!"   !"#$ & ''(
!"#$%&' )*"*+&, " -,&#". /#$*0 !"# %&'!()'*+' ' !,%'&(*+'*)'*+'-./0 &'!%'1+(234'*+'0 )# 53*1# 63(73 8'&39 :568; 5&3!(90 !,<!()(=&(3 )3 63(73 8'&39 )' >'%?!(+#! :68>)0 )' @#&+,A39B C >3)#! )' .'93+?&(# )# 5D>EFB GHCGB I#*+'J >'%3&+34'*+# )' @&#4#K"# 6#4'&1(39 )# L+343&3+MB
"#$%&'( )*#*+', # -,'$#. /$%*0
)(!%#*(<(9()3)' )' &'1,&!#!
,4 *#2# O#1# S! &'93KT'! '*+&'
# 5&3!(9 ' #! %3R!'! 3O&(13*#!B
E!!' 4#2(4'*+# 3<&3*A' 1'&13
)' GU '4%&'!3!0 %&'!'*+'!
Y#K34<(V,'0 %&'!'*K3
1#4,40 3!!(4 1#4# *3 NO&(13
)# F,90 %3R! V,' 1#*+3 1#4
3 '1#*#4(3 43(! )'!'*2#92()30
# 43(#& 4'&13)# 1#*!,4()#&
' # 34<('*+' (*!+(+,1(#*39
'4 !', 34<('*+' %#9R+(1# '


1#4 3 (*)'%'*)\*1(3 )3!
'7-1#9[*(3!0 *#! 3*#! ]H0 '4
V,' # +'4%# )' %'&43*\*1(3
' '9'(KT'! 4,9+(%3&+()=&(3!
43(! O&'V,'*+'!0 1#*+&(<,(*)#
>' 4#)# A'&390 3(*)3 V,'

 
!#!"#$ & ''(


&'93+(234'*+' &'1'*+'B E4
# A#2'&*# 1#*!'A,(, *'A#1(3&
3 )'%#!(K"# )3! 3&43! 1#4 #!
&'<'9)'! )3 .'*34# :.'!(!+\*1(3
%&#1'!!# V,' ),&#, )#(! 3*#!
'4 CaabB D# 13!# )' P*A#930 3

'4 GHHG0 3%?! 3 4#&+' )' !',
9R)'& /#*3! F32(4<(B
<3(7# 1&'!1(4'*+#0 1#4 '9'23)#
'*)(2()34'*+# ' <3(7#! %&'K#!
O3!'0 '!+(4,93)# %'93 '9'23K"#
1_(*'!'!e 13&31+'&(Q3 <'4 #
(4%31+# V,' # (*+'&'!!' )3 6_(*3
%#& &'1,&!#! *3+,&3(! *#! f9+(4#!
3*#! %&#2#1#,0 *"# 3%'*3! *3
'1#*#4(3 )3V,'9'! %3R!'!0 43!
+34<^4 *3 %'&1'%K"# )# &'!+#
)# 4,*)# !#<&' # %#+'*1(39 )#
'*+&' 6_(*3 ' NO&(13 3913*K#, '4
GHCG 1'&13 )' cFg GHH <(9_T'!0
,4 1&'!1(4'*+# '7+&3#&)(*=&(# *3
f9+(43 )^13)3B
1&'!1'*+' 4'9_#&(3 *# 34<('*+'
(*!+(+,1(#*390 *"# #<!+3*+'
)(!%,+3! '*2#92'*)# '4%&'!3!
%'+&#9RO'&3! '4 39A,*! %3R!'!
)3 &'A("#B
!"##"$%&%'( %3&3 '7%#&+3K"#
%&#h'+#! 1#*1'*+&3)#! '4
'*'&A(3 ' 9#AR!+(13B @#)'-!'
34%3&3)# *3 )(!%#*(<(9()3)' )'
&'1,&!#! _R)&(1#! *3 &'A("# ' ,4
4'&13)# 1#*!,4()#& %&#4(!!#&0
'4<#&3 3(*)3 %'V,'*# ' %#,1#

+'9'1#4,*(13KT'! )# 1#*+(*'*+'
O&3A4'*+3)#0 13&31+'&(Q3)# %'9#
(!#934'*+# '*+&' &'A(T'!0 %3R!'!
9#AR!+(13 ' A'&3K"#0 +&3*!4(!!"# '
)(!+&(<,(K"# )' '*'&A(3B ># %#*+#
'!!3 13&\*1(3 )' '!+&3)3!0 %#&+#!0
O'&&#2(3! ' 3'&#%#&+#!0 39^4

)' <3(73 &'*)3B
'4 Cb]# ' P*A#93 '4 CkG# 9,A3&
)' ,4 +#+39 )' ClW %3R!'!B
1 !/ 23-4/ 4/ 567-2/
5&3!(9 1#4 3 NO&(130 '4<#&3 '4
GHCH 3(*)3 &'%&'!'*+3!!'4
A9#<39 <&3!(9'(&#0 +\4 '2#9,R)#


*3 &'A("# F,<!33&(3*3 V,'0 *#
4'!4# %'&R#)#0 3%&'!'*+#,
cFg CG <(9_T'!BW 
E4 +'&4#! )' (*2'!+(4'*+#
+\4 1#*!'A,()# )'!'*2#92'&
<3!'! )' *'A?1(#! *3 NO&(13
F,<!33&(3*3B E7(!+'4 A&3*)'!
%&#h'+#! *3 =&'3 )' 4(*'&3K"#0
1#*),Q()#! %'93 j39'n 3
@'+&#<&3! +'4 _#h' ,43 3+,3K"#
(4%#&+3*+' *3 '7%9#&3K"# )'
%'+&?9'# *# #'!+' )3 NO&(130
*#+3)34'*+' '4 P*A#93 ' *3
D(A^&(30 :%&#),Q(*)# ,43 4^)(3
 
!!   !"#$ & ''(


 
)' UW 4(9 <3&&(!p)(3 )' ?9'#0
V,3!' bHm )3 !,3 %&#),K"#
*# '7+'&(#&;B
%&(*1(%394'*+' @'+&#<&3!0 j39'
&'1'*+'4'*+'0 #! A&3*)'!

13)'(3! )' O#&*'1')#&'!B
 !"#$%&'()* ,  !-.$ /01* ,
6_(*3 ^ )#4(*3*+'0 +'*)#
,9+&3%3!!3)# #! EcP 1#4#
%&(*1(%39 %3&1'(&# '1#*[4(1#
)# 1#*+(*'*+' 3O&(13*# '4
GHHaB Z (*2'!+(4'*+# 1_(*\!
' GHCC0 1#4 ,4 2#9,4' )'
1#4^&1(# +#+39 )3 #&)'4 )' cFg
C]] <(9_T'! '4 GHCC :3*+' cFg
aU <(9_T'! )#! E!+3)#! c*()#!
*# 4'!4# %'&R#)#;0 !'A,*)#
)'193&3K"# &'1'*+' )# Y(*(!+^&(#
)# 6#4^&1(# 1_(*\!B
#! '4%&^!+(4#! 1#*1')()#!
'!+(43)#! '4 cFg ]k0G <(9_T'!0
1#*+&3 cFg Ub0k <(9_T'! )#
53*1# Y,*)(39B P9^4 )3 NO&(13
)# F,90 #! (*2'!+(4'*+#!
' 1&^)(+#! 1_(*'!'! '!+"#
)# 6#*A# ' P*A#93B
 P 6_(*30 1#4 !', (*+'&'!!'
'4 &'1,&!#! *3+,&3(!0
)(O'&'*+'4'*+' )3! 3A\*1(3! )'
,43 %#!+,&3 '!+&(+34'*+'
!?1(#-34<('*+3(!0 ' %&#2()#
2#9,4' )' 13%(+39 (*2'!+()#0 3
%&'!'*K3 )3 6_(*3 *# 1#*+(*'*+'
^ %'&1'<()3 1#4 &'!+&(KT'!B P 4"#
)' #<&3 '4%&'A3)3 ^ *3 V,3!'
+#+39()3)' 1_(*'!30 3# 1#*+&=&(#
)# 4#)'9# )' *'A?1(#! )3!
3 1#*+&3+3& ,4 '9'23)# *f4'&#
)' +&3<39_3)#&'! 9#13(!B F'A,*)#
&'93+?&(# )# 53*1# Y,*)(39 '
'4%&'A3)#& %&(23)# '4 P*A#93Bb
Z,+&3 )(O'&'*K3 3 )'!+313& '*+&'
# 4#)'9# 1_(*\! ' # <&3!(9'(&#
1#4 O#&+' 3%#(# A#2'&*34'*+39
' %31#+'! V,' (*19,'4 3
1#*+&3+# )' 1#4%&3 )'!!'!
&'1,&!#!0 !', 3%#(# 9#AR!+(1# '
%&(23)3!0 ^ ,4 4#)'9# )'
!#<'&3*#0 3(*)3 V,' 1#*+3*)#
1#4 3%#(# )# 5D>EF ' )#

<&3!(9'(&3!0 %#& !'&'4 )'
%#&+' '9'23)# &'93+(234'*+'
)'43*)3! )3 %#%,93K"# '
3 3+,3K"# )'!!3! '4%&'!3!
%#)' !'& %'&1'<()3 1#4# @)"AB  
1#4 # &(!1# )' (43A'4 )#
 P 1#*1'*+&3K"# *3 ,+(9(Q3K"#
)' 4"# )' #<&3 9#139 +'4
A'&3)# '7+'&*39()3)'! %#!(+(23!
%3&3 3! 1#4,*()3)'! )'!!'!
%3R!'! o '4%&'!3! <&3!(9'(&3!
1#4# 3 j39' ' 3 Z)'<&'1_+ +\4
O#&+'! (*1'*+(2#! 3 )'!'*2#92'&

1#*!+&,(& '!1#93!0 _3<(+3K"#0
_#!%(+3(! ' %#!+#! )' !3f)'
Z! 4'&13)#! )' 13%(+3(!
*#! %3R!'! )3 NO&(13 !"#
%#,1# )'!'*2#92()#B Z R*)(1'
)' <3*13&(Q3K"# ^ <3(7#0 *3
 NO&(13 1#4# ,4 +#)#B P %&'!'*K3
)' #&A3*(!4#! 4,9+(93+'&3(!

'7+'*!30 %#&^4 )' 4#)# A'&39
%#,1# 13%(+39(Q3)30 &')' )'
3O&(13*#!B
_= ,43 O#&+' %&'!'*K3 )'
'7'4%9# )# 53*1# Y,*)(390
L*+'&*3+(#*39 I(*3*1' 6#&%#&3+(#*
:LI6;0 Y(A30 53*1# E,&#%',
)' L*2'!+(4'*+#! ' +34<^4
(*+'&*31(#*3(!0 O,*1(#*3*)#

31'!!# )'!!'! %3R!'! S! 9(*_3!
 
!%   !"#$ & ''(

!'A,&# )' 1&^)(+# 1#4 1,!+#
'9'23)#0 V,'!+T'! 34<('*+3(! '
V,'!+T'! )' !"#@/%*+!'0 1#4#
^ # 13!# )' 39A,*! %3R!'! V,'
)' #&A3*(!4#! 4,9+(93+'&3(!B
s,'!+T'! 34<('*+3(! +34<^4
%#)'4 !' 1#*!+(+,(& '4

%#& %3&+' )# 53*1# Y,*)(390
)'!+313& V,'0 '4 h,9_# )' GHCW0
3 Y(A30 (*!+(+,(K"# )# A&,%#
53*1# Y,*)(39 &'!%#*!=2'9
!#<'&3*# )' P*A#93 *# %&#h'+#
)' '7%3*!"# )3 _()&'9^+&(13 )3
634<'4<'0 *# &(# tu3*Q30 *#
239#& )' cFg UCG 4(9_T'!0 %'9#
%&3Q# )' CW 3*#!B P 1#*!+&,+#&3
1#*+&3+3)3 %3&3 3 #<&3 O#( 3
Z)'<&'1_+ ' cFg WHH 4(9_T'!
%&(23)#! (*+'&*31(#*3(!B
(*'7(!+\*1(3 )' 4'&13)#! )'
I(*3*1'(&3! )' >'!'*2#92(4'*+#
 PO&(13*3! :PP>IL; 1#*+'4%93 kW
*#4'!B >'!+'!0 239' )'!+313&
# 53*1# )' >'!'*2#92(4'*+#
3O&(13*#! 1#4# 31(#*(!+3!B
6*<&<=*&0"<+$ #%&,*."*%$
!"# _#h' %&(#&()3)' )#
>'!'*2#92(4'*+# E1#*[4(1#
%&(*1(%39 %&#2')#& )' &'1,&!#!
)' 9#*A# %&3Q# *# %3R!0 ^

<'*! ' !'&2(K#! <&3!(9'(&#!0
'7%#&+3KT'! %#& (*+'&4^)(# )#
E7%#&+3KT'! :@.ZEv;0 A'&()#
;8+$%+- )# i'!#,&# D31(#*390 '4
+&\! 4#)39()3)'!J

%3&3 %3A34'*+# S 2(!+3 3#
'7%#&+3)#& 1#4 &'1,&!#!

)(&'1(#*3)3 %&(*1(%394'*+'
<&,+# 3*,39 )' 3+^
.g ]HH 4(9_T'!B
E7%#&+=2'9 o @.ZEv @&^-

#! (*2'!+(4'*+#! '9'AR2'(!
34%9(3K"# #, 4#)'&*(Q3K"#
'7%#&+3KT'!0 ' !'&2(K#! )'
' (";&?*)'B


(8@@/%')C( :4')(3*+' )'!1#*+# )'
%3)&#*(Q3)3!0 43! # 1,!+#
&(!1# )# %&#h'+#B E4 +'&4#!
)' A3&3*+(3!0 # 5D>EF 3+,3
<3!(134'*+' '4 %3&1'&(3 1#4
<3*1#! 1&')'*1(3)#! 3 O#&*'1'&

4,9+(93+'&3(! ' # !'A,&# )'
93!+&# *# I,*)# )' 83&3*+(3
S E7%#&+3K"# :I8E;0 2(*1,93)#
3# Y(*(!+^&(# )3 I3Q'*)30
%&'!+3)3! %'93 c*("#B
6&^)(+# S E7%#&+3K"# :F56E;0
1#4%3*_(3 %&(23)3 1#*!+(+,R)3

c*("#0 3 %&'!+3K"# )' !'&2(K# )'
3*=9(!' )' &(!1# )3! #%'&3KT'! )'
4^)(# ' 9#*A# %&3Q#!0 34%3&3)3!
%'9# I8E0 13&31+'&(Q3)3!

'*2#92'*)# <'*! )' 13%(+390
)0
)' 6#4^&1(# E7+'&(#& :634'7)0
)# 6#*!'9_# )' 8#2'&*#0 ^
&'!%#*!=2'9 %'9# '*V,3)&34'*+#
#%'&3KT'! )# @.ZEv ' )# I8E0

@3&3 #%'&3KT'! )' 4'*#&
'O'+,3)3! %#& (*+'&4^)(#
13!#0 +&3+3-!' )' 9(*_3! )'
3+^ 1(*1# 3*#!0 1#4 1,!+# )'
`(<#& 43(! ,4 (@)'*$  )' &(!1#
1&')'*1(3)# *# '7+'&(#&0 '*13&A#
)# 5D>EF )' H0Wm   '
*# 5&3!(9B
,43 1#*+3-A3&3*+(30 31,4,93*)#
&'1,&!#! %3&3 # %3A34'*+#
34#&+(Q3KT'!0 )'%#!(+3)3! *,43
'(!)"?:*!!"8+&  *,4 +'&1'(&# %3R!B
!"# _(!+?&(13!0 '4 '!%'1(39
%3R!'! 1#4 #! V,3(! # 5&3!(9
1#4%3&+(9_3 ()'*+()3)' 1,9+,&39
)'1#&&'*+' )3 1#9#*(Q3K"# %#&
@#&+,A39B Z ()(#43 1#4,4 ^ ,4
'*#&4' O31(9(+3)#& )'
*'A?1(#! *3 &'A("#B
 
!'   !"#$ & ''(
 
 NO&(13 F,<!33&(3*30 P*A#93
+'4 3%&'!'*+3)# ,43 <#3
%'&O#&43*1' '1#*[4(13 *#!
3*#! &'1'*+'!B
@L5 )' P*A#93 2'4 1&'!1'*)# 3
+373! '7%&'!!(23!0 )3 #&)'4 )'
l0am '4 GHCC0 3+(*A(*)# 1'&13
cFg CG] <(9_T'! '4 GHCGB @3R!
1#4 '*#&4'! &(V,'Q3! *3+,&3(!0

3+,394'*+' 1'&13 )' GH 4(9_T'!

'*1#*+&3*)#-!' '4 +#&*# )' am
)' GHCGB P! %&'2(!T'! )#
O32#&=2'(!0 3%'!3& )# 34<('*+'
(*+'&*31(#*39 (*1'&+#0 1#4 #
1&'!1(4'*+# )# (*2'!+(4'*+# '4
'1#*#4(3B
1#*1'*+&3)3 *3 '7%9#&3K"# )'
%'+&?9'#0 1#4 ,43 %&#),K"# )'
43(! )' C0l 4(9_T'! )' <3&&(!p)(3B
 P! '7%#&+3KT'! )# %3R! !"#
1#*1'*+&3)3! '4 %'+&?9'#B
E4 GHCC0 !'A,*)# # 5DP0 )'
]k0W <(9_T'! # !'+#& %'+&#9RO'&#
1#4'&1(3(! )' P*A#93 !"# _#h'0
'4 +'&4#! )' '7%#&+3KT'!0 3
6_(*3 :bkm;0 E!+3)#! c*()#!
:GUm; ' E,&#%3 :CHm;n )# 93)#
)3! (4%#&+3KT'!0 )'!+3134-!'
' EcP :am;B
3# (4%31+# )3 `'( *# HGpCG0 )'
CWBHCBGHCG :`.6@F;0 V,' )'2'&=
+&3Q'& %&#O,*)3! 4,)3*K3! *#
!'+#& %'+&#9RO'&#0 '4 +&3*!(K"#
V,' !' (*(1(#, '4 43(# )' GHCG
' )'2'&= '!+3& 1#*19,R)3 3+^
#,+,<&# )' GHCWB
+&3*!31(#*3)3! ";;:(3")'0
%3!!34 3 !'& #<&(A3+#&(34'*+'
(*+'&*3)3! ' +&3*!31(#*3)3!
#! %3A34'*+#! 3 O#&*'1')#&'!
'!+&3*A'(&3 %#& (*+'&4^)(#
)' <3*1#! (*+'&*31(#*3(!B P!
'4%&'!3! %'+&#9RO'&3!0 (*19,!(2'
3 3*A#93*3 F#*3*A#90 %3!!34 3
!'& #<&(A3)3! 3 3<&(& 1#*+3! '4
<3*1#! *# %3R! ' 'O'+,3& +#)#!
4#')3 '!+&3*A'(&3 !'&"#
'O'+,3)#! 3%'*3! 3 *"#
&'!()'*+'! ' 3 %3&+(& )' <3*1#!
'!%'&3 &'),Q(& 3 )#93&(Q3K"#
)3 '1#*#4(30 O#&+39'1'*)# 3
4#')3 9#1390 # tu3*Q30 '9'23*)#
3 3&&'13)3K"# )' (4%#!+#! '

'4 V,'!+"# !'h34 )R!%3&'!0 3
'!+(43+(23 )# 5DP ^ )' V,' h= '4

 P '7%'1+3+(23 ^ V,' '!!'
1&'!1(4'*+# *3 9(V,()'Q )#!
<3*1#! %&#%(1(' # 3,4'*+# )#

2#9,4' )' )'%?!(+#! )# !(!+'43
<(9_T'!0 1&^)(+# )' tQ WBkUH
)' ]0lm; ' #! 3+(2#! )# !(!+'43
<(9_T'!B]
3(*)3 4,(+# <3(730 # *f4'&#
1&'!1'*)# 31'9'&3)34'*+'0
%3!!3*)# )' ]kH0 '4 GHHa0

3(*)3 1#*1'*+&' V,3!' 4'+3)'
)3! 3A\*1(3!B
%3&3 '4%&^!+(4#! 1#&%#&3+(2#!
1#4 %&3Q#! 31(43 )' ,4 3*#0
!(+,3234-!' *3! O3(73! )'
'!+&3*A'(&30 !'A,*)# # &'93+?&(#
 4+-"/* 2*+, D8&/"",  )' 3<&(9
GHCG0 )3 8#9)43* F31_!B
I(*394'*+'0 # )'!'*2#92(4'*+#
)#4^!+(1# ^ 3(*)3 ,4 %&#h'+#0
1#4 # (*(1(# )' O,*1(#*34'*+# )3
5#9!3 )' j39#&'! 9#139 %&'2(!+#
!#4'*+' %3&3 GHC]B

)' '*A'*_3&(30 &'%&'!'*+3)3
s,'(&#Q 8392"# ' EYFP0 +34<^4
+'4 34%9(3)# 3 !,3 %&'!'*K3 *3
 NO&(130 1#4 )'!+3V,' %3&3 P*A#93
' Y#K34<(V,'B E4 P*A#930
(*f4'&#! %&#h'+#! )' (*O&3'!+&,+,&3
+\4 !()# )'!'*2#92()#!0
A#2'&*# )' P*A#93 1#4 <3!' '4
1(*1# 9(*_3! )' 1&^)(+# 34%3&3)3!
%#& %&#+#1#9#! '*+&' #! A#2'&*#!
)'!'4<#9!#! h= 'O'+,3)#! *#
%'&R#)# )' GHHk 3 GHCG *#
aW #%'&3KT'! *# %3R!B E!!'
239#& 1#&&'!%#*)' 3 ab0Um )#
%3&3 # 1#*+(*'*+' 3O&(13*#0 3+^ #
4#4'*+#B P9^4 )' %&#h'+#! )'

D31(#*39 )' P)4(*(!+&3K"#
:E*3); ' )' ,4 6'*+&# )'
'7%#&+3K"# )' 'V,(%34'*+#! %3&3
<#4<'(&#! %'93 D(A3+3 6#4^&1(#
L*+'&*31(#*39B

@'+&#<&3! L*+'&*31(#*39
5&3!%'+&# 5BjB :@L55j;0
E4 P*A#93 )'!)' CalH0 3
@'+&#<&3! ^ !?1(3 '4 !'(!
V,3(! 3 %3&+(& )' GHH]0 V,3*)#
+#&*#,-!' +34<^4 #%'&3)#&3
)' +&\! )'!!'! <9#1#!B E4
1#4 # 53*1# 5i8 @31+,390
4')(3*+' 3 2'*)3 )' 4'+3)'
)' !',! 3+(2#! *# 1#*+(*'*+'0
%3&3 3 '7%9#&3K"# )' ?9'# '
A=! *3 NO&(13 '4 #%'&3K"#
V,' (&= '*2#92'& !,1,&!3(!
5'*(*0 83<"# ' D34R<(30 '
3! !,<!()(=&(3! 2)*("%/ D%/
7')F%!'( G"#@*+B  :D(A'&(3;
`+)B ' @'+&#<&3! i3*Q3*(3 `+)B
  )&."B %&'!'*+' '4 *#2'
3+,3 '4 P*A#93 )'!)' GHHUB
@#!!,( ,43 E"%+&:F'+&8)' 1#4 3
'4%&'!3 3*A#93*3 8'*(,!0 %3&3
)'!'*2#92(4'*+# 4(*'&39 ' )'
*RV,'9 ' 1#<&'B
  /<?%&?" CD+*"%%"EB (*(1(#,
' 3+,3 *3 NO&(13 %#& (*+'&4^)(#
] i373 )' 1X4<(# tu3*Q3pcF> '4 )'Q'4<&# GHCGJ a]0HHpC0HHB
 
!)   !"#$ & ''(
!')(3)3 '4 @#&+,A390 #
'!+&3)3! ' &#)#2(3! ,&<3*3!0
2(3 '7%&'!!3 '*+&' `,3*)3
' j(3*30 V,' !'&2(&= # O,+,&#
 P'&#%#&+# L*+'&*31(#*39 )'
)# P'&#%#&+# L*+'&*31(#*39
#<+'2' '7+'*!T'! )' 39A,*!
)#! 1#*+&3+#! '7(!+'*+'! ' 3
6#*+\(*'&'! )# @#&+#
@3&+(1(%3 )3 1#*!+&,K"# )3 9(*_3
)' +&3*!4(!!"# c(A'-Y3V,'93
' # 3*A#93*# 8'430 3 @393*13
6(4'*+#!0 1#*!+&,(*)# ,43
,*()3)' )' %&#),K"# *3
bHH 4(9_T'!B P %&#),K"# 3*,39
)'2'&= 3+(*A(& C0] 4(9_"# )'
+#*'93)3! )' 1(4'*+#B
,!(*3 w()&'9^+&(13 )' 63%3*)30
*3 @&#2R*1(3 )' Y393*A'B P
'4%&'!3 %#!!,( _#h' 1'&13 )'
GU 1#*+&3+#! '4 3*)34'*+# *#
%3R!0 3+,3*)# '4 (*O&3'!+&,+,&30
1#4# 3! #<&3! )# !(!+'43 2(=&(#
)' `,3*)3 ' )3 %&#2R*1(3 )'
5'*A,'930 ' *#! !'A4'*+#!
'*'&A(3 ' %&#h'+#! '!%'1(3(!B
3 1#*!+&,K"# )3 _()&'9^+&(13 )'
634<34<'0 *# &(# tu3*Q30
%&#h'+# V,'0 *3 !,3 '+3%3
)' '7%3*!"#0 1#*+#, 1#4 3
A3&3*+(3 )' &(!1# !#<'&3*#
1#*1')()3 %'93 YL8P0 3A\*1(3
)# A&,%# 53*1# Y,*)(390
1#4 3 YL8P0 3%'*3! WHm )3
%#%,93K"# )' P*A#93 +'4 _#h'
31'!!# 3 '*'&A(3 '9^+&(13 '
'!!' %&#h'+# )'2'&= 3,4'*+3&
3 13%31()3)' )' %&#),K"# )'
'*'&A(3 *# %3R!0 3+,394'*+' )'
)' WHmB
3 Z)'<&'1_+ PA&#(*),!+&(390
%#!!,( bHm )3! 3KT'! )3
 P*A#930 5(#1#40 '4 %3&1'&(3
1#4 # A&,%# 3*A#93*# >34'&
:bHm; ' 3 '!+3+39 %'+&#9RO'&3
F#*3*A#9 :GHm;B P '4%&'!3
'!+= '!+3<'9'1()3 *3 %&#2R*1(3
)' Y393*A' 1#4 # #<h'+(2# )'
%&#),Q(& WH 4(9_T'! )' 9(+&#!
)' 3Kf13& ' CbH 8x_ )'
&')' )' !,%'&4'&13)#! D#!!#
%3&1'&(3 '*+&' # A#2'&*#
)'+(*_30 '4 GHCC0 %3&1'93 )'
]lm )3! 2'*)3! )# !'+#&0
+'*)# O3+,&3)# 1#4
cFg Clb 4(9_T'!B
   %&'!'*+' *3 NO&(13
E*A'2(7 P*A#930 ,43 %3&1'&(3
1#4 # A&,%# 3*A#93*# 8'*(,!
:UHm 13)3;B P '4%&'!3
'7'1,+3 %&#h'+#! *3 =&'3
)' '*A'*_3&(3 34<('*+390
)(!+&(<,(K"# ' A'&3K"# )'
'*'&A(3 '9^+&(130 ' !'+#&'! )'
634<34<'0 '4 6,3*Q3 D#&+'B
  6*?"<,J %&(4'(&# %&#h'+#
%32(4'*+3K"# )3 %(!+3 )#
)' `,3*)3 F,9B
@3&+(1(%3 )3 (*!+393K"# )'
(*)f!+&(3! *3 r#*3 E1#*[4(13
E!%'1(39 :rEE;0 '4 j(3*3 '
*# )(!+&(+# )# 63+'+'0 39^4 )3!
1()3)'! )' w,34<#0 D'A3A'0
 P+,3 3(*)3 *#! !'A4'*+#! )'
&'!()'*1(3(!0 !(!+'43! )'
2'R1,9#!0 '+1B
(4#<(9(=&(#0 1#*!+&,K"# '
&'3<(9(+3K"# )' '!+&3)3!0 39^4
)' 43*+'& ,4 '!+39'(&# ' ,4
1'&13 )' WBHHH O,*1(#*=&(#!0
'*+&' <&3!(9'(&#! ' 3*A#93*#!B
  8+">&<*<*J 3+,3 )'!)' GHHb
*# !'A4'*+# )' i'1*#9#A(3 )3
L*O#&43K"#B
)' cFg G] <(9_T'! '4 GHCG0 '
1&'!1(4'*+# '!+(43)# %'9# LI6
%3&3 GHCW )3 #&)'4 )' km0 #
%3R! 2'4 !'*)# 392# )' A&3*)'!
%&#h'+#! +&3*!O#&43)#&'!0
(*)f!+&(3 )' '7+&3K"# )' &'1,&!#!
%&?7(4#! 3*#!0 3 '7%9#&3K"# )'
'*#&4'! &'!'&23! )' 13&2"# '
)3 531(3 )' .#2,43 )'2'4
+&3*!O#&43& # %3R!B
!' 3(*)3 %'93 9#139(Q3K"#
Z1'3*# {*)(1#0 &#+3 %3&3 6_(*3 '
{*)(30 1#4 A&3*)' %#+'*1(39 %3&3
3<&(A3& *32(#! )' A&3*)' 1393)#0
V,' %#)'&"# *# O,+,&# %&#%(1(3&
+34<^4 )#! )'43(! %3R!'! )3
&'A("# +3(! 1#4# Y393,(0 rX4<(3
' .'%f<9(13 )# 6#*A#B
 P )(!%#*(<(9()3)' )' &'1,&!#!
%&#%(1(3*)# 3 1#*!+&,K"#
'71')'*+' '7%#&+=2'9 %3&3 3
 NO&(13 )# F,9 ' 1#4 %#+'*1(39
%3&3 )(*34(Q3& 3 '1#*#4(3 3
%3&+(& )3 3A&(1,9+,&3B
E4<#&3 !'h3 ,4 )#! %3R!'! 43(!
%#<&'! )# 1#*+(*'*+' 3O&(13*#0
O32#&=2'9 %3&3 (*2'!+(4'*+#!
1#4%3&3+(234'*+' S 43(#& %3&+'
)#! %3R!'! )3 &'A("#B
)#! %&#h'+#! )' (*2'!+(4'*+#
3 3%&#23K"# )# 239#& +#+39
)' cFg W0C <(9_T'! '4 GWb
%&#h'+#!0 )#! V,3(! WGm )#
3A&(1,9+,&30 bm '4 +&3*!%#&+'!
' 1#4,*(13KT'! ' ,4 %&#h'+#
+'&4#! )' 239#& :]]m;B i&3+3-!'
)3 <3&&3A'4 _()&#'9^+&(13 )'
Y%_3*)3 Dq,u30 *3 %&#2R*1(3
)' i'+'0 1#4 13%31()3)' %&'2(!+3
)' CUHH Yx0 3,4'*+3*)#
+'4 +()# ,4 %3%'9 )' )'!+3V,' *#
%3R!B F'A,*)# '!+,)# )3 t@Y80
'4 GHCH # 5&3!(9 &'%&'!'*+#,
@#&+,A39 :CC0bm;0 F,RK30 :b0am;0
:W0km;0 w#93*)3 :W0Gm;0 .'(*#
c*()# :W0CU;0 t,u3(+ :H0am; '
L>E !(+,#,-!' *3 O3(73 )'
'7%#&+3KT'! )' Y#K34<(V,'0
'4 GHCH0 O#( 1#*1'*+&3)3
'4 39A,*! %#,1#! A&3*)'!
'4%&''*)(4'*+#!J 39,4R*(# o
cFg lbH 4(9_T'!;0 '*'&A(3
3 %3&+(& )3 _()&#'9^+&(13 )' 63_#&3
53!!3 %3&3 3 NO&(13 )# F,9 :CWm
— cFg GGH 4(9_T'!;0 +3<31#
:lm;0 A=! ' 1343&"#0 13!+3*_3
)' 13h,0 39A#)"#0 43)'(&3 '
3Kf13&B Z! %&(*1(%3(! )'!+(*#! )3!
'7%#&+3KT'! !"# 3 NO&(13 )# F,9
:WUm; ' c*("# E,&#%'(3 :C]m;0
1#4 E!%3*_3 ' @#&+,A39 !'*)#
#! )'!+(*#! 43(! (4%#&+3*+'!B
:FP>6; &'!%#*)'4 %#& CWmB
'4 GHCH #! %&(*1(%3(!
' 'V,(%34'*+#!0 2'R1,9#!0
%&#),+#! 4'+=9(1#! ' %&#),+#!
%3&1'(&#! )' (4%#&+3K"#
+#+39;0 c*("# E,&#%'(3 :Gbm;0

%#+'*1(39 %3&3 !' +&3*!O#&43&
&3)(1394'*+' *#! %&?7(4#! 3*#!0
)'2()# 3 )#(! O3+#&'!J
(; E7(!+'4 43(! )' WG <(9_T'!
# %3R! ,4 )#! %&(*1(%3(!
'7%#&+3)#&'! )# 4,*)# :3
%&#),K"# 4,*)(39 )' 13&2"#
%'93 6_(*3;B
 
$"   !"#$ & ''(
)' %^! 1f<(1#! :1#4%3&=2'(! S
)3 D#&,'A3;B
 P(*)3 !'A,*)# # .'93+?&(# )#
:(; w()&'9^+&(13 )' 63_#&3 53!!3n
:((; Y#Q39 39,4R*(#n :(((; F3!#* "+:
(3")' | A=! *3+,&39n :(2; t'*43&'
 | 3&'(3! %'!3)3!n :2; j39' | 4(*3
)' 13&2"# )' Y#3+(Q'n ' :2(; .(#
i(*+# | 4(*3 )' 13&2"#B
 P# 9#*A# )#! %&?7(4#! 3*#!0 )'
GHC] 3 GHGH0 )'2'4 '*+&3& '4
#%'&3K"# #! !'A,(*+'! %&#h'+#!J
GB E7%9#&3K"# )' ?9'# ' A=!
";;:(3")' %'93! 1#4%3*_(3!
 P*3)3&q#0 EDL0 F+3+#(90
' @'+&#*3!B
Dq,u3 :]H q4 3<3(7# )'
63_#&3 53!!3; ' 9(*_3! )'
+&3*!4(!!"# %3&3 )(!+&(<,(K"#
)#4^!+(13 ' '7%#&+3K"# )'
3# !,9 )' Y#K34<(V,'B
603&#,', $&',*.#*&', #0
<&3!(9'(&3! +\4 !' 1#*1'*+&3)#
*#! !'A4'*+#! ' '7%9#&3K"#
' %&#),K"# )' %'+&?9'# ' A=!0
' 1#*!+&,K"# 1(2(9B >'!+3134-!'
)' !'&2(K#! )' '*A'*_3&(30
 P9A,*! )'!!'! %&#h'+#! 1#*+34
<&3!(9'(&3! *# %3R!J
5(#1#4<,!+R2'9B P '4%&'!3
^ !?1(3 )3 8,3&3*(0 A&,%#
!,1&#391##9'(&# 1#*+&#93)#
%'93 i'&'#! L*+'&*31(#*39
' V,' 1#*+3 1#4 WC0bm )'
%3&+(1(%3K"# )3 @'+&#<&3!0
'4 ,43 ,!(*3 )' 3Kf13& *#
1#4 4#3A'4 )' C0G 4(9_"#
)' +#*'93)3! )' 13*3 %#&
3 @'+&#<&3! 5(#1#4<,!+R2'9
' 3 8,3&3*( 3!!(*3&34
1#4 3 '!+3+39 @'+&?9'#! )'
Y#K34<(V,' :@'+&#4#1; ,4
%&#+#1#9# )' (*+'*KT'! %3&3
%&#),Q(& ' 1#4'&1(39(Q3& '+3*#9
O'(+# 3 %3&+(& )' 4'93K#0 ,4
!,<%&#),+# )# 3Kf13&B
1#4%&#23)3! )' 43(! )' C
<(9_"# )' +#*'93)3!B P j39'
)'+^4 3 1#*1'!!"# )'!)'
 h,*_# )' GHCCB P 1#4%3*_(3
%&'2\ (*2'!+(4'*+#! )'
)' Y#3+(Q' 3+^ GHCbB
 P9^4 )# (*2'!+(4'*+# *3
UCm )3 F#1(')3)' )'
)' D31393B P 9(*_3 O^&&'3 ' #
%#&+# O#&34 #&K3)#! '4 cFg
b0b <(9_T'! :(*19,(*)# ,4
GHCH0 3 '4%&'!3 +34<^4
 h= (*2'!+(,0 %#& 4'(# )3
I,*)3K"# j39'0 1'&13 )'
*3 &'A("# )' Y#3+(Q'B P j39'
3(*)3 '!+,)3 3 2(3<(9()3)' '4
E23+'0 %3&3 3 '7%9#&3K"# )'
&#1_3 O#!O=+(13B
)' (*)(A'*(Q3K"# :!'4'9_3*+'
3KT'! )3 !,<!()(=&(3 9#139 *#
4'&13)# )' 13%(+3(! )#4^!+(1#
4#K34<(13*#B
(*O&3'!+&,+,&3 )# %&#h'+# )3
4(*3 )' 13&2"# 3 1^, 3<'&+#0
'4 Y#3+(Q'0 *3 @&#2R*1(3 )'
i'+'B
 
$#!"#$ & ''(
'7'1,K"# )' ,43 ,!(*3
%&'2\ 3 &'1,%'&3K"# )'
34%9(3K"# )# %#&+# )' 5'(&3
+'&4'9^+&(13B
<3!' 3^&'3 )' D31393 '4
3'&#%#&+# (*+'&*31(#*390 V,'
)' 1#*+&#9' ' +'&4(*3(! )'

  /<?%&?" CD+*"%%"EB (*(1(#,
'4 GHHa0 (*1'*+(23)3
1#*!+&,K"# )# @#&+# )'
13&2"# )3 j39'0 *3 53&&3A'4
Y#34<3 Y3h#&0 ' )3 #<&3 )'
&'3<(9(+3K"# )' GWH q4 )'
'!+&3)3! *3 @&#2R*1(3 )'
 h,*+34'*+' 1#4 L*!(+'1 '
E9'+&(1()3)' )' Y#K34<(V,'
Dq,u30 *# .(# r34<'Q'0
)' CBUHH YxB >'!'*2#92'
13&2"# )3 j39' '4 Y#3+(Q'0
'*2#92'*)# 3 '7+&3K"# )'
CG 4(9_T'! )' +#*'93)3!p3*#
3 1^, 3<'&+#B
6#&&\3 6(4'*+#! 3)V,(&(, 3
O=<&(13 )' 1(4'*+#! 6(*310
!')(3)3 '4 D313930 (4%#&+3*+'
&'A("# %#&+,=&(3 *# Z1'3*#
)' %&#),K"# )' WUH 4(9
#&(A'4 %#&+,A,'!3 6(4%#&
GHCG0 %#!!,( ,*()3)'! )'
39^4 )3 NO&(13 )# F,90 63<#
j'&)' ' EA(+#B
# O#1# )3 '4%&'!3 '!+=
1#*1'*+&3)# *3 %&'!+3K"#
)' !'&2(K#! *3! =&'3! )'
*'A?1(#! ' )'!'*2#92(4'*+#
 P*A#930 6#*A# ' `R<(3B
?%4,:.+%&*'
   J
1#4 3 (4%93*+3K"# )' ,43
'4%&'!3 '4 Y#K34<(V,' %3&3
%&'!+3& 3!!'!!#&(3 S I,*)3K"#
'!+,)# )' 2(3<(9()3)'0 %&#h'+#0

)' @'!V,(!3 PA&#%'1,=&(3
A#2'&*# 4#K34<(13*# '4
+&\! %&#A&343! )' 1##%'&3K"#
3A&(1,9+,&3 *# 6#&&')#& )'
D31393;0 ' @&#P9(4'*+#! :%3&3
!'A,&3*K3 39(4'*+3&;B
A'B2#
Y3%,+# # !', %&(4'(&#
GC 4(9_T'!B Z #<h'+(2# ^
1#*1'*+&3)#0 1#4 #! +&\!
43(#&'! <3*1#! )'+'*)# lUm
cFg CB] <(9_T'!0 !'A,()# %'9#
56L0 <3*1# )# A&,%# '!+3+39
%#&+,A,\! 63(73 8'&39 )'
>'%?!(+#! :68>;0 1#4
1#4 cFg H0a <(9_"#Ba
Z 3,4'*+# )3 )'43*)3
%#& &'1,&!#! ' !'&2(K#!


)' 4'+(13(! :'4 +#&*# )'
(*A&'!!# )' *#23! (*!+(+,(KT'!0
43&A'*! '9'23)3! ' +373! )'
3*# '4 +#&*# )' GHm 3B3BCC P(*)3
3!!(40 !'A,*)# # IYL0 # 239#& )#
GHHU 3 Gl0lm '4 GHCGB
Z 4'&13)# )' 13%(+3(!
4#K34<(13*# ^ 3(*)3
+'4 3%&'!'*+3)# 1&'!1(4'*+#0
1#*+3*)# 1#4 #(+# (*!+(+,(KT'!
' ,4 1&^)(+# +#+39 )' cFg bU
4(9_T'! '4 GHCC0 1#4 (4%31+#
&'9'23*+' *# !'+#& 3A&R1#930
F1_##9BCG
%&'#1,%3K"# %3&3 3! '4%&'!3!
1#*+&3+3)3! %3&3 3 %&'!+3K"#
)' !'&2(K#! *# %3R!0 )' 2'Q
)' )'&(23+(2#! V,' %'&4(+3 3
%&#+'K"# )#! &(!1#! 134<(3(!B
<,!13)# 4'13*(!4#! ' 'O'+,3)#
(*+'&2'*KT'! #<h'+(23*)# ,43
+'*)# 3%&#23)#0 '4 )'Q'4<&#
)' GHCG0 # )'1&'+# lWpGHCH V,'
+&3*!3KT'! 1#&&'*+'! *# %3R!B

{*)(3 ' NO&(13 )# F,9 :#! 5.L6F;
'*+&' #,+&#! %3R!'! '4'&A'*+'!0
%3%'9 4,(+# &'9'23*+'
)' #%#&+,*()3)'! V,' !'
V,' 3! !,3! )'4#1&31(3!
!' +#&*34 43(! O#&+'! ' V,'
&'!(9(\*1(3 3#! 1_#V,'! V,'
3O'+34 3 '1#*#4(3 4,*)(39B D#

%#9R+(1# o (*!+(+,1(#*390 S O39+3
)' (*O&3'!+&,+,&30 !(!+'43!
19(4=+(13!0 &'%&'!'*+34
134(*_#! V,' +3*+# #
'7%9#&3)# )' O#&43 &'!%#*!=2'9
' 1#*!(!+'*+'B
>'2'9#%4'*+ (* NO&(13 GHCHe0
3 1##%'&3K"# F,9-F,9 ^ 3+&3+(23
%3&3 #! %3R!'! 3O&(13*#!0 %#&V,'
'93 &'%&'!'*+#, ,43 39+'&*3+(23
3#! &'1'<(4'*+#! )' 3h,)3
1#4^&1(# (*+'&*31(#*39 ' 3
4,)3*K3! 19(4=+(13!B
  7"="*+&
C 53*1# L*+'&*31(#*39 )' Y#K34<(V,' :5LY; UbBWG] ]BU]H
G 53*1# 6#4'&1(39 ' )' L*2'!+(4'*+#! :56L; bkBHll WBGGH
W F+3*)3&) 53*q WGBCWH GBlUk
b 53&193M! 53*q Y#K34<(V,' CGBlkk CBUbl
U 53*1# @&#1&')(+ CB]HH Ub]
Z<!BJ i373 4'+(139pcF>J WW0HHB
 
$$!"#$ & ''(
+'4 %'&4(+()# 3 1#*!+&,K"#
)' A&,%#! (*O#&43(! '*+&' #!
1#*+&(<,(& *3 %&#4#K"# )'
4,)3*K3! *3! (*!+(+,(KT'!
3h,)#, 3 NO&(13 3 O#&h3& ,4
4#)'9# )' &'93KT'! F,9-F,9B
)'+39_3)3 PA'*)3 )'
+'4 )3)# 3%#(# *3! =&'3! )'
4')(1(*3 +&#%(1390 3A&(1,9+,&30
%&#+'K"# !#1(390 '*'&A(3
F'*3(0 V,' +'4 1(*1# 1'*+&#! )'

j'&)'0 Y#K34<(V,'0 8,(*^-
5(!!3, ' F"# i#4^ ' @&R*1(%';0
1#4# 3 I,*)3K"# Z!u39)#
6&,Q o V,' '4 %3&1'&(3 1#4
# 8#2'&*# )' Y#K34<(V,'
'!+= 1#*!+&,(*)# ,43 O=<&(13
%3&3 %&#),K"# )' &'4^)(#!
'4 1#*!+&,K"# *# 83*3 ' V,'
)'2'&= !'&2(& )' &'O'&\*1(3 3
#,+&#! %3R!'! )3 &'A("# 1#4#
5'*(40 5,&q(*3 I3!!# ' D(A^&(3B
D# !'+#& )' '*'&A(30 3 @'+&#<&=!
)' 1##%'&3K"# %3&3 %&#),K"#
)' %'+&?9'# ' <(1#4<,!+R2'(!
' i3*QX*(3n '!O#&K# '!!'
+34<^4 1#4%9'4'*+3)# %#&
(*2'!+(4'*+#! )# !'+#& %&(23)#
' )3 w.iB
E1#*[4(13 I')'&39 3 1#93<#&3&
*3 +&3*!O'&\*1(3 )' '7%'&(\*1(3
' 4'13*(!4#! ,+(9(Q3)#!0
1##%'&3K"# '4 '),13K"#
<&3!(9'(&3!B
E4 !,430 )#(! +(%#! )'
*3 NO&(13J 3! A&3*)'!
'4%&'!3!0 V,' '!+"# %&'!'*+'!
43(! &'1'*+'4'*+' +\4 !()#
%3&+' #&(,*)3! )3 13)'(3 )'
'4%&'!3! <&3!(9'(&3! V,' h=
9= '!+"#B

#,+&#! 5.L6F0 '4 %3&+(1,93&
 NO&(13 %3&+(9_34 )' ,4 %3!!3)#

V,' 1&'!1'4 !'4 %93*'h34'*+#0
1#*)(KT'! 19(4=+(13! 1#4,*!
' 1#*1'*+&3K"# )3 '1#*#4(3
*3 '7%9#&3K"# )' &'1,&!#!
*3+,&3(!0 39^4 )3! V,'!+T'! )'
(*O&3'!+&,+,&30 &'O#&43 3A&=&(30
 h,!+(K3 ' )(!+&(<,(K"# )' &'*)3B
3)V,(&()# *3 !,3 +&3h'+?&(3 %3&3
!' +#&*3& ,4 %3R! 43(! %&?!%'&#
' )'!'*2#92()#0 ^ )(O'&'*+'
c*()#! #, 4'!4# )3 6_(*3B
 P '7%'&(\*1(3 <&3!(9'(&3 %#)' !'&
&'%9(13)3 ' # 5&3!(9 '!+= )(!%#!+#
1#*+'7+# )' &'!%'(+# 4f+,# '
1#4# %3&1'(&# ' *"# 3%'*3!
1#4# )#3)#&B
Z! *f4'&#! 1&'!1'*+'! )'
'4%&'!3! <&3!(9'(&3! 3+,3*)# *3
 NO&(13 (*)(134 ,4 1(19# 2(&+,#!#
)3 3K"# )# A#2'&*# ' )# !'+#&
%&(23)# <&3!(9'(&#!B