)UDQFHVFR9HQWXUD
¶1'5$1*+(7$
)2('(5$7,
)$0,*/,$9(1785$(',725(
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!"
"
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
#"
"
"#$%&'()"&#*!
%&'()*&((&" +,-)'&" .,*(,/0'0" ,1" !"#$%$&'( )&*+"&'" 2)" 3,1)1&0" 3,1)1&)"
ƉĞƌ ƌŝǀŽůƵnjŝŽŶĂƌĞ ů͛)'(&/," 40'4&5)0'&" 2)" 6')7&/*0" &" *4)&'5," ,2" )')5)0"
8&)4&'(09" :'" 4,+01,70/0" &*&;+)0" 2)" *)'(&*)" *,--)*()4,9" <,1)" /,2)4,1)"
ƐĐŽƉĞƌƚĞ ĨƵƌŽŶŽ ƉŽƐƐŝďŝůŝ ŐƌĂnjŝĞ Ăůů͛ŝŶǀĞŶnjŝŽŶĞ ĚĞů ĐĂŶŶŽĐĐŚŝĂůĞ͕
ƐƚƌƵŵĞŶƚŽ ĐŽŶ ĐƵŝ ů͛ĂƐƚƌŽŶŽŵŽ ƌŝƵƐĐŞ ĂĚ ĂǀǀŝĐŝŶĂƌĞ ů͛ŝŶĨŝŶŝƚŽ ƐŝĚĞƌĂůĞ Ěŝ"
(/&'(,")'-/,'2);&'()9"=,"(&*)"2)"3,1)1&0">6"*6++0/(,(,"2,"4,1401)")''07,()7)"
.,*,()"*6">0'()"?6,1)")1",$(-$./0&1"/*"2&'"2)"@)4401A"B0+&/')40"&"1,"7&/)>)4,"
2&11&" )'(6)5)0')" 2)" 3)0/2,'0" C/6'09" D6&*(0" E" )1" ;02&110" ;&(02010-)40"
,20((,(0"+&/"1,"/&2,5)0'&"2&1"+/&*&'(&"&".&'"+)F"6;)1&"1)./&((09"
/ů ͛͞EĚƌĂŶŐŚĞƚĂ &ŽĞĚĞƌĂƚŝ͟ Ɛŝ ƉƌĞĨŝŐŐĞ ů͛ŽďŝĞƚƚŝǀŽ" 2)" &*+0//&" &"
*6++0/(,/&"1,"(&0/),"*&40'20"46)"'&1"+/);0"7&'(&'')0"2&1"'6070";)11&'')0"
ƐŝĂ ŝŶ ĐŽƌƐŽ ƵŶ͛ŝŶƚĞŐƌĂnjŝŽŶĞ ŶĞŝ ƌĂŶŐŚŝ ĚĞůůĂ ĐƌŝŵŝŶĂůŝƚă ŽƌŐĂŶŝnjnjĂƚĂ
/&--)',G" ;," +/&*6;).)1;&'(&" ,'4H&" 4,1,./&*&G" 2)" 6'," '607," 41,**&" 2)"
;,'07,1,'5,"&"2)/)-&'5,G"+/07&')&'(&"2,"4&()"*04),1)"2)"&('),"/0;9"
=," 40'(&;+0/,'&)(I" (/," )" >,(()" 4H&" *)" /)(&'-0'0" &**&/&" )'"40/*0" &" 1,"
*(&*6/,"2)"(,1&" ŝŶĚĂŐŝŶĞ͕ĂƚƚĂĂƐŽƐƚĞŶĞƌĞů͛ŝƉŽƚĞƐŝG"1,"*(/,()>)4,5)0'&"2&11&"
>0'()G" +/&7,1&'(&;&'(&" 2)" ;,(/)4&" -)0/',1)*()4,G" &" 1," ',(6/," *(&**," 2)"
,146'&" 2)" &**&G" )'(6)5)0')" +/07&')&'()" )'2)/&((,;&'(&" 2,11," +&/4&5)0'&"
+0+01,/&")'(&*,"40;&")1"+/&*&'();&'(0"2)"?6,140*,"4H&"*)"*(,"7&/)>)4,'20"0"
+0(/&..&",44,2&/&G"H,"/)4H)&*(0"40;+,/,/&"2&((,"(&0/),",2"6'"?6,140*,"2)"
*(0/)4,;&'(&" ,',10-0" -)I" 7&/)>)4,(0*)J" -1)" &>>&(()" 2&11," -6&//," *04),1&" 2&1"
K!LMM",9B9"&"2&11&"40'*&-6&'()"3$4(5&0"67(3$4(806&1"6(869"%"6($(3$4(!&09"+"6"
ƐƵůů͛Ă**&((0"2&11,"*04)&(I"/0;,',"(,/20"/&+6..1)4,',9"
>͛ĞůĂďŽƌĂnjŝŽŶĞ ĚĞůůĂ ƚĞŽƌŝĂ ĞƐƉŽƐƚĂ ŶĞů ͛͞EĚƌĂŶŐŚĞƚĂ &ŽĞĚĞƌĂƚŝ͟ ğ
;,(6/,(," ," *&-6)(0" 2&)( :611"( #$0( -"/*$( ;6%+/*"" *6.)()" 2,1" ;,/50" #N!$G"
/)1&7,()ƐŝƉĞƌů͛O6(0/&"6'")'7010'(,/)0"4,''044H),1&"'&4&**,/)09"
P/,'4&*40"%&'(6/,"
$"
"
"
!
!
!!
!
!
!
!
"
"
"
Q"
"
S=,";,>),"'0'"E",>>,((0")'7)'4).)1&9"T"6'">,((0"6;,'0"&"40;&"(6(()")"
>,(()"6;,')"H,"6'")')5)0"&",7/I"6',">)'&U9"=,"'0(,">/,*&"2)"3)07,'')"P,140'&"
E")1"+6'(0"2)"+,/(&'5,"+&/",77,10/,/&"1,"+1,6*).)1)(I"2&11,"(&0/),")'".,*&",11,"
?6,1&" ͞'&1" +/);0" 7&'(&'')0" 2&1" '6070" ;)11&'')0" *)," )'" 40/*0"
ƵŶ͛ŝŶƚĞŐƌĂnjŝŽŶĞ ŶĞŝ ƌĂŶŐŚŝ ĚĞůůĂ ĐƌŝŵŝŶĂůŝƚă ŽƌŐĂŶŝnjnjĂƚĂ ƌĞŐŐŝŶĂ͕ ŵĂ
+/&*6;).)1;&'(&",'4H&"4,1,./&*&G"2)"6',"'607,"41,**&"2)";,'07,1,'5,"&"
2)/)-&'5,G"+/07&')&'(&"2,"4&()"*04),1)"2)"&('),"/0;͘͟"
V'>,(()G" 1&--&'20" 1," +,/01," ;,>)," 40;&" 2&>)')5)0'&" .,*&" 2)" (6(()" )"
'0;)" +)F" 0" ;&'0" " /&-)0',1)" 2,()" ,11&" 7,/)&" >0/;&" 2)" 4/);)'&" 0/-,')55,(0"
)(,1),'0";͚ŶĚƌĂŶŐŚĞƚĂ͕"4,;0//,G"*,4/,"40/0',"6')(,G",'0');,"*,/2,"&(49W"&"
/&);+0*(,'20"1,"4)(,5)0'&G"*)"0(()&'&")1"*)110-)*;0"*&40'20"46)"S(6(()")">,(()"
6;,')" H,''0" 6'" )')5)0" &2" ,7/,''0" 6'," >)'&G" )1" 4/);)'&" 0/-,')55,(0" E" 6'"
>,((0" 6;,'0" &" ?6)'2)" )'"?6,'(0" (,1&" ,7/I" 6'," >)'&U9" V'" B,1,./)," &" ?6)'2)"
,'4H&","X&--)0"&*)*(&"6',">0/;,"2)"4/);)'&"0/-,')55,(0",7&'(&"'&1"(&;+0"
6'")')5)0"&2"6',">)'&G"4H&"*)",6*+)4,"&**&/&"*&;+/&"+)F"+/0**);,9"
/ů ƉĞƌŝŽĚŽ ĐŽŵƉƌĞƐŽ ƚƌĂ ů͛ĞƐƐĞƌĞ ĞĚ ŝů ŶŽŶ ĞƐƐĞƌĞ" +&/A" /,44H)62&"
'&4&**,/),;&'(&" 6'" +&/40/*0" 2)" 4,;.),;&'(0G" &70165)0'&" &2" &'(/0+),"
+0/(,'()",11,"-/,26,1&"40'416*)0'&"2&1">,((0"6;,'0"4/);)'&"0/-,')55,(09"O"
X&--)0" B,1,./)," (6((0" 4)A" E" >0/*&" +)F" +&/4&(().)1&" 4H&" )'" ,1(/&" +,/()" 2&11,"
B,1,.ƌŝĂ͕ŽƉƉƵƌĞĐŽƐŞğƐƚĂƚŽƉĞƌů͛6(0/&")'"?6,'(0"/&--)'0"&"?6)'2)"+)F","
40'(,((0" 40'" 1," /&,1(I" 1Y" 7)**6(," '&1" ?60()2),'09" T" +&/A" 0--&(()70"
/)40'0*4&/&" 4H&" )'" /)7," ,110" 8(/&((0" *)" *0'0" 40'*6;,(&" *61" >)')/&" 2&1"
EŽǀĞĐĞŶƚŽ ďĞŶ ĚƵĞ ŐƵĞƌƌĞ ĐŽƐŝĚĚĞƚƚĞ Ěŝ ͚ŶĚƌĂŶŐŚĞƚĂG" 1&" ?6,1)" H,''0"
;6(,(0"&?6)1)./)G"40;+0/(,;&'()"&"7,10/)"2&1"4/);)'&"0/-,')55,(0"104,1&9"
dƌĂ ƚĂůŝ ĐĂŵďŝĂŵĞŶƚŝ ƉŽƐƚ ďĞůůŝĐŝ Ğ ŶĞůů͛ŽƚƚŝĐĂ Ěŝ ƋƵĞů ƉĞƌĐŽƌƐŽ Ěŝ
(/,*>0/;,5)0'&" )'" +&/&''&" ,((0" )'" 0-')" >,((0" 6;,'0" *)" )'*&/)*4&" 1,"
(&0/)55,(," ,11&,'5,͕ ů͛ŝƉŽƚŝnjnjĂƚŽ ƌĞĐůƵƚĂŵĞŶƚŽ Ğ" 1," 40'-&((6/,(,"
+/0;05)0'&","/601)"&"*(,(6*"2)"&-6,1)"*)'0",2",'4H&")'4,/)4H)"2)"40;,'20"
(/," )1" 4/);)'&" 0/-,')55,(0" /&--)'0" &" >0/;,5)0')" 2&1)'?6&'5),1)" 40*()(6)(&*)"
Ăůů͛ŝŶƚĞƌŶŽĚŝĂůĐƵŶŝŐƌƵƉƉŝĞĨĂŵŝŐůŝĞŽŵŽŐĞŶĞĞĚŝĞƚŶŝĂƌŽŵ͘"
R"
"
[*)*(0'0"+/07&G"2046;&'()G"(&*();0'),'5&G"*&'(&'5&"0"+/&4&2&'()")'"
-/,20"2)"+/07,/&"1,"(&0/),"+&/0/,(,"2,1"+/&*&'(&"0+6*4010\"8Y"&"'0G"'0"&"*YG"
+&/4H]"'611,"2)"0/-,')40","(,1&"+/0+0*)(0"E"*(,(0",'40/,"+/020((0G"6'"'611,"
)'(&*0"'&-1)"077)"1);)()"2)"?6,'ƚŽĐŽŶŽƐĐŝƵƚŽĂƉƌŽƉŽƐŝƚŽĚĂůů͛6(0/&!9"<,1&"
ĂƌŐŽŵĞŶƚŽğĂĨĨƌŽŶƚĂƚŽĐŽŵĞů͛ŝŵƉƌĞƐĂĚŝĐŽŵƉŽƌƌĞů͛ŝŶƚƵŝƚŝǀĂŝŵŵĂŐŝŶĞ
2)"6'"+6551&"2,")116*(/,/&",1"1&((0/&G");+)&-,'20"(,**&11)"2)"2)7&/*&"*4,(01&G"
4),*46'0"*&1&5)0',(0")'";020"(,1&"2,">0'2&/*)",2"6'"4&/(0"+6'(0"(/,"10/09"
[*)*(&" 6'" +/&4&2&'(&" *(0/)40" ,',10-0" ," ?6,'(0" ?6)" (&0/)55,(0G"
40'*01)2,(0"'&1"(&;+0"&"*6"46)"E"+0**).)1&"/&+&/)/&"6',"'6(/)(,"1&((&/,(6/,G"
Ɛŝ ƚƌĂƚƚĂ ĚĞůů͛ĂŶƚŝĐĂ X0;," &" 2&11," *6," *(0/),9" V1" +6'(0" 2)" /)>&/);&'(0"
/)-6,/2," 1&" (/6++&" ,6*)1),/)Ğ Ăůů͛ĞƐĞƌĐŝƚŽ ƌŽŵĂŶŽ ƌŝƐĂůĞŶƚŝ Ăů ƉĞƌŝŽĚŽ
40;+/&*0" (/," 1," 40'?6)*(," &" *0((0;)**)0'&" 2&)" +0+01)" &" 2&11&" 4)((I" 2&1"
=,5)0"40;+0'&'()"2&11,">&2&/,5)0'&"2&)"=,()')"&"1,"-6&//,"4)7)1&"2)7,;+,(,"
ĚĂůϵϭĂůů͛ϴϴĂ͘͘ƚƌĂŝƌĂŶŐŚŝŵŝůŝƚĂƌŝĚŝƵŶĂZĞƉƵďďůŝĐĂŝŶĂŐŽŶŝĂ͘"
V'" *)'(&*)" 10" *4&',/)0" E" )1" *&-6&'(&9" =," '&0>0'2,(," X0;," E" )'"+)&',"
&*+,'*)0'&G" 1&" +/);&" 4,;+,-'&" ;)1)(,/)" )'2&((&" )'" &(I" /&-)," +/0*&-60'0"
(/)0'>,1)",11,/-,'20")"40'>)')"2)"?6&*(,"4)((IG",7&'(&"'&1">/,((&;+0")')5),(0"
ů͛ĞƉŽĐĂƌĞƉƵď.1)4,',9"
"<,1)");+/&*&"/&'2&/,''0"?6&11,"X0;,G"'&1"-)/0"2)"26&"*&401)G"1͛hƌďĞ
40'?6)*(,(/)4&" &" 4&'(/0" &-&;0'Ğ ĚĞůů͛ŝŶƚĞƌŽ ďĂĐŝŶŽ ŵĞĚŝƚĞƌƌĂŶĞŽ͘"
/ŶŝnjŝĂůŵĞŶƚĞƐŽůŽŝĐŝƚƚĂĚŝŶŝƌŽŵĂŶŝƉŽƚĞǀĂŶŽĞƐƐĞƌĞŵĞŵďƌŝĚĞůů͛ƐĞƌĐŝƚŽ͕
>,*&"2)"4&/(0"/62);&'(,1&"&"207&"10" *>0/50".&11)40"&/,"2&;0-/,>)4,;&'(&"
*0*(&').)1&" *010" ," +,((0" 2)" )'(/,+/&'2&/&" 4,;+,-'&" 104,1)" &" *(,-)0',1)9"
B0'*01)2,(0")1"20;)')0"*61"=,5)0"*0((0"1,";0',/4H),G"1,"X&+6..1)4,"-6,/2,"
Ăůů͛/ƚĂůŝĂ͕Ăůů͛ƵƌŽƉĂĞĚĂůů͛ĨƌŝĐĂ͕ŵĂŝƐƵŽŝĐŝƚƚĂĚŝŶŝŶŽŶƐŽŶŽĂďďĂƐƚĂŶnjĂ
'6;&/0*)" +&/" -,/,'()/&" ," X0;," 1&" 1&-)0')" '&4&**,/)&" ," *022)*>,/&" 1&"
+/0+/)&",*+)/,5)0')"&*+,'*)0')*()4H&9"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!
" C,201,()" O/4,'-&10G" ͞/ ^ĞŐƌĞƚŝ ĚĞŝ ŽƐƐ͕͟ ŽƐĞŶnjĂG" ^1)++&/" [2)5)0')G" #NNKG" ++9$_RL
$KZ9" `/0+&2&6()4)" )" +,/,-/,>)" /)-6,/2,'()" ů͛,',1)*)" 2&1" >&'0;&'0" ;,>)0*0" 'Ğůů͛ůƚŽ
B0*&'()'0"2&1)'&,(0"2,ůů͛ŝŶĚĂŐŝŶĞ͞>ĂƵƌŽ͟G"/&1,()7,",11,">,)2,"2)"B,**,'0"a#NN#L#NN$W9"
Z"
"
&ƵĂůůŽƌĂĐŚĞŝů^ĞŶĂƚŽĞĚŝǀĞƌƚŝĐŝĚĞůů͛ƐĞƌĐŝƚŽƚƌŽǀĂƌŽŶŽŶĞŝƉŽƉŽůŝ
=,()')" 2&-1)" ,11&,()" ," *]" ,>>)')" &" 1&,1)9" [440" 40*Y" )*()(6)()" )" 40/+)" ,6*)1),/)G"
ů͛ĂƉƉ,/,(0" .&11)40" /0;,'0" +,**," 2,1" 4)((,2)'0" 40*4/)((0" ,1" *012,(0" 2)"
4,//)&/,9" <6((&" 1&" (/6++&" *,/,''0" 40'" -/,26,1)(I" +,/);&'()" ,22&*(/,(&" &"
)'?6,2/,(&9" X0;,')" &2" ,6*)1),/)" *,/,''0" 2&" >,4(0" &-6,1)" *61" 4,;+0" 2)"
.,((,-1),9" V" =,()')" )')5),'0" ," 40;+/&'2&/10" &2",*+)/,'0" +/)7,(,;&'(&" ,11,"
4)((,2)','5,9" O'4H&" (/," 1," 41,**&" *&',(0/)," ," X0;," ?6,146'0" )')5)," ,"
+/&'2&/&"40'*,+&701&55,"2)"?6&*(0"41);,"2)"*&'();&'()"&"4,;.),;&'(09"
V1" /)&1&((0" (/).6'0" 3,)0" 3/,440" +/0+0*&" '&1" !##" ,9B9" 1," 40'4&**)0'&"
2&11," +)&'," 4)((,2)','5," /0;,'," ,)" =,()')" &" 2)" ?6&11," 1,()'," ,-1)" V(,1)4)9" V1"
(/).6'0" +&'*,7," 40*Y" 2)" *022)*>,/&" 1&" 1&-)(();&" ,*+)/,5)0')" 2&-1)" ,11&,()G"
4H&G" +6/" 40*()(6&'20" 0/;,)" 01(/&" 1," ;&(I" ĚĞůů͛ƐĞƌĐŝƚŽ Ğ ĐŽŶĚŝǀŝĚĞŶĚŽŶĞ
(6(()" -1)" 0'&/)" .&11)4)G" -02&7,'0" *010" )'" ;)');," +,/(&" 2&)" 7,'(,--)"
ĚĞůů͛ŝŵƉĞƌŽ ĞĚ ĞƌĂŶŽ ŽƌĚŝŶĂƌŝĂŵĞŶƚĞ ĞƐĐůƵƐŝ ĚĂŝ Ěŝƌŝƚƚŝ ƉŽůŝƚŝĐŝ #9" <,1&"
+/0+0*(,G" 40'*)ĚĞƌĂƚĂ ƵŶ͛)')5),()7," 16'-);)/,'(&" ,-1)" 044H)" 2&11,"
ƐƚŽƌŝŽŐƌĂĨŝĂ ĐŽŶƚĞŵƉŽƌĂŶĞĂ͕ Ăůů͛ĞƉŽĐĂ" *4,(&'," 40'(/0" 3,)0" 3/,440" 6',"
26/," &" 40;+,((," /&,5)0'&" )'" 2)>&*," 2&1" +/)7)1&-)0" 2&11," 4)((,2)','5,G" 1,"
?6,1&",440;6',"(6((&"1&"41,**)"*04),1)"/0;,'&9"8&',(0/)G"4,7,1)&/)"&"+&/*)'0"
+1&.&)" *)" 0++0'-0'0" ,11," +/0+0*(,9" V'" *&-6)(0" 3,)0" 3/,440" '0'" *,/I"
ƌŝĞůĞƚƚŽ͕ ƉĞƌ ƉŽŝ ĞƐƐĞƌĞ ĂƐƐĂƐƐŝŶĂƚŽ ĨŽƌƐĞ ƉƌŽƉƌŝŽ ƉĞƌ ƋƵĞůů͛ŝĚĞĂ͘" b," ?6&1"
;0;&'(0")'"+0)"+&/A"(6((0"4)A"+040");+0/(,G")1"7,*0"2)"`,'20/,"&/,"*(,(0"
*40+&/4H),(0G")"+0+01)"=,()')"&2"V(,1)4)")')5),'0","+/&(&'2&/&"1,"4)((,2)','5,"
/0;,',G" )1" *,**0" ,7&7," )')5),(0" ," /0(01,/&" &" '&**6'0" ,7/&..&" +)F" +0(6(0"
>,/&"')&'(&",1"/)-6,/209"b0+0"ƵŶƚƌĞŶƚĞŶŶŝŽĚĂůů͛ĂƐƐĂƐƐŝŶŝŽĚ)"3,)0"3/,440"
1&"(&'*)0')",6;&'(,'0"&2")'>)'&"1&"(/6++&",6*)1),/)&"*)"*011&7,/0'0"40'(/0"
X0;,G"*40++),"1,"-6&//,"4)7)1&"2&1"KN",9B9"
=,()')"&2"V(,1)4)"0((&//,''0"40*Y"40'"1,">0/5,"2&11&",/;)"1,"4)((,2)','5,"
/0;,'," -)I" +/0+0*(," '&1" !##" ,9B9" ,'5)" 2)" +)FG" +&/4H]" *0((0" )1" 40'*01,(0"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
#
" ŽƐƚĂďŝůĞ &ĞůŝĐĞ͕ ͞^ƚŽƌŝĂ ĚĞů ĚŝƌŝƚƚŽ ƉƵďďůŝĐŽ ƌŽŵĂŶŽ ʹ" c,'6,1&" +&/" -1)" *(62)"
ƵŶŝǀĞƌƐŝƚĂƌŝ//ĚŝnjŝŽŶĞ͕͟ZĞŐŐŝŽĂůĂďƌŝĂ͕/ŝƌŝƚŝĚŝƚŽƌĞ͕ϮϬϭϭ͕ƉƉ͘ϭϳϬL!_!""
_"
"
*(/,0/2)',/)0"2)"3,)0"c,/)0"207/,''0"&**&/&"+/0;61-,(&"1,"3$4(5&0"6"&"1,"
3$4( 806&1"6( 869"%"6" ĚĞůů͛ϴϵ Ă͘͘" +&/" &7)(,/&" )1" (/,40110" ;)1)(,/&" 2)" X0;,9"
D6&*(&"1&--)")'(&/&**,/0'0";01()"+)F"+0+01)"2)"?6&11)"+/&7)*()"2,"3/,4409"V1"
8&',(0"(&'(A"2)",/-)',/&"1,"*)(6,5)0'&"1);)(,'20")1"+&*0"&1&((0/,1&"2)"?6&*()"
+0+01)G" ;," 1," +/0;61-,5)0'&" ,--)6'()7," 2&11," 3$4( !&09"+"6" ŶĞůů͛ϴϴ͘Ă͕͘͘ ůĂ
?6,1&" 2)*(/).6)7," )" '607)" 4)((,2)')" >/," (6((&" 1&" (/).F" .&'&>)4),(&" 2,11&"
ƉƌĞĐĞĚĞŶƚŝůĞŐŐŝŵĂƌŝĂŶĞ͕ǀĂŶŝĨŝĐĂů͛Ănj)0'&9"
[*+0*(0" ?6&*(0" *(/,14)0" *(0/)40G" *)" +6A" )')5),/&" ,2" ,',1)55,/&" 1&"
,',10-)&" (/," ?6,'(0" ,44,26(0" '&11," X0;," /&+6..1)4,'," &" ?6,'(0" *)"
(&0/)55," *()," ,44,2&'20" ŶĞůůĂ ͚ŶĚƌĂŶŐŚĞƚĂ" 2)" X&--)0" B,1,./),9" V" '6;&/0*)"
,//&*()" 4H&" *)" *6**&-60'0" '&1" /&--)'0" 2&4);,'0" 1," 40*)22&((,"
;,'07,1,'5,G" )'(,44,'20" ,'4H&" )" 7&/()4)9" 3ůŝ ͚ŶĚƌĂŶŐŚĞƚŝƐƚŝ ƐƚĞƐƐŝ͕
)'(&/4&((,()G" *)" 1,;&'(,'0" 2&11," ;,'4,'5," 2)" '607&" 1&7&G" S-)07,')" 2,"
;&((&/&"'&11,"*(/,2,U$"40;&"ƌŝƐƵůƚĂƚŽĚĂůůĞŝŶĚĂŐŝŶŝƌĞůĂƚŝǀĞĂůů͛ŽƉĞƌĂnjŝŽŶĞ
͞ŶƚŝďĞƐ͕͟ĐŚĞŚĂĐŽůƉŝƚŽůĂĐŽƐĐĂ͞&ƌĂŶĐŽ͟ĚŝWĞůůĂƌŽ͘"
>ĂDĂŐŝƐƚƌĂƚƵƌĂĞůĞ&ŽƌnjĞĚĞůů͛KƌĚŝŶĞůĂǀŽƌĂ'0","+)&'0"/&-);&"+&/"
-,/,'()/&" )1" /)*+&((0" &2" )1" +/);,(0" 2&11," =&--&" &" 2&11," 3)6*()5)," *6" (6((0" )1"
(&//)(0/)0" ',5)0',1&9" D6&*(," ,5)0'&" '0'" >," ,1(/0" 4H&" *>01()/&" )" /,'-H)" 2)"
ƵŶ͛ŽƌŐĂŶŝnjnjĂnjŝŽŶĞ ĐƌŝŵŝŶĂůĞ ůĂ ĐƵŝ ƉĞĐƵůŝĂƌŝƚă ğ ů͛ĂƌƌƵŽůĂŵĞŶƚŽ ƐƵ ďĂƐĞ
*(/&((,;&'(&" >,;)1),/&9" <&'2&'5),1;&'(&" *010" )" 40'*,'-6)'&)" 2)" 6'" 41,'"
H,''0" )1" 2)/)((0G" ?6&1" +/)7)1&-)0" *);)1&" ,11," +6/," 4)((,2)','5," /0;,',G" ,"
&**&/&".,((&55,()",2"&**0G"0**),",//601,()",2"6'"&*&/4)(0"+&/"+/0*&-6)/&"401"
ƉĂƌĂůůĞůŝƐŵŽĚĞůů͛ĂŶƚŝĐĂZŽŵĂ͘ŽŶƋƵĞƐƚŝĐƌŝƚĞƌŝĞƌĞƋƵŝƐŝƚŝĚŝĂĨĨŝůŝĂnjŝŽŶĞ͕
1," 2)>>)401(I" 2)" /);+),55,/&" 1&" +&/2)(&" )'>1)((&" 2,-1)" ,//&*()" &" +/&*)2),/&" ,1"
(&;+0"*(/&((0")1"(&//)(0/)0"&"*0+/,**&2&/&","?6&-1)")'4,/)4H)">60/)"2,)"+/0+/)"
40'>)')"4,1,./&*)"&2")(,1),')G"2)7)&'&">)*)010-)4,;&'(&",/2609"8&/7&"26'?6&"
?6,146'0" +&/" " +0(&/&" (,;+0',/&" 1," *)(6,5)0'&G" ;,-,/)" 2," );+)&-,/&" *6"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
$
" ͘ss͕͘ ͞EŝĞŶƚĞ ŐŝŽǀĂŶŝ ŝŶ ƐƚƌĂĚĂ" ʹ" ŶƵŽǀĞ ůĞǀĞ ƉĞƌ ůĂ ͚ŶĚƌĂŶŐŚĞƚĂ ƐĐŽƉĞƌƚĞ ŝŶ
O'().&*͕͟ZĞŐŐŝŽĂůĂďƌŝĂ͕^ƚƌŝůů͘ŝƚ͕Ϯϱ͘ϭ͘ϮϬϭϲ͕ŽŶůŝŶĞ͘"
M"
"
>/0'()"*&40'2,/)"+&/"+0(&/&"*+0*(,/&",>>)1),()"0/2)',/)",1(/07&9"V'*0;;,G",1"
4/);)'&"0/-,')55,(0"/&--)'0"*&/70'0"(/6++&",6*)1),/)&9"
c," 4H)" +0(/&..&" &**&/&" 6'" ,11&,(0" ,>>)'&" ĂůůĂ ͚ŶĚƌĂŶŐŚĞƚ,\" `&/"
ĐĂƉŝƌůŽů͛ĂnjŝŽŶĞŵŝŐůŝŽƌĞğƚ/,44),/&"6'")2&'()d)("2&1"4,'2)2,(0")2&,1&9"
31)" ,6*)1),/)G" )" >0&2&/,()G" 2&70'0G" +&/" ,-&701,/'&" 1," -&*()0'&" &2"
,;;)')*(/,5)0'&G" +0**&2&/&" 6'," +/0+/)," *(/6((6/," -&/,/4H)4,G"
+/&>&/).)1;&'(&" *6" .,*&" 2)" 41,'" 0" >,;)-1),G" &**&/&" /,2)4,()" *61" (&//)(0/)0G"
,7&/&" 6'," 4&/(," 2);&*()4H&55," 40'" -1)" ,;.)&'()" 4,/4&/,/)G" +&/" +0(&/&"
&**&/&"+)F",-&701;&'(&",22&*(/,()G")'>)'&"-02&/&"2)"6',"4&/(,",6(0'0;),"
10-)*()40"&40'0;)4,"+&/"'0'"&**&/&">)','5),/),;&'(&"6'"+&*09"
O" X&--)0" B,1,./)," ĞƐŝƐƚĞ ƵŶ͛0/-,')55,5)0'&" 4H&" 40//)*+0'2&" ,1"
+/0>)10G"ů͛)2&'()d)(")2&,1&"2&11&"(/6++&",6*)1),/)&"*0+/,"2&1)'&,(09"8)"(/,((,"2)"
ƋƵĞůůĞ ĨŽƌŵĂnjŝŽŶŝ ĚĞůŝŶƋƵĞŶnjŝĂůŝ ĐƌĞĂƚĞƐŝ Ăůů͛ŝŶƚĞƌ'0" 2&11," 104,1&"
+0+01,5)0'&"2)"&('),"/0;G";&1&";,/4&G"&1&;&'()"2&7),()"2)"6',"40;6')(I"
+,4)>)4," &2" )'(&-/,(," '&11," *04)&(I" /&--)',G" ;," '0'" +&/" ?6&*(0" &*&'(,(,"
2,11," +),-," 2)" 6'," +/&*&'5," 4/);)',1&" ,1" +/0+/)0" )'(&/'0Q9" D6&*(&"
>0/;,5)0')" 2&1)'?6&'5),1)" *0'0" 0/-,')55,(&" )'" 41,'" >,;)1),/)" 2,11," >0/(&"
40&*)0'&9" 80'0" 40'4&'(/,()" )'" ;,')&/," ;,**)44)," '&)" ?6,/()&/)" /&--)')" 2)"
O/-H)11IG" c02&',G" B)44,/&110" &2" )'" 61();0" +/&**0" )1" X)0'&" c,/40')G" )'"
+/,()4,"E")'(&/&**,(,"0-')",/&,"2)"&2)1)5),"/&*)2&'5),1&"+6..1)4,9"
`&/" ?6,'(0" /)-6,/2," 1," 2);&*()4H&55," 4,/4&/,/),G" E" 2," *&-',1,/&"
ĐŽŵĞŐŝăƐƵůĨŝŶŝƌĞĚĞŐůŝĂŶŶŝ^ĞƚƚĂŶƚĂĞƌĂƐƚĂƚŽŶŽƚĂƚŽ͕ŶĞůů͛ĂŵďŝƚŽĚŝƵŶ0"
ƐƚƵĚŝŽ ĚĞůů͛e+&/," @0;,2)" XB" '&1" !K__G" 4H&" S'0'" +)F" 2)" 4)'?6&" *&)" *0'0"
ĐŽŵƵŶƋƵĞ Őůŝ njŝŶŐĂƌŝ ŝŶ ĐĂƌĐĞƌĞ ΀͙΁ ƐƵ ƵŶĂ ƉŽƉŽůĂ5)0'&" 4H&G" 40;&"
,..),;0"7)*(0"&"*,170"?6,14H&"+/0.,.)1&"0;)**)0'&"E"2)"!9!!Z"+&/*0'&9"%,"
0**&/7,(0"(6((,7),G",2"0'0/&"2&1"7&/0G"4H&G"7&'&'20"40'2,'',()"-1)"5)'-,/)"
," +&'&" 2&(&'()7&" +)6((0*(0" ./&7)" 2,(," 1," '0'" &44&**)7," -/,7)(I" /&,()G" )1"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
Q
" =," B,7," [/40ůĞ͕ ͞'ůŝ njŝŶŐĂƌŝ͗ ĞĐĐŽ" ĐŚŝ ƐŽŶŽ͟G" X&--)0" B,1,./),G" f,*0'" [2)(/)4&G" !KK$G"
++9"!_L!M9"
K"
"
/)4,;.)0"'&11&"4,/4&/)"E">/&?6&'(&"&2")1"'6;&/0"2&)"2&(&'6()"5)'-,/)"4/&*4&"
ƐĞŶƐŝďŝůŵĞŶƚĞ ƐĞ͕ ŝŶ ůƵŽŐŽ Ěŝ ĐŽŶƐŝĚĞƌĂƌůŽ ŶĞůů͛ŝŵŵĞĚŝĂƚŽ͕ ůŽ Ɛŝ ƌĂƉƉŽƌƚĂ
,2"6'",/40"2)"(&;+0"+)F"0";&'0"16'-0UR9"V'>)'&G"ů͛ĂƵƚŽŶŽŵŝĂĨŝŶĂŶnjŝĂƌŝĂ
2&11&" >0/;,5)0')" 2&1)'?6&'5),1)" /0;9" =&" &'(/,(&" &40'0;)40" 4/);)',1)" /0;"
/)-6,/2,'0"+/&7,1&'(&;&'(&" 10"*+,44)0G">6/(0G"/)4&((,5)0'&G")1"4)/46)(0"2&)"
4,7,11)" 2)" /)(0/'0" ,++1)4,(0" ,11&" ,6(0;0.)1)" &2" )'" 6'," 7,/),'(&" ,'4H&" ,-1)"
,110--)"2)"&2)1)5),"/&*)2&'5),1&"+6..1)4,Z9"8&;./,"&*416*,"1,"+/0*()(65)0'&9"
B0'*)2&/,'20"*022)*>,4&'(&"1,"40)'4)2&'5,"(/,")"/&?6)*)()"2&1"+/0>)10"
ƌŝĐŚŝĞƐƚŽ ĚĂůůĂ ͚ŶĚƌĂŶŐŚĞƚĂ ĐŽŶ ů͛ŝĚĞŶƚŝŬŝƚ ŽĨĨĞƌƚŽ 2,)" 41,'" 2&1)'?6&'5),1)"
/0;G"*)"2&7&"+/04&2&/&","(/07,/&"&1&;&'()"4H&"40'>&/;)'0"'&11,"/&,1(I"2&)"
4011&-,;&'()"(/,"?6&*(&"26&"0/-,')55,5)0')"4/);)',1)","X&--)0"B,1,./),9"O"
ƚĂů ƉƌŽƉŽƐŝƚŽ ŝů ͞ĂƐŽ ŽĚĚLJ͟" 2&1" ;,--)0" #N!R" 2)7)&'&" &;.1&;,()40_9V1"
ƉƌĞƐƵŶƚŽ ĂĨĨŝůŝĂƚŽ ĚĞůůĂ ĐŽƐĐĂ ͞ĂƌŝĚŝ ŽƌŐŚĞƚƚŽ ŝŶĚĂƚŽ͟ ŽŵĞŶŝĐŽ
B0'2&;)" 2&((0" b022gG" 40'2,'',(0" ," ##" ,'')" &" Z" ;&*)" 2)" 4,/4&/&G" *)"
+/&*6;&"&**&/&""*(,(0")1"/&>&/&'(&")*()(65)0',1&"2&)"41,'"/0;"2)"B)44,/&110"&"
c02&',9"X&>&/&'(&"401"40;+)(0"2)"-&*()/&")"/,++0/()"(/,")"4)((,2)')"7)(();&"
2&1" 4)/46)(0" 2&)" 4,7,11)" 2)" /)(0/'0" &" -1)" ,6*)1),/)" 2&11," 40*4,G" ,1" >)'&" 2)"
/,>>0/5,/&")1"40'*&'*0"+0+01,/&"*61"(&//)(0/)0G"*0*()(6&'20*)",110"8(,(09"
8)"(/,((,"2)"6',"*(/,(&-),";,>)0*,",**02,(,"'&1"(&;+0G"?6&11,"2)"2,/&"
,1"4)((,2)'0"0'&*(0"1,"+,/7&'5,"2)"6'"+)&'0"40'(/0110"2&1"(&//)(0/)0G"1,"46)"
)'40'*)*(&'5," '&)" >,(()" E" /&*," ,.)1;&'(&" '&1" /0;,'50" 2)" 3)61)0" B,/)')"
,;.)&'(,(0"'&11,"4)((,2&11,";&2)&7,1&"2ŝDŽƚƚĂ^ĂŶƚ͛ŐĂƚĂG",)"(&;+)"2&11&"
)'46/*)0')" *,/,4&'&J" Shc0ƚƚĂ ^ĂŶƚ͛ŐĂƚĂi" +0**&'(&" .,*()0'&" 4H&" *)" &/-&"
2,7,'()" ,1" /)0'&" c,'2&110" +&/" /)+,/,/10" 2,11&" >01,(&" 2)" 7&'(0" 2)" *4)/0440G"
40*Y"40;&"*&++&"+/0(&--&/&")1"+,&*&"2,11&")'7,*)0')"2&)"+)/,()"8,/,4&')"4H&"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
R
" ůƚŽŵŽŶƚĞ >ŝůůŽ͕ ͞Ă ZĞŐŐŝŽ ĂůĂďƌŝĂ ĐŽŶ Őůŝ ŝŶŐĂƌŝ ƉĞƌ ƵŶ ĐĂŵŵŝŶŽ ĚŝǀĞƌƐŽ ͙͕͟
X&--)0"B,1,./),G"!K__G"++9"$ML$K9"
Z
" b&1>)'0" [1&0'0/,͕ ͞ůůŽŐŐŝ ƉŽƉŽůĂƌŝ͕ ŶƵŽǀŽ ůŝƚnj Ăů DĂƌĐŽŶŝ͕͟ ĚŝnjŝŽŶĞ Ěŝ X&--)0"
B,1,./),G"3,55&((,"2&1"862G"'9#KZ",''0"ZQG"#_9!N9#N!RG"++9"#$9 "
_
" WĂŶnjĞƌĂ ŶŐĞůĂ͕ ͞ŽĚĚLJ Ɛŝ ĂĚŽƉĞƌĂǀĂ ƉĞƌ ƌĞĐƵƉĞƌĂƌĞ ůĞ ĂƵƚŽ ƌƵďĂƚĞ͕͟ ĚŝnjŝŽŶĞ Ěŝ
X&--)0"B,1,./),G"B/0',4H&"2&1"3,/,'()*(,G"'9!#$",''0"#NG"Z9R9#N!RG"++9K9"
!N"
"
," 4)41)G" 40;&" 1&" ,1167)0')G" *)" *4,(&',7,'0" )'" );+/077)*,(&" 0'2,(&" 2)"
)'46/*)0')" 1,2/&*4H&" ," 4,44)," 2)" -)07,')" 20''&" &" 2)" .&*()&\" `,/1,'20" 2)"
?6&*()",77&');&'()"2)"*(0/),"+,&*,',G"6',"701(,"c,*(/0"3)61)0";)"2)**&"4H&"
1&" ,1167)0')" ,//)7,'0" ," 4,*,44)0G" +&/4H]" 20'0" 2&)" ;,1)-')j" ;&'(/&" 1&"
)'46/*)0')"2&11&"0/2&"2&)">&/04)"'0/2,>/)4,')"*&;./,7,'0"+/0-/,;;,(&")'"
;020"(,1&"2,"+&/;&((&/&",11&".,;.)'&"2)"2)7&'(,/&"20''&"&",11&".&*()&"2)"
>)-1),/&"&";01()+1)4,/*)k"c,"*&"&/,"7&/0"?6,'(0"(6(()",'2,7,'0"2)4&'20G"4H&"
'0)" *),;0" >0/()G" 4H&" *),;0" >)&/)" &" 4H&" 4)" +&'20'0" 1&" +,11&G" +&/4H]" -1)"
60;)')" ,261()" 2)" (6(()" )" +,&*)" 2&11," B,1,./)," '0'" *)" 0/-,')55,7,'0" &"
ƉĂƌƚŝǀĂŶŽ ƉĞƌ ů͛ĨƌŝĐĂ ƉĞƌ ĂŶĚĂƌĞ Ă ƌŽŵƉĞƌĞ" ůĞ ĐŽƌŶĂ Ăŝ ƉŝƌĂƚŝ͍ ΀͙΁ ůĂ
͚ŶĚƌĂŶŐŚĞƚĂ͍ŚĞĐŽƐĂĨĂĐĞǀĂůĂ͚ŶĚƌĂŶŐŚĞƚĂŽ͕ĐŽŵĞƐŝĐŚŝĂŵĂǀĂĂƋƵĞŝ
ƚĞŵƉŝ͕ů͛ŽŶŽƌĂƚĂƐŽĐŝĞƚăĚĞŐůŝhŽŵŝŶŝ͍ͩM9"b0;,'2,"/&(0/)4,"?6&11,"+0*(,"
2,"B,/)')G"1,"46)"/)*ƉŽƐƚĂƐŽƚƚŝŶƚĞƐĂğĐŚĞŐůŝ͚ŶĚƌĂŶŐŚĞƚŝƐƚŝ͕ĞƐƐĞŶĚŽďƵŽŶŝ
," /)*017&/&" *010" )" +/0.1&;)" 2," 10/0" 4,6*,()G" )'','5)" ,2" 6'," ;)',44),"
40'4/&(," +&/" )1" (&//)(0/)0" &" 1," 40;6')(I" )'" 46)" 4/);)',1;&'(&" *)"
);+0'&7,'0G" +/&>&/)7,'0" *4,++,/&" /)>6-),'20*)" 2)&(/0" 1&" ;6/," &2)>)4,(&"
2,"?6&110"8(,(0","46)"+/&(&'2&7,'0"*0*()(6)/*)"&"*0((0"1,"+/0(&5)0'&"2)"?6&)"
*012,()"4H&")'"*&-6)(0G")'"(&;+0"2)"+,4&G"+/&'2&/,''0")1"'0;&"2)"*.)//,-1),9"
C)*0-'," )'>,(()" /)40/2,/&" 4H&" '&)" ;0;&'()" 2)" /&,1&" +&/)4010" &/," &2" E"
*&;+/&"10"8(,(0","+/0(&--&/&"1,"+0+01,5)0'&G"40;&"4)")'*&-',"1,"4/0',4,"
2)"?6&1"2/,++&110"2)"4,7,11&--&/)"4H&"+6/"2)"+/0(&--&/&"X&--)0"'&1"!RKK"2,)"
ƚƵƌĐŚŝ͕ƐŝƐĂĐƌŝĨŝĐžĞƌŽŝĐĂŵĞŶƚĞƐŝŶŽĂůů͛ƵůƚŝŵŽƵŽŵ0"7)'4&'20")"+)/,()K9"
>͛ĞŵďůĞŵĂƚŝĐĂ ƐĞŶƚĞŶnjĂƌŝŐƵĂƌĚĂŶƚĞ ŝů ƉƌĞƐƵŶƚŽ ƌƵŽůŽ Ěŝ ŽŵĞŶŝĐŽ
B0'2&;)G" 6'" 6>>)4),1&" 2)" 4011&-,;&'(0" (/," 1," 40*4," ͚'2/,'-H&()*()4," &2" )"
41,'" /0;" E" 6'," 4)/40*(,'5," 4H&" /)4H),;," +6'(6,1;&'(&" ?6&1" +,/,11&10"
ƐƚŽƌŝĐŽƚƌĂů͛ƐĞƌĐŝƚŽƌĞŐŝŽL/&+6..1)4,'0"40;+0*(0"2,"*01)"4)((,2)')"/0;,')"
&"1&"(/6++&",6*)1),/)&G")">0&2&/,()G"+/07&')&'()"2,11&"(/).F"1,()'&"&2"V(,1)4H&9"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
M
" B,/)')" 3)61)0͕ ͞ĞƌĐĂŶĚŽ ůĞ ^ŽƌŐĞŶƚŝ ĚĞů ^ĂŶƚ͛ŐĂƚĂ͕͟ ƌŽƚŽŶĞ͕ ^ ĚŝƚƌŝĐĞ͕ ϮϬϬϴ͕
++9"QNLQ!9"
K
" DŽƐŝŶŽ &ƌĂŶĐŽ͕ ͞^ƚŽƌŝĂ ĚĞŝ ZĞŐŐŝŶŝ͕͟ ZĞŐŐŝŽ ĂůĂďƌŝĂ͕ &ĂŵŝŐůŝĂ sĞŶƚƵƌĂ ĚŝƚŽƌĞ͕
#N!RG"++9"#Q9"
!!"
"
=0"*4&',/)0"E"26'?6&"+1,6*).)1&G"1&"2)',;)4H&"4H),/&"&"1&"40'416*)0')"
2)" ?6&*(&" )+0(&*)" +6'(,'0" 7&/*0" 1," >,*&" *644&**)7,G" 1," +/0;61-,5)0'&" 2)"
6',"3$4(5&0"6"ŝŶƐĞŶŽĂůůĂ͚ŶĚƌĂŶŐŚĞƚĂ͕ƉĞƌůŽŵĞŶŽŶĞůƌĞŐŐŝŶŽ͘"B0*4H&"4H&"
,>>)1),'0"/0;G"6'"+/)7)1&-)0"4H&"*,/I"ʹ"0"E"*(,(0"ʹ"40'4&**0"0"40'?6)*(,(0\"
ƋƵĂŶĚŽ ů͛ĞƐƚĞŶƐŝŽŶĞ Ěŝ ƋƵĞƐƚĂ ƐŽƌƚĂ Ěŝ ĐŝƚƚĂĚŝŶĂŶnjĂ ĞŶƚƌĞƌă Ă ƌĞŐŝŵĞ͕
40;&";6(&/,''0"-1)"&?6)1)./)"&"-1)"*4&',/)"2&1"4/);)'&"0/-,')55,(0",((6,1&\"
X)*+0*(&" ,/26&" 2," 2,/&G" ;," 6'," 40*," E" 4&/(,G" E" ,++6/,(0" 4H&" ,146'&"
ĨĂŵŝŐůŝĞĚŝ͚ŶĚ/,'-H&(,"-)I"*)"/)701-0'0",)"41,'"/0;"+&/".)*0-'0G")'"?6,'(0"
40*4)&'()" 2)" &**&/&" *(,(&" )'2&.01)(&" 2,11," c,-)*(/,(6/,G" 6'" '&;)40" 4H&"
)'-,--)," *&;+/&" +)F" " &'&/-)&" &2" )'(,44,'20'&" +,/);&'()" 1&" /)*0/*&9"
ǀĞŶĚŽ ůĞ ĐŽƐĐŚĞ ĐŚŝĞƐƚŽ ů͛ĂƵƐŝůŝŽ ĚĞŝ ƌŽŵ͕ ŵĂŶŝĨĞƐƚĂŶŽ Ƶ'," 10/0"
2&.01&55,G" (&'2&'20" ," +&/2&/&" );+0/(,'5,G" &1);)',/&" *(/,()" +/0(&(()7)" &"
,..,((&/&" 1&" +/0+/)&" 2)>&*&G" 2)*+&/2&'20" 60;)')" &" +/&*)2)9" =," >0/(&55,"
͚ŶĚƌĂŶŐŚĞƚŝƐƚŝĐĂ" /)*61(&/I" 40*Y" 2)*,/;,(,9" e/," 1&" >0/(&55&" 2)*,/;,(&"
ŝŶǀŝƚĂŶŽ Ăůů͛ĂŐŐƌĞƐƐŝŽŶĞ͕ ƐƉĞĐŝĞ ƐĞ ĐŽŶƚĞŶŐŽŶŽ ƌŝĐĐŚŝ ďŽƚƚŝŶŝ Ğ͕ ĐŽŵĞ
ƐĞŵƉƌĞ ĂĐĐĂĚĞ͕ ŶĞŐůŝ ĂŐŐƌĞƐƐŽƌŝ Ɛŝ ĐƌĞĂ ƵŶŽ ƐƚĂƚŽ Ě͛ĂŶŝŵŽ ĂƌƚŝĨŝĐŝŽƐŽ Ěŝ
0*()1)(I" /,5)0',1)55,'(&9" B&/(0G" +&/" ?6,14H&" (&;+0" *)" +6A" 40;+/,/1)G" ;,"
?6&*(," /)*0/*," &*(/&;," +&/2&" 0-')" 7,10/&" '0'" ,++&'," -1)" ,--/&**0/)"
4,+)*40'0"2)"+0(&/&"0((&'&/&"(6((0"&"40'"+040"*>0/509"
>͛ĞƉŝƐŽĚŝŽĐŚĞƐĂƌăŽƌĂ"?6)")116*(/,(0"'0'"E"-)6'(0G"+&/"077)";0()7)G")'"
,;.)&'()" -)62)5),/)9" [**0" E" 26'?6&" +&/" (,1&" ',(6/," +040" 2046;&'(,.)1&"
*&40'20"1&">0'()"40'*6&(&9"@0'"*)"+0(&7,"+&/A"0;&((&/&"2)"/)+0/(,/&"6',"
7)4&'2,G" .&'" '0(," (/," )" 4)((,2)')" 2)" 6'0" 2&)" ;,--)0/)" ?6,/()&/)" +0+01,/)"
/&--)')G"/)-6,/2,'(&"6'"/)*,+6(0"&*+0'&'(&"2&1"4/);)'&"0/-,')55,(0"104,1&G"
,--/&2)(0")'"4,*,"+/0+/),"2,";&;./)"2)"6'"41,'"/0;"ŽƉĞƌĂŶƚŝƐƵů͞ƉƌŽƉƌŝŽ͟
(&//)(0/)0G" ĐŚĞ Ɛŝ ƉƌĞƐƵƉƉŽŶĞ ĞƐƐĞƌĞ ŶĞůůĂ ŐĞƐƚŝŽŶĞ ͞ƌĞŐŽůĂƌŵĞŶƚĞ͟
40'2)7)*0" 40'" 1," 40*4," 1Y" /)(&'6(," &-&;0'&G" ," *&-6)(0" 2)" 6'" (&'(,()70" 2)"
0446+,5)0'&" 2)" 2&((0" ,110--)0G" ,++,/(&'&'(&" ,1" +,(/);0')0" 2)" &2)1)5),"
+6..1)4," /&*)2&'5),1&9" V" 2&1)'?6&'()" 2&11," >0/;,5)0'&" /0;" &..&/0" 1,"
;&-1)0" )'"?6&*(0" 4,*0G" /)6*4&'20" '&1" 10/0" )'(&'(0" &" 40*(/)'-&'20" ," 4)/4,"
ƵŶĂĚĞĐŝŶĂĚŝŐŝŽƌŶŝĚŝĚĞŐĞŶnjĂŽƐƉĞĚĂůŝĞƌĂŝůƉƌĞƐƵŶƚŽ͚ŶĚƌĂŶŐŚĞƚŝƐƚĂ͘"
!#"
"
8)" (/,((AG" *&40'20" ?6,'(0" /)>&/)(0" 2,11," >0'()" +0+01,/)G" 2)"
ƵŶ͛ĂŐŐƌĞƐƐŝŽŶĞĂŝĚĂŶŶŝĚŝ"6'"40;6'&"-/&-,/)0G"4&/(0G";,"+6/"*&;+/&"6'"
,>>)1),(0",2"6',"40*4,9"T")'"?6&*(0"*&'*0"4H&")1">,((0"2)7)&'&"&;.1&;,()409"
V'>,(()G"+6/"&**&'20"40'*)2&/,.)1&"1,"7)(();,"40;&"6',">)-6/,"'0'"2)"+/);0"
ƉŝĂŶŽ͕ ů͛ĂnjŝŽŶĞ͕" 40'*,+&701;&'(&" ,((6,(," 2,-1)" ,++,/(&'&'()" ,11,"
>0/;,5)0'&" 2&1)'?6&'5),1&" /0;G" /,++/&*&'(," 6'," 26/," &" 2)/&((," +/&*," 2)"
40*4)&'5," 2&11," ƉƌŽƉƌŝĂ ĨŽƌnjĂ͘ Ă ƋƵĞƐƚ͛ĞƉŝƐŽĚŝŽ ŝŶ ƉŽŝ͕ ƋƵĞůůĞ ƚƌƵƉƉĞ
,6*)1),/)&G" 40*Y" 2&>)')(&" )'" /,++0/(0" ,11," (&0/)," (&*(]" +/0+6-',(,G" *)" *0'0"
2);0*(/,(&" 4,+,4)" 2)" ,7&/&" 1," ;&-1)0" *6" ?6&11&" 0/2)',/)0" ;,1,7)(0*&"
+/0+/)0"+&/"1&"+,/,11&1&"2&.01&55&G"?6)"(&0/)55,(&G"ƌŝƐĐŽŶƚƌĂƚĞƚƌĂů͛ƐĞƌĐŝƚŽ
,'()40"/0;,'0"&"ůĂ͚ŶĚƌĂŶŐŚĞƚĂ"02)&/',9"
=,"7)4&'2,"E"4&1&/;&'(&"2)7&'6(,"'0(,"(/,"1,"+0+01,5)0'&G"1,"-&'(&"
H," )')5),(0" ," /&4&+)/&" 6'";&**,--)0"2,''0*0" ,11&" 40*4H&G" )'"?6,'(0" &**&"
H,''0" 40*Y" 7)*(0" )'(,44,(0" )1" +/0+/)0" ,-0-',(0" +/);,(0" 4/);)',1&" 2)"
40'(/0110" 2&1" (&//)(0/)09" P0/*&" +/0+/)0" +&/" ?6&*(0" E" *(,(," >,((," -)/,/&G"
*&;./," ?6,*)" '&11͛ŝŵŵĞĚŝĂƚŽ͕ ůĂ ŶĂƌƌĂnjŝŽŶĞ ĚĞŝ ƉƌŽǀǀĞĚŝŵĞŶƚŝ ƉƌĞƐŝ ŶĞŝ
40'>/0'()"2&1"41,'"/0;"2,"+,/(&"2&11,"40*4,")'(&/&**,(,"ĚĂůů͛ĂĨĨƌŽŶƚŽ͘^Ăƌă
/&,1(IG" *,/I" +/0+,-,'2,G" ;," >,((0" *(," 4H&" 6Ŷ ĐĂŵƉĂŶĞůůŽ Ě͛ĂůůĂƌŵĞ" E"
*4,((,(0" &" '0'" E" 2,(0" *,+&/&" ?6,'(0" &**0" *)," *(,(0" 7,16(,(0" 0" ;&'0" )'"
(,16')",;.)&'()"2&11,"*04)&(I"/&--)',G"*),'0"&**)"2&7),()"&"'0'9"
"
=," (&0/)," *&40'20" 46)" S," +,/()/&" 2,1" +/);0" 7&'(&'')0" 2&1" '6070"
ŵŝůůĞŶŶŝŽ ƐŝĂ ŝŶ ĐŽƌƐŽ ƵŶ͛ŝŶƚĞŐƌĂnjŝŽŶĞ ŶĞŝ ƌĂŶŐŚŝ ĚĞůůĂ ĐƌŝŵŝŶĂůŝƚă
0/-,')55,(," /&--)',G";," +/&*6;).)1;&'(&" ,'4H&" 4,1,./&*&G" 2)" 6'," '607,"
41,**&" 2)" ;,'07,1,'5," &" 2)/)-&'5,G" +/07&')&'(&" 2," 4&()" *04),1)" 2)" &('),"
/0;U" *)" 40'41620'0" 40'" 6'" (,-1)0" +/0+/)0" 2&1" 3)0/2,'0" C/6'0G" )1" ?6,1&"
ŝŶĚŝĐĂǀĂůĂƚƌĂĐĐŝĂĚŝƵŶ͛ŝŶƚƵŝnjŝŽŶĞƉŽĐŽ2);0*(/,.)1&G";,"4H&"2,"1Y","+040"
*,/&..&"*(,(,"*4)&'()>)4,;&'(&"/)&1,.0/,(,"2,1"3,1)1&)9"V1"=&((0/&"0/,"26.)()"
&"/)>1&((,G"4H&"ů͛ƵƚŽƌĞƋƵŝŶŽŶŚĂĂůƚƌŽƐĞŶŽŶŝůƌŝďĂĚŝƌĞ͗$99&%('"(<&/.$9"
"
"
"
!$"
"
!
!
!
!Q"
"
+"+,"&-%./".!
͘ss͕͘ ͞EŝĞŶƚĞ ŐŝŽǀĂŶŝ ŝŶ ƐƚƌĂĚĂ ʹ" ŶƵŽǀĞ ůĞǀĞ ƉĞƌ ůĂ ͚ŶĚƌĂŶŐŚĞƚĂ
ƐĐŽƉĞƌƚĞŝŶŶƚŝďĞƐ͕͟Z&--)0"B,1,./),G"8(/)119)(G"#R9!9#N!ZG"0'1)'&9"
ůƚŽŵŽŶƚĞ >ŝůůŽ͕ ͞Ă ZĞŐŐŝŽ ĂůĂďƌŝĂ ĐŽŶ Őůŝ ŝŶŐĂƌŝ ƉĞƌ ƵŶ ĐĂŵŵŝŶŽ
ĚŝǀĞƌƐŽ͙͕͟ZĞŐŐŝŽĂůĂďƌŝĂ͕ĚŝnjŝŽŶŝKƉĞƌĂEŽŵĂĚŝ^ĂŶƚƵĂƌŝŽĚŝDŽĚĞŶĂ͕
!K__G"++9"$ML$K9"
ĂĚŽůĂƚŝƌĐĂŶŐĞůŽ͕͞/ƐĞŐƌĞƚŝĚĞŝŽƐƐ"ʹ"V1"ƌĂĐĐŽŶƚŽĐŽŶƚŝŶƵĂ͙͕͟ŽƐĞŶnjĂ͕
^1)++&/"[2)5)0')G"#NNKG"++9"$_RL$KZ9"
ĂƌŝŶŝ'ŝƵůŝŽ͕͞ĞƌĐĂŶĚŽůĞƐŽƌŐĞŶƚŝĚĞů^ĂŶƚ͛ŐĂƚĂ͕͟ƌŽƚŽŶĞ͕^ĚŝƚƌŝĐĞ͕
#NNMG"++9"QNLQ!9"
ŽƐƚĂďŝůĞ &ĞůŝĐĞ͕ ͞^ƚŽƌŝĂ ĚĞů ŝƌŝƚƚŽ WƵďďůŝĐŽ ZŽŵĂŶŽ ʹ" c,'6,1&" +&/" -1)"
*(62)"6')7&/*)(,/)"L"V/ĚŝnjŝŽŶĞ͕͟ZĞŐŐŝŽĂůĂďƌŝ,G"V)/)()G"#N!!G"++9"!_NL!_M9"
b&1>)'0" [1&0'0/,G" ͞ůůŽŐŐŝ ƉŽƉŽůĂƌŝ͕ ŶƵŽǀŽ ďůŝƚnj Ăů DĂƌĐŽŶŝ͟G" [29" X&--)0"
B,1,./),G"3,55&((,"2&1"862G"'9#KZ",''0"ZQG"#_9!N9#N!RG"++9"#$"
>ĂĂǀĂƌĐŽůĞ͕͞'ůŝnjŝŶŐĂƌŝ͗ĞĐĐŽĐŚŝƐŽŶŽ͕͟ZĞŐŐŝŽĂůĂďƌŝĂ͕f,*0'"[2)(/)4&G"
!KK$G"++9"!_L!M9"
DŽƐŝŶŽ &ƌĂŶĐŽ͕ ͞^ƚŽƌŝĂ ĚĞŝ ZĞŐŐŝŶŝ͕͟ ZĞŐŐŝŽ ĂůĂďƌŝĂ͕ &ĂŵŝŐůŝ," %&'(6/,"
[2)(0/&G"#N!RG"++9"#Q9"
WĂŶnjĞƌĂŶŐĞůĂ͕͞ŽĚĚLJƐŝĂĚŽƉĞƌĂǀĂƉĞƌƌĞĐƵƉĞƌĂƌĞůĞĂƵƚŽƌƵďĂƚĞ͟G"[29"
X&--)0"B,1,./),G"B/0',4H&"2&1"3,/,'()*(,G"'9!#$",''0"#NG"Z9R9#N!RG"++9K9"
!
%"#-%.)".0*#$"!
>͛ƵƚŽƌĞ ƌŝŶŐƌĂnjŝĂ" %)'4&'50" %&'(6/,G" X0*,/)0" [//,'(&G" [1&0'0/," b&1>)'0G"
b0',(&11," c,''655," &" c,/)," C/,'4," ƉĞƌ ů͛ĂƚƚĞŶnj)0'&" &2" )'7)(," 4H)6'?6&"
701&**&")'(&-/,/&"'607&")'>0/;,5)0')",2")'01(/,/1&"+&/")*4/)((0"Ăůů͛ŝŶĚŝ/)550J"
P/,'4&*40"%&'(6/,G"B,*&11,"`0*(,1&"'9M"ʹ"BO`"MK!#R"X&--)0"B,1,./),"aXBW9"
!R"
"
"
"
!Z"
"
Scarica

Ndrangheta Foederati