Upload
khangminh22
View
0
Download
0
Embed Size (px)
Citation preview
HAL Id: tel-02009279https://tel.archives-ouvertes.fr/tel-02009279
Submitted on 6 Feb 2019
HAL is a multi-disciplinary open accessarchive for the deposit and dissemination of sci-entific research documents, whether they are pub-lished or not. The documents may come fromteaching and research institutions in France orabroad, or from public or private research centers.
L’archive ouverte pluridisciplinaire HAL, estdestinée au dépôt et à la diffusion de documentsscientifiques de niveau recherche, publiés ou non,émanant des établissements d’enseignement et derecherche français ou étrangers, des laboratoirespublics ou privés.
Entre Psychologie et Ecologie : approche psycho socioécologique de la restauration des carrières en région
méditerrannéenne (cas du Liban)Johnny Fenianos
To cite this version:Johnny Fenianos. Entre Psychologie et Ecologie : approche psycho socio écologique de la restaurationdes carrières en région méditerrannéenne (cas du Liban). Psychologie. Université Paul Valéry -Montpellier III, 2018. Français. �NNT : 2018MON30024�. �tel-02009279�
ii
!!!!!!!!!"#$%&!'()*)+,&!&$!-./(0)*)+,&!
!""#$%&'(")*%&$()$%+$(,%$-$.+/0'(1'(-2(#')320#23+$4(1')(%2##+5#')('4(#,.+$4(6,1+3'##24,'44'(7%2)(10(8+924:(
(
((((
1)0##/!2&#,3#).!
((((
;&5)'(1+#+.,'("2#(-'(<='#+30)(>#$?'))$#(@'4+)(A#$0+--'3((
'3(B2#-2(C&23'#(>&@D(E@F(
(((((((((
G%$-'(@$%3$#2-'(HI(J4+K'#)+3,(>20-(L2-,#*(M(6$43"'--+'#(N(
829$#23$+#'(<")*-$4(M(G/0+"'(@*42BO<((
! !
iv
<=2=<9>=2=?@A!
!
@,!3+'8+!/+!1+!()'12,'-7! H+!(+.-+!Y7!+3! H+!'+8+'1%+!32,3+-! $+-!(+'-2..+-!Z,%!2.3!)1128()K.#!1+!
3')&)%$!+3!Z,%!-2.3!/+&+.,-!($,-!Z,+!/+-!12$$[K,+-7!/+-!)8%-\!!
]+!(+.-+!.23)88+.3!Y!C!!
!
"+.%-7! +3! ^(2,'! 1+,T! Z,%! .+! $+! 12..)%--+.3! ()-! *'2_`! W'2,%$$+3a7! (2,'! $)! 12._%).1+7! $+! 3+8(-7! $+!
/#&2,+8+.37!$+-!'+()-!^1;+b!$)!1283+--+!+3!)%$$+,'-a7!$0)8%3%#!+3!(2,'!$+!12,')K+!/0)&2%'!)11+(3#!1+33+!
)&+.3,'+!)&+1!,.!$%E).)%-!_2,!
!
Q)'$)7!(2,'!3)!/%-(2.%E%$%3#7!3)!12._%).1+7!32.!;,82,'7!32.!#.+'K%+!%.#(,%-)E$+\`!!
!
"'`!?%12$)-!@'.),/7!+3!*'2_`!J)'K,+'%3)!*)--%.%!(2,'!&23'+!12._%).1+!+3!(2,'!)&2%'!)11+(3#!/0c3'+!
')((2'3+,'!/+!8)!3;[-+!
!
"'`!>$%&%+'!6;)$+'!(2,'!32,3+-!$+-!-2%'#+-7!$+-!-2'3%+-!+3!$+!E')%.-32'8%.K!-,(+'!+__%1)1+!
!
],$%+.7!@$2,T7!/+!$)!-21%#3#!:Q>VJ:"!(2,'!$+!3+'')%.7!$+-!/%-1,--%2.-!+3!$+-!#1;).K+-!)8%1),T7!J+'1%!Y!
:8+$%.+!+3!$+-!+._).3-!(2,'!$+,'!)11,+%$!/).-!$+,'!8)%-2.!
!
*'2_`!6;%+''I!",32%3!(2,'!-2.!)8%3%#7!-2.!K')./!;,82,'7!-+-!12.-+%$-!+3!-)!/%-(2.%E%$%3#!!
!
"'`!J)I)!?+;8#7!(2,'!-)!12._%).1+!+.!1+!('2H+3!
!
X)'8)!W2,!@bb)7!(2,'!-)!12.3'%E,3%2.!-,'!$+-!-%3+-!
!
62,3+!$0#Z,%(+!/+!=OL!(2,'!$)!E2..+!;,8+,'!$2'-!/+-!'#,.%2.-!
!
*'2_`!@..+!=),'+.3!(2,'!80)&2%'!('#-+.3#!"+.%-!W'2,%$$+37!+3!(2,'!$+-!828+.3-!-I8()-!()'3)K#-!Y!
J2.3(+$$%+'!+3!),!=%E).!
!
v
"'`!@$%!X;)$%_#!+3!>$%&+'!R+.%).2-!(2,'!$+-!3')%3+8+.3-!-3)3%-3%Z,+-!/+-!/2..#+-!/+!$)!3;[-+!
!
"'`!])$)$!6)E+$!(2,'!-2.!/#&2,+8+.3!+3!-2.!-,((2'3!%.12./%3%2..+$!32,3!$+!$2.K!/,!3')&)%$!/+!3;[-+!
!
Q$)%'+!U')./1;)8(-!(2,'!$)!3')/,13%2.!/,!8).,-1'%3!/+!3;[-+!+.!).K$)%-!!
!
"'`!O)1;%/!Q;+//)/%!(2,'!-2.!)8%3%#!+3!$+-!/%-1,--%2.-!_',13,+,-+-!
!! !
=)!/%'+13%2.!/,!Q?O9V=!(2,'!)&2%'!_)%3!12._%).1+!+.!1+!3')&)%$!+3!$,%!)&2%'!213'2I#!$)!1;).1+!/+!_)%'+!
-+-!('+,&+-!),('[-!/,!('2K')88+!=02E-+'&)32%'+!=%E).2!R').d)%-!>V=LR:7!$+!('2K')88+!Q:"O:7!$+!
('2K')88+!UO*!/,!Q?O9V=7!+3!$+!('2K')88+!@MRVQ?O9V=!
!
"'`!U;)$+E!R)2,'7!(2,'!-2.!)11,+%$!),!-+%.!/,!=)E2')32%'+!/+!6#$#/#3+13%2.V!J).-2,'%+;7!+3!(2,'!
)&2%'!)11+(3#!/+!_)%'+!()'3%+!/+!82.!H,'I!/+!3;[-+!
!
=)!/%'+13%2.!/,!=)E2')32%'+!:(-I$2.7!+3!+.!()'3%1,$%+'!J8+!=+!*+''237!+3!32,3+!$0#Z,%(+!/,!$)E2')32%'+!
(2,'!.2-!#1;).K+-!E'+_-!$2'-!/+!8+-!()--)K+-!),!=)E2!
!
=+-!12.-+%$-!8,.%1%(),T!+3!$+-!1288,.),3#-!$21)$+-!/+!@%3)!:$!R2e;)'7!J/2,e;)!+3!J)e.+!
!
@!32,-!1+,T!+3!1+$$+-!Z,%!2.3!12.3'%E,#!/+!('[-!2,!/+!($,-!$2%.!Y!$)!'#,--%3+!/+!1+!3')&)%$!
!
@!8)!_)8%$$+!+3!-,'32,3!82.!(['+7!!
!
:3!-,'32,3!Y!O).%)!+3!6%.)\!!
!
!
!
!
!
!
! !
vi
A"++B<@!
!
Q+!3')&)%$! -0+-3!/#'2,$#!/).-! $+!1)/'+!/0,.!()'3+.)'%)3!-1%+.3%_%Z,+!+.3'+! $+!Q2.-+%$!?)3%2.)$!/+! $)!
O+1;+'1;+!91%+.3%_%Z,+!),!=%E).V!=)E2')32%'+!/+!6#$#/#3+13%2.7!+3!$0M.%&+'-%3#!*),$!N)$#'I!J2.3(+$$%+'!
LLLV!=)E2')32%'+!:(-I$2.`!
!!
L$! %.3[K'+! $0>E-+'&)32%'+! =%E).2V! R').d)%-! /+! =0+.&%'2..+8+.3! >V=LR:! /).-! -)! 128(2-).3+!
3').-&+'-)$+!f!'#(2.-+-!),T!+.H+,T!-21%#3),T!g`!
!!
Q+!3')&)%$!)!E#.#_%1%#!/+!/%&+'-+-!&2%+-!/+!_%.).1+8+.3!+3!-,((2'3!$2K%-3%Z,+!.23)88+.3!C!
!!
-! =02E-+'&)32%'+!=%E).2V!R').d)%-!/+!$0:.&%'2..+8+.3!>V=LR:!
!
-! M.! _%.).1+8+.3! /,! ('2K')88+! Q:"O:! (2,'! F! ).-7! F5DGVF5F5! (2,'! $+! ('2H+3! hO+(+.-+'! $+-!
93')3#K%+-!+3!$+-!>'%+.3)3%2.-!/+!$)!O+-3),')3%2.!i12$2K%Z,+!S!O:96>O:`h!
!
-! M.! _%.).1+8+.3! /,! ('2K')88+!UO*j! Q?O9V=! (2,'! F! ).-7! F5DGVF5F57! (2,'! $+! ('2H+3! h6+-3%.K!
O+-32')3%2.!:12$2K%1)$!:.K%.++'%.K!6+1;.%Z,+-!2.!"+K')/+/!J+/%3+'').+).!:12-I-3+8-!V!6O::6h!
!
-! M.! _%.).1+8+.3! /,! ('2K')88+! @MRj! Q?O9V=! *2,'! F! ).-7! F5DkVF5Dl7! (2,'! $+! ('2H+3!
hO#;)E%$%3)3%2.!/+-!1)''%['+-!+.!'#K%2.!J#/%3+'').#+..+!C!/#_%!2,!8%--%2.!%8(2--%E$+!m!O+32,'-!
/0+T(#'%+.1+-!-,'!$+-!(')3%Z,+-!+3!/%__,-%2.!&%)!,.+!-I.+'K%+!=%E).VJ)'21VR').1+`!h!
!
-! M.!()'3+.)'%)3!)&+1!$+!=+E).+-+!O+_2'+-3)3%2.!L.%3%)3%&+!+3!$!n@--21%)3%2.!J@"@!(2,'!A!).-!(2,'!
$+-!('2H+3-!op,)''I!'+;)E%$%3)3%2.!2_!J/2,e;)7!@%3)!:$!R2e;)'!)./!J)e.+q!
!
-! =0)1128()K.+8+.3!+3!$)!12._%).1+!/+-!8,.%1%()$%3#-!/+!J)e.+7!J/2,e;)!+3!@%3)!+$!R2e;)'!+3!$+-!
1288,.),3#-!$21)$+-!12.1+'.#+-!
!
!
! !
viii
=#)'&!C63.38$&!&)!+(0673.38$&!D44'367&!4(0673!(36$3!*63.38$E-&!F&!.,!'&(),-',)$3#!F&(!6,''$G'&(!&#!
'*8$3#!2*F$)&'',#*&##&!H6,(!F-!I$J,#K!
!!
<=A"2=!!
9%!$)!8)r3'%-+!/+-!3+1;.%Z,+-!/0%.K#.%+'%+!#12$2K%Z,+!)!'#1+88+.3!12..,!/0%8(2'3).3+-!)&).1#+-7!
$+,'! 3').-_+'3! -,'! $+! 3+'')%.! +3! $)! 8%-+! +.! s,&'+! /+! 1+-! 3+1;.%Z,+-! '+-3+.3! )--+b! $)1,.)%'+-!
.23)88+.3!$2'-Z,+!/+-!%.3+')13%2.-!)&+1!$+-!1288,.),3#-!;,8)%.+-!.#1+--%3+.3!,.+!)/)(3)3%2.!
/+-!8#3;2/+-!/0%.3+'&+.3%2.`!9288+-V.2,-!+.!8+-,'+!/+!_)%'+!E)%--+'!$)!'#-%-3).1+!/+-!/#1%/+,'-!
_)1+!),T!-2$,3%2.-!3+1;.%Z,+-!('2(2-#+-7!/+!8%+,T!$+-!_)%'+!)11+(3+'!+3!/+!_)%'+!/+!-2'3+!Z,+!$+-!K+.-!
)11+(3+.3! ($,-! _)1%$+8+.3! ,.+! 82/%_%1)3%2.! /+! $+,'! +.&%'2..+8+.3! m! Q+33+! 3;[-+! -0%.-1'%3! Y! $)!
12.&+'K+.1+!/+!$0#12$2K%+!+3!/+!$)!(-I1;2$2K%+`!:$$+!-0)((,%+!-,'!/+-!2,3%$-!/+!$)!(-I1;2$2K%+!-21%)$+!
+3!$)!(-I1;2$2K%+!12K.%3%&+!+3!3+.3+!/+!12.1%$%+'!$+-!('%2'%3#-!+.&%'2..+8+.3)$+-!)&+1!$+-!(+'1+(3%2.-!
+3!$+-!)33+.3+-!/+-!1288,.),3#-`!=0;I(23;[-+!/+!/#()'3!#3).3!Z,0+.!)K%--).3!-,'!$+-!('21+--,-!-2,-V
H)1+.3-!),!1;).K+8+.3!/0)33%3,/+7!2.!()'&%+.3!Y!8%+,T!_)%'+!)11+(3+'!/+-!%.3+'&+.3%2.-!%..2&).3+-!
-,'! $0+.&%'2..+8+.3`! =0#3,/+! ('%.1+(-! &%-+! Y! 12.1%$%+'! $+-! ('%2'%3#-! #12$2K%Z,+-! )&+1! $+-!
'+('#-+.3)3%2.-! ;,8)%.+-! /).-! ,.! ('2H+3! /+! '#;)E%$%3)3%2.`! L$! -0)K%3! /+! ('2(2-+'! ,.! ($).! /+!
'#;)E%$%3)3%2.!#12$2K%Z,+!Z,%!'#(2./!Y!$)!_2%-!),T!)33+.3+-!/+-!)13+,'-!+3!),T!E+-2%.-!#12$2K%Z,+-!/,!
-%3+`!"#$%&$'&!'()*#+!('%!,*-('!.#$/#$)$+0!$'!+1/2/&$1(2!#+,(3$2$)()$/'!.#/4+1)0!̂ R+.%).2-!+3!)$`7!F5DkEa!
/#&+$2((+!,.!($).!/+!'#;)E%$%3)3%2.!($,-!#12$2K%Z,+!+3!82%.-!12.&+.3%2..+$!/0,.+!1)''%['+!+3!12.1$,3!
-,'! $0%8(2'3).1+! /+! 128E%.+'! $+-! 2,3%$-! /+! $)! (-I1;2$2K%+! 12K.%3%&+! (2,'! /#-3',13,'+'! $+-!
'+('#-+.3)3%2.-! %.%3%)$+-! /+-! (+'-2..+-! +.! &,+! /+! (2,&2%'! _)%'+! )11+(3+'! /+! .2,&+$$+-!
'+('#-+.3)3%2.-`!=)!('+8%['+!+T(#'%+.1+!&%-+!Y!3+-3+'!$)!12.3'%E,3%2.!/+-!+T+'1%1+-!/+!_$+T%E%$%3#!-,'!
$)!'#-%-3).1+!/+-!1288,.),3#-!12.1+'.#+-!()'!,.!('2H+3!/+!'+-3),')3%2.!#12$2K%Z,+7!+3!Y!128()'+'!
1+-!+T+'1%1+-!Y!/0),3'+-!)(('21;+-`!5,+'!6071,/2/&7!8++)0!91/2/&7:!;/&'$)$<+!=2+>$3$2$)7!?/#!@*(##7!
A+,(3$2$)()$/'!^R+.%).2-!+3!)$`7!F5DG)a!)!(+'8%-!/+!82.3'+'!Z,+!/+-!'#-,$3)3-!128()')E$+-!(+,&+.3!
c3'+!2E3+.,-!)&+1!/+-! %.3+'&+.3%2.-!12,'3+-! ! ^+T+'1%1+-!/+!_$+T%E%$%3#!12K.%3%&+a!),3).3!Z,0)&+1!,.!
('2K')88+!/+!_2'8)3%2.!-,'!$+!3+'')%.7!#3)$#!-,'!G!82%-`!=)!128E%.)%-2.!/+-!+T+'1%1+-!/+!_$+T%E%$%3#!
)&+1! ,.+! -#).1+! /+! -+.-%E%$%-)3%2.! +.3')r.+! .2.! -+,$+8+.3! $0)E)./2.! /+-! -1;#8)-! %.%3%),T!8)%-!
#K)$+8+.3!$0)/2(3%2.!/+!.2,&+),T!-1;#8)-!($,-!#12$2K%Z,+-`!=)!/+,T%[8+!+T(#'%8+.3)3%2.!&%-+!Y!
82.3'+'!Z,+!$+!(2-%3%2..+8+.3!/0,.+!%8)K+!/).-!$0+-()1+!)__+13+!-2.!)(('#1%)3%2.`!M.!3+-3!-,'!BA!
ix
-,H+3-!)!(+'8%-!$0)(('#1%)3%2.!/+!tF!%8)K+-!/+!_),.+!+3!/+!_$2'+!('2(2-#+-!1;)1,.+!+.!k!(2-%3%2.-!
/%__#'+.3+-!-,'!$0#1').`!B/C!%/!C+!.+#1+$<+!('$-(20!('%!.2(')0m!^-2,8%-aq!12._%'8+!Z,+!$)!(2-%3%2.!
/0,.!2EH+3!/).-!$0+-()1+!)__+13+!-2.!)(('#1%)3%2.`!=)!3'2%-%[8+!#3,/+!12.1+'.+!$0)/)(3)3%2.!/+-!2,3%$-!
/0#&)$,)3%2.! #823%2..+$$+! ),T! -(#1%_%1%3#-! 1,$3,'+$$+-! .23)88+.3! $+! -+.-! /+! $0#1'%3,'+`! D%(.)$'&!
.#+0+')()$/'!-/%+0!)/!1*2)*#(2!3(1E&#/*'%0!$'!+'<$#/'-+')(2!.#/4+1)0:!),+!+??+1)!/?!#+(%$'&FC#$)$'&!
,(3$)0!^-2,-!('+--+a!)!&#'%_%#!-,'!/+-!(+'-2..+-!)')E2(;2.+-!+3!/+-!E%V1,$3,'+$$+-!-%!$+,'!)(('#1%)3%2.!
/+-! 2EH+3-! .#1+--%3)%3! ,.+! %.&+'-%2.! /+-! #1;+$$+-! /0)(('#1%)3%2.! +3! 12._%'8+! Z,+! $)! 1,$3,'+! /+-!
%./%&%/,-!/2%3!c3'+!('%-+!+.!128(3+!$2'-!/+!$0)/)(3)3%2.!/+-!2,3%$-`!=)!Z,)3'%[8+!+T(#'%+.1+!D!0$-.2+!
)//2!)/!(11/*')!?/#!),+!0.()$(2!0.+1$?$1$)$+0!/?!0)(E+,/2%+#0!$'!+1/2/&$1(2!#+,(3$2$)()$/'!.#/4+1)0:!(!=2(0,!
)+0)! ^-2,8%-a! &%-+! $)! ('2(2-%3%2.! /0,.+!8#3;2/+! ')(%/+! Z,%! (+'8+3! /0#&)$,+'! $+-! ('#_#'+.1+-! /+!
12._%K,')3%2.! -()3%)$+-! /+-! 1288,.),3#-V1%E$+-! )_%.! /0)/)(3+'! $+-! 82/+-! /+! ('#-+.3)3%2.! +.!
_2.13%2.! /+! 1+-! ('#_#'+.1+-`! =)! 3;[-+! 12.1$,3! Z,+! $+-! 2,3%$-! /#&+$2((#-! (+,&+.3! c3'+! ,3%$+-! +.!
#12$2K%+!.23)88+.3!/).-! $+-!('2H+3-!Z,%! 128(2'3+.3!,.+!/%8+.-%2.!;,8)%.+!+3! %8($%Z,+.3!,.+!
82/%_%1)3%2.!/+!$0+.&%'2..+8+.3`!L$!+-3!%8(2'3).3!/0)/)(3+'!1+-!2,3%$-!),T!-(#1%_%1%3#-!/+-!(+'-2..+-!
12.1+'.#+-!.23)88+.3!+.!3+'8+-!/+!(+'1+(3%2.!$)3#')$+!+3!/+!(')3%Z,+-!K')(;%Z,+-`!
!
!
!
!
23)(!9.*(!L!:.&%'2..+8+.3!u!*-I1;2$2K%+!u!Q)''%['+-!u!W)--%.!J#/%3+'').#+.!u!@(('21;+-!12K.%3%&+-!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
x
!
M7&#!+(0673.380!N&&)(!=63.380!D!4(06731!(36$31!&63.38$6,.!,44'3,67!3O!E-,''0!'&()3',)$3#!$#!
2&F$)&'',#&,#!,'&,!H6,(&!3O!I&J,#3#K!!
!
!
DPA@<D9@!
v;%$+! +12$2K%1)$! '+-3),')3%2.! %-! %8('2&%.K! /')-3%1)$$I7! 3;+! 3').-_+'! )./! %8($+8+.3)3%2.! 2_! %3-!
3+1;.%Z,+-!)'+!-3%$$!-()'-+7!)./!.23)E$I!%.!+.&%'2.8+.3-!w;+'+!12.-%-3+.3!%.3+')13%2.-!w%3;!;,8).!
1288,.%3%+-! '+Z,%'+! 3;+! )(('2('%)3%2.! )./! )/2(3%2.!2_! .+w! %.3+'&+.3%2.!8+3;2/-`!P2w! 1).!w+!
2&+'128+!3;+!+T%-3%.K!'+-%-3).1+!2_!/+1%-%2.V8)e+'-7!)./!w%.!)11+(3).1+!2.!('2(2-+/! %..2&)3%&+!
)./!3+1;.%1)$!-2$,3%2.-m!6;%-!3;+-%-!_)$$-!'%K;3!)3!3;+!12.&+'K+.1+!2_!+12$2KI!)./!(-I1;2$2KI`!L3!E,%$/-!
2.!3;+!322$-!('2&%/+/!EI!-21%)$!)./!12K.%3%&+!(-I1;2$2KI!)./!%.3+./-!32!'+12.1%$+!3;+!+.&%'2.8+.3)$!
('%2'%3%+-!w%3;!3;+!(+'1+(3%2.-!)./!+T(+13)3%2.-!2_!;,8).!1288,.%3%+-`!6;+!-3)'3%.K!;I(23;+-%-!%-!
3;)3!EI!)13%.K!2.!('21+--+-!,./+'$I%.K!E+;)&%2')$!1;).K+7!w+!1).!%8('2&+!3;+!)11+(3)3%2.!2_!3;+!
('%.1%($+-! )./! %.3+'&+.3%2.! 3+1;.%Z,+-! '+$)3%.K! 32! +.&%'2.8+.3)$! )13%2.`! 6;+! %.%3%)$! -3,/I! )%8-! )3!
)112882/)3%.K!+12$2K%1)$!('%2'%3%+-!)./!;,8).!'+('+-+.3)3%2.-!%.!)!'+;)E%$%3)3%2.!('2H+13`!L3!_21,-+-!
2.!/+&+$2(%.K!)!'+;)E%$%3)3%2.!($).!_2'!).!)E)./2.+/!Z,)''I7!3;)3!w2,$/!E23;!8++3!3;+!+T(+13)3%2.-!
2_! 3;+! 12.1+'.+/! -3)e+;2$/+'-! )./! 3;+! +12$2K%1)$! .++/-! 2_! 3;+! -%3+`! W'%/K%.K! .)3,'+! )./! ;,8).!
('%2'%3%+-! %.!+12$2K%1)$!'+;)E%$%3)3%2.!('2H+13-!^R+.%).2-!+3!)$`7!F5DkEa!('2(2-+-!)!o82'+!+12$2K%1)$!
)./!$+--!3')/%3%2.)$q!'+;)E%$%3)3%2.!($).!_2'!)!Z,)''I!)./!12.1$,/+-!2.!3;+!%8(2'3).1+!2_!128E%.%.K!
322$-! _'28!12K.%3%&+!(-I1;2$2KI! 32!/+12.-3',13! %.%3%)$! '+('+-+.3)3%2.-! 32! $+)/! 3;+!-3)e+;2$/+'-! 32!
E+33+'!)11+(3!.+w!'+('+-+.3)3%2.-`!@!_%'-3!+T(+'%8+.3!3+-3+/!3;+!%8()13!2_!_$+T%E%$%3I!+T+'1%-+-!2.!
$2w+'%.K! 3;+! '+-%-3).1+! 2_! 1288,.%3%+-! 12.1+'.+/!w%3;! ).! +12$2K%1)$! '+;)E%$%3)3%2.! ('2H+137! )./!
128()'+/!3;+-+!+T+'1%-+-!32!23;+'!)(('2)1;+-`!v;+.!*-I1;2$2KI!J++3-!:12$2KIC!Q2K.%3%&+!R$+T%E%$%3I!
_2'!p,)''I!O+;)E%$%3)3%2.!^R+.%).2-!+3!)$`7!F5DG)a!-;2w+/!3;)3!%3!%-!(2--%E$+!32!2E3)%.!-%8%$)'!'+-,$3-!
w;+.!,-%.K!-;2'3V3+'8!12K.%3%&+!_$+T%E%$%3I!+T+'1%-+-!)./!)!$2.KV3+'8!2.V-%3+!3')%.%.K!('2K')8!_2'!)!
/,')3%2.!2_! G!82.3;-`! Q28E%.%.K! _$+T%E%$%3I! +T+'1%-+-!w%3;! )w)'+.+--! -+--%2.! $+/!.23! 2.$I! 32! 3;+!
)E)./2.8+.3!2_!%.%3%)$!-1;+8+-!E,3!)$-2!32!3;+!)/2(3%2.!2_!.+w!82'+!+12$2K%1)$!-1;+8+-`!@!-+12./!
-3,/I! /+82.-3')3+/! 3;)3! 3;+! (2-%3%2.! 2_! ).! %8)K+! %.! -()1+! %8()13-! %3-! )(('+1%)3%2.`! @! 3+-3!w)-!
12./,13+/!2.!BA!-,EH+13-7!)-e%.K!3;+8!32!)(('+1%)3+!tF!_),.)!)./!_$2')!%8)K+-!($)1+/!%.!k!/%__+'+.3!
xi
(2-%3%2.-!2.!3;+!-1'++.`!P2w!/2!w+!(+'1+%&+!).%8)$-!)./!($).3-m!^-,E8%33+/a!12._%'8+/!3;)3!3;+!
(2-%3%2.!2_!).!2EH+13!%.!)!/+_%.+/!-()1+!%8()13-!%3-!)(('+1%)3%2.`!@!3;%'/!+T(+'%8+.3!w)-!'+$)3+/!32!
3;+!)/)(3)3%2.!2_!+823%2.)$!+&)$,)3%2.!322$-!32!1,$3,')$!-(+1%_%1%3%+-7!)./!%.!()'3%1,$)'!w'%3%.K!;)E%3-`!
@/)(3%.K! ('+-+.3)3%2.! 82/+-! 32! 1,$3,')$! E)1eK'2,./-! %.! +.&%'2.8+.3)$! ('2H+13-C! 3;+! +__+13! 2_!
'+)/%.Kjw'%3%.K!;)E%3-!^%.!('+--a!3+-3+/!3;+!+__+13-!2_!).!%.&+'-%2.!2_!3;+!)(('+1%)3%2.!-1)$+!2.!@')E%1!
&-`!E%V1,$3,')$!(+'-2.-!)./!12._%'8+/!3;)3!1,$3,')$!E)1eK'2,./!-;2,$/!E+!12.-%/+'+/!w;%$+!)/)(3%.K!
322$-`!@./7!+&+.3,)$$I7!3;+!_%.)$!+T(+'%8+.3C!@!-%8($+!322$!32!)112,.3!_2'!3;+!-()3%)$!-(+1%_%1%3%+-!2_!
-3)e+;2$/+'-!%.!+12$2K%1)$!'+;)E%$%3)3%2.!('2H+13-C!R$)-;!3+-3!^-,E8%33+/a!-,KK+-3+/!)!Z,%1e!8+3;2/!
)$$2w%.K!3;+!Z,%1e!)--+--8+.3!2_!3;+!('+_+''+/!-()3%)$!12._%'8)3%2.!2_!3)'K+3!1288,.%3%+-!32!E+33+'!
2'%+.3! 3;+!)/)(3)3%2.!2_! 3;+!('+-+.3)3%2.!82/+! 32!E+! 1;2-+.!w;+.!)//'+--%.K! 3;+8`! 6;+! 3;+-%-!
12.1$,/+-!3;)3!3;+!322$-!/+&+$2(+/!EI!12K.%3%&+!)./!-21%)$!(-I1;2$2KI!1).!E+!,-+_,$!%.!3;+!)(($%1)3%2.!
2_!+12$2KI7!+-(+1%)$$I!%.!+12$2K%1)$!('2H+13-!%.&2$&%.K!)!;,8).!/%8+.-%2.!)./!)!82/%_%1)3%2.!2_!3;+!
+.&%'2.8+.3`!L3!%-!+--+.3%)$!32!)/)(3!3;+!322$-!32!3;+!-(+1%_%1%3%+-!2_!3;+!12.1+'.+/!(+2($+7!%.!3+'8-!
2_!$)3+')$!(+'1+(3%2.!)./!w'%3%.K!(')13%1+-!2_!3)'K+3!1288,.%3%+-`!!
!
!
!
Q&0!M3'F(L!:.&%'2.8+.3u!*-I1;2$2KIu!p,)''%+-u!J+/%3+'').+).!W)-%.u!Q2K.%3%&+!)(('2)1;+-!!!! !
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
xii
@DPI=!R=!2D@>=<=A!
!
<=2=<9>=2=?@A!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!$%!
A"++B<@!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!%$!
<=A"2=!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!%$$$!
DPA@<D9@!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!T!
@DPI=!R=!2D@>=<=A!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!T$$!
I>A@=!R=A!;>U"<=A!=@!@DPI=D"V!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!T$%!
>?@<BR"9@>B?!U=?=<DI=!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!W!
XS!IY=?/><B??=2=?@!L!"?!2B?R=!=?!9<>A=!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Z!
XSWS!I,!F*8',F,)$3#!F&(!*63(0()GN&(!L!-#&!'*,.$)*!$#63#)3-'#,J.&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Z!
XSXS!I&(!=63(0()GN&(!2*F$)&'',#*&#(!L!F&(!(36$31!*63(0()GN&(!(3-(!4'&(($3#(!N-.)$4.&(!SSSSSSSSSS![!
XSXSWS!A4*6$O$6$)*(!F&(!*63(0()GN&(!N*F$)&'',#*&#(!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS![!
XSXSXS!I&!I$J,#!L!-#!63#)&T)&!(36$3!&#%$'3##&N&#),.!4.-'$1!63N4.&T&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!\!
XS5S!I&(!6,''$G'&(!L!-#!&T&N4.&!(,$..,#)!F&!F*8',F,)$3#!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!WW!
XS5SWS!+'3J.*N,)$E-&(!&#%$'3##&N&#),.&(!.$*&(!,-T!6,''$G'&(!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!WW!
XS5SXS!I&(!6,''$G'&(!,-!I$J,#!L!-#!63#)&T)&!E-$!(Y$N43(&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!WX!
XS]S!=63.38$&!F&!.,!'&(),-',)$3#!&)!'&(),-',)$3#!*63.38$E-&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!WZ!
XS]SWS!CN&'8&!FY-#&!F$(6$4.$#&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!WZ!
XS]SXS!93#)&T)&!(6$&#)$O$E-&!&)!F*O$#$)$3#(!F&(!)&'N&(!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!W[!
XS]S5S!I&(!%&''3-(!(6$&#)$O$E-&(^!)&67#3.38$E-&(!&)!(36$,-T!_!.,!N$(&!&#!`-%'&!F&!.,!
'&(),-',)$3#!*63.38$E-&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!W\!
XS]S]S!.&(!*63(0()GN&(!F&!'*O*'&!&)!.&(!*63(0()GN&(!,.)&'#,)$O(!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Wa!
XS]SZS!I,!<&(),-',)$3#!*63.38$E-&!73.$()$E-&!&)!.,!'&(),-',)$3#!$#)*8',)$%&!SSSSSSSSSSSSSSSSSSSSSSSSSSS!Xb!
5S!+Ac9dBIBU>=!=9BIBU>e"=!L!I=A!D@@>@"R=A!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!XX!
5SWS!D))$)-F&(^!()'-6)-'&!&)!O3#6)$3#!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!XX!
5SWSWS!R*O$#$)$3#(!F&(!,))$)-F&(!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!X5!
5SWSXS!A)'-6)-'&!F&(!,))$)-F&(!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!X5!
5SWS5S!;3#6)$3#!F&(!,))$)-F&(!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!X]!
5SXS!97,#8&N&#)!FY,))$)-F&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!XZ!
5SXSWS!97,#8&N&#)!FY,))$)-F&!&)!R$((3#,#6&!638#$)$%&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Xf!
5SXSXS!97,#8&N&#)!FY,))$)-F&!&)!93#($(),#6&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!X[!
xiii
5SXS5S!97,#8&N&#)!FY,))$)-F&!&)!O,-((&(!,))'$J-)$3#(!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Xa!
5SXS5S!97,#8&N&#)!FY,))$)-F&!&)!'&4'*(&#),)$3#(!(36$,.&(!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Xa!
5SXS]S!97,#8&N&#)!FY,))$)-F&!&)!O.&T$J$.$)*!638#$)$%&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!5W!
5S5S!R$(43($)$3#!(4,)$,.&(!&)!*N3)$3#(!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!5X!
5S5SWS!+&'6&4)$3#!F&!.Y&(4,6&^!.,)*',.$)*!&)!&T4*'$&!*N3)$3##&..&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!5X!
5S5SXS!+&'6&4)$3#!F&!.Y&(4,6&!&)!N3F&!6-.)-'&.!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!55!
]S!BP:=9@>;A^!dc+B@d=A=A!=@!A9d=2D!R=!<=9d=<9d=!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!5Z!
]SWS!BJg&6)$O!8*#*',.!&)!3Jg&6)$O(!34*',)$3##&.(!L!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!5Z!
]SXS!A67*N,!F&!'&67&'67&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!5f!
ZS!<=A"I@D@A!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!5a!
ZSWS!93#6$.$&'!.&(!4'$3'$)*(!*63.38$E-&(!,%&6!.&(!'&4'*(&#),)$3#(!7-N,$#&(!F,#(!-#!4'3g&)!F&!
'*7,J$.$),)$3#!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!]b!
ZSXS!I,!O.&T$J$.$)*!638#$)$%&!,-!(&'%$6&!F&!.,!'*7,J$.$),)$3#!*63.38$E-&!F&(!6,''$G'&(!SSSSSSSSSSSSSSSSSS!]a!
ZS5S!=(4,6&!&)!*N3)$3#(!L!,443')(!F&!.,!4(0673.38$&!&#%$'3##&N&#),.&!,-T!4'3g&)(!F&!
'&(),-',)$3#!*63.38$E-&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Z[!
ZS5SWS!A-'!.,!4&'6&4)$3#!(4,)$,.&!F&!#3)'&!&#%$'3##&N&#)!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Z[!
ZS5SXS!A-'!.&(!'&.,)$3#(!&#)'&!4',)$E-&(!8',47$E-&(!&)!%,.&!F&(!3Jg&)(!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSS![f!
ZS]S!"#!3-)$.!FY$#%&()$8,)$3#!',4$F&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!ab!
fS!R>A9"AA>B?!U=?=<DI=!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!WbZ!
fSWS!BJg&6)$O(!F&!.,!)7G(&!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!WbZ!
fSXS!+'$#6$4,-T!'*(-.),)(!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Wbf!
fS5S!R$(6-(($3#^!.$N$)&(!&)!4&'(4&6)$%&(!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!Wb[!
[S!>#)&'O,6&!A6$&!&)!A36$*)*!L!)',#(O&')!,-T!4',)$6$&#(!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!WWb!
P>PI>BU<D+d>=!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!WWX!
D??=V=!SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS!WXf!
!
!
!
!
!
!
!
!
!
!
xiv
I>A@=!R=A!;>U"<=A!=@!@DPI=D"V!
!
!
;$8-'&!WL!"%-3'%E,3%2.!/+-!1)''%['+-!),!=%E).!)&+1!,.+!-,'_)1+!323)$+!/0+T($2%3)3%2.!/+!BF!555!555!8F!
^@3)$$);7!F5DGa7!82.3').3!$)!$21)$%-)3%2.!/+-!b2.+-!2,!$+-!+T($2%3)3%2.-!/+!1)''%['+-!-2.3!),32'%-#+-!
),!=%E).!/0)([-!$+!9"@6=!^")'jL@MOLR7!F55A7a!```````````````````````````````````````````````````````````````````````````````````!DA!
!
;$8-'&! XL!J2/[$+! %$$,-3').3! $+-! #3)(+-! /0)(('2('%)3%2.! /0,.! ('2H+3! +.! '+-3),')3%2.! #12$2K%Z,+! +3!
82.3').3!$+-!/%__#'+.3-!2E-3)1$+-!/+!12.1+(3%2.!^R+.%).2-!+3!)$`7!F5Dk)a`!̀ ``````````````````````````````````````!Dl!
!
;$8-'&!5L!J2/[$+!Y!Z,)3'+!Z,)/').3-!/+!$)!'+-3),')3%2.!#12$2K%Z,+!^Q$+w+$$!x!@'2.-2.7!F5D5a!`````!F5!
!
;$8-'&! ]L! "%)K')88+! 3;#8)3%Z,+! %$$,-3').3! $)! 128($+T%3#! /+! $0)(('21;+! (2,'! ,.+! '+-3),')3%2.!
#12$2K%Z,+! 2(3%8)$+! '#(2./).3! Y! $)! _2%-! ),T! 1'%3['+-! #12$2K%Z,+-7! -21%),T7! $#K),T7! 3+1;.%Z,+-7!
()'3%1%()3%_-!+3!-+'&).3!$+!E%+.!c3'+!;,8)%.!^X;)3+'7!F5DBa!̀ ``````````````````````````````````````````````````````````````!FD!
!
!
@,J.&,-!WL!91;#8)!/+!'+1;+'1;+!/+!$)!3;[-+!````````````````````````````````````````````````````````````````````````````````````!tk!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
1
!
>?@<BR"9@>B?!U=?=<DI=!
!?28E'+,-+-! -2.3! $+-! 1'%-+-! +.&%'2..+8+.3)$+-! Z,%! 2.3! #3#! )'K,8+.3#+-! +3! -,((2'3#+-! ()'! $+-!
#&%/+.1+-!-1%+.3%_%Z,+-!8)%-!Z,%!2.3!_)%$$%!Y!)&2%'!$+!-,((2'3!/,!K')./!(,E$%1!2,!2.3!3)'/#!Y!)&2%'!1+!
-,((2'3`! Q0+-3! ()'! +T+8($+! $+! 1)-! /+-! '#3%1+.1+-! Y! )11+(3+'! +3! )/;#'+'! ),T! 1'%-! /0)$)'8+! /+! $)!
1288,.),3#!-1%+.3%_%Z,+!+.!'+$)3%2.!)&+1!$)!1'%-+!/,!1$%8)3`!=+-!#3)3-!M.%-!-+!'+_,-+.3!H,-Z,yY!('#-+.3!
Y! -%K.+'! $+-! )112'/-! /,! 1$%8)3! +3! %$! '+-3+! Y! $0#1;+$$+! K$2E)$+! E+),12,(! /+! (+'-2..+-! +3! /0#3)3-!
-1+(3%Z,+-!()'!')((2'3!Y!1+33+!'#)$%3#!-1%+.3%_%Z,+`!!
!
L$! +.! +-3! /+! 8c8+! ()'! ')((2'3! Y! $0;,%$+! /+! ()$8+! /2.3! $)! ($).3)3%2.! +3! $0+T($2%3)3%2.! 8+.)1+!
$0+T%-3+.1+!8c8+!/+-!_2'c3-!3'2(%1)$+-!+3!$)!('+--%2.!#12.28%Z,+!-,'!$0,3%$%-)3%2.!/+!$0;,%$+!3'2,&+!
32,H2,'-!')%-2.!/yc3'+!+3!/+!-0+T('%8+'!-,'!$+!8)'1;#`!!
!
o:$/2')/2!#12.28%Z,+!(2,'!$+-!,.-7!_$#),!#12$2K%Z,+!(2,'!$+-!),3'+-q7!$0+T3')13%2.!/,!K)b!/+!-1;%-3+!
()'! _')13,')3%2.! ;I/'),$%Z,+! ('2&2Z,+! ,.! '+82,-! /+-! )--21%)3%2.-! #12$2K%Z,+-`! >.! $,%! '+('21;+!
$y%88+.-+!Z,).3%3#!/y+),!.#1+--)%'+!8)%-!),--%!$+-!'%-Z,+-!/+!(2$$,3%2.!/+-!.)((+-!(;'#)3%Z,+-!+3!
/+-!'%&%['+-7!2,!+.12'+!$0%8(2'3).3!%8()13!Z,0%$!('2&2Z,+!-,'!$+!()I-)K+`!:3!(2,'3).3!$+!/#E)3!(2'3+!
+.12'+!-,'!$+-!(+'-(+13%&+-!#12.28%Z,+-!+3!-,'!$0%8()13!Z,+!1+33+!2(3%2.!),')7!.23)88+.3!-,'!$+-!
('%T! /+! $0#.+'K%+! +3! $+-! +8($2%-! (23+.3%+$-`! Q+! -,H+3! Z,%! )! _)%3! $02EH+3! /+! .28E'+,T! /#E)3-7! '+-3+!
/0)13,)$%3#7!+3!$+-!#1;).K+-!/0%._2'8)3%2.!+.3'+!$+-!-(;['+-!-2.3!+.12'+!)--+b!;+'8#3%Z,+-`!!
!
=0#.2'8+!(2$#8%Z,+!),32,'!/,!K$I(;2-)3+!j!O2,./,(7!+3!$+-!1+.3)%.+-!/+!')((2'3-!-1%+.3%_%Z,+-!Z,%!
2.3! 3#82%K.#! +3! 12._%'8#! /+! -2.! 1)')13['+! 1).1#'%K[.+7! -+! ;+,'3+.3! +.12'+! Y! 1+33+! ;+,'+! Y! $)!
'#3%1+.1+!()'$+8+.3)%'+!+.!R').1+!+.!&,+!/+!-2.!%.3+'/%13%2.`!!
!
=)!/%-()'%3%2.!/+-!+-([1+-7!$)!/+-3',13%2.!/+-!;)E%3)3-7!$+-!/#1;+3-!32T%Z,+-!-2.3!),3).3!/0+T+8($+!
2z!$)!-1%+.1+!)!_)%$$%!^2,!3)'/#a!Y!)&2%'!')%-2.!),('[-!/+-!/#1%/+,'-!+3!/,!K')./!(,E$%1`!!
2
!
@,3).3! /0+T+8($+-! 2z! $)! 1288,.%1)3%2.! +.3'+! -(;['+-! /+! 12.&)%.1,-! +3! .2.! 12.&)%.1,-! '+-3+!
3'%E,3)%'+!/0,.!E2.!3').-_+'3!/+!$0%._2'8)3%2.!+3!/+!$)!E)%--+!/+!$)!'#-%-3).1+!/+-!,.-!+3!/+-!),3'+-!&%-!
Y!&%-!/+!$0+T%-3+.1+!#&+.3,+$$+!o/0,.+!),3'+!'#)$%3#!(2--%E$+q`!!
!
=+!oE233$+.+1eq!.+!-+!-+')%3V%$!()-!),!.%&+),!/+-!(+'1+(3%2.-!/+-!(+'-2..+-!m!Q+3!2E-3)1$+7!-+')%3V%$!
12.32,'.)E$+!()'!,.+!'+-3),')3%2.!/+-!+-('%3-!+.!($,-!Z,+!()'!,.+!%.3+'&+.3%2.!/%'+13+!-,'!$02EH+3!/+!
'+1;+'1;+m!!
!
=+-! '+1;+'1;+-! +.! (-I1;2$2K%+! -21%)$+! +3! (-I1;2$2K%+! 12K.%3%&+! ('2(2-+.3! /+-! )(('21;+-! Z,%!
(+'8+33+.3!/+!8%+,T!('+./'+!+.!128(3+! $+-!-(#1%_%1%3#-!/+-!(,E$%1-!(2,'!_)1%$%3+'! $+!3').-_+'3!/+-!
%._2'8)3%2.-!+3!'#/,%'+!$)!'#-%-3).1+!&%-!Y!&%-!/+-!-2$,3%2.-7!-2,&+.3!%..2&).3+-7!_)&2'%-).3!)%.-%!,.+!
)(('2('%)3%2.! /+-! -2$,3%2.-! +3! +.! 12.-#Z,+.1+7! ,.+! )/;#-%2.! +3! -,((2'3! Z,).3! ),T! 1),-+-! +.!
Z,+-3%2.`!!
!
Q+33+!3;[-+!&)!-+!_21)$%-+'!-,'!,.!+T+8($+!E%+.!()'3%1,$%+'!1+$,%!/+!$y+T($2%3)3%2.!/+-!1)''%['+-!+3!$+!
E+-2%.!/+!$+,'!'#;)E%$%3)3%2.!#12$2K%Z,+!/).-!,.!12.3+T3+!/+!()I-!J#/%3+'').#+.!+.!/#&+$2((+8+.3C!
=+!=%E).`!!
=)!128($+T%3#!/+-!12.3+T3+-!-21%2V1,$3,'+$7!#12.28%Z,+7!(2$%3%Z,+!+3!/+!/#&+$2((+8+.3!,'E)%.7!$)!
($,')$%3#! /+-! ('2E$#8)3%Z,+-! +.&%'2..+8+.3)$+-! +3! -21%#3)$+-7! _2.3! /,! =%E).! ,.! 1)-! ('2323I(+!
/0),3'+-!+-()1+-!J#/%3+'').#+.-`!L$!+.!'#-,$3+!Z,+!$+-!12.1$,-%2.-!+3!$+-!2E-+'&)3%2.-!_)%3+-!-,'!$+!
=%E).7!(+,&+.3!c3'+!_)1%$+8+.3!2,!($,-!_)1%$+8+.3!3').-(2-#+-!Y!/0),3'+-!12.3+T3+-!-,'!$+!(2,'32,'!
/+!$)!J#/%3+'').#+`!!
!
").-!-)!(#'%2/+!/0)('[-VK,+''+!^Dll5!V!F5DGa7!$+!=%E).!)!12..,!,.+!(#'%2/+!/+!'+12.-3',13%2.!+3!/+!
/#&+$2((+8+.3!#12.28%Z,+!Z,%!-0+-3!)1128()K.#+!()'!,.+!8,$3%($%1%3#!/+!('2H+3-!%882E%$%+'-!+3!
/0,.!/#&+$2((+8+.3!,'E)%.!-2,&+.3!(+,!($).%_%#!2,!8c8+!).)'1;%Z,+`!!
3
9,'!$+!($).!/+!$0)8#.)K+8+.3!/,!3+''%32%'+7!1+!E228!-0+-3!3')/,%3!()'!,.!/#&+$2((+8+.3!8)--%_!/+!
1)''%['+-! +T($2%3#+-! (2,'! $+! 1%8+.37! $+! K')&%+'! 2,! $)! (%+''+! /+! 3)%$$+`! L$! +.! '#-,$3+! ,.! .28E'+! /+!
1)''%['+-!/%-('2(2'3%2..#!()'!')((2'3!Y!$)!3)%$$+!/,!()I-!^($,-!/+!FA55!-%3+-!(2,'!,.+!-,(+'_%1%+!323)$+!
/+!D5ABF!e8Fa!+3!,.+!-,'_)1+!+T($2%3#+!+-3%8#+!),!323)$!Y!($,-!/+!BF!555!555!8F`!
!
"+! ()'! $)! 32(2K')(;%+! )11%/+.3#+7! $)! .)3,'+!8c8+! /+-! _2'8)3%2.-!82.3)K.+,-+-! +3! /,! $%332')$7!
$0;%-32%'+! +3! $0+T().-%2.! /#82K')(;%Z,+7! 1+! 1)/'+! -21%2VK#2K')(;%Z,+! _)%3! Z,+! $+-! 1)''%['+-! -+!
'+3'2,&+.3! +.! K')./+!8)H2'%3#7! Y! ('2T%8%3#! /+-! &%$$+-! +3! /+-! &%$$)K+-`! ! :$$+-! _2.3! /2.1! ()'3%+! /,!
Z,23%/%+.!/+-!'%&+')%.-`!!
!
L$!+-3!1288,.!/+!(+.-+'!Z,+7!o$+-!1)''%['+-!'+('#-+.3+.3!,.+!($)%+!()I-)K['+q7!o$+-!1)''%['+-!-2.3!
,.+!1)3)-3'2(;+-!+.&%'2..+8+.3)$+-q7!o$+-!12.-#Z,+.1+-!/+!$0+T($2%3)3%2.!-2.3!%''#&+'-%E$+-q7!+3!Z,+!
o(2,'!'#;)E%$%3+'!%$!-,__%3!/+!_)%'+!/+-!3+'')--+-!+3!$+-!($).3+'!)&+1!/+-!)'E'+-q`!!
:.!#12$2K%+!/+! $)! '+-3),')3%2.7! $+-!)(('21;+-!8#3;2/2$2K%Z,+-! -2.3! 128($+T+-!+3!(+'8+33+.3!/+!
('2(2-+'!($,-%+,'-!-2$,3%2.-!-(#1%_%Z,+-!Y!1;)Z,+!-%3+!+3!Z,%!'#(2./+.3!),T!+T%K+.1+-!#12$2K%Z,+-!
/,! -%3+! +.! 3+'8+! /+! E%2/%&+'-%3#7! 12..+13%&%3#-! #12$2K%Z,+-7! %.3#K')3%2.! ()I-)K['+! +31```! Q+-!
8#3;2/+-7!E%+.!Z,+!-2,&+.3!('28+33+,-+-!;+,'3+.3!Z,+$Z,+_2%-!$+-!%/#+-!('#12.d,+-!+3!$+-!)33+.3+-!
/+-!()'3%+-!('+.).3+-!+3!-+!'+3'2,&+.3!_)1+!Y!/+-!'#3%1+.1+-!Z,).3!Y!$+,'!)/2(3%2.!+3!8%-+!+.!s,&'+`!
62,3+! .2,&+),3#7! %..2&)3%2.! 2,! -2$,3%2.-! 1'#)3%&+-! Z,%! -+! ;+,'3+.3! Y! /+-! (! .#$/#$7! .+! (+,3! c3'+!
%8($#8+.3#+! -).-! ,.! )E)./2.! /+-! ;)E%3,/+-7! /+-! '2,3%.+-! +3! /+-! (+'1+(3%2.-`! Q+! -2.3! $+-! E%)%-!
12K.%3%_-!Z,%!%$$,-3'+.3!$)!/%&+'K+.1+!+.3'+!$+-!H,K+8+.3-!(+'-2..+$-!+3!$+-!')%-2.-!')3%2..+$$+-!-2,-V
H)1+.3+-`!!
!
@!3')&+'-!,.+!-#'%+!/0+T(#'%+.1+-7!1+33+!3;[-+!3+-3+!,.+!-#'%+!/02,3%$-!+8(',.3#-!Y! $)!(-I1;2$2K%+!
12K.%3%&+7!.23)88+.3!$+-!+T+'1%1+-!/+!_$+T%E%$%3#!12K.%3%&+7!$)!-()3%)$%3#7!$+-!(')3%Z,+-!K')(;%Z,+-!(2,'!
8%+,T!3').-8+33'+!$+-!'#-,$3)3-!+3!('2(2-%3%2.-!#8).).3!/+!$y#12$2K%+!/+!$)!'+-3),')3%2.`!!
!
4
Q+33+!3;[-+!128(2'3+!/+,T!()'3%+-7!,.!1)/'+!3;#2'%Z,+!$,%V8c8+!2'K).%-#!+.!/+,T!-2,-V()'3%+7!,.+!
-2,-V()'3%+!)E2'/).3!$)!1'%-+!+.&%'2..+8+.3)$+!82./%)$+7!$+!('2E$[8+!/+!$0+T($2%3)3%2.!/+-!1)''%['+-!
+3!$+-!('%.1%(+-!/y#12$2K%+!/+!$)!'+-3),')3%2.7!+3!,.+!-2,-V()'3%+!3')%3).3!/+-!)33%3,/+-!+.!(-I1;2$2K%+!
12K.%3%&+`!=)!/+,T%[8+!()'3%+!+-3!$)!()'3%+!+T(#'%8+.3)$+!2z!Y!3')&+'-!B!)'3%1$+-!̂ t!(,E$%#-!+3!F!-2,8%-a!
$0#3,/+!('%.1+(-!+3!$+-!A!+T(#'%+.1+-!/+!1+!3')&)%$!-2.3!('#-+.3#+-!C!!!
=0#3,/+!('%.1+(-!f!;/'1$2$+#!2+0!.#$/#$)G0!G1/2/&$H*+0!+)!#+.#G0+')()$/'0!,*-($'+0!g!Z,%!&%-+!Y!
('2(2-+'!,.!($).!/+!'#;)E%$%3)3%2.!-,'!,.+!1)''%['+!)E)./2..#+!Z,%!'#(2./!Y!$)!_2%-!),T!)33+.3+-!/+-!
)13+,'-!12.1+'.#-!)%.-%!Z,0),T!E+-2%.-!/+!#12$2K%Z,+-!/,!-%3+`!!
=0+T(#'%+.1+!D!f!8+))#+!2(!?2+>$3$2$)G!1/&'$)$<+!(*!0+#<$1+!%+!2(!#G,(3$2$)()$/'!G1/2/&$H*+!%+0!
1(##$I#+0! g! Z,%! )! (2,'! 2EH+13%_! /+! 3+-3+'! $)! 12.3'%E,3%2.! /+-! +T+'1%1+-! /+! _$+T%E%$%3#! Y! E)%--+'! $)!
'#-%-3).1+!/+-!1288,.),3#-!$21)$+-!12.1+'.#+-!()'!,.!('2H+3!/+!'+-3),')3%2.!#12$2K%Z,+`!
=0+T(#'%+.1+! F! f! 9<(2*+#! 2+0! (../#)0! %+! 2(! .071,/2/&$+! +'<$#/''+-+')(2+! (*>! .#/4+)0! %+!
#+0)(*#()$/'!G1/2/&$H*+!J!Z,%!&%-+!Y!82.3'+'!Z,+!$+!(2-%3%2..+8+.3!/0,.+!%8)K+!/).-!$0+-()1+!)__+13+!
-2.!)(('#1%)3%2.!()'!$+-!-,H+3-`!!
=0+T(#'%+.1+!t!f!K*#!2+0!#+2()$/'0!+')#+!.#()$H*+0!&#(.,$H*+0!+)!<(2+'1+!%+0!/34+)0!J!Z,%!3+-3+!
-%! $+! -+.-! /0#1'%3,'+! ^W%$)3#')$! &-`! 9%.%-3'2&+'-+a! /+-! 1288,.),3#-! 1%E$+-! )__+13+! $0#&)$,)3%2.!
#823%2..+$$+!/+-!2EH+3-`!
=0+T(#'%+.1+! A! f! L+0)+#! *'! /*)$2! %MG<(2*()$/'! 0.()$(2+! #(.$%+! J!Z,%! ('2(2-+! ,.+!8#3;2/+!
')(%/+!Z,%!(+'8+3!/0#&)$,+'!$+-!('#_#'+.1+-!/+!12._%K,')3%2.!-()3%)$+-!/+-!1288,.),3#-V1%E$+-!)_%.!
/0)/)(3+'!$+-!82/+-!/+!('#-+.3)3%2.!/+-!('2H+3-!Y!1+-!()'3%1,$)'%3#-`!
=)!3;[-+!-+!3+'8%.+!()'!/%-1,--%2.!2z!$+-!('%.1%(),T!)((2'3-!/+!1+!3')&)%$!/+!'+1;+'1;+!-2.3!)E2'/#-!
),!&,!/+-!('%.1%()$+-!3;#2'%+-!/+!(-I1;2$2K%+!12K.%3%&+!+3!-21%)$+!+3!2z!$+-!2,3%$-!3+-3#-!+3!&)$%/#-!-2.3!
('#-+.3#-`!=)!/+'.%['+!()'3%+!)E2'/+!$+-!Z,+-3%2.-!/+!3').-_+'3!/+-!)1Z,%-!/+!1+!3')&)%$!/+-!-(;['+-!
-1%+.3%_%Z,+-!&+'-!$+-!-(;['+-!-21%)$+-!+3!.23)88+.3!-)!12.3'%E,3%2.!Y!$0>E-+'&)32%'+!=%E).2V!R').d)%-!
/+!$0+.&%'2..+8+.3!>V=%R:!/).-!-)!128(2-).3+!3').-&+'-)$+!f!'#(2.-+-!),T!+.H+,T!/+-!-21%#3#-!g`!!
!
! !
5
XS!IY=?/><B??=2=?@!L!"?!2B?R=!=?!9<>A=!
XSWS!I,!F*8',F,)$3#!F&(!*63(0()GN&(!L!-#&!'*,.$)*!$#63#)3-'#,J.&!
!!
=+-! %.3+')13%2.-! +3! %.3+''+$)3%2.-! +.3'+! $+-! c3'+-! &%&).3-! +3! $+,'! 8%$%+,! /+! &%+! 2.3! 32,H2,'-! #3#!
128($+T+-7! '#1%('2Z,+-! +3! /#3+'8%.+.3! /0,.+! ()'3! $+-! )13%&%3#-! ;,8)%.+-! +3! /0),3'+! ()'37! $+-!
('21+--,-!Z,%!)K%--+.3!-,'!$)!-3',13,'+7!$02'K).%-)3%2.!+3!$+!_2.13%2..+8+.3!/+-!#12-I-3[8+-`!
!
=+-! )13%2.-!/+! $0;288+! -,'! -2.!8%$%+,!/+! &%+! -2.3! '#K%+-!()'!/+,T! 3I(+-!/+! &)$+,'-`!"+-! &)$+,'-!
%.3'%.-[Z,+-! ('2('+-! Z,%! -+! -2.3! /#&+$2((#+-! +.! 12.1+(3! 3+$! Z,+! 1+$,%! /+! $0#3;%Z,+!
+.&%'2..+8+.3)$+`! Q+-! &)$+,'-! 12''+-(2./+.3! Y! $)! &%-%2.! 2z! $)! &)$+,'! /+! $)! .)3,'+! +3! 1+$$+! /+-!
'+--2,'1+-! Z,%! $,%! -2.3! )--21%#+-7! %./#(+./).3+! /+! 32,3+! ,3%$%-)3%2.! ;,8)%.+! +3! ()'! $)Z,+$$+! $)!
E%2/%&+'-%3#!+3! $+-!#12-I-3[8+-!8#'%3+.3!/0c3'+!12.-+'&#-!(2,'!1+!Z,0%$-!-2.3!1288+!f!,.+!_%.!+.!
-2%g`!!
=0),3'+! )(('21;+! +-3! 1+$$+! ()'! $)Z,+$$+! $)! &)$+,'! /+-! '+--2,'1+-! +3! /+! $)! .)3,'+! +-3! ,.+! &)$+,'!
%.-3',8+.3)$+!Z,%!('+./!-2.!-+.-!+.! _2.13%2.!/+-!f! -+'&%1+-!g!Z,0%$-! '+./+.3!),T!;288+-`!Q+33+!
&%-%2.! ).3;'2(21+.3'#+! /,!82./+! '#/,%3! $)! .)3,'+! ),! '{$+! Z,0+$$+! H2,+7! 10+-3! f! $)! &)$+,'! /0,-)K+!
.#1+--)%'+! Y! $)! &%+! ;,8)%.+! g! ^U)'.%+'7! F55Ga`! =+-! -+'&%1+-! #12-I-3#8%Z,+-! /#-%K.+.3! ,.+! ^2,!
($,-%+,'-a!_2.13%2.^-a!/+-!#12-I-3[8+-!E#.#_%1%).3!),T!;,8)%.-!()'8%!/0),3'+-!2'K).%-8+-!^Q2,&+3!
x!6+I--[/'+VQ2,&+37!F5D5a`!!
!
=+!J%$$+.%,8!:12-I-3+8-!@--+--8+.3!̂ F55Ba!/%-3%.K,+!Z,)3'+!1)3#K2'%+-!/+!-+'&%1+-!#12-I-3#8%Z,+-C!!
!
DV! =+-! -+'&%1+-! /0)(('2&%-%2..+8+.3! ')--+8E$).3! $+-! '+--2,'1+-! 8)3#'%+$$+-! Z,%! 2.3! $+! ($,-!
-2,&+.3! ,.+! &)$+,'! 8)'1;)./+! +3! Z,%! -2.3! _2,'.%-! ()'! $+-! #12-I-3[8+-! ),T! ;,8)%.-!
^.2,''%3,'+7! E2%-! +3! _%E'+-7! 1)'E,').3-7! '+--2,'1+-! K#.#3%Z,+-7! 82$#1,$+-! +3! ('2/,%3-!
(;)'8)1+,3%Z,+-7!+),!(23)E$+```a`!!
!
F! +3! tV! =+-! -+'&%1+-! /+! '#K,$)3%2.! +.&%'2..+8+.3)$+! +3! /+! -,((2'3! /+-! #12-I-3[8+-7! Z,%!
12.1+'.+.3!$+-!_2.13%2.-!/+!'#K,$)3%2.!/+-!-21%2V#12-I-3[8+-7!Z,%!(+'8+33+.3!+3!8)%.3%+..+.3!$+-!
)13%&%3#-!;,8)%.+-`!!
!
6
AV!=+-!-+'&%1+-!1,$3,'+$-!Z,%!12.1+'.+.3!$+!1)/'+!/+!&%+!/+-!;,8)%.-!)%.-%!Z,+!$+,'-!12.1+(3%2.-!/+!
$)!.)3,'+!+3!/+!-+-!+.H+,T`!
!!
=)! /#K')/)3%2.! /+-! #12-I-3[8+-7! $+! /#1$%.! /+! $)! E%2/%&+'-%3#! +3! /+! $)! Z,)$%3#! +3! /%-(2.%E%$%3#! /+-!
'+--2,'1+-! .)3,'+$$+-! Z,%! I! -2.3! )--21%#-7! -0)1128()K.+! _2'1#8+.3! /0,.! /#1$%.! /+-! -+'&%1+-!
#12-I-3#8%Z,+-!+3!'+('#-+.3+!/2.1!,.+!8+.)1+!/2.3!$+-!12.-#Z,+.1+-!-+!'#&[$+.3!.2.!-+,$+8+.3!
-,'! $+-!($).-!#12$2K%Z,+-7!8)%-! ),--%! -21%),T!+3! #12.28%Z,+-`!"+(,%-! $+! -288+3!/+! $)! 6+''+7!O%2!
^DllFa7!%$!-0%8(2-+!/+!($,-!+.!($,-!Z,+!1+33+!/#K')/)3%2.!o8+3!K')&+8+.3!+.!(#'%$!$+!/#&+$2((+8+.3!
;,8)%.q`!!
!
*)'8%!$+-!>EH+13%_-!/,!"#&+$2((+8+.3!",')E$+!^*?M"7!F5DGa7!$0>""!DB!-+!_21)$%-+!+.!()'3%1,$%+'!-,'!
o$)!('#-+'&)3%2.!+3! $)!'+-3),')3%2.!/+-!#12-I-3[8+-!3+''+-3'+-7!+.!&+%$$).3!Y! $+-!+T($2%3+'!/+!_)d2.!
/,')E$+7! Y! K#'+'! /,')E$+8+.3! $+-! _2'c3-7! Y! $,33+'! 12.3'+! $)! /#-+'3%_%1)3%2.7! +.')I+'! +3! %.&+'-+'! $+!
('21+--,-!/+!/#K')/)3%2.!/+-!-2$-!+3!8+33'+!_%.!Y!$y)((),&'%--+8+.3!/+-!#12-I-3[8+-q`!!
=+!Q+.3'+!?)3%2.)$!/0%._2'8)3%2.!/+-!?)3%2.-!M.%+-!^;33(-Cjjwww`,.'%1`2'Ka7!')((2'3+7!-,'!t5|!/+!
12,&+'3! _2'+-3%+'! -,'! $0+.-+8E$+! /+! $)! -,'_)1+! 3+''+-3'+7! ,.+! /%-()'%3%2.! )..,+$$+! /+! Dt! 8%$$%2.-!
/0;+13)'+-!+3!$)!8%-+!+.!(#'%$!/+!('[-!/+!D74!8%$$%)'/!/+!(+'-2..+-!+3!$0;)E%3)3!/+!($,-!/+!G5!|!/+!$)!
_),.+7!/+-!($).3+-!+3!%.-+13+-`!!
"+! 8c8+7! +3! Y! 1),-+! /+-! ('21+--,-! /+! /#-+'3%_%1)3%2.7! DF! 8%$$%2.-! /0;+13)'+-! /+! 3+''+-! -2.3!
%''#&+'-%E$+8+.3!/#3',%3+-!32,-!$+-!).-!^-2%3!('[-!/+!Ft!;)!()'!8%.,3+a`!=+-!12.-#Z,+.1+-!/+!1+33+!
/#K')/)3%2.!/+-!-2$-!-,'!$+-!1288,.),3#-!;,8)%.+-!-2.3!3'[-!K')&+-!-,'32,3!()'!$+-!(2(,$)3%2.-!$+-!
($,-!(),&'+-!^%E%/`a`!
:._%.!+3!),!.%&+),!/+!$)!E%2/%&+'-%3#7!('[-!/+!G|!/+-!+-([1+-!).%8)$+-!-2.3!/#HY!#3+%.3+-!+3!('[-!/+!
FF|!-+')%+.3!8+.)1#+-!/+! $+!/+&+.%'!+3!,.!323)$!'#(+'32'%#!/+!('[-!G5!555!+-([1+-!&#K#3)$+-!Z,%!
H2,+.3!,.!'{$+!('%82'/%)$!/).-!$y#Z,%$%E'+!/+-!#12-I-3[8+-`!!
!
=)! 12.&+.3%2.! -,'! $)!W%2/%&+'-%3#! ^QW"7!DllFa! _%T+!Y!DB|! $02EH+13%_!(2,'!F5t5!/+! '+-3),')3%2.!/+-!
#12-I-3[8+-!Y!$0#1;+$$+!/+!$)!($).[3+`!!
!
!
7
XSXS!I&(!=63(0()GN&(!2*F$)&'',#*&#(!L!F&(!(36$31!*63(0()GN&(!(3-(!4'&(($3#(!
N-.)$4.&(!
XSXSWS!A4*6$O$6$)*(!F&(!*63(0()GN&(!N*F$)&'',#*&#(!
=)! '#K%2.! 8#/%3+'').#+..+! +-3! ()'3%1,$%['+8+.3! -+.-%E$+7! Y! $)! _2%-! (2,'! -+-! 1)')13#'%-3%Z,+-!
K#2$2K%Z,+-!+3!()'!-)!-%3,)3%2.!/0%.3+'_)1+7!+.3'+!'#K%2.-!#12$2K%Z,+-!)'%/+-!+3!3+8(#'#+-7!)&+1!/+-!
1;).K+8+.3-! 1$%8)3%Z,+-! )33+./,-! %8(2'3).3-! +3! ,.+! ('+--%2.! ).3;'2(%Z,+! 8)H+,'+! -,'! $+-!
'+--2,'1+-!+3!$+-!+-()1+-!^W+.2%3!x!Q28+),7!F55Ba`!
=0)&+.%'!/+!$0+.&%'2..+8+.3!+.!J#/%3+'').#+!-+8E$+!),!1+.3'+!/+-!('#211,()3%2.-!/+-!#3)3-!+3!-+!
3')/,%3!()'!$0%/+.3%_%1)3%2.!/+-!('%2'%3#-!3;#8)3%Z,+-!1+.3')$+-!1288+!$0+),7!$)!E%2/%&+'-%3#7!$)!K+-3%2.!
/+-! /#1;+3-! -2$%/+-7! $+-! #8%--%2.-! %./,-3'%+$$+-7! $0#.+'K%+! +3! $+-! #.+'K%+-! )$3+'.)3%&+-7! $+-! -+'&%1+-!
#12-I-3#8%Z,+-7!$)!K+-3%2.!%.3#K'#+!/+-!b2.+-!1{3%['+-`!
Q+33+!8+'!1+.3'#+!),!1s,'!/+!t!12.3%.+.3-7!E2'/#+!/+!A5!555!e8!/+!1{3+-!_'2.3-!/+!FF!()I-`!M.+!
(2(,$)3%2.! /+! Fk4!8%$$%2.-! +.! Dlk57! Y! ($,-! /+! A45!8%$$%2.-! +.! F5D5! +3! +-3%8#+! Y! BFt7k!8%$$%2.-!
/0;)E%3).3-!+.!F5FB!^W+.2%3!x!Q28+),7!F55Ba`!!
=)!J#/%3+'').#+7!()31;w2'e!#12$2K%Z,+!+3!-21%2!(2$%3%Z,+7!;23-(23!/+!E%2/%&+'-%3#!'+1[$+!G|!/+!$)!
'%1;+--+!-(#1%_%Z,+!82./%)$+!)&+1!,.!3),T!/0+./#8%-8+!('21;+!/+!B5|!^(2,'!$)!_$2'+a7!+3!('[-!/,!
3%+'-!/,!&2$,8+!/+!32,'%-3+-!^-2%3!t55!8%$$%2.-!()'!).a!+3! $+!}!/+-!'+1+33+-!82./%)$+-!/+!32,'%-8+!
^%E%/`a`!
=+! E)--%.!J#/%3+'').#+.! +-3! 8)'Z,#! ()'! $)! ('#-+.1+! ;,8)%.+! /+(,%-! $+! .#2$%3;%Z,+7! +3! ()'! $+-!
('+--%2.-! ).3;'2(%Z,+-! /%&+'-+-! ^,'E).%-)3%2.7! %._')-3',13,'+-! 32,'%-3%Z,+-7! +T($2%3)3%2.! /+-!
'+--2,'1+-! .)3,'+$$+-7! $0)11+.3,)3%2.! /,! 1288+'1+!8)'%3%8+7! ,-)K+! %'')%-2..#! /+-! '+--2,'1+-! +.!
+),7!!$0%.-3)$$)3%2.!/+-!+-([1+-!%.&)-%&+-7!$0#'2-%2.!/+-!-2$-7!+3!$)!_')K8+.3)3%2.!/+-!;)E%3)3-!+3!/+-!
()I-)K+-\a! )%.-%! Z,+! $+-! /%__#'+.3-! )$#)-! .)3,'+$-! ^-#%-8+-7! &2$1).%-8+7! %.2./)3%2.-7! -#1;+'+--+7!
#(%-2/+-!8#3#2'2$2K%Z,+-!+T3'c8+-!+3!%._$,+.1+-!/,!1;).K+8+.3!1$%8)3%Z,+!K$2E)$a`!!
=+!12~3!/+!$)!/#K')/)3%2.!+.&%'2..+8+.3)$+!-,'!$+!E)--%.!J#/%3+'').#+.!+-3!+-3%8#!+.3'+!F`D!+3!k!|!
/,!*LW!-,'!$+!(2,'32,'!8#/%3+'').#+.`!Q+33+!8c8+!+-3%8)3%2.!(2,'!$0+.-+8E$+!/,!J2I+.!>'%+.3!+3!
$+-!()I-!/+!?2'/!@_'%Z,+!2-1%$$+!),32,'!/+!B`k|!/+-!*LW`!*2,'!$+!=%E).!+$$+!)!#3#!#&)$,#+!^+.!$0).!F555a!
Y!('[-!/+!F`l!|!-2%3!('[-!/+!AGB!8%$$%2.!/+! j).`!"+(,%-!$)!1'%-+!'#K%2.)$+!'+$%#+!Y!$)!K,+''+!+.!9I'%+7!
8
1+-!1;%__'+-!2.3!),K8+.3#!/+!_)d2.!12.-%/#')E$+`!M.+!+-3%8)3%2.!+.!F5DB!)!#3#!#&)$,#+!Y!DB!8%$$%)'/-!
/+! !/+!(+'3+-!#12.28%Z,+-!+3!+.&%'2..+8+.3)$+-!^J>:7!F55ta`!
!
J)$K'#! 32,3+! $+,'! '%1;+--+! +.! E%2/%&+'-%3#! +3! +.! '+--2,'1+-! .)3,'+$$+-7! $+-! #12-I-3[8+-!
8#/%3+'').#+.-! -,E%--+.3! /+-! ('+--%2.-! %8(2'3).3+-! .23)88+.3! ).3;'2(%Z,+7! +3! 1$%8)3%Z,+! Z,%!
8+.)1+.3!$+,'!+T%-3+.1+`!:3!-%!$+-!('2E$[8+-!.+!-2.3!()-!128()')E$+-!+.3'+!$+-!'%&+-!?2'/7!9,/!+3!:-3!
/+!$)!J#/%3+'').#+7!$+-!E+-2%.-!+.!3+'8+-!/+!K+-3%2.!/+!$)!E%2/%&+'-%3#!+3!/+-!+-()1+-!.)3,'+$-!-2.3!
-%8%$)%'+-!8c8+!-0%$-!-2.3!+T('%8#-!/+!_)d2.-!/%__#'+.3+-!-+$2.!$+-!()I-`!=)!J#/%3+'').#+!'+('#-+.3+!
)%.-%7!/02'+-!+3!/#HY7!$02EH+3!('%.1%()$!/+-!+__2'3-!/+!12.-+'&)3%2.!^X;)3+'7!F5DBa`!
!
XSXSXS!I&!I$J,#!L!-#!63#)&T)&!(36$3!&#%$'3##&N&#),.!4.-'$1!63N4.&T&!
!!
9%3,#!),!1)''+_2,'!/+!$0:,'2(+7!$0@-%+!+3!$0@_'%Z,+7!$+!=%E).!211,(+!5755k|!/+!$)!-,(+'_%1%+!/+!$)!()'3%+!
#8+'K#+!/+! $)! 3+''+! +3! )E'%3+! Y! $,%! -+,$! D7DD|!/+-! +-([1+-! &#K#3)$+-! /+! $)! ($).[3+! +3! F74t|!/+-!
+-([1+-!/+!'+(3%$+-7!/y2%-+),T!+3!/+!8)88%_['+-!^J>:7!F5DBa`!
!
Q+33+!E%2/%&+'-%3#!+-3!-,H+33+!Y!/%&+'-+-!('+--%2.-!.)3,'+$$+-!+3!).3;'2(%Z,+-`!=)!_')K8+.3)3%2.!/+-!
;)E%3)3-!/,+!('%.1%()$+8+.3!Y! $0+T().-%2.!,'E)%.+!.2.!2'K).%-#+!+3!),T!(')3%Z,+-!/+!K+-3%2.!.2.!
/,')E$+-7!'+('#-+.3+!$)!8+.)1+!$)!($,-!(+-).3+`!"0)%$$+,'-7!$)!3').-_2'8)3%2.!/+-!82/+-!/0211,()3%2.!
/,! -2$7! $0+T($2%3)3%2.! /+-! 8)3%['+-! ('+8%['+-7! $+-! %.1+./%+-! /+! _2'c37! $+-! '%-Z,+-! %.;#'+.3-! ),!
1;).K+8+.3!1$%8)3%Z,+7!+3! $)!-%3,)3%2.!-21%2V#12.28%Z,+!$21)$+! %.-3)E$+!12.-3%3,+.3!/+-!8+.)1+-!
-#&['+-!^:Q>"L67!F55D!u!R)2,'!+3!)$`7!F55ka`!
!
9,'!$+!($).!/#82K')(;%Z,+7!$+!=%E).!'+1+.-+!('[-!/+!A`B!8%$$%2.-!/+!$%E).)%-!'#-%/+.3-!+3!/+(,%-!F5DF!
('[-!/+!D`B!8%$$%2.-!/+!'#_,K%#-!&+.,-!/+!$)!9I'%+!+3!/+!$0L')Z!^M?PQO7!F5Dka`!Q+33+!%.3+.-%_%1)3%2.!/+!
('#-+.1+!;,8)%.+!(+'8).+.3+!)%.-%!Z,+!$+-!('+--%2.-!-,'!$0,3%$%-)3%2.!/+-!'+--2,'1+-7!-,'&+.).3!),!
$+./+8)%.!/0,.+!$2.K,+!(#'%2/+!/+!K,+''+-!1%&%$+-!+3!)33)Z,+-!)'8#+-7!2.3!_')K%$%-#!$)!K+-3%2.!+3!/+!
_)d2.!($,-!K#.#')$+!$)!-%3,)3%2.!-21%2!(2$%3%Z,+`!
!
9
9,'! $+! ($).! K$2E)$7! $+! /#_%! -21%2V+.&%'2..+8+.3)$! +-3! $0,.! /+-! ($,-! 1'%3%Z,+-`! @! $0#1;+$$+! /+! $)!
J#/%3+'').#+7! $)!/#K')/)3%2.!/+! $0+.&%'2..+8+.3!_)%3!12,'%'!Y! $)!'#K%2.!,.!K')&+!/).K+'7!1+$,%!/+!
(+'/'+!-+-!('%.1%(),T!)32,3-`!=)!(+'-%-3).1+!/0,.+!8),&)%-+!K+-3%2.!/+-!'+--2,'1+-!.)3,'+$$+-!')'+-7!
.23)88+.3!$0+),!+3!($,-!()'3%1,$%['+8+.3!$+-!+),T!,-#+-7!$)!K+-3%2.!/+-!3+''%32%'+-!.23)88+.3!1+$$+!
/+!$)!1{3+7!1+$$+!/+-!/#1;+3-!,'E)%.-7!128('28+33')!$+!/#&+$2((+8+.3!#12.28%Z,+7!$)!Z,)$%3#!/+!&%+!
+3!$)!-3)E%$%3#!-21%)$+`!=+!1)/'+!/+!&%+!,'E)%.!+3!$)!-).3#!-2.3!/#K')/#-!()'!$+-!3').-(2'3-7!$+!E',%37!$)!
8),&)%-+!Z,)$%3#!/+!$0)%'!+3!$)!1'2%--).1+!')(%/+!/+!$)!('2/,13%2.!/+!/#1;+3-`!=+!$%332')$!+3!$)!8+'!-2.3!
&%13%8+-!/+!$)!(2$$,3%2.7!$+-!1{3+-!-0#'2/+.37!+3!$+-!'+--2,'1+-!;)$%+,3%Z,+-!-0)8+.,%-+.3`!=+-!()I-)K+-!
+3!$)!E%2/%&+'-%3#!()3'%82.%)$+!/+!$)!'#K%2.7!/+(,%-!$+-!$%332'),T!/+.-#8+.3!(+,($#-!H,-Z,0),T!)''%['+V
()I-!8)'K%.)$%-#-7!-,'+T($2%3#-!2,!),!12.3')%'+!Y!$0)E)./2.7!-2.3!E2,$+&+'-#-`!
!
=+!=%E).7!Z,%!12.-3%3,+!,.!+T+8($+!+T1+(3%2..+$!/0,.! 3+''%32%'+7!/+! 3)%$$+! '+-3'+%.3+7! -2,8%-!Y!/+-!
('+--%2.-!+T1+(3%2..+$$+-7!Z,%!'+('#-+.3+!,.!-21%2V#12-I-3[8+!82/[$+7!_)%3!_)1+7!1288+!$0)13,)$%3#!
/+!1+-!/+'.%['+-!)..#+-!$0)!12.-3)88+.3!-2,$%K.#7!Y!/0%.$)--)E$+-!/#_%-!+.&%'2..+8+.3),T`!
!
L$!I!)7!E%+.!-~'7!$+-!/#_%-!K$2E),T7!8)%-!$+-!/#_%-!+.&%'2..+8+.3),T!/+!('2T%8%3#!-2.3!#K)$+8+.3!),!
1+.3'+!/+-!('#211,()3%2.-!$21)$+-`!=)!Z,+-3%2.!/+!$)!(2$$,3%2.!+-3!/+&+.,+!'#1,''+.3+!/).-!$+!/#E)3!
(,E$%1!+3!8c8+!(2$%3%Z,+`!p,+!1+!-2%3!()'!$)!1'%-+!%''#-2$,+!/+-!/#1;+3-7!$)!(2$$,3%2.!/+!$)!8+'7!1+$$+!
/+! $0)%'7! 2,! +.12'+! $)! 12.3)8%.)3%2.! /+-! +),T! +3! /+-! )$%8+.3-7! $+! 1%32I+.! $%E).)%-! -+! -+.3! +.!
(+'8).+.1+!)K'+--#!()'!-2.!+.&%'2..+8+.3`!
!
@,V/+$Y! /+-! ('2E$[8+-! /+! (2$$,3%2.7! $+! =%E).! +-3! 12._'2.3#! Y! ,.+! -#'%+! /+! ('2E$[8+-!
+.&%'2..+8+.3),T! /+! 3)%$$+`! X2,I2,8H%).! x! P)8b#! ^F5DFa! _2.3! #3)3! /+-! ('%.1%(),T! /#_%-!
+.&%'2..+8+.3),T!),!=%E).!+3!8+33+.3!+.!+T+'K,+!C!$)!1'%-+!/+!$0+),!^Z,)$%3#!+3!K+-3%2.!/+!$)!Z,)$%3#a7!
$0,'E).%-)3%2.!(+,!2,!()-!($).%_%#+7!$)!_')K8+.3)3%2.!/+-!#12-I-3[8+-7!$)!(+'3+!/+-!;)E%3)3-7!$0#'2-%2.!
/+!$)!E%2/%&+'-%3#!+3!$+!('2E$[8+!/+-!1)''%['+-!()'8%!3).3!/0),3'+-`!!
!
@,!=%E).7!$+!1$%8)3!/+-!b2.+-!1{3%['+-!+3!82.3)K.+,-+-!+-3!_2'3+8+.3!%._$,+.1#!()'!$)!J#/%3+'').#+!
(,%-7!/+&%+.3!-+8%V)'%/+!Y!)'%/+!/).-!$+-!'#K%2.-!%.3#'%+,'+-`!",!_)%3!/+!-2.!2'2K')(;%+!()'3%1,$%['+!+3!
/+!-2.!1$%8)3!8#/%3+'').#+.!3I(%Z,+!/,!=%E).!'+d2%3!/0%8(2'3).3+-!('#1%(%3)3%2.-!)&+17!()'!+./'2%37!
10
($,-!/+!DB55!88j).`! =+-!8)--%_-!82.3)K.+,T! $%E).)%-! ^J2.3! =%E)[email protected]%! =%E).a! H2,+.3!,.! '{$+!
('#(2./#').3! /).-! $)! /%-3'%E,3%2.! /+-! ('#1%(%3)3%2.-! Z,%! 12.3'{$+.3! $+-! 128(2'3+8+.3-!
;I/'2$2K%Z,+-!/+! $)!($,()'3!/+-! -I-3[8+-! _$,&%),T`! =+-!82.3)K.+-! $%E).)%-+-!2z! -0)11,8,$+.3! $+-!
1;,3+-!/+!.+%K+!;%&+'.)$+-7!H2,+.3!,.!'{$+!('%82'/%)$!/+!'#-+'&2%'!/,').3!$0;%&+'!+3!$+!('%.3+8(-`!L$-!
(+,&+.3!12.3'%E,+'!/+!_)d2.!-%K.%_%1)3%&+!),!/#E%3!/+-!'%&%['+-!C!A5|!+.!82I+..+!(2,'!$+!=%E).`!Q+-!
8).3+),T!(+,&+.3!)33+%./'+!F555!e8�!+.!;%&+'7!-2%3!F5!|!/+!$)!-,(+'_%1%+!/,!3+''%32%'+!$%E).)%-`!@&+1!
('[-! /+! G5|! /+! '21;+-! 1)$1)%'+-! e)'-3%Z,+-7! $+! '#-+),! /+! _')13,'+-! +3! /+! 1)&%3#-! -2,3+'')%.+-!
'+('#-+.3+!/0%8(2'3).3!)Z,%_['+-!Z,%! -321e+.3!/0%8(2'3).3+-!Z,).3%3#!/0+),`! =+-!+),T!/+! -,'_)1+!
-02'K).%-+.3!),32,'!/+!DB!12,'-!/0+),!(+'8).+.3-!+3!('[-!/+!F555!-2,'1+-!^R)2,'!+3!)$`7!F55ka`!
!
@! 3%3'+!/0+T+8($+7! $+!&2$,8+!)..,+$!/0+),!'+.2,&+$)E$+!'+('#-+.3+!('[-!/+!A`B!e8t!)$2'-!Z,+! $+-!
(+'3+-!()'!#12,$+8+.3!/+!-,'_)1+-!-2.3!/+!$02'/'+!/+!A`F!e8t`!"+!($,-!$)!/%-(2.%E%$%3#!+.!+),!)!#3#!
#&)$,#+!Y!DtB5!8tj(+'-2..+j).!)$2'-!Z,+! $)!/+8)./+!+-3!+-3%8#+!Y!FF58tj(+'-2..+j).7! 1+!Z,%!
12._%'8+!$)!/%-(2.%E%$%3#!/+!$)!'+--2,'1+!+.!Z,).3%3#!-,__%-).3+!2,!8c8+!+T1#/+.3)%'+`!=+!('%.1%()$!
('2E$[8+! '+$)3%_! Y! $)! '+--2,'1+! +.! +),! ),! =%E).! +-3! ,.! ('2E$[8+! K#2V+.&%'2..+8+.3)$! .)3%2.)$!
'#-,$3).3! /y,.+! -#'%+! /+! 12._$%3-! -,'! $+! /'2%3! +3! $0)11[-! Y! $0+),7! 12._$%3-! +,T!8c8+! +T)1+'E#-! ()'!
$y%8()13!/+!$)!1'2%--).1+!/#82K')(;%Z,+!+3!1+$$+!/,!1;).K+8+.3!1$%8)3%Z,+`!=+-!/+'.%['+-!/#1+..%+-!
2.3! #3#! 3#82%.! /0,.+! '#/,13%2.! /+! 45|!/+-! +),T! /+-! '%&%['+-! +3! /+-! +),T! -2,3+'')%.+-! +3! /0,.+!
)$3#')3%2.!%8(2'3).3+!/+!-)!Z,)$%3#!^R)2,'!+3!)$`7!F55ka`!
!
R)1+!Y!$)!')'#_)13%2.!/+-!'+--2,'1+-!),!=%E).7!Y!$)!/+.-%_%1)3%2.!/#82K')(;%Z,+!.23)88+.3!-,'!$+-!
1{3+-! +3! $+-! _$).1-! /+-!82.3)K.+-! +3! ),T! %8()13-! .#K)3%_-! /+-! (')3%Z,+-! ).3;'2(%Z,+-7! %$! /+&%+.3!
.#1+--)%'+! /+! ('282,&2%'! ,.+! /#8)'1;+! /,')E$+! /+! K+-3%2.! /+! '+--2,'1+-!8)%-! #K)$+8+.3! ,.+!
(2$%3%Z,+!/+! 12.-+'&)3%2.!)/)(3#+!+3!,.+!)(('21;+!/+! '+-3),')3%2.!/+-!#12-I-3[8+-!(+'8+33).3!
/0;2.2'+'!$+-!+.K)K+8+.3-!.)3%2.),T!+.&+'-!$+-!>EH+13%_-!/,!"#&+$2((+8+.3!",')E$+!^*?M"7!F5DGa!
+3!$+-!2EH+13%_-!/+!@%1;%!^M?:*7!QW"7!F5DDa`!
!
9,'!$+!($).!-21%2V(2$%3%Z,+7!$+!=%E).!+-3!-2,8%-!/+(,%-!$0).3%Z,%3#!Y!($,-%+,'-!/28%.)3%2.-!#3').K['+-!
/2.3!1+$,%!/+!$)!6,'Z,%+!̂ DBD4V!DlDGa`!=)!'#&2$,3%2.!/+!DGA5!+3!$+-!8)--)1'+-!/+!DG45!Z,%!-0+.!-,%&+.37!
.#1+--%3+.3!,.+!%.3+'&+.3%2.!:,'2(#+..+!(2,'!'#3)E$%'!,.!1)$8+!'+$)3%_!̂ Q2'8!F55Ba`!:.!DlDl7!+3!-,%3+!
Y!$)!_%.!/+!$)!('+8%['+!K,+''+!82./%)$+7!=+!U')./!=%E).!+-3!1'##!+3!($)1#!-2,-!8)./)3!R').d)%-`!
11
:.!DlAD7!,.+!)'8#+!E'%3)..%Z,+!)%.-%!Z,+!/+-!/#3)1;+8+.3-!/+!$)!R').1+!=%E'+!211,(+.3!$+!=%E).!+3!
$)!9I'%+!+3!+.!DlAt7!$+!=%E).!)11[/+!Y!-2.!%./#(+./).1+!$+!FF!.2&!DlAt!^@)882,.7!F5DAa`!
=+!=%E).!+-3! %.-3),'#!()'!,.!N!6(1)+!'()$/'(2!J!.2.!#1'%37!Z,%!('28+3!/+!12.-2$%/+'! $)! '#()'3%3%2.!
2__%1%+,-+!/+-!(2-3+-!/+!'+-(2.-)E%$%3#!+.3'+!$+-!/%__#'+.3+-!1288,.),3#-`!=y2EH+13%_!('21$)8#!+-3!
/+! '+./'+! 1;'#3%+.-! +3!8,-,$8).-! -2$%/)%'+-! /).-! ,.+! 1288,.),3#! )')E2(;2.+! Y! 1;+&)$! +.3'+!
>'%+.3!+3!>11%/+.3!^P+'2/23+7!F5DGa`!
"+(,%-7!$+!=%E).!'+&+./%Z,+!-2.!-3)3,3!/+!()I-!_').12(;2.+!+3!_').12(;%$+!+3!/+!()'!-)!12.-3%3,3%2.7!
$0)')E+!+-3!$)!$).K,+!.)3%2.)$+!2__%1%+$$+!/,!=%E).!+3!,.+!$2%!/#3+'8%.+!$+-!1)-!/).-!$+-Z,+$-!$)!$).K,+!
_').d)%-+!/2%3!c3'+!,3%$%-#+`!
=)!8)H2'%3#!/+-!=%E).)%-!()'$+.3!$y)')E+!$%E).)%-7!)$2'-!Z,+!$y)')E+!$%33#')%'+!+-3!('%.1%()$+8+.3!,3%$%-#!
/).-! $+-! 8#/%)-`! *'[-! /+! A5! |! /+-! =%E).)%-! -2.3! 12.-%/#'#-! 1288+! _').12(;2.+-7! +3! DB! |!
()'3%+$$+8+.3! _').12(;2.+-! u! k5! |! /+-! #12$+-! -+12./)%'+-! /,! =%E).! ,3%$%-+.3! $+! _').d)%-! 1288+!
/+,T%[8+!$).K,+!/0+.-+%K.+8+.3`!*)'!128()')%-2.7! $y).K$)%-!+-3!,3%$%-#!1288+!$).K,+!-+12./)%'+!
/).-!t5!|!/+-!#12$+-!-+12./)%'+-!/,!=%E).!^W)'2.7!F5Dka`!
!
XS5S!I&(!6,''$G'&(!L!-#!&T&N4.&!(,$..,#)!F&!F*8',F,)$3#!
XS5SWS!+'3J.*N,)$E-&(!&#%$'3##&N&#),.&(!.$*&(!,-T!6,''$G'&(!
!
M.+! 1)''%['+! +-3! ,.! -%3+! /y+T($2%3)3%2.! /+! (%+''+-7! /+! -)E$+-! +3! /+!8%.#'),T! .2.!8#3)$$%Z,+-7! .%!
1)'E2.%_['+-`! =+-! 1)''%['+-! -2.3! )&).3! 32,3! +3! -,'32,3! Y! $)! E)-+! /,! /#&+$2((+8+.3! ,'E)%.! +3! /,!
-+13+,'!/+! $)! 12.-3',13%2.`! 9%! $+-! '+328E#+-!/+! $+,'! +T($2%3)3%2.! -,'! $+! -+13+,'! #12.28%Z,+! -2.3!
#&%/+.3+-7! $+-! %8()13-! Z,0+$$+-! (+,&+.3! )&2%'! -,'! $0+.&%'2..+8+.3! -2.3!8,$3%($+-`! ")'w%-;! +3! )$`7!
^F5DDa!+.!_2.3!,.+!'+&,+!+3!12.-3)3+.3!Z,+!$+-!%8()13-!+.&%'2..+8+.3),T!-2.3!#K)$+8+.3!'+--+.3%-!
-,'! $+-! +),T! -,(+'_%1%+$$+-7! $+-! +),T! -2,3+'')%.+-7! $)! (+'3+!/+-! -2$-7! $)! /+-3',13%2.!/+-! +-([1+-7! $)!
_')K8+.3)3%2.!/+-!;)E%3)3-7!+.!($,-!/+!$)!(2$$,3%2.!/+!$0)%'!+3!$)!(2$$,3%2.!-2.2'+`!!
=0#12-I-3[8+! f! 1)''%['+! g! '+('#-+.3+! ,.! 3I(+! ()'3%1,$%+'! /+! 8%$%+,! )I).3! -,E%! ,.+! ('+--%2.!
/0+T1)&)3%2.!%8(2'3).3+!+3!-2,3+.,+!/).-!$+!3+8(-!^X;)3+'7!F55Aa`!!
12
6+1;.%Z,+8+.37!$+-!2(#')3%2.-!/0+T1)&)3%2.!/#E,3+.3!()'!,.+!-,(('+--%2.!/,!12,&+'3!&#K#3)$7!-,%&%+!
()'!,.!()--)K+!/+!E,$$/2b+'-!Z,%!/#.,/+.3!),!_,'!+3!Y!8+-,'+!$+!-,E-3')3!/).-!$+!E,3!/+!8+33'+!$)!
'21;+!8['+!Y!H2,'`!=0#3)(+!-,%&).3+!12.-%-3+!Y!-%$$2..+'!$)!(+.3+!8%-+!Y!.,+!+.!I!1'#).3!/+-!1;+8%.-!
Z,%!-+'&%'2.3!Y!1'+,-+'!/+-!K)$+'%+-!/).-! $)! '21;+!+3!2z!,$3#'%+,'+8+.3!-+'2.3!(2-#+-! $+-!1;)'K+-!
+T($2-%&+-!,3%$%-#+-!(2,'!$+!_')13%2..+8+.3!+3!$+!12.1)--)K+!/+-!'21;+-`!=+!'+12,'-!),T!+T($2-%_-!+3!$)!
.#1+--%3#!/0+-()1+!/+!-321e)K+!/,!K')&%+'7!-+!-2.3!-2$/#-!()'!$)!('#-+.1+!/).-!1;)1,.+!/+-!1)''%['+-!
/0,.!_'2.3!/+!3)%$$+!^_)$)%-+a!/+!;),3+,'!&)'%)E$+!^D5!Y!A5!8a7!/0,.!1)''+),!/0+T($2%3)3%2.!^($)3+_2'8+a!
/+!-,(+'_%1%+!)$$).3!/+!D5!Y!B5!;)!+3!/0,.+!8,$3%3,/+!/+!'+8E$)%-!'#-,$3).3!-2%3!/+-!/#({3-!)$$21;32.+-!
')8+.#-!()'!$+-!1)8%2.-!-2%3!/+-!#'2-%2.-!/+-!-2$-!+.&%'2..).3-!^X;)3+'7!F55Aa`!
!
"0,.! (2%.3! /+! &,+! #12$2K%Z,+7! ,.+! 1)''%['+! )E)./2..#+! &)! #3)E$%'! +.! 3).3! Z,+!8%$%+,! .+,_! /+-!
'+$)3%2.-!/0#1;).K+-!)&+1!$+-!#12-I-3[8+-!)&2%-%.).3-!Z,%!&2.3!H2,+'!$+!'{$+!/+!'#-+'&2%'!/0+-([1+-!
&#K#3)$+-! ^2,! ).%8)$+-a! (23+.3%+$$+-! (2,'! $)! '+12$2.%-)3%2.`! =)! 1%1)3'%-)3%2.! .)3,'+$$+! +-3!
K#.#')$+8+.3!$2.K,+!+3!/#(+./!('%.1%()$+8+.3!/+!$)!/%-(2.%E%$%3#7!$0)11+--%E%$%3#!+3!$0)/)(3)E%$%3#!/+-!
+-([1+-! ('#-+.3+-! /).-! 1+-! #12-I-3[8+-! +.&%'2..).3-! ),T! 12./%3%2.-! $21)$+-! /).-! $+-! 1)''%['+-!
^J)1J);2.!DlGku!W')/-;)w!F555a`!Q+-!/I.)8%Z,+-!.)3,'+$$+-!.#1+--%3+.3!/+-!3+8(-!$2.K-!^2,!3'[-!
$2.K-a!+3!(+,&+.3!Z,+$Z,+_2%-!.+!()-!)E2,3%'!Y!'#3)E$%'!/+-!#12-I-3[8+-!),32!-,__%-).3-!/0,.!(2%.3!/+!
&,+!_2.13%2..+$!+3!-3',13,'+$!^X;)3+'7!F55Aa`!!
!
XS5SXS!I&(!6,''$G'&(!,-!I$J,#!L!-#!63#)&T)&!E-$!(Y$N43(&!
!!
"+! ()'! -2.! ;%-32%'+! +3! -)! -%3,)3%2.! K#2K')(;%Z,+! +3! #12.28%Z,+7! 1)')13#'%-#+! ()'! ,.+! ('+--%2.!
).3;'2(%Z,+! %8(2'3).3+7!/+-!12./%3%2.-!1$%8)3%Z,+-!+3!#/)(;%Z,+-!()'3%1,$%['+-!+3! $)!('#-+.1+!/+!
.28E'+,T!#12-I-3[8+-!/#K')/#-7! $+!=%E).!'+('#-+.3+!,.!E2.!('2323I(+!/+-!()I-!8#/%3+'').#+.-!
^X;)3+'7!F5DBa`!!
=+! 12.3+T3+! -21%2(2$%3%Z,+! %.-3)E$+! Z,%! I! )! ('#&)$,! ),! 12,'-! /+! 3'2%-! /#1+..%+-! )! +,! (2,'!
12.-#Z,+.1+-!/%'+13+-!,.+!/%-(+'-%2.!/+!$0;)E%3)3!+3!,.+!12.V,'E)3%2.!Z,%!)!')(%/+8+.3!('2K'+--#!
$+!$2.K!/+-!)T+-!('%.1%(),T!/+!1%'1,$)3%2.`!*2,'!()$$%+'!Y!,.+!1'2%--).1+!/#82K')(;%Z,+!+3!,'E)%.+!
%.12.3'{$#+7! $02,&+'3,'+! /+! 1)''%['+-! +T($2%3#+-! ),! 12,(! ()'! 12,(! +3! ),! K'#! /+-! /%-(2.%E%$%3#-!
13
_%.).1%['+-!+3!/,!1$%+.3#$%-8+!(2$%3%Z,+7!$0+T($2%3)3%2.!-),&)K+!+3!%$$#K)$+!/+!1+!-+13+,'!)!'#-,$3#!+.!
,.!K)-(%$$)K+!/+-!'+--2,'1+-!+3!,.+!/+-3',13%2.!/+-!-%3+-!.)3,'+$$+-!^X;)3+'7!F55Aa`!!
:T($2%3)3%2.-!/+!3I(+!$+!($,-!-2,&+.3!_)8%$%)$7!$+-!1)''%['+-!/0+T3')13%2.!/,!K')&%+'!+3!/+-!(%+''+-!/+!
3)%$$+!2.3!-,%&%!/).-!$+,'!/#&+$2((+8+.3!$0+T().-%2.!,'E)%.+!Z,%!)!12.1+'.#!$)!1{3+!$%E).)%-+!),!/#E,3!
/+-!)..#+-!45!+3!-0+-3!#3+./,+!('2K'+--%&+8+.3!&+'-!$+!J2.3!=%E).!+3!$+!X+-'2,).!^Q),1;+3%+'!+3!)$`7!
Dllla`!M.!')((2'3!2__%1%+$!'+1+.-+!+.!Dll47!kD5!1)''%['+-!'#()'3%+-!-,'!$0+.-+8E$+!/,!3+''%32%'+7!-2%3!
D! 1)''%['+! j! DA`k! X8�! ^P)./)-);7! Dll4a! )$2'-! Z,+! /+-! 1;%__'+-! .2.!2__%1%+$-! /+! F55B!/#.28E'+.3!
H,-Z,0Y!DG55!+T($2%3)3%2.-! -,'! $+! 3+''%32%'+! ^")'w%-;!+3! )$`7! F5DDa!+3!/+-! 1;%__'+-!($,-! '#1+.3-!.2.!
12._%'8#-!2__%1%+$$+8+.3! '+$)3+.3! $)!('#-+.1+!/+!FA55!1)''%['+-! ^R%K,'+!Da! 12,&').3!,.+! -,(+'_%1+!
323)$+!/+!BF!8%$$%2.!8�!^@3)$$);7!F5DGa`!!
"+!($,-7! %$!_),3!.23+'!Z,0,.!K')./!.28E'+!/+!-%3+-!-2.3!+T($2%3#-!(2,'!$+,'!'+--2,'1+-!+.!-)E$+!+3!
K')&%+'-7!-2,-!$+!('#3+T3+!/+!('2H+3-!_2.1%+'-!2,!%882E%$%+'-`!=+-!%8()13-!/+!1+-!(+3%3+-!+3!82I+..+-!
+T($2%3)3%2.-!&%+..+.3!-0)H2,3+'!Y!1+$,%!/+-!.28E'+,-+-!1)''%['+-!%$$#K)$+-`!!
!
").-!,.! -2,1%! /02'K).%-)3%2.!+3!/+! '#K,$)'%-)3%2.!/+! 1+! -+13+,'7! $+!J%.%-3['+!/+! $0:.&%'2..+8+.3!
%.-3%3,#!+.!DllF7!)!('28,$K,#!+.!Dllk!,.!)''c3#!)/8%.%-3')3%_!&%-).3!Y!)''c3+'!$+-!+T($2%3)3%2.-!+.!.+!
/#$%&').3!Z,+!/).-!1+'3)%.-!1)-7!/+-!(+'8%-!-(#1%),T!/0+T($2%3)3%2.!/+!/,'#+!$%8%3#+`!=+!/#1'+3!GG5tj!
F55F!%8(2-+!$)!'+8%-+!+.!#3)3!^'#;)E%$%3)3%2.a!/+-!-%3+-!82I+..).3!$+!/#({3!/0,.+!K)').3%+!E).1)%'+!
),('[-! /+-! ),32'%3#-! K2,&+'.+8+.3)$+! ^J%.%-3['+! /+! $0:.&%'2..+8+.3a`! =+! 91;#8)! "%'+13+,'!
/0@8#.)K+8+.3! /,! 6+''%32%'+! =%E).)%-! ^9"@6=7! F55Aa! /#$%8%3+! $+-! '#K%2.-! 2,! $0+T($2%3)3%2.! /+!
1)''%['+-!+-3!),32'%-#+!^R%K,'+!Da`!!
!
!
!
!
15
=+-!1)''%['+-!),!=%E).!-2.3!/%-3'%E,#+-!/+!_)d2.!;282K[.+!-,'!$+!3+''%32%'+!)&+1!,.+!('#&)$+.1+!/+-!
+T($2%3)3%2.-!/+!K')./+!3)%$$+!/)[email protected]%!=%E).!+3!$+!&+'-).3!:-3!/,!()I-!^R%K,'+!Da`!=)!($,()'3!/0+.3'+!
+$$+-!2.3!#3#!)E)./2..#+-!-,%3+!Y!$)!('28,$K)3%2.!/,!/#1'+3!/+!F55F`!!
L$! .0+T%-3+! ()-! Y! 1+! H2,'! /+-! 1;%__'+-! 2__%1%+$-! Z,).3! ),! .28E'+! /+! 1)''%['+-! )13,+$$+8+.3!
2(#')3%2..+$$+-!),!=%E).!8)%-!/+-!#1;).K+-!)&+1!$+!J%.%-3['+!/+!$0:.&%'2..+8+.3!$)%--+!('#&2%'!Z,+!
82%.-!/+!D5!/+-!1)''%['+-!+.!)13%&%3#!-2.3!+.!'#)$%3#!/#1$)'#+-!+3!/#3+.3'%1+-!/+!(+'8%-`!!
*+,!/02(#')3%2.-!/+!'+8%-+!+.!#3)3!(2-3!+T($2%3)3%2.!2.3!#3#!'#)$%-#+-!),!=%E).`!>.!+.!/#.28E'+!t!
),!12,'-!/+-!D5!/+'.%['+-!)..#+-!̂ O:=X!x!*7!F55A!u!:12J+/7!F5DF!u!Q?O9V=j@R"QjLMQ?jP2$1%87!F5DAa!
+3! t! )13,+$$+8+.3! +.! 12,'-! /+! /#&+$2((+8+.3! /+! ($).-! /+! '#;)E%$%3)3%2.! ^J)e.+V! W))$E+1eu!
J/2,e;)V!O)-;)I)!+3!@%3)!+$!R2e;)'V!O)-;)I)a`!
!
Q+-! 1)''%['+-! ^Z,%! _2.3! $02EH+3! /0,.+! ()'3%+! /+! 1+! 3')&)%$! /+! 3;[-+a! -2.3! -%3,#+-! Y! ('2T%8%3#! /+-!
;)E%3)3%2.-!+3!'+('#-+.3+.3!(2,'!$+-!1288,.),3#-!$21)$+-7!($,-!Z,0,.+!($)%+!()I-)K['+!8)%-!,.!'#+$!
('2E$[8+!/+!(+'1+(3%2.!/+!$+,'!+-()1+!/+!&%+`!
!
XS]S!=63.38$&!F&!.,!'&(),-',)$3#!&)!'&(),-',)$3#!*63.38$E-&!
XS]SWS!CN&'8&!FY-#&!F$(6$4.$#&!
!!
:.!8%$%+,!8#/%3+'').#+.!($,'%!12.3')%.3!()'!$+-!)$#)-!+3!$+-!12./%3%2.-!1$%8)3%Z,+-7!8)%-!),--%!()'!,.+!
('+--%2.!).3;'2(%Z,+!/+!($,-!+.!($,-!)11',+!-,'! $+-!8%$%+,T!.)3,'+$-7!128('+./'+! $+-!/I.)8%Z,+-!
.)3,'+$$+-!+-3!$2%.!/0c3'+!,.!$,T+!-1%+.3%_%Z,+`!Q0+-3!,.+!.#1+--%3#!(2,'!2'%+.3+'!12.&+.)E$+8+.3!$+-!
)13%2.-!/+!'+-3),')3%2.!+.!%.K#.%+'%+!#12$2K%Z,+!^X;)3+'7!F5DBa`!
!
=)%--#!Y!$,%V8c8+7!)('[-!$0)''c3!/+-!)13%&%3#-!/+!/#K')/)3%2.!2,!/+!$)!('+--%2.!/+!(+'3,'E)3%2.7!,.!
#12-I-3[8+! +-3V%$! 1)()E$+! /+! '+3'2,&+'! -+,$! ,.! #3)3! /0#Z,%$%E'+! _2.13%2..+$! m! =+-! /I.)8%Z,+-!
.)3,'+$$+-! -2.3V! +$$+-! -,__%-).3+-! (2,'! $,%! (+'8+33'+! /+! '+3'2,&+'! -)! '#-%$%+.1+! 2,! /,!82%.-! ,.+!
1+'3)%.+!'#-%$%+.1+!m!=+-!(;232-!/+!1;+8%.!/+!_+'!/#$)E'#-!2z!$+-!+-([1+-!^&#K#3)$+-!+3!).%8)$+-a!-+!
'#%.-3)$$+.37!1+-!).1%+..+-!8)%-2.-!)E)./2..#+-!2z!$+-!($).3+-!'+(2,--+.3!Z,)-%!%88#/%)3+8+.37!
2,!$+!($,-!%8('+--%2..).37!$+-!(;232-!'#1,(#'#+-!()'!$+!/'2.+!)I).3!-,'&2$#!*'%('%)3!^Me')%.+a7!t5!).-!
16
)('[-!$0+T($2-%2.!/+!$)!1+.3')$+!/+!61;+'.2EI$!+3!Z,%!82.3'+!,.+!'+('%-+!/+!$)!.)3,'+!-,'!$+-!b2.+-!
('#)$)E$+8+.3!,'E).%-#+-`!=0%8('+--%2.!+-3!/2.1!1+$$+!/0,.+!12.1,''+.1+7!2z!%$!-,__%')%3!Z,+!$0;288+!
-0#$2%K.+!(2,'!Z,+!$)!.)3,'+!-+!'#%.-3)$$+!^X;)3+'7!F5DBa`!!
!
9,'! 1+'3)%.-! -%3+-7! +3!8c8+! $2.K3+8(-!)('[-! $0)''c3! /+-!(+'3,'E)3%2.-!;,8)%.+-7! $+-! /I.)8%Z,+-!
.)3,'+$$+-! '+-3+.3! 3%8%/+-! +3! %.-,__%-).3+-! Y! '+(2-%3%2..+'! $0#12-I-3[8+! -,'! -)! 3')H+132%'+! /+!
'+-3),')3%2.!-(2.3).#+!^X;)3+'7!F55Aa`!
@! $02'%K%.+7!,.+!12.-1%+.1+!12$$+13%&+!/+!($,-!+.!($,-!8)'Z,#+!-,'! $0%8(2'3).1+!/+-!+-([1+-!+3! $+!
E+-2%.!/+!$+-!12.-+'&+'7!/+!('#-+'&+'!$+-!('21+--,-!Z,%!-2,-V!3+./+.3!$+,'!+T%-3+.1+!+3!$+,'-!;)E%3)3-`!
=0#12$2K%+!/+!$)!12.-+'&)3%2.!'+-3+!(2,'!E+),12,(!,.+!-1%+.1+!/+!1'%-+!2,!,.+!-1%+.1+!/+!K+-3%2.!/+-!
1'%-+-!+3!(2,'3).3!+$$+!)!#3#!Y!$02'%K%.+!/+-!('%.1%()$+-!-3')3#K%+-!%.3+'.)3%2.)$+-!/+!('23+13%2.!/+!$)!
.)3,'+7! /+! $y>?M7! $0M?:9Q>! 2,! 8c8+! ),! -+%.! /+-! ?)3%2.-! M.%-! /).-! $+,'! Q2.&+.3%2.! (2,'! $)!
W%2/%&+'-%3#`!
p,+!1+!-2%3!12.-+'&+'!/+-!+-([1+-7!2,!($,-!K$2E)$+8+.3!/+-!('21+--,-!#12$2K%Z,+-!2,!/+-!;)E%3)3-!
2,!8c8+!/+-!()I-)K+-7!$0#12$2K%+!/+!$)!12.-+'&)3%2.!-0%8(2-+!('2K'+--%&+8+.3!/).-!,.!().2')8)!
/+!($,-!+.!($,-!128($+T+`!=+-!%.%3%)3%&+-!-+!8,$3%($%+.3!8)%-!-+!;+,'3+.3!()'!828+.3!+3!()'!+./'2%3-!
),T!12.-#Z,+.1+-!/,!/#&+$2((+8+.3!;,8)%.!/2.3!3#82%K.+!$)!/#K')/)3%2.!/+-!#12-I-3[8+-`!"+-!
8+-,'+-! /+! o'+8%-+! +.! #3)3q! -0%8(2-+.3! +3! $)! -1%+.1+! Z,%! $+-! )1128()K.+7! $0#12$2K%+! /+! $)!
'+-3),')3%2.!'+3'2,&+!-)!($)1+!/[-!Dllt!^W$2./+$7!DllBa`!
!
=0#12$2K%+!+-3!,.+!-1%+.1+!Z,%!-0%.3#'+--+!),T!%.3+')13%2.-!+.3'+!$+-!c3'+-!&%&).3-!+3!)&+1!$+,'!8%$%+,!
/+!&%+!8)%-!),--%!+3!-,'32,3!),T!#12-I-3[8+-!+3!Y!$+,'-!_2.13%2..+8+.3-`!=0#12$2K%+!/+!$)!'+-3),')3%2.!
-+!(+.1;+!-,'!$+-!('2E$[8+-!/+-!#12-I-3[8+-!/#K')/#-!+.!&,+!/02'%+.3+'!$+-!%.3+'&+.3%2.-!Y!8+33'+!
+.!s,&'+!(2,'!$+,'!f!'+8%-+!+.!#3)3!g!2,!'#%.%3%)$%-)3%2.!/+-!/I.)8%Z,+-!.)3,'+$$+-`!
!=+-! /#E)3-! -1%+.3%_%Z,+-! '#1+.3-! +.! #12$2K%+! /+! $)! '+-3),')3%2.! 2.3! (2'3#! -,'! $+-! 12.1+(3-! +3! $+-!
.23%2.-!Y!('+./'+!+.!12.-%/#')3%2.!/).-!$)!12.1+(3%2.!/0,.!('2H+3!/+!'+-3),')3%2.`!:.!'#(2.-+!Y!f!
;2w!8,1;!82'+!+12$2KI!/2!w+!.++/!32!+__+13%&+$I!'+-32'+j8).)K+!J+/%3+'').+).!+12-I-3+8-7!.23!
82'+!+12$2KI! %-!.++/+/!g! ^X;)3+'7!F5DBa!('2(2-+!,.+!12.1%$%)3%2.!+.3'+! 1+!Z,%!+-3!f!+12$2K%1)$$I!
-2,./7!-21%)$$I!)11+(3)E$+!g!+3!f!3+1;.%1)$$I!_+)-%E$+!g`!
!
17
L$!-0)K%3!-,'32,3!/+!3'2,&+'!/+-!82/+-!/0%.3+'&+.3%2.!-,'! $+!3+'')%.!Z,%!'#(2./+.3!2,!/,!82%.-!.+!
12.3'+/%-+.3! ()-! $+-! ('%.1%(+-! #12$2K%Z,+-7! Z,%! #8).+.3! +3! Z,%! .+! -02((2-+.3! ()-! Y! $)! /+8)./+!
-21%)$+`! ").-! $+-! )-(+13-! 3+1;.%Z,+-7! -2.3! %.1$,-! $+-! )-(+13-! _%.).1%+'-! /+! 8%-+! +.! s,&'+! Z,%!
12.-3%3,+.3!$)!/%8+.-%2.!$)!($,-!12.3')%K.).3+!/0,.!('2H+3`!
!
XS]SXS!93#)&T)&!(6$&#)$O$E-&!&)!F*O$#$)$3#(!F&(!)&'N&(!
!
@'2.-2.!+3!)$`7!^Dllta!/%-3%.K,+.3!$+-!3+'8+-!/+!o'+-3),')3%2.q7!o'#;)E%$%3)3%2.q!+3!o'#)__+13)3%2.q!+3!
($,-!3)'/!$)!-21%#3#!(2,'!$0#12$2K%+!/+!$)!'+-3),')3%2.!$+-!/#_%.%')!1288+!-,%3!C!
!
=)! '+-3),')3%2.! +-3! o,.+! )13%2.! %.3+.3%2..+$$+! Z,%! %.%3%+! 2,! )11#$['+! $0),32V'#()')3%2.! /0,.!
#12-I-3[8+! +.! '+-(+13).3! -)! -).3#7! -2.! %.3#K'%3#! +3! -)! K+-3%2.! /,')E$+`! =)! ($,()'3! /,! 3+8(-7!
$0#12-I-3[8+!Z,%!)!E+-2%.!/0c3'+!'+-3),'#!)!#3#!/#K')/#7!+./288)K#7!3').-_2'8#!2,!+.3%['+8+.3!
/#3',%37! '#-,$3)3! /%'+13! 2,! %./%'+13! /+! $0)13%&%3#! ;,8)%.+`! @$2'-! Z,+! $)! '#;)E%$%3)3%2.! %.-%-3+! -,'! $)!
'#()')3%2.!/+-!('21+--,-7!/+!$)!('2/,13%&%3#!+3!/+-!-+'&%1+-!/+!$0#12-I-3[8+7!3)./%-!Z,+!$+!E,3!/+!$)!
'+-3),')3%2.! &%-+! ),--%! Y! '#3)E$%'! $0%.3#K'%3#! E%23%Z,+! ('#+T%-3).3+! +.! 3+'8+-! /+! 128(2-%3%2.!
-(#1%_%Z,+!+3!/+!-3',13,'+!/+-!1288,.),3#-`!=)!'#)__+13)3%2.!)!,.!1;)8(!/0)(($%1)3%2.!($,-!$)'K+!
Z,+! $)! '#;)E%$%3)3%2.`! =+-! ('%.1%(),T! 2EH+13%_-! /+! $)! '#1,(#')3%2.! 128('+..+.3! $)! -3)E%$%-)3%2.! /,!
3+'')%.7!$0)--,').1+!/+!$)!-#1,'%3#!(,E$%Z,+7!$0)8#$%2')3%2.!+-3;#3%Z,+7!+3!K#.#')$+8+.3!,.!'+32,'!Y!
,.!()I-)K+!12.-%/#'#!1288+!,3%$+!/).-!,.!12.3+T3+!'#K%2.)$!^9:O7!F55Fa`!
").-!1+'3)%.-!1)-7!$)!'+-3),')3%2.!#12$2K%Z,+!2,!/).-!,.!-+.-!($,-!$)'K+!$+-!)13%2.-!/+!'+-3),')3%2.!
2,!/+!'#;)E%$%3)3%2.7!(+,&+.3!-+'&%'!/+!8+-,'+-!128(+.-)32%'+-!̂ 2,!8%3%K)3%2.a!/).-!$+!1)-!/+!K')./-!
('2H+3-!/0)8#.)K+8+.3`!
").-!32,-!$+-!1)-7!,.!('2H+3!/+!'+-3),')3%2.!#12$2K%Z,+!3+$!Z,+!'#-,8#!/).-!P2EE-!^F55Fa!+3!Q$+w+$$!
+3!)$`7!^F55Ba!8+3!+.!2+,&'+!/+-!()'3%+-!('+.).3+-!^-3)e+;2$/+'-a!/2.3!$)!()'3%1%()3%2.!K)').3%+7!/,!
82%.-!$0)(('2('%)3%2.!/0,.!('2H+3!2,!/,!8%+,T!-2.!-,11[-7!()'!$+-!()'3%+-!12.1+'.#+-!2,!)__+13#+-!
()'!1+!('2H+3`!
!
18
XS]S5S!I&(!%&''3-(!(6$&#)$O$E-&(^!)&67#3.38$E-&(!&)!(36$,-T!_!.,!N$(&!&#!`-%'&!F&!.,!'&(),-',)$3#!
*63.38$E-&!!
!M.+!'+&,+!/+-!(,E$%1)3%2.-!-1%+.3%_%Z,+-!^X;)3+'!+3!)$`7!F55t!u!N).!"%KK+$+.!x!J)''-7!F55t!u!X;)3+'!
x!J)'3%.7!F55k!u!v)$e+'!x!"+$!J2')$7!F55G!u!")'w%-;!+3!)$`7!F5DD!u!*;%$$%(-7!F5DF!u!>$/_%+$/!+3!)$`7!F5Dt!u!
9+E)-3%).!+3! )$`7! F5DB! u! *')1;!x!62$&).+.7! F5D4! u! W,$23! +3! )$`7! F5Dka7! +3!/+-!2,&')K+-! 3+1;.%Z,+-!
^Q2''+%)! +3! )$`7! Dlk5! u!v%$$%)8-2.! +3! )$`7! DllG! u!vWQ9"7! F5DD! u! *)8E)7! F5DAa! )I).3! )33')%3! Y! $)!
'+-3),')3%2.! #12$2K%Z,+7! '#&[$+! $+!8).Z,+! /+! 3').-_+'3! /+-!8#3;2/+-! +3! 2,3%$-! /+-! -1%+.3%_%Z,+-!
),T!/#1%/+,'-!+3!)13+,'-!/+!$)!'+-3),')3%2.!^%.K#.%+,'-7!3+1;.%1%+.-a`!
!
"+!($,-!-,'!$+!($).!/+!$)!'+1;+'1;+!+.!#12$2K%+!_2./)8+.3)$+7!8)$K'#!$)!('%-+!+.!128(3+!/+!($,-!+.!
($,-!/+!()')8[3'+-!(+'8+33).3!,.+!8+%$$+,'+!128('#;+.-%2.!/,!_2.13%2..+8+.3!/+-!#12-I-3[8+-7!
.2,-!-288+-!+.12'+! $2%.!/y)(('#;+./+'! $)!128('#;+.-%2.!K$2E)$+!/+!1+-!-I-3[8+-!.)3,'+$-! 3'[-!
128($+T+-!)_%.!/0c3'+!+.!8+-,'+!/0%.3+'&+.%'!/+!_)d2.!$)!($,-!+__%1)1+!(2,'!)11#$#'+'!+3!2'%+.3+'!$+-!
('21+--,-!.)3,'+$-`!!
!
9,'!$+!($).!3+1;.2$2K%Z,+7!$+-!)&).1#+-!+.!K#.%+!#12$2K%Z,+!(+'8+33+.3!,.+!8)%3'%-+!+.!,.!3').-_+'3!
/+!128(#3+.1+-!Z,%!'+-3+.3!+.12'+!$%8%3#-!+3!12.3')%.3-!()'!$+-!)-(+13-!('2('+-!()'!+T+8($+7!),T!
1)()1%3#-! /+-! +.K%.-! /+! 3')&),T! (,E$%1-! +.! K#.%+! 1%&%$! 2,! $+-! 1)()1%3#-! /+-! h%.K#.%+,'-! /+-!
#12-I-3[8+-h!+.!%.K#.%+'%+!#12$2K%Z,+!^+-([1+-!.,'-+-7!_)1%$%3)3'%1+-7!+31`a`!
!
L$!.0+.!'+-3+!()-!82%.-!Z,+!$+-!/%8+.-%2.-!-21%)$+-!-+8E$+.3!12.-3%3,+'!$+!&+''2,!('%.1%()$!Y!$)!8%-+!
+.!s,&'+!/+-!('2H+3-!/+!'+-3),')3%2.!#12$2K%Z,+!^])12E-2.!+3!)$`7!F55A!u!v++'3-!x!9)./8)..7!F55G!u!
X;)3+'7!F5DBa`! L$! -0)K%3!/).-!1+!1)-!/+-!)-(+13-! _2.1%+'-7!(+'8%--%2.!/n)11[-!-,'! $+! 3+'')%.7!12._$%3-!
/0,-)K+7!'#-%-3).1+!12K.%3%&+!),!1;).K+8+.3!)%.-%!Z,+!32,-!$+-!)-(+13-!%.3+'(+'-2..+$-!Z,%!-2,&+.3!
-+!'+3'2,&+.3!),!1)''+_2,'!+.3'+!$)!12.1+(3%2.!/0,.!('2H+3!+3!-2.!+T#1,3%2.!^X;)3+'!+3!)$`7!F5Da`!
!
R+.%).2-!+3!)$`7!^F5Dk)a!)E2'/+.3!$)!.23%2.!/+!o-3)e+;2$/+'!E233$+!.+1eq!^R%K,'+!Fa!(2,'!/#-%K.+'!$+-!
.s,/-!%.12.32,'.)E$+-!/,!('21+--,-!/#1%-%2..+$!+3!$)!.#1+--%3#!/02(3%8%-+'!$)!('#-+.3)3%2.!/,!('2H+3!
(2,'!8%+,T!K)').3%'!-2.!)11+(3)3%2.`!=)!_%K,'+!F!/#1'%3!$+!('21+--,-!()'!$+Z,+$!$+-!('21+--,-!12K.%3%_-!
%.3+'&%+..+.3!$+!$2.K!/0,.+!1;)%.+!/+!('%-+!/+!12.-1%+.1+!Z,%!(+'8+3!Y!,.+!(+'-2..+!2,!,.!K'2,(+!
/+! (+'-2..+-! /+! -0)(('2('%+'! ,.+! 8#3;2/+7! ,.+! )13%2.! 2,! ($,-! -%8($+8+.3! $0)(('2E)3%2.! /0,.!
('2H+3`!
22
5S!+Ac9dBIBU>=!=9BIBU>e"=!L!I=A!D@@>@"R=A!
").-!32,3!('2H+37!+.&%'2..+8+.3)$!2,!),3'+7!-+!(2-+!Y!,.!828+.3!2,!,.!),3'+! $)!Z,+-3%2.!/+! $)!
3').-8%--%2.!+3! $+!()'3)K+!/+! $0%._2'8)3%2.!)&+1! $+-!()'3%+-!('+.).3+-!/,!('2H+37! $+-!/#1%/+,'-!2,!
32,3+!),3'+!(+'-2..+!%8($%Z,#+!/).-!$)!8%-+!+.!s,&'+!2,!$)!('%-+!/+!/#1%-%2.`!L$!-0%8(2-+!/2.1!/+!
1;2%-%'7!Z,+$!3I(+!/0%._2'8)3%2.!()'3)K+'7!()'!Z,+$-!1).),T7!Z,+$-!-,((2'3-7!Z,+$-!8#/%)-`!Q0+-3!()'!
$)!3+'8%.2$2K%+!f!1288,.%1)3%2.!+.K)K+).3+!g!Z,+!]2,$+!+3!)$`!^F55Aa!)E2'/+.3!1+33+!'#_$+T%2.`!
!
Q+3! )-(+13! /+! 1288,.%1)3%2.! /,! -)&2%'7! /0%._2'8)3%2.! +3! /+! ()'3)K+! /+! 12.1$,-%2.-! +-3!
()'3%1,$%['+8+.3!12.3')%K.).3!/).-!$+-!('2H+3-!+.&%'2..+8+.3),T!2,!$+-!)13+,'-!(+,&+.3!H2,+'!/+-!
'{$+-!1$#-!/+!K2,$23-!/0#3').K$+8+.3-!+3!2,!(2,'!$0)11+(3)3%2.!/+-!#$#8+.3-!/0,.!('2H+3!+-3!1',1%)$+!
/).-!$+!-,11[-!/+!-2.!#$)E2')3%2.`!
!
=0#&2$,3%2.! /+! $0#12$2K%+! -21%)$+! +3! /+-! )(('21;+-! ()'3%1%()3%&+-! ^Q2,'1;)8(!x!W')/-;)w7! F5DGa7!
$0%8(2-%3%2.!/+-!+.Z,c3+-!-21%)$+-!/).-!$+-!('2H+3-!+.&%'2..+8+.3),T!/0+.&+'K,'+7!'+./+.3!1',1%)$!
1+33+!#3)(+!/+!()'3)K+!/+!$0%._2'8)3%2.!-,'32,3!$2'-!/+!('2E$#8)3%Z,+-!12._$%13,+$$+-7!12.3')/%132%'+-!
2,!('#-+.3).3!/+-!12.3'2&+'-+-`! L$! -0)K%3!/2.1!-,'32,3!/+!E%+.!1;2%-%'! $+!8+--)K+!Y!()'3)K+'!+3! $+!
82I+.!/+!$+!()'3)K+'!(2,'!+.!),K8+.3+'!-2.!)11+(3)E%$%3#!+3!$0)/;#-%2.!),T!%/#+-!('2(2-#+-`!
!
").-! 1+! 12.3+T3+7! $+-! Z,+-3%2.-! (2-#+-! ()'! U%')./2$)! x! ]2,$+! ^F55Ga! C! $+! 1;).K+8+.3! /+!
128(2'3+8+.3!+-3V%$!,.+!12.-#Z,+.1+!/%'+13+!/,!1;).K+8+.3!/0)33%3,/+!m!-,__%')%3V%$!/+!82/%_%+'!$+-!
%/#+-!/+!Z,+$Z,0,.!(2,'!$+!&2%'!)/2(3+'!/+-!128(2'3+8+.3-!),3'+-!m!('+..+.3!32,3!$+,'!-+.-`!!
5SWS!D))$)-F&(^!()'-6)-'&!&)!O3#6)$3#!
p,+$$+-!-2.3!$+-!'+$)3%2.-!Z,%!$%+.3!$+-!)33%3,/+-!+3!$+!128(2'3+8+.3!m!Q288+.3!(+,3V2.!/#_%.%'!$+-!
)33%3,/+-!+3!$+,'-!_2.13%2.-!m!").-!$+,'!2,&')K+7!*')3e).%-!+3!)$`7!^F5DAa!('#-+.3+.3!,.+!).)$I-+!/+-!
)33%3,/+-7! /+! $+,'! %8(2'3).1+! +3! .23)88+.3! /+-! '+$)3%2.-! Z,0+$$+-! 2.3! )&+1! $)! 82/%_%1)3%2.! /,!
128(2'3+8+.3`!L$-!+.!).)$I-+.3!$+-!'+('#-+.3)3%2.-!12K.%3%&+-!+3!$+,'-!'+$)3%2.-!)&+1!$+-!#823%2.-`!
!
@! $)! E)-+! /+! 32,3+! ).)$I-+! +.! (-I1;2$2K%+! -21%)$+7! $+-! )33%3,/+-! -2.3! $+! '#-,$3)3! 128($+T+! /+-!
12.-3',13%2.-!()--#+-!+3!('#-+.3+-!/0,.!%./%&%/,`!:$$+-!3')/,%-+.3!$)!('#/%-(2-%3%2.!/0,.+!(+'-2..+!Y!
23
_)%'+!/+-!1;2%T!+3!Y!+T('%8+'!-2.!(2-%3%2..+8+.3!()'!')((2'3!Y!,.!2EH+37!,.!+8($)1+8+.3!2,!,.+!
%/#+`!!
!5SWSWS!R*O$#$)$3#(!F&(!,))$)-F&(!
"2%-+! ^F55ta! ('#-+.3+! ,.+! '+&,+! /+-! /%__#'+.3+-! /#_%.%3%2.-! /+! $)! .23%2.! /0)33%3,/+! Z,+! .2,-!
'+('+.2.-! 1%V/+--2,-`! @%.-%! 6;28)-! x! �.).%+1e%! ^DlDG7! (! Fta! Z,%! 2.3! %.3'2/,%3! 1+33+! .23%2.! +.!
(-I1;2$2K%+!-21%)$+!$)!/#_%.%--+.3!1288+!f!,.!8#1).%-8+!(-I1;2$2K%Z,+!#3,/%#!('%.1%()$+8+.3!/).-!
-2.!/#'2,$+8+.3!()'!')((2'3!),!82./+!-21%)$!+3!+.!12.H2.13%2.!)&+1!/+-!&)$+,'-!-21%)$+-!g`!
@$$(2'3!^DltBa!$,%7!('#-+.3+!$0)33%3,/+!1288+!f!,.!#3)3!8+.3)$!+3!.+,'2(-I1;2$2K%Z,+!/+!('#()')3%2.!
/+! $0)13%2.7! 2'K).%-#! Y! $)! -,%3+! /+! $0+T(#'%+.1+! +3! Z,%! 12.1+'.+! ,.+! %._$,+.1+! /I.)8%Z,+! -,'! $+!
128(2'3+8+.3!/+!$0%./%&%/,!&%-!Y!&%-!/+!32,-!$+-!2EH+3-!+3!/+!32,3+-!$+-!-%3,)3%2.-!Z,%!-0I!')((2'3+.3!
g7!$0)33%3,/+!'+('#-+.3+!,.+!('#/%-(2-%3%2.!8+.3)$+!Y!)K%'`!L$!-0)K%3!/0,.!('21+--,-!%.3+'.+!Z,%!/#(+./!
/,! 1)')13['+! #&)$,)3%_! /+-! '#)13%2.-! &%-VYV&%-! /0,.! -,H+3! 2,! /0,.! 2EH+3! ^J1K,%'+7! DlGB! u! �)..)!x!
O+8(+$7! DlGG! u! <b+'EI3! x! Q2'.+%$$+7! DllAa`! :$$+! -+! 3')/,%3! ()'! ,.! (2-%3%2..+8+.3! -+$2.! ,.! )T+!
128(2'3).3!,.!({$+!.#K)3%_!+3!,.!({$+!(2-%3%_`!!!
Q+33+! /#_%.%3%2.! %.3#K')3%&+! $)%--+! (+.-+'! Z,+! $+-! )33%3,/+-! K,%/+.3! +3! (+'8+33+.3! /+! ('#/%'+! $+-!
128(2'3+8+.3-`!*')3e).%-!^DlGla!('#_['+!+.!/2..+'!,.+!/#_%.%3%2.!Z,%!%8($%Z,+!$0#&)$,)3%2.!/0,.+!
(+.-#+!()'!,.+!(+'-2..+7!-,%&%+!/0,.!(2-%3%2..+8+.3!#&)$,)3%_!/+!$0)33%3,/+`!R%-;E+%.!x!@Hb+.!^DlkBa!
+3!@Hb+.!x!R%-;E+%.!^DlG5a!$)!/#_%.%--+.3!1288+!$+!('2/,%3!/+-!1'2I).1+-!)--21%#+-!Y!$02EH+3!+3!/+!$)!
&)$+,'!Z,%!$,%!+-3!)--21%#+`!
!5SWSXS!A)'-6)-'&!F&(!,))$)-F&(!
=0)33%3,/+!+-3!/2.1!,.+!-3',13,'+!8+.3)$+!%.3+'8#/%)%'+!+.3'+!$+-!2EH+3-!+,TV8c8+-!+3!$+-!'#(2.-+-!
/+-!%./%&%/,-!Y!1+-!2EH+3-`!=+-!)33%3,/+-!2.3!#3#!/#1'%3+-!-+$2.!($,-%+,'-!82/[$+-!+.!_2.13%2.!/+!$+,'!
-3',13,'+!C!$+!-/%I2+!*'$%$-+'0$/''+27!$+!-/%I2+!)#$.(#)$)+!12(00$H*+7!+3!$+!-/%I2+!)#$.(#)$)+!#G<$0G`!
!
V!!!!!!!=+!82/[$+!,.%/%8+.-%2..+$!^6;,'-32.+!x!Q;)&+7!DlFl!u!R%-;E+%.!x!@bH+.7!DlkBa!12.-%/['+!
$0)33%3,/+! -2,-! $0).K$+! +T1$,-%_! /0,.+! #&)$,)3%2.! (2-%3%&+! 2,! .#K)3%&+! &%-VYV&%-! /+! $02EH+3!
/0)33%3,/+`!
!!
24
V! ! ! ! ! ! ! =+! 82/[$+! 3'%()'3%3+! 1$)--%Z,+! ^O2-+.E+'K! x! /+! P2&$)./7! Dl45! u! :)K$I! x! Q;)%e+.7!
Dllta!!!+.&%-)K+!$+-!)33%3,/+-!1288+!/+-!#&)$,)3%2.-!($,-!128($+T+-!/+-!2EH+3-!-+$2.!3'2%-!
128(2-).3+-!128($#8+.3)%'+-!Z,%!(+,&+.3!c3'+!-2%3!C!12K.%3%&+-!^/#(+./!/+-!12..)%--).1+-!
+3!1'2I).1+-!('#-+.3+-!+3!).3#'%+,'+-!+3!$)!1'#/%E%$%3#!)112'/#+!Y!-+-!('2('+-!%._2'8)3%2.-!+3!
12.&%13%2.-a7!)__+13%&+-!^12.1+'.+!$+-!#823%2.-!(2-%3%&+-!2,!.#K)3%&+-!+3!$)!('#/%-(2-%3%2.!Y!
$0#&)$,+'!1288+!E2.!2,!8),&)%-a!2,!12.)3%&+-!2,!#.+'K#3%Z,+-!^'+$)3%&+!),T!128(2'3+8+.3-!
()--#-! +3! ),T! %.3+.3%2.-! /0)13%2.-! _,3,'+-a`! 9%! 1+! 82/[$+! '+12..)r3! $0%8(2'3).1+! /+-!
/%8+.-%2.-!128(2'3+8+.3)$+-7!)__+13%&+-!+3!12K.%3%&+-!/+-!)33%3,/+-7!%$!.0)!(2,'3).3!()-!#3#!
E+),12,(! #3,/%#! /).-! $+-! ).)$I-+-! /+! 1;).K+8+.3! /+! 128(2'3+8+.3-! +3! /0)33%3,/+-!
^W'+1e$+'7!DlGAa!
V!!!!!!!=+!82/[$+!3'%()'3%3+!'#&%-#!^�)..)!x!O+8(+$7!DlGGa7!1;+'1;+!Y!('2(2-+'!,.+!%.3#K')3%2.!/+-!
/+,T!82/[$+-!('#1#/+.3-`!=0)33%3,/+!+-3!/#_%.%+!1288+!,.!H,K+8+.3!/+!&)$+,'7!,.+!2(%.%2.!
+T('%8).3!$+!-+.3%8+.3!_)&2')E$+!2,7!Y!$0%.&+'-+7!$+!/+K'#!/0)&+'-%2.!/+!$0%./%&%/,!&%-VYV&%-!/+!
$02EH+3!-,'!,.!)T+!E%(2$)%'+!^H,K+8+.3!f!(2-%3%_!g!&+'-,-!f!.#K)3%_!ga`!9+$2.!1+33+!/#_%.%3%2.7!$+-!
)33%3,/+-!)(()')%--+.3!1288+!,.!H,K+8+.3!8,$3%/%8+.-%2..+$!'+(2-).3!-,'!,.!128($+T+!/+!
&)$+,'-! ^12K.%3%&+-7! )__+13%&+-! +3! 12.)3%&+-a7! /2.3! $+-! (2%/-! '+-(+13%_-! (2,''2.3! &)'%+'! +.!
_2.13%2.!/+-!2EH+3-!)33%3,/%.),T`!
5SWS5S!;3#6)$3#!F&(!,))$)-F&(!
=)!_2.13%2.!/0)/)(3)3%2.!/+-!)33%3,/+-!+-3!1+$$+!()'! $)Z,+$$+! $+-!(+'-2..+-!#$)E2'+.3!/+-!)33%3,/+-!
_)&2')E$+-!Y!$0#K)'/!/+-!2EH+3-!Z,%!-)3%-_2.3!$+,'-!E+-2%.-!+3!/+-!)33%3,/+-!.#K)3%&+-!&%-VYV&%-!/+!1+,T!
Z,%!-2.3!)--21%#-!Y!/+-!_',-3')3%2.-`!
!
]2/+$+3!+3!)$`7!^F5DAa7!/#_%.%3!$+-!_2.13%2.-!/+-!)33%3,/+-!1288+!-,%3!C!
V! ! ! ! !=)!_2.13%2.!12K.%3%&+7!.#1+--)%'+8+.3!-#$+13%&+7!+-3!3')/,%3+!()'!$)!/%'+13%2.)$%3#!/,!('21+--,-!
/0+-3%8)3%2.!+3!/+!H,K+8+.3`!
V!!!!=)!_2.13%2.!#.+'K#3%Z,+!Z,%!+T('%8+!$)!1)()1%3#!/+!$02'K).%-8+!Y!('2/,%'+!,.!+__+3!/#_%.%!()'!,.!
-+,%$7!,.+!+T3+.-%2.7!+3!,.+!12.3%.,%3#!/+-!'#(2.-+-!
V!!!!=)!_2.13%2.!'#K,$)3'%1+!+.3'+!$0+.3'#+!/+-!-3%8,$%!+3!$)!'#(2.-+7!&%)!,.!-I-3[8+!(-I1;%Z,+7!E)-#!-,'!
,.!-I-3[8+!/+!12/%_%1)3%2.7!+3!Z,%!&%-+!Y!_)1%$%3+'!,.+!'#)13%2.!3+./).3!&+'-!$0#Z,%$%E'+`!
!
!
25
@$2'-!Z,+!=#2.!^F55Ga!)33'%E,+!Z,)3'+!_2.13%2.-!),T!)33%3,/+-!Z,%!-2.3!C!!
"! =)!12..)%--).1+!^1)/'+!/+!'#_#'+.1+!(2,'!$+-!#&)$,)3%2.-a!!!
"! =0%.-3',8+.3)3%2.! 2,! $0,3%$%3#! ^-2,'1+-! /+! 128(2'3+8+.3-! /0)(('21;+! &%-VYV&%-! /+-! 2EH+3-!
-21%),T!2,!.2.a!!
"! =0+T('+--%2.!(+'8+33).3!$0+T('+--%2.!/+-!&)$+,'-!+--+.3%+$$+-!
"! =)!('23+13%2.!/+!-2%!
=+-!)33%3,/+-!/#3+'8%.+.3!/2.1!1+!Z,+!$0%./%&%/,!(+'d2%37!+.3+./7!(+.-+!+3!+T#1,3+`!:$$+-!2.3!,.!'{$+!
Y!$)!_2%-!$%#!),!12.3+.,!^Y!$0%._2'8)3%2.!_2,'.%+!+3!Y!-2.!2'K).%-)3%2.a!+3!Y!$)!('21#/,'+!^Y!$0,-)K+!Z,%!
+-3!_)%3!/+!$0%._2'8)3%2.a`!
5SXS!97,#8&N&#)!FY,))$)-F&!
").-!$+!()')/%K8+!/,!1;).K+8+.3!/0)33%3,/+!C!$02EH+3!#3,/%#!.0+-3!()-!$+!1;).K+8+.3!8)%-!$0)33%3,/+`!
Q288+! $0)33%3,/+! +-3! ,.! ('#/%1)3+,'! /,! 128(2'3+8+.37! $2'-Z,0%$! -0)K%3! /0)1128()K.+'! ,.+!
82/%_%1)3%2.!/+!128(2'3+8+.37!%$!-0)K%')!/2.1!/0%.%3%+'!,.!1;).K+8+.3!/0)33%3,/+!1;+b!$0%./%&%/,`!Q+1%!
.#1+--%3+')!2E$%K)32%'+8+.3!,.!)E)./2.!/+!$+,'-!'+('#-+.3)3%2.-!%.%3%)$+-!)&).3!/0)/;#'+'!Y!2,!/+!
'+12.-%/#'+'!/+!.2,&+$$+-!'+('#-+.3)3%2.-!8+.3)$+-`!
!
=+!1;).K+8+.3!/0)33%3,/+!.#1+--%3+!,.+!82/%_%1)3%2.!/+-!1'2I).1+-!1+.3')$+-!+3!(#'%(;#'%Z,+-`!@E'%1!
^DllAa!')((+$$+!Z,+!$+-!1'2I).1+-!1+.3')$+-!-2.3!%.&+-3%+-!/0,.!'{$+!-3)E%$%-)3+,'!-+$2.!$+Z,+$!+$$+-!
-y)&['+.3!($,-!'#-%-3).3+-!),!1;).K+8+.3!Z,+!$+-!1'2I).1+-!(#'%(;#'%Z,+-7!)--,').3!)%.-%!$+!8)%.3%+.!
/0,.+!'+('#-+.3)3%2.`!9%!()'!+T+8($+7!2.!-2,;)%3+!82/%_%+'!/+-!)33%3,/+-!/+!1288,.),3#-!+.&+'-!
$0)11+(3)3%2.!/+-!).%8),T!/).-!,.!8%$%+,!/+!&%+!('21;+`!L$!-0)K%')!/+!3')&)%$$+'!)&+1!1+-!(+'-2..+-!-,'!
$0)11+(3)3%2.! /+-! _2,'8%-! 2,! /+-! $#b)'/-! ^1'2I).1+-! (#'%(;#'%Z,+-a! ()'! +T+8($+! Y! /#_),3! /+!
-0)33)Z,+'!/+!_)1+!),T!&%(['+-!^1'2I).1+-!1+.3')$+-a`!L$!-+')!($,-!_)1%$+!/+!_)%'+!)11+(3+'!$)!('#-+.1+!
/0,.+!12$2.%+!/+!_2,'8%!/).-!,.!('2H+3!/+!'#;)E%$%3)3%2.!(2,'!%.3'2/,%'+!$)!.23%2.!/+!'#%.3'2/,13%2.!
/,!82./+!).%8)$!/).-!1+!('2H+3`!!
!
62,3!1;).K+8+.3!/0)33%3,/+!.#1+--%3+')!/2.1!,.!)H,-3+8+.3!/+-!(2-%3%2.-!('%-+-!()'! ')((2'3!),T!
1'2I).1+-!(#'%(;#'%Z,+-7!8c8+!-%!$+-!1'2I).1+-!1+.3')$+-!'+-3+.37!+$$+-7!%.1;).K#+-`!!L$!-0)K%3!$Y!/,!
'{$+!-3)E%$%-)3+,'!/+-!1'2I).1+-!1+.3')$+-7!3+$!Z,0%$!)!#3#!/#_%.%!()'!6)_).%!^F55Da`!
!!
26
=)!()'3%+!Z,%!-,%3!('#-+.3+')!$+-!/%__#'+.3+-!)$3+'.)3%&+-!(2--%E$+-!(2,&).3!12./,%'+!Y!,.!1;).K+8+.3!
/0)33%3,/+!)I).3!#3#!-,%&%!2,!3+-3#!/).-!1+!3')&)%$!/+!3;[-+!+.!()'3%1,$%+'!C!=)!/%--2.).1+!12K.%3%&+7!$)!
_$+T%E%$%3#!12K.%3%&+7!$)!12.-%-3).1+7!$+-!_),--+-!)33'%E,3%2.-!+3!$+-!'+('#-+.3)3%2.-!-21%)$+-`!
!!
!5SXSWS!97,#8&N&#)!FY,))$)-F&!&)!R$((3#,#6&!638#$)$%&!
>'%K%.+$$+8+.3!/#_%.%+!()'!R+-3%.K+'!^DlBka7!$)!/%--2.).1+!12K.%3%&+!+-3!,.!12.1+(3!Z,%!)!#3#!'+('%-!+3!
'#)/)(3#! ()'! W'+;8! x! Q2;+.! ^Dl4Fa7! @'2.-2.! ^Dl4Ga7! Q22(+'! x! R)b%2! ^DlGAa`! =+,'-! /#_%.%3%2.-!
12.&+'K+.3!-,'! $+,'!)--28(3%2.!1288,.+!/0,.!#3)3!/+!/%--2.).1+!'#-,$3).3!('%.1%()$+8+.3!/+! $)!
H,T3)(2-%3%2.!/0#$#8+.3-!.2.!128()3%E$+-`!@! 3%3'+! %$$,-3')3%_7!,.!1;)--+,'!Z,%!&%+.3!/+! 3%'+'! -,'!,.!
2%-+),7! $02%-+),! Z,%! 328E+! ),! -2$! +-3! +.12'+! +.! &%+`! =+! 1;)--+,'! -+! '+3'2,&+! /).-! $0%.1)()1%3#!
#823%2..+$$+!/0)1;+&+'!$02%-+),!+3!-+!3'2,&+!)8+.#!()'!$,%V8c8+!Y!('+./'+!-2%.!/+!$02%-+),!(2,'!
+.-,%3+!$+!$%E#'+'!+3!$+!'+8+33'+!+.!&2$`!Q+3!#3)3!/+!/%--2.).1+!+-3!%./,%3!()'!$+!-2,;)%3!('+8%+'!/+!
3,+'!$02%-+),!+3!$)!12.&%13%2.!-+12./+!/+!-0+.!211,(+'`!!!
=0#3)3!/+!/%--2.).1+!12K.%3%&+!+-3!,.!#3)3!%.3')V%./%&%/,+$7!/).-!$+Z,+$!$0%./%&%/,!+-3!%._$,+.1#!()'!$,%V
8c8+`! =+! ')((2'3! '#1%('2Z,+! +.3'+! )33%3,/+-! +3! 128(2'3+8+.3-! (+'8+3! /+! _)%'+! #&2$,+'! $+-!
)33%3,/+-`! =)! /%--2.).1+! +-3! /2.1! $+! '#-,$3)3! /+-! #3)3-! /+! /#-)112'/! +.3'+! )33%3,/+-! +3!
128(2'3+8+.3-7!+$$+!+.3')%.+!,.!#3)3!(-I1;2$2K%Z,+!/#-)K'#)E$+!Z,%!_2'1+!$0%./%&%/,!Y!'+8+33'+!+.!
Z,+-3%2.!$+-!-3')3#K%+-!Z,%!$,%!(+'8+33+.3!/+!'#/,%'+!-+-!3+.-%2.-`!!
@'2.-2.!x!Q)'$-8%3;!̂ Dl4ta!()'$+.3!/+!/%__#'+.3+-!-3')3#K%+-!(2,'!'#/,%'+!$)!/%--2.).1+!+3!#3)E$%--+.3!
,.+!/%-3%.13%2.!+.3'+!$)!-3')3#K%+!/+!')3%2.)$%-)3%2.7!Z,%!&%-+!Y!')H2,3+'!/+-!#$#8+.3-!12.-2.).3-!2,!Y!
8%.%8%-+'!$0%8(2'3).1+!/+-!#$#8+.3-!/%--2.).3-7!+3!$)!-3')3#K%+!&%-).3!Y!82/%_%+'!$0,.!2,!$0),3'+!/+-!
#$#8+.3-!/%--2.).3-`!
=+!1;).K+8+.3!/0)33%3,/+!+-3!/2.1!,.+!12.-#Z,+.1+!/,!1;).K+8+.3!/+!128(2'3+8+.3!Z,%!'#-,$3+!
$,%V8c8+!/0,.+!('+--%2.!Z,%!(+,3!c3'+!-2%3!%.3+'.+7!/).-!$+!1)-!/+!_)13+,'-!%.3')!%./%&%/,+$-7!1288+!
/).-!$+!1)-!/0,.+!/%--2.).1+7!-2%3!+T3+'.+!/).-!$+!1)-!/0,.+!('+--%2.!-21%)$+`!
Q0+-3!.23)88+.3!$+!1)-!/+-!-,H+3-!Z,%7!(2,'!+T($%Z,+'!,.+!)33%3,/+!.2.V12._2'8+!)&+1!$+,'!('%-+!/+!
(2-%3%2.!%.%3%)$+7!'+/#_%.%'2.3!$02EH+3!/+!'+('#-+.3)3%2.!/+!_)d2.!82%.-!12._$%13,+$$+!)&+1!$)!.2,&+$$+!
)33%3,/+! ^J2$%.+'! +3! )$`7! DllBa`! =0+T(#'%+.1+! /+! R+-3%.K+'! x! Q)'$-8%-3;! ^DlBla! &%-+! Y! %.%3%+'! ,.!
1;).K+8+.3!/y)33%3,/+!+.!('2&2Z,).3!,.!1;).K+8+.3!/+!128(2'3+8+.3!%8(2--%E$+!Y!H,-3%_%+'!()'!
27
,.!#$#8+.3!+T3+'.+`!L$!-0)K%--)%3!/+!/+8)./+'!Y!/+-!-,H+3-!/+!'#)$%-+'!,.+!3�1;+!3'[-!+..,I+,-+!+3!/+!
3+-3+'!+.!128()').3!3'2%-!K'2,(+-!/+!-,H+3-7!$+-!,.-!'+1+&).3!,.+!'#8,.#')3%2.!_2'3+!^F5!,-/a7!+3!$+-!
),3'+-!,.+!_)%E$+!'#8,.#')3%2.!^D,-/a!+3!/+&).3!)--,'+'!/+&).3!,.+!3%+'1+!(+'-2..+!Z,+!$)!3)1;+!
'#)$%-#+! #3)%3! _2'3! %.3#'+--).3+`! L$! -0)K%--)%3! /2.1! /0%./,%'+! ,.! #3)3! /+! /%--2.).1+! _2'3+! 1;+b! $+-!
%./%&%/,-!+3!+$$+!8+3!$0)11+.3!-,'!$)!.#1+--%3#7!(2,'!,.!8c8+!%./%&%/,7!/+!/%-(2-+'!/+!12..)%--).1+-!
Z,%!-0)112'/+.3!E%+.`!
*)'!$+!('21+--,-!/+!'#128(+.-+!^2,!Z,+$Z,+_2%-!()'!1+$,%!/+!$)!(,.%3%2.a!%$!+-3!/2.1!(2--%E$+!/0)''%&+'!
Y!)8+.+'!,.!%./%&%/,!Y!12.32,'.+'!,.+!/%--2.).1+!%.%3%)$+!+.!82/%_%).3!-2.!128(2'3+8+.3`!!
R+-3%.K+'! ^DlBka! ('2(2-+! 3'2%-! -3')3#K%+-! /+! 1;).K+8+.3! /0)33%3,/+!Z,%! (+'8+33+.3! /+! '#/,%'+! $)!
/%--2.).1+!+3!()'!-,%3+!/+!'+-3),'+'!,.!#3)3!12._2'3)E$+!/+!$)!12K.%3%2.`!!
"! I,!',)$3#,.$(,)$3#!638#$)$%&!+-3!1+$$+!Z,%!-02(['+!()'!,.!1;).K+8+.3!/0)33%3,/+!/+!_)d2.!Y!$)!
'+./'+! 82%.-! %.12.-%-3).3+`! Q0+-3! $+! ('21+--,-! ()'! $+Z,+$! $0%./%&%/,! 82/%_%+! -2.! )33%3,/+!
%.%3%)$+! (2,'! $)! '+./'+! ($,-! 12._2'8+! ),! 128(2'3+8+.3! ('2E$#8)3%Z,+7! +3! 1+! Y! 12./%3%2.!
Z,0+$$+! .+! -2%3! Z,+! 1+! 128(2'3+8+.3! .+! '+$[&+! ()-! /0,.+! 1'2I).1+! .%! 1+.3')$+! .%! ).1'#+!
^J)'3%.%+!x!]2,$+7!F55Aa`!
"! I,!',)$3#,.$(,)$3#!63N43')&N&#),.&!^]2,$+7!DlG4a!+-3!$+!('21+--,-!()'!$+Z,+$!$)!'#/,13%2.!/+!
$)!/%--2.).1+!+-3!'#)$%-#+!()'!$+!')H2,3!/0,.!128(2'3+8+.3!12.-%-3).3!)$$).3!/).-!$+!8c8+!
-+.-!Z,+!$+!128(2'3+8+.3!('2E$#8)3%Z,+`!!
"! I,!)'$%$,.$(,)$3#!3-!J,#,.$(,)$3#!10+-3!$+!('21+--,-!Z,%!12.-%-3+!Y!E).)$%-+'!$+-!')%-2.-!-2,-V
H)1+.3+-!Y!$)!/%--2.).1+7!̂ 9%82.!+3!)$`7!DllBa7!/+!_)d2.!Y!(2,&2%'!32$#'+'!$)!/%--2.).1+`!L$!-0)K%3!
/0)112'/+'! (+,! /0%8(2'3).1+! ),! 128(2'3+8+.3! 2,! Y! $0%._2'8)3%2.! /+! _)d2.! Y! 12.-%/#'+'!
$0)33%3,/+!%.%3%)$+!-+12./)%'+`!!
"! I&!(-443')!(36$,.!10+-3!$2'-Z,+!$0%./%&%/,!3+.3+!/+!82/%_%+'!-2.!,.%&+'-!-21%)$!(2,'!$+!'+./'+!
($,-!12._2'8+!)&+1!-+-!1'2I).1+-!^R+-3%.K+'!+3!)$`7!DlB4a`!
5SXSXS!97,#8&N&#)!FY,))$)-F&!&)!93#($(),#6&!
=+-!8).%(,$)3%2.-!128(2'3+8+.3)$+-!12./,%-+.3!$0%./%&%/,!Y!82/%_%+'!-+-!)33%3,/+-!C!10+-3!1+!Z,02.!
)((+$$+! $)! ')3%2.)$%-)3%2.! ^W+),&2%-!x! ]2,$+7! DlGD! u! Dll4a`! 62,3+_2%-7! $)! 3;#2'%+! /+! $)! /%--2.).1+!
12K.%3%&+!/#&+$2((#+!()'!R+-3%.K+'!'+(2-+!-,'!$+!('%.1%(+!/+!12.-%-3).1+!-+$2.!$+Z,+$!$0;,8)%.!-+')%3!
+.1$%.!Y!12.-+'&+'!,.+!12;#'+.1+!+.3'+!-+-!)33%3,/+-!+3!-+-!128(2'3+8+.3-`!!
28
9%!,.!%./%&%/,!+-3!)8+.#!Y!)K%'! $%E'+8+.3!/+!8).%['+!12.3')%'+!Y!-2.!)33%3,/+!%.%3%)$+7! %$!82/%_%+')!
1+33+!)33%3,/+!12._2'8#8+.3!),!128(2'3+8+.3!#8%-`!L$!+T%-3+!/2.1!,.+!_2'3+!%.3+''+$)3%2.!+.3'+!$+-!
)33%3,/+-!+3!$+!128(2'3+8+.3`!"0,.+!()'37!,.!1;).K+8+.3!/0)33%3,/+!(+,3!%./,%'+!,.!1;).K+8+.3!/+!
128(2'3+8+.3! ^8).%(,$)3%2.! (+'-,)-%&+a7! /0),3'+! ()'3! ,.+!82/%_%1)3%2.! /+! 128(2'3+8+.3! (+,3!
%./,%'+!,.!1;).K+8+.3!/0)33%3,/+!^8).%(,$)3%2.!128(2'3+8+.3)$+a`!
=+!('%.1%(+!/+! 12.-%-3).1+!/0)('[-! ]2,$+! ^F55ka! '+H2%./')%3! $+-! 3;#2'%+-! /+! $0+.K)K+8+.3! +3! /+! $)!
-2,8%--%2.!$%E'+8+.3!12.-+.3%+!^X%+-$+'7!DlkD!u!]2,$+!x!W+),&2%-7!DllG!u!U%')./2$)7!F55B!u!]2,$+!x!
W+),&2%-!F5DBa`!"+(,%-!DlB57!$+-!3;#2'%+-!/+!$)!(-I1;2$2K%+!-21%)$+!/#&+$2((+.3!/+-!82/[$+-!(2'3).3!
-,'!$)!12.-%-3).1+!12K.%3%&+7!1+!E+-2%.!/+!12;#'+.1+!#3).3!+T('%8#!1288+!,.!E+-2%.!/+!12.-%-3).1+!
Z,%! K,%/+! +3! K2,&+'.+! $02'K).%-)3%2.! +3! $+! 1;).K+8+.3! /+-! )33%3,/+-! ^P+%/+'7! DlA4! u! >-K22/! x!
6)..+.E),87!DlBB!u!@E+$-2.!x!O2-+.E+'K7!DlBG!u!J1U,%'+7!Dl45!u!�)H2.17!Dl4Ga`!!
=+!()')/%K8+!/+!$)!-2,8%--%2.!$%E'+8+.3!12.-+.3%+7!_)%3!()'3%+!/,!12'(,-!/+-!'+1;+'1;+-!)13%2.-!/+!
X,'3! =+w%.7! ^Q%)$/%.%7! DlGAu! U%')./2$)7! F55tu! U,#K,+.7! F55Fu! ]2,$+! x! W+),&2%-7! F55Fa! +3! Z,%!
(+'8+33+.3! /0)8+.+'! ),3',%7! ()'! ,.+! -#'%+! /+! ('21#/,'+-! Y! $,%! _)%'+! _)%'+! $%E'+8+.37! 1+! Z,+! $02.!
-2,;)%3+')%!Z,0%$!_)--+`!!
L$! +-3! (2--%E$+! /0)8+.+'! $+-! (+'-2..+-! Y! 82/%_%+'! $+,'-! 128(2'3+8+.3-! +3! Y! 3+'8+! Y! 1;).K+'!
/0)33%3,/+! +.! )/2(3).3! /%__#'+.3+-! )(('21;+-! Z,%! 12.-%-3+.3! (2,'! $)! ($,()'3! Y! /#-3)E%$%-+'! /+-!
1'2I).1+-!%.%3%)$+-!+3!12.3'+'!$+!('%.1%(+!/+!12.-%-3).1+!)33%3,/%.)$+`!
Q+! 1;).K+8+.3!/0)33%3,/+7! (+,3! #K)$+8+.3! c3'+! %./,%3! /).-! $+! 1)-!/0,.+! -%3,)3%2.!/+! -2,8%--%2.!
_2'1#+!/0)('[-!$+!()')/%K8+!/+!$)!-2,8%--%2.!_2'1#+!/+!]2,$+!^F55Aa!2,!$+!-,H+3!+-3!)8+.#!Y!'#)$%-+'!
,.! 128(2'3+8+.3! 12.3'+! )33%3,/%.)$7! +3! 2,! $)! /%--2.).1+! %./,%3+! +-3! '#/,%3+! +.! )H,-3).3! (!
./0)+#$/#$!$0)33%3,/+!),!128(2'3+8+.3!/+!-2,8%--%2.`!
").-!$+,'!(+3%3!3')%3#!/+!8).%(,$)3%2.!(2,'!;2..c3+-!K+.-7!]2,$+!x!W+),&2%-!^F5DBa7!('2(2-+.3!,.+!
8,$3%3,/+! /0)(('21;+-! (+'8+33).3! /0)1128()K.+'! &2%'+! /0%./,%'+! ,.+! %.12.-3).1+!
128(2'3+8+.3)$+!1;+b! $+-!(+'-2..+-`!Q+33+! %.12.-3).1+!128(2'3+8+.3)$+!+-3! $)!1$#!(2,'! %./,%'+!
,.+!82/%_%1)3%2.!+3!()'!-,%3+!,.!1;).K+8+.3!/+!$+,'-!)33%3,/+-`!
:.!_)%-).3!'#_#'+.1+!Y!Q%)$/%.%!+3!)$`7!^DlkGa7!%$-!/#1'%&+.3!$+-!+T(#'%+.1+-!/0)82'd)K+!Z,%!&2.37!+$$+-7!
K,%/+'!$+-!/#1%-%2.-!$%E'+-!+3!_2'1#+-`!Q2.3')%'+8+.3!Y!$)!(+'-#&#').1+!(2,&).3!c3'+!/#_%.%+!1288+!
$)!(+'-%-3).1+!Y!&2,$2%'!)33+%./'+!,.!2EH+13%_7!$)!(+'-#&#')3%2.!(+,3!-+!/#_%.%'!-%8($+8+.3!1288+!$)!
29
(+'-%-3).1+! Y! 8)%.3+.%'! ,.+! /#1%-%2.`! ").-! $+! 1)-! /+! $)! (+'-#&#').1+7! $0)33+%.3+! /+! $02EH+13%_!
.0+8(c1;+!()-!/+!'#&%-+'!-+-!-3')3#K%+-!+3!/+!1;).K+'!/+!($).!/0)13%2.-7!)$2'-!Z,+!/).-!$+!1)-!/+!$)!
(+'-#&#')3%2.7! $0%./%&%/,! '+-3+! f! _%T#! g! -,'! -)! /#1%-%2.`! =0+__+3! /+! (+'-#&#')3%2.! '+(2-+! /2.1! -,'!
$0+.K)K+8+.3!/+!$0%./%&%/,7!Z,0)1128()K.+!,.!-+.3%8+.3!/+!$%E+'3#!Z,%!$,%!+-3!('2('+`!
5SXS5S!97,#8&N&#)!FY,))$)-F&!&)!O,-((&(!,))'$J-)$3#(!
=0#3)3!/+!/%--2.).1+!Z,%!-+')%3!+.!8+-,'+!/0%./,%'+!1;+b!,.!%./%&%/,!,.!1;).K+8+.3!/0)33%3,/+!^1_!
-+13%2.!t`F`Da7!(2,'')%37!-+$2.!Q22(+'!^DllGa7!c3'+!12.3'#!()'!$)!12._'2.3)3%2.!/+!1+3!%./%&%/,!Y!,.+!
-2,'1+!/+!_),--+!)33'%E,3%2.7!,.+!-2'3+!/0%88,.%-)3%2.!12.3'+!$)!/%--2.).1+!%./,%3+`!
=0)33'%E,3%2.!1),-)$+7!%.3'2/,%3+!()'!R'%3b!P+%/+'!/).-!-2.!2,&')K+!f!6;+!*-I1;2$2KI!2_!L.3+'(+'-2.)$!
O+$)3%2.-!^DlBGa!g!+-3!$+!('21+--,-!()'!$+Z,+$!$+-!%./%&%/,-!)33'%E,+.3!/+,T!K'2,(+-!/+!1),-+-!Z,%!$+,'!
(+'8+33+.3! /+! 8%+,T! 128('+./'+! +3! ('#/%'+! $+,'! +.&%'2..+8+.3! +3! /0%/+.3%_%+'! $+-! 1),-+-!
'+-(2.-)E$+-!/0#&#.+8+.3-!(;I-%Z,+-!+3!/+!128(2'3+8+.3-!-21%),T`!!
Q+-!1),-+-!(+,&+.3!c3'+!-2%3!%.3+'.+-!-2%3!+T3+'.+-!)&+1!3'2%-!-#'%+-!/+!E%)%-!Z,%!$+,'!-2.3!)--21%#-!C!!!
!
"! I&!J$,$(!,6)&-'h3J(&'%,)&-'! %$$,-3'#!()'!,.+!)-I8#3'%+!/+! $)!(+'1+(3%2.!Z,02.!)!/+!-2%!()'!
')((2'3! Y! 1+$$+! /+-! ),3'+-! +3! ()'! $)Z,+$$+! 2.! )33'%E,+!($,-! /+!(2%/-! ),T! _)13+,'-! +T3+'.+-!
Z,0),T!&)$+,'-!%.3+'.+-!
"! !I&! J$,$(! FY,-)31! 63N4.,$(,#6&! +-3! $)! 3+./).1+! Y! )33'%E,+'! ($,-! /+! (2%/-! ),T! +T($%1)3%2.-!
%.3+'.+-!(2,'!-+-!('2('+-!-,11[-!+3!+T3+'.+-!(2,'!-+-!#1;+1-!
"! I&!J$,$(!F&!F$(43($)$3#!C!10+-3!/+!/2..+'!($,-!/+!&)$+,'!),T!%3+8-!Z,02.!(2--[/+!
!
Q+33+!8%-+!+.!'+$)3%2.!+.3'+!$+-!1),-+-!+3!$+-!128(2'3+8+.3-!(+'8+33+.3!/+!'#)$%-+'!$+-!-1;#8)-!/+!
1),-)$%3#`!=2'-Z,+!$)!8%-+!+.!'+$)3%2.!8+3!+.!H+,!/+-!1),-+-!+''2.#+-!)&+1!/+-!128(2'3+8+.3-!2.!
()'$+!/+!_),--+-!)33'%E,3%2.-`!
5SXS5S!97,#8&N&#)!FY,))$)-F&!&)!'&4'*(&#),)$3#(!(36$,.&(!
?#+-!/,!12.1+(3!-21%2$2K%Z,+!/+!'+('#-+.3)3%2.-!12$$+13%&+-! ^",'e+%87!F5Dta7! $+-! '+('#-+.3)3%2.-!
-21%)$+-! -2.37! -+$2.! $)! /#_%.%3%2.! /+! ]2/+$+3! ^F5DBa! f! ,.+! _2'8+! /+! 12..)%--).1+7! -21%)$+8+.3!
#$)E2'#+! +3! ()'3)K#+7! )I).3! ,.+! &%-#+! (')3%Z,+! +3! 12.12,').3! Y! $)! 12.-3',13%2.! /0,.+! '#)$%3#!
1288,.+!Y!,.!+.-+8E$+! -21%)$!g`! !Q+! 12.1+(3!(+'8+3!/+!8%+,T! 128('+./'+! $+-! %./%&%/,-!+3! $+-!
K'2,(+-!+.!).)$I-).3!$)!_)d2.!/2.3!%$-!-+!'+('#-+.3+.3!+,TV8c8+-7!$+-!),3'+-!+3!$+!82./+`!9,'!E)-+!
30
/,!82/[$+!/+!J,-12&%1%!̂ Dl4Da7!@E'%1!̂ DllAa!/#&+$2((+!$)!3;#2'%+!/,!.2I),!1+.3')$!+37!()'!+T3+.-%2.7!
1+$$+!/+-!#$#8+.3-!(#'%(;#'%Z,+-7!/).-! $)Z,+$$+! $+!.2I),!1+.3')$!+-3!,.!#$#8+.3! _2./)8+.3)$!Z,%!
/#3+'8%.+! $)! -%K.%_%1)3%2.! +3! $y2'K).%-)3%2.! /+! $)! '+('#-+.3)3%2.`! Q+! .2I),! +-3! 12.-+.-,+$! +3!
12$$+13%&+8+.3!()'3)K#`!L$!-+!1)')13#'%-+!()'!,.+!12;#'+.1+7!,.+!-3)E%$%3#!Z,%!$,%!(+'8+3!/+!'#-%-3+'!
),T! 1;).K+8+.3-`! =+-! #$#8+.3-! f! (#'%(;#'%Z,+-! g! ($,-! %.-3)E$+-7! +3! /2.1! 82%.-! ('#K.).3-7!
-02'K).%-+.3!),32,'!/,!.2I),!1+.3')$`!
!
=y%.3+'/#(+./).1+!/+-!)33%3,/+-!+3!/+-!'+('#-+.3)3%2.-!&%-VYV&%-!/0,.!2EH+3!('#-,((2-+!,.+!'#(2.-+!
/+!.)3,'+!#&)$,)3%&+!'+(2-).3!-,'!$+-!%._2'8)3%2.-!/2.3!$+-!%./%&%/,-!/%-(2-+.3!Y!('2(2-!/+!1+3!2EH+3`!
").-! $+! 82/[$+! -21%212K.%3%_! /+! *')3e).%-! x! U'++.w)$/! ^DlGla7! $0)33%3,/+! '+(2-+! -,'! ,.+!
'+('#-+.3)3%2.! 12.-3%3,#+! /0,.! '#-,8#! #&)$,)3%_! /+! $02EH+3! /0)33%3,/+! +3! /0,.! +.-+8E$+! /+!
12..)%--).1+-!-2,-V3+./).3!1+33+!#&)$,)3%2.`!
!
])-()'-!x!R')-+'! ^DlGAa!-2,$%K.+.3! $0%8(2'3).1+!/+! $0)'3%1,$)3%2.!+.3'+! $)!/%8+.-%2.!12$$+13%&+!/+-!
'+('#-+.3)3%2.-! -21%)$+-! /#_%.%+-! /).-! $+-! -I-3[8+-! /+! 1'2I).1+-! 12$$+13%&+-! +3! $)! /%8+.-%2.!
%./%&%/,+$$+! +3! $+,'! #&+.3,+$$+! 2((2-%3%2.! 2,! &)'%)3%2.-! %.3+'%./%&%/,+$$+-`! L$-! -,KK['+.3!
/y)(('#;+./+'! $+-! )33%3,/+-! 1288+! /+-! '#(2.-+-! #&)$,)3%&+-! /+! .)3,'+! %./%&%/,+$$+! Z,%! -2.3!
('2/,%3+-!-,'!$)!E)-+!/y,.!1)/'+!/+!'#_#'+.1+!1288,.`!
=+!82/[$+!E%V/%8+.-%2..+$!/+-!'+('#-+.3)3%2.-!-21%)$+-!^J2$%.+'7!DllA7!DllB)!+3!DllBEa7!-,((2-+!
Z,+! 1+$$+-V1%! -y2'K).%-+.3! ),32,'! /+! /+,T! /%8+.-%2.-! %./#(+./).3+-! C! $)! /%8+.-%2.! -3',13,')$+!
^'+$)3%&+! ),! -3)3,3! 1+.3')$! &-! (#'%(;#'%Z,+a! +3! $)! /%8+.-%2.! #&)$,)3%&+! ^'+.&2I).3! ),T! ('%-+-! /+!
(2-%3%2.-!+.&+'-!1+-!1'2I).1+-a`!").-!1+!82/[$+!$+-!1'2I).1+-!1+.3')$+-!-2.3!12.-%/#'#+-!1288+!
12.-+.-,+$$+-7! +3! $0+.-+8E$+! /+-! &)'%)3%2.-! %.3+'%./%&%/,+$$+-! 1288+! '+('#-+.3).3! $+-! #$#8+.3-!
(#'%(;#'%Z,+-`!=0)33%3,/+!+.&+'-!,.!2EH+3!'#-,$3+!/2.1!/0,.+!'+('#-+.3)3%2.!/+!.)3,'+!#&)$,)3%&+!-+!
3')/,%-).3!()'!/+-!&)'%)3%2.-!%.3+'%./%&%/,+$$+-!/).-!$+-!('%-+-!/+!(2-%3%2.!+.&+'-!$+-!1'2I).1+-!Z,%!$,%!
-2.3!)--21%#+-!^J2$%.+'!x!6)_).%7!Dllka`!
=+-! 1'2I).1+-! )--21%#+-! Y! ,.! 2EH+3! /+! '+('#-+.3)3%2.! -2.3! %.&+-3%+-! /y,.+! _2.13%2.! H,-3%_%1)3'%1+!
^@E'%17!DllAEa!+3!12.-3%3,+.3!-+$2.!W%$$%K!^Dllta!,.!1)/'+!(+'8+33).3!/+!H,-3%_%+'!,.+!)33%3,/+!&%-VYV
&%-! /+! $02EH+3! +3! #&+.3,+$$+8+.3!/+!823%&+'! ,.! 1;).K+8+.3!/0)33%3,/+!2,! $+! '+H+3! /0,.+!(2-%3%2.!
)$3+'.)3%&+`!
31
6)_).%! ^F55Da7! %$$,-3'+! $+! '{$+! -3',13,').3! /+-! 1'2I).1+-! 1+.3')$+-! +3! $+! '{$+! /+-! #$#8+.3-!
(#'%(;#'%Z,+-!/).-!$+-!8#1).%-8+-!/+!/#_+.-+!/0,.+!'+('#-+.3)3%2.7!+.!1+!-+.-!Z,0%$-!12.-3%3,+.3!
,.+!b2.+!3)8(2.!+.3'+!$+-!1'2I).1+-!%.12./%3%2..+$$+-!/,!-I-3[8+!1+.3')$!+3!$+-!%._2'8)3%2.-!2,!$+-!
(')3%Z,+-!Z,%!-+')%+.3!-,-1+(3%E$+-!/+!$+-!'+8+33'+!+.!1),-+!^@E'%17!DllA)u!DllAEu!R$)8+.37!DllA)u!
DllA1a`!
62,3+!'+-3',13,')3%2.!12K.%3%&+!/y,.!1;)8(!'+('#-+.3)3%2..+$!12.-3%3,+!,.!3')&)%$!()'3%1,$%['+8+.3!
12~3+,T! /y,.! (2%.3! /+! &,+! 12K.%3%_`! >.! (+,3! /2.1! (+.-+'! Z,+! $)! 82/%_%1)3%2.! -3',13,')$+! /0,.+!
'+('#-+.3)3%2.!-,((2-+!$0+.K)K+8+.3!/+-!-,H+3-!/).-!,.+!(')3%Z,+!Z,%!8+3!/%'+13+8+.3!+.!1),-+7!
.2.! ()-! $0)33%3,/+7! 8)%-! $+-! 1'2I).1+-! 1+.3')$+-! )--21%#+-! Y! $y2EH+3! /+! '+('#-+.3)3%2.! 12.-%/#'#!
^6)_).%7!F55Da`!!!!
5SXS]S!97,#8&N&#)!FY,))$)-F&!&)!O.&T$J$.$)*!638#$)$%&!
=)! _$+T%E%$%3#! 12K.%3%&+! +-3! $)! _2.13%2.! +T#1,3%&+! Z,%! (+'8+3! Y! ,.! %./%&%/,! /0)/)(3+'! -+-!
128(2'3+8+.3-!+.!_2.13%2.!/+-!82/%_%1)3%2.-!/+!-2.!+.&%'2..+8+.3`!").-!-)!'+&,+7!Q).)-!^F55ta!
/#_%.%3!$)!_$+T%E%$%3#!12K.%3%&+!1288+!$)!1)()1%3#!/0,.+!(+'-2..+!Y!-0)/)(3+'!Y!/+!.2,&+$$+-!12./%3%2.-!
/).-! $y+.&%'2..+8+.3! ^Q)�)-! +3! )$`7! F55ta`! =)! _$+T%E%$%3#! 12K.%3%&+! %8($%Z,+! /2.1! ,.! ('21+--,-!
/0)(('+.3%--)K+!^)1Z,%-!)&+1!$0+T(#'%+.1+a`!Q+!-2.3!/2.1!$)!-#'%+!/+!1;).K+8+.3-!/+!128(2'3+8+.3-!
Z,%!-0+__+13,+!)('[-!,.+!'#(2.-+!Y!/+-!82/%_%1)3%2.-!/).-!$0+.&%'2..+8+.3`!!
"0)('[-! 9(%'2! ^DlGGa7! ($,-! ,.+! (+'-2..+! +-3! _$+T%E$+! 12K.%3%&+8+.37! ($,-! +$$+! )! $)! (2--%E%$%3#! /+!
'+-3',13,'+'! ')(%/+8+.3! -+-! '#(2.-+-! Y! /+-! /+8)./+-! 82/%_%#+-! /).-! $0+.&%'2..+8+.3`! L$! +-3!
(2--%E$+! /0%.%3%+'! 2,! /0)8#$%2'+'! $)! _$+T%E%$%3#! 12K.%3%&+! /0,.! %./%&%/,! ()'! $+! E%)%-! /0+T+'1%1+-!
)(('2('%#-`!*)'! 12.-#Z,+.37! %$! +-3!(2--%E$+!/+! '#/,%'+! $)! '#-%-3).1+!),!1;).K+8+.3!+3!/+! _)1%$%3+'!
$0)11+(3)3%2.! +.! )8#$%2').3! $)! _$+T%E%$%3#! /0,.+! (+'-2..+`! L$! /+&%+.3! /2.1! +.-,%3+! ($,-! _)1%$+! /+!
82/%_%+'!-+-!(+'1+(3%2.-`!
").-!1+33+!(+'-(+13%&+7!$)!_$+T%E%$%3#!/+&%+.3!+$$+V8c8+!,.!%./%1)3+,'!/+!$)!1)()1%3#!/0,.!%./%&%/,!Y!
82/%_%+'!-+-!1'2I).1+-7!-+-!;)E%3,/+-!+3!-+-!)33%3,/+-!^O2e+)1;7!Dl45u!91;,$3b!x!9+)'$+8).7!F55Fa`!
:.!1+!-+.-7!+$$+!-02((2-+!Y!$)!'%K%/%3#!+3!'+('#-+.3+!,.!('21+--,-!12K.%3%_!%.3#K')3+,'`!Q+!('21+--,-!
+-3!-2,&+.3!8%-!+.!'+$)3%2.!)&+1!$)!_$,+.1+!/+!$0)13%2.!Z,%!+$$+7!'+('#-+.3+!$)!')(%/%3#!+3!$)!_)1%$%3#!)&+1!
$)Z,+$$+!$+!()--)K+!/0,.+!)13%&%3#!Y!$0),3'+!+-3!(2--%E$+!^@$3+'!x!>((+.;+%8+'7!F55la`!!!
32
?28E'+!/+!1;+'1;+,'-7!+.3'+!),3'+-!Q)�)-!+3!)$`7!^F55tau!O%33+'!+$!)$`7!^F5DDa7!2.3!#3,/%#!$)!(2--%E%$%3#!
/0)8#$%2'+'!$+-!)(3%3,/+-!12K.%3%&+-!Y!$)!_$+T%E%$%3#!/0,.+!(+'-2..+!+.!82/%_%).3!/+-!()')8[3'+-!/+!
-2.!+.&%'2..+8+.3!/+!&%+!2,!+.!$)!-2,8+33).3!Y!,.+!-#'%+!/y+T+'1%1+-!/%3-!/+!_$+T%E%$%3#`!
J%I)e+! +3! )$`7! ^F555a! /#1'%&+.3! 3'2%-! _2.13%2.-! +T#1,3%&+-! /+! $)! _$+T%E%$%3#! 12K.%3%&+! Z,%! -2.3! $+-!
('21+--,-!/+!8%-+!Y!H2,'!-+$2.!$+Z,+$!$+!12.3+.,!/+!$)!8#82%'+!-+!82/%_%+!+.!_2.13%2.!/+!.2,&+$$+-!
+.3'#+-7!$+-!('21+--,-!/+!_$+T%E%$%3#!Z,%!12.1+'.+.3!$+!/#($)1+8+.3!&2$2.3)%'+!/+!$0)33+.3%2.!+3!+._%.!
$+-! ('21+--,-! /0%.;%E%3%2.! Z,%! (+'8+33+.3! /0#&%3+'! $)! (+'3,'E)3%2.! /+-! )13%&%3#-! +.! 12,'-! ()'! /+-!
%._2'8)3%2.-!.2.!(+'3%.+.3+-`!!
5S5S!R$(43($)$3#!(4,)$,.&(!&)!*N3)$3#(!
"+!.28E'+,-+-!#3,/+-!2.3!82.3'#!Z,+!$)!(+'1+(3%2.!/+!$0+-()1+!+-3!)-I8#3'%Z,+!+3!Z,+!$)!1)()1%3#!
Y!(+'1+&2%'!$+-!2EH+3-!+3!Y!$+-!)(('#1%+'!/#(+./!/+!$+,'!(2-%3%2.!$)3#')$+!()'!')((2'3!Y!$02E-+'&)3+,'`!
Q+33+!/%-3%.13%2.!(+,3!c3'+!-2%3!+.!'+$)3%2.!)&+1!$+!82./+!+T3#'%+,'!+3!+.!12.-#Z,+.3!'#-,$3+'!/0,.+!
(+'1+(3%2.!/+!$0+-()1+!/+!&%+!/+!$0%./%&%/,7!2,!E%+.!c3'+!,.+!12.-#Z,+.1+!/+!-2.!/#&+$2((+8+.3!
1,$3,'+$!2,!(+'-2..+$`!Q+33+!()'3%+!/#&+$2((+')!$+-!/%-(2-%3%2.-!-()3%)$+-!+3!$+,'-!'+$)3%2.-!)&+1!$+-!
#823%2.-`!!
5S5SWS!+&'6&4)$3#!F&!.Y&(4,6&^!.,)*',.$)*!&)!&T4*'$&!*N3)$3##&..&!
").-!32,3+-!$+-!$).K,+-!/,!82./+7!%$!+T%-3+!/+-!8#3)(;2'+-!Z,%!$%+.3!$0+-()1+!),T!'+--+.3%-!+3!),T!
H,K+8+.3-!#823%2..+$-!C!+.!_').d)%-7!f!c3'+!$+!E')-!/'2%3!/+!Z,+$Z,0,.!g7!Z,%!-%K.%_%+!c3'+!$+!('%.1%()$!
12$$)E2')3+,'!/+!Z,+$Z,0,.!)$2'-!Z,+!f!-+!$+&+'!/,!(%+/!K),1;+!g!'+.&2%+!Y!$)!8),&)%-+!;,8+,'!u!
$0+T('+--%2.!f!82.3+'!),!k[8+!1%+$!g!/#1'%3!,.!#3)3!/+!E2.;+,'`!
"0)('[-! O+b),$! x! P)'2I,e%! ^F5D5a7! $)! (+'1+(3%2.! )-I8#3'%Z,+! /+! $0+-()1+! '#(2./! Y! $)! '#(2.-+!
/%__#'+.3%+$$+!/,!1+'&+),!),T!-3%8,$%!&%-,+$-`!W')/-;)w!^DlGka!+3!?%1;2$$-!+3!)$`7!^F55Da!2.3!)--%8%$#!$)!
3+./).1+!Y!8%+,T!(+'1+&2%'! $+-!2EH+3-!($)1#-!Y!K),1;+!/0,.!2E-+'&)3+,'!Y!,.+!-2,-V)13%&)3%2.!/+!
$0;#8%-(;['+!/'2%3!/+-!-,H+3-!̂ ;+8%V.+K$+13a!+3!()'!12.-#Z,+.37!Y!,.+!('#_#'+.1+!Y!$0)(('#1%)3%2.!/+-!
2EH+3-!($)1#-!Y!/'2%3+!1;+b!$+-!-,H+3-!.2'8),T`!
W+%$21e!x!P2$3!^F55ka!+3!])-8%.!x!Q)-)-).32!^F5DFa!-+!-2.3!%.3#'+--#-!Y!$)!3I(2K')(;%+!-,'!$+-!1$)&%+'-!
pv:O6<!+.!82.3').3!$)!('#_#'+.1+!/+-!-,H+3-!^/'2%3%+'-a!),T!$+33'+-!3)(#+-!)&+1!$)!8)%.!/'2%3+!()'!
')((2'3!Y!1+,T!3)(#-!)&+1!$)!8)%.!K),1;+!^f!$0+__+3!pv:O6<!ga`!
33
=)! (+'1+(3%2.! &%-,+$$+! /0,.! 2EH+3! ()'3)K+! $+-! 8c8+-! 1+.3'+-! -+.-2'%823+,'-! +3! $+-! 8c8+-!
+T(#'%+.1+-!-()3%)$+-!Z,+!$02EH+3!$,%V8c8+!^]+)..+'2/7!DllA!u!F55D!u!F554!u!"+1+3I!u!Dll4!"+1+3I!x!
]+)..+'2/!Dll4a`!!=)!(+'1+(3%2.7!$)!12K.%3%2.!+3!$0)13%2.!-2.3!/2.1!%.3+'V'+$%#+-!)&+1!$+-!('21+--,-!+3!
$+-!+T(#'%+.1+-!-+.-2'%823'%1+-!^W)'-)$2,7!Dlll!u!F55Ga`!*+.-+'!Y!,.!2EH+37!$+!'+K)'/+'!2,!$%'+!-2.!
.28! K#.['+! /2.1! ,.+! +T(#'%+.1+! -+.-2'%823'%1+! +3! ,.! #3)3! 12'(2'+$! ).)$2K,+-! Y! 1+,T! Z,%!
('#&),/')%+.3!+.!1)-!/+!('#-+.1+!'#+$$+!/+!$02EH+3!^U)$$+-+7!F55B7!F55la`!v2$(+'3!+3!)$`7!^F55ta!2.3!
82.3'#!Z,0%$!+-3!(2--%E$+!/0).3%1%(+'!$+-!12.-#Z,+.1+-!823'%1+-!/0,.+!)13%2.`!"+!($,-7!@.+$$%!+3!)$`7!
^F5DFa7!W'2,%$$+3!+3!)$`!^F5DGa!2.3!#3,/%#!$)!/2,$+,'!)--21%#+!Y!$0).3%1%()3%2.!/0,.+!)13%2.!)--21%#+!Y!
$)!/2,$+,'`!Q+-!#3,/+-!)%.-%!Z,+!1+$$+-!/0@&+.).3%!+3!)$`7!̂ F55B7!F5Dta!+3!N%1)'%2!+3!)$`7!̂ F5DBa7!)--21%+.3!
$)!(+'1+(3%2.!/+!$0+-()1+!Y! $)!'+('#-+.3)3%2.!/,!-I-3[8+!-+.-2'%V823+,'!+3!()'!12.-#Z,+.3!Y!-2.!
)--21%)3%2.!),T!#823%2.-`!
").-! 1+33+! (+'-(+13%&+7! %$! +-3! -2,&+.3! .23#! /).-! $+-! '+1;+'1;+-! Z,+! $+-! #823%2.-! (2-%3%&+-! -2.3!
)--21%#+-! ),T! +-()1+-! #$+&#-! )$2'-! Z,+! $+-! +-()1+-! E)-! -2.3! )--21%#-! ),T! #823%2.-! .#K)3%&+-!
^O%1;)'/-2.!+3!)$`7!F55tu!J+%+'!+3!)$`7!F55A!u!F554!u!F55k)!u!F55kE!u!W'22e-;%'+!+3!)$`7!F5D5a`!"+!8c8+!
Q)-)-).327!^F5D5a!+3!J%$;),!+3!)$`7!^F5Dt7!F5DAa!+3!W'2,%$$+3!+3!)$`7!^F5DBa!2.3!).)$I-#!$+-!(+'1+(3%2.-!
$)3#')$+-!+.!/%-3%.K,).3! $)!K),1;+!Y! $)Z,+$$+! -2.3!)--21%#+-!/+-!#823%2.-!.#K)3%&+-!+3! $)!/'2%3+!Y!
$)Z,+$$+!-2.3!)--21%#+-!/+-!#823%2.-!(2-%3%&+-`!
*$,-!$)!(2-%3%2.!/0,.!2EH+3!+-3!12._2'8+!)&+1!1+!Z,%!+-3!)33+./,!/+!1+3!2EH+37!($,-!-2.!#&)$,)3%2.!+-3!
(2-%3%&+!^91;.)$$!x!Q$2'+!F554a`!").-!1+!-+.-7!/+-!823-!2,!/+-!2EH+3-!(+'d,-!/+!_)d2.!(2-%3%&+!+3!
($)1#-!+.!;),3!Y!/'2%3+! -,'!,.!()(%+'7! -+'2.3!#&)$,#-!+.12'+!($,-!(2-%3%&+8+.3`!*)'+%$$+8+.3!/+-!
2EH+3-! 2,! /+-!823-! (+'d,-! .#K)3%&+8+.3! +3! ($)1#-! +.! E)-! Y! K),1;+! /0,.! ()(%+'! -+'2.3! #&)$,#-!
(2-%3%&+8+.3!12.3')%'+8+.3!Y!/+-!823-!2,!/+-!2EH+3-!%.%3%)$+8+.3!(+'d,-!(2-%3%&+8+.3!8)%-!($)1#-!
+.!E)-!Y!K),1;+`!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
5S5SXS!+&'6&4)$3#!F&!.Y&(4,6&!&)!N3F&!6-.)-'&.!
=+-! %._$,+.1+-! 1,$3,'+$$+-7! +3! .23)88+.3! $+-! +__+3-! /+! 82/+-! /+! $+13,'+! +3! /0#1'%3,'+7! -,'! $+-!
(+'1+(3%2.-!2.3!#3#!#3,/%#+-7!+3!()'3%1,$%['+8+.3!+.!1+!Z,%!12.1+'.+!$+,'!'+$)3%2.!)&+1!$)!(+'1+(3%2.!
&%-,+$$+!+3!-()3%)$+`!!R)K)'/!x!");8+.!^F55ta!-+!-2.3!('%.1%()$+8+.3!%.3#'+--#-!),T!82/+-!/0#1'%3,'+!
-%.%-3'2&+'-+!^K),1;+V/'2%3+a!+3!/+T3'2&+'-+!^/'2%3+VK),1;+a!+3!Y!$+,'!%._$,+.1+!-,'!$)!(+'1+(3%2.!/+!
$0+-()1+`!!=)!_)d2.!/2.3!$+-!(+'-2..+-!(+'d2%&+.3!$+,'!+.&%'2..+8+.3!/+!&%+!/#(+./!/+!/+,T!_)13+,'-!
('%.1%(),T!C!!$)!/28%.).1+!8).,+$$+!+3!$)!$)3#')$%3#!^Q)-)-).327!F55la!Z,%!/#(+./+.3!32,-!$+-!/+,T!/,!
82/+! /0#1'%3,'+`! R%-e! x! U22/)$+7! ^DlGBa! 2.3! ).)$I-#-! $+-! &%3+--+-! /+-! )13%2.-! %(-%$)3#')$+-! +3!
34
12.3')$)3#')$+-!(2,'!$+-!8)%.-!/28%.).3+-!+3!.2.V/28%.).3+-`!L$!-0+-3!)&#'#!Z,0%./#(+./)88+.3!/,!
_)%3!/0c3'+!/'2%3%+'!2,!K),1;+'7! $)!8)%.!/'2%3+!+-3!($,-!_$,+.3+!-,'!$)!()'3%+!/'2%3+!/+!$0+-()1+!+3!$)!
8)%.!K),1;+!+-3!($,-!_$,+.3+!-,'!$)!()'3%+!K),1;+!/+!$0+-()1+!^"+!$)!N+K)!+3!)$`7!F5Dta`!"+!8c8+!%$!
-+8E$+! .#1+--)%'+! /+! ('+./'+! +.! 12.-%/#')3%2.! $)! $21)$%-)3%2.! /+-! '#(2.-+-! +.! _2.13%2.! /+! $)!
12.K',+.1+!823'%1+!/+-!(+'-2..+-!^J%$;),7!W'2,%$$+3!x!W'2,%$$+37!F5Dt!u!F5DAa`!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
! !
35
]S!BP:=9@>;A^!dc+B@d=A=A!=@!A9d=2D!R=!<=9d=<9d=!
Q+! 3')&)%$! /+! '+1;+'1;+! )E2'/+! ,.+! ('2E$#8)3%Z,+! 3').-/%-1%($%.)%'+7! 1+$$+! /,! 3').-_+'3! /+!
12..)%--).1+-!/+!$)!-(;['+!/+-!-(#1%)$%-3+-7!#12$2K%-3+-!&+'-!$+-!/#1%/+,'-7!)13+,'-!+3!),3'+-!()'3%+-!
('+.).3+-!/0,.!('2H+3!+.&%'2..+8+.3)$`!!
:$$+!()'3!/,!12.-3)3!Z,+!-%!$+-!3+1;.%Z,+-!+3!8#3;2/+-!/0%.3+'&+.3%2.!-2.3!()'_2%-!8)%3'%-#+-!2,!-%!$+-!
'+1;+'1;+-!3;#8)3%Z,+-!(+'8+33+.3!/+!8%+,T!8)r3'%-+'!1+-!8#3;2/+-7!$+!3').-_+'3!/y%._2'8)3%2.!),T!
1288,.),3#-!+3!/#1%/+,'-!'+('#-+.3+!+.12'+!,.!/#_%`!!
]SWS!BJg&6)$O!8*#*',.!&)!3Jg&6)$O(!34*',)$3##&.(!L!
=02EH+13%_!K#.#')$!/+!1+!3')&)%$!/+!3;[-+!+-3!/+!C!
Q28('+./'+!$+-!'+('#-+.3)3%2.-!/+-!1288,.),3#-!;,8)%.+-!(2,'!8%+,T!)/)(3+'!/+-!2,3%$-!
/+!$)!(-I1;2$2K%+!12K.%3%&+!+.!&,+!/+!12.1%$%+'!$+-!('%2'%3#-!#12$2K%Z,+-!)&+1!$+-!)33+.3+-!/+-!
1288,.),3#-!;,8)%.+-! 12.1+'.#+-!()'!,.!('2H+3!+.&%'2..+8+.3)$!+.! -0)((,I).3! -,'! $+-!
12..)%--).1+-!/+!$+,'!_2.13%2..+8+.3!12K.%3%_`!
L$!-+!/#1$%.+!+.!3'2%-!2EH+13%_-!2(#')3%2..+$-`!
BJg&6)$O!34*',)$3##&.!WL!
Q28('+./'+!$+!_2.13%2..+8+.3!/+-!#12-I-3[8+-!/#K')/#-!+3!$+,'-!E+-2%.-!Y!$)!'+-3),')3%2.!
#12$2K%Z,+!+.!3+'8+-!/+!8#3;2/+-!/0%.3+'&+.3%2.-!-,'!$+!3+'')%.`!
BJg&6)$O!34*',)$3##&.!XL!
Q28('+./'+! $+-! '+('#-+.3)3%2.-! /+-! 1288,.),3#-! ;,8)%.+-! ()'! ,.+! ).)$I-+! /+! $+,'
! _2.13%2..+8+.3!12K.%3%_!
BJg&6)$O!34*',)$3##&.!5L!
6+-3+'!+3!)/)(3+'!/+-!2,3%$-!/+! $)!(-I1;2$2K%+!12K.%3%&+!+3!-21%)$+!(2,'!8%+,T!12.1%$%+'! $+-!
('%2'%3#-!#12$2K%Z,+-!)&+1!$+-!)33+.3+-!/+-!1288,.),3#-`!
!
!
36
]SXS!A67*N,!F&!'&67&'67&!
=+!-1;#8)!/+!'+1;+'1;+!)!-,%&%!,.+!)(('21;+!8#3;2/2$2K%Z,+!8,$3%V('2TI!/#3)%$$#+!1288+!-,%3C!
=)-F&!4'$#6&4(!C!;/'1$2$+#!2+0!.#$/#$)G0!G1/2/&$H*+0!+)!#+.#G0+')()$/'0!,*-($'+0!
O34+1)$?:!*'2(2-+'!,.!($).!/+!'#;)E%$%3)3%2.!-,'!,.+!1)''%['+!)E)./2..#+!Z,%!'#(2./!Y! $)! _2%-!),T!
)33+.3+-!/+-!)13+,'-!12.1+'.#-!)%.-%!Z,0),T!E+-2%.-!/+!#12$2K%Z,+-!/,!-%3+!^-3',13,'+!+3!_2.13%2.-a`!
=T4*'$&!W:!8+))#+!2(!?2+>$3$2$)G!1/&'$)$<+!(*!0+#<$1+!%+!2(!#G,(3$2$)()$/'!G1/2/&$H*+!%+0!1(##$I#+0!!
O34+1)$?C!!6+-3+'!$)!12.3'%E,3%2.!/+-!+T+'1%1+-!/+!_$+T%E%$%3#!Y!E)%--+'!$)!'#-%-3).1+!/+-!1288,.),3#-!
$21)$+-!12.1+'.#+-!()'!,.!('2H+3!/+!O+-3),')3%2.!#12$2K%Z,+!
B7./),I0+!BPC!=+-!+T+'1%1+-!/+!_$+T%E%$%3#!12K.%3%&+!(+,&+.3!(+'8+33'+!/+!E)%--+'!$+-!'#-%-3).1+-!+3!
)%/+'!Y!$0)E)./2.!/,!-1;#8)!%.%3%)$!1;+b!/+-!1288,.),3#-!12.1+'.#+-!()'!,.!('2H+3!/+!'+-3),')3%2.!
#12$2K%Z,+!
B7./),I0+!BQ:!=)!128E%.)%-2.!/+!$0)(('21;+!_$+T%E%$%3#!)&+1!/+-!-+--%2.-!/+!-+.-%E%$%-)3%2.!_)&2'%-+!
$0)11+(3)E%$%3#!&%-!Y!&%-!/0,.!('2H+3!%..2&).3`!
=T4*'$&!X!L!9<(2*+#!2+0!(../#)0!%+!2(!.071,/2/&$+!+'<$#/''+-+')(2+!(*>!.#/4+)0!%+!#+0)(*#()$/'!
G1/2/&$H*+!!
O34+1)$?!C!J2.3'+'!Z,+!$+!(2-%3%2..+8+.3!/0,.+!%8)K+!/).-!$0+-()1+!)__+13+!-2.!)(('#1%)3%2.!
B7./),I0+!BR!C!=+!(2-%3%2..+8+.3!/0,.+!%8)K+!/).-!$0+-()1+!)__+13+!$0#&)$,)3%2.!#823%2..+$$+!/+!
1+33+!/+'.%['+!$2'-!/+!$)!('#-+.3)3%2.!/0,.!('2H+3!
!!
=T4*'$&!5!L!K*#!2+0!#+2()$/'0!+')#+!.#()$H*+0!&#(.,$H*+0!+)!<(2+'1+!%+0!/34+)0!!
O34+1)$?!:!J2.3'+'!Z,+!$+!-+.-!/0#1'%3,'+!^W%$)3#')$!&-`!9%.%-3'2&+'-+a!/+-!1288,.),3#-!1%E$+-!)__+13+!
$0#&)$,)3%2.!#823%2..+$$+!
B7./),I0+!BS!:!=+-!(+'-2..+-!)')E2(;2.+-!#&)$,+'2.3!/+!_)d2.!/%__#'+.3+!$+-!8c8+-!%8)K+-!Z,+!
/+-!(+'-2..+-!E%!1,$3,'+$$+-!-,'!,.+!8c8+!#1;+$$+!/0)(('#1%)3%2.!
=T4*'$&!]!L!L+0)+#!*'!/*)$2!%MG<(2*()$/'!0.()$(2+!#(.$%+!
O34+1)$?! C! *'2(2-+'! ,.+! 8#3;2/+! ')(%/+! Z,%! (+'8+3! /0#&)$,+'! $+-! ('#_#'+.1+-! /+! 12._%K,')3%2.!
-()3%)$+-!/+-!1288,.),3#-V1%E$+-!)_%.!/0)/)(3+'!$+-!82/+-!/+!('#-+.3)3%2.!/+-!('2H+3-`!!
37
B7./),I0+!BT!C!L$!+-3!(2--%E$+!/+!128('+./'+!$)!12._%K,')3%2.!-()3%)$+!/+-!(+'-2..+-!1%E$+-!+3!/0)/)(3+'!+.!
_2.13%2.!$+-!2,3%$-!/+!1288,.%1)3%2.`!
=+!3)E$+),!D!1%V)('[-!'#-,8+!$+!-1;#8)!/+!'+1;+'1;+!/+!$)!3;[-+!
@,J.&,-!WL!91;#8)!/+!'+1;+'1;+!/+!$)!3;[-+!
d043)7G(&(! BJg&6)$O! +-J.$6,)$3#!
:3,/+!('%.1+(-! *'2(2-+'! ,.! ($).! /+! '#;)E%$%3)3%2.!
12.1%$%).3! ('%2'%3#-! #12$2K%Z,+-! +3!
)33+.3+-!;,8)%.+-!
"#$%&$'&! '()*#+! ('%! ,*-('! .#$/#$)$+0! $'!
+1/2/&$1(2! #+,(3$2$)()$/'! .#/4+1)05! (! 1(0+!
#+./#)! 6#/-! 7+%$)+##('+('! +'8$#/'-+')5!
9())$'+:!;+3('/'!!
BPC! =+-! +T+'1%1+-!
/+! _$+T%E%$%3#!
12K.%3%&+!(+,&+.3!
(+'8+33'+! /+!
E)%--+'! $+-!
'#-%-3).1+-! +3!
)%/+'! Y! $0)E)./2.!
/,!-1;#8)!%.%3%)$!!!
W)%--+'! $)! '#-%-3).1+! ()'! /+-!
+T+'1%1+-!/+!_$+T%E%$%3#!
<,+'! =0>1,/2/&>! 7++)! ?1/2/&>@! A/&'$)$8+!
B2+C$3$2$)>!6/#!9*(##>!D+,(3$2$)()$/'!!
!
!
PFC! =)!
128E%.)%-2.! /+!
$0)(('21;+!
_$+T%E%$%3#!)&+1!/+-!
-+--%2.-! /+!
-+.-%E%$%-)3%2.!
_)&2'%-+!
$0)11+(3)E%$%3#! &%-!
Y! &%-! /0,.! ('2H+3!
%..2&).3`!
!
!
@8#$%2'+'! $0)11+(3)E%$%3#! )&+1! /+-!
-+--%2.-! /+! -+.-%E%$%-)3%2.!
128E%.#+! Y! /+-! +T+'1%1+-! /+!
_$+T%E%$%3#!
!!
!!
38
Pt! C! =+!
(2-%3%2..+8+.3!
/0,.+! %8)K+! /).-!
$0+-()1+! )__+13+!
$0#&)$,)3%2.!
#823%2..+$$+! /+!
1+33+! /+'.%['+! $2'-!
/+! $)! ('#-+.3)3%2.!
/0,.!('2H+3!
J2.3'+'!Z,+! $)!(2-%3%2.!/0,.!2EH+3!
/).-!$0+-()1+!)__+13+!-2.!#&)$,)3%2.!!
!
!
!
!
J2.3'+'! Z,+! $+! -+.-! /0#1'%3,'+!
^W%$)3#')$! &-`! 9%.%-3'2&+'-+a! /+-!
1288,.),3#-! 1%E$+-! )__+13+!
$0#&)$,)3%2.!#823%2..+$$+!
!
!E/F! %/! F+! .+#1+$8+! ('$-(20! ('%! .2(')0G!
A/')#$3*)$/'! /6! 0.()$(2! 1/&'$)$/'! )/!
+1/2/&$1(2!#+,(3$2$)()$/'!.#/4+1)!!
!
!
!
BS! :! =+-!
(+'-2..+-!
)')E2(;2.+-!
#&)$,+'2.3! /+!
_)d2.! /%__#'+.3+!
$+-!8c8+-!%8)K+-!
Z,+! /+-!
(+'-2..+-! E%!
1,$3,'+$$+-! -,'!
,.+! 8c8+!
#1;+$$+!
/0)(('#1%)3%2.!
!*'2(2-+'! ,.+!8#3;2/+! ')(%/+! Z,%!
(+'8+3!/0#&)$,+'!$+-!('#_#'+.1+-!/+!
12._%K,')3%2.! -()3%)$+-! /+-!
1288,.),3#-V1%E$+-!)_%.!/0)/)(3+'!
$+-! 82/+-! /+! ('#-+.3)3%2.! /+-!
('2H+3-!
H%(.)$'&! .#+0+')()$/'! -/%+0! )/! 1*2)*#(2!
3(1I&#/*'%0! $'! +'8$#/'-+')(2! .#/4+1)0@! ),+!
+66+1)!/6!#+(%$'&JF#$)$'&!,(3$)0!!
BT!C!L$!+-3!(2--%E$+!
/+!128('+./'+! $)!
12._%K,')3%2.!
-()3%)$+! /+-!
(+'-2..+-! 1%E$+-!
+3! /0)/)(3+'! +.!
_2.13%2.!$+-!2,3%$-!
/+!
1288,.%1)3%2.`!
!*'2(2-+'! ,.+!8#3;2/+! ')(%/+! Z,%!
(+'8+3!/0#&)$,+'!$+-!('#_#'+.1+-!/+!
12._%K,')3%2.! -()3%)$+-! /+-!
1288,.),3#-V1%E$+-!)_%.!/0)/)(3+'!
$+-! 82/+-! /+! ('#-+.3)3%2.! /+-!
('2H+3-`!
!H! 0$-.2+! )//2! )/! (11/*')! 6/#! ),+! 0.()$(2!
0.+1$6$1$)$+0! /6! 0)(I+,/2%+#0! $'! +1/2/&$1(2!
#+,(3$2$)()$/'!.#/4+1)0@!(!B2(0,!)+0)!!
!!
39
ZS!<=A"I@D@A!
Q+33+! ()'3%+! )E2'/+! $+-! '#-,$3)3-! /+-! B! +T(#'%8+.3)3%2.-! Z,%! 2.3! _)%3! $02EH+3! /+! B! (,E$%1)3%2.-! ^t!
)'3%1$+-!(,E$%#-!+3!F!-2,8%-a`!:$$+!-+!('#-+.3+!-2,-!_2'8+!/+!'#-,8#!$2.K!Z,%!+.!/#3)%$$+!$02EH+13%_7!$+-!
('%.1%(),T!'#-,$3)3-!+3!$)!12.1$,-%2.!-,%&%!/+!$0)'3%1$+!$,%V8c8+!3+$!Z,+!-2,8%-!2,!3+$!Z,+!(,E$%#!()'!
$)!'+&,+`!!
! !
40
ZSWS!93#6$.$&'!.&(!4'$3'$)*(!*63.38$E-&(!,%&6!.&(!'&4'*(&#),)$3#(!7-N,$#&(!F,#(!-#!
4'3g&)!F&!'*7,J$.$),)$3#!
Q+33+!#3,/+!('%.1+(-!)&)%3!(2,'!2EH+13%_!/+!12.1%$%+'!$+-!('%2'%3#-!#12$2K%Z,+-!)&+1!$+-!'+('#-+.3)3%2.-!
;,8)%.+-!/).-!,.!('2H+3!/+!'#;)E%$%3)3%2.!/+!1)''%['+`!:.!8)3%['+!/+!K#.%+!#12$2K%Z,+!)(($%Z,#!Y!$)!
'+-3),')3%2.!/+-!8%$%+,T!+T3'c8+8+.3!/#K')/#-!1288+!$+-!1)''%['+-!/0+T3')13%2.!/+!8)3#'%),T7!$+-!
8#3;2/+-!Y!8+33'+!+.!s,&'+!-2.3!-2,&+.3!/+-!8#3;2/+-!3+-3-!2z!$)!8)H+,'+!()'3%+!/,!-)&2%'V_)%'+!
3+1;.%Z,+!'+-3+!Y!/#12,&'%'`!"[-!$2'-!Z,0%$!-0)K%3!/+!('2(2-+'!/+!.2,&+$$+-!)(('21;+-!2,!3+1;.%Z,+-7!
%$!+-3!_2'3!('2E)E$+!/0c3'+!12._'2.3#!Y!,.+!'#-%-3).1+!/+!$)!()'3!/+-!()'3%+-!('+.).3+-!12.1+'.#+-7!
'#-%-3).1+!Z,%!+-3!-2,&+.3! _2'3+8+.3!+.!'+$)3%2.!)&+1! $+,'-! %/#+-!('#12.d,+-!+3! $+,'-!(!.#$/#$`!Q+!
3')&)%$!)!12.1+'.#! $+!/#&+$2((+8+.3!/0,.!($).!/+!'#;)E%$%3)3%2.!/0,.+!1)''%['+!1)$1)%'+! ^p)33%.+! V!
=%E).a!2z! $+-!('2('%#3)%'+-! _2.1%+'-!('#_#')%+.3! '#)$%-+'!/+-! 3')&),T!1$)--%Z,+-!/+! 3+'')--+8+.3!+3!
($).3)3%2.-! /+! &+'K+'-7! )$2'-! Z,+! $+-! %.&+.3)%'+-! #12$2K%Z,+-! +3! /+! E%2/%&+'-%3#! ('#12.%-)%+.3! ,.!
-1#.)'%2!f!($,-!#12$2K%Z,+!g7!82%.-!12.&+.3%2..+$!+3!82%.-!12~3+,T!Y!8+33'+!+.!s,&'+`!=+!12.1+(3!
/+!'#;)E%$%3)3%2.!f!@1'2--!3;+!v%$/!O21e-!g!'#-,$3+!/0,.+!)(('21;+!8#3;2/2$2K%Z,+!%.3#K')3%&+!E)-#+!
-,'!,.+!('%2'%-)3%2.!/+-!()')8[3'+-7!.23)88+.3!$+-!E+-2%.-!/+!12..+13%&%3#-!#12$2K%Z,+-!-,'!$+!-%3+!
+3!$+!'+-(+13!/,!_2.13%2..+8+.3!/+-!#12-I-3[8+-`!=0)'3%1$+!o"#$%&$'&!'()*#+!('%!,*-('!.#$/#$)$+0!$'!
+1/2/&$1(2! #+,(3$2$)()$/'! .#/4+1)05! (! 1(0+! #+./#)! 6#/-! 7+%$)+##('+('! +'8$#/'-+')5! 9())$'+:!
;+3('/'K!^R+.%).2-!+3!)$`7!F5DkEa!12.1$,3!-,'!$0%8(2'3).1+!/+!128E%.+'!$+-!2,3%$-!/+!$)!(-I1;2$2K%+!
+.&%'2..+8+.3)$+7!.23)88+.3!$)!_$+T%E%$%3#!12K.%3%&+!(2,'!/#128(2-+'!$+-!'+('#-+.3)3%2.-!%.%3%)$+-!
/+-!(+'-2..+-!+.!&,+!/+!(2,&2%'!_)%'+!)11+(3+'!/+!.2,&+$$+-!'+('#-+.3)3%2.-`!
!
!
!
!
!
!
!
!"#$%&'()*("(+,-&.("/&01-&'233"/&4-&52$6&7849-&33/&48:;448
<=>&48/9::?@3"A7849014'4@4:
!"#$%#&%'&()*"+'(&$',*-(&'."#/"#)#+0'#&'+1/2/%#1(2'"+,(3#2#)()#/&'."/4+1)0'5'('0,/6'1(0+'7"/-'8+$#)+""(&+(&'+&9#"/&-+&)'5':())#&+;'<+3(&/&
=>'?+&#(&/0@;'A;'B>'C,()+"D;'=>'E#%2#/&+F;'G>'!"/*#22+)A
!"#$%&%#"'(%&%)*+,*+-%&%(+./010234+05+6%716%'+815+%#+09,0:%&%;/5,10/<%41=0>,<%716%#>,+05,?>%'+9+/6>-%(+./0102%@,6%A/99/0%&%@B%!!&C3C!%',/*%$<%#1<-D%
@+,6=5%&%(+./0102E$>1F+*%&%G1=6%FH*,5+66/0H+%&%IJD%/K2%)=<+9%4/05,0,%&%!E3LC%F"'#$M(($%>+*+N%3O%&%P6/0>+2QR0,K+69,5S%B/=<%T/<H6SD%(/.16/51,6+%$U9S<10D%F105U+<<,+6D%EQ!LL%&%P6/0>+2
H30)"(1)
!"#$%#"&'()(*&*(+,$+-$./&%%(#0$(0$&,$#,1(%+,2#,*&)$(00/#$3"#%#$4(--#%#,*$5&%&2#*#%0$0"+/)4$'#$*&6#,$(,*+$7+,0(4#%&*(+,8$9,$%#&)(*:;$-#3$&55%+&7"#0$&%#$
5/*$(,$5%&7*(7#$&,4$2&,:$&%#$:#*$*+$'#$4(07+1#%#48$<"#,$5%+5+0(,=$,#3$&55%+&7"#0$&,4$*#7",(./#0;$3#$+-*#,$-&7#$50:7"+)+=(7&)$%#0(0*&,7#$-%+2$0*&>
6#"+)4#%0$2&(,):$4/#$*+$*"#(%$5%#?/4=#2#,*&)$5#%7#5*(+,08$!"(0$5&5#%$0"+37&0#0$*"#$4#1#)+52#,*$+-$&,$#7+)+=(7&)$%#"&'()(*&*(+,$07"#2#$+,$*"#$'&0(0$
+-$&$'&0#)(,#$&00#002#,*$&,4$&,$#7+)+=(7&)$07%##,(,=8$!"(0$)#&40$*+$*"#$0/==#0*(+,$+-$&$7+,7#5*$7&))#4$@A7%+00$*"#$<()4$B+760C$3"()#$)&,4$+3,#%D0$
5#%7#5*(+,$3&0$%&*"#%$4(%#7*#4$*+3&%40$*"#$7)&00(7&)$07#,&%(+$+-$*#%%&7(,=$&,4$+%7"&%40$5)&,*&*(+,8$!"(0$5&5#%$5%#0#,*0$*"#$&,&):*(7&)$2#*"+4+)+=:$
&,4$4#07%('#0$*"#$%#"&'()(*&*(+,$7+,7#5*$7+,1#%=(,=$'#*3##,$&$"(#%&%7"(7&)$+%=&,(E&*(+,$+-$5%(+%(*(#08$<#$7+,7)/4#$':$0&:(,=$*"&*$%#):(,=$+,$0+7(&)$
07(#,7#0$*+$(,7%#&0#$7+=,(*(1#$F#G('()(*:$2(="*$)#&4$*+$&$'#**#%$&77#5*&,7#$+-$,#3$*#7",(./#0$3"()#$%#4/7(,=$50:7"+)+=(7&)$%#0(0*&,7#8
H#:$3+%40I$7+=,(*(1#$F#G('()(*:;$#7+)+=(7&)$%#"&'()(*&*(+,;$J#'&,+,;$50:7"+)+=(7&)$%#0(0*&,7#;$./&%%(#08
I&)"/$*1)#/&
K/*$+-$*"#$0#1#%&)$5&*"3&:0$&$0(*#$7+/)4$-+))+3$4/>
%(,=$&$0#)-$+%$&00(0*#4$%#=#,#%&*(+,;$L7+)+=(7&)$B#"&'(>
)(*&*(+,$(0$@*"#$5%+7#00$+-$&00(0*(,=$*"#$%#7+1#%:$+-$&,$
#7+0:0*#2$*"&*$"&0$'##,$4#=%&4#4;$4&2&=#4$+%$4#0*%+>
:#4C$MNLB$5%(2#%;$OPPQR8
L7+)+=(7&)$B#"&'()(*&*(+,$#25"&0(E#0$*"#$%#5&%&*(+,$
+-$ #7+0:0*#2$ 5%+7#00#0;$ 5%+4/7*(1(*:$ &,4$ 0#%1(7#0;$
3(*"$,+$5&%*(7/)&%$-+7/0$+,$*"#$%#>#0*&')(0"2#,*$+-$*"#$
5%#>#G(0*(,=$'(+*(7$(,*#=%(*:$(,$*#%20$+-$05#7(#0$7+25+>
0(*(+,$&,4$7+22/,(*:$0*%/7*/%#8
!"#$ *#%2$ S%#7)&2&*(+,S;$ &0$ 7+22+,):$ /0#4$ (,$ *"#$
7+,*#G*$+-$2(,#4$)&,40$(,$T+%*"$A2#%(7&$&,4$*"#$UH;$
"&0$&,$#1#,$'%+&4#%$&55)(7&*(+,$*"&,$S%#"&'()(*&*(+,S8$
!"#$2&(,$+'?#7*(1#0$+-$%#7)&2&*(+,$(,7)/4#$*"#$0*&'(>
)(E&*(+,$+-$*"#$*#%%&(,;$&00/%&,7#$+-$5/')(7$0&-#*:;$�>
*"#*(7$ (25%+1#2#,*;$ &,4$/0/&)):$ &$ %#*/%,$+-$ *"#$ )&,4$
*+$3"&*;$3(*"(,$*"#$%#=(+,&)$7+,*#G*;$ (0$7+,0(4#%#4$*+$
'#$ &$ /0#-/)$ 5/%5+0#8$B#1#=#*&*(+,;$3"(7"$ (0$ ,+%2&)>
):$ &$ 7+25+,#,*$ +-$ )&,4$ %#7)&2&*(+,;$ 2&:$ #,*&()$ *"#$
#0*&')(0"2#,*$+-$+,):$+,#$+%$-#3$05#7(#08$B#7)&2&*(+,$
5%+?#7*0$*"&*$&%#$2+%#$#7+)+=(7&)):$'&0#4$7&,$./&)(-:$&0$
%#"&'()(*&*(+,$+%$#1#,$%#0*+%&*(+,$MNLB$5%(2#%;$OPPQR8
A%#$*"#0#$+%(#,*&*(+,0$(,7+25&*(')#V$W&,$#7+)+=(7&)$
7+,7#%,0$'#$%#7+,7()#4$3(*"$0+7(+#7+,+2(7$5%(+%(*(#0V$
W+/)4$ &$ 2+%#$ @,&*/%&)C$ 0(*#$ %#&))+7&*(+,$ +%$ &$ 2+%#$
@"/2&,$ +%(#,*#4C$ %#0*+%&*(+,$ '#$ #,1(0&=#4V$ !"#0#$
./#0*(+,0$ &%#$ '#7+2(,=$ (,7%#&0(,=):$ 0*%&*#=(7$ (,$ "(>
="):$ /%'&,(E#4$ X#4(*#%%&,#&,$ #,1(%+,2#,*0$ 3"#%#$
7+>#1+)/*(+,$ +-$2&,$ &,4$ ,&*/%#$ %#,4#%$ (*$ 4(-Y7/)*$ *+$
=(1#$5%(+%(*:$*+$#(*"#%$+,#$&*$*"#$#G7)/0(+,$+-$*"#$+*"#%$
MZ($W&0*%(;$[\]OR8
^/&%%:(,=$(0$&,$&,7(#,*$#7+,+2(7$5%&7*(7#;$4&*(,=$&0$
-&%$'&76$&0$ *"#$N*+,#$A=#;$&0$0*+,#$3&0$%#./(%#4$-+%$
*"#$7%#&*(+,$+-$*++)0$0/7"$&0$6,(1#0$&,4$"&22#%0;$&0$
3#))$&0$-+%$7+,0*%/7*(+,$5/%5+0#08$_+3#1#%;$#G*%&7*(+,$
#1+)1#4$-%+2$02&))$07&)#$&7*(1(*(#0$*+$5%#0#,*>4&:$(,>
4/0*%(&)$./&%%:(,=;$3"(7"$(0$#00#,*(&)$-+%$/%'&,$4#1#>
)+52#,*;$%+&4$7+,0*%/7*(+,;$&,4$%&3$7+,0*%/7*(+,$2&>
*#%(&)$ MJ#=3&()&$ +5% /<8;$ OP[`R8$ LG5)+(*&*(+,$ *"#%#-+%#$
*&6#0$5)&7#$+,$&$0(=,(Y7&,*):$)&%=#%$07&)#$&,4;$&)*"+/="$
./&%%:(,=$(0$&$,#7#00&%:$#7+,+2(7$&7*(1(*:$-+%$0+7(&)$
&,4$/%'&,$4#1#)+52#,*;$(*$7&,$"&1#$5%+-+/,4$(25&7*0$
+,$ *"#$ #,1(%+,2#,*$ MX&%*(,$ +5% /<8;$ OPPOa$ H"&*#%$ b$
X&%*(,;$OPPca$Z&%3(0"$+5%/<8;$OP[Pa$WTBN>JdAeZWd
9UWTd_+)7(2;$OP[fR8
^/&%%:(,=$ +5#%&*(+,0$ "&1#$ 2/)*(5)#$ ,#=&*(1#$ 7+,>
0#./#,7#0$ &0$ *"#:$ (25&7*$ &,4$ &)*#%$ #7+0:0*#20$ &,4$
4(0*/%'$ ":4%+=#+)+=(7&)$ &,4$ ":4%+)+=(7&)$ %#=(2#0$
MH"&3)(#$+5%/<8;$[\\\a$N"&'&,$+5%/<8;$OPPca$Z&%3(0"$+5%
/<8;$OP[PR8$X+%#+1#%;$*"#:$7&,$0(=,(Y7&,*):$7"&,=#$*"#$
0/'0*%&*/2;$(25&7*$)&,407&5#$(,*#=%(*:;$4#0*%+:$,&*/%&)$
"&'(*&*0;$ (,*#%%/5*$ ,&*/%&)$ 0/77#00(+,;$ 4(0%/5*$ -/,4&>
2#,*&)$ #7+)+=(7&)$ %#)&*(+,0"(50;$ &,4$ (,$7#%*&(,$7&0#0;$
&)*#%$ =#,#*(7$ %#0+/%7#0$ Mg%&40"&3;$ [\\ca$L)>e&4#)$+5%
/<8;$OPPPa$LNW<A;$OPP[a$H"&*#%;$OPPQa$N*#"+/3#%$+5%
/<8;$OPPha$i+2&&$+5%/<8;$OPP]R8$
W+%%#05+,4(,=$&/*"+%I$W&%)&$H"&*#%8$4+05+6%716%'+815+%#+09,0:%&%;/5,10/<%41=0>,<%716%#>,+05,?>%'+9+/6>-%(+./0102%
@,6%A/99/0%&%@B%!!&C3C!%',/*%$<%#1<-D%@+,6=5%&%(+./010V%+&8/,<W%>X-/5+6Y>0692+*=2<.
@JA
A)0+;$&0$2#7"&,(7&)$#G7&1&*(+,$)#&40$*+$*"#$7%#&*(+,$
+-$7)(--0;$5)&*-+%20;$&,4$#2'&,62#,*0;$,&*/%&)$%#=#,#>
%&*(+,$(0$+-*#,$0)+3$&,4$/,#1#,$MH"&*#%$+5%/<8;$OPPfa$
Z&%3(0"$+5%/<8;$OP[PR8$K*"#%$7+,0#./#,7#0$(,7)/4#$(,>
7%#&0#0$(,$4/0*$#2(00(+,;$*%&-Y7$4/#$*+$*%&,05+%*&*(+,$*+$
&,4$-%+2$*"#$./&%%:$0(*#;$,+(0#$5+))/*(+,$&,4$�*"#*(7$
4(0Y=/%&*(+,8$A))$+-$ *"#0#$ (25&7*0$ &%#$&==%&1&*#4$':$
*"#$-&7*$*"&*;$(,$2+0*$7+/,*%(#0;$./&%%(#0$&%#$=#,#%&)):$
&'&,4+,#4$ &,4$ )#-*$ 3(*"+/*$ %#"&'()(*&*(+,$ &-*#%$ *"#(%$
7+25)#*(+,;$ )#&4(,=$ *+$ (,7%#&0#4$ 0/%-&7#$ %/,+--;$ 4#>
7%#&0#4$,&*/%&)$ %#7"&%=#;$ &,4$ 0#&3&*#%$ (,*%/0(+,$ (,*+$
7+&0*&)$6&%0*$&./(-#%0$ML)$X+/?&''#%$+5%/<8;$OPPhR8$
J+7&*#4$ +,$ *"#$ #&0*#%,$ 0"+%#0$ +-$ *"#$X#4(*#%%&,#>
&,$N#&;$J#'&,+,$ (0$ &$ 7+/,*%:$3(*"$ &$ 0/%-&7#$ &%#&$ +-$
[P;Q`O$H2O8$W"&%&7*#%(E#4$':$"(="$)&,407&5#$&,4$=#>
+2+%5"+)+=(7&)$7+25)#G(*(#0$ M!"+250+,;$OPP`R;$J#>
'&,+,$"&0$3(*,#00#4$&$0/77#00(+,$+-$[c$=#+)+=(7&)$-+%>
2&*(+,0;$05&,,(,=$-%+2$*"#$i/%&00(7$*+$*"#$^/&*#%,&%:$
&=#$MZ/'#%*%#*;$[\``R8$9*0$%(7"$'(+4(1#%0(*:$7+25%(0#0$
O;Q]h$ (4#,*(Y#4$ &,(2&)$ 05#7(#0$ &,4$ O;hPP$ 5)&,*$ 05#>
7(#0;$+-$3"(7"$\O$&%#$#,4#2(70$MWgZ;$OPPQR8$
_+3#1#%;$4/#$*+$(*0$%#)&*(1#):$02&))$0(E#;$J#'&,+,$"&0$
)(2(*#4$,&*/%&)$%#0+/%7#0;$(,7)/4(,=$3&*#%$&,4$0+();$&,4$
"&0$ '##,$ 0/'?#7*$ *+$ 5%#00/%#0$ -%+2$ "/2&,$ &7*(1(*(#0$
0(,7#$&,7(#,*$*(2#0$MZ&%3(0"$+5%/<8;$OP[Pa$H"&*#%$+5%/<8;$
OP[OR8$Z#7&4#0$+-$/,7+,*%+))#4$#G5)+(*&*(+,$+-$2(,#>
%&)$%#0+/%7#0$"&1#$%#0/)*#4$(,$2+%#$*"&,$c[P$./&%%(#0$
&7%+00$ *"#$7+/,*%:$M_&,4&00&";$[\\hR;$&$,/2'#%$ *"&*$
"&0$'##,$#0*(2&*#4$&*$[;fPP$':$Z&%3(0"$+5%/<8$MOP[PR$
&,4$[;]PP$':$*"#$j%##,$k&%*:$(,$OP[P$M"**5Idd=%##,5&%*>
:)#'&,+,8+%=dR8$X+0*$+-$*"#0#$./&%%(#0$"&1#$'##,$&'&,>
4+,#4$&,4$"&1#$)#-*$&$2+0&(7$+-$07&%0$*"%+/="+/*$*"#$
J#'&,#0#$)&,407&5#;$(25&7*(,=$"/2&,$0&-#*:;$,&*/%&)$
%#0+/%7#0;$&,4$#7+0:0*#20D$-/,7*(+,0$MLWKZ9!;$OPP[a$
H"&*#%$+5%/<8;$OPPfa$LJABZ;$OPPca$N&&4$+5%/<8;$OPPcR8$
j(1#,$*"#$)&76$+-$(,*#=%&*#4$)&,4$/0#$5)&,,(,=;$./&%>
%:$#G5&,0(+,;$3"(7"$5%#4+2(,&,*):$*++6$5)&7#$4/%(,=$
*"#$ %&5(4$ /%'&,$ #G5&,0(+,$ +-$ *"#$ [\\P0;$ 4(4$ ,+*$ +7>
7/%$&77+%4(,=$*+$)&,4$0/(*&'()(*:$MH"&3)(#$+5%/<8;$[\\\a$
H"&3)(#;$OPPPa$e&+/%$+5%/<8;$OPP`R8$
A77+%4(,=$ *+$Z&%3(0"$+5%/<8$ MOP[PR;$ *"(0$/,7+,*%+)>
)#4$#G5&,0(+,$"&0$)#4$*+$*"#$4#0*%/7*(+,$+-$cf]$"&$+-$
=%&00)&,40;$hch$"&$+-$&%&')#$)&,40;$&,4$[fc$"&$+-$-+%#>
0*#4$&%#&8$e/%*"#%2+%#;$+1#%$Of$5#%7#,*$+-$./&%%:$#G>
5&,0(+,$*++6$5)&7#$+,$ *"#$&)%#&4:$07&%7#$&=%(7/)*/%&)$
)&,40;$)#&4(,=$*+$hO\$*+$[;fhc$"&$+-$5&0*/%#$)&,4$&,4$
O[\$*+$]\`$"&$+-$&%&')#$)&,4$(25&7*#4$':$#G7&1&*(+,8$
_+3#1#%;$ ,+$ )&,407&5#$ "&0$ '##,$ &--#7*#4$2+%#$ *"&,$
%+76:$)&,40;$3(*"$/5$*+$O[c;PPP$"&$4#0*%+:#48$
!"#$J#'&,#0#$./&%%:$)#=(0)&*(+,;$4#7%##$]]PfdOPPO;$
4(7*&*#0$2&,4&*+%:$./&%%:$%#"&'()(*&*(+,8$l#*;$,+$=/(>
4#)(,#0$&77+25&,:$*"(0$4#7%##;$%#,4#%(,=$*"(0$)#=(0)&>
*(+,$(,#--#7*(1#$MT&4(2$X%+/#"$m_#&4$+-$*"#$T&*/%&)$
B#0+/%7#$Z#5&%*2#,*$&*$*"#$X(,(0*%:$+-$*"#$L,1(%+,>
2#,*;$ +%&)$ 7+22/,(7&*(+,;$ OP[`R8$ X+%#+1#%;$ #&7"$
./&%%:$5#%2(*;$/5+,$(00/&,7#;$ (0$&77+25&,(#4$':$*"#$
)2%P+0,/019%+5%/<2
e(=8$[$>$A2#E;$J#'&,+,$>$#G&25)#$+-$7+22+,$%#"&'()(*&*(+,$
5%&7*(7#0$(,$J#'&,+,;$3"#%#$&'&,4+,#4$./&%%:$0(*#0$&%#$/0#4$
-+%$&=%(7/)*/%#8
,##4$ *+$4#4(7&*#$&$Y,&,7(&)$ %#0#%1#$+-$[fQ;PPP$UNZ$
-+%$%#"&'()(*&*(+,$5/%5+0#08$
_+3#1#%;$(,$J#'&,+,$*"#%#$&%#$,/2#%+/0$'&%%(#%0$*+$
%#"&'()(*&*(+,;$(,7)/4(,=$5+)(*(7&)$7+%%/5*(+,$&0$3#))$&0$
#7+)+=(7&);$ #7+,+2(7;$Y,&,7(&);$ &,4$0+7(&)$+'0*&7)#08$
K,#$+-$*"#$6#:$+'0*&7)#0$(0$*"#$)&76$+-$5%+5#%$)&3$#,>
-+%7#2#,*;$7+25)(7&*#4$':$*"#$)&%=#$,/2'#%$+-$1&%(+/0$
0*&6#"+)4#%0$(,1+)1#4$MX+L;$OPPca$N&&4$+5%/<8;$OPPcR8$
9,$ )(="*$+-$ *"#0#$ )#=&)$ 7+,0*%&(,*0;$ %#"&'()(*&*(+,$&,4d
+%$ %#7)&2&*(+,$ #--+%*0$ (,$ J#'&,+,;$ 3"#*"#%$ &-*#%$ +%$
4/%(,=$ *"#$ #G5)+(*&*(+,$ 5"&0#;$ 0:0*#2&*(7&)):$ 7+,0(0*$
+-$*#%%&7(,=$&,4$5)&,*(,=$M-%/(*$*%##0$&,4d+%$-+%#0*$05#>
7(#0R8$
!"#0#$ 5%&7*(7#0$ &%#$ =#,#%&)):$ (25)#2#,*#4$ 3(*"$ &$
2(,(2&)$ '/4=#*$ &(2(,=$ *+$ -%##$ *"#$ Y,&,7(&)$ %#0#%1#$
M[fQ;PPP$UNZR;$3(*"$&$ )+3$Y,&,7(&)$ (,1#0*2#,*$&,4$
(,#G(0*#,*$2+,(*+%(,=$#--+%*08$!"#:$&%#$7&%%(#4$+/*$3(*"$
)(**)#$+%$,+$7+,0(4#%&*(+,$-+%$*"#$'(+4(1#%0(*:$&,4$#7+>
)+=(7&)$4:,&2(70$+-$*"#$0(*#$Me(=8$[R8$
T&*/%&)$4:,&2(70;$#1#,$3"#,$0)+3;$+-*#,$%#0/)*$(,$*"#$
5%#0#,7#$+-$&$3(4#$1&%(#*:$+-$5)&,*$&,4d+%$&,(2&)$05#>
7(#0$(,$&$4#=%&4#4$0(*#8$
e/%*"#%2+%#;$ (-$ *"#$ %#0*+%&*(+,d%#"&'()(*&*(+,$ 5)&,$
4+#0$,+*$&77+/,*$-+%$*"(0$%(7"$'(+4(1#%0(*:;$3"#*"#%$,&>
*/%&)):$+%$5+*#,*(&)):$5%#0#,*$+,$0(*#;$%(7",#00$2(="*$(,$
*/%,$'#$%#4/7#48$
!"(0$5&5#%$4#&)0$3(*"$*"#$7&0#$0*/4:$+-$&,$&'&,4+,#4$
./&%%:$)+7&*#4$(,$^&**(,#;$H#0#%3&,$m$J#'&,+,$Me(=8$
OR$&,4$&%=/#0$*"&*$(*$(0$5+00(')#$*+$4#0(=,$&$%#"&'()(*&>
*(+,$ 5)&,$ '&0#4$ +,$ *"#$ #7+)+=(7&)$ &**%('/*#0$ +-$ &$ 0(*#$
&,4$'/()4(,=$+,$*"#$#G(0*(,=$&,4$5+*#,*(&)$'(+4(1#%0(*:$
3"()#$ 0#%1(,=$"/2&,$&05(%&*(+,$ -+%$ -/*/%#$/0#$+-$ *"#$
0(*#$&,4$&76,+3)#4=(,=$ *"#$#7+)+=(7&);$#7+,+2(7;$Y>
,&,7(&);$&,4$0+7(&)$7"&))#,=#08$A0$*"#$0(*#$-&))0$+,$5%(>
1&*#$5%+5#%*:$*"#$5+)(*(7&)$(,*#%-#%#,7#$"&0$&$2(,(2&)$
(25&7*$(,$*"(0$7&0#8
@JK@6,*:,0:%+>1<1:S%/0*%-=8/0%U6,16,5,+9
L)*$M'("+(
!"#$^&**(,#$./&%%:$(0$)+7&*#4$&*$cQP$2$&808)8$MJ&*(*/4#$
fQn[ofc8]OCTa$J+,=(*/4#$ f`nQOof[8\`SLR$ (,$ &$2#0+>
X#4(*#%%&,#&,$E+,#$7"&%&7*#%(E#4$':$1#=#*&*(+,$4+2(>
,&*#4$':$Z=+6>=9%>/<<,U6,019;$&,4$(*0$2&(,$/,4#%0*+%#:$
05#7(#0$+,$)(2#0*+,#$0/'0*%&*#0$MX+/*#%4#;$[\hha$A'($
N&)#"$b$N&Y;$[\]]a$H"+/E&2($+5%/<8;$[\\hR8$!"#$2#&,$
&,,/&)$ *#25#%&*/%#$ (0$[]$W$&,4$2#&,$&,,/&)$%&(,-&))$
(0$[PPP>[[PP$22$MH"&3)(#$+5%/<8;$[\\\R8$A'&,4+,#4$
0(,7#$[\]P;$2+%#$*"&,$f`$:#&%0$+-$0)+3;$*(2(4$,&*/%&)$
5%+7#00#0$"&1#$2&(,):$%#0/)*#4$(,$&,$(,7%#&0#4$#%+0(+,$
&,4$"&1#$#G&7#%'&*#4$4#=%&4&*(+,8$!"#$./&%%:$#G*#,40$
+1#%$&,$&55%+G(2&*#$&%#&$+-$O8`$"&$&,4$(0$7+25+0#4$+-$
"&%4;$3#))>'#44#4$ *+$2&00(1#$4+)+2(*#$&,4$4+)+2(*#$
)(2#0*+,#$+-$*"#$H(22#%4?(&,$e+%2&*(+,$MWhR$+-$*"#$
U55#%$i/%&00(78$!"(0$-+%2&*(+,$(0$7"&%&7*#%(E#4$':$(,>
*#,0(1#$-%&7*/%#$0:0*#208
$
8()+"#(20'(&$'8+),/$0
A)*"+/="$ %#"&'()(*&*(+,$ (0$ +-*#,$ ,##4#4;$ *#7",(./#0$
2&:$1&%:$4#5#,4(,=$+,$*"#$)+7&)$7+,*#G*;$Y,&,7(&)$2#>
&,0;$ *(2#-%&2#;$&0$3#))$&0$%#0+/%7#0$&1&()&')#8$<"#,$
5%+5+0(,=$&$%#"&'()(*&*(+,$7+,7#5*$&,4$&55%+&7";$0#1#>
%&)$-&7*+%0$2/0*$*"#%#-+%#$'#$*&6#,$(,*+$7+,0(4#%&*(+,8$
!"(0$2#*"+4+)+=:$-+))+3#4$&$!%(5*:7"$A55%+&7"$Me(=8$
fR$*+$#,0/%#$*"&*$*"#$7+,7#5*$(0$#7+)+=(7&)):$0+/,4;$0+>
7(&)):$&77#5*&')#$&,4$*#7",(7&)):$-#&0(')#8
9,$+%4#%$ *+$ (,7%#&0#$ *"#$ 7"&,7#0$+-$ 0/77#00$ &,4$ %#>
4/7#$,#=&*(1#$#G*#%,&)(*(#0;$*"#$7+,7#5*$&)0+$*++6$(,*+$
7+,0(4#%&*(+,$ *"#$ -+))+3(,=$ 5&%&2#*#%0I$ )#=&)):$ Y*;$
'/()40$+,$7+22/,(*:$1(0(+,;$&,4$0#%1#$3#))>'#(,=;$&0$
4#07%('#4$(,$Me(=8$QR8
!"#$7+,7#5*$-+%$%#"&'()(*&*(+,$3&0$4#%(1#4$-%+2$*"#$
2#*"+4+)+=(7&)$07"#2#$4#*&()#4$(,$e(=8$`$"#%#&-*#%8
!"#$ '&0#)(,#$ &00#002#,*$ Me(=8$ `R$ 7+1#%0$ #7+)+=(>
7&)$ 07%##,(,=;$ '(+4(1#%0(*:$ &00#002#,*;$ &,4$ =#+)+=:;$
":4%+)+=:$&,4$*+5+=%&5"(7$2&55(,=$+-$*"#$0(*#$&,4$(*0$
4(%#7*$0/%%+/,4(,=08$9*$#,&')#0$/0$*+$(4#,*(-:$*"#$0(*#0D$
5+*#,*(&)(*(#0$(,$+%4#%$*+$+1#%7+2#$(*0$7"&))#,=#08$
N(*#$ 1(0(*0$ 3#%#$ 7+,4/7*#4$ (,$ i/):$ OP[Q;$ e#'%/&%:$
e(=8$O$>$A#%(&)$1(#3$+-$*"#$^&**(,#$./&%%:8
OP[`;$&,4$A5%()$OP[`$'%(,=(,=$ *+=#*"#%$#G5#%*0$ -%+2$
1&%(+/0$Y#)408$L7+)+=(7&)$07%##,(,=$(,1+)1#4$&,$#7+>
)+=(0*;$ &$'+*&,(0*;$ &$"#%5#*+)+=(0*$&,4$&,$+%,(*"+)+=(>
0*8$N/%1#:0$4#4(7&*#4$ *+$'(+4(1#%0(*:$3#%#$7+,4/7*#4$
4/%(,=$ *"#$N5%(,=$ 0#&0+,;$3"(7"$ (0$ *"#$'#0*$ 7&)#,4&%$
5#%(+4$-+%$'(+4(1#%0(*:$0*/4(#0$=(1#,$*"&*$(*$(0$*"#$2&(,$
F+3#%(,=$0#&0+,$&,4$ $ *"#$ *(2#$3"#,$2+0*$+-$ *"#$ )+>
7&)$ '(+4(1#%0(*:$ (0$ &7*(1#;$ %#5%+4/7(,=;$ &,4$ *"#%#-+%#$
1(0(')#8
e(=8$f$ >$!%(5*:7"$A55%+&7"$
-+%$(,*#=%&*#4$%#"&'()(*&*(+,$
5)&,,(,=$MH"&*#%;$OP[`R8
e(=8$ Q$ >$ _(#%&%7"(7&)$ 5#%7#5*(+,$ -+%$ +5*(2&)$ %#"&'()(*&*(+,$
MH"&*#%;$OP[`R8
e(=8$`$>$X#*"+4+)+=(7&)$07"#2#$%#0/2(,=$*"#$'&0#)(,#$&00#0>
02#,*$*+3&%40$*"#$4#1#)+52#,*$+-$*"#$%#"&'()(*&*(+,$7+,7#5*$
MH"&*#%;$OP[`R
@JN )2%P+0,/019%+5%/<2
!"#$ &4+5*#4$ &55%+&7"$ -+7/0#4$ +,$ *"#$ 7+,0#%1&*(+,$
0*&*/0$+-$ *"#$,&*/%&)$"&'(*&*0$&,4$"(=")(="*#4$ *"#$ (2>
5+%*&,*$ #7+)+=(7&)$ -/,7*(+,&)(*(#0$ +-$ #&7"$ '(+)+=(7&)$
=%+/58
!"#$ =#+)+=(7&)$ 0*&'()(*:$ &00#002#,*$ 3&0$ 1(#3#4$
-%+2$0*%/7*/%&)$&,4$0*%&*(=%&5"(7$5#%05#7*(1#08$!"#$-+)>
)+3(,=$0(*#$7"&%&7*#%(0*(70$3#%#$(,1#0*(=&*#4I
LG5+0/%#$N#**(,=$MLG7&1&*(+,$&05#7*;$W/**(,=$&,=)#;$
A05#7*0$ +-$ 2&00$2+1#2#,*Ra$ J(*"+)+=(7&)$ W"&%&7*#>
%(0*(70$MB+76$-+%2&*(+,$&,4$*:5#;$k#%2#&'()(*:;$k+%+>
0(*:Ra$N*%/7*/%#0$ Me&/)*$0:0*#2;$e(00/%(,=$0:0*#20$-+%$
-%&7*/%#0;$?+(,*0$&,4$7%/0"(,=$E+,#0Ra$B+76$(,7)(,&*(+,$
MZ(5a$ H&%0(*Y7&*(+,Ra$ N*%&*(=%&5":$ Mg#4$ *"(76,#00;$
_&%4,#00a$ N*%&*&$ "+2+=#,#(*:Ra$ &,4$ N*&'()(*:$A00#0>
02#,*8$
_:4=%+)+=(7&)$2+4#))(,=$3&0$5#%-+%2#4$+,$*"#$'&0(0$
+-$&$[P$72$%#0+)/*(+,$4(=(*&)$#)#1&*(+,$2+4#)$MZLXR$*+$
-&1+/%$*"#$7+%%#7*$5%#0#,*&*(+,$+-$*"#$4%&(,&=#$5&**#%,08$
A77+%4(,=):;$*"#$#0*(2&*(+,$+-$*"#$&2+/,*$+-$+1#%F+3$
+-$3&*#%$3&0$5#%-+%2#4$':$0(2/)&*(,=$&$":5+*"#*(7&)$
4#0(=,$0*+%2$':$&$OZ$":4%+)+=(7&)$3&*#%0"#4$2+4#)$
_LW>_XN$+1#%$*"#$0(*#$0/''&0(,8$
!+5+=%&5"(7$0/%1#:$3&0$5#%-+%2#4$/0(,=$&$UAp$5)&>
*-+%2$#./(55#4$3(*"$&$"(="$%#0+)/*(+,$7&)('%&*#4$7&2#>
%&$&,4$&$"(="$&77/%&7:$jkNd9XU$0:0*#28$Z(--#%#,*(&)$
jkN$5+(,*0$3#%#$0/%1#:#4$+,$*"#$=%+/,4$M&55%+G(2&>
*#):$ Q$ 5+(,*0R8$Z&*&$3&0$ 4+3,)+&4#4$ -%+2$ *"#$UAp$
4&*&$2#2+%:$ &,4$ -/%*"#%$ 7"#76#4$ -+%$ (2&=#$ ./&)(*:$
&,4$ #%%+%08$ W+,0#./#,*):;$ 4&*&$ 3&0$ (25+%*#4$ (,*+$ &$
7/0*+2(E#4$5"+*+=%&22#*%(7$3+%6F+3$5%+7#00$&)+,=$
3(*"$&44(*(+,&)$&/G()(&%:$+,$'+&%4$jkNd9XU$4&*&8$
!"#$ 0*&6#"+)4#%$ 7+,0/)*&*(+,$ 3&0$ %#0*%(7*#4$ *+$ *"#$
W+22(**##$+-$k%(1&*#$J&,4$K3,#%0$3(*"$3"+2$0#1#>
%&)$2##*(,=0$3#%#$7+,4/7*#4$*+$4(07/00$*"#$0(*#$&**%('/>
*#0;$7"&))#,=#0$&,4$%#"&'()(*&*(+,$+'?#7*(1#08
O+0*2)0
g&0#)(,#$&00#002#,*$&,4$#7+)+=(7&)$07%##,(,=$=/(4#4$
*"#$(4#,*(Y7&*(+,$+-$*"#$0(*#o0$&**%('/*#0$&,4$7"&))#,=#0$
M!&'8$[R8
e%+2$ &,$ #G7&1&*(+,$ 5+(,*$ +-$ 1(#3;$ *"#$ =#+)+=(7&)$
#1&)/&*(+,$7+,Y%2#4$*"#$5%#0#,7#$+-$*3+$0/'/,(*0$+,$
*"#$0(*#I$[8$*"#$+)4$+,#$M)+3#%R$3(*"$1#%*(7&)$7/*$#G5+>
0/%#;$&*$-++*$0)+5#a$&,4$O8$&$2+%#$%#7#,*$+,#$M/55#%R;$
#G7&1&*#4$+,$*"#$-&/)*$2(%%+%$3(*"$(,7)(,#4$#G5+0/%#8$
!"#$./&%%:$(0$0(*/&*#4$(,$&$*#7*+,(7$E+,#;$&0$0)(76#,>
0(4#0$ M7%/0"(,=$ 3&))0d-&/)*$ 2(%%+%0R$ &%#$ 3#))$ 5%+>
,+/,7#48$
!"#$#7+)+=(7&)$07%##,(,=$%#1#&)#4$*"#$"(44#,$'(+4(>
1#%0(*:$+-$*"#$0(*#8$
9*$(,7)/4#0$&$,/2'#%$+-$5)&,*$05#7(#0$0/7"$&0$3()4$+%>
7"(40$[U-6S9%+U,9>1U/<,9%&,4$"0/>/8U5,9%>16,1U-16/%
0/'058$76/:6/09;$(,0#7*0$&,4$&%*"%+5+40$0/7"$&0$"6>-10%
/U1<<,0=9$M'/**#%F:R$&,4$#>16U,1%8/=6=9;$&0$3#))$&0$&$
"(="$4(1#%0(*:$+-$%#5*()#0$(,7)/4(,=$G+95=*1%5+66+956,9;$
'-S0>-1>/</8=9%8+</01>+U-/<=9;$B</5S>+U9%>1<</6,9;$
\1<,>-1U-,9% ]=:=</6,9;$ B-1+0,>1</>+65/% </+K,9;$ (/=&
*/X,/%95+<<,1;$[U-,91U9%+<+:/09;$&$B9+=*1U=9%/U1*=9;$
&,4$0#1#%&)$0&G(7+)+/0$'(%40$0/7"$&0$F105,>1</%91<,5/&
6,=9;$"U=9%/U=9;$&,4$03&))+3$5&00#%(,#0$'(%40$(,$&44(>
*(+,$*+$+,#$05#7(#0$+-$'&*$FS15,9%>/U/>>,0,$3#%#$&)0+$
05+**#4$+,$0(*#8
_:4%+)+=:$ &,4$ *+5+=%&5"(7$ 0/%1#:0$ 5%+1(4#4$ *"#$
'&0#$2&50$*"&*$3#%#$/0#4$*+$4#1#)+5$*"#$0(*#$7+,7#5*8$
!"#:$=/(4#4$ *"#$ )+7&*(+,$+-$ *"#$5)&,*&*(+,$5&**#%,$ *+$
=%&,*$"(="#%$5%+'&'()(*:$+-$0#)->0/0*&(,&'()(*:$(,$1(#3$
+-$*"#$,&*/%&)$4%&(,&=#8$
X##*(,=0$ 3(*"$ 0*&6#"+)4#%0$ &))+3#4$ *+$ (4#,*(-:$ *"&*$
(,(*(&)$ 0*&6#"+)4#%D0$ 5#%7#5*(+,$ -+%$ *"#$ 0(*#$ 2##*0$ *"#$
*%&4(*(+,&)$ 7+22+,$ %#"&'()(*&*(+,$ 5%&7*(7#0$ 7+,0(0*(,=$
+-$ %#2+1(,=$ *"#$ -&))#,$ %+760$ &,4$/0(,=$ *"#2$ *+$'/()4$
*#%%&7#0;$&44(,=$&=%(7/)*/%&)$0+()$&,4$5)&,*(,=$0+2#$&5>
5)#$*%##0$&0$0"+3,$(,$*"#$%#7+,0*%/7*#4$07#,&%(+$Me(=8$hR8
!"#$@A7%+00$*"#$<()4$B+760C$%#"&'()(*&*(+,$7+,7#5*$
Me(=8$cR$5%#0#,*#4$(,$*"(0$5&5#%$3&0$(,05(%#4$-%+2$*"#$
0*+%:$ +-$ *"#$ 0(*#$ &,4$ *"#$ +'0#%1&*(+,$ +-$ #G(0*(,=$ &,4$
5+*#,*(&)$'(+4(1#%0(*:8
A0$ %#5+%*#4$ ':$ )+7&)0$ @9*$ 3&0$ +,$ &$ N/,4&:$ ,(="*;$
QP$:#&%0$&=+$3"#,$*"#$(,"&'(*&,*0$3+6#$/5$*+$&$"/=#$
0+/,48$L1#%:$+,#$*"+/="*$(*$3&0$&$'+2'$&,4$+,):$(,$
*"#$2+/,*&(,$4(4$*"#:$,+*(7#$*"#$'(=$)&,40)(4#$*"(,6(,=$
(*$3&0$5%+'&'):$7+2(,=$-%+2$&,$+1#%$4+0#$+-$4:,&2(>
*#8$N(,7#$ *"#,;$ *"#$+3,#%$ 0*+55#4$ *"#$#G5)+(*&*(+,$+-$
*"#$./&%%:8$!"#$&7*/&)$+3,#%$+-$*"#$0(*#$"&4$3(0"#4$*+$
#%&0#$*"#$07&%0$&,4$'/()4$&55)#$+%7"&%40$(,0*#&4C8
9,$-%+,*$+-$0/7"$&$"/=#$07&%;$&,4$4(07+1#%(,=$*"#$2(,($
'(+4(1#%0(*:$ 05+*0$ (*$ 0"#)*#%0;$ *"#$ @A7%+00$ *"#$ <()4$
!&'8$[$>$W"&))#,=#0;$A**%('/*#0;$&,4$B#"&'()(*&*(+,$K'?#7*(1#08
!"#$$%&'%( )**+,-.*%(
!"#$%&'('$)*+,*$-.*(%"/ 01+2'3'$)*$+*$-.*3%4+1*$+5"*6-%7'1
01.#."8.*+,*1+89*,%((#:'(('";".## +, $-. (%"/ +5".1# $+8+((%&+1%$.
:%$.1*1<"+,,*=-. 1.(%$'>.() (+"; ?.1'+/ +, "%$<1%(/)"%3'8# @3+1. $-%" AB ).%1#C 5-'8-,%>+<1./*(+8%(*/'>.1#'$)*%"/*1'8-".##
D%<($ 3'11+1 %"/ #<&#.E<."$ ,++$5%((-%>. 8+"#'/.1%&() ('3'$./ $-..#$%&('#-3."$*+,*"%$<1%(*>.;.$%$'+"*
F'$.G#*.%#)*%88.##'&'('$)
=-. ('3'$# +, .8+#)#$.3H# 1.#'('."8.-%>. &.." .28.././ /<. $+ $-.%&#."8.*+,*#+'(*%"/*>.;.$%$'+"*8+>.1
=-. .8+(+;'8%( 8+"$'"<'$'.# 5'$-".';-&+<1'";*.8+#)#$.3#
=-. 8+#$ ,+1 1.-%&'('$%$'+" #-+<(/ &.#-%1./*%3+";*(%"/+5".1#
I<%11) '# (+8%$./ +" ?1'>%$. (%"/ %"/$-<#*(.##*?+('$'8%(*'"$.1,.1."8.
/%"#-,$,*#*,0&10-2%3*,4%(
=+ $%9. $-. &.#$ %/>%"$%;. +, #<8- %$$1'&<$.# $+ '3?(.3."$ %/.E<%$.1.-%&'('$%$'+"*?(%"#
=+*'"81.%#.*&'+/'>.1#'$)
=+ %$$1%8$ ?.+?(. $+ $-. #'$. %"/ 81.%$. %" +<$/++1 >."<. ,+1 1.81.%$'+"%(%8$'>'$'.#
=+*#-./*(';-$*+"*$-.*'3?%8$#*+,*/.#$1<8$'>.*-<3%"*%8$'>'$'.#
@JP@6,*:,0:%+>1<1:S%/0*%-=8/0%U6,16,5,+9
B+760C$7+,7#5*$#25"&0(E#0$*"#$07&%$&,4$=/(4#0$5#+>
5)#$ *+$=(1#$*"#$+55+%*/,(*:$-+%$ *"+0#$2(,($=&%4#,0$*+$
=%+3$(,*+$)&%=#%$=&%4#,0$3"#%#$,&*/%#$7+/)4$,+*$Y,4$
(*0$3&:$'#-+%#8$
!"#$ 7+,7#5*$ &76,+3)#4=#0$ &,4$ 5%#0#%1#0$ #G(0*(,=$
#7+)+=(7&)$&**%('/*#0$&,4$0/==#0*0$&$,#3$&55%+&7"$ (,$
&,$+1#%&))$5#%05#7*(1#$ *+$ %#&))+7&*#$ *"#$0(*#$3"()#$ %#>
0*+%(,=$(*$&0$7)+0#):$*+$(*0$5%#>#G(0*(,=$,&*/%&)$0*&*#$&0$
5+00(')#8$!"(0$(0$'&0#4$+,$*"#$(4#&$*"&*$(-$*"#$0(*#$'#>
7+2#0$&$-/*/%#$4#0*(,&*(+,$-+%$@,&*/%#$#07&5&4#C$&,4$
#4/7&*(+,$5/%5+0#0;$&$7+2'(,&*(+,$+-$#,=(,##%(,=$(,>
*#%1#,*(+,$2#*"+40$ 7&,$'#$ &55)(#4$3"()#$ 5%(+%(*(E(,=$
*"#$"/2&,$4(2#,0(+,8$
!"#$7+,7#5*$(0$4#0(=,#4$(,$0/7"$&$3&:$&0$*+$')#,4$(,$
*"#$0/%%+/,4(,=$=#+2+%5"+)+=:$&,4$07#,(7$)&,407&5#;$
3"()#$4(1#%0(-:(,=$)&,4-+%20$*+$"+0*$&$=%#&*#%$,/2'#%$
+-$&,(2&)0$&,4$5)&,*0$Me(=8$]R8$
k%+2+*(,=$1(0(*+%0D$&77#00$*+$*"#$0(*#$3())$0#%1#$*3+$
2&?+%$5/%5+0#0I$5%+1(4(,=$&$ %#7%#&*(+,&)$ 05+*$ -+%$ )+>
7&)0$ &,4$ 1(0(*+%0$ &,4$ *%&,02(**(,=$ #4/7&*(+,&)$ 2#0>
0&=#0$+,$ *"#$ (25+%*&,7#$+-$ #7+)+=(7&)$5%+7#00#0$ &,4$
05+,*&,#+/0$ '(+4(1#%0(*:;$ &0$ 3#))$ &0$ *"#$ (25&7*0$ +-$
./&%%:(,=8$ e/%*"#%2+%#;$ (*$ 7"&))#,=#0$ *"#$ /,-+/,4#4$
(4#&$ *"&*$ ./&%%(#0$ %#5%#0#,*$ &$ "&%0"$ #,1(%+,2#,*;$ &$
07&%$ *"&*$ 0"+/)4$'#$#%&0#48$@A7%+00$ *"#$<()4$B+760C$
#25"&0(0#0$*"#$07&%$&0$(*$)#&40$1(0(*+%0$1(&$&$0*+,#$0*&(>
%3&:$ &7%+00$ '(+4(1#%0(*:$ 05+*0$ 3"#%#$ (,*#%1#,*(+,0$
7+,0(0*$ +-$ "(=")(="*(,=$ *"#$ #G(0*(,=$ ,&*/%&)$ =&%4#,0$
&,4$5%+2+*(,=$*"#(%$4#1#)+52#,*$':$&44(,=$0##40$+%$
5)&,*(,=$ ,&*(1#$ 05#7(#08$A$ 1&%(#*:$ +-$ &4&5*#4$ ,&*(1#$
05#7(#0$(0$0/==#0*#4;$(,7)/4(,=$T,.=60=8%5,0=9;$4S></&
8+0%U+69,>=8;$#U/65,=8%]=0>+=8;$G+=>6,=8%U1<<,=8;$
#/<K,/%56,<1./;$4/<<S>1518+%K,<<19/;$FS65=9%>188=0,9;$
#/6>1U15+6,=8% 9U,019=8;$4+6>,9% 9,<,^=/956=8;$Z=+6&
>=9%>/<<,U6,019;$4/UU/6,9%9U,019/;$B,0=9%.6=5,/;$4+6/&
510,/%9,<,^=/;$;+6,=8%1<+/0*+6$MA55#,4(G$9R8
N(*#$ #%+0(+,$ 3())$ '#$ 5%#1#,*#4$ ':$ #,7+/%&=(,=$ *"#$
#0*&')(0"2#,*$+-$0*&'()(E(,=$05#7(#0$3(*"$&4#./&*#$%++*$
0:0*#208$<"()#$*"#0#$05#7(#0$2(="*$,+*$'#$(,*#,4#4$-+%$
&41&,7#4$0*&=#0$+-$0/77#00(+,;$*"#:$3())$0/55+%*$5)&,*0$
&0$5&%*$+-$*"#$%#0()(#,7#$4:,&2(7$+-$*"#$-/*/%#$#7+0:>
0*#28$e(,&)):;$7#%*&(,$)(=,#+/0$05#7(#0$3+/)4$'#$5)&,>
*#4$(,$07&**#%#4$5&**#%,0$*+$(,(*(&*#$'/0"$)(6#$-+%2&*(+,0$
&,4$*+$&77#)#%&*#$,&*/%&)$4:,&2(70$':$&**%&7*(,=$-&/,&$
+,$*"#$2#4(/2>*#%28$_+3#1#%;$ (*$2/0*$'#$,+*#4$*"&*$
*"#$)+,=>*#%2$0*&'()(E&*(+,$+-$*"#$0(*#$3())$0(=,(Y7&,*):$
4#5#,4$+,$*"#$0*&'()(E&*(+,$+-$*"#$0/'0*%&*#;$#25"&0(>
E(,=$ *"#$ (25+%*&,7#$+-$ &$2/)*(4(07(5)(,&%:$&55%+&7"8$
e/%*"#%2+%#;$2+,(*+%(,=$3())$'#$&$6#:$0*#5$*+3&%40$*"#$
0/77#00$+-$*"#$5%+7#00;$0#%1(,=$&0$&$0*%(7*$&,4$7+,0*&,*$
7+,*%+)$2#&0/%#$+-$5+*#,*(&)):$(,1&0(1#$05#7(#0$3"(7"$
2(="*$"(,4#%$+%$7+25%+2(0#$,&*/%&)$%#=#,#%&*(+,$5%+>
7#00#08$k(+,##%$5)&,*0$3())$'#$(,7)/4#4$(,$*"#$5)&,,(,=$
(,$+%4#%$*+$)(2(*$0+()$#%+0(+,$&,4$#,0/%#$*"#$*%&,0(*(+,$
*+$-/*/%#$0*&=#08$
H##5(,=$ (,$2(,4$ *"#$&1&()&'()(*:$+-$05#7(#0$&,4$ *"#$
&77#00('()(*:$ +-$ *"#$ &%#&0$ *+$ '#$ 5)&,*#4;$ &$ 5&)#**#$ +-$
&4&5*#4$,&*(1#$05#7(#0$3())$'#$0#)#7*#4;$3(*"$5%#-#%#,>
7#$=(1#,$*+$)+3$2&(,*#,&,7#$05#7(#0$*+$#,0/%#$)&0*(,=$
0/0*&(,&'()(*:8$!"#$ -&/)*$2(%%+%$3())$'#$ 07%&*7"#4$&,4$
05%#&4$3(*"$ 0##40$ *+$ (,(*(&*#$,&*/%&)$ 4:,&2(708$B+76$
3&))0$0"&))$'&%#$0+2#$hPGhP$72$"+)#0$Y))#4$3(*"$0+()$
&,4$5)&,*#4$3(*"$)+7&)$05#7(#0$&,4$02&))#%$"+)#0$*+$-&>
7()(*&*#$'(%4$,#0*(,=$&,4$'&*$-%#./#,*&*(+,$+,$0(*#8$e(>
,&)):;$ *+$ -&7()(*&*#$&77#00;$ &$,#*3+%6$+-$ 0*&(%0$3())$'#$
*%&7#4$&,4$'/()*$3(*"$*"#$%+760$%#2+1#4$':$*"#$0*&'()(>
E&*(+,$5%+7#008
!"#$ (25)#2#,*&*(+,$5%+7#00$3())$ 0*&%*$3(*"$ *"#$ 0*&>
'()(E&*(+,$+-$*"#$%+760$*+$#,0/%#$*"#$0&-#*:$+-$*"#$0(*#;$
3"(7"$3())$&))+3$5%+7##4(,=$*+$*"#$0#7+,4$2&(,$0*#5;$
,&2#):$*"#$4#)(,#&*(+,$+-$*"#$2(7%+>=&%4#,0$3(*"$%#>
05#7*$ *+$'(+4(1#%0(*:$%(7",#00$&,4$#7+)+=(7&)$7+,,#7>
*(1(*:8$
!"#0#$3())$0#%1#$&0$*"#$7+%,#%0*+,#0$+-$*"#$%#"&'()(>
*&*(+,$5%+7#00;$-+))+3#4$':$(,-%&0*%/7*/%#$3+%60$2#&,*$
*+$ 4#Y,#$ *"#$ -/*/%#$ )+7&*(+,0$ +-$ *"#$ 1&%(+/0$ 2(7%+>
=&%4#,08$
<&*#%$%/,+--$3())$'#$%#+%(#,*#4$*+$%#4/7#$#%+0(+,$&,4$
#%+0(+,$5%+7#00#0$3())$'#$/0#4$4/%(,=$*"#$5%#5&%&*(+,$
5"&0#$*+$Y))$*"#$-/*/%#$2(7%+>=&%4#,0$5+76#*0;$(,$+%4#%$
*+$'#,#Y*$-%+2$*"#$)+7&)$0+()$3"(7"$3())$#,7)+0#$)+7&)$
0##408$
e(=8$c$>$qA7%+00$*"#$<()4$B+760D$%#"&'()(*&*(+,$7+,7#5*$>$4#1#>
)+5#4$-+%$*"#$^&**(,#$./&%%:$&0$&$2##*(,=$5+(,*$'#*3##,$#7+)+>
=(7&)$5%(+%(*(#0$&,4$-/*/%#$"/2&,$/0#8
e(=8$h$>$B#7+,0*%/7*#4$07#,&%(+$+-$7)&00(7&)$%#"&'()(*&*(+,$(,$*#%>
%&7#0$&,4$+%7"&%40$5)&,*&*(+,$&0$#G5%#00#4$':$*"#$0(*#D0$+3,#%08
@JQ )2%P+0,/019%+5%/<2
e(=8$]$>$W)+0#$/50$1(#30$+,$*"#$#,7)+0#4$,&*/%&)$=&%4#,0$7+,>
7#(1#4$ *+$ #,"&,7#$ #G(0*(,=$ '(+4(1#%0(*:$ &,4$ 5%+2+*#$ ,&*/%&)$
4:,&2(708
!"#$5+76#*0$3())$'#$4%())#4$(,$4(--#%#,*$0(E#0$&,4$4(->
-#%#,*$)+7&*(+,0$&7%+00$*"#$./&%%:$-&7#;$3"(7"$3())$&)>
)+3$*"#$0(*#$*+$"+0*$3()4)(-#$&=&(,8$
!"#$5+76#*0$ +,$ *"#$2(%%+%$ -&/)*$3())$ '#$ &$ -#3$7#,>
*(2#*%#0$3(4#%$ &,4$ *"#(%$ 7&1(*:$3+/)4$ '#$ Y))#4$3(*"$
0+()$7+,*&(,(,=$0##40$7+))#7*#4$-%+2$*"#$0(*#D0$0/%%+/,>
4(,=08$
G#01*00#/&'(&$'B/&12*0#/&
!"#$#7+)+=(7&)$%#"&'()(*&*(+,$+'?#7*(1#0$)(0*#4$(,$!&'8$
[$3#%#$4#%(1#4$-%+2$*"#$(,(*(&)$0(*#$&00#002#,*$&,4$-%+2$
*"#$2&(,$#7+)+=(7&)$%#0*+%&*(+,$5%(,7(5)#0$M!&'8$OR8
!"#$@A7%+00$*"#$<()4$B+760C$7+,7#5*$3&0$4#1#)+5#4$
*+$'/()4$+,$0(*#$&**%('/*#0$&,4$*+$+1#%7+2#$(*0$7"&))#,>
=#0$M)(0*#4$(,$!&'8$[R8$!"#$'&0#)(,#$&00#002#,*$&,4$*"#$
#7+)+=(7&)$07%##,(,=$=/(4#4$*"#$7%#&*(+,$+-$*"#$7+,7#5*$
(,$1(#3$+-$*"#$"(#%&%7"(7&)$5#%7#5*(+,$5%#0#,*#4$(,$e(=8$
Q8$9,$5&%*(7/)&%;$(*$"&0$#,&')#4$/0$*+I$
>$A44%#00$2&(,$#7+)+=(7&)$7+,7#%,0$#05#7(&)):$3"#,$
&(2(,=$*+$2&(,*&(,$&,4$%#0*+%#$#7+)+=(7&)$-/,7*(+,&)(>
*(#0$+,$0(*#$&,4$%#(,-+%7(,=$2&?+%$#7+)+=(7&)$7+,,#7*(>
1(*:;$%#05#7*$)+7&)$1#=#*&*(+,$4:,&2(70$&,4$2&(,*&(,d
(25%+1#$*"#$0"#)*#%$7&5&7(*:$+-$*"#$0(*#8$
>$B#05#7*$)+7&)$0+7(&)$-%&2#$&0$(*$7+,0(4#%0$*"#$)+7&)$
1&)/#0$&,4$*%&4(*(+,0$(,$*#%20$+-$-&2():$=&*"#%(,=$&,4$
%#7%#&*(+,&)$1#,/#8
>$A,03#%$*"#$)#=&)$7+,0*%&(,*0$#05#7(&)):$(,$*#%20$+-$
)&,4+3,#%0"(58$
>$925)#2#,*$&$*#7",(7&)):$-#&0(')#$07"#2#$3(*"$&$%#>
&)(0*(7$5%+?#7*(+,$'/()4(,=$+,$#G(0*(,=$5":0(7&)$&**%('/>
*#0$3(*"$2(,(2&)$ #G*#%,&)$ &44(*(+,&)$ (,5/*$ &,4$ #&%*"$
2+1#2#,*8$
>$N/==#0*$&$5"&0#4$(25)#2#,*&*(+,$(,$1(#3$+-$Y,&,>
7(&)$&1&()&'()(*:$+-$-/,40$-+%$*"#$#G#7/*(+,8
_+3#1#%;$3"#,$(*$7+2#0$*+$'/()4(,=$+,$7+22/,(*:$
1(0(+,;$&,4$(,$*"(0$7&0#$0*&6#"+)4#%D0d+3,#%D0$5#%7#5>
*(+,;$ '+*"$ *"#$ 0/==#0*(+,$ M@A7%+00$ *"#$<()4$ B+760C$
7+,7#5*R$&,4$*"#$#G5#7*&*(+,$M+3,#%D0$1(0(+,R$4(4$,+*$
2##*8$
K'0*&7)#0$*+$#--#7*(1#$#7+)+=(7&)$%#"&'()(*&*(+,;$#,&>
')(,=$5%+5#%$7+,0(4#%&*(+,$+-$#7+)+=(7&)$5%(+%(*(#0;$7&,$
1&%:$-%+2$7+,7#5*/&);$*#7",(7&);$5+)(*(7&);$*+$Y,&,7(&)8$
!#7",(7&)$+'0*&7)#0$7&,$(,7)/4#$&$)&76$+-$"/2&,$%#>
0+/%7#0$+%$06())0;$ )&76$+-$ *"#$'(+)+=(7&)$2&*#%(&)$,##>
4#4;$ *"#$ -&7*$ *"&*$ ,&*/%#$ &,4$ 0+7(#*(#0$ "&1#$ 4(--#%#,*$
*(2#-%&2#0;$ &,4$ &'0#,7#$ +-$ )&3$ #,-+%7#2#,*8$ !"#0#$
2(="*$ &)0+$ (,7)/4#$7+,7#%,0$ &'+/*$3"#*"#%$ *"#$ *#7">
,(7&)$7&5&7(*(#0$*+$%#"&'()(*&*#$#G(0*$&,4$3"&*$&55%+&7"$
3+/)4$'#$2+0*$#--#7*(1#8$9*$2/0*$'#$,+*#4$*"&*$&77#00$
*+$-/,40$&%#$&)3&:0$+,#$+-$*"#$2&?+%$4%(1#%0$(,$&$%#"&>
'()(*&*(+,$7+,7#5*8$9,$*/%,;$*#7",(7&)$'&%%(#%0$+-*#,$(,>
7%#&0#$7+,7#5*/&)$+,#0$4/#$*+$0#1#%&)$)(2(*(,=$-&7*+%08$
k+)(*(7&)$(,*#%-#%#,7#$(,$*"(0$7&0#$(0$2(,(2&)$&0$*"#$)&,4$
-&))0$+,$5%(1&*#$5%+5#%*:8$9,$2+0*$7&0#0$Y,&,7#0$7&,$'#$
2&?+%$)(2(*&*(+,0$*+$5%+5#%$%#"&'()(*&*(+,;$&0$*"#$Y,&,>
7(&)$%#0+/%7#0$&,4$-/,4(,=$0+/%7#0$%#./(%#4$2(="*$,+*$
&)3&:0$'#$&1&()&')#8$
W+,7#5*/&)$7"&))#,=#0$&%#$1&%(+/0$&0$*"#$1(0(+,0$&,4$
,##40$+-$*"#$1&%(+/0$0*&6#"+)4#%0$2&:$7+,*%&4(7*$#&7"$
+*"#%8$9,$*"(0$7&0#$*"#:$3#%#$2&(,):$%#)&*#4$*+$5%#>?/4>
=#2#,*&)$ (4#&0$3"#%#$3"&*$ (0$Y%0*$2+'()(E#4$&%#$ *"#$
5%#>#G(0*(,=$7+,7#5*0$&,4$*%&4(*(+,&)$(4#&08
9,$*"#$=)+'&)$7+,*#G*$+-$(,*#%5)&:$'#*3##,$"/2&,$&,4$
#7+)+=(7&)$4(07(5)(,#0$&,4$2+%#$05#7(Y7&)):;$$*"#$4(07(>
5)(,#0$ *"&*$ (,1#0*(=&*#$ &,4$ &(2$ *+$ /,4#%0*&,4$"/2&,$
7+=,(*(1#$ 2#7"&,(020$ M'+*"$ 50:7"+)+=:$ &,4$ 5"()+>
0+5":R;$&0$3#))$&0$*"+0#$-+7/0#4$+,$0+7(&)$(,*#%&7*(1#$
06())0$M(,1+)1#2#,*;$&,(2&*(+,;$7+,0/)*&*(+,;$7+))&'+>
%&*(1#$3+%6;$#*78R;$(,*#%4(07(5)(,&%:$&55%+&7"#0$5)&:$&$
6#:$%+)#8$B#):(,=$+,$0+7(&)$07(#,7#0$2(="*$"#)5$+1#%>
7+2#$0/7"$+'0*&7)#0$(,$"/2&,$'#"&1(+/%8$
$!"(0$5%+')#2&*(7$7"&))#,=#$%#./(%#0$*"#$2+'()(E&*(+,$
+-$7+=,(*(1#$F#G('()(*:$ M(8#8$ *"#$&'()(*:$ *+$4#7+,0*%/7*$
#G(0*(,=$ 7+,Y=/%&*(+,0$ *+$ )#&4$ *+$ *"#$ #2#%=#,7#$ +-$
,#3$7+,Y=/%&*(+,0R$(,$+%4#%$*+$-&7()(*&*#$*"#$&4+5*(+,$
+-$ (4#&0$ *"&*$ &%#$ 4(--#%#,*$ *"&,$ *"#$ +,#0$ 5%#>#G(0*(,=$
&,4$4##5):$%++*#4$(,$"/2&,$2(,40$M(,,+1&*(1#$2#&0/>
%#0$&,4$7%#&*(1#$&55%+&7"#0R8
9*$(0$*"#%#-+%#$+-$=%#&*$(25+%*&,7#$*+$Y,4$*"#$*:5(7&)$
&%#&0$+-$%#0(0*&,7#$+-$&$=%+/5$&,4$*%:$*+$3+%6$+,$*"#2$
*"%+/="$7+=,(*(1#$F#G('()(*:$#G#%7(0#0$ (,$+%4#%$ *+$ )+>
3#%$*"#$%#0(0*&,7#$&,4$"#&4$*+3&%40$&77#5*&,7#8
<+%6(,=$ +,$ )+3#%(,=$ *"#$ %#0(0*&,7#$ &,4$ (,7%#&0(,=$
*"#$&77#5*&,7#$+-$&$=%+/5$(,$-/*/%#$%#0#&%7"$-+%$%#"&>
'()(*&*(+,$5/%5+0#0;$'/()4(,=$+,$&,$&7*(1#$"/2&,>'&0#4$
5#4&=+=(7$ &55%+&7"$ &,4$ +,$ 5%+?#7*>'&0#4$ )#&%,(,=;$
3())$ =(1#$ *"#$ #7+)+=(0*0$ &$ =%#&*#%$ 7"&,7#$ +-$ 0/77#00$
3"#,$ 5%+5+0(,=$ /,*%&4(*(+,&)$ (4#&0$ +-$ %#"&'()(*&*(+,8$
!"(0$2/0*$ '#$ 7+/5)#4$3(*"$ &,$ (,(*(&)$ &,&):0(0$ +-$ *"#$
7+=,(*(1#$0+/%7#0$+-$*"#$)+7&)$5+5/)&*(+,$&,4$+,$7++>
5#%&*(+,$3(*"$ *"#$5%+2+*#%0$7+,7#%,#4$':$./&%%:$ %#>
"&'()(*&*(+,;$ (,$+%4#%$ *+$ (4#,*(-:$ *"#$7+,1#%=#,7#$&,4$
'%&6(,=$5+(,*0$+-$'#)(#-0$+-$*"#$)+7&)$7+22/,(*(#08
@JR@6,*:,0:%+>1<1:S%/0*%-=8/0%U6,16,5,+9
H1S&/62+$%-+&)0
!"(0$5%+?#7*$"&0$'##,$-/,4#4$3(*"$0/55+%*$-%+2$*"#$
T&*(+,&)$W+/,7()$ -+%$N7(#,*(Y7$B#0#&%7"$ (,$J#'&,+,$
MWTBN>JR8$ 9*$ (0$ &$J9A$K>J(eL$W+,*%('/*(+,$T+8$NA$
[\>OP[h8$!"#$&/*"+%0$&%#$=%&*#-/)$-+%$N#,(+%$j#+)+=(0*$
A2(,$N"&'&,;$k"Z$MWTBNR$-+%$"(0$0/55+%*$(,$*"#$=#>
+)+=(7&)$#1&)/&*(+,8
O+7+"+&1+0
A/0*%&)(&,$A00+7(&*(+,$ +-$ g/0"$ B#=#,#%&*+%0;$ OP[f8$
AAgBD0$j/(4(,=$k%(,7(5)#0$-+%$L7+)+=(7&)$B#0*+%&>
*(+,$&,4$B#"&'()(*&*(+,8$N#5*$OP[f8
A'(>N&)#"$g8$b$N&Y$N8;$[\]]8$W&%*#$4#$)&$1r=r*&*(+,$
4/$J('&,$&/$[d`PP$PPP$#*$,+*(7#$#G5)(7&*(1#8$L7+)8$
X#4(*#%%8$\I$[Of>[QO8
g%&40"&3$A8Z8;$ [\\c8$B#0*+%&*(+,$ +-$2(,#4$ )&,40$ m$
/0(,=$,&*/%&)$5%+7#00#08$L7+)8$]I$O``>Oh\8
WTBN>JdAeZWd9UWTd_+)7(28;$ OP[f8$ Z#0(=,$ +-$ &,$
#7+)+=(7&)$%#0*+%&*(+,$07"#2#$-+%$_+)7(2$./&%%:$0(*#$
(,$W"#66&;$J#'&,+,a$A$"(44#,$)++5$&7%+00$4%:$)&,4I$$
]c$558
Z&%3(0"$ !8X8;$ H"&*#%$ W8;$ i+2&&$ 98;$ N*#"+/3#%$ B8;$
N"&'&,$A8$b$_&2E#$X8;$OP[P8$L,1(%+,2#,*&)$ (2>
5&7*$ +-$ ./&%%(#0$ +,$ ,&*/%&)$ %#0+/%7#0$ (,$ J#'&,+,8$
J&,4$Z#=%&48$Z#18$O[I$[m[Q8
Z($ W&0*%($ e8;$ [\][8$ X#4(*#%%&,#&,$ *:5#$ 0"%/')&,408$
T#3$l+%6;$L)0#1(#%$N7(#,*(Y7$k/')(0"(,=8
Z/'#%*%#*$J8;$[\``8$W&%*#$=r+)+=(./#$&/$[dOP$PPP$4#$)&$
N:%(#$#*$4/$J('&,8$O[$-#/())#0$&1#7$,+*(7#0$#G5)(7&*%(>
7#0;$g#:%+/*";$X(,(0*s%#$4#0$!%&1&/G$k/')(708
LWKZ9!;$ OPP[8$ J#'&,+,$ N*&*#$ +-$ *"#$ L,1(%+,2#,*$
B#5+%*$MNKLBR8$J#'&,+,I$X(,(0*%:$+-$L,1(%+,2#,*;$
J#'&,#0#$L,1(%+,2#,*$b$Z#1#)+52#,*$K'0#%1&*+>
%:$MJLZKR8
LJABZ;$OPPc8$A))#1(&*(,=$g&%%(#%0$*+$^/&%%:$B#"&'(>
)(*&*(+,$(,$J#'&,+,$>$Ag^UAB;$e(,&)$B#5+%*8$L/%+>
5#&,$W+22(00(+,$m$J(-#$!"(%4$W+/,*%(#0$k%+=%&2;$
J#'&,#0#$X(,(0*%:$+-$L,1(%+,2#,*8
LJ>e&4#)$X8;$t#(,*($X8$b$i&2&)$Z8;$OPPP8$<&*#%$%#>
0+/%7#0$(,$J#'&,+,I$W"&%&7*#%(E&*(+,;$3&*#%$'&)&,7#$
&,4$7+,0*%&(,*08$<&*#%$B#0+/%7#0$Z#1#)+52#,*8$[h$
MQPRI$h[`>hf]8
L)$X+/?&''#%$X8;$ N&2%&$ g8g8;$ Z&%3(0"$ !8$ b$A*&)>
)&"$!8;$OPPh8$W+25&%(0+,$+-$4(--#%#,*$(,4(7&*+%0$-+%$
=%+/,43&*#%$7+,*&2(,&*(+,$':$0#&3&*#%$(,*%/0(+,$+,$
*"#$J#'&,#0#$7+&0*8$<&*#%$%#0+/%7#0$2&,&=#2#,*$OP$
MORI$[h[>[]P8
LNW<A8;$OPP[8$Z#1#)+52#,*$+-$j/(4#)(,#0$-+%$_&%>
2+,(E#4$ L,1(%+,2#,*&)$ 925&7*$A00#002#,*$ N/(*&>
')#$ -+%$ *"#$ LNW<A$ B#=(+,8$ U,(*#4$ T&*(+,0$ L7+>
,+2(7$&,4$N+7(&)$W+22(00(+,$-+%$<#0*$A0(&I$T#3$
l+%6;$Tl
e&+/%$ j8;$ _&44&4$ !8;$ p#)/*$ N8$ b$ p#%4#()$ L8;$ OPP`8$
g#:%+/*"I$^/&%&,*#$&,0$4#7%+(00&,7#$/%'&(,#8$X&5>
5#2+,4#$c\8$
_&,4&00&"$Z8;[\\h8$A$,&*(+,&)$0/%1#:$+,$./&%%:(,=$(,$
J#'&,+,8$H"&*('$b$A)&2(8
i+2&&$98;$A/4&$l8;$A'($N&)#"$g8;$_&2E#$X8$b$N&Y$N8;$
OPP]8$J&,407&5#$05&*(&)$4:,&2(70$+1#%$f]$:#&%0$/,>
4#%$ ,&*/%&)$ &,4$ &,*"%+5+=#,(7$ 5%#00/%#0$ (,$X+/,*$
J#'&,+,8$J&,407&5#$&,4$U%'&,$k)&,,(,=$]cI$hc>c`
H"&*#%$W8;$OPPQ8$Z:,&2(./#0$1r=r*&)#0$5+0*$5#%*/%'&>
*(+,0$0/%$)#0$7&%%(s%#0$7&)7&(%#0$&/$J('&,8$N*%&*r=(#0$
5+/%$ )or7+)+=(#$4#$ )&$ %#0*&/%&*(+,$#,$ %r=(+,0$2r4(>
*#%%&,r#,,#08$!"s0#$4#$4+7*+%&*8$A7&4r2(#$4#$X+,>
*5#))(#%;$U,(1#%0(*r$X+,*5#))(#%$998
H"&*#%$W8$b$X&%*(,$A8;$OPPc8$A55)(7&*(+,$+-$B#0*+%&>
*(+,$L7+)+=:$k%(,7(5)#0$*+$*"#$k%&7*(7#$+-$J(2#0*+,#$
^/&%%:$B#"&'()(*&*(+,$(,$J#'&,+,8$J#'&,#0#$N7(#,>
7#$i+/%,&)$]$M[RI$[\>O]8
H"&*#%$W8;$X&%*(,$A8$b$X&())#*$i8;$OPPf8$N5+,*&,#+/0$
1#=#*&*(+,$ 4:,&2(70$ &,4$ %#0*+%&*(+,$ 5%+05#7*0$ -+%$
!&'8$O$>$L7+)+=(7&)$B#0*+%&*(+,$k%(,7(5)#0$MAAgB;$OP[fR8
!"#$%$&'($)*+,-",./'$ 01(2-)3%$&'($)*+,-",./'$
! !"#$%&$%'()"* +)$,$*)#', '"- ."/)%$"0."(', 1&'()', /'%)'()$")"($2(3.2-.1)*"
! 4"15%)"* ',, 1('6.3$,-.%1 '%. 75,,8 '9'%. $7 (3. 75,, %'"*. $7 &$11)+,.',(.%"'()/.1:2$&&$%(5")().1:2#$1(12'"-2+.".;(12$77.%.-2+82%.1($%'()$"
!2<,,$9)"*27$%2,)"6'*.129)(3)"2(3.2,'%*.%2,'"-1#'&. !240&$9.%)"*2',,21('6.3$,-.%1
!240&3'1)=)"*2&%$#.112%.&')%2$/.%21(%5#(5%',2%.&,'#.0."(! !"/$,/)"* %.,./'"( 1('6.3$,-.%1 )" (3. -.;")()$" $7 +$5"-'%).1 7$%%.1($%'()$"
! <,,$9)"* 157;#)."( ()0. 7$% 1.,7>*.".%'()"* &%$#.11.1 ($%.150.
! ?$"1)-.%)"* ',, 7$%01 $7 3)1($%)#', '"- #5%%."( )"7$%0'()$": )"#,5-)"*1#)."();#2'"-2)"-)*."$512'"-2,$#',26"$9,.-*.:2)""$/'()$"12'"-2&%'#()#.1
!2@%.'()"*2(3.2#'51.12%'(3.%2(3'"2(3.2180&($012$72-.*%'-'()$"! A%$/)-)"* 13$%(>(.%0 +.".;(1 ,.'-)"* ($ (3. '##.&('"#. $7 ,$"*.%>(.%0$+B.#()/.1
! !"#,5-. 0$")($%)"* &%$($#$,1 ($ ',,$9 7$% '-'&()/.0'"'*.0."(
!2A%$/)-)"*27$%2(3.2'##%5',2$72.#$181(.02*$$-12'"-21.%/)#.
!2C(%)/)"*2($9'%-12.#$"$0)#2/)'+),)(8
@@J )2%P+0,/019%+5%/<2
)(2#0*+,#$./&%%(#0$ (,$J#'&,+,8$A55)(#4$p#=#*&*(+,$
N7(#,7#$hI$[\\>OPQ8
H"&*#%$ W8;$ B#)$ p8;$ N&))&,*(,$ i8;$ !"+250+,$ i8Z8;$
_&2E#8$b$X&%*(,$A8;$ OP[O8$B#0*+%(,=$L7+0:0*#20$
A%+/,4$*"#$X#4(*#%%&,#&,$g&0(,I$g#:+,4$*"#$e%+,>
*(#%0$+-$L7+)+=(7&)$N7(#,7#8$B#0*+%&*(+,$L7+)+=:$OP$
M[RI$[>h8
H"&*#%$W8;$OP[`8$u$JDr7+)+=(#$&55)(./r#$I$/,#$%#05+,>
0&'()(*r$07(#,*(Y./#$&/$7&%%#-+/%$4#$)D(,*#%4(07(5)(,&>
%(*r8$_ZB8$U,(1#%0(*r$A(G>X&%0#())#8
H"&3)(#$X8B8;$OPPP8$L,1(%+,2#,*$+-$J#'&,+,I$&$)+0*$
*%#&0/%#$X(,(0*%:$ +-$ L,1(%+,2#,*;$ g#(%/*;$ Jg8$ M9,$
A%&'(78R8
H"&3)(#$X8B8;$N"&'&,$A8;$A3&4$X8;$e&+/%$j8$b$_&4>
4&4$ !8;$ [\\\8$ W+,*%('/*(+,$ +-$ %#2+*#$ 0#,0(,=$ &,4$
j9N$(,$)+7&*(,=$./&%%(#0$-+%$&==%#=&*#0$(,$J#'&,+,D0$
7+&0*&)$ &%#&8$TWBN8$ [`*"$X(44)#$L&0*$ /0#%$ 7+,-#>
%#,7#;$g#(%/*;$Jg8$
H"+/E&2($ X8;$ _&:#6$A8;$ g&00()$ X8$ b$ e+%*/,&*$ J8;$
[\\h8$L*/4#$4#$)&$'(+4(1#%0(*r$4/$J('&,8$k%+?#*$jed$
h[P`>\O>cO8$\$1+)8$B&55+%*$4/$X(,(0*s%#$4#$)DA=%(>
7/)*/%#;$ Br5/')(./#,$ J('&,&(0#$ #*$ 4/$ k%+=%&22#$
4#0$T&*(+,0$U,(#0$5+/%$)#$4r1#)+55#2#,*$MkTULR8
J#=3&()&$ 98A8;$ J&,=#$ L8$ b$ W%(550$ i8;$ OP[`8$ ^/&%%:$
B#7)&2&*(+,$ (,$L,=)&,4I$A$B#1(#3$+-$!#7",(./#08$
iANXB$Q$MORI$``>c\8
X&%*(,$A8;$H"&*#%$W8;$X(,#&/$_8;$b$k/#7"$N8;$OPPO8$
H+%#&,$i+/%,&)$+-$L7+)+=:$O`$M[R$I$\>[c
X+L8;$ OPPc8$ Ag^UAB$ >$ A))#1&*(,=$ g&%%(#%0$ *+$
^/&%%(#0$ B#"&'()(*&*(+,$ (,$ J#'&,+,$ J9eLPQ$!Wld
BJdPPPPQP
X+/*#%4#$k8;$ [\hh8$T+/1#))#$F+%#$ 4/$J('&,$ #*$ 4#$ )&$
N:%(#8$Z&%$#)$X&7"%#76;$g#(%/*;$Jg8
N&&4$J8;$X&":$j8;$Z#)5#/7"$g8$b$H"&*#%$W8;$ OPPc8$
<"&*$ %#0*+%&*(+,$ +5*(+,0$ -+%$ J#'&,#0#$ ./&%%(#0V$
e%+2$)#=&)$ -%&2#3+%6$ *+$Y#)4$&55)(7&*(+,08$k%+7#>
#4(,=0$c*"$L/%+5#&,$W+,-#%#,7#$+,$L7+)+=(7&)$B#>
0*+%&*(+,$A1(=,+,;$e%&,7#
NLB8;$ OPPQ8$ !"#$ NLB$ 5%(2#%$ +,$ #7+)+=(7&)$ %#0*+%&>
*(+,8$ N+7(#*:$ -+%$ #7+)+=(7&)$ %#0*+%&*(+,$ &,4$ 5+)(7:$
3+%6(,=$=%+/58$
N"&'&,$A8;$ L)>g&E$ e8$b$H"&3)(#$X8;$ OPPc8$!"#$ %#>
)&*(+,$ '#*3##,$3&*#%>3#))0$ 5%+4/7*(1(*:$ &,4$ )(,#&>
2#,*0$2+%5"+2#*%:I$N#)#7*#4$E+,#0$-%+2$J#'&,+,8$
T+%4(7$_:4%+)+=:$f]I$[c]>OP[
N*#"+/3#%$B8;$Z&:$B8$b$X&7,#&)$L8;$OPPh8$T/*%(#,*$
&,4$*%&7#$#)#2#,*$)#&7"(,=$-+))+3(,=$2(,#$%#7)&2&>
*(+,$3(*"$'(+0+)(408$i+/%,&)$+-$L,1(%+,2#,*&)$^/&)(>
*:$f`I$[[[]>[[Oh8
!"+250+,$i8$Z8;$OPP`8$k)&,*$#1+)/*(+,$(,$*"#$X#4(*#%>
%&,#&,8$KG-+%4$U,(1#%0(*:$k%#00;$KG-+%48
H..+&$#T'IU'L.+1#+0'<#0)'6#),'O+7+"+&1+
"0/>/8U5,9%>16,1U-16/$0/'058$76/:6/09$Mk+))(,(;$[][[R
"6>-10%/U1<<,0=9$M_#%'0*;$[c]\R$
4/<<S>1518+%K,<<19/$MJ(,6;$[]OOR
4/UU/6,9%9U,019/$MJ(,,&#/0;$[c`fR
4+6/510,/%9,<,^=/$MJ(,,&#/0;$[c`fR
4+6>,9%9,<,^=/956=8$MJ(,,&#/0;$[c`fR
4S></8+0%U+69,>=8$MX())#%;$[ch]R
\1<,>-1U-,9%]=:=</6,9$MJ(,,&#/0;$[c`]R
FS15,9%>/U/>>,0,,$Mg+,&5&%*#;$[]fcR8
FS65=9%>188=0,9$MJ(,,&#/0;$[c`fR
;+6,=8%1<+/0*+6$MJ(,,&#/0;$[c`fR
[U-,91U9%+<+:/09$MXr,r*%(#0;$[]fOR
[U-6S9%+U,9>1U/<,9$Mk+(%#*;$[][hR$
B-1+0,>1</>+65/%</+K,9$Mj%&:;$[]f]R
B,0=9%.6=5,/%M!#,+%#;$[][[R
B</5S>+U9%>1<</6,9$MXv))#%;$[]c]R
B9+=*1U=9%/U1*=9$Mk&))&0;$[cc`R$
Z=+6>=9%>/<<,U6,019$M<#'';$[]f]R
'-S0>-1>/</8=9%8+</01>+U-/<=9$Mi&,;$[]hOR
#/<K,/%56,<1./$MX())#%;$[ch]R
#/6>1U15+6,=8%9U,019=8$MN5&7";$[]QhR
#>16U,1%8/=6=9$MJ(,,&#/0;$[c`]R$
#U/65,=8%]=0>+=8$MJ(,,&#/0;$[c`fR
G+95=*1%5+66+956,9$Me+%06w);$[cc`R
G+=>6,=8%U1<<,=8$MJ(,,&#/0;$[c`fR
T,.=60=8%5,0=9$MJ(,,&#/0;$[c`fR
49
ZSXS!I,!O.&T$J$.$)*!638#$)$%&!,-!(&'%$6&!F&!.,!'*7,J$.$),)$3#!*63.38$E-&!F&(!6,''$G'&(!
L$! +-3! _'#Z,+.3! /+! -+! ;+,'3+'7! $2'-! /+! 32,3! ('2H+3! 8+33).3! +.! s,&'+! ,.+! 82/%_%1)3%2.! /+!
$0+.&%'2..+8+.3! /+! &%+! /+-! (+'-2..+-7! Y! ,.+! '#-%-3).1+! (-I1;2$2K%Z,+7! -,'32,3! $2'-Z,+! 1+-!
82/%_%1)3%2.-!.+!-2.3!()-!12._2'8+-!),T!%/#+-!('#12.d,+-!Z,02.3!1+-!(+'-2..+-`!!Q+33+!+T(#'%+.1+7!
(2'3).3! -,'! ,.+! 1)''%['+! +.! %.-3).1+! /+! '#;)E%$%3)3%2.! ^J)e.+;V! W+e))7! =%E).a! &%-)%3! Y! 3+-3+'! $)!
12.3'%E,3%2.!/+-!+T+'1%1+-!/+!_$+T%E%$%3#!12K.%3%&+!Y!'#/,%'+!$)!'#-%-3).1+!/+-!1288,.),3#-!$21)$+-!
12.1+'.#+-!()'!,.!('2H+3!/+!'+-3),')3%2.!#12$2K%Z,+`!
p,)3'+!K'2,(+-!+3!/2.1!Z,)3'+!)(('21;+-!/%__#'+.3+-!2.3!#3#!3+-3#+-!)&+1!/+-!.%&+),T!/0+.K)K+8+.3!
&)'%)E$+-!C!=+!K'2,(+!D!)!-,%&%!,.+!_2'8)3%2.!/+!B5;!-,'!$+!3+'')%.7!#3)$#+-!-,'!G!82%-!u!$+!K'2,(+!F!)!
-,%&%! ,.+! -#).1+!/+! -+.-%E%$%-)3%2.!Y! $0+.&%'2..+8+.3!/+!F!;! u! $+! K'2,(+!t! )!#3#! 12._'2.3#!Y!/+-!
+T+'1%1+-!/+!_$+T%E%$%3#!12K.%3%&+!(+./).3!A5!8%.,3+-!+3!$+!K'2,(+!A!+-3!,.!K'2,(+!12.3'{$+`!
=0)'3%1$+!o<,+'!=0>1,/2/&>!7++)!?1/2/&>@!A/&'$)$8+!B2+C$3$2$)>!6/#!9*(##>!D+,(3$2$)()$/'q!^R+.%).2-!
+)!(27!F5DG)a!)!(+'8%-!/+!82.3'+'!Z,0%$!+-3!(2--%E$+!/0)E)./2..+'!$+-!'+('#-+.3)3%2.-!%.%3%)$+-!/+-!
(+'-2..+-! /+! _)d2.! 128()')E$+! )&+1! /+-! %.3+'&+.3%2.-! 12,'3+-! ()'! /+-! +T+'1%1+-! /+! _$+T%E%$%3#!
12K.%3%&+!^A5!8%.a!Z,0)&+1!,.!('2K')88+!/+!_2'8)3%2.!-,'!$+!3+'')%.!/+!B5;!#3)$#+-!-,'!G!82%-`!=)!
128E%.)%-2.!/+-!+T+'1%1+-!/+!_$+T%E%$%3#!^A5!8%.a!)&+1!,.+!-#).1+!/+!-+.-%E%$%-)3%2.!^F;a!+.3')r.+!.2.!
-+,$+8+.3!$0)E)./2.!/+-!-1;#8)-!%.%3%),T!̂ (!.#$/#$a!8)%-!#K)$+8+.3!$0)/2(3%2.!/+!.2,&+),T!-1;#8)-!
^-2$,3%2.-!($,-!#12$2K%Z,+-a`!
!
!
!
!
!
!
!
!
!
!
!
!
!
!!
Abstract—"#$%$&'#(%! )*$+,#-.! (*,! $/-,0! /(#,1! 2'-3! *,%4#-(0#,!
/*$5! %$#(%! #$5540'-',.! 3$.-'0&! -3,! )*$+,#-6! ,.),#'(%%7! 23,0! -3'.!
)*$+,#-! '08$%8,.! 8(*'(-'$0! /*$5! )*,.,-! '1,(.! $*! #%(..'#(%! )*(#-'#,.9!
:3'.! )(),*! ('5.! (-! ())*,#'(-'0&! -3,! #$0-*';4-'$0! $/! ,08'*$05,0-(%!
).7#3$%$&7! -3*$4&3! #$&0'-'8,! /%,<';'%'-7! ,<,*#'.,.! -$! '5)*$8,! -3,!
(##,)-(;'%'-7! $/! %$#(%! #$5540'-',.! '0! (1$)-'0&! 5$*,! ,#$%$&'#(%!
*,3(;'%'-(-'$0!.#,0(*'$.9!:3,!.-417!'.!;(.,1!$0!(!=4(**7!.'-,!%$#(-,1!'0!
>,?((@!A,;(0$09!B$4*!&*$4).!2,*,! #$0.'1,*,1!2'-3!1'//,*,0-! %,8,%.!
$/!'08$%8,5,0-6!(.!/$%%$2.C!D*$4)!E!'.!:*('0'0&!F:G!H!IJ!3$4*.!$/!$0@
.'-,! -*('0'0&!$8,*!K!5$0-3.6!D*$4)!L! '.!M2(*,0,..!FMG!H!L!3$4*.!$/!
(2(*,0,..! *('.'0&! .,..'$06! D*$4)! N! '.! B%,<';'%'-7! FBG! H! L! 3$4*.! $/!
/%,<';'%'-7!,<,*#'.,.!(01!D*$4)!O!'.!-3,!P$0-*$%!FPG9!:3,!*,.4%-.!.3$2!
-3(-! '01'8'14(%.! '0! D*$4)! N! FBG! 23$! /$%%$2,1! /%,<';'%'-7! .,..'$0.!
(##,)-!#$5)(*(;%7!-3,!,#$%$&'#(%!*,3(;'%'-(-'$0!$)-'$0!$8,*!-3,!5$*,!
#%(..'#(%!$0,9!:3'.!'.!(%.$!-3,!#(.,!/$*!-3,!),$)%,!'0!D*$4)!E!F:G!23$!
/$%%$2,1! (! 5$*,! -'5,@1,5(01'0&! Q$0@.'-,! -*('0'0&R9! M0$-3,*!
,<),*',0#,! 2(.! #$014#-,1! $0! (! .,#$01! =4(**7! .'-,! #$5;'0'0&!
/%,<';'%'-7! 2'-3! (2(*,0,..@*('.'0&9! :3'.! *,.,(*#3! #$0/'*5.! -3(-! '-! '.!
)$..';%,! -$! *,14#,! *,.'.-(0#,! -$! #3(0&,! -3(0?.! -$! (! %'5'-,1! '0@-'5,!
'0-,*8,0-'$0! 4.'0&! #$&0'-'8,! /%,<';'%'-79! :3'.! 5,-3$1$%$&'#(%!
())*$(#3! #$4%1! ;,! -*(0./,*(;%,! -$! $-3,*! ,08'*$05,0-(%! )*$;%,5.!
'08$%8'0&!%$#(%!#$5540'-',.!(01!#3(0&,.!'0!)*,.,-!),*#,)-'$0.9!
!
Keywords—M##,)-(;'%'-76! ,#$%$&'#(%! *,.-$*(-'$06! ,08'*$05,0-(%!
).7#3$%$&76!A,;(0$06!%$#(%!#$5540'-',.6!*,.'.-(0#,!-$!#3(0&,9!!
S9! ST:UVWXP:SVT!
YSZ! )(),*! '.! )(*-! $/! (! )*$+,#-! -3(-! ('5.! (-! 1,8,%$)'0&!
*,3(;'%'-(-'$0! )%(0.! /$*! -2$! (;(01$0,1! =4(**',.! F[(?0,!
(01![1$4?3(\!>,?((@!A,;(0$0G!-3(-!(*,!Q,#$%$&'#(%%7!.$401R6!
Q.$#'(%%7! (##,)-(;%,R! (01! Q-,#30'#(%%7! /,(.';%,R! /$%%$2'0&! (0!
'0-,&*(-,1!3',*(*#3'#(%!())*$(#3!1,.#*';,1!'0!]E^9!
W,&*(1,1! ,#$.7.-,5.! (*,! ,#$.7.-,5.! -3(-! 3(8,! %$.-! $*!
(%-,*,1! $0,! $/! -3,'*! /$4*! ?,7! =4(%'-',.C! '0-,&*'-76! 3,(%-36!
*,.'.-(0#,!(01_!$*!*,.'%',0#,!]L^6!]N^9!`4(**7'0&!'.!(!)(*-'#4%(*!
-7),! $/! %(01! 1,&*(1(-'$0! '08$%8'0&! .,8,*,! (%-,*(-'$0! $/! -3,!
-$)$&*()37!(01!*,5$8(%!$/!.4;.-*(-,!F-$)!.$'%!(01!.,,1!;(0?.G!
(01! %(01! #$8,*! F3(;'-(-.6! /%$*(!a! /(40(G9! U,/,*,0#,.! ]O^6! ]I^!
#$0/'*5!-3(-!23,0,8,*!(!=4(**7!'.!(;(01$0,16!(01!,<)%$'-(-'$0!
'.! .-$)),16! 0(-4*(%! 170(5'#.! (*,! .,%/@'0'-'(-,1! ;4-! -3,7! $/-,0!
/('%!-$!.4.-('0!-3,!/40#-'$0!(01!-3,!.-*4#-4*,!$/!-3,!,#$.7.-,5.9!
S0! 5$.-! $/! -3,! #(.,.6! 1,8,%$)'0&! *,3(;'%'-(-'$0! )%(0.! '.!
,..,0-'(%6!,.),#'(%%7!'0!(0!4*;(06!.,5'@4*;(0!$*!*4*(%!.,--'0&9!!
:3,!#$0#,)-!$/!,#$%$&'#(%!*,.-$*(-'$0!1(-,.!;(#?!-$!EbNI!]c^!
!d9! B,0'(0$.! (01! W9! >*$4'%%,-! (*,! 2'-3! -3,! X0'8,*.'-7! e(4%! f(%g*76!
A(;$*(-$'*,! ").7%$06! [$0-),%%',*6! NOEbb6! B*(0#,9! F,@5('%C!
+$3007/,0'(0$.h&5('%9#$56!1,0'.9;*$4'%%,-h40'8@5$0-)N9/*G9!!
P9! i3(-,*! '.! 2'-3! -3,! P,0-,*! /$*! U,5$-,! Z,0.'0&@! T(-'$0(%! P$40#'%! /$*!
Z#',0-'/'#!U,.,(*#3!A,;(0$09!>'*!Y(..(0@!>e!EE@KLKE!U'(1!"%!Z$%36!>,'*4-@!
A,;(0$0! F#$**,.)$01'0&! (4-3$*6! )3$0,C! bcE@NKjEINb6! ,@5('%C! #?3(-,*h!
&5('%9#$5G9!
(01! 2(.! 1,/'0,1! (.! Q(0! '0-,0-'$0(%! (#-'8'-7! -3(-! '0'-'(-,.! $*!
(##,%,*(-,.! -3,! *,#$8,*7! $/! (0! ,#$.7.-,5! 2'-3! *,.),#-! -$! '-.!
3,(%-36! '0-,&*'-7!(01!.4.-('0(;'%'-7R!]L^9!k3,-3,*! '0-,01,1!/$*!
*,.-$*(-'$06! *,3(;'%'-(-'$0! $*! *,#%(5(-'$0! ]j^6! ]L^6! (07!
*,.-$*(-'$0! )*$+,#-! 5('0%7! ('5.! (-! ,0(;%'0&! (! 1,&*(1,1!
,#$.7.-,5! -$! *,&('0!(! /40#-'$0(%! .-(-4.!(%$0&! '-.! *,&,0,*(-'$0!
)(-32(7!]K^9!S-! '.! -3,*,/$*,!)$..';%,! -$!,'-3,*!*,%(7!$0!0(-4*(%!
)*$#,..,.! $*! )*,/,*! (0! (#-'8,! -,#30'#(%! '0-,*8,0-'$06! $*!
#$5;'0,!;$-3!23'%,!('5'0&!-$!$*',0-! *,&,0,*(-'$0! -*(+,#-$*',.!
]K^6!$*!(.!*,#$55,01,1!'0!]E^6!'0#%41,!.$#'(%!#$0.'1,*(-'$0.!-$!
*,(#3! Q,#$%$&'#(%%7! .$401R6! Q.$#'(%%7! (##,)-(;%,R! (01!
Q-,#30'#(%%7!/,(.';%,R!$)-'$0.9!
[,1'-,**(0,(0! ,#$.7.-,5.! (*,! #3(*(#-,*'l,1! ;7! )(*-'#4%(*!
#%'5(-'#!#$01'-'$0.!F2(*5!(01!1*7!.455,*.!8.9!5'%1!(01!*('07!
2'0-,*.G6!;4-!(%.$!(01!5('0%7!;7!(0!'0#*,(.,1!345(0!)*,..4*,!
$0! 0(-4*(%! ,#$.7.-,5.! F4*;(0! 1,8,%$)5,0-6! 1,/$*,.-(-'$06!
$8,*&*(l'0&6!,-#9G!]b^@]EL^9!S0!(11'-'$06!-3,!3'%%7!-$)$&*()37!$/!
-3,!%(01.#(),.!(01!-3,!3,-,*$&,0,'-7!$/!5'#*$#%'5(-,.!'014#,!
(! 3'&3! 1'8,*.'-7! $/! -3,! 8,&,-(-'$0! #$8,*! (01! (! 3'&3%7!
/*(&5,0-,1!%(01.#(),!]EE^9!!
S0! (11'-'$0! -$! ;,'0&! )(*-! $/! -3,! [,1'-,**(0,(0! ;(.'06!
A,;(0$0!'.!;$-3!(.!(!#$0.,=4,0#,!$/!'-.!3'.-$*'#(%!;(#?&*$401!
(01! &,$&*()3'#(%! %$#(-'$06! #3(*(#-,*'l,1! ;7! (0! '5)$*-(0-!
(0-3*$)$&,0'#! )*,..4*,! 23'#3! *,.4%-,1! '0! -3,! '0#*,(.,1!
)*,.,0#,!$/!1,&*(1,1!,#$.7.-,5.9!S-!*,)*,.,0-.!(!)*$-$-7),!$/!
[,1'-,**(0,(0! %(01.#(),.! 2'-3! (&&*(8(-,1! .'-4(-'$0.! -3(-!
#$4%1!.,*8,!(.!(!&$$1!,<(5)%,! -$!;,! %(-,*!())%'#(;%,! -$!$-3,*!
[,1'-,**(0,(0@-7),!.'-4(-'$0.!]E^6!]EN^6!]EO^9!B4*-3,*5$*,6!-3,!
40.-(;%,!.$#'$@)$%'-'#(%!.'-4(-'$0!-3(-!)*,8('%,1!.'0#,!EbjI!3(.!
*,.4%-,1! '0! '0#*,(.,1! 4*;(0'.(-'$06! 40#$0-*$%%,1! 1,5$&*()37!
(01! -3,! .4;.,=4,0-! '**(-'$0(%! 1,8,%$)5,0-! $/! =4(**',.! -3(-!
2,*,! ,<)%$'-,1! ,)'.$1'#(%%7! 23,0! /401.! $/! )$%'-'#(%! .4))$*-!
2(.!(8('%(;%,!]N^9!!
:3,! *,.4%-'0&! .'-4(-'$0! '.! -3,! ,<'.-,0#,! $/!5$*,! -3(0! EJJJ!
,<-*(#-'$0!.'-,.!'0!-3,!A,;(0,.,!-,**'-$*7!FEJOIL!?5LG6!'9,9!]EI^!
5,0-'$0.!jEJ!=4(**7!.'-,.6!]Ec^!*,)$*-.!5$*,!-3(0!EOJJ!(01!-3,!
D*,,0!)(*-7!5$*,! -3(0!EjJJ!.'-,.6!5$.-!$/! -3,5!;,'0&!,'-3,*!
'%%,&(%! $*! 401$#45,0-,19! S0! Ebbj6! -3,! ['0'.-*7! $/!
"08'*$05,0-! '..4,1! (!1,#*,,! FKKJIG! *,&4%(-'0&! -3,!=4(**7'0&!
.,#-$*9!M.!(!#$0.,=4,0#,6!1$l,0.!$/!.'-,.!2,*,!%,/-!(;(01$0,1!
-$!401,*&$!(!.%$2!(01!7,-!40#,*-('0!.,%/@*,3(;'%'-(-'$0!]Ej^9!
U,/,*,0#,! ]EK^! 3(8,! 0$-,1! -3(-! -3,! )*,/,**,1! $)-'$0! /$*!
=4(**7! *,3(;'%'-(-'$0! 2(.! -3,! #%(..'#(%! .#,0(*'$! F5$.-%7!
#$0.'.-'0&! $/! $*#3(*1! )%(0-,1! -,**(#,.G! (01! 3(8,! #$0#%41,1!
-3(-!*,%7'0&!$0!.$#'(%!.#',0#,.6!0$-(;%7!#$&0'-'8,!).7#3$%$&76!
-$!3,%)!$8,*#$5,!$;.-(#%,.! -$2(*1.!(##,)-'0&!0,2!(01!5$*,!
,#$%$&'#(%!())*$(#3,.9!
Z'0#,!]Eb^6!'-!'.!2,%%!,.-(;%'.3,1!-3(-!23,0!2,!'0-,*(#-!2'-3!
d9!B,0'(0$.6!P9!i3(-,*6!W9!>*$4'%%,-!
k3,0!e.7#3$%$&7![,,-.!"#$%$&7C!P$&0'-'8,!B%,<';'%'-7!
/$*!`4(**7!U,3(;'%'-(-'$0!
:
World Academy of Science, Engineering and Technology
International Journal of Psychological and Behavioral Sciences
Vol:12, No:5, 2018
193International Scholarly and Scientific Research & Innovation 12(5) 2018 scholar.waset.org/1307-6892/10008977
Inte
rnat
ion
al S
cien
ce I
nd
ex,
Psy
cho
log
ical
an
d B
ehav
iora
l S
cien
ces
Vo
l:1
2,
No
:5,
20
18
was
et.o
rg/P
ub
lica
tio
n/1
00
08
97
7
!
(0!$;+,#-6!),*.$0!(01!5$*,! %(*&,%7!2'-3! -3,!,08'*$05,0-6!2,!
5$;'%'l,! &,0,*'#! ?0$2%,1&,! .-*4#-4*,.! #(%%,1! .#3,5(.! F(%.$!
#(%%,1!m/*(5,.m!]LJ^\!m.#*')-.m!]LE^\!m.-$*7!&*(55(*m!]LL^G9!M.!
]LN^!.3$2,1!-3(-!'/!.#3,5(.!#$0-('0!(!.,-!$/!?0$2%,1&,6!-3,7!
#$0-('0! (%.$! '0/$*5(-'$0! $0! 3$2! -$! 4.,! -3'.! ?0$2%,1&,! (01!
-3(-! #$5540'-',.! &,0,*(%%7! .3(*,! .(5,! .#3,5(.9!
P$0.,=4,0-%76! -3,*,! '.! (! #'*#4%(*! #(4.(%'-7! %'0?! ;,-2,,0!
;,3(8'$*.! (01! .#3,5(.9! Z#3,5(.! (*,! -3,! .$4*#,! $/! $4*!
;,3(8'$*.! (01! (%%$2! $4*! ;,3(8'$*.! -$! ;,! (1()-,19! :3,*,/$*,6!
-3,7! (*,! .-*,0&-3,0,1! ;7! $4*! ;,3(8'$*.9! S0! $-3,*! 2$*1.6!
.#3,5(.!.3(),!-3,!2(7!2,!.,,!-3,!2$*%16!(01!-3'.!'.!237!'-!'.!
1'//'#4%-!-$!5$1'/7!$*!#3(0&,!.#3,5(.9!
Z$6! 23,0,8,*6! /$*! )$%'-'#(%6! .$#'(%! $*! .#',0-'/'#! *,(.$0.6!
),$)%,! (*,! '08'-,1! -$! #3(0&,! -3,! 2(7! -3,7! ),*#,'8,! -3,'*!
,08'*$05,0-6! 2,! $;.,*8,! (! #,*-('0! /$*5! $/! *,.'.-(0#,!
'1,0-'/',1! (.! Q*,.'.-(0#,! -$! #3(0&,R9! S-! 2(.! ]LO^! -3(-! /'*.-!
'0-*$14#,1!-3,!-,*5'0$%$&7!Q*,.'.-(0#,!-$!#3(0&,R9!U,/,*,0#,.!
]LI^6!]Lc^!)*$)$.,1!1'//,*,0-!.-(&,.!/$*!-3,!(1$)-'$0!$/!#3(0&,9!
:3,! /'*.-! .-,)! #$**,.)$01.! -$! -3,! 1,#*7.-(%%'l(-'$0C!
(;(01$05,0-! $/! .#3,5(.9! :3,! .,#$01! .-,)! '.! -3,! -*(0.'-'$0!
)3(.,! 23,*,! 0,2! )$..';'%'-',.! (*,! ,<),*'5,0-,19! B'0(%%76!
*,#*7.-(%%'l(-'$0!(%%$2.!0,2!'1,(.!-$!(4-$5(-,9!>4-!-3,!.,#$01!
(01! -3,! -3'*1! .-,).! #(0! $0%7! -(?,! )%(#,! '/! -3,! /'*.-! $0,! '.!
.4##,../4%9!
:3,! ('5! $/! -3'.! 2$*?! '.! -$! -,.-! -3,! )$..';'%'-7! -$! 4.,!
?0$2%,1&,! /*$5!#$&0'-'8,!).7#3$%$&7! -$! .,,! '/!2,!#(0!&,-! (!
5$1'/'#(-'$0! $/! .#3,5(.! (;$4-! =4(**',.! *,3(;'%'-(-'$09! :3,!
?0$2%,1&,! 2,! (*,! -(%?'0&! (;$4-! '.! #$&0'-'8,! /%,<';'%'-79!
P$&0'-'8,! /%,<';'%'-7! #(0! ;,! 1,/'0,1! (.! (! #*'-'#(%! ,<,#4-'8,!
/40#-'$0!]Lj^!-3(-!#(0!;,!;*$(1%7!1,/'0,1!(.!-3,!(;'%'-7!-$!(1()-!
;,3(8'$*.!'0!*,.)$0.,!-$!#3(0&,.!'0!-3,!,08'*$05,0-!]LK^9!
M##$*1'0&! -$! -3,! P$&0'-'8,! B%,<';'%'-7! :3,$*7! ]Lb^6! (!
),*.$0n.! #$&0'-'8,! /%,<';'%'-7! 3(.! -3,! (;'%'-7! -$! =4'#?%7!
*,.-*4#-4*,!-3,'*!?0$2%,1&,6!3,0#,!(1()-'0&!-3,'*!*,.)$0.,.!-$!
#3(0&'0&! 1,5(01.9! [$*,$8,*6! -3,7! #(0! #$0#,'8,! (!
*,)*,.,0-(-'$0!$/!-3,!.'-4(-'$0!/*$5!54%-')%,!),*.),#-'8,.9!
:3,*,!'.!-$1(7!.'&0'/'#(0-!*,.,(*#3!-3(-!.3$2.!-3(-!/$.-,*'0&!
#$&0'-'8,! /%,<';'%'-7! -3*$4&3! ())*$)*'(-,! ,<,*#'.,.! #(0! ;*'0&!
'0-,*,.-'0&! *,.4%-.! '0! %,(*0'0&6! /$*! #3'%13$$1! ]NJ^@]NL^6! /$*!
(14%-3$$1! ]NJ^! (01! /$*! $%1,*! (14%-3$$1! ]NN^@]NI^9![$*,$8,*6!
]Nc^!3(8,!.3$20!-3(-!#$&0'-'8,!/%,<';'%'-7!'.!0,&(-'8,%7!%'0?,1!
-$!*,.'.-(0#,! -$!#3(0&,!'9,9! -3,!5$*,!/%,<';%,!(0!'01'8'14(%! '.6!
-3,!,(.',*!'-!'.!/$*!-3,!'01'8'14(%!-$!#3(0&,!3'._!3,*!),*#,)-'$0.9!
k,! .-(-,! -3(-! '-! '.! )$..';%,! -$! #$0-*';4-,! -$! 5$1'/7! '0'-'(%!
),*#,)-'$0.!(01!-$!(##,)-!(!Q5$*,!,#$%$&'#(%R!.4&&,.-'$09!k,!
-,.-! .,8,*(%! ())*$(#3,.! -$! #$5)(*,! -3,! #$0-*';4-'$0! $/! (0!
())*$(#3! ,<#%4.'8,%7! '08$%8'0&! #$&0'-'8,! )*$#,..,.!
F/%,<';'%'-7G!2'-3!5$*,!#$08,0-'$0(%!(01!5$*,!-'5,@#$0.45'0&!
5,-3$1.! F(#-'8,! )(*-'#')(-'$0! (01! $0! -3,! +$;! -*('0'0&G9! :2$!
,<),*'5,0-.!2,*,! -,.-,19!:3,! /'*.-! ,<),*'5,0-! '08$%8,1! -3*,,!
1'//,*,0-! ())*$(#3,.! F:*('0'0&6! B%,<';'%'-7! "<,*#'.,.! (01!
M2(*,0,..G! (01! -3,! *,.4%-.! &4'1,1! -3,! 1,8,%$)5,0-! $/! (!
.,#$01!,<),*'5,0-!#$5;'0'0&!M2(*,0,..!(01!B%,<';'%'-79!
A. Experimental Approach "#$%&'(%)*! +,! W,.-*4#-4*'0&! '0'-'(%! *,)*,.,0-(-'$0.! 2'-3!
/%,<';'%'-79!
:3,! ('5! $/! -3'.! ,<),*'5,0-! '.! -$! -,.-! -3,! #$0-*';4-'$0! $/!
#$&0'-'8,! /%,<';'%'-7! ,<,*#'.,.! -$! *,14#,! *,.'.-(0#,! -$! #3(0&,!
(01!'014#,!5$1'/'#(-'$0!$/!.#3,5(.6!23'%,!,5)$2,*'0&!%$#(%!
#$5540'-',.! -$2(*1.! (1$)-'0&! (0! ,#$%$&'#(%! *,3(;'%'-(-'$0!
)%(0! /$*! (! =4(**76! '0! #$5)(*'.$0! 2'-3! $-3,*! ())*$(#3,.!
FM2(*,0,..!(01!:*('0'0&G9!
SS9!!ZS:"!W"ZPUSe:SVTC![MiT"!>"iMM@!A">MTVT
:3,!=4(**7!'.!.'-4(-,1!0,(*!(!8'%%(&,!#(%%,1![(?0,6!23'#3!'.!
%$#(-,1!'0!-3,!T$*-3@"(.-!*,&'$0!$/!-3,!>,?((!D$8,*0$*(-,6!NJ!
?5!/*$5!>((%;,#?!#'-79!:3,!.-417!.'-,!,<)(01.!$8,*!(!.4*/(#,!
(*,(!$/!LKJJJ!5L!FB'&9!EG9!!
!
B'&9!E!A$#(-'$0!$/![(?0,!(01![1$4?3(!.-417!.'-,!
!
[(?0,! 3(.! (! *,&'.-,*,1! )$)4%(-'$0! $/! K6JJJ6! ;4-! $0%7! 3(.!
E6JJJ!),*5(0,0-!*,.'1,0-.!FIIo!/,5(%,!(01!OIo!5(%,G9!
[(?0,! '.! (! 5'11%,! -$! %$2! #%(..! 8'%%(&,! 2'-3! (0! (8,*(&,!
.-(01(*1! $/! %'8'0&9! :3,!5(+$*'-7! $/! -3,! #$5540'-7! *,%',.! $0!
(&*'#4%-4*,! (.! (! 5('0! .$4*#,! $/! '0#$5,! F$%'8,! -*,,.! (01!
-$;(##$!)%(0-.G!]Nj^9!:3,!=4(**7!.'-,!'.!.'-4(-,1!(-!J9N!?5!/*$5!
-3,!8'%%(&,9!>,/$*,!'-.!,<)%$'-(-'$06!-3,![(?0,!=4(**7!.,*8,1!(.!
(!*,#*,(-'$0(%!.'-,!/$*!%$#(%!#$5540'-',.!(01!8'.'-$*.!/*$5!-3,!
.4**$401'0&! 8'%%(&,.6! 23$! 4.,1! '-! 5$.-%7! /$*! )'#0'#.! (01!
/(5'%7! &(-3,*'0&.9! :3,! -,5)$*(*7! *'8,*! 2(.! -3,! 5('0!
(--*(#-'$06!(.!2(-,*!/%$2,1!/$*!$0%7!(!/,2!5$0-3.!,8,*7!7,(*9!
:3,! ,<)%$'-(-'$0! ,01,1! '0! LJEJ! (01! -3,! 540'#')(%'-7!
'0'-'(-,1!(!)*$#,..!$/!145)'0&!#$0.-*4#-'$0!1,;*'.! '0!-3,!.'-,9!
:3,! 540'#')(%'-7! *,#,'8,1! /401.! -$! 401,*-(?,! -3,!
*,3(;'%'-(-'$0!/$*!-3,!(;(01$0,1!=4(**79!!
A. Participants :3'.! ,<),*'5,0-! -(*&,-.! -3,! #$5540'-7! -3(-! '.! 1'*,#-%7!
'5)(#-,1!;7!-3,!=4(**7'0&!(#-'8'-',.!2'-3'0!(!*(1'4.!$/!IJJ!5!
World Academy of Science, Engineering and Technology
International Journal of Psychological and Behavioral Sciences
Vol:12, No:5, 2018
194International Scholarly and Scientific Research & Innovation 12(5) 2018 scholar.waset.org/1307-6892/10008977
Inte
rnat
ion
al S
cien
ce I
nd
ex,
Psy
cho
log
ical
an
d B
ehav
iora
l S
cien
ces
Vo
l:1
2,
No
:5,
20
18
was
et.o
rg/P
ub
lica
tio
n/1
00
08
97
7
!
$/! -3,! =4(**7! .'-,9! :3'.! *,)*,.,0-.! (! -$-(%! $/! EJN! ),*.$0.6! $/!
(8,*(&,!NK!7,(*.!$%1!(01!(!5(%,!-$!/,5(%,!*(-'$!$/!N_L6!5$.-%7!
#$5)$.,1!$/!3$4.,2'8,.6!.#3$$%!-,(#3,*.6!)4;%'#!.,*8(0-.!(01!
(&*'#4%-4*,!2$*?,*.9!:3,.,!8(*'$4.!.$#'$@,#$0$5'#!#(-,&$*',.!
(*,!*,)*,.,0-(-'8,!$/!-3,!)$)4%(-'$0!'0![(?0,!F[40'#')(%!1(-(6!
$*(%!#$5540'#(-'$0!LJEcG9!!
:3'.! .-417! -(*&,-,1! NJo! $/! -3,! -$-(%! )$)4%(-'$0! 1'*,#-%7!
'5)(#-,1! ;7! -3,! [(?0,! =4(**7! FNL! ),*.$0.G9! :3,7! 2,*,!
1'8'1,1! '0-$! /$4*!&*$4).!$/!,'&3-!),*.$0.!,(#3!(01! *(01$5%7!
(..'&0,1!(!&*$4)!F:*('0'0&6!M2(*,0,..6!B%,<';'%'-7!$*!P$0-*$%G!
F:(;%,!SG9
SSS9! ![M:"USMAZ!MTW![":YVWZ!
:(;%,!S!1,.#*';,.!-3,!1'//,*,0-!())*$(#3,.!(01!'0-,*8,0-'$0.!
(1$)-,1!/$*!-3,!8(*'$4.!&*$4).9!
!:M>A"!S!
WSBB"U"T:!MeeUVMPY"Z!MWVe:"W!BVU!:Y"!O!DUVXeZ!ST!:Y"![MiT"!PV[[XTS:p!
-.)*&./!0-1!
2!3%&4.)4!
5/%#'6'/'*7!051!
2!3%&4.)4!
8&9')'):!081!
2!3%&4.)4!
;<9&%)%44!0;1!
2!3%&4.)4!
;==%$*96'/'*7!
3&%!*%4*!
!
S0-,*8,0-'$0!#$0-,0-C!
Z3$*-!1$#45,0-(*7!$0!
-3,!&%$;(%!,08'*$05,0-(%!
#*'.'.9!
!
W4*(-'$0C!LJ!5'0!
!
;==%$*96'/'*7!
3.4*!*%4*!
;==%$*96'/'*7!
3&%!*%4*!
!
S0-,*8,0-'$0!#$0-,0-C!LJ!
B%,<';'%'-7!,<,*#'.,.9!
F,9&9!(1()-(-'$0!/*$5!k'.#$0.'0!
-,.-6!:(0&*(56!*,8,*.';%,!'5(&,.6!
$)-'#(%!'%%4.'$0.6!P()'-(%!U@!TU!
-,.-999G!
!
W4*(-'$0C!OJ!5'0!
!
;==%$*96'/'*7!
3.4**%4*!
!
;==%$*96'/'*7!
3&%!*%4*!
!
S0-,*8,0-'$0!#$0-,0-C!
"'&3-!-*('0'0&!.,..'$0.!$0!.'-,!
:$)'#.!#$8,*,1C!;'$1'8,*.'-7!/(40(!
F-2$!.,..'$0.G6!>'$1'8,*.'-7!/%$*(!F-2$!
.,..'$0.G6!D,$%$&76!:$)$&*()376!
Y71*$%$&76!A(01.#(),!'0-,&*(-'$09!
!
W4*(-'$0C!IJ!3*.!$8,*!K!5$0-3.!
!
;==%$*96'/'*7!
3.4*!%4*!
!
;==%$*96'/'*7!
3&%!*%4*!
!
S0-,*8,0-'$0!#$0-,0-C!e$2,*)$'0-!)*,.,0-(-'$0!$0!
=4(**',.!(01!'-.!*$%,!'0!-3,!,#$0$576!U,3(;'%'-(-'$0!
-,#30'=4,.9!
D*$4)!2$*?!1*(2'0&!$/!-3,'*!8'.'$0!(;$4-!-3,!=4(**7!
.'-,!'0!-3,!/4-4*,9!
S1,0-'/'#(-'$0!$/!-3*,(-.!*,.4%-'0&!/*$5!Q0$!
*,3(;'%'-(-'$0!.#,0(*'$R9!
W,/'0'0&!$;+,#-'8,.!$/!*,3(;'%'-(-'$0!
!
W4*(-'$0C!L!3*.!
!
;==%$*96'/'*7!
3.4**%4*!
!
!
B'&9!L!:*(1'-'$0(%!*,3(;'%'-(-'$0!F$)-'$0!EG!(01!,#$%$&'#(%!
*,3(;'%'-(-'$0!F$)-'$0!LG!
!
M%%! -3,!)$)4%(-'$0!#$0#,*0,1!;7! -3,!=4(**',.! *,3(;'%'-(-'$0!
)*$+,#-!FEJN!),*.$0.G!2(.!'08'-,1!-$!(0!'0-*$14#-$*7!5,,-'0&!(-!
-3,!540'#')(%'-7!)*,5'.,.!Fd40,!LJEcG9!V0%7!jK!),*.$0.!2,*,!
)*,.,0-9!:3,!)*$+,#-!('5'0&!(-!1,8,%$)'0&!(!*,3(;'%'-(-'$0!)%(0!
/$*! -3,!=4(**7! '0![(?0,!2(.!)*,.,0-,1!(01!)(*-'#')(0-.!2,*,!
'08'-,1! -$!8$%40-,,*! -$!)(*-'#')(-,! '0!(0!K!5$0-3.! -*('0'0&!$0!
=4(**',.! *,3(;'%'-(-'$09! V0%7! ,'&3-! ),*.$0.! #$55'--,1! -$! ;,!
)(*-!$/!-3,!-*('0'0&!&*$4)!(01!-3,!*,.-*'#-,1!045;,*!$/!),*.$0.!
'0! ,(#3! &*$4)! FKG! 2(.! 1'#-(-,1! ;7! -3,! 0,,1! /$*! %$0&! -,*5!
8$%40-,,*'0&! #$55'-5,0-! /*$5! -3,! ),*.$0.! ,0*$%%'0&! '0! -3,!
Q:*('0'0&R! &*$4)! F:G9! :3,! $-3,*! &*$4).! FLO! ),*.$0.G! 2,*,!
.,%,#-,1!*(01$5%7!/*$5!-3,!-$-(%!)$)4%(-'$09!
:3,! (4-3$*.! 2,*,! '08$%8,1! '0! -3'.! ,<),*'5,0-! (.! &*$4)!
(0'5(-$*.! (01! ),*/$*5,1! -3,! )*$&*(5.! 1'*,#-%7! 2'-3! -3,!
)(*-'#')(0-.9!!
:3,!)*$#,14*,!$/!-3,!,<),*'5,0-!/$*!-3,!1'//,*,0-!&*$4).!'.!
1,-('%,1!'0!:(;%,!S9!
:3,!(##,)-(;'%'-7! -,.-! FB'&9!LG! *,)*,.,0-.! -2$!*,3(;'%'-(-'$0!
$)-'$0.!)*$)$.,1!/$*!(0$-3,*!.'-,!F`(--'0,!=4(**7G!)4;%'.3,1!'0!
]EK^9! V)-'$0! E! .3$2'0&! (! #%(..'#(%! .#,0(*'$! '08$%8'0&! %(01!
*,#%(5(-'$0! '0#%41'0&! -,**(#'0&! (01! )%(0-'0&! $/! ())%,!
$*#3(*1.6!23,*,!$)-'$0!L!1'.)%(7.!(!5$*,! #$5)%,<!(01!5$*,!
'0-,&*(-,1! $)-'$0! '08$%8'0&! .5(%%! 0(-4*(%! &(*1,0.! '0#%41,1!
;,-2,,0!-3,!*$#?7!/$*5(-'$0.9!e(*-'#')(0-.!2,*,!'08'-,1!-$!*(-,!
-3,!-2$!$)-'$0.!$0!(!-$-(%!&*(1,!$/!EJ!-$!;,!1'.-*';4-,1!(5$0&!
-3,!-2$!$)-'$0.!1,),01'0&!$0!-3,'*!)*,/,*,0#,.9!
:3,! (##,)-(;'%'-7! -,.-! 2(.! ),*/$*5,1! $0! -3,! )(*-'#')(0-.!
;,/$*,!F)*,-,.-G!(01!(/-,*!F)$.--,.-G!,(#3!'0-,*8,0-'$09!
Sf9! U"ZXA:Z!MTW!MTMApZSZ!
i3'@L!-,.-.!2,*,!),*/$*5,1!$0!-3,!(##,)-(;'%'-7!-,.-!$0!-3,!
8(*'$4.! &*$4).! #$5)(*'0&! -3,! .#$*,.! $0! -3,! -2$! $)-'$0.!
;,-2,,0!)*,! (01!)$.--,.-.6! *,/%,#-'0&! -3,'*! )*,/,*,0#,! /$*! $0,!
$/! ;$-3! $)-'$0.! .4&&,.-,19! :3,! )4*)$.,! 2(.! -$! '1,0-'/76! /$*!
,(#3!$/!-3,!&*$4).6!-3,!),*#,0-(&,!$/!),*.$0.!3(8'0&!#3(0&,1!
-3,'*!)*,/,**,1!#3$'#,!;,-2,,0!$)-'$0!E!(01!$)-'$0!L! '0!8',2!
$/!-3,!1'//,*,0-!())*$(#3,.!-,.-,1!FB'&9!NG9!!
!
B'&9!N!e,*#,0-(&,!$/!),$)%,!23$!#3$.,!$)-'$0!E!;,/$*,!(01!(/-,*!
'0-,*8,0-'$0.!
A. Option 1 k3'%,!#$5)(*'0&!-3,!Q#3(0&,!$/!)*,/,*,0#,R!$/!-3,!8(*'$4.!
&*$4).!2'-3!-3$.,!$/!-3,!P$0-*$%!&*$4)6!*,.4%-.!.3$2!-3(-!$0%7!
World Academy of Science, Engineering and Technology
International Journal of Psychological and Behavioral Sciences
Vol:12, No:5, 2018
195International Scholarly and Scientific Research & Innovation 12(5) 2018 scholar.waset.org/1307-6892/10008977
Inte
rnat
ion
al S
cien
ce I
nd
ex,
Psy
cho
log
ical
an
d B
ehav
iora
l S
cien
ces
Vo
l:1
2,
No
:5,
20
18
was
et.o
rg/P
ub
lica
tio
n/1
00
08
97
7
!
-3,!)(*-'#')(0-.!$/!-3,!&*$4).!:*('0'0&!F:G!(01!B%,<';'%'-7!FBG!
3(1!.'&0'/'#(0-%7!5$1'/',1! -3,'*!)*,/,**,1!#3$'#,!;,-2,,0!)*,!
(01! )$.--,.-.6! *,.),#-'8,%76! :*('0'0&! 8.9! P$0-*$%! i3'LqN9cO6!
)qJ9JI\!B%,<';'%'-7!8.9!P$0-*$%!i3'LqN9JO6!)qJ9JK9!:3,.,!-2$!
&*$4).!3(1!.'5'%(*! #3$'#,.C!i3'LqJ9JJO6!)qJ9bO9!k,!0$-'#,1!
-3,7! 5$1'/',1! -3,'*! #3$'#,! 5$*,! -3(0! -3,! M2(*,0,..! &*$4)6!
*,.),#-'8,%76! M2(*,0,..! 8.9! B%,<';'%'-7C! i3'LqN9Jc6! )qJ9JK!
(01!:*('0'0&!8.9!M2(*,0,..C!i3'LqN9EO6!)qJ9Jj9!!
B'0(%%76! -3,*,! '.! 0$! .'&0'/'#(0-! 1'//,*,0#,! ;,-2,,0! -3,!
M2(*,0,..!&*$4)!(01!P$0-*$%!&*$4)6!i3'LqJ9Jj6!)qJ9jb9!
:$! .455(*'l,6! -3,! )(*-'#')(0-.! '0! -3,! :*('0'0&! &*$4)! (01!
-3,! B%,<';'%'-7! &*$4)! #$5)(*(;%7! 1*$)),1! $)-'$0! E! (.! -3,'*!
)*,/,**,1!$)-'$0!(/-,*!-3,!'0-,*8,0-'$0.9!!
B. Option 2 U,.4%-.! F:(;%,! SSG! .3$2! -3(-! $0%7! -3,! )(*-'#')(0-.! $/! -3,!
:*('0'0&! &*$4)! F:G! .'&0'/'#(0-%7! 5$1'/',1! -3,'*! )*,/,**,1!
$)-'$0!-$2(*1.!$)-'$0!L!'0!-3,!)$.-!-,.-C!!
:*('0'0&! 8.9! P$0-*$%C! i3'LqO9I6! )qJ9JN\! :*('0'0&! 89!
B%,<';'%'-7C! i3'LqI9EL6! )qJ9JL\! :*('0'0&! 8.9! M2(*,0,..C!
i3'LqO9KN6!)qJ9JL9!V-3,*!&*$4).!1'1!0$-!.'&0'/'#(0-%7!#3(0&,!
-3,'*!$)'0'$0!;,/$*,!(01!(/-,*!-3,!'0-,*8,0-'$0.!F)*,!-$!)$.--,.-!
#$5)(*'.$0GC! B%,<';'%'-7! 8.9! P$0-*$%C! i3'LqJ9cc6! )qJ9OE\!
M2(*,0,..! 8.9! P$0-*$%C! i3'LqJ9NN6! )qJ9Ic\! M2(*,0,..! 8.9!
B%,<';'%'-7C!i3'LqE9JJ6!)qJ9NE9!!
:$! .455(*'l,6! $0%7! -3,! :*('0'0&! &*$4)! .'&0'/'#(0-%7!
)*,/,**,1!$)-'$0!L!'0!-3,!)$.-!(##,)-(;'%'-7!-,.-!FB'&9!OG9!!!
!
B'&9!O!e,*#,0-(&,!$/!),$)%,!23$!#3$.,!$)-'$0!L!;,/$*,!(01!(/-,*!
'0-,*8,0-'$0.!
f9!PVTPAXZSVT!
U,.4%-.! $/! -3'.! ,<),*'5,0-! .3$2! -3(-! /%,<';'%'-7! ,<,*#'.,.!
#$0-*';4-,! ,=4(%%7! (.! )(*-'#')(-$*7! -*('0'0&! -$! *,14#,! '0'-'(%!
.#3,5(9! Y$2,8,*6! *,14#'0&! -3,! '0'-'(%! .#3,5(! 2'%%! $0%7!
'014#,!-3,!(1$)-'$0!$/!(%-,*0(-'8,!.#3,5(!F$)-'$0!LG!/$*!-3$.,!
23$!3(8,!/$%%$2,1!-3,!-*('0'0&!.,..'$0.6!;4-!'-!'.!'5)$*-(0-!-$!
0$-,!-3(-!-3'.!#3(0&,!$##4**,1!(/-,*!K!5$0-3.!$/!-*('0'0&!23,*,!
'-! $0%7! $##4**,1! (/-,*! OJ!5'0! $/! '0-,*8,0-'$0!2'-3! /%,<';'%'-7!
,<,*#'.,.9!!
k3(-! 2$4%1! ;,! -3,! ,//,#-! $/! #$5;'0,1! ())*$(#3,.!
F/%,<';'%'-7!(01!(2(*,0,..G!-$2(*1.!'5)*$8'0&!(##,)-(;'%'-7!$/!
,#$%$&'#(%!(%-,*0(-'8,.r!
"#$%&'(%)*! >,!M##,)-'0&! 0,2! *,)*,.,0-(-'$0.C! #$5;'0'0&!
B%,<';'%'-7!(01!M2(*,0,..!
:3,! ('5! $/! -3'.! ,<),*'5,0-! '.! -$! -,.-! -3,! B%,<';'%'-7!
#$0-*';4-'$0!-$!'5)*$8'0&!-3,!,//'#',0#7!$/!(2(*,0,..!.,..'$0.!
-$2(*1.! (1$)-'$0! $/! (0! ,#$%$&'#(%! *,3(;'%'-(-'$0! )%(0! /$*! (!
=4(**79!
fS9! ZS:"!W"ZPUSe:SVTC![WVXiYM!>"iMM@!A">MTVT!
:3,!=4(**7! F.(01!)'-G! '.! %$#(-,1! '0! -3,!8'%%(&,!$/![1$4?3(!
%$#(-,1!"(.-!$/!>,?((!F(-!0$!5$*,!-3(0!cI!?5!/*$5!-3,!.'-,!$/!
[(?0,6!;$-3! %$#(-,1! '0!>,?((!1'.-*'#-G9!:3,!.(01!)'-!,<)(01.!
$8,*! NI6JJJ! 5L! FB'&9! EG! (01! %',.! '0! -3,! 5'11%,! $/! (! %(*&,*!
%(01.#(),!/4%%7!,<)%$'-,1!/$*!.(01!,<-*(#-'$0!(01!.)(*.,%7!4.,1!
/$*!&*(l'0&9![1$4?3(!'.!(!5'11%,!-$!%$2!#%(..!8'%%(&,6!23,*,!
-3,! 5(+$*'-7! $/! -3,! #$5540'-7! *,%',.! $0! (&*'#4%-4*,! 5('0!
.$4*#,!$/!'0#$5,!F[40'#')(%!1(-(6!$*(%!#$5540'#(-'$0!LJEjG9!!
:3,! =4(**7! .'-,! '.! .'-4(-,1! (-! E9L! ?5! /*$5! -3,! 8'%%(&,!
.4**$401,1! ;7! $-3,*! ,<-*(#-'$0! .'-,.6! 5$.-! $/! 23'#3! (*,! .-'%%!
(#-'8,!-$!1(-,9!:3,!.'-,n.!,<)%$'-(-'$0!.-$)),1!'0!LJEI!(01!-3,!
540'#')(%'-7!*,#,'8,1!/401.! -$!401,*-(?,!*,3(;'%'-(-'$0!$/! -3,!
(;(01$0,1!.(01!)'-9!
A. Participants :3'.! ,<),*'5,0-! -(*&,-.! -3,! #$5540'-7! -3(-! '.! 1'*,#-%7!
'5)(#-,1! ;7! -3,! =4(**7'0&! (#-'8'-',.6! %(01! $20,*.! $0! 0,(*;7!
)%$-.! (01! -3,!540'#')(%'-7! #$40#'%9! :3'.! *,)*,.,0-.! (! -$-(%! $/!
IN!),*.$0.6!2'-3!(0!(8,*(&,!OJ!7,(*.!$%1!(01!(!5(%,!-$!/,5(%,!
*(-'$!$/!N_L!5$.-%7!#$5)$.,1!$/!3$4.,2'8,.6!.#3$$%!-,(#3,*.6!
)4;%'#!.,*8(0-.!(01!(&*'#4%-4*,!2$*?,*.9!:3,.,!8(*'$4.!.$#'$@
,#$0$5'#! #(-,&$*',.! (*,! *,)*,.,0-(-'8,! $/! -3,! )$)4%(-'$0! '0!
[1$4?3(!F[40'#')(%!1(-(6!$*(%!#$5540'#(-'$0!LJEjG9!!
:3'.! .-417! -(*&,-,1! NJo! $/! -3,! -$-(%! )$)4%(-'$0! 1'*,#-%7!
'5)(#-,1! ;7! -3,! [1$4?3(! =4(**7! FEc! ),*.$0.G9! :3,7! 2,*,!
1'8'1,1! '0-$! -2$!&*$4).!$/! ,'&3-! ),*.$0.! ,(#3! (01! *(01$5%7!
(..'&0,1!(!&*$4)!FM2(*,0,..6!B%,<';'%'-7!s!M2(*,0,..G!F:(;%,!
SSG9!
fSS9![M:"USMAZ!MTW![":YVWZ!
:(;%,! SS! 1,.#*';,.! -3,! 1'//,*,0-! ())*$(#3,.! (01!
'0-,*8,0-'$0.!(1$)-,1!/$*!-3,!8(*'$4.!&*$4).9!
M%%! -3,! ),*.$0.! %'8'0&! '0! [1$4?3(! 2,*,! '08'-,1! -$! (0!
'0-*$14#-$*7! 5,,-'0&! (-! -3,! 540'#')(%'-7! )*,5'.,.! FM)*'%!
LJEjG9!V0%7!OI!'01'8'14(%.!2,*,!)*,.,0-9!:3,!)*$+,#-!('5'0&!(-!
1,8,%$)'0&! (! *,3(;'%'-(-'$0! )%(0! /$*! -3,! =4(**7! '0! [1$4?3(!
2(.!)*,.,0-,1! (01!Ec!)(*-'#')(0-.!2,*,! *(01$5%7! .,%,#-,1! -$!
;,!)(*-!$/!-3,!-,.-!&*$4).!/$*!-3'.!,<),*'5,0-9!:3,!'01'8'14(%.!
2,*,! 1'8'1,1! '0-$! -2$! &*$4).C! M2(*,0,..! D*$4)! FMG! (01!
B%,<';'%'-7!(01!M2(*,0,..!D*$4)!FBsMG9!
:3,! (4-3$*.! 2,*,! '08$%8,1! '0! -3'.! ,<),*'5,0-! (.! &*$4)!
(0'5(-$*.! (01! ),*/$*5,1! -3,! )*$&*(5.! 1'*,#-%7! 2'-3! -3,!
)(*-'#')(0-.9!!
:3,!)*$#,14*,! /$*! -3,!1'//,*,0-!&*$4).! '.!1,-('%,1! '0!:(;%,!
SS9!:M>A"!SS!
MeeUVMPY"Z!MWVe:"W!BVU!:Y"!:kV!DUVXeZ!ST!:Y"![WVXiYM!
PV[[XTS:p!
M2(*,0,..!
FMG!
K!e,*.$0.!
B%,<';'%'-7!s!M2(*,0,..!
FBsMG!
K!e,*.$0.!
;==%$*96'/'*7! ;==%$*96'/'*7!
World Academy of Science, Engineering and Technology
International Journal of Psychological and Behavioral Sciences
Vol:12, No:5, 2018
196International Scholarly and Scientific Research & Innovation 12(5) 2018 scholar.waset.org/1307-6892/10008977
Inte
rnat
ion
al S
cien
ce I
nd
ex,
Psy
cho
log
ical
an
d B
ehav
iora
l S
cien
ces
Vo
l:1
2,
No
:5,
20
18
was
et.o
rg/P
ub
lica
tio
n/1
00
08
97
7
!
3&%!*%4*!
!
Break session !
W4*(-'$0!C!OJ!5'0!
!
!
!
!
!
!
Awareness session S0-,*8,0-'$0!#$0-,0-C!e$2,*)$'0-!
)*,.,0-(-'$0!$0!=4(**',.6!(01!*$%,!'0!
,#$0$576!U,3(;'%'-(-'$0!-,#30'=4,.9!
D*$4)!2$*?!1*(2'0&!$/!-3,'*!8'.'$0!
(;$4-!-3,!=4(**7!.'-,!'0!-3,!/4-4*,9!
S1,0-'/'#(-'$0!$/!-3*,(-.!*,.4%-'0&!/*$5!
Q0$!*,3(;'%'-(-'$0!.#,0(*'$R9!
W,/'0'0&!$;+,#-'8,.!$/!*,3(;'%'-(-'$09!
!
W4*(-'$0C!L!3*.!
;==%$*96'/'*7!
3.4**%4*
3&%!*%4*!
!
Flexibility session !
S0-,*8,0-'$0!#$0-,0-C!LJ!
B%,<';'%'-7!,<,*#'.,.!
F,9&9!(1()-(-'$0!/*$5!k'.#$0.'0!
-,.-6!:(0&*(56!*,8,*.';%,!'5(&,.6!
$)-'#(%!'%%4.'$0.6!P()'-(%!U@!TU!
-,.-999G!
!
W4*(-'$0C!OJ!5'0!
!
Awareness session S0-,*8,0-'$0!#$0-,0-C!e$2,*)$'0-!
)*,.,0-(-'$0!$0!=4(**',.6!(01!*$%,!
'0!,#$0$576!U,3(;'%'-(-'$0!
-,#30'=4,.9!
D*$4)!2$*?!1*(2'0&!$/!-3,'*!
8'.'$0!(;$4-!-3,!=4(**7!.'-,!'0!-3,!
/4-4*,9!
S1,0-'/'#(-'$0!$/!-3*,(-.!*,.4%-'0&!
/*$5!Q0$!*,3(;'%'-(-'$0!.#,0(*'$R9!
W,/'0'0&!$;+,#-'8,.!$/!
*,3(;'%'-(-'$09!
!
W4*(-'$0C!L!3*.!
!
;==%$*96'/'*7!
3.4**%4*
!
:3,!(##,)-(;'%'-7! -,.-! FB'&9!LG! *,)*,.,0-.! -2$!*,3(;'%'-(-'$0!
$)-'$0.!)*$)$.,1!/$*!(0$-3,*!.'-,!F`(--'0,!=4(**7G!)4;%'.3,1!'0!
]EK^9! V)-'$0! E! .3$2.! (! #%(..'#(%! .#,0(*'$! '08$%8'0&! %(01!
*,#%(5(-'$0! '0#%41'0&! -,**(#'0&! (01! )%(0-'0&! $/! ())%,!
$*#3(*1.6! 23,*,! $)-'$0! L! 1'.)%(7.! (! 5$*,! #$5)%,<! (01!
'0-,&*(-,1! $)-'$0! '08$%8'0&! .5(%%! 0(-4*(%! &(*1,0.! '0#%41,1!
;,-2,,0!-3,!*$#?7!/$*5(-'$0.9!e(*-'#')(0-.!2,*,!'08'-,1!-$!*(-,!
-3,! -2$! $)-'$0.! $0! (! -$-(%! &*(1,! $/! EJ! -$! ;,! 1'.-*';4-,1!
;,-2,,0!-3,!-2$!$)-'$0.!1,),01'0&!$0!-3,'*!)*,/,*,0#,.9!
:3,! (##,)-(;'%'-7! -,.-! 2(.! ),*/$*5,1! $0! -3,! )(*-'#')(0-.!
;,/$*,!F)*,-,.-G!(01!(/-,*!F)$.--,.-G!,(#3!'0-,*8,0-'$09!!
fSSS9!!U"ZXA:Z!MTW!MTMApZSZ!
i3'@L!-,.-.!2,*,!),*/$*5,1!$0!-3,!(##,)-(;'%'-7!-,.-!$0!-3,!
8(*'$4.! &*$4).! #$5)(*'0&! -3,! .#$*,.! $0! -3,! -2$! $)-'$0.!
;,-2,,0!@!V)-'$0!E!)*,-,.-!(01!V)-'$0!L!)$.--,.-6!*,/%,#-'0&!$0!
-3,'*! )*,/,*,0#,! /$*! $0,! $/! ;$-3! $)-'$0.! .4&&,.-,19! :3,!
)4*)$.,!2(.!-$!'1,0-'/7!/$*!,(#3!$/!-3,!&*$4).6!-3,!),*#,0-(&,!
$/! ),*.$0.! 3(8'0&! #3(0&,1! -3,'*! )*,/,**,1! #3$'#,! ;,-2,,0!
V)-'$0! E! (01! V)-'$0! L! '0! 8',2! $/! -3,! 1'//,*,0-! ())*$(#3,.!
-,.-,19!!
A. Option 1 U,.4%-.! .3$2! -3(-!)(*-'#')(0-.!$/! -3,!M2(*,0,..!&*$4)!1'1!
0$-! .3$2! (07! #3(0&,! $/! #3$'#,! ;,-2,,0! )*,! (01! )$.--,.-!
#$0-*(*7!-$!-3,!&*$4)!-3(-!/$%%$2,1!B%,<';'%'-7!(01!M2(*,0,..!
23,*,!-3,7!#3(0&,1!-3,'*!#3$'#,!/*$5!$)-'$0!$0,!(-!)$.-!-,.-C!
i3'LqO9Ib6!)qJ9JN!FB'&9!IG9!!!
!
B'&9!I!e,*#,0-(&,!$/!),$)%,!23$!#3$.,!$)-'$0!E!;,/$*,!(01!(/-,*!
'0-,*8,0-'$0.!
B. Option 2 U,.4%-.! .3$2! -3(-! )(*-'#')(0-.! $/! -3,! &*$4)! B%,<';'%'-7! s!
M2(*,0,..! #3$.,! 5(+$*%7! $)-'$0! L! (-! -3,! )$.--,.-6! 23'%,!
)(*-'#')(0-!$/!-3,!M2(*,0,..!&*$4)!1'1!0$-!5$1'/7!-3,'*!'0'-'(%!
#3$'#,C!i3'LqN9Ij6!)qJ9JI!FB'&9!cG9!!
!
B'&9!c!e,*#,0-(&,!$/!),$)%,!23$!#3$.,!$)-'$0!L!;,/$*,!(01!(/-,*!
'0-,*8,0-'$0.!
St9! PVTPAXZSVT!
U,.4%-.! $/! -3'.! ,<),*'5,0-! .3$2! -3(-! 0$-! $0%7! 1$,.! -3,!
#$5;'0(-'$0! $/! B%,<';'%'-7! (01! M2(*,0,..! 5(?,! )(*-'#')(0-.!
1*$)! -3,'*! '0'-'(%! .#3,5(\! '-! (%.$! .3$2.! -3(-! -3,7! /(8$*! -3,!
#3$'#,! $/! -3,! (%-,*0(-'8,! .#3,5(6! 23'%,! )(*-'#')(0-.! $/! -3,!
M2(*,0,..!&*$4)!1'1!0$-!#3(0&,!-3,'*!'0'-'(%!.#3,5(9!
t9!D"T"UMA!WSZPXZZSVT!!
`4(**',.! (*,! (! )(*-'#4%(*! -7),! $/! 1,&*(1,1! ,#$.7.-,5! -3(-!
*,=4'*,.!(#-'8,!*,3(;'%'-(-'$0!-$!/(#,!.4.-('0,1!1,&*(1(-'$0!(01!
'0'-'(-,!(01!$*',0-!0(-4*(%!170(5'#.!$0! -3,! .'-,9! S0!)(*-'#4%(*6!
[,1'-,**(0,(0! ,#$.7.-,5.! (*,! #3(*(#-,*'l,1! ;7! )(*-'#4%(*!
#%'5(-'#! (01! (0-3*$)$&,0'#! #$01'-'$0.! -3(-! 5(?,! 0(-4*(%!
*,&,0,*(-'$0! 40%'?,%7! -$! *,(#3! (! )*$),*! ,#$.7.-,5.! .-*4#-4*,!
(01! /40#-'$09! :3,*,/$*,6! *,3(;'%'-(-'$0! '0-,*8,0-'$0.! ;,#$5,!
5$*,!$/!(0!$;%'&(-'$0!*(-3,*!-3(0!(!#3$'#,!]O^9!
:3,! 5('0! $;+,#-'8,! $/! -3'.! )(),*! '.! -$! -,.-! .,8,*(%!
())*$(#3,.! ('5'0&! -$! *,14#,! *,.'.-(0#,! (01! '0#*,(.'0&!
(##,)-(;'%'-7! $/! (0! Q,#$%$&'#(%R! .#,0(*'$! /$*! *,3(;'%'-(-'$0!
8,*.4.!(!5$*,!'0'-'(%%7!)*,/,**,1!#%(..'#!.#,0(*'$9!
:3,! /'*.-! ,<),*'5,0-! ('5,1! -$! -,.-! 37)$-3,.'.! E! (01!
1,-,*5'0,! 23,-3,*! '-! '.! )$..';%,! -$! 1,.-*4#-4*,! '0'-'(%!
World Academy of Science, Engineering and Technology
International Journal of Psychological and Behavioral Sciences
Vol:12, No:5, 2018
197International Scholarly and Scientific Research & Innovation 12(5) 2018 scholar.waset.org/1307-6892/10008977
Inte
rnat
ion
al S
cien
ce I
nd
ex,
Psy
cho
log
ical
an
d B
ehav
iora
l S
cien
ces
Vo
l:1
2,
No
:5,
20
18
was
et.o
rg/P
ub
lica
tio
n/1
00
08
97
7
!
*,)*,.,0-(-'$0.!4.'0&! /%,<';'%'-7!,<,*#'.,.! -$! '0'-'(-,!(!#3(0&,!
'0! *,)*,.,0-(-'$0.! -$2(*1.! (##,)-'0&! 0,2! (%-,*0(-'8,.9!k3'%,!
-3,!.,#$01!,<),*'5,0-! '.!;(.,1!$0!-3,! *,.4%-.!$/! -3,! /'*.-!$0,!
(01!('5.!-$!-,.-!37)$-3,.'.!L!*,%(-,1!-$!-3,!,//,#-!$/!#$5;'0'0&!
/%,<';'%'-7!2'-3!(2(*,0,..!())*$(#3,.9!
S0! $*1,*! -$! -,.-! ;$-3! 37)$-3,.,.6! -3,! 5,-3$1$%$&'#(%!
())*$(#3! #$5;'0,1! -2$! ,<),*'5,0-.! ),*/$*5,1! $0! -2$!
)$)4%(-'$0.! %'8'0&! 0,(*! =4(**7! .'-,.! '0! 23'#3! *,3(;'%'-(-'$0!
)*$+,#-.!(*,!)%(00,19!:3,!-2$!.'-,.!(*,!#%$.,!,0$4&3!F%,..!-3(0!
cI! ?5! (2(7G! (01! #$5)(*(;%,! '0! -,*5.! $/! .$#'$@,#$0$5'#!
)*$/'%,.9! :3,! /'*.-! ,<),*'5,0-! /$#4.,1! $0! #$5)(*'0&! -3,!
*,(#-'$0.!$/!/$4*!1'//,*,0-!&*$4).!23'#3!401,*&$!/$4*!1'//,*,0-!
)*$-$#$%.C!E9!:*('0'0&!F:G!@!IJ!3$4*.!$8,*!K!5$0-3.!$/!-*('0'0&!
$0!,#$%$&'#(%!*,.-$*(-'$0!*,%(-,1!-$)'#.6!D*$4)!M2(*,0,..!FMG!
@!L!3$4*.!$/!)*$+,#-!)*,.,0-(-'$0!(01!D*$4)!B%,<';'%'-7!FBG!@!OJ!
5'04-,.!$/!/%,<';'%'-7!,<,*#'.,.!8,*.4.!D*$4)!P$0-*$%!FPG9!:3,!
.,#$01! ,<),*'5,0-! #$5)(*,1! -3,! #$5;'0(-'$0! $/! B%,<';'%'-7!
,<,*#'.,.!;,/$*,!-3,!M2(*,0,..!.,..'$0!FB!s!MG!2'-3!-3$.,!$/!
-3,! M2(*,0,..! D*$4)! FMG9! P$5)(*'.$0.! 2,*,! 5(1,! $0! -3,!
;(.'.!$/!(!#3$'#,!$//,*,1!-$!)(*-'#')(0-.!-$!.,%,#-!;,-2,,0!-2$!
$)-'$0.! /$*! (! *,3(;'%'-(-'$0! )%(0C! $0,! 1,)'#-'0&! (! #%(..'#(%!
.#,0(*'$! 8,*.4.! (! 5$*,! ,#$%$&'#(%6! ;4-! %,..! -*(1'-'$0(%!
.#,0(*'$9!
U,.4%-.! $/! ,<),*'5,0-! E! .3$2! -3(-! /%,<';'%'-7! ,<,*#'.,.!
#$0-*';4-,! ,=4(%%7! (.! )(*-'#')(-$*7! -*('0'0&! -$! ,0#$4*(&,!
)(*-'#')(0-.! -$! 1*$)! -3,'*! '0'-'(%! .#3,5(\! 3$2,8,*6! 1*$))'0&!
-3,!'0'-'(%!.#3,5(!2'%%!$0%7!'014#,!-3,!(1$)-'$0!$/!(%-,*0(-'8,!
.#3,5(! F$)-'$0! LG! /$*! -3$.,! 23$! 3(8,! /$%%$2,1! -*('0'0&!
.,..'$0.9!S-!'.!'5)$*-(0-!-$!0$-,!-3(-!-3'.!#3(0&,!$##4**,1!(/-,*!
K!5$0-3.! $/! -*('0'0&6!23'%,! '-! $0%7! $##4**,1! (/-,*! OJ!5'0! $/!
'0-,*8,0-'$0!2'-3!/%,<';'%'-7!,<,*#'.,.9!U,.4%-.!$/!,<),*'5,0-!L!
.3$2! -3(-! 0$-! $0%7! -3,! #$5;'0(-'$0! $/! /%,<';'%'-7! (01!
(2(*,0,..!5(?,!)(*-'#')(0-.!1*$)!-3,'*!'0'-'(%!.#3,5(6!;4-!-3(-!
-3,7! (%.$! /(8$*! -3,! #3$'#,! $/! -3,! (%-,*0(-'8,! .#3,5(6! 23'%,!
)(*-'#')(0-.!$/!-3,!(2(*,0,..!&*$4)!1'1!0$-!#3(0&,!-3,'*!'0'-'(%!
.#3,5(9!
"8,0!'/!;$-3!,<),*'5,0-.!(*,!0$-!-$-(%%7!#$5)(*(;%,6!2,!#(0!
0$-,! -3(-! -3,! )(*-'#')(0-.! $/! M2(*,0,..! &*$4)! E! (01!
M2(*,0,..!&*$4)!L!5(1,!.'5'%(*!#3$'#,.!(-!-3,!)*,-,.-9!:3$.,!
*,.4%-.!.3$2!-3(-!)*,.,-!*,)*,.,0-(-'$0.!'0!),$)%,n.!5'01.!(*,!
#$0/$*5(%! 2'-3! -3,! #%(..'#(%! .#,0(*'$! 1,)'#-,1! '0! $)-'$0! E9!
Y$2,8,*6!,8,0!'/!-3,!)(*-'#')(0-.!$/!-3,!B%,<';'%'-7!&*$4)!1*$)!
$)-'$0! E! F#%(..'#(%! .#,0(*'$G6! -3,7! 1$! 0$-! 0,#,..(*'%7! #3$$.,!
$)-'$0!L!F,#$%$&'#(%!.#,0(*'$G9!k,!0$-,!-3(-!-3,!)(*-'#')(0-.!$/!
-3,!B%,<';'%'-7!&*$4)!(*,!0$-!,<)$.,1!-$!,#$%$&'#(%!'0/$*5(-'$0!
F,#$%$&'#(%!*,3(;'%'-(-'$0!'..4,.G!$*!,08'*$05,0-(%!'..4,.!23,0!
#$5)(*,1! -$! -3,!)(*-'#')(0-.!23$!3(8,! /$%%$2,1!IJ!3$4*.!$/!
-*('0'0&9!
V0,!#$4%1!(*&4,!-3(-!-3,!Q#3(0&,!'0!#3$'#,R!$;.,*8,1!'0!-3,!
B%,<';'%'-7! &*$4)! #$4%1! *,.4%-! /*$5! Q.$#'(%! (;'1(0#,R! -$! -3,!
,<),#-,1! $4-#$5,.! $/! -3,! (##,)-(;'%'-7! -,.-9! Y$2,8,*6! -3,!
*,.4%-.! $;.,*8,1! '0! -3,!P$0-*$%!D*$4)! F0$! #3(0&,! '0! #3$'#,G!
(%%$2!4.!-$!*,+,#-!-3'.!(*&45,0-9!S0!$*1,*!-$!(1$)-!-3,!#$**,#-!
1,#'.'$0! F'0! -3'.! #(.,! #3$$.,! -3,! ,#$%$&'#(%! .#,0(*'$G6!
'0/$*5(-'$0! '.! '5)$*-(0-6! (01! -3'.! #(0! ,'-3,*! ;,! )*$8'1,1! 8'(!
)(*-'#')(-$*7! -*('0'0&! $*! 8'(! (2(*,0,..! .,..'$0.9! V4*! *,.4%-.!
3(8,! .3$20! -3(-! Q$),0'0&R! ),$)%,n.! (;'%'-7! -$! *,#,'8,!
'0/$*5(-'$0!8'(!/%,<';'%'-7!,<,*#'.,.!2'%%!'0/%4,0#,!-3,'*!#3$'#,!
#$0.'1,*(;%79!!
P$5;'0'0&!/%,<';'%'-7!,<,*#'.,.!FOJ!5'0G!2'-3!(0!(2(*,0,..!
.,..'$0!FL!3$4*.G!#(0!3,%)!'0!*,14#'0&!-3,!-'5,!-$!#$08,7!-3,!
'0/$*5(-'$0! F8'(! -*('0'0&G! (01! -$! *,(#3! #$5)(*(;%,! %,8,%.! $/!
(##,)-(;'%'-7!-$2(*1.!,#$%$&'#(%!#3$'#,.9!!
:3'.! )(),*! ;*'0&.! '0.'&3-! -$2(*1.! (1$)-'0&! (!
5,-3$1$%$&'#(%! ())*$(#3! 23'#3! '.! %,..! -'5,! #$0.45'0&! (01!
-3(-!#$4%1!;,!-*(0./,**,1!-$!$-3,*!,08'*$05,0-(%!)*$;%,5.!.4#3!
(.!340-'0&6!&*(l'0&!$*!,08'*$05,0-(%!5(0(&,5,0-9!
:3,! 5('0! %'5'-(-'$0! $/! -3'.! ())*$(#3! '.! -3(-! '-! *,=4'*,.! (!
3'&3! 045;,*! $/! )(*-'#')(0-.! (01! '-! 2$4%1! ;,! '0-,*,.-'0&! -$!
?0$2! -3,! -'5,! *,5(0,0#,! $/! -3,! *,.4%-.! (01! -3,0! *,),(-! -3,!
,<),*'5,0-.!$0,!7,(*!%(-,*9!
MPiTVkA"WD["T:!
:3'.!*,.,(*#3!'.!)(*-!$/!(!e3W!-3,.'.!(01!)*$+,#-!/401,1!;7!
D*(0-! U,.,(*#3! e*$&*(5@! PTUZ! A,;(0$0! (01! '5)%,5,0-,1!
;7! XZMSW@! A,;(0$0! U,/$*,.-(-'$0! S0'-'(-'8,! -3*$4&3! /401.!
/*$5! XZ! /$*,.-*7! Z,*8'#,.! '0! #$%%(;$*(-'$0! 2'-3! [(1(!
(..$#'(-'$09! :3'.! '.! (0!ASM!V@A'B"! #$0-*';4-'$0! 045;,*! ZM!
Nc@LJEK9!
:3,! (4-3$*.! 2$4%1! %'?,! -$! -3(0?! Z4.(0! Y(%(;'6! W*! d(%(%!
:(;,%!/$*!-,<-!,1'-'0&9!!
U"B"U"TP"Z!!
]E^! P9! i3(-,*6! QAng#$%$&',! ())%'=4g,! C! 40,! *,.)$0.(;'%'-g! .#',0-'/'=4,! (4!
#(**,/$4*! 1,! %n'0-,*1'.#')%'0(*'-g9! R! HDR9! X0'8,*.'-g! M'<@[(*.,'%%,9!LJEI9!
]L^! Z"U9! QZ$#',-7! /$*! "#$%$&'#(%! U,.-$*(-'$0! Z#',0#,! a! e$%'#7! k$*?'0&!
D*$4)R9!The SER Primer on Ecological Restoration www.ser.org. LJJL9]N^! M9! B9! P%,2,%%6! (01! d9! M*$0.$09! Q"#$%$&'#(%! *,.-$*(-'$0C! )*'0#')%,.6!
8(%4,.6! (01! .-*4#-4*,! $/! (0! ,5,*&'0&! )*$/,..'$09R! Island Press6!k(.3'0&-$09!LJJj9!
]O^! P9! i3(-,*6! QW70(5'=4,.! 8g&g-(%,.! )$.-! ),*-4*;(-'$0.! .4*! %,.! #(**'u*,.!
#(%#('*,.! (4! A';(09! Z-*(-g&',.! )$4*! %vg#$%$&',! 1,! %(! *,.-(4*(-'$0! ,0!
*g&'$0.!5g1'-,**(0g,00,.9R!Thèse de doctorat. Académie de Montpellier, Université Montpellier II.LJJO9
]I^! P9!i3(-,*6!M9![(*-'06!d9![('%%,-6!QZ)$0-(0,$4.!8,&,-(-'$0!170(5'#.!(01!
*,.-$*(-'$0! )*$.),#-.! /$*! %'5,.-$0,! =4(**',.! '0! A,;(0$09R! Applied Vegetation Science!LJJNC!Ebb@LJO9!
]c^! k9! U9! SSS9! d$*1(06! [9! "9! D'%)'06! d9! W9! M;,*6! QU,.-$*(-'$0! ,#$%$&7C!
,#$%$&'#(%! *,.-$*(-'$0! (.! (! -,#30'=4,! /$*! ;(.'#! *,.,(*#3! '0! U,.-$*(-'$0!
,#$%$&76!(! .70-3,-'#!())*$(#3!-$!,#$%$&'#(%! *,.,(*#3R! Fd$*1(0!SSS!k9U96!
D'%)'0![9"9!a!M;,*!d9W9!,1.G6!P(5;*'1&,!X0'8,*.'-7!e*,..9!EbKj9!N@LE9!
]j^! d9!M*$0.$06!(01!"9!A,!B%$#v36!Q!"#$%$&',!1,!%(!*,.-(4*(-'$06!1g/'0'-'$0!1,!
=4,%=4,.!#$0#,)-.!1,!;(.,9R!Natures Sciences Societes Hors série:!EbbI9!Lb@NI9!
]K^! i9! e*(#36! QZ)$0-(0,$4.! .4##,..'$0! '0! P,0-*(%@"4*$),(0! 5(0@5(1,!
3(;'-(-.C!k3(-!'0/$*5(-'$0!#(0!;,!4.,1!'0!*,.-$*(-'$0!)*(#-'#,rR!Applied Vegetation Science6!LJJN9!cFLG6!ELI@ELb9!
]b^! e9!W(&,-6!(01!d9!e$'..$0,-6!Q>'$1'8,*.'-g!,-!8g&g-(-'$0!)(.-$*(%,9!R!Revue d'élevage et de médecine vétérinaire des pays tropicaux Ebbj9! IJFLG6!EOE@EOO9!
]EJ^! B9! W'! P(.-*'6! Q[,1'-,**(0,(0! -7),! .3*4;%(01.9R! T,2! p$*?6! Elsevier Scientific Publishing9!EbKE9!
]EE^! e9! `4gl,%6(01! B9! [g1('%6! Q"#$%$&',! ,-! ;'$&g$&*()3',! 1,.! /$*w-.! 14!
;(..'0!5g1'-,**(00g,09R!e(*'.6!"%.,8',*9!LJJN9!
]EL^! d9!>%$01,%6!d9!M*$0.$06!d9!p9!>$1'$46!Q[,1'-,**(0,(0!U,&'$0C!>'$%$&'#(%!
W'8,*.'-7!:3*$4&3!:'5,!(01!Z)(#,9R!V</$*1!X0'8,*.'-7!e*,..9!LJEJ9!
]EN^! "9!f,*1,'%6!D9!B($4*6![9!Y(5lg6!x!M-%(.!14!A';(09!A,.!0$48,(4<!1g/'.!y!
F)9!EELG9!Presses de l'Ifpo; CNRS Liban9!LJEc9!]EO^! D9!B($4*6!Z9!f,%4-6!"9!f,*1,'%6!Q!M-%(.!14!A';(0C!-,**'-$'*,.!,-!.$#'g-g9R9!
Institut français du Proche-Orient9!LJJj9!]EI^! W9!Y(01(..(36!QM!0(-'$0(%!.4*8,7!$0!=4(**7'0&!'0!A,;(0$0R6!i3(-';!a!
M%(5'9!Ebbc9!
World Academy of Science, Engineering and Technology
International Journal of Psychological and Behavioral Sciences
Vol:12, No:5, 2018
198International Scholarly and Scientific Research & Innovation 12(5) 2018 scholar.waset.org/1307-6892/10008977
Inte
rnat
ion
al S
cien
ce I
nd
ex,
Psy
cho
log
ical
an
d B
ehav
iora
l S
cien
ces
Vo
l:1
2,
No
:5,
20
18
was
et.o
rg/P
ub
lica
tio
n/1
00
08
97
7
!
]Ec^! :9! [9! W(*2'.36! P9! i3(-,*6! S9! d$5((6! U9! Z-,3$42,*6! M9! Z3(;(06! [9!
Y(5l,! Q"08'*$05,0-(%! '5)(#-! $/! =4(**',.! $0! 0(-4*(%! *,.$4*#,.! '0!
A,;(0$0R!Land Degrad. Dev9!LJEJ9!LEC!EHEO9!]Ej^! [V"_XTWe_"PVWS:6! QZ-(-,! V/! -3,! "08'*$05,0-! U,)$*-! LJEJ!
FZV"UG9RLJEJ9!
]EK^! d9! B,0'(0$.! P9! i3(-,*6! d9! f'&%'$0,! W9! >*$4'%%,-6! Q>*'1&'0&! 0(-4*,! (01!
345(0!)*'$*'-',.!'0!,#$%$&'#(%!*,3(;'%'-(-'$0!)*$+,#-.!@!(!.3$2!#(.,!/*$5!
[,1'-,**(0,(0! ,08'*$05,0-! @! `(--'0,6! A,;(0$09R! Plant Sociology Journal9!LJEj9!1$'C!EJ9jNNK_)%.LJEjIOEZE_EN9!
]Eb^! B9! P9! >(*-%,--6! QU,5,5;,*'0&C! (! .-417! $/! ,<),*'5,0-(%! (01! .$#'(%!
).7#3$%$&79R!Cambridge University Press9!EbNL9!]LJ^! [9! M9! ['0.?76! QM! /*(5,! 2$*?! /$*! *,)*,.,0-('0&! ?0$2%,1&,R9! In,
Winston, O. (Ed.), The psychology of computer vision9! [#D*(2@Y'%%6!T,2@p$*?9!EbjI9!
]LE^! U9!P9!Z3(0?6!(01!U9!M;,%.$06!Qe%(0.6!.#*')-.6!&$(%.!(01!401,*.-(01'0&R9!
Hillsdale, NJ: Lawrence Eribaum Associates. Inc9!Ebjj9!]LL^! d9! [9! [(01%,*6! (01! T9! Z9! d$30.$06! QU,5,5;*(0#,! $/! -3'0&.! )(*.,1C!
Z-$*7!.-*4#-4*,!(01!*,#(%%R9!Cognitive Psychology6!Ebjj9!b6!EEE@EIE9!]LN^! !W9! U45,%3(*-6! QZ#3,5(-(C! :3,! ;4'%1'0&! ;%$#?.! $/! #$&0'-'$09R! In R.
Spiro, B. Bruce, and W. Brewer (eds). Theoretical issues in reading comprehension F))!NN@IKG9!Y'%%.1(%,6!T9d96!"*%;(459EbKJ9!
]LO^! A9! P$#36! (01! d9! B*,0#36! QV8,*#$5'0&! *,.'.-(0#,! -$! #3(0&,9R! Human Relations6!EbOj9!E6!IEL@INL9!
]LI^! i9!A,2'06!QB*$0-',*.!'0!&*$4)!170(5'#.R9 In Cartwright, D. (Ed.), Field Theory in Social Science9!A$01$0C!Z$#'(%!Z#',0#,!e(),*;(#?.9EbOj9!
]Lc^! >9!>4*0,.6! Qmi4*-!A,2'0!(01! -3,!e%(00,1!M))*$(#3! -$!P3(0&,C!M!U,@
())*('.(%9R!Journal of Management Studies6!LJJO9!OECc6!bjL@EJJL9!]Lj^! M9!['7(?,6!T9!e9!B*',15(06![9!d9!"5,*.$06!M9!Y9!k'-l?'6!M9!Y$2,*-,*6!
:9!W9!k(&,*6! Q:3,!40'-7!(01!1'8,*.'-7!$/!,<,#4-'8,!/40#-'$0.!(01! -3,'*!
#$0-*';4-'$0.! -$! #$5)%,<! Q/*$0-(%! %$;,R! -(.?.C! M! %(-,0-! 8(*'(;%,!
(0(%7.'.R9!Cognitive psychology6!LJJJ9!OEFEG6!Ob@EJJ9!]LK^! f9! ['?3('%! e%,-0'?$86! (01! A9! d$30! k(11'0&-$06! QY(01;$$?! $/!
>,3(8'$*(%!T,4*$.#',0#,R9!Elsevier B.V9!f$%45,!LN6!LJEc6!e(&,.!N@INL!SZ>TC!bjK@J@EL@KJJbKE@b9!!
]Lb^! U9! d9! Z)'*$6! (01! d9! d,30&6! QP$&0'-'8,! /%,<';'%'-7! (01! 37),*-,<-C! :3,$*7!
(01! -,#30$%$&7! /$*! -3,! 0$0@%'0,(*! (01! 54%-'1'5,0.'$0(%! -*(8,*.(%! $/!
#$5)%,<! .4;+,#-! 5(--,*R9! In, D. Nix & R. Spiro (eds.), Cognition, Education, and Multimedia. Hillsdale6!TdC!"*%;(459!EbbJ9!
]NJ^! i9!>9!P(*-2*'&3-6!(01!A9!X9!W,k70&(,*-6!Q:3,!#$0-*';4-'$0!$/!"B!(01!
5$-'8(-'$0!-$!*,(1'0&!#$5)*,3,0.'$0!'0!/$*5,*!,%,5,0-(*7!.-41,0-.!2'-3!
&$$1! (01! )$$*! *,(1'0&! #$5)*,3,0.'$0”. In annual meeting of the Literacy Research Association,![(*#$!S.%(016!BA9!LJEO9!
]NE^! i9! >9! P(*-2*'&3-6! :9! U9! [(*.3(%%6! i9! A9! W(0176! [9! P9! S.((#6! Q:3,!
1,8,%$)5,0-! $/! &*()3$)3$0$%$&'#(%@.,5(0-'#! #$&0'-'8,! /%,<';'%'-7! (01!
'-.!#$0-*';4-'$0!-$!*,(1'0&!#$5)*,3,0.'$0!'0!;,&'00'0&!*,(1,*.R9!Journal of Cognition and Development6!LJEJ9!EEFEG6!cE@KI9!
]NL^! [9!d9!i',//,*6!U9!i9!f4?$8'#6!W9!>,**76!QU$%,.!$/!(--,0-'$0!.3'/-'0&!(01!
'03';'-$*7! #$0-*$%! '0! /$4*-3!&*(1,! *,(1'0&! #$5)*,3,0.'$09R! Reading Research Quarterly6!LJEN9!OKFOG6!NNN@NOK9!
]NN^! P9! d$30#$6!f9![9!k4-3*'#36!U9![9!U(),,6! Q:3,! '0/%4,0#,!$/! #$&0'-'8,!
/%,<';'%'-7! $0! -*,(-5,0-! $4-#$5,! (01! #$&0'-'8,! *,.-*4#-4*'0&! .?'%%!
(#=4'.'-'$0! 14*'0&! #$&0'-'8,! ;,3(8'$4*(%! -*,(-5,0-! /$*! (0<',-7! (01!
1,)*,..'$0!'0!$%1,*!(14%-.C!U,.4%-.!$/!(!)'%$-!.-4179R!Behaviour Research and Therapy,!LJEO9!Ij6!II@cO9!
]NO^! P9! d$30#$6! f9! [9! k4-3*'#36! U9! [9! U(),,6! Q:3,! *$%,! $/! #$&0'-'8,!
/%,<';'%'-7! '0! #$&0'-'8,! *,.-*4#-4*'0&! .?'%%! (#=4'.'-'$0! (5$0&! $%1,*!
(14%-.9R!Journal of Anxiety Disorders,!LJEN6!LjFcG6!Ijc@IKO9!]NI^! f9![9!k4-3*'#36! f9![9! QP3(0&'0&! $4*! -3'0?'0&! (;$4-! #3(0&'0&! -3,'*!
-3'0?'0&!'0!$%1,*!(14%-3$$19!S0-,*0(-'$0(%!).7#3$&,*'(-*'#.R6!LJEj9!LbFbG6!
EOJI@EOJj9!
]Nc^! Z9!Y96!Z46!p9!B9!P340&!(01!Z9!k9!Z46!Q:3,!'5)(#-!$/!#$&0'-'8,!/%,<';'%'-7!
$0! *,.'.-(0#,! -$! $*&(0'l(-'$0(%! #3(0&,9R! Social Behavior and Personality: an international journal,!LJEL9!OJFIG6!jNI@jOI9!
]Nj^! T9!Z(;;(&3(6! (01!P9!i3(-,*6! QP$5540'-7! ,0&(&,5,0-! (#-'$0! )%(0! /$*!
.4.-('0(;%,! (01! *,)%'#(;%,! *,/$*,.-(-'$0! '0'-'(-'8,.! '0! A,;(0$0R9! LJEN9!
[(1(!,<),*-'.,_AUS_XZMSW9!A,;(0$09!
World Academy of Science, Engineering and Technology
International Journal of Psychological and Behavioral Sciences
Vol:12, No:5, 2018
199International Scholarly and Scientific Research & Innovation 12(5) 2018 scholar.waset.org/1307-6892/10008977
Inte
rnat
ion
al S
cien
ce I
nd
ex,
Psy
cho
log
ical
an
d B
ehav
iora
l S
cien
ces
Vo
l:1
2,
No
:5,
20
18
was
et.o
rg/P
ub
lica
tio
n/1
00
08
97
7
57
ZS5S!=(4,6&!&)!*N3)$3#(!L!,443')(!F&!.,!4(0673.38$&!&#%$'3##&N&#),.&!,-T!4'3g&)(!
F&!'&(),-',)$3#!*63.38$E-&!
ZS5SWS!A-'!.,!4&'6&4)$3#!(4,)$,.&!F&!#3)'&!&#%$'3##&N&#)!
").-! 32,3+-! $+-! $).K,+-! /,! 82./+! %$! +T%-3+! /+-! 8#3)(;2'+-! Z,%! $%+.3! $0+-()1+! ),T! '+--+.3%-! +3!
H,K+8+.3-!#823%2..+$-`!*)'!+T+8($+7!f!c3'+!$+!E')-!/'2%3!/+!Z,+$Z,0,.!g!-%K.%_%+!c3'+!+.!12._%).1+!
)&+1!1+33+!(+'-2..+!)$2'-!Z,+!f!-+!$+&+'!/,!(%+/!K),1;+!g!'+.&2%!Y!$)!8),&)%-+!;,8+,'!u!/+!8c8+!f!
82.3+'!),!k[8+!1%+$!g!8+3!+.!'+$)3%2.!,.!#3)3!/+!E2.;+,'!+3!f!$)%--+!328E+'!Z,+$Z,+!1;2-+!g!-%K.%_%+!
-0+.!/#-%.3#'+--+'`!
").-!32,3!('2H+3!/0)8#.)K+8+.37!+.!()'3%1,$%+'!/).-!$+-!('2H+3-!/+!'+-3),')3%2.!#12$2K%Z,+!8+33).3!
+.!s,&'+!,.+!82/%_%1)3%2.!-3',13,'+$$+!+3!_2.13%2..+$$+!/0,.!+-()1+!.)3,'+$7! $+-!)8#.)K+,'-!-2.3!
12._'2.3#-! Y! ,.+! 82/%_%1)3%2.! /+! $)! (+'1+(3%2.! /+! 1+3! +-()1+! ()'! $+-! 1288,.),3#-! ;,8)%.+-!
'%&+')%.+-`!*)'3).3!/+!$0;I(23;[-+!Z,+!$0+-()1+!.0+-3!()-!.+,3'+7!2.!-+!(2-+!$)!Z,+-3%2.!/+!-)&2%'!-%7!
$2'-!/+!$)!('#-+.3)3%2.!/0,.!('2H+37!$)!(2-%3%2.!/0,.!2EH+3!/).-!$0+-()1+!)__+13+!$0)(('#1%)3%2.!Z,%!+.!
-+')!_)%3+`!
=0+T(#'%+.1+!)!(2'3#!-,'!BA!()'3%1%().3-!-2,8%-!Y!,.!3+-3!+.!$%K.+!/+8)./).3!/0)(('#1%+'!-,'!,.+!
#1;+$$+! 12.3%.,+! /+! D! Y! D57! A5! %8)K+-! /+! _),.+! +3! /+! _$2'+! ('2(2-#+-! 1;)1,.+! +.! k! (2-%3%2.-!
/%__#'+.3+-!-,'!,.!#1').`!=02EH+13%_!#3)%3!/+!82.3'+'!Z,+!$+!(2-%3%2..+8+.3!/0,.+!%8)K+!-,'!,.!#1').!
)__+13+! $0#&)$,)3%2.!#823%2..+$$+!Z,%!+.!-+')!_)%3+`!=+-!'#-,$3)3-!2E3+.,-!2.3!(+'8%-!/+!12._%'8+'!
$0+T%-3+.1+! /0,.! $%+.! +.3'+! $y)(('#1%)3%2.! #823%2..+$$+! +3! $+! (2-%3%2..+8+.3! /0,.+! %8)K+! /).-!
$0+-()1+`!Q+(+./).37!$+-!'#-,$3)3-!.+!-2.3!()-!)$$#-!/).-!$+!-+.-!/+!1+,T!/+!$)!$%33#')3,'+!+3!$)%--+.3!Y!
(+.-+'!Z,+!$+-!(+'-2..+-!-2.3!_2'3+8+.3!%8('#K.#+-!()'!$+,'!+.&%'2..+8+.3!1,$3,'+$`!p,2%Z,0%$!+.!
-2%37!$)!(2-%3%2.!/0,.!2EH+3!-,'!$0#1').!$2'-!/+!$)!('#-+.3)3%2.!/0,.!('2H+3!(+,3!%._$,+'!-,'!$)!(+'1+(3%2.!
+3! /2.1! -,'! $0)11+(3)E%$%3#! /+! $n,.! 2,! $0),3'+! /+-! #$#8+.3-! /,! ('2H+3! ()'! $+-! ()'3%+-! ('+.).3+-!
12.1+'.#+-`!
=0)'3%1$+!oE/F!%/!F+!.+#1+$8+!('$-(20!('%!.2(')0G!A/')#$3*)$/'!/6!0.()$(2!1/&'$)$/'!)/!+1/2/&$1(2!
#+,(3$2$)()$/'!.#/4+1)K!^R+.%).2-!+)!(2`7!-2,8%-a!12.3'%E,+!Y!('2(2-+'!,.+!)(('21;+!8#3;2/2$2K%Z,+!
(+'8+33).3!,.+!('%-+!+.!128(3+!/+!$0%8(2'3).1+!/+!$0+-()1+!(2,'!,.+!1288,.),3#!/+!(+'-2..+-!
/2..#+-`! "[-! $2'-! 32,3! ('2H+3! /+! '+-3),')3%2.! #12$2K%Z,+! /+&')%3! -0%.3#'+--+'! Y! 1+33+! /%8+.-%2.!
-()3%)$+!(2,'!'#/,%'+!$+-!'#-%-3).1+-`!
!!
58
d3i!F3!i&!4&'6&$%&!,#$N,.(!,#F!4.,#)(j!93#)'$J-)$3#!3O!(4,)$,.!638#$)$3#!)3!&63.38$6,.!'&7,J$.$),)$3#!4'3g&6)(!
!;&#$,#3(!:37##0W^X^!Q7,)&'!9,'.,X^k^!P'3-$..&)!R&#$(W!
!
DM.%&+'-%3#!*),$!N)$#'I!J2.3(+$$%+'!LLL7!=)E2')32%'+!:(-I$2.7!J2.3(+$$%+'7!R').1+!FQ+.3+'!_2'!O+823+!9+.-%.KV!?)3%2.)$!Q2,.1%$!_2'!91%+.3%_%1!O+-+)'1;!=+E).2.7!W%'!P)--).7!W+%',37!=+E).2.!!�Q2''+-(2./+.1+C!"'`!Q)'$)!X;)3+'!!1e;)3+'�K8)%$`128!�l4DtGkDBtl!!!!DJ()',6)!!!6;+!-,11+--!2_!).I!+.&%'2.8+.3)$!('2H+13!/+(+./-!2.!3;+!3').-_+'!)./!('2(+'!1288,.%1)3%2.!2_!%3-!
128(2.+.3-! 32! 3;+! 12.1+'.+/! -3)e+;2$/+'-`! 6;%-! %-! +-(+1%)$$I! 3;+! 1)-+! %.! 12.3'2&+'-%)$! -%3,)3%2.-!
%.&2$&%.K! 3;+!,-+!)./! %.3'2/,13%2.!2_! -(+1%+-!2_! _$2')! )./! _),.)!w;2-+!)11+(3)E%$%3I!EI! 3;+! $21)$!
(2(,$)3%2.!%-!2_3+.!_)1+/!w%3;!'+-%-3).1+`!=+E).2.!;)-!w%3.+--+/!3;+!/+&+$2(8+.3!2_!)!12.-%/+')E$I!
;%K;!.,8E+'!2_!Z,)''%+-!82-3!2_!w;%1;!)'+!$+_3!)E)./2.+/!)./!'+Z,%'+!,'K+.3!)33+.3%2.!%.!3+'8-!2_!
'+;)E%$%3)3%2.`! :12$2K%1)$! '+;)E%$%3)3%2.! %-! ).! %.3+'&+.3%2.! w;%1;! %.&2$&+-! 82/%_%1)3%2.! 2_! 3;+!
+12-I-3+8-! %.! %3-! 128(2.+.3-! ^_),.)! )./! _$2')a! )./! 12.-+Z,+.3$I! %./,1+-! 1;).K+-! %.! 3;+! $%&%.K!
+.&%'2.8+.3! 2_! ;,8).! 1288,.%3%+-`! 9%.1+! -()3%)$! (+'1+(3%2.! %-! .23! .+,3')$7! 3;%-! ()(+'! )%8-! )3!
3+-3%.K!w;+3;+'!%3!%-!(2--%E$+!32!%.1'+)-+!3;+!)11+(3)E%$%3I!2_!).!%3+8!EI!82/%_I%.K!%3-!(2-%3%2.!2.!)!
-1'++.!/,'%.K!3;+!('+-+.3)3%2.!-3)K+`!6;+!+T(+'%8+.3!)%8+/!32!+T($2'+!.+w!3+1;.%Z,+-!3;)3!w2,$/!
;+$(!'+/,1+!'+-%-3).1+!32w)'/-!)11+(3%.K!.+w!%/+)-j!-,KK+-3%2.-j!12.1+(3-!'+$)3+/!32!+.&%'2.8+.3)$!
('2H+13-`!6;+!+T(+'%8+.3!12._%'8+/!3;)3!)$$!%8)K+-!)'+!.23!)(('+1%)3+/!%.!3;+!-)8+!w)I!w%3;!'+-(+13!
32!3;+%'!(2-%3%2.!2.!)!-1'++.7!3;2,K;!w+!12,$/!.23!%/+.3%_I!)!-(+1%_%1!('+_+''+/!$21)3%2.!2.!3;+!-1'++.!
_2'!3;+!w;2$+!-+3!2_!%8)K+-`!R,'3;+'!%.3+'('+3)3%2.!2_!3;+!'+-,$3-!)$-2!12._%'8+/!3;)3!3;+!$21)3%2.!2_!
).!%8)K+!2.!3;+!-1'++.!%._$,+.1+-!%3-!)(('+1%)3%2.`!J2'+2&+'7!w+!.23+/!3;)3!82-3!8)'e+/!%8)K+-!
3;)3!-;2w+/!82-3!-%K.%_%1).3!82/%_%1)3%2.!2_!3;+%'!)(('+1%)3%2.!w+'+!3;2-+!82-3!2'! $+)-3! $%e+/!EI!
()'3%1%().3-!/,'%.K!3;+!3+-3`!v;%$+!%3!%-!+T(+13+/7!)-!-;2w.!%.!w+-3+'.!-1%+.3%_%1!$%3+')3,'+7!3;)3!3;+!
,((+'! '%K;3! -+13%2.! %-! &%+w+/!82'+! _)&2')E$I7!2,'! '+-,$3-! -,KK+-3! 3;)3! %.!+)-3+'.!@')E%1! -(+)e%.K!
1,$3,'+-!3;+!$2w+'!$+_3!-+13%2.!2_!)!-1'++.!%-!(+'1+%&+/!82'+!(2-%3%&+$I`!
59
6;+! 8)%.! 12.3'%E,3%2.! 2_! 3;%-! ()(+'! %-! 32! -3'+--! 3;+! %8(2'3).1+! 2_! )/)(3%.K! ('+-+.3)3%2.! )./!
1288,.%1)3%2.! 3+1;.%Z,+-! 32! $21)$! -(+1%_%1%3%+-`! L.! +12$2KI7! )./! 82-3! ()'3%1,$)'$I! %.! '+-32')3%2.!
+12$2KI!('2H+13-!w;+'+!3;+!%.3'2/,13%2.!2_!-28+!-(+1%+-!2_!($).3-!)./!).%8)$-!1).!%./,1+!'+-%-3).1+7!
3;+!_%./%.K-!2_!3;%-!()(+'!12,$/!K,%/+!3;+!82/+-!2_!('+-+.3)3%2.-!w;+.!/%-1,--%.K!2_!3;+-+!-(+1%+-!
)./!23;+'!+$+8+.3-!2_!)!('2H+13!w%3;!$21)$!1288,.%3%+-!)./!-3)e+;2$/+'-`!!
!!Q&0!i3'F(L!:.&%'2.8+.3)$!(-I1;2$2KI7!:12$2K%1)$!'+;)E%$%3)3%2.7!Q2K.%3%&+!)(('2)1;+-7!p,)''%+-7!
O+-32')3%2.!+12$2KI7!=+E).2.!!
!W1! >#)'3F-6)$3#!
!L.!).I!K%&+.!('2K')8!3;+!e+I!Z,+-3%2.!'+8)%.-C! nv;)3!3I(+!2_! %._2'8)3%2.!-;2,$/!E+!12.&+I+/m0!
)./! nv;)3! )'+! 3;+! 82-3! )(('2('%)3+! 1;)..+$-7! 322$-7! -,((2'3-7! )./! 8+/%)-m0! 6;%-! ;)-! E++.!
)(('2)1;+/!)-!nE%./%.K0!1288,.%1)3%2.!EI!]2,$+!+3!)$`!^F55Aa`!
L.!+.&%'2.8+.3)$!('2H+13-7!)./!+-(+1%)$$I!3;2-+!%.&2$&%.K!1288,.%3I!)./!-3)e+;2$/+'-0!()'3%1%()3%2.7!
3;+! ('+-+.3)3%2.! 2_! 3;+! ('2H+13! 128(2.+.3-7! w;+3;+'! E+_2'+! 2'! /,'%.K! 3;+! 12,'-+! 2_! 3;+%'!
%8($+8+.3)3%2.7!)./!3;+!1288,.%1)3%2.!2_!'+-,$3-!)./!_%./%.K-7!)'+!+--+.3%)$`!!
p,)''%+-!)./!8%.+')$!+T3')13%2.!-%3+-!'+('+-+.3!12.3'2&+'-%)$!%--,+-!_2'!-3)e+;2$/+'-!)-!3;+I!2_3+.!
%./,1+! '+-%-3).1+! _'28! $21)$! %.;)E%3).3-!)./! 3;+! '+;)E%$%3)3%2.!2_! 3;+-+!+T3'+8+$I!/+K')/+/!-%3+-!
-28+3%8+-! '+Z,%'+-! 3;+!,-+!2_! -(+1%+-!2_! _$2')!)./! _),.)! 3;)3! 1).!E+! _)1+/!w%3;! '+-%-3).1+! _'28!
12.1+'.+/!-3)e+;2$/+'-7!%.!3+'8-!2_!)11+(3)E%$%3I!^R+.%).2-!+3!)$`!F5Dku!F5DG)a`!!
L.! 3;+! )13,)$! K$2E)$! 3+./+.1I! 32w)'/-! -21%)$! +12$2KI! )./! 1288,.%3IVE)-+/! j! ()'3%1%()32'I!
)(('2)1;+-!%.!+12$2KI!^Q2,'1;)8(!x!W')/-;)w7!F5DGa7!3;+!2'K).%b)3%2.!2_!3;+!(,E$%1!;+)'%.K!-3+(!
2_!).!+.&%'2.8+.3)$!('2H+137!w;+'+!)$$! %3-! 128(2.+.3-!)'+!('+-+.3+/! 32!)./!/%-1,--+/!w%3;! $21)$!
-3)e+;2$/+'-7! %-! 2_! ,382-3! %8(2'3).1+7! )-! %-! 3;+! /+&+$2(8+.3! )./! ,-+! 2_! )/)(3+/! ('+-+.3)3%2.!
3+1;.%Z,+-!3;)3!%8('2&+!)11+(3)E%$%3I!&%-!)!&%-!)$$!2_!3;+!('2H+13!128(2.+.3-`!!
=+E).2.!%-!)!-8)$$!12,.3'I!$21)3+/!2.!3;+!+)-3+'.!-;2'+!2_!3;+!J+/%3+'').+).!9+)`!@-!)!12.-+Z,+.1+!
2_!3;+!')(%/!)./!,.12.3'2$$+/!,'E).!-(')w$!2_!3;+!()-3!/+1)/+-!^N+'/+%$!+3!)$`!F5D4a7!=+E).2.!;)-!
w%3.+--+/! 3;+! /+&+$2(8+.3! 2_! )! 12.-%/+')E$I! ;%K;! .,8E+'! 2_! Z,)''%+-! ,-+/! +%3;+'! _2'! K')&+$! 2'!
12.-3',13%2.!-32.+-!^")'w%-;!+3!)$`!F5DDa`!J2-3!2_!3;+-+!Z,)''%+-!)'+!)E)./2.+/!)_3+'!+T($2%3)3%2.!
)./! '+Z,%'+! ,'K+.3! )33+.3%2.! %.! 3+'8-! 2_! '+;)E%$%3)3%2.`! 9%.1+! 3;+!8)H2'! -3)e+;2$/+'! ^3;+! Z,)''I!
2w.+'a!%-!.23!12.1+'.+/!EI!3;+-+!'+;)E%$%3)3%2.!2(+')3%2.-!).I82'+7!3;%-!'+-(2.-%E%$%3I!_)$$-!2.!3;+!
-;2,$/+'-! 2_! ?U>-7! 8,.%1%()$%3%+-7! %.3+'.)3%2.)$! /2.2'-7! +T(+'3-7! '+-+)'1;+'-! )./7! 2_! 12,'-+7! %3!
60
%.&2$&+-!$21)$!1288,.%3%+-`!6;+!('+()')3%2.!2_!3;+!'+;)E%$%3)3%2.!($).-!%8($%+-!-+&+')$!(;)-+-7!_'28!
,./+'-3)./%.K!3;+!1,''+.3!-%3+!-%3,)3%2.7!32!/+_%.%.K!2EH+13%&+-7!)13%2.-!)./!-(+1%+-!32!E+!,-+/`! L3!
K2+-!w%3;2,3!-)I%.K!3;)3!1288,.%3I!&)$%/)3%2.!%-!%8(2'3).3!)$$!)$2.K!('2H+13!-%.1+!('+()')3%2.!)./!
,.3%$!%8($+8+.3)3%2.`!
6;+! )%8! 2_! 3;%-! w2'e! w)-! 32! ;%K;$%K;3! _)132'-! 3;)3! %8('2&+! )11+(3)E%$%3I! 32! -3)e+;2$/+'-! _2'! )!
'+;)E%$%3)3%2.! ('2H+13! 2_! Z,)''%+-! %.! =+E).2.`! v+! )'+! 3;+'+_2'+! %.3+'+-3+/! %.! 3;+! w2'e! /2.+! %.!
12K.%3%&+!(-I1;2$2KI`!927!%.!12..+13%2.!w%3;!2,'!('2E$+8)3%17!%3!%-!.2w!w+$$!+-3)E$%-;+/!3;)3!&%-,)$!
%8)K+-! 2_! ).! 2EH+13! -;)'+! 3;+! -)8+! -+.-2'%8232'! )./! -()3%)$! +T(+'%+.1+-! 3;).! 3;+! '+)$! 2EH+13!
^]+)..+'2/7!DllA7!F55D7!F554u!"+1+3I7!Dll4u!"+1+3I!x!]+)..+'2/!Dll4a`!
L./++/7! )112'/%.K! 32! +8E2/%+/! 12K.%3%2.7! 8+.3)$! ('21+--+-! )'+! 1$2-+$I! $%.e+/! 32! 3;+! E2/I! )./!
+.&%'2.8+.3!3;'2,K;!(+'_2'8+/!)13%2.-!)./!-+.-2'%8232'!+T(+'%+.1+-`!6;+'+_2'+7!3;+!E2/I!%-!3;+!
12'+!2_!12K.%3%&+!)13%&%3%+-!)./!.23!)!-%8($+!2,3(,3!/+&%1+!^%`+`7!+T+1,3%.K!8+.3)$!($).-a`!*+'1+(3%2.7!
12K.%3%2.!)./!)13%2.!)'+!3;+'+_2'+!%.3'%.-%1)$$I!$%.e+/!32!+)1;!23;+'!^W)'-)$2,7!Dlll7!F55Ga`!
Q2.-+Z,+.3$I7! (+'1+%&%.K! )./!2EH+137! 3;%.e%.K!2_! %37! 2'! '+)/%.K! %3-! .)8+7! K+.+')3+! -+.-2'IV8232'!
-%8,$)3%2.!)./!E2/%$I!-3)3+-!3;)3!)'+!-%8%$)'!32!3;+!2.+-!%.&2$&+/!w;+.!3;+!2EH+13!%-!)13,)$$I!('+-+.3`!
6;)3!%-!32!-)I!3;)3!w+!w2,$/!),328)3%1)$$I!+$%1%3!)!8232'!($)..%.K!_2'!).!)13%2.!/%'+13+/!32!%3!^U)$$+-+7!
F55B7!F55la`!J2'+2&+'7!w;+.!).!)13%2.!%-!($)..+/!w+!)$-2!('+/%13!%3-!8232'!12.-+Z,+.1+-C!w+!e.2w!
%.!)/&).1+!w;)3!32!+T(+13!_'28!)!_2'3;128%.K!)13%2.!^v2$(+'3!+3!)$`!F55ta`!R2'!+T)8($+7!@.+$$%!+3!)$`!
^F5DFa7!W'2,%$$+37!+3!)$`!^F5DBa!-;2w+/!3;)3!(+2($+!2E-+'&%.K!).!2EH+13!12,$/!-%8,$)3+!3;+!).3%1%()3+/!
()%.!)--21%)3+/!32!).!)13%2.!(+'_2'8+/!w%3;! %3`!6;+-+!'+-,$3-!+T3+./!3;2-+!-,KK+-3%.K!)! '+-2.).3!
)13%&)3%2.!2_!()%.!'+('+-+.3)3%2.-!%.!3;+!2.$22e+'0-!-+.-2'%8232'!-I-3+8!^@&+.).3%!+3!)$`!F55Bu!F5Dtu!
N%1)'%2!+3!)$`!F5DBa`!
J2'+2&+'7!)!K'2w%.K!.,8E+'!2_!-3,/%+-!;%K;$%K;3!3;)3!E2/%$I!+T(+'%+.1+-!)./!-()1+!)'+!)--21%)3+/!
w%3;! +823%2.`! *2-%3%&+! +823%2.-! )'+! 3;,-! )--21%)3+/! w%3;! 3;+! ,((+'! -()1+! w;+'+)-! .+K)3%&+!
+823%2.-! )'+! )--21%)3+/!w%3;! 3;+! $2w+'! -()1+! ^O%1;)'/-2.! +3! )$`! F55tu!J+%+'! +3! )$`7! F55A7! F5547!
F55k)7! F55kEu! W'22e-;%'+! +3! )$`! F5D5a`! R,'3;+'82'+7! (2-%3%&+! +823%2.-! )'+! )--21%)3+/!w%3;! '%K;3!
-()1+!w;+'+)-!.+K)3%&+!+823%2.-!)'+!)--21%)3+/!w%3;!$+_3!-()1+!̂ Q)-)-).327!F5D5u!J%$;),!+3!)$`!F5Dt7!
F5DAu! W'2,%$$+3! +3! )$`! F5DBa`! R%.)$$I7! 2EH+13-! )'+!82'+! (2-%3%&+$I! )(('+1%)3+/!w;+.! &)$+.1+-! ^%`+`7!
(2-%3%&+!&-!.+K)3%&+a!)./!-()3%)$! $21)3%2.-!8)31;7! ')3;+'! 3;).!w;+.! 3;+I!8%-8)31;`!R2'!+T)8($+7!
91;.)$$!x!Q$2'+!^F554a!-;2w+/!3;)3!(2-%3%&+!w2'/-!('+-+.3+/!)3!3;+!,((+'!-%/+!2_!)!-;++3!2_!()(+'!
)./!.+K)3%&+!w2'/-!('+-+.3+/!)3!3;+!$2w+'!-%/+7!w+'+!E23;!H,/K+/!)-!82'+!(2-%3%&+`!L.!3;+!2((2-%3+7!
61
(2-%3%&+!w2'/-!('+-+.3+/!%.!3;+!$2w+'!-%/+!)./!.+K)3%&+!w2'/-!('+-+.3+/!%.!3;+!,((+'!-%/+7!w+'+!
H,/K+/!)-!82'+!.+K)3%&+`!
!!
>,'! w2'e%.K! ;I(23;+-%-! %-! 3;)37! -%.1+! -()3%)$! (+'1+(3%2.! %-! .23! .+,3')$7! w+! 1).! %.1'+)-+! 3;+!
)11+(3)E%$%3I!2_! ).! %3+8!EI!82/%_I%.K! %3-! (2-%3%2.!2.!)! -1'++.!/,'%.K! 3;+!('+-+.3)3%2.! -3)K+!2_! )!
('2H+13`!!
6;+!()(+'!)%8-!32!12._%'8!w;+3;+'!Da!3;+!)(('+1%)3%2.!2_!).!%8)K+!w%$$!E+!82/%_%+/!EI!%3-!(2-%3%2.!
2.!3;+!-1'++.!)./!Fa!%3!%-!(2--%E$+!32!%8('2&+!3;+!(+'1+(3%2.!2_!).!%8)K+!EI!82/%_I%.K!%3-!(2-%3%2.!
/,'%.K!)!('+-+.3)3%2.`!!
!X1!2,)&'$,.!,#F!N&)73F!
X1W!2,)&'$,.(!
!A5!-3%8,$%!%8)K+-7!'+('+-+.3%.K!F5!_$2')!)./!F5!_),.)!^R%K,'+!Da!-+$+13+/!%.!&%+w!2_!3;+%'!(23+.3%)$!
(2--%E$+! ,-+! %.! Z,)''I! '+;)E%$%3)3%2.! ('2H+13-7! w+'+! ,-+/! _2'! 3;%-! +T(+'%8+.3`! @$$! %8)K+-! -;2w!
12882.!-(+1%+-!2_!($).3-!)./!).%8)$-!e.2w!%.!=+E).2.!)./!_'+Z,+.3$I!,-+/!%.!,.%&+'-%3I!$+13,'+-!
)./!('+-+.3)3%2.`!!
@!-(+1%_%1!),328)3+/!128(,3+'!('2K')8!w)-!/+&+$2(+/!)-!).!),328)3+/!)(($%1)3%2.7!,-%.K!3;+!@-(`!
?+3!JNQ7!Q!�7!P38$!)./!Q99!$).K,)K+-`!L3!+.)E$+/!3;+!),328)3%1!/%-($)I!2_!3;+!%8)K+-!_2'!455!8-!
-+17! _2$$2w+/! EI! )! -1'++.! /%-($)I%.K! )! -1)$+! E)'! _2'! 3;+! )(('+1%)3%2.! 2_! +)1;! %8)K+`! R2'! +)1;!
()'3%1%().37!3;+!128(,3+'!('2K')8!'+12'/+/!-+()')3+$I!3;+!-12'+-!2_!)$$!%8)K+-!2.!3;+!Q?O9!=+E).2.!
9+'&+'-!)./!+.)E$+/!3;+!'+3'%+&)$!2_!3;+!'+-,$3-!%.!+T1+$!_2'8)3`!!
6;+!3+-3!w)-!(,E$%-;+/!2.$%.+!)./!3;+!$%.e!^www`2V$%_+`2'Ka!w)-!-+.3!&%)!+8)%$!32!')./28!'+1%(%+.3-`!
62
!R%K,'+!DC!A5!-3%8,$%!%8)K+-!'+('+-+.3%.K!F5!_$2')!^($).3-a!)./!F5!_),.)!^).%8)$-a!
!X1X!+,')$6$4,#)(!!*)'3%1%().3-! w+'+! 12.3)13+/! ')./28$I! )./! 3;+! $%.e! 32! 3;+! 2.$%.+! )(($%1)3%2.! w)-! -+.3! EI! +8)%$`!
6;'2,K;!)!-3)./)'/!+8)%$7!3;+!()'3%1%().3-!w+'+!%.&%3+/!32!3)e+!3;+!3+-3`!@!323)$!2_!BD!(+'-2.-!'+($%+/!
32!3;+! %.&%3)3%2.7!/%-3'%E,3+/!)-! _2$$2w-7!t5jBD!8)$+-!)./!FDjBD!_+8)$+-7!)K+-!').K%.K!_'28!DB!32!
82'+!3;).!A5!I+)'-!2$/`!kG|!2_!3;+!()'3%1%().3-!;)/!)!,.%&+'-%3I!E)1eK'2,./7!DG!|!-+12./)'I!)./!A|!
('%8)'I`!
@$$!()'3%1%().3-!;)/!32!E+!128(,3+'!$%3+')3+!32!E+!)E$+!32!3)e+!3;+!3+-3`!
63
!!
X15!+'36&F-'&!
6;+!$%.e!32!3;+!128(,3+'!)(($%1)3%2.!w)-!-+.3!8)--%&+$I!&%)!+8)%$!%.&%3%.K!()'3%1%().3-!32!3)e+!3;+!
3+-3`!6;+!3+-3!-3)'3-!w%3;!).!o+T($).)3%2.q!-1'++.!/+3)%$%.K!3;+!('21+/,'+!32!E+!_2$$2w+/`!!t!%8)K+-!
^/%__+'+.3!_'28!3;2-+!,-+/!%.!3;+!+T(+'%8+.3a!)'+!3;+.!,-+/!32!)1Z,)%.3!3;+!()'3%1%().3-!32!3;+!3+-3!
82/)$%3I`!@!E$).e!-1'++.!/%-($)I%.K!3;+!w2'/!o)33+.3%2.q!)((+)'-!_2'!F!-+17!)..2,.1%.K!3;+!-3)'3!2_!
3;+!3+-3`!@_3+'!3;+!E$).e!-1'++.!_)/+-!2,37!+)1;!2_!3;+!A5!%8)K+!)((+)'-!2.!-1'++.!_2'!5`54!-+17!_%'-3!
)3!3;+!1+.3+'!2_!3;+!-1'++.7!3;+.!')./28$I!2.!-%T!/%__+'+.3!$21)3%2.-!2.!3;+!-1'++.!^t!)3!3;+!'%K;37!t!
)3!3;+!$+_3V!R%K,'+!Fa`!*)'3%1%().3-!)'+!%.&%3+/!32!)(('+1%)3+!)./!')3+!3;+!%8)K+-!)((+)'%.K!2.!-1'++.`!
:)1;! 3%8+!).! %8)K+!/%-)((+)'-7!)! -1)$+!E)'! ^2_!D5!18! $+.K3;a!)((+)'-!2.!)!E$).e!-1'++.!)./! 3;+!
()'3%1%().3-!1$%1e!w%3;!3;+!82,-+!2.!3;+!-1)$+!E)'!32!+T('+--!3;+%'!)(('+1%)3%2.!2_!3;+!%8)K+`!6;+!
-1)$+!E)'!,-+/!w)-!)!'+K,$)'!=%e+'3!-1)$+!E)'!+T('+--%.K!3;+!5!^oL!/%-$%e+qa!2.!3;+!$+_3!)./!3;+!D5!^oL!
$%e+qa!2.!3;+!'%K;3`!!
!
!R%K,'+!FC!*+'1+.3)K+!2_!1;).K+-!%.!(+'1+(3%2.!_2'!+)1;!(2-%3%2.!_2'!%8)K+-!;)&%.K!-%K.%_%1).3$I!E++.!82/%_%+/!EI!3;+!
1;).K+!%.!3;+%'!$21)3%2.`!
!X1]!R,),!D#,.0($(!!@_3+'!3;+!3+-37!+)1;!()'3%1%().30-!).-w+'-!)'+!-32'+/!2.!)!-+'&+'!)./!'+3'%+&+/!),328)3%1)$$I!2.!).!
+T1+$!_%$+!-;2w%.K7!_2'!+)1;!%8)K+7!3;+!-12'+j)(('+1%)3%2.!%3!K23!%.!+)1;!2_!3;+!k!$21)3%2.-!2.!-1'++.`!
912'+-!'+('+-+.3!3;+!$+.K3;!2_!3;+!-1)$+!E)'!^%.!18a!%.!&%+w!2.!3;+!(2-%3%2.!2_!3;+!1$%1e`!
64
")3)! w)-! -)&+/! )./! $)3+'! Z,)$%3)3%&+$I! )./! Z,).3%3)3%&+$I! ).)$Ib+/`! @! 8,$3%3,/+! 2_! 3+-3-! w+'+!
12./,13+/! 32! ).)$I-+! 3;+! -%K.%_%1).1+! 2_! '+$)3%2.-;%(-! E+3w++.! 3;+! /+(+./+.3! ^-12'+a! )./!
%./+(+./+.3!^$21)3%2.a!_)132'-!-,1;!)-!()%'+/!-3,/+.3!3V3+-3!)./!(2-3V;21!-3)3%-3%1-!,-%.K!+%3;+'!9*99!
2'!])-(!2(+.!)11+--!($)3_2'8!^;33(-CjjH)-(V-3)3-`2'Kja`!6;+!'+-,$3-!2_!3;+!).)$I-%-!w+'+!12._'2.3+/!32!
3;+!B|!3;'+-;2$/!_2'!-%K.%_%1).1+`!
!
51!<&(-.)(!
51W!e-,.$),)$%&!,#,.0($(!!
6)E$+!D!/%-($)I-!3;+!)&+')K+!2_!)$$!-12'+-j)(('+1%)3%2.!'+12'/+/!EI!3;+!BD!()'3%1%().3-!_2'!+)1;!%8)K+!%.!+)1;!
2_!3;+!k!$21)3%2.-`!L3!)$$2w-!32!-2'3!3;+!%8)K+-!w%3;!'+-(+13!32!3;+!)&+')K+!-12'+!)./!;%K;$%K;3!w;%1;!w+'+!3;+!
%8)K+-!3;)3!w+'+!82-3!)(('+1%)3+/!EI!()'3%1%().3-!^A3;!Z,)'3%$+a7!)./!3;+!2.+!3;)3!w+'+!$+)-3!)(('+1%)3+/!^D-3!
Z,)'3%$+a!^3)E$+!Fa`!Q28(,3%.K!)&+')K+-!2.!+)1;!$21)3%2.7!%./+(+./+.3$I!_'28!3;+!%8)K+-7!/2+-!.23!-;2w!).I!
('+_+''+/!$21)3%2.!)-!)$$!)&+')K+!-12'+-!&)'I!E+3w++.!4`t!)./!4`A`!!
@,J.&!WL@&+')K+!-12'+!2E3)%.+/!_2'!+)1;!%8)K+!%.!+&+'I!$21)3%2.!^&)$,+-!)'+!+T('+--+/!%.!187!8+)-,'+/!2.!3;+!)(('+1%)3%2.!-1)$+!E)'a!
>N,8&!#-NJ&'!
I,)$#!#,N&(! IW! IX! I5! I]! IZ! If! I[!,%&',8&!$N,8&!
>55!! 8*0!-*01*2*0!=%..)+,-7!DkBG! A`G! A`l! B`t! B`D! A`l! A`4! B`5! A`l!
>5]! U*.$'*0!%$&$)()*0!=%..)+,-7!DkBt! k`B! G`F! k`k! k`t! k`G! k`4! k`G! k`k!
>5Z! U+.*0!1(.+'0$07!=%..)+,-7!DkBG! 4`G! 4`G! 4`B! 4`t! 4`G! 4`k! 4`k! 4`k!
>5f! 6(.(<+#!-(V!=%..)+,-! k`t! k`k! k`4! k`A! k`4! k`B! k`l! k`4!
>5[! W+?/2$()/#!1()+#.$22(#! A`l! B`5! B`F! B`F! B`D! 4`5! B`5! B`F!
>5\! B7/017(-*0!(*#+*0X!=%..)+,-!! 4`A! B`l! 4`D! 4`t! B`G! B`l! 4`A! 4`D!
>5a! 6(#'(00$*0!D./22/X!=%..)+,-7!DkBG! k`k! k`k! k`G! k`B! k`4! k`4! k`4! k`4!
>]b! D'(&(22$0!(#<+'0$0!1(+#*2+(7!=%..)+,-! G`F! k`G! k`B! G`D! k`B! k`G! k`k! k`G!
>]W! ;/#<*0!?#*&$2+&*07!=%..)+,-7!DkBG! 4`A! 4`4! 4`B! 4`B! 4`4! 4`G! 4`G! 4`4!
>]X! A,*0!1/#$(#$(7!=%..)+,-! 4`D! 4`5! 4`A! 4`D! 4`D! 4`A! B`l! 4`F!
>]5! ;('$0!2*.*0X!=%..)+,-7!DkBG! k`k! k`l! k`l! k`4! k`t! k`l! G`t! k`G!
>]]! "#/-*0!-(%#$)+'0$0X!?+&-e%! A`B! B`F! B`D! B`F! A`l! B`D! B`B! B`D!
>]Z! D.$0!-(`!=%..)+,-7!DkBG! k`A! k`F! 4`l! k`t! k`D! k`D! 4`k! k`D!
>]f! =#$)$22(#$(!-(`!=%..)+,-7!DkBt! 4`A! 4`4! k`5! k`F! 4`k! k`F! 4`t! 4`G!
>][! W(#E2$'&!3++)2+X!=)3'+%$$+7!DG5F! t`l! A`l! A`B! A`k! A`A! A`4! B`D! A`4!
>]\! Y*'%+2$(!)/*#'+?/#)$$^!=%..)+,-! t`k! A`k! B`D! A`t! B`5! B`5! A`l! A`k!
>]a! Y(2+/%+0!-(V!>$%&%+'7!DklD! t`l! B`D! A`4! A`G! A`k! A`5! A`k! A`B!
>Zb! B7&#/173+!<$#&$'+(7!X2&)$+.e2!! 4`D! B`k! 4`A! 4`D! B`4! B`k! 4`t! 4`5!
>ZW! K)+22(&(-(!0)+22$/7!=%..)+,-7!DkBG! B`4! B`4! B`D! B`F! B`F! B`t! B`G! B`A!
>ZX! K1(3$/0(!-(`!=%..)+,-! B`A! A`A! B`A! B`t! A`4! B`5! B`F! B`5!
>Z5! ;(+2$?+#(!-(`!@./+'7!Dlt4! B`F! B`D! B`F! A`k! B`t! A`l! A`B! B`5!
>Z]! K+##()*2(!1+#$'),$?/2$(!^98`a!W2%--`! B`G! B`t! B`B! B`l! B`k! B`l! B`t! B`4!
>ZZ! B+-/##,/$0!'*--$?+#7!O+,--7!DGtA! B`4! 4`F! 4`5! 4`5! B`l! 4`F! 4`4! 4`D!
>Zf! D'),+-$0!)$'1)/#$(X!=%..)+,-! B`l! 4`D! B`4! 4`F! 4`D! 4`5! 4`t! 4`5!
>Z[! "*?/)+0!<$#$%$07!=),'+.3%7!Dk4G! B`t! B`B! B`t! B`B! B`t! B`B! B`A! B`A!
>Z\! O'/0-(!?#*)+01+'07!=)8! k`5! k`5! k`A! k`D! k`5! 4`G! k`F! k`D!
>Za! B7(+'(!,7(+'(7!=%..)+,-7!DkBG! 4`5! B`G! 4`F! 4`A! B`l! B`G! 4`4! 4`D!
>fb! K$2+'+!#+*)+#$('(X!=%..)+,-! k`G! k`t! k`B! k`A! k`B! k`t! k`k! k`B!
65
!
>fW! K)+#'(!-(V!=%..)+,-7!DkBG! k`l! k`k! k`k! k`A! k`G! G`D! k`t! k`k!
>fX! ;712(-+'!.+#0$1*-X!=%..)+,-! k`A! k`G! k`A! k`k! k`F! k`G! k`4! k`4!
>f5!6+2+1('*0!/'/1#/)(2*0X!=%..)+,-7!DkBG! G`5! k`k! k`k! k`G! k`4! k`G! G`D! k`G!
>f]! !B7.+#$1*-X!=%..)+,-! k`G! k`t! k`B! k`t! k`k! k`t! k`4! k`B!
>fZ! U(1+#)(!-+%$(7!=).3b!x!QI'#.7!DlF5! 4`5! 4`l! 4`B! 4`A! 4`G! 4`B! 4`B! 4`B!
>ff! O#1,$0!('()/2$1(X!W2%--! k`k! G`5! G`F! k`A! k`B! k`k! k`A! k`k!
>f[!U()#/%+1)*0!)#+%+1$-&*))()*07!O2--%7!Dkl5! A`l! B`A! B`t! B`D! B`A! B`A! A`l! B`F!
>f\!O#'$),/&(2*-!3$22(#%$+#$!^@,13`a!J2,3+'/+! 4`F! 4`F! 4`B! 4`5! B`G! 4`5! 4`D! 4`D!
>fa! B70)#$>!$'%$1(7!X+''7!DklF! B`4! B`B! B`4! B`A! B`l! B`G! B`4! B`4!
>[b! Z#$0!-(`!=%..)+,-! 4`A! B`k! 4`5! B`l! 4`t! 4`G! 4`D! 4`F!
>[W! K*0!01#/?(7!=%..)+,-7!DkBG! B`B! B`B! B`B! A`k! B`t! B`k! B`A! B`A!
>[X! D21+(!-(`!=%..)+,-! B`B! B`t! B`k! B`F! B`A! B`G! B`l! B`B!
D%&',8&!.36,)$3#!! 4`F! 4`t! 4`t! 4`F! 4`F! 4`t! 4`t!
!
6)E$+!D!)$$2w-!3;+!%/+.3%_%1)3%2.!2_!$21)3%2.-7!128(,3%.K!3;+!;%K;+-3!^8)T%8)$a!)./!$2w+-3!^8%.%8)$a!
-12'+-!'+12'/+/!_2'!%8)K+-7!)./!3;+'+_2'+!;%.3%.K!3;)3!$21)3%2.!A!.+&+'!'+12'/-!8)T%8)$!-12'+7!w;%$+!
$21)3%2.!k!'+12'/-!)!;%K;+-3!'+1,''+.1+!2_!8)T%8)$!-12'+-7!)./!$21)3%2.!D!;)-!;%K;+-3!211,''+.1+!2_!
8%.%8)$!-12'+-`!!!
@,J.&! XL! =%-3! 2_! %8)K+-! $+)-3! ^D-3! Z,)'3%$+a! )./!82-3! ^A3;! Z,)'3%$+a! )(('+1%)3+/! w%3;! '+-(+13! 32! 3;+%'! )&+')K+! -12'+!%./+(+./+.3$I!2_!3;+%'!$21)3%2.!2.!3;+!-1'++.`!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
I&,()!,44'&6$,)&F! 23()!,44'&6$,)&F!
>55!! 8*0!-*01*2*0!=%..)+,-7!DkBG! >5]! U*.$'*0!%$&$)()*0!=%..)+,-7!DkBt!
>5[! W+?/2$()/#!1()+#.$22(#! >5f! 6(.(<+#!-(V!=%..)+,-!
>]]! "#/-*0!-(%#$)+'0$0X!?+&-e%! >5a! 6(#'(00$*0!D./22/X!=%..)+,-7!DkBG!
>][!W(#E2$'&!3++)2+X!=)3'+%$$+7!DG5F!
>]b!D'(&(22$0!(#<+'0$0!1(+#*2+(7!=%..)+,-!
>]\!Y*'%+2$(!)/*#'+?/#)$$^!=%..)+,-!
>]5!;('$0!2*.*0X!=%..)+,-7!DkBG!
>]a! Y(2+/%+0!-(V!>$%&%+'7!DklD! >fb! K$2+'+!#+*)+#$('(X!=%..)+,-!
>ZX! K1(3$/0(!-(`!=%..)+,-! >fW! K)+#'(!-(V!=%..)+,-7!DkBG!
>Z5! ;(+2$?+#(!-(`!@./+'7!Dlt4! >fX! ;712(-+'!.+#0$1*-X!=%..)+,-!
>f[!U()#/%+1)*0!)#+%+1$-&*))()*07!O2--%7!Dkl5!
>f5!6+2+1('*0!/'/1#/)(2*0X!=%..)+,-7!DkBG!
>[W! K*0!01#/?(7!=%..)+,-7!DkBG! >f]! !!B7.+#$1*-X!=%..)+,-!
! ! >ff! O#1,$0!('()/2$1(X!W2%--!
66
6)E$+!t!-;2w-!3;+!/+&%)3%2.!2_!3;+!)&+')K+-!-;2w+/!%.!6)E$+!D7!_'28!3;+!8+/%).!&)$,+!2_!-12'+-`!L.!
3;%-!1)-+!&)$,+!B!2.!)!323)$!-1)$+!2_!D5!'+('+-+.3-!3;+!8+/%).7!%`+`!3;+!+T('+--%2.!2_!.+,3')$%3I!&%-!)!
&%-!2_!3;+!)(('+1%)3+/!%8)K+-`!!
p,)$%3)3%&+!).)$I-%-!-;2w-!3;)3C!!
DV!3;+'+!%-!.2!)E-2$,3+!('+_+''+/!$21)3%2.!2_!3;+!-1'++.!!
FV!3;+!)(('+1%)3%2.!2_!%8)K+-!/%__+'-!/+(+./%.K!2.!3;+!%8)K+-!3;+8-+$&+-!
51! 1;).K%.K!3;+!$21)3%2.!2_!).!%8)K+!2.!3;+!-1'++.!)__+13-!%3-!)(('+1%)3%2.!
@,J.&!5L!@&+')K+!/+&%)3%2.!w%3;!'+-(+13!32!3;+!8+/%).!&)$,+!_2'!3;+!)&+')K+!-12'+!2E3)%.+/!_2'!+)1;!%8)K+!%.!+&+'I!$21)3%2.!^/+'%&+/!_'28!3)E$+!Da`!
!
>N,8&!#-NJ&'! I,)$#!#,N&(! IW! IX! I5! I]! IZ! If! I[!
>55!! 8*0!-*01*2*0!=%..)+,-7!DkBG! V5`Dl! V5`D5! 5`tt! 5`5B! V5`5B! V5`AF! 5`5F!
>5]! U*.$'*0!%$&$)()*0!=%..)+,-7!DkBt! F`Ak! t`F5! F`kA! F`tD! F`kG! F`Bl! F`k4!
>5Z! U+.*0!1(.+'0$07!=%..)+,-7!DkBG! D`Gt! D`k4! D`BD! D`tA! D`k4! D`kB! D`kD!
>5f! 6(.(<+#!-(V!=%..)+,-! F`tD! F`4k! F`4F! F`AD! F`Bk! F`BD! F`GB!
>5[! W+?/2$()/#!1()+#.$22(#! V5`5G! 5`5A! 5`F5! 5`Dl! 5`54! 5`lk! V5`5t!
>5\! B7/017(-*0!(*#+*0X!=%..)+,-!! D`AA! 5`lD! D`DF! D`t5! 5`GB! 5`lA! D`tB!
>5a!6(#'(00$*0!D./22/X!=%..)+,-7!DkBG! F`4k! F`4B! F`G5! F`A4! F`Bk! F`B4! F`4A!
>]b! D'(&(22$0!(#<+'0$0!1(+#*2+(7!=%..)+,-! t`Dk! F`Gt! F`BB! t`5B! F`AB! F`GF! F`4G!
>]W! ;/#<*0!?#*&$2+&*07!=%..)+,-7!DkBG! D`tk! D`4B! D`AG! D`BD! D`4D! D`Gt! D`kG!
>]X! A,*0!1/#$(#$(7!=%..)+,-! D`DA! D`5t! D`AD! D`54! D`5G! D`At! 5`lF!
>]5! ;('$0!2*.*0X!=%..)+,-7!DkBG! F`4l! F`lD! F`lD! F`4t! F`tF! F`lD! t`FB!
>]]! "#/-*0!-(%#$)+'0$0X!?+&-e%! V5`A4! 5`D4! 5`D5! 5`D4! V5`DD! 5`5l! 5`BB!
>]Z! D.$0!-(`!=%..)+,-7!DkBG! F`tk! F`Dk! D`lt! F`tF! F`DF! F`5G! D`4G!
>]f! =#$)$22(#$(!-(`!=%..)+,-7!DkBt! D`tG! D`4D! D`lk! F`F5! D`4G! F`FA! D`tt!
>][!W(#E2$'&!3++)2+X!!=)3'+%$$+7!DG5F! VD`5B! V5`DB! V5`BA! V5`Fl! V5`4D! V5`AF! 5`DA!
>]\! Y*'%+2$(!)/*#'+?/#)$$^!=%..)+,-! VD`FG! V5`t5! 5`DB! V5`kt! V5`5B! V5`5A! V5`DA!
>]a! Y(2+/%+0!-(V!>$%&%+'7!DklD! VD`DF! 5`DF! V5`At! V5`FF! V5`FG! V5`ll! V5`tD!
>Zb! B7&#/173+!<$#&$'+(7!X2&)$+.e2!! D`5G! 5`kt! D`AA! D`5G! 5`4D! 5`4k! D`tA!
>ZW! K)+22(&(-(!0)+22$/7!=%..)+,-7!DkBG! 5`B4! 5`B4! 5`DD! 5`DB! 5`Dl! 5`FB! 5`kl!
>ZX! K1(3$/0(!-(`!=%..)+,-! 5`tB! V5`4F! 5`A5! 5`tF! V5`tk! 5`5D! 5`Dk!
>Z5! ;(+2$?+#(!-(`!@./+'7!Dlt4! 5`Ft! 5`Dt! 5`Dl! V5`Fl! 5`Fl! V5`DD! V5`A4!
>Z]! K+##()*2(!1+#$'),$?/2$(!^98`a!W2%--`! 5`kG! 5`tB! 5`BF! 5`l5! 5`44! 5`GG! 5`tD!
>ZZ! B+-/##,/$0!'*--$?+#7!O+,--7!DGtA! 5`4A! D`FD! 5`lG! D`5D! 5`lt! D`FF! D`4D!
>Zf! D'),+-$0!)$'1)/#$(X!=%..)+,-! 5`GG! D`D5! 5`4t! D`FA! D`5B! D`5t! D`Fl!
>Z[! "*?/)+0!<$#$%$07!=),'+.3%7!Dk4G! 5`Fk! 5`A4! 5`tF! 5`BF! 5`tF! 5`BD! 5`A5!
>Z\! O'/0-(!?#*)+01+'07!=)8! F`5B! F`5D! F`tG! F`DA! D`ll! D`G5! F`Ft!
>Za! B7(+'(!,7(+'(7!=%..)+,-7!DkBG! D`55! 5`G5! D`Ft! D`t4! 5`Gl! 5`kl! D`Bk!
>fb! K$2+'+!#+*)+#$('(X!=%..)+,-! F`GA! F`tD! F`Al! F`AA! F`B5! F`tD! F`kA!
>fW! K)+#'(!-(V!=%..)+,-7!DkBG! F`GG! F`4G! F`4G! F`AD! F`GD! t`5l! F`tt!
>fX! ;712(-+'!.+#0$1*-X!=%..)+,-! F`AF! F`k4! F`AF! F`k5! F`DG! F`kk! F`4F!
>f5!6+2+1('*0!/'/1#/)(2*0X!=%..)+,-7!DkBG! F`ll! F`44! F`4l! F`GD! F`Bl! F`kk! t`Dt!
>f]! !B7.+#$1*-X!=%..)+,-! F`k4! F`t5! F`Al! F`FG! F`4l! F`tF! F`4F!
>fZ! U(1+#)(!-+%$(7!=).3b!x!QI'#.7!DlF5! D`55! D`GB! D`A4! D`AB! D`kl! D`Ak! D`B5!
67
>ff! O#1,$0!('()/2$1(X!W2%--! F`44! F`ll! t`Dk! F`tk! F`BA! F`4B! F`AD!
>f[!U()#/%+1)*0!)#+%+1$-&*))()*07!O2--%7!Dkl5! V5`54! 5`t4! 5`tD! 5`DB! 5`tk! 5`tG! V5`5G!
>f\!O#'$),/&(2*-!3$22(#%$+#$!^@,13`a!J2,3+'/+! D`DB! D`DB! D`AG! D`5F! 5`GA! D`5A! D`5k!
>fa! B70)#$>!$'%$1(7!X+''7!DklF! 5`BB! 5`BD! 5`BG! 5`t4! 5`G4! 5`kB! 5`B4!
>[b! Z#$0!-(`!=%..)+,-! D`AD! 5`4G! D`5A! 5`lB! D`FB! D`kG! D`D5!
>[W! K*0!01#/?(7!=%..)+,-7!DkBG! 5`B5! 5`BA! 5`AG! V5`tF! 5`Fl! 5`kA! 5`A5!
>[X! D21+(!-(`!=%..)+,-! 5`Ak! 5`tA! 5`4G! 5`DB! 5`tB! 5`GA! 5`GG!
!
51X!e-,#)$),)$%&!,#,.0($(!
6;+!-3)3%-3%1)$!).)$I-%-!2_!3;+!-12'+-!)33'%E,3+/!32!+)1;!%8)K+!12._%'8-!3;)37!%.!K+.+')$7!%8)K+-!)'+!
.23!)(('+1%)3+/!-%8%$)'$I7!R!^tl7DFDlDa!�!tl`FF7!(!�!5`555D`!!
*2-3!P21!).)$I-%-!^6)E$+!Aa!-;2w-!3;+!-%K.%_%1).3!/%__+'+.1+!E+3w++.!3;+!)(('+1%)3%2.!2_!)$$!%8)K+-!
3)e+.!F!EI!F!)./!/2+-!.23!-;2w!).I!-%K.%_%1).3!/%__+'+.1+!E+3w++.!3;+!)(('+1%)3%2.!2_!$21)3%2.-`!
!
@,J.&!]L!Q2.3%.K+.1I!3)E$+!-;2w%.K!/%__+'+.1+!)./!-%K.%_%1).1+!2_!)(('+1%)3%2.!E+3w++.!%8)K+-!12.-%/+'+/!%.!()%'-`!!
!
6;+!-3)3%-3%1)$!).)$I-%-!2_!3;+!-12'+!)33'%E,3+/!32!+)1;!$21)3%2.!/2+-!.23!12._%'8!3;)3!$21)3%2.!%./,1+-!
/%__+'+.3%)$!)(('+1%)3%2.7!%`+7!3;+'+!%-!.2!('+_+''+/!)E-2$,3+!$21)3%2.!2.!3;+!-1'++.`!!
R!^47DFFFAa!�!5`AF7!(!�5`G4`!!
6;+! -3)3%-3%1)$! ).)$I-%-! -;2w-! %.3+')13%2.!E+3w++.! %8)K+-!)./! $21)3%2.C!�F! ^tl55a!�!BAG4`D47!(!�!
5`555D`!6;+'+_2'+7!w+!;)&+!).)$Ib+/!_2'!+)1;!%8)K+7!3;+!-12'+!2E3)%.+/!_2'!3;+!$21)3%2.-!2.!-1'++.!
;)&%.K!'+12'/+/!;%K;+-3!)./!$2w+-3!-12'+-!/,'%.K!3;+!+T(+'%8+.3!^3)E$+!Ba`!
6)E$+!B!-;2w-!3;)3C!
!"## !"#$ !"#% !"#& !"#' !"#( !"#) !"$* !"$+ !"$, !"$# !"$$ !"$% !"$& !"$' !"$( !"$) !"%* !"%+ !"%, !"%# !"%$ !"%% !"%& !"%' !"%( !"%) !"&* !"&+ !"&, !"&# !"&$ !"&% !"&& !"&' !"&( !"&) !"'* !"'+ !"',
!"## !"#$%$&'( !)#&*++'( !"#&+,+"( !#"+$&"( !#'-%&,( !"#+)'$$( !"#%'))%( !)#$),$&( !)#,'%"&( !"#%'*$$( ,#, !)#-"'&*( !)#%,)&)( #$+%%'( #$%*--( #$&')+( !#*%))+( !#&"*"*( ,#, ,#, !#$--)'( !)#"'*)&( !#-$*&,( !#+*+-'( !)#')+&$( !)#,)'"+( !"#&$)*)( !"#+%&+*( !"#&$'')( !"#%-%-%( !"#)&"'"( !)#$-,-+( !"#$)'*%( !#"'&))( !)#,)+%+( !#%)$%+( !#'-*%,( !#$,,*'( !#+,$+-(
!"#$ "#$%$&'( )#,---)( ,#))&-* "#"),,*( )#$*-,'( !,#,++,+ !#""%**( )#,+&'*( )#&%-)%( !#"&&,+( "#$%*)&( #%&+,"( #-%&,-( "#'"),-( "#'&""-( "#',&++( )#*,&"$( "#)&*)"( "#$$%)"( "#$")%+( )#'*%",( )#)%*"%( )#%)*,'( )#---+,( #+$',+( )#$$+)$( ,#)""%- !,#,'')- ,#))$$- !#"""$*( #&&)$*( #'-&+$( ,#,$$%$ "#)*)"-( )#$$-*$( )#-$'*+( )#$*%*'( "#,%&%)( )#'+'-)(
!"#% )#&*++'( !)#,---)( !#'*$'$( )#)")"%( #&-'"-( !)#)$&-+( !)#&)++*( ,#, #"*'&+( !)#&")-+( )#&*-&"( !#$+&*-( !#""+*"( )#-&""-( )#-$&$*( )#-)$*$( #%)$$&( )#,$-&)( )#&+*&)( )#&&"-$( #--*$,( ,#) #+"-"'( #*''*,( !#+&'*+( #&+%&$( !#'%%)"( !)#)-*'-( !#'*$&"( !)#&))"*( !#*+*&&( !,#) !)#,$$)*( )#,-"$-( #&+''$( #*%,'$( #&-*''( #'*$-,( #-*),,(
!"#& "#&+,+"( !,#) #'*$'$( "#,'%",( )#&%$""( !,#" !#&$,%$( #'$,),( )#"+$"'( !#&$%'"( "#&+&"%( #+"))+( #*$'")( "#-,*")( "#-)-$)( "#*-'%-( )#+-'&*( "#,"&"+( "#&&""+( "#&,**-( )#-%"&&( )#,+&&'( )#+,&""( )#**$%&( #$&+)-( )#&&)"*( ,#, !#")&,+( ,#, !#&&%&$( #")*%,( #-%'%*( !,#) "#,+*$)( )#&&$-*( )#*&+--( )#&%"'"( )#'$'*&( )#-$+'$(
!"#' #"+$&"( !"#"),,*( !)#)")"%( !"#,'%",( !#*&)'-( !"#"%+)"( !"#$&%-$( !)#)+%),( !#-$)')( !"#$$&)"( #"+*,%( !)#+*+,+( !)#&$%''( #*)),)( #*""")( #%'&$-( !#+,%-&( !,#) #"&%,+( #"))+-( !#"&&-*( !)#,$"-)( !#+'"'-( !#&")+*( !)#%%),"( !#*%$'&( !"#,-*&'( !"#&,'"+( !"#,'++'( !"#$&"+$( !)#-*-%,( !)#""%+&( !"#)%+$&( ,#, !#*%)&&( !#&%,&"( !#*&&"-( !,#) !#"+,"%(
!"#( #'-%&,( !)#$*-,'( !#&-'"-( !)#&%$""( #*&)'-( !)#+&&)$( !)#*,$-%( !#$"$)"( !,#) !)#*)))$( #'-',$( !#-$&,*( !#%)+,)( )#$$"''( )#$+$)'( )#$"+$%( #""+)+( #%+',&( #'%-,&( #'$&+%( #$'-))( !#&),-&( ,#) #$),$)( !#'"',$( ,#, !)#&++$)( !)#+**"*( !)#&%&%)( !)#*,,+%( !)#)$%%"( !#$'$++( !)#$&&$+( #%'&)'( ,#, #&*)%%( ,#, #+-++"( #$-)*"(
!"#) "#+)'$$( ,#) )#)$&-+( ,#" "#"%+)"( )#+&&)$( !,#" )#),',"( )#$"&")( !#)*-,,( "#+"")-( #%',,*( #')-)&( "#'*%)&( "#'-*&&( "#'+-%,( )#*+-"'( "#)'")*( "#+,))*( "#$*%*,( "#,&)"+( )#"""&)( )#%*")$( )#'$&++( #%,$),( )#+,,)'( ,#" ,#, ,#" !,#" #&-%+"( )#,&-+'( ,#) "#""%&&( )#+,&*'( )#',$-,( )#+&)-$( "#))-%+( "#,)$-%(
!"$* "#%'))%( #""%**( )#&)++*( #&$,%$( "#$&%-$( )#*,$-%( ,#" )#"-,*$( )#+'$'&( ,#, "#%'&',( #-%)*'( )#,-'-+( &#)$*-+( &#)+',+( &#)&,&"( )#'&,,)( "#&%&-'( "#%*"-'( "#%$-$"( "#","'*( )#&'$,&( )#-$&-%( "#))+"*( #**+-"( )#%*)')( #&$'$+( ,#) #&$)"+( ,#, #++-"$( )#"),&)( #"*)$,( "#&'-,+( )#%*++)( "#,*%+"( )#*,&+%( "#"',&*( "#)-%+-(
!"$+ )#$),$&( !)#,+&'*( ,#, !#'$,),( )#)+%),( #$"$)"( !)#),',"( !)#"-,*$( #&)$)'( !)#"-*,)( )#$)&)%( !#$)-'$( !#)',--( )#-%*)"( )#-*-&)( )#-$'+-( #%$'"*( )#,-&)+( )#&'")+( )#&%*%-( #'"""$( ,#) #+%&)&( #-&$+$( !#+,$')( #&'))-( !#'&)"'( !)#)+&)$( !#'&'$-( !)#"*%$&( !#*""$'( !,#) !)#,,'&&( )#))*&"( #&'$**( #*'+*-( #$""-&( )#,,'%$( #',+-$(
!"$, )#,'%"&( !)#&%-)%( !#"*'&+( !)#"+$"'( #-$)')( ,#) !)#$"&")( !)#+'$'&( !#&)$)'( !)#%,)")( )#,'-'*( !#*&&)$( !#+,+,-( )#++"'"( )#+%$)"( )#+&+&'( #&&+,-( #*%-'%( )#,**'%( )#,+&$'( #%,-,$( !#",,',( #"$-'&( #+",&$( !#-)'))( ,#) !)#"$+$-( !)#$%*&$( !)#"+&%-( !)#+',%&( !)#,&%%'( !#&-$%"( !)#&"&+"( #-,&)"( ,#) #$-)+'( ,#) #%'+$+( #+')%+(
!"$# "#%'*$$( #"&&,+( )#&")-+( #&$%'"( "#$$&)"( )#*)))$( #)*-,,( ,#, )#"-*,)( )#%,)")( "#*,,)*( #-%-,*( )#,'%)&( &#)+$)&( &#)%+&"( &#)&%+'( )#'&%"-( "#&*,)*( "#%*')*( "#%+$%'( "#",'"+( )#$,,&)( )#-+,)$( "#)")++( #*-"),( )#%*-)'( #&++*&( ,#) #&$*+&( ,#, #+%$+"( )#")%+-( #"**%-( "#$,$&&( )#%-)*'( "#,-"*'( )#*,'-$( "#"'%%+( "#)'"-+(
!"$$ ,#, !"#$%*)&( !)#&*-&"( !"#&+&"%( !#"+*,%( !#'-',$( !"#+"")-( !"#%'&',( !)#$)&)%( !)#,'-'*( !"#*,,)*( !)#-&"),( !)#%,$,+( #$+&'+( #$%+)+( #$&%$"( !#*%&-'( !#&&,,)( ,#, ,#, !#$','"( !)#"''-%( !#-+,,$( !#+*-%"( !)#')-,*( !)#,")''( !"#&$$$+( !"#+%%&,( !"#&+"%+( !"#%-'+'( !"#)&+%+( !)#$-&+'( !"#$""$'( !#"'+-$( !)#,)-&'( !#%)*&-( !#'',&$( !#$,&+"( !#+,*&"(
!"$% )#-"'&*( !#%&+,"( #$+&*-( !#+"))+( )#+*+,+( #-$&,*( !#%',,*( !#-%)*'( #$)-'$( #*&&)$( !#-%-,*( )#-&"),( #""-,%( "#"-%,%( "#"'*"+( "#"%-+"( )#,%-")( )#+,"),( )#-))),( )#*-%%"( )#&$))-( #+&""$( #'-",*( )#"+&$-( !,#) #-),)"( !#+)"&$( !#*&$",( !#+",+$( !#-+*$'( !#&,&++( #&$-+)( !#+',&'( )#+&%"%( #-)&*"( )#")$*"( #-$)**( )#$"-+-( )#&"$*-(
!"$& )#%,)&)( !#-%&,-( #""+*"( !#*$'")( )#&$%''( #%)+,)( !#')-)&( !)#,-'-+( #)',--( #+,+,-( !)#,'%)&( )#%,$,+( !#""-,%( "#,+-,,( "#,%'",( "#,$,$*( #-$,)%( )#"*$,$( )#+-&,$( )#++-+%( )#))&)"( #&,$)-( #*+$,)( )#,"+$"( !#&)$,&( #+-",%( !#*$,$,( !#'%""%( !#*$-%,( !)#,-+++( !#+&)%)( ,#) !#-)-$+( )#&,-",( #+-+%%( #'-%%*( #%)&*)( )#",,+"( )#,'%*&(
!"$' !#$+%%'( !"#'"),-( !)#-&""-( !"#-,*")( !#*)),)( !)#$$"''( !"#'*%)&( !&#)$*-+( !)#-%*)"( !)#++"'"( !&#)+$)&( !#$+&'+( !"#"-%,%( !"#,+-,,( ,#, ,#, !)#")*-$( !#*-&'%( !#$*$'%( !#$''$$( !#'$$--( !)#*+&-"( !)#&,&''( !)#,&"+-( !"#&*",&( !)#$*+'$( !"#*'-$,( !&#,","%( !"#-,%%,( !&#)$&++( !"#+-'%)( !)#'&*+$( !"#-*%$+( !#*$'-,( !)#$*"&$( !)#,*)&$( !)#$$$"'( !#-+*$-( !#'%)"*(
!"$( !#$%*--( !"#'&""-( !)#-$&$*( !"#-)-$)( !#*""")( !)#$+$)'( !"#'-*&&( !&#)+',+( !)#-*-&)( !)#+%$)"( !&#)%+&"( !#$%+)+( !"#"'*"+( !"#,%'",( ,#, ,#, !)#""',$( !#*'+)%( !#$-%)%( !#+),%&( !#'+%,*( !)#*%+,)( !)#&)+)-( !)#,$&**( !"#&-&""( !)#$-*)$( !"#-,'%,( !&#,&)$+( !"#-)**'( !&#)+$*$( !"#%,,-,( !)#'$-*$( !"#--*%$( !#*%,''( !)#$-&+$( !)#,-"+&( !)#$++$'( !#-%-%*( !#'*"$*(
!"$) !#$&')+( !"#',&++( !)#-)$*$( !"#*-'%-( !#%'&$-( !)#$"+$%( !"#'+-%,( !&#)&,&"( !)#-$'+-( !)#+&+&'( !&#)&%+'( !#$&%$"( !"#"%-+"( !"#,$,$*( ,#, ,#, !)#",,&)( !#*%%$&( !#$+*$&( !#$-)',( !#'"*&$( !)#*&%"-( !)#"-%$+( !)#,)+,$( !"#&+$$'( !)#$+-$)( !"#*-,-*( !&#,,"*"( !"#*-',%( !&#)"%,)( !"#+*",*( !)#'",,)( !"#-+-')( !#*&""%( !)#$+$-)( !)#,+&-,( !)#$"%*%( !#-&''$( !#'$&*$(
!"%* #*%))+( !)#*,&"$( !#%)$$&( !)#+-'&*( #+,%-&( !#""+)+( !)#*+-"'( !)#'&,,)( !#%$'"*( !#&&+,-( !)#'&%"-( #*%&-'( !)#,%-")( !#-$,)%( )#")*-$( )#""',$( )#",,&)( #$&&--( #*$"--( #*)-$)( #"*"'*( !#+&+'*( !,#) ,#" !)#)+$)-( !#"+-),( !)#+-,+%( !)#-,"$)( !)#+--*%( !)#'"+*,( !)#&*)*%( !#*)'*,( !)#%+-%,( #$%-,$( !#"+$+,( ,#) !#""%$+( #&%,&*( #"+%+*(
!"%+ #&"*"*( !"#)&*)"( !)#,$-&)( !"#,"&"+( ,#) !#%+',&( !"#)'")*( !"#&%&-'( !)#,-&)+( !#*%-'%( !"#&*,)*( #&&,,)( !)#+,"),( !)#"*$,$( #*-&'%( #*'+)%( #*%%$&( !#$&&--( #&,',,( #"-$+&( !,#" !#'%'-%( !#+",,&( !#"$-%"( !)#+--,*( !#%')'-( !"#,)$$$( !"#"&%&,( !"#,""%$( !"#&+'+'( !)#-,+%$( !)#)+&+-( !"#,'"$-( ,#, !#%--&-( !#"-*&*( !#%%,&&( !,#) !,#"
!"%, ,#, !"#$$%)"( !)#&+*&)( !"#&&""+( !#"&%,+( !#'%-,&( !"#+,))*( !"#%*"-'( !)#&'")+( !)#,**'%( !"#%*')*( ,#, !)#-))),( !)#+-&,$( #$*$'%( #$-%)%( #$+*$&( !#*$"--( !#&,',,( ,#, !#$%''"( !)#"*--+( !#-"',&( !#++*%"( !)#-'*,*( !)#,,,'-( !"#&"&$$( !"#+$+&,( !"#&&)%$( !"#%%-+'( !"#))$%$( !)#$%"+-( !"#$,)$-( !#"*$-$( !#''*&-( !#+'%&*( !#'%'&&( !#&-"+)( !#$-%&)(
!"%# ,#, !"#$")%+( !)#&&"-$( !"#&,**-( !#"))+-( !#'$&+%( !"#$*%*,( !"#%$-$"( !)#&%*%-( !)#,+&$'( !"#%+$%'( ,#, !)#*-%%"( !)#++-+%( #$''$$( #+),%&( #$-)',( !#*)-$)( !#"-$+&( ,#, !#$$+$$( !)#"+$&-( !#-,$++( !#+&&)$( !)#-*"+'( !#'*%+,( !"#"'-'*( !"#+",-"( !"#&,*)%( !"#%$$))( !"#,',)*( !)#$&-))( !"#&**,)( !#"+,&%( !#'*"')( !#+*)',( !#'$$-+( !#&+-,$( !#$%)-$(
!"%$ #$--)'( !)#'*%",( !#--*$,( !)#-%"&&( #"&&-*( !#$'-))( !"#,&)"+( !"#","'*( !#'"""$( !#%,-,$( !"#",'"+( #$','"( !)#&$))-( !)#))&)"( #'$$--( #'+%,*( #'"*&$( !#"*"'*( ,#" #$%''"( #$$+$$( !#-,-'$( !#&+'))( !,#) !)#$"*)+( !#+&),%( !)#-+&+"( !"#,*+&-( !)#-%)*"( !"#)'-%*( !)#%$$*&( !#''"%%( !)#'&)+*( #)'+,-( !#+"*$%( !,#) !#$''$)( ,#) ,#,
!"%% )#"'*)&( !)#)%*"%( !,#) !)#,+&&'( )#,$"-)( #&),-&( !)#"""&)( !)#&'$,&( !,#) #",,',( !)#$,,&)( )#"''-%( !#+&""$( !#&,$)-( )#*+&-"( )#*%+,)( )#*&%"-( #+&+'*( #'%'-%( )#"*--+( )#"+$&-( #-,-'$( #$$'-&( #*")"$( !#%)-")( #"**--( !)#,$$+-( !)#"%%$$( !)#,+"*-( !)#&-'*&( !#-&+*'( !,#" !)#)""%&( )#,,$,"( #"-)$-( #%-"$-( #&,'+&( #-'%&$( #*'"+$(
!"%& #-$*&,( !)#%)*,'( !#+"-"'( !)#+,&""( #+'"'-( !,#) !)#%*")$( !)#-$&-%( !#+%&)&( !#"$-'&( !)#-+,)$( #-+,,$( !#'-",*( !#*+$,)( )#&,&''( )#&)+)-( )#"-%$+( ,#) #+",,&( #-"',&( #-,$++( #&+'))( !#$$'-&( #"*)$)( !)#,%-,$( !,#" !)#$'$$)( !)#*)%"*( !)#+,"%)( !)#-&'+%( !)#"-+%"( !#%&&++( !)#+*"$%( #++$)'( !,#" #"&"%+( !,#) #$$%+)( #&$"*"(
!"%' #+*+-'( !)#---+,( !#*''*,( !)#**$%&( #&")+*( !#$),$)( !)#'$&++( !"#))+"*( !#-&$+$( !#+",&$( !"#)")++( #+*-%"( !)#"+&$-( !)#,"+$"( )#,&"+-( )#,$&**( )#,)+,$( !,#" #"$-%"( #++*%"( #+&&)$( ,#) !#*")"$( !#"*)$)( !)#&&'$+( !#$$&&%( !)#*%+-"( !)#'-*%-( !)#**$,"( !"#)),'*( !)#++*,&( !#',$'*( !)#-$&-*( #"-"*-( !#$&'*%( ,#, !#$))*)( ,#" ,#)
!"%( )#')+&$( !#+$',+( #+&'*+( !#$&+)-( )#%%),"( #'"',$( !#%,$),( !#**+-"( #+,$')( #-)'))( !#*-"),( )#')-,*( ,#) #&)$,&( "#&*",&( "#&-&""( "#&+$$'( )#)+$)-( )#+--,*( )#-'*,*( )#-*"+'( )#$"*)+( #%)-")( )#,%-,$( )#&&'$+( #-'%,'( !#$"%&*( !#%$-"&( !#$&$+*( !#**)+"( !#")*+-( #$&$$-( !#+,$$"( )#%"""&( #-''%'( )#&,,%'( #'"**$( )#+)$++( )#$),*+(
!"%) )#,)'"+( !)#$$+)$( !#&+%&$( !)#&&)"*( #*%$'&( ,#, !)#+,,)'( !)#%*)')( !#&'))-( !,#) !)#%*-)'( )#,")''( !#-),)"( !#+-",%( )#$*+'$( )#$-*)$( )#$+-$)( #"+-),( #%')'-( )#,,,'-( #'*%+,( #+&),%( !#"**--( ,#" #$$&&%( !#-'%,'( !)#&""$%( !)#+$$&"( !)#&&,%%( !)#%%*%)( !)#))&%*( !#$%)%,( !)#$,,+)( #*"%)$( ,#, #$,$%,( ,#, #%)-$%( #+)$%*(
!"&* "#&$)*)( !,#) #'%%)"( ,#, "#,-*&'( )#&++$)( !,#" !#&$'$+( #'&)"'( )#"$+$-( !#&++*&( "#&$$$+( #+)"&$( #*$,$,( "#*'-$,( "#-,'%,( "#*-,-*( )#+-,+%( "#,)$$$( "#&"&$$( "#"'-'*( )#-+&+"( )#,$$+-( )#$'$$)( )#*%+-"( #$"%&*( )#&""$%( !#"")-%( ,#, !#&$+)+( #",-*'( #-%,-%( !,#) "#,$-%,( )#&"%,%( )#*"*,*( )#&+$))( )#'$,'"( )#-&*)&(
!"&+ "#+%&+*( ,#) )#)-*'-( #")&,+( "#&,'"+( )#+**"*( ,#, !,#) )#)+&)$( )#$%*&$( !,#) "#+%%&,( #*&$",( #'%""%( &#,","%( &#,&)$+( &#,,"*"( )#-,"$)( "#"&%&,( "#+$+&,( "#+",-"( "#,*+&-( )#"%%$$( )#*)%"*( )#'-*%-( #%$-"&( )#+$$&"( #"")-%( #")&%%( !,#) #$&,%+( )#,-"*)( ,#) "#"*,$%( )#+$*'"( )#'$-'"( )#+*+'*( "#)%"*-( "#,+-'-(
!"&, "#&$'')( !,#) #'*$&"( ,#, "#,'++'( )#&%&%)( !,#" !#&$)"+( #'&'$-( )#"+&%-( !#&$*+&( "#&+"%+( #+",+$( #*$-%,( "#-,%%,( "#-)**'( "#*-',%( )#+--*%( "#,""%$( "#&&)%$( "#&,*)%( )#-%)*"( )#,+"*-( )#+,"%)( )#**$,"( #$&$+*( )#&&,%%( ,#, !#")&%%( !#&&%'+( #")%''( #-%',%( !,#) "#,+%-,( )#&&$"%( )#*&+"%( )#&%"&)( )#'$')"( )#-$+&&(
!"&# "#%-%-%( #"""$*( )#&))"*( #&&%&$( "#$&"+$( )#*,,+%( ,#" ,#, )#"*%$&( )#+',%&( ,#, "#%-'+'( #-+*$'( )#,-+++( &#)$&++( &#)+$*$( &#)"%,)( )#'"+*,( "#&+'+'( "#%%-+'( "#%$$))( "#)'-%*( )#&-'*&( )#-&'+%( "#)),'*( #**)+"( )#%%*%)( #&$+)+( ,#) #&&%'+( #++&'$( )#",%,,( #"%*),( "#&'&*+( )#%*)")( "#,*"")( )#%''"%( "#"-%,*( "#)-""*(
!"&$ "#)&"'"( !#&&)$*( #*+*&&( !#")*%,( )#-*-%,( )#)$%%"( !#&-%+"( !#++-"$( #*""$'( )#,&%%'( !#+%$+"( "#)&+%+( #&,&++( #+&)%)( "#+-'%)( "#%,,-,( "#+*",*( )#&*)*%( )#-,+%$( "#))$%$( "#,',)*( )#%$$*&( #-&+*'( )#"-+%"( )#++*,&( #")*+-( )#))&%*( !#",-*'( !#$&,%+( !#")%''( !#++&'$( #%+",%( !#"-%-$( )#-&'-)( )#))*"*( )#+)-"*( )#)$+&"( )#*&")&( )#%"-&&(
!"&% )#$-,-+( !#'-&+$( ,#) !#-%'%*( )#""%+&( #$'$++( !)#,&-+'( !)#"),&)( ,#) #&-$%"( !)#")%+-( )#$-&+'( !#&$-+)( !,#) )#'&*+$( )#'$-*$( )#'",,)( #*)'*,( )#)+&+-( )#$%"+-( )#$&-))( #''"%%( ,#" #%&&++( #',$'*( !#$&$$-( #$%)%,( !#-%,-%( !)#,-"*)( !#-%',%( !)#",%,,( !#%+",%( !#'&-',( )#)-**$( #$%+",( #-%%")( #$'&"+( )#,-,,*( #'*%"*(
!"&& "#$)'*%( ,#, )#,$$)*( ,#) "#)%+$&( )#$&&$+( !,#) !#"*)$,( )#,,'&&( )#&"&+"( !#"**%-( "#$""$'( #+',&'( #-)-$+( "#-*%$+( "#--*%$( "#-+-')( )#%+-%,( "#,'"$-( "#$,)$-( "#&**,)( )#'&)+*( )#)""%&( )#+*"$%( )#-$&-*( #+,$$"( )#$,,+)( ,#) !,#) ,#) !#"%*),( #"-%-$( #'&-',( "#)"%%+( )#$,$))( )#-,+))( )#$&")%( "#,)-'*( )#')+)*(
!"&' #"'&))( !"#)*)"-( !)#,-"$-( !"#,+*$)( ,#, !#%'&)'( !"#""%&&( !"#&'-,+( !)#))*&"( !#-,&)"( !"#$,$&&( #"'+-$( !)#+&%"%( !)#&,-",( #*$'-,( #*%,''( #*&""%( !#$%-,$( ,#, #"*$-$( #"+,&%( !#)'+,-( !)#,,$,"( !#++$)'( !#"-"*-( !)#%"""&( !#*"%)$( !"#,$-%,( !"#"*,$%( !"#,+%-,( !"#&'&*+( !)#-&'-)( !)#)-**$( !"#)"%%+( !#*""+$( !#&")+$( !#%'$$'( !,#) !#"))$*(
!"&( )#,)+%+( !)#$$-*$( !#&+''$( !)#&&$-*( #*%)&&( ,#, !)#+,&*'( !)#%*++)( !#&'$**( !,#) !)#%-)*'( )#,)-&'( !#-)&*"( !#+-+%%( )#$*"&$( )#$-&+$( )#$+$-)( #"+$+,( #%--&-( #''*&-( #'*"')( #+"*$%( !#"-)$-( ,#" #$&'*%( !#-''%'( ,#, !)#&"%,%( !)#+$*'"( !)#&&$"%( !)#%*)")( !)#))*"*( !#$%+",( !)#$,$))( #*""+$( #$,),)( ,#, #%)$-%( #+)),*(
!"&) #%)$%+( !)#-$'*+( !#*%,'$( !)#*&+--( #&%,&"( !#&*)%%( !)#',$-,( !"#,*%+"( !#*'+*-( !#$-)+'( !"#,-"*'( #%)*&-( !)#")$*"( !#'-%%*( )#,*)&$( )#,-"+&( )#,+&-,( !,#) #"-*&*( #+'%&*( #+*)',( ,#) !#%-"$-( !#"&"%+( ,#, !)#&,,%'( !#$,$%,( !)#*"*,*( !)#'$-'"( !)#*&+"%( !"#,*"")( !)#+)-"*( !#-%%")( !)#-,+))( #&")+$( !#$,),)( !#&*"'%( #")&-%( ,#)
!"'* #'-*%,( !)#$*%*'( !#&-*''( !)#&%"'"( #*&&"-( ,#, !)#+&)-$( !)#*,&+%( !#$""-&( !,#) !)#*,'-$( #'',&$( !#-$)**( !#%)&*)( )#$$$"'( )#$++$'( )#$"%*%( #""%$+( #%%,&&( #'%'&&( #'$$-+( #$''$)( !#&,'+&( ,#) #$))*)( !#'"**$( ,#, !)#&+$))( !)#+*+'*( !)#&%"&)( !)#%''"%( !)#)$+&"( !#$'&"+( !)#$&")%( #%'$$'( ,#, #&*"'%( #+-%-)( #$-&,"(
!"'+ #$,,*'( !"#,%&%)( !#'*$-,( !)#'$'*&( ,#) !#+-++"( !"#))-%+( !"#"',&*( !)#,,'%$( !#%'+$+( !"#"'%%+( #$,&+"( !)#$"-+-( !)#",,+"( #-+*$-( #-%-%*( #-&''$( !#&%,&*( ,#) #&-"+)( #&+-,$( !,#) !#-'%&$( !#$$%+)( !,#" !)#+)$++( !#%)-$%( !)#'$,'"( !"#)%"*-( !)#'$')"( !"#"-%,*( !)#*&")&( !)#,-,,*( !"#,)-'*( ,#) !#%)$-%( !#")&-%( !#+-%-)( !,#)
!"', #+,$+-( !)#'+'-)( !#-*),,( !)#-$+'$( #"+,"%( !#$-)*"( !"#,)$-%( !"#)-%+-( !#',+-$( !#+')%+( !"#)'"-+( #+,*&"( !)#&"$*-( !)#,'%*&( #'%)"*( #'*"$*( #'$&*$( !#"+%+*( ,#" #$-%&)( #$%)-$( ,#, !#*'"+$( !#&$"*"( !,#) !)#$),*+( !#+)$%*( !)#-&*)&( !"#,+-'-( !)#-$+&&( !"#)-""*( !)#%"-&&( !#'*%"*( !)#')+)*( #"))$*( !#+)),*( !,#) !#$-&,"( ,#)
68
V! R2'!FAj!A5!%8)K+-!-,KK+-3+/7!)!1;).K+!2_!(2-%3%2.!%./,1+/!)!-%K.%_%1).3!%8('2&+8+.3!2_!3;+!
)(('+1%)3%2.!-12'+!^6)E$+!4a`!
V! DBjFA!%8)K+-!w+'+!(2-%3%&+$I!)(('+1%)3+/!̂ 3;+%'!)&+')K+!-12'+!%-!;%K;+'!3;).!3;+!8+/%).a`!6;+!
1;).K+!2_!$21)3%2.!2_!3;+!-1'++.!)11+.3,)3+/!3;+!(2-%3%&+!(+'1+(3%2.!-2!3;+%'!)&+')K+!-12'+!
1;).K+/!_'28!(2-%3%&+!32!82'+!(2-%3%&+!
V! ljFA! %8)K+-! 1;).K+/! _'28! .+K)3%&+! (+'1+(3%2.! 32! (2-%3%&+! (+'1+(3%2.! w;+.! 1;).K%.K!
$21)3%2.-!2_!3;+!-1'++.!
V! DA!2,3!2_!3;2-+!FA!12''+-(2./!32!%8)K+-!E+%.K!()'3!2_!3;+!D-3!Z,)'3%$+!^$+)-3!)(('+1%)3+/a!)./!
A3;!Z,)'3%$+!^82-3!)(('+1%)3+/a!!
V! G5|!2_!3;+!%8)K+-!2_!3;+!D-3!Z,)'3%$+!^$+)-3!)(('+1%)3+/a!)./!45!|!2_!3;+!%8)K+-!2_!3;+!A3;!
Z,)'3%$+!^82-3!)(('+1%)3+/a!;)&+!E++.!-%K.%_%1).3$I!)__+13+/!%.!3;+%'!)(('+1%)3%2.!EI!)!1;).K+!
%.!3;+%'!(2-%3%2.!2.!3;+!-1'++.`!
V! B5|!2_!%8)K+-!2_!3;+!F./!)./!t'/!Z,)'3%$+-!;)&+!E++.!-%K.%_%1).3$I!)(('+1%)3+/!/%__+'+.3$I7!EI!
)!1;).K+!2_!3;+%'!(2-%3%2.`!!
!!
@,J.&!ZL!@(('+1%)3%2.!-12'+!)./!R!)./!*!&)$,+-!_2'!+)1;!%8)K+!%.!%3-!$+)-3!^8%.%8)$a!)./!82-3!^8)T%8)$a!)(('+1%)3+/!$21)3%2.-!2.!3;+!-1'++.`!
!
>N,8&!#-NJ&'! I,)$#!?,N&(!I3i&()!(63'&!I36,)$3#!
%h(!7$87&()!(63'&!.36,)$3#!
;! +!;'3N!l!)3!l!
;'3N!1!)3!l!
?&-)',.!
>55! 8*0!-*01*2*0!=%..)+,-7!DkBG! =4!^A`4aj=t!^B`ta! F`A5F! 5`DFG! ! ! �!
>5]! U*.$'*0!%$&$)()*0!=%..)+,-7!DkBt! =A!^k`taj=F!^G`Fa! l`FGB! 5755A�! �! ! !
>5Z! U+.*0!1(.+'0$07!=%..)+,-7!DkBG! =A!^4`taj=D^4`Ga! F`kGF! 5`D5F! ! ! �!
>5Z! U+.*0!1(.+'0$07!=%..)+,-7!DkBG! =A!^4`taj=F!^4`Ga! 5`lAF! 5`ttk! ! ! �!
>5f! 6(.(<+#!-(V!=%..)+,-! =D!^k`taj=k!^k`la! D`kGG! 5`DGG! ! ! �!
>5[! W+?/2$()/#!1()+#.$22(#! =D!^A`laj=k!^4`5a! 4`DGA! 575D4�! ! �! !
>5\! B7/017(-*0!(*#+*0X!=%..)+,-!! =B!^B`Gaj=D!^4`Aa! F`AD4! 5`DFk! ! ! �!
>5\! B7/017(-*0!(*#+*0X!=%..)+,-! =B!^B`Gaj=k!^4`Aa! F`A4! 5`DFt! ! ! �!
>5a! 6(#'(00$*0!D./22/X!=%..)+,-7!DkBG! =A!^k`Baj!=t!^k`Ga! 5`G4G! 5`tB4! ! ! �!
>]b! D'(&(22$0!(#<+'0$0!1(+#*2+(7!=%..)+,-! =t!^k`Baj=D!^G`Fa! t`FBB! 5`5kk! ! ! �!
>]b! D'(&(22$0!(#<+'0$0!1(+#*2+(7!=%..)+,-! =B!^k`Baj=D!^G`Fa! t`tBl! 5`5kt! ! ! �!
>]W! ;/#<*0!?#*&$2+&*07!^=%..)+,-7!DkBGa! =D!^4`Aaj=4!^4`Ga! 5`GlA! 5`tAl! ! ! �!
>]W! ;/#<*0!?#*&$2+&*07!=%..)+,-7!DkBG! =D!^4`Aaj=k!^4`Ga! 5`GtD! 5`t4k! ! ! �!
>]X! A,*0!1/#$(#$(7!=%..)+,-! =k!^B`laj=t!^4`Aa! D`AtD! 5`FtG! ! ! �!
>]X! A,*0!A,*0!1/#$(#$(7!=%..)+,-! =k!^B`laj=4!^4`Aa! D`GlF! 5`DkB! ! ! �!
>]5! ;('$0!2*.*0X!=%..)+,-7!DkBG! =B!^k`taj=k!^G`ta! 4`4G4! 575Dt�! �! ! !
>]]! "#/-*0!-(%#$)+'0$0X!?+&-e%! =D!^A`Baj=k!^B`Ba! B`kD4! 575FD�! ! �! !
>]Z! D.$0!-(`!=%..)+,-7!DkBG! =k!^4`kaj=D!^k`Aa! D`BAt! 5`FF! ! ! �!
>]f! =#$)$22(#$(!-(`!=%..)+,-7!DkBt! =D!^4`Aaj=A!^k`Fa! A`k5l! 575tB�! �! ! !
>]f! =#$)$22(#$(!-(`!=%..)+,-7!DkBt! =D!^4`Aaj=4!^k`Fa! 4`DlG! 575D4�! �! ! !
>][! W(#E2$'&!3++)2+X=)3'+%$$+7!DG5F! =D!^t`laj=k!^B`Da! G`DAl! 57554�! ! �! !
>]\! Y*'%+2$(!)/*#'+?/#)$$^!=%..)+,-! =D!^t`kaj=t!^B`Da! DA`tA! �!`55D�! ! �! !
>]a! Y(2+/%+0!-(V!>$%&%+'7!DklD! =D!^t`laj=F!^B`Da! l`AlB! 5755t�! ! �! !
>Zb! B7&#/173+!<$#&$'+(7!X2&)$+.e2!! =B!^B`4aj=t!^4`Aa! B`BGl! 575FF�! �! ! !
>ZW! K)+22(&(-(!0)+22$/7!=%..)+,-7!DkBG! =k!^A`Baj=B!^B`ta! B`4lG! 575FD�! ! �! !
>ZX! K1(3$/0(!-(`!=%..)+,-! =F!^A`Aaj=D!^B`Aa! 4`tkF! 575DB�! ! �! !
69
>ZX! K1(3$/0(!-(`!=%..)+,-! =F!^A`Aaj=t!^B`Aa! k`GFB! 5755k�! ! �! !
>Z5! ;(+2$?+#(!-(`!@./+'7!Dlt4! =k!^A`Baj=B!^B`ta! G`tFG! 57554�! ! �! !
>Z]! K+##()*2(!1+#$'),$?/2$(!^98`a!W2%--`! =k!^B`taj=A!^B`la! F`k4l! 5`D5t! ! ! �!
>Z]! K+##()*2(!1+#$'),$?/2$(X!W2%--`! =k!^B`taj=4!^B`la! F`t4D! 5`DtD! ! ! �!
>ZZ! B+-/##,/$0!'*--$?+#7!O+,--7!DGtA! =D!^B`4aj=k!^4`4a! 4`BDB! 575DA�! �! ! !
>Zf! D'),+-$0!)$'1)/#$(X!=%..)+,-! =t!^B`4aj=k!^4`ta! A`5GG! 575Al�! �! ! !
>Z[! "*?/)+0!<$#$%$07!=),'+.3%7!Dk4G! =D!^B`taj=F!^B`Ba! 5`FFk! 5`4t4! ! ! �!
>Z\! O'/0-(!?#*)+01+'07!=)8! =4!^4`Gaj=t!^k`Aa! B`kll! 575F�! �! ! !
>Za! B7(+'(!,7(+'(7!=%..)+,-7!DkBG! =4!^B`Gaj=k!^4`4a! t`tAA! 5`5kA! ! ! �!
>fb! K$2+'+!#+*)+#$('(X!=%..)+,-! =4!^k`taj=D!^k`Ga! D`GGG! 5`Dk4! ! ! �!
>fW! K)+#'(!-(V!=%..)+,-7!DkBG! =k!^k`taj=4!^G`Da! B`Ft! 575Fk�! �! ! !
>fX! ;712(-+'!.+#0$1*-X!=%..)+,-! =B!^k`Faj=F!^k`Ga! t`kBt! 5`5Bl! ! ! �!
>fX! ;712(-+'!.+#0$1*-X!=%..)+,-! =B!^k`Faj=4!^k`Ga! 4`5GB! 575Dk�! �! ! !
>f5! 6+2+1('*0!/'/1#/)(2*0X!=%..)+,-7!DkBG! =B!^k`4aj=k!^G`Da! A`GtG! 575tt�! �! ! !
>f]! B7.+#$1*-X!=%..)+,-! =F!^k`taj=D!^k`Ga! F`tkD! 5`Dt! ! ! �!
>f]! B7.+#$1*-X!=%..)+,-! =A!^k`taj=D!^k`Ga! F`BlA! 5`DDA! ! ! �!
>fZ! U(1+#)(!-+%$(7!=).3b!x!QI'#.7!DlF5! =D!^4`5aj=F!^4`la! 4`t5B! 575DB�! �! ! !
>ff! O#1,$0!('()/2$1(X!W2%--! =A!^k`Aaj=t!^G`Fa! 4`4Bl! 575Dt�! �! ! !
>f[! U()#/%+1)*0!)#+%+1$-&*))()*07!O2--%7!Dkl5! =D!^A`laj=F!^B`Aa! D`B5t! 5`FF4! ! ! �!
>f[! U()#/%+1)*0!)#+%+1$-&*))()*07!O2--%7!Dkl5! =D!^A`laj=B!^B`Aa! D`5lB! 5`t5D! ! ! �!
>f[! U()#/%+1)*0!)#+%+1$-&*))()*07!O2--%7!Dkl5! =D!^A`laj=4!^B`Aa! D`5At! 5`tDF! ! ! �!
>f[! U()#/%+1)*0!)#+%+1$-&*))()*07!O2--%7!Dkl5! =k!^A`laj=F!^B`Aa! F`5DF! 5`D4t! ! ! �!
>f[! U()#/%+1)*0!)#+%+1$-&*))()*07!O2--%7!Dkl5! =k!^A`laj=B!^B`Aa! t`k4F! 5`5BG! ! ! �!
>f[! U()#/%+1)*0!)#+%+1$-&*))()*07!O2--%7!Dkl5! =k!^A`laj=4!^B`Aa! D`FFk! 5`Fkt! ! ! �!
>f\! O#'$),/&(2*-!3$22(#%$+#$!^@,13`a!J2,3+'/+! =B!^B`Gaj=t!^4`Ba! A`FlF! 575AA�! �! ! !
>fa! O#'$),/&(2*-!3$22(#%$+#$!^@,13`a!J2,3+'/+! =A!^B`Aaj=B!^B`la! F`GFA! 5`5ll! ! ! �!
>[b! B70)#$>!$'%$1(7!X+''7!DklF! =F!^B`kaj=4!^4`Ga! DD`5t! 5755F�! �! ! !
>[W! Z#$0!-(`!=%..)+,-! =A!^A`kaj=4!^B`ka! l`D4! 5755A�! ! �! !
>[X! K*0!01#/?(7!=%..)+,-7!DkBG! =A!^B`Faj=k!^B`la! B`lBD! 575DG�! �! ! !
!
!
@,J.&!fL!=%-3!2_!3;+!FA!%8)K+-!w;2-+!-12'+-j)(('+1%)3%2.!;)&+!E++.!-%K.%_%1).3$I!82/%_%+/!EI!1;).K%.K!3;+%'!(2-%3%2.`!
!
! !
>N,8&!?-NJ&'!
;()$'!L(-+0! >N,8&! 01/#+0J(..#+1$()$/'!
! !
>5[!W+?/2$()/#!1()+#.$22(#!
!
ZSWa!
! !
>]]!"#/-*0!-(%#$)+'0$0X!?+&-e%!
!
ZSb[!
! !
>][!W(#E2$'&!3++)2+X!=)3'+%$$+7!DG5F!
!
]SZ\!
! !
>]\!Y*'%+2$(!)/*#'+?/#)$$^!=%..)+,-!
!
]Sff!
! !
>]a!Y(2+/%+0!-(V!>$%&%+'7!DklD!
!
]SZ]!
70
23()!,44'&6$,)&F!E-,')$.&!
>ZX!K1(3$/0(!-(`!=%..)+,-!
!
ZSb]!
I&,()!,44'&6$,)&F!E-,')$.&!
>Z5!;(+2$?+#(!-(`!@./+'7!Dlt4!
!
ZSbb!
! !
>[W!K*0!01#/?(7!=%..)+,-7!DkBG!
!
ZS5\!
! !
>]f!=#$)$22(#$(!-(`!=%..)+,-7!DkBt!
!
fS[[!
! !
>Zb!B7&#/173+!<$#&$'+(7!X2&)$+.e2!
!
ZSaa!
! !
>ZW!K)+22(&(-(!0)+22$/7!=%..)+,-7!DkBG!
!ZS5\!
! !
>ZZ!B+-/##,/$0!'*--$?+#7!O+,--7!DGtA!
!
fSba!
! !
>Zf!D'),+-$0!)$'1)/#$(X!=%..)+,-!
!
fSb5!
! !
>Z\!O'/0-(!?#*)+01+'07!=)8!
!
[Sba!
! !
>fZ!U(1+#)(!-+%$(7!=).3b!x!QI'#.7!DlF5!
!
fSZb!
! !
>[b! Z#$0!-(`!=%..)+,-! ! fSW[!
! !
>[X! D21+(!-(`!=%..)+,-! ! ZSZ5!
! !
>5]!U*.$'*0!%$&$)()*0!=%..)+,-7!DkBt!
![S[b!
! !
>]5!;('$0!2*.*0X!=%..)+,-7!DkBG!
![S\b!
! !
>fW!K)+#'(!-(V!=%..)+,-7!DkBG!
![S[b!
! !
>fX!;712(-+'!.+#0$1*-X!=%..)+,-!
! [SZZ!
71
! !
>f5!6+2+1('*0!/'/1#/)(2*0X!=%..)+,-7!DkBG!
![S\W!
! !
>ff!O#1,$0!('()/2$1(X!W2%--!
!
[Sf\!
!
!
R%K,'+! F! -;2w-! 3;)3! 4D|! 2_! 3;+! %8)K+-! -;2w! (2-%3%&+! 82/%_%1)3%2.! 2_! 3;+%'! (+'1+(3%2.-! w;+.!
(2-%3%2.+/!2.!3;+!$+_3!-%/+!2_!3;+!-1'++.`!J2'+!('+1%-+$I!tB|!%.!=k7!FF|!%.!=4!)./!A|!%.!=B`!6;)3!%-!32!
-)I!3;)3!=k!-++8-!32!E+!3;+!82-3!('+_+''+/!(2-%3%2.`!W,3!)!(2-%3%&+!82/%_%1)3%2.!2_!3;+!(+'1+(3%2.!2_!
tl|!2_!3;+!%8)K+-!211,'!w;+.!3;+I!82&+!32w)'/-!3;+!'%K;3!-%/+`!J2'+!('+1%-+$I!Dt|!%.!=F7!F4|!%.!
=t!)./!5|!%.!=A`!6;)3!%-!32!-)I!3;)3!=A!%-!3;+!(2-%3%2.!$+--!('+_+''+/`!
]1! R$(6-(($3#!!
6;%-! ()(+'! )%8+/! 32! +T($2'+! .+w! 3+1;.%Z,+-! 3;)3! 12,$/! ;+$(! '+/,1+! '+-%-3).1+! 32w)'/-! 3;+!
)11+(3)3%2.!2_!%3+8-!'+$)3+/!32!+.&%'2.8+.3)$!('2H+13-7!.23)E$I!%.!3;+!1)-+!2_!('2H+13-!%.&2$&%.K!)!
1;).K+!%.!3;+!$%&%.K!+.&%'2.8+.3!2_!1288,.%3%+-`!6;+!1)-+!2_!Z,)''I!'+;)E%$%3)3%2.!%.!=+E).2.!w)-!
,-+/!%.!3;%-!()(+'`!!
v+!;)&+!'+$%+/!2.!'+-+)'1;!%.!3;+!_%+$/!2_!12K.%3%&+!(-I1;2$2KI!3;)3!;)-!-;2w.!3;)3!E2/I!+T(+'%+.1+-!
)./! -()1+! )'+! )--21%)3+/! w%3;! +823%2.! )./! 3;)3! 2EH+13! )'+! 82'+! (2-%3%&+$I! )(('+1%)3+/! w;+.!
&)$+.1+-!^%`+`7!(2-%3%&+!&-!.+K)3%&+a!)./!-()3%)$!$21)3%2.-!8)31;7!')3;+'!3;).!w;+.!3;+I!8%-8)31;`!
6;+!)%8!2_!3;+!+T(+'%8+.3!12./,13+/!w)-!32!-;2w!3;)3!%3!%-!(2--%E$+!32!82/%_I!3;+!)(('+1%)3%2.!2_!
).!%3+8!+T('+--+/!%.!).!%8)K+!)112'/%.K!32!%3-!(2-%3%2.!2.!)!-1'++.`!!
R2'! 3;)3! w+! ;)&+! %.&%3+/! ()'3%1%().3-! 32! )(('+1%)3+! A5! %8)K+-! '+('+-+.3%.K! ).%8)$-! )./! ($).3-!
(23+.3%)$$I!,-+/!%.!'+;)E%$%3)3%2.!('2H+13-!')./28$I!('+-+.3+/!32!3;+8!%.!k!/%__+'+.3!$21)3%2.-!2.!)!
-1'++.`!!
L.!)//%3%2.!32!12._%'8%.K!3;)3!)$$!%8)K+-!)'+!.23!)(('+1%)3+/!%.!3;+!-)8+!w)I!)./!3;)3!w+!12,$/!.23!
%/+.3%_I!)!-(+1%_%1!('+_+''+/!$21)3%2.!2.!3;+!-1'++.!_2'!3;+!w;2$+!-+3!2_!%8)K+-7!_,'3;+'!%.3+'('+3)3%2.!
2_!3;+!'+-,$3-!^%8)K+!EI!%8)K+a!12._%'8+/!3;)3!3;+!$21)3%2.!2_!).!%8)K+!2.!3;+!-1'++.!%._$,+.1+-!%3-!
)(('+1%)3%2.`! J2'+2&+'7! w+! .23+/! %8)K+-! 3;)3! -;2w+/! )! 82-3! -%K.%_%1).3! 82/%_%1)3%2.! 2_! 3;+%'!
)(('+1%)3%2.7!w+'+!3;2-+!+%3;+'!82-3!2'!$+)-3!$%e+/!EI!()'3%1%().3-!%`+!E+$2.K%.K!32!D-3!)./!A3;!Z,)'3%$+`!!!
L.! ()'3%1,$)'7! '+-,$3-! ;)&+! -;2w.! 3;)3! $+_3! $21)3%2.-! w%$$! %./,1+! )! E+33+'! )(('+1%)3%2.! 3;).! '%K;3!
$21)3%2.-!w%3;!)!.23)E$+!('+_+'+.1+!_2'!3;+!%8)K+-!w;+.!3;+I!w+'+!$21)3+/!%.!3;+!$+_3!$2w+'!Z,)'3+'!
w%3;!2((2-%3+!32!3;+!'%K;3!,((+'!Z,)'3+'!2_!3;+!-1'++.`!!
72
!
v;%$+!%3!%-!+T(+13+/!)-!-;2w.!%.!w+-3+'.!-1%+.3%_%1!$%3+')3,'+!3;)3!3;+!,((+'!'%K;3!-+13%2.!%-!&%+w+/!
82'+!_)&2')E$I7!2,'!'+-,$3-!-,KK+-3!3;)3!%.!+)-3+'.!@')E%1!-(+)e%.K!1,$3,'+-!3;+!$2w+'!$+_3!-+13%2.!2_!
)!-1'++.!%-!(+'1+%&+/!82'+!(2-%3%&+$I`!6;%-!8%K;3!E+!'+$)3+/!32!3;+!/%'+13%2.!2_!w'%3%.K!^-%.%-3'2&+'-+a!
8+.3%2.+/!EI!R+.%).2-!+3!)$`!^F5DGEa!2'!32!3;+!(2--%E$+!12''+$)3%2.!3;)3!8%K;3!/+'%&+!_'28!1,$3,')$!
;)E%3-! 2_! '+)/%.K! -,E3%3$+-! 2.! )! -1'++.! 32! ;)&+! )11+--! 32! )! $)'K+'! ').K+! 2_! .2.V@')E%1! 1,$3,')$!
('2/,13%2.!^82&%+-\a`!!
6;+!8)%.! 12.3'%E,3%2.! 2_! 3;%-! ()(+'! %-! 32! ;%K;$%K;3! 3;+! %8(2'3).1+! 2_! )/)(3%.K! ('+-+.3)3%2.! )./!
1288,.%1)3%2.!3+1;.%Z,+-!32!$21)$!-(+1%_%1%3%+-`!P2w+&+'7!3;%-!_%./%.K!-;2,$/!E+!12._'2.3+/!32!$)'K+'!
K'2,(-!2_!()'3%1%().3-!)./! 3+-3+/! %.!/%__+'+.3!9+8%3%1! -(+)e%.K! 12.3+T3-! %.!2'/+'! 32! 12._%'8! 3;+%'!
$)'K+'!)(($%1)E%$%3I`!!
L.!+12$2KI!)./!%.!()'3%1,$)'!%.!'+-32')3%2.!+12$2KI7!3;+!_%./%.K-!2_!3;%-!()(+'!12,$/!K,%/+!%.!_,3,'+!
('2H+13!%/+.3%_%1)3%2.!2_!-(+1%+-!^($).3-!)./!).%8)$-a!3;)3!12,$/!%./,1+!'+-%-3).1+!%.!(+2($+0-!8%./!
)./! 12.-+Z,+.3$I!2'%+.3! 3;+!('+-+.3)3%2.!82/+-!w;+.!/%-1,--%.K! 3;+!/%__+'+.3! 128(2.+.3-!2_! )!
('2H+13!w%3;!$21)$!1288,.%3%+-!)./!-3)e+;2$/+'-`!
D6m#3i.&F8N&#)!!
6;%-!'+-+)'1;!%-!()'3!2_!)!*;"!3;+-%-!2_!_%'-3!),3;2'!)./!()'3!2_!3w2!('2H+13-!o6O::6q!)./!oO:96>O:q!
_,./+/!EI!U').3!O+-+)'1;!*'2K')8V!Q?O97!)./!Q:"O:!*'2K')8`!6;%-! %-!).!=L@!>V=%R:!12.3'%E,3%2.!
.,8E+'!9@!ABVF5DG`!!!
6;+!),3;2'-!w2,$/!$%e+!32!)1e.2w$+/K+!)./!3;).e!"'`!])$)$!6)E+$!_2'!;%-!-,((2'3!%.!/)3)!+.3'I7!)./!
/)3)! -3',13,'%.K7! Q$)%'+! U')./1;)8(-! _2'! +/%3%.K! 3;+! _%.)$! &+'-%2.! 2_! 3;%-! 8).,-1'%(3! )./! >$%&+'!
R+.%).2-!_2'!12.-3',13%&+!/%-1,--%2.-`!
!
93#O.$6)!3O!>#)&'&()!
!
6;+!),3;2'-!/+1$)'+!3;)3!3;+!'+-+)'1;!w)-!12./,13+/!%.!3;+!)E-+.1+!2_!).I!1288+'1%)$!2'!_%.).1%)$!
'+$)3%2.-;%(-!3;)3!12,$/!E+!12.-3',+/!)-!)!(23+.3%)$!12._$%13!2_!%.3+'+-3`!
!
D-)73'!93#)'$J-)$3#!
]R7!%-!)!*;"!_+$$2w!)./!;)-!12./,13+/!)$$!3;+!+T(+'%8+.3-!)./!).)$I-%-!'+(2'3+/!%.!3;+!()(+'`!P+!;)-!
()'3%1%()3+/!w%3;!)$$!12V),3;2'-!32!3;+!w'%3%.K!2_!3;%-!()(+'`!
73
QX7!%-!3;+!*;"!12!/%'+132'!)./!12''+-(2./%.K!),3;2'`!9;+!;)-!()'3%1%()3+/!%.!)$$!_%+$/!w2'e!)./!).)$I-%-!
)./!;)-!122'/%.)3+/!3;+!w'%3%.K!,(!2_!3;%-!()(+'`!!
"W7!%-!3;+!*;"!/%'+132'!)./!;)-!/+-%K.+/!3;+!+T(+'%8+.3-!)./!()'3%1%()3+/!w%3;!)$$!12V!),3;2'-!32!3;+!
w'%3%.K!2_!3;%-!()(+'`!!
!
=)7$6(!D44'3%,.!
L,$0! 0)*%7! C(0! 1(##$+%! /*)! $'! (11/#%('1+! C$),! ),+! #+1/--+'%()$/'0! /?! ),+! 9),$10! 1,(#)+#! /?!
[()$/'(2! ! ;/*'1$2! /?! K1$+')$?$1! A+0+(#1,! U+3('/'! \,)).:FFCCCV1'#0V+%*V23]V! D0! .+#! ),+!
#+1/--+'%()$/'!/?!),+!1/--$))++X!'/!.+#0/'(2!$'?/!/'!('7!/?!),+!0*34+1)0!$'</2<+%!$'!),+!0)*%7!$0!
-(%+!.*32$1V!
L,+!(*),/#0!1/'?$#-!),()!(22!?$&*#+0!('%!.,/)/0!$'12*%+%!$'!),+!-('*01#$.)!(#+!/#$&$'(2!C/#E!/?!),+!
?$#0)!(*),/#!('%!,+!,/2%0!?*22!$')+22+1)*(2!.#/.+#)7!/'!),+-V!
!
<&O&'&(!
D`! @.+$$%7!R`7!W2'K;%7!@`!J`7!x!?%12$+33%7!O`!^F5DFa`!U')-(%.K!3;+!()%.C!8232'!'+-2.).1+!w%3;!/).K+'2,-!
)__2'/).1+-`!;/'01$/*0'+00!('%!1/&'$)$/'7!QP^Aa7!D4FkVD4tl`!
F`! @&+.).3%7!@`7!W,+3%7!"`7!U)$)3%7!U`7!x!@K$%23%7!9`!J`!^F55Ba`!6').-1').%)$!8)K.+3%1!-3%8,$)3%2.!;%K;$%K;3-!
3;+!-+.-2'%8232'!-%/+!2_!+8()3;I!_2'!()%.`![()*#+!'+*#/01$+'1+7^^ka7!lBBVl45`!
t`! @&+.).3%7!@`7!Q)./%/%7!J`7!x!M'K+-%7!Q`! ^F5Dta`!N%1)'%2,-!8232'!)13%&)3%2.!/,'%.K!)13%2.!(+'1+(3%2.C!
E+I2./!12''+$)3%2.)$!+&%/+.1+`!=#/')$+#0!$'!,*-('!'+*#/01$+'1+_!`7P^T^F7l54a`!
A`! W)'-)$2,7!=`v`!^Dllla`!*+'1+(3,)$!-I8E2$!-I-3+8-`!"+,(<$/#(2!('%!"#($'!K1$+'1+07!FF7!BkkS445`!
B`! W)'-)$2,7!=`v`!^F55Ga`!U'2,./+/!12K.%3%2.`!D''*(2!A+<$+C!/?!6071,/2/&77!Bl7!4DkSAB`!
4`! W')/-;)w7!@`"`! ^DlGka`!O+-32')3%2.C! 3;+!)1%/! 3+-3! _2'!+12$2KI`! L.C!O+-32')3%2.!:12$2KIC!@! 9I.3;+3%1!
@(('2)1;!32!:12$2K%1)$!O+-+)'1;!^+/-!]2'/).7!v`O`7!U%$(%.7!J`:`!x!@E+'7!]`"`a`!;(-3#$%&+!a'$<+#0$)7!
6#+007!Q)8E'%/K+7!MX7!((`!FtSFl`!
k`! W'22e-;%'+! U7! L&'I! O7! Q)-)-).32! "`! ^F5D5a`! J2/,$)3%2.! 2_! 8232'V8+).%.K! 12.K',%3I! +__+13-! _2'!
&)$+.1+/!w2'/-`! L.!>;$--2.!97!Q)3')8E2.+7!O7!+/%32'-`!*'21++/%.K-!2_!3;+!tF./!@..,)$!J++3%.K!2_!
Q2K.%3%&+!91%+.1+!921%+3I!^Q2K91%a7!((`!DlA5VDlAB`!@,-3%.7!6�C!Q2K.%3%&+!91%+.1+!921%+3I`!
G`! W'2,%$$+37!"`7!N)K.237!Q`7!J%$;),7!@`7!W',.+$7! =`7!W'%K$%)7! ]`7!N+'-)1+7!O`7!+3!)$`! ^F5DBa`!9+.-2'IS8232'!
('2(+'3%+-!2_!()-3!)13%2.-!E%)-!8+82'I!%.!)!'+12K.%3%2.!3)-e`!6071,/2/&$1(2!#+0+(#1,7!`b^Aa7!4kGV4G4`!
74
l`! Q)-)-).327! "`! ^F55la`! :8E2/%8+.3! 2_! )E-3')13! 12.1+(3-C! K22/! )./! E)/! %.! '%K;3V)./! $+_3V;)./+'-`!
c/*#'(2!/?!9>.+#$-+')(2!6071,/2/&7:!Y+'+#(27!PR^^ta7!tBD`!/2%C!D5`D5tkj)55DBGBA`!
D5`!Q2,'1;)8(7!R`7!x!W')/-;)w7!Q`!]`!^F5DGa`!D55!)'3%1$+-!+&+'I!+12$2K%-3!-;2,$/!'+)/`![()*#+!+1/2/&7!d!
+</2*)$/'7!Q^Fa7!tlB`!/2%C!D5`D5tGj-ADBBlV5DkV5tk5Vl`!
DD`!")'w%-;7! 6`7! X;)3+'7! Q`7! ]28))7! L`7! 93+;2,w+'7! O`7! 9;)E).7! @`7!x!P)8b#7!J`! ^F5DDa`! :.&%'2.8+.3)$!
%8()13!2_!Z,)''%+-!2.!.)3,')$!'+-2,'1+-!%.!=+E).2.`!U('%!W+&#(%()$/'!('%!W+<+2/.-+')7!QQ^ta7!tABV
tBG`!">LC!D5`D55Fj$/'`D5DD`!
DF`!"+1+3I7!]`!x!]+)..+'2/7!J`!^Dll4a`!J+.3)$$I!-%8,$)3+/!82&+8+.3-!%.!&%'3,)$!'+)$%3IC!"2+-!)R%33-y-!$)w!
;2$/!%.!8232'!%8)K+'Im!"+,(<$/#(2!"#($'!A+0+(#1,7!kF7!DFkVDtA`!
Dt`!"+1+3I7!]`!^Dll4a`!6;+!.+,'2(;I-%2$2K%1)$!E)-%-!2_!8232'!%8)K+'I`!W+;)&%2')$!W')%.A+0+(#1,7!kk7!ABV
BF`!
DA`!R+.%).2-!]`7!X;)3+'!Q`7!N%K$%2.+!]`7!W'2,%$$+3!"`!̂ F5Dka`!W'%/K%.K!.)3,'+!)./!;,8).!('%2'%3%+-!%.!+12$2K%1)$!
'+;)E%$%3)3%2.! ('2H+13-! V! )! -;2w! 1)-+! _'28!J+/%3+'').+).! +.&%'2.8+.3! V! p)33%.+7! =+E).2.`! 62(')!
K/1$/2/&7!c/*#'(2`!/2%C!D5`kttGj($-F5DkBAD9DjDt`!!
DB`!R+.%).2-!]`7!X;)3+'!Q`7!x!W'2,%$$+3!"`!^F5DG)a`!@/)(3%.K!*'+-+.3)3%2.!J2/+-!32!Q,$3,')$!W)1eK'2,./-!
%.!:.&%'2.8+.3)$!*'2H+13-C!6;+!:__+13!2_!O+)/%.Kjv'%3%.K!P)E%3-`!;6@![+*#/2/&7!('%!6071,/2/&7X!P^Da7!
5DVDt`!
D4`!R+.%).2-7!]`7!X;)3+'7!Q`7!x!W'2,%$$+37!"`!^F5DGEa`!yv;+.!*-I1;2$2KI!J++3-!:12$2KIC!Q2K.%3%&+!R$+T%E%$%3I!
_2'! p,)''I! O+;)E%$%3)3%2.y`!5/#2%! D1(%+-7! /?! K1$+'1+X! 9'&$'++#$'&! ('%! L+1,'/2/&7X! Z')+#'()$/'(2!
K1$+'1+! Z'%+>! PR`X! Z')+#'()$/'(2! c/*#'(2! /?! 8+%$1(2X! B+(2),X! "$/-+%$1(2X! "$/+'&$'++#$'&! ('%!
6,(#-(1+*)$1(2!9'&$'++#$'&X!DF^Ba7!FDk!V!FFt`!!
Dk`!U)$$+-+7!N`!^F55Ba`!:8E2/%+/!-%8,$)3%2.C!R'28!.+,'2.-!32!(;+.28+.)$!+T(+'%+.1+`!6,+'/-+'/2/&7!
('%!),+!1/&'$)$<+!01$+'1+07!S^Da7!FtVAG`!
DG`!U)$$+-+7!N`!^F55la`!J232'!)E-3')13%2.C!@!.+,'2-1%+.3%_%1!)112,.3!2_!;2w!)13%2.!K2)$-!)./!%.3+.3%2.-!
)'+!8)((+/!)./!,./+'-322/`!6071,/2/&$1(2!A+0+(#1,!6A6=7!`R^Aa7!AG4VAlG`!
Dl`!]+)..+'2/7! J`! ^DllAa`! 6;+! '+('+-+.3%.K! E')%.C! .+,')$! 12''+$)3+-! 2_! 8232'! %.3+.3%2.! )./!
%8)K+'I`!"+,(<$/#(2!('%!"#($'!K1$+'1+07!Dk7!DGkVFAB`!
F5`!]+)..+'2/7! J`! ^F55Da`! ?+,')$! -%8,$)3%2.! 2_! )13%2.C! @! ,.%_I%.K! 8+1;).%-8! _2'! 8232'!
12K.%3%2.`![+*#/Z-(&+7!DA7!D5tSD5l`!
FD`!]+)..+'2/7!J`!^F554a`!8/)/#!1/&'$)$/':5,()!(1)$/'0!)+22!),+!0+2?`!>T_2'/C>T_2'/M.%&+'-%3I!*'+--`!
FF`!=)e2__7! U`7! x! ]2;.-2.7! J`! ^Dllla`! 6,$2/0/.,7! $'! ),+! =2+0,! ^N2$`! Aa`! ?+w! I2'eC! W)-%1! E22e-`! L9W?V
D5C!5A4B5B4kAD`!
75
Ft`!=)e2__7!U`7!x!]2;.-2.7!J`!^F55ta`!J+3)(;2'-!w+!$%&+!EI`!F./`!;,$1(&/:!a'$<+#0$)7!/?!;,$1(&/`!L9W?VDtC!
lkGV5FF4A4G5Dt`!
FA`!J+%+'7!W`!*`7!x!O2E%.-2.7!J`!"`!^F55Aa`!v;I!3;+!-,..I!-%/+!%-!,(C!@--21%)3%2.-!E+3w++.!)__+13!)./!
&+'3%1)$!(2-%3%2.`6071,/2/&$1(2!K1$+'1+X!PT7!FAtVFAk`!!
FB`!J+%+'7!W`!*`7!x!O2E%.-2.7!J`!"`!̂ F554a`!"2+-!o_++$%.K!/2w.q!8+).!-++%.K!/2w.m!"+('+--%&+!-I8(328-!
)./!&+'3%1)$!-+$+13%&+!)33+.3%2.`!c/*#'(2!/?!A+0+(#1,!$'!6+#0/'(2$)7X!Se7!ABDV!A4D`!!
F4`!J+%+'7!W`!*`7!P),-+'7!"`!]`7!O2E%.-2.7!J`!"`7!R'%+-+.7!Q`!X`7!x!91;H+$/);$7!X`!^F55ka`!v;)30-!oM(q!v%3;!
U2/m!N+'3%1)$!9()1+!)-!)!O+('+-+.3)3%2.!2_!3;+!"%&%.+`!c/*#'(2!/?!6+#0/'(2$)7!('%!K/1$(2!6071,/2/&7X!
bR^Ba7!4llVkD5`!!
Fk`!J+%+'7!W`!*`7!O2E%.-2.7!J`!"`7!x!Q$2'+7!U`!=`!^F55Aa`!v;I!K22/!K,I-!w+)'!w;%3+C!@,328)3%1!%._+'+.1+-!
)E2,3!-3%8,$,-!&)$+.1+!E)-+/!2.!E'%K;3.+--`!6071,/2/&$1(2!K1$+'1+X!PT7!GFV!Gk`!!
FG`!J+%+'7!W`!*`7!O2E%.-2.7!J`!"`7!Q')w_2'/7!=`!:`7!x!@;$&+'-7!v`!]`!^F55ka`!v;+.!n$%K;30!)./!n/)'e0!3;2,K;3-!
E+128+!$%K;3!)./!/)'e!'+-(2.-+-C!@__+13!E%)-+-!E'%K;3.+--!H,/K8+.3-`!9-/)$/'X!`7!t44Vtk4`!!
Fl`!J%$;),7!@`7!W'2,%$$+37!6`7!x!W'2,%$$+37!"`! ^F5Dta`!W%)-+-! %.!+&)$,)3%2.!2_!.+,3')$!w2'/-!/,+!32!8232'!
128()3%E%$%3I!+__+13`!D1)(!.071,/2/&$1(7!PSS^Fa7!FAtVFAl`!/2%C!D5`D5D4jH`)13(-I`F5Dt`54`55G`!
t5`!J%$;),7!@`7!W'2,%$$+37!6`7!x!W'2,%$$+37!"`!̂ F5DBa`!N)$+.1+S-()1+!128()3%E%$%3I!+__+13-!/+(+./!2.!-%3,)3+/!
8232'!_$,+.1I!%.!E23;!'%K;3V)./!$+_3V;)./+'-`!L,+!@*(#)+#27!c/*#'(2!/?!9>.+#$-+')(2!6071,/2/&77!f^^Ba7!
GGkVGll`!/2%CD5`D5G5jDkAk5FDG`F5DA`l4kFB4`!
tD`!O+b),$!X)'%87!@`!X`!J`7!x!X2H%8)7!P`!^F5D5a`!6;+!w;)3!)./!w;I!2_!(+'1+(3,)$!)-I88+3'%+-!%.!3;+!&%-,)$!
/28)%.`!@/&).1+-!%.!Q2K.%3%&+!*-I1;2$2KI7!4`!"2%!D5`FAkGj&D55BtV55GV55G5V4`!
tF`!O%1;)'/-2.7!"`!Q`7!9(%&+I7!J`!]`7!W)'-)$2,7!=`!v`7!x!J1O)+7!X`!^F55ta`!9()3%)$!'+('+-+.3)3%2.-!)13%&)3+/!
/,'%.K!'+)$V3%8+!128('+;+.-%2.!2_!&+'E-`!;/&'$)$<+!K1$+'1+X!Q`7!k4kVkG5`!!
tt`!91;.)$$7! 9`! x! Q$2'+7! U`=`! ^F554a`! :8+'K+.3! 8+).%.K! %.! )__+13%&+! -()1+C! Q2.1+(3,)$! )./! -()3%)$!
12.K',+.1+!('2/,1+-!(2-%3%&+!+&)$,)3%2.-`!L.!R2'E,-!X7!U+.3.+'!"7!O+K%+'!67!+/%32'-`!*'21++/%.K-!2_!
3;+!F43;!)..,)$!8++3%.K!2_!3;+!Q2K.%3%&+!91%+.1+!921%+3I7!J);w);7!?]C!:'$E),8`!
tA`!N+'/+%$7!:`7!R)2,'7!U`7!x!P)8b#7!J`!̂ F5D4a`!D)2(0!%*!U$3('V!U+0!'/*<+(*>!%G?$0!̂ (`!DDFa`!*'+--+-!/+!$yL_(2u!
Q?O9!=%E).`!L9W?C!lkGVFVtBDBlVkDkV5`!
tB`!N%1)'%27!Q`!J`7!O)_)$7!O`!"`7!x!@&+.).3%7!@`!^F5DBa`!Q2,.3+'_)13,)$!3;%.e%.K!)__+13-!3;+!+T1%3)E%$%3I!2_!3;+!
8232'!12'3+T`!1/#)+>7!fT7!DtlVDAG`!
t4`!v2$(+'37!"`!J`7!"2I)7!X`7!x!X)w)327!J`!^F55ta`!@!,.%_I%.K!128(,3)3%2.)$!_')8+w2'e!_2'!8232'!12.3'2$!
)./!-21%)$!%.3+')13%2.`!6,$2/0/.,$1(2!L#('0(1)$/'0!/?!),+!A/7(2!K/1$+)77!tBG7!BltV45F`!
! !
76
ZS5SXS!A-'!.&(!'&.,)$3#(!&#)'&!4',)$E-&(!8',47$E-&(!&)!%,.&!F&(!3Jg&)(!
Q288,.%Z,+'!$+-!'#-,$3)3-!/+-!+T(#'%+.1+-!)&+1!$+-!/#1%/+,'-!+3!()'3%+-!('+.).3+-!'+('#-+.3+!,.+!
#3)(+!1$#!/).-! $0)11+(3)3%2.!2,! $+! '+_,-!/+! 32,3!('2H+3!.23)88+.3!/+-!('2H+3-!+.!#12$2K%+7!+3!/+!
-,'1'2r3!+.!#12$2K%+!/+!$)!'+-3),')3%2.`!=)!$%33#')3,'+!12._%'8+!Z,+!$)!$)3#')$%3#!H2,+!,.!'{$+!()'3%1,$%+'!
/).-!$)!82/%_%1)3%2.!/+-!(+'1+(3%2.-`!Q288+!$+!=%E).!+-3!,.!()I-!8,$3%1,$3,'+$!2z!$+-!#$[&+-!-2.3!
+T(2-#-! #K)$+8+.3! ),T! 1,$3,'+-! )')E2(;2.+! +3! ).K$2(;2.+! 2,! _').12(;2.+! /[-! $+-! ($,-! H+,.+-!
1$)--+-7!$)!Z,)3'%[8+!+T(#'%+.1+!12.1+'.)%3!$0)/)(3)3%2.!/+-!2,3%$-!/0#&)$,)3%2.!),T!-(#1%_%1%3#-!/+-!
1288,.),3#-!1%E$+-`! ! L$!-0)K%--)%3!/2.1!/+!3+-3+'!-%! $+-!(')3%Z,+-!K')(;%Z,+-!/+!1+-!1288,.),3#-!
)__+13+.3! $0#&)$,)3%2.!#823%2..+$$+!/+-! %8)K+-`!?2,-!)&2.-!/2.1! 3+-3#! 1+33+!;I(23;[-+! -,'!/+,T!
K'2,(+-!/+!A5!(+'-2..+-!/'2%3%['+-!)')E2(;2.+-!+3!E%V1,$3,'+$$+-!)K#+-!/+!D4!Y!Dl!).-!(2,'!&#'%_%+'!
-%! $+,'! )(('#1%)3%2.! /+-! 8c8+-! 2EH+3-! ^-,'! ,.+! 8c8+! #1;+$$+! /0#&)$,)3%2.! V! #1;+$$+! /+! =%e+'3!
%.&+'-#+a!#3)%3!)__+13#+!()'!$+!-+.-!/+!$+,'!#1'%3,'+!^-%.%-3'2&+'-+!&j-!E%$)3#')$a`!tF!%8)K+-!/+!($).3+-!
+3!/0).%8),T!12..,+-!(23+.3%+$$+8+.3!,3%$%-)E$+-!/).-!/+-!('2H+3-!/+!O+-3),')3%2.!#12$2K%Z,+!-,'!
/+-!1)''%['+-!2.3!#3#!('#-+.3#-!-,'!,.!#1').!)&+1!,.+!_%1;+!/0#&)$,)3%2.!128(2'3).3!,.+!#1;+$$+!/+!
=%e+'3!%.&+'-#+!^5j]+!.0)%8+!()-!Y!K),1;+!+3!BjH0)%8+!Y!/'2%3+!(2,'!$+!K'2,(+!E%$)3#')$!+3!%.&+'-+8+.3!
(2,'! $+!K'2,(+!-%.%-3'2&+'-+a`! =0)'3%1$+!oH%(.)$'&!.#+0+')()$/'!-/%+0! )/!1*2)*#(2!3(1I&#/*'%0! $'!
+'8$#/'-+')(2!.#/4+1)0@!),+!+66+1)!/6!#+(%$'&JF#$)$'&!,(3$)0q!^R+.%).2-!+3!)$`7!F5DGEa!12._%'8+!Z,+!
$)! 1,$3,'+! /+-! %./%&%/,-! +3! +.! ()'3%1,$%+'! $+,'! 82/+! K')(;%Z,+! /0#1'%3,'+! )! ,.+! %._$,+.1+! -,'!
$0)(('#1%)3%2.!/0,.+!%8)K+`!
!
?2-!'#-,$3)3-!12._%'8+.3!$+!E+-2%.!/0)/)(3+'!$+-!2,3%$-!(-I1;2!12K.%3%_-!),T!-(#1%_%1%3#-!$21)$+-!$2'-!/+!
-#).1+-!/+!('#-+.3)3%2.-!+3!/+! 12.1+'3)3%2.-!(,E$%Z,+-!+3! 1+!.23)88+.3!+.! 3+'8+!/+!(')3%Z,+-!
K')(;%Z,+-!^%`+`7!-+.-!/+!$0#1'%3,'+a`!!
!
! !
CPQ Neurology and Psychology (2018) 1:1
Research Article
Adapting Presentation Modes to Cultural Backgrounds in Environmental Projects: �e E�ect of Reading/Writing Habits
Fenianos Johnny1,2, Khater Carla2* & Brouillet Denis1
*Correspondence to: Dr. Khater Carla, Center for Remote Sensing- National Council for Scienti�c Research Lebanon, Lebanon.
1University Paul Valéry, Laboratoire Epsylon, Montpellier, France
Received: 23 August 2018
Copyright
© 2018 Dr. Fenianos, et al. �is is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Keywords: Cognitive Tools; Environmental Psychology; Reading/Writing Habits; Lateral Perception; Eco-logical Rehabilitation; Quarries; Lebanon
Fenianos, et al. (2018). Adapting Presentation Modes to Cultural Backgrounds in Environmental Projects: �e E�ect of Reading/Writing Habits. CPQ Neurology and Psychology, 1(1), 01-13.
CIENT PERIODIQUE
Published: 25 September 2018
2Center for Remote Sensing- National Council for Scienti�c Research Lebanon, Lebanon
CIENT PERIODIQUE
Abstract
Communicating with key stakeholders is an essential factor of success in all environmental projects. Literature �ndings con�rm that laterality and in particular writing/reading habits play a crucial role in modifying perceptions. In this paper, we test the in�uence of reading/writing habits on the expression of the visual appreciation of an image, on two groups of 40 right-handed Lebanese students (sinistroverse vs. bilateral readers/writers) aged 16 to 19. Lebanon is a multicultural country where students study either exclusively in Arabic or are exposed to both Arabic and French, and/or English cultures. 32 images of common �ora (plants) and fauna (animals) that could be used in quarry rehabilitation projects, were displayed on a computer screen for appreciation and the results showed that, in the case of exclusively Arabic speaking target communities, using adapted tools
Fenianos, et al. (2018). Adapting Presentation Modes to Cultural Backgrounds in Environmental Projects: �e E�ect of Reading/Writing Habits. CPQ Neurology and Psychology, 1(1), 01-13.
Fenianos, et al., CPQ Neurology and Psychology (2018) 1:1 Page 2 of 13
Introduction
Ecologists have always needed to communicate their results, questions and �ndings or to share and discuss the various elements of a project.
To a question raised in Miller and Hobbs (2007) [1] on how much more ecology is needed, Khater et al. (2012) replied that, not only more ecology is needed, but also more social involvement [2]. Khater (2015) has stressed on the importance to develop a science on the interface and strengthen inter-disciplinary communication [3]. More recently Ramirez et al. (2018) [4], echoing Courchamp & Bradshaw (2018) [5] and Tallis & Lubchenco (2014) [6] con�rm the importance of e�ective social interactions and the need for a more inclusive ecology.
It is now well established that visual space perception is asymmetric. �at is to say that the ability to appreciate objects is laterality space dependent. According to Cassasanto (2009) objects are more easily detected when they appear on the right side of a surface than on its left [7]. �is perceptual asymmetry results on the brain’s preference response to visual stimuli [8]. Nicholls, Bradshaw, & Mattingley (2001) [9] and Bradshaw et al. (1987) [10] have estimated that the left bias might be a consequence of the over activation of the right hemisphere of the brain. While studying the cultural in�uences on visual scanning patterns, Abed (1991) has demonstrated that the cross-cultural di�erential visual perceptions are not related to location of �xations by the retina [11]. �ereby Fagard & Dahmen (2003) have compared the e�ect of reading and writing directions between French and Tunisian children and con�rmed the e�ect of writing directions, i.e. dextroverse (L-R) and sinistroverse (R-L), on spatial visual perception [12].
Manual dominance is one of the main speci�cities of the body. �e results observed in studies of typing activity showed that skilled typists on the QWERTY keyboard preferred letters typed with the right hand to those typed with the left hand. But when participants were asked to perform the preference task while holding a motor plan in memory (i.e., dual task) the skilled typists’ preference was attenuated when the motor plan involved the same �nger used to type the presented dyads [13]. Jasmin & Casasanto (2012) con�rmed that preference judgments are in�uenced by motor �uency caused by digit-speci�c typing simulation (the so-called QWERTY e�ect) [14]. At last, Yang, Gallo and Beilock (2009) showed that the �uency with which participants type the letter dyads to be recognized in�uences their recognition judgement [15]. Participants found it easier to remember letter dyads typed with two di�erent �ngers than those typed with one �nger. Indeed, typing a letter dyad with two di�erent �ngers is easier than typing a letter dyad with one �nger.
could allow a better expression of the true perceptions of a community. When it comes to the successful implementation of environmental projects, our results open the �oor, to the necessity of understanding lateral perception of target communities especially in terms of reading/writing direction, in adapting the tools during public hearings and presentations.
Fenianos, et al. (2018). Adapting Presentation Modes to Cultural Backgrounds in Environmental Projects: �e E�ect of Reading/Writing Habits. CPQ Neurology and Psychology, 1(1), 01-13.
Fenianos, et al., CPQ Neurology and Psychology (2018) 1:1 Page 3 of 13
All this work led us to question the in�uence of writing directions on the perception of images, and more speci�cally their emotional evaluation, in relation with quarry rehabilitation in Lebanon. Indeed, the way people conceive the world is intrinsically dependent on body speci�cities and on the way they interact with their environment [7]. Two major factors have been highlighted: manual dominance and laterality. Since these two factors are intimately linked in the case of writing, they should both be taken into account.
Almost 40% of Lebanese are considered francophone, another 15% “partially francophone”, and 70% of Lebanon’s secondary schools use French as their language of instruction. By comparison, English is used as the language of instruction in 30% of Lebanon’s secondary schools. French and English are often taught since preschools in addition to Arabic [27].
Lebanon is an independent Republic located on the eastern coast of the Mediterranean Sea. Lebanon’s of-�cial language is Arabic, however, as a consequence of the former French Mandate on the country, the article 11 of the Constitution states that the French language is to be used on Lebanese pound banknotes, road signs, vehicle registration plates, and public buildings, alongside Arabic
�e aim of this work is thus to determine if the in�uence of reading/writing habits (sinistroverse vs bilateral) a�ect the expression of visual appreciation of an image on a scale bar. To do that, and as recommended by Millhau et al. (2013, 2014) we have used two di�erent appreciation scale bars: a regular Likert appreciation scale bar ranging from 0 (I totally dislike) on the right to 5 (I totally like) on the left for the “bilateral” group and an inverted scale bar used for the sinistroverse group adapted ranging from 0 (I totally dislike) on the left to 5 (I totally like) on the right, in order to test if the perception of the “I like” position is a�ected by the reading/writing habits of the two groups of participants [18,19].
If manual dominance is one of the main body speci�cities, laterality is another one: an individual’s most �uent actions are those executed with the dominant hand on the dominant side (i.e. for a right-hander, movements of the right hand on the right side). Classic studies on aim-pointing tasks have already demonstrated that ipsilateral actions are carried out more easily and faster than contralateral actions for both the dominant and the non-dominant hand [16]. In other words, independently of handedness, the right hand should be more �uent on the right side of space than on the left part, and the left hand should be more �uent on the left part than on the right part of space [17]. Moreover, Milhau, Brouillet & Brouillet (2013, 2014) show that it is necessary to take into account the e�ect of the location of responses, by considering their congruence with the motor �uency experienced during the task rather than the motor �uency corresponding to the participant’s handedness [18,19].
All these studies support the ideas that motor compatibilities generate �uency and that the more �uently an item is processed the more it is considered familiar [20-24] and emotionally positive [25,26].
Fenianos, et al. (2018). Adapting Presentation Modes to Cultural Backgrounds in Environmental Projects: �e E�ect of Reading/Writing Habits. CPQ Neurology and Psychology, 1(1), 01-13.
Fenianos, et al., CPQ Neurology and Psychology (2018) 1:1 Page 4 of 13
40 right handed Lebanese students aged between 16-19 were targeted by this study. 20 students were re-cruited from Islamic University - Tyre/ South Lebanon and come from an exclusively Arabic speaking back-ground with no exposure to a second language, and 20 other students came from a bi-cultural background (St Joseph University- Beirut) where Arabic and French are equally taught since preschool. Beirut being the Capital of Lebanon and Tyre the capital of South Lebanon (4th biggest city in Lebanon).
Material and Methods
Participants
In other terms, the members of the group coming from South Lebanon write exclusively from right to left “sinistroverse” group, while bilingual students, who represent the “bilateral” group in the frame of this study, can write alternatively from right to left and from left to right. Since Lebanon is a small scaled country relatively homogeneous in terms of socio cultural pressure, at the exception of language, both groups are composed of students living in cities and therefore exposed to comparable cultural and background. Partici-pant’s dominant hand was assessed through the Ediburgh Handeness Inventory - Short Form [28]. All 40 participants were con�rmed right handed.
Materials
32 stimuli images representing 16 �ora (plants) and 16 fauna (animals) (Figure 1) were included in a pre-automated computer presentation. Images were selected in view of their potential use in quarry rehabilita-tion projects. All images represent commonly known plants and animals in Lebanon. �ey are often used in university presentations and they were pre-tested on a control group to ascertain that participants are familiar with them. Each image was automatically displayed on the screen for a duration of 600 ms alternat-ing randomly plants and animal’s images. After each image, a screen was displayed showing a non-graduated appreciation scale bar of 5 cm length. Two scale bars were used, a regular Likert scale bar used for the ‘bilat-eral” group displaying on right side of the bar the word “I like” (rating 5) and on the left side of the bar the word “I dislike” (rating 0), and an inverted Likert scale bar used for the sinistroverse group showing the “I Like” (rating 5) on the right side and the “I dislike” (rating 0) on the left side.
Fenianos, et al. (2018). Adapting Presentation Modes to Cultural Backgrounds in Environmental Projects: �e E�ect of Reading/Writing Habits. CPQ Neurology and Psychology, 1(1), 01-13.
Fenianos, et al., CPQ Neurology and Psychology (2018) 1:1 Page 9 of 13
We have therefore analyzed the perceptions (evaluation) of each type of image (animals and plants) to dis-tinguish those perceived positively (above 2.5 being the median value of the suggested scale bar) from those perceived negatively (below the 2.5 median value).
Results showed that
�is analysis shows no signi�cant di�erence between the 2 groups for animal photos perceived positively: sinistroverse group (m=3.68) and bilateral group (m=3.43), F (1,38) = 0.68, p=0.45, n2p=0.01.
�ere is a signi�cant tendency between the 2 groups for animal photos perceived negatively: sinistroverse group (m=0.78) and bilateral group (m=1.30), F (1,38) = 3.12, p=0.085, n2p= 0.07.
�ere is a signi�cant di�erence between the 2 groups for plants photos perceived positively: sinistroverse group (m=4.40) and bilateral group (m=3.77) F (1,38) = 7.10, p=0.01, n2p= 0.16.
Figure 4 shows that animals can be perceived either positively (above the median) or negatively (below the median) while plants were only perceived positively by all participants.
Discussion
In the frame of a broader approach, aiming at communicating ecological �ndings to concerned stakeholders in a more e�cient way, and to identify whether regularly used tools need to be adapted to �t the communi-ties’ speci�cities, a set of 32 images (plants and animals) that could potentially be used in quarry rehabilita-tion were used for this study.
�is paper aimed to test to what extent the reading/writing habits of participants (sinistroverse and bilateral) a�ect their evaluation of animal and plant images when faced with a Likert scale bar adapted to their read-ing/writing habits running from left to right for the bilateral group and inverted from right to left for the sinistroverse group.
40 right handed Lebanese students aged between 16-19 were targeted by this study, they were recruited either from an exclusively Arabic speaking background (sinistroverse group) with no exposure to a second language, and from a bicultural background (bilateral group) where Arabic and French have equally been taught since preschool.
Participants were presented the 32 images (16 animals and 16 plants) and invited to �ll an evaluation sheet to mark their appreciation of the image (to what extent they liked or disliked it) on an appreciation scale bar (adapted in view of the groups).
1. both groups are comparable when it comes to appreciation of the whole set of images;
2. animals and plants are not perceived in the same way: plants are perceived in a more positive way than animals;
Fenianos, et al. (2018). Adapting Presentation Modes to Cultural Backgrounds in Environmental Projects: �e E�ect of Reading/Writing Habits. CPQ Neurology and Psychology, 1(1), 01-13.
Fenianos, et al., CPQ Neurology and Psychology (2018) 1:1 Page 10 of 13
3. there is a signi�cant interaction between the type of images and the nature of the groups, but the dif-ference between groups appear only for plant images (the “sinistroverse” group evaluates signi�cantly more positively the plant images than the “bilateral” group);
�is research is part of a PhD thesis of �rst author and part of two projects funded by Grant Research Pro-gram- CNRS, and CEDRE Program. �is is an LIA O-LiFE contribution number SA 42-2018.
Acknowledgment
�e authors would like to acknowledge and thank Dr. Jalal Tabel for his support in data entry, and data structuring and Claire Grandchamps for editing the �nal version of this manuscript.
Disclosure Statement
“In these studies, we report all measures, manipulations and exclusions.”
When it comes to the successful implementation of environmental projects, our results open the �oor, to the necessity of using psycho cognitive tools that are adapted to local speci�cities and habits, especially in terms of reading/writing direction, during public hearings and public presentations. Our results could con�rm a signi�cant di�erence between exclusively Arabic speaking persons and bilingual persons in perceiving the appreciation bar, where the “I like” pole is situated at the left side of the bar, and the “I don’t like” is on the extreme right. �is has to be nuanced by the fact that Arabic natives, who were never exposed to foreign lan-guages throughout their education, are nevertheless exposed to biculturality through media and/or publicity and have therefore developed the ability to self-adapt to the tools presented to them.
4. When we investigated the origin of the interaction, the results showed that this interaction could be ex-plained by the appreciation itself and not the type of images displayed. Results showed a signi�cant di�er-ence between the two groups. �e sinistroverse group evaluated more positively the plant images evaluated positively, and more negatively the animal images evaluated negatively.
Deriving from the literature �ndings highlighting the importance of laterality in evaluation, using coherent tools such as inverted Likert scale bar in the case of exclusively Arabic speaking target communities could allow a better expression of the true perceptions of a community. �is can be particularly important in any project involving local communities and the need to consider their acceptability for an item (object, living organism, etc.) to be included in the project.
Our experiments highlight a previously unexplored cross-cultural di�erence in spatial perception and sug-gests a new interpretation in which communities that are exposed to more than one culture (bilateral group) tend to have less radical positions (whether liking or disliking an item), while monocultural individuals (here the sinistroverse group) show more stringent positions.
Fenianos, et al. (2018). Adapting Presentation Modes to Cultural Backgrounds in Environmental Projects: �e E�ect of Reading/Writing Habits. CPQ Neurology and Psychology, 1(1), 01-13.
Fenianos, et al., CPQ Neurology and Psychology (2018) 1:1 Page 11 of 13
Bibliography
1. Miller, J. R. & Hobbs, R. J. (2007). Habitat restoration: do we know what we are doing? Restoration Ecology, 15(3), 382-390.
2. Khater, C., Raevel, V., Sallantin, J., �ompson, J. D., Hamze & Martin, A. (2012). Restoring Ecosystems Around the Mediterranean Basin: Beyond the Frontiers of Ecological Science. Restoration Ecology, 20(1), 1-6.
4. Ramirez, K. S., Berhe, A. A., Burt, J., Gil-Romera, G., Johnson, R. F., Koltz, A. M., et al. (2018). �e future of ecology is collaborative, inclusive and deconstructs biases. Nature ecology & evolution, 2(2), 200.
3. Khater, C. (2015). “L’écologie appliquée : une responsabilité scienti�que au carrefour de l’interdisciplinarité.” (HDR dissertation). Université Aix-Marseille.
5. Courchamp, F. & Bradshaw, C. J. (2018). 100 articles every ecologist should read. Nature ecology & evolution, 2(2), 395-401.
6. Tallis, H. & Lubchenco, J. (2014). Working together: a call for inclusive conservation. Nature News, 515(7525), 27.
7. Casasanto, D. (2009). Embodiment of abstract concepts: good and bad in right-and left-handers. Journal of Experimental Psychology: General, 138(3), 351-367.
8. Rezaul Karim, A. K. M. & Kojima, H. (2010). �e what and why of perceptual asymmetries in the visual domain. Advances in Cognitive Psychology, 6, 103-115.
9. Nicholls, M. E., Bradshaw, J. L. & Mattingley, J. B. (2001). Unilateral hemispheric activation does not a�ect free-viewing perceptual asymmetries. Brain and Cognition, 46(1-2), 219-223.
10. Bradshaw, J. L., Nettleton, N. C., Pierson, J. M., Wilson, L. E. & Nathan, G. (1987). Coordinates of extracorporeal space. Advances in psychology, 45, 41-67.
11. Abed, F. (1991). Cultural in�uences on visual scanning patterns. Journal of Cross-Cultural Psychology, 22(4), 525-534.
12. Fagard, J. & Dahmen, R. (2003). �e e�ects of reading-writing direction on the asymmetry of space perception and directional tendencies: A comparison between French and Tunisian children. Laterality, 8(1), 39-52.
13. Beilock, S. L. & Holt, L. E. (2007). Embodied preference judgments: Can likeability be driven by the motor system? Psychological Science, 18(1), 51-57.
Fenianos, et al. (2018). Adapting Presentation Modes to Cultural Backgrounds in Environmental Projects: �e E�ect of Reading/Writing Habits. CPQ Neurology and Psychology, 1(1), 01-13.
Fenianos, et al., CPQ Neurology and Psychology (2018) 1:1 Page 12 of 13
14. Jasmin, K. & Casasanto, D. (2012). �e QWERTY E�ect: How typing shapes the meanings of words. Psychonomic bulletin & review, 19(3), 499-504.
15. Yang, S. J., Gallo, D. A. & Beilock, S. L. (2009). Embodied memory judgments: a case of motor �uency. Journal of Experimental Psychology: Learning, Memory, and Cognition, 35(5), 1359-1365.
17. De la Vega, I., Dudschig, C., De Filippis, M., Lachmair, M. & Kaup, B. (2013). Keep your hands crossed: �e valence-by-left/right interaction is related to hand, not side, in an incongruent hand-response key assignment. Acta Psychologica, 142(2), 273-277.
16. Fisk, J. D. & Goodale, M. A. (1985). �e organization of eye and limb movements during unrestricted reaching to targets in contralateral and ipsilateral visual space. Experimental brain research, 60(1), 159-178.
18. Milhau, A., Brouillet, T. & Brouillet, D. (2013). Biases in evaluation of neutral words due to motor compatibility e�ect. Acta psychologica, 144(2), 243-249.
19. Milhau, A., Brouillet, T. & Brouillet, D. (2015). Valence-space compatibility e�ects depend on situated motor �uency in both right-and left-handers. �e Quarterly Journal of Experimental Psychology, 68(5), 887-899.
20. Susser, J. A. & Mulligan, N. W. (2015). �e e�ect of motoric �uency on metamemory. Psychonomic bulletin & review, 22(4), 1014-1019.
21. Topolinski, S. (2012). �e sensorimotor contributions to implicit memory, familiarity, and recollection. Journal of Experimental Psychology: General, 141(2), 260-281.
22. Topolinski, S. & Strack, F. (2009). �e architecture of intuition: Fluency and a�ect determine intuitive judgments of semantic and visual coherence and judgments of grammaticality in arti�cial grammar learning. Journal of Experimental Psychology: General, 138(1), 39-63.
23. Topolinski, S. & Strack, F. (2010). False fame prevented: Avoiding �uency e�ects without judgmental correction. Journal of Personality and Social Psychology, 98(5), 721-733.
24. Whittlesea, B. W. (1993). Illusions of familiarity. Journal of Experimental Psychology: Learning, Memory, and Cognition, 19(6), 1235-1253.
25. Brouillet, T., Ferrier, L. P., Grosselin, A. & Brouillet, D. (2011). Action compatibility e�ects are hedonically marked and have incidental consequences on a�ective judgment. Emotion, 11(5), 1202-1205.
26. Cannon, P. R., Hayes, A. E. & Tipper, S. P. (2010). Sensorimotor �uency in�uences a�ect: Evidence from electromyography. Cognition & Emotion, 24(4), 681-691.
Fenianos, et al. (2018). Adapting Presentation Modes to Cultural Backgrounds in Environmental Projects: �e E�ect of Reading/Writing Habits. CPQ Neurology and Psychology, 1(1), 01-13.
Fenianos, et al., CPQ Neurology and Psychology (2018) 1:1 Page 13 of 13
27. Billiez, J. & Serhan, C. (2015) « Apprendre le français avant l’anglais au Liban: un ordre en questions », Lidil, 51, 201-216.
28. Veale, J. F. (2014). Edinburgh handedness inventory-short form: a revised version based on con�rmatory factor analysis. Laterality: Asymmetries of Body, Brain and Cognition, 19(2), 164-177.
90
ZS]S!"#!3-)$.!FY$#%&()$8,)$3#!',4$F&!!
=)!12.&+.3%2.!-,'!$)!E%2/%&+'-%3#!/).-!-2.!2EH+13%_!-3')3#K%Z,+!"7!2EH+13%_!DB7!-3%(,$+!Z,+!/y%1%!F5F57!
),! 82%.-! DB|! /+-! #12-I-3[8+-! /#K')/#-! /+&')%+.3! c3'+! '+-3),'#-`! Jc8+! -%! $)! '+-3),')3%2.!
#12$2K%Z,+!+3!$y#12$2K%+!/+!$)!'+-3),')3%2.!-y+__2'1+.3!/+!/%&+'-%_%+'!$+-!8#3;2/+-!+3!$+-!)(('21;+-!
(2,'!%.3+'&+.%'!-,'!$+-!#12-I-3[8+-7!$y,.+!/+-!('%.1%()$+-!$%8%3+-!'+-3+!$%#+!),!3').-_+'3!/+-!8+--)K+-!
),T!/#1%/+,'-!+3!),T!()'3%+-!('+.).3+-`!=+-!)1Z,%-!/+!$)!(-I1;2$2K%+!12K.%3%&+!-+!-2.3!)&#'#-!+__%1)1+-!
(2,'!'#/,%'+!$)!'#-%-3).1+!+3!)8#$%2'+'!$y)11+(3)3%2.!+3!2.3!8%-!+.!)&).3!$y%8(2'3).1+!/y)/)(3+'!$+-!
2,3%$-!),T!1288,.),3#-!1%E$+-`!
=)! Z,)3'%[8+! +T(#'%+.1+! &%-+! $)! ('2(2-%3%2.! /0,.+! 8#3;2/+! ')(%/+! Z,%! (+'8+3! /0#&)$,+'! $+-!
('#_#'+.1+-! /+! 12._%K,')3%2.! -()3%)$+-! /+-! 1288,.),3#-V1%E$+-! )_%.! /0)/)(3+'! $+-! 82/+-! /+!
('#-+.3)3%2.!/+-!('2H+3-`!!
=0)'3%1$+! oH! 0$-.2+! )//2! )/! (11/*')! 6/#! ),+! 0.()$(2! 0.+1$6$1$)$+0! /6! 0)(I+,/2%+#0! $'! +1/2/&$1(2!
#+,(3$2$)()$/'! .#/4+1)0@! (! B2(0,! )+0)K! ^-2,8%-a! ('#-+.3+! ,.+! 8#3;2/+! _$)-;! 2z! $+-! ,3%$%-)3+,'-!
^.28E'+a!-2.3!%.&%3#-!Y!#&)$,+'!/+-!%8)K+-!+3!Y!$+-!(2-%3%2..+'!/).-!$0+-()1+!-+$2.!/+-!+./'2%3-!E%+.!
/#_%.%-`! =+-! '#-,$3)3-! 2.3! 12._%'8#! Z,+! $y)(('#1%)3%2.! /+! $0%8)K+! +-3! _2'3+8+.3! $%#+! Y! -2.!
(2-%3%2..+8+.3! /).-! $y+-()1+`! Q+33+! 8#3;2/+! _$)-;! (+'8+3! /+! 128('+./'+! $)! '+('#-+.3)3%2.!
8+.3)$+!/+-!(+'-2..+-!1%E$#+-!+.!3+'8+-!/+!(+'1+(3%2.!/+! $y+-()1+!+3!/+-!2EH+3-!Z,%!(+,&+.3!-0I!
3'2,&+'`! *)'! -,%3+! +$$+! (+'8+3! /+! K,%/+'! $y)/)(3)3%2.! /+-!82/+-! /+! ('#-+.3)3%2.! /y,.! ('2H+3! +.!
12.-#Z,+.1+`!
!
!
!
!
!
!
!
!
91
D!($N4.&!)33.!)3!,663-#)!O3'!)7&!(4,)$,.!(4&6$O$6$)$&(!3O!(),m&73.F&'(!$#!&63.38$6,.!
'&7,J$.$),)$3#!4'3g&6)(L!D!;.,(7!)&()!
!
"#!3-)$.!($N4.&!43-'!N$&-T!F*O$#$'!.,!63#O$8-',)$3#!(4,)$,.&!F&(!4,')$&(!4'&#,#)&(!
F,#(!-#!4'3g&)!F&!'*7,J$.$),)$3#!*63.38$E-&!L!-#!;.,(7!)&()!
!
;&#$,#3(!:37##0W^X^!Q7,)&'!9,'.,X^k^!P'3-$..&)!R&#$(W!
DM.%&+'-%3I!*),$!N)$#'I7!=)E2')32%'+!:(-I$2.7!J2.3(+$$%+'7!tADllV!R').1+7!!
FQ+.3+'!_2'!O+823+!9+.-%.KV!?)3%2.)$!Q2,.1%$!_2'!91%+.3%_%1!O+-+)'1;!=+E).2.7!W%'!P)--).V!W*!DDV
GFGD!O%)/!:$!92$;7!W+%',3V!=+E).2.!
!!
�Q2''+-(2./%.K!),3;2'C!X;)3+'7!Q`7!+V8)%$C!1e;)3+'�K8)%$`128u!(;2.+!.,8E+'C!�l4DtGkDBtl!
!!
!X+I!w2'/-C!=)3+')$%3IV!O+-32')3%2.V!p,)''%+-V!:.&%'2.8+.3V!921%)$!*-I1;2$2KIV!Q2K.%3%&+!*-I1;2$2KIV!
=+E).2.V!J+/%3+'').+).`!!!!
J23-! 1$#-! C! =)3#')$%3#V! ! O+-3),')3%2.V! Q)''%['+-V! :.&%'2..+8+.3V! *-I1;2$2K%+! -21%)$+V! *-I1;2$2K%+!
12K.%3%&+V!=%E).V!J#/%3+'').#+V!!
!
!
!
!
!
!
92
H#)$12+!)>.+@!M,/#)!(#)$12+!
DJ()',6)!
L.!%3-!93')3+K%1!U2)$!"7!6)'K+3!DB7!3;+!12.&+.3%2.!2.!W%2/%&+'-%3I!-3)3+-!3;)3!EI!F5F57!)3!$+)-3!DB|!2_!
/+K')/+/!+12-I-3+8-!-;2,$/!E+!'+-32'+/`!:&+.!%_!+12$2K%1)$!'+-32')3%2.!)./!'+-32')3%2.!+12$2KI!)'+!
-3'%&%.K! 32! /%&+'-%_I! w)I-! )./! 8+3;2/-! 32! ('2(+'$I! %.3+'&+.+! 2.! +12-I-3+8-7! 2.+! 2_! 3;+! 8)H2'!
$%8%3)3%2.-! '+8)%.-! '+$)3+/! 32! 3;+! 12.&+I%.K! 2_! 8+--)K+-! 32! 12.1+'.+/! /+1%-%2.V8)e+'-! )./!
-3)e+;2$/+'-`! *-I1;2V12K.%3%&+! e.2w$+/K+! ;)-! ('2&+.! +__%1%+.1I! %.! '+/,1%.K! '+-%-3).1+! )./!
%.1'+)-%.K! )11+(3).1+! )./! ;)-! ;%K;$%K;3+/! 3;+! %8(2'3).1+! 32! )/)(3! 322$-! 32! 3;+! 3)'K+3! ),/%+.1+!
1288,.%3%+-`!6;%-!()(+'!('+-+.3-!)!_$)-;!8+3;2/!3;)3!E,%$/-!2.!3;%-!e.2w$+/K+!)./!_2$$2w%.K!w;%1;!
(+2($+!)'+!%.&%3+/!32!+&)$,)3+!%8)K+-!)./!(2-%3%2.!3;+8!2.!('+-+3!-()3%)$!12._%K,')3%2.`!O+-,$3-!;)&+!
12._%'8+/!3;)3!3;+!)(('+1%)3%2.!2_!).!%3+8j%8)K+!%-!-3'2.K$I!$%.e+/!32!%3-!(2-%3%2.%.K!%.!-()1+`!6;%-!
_$)-;!8+3;2/!)$$2w-!)!E+33+'!,./+'-3)./%.K!2_!3;+!8%./!'+('+-+.3)3%2.!2_!3)'K+3+/!(+'-2.-!%.!3+'8-!
2_!$)3+')$!(+'1+(3%2.!2_!-()1+`!6;%-!8%K;3!E+!,-+_,$!32!K,%/+!3;+!)/)(3)3%2.!2_!('+-+.3)3%2.!82/+-!2_!
)!('2H+13!)112'/%.K$I`!
!
!
!
!
!
!
!
93
<*(-N*!&#!O',#n,$(!
=)!12.&+.3%2.!-,'!$)!E%2/%&+'-%3#!/).-!-2.!2EH+13%_!-3')3#K%Z,+!"7!2EH+13%_!DB7!-3%(,$+!Z,+!/y%1%!F5F57!
),! 82%.-! DB|! /+-! #12-I-3[8+-! /#K')/#-! /+&')%+.3! c3'+! '+-3),'#-`! Jc8+! -%! $)! '+-3),')3%2.!
#12$2K%Z,+!+3!$y#12$2K%+!/+!$)!'+-3),')3%2.!-y+__2'1+.3!/+!/%&+'-%_%+'!$+-!8#3;2/+-!+3!$+-!)(('21;+-!
(+'8+33).3!/0%.3+'&+.%'!-,'!$+-!#12-I-3[8+-7!$y,.+!/+-!('%.1%()$+-!$%8%3+-!/+!1+-!/%-1%($%.+-!'+-3+!$%#+!
),! 3').-_+'3! /+-!8+--)K+-! ),T! /#1%/+,'-! +3! ),T! ()'3%+-! ('+.).3+-`! =+-! )1Z,%-! /+! $)! (-I1;2$2K%+!
12K.%3%&+!-+!-2.3!)&#'#-!+__%1)1+-!(2,'!'#/,%'+!$)!'#-%-3).1+!+3!)8#$%2'+'!$y)11+(3)3%2.!+3!2.3!8%-!+.!
)&).3!$y%8(2'3).1+!/y)/)(3+'!$+-!2,3%$-!),T!1288,.),3#-V1%E$+-`!Q+3!)'3%1$+!('#-+.3+!,.+!8#3;2/+!
_$)-;!Z,%!-y)((,%+!-,'!1+-!12..)%--).1+-7!),!12,'-!/+!$)Z,+$$+!$+-!,3%$%-)3+,'-!-2.3!%.&%3#-!Y!#&)$,+'!
/+-!%8)K+-!+3!Y!$+-!(2-%3%2..+'!-,'!,.!+-()1+!('#/#_%.%`!=+-!'#-,$3)3-!2.3!12._%'8#!Z,+!$y)(('#1%)3%2.!
/y,.!#$#8+.3!j!/0,.+!%8)K+!+-3!_2'3+8+.3!$%#+!Y!-2.!(2-%3%2..+8+.3!/).-!$y+-()1+`!Q+33+!8#3;2/+!
_$)-;! (+'8+3! /+! 128('+./'+! $)! '+('#-+.3)3%2.! 8+.3)$+! /+-! (+'-2..+-! 1%E$#+-! +.! 3+'8+-! /+!
(+'1+(3%2.!$)3#')$+!/+!$y+-()1+!+3!()'!-,%3+!(+'8+3!/+!K,%/+'!$y)/)(3)3%2.!/+-!82/+-!/+!('#-+.3)3%2.!
/y,.!('2H+3!+.!12.-#Z,+.1+`!
!
!
!
!
!
!!
!
94
>#)'3F-6)$3#!
:12$2K%1)$! -1%+.1+7! '+-32')3%2.! +12$2KI! )./! +12$2K%1)$! '+-32')3%2.! ;)&+! /+&+$2(+/! 3+1;.%Z,+-7!
8+3;2/-!)./!)(('2)1;+-!32!E+33+'!)(('+;+./!3;+!/%&+'-%3I!)./!/I.)8%1!2_!.)3,')$!('21+--+-!)./!
)112,.3! _2'! E%2/%&+'-%3I! .++/-! _2'! 12..+13%&%3I7! +-(+1%)$$I! w;+.! ($)..%.K! 3;+! '+;)E%$%3)3%2.! 2_!
+12-I-3+8-! ^]2'/).7! DlGku! =+! R$210;!x!@'2.-2.7! DllBu! 6;28(-2.7! F55Ba`! L.! ()'3%1,$)'7! +12$2K%1)$!
+.K%.++'%.K!;)-!/+&+$2(+/!.)3,'+VE)-+/!2'!.)3,'+V%.-(%'+/!-2$,3%2.-!32!_)1+!3;+!K'2w%.K!1;)$$+.K+!
2_! 12.-3).3! )./! %.1'+)-%.K! /+K')/)3%2.! 2_! +12-I-3+8-`! L.! %3-! 93')3+K%1! U2)$! "7! 6)'K+3! DB7! 3;+!
12.&+.3%2.! 2.! W%2/%&+'-%3I! -3)3+-! 3;)3! EI! F5F57! )3! $+)-3! DB|! 2_! /+K')/+/! +12-I-3+8-! -;2,$/! E+!
'+-32'+/!^;33(-Cjjwww`1E/`%.3jF5D5V3)'K+3jK2)$-V3)'K+3-`-;38$a`!
93%$$7!+&+.! %_! -2$,3%2.-!)'+!E+%.K!/+&+$2(+/7! 3;+!8)H2'!12.-3')%.3! 32!('2(+'! %8($+8+.3)3%2.!2_3+.!
'+8)%.-!%.!3;+!3').-_+'!2_!3;%-!e.2w$+/K+!32!12.1+'.+/!-3)e+;2$/+'-!%.!2'/+'!32!K+3!3;+%'!)(('2&)$`!
6;%-!1288,.%1)3%2.!)./!2(3%8)$!)(('2('%)3%2.!%-!2_3+.!_)1+/!w%3;!'+-%-3).1+!_'28!/+1%-%2.V8)e+'-!
)./! K')./! (,E$%17! )./! %3! %-! 3;+'+_2'+! %8(2'3).3! 32! /+&+$2(!w)I-! 32! 2&+'128+! 3;%-! '+-%-3).1+! 32!
%8('2&+!1;).1+-!2_!)11+(3)E%$%3I`!
:12$2K%1)$! '+;)E%$%3)3%2.! ('2H+13-! %.&2$&+! )! ('2_2,./! 82/%_%1)3%2.! 2_! 3;+! 1,''+.3! $)./-1)(+! )./!
3;+'+_2'+! '+Z,%'+! 3;+! )/2(3%2.7! EI! 3;+! .+%K;E2'%.K! 1288,.%3%+-! )./! /+1%-%2.V8)e+'-7! 2_! 3;+!
$)./-1)(+!82/%_%1)3%2.! '+-,$3%.K! _'28! 3;+! ('2H+13`! *'+-+.3%.K! 3;+! +$+8+.3-! 2_! 3;+! '+;)E%$%3)3%2.!
('2H+13!($)I-!)!1',1%)$!'2$+!%.!%3-!)11+(3)E%$%3I!2'!'+H+13%2.`!!
=%3+')3,'+!;)-!12._%'8+/!3;+!%8(2'3).1+!2_!$)3+')$%3I!%.!82/%_I%.K!(+'1+(3%2.`!62!,./+'-3)./!3;+%'!
+.&%'2.8+.37!;,8).-!,-+/!)E-3')13!8+3)(;2'%1)$!12.1+(3-!3;)3!'+_$+13!3;+%'!8+.3)$!-3)3+-`[email protected]!
-,1;! )E-3')13! 12.1+(3-! )'+! 3;2-+! 3;)3! '+_+'! 32! +823%2.7! %`+`7! oE)/q7! oK22/q`! 927! %_! +12$2K%1)$!
'+;)E%$%3)3%2.!('2H+13-!2__+'!-2$,3%2.-!3;)3!'+_$+13!12.1+(3-!3;)3!)'+!.+K)3%&+!%.!(+2($+0-!8%./7!3;+I!
w%$$!.23!E+!)11+(3+/!+&+.!%_!3;+I!'+_$+13!12._%'8+/!+12$2K%1)$!e.2w$+/K+`!
95
=)e2__!x!]2;.-2.!^Dlll7!F55ta!+$)E2')3+!3;+!o12.1+(3,)$!8+3)(;2'!3;+2'Iq!32!)112,.3!_2'!3;+!'2$+!
2_!)E-3')13!12.1+(3-!%.!2,'!+&+'I/)I!$%_+`!Q2.1+(3,)$!8+3)(;2'-!)'+!K+.+')$$I!-;)'+/!EI!8+8E+'-!2_!
)! 1,$3,'+! )./! )'+! $)'K+$I! ,.12.-1%2,-! )./! ),328)3%1`! 6;+-+! 8+3)(;2'%1)$! 12.1+(3-! %8()13! 2,'!
3;2,K;3-!)./!)13%2.-`!R2'!+T)8($+7!2.!3;+!2.+!;)./7!w+!-)I!%.!12882.!$).K,)K+!o8I!'%K;3!;)./q7!
oيدي اليمنىq! 32! /+-%K.)3+! )! (+'-2.! 3;)3!w+! 323)$$I! 3',-37! w;%$+7! 2.! 3;+! 23;+'! ;)./7!w+!w2,$/! -)I!
J)33;+w!BCAD!o6;+.!;+!w%$$!-)I!32!3;2-+!2.!;%-!$+_37!n"+()'3!_'28!8+7!I2,!)11,'-+/7!%.32!3;+!+3+'.)$!
_%'+!3;)3!;)-!E++.!('+()'+/!_2'!3;+!/+&%$!)./!;%-!).K+$-�0q!
!
oQ2.1+(3,)$! 8+3)(;2'-q! )'+! )! 12K.%3%&+! (;+.28+.2.7! K'2,./+/! %.! 3;+! E2/I! )./! %.! +&+'I/)I!
+T(+'%+.1+!^=)e2__!x!]2;.-2.!Dllla`!9%.1+!3;+.7!-+&+')$!w2'e-!%.!3;+!_%+$/!2_!+8E2/%+/!)./!-%3,)3+/!
12K.%3%2.!;)&+!('2/,1+/!12.-%/+')E$+!+&%/+.1+!3;)3!%./%&%/,)$!-+.-2'IV8232'!+T(+'%+.1+-!1).!)__+13!
(+'1+(3%2.!)./! H,/K8+.3-`!6;+!()'3%1,$)'! %.3+'+-3!2_!2,'! '+-+)'1;! %-! 3;+!12.1+(3!2_!2'%+.3)3%2.)$!
8+3)(;2'-7!w;%1;!'+$)3+/!32!-()3%)$!2'%+.3)3%2.7!-,1;!)-!,(V/2w.!^O%1;)'/-2.!+)!(2V!F55tu!J+%+'!+)!
(2V!F55A7!F5547!F55k)7!F55kEa!)./!'%K;3V$+_3!^Q)-)-).327!F55lu!J%$;),!+)!(2V!F5Dt7!F5DBu!W'2,%$$+3!+)!
(2V!F5DBa`!
!!
O+1+.3!w2'e!2_!R+.%).2-!+)!(2`!^F5DG7!%.!('+--a!;)-!12._%'8+/!3;+!.++/!32!)/)(3!('+-+.3)3%2.!82/+-!
32!3)'K+3!),/%+.1+7!+%3;+'!%.!3+'8-!2_!%.&+'3%.K!3;+!+&)$,)3%2.!-1)$+!E)'!2'!(2-%3%2.%.K!2EH+13-!)./!
%8)K+-!w%3;!'+-(+13!32!1,$3,')$!E)1eK'2,./-`!
P2w+&+'7!w;+.!_)1+/!w%3;!.+w!),/%+.1+!2'!;,8).!1288,.%3%+-7!%3!%-!%8(2'3).3!32!,./+'-3)./!3;+%'!
8+.3)$!-1;+8)!E+_2'+;)./7!%.!2'/+'!32!)/)(3!3;+!1288,.%1)3%2.!322$-!32!3;+%'!$21)$!-(+1%_%1%3%+-`!L.!
3;%-!()(+'!w+!-,KK+-3!)!o_$)-;!3+-3q!)-!)!-%8($+!8+3;2/!)$$2w%.K!)!Z,%1e!,./+'-3)./%.K!2_!3;+!$)3+')$!
(+'1+(3%2.!2_!)!3)'K+3!),/%+.1+`!!!
96
6;%-! 8+3;2/! w)-! 3+-3+/! %.! =+E).2.7! )! 8,3$%V1,$3,')$! J+/%3+'').+).! 12,.3'I`! =+E).2.! 1).! E+!
12.-%/+'+/!)!K22/!('2323I(+!2_!128($+T!-21%)$7!+12$2K%1)$!)./!(2$%3%1)$!12,.3'%+-7!)./!2,'!_%./%.K-!
1).!3;+'+_2'+!E+!+T3')(2$)3+/!32!23;+'!128()')E$+!12.3+T3-!^X;)3+'7!F5DBa`!
2,)&'$,.(!,#F!2&)73F(!
+,')$6$4,#)(L!
6;%-!-3,/I!w)-!12./,13+/!w%3;!Fk!=+E).+-+!,.%&+'-%3I!-3,/+.3-!)K+/!E+3w++.!Dl!)./!FD!I+)'-!2$/!
)./!128%.K!_'28!8,$3%1,$3,')$!E)1eK'2,./!^@')E%17!R'+.1;!)./!:.K$%-;a`!*)'3%1%().30-!/28%.).3!;)./!
w)-! )--+--+/! 3;'2,K;! 3;+! :/%E,'K;! P)./+.+--! L.&+.32'I! S! 9;2'3! R2'8! ^N+)$+7! F5DAa`! @$$! Fk!
()'3%1%().3-!w+'+!12._%'8+/!'%K;3!;)./+/`!
2,)&'$,.(L!
k!-3%8,$%!%8)K+-!2_!12882.!)./!w+$$!e.2w.!-(+1%+-!2_!_$2')!)./!_),.)!%.!=+E).2.!w+'+!,-+/!_2'!3;%-!
+T(+'%8+.3!^_%K,'+!D`!6,'3$+7!:)K$+7!@.+82.+7!N%(+'7!R2'+-37!912'(%2.7!P+'Ea`!!
;$8-'&!W!o!k!-3%8,$%!%8)K+-!2_!12882.!_$2')!)./!_),.)!%.!=+E).2.!,-+/!_2'!3;%-!+T(+'%8+.3!!
!
6;+I!'+('+-+.3+/!($).3-!)./!).%8)$-!,-+/!)-!-,11+--!%./%1)32'-!%.!+12$2K%1)$!'+;)E%$%3)3%2.`!L8)K+-!
w+'+!-+$+13+/!E)-+/!2.!)!('+&%2,-!w2'e!2_!R+.%).2-!+)!(2V!^%.!('+--a!,-%.K!-%8%$)'!%8)K+-7!)./!2.!3;+!
_2$$2w%.K! )--,8(3%2.C! F! %8)K+-! '+('+-+.3%.K! ($).3-! 2'! ).%8)$-! 3;)3! 12,$/! %./,1+! (2-%3%&+! ^L! $%e+a!
'+)13%2.!)82.K!()'3%1%().3-!^_2'+-37!).+82.+a7!F!%8)K+-!'+('+-+.3%.K!($).3-!2'!).%8)$-!3;)3!12,$/!
%./,1+!.+K)3%&+!^L!/%-$%e+a!'+)13%2.!)82.K!()'3%1%().3-!^-12'(%2.7!&%(+'a7!)./!t!%8)K+-!^3,'3$+7!;+'E7!
+)K$+a!3;)3!12,$/!E+!.+,3')$!%.!3;+!(+'1+(3%2.!2_!()'3%1%().3-`!!
97
+'36&F-'&!
*)'3%1%().3-!w+'+!;)./+/! 3;+!k! %8)K+-!('%.3+/!)./! 1,3!2.! -8)$$! -Z,)'+-! ^2_! G! 18! -%/+a7!w%3;! ).!
+&)$,)3%2.!-;++3!-;2w%.K!).!)(('+1%)3%2.!=%e+'3!-1)$+!E)'!2_!B!18!').K%.K!_'28!oL!/%-$%e+q!32!oL!$%e+q!
^_%K,'+!Da!_2'!+)1;!%8)K+`!!6;+I!w+'+!%.&%3+/!32!K%&+!).!)(('+1%)3%2.!-12'+!_2'!+)1;!%8)K+!^_%K,'+!Fa!
3;+.!32!(2-%3%2.!+)1;!%8)K+!2.!)!-;++3!-;2w%.K!k!+8(3I!-Z,)'+-!^_%K,'+!ta`!
!
;$8-'&!XL!@(('+1%)3%2.!-;++3!_2'!3;+!k!-3%8,$%!%8)K+-!32!E+!_%$$+/!EI!()'3%1%().3-!
98
!
;$8-'&!5!1!o*2-%3%2.q!-;++3!-;2w%.K!k!+8(3I!1)-+-!32!E+!_%$$+/!EI!3;+!()'3%1%().3-!w%3;!3;+!%8)K+-`!
!
*)'3%1%().3-!w+'+!.23!'+-3'%13+/!EI!)!3%8+!$%8%3!-2!)-!32!+.-,'+!3;)3!3;+I!(2-%3%2.!3;+!%8)K+-!%.!3;+!
82-3!o128_2'3)E$+q!$21)3%2.!32!E+-3!-,%3!3;+%'!8%./0-!'+('+-+.3)3%2.`!!
R,),!D#,.0($(!
R%$$+/!-;++3-!w+'+!12$$+13+/!)./!)(('+1%)3%2.!-12'+-!8+)-,'+/!%.!18!)./!+.3+'+/!%.!)!'+-,$3!3)E$+!
-;2w%.K!3;+!8+).!)&+')K+!^8%.!57!8)T!Ba!)./!-3)./)'/!/+&%)3%2.!_2'!+)1;!%8)K+!^3)E$+!Da!!
!
!
!
100
@!Q;%!-Z,)'+!3+-3!+.)E$+/!32!128()'+!-%K.%_%1).1+!2_!211,''+.1+!2_!+)1;!%8)K+!)3!$+_3!&-`!'%K;3!&-`!
1+.3+'`!
<&(-.)(!
L8)K+-!)(('+1%)3%2.!
6;+!'+-,$3-!-;2w+/!3;)3!+)1;!%8)K+!w)-!/%__+'+.3$I!)(('+1%)3+/!^3)E$+!Da`!6;+!()%'+/!-3,/+.3!6!3+-3!
^3)E$+!Fa!-;2w+/!3;)3!3w2!%8)K+-!w+'+!82'+!(2-%3%&+$I!)(('+1%)3+/!^).+82.+!)./!_2'+-3a!)./!3w2!
23;+'-!82'+! .+K)3%&+$I! )(('+1%)3+/! ^-12'(%2.! )./! &%(+'a`! 6;+! 23;+'-!w+'+! )$$! %.! ).! %.3+'8+/%)3+!
)(('+1%)3%2.!(2-%3%2.`!
L8)K+-!(2-%3%2.%.K!!
L.!&%+w!2_!3;+!(,E$%-;+/!$%3+')3,'+!^-++!)E2&+a7!3;+!k!$21)3%2.-!-,KK+-3+/!2.!2,'!-;++3!w+'+!'+/,1+/!
32!3;'++!_2'!3;+!).)$I-%-C!+%3;+'!$+_37!'%K;3!2'!8%//$+!^3)E$+!ta`!
@,J.&!5!S!R'+Z,+.1I!2_!211,''+.1+!2_!+)1;!%8)K+!+%3;+'!)3!$+_37!8%//$+!2'!'%K;3!(2-%3%2.!
>N,8&! +3($)$3#!
!! I&O)! 2$FF.&! <$87)!
A63'4$3#! k! A! D4!
/$4&'! 4! l! DF!
d&'J! DD! t! Dt!
@-').&! DF! B! D5!
=,8.&! 4! B! D4!
;3'&()! DB! 5! DF!
D#&N3#&! FA! D! F!
!
101
L8)K+-! w+'+! K'2,(+/! %.! 2'/+'! 32! +.)E$+! 3;+%'! ).)$I-%-! %.! &%+w! 2_! E23;! 3;+%'! +&)$,)3%2.! )./!
(2-%3%2.%.K`! O+-,$3-! ^3)E$+! Aa! -;2w+/! 3;)3! 3;+! %8)K+-! 3;)3! w+'+! 82-3! -%K.%_%1).3$I! /%-$%e+/! EI!
()'3%1%().3-!w+'+!(2-%3%2.+/!EI!3;+8!)3!3;+!'%K;3!-%/+!2_!3;+!-;++3!^-12'(%2.!)./!&%(+'a!)./!3;2-+!
82-3!$%e+/!w+'+!(2-%3%2.+/!)3!3;+!$+_3!̂ ).+82.+!)./!_2'+-3a7!3;+!23;+'!2.+-!̂ 3,'3$+7!;+'E7!+)K$+a!w+'+!
+Z,)$$I!(2-%3%2.+/!)3!+%3;+'!'%K;37!$+_3!2'!8%//$+7!�F^Aa!�!DG`FF7!(!�!5755A`!!!
@! ).)$I-%-! _21,-+/! 2.$I! 2.! 3;+!82-3! $%e+/! ^).+82.+j! _2'+-3a! )./!82-3! /%-$%e+/! ^-12'(%2.j! &%(+'a!
%8)K+-!^3)E$+!Ba!-;2w+/!3;)3!(2-%3%&+$I!)(('+1%)3+/!%8)K+-!)'+!('+_+')E$I!(2-%3%2.+/!2.!3;+!$+_3!)./!
.+K)3%&+$I!)(('+1%)3+/!%8)K+-!)'+!(2-%3%2.+/!2.!3;+!'%K;3!�F^Da!�!D5`tA7!*!�!5`55D`!!
!R$(6-(($3#!
"+'%&%.K!_'28!3;+!.++/!32!;)&+!)11+--!32!)!3+1;.%Z,+!3;)3!)$$2w-!)!Z,%1e!)./!+__+13%&+!,./+'-3)./%.K!
2_! 3;+! 8+.3)$! -1;+8)! 2_! )! 3)'K+3! 1288,.%3I7! %.! 2'/+'! 32! E+! )E$+! 32! )112'/%.K$I! )/)(3! 3;+!
('+-+.3)3%2.!82/+-!/,'%.K!)!(,E$%1!('+-+.3)3%2.!2_!)!'+;)E%$%3)3%2.!('2H+137!3;%-!()(+'!;)-!3+-3+/!)!
o_$)-;q!8+3;2/2$2K%1)$!)(('2)1;`!
6;+!8+3;2/!w)-!3+-3+/!2.!Fk!-3,/+.3-!)./!12.-%-3+/!%.!')3%.K!k!%8)K+-!)./!(2-%3%2.%.K!3;+8!2.!).!
+8(3I!-;++37!/%&%/+/! %.!k!+8(3I!1)-+-7!+%3;+'!32!3;+! $+_37! 3;+!8%//$+!2'!3;+!'%K;3-%/+`!6;+! %8)K+-!
'+('+-+.3+/!12882.!).%8)$-!)./!($).3-!3;)3!12,$/!E+!12.-%/+'+/!)-!(23+.3%)$!%./%1)32'-!2_!-,11+--!
_2'!)!'+;)E%$%3)3%2.!('2H+13`!!
6;+!'+-,$3-!12._%'8+/!3;+!%.%3%)$!+T(+13)3%2.-!'+K)'/%.K!%8)K+-!)(('+1%)3+/!)-!.+K)3%&+!2'!(2-%3%&+!
2'!%.3+'8+/%)3+!EI!()'3%1%().3-`!!
6;+!'+-,$3-!w+'+!%.!$%.+!w%3;!3;2-+!2_!R+.%).2-!+)!(2V!̂ %.!('+--a!w;+'+7!%.!@')E%1!-(+)e%.K!1288,.%3%+-7!
.+K)3%&+$I!(+'1+%&+/!%3+8-!)'+!('+_+''+/!(2-%3%2.+/!)3!3;+!'%K;3!-%/+!2_!3;+!-1'++.!w;%$+!(2-%3%&+$I!
102
&%+w+/!%3+8-!)'+!E+-3!(+'1+%&+/!)3!3;+!$+_3!-%/+!2_!3;+!-1'++.`!L_!3;+-+!'+-,$3-!w+'+!%.!$%.+!w%3;!3;2-+!
;%K;$%K;3+/!%.!3;+!12.1+(3,)$!8+3)(;2'!3;+2'I7!3;+I!/%/.03!12._%'8!3;+!_%./%.K-!2_!"+!=)!R,+.3+!+)!
(2V! ^F5DAa7! 3;)3! -;2w+/! 3;)3! 1,$3,')$! 12.&+.3%2.-! /2.03! 82/,$)3+! 3;+! E2/I! -(+1%_%1! )--21%)3%2.!
E+3w++.!&)$+.1+!)./!$+_3V'%K;3!-()1+`!
6;+! 2E-+'&)3%2.! 3;)3! 3;+! $+_3! -%/+! %-! &%+w+/! (2-%3%&+$I! EI! @')E%1V-(+)e%.K! 1288,.%3%+-! 12,$/! E+!
'+$)3+/!32!3;+%'!w'%3%.Kj'+)/%.K!;)E%3-7!)112'/%.K!32!w;%1;!3;+!-+.3+.1+!+./%.K!/%'+13%2.!%-!%.!'+$)3%2.!
w%3;!3;+!128($+3+!8+).%.K!2_!3;+!-+.3+.1+!%3-+$_7!)./!3;+'+_2'+!%-!&%+w+/!)-!)!/%'+13%2.)$!2'%+.3)3%2.!
_2'! 3;+!),3;2'`! !Q2.-+Z,+.3$I7! )112,.3%.K! _2'! 3;+!8+.3)$! $)3+')$!(+'1+(3%2.-!2_! -3)e+;2$/+'-!)./!
)/)(3%.K! ('+-+.3)3%2.! 82/+-! )112'/%.K$I! 12,$/! 12.-%/+')E$I! %.1'+)-+! 3;+! 1;).1+-! 2_! '+/,1%.K!
'+-%-3).1+!)./!%.1'+)-%.K!)11+(3)E%$%3I!2_!)!('2H+130-!128(2.+.3-`!>.K2%.K!+T(+'%8+.3-!)'+!E+%.K!
3+-3+/!32!12._%'8!3;%-!12._%K,')3%2.!2.!,(!)./!/2w.!/%'+13%2.-`!L3!w2,$/!)$-2!E+!%.3+'+-3%.K!32!3+-3!
3;%-!_$)-;!3+-3!8+3;2/!2.!23;+'!-%.%-3'2&+'-+!1288,.%3%+-`!
6;+! _$)-;! 3+-3! ('+-+.3+/! %.! 3;%-! ()(+'7! w;2-+! %8($+8+.3)3%2.! .++/-! $+--! 3;).! B!8%.7! )$$2w-! 32!
,./+'-3)./!3;+!o128_2'3)E$+q!8+.3)$!-()3%)$!'+('+-+.3)3%2.!2_!3;+!3)'K+3+/!-3)e+;2$/+'-7!-;2w%.K!
3;+!('+_+''+/!(2-%3%2.!_2'!$+)-3!$%e+/!%3+8-!&-`!3;+!(2-%3%2.!_2'!82-3!$%e+/!%3+8-`!!
D6m#3i.&F8N&#)!!
6;%-!'+-+)'1;!%-!()'3!2_!)!*;"!3;+-%-!2_!_%'-3!),3;2'!)./!()'3!2_!3w2!('2H+13-!o6O::6q!)./!oO:96>O:q!
_,./+/!EI!U').3!O+-+)'1;!*'2K')8V!Q?O97!)./!Q:"O:!*'2K')8`!6;%-! %-!).!=L@!>V=%R:!12.3'%E,3%2.!
.,8E+'!9@!AAVF5DG`!!!
6;+!),3;2'-!w2,$/!$%e+!32!)1e.2w$+/K+!)./!3;).e!"'`!])$)$!6)E+$!_2'!;%-!-,((2'3!%.!/)3)!+.3'I7!)./!
/)3)! -3',13,'%.K7! Q$)%'+! U')./1;)8(-! _2'! +/%3%.K! 3;+! _%.)$! &+'-%2.! 2_! 3;%-! 8).,-1'%(3! )./! >$%&+'!
R+.%).2-!_2'!12.-3',13%&+!/%-1,--%2.-`!
!
103
I$()!3O!'&O&'&(L!
D`! W'2,%$$+37!"`7! N)K.237! Q`7!J%$;),7!@`7! W',.+$7! =`7! W'%K$%)7! ]`7! N+'-)1+7! O`7!x!O2,--+37! 9`! F5DB`!
9+.-2'IS8232'!('2(+'3%+-!2_!()-3!)13%2.-!E%)-!8+82'I!%.!)!'+12K.%3%2.!3)-e`!6071,/2/&$1(2!
#+0+(#1,7!kl^Aa7!4kGV4G4`!
F`! Q)-)-).327! "`! F55l`! :8E2/%8+.3! 2_! )E-3')13! 12.1+(3-C! K22/! )./! E)/! %.! '%K;3V)./! $+_3V
;)./+'-`!c/*#'(2!/?!9>.+#$-+')(2!6071,/2/&7!:!Y+'+#(27!PR^^ta7!tBD`!/2%C!D5`D5tkj)55DBGBA`!
t`! R+.%).2-! ]`7! X;)3+'! Q`7! x! W'2,%$$+3! "`! L.! *'+--`! @/)(3%.K! ('+-+.3)3%2.! 82/+! 32! 1,$3,')$!
E)1eK'2,./!%.!+.&%'2.8+.3)$!('2H+13-V!+__+13!2_!'+)/%.Kjw'%3%.K!;)E%3-`!;6@![+*#/2/&7!('%!
6071,/2/&7V!
A`! R+.%).2-7! ]`7! X;)3+'7! Q`7! x! W'2,%$$+37! "`! F5DG`! yv;+.! *-I1;2$2KI!J++3-! :12$2KIC! Q2K.%3%&+!
R$+T%E%$%3I!_2'!p,)''I!O+;)E%$%3)3%2.y`!v2'$/!@1)/+8I!2_!91%+.1+7!:.K%.++'%.K!)./!6+1;.2$2KI7!
L.3+'.)3%2.)$! 91%+.1+! L./+T! Dtk7! L.3+'.)3%2.)$! ]2,'.)$! 2_! J+/%1)$7! P+)$3;7! W%28+/%1)$7!
W%2+.K%.++'%.K!)./!*;)'8)1+,3%1)$!:.K%.++'%.K7!DF^Ba7!FDk!V!FFt`!!
B`! "+!=)!R,+.3+7!]`7!9).3%)K27!]`7!O28�.7!@`7!",8%3')1;+7!Q`7!x!Q)-)-).327!"`!^F5DAa`!v;+.!I2,!
3;%.e! )E2,3! %37! I2,'! ()-3! %-! %.! _'2.3! 2_! I2,C! P2w! 1,$3,'+! -;)(+-! -()3%)$! 12.1+(3%2.-! 2_!
3%8+`!6071,/2/&$1(2!01$+'1+7!QT^la7!D4GFVD4l5`!
4`! ]2'/).7! v`! O`! DlGk`! O+-32')3%2.! +12$2KIC! +12$2K%1)$! '+-32')3%2.! )-! )! 3+1;.%Z,+! _2'! E)-%1!
'+-+)'1;`!A+0)/#()$/'!+1/2/&7:!(!07'),+)$1!(..#/(1,!)/!+1/2/&$1(2!#+0+(#1,`!
k`! X;)3+'7! Q`! F5DB`! o=0#12$2K%+! )(($%Z,#+! C! ,.+! '+-(2.-)E%$%3#! -1%+.3%_%Z,+! ),! 1)''+_2,'! /+!
$0%.3+'/%-1%($%.)'%3#`!q!!^P"O!/%--+'3)3%2.aV!M.%&+'-%3#!@%TVJ)'-+%$$+`!
G`! =)e2__7!U`7!x!]2;.-2.7!J`!Dlll`!*;%$2-2(;I!%.!3;+!R$+-;!^N2$`!Aa`!?+w!I2'eC!W)-%1!E22e-`!L9W?V
D5C!5A4B5B4kAD`!
l`! =)e2__7!U`7!x!]2;.-2.7!J`!F55t`!J+3)(;2'-!w+!$%&+!EI`!F./`!;,$1(&/:!a'$<+#0$)7!/?!;,$1(&/`!
L9W?VDtC!lkGV5FF4A4G5Dt`!
104
D5`!=+!R$21y;!:`!)./!@'2.-2.7!]`!DllB`!:12$2K%+!/+!$)!'+-3),')3%2.7!/#_%.%3%2.!/+!Z,+$Z,+-!12.1+(3-!
/+!E)-+`q![()*#+0!K1$+'1+0!K/1$+)+0!B/#0!0G#$+:!FlVtB`!
DD`!J+%+'7!W`!*`7!O2E%.-2.7!J`!"`7!x!Q$2'+7!U`! =`!F55A`!v;I!K22/!K,I-!w+)'!w;%3+C!@,328)3%1!
%._+'+.1+-!)E2,3!-3%8,$,-!&)$+.1+!E)-+/!2.!E'%K;3.+--`!6071,/2/&$1(2!K1$+'1+X!PT7!GFV!Gk`!!
DF`!J+%+'7!W`!*`7!x!O2E%.-2.7!J`!"`!F554`!"2+-!o_++$%.K!/2w.q!8+).!-++%.K!/2w.m!"+('+--%&+!
-I8(328-!)./!&+'3%1)$!-+$+13%&+!)33+.3%2.`!c/*#'(2!/?!A+0+(#1,!$'!6+#0/'(2$)7X!Se7!ABDV!A4D`!!
Dt`!J+%+'7!W`!*`7!P),-+'7!"`!]`7!O2E%.-2.7!J`!"`7!R'%+-+.7!Q`!X`7!x!91;H+$/);$7!X`!F55k)`!v;)30-!oM(q!
v%3;!U2/m!N+'3%1)$!9()1+!)-!)!O+('+-+.3)3%2.!2_!3;+!"%&%.+`!c/*#'(2!/?!6+#0/'(2$)7!('%!K/1$(2!
6071,/2/&7X!bR^Ba7!4llVkD5`!!
DA`!J+%+'7!W`!*`7!O2E%.-2.7!J`!"`7!Q')w_2'/7!=`!:`7!x!@;$&+'-7!v`!]`!F55kE`!v;+.!n$%K;30!)./!n/)'e0!
3;2,K;3-!E+128+!$%K;3!)./!/)'e!'+-(2.-+-C!@__+13!E%)-+-!E'%K;3.+--!H,/K8+.3-`!9-/)$/'X!`7!
t44Vtk4`!!
DB`!J%$;),7!@`7!W'2,%$$+37!6`7!x!W'2,%$$+37!"`!F5Dt`!W%)-+-! %.!+&)$,)3%2.!2_!.+,3')$!w2'/-!/,+!32!
8232'! 128()3%E%$%3I! +__+13`! D1)(! .071,/2/&$1(7! PSS^Fa7! FAtVFAl`! /2%C!
D5`D5D4jH`)13(-I`F5Dt`54`55G`!
D4`!J%$;),7!@`7!W'2,%$$+37!6`7!x!W'2,%$$+37!"`!F5DB`!N)$+.1+S-()1+!128()3%E%$%3I!+__+13-!/+(+./!2.!
-%3,)3+/!8232'!_$,+.1I!%.!E23;!'%K;3V)./!$+_3V;)./+'-`!L,+!@*(#)+#27!c/*#'(2!/?!9>.+#$-+')(2!
6071,/2/&77!f^^Ba7!GGkVGll`!/2%CD5`D5G5jDkAk5FDG`F5DA`l4kFB4`!
Dk`!O%1;)'/-2.7!"`!Q`7!9(%&+I7!J`!]`7!W)'-)$2,7!=`!v`7!x!J1O)+7!X`!F55t`!9()3%)$!'+('+-+.3)3%2.-!
)13%&)3+/!/,'%.K!'+)$V3%8+!128('+;+.-%2.!2_!&+'E-`!;/&'$)$<+!K1$+'1+X!Q`7!k4kVkG5`!!
DG`!6;28(-2.!]`!"`!F55B`!*$).3!+&2$,3%2.!%.!3;+!J+/%3+'').+).`!>T_2'/!M.%&+'-%3I!*'+--7!>T_2'/`!
Dl`!N+)$+7! ]`!R`!F5DA`!:/%.E,'K;!;)./+/.+--! %.&+.32'IS-;2'3! _2'8C!)!'+&%-+/!&+'-%2.!E)-+/!2.!
12._%'8)32'I!_)132'!).)$I-%-`!U()+#(2$)7:!D07--+)#$+0!/?!"/%7X!"#($'!('%!;/&'$)$/'7!Pb^Fa7!D4AV!
! !
105
fS!R>A9"AA>B?!U=?=<DI=!
fSWS!BJg&6)$O(!F&!.,!)7G(&!
9%!$0)&+.%'!/+!.23'+!($).[3+!/#(+./7!1288+!$+!12._%'8+!O2E+'3-!+3!)$`!^F55la7!/+!$)!8)r3'%-+!/0,.+!
oH+,.+! /%-1%($%.+q7! $)! '+-3),')3%2.! #12$2K%Z,+7! %$! +-3! /+! .23'+! /+&2%'! /0%.&+-3%'! (2,'! )--,'+'! ,.!
8)%.3%+.!+3!$0)8#$%2')3%2.!/+-!-+'&%1+-!/+-!#12-I-3[8+-7!/+-!12..+13%&%3#-!#12$2K%Z,+-!+3!/+-!1I1$+-!
E%2$2K%Z,+-!Z,%!/#(+./+.3!/,!_2.13%2..+8+.3!/+-!#12-I-3[8+-!/#K')/#-`!
!
9%! $)! 12..)%--).1+! /+-! #12-I-3[8+-! 8#/%3+'').#+.-7! $)! 8)r3'%-+! /+-! 3+1;.%Z,+-! /0%.K#.%+'%+!
#12$2K%Z,+!3#82%K.+.3!/0%8(2'3).3+-!)&).1#+-!/,').3!1+-!/+'.%['+-!/#1+..%+-7! $+!3').-_+'3!-,'!$+!
3+'')%.!+3!$)!8%-+!+.!s,&'+!/+!1+-!3+1;.%Z,+-!'+-3+.3!)--+b!$)1,.)%'+-!.23)88+.3!/).-!$+-!8%$%+,T!
2z!/+!_2'3+-!%.3+')13%2.-!)&+1!$+-!1288,.),3#-!;,8)%.+-!.#1+--%3+.3!,.+!)(('2('%)3%2.!+3!)/2(3%2.!
/+-!8#3;2/+-!/0%.3+'&+.3%2.`!
!
=+! 12.3+T3+! /,! E)--%.!8#/%3+'').#+.7! ;23-(23! /+! E%2/%&+'-%3#7! 12.3+T3+! -21%2V(2$%3%Z,+! 3+./,! +3!
-2,&+.3!%.-3)E$+7!/#&+$2((+8+.3!/#82K')(;%Z,+!%.3+.-+7!,'E).%-)3%2.!-2,&+.3!(+,!($).%_%#+!+3!/+!
-,'1'2r3!,.+!;%-32%'+!/+!12#&2$,3%2.!/+-!;288+-!+3!/+-!()I-)K+-!Z,%!/)3+!/+(,%-!$+!.#2$%3;%Z,+7!'+./!
1+!3').-_+'3!+.12'+!($,-!128($+T+`!
!
Q288+.3! )E)%--+'! $+-! '#-%-3).1+-! /+-! /#1%/+,'-! +3! /+-! 1288,.),3#-! ;,8)%.+-! 12.1+'.#+-7! +3!
8%+,T!_)%'+!)11+(3+'!$+-!-2$,3%2.-!3+1;.%Z,+-!('2(2-#+-!m!
Q288+.3! _)%'+! +.! -2'3+! Z,+! $+-! K+.-! )11+(3+.3! 8%+,T! ,.+! 82/%_%1)3%2.! (2'3).3! -,'! $+,'!
+.&%'2..+8+.3!/+!&%+!m!
:-3V%$!(2--%E$+!/0%.%3%+'!,.!1;).K+8+.3!/0)33%3,/+!+3!,.+!82/%_%1)3%2.!128(2'3+8+.3)$+!(2'3).3!-,'!
$+-!-2$,3%2.-!('2(2-#+-!m!
:.!/0),3'+-!3+'8+-7!-288+-V.2,-!+.!8+-,'+!/+!8%+,T!_)%'+!)11+(3+'!$+-!3+1;.%Z,+-!+3!$+-!8#3;2/+-!
/0%.3+'&+.3%2.! -,'! ,.! +.&%'2..+8+.3j! #12-I-3[8+! $2'-Z,+! 1+$$+-V1%! ;+,'3+.3! $+-! (! .#$/#$! /+-!
1288,.),3#-!;,8)%.+-!12.1+'.#+-!m!
!
:.!()'3).3!/+!1+-!Z,+-3%2.-7!$+!3')&)%$!/+!1+33+!3;[-+!-0%.-1'%3!/).-!,.+!('2E$#8)3%Z,+!$%).3!#12$2K%+!
+3!(-I1;2$2K%+`!=+-!#3,/+-!'#)$%-#+-!-0)((,%+.3!-,'!/+-!12..)%--).1+-!%--,+-!/+!$)!(-I1;2$2K%+!-21%)$+!
106
+3!$)!(-I1;2$2K%+!12K.%3%&+!+3!3+.3+!/+!12.1%$%+'!$+-!('%2'%3#-!+.&%'2..+8+.3)$+-!)&+1!$+-!(+'1+(3%2.-!
+3!$+-!)33+.3+-!/+-!1288,.),3#-!;,8)%.+-`!
!
Q+!3')&)%$!/+!3;[-+!&%-+!Y!128('+./'+! $+-!'+('#-+.3)3%2.-!/+-!1288,.),3#-!;,8)%.+-!+.!&,+!/+!
12.1%$%+'!$+-!('%2'%3#-!#12$2K%Z,+-!)&+1!$+-!)33+.3+-!/+-!1288,.),3#-!;,8)%.+-!12.1+'.#+-!()'!,.!
('2H+3!+.&%'2..+8+.3)$!+.!-0)((,I).3!-,'!$+-!12..)%--).1+-!/+!$+,'!_2.13%2..+8+.3!12K.%3%_`!
=0;I(23;[-+!/+!/#()'3!#3).3!Z,0+.!)K%--).3!-,'!$+-!('21+--,-!-2,-VH)1+.3-!),!1;).K+8+.3!/0)33%3,/+7!
2.!/+&')%3! )8#$%2'+'! $)! (2--%E%$%3#! /+!8%+,T! )11+(3+'! $+! ('%.1%(+! +3! $+-! 3+1;.%Z,+-! /0%.3+'&+.3%2.!
'+$)3%_-!Y!,.+!)13%2.!-,'!$0+.&%'2..+8+.3`!!
!
:$$+!-+!/#1$%.+!+.!3'2%-!2EH+13%_-!2(#')3%2..+$-!C!!
DV! Q28('+./'+! $+! _2.13%2..+8+.3! /+-! #12-I-3[8+-! /#K')/#-! +3! $+,'-! E+-2%.-! Y! $)!
'+-3),')3%2.!#12$2K%Z,+!+.!3+'8+-!/+!8#3;2/+-!/0%.3+'&+.3%2.-!-,'!$+!3+'')%.`!
FV! Q28('+./'+! $+-! '+('#-+.3)3%2.-! /+-! 1288,.),3#-! ;,8)%.+-! ()'! ,.+! ).)$I-+! /+! $+,'!
_2.13%2..+8+.3!12K.%3%_!
tV!6+-3+'!+3!)/)(3+'!/+-!2,3%$-!/+!$)!(-I1;2$2K%+!12K.%3%&+!+3!-21%)$+!(2,'!8%+,T!12.1%$%+'!$+-!
('%2'%3#-!#12$2K%Z,+-!)&+1!$+-!)33+.3+-!/+-!1288,.),3#-!
fSXS!+'$#6$4,-T!'*(-.),)(!
*2,'! 8+33'+! Y! $0#('+,&+! 1+-! 2EH+13%_-! .2,-! )&2.-! 12./,%3! ,.+! #3,/+! ('%.1+(-! +3! A! #3,/+-!
+T(#'%8+.3)$+-!Z,%!2.3!/2..#!$%+,!Y!$)!('2/,13%2.!/+!B!)'3%1$+-!-1%+.3%_%Z,+-!^t!(,E$%#-!+3!F!-2,8%-a!
+3!4!1288,.%1)3%2.-!2')$+-!^$%-3+!+.!)..+T+a`!
=0#3,/+!('%.1+(-!^R+.%).2-!+3!)$`7!F5DkEa!'#)$%-#+!-,'!,.+!1)''%['+!),!X+-'2,).!^p)33%.+a!)!(+'8%-!/+!
82.3'+'!Z,+!$+-!(+'-2..+-!/#&+$2((+.3!/+-!'#-%-3).1+-!&%-VYV&%-!/+-!12.1+(3-!.2,&+),T!.23)88+.3!
$2'-Z,+!1+-!/+'.%+'-!-2.3!+.!'+$)3%2.!)&+1!$+,'!8%$%+,!/+!&%+`!=0)'3%1$+!)!(+'8%-!/+!8+33'+!$0)11+.3!-,'!
$0%8(2'3).1+!/+!8%+,T!128('+./'+!̂ +3!_)%'+!#&2$,+'a!$+-!(+'1+(3%2.-!/+-!(+'-2..+-!(2,'!_)%'+!E)%--+'!
$+,'!'#-%-3).1+!+3!)8#$%2'+'!$+,'!)11+(3)E%$%3#!/+-!#$#8+.3-!/0,.!('2H+3`!!
=0)'3%1$+!/+!R+.%).2-!+3!)$`7!^F5DG)a!)!128()'#!$0+__%1)1%3#!/0)(('21;+-!/%&+'-+-!/).-!$)!'#/,13%2.!/+!
'#-%-3).1+-! +3! $0)8#$%2')3%2.! /+! $y)11+(3)E%$%3#`! :.! ()'3%1,$%+'7! $0+T(#'%+.1+! -0+-3! _21)$%-#+! -,'! $)!
107
12.3'%E,3%2.! /+-! +T+'1%1+-! /+! _$+T%E%$%3#! 12K.%3%&+! +.! $+-! 128()').3! Y! /+-! )(('21;+-! $2.K,+-!
^_2'8)3%2.!-,'!$+!3+'')%.a!+3!/+-!)(('21;+-!12,'3+-!^-+.-%E%$%-)3%2.a!+3!(,%-!+.!$+-!128E%.).3!Y!/+-!
-#).1+-! /+! -+.-%E%$%-)3%2.`! Q+! 3')&)%$! )!82.3'#! Z,0%$! #3)%3! (2--%E$+! ()'! /+-! +T+'1%1+-! /+! _$+T%E%$%3#!
12K.%3%&+!/0)8#$%2'+'!$y)11+(3)E%$%3#!/+-!(+'-2..+-!1%E$#+-!()'!,.!('2H+3!/+!'+-3),')3%2.`!!
=)! -#'%+! /0+T(#'%+.1+! Z,%! )! -,%&%! )! ()'3%1,$%['+8+.3! 1%E$#! $+-! '+$)3%2.-! +.3'+! 82/%_%1)3%2.-! /+-!
(+'1+(3%2.-7!1;).K+8+.3!/0)33%3,/+-!+3!/%-(2-%3%2.!-()3%)$+-!+3!12'(2'+$$+-`!!
*)'3).3! /+-! 12..)%--).1+-! Z,%! 82.3'+.3! Z,+! $0+-()1+! )! ,.+! &)$+.1+! #823%2..+$$+7! $0)'3%1$+! /+!
R+.%).2-!+3!)$`7!^-2,8%-!Da!-0+-3!%.3#'+--#!+.!()'3%1,$%+'!Y!$)!128('#;+.-%2.!/+!$)!&)$+.1+!)33'%E,#+!
),T!/%-(2-%3%2.-!-()3%)$+-!1;+b!$+-!1288,.),3#-!$%E).)%-+-`!=+-!'#-,$3)3-!2E3+.,-!-2.3!Y!$0%.&+'-+!/+-!
)1Z,%-!/+!$)!$%33#')3,'+!C!$)!K),1;+!+-3!('#_#'#+!Y!$)!/'2%3+`!p,%!($,-!+-37!$)!(2-%3%2.!('#_#'#+!-+8E$+!
c3'+! +.! E)-! Y! K),1;+! 1+! Z,%! (2,'')%3! )&2%'! /+-! 2,&+'3,'+-! %8(2'3).3+-! /).-! $+-! (2--%E%$%3#-!
/0)/)(3)3%2.!/+-!82/+-!/+!('#-+.3)3%2.-!/+-!('2H+3-!$2'-!/+!-#).1+-!(,E$%Z,+-`!!
=+-! '#-,$3)3-! /+! 1+33+! #3,/+! )! 12./,%3! Y! -0%.3+''2K+'! -,'! $0%._$,+.1+! /,!82/+! 1,$3,'+$! /0#1'%3,'+!
^-%.%-3'2&+'-+!2,!E%1,$3,'+$a!-,'!$0)(('#1%)3%2.!/+-!2EH+3-`!=0#3,/+!/+!R+.%).2-!+3!)$`7!̂ F5DGEa!)!82.3'#!
Z,+!$+-!1288,.),3#-!)')E2(;2.+-!^#1'%3,'+!-%.%-3'2&+'-+a!.+!H,K+.3!()-!/+!$)!8c8+!_)d2.!Z,+!$+-!
1288,.),3#-!E%1,$3,'+$$+-a!$+-!%8)K+-!Z,%!$+,'!-2.3!('#-+.3#+-`!Q+33+!#3,/+!8+3!/2.1!+.!#&%/+.1+!
$0%8(2'3).1+!/0)/)(3+'!$+-!2,3%$-!/0#&)$,)3%2.!),T!1288,.),3#-`!!
:._%.7! +3! 128(3+! 3+.,! Z,+! $)! 128('#;+.-%2.! /+-! 82/+-! /+! '+('#-+.3)3%2.! -()3%)$+-! /+-!
1288,.),3#-! +-3! ,.! ('21+--,-! $2.K7! R+.%).2-! +3! )$7! ^-2,8%-! Fa! 2.3! ('2(2-#! ,.+!8#3;2/+! _$)-;!
(+'8+33).3!/+!128('+./'+!')(%/+8+.3!$+-!('#_#'+.1+-!-()3%)$+-!+3!+._%.!/0)/)(3+'!+.!_2.13%2.!$+-!
82/+-!/+!('#-+.3)3%2.`!!
fS5S!R$(6-(($3#^!.$N$)&(!&)!4&'(4&6)$%&(!!
Q+!3')&)%$!-0+-3!/#'2,$#!/).-!$+!1)/'+!/0,.!('2H+3!'#+$!/+!/#&+$2((+8+.3!/+!($).!/+!'#;)E%$%3)3%2.!-,'!
t!1)''%['+-!)E)./2..#+-!C!J)e.+7!@%3)!+$!R2e;)'!+3!J/2,e;)`!L$!)!128(3#!(2,'!$)!'#)$%-)3%2.!/+!$)!
()'3%+!(')3%Z,+!-,'!$)!122(#')3%2.!/+-!1288,.),3#-!'%&+')%.+-!/+-!t!-%3+-`!@!1+!3%3'+7!$+-!('%.1%()$+-!
$%8%3+-!+3!/#_%-!),TZ,+$-!1+33+!3;[-+!)!/~!_)%'+!_)1+!'+$[&+.3!/+!C!!
!
108
V! =)!/%__%1,$3#!/0)&2%'!)11[-!Y!,.!.28E'+!3'[-!K')./!/+!(+'-2..+-!^3)%$$+!'#/,%3+!/+-!K'2,(+-a!
Z,%! -+! (2'3+')%+.3! &2$2.3)%'+! .23)88+.3! $2'-! /0%8($%1)3%2.-! -,'! /+-! 3+8(-! 3'[-!
$2.K-!^_2'8)3%2.!-,'!$+!3+'')%.a!
V! =)!/%__%1,$3#!/,!'+1',3+8+.3!(2,'!$+!3+-3!+.!$%K.+!Z,%!.#1+--%3)%3!,.!3+8(-!/+!'#)$%-)3%2.!/+!
($,-!/+!AB!8%.!!
V! =+!/#_%!'+$)3%_!Y!'+3'2,&+'!$+-!8c8+-!(+'-2..+-!-,'!$+!3+'')%.!&,!Z,+!1+'3)%.+-!).)$I-+-!)&)%+.3!
$%+,!D!).!)('[-!$+-!('+8%['+-!+T(#'%+.1+-!
V! =0%8(2--%E%$%3#! /+! '#)$%-+'! /+-! -,%&%-! -,'! $+-!8c8+-! K'2,(+-! Y! %.3+'&)$$+-! /+! 3+8(-! ^-,%&%!
/%)1;'2.%Z,+a!!
V! M.+!12._%'8)3%2.!/+-!'#-,$3)3-!2E3+.,-!-,'!($,-!/+!(+'-2..+-!+3!-,'!($,-!/+!-%3+-!),')%+.3!#3#!
%.3#'+--).3+!+3!.0)!()-!(,!c3'+!(2--%E$+`!!
62,3+_2%-7!Y!$)!$,8%['+!/+-!'#-,$3)3-!2E3+.,-7!$)!3;[-+!82.3'+!Z,+!$0%.3+'/%-1%($%.)'%3#!+.3'+!$0#12$2K%+!
+3! $)! (-I1;2$2K%+! (2'3+! /+-! '#-,$3)3-! ('28+33+,'-! ),! .%&+),! /+! $)! _)1%$%3)3%2.! /0)11+(3)3%2.! /+-!
'#-,$3)3-! 2E3+.,-! ()'! $+-! #12$2K,+-! ()'! $+-! ()'3%+-! ('+.).3+-! .23)88+.3! /).-! $+-! ('2H+3-! Z,%!
128(2'3+.3!,.+!/%8+.-%2.!;,8)%.+!+3!%8($%Z,+.3!,.+!82/%_%1)3%2.!-,'!$0+.&%'2..+8+.3`!
=+-!12..)%--).1+-!)1Z,%-+-!()'!$)!(-I1;2$2K%+!12K.%3%&+!+3!$)!(-I1;2$2K%+!-21%)$+!(+,&+.3!c3'+!,3%$+-!
/).-! $0)(($%1)3%2.! /+! $y#12$2K%+`! L$! +-3! %8(2'3).3! /0)/)(3+'! 1+-! 2,3%$-! ),T! -(#1%_%1%3#-! /+-!
1288,.),3#-!1%E$+-!.23)88+.3!+.!3+'8+!/+!C!
•! =)! *+'1+(3%2.! +.! _2.13%2.! /+-! (')3%Z,+-! K')(;%Z,+-! ^)')E2(;2.+7! E%1,$3,'+$$+a! /+-!
1288,.),3#-!1%E$#+-`!
•! =+!*2-%3%2..+8+.3!/0,.+!%8)K+!-,'! $0#1').7!+.!_2.13%2.!/+-!('#_#'+.1+-!/+-!2EH+3-!()'! $+-!
1288,.),3#-!!
•! =)! 128E%.)%-2.! /+-!8#3;2/+-!8%T3+-! 3+$-! Z,+! $+-! +T+'1%1+-! /+! _$+T%E%$%3#! 12K.%3%&+! +3! $+-!
-#).1+-!/+! -+.-%E%$%-)3%2.!(2,'! '#/,%'+! $+-! 3+8(-!/0%.3+'&+.3%2.!+.!K)'/).3!,.+!+__%1)1%3#!
128()')E$+!),('[-!/+-!1288,.),3#-!12.1+'.#+-!()'!,.!('2H+3`!!
Q+-!2,3%$-!+3!)(('21;+-!8#3;2/2$2K%Z,+-!(+,&+.3!c3'+!_)1%$+8+.3!3').-_#')E$+-! $2'-!/+! $)!K+-3%2.!
/0),3'+-!('2E$[8+-!+.&%'2..+8+.3),T!+3!#&+.3,+$$+8+.3!/).-!32,3+!/%-1%($%.+!Z,%!%8($%Z,+.3!/+-!
1288,.),3#-! ;,8)%.+-! +3! $)! .#1+--%3#! /+! 82/%_%1)3%2.! /+! (+'1+(3%2.-! %.%3%)$+-! 3+$$+-! Z,+! /+-!
)(($%1)3%2.-!+.!J)'e+3%.K7!/+-!('#-+.3)3%2.-!/).-!$+!1)/'+!,.%&+'-%3)%'+7!2,!),3'+-`!!
=)!3;[-+!(+'8+3!/+!('2(2-+'!/+!.2,&+$$+-!(%-3+-!/+!'+1;+'1;+!(2'3).3!+.!()'3%1,$%+'!-,'!C!!
109
�! ! ! =y%._$,+.1+! /+-! ;)E%3,/+-! /+! $+13,'+! /+-! -2,-! 3%3')K+-! -,'! $0)(('#1%)3%2.! /+! $0%8)K+! /).-!
$0+-()1+!
�!!!!=0%._$,+.1+!/+!8).%(,$+'!/+-!2EH+3-!12.1'#3%-).3!$+-!-,H+3-!/+!$y#3,/+!-,'!$+,'!)(('#1%)3%2.!!
�! ! ! =)!(2--%E%$%3#!/+!/#_%.%'!/+-! 1288,.),3#-!/+! '#_#'+.1+!()'!).)$2K%+!),T!#12-I-3[8+-!/+!
'#_#'+.1+!$2'-!/,!/#&+$2((+8+.3!/+-!2,3%$-!/+!$)!(-I1;2$2K%+!-21%2V+.&%'2..+8+.3)$+`!
:.!_%.!/+!12.1$,-%2.7! %$!-+8E$+! %8(2'3).3!/+!.23+'!Z,+!$+-!t!($).-!/+!'#;)E%$%3)3%2.-!/+-!-%3+-!/+!
J)e.#7! @%3)! +$! R2,e;)'! +3!J/2,e;)! '#)$%-#-! /).-! $+! 1)/'+! /+! ('2H+3-! )..+T+-! Y! 1+33+! 3;[-+! +3!
('#-+.3#-! $2'-!/+-!/#E)3-!+3!-+--%2.-! '+$)3%_-!),! 3')&)%$!/+!1+33+! 3;[-+7!2.3! 32,-! $+-! 3'2%-!2.3!#3#!
)11+(3#-!+3!)/2(3#-!()'!$)!(2(,$)3%2.!$21)$+!+3!$+-!8,.%1%()$%3#-!+3!-2.3!+.!%.-3).1+!/+!'#)$%-)3%2.!
+__+13%&+!-,'!$+!3+'')%.`!
!
!
! !
110
[S!>#)&'O,6&!A6$&!&)!A36$*)*!L!)',#(O&')!,-T!4',)$6$&#(!
:.!128($#8+.3!/+!$)!-+.-%E%$%-)3%2.!2,!:.&%'2.8+.3)$!@w)'+.+--!Z,%!12.-%-3+!Y!1288,.%Z,+'!-,'!
/+-!Z,+-3%2.-!+.&%'2..+8+.3)$+-!-+.-%E$+-7!Y!3').-8+33'+!/+-!8+--)K+-!Y!/+-!(+'-2..+-!f!82%.-!),!
12,').3! g! (2,'! 82/%_%+'! 2,! %._$,+.1+'! /+-! )33%3,/+-! 2,! /+-! (+'1+(3%2.-! 2,! /+-! (2-%3%2.-7! .2,-!
/#_%.%--2.-!$0#&+%$!+.&%'2..+8+.3)$!2,!:.&%'2.8+.3)$!@w)e+.%.K!1288+!$0+__2'3!%.&+-3%!2,!Y!%.&+-3%'!
),('[-!/+-!(+'-2..+-!3'2(!f!#12$2!g!(2,'!3+8(#'+'!$+,'-!(2-%3%2.-!+3!$+,'-!)33%3,/+-`!=+-!2,3%$-!/+!$)!
(-I1;2$2K%+!12K.%3%&+!/#&+$2((#-!+3!3+-3#-!/).-!$+!1)/'+!/+!1+33+!3;[-+!2.3!(2,'!&21)3%2.!/0%.%3%+'!
,.+!f!2,&+'3,'+!g!/+!(+'-(+13%&+-!(2,'!f!&2%'!),3'+8+.3!g`!!
W)-#-! -,'! $+-! ('%.1%(+-! /+! $)! (-I1;2$2K%+! 12K.%3%&+7! /+! $)! 12..)%--).1+! /,! /#&+$2((+8+.3! /+-!
('21+--,-!/+!12K.%3%2.!+3!/,!1;)8(!/+-!)33%3,/+-!+3!/+!$)!(-I1;2$2K%+!-21%)$+7!1+-!2,3%$-!-2.3!)/)(3#-!
),!/28)%.+!/+! $0+.&%'2..+8+.3!+3!($,-!()'3%1,$%['+8+.3!1+$,%!/+! $0#12$2K%+!/+! $)! '+-3),')3%2.`! L$-!
(+,&+.3!.#).82%.-!3'2,&+'!$+,'-!1;)8(-!/0)(($%1)3%2.!/).-!/n),3'+-!-+13+,'-!($,-!$)'K+-!3+$-!Z,+!$)!
1;)--+7!$)!8%-+!+.!($)1+!/+!E)'')K+!Y!&21)3%2.!;I/'2#$+13'%Z,+!2,!(2,'!/+-!'+3+.,+-!/0+),!Y!,-)K+!
;,8)%.!2,!)K'%12$+7!$)!K+-3%2.!()'!$+!(�3,')K+!+3!E%+.!/0),3'+-`!
").-!,.+!)(('21;+!/0%.3+'_)1+!-1%+.1+V!-21%#3#7!1288+!1+$$+!(2'3#+!()'! $0>E-+'&)32%'+!>V=%R:7!1+!
3')&)%$! -0%.-1'%3! /).-! ,.+! /%8+.-%2.! 3').-&+'-)$+! Z,%! &%-+! Y! 8%+,T! 1288,.%Z,+'! $+-! '#-,$3)3-! +3!
('%2'%3#-! -1%+.3%_%Z,+-! 32,3!+.!)1128()K.).3!,.!('21+--,-!/+!/#1%-%2.!12._2'8+!2,!/,!82%.-!+.!
)/#Z,)3%2.!)&+1!$+-!)33+.3+-!/+-!1288,.),3#-!;,8)%.+-!12.1+'.#-`!
=0%..2&)3%2.!(2'3#+!()'!1+33+!3;[-+!12.1+'.+!C!!
•! =)!.#1+--%3#!/+!('%-+!+.!128(3+!/,!_)13+,'!/+!(+'1+(3%2.!;,8)%.+!$2'-!/,!/+-%K.!/+!('2H+3!
+.!#12$2K%+!/+!$)!'+-3),')3%2.!
•! =0,3%$%-)3%2.! /+-! 12..)%--).1+-! /+! $)! (-I1;2$2K%+! 12K.%3%&+! +3! -21%)$+! ),T! %.3+'_)1+-! )&+1!
$0#12$2K%+!/+!$)!'+-3),')3%2.!
•! =0)/)(3)3%2.! /+-! 12.1$,-%2.-! /+! $)! (+'1+(3%2.! $)3#')$%-#+! /+! $0+-()1+! ),T! 1288,.),3#-!
8#/%3+'').#+..+-!)')E2(;2.+-!+3!E%1,$3,'+$$+-!^('#_#'+.1+!1{3#!K),1;+!+3!E)-a!
•! =)! ('2(2-%3%2.! /0,.+! 8#3;2/+! R$)-;! (2,'! $)! /#_%.%3%2.! /+-! ('#_#'+.1+-! -()3%)$+-! /+-!
(+'-2..+-!1%E$+-!(+'8+33).3!/0)/)(3+'!+.!_2.13%2.!$+-!82/+-!/+!('#-+.3)3%2.!
Q+! 3')&)%$! Z,%! &%-+! Y! 12.1%$%+'! $+-! )33+.3+-! /+-! 1288,.),3#-! ;,8)%.+-! +3! $+-! ('%2'%3#-!
+.&%'2..+8+.3)$+-! -0%.-1'%3! /).-! ,.+! 12.&+'K+.1+! +.3'+! $)! -21%#3#! +3! $)! .)3,'+! +3! /).-! 1+! -+.-7!
111
'+H2%.3! $+-! ('%2'%3#-! _%T#+-! ()'! $02E-+'&)32%'+7! 1+$$+-! &%-).3! Y! '#(2./'+! Y! /+-! +.H+,T! -21%#3),T! +.!
)/)(3).3!$+-!2,3%$-!+3!$+!/%-12,'-!),T!-(#1%_%1%3#-!/+!$0),/%+.1+!1%E$#+`!
! !
112
P>PI>BU<D+d>=!
!
D`! @E+$-2.X!AV!6VX!d!O2-+.E+'KX!J`!]`!̂ DlBGa`!9I8E2$%1!(-I1;2V$2K%1C!@!82/+$!2_!)33%3,/%.)$!12K.%3%2.`!
"+,(<$/#(2!K1$+'1+7!t7!DVDt`!;33(Cjj/T`/2%`2'KjD5`D55FjE-`!
!
F`! @E'%17!]`!Q`!̂ DllA)a`!*')3%Z,+-!+3!'+('#-+.3)3%2.-!-21%)$+-`!*)'%-C!*'+--+-!M.%&+'-%3)%'+-!/+!R').1+`!
t`! @E'%17! ]`! Q`! ^DllAEa`! =02'K).%-)3%2.! %.3+'.+! /+-! '+('#-+.3)3%2.-! -21%)$+-C! -I-3[8+! 1+.3')$! +3!
-I-3[8+!(#'%(;#'%Z,+`!K)#*1)*#+0!+)!)#('0?/#-()$/'0!%+0!#+.#G0+')()$/'0!0/1$(2+07!ktVGA`!
A`! @Hb+.7! L`7! x! R%-;E+%.7! J`! ^DlG5a`! M./+'-3)./%.K! )33%3,/+-! )./! ('+/%13%.K! -21%)$!
E+;)&%2,'`!!:.K$+w22/!Q$%__-7!?`]C!*'+.3%1+VP)$$`!
B`! @$3+'7!@`! =`7!x!>((+.;+%8+'7!"`!J`! ^F55la`! 9,(('+--%.K! -+1'+1I! 3;'2,K;!8+3)12K.%3%&+! +)-+C!
Q2K.%3%&+!_$,+.1I!+.12,')K+-!-+$_V/%-1$2-,'+`!6071,/2/&$1(2!01$+'1+7!Qe^DDa7!DADAVDAF5`!
4`! @882,.7!"`!^F5DAa`!P%-32%'+!/,!=%E).!12.3+8(2')%.!C!P^fegPbSR`!R)I)'/`!
!
k`! @.+$$%7! R`7! W2'K;%7! @`! J`7! x! ?%12$+33%7! O`! ^F5DFa`! U')-(%.K! 3;+! ()%.C! 8232'! '+-2.).1+! w%3;!
/).K+'2,-!)__2'/).1+-`!;/'01$/*0'+00!('%!1/&'$)$/'7!QP^Aa7!D4FkVD4tl`!
G`! @'2.-2.7!:`! ^Dl4Ga`!"%--2.).1+!3;+2'IC!*'2K'+--!)./!('2E$+8-`!@!-2,'1+E22e7!O)./!J1?)$$I7!
Q;%1)K27!
!
l`! @'2.-2.7! :`7!x!Q)'$-8%3;7! ]`!J`! ^Dl4ta`! :__+13!2_! 3;+! -+&+'%3I!2_! 3;'+)3!2.! 3;+!/+&)$,)3%2.!2_!
_2'E%//+.!E+;)&%2'`!L,+!c/*#'(2!/?!D3'/#-(2!('%!K/1$(2!6071,/2/&7X!ff^4a7!BGAVBGG`!
!
D5`! @'2.-2.7! ]`7! R$2'+37! Q`7! =+! R$21y;7! :`7! >&)$$+7! Q`7! x! *2.3).%+'7! O`! ^Dllta`! O+-32')3%2.! )./!
'+;)E%$%3)3%2.!2_!/+K')/+/!+12-I-3+8-!%.!)'%/!)./!-+8%V)'%/!$)./-`!LL`!Q)-+!-3,/%+-!%.!92,3;+'.!
6,.%-%)7!Q+.3')$!Q;%$+!)./!?2'3;+'.!Q)8+'22.`!A+0)/#()$/'!+1/2/&77!P^ta7!D4GVDGk`!
!
DD`! @3)$$);7!@`!^F5DGa`!O+$+&+'!-,'!E)-+!/+!(;232K')(;%+-!)#'%+..+-!W%.K`!
!
DF`! @&+.).3%7! @`7! W,+3%7! "`7! U)$)3%7! U`7! x! @K$%23%7! 9`!J`! ^F55Ba`! 6').-1').%)$!8)K.+3%1! -3%8,$)3%2.!
;%K;$%K;3-!3;+!-+.-2'%8232'!-%/+!2_!+8()3;I!_2'!()%.`![()*#+!'+*#/01$+'1+7^^ka7!lBBVl45`!
113
Dt`! @&+.).3%7! @`7! Q)./%/%7! J`7! x! M'K+-%7! Q`! ^F5Dta`! N%1)'%2,-! 8232'! )13%&)3%2.! /,'%.K! )13%2.!
(+'1+(3%2.C!E+I2./!12''+$)3%2.)$!+&%/+.1+`!=#/')$+#0!$'!,*-('!'+*#/01$+'1+_!`7P^T^F7l54a`!
DA`! W)'2.7! �`! ^F5Dka`! P%-32%'+! /,! =%E).7! "+-! 2'%K%.+-! Y! .2-! H2,'-7! L(22('%$+#X! 6(#$07! BGl!
()K+-!^L9W?!lklVD5VFD5VFFGAVta`!
DB`! W)'-)$2,7!=`v`!^Dllla`!*+'1+(3,)$!-I8E2$!-I-3+8-`!"+,(<$/#(2!('%!"#($'!K1$+'1+07!FF7!BkkS445`!
D4`! W)'-)$2,7!=`v`!^F55Ga`!U'2,./+/!12K.%3%2.`!D''*(2!A+<$+C!/?!6071,/2/&77!Bl7!4DkSAB`!
Dk`! W+),&2%-7! ]`! =`7! x! ]2,$+7! O`! ^DlGDa`! 92,8%--%2.! +3! %/#2$2K%+-C! (-I1;2-21%2$2K%+! /+! $)!
')3%2.)$%-)3%2.`!6#+00+0!*'$<+#0$)($#+0!%+!=#('1+V!
DG`! W+),&2%-7!]`!=`7!x!]2,$+7!O`!N`!^Dll4a`!@!')/%1)$!3;+2'I!2_!/%--2.).1+V!9*#/.+('!8/'/&#(.,0!$'!
K/1$(2!6071,/2/&7V!L(72/#!('%!=#('1$0X![+C!h/#EX![h`!
Dl`! W+),&2%-7!]`!=`7!x!]2,$+7!O`!N`!^F5DBa`!*+'-(+13%&+-!12K.%3%&+-!+3!12./,%3+-!-21%)$+-!\f]:!;#/7('1+0!
+)!&#/*.+0!0/1$(*>`!R+.%��`!
F5`! W+),&2%-7!]`!=`7!]2,$+7!O`!N`7!x!W',.+33%7!R`!^Dllta`!Q2K.%3%&+!')3%2.)$%b)3%2.!)./!)13!')3%2.)$%b)3%2.!
%.!).!+-1)$)3%2.!2_!1288%38+.3`!"(0$1!('%!(..2$+%!0/1$(2!.071,/2/&77!PS^Da7!DVDk`!!
FD`! W+%$21e7!9`!=`7!x!P2$37!=`!:`!^F55ka`!:8E2/%+/!('+_+'+.1+!H,/K8+.3-C!Q).!$%e+)E%$%3I!E+!/'%&+.!EI!
3;+!8232'!-I-3+8m!6071,/2/&$1(2!K1$+'1+7!P^^Da7!BDVBk`!">LC!D5`DDDDjH`DA4kVlFG5`F55k`5DGAG`!
T`!
FF`! W+.2%3! U`! +3! Q28+),! @`7! ^/%'`a7! ^F55Ba7! J#/%3+'').#+7! $+-! (+'-(+13%&+-! /,! *$).! W$+,! -,'!
$0+.&%'2..+8+.3!+3!$+!/#&+$2((+8+.3`!i%$)$/'0!%+!2MD*3+!+)!62('!"2+*X!%$??*0$/'!K+*$2!
Ft`! W%$$%K7! J`! ^Dllta`! *-I1;2$2KI7! ';+32'%1! )./! 12K.%3%2.`! L,+! #+1/<+#7! /?! #,+)/#$1:! 6+#0*(0$<+!
%$01/*#0+!('%!%$01$.2$'(#$)7!$'!),+!,*-('!01$+'1+07!DDlVDt4`!!
FA`! W$2./+$7!]`!^DllBa`!W%2K#2K')(;%+C!)(('21;+!#12$2K%Z,+!+3!#&2$,3%&+`!J)--2.`!
FB`! W')/-;)w7! @`! ^F555a`! 6;+! ,-+! 2_! .)3,')$! ('21+--+-! %.! '+1$)8)3%2.�)/&).3)K+-! )./!
/%__%1,$3%+-`!U('%01(.+!('%!*#3('!.2(''$'&7!TP^FVAa7!GlVD55`!
114
F4`! W')/-;)w7!@`"`!̂ DlGka`!O+-32')3%2.C!3;+!)1%/!3+-3!_2'!+12$2KI`!L.C!O+-32')3%2.!:12$2KIC!@!9I.3;+3%1!
@(('2)1;! 32! :12$2K%1)$! O+-+)'1;! ^+/-! ]2'/).7! v`O`7! U%$(%.7! J`:`! x! @E+'7! ]`"`a`! ;(-3#$%&+!
a'$<+#0$)7!6#+007!Q)8E'%/K+7!MX7!((`!FtSFl`!
Fk`! W'+1e$+'7! 9`! ]`! ^DlGAa`! :8(%'%1)$! &)$%/)3%2.! 2_! )__+137! E+;)&%2'7! )./! 12K.%3%2.! )-! /%-3%.13!
128(2.+.3-!2_!)33%3,/+`!c/*#'(2!/?!.+#0/'(2$)7!('%!0/1$(2!.071,/2/&77!S`^4a7!DDlD`!
Q^V! W'+;87!]`!v`7!x!Q2;+.7!@`!O`!^Dl4Fa`!:T($2')3%2.-!%.!12K.%3%&+!/%--2.).1+`!B/3/E+'X![cX!aKV!
QbV! W'22e-;%'+!U7!L&'I!O7!Q)-)-).32!"`!^F5D5a`!J2/,$)3%2.!2_!8232'V8+).%.K!12.K',%3I!+__+13-!_2'!
&)$+.1+/!w2'/-`!L.!>;$--2.!97!Q)3')8E2.+7!O7!+/%32'-`!*'21++/%.K-!2_!3;+!RQ'%!D''*(2!8++)$'&!
/?!;/&'$)$<+!K1$+'1+!K/1$+)7!\;/&K1$]X!..V!PbSegPbSTV!D*0)$'X!Lj:!;/&'$)$<+!K1$+'1+!K/1$+)7V!
t5`! W'2,%$$+37! "`7! N)K.237! Q`7!J%$;),7! @`7! W',.+$7! =`7! W'%K$%)7! ]`7! N+'-)1+7! O`7! x! O2,--+37! 9`! ^F5DBa`!
9+.-2'IS8232'! ('2(+'3%+-! 2_! ()-3! )13%2.-! E%)-! 8+82'I! %.! )! '+12K.%3%2.! 3)-e`! 6071,/2/&$1(2!
#+0+(#1,7!`b^Aa7!4kGV4G4`!
tD`! Q)�)-7!]`!^F55ta`!:'K2.28�)!12K.%3%&)C!:$!+-3,/%2!/+$!-%-3+8)!12K.%3%&2!12.H,.32`!a'$<+#0$%(%!%+!
Y#('(%(`!
tF`! Q)�)-7! ]`7!p,+-)/)7! ]`[email protected]$�7!@`7!x!R)H)'/27! L`! ^F55ta`!Q2K.%3%&+! _$+T%E%$%3I!)./!)/)(3)E%$%3I! 32!
+.&%'2.8+.3)$!1;).K+-!%.!/I.)8%1!128($+T!('2E$+8V-2$&%.K!3)-e-`!9#&/'/-$107!Sf^Ba7!AGFVB5D`!
tt`! Q)-)-).327!"`!^F55la`!:8E2/%8+.3!2_!)E-3')13!12.1+(3-C!K22/!)./!E)/!%.!'%K;3V)./!$+_3V;)./+'-`!
c/*#'(2!/?!9>.+#$-+')(2!6071,/2/&7!:!Y+'+#(27!PR^^ta7!tBD`!/2%C!D5`D5tkj)55DBGBA`!
tA`! Q)-)-).327!"`!^F5D5a`!:8E2/%8+.3!2_!)E-3')13!12.1+(3-C!K22/!)./!E)/!%.!'%K;3V)./!$+_3V;)./+'-`!
c/*#'(2!/?!9>.+#$-+')(2!6071,/2/&7!:!Y+'+#(27!PR^^ta7!tBD`!/2%C!D5`D5tkj)55DBGBA`!
tB`! Q),1;+3%+'7!W`7!P,IE'+1;3-7!:`7!6;%E),$37!Q`7!x!=%E).`!^Dllla`!i<(2*()$/'!+'<$#/''+-+')(2+!%+!2(!
;k)+!%*!U$3(':!A(../#)!),G-()$H*+!l.2('$?$1()$/'l`!*)'%-C!L@MOLR`!
t4`! QW"! ^DllFa! Q2.&+.3%2.! 2.! W%2$2K%1)$! "%&+'-%3I7! O%2! /+! ]).+%'27! @'K+.3%.)`! Q2.&+.3%2.! 2.!
W%2$2K%1)$!"%&+'-%3I7!;33(Cjjwww`E%2/%&`2'Kj12.&+.3%2.j`!!
!
tk`! Q%)$/%.%7!O`!W`7!Q)1%2((27!]`!6`7!W)--+337!O`7!x!J%$$+'7!]`!@`!^DlkGa`!=2wVE)$$!('21+/,'+!_2'!('2/,1%.K!
128($%).1+C!1288%38+.3!3;+.!12-3`!c/*#'(2!/?!.+#0/'(2$)7!('%!K/1$(2!6071,/2/&77!Rf^Ba7!A4t`!
115
tG`! Q$+w+$$7! @`! R`7! x! @'2.-2.7! ]`! ^F5D5a`! =)! '+-3),')3%2.! #12$2K%Z,+`! D#2+0X! D1)+0! K*%`!
Q22(+'!^DllGa`!
tl`! Q$+w+$$7!P`!]`7!U+.3'I7!*`!O`7!X+-3+'7!]`!:`7!x!@./+'-+.7!J`!:`!^F55Ba`!:&)$,)3%2.!2_!(;I-%2$2K%1)$$I!
E)-+/!(;)'8)12e%.+3%1!82/+$-!%.!'%-e!)--+--8+.3C!).!+T)8($+!w%3;!(+'1;$2'2+3;I$+.+`!;#$)$1(2!
#+<$+C0!$'!)/>$1/2/&77!RT^Ba7!ADtVAtt`!
A5`! Q?O9V=j@R"QjLMQ?jP2$1%8`! ^F5DAa`! J+/%3+'').+).! p,)''I! O+;)E%$%3)3%2.! J).,)$C! =+)'.%.K!
_'28!3;+!P2$1%8!:T(+'%+.1+`!kA((`!
AD`! Q22(+'7! ]`7!x! R)b%27! O`!P`! ^DlGAa`!@!.+w! $22e! )3! /%--2.).1+`!D%<('1+0! $'! +>.+#$-+')(2! 0/1$(2!
.071,/2/&77!P`7!FFlVF4G`!
AF`! Q2'87!U`!^F55Ba!U+!U$3('!;/')+-./#($'7!:/%3%2.-!=)!"#12,&+'3+`!^L9W?!lkGVFk5kDAk5kta!
At`! Q2''+%)7!>`7!Q$+8+.3+7!@`!9`7!Q2''+%)7!@`! L`7!J�K,)-7!Q`7!Q)'2$%.27!J`7!@_2.-27!@`!Q`7!x!J)'3%.-V
=2,d�27!J`!@`!^Dlk5a`!p,)''I!'+;)E%$%3)3%2.C!)!1)-+!-3,/I`!5ZL!L#('0(1)$/'0!/'!91/2/&7!('%!),+!
9'<$#/'-+')7!Sf`!
AA`! Q2,'1;)8(7!R`7!x!W')/-;)w7!Q`!]`!̂ F5DGa`!D55!)'3%1$+-!+&+'I!+12$2K%-3!-;2,$/!'+)/`![()*#+!+1/2/&7!
d!+</2*)$/'7!Q^Fa7!tlB`!
AB`! Q2,&+37! "`7! x! 6+I--[/'+VQ2,&+37! @`! ^F5D5a`! i12$2K%+! +3! E%2/%&+'-%3#! C! /+-! (2(,$)3%2.-! ),T!
-21%2#12-I-3[8+-`!W+$%.`!
A4`! ")'w%-;7!6`7!X;)3+'7!Q`7!]28))7!L`7!93+;2,w+'7!O`7!9;)E).7!@`7!x!P)8b#7!J`!^F5DDa`!:.&%'2.8+.3)$!
%8()13!2_!Z,)''%+-!2.!.)3,')$!'+-2,'1+-!%.!=+E).2.`!U('%!W+&#(%()$/'!d!W+<+2/.-+')7!QQ^ta7!
tABVtBG`!
Ak`! "+!$)!N+K)7!L`7!",/-1;%K7!Q`7!"+!R%$%((%-7!J`7!=)1;8)%'7!J`7!x!X),(7!W`!^F5Dta`!X++(!I2,'!;)./-!
1'2--+/C! 6;+! &)$+.1+VEIV$+_3j'%K;3! %.3+')13%2.! %-! '+$)3+/! 32! ;)./7! .23! -%/+7! %.! ).! %.12.K',+.3!
;)./S'+-(2.-+! e+I! )--%K.8+.3`! D1)(! 6071,/2/&$1(7! PSQ^Fa7! FktVFkk`! /2%CD5`D5D4jH`!
)13(-I`F5DF`DF`5DD`!
AG`! "+1+3I7!]`!x!]+)..+'2/7!J`!̂ Dll4a`!J+.3)$$I!-%8,$)3+/!82&+8+.3-!%.!&%'3,)$!'+)$%3IC!"2+-!)R%33-y-!
$)w!;2$/!%.!8232'!%8)K+'Im!"+,(<$/#(2!"#($'!A+0+(#1,7!kF7!DFkVDtA`!
116
Al`! "+1+3I7!]`!^Dll4a`!6;+!.+,'2(;I-%2$2K%1)$!E)-%-!2_!8232'!%8)K+'I`!W+;)&%2')$!W')%.A+0+(#1,7!kk7!
ABVBF`!
B5`! "2%-+7!v`!^F55ta`!D5`!@33%3,/+-!+3!'+('#-+.3)3%2.-!-21%)$+-`!L.!U+0!#+.#G0+')()$/'0!0/1$(2+0!^N2$`!
k7!((`!FA5VFBGa`!6#+00+0!a'$<+#0$)($#+0!%+!=#('1+V!
BD`! ",'e;+%87!:`!F5Dt`!6;+!',$+-!2_!-21%2$2K%1)$!8+3;2/`!?+w!+/!EI!93+&+.!=,e+-`!R'++!*'+--!?+w!
<2'e`!
BF`! :)K$I7!@`!P`7!x!Q;)%e+.7!9`!̂ Dllta`!L,+!.071,/2/&7!/?!())$)*%+0`!P)'12,'3!W')1+!]2&).2&%1;!Q2$$+K+!
*,E$%-;+'-`!
Bt`! :Q>"L67! ^F55Da`! =+E).2.! 93)3+! 2_! 3;+! :.&%'2.8+.3! O+(2'3! ^9>:Oa`! =+E).2.C! J%.%-3'I! 2_!
:.&%'2.8+.37!!
BA`! :12J+/7! F5DF`!U'++.!E+$3! ('2H+13! ('+$%8%.)'I! E%2/%&+'-%3I! )--+--8+.3! '+(2'37! =)! Q%8+.3+'%+!
?)3%2.)$+!9@=7!Q;+ee)7!=+E).2.`!!
BB`! R)K)'/7!]`7!x!");8+.7!O`!^F55ta`!6;+!+__+13-!2_!'+)/%.KVw'%3%.K!/%'+13%2.!2.!3;+!)-I88+3'I!2_!
-()1+! (+'1+(3%2.! )./! /%'+13%2.)$! 3+./+.1%+-C! @! 128()'%-2.! E+3w++.! R'+.1;! )./! 6,.%-%).!
1;%$/'+.7! =)3+')$%3IC! @-I88+3'%+-! 2_! W2/I7! W')%.! )./! Q2K.%3%2.7! GCD7! tlVBF7!
/2%CD5`D5G5jkDtkBAAkt`!
B4`! R)2,'7!U`7!N+$,37!9`7!x!N+'/+%$7!i`!^F55ka`!@3$)-!/,!=%E).C!3+''%32%'+-!+3!-21%#3#`!L.-3%3,3!_').d)%-!/,!
*'21;+V>'%+.3`!
Bk`! R+.%).2-7! ]`7!X;)3+'7!Q`7!N%K$%2.+7! ]`7!W'2,%$$+37!W`! ^F5Dk)a`! L.&)-%&+!-(+1%+-7! L.&)-%&+!8%./-mm!)!
(-I1;2!12K.%3%&+!)(('2)1;!32!).!+12$2K%1)$!('2E$+8`!L.3+'.)3%2.)$!�-e+./+',.!W)I!9I8(2-%,8!
DDVDt!>132E+'!F5Dk`!
BG`! R+.%).2-!]`7!X;)3+'!Q`7!N%K$%2.+!]`7!W'2,%$$+3!"`!^F5DkEa`!W'%/K%.K!.)3,'+!)./!;,8).!('%2'%3%+-!%.!
+12$2K%1)$! '+;)E%$%3)3%2.! ('2H+13-! V! )! -;2w! 1)-+! _'28!J+/%3+'').+).! +.&%'2.8+.3! V! p)33%.+7!
=+E).2.`!*$).3!921%2$2KI!]2,'.)$`!/2%C!D5`kttGj($-F5DkBAD9DjDt`!
117
Bl`! R+.%).2-7! ]`7! X;)3+'7! Q`7! W'2,%$$+37! "`! ^F5DG)a`! v;+.! *-I1;2$2KI! J++3! :12$2KIC! Q2K.%3%&+!
R$+T%E%$%3I! _2'!p,)''I!O+;)E%$%3)3%2.`!v2'$/!@1)/+8I!2_!91%+.1+7!:.K%.++'%.K!)./!6+1;.2$2KI7!
L.3+'.)3%2.)$! ]2,'.)$! 2_! *-I1;2$2K%1)$! )./! W+;)&%2')$! 91%+.1+-7! DF^Ba`! /)%CD5`DllljDt5kV
4GlFjD555Glkk`!
!
45`! R+.%).2-7! ]`7! X;)3+'7! Q`7! W'2,%$$+37! "`! ^F5DGEa`! @/)(3%.K! *'+-+.3)3%2.! J2/+-! 32! Q,$3,')$!
W)1eK'2,./-! %.! :.&%'2.8+.3)$! *'2H+13-C6;+!:__+13!2_!O+)/%.Kjv'%3%.K!P)E%3-`!;6@![+*#/2/&7!
('%!6071,/2/&7X!P^Da7!5DVDt`!
4D`! R+-3%.K+'!x!Q)'$-8%3;!DlBl`!Q2K.%3%&+!12.-+Z,+.1+-!2_!_2'1+/!128($%).1+`!]2,'.)$!2_!)E.2'8)$!
-21%)$!(-I1;2$2KI!BG7!F5tV!FD5!
4F`! R+-3%.K+'7!=`!^DlBka`!@!3;+2'I!2_!12K.%3%&+!/%--2.).1+`!C!93)._2'/!M.%&+'-%3I!*'+--`!!
!
4t`! R+-3%.K+'7!=`7!O%+1e+.7!P`!v`7!x!91;)1;3+'7!9`!^DlB4a`!v;+.!('2(;+1I!_)%$-`!J%..+)(2$%-7!J?7!M9`!
4A`! R%-;E+%.7!J`7! x! @Hb+.7! L`! ^DlkBa`! W+$%+_7! )33%3,/+7! %.3+.3%2.! )./! E+;)&%2'C! @.! %.3'2/,13%2.! 32!
3;+2'I!)./!'+-+)'1;`!
4B`! R%-e7! ]`! "`7! x! U22/)$+7! J`! @`! ^DlGBa`! 6;+! 2'K).%b)3%2.! 2_! +I+! )./! $%8E! 82&+8+.3-! /,'%.K!
,.'+-3'%13+/!'+)1;%.K!32!3)'K+3-!%.!12.3')$)3+')$!)./!%(-%$)3+')$!&%-,)$!-()1+`!9>.+#$-+')(2!3#($'!
#+0+(#1,7!fe^Da7!DBlVDkG`!/2%`2'KjD5`D55kjWR55Ftk5FG`!
44`! R$)8+.37! Q`! ^DllA)a`! @-(+13-! (#'%(;#'%Z,+-! /+-! '+('#-+.3)3%2.-! -21%)$+-`! K)#*1)*#+0! +)!
)#('0?/#-()$/'0!%+0!#+.#G0+')()$/'0!0/1$(2+07!GBVDDG`!
4k`! R$)8+.37! Q`! ^DllAEa`! =+! ($)%-%'! +3! $)! '#8,.#')3%2.! /).-! $)! '+('#-+.3)3%2.! -21%)$+! /,!
3')&)%$`!;(,$+#0!Z')+#'()$/'(*>!%+!6071,/2/&$+!K/1$(2+7!QR7!4DV4l`!
4G`! R'%3b7!P`!^DlBGa`!6;+!(-I1;2$2KI!2_!%.3+'(+'-2.)$!'+$)3%2.-`!L,+!c/*#'(2!/?!8(#E+)$'&7!Tf7!tFF`!
4l`! O2e+)1;7!J`!^Dl45a`!6;+!2(+.!)./!1$2-+/!8%./`!>T_2'/7!:.K$)./C!W)-%1!W22e-!
k5`! U)$$+-+7! N`! ^F55Ba`! :8E2/%+/! -%8,$)3%2.C! R'28! .+,'2.-! 32! (;+.28+.)$! +T(+'%+.1+`!
6,+'/-+'/2/&7!('%!),+!1/&'$)$<+!01$+'1+07!S^Da7!FtVAG`!
118
kD`! U)$$+-+7! N`! ^F55la`! J232'! )E-3')13%2.C! @! .+,'2-1%+.3%_%1! )112,.3! 2_! ;2w! )13%2.! K2)$-! )./!
%.3+.3%2.-!)'+!8)((+/!)./!,./+'-322/`!6071,/2/&$1(2!A+0+(#1,!6A6=7!`R^Aa7!AG4VAlG`!
kF`! U%')./2$)7! R`! ^F55ta`!6071,/2/&$+! %+! 2(! .+#0*(0$/'! +)! %+! 2m+'&(&+-+')! ^N2$`! Aa`! *'+--+-!M.%&`!
R').1;+VQ283#`!
kt`! U%')./2$)7! R`! ^F55Ba`! @13%2.! )./! 1288%38+.3! 3;+2'I`! =#+'1,! ('%! /),+#! .+#0.+1)$<+0! $'!
.#(>+/2/&77!PQ7!DDkVDt5`!
kA`! U%')./2$)7! R`7! x! ]2,$+7! O`! N`! ^F55Ga`! =)! 1288,.%1)3%2.! +.K)K+).3+`! A+<*+! G2+1)#/'$H*+! %+!
6071,/2/&$+!K/1$(2+7!Q7!ADVBD`!
kB`! U,#K,+.7!^F55Fa`!*-I1;2$2K%+!/+!$)!8).%(,$)3%2.!+3!/+!$)!-2,8%--%2.`!*)'%-`!",.2/`!
k4`! U,#K,+.7!?`7!x!J+%.+'%7!9`!^F5DFa`!6/*#H*/$!2(!'()*#+!'/*0!?($)!%*!3$+'`!",.2/`!
kk`! P)./)--);!"`7Dll4`!@!.)3%2.)$!-,'&+I!2.!Z,)''I%.K!%.!=+E).2.`!X;)3%E!x!@$)8%`!
kG`! P+%/+'7!R`!^DlA4a`!@33%3,/+-!)./!12K.%3%&+!2'K).%b)3%2.`!L,+!c/*#'(2!/?!.071,/2/&77!QP^Da7!D5kV
DDF`!
kl`! P+'2/23+`!^F5DGa`!FF!.2&+8E'+!DlAt`!L./+(+./+.1+!/,!=%E).`!!;33(-Cjjwww`;+'2/23+`.+3`!
!
G5`! P2EE-7!O`! ]`! ^F55Fa`! 6;+!+12$2K%1)$! 12.3+T3C! )! $)./-1)(+!(+'-(+13%&+`!B('%3//E!/?! 91/2/&$1(2!
A+0)/#()$/':!6#$'1$.2+0!/?!A+0)/#()$/'7!FAVA4`!
GD`!P2EE-7!O`!]`7!P%KK-7!:`!9`7!x!P)$$7!Q`!^F5Dta`!?2&+$!+12-I-3+8-C!%.3+'&+.%.K!%.!3;+!.+w!+12$2K%1)$!
w2'$/!2'/+'`!]2;.!v%$+I!x!92.-`!;33(Cjj/T`/2%`2'KjD5`D5tkj;55tll5D`!
!
GF`! ])12E-2.7!?`7!"`!W,33+'%$$7!)./!*`!U2+'%.K`!F55A`!>'K).%b)3%2.)$!_)132'-!3;)3!%._$,+.1+!,.%&+'-%3IV
E)-+/! '+-+)'1;+'-0! +.K)K+8+.3! %.! e.2w$+/K+! 3').-_+'! )13%&%3%+-`! 91%+.1+! Q288,.%1)3%2.!
FB^taCFA4V!FBl`!
Gt`! ])-8%.7! X`7!x!Q)-)-).327!"`! ^F5DFa`! 6;+!pv:O6<!:__+13C!P2w! 3I(%.K! -;)(+-! 3;+!8+).%.K-!2_!
w2'/-`!6071,/'/-$1!3*22+)$'!d!#+<$+C7!Pb^ta7!AllVB5A`!/2%C!D5`tkBGj-DtAFtV5DFV5FFlVk`!
GA`! ])-()'-7!]`7!x!R')-+'7!Q`!^DlGAa`!@33%3,/+-!)./!-21%)$!'+('+-+.3)3%2.-`!K/1$(2!#+.#+0+')()$/'07!PeP7!
Ft`!
119
GB`! ]+)..+'2/7!J`!^DllAa`!6;+!'+('+-+.3%.K!E')%.C!.+,')$!12''+$)3+-!2_!8232'!%.3+.3%2.!)./!%8)K+'I`!
"+,(<$/#(2!('%!"#($'!K1$+'1+07!Dk7!DGkVFAB`!
G4`! ]+)..+'2/7!J`!^F55Da`!?+,')$!-%8,$)3%2.!2_!)13%2.C!@!,.%_I%.K!8+1;).%-8!_2'!8232'!12K.%3%2.`!
[+*#/Z-(&+7!DA7!D5tSD5l`!
Gk`! ]+)..+'2/7! J`! ^F554a`!8/)/#! 1/&'$)$/':! 5,()! (1)$/'0! )+22! ),+! 0+2?`! >T_2'/C>T_2'/M.%&+'-%3I!
*'+--`!
GG`! ]2/+$+37!"`!^F5DBa`!A+.#G0+')()$/'0!0/1$(2+0!+)!-/'%+0!%+!<$+^N2$`!Da`!@'1;%&+-!12.3+8(2')%.+-`!
Gl`! ]2/+$+37! "`7! x! X)$)8()$%e%-7! ?`! ^F5DBa`! =+! ')I2..+8+.3! /0,.+! (+.-#+`! 3*22+)$'! %+!
.071,/2/&$+7!f^^Fa`!
l5`! ]2,$+7!O`!N`! ^F55ka`!"+! $)! 3;#2'%+!/+! $0+.K)K+8+.3!Y! $)!(#/)K2K%+!/+! $0+.K)K+8+.3`!O#,--%'!Y!
$0#12$+`!=+-!+__+3-!/+-!/%8+.-%2.-!12.)3%&+-!+.!#/,1)3%2.C!(+'-2..)$%3#7!823%&)3%2.7!+-3%8+!/+!
-2%7!128(#3+.1+-!-21%)$+-7!DtDVDAB`!
lD`! ]2,$+7!O`!N`7!x!W+),&2%-7!]`!=`!^DllGa`!"+!$)!/%--2.).1+!Y!$0+.K)K+8+.3!/).-!$)!-2,8%--%2.`!cVgUV!
"+(*</$07!FktVtD5`!
lF`! ]2,$+7! O`! N`7! x! W+'.)'/7! R`! ^F55Aa`! p,%! /%3! Z,2%7! Y! Z,%7! +.! $,%! _)%-).3! _)%'+! Z,2%m! N+'-! ,.+!
1288,.%1)3%2.!+.K)K+).3+`!6071,/2/&$+!0/1$(2+!+)!1/--*'$1()$/'7!F5BVFDG`!
lt`! X;)3+'! Q`7! ^F5DBa`! f! =0#12$2K%+! )(($%Z,#+! C! ,.+! '+-(2.-)E%$%3#! -1%+.3%_%Z,+! ),! 1)''+_2,'! /+!
$0%.3+'/%-1%($%.)'%3#`!P"O`!M.%&+'-%3#!@%TVJ)'-+%$$+`!
!
lA`! X;)3+'7!Q`!^F55Aa`!"I.)8%Z,+-!&#K#3)$+-!(2-3V(+'3,'E)3%2.-!-,'!$+-!1)''%['+-!1)$1)%'+-!),!=%E).`!
93')3#K%+-!(2,'!$y#12$2K%+!/+!$)!'+-3),')3%2.!+.!'#K%2.-!J#/%3+'').#+..+-!̂ "2132')$!/%--+'3)3%2.7!
M.%&+'-%3#!J2.3(+$$%+'!LLV91%+.1+-!+3!6+1;.%Z,+-!/,!=).K,+/21a`!
lB`! X;)3+'7!Q`7!x!J)'3%.7!@`!^F55ka`!@(($%1)3%2.!2_!'+-32')3%2.!+12$2KI!('%.1%($+-!32!3;+!(')13%1+!2_!
$%8+-32.+!Z,)''I!'+;)E%$%3)3%2.!%.!=+E).2.`!U+3('+0+!K1$+'1+!c/*#'(27!^^Da7!DlVFG`!
!
l4`! X;)3+'7!Q`7!J)'3%.7!@`7!x!J)%$$+37! ]`! ^F55ta`!9(2.3).+2,-!&+K+3)3%2.!/I.)8%1-!)./!'+-32')3%2.!
('2-(+13-!_2'!$%8+-32.+!Z,)''%+-!%.!=+E).2.`!D..2$+%!<+&+)()$/'!01$+'1+7!f^Fa7!DllVF5A`!
120
!
lk`! X;)3+'7!Q`7!O)+&+$7!N`7!9)$$).3%.7!]`7!6;28(-2.7!]`!"`7!P)8b+7!J`7!x!J)'3%.7!@`!^F5DFa`!O+-32'%.K!
+12-I-3+8-! )'2,./! 3;+! J+/%3+'').+).! E)-%.C! E+I2./! 3;+! _'2.3%+'-! 2_! +12$2K%1)$!
-1%+.1+`!A+0)/#()$/'!91/2/&77!Qe^Da7!DV4`!
!
lG`! X;)3+'7!Q`7!O)+&+$7!N`7!9)$$).3%.7!]`7!6;28(-2.7!]`!"`7!P)8b+7!J`7!x!J)'3%.7!@`!^F5DFa`!O+-32'%.K!
+12-I-3+8-! )'2,./! 3;+! J+/%3+'').+).! E)-%.C! E+I2./! 3;+! _'2.3%+'-! 2_! +12$2K%1)$!
-1%+.1+`!A+0)/#()$/'!91/2/&77!Qe^Da7!DV4`!
ll`! X%+-$+'7!Q`!@`! ^DlkDa`! 6;+!(-I1;2$2KI!2_! 1288%38+.3C! :T(+'%8+.3-! $%.e%.K!E+;)&%2'! 32!E+$%+_`!
D1(%+-$1!6#+00V!!
D55`!X%+-$+'7!Q`!@`!̂ Dlkka`!6;+!3')%.%.K!2_!(-I1;%)3'%-3-!)./!(-I1;2$2K%-3-`!D-+#$1('!6071,/2/&$0)7!RQ^Fa7!
D5k`!
D5D`!X2,I2,8H%).7! P`! x! P)8b+7! J`! ^F5DFa`! A+<$+C! ('%! .+#0.+1)$<+0! /?! +'<$#/'-+')(2! 0)*%$+0! $'!
U+3('/'`!?)3%2.)$!Q2,.1%$!_2'!91%+.3%_%1!O+-+)'1;`!
!
D5F`!J)1J);2.7! ]`!@`! ^DlGka`!"%-3,'E+/! $)./-!)./!+12$2K%1)$! 3;+2'IC!).!+--)I!)E2,3!)!8,3,)$%-3%1!
)--21%)3%2.`!A+0)/#()$/'!+12$2KIC!)!-I.3;+3%1!)(('2)1;!32!+12$2K%1)$!'+-+)'1;7!FFDVFtk`!
D5t`!J)'3%.%+7!J`!@`7!x!]2,$+7!O`!N`!^F55Aa`!Q;).K+8+.3!/y)33%3,/+!+3!_),--+!)33'%E,3%2.C!+__+3!/+!$)!
1+.3')3%2.!-,'!$+!128(2'3+8+.3!/+!-2,8%--%2.`!Um(''G+!6071,/2/&$H*+7!PeS^ta7!BDkVBtB`!
D5A`!J1U,%'+7! v`! ]`! ^Dl45a`! "%'+13! )./! %./%'+13! (+'-,)-%&+! +__+13-! 2_! /%--2.).1+V('2/,1%.K!
8+--)K+-`!L,+!c/*#'(2!/?!D3'/#-(2!('%!K/1$(2!6071,/2/&77!fe^ta7!tBA`!
D5B`!J1U,%'+7!v`!]`!^DlGBa`!@33%3,/+-!)./!)33%3,/+!1;).K+`!L,+!,('%3//E!/?!0/1$(2!.071,/2/&77!FttV
tA4`!
D54`!J+%+'7!W`!*`7!x!O2E%.-2.7!J`!"`!^F55Aa`!v;I!3;+!-,..I!-%/+!%-!,(C!@--21%)3%2.-!E+3w++.!)__+13!
)./!&+'3%1)$!(2-%3%2.`!6071,/2/&$1(2!K1$+'1+X!PT7!FAtVFAk`!!
D5k`!J+%+'7!W`!*`7!x!O2E%.-2.7!J`!"`! ^F554a`!"2+-!o_++$%.K!/2w.q!8+).!-++%.K!/2w.m!"+('+--%&+!
-I8(328-!)./!&+'3%1)$!-+$+13%&+!)33+.3%2.`!c/*#'(2!/?!A+0+(#1,!$'!6+#0/'(2$)7X!Se7!ABDV!A4D`!!
121
D5G`!J+%+'7!W`!*`7!P),-+'7!"`!]`7!O2E%.-2.7!J`!"`7!R'%+-+.7!Q`!X`7!x!91;H+$/);$7!X`!^F55ka`!v;)30-!oM(q!
v%3;!U2/m!N+'3%1)$!9()1+!)-!)!O+('+-+.3)3%2.!2_!3;+!"%&%.+`!c/*#'(2!/?!6+#0/'(2$)7!('%!K/1$(2!
6071,/2/&7X!bR^Ba7!4llVkD5`!!
D5l`!J+%+'7! W`! *`7! O2E%.-2.7!J`! "`7!x! Q$2'+7! U`! =`! ^F55Aa`!v;I! K22/! K,I-!w+)'!w;%3+C! @,328)3%1!
%._+'+.1+-!)E2,3!-3%8,$,-!&)$+.1+!E)-+/!2.!E'%K;3.+--`!6071,/2/&$1(2!K1$+'1+X!PT7!GFV!Gk`!!
DD5`!J+%+'7!W`!*`7!O2E%.-2.7!J`!"`7!Q')w_2'/7!=`!:`7!x!@;$&+'-7!v`!]`!^F55ka`!v;+.!n$%K;30!)./!n/)'e0!
3;2,K;3-!E+128+!$%K;3!)./!/)'e!'+-(2.-+-C!@__+13!E%)-+-!E'%K;3.+--!H,/K8+.3-`!9-/)$/'X!`7!t44V
tk4`!!
DDD`!J%$;),7!@`7!W'2,%$$+37!6`7!x!W'2,%$$+37!"`!̂ F5Dta`!W%)-+-!%.!+&)$,)3%2.!2_!.+,3')$!w2'/-!/,+!32!8232'!
128()3%E%$%3I!+__+13`!D1)(!.071,/2/&$1(7!PSS^Fa7!FAtVFAl`!/2%C!D5`D5D4jH`)13(-I`F5Dt`54`55G`!
DDF`!J%$;),7!@`7!W'2,%$$+37!6`7!x!W'2,%$$+37!"`!^F5DBa`!N)$+.1+S-()1+!128()3%E%$%3I!+__+13-!/+(+./!2.!
-%3,)3+/!8232'! _$,+.1I! %.!E23;! '%K;3V)./! $+_3V;)./+'-`!L,+!@*(#)+#27! c/*#'(2! /?! 9>.+#$-+')(2!
6071,/2/&77!f^^Ba7!GGkVGll`!/2%CD5`D5G5jDkAk5FDG`F5DA`l4kFB4`!
DDt`!J%.%-3'I!2_!:.&%'2.8+.3!oJ>:q!^F55ta`!O+(,E$%1!2_!=+E).2.!Q2-3!@--+--8+.3!2_!:.&%'2.8+.3)$!
"+K')/)3%2.!v2'$/!W).ejJ:6@*`!
DDA`!J%.%-3'I!2_!:.&%'2.8+.3!oJ>:q!^F5DBa`!O+&%-%2.jM(/)3%.K!2_!3;+!?)3%2.)$!W%2/%&+'-%3I!93')3+KI!
)./!@13%2.!*$).!^?W9@*a!)./!*'+()')3%2.!2_!3;+!B3;!?)3%2.)$!O+(2'3!^B?Oa!62!3;+!Q2.&+.3%2.!2.!
W%2$2K%1)$!"%&+'-%3I!^QW"a`!
!
DDB`!J%I)e+7!@`7!R'%+/8).7!?`!*`7!:8+'-2.7!J`!]`7!v%3be%7!@`!P`7!P2w+'3+'7!@`7!x!v)K+'7!6`!"`!^F555a`!
6;+!,.%3I!)./!/%&+'-%3I!2_!+T+1,3%&+!_,.13%2.-!)./!3;+%'!12.3'%E,3%2.-!32!128($+T!o_'2.3)$!$2E+q!
3)-e-C!@!$)3+.3!&)'%)E$+!).)$I-%-`!;/&'$)$<+!.071,/2/&77!SP^Da7!AlVD55`!
DD4`!J2$%.+'7!*`!^DllAa`!=+-!8#3;2/+-!/+!'+(#')K+!+3!/0%/+.3%_%1)3%2.!/,!.2I),!/+-!'+('#-+.3)3%2.-!
-21%)$+-`!K)#*1)*#+0!+)!)#('0?/#-()$/'0!%+0!#+.#G0+')()$/'0!0/1$(2+07!DllVFtF`!
DDk`!J2$%.+'7!*`! ^DllB)a`!@! 3w2V/%8+.-%2.)$!82/+$!2_! -21%)$! '+('+-+.3)3%2.-`!9*#/.+('! 4/*#'(2!/?!
0/1$(2!.071,/2/&77!QT^Da7!FkVA5`!
122
DDG`!J2$%.+'7! *`! ^DllBEa`! ?2I),! 1+.3')$7! ('%.1%(+-! 2'K).%-)3+,'-! +3! 82/[$+! E%V/%8+.-%2..+$! /+-!
'+('#-+.3)3%2.-! -21%)$+-`! N+'-! ,.+! %.3#K')3%2.! 3;#2'%Z,+`! U+0! ;(,$+#0! $')+#'()$/'(*>! %+!
.071,/2/&$+!0/1$(2+7!Q^7!AAVBB`!
DDl`!J2$%.+'7! *`7! x! 6)_).%7! :`! ^Dllka`! @33%3,/+-! )./! -21%)$! '+('+-+.3)3%2.-C! )! 3;+2'+3%1)$! )./!
+T(+'%8+.3)$!)(('2)1;`!9*#/.+('!4/*#'(2!/?!0/1$(2!.071,/2/&77!Q`^4a7!4GkVk5F`!
DF5`!J2$%.+'7! *`7! ]2,$+7! O`! N`7! x! R$)8+.37! Q`! ^DllBa`! :--)%! 12.3'+V)33%3,/%.)$! +3! -3',13,'+! /+-!
'+('#-+.3)3%2.-!-21%)$+-`!;(,$+#0!$')+#'()$/'(*>!%+!.071,/2/&$+!0/1$(2+`!
DFD`!J2-12&%1%7! 9`! ^Dl4Da`! =)! (-I1;).)$I-+7! -2.! %8)K+! +3! -2.! (,E$%1C! #3,/+! -,'! $)! '+('#-+.3)3%2.!
-21%)$+!/+!$)!(-I1;).)$I-+V!6#+00+0!*'$<+#0$)($#+0!%+!=#('1+V!
DFF`!?%1;2$$-7!J`!:`7!W')/-;)w7!]`!=`7!x!J)33%.K$+I7!]`!W`!^F55Da`!M.%$)3+')$!;+8%-(;+'%1!)13%&)3%2.!/2+-!
.23! )__+13! _'++V&%+w%.K! (+'1+(3,)$! )-I88+3'%+-`! "#($'! ('%! ;/&'$)$/'7! Sf^DVFa7! FDlVFFt`!
/2%`2'KjD5`D5D4j95FkGVF4F4^5DaG55k5VD`!
DFt`!>$/_%+$/7! :`! :`7!v)''+.7! O`! ]`7! R+$-2.7! @`! ]`7! x! W')/_2'/7!J`! @`! ^F5Dta`! Q;)$$+.K+-! )./! _,3,'+!
/%'+13%2.-!%.!,'E).!)__2'+-3)3%2.`!c/*#'(2!/?!D..2$+%!91/2/&77!Te^Ba7!DD4lVDDkk`!
!
DFA`!>-K22/7! Q`! :`7! x! 6)..+.E),87! *`! P`! ^DlBBa`! 6;+! ('%.1%($+! 2_! 12.K',%3I! %.! 3;+! ('+/%13%2.! 2_!
)33%3,/+!1;).K+`!6071,/2/&$1(2!#+<$+C7!fQ^Da7!AF`!
DFB`!*)8E)!9`!^F5DAa`!6;+!*23+.3%)$!M-+!2_!@Z,)3%1!:12-I-3+8!_2'!:.;).1+8+.3!2_!O+;)E%$%3)3%2.!2_!
J%.%.K!9%3+C!@!Q)-+!2_!v)b2!P%$$7!6).b).%)`!p,)''I!=%_+!!
DF4`!*;%$$%(-7! ]`! ^F5DFa`! 6;+! $+&+$! )./!.)3,'+!2_! -,-3)%.)E%$%3I! _2'! 1$,-3+'-!2_! )E)./2.+/! $%8+-32.+!
Z,)''%+-!%.!3;+!-2,3;+'.!*)$+-3%.%).!v+-3!W).e`!D..2$+%!Y+/&#(.,77!RQ^Fa7!tk4VtlF`!
!
DFk`!*?M"`!^F5DGa`!O)((2'3!-,'!$+-!2EH+13%_-!/+!/#&+$2((+8+.3!/,')E$+`!
DFG`!*')3e).%-7!@`!O`!̂ DlGla`!6;+!12K.%3%&+!'+('+-+.3)3%2.!2_!)33%3,/+-`!D))$)*%+!0)#*1)*#+!('%!?*'1)$/'7!
kDVlG`!
DFl`!*')3e).%-7!@`!O`7!x!U'++.w)$/7!@`!U`! ^DlGla`!@!-21%212K.%3%&+!82/+$!2_!)33%3,/+!-3',13,'+!)./!
_,.13%2.`!L.!D%<('1+0!$'!+>.+#$-+')(2!0/1$(2!.071,/2/&7!^N2$`!FF7!((`!FABVFGBa`!@1)/+8%1!*'+--`!
123
Dt5`!*')3e).%-7! @`! O`7! W'+1e$+'7! 9`! ]`7! x! U'++.w)$/7! @`! U`! ^F5DAa`! D))$)*%+! 0)#*1)*#+! ('%! ?*'1)$/'`!
*-I1;2$2KI!*'+--`!
DtD`!O:=Xx*`!^F55Aa`!9%E$%.+!p,)''I!'+;)E%$%3)3%2.V!*;)-+!DV!9;2,_!=+E).2.`!
DtF`!O+b),$!X)'%87!@`!X`!J`7!x!X2H%8)7!P`!^F5D5a`!6;+!w;)3!)./!w;I!2_!(+'1+(3,)$!)-I88+3'%+-!%.!3;+!
&%-,)$!/28)%.`!@/&).1+-!%.!Q2K.%3%&+!*-I1;2$2KI7!4`!"2%!D5`FAkGj&D55BtV55GV55G5V4`!
Dtt`!O%1;)'/-2.7!"`!Q`7! 9(%&+I7!J`! ]`7! W)'-)$2,7! =`!v`7!x!J1O)+7!X`! ^F55ta`! 9()3%)$! '+('+-+.3)3%2.-!
)13%&)3+/!/,'%.K!'+)$V3%8+!128('+;+.-%2.!2_!&+'E-`!;/&'$)$<+!K1$+'1+X!Q`7!k4kVkG5`!!
DtA`!O%33+'7!9`!J`7!")8%).7!O`!L`7!9%82.32.7!"`!X`7!&).!W))'+.7!O`!W`7!93'%1e7!J`7!"+'e-7!]`7!x!"%He-3+';,%-7!
@`!^F5DFa`!"%&+'-%_I%.K!+T(+'%+.1+-!+.;).1+!12K.%3%&+!_$+T%E%$%3I`!c/*#'(2!/?!+>.+#$-+')(2!0/1$(2!
.071,/2/&77!S^^Aa7!l4DVl4A`!
DtB`!O2E+'3-7!=`7!932.+7!O`7!x!9,K/+.7!@`!^F55la`!6;+!'%-+!2_!'+-32')3%2.!+12$2KI`!
Dt4`!O2-+.E+'K7!J`!<`!P`7!x!P2&$)./7!Q`!QL!^Dl45a`!fQ2K.%3%&+7!)__+13%&+!)./!E+;)&%2')$!128(2.+.3-!
2_! )33%3,/+-g`!D))$)*%+!O#&('$0()$/'!('%!;,('&+:!D'!D'(270$0! /?! ;/'0$0)+'17!D-/'&!D))$)*%+!
;/-./'+')07!DVDA`!
Dtk`!91;.)$$7!9`!x!Q$2'+7!U`=`! ^F554a`!:8+'K+.3!8+).%.K! %.!)__+13%&+!-()1+C!Q2.1+(3,)$!)./!-()3%)$!
12.K',+.1+!('2/,1+-!(2-%3%&+!+&)$,)3%2.-`!L.!R2'E,-!X7!U+.3.+'!"7!O+K%+'!67!+/%32'-`!*'21++/%.K-!
2_!3;+!F43;!)..,)$!8++3%.K!2_!3;+!Q2K.%3%&+!91%+.1+!921%+3I7!J);w);7!?]C!:'$E),8`!
DtG`!91;,$3b7! *`! v`7! x! 9+)'$+8).7! @`! ^F55Fa`! O%K%/%3I! 2_! 3;2,K;3! )./! E+;)&%2'C! D55! I+)'-! 2_!
'+-+)'1;`!Y+'+)$1X!K/1$(2X!('%!Y+'+#(2!6071,/2/&7!8/'/&#(.,07!PQ^^Fa7!D4B`!!
Dtl`!9"@6=j")'V%),'%_`!F55A`!91;#8)!/y)8#.)K+8+.3!/,!6+''%32%'+!=%E).)%-V!=%E).`!
DA5`!9%82.7!=`7!U'++.E+'K7! ]`7!x!W'+;87!]`! ^DllBa`!6'%&%)$%b)3%2.C!3;+!_2'K233+.!82/+!2_!/%--2.).1+!
'+/,13%2.`!c/*#'(2!/?!.+#0/'(2$)7!('%!0/1$(2!.071,/2/&77!f^^Fa7!FAk`!
DAD`!9:O`!F55F`!921%+3I!_2'!:12$2K%1)$!O+-32')3%2.!91%+.1+!)./!!*2$%1I!v2'e%.K!U'2,(`!L,+!K9A!6#$-+#!
/'!91/2/&$1(2!A+0)/#()$/'!CCCV0+#V/#&V!F55F`!
124
!
DAF`!9(%'27!O`!]`!^DlGGa`!Q2K.%3%&+!R$+T%E%$%3I!6;+2'IC!@/&).1+/!X.2w$+/K+!@1Z,%-%3%2.!%.!L$$V93',13,'+/!
"28)%.-`!6+1;.%1)$!O+(2'3!?2`!AAD`!
DAt`!6)_).%7! :`7! x! W+$$2.7! 9`! ^F55Da`! *'%.1%(+! /0;282$2K%+! -3',13,')$+! +3! /I.)8%Z,+!
'+('#-+.3)3%2..+$$+`!U(!%7'(-$H*+!%+0!#+.#G0+')()$/'0!0/1$(2+07!D4tVDlA`!
DAA`!6;28)-7!v`!L`7!x!�.).%+1e%7!R`!^DlDGa`!L,+!6/2$0,!.+(0(')!$'!9*#/.+!('%!D-+#$1(:!8/'/&#(.,!/?!
('!$--$&#(')!&#/*.!^N2$`!Fa`!M.%&+'-%3I!2_!Q;%1)K2!*'+--`!
DAB`!6;,'-32.+7!=`!=`7!x!Q;)&+7!:`!]`!^DlFla`!6;+!8+)-,'+8+.3!2_!)33%3,/+`!
DA4`!M?:*7!QW"`! ^F5DDa`!93')3+K%1!*$).!_2'!W%2/%&+'-%3I!F5DDSF5F5!)./!3;+!@%1;%!6)'K+3-!o=%&%.K! %.!
P)'82.I!w%3;!?)3,'+q`!
DAk`!!M?PQO!9I'%)!O+K%2.)$!O+_,K++!O+-(2.-+!S!=+E).2.h`!M?PQO!9I'%)!O+K%2.)$!O+_,K++!O+-(2.-+`!
O+3'%+&+/!FG!],$I!F5Dk`!
DAG`!N).! "%KK+$+.7! O`7! x! J)''-7! O`! P`! ^F55ta`! O+-32'%.K! ($).3! 1288,.%3%+-VL.3'2/,13%2.`! D..2$+%!
n+&+)()$/'!K1$+'1+7!f^Fa7!D54VDD5`!
DAl`!N%1)'%27!Q`!J`7!O)_)$7!O`!"`7!x!@&+.).3%7!@`!^F5DBa`!Q2,.3+'_)13,)$!3;%.e%.K!)__+13-!3;+!+T1%3)E%$%3I!
2_!3;+!8232'!12'3+T`!1/#)+>7!fT7!DtlVDAG`!
DB5`!v)$e+'7!=`!O`7!x!/+$!J2')$7!O`!^F55la`!6').-%3%2.!/I.)8%1-!%.!-,11+--%2.C!%8($%1)3%2.-!_2'!')3+-7!
3')H+132'%+-!)./!'+-32')3%2.`![+C!-/%+20!?/#!+1/070)+-!%7'(-$10!('%!#+0)/#()$/'7!ttVAl`!
!
DBD`!vWQ9"!^F5DDa`!Q+8+.3!9,-3)%.)E%$%3I!L.%3%)3%&+!^Q9La`!E,-%.+--!-2$,3%2.-!_2'!)!-,-3)%.)E$+!w2'$/`!
L9W?C!lkGVtVlA5tGGVGFVk`!
!
DBF`!v++'3-7!"`]`7!x!=`O`!9)./8)..`!F55G`!W,%$/%.K!)!3w2Vw)I!-3'++3C!Q;)$$+.K+-!)./!2((2'3,.%3%+-!
_2'!1288,.%3I!+.K)K+8+.3!)3!'+-+)'1;!,.%&+'-%3%+-`!6;+!O+&%+w!2_!P%K;+'!:/,1)3%2.!tF^DaCktS
D54`!!
!
DBt`!v;%3+7! *`! 9`7! x! v)$e+'7! ]`! =`! ^Dllka`! @(('2T%8)3%.K! .)3,'+y-! &)'%)3%2.C! -+$+13%.K! )./! ,-%.K!
'+_+'+.1+!%._2'8)3%2.!%.!'+-32')3%2.!+12$2KI`!A+0)/#()$/'!91/2/&77!T^Aa7!ttGVtAl`!
125
DBA`!v2$(+'37!"`!J`7!"2I)7!X`7!x!X)w)327!J`!^F55ta`!@!,.%_I%.K!128(,3)3%2.)$!_')8+w2'e!_2'!8232'!
12.3'2$!)./!-21%)$!%.3+')13%2.`!6,$2/0/.,$1(2!L#('0(1)$/'0!/?!),+!A/7(2!K/1$+)77!tBG7!BltV45F`!
DBB`!<b+'EI37!N`7!x!Q2'.+%$$+7!>`!^DllAa`!*'2$#K28[.+-!Y!$)!(+'-,)-%2.!+3!),!1;).K+8+.3!/y)33%3,/+`!
DB4`!�)H2.17! O`! W`! ^Dl4Ga`! @33%3,/%.)$! +__+13-! 2_! 8+'+! +T(2-,'+`! c/*#'(2! /?! .+#0/'(2$)7! ('%! 0/1$(2!
.071,/2/&77!b^F(Fa7!D`!
DBk`!�)..)7!J`!*`7!x!O+8(+$7!]`!X`!^DlGGa`!@33%3,/+-C!@!.+w!$22e!)3!).!2$/!12.1+(3`!L.C!W)'V6)$7!"`!)./!
X',K$).-e%7! @`v`7! :/-`7! 6;+! 921%)$! *-I1;2$2KI! 2_! X.2w$+/K+7! Q)8E'%/K+! M.%&+'-%3I! *'+--7!
Q)8E'%/K+7!MX7!tDBVttA`!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
126
D??=V=!
!
D')$6.&(!A6$&#)$O$E-&(!
!D`! R+.%).2-!]`7!X;)3+'!Q`7!N%K$%2.+!]`7!W'2,%$$+3!"`!̂ 92,8%-a`!P2w!/2!w+!(+'1+%&+!).%8)$-!)./!($).3-m!
Q2.3'%E,3%2.!2_!-()3%)$!12K.%3%2.!32!+12$2K%1)$!'+;)E%$%3)3%2.!('2H+13-`!=#/')$+#0!Z'!6071,/2/&7V!
!
F`! R+.%).2-!]`7!X;)3+'!Q`7!N%K$%2.+!]`7!W'2,%$$+3!"`!^92,8%-a`!@!-%8($+!322$!32!)112,.3!_2'!3;+!-()3%)$!
-(+1%_%1%3%+-! 2_! -3)e+;2$/+'-! %.! +12$2K%1)$! '+;)E%$%3)3%2.! ('2H+13-C! )! R$)-;! 3+-3`! 91/2/&$(!
8+%$)+##('+(!
t`! R+.%).2-7! ]`7! X;)3+'7! Q`7! W'2,%$$+37! "`! ^F5DG)a`! v;+.! *-I1;2$2KI! J++3! :12$2KIC! Q2K.%3%&+!
R$+T%E%$%3I!_2'!p,)''I!O+;)E%$%3)3%2.`!v2'$/!@1)/+8I!2_!91%+.1+7!:.K%.++'%.K!)./!6+1;.2$2KI7!
L.3+'.)3%2.)$! ]2,'.)$! 2_! *-I1;2$2K%1)$! )./! W+;)&%2')$! 91%+.1+-7! DF^Ba`! /)%CD5`DllljDt5kV
4GlFjD555Glkk`!
A`! R+.%).2-7! ]`7! X;)3+'7! Q`7! W'2,%$$+37! "`! ^F5DGEa`! @/)(3%.K! *'+-+.3)3%2.! J2/+-! 32! Q,$3,')$!
W)1eK'2,./-!%.!:.&%'2.8+.3)$!*'2H+13-C6;+!:__+13!2_!O+)/%.Kjv'%3%.K!P)E%3-`!;6@![+*#/2/&7!
('%!6071,/2/&7X!P^Da7!5DVDt`!
B`! R+.%).2-!]`7!X;)3+'!Q`7!N%K$%2.+!]`7!W'2,%$$+3!"`!^F5Dka`!W'%/K%.K!.)3,'+!)./!;,8).!('%2'%3%+-!%.!
+12$2K%1)$! '+;)E%$%3)3%2.!('2H+13-! V! )! -;2w!1)-+! _'28!J+/%3+'').+).!+.&%'2.8+.3! V!p)33%.+7!
=+E).2.`!*$).3!921%2$2KI!]2,'.)$`!/2%C!D5`kttGj($-F5DkBAD9DjDt`!
!
!
!
!
!
!
!
127
93NN-#$6,)$3#(!3',.&(!
!
D`! R+.%).2-7! ]`7! X;)3+'7! Q`7! W'2,%$$+37! "`! ^F5DGa`! v;+.! *-I1;2$2KI! J++3! :12$2KIC! Q2K.%3%&+!
R$+T%E%$%3I!_2'!p,)''I!O+;)E%$%3)3%2.`!LQ:*!F5DGCF53;!L.3+'.)3%2.)$!Q2._+'+.1+!2.!:.&%'2.8+.3)$!
*-I1;2$2KI`!@8-3+'/)87!D5VDD!J)I!F5DG`!
F`! R+.%).2-7! ]`7!X;)3+'7!Q`7!W'2,%$$+37!"`7! ^F5DGa`!:-()1+!+3!#823%2.-! C!)((2'3-!/+! $)!(-I1;2$2K%+!
+.&%'2..+8+.3)$+!),T!('2H+3-!/+!'+-3),')3%2.!#12$2K%Z,+`!O:N:Ol!C!O:N:O!+3!=@L99:OVR@LO:!m!
@'$+-!V!R').1+V!AV4!)&'%$`!F5DG`!
t`! R+.%).2-7! ]`7! X;)3+'7! Q`7! W'2,%$$+37! "`7! ^F5DGa`! v;+.! *-I1;2$2KI! J++3! :12$2KIC! Q2K.%3%&+!
R$+T%E%$%3I!_2'!p,)''I!O+;)E%$%3)3%2.`!LQ:*!F5DGCF53;!L.3+'.)3%2.)$!Q2._+'+.1+!2.!:.&%'2.8+.3)$!
*-I1;2$2KI`!@8-3+'/)87!D5VDD!J)I!F5DG`!
A`! R+.%).2-7!]`7!X;)3+'7!Q`7!N%K$%2.+7!]`7!W'2,%$$+37!"`!^F5Dka`!L.&)-%&+!-(+1%+-7!L.&)-%&+!8%./-mm!)!(-I1;2!
12K.%3%&+!)(('2)1;!32!).!+12$2K%1)$!('2E$+8`!L.3+'.)3%2.)$!�-e+./+',.!W)I!9I8(2-%,8!DDVDt!
>132E+'!F5Dk`!
B`! R+.%).2-7! ]`7! X;)3+'7! Q`7! N%K$%2.+7! ]`! ^F5DBa`! O+-32')3%2.!w%3;! )! 3w%-3! C! +.3'+! '+-3),')3%2.! +3!
'#1$)8)3%2.!_),3V%$!&')%8+.3!1;2%-%'!m!Q2$$2Z,+!O+-3),'+'!+3!"I.)8%-+'!^O:N:O!4aV!93')-E2,'K7!
R').1+`!J)'1;!tVB!F5DB`!!
4`! R+.%).2-7!]`7!X;)3+'7!Q`7!N%K$%2.+7!]`! ^F5DBa`!O+-32')3%2.!w%3;!)!3w%-3!2'!)'3!_2'!-1%+.1+C!/2!w+!
'+)$$I!;)&+!32!1;22-+!E+3w++.!'+-32')3%2.!)./!'+1$)8)3%2.m!43;!v2'$/!Q2._+'+.1+!2.!:12$2K%1)$!
O+-32')3%2.7!^9:O!F5DBa`!J).1;+-3+'7!MX`!!FtVFk!@,K,-3!F5DB`!
!
!
!
!
!
!
!