= 7 + +: +>;0=< 01D: -A1I+ 9+ = <.D;1<>.E : .9;=61
=: =61 >=7 . 9- A=9;16: 7 +<. 7 +?1< ?0-/=8+ 60: = C: .D-N- ;=8 A0=F+9- A0+?1I+ F+: =>-A<-
96=7 - +<+0/.7 - 60:= =9+;: 7.6.8 ?+;+>;=0.81 >=7 . 9- >1= 8+9= - =6.8 =: =6<.8 9+<?6.B.81
=8A7 -;+0 A0.8+I-7 + ?1 7 + <1?.01<7 + B+9;.F+ C0=7 )3 A0+9;1: = A=9: + 918= ?+9+;1>(
A+;<1+9; F+<;.8+;101 2 960?: 1<7 12>0=D =: =6<+ 9+<?6.B+ . D1>: 7
-B-7 + +: +>;0=< +,-;.8
1>= 7 + C0=7)3 E1?0=< A0=C.I+ 9+ >0=D ?61?+9+; A+; 8=G?1 . A+?+9+; F+<;.8+;101
>1: =0.8+;0.7 9>=/81;+0.7 1: 1 . ;+> =<?1 I+ 9196.8 A=9-9;1;. =C1 9: -B17 1 +<+0/.7 1 9+ 8+0.
. -A=0+,-7 + 91 .8A-: 9=8 >=7 .7+ 6+I.D8+0+< >1? 7 + B+9;.F1 A=? -;.F17 +8 81/<+;1 8=01: 1
?= <+>+ 8+0+ ?1 A=6.7 + 96=7 - A-;1<7 - :. >=8A7 -;+0 I+ >1= M .<. /=9=A=?.< A0+A-9;.;.
M.D.B10.81 ?1 .D6->- D1>: 7-B1>
>= 7 + ?61?+9+; ?+6+;>1 <+-;01: <1 A0=@.C1I+ >0=D G.B1<- >=8=0- 9196.8
<+A0.8+I1<1 1? .9>09<+ - >1: =0.8+;0- A=<1@1I+ 9+ - 9-@;.<. .9;= >1= <1+: +>;0.91<+
B+9;.F+ 1.8+ -?101I+ - 7 +D/01 1;=81 >1: =0.8+;0.7 9>=/ 81;+0.7 1:1 1 =<= @;= .D ;.E
9-?101 .D: +;. 9-?101I+ 9+ ?1: 7+ 91 <+B.8 96+ ?=> F+: =>-A<1 +<+0/.7 1 >=7 - 7+ B+9;.F1
?=<+: 1 <+ C-?+ .9F0A+<1 1>= -9A+618= ?1 9<.8.8= . .D8+0.8= . <+-;01: <+ B+9;.F+ 1: .
<+ 8=G+8= .8 9<.8.;. .8A-: 9 1 <+;1B<= 7 + . <1@+ A01I+<7 + A016F1 <7 .E=6=/>0+;1<7 1 D1;=
@;= - G.B1<=7>=8=0. <+ C-?+ =A1G+<= <.@;1 +?<- <+-;01: <- B+9;.F- 1 ;= 7 + M=;=< : 1>=
I+8= A0+A=D<1;. A= ;=8+ @;= =: =6= 901D8+0<= C0D= 1A9=0C-7 + M =;=<+ C1@ >1= .
+: +>;0=<+ 0-/1 7 +?<1 <+-;01: <1 B+9;.F1 <+-;0.<= A0=: +;+I+ >0=D F+= <1@ ?+;+>;=0 .
=?<+I+ 96=7 - +<+0/.7 - . 96=7.8A-: 9 1 <+I+ =9;16.;. D1 9=C=8 <. <1/=6+@;1796=/1
2A10M +812 -=< I+ 9+ =A+; >0+;1;. >0=D >1: =0.8+;10 1: . I+ =9;16: 7
1;. 81: - >=: .B.<-
+<+0/.7 + 8-=< <+ -: 1D. - 7 1>+ <->: +10<+ 9-?10+ 1? 9+ A0=C.7 + >0=D=: =6<+ 9+<?6.B+
8-=< <1.,+ <1 D.? =? /6=G,1 ?+C+= <+>.E TO ?= O F+<;.8+;101 0=@.@1 . >0=D ;=
918= ?1 C. -A1= - ?+;+>;=0 8-=<1 ( 1 ;= 9- =A+; G.B1<+ >=8=0+ .: . 9F.<;.:1F.=<. C0=7 1B.
1>= D<18= ?1 7 + ;1 B+9;.F1 8-=<
6= .9;= 8=01 ?1 9+ -01?. D1 96.E PT .: . >=: .>= 7 + 6+IB+9;.F1 0=,+<= - =6=8 =A.;-
.9;+8 9<.81 A=?1;>+ . B-61 .E A0.C: .G<= A= 7 +?1< 8.: .=< C.;1 1 ;= 618 7 + >1= ><7 ./1 =?
9;= 9;01<1 D1 961>. ?=/1,17 : . ?=> ;= 01?. 9.9;+8 8=01 E.;0= ?1 ?=<+9+ =?: ->- ?1 : .
<+@;= 60+?. ?1 9+ B-61 .: . <.7+ D1<.8: 7.6=N 8=01 8<=/+ ?=/1,17 + ?1 =?C1F. <+>+ ?1
9<.8. <+>+ ?1 A=8+0. - A0.60+8+<- 8+8=0.7 - 1 =<?1 ?1 =B.9;. 9+C+ 9A0+8.;. 9+ D1
9:+?+I. ?=/1,17 ;179: +?+I. <1.,+ =;A0.: .>+ 7 +?1< 8.: .=<.;. ?+= 9+>-<?+ >19<.7 + 1>=
81@.<1 01?. 6+=81 ?=C0= <17 <=6.7 +8 ;+8+: 7 .;=8 .9;01G.61<7 - - +61;0=<- @>=: 9>+
33 (3 /=?.<+ ->-A<1 >=: .B.<1 ?=/1,17 1 9<.8: 7+<.E <1 81/<+;<- ;01>- #
?+;+>;=01 C.: 1 7+ 7 +?<1>1 ;+>9;- 8.: .=< 0=81<1 .: . A+; E.: 71?1 >=8A: +;1 <F.>: =A+?.7 +
C0.;1<.>+
+,- ;.8 B+9;.F181 >=7 + .D:+I- .D9-?101 .81 . <+>.E B.7 . 7+ G.6=;<. 6+> 6+=81 >01;1>
<+ 9+ =?81><- 8=G?1 918= >=7 . 8.: .8+;10 =? ;1B>+ 9-?101 - 61>--89>=7F+6. . 6+I9+
9A=<;1<= 019A1?17 - +9;.F+ 4 . G.6+ ;1>= >01;>= ?1 7 + ->-A<1 ?-G.<1 >=7 - =<+ A0+: +;+
<+8+0: 7.6= >01;>1 A1 B=6+> 8=01 <7 .E=6= A=9;=7 1<7 + ?1 -9;1<=6. A=90+?<= A= B+9;.F181
>=7 + <19;17 - <+9;1<>=8 4 . ;+ 9+ B+9;= >0.7 - 8+,- 01DC1F1<.8 98+I+8 >=7 + .D: +I+
.D 961>=/ 9-?101 =@;= 7 + 4 819.6<1 B+9;.F1 A0=.D6=?. <7 +<=/ 019A1?1<7 1 .817 -
+<+0/.7 - 6.@- =? -=C.B17 +<+ 1 ;= <18 A=81G+ ?1 .E =;>0.7 +8= /D=;.B<+ 9;610. >1= @;=
7+ >610> 60E .: . ./9=61 B+9;.F1 .81I+ 961>1 96=79>-A =B+>.61<.E <1B.<1 019A1?1 @;= I+
8=01;. <+>1>= ?1 9+ 01D1C+0+ - =A@;+8 019-: - 8<=/.E ?0-/.E B+9;.F1
0=F+9 A0+;6101<7 1 =/0=8<=/C0=7 1 C.;=61 +: +>;0=<9>.E A=?1;1>1 - D1>: 7-B>+ = A0.0=?.
9-?101 >=7 . 9- 9+ ?=/=?.: . D1E;+61 ?1 -: =G.8= 6+: .>+ <1A=0+ +9+;.<+ E.: 7
1?1 9./<1: 1
8=01 9+ A0=6+0.;. . >1: .C0.01;.N?+9+;.<+ E.: 71?1 : .<.7 1 >=?.01<.E A=?1;1>1 ;0+C1 A0+/: +?1;. .
A=;60?.;. A=981;01<7 +8 ?=/1,17 1 >=7 . 8=017 - C.;. 2 9-6.9: .2 .>1>6= B-?= ?1>: + ?1 7 +
A=;0+C<= 1</1G=61;. B.;16C1;1: 7 =< 6.9=>= =9A=9=C: 7+<.E . 8=;.6.91<.E A0=M +9.=<1: 1F1 C+D
=CD.01 <1 ;= @;= 9- <+>. =? <7 .E 9: -GC+<= >: 19.M .>=61<. >1= 918= A=9;?.A: =8F. .: . 918=

246
8: 1?. ?=>;=0. . 9;16.;. .8 <1 019A=:1/1<7+ 8=I<+ 2 01?<+ 9;1<.F+2. =?:
.B<= A0.A0+8: 7+<+
.D=@;0+<+ 1<1:.;.B>+ >=?=6+ . @;= . =<. ;1>= =A0+8: 7+<. 8=017- ?1 01?+ ?6+ .:. ;0. /=?.<+
?1 C. D1?=6=: 7
1617 -I+ ?=C0= A0=-B.: . A=?1;>+ A0.>-A: 7
+<+ - 7 +?<=79+0.7. +61;0=<=6.E
9-?101

&

# (- /?+ 7 + >=: 17?+09>1 M .D.>1 . 0=,+<1 96+ 7 + -9A+61: = B.8+ 9+ A=>1D1: = ?1 9-

A: 1<=6. C.: . 61:71<. 1<-101 3!* -C.7 1 7+ =C7 16.= ?1 7 + A0=<1@1= 4 B+9;.F+ =6= 7 +
C.= 9./-01< <1 =9<=6- A+; 918= A+; 7 19<= 9<.8: 7+<.E ?=/1,17 1 >=7 . 9+ <.9- 8=/: .
;-81B.;. <.>1>= ?0-/1B.7 + <+/= >1= A0=.D6=?<7 1 1 =<?1 . 019A1? 4 B+9;.F+
1<(?61 >19<.7 + =<. 91 () =C7 16+ ?1 9- . =<. 9<.8.: . B+;.0. ;1>61 ?=/1,17 1 =C1
9:-B17 1 +>9A+0.8+<;1;=0. 9- 8=01: . ?1 =?C1F+ A= =;A0.: .>+ 8.: .=< <+D1<.8: 7
.6.E ?=/1,17 1
?1 C. .D?6=7 .:
. 7
+?1< A016. 1>= -C+?.;. 918=/1 9+C+ 1 >1>= ;+> 8<=/=C0=7 <+ 9>+A;.>+'
? 96.E 8=/-I.E <1B.<1 ?1 9+ 4 B+9;.F1 019A1?<+ <1B.< <17 A=6=: 7<.7. D1 =;>0.61<7 +7+9;+
=617 4H [ +H H <+-;0.<= .: . 4( [ +( H 1<;.<+-;0.<= A=?0=C<=71<1: .D. ?=/1,17 1
;1>6+ 609;+ 8=01@A=;60?.;. ?1 A06= =<177 +?1< 7 +?.<. ;01/>=7 . 9. 9<.8.= 7 +9;+ +: +>;0=< 1
<.7 + C.: = @;1 ?0-/= . ?0-/= ?1 +<+0/.7 1 ;=/ +: +>;0=<1 .D<=9. =;A0.: .>+ A=: =6.<- 819+ 4
1>=D61<. 2 <+?=9;17 -I. .8A-: 92 =?<+= /1 7 + <+6.?: 7.6. <+-;0.<= 8=G+ C.;. .D6+?+< <1 ;17
<1B.< @;= 9+ 91C+0- 96. .8A-: 9. 6.,+<. - ?=/1,17 - . -A=0+?+ 91 2 <-: =821 ;= 7 + .8A-: 9 >=7 .
9- 9-?10+<+ B+9;.F+ .81: + <1 918=8 A=B+;>- 9-?101 ;>0.I+ 7 + C.: = -6+: .>= =: 1>@1<=
;.8+ @;= 9- A->=8 90+I=8 9-?10<. A1018+;0. - # (- A0=.D6.=?.: . 4 B+9;.F+ >=7 + 9-
81<7 +(6.@+ 8.0=61: + 1 C. 9+ =;>0.: 1 7 +?<1 B+9;.F1 8=01 9+ D1?=6=: 7
.;. 8<=/=
=/01<.B1617 -I.E -9: =61 1?1< =? 61G<.E ;1>6.E -9: =61 7 +9;+ ?1 96. ?=/1,17 .(>1<?.?1;.
?17 - ;1B<= .9;- 60+?<=9; -D.817 -I. - =CD.0 ?=A-9;.6+ /0+@>+ - 8+0+<7 - D1 819- 4
B+9;.F+
-C.7 . 7+ A0.A1: 1 B19; ?1 .D: =G. 96=7 + 0+D-: ;1;+ # (=6=7D17 +?<.F. <1-B<.>1N ;=8
A0.: .>=8 C.= 7 + <+96=7 9;6+<= <7 +8- <+06=D1< 918 /=?.<1 01?1 C.: = 7+ -: =G+<= - =6=
?0G1= 7 + 9A+>;1>-: 101< /=6=0 81= 7 + A=;0+C<- 2 0=C-2- ?=6=: 7<=7>=: .B.<. 1: . C.= 7+ .
817 9;=0(@=-8+< 9A=9=C1< ?1 0=C- A0=?17 + 91 9;019;6+<=8 : =/.>=8 :.F1: . 9- B1> .
=<. >=7 . 9- /1 80D+: . 60=A1 7 + 91?1 .81: 1 96=/1 <=C+: =6F1 +I 3!O -C.7 1 . 1< ?+0
+0 9- D17 +?<.B>. ?=C.: . =C+: =6- <1/01?-
+>.E @+9; 8+9+F. A=9: + -9A+E1 6+D1<=/ D1 4 A=7 16.:. 9- 9+ A06. ?=>1D. ?1 A=9;=7 . .
<+-;01: <. =0;1> ;+ ?0-G.<+ D+(<-: 1 =@;= 7 =77 + +: +>;0.B<. <1C=77 +?<1> <-: . =61 B+9;.F1
9+ 019A1?1 .D8+,- 8<=/.E ?0-/.E 8=/-I<=9;. . <1 7 +?1< +H . 7 +?1< +( .: . <1 A10
8-=<1 8H . 8( 1@;=' 1 =<+ >=7 . 9- D19A1: . ;=>=8 A0+;E=?<=/A=/: 16: 7 1 +6= D1@;=
D1;= @;= 7 + <+-;01: <1 B+9;.F1 A1 A0=.D6=?. <7 +<=/ 019A1?1 8=017 - ?1 9+ >1? .E
91C+0+;+ +: +>;0.B<= A=<.@;1617 -N ?1>: + : =/.B<= 7 + ?1 ;= 8=017 - C.;. ?6+ B+9;.F+ 91
9-A0=;<.8 +: +>;0.B<.8 A0+?D<1>=8 =@;= -8+8= ;1B<= ?1 .D8+0.8= . A10 +: +>;0=<1 . A10
8-=<1 7+ B1> . :1>@+ A0+A=D<1;. <+/= 4 +6=: 7 17 + - ;=8+ @;= 7 + ;+G+ =? 4 .DB+/1
A0=.9;.B+ ?1 9+ 0+,+ 9;6101 1 .A1> A0+? >017 3!* /=?.<+ 7+ =;>0.6+<1 - =C1
?+;+>;=01 ( . () 1? >1?1 9- =C+ 4 . D+ <-: 1 A0=<1,+<+ . >1? 9+ A=>1D1: = ?1 96+
.817 - C1@ =<- 819- >=7 1 7 + A0+?6.,+<1 +: +>;0=9: 1C1 ;+=0.7 1 ( >=7 1 =C7 +?.<7-7 +
+:+>;0=81/<+;.D18 . 9: 1C- 9.:- ( -6+0: 7.6= 7+ A=;60,+<1

= A=B+;>1 /=?.<+ 33) 9<.8: 7

+<= 7 + <+>=: .>= ?+9+;.<1 E.: 7
1?1 4 B+9;.F1 <1 (
() . >=? <=6=/ 8=8>1 - ?0-G.<. - ?+;+>;=09>=7 D/01?. # A0. +08.: 1C=6=8
+61;0=<- 1?1 7 + D<1<= ?1 8191 4 .D<=9. =>= T3* "+ +>.E ?61 8.: .=<1
A0.>-A:7+<= 7
+-# (=6=72D+(<-:1M1C0.F.2 (- +: +>;0=<9>=8 1>F+: +01;=0- B.7.7 + =C.8
?61?+9+; 9+?18 >.: =8+;101 D8+0+<= 7 + ?1 8191 .D<=9. 3 TO"+
+>. 1>F+:+01;=0. 9+ ;1>= A0+;6=0+ - M 1C0.>+ B+9;.F1 06+ ;1>6+ M 1C0.>+ ( - =9
:18=9- 1<>-6+0- . #.0.E- ( A0=.D6=?.: + 9- A.=<+ 1<1?1 91? 9A0+81 .D/01?<7 -M 1C0.>+
>1=<1 A1<.71 G+:. M
1C0.>- ;1-(@1081 =9;=7 + ;0.(B+;.0. A0+?:=/1 D1 M1C0.>+ >610>1 ?<=

247
 :+A=;+ => =6= A.@+8 - /=?.<. 33) # (=61 M1C0.>1 E->I+ A-<=8 9<1/=8
#(- 9+ 9A0+81 7 +?1< 81<7 . A0=7
+>1; >=7 . C. ;0+C1:= <1D61;. A0+ ?-I1< .: . C-;.> <+/=
M1C0.>1
;1 I+ <18 M 1C0.>+' <7.81 A0=.D6=?<. A0=F+9 8=G+ ?1 9+ A0=-B161 6+=81
A=?0=C<= 9.8 ;=/1 >=? 8<=/.E B+9;.F1 1 <10=B.;= >=? =<.E 819.6<.7 .E .81 8<=/=
<1B.<1 019A1?1<7 1 %+: .8= ?1 A0.C16.8= A= <+>=: .>= E.:7
1?1 -D=01>1 D1 961>. =? ;.E
<1B.<1 9:-B17- 819.6<+ B+9;.F+ A=9;=7. =/0=81< C0=78=/-I<=9;. 1 A0=-B161<7 +8
96.E <7 .E <1-B.I+8= 8<=/= = 9: 1C=7. +:+>;0=9:1C=79.: . =6+> -B. . .D=<=/1 @;= 9+ -=A@;+
<+ A=7 16:7-7+ 1 A0.8+0 1>= C. 8191 >610>1 60E C.: 1 81<7 1 =? A=: 1 819+ =<?1
C.98= E;+: .(<+ E;+:. 8=01: . ?1 /: +?18= . 019A1?+ [ >610> 60E H >610> 1<;.60E 6=
D<1B. ?1 C. 9+ 8=/1= 019A19;. 81?1 0+;>= - 8+D=< 91/01,+< =? >610>1 60E >=7 . C.
C.= 2A0.6+D1<2D1 >610> 1<;.60E 1016<= 8<=/= 7 + 6+I1 6+0=61;<=I1 ?1 I+ 9+ 019A19;.
- A10 +: +>;0=<(A=D.;0=< .: . 8-=<(1<;.8-=< >1= @;= 98= =C7 19<.:
. 9A+E >=7 . 7+ ;+=0.7
1
A=9;./:1 - =C7 1@<7161<7 - ;.E A10=61 =E01C0-7 + <19 ?1 6+0-7 +8= ?1 7 + . 019A1? - >610>
60E . >610> 1<;.60E A0+?6.?.6 <1B. 1>= A0=.D6+?+8= ?=6=: 7<= =<?1 A=
6+0=61;<=I181 >61<;<+ ;+=0.7 + ;0+C1 ?1 6.?.8= C10 <+>. ?=>1D . D1 A=9;=7 1<7 + >610>1
60E 1 .A1> 8+,- ;=: .>.8 8.: .=<.81 A0=.D6+?+<.E B+9;.F1 - # (- +08.:1C- .
?0-/?+ <+ <1,+ 9+ C1@<.7 +?1< ;1>16019A1? 6= <18 /=6=0. <+@;= 61G<= = >610>- 60E
1G+ <18 ?1 <7 +/=61 8191 8=01 C.;. 6+I1 =? A=: =6.<+ 819+ ;= D1@;= <+ -9A+61
?1 A0=.D6+?+ A10 60E5 1<;.60E >610>

+=0+;.B10. 9- E=?17 -I. 961>=7 1>.8 01D<.8 9;1D.F181 A0+81 E.A=;+;.B<=8

-7 +?.<7 +<7 - A0+?: =G.: . 6+=81 @.0=>- : +A+D- 01D: .B.;.E E.A=;+;.B<.E B+9;.F1 C.B<= 9- 96+
=?: .>+ ;1>6+ <+>+ B+9;.F+ =9.8 <7 +<+ 819+ =@;0= =?0+,+<+ 8=?+: =8 =@;= <.>1>= <+
6.,18= ;+ 2 +/D=;.B<+2D<18= >=7 1 .8 7 + ?=<7 1 /01<.F1 819+ - 9>: 1?- 91 A016.: =8 ?1 @;=
7+ 6+I1 8191 <+B+/1 ;+G+ 7 + ;= <+@;= A0=.D6+9;.
6?+ .81 A=9: 1 D1 ;+=0.7 - +=0+;.B10 . >1G+ 9-?10 A0=;=<(1<;.A0=;=< A0=.D6+@I+
7+?<- B+9;.F- D191? E.A=;+;.B<- ( E17 ?+ <+> 9+ =<1 D=6+ 0+F.8= : .(=< ( ->=: .>= 7+ - 9-?10
-@: 1 ?=6=: 7<1 >=: .B.<1 +<+0/.7 + +,-;.8 6+0=61;<=I1 .: . 0+: 1;.6<1 -B+9;1<=9;
A0=.D6=,+<7 1 ;=/ : .(=<1 D16.9. =? : .(=<=6+ 819+ ;= 7 + : .(=< ;+G. 9: -B17 <7 +/=6=/
<19;1<>1 7 + 0+,. +=0+;.B10 E.;1 ?1 <18 A=<-?. /01M .>=< >=7 . ?=6=?. - 6+D- 8=/-I-
?<+6<- A0=.D6=?<7 -: .(=<1 . 8=/-I- 819- : .(=<1 1 A0.8+0 >1? C. : .(=<=61 8191 C.: 1)
"+ 8=/: . C.98= ?1 .E A016.8= E.: 7
1?- <1 ?1< ;= 7 + ?1 ;. A18+; 9;1<+ ( ;1>= 8<=/=
>= 7 + * "+ ?=C.7 1:. C.98= ) : .(=<1 <1 ?1< >= 7+ O "+ ?=C.7 1:. C.98= E.: 71?.<>-
?<+6<=N?0-/.8 0+B.81 ;0+C1: = C. ?1 1>F+: +01;=0 01?. A-<=8 9<1/=8 E.: 7
1?- ?1<1 ?1 C.
A0=.D6+= <17 D1? 7 +?1< : .(=< +,-;.8 +>9A+0.8+<;1;=0. =C.B<= ;60?+ ?1 =A.; <+ 8=G+ C.;.
981;01< -9A+@<.8 1>= <+817 - 9<.8: 7+<= C10 ?+9+; ?=/1,17 1 7 +0 A=9;=7 + . 01D<. ?0-/.
A0=C: +8. - 6+D. 91 ?+: =;6=0<=@I- . A=D1?.<9>.8 98+;<7 181 <1B. 91? +>9A+0.8+<;1;=0.
.D6+?- 7 +?1< <.D=A.;1 =? 0+F.8= O ?1<1 /=?.@<7 . <.D . <+ <1,- <.7 +?1< ?=/1,1791 : .(
=<=8 1F.8= A=/: +? <1 >0.6- . A01;.8= 7 + A=/: +?=8 ?= 8+9;1 <1 <7 =7/?+ A.@+ ?1 7 +
;0+C1: = ?1 C-?+ A0=.D6+?+<= 0+F.8= ?+9+; ?=/1,17 1 = =?/=6101 <1 A0.8+0 819. =?
P "+ =<D+061;.6<1 A0=F+<1 >1G+ ?1 9+ A=: 1 ?=/1,17 1 8=/: = . A0+6.?+;. <1B. >0.61
:.<.71 <18 >1G+ >1? C. 8191 : .(=<1 C.: 1 P "+ 6.?+: . C.98= C10 A+; ?=/1,17 1 @;= C. C.=
A0.:.B<= 9: 1C 1: . .A1> <+>1>16-9A+E +,-;.8 <.98= 6.?+: . <.@;1 1>: 7
-B1> 8191 : .(=<1
8=01 C.;. 6+I1 =? P "+
;1 C. C.:= 9: +?+I+' >= ;17D18.@: 7+<. :.(=< .: . ./9=61 B+9;.F1 .: . >610> 60E 60+?+ ?1
- <7 .E ?1: 7+ -:1G+8= A10+ . 81;+0.7 1: A0+? <181 9- ;0. 8=/-I+ 9;01;+/.7 + D1 <19;161>
01?1 06= >0+<-;. 91 ?-G.8 <.D=6.81 1: . ;= 7+ ;+G1> A-; 0-/= A=9;.I. 6+I. C0=79-?101
- 9+>-<?. ( ?1>: + A=6+I1;. : -8.<=D<=9; ?:.B<= A016= ;= +08.: 1C B.<. - ?+6+?+9+;.8
/=?.<181 1 F.: 77 + ?1 9+ : -8.<=D<=9; A=6+I1 =;A0.: .>+ 9;=9;0->= =? -9: =6=8 ?1 -
9-?10+ -: 1D. ?=6=: 7<= +<+0/.7 + 1 ! + 7 + =C.: 7
+ +<+0/.7 + A=6+I161<7 +: -8.<=D<=9;. I+
A=8=I. 0+I1 9;01;+/.7 1 7 +9;+ A=6+I1<7 + +<+0/.7 + 81@.<+ B.8+ 9+ A=6+I161 .
6+0=61;<=I1 ?1 C-?- A0=.D6+?+<+ 96+ ;+@>+ B+9;.F+ = 7 + A-; 9-A+0>=: 17?+01

248
 ;>0.I+8 4 . .?+<;.M .>=61: . 98= ->-A<= @+9; >610>=61 @+9; : +A;=<1 . ?61<1+9;
C1G?109>.E C=D=<1 B+9;.F1(/: 19<.>1 =9;=7 . - 9;1<?10?<=8 8=?+: -7 =@<+@;= 91 B.8+ 9+
?=91? <.98= 9-=B.: . 1: . A0+ <+/= @;= A0+,+8= <1 ;- ;17 <- ;0+C1: = C. ?1 9+ 7 =@ 81: =
D1?0G.8= <1 <+>.8 ?0-/.8 9;610.81 .91;. 8=?+:;1>= ?1 C-?+ 01D?+: 7
+< - ;0. A=>=: +<7 1
@;= 91? 01?.8= ?17 + C10 <+>. -;.91> 90+,+<=9;. :
. 8. D1A1G18= . <+>+ ?0-/+ =C019F+
61>= 9: +?+I+ A=>=: +<7 + .81 96+ 6+I- ;+G.<- @;= 7 + >0-A<1 9;610 - <1@+8 E: 1?<=8
96+;- ?1<19 1: . <+ C. C.: = 8<=/= D<1B17 <= - ?=C1 >1? 7 + 96+; C.= 8: 1? . 6+=81 60-I 6+
B+9;.F+ - 6+=81 8: 1?=7 19+: 7+<. .81: + 9- =/0=8<+ +<+0/.7 + ( 8.: .710?+ . 8.: .710?+ +
;1>= ?1 <+>1 81: 1 01D: .>1 .D8+,- 819+ 8.0=61<7 1 >610>1 ?<= . >610>1 60E <+ C. 8<=/=
D<1B.: 1 6. >610>=6. : +A;=<. . ;1>= ?1: 7+ .81: . 9- - ;= ?16<= ?=C1 =;A0.: .>+ 7 +?<1>-
9<1/- C.: . 9- 016<=A016<. D<+>=/ 01D: =/1 =/.<7 . 9- 96. C.: . A=;0+C<. . =<1 .E 7 + 96+
6=: +:1 1;= . 8. 8=018= 96+ <7 .E ?1 9E61;.8= =DC.: 7<=
=?1F. = - # (- <1: 1G- 7 =@ 7 +?1< D1>: 7-B1> 6+=81 7 + 9:1C1 6+0=61;<=I1 ?1
A=9;=7 . B+;60;= .: . A+;= A=>=: +<7 + B+9;.F1 ;1 >1G+;+ = ;1>6=8 D1>: 7
-B>-' 1>= 9- 8=/: . ;.
<1-B<.F. >=7 . 01?+ ;18= - 617 F109>=7 /?+ 9<+/=8 A=>0.6+<. A: 1<.<9>. 60E=6. : +?+<=
E:1?<1 ?-C=>1 7 +D+01 . 6+: .B1<9;6+<. 0+9;=01<. 818+ A=/: +? A-;<.>1 <18+0<.>1 ?=I. ;=
;1>= =/01<.B1617 -I+/D1>: 7
-B>1'
.<= 9- 8=/: . 0/-8+<;1F.7 1 .?+ =61>= +9;.F1 .81 8<=/= 8=/-I.E <1B.<1 ?1 9+
019A1?<+ 1 @;= .E 6.@+ .81 ;= 7 =77 + >01I. G.6=;<. 6+> 1 . : 7-?9>. G.6=; 7 + >01I. 1>=
E1017 - C=: +@;.<+ 1>= 7 + =?196-? A-<= <+A0.7 1;+: 71 . =A19<=9;. =?-@+ ;= 7 + A=81: =
C=: +9<1 1<1: =/.7 1 =? B+9;.F+ 961>1 A=7 +?.<1 8=/-I<=9; 019A1?1<7 1 =;6101 7 =@
7+?1< A-; ?= <+9;1<>1 C.0 96.E ;.E 8=/-I<=9;. =?0+,-7 + >=: .>= ?-/= I+ B+9;.F1 A=G.6+;.
17?+ ?1 D1A1D.8= ?1 <+817 - 96+ B+9;.F+ .9;- 819- 61<;<1 ;+=0.7 1 <18 >1G+ ?1
1>= 7 + 7 +?<1 B+9;.F1 <+9;1C.: <1 ( 1 ;= D<1B. 1>= <+ G.6. 6+B<= ( =<?1 . <7 +<1 8191 8=01
?1 C-?+ ?= <+>+ 8+0+ <+=?0+,+<1 17D+<C+0/=6+ 0+: 1F.7 + /=6=0+ <18 >1>= 6+> B+9;.F+
-;.B+ <1 <7 +<- ?.9;0.C-F.7 - 819+ ?-/ G.6=; D<1B- -D1<- 1 >01;1> G.6=; 6+: .>- 01@.0+<=9;
- 019A=?+: . 819+ 0-/.8 0+B.81 @;= 7 + >01I. G.6=; 7 +?<+ B+9;.F+ ;= I+ C.;. <+7 19<.7 +
=?0+,+<1 <7 +<1 8191 1 019A=< <7 +<.E 8=/-I.E .D<=91 60+?<=9;. 819+ @.0. +=0+;.B10.
I+ C.;. A0+90+I<. ?1 <18 ?17 -M =08-: - D1 =6- A=6+D1<=9; 1@.0+<=9; 019A=?+: + 819+ : 1>=
7+ .D8+0.;. >1? .81@ <1 019A=: 1/1<7 - 8.: .=<+ B+9;.F1 . 9;=;.<1> 8.: .=<1 @617 F109>.E
M01<1>1 D1 .D/01?<7 - ?+;+>;=01
>= <18+9;.8= +<+0/.7 - 81@.<+ ;1>= ?1 +: +>;0=< . A=D.;0=< -<=9+ - 96=79-?10 D<1;<=
81<7 + =? A0=9+B<+ 819+ >=7 1 .D<=9. 3 TO "+ <+I+ C.;. A0=.D6+?+<1 <.7 +?<1
B+9;.F1 1? =A+01;+0 >=7 . -A016: 71 A=9: =8 >1G+ A=7 1B17;+ ;= 81: = 17 =@81: = .7 =@ 96+
?=> - ?+;+>;=0.81 <+ A=B<+8= ?1 A0.8+I-7 +8= A=/?+>=7 . >= 7 =@A=7 1B18= +<+0/.7 -
9-?101 . A0.<=9 G+: 7+<.E C.I+ A=6+I1< - D1A016= A=<16: 718= =<17=A.; 91 ?G+7 (
A9.7 +8 >=7 . 7+ .D6+?+< - #(- 1: . =6?+ 7 + -9;1<=6: 7+<1 @.0.<1 =? B1> )O "+ 1.8+
60E-<9>. A0.<=9 7 + <1 3 TO"+ 1 1>= 9+ +<+0/.7 1 9<.D. <1 !33"+ .: . A=6+I1 <1 3)P
"+ A0.<=9. I+ =A19;. =;A0.: .>+ <1 A=: =6.<- = 7 + 019A=< =? ?61 . A= "+ ;18=(18=
+I1;+ 9+ ?1 7 + >=? ?G+7 (A9. B+9;.F+ 019A=< 8<=/= -G. =>= O + 6=<19;1
"1-9=61 >0.61 <=081: <+ 9;1;.9;.B>+ ?.9;0.C-F.7 + ?17 + <18 @.0.<- >=7 1 7+ - 9-@;.<. -7 +?<= .
G.6=;<. 6+> B+9;.F+ 61>. A=7 +?.<. 8=/-I. <1B.< ?1 9+ 019A1?<+ =?-D.81 ;=7B+9;.F.
7=@=>= ) "+ G.6=;1
1>6+ 6+D+ ;= .81 91 B+;60;.8 A=>=: +<7 +8' 1A1G18= ?1 961 ;0. A=>=: +<7 1 .817 -
96=7 + <+-;0.<+ >=7 . 9- 60: = 81: +<+ 819+ .: . 9196.8 C+D 819+ >= A=9;=7 . . B+;60;=
A=>=: +<7 + 91 <+-;0.<=8 60: = 81: +<+ 819+ =<?1 D1 B+9;.F- 8=01 A=9;=7 1;. >1= 7 +?<1
8=/-I<=9; 019A1?1<7 1 . 019A1? <1 A10 <+-;0.<=(1<;.<+-;0.<= ;=/ <=6=/ A=>=: +<7 1
B+;60;=/ @;= C. 9+ A.91: = <K . <K 61 8=/-I<=9; ?=?1: 1 C. @.0.<. 819+<+ 019A=?+: +
B+9;.F+ <+>.E T "+ D=6=/ 01D: =/1 8. 98= ?.9;0.C-F.7 - 819+ A0=-B.: . 6+=81
A=8<= A=>1D1: = 9+ ?1 7 + =<1 ;1B<= C1@;1B<= =<= @;= A0+?6.,1 8=?+:- >=8+ A=9;=7 +
918= ;0. A=>=: +<7 1 1 B+;60;= <+ =?1F. = 01@.0+<=9;. ;1>6. 9- ?1 .9>: 7
-B-7 - A=9;=7 1<7 +
<+>1>6=/ <+-;0.<1 <.9>+ 819+ B+;60;=/ A=>=: +<7 1 61 B+;.0. ?=91?1@<7 1 =A.;1 <1 (-
->: =A.: 1 9- 9+ .D609<= . .D96.E A0=.9;.B+ B609; D1>: 7-B1> ?1 A=9;=7 + 918= ;0. A101 <+-;0.<1
1>: + >1G+8 7 =@ 7 +?<=8 A=?1F. ?=C.7 +<. A0=.D6=?<7 =8 .9>:7-B-7 - 8=/-I<=9; ?1
A=9;=7 . B+;60;= A=>=: +<7 + B+9;.F1 9;0->;-0.91<= 7 +?<1>= 91 <+>.8 96=7 .8 <+-;0.<=8 C+D
819+ .: . 60: = <.9>+ 819+

249
 ": + B-?1 .9;= =6= 9- <+>=: .>= /=?.<1 A0+ <19 0+>: . . >=98=: =D. <. 9- 96=7 +
D1>: 7
-B.61<7 + D19<=61: . <1 <1B.<- <1 >=7 . 9- 9+ <+-;0=<. . A0=;=<. A=6+D1: . . =C01D=61: .
E+8.7 9>+ +: +8+<;+ ;=>=8 01<=/ 01D?=C: 71 @.0+<71 . E: 1,+<7 1 19+: 7+<+ A=9: + +: .>=/
A019>1 =:.>= I+ 9+ - ;.8 ;0+<-F.81 A0=.D6+9;. 6=?=<.>1 1 >=: .>= E+: .7
-81 ;= D16.9.
<+I- =C7 1@<7 161;. =? ;=/1 >=: .>= 609;1 <+-;0.<1 A=9;=7 .NA=?1F. = .D=C.: 7 - 6=?=<.>1 .
?0-/=/- >=98=9- <1: 1G- ?1 A=9;=7 + 918= ;0. 609;+ <+-;0.<1 1>= 7 + .9A1:= ?1 -DA=8=I
(1 A0=@:=9; 19+: 7
+<+ C.61 C=:7+ 9E61I+<1
;= 6.?.;+ <1@ 9;1<?10?<. 8=?+:7 +9;+ -.9;.<- 81: ;+<+ ?=60@+< 18= <18 7 =@
>610> 60E <+?=9;17 + 1 ?=C0= <+?=9;17 + . ;1- <+-;0.<= 1: . ;= >1= @;= 98= 6.?+: . <.7+ <.
A0.C:.G<= ;1>= =DC.: 7
<= "016.;1F.7 - 8=018= ?1 =?: =G.8= ?=> 7 + ;+=0+;.B10. <+ 9E61;+
C=:7+ 1: . <1016<= <+?=9;17 + . ./9=61 B+9;.F1 =G.7 1 B+9;.F1

+?<1 +8.9.7 1 <1 >1<1: - 2 2 <1D61<1 20>1 A0+81 60E-2 A0.>1D1<1 7 + /=?.<+
33 >1? 9- . # (=6 A0=;=<(1<;.A0=;=< >=: 17 ?+0 . +08.: 1C=6# 7 =@01?.: . 1@#
.81= 7 + A0+?<=9; ( C.= 7 + ;0. A-;1 7 1B. ( <1.8+ .81= 7 + ;0. A-;1 6.@- +<+0/.7 - ! + -
A=0+,+<7 - 91 # (=6.E $) "+ #+0<=6F. 9- A=B+: . ?1 E: 1?+ 96=7 + C1>10<+ <18=;17 +
81: = C=: 7+ A1 9- D1;= -9A+: . ?1 A=6+I17 - +<+0/.7 - . 7+?<=/ . ?0-/=/ 96=/ D01>1 91 )T
"+ <1 * "+ A.<71: . 9- 9+ ?1 .9F+?+ . A=9: +?<7 - ;0-<B.F- 9<1/+ .D96=7 + 81@.<+ ?1 C.
=9;1: . - ;0F. 1 .A1> =9;1: . 9- ;0.A-; 9: 1C.7 . 1 ;172 B.<.: 1F ;0.26+=81 C=: . 1 9;01<. # (
1 C.: + 9- . <+>+ A0+?<=9;. ?+6+; /=?.<1 ?-G+ .9>-9;6= 01D6.7 +< 9=M ;6+0 -E=?1<=9; -
1<1: .D. A=?1;1>1 <. 9- . A0+-0+?.: . 96=7.D6=0 1<;.A0=;=<1 >=0.9;+I. D18.9: . >=7+ 7 +
=C7 16.= +08.: 1C C=/ 96+/1 ;=/1 A=9;.D1: . 9- <+@;= 81: = 6.@+ 9-?101 <+/= 8. =>=8
@>=: 9>+ 3!3(3 /=?.<+ ?+;+>;=0 ( A=6-B+< 7 + - 2 A+<D.7 -2 =6. /+<+01: <. ?.0+>;=0
# (1 C.= 7 + 91? 10: = -C.7 1 1 =< 7 + =>0+<-= A=/: +? >1 C-?-I<=9;. 96=7 +: 1C=01;=0.7 +N
D1?1;1> ;01/1<7 1 D1 >610>=8 60E A0+A-9;.= 7 + ?+;+>;=0- () 9A-;<. F.: 7C.= 7 + ?1 9+
8191 4 B+9;.F1 .D8+0. ;1B<.7 + 7 +0 =<1 7 + 7 +?1< =? >: 7-B<.E A1018+;101 9;1<?10?<=/
8=?+: 1
=8+<-;1 ;+: +6.D.79>1 +8.9.7 1 =?01?.: 1 7 + 96=7 + . A=9: 1;1 7 + <1 9A161<7 + 1 <.
M+08.7 +6F. <. F+0<=6F. 7 =@ <.9- A0=<1@: . <. <17 81<7 . ;01/ >610>1 60E 9;610. >1? 7 +
+8.;=61<7 + +8.9.7 + A=B+: = 2 ;0>127 + 6+IC.: 1 D160@+<1 7 +0 9+ # -6+: .>= 9A0+81= ?1
.9A1?<+ .D <7 + 7+?<1 . ?0-/1 /0-A1 .9;01G.61B1 ;-81B.: 1 7 + 96=7<+-9A+E =?9-9;6=
9./<1: 1 819=8 <+-E61I+<+ B+9;.F+ 1= @;= 98= 6.?+: . >1? 7 +?<- B+9;.F- <+ -9A+61@
<.>1>= ?1 <1,+@ ;= ;. /=6=0. <+@;= = <7 +<=7819. +=0+;.B10. 9- 6+ID<1: . 96+ = 8=/-I=7
A0=.D6=?<7 . >610>1 60E . = <+>.8 2 >1<1: .812<7 +/=6=/019A1?1 96+ =9.8 <7 +/=6+ 819+
6+0=61;<=I1 ?1 I+ C.;. A0=.D6+?+< D16.9. A0+9-?<= C1@=? <7 +/=6+ 819+ +08.: 1C .
# =?0+?.: . 9- .9;- ?=<7 - /01<.F- 8191 >610>1 60E 8=01 C.;. 6+I1 =? $ "+
+08.: 1C 7 +2 ;0>-2<19;16.= 918 . 81: =(A=81: = 9<1/1 <1@+ 81@.<+ A=B+: 17 + ?1 ?=<=9.
A:=?=6+ 1@<.D=A.;1 A=;017 1= 7+ 7 =@7 +?1<1+9; 8+9+F.ND1 ;= 60+8+ 6.?+: . 98= 6.@+ =?
9;= 8.: .710?. 9-?101 ( 1 <.7 +?1< >610> 60E 1? 7 + <1@1 1<1: .D1 ?1: 1 <=6- ?=<7 -
/01<.F- 8191 ;=/>610>1 <+ 8=G+ C.;. 81<7 1 =? 3 "+ = D<1B. ?1 C. >610> 60E 8=01=
C.;. C10 =918<1+9; A-;1 ;+G. =? >610>1 ?<= 617.D<+<1,-7 -I. 0+D-: ;1; -D<+8.0.= 7 +
8<=/+ ;+=0+;.B10+ >=7 . 9- 01?.: . <1 =C7 +?.<7 +<.8 ;+=0.7 181 <10=B.;= =<+ >=7 . 9- 9+
-98+0.: . <1 +: +>;0=9: 1C- 9.: - +0 - ;.8 8=?+: .81 >610> 60E ;0+C1: = C. ?1 .81 8<=/=
81<7 - 819-N-A016= D1;= 9- /1 <+>. ;+=0+;.B1;. A=981;01: . 91 A=9+C<.8 D1<.81<7 +8
1> . 918 >=<F+A; 819+ <+>1>= 7 + 9A=7 +< 91 ./9=6=8 B+9;.F=8 1 :. =61 6+: .>1 ;+G.<1
>610>1 60E A0+?9;16: 71 >: 7 -B D1 <+@;=' => <+ A0=<1,+8= >610> 60E ?=> <+ .D8+0.8=
<7 +/=6- 819- . 96+ - 96+8- ?=> /1 <+ A0+9: .@18= ?= C+96+9;. . <1D1? <+I+8= D<1;.
+=0+;.B10. 9- 9+ 601;.: . A0=01B-<.81 ;1<?10?<. 8=?+:D1A016= 7 =@<.7 + C.= <10-@+<
<.81: = < - 9+C+ 8=G+ ?1 A0.8. >610> 60E >=7 . C. C.= ;+G1> B1> . )O "+ 981;01: . 9-
;+=0+;.B10. 1: . .@;1 ;+G+ =? ;=/1 D<1B.: = C. ?1 A=9;=7 . <+>1 /0+@>1 - 918.8 ;+8+: 7.81
9;1<?10?<=/ 8=?+: 1 >9A+0.8+<;1;=0. 9- ;+> 91? 0+@.: . B60@I+ <+/= .>1? ?1 9+ C1F+ -
7-0.@ >1 >610>- 60E :. ;17.81 819- 6+I- =? 3 "+ NA0+81 ;=8+ # <.7 + - ./0.
1@.<+ 91 +H . +( .817 - A0+81: +<- +<+0/.7 - ( ?1>: + ( <.@;1 =? <7 .E ;1>= =9;1?+ <1
F+: =8+ 96+;- +08.: 1C 918 7 +?.<. >=7 . .81 A0.: .>- ?1 <1A016. >610> 60E 18= ;0+C1 C10

250
A+;=9;0->= A1 1>= 7
+ 8=/-I+ . A+?+9+;=9;0->= A=6+I1;. C0=79-?101 = 7
+ .D1D=6 D1
?+6+?+9+;+ /=?.<+

"

818 9: 17 ? 91 9: .>=8 8+<. 60: = ?01/=8 <1 >=7 =79+ 6.?. C=G1<9;6= =?+6+<= - C+: -
;=/- . 91 =0+=: =8 .D<1? /: 16+ =G1<9;6= 9;=7 . . /:+?1 81@.<- <1 >=7 =7A.@+ 2 1@.<1 D1
A0=.D6=?<7 - 619+: 7+<12 1 81@.<. A=9;=7 . ?61?+9+; A=: -/1 961>1 <1A016: 7+<1 ;1>= ?1 7 +
8=/-I+ A=8+0.;. 7 + ?= <+>=/ =?0+,+<=/ C0=7 1N ;- 7 + . 7 +?<= ?-/8+ <1 >=8+ A.@+
20.;.9<. ?1 ?=C.7 +@ 619+: 7+<-2 - D18.91= 918 ?=C.= =? <+>=/ 9;-?+<;1 >=7 . 7+ .D<1?
81@.<+ D1 9-@+<7 + 0->- - 4#(- =>1B.= <1;A.9 20.;.9<. ?1 ?=C.7 +@A=0->- =? ?+>1<12
18.91= 7 + ?1 =<17 >= E=I+ ?1 <1A016. 7 +?1< >=98=9 8=01 A06= ?1 =?0+?. <+>.E
?61?+9+;1> C0=7 +61 =7 . 9- ;= C0=7 +6. .: . A1018+;0. >1>= 9+ ;= >1G+ - 96+;- M .D.>+ ' 1
+6= ;0+C1 <18 ?61<1+9; C0=7 +61 ?1 C.98= A0+F.D.01: . 819+ >610>=61 . : +A;=<1 1;.8 ;0.
C0=7 1 >=7 . I+ 9A+F.M .>=61;. 9<1/- ;0.7 - 9.:1 +;60;1 9.: 1 /016.;1F.7 1 <.7 + 9;610<= ?+=
9;1<?10?<=/8=?+: 1 C10+8 <+ D1 91? =;0+C<. 9- <18 <+>. C0=7 +6. . ?1 C.98= A=>1D1: .
- >1>6.8 7 + 6+D181 7 +?<1 9.: 1 91 ?0-/=8 <?1 7 +?1< C0=7D1 <1B.< <1 >=7 . <10-@161<7 +
# (9.8+;0.7 + -: 1D. - =6= >1= . 7 +?1< C0=7D1 819- ./9=6+ B+9;.F+ . ;1>= ;= 7 =@A=<+>=
D/=?<= C0=7 B1<= =?0+,+<7 +
>= .818= ;.E ?61?+9+;1> =9<=6<.E C0=7 +61 96+ =9;1: + A1018+;0+ 8=G+8= .D6+9;. .D
<7 .E ( <1 A0.8+0 =<- ?6=7 >- - D1>=<- = =C0<-;=7901D8+0<=9;. >61?01;- 019;=7 1<7 1 819-
A0=;=<1 6+: .B.<- 6=?=<.>=6=/ 1;=81 9;0->;-0- ) . ?6=9;0->+ E+: .>9(9A.01: +
;+8A+01;-0- <1 >=7 =7I+ 9+ 6=?1 D180D161;. >1= . C0-;=(A0=.D6=? 1: C1<9>+ A0.60+?+ -
/=?.<. 33O +I.<- ;.E .D6+?+<.E C0=7 +61 7 1 <+ C.E -8+= ?1 .D01B-<18 <+ C.E D<1= <.
>1>= ?1 A=B<+8 1: . .818= =/0=8<+ 01B-<10+ A1
+G<7 1 >1 7 +?<=9;16<=9;. <1/=<. <19 ?1 6+=81 .0=<.B<= A=981;018= A=;0+C- ?1 9+
=?0+?. ?61?+9+; A1018+;101 .7 +?1< =/>=7 . ?0G. ?= 96=/-/: +?1 <+ C. ;1>= =0/1<.D=61=
81@.<- D1 A016: 7
+<7 + 19+: 7
+<1 0+C1: = C. ?1 8- 7 + ?=6=: 71< 7 +?1< A1018+;10 8=G?1
?61 :
;+0<1;.6<. <1B.< ?1 =6= .9;= >1G+8= C.= C. 9: +?+I. <1@+ .9>-9;6= 91 A0.0=?<.8
96+;=8 <16=?. <19 ?1 =B+>-7 +8= +: +/1<;<.7 - =0/1<.D1F.7 - ;= @;1 7 + >1= @;= 98= 9+ 6+I
A=G1: .:. 9;610<. A0=C: +8 >=? <1@+/ 9;1<?10?<=/ 8=?+: 1 1016<= ?1 7 + A0+? <181 7 =@
=/0=81< A=91= >=7 . ;0+C1 ?=60@.;. ?1 C. 9+ A1018+;0. -9;1<=6.: . ;1B<= :. <+ 61: 7
1 <18
+9;+;.>1 @+9; >610>=61 @+9; : +A;=<1 ?61<1+9; C1G?109>.E B+9;.F1 >=7 + A0+<=9+ 9.: - 1
>610>=6. - ;0. 01D<+ C=7 + A1 =<?1 7 =@. 1<;.B+9;.F+ A=60E 96+/1 9.: 1 ;+G+ >=7 1 ;+> B+>1
?1 9;-A. <1 A=D=0<.F- "?+ 7 + 1: +9 91? >1? <18 7 + A=;0+C1<'
D1@;= 7 + /016.;1F.7 1 .D=9;16: 7+<1' 1;= @;= 7 =@<.>= <.7 + -9A+= ?1 A0.9.: . /016.;1F.7 - (
?1>: + =A@;- ;+=0.7 - 0+: 1;.6<=9;. ( ?1 9+ A=?60/<+ >61<;<=7;+=0.7 . 61 ;+81 >61<;<1
/016.;1F.7 1 7 +9;+ 7 +?<= =? /01<.B<.E A=?0-B7 1 <1 >=7 .81 9+ 01?. - <1-B<=8 .9;01G.61<7 --
?+6+?+9+;.8 /=?.<181 1 C.98= =A.91: . 19+:7+<- - <7 +<.8 91?1@<7 .8 6+: .>.8
01D8+0181 >61<;<1 ;+=0.7 1 <.7+ <18 <. A=;0+C<1 :. - 7+?<= ?16<= 9;10= 60+8+ F+: 1
19+: 7+<1 C.: 1 7+ 81: +<1 <+ 6+I1 =? 7 +?<=/ ?1<1@<7 +/ 1;=81 ( @;16.@+ . 8<=/= 81<7 1
D-D+;<= 9: 1C1 9.: 1 /016.;1F.7 + C.:1 7 + A=7 1B1<1 =/0=8<=8 +<+0/.7 =8 B+9;.F1 =? >=7 .E 9-
>19<.7 + <19;1: + 96+ A: 1<+;+ 96+ D6+D?+ 96+ =6+ 8.: .7
10?+ /1: 1>9.7 1 91 8.: .710?181
D6+D?1 - 961>=7 N961 ;1 8191 C.: 1 7 + DC.7 +<1 - <+@;= @;= 7 + 2B.=?.<1 /: 161 B.=?.<+ /: 16+2
<+@;= 817 -@<= - A=0+,+<7 - B1> . 91 7 +?<.8 1;=8=8 1>=<. >61<;<+ M .D.>+ 8=01: . C.
61G.;. . ;- - ;=7A01.9>=<9>=7/016.;1F.=<=7=: -7 . 1 8. <+ D<18= >1>= ?1 ;= .D6+?+8=
+,- ;+=0+;.B10.81 ?1<19 6: 1?1 -6+0+<7 + ?1 7 + 90+?.@<7 . A0=C: +8 96+->-A<+ 9160+8+<+
M.D.>+ -A016= ;17 >1>= 9>: =A.;. C01> .D8+,- =A@;+ 0+: 1;.6<=9;. . >61<;<+ ;+=0.7 + +=0.7 9>.
<1A=0. >=7 . 9+ B.<+ ?-G ;.E : .<.71 ?=C.: . 9- <1D.6+ 2 9-A+0/016.;1F.7 12 .: . 29-A+09.8+;0.7 12 .: .
29-A+09;0-<+2.: . B1> 2 ;+=0.7 1 96+/12 2E+=0Q =M 6+0Q;E.</2(
6?+ .818= +/D=;.B<- 81;+81;.>- A0+? >=7 =8 9+ -A: .I- - B6=0 =C06+ B1> . <17 C=: 7.E
81;+81;.B101 <1 =6=8+ 96+;- 0.B1 9+ ;- = ?+9+; ?.8+<D.7 1 = ?+6+; A0=9;=0<.E . =
7+?<=760+8+<9>=7 %.6.8= - B+;.0. ?.8+<D.7 + ;0. 9- A0=9;=0<+ .9;=>(D1A1? 9+6+0(7 -/ .
/=0+(?=: + 1 60+8+<9>1 7 + 918= 7 +?<1 96=7 =7.<;-.F.7 . <+ 8=G+8= <.>1>= ?1 ?=G.6.8=
6.@+ =? ;0. A0=9;=0<+ ?.8+<D.7 + R +81 A0=C: +81R >1G- <18 <.E ?=?1;<.E @+9;

251
?.8+<D.7 1 7 + <16=?<= 2 91C.7 +<=2 =<+ 9- 96.7 +<+ . 98=;1<+ - <+@;= <+D18.9: .6= 81: +<=
;1>= ?1 9+ <+ A0.8+I-7 - - 96+;- >=7 .7 + <181 A=D<1;
1<1@<7 . ;+=0+;.B10. .817 - 7 +?1< E01C10 F.: 7 ;01/17 - D1 ;+=0.7 =8 >=7 1 I+ =A.91;.
?+6.B1<9>- 7 +?<=9;16<=9; - 60: = G+9;=>=760+: .<. 60: = 01<+ 19+: 7 +<+ D1 ;+=0.7 =8 >=7 1
<+I+ ?1 .81 <.7 +?1< A1018+;10 6+ 8=01 ?1 A0=.9;+><+ .D7 +?<+ =9<=6<+ 7 +?<1B.<+N96.
A1018+;0. 8=017 - ?1 9+ 0=?+ .D;+ ;+=0.7 + 0=C: +8 7 + - ;=8+ @;= 7 +?.<1 ;+=0.7 1 >=717 + D1
91?1 >1<?.?1; D1 ;- -: =/- <+81 <.>1>6+ 6+D+ 91 96+;=8 >=7 . 8=G+8= ?1 A=981;018=N
.:. C10+8 7 =@<+81 1 ;+=0.7 1 019A=: 1G+ 918= 7 +?<.8 60: = >01;>.8 ;0+<-;>=8 - >=8+ 7 +
C.: 1 A0.8+<: 7.61 .:= 7 + ;= - .81/.<10<=8 A=?0-B7 - D1 >=7 + 9;0-B<7 1F. .817 - <1D.6
2: 1<>=61 81912 N- ;=8 6.: 17 +;- 96+ B+9;.F+ - 19+: 7
+<. .81: + 9- +<+0/.7 + 8.: .=< 8.: .7
10?.
A-;1 6+I+ =? =<=/1 @;= C.98= 8=/: . ?1 ?=81@.8= A=8=I- 9-A+0>=: 17?+01 =: .>= 7 + C.=
>01;1> ;17;0+<-;1> -D6.@+<+ 9: 16+' .= 7 + ;= 8.: .710?.;. ?+= 8.: .710?.;=/ ?+: 1 8.: .710?.;=/
?+: 1 9+>-<?+ C0D= A=9: + ;=/1 ;+=0.7 1 A=9;17 + DC0>1<1 ( 8=/-I<=9;. .81 A0+6.@+ <+
A=9;=7 . <.>1>61 6.?: 7.61 A-;1<7 1 >=7 1 C. D<1B.: 1 ?1 <1 =9<=6- <+B+/1 8=G+ C.;. A0+?9>1D1<
<19;1<1> <19 : 7-?. . A: 1<+;1 . /1: 1>9.7 1
0+?.<=8 =918?+9+;.E /=?.<1 7
+ C.: 1 M 1<;19;.B<= A0.6: 1B<1 D1 8: 1?+ M .D.B10+
<1>: =<7 +<+ ;+=0.7 . .D.> 7+ C.= 6+: .>. ?1 I+ -: =G.;. ?-/+ /=?.<+ 01?1 1 ?1 I+ 0+D-: ;1; C.;.
8=G?1 60: = 81: +< .: . <.>1>16NA1 .A1> 9- >0+<-: . D1 96=7 .8 6=,181 >1= : +8.<D. 0+>1= C.
<+>= A0+81 : 1<>=6=7819. . >=7 . 98= =9;1: . >=? >-I+ - +08.: 1C- . # (- <.98=
=? <7 .E ?=C.: . <.7+?<- 01D/: +?<.F- <.7 +?1< ;+: +/018 =9: + <+>=/60+8+<1 A=B+: =7 + ?1 9+
@.0. 01D=B101<7 + +>. =? <17 D6+D?1<.7 .E C=01F1 D1 <17 D1? 9- 0+>: . R =9;1 R. =?-9;1: .
1;.8 9- 9+ .DA016F1 : 1<>=6+ 819+ A=B+: . 601I1;. A-<. 1-;=C-9. =9-7 +I+<.E ;+=0+;.B101 -
A=;01D. D1 <+B.8 9;610<.8 @;= C. 8=/: = ?1 9+ .D01B-<1 .7+ ;1 A-9;=: =6.<1 7 =@=>=<B1<1
1: . 7+9;+ -9A=0+<1 91? 9+ =?6.7 1 98.0+<.7 +ND1 ;= 60+8+ : 7-?. A=>-@1617 - ?1 <1A0+?-7 -
?0-/.8 ;01?.F.=<1: <.7 .8 A-;+6.81 >1 =C7 +?.<7 +<7 -
. A=A-: 10<.7 . ?0-8=6. >1 A=;A-<=8 60E-<9>=8 <1B+: - .817 - =;8+<+ 8=?+0<+
<1D.6+ 1C0=7 1I- 918= <+>=: .>= /01<?.=D<= -7 +?.<7 +<7 + 9-A+09.8+;0.7 1 ;+E<.>=: =0 6.
A1;+ =? .9;=/ A0=C: +81 <+817 - A=?1;>+ 6+7+?<= D1>-61: . 9- /-9;- B=0C- =?
A0+?6.,1<7 1 -A+09.8+;0.7 1 D1 >=7 - 7 + .D 8.: =@;+ 98.@: 7
+< . <1?.81> 2-D.2 . >=7 1 7 +
?1<19 6+0=61;<= <17 A=A-: 10<.7 1 A=C+?.: 1 C. >1? C. ;+=0+;.B10. /: 191: . 1: . =<. ;= <+ B.<+
A0+?9>1D-7 + <. 81<7 + <. 6.@+ <+/= -?6=9;0-B+<7 + 91?1 A=D<1;=/ C0=7 1 B+9;.F1 1= @;=
918 =C7 19<.= >610>=6. . : +A;=<. D1 >=7 + 9+ D17 +?<= >1G+ ?1 9- M +08.=<. 96. .817 - A=: 1
7+?.<.F+ 9A.<1 ?=> B+9;.F+(A0+<=9.=F. DC.0<= <1D61<+ 2 C=D=<.2 96+ .817 - A= 7 +?<- F+: -
7+?.<.F- 9A.<1 =? -D. 7 + =61 19.8+;0.7 1 .9A016: 7+<1 =61>= ;60?. 9+ ?1 961>. C=D=< .81
96=/M +08.=<9>=/A10;<+01 . 961>. M +08.=< 96=/C=D=<9>=/A10;<+01 @;= 9- : +A+ <1D.6+
?=C.: + ;+ B+9;.F+ 0+:+A+ -A+09.8+;0.B<. =0;1> +: +>;0=<1 D61= C. 9+ 2 9+:+>;0=<2 1
A10;<+0. 96.E : +A;=<1 .81: . C. DC.0<. <1D.6 2 9:+A;=<.2 0-/10. <1@.E >610>=61 D61: . C. 9+
29>610>=6.2 61>. C=D=< .817 -I. 9A.< ?=C.= C. A10;<+01 91 9A.<=8 5 ) . 91 <1D.6=8
>=7 . C. 9+ A016.= ?=?161<7 +8 9-M .>91 2 .<=2( <1 A0.8+0 A10;<+0 /: -=<1 C.= C. 2 /: -.<=2
M=;=<1 2 M=;.<=2 B+9;.F+ 4 2 6.<=2 1 -D C. ?=@1= 2 D.<=2 6+ 7 + ;= C1@ 9: 1,1<= 1: .
@1081<;<1 A0.6: 1B<=9; <+ B.<. ;+=0.7 - A1> A=A-: 10<= 7 +
01/1<7 + D1 9>610>=6.81 . 6.<=.81 I+ 9+ <19;16.;. <1 +61;0=<- >=7 . I+ ;=>=8
?+6+?+9+;.E /=?.<1 A=9;+A+<= A=7 1B161;. 96=7 - 8=I 1 A=B+I+ . <1 =<.8 81@.<181 >=7 +
I+ =? ) /=?.<+ A0=01?.;. -A+0>=: 17 ?+0 >=7 . 9+ /01?. - +>919- =8=/-I.I+
.9;01G.61<7 + 2 819+<=/ A=?0-B7 1296+ ?= A0.C: .G<= ) + +M.<.F.7 1 @;1 7 + ;= 2 819+<=
A=?0-B7 +260: = 7 + : 1C161 . D16.9. =? A=7 +?.<=9;. 0+1>F.7 + - >=7 =79+ <+>1 <=61 B+9;.F1
9;6101 +,-;.8 7 +?1< D<1> 8=I. 9-A+0>=: 17?+01 7 +9;+ . ;= @;= 1>= - ;=781@.<. <+ C-?+
<1,+<1 <.7 +?<1 B+9;.F1 -D. 6+I.<1 D19;-A<.>1 ;+=0.7 + -D. A0.9;17 + ?1 <1A-9;. ;- ;+=0.7 -
. ;= <1 96+B1<=9;. <1 >=7 =7I+ 96. =<. 7 16<= A=: =8.;. 96+ 96=7 + ?06+<+ =: =6>+
:. 9-A+0A0=6=?<. 9-A+0>=: 17 ?+0 # .81 . 7 +?1< <+A=90+?<.7 . F.:7 1 ;= 7 + ?1 -: =6.
A: +< >=7 . 7+ 8<=/= E.;<.7 . . C.;<.7 . =? 96.E 9>610>=61 . 9: +A;=<1 ;1<?10?<. 8=?+: >1=
91G+;1> 96+/1 @;= D<18= .81 ?61 /: 16<1 <+?=9;1;>1 . ;= 7 +?1< +9;+;9>. 1 ?0-/.
>=<>0+;1< 1@+ +9;+;9>= B-: = >1G+ <18 ?1 .81 A0+6.@+ B+9;.F1 A0+6.@+ 9.: 1 ;= 7 + 7 =@
/=0+ 8<=/+ B+9;.F+ . ;= >610>=6. . : +A;=<. 01D: .>-7 - 9+ .D8+,- 9+C+ .9>: 7-B.6= A= 96=7 .8
819181 >=7 + >1= ?1 9- .8 9196.8 <19-8F+ 2 ?1;+2 1> 9+ . 9.: + .D8+,- 9+C+ 01D: .>-7 -
-/: 16<=8 DC=/ 01D: .B.;.E 8191 >=7 + 9- 2 A0.A.91<+2B+9;.F181(<=9.=F.81 <17>=<>0+;<.
A0=C: +8 7 +9;+ A0=C: +8 <+-91/: 1@+<=9;. D8+8= <1@+ ;+=0.7 + = A=: 7.81 9.: 1 ;+=0.7 + >=7 +

252
9+ -A+B1;: 7
.6= 9:1G- 91 96.8 A=?1F.81 . D1;01G.8= =? <7 .E ?1 A0+?6.?+ >1>6. I+ C.;.
0+D-: ;1;. =A.;1 >=7+ ;+> ;0+C1 .D6+9;. <1 60: = 6.9=>.8 +<+0/.7 181N . @;1 ?=C.7 +8='
=C.7+8= /=8.: - C+98.9:.F1 >=7+M.D.>1 <+ 8=G+ A0.E61;.;. 7
+?1< . ?0-/. A0=C:+8 8=/-
C.;. C=:7+ =96+;:7+<. 1 8=G?1 . 01D0+@+<. 1>= A=9;=7 . 7
+?1< A0+?8+; . 7 +?<1 9.:1 >=7+
C.98= 8=/: . =C1D0.6= ?1 -/01?.8= - 9;1<?10?<. 8=?+: 17A0+?8+; . ;1 9.: 1 .817
- .9;.
<1D.6 ./9

6. 6.?:7
.6. A0+?8+;. . B=6+> 918= 9- >1= >10;=<9>+ 819>+ : . - 96.8 ?=/1,17.81
<+>1 9.:1 01D-8<1 1 <+A=D<1;1 .D1 819>+ <+01D-8<+ =C: .>-7
+ 819>- F0;+ 7 =7?17 +
>= I+@-?10.;. >1= B=6+> -?0. >0=D819>-

1A+;1< E1C

+?1< =? <17 M
.<.7.E 0=81<1 - 18+0.B>=7><7 .G+6<=9;. 7 +9;+ =C. .> +081<1 +: 6.:1
+081< +:6.::
+ = 7 + ;1>=,+ 7 +?1< =? 0=81<1 <17 6.@+ 01D=B101617 -I.E ( C10 D1
/:16<=/ 7 -<1>1 >1A+;1<1 E1C1 ;=;.<181 9;01<.F1 9: -@18= >1>= 9+ E1C -A.<7 + ?1
E10A-<=8 A0=C=?+ 6+: .>=/ =>+1<9>=/ 9.9101 A= .8+<- =C. .> E1C 7 + C+91< 981;01
?1 7 + D+D<-; 17>.; 8- 7 + =?/0.D1= <=/- E1C E=I+ =96+;- +>. >0.;.B10. <1/=6+@;1617 -
?1 7 + - ;=8 -/0.D- >.;1 E1C .D/-C.= . 7 =@<+@;= -D<=/-N;= C. >-?.>18= C=: 7
+ =C7 19<.: =
D1@;= =< C1@ ;=: .>= 80D. =C.7 1 .>1 6=8+ A=8=I<.>- >=7 . 9+ D=6+ ;10C1> E1C
=C7 1@<7 161 ?1 =C. .> <.7 + 918= >.; <+/= . <+@;= 6.@+ =C. .> 7 + >10;=<9>1 819>1N
=C. .> 918= D19;-A1 7 +?<- 9.: - A0.0=?+ 1 91 ;=8 9.: =8 9+ E1C 8=01 9-=B.;. ;1>=
E1C . <7 +/=61 A=91?1 9;=;.<181 9;01<.F1 7 -0F17 - A= =>+1<- ?=G.6: 71617 - 961>=7 1>+
A-9;=: =6.<+ . <+6=: 7+ -9A-; -C.7 17- 8<=/+ 81<7 + >.;=6+ 01D: .B.;.E 8191 =<1B<= A=6.>
R <= ?-61 R /: +?17 - 6+: .>=/ C+: =/ >.;1 1;.8 9+ 96+ 01D0+@. - C0D=8 9: +?- ?=/1,17 1
>.; -?16. E1C1 A=C.7 + . 96+ =9;1: + E10A-<+0+ . 7 =@.8 D1 ?=C0- 8+0- A=;=A. : 1,- 017
A0.B+ 1 A0.B1 .81 ;-G1< >017 =G?1 7 + E1C 8=/1= ?1 -9A+ ?1 7 + .81= 6+I. E10A-< 1: .
<.7+ 8=/1= ?1 /1 <1C16. DC=/C-?G+;9>.E =/01<.B+<7 1 - ?+6+;<1+9;=8 6+>- 17 ?+ ?1 9+
;= <+ ?=/=?. <181 =C. B+9;.F1 7 + <1 ?=81@17 - E10A-<1
<1@+8 9;1<?10?<=8 8=?+: - 961>1>= 8=018= ?1 A=9;16.8= =6= A.;1<7 + ?1 : . 7+
918= >10;=<9>1 819>1' 1>= 8=G+ 7 +?<1 .9;1 ;+=0.7 1 ?1 C-?+ - A-<=791/: 19<=9;. 91
A=?1F.81 A0.>-A: 7
+<.8 <1 <.9>=7+<+0/.7 . 1 ?1 A0+?6.,1 >=7 +>1>6+ /: -A=9;. D1 6.9=>+
+<+0/.7 +' ?/=6=0 7 + ;17?1 7 + <+@;= .D=9;16: 7+<= .D;+=0.7 + <+>1 <=61 A=7 161N1: . A=7 161
>=7 1 I+ >1? C-?+ 7 +?<=/?1<1 -/01,+<1 - <1@- ;+=0.7 - <+D<1;<= -;.F1;. <1 A=?1;>+ >=7 .
9+ A0.>-A: 717- A0. 0+F.8= +08.: 1C=6.8 +<+0/.7 181 ;1>= ?1 91/: 19<=9; 91 =<.8 @;= 7 +
?=91? =A.;<= -9;1<=6: 7 +<= <+I+ C.;. A=>610+<1 =/:1 C. ;= C.;. <1 A0.8+0 <+>1 <=61
B+9;.F1 .: . A0=8+<1 - A=<1@1<7 - <+>+ 9.: + 6+ A=9;-: .91<+ <=6+ A=7 16+ 8=01: + C. ?1
?+7 9;6-7 - D1<+810: 7.6= 81: = A0. <.9>.8 +<+0/.7 181 1: . 60: = 7 1>= A0. +<+0/.7 181
9-A+0>=: 17?+01 1? - 7 +?<=7;+=0.7 . <+?=9;17 - ;1>6+ =?0+?<.F+ 7 +0 .E 7 =@ <+ D<18=
=<?1 ;+=0.7 1 ?1C=8+ ?17 + 81;+81;.B>. <+A0.8+0+<+ 0+D-: ;1;+ D1 6.9=>+ +<+0/.7 +
6= ?=<+>: + :
.B. <1 <7 -;<=69>- M .D.>- >=7 1 01?. .D609<= D1 =C.B<+ A=7 16+ 1: . >1G+ ?1
C.:= >=7 . A0+?8+; 8=G+8= ?1 -C0D1618= . -C0D1618= ?= C+9>=<1B<= 6+: .>.E C0D.<1N=61
9:1C= 6+0=61;<1 A=9: +?.F1 A1?1 . C.61 D1-6+> =<+8=/-I+<1 B.8 9+ - 7 -;<=6- ;+=0.7 -
-/01?. 7 <@;17 <=61 A=9+C<1 ;+=0.7 1 0+: 1;.6<=9;. +: 1;.6<=9; .81 <+8+0: 7.6= 81: . -;.F17<1
A=<1@1<7 + A-@B1<.E 8+;1>1 . : 1<9.01<.E 01>+;1 : . >1? 9+ <+>. A0+?8+; A=B<+ =DC.: 7<= ?1
9+ C: .G. C0D.<. 96+;: =9;. A=7 16:7-7+ 9+ 7 +?<= <=6= ?+7 9;6= 8191 ;=/ C0D=/ . 96+ C0G+/
A0+?8+;1 A=6+I161 9+ +9>=<1B<1 C0D.<1 7 + <+?=9;-A<1 +9.: = 9+ +;= ?1 9+ A=9+C<1
;+=0.71 0+: 1;.6<=9;. 9;1A1 91 <7 -;<=69>.8 0+D-: ;1;.81 A0. C0D.<181 >=7 + 9- - =?<=9- <1
C0D.<- 96+;: =9;. 60:= 9>0=8<+ :1C=9; =6=/ A0.8+01 919;=7 . 9+ - ;=8+ @;= >=<F+A;
C+9>=<1B<+ C0D.<+ .1>= 7 + 8=G?1 -D<+8.0161= <+>+ <7 -;<=6F+ <.7 + <. A0.C:.G<= =<1>=
;01-81;.B1< >1= =<= @;= 9+ <181 ?=/=?. >1? A=>-@18= ?1 A0.8+<.8= 9;1<?10?<. 8=?+:
<1 6.9=>+ +<+0/.7 + 01;.I+8= 9+ =6=8 01D81;01<7 - -9>=0=

253
 1/=6+@;161= 918 ?1 C. 960E1 ./9=6+ B+9;.F+ 8=/: 1 C.;. ?1 ?17 + 819- B+9;.F181
>=7 + 819- <+817 - . ;.8+ ?1 A0.>0.61 .9;.<9>- 9.8+;0.7 - 96+;1 6= 7 +7 +?<1 <=61 C.D10<1
D18.91= =91? 7 + >1= @;= 98= 6.?+: . - <1@=78.;9>=7.9;=0.7 . 7 +?<=9;16<=9; A0=<1: 1G+<1
;1>= @;= 9- .9A=? .D6+9<.E 9;0->;-01 =;>0.61<+ ?0-/+ <.G+ ( ?1>: + 9-A9;0->;-0+ = 7 + -
9>: 1?- 91 +8=>0.;=6=8 .?+7 =8 = 1;=8=9- 1>= 98= 8. A-;=61: . =? 8=: +>-: 1 ?=
E+8.7 9>=/ 1;=81 =?1;: + ?= 7 +D/01 A1 ?= A0=;=<1 . <+-;0=<1 . <7 .E=6+ 8<=/=C0=7 <+
/0B>+ 0=?C.<+ . <17 D1? ?= >610>=61 9;=0.7 1 C. <19 <16+: 1 <1 =B+>.61<7 + ?1 I+8= 91?
A0=<1I. - >610>=6.81 <+>+ 81: + 8=8>+N=6= 9+ . ;+ >1>= 8=G+ 7 =@?=/=?.;. :
. 8. <+
6+0-7 +8= 9;610<= ?1 I+ <1 ;17<1B.< C.;. ?=9;./<-;1 ?-/= =B+>.61<1 A=;A-<1 ;+=0.7 1
96+;1 =G?1 9;610 6.@+ : .B. <1 9A016.F- >=7 - 918 01<.7 + A=8.<7 1= >1: +.?=9>=A - >=8+
<+>=: .>= =/: +?1: 1 ?=C1F-7 + 96+;: =9; ;18=(18= <1 ;1>16 <1B.< ?1 <+>=: .>= >=81?.I1
=C=7 +<=/ 9;1>: 1 ?=C.7 + A0.6.? 9: =G+<.E A016.: <.E @101 =<1B<. 98.91= A=9;=7 1<7 1 ./91
=6= 6.@+ <.7 + <1->1 =6= 7 + 91? M .:=D=M .7 1 8=/1= C. C.;. ?1 9;6=0. 7 +?1< D1C16<.7 .
9:=G+<.7 . 96+; - 9>: 1?- 91 >.;=: =61B>=8 1: +/=0.7 =8 >=7 - 918 ?1= >1= 8=;= =6=8
A=;A=/: 16: 7-
1 <=61 D18.91= >1G+ ?1 916 A0=9;=0 91?0G. - 9+C. 7 +?<= A=: 7+ ./9=6= A=: 7+ >=7 +
A0=G.81 916 61>--8 . >=7 + 7+ A0.9-;<= 96-?1 6= D<1B. ?1 >1? - 6+?0=7<=I. A=?./<+@
A=/: +? >1 D6+D?181 6.?.@.E >0=D ./9=6= A=: 7+ +9;.F+ A=? ?+7 9;6=8 ;=/A=: 71 ?=C.7 17-
819- 6= 918= A= 9+C. <+ C. C.: = <.@;1 <10=B.;= D1;= @;= B+9;.F+ 6+I?=C.7 17 - +<+0/.7 - =?
C1G?109>.E A=: 71 >=7 1 98= A=8.<7 1: . ( <1.8+ =? /016.;1F.=<=/.: . +:+>;0=81/<+;<=/ 1
A0.8+0 1>= -D8+@ 7 +?1< C: => =: =61 . .D<+9+@ /1 <1 60E 7 M+: =6+ >-: + ;17 >=81?
81;+0.7 1:1 9;.B+ A=;+<F.7 1:<- +<+0/.7 - D1;= @;= 7 + A0=8+<.= 8+9;= - +8: 7.<=8
/016.;1F.=<=8 A=: 7- =@;= 7 + L 8F) =6= A=6+I1<7 + A=;+<F.7 1:<+ +<+0/.7 + 016<= 7 +
A=6+I1<7 - 819+ - =6=8 9: -B17 - 819+ 9.9;+81 =: =6<. C: =>( +8: 7
1 6?+ 8=018= <+G<=
?1 A0.?=?18= 7 +?<- 81: - 9: =G+<=9; 7 <@;17 <=6=79;10=7 9+?=77 +?<1B.<. 1 8191 8
919;=7 . 9+ D1A016= .D ?61 ?+: 1 +?<= 7 + 8191 8.0=61<7 1 8 =<1 >=7 - 8+0.8= -
:1C=01;=0.7 . >1? <+>1 B+9;.F1 8.0-7 + 0-/. ?+= 819+ 7 + =<17>=7 . B+9;.F1 2 9;.B+296=7 .8
>0+;1<7 +8 0+F.8= A0=;=<. - <1@+8 +61;0=<- .: . 96=7 =8 A=;+<F.7 1: <=8 +<+0/.7 =8 -
<+>=8 A=: 7- :.B<- ?.<18.>- 6.?.8= >=? 1;=89>.E 7 +D/101 1 A0.8+0 1>= A=B<+@?1
01D?617 1@A0=;=< . <+-;0=< >=7 . 91B.<7 1617 - 7 +?<= 7 +D/0= ?+-;+0.7 -81 DC.0 <7 .E=6.E 8191
A=B<+ ?1 9+ A=6+I161
: . A=;+<F.7 1:<1 +<+0/.7 1 .D6+?+<1 .D ./91 01D: .>-7 + 9+ <1 <+>=: .>= <1B.<1 =?
?+: =61<7 1 =<.E A=: 71 >=7 1 9- <18 C=: 7+ D<1<1 191 >=7 - ./9 ?17 + -A016= 7 + 8191
8.0=61<7 1 1A016= - 7 +?<=76+0D.7 . 8=G?1 <17 .D1D=6<.7 =7 ./9=6+ ;+=0.7 + 96- 819-
9;6101 ./9=6= A=: 7+ 0-/1 01D: .>1 919;=7 . 9+ - ;=8+ @;= 01D<+ B+9;.F+ -9.917 - -A.7 - -
9+C+ 01D: .B.;+ >=: .B.<+ 819+ +=0+;.B10. >1G- ?1 819+ B+9;.F1 - <1@+8 9;1<?10?<=8
8=?+: -7 +9- 8+01 >=: .>= 9- 7 1>= ;+ B+9;.F+ 9A=7 +<+ 91 ./9=6.8 A=: 7+8
./9=6 -;.F17<1 819+ >610>=61 . : +A;=<1 A=?9+I1 <19 <1 =;>0.I+ .;+01 +81<1
.+;+0 ++81< .D !3$ /=?.<+N;1?1 7 + =< =;>0.= ?1 +<+0/+;9>. <.6= 7 +?<=/+: +>;0=<1 -
7+?<=8 1;=8- 8=G+ C.;. 2 019F+A: 7 +<2<1 6.@+ <.6=1 >1? 9+ <1 ;171;=8 A0.8+<. 81/<+;<=
A=: 7+ = A=: 7+ >=7 + =6?+ ./01 ./9=6- -: =/- 01DC.7 + 9.8+;0.7 - A0=9;=01 - >=7 =77 +
+:+>;0=< ?=;1? -G.61= 1 A0.8+0 A=? -;.F17 +8 81/<+;1 7 +?1< +<+0/+;9>. <.6= 019F+A. 9+
<1 ;0. <.6=1 <.6= ?=C.7 1 +<+0/.7 - =? ;=/81/<+;<=/A=: 71 <.6= /-C. +<+0/.7 - 1 <.6=
# 9+ -=A@;+ <+ .D8+<. 1016<= ?1<19 - A=;A-<=9;. 01D-8+8= >1>= 9+ ;= ?+@161 = 7 +
7+?<=9;161< >61<;<. +: +>;0=81/<+;.D18
191? A=7 81 <+818= >1>61 A016.: 1 >=<;0=: .@- E./9=69>= -6+I1<7 + 819+ :
. /0.F>1
<19 A.;1<7 + D1@;= 918= ;+ 819+ ( 819+ 4H 4( . @+9; >610>=61 /=0+ ?=: + @1081
B-?<=/ 60E1 . ?<1 . : +A;=<1 ( 819+ >=? >=7 .E 9+ <+ A0.8+I-7 + <.>1>16 A016.: 1<
8+,-9=C<. =?<=9 =C01D1F' = 9- 819+ - 019A=<- =? +: +>;0=<=6+ >=7 1 .D<=9. 918=
O "+ ?= 819+ >610>1 60E >=7 1 C. 8=01: 1 C.;. 6+I1 =? 3 "+ 0+C1 ?1 9+
A0.9+;.8= ?1 7 + =61 C.D10<1 D18.91= ( ./9=61 ( -A=;0+C: 7+<1 91 6+: .>.8 -9A+E=8 -
M=08-: .91<7 - +: +>;0=9: 1C+ ;+=0.7 + - 7 + <1.8+ ./9=6= A=: 7+ C.: = A0+?: =G+<= >1= =<=
>=7 + A0.>0.61 7 +?.<9;6= +: +>;0=81/<+;<+ . 9: 1C+ 9.: + 7
+?.<9;6- A=9;=7 + B+;.0. B+9;.F+(
A0+<=9.=F1 C+D819+ ( 4H 4( . M =;=< ( . 96+ =<+ A0+<=9+ +: +>;0=9: 1C- 9.: - 1.:1D.
./9=6= A=: 7+ . /: + B-?1 =C+ 4 . -A.7 17 - - 9+C+ +9+<F.7 - ./91 . A=9;17 - ;+@>+N1 M =;=<

254
=9;17 + <+?.0<-; 1;= 9+ +: +>;0=9: 1C1 01D: =8. <1 9: 1C- >=7 1 . 8=01 C.;. 9: 1C1 >1? 9- 7 =7
<=9.=F. ;1>= ?+C+: . . +: +>;0=81/<+;<- B.7 + =?: .>+ =?0+,-7 + M=;=< >=7 . 819- <+81 61
9.8+;0.7 1 9:=8.: 1 9+ 9A=<;1<= >1G- ;+=0+;.B10. +<. 9+ 6.@+ ?=A1?1 =A.9 >=7 . >1G+ ?1
./9 A=8=I- 96=7 + 9A=9=C<=9;. A0.?161<7 1 819+ A0.>0.61 9.8+;0.7 - 19+ =C+ 4 B+9;.F+
. B+9;.F+ -9A+@<= 9- A0+?9>1D1<+ .D6+?+<+ .D A1018+;101 +: +>;0=9: 1C+ ;+=0.7 + 9.8
;=/1 <+E17 <. =98+9. ;+=0+;.B101 A=?9+I17 - <19 <1 ;= ?1 9- ;2-M ; . +: ;81< -9;1<=6.: . ?1
- +: +>;0=9: 1C=7;+=0.7 . <+81 =<.E C+9>=<1B<=9;.
1 9+ ;=: .>= D1?0G1618 <1 =6=8 A.;1<7 - 819+ .D8+,- =9;1: =/ . D1;= @;= 8+ 7 + =<=
A01;.: = ;=>=8 F+: =/ 8=/ A0=M +9.=<1: <=/ G.6=;1 B+;0?+9+;.8 /=?.<181 =6=/ 6+>1 B.<.: =
9+ ?1 7 + A.;1<7 + 7 19<= M =>-9.01<= 81: . 98= ?6+ B+9;.F+ >=7 + 9- =?: .B<= 9.8C=: .D=61: +
D1/=<+;>- 819+ +: +>;0=< . 8-=< D/: +?1: = 7+ ?1 9- .9;=6+;<+ - 961>=8 A=/: +?- =9.8
@;= 7 + 8-=< ?6+9;1 A-;1 ;+G. =? 96=/A+0=: 1>=/90=?<.>1 .<7 +<.F1 ?1 9- ;= : +A;=<. >=7 .
A0+<+C0+/1617 - 7 1>- 9.: - B.<.: 1 7 + =6- 9;610 7 =@ .D1D=6<.7 =8 +<+ 7 + ;17 A0=C: +8
=A9+?1= . D1;= 7 + 8-=< C.= 8=7<17 =8.: 7+<.7. A0+?8+; A0=-B161<7 1 #.: 77+ C.= <1I. 7 =@
<+>- 01D: .>- =9.8 819+ .D8+,- +: +>;0=<1 . 8-=<1 8=G?1 <+>- 01D: .>- - <7 .E=6=8
A=<1@1<7 - >=7 1 C. ?1: 1 >: 7
-B D1 9E61;1<7 + 8+E1<.D81 >=7 . 7+ ?=6+= ?= <7 .E=6+ 01D: .B.;=9;.
- 819.
+@161 9+ ?1 <+>. +: +>;0=< -: +;. - <+>= 7 +D/0= . ;- =9;1<+ D10=C: 7+< 1 A=9: +?.F1 7 + ?1
.D: +;. 7 +?1< <+-;0.<= 1 7 +D/0= ?1 =?9>=B. -<1D1? A=? -?10=8 +: +>;0=<1 =G+ : . . 8-=<
=6=' D8+0.8= 8. A0=F+9 =61>6=/ E61;1<7 1 8-=<1 ( . /: + .9;1 9;610 1 =<?1
6.9=>=+<+0/+;9>. D01> +: +>;0=<1 019.A1 A0=;=<+ 61 0+1>F.7 1 7 + A0=-B161<1 <1
;+<M =0?- D8+0.8= .9;- 0+1>F.7 - - 0->E+7 6+<- 91 8-=<.81 =>1D1: 1 9+ <+>1 81: 1
01D: .>1 >=7 1 <19 7 + /=?.<181 6->: 1 D1 <=9 . =? >=7 + <1 >017 - <.7 + C.: = <.@;1 1> 98=
=;>0.: . ?1 +: +>;0=< . 8-=< .817 - 01D: .B.;+ <+-;0.<9>+ A10;<+0+ =6=7><7 .D. 7+ 6+I C.: =
/=6=01 = 9-A+0;1B<=8 =A.;- / 8.<-9 ) - >=8+ 7 + 81/<+;.D18 8-=<1 8+0+< . A=0+,+<
91 81/<+;.D8=8 +: +>;0=<1 D-D+6 ?+7 9;61 ?=?1;<+ 8-=<=6+ 819+ <1,=98= ?1 7 +
81/<+;.D18 9196.8 7 +?<1>
6. <1A=0. ?1 9+ A0=<1,+ <+>. <1/=6+@;17= A=0+>: - 819+ A0=A1: . 9- +/?+ -9A-;
17 <8+< 7 + D1A.91= 96=7 + B-6+<= A.;1<7 + R 1@;= 8-=< ;+G.'R 1? .818= 81>10 .
?+: .8.B1< =?/=6=0 +?1< 9;+<;=09>. 8=I1< /: 19 6.B+ <18 R C=/ ./91 R +IA+?+9+; .
6.@+ /=?.<1 .@B-,1618= 9+ =;>-? 8191 1 91? <18 ./9=6= A=: 7+ .D:1G+ ;= .9;= A.;1<7 + -
<=6=8 >=<;+>9;- <.7 + 0+B 6.@+ 918= = 8-=<- ./9=6= A=: 7+ ?17 + <18 1>= <.@;1 ?0-/=
=<= C10 D17 +?<.B>. .D6=0 961>+ 819+ . 96.E 8191 =6= M 17<8+<=69>= A.;1<7 + /: 19.: = C.
>1>= ./9=6= A=: 7+ =?0+,-7 + =6- A0.6.?<= <+90+,+<- 8<=G.<- 961>=7 1>.E 8191 >=7 + 9+
A=7 16: 7-7- >=? 81;+0.7 1:<.E B+9;.F1'
0=8+<1 819+ 91 A0=8+<181 >0+;1<7 1 ;+: 1 D1;.8 A0=8+<1 819+ A0. 01D<.8
>=<M ./-01F.7 181 9.9;+81 . <17 D1? B.<7 +<.F1 ?1 <+>+ B+9;.F+ M =;=< 961>1>= 1 <+-;0.<=
8=G?1 .817 - <-: ;- 819- 8.0=61<7 1 ( ;= 9- ;0. 9;610. >=7 + C1F17 - 9-8<7 - <1 -6+0+<7 + ?1
7 + 8191 =9<=6<1 =?: .>1 81;+0.7 + <+ 98+8= C1@ 9196.8 D1C=016.;. <. =<1
.D01B-<161<7 1 819+ >=7 1 9- ?1: 1 C+9>=<1B<= 6+: .>+ 0+D-: ;1;+N8. ;= <.>1?1 <.98= 0+@.: .
918= 98= 9>: =<.: . . D1C1@-0.: . A=8=I- 2 0+<=081: .D1F.7+2 817 -I. - 6.?- =6- A=D1?.<-
9-=B1618= 9+ 91 A0=C: +8=8 >610>=61 : +A;=<1 . A0+<=9.: 1F1 9.: + ( ?1>: + B+9;.F1 >=7 + 9+
8+,-9=C<= 01D: .>-7 - A= 96=7 .8 819181 1;= <1@1 A0.B1 = ./9- A=9;17 + C01<7 .61 ( A0.B1
?1 8191 <.7 + -<-;01@<7 1 =?: .>1 B+9;.F1 918.E <+/= ?1 7 + =?: .>1 >=7 1 9+ 01,1 .D
8+,-?+: =61<7 1 B+9;.F+ . <7 +<+ =>=: .<+ 1+: +>;0.91<7 + 7
+ -<-;01@<7 1 =?: .>1 B+9;.F+ 918+
1 . 9A.< 7 + ;=NA=8.91= ?1 8191 ;= <.7 + A=9;17 + <18 7 =@6+0=61;<.7 1 >1? D18.9: .8= .?.: .B<-
9: .>- A= >=7 =77 + 8191 96.E >610>=61 . 96.E : +A;=<1 7 +?<1>1 <-: . >= C. ;1>= C.: = =<. C.
.81: . 7 +?<- D1?=6=: 71617 -I- 9.8+;0.7 - E.01: <- - >=7 =7C. <7 .E=6. 9A.<=6. C.: . D1 6+B.;1
60+8+<1 9A=7 +<. 91 <7 .E=6.8 A016F+8 >0+;1<7 1 : . =6- .?.:- A0.>0.61 M +<=8+< ./9
E ?1 7 =@<+@;= "=6=0.: . 98= = C1G?109>.8 C=D=<.81 . <7 .E=6=8 9A.<- N;1>=,+ =
M +08.=<.81 >=7 . 9- B+9;.F+ 81;+0.7 + . >=7 . .817 - 9A.< 5 ) =7 1 0191 81B=01 7 + ./9'
=D=< 91 <-: ;.8 9A.<=8 +B 9A.< A=?01D-8+61 <+>- -98+0+<=9; - A0=9;=0- ?=>
8+,-;.8 ./9=6= A=: 7+ ?17 + 819- A0+?8+;.81 <1 96.8 8+9;.81 . ;= C+D .>1>6=/
-98+0161<7 1 1;= 9+ A=<+>1? >1G+ ?1 7 + ./9 2 9>1: 10<. C=D=<2

255
 1>= <19 =6= A=: 7+ 6+=81 2 /=: .F12;=8 96=7 =8 9A=9=C<=@I- ?1 ?17 + 819- 7 +?1< =?
8=7 .E =8.: 7+<.E ;+=0+;.B101 .8 +: ;81< >1G+ ?1 7 + ;= ./9=61 ?-G<=9; >=7 1 7+ ?1: +>=
81<7 + D<1B17 <1 =? =<+ /: 16<+ ( <1.8+ =? ?-G<=9;. ?1 9+ <.@;1 81<7 + <1@9;1<?10?<.
8=?+:-B.<. -<-;10<7 + ?=9: +?<.8 +0 C+D ./91 8=?+:A1?1 <1 7 +?<=8 7 +?<=9;16<=8
;+9;- -<-;10<7 + ?=9: +?<=9;.
6= >1>= -<= 98= A0.B1: . = 9-?10.81 17?+ ?1 -D8+8= 0+F.8= 9;= B+9;.F1 .
A=8=I- <7 .E /1,18= =?0+,+<- 8+;- ( <1 A0.8+0 A10B+ /6=G,1 B.7 1 7 + A=60@.<1 7 +?1<
>61?01;<. F+<;.8+;10 +=0+;.B10 B1> . =<179>0=8<.E 9A=9=C<=9;. 8=G+ ?1 .D01B-<1
>=: .>1 7 + 6+0=61;<=I1 9+I1;+ 9+ >61<;<1 ;+=0.7 1 <18 ?=A-@;1 918= ?1 .D01B-<1618=
6+0=61;<=I+ ?1 I+ 9+ ?=/=?.;. 019.A1<7 + +=0.7 1 8=G+ A0+?6.?+;. 0+F.8= 6+0=61;<=I-
=? ?+9+; A=9;= @;= C. D<1B.: = ?1 I+ 9+ =? ;.E 9;=;.<- B+9;.F1 .9A1: 7+<.E <1 /6=G,+ ?+9+;
B+9;.F1 01D19-;. 91? 8<=/+ ;+=0.7 + A0+?6.,17 - ?1 I+ 6+0=61;<=I1 019.A1<7 1 D16.9.;. =?
+<+0/.7 + -A=;0+C: 7 +<=/ D01>1 0. <.9>=7+<+0/.7 . 96+ <181 A=D<1;+ ;+=0.7 + 9.:1 ( 7 1>+
9:1C+ . +: +>;0=81/<+;<+ ( A0+?9>1D-7 - 6+0=61;<=I+ >=7 + 9- - 9>: 1?- 91 =<.8 @;= 98=
=A.;.81 -9;1<=6.: . +,-;.8 >=? 9: 1C+ 9.: + 6+0=61;<=I1 9+ A=7 1B161 91 +<+0/.7 =8 ;1>=
?1 6+I A0. <+>=7 =90+?<7 =7 +<+0/.7 . ?=9;.G+ P A=9;= :. >1? ;+=0.7 1 >1G+ ?1 I+
6+0=61;<=I1 019.A1<7 1 C.;. 6+I1 =? A=9;= =<?1 7 19<= ;1 ;+=0.7 1 6.@+ <+ 61: 7
1 +@;=
7+ - <7 =7961>1>= A=/0+@<= 7 +0 6+0=61;<=I1 6+I1 =? A=9;= 7 + C+98.9: .F1 D<1B.: 1 C.
C->61: <= ?1 9+ 91 /6=D?+<+ A=60@.<+ 019.A1 6.@+ B+9;.F1 <+/= @;= 7 + .9A1: 7+<= 1? 9+
=6= ?+9. >1G+8= ?1 7 + ;+=0.71 A=/1D.: 1 7+?.<9;6+<=9; ( <1.8+ <1?81@.: 1 7 + 6+0=61;<=I-
9;=A=9;=;<-
<1@=7.9;=0.7 . D1/=<+;>1 9+ 919;=7 1:1 - ;=8+ @;= 7 + ;+=0.7 1 9:1C+ 9.: + C.: 1 - ?=C0=7
91/: 19<=9;. 91 =A.;<.8 A=?1F.81 A0. <.9>=7+<+0/.7 . 1: . 7+ D1 6.9=>+ +<+0/.7 + A0+?6.,1: 1
/:-A=9;. 61 >0.D1 =;>0.6+<1 7 + - 60+8+ >1? 7 + +<+0/.7 1 A0. >=7 =7 7 + <19;-A1: 1 ;1
>1;19;0=M 1 - A0+?6.,1<7 - C.: 1 7 =@ .D61< ?=E61;1 A=9;=7 +I.E 1>F+: +01;=01 617<+-9A+E
;+=0.7 + <1/=6+9;.= 7 + ?1 7 + <+@;= .D<7 + .D=9;16: 7+<= <+>. <=6. A0=F+9 .: . 8=G?1 <+>1 <=61
B+9;.F1 . ?1 C.98= 8=/: . 8=G?1 >1? C.98= 918= D<1: . @;1 7+ ;= .D=9;16: 7+<= ?1 9A0+B.=
=6= A=6+I1<7 + 6+0=61;<=I1 ?= C+98.9: +<.E A0=F+<;<.E 60+?<=9;. :1C- 9.: - 7+ ;= 9;+
D1A18;.: . .D8.9: .= +08. ?1 C. <+>1>= =C7 19<.= 01?.=1>;.6<. 019A1? 7 +D/101 1>6. 019A1?.
9- - =9<=6. <.9>=+<+0/+;9>. ?=/1,17 .N +08.7 +61 ;+=0.7 1 9+ 01D6.: 1 . A=B+: 1 6+=81 ;1B<=
?1 A0+?6.,1 =/0=81< C0=701D<.E A0=F+91 - +<+0/+;9>=8 019A=<- ?= + +?<1 =?
<1@.E A=C-?1 D1 =A.; 91 ?61 <+-;0.<1 C.: 17 + . ;1 ?1 A0=6+0.8= +08.7 +6- ;+=0.7 - A0. 6.@.8
+<+0/.7 181 7 +0 9+ =B+>.61: = ?1 I+ >0.D1 7 +?.<9;6+<=9;. <19;-A.;. 6+I=>= * "+ 1@
=A.; .D6+?+< <1 918= <+>=: .>= "+ A=;60?.= 7 + ?1 9+ ;+=0.7 1 >0+I+ A0+81 >0.D.
9A=9;16.: = 9+ ?1 7 + =6= A=>1D1;+: 7?1 9- ;+=0+;.B10. .D=9;16.: . .D;+=0.7 + 7 +?<- 4 B+9;.F-
819+ A0.C: .G<= "+ 06=C.;<1 +08.7 +61 ;+=0.7 1 - >=7 =7<.7 + C.:= <.>1>6.E 4 B+9;.F1
C.:1 7 + 81;+81;.B>. 016<1 -A=;0+C. 7 +?<=/ C+9>=<1B<= 819.6<=/ A0+<=9.=F1 9.: + 1
"+ 7 + ;1>= =/0=8<= 6+I+ =? +<+0/.7 + -A=;0+C: 7+<+ - 01<.8 =A.;.81 .9A=? + ?1
7+ . ;1>61 ;+=0.7 1 01?.: 1 ?=C0= : . >1? 98= A.;1: . ;- ;+=0.7- @;1 I+ ?1 -01?+ <+-;0.<. =?
"+ 8=01: . 98= ?1 -01B-<18= . 4 B+9;.F- =? "+ ?1 C.98= .DC+/: . >0.D-
7+?.<9;6+<=9;. 1: . ;= <.7 + 96+ =@<+@;= 7 + A=;0+C<=
1 +;= =617A0+/: +? 01<.7 .E ?=/1,17 1 9: -G. <1A0=9;= >1= A=8=I?1 =C7 19<.8= ?1 <1@
9;1<?10?<. 8=?+:?1<19 C=: -7+ =? C=: +9;. 7+?.<9;6+<=9;. . ;= - <17 6.0-: +<;<.7 +8 =C: .>-
1;19;0=M 1 9+ 91?1 ?+@161 A0. +<+0/.7 181 =? =>= + 0+?8+; >=7 . C. =8=/-I.= ?1 9+
;1 >1;19;0=M 1 .DC+/<+ ( >1? C. A=9;=7 1= ( 7+9;+ 7 +?<1 <+-;01: <1 ;+@>1 B+9;.F1 91 A=9+C<.8
=?: .>181 1D.618= 7 + A=/=?.: . 9;+ ./9=61 B+9;.F1 1<.7+ 98= /=6=0.: . = ./9=6=8
A=: 7- 1: . 6. A18;.;+ ?1 9- . A=: 71 >61<;<1 1 >61<;. A=: 7
1 9- B+9;.F+ ( 7 +?1< =?0+,+<. <.D
B+9;.F1 =/1= C. ;= C.;. .9;. =<17=C7 +>; >=7 . ?=6=?. ?= <19;1<>1 01D: .B.;.E 8191 .: . 6+I
<+>. 9: .B1< =/-I+ 7 + ?1 A=9;=7 . 918= 7 +?<1 ./9=61 B+9;.F1 .: . A=0=?.F1 ./9=6.E
B+9;.F1

256
 1 8<=/1 A.;1<7 1 8=/1= C. 9+ <1I. =?/=6=0 =7+ 9- =9=C.<+ ./9=6.E B+9;.F1 .
<17 61G<.7 + =? 96+/1 >=: .>1 7+ <7 .E=61 8191' 1>= I+8= A0+A=D<1;. ./9=6- B+9;.F- 1>=
7+ 6.?.8= - <+>=8 9-?10-' =: .>= ;.A=61 ./9=6+ B+9;.F+ A=9;=7 .' 1 : . ./9 9;6101 96+
819+ .: . 918= ?= <+>+ 8+0+ A=6+I161 819+' 1>= ?1 91D<18= 6.@+ = =6=8+' =@;= 7 +
;= 7 +<1 B+9;.F1 8=G+8= <1A0=9;= ?1 B+>18= A1 1>= C-?+8= 6=?.: . A0.8+01< G.6=;
91D<1I+8= >1? 9+ 61D<+9+8= - 7 +<= F109;6= 0-/1 <18 7 + 8=/-I<=9; ?1 A=;0=@.8=
=918 8.: .710?. ?=: 101 . 91/01?.8= ;179-A+0>=: 17 ?+0 - 8+9;- 1>91E1B. - +>919- >=7 +7 +
A0+?6.,+<= >1= A=/=< D1 A0=.D6=?<7 - ./9=6.E B+9;.F1
>=98=: =/+ =B10161 ./9=61 D18.91= 7 +0 9- 9+ =<. 81<7 +(6.@+ 9A=;1>: . = A=;0+C- ?1
.817 - . 9>1: 10<1 A=: 71 >=7 1 C. -B+9;6=61: 1 - 6+=81 9: =G+<=8 A0=F+9- @.0+<7 1 19+: 7+<+
.8+ 9- A=6+I1: . ;+0+; >=7 . ./9 8=01 ?1 <=9. =6=8+ I+ C.;. 6.@+ 0+B. - ?+6+;=8
A=/: 16: 7-
./9=6= A=: 7+ >1>= /1 91?1 D18.@: 718= 8=G+ C.;. -<.@;+<= 6.9=>.8 +<+0/.7 181 .: .
6.9=>.8 ;+8A+01;-0181 D1;= @;= =<+ ?=6=?+ ?= >61<;<.E M :->;-1F.7 1 >=7 + /1 <+-;01: .@-
0+81 ;=8+ -7 +?.<7 +<1 B+9;.B<=(>=98=: =@>1 9: .>1 01<+ 19+: 7+<+ B.9;1 . D19+<7 -7-I+
9.8+;0.B<1 A0+60-I1 7 + D1 ./91 : . B.8 ;+8A+01;-01 9A1?<+ .9A=? O 9;+A+<. +: 6.<1
.:. "+ ./9 ?./<+ <=9 . -01?. ;= 96=7 + 91 819=8 1>= <1 A0.8+0 A0+ ./91 .818=
4 . B+9;.F+ . M =;=<+ C+D819+ >1= . =C7 +?.<7 +<- +: +>;0=9: 1C- 9.: - 19+: 7+<1 9+ @.0. .
E: 1?. . /: + A=7 16: 7-7+ 9+ ./9 4 . 9+ -/=7 + ( 1: . ./9 .D<+>=/ 01D: =/1 A0+<+C0+/<+
M=;=<+ ( 1 A=9: +?.F1 ;=/1 7 +9;+ 9: =8 +: +>;0=9: 1C+ 9.8+;0.7 + =C.7 +8= D19+C<- 9: 1C- 9.: -
B.7 . A0+<=9.=F. 7 +9- 819.6<+ B+9;.F+ 4H 4( . >1= . D19+C<- +: +>;0=81/<+;<- 9.: -
>=7 - A0+<=9+ M =;=<. ;610 ?+7 9;6-7 + >1= ?1 7 + D1 <+>+ B+9;.F+ ./9=6= A=: 7+ >1= /-9;=
-: 7+ >0=D>=7 + 9+ ;+ B+9;.F+ A0=;.9>-7 - ;0=8= A1 D1;= .D/: +?17 - >1= ?1 9- 819.6<+ 1
<+>+ ?0-/+ B+9;.F+ ./9=6= A=: 7+ 7+ >1= 6=?1 =<+ 9+ >0=D<7 +/1 >0+I- : 1>@+ D1 <+>+
B+9;.F+ >1= @;= 9- M =;=<. . 8=G?1 <+-;0.<. ./9=6= A=: 7+7 + <+6.?: 7.6=
0+C1: = C. 61: 7?1 ?1 ?18 7 +?1< >01;1> A0+/: +? <19;1<>1 ./9=6+ D18.9: .N81: = 918
9+ ?=91? -9;0-B161= ?1 A-9;.8 ;- 81B>- .D 60+I+ ./9=61 D18.91= 7 =@ 9+ <1D.61
29>0.6+<1 9.8+;0.7 12 =?<=9<= 2 9A=<;1<= 9: 181<7 + 9.8+;0.7 +2 M .D.>- B+9;.F1 -6+= 7 - 7 +
.;+0 ./9 91 <.6+0D.;+;1 ?.<C-0/ <?1 9- 7 + -A=;0+C.: . ;+=0+;.B10. ;.6+< 17 <C+0/ .
C?-9 1: 18 01?+I. <+D16.9<= 7 +?1< =? ?0-/=/1 . A=8=I- <7 + =C7 19<.: . >1>= 9+ ;= 8=G+
7+?<1 =C7 +?.<7 +<1 . 9.8+;0.B<1 +: +>;0=9: 1C1 9.: 1 >=7 - A0+<=9. 90+I<1 A=0=?.F1 91B.<7 +<1
=? B+;.0. B+9;.F+(/: 19<.>1 C+D.>1>6+ 819+ A0+=C01;.;. - ?6+ 6+=81 01D: .B.;+ 9.: + - V
>61<;<- +: +>;0=?.<18.B>- 91 M =;=<=8 >=7 . =9;17 + C+D819+ . - 9: 1C- 9.: - >=7 - A0+<=9+
819.6<+ B+9;.F+ 4H 4( . 17<C+0/ . 1: 18 9- /01?.: . <1 01<.7 +8 01?- +: ?=<1
": +@=-1 >=7 . 7 + .?-I. 9;=A181 G-: .71<1 6.</+01 <1A0=9;= D<1= ?1 8=01 A=9;=7 1;.
7+?<1 -<-;10<7 + ?=9: +?<1 =C7 +?.<7+<1 +: +>;0=9: 1C1 ;+=0.7 1 1: . <.7 + C1@ 9: =G.= 96+
A=7 +?.<=9;. - 7 +?<- F+: .<- 1?.: . 9- <1 =6=79;610. . G+M 0. "=: ?9;=-< 10;.<-9 +: ;81< .
%+010 ;2-M ; .:= 7 + . ?0-/.E . ;0+C1: = C. ?1 .E A=8+<+8 1: . +;= ;= 618 7 + G.6=;
=9;1: =8 >=: .>= ;+=0+;.B101 ;0+C1 ->: 7-B.;. ?1 C. A0=01?.: 17 +?<1 9.7 1:.F1'
0-/. <1B.< ?1 /: +?18= ./91 7 +9;+ .D A+09A+>;.6+ 9.8+;0.7 + 0. 6.9=>.8
;+8A+01;-0181 9.8+;0.7 1 9+ =;>0.61 <1@+8 6.?- ( >01: 7+69>1 9.8+;0.7 1 B.9;1
7+?<=9;16<=9; 0. <.G.8 ;+8A+01;-0181 =<1 C.61 9>0@+<1 0+8+ 7 + ?1 -A=;0+C.8 7 =@
1: +/=0.7 1
1D8.@: 717;+ = 7 +?<=8 81/<+;- 1/<+; 7 + 81/<+; D1;= @;= A0. <.9>.8
;+8A+01;-0181 <7 +/=6. 1;=8. >=7 . 9- 81/<+;B.I. =9;17 - A=9;0=7 +<. 1/<+; .81 7 +?1<
96=7A=9+C1< A0161F 96=7 - =9=6.<- 9+6+0(7 -/ 0+81 ;=8+ A0=A1: 1 8- 7 + =<1 9.8+;0.7 1
>=7 - 7 + .81= ?=> 7 + C.= A10B+ <+81/<+;<=/ /6=G,1 >=? >=7 +/1 9- 96. A0=9;=0<. A016F.
7+?<1>= 2 60+?<.2 6= 8=G+8= ?1 2 A=A016.8=2 1/0+618= 81/<+; 96+ ?=> 9+ <+ A0+;6=0.
=A+; - <+81/<+;<= /6=G,+ 0+: .<1 A0.<-,-7 + 8=: +>-: + <1 -D0-7 1<= >0+;1<7 + ;18=(18=
;1>= ?1 81/<+;B.I. 1;=8. <1A-9;+ 96=7A101?<. A=0+?1> . =>0+<- 9+ >-? >=7 . ;= <181
B.9;.7 + 9.8+;0.7 + =9;=7. 7=@ 7 +?<1 8+;1M =01 D1 =6= 8+>9.>1<9>. @+@.0 < 7 + 7+?<1
9.8+;0.B<1 >-A=: 1 =>0-G+<1 9.8+;0.B<.8 A=?60<-;.8 =C=?=8 ;16.;+ >: .>+0 <1 60E
>-A=: + =;1F.=<1 9.8+;0.7 1 9160@+<1 9;1C.: <=9;. <+81 :.>+0 9+ 9>=;0: 7
1 <.D >-A=: - .
D1-9;16. 9+ - 9;1C.: <.7+8 A=: =G17 - 91 <.G=8 +<+0/.7 =8 <+/?+ <1 =C=?- ;= 7 +9; - =C=?-
@+@.01 91? 7 + 9.8+;0.7 1 -A0=A1@I+<1 .1>= =9<=6<1 9;0->;-01 =9;17 + 9.8+;0.B<1

257
 6= . ;0+I+/A=0+,+<7 1 18.@: 718= 9160@+<- >-/: - .9A-<7 +<- 6=?+<=8 A10=8 <1 60: =
6.9=>=7;+8A+01;-0. .8+;0.71 9160@+<1 >= ?=A-9;.8= ?1 9+ 9.9;+8 E: 1?. A=9:+ <+>=/
60+8+<1 .81I+8= C10- 6=?+ A= >=7 =7I+ A: =6.;. . <+@;= : +?1 1 .D<1? ;=/1 =9;1I+ .A1> .
81: = D1=9;1: + 6=?+<+ A10+ .8+;0.71 7 + 9196.8 -A0=A1@I+<1 <17 7
+?<=9;16<.7 .8
E:1,+<7 +8 >=7 + 7 + ?=A-9;.: = ?1 9+ .9A=:7. ?+7 9;6= 9.:+ ;+G+ +,-;.8 - 0179.8+;0.7 + =61
>-/:1 9+ .A1> 8=G+ 601;.;. ;1>= @;= I+8= 7 + <1A0=9;= D1/0+7 1;.
1>:+ A0+ ./91 9.8+;0.7 1 . 96+ ?=91?<= =9:+ ./91 9: =G+<=9; . -DC-,+<7 + 1?
9:+?+I. A-; ?./<+;+ A=/: +? >1 <=I<=8 <+C- ;0+C1: = C. ?1 C-?+;+ 96+9<. ?1 7 + 916A0=9;=0
.9A-<7+< ;.8 ;17 <=6.;.8 ./9=6.8 -;.F17 +8 >=7 . 7+ >1G+ <18 ;+=0.7 1 ?=6+= ?= 96+ =6+
9:=G+<=9;. 96+;1 >=7 . <18 7+ A=D<1; . >=7. 6=: .8=
1? D18.9: .;+ M=08-: + A----E >=7 + ?17 - ;1B<1 A0+?6.,1<7 1 . A=;60?+ =?:.>1 01D<.E
B+9;.F1 . 9.:1 .D8+0+<.E - +08.: 1C- . ?0-/.8 : 1C=01;=0.7 181 - ?+6+?+9+;.8 /=?.<181
1? - ;+ M =08-: + -/-018= 60+?<=9;. D1 0+1>F.7 + >=7+ ;+> ;0+C1 =C16.;. A0. 8<=/= 6.@.8
+<+0/.7181 ?=C.7 +8= /=8.: - >=7+@;10.71 : . ( 1E1 >= -01B-<18= . ./9=6= A=: 7+ ;.8+
8+<7 18= ;+=0.7 - ?=6=: 7
<= ?1 9+ ?=C.7 - 01D-8<. 0+D-: ;1;. . A0. + ./9 9A19161 9;610
9A19161 <18 9;1<?10?<. 8=?+:. 96+ 60: .<+ <7 +/=6+ 1 : . 96+ =6= ?=>1D-7 + ?1 7 +
9;1<?10?<. 8=?+:.9;.<1' 1 <+ < 7+ <1A0=9;= <17 C=: 7+ @;= 9- ;+=0+;.B10. - 9;1<7 - ?1
-01?+ =/.<7 17 +: ->16.7 1

1B<.7 + = <.B+8- 9;10.8 ?1<.81 - 1>96+: =6= ?=C1 M .D.B10.81 9+ B.<.: = ?1

8=017 - .81;. <+>. 8+?.7 -8 >=7 .8 C. 916 A0=9;=0 C.= A0=G+;N >0=D ;178+?.7 -8 C. 9+
A0=9;.01:. ;1:
19. 96+;: =9;. . ?0-/1 +: +>;0=81/<+;<1 ;1: 191<7 1 1?+<-: . 9- 8- <1D.6+;+0 .
=?0+?.:. 9- >=7 + =?: .>+ 8=01 ?1 .81 ?1 C. 8=/1= =C16: 71;. 96=7A=91= ;+0 7 + -7 +?<= ?1=
. 7+?1< 1A9=: -;<. >==0?.<1;<. 9.9;+8 <19A018 >=/1 7 + C.: = 8=/-I+ .D8+0.;. C0D.<-
96+;:=9;. 7 <@;17 <- 7 + 2 9.<-: =2 ?1 7 + +;+0 <+A=;0+C1< ;=610 >=7 . 918= =A;+0+I-7 +
19+:7
+<- 1? 9+ 6+I>1B.8= 91 7 +?<.8 8<=/= =C=G161<.8 9;10.8 >=<F+A;=8 1 ;= 7 +
=<1 2A01D<.<12=<= 2 <.@;12>=7 +7 + .D8.9: .= .:. =;>0.= +8=>0.; 1<19 7 + A01D<.<1 D1 >=7 -
9+ >=0.9;. <1D.62 61>--89>= 9;1<7 +2- A0+?<7 +8 . - 90+?<7 +8 ?+: - <1->+
1>--89>= 9;1<7 + 919;=7 . 9+ =? =<.E =C: 19;. >=98=91 /?+ <+81 C1@<.>1>6+ 81;+0.7 +
. /?+ <+81 <.>1>6+ +<+0/.7 + 1 <. .8A-: 91 <= 7 + 2 <.@;1 C1@ <.@;12 G+7 89 7 =0>+<
/=6=0+I. = ;=8 9;1<7 - >1G+ ?1 7 + C.= - .9>-@+<7 - ?1 -01?. - M .D.F. =<= @;= 7 + G=< +7 ?G
=E< #1/+ -01?.= - 8-D.F. ?1 A-C: .F. =?96.01 B+;.0. 8.<-;1 . ?61?+9+; ?6+ 9+>-<?+
<.B+/1 .@.<+ ?-9;1= 7 + 918= D1;= @;= 9+ A: 1@.= >1>= I+ 0+1/=61;. A0+?9+?1617 -I. <1
;=7>=<M +0+<F.7 . +9; ?1 7 + ;17 7 =0>+< 9;0-B<7 1> D1 61>--89>= 9;1<7 + = B.7 .8 =?: .>181
8<=/= D<1 1: . <. C:.D- <.7 + ;2-M ;- >=7 . = C1@<.B+8- D<1 7 =@8<=/= 6.@+
-G<. ?+= A0.B+ 7 +9;+ ;= @;= 7 + ?+6.B1<9>1 F+: =6.;=9; 61>--89>=/ 9;1<7 1 >1=
>=<F+A;1 ;1>= ;+@>= D1C0: 71<1 B+>17 ;+ 918= ?=> ;= ?=D<17 - +>=: =D. 01?=8
;+=0+;.B101 - ?61?+9+;=8 6+>- ?1 91? ;- 6: 1?1 9;01@<1 /-G61 <+=A.9.6= 9: =G+<.7 1 <+/=
@;= C+@+ =?C1B+<. +;+0 ?+6+;<1+9;=/1 6+>1 + /=6=0.8 ;- 918= = =<.8 16+;.81
6.0;-+:<.E B+9;.F1 >=7 .E .81 ;1>= 8<=/= <+/= . = ./9=6=8 A=: 7- B.7 + A-<+ 01D8+0+ 7 =@
<+ D<18= 1 C. ./9=6= A=: 7+ 01?.: = 96=7A=91= 8=01 ?1 A=9;=7 . . ?1 9+ - =A.;.81
A=>1G+ C10 7 +?<1 ./9=61 B+9;.F1 +: +>;0.B<= <+-;01: <1 <1 C. 8=/: 1 C.;. 918= 60E
:+?+<=/ C0+/1N8=/1= C. A=9;=7 1;. B.;16 7 +?1< D==: =@>. 60; ./9=6.E C=D=<9>.E >61<;1 .
;+> 96. =<. D17 +?<= ?=60@.: . C. =A.9 =6=/<=6=/+;+01 B./: +?<= =6?+ 9- <1 ?+: - <=6+ 9.: +
. <=6. A0=F+9. <= 81: = @;= D<18= 8=G+8= 0+D.8.01;. =61>= C10 <+>+ =? B+9;.F1 >=7 +
A0+?9;16: 717- ./9=6 +;+0 8=017 - .81;. 9A.< 7 +?<1> <-: . 8=017 - C.;. C: .9>= 1: .
;171<9;6+<= A=6+D1<+ 91 819=8 . 8=017 - 9+ .9A=: 7.;. <1 ;+8A+01;-0181 >=7 + 9- 016<+
+<+0/.7. 81<7 =7=? + 81 <+9-/: 19.F1 =>= 8=/-I+ 9;0->;-0+ ./91 +?<1 @>=: 1
8.@: 7
+<7 1 >1G+ ?1 7 + ./9 ;+8+: 7<1 B+9;.F1 : . <+>. ?0-/. : 7-?. 8.9: + ?1 7 + ./9 91/01,+<
=? <+>.E <=6.E A0+?8+;1 <1: .> <1 >610>=6+ >=7 . C. 7+?<=/?1<1 ;1>=,+ 8=/: . C.;. 6.,+<.
- :1C=01;=0.7 . 0+I. ;1C=0 7 + D1.<;0./.01< =/0=8<=8 819=8 >610>1 60E . 8.9: . ?1 C. ./9
8=/1= C.;. 91/01,+< =? 7 +?<=/ >610>1 60E . 7 +?<=/ >610>1 1<;.?<= >=7 . 9- - 6+D1<=8
9;1<7- +> I+ <18 A=?1F. 0+I. >= 7 + - A016- 8+,-60+8+<- =9;17 + <18 ?1 9+
D1A0+A1@I-7 +8= >1>= ;= -=A@;+ -9A+618= ?1 6.?.8= .7 +?<- D6+D?-

258
 =6. +;+0 7
+ ?1>: + 0+M +0+<;<. =>6.0 D1 +<+0/.7- - =6=8 9: -B17- A=;+<F.7
1:<- +<+0/.7 -
18 ./9 <+ 8=G+ ?1 =C7 19<. . ?0-/+ >0E=;.<+ . 01D<= ;+=0.79>= 98+I+ >=7+7 + .9;=610+<=
- 61>--8 1G?109>+ ;+=0.7 + .D0-B-7 - - 61>--8 01D<+ 96=7 + D1E;+6+ >=98=: =D.
.9>=0.@I1617- 2:1G<- +<+0/.7 - 61>--812 1 ;=>=8 01D6=7 1 19+: 7
+<+ ;17 .9;. 61>--8
-9A+61 . ?1 9+ 019;+G+ . @.0.
=6+> <1A0=9;= B+D<+ ?1 9+ A=7 16. <+>. <=6. 7 <@;17< >=7. C. - 7+?<=8 <1?1E<-;=8
-6.,1<7 - ?=>-B.= .9;.<- . 601;.= <18 =<= <1@+ ?.6<= <.@;1

, &

<1B. ./9 7+ <+@;= 6+=81 ?=C0= 1 D1@;= =<?1 <.7 + . =A@;+A0.E61I+<' .;+0 ./9
>=7 . 7+ ;=7 B+9;.F. A=D17 8.= 96=7 + A0+D.8+ <+ 96=7 =8 6=: 7=8 91? 01?. <1 ?0-/.8
9;610.81 +:;81< 7 +?1< =? 10E.;+>1;1 ./9=6+ B+9;.F+ >1G+ ?1 7 + =<1 ;+A.E A=? >=7 .
<19;=7 .8= ?1 A=8+;+8= 961 96=7 1 <+D<1<7 1 ": +@=- 7+ 7=@ <+-/=?<.7 . =< >1G+ ?1 7 +
./9=61 B+9;.F1 >: =D+; - >=7 . 8. C1F18= 96+ @;= 7 + - <1@.8 ;+=0.7 181 <+-91/: 1@+<= 1
=<?1 A=6-B+8= 6=?- =9;=7 . . 7
=@ 7 +?<1 A0.8+?C.F1 8=G?1 7 1B1 =? 96.E ;.E =9;1: .E
>0.;.>1 <.7 + <1,+< 7 =@<.7 +?1< C1@<. <17 81<7 . ?=>1D= A=9;=7 1<7- ./9=6+ B+9;.F+
1>= C. B=6+> 8=/1= ?=>1D1;. ?1 ;= A=: 7+ A=9;=7 .' ./9 C1@>1= . V V# .: . 9:1C1
9.:1 .81 96=7 - B+9;.F-(<=9.=F1 1 ;= 7 + ./9=6 C=D=< =>1D1;. ?1 ./9 A=9;=7 .' 1
?=6=: 7 <= 7+ A0=<1I. ;17C=D=< ;1<?10?<. 8=?+:A0.>: 1?<= 7+ 9<1G1< ?1 <18 >1G+ ?1 =?
96.E ./9=6.E B+9;.F1 >=7 + 8=G?1 A=9;=7 + 1 8=G?1 A=9;=7 + 8<=/+ =<1 91 <17 <.G=8
819=8 8=01 ?1 .81 2 ;+G.<-281<7 - =? + 1@;=' 1;= @;= 1>= C. ;1 ;+G.<1 .D<=9.:1
+ .: . 6.@+ 9;1<?10?<. 8=?+:C. A=9;1= <+-91/: 1@+< A1= C. - >0.D- 7+?.<9;6+<=9;.
./9=6= A=: 7
+ 9;1<?10?<. 8=?+:. <1@1 A0+?9;161 = ;=8+ >1>= 7 + =/.<7 1 <1A016.: 1
19+: 7 +<- 96+ ;+ ;0. 9;610. D16.9+ =? =;>0.61<7 1 ./9=6=/ C=D=<1 1G1:=9; <1 A:1<+;.
+8: 7 . <+ A=9;=7 . <.7
+?1< 1>F+: +01;=0 >=7. C. .81= ?=6=: 7<= +<+0/.7 + ?1 <1A016. B+9;.F-
;+@>- +
. C.9;+ 8+,-;.8 8=/: . ?1 .D/01?.;+ 7+?1< ;1>161>F+: +01;=0

"=?.<+ 3! 8. - +08.: 1C- C.: . 98= ?= /-@+ D1-D+;. A=9: =6.81 =>= .D/01?<7 +
+61;0=<1 . >=: 17
?+01 A0=;=<5 1<;.A0=;=< 1016<= ?1 98= .D6+9<- A1G<7 - A=96+I.61: . .
?=/1,17 .81 - =9;1: =8 96+;- 1 <10=B.;= 98= A1D.: . <1 # (=6- A=;01/- D1 4 B+9;.F181
A=D<= A0=: +I+ ;+ /=?.<+ 6+I 98= A=B.<7 1:. 91 A=-D?1<7 +8 6+0=61;. ?1 I+ <1@.
9-A+0A0=6=?<. 81/<+;. -9A+61;. - 96=8+ 01?- . ?1 .E 7 + 8=/-I+ 819=6<= A0=.D6=?.;.
;1>= ?1 961>. A=7 +?.<. =?/=6101 60: = 9;0=/.8 9A+F.M .>1F.7181 1;= 98= A=B+: . 6+0=61;. .: .
C10 3 Y 6+0=61;. ?1 C. . +<+0/.7 + - C:.D.<. + >=7 + 9- ;+001 .<F=/<.;1 .:
=7 + 9;=/1
6+I;1?1 01D-8<= -A-9;.;. 9+ - 01D8.@: 7 1<7 + = 2 9:+?+I=781@.<.2 >= D<1 >=7 =7( <1.8+ =
<+>=7>=7 1 C. 8=/: 1 C.;. .D/01,+<1 A=9: + <1@+/ +61;0=<1 <1 C. .81: 1 7 =@6+I. A09;+<
91B.<7 +< =? 9-A+0A0=6=?<.E 81/<+;1 :. /=?.<+ 3! C-?-I<=9; ?1: 7+/ .9;01G.61<7 1 <1
A=: 7- +:+8+<;10<.E B+9;.F1 - =6=7D+8: 7. C.:1 7 + A=? E.A=;+>=8 961 -C1B+<1 - C=0C- ?1
=A9;1<+ 7 +?<1 81@.<1 - : 1C=01;=0.7 . - 0->E+7 6+<- .= 7+ ;= <1@ A0=7 +>; 2D1C+: 12
>=: 17?+0 A0=;=<(A0=;=< >=7 . 7+ ;0+C1: = ?1 A0=01?. 7 =@ 3! /=?.<+ 1: . 7
+ >19<.= DC=/
;+E<.B>.E A0=C: +81 8+,-60+8+<- 7 +M 0=<; <1-B<=/.9;01G.61<7 1-M .D.F. =;.@1= ?1: 7+
1 /=?.@<7 +8 919;1<>- >=0.9<.>1 +08.: 1C1 - 817 - 3! 7 1 918 9+ A=9: + =C16+D<=/
.D6+@;17 1 = 9;1<7 - :1C=01;=0.7 + =?61G.= . ?1 <1/1,18 = C-?-I<=9;. <1@+/ A=: 71 01?1
=9=C.;= <1 2 +<+0/+;9>=7/01<.F. =? + 2 1A=8+<-= 918 ?1 I+ 10: = -C.7 1 >=7 .7+ 6+I
;1?1 C.= <17 -;.F17 <.7. - # (- -9>=0= 2 A=A: =B1;. ;-<+:9-A+0A0=6=?<.8 81/<+;.81 2
;17 (=6 ;-<+: <+>.E )T >.: =8+;101 - =C.8- 91?0G1= 7 + ;1?1 918= >=<6+<F.=<1: <+
81/<+;+ >=7 . 9- 9: -G.:
. >=: 17?+0- +H+( 1>= =/0=81< =C.8 A09;+<1 C.= 7 + (-
A=;0+C1< ?1 C. 9+ 981<7 .:
. /-C.F. +<+0/.7 + +: +>;0=<1 1.8+ +: +>;0=<. D01B+ +<+0/.7 - .D
9+C+ >1? .E 81/<+; A0.9.: . ?1 : +;+ A= >0-G<=7 =0C.;. ;= D1A18;.;+ @;= 81<7 .
A=: -A0+B<.> =0C.;+ ;= G+@I+ A=9;17 + D01B+<7 + 1;= 7 + # (=61 81@.<1 >=0.9;.: 1
9:1C1 A=: 71 1: . 7+ .81: 1 6+: .>. A=:-A0+B<.> .8+ 7 + A=9;1: 1 .?+1: <1 . D1 -C0D161<7 +

259
A0=;=<1 >=7 . D1;= @;= .817 - 6+: .>- 819- D01B+ 60: = 81: = +<+0/.7 + 1:+>=6.?.
>=<9;0->;=0. (1 9./-0<= 9- ;= .81: . <1 -8- >1= 8=/-I- >19<.7 - -A=;0+C- 6+: .>=/
;-<+: 1 1>61 81@.<1 C. 91 9-A+0A0=6=?<.8 81/<+;.81 : 1>= ?=9;./: 1 O + - 7 +?<=8 .
O + - ?0-/=8 98+0- =?<=9<= + - 9-?10- +?.<= 91 B.8+ 9- 7 +?.<7 +<+
8+0.B>+ 0G16+ 8=/: + .D.I. <1 ;1>8.B+<7 + =9.8 +61;0=<1 >=7 . 7+ ?=E61;1= ) + C.: 1
7+ C=: +@: 7.61 2D1C+: 12>=: 17?+0 =? 918= P "+ ;= 7+9; ! + ->-A<= 81?1 7 + <-?.=
60:= 6+: .>. C0=79-?101 - 9+>-<?.
;./: = 7 + . : +;= 3!) /=?.<+ ;.F1= 9+ -;.91> ?1 I+ . +08.: 1C=6 A0=/018 91
9-A+0A0=6=?<.8 81/<+;.81 . # (=6>=: 17?+0 A0=;=<(1<;.A0=;=< C.;. -9A+@<. 1? 9- 9+
18+0.B>. M .D.B10. 6.9=>.E +<+0/.7 1 =>-A.: . - <=-8+9- - =: =01?- - 16/-9;- ?1 019A016+
= 9;1;-9- . C-?-I<=9;. <1@+/ A=: 71 A=6->1= 918 96=7A=;+D ?0G1= 918 /=6=0 A=?
<19: =6=8 2 1@.<1 - A-9;.<7 .2- >=8+ 918 A0+?: =G.= ?1 <1@1 D17 +?<.F1 =DC.: 7<= 01D8.9: . =
8=/-I<=9;. ?1 >1= 96=7A06. A0.=0.;+; D1 C-?-I<=9; A=9;16. .D/01?<7 - 7+?<=/ =/0=8<=/
<=6=/ 1>F+: +01;=01 D19<=61<=/ <1 2 ?=>1D1<=7 2 ;+E<=: =/.7. 9-A+081/<+;1 ;1>= ?1
<1E0-A.8= - =C: 19; .9;01G.61<7 1 8191 =? + .: . 6.@+ 17 ?+ ?1 9+ A0.9+;.8= ?1 C.98=
A0=.D6+: . B+9;.F+ B.7 1 C. 8191 C.: 1 + >610>=6. >=7 . -:+;+ - B+=<. 9-?10 8=017 - .81;.
C10 ;=: .>- +<+0/.7 - 1 ;= D<1B. ?1 A0=;=<. >=7 . - 9+C. <=9+ >610>=6+ 1: . . /:
-=<+ 8=017 -
.81;. 8<=/= 6+I- +<+0/.7 - =7 1 7+ A0=F+<1 /=?.<+ 3!) C.: 1 ?1 C. + - 7 +?<=8
D01>- . + - 9-A0=;<=8 D01>- ;0+C1: = ?1 C-?+ ?=6=: 7<= ;0=@>=6.81 .D/01?<7 +
=?61: .= 918 <+>- A0=F+<- A=;A-<= 2 =? =>12 N1: . 918 9+ =9: =<.= <1 7 +?1< B609; 10/-8+<; (
<1.8+ ?1 7 + ./9 ;=: .>= A0.6:1B<1 9;610 ?1 <1A0=9;= <+ 8=G+8= =?=: +;. ;1>6=8 <+B+8
<=-8+9- 9+ 01D6.: 1 -8+0+<= G.61E<1 019A0161 = 2-9;.<7 1;0=<-2 >1>= 9- /1
=?81E <1D61: . 18.91= 7 + C.: 1 ?1 ;1>= =/0=8<- 81@.<- 8=G+8= ?1 .D/01?.8= 918= <1
<+>=7;+0.;=0.7 . /?+ <+81 9;1<=6<.@;61 <.;. 7 + D+8: 7
.@;+ 9>-A= <.;. .81 C0?1 . ?=: .<1
=/0+@.= 918 -;=: .>= @;= 918 7 1 /01?9>= ?+;+ 7-7=0B1<.< 7 1 >=7 . 918 A01>;.B<=
=?019;1= - 8+;0=- 9196.8 D1C=016.= >=: .>1 7+ 8=I?-C=>=/=?: 19>1 A=? D+8: 7- 9;=0.7 1
8. 7 + A=9: + -;0:71:1 ;- A=/0+@>- - <=9 +8F. .D/01?.@+ 96=7 - 81@.<- .9A=? /-9;=
<19+: 7+<=//01?1 18C-0/1 <. - # (- D16->=@+ ;-<+:A=? A: 1<.<+ -0+
=>-@161= 918 ?1 919;16.8 <+>1>6- >=1: .F.7 - 96.E 18+0.B>.E : 1C=01;=0.7 1 ?1 C. =<1
A=?0G1: 1 =6- D18.91= # 9+ -6+> D1: 1/1= D1 -C0D161<7 + +: +>;0=<1N 0->E+7 6+< 9+
=B17 <= C=0.= ?1 =?0G. 2D1C+: -2- G.6=;-N<1 =0<+: - 7 + 7+?<1 G.61E<1 . 60: = <1?10+<1
?0-G.<1 A=>-@161: 1 ?1 -D?./<+ 96=7 - 81@.<- D1 +: +>;0=<+ ?= 7 +?<=/9;1<7 1 >=8+ 9- ?1: .
<1D.6 # 1 918 8=7 =72 A-9;.<7 9>=781@.<.2?1= <1D.6 2: +08.E+7 6+< 2?1 C.E
<1D<1B.= ?1 7 + ;= A0=7 +>1; >=7 . C. =C7 +?.<.= <1A=0+ 96.E <1@.E : 1C=01;=0.7 1 .1>= 9+ =<+
.D8+,- 9+C+ G+9;=>= ;1>8.B+
+I- <+@;= 8<=/= ?1 A0.B18 = A=: .;.F. <1->+ 1: . +6= @;1 7 + C.: = /=?.<- ?1<1 A-<=
01D<.E ;01-81 1 =<?1 M =081: <1 A0+A=0->1 D17 +?<.F+ 18+0.B>.E M .D.B101 ?1 ;0+C1 <1A-9;.;.
2D1C+: -2 >=7 - 9- A0+.8+<=61: . - # @;= C. C.: 1 9>01I+<.F1 D1 1>F+: +01;=0 D1 9-?101<7 +
D01>1 ( F=: :
.?.</ C+18 1FF+: +01;=0 1 : =6- A0+-98+0.;. - -9;.<7 1;0=< >=8+ 7 + ?1; <=6.
<1D.6 9-A+0A0=6=?<. 9-A+0>=: 17 ?+0 . =?0+,+<1 9<1/1 =? A= ) + - =C1 D01>1 ->-A<=
P + .9;= 60+8+ ( - 7 -:- 3!* /=?.<+ ( +08.: 1C=6 <=6. 1>F+: +01;=0 .D.@1= 7 + <1
A06+ 9;01<.F+ <=6.<1 D1;= @;= 7 + -C0D1= A0=;=<+ ?= 0+>=0?<.E O ) "+ =9:+ =6=/1 C0D=
9- ?=@: . . ?0-/. -9A+9. 1 A0.C: .G<= /=?.<- ?1<1 >19<.7 + +61;0=< 9+ A=A+= <1 3 "+

"=?.<+ 3!$ A0+?: =/ D1 9-A+0>=: 17?+0 C.= 7+ 9A0+81< ?1 C-?+ A=?<+; A0+?9+?<.>-
7+?.<7 +<.E 8+0.B>.E 0G161 =<1: ?- +/1<- =<1:? +1/1< <1 =?=C0+<7 + =@;= 918
C.= ?.0+>;=0 +08.: 1C1 7+?1< A=8=I<.> 8.<.9;01 D1 +<+0/+;.>- A.;1= 8+ 7 + 8=G+8= : . ?1
<1A016.8= 7 +?<- >01;>- 6.?+=(A0+D+<;1F.7 - D1 A0+?9+?<.>1 17A=8=I<.> 7 + 981;01= ?1
C. ?+9+;=8.<-;<= .D: 1/1<7 + = M.D.F. 6.9=>.E +<+0/.7 1 C.:
= >=0.9<= >1? 9+ = =6=8 A0+?: =/-
C-?+ 019A016: 7
1:= <1 919;1<>- 6: 1?.<=/ >1C.<+;1 1>= D1 ?+9+; 8.<-;1 A0+<+;. 7 +?<=8
A0+?9+?<.>- ?=6=: 7
<= D<1<7 1 = M.D.F. 6.9=>.E +<+0/.7 1' =@61G<.7 + >1>= ;= A0+<+;. =6=8
A0+?9+?<.>-' =9: + A=A0.:.B<.E 8->1 . ?6=-8.F1 =?: -B.:
. 98= 9+ D1 9F+<10.= - >=8+ <+>.
90+?<7 =@>=:F. ?=:1D+ - A=9+;- <1@=7 : 1C=01;=0.7. 8. .E 6=?.8= - =C.: 1D1> ?1 6.?+
81@.<+0.7 - =<. A=9;16:717- 8<=/= A.;1<7 1 . ?=C.717- =?/=6=0+ >=7 . 9- A0.:
1/=,+<. <7.81

260
 0+?9+?<.> I+ 96+ ;= 9: -@1;. . /: +?1;. A1 I+ 8=G?1 9E61;.;. = B+8- 7 + ;= - M .D.F. 6.9=>.E
+<+0/.7 1 0+B 1;= 98= 9;610<= A=D61: . <+>+ >: .<F+ .D=C: .G<7 + @>=: + +>+ 98= -<1A0+?
A=?-B.: . 918= 81: = @;1 ?1 /=6=0+ 1 =9;1: + 98= A-9;.: . ?1 C-?- 9A=<;1<. <.8.: . 98=
<+>.E ;0.?+9+; 8.<-;1 M .:
81 =<?1 98= ;= 9>01I.61: . . 9>01I.61: . ?=> <.98= .D?6=7 .:.
<17 C=: 7.E B+;0<1+9; 8.<-;1 1@B=6+> D1 6+D- - 1@.</;=<- -A=D=0.= <19 7 + <+ 6.@+ =?
?+9+; 8.<-;1 19A=< A1G<7 + ;1>= <+@;= 1;= 98= 9>01I.61: . 7=@. =;A0+8.: . A=@.: 7>- 91
?+9+; : -F.?<.E 8.<-;1 6.9=>=+<+0/+;9>+ M .D.>+ D1 ,1>+ ?0-/=/01D0+?1 90+?<7 + @>=: + 61(
;0. ?1<1 >19<.7 + 9;./<+ <18 0+1>F.7 1 R -6.@+ 9: =G+<= .7 + <. C: .D- R
;1 91?' 0+-0+?.: . 98= ;=<9>. D1A.9 <1 ;17<1B.< @;= 98= .DC0.91: . 961 A.;1<7 1 >=7 1 9-
>: .<F. A=9;16.: . .:= 7 + ;- D<1;+ 7 1>.E A.;1<7 1 <?1 98= A-9;.: . ?1 9+ B-7 + /: 19
9;0-B<7 1>1 9<.8: 7+< <1><1?<= >1>= A0+A0.B161 @;1 9- >: .<F. 8=/: . ?1 A.;17 - . @;1 C. .8
C.: = =?/=6=0+<= ?1 7 +9- A.;1: .N1 <1 M .:89>=79: .F. 01?<7 1 7 + =9;1: 1 .9;1 >: .<F. /: +?17 - 1
<1-B<.F. .E 6=?+ >0=D +08.: 1C . A=>1D-7 - =6= . =<= 6=/A-;1 98= 9+ A=C0.<-: . ?1 ;+>9;
C-?+ >0.9;1: <= 7191< . 60: =7 +?<=9;161< 0=6+0.: . 98= <1@M .:8 A-9;.: . 98= <+>+ : 7-?+ >=7 .
9+ <+ C16+ <.>1>6=8 <1->=8 . ;+E<.>=8 ?1 /1 =?/: +?17 - <?1 98= /1 A=9: 1: . 1@;.A -
8.<.9;109;6- A=9;17 1= 7 + <+9;0A: 7.6
A+; 7+ C.= <+ C1@=?-@+6: 7+< R 6= 618 7 + C=: 7+ 1: .7 + . 91? 9-6.@+ 9: =G+<= R
=9;17 1= 918 6+IA=81: = <+06=D1< .= 7 + - =A19<=9;. <+ 918= 9-A+0>=: 17 ?+0 <+/= .
8=7?.0+>;=09>. A=: =G17 + <=I. 918 9+ ;0/1= .D 9<1 =>= * 91;1 -7 -;0= 91 C: .9;16=8
.?+7 =8 :+?+I. M .:8B.I .D/: +?1I+ =61>= 8+0F+?+9 9+ D1-9;16: 71 A0+? -: 1D=8 -
:1C=01;=0.7 - .D: 1D. 7 +?1< =;8+<. /=9A=?.< =? =>= A+?+9+; A+; /=?.<1 A.>+0 9+ B-7 +
R A=D<17 ;+ 9-?.7 - .: 6+9;+01 +;7 -91 .D +;0<1+9;=/ M +?+01: <=/ =C: 19<=/ 9-?1N=< ?=: 1D.
- A=9+;- 7 +?<=7 6+: .>=7 ?0G16<=7 .9;01G.61B>=7 : 1C=01;=0.7 . R <?1 2 9-?.7 12=C7 1@<7 161
96=7 .8 ?=81I.<.81 1 ;= 7 + ;0=7 + <1-B<.>1 ?1 9+ ?=9+: .= - 9-9+?9;6= . ?1 961>. ?1<
A0=: 1D. >=: .81 ;-?1 >1? .?+ <1 A=91= - 9-? A=@;= B.;1 = <1@+8 01?- - 2.>1/=
0.C7 -<-2. D<1 ?1 01?.8= <+@;= 91 2 6=: ;.812. 2 1;=8.812 1 M .D.>- <.>1?1 <.7 + -B.=
01?=D<1= 7 + ?1 91D<1 @;1 9+ ;= =6?+ 01?. = 0+>16@. 2 9-?.7 12-: 1D. - D/01?- . D1E61: 7-7 +
?=81I.<.81 @;= 8- A=96+I-7 - 96=7 + 60+8+ =6=/1 7 -;01
=71 D18.91= C.: 1 7 + ?1 I+ 9+ A0+?9+?<.> A=.9;=6+;.;. 91 7 +?<.8 .<;+: ./+<;<.8 : 1.>=8
>=7 . .81 ?=6=: 7<= A=-D?1<7 1 - 96=7 - : .B<=9; ?1 : +A= >1G+ 7 19<= . /: 19<= ?1 <+@;= <+
01D-8+ 0+=9;17 + 7 =@ =918 . A= 8.<-;1 A0+D+<;1F.7 + .D.B10. A0.B17 - 9-?.7 1 .E B+9;=
A0+>.?1 . ;01G. ?1 =<. ;= =C7 1@<7 1617 - 81: = 9A=0.7 + . ?1 01D7 19<+ =6- .: . =<- A=+<;- 1? 7 +
6+I .9;+>1= F+= ?+6+;. 8.<-; 2 9-?.7 12.9A0-G. : +6- 0->- A=/: +?1 <1 0-B<. B19=6<.> .
D1E61: . 9+ 8: 1?.8 <1-B<.F.81 : 7-C1D<= <?1 91 9;.?: 7.6.8 =98+E=8 >1G+ R <1;+ 7 1-
9;610. <.918 01D-8+= 6+I.<- ;=/1 @;= 9;+ 8. A0.B1: . 1: . 918 =9+;.= 61@+ =?-@+6: 7+<7 + .
6+: .B1<9;6+<=9; 61@+/ ;01/1<7 1 D1 D<1<7 +8 +>1>= 8+ ;= A=?9+I1 <1 =<= >1>= 7 +
.9;01G.61<7 + 18+0.B>=/ 1A1?1 8=01: = .D/: +?1;. 7 +?1< 7 1E1B 918 1 A0+? <7 .8 =/0=8<1
<+.9A.;1<1 D+8: 71 R 1 7 1 918 <1A.91= ;=
1? 7 + =617M .:8B.I?=9A+= - 1@.</;=< 8.<.9;0=6A=8=I<.> C.= 7 + =B101< R 9A+: . 9;+
-A+0?=C0= 0161 9;610 : 7-?. 8=7 . .I+ A0.>1D1<= - +8A +7 6.?- =6=/6.>+<?1 R
1 6+: .>.8 =: 1>@1<7 +8 =;.@1= 918 <198+@+< <1 9A161<7 + 1: . 918 9+ A0=C-?.= - P
-7 -;0= 916- E: 1?<=8 D<=7 - +@;= <.7 + - 0+?- +@;= 17 +?<=8 918 D<1= @;1 .918
9;./1= ?1 >1G+8 8.<.9;0=6=8 A=8=I<.>- ?1 7 + ;17 2 9-?.7 12 D1A016= 918= /: -81F
-<17 8: 7+< .D .>1@>+ /: -81B>+ C+0D+ 01?1 C1@;.E ?1<1 A0+?9+?<.> 7 + .81= A0=C: +81
D1;= @;= <.7 + -9A+61= ?1 A0=<1,+ 9-?.7 - >=/1 C. 8=/1= ?1 <1.8+<-7 + - 0E=6<. 9-?
1 ?1 ;= . =</0+9 =?=C0. ;1 1>= =< >1? 6.?. M .:8 0+60;1= 918 9+ A= >0+6+;- .
A0+D<=7 161= 96+ ?=> <.7 + C.:= ! 91;. - 1@.</;=<- =9: + ;0+I+/ C.01<7 1 C0=7 1 ?=C.7 +8
B=6+>1
R -7 ;+ =<17<1@M .: 8 R
R1 918 618 0+>1= ?1 7 + =?: .B1< R
R: . 8=018 >1D1;. ?1 R
R =C10 7 + <+ C0.<.;+ +I7 + <1 A-;- A0+81 +8A +7 6.?- R
R +>17 ;+ R >0.><+8 7 1 R -7 ;+ 8+ <179-?.7 1 .7 + ;= A016. 9-?.7 1 = 7 + 918=
/: -81F ;1 1>= A0+?9+?<.> A=G+: . ?1 01D/=6101 9 <7 .8 ?1 /1 A=D=6+ <1 01D/=6=0 - +: -
-I- 17/: -81F .D/: +?1 ;1>= A18+;<= ;1 1>= A0+?9+?<.> R -/1 A1-D1
R 0E=6<. 9-?'R
R E1 R

261
 1-D1 =<?1 A=?98+@: 7.6= M 0>;1<7 + R -7 ;+ 1>= 7 1 >1G+8 A0+?9+?<.>- ?1 7 + ;=
/: -81F =< I+ /1 ;+> ;1?1 9./-0<= <1.8+<=61;. - 0E=6<. 9-? R
9>=0= A=;=8 A0+?9+?<.> 7 + =?=C0.= 9-A+0>=: 17 ?+0 0+81 ;60,+<7 - <=6.<101(
>=: -8<.9;+ G=0?G1 .: 1 "+=0/+ 4.: : 019A0161 = ;=8 A0+?: =/- C.: 1 7 + >01;>1 1 ;=8
919;1<>- >1C.<+;1 A0+?9+?<.> 7 + B-= @;1 .817 - ?1 >1G- <7 +/=6. 8.<.9;0. 1 =<. 9- =;A0.: .>+
- 7 +?<1>=8 C0=7 - C.: . D1 9-A+0>=: 17 ?+0 . A0=;.6 <7 +/1 <?1 7 + +/1< <16+= 0+B. 7 +?<=/
B-6+<=/ 01/C.9;+ R 1F17?-C=>= R 6. 9- A0+;A=9;16.: . ?1 ;= D<1B. R B.<.8= ;=R 1>= 7 +
9-A+0>=: 17?+0 A=9;1= <1F.=<1: <1 A=: .;.>1 8+0.>+
=>=8 9: +?+I.E /=?.<- ?1<1 60: = G.61E<= 7 + ;01G+<= 8+9;= D1 9-A+0>=: 17 ?+0 >=
;=/1 9- 9+ 1</1G=61: + 8<=/+ =A@;.<+ - 8+0.F. . 1<1?. +@;= - =6=8 A0=7 +>;- >1= ?1
7+ -DC-,.61: =: 7
-?+ 18.9: .;+ >1>61 ;= 81@.<1 8=01 ?1 C-?+ >1? DC=/<7 + /01?=<1B+: <.>
1>91E1B.7 1 - +>919- -9;17 + A0+? <10=?=8 ?0G. A: 18+<. /=6=0 . D1>: 7-B-7 + /1 0+B.81
R 61 <1F.7 1 8=01 C.;. A061 >=7 1 I+ <1I. ./9=69>1: 10<. C=D=< R 1> . - ;+: +6.D.7 9>=79+0.7 .
2 1: 192A=8+<-; 7 + 9-A+0>=: 17 ?+0 ( <1.8+ - 7 +?<=8 D1A: +;- G+7 0 -.</. ?0-/. A=?: 1F.
A=>-@1617 - ?1 -<1A0+? =;>-A+ 96+ D+8: 7.@;+ 96-?1 -=>=: = <1@+ : =>1F.7 +
1? 918 A=8+<-= =6- /01?=<1B+: <.>=6- 0+B+<.F- <1 7 +?<=8 919;1<>- 1F.=<1: <+
>=<M +0+<F.7 + /-6+0<+01 C.= 7 + ;= 7 +?1< =? 8=7 .E <+>=: .>= 8.: .=<1 /=6=01 =?0G1<.E -
<19;=7 1<7- ?1 9+ 2 A0=/-0129-A+0>=: 17 ?+0 A0+>.<-= 8+ 7 + /-6+0<+0 +>9191 9A016.= 7 +
8=7 .D/=6=0 0+B. 21>91E1B.2 D/: +?1 ?1 918 C.= A0+>=01B.= -=C.B17 +<= =?9;-A1<7 +
<7 -7 =0@>=/ .D/=6=01 =? ;+>91@>=/ =/ ;0+<1 ->1D1: 1 8. 9+ A0.: .>1 . <.918 8=/1= ?1
=?=: .8 R "=9A=?.<+ 9;610<= 918 9+ ;0-?.=R 0+>1= 918 R ;.@1= 918 7 1 - ;= 8+9;= -@1=
918 - 7 +?1< 0+9;=01< - >=8+ 9: -G+ A: 7+9>16.F+ . D18=: .= >+: <+0.F- ?1 8. >1G+ /?+ 918
1: . 719<= . 01D/=6+;<= =<1 7 + .D/=6=0.: 1 9: =6= A= 9: =6= ( ( ("( ( ( ( (" R +I.<1
/-6+0<+01 <198+7 1:1 9+ <1 =6= +>91@>. <.7 +
"=?.<1 3!T C.: 1 7 + ;0. A-;1 9-A+0 06= 7 + =A1: .: 1 7 +?<1 9-A+0<=61 - +: .>=8
1/+: 1<=6=8 =C: 1>-N <1.8+ =<1 7 + +>9A: =?.01: 1 7 =@ A0+ $ /=?.<1 1: . 7+ ;+>
/=?.<+ 3!T 9./<1:= ;=8+ 9;./1= ?= <1@+ A: 1<+;+ 06. A-; 9- =;>0.6+<. <+-;0.<. B.7 + 7+
A=0+>: = C.:= .D61< -<B+6=/ 9.9;+81 0-/= 9-A+0 C.: = 7 + =;>0.I+ 9-A+0A0=6=?: 7.6=9;. A0.
6.9=>.8 ;+8A+01;-0181 6+; 9+ -DC-?.= A=8.@: 717-I. <1 8=/-I+ ;+E<=: =@>+ >=0.9;.
A06. 81E A=C-,+<+ 9- <1?+ ?1 I+8= -9>=0= .81;. 9-A+0A0=6=?<+ 81;+0.7 1: + B1> . <1
9=C<=7;+8A+01;-0. 7 -?. 9- 9+ -A-9;.: . - 6.D.7 + = 7 +M ;.<.7 =79;0-7 . 6=D=6.81 >=7 . :+C?+ <1
81/<+;<=8 A=: 7
- ?-G A0-/+ . = 8.: .710?. ?0-/.E 8=?+0<.E B-?1 1: . ?1C=8+ . = 8<=/=
7+M ;.<.7 =7 .D/01?<7 . #(1 ( 9-A+0A0=6=?<=/ 9-A+0>=: 17 ?+01 1?1 7 + 7 19<= ?1 9- ;1
=B+>.61<7 1 C.:1 A0+;+01<= =A;.8.9;.B<1 6= : +;1 33* G-9;0= 9+ 01?. <1 .9;01G.61<7 .81 -
=C: 19;. 9-A+0A0=6=?: 7.6=9;. A0. 6.9=>.8 ;+8A+01;-0181 1: . ;- 9+ -/: 16<=8 A=9;.G+ ?-C: 7
+
01D-8+61<7 + 9-A+0A0=6=?<.E 81;+0.7 1: 1 1 ?= 81 >1>6.E >=8+0F.7 1:<.E . A01>;.B<.E
A0.8+<1 .81 ;+> ?1 9+ A0+,+ ?-/A-;
0+I+ 9-A+0 C.: = 7 + ;01/1<7 + D1 ;+0+<=8 /?+ C.98= .D/01?.: . 9-A+0>=: 17?+0
;1>8.B+<7 - 7+ -B+9;6=61= . +08.: 1C -/: 16<=8 D1;= @;= C. +61;0=< 8=/1= ?1 C-?+
-A=;0+C: 7+< >1= .<7 +>;=0 D1 -C0.D/161<7 + B+9;.F1 - /: 16<. A09;+< 9-A+0>=: 17 ?+01N ;17
/: 16<. A09;+< C.I+ ;-<+: ?-/1B1> ->-A<= !O >.: =8+;101 A=6.7 +< - =61: <. 1 <+ >0-G<.
=C: .> =9: + 01D81;01<7 1 96.E +: +8+<1;1 =?1C01<. =?C=0 =A0+?+: .= 9+ D1 1>91E1B.
?: ->1 7 + 91=A@;+<1 - =>;=C0- 3!! <+?+: 7-(?6+ A=9: + =<=/ =/0=8<=/ 919;1<>1
+08.: 1C=6=/ =9=C: 71 <1 >=8+ 918 D1C16: 71= ?0-@;6= 6.F+6.81 - 6+D. 91 =C+: =6=8
<1/01?=8 >=7 - 918 ;1? ?=C.= 1? 98= =?0G1: . 919;1<1> A=;A-<= ?0-/1B.7 . <1 >=8+ 9-
M+08.: 1C=6F. <1;8-0+<= 9: -@1: . 6+9;. . 01D8.@: 71:. = C-?-I<=9;. <1@+ : 1C=01;=0.7 +
1 =6= 7 + /=?.<1 33* . 9-A+0>=: 17 ?+0 9+ /01?. D160@.I+ 9+ 61: 7?1 ?= ) A: -9(
8.<-9 /=?.<1(?6+ +08.: 1C 1/0+9.6<= A=?.G+ <1 6.@. <.6= 96=7 + .<9;1: 1F.7 + ?1 C. A=6+I1=
C0=7 9-?101 A0=;=<5 1<;.A0=;=< ?1 C. .81= C=: 7+ .D/: +?+ ?1 <1,+ >610> 60E . ?1 C.
.9;01G.61= <.G+ =C0=<>+ =<+ 6+: .>+ A: 1<.<+ <1 >=7 - 9-A+0>=: 17?+0 ;0+C1 ?1 9+ A=A<+
1016<= ?1 <. 60=A: 71<. <+ 9+?+ 9>0@;+<.E 0->- 10: = -C.7 17 + A0=6+= ?-G+ 60+8+ -
G+9;=>.8 019A016181 <10-B.61= 7 + 9;-?.7 + D1E;+61= =? >=<9;0->;=01 .D6+@;17 + 91D.61=
919;1<>+ 01D<.E =?C=01 1 =<?1 7 + >1= /+<+01: <. ?.0+>;=0 # (1 ?=<+= =?: ->- ?1
2A=A: =B1 (=6 ;-<+: 9-A+0A0=6=?<.8 81/<+;.812 <+0/.7 - 7 +?<=/ 1>F+: +01;=01
9+;.I+;+ 9+ =?0+,-7 - =C.8 A09;+<1 . 7 1B.<1 81/<+;1 =@;= 7 + ?-G.<1 ;-<+: 1 918= )T
>.: =8+;101 >=<9;0->;=0. >=7 . 01?+ - # (- C.: . 9- A0.<-,+<. ?1 <18+9;+ <17 71B+
81/<+;<= A=: 7+ >=7 + 9- .>1>= 8=/: . ;+E<=: =@>. ?1 D18.9: + = C. C.: = ;+9: . ?1>: + <+>.E

262
$ A=9;= 7 1B+ =? 81/<+;1 A0+?6.,+<.E D1 9-A+0>=: 17?+0 . ?61 . A= A-;1 71B+ =? A=9;=7+I.E
- +61;0=<- :. 9;01@1< 7 + ;+E<=:=@>. .D1D=6 A0+? <7 .81 <1A016.;. ;1>6+ 81/<+;+ <.7 +
:1>= .I+ <+=AE=?1< <=6. <.6= A=C=: 7@1<71 - 9-A+0A0=6=?<=7;+E<=: =/.7. >= ;. :7
-?.
C-?- -9A+: . 60=A1 I+ .81;. 81@.<- =? T + - A=0+,+<7 - 91 P + >=: .>= C.
9-A+0>=: 17?+0 ;0+C1: = ?1 .81 >1? C-?+ ?=60@+<
>-A<= -: 1/1<7 + <=6F1 . : 7-?9>.E 0+9-091 1>= =C+ =6+ <=6+ 81@.<+ C-?- 9;610<=
91/01,+<+ C.I+ =/0=8<= =/0=8<+ 9;610. . 7 +9- - A.;1<7 - ;1 1>= 9+ A=>1G+ ?1 7 +
./9=61 D18.91= A=/0+@<1' ;1? C. 9+ .D61<0+?<= .9A: 1;.:
= A=981;01<7 + - 2 819+<=8
A=?0-B7 - =? + 2 <1@9;1<?10?<. 8=?+:8=01 C.;. .: . A=;60,+< .:. =?C1B+< = 618 7 +
>1= >1? 7 + =: -8C= >0+;1= ?1 9;./<+ - <?.7 - A:
=6+I. 9;1:<= <1 D1A1? >= . <+ 9;./<+ C1@
- <?.7 - 01D8.@: 71:. 9- ;1?1 =<. >=7. 9- 9;610<= 6+0=61:. - <7+/1 9;.I. I+ ?= <+B+/?0-/=/
8=G?1 7 =@D1<.8: 7.6.7+/

263
 ( "

+;1@9+ ;. <.D .>1?.: .

1 F6+; 81>1 .: . =<17D61<. : .:.
?0G. ;6=71 0->1 90+?<7 =6+>=6<1N
:7
-?. ;+ /:+?17 - . 8.9:. 961>=
?=> ;17 <=6.;.8 A-;+8 =?: 1D.@A=:1>=
":+ 1>= =6178: 1?. B=6+> D<1
9;610. ?-C=>+ >=7 + <+ D<18 7 1
=<?1 8=01 C.;. <+ 60+?. ;= >0.;.
9;610<= .D-D+;<= A18+;1<

".:
C+0; . 1:
.61< ;0A:
7+<7
+

96=8+ ?+: - 2 ?C01<1 A+9<.@;612+</: +9>. A+9<.> 0=81<;.B10 +09. .@ +: . +0FQ

Q9E+ E+: :+Q ;60?. ?1 7 + 7+?1< =? 96+;.E D1?1;1>1 -8+;<.>1 ?1 R -A.7 + <=6= D<1<7 + .D
<1->1 . ?1 /1 A0.E61;. . A0.6+?+ A=;0+C181 : 7 -?9>.8 =C=7 . :7-?9>.8 9;019;.81 A0+;6=0. -
>06. >=9; : 7-?9>+ A0.0=?+R
.7+ <+@;= 8<=/= A+9<.>1 0=81<;.B101 A=7 -0.:= ?1 9+ =?1D=6+ =6=8 +: .7
+6=8
.D1D=6-N1 ;= <+=?1D.61<7 + 8=G+ C.;. ?+= =C7 1@<7 +<7 1 D1 91?1@<7 + 9;1<7 + <1@+ <1F.7 + .
<1@+ A: 1<+;+ 1? C. 17 0=<. .;9. . +: .7
. <1@+/A+9<.@;61 >1= . <7 .E=6+ >=: +/+ >=7 + A.@-
A+98+ <1 M 01<F-9>=8 .;1: .71<9>=8 -0?- . ?0-/.8 7 +D.F.81 A=E.;1: + ?1 <10=?-
=C7 1@<7 1617 - <1->- 8=G?1 C. <1-B<1 A.98+<=9; 8+0.>1<1F1 C.: 1 ?1: +>= 6+I1 <+/= @;=
7+ 91? 6= 9+ <1016<= <+ =?<=9. <1 ;+C+ 7 +0 ;. 6.@+ <.9. 918= 2 ?01/. B.;1: 1F5 ?01/1
B.;1;+: 7>12<+/= 9. A0.7 1;+:7. >=: +/1 >=7 . 9+ .DC=0.= 018+ -D018+ 91 8<=8 >0=DB.;16- =6-
+A=A+7 - 96+ ?= +6= ?+6+;=/ A=/: 16:7 1 DC=/ B+/1 >01: 7+69>.8 ->1D=8 A0=/: 1@1618 ?1
9. A=;A-<= >61: .M.>=61<1 . <1-B<= A.98+<1 B.;1;+: 7
9>1 : .B<=9;
7-?. >=7 . 8+0+ <1-B<- A.98+<=9; -6+01617 - <19 ?1 918= 961>. ;0+I. 8+0.>1<1F D<1
?1 =?0+?. @;1 7 + 8=: +>-:.: . ?1 .8+<-7 + 81>10 7 +?<=/ 7 +?.<=/ G.6=/ <1-B<.>1 C.B161=
918 ?1 -D =61>6+ ;-0=C<+ 9;1;.9;.>+ <1A=8+<+8 R ?1 : . 9;+ D<1: . ?1 918= @+D?+9+;
A=9;= 9;1<=6<.@;61 .6+0A-: 1 01D-8+ <+1C+: .71<9>- C1G?109>- ;+=0.7 -'R ? ?61?+9+; ;0=7 +
?.A: =81F1 <19-8F+ =?1C01<.E <1 ?.A: =89>=796+B1<=9;. <1 10610?- /=?.<+ 3!T 918=
7+ ?6=7 + -8+: = ?1 =C7 19<. D1@;= 7 + :+;= ;=A: .7+ =? D.8+ =?/=6=0 -D/0+? 0+B+<= <.7 +
2D1;= @;= 7 +: +;. -<F+ C: .G+2 .7 + C:.G+ +8: 7 .<1 =91 0=;1F.7 + <1/<-;1 7 + <1 7 +?<- 9;01<-
. D1;= 7 + ;=>=8 7 +?<=/ ?+: 1 /=?.<+ 9+6+0<1 A=: -: =A;1 <1/<-;1 6.@+ >1 -<F- -<B+6.
D01F. A1?17 - A=? -/: =8 >=7 . 7+ C:.G. A016=8 -/: - . D1;= 7 + ;1?1 <1 ;=7A=: -: =A;. : +;<7 1
-G.61<F.7 1 0-/1 A=: -:=A;1 ?=C.7 1 D01>+ 6.@+ .9>=91 .81 +9; 8+9+F. >19<.7 + 9.;-1F.7 1
C-?+ ;1B<= =C0<-;1
<= G1:=9<= - B.<7 +<.F. = <+D<1<7 - ?61?+9+; 7 +?<=/=? ?61?+9+; ;0=7 + ?.A:=8.01<.E <1
10610?- ( =G+ 1 10610?- ( 7 +9;+ ;= @;= =<. A0=A-@;17 - 8<=/= ;=/1 - G.6=;- 0=I.
I+ >0=DG.6=; 1 <+I+ 01D-8+;. 7 +?<= =? <17 =9<=6<.7 .E : 7-?9>.E .9>-9;161 /=?.@<7 1 ?=C1
1016<= .81 . : +A.E ;0+<-;1>1 >1? ;+ <+>. : 7 -?. .D<+<1?+ D<1<7 +8 0+ <+>=: .>= /=?.<1
<1 :
.<.7. 8+;0=1 .9A=? +<E+;<1 7 +?1< A=9;10.7 . B=6+> >=7 . 9+ A0+D<=7 161= <1? <+>.8
A0=C: +8=8 .D+: +8+<;10<=/01B-<1 - <+>1>6=8 -?GC+<.>- A.;1= 7 + <+D<1<F1 ?= 9+C+ ?1
:. D<1 01B-<1<7 + +A=D<1;. B=6+> 7 + >: .8<-= /: 16=8 . 0+@.= ?+?.F. 81;+81;.B>. A0=C: +8
:. <1016<= <+ ?+@161 9+ 961>. ?1< ?1 ?+?.F+ 91 81;+81;.B>.8 A0=C: +8=8 - 61/=<-
A=?D+8<+ G+: +D<.F+ 9+?<- A=0+? <=C+: =6F1 ;+=0.7 9>=/M .D.B101 .71
81= 918 . 7 1 7+?1< ;1>16?=G.6: 717- 8+;0=- 1: . 9+ ?0-/1B.7 + D160@.: = +?+= 918 -
7+?<=8 A0+A-<=8 61/=<- A0./01?9>+ : .<.7+ >=7 .7+ .D: 1D.= .D .>1/1 >1? 9+ ->0F1: 17 +?<1
C=: <.B10>1 >=7 17 + 6=?.:1 /0-A- A1F.7 +<1;1 .D=C: .G<7 + A9.E.7 1;0.7 9>+ C=: <.F+ <. 9- 9;1: . 96.
=>= 8+<+ 1 C=: <.B10>1 A=B<+ ?1 .E A0+C0=7 161 R+?1< ?61 ;0. R. =<?1 A=/: +?1 8+<+
R >= 9. ;.'R
1 7 =7 =?/=6=0.8 R1 918 .=< +?+08+< ?=C.;<.> =C+: =6+ <1/01?+ . ?.0+>;=0
+08.: 1C1 R

264
 <1 -A+0. A09; - 8+<+ . ;-G<= >1G+ R E1 +;.0. +; @+9; 9+?18 R
:. =DC.:7<= .81 ?=C0.E 01D: =/1 ?1 9+ C0.<+8= DC=/ <1-B<+ <+A.98+<=9;. .D8+,-
=9;1:=/. D1;= @;= 9- 96+ 71B+ 6+D+ .D8+,- <1->+ ;+E<=: =/.7+. 7 16<+ ?=C0=C.;. +=81 7 +
G1:=9<= ?1C=8+ . >1? : 7-?. A0=A-@;17- =<17A=/:+? <1 96+; B.7- A0=8=F.7- A=>-@1618 ?1
A=9;./<+8 >0=D=6+ 9;01<.F+ 1>= 7 + 7
=@<+A=;A-< ;= 7 + A=/: +? A0+A-< 6+: .B1<9;6+<=9;.
:+A=;+ . 96+ 6+I+ 7
+?<=9;16<=9;. 1= @;= >1G+ G+7 >=C 0=<=69>. 1F=C 0=<=J9>.

1A0+?1> <1->+ 7 +9;+ =;>0.61<7 + <1 961>=8 >=01>- 7 +?<=/ <=6=/ A=0+;>1 >=7 .
=C7+?.<7 -7+ =<= @;= 7 + ?-/= .D/: +?1:= <+90=?<= 101?+77 + ;= A=9;./1= >1? 7 + 9A=7 .=
+:+>;0.F.;+; . 81/<+;.D18 :+0> 1>96+: ;1>=,+ >1? 7 + ;1 ?61 A=6+D1= 91 96+;: =@I-
7
<@;17 < 7+ 9A=7 .= 60+8+ . A0=9;=0 819- . +<+0/.7 - . A-;1<7 - >=7 =8 D01> 96+;:1 A0=:+I+
A=0+? -<F1 91 >0+;1<7 +8 .9A1: 7+<=/ 8+;>1N1 96=7 + A=9:+?<7 + /=?.<+ G.6=;1 -;0=@.= 7+
<161: 7-7-I. ?1 =6.8 90=?<=9;.81 ?=?1 7 =@7 +?<- >=71 C. -9A=9;16.: 1 ?=8.@:7
1;= 7+?.<9;6=
7+?<1B.<1 : +0>1 1>96+: 1 . <7+/=6+ 7 <@;17<=6+ /+=8+;0.7 + /016.;1F.7
+
1? 7 + =: 0.?G A=>-@161= ?1 =?0+?. : +A=;- 601I1= 9+ -6+> .D<=61 7 +?<=7?-C=>=7
8.9:. : +A=;1 7 + /=6=0.= 7 + =< 2 7+?.<9;6= - 01D<=609<=9;.2 1->1 <.7 + <.@;1 ?0-/= ?=
A=;01/1 D1 7 +?.<9;6=8 >=7 + ;0+C1 =;>0.;. - <+=C-D?1<=701D<=609<=9;. A0.0=?+ ( .: . 7 =@
;1B<.7+ - 01D<=609<=9;. <1@+/?=G.6: 7161<7 1

1 C.98= /01,+6.<- <1->+ 91/: +?1: . - =?/=61017 -I+8 >=<;+>9;- 8=018= A0+?-D+;.
.D:+; - 19;0=M .D.>- 1 7 1 8=018 =C7 19<.;. D1@;= 9- 19;0=M .D.>1 . M .D.>1 B+9;.F1 - <=6.7 + ?=C1
9;=A: 7+<+ - F+: .<- B60@I- <+/= .>1?1 - 9A=7>=7 . 918 7 +?<=8 A0.: .>=8 <1D61= 2 6+D1
8.>0=>=98=91 . 81>0=>=98=912
=> 98= 8. 8.>0=<1-;. /01?.: . 96+ 8=I<.7 + 8.>0=9>=A+5 1>F+: +01;=0+ ?1 C.98=
D16.0.61: . - ?-C.<- 9-C<->: +10<=/ 6.: 17+;1 <1@+ >=: +/+ 19;0=<=8. =C7 +?.<7161: + 9-
A=?1;>+ A0.C16: 7
+<+ A=8=I- 96+ 8=I<.7 .E ;+: +9>=A1N -9160@161: + 9- ;+E<=: =/.7 + D1
A=9;.D1<7 + 96+ 6+I+ =9+;: 7.6=9;. . 91/: +?161<7 + 96+ 9.;<.7 .E A=7 +?.<=9;. =6. <1/: . A0=?=0
<1A0+? <19;-A.= 7 + >1? 9- <1 >=98.B>+ =A9+061;=0.7 + .D61< A: 1<+;+ +8: 7+ A=9;16: 7+<.
.<9;0-8+<;. >=7 . 9- =;>0.: . .<M01F06+<= -: ;01: 7-C.B19;= 0+<?/+<9>= . /181(D01B+<7 + (
?1>: + F+= +: +>;0=81/<+;<. 9A+>;10ND1 6+: .>. <7 +/=6 ?+= <1@1 1;8=9M +01 7 + A0+A0+>1
<+A0=6.?<1 . ;0+A+0161
.<;+D1 96.E 91D<1<7 1 A=9;./<-;.E - A=9: +?<7 .E 9;= /=?.<1 >=98=: =/.7+ 7 +9;+
29;1<?10?<. >=98=: =@>. 8=?+: 2 < >1G+ ?1 7 + 19+: 7+<1 D1A=B+: 1 >1= 7 +?<= 60+: = DC.7 +<=
9;1<7 + A0+ =>= O 8.: .7
10?. /=?.<1 1?1 7 + C.: 1 C+9>=<1B<= .: . /=;=6= C+9>=<1B<= /-9;1
>1= . C+9>=<1B<= .: . /=;=6= C+9>=<1B<= 60-I1 1? 9+ - 7 +?<=8 =A.9- =61>= -A=;0+C. 0+B
2C+9>=<1B<=2 ;= M .D.B10.81 <.81: = <+ A0.7 1N=<1 0+B 2 /=;=6=2>=7 - 9;16.8= .9A0+? A0.?+61
2C+9>=<1B<=2 1 . 01D<+ ?0-/+ 0+B. >=7 .81 -C: 1G1618= .: . -9: =6: 71618= ;- 2 C+9>=<1B<=9;2
7+9- .9E=? -;.F17 1 7 +?<+ =A@;+ 2 8-;<=I+2>=7 =8 9+ =?: .>-7+ >61<;<1 ;+=0.7 1 D <+>=/
01D:=/1 >=7 . <181 8=G+ =9;1;. D1 961 60+8+<1 9196.8 <+A=D<1; 19+:7+<1 7 +
+>9A: =?.01: 1 ? ;1?1 A1 96+ ?= ?1<19 =<1 9+ @.0. . E: 1?.
1>= 9- D1 .8+ 96+/1 >=98=: =D. 91D<1: . ?1 7 + ;= ;1>= C.: =' =?+:D61<. +: .>. A0191>
<19;1= 7 + ;0.?+9+;.E /=?.<1 A=9: + =;>0.I1 ?1 /1: 1>9.7 + >=7 + 9- D6+D?1<+ 9>-A.<+ 91 A=
9;=;.<1> 8.: .710?. D6+D?1 - 961>=7 96+ C+G+ =? 7 +?<=/ B=6+>1 >=7 . 9+ D61= ?6.< 1C:
?J.< -CC: + 17;.A 9+ D1?+9.= <1 A016=8 8+9;- ?1 A=B<+ 8+0.;. <7 .E=6+ 01?.7 1:<+
C0D.<+ /=?.<+ 3)3 1C:7 + 8=01= ?1 A0.>-A. ?=6=: 7<= 96+;: =9;. ?1 C. 6.?+= 9A+>;01: <+
:.<.7
+ A=7 +?.<.E E+8.7 9>.E +:+8+<1;1 1? 7 + - ;=8+ -9A+= -A=0+?.= .E 7 + 91 9A+>;01: <.8
:.<.7
181 ;.E .9;.E +: +8+<1;1 <1 +8: 7. 0.8+;.= 7 + ?1 9+ 96+ : .<.7+ 9.9;+81;9>. A=8.B- >1
F06+<=8 .: =7 + A=D<1;= ?1 C. ;1B<= ;= <19;-A.: = ->=: .>= C. 9+ .D6=0 96+;: =9;. =?8.F1= =?
A=981;01B1 6172 F06+<. A=81>2C.= 7 + D1A016= 8+01 0+: 1;.6<+ C0D.<+ .D6=01 - =?<=9-
<1 A=981;01B1 =>=8 /=?.<1 1C:7 + -9;1<=6.= ?1 96+ /1: 1>9.7 + C+G+ =? <7 +/1 - 96.8
A016F.81 =@;= 9+ =< 0+?=6<= ;-@.01= <.7 + A=9;=7 1: = <.@;1 @;= C. /1: 1>9.7+ .81: + A0=;.6
<7 +/1 : .B<=NC.: = 7 + ;= <1A0=9;= .9A=: 7161<7 + B.<7 +<.F+ ?1 9+ >=98=9 @.0. =@;= @.0+<7 +
>=98=91 A=6+I161 019;=7 1<7 1 .D8+,- 96.E /1: 1>9.7 1 19;0=<=8 +?6.<1 <1C: >=7 1 C.
9.;-1F.7 - =981;01: 1 91 A: 1<+;+ 617 :=D-D+ - /1: 1>9.7 . <?0=8+?1 6.?+: 1 C. .9;= 96+

265
/1: 1>9.7 + E.;17 - ?1 9+ @;= 6.@+ -?1: 7+ =? <7 + 1A016= @;= 7 + /1: 1>9.7 1 -?1: 7+<.7 1 C0G+ 9+
-?1: 7
161 = 618 7 + 9-@;.<1 1C: =6=/ D1>=<1 <1B. 1>= 91? A-9;.;+ M .:8 -<1D1? =<+
<17 -?1: 7+<.7 + /1: 1>9.7 + <17 C0G+ I+ 9+ 9;08+><-;. >1 =<.81 >=7 + 9- C: .G+ 1 =<?1 I+ 9+ F+=
/1: .81;.7 19 9>0>1;. . 91C.;. - 7 +?<- 60: = 60: = 81: +<- D1A0+8.<- /?+ 7 + . C.= A0+ A=
91?1@<7 .8 A0=F+<181 O8.: .710?. /=?.<1
17 9:16<.7 1 1: +/=0.7 1 - <1-F. D1E;+61 =? ;+C+ ?1 D18.9: .@?1 9. 9;6=0+<7 + 91 918= ?6+
?.8+<D.7 + 16<=D+8: 71F 1D: .>-7 +@@;1 7 + .9;=>(D1A1? . @;1 7 + 9+6+0(7 -/ 1: . A0161F /=0+(
?=: + <+ A=9;=7 . DC1F. .D96=7 + 96+9;. 961>- A=8.91= . A0.8.91= <1 2 /=0+2. <1 2 ?=: +2%.6.@
<1 A=60@.<. 7 +?<=/ C1: =<1 >=7 . 9+ 96+ 6.@+ <1?-6161 6-? <1 ;=7A=60@.<. 9- 9;1<.@;1
01D<.E A=981;01B1 ( <7 .E=6+ A: 1<+;+ 1 . <7 .E=6+ D6+D?+ /0-A.91<+ - /1: 1>9.7 + 6+ 7 + ;=
?6=?.8+<D.=<= >1? 9+ /: +?1 91 C.: = >=/=? ;.E 9;1<.@;1 96. =C7 +>;. 9+ -?1: 71617 - 961>.
=? 96.E =9;1: .E D1;= @;= 9+ A=60@.<1 9;1: <= @.0. 1>= 618 7 + - <1@+8 ;0=?.8+<D.=<=8
96+;- =@ 7 +?<1 60: .<1 =6+ 1: +/=0.7 + 919;=7 . 9+ - ;=8+ @;= - ;1>6=8 2 C1: =<-2 >1= . -
<1@+8 ;0=?.8+<D.=<=8 96+;- <+ A=9;=7 . <.7 +?<= A=9+C<= 8+9;= 6+ ;1B>+ <1 A=60@.<.
9- 60: = ?+8=>01;9>. 8+,-9=C<= 7 +?<1>+ +81 90+?.@;1 C1: =<1 +81 <.>1>6.E .6.F1
0-C=61 +81 =A19<=9;. ?1 9+ <+>= =81><+ 91 19+: 7+<+ . A1?<+ - <+@;= ?0-/= =@;= 7 +
=61 <1@1 8+;1M =01 D1 19+: 7+<- A=60@.<1 C1: =<1 96+ @;= D<18= =<?1 <+81 <. /=6=01 =
;=8+ ?1 9+ D6+D?+ -?1: 71617 - =?: 1D+I. - <+@;= .0. 9+ F+= >=98=9 . <=9. 91 9=C=8 96+
@;= - 9+C. 91?0G. 1 @.0. 9+ . ;= .7+ : 1>= 6.D-+: <= 9+C. A0+?9;16.;. 7 +?<= @.0+<7 + >=7 + 9+
?+@161 96-?1 - >=98=9- +81 <.>1>6=/ 2 -<-;012. <.>1>6=/ 2 9A=:7 12 =9;=7 . 918= =61
7+?<1 19+: 7+<1 . =<1 ?=G.6: 7 161 @.0+<7 + 019A0=9;.0+ 9+ 96+ 6.@+ . 6.@+ .0+<7 + ( - @;1'
1 <+ <+/= 6. 01D8.@: 717 ;+ =A+; = 9+C. >1= = 16<=D+81: 7 F- <1 A=60@.<. C1: =<1 = 618
7+ ;1 1<1: =/.7 1 91 C1: =<=8 <+81 >-? ?1 9+ /: +?1 .D61< A=60@.<+ C1: =<1 7 +0 <.@;1 . <+
A=9;=7 . =9.8 A=60@.<+ C1: =<1
D;+=0.7 + +: .>=/ A019>1 A0=.9;.B- 7 =@?6+ /: 16<+ A=9: +?.F+ >=7 + 9- <1 >017 - =C=0.: +
<7 +<+ A0=;.6<.>+ ;1>= ?1 9+ 6+I.<1 19;0=<=81 ?1<19 =;A0.: .>+ 9: 1G+ ?1 7 + ;+=0.7 1 +: .>=/
A019>1 .9;.<.;1 = 9+ D=6+ 2 A0.: .B<= ?=C10 >=<9+<D-92<1-B<.>1 +?<1 A=9: +?.F1 7 +9;+ ;1
?1 C. 96+;: =9; A06=C.;<+ +>9A: =D.7 + ( A=? A0+;A=9;16>=8 ?1 7 + C.: 1 -.9;.<- 60+: 1 ( 8=01: 1.
91? ?1 : -;1 >=98=9=8 >1= D1=9;1: = D01B+<7 + +I1;+ 9+ ?1 9+ 96+;: =9; 919;=7 . =? M =;=<1 .
?1 7 + +<+0/.7 1 M =;=<1 =C0<-;= 901D8+0<1 <7 .E=6=7 ;1: 19<=7 ?-G.<. =9: +?.F1 @.0+<7 1
19+: 7+<+ 7 +9;+ . ;= ?1 9+ 96+ ?-G.<+ A0=?-G-7 - 1: 19<+ ?-G.<+ >=7 + 9- - A=B+;>- C.: +
.<M.<.;+D.81: <= >01;>+ >1= @;= . ?=: .>-7 + M =;=<.81 6.9=>+ +<+0/.7 + 8=01: + C. 9+ A0=@.0.;.
?= 8.>0=;1: 19<.E ?-G.<1 ( ?1>: + =? <+>=: .>= 8.: .8+;101 "=?.<+ 3$O =;>0.6+< 7 + G10
A0+=9;1= =? +: .>=/ A019>1 -/: 7
+6: 7+ 6+I - 6+: .>=78+0. =E: 1,+<= <1.8+ =;>0.6+<= 7 +
-A016= ;1>6= 8.>0=;1: 19<= D01B+<7 + 0=DF+: - 19+: 7 +<- A: =6+ . D1A: 7-9>-7 - 7 + ;1: 19. ;.E
M=;=<1 >=7 . 9+ >0+I- - 96.8 8=/-I.8 A016F.81 +>. =? <7 .E >0+<-: . 9- <1 96=7 1
A-;=61<7 1 A0+ ;=: .>= 8.: .710?. /=?.<1 >1? 7 + 19+: 7 +<1 C.: 1 8<=/= 81<7 1 . 60+: .7
1 1
D160@.: . - 1<;+<. : 1C=01;=0.7 +M .08+ 2+: +: +M =<2- 7 - G+0D.7 - 1>61 9-?C.<1
=9: + =6=/ =;>0.I1 C.: = 7 + A0+9-?<= -9;1<=6.;. 019A=?+: - ;1: 19<.E ?-G.<1 91? 8=: .8
A0=B.;17 ;+ A=<=6= A+;= A=/: 16: 7+ 1: . ><7 ./- ?0G.;+ <1=A1B>+ 1 ;= 7 + A=9: + <+>=/
60+8+<1 . -B.<7 +<= A=;0+C=8 : 1<>=6+ 7 +?<1B.<+ =6= 8+0+<7 + ?17 + <18 A0=9+B<-
;+8A+01;-0- 81;+0.7 1:1 >=98.B>=/ A0=9;=01 D6+D?1 A01@.<+ . A=<+>=/ 91;+: .;1 >=7 . 7+
A=C+/1= 1: . 9+ 7 =@=/: 1@161 96=7 .8 C.A(C..A(C..A >=7 . 7+ C.= =>-A1< ;.8 D01B+<7 +8 ;.8
M=;=<.81 0+81 <17 <=6.7 .8 /=?.<+ 33 8+0+<7 .81 >=7 + 7 + .D60@.: 1 A=8=I-
91;+: .;1 # ;+8A+01;-01 19+: 7+<+ D<=9. ) 9;+A+<1 . T* 9;=;.<>+ .D<1? 1A9=: -;<+ <-: +
)T* +:6.<1 = D1=9;1: = A=D1?.<9>= D01B+<7 + ;1>=,+ 7 + 9<1G1< ?=>1D- A0.: =/;+=0.7 .
+:.>=/ A019>1 1? 6+I<1C017 18= -9A+E+ ;0+C1: = C. ?1 A=8+<+8= . ;+@>=I+ >=7 + 9-
7+?<1 D1 ?0-/=8 916: 1?1<+ 9;0=M .D.B10. 9- A=8<= 8=;0.: . <1 8.>0=;1: 19<= D01B+<7 +
<19;=7 +I. ?1 .D8+0+ ;+8A+01;-0- 01D: .B.;.E ?+: =61 <+C1 .<7+<.F1 ?1 7 + ;+8A+01;-01
96-?1 C1@ .9;1 91 610.01<7 .81 >=7 1 .D<=9+ 81<7 + =? 9;+A+< .D1D61: 1 7 + .D6+9<-
D1C0.<-;=9; 1@;=' 1;= @;= >1? ?61 A0+?8+;1 .817 - ;1B<= .9;- ;+8A+01;-0- 8=G+8=
01D-8<= A0+;A=9;16.;. ?1 9- 96=7 +60+8+<= C.: 1 - <+>1>6=8 ?=?.0- +,-;.8 9;0-B<7 1F.
9- C.: . 9./-0<. ?1 ;+ 01D: .B.;+ =C: 19;. B.7 + 9- ;+8A+01;-0+ 9196.8 .9;+ <.9- <.>1? C.: + -
?=?.0- + 2 9>=0= <.>1?2<+/= <.>1?
9;0=M .D.B10.81 9+ ?=A-@;1 ?1 /=6=0+ ;1>= >1;+/=0.B<= D1;= @;= 9- .D01B-<1: . >=:.>= 9-
-?1: 7
+<+ C.: + ;+ =C: 19;. <+C1 - 60+8+ >1? 7 + +8.;=61<= D01B+<7 + >=7 +7 + 9<.8.= # =
60+8+ C.: = 7 + * /=?.<1 A=9: + +: .>=/ A019>1 <+ =<1>= 01<= >1= @;= C.98= 6=: +:.

266
1:. <17 01<.7
+ @;= 8=G+8= ?=9A+;. =>1D1: = 9+ ?1 9- 019;=7 1<71 6+I- ;= ?=C1 C.: 1 ;=: .>=
6+: .>1 ?1 B1> <. C0D.<=8 96+;: =9;. <.7 + C.: 1 8=/-I1 <.>1>61 >=8-<.>1F.7 1 .D8+,- =C: 19;.
1 .A1> =<. .817 - ;+8A+01;-0- .9;- .: . /=;=6= .9;- 1@1 ;+=0.7 1 +: .>=/A019>1 <.7 + 8=/: 1
?1 =C7 19<. =6= +-9A+E ;+=0.7 +' : . 7 =@7 +?<= B-?=' 617A0=C: +8 A=9;1= 7 + A=D<1; >1=
>0.D1 -D0=B<=9;. .: . >0.D1 .D=;0=A.7 + D0=B<=9;. D1;= @;= 9+ 9;.F1= -;.91> ?1 A=9;=7 . <+>1
-D0=B<=(A=9: +?.B<1 6+D1 .D8+,- 01D: .B.;.E =C:19;. <+C1 >=7 + <+ C. ;0+C1:= ?1 9- .>1?1 C.: +
- ?=?.0- D=;0=A.7 + D1;= @;= /?+ /=? A=/: +?1@ - 6+: .>.8 01D8+0181 6.?.@=;A0.: .>+ .9;.
=C01D1F D6+D?1 /1: 1>9.71 7 1;1 /1: 1>9.7 1 . A01@.<+ = C. <+>1>= 8=/: = ?1 2 A0=,+2- ;+=0.7 .
+: .>=/ A019>1 1>= C.98= 0+>: . ?1 9- 8.: .7
10?+ 01D:.B.;.E ?+:=61 19+: 7+<+ ?+: =61 >=7 .
<.>1? <.9- C.: . - ?=?.0- <1A0=9;= A->.8 9: -B17+8 ;=: .>= 8+,-9=C<= 9: .B<+ :
. 8. <+
6=: .8= 2 A->+ 9: -B17+6+2 196.8 7 + - 0+?- ?1 - B-?1 6+0-7 + B=6+> >=7 . -: =G. <=61F -
>-A=6.<- : =D=61 <1 <+>=7: -;0.7. .:
.7+ <16.7 1B >:
-C1 2.>1@>. 8: 1?-<F.2 : . - <1-F. ;= <.7 +-
0+?- 1? 9+ ;1>61 B-?1 A=7 16+ =?81E A=8.9: .8= ?1 - 9+<>181 60+C1 <+@;= 6+I+
<+@;= D<1B17 <.7+ ;=8+ I+8= >19<.7 + 0+I. 7=@

0-/. >0-A1< -9A+E 8=?+: 1 +: .>=/ A019>1 A=6+D1< 7 + 91 919;16=8 <1@+ 19+: 7+<+
=G+;+ D18.@: 7 1;. ?1 7 + 96+; 91/01,+< =? 61D?-E1 D+8: 7+ 6=?+ ?1 .D=9;16.8= 7 +?<=8
61;0- . 0+>: 18<.E ;1C: . ?-G ?0-8=61 : . 1>= A=?./<+8= A=/: +? . .D8+0.8= A=8=I- <1@.E
9A+>;0=9>=A9>.E ;+: +9>=A1 <1,+8= -/: 16<=8 6=?=<.> 1 D1;.8 . E+: .7-8 1 ?61
E+8.7 9>1 +: +8+<;1 91B.<7 1617 - 3! A=9;= 81;+0.7 + - 19+: 7 +<. 9;1;1> 7 + 91B.<7 +< =?
=9;1: .E ?+6+?+9+;1> E+8.7 9>.E +: +8+<1;1 =8=I- 9A+>;0=9>=A9>.E ;+: +9>=A1 -9;1<=6.: .
98= 901D8+0<= .D=C.: 7+ :1>@.E +: +8+<1;1 . /: + ;+=0+;.B10. +: .>=/ A019>1 >1G- ?1 9+ ;1
901D8+0<1 D19;-A: 7+<=9; ;1B<= A=?-?101 91 =<.8 @;= C.98= . =B+>.61: . 6= >1>= ;=
D<18=
0+<1;1: <1 19+: 7+<1 6+I 7 + 91?0G1: 1 - 9+C. 96- 81;+0.7 - >=7 - =A1G18= - ?1<19
6.?: 7
.6=8 >=98=9- ( ?1>: + 96- =6- >=7 1 7 + ?1<19 019A=0+,+<1 - <+>.E 9;=;.<1> 8.: .710?.
/1: 1>9.7 1 >=7 + .817 - 961>1 A= 9;=;.<1> 8.: .7
10?. 9-<1F1 @;1 A0.B.<7 161 618 9+ ?1 B-7 +;+
10:1 +/1<1' 6+ ;= @;= 6.?.8= ?1<19 C.: =7 + <1C.7 +<= - D1A0+8.<- <+-A=0+?.6= 81<7 -
=? /: 16+ B.=?+ +7 >1>61 7 + ;= C.: 1 /-G61 +8A+01;-01 7 + ;1>=,+ C.: 1 G+@I1 =>= *)
+:6.<1 @;= 7 + 8<=/= 60+: .7+ =? 91?1@<7 .E A0.C: .G<= * +: 6.<1 C=/;=/1 7 + 81;+0.7 1 C.: 1
019;16: 7+<1 - 96=7 + <17 A01.9>=<9>.7 + 919;=7 >+ +?<1 6+0=61;<1 9: .>1 ;1>6+ 19+: 7+<+
7+9;+ 2 60+: 1 9-A12.: . A:1D81 D1>-61<1 =? >610>=61 . : +A;=<1 .: . =<=/1 @;= - <7 .81 A=9;=7 .
1>= .@;1 - <7 .81 A=9;=7 . N ;+ B+9;.F+ 9- /0-61: + 7 +?<1 - ?0-/- +<+0/.7 181 >=7 + 9-
?=9;.D1: + 3 "+ 1 ;= 7 + E.: 71?- 8.: .7
10?. A-;1 6.@+ <+/= @;= C. 8=/1= ?1;. <17 6+I.
9:+?+I. A=9: + 9-A+0A0=6=?<=/ 9-A+0>=: 17?+01 1>F+: +01;=0 B.7 - .D/01?<7 - ?1<1@<7 . M.D.B10
8=G+ -=A@;+ ?1 D18.9: . "016.;1F.7 1 7 + -0: 1:1 =/0=8<=8 9.: .<=8 >1= ;1?1 8=I1< 1
?1<19 60: = 9: 1C= 9E61I+< -;.F17- ;=8 8.>0=9>=A9>. 81: +<=8 >=98=9-
=9: + =6=/ A0.: .B<= M 1<;19;.B<=/ A=B+;>1 ?=/=?.: 1 9+ +>9A: =D.7 1 1 D1;.8 E: 1,+<7 +
19+: 7+<1 7 + A=9;17 1:1 E: 1?<.7 1 A1 9- D1;= . 9-?10. C.: . 96+ 81<7 + 9.:=6.;. 610>=6. 9- C.: .
- 6+=81 C: .9>=8 ?=?.0- 7 +?1< 9 ?0-/.8 ?=> 7 + C+C1 19+: 7+<1 C.: 1 918= 7 +?<1 DC.7 +<1
/0-?61N1: . =?81E A=9: + ;=/1 A=B+: 1 9- <7 .E=61 D/0-@161<7 1 .: . 9:+A:7.61<7 1 - A0=;=<+
<+-;0=<+ . ?0-/+ E1?0=<+ 0+ ;=/ 60+8+<1 961>= ;1>6= -?0-G.61<7 + C.: = C. =?81E
01DC.7 +<= - 9.: =6.;.8 9-?10.81N1: . 91? 9+ E: 1,+<7 + <+-8=: 7.6= <19;16: 71:= A1 9- 9-?10.
C.:. 96+ C: 1G. . C: 1G. 1? 7 + 19+: 7+<1 ?=9;./: 1 9;10=9; =? ;0. 8.<-;1 ;+8A+01;-01 7 + A1: 1
;=:.>= ?1 7 + 91? 6+IA=9;1: = 8=/-I<= >=8C.<=61<7 + A0=;=<1 . <+-;0=<1 >=7 . <.9- =?81E
=?: +;1: . >-? >=7 . <+/= 9- A=B+: . ?1 9+ DC: .G1617 - - /0-A.F+ . ?0G+ <1 =>-A- 19;1: 1 9-
D1;= A=9;=7 1<1 7 +D/01 6= 7 + C.: = 01D?=C: 7
+ <->: +=9.<;+D+ =@;= = <->: +10<=7M .D.F.
D<18= 6+I A=A0.: .B<= -8+8= ?1 .D01B-<18= >=: .>1 C. ;0+C1: = ?1 C-?+ 901D8+0<1
D19;-A: 7+<=9; E+8.7 9>.E +: +8+<1;1 >=7 . 9- 9+ ;1?1 =C01D=61: . = 9- C.: 1 ?1C=8+ 7 +D/01
6+=81 : 1>.E +: +8+<1;1N D1 ;+G+ +: +8+<;+ A=;0+C<= 7 + 9A=0= 2 >-61<7 +2- D6+D?181
1016<= ?1 9- A06= <19;17 1:1 918= 7 +D/01 1 <+ 1;=8.N1;=8. 9- 8=/: . ?1 <19;1<- ;+>
>1? 7 + ;+8A+01;-01 =A1: 1 ;=: .>= ?1 9- 9+ +: +>;0=<. -9A+: . =0/1<.D=61;. =>= 7 +D/101 0161
;+8A+01;-01 D1 ;= <19;-A.: 1 7 + A=9: + A0.C: .G<= * /=?.<1 0+ ;=/1 <.98= .81: .
<.7+?1< 1;=8 A1 <18 <.7 + C.= A=;0+C1< <.7 +?1< E+8.B10 B.8 9- 9+ =C01D=61: . 1;=8.

267
>=7 . 9- +: +>;0.B<= <+-;01: <. M =;=<.81 7 + A=9;1: = 8=/-I+ ?1 9+ >0+I- 9: =C=?<= . D1;= 7 +
;+> ;1? >0+<-: = .<M =08.91<7 + A=8=I- 8.>0=;1: 19<.E M =;=<1
->:+=9.<;+D1 7 + ?=<+: 1 -9A+E .D01B-<1;+ . .D8+0+<+ D19;-A: 7
+<=9;. +: +8+<1;1
A=?-?10.: + 9- 9+ -E =@;= 9- ;1 .D01B-<161<7 1 /-9;1 8+@16.<1 <->: +10<+ M .D.>+
0+1>F.7 1 9:1C+ 9.: + . -9: =61 >=7 . 9- 6: 1?1: . - 01<=7 19+: 7
+<. =6= A=?-?101<7 + 60:= 7 +
9<1G<1 A=?0@>1 ;+=0.7 . +:.>=/A019>1
0.B17-I. =6- A0.B- 7 1 918 ?1C=8+ =C7 19<.= - >1>6=7 9- 6+D. 8.>0=>=98=9 .
81>0=>=98=9 1<1 19+: 7
+<1 C.: 1 7
+ D1A016= 918= 7 +?<1 1>F+: +01;=09>1 : 1C=01;=0.7 1
91 A=;A-<= <+=/01<.B+<.8 C-?G+;=8 1@.8 19;0=M .D.B10.81 C.: =7 + A=;0+C<= ?1 D<17 - 96+
= >610>=6.81 : +A;=<.81 . 9.: 181 ?1 C. 8=/: . 8=?+: .01;. 01D6=7 19+: 7+<+ >1= @;= 98=
->1D1: . - @+9;=8 A=/: 16:7- M .D.B10. B+9;.F1 .817 - A=?1;>+ >=7 . A=;.B- 7 =@ .D =/.<7 .<=/
A06=/ . 7 +?.<=/ 6+: .>=/ =A.;1 1016<= >1? 7 + 0+B = 60+8+<.81 A0+ ( * 9+>-<?.
8<=/= 81<7 + 98= 9./-0<. >1>6. 9- ;- D1>=<. M .D.>+ 61G.: .
1 .A1> <19;16: 718= ?1 <1A0+?-7 +8= - 01D-8+61<7 - A=?0-B7 1 +: .>=/ A019>1 . -
01D-8+61<7 - 01D6=7 1 19+: 7+<+ 981;018= ?=/1,17 + >=7 . 9- 9+ ?+9.: . A0+ A+;<1+9;
8.: .710?. /=?.<1 <M =081F.7 + >=7 + 9- :1<?101: + . D6+>+;1: + ;18=(18= A= >=98=9- 7 =@=?
;=/ ?16<=/ 60+8+<1 A1 96+ ?= <1@.E ?1<1 D1: -;17 - A=<+>1? - <+>. =? <1@.E
.<9;0-8+<1;1 =81G+ <18 . 9;1<?10?<. 8=?+: 1 A=81G- . 1>F+: +01;=09>. A=?1F. >=7 .
A=?0G1617 - ;178=?+:. <1@+ A=>-@17 + ?1 /1 A0=@.0.8= :
. ;+=0+;.B10. 9- <+9;0A: 7.6.N
A=-D?1<. 1>F+: +01;=09>. A=?1F. A0+9-@-7 - <+818= .E 6.@+ >1? 9+ 9;./<+ ?= +<+0/.7 1
>=7 + =?/=61017 - 19+: 7+<. >=7 1 7 + G.6+:1 ;+> ( * 9+>-<?. 9;0=M.D.B10.81 7 + A=;0+C<=
?1 D<17 - =A+01;.6<+ D1>=<+ >=7 . 9- 6: 1?1: . 8<=/= A0+ ;=/1 . D1;= ?=?.7 1617 - M.D.B10.81
9;1: <.8 D1E;+6.81 ?1 D19-B- 0->16+ . A=7 1B17 - C-7 .F- <1-B<.E 01?=61 = ./9- =
=C7 +?.<7 +<7- = -<-;01@<7 +8 919;16- . = /=8.: . 9A+>-: 1;.6<.E ;+=0.7 1 >=7 + 9+ -9-,-7 - ?1
.9>=01B+ .D9;1<?10?<=/8=?+: 1 - A=>-@17 - ?1 .D/01?+ 8=9; ?= 9160@+<.7 +/=A.91 A0.0=?+
. ?0-8 ?= +: .>=/A019>1

1?1 7 + 7+?1< 91; . A+;<1+9; 8.<-;1 A=9: + A=<=I. =6?+ - 8=7 =701?<=79=C. +>=: .>=
9;=;.<1 8+;101 ?1: +>= +08.: 1C=61 81@.<1 C1F1 A0=;=<+ - 9-?10+ 91 1<;.A0=;=<.81 61
819.6<1 ?+;+>;=01 A0.817 - A=?1;>+N - ?+;+>;=09>=7D/01?. # (1 +>.A1 A0+>1: 7+<1 -
C.;>181 91B.<7 +<1 =? *P) <1-B<.>1 . 9;-?+<;1 A0=6+0161 <=6+ ?+: =6+ ?+;+>;=01 >=7 . 7+
;+G1> A+; E.: 71?1 ;=<1 1016<= <+ 01?+ 96. - .9;= 60+8+ A0=9+>- - =6= ?=C1 <=I.
01?. 918= ?+9+;1> =9=C1 - >=<;0=: <=791: . <=/= ?1: 7+ =? 8+<+ <1 7 +?<=8 8+9;- <1
A09;+<- <1: 1D. 9+ <=6. (<-: 1 ?+;+>;=0 >=7 . =A9: -G-7 + *) 9101?<.> < 9+ ;+> -E=?161
617<.D=A.;1 ;017 + 6+I8+9+F ?1<1 =B+;1> 7 + C.= >: .816 >1= @;= 7 + . -=C.B17 +<= 1: .
-D.81<7 + A=?1;1>1 A=;017 1I+ 7 =@@+9<1+9; 8+9+F. 91 7 +?<=8 A1-D=8 ;=>=8 >=7 + I+ 9+
-/01?.;. <=6. ?+= 1>F+: +01;=01 ?=?1;1> >=7 . C. ;0+C1: = ?1 A=6+I1 C0=79-?101 1>= 7 +
/:16<1 960E1 =6.E =A.;1 ?1 A0=<1,+8= >610> 60E -9A-; I+ 9+ A0=6+0.;. . A0=@.0.61;.
9;1<?10?<. 8=?+:@;= 7 + C.;1< ?+= <1@+/A=9: 1
+>.E ! >.:=8+;101 ?1: +>= =? 8+<+ - # (- <1@+ +60=A9>+ >=: +/+ ;1>=,+
<1A=0<= 01?+ ?1 C. A0=6+0.: + 01D<+ ;+=0.7 9>+ A0+;A=9;16>+ = <1B.<.81 ?1 9+ 9;1<?10?<.
8=?+:A0=@.0. : . ?=> 9+ ;17?=C10 B.9; 01? <19;16: 71 01?+ . ;+=0+;.B10. <+@;= A1 C.E =6?+
?1 .D<+9+8 60: = 91G+;+ 6=?=.<9;1: 1;+09>+ 6+0D.7 + ;0. <17 D1<.8: 7
.6.7+ ;+=0.7 + 1 ;= 9-
/-;=6. 9-A+09.8+;0.7 + . 9-A+09;0-<+ = I+ C.;. A=60@<= +>+ =? ;.E 9A+>-: 1F.71 9- D1.9;1
?-C=>+ ;1>= ?1 .E 8=/- 01D-8+;. 918= =<. >=7 . 9- .E 9;6=0.: . <7.E=6+ 818+ . <7 .E=6.
<17 C:.G. A0.7
1;+: 7.
: . A06= 7 +?1< >=8+<;10 = 0+B. 2 ;+=0.7
12 = 7 + 0+B = >=7 =7A=9;=7 + A=A-: 10<+ D1C: -?+
R 1<. 9+ ;. ;6=7 .E ;+=0.7 1R /: 19. 7+?<1 A=A-: 10<1 A=?98+@: 7.61 0+B+<.F1 ?0-/1 R = 9-
918= ;+=0.7 + R 18. 98= >0.6. 7 +0 1:7>16= -A=;0+C: 71618= ;- 0+B >61<;<1 ;+=0.7 1 .
7-;<=61 ;+=0.7 1 7 +9- ;+8+: 7.;= .D/01,+<. . ;+8+: 7.;= ?=>1D1<. ?+: =6. <1@+/ A=/: +?1 <1
96+;N?+: =6. >=7 . <.9- 9A=0<. <.9- A=? 9-8<7 =8 : . 6.?.;+ 7 +?<= D<1B+<7 + 0+B. .D6+?+<=
7+ .D?0-/=/ ;1>= 7 + ;= .@:= 7-;< 7
+ <+@;= /=6=0.= ;= 7 =@<.7 + C.:
= A=;60,+<= ( ?1>: + ;=
7+ C.: 1 D1.9;1 <7 +/=61 ;+=0.7 1 <?1 9+ A=>1D1: = ?1 7 + .9;.<.;1 1: . 9+ . ?1: 7+ /=6=0.: =
27 -;<=61 ;+=0.7 12 D1-6+> I+ 9+ /=6=0.;. ;1>= : . A1D.;+ =6+ 9-A+09;0-<+ /-;=6. . ;1>=

268
?1:7+ ;= 9- <1/1,1<7 1 ( <1.8+ 9A+>-: 1;.6<. A=>-@17. ?1 9+ A=:1D+I. =? A=D<1;.E
B.<7+<.F1 <+@;= A=9;./<+ 8=G?1 <+>. ?1: 7
. <1A0+?1> +>+ ;+=0.7
+ =<+ C=:7+ 8=/- 9+
A=;60?.;. 9;101 60+8+<1 C.= 7+ ;= 9.<+ X-1 <=< 961>+ ;+=0.7
+ 1<19 >1? 01D8.@: 718= =
+:
.>=8 A019>- <1: 1D.8= 9+ 8=G?1 A06. A-; - 9.;-1F.7 . ?1 .818= 7+?<- ;+=0.7
- >=71
<.>1?1 <+I+ 8=I. ?1 C-?+ A0=6+0+<1

+I 918 =A.91= =C7 +?.<7 +<7 + 9: 1C+ 9.: + 91 +: +>;0=81/<+;<=8 - 918= 7 +?<-
+:+>;0=9: 1C- 9.: - >=7 - A0+<=9. >610;+; B+9;.F1 ( 4H 4( . M=;=< 1>=,+ 918 =A.91=
V# ( >61<;<- E0=8=?.<18.>- ( >=7 1 =A.9-7 + A=<1@1<7 + >610>=61 9 ;.8 ?1 A=9;=7 + ;0.
>610>=69>+ C=7 + >1= . A=<1@1<7 + /: -=<1 =8+<-;+ ?6+ 9.: + 91?1 9- =A.91<+ >61<;<.8
;+=0.7 181 A=: 71 ;+=0.7 181 >=7 + A=@;-7 - C1G?109>- 9.8+;0.7 -
=>-@17 . ?1 9+ V# 9A=7 . 91 +: +>;0=9: 1C=8 9.: =8 A=D<1;. 9- A=? D17 +?<.B>.8 <1D.6=8
26+: .>+ ;+=0.7 + =C7 +?.<7 +<7 12 9>01I+<= /-;=6. "01<? <.M .F1;.=< E+=0.+9 "
:+>;0=9: 1C= =C7 +?.<7 +<7 + A=9;17 + 7 19<= 6.?: 7.6= - 96+;- B.7 + ;+8A+01;-0+ <1?81@-7 -
"+ 1 ;= 7 + =;A0.: .>+ 8191 4 B+9;.F1N?0-/.8 0+B.81 ;= 7 + ;+8A+01;-01 =? O9;+A+<.
1= @;= 98= .9A0.B1: . - =98=8 A=/: 16: 7- ;- ;+8A+01;-0- -8+8= ?1 A=9;./<+8= -
:1C=01;=0.7 . +,-;.8 /-;=69>= =C7 +?.<7 +<7 + D1E;+61: = C. ;+8A+01;-0- =? O "+6 @;=
7+ 9;16: 71 .D<1? ?=81@17 1 B1> . <17 8+/1: =81<9>.7 + 019A=: =G+<=/ /01?.;+: 71 1>F+: +01;=01
6- A0=F+<- ?=C.: . 98= ;1>= @;= 98= /: +?1: . ;0. A1018+;01 >=7 1 8+0+ 7 1B.<- 9: 1C+
+:+>;0=81/<+;<+ . 7 1>+ 9.: + =9;=7 + ?=>1D. ?1 9+ ;. A1018+;0. 8+<7 17- 91 +<+0/.7 =8 (
<1.8+ ?1 7 1>+ 9.: + A=9;17 - 96+ 9: 1C.7 + 1 +: +>;0=9: 1C+ 9.: + 96+ 7 1B+ A0. A=6.@+<7 - +<+0/.7 +
;1A1<7 + 96.E ;0.7 - A1018+;101 - 7 +?1< ?=/1,1 9+ A0. O "+ = 7 + ?1>: + 0+G.8
6+: .>=/=C7 +?.<7 +<7 1 ;= 7 + 8+9;= /?+ 9.8+;0.7 1 D1>=<1 A0.0=?+ ?=9;.G+ 6.@. <.6= : . =A+;
;= 7 + ;+> ;+=0.7 1 >=7 1 B+>1 ?1 8=G?1 7 +?<=/ ?1<1 C-?+ A=;60,+<1 1 8=G?1 . <+ A1>
<1B.< <1 >=7 . 9+ .D8+0+<+ 9<1/+ 8+<7 17- <1/=6+@;161 ?1 C. >=<6+0/+<F.7 1 8=/: 1 ?1 9+
?=/=?. A0. <+>=7;1>6=7;+8A+01;-0.
=9;=7 . .D6+9;1< C0=7 ;1B<.7 + A=9;=7 . 6+: .>. C0=7/-;=61 . 96. =<. .817 - 96=7 + 7 1>+ .
9:1C+ 9;01<+ 6= A0.8+01 +?1< =? A06.E >1<?.?1;1 D1 /-; A0+?9>1D1= 7 + ?1 7 + A0=;=<
<+9;1C.: 1< . ?1 9+ 8=G+ 019A19;. - 7 +?1< <+-;01: <. A.=< A.(8+D=< . 7 +?1< A=D.;0=< : . A=
;=7;+=0.7 . G.6=;<. 6+> A0=;=<1 .D<=9.= C. * /=?.<1 =@;= 7 + 9;10=9; >=98=91 D<1;<=
81<7 1 ( ;+> <+@;= A0+>= /=?.<1 ( <.7 + 9+ C1@8<=/= A0=;=<1 019A1: = ?=91? 19A1?
7+?<=/ A0=;=<1 C.= C. 9A+>;1>-: 101< ?=/1,17 817 ;+ - 6.?- 981;01: . 98= ?1 7 + A0=;=<
9;1C.: 1< E1?0=< ( @;= 7 + C1@ ?=C0= D1 <19 D1;= @;= 7 + A=9;=7 1<7 + 01D: =G<= A=9;=7 1<.E
A0=;=<1 6+=81 61G<= D1 C-?-I<=9; 19+: 7+<+ >1= . D1 <1@+ +>=<=8.7 + 1 .A1> .1>= 7 +
9;=A1 =B+>.61<.E 019A1?1<7 1 ;1>= 81: 1 =617=A.; 8=G+ 9+ .D6+9;. 1 A0.8+0 1>= 7 +
G.6=;<. 6+> A0=;=<1 D1.9;1 * /=?.<1 . 1>= A0=6+?+8= /=?.<- ?1<1 D-0+I. - 7 +?1<
7+?.<. A0=;=< <1@1 6+0=61;<=I1 ?1 6.?.8= <7 +/=6019A1? .D<=9.I+ 918= >0=D * ( 1
;= 7 + 6+=81 81: . C0=7 ;= 7 + (* : . D1;= 8=G+8= D-0.;. - 8<=/= A0=;=<1 =?7 +?<=8
?+9+; E.: 71?1 ;=<1 6=?+ .81 =>= ** A0=;=<1 .817 ;+ A=6+0+<7 1 - 8+<+ ?1 7 + ;= ;1>=
6= C. D<1B.: = ?1 9+ - ;=: .>=7>=: .B.<. 6=?+ 961>+ /=?.<+ 2 019>=>12A= E.: 71?- A0=;=<1
1;= 9- A0+?-D.8: 7.6. M.D.B10. 9.@: . A=? D+8: 7- - 0-?<.> 9=: . .9A=? 7 +D+01 0. - E17 - -
0-?<.> =: =61 .9A=? A: 1<.<+ =7 181 - 1A1<- . - =<17;-<+:>=7 . 7+ A0=960?: 1< >0=D =<
:1< A1 91? 9A17 1 01<F-9>- 91 ;1: .7 =8 6->: . 9- 9+ ;1>= ?-C=>= ?1 C. 9+ D1>: =<.: . =?
A=D1?.<9>=/ >=98.B>=/ D01B+<7 1 ;+ ;-<+: + . 0-?<.>+ -/01?.: . 9- =/0=8<+ A0=6.?<+
A: 19;.B<+ A=9-?+ 961>- =? <7 .E -: .6+<= 7 + =;A0.: .>+ A= ;=<1 B.9;+ 6=?+ = C.
D<1;+ C.: 1 >=F>1 B.7 + C. .6.F+ C.: + ?-/1B>+ =;A0.: .>+ A= ) O 8+;101 6=?- 9- D-0.: +
9;=;.<+ 6+: .>.E =9+;: 7.6.E F+6. D1 M =;=8-: ;.A: .>1F.7 - >=7 + C. 0+/.9;0=61: + .9>0.F- +<+0/.7 +
=9: =C=,+<- A0. 019A1?- A0=;=<1 ?= ?1<1 ?1<1@<7 +/<. 7 +?1< 7 +?.<. 019A1? A0=;=<1 <.7 +
=A1G+< = <+ D<1B. ?1 9- =6. 18C.F.=D<. =A.;. C+9>=0.9<.N=<. 9- ?01/=F+<. D1;= @;= 9-
<18 ?1: . <=6- 8+0- A0=;=<=6+ ?-/=6+B<=9;. 1?1 . 1>= -D8+8= - =CD.0 ?1 =981;01<7 +
8=G?1 <.7 + C.: = 9196.8 ?+: =;6=0<= D<18= ?1 G.6=;<. 6+> A0=;=<1 8=01 C.;. ?-G. =? *)
/=?.<+
1<.8: 7 .6= 7 + ?1 7 + =6= ?-/=;017 <= <+-9A+@<= B+>1<7 + ?1 C10 7 +?1< A0=;=< 2 A-><+2
C.:= =G.6: 7+<= 7 +?<.8 <+=B+>.61<.8 -DC-?: 7.6.8 ?=/1,17 +8 =8+<-= 918 =<- +>9A: =D.7 -

269
9-A+0<=6+ - M +C0-10- 3!T - ;0+<-;>- >1? 9+ =<1 ->1D1: 1 <1 <+C- A016. 01M 1:
<+-;0.<9>.E ?=/1,17 1 9<.8: 7+< 7 + ?+;+>;=0.81 .9A=? 7 +D+01 0. . .9A=? A: 1<.<+ =7 18+
1B<1 >=8C.<1F.7 1 96+;: =9;. >=7 - 98= <1 <+C- 6.?+: . . <+-;0.<1 >=7 . 9- <1 ;1 ?61 8+9;1
=A1G+<. A=?-?10.: 1 9+ <1A0=9;= =?601;<= ?=C0= 91 A0.E61I+<.8 8=?+: .81 +>9A: =D.71
D6+D?1 0+C1: = 7 + ?1 6.?.;+ >1>= 9- 9+ 19;0=<=8. D1?=6=: 7<= @+A-0.: . :. =? 019A1?1
A0=;=<1 <.7 + C.:= <.@;1
"-;=6. 9+ 6+I.<=8 : =@+ A0=6+?- 1: . ;+=0+;.B10. /-;=6F. D1?0G1617 - 96=7A=: +; +
8=01;+ 6. ?1 .D/01?.;+ /-;=69>. 1>F+: +01;=0 ?1 C.9;+ A0=6+0.: . <+>. /-; 1 A0.8+0 O
7+?<1 =? =61>6.E ;+=0.7 1 ?17 + A0+?6.,1<7 + ?1 7 + +:+>;0.B<. <1C=7B+9;.F1 >61<;=61< . ?1
-6+> 8=01 .D<=9.;. <+>. -8<=G1> =? 7 +?<+ ;0+I.<+ <1+: +>;0.91<71 +:+>;0=<1 1A18;.: . 9;+
>=:.>. 9- +: +>;0.B<. <1C=7 . >610>=61' +=81 D1?=6=: 71617-I+ 0-/1 A=9: +?.F1 ;+ ;+=0.7 +
7+9;+ >=<9=: .?1F.71 >610>=61 . : +A;=<1 - 7 +?<- A=0=?.F- = ;=7;+=0.7 . >610>=6. 9+ 8=/-
-<-;10 A0=;=<1 A0+=C01;.;. - : +A;=<+ . =C01;<=
"-;=6. A0+?9>1D-7 - A=9;=7 1<7 + 9-A+0819.6<.E B+9;.F1 .>9 C=D=<1 >=7 + C. C.:+ 8.: .=<
8.:.710?. A-;1 ;+G+ =? A0=;=<1 1> . 9181 8=/-I<=9; ?1 ;1>6+ B+9;.F+ A=9;=7 + . ?1
?1>: + 8=/- .9>09161;. . >1= 6.0;-+: <+ B+9;.F+ ?=6=?. ?= .D6+9<.E 81: .E 81: +F>.E
A=9:+?.F1 8+,- >=7 .81 7 + . 0+?1> 019A1? A0=;=<1 D/0+? 0+B+<= A0+?9>1D1<7 + ;1>6=/
019A1?1 .81 6+=81 >0-A<+ A=9: +?.F+ D1 A01>;.B<. G.6=; 81?1 7 + ?= =9;610+<7 1 ;.E
A=9:+?<.F1 ?1: +> A-; 1.8+ >1? C. 9+ 7 +D/0= 6=?=<.>1 >=7 + 9+ 919;=7 . 918= =? 7 +?<=/
A0=;=<1 . <. =? B+/1 6.@+ 8=/: = <16+9;. ?1 9+ A0+;6=0. - B.9;= D01B+<7 + C.= C. ;= .D6=0
+<+0/.7 + 9;= A-;1 ?+: =;6=0<.7 . =? M -D.7+ +>=:.>= ;=<1 6=?+ C.: = C. ?=6=: 7<= ?1 =C+DC+?.
96- +<+0/.7 - >=7 1 7 + 7+?.<7 +<.8 8+0.B>.8 0G16181 A=;0+C<1 D1 7 +?1< ?1<
?+79;6=61<7 1 1016<= ?1 C.98= ;1>= 019;-0.: . 6=?- <181 C. ?1<19 C.: = A=;0+C<= ?1 7 +
A06= D1/0+7 +8= ?= /-;=69>.E ;+8A+01;-01 1: . 8=G?1 <+/?+ - <+>.8 ?+B7 .8 719: .F181
A=9;=7 . >:.<1F 91 >=7 .8 C+D=9+I17 <1 619A.;1B.F1 A=9;-A1 ;1>= : =@+ ?1 I+ 9+ =< 9.: <=
01D=B101< C1F.;. <1 <1->- . 7 +?<=/ ?1<1 9+ ?=9+;.;. A01>;.B<.7 +/ <1B.<1 ?1 -01?.8= =6-
>=<6+0D.7 - A0=;=<1 - +<+0/.7 - 1;= .?.;+ . A=8=/<.;+ ;=7619A.;1B.F.
0. /-;=69>.8 ;+8A+01;-0181 =>= )! +: 6.<1 9.8+;0.7 1 . 7+?<=9;16<=9; 9;.G- ?=
<.6=1 <1 >=8+ A=9;=7 .. 918= 7 +?<1 7 +?.<1 609;1 81;+0.7 + : +A;=(>610>' . 918= 7 +?<1
7+?.<1 9.:1 >=7 - A0+<=9. <+>=: .>= 01D<.E B+9;.F1 . 1E ?1 D1C=016.E . /016.;1F.7 1 >=7 1
<+>1>= 6.9. ;18= <+/?+

-A+09.8+;0.7 1 >=7 - 8. =? 8.:=@;+ D=6+8= -D. 7 +9;+ M16=0.; >=? =<.E ;+=0+;.B101 >=7 .
6=:+ ?1 9+ >: 1?+ +I98= 9+ -A=D<1: . 91 <1@=8 -D.>=8 1 ;+=0.7 1 =C7+?.<7 -7+ B+9;.F+
81;+0.7 + >610>=6+ . : +A;=<+ . B+9;.F+(A0+<=9.=F+ 9.: 1 /: -=<+ 4(=6+ <1 ?17 +
=/0=81< C0=7A0+?6.,1<7 1 >=71 C. 9+ 8=/: 1 A=;60?.;. =A.;.81 1: . <. 7+?<= 7 +?.<= =? ;.E
A0+?6.,1<7 1 <.7
+ ?= ?1<19 D1A1G+<= : . C01;+ ?1 7 + D1C16<= ( 7 +9;+
-D. .818= /016.;.<+ . 6.<+ . /: -.<+ . M =;.<+ 1 ;= 9- 81;+0.7 . 9: .B<. A10;<+0.
/016.;=<1 4 B+9;.F1 . ;1>= ?1: 7+ 818= . 9-A+09.8+;0.B<+ =0;1>+ >610>=61 . : +A;=<1
9>610>=6+ . 9: +A;=<+ .8 0+?=8 61 ;+=0.7 1 <=9. 7+?1< ;+/=C<. ;+0+; <1 96=7 .8 A: +I.81
8=01 <+>1>= ?1 =C7 19<. D1@;= <.7 +?<1 =? 96.E ;.E B+9;.F1 7 =@ <.7 + =A1G+<1 E >1G-
;+=0+;.B10. .817 ;+ <1 -8- 1<;.81;+0.7 - 6+ ?= ;0.?+9+;.E /=?.<1 =6=/ 6+>1 <.>= <.7 + <.
91<7 1= ?1 961>1 B+9;.F1 .81 96=7 - 1<;.?6=7 <.F- 1 9+ 7 =@ 9+;.;+ . ;=/1 ?1 9.8+;0.7 +
<19;17 - 918= ?1 C. .E <+>= 7 +?<=/?1<1 01DC.= >1= =/: +?1:1' +9;.F+ A10<7 1F. <.9- 7 =@
6.,+<+ D1;= @;= 9- ;+@>+ 1/01?.;+ ?=6=: 7
<= 6+: .>- 81@.<- A1 I+ 9+ =<+ 96+ A=7 16.;.
1;+81;.B>. ;+=0+;.B10. -6+01617 - <19 =9;1: + ?1 -D. D1.9;1 .81 A0+?.6<- 9.8+;0.7 -
C+D=CD.01 <1 <+A0.9;=7 <= 01D8<=G161<7 + B+9;.F1 >=7 + DC=/ <7 + <19;17 + -D. =9.8 ;=/1
<1C1F-7 + <+>1 =C+I1<7 1 ?1 C. <19 8=/: 1 A=6+9;. >1 A016=7>61<;<=7;+=0.7 . /016.;1F.7 +
=>-@17 . ?1 9+ >61<;-7 + =A@;1 ;+=0.71 0+: 1;.6<=9;. ( 1 =<1 7 + <1@1 ;+=0.7 1 /016.;1F.7 + (
A0=A1: . 9- D1;= @;= 9- =<+ C+9>=<1B<=9;. A=606+: + ?= /-@+ <1 <1B.< >=7 . 9+ <+ 8=G+
0+<=081: .D=61;. 1@C. : +A= C.:
= >1? C. <19 -D. =?6+: 1 ?= >61<;1 /016.;1F.7+
-D. ;1>=,+ F.6.: .D-7+ ./9=6- B+9;.F- >=7 1 =<?1 A=B.<7 + ?1 9+ A=<1@1 -: 7 -?<=N
<1.8+ C+D9-A+09.8+;0.7 + ./9=61 B+9;.F1 <+ C. 8=/: 1 ?1 -01?. ;17A=91= DC=/>=/1 98=
7+ .D8.9: .:. =@;= 7 + 9>1:10<. C=D=< <+81 9A.< ./9=61 B+9;.F1 7 + <10=B.;= =9+;: 7.61 <1

270
C-0<= A0+6.01<7 + 61>--81 >=7 . >:7
-B1 96-?1 =>= <7 + 1 819- ./9=6+ B+9;.F+ -;.B- 819+
96.E 6.0;-+: <.E B+9;.F1 >=7 + 9+ >01;>=;017 <= A=7 16:7
-7 - . =?81E <+9;17 - 96-? -<1=>=: =N
961>1 ;1>61 8191 ?=?1 ./9=6=7B+9;.F. A=81: = +<+0/.7 +N A=9: +?.F1 7 + ?1 C. ./9=61
B+9;.F1 7 1?<1 8=01: 1 ;=: .>= ?1 9+ -/=7 . ?1 <.>1>= <. A0.C: .G<= <+ C. .81: 1 9A=9=C<=9;
?1 9A19+ +: +>;0=9:1C- ;+=0.7 - -D. 9+ ?+@161 ;= ?1 9-A+09.8+;0.B<. A10;<+0. -;.B- <1
./9=6- 819- 96=7 .8 9-A0=;<.8 D<1F.81 1.8+ =? 961>+ 4 B+9;.F+ ./9=61 B+9;.F1
A=9;1<+ 81: = ;+G1 1: . 6.<= B+9;.F1 A=<.@;161 ;= ?+7 9;6= . D1;= =61 ;+=0.7 1 ?=A-@;1 ./9-
?1 .81 >=0.9<- -A=;0+C: 7.6- 819- A1> 96+ =6= <+ ?=>1D-7 + ?1 7+ -D. .9;.<.;1 18= 7 +
?.6<=
;610 7+ ?1: +>= =? 0+@+<7 1 =7 16:7
-7- 9+ A=A-: 10<+ 0+B. 9-A+0/016.;1F.7 1 /+=8+;0.71
9-A+0A0=9;=01 =7 16:7 -7+ 9+ +: +/1<;<1 81;+81;.>1 D19;01@-7 -I+ 9:=G+<1 +?<1 =A.;<=
.D1D=6<1 A=9: +?.F1 -D. C.: 1 C. ;1 ?1 C. =<1 >1? C. C.: 1 ;1B<1 60: = 01?= . .D?1@<= ?1:1
>1<?.?1;+ D1 ;18<- 81;+0.7 - ( <1.8+ 9;1C.: <+ <+-;01: <+ B+9;.F+ >=7 + C. C.:+ ;=:
.>=
819.6<+ ?1 C. 8=/: + B.<.;. ;17=A@;+A0.9-;<. 81;+0.7 1:>=7 . 9+ 8=G?1 @-<7 1 >0=D=A1D.6-
19+:7
+<- -A+09.8+;0.7 9>+ B+9;.F+ <16=?<= 9- <19;1: + 7 =@ - +0. +: .>=/ A019>1 .
<17 :
1>@+ =? <7 .E ( 8=G?1 M =;.<= E./9.<= .: . /016.;.<= ( 8=/: + 9- A0+G.6+;. 96+ ?= ?1<19
>1= 9;1C.: <. =9;1F. >=7 . C. ?1: . ;18<- 81;+0.7 - . D1?=6=: 7.:
. 19;0=<=8+ : +?+I+ A=>=: +<7+
81@.<1 8=01 .: . ?1 A=;60?. .: . ?1 =C=0. <1@- -D. 1:. - 961>=8 9: -B17 - =<1 <+ ?1 7 +
G+<9>1 <+/= 7 + 91< 9<=61

.9:
.8 ?1 7 + B19=A.9 217 82D1-6+> ->019.= : +>9.>=< M .D.>+ B+9;.F1 ;.8+ @;= 7 + 019;0-C.=
?1 9- 9-A+09;0-<+ 2 ;+=0.7
1 96+/12( +?<1 <+?16<= =C7 16:7+<1 ><7 ./1 A=9;16.: 1 7 +
9;610 - 96=8+ <19: =6- D1 <.7 1<9- C=: 7+ -A+09;0-<+ ;+=0.7 1 96+/1' = ;0+C1 ?1
A0=B.;1;+ 91 -D: 1D<=8 .<;=<1F.7 =8 <1 >017 - +=0.71 9;0-<1 =C+I161 <18 =C7 +?.<7+<. =A.9
96.E 9.: 1 A1 B1> . /016.;1F.7 + . 96.E B+9;.F1 >1= . A0=9;=01 . 60+8+<1 . 7 =@?1 96+ ;= C-?+
9:=C=?<= =? A0=.D6=: 7<.E A1018+;101 . =? =<.E C+9>=<1B<=9;. >01;>= =C+I161 96+
0+81 =9<=6<=7 A0+;A=9;16F. -8+9;= ;1B>19;.E B+9;.F1 91?1 .818= >01;>+ >=81?+
29;0-<12 9;0.</ 6- ;+=0.7 - 9;0-<1 =?: .>-7 + ;= ?1 =<1 A=8+01 /01<.F+ 81;+81;.>+ @;=
7+ M .D.>1 A=<+>1? - A0=@: =9;. -9A+61: 1 ?1 -B.<. 1: . 60:= 0+;>= 1: . . A0.9.:
7161 :7-?9>-
81@;- ?1 9+ A0=@.0. <1 <+>+ >017 <7 + B-?<+ D18.9: . 19;1<1> ;+=0.7 + 9;0-<1 .81 96=7 -
9=A9;6+<- .9;=0.7 - . 96=7+ 7 -<1>+N;- 9- "1C0.+: 1 +<+F.1<= "1C0.+: :+ +<+D.1<= G=<
610F =E< FEJ10D <?0+ +6= <?0S +6+- 7+0 18=< .+00+ 18=<? G+M
106. +MM 106+Q %=+: +0> =+: E+0> 17>:"0.< .FE1+:"0++< +7
6.? "0=9
16.? "0=99 . 7 +?1< <1?10+<. ;.A : 1> <1 =C+I1<7 .81 A= .8+<- ?610? .;+< ?J10?
4.;;+< +;6=0.F1 =6.E .9;1><-;.E ;+=0+;.B101 01?.: 1 9- D17 +?<= - 7 +?<=7 =A9>-0<=7
.<9;.;-F.7. - 7 - G+0D.7 - . A=9;1: 1 A=D<1;1 >1= 20.<9;=<9>. /-?1B>. >610;+;2 0.<F+;=<
9;0.</X-10;+;
+=0.71 9;0-<1 7 +9;+ ;+=0.71 = 7 +?<=8 60: = -?1: 7+<=8 8+9;- -?1: 7+<=8 81: ;+<+ >1=
;:1<;.?1 .:. B10=C<1 D+8: 71 D +B 7 + = : 1<>=6=8 A=?0-B7 - D1 >=7 + >1= <. D1 D <+
D<18= ?1 : . 7
+ .>1?1 A=9;=7 1:=N 1: . 1>= 7 +9;+ 8=/: = 7 + A=9;=7 1;. 918= - <17 01<.7 +8
;0+A;17 - +: .>=/A019>1 . <1 >=7 . <1B.< <+ 8=G+8= ?1 D18.9: .8= A0.C16: 71<7+ 81 >1>6.E
=A.;<.E A=?1;1>1 .D ;+ +A=E+ ;= <+ D<1B. ?1 <+ ;0+C1 .9;017 1;. - A=>-@17 .81
0+;A=9;16.8= ?1 <+>= <1,+ 81;+81;.B>. ?=9: +?<- C+D=<.E C+9>=<1B<=9;. ;+=0.7 - >=7 1
<+>1>= -9A+61 ?1 =A.@+ D 1 >=7 1 -7 +?<= .81 >1= 96=7 - A=9: +?.F- A0. <.9>.8 60: =
<.9>.8 +<+0/.7 181 <1@ 9;1<?10?<. 8=?+: >= ;1 ;+=0.7 1 C-?+ -7 +?<= . 7 +?.<9;6+<1 -
98.9: - ?1 <+81 <.7 +?<=/ ;1>81F1 >=7 . C. 8=/1= A=9;.I. .9;= ( =<?1 I+8= 96. ?1 9+
01?-7 +8= . ?1 C1F.8= .D0->- <1@+ =: =6>+ . D.?109>+ 8.9;0.7 + +?.<9;6+<=9; 7 + 8+,-;.8
=<= @;= ;+=0.7 + 9-A+09;0-<1 <+817 - /: 16<+ A0+;A=9;16>+ =6+ ;+=0.7 + -/01,+< 7 +
=/0=81< C0=78=/-I.E A-;1<7 1 >=7 + 96+ 6=?+ >1 96+;- A=?1;1>1
1 6.?.8= B.8+ 9+ 7 =@ =?: .>-7 + ;+=0.7 1 9-A+09;0-<1 +I+8= A=>-@161;. ?1 7 +
=C7 19<.8= E1 ?1 A1 A=8+<-= 918 - =98=8 A=/: 16:7- =61 ;+=0.7 1 D1E;+61
A=9;=7 1<7+ ?+9+; ?.8+<D.7 1 =? >=7 .E 9- ?+6+; A0=9;=0<+ 1 7 +?<1 60+8+<9>1
=C0= 96. D<18= ?1 A0=9;=0 .81 918= ;0. ?.8+<D.7 + A1> 81: = 98= 9+ D1/0+61: . D1
9-A+09;0-<9>1 01D8.@: 71<71 ;1>= @;= 98= ?=B101: . 9+C. =<17A: 7
=9<1;. 96+; - >=8+ <+81

271
/=0+ . ?=: + 1 >1? A=9;=7 + ;0. D1@;= <+ C. C.: = . ?+6+; ?.8+<D.7 1'R /?+ 9- =<+'RA.;1@
;. 9196.8 =A016?1<= 6.7+<+ 9- ->=60?G1<+ 98=;1<+ 8=;1<+' 1 6.?.;+ ;1 ;+=0.7 1
7+ >0+<-: 1 =? /016.;1F.7 + 1 /016.;1F.7 1 9+ D19<.61 <1 /+=8+;0.7 . . D1;= 8=G+8= ?1
D18.9: .8= ;.E @+9; ?=?1;<.E ?.8+<D.7 1 >1= <+@;= @;= 9+ <18=;1: = - 7 +?<- 6+=81 81: -
:=A;- +:.B.<1 ;+ :=A;.F+ ;.A.B<1 7 + D1 : 1<>=6 0+G.8 (** F+<;.8+;101 1 ;= 7 + -7+?<=
A0.C:.G<1 6+: .B.<1 9;0-<+ >=7 - - =6=7;+=0.7 . .818= <18+9;= ;1B>19;+ B+9;.F+ +9;.F+ >=7 +
A=D<17 +8= .D01<7 17 - >1= ;0+A+0+<7 1 ;.E 81: +<.E 9;0-<1 1;+/<-;1 9;0-<1 .81
C+9>=<1B1< C0=78=/-I.E <1B.<1 6.C0.01<7 1 1 ;=8+ 9+ D19<.61 6.=: .<1 ( 1 . : +-; 1>=
A18;.;+ .<9;0-8+<; >=7 . 98= 90+: . >1? . "1: .:+7+6=/ I1: +;1 0+A+0+<7 1 A016.E 9;0-<1
6.=:.<9>.E =A.9-7 - 9+ - ;+08.<.81 7 +?<+ =9<=6<+ <=;+ . .D6+9<=/C0=7 1 E108=<.7 1 ;= 7+9;
M0+>6+<;<.E <1B.<1 A1 81;+81;.>1 8.>0=9;0-<1 7 + 9:.B<1 ;=8+ +9;.F+ <1@+/ 96+;1
?=C.7 17 - 9+ .D8=?1: .;+;1 D1 <17 <.G+ M 0+>6+<F.7+
1 7 +?<=9;16<= <+ 8=/- . <+ -8+8 ?1 =A.@+8 @;1 7 + ;= @;= -DC-,-7 + A0+?6=?<.>+
=6+ ;+=0.7 + ? .;+< 7 + =?0G1= 7 +?<= M 1<;19;.B<= <+=?=: 7.6= A0+?161<7 + = ;=8+ -
+08.:1C- A0+ .D6+9<=/ C0=7 1 /=?.<1 06. A-; - 8=8+ .9>-9;6- A1-D1 A=9: + A0+?161<7 1
A=;017 1: 1 7+ A-<.E ?+9+; 9+>-<?. ;= 7 + ?-/= I-;1<7 + A1 7 + ;+> =<?1 -9: +?.= A:7+91>
=7-0.= 918 >1 8=7 =7: 1C=01;=0.7 . ?1 =C7 19<.8 >=: +/181 - ;=798+<. @;1 918 .D ;=/
A0+?161<7 1 ?=D<1= 1: . A0+ <+/= @;= 918 9;./1= ?= : 1C=01;=0.7 + 019A: .<-:= 8. 9+ - /: 16.
/=;=6= 96+ +@; A0+?161B ;+ <16+?+ <1 -;.91> ?1 9. 9E61;.=
=@;= 9+ ;1 ;+=0.7 1 D1/: .C.:
1 - 81;+81;.>- >=7 1 7+ A=9;17 1:1 96+ ;+G1 . ;+G1 . A=@;= 9+
9-=B.: 1 91 96+ 8<=/=C0=7 <.7.8 8=/-I.8 A016F.81 ?1: 7
+/ <19;-A1<7 1 -9A=0+< 7 +
<1A0+?1> - <7 =7 1 9;.@1<= 7 + . -DC-,+<7 + 1? 98.0+<.7 + A0.:1D.8= ;+=0.7 . 9;0-<1 1A016=
91? 8=G+8= 918= ?1 B+>18= +>. 6+=81 9A=9=C<. ;+=0+;.B10. . ?1: 7+ 9+ D1<.817 - D1
<7 - 1: . 8+<. 9+ B.<. ?1 I+ 7 =@?-/= 60+8+ A0=;+I. A0+ <+/= @;= ?=,+ ?= 9;1<?10?<=/
8=?+: 1

=> B+>1 ?1 C-?+ 9A19+<1 ;+=0.7 1 +: .>=/ A019>1 .81 96=7 + =C: 19;. DC-<7 .61<7 1
=D6=: .;+ ?1 9+ =A0+?+: .8 =6?+ D1 7 +?1< A0=C: +8 >=7 . 7+ D1.9;1 2 C1F1= - 0+C-92<19
M.D.B10+ .1>= <19 7 + . 6=?.= >1 <+>.8 .D1D=6<.8 01D8.@: 71<7 .81 = 918=8 A=B+;>-
19+: 7+<+ =D<1; 7 + >1= A0=C: +8 016<=9;. M :1;<+99 A0=C: +8 1 D1E61;1 <+@;= 6+=81
:7-?9>= ( D1E61;1 <1@+ 8=0C.?<= D1<.81<7 + D1 A.;1<7 + ?1 :. I+ 19+: 7+<1 <19;16.;. ?1 9+
@.0. 6+B<= .: . I+ -9A=0.;. @.0+<7+ A0+9;1;. ?1 9+ @.0. 1 =<?1 A=B+;. . ?1 9+ 91G.81 = D16.9.
=? >=: .B.<+ 819+ . ;= /016.;1F.=<+ 819+ >=7 1 - 19+: 7
+<. A=9;=7 . >= 7 + .81 ?=6=: 7<=
@.0+<7 + I+ C.;. D1-9;16: 7+<= . A0+=>0+<-;= . 7 +?<=/?1<1 <19;-A.I+ +: .>= 91G.81<7 + 617
8=?+:A=D<1; 7 + >1= 2 D1;6=0+<1 19+: 7+<12 >= 819+ <+81 ?=6=: 7
<= D1 ;1>= <+@;=
>=98=9 I+ <19;16.;. ?1 9+ @.0. D1 6+B.;1 60+8+<1 A=9;17 -I. 96+ E: 1?<.7.N;= 7+ 2=;6=0+<1
19+: 7+<12 1B<= .D8+,- ;1 ?61 0+G.81 : +G. 2+9+: 7+<1 91 >0.;.B<=8 819=82 =<1 >=7 1
.81 819- ;181< ?=6=: 7
<- ?1 9+ @.0+<7 + 9196.8 D1-9;16. 1: . .A1> <+ ?=6=: 7<- ?1
91G.81<7 + A=B<+ D1 ;1>6- 19+: 7+<- 9+ >1G+ ?1 7 + 016<1
0+8+ 7 + D1 7 +?<- 1<1: =/.7 - 0+;A=9;16.;+ ?1 .9A1: .8= 01>+;- -6.9 91 A=60@.<+
+8: 7
+ >= =<1 9;+><+ <+?=6=: 7<- C0D.<- A1@I+ <1D1? <1 +8: 7
- 1;6=0+<1
19+: 7+<1 >= 7 =7 ?18= 8<=/= 6+I- C0D.<- =<1 I+ A=C+I. +8: 7.<=7 /016.;1F.7. .
=?7 +D?.;. - ?-C.<+ >=98=91 ;6=0+<1 19+: 7+<1 D8+,- C. C.: 1 <+>1 >0.;.B<1 C0D.<1
>=7 1 7 + ;1B<= ;1>61 ?1 C. 918= 81: B.F+ 9A=0.7 . : +; ?=6+= ?= A1?1<7 1 <1D1? 1 918=
81: B.F+ C0G. ?= C+>9;61 - ?1: 7.<+ 16<=9; <19;17 + >1? 7 + C0D.<1 C1@ 9196.8 ;1B<= ;1
1>+;1 C+G. 96+ ?1: 7
+ =? +8: 7+ 1: . 9+ >0+I+ 96+ 9A=0.7 + 9:-B17- ?1 ;= 9;610<=
A=>-@1618= 91 =6+ <1@+ A: 1<+;+ >0.;.B<1 C0D.<1 .D<=9. * >.: =8+;101 - 9+>-<?. 1?
.817 -I. <1 -8- =6- 1<1: =/.7- 6. ;0+C1 ?1 D18.9: .;+ 01>+;- B.7 1 7 + C0D.<1 6+I=?0+,+<1 .
<+ 8=G+8= 7 + 8+<7 1;. ;= 7+ +: .>. A0191> . ?1 9+ D1A.;1;+ >=: .>= ;+@>1 A: 1<+;1 ;0+C1 ?1
C-?+ >=: .>= ;0+C1 ?1 .D<=9. ->-A<1 /-9;.<1 819+ - 19+: 7+<. ?1 C. 9+ 01>+;1 601;.: 1 1
>=: .>= ?1 C. -9A+: 1 ?1 9+ =;0/<+
=6+> 8=G+ A0+C0=7 161<7 +8 D6+D?1 ?1 A0=F+<. /016.;1F.=<- 819- 19+: 7+<+ 7 -?. 9-
;= 01?.: . . ?=C.: . 9- 0+D-: ;1;+ 1>= 9+ 01B-<1 918= 8191 D6+D?1 =<1 <.7 + <. A0.C:.G<=
?=6=: 7<1 ?1 D1-9;16. ?1: 7
+ @.0+<7 +N- ;=8 9: -B17 - A0.9.: 7+<. 98= ?1 >1G+8= ?1 7 + <1@1

272
 19+: 7
+<1 @.0=8 =;6=0+<1 +,-;.8 .81 60: = 7 1>.E ?=>1D1 ?1 A=9;=7 . . ?1 7 + @.0=>=
019A0=9;01<7 +<1 81;+0.7 1 >=7 1 <+ D01B. <.@;1 >=7 1 7+ ?1>: + 2 ;18<12 .<. 9+ ?1 ;18<1
81;+0.7 1 A0=G.81 F+= >=98=9 1? 91C+0+8= 81;+0.7 - >=7 - 6.?.8= . A0=F+<7 +<- >=: .B.<-
;18<+ 81;+0.7 + ?=C.7 +8= >=: .B.<- >=7 17 + C:.9>1 >0.;.B<=7 6= 2 C:.9>12D<1B. <+ 81<7 + =?
A=9;= A=;0+C<+ >=: .B.<+ 1: . . <+ 6.@+ =? ?6=9;0->=/ .D<=91 A=;0+C<+ >=: .B.<+ 1;=
=9;17 + =;6=0+<= A.;1<7 + ?1 : . I+ 19+: 7+<1 <19;16.;. ?1 9+ @.0. .: . I+ 7 +?<=/?1<1 A=B+;. ?1
9+ 9>-A: 71
81 8<=/= 9A+>-: 1;.6<.E >1<?.?1;1 D1 ;18<- 81;+0.7 - +I.<=8 9- ;= ?1C=8+
B+9;.F+ 1 <1D.6. 9- .8 >.;<7 19;. ( 1>9.=<. M =;.<=.N<1?+<-: . 9- .E ;+=0+;.B10. >=7 . -G.617 - -
;=8+ ?1 .E .D8.@: 717- +?<1 =? <17 B-?+9<.7 .E 8=/-I<=9;. C.: 1 C. ?1 7 + ;18<1 8191
91D?1<1 =? <1@.E <+-;0.<1 6+IA=9;=7 +I.E - 9;1<?10?<=8 8=?+: -N8=/: 1 C. ;= C.;. 918=
7+?<1 609;1 1 8=/: = C. C.;. - ;- 01C=;- -A+;: 71<= . 6.@+ =? 7 +?<+ 0+C1: = C. ?1 A=9;=7 .
=/0=8<1 /-9;.<1 ;.E <+-E61;: 7.6.E 81: .@1<1 A0+=9;1: .E 7=@.D?=C1 +: .>=/ A019>1 <. C.
C.:. .?+1: <. >1<?.?1;. 1>= .817 - <+>- =?0+,+<- 819- 8.0=61<7 1 +I D<18= ?1 7 +
+:+>;0=<=6<+-;0.<= =?6+I: 1> A1 A0+81 ;=8+ =9;17 - 7=@?61 >1<?.?1;1N.D8+,- ;1 ?61
6+0=61;<.7 . >1<?.?1; <1@ M 16=0.; 7 +9;+ ;1- <+-;0.<= 16=0.; 7 + .D ?61 01D: =/1 =<
A=9;=7 . . ) = <7 +/=6=7819. <+ D<18= /=;=6= <.@;1
+ ;1>= ?16<= .D6+?=98= 8. - +08.: 1C- 7 +?1< ?=8.@: 71; . .9;1<B1< =A.; 91 <1-8=8
?1 =;>0.7 +8= ?1 : . ;1- <+-;0.<= .81 <+>- >=<1B<- 819- >=7 1 C. 8=/: 1 A=9: -G.;. ?1 9+
19+: 7
+<1 D1;6=0. 1>= 9- A=;0+C+ >=98=: =/1 <1/<1: + :1C=01;=0.7 - ?1 9+ -A-9;. - 7 +?1<
=A.; @;= A=>1D-7 + ?1 A=9;=7 .7+?.<9;6= M .D.>+ B+9;.F1 . >=98=: =/.7 +
=B1017 ;+ 9+C. A=9;?.A: =8F1 >=7 . 9+?. - 9-8=0<=7D.89>=7<=I. D1;= @;= 7 + ;1>6-
98+<- ?=C.= 918 - >=: .C.F. A-<=7+: +>;0=<.>+ 90+? A0+0.7 + : .<=7 1 .:
=6.; E:1?1< 6+;10
<161: 7
-7 + <1 >=: .C.F- +I =918 8+9+F. ;017 + A0.>-A: 71<7 + A=?1;1>1 =9;?.A: =81F
A0=6+0161 >1>= =A.; <1A0+?-7 +N?+= 0-;.<+ 7 + . A0=6+01 A=?1;1>1 = ?+7 9;6- <+-;0.<=6+
819+ =7 - <+ 8=G+@.D8+0.;. <+A=90+?<= 1: . 8=G+@8+0.;. ?+7 9;6= >=7 + C. ;1 8191 1>=
A=9;=7 . .81: 1 <1 <+>+ 0+1>F.7 + =81> A-@;1 F+: - >=: .B.<- A=?1;1>1 >0=D A0=F+9
.D01B-<161<7 1
R ;1 7 + =6='R 17 +?<=8 7 + A=;A-<= A0.C01< <1A+;+ A1G<7 + + 6+0-7 + =<=8+ @;= <1
+>01<- 6.?. R =G+ =G+ R 0=6+0161 01? >=8A7 -;+01 6+ 7 + .9A016<= 1>: + <1,+<1 7 +(
8191 =6=: 7<= 819+ ?1 9+ 19+: 7+<1 D1;6=0. 617A=9;?.A: =81F 9;10 ?61?+9+; ?6+
/=?.<+ =C-D+; 7 + 91? =<.8 <+6+0=61;<.8 91D<1<7 +8 =? >=/1 D19;17 + ?1E =< 7 +?.<. =<
<1 F+: =7A: 1<+;. 91 A+; . A= 8.: .710?. 91A.+<91 D<1 C-?-I<=9; 19+: 7+<+ 1>= 618 9+ B.<.
;17+-0+>1(;0+<-;1>
+A1 7 + C.: 1 D1 D18.@: 7 1<7 + ;1 A0.B1 6+ = A=9;?.A: =8F- . <7 +/=6=8 01?- 7 + .9;.<.;=
=9.8 @;= 7 =@<.>1?1 <.7 + =;>0.6+<1 ;1 8191 =G?1 <.98= 60@.: . =A.;+ >1>= ;0+C1 1 8=G?1
. 7+98= 1 819+ <+81N.: . I+8= 7 +?<=/?1<1 .A1> -9A+;. =: +/1 .: . >=:+/.<.F+ B.;1=B+
8=: .8 A0=B.;17=6- A0.B- 96=8+ <+9./-0<=8 A=;=8>- . ;= F=< C0.= +F. <7 +8-5 <7 =7?6+
9;610. =A.;. 9+ B+9;= D160@1617 - C+D-9A+@<=N ) <+ D160@1617 - 9+ -6+> C+D-9A+@<=

"

1>= 7 =@<+ D<18= >1>= ;= - 19+: 7+<. .81 ?=6=: 7<= 819+ D1 D1-9;16: 7
1<7+ @.0+<7 1
A0.:.B<= B609;= 98= -6+0+<. ?1 7 + .81 ?=6=: 7<= >0.;.B<1 8191 A=9;=7 . 1? I+;+ 6.?+;.
D1@;= 0.0=?1 7 + D1 =6- 96=7 - 19+: 7+<- 8=/: 1 ?1 =?1C+0+ C.: = >=7- 819- 0+F.8= $
>0.;.B<.E 8191 .: . ( $ >0.;.B<.E 8191 1: . <1 9+ .D/: +?1 =A0+?+: .:1 D1 <+@;= =;A0.:.>+
016<= <+ 918= ;=N.9;.<1 7 + 8<=/= /=01 D/: +?1 ?1 7 + C.:= A=;0+C<= . ?1 9+ ?=/=?.: =
A016= B-?= ?1 C. 19+: 7+<1 .D81>: 1.7 +?<=7. ?0-/=7>1;19;0=M 1:<=79-?C.<. ( C+D/: 16=8 .
C+D8+0<=8 @.0+<7 - . <1/:=8 91G.81<7 - - 7 +?<- /-9;- /0-?6- DC+/: 1 7+ . 6+I O
8.: .710?. /=?.<1 .DC+/161 =>1D1: = 9+ ?1 7 + 016<=9; 19+: 7+<+ - ;0+<-;>- >1? 7 + <7 +<1
9;10=9; .D<=9.: 1 ;1B<= 7 +?<- F+: - 9+>-<?- C.: 1 ;1>= 0+I. 9160@+<1 1 9+ ?=/=?.: 1 918=
81: 1 81: +F>1 ?+6.7 1F.71 <1 7 +?<- .:. <1 ?0-/- 9;01<- C.: = C. 96+ 90-B+<= <1D1? . 91G+;=
A0+ 0=,+<7 1 B1> . A06=/1;=89>=/7 +D/01 .: . C. @.0+<7+ 19+: 7+<+ C.:= ;1>= 60;=/: 16= ?1 C.
=<1 91?1 C.: 1 9>0=D: +?+<1 . 80;61 A+; B-?= 1>= <1-B<.F. 8=/- D18.@: 7
1;. =/1 >1=
-?0=/1 >1= <+81B>=/ ?+0 : ;+ >1= ;.A1 >=7 . :
.B. <1 10: ;=<1 +9;=<1 91 ?-/1B>=8
;1:1919;=8 : 1G<=8 C01?=8 . B-?<.8 : 19+09>.8 97 17+8 .D =B.7 - .: . 8=/- >1= 7 1

273
D18.@: 7
1;. ?1 7+ =/.<7 1 . ?1 : .B. <1 10/10+; .? 10/10+; +1? .: . <1 "=: ?- +.0
"=: ?1 +.0 .: . <1 10/10+; 1B+0 10/10+; E1;FE+0 - <1@+8 -/=6=0- 7 19<= A.@+ ?1
D1>=<+ A0.0=?+ <+ 98+8= ?=A-<7 161;. <.>1>6.8 181<?81<.81 >1? 9+ <181 A0=E;+
<+/= ?1 =<. 7+9- =<= @;= 7 +9- <1B. =6= B-?= 016<=9;. A0+6.@+ 7 + B-?<= . D1;= ;01/18=
D1 <+>.8 -D0=F.81 >=7 . C. A0.0=?<= ?=6+: . ?= <7+/1 1;= 9+ 8=7A=9;?.A: =81F 980D161=
;18= /=0+ A=>-@1617 -I. ?1 -9;1<=6. ?1 : . <+-;0.<. 7
+9- .:. <.9- ;18<1 81;+0.7 1 ?1 :. I+ C.;.
@.0+<7+ C+D>0171 .:. +: .>= 91G.81<7 + <7 + G+:
+= ?1 D<1 %+: .8= ;= . 8.
0=C:+8 016<=9;. A0=C: +8 7 +?<==C01D<=/D01B+<7 1 <1 ;+8A+01;-0. =? * 9;+A+<1 . 7 =@
<+>+ A0=C: +8+ 8=?+: 1 D61<=/ +: .>. A0191> 0+@.= 7 + C10 ;+=0.7 9>. 3! /=?.<+ : +< "-;
:
:1< "-;E < 7+ ;+=0+;.B10 +: +8+<;10<.E B+9;.F1 <1 (- 7+/=6= A=C=: 7@1<7
+ ?=C.: =
7+ <1D.62.<M:
1F.=<. 8=?+: +: .>=/A019>12

=6=791G+;=7.9;=0.7 . A=9: +?<7 .E O8.: .7 10?. /=?.<1 D1C=016.= 918 ?1 A=8+<+8 ?1 7 +

01D6=7 19+: 7+<+ /=;=6= - F+: =9;. 91?0G1< - 7 <@;17<=6.8 7 +?<1B.<181 =A@;+ 0+: 1;.6<=9;.
+0 B.8 9+ 19+: 7+<1 =E: 1?. .9A=? ;+8A+01;-0+ =? *) +: 6.<1 >: 19.B<1 <+>61<;<1
0+:1;.6<=9; A0+=6: 1,-7 + A1 9- ?=/1,17 . >=7 . =<?1 <19;-A+ D1A016= A=9: +?.F+ 7 <@;17 <=6+
;+=0.7 + 1G1: =9; =6- 6+: .>- 8=I;+=0.7 + 0+: 1;.6<=9;. <.7 + =;>0.= 918 817 9;=0 =;>0.: . 9- 7 +
;+> <7 +/=6. 9: +?C+<.F. 0+ 3 $ A0+ 1C: 1 . +?6.<+ <1C: 19+: 7+<1 7 + 91/: +?161<1
>1= A0+?8+; ?1: +>= 98.0+<.7 . 9;1;.B<.7 . 1 7 <@;17< 7 + -B.<.= 7 +?<- /0+@>- >19<.7 + 7 +
A0.D<1= ?1 8- 7 + ;= C.: 1 2 <17 6+I1 A=/0+@>12 . ?=?1= 96=7 =77 +?<1B.<. 7 +?1< B: 1< ?1 C.
9A0+B.= @.0+<7 + >=7 +7 +7 +?<1B.<=8 C.: = A0+?6.,+<= =@;= =6= <.7 + ><7 ./1 = >=98=: =/.7 . 1
.81 =?: .B<.E ><7 ./1 = >=98=: =/.7 . . <.7+ .E ;+@>= <1C16.;. <+I+8= 8=I. ?1 A=96+;.8= ;.8
D18.9: .81 =<=: .>= A0=9;=01 >=: .>= =<+ D19: -G-7 - -;=: .>= A0+ @;= 9- 8<=/+ =? <7 .E .D<1?
=<=/<.6=1 D1 >=7 . 918 A: 1I+<
=8+<-;. <1-B<.> "-; =;>0.= 7 + 7+?1< A0=F+9 ?=A-@;+< 7 <@;17 <=6.8 7 +?<1B.<181
>=7 . 9;6101 +>9A: =D.6<- 9.: - ;1>= =/0=8<- ?1 <19;17 + <+D1?0G.6= @.0+<7 + 19+: 7+<1 9+
<1?-61 =? <+B+/ @;= 7 + 8<=/= 81<7 + =? 7 +?<=/ A0=;=<1 ( O 8+;101 ?= 6+: .B.<+
:=A;.F+ D1 /=: M- 7 +?<=8 60+8+<9>=8 01D81>- >=7 . .D<=9. =>= (** 9+>-<?+ 6= 9+
D=6+ 2 .<M :1F.=<1 M 1D12 ;= 7 +9; M 1D1 <1?-6161<7 1 ?=/1,1 9+ A=90+?9;6=8 7 +?<=/ <=6=/
A=: 71 7 +?<=/ <+-98+0+<=/ 9>1: 10<=/ ?1>: + A=: 7
1 >=7 + .D/: +?1 A=<1@1 9+ . 8.0.@+
>1= ./9=6=
+9;+ ./9=6= 9;0=M .D.B10. 9- =;>0.: . ;- ./9=6- 9;610 - 9196.8 <=6=8 >=<;+>9;-
1>61 7 + -: =/1 ./9=6=/ A=: 71 - A0=8=F.7 . ;=/ C.D10<=/ <=6=/ ?=/1,17 1 >=7 . 9+ DC.= A0+
@.0+<7 1 19+: 7+<+ 1 >=7 .7 + <1D61< .<M :1F.7 1'
1A=8+<-: . 98= ?1 7 + ./9=6= A=: 7+ C: .9>= A=6+D1<= 91 >=<F+A;=8 819+ <= @;=
<16=?. <1 : -?= <1/: - .<M :1F.7- 7 +9;+ A0+;A=9;16>1 ?1 7 + A0+?.<M :1F.=<1 19+: 7 +<1 C.: 1
A0=G+;1 ./9=6.8 A=: 7+8 B.7 . 7+ +<+0/+;9>. 91?0G17C.= ;=: .>= 6+: .>. ?1 7+ <-G<= ?=6+= ?=
;1>= C0D=/ @.0+<7 1 <1B. 0+B+<.F1 2 A=B+;>- ./9=6= A=: 7+ C+@+28=G?1 <.7 + 8<=/=
?1: +>= =? .9;.<+ ./9=6= A=: 7+ >=7 + 7 + 96-?1 7 +?<1>= - F+: =7 19+: 7+<. 8+<7 1 9+ 91
A0=;.F1<7 +8 60+8+<1 ( - 9>: 1?- 91 D1>=<.81 M .D.>+ . D1>=<. >1? 9+ ?=?17 -
7<@;17 <=6.8 7 +?<1B.<181 A0=.D6=?+ .<M :1F.=<- M 1D- >=7 1 7 + D1A0+81: 1 F+: =>-A<=
6+=81 ?-/= 01D?=C: 7+ .D8+,- (*O . (** 9+>-<?+ A=9: + =9;1<7 1 +=0.7 9>. >=98=: =D.
=A.9-7 - ;= A=B+;<= 9;1<7 + >1= 2 :1G<. 61>--82DC=/ +<+0/+;9>+ 91?0G.<+ ./9=6=/ A=: 71
=<1B<. A0+: 1D>1 A016=8 61>--8- =9: =C1,1 =6- +<+0/.7 - . 9;6101 B+9;.F+ . D01B+<7 1 96+
A0. =/0=8<.8 ;+8A+01;-0181 =B+;>1 +> A=9: + ;=/1 A=B.<7 + +: .>. A0191> >=7 . 7+
D1A016= 7 +?<1 M 1D1 901D8+0<= 98.0+<=/ @.0+<7 1 . E: 1,+<7 1 <181 C=: 7+ A=D<1;1
19+: 7+<1 7 + A=;60,+<1 6+I- 9;10=9;. =? (** 9+>-<?+ R 1<19 918 19+: 7
+<1R 8=G+;+
96+B1<= .D/=6=0.;. ;1?1
=@;= 7 + 96- 96=7 - +<+0/.7 - -: =G.:= - 9;6101<7 + B+9;.F1 ./9=6= A=: 7+ 9+ A0.60+8+<=
A+<D.=<.@+ 1: . 9+ .A1> A=7 16: 7
-7 + 7=@ <+>=: .>= A-;1 - >19<.7 .8 60+8+<.81 01D: .B.;=
A0+0-@+<= ?1 C. 81;+81;.>1 =9;1: 1 -91/: 1@+<1 ?1 C. =<+ C+9>=<1B<=9;. C.: + A=;0;+ . ?1
C. 9+ <1?/: +?1: 1 96+ 6+I1 D180@+<=9; 19+: 7+<+ - >=7 =79- 9+ .D?617 1:+ 7 +?<1 =? ?0-/+
96+ <=6+ . <=6+ B+9;.F+ . 9.: + ;= >1>= 6+: .B1<9;6+<= - 96=8 A-<=8 97 17- 01?. =G.7 1
B+9;.F1

274
 18= ?1 D<1;+ <.918 7 1 <.@;1 =? =6=/1 .D8.9: .= 1B+;<.> =6+ ;+=0.7 + : +< "-; C.=
7+ 8: 1?. M .D.B10 >=7 .7 + A=>-@161= ?1 0+@. <+@;= @;= 7 + .D/: +?1: = >1= 9196.8 ?0-/. A0=C: +8
<1.8+ 9;1<?10?<. 8=?+: +: .>=/ A019>1 A0+?6.,1 . A=9;=7 1<7 + 81/<+;<.E 8=<=A=: 1 (
9:-B17 +61 /?+ A=9;=7 . 918= 7 +?1< 81/<+;<. A=: = C. D<1B.: = ?1 .D8+,- 9+6+01 . 7 -/1
A=9;=7 . =?<=9 >1= .D8+,- 81;+0.7 + . 1<;.81;+0.7 + 01/1<7 + D1 B+9;.F=8 >=7 1 C. C.: 1
8=<=A=:C.: = 7 + =8.: 7+<1 ./01 : =61F1 <1 B+9;.F+ . <1 961>=7<=6=781@.<. A=>-@161<= 7 + .
;= = ?1<19 <.7 + -: =6: 7+<1 <.7 +?<1 "-; 9+ 181;+09>. C16.= . >=98=: =/.7 =8 . A1: = 8- 7 +
<1 A18+; ?1 C. .<M :1F.7 1 C.: 1 D/=?1< <1B.< ?1 9+ >=98=: =/.7 1 +: .>=/A019>1 A0=8+<. ;1>=
?1 8=<=A=: . C-?- =?9;01<7 +<.N -01?.= 7 + ;= . =;>0.= ?1 ?1: 7
.8 A=C=: 7@161<7 +8 96=7 +
.<M:1F.79>+ D18.9: . 8=G+ =;>: =<.;. . 96+ ?0-/+ <+?=9;1;>+ >=98=: =/.7 + +: .>=/ A019>1 "-;
7+ >19<.7 + A0.8+;.= ?1 /1 7 + - A=9;.D1<7 - =6=/=;>0.I1 .D61<0+?<= A=9: -G.: 1 90+I1 D1;= @;=
9- 96. 919;=7 F. C.:. A=D<1;. 6+I=?01<.7 + = ;0+C1 <+@;= ?1 <18 >1G+ = 60+?<=9;. <1.6<=9;.
- 9;6101: 1B>=8 B.<- =: M/1</ 1-: . 9+ 7 +?<=8 A0.: .>=8 A=G1: .= ?1 7 + .D/-C.= 9;6101: 1B>-
9A=9=C<=9; . ;= 7 + =C7 19<.= =61>= R FE 9-6.@+ D<18 R
1 C.98= -A=;A-<.: . =6- D160@<- =?- 60: .<181 ./91 8=018= ->01;>= ?1 =C7 19<.8=
>1>= =6= <1/: = @.0+<7 + 0+@161 >0.D- .D=;0=A.7 + . >0.D- 016<=9;. <M :1F.71 9+ =?./01: 1
C0D.<=8 >=7 1 7 + <+A=7 18<= 6+I1 =? C0D.<+ 96+;: =9;. ;+=0.7 1 0+: 1;.6<=9;. 6.?.;+ <+
A=9;16: 71 <.>1>6- /=0<7 - /01<.F- C0D.<. @.0+<7 1 A0=9;=01 1 -A016= ;1 =/0=8<1
<1?96+;: =9<1 C0D.<1 <18 7 + A=;0+C<1 918=8 A=B+;>- 01D<1 A=?0-B7 1 19+: 7+<+ C.: 1
9- - 6+=81 C: .9>=8 8+,-9=C<=8 ?=?.0- <M :
1F.7 1 .E 7 + =/0=8<= A0=@.0.: 1 1: . . 01D?6=7 .:1
;1>= ?1 9- =<+8=/-I+<+ -D0=B<=(A=9: +?.B<+ 6+D+ .D8+,- <7 .E +> A=9: + .<M:1F.7 + <19;1: =
7+ =<= ?1: 7+ @.0+<7 + 9A=0= - =?<=9- <1 C0D.<- 96+;: =9;. DC=/ >=/1 8. 91?1 <+A0+9;1<=
=;>0.618= 96+ <=6+ . <=6+ =C: 19;. >=98=91 .D>=7 .E 96+;: =9; <17 D1? -9A+61 ?1 9;./<+ ?=
<19 R ER /=6=0. 7 +?1< >=98.B>. /: 19 R 90+I+8= 9+ =A+; R 1?1 <.7 + @=>1<;<= ?1 -6.?.8=
?1 9- ;+ ?0-/+ =C: 19;. .9;+ >1= <1@1 D=;0=A.7 1
016<=9;' <M :1F.=<1 19+: 7 +<1 ?17 + 7 19<- .D7 16- = ;=8+ R 1: 1D.8 9+ ;1B<= <1
>0.;.B<=7819. .0+<7 + I+ 9+ <19;16.;. D1-6+> 1: . D1-6+> 96+ 9A=0.7 + . 9A=0.7 + . <.>1?1 9+
<+I+ A0+=>0+<-;. - 91G.81<7 + R 16<=9; - 7<@;17 <=6=7 ;+=0.7 . 0+: 1;.6<=9;. 96+ 7 +
/+=8+;0.7 1 0.9-9;6= 819+ ?=6=?. ?= D1>0.6: 7+<7 1 A0=9;=01N@;= 6.@+ .81 819+ 6+I+ 7 +
D1>0.6: 7+<7 + 16<1 19+: 7
+<1 7 +9;+ =<= <+.D6+9<= 9;1<7 + ;1B<= .D8+,- ?61 9-A0=;<1 ;.A1
D1>0.6: 7+<7 1 >= 7 + 819+ 81: = D1>0.6: 7+<7 + I+ C.;. =;6=0+<= A0+81 9A=: 7
1 >1= A=60@.<1
9+?: 1 6= A=>1D-7 + ;+G<7 - >1 =;6=0+<=7 19+: 7+<. 16<=9; D<1B. 19+: 7+<- 91 >0.;.B<=8
819=8 2 .D8+,-2D1>0.6: 7+<7 1 A0+81 9A=: 71 . D1>0.6: 7+<7 1 A0+81 -<-;01 <M :1F.7 1 ?+: -7 +
;1>= ?1 9+ 7 +?<= 817 -@<= A=?0-B7 + D1>0.6: 7+<=/ A0=9;=01 019;+/<+ ;1>= =/0=8<= 8<=/=
?1 A=9;1<+ D1A016= 016<= 60: = 016<= 0+?6.,1<7 + ;1B<=/ .D<=91 ;+ 016<=9;. ( ?1>: +
A0+?6.,1<7 + 7 +?<+ 19+: 7
+<+ >=7 1 C1: 1<9.01 ;1B<= .D8+,- @.0+<7 1 . 9>-A: 71<71 ( 8=G+ 9+
A0=6+0.;. ;1>= @;= I+8= A0+A=D<1;. ;18<- 819- 1 =<?1 <19;16.;. A=91= <1 A0=F+<7 .61<7 -
/-9;.<+ 819+ - 19+: 7
+<. 6= I+ C.;. -01,+<= -6+01617 - <19 19;0=<=8.
<M:1F.=<. 8=?+:A=9;./1= 7 + . ?0-/+ -9A+E+ A1 DC=/;=/1 . 7 +9;+ @.0=>= A0.E61I+< 1
A0.8+0 7 +?<1 =? 2 81: .E298+;<7 . - +: .>=8 A019>- 7 +9;+ ;= @;= <7 +/=61 >=98=: =/.7 1 <+
=C7 1@<7 161 2 D/0-?61<=9;2 19+: 7+<+ ( A=9;=7 1<7 + /1: 1>9.7 1 D6+D?1 . ?0-/=/ 61: .;1;.6<=
B.<. 9+ ?1 7 + ;1>6= DC.7 1<7 + 819+ - /0-?6+ 9196.8 - 0+?- 19-8.B<+ M :->;-1F.7 + 9+
?+@1617 - A1 9+ - /: 1;>=7A: 1D8. ?=/=?. ?1 9+ <+>1 81: 1 >=: .B.<1 81;+0.7 + DC.7 + -
/0-?6.F- >=7 1 =<?1 96=7 =8 817 -@<=8 /016.;1F.=<=8 9.: =8 A0.6-B+ 7 =@81: = 81;+0.7 + .
>1? ;1>= A=019;+ A0.6-B+ 7 =@81: = 6.@+ . 7 1B+ 1>= 9+ A0=F+9 <19;16: 71 . 7 +?<=/ ?1<1
+;= . /1: 1>9.7 + :. A=7 +?.<=9;. A=>1D-7 - ?1 7 + =617A0=F+9 9-6.@+ 9A=0 1>= C. D1.9;1
<19;17 1= 918= DC=/<19-8.B<.E M :
->;-1F.7 1 0+81 ;=8+ 8=01 C.;. ?1 7 + 9+8+ M =08.01<7 1
/1: 1>9.71 A=91,+<= 7 =@- 60+8+ .<M :1F.=<+ M 1D+
+=0+;.B10. >=7 . 9- 01D8.@: 71: . = ;=8 9+8+<- D18.@: 717- /1 >1= 81: +<- 81<7 + =?
Y 610.7 1F.7 - - /-9;.<. A=B+;<+ 019A=?+: + 81;+0.7 + ?1>: + ?=,=@+ ;+ 9+8+<>+'
"-;=61 .<M :1F.7 1 ?17 + 6+=81 A0.6: 1B<= =C7 1@<7 +<7 + D1 =6= =018= 9+ 601;.;. - >61<;<-
M1D- .9;=0.7 + 19+: 7+<+ =<- M 1D- - >=7 =716+;.<7 9>+ >61<;<=8+E1<.B>+ M :->;-1F.7 + ;=>=8
.<M:1F.7+ 8=/- ?=6+9;. ?= 01D<.E <+A016.: <=9;. <M:1F.7 1 -6+I161 =6+ 8.>0=9>=A9>+
M:->;-1F.7 + ?= 01D8+01 >=7 + 9- 91=C01D<+ /1: 1>9.7 181 +?16<1 =981;01<7 1 =C7 16: 7+<1 -
1A0.:- 33) /=?.<+ 91;+: .;1 # A=>1D-7 - ?1 - ;+8A+01;-0. 8.>0=;1: 19<=/A=D1?.<9>=/
D01B+<7 1 >1? 9+ /: +?1 - 01D<.8 A016F.81 A=9;=7 + 01D: .>+ 6+=81 81: +<+ 1: . ;1B<= -
9>:1?- 0+>1= C.E ?.6<= -91/: 1@+<+ 91 .<M :1F.7 9>.8 9F+<10.7 +8

275
 <= @;= 7 + # 6.?+= =?01G161 -9: =6+ >=7 . 9- 6: 1?1: . >1? 7 + 19+: 7+<1 C.: 1 8: 1?1 (
;+> * /=?.<1 9;101 ( . >1? 9+ <1 <7 =76.?+= =;.9<-; A+B1; .<M :
1F.7 =8 .D1D61<.E
019A=?+: 1 DC=/ >=7 .E 7+ <1 <+>.8 8+9;.81 A=D1?.<9>= D01B+<7 + C.: = 60+: .7+ ;18= /?+ 7 +
19+: 7+<1 C.: 1 81<7 + /-9;1 1 <1 <+>.8 8+9;.81 E: 1?<.7 + ;18= /?+ 7 + 19+: 7
+<1 C.: 1
/-@I1 0.8+I+<+ 01D: .>+ - ;+8A+01;-0. 7 +9- ?1>: + =A.;<. ?=>1D. ?1 7 + A=9;=7 1:= 9+8+
A=;0+C<= D1 <19;1<1> /1: 1>9.7 1 .7+ <.>1>6= B-?= ?1>: + @;= 9- 6+9;. = # (=6.8
=;>0.I.81 .9>=B.: + <1 <19: =6<+ 9;01<.F+ <=6.<1 @.0=8 96+;1 = 9- ;+8A+01;-0<+ 01D: .>+ =?
918= <+>=: .>= 8.: .=<.;.E ?+: =61 9;+A+<1NC.: 1 7 + A=;0+C<1 .D-D+;<1 =C1D0.6=9; - 60@+<7 -
=A.;1 :. >1>= =/0=8<= 9+ .9A: 1;.:= 7+?<=7E=8=/+<.D=61<=7>1@. -9A+: . 98= ?1
=;>0.7 +8= ?=>1D+ = D/0-?6161<7 - >=7 +7 + C.: = A0+;+B1 <19;1<>1 /1: 1>9.7 1 9-<1F1 A: 1<+;1
. <19 918.E R .: = 7 + ;= >1= ?1 98= /: +?1: . - : .F+ =/1R 0+>1= 7 + =?-@+6: 7
+<. 19;0=<=8
G=0?G 8-; "+=0/+ 8==;
17<F +7 ?G+: 9 7 + <1/: 19.= M .:=D=M 9>- A=+<;- ( ?1 7 + .<M :1F.=<1 M 1D1 C.: 1 >=<1B<1
281@.<1 -: + 616.: =<9>+27 +0 <19 7 + - 9-@;.<. =?9+>: 1 =? 96+/1 =<=/1 @;= 9+ ?+@161: =
01<.7 + <M :
1F.7 1 7 + <1.8+ 01D6->: 1 1: . . 2 01D6=?<.: 1296+ 9;0->;-0+ >=7 + 9- 01<.7 +
A=9;=7 1:+ ;1>= .1>= .818= /: 16<.<- A0.B+ = <19;1<>- =? (** 9+>-<?. ?= T
9+>-<?. ;= 7 + 91? A=9;=7 + 7 =@. <+>. ?=91?<. >: .<F. >=7 . /=6=0+ R =C0= 1: . 19+: 7+<1
A=9;=7 .N>1>= 7 + <19;1: 1'R
"=?.<+ 3!T .81: . 98= >=<M +0+<F.7 - - ;=8 M 1D=<- ( R.F+ =/1R. ;1>6+ 9;610. ( -
+08.: 1C-N<1.8+ 7 +?<1 /0-A1 19;0=5 >=98= ;+=0+;.B101 =>-A.: 1 9+ ?1 A=6+?+ 019A016- =
;=8+ >1>= 7 + >=98=9 <19;1= 61<.B<. <1D.6>=<M +0+<F.7 + /: 19.= 7 + 261<;<1 >=98=: =/.7 12
1 01D: =/ 91D.61<7 1 ?1 <17 9;0-B<.7 . : 7-?. D17 +?<= A1;+ DC=/ =/0=8<=9;. <+D<1<7 1 +
A=9;=7 . <.>1>61 D1?=6=: 71617 -I1 >61<;<1 ;+=0.7 1 /016.;1F.7 + 1 ?=> 9+ =<1 <+ A0=<1,+
<+I+ C.;. 8=/-I<= <. ?1 9+ =6: 1?1 M .D.B>=8 9.;-1F.7 =8 19+: 7+<+ A0. <7 +<=8 <19;1<>-
A.91> -B+9<.>1 C.= 7 + A016. .8+<.> = 7 + >= D1 =6- +/D=;.B<- =C: 19; ;.6+< =>.</
;+AE+< 1J>.</ 10+7"+: ( 1< 1>=6 +: ?=6.B Z1>=6 +: ?=6.FE <?0+7 .<?+
G.8 10;: .8 10;: + 17 > 10<+0 .>+ -0<+0 =>. =: C =F>Q =: C +7 6.? 018
16.? FE0188 . ?0-/. 19A016+ 9- C.: + 1A9;01>;<+ 81;+81;.B>+ . 60: = G-9;0+
": 16<.<- ;=/1 <.918 -9A+61= ?1 A01;.8 17 6.@+ 8. 7 + A0.7 1= =>.</=6D1>: 7-B<. /=6=0 =
A=0+>: - 19+: 7+<+ >=7 . 7+ =?0G1< - <+?+: 7- -7 -;0= - .9;= 60+8+ >1? . $P)TA0=A=6+?. =
A0.C: .G<= .9;=7;+8. - $P)T F0>6+<.E D/01?1 @.0=8 9.8 9.8 @;= 7 + =>.</
/=6=0.= >0=D 81@.<- D1 9.<;+;.D=61<7 + /: 191 1 ;= 8- 7 + ?161: = A=9+C<- ?=?1;<-
1-;+<;.B<=9; 1= . =C.B<= .81= 7 + @;1 ?1 >1G+ 8<=/= 9;610. D1<.8: 7.6.E . 9: =G+<.E 1: .
<17 ?-C: 7
- 8.91= .D01D.= 7 + 9196.8 7 +?<=9;16<= R 19+: 7+<1 7 +9;+ =<= @;= 7 +9;+ DC=/ ;=/1
@;= 7 + C.:1 =<= @;= 7 + C.: 1R <1/: 19.= 7 + =< 96+B1<=
=>.</ 7 + ;60?.= ?1 A0+? >=98=: =/.7 =8 1>= 9+ G+: . ?1 9+ A0.8+<. >61<;<1 ;+=0.7 1 <1
<7 - 9;=7 . D1?1;1> ?1 ;1B<= =?0+?. A=B+;<+ -9: =6+ >=7 . 9- A=9;=7 1:. C1@- 918=8 A06=8
;0+<- =9;1<7 1 =>.</=61 A0+8.91 7 + ?1 =?81E A=9: + ;=/ ;0+<1 -A016: 71<7 + ?=/1,17 .81
8=017 - A0+-D+;. A016. D1>=<. A0.0=?+ ( 8. 9+ <1?18= ?1 I+ .E M =08-: .91;. <+>. /+<.7 + >=7 .
7+ 91?1 - ;0+I+8 =9<=6<+ ( . ?1 I+ =<. =?0+?.;. F+: =>-A1< ?1: 7
. 01D6=7 19+: 7+<+ =61
6+: .>1 ;+=0.7 1 8=01 A=6+D1;. =A.9 A=B+;<.E -9: =61 19+: 7
+<+ 91 9160@+<.8 01D-8+61<7 +8
D1>=<1 A0.0=?+ ;+ ;1>= =C7 19<.;. 961 >=98=: =@>1 =A1G1<7 1 <1 ;1>=,+ 8=01 ?1 .81 >1=
96=7 - A=9: +?.F- 9;1<?10?<. 8=?+:>=7 . A=9;=7 . 91?1 - ?+6+?+9+;.8 /=?.<181 >= A0+
;=/A0=C=7 1 91B.<.8= A=8=I- A=?1;1>1 .D9-A+0>=: 17 ?+01 <=6. 9;1<?10?<. 8=?+: >=7 . C.
8<=/= 91G+;.7 + =C7 19<.= 96+ A=?1;>+ A0.>-A: 7+<+ =? .D+ ?= ?1<19 -;=: .>= C=: 7+ 1@
910>19;.B<. 1-: . 7+?<=8 7 + <1F0;1= A01D1< A016=-/1=<.> . 91=A@;.= ?1 7 + ;= <7 +/=6=8
0->=8 7 =@7 +?<=8 <19: .>1<= <17 C=:7+ ?+: = 6+: .>=/ 9: .>101 .F.7 1<1 ( 918= 9- .D=9;16: 7+<+
A=7 +?.<=9;. =018= A0.D<1;. <1@=7-8+;<.B>=79: .F. =,+<7 + . 01D6=7 19+: 7
+<+ <+?=9;17 +
7=@A=>=7 . D181E B+;>.F181 . C=7 181 : . 018 .818= .61< 7 +

17?+ ?1 9+ 601;.8= 7
=@7+?<=8 =<=7A0+<1;1: <=7 19+: 7
+<. %.6.8= - 7 +?<=7 19+: 7
+<.
= >=7=7D<18= C=/18. A=A0.: .B<= 1= A1:+=<;=:=/ >=7. 0+>=<9;0-.@+ F+:=/ 819;=?=<;1
<1 =9<=6- 918= 7 +?<+ <1,+<+ B1> <+ F+:
+ F+61<.B<+ >=9;. .: . >1= 10E+=:=/ >=7
. ?=B101
9:
.>- <+>=/ ?0+6<=/ /01?1 <1 =9<=6- 918= <+>=: .>= A0=<1,+<.E >18+<=61 ;1>= . 8.

276
D1>: 7-B-7 +8= 8<=/= @;=@;1 <1 =9<=6- D1>=<1 M .D.>+ >=7 . .D01<7 17 - .D <1@.E : 1C=01;=0.7 1
@.0=8 96+;1 6+0+<. 98= .1>= ;= <+ 8=G+8= ?=>1D1;. ?1 7 + A=9;=7 1= 918= 7 +?1< 7 +?.<.
0+?=9: +? ?=/1,17 1N ?1 = <7 .81 8=G+8= ?1 01D8.@: 718= -<1;01@>+ >1 96+ 01<.7 .8 .
01<.7 .8 ?=/1,17 .81N?1 9+ A0. ;=8+ 8=G+8= =9: 1<7 1;. <1 D1>=<+ A0.0=?+N. ?1 ;1>6.8
8.91=<.8 D1: 1G+<7 +8 96+ ?-C: 7
+ . ?-C: 7+ - A0=@: =9; ?1>: + A01;+I. 0+?=9: +? ?=/1,17 1
-<1D1? 8=G+8= =? =6+ 19+: 7+<+ >=7 - =A1G18= 9;.I. 96+ ?= 918=/ A=B+;>1 <7 +<=/ A1
B1> . ?= 2 =<=/ A0+2 =01 C.;. ?1 9- D1>=<. A0.0=?+ A=9;=7 1: . . A0+ <+/= @;= 7 + A=B+: = B1> .
918= 60+8+N7 +0 ?1 <.9- <+ C. 9+ <.@;1 <. 8=/: = A=B+;. ?1 ?=/1,1 = +6= >1G+8= . -
;= 6+0-7 +8= ?1 1: . 8=G+8= : . ;= ?1 ?=>1G+8=' + 8=G+8= @;1 D<1B+ 0+B. R A0+ <+/=
@;= 7+ 60+8+ A=B+: =R ' 18= ?1 D<1;+ 91? 98= .D.@: . .DM.D.>+ 1? 9+ C16.8= M .: =D=M .7=8
=<F+A; 60+8+<1 6+D1< 7 + D1 A=7 16- ?=/1,17 1 +9. 9+ <+@;=N ;= 7 + ?=/1,17 <
=C+: +G161 7 +?<- ;1B>- - 60+8+<- -?- ?61 ?=/1,17 1N =<= .D8+,- ;+ ?6+ ;1B>+ -
60+8+<- 7 +9;+ 7 +?1< 60+8+<9>. 01D81> ?1>: + ( 7 +?<= 01D?=C: 7+ >1= @;= ?61 ?=/1,17 1
=?0+,-7 - 01D81> ;1>= . <+>. A016.: 1< 016<=8+01< <.D ?=/1,17 1 =?0+?. 2 B19=6<.>2
;>-F17 . 90F1 D1819. >: 1;<1 .D: 19F. . D1: 19F. -<F1 ( 96+ 9- ;= B19=6<.F. 91? D18.9: .;+
9.;-1F.7 - - >=7 =79+ <+ ?+@161 <.@;1 .@;1 <+ >-F>1 <.>= <+ ?=<=9. <.@;1 D1 7 +:= <+81
?=/1,1<7 1 1> . 918 >=<F+A; 60+8+<1 - ;1>6=8 7 1:=6=8 96+;- <+81 98.9: 1 ;= ;1>6=
7+ 8=/: = C.;. 9;1<7 + 19+: 7+<+ 2 A0+ A=B+;>12 1@ +: .>. ?=/1,17( <1.8+ +: .>. A0191> (
8=G?1 7 + 9;6=0.= .D8+,- =9;1: =/ . 918= 60+8+
=I- =6= ?1 >1G+8 1>= <+ 8=G+8= ?1 =?0+?.8= C10 7 +?1< B19=6<.> =<?1 <+
8=G+8= ?1 ?18= <.>1>16 98.91= <. 60+8+<- 1D8=;0.;+ >61<;<- D18.91= = 019A1?-
<+>+ B+9;.F+ ( <1 A0.8+0 <1@+/ 9;10=/ A0.7 1;+: 71 A.=<1 A.(8+D=<1 6+ ?=> 9+ =< <+
019A1?<+ <+81 <.>1>6=/ <1B.<1 ?1 9+ 8+0. A0=;.F1<7 + 60+8+<1 - 19+: 7+<. ;=/ A.=<1
.@;1 9+ - <7 +8- <+ 8+<7 1 7+/=61 9;0->;-01 1>= 8. 01D-8+8= .@;1 =9;17 + .9;=6+;<1
9181 9+C. . =9;17 + <+A0=8+<7 +<1 96+ ?=> 9+ ;=8 A.=<- <+ ?=/=?. <7 +/=61 9=A9;6+<1
A.=<9>1 6+0D.7 1 +: .>=/ A019>1 A=0+?.;+ ;= 91 <1@.8 : 7-?9>.8 .9>-9;6=8 019A1?1<7 +8
7+?<=/ E=8= 91A.+<91 +0-7 ;+ 8. .81 A-<= D<1>=61 ?1 7 + 019A1?1<7 + - ;=>- .: . ?1
<+A=90+?<= A0+?9;=7 . >61<;<=8 96+;- 8+,-;.8 C+98.9: +<= 7 + B1> . A.;1;. R 1? I+ 9+
=617A.=< 019A19;.'R .: . R 1? 9+ ?=/=?.= +: .>. A0191>'R =G+8= 8+,-;.8 A=9;16.;.
A.;1<7 + =<= .81 98.9: 1 R 0+ >=: .>= 60+8+<1 9+ ?=/=?.= +: .>. A0191>'R
=G+8= A=>-@1;. ?1 D18.9: .8= 19+: 7+<- A0+ +: .>=/A019>1 - <7 =7<+ A=9;=7 . 60+8+
=<1 <+81 <. 7 +?<- 7 +?.<- F0;- <.;. =?: .>- 1: . <1 <+>. <+D18.9: .6. <1B.< =<1 7 + 961
A0+?1;1 D1>=<.81 M .D.>+ - 6: 19; = 9- D1>=<. >=7 . =6=7 19+: 7+<. >1= A.(8+D=<- >=7 . 7+
=9-,+< <1 019A1?1<7 + ?=9-,-7 - 7 +?<- =?0+,+<- <+ <-: ;- 6+0=61;<=I- ?1 I+
+>9A: =?.01;. A0+=C01D.;. 9+ A0=I. >0=D A0=8+<- 96=/1 9;1<7 1 1? 8=G+8= 81: = . ?1
A=C=: 7@18= =<- 1<1: =/.7 - >=7 =8 98= A=B+: . ><7 ./- .: . 98= -A=0+?.: . 19+: 7+<- =<- <1
918=8 A=B+;>- A0+ =9;1<7 1 91 7 +?<=8 =/0=8<=8 9;+<=8 >=7 1 9+ >: 1;. <1 918=8
0-C- : -?= ?-C=>+ A0=61: .7+ 17 ?+ 91?1 ?1 D18.9: .8= ?1 9;+<1 <.7 + <1 0-C- <+/= -
<+>=8 -?-C: 7+<7 - G: +C- A: 1<.<+ <1 <+>=8 019;=7 1<7 - =? 0-C1 = >: 19.B<=7M .D.F. 8=01: 1
C. ;- . ?1 =9;1<+ 7 +0 7 + ;= A=9;=7 1<1 016<=;+G1 : . >61<;<1 M .D.>1 ?=A-@;1 ;-<+:+M +>1; (
7+?1< =? =<.E 2 -60<-;.E2 B-?<.E +M +>1;1 = >=7 .81 98= /=6=0.: . - A+;=8 A=/: 16: 7- ( A1
A0+81 ;=8+ 8=G+ ?1 9+ ?=/=?. . ;= I+ C.;. A06. ?=/1,17- .9;=0.7 . 19+: 7+<+ ?1 9+ 9;+<1
A=7 16. .D61< G: +C1 ;18= ---A9 +81 <.>1>6=/ =9: =<F1 <+/= A1?1 . A1?1 . ;1>=
=9: =C1,1 96=7 - A=;+<F.7 1: <- +<+0/.7 - . 9;6101 =6- 19+: 7+<- >=7 1 7 + <181 A=D<1;1
<+>.8 6+=81 9A+>-: 1;.6<.8 8=?+: .81 <1@+ ?01/= ?01/= ./9=6= A=: 7
+ ./01 -: =/- ;+
A: 1<.<+
0.71;<= 7 + D18.9: .;. >1>= >1? =?8=;18= 2 M.:82-<1D1? ?= 918=/ =9;1<7 1 <+9;1<- .
A0=9;=0 . 60+8+ +@161 9+ =6= 60+8+ 9+ 96=?. >1 <-: . 1 . A0=9;=0 9+ 96=?. >1 <-: . 1
?=> 9+ ;= DC.61 7 +?<1B.<+ A=8=I- >=7 .E =C7 1@<7 1618= 19+: 7+<- 019A1?17 - 9+ 7 +?<1 A=
7+?<1 . A=9;17 - C+98.9: +<+ ;1? .9A1?<+8= .D <1->+ =G?1 7 + C1@ ?=C0= @;= ;1?1 .
A0=9;=0 . 60+8+ A0+9;17 - ?1 .817 - 81 >1>16 98.91=N7 +0 =9;17 + <18 <1?1 ?1 C. 9+ ;17
A0=F+9 8=/1= D160@.;. ;.E= . 8.0<= ;1 A0+=9;17 +' <= @;= A0+=9;17 + ;= 8=017 - C.;.
D1>=<. M .D.>+
1? 9+ C16.8= 96.8 ;.8 +: +/1<;<.8 ;+=0.7 181 = A0=9;=0- 60+8+<- . = =9;1<7 -
>=98=91 7 +?<1 =B./: +?<1 =9-7 +I+<=9; A=B<+ ?1 <18 98+;1 1 01D: .>- =? /=;=6= 96.E
?0-/.E 9;610. >=7 .81 9+ <1->1 C16.: 1 ( C10+8 =? O /=?.<+ ( =6?+ 0+>: = C. 9+ <+81
<.>1>6+ 8=/-I<=9;. ?1 .D6+?+8= =A.; C10 <+ - 9: +?+I.E <+>=: .>= ?1<1 1> . -

277
 0.9;=;+:=6= 60+8+ 8=/1= 9. <+ C+D 0.D.>1 ?1 =;6=0.@ >=<7 - -9;1 . ?1 8- A=>-@1@
A0+C0=7 1;. D-C+ ?1 C. -B+9;6=61= - 019A016. <1 ;+8- >=: .>= D-C1 .81 >=<7' 91? <1@+
>=: +/+ -B+9;6-7 - - 019A016181 = 7 +?<=7;+8. D1 >=7 - <+ A=9;=7+ <.>1>6. A=?1F. =9.8
7+?<=/ 918= 7 +?<=/ 1 ;17 7 + B.<7+<.F1 ?1 19+: 7
+<1 A=9;=7 . 6= <19 601I1 <1
<+=DC.: 7
<. A=?<19: =6<1@+ ><7 ./+ 19+:7+<1 7+ =?/=6=0 1:. ,16= ?1 8+ <=9. 1>= 7
1 D<18
@;1 7 + A.;1<7+

.:
= 7 + C: .D- A+; 91;. -7-;0= 1?0+81= 918 <1? A=9: +?<7 .8 9;01<.F181 ?+6+;=/
A=/:16:7
1 => D1 A0+?17 - 0->=A.91 .D?161B- A0=@1= 7
+ =?16<= 1 7 1 =9;1= C+D<1?1E<-I1
17+?<=8 B-7 +8 <+>- /-G6- .9A0+? <1@+ 9;10+ 9+=9>+ >-I+ - 1;16.7 . =<7
. - @;1:
. 9+
-9;-8101: . 0.;17- 9+ D.,+8 1 >1? ;18= .D18C101 A=7 16:7
-7+ 9+ ;.A =?+6+< - ;=/- 91
?6+ A=;A-<= <=6+ 91<?1: + <1 <=/181

+8=>0.;+ ;1 I+@;. =6?+'

. =<= <1D.61@ >=<7 .' 0+C1:
= 7+ ?1 6.?.@ =<+ +/.A1;9>+ >=<7+ D1 6-B-
?6=>=:.F1 =<+ >=7 + 918 =?/17 1= - C?+0. .9=>. =? 9+?18<1+9; A+?1: 7
1 A1 <16.@+ <.
9- <1A0=9;= :
+;+:.
=C0= +/= >1>= 9.'
81@: . 7+?1< 91;' =D61< 918 - >=<;0=:<- 91:
- 1>F+:+01;=01 +7 >M
.:
? >=7.
9+ -A016= ->:7
-B-7 + - 01? = 7 + - +E+01<- ) 7 1<-101 ) ) /=?.<+
1= =/- . 71'
=G+@1>= C-?+@?=C10 6= -E61;. 8+ D1 0->- . >1G. : 1<>=61 8191
:1<>=61 8191
:1<>=61 8191
": 19<.7 +
:1<>=61 8191

17+?<=8 98= 9+ =C0+: .-7 +?<=7.D<+<1,-7 -I+ 81: =791:. >=71 -=A@;+ <.7
+:.B.:1 <1 =<=
@;= 918 =B+>.61= <1 >=81<?<. 8=9; >=98.B>+ >09;10.F+ <;+0A017 D =?-@+ C.: = 7+ ;-
<+>=: .>= +>01<1 - C=7 . 91 60:= =@;0=8 9: .>=8 ;= .8 7 + ;+:
+6.D.71 91 6.9=>=8 ?+M .<.F.7
=8
:
. <.7+ C.:
= =<.E 0+?=61 =9F.: =9>=A1 . .<9;0-8+<1;1 91 >1D1: 7>181 7+?<=8 -/: - 9;171:1
7+ /0-A1 8: 1?.E G+<1 . 8-@>101F1 >=7 . 9- <+@;= G.61E<= 019A016: 71:. =>0178+<+ 9;17 1=
7+ ;+E<.B10 >=7 . 7+ A0.;.9>1= ?-/81? <1 >-;.7 .F. <+ 6+I=7=? <7 +/=6=/ ?: 1<1 . A1D.= <1
7+?1< +>01< 0-/. ;+E<.B10 7 + /=6=0.= A+09.79>. - 8.>0=M=<

1@;= +E+01<'
A1 6.?. <+>=: .>= /=?.<1 A=9: + -9A=9;16: 71<71 96+;9>=/ 8.01
7
+?.<7 +<+ <1F.7+ =?: -B.:
+ 9- ?1 98+9;+ 1>F+: +01;=0 =6=/ 96+;1 <1 7 +?<- =? 6+: .>.E
?0+6<.E 96+;9>.E 019>09<.F1 6?1@<7 1 6:
1?1 7+?<1 7 + =? <17 A=9;=71<.7
.E 1 ?=>1D1: 1 7 + .
?1 .81 ?=C0- /+=: =@>- A=?: =/- D1 =6= >1= . .D6=0+ 7 +M;.<+ +<+0/.7+ . 6=?+ - C: .D.<.
=?<=9<= >61: .M
.>=61<- 01?<- 9<1/1 1 . A016+ <17 C=: 7
. I+61A 7 -G<= =? C?+0+
;1 9+ ?+@161'
1@.<1 9-?101 A0=;=<+ =? O + 91 1<;.A0=;=<.81 =? O + =@=?
/=?.<+ ) O >1? 7 + <1 9-A+0>=: 17?+0- =;>0.6+< E./9 91 819=8 =/P))"+ A=9;=7 . E.;<1
A=;0+C1 ?1 9+ .9;01G-7 +2 E./9=69+>;=02?1 C. 9+ A0=<1@: =7 =@E./9=61 1>= A=9;=7 +
1@: . 9- ./9=6- B+9;.F-'
1@:. 9- 7 +?<- =? <7.E 81;017 - ?1 .E .81 7=@ F+: 1 A=0=?.F1 E./9=61
=@<+@;='
E 9;= 8- /0=8=61 ?1 0+C1: =7 + ?1 C-?+@=6?+ A1 ?1 6.?.@>1>= 7 + ;=
.D/:+?1:= >1? 9- A=?1F. A=>1D1: . ;17 : -?. ?=/1,17 91 @+9; 8: 1D+61 . =918 A10=61
+:+>;0=<1 +I7 + A0=<1,+<= <+>=: .>= 9>610>=61 /: -.<1 1 <1,+< 7 +.M =;.<=
-A+09.8+;0.7 1'
1C=8+ .8 9- +<+0/.7 + 81@.<1 A0+81@.: + ) + ;. 81:. 8=8F. 9-
A=B+:. ?1 .D:
1D+ <1A=: 7+ <=@;6= <7.E

278
 +8=>0.; 9+ =C01;.= <+>=8+ /=6=0+I. A+09.7 9>.8 7 +D.>=8 1: . 91 7 1>.8 /0B>.8
<1/: 19>=8 9>=0= 9- <18 ?=<+: . A= 7 +?1< >0B1/ A-< 60-I+/ 8: +>1 =? 7 1>(/=6+B+;1
1A.;1= 918 8=/- : . <1 <+>=8 8=<.;=0- ?1 A01;.8 ?=/1,17 +N<1 ;= 7 + <+>= 9;16.= <1
8=7 - /: 16- @: +8 D1 /: +?1<7 + 6.0;-+: <+ 9;610<=9;. A1 9- ?=/1,17 . >=7 + 7 + <1 =9<=6-
=A1G+<.E A=?1;1>1 9.<;+;.D=61= >= D<1 >=7 . 01B-<10 A=B+: . ?1 9+617 - .9A0+? 8=7 .E =B.7-
0.8+;.= 918 ?1 =6. M .D.B10. /=?.<+ ) ) >: .<F. - 719: .F181 - 8=7 =7+0. .A1> 8=017 - ?1
?=C.7 - .<M=081F.7 + 2<1 >1@.B.F-2 90+,+<+ - 9: .>+ >1= @;= 98= 8=01: . . 8. +G+0<.8
>=01F.81 A0.,+ <18 7 +?<1 6.9=>1 8: 1?1 F0<>.<71 91 9A+>;1>-: 10<=8 1M 0=(M0.D-0=8 0-F.
7+ <=9.:1 <+@;= @;= 7 + .D/: +?1:= >1= >=8A7 -;+09>1 C+: +G<.F1 +8=>0.;1 7 + A0+<+C0+/: 1N
8+<+ 7 + =98=;0.: 1 =? /: 16+ ?= A+;+ @;= >1= ?1 7 - 7 + D1C16: 71:= R: 16+ M 108+0.F+ C1@
>1= @;= 7 + <=9.= 8=7?+?1 1>= 9. =C-B+< 8=01 C.;. ?1 9. .D @;1C1 =@1= 9. 8=G?1 -
.<9A+>F.7 -'R
R +R 0+>=E R1 918 .D +08.: 1C1 =9: +?<7 .E <+>=: .>= /=?.<1 A0=6+?=E 81: = .D61<
A=9:1 ;1 9+ ?+@161'R
:
+?+I. 91; A0=:+;+= 7 + - D19+<7 -7-I+8 C0D=8 98+<7 .61<7 - =C7 1@<7 +<71 = <+-0=<9>.8
80+G181 8: 1D<.8 1: /=0.;8.81 >610>- 60E ./9=6.8 >1: .C01F.=<.8 ;1B>181 =
61>--89>. ?+A=<=61<.8 ?.7 181<;<.8 A=: -A0=6=?<.F.81 = M +8;=C17 ;=6.81 . ( 7 =@/=0+ (
= <1A0+;>- A=9;./<-;=8 - A=9: +?<7 .E ?61?+9+; A+; /=?.<1 1 ?+6=7 >1 C.: 17 + .D .B./+<1
A0=.D6=? A0+9;.G<+ +;0=.;9>+ 6.9=>+ @>=: + A0.0=?<.E <1->1 7+< 8-G 8: 1?. ?=>;=0 .D
1D1E9;1<1 C.= 7 + D1A=9: +< <1 <.6+0D.;+;- .;= - >61?=0- C7 19<.: 1 7+ ?1 A=: -A0+B<.>
=6=/ 1>F+: +01;=01 .D<=9. 918= $ >.: =8+;101N=61>= 9>0=8<1 6+: .B.<1 =8=/-I+<1 7 +
6+:.>.8 A0=C=7 +8 >=7 . 7 + 33T /=?.<+ A=9;./<-; - 9;6101<7 - 9-A+0A0=6=?<.>1 >=7 .
?+79;6-7 - <1 9=C<=7;+8A+01;-0. %+<9>1 9+ D61: 1 +0F+?+9

# E1 /0-A1 D1 .9;01G.61<7 + . 01D6=79-A+0>=: 17?+01 9:

-B17 <= 7+ <1.@:1 <1 ;+
<=6+ 81;+0.7 1:+ ;1>= 0+I. 9A=;1>: 1 9+ = <7 .E - 60+8+ >1? 7 + .9;01G.61:1 <+>1 B-?<1
?+7 9;61 - :+/-0181 <.=C.7 -81 +?<1 9;610 7 + 6=?.:
1 ?0-/=7 . <17 +?<=8 98= ?=C.: . =617
>:7-B<. 81;+0.7 1:>=? >=/1 A=B.<7 + 9-A+0A0=6=?<=9; >1? ;+8A+01;-01 =A1?<+ <1 O
10+<E17 ;1 1 ;= 7
+ =;A0.:.>+ ;+8A+01;-01 7 +?<=/96+G+/?1<1 - 7 +9+<
0.;.B<= A=:7+ .D<=9.'
# +?+9+; ;+9: . >= 918 ?=C0= D1A18;.: 1 =<= <1 B19=6.81 .9;=0.7 + ;6=7 1
81@.<1 - +08.: 1C- ?=9;.D1: 1 7 + B+;.0. ;+9:+ 1<19 .81 ?61?+9+; A+; >=8A1<.7 1 - >=7.81
9+ 9-A+0A0=6=?<. 81;+0.7 1:A0=.D6=?. .: . A-@;1 ?1 918 019;+ >=<=89>1 >=0.9; =? ;=/
81;+0.7 1:1 M.9>1:<+ /=?.<+ ) 3 .D<=9. =>= ;0.9;1 8.: .7
10?. ?=:101 /=?.@<7+ -A+06=D >=7 .
:+C?. .D8+,- 7 -7=0>1 . =9 <,+: +91 6=D. A0=9+B<=8 C0D.<=8 =? ;0. E.: 7
1?+ @+9; 9;=;.<1
>.:=8+;101 <1 91; /0=8<1 A=6+981 B+: .B<+ 6-<+ <1A17 1<1 +<+0/.7=8 A=8=I- =6=/
<=6=/81;+0.7 1:1 ?17 - 91?1 A.;>- 6=?- D1 6+I.<- /01?=61 <1 =6=8 96+;- 61>+ <+?+: 7+
B.;18= = A=<+>=7<=6=7A0.8+<.

+8=>0.; >=7
.7+ ?= 91?1 9+?+= - A0.>017
>- >0+I+ >1 90+?.@<7
+8 A.;1<7
-

+9;+ :
. 6.?+:. .@;1 -<-;10 >610>=61'
# =?81E-7 + /: 16=8 98+@>1 9+ = 7+ C.:1 8=7 1 ?=>;=09>1 ;+D1 17C=:
71
8+0+<7 1 C.:1 9- - A=9: +?<7 +8 =A.;- - 9-A+0>=: 17 ?+0- 0+B<.> >610>1 7 + 81<7. =?
<+6+0=61;<= 81: +<.E () F+<;.8+;01 =: .>= 8=G+8= ?1 -9;1<=6.8= >610>=6. . : +A;=<.
9- <17C=:71 A=9;=7+I1 1A0=>9.81F.7 1 ;1B1>1
=9>1>-7 + A: 7+9>1 0->181 E.9;+0.B<= 9+ 98+7 + ;=8=9 >=<1B<=
>1>6.E .D<+<1,+<7 1'
# 1 91 9-D. . E./9=8 7 +?1< 8: 1?. ;+=0+;.B10 91 (+ ;.A A= .8+<- +?0=
=<;+1/-?= <1A.91= 7 + <=6- 9-D.(/-; 7 +?<1B.<- >=7 1 -9A+@<= A0+?9>1D-7 + 819+ 96.E
>610>=61 . : +A;=<1 9;6=0+<+ ./9=8 1@ >1= @;= 7 + =0 =C7 19<.= +<+0/+;9>+ <.6=+ -
6=?=<.>=6=8 1;=8-
-E- ;610<=
# 1 =<;+1/-?=61 7 +?<1B.<1 D18+<.: 1 7+ .01>1 0+?.</+01 . 96+ @;= 7 +
D1A1?<= =? <7 .E =/: +?178=7 - 817 .F-

279
 E A1 D10 7
+ 8+<+ ;0+C1:= A=D.61;. ?1 /:+?18 ;18= ": +?1= 918 . ?=91? 1: . 91? 918
.D=@;0.= A=/:
+? C1@ <1 B-?<+ E.7 +0=/: .M
+ ;- D1A.91<+ +,-;.8 -A016= - ;=8 ;0+<-
916:1?1 8+ 60;=/:16.F1 <+>1 8-;<1 . D+8: 7
=;0+9<1 . 96+ 8. <+9;1?+ .9A0+? =B.7
-

R ?=601/1R 0+>=E 7 1 6.?+I. ?1 918 =A+; - 96=7

=7>-I. . =@18-I+<= A=?.G-I. /:
16-
91 8=7 .E 9A.91 0.8+;.E M=;=>=A.7- <+>=/ <19:
=61 .D<=6.<1 "
=7 >=8A7 -;+09>. 8=?+8 =/: 1@161= 9+
A.9>-;1<7 +8 1 A=0->1 - +: +>;0=<9>=7A=@;. 8+ 7+ 2
A=D.61:12- 1@.</;=< <1 9+<1;9>=
919:-@1<7 + = 9-A+0>=:
17?+0-

. . 7 1 98= ?01/. >=: +/1 6+: .>. A-; A0+61: .:

. =? /01?1 .: +;1 ?=6?+ =?.:. 9- <19
A-;+6. <1->+ =? =<=/ ?= =6=/ 8+9;1 . 60+8+<1 1G1: =9; 8=01: . 98= =/0=8<=8
C0D.<=8 ?1 6=D.8= A=0+? 8<=/.E >18+<=61 8+,1@1 6+: .>.E . 81: .E A1> D19;1: . 98=
>=? <+>.E 61G<.E A0.D=01 >=? 7 -;<1 . 101?+7 1 1:;=<1 . 1?+0M =0?1 . <1016<= >=?
+>?=<1: ?91 D1 E18C-0/+0 .?+: . 98= <=6- 9.<+0/.7 - .D8+,- 8.>0=>=98=91 .
81>0=>=98=91 1= 6=D1B <1 >0.6-?16=8 A-;- >0=D @-8+ A=<+>1? <1>01;>=
-/: +?198= >0=D 81/: - .D8+,- >0=@<7 . 7 +?<- >-: - >=7 1 9+ 6.<-: 1 6.9=>= >1 <+C-
.<;+: +>;-1: <- /01,+6.<- >=7 1 9+ 6+I)O /=?.<1 D.?1
19;=7 1= 918 ?1 -9A-; -C1F-7 +8 . A=<+>. C+D6+D1< A=?1;1> = <1-B<.F.81 1G<= 7 +
D<1;. 01D: .>- .D8+,- <1->+ . <1-B<.>1 .@+ =? A=: =6.<+ <1-B<.>1 9- .A1> : 7 -?9>1 C.I1N
A1 >1= ;1>6. A=>1D-7 - =/0=81< 019A=< 01D<=609<=9;. >=7 . B.<. : 7-?+ ;1>= ;1>=
D1<.8: 7.6.8 1-B<.F. 9- 6+?0= 98.0+<. 18C.F.=D<. : 7-?.N9.: <= 9- =C-D+;. 01?=D<1: =@I- .
:.B<=8 18C.F.7 =8N.9A=: 71617 - 1<,+=9>+ 60: .<+ . =/0=8<- A=E: +A-N=<. 9- <+6+0=61;<=
8-?0. 1: . . ?+;.<719;. =? 8: 1?=9;. ?= A=D<+ 9;10=9;.N=<. 9- 9.: =6.;. =A9+?<-;. A=6-B+<.
=? G.6=;1 <-;10 ;+ A=?/0-A+ : 7-?9>=/ 0=?1 >=7 1 9+ D=6+ 2 <1-B<.F.2 .81;+ 1;+.9;+
1/<=9;.>+ 01;=C=0<= 1A1;.B<+ ?-C=>= 0+: ./.=D<+ 1 .81;+ . =<+ >=7 . ;6=0.;+: 71 6.?+ >1=
96=7 + : .B<= C=G1<9;6= >=7 + 7 + D1 <+>=/1 96+8-?0= 1 D1 <+>=/1 ;01A16= >1= 0+<>
=0/1< - M .:8- 10=C<7 1> .D D1
19A=< 9A=9=C<=9;. 8+,- <1-B<.F.81 ;1>=,+ 7 + =/0=81< = 7 + - 0+?- 7 +0 <1-F. 9-
A=;0+C<. . =<. >=7 . I+ ?1 8+@17 - F+8+<; 1: . . /: 16<+ 10E.;+>;+ +,- <181 <1-B<.F.81
.81;+ -8=6+ D1A0+A1@I-7 -I+ 8=I<+ .81;+ . =<+ >=7 . 9- 918= <+A=7 18<= A18+;<.
.81;+ =<+ 91 81/.B<.8 @1>181 =<+ 91 <1;A0.0=?<=8 .<;-.F.7 =8 1 . : 7-?+ >=7 . .817- =<=
@;= 7 + - <1-B<=8 .9;01G.61<7 - <17 61G<.7+ .817 - 90+I+ :
. ;1>=,+ .81;+ D1/0.G+<+
818: 1D+ =/16<7 1>+ . =<+ >=7 . 9- <1A0=9;= /: -A. ": -A.
R .9: .@ /: -A. - A=0+,+<7 - 91 6181 ?0-/.8 M .D.B10.81R C-<.: 1 9+ 7 +?<=8 A0.: .>=8
8=7 1 8181
R + 8181 <+/= /: -A. - .9;=8 98.9: - >=7 . 61G. . D1 96+ =9;1: +: 7
-?+ R
R >= 7 + <+>= /: -A >1>= 7 + =?C01<.= ?=>;=09>- ?.9+0;1F.7 -'RA.;1: 17 + =<1
R .FM: 17 @ 8181 R 1 <+81B>1 0+B 8+9= <1 >=8+ 9+ 9+?. 9A=9=C<=9; ?1 9+?.@. : -?=
<+A=7 18<= -A=0<= A=>-@161@A=<=6= . A=<=6= . A=<=6= 96+ ?=> <17 D1? F.: 7<+ C-?+
=9;610+< <. >=7. ?17 - ?=>;=01;+ >1<?.?1;.81 ;1>=,+ 9- : 7-?9>1 C.I1 01<.7 + .:. >19<.7+
A=A-9;+
>= -=A@;+ A=9;=7 . <+@;= @;= 7 + D17 +?<.B>1 =9=C.<1 96.E ;.E : 7-?9>.E C.I1 >=7 1
<1D.618= <1-B<.F. ;= 7 + =<17A=<=9 . =<= 6+: .>= A=@;=61<7 + >=7 .8 98= =C-D+;. >1?1
A0.?=?17 +8= 96=7?=A0.<=9 <1@=76+: .>=7.<;+: +>;-1: <=7/01,+6.<. <1@=7<1-F. =G?1
<+>= A0.?=?1 918= 7 +?<- =A+>- ;1B<= A0.: 1/=,+<- 8+9;- /?+ ;0+C1 ?1 C-?+ -/01,+<1N
D1F+8+<;.01 7 + B609;= +>= 8+,-;.8 ?=?1 A0+?.6<+ >1A.;+: + 10E.;016+ . M 0.D=6+ .D<1?
<=9+I.E 9;-C=61 >=7 + 9- -;+8+: 7.:. . A=?./: . <1@. 817 9;=0. "01?.8= A=<+;. =9+I1<7 +8
9;01E=A=@;=61<7 1 1: . -D;+@>+ A0.8+9+ 9>+A;.B<=9;.N6=?. <19 =<= @;= <1,+8=N- <1A=0
D61<. <1->1 A0.9;.G+8= .D96.E A0161F1 ?=: 1D+I. 961>= =?+6+< - 96=7 - >-:;-0- . 7+D.> 1: .
.A1> <1: 1D.8= =? A06=/;0+<-;>1 <1B.< ?1 =A@;.8=N;= 618 7 +7 +?<= .<9;1<;(01D-8+61<7 +
>=7 + 9+ -9A=9;16. .D8+,- <19 7 +?<1 +8A1;.7 1 96+ <1 D17 +?<.B>=8 A=9: - .D/01?<7 + >-:+
<1->+

280
 0+8+ 7 + ?1 619 A-9;.8 ?1 9+ 601;.;+ 96=8 9;610<=8 G.6=;- +I;0. /=?.<+ B+D<+8 D1
=6.8 ;0+<-;>=8 D1 D160@+;>=8 =6=/ A=9: 1 91?1 >=: +/+ A0.D<17+8 ?1 I+;+ 8.
<+?=9;17 1;. +9;+ 8. >=8A1<7 =<. 9;1:<. 8=7 . ?0-GC+<.F. - 961>=8 16.=<- . - 961>=760: =
;.E=79+9.7. A.91<71 ?= >19<= - <=I 1 ;+C+ >=: +/.<.F+ B.;1;+:7>= 6.?.8 >1= A+<D.=<.91<-
A0=M+9=0.F- .9;=0.7+ >1= 01B-<=6=,- >=7 . 90+,-7 + D+8: 7.@<+ ><7./+ >1= 9;-?+<;>.<7 -
<+>=/ >=: +?G1 >1= 6.<109>=/ ;0/=6F1 >1= 8=;=F.>: .9;.B>=/ 8+E1<.B101 >1= ,1>1 A06=/
01D0+?1 <+>+ 90+?<7 + @>=:+ 1 >1? 8. ;0+C1 81: = =E01C0+<7 1 . >1= <+6+0=61;<= : +A-
6=76=;>.<7 - >=71 G+:. ?1 A0=6:1B. A09;+ >0=D8=7 - >=9- >1= >1? <+>= B.;1 0=81< . C:.G.
9+ >017- 1 G1= 8- 7 + @;= I+ 6=:7+<+ :.>=6+ -9>=0= 8=01;. ?1 =9;16.8 ;1>= 7 + . 8+<. G1=
@;= 9+ 91 ;=C=8 6.@+ <+I- ?0-G.;.

0+ <+/= @;= =?+8 8=018 ?1 ?18 7 +?<- .D7 16- = =<=8+ <1 >=<1B<=7817 .F. =G?1
918 9;6=0.= -;.91> ?1 =G.7 1 B+9;.F1 >1? 7 +?<=8 C-?+ 9E61I+<1 8=G+ ?=6+9;. ?=
>=<1B<=/ =;>0=6+<7 1 ?= 91D<1<7 1 >1>= 19+: 7+<1 ?+7 9;6-7 + = 7 + D<1;+ A=?0-B7 + 01?1
=<.E D1.9;1 ?-C=>.E 8.9: .:1F1 =<.E ;+=0+;.B101 B+9;.F1 >=7 . 9- A: 1I+<. ?1 8.9: + 9;610<=
?-C=>= +>. =? <7 .E 6+0-7 - ?1 I+ <1@ -; 1 ;= 7 + -; 0+?->F.=<.D81 >=<1B<= A0.I.
96=8+ 960@+;>- 7 +0 I+8= - 9-@;.<. D<1;. 96+ <?1 I+ 9+ <1->1 =>0+<-;. ?1 9+ C16.
01D<.8 D1A+;: 7
1<.8 9;610.81 /: +?1I+ 6.0-9+ 9-A+0 C1>.(: =A;.F+ 7 -;10<7 1 D1>0B+<7 1
91=C01I17 1 ;01G.I+ : +> A0=;.680G<7 + . <19.:7
1 @;= 7 + 96+ ?=C0=
=9;=7 . 8+,-;.8 . 7 +?<= ?0-/= /: +?.@;+ >=7 + <19 -B. ?1 98= 96. 8. ?+F1 1: +/=0.7 -7 +
?1= +<;: . ":19 5 +<;: +Q ": 1995 >=7 1 9+ ./017 - <1 =C1: . =/0=8<=/=>+1<1 = 7 + /: +?1<7 +
>=7+ >1G+ ?1 7 + /01<.F1 A0+? <181 =?.9;1 C+9>017 <1 D1 =G.7 + B+9;.F+ ;+> I+ 9+ =;>0.;.
96+; A0+?.6<+ D19+<7 -7 -I+ : +A=;+ 1: . >1? 9+ <1@-8<. 6.? A0.: 1/=?. ;=8+ 9E61;.I+8= ?1
<.98= 96+ =;>0.: . ?1 A=9;=7 . <+@;= -<-;10 +: +>;0=<1 . >610>1 . F0<+ 0-A+ . ;1>= D1 6+B.;1
60+8+<1 96+ ?1: 7+ . ?1: 7+
.9:.8 ?1 918 6.@+ <1 9;01<. =A;.8.9;1 .: . 9- ;= A+9.8.9;. >=7 . 9- 9+ A=8.0.: . 9 ;.8 ?1
I+ =9;1;. <+D1A=9: +<. B.8 <1->1 =;>0.7 + 96+ @;= 9+ .81: = =;>0.;.' ( <1.8+ <1 9;01<. =<.E
>=7. 6+0-7 - ?1 I+8= 2 ?=D<1;. 96+2 N?-@=8 918 <1 <7 .E=6=79;01<. ( 918= +>9A+0.8+<;1;=0
- 8+<. <+ ?=A-@;1 ?1 A0.>-A.8 A=;0+C<- =E=: =9; . >1;+/=0.B<= ;= >1G+8 A.;<. A-; ?=
D1 ?= : 1<>=6+ 819+ ?= =<+ +A=E+ >=7 1 7 + C.:1 <1 81<7 + =? (P 9+>-<?+ A=9: +
+:
.>=/ ?=/1,17 1 ;=: .>= 7 + =/0=8<= ?-/ ?1 916 =617<1@ ?=91?1@<7 . A-; A0+,+< =?
/01?1 .:+;1 ?= /01?1 1>91E1B.7 1 .D/: +?1 >1= : 1>1 @+;<7 .F1 A=0+? 7 +D+01 .<+C1/=
=8.@: 71= 918 D<1;+ A=8.@: 7
1= 918 <1 1>F+: +01;=0+ >=7 . C. =C-7 8.:. F+= -<B+69.9;+8 .
<1 ?+;+>;=0+ =?/=61017 -I+ 6+: .B.<+ 1>=,+ 918 D18.@: 71= >=: .>= C. ;+> 8.: .710?.
9;-?+<1;1 .D/-C.: = >=: .>= 8.: .710?. 91;. 9<1 01?+I. <1 ;1>6.8 81@.<181 :
. C0.<+8 9+
E=I+ : . A=9;=7 1;. =<= A=;0+C<= =9+I1<7 + =A;.8.D81 >=7 + <1@+ 18+0.B>= ?0-@;6= 8=01 ?1
98=/<+ ?1 C. =6= ;01/1<7 + C.:= <19;16: 7+<=
<= @;= D1.9;1 G+: .8= ?1 D<18= . @;= I+ A=9;1;. A=D<1;= >0=D?+9+;1> /=?.<1 8=G+ 9+
.D8+0.;. +<+0/.7 =8 9-A+0>=: 17 ?+01 ( <1.8+ +<+0/.7 =8 =? P E.: 71?1 8.: .710?. 6=: ;. :.
8=01 C.;. ?1 9+ <+>+ D<1B17 <+ 9;610. ?+@1617 - . <1 +<+0/.7 181 ?1: +>= .D<1? ;+
+<+0/.7 181 <19A018 >=7 .E I+ B1> . <1@. 9-?10. - 9-A+0>=: 17?+0- .D/: +?1;. >1= 9-?10B.I. .: .
>1= ?0+8+G =9;=7 + 7 =@<+=/01<.B+<+ 8=/-I<=9;. D1 A=;A-<1 .D<+<1,+<7 1 =/: = C. 9+
?+9.;. ?1 =;>0.7 +8= <=6+ D1>=<+ A0.0=?+ 7 +?<1>= <+D18.9: .6+ D1 <19 ?1<19 >1= @;= C.
"1: .:
+7 - C.: 1 <+D18.9: .61 >61<;<1 ;+=0.7 1 .:. F+D.7 -89>. 1;=89>. B19=6<.> D1>=<+ >=7 . C.
<1:1/1: . ?1 - A=7 +?.<.8 >610>=6.81 A=9;=7 + ?0+6<+ F.6.: .D1F.7 + E 0+ <+/= @;= 9;./<-
=<+ B.>+ - C+: .8 81<;.: .81 ?1 8+ =?6+?- ?=D6=: .;+ ?1 9+ A0+C1F.8 <1 7 +?<= ?0-/=
A.;1<7 + ;1>=,+ B+9;= A=9;16: 71<=
1A1<7 -7
+ >=: .>= B+9;= <1-B<.F. . ;= >=8A+;+<;<. <1-B<.F. D1C=016: 7
17 - C->6.F- >=7 -
<18 7 + .9;=0.7 1 =B.;1: 1 ( <1.8+ D1C=016: 717 - ?1 9- A0=<1: 19F. <17 >=0.9<.7 . D1 ->-A<.
<1A0+?1> ?0-@;61 ?=: 1D.: . -6+> .D =<.E .9;01G.61<7 1 >=7 1 9- =>0+<-;1 ;01/1<7 - D1 1(
;=8=8 .>= <+81 <.@;1 A0=;.6/+<+;9>=/ .<G+<7 +0.</1 A0=;.6<1->+ = 81;+0.7 1: .81 <.;.
A0=;.6 >=<;0=: .91<+ M -D.7 + 1: . .A1> ;01/1<7 + D1 1(;=8=8 7 + 96=7 + ;0=@>=6+ 601;.: = .
.9A:1;.:= <+ ?6=9;0->= <.;. 9;=9;0->= <+/= 8<=/=8.: .=<9;0->=N ;1>= 7 + C.: = - 01<.7 .8
60+8+<.81 1 <+81 ?=>1D1 ?1 7 + 91? ?0-/1B.7 + :1/1<7 1 - 1A9;01>;<1 <1-B<1

281
.9;01G.61<7 1 - =<1 >=7 1 .<?-9;0.7 9>.8 ?0-@;6.81 =?<=9+ 81<7 + =? 7+?1< A=9;= ->-A<.E
C-?G+;9>.E 90+?9;161 .9A: 1;.:
1 9- 9+ ?1: +>= 6.@+ <+/= .7 +?<1 609;1 ?+=<.F1 <1 1-
G=<9=6=8 C+0D1<9>=8 .<?+>9- 1 .A1> 9 60+8+<1 <1 60+8+ <19 ;+0=0.@- =9-7 +I+<.
A=: .;.>1<;. >=7. C. E;+: . ?1 961 <1->1 9: -G. 918= <+A=90+?<.8 A=;0+C181 ?0-@;61 : 7-?.
>=7 . D1C=016: 717- .: . 8=G?1 <.>1? <.9- <. 9E61;.: . ?1 7+ /:16<.<1 =<.E 6+:
.>.E <1A0+?1>1 -
;+E<=: =/.7. >=7 . 9- -D?./: . >61:.;+; . >61<;.;+; <1@+ F.6.:
.D1F.7
+ ?=@:1 .DB.9;=/ ;+8+: 7<=/
.9;01G.61<7 1 B.717 + /:16<1 A=/=<9>1 9.: 1 C.:1 <1A0=9;= 01?=D<1:=9;
8.<

A=;01D. D1 <1?1E<-I+8 >=7 + C. 8. =8=/-I.: = ?1 98.9: .8 >1>= C.E D160@.= =6-

><7./- A0=-B.= 918 D160@+;>+ <+>=: .>= ?+9+;.<1 <1-B<=A=A-: 10<.E ><7./1 6+> C-?-
M.:
=D=M9>. 1 ;6=0.;+: 796+;1 -6+> 9+ <+>1>= A=7 16. .:. >1= A.@B+61 =8.: 7+<1 9:.>1 .: . >1=
=8.:7+<1 9: .>1 <+>=/ ?0-/=/ A.9F1 >=7 . -G.61 <1>: =<=9; ;=/ A.9F1 1A1D.= 918 ?1 9+
D160@<1 A=/: 16:71 . 91G+F. - ;.8 <1-B<.8 ><7 ./181 D1 @.0=>- A-C: .>- 8=/- A=?+: .;. - ?6+
609;+ +?<1 609;1 =?: .>-7+ 9+ A=<.D<=@I- +/01?.01<7 + :7-?9>=/ 0=?1 =C.B<= A=B.<7 +
A=?9+I1<7 +8 <1 ;= ?1 98= 8<=/= >=01>1 -?1: 7+<. =? 90+?.@;1 <.;. 7+ <1@1 A: 1<+;1 90F+
-<B+6=/ 9.9;+81 <.;. 7 + -<B+6 9.9;+8 90+?.@;+ =6+ /1: 1>9.7+ 1 <. <1@1 "1: 1>9.7 1 <.7+
<+@;= <10=B.;= .9;1><-;1 - ?0-@;6- ?0-/.E /1: 1>9.71 >= =6= <.7 + ?=6=: 7
<= ?1 =C+9E01C0.
B1> . B=6+>1 91 10610?1 >1G+ <18 9+ 7 =@?1 . 918 81;+0.7 1:=? >=/1 98= 91D?1<. 8. .
=6. A0+?8+;. =>= <19 <.7 + <.@;1 <10=B.;= 919;=7 . 9+ =? 918= 81: =/ C0=7 1 =9<=6<.E
=C7+>1;1 1 - 19+: 7
+<. .81 . 8<=/= ?0-/.E 609;1 <?1 1-;=0. <1A=8+<- ?1 : 7-?9>. 0=? .
96+ : 7
-?9>+ .<9;.;-F.7 + . 9A=8+<.F. 7+9- ;+> 7 +?<1 9.;<.F1 - ->-A<=7.9;=0.7 . >=98=91
+:
+817 9;=0 - =6=8 <1C.7 1<7- A=<.D<=9;. 7+ +0;01<? 19+:

:.B1< 7 + 1: . 7=@C+9F.: 7
<.7. . C+98.9:+<.7. 96+; >=7. <18 A0.>1D-7 + 1->1 . ;01G. ?1 -
<7+/1 6+0-7 +8= ;=8 96+;- 7 +0 <+817 - /?+ ?0-/?+ 8=017 - <1@. .?+1:
. =?91? <1I. 9+C.
?=8 1 7+ B=6+> A0=.D6=? A0=F+91 >=7 . 9- 9+ =?6.71:. C+D .>1>6+ C+D .B.7 + <18+0+ ?1
B=6+> C-?+ 9;6=0+<N ?1 B=6+>=6 <19;1<1> 019; <7 +/=6+ <1?+ . 9;01E=6. : 7-C16. .
6+0=61<7 1 7+9- A=9: +?.F1 A->.E 9: -B171 - /0-A.91<7 - 1;=81N ?1 <.>1>61 61;0+<=9; <.
E+0=.D18 <.>1>16 -D: +; 8.9:. . =9+I1<7 1 <+ 8=/- =B-61;. G.6=; 7 +?<=/1 A=7 +?.<F1 .D1
/0=C1N?1 7 + 91601? . ;0-? 96.E 6+>=61 =?1<=9; <1?1E<-I+ A=?<+6<1 C: .9;16=9; :7
-?9>+
/+<.71: <=9;. ?1 7 + 96+ ;= 9>-A1 =9-,+<= ?1 -80+ >1? 9+ ?=/=?. . =/0=8<1 980;
-<B+6=/ 9.9;+81N?1 F+= E018 =6+>=6=/ ?=9;./<-I1 8=01 <+.DC+G<= C.;. 91E01<7 +<
A=? /=8.: =8 >0@1 . : =81 >1? 9+ F+: 1 19+: 7
+<1 90-@. ( 96+ ;+ 9;610. .1>= <.9- A=;A-<=
9./-0<+ .A1> 9- ;1>= C: .D- 1A9=: -;<+ 9./-0<=9;. ?1 <.7+?<1 M.:=D=M.7
1 >=71 .E =?C1F-7 + <+
8=G+ ?1 9+ <1?1 ?1 I+ =9;1;. <1 <=/181 18= >1? 9+ ?-@1 B=6+>=61 -A: +;+ 8+,- 9>+: +
. /-C.: .@<+ A: 1;M=08+ =6.E .9;.<1 918= >1? 9+ =9: =<. <1 ;+8+: 7+ <+-8=: 7.6=/ =B171<71
8=I. I+ 9+C. /01?.;. A=-D?1< 9;1<
01;1> 7 + . <+8=I1< G.6=; =6+>1 1 <1 <7 +/1 . F+: - <7 +/=6- 019- 9A-@;1 9+
<+8.<=6<= 9-?C1 >: +;1 <+8.: =90?<1 . 801B<1

1 @;1 7 1 =?/=61018 7 +?<.8 ;.E.8 1-E C01F= 617/1 <1;=610. ;.6+< 17 <C+0/ 7+
0+>1= .9;- 9;610 91G+;.7 + R 19+: 7+<1 @;= 9E61;: 7
.6.7
1 -7 +?<= <18 .D/: +?1 . 96+
C+9F.:7<.71 R ;= 1? 8=01 C.;. ?1 9;+ 98+0<. 9;= A=9;=
81 . <+>.E >=7 . 2
<1;=610+2?= >017 1 - 9-A0=;<=8 98+0- A1 >1G- ?1 - <1A=0- ?1 9+
9E61;. >=98=9 <+81 <.B+/ @;= C. <18 <1C.7 1:
= 98+0<=9; <+/= <1A0=;.6 ?1 7 + ;=
=?-@+6: 71617 -I. A=?-E61; 1 /0-A1 : 7-?. G-?. ?1 2?=>-B. -8 =G.7 .2. >1G+ ?1 8. B.<+I.
;= A=9;17 +8= A0+9-?<. ?+= ->-A<=/ >=98.B>=/ A0=F+91 0+A+0+I. =? -DC-,+<7 1
601I18= 9+ - 918= 90+?.@;+ 19+: 7
+<+ /?+ . ;0+C1 ?1 C-?+8= +>. M.:
=D=M. =6=/
=A0+?+: 7+<7 1 .?- B1> ;=:.>= ?1:+>= ?1 /=6=0+ >1>= 7 + 96+; D1A016= A0=.D6=? <1@+/
8.@:7+<7 1 >=<9;0->F.7 1 :7
-?9>=/ -81N?0-/. 81: = 9>0=8<.7 . >1G- ?1 A=9;=7 1<7+ <1@+/
01D-81 A1 81>10 . <1 7 +?<=7A:1<+;.F. >=71 7+ 918= 7 +?<1 /=;=6= C+9>017 <= 81: 1
;0-<B.F1 19+: 7
+<+ 8=01 C.;. C.;1< ?+= +: .>=/ A:1<1 1 @;1 71 =?/=61018 91? 6+=81
;.E= +EEE 1@7+: +A= >1? 98= <+>=8+ A=;0+C<.

282
 .B<= <176.@+ 6=:.8 <+>- 8+@16.<- ;.E A0.9;-A1 1 1>= 6+I E=I+8= ?1 -C1F.8= .
=/.<7- - =617@=- E17 ?+ ?1 ;= -B.<.8= - 9;.:
- =<.E ?0-/101 >=7
. 9- <18 6+I?1: . 8<=/+
<+D1C=016<+ A0.D=0+ ;+ 609;+ <1B. >1? 8=8F. .D =: .6-?1 -E61;+ =6- ><7 ./- A1 7 +
D1:
7-C:7+<= A0+01?+ D1 M
.:
8 D16.0.I+8= - 9F+<10.= ?1 6.?.8= >1>= I+ .9A19;. +>01<.D1F.7
1
6= D160@<+ 9F+<+

": 16<. 7-<1> 7 + A0+?9+?<.> 9;0=M .D.B>=/ ?0-@;61 7 +?.<. B=6+> - .9;=0.7. 96+;1 >=7 . 7
+
?=C.= ;0. =C+: =6+ <1/01?+ =I7 + < 9;=7 . <1 A:
1G. 019>=01B+< . .D81E-7 + A+9<.F=8 >1
<+C- >=7 +7+ F0<= 1: . A=9-;= <+C0=7 +<.8 A0+/0@;.81 D6+D?1<.E ?01/-: 71 6+;1B>. -D6.@+<
- 96=7 =7: 7-?9>=9;. 96+9;1< <17 8=I<.7 .E ?=9;./<-I1 : 7-?9>=/ 0=?1 6.B+ <1 19+: 7+<-
<1?6.>-7 + =>+1<9>+ ;1: 19+ >=7 . 9+ 91 @;0=A=;=8 61: 7
17 - A= A: 1G. R1 9;6=0.E ;+C+ .
;6=0+6.<1 9. -81 8=/1 ( 6.D.7 + 8=7 + . 81@;+ 1 918 ;17>=7 . ?17+ 01D-8 ;+C. 19+: 7+<= .
960E- . ?.6=;- +8- C. ;. -=A@;+ 9: -G.:1 96+9;. 8=7 + ?1 <.7+ . 81@.<1 8=7 .E ?1 <.7+
A=8=I- >=7 .E 918 ;+ 91/: +?1='R
-;<. 60;: =/ 96+;: =9;. A=716:7 -7+ 9+ <1 <+C- D1;.8 9+ ;01>1 96+;: =9;. =A0-G1 91 <+C1 .
=C-E61;1 ;=/ B=6+>1 <1 A: 1G. -7- 9+ D160@<. 6+: .B1<9;6+<. 1>=0?. 1E=6+ 2 .9+ -
8=: -2 .:. 8=G?1 9=: = A.>=: = .D2=96+I+<7 12 ;016.<9>=/1 1 96+;: =9; <1 <+C- A=9;+A+<=
9+ 01D8+@;1 ?=> <+ <1B.<. 9: .>- 7 +<=/ : .F1 9:.>- =/.<7 + >=7 1 9+ =98+E-7 + 91 .D01D=8
C+9>=<1B<+ 9: 1;>+ ;-/+
>01< 9+ D1801B-7 + ?= F0<=/ =B.<7 + =?7 16<1 @A.F1

283
 .<. <18 9+ ?1 7 + <;=<. 10?G.9 <;E=<Q -0/+99 .:. 7+ ;= 8=G?1 C.= 10?G.9
+0+?.; 5 -0/+99 +0+?.;E5 ' A0+?: =G.= -9;16<. 181<?81< >=7 .8 C. 9+ D1C01<.: = ?1 A.91F
- =61>6.8 D1E61: 7.61<7 .81 A=8+<+ . 96=7 - G+<- >=7 =77 + D1E61: 1< @;= 7 + A0+>-F161: 1 ;=
<7+/=6= . M.D.B10. <+818= ;17A0=C: +8 7 +0 <1@+ G+<+ <+ A0+>-F1617 - =6= <1@+ <1B.
A=@;+,+<. 9;+ ;=/1 : . .A1> .818= >=8+ ?1 9+ D1E61: .8=
17 >: 10<+0 ;+=0+;.B10 . >=98=: =/ 8->=;0A<= 7 + B.;1= F+= =6170->=A.9 ;01/17 -I. D1
81>10 . <17 9.;<.7 =8 /0+@>=8 - ;+=0.7 . . <1@1= <+>+ <+ C1@ 9.;<+ N<+ 918= <+>=: .>=
D<1;+ <1@1= .E 7 + 8<=/= . 961>. A-; <19 7 + 601I1= <1 A016. A-; A=@;= 7 + =61 ><7 ./1
961 <1E+0+<1 - >=0.9; +>9A+0.8+<;1;=01 1 A0=;.6;+=0+;.B101 ;= 7 + >1= ?1 7 + 10;.< -;+0
/=?.<+ O T D18=: .= >1;=: .B>=/ A1A- ?1 8- -01?. >=0+>;-0- D1 =<.E 3O ;+D1 17> 1>=
7+ =9;1: 1 <+>1 /0+@>1 >0.6. 9- -0+?<.F.
9;1<=61 D61<1 2+08.7 +61 <1F.=<1: <1 1>F+: +01;=09>1 : 1C=01;=0.7 12 . <7 +< 96+;1F
D1@;.;<.> - 1@.</;=<- 1 ;= 7 + .<.9;109;6= D1 +<+0/.7 - ?1?=@+ 6+: .>. ?+= <1?1E<-I1 1 .
8+E1<.B>+ A=?0@>+
.:.9 017 ?/+8 4.: :.9 0.?+/18 C.C: .=;+>10>1 >=: +?G1 8E+09; 9;16.: 1 <18 7 + <1
019A=: 1/1<7 + A=9+C<+ 0+9-09+ 2.C: .=;+>+ =C+0;1 0=9;12 >1= . 2.9;+81 A+; >=: +?G12
10+< =>9 7 + 01?.: 1 <1 >0+1;.6<=8 .9;01G.61<7 -
19: -I-7+8= ?1 9+ +/ <?+09=< +/ <?+09=< <1@1 -0+?<.F1 0->=A.91 ;=: .>=
2A0.8.: 12 <1 <1@- ;+8- . A=9;16.: 1 ;=: .>= ?=C0.E A.;1<7 1 ?1 7 + D19: -G.:
1 A=B19<-
81/.9;109>- ;.;-: - .DM .D.>+
+;:.< ;17 < 1;E: ++< ;+.< -0+?<.F1 .<;+067 -1 - B19=A.9- 2 8<.2 =9=C1 9196.8
<+-A=0+?.61 A=9: 1: 1 7 + <=6.<10+ ?1 <1A016+ .<;+067 - >=7 . 7+ D1A016= C.= =<1 >: .F1 .D
>=7 +7 + F+:1 =61 ><7 ./1 .D019: 1 :
.F1' =G?1 6.0-9'
.< +DC.; Q<< +9C.; 7 + .81: 1 6.@+ 6+0+ - -9A+E <1@+/A0=7 +>;1 <+/= 8. 918.
G=< ;+0: .</ =E< ;+0: .</ <1@-0+?<.> 7 -<1B>. 7 + .D?0G1= F+: - 9;610 ?= >017 1
1?18= 9+ ?1 I+ <19 9+ 9+;.;. >1? /=? 9+?<+ - >1?- A-<- ;=A: + 6=?+ . ?1 I+ ;1? A=6.>1;.
<+@;= A0.>: 1?<=

.=< +?+08+<
.> +0+D.

284
 )

1? <1-B<.F. A0.B17 - = .9;=0.7 . ;0+C1 9+ ?=C0= A0.B-61;. = <.7 + =<= @;= C. A.91=
A0=M +9.=<1: <. .9;=0.B10 >=7 . 9+ C16. .9;=0.7 =8 <1->+ <+/= 7 + 8=G+8= 0+I. 2 :1G<12.9;=0.7 1
.D.B10 .B10? 17 <8+< D1 <7 - >1G+ <+ ?1 7 + 2 :
1G<12<+/= ?1 7 + 2 >=<6+<F.=<1: .D=61<1
8.;9>1 .9;=0.7 12 1@;=' 1;= @;= <1-B<.F. 1 =617<1-B<.> 961>1>= -A=;0+C: 7 1617 - .9;=0.7 -
D1 A+?1/=@>+ 960E+ R .?.;+ 0+?=9: +? <1-B<.E ?=/1,17 1 C.= 7 + =61>16 06= 7 + C.= "1: .:+7
A=9: + 7+ ?=@1= 7 -;< 91 96=7 =8 7 1C->=8 R 1016<= ?1 <.7 + C.: = ;1>= 6+> 9- A=9;=7 1: +
. /=8.: + ?0-/.E >=7 . 9- A=81/1: . .: . =?81/1: . 1D6=77 +?<=/ <=6=/ >=<F+A;1 - <1-F.
8=G+ C.;. .D-D+;<= 9: =G+< .: = 7 + ;1>= . - 60+8+<.81 A0+ ;+: +M 1>91 "-@B.7 + A+0= ;1>=,+
8=G+ ?1 <1A016. =/0=8<- @;+;-
7-;<=6= ?=C1 6+I 7 + A=9;=7 1: 1 /-9;1 : .;+01;-01 91B.<7 +<1 =? =C7 16: 7+<.E B: 1<1>1
><7 ./1 A.9181 A0+?161<7 1 .;>+ D1 A0.=0.;+; A=>-@17 . ?1 9+ ?=>1G+ >= 7 + A0+ >=/1
?=@1= ?= <+>=/ 6+: .>=/ <1-B<=/ =;>0.I1 6=?.: + 9- 9+ . 8<=/= A0+ 7 -;<1 9;=0.B10. 96+
;= 2 9<.8+2 90+?+ . =<?1 A.@- 96=7 - =/0=8<- C=/1;- : .;+01;-0- = : 7
-?.81 . .?+7 181
+,-;.8 91 9;1<=6.@;1 A0.B1<7 1 A0.B+ 8.;9>1 .9;=0.7 1 .81 =/0=8<- A0+?<=9; D1;= @;=
<1A0=9;= .D=9;16: 71 A=D1?.<9>- C->- 9;610<=/G.6=;1
1? 7 + 0+B = .D6=0.81 B=6+> >=7 . 7+ A+?+9+; /=?.<1 01?.= - M .D.F. . >=7 . 91? 0+D.8.01
96=7 + D<1<7 + <+ -9A+61 -6+> ;1B<= ?1 9+ A0.9+;. =? >=/1 .: . .DB+/1 7 + >1? . /?+ ?=C.=
<+>- .<M =081F.7 - B.<7 +<.F- <16=? =/-I+ 7 + ?1 <+>+ =? <17 9=B<.7 .E A0.B1 = .9;=0.7 .
<1->+ D1A016= . <+817 - <.>1>16 .D6=0 1 .A1> A=9;=7 +N . ?1 9- 9+ ;1>= ->=0+<.: + -
>=: +>;.6<- 96+9; <1-B<.>1 ?1 9- 91?1 2 .9;.<.;+2C+D=CD.01 <1 ;= ?1 : . 9- 9+ .>1? 9;610<=
?=/=?.: + .:. <.9- 1 .A1> -9A+: . 98= ?1 <1C=?+8= <+>+ ><7 ./+ 1 =6?+ I+8= A=8+<-;.
<+>+ >=7 + C. B.;1=F- 8=/: + C.;. =? >=0.9;. 1016<= ?1 =6= <.7 + <.>1>16A=;A-< 9A.91> <.;.
.>= ;60?. ?1 9- ;= =9<=6<. .: . <17 C=: 7. .D6=0. =<.E .<M =081F.7 1 >=7 + 9- - <7 .81 ?1;+
1C017 18 .E C+D<+>=/A=9+C<=/0+?1 <1A0=9;= A= I-?. 7 +?<=/+>9A+0.8+<;1;=01
+>=: .>= C.=/01M .7 1 7 -;<1 ?=C0= 8. 7 + A=9: -G.: = 1 <10=B.;= 6+0D.7 1 >=7 - 7 + <1A.91=
G=< +7<10? +7 D =E< 1Q<10? 1Q+9 >1= . ><7 ./1 .>1? - 8.0=61<7 - .B10?1
+9;M 1:1 .FE10? 4+9;M 1: : +6+0 ; +9; #18C0.?/+ <.6+09.;Q 0+99 3! ?
<+A0=F+<7 .6+ >=0.9;. C.: 17 + ><7 ./1 7 C01E181 +7 D1 1 -<-;01@<7 =9;. = 81;+0.7 . . 9.: 181 -
M.D.B>=8 96+;- C01E18 1.9 <J10? =-<? M 1;;+0 1<? =0F+9 .< ;E+ EQ9.F1:4=0: ?
+J Z=0> KM =0? <.6+09.;Q 0+99 3!$ 9;= 8=/- 0+I. . D1 ><7 ./- >=7 1 7 + >: 19.>1
9;=0.7 1 <1->+ >=7 - 7 + <1A.91= 9+0 .: .7+8 +8A.7 +0 .0 4.: :
.18 18A.+0 .9;=0Q =M
F.+<F+ #18C0.?/+ <.6+09.;Q 0+99 3P! <1;<= 9- A=8=/: + ?6+ <+?16<+ C.=/01M .7+
. ;= 0+?.</+0 G.6=; . 8.91= >=7 - 7 + <1A.91= =: ;+0 -0 41: ;+0 ==0+ FE0W?.</+0 .M +
1<? E=-/E; #18C0.?/+ <.6+09.;Q 0+99 3!3 . +=?0+,+<=9; G.6=; . <1->1 +0<+01
17 D+<C+0/1 >=7 - 7 + <1A.91= +7 6.? +9.?. 16.? #199.?Q <F+0;1.<;Q .M + 1<? F.+<F+
=M4+0<+0 +.9+<C+0/ +J Z=0> 4 0++81< -C: .9E+09 33 1>=,+ ><7 ./+ %.6=; .
60+8+ .E=1 01E+1 >=7 - 7 + <1A.91= G=< : .< "+7 ? =E< : :Q<+ "1?+ E+ .M + 1<?
.8+9 =M QFE= 01FE+ 0.<F+;=< <.6+09.;Q 0+99 3PT . "1: .:
+7<1 A=9: - <1-B<1
C.=/01M .71 >=7 - 7 + <1A.91= ;.: 8+< 0+7 > ;.:
:81< 01>+ "1: .:+= 1; 4=0> .9 F.+<;.M .F
.=/01AEQ <.6+09.;Q =M#E.F1/= 0+99 3T 1;.8 +0+;.> "1: .:+7 7 +;01 +?=<?.7 1
.+;0= +?=<?. "1: .:
+= +0+;.F 0.<F+;=< <.6+09.;Q 0+99 3!T . ><7 ./1 <0.>= +08.
M.D.B10 8.: .71 +/0+1 8.: .= +/0S <0.F= +08. EQ9.F.9; <.6+09.;Q =M#E.F1/= 0+99
3T 1?-G.= <19 7 + . 17 <F +7 ?G+: 9 91 ?6+ 96=7 + ><7 ./+ =98.B>. >=? +.<D 1/+: 9
E+ #=98.F #=?+ +J Z=0> .8=< ^ FE-9;+0 3!) . 160@+<1 9.8+;0.7 1 +0M +F;
Q88+;0Q .8=< ^ FE-9;+0 3!O =0.9<1 7 + C.:1 ><7 ./1 =: 1 +7 6.91 -A+09.: 1 1-:
16.+9 -A+0M =0F+ .8=< 1<? FE-9;+0 3!P
<+>.8 ><7 ./181 >=7 + 9- A.91: . <+<1-B<.F. <1@: . 98= 1<+/?=;+ <16=?+ . ?0-/+
60+?<+ .<M =081F.7 + ( <10=B.;= - ><7 ./181 1-B<. ;+8A+018+<;. .: .A1 G .:;91 E.: .A
.:;9 F.+<;.M .F +8A+018+<;9 .8=< ^ FE-9;+0 3!) . 0-/= =9;1<7 + 9;6101=F.
0+6=: -F.7+ - M .D.F. ?61?+9+;=/ 6+>1 =C+0;1 0.D1 . 10: 91 1<1 =C+0; #0+19+ 1<?
#E10: +9 # 1<< E+ +F=<? #0+1;.=< 1>+09 =M;E+ +6=: -;.=< .< J+<;.+;E(#+<;-0Q
EQ9.F9 +J Z=0> 1F8.: :1< 3!$
F+<10.= = 18=8 A=B+;>- >1= @;= 98= <1A=8+<-: . - ;+>9;- 6.@+ 7 + M.:=D=M .71 <+/=
M.D.>1 +=0+;.B10(>=98=: =/ 91 .>1@>=/ -<.6+0D.;+;1 17 >: 10<+0 >1G+ D1 ;179F+<10.= ?1

285
7+ 01D-8<= <1/1,1<7 + 10: 9 1< #E10: +9 # 1<< ?1= 7 + <+>+ ?.6<+ A=7 +?.<=9;. =
C0=7 - *T - B19=A.9- 2 8<.2 - B: 1<>- B.7 . 7 + <19: =6/: 19.= 81: B.F+ <+=C.B<= 918= 2*T2
=;01G.: . 98= 6+0=61<7 1 +8=>0.;1 +->.A1 8A+?=>: 1 . ?0-/.E A0+?9=>01;=69>.E M .:
=D=M 1
- <+>=: .>= .D6=01 8+,- >=7 .81 9- 9;=0.7 1 D1A1?<+ M .:=D=M .7+ +0;01<?1 19+: 1 +0;01<?
-99+: : .9;=0Q =M4+9;+0< E.: =9=AEQ +J Z=0> =-FE9;=<+ 3T) . ><7 ./1
"1;0.7 1 "0B>. M .:=D=M . =? 1: +91 ?= 0.9;=;+: 1 4 # "-;E0.+ E+ "0++> E.: =9=AE+09
0=8 E1: +9 ;= 0.9;=;: + +J Z=0> 10A+0 ^ 0=;E+09 3$ 1>=,+ ?+: = A=8+<-;=/
"1;0.7 1 9;=0.7 1 /0B>+ M .:=D=M .7
+ .9;=0Q =M"0++> E.: =9=AEQ #18C0.?/+ <.6+09.;Q
0+99 3T! 1;.8 0+?+0.> =A:9;=< 9;=0.71 M .:=D=M .7+ "0B>1 . .8 0+?+0.F>
#=A: +9;=< .9;=0Q =M E.: =9=AEQ "0++F+ 1<? =8+ +J Z=0> =-C:+?1Q 3$ .
0+<=9.61 /0B>1 B.;1<>1 ?+<1 4 -?+< E+ =0;1C: + "0++> +1?+0 .>.</
0+99 3P!
<=/+ ?1;-8+ . A=7 +?.<=9;. A0=6+0.: . 98= - .=/01M 9>=8 : +>9.>=<- = <1-B<.F.81 B.7 .7+
-0+?<.> 10: 9 ".:+9A. #E10: +9 # ".: :.9A.+ E+ .F;.=<10Q =M F.+<;.M .F .=/01AEQ +J
Z=0> F0.C<+02 9 3! . >=7 . 9+ - 9;610. 919;=7 . =? 6.@+ ;=8=61 . 8=G+ 619 : 1>= >=@;1;.
8<=/= 91;. >=7 + I+;+ A0=6+9;. A0.7 1;<= 6+D1<. D1 <7 +/1 - C.C: .=;+F.
+,- 01D<.8 ?0-/.8 .D6=0.81 A=8+<-: . C.98= . ><7 ./- =E1< +A: +0 =E1<< +A: +0
1:;.8=0+ 4.: :.189 ^ 4.: >.<9 3* >=7 1 7 + D1A016= DC.0>1 9;0-B<.E 01?=61 >1= .
+8.7 9>. 1;=8.D18 ?+6+;<1+9;=/ 6+>1 : +<1 G =>.7 1 :1< =F>+ #E+8.F1:
;=8.98 .< ;E+ .<+;++<;E #+<;-0Q #=: -8C-9 E.= ;1;+ <.6+09.;Q 0+99 3!P
8-0<. <16=? +0;01<?1 19+: 1 - ?+6+;=8 A=/: 16: 7- -D+: . 98= .D<7 +/=6+ ><7./+ 0+?8+;
>:1<7 1<7 1 9:
=C=?<=/B=6+>1 0++ 1<2 9 4=09E.A 3)*

286
 <7./1 =G.7 1 B+9;.F1 ?=60@+<1 7 + A=B+;>=8 33* /=?.<+ 18+01 7 + C.:1 ?1 A=9: -G.
>1= : 1>1 .9;=0.71 M.D.>+ B+9;.F1 - 9- D1A016= A0+A: +;+<+ ?6+ .9;=0.7 + +?<= 7 + .9;=0.71
19+:7+<+ 1 ?0-/= 7 + .9;=0.71 B=6+>=6.E <19;=7 1<71 ?1 19+: 7+<- 9E61;. 1 =6- ?0-/-
.9;=0.7- =? C.;<=/D<1B17 1 9- .<9;0-8+<;.N8<=/. 9- =A.91<. - =6=7><7 .D.
0=@: = 7+ =? ;1?1 <+>=: .>= /=?.<1 1 ;= 60+8+ ?+9.: = 9+ 8<=/= @;=@;1 D/01?<7 1
9-A+0A0=6=?<=/ 9-A+0>=: 17?+01 6.?. @+9;= A=/: 16:7
+ >=7 1 7+ C.:1 6+I ) Y =?81>: 1
=C-9;16: 7+<1 7+ /:191<7 +8 18+0.B>=/ =</0+91 - =>;=C0- 33* "=?.<+ 33P >610> 60E
=;>0.6+< 7 + - +08.: 1C- 1 =6= =;>0.I+ A=;60,+<= 7 + 33O /=?.<+ 7 +/=61 .D-D+;<= 6+: .>1
8191 O A0=;=<=6.E 8191 C.: 1 7+ 7+?1< =? 01D:=/1 @;= 9+ <1 =6= =;>0.I+ B+>1: = A-<.E
9+?18<1+9; /=?.<1 A=9: + =;>0.61<7 1 >610>1 ?<= >=7 + 7+ =9;610+<= ;1>=,+ - +08.: 1C-
/=?.<+ 3TT 6.?. 9+?8= A=/: 16:7
+
C.:1;1 A0=.D6=?<7 1 B+9;.F1 -# (- ?1:17 + 8<=/+ 61G<+ 0+D-: ;1;+ 8+,- >=7 .81
8=G?1 <17 61G<.7. 7+9;+ A=;60?1 7 +?<=/D1>: 7
-B>1 .D19;0=M .D.>+ >=7. >1G+ ?1 <+ A=9;=7 . 6.@+
=? ;0. /+<+01F.7 + >610>=61 . : +A;=<1
"=?.<1 7 + +6= 33T .D.>1 B+9;.F1 <19;16: 7
1 ?1 96+ ;1B<.7 + =?0+,-7 + A1018+;0+
9;1<?10?<=/ 8=?+: 1 . A=7 1B161 ;01/1<7 + D1 819=8 <+-;0.<1 >1= . D1 - ;+=0.7 .
=C=G161<=8 9-A+09.8+;0.7 =8N ;1>=,+ B+>1 ?1 9+ - 60=A. ->: 7-B. 6+: .>. E1?0=<9>.
>=:17 ?+0 =B+>-7 +8= D01> /=?.<+ ) O ?1 C. 9+ 8=/: 1 -E61;.;. ->=@;1F 91 B+9;.F=8 <1
>=7 - 9+ =?<=9. <19: =6=6+ ><7 ./+ ?1>: + 91 ./9=6.8 C=D=<=8 =<1B<= 91 .@B+>.61<7 +8
. <1?=8 A01;.8= A=8<+ <1A=0+ - 1A1<- <1 ;+<M =0?- <1 =0<+: - - +08.: 1C- . -
+81B>=7-98+0+<+ >1 0+@161<7 - D1/=<+;>+ ;1>=D61<=/ 2 # <10-@161<7 12 6.?. 9+?8=
A=/: 16: 7
+

.=< +?+08+<
)O 16/-9; 33T

287