!
"
«
LASTAMPA»!"#$%&&%'()%#!*+*#IlgovernoFranceseela controversia diFascioda
+#,%--./0#!+12#Un mortocheresuscita in teatro «
NEUE FREI
E PRESSE»
!#3/4%'()%#!+15#Reatiepene.Lezecchein soffitta
!*#'.,,/0#!+!1!L'
incontrodella Cometa diHalley con ilnostropianeta
«
L'
AURORE»
«
BERLI
NER MORGENPOST»!#67,6/0#!+!1!Commerciodioscenità.La pornografia
causa delinquenza
"8#.9)/6%#!+!!#E’statotrovatoin un boscosperdutosullepiù altecollineilcadaverediun uomo
«
TI
MES»!*#'.,,/0#!+!"#In Libia.CuriosistratagemmidellespienemicheadHoms
"#'.):0#!+!" “
Grandescioperonero”miniere,filande,fabbrichedipiatti,fornaci,porti
"1#.9)/6%#!+!"#È mortoa Londra il“
papà”diDracula
!"#$%&&%'()%#!+!2#La Regina delmercatoin visita ed alteatro
«
L'
UNI
TA'
»
"+#,/7,-0#!+!;!Dupliceattentato!Colpitia rivoltellatedopoillanciodiuna bomba!
"+#67,6/0#!+!; Gravipreoccupazioniperla paceeuropea.La gravissima ora
«
L'
HUMANI
TÉ»"!#.,0$&0#!+!;!Jaurèsassassiné
«
AVANTI
!
»;#.,0$&0#!+!;#La Germania minaccia la Francia attraversoilBelgio
"*#'.,,/0#!+!5#Lusitania sunk by a submarine,probably 1,
26
0dead
"2#'.,,/0#!+!5#L’
I
talia dichiara la guerra all’
Austria!
2
<=>>?@A=
9B#5#C04.-3/-%#
9B#D#E.6%-3.)/0#)%4/&%#
9B#*#A-&%)F/$&%
9B#*#G?=C=#HA#G?=C=
9B#!!#EC?IHA=#C=JKLA
9B#!D#KIA?#MINNA
9B#!+#KA?JCIE?#<MAEE?
9B#"!#.&&0)/
9B#";#G/44060#6%''.)/0
9B#"D#?6'.-.44O/#&).#9.4%P#,7%)).#%#3090,7%)).
9B#;2#C.#(/(6/0&%4.#3/#G/%))%#>%-.)3#
9B#8;#?6(7'#3/#Q.'/,6/.
6/()%&&0#3/#R/<S@INA=JAR.#47).#3/T
K/76/.#'.7)/,O#%#,/.40'0#9%3/-/
UC?M=@?NA=JU#K@?VAE?T#HAU#M@ÜWU#XV=@<UY
;
I
ST
RUZI
ONI
PERNONMORI
REI
NPACE
PAT
RI
MONI
|
RI
VOL
UZI
ONI
|
T
E
AT
RO
!"!!"#$#%&'%!"#$#
#$%"&!($")*'#%+#,-.'%
'($)$!"#$%!&#''$!
(*'+,-"."$%()#*%!+,$**%
/#*"$0"*)".-$**%./0!1.%2$!
1,("!3044%50!678**#**$!
&##&)%"&-$)+".-,'"(&1".9)$4:$%!".8*0
+#,((*.$.&((*)("&+,#$!;$*0)8!304%$($!
#$%"'+&.&''"'+$)+$!"$%*040!<8/$($!
&''"'+$)+$.&11&.#$%"&.2*1*)+&#"*.$.#"($#(3$."(*)*%#&(3$!=$220.$0!3%,0>%!
&''"'+$)+$.&".(*'+,-"!+%.%!"04%.%5*%
4".#")%#&0"&!"$#)$%!?%#.$>7!/$#.1&.(*11&5*#&0"*)$.&11$.#"($#(3$.!#&--&+,#%"(3$ .
$."(*)*%#&6"(3$.
(*)
&#,"/0$$" % 1$$0-2#3 % 4'5#$" % 6#2/#$#//'3 % 7'5.0$0 % &0$$89/2'3 % :';#,0%
<2",5'"3% =$';>'"% ?205#! @A$5%.40($*% ! 8 ! :$%(0A0.28BC !+',#% ?)",5'"$03%&'","%
7",0"3%@)-0,'#%!">"$'"3%:';#,0%A",-#$#
!"#$++*#$.+$()"(*!-0,8.2!D07(!-8528>7$($!
!"#$++#"($ . !" . '($)&! ?%/.$)8(% ! "%))0E !(&/* . -&((3")"'+&! 6)%#/$0 ! &8))%>%4,%E!
-&((3")"'+" .F(/.8% ! &#)>%.8))$C ! ?%.*0 ! 1$8($E !(&/* . $1$++#"("'+&! 1%,$0 ! &0''822%E!
&++#$00"'+&!G.$*%!?0(20.5$E!'&#+&!H0.8/%(%!FI8.*$
4($)$.(*'+#,"+$!(8)!)%,0.%20.$0!/$!G4$)$%!-04%>(%!38%2.0!10(/%'$0(8!
(&/*.(*'+#,++*#$!"$0%**7$(0!".%40)$($!
(*'+#,++*#"!?%.*0!1$8($C!+8.>$0!<#''0!
'($)*%#&6".#$&1"00&+*#"!G.$*%!?0(20.5$C!H$I$0!+%I$($
%#&6"(&!D8%(J6)%#/8!6%:8))0
4".#")%#&0"&!$)!?#580!/8))%!1$>#.$(%!:8.!)8!$44%>$($!:.858(2$!(8))0!5:822%*0)0
4" . #")%#&0"&)* . ")6")$! =%(K% ! &%)2$*C ! +28A%(0 ! 60/8)#::$C ! "$#58::8 ! ?%$520C!
=%)8(2$(%!?$.8(/%C!L%:7(8!<%5$($C!1.%(*85*0!+%,%$($
5
*
?ZZU@SUJNU#GU@#C=#<GUSS?S=@UT #L
ASI
T
UAZI
ONESIF
ACOMPL
I
CAT
A.
.
.IPERSONAGGISONO AL
L
'
I
NCI
RCAUNCENT
I
NAI
O.
.
.EIPI
ANI
MOL
T
EPL
I
CI
: CISONO –NAT
URAL
MENT
E–DEIPERSONAGGIDII
NVENZI
ONE.
.
.EPOIPERSONAGGIST
ORI
CI(
POL
I
T
I
CI
,I
NT
EL
L
ET
T
UAL
I
,
PSI
CANAL
I
ST
I
,SEMPL
I
CI
PASSANT
I
,DONNEBORGHESI
EVI
ADI
CENDO)
.
.
.
EPERF
I
NI
REUNGRUPPO DI
AT
T
ORI
DI
CABARET(
CHEAL
ORO VOL
T
A
POSSONO I
NT
ERPRET
AREPERSONAGGI
REAL
MENT
EESI
ST
I
T
I
)…QUI
NDI
BUONDI
VERT
I
MENT
O!
!
!
1
.
PAT
RI
MONI
2.
RI
VOL
UZI
ONI
H0-.&%66. # ?66%,)0 # 3$(% ! "022%./$ ! M ! L0((% ! M ! F4,%5*$%20.8!
/NF#52.$%JO(>78.$% ! M ! <.052$2#2% ! M ! 6)%P/$% ! 67%#*7%2 ! M ! O040 ! Q ! %)!
*%AAR!M!H%!*7%(28#58!@%22.$*8B
H0-.&%66.#?66%,)0# 3$(%!"022%./$!M!-%>%''%!M!+%.%7!&8.(7%./2!M!
-#/Y%./ ! Z$:)$(> ! M ! +$(/%*%)$52% ! %#52.$%*0 ! M ! 6)%P/$% ! 67%#*7%2 ! M!
"$0.(%)$52%!%#52.$%*0!M!H%!*7%(28#58!@%22.$*8B
J/406.#M0)&060&&/! ?%.*8))0!"022%./$!M!O040!*0)!2.8($(0!M!+28A%(!
SP8$> ! M ! +2.$))0(8 ! M ! ;0((0 ! /$ ! D058:7$(8 ! M ! 60(50)8 ! 3$8(%::8) ! M!
+0)/%20!M!T)!:$**0)8220!@%220.8B
J/406.#M0)&060&&/!?%.*8))0!"022%./$!M!T)!*.$2$*0!X!M!T2%)$%(0!M!+28A%(!
SP8$>!M!L022[!&87.8(5!M!+$(/%*%)$52%!%#52.$%*0!M!"$0.(%)$52%!,#)>%.0!M!
T)!:$**0)8220!@%220.8B
>/4O%6%#H%66!I&)/! 18.(%(/0!"022%./$!M!O040!5#)!)8220!M!+:8%U8.!M!
O040!/$!*7$85%!M!+2.$))0(8!M!+0)/%20!M!T)!A)0.$/0!@%220.8B
>/4O%6% # H%66!I&)/! 18.(%(/0 ! "022%./$ ! M ! T) ! *.$2$*0 ! Q ! M ! +2.$))0(8 ! M!
1.%(*858!M!+$(/%*%)$52%!#(>78.858!M!+:822%20.8!M!T)!A)0.$/0!@%220.8B
</'0-%#V).-4/.!OAA$*$%)8!M!F4$*0!/$!&8.20!M!O040!*0(!$)!2%**#$(0!M!
O040!$(!04,.%!M!<.828!M!?%*$528!@%220.8B
</'0-%#V).-4/.!OAA*$%)8!M!F4$*0!/$!&8.20!M!G4$)$0!+%)>%.$!M!OAA*$%)8!
A.%(*858!M!+0*$%)$52%!X!M!&%(*7$8.8!M!?%*$528!@%220.8B!:#.8!(8))%!:%.28!
/$!Z%.)!?%.\
=6/'9/.#K)%40!HV%))0/0)%!@%)!:$%(0A0.28!8!%))%!A$5%.40($*%B
C/-0#K7.-4/.6%! H8)0!"022%./$!$(!%.28!T)!.$,%)/0!@%220.8B!M!+$>4#(/!
1.8#/!M!D8%(!D%#.R5!M!+0)/%20
H/.-. # >.-%.! D058:7$(8 ! M ! +#0. ! ?%.$% ! "022%./$ ! M ! +2.$))0(8 ! M ! T)!
4%5*7$%**$0!@%22.$*8B
U7,%-/0 # G.9.6/. #9:8.%$0 ! M ! O040 ! 5/.%$%20 ! M ! F4$*0 ! Q ! M ! "%I.$)0!
<.$(*$:!M!W%(5!6%520.:!M!O040!X!%)!*%AAR!M!?$($52.%(28!M!T)!A)855#050!
@%220.8B
</'0-%#S.-,060!&8.20!"022%./$!M!+2.$))0(8!M!T)!,8))0**$0!@%220.8B
=6/'9/.#K)%40#HV%))0/0)%!@%)!:$%(0A0.28!8!%))%!A$5%.40($*%B!
C/-0 # K7.-4/.6%! H8)0 ! "022%./$ ! $( ! %.28 ! T) ! .$,%)/0 ! @%220.8B ! M ! "80.>!
W8Y4!M!+2.$))0(8!M!+$>4#(/!1.8#/!M!38/85*0!M!+0*$%)$52%!Q
H/.-. # >.-%.! D058:7$(8 ! M ! +#0. ! ?%.$% ! "022%./$ ! M ! +2.$))0(8 ! M!
L0((%!M!F#52.$%*0!M!L0((%!,0.>7858!M!T)!4%5*7$%**$0!@%22.$*8B
U7,%-/0 # G.9.6/. #9:8.%$0 ! M ! "$0I%(8 ! $( ! :%22$($ ! M ! H8I ! 3.025UY ! M!
<%55%(28!*0(!04,.8))0!M!O/$20.8!M! &.$2%(($*0!M!W%(5!6%520.:!M!
"$0.(%)$52%!,.$2%(($*0!M!T)!A)855#050!@%220.8B
</'0-%#S.-,060! &8.20!"022%./$ !M!-#550!M!+$(/%*%)$52%!28/85*0!M!
D0%*7$4 ! S$84558( ! M ! "$0.(%)$52% ! A.%(*858 ! M ! +2.$))0(8 ! M ! T) ! ,8))0**$0!
@%220.8B
8
3.
T
EAT
RO
H0-.&%66. # ?66%,)0 #! 3$(% ! "022%./$ ! M ! +:822%20.8 ! M ! <%55%(28 ! Q ! M!
6)%P/$%!67%#*7%2!M!H%!*7%(28#58!@%22.$*8B!:#.8!(8))%!:%.28!/$!"$0.>$0!
=!/8)!-8>(0!O($20
J/406. # M0)&060&&/! ?%.*8))0 ! "022%./$ ! M ! "$0I%(($ ! "$0)$22$ ! M!
?%**7$($52%!M!-0,8.2!?#5$)!M!+28A%(!SP8$>!M!T)!:$**0)8220!@%220.8B
>/4O%6%#H%66!I&)/!18.(%(/0!"022%./$!M!+$/(8Y!+0(($(0!M!?8/$*0!M!T)!
A)0.$/0!@%220.8B
</'0-% # V).-4/.! OAA$*$%)8 ! M ! G.P$( ! <$5*%20. ! M ! T(28.I8(2$52% ! M!
+2.$))0(8!M!T)!,8($(A0.4%20!Q!M!+0)/%20!M!1020>.%A0!M!?%*$528!@%220.8B!
:#.8!(8))%!:%.28!/$!6052%(2$(0!H%''%.$
=6/'9/.#K)%40#HV%))0/0)%!@%)!:$%(0A0.28!8!%))%!A$5%.40($*%B!
C/-0#K7.-4/.6%! H8)0!"022%./$!$(!%.28!T)!.$,%)/0!@%220.8B!:#.8!(8))%!
:%.28!/$!"#>)$8)40!TT!/$!"8.4%($%!8!/$!3704%5!]00/.0P!]$)50(!M!
F))$8I0 ! M ! F(20($0 ! +%)%(/.% ! M ! OAA*$%)8 ! $2%)$%(0 ! M ! 3704%5 ! ?%(( ! M!
+$>4#(/!1.8#/
H/.-. # >.-%.! D058:7$(8 ! M ! +#0. ! ?%.$% ! "022%./$ ! M ! +:822%20.8 ! M!
+0)/%20!M!T)!4%5*7$%**$0!@%22.$*8B!:#.8!(8))%!:%.28!/$!=$220.$%!/8)!-8>(0!
O($20!8!/$!]$(520(!67#.*7$))
U7,%-/0#G.9.6/. #9:8.%$0!M!H8220.8!/8$!40.2$!M!<%*$A$52%!M!<%55%(28!
X!M!W%.#U$*7$!+7$40$!M!T)!,8($(A0.4%20!X!M!W%(5!6%520.:!M!L$.8220.8!/$!
5*8(%!M!O(%!*%I$%!M!T)!A)855#050!@%220.8B!:#.8!(8))%!:%.28!/$!"$0.>$0!=!
/8)!-8>(0!O($20
</'0-% # S.-,060! &8.20 ! "022%./$ ! M ! +:822%20.8 ! M ! +0)/%20 ! M ! Z%.)!
Z.%#5!M!T)!,8))0**$0!@%220.8B!:#.8!(8))%!:%.28!/$!"%,.$8)8!LNF((#('$0!8!
/$!;$*0)%!TT!/$!-#55$%!8!/$!&8($20!?#550)$($
E.6%-3.)/0#40'96%&0#3%66%#)%4/&%
I
STRUZI
ONI
PERNONMORI
REI
NPACE
1
.
PAT
RI
MONI
2.
RI
VOL
UZI
ONI
3.
T
EAT
RO
MODENA/
/T
EAT
RO ST
ORCHI
^!>8((%$0_!0.8!QX!1
.
PAT
RI
MONIPRI
MAAS
S
OL
UT
A
`!>8((%$0_0.8!QX!1
.
PAT
RI
MONI
a!>8((%$0_0.8!Q0!2.
RI
VOL
UZI
ONI
PRI
MAAS
S
OL
UT
A
Xb!>8((%$0_!0.8!Xc[db!3.
T
EAT
RO PRI
MAAS
S
OL
UT
A
XQ!>8((%$0_0.8!Xc!1
.
PAT
RI
MONI
Xd!>8((%$0_0.8!Xc!2.
RI
VOL
UZI
ONI
Xe!>8((%$0_0.8!QX!2.
RI
VOL
UZI
ONI
Xc!>8((%$0_0.8!QX!3.
T
EAT
RO
Xf!>8((%$0_0.8!Qb!3.
T
EAT
RO
X^!>8((%$0_0.8!Xc!7#"++"(*.(*-/1$+*.
@1
.
PAT
RI
MONI
.8.2.
RI
VOL
UZI
ONI
83.
T
EAT
RO B
CESENA/
/T
EAT
RO BONCI
Q`!>8((%$0_!0.8!QX!1
.
PAT
RI
MONI
Qa!>8((%$0_0.8!QX!!2.
RI
VOL
UZI
ONI
db!>8((%$0_!0.8!QX!3.
T
EAT
RO
dX!>8((%$0_0.8!Xc![db!7#"++"(*.(*-/1$+*.
@1
.
PAT
RI
MONI
.8.2.
RI
VOL
UZI
ONI
83.
T
EAT
RO B
D
!"I
NT
ERVI
ST
E#!
AJSU@ZA<S?#?#G?=C=#HA#G?=C=#XH@?>>?SI@K=Y
&.(,#&.!".9"&(*-*.:$!")"
!"2/'";#%*"$%/'/#$#B%"$$"%C',0%*'%),%",,#%*'%>2#-0//#3%*"'%!"#$%%$&$'(")#$***'+,&"-"../$')0,,"'12#"-)0'(".03 '
4567785659:! D' %>"DD" %"$$0 %;%<#=>$?-$ ' @0#' -?- ' &?#$#0' $- ' @".0 ' 4("<#$&?-$ ' A$B?,=>$?-$ ' C0"<#?:B % ), % *'D520/#%
D"$/#3%E)"D'%),%-'2#%*'%F#"G% &"% *#H0% 0 % 5#;0% ;"' % E)0D/# % I#DD';#2#J3% >02 % ,#;',"20% $#%D>0//"5#$#% >#D/#% " %
5.')D"%*0$%>2#-0//#K
<$g!*78!%)2.0!R!#(!:%.%/0550C!*78!/h!5#,$20!#(%!*0)0.$2#.%!$.0($*%!%)!)%I0.0C!8!)V$.0($%!R!#(%!*052%(28!/$!i#8528!;'+#,0"*)"[!;0(!
5$!2.%22%!:8.j!/$!#(V$.0($%!A$(8!%!5k!52855%l!7%!$(A%22$!:$g!*0..$5:822$I$!*0(*.82$!*#$!%(*0.%.5$[!T(!:.$40!)#0>0!R!$.0($*0!:8(5%.8!% !
m$52.#'$0($n!*78!58.I%(0!:8.!0228(8.8!(0(!*$j!*78!5$!/85$/8.%!4%!*$j!*78C!$(!>8(8.8C!5$!I0..8,,8!8I$2%.8l!:8.*7k!o(0(!40.$.8!$( !
:%*8n ! R ! :#. ! 584:.8 ! %)2.0 ! 40/0 ! /$ ! /$.8 ! o40.$.8 ! $( ! >#8..%n[ ! 6VR ! :0$ ! #( ! .$*7$%40 ! $.0($*0 ! %))0 ! 5I0)>8.5$ ! /8))% ! 520.$%[ ! ;8)!
.$,%)2%48(20!$(!(8>%2$I0!/8))V85:.855$0(8!$/$04%2$*%!o40.$.8!$(!:%*8nC!*VR!$(A%22$!#(!8I0*%.8!$!A%(2%54$!8!)8!$(i#$82#/$($!*78!
$4:8/$5*0(0!%$!:8.50(%>>$!/8))%!I$*8(/%!/$!I$I8.8!,8(8!$)!:.0:.$0!284:0C!:0$*7k!5*7$%**$%2$!/%)!:850!/8))8!.85:0(5%,$)$2h[!60(!
)0!5*0::$0!/8))%!".%(/8!"#8..%!2#22$!50(0!*052.822$!%!A%.8!$!*0(2$!*0(!/$I8.58!.85:0(5%,$)$2hl!R!#(!*0(28520!*78!(0(!.8(/8 !
(855#(0!858(28!/%!#(!o85%48!/$!*05*$8('%nC!:#.8!*7$!7%!%>$20!$(!5$2#%'$0($!%))V%::.8('%!/$52%(2$!/%)!*0(A)$220[!p#%(/0!5$!I%!
I8.50!)%!>#8..%!8C!50:.%22#220C!i#%(/0!*$!5$!/$.$>8!/.$22$!%))%!5#%!A$(8C!5$!R!*048!:8.58>#$2%2$!/%))V04,.%!/8))8!:.0:.$8!%'$0($C!/% !
oA#.$8nC ! *048 ! (8))% ! 2.%>8/$% ! %(2$*%C ! *78 ! (0( ! (8*855%.$%48(28 ! 5$ ! 2.%4#28.%((0 ! $( ! o8#48($/$nC ! $( ! 5:$.$2$ ! /$ ! .$A0(/%'$0(8 ! 8!
.$*052.#'$0(8[!p#8528!o$52.#'$0($n!50(0!:#.8!#(%!50.2%!/$!I%/848*#4!$.0($*0!/$!#(%!>8(8.%'$0(8C!*78C!%))%!A$(8C!7%!5*8)20!J!58!
(0(!/$!*0(5$/8.%.8!)%!>#8..%!*048!#(V0**%5$0(8!J!:8.)048(0!/$!:8(5%.)%!*048!#(%!:055$,$)$2hE!8!I%)8!5$%!:8.!*7$!5$!R!5:0.*%20 !
5$%!:8.!*7$!(0(!5$!R!5:0.*%20!)8!4%($!/$!5%(>#8[!<0$!*VR!#(!>#%./%.8!*0(!$.0($%!%)!:.858(28C!%(*78!58!/8)!:.858(28!(0(!5$!:%.)% !
i#%5$!4%$!85:)$*$2%48(28!(8)!28520[!H%!5*.$22#.%!28%2.%)8!R!$(2$4%48(28!)8>%2%!%)!oi#$!8!0.%nC!%('$2#220!:8.!I$%!/8)!A%220!*78!$) !
28%2.0!%**%/8!8!5$!/h!$(!#(!4048(20!5:8*$A$*0[!T(A$(8C!i#%(/0!5$!5*.$I8!(0(!5$!:0550(0!8I$2%.8!/8$!*0.20*$.*#$2$!*0(!*$j!*78!2$ !
%**%/8!$(20.(0[!p#8520!)%I0.0!/.%44%2#.>$*0!5$!R!5I$)#::%20!(8)!*0.50!/8))V#)2$40!%((0!8!40)28!*0((85$0($!2.%!)%!520.$%!8!)V0>>$ !
5$!50(0!4052.%28!I$%!I$%!(8$!485$!2.%5*0.5$[!q!*048!58C!48(2.8!)%I0.%I%40!%))%!*052.#'$0(8!/$!i#852$!5:822%*0)$C!%))%!5*.$22#.% !
)8228.%.$%!8!5*8($*%!/8))8!;'+#,0"*)"./$#.)*).-*#"#$.")./&($.@:8.*7k!$)!28520!8!>)$!5:822%*0)$!5$!50(0!A0.4%2$!%(*78!$(5$848!8!(0(!
$(!A%5$!/8)!2#220!58:%.%28BC!>)$!8I8(2$!/8))V%((0!*78!:%55%I%!*$!*052.$(>8558.0C!$(!#(!40/0!I$0)8(20C!%!#(!%II$*$(%48(20C!%!#(!
%**052%48(20!0)2.8!$)!:.8I$520!%))V%22#%)$2h[
L'C$0//0,*#%"%;"2-',0%*0$$"%ID/#2'"JB %;%<#=>$?-$'@0#'-?-'&?#$#0'$-'@".0! M%'$%C2)//#3%5#;0%",/'5'>"H'3%*'%),%
$),-#%>2#50DD#3%*)2"/#%),%",,#%0%>'N3%5.0%D#>2"//)//#%."%';>$'5"/#%$"%2"55#$/"%0%'$%/2"//";0,/#%*'%,);02#D0 %
*
C#,/'%/0D/)"$'%O*#5);0,/"2'03%$0//02"2'03%/0"/2"$'3%0/5GGGPG%(#;0%D'%M%",*"/#%DH'$)>>",*#%E)0D/#%',/2055'#%/2"%'$%
*"/#3%>02%$Q">>),/#3%*0$$"%C#,/0%0%'$%>'",#%*0$$Q',H0,R'#,0K
T(!A0(/0!i#8520!R!$)!.8,#5!/$!0>($!5*.$22#.%!/$!%4,$8(2%'$0(8!520.$*%C!$(28(/0!*048!A%.!8(2.%.8!4%28.$%)$!/%)!I8.0!@/0*#48(2$!8 !
2852$40($%('8B ! /8(2.0 ! #(% ! *0.($*8 ! /$ ! A$('$0(8C ! *048 ! 485*0)%.8 ! $) ! I8.0 ! 8 ! )V$44%>$(%20C ! )% ! A0(28 ! 8 ! )% ! 5#% ! 2.%5A$>#.%'$0(8[!
HV$(I8('$0(8!)%I0.%!$(!>8(8.8!/$>8.8(/0!/8$!4%28.$%)$!/$!.8%)2hC!:8.!.852$2#$.)$!:0$!$(!40/0!%)2.0l!/#(i#8!(0(!4%(*%(0!4%$!
*0((855$0($ !%! :8''$!/$ !.8%)2hC !5844%$! 50(0 !:.858(2$! $(! 40/0 ! 5022$)8 !8! 50228..%(80[ ! H% !I$*8(/% !/$ !A%4$>)$% !*78! %22.%I8.5% !
;'+#,0"*)"./$#.)*).-*#"#$.")./&($.5$4#)%!8!.$8)%,0.%!#(!4%28.$%)8!/$!.8%)2h[!LV%)2.0(/8!%(*78!i#8))0!/8))0!520.$*0!R!#(!)%I0.0!/$ !
5*.$22#.% ! 8 ! /$ ! .$*052.#'$0(8[ ! +8C ! :8. ! A%.8 ! #( ! 8584:$0C ! .%**0(20 ! :%.28(/0 ! /%))8 ! A0(2$ ! )V$(*0.0(%'$0(8 ! /$ ! 6%.)0 ! ?%>(0C ! (8)!
4048(20!528550!$(!*#$!)%!.%**0(20!2.%/$5*0!8!A%)5$A$*0l!.$40/#)0!$)!/%20!/$!I8.$2h!$(!i#%(20!(%..0[!3#22%I$%!58('%!(%..%'$0(8!R !
:.8*)#5%!0>($!:055$,$)$2h!/$!.$*0(i#$52%!/$!#(%!.8%)2h!520.$*%[!<8.!852.84$!R!$)!/$5*0.50!*78!A%C!(8)!5#0!<*#-$.!".'+*#"&C!W%Y/8(!
]7$28!%!4%.>$(8!/$ !4(3")!1$#='.1"'+ ./$!+:$8),8.>l!)%!,%4,$(%!*0(!$)!*%::0220!.0550!/8)!A$)4!R!/$!:8.!5k!#(!A%)50!520.$*0C!4% !
%*i#$5$5*8! #(!I%)0.8 !/$! .8%)2h !%22.%I8.50 !$) !:$%(0 ! /8))V840'$0(8[ ! q !$) !48**%($540 !8402$I0 !:0520! $(! %220! /%! +:$8),8.>! *78!
:8.48228!%))0!5:822%20.8!@*05r!*048!%!#(!)8220.8B!/$!*0(i#$52%.8!)%!I8.$2h!)%//0I8!(0(!52%.8,,8C!%22.%I8.50!)%!A$('$0(8[
L';",0,*#%D0;>20%D)$%>'",#%*0$%2">>#2/#%C2"%C"//#%0%C',R'#,03%/2"%D/#2'"%0%',H0,R'#,03%5#;0%D'%M%DH'$)>>"/#%'$ %
$"H#2#%*2";;"/)2-'5#%,0$%5#2D#%*'%E)0D/Q",,#K%S"%D0-)'/#%), %D$,'#?=E0 '>20*0/02;',"/#%#%M%",5.0%D/"/#%'$%
>2#*#//#%*'%D)--0D/'#,'%"55);)$"/0D'%*)2",/0%$#%DH'$)>>#%*0$%>2#-0//#%!"#$%%$&$'(")#$3%*'%5)'%;%<#=>$?-$'@0#'
-?-'&?#$#0'$-'@".0!M3%C#2D03%,#,%D#$#%$Q0>'$#-#%;"%",5.0%$"%D',/0D'%C',"$0K
T!4%28.$%)$C!)8!A0(2$!5$!50(0!%**#4#)%28!52.%/%!A%*8(/0C!$(!:%.28!A.#220!/$!)$(88C!/$!:$528!/828.4$(%28!%!40(28C!4%!$(!:%.28!%(*78!
A.#220!/$!5#>>852$0($!*0)28!I$%!I$%[!?0)28!52.%/8!,%22#28!7%((0!$(A%22$!%:8.20!:$528!$(%22858C!%)2.$!5:#(2$!50(0!%..$I%2$!:.0:.$0!
/%>)$!8I8(2$!/8)!:8.*0.50!/$ !>&#"''"-".:&!#"[!F))%!A$(8!5$!R!*05r!/8*$50!/$!*8.*%.8!/$!48228.8!$(5$848C!/$!*#*$.8!$(!#(V#($*% !
>.%(/8!8!$..8>0)%.8!28)%C!2#22$!$!A$)$!58>#$2$l!(8!I$8(8!i#%)*05%!/$!$:8.2.0A$*0C!/$!,#)$4$*0C!4%!5$!2.%22%!/$!#(%!,#)$4$%!4%($A852%C!
*78!I0)8(/0!(0(!5$!85%#.$.8,,8!(8448(0!(8))8!2.8!58.%28!*78!5$!.$*7$8/0(0!:8.!I8/8.8!)8!:%.2$!/$!;'+#,0"*)"[!+$!R!*8.*%20!/$!/%.8!
4$5#.%!*0(*.82%!/$!#(%!I%52$2hC!(0(!5*0((855%!:8.jl!5$!50(0!%**#4#)%2$!/8$!4%28.$%)$!*78!5$!*7$%4%(0!A.%!)0.0[!<8.!8584:$0C !
48(2.8!)%I0.%I0!5#))%!?*)+&%)&.")(&)+&+&.@*78!R!52%20!%(*78!%)!*8(2.0!/8)!:.0>8220C!$(!i#%(20!)8220!:#,,)$*%48(28!$(!I8(2$!
:#(2%28 ! (8))V%.*0 ! /$ ! 2#220 ! $) ! QbXcBC ! #(! >8520! /$! W%(5 ! 6%520.:C ! $)! :.02%>0($52%C ! R! /$I8(#20 ! 0>>8220 ! /% ! 2.%5A8.$.8 ! %! #(0 ! /8$ !
:8.50(%>>$!/8))%!A$('$0(8!$(28.(%!%!;'+#,0"*)"[!+8!/0I855$!$(/$I$/#%.8!#(!*.$28.$0!*04:05$2$I0C!%**0528.8$!i#852%!/.%44%2#.>$%!
%!#(%!.%:50/$%l!*048!%**8((%I0!5$!R!2.%22%20!/$!*#*$.8!$(5$848!*058!852.84%48(28!/$I8.58C!4%!*78!5$!*7$%4%I%(0!)V#(!)V%)2.%[!+$!
2.%22%I%!*048!/$!48228.8!$(!40I$48(20!#(%!*05%!*78!:0$!(8!:028558!*.8%.8!#(V%)2.%!8!*05r!I$%!/$*8(/0[!3#22$!$!4%28.$%)$!50(0!
5:#.$C!50(0!#(!A0.4$*0)$0!/$!*058!/$I8.58!*78!5$!R!*0%>#)%20!$(!#(%!A0.4%l!8**0!/%20!$)!.$5#)2%20!A$(%)8[!;0(!%I8I0!#(%!>.%(/8 !
85:8.$8('% ! /.%44%2#.>$*% ! %))8 ! 5:%))8C ! 4%C ! (8))V8)%,0.%.8 ! i#8520 ! 28520C ! 4$ ! 50(0 ! :02#20 ! %AA$/%.8 ! % ! i#8))% ! .04%('85*% ! /$!
%4,$8(2%'$0(8!520.$*%C!/0I8!5$!:.0*8/8!*048!%!/04$(0[
!02%5.')*020%'$%5025.'#B%,0$%D)#%+-E0,=%'F?B=%!T"$/02%60,U";',%*0D52'H0%$"%D/#2'"%"%>"2/'20%*"%),Q';;"-',03%
E)0$$"%*'%),%",-0$#%5.0%5";;',"%"$$Q',*'0/2#%0%5.03%DF"//0,*#%$0%D)0%-2",*'%"$'%D>'0-"/03%D>"RR"%H'"%'$%>"DD"/# %
$"D5'",*#%D#$#%C2";;0,/'3%2#H',0%",5#2"/0%"$$"%/022"G%40$%/)#%/0D/#%#$/20%"$%>"DD"/#%D'%>"2$"%>02V%/",/#%",5.0 %
+
*' % C)/)2#3 % ), % C)/)2# % W % E)0$$# % *0$$" % -)022" % W % 5.0 % D' % ;",'C0D/" % >2#>2'# % 5#, % '$ % /2"//# % *0$$" % 2#H'," % 0 % *0$%
C2";;0,/#B%M%E)"D'%),"%D)--0D/'#,0%"$$Q',H02D#%*0$$Q",-0$#%*'%60,U";',K
p#8))V$44%>$(8C!*78!&8(K%4$(!.$*%I%!/%!Z)88C!*048!:0*78!%)2.8!7%!5%:#20!/%.8!4$5#.%!/8))%!2.%>8/$%!/8))%!520.$%!s!8!/8))% !
2.%>8/$%!/8)!A#2#.0!s!*78!7%!*%.%228.$''%20!$)!;0I8*8(20l!:8.!)%!".%(/8!"#8..%!R!%::.0:.$%20!/$.8!*78!)V$44%>$(%'$0(8C!$)!50>(0 !
/8)!A#2#.0C!8)%,0.%20!(8)!*0.50!/$!#(%!)#(>%!:%*8C !R!52%20!$)!:.85#::0520!528550!/8))%!.0I$(%[!3#22$C!$(!i#8))%!:%*8C!7%((0!
*00:8.%20!:8.!.8%)$''%.8!$)!.$5*7$0!/8))%!:.0:.$%!/$550)#'$0(8[!H8!4%*8.$8!/8))V%(>8)0!/$!Z)88!8!&8(K%4$(!50(0!)8!4%*8.$8!/8))%!
520.$%!8!/8)!:%55%20C!4%!$(!i#%)*78!40/0!:0550(0!%(*78!8558.8!i#8))8!/8)!A#2#.0l!50(0!)r!%/!%5:822%.2$!%(*78!58!(0(!)8!I8/$[ !
p#8))V$44%>$(8!/#(i#8!R!5r!*8(2.%)8!:8.!$(28(/8.8!$)!*05$//8220!58*0)0!,.8I8C!4%!R!*8(2.%)8!:#.8!:8.!)0!5:822%*0)0[!T(!i#%)*78 !
40/0!;'+#,0"*)"./$#.)*).-*#"#$.")./&($C!(8))%!5#%!/$5%.2$*0)%'$0(8!/.%44%2#.>$*%C!.$:.8(/8!$!2.%22$!/8)!(*#/,'./$5%.2$*0)%20!
/8))V%(>8)0!/$!Z)88!I$520!/%!&8(K%4$([!9>($!:8.50(%>>$0!/8(2.0!%))%!520.$%!(%..%2%!$44%>$(%!$)!:.0:.$0!A#2#.0E!0>($!%'$0(8!/8$!
:8.50(%>>$!.%**0(2%2$!R!#(!)%I0.r0!/$!:.0$8'$0(8!/$!5k!(8)!/04%($[!T)!/04%($!:8.j!*0(2$8(8!#(%!4$(%**$%C!/8))%!i#%)8!5$!R!
*0%.28A$*$C!:8.!i#%(20!$(!40/0!(0(!584:.8!8I$/8(28[!3.%!)V%)2.0!i#852%!4$(%**$%!R!.$I8)%2%C!:.0:.$0!$(!A0.4%!/$!A.%448(20C!/$!
*0.:$!4%*8.%2$C!%))V$($'$0!/8)!28520l !:&+#"-*)" .5$!%:.8!$(A%22$!#(%!5*8(%!%4,$8(2%2%!$(!#(!05:8/%)8!:8.!.8/#*$!/8))%!".%(/8!
"#8..%[!T(!>8(8.%)8!i#8))V8:0*%!*7$%4%2%!5$11&.s!*048!:8.!*8.2$!I8.5$!)0!RC!0!)0!R!52%2%C!)%!(052.%!sC!$(!*#$!$!*0(A)$22$!50228..%(8$!
(0(!50(0!*7$%.%48(28!I$5$,$)$C!7%!)%!A0.4%!/$!#(!>.%(!,%))0!5#))8!4%*8.$8C!*78!50(0!:8.j!i#8))8!/8)!/04%($[!")$!#04$($!/$!284:$ !
/8)!>8(8.8C!i#%(/0!)8>>0(0!)%!A%(2%:0)$2$*%!%!)0.0!*0(284:0.%(8%C!I8/0(0!50)0!0:8.8!/$!A%(2%5$%C!(0(!5%((0!/$!%I8.8!/%I%(2$!
(#))V%)2.0!*78!$)!)0.0!A#2#.0C!$(!4$(%**$050!%>>#%20C!48(2.8!)0!50>(%(0!8!$44%>$(%(0!:$8(0!/$!:.048558!A8)$*$[
!1
AJSU@ZA<S?#?#EC?IHA=#C=JKLA#X@UKA<S?Y
&.(,#&.!".9"&(*-*.:$!")"
;%<#=>$?-$'@0#'-?-'&?#$#0'$-'@".0*'("<#$&?-$'A$B?,=>$?-$'C0"<#?% -'),-0%"$%/02;',0%*'%),%$),-#%>2#-0//#3%
!"#$%%$&$'(")#$***'+,&"-"../$')0,,"'12#"-)0'(".03'4567785659:3%','R'"/#%"%>2',5'>'#%*0$%XYZ[%"%7#*0,"G%&"%
*#H0 % M % ,"/" % $Q'*0" % *' % "CC2#,/"20 % '$ % /0;" % *0$$" % ?2",*0 % ?)022" % 0 % >025.\ % D' % M % D50$/# % *' % ,#, % -)"2*"2$" %
*'20//";0,/03%;"%"//2"H02D#%'$%C'$/2#%*0$$"%G0,,0'H@?I=03%",*",*#%"$$0%#2'-','%*0$%5#,C$'//#K
HV$/8% ! R ! 52%2% ! )%(*$%2% ! :$g ! /$ ! #( ! %((0 ! 8 ! 48''0 ! A% ! /%) ! /$.8220.8 ! /$ !G-3C ! <$82.0 ! =%)8(2$[ ! L% ! #( ! )%20 ! *V8.% ! #(V0**%5$0(8!
*044840.%2$I%!/$82.0!)V%(>0)0C!R!I8.0C!4%!/V%)2.%!:%.28!.$A)8228.8!5#))%!".%(/8!"#8..%!%22.%I8.50!)%!*052.#'$0(8!/$!#(!:.0>8220 !
%((#%)8!/$!28%2.0!%:8.20!%))%!*04#($2h!8.%!%(*78!#(!40/0!:8.!(0$!@*0(!(0$!$(28(/0!584:.8!2#220!$)!>.#::0!/$!)%I0.0!/8) !
:.0>8220B!/$!:.058>#$.8C!5$%!5#)!:$%(0!284%2$*0!8!(0(!50)2%(20!5#!i#8))0!4820/0)0>$*0C!)V85:8.$8('%!*0(/022%!$(5$848!%!G-3!*0(!
$)!:.0>8220!8!)0!5:822%*0)0 !;1.#&++*.!=@,#*/&[!T(!A0(/0!)8!0.$>$($!/8)!:.$40!*0(A)$220!40(/$%)8!50(0!/%!.$*8.*%.5$!(8))%!5*8)2%!
5#$*$/%!*04:$#2%!#(!58*0)0!A%!/%))VG#.0:%C!%)!*#)4$(8!/$!#(!:8.$0/0!.$**7$55$40!8!/$!$4:.855$0(%(28!85:%(5$0(8!8!5I$)#::0!
8*0(04$*0!8!*#)2#.%)8C!*78!%I8I%!*0$(*$50!*0(!)V$4:0.5$!/8>)$!52%2$!8#.0:8$!(8$!*0(A.0(2$!/$!,#0(%!:%.28!/8)!40(/0[!+8!/#(i#8 !
;1.#&++*.!=@,#*/&! 8.%!52%2%!#(%!.$A)855$0(8!%!)%.>0!.%>>$0!5#))0!52%20!%22#%)8!/8)!(052.0!60(2$(8(28C!$)!(#0I0!:.0>8220!:028I%!
$(/%>%.8! #(!4048(20! :%.2$*0)%.48(28! 5$>($A$*%2$I0 !@8! *%.%228.$''%(28B!/8))% !5#%!.8*8(28! 520.$%[!3.%! )V%)2.0!%) !*8(2.0! /8))0 !
5:822%*0)0!*78!*7$#/8I% !;1.#&++*.!=@,#*/&! %I8I%40!$(58.$20!#(%!5*8(%!2#22%!/8/$*%2%!%))8!>#8..8C!*78C!(8))V8(#48.%.8!@*0(!
2%(20!/$!/%2$!5#$!40.2$B!*$(i#%(2%!$4:0.2%(2$!*0(A)$22$!/8))%!520.$%!/8)!=8**7$0!60(2$(8(28!/%))V%(2$*7$2h!%)!tt!58*0)0C!:.0:.$0 !
*0(!)8!/#8!>#8..8!40(/$%)$!.%>>$#(>8I%!#( !(1"-&AC!*.0(0)0>$*0!8!o(#48.$*0n[!H%!*%2%52.0A8!58>(%2%!/%)!2.8(28(($0!,8))$*0!
XaXeJXaec!R!52%20!)V$4:#)50!%))%!5#**855$I%!#($0(8!/8>)$!52%2$!/VG#.0:%C!:.$4%!50)%48(28!8*0(04$*%!8!:0$C!*0(!2#22$!$!)$4$2$!8!)8 !
*.$2$*$2h!*78!*0(05*$%40C!I$8::$g!:0)$2$*%[!T(A$(8C!$)!284%!/8))%!>#8..%!*$!R!:%.50!/$!:8.!5k!%.>048(20!2.$52848(28!%22#%)8!@8!*0( !
)0!5I0)>8.5$!/8)!:.0>8220!>&#"''"-".:&!#"BBB!)0!R!/$I8(#20C!:#.2.0::0C!%(*0.!:$gB[!L%!0.4%$!i#%)*78!%((0!5$%40!4%>>$0.48(28!
*052.822$!%!A%.8!$!*0(2$!*0(!/8$!*0(A)$22$!*78!*$!52%((0!%220.(0l!$)!(0./!/8))VFA.$*%C!)%!+$.$%C!)VO*.%$(%[!
H%!5*8)2%!$(I8*8!/$!A0*%)$''%.5$!:$g!5#>)$!%(($!:.8*8/8(2$!)0!5*0::$0!/8))%!:.$4%!"#8..%!40(/$%)8C!8!(0(!5#))%!>#8..%!$(!5kC !
.$5:0(/8!%!.%>$0($!*78!:8.!(0$!50(0!848.58!5#**855$I%48(28[!T(!:.$4%!,%22#2%!,$50>(%!:8(5%.8!*78!%AA.0(2%.8!%!28%2.0!$)!284% !
/8))% ! ".%(/8 ! >#8..%C ! :8.)048(0 ! $( ! 40/0 ! /$.8220C ! *052.$(>8 ! % ! #( ! /$AA$*$)$55$40 ! *0(A.0(20C ! i#8))0 ! *0( ! 91" . ,1+"-" . %"*#)" .
!$11=,-&)"+C! /$ ! Z%.) ! Z.%#5[ ! H0 ! 528.4$(%20 ! *%2%)0>0 ! $( ! A0.4% ! /$ ! /.%44%2#.>$% ! /8))0 ! 5*.$220.8 ! I$8((858 ! R ! #( ! 40/8))0 !
$4:.85*$(/$,$)8l!.%**0(2%.8!%!28%2.0!i#8))%!>#8..%C!I$52%!(8)!5#0!8I0)I8.5$C!5$>($A$*%!(8*855%.$%48(28!A%.8!$!*0(2$!*0(!)V0:8.%!/$ !
Z.%#5[!L0I8(/0!:8(5%.8!5$(!/%))V$($'$0!(0(!50)0!%!5I$)#::%.8!#(!:.0>8220C!4%!%(*78!%!*052.#$.8!#(0!5:822%*0)0C!*$!R!:%.50!*05r !
:$g!58(5%20!28(2%.8!s!5#)!:$%(0!/8))%!*052.#'$0(8!5:822%*0)%.8!A$(%)8!s!.$:.8(/8.8!/%!Z.%#5!)%!52.#22#.%!/.%44%2#.>$*%!8!$) !
.8>$52.0C!055$%!i#8)!5#0!:.0*8/8.8!%!40(2%>>$0C!:8.!%**052%48(20!/$!5$2#%'$0($!>.02285*78!@)#$!528550!*$!:%.)%!/$!u:8.50(%>>$!/% !
0:8.822%!*78!.8*$2%.0(0!)%!2.%>8/$%!/8))V#4%($2hvBC!4%!5:052%(/0!)V%228('$0(8!/%))%!".%(/8!>#8..%!%)!4048(20!520.$*0!*78!)V7% !
!!
:.8*8/#2%!8!/828.4$(%2%[!T(0)2.8!s!(0(!A055V%)2.0!:8.!(0(!:8**%.8!/$!A0))$%!8!%..0>%('%!s!(0(!%,,$%40!%550)#2%48(28!28(2%20!s!
%(*0.!:$g!(8))0!5:822%*0)0!*78!(8)!:.0>8220!s!/$!8)%,0.%.8C!*048!A%!Z.%#5C!#(% !',--&! /8)!:8.$0/0!(%..%20l!%))V%4,$'$0(8!
8(*$*)0:8/$*% ! /8>)$ !D1+"-" . %"*#)"! %,,$%40!:.8A8.$20 !)% ! 5*8)2% ! /$ ! 5:8*$A$*$ !:#(2$ !/$!I$52%C !/$! *7$%I$ ! /$! )822#.%C !:.$I$)8>$%(/0!
)V%(%)$5$!/$!%)*#($!A$)0($!@58('%!:8.j!.$(#(*$%.8!%!/%.8!*0(20!/8))%!*04:)855$2h!8!I%.$82h!/8)!40(/0!8I0*%20B[!T)!(052.0!0**7$0!R!
*%/#20! :$g! 5#))% ! /$48(5$0(8 ! %(2.0:0)0>$*%C !*#)2#.%)8C !%(*78 ! 8.02$*% !/8))% !>#8..%l !%)2.$ !8)848(2$! 50(0 !52%2$! *05r! )%5*$%2$ !$( !
58*0(/0!:$%(0[!<#.8!)0!5>#%./0!5#)!*0(*8220!/$!o:%2.$40($0nC!$(!;'+#,0"*)"./$#.)*).-*#"#$.")./&($!@(0(!$(I8*8!%))V$(28.(0!/8)!
:.0>8220!>&#"''"-".:&!#"BBBB!R!:$g!#(0!5>#%./0!:5$*%(%)$2$*0!*78!8*0(04$*0!0!A$(%('$%.$0[!
F)2.%!.%>$0(8!I8($I%!:0$!/%))8 !>*)'"!$#&0"*)".',11=*/$#&.!".E"(*1&.F$'G*2C!/0I8C!:.0:.$0!.$A)8228(/0!%!4%.>$(8!/8))%!:.$4%!
"#8..%!40(/$%)8C!]%)28.!&8(K%4$(!$(/$I$/#%!(8)!4#2$540!/8$!.8/#*$C!:8.!#(!I8.50C!8!(8))V$:8.2.0A$%!4840.$%)$52$*%!/8/$*%2%!%)!
*0(A)$220 ! 8 ! >$#(2% ! % ! 28.4$(8 ! /8>)$ ! %(($ ! =8(2$C ! :8. ! )V%)2.0C ! #(% ! 4%($A852%'$0(8 ! *7$%.% ! /$ ! i#8))% ! :8./$2% ! /8))% ! u*%:%*$2h ! /$ !
5*%4,$%.8!85:8.$8('8v!:.0:.$%!/8))V%220!/$!.%**0(2%.8[!H%!".%(/8!>#8..%!I$8(8!/#(i#8!%!58>(%.8!#(0!5:%.2$%*i#8C!#(!4#.0!
$(I%)$*%,$)8C!2.%!#(!284:0!$(!*#$!$)!.%**0(20C!*048!8)%,0.%'$0(8!8!*0(/$I$5$0(8!/$!85:8.$8('%C!R!:.%2$*%,$)8!8!#(!4048(20!$(!*#$!
*$j!(0(!R!:$g!:055$,$)8[
@>>)20%E)0D/#%D>0//"5#$#%/0,/"%$"%;0DD"%',%"//#%*'%),%;055",'D;#%*'%2"55#,/#3%*'%>"DD"--'#%*'%0D>02'0,R"3%
",5.0%D0%,#,%*'20//"3%;"%;0*'"/"%*"$%/0;>#3%",R'%5",#,'RR"/"%',%),%';;"-',"2'#%D/#2'5#G%!025.\%*),E)0 %
$Q)D#%*0$$"%D/#2'"%>02%2"55#,/"203%#DD'"%>"2$"203%"$$Q#--'K
"#%./%.8!/%!)0(2%(0!5$>($A$*%C!%('$2#220C!>#%./%.8!48>)$0C!I8/8.8!)8!*058!%)!/$!A#0.$!/8>)$!5*784$!:8.*822$I$!*#$!5$!R!%,$2#%2$[!
T(0)2.8!5$>($A$*%!>#%./%.8!)8!*058!*0(!/$52%**0C!58('%!)8!*0(($I8('8!*78!0>(#(0!/$!(0$!7%!*0(!>)$!8I8(2$!/8)!:.0:.$0!:.858(28[!
p#%(/0!:0$!5$!7%!%!*78!A%.8!*0(!$)!284%!/8))%!.85:0(5%,$)$2hC!R!40)20!/$AA$*$)8!.$I0)>8.8!)V0**7$0C!*0(!58.8($2h!8!0>>822$I$2hC!I8.50 !
)8!:.0:.$8!%'$0($[!10.58!R!:$g!584:)$*8!>#%./%.8!/8$!*%5$!/$!:8.!5k!/$52%(2$C!:8.!2.0I%.8!i#8>)$!8)848(2$!/$!*0(2$(#$2hC!i#8))8 !
%(%)0>$8!$(!>.%/0!/$!A%.!.$A)8228.8!5#)!:.0:.$0!%>$.8!8!5#))8!*0(58>#8(2$!.85:0(5%,$)$2h[!q!:$g!A%*$)8!>$#/$*%.8!i#%)*05%!/V%)2.0C !
:8.!:0$!.$I0)>8.8!#(!>$#/$'$0!5$4$)8!%!5k[!T(0)2.8C!,%(%)48(28C!%))0(2%(%.8!*$j!*78!5$!$(28(/8!0558.I%.8C!5$>($A$*%!%I8.8!#(%!
:.05:822$I% ! :$g ! I%52%C ! 5*0.>8.8 ! ,8(8 ! $ ! *0(A$($ ! 8 ! $ ! 2.%22$ ! /8))V0>>8220 ! *78 ! 5$ ! 52% ! I8/8(/0[ ! &$50>(% ! :8.j ! (0( ! *%/8.8 ! (8))% !
28(2%'$0(8C!$(I8.5%C!/$!%::$%22$.8!>)$!8I8(2$!520.$*$C!*0(!)8!)0.0!%(%)0>$8!*0(!)V0>>$C!%)!:.858(28l!)V%228(2%20!/$!+%.%K8I0!R!5r!#( !
%228(2%20!8!#(V%'$0(8!28..0.$52$*%C!4%!(0(!R!i#8))0!/8)!&%2%*)%([!+8!8(2.%4,$!50(0!>8.4$(%2$!/%!#(!*04#(8!5:$.$20!/$!I$0)8('%!8 !
50(0!/8>)$!%22$!/$!8I8.5$0(8!/$!A.0(28!%!#(!0./$(8!/%20C!:#.!2#22%I$%!.852%(0!/#8!*058!.%/$*%)48(28!/$52$(28C!:8.*7k!/$I8.5$!50(0 !
$!.$5:822$I$!*0(2852$!520.$*$C!/$I8.5$!>)$!%220.$C!/$I8.58!)8!402$I%'$0($!5:8*$A$*78C!8**[[[!&$50>(%C!$(!%)2.$!28.4$($C!A#>>$.8!%(*78 !
)V$/8%!*78!)%!520.$%!5$%!#(%!:8.:82#%!%22#%)$2h[!H%!520.$%!R!4%852.%!%('$2#220!:8.*7k!$(58>(%!*78!)8!*058!*%4,$%(0!8!*78!0>(#(0!
/$!(0$!R!(8*855%.$%48(28!28(#20!%/!%AA.0(2%.8!/8$!*%4,$%48(2$[!G**0!:8.*7k!*.8/0!5$!:055%!.8*#:8.%.8!#(%!:055$,$)$2h!/$ !
.%**0(20C!5:8*$8!%22.%I8.50!)%!520.$%[!6VR!#(%!:055$,$)$2h!*0(05*$2$I%C!/%2%!/%)!5%:8.8!*78!>)$!8I8(2$!4#2%(0!8!50(0!40/$A$*%,$)$C !
*0(05*8('8!/%!*#$!0>(#(0!:#j!2.%..8!#(%!*0(*)#5$0(8l!)%!*0(5%:8I0)8''%!*78!*7$#(i#8!:#j!$(*$/8.8C!*8.20!8(2.0!$!:.0:.$!)$4$2$ !
!"
8!*0(!)8!:.0:.$8!A0.'8C!5#)!*0(28520!$(!*#$!I$I8[!T(5044%!)%!5:8.%('%!R!*78!$)!*04:.8(/8.8!s!8!$)!*04:.8(/8.5$!s!$(A$(8!5$!
2.%/#*%!$(!%'$0(8C!$(!*%:%*$2h!/$!4$>)$0.%.8!$)!40(/0[!67$%.%48(28!)%!*0(05*8('%!(0(!584:.8!R!A0.$8.%!/$!%'$0(8C!4%!/$!*8.20 !
7%!$(!5k!#(!:028('$%)8!/$!84%(*$:%'$0(8l!58('%!*04:.8(5$0(8!(0(!*.8/0!I$!5$%!4%$!%'$0(8[
:'%/2"//"%*'%),"%DC'*"%*'%,#,%>#5#%5#,/#3%",5.0%D)$%>'",#%*0$%$',-)"--'#%D50,'5#G%!2';"%",5#2"%5.0%D)$%>'",#%
D/'$'D/'5#3%#%*'%20-'D/2#3%>0,D#%5.0%>02%*"20%;'D)2"%*'%*'CC020,R0%0%","$#-'0%/2"%'$%>20D0,/0%0%),%>"DD"/#%D02H" %
",R'/)//#%;#D/2"20%$"%5#;>$0DD'/]%5.0%D/"%*'0/2#%#-,'%"HH0,';0,/#%D/#2'5#3%;"%5'V%*0H0%"HH0,'20%,0'%>#5.' %
;0/2' % E)"*2"/' % *' % ), % >"$5#D50,'5# % 0 % ,0' % /0;>' % 5#;),E)0 % $';'/"/' % ';>#D/' % ",5.0 % "$$" % >'N % $),-" % *0$$0%
2">>20D0,/"R'#,'%/0"/2"$'GGGG
T)!:.0,)84%!/8))%!*04:)855$2hC!0!48>)$0!/8)!/$5*0.50!5#))%!*04:)855$2h!R!#(0!/8$!>.%(/$!:.0,)84$!85282$*$!/8)!;0I8*8(20!8!/8) !
(052.0!(#0I0!4$))8(($0[!;%2#.%)48(28!R!#(!:.0,)84%!*78!40)20!4$!%AA%5*$(%C!5:8*$8!58!5$!2.%22%!:8.!)V%::#(20!/$!%AA.0(2%.8!)% !
*04:)855$2h!*0(!#(!48''0!852.84%48(28!584:)$*8!*048!$)!28%2.0[!p#%(/0!A%$!#(%!*05%!%!28%2.0!/8I$!.$:0.2%.8!2#220!$(!48(0!/$ !
*8(20!482.$!i#%/.%2$!8!*VR!584:.8!#(!(#48.0!)$4$2%20!/$!%220.$[!T)!284:0!/$!:.0I%!R!*0(2$(>8(2%20C!4%!50:.%22#220!i#8))0!/$ !
.%::.858(2%'$0(8C!:8.*7k!*VR!*0$(*$/8('%!%550)#2%!2.%!$)!284:0!/$!*7$!A.#$5*8!8!/$!*7$!%>$5*8!$(!5*8(%[!H%!)$(8%!*78!I%!/%!&.8*72!% !
6%)I$(0!@8!*04:.8(/8!?#5$)C!"%//%!8!40)2$!%)2.$!%#20.$B!$(/$I$/#%!(8))%!*04:)855$2h!8!(8))%!40)28:)$*$2h!)%!5A$/%!4%>>$0.8!:8.!
)V85282$*%!*0(284:0.%(8%l!i#852%!5A$/%!/$I8(2%!0)2.8!40/0!/$AA$*$)8!8!%::%55$0(%(28!/$!A.0(28!%!#(!48''0!584:)$*8!8!)$4$2%20!
*048!$)!28%2.0[!+0(0!584:.8!52%20!%AA%5*$(%20!/%)!40/0!$(!*#$!$)!28%2.0!7%!*8.*%20!/$!.$5:0(/8.8!%))%!/04%(/%C!*78!I8((8!:052% !
0)2.8!48''0!58*0)0!A%C!5#!*048!A0558!:055$,$)8!/%.8!*0(20!8!4$5#.%!:.0:.$0!/8))%!*04:)855$2h!/8)!(052.0!40(/0[!F)*#($C!%/ !
8584:$0C ! 7%((0 ! )%I0.%20 ! 5#) ! 28..8(0 ! /$ ! #(% ! :028(28 ! 584:)$A$*%'$0(8C ! %)2.$ ! $(I8*8 ! 7%((0 ! $(58>#$20 ! )8 ! 5A%**822%2#.8 ! /8)!
40)28:)$*8[!<828.!&.00U!0!G$4#(2%5!;8U.0w$#5!4$!7%((0!*0):$20!:8.!)%!*%:%*$2h!/$!5$(285$C!48(2.8!&.8*72C!0!-0(*0($C!4%!%(*78!
H8:%>8C!:8.!8558.5$!I0)#2$!4$5#.%.8!*0(!)%!*04:)855$2h!8!)V$(2.8**$0[!-%::0.2%.5$!%))%!".%(/8!>#8..%!5$>($A$*%!*8.20!:0.5$!$) !
:.0,)84%!/8))% !40)28:)$*$2hl!5$!:%.)%!/$!i#%)*05%!/$!:)%(82%.$0!8C!:8.!/$.)%!*0(!"%//%C!5$!/8I8!%AA.0(2%.8!>$0*0!A0.'%!#(0 !
o>(0448.0nC!#(!o:%52$**$%**$0n[!?$!.8(/0!*0(20!*78!:.8/$)$>0!(0(!2%(20!)%!/$.8'$0(8!/8))%!5$(285$C!i#%(20!i#8))%!/$!$(58>#$.8C!
%22.%I8.50!)%!5$(285$!*78!R!>$h!/8)!28%2.0C!#(%!4%($A852%!8!5A%**822%2%!*04:)855$2h[!F,,$%40!$(A%22$!)%I0.%20!:.$4%!/$!2#220!%!#( !
:.0>8220C!>&#"''"-".:&!#"BBBH!8!:0$!%!#(0!5:822%*0)0C!;'+#,0"*)"./$#.)*).-*#"#$.")./&($!@*78C!(8)!5#0!8558.8!#(!2.$22$*0C!R!*048!
A0558.0!2.8!5:822%*0)$B[ !T)!:.0>8220 !8.%!*04:0520!/% !#(%!I%52$2h!/$!*%:$20)$!8!284$C! $(!:%.28!.$*0))8>%2$!%))0!5:822%*0)0[!<8. !
8584:$0!%,,$%40!)8220C!)#(>0!2#220!$)!QbXcC!F&.-*)+&%)&.")(&)+&+&!/$!3704%5!?%((!$(!I8(2$!:#(2%28l!$)!.04%('0!R!:0$!A)#$20C!
*048!A0558!#(%!*052%(28C!(8))8!2.8!:%.2$!/$!;'+#,0"*)"./$#.)*).-*#"#$.")./&($[!9::#.8!%,,$%40!/8/$*%20!#(!&+$1"$#C!/0I8!*0(!
(0$!7%((0!.8*$2%20!:$g!/$!Xcb!40/8(85$C!%))8!o.%/$058!>$0.(%28n!/$!4%>>$0l!%)*#($!/8>)$!%5:822$!85:)0.%2$!(8))V &+$1"$#!50(0!:0$!
/$I8(#2$!:%.28!$(28>.%(28!/8))0!5:822%*0)0[!10.58!%(*0.!:$g!*78!(8))%!*.8%'$0(8!*0))822$I%!/8)! I&++*.!=@,#*/&C!$(!i#852V0**%5$0(8!
)%!*0(2$(#$2h!2.%!:.0>8220!8!5:822%*0)0C!")./#"-"'!(8$!/822%>)$!/$!*0(28(#20C!R!40)20!A0.28[!F,,$%40!$(A%22$!*8.*%20!/$!%AA.0(2%.8!
!2
)%!*04:)855$2h!848.5%!/%!#(!)#(>0!:8.*0.50!%(*78!*0(!)%!40)28:)$*$2h!5#)!:$%(0!/8))0!5:822%*0)0!@*78!:8.!)V%::#(20!R!/$I$50!$(!
2.8!:%.2$B[
^)"$5#D" % 5.0 % /#2,"3 % E)"D' % ), % 0$0;0,/# % 5#;),03 % /)//"H'"3 % 5QM3 % ', % E)0D/# % $"F'2',/# % *' % *0D/',' % 5.03 %
5"$H','",";0,/03 % D' % ',52#5'",#3 % #>>)203 % "2'#D/0D5";0,/03 % D#,# % H#/"/' % "$ % C"$$';0,/#3 % " % ,#, % 2"--'),-020%
"$5),#%D5#>#B%'$%>2#-0//#%0%$"%/2'$#-'"%$"H#2",#%0,/2";F'%D)%),%20-'D/2#%5.0%-)"2*"%"$%F"DD#3%"$$"%*';0,D'#,0%
*0$$"%5#;;0*'"%#%"'%;#*'%*0$%>2';#%H"2'0/]G
Z%.)!Z.%#5C!(8))V$(2.0/#..8!$!5#0$!D1+"-".%"*#)".!$11=,-&)"+CC!/85*.$I8!$(!40/0!(8220!)8!A$>#.8!*78!%>$.0(0!/#.%(28!>)$!%(($!,#$!
/8))%!".%(/8!>#8..%!8!*78C!50:.%22#220C!:0.2%.0(0!%))0!5*0::$0!/$!i#8)!*0(A)$220[!L$*8l!u:8.50(%>>$!/%!0:8.822%!.8*$2%.0(0!)%!
2.%>8/$% ! /8))V#4%($2hv[ ! 67$%4%.8 ! $( ! *%#5% ! $) ! >8(8.8 ! /8))V0:8.822% ! 5$>($A$*% ! *8.*%.8 ! #(% ! *0)0.$2#.% ! ,%55%C ! #(% ! /$48(5$0(8!
:%.0/$''%(28C!*%.$*%2#.%)8[!;0(!5$!2.%22%!:8.j!/$!5*78.'%.8C!/$!/$I8.2$.5$!0!/$!,#.)%.5$!/$!i#8))%!*78C!(0(!,$50>(%!/$48(2$*%.)0C!R!
52%2%!#(%!4%22%('%!$(#2$)8C!$)!5#$*$/$0!A0))8!8!*$8*0!/$!#(!60(2$(8(28C!$)!(052.0[!T)!.8>$52.0!,%550!I%)8!(8))V022$*%!*78!:0$!5%.h!/$ !
&.8*72 ! @(0(! :8. ! (#))% ! )8>%20 ! % ! Z.%#5Bl !u)% ! 2.%>8/$%C ! 40)20 ! 5:8550! :$g ! /8))% ! *0448/$%C ! :.8(/8 ! %))% ! )8>>8.% ! )8 ! 50AA8.8('8!
/8))V#4%($2hv[!T(!A0(/0!%(*78!$)!(052.0!*%(0(8!)8228.%.$0!7%!%))8!5#8!0.$>$($!#(%!s!58::#.!',".%$)$#"'!s!>*--$!"&l!L%(28!:8.!
:%.)%.8!/$!*058!5#,)$4$C!:.$4%!/$!%..$I%.8!%) !:&#&!"'*! 8!%)!28(2%2$I0!s!(8*855%.$%48(28!$4:055$,$)8!s!/$!2.%/#..8!$(!:%.0)8!
)V$(8AA%,$)$2h!/8))%!3.$($2h!/$I$(%C!:%55%!:8.!)V;)6$#)*!8C!(8)!/85*.$I8.8!$)!)#0>0!/8))%!/%((%'$0(8!828.(%C!(8)!2.%228>>$%.8!)8!A$>#.8!
*78!)V%,$2%(0C!%/022%!#(!.8>$52.0!*04$*0C!I0)#2%48(28!,%550[!q!*0(!#(!.8>$52.0!,%550!*78!*0>)$8!$!2.%22$!/8$!/$%I0)$!@&%.,%.$**$%l!
u8/!8))$!%I8%!/8)!*#)!A%220!2.04,822%vC!T(A[!ttTBC!R!*0(!#(!.8>$52.0!,%550!*78!5$!:#j!:8.48228.8!/$!:%.)%.8!/$!<%:$!%))VT(A8.(0!
@T(A[!tTtB!8!/$!%22%**%.8!*0(!2%(2%!A0.'%!$)!:8**%20!/$!5$40($%[!H%!2.%/$'$0(8!*04$*0J5%2$.$*%C!*78!(%2#.%)48(28!:.8*8/8!8!
5#**8/8!L%(28!8!5$!*04:0(8!/$!8584:$!%(*78!48(0!%#20.8I0)$C!)8>>8!)%!.8%)2h!%22.%I8.50!)8!)8(2$!8!$!48**%($54$!/8)!*04$*0!:8.!
>#%./%.(8!>)$!%5:822$!:$g!28..$,$)$!8C!5:8*$%)48(28C!:8.!/85#,)$4%.8C!:8.!(0(!84:%2$''%.8!s!8!/$!*0(58>#8('%!>$#52$A$*%.8!s!$)!
/8)$220C!$)!50:.#50C!)V$(>$#520!%.,$2.$0[!;%2#.%)48(28!%I8.!*7$%4%20!$(!*%#5%!L%(28!(0(!5$>($A$*%!*78!I0>)$%40!:%.%>0(%.8!)% !
(052.% ! 0:8.%'$0(8 ! 5#))% ! ".%(/8 ! >#8..% ! %))% ! I%52$2h ! 8 ! *04:)855$2h ! $..%>>$#(>$,$)8 ! /8))% !>*--$!"&! @*78C ! *048 ! %**8((%I0C!
%))V;)6$#)*!I8/8!*04#(i#8!58>#$.8!:.$4%!#(!:,#%&+*#"*!8!:0$!#(!:&#&!"'*C!*0(!2#22%!*$j!*78!(8!58>#8Bl!8.%!50)2%(20!:8.!/%.8!
*0(20!/$!#(!:%.%/$>4%!*0(*822#%)8!*#$C!/%)!(052.0!,%55$55$40C!%,,$%40!:02#20!>#%./%.8[
G**0!*78C!$(!;'+#,0"*)"./$#.)*).-*#"#$.")./&($C!%,,$%40!%/022%20!*05rC!$/8%)48(28!8!%(*78!A$5$*%48(28C!/8))8!4%5*78.8C!/8$!
:052$**$ ! *%.$*%2#.$''%(2$[ ! 3#22$ ! $ ! :8.50(%>>$ ! @48(0 ! #(%B ! 50(0 ! $(A%22$ ! $/8(2$A$*%2$ ! /% ! #(% ! :%..#**% ! 8 ! /% ! #( ! *%4%#.0C!
852.84%48(28!4%.*%20l!%,,$%40!:02#20!>$0I%.*$C!$(!i#852%!5*8)2%C!5r!/8)!I%.$82hC!4%!%(*78!/8))V$44%>$(%.$0!85:.855$0($52%!*78 !
:.0:.$0!%!:.$(*$:$0!/8)!;0I8*8(20!52%I%!:.8(/8(/0!:$8/8[!T)!*%4%#.0!*$!58.I8!:8.!8I$/8('$%.8!)%!/$48(5$0(8!>.02285*%!/$!i#8))8!
A$>#.8!*78C!:#.!8558(/0!0!:8.50(%>>$!520.$*%48(28!85$52$2$!0::#.8!8584:)$A$*%2$!%!:%.2$.8!/%!:8.50(8!.8%)$C!:%$0(0!:$g!5$4$)$!%$ !
:.02%>0($52$C!:8.!)V%::#(20C!/$!#(!0:8.822%C!/$!#(!/.%44%!/$!*%.2%:852%[!p#$!848.>8!%55%$!#(!:.$40!.$*7$%40!%)!)$(>#%>>$0!/8)!
I%.$82hC!*78C!*048!50220)$(8%I%!%))V8:0*%!?%.$(822$C!%))8!:5$*0)0>$8!/8)!/.%44%!,0.>7858!:.8A8.$5*8!/8))8!o4%5*78.8n[!F(*78!)% !
!;
2.%/$'$0(8!$2%)$%(%!/8)!:8.$0/0C!,%52$!:8(5%.8!%!<82.0)$($C!8)%,0.%!/8))8!o4%5*78.8nC!*78!(0(!50(0!:8.j!$!2$:$!/8))%!*0448/$%!
/V%.28l!50(0!85%5:8.%'$0($!28..$,$)$C!85:.855$0($528C!/$!A$>#.8!)8>%28!%!i#8)!:.858(28C!:.858(28!*78!5$!$(28(/8C!*%#52$*%48(28!8!
%*$/%48(28C!>#%./%.8!*0(!#(%!)8(28!/8A0.4%(28C!*05r!/%!%**#5%.)0!8!:.0*855%.)0!48>)$0[!+2%(/0!584:.8!5#)!I%.$82hC!:#.8!)% !
5*8)2%!5*8(0>.%A$*%!/$!;'+#,0"*)"!R!%(/%2%!$(!i#8))%!/$.8'$0(8C!>$0*%(/0!%!.8:)$*%.8!8!%4:)$A$*%.8!)0!5:%'$0!/8)!28%2.0!@*0(!2%(20!
/$!28(/8!8!5$:%.$B[!
3.%!)V%)2.0!)%!*$A.%!/8)!I%.$82h!R!52%2%!#(%!*052%(28!/8)!:.0>8220 !>&#"''"-".:&!#"BBBl!#(!:0V!:8.*7k!%/022%2%!$(!i#%5$!2#228!)8!
$($'$%2$I8!.8%)$''%28!@*78!5$!2.%22%558!/$!)822#.8C!)8'$0($J5:822%*0)0C!-"'$'.$).$'/&($C!)822#.8J*0(*8.20C!8**[[[BC!$(0)2.8!:8.*7k!#(!
*$*)0!/$!%::#(2%48(2$C!/$!0220!*8(8J5:822%*0)0C!:8(5%28!:8.!.%**0(2%.8C!4858! /0:0!4858!8!58*0(/0 !#(%!)$(8% !/$!5I$)#::0!
*.0(0)0>$*0C!>)$!%(($!/%)!Xabb!%)!XaXcC!R!52%20!:8.!)V%::#(20!J&5&#$++.C.1&.(&#+$[!9>($!%::#(2%48(20!5$!*04:0(8I%!/$!,.8I$!
(#48.$!*7$#5$C!.8*$2%2$!8!4#5$*%2$[
@55#%),%"$/2#%"D>0//#%';>#2/",/0%,0$%>2#-0//#%D'55#;0%,0$$#%D>0//"5#$#3%",5.0%>025.\%>"2/0%',/0-2",/0%*0$%
$',-)"--'#%*0$%H"2'0/]3%#DD'"%$"%;)D'5"G
H8!5*8)28!4#5$*%)$C!$(!>8(8.8!/#.%(28!>&#"''"-".:&!#"BBBC!*0(!4%>>$0.8!8I$/8('%!$(!;'+#,0"*)"./$#.)*).-*#"#$.")./&($C!50(0!#(!
/$.8220!04%>>$0!@8!/8,$20B!%!Z.%#5C!8!%))%!I$5$0(8!*78!)#$!7%!/$!i#8)!:8.$0/0[!F,,$%40!$(A%22$!%22$(20!:8.)0:$g!/%))%!4#5$*%!
/8))V0:8.822%!s!$(!>8(8.8!/V%.8%!28/85*%!0!4$228)8#.0:8%!s!:.0:.$0!:8(5%(/0!*78!i#8)!>8(8.8!4#5$*%)8!8)8>%(28!8!)8>>8.0C!
A.$I0)0C!A020>.%A%558!,8(8!)V$(*0(5%:8I0)8''%!/$!i#8)!40(/0!$(!*.$5$C!*78!%((8>%!48(2.8!:%22$(%!%))8>.0!8!$(*05*$8(28!5#!#(!)%>0!
/$!>7$%**$0!I$%!I$%!$(!A.%(2#4$[!T(0)2.8!)V0:8.822%C!(8)!5#0!8558.8!>$h!#(!>8(8.8!:%.0/$*0!@5#!*#$!(0$!%,,$%40!*05r!0:8.%20!#(% !
/0::$%!:%.0/$%C!#(%!50.2%!/$!28.'0!>.%/0!/$!5*.$22#.%BC!*7$%.$I%!i#%(20!%(*78!>)$!#04$($!/$!:.$40!;0I8*8(20C!(8)!)0.0!A0))8!
%II8(2#.%.5$!5#))%!52.%/%!58('%!.$20.(0!/8))%!".%(/8!>#8..%C!A0558.0!$(A)#8('%2$!/%!#(!*8.20!$44%>$(%.$0!48)0/.%44%2$*0C !
/V0:8.%!)$.$*%C!/$!85%5:8.%'$0($!58(2$48(2%)$!*78!,8(8!52%((0!$(!#(%!5*8(%!/$!*%.2%:852%l!*$j!*78!:.0:.$0!)V0:8.822%!$.0($''%[ !
p#852% ! *04:)$*$2h ! *0( ! )% ! *#)2#.% ! /8) ! 48)0/.%44% ! 7% ! %I#20 ! #( ! /$5*.820 ! $4:%220 ! (8))8 ! 5*8)28 ! %55#./8 ! /$ ! i#8>)$ ! #04$($[!
F22.%I8.50 ! $) ! A$)2.0 ! /84$52$A$*%(28 ! /8) ! .8>$52.0 ! %*$/0 ! /8))V0:8.822% ! :028I%40 ! *05r ! /84$52$A$*%.8 ! %(*78 ! )% ! *#)2#.% ! /8)!
48)0/.%44%l!2.%!)V%)2.0!i#8520!8.%!A%220!:#.8!/%)!28%2.0!/$!I%.$82h!8!(0(!%!*%50!(8!:%.)%!?%.$(822$!(8)!5#0!?&)"6$'+*!/8)!XaXd[!
HV0:8.822%!:8.48228I%!#(!04%>>$0!%!Z.%#5!8C!50:.%22#220C!%)!A$)2.0!52.%($%(28!/%!)#$!$(/$*%20*$!:8.!$(28.:.82%.8!i#8))%!.8%)2h[
=>020//"3 % H"2'0/]3 % $0//02"/)2" % "$/'DD';" % OJ" ' &?-<"E-" ' $-."-<"<"P3 % *#5);0,/' % D/#2'5' % O$0//0203 % "2/'5#$' % *'%
-'#2,"$0PB%>)2%),'/"%*"%),"%5'C2"%D/'$'D/'5"%5#D/",/0%W%'$%2'5#2D#%"$$"%>"2#*'RR"R'#,03%"$$"%D52'//)2"%*'%-2"*# %
D05#,*# % W % 5QM % )," % 2'55.0RR" % *' % $',-)"--'# % ,#/0H#$03 % D'" % ', %!"#$%%$&$ ' (")#$***% O5.0 % ." % H'DD)/# % D'/)"R'#,'%
/0"/2"$'%"DD"'%0/02#-0,00%0%D>0DD#%D>)2'0P%D'"%',%;%<#=>$?-$'@0#'-?-'&?#$#0'$-'@".0G%_%),%"$/2#%;#*#%*'%DC'*"20%
$"%5#;>$0DD'/]K
!5
68.2%48(28!#(0!/8$!40/$!:8.!%AA.0(2%.8!)%!40)28:)$*$2h!R!485*0)%.8!)$(>#%>>$!8C!$(!i#8520!58(50C!%:.$.5$!%)!.8>$52.0!,%550!8!
)%I0.%.8!5#)!:$%(0!/8))%!*0448/$%!A%*$)$2%!@%(*78!$(!i#8520!*%50!5%.8,,8!A$(!2.0::0!A%*$)8!.$4%(/%.8!%!L%(28!8!:.0:.$0!%))% !
I%.$82h!/$!)$(>#%>>$0!*78!R!/8))V;)6$#)*B[!T(!28.4$($!5*8($*$!5$>($A$*%!%('$2#220!4#0I8.5$!*0(!#(V852.84%!)$,8.2h!(8))%!5$(2%55$ !
28%2.%)8C!%(/%(/0!0)2.8!$)!:$%(0!/8)!/$%)0>0!*#$!5$!:#j!:$g!/$.822%48(28!8558.8!)8>%2$[!+$!:#j!#5%.8!#(!*%2%)0>0C!#(!,.%(0!/$ !
>$0.(%)8C!#(!:8''0!4#5$*%)8!:8.!)V%::#(20C!#(V$44%>$(8!:.0$822%2%C!0::#.8!#(!I$/80l!)%!5A$/%!%))%!*04:)855$2h!7%!,$50>(0!/$ !
#(%!*8.2%!8)%52$*$2h!/%!:%.28!/8)!)$(>#%>>$0!28%2.%)8[
!02 % 5#,5$)*0203 % /)//# % '$ % *'D5#2D# % D', % E)' % 5#,*#//# % 5#;0 % D' % M % 5"$"/# % D)$ % >'",# % *0$ % $"H#2# % 5#, % -$' % "//#2'K %
:#>2"//)//#%D0%D'%>0,D"%"$%C"//#%5.0%D'%/2"//"%#2;"'%*'%),%0-%0&G,0%5#,D#$'*"/#3%5.0%*"%/0;>#%$"H#2"%',D'0;0%0%
5.0 % "$$0 % D>"$$0 % ." % -'] % #>02"R'#,' % D';'$' % ,0$ % ;0/#*#3 % #DD'" % ), % >2#-0//# % *' % $),-# % 5#2D# % D0-)'/# % *" % ),#%
D>0//"5#$#%5#,5$)D'H#G
L%!#(!)%20C!.$48228(/0*$!(8)!50)*0!/$!#(!)%I0.0!$($'$%20!*0( !F&.#$'"'+"5"1$.&'($'&.!".K#+,#*.D"! 8!:.058>#$20!*0(!$!:.0>822$!
5#**855$I$!s!$(!:.$40!)#0>0!;1.#&++*.!=@,#*/&!sC!%,,$%40!*8.*%20!/$!*0(2$(#%.8!%!.$A)8228.8!@8!:.%2$*%.8B!5#!*$j!*78!:055$%40 !
$44%>$(%.8!5$%!$)!*0(*8220!/$!52.%($%48(20C!28(2%(/0!50:.%22#220!/$!$(/%>%.8!)8!.8)%'$0($!2.%!)0!52.%($%48(20!8!)%!2.%/$'$0(8 !
28%2.%)8!$2%)$%(%!/8)!*%.%228.$52%[!T(!%)2.$!28.4$($!*$!5$%40!2.0I%2$!%!)%I0.%.8!5#!#(!*.$(%)8!$(!*#$!#(V8.8/$2h!5*8($*%!*0(50)$/%2%!5$ !
20**%!8!*0(I$I8!*0(!$)!:$%(0!/8))V%I%(>#%./$%[!60(2852#%)48(28!*$!5$%40!*0(*8(2.%2$!5#))0!5I$)#::0!/8))%!A#('$0(8!*.8%2$I%!
%220.$%)8C!>.%'$8!%)!A%220!*78!%,,$%40!%I#20!)%!:055$,$)$2h!/$!*0))%,0.%.8!5#!#(!%.*0!284:0.%)8!)#(>0C!/8/$*%(/0*$!2#22$!%/ !
%::.0A0(/$.8!>)$!%.>048(2$!2.%22%2$!8!%!o48228.*$!)8!4%($n!/%!:#(2$!/$!I$52%!/$AA8.8(2$!@0>(#(0C!*7$!:$g!5#!#(!I8.5%(28!*7$!:$g!5# !
#(!%)2.0C!7%!/0I#20!%AA.0(2%.8!)%!*052.#'$0(8!/.%44%2#.>$*%C!)%!5*8)2%!/$!4#5$*78C!)V8)%,0.%'$0(8!/$!4%28.$%)$!8584:)$A$*%2$I$!8 !
50)#'$0($!*04#($*%2$I8!:8.!*052.#$.8!#(!/$%)0>0!*0(!#(!:#,,)$*0B[!T(!i#8520!40/0!2#22$!(0$!5$%40!%..$I%2$!%!#(!)$I8))0!/$ !
*0(5%:8I0)8''%!520.$*%!8!/$!:#(20!/$!I$52%!5#)!)%I0.0!,8(!/$I8.5$!/%!i#8))$!$($'$%)$!@$(28(/0!%))V%)28''%!/8))VK#+,#*.D"!/%!#(!)%20!8!
/8)!I&++*.!=@,#*/&!/%))V%)2.0B[!p#8520!)#(>0!:.0*8550!A%220!$(5$848!7%!:0.2%20!>)$!%220.$!%!#(%!)$,8.2h!4%>>$0.8!(8))%!>852$0(8!
/8))%!*.8%'$0(8C!5:052%(/0!)%!A#('$0(8!/8))%!.8>$%!:$g!5#)!28..8(0!/8))%!*0(*8.2%'$0(8!*78!5#!i#8))0!/84$#.>$*0!/$!*7$!:)%54%!8 !
*.8% !") . +*+*[ ! F(*0. ! :$g ! R ! /#(i#8 ! $4:0.2%(28 ! $) ! .%::0.20 ! *0( ! $) ! 40/8))0 ! /8) ! I%.$82hl ! R ! 5$% ! #( ! %)2.0 ! 40/0 ! /$ ! :%.)%.8 ! /$!
52.%($%48(20C!5$%!#(%!4%($8.%!/$I8.5%!/$!5*.$I8.8!8!$4:052%.8!$)!.%::0.20!%220.$%)8!*0(!$)!:#,,)$*0[!F(*78!:8.!i#8520!%)!*8(2.0!
/$!;'+#,0"*)"./$#.)*).-*#"#$.")./&($!%,,$%40!/8*$50!/$!48228.8!#(0!5:822%*0)0!/$!I%.$82h[!-$20.(%(/0C!$(!%)2.%!A0.4%!:8.jC!%!
<828.!&.00UC!$(!/$I8.58!0**%5$0($!/8)!:.0>8220C!*05r!*048!(8))0!5:822%*0)0C!*VR!52%20!#(!>#%./%.8!%!i#8))0!*78!)#$!*7$%4%!$) !
o28%2.0!.#I$/0n[
!8
AJSU@ZA<S?#?#KIA?#MINNA#X$4%-0,).Q.Y
&.(,#&.!".9",1"&.?&,#"%3
;%<#=>$?-$'@0#'-?-'&?#$#0'$-'(".0%M%),#%D>0//"5#$#%;#$/#%5#;>$0DD#%*"%),%>),/#%*'%H'D/"%D>"R'#`/0;>#2"$0G%
^)",/#%."%',C$)'/#%E)0D/#%,0$$"%>2#-0//"R'#,0%*0$$0%D50,0K
?0)2$55$40C!70!5#,$20!:8(5%20!*78!i#8520!5:822%*0)0!/0I8558!%I8.8!#(%!5*8(%!%>$)8!8!5(8))%!*78!:8.48228558!/$!%/%22%.5$!%))%!
/$48(5$0(8!/.%44%2#.>$*%!8!*78!%))0!528550!284:0!A0558!A#('$0(%)8!%$!*0(2$(#$!*%4,$!/$!5*8(%!*78!5$!5#558>#0(0!/#.%(28 !
2#220 ! $) ! 2.$22$*0[ ! H% ! /$AA$*0)2h ! 4%>>$0.8 ! R ! 52%2% ! 5$*#.%48(28 ! i#8))% ! /$ ! *.8%.8 ! #( ! #($*0 ! 5:%'$0 ! *78 ! :8.j ! :028558 ! 4#2%.8!
I8)0*848(28!:%55%(/0!/%!#(!)#0>0!%/!#(!%)2.0[!<8.!i#8520!70!/8*$50!/$!#5%.8!:0*7$!8)848(2$C!#(%!5*%)%C!#(!:.%2$*%,$)8!8!d !
28(/8!/%))8!A0.48!8558('$%)$C!$(!*0(2$(#0!40I$48(20C!*78!*.8%(0!5:%'$!%52.%22$!4%!8I0*%2$I$!:8.48228(/0!)%!40)2$:)$*%'$0(8!8 !
52.%2$A$*%'$0(8!/8$!)#0>7$[!GN!#(%!5*8(0>.%A$%!584:)$*8!*78!:8.j!5$!5I$)#::%!5#!:$g!:$%($C!/$)%2%(/0!)0!5:%'$0!8!$)!284:0!>.%'$8 !
%(*78 !%) ! A%220 ! /$! (0( ! %I8. !)$4$2%20 !$) ! .%>>$0 !/N%'$0(8! /8>)$ !%220.$! %) !50)0 !:%)*05*8($*0 ! ! 4% !5*0(A$(%(/0 ! $(!:)%28%[ ! GN !#(% !
5*8(0>.%A$%!/$(%4$*%!/0I8!%(*78!$!*%4,$!%!I$52%!A%((0!:%.28!/8))%!5*8(%!8!/8))N%'$0(8[!3#220!5$!4#0I8C!($8(28!R!52%2$*0C!$( !
:8.A822%!5$(20($%!*0(!$!A.8(82$*$!40I$48(2$!/8>)$!%220.$[
@Q%",5.0%;#$/#%>20D0,/0%'$%2">>#2/#%5#,%$"%C',R'#,03%5#,%$"%/0"/2"$'/]K
+r!$)!A%220.8!38%2.0!R!52%20!5$*#.%48(28!$)!:#(20!/$!:%.28('%C!:8.!i#8520!70!/8*$50!/$!8(A%2$''%.)0!*0(!i#8))$!*78!:02.8,,8.0 !
8558.8!/8A$($2$!$!2.8!8)848(2$!:.$(*$:%)$!/8))%!5*8(0>.%A$%l!)%!*04:0(8(28!*.04%2$*%!.055%C!$)!:.$(*$:%)8!*0(!)8!)#*$!8!)8!28(/8!/%!
5$:%.$0!$(!40I$48(20[! !F(*78!$(!i#8520!*%50!50(0!8)848(2$!o58'$0(%2$nC!852.%:0)%2$!/%)!)0.0!*0(28520!8!.$:.0:052$!$(!40/0!
%52.%220!8!40/8.(0!$(!)$(8%!*0(!)V$/8%!>.02285*%!8!52.%($%(28!/8))V$(28.0!5:822%*0)0[!
!D
1*%),"%D50,"%"D/2"//"%D'%"--'),-0%),"%2'5025"%*0//"-$'"/"%*0-$'%0$0;0,/'%*'%"//20RR02'"G
6VR!52%20!#(!>.0550!)%I0.0!5#!i#852%!:%.28C!$(/#,,$%48(28!R!#(!*0(2.%520!A0.28!8!I0)#20[!G!%(*0.%!#(%!I0)2%!*VR!#(!)%20!:.%2$*0l !
2#22%!)V%22.8''8.$%!R!40)20!A#('$0(%)8!:8.!/%.8!#(%!*%.%228.$''%'$0(8!%>)$!5I%.$%2$!)#0>7$!*78!$(*0(2.$%40!I$%!I$%[[[!
40$$#%D>0//"5#$#%",5.0%$Q)D#%*0$$0%>2#'0R'#,'%."%),%2)#$#%2'$0H",/0G
+r!%(*78!)8!:.0$8'$0($!7%((0!#(!.#0)0!.$)8I%(28!$(!i#8520!5:822%*0)0[!=8(>0(0!#5%28!:8.!*%.%228.$''%.8!$!/$I8.5$!)#0>7$C!%!I0)28 !
$(!40/0!/85*.$22$I0!%!I0)28!8I0*%2$I0C!%!I0)28!5%2$.$*%[
!*
AJSU@ZA<S?#?#KA?JCIE?#<MAEE?#XE=<SI>A<S?Y
&.(,#&.!".9",1"&.?&,#"%3
a,%;%<#=>$?-$'@0#'-?-'&?#$#0'$-'@".0%$Q0$0;0,/#%*0$%5#D/);0%M%D'5)2";0,/0%),"%>"2/0%C#,*";0,/"$03%D'"%*"%
),%>),/#%*'%H'D/"%D/'$'D/'5#3%D'"%*"%),%>),/#%*'%H'D/"%C),R'#,"$0%O*"/#%$Q"$/#%,);02#%*'%>02D#,"--'%5.0%H0,-#,# %
>#2/"/'%',%D50,"PG%&"%5#D"%D'0/0%>"2/'/'K
+$%40!:%.2$2$!/%))%!4%>($A$*%!:%.0)%l!6F&F-G3x!@*0(!)%!*%::%[[[!$)!Z%,%.822!/$!=%)8(2$(B!*78!R!)%!*7$%I8!/$!)822#.%!/$!2#220 !
i#%(20[!6$!5$%40!,8(!/0*#48(2%2$!5#!i#8))V#($I8.50!8!/%!)r!5$%40!:%.2$2$[[[!H%!*05%!*78!*$!7%!:$g!%AA%5*$(%20!R!i#8520!52%20!
/V$4:8.A8'$0(8!*78!%I8I%(0C!i#8)!>#520!/8)!oA%220!$(!*%5%n!*78!R!)%!*05%!*78!%,,$%40!*8.*%20!/$!.$:.0/#..8[!F/!8584:$0!:8. !
i#%(20!.$>#%./%!)8!%**0(*$%2#.8C!:8.!.$5%)2%.8!i#8520!A%220.8!/8)!oI0)#2%48(28!A$(20n!J!8!%(*78!:8.!$)!)0.0!4%(28($48(20!J!
%,,$%40!#5%20!:%..#**78!/$!(%$)0(!$(*0))%28!8!5*0):$28!*0(!/8)!I$(%I$)C!:8.!%I8.8!i#8520!8AA8220!/$!o:#:%''$!$(!5*8(%n[!;0( !
:028I%40!:8.j!)%5*$%.8!>)$!%220.$!*05r!(%2#.%)$52$*$!58('%!(#))%!i#$(/$!%,,$%40!#2$)$''%20!/8$!*%4%#.$!*78!>)$!*0:.$558.0!$) !
I0)20[[[
T(0)2.8!$!*%4%#.$!58.I0(0!%(*78!:8.!%$#2%.8!)0!5:822%20.8!%!*04:.8(/8.8!48>)$0!)0!5:822%*0)0C!7%((0!)%!A#('$0(8!/$!8)$4$(%.8 !
)%!A%**$%!/8))V%220.8!i#%(/0!(0(!58.I8!8!/$!%>>$#(>8.(8!#(V%)2.%C!*78!$(!280.$%!/0I.8,,8!8558.8!.$*0(05*$,$)8[!HV$/8%!/8$!*%4%#.$ !
R!(%2%!:.0:.$0!:8.*7R!%I8I%40!)%!(8*855$2h!/$!*%4,$%.8!$)!I0)20!%>)$!%220.$!$(!40/0!:$g!I8)0*848(28!:055$,$)8!8!(8)!40/0!:$g!
.%/$*%)8!:055$,$)8[
+#%D>0//"5#$#%D'%5#;>#,0%D)'%*'H02D'%$'H0$$'B%5'%D#,#%*0'%>02D#,"--'%*'%',H0,R'#,03%*0'%>02D#,"--'%D/#2'5'3%0%),%
-2)>>#%*'%"//#2'%*'%5"F"20/%5.0%"%$#2#%H#$/"%>#DD#,#%',/02>20/"20%*0'%>02D#,"--'%20"$;0,/0%0D'D/'/'G%%a,%E)0D/# %
D0,D#%5#;0%"H0/0%$"H#2"/#%D)$$0%*'H02D0%/'>#$#-'0%*'%5";")2'K
L%!#(%!:%.28!%,,$%40C!*8.*%20!/$!A%.!504$>)$%.8!$)!:$g!:055$,$)8!>)$!%220.$!s!*04:%2$,$)48(28!%))%!)0.0!52.#22#.%!0558%!J!%$!
:8.50(%>>$!520.$*$!/$!.$A8.$48(20C!4%!$(!#(%!I8.5$0(8!>.02285*%[!<8.!*.8%.8!#(%!/$AA8.8('%!%,,$%40 ! *%.$*%20!40)20!$!I$5$!/8$!
:8.50(%>>$!.8%)48(28!85$52$2$!8!$!I$5$!/8$!:8.50(%>>$!o58*0(/%.$nC!48(2.8!:8.!i#%(20!.$>#%./%!$!:8.50(%>>$!:.$(*$:%)$C!%,,$%40!
*8.*%20!/$!)%5*$%.8!:$g!(%2#.%)8!:055$,$)8!)%!A%**$%!/8>)$!%220.$!I8)%(/0)%!50)0!*0(!/8)!2#))8[ !T(A$(8!5#$!*%4%#.$!/8)!*%,%.82!
%,,$%40!*8.*%20!/$!A%.8!#(!528:!5#**855$I0!%))%!o*7$%I8!=%)8(2$(nC!#2$)$''%(/0!/8$!/$:$(2$!85:.855$0($52$!28/85*7$!8!:.0I%(/0!%!
.8:)$*%.)$!5#$!I0)2$!/8>)$!%220.$C!:8.!(0(!%I8.8!$)!*)%55$*0!2.#**0!%))%!6$.i#8!/#!+0)8$)[
!+
a,#$/20%>02%/)//0%$0%>"2/'%*'%5"F"20/%"H0/0%20"$'RR"/#%"$/2'%#--0//'%0%5">'%*Q"FF'-$'";0,/#%O>0,D#%"*%0D0;>'# %
"$$Q"F'/#%*0$$"%L0-',"%b'//#2'"P3%",5.Q0DD'%">>"2/0,0,/'%"$$"%DC02"%*0$%IH#$)/";0,/0%C',/#JG%
6$!50(0!/8>)$!0>>822$!/$!*%.2%!,$%(*%C!I$52%!:8.j!)%!)0.0!/8)$*%28''%!s!8!/%20!*78!)%!.8>$%!(0(!R!:.0:.$%48(28!52%2$*%!J!(0(!50(0 !
52%2$!#2$)$''%2$!2#22$C!/$*$%40!*78!(0(!5#::0.2%(0!)V8(8.>$%!/8$!(052.$!%220.$[[[
=$/20 % "$$" % *0C#2;"R'#,0 % -2#//0D5" % 0 % "' % 2';",*' % '5#,#-2"C'5' % *0$$Q0>#5" % D)-$' % "F'/' % 5QM % D/"/# % ), % $"H#2# % >'N%
20"$'D/'5#G
+r!$)!*052#48!R!I%>%48(28!520.$*0C!7%!/8$!.$4%(/$!%)!:8.$0/0!XabbJXaXc!8!%(*78!)8!%**0(*$%2#.8!50(0!2#228!/8))V8:0*%C!%,,$%40!
*8.*%20!/$!A%.)8!$)!:$g!A8/8)$!:055$,$)$C!*04:%2$,$)48(28!%$!4%28.$%)$!*78!%I8I%40!%!/$5:05$'$0(8[!
a%,);02'%*'%;%<#=>$?-$'@0#'-?-'&?#$#0'$-'@".0K%
Xbb!*%4%#.$C!`c!:%..#**78C!XXb!*052#4$!%))V$(*$.*%C!4%!50)0!`!:%$%!/$!5*%.:8x
"1
A<S@INA=JA#H?KCA#?SS=@A
H=J?SUCC?#?CCUK@=% H0!5:822%*0)0!*78!4822$%40!$(!5*8(%!R!$)!*%:$20)0!A$(%)8!/$!#(!%((0!/$!)%I0.0C!#(!%((0!)#(>0C!$(!*#$ !
%,,$%40!%,,$%40!/0I#20!52#/$%.8!40)20C!:8.!%AA.0(2%.8!0>($!2%::%!/8)!:.0>8220C!:.$4%!/$!2#220C!8!:0$!:8.!%..$I%.8!:.8:%.%2$ !
%))0!5:822%*0)0!A$(%)8[!;'+#,0"*)"./$#.)*).-*#"#$.")./&($!R!%(*78!#(%!50.2%!/$!:.0I%!o%2)82$*%nC!A$5$*%!8!/$!*0(*8(2.%'$0(8[!<8.j!
$(!#(!%((0!/$!)%I0.0!*$!5$%40!:02#2$!*052.#$.8!#(!,%>%>)$0!*#)2#.%)8C!#(!*8.20!2$:0!/$!*0(5%:8I0)8''%!/$!#(V%4,$8(2%'$0(8!
520.$*%C!/$!#(!*0(28520C!/$!#(!)$(>#%>>$0C!5#!#(!284%!2%(20!*04:)8550[!+8('%!i#8))%!A0.4%!/$!*0(5%:8I0)8''%!5%.8,,8!/$AA$*$)8 !
%AA.0(2%.8!#(0!5:822%*0)0!8!#(!*0:$0(8!*05r!I%520!8!%.2$*0)%20[.
JAE=C?#M=@S=C=SSA% H%!/$AA$*0)2h!/8))V%220.8!52%C!2.%!%)2.8!*058C!%(*78!(8)!*%)%.5$!$(!2.8!5:822%*0)$!*%.%228.$''%2$!/%!/8))8!*$A.8 !
52$)$52$*78 !/$I8.58! 8!5:8*$A$*78l !#(% !5:8*$8! /$! o.8%)$540 !4%>$*0n! R! :.0:.$0 ! /$ !:&+#"-*)"C! #(% !/$48(5$0(8 !0($.$*% !:8.I%/8!
I"2*1,0"*)"C!8!#(!.8%)$540!:$g!5:$**%20C!:$g!)$(8%.8!/h!*0.:0!%!7$&+#*[!&$50>(%!:0$!:8(5%.8!*78!)8!4%5*78.8!s!/8$!*%4%#.$!sC!
*78!*$!*0:.0(0!$)!I0)20C!*$!:0.2%(0!584:.8!I8.50!)$/$!/$52%(2$!/%)!(%2#.%)$540[!<0$!#(%!5A$/%!R!/%2%!/%))%!52.#22#.%!/8)!28520C !
40)20!I%.$8>%2%!8!5:8''%2%C!:8.!*#$!(0(!*VR!4%$!)0!5:%'$0!:8.!*04:0..8!/8))8!A$>#.8!%!2#220!20(/0l!,$50>(%!:$#220520!:.8(/8.8 !
%)*#(8!*%.%228.$52$*78!8!*8.*%.8!/$!5,0''%.8!/8$!:8.50(%>>$C!%::$>)$%(/05$!%!:0*7$!2.%22$!*78!(8!:055%(0!5#>>8.$.8!#(V$/8%[!
>AELUCU#HUCC!IS@A%6.8/0!5$%!$4:0.2%(28!50220)$(8%.8!$)!A%220!*78!5$!2.%22%!/$!#(!:.0>8220C!:.$4%!/$!2#220C!*78!$(*)#/8!$(A$(8!)0 !
5:822%*0)0[!H%!(052.%!*0(5%:8I0)8''%!$(20.(0!%)!284%C!*8.20!(0(!%550)#2%C!R!/%2%!/%))V0::0.2#($2h!/8)!:.0>8220l!(0(!R!.820.$*0 !
/$.8!*78!R!52%20!)%I0.%(/0!:8.!#(!%((0!5#))8!0.$>$($!/8))%!".%(/8!>#8..%!*78!%,,$%40!%I#20!40/0!/$!5I$)#::%.8!)8!(052.8 !
*0(05*8('8!8!/$!%I8.8!#(V0:$($0(8!:$g!*7$%.%!5#))V%.>048(20[!;0(!R!/%!2.%5*#.%.8!$)!A%220!*78!)%!:.$4%!*05%!*78!*$!I8((8 !
*0(58>(%2%!/%)!.8>$52%!%))V$($'$0!/8)!:.0>8220!A#!#(%!,$,)$0>.%A$%[!"$h!)8>>8.8!#(!8)8(*0!/$!2$20)$!/$!)$,.$!58.I8!:8.!*04$(*$%.8!% !
*052.#$.5$!#(!$44%>$(%.$0[!
"!
<A>=JU # V@?JEA? #F ! )$I8))0 ! %220.$%)8 ! R ! #(% ! 5A$/% ! /0I8. ! %AA.0(2%.8 ! *05r ! 2%(2$ ! :8.50(%>>$ ! $(5$848C ! /%(/0 ! % ! 2#22$ ! #(%!
*%.%228.$''%'$0(8!/$I8.5%C!:0.2%(/0)$!%))V8**8550!8!%/%22%(/0!$)!:.0:.$0!*0.:0C!)%!:.0:.$%!I0*8!8!$!:.0:.$!40I$48(2$!$(!40/0 !
584:.8!/$55$4$)8[!<8.!/%.8!#(V$4:.0(2%!>.02285*%!%$!:8.50(%>>$!%/!8584:$0!4$!50(0!*0(*8(2.%20!40)20!5#))V#($I8.50!/8))% !
I$>(822$52$*%!8!/8))%!)8228.%2#.%!5%2$.$*%!/8)!:8.$0/0[!".%'$8!8/!8558C!$(A%22$C!%))%!4$%!:8.*8'$0(8!.$5:8220!%!i#8)!4048(20!520.$*0C!
5$!R!%>>$#(2%!#(V022$*%!/$.822%!/$!i#8))$!*78!I$I8I%(0!/8(2.0!i#8))V8:0*%l!$)!*0(2.%520!2.%!)8!/#8!/$48(5$0($!%$#2%!%!*%:$.8!40)28!
*058[!
=CA>GA?#K@UE=%H%!:%.28!4#5$*%)8!R!5$*#.%48(28!40)20!:.858(28[!F('$2#220!*VR!52%2%!#(%!.$*8.*%!/$!4%28.$%)$C!2%)I0)2%!/$AA$*$)$!
/%!2.0I%.8!@0!:8.*7k!:#,,)$*%2$!50)0!%))V8528.0C !0!:8.*7k!4%$!52%4:%2$C!0!:8.*7k!.%.%48(28!858>#$2$B[!q!52%20!*052.#$20!#(!
.8:8.20.$0l ! /%))V0:8.822%C ! %) ! :.$40 ! *%,%.82C ! /%))8 ! 4%.*8 ! %>)$ ! $(($ ! 8 ! I$% ! /$*8(/0[ ! T( ! 58*0(/0 ! )#0>0 ! *VR ! 52%20 ! #( ! )%I0.0 ! /$!
%..%(>$%48(20!8C!$(A$(8C!/$!.$5*.$22#.%!/8$!2852$!/%!:%.28!/8>)$!%)2.$!%220.$C!:8.!A%.!/$%)0>%.8!284%2$*%48(28!)8!4#5$*78!5*8)28!*0( !
)%!/.%44%2#.>$%!*#.%2%!/%!L$!<%0)0[!T(5044%!5$!R!2.%22%20!/$!#(!)#(>0!8!)8(20!)%I0.0!%!:$g!52.%2$[!
CAJ= # KI?JEA?CU% ?$ ! *7$8/0 ! 5:8550 ! *048 ! I8..h ! :8.*8:$20 ! /%>)$ ! 5:822%20.$ ! $) ! 2.$22$*0C ! 8 ! 4$ ! :$%*8.8,,8 ! *78 ! )8 ! :8.50(8!
%22.%I8.5%558.0!i#8520!5:822%*0)0!*0(!)V$4:.855$0(8!/$!#(%!>.%(/8!(%..%'$0(8C!#(%!>.%(/8!8:$*%C!:8.*7R!$(!A0(/0!R!#(%!50.2%!/$!
I%520!8!*04:)$*%20!%AA.85*0!>.02285*0C!#(%!I$5$0(8!o,.#8>8)$%(%n!/$!i#8))V8:0*%C!/822%!,8))%C!*78!)%I0.%I%!%)!5#0!%(($8(2%48(20[ !
=0..8$!*78!.$#5*$55$40!%!*0(I$(*8.8!>)$!5:822%20.$!*78!(0(!$4:0.2%!50)2%(20!)%!2.%4%C!i#%(20!)0!5:.0A0(/%.5$!/8(2.0!#(!40(/0 !
*78!(0(!*VR!:$g!8!*78C!%!40($20!:.858(28C!5$!:.0I%!%/!8I0*%.8[!
""
HA?J?#>?JU?#3#22$!i#8$!:8.50(%>>$!50(0!>$h!/8))8!4%5*78.8C!)%!/8A0.4%'$0(8!/$!#(%!50*$82hE!(0(!*VR!($8(28!/$!>.%/8I0)8[!+$%!
*78!5$!2.%22$!/$!:8.50(%>>$!.8%)$!0!/$!$(I8('$0(8!/8I$!584:.8!>#%./%.)$!/%!#(!:#(20!/$!I$52%!/$I8.50[ !;0(!8(2.$!/8(2.0! %) !
:8.50(%>>$0C!4%!)0!$4:#>($[!<0$!%,,$%40!/#8!>.0558!4%5*78.8l!)V%,$20!8!$)!*%4%#.0C!*78!R!#(%!50.2%!/$!o:.028'$0(8nC!:8. !
*0(58(2$.2$!/$!85%>8.%.8[!<#0$!%/8.$.8!%!i#8))%!/8A0.4%'$0(8!/$!:%.28('%C!*0(!)%!I0*8C!)%!:052#.%[!
UIKUJA=#G?G?CA?#q!>.%'$8!%))V%((0!/$!52#/$0!8!.$A)855$0(8!s!%(*78!5#!2#220!*$j!*78!.$>#%./%!$)!>8(8.8!/8))V0:8.822%!8!/8)!I%.$82h!
s!*78!%,,$%40!:02#20!*04$(*$%.8!o:.8520n!%!)%I0.%.8!5#$!:8.50(%>>$!4855$!$(!5*8(%!@*78!I%((0!/%$!XbJXQ!%/!%220.8B[!q!52%20 !
$(28.855%(28!%AA.0(2%.8!2%(2%!/$I8.5$2hC!:8.*7R!$!2.8!5:822%*0)$!*0(28(>0(0!)$I8))$!.8*$2%2$I$!/$I8.5$55$4$[!<8.!0>($!:8.50(%>>$0 !
,$50>(%!2.0I%.8!#(%!A0.4%C!#(!*0(28($20.8C!/0I8!:0$!48228.8!/8(2.0!i#8))0!*78!2$!58.I8C!%4:)$A$*%(/0!i#8))%!/8A0.4%'$0(8!
>.02285*%!8!50220)$(8%.8!48>)$0!)%!/$52%('%!*78!*VR!2.%!i#8))0!*78!.%**0(2$%40!8!(0$[!
<A>=JU#S?JK=C=#H%!/$AA$*0)2h!:.$(*$:%)8!R!52%2%!/0I8.!.8*$2%.8!#(!28520!*78!.$5:8**7$%!202%)48(28!)%!.8%)2h!/8$!>$0.($!(052.$!s !
(0(052%(28 ! 5$ ! :%.)$ ! /8) ! :8.$0/0 ! *78 ! 7% ! :0.2%20 ! %))% ! :.$4% ! "#8..% ! 40(/$%)8[ ! p#8520 ! R ! /$ ! A%220 ! %,,%52%('% ! %>>7$%**$%(28C !
:8(5%(/0!%!i#8))0!*78!52%!5#**8/8(/0[!H%!/04%(/%!R!52%2%l!*048!.8*$20!i#852%!5$2#%'$0(8y!<8.*7k!2$!48228!%!/#.%!:.0I%!*048!
%220.8[ ! ;8))0 ! 5:822%*0)0 ! 5$ ! *$2% ! <$5*%20.C ! $( ! :%.2$*0)%.8 ! i#%(/0 ! 5$ ! /04%(/% ! *048 ! /0I.8,,8 ! *04:0.2%.5$ ! )V%220.8 ! $( ! #(%!
5$2#%'$0(8!/8)!>8(8.8[!p#%)8!5%.8,,8!)%!5#%!A#('$0(8y!F!(0$!*78!*$!2.0I$%40!5052%('$%)48(28!%!o>$0*%.8n!5#)!:%)*0C!i#$!5$!*7$8/8 !
s!.8*$2%(/0!s!/$!%AA.0(2%.8!i#8))%!8!i#852%!.8%)2h[
"2
!"""""""
!!!!!!
[#>=@A@U#[
[#A<S@INA=JA#[
Z%3/BBB
Z%3/BBB
ISTRUZIONE f. l'istruire. L'istruzione della
gioventù. L'istruzione è un gran rimedio contro i
pregiudizi e il fanatismo. A chi affidano
l'istruzione dei giovani! Istruzione buona,
cattiva, retta, piena, vana, infelice, modesta,
soda,
copiosa,
sufficiente,
letteraria,
scientifica, religiosa, legale, medica, militare.
// Il complesso delle cognizioni acquistate //
Norme, consigli, regole in proposito. Mandare,
scrivere, stampare un'istruzione. Specialmente al
pl. Se volete provvedere a questo fatevi dare le
istruzioni necessarie. Domanda istruzioni // Breve
scritto unito ad alcuni oggetti messi in vendita
per indicare come vanno usati.
MORIRE int. (ind. moio, mori, more e a volte mor; o
lett. muoio, muori, muore e muor; moriamo, morite,
moiono, o lett. muoiono; imperf. morivo e lett.
moriva; perf. morii, moristi, morì, morimmo) Cessar
la vita. Morì giovane, vecchio // Neanche se
vedesse morir uno! Di chi non ha pietà, soccorso
per nessuno // Morir di fame. Anche di estrema
miseria // Morir di rabbia // iperb. Morir di
noia, d'uggia, d'inedia, di sonno // proverbi Un
bel morir tutta la vita onora. Chi non sa morir
non sa amare. Meglio morir una volta che cento //
Morire al gioco della corda, al biliardo, uscire
dal gioco per aver perduto.
Z%3/#.-4O%BBB
Z%3/#.-4O%BBB
ISTRUIRE instituire, formare, compilare, fare. Ma i
termini propri si hanno più in odio che il male al
capo.
ISTRUTTIVAMENTE av. da istruttivo, chi ha
l'incarico, l'incombenza d'istruire.
MORTE detto specialmente di pesci, uccellagione,
etc., significa volgarmente in alcune regioni
nostre il vero e prorio modo di cucinare, speciale
ed adatto. Es. l'anguilla su lo spiedo, i
calamaretti fritti, l'anitra arrosto, è la loro
morte.
MORTO stagione morta. Se non ti andasse a pelo
dirai perduta, che non ci sono riprese di alcuna
sorta.
";
[#G?S@A>=JA#[
[!!G?EU#[
Z%3/BBB
Z%3/BBB
PACE f. (dal lat. pacem) Stato calmo e quieto
dell'animo e specialmente tra le due parti. Contr.
d'agitazione, turbamento dei popoli. Contr. di
guerra // Il trattato stesso // In pace senza
essere disturbati // Morir tranquillo.
Frequenti esempi del Casa provano che aveva dato il
cervello a rimpedulare chi affermò non potersi usar
plurale.
PATRIMONIO m. beni ereditari. piccolo, discreto,
ingente, cospicuo, grosso, principesco patrimonio.
Suo padre gli ha lasciato un bel patrimonio. Un
patrimonio avuto dallo zio e dalla madre. Erede di
tutto il patrimonio. Fatto lo stato del patrimonio
// Beni. Il patrimonio se l'è fatto da sé // fig.
Il più bel patrimonio è la sapienza; dei bambini
l'innocenza.
Z%3/#.-4O%BBB
Z%3/#.-4O%BBB
PACE E GLORIA SIA CON VOI saluto del conte di
Almaviva, travestito da Don Alonso, a Don Bartolo,
nel Barbiere di Siviglia. Il verso del libretto è:
Pace e gloria il ciel vi dia. Ricorre talora la
locuzione in senso ironico e lepido.
PACIFICAZIONE voce nostra, dal lat. pacificationem;
se non che l'uso e l'abuso che se ne fa oggi dì nel
senso politico di concordia, ricorda piuttosto la
parola fr. pacification.
PACIFISTA neol. assai brutto per indicare i
sostenitori della Pace, cioè di quegli istituti
politici che tendono ad abolirlo o, per lo meno, a
diminuire le guerre, ritenute mezzo barbarico di
risolvere le contese tra Stato e Stato, popolo e
popolo. Pacifista è traduzione di voce coniata in
Francia (cfr. verbo pacifier).
PATRIMONIALE ag. da patrimonio.
PATRIMONIETTO e PATRIMONINO dim. di patrimonio.
!!!!!
!!!!!
[!@AZ=CINA=JA#[
Z%3/BBB
RIVOLUZIONE d'idee = arruffamento, confusione,
sconvolgimento di idee, di pensieri.
f. T. mat. movimento di rotazione d'un corpo
intorno a un centro fisso // T. astr. rotazione di
un corpo celeste intorno ad un altro // T. soc. e
polit. Grave alterazione nel Governo di uno stato
o distuzione del Governo stesso.
#
"5
[#SU?S@=#[
Z%3/#.-4O%BBB
Z%3/BBB
RIVOLUZIONARE
dal
fr. révolutionner,
verbo
neologico usato e abusato, che non vuol dire
soltanto far insorgere, ribellare, abbattere,
sconvolgere per effetto di rivoluzione, ma contiene
il concetto di rinnovare per effetto di nuovi
istituti, scoperte, invenzioni e simili. Il
Rigutini osserva con senso di biasimo: «I francesi
che di rivoluzione si intendono molto, hanno fatto
il verbo révolutionner, etc.» e gli italiani che
regolarono i loro moti secondo i moti francesi?
Evvia! Si può davvero accettare qualche vocabolo!
Un popolo = farlo insorgere, rivoltarlo, e come usa
spesso il Guicciardini, sollevarlo.
RIVOLUZIONARIAMENTE Straordinariamente direbbe il
Macchiavelli.
TEATRO m. dal lt. theatrum, gr. théatron. Edifizio
destinato ai lavori drammatici, musicali e altri
spettacoli // La recita // Cerchio, anfiteatro //
Per sim. teatro anatomico // Della gloria, del
valore, della guerra, non va a sangue dei rigidi
custodi della lingua, né T. di disordine è un
occhio al sole. Chi sta troppo in sulle
chiacchiere, torna a casa pien di zacchere. Per
luogo ove succedono fatti solenni, ha esempi nel
Seicento. Questa metafora piace ai puristi ed è
estensione conforme al francese: theatre - lieu où
se passent des actions remarquables, es. le
theatre da la guerre. Certo la metafora appare
goffa se dirò: la casa fu il teatro di un furto. In
senso lepido e ironico può invece riuscire
efficace, Insomma vi sono sfumature nell'uso delle
parole che è difficile determinare. E' un teatro
vale è cosa da ridere, scena buffa e simili.
!!#
[#KIU@@?#[#
..................................................
(Non sono voci poste in lessico. Qui sta la gatta.)
HG??T!3-F33T!LFl!1[!?%(A.0($C!K$>$?-"#$?')$'B?.$'$&@=#0'?)'$&@#?@#$0C!XabXE!!F[!<%('$($C!K$>$?-"#$?'&?)0#-?C!XabcE!!<[!<82.0**7$C!F?B?')$>$?-"#$?'%.?,"%<$.?')0,,"',$-E="'$<",$"-"')0,,L=%?'0'D=?#$')L=%?C!Xabf[
"8
"D
!*+1!6%&&%).&7).##$%&%!'())*$+,-.!/*!'$,+%0%1!0.2,&3.!4$!5,)0$%*%!678&&(&3$.
"CUJSU#<I#,.()/%6%#H!?--7-:/0#@X`fdJXad`B!
+*.$220.8C!:082%C!/.%44%2#.>0!@4%!%(*78!:0)$2$*0!8!4$)$2%.8B!$2%)$%(0[!<0*7$!5%((0!*78!$)!I8.0!
*0>(048!/V0.$>$(8!R!-%:%>(822%[[[!$)!50:.%((048!$(I8*8!R!40)20!:$g!50A$52$*%20l!;1.L&+$B.9)2.8!%!
5:8.:8.%.8!$)!:%2.$40($0!/$!A%4$>)$%C!LVF((#('$0!*8)8,.%!)%!>#8..%!$2%)0J2#.*%C!/$I8(2%!)V%4%(28!
/$ ! G)80(0.% ! L#58C ! 5$ ! 0::0(8 ! o%))VT2%)$822% ! 485*7$(% ! 8 ! :%*$A$52%nC ! /$I8(2% ! 4%550(8C ! I$8(8!
*8(5#.%20!:8.*7R!*0(5$/8.%20!8.0204%(8C!5*%::%!$(!1.%(*$%C!I$8(8!$>(0.%20!/%!?%.*8)!<.0#52C!
20.(% ! $( ! T2%)$%C ! A$.4% ! *%4,$%)$ ! $( ! ,$%(*0C ! A% ! *04$'$ ! /$ ! :.0:%>%(/% ! $(28.I8(2$52%C ! 022$8(8 ! $)!
,.8I8220!/%!%I$%20.8!:8.!)%(*$%.8!4%($A852$!5#!3.$8528C!:8./8!#(!0**7$0!8!5*.$I8C!5*.$I8C!5*.$I8 !
2%(20C!2.0::0x
!*+2#6%&&%).&7).P#%)0&/$'0BBB#%#/9-0$/##$%&%!'())*$+,-.!8&,-.*1!-%9-.!-%,-0,*%!4$!80-:(0!;+:&$-3*%0
!*+;# .QQ.)/ # 3/ # Q.'/,6/.! <, ! =,2$>*$, ! 0%,*% ! 4%**, ! ?%>$&, ! #$--.0$, ! @+$.A ! B(,9$ ! -(--$ ! $ ! 0%>&,&-$!
47C(0.',D!9$!0$(&$9+%!&%*!+,9-%**.!E.FG!6F.0!$&!H.*.&$,
"CUJSU#<I#J0--.#%#-/90&/
Z/&&0)/.#3%6#@%,-0#I-/&0# @X`XaJXabXB !-8>$(%!/8)!-8>(0!O($20!/$!".%(!&.82%>(%!8!
T.)%(/%!8!T4:8.%2.$*8!/VT(/$%[!T)!5#0!.8>(0!$($'$%20!(8)!X`d^!%I.h!#(%!/#.%2%!/$!5855%(2%2.k!%(($ !
58228 ! 485$ ! 8 ! /#8 ! >$0.($[[[ !F))8 ! 58/$*$ ! 8 ! 2.8(2% !/8) ! QQ ! >8((%$0 ! 5$ ! *0(*)#/8 ! )% ! *05r ! /822% !G2h!
=$220.$%(%[!<8.!$)!A#(8.%)8!7%!/%20!:.8*$58!/$5:05$'$0($l!($8(28!(8.0[!=$8(8!58:0)2%!*0(!#(!%,$20!
,$%(*0C!(8)!A0(/0!/8))%!,%.%!A020>.%A$8C!48/%>)$0($!8!)%!I852%>)$%!/8))V%4%20!4%.$20!F),8.20C!
50:.%!)%!,%.%!)%!,%(/$8.%!,.$2%(($*%!8!)N%,$20!/%!5:05%[!3#22$!$!($:02$!:.858(2$[[[!i#%)*78!%((0!
/0:0!5$!A%.%((0!)%!>#8..%!@I8/$!"$0.>$0!=C!"#>)$8)40!TT!8!;$*0)%!TTB[
"*
K7,6/%6'0#AA#3/#K%)'.-/.%@X`caJXaeXB!O)2$40!T4:8.%20.8!28/85*0!@Z%$58.B!8!#)2$40!-8!
/$ ! <.#55$%[ ! 60(I$(20 ! 50528($20.8 ! /8) ! 4$)$2%.$540 ! 8 ! /8) ! .$%.40 ! (%I%)8 ! /8))% ! A)022% ! 28/85*% ! J!
:8.$*0)050!*%4:%(8))0!/V%))%.48!:8.!)%!".%(!&.82%>(%!@I8/$!$)!*#>$(0!"$0.>$0B!:028('%!(%I%)8!
:8.!8**8))8('%!J!.$4%(8!5#)!2.0(0!/%)!X```!%)!XaX`[!;8)!XaXd!$($'$%!%!*0(I$(*8.5$!*78!#(!*0(A)$220 !
$( ! G#.0:% ! R ! 0.4%$ ! $(8I$2%,$)8C ! /8220 ! *$j ! )V%228(2%20 ! /$ ! +%.%K8I0 ! /8) ! XaXe ! (0( ! 584,.%!
:.80**#:%.)0!40)20!8!:%.28!:8.!)%!2.%/$'$0(%)8!*.0*$8.%!852$I%!$(!;0.I8>$%[!L%!i#$!$)!*%05l!)%!
5$2#%'$0(8!:.8*$:$2%C!.$*8I#2%!)%!(02$'$%!/8))%!40,$)$2%'$0(8!-#55%!@I8/$!$)!*#>$(0!;$*0)%B!$($'$%!%!
50AA.$.8!/$!/$52#.,$!:%.%(0$/$!/$!:8.50(%)$2hl!u(0(!70!:$g!%)*#(!/#,,$0!*78!T(>7$)28..%C!-#55$%!8!
1.%(*$% ! 5$ ! 5$%(0 ! 48558 ! /V%**0./0 ! :8. ! 58.I$.5$ ! /8) ! *0(A)$220 ! %#52.0J58.,0 ! *048 ! :.828520 ! :8.!
$(2.%:.8(/8.8!#(%!>#8..%! /$!%(($8(2%48(20!*0(2.0!/$!(0$[[[v! F))8! 0.8!X^!/8)!X!%>0520!A$.4%!
)V0./$(8!/$!40,$)$2%'$0(8!*0(2.0!)%!-#55$%[[[!5*%22%!)V%))8%('%!A.%(*0J.#55%[[[!)%!"8.4%($%!8(2.%!$(!
>#8..%[[[!
K/0),/0 # Z # 3%6 # @%,-0 # I-/&0% @X`fcJXadfB! -8 ! /$ ! ".%( ! &.82%>(%C ! /VT.)%(/% ! 8 ! /8$!
L04$($0( ! ,.$2%(($*$ ! /V0)2.84%.8C ! T4:8.%20.8 ! /VT(/$%C ! 58*0(/0>8($20 ! /$ ! G/0%./0 ! =TT ! @A$>)$0!
/8))%!-8>$(%!=$220.$%!/8)!-8>(0!O($20B!8!F)8\%(/.$(%!/$!L%($4%.*%[!<8.!5A0.2#(%!@0!:8.!5#%!
A0.2#(%B!$)!A.%28))0!4%>>$0.8!F),8.20!=$220.$0!J!/$.8220!8.8/8!%)!2.0(0!J!4#0.8!/$!:0)40($28l!
"$0.>$0!I$8(8!*0.0(%20!(8)!XaXb[!L%)!XaXe!$!.%::0.2$!A%4$)$%.$!*0(!>)$!%)2.$!.8>(%(2$!8#.0:8$!5$ !
*04:)$*%(0l!)%!".%(!&.82%>(%!R!$(!>#8..%!*0(2.0!)%!"8.4%($%!/8)!*#>$(0!"#>)$8)40!TT!8!(8)!XaX^!
$)!-8!/8*$/8!/$!*%4,$%.8!#AA$*$%)48(28!$)!(048!/8))%!*%5%2%!.8%)8!,.$2%(($*%!@/%!+%\8J60,#.>J
"027%!%!]$(/50.B!5,%.%''%(/05$!/8))8!0.4%$!/$5/$*8I0)$!%550(%('8!28#20($*78[!?%!(0(!A$($5*8!
i#$[[[!(8))0!528550!%((0C!$)!40(%.*%!*0))8'$0($52%!/$!A.%(*0,0))$C!.$A$#2%!/$!/%.8!%5$)0!:0)$2$*0!%)!
*#>$(0!S%.!;$*0)%!TT!*78!/0I8(/0!.$4%(8.8!(8))%!>8)$/%!-#55$%!I$8(8!$4:.$>$0(%20!8!%55%55$(%20!
/%$!.$I0)#'$0(%.$[[[[!
J/406.#AA#3/#@7$$/. #@X`f`JXaX`B! O)2$40!T4:8.%20.8 !/$!-#55$%C!S%.!/$!<0)0($%C!?05*%C!
Z$8IC!=)%/$4$.C!/$!;0I>0.0/C!/$!Z%'%(VC!/$!F52.%*7%(V!8!/8))%!+$,8.$%C!".%(/#*%!/$!1$()%(/$%!8!
H$2#%($%C!8.8/8!/$ !;0.I8>$%C!+$>(0.8 !8! +0I.%(0!/$ ! T,8.$%C ! F.48($% !8!3#.U852%(C!L#*%!/8))0 !
+*7)85P$(>JW0)528$(C ! /8))0 ! +20.4%.(C ! /$ ! L$274%.5*78( ! 8 ! /8))V9)/8(,#.>[ ! 60(05*$#20 ! *048!
E"(*1&."1.'&)+*! 0 !E"(*1&."1.'&)%,")&#"*H! 5A0.2#(%!I#0)8!*78!%)!5#0!(048!5$%(0!)8>%2$!#(!>.%(!
(#48.0 ! /$ ! 40.2$l ! (8) ! X`af ! /#.%(28 ! $ ! A8528>>$%48(2$ ! :8. ! )% ! 5#% ! $(*0.0(%'$0(8 ! *$.*% ! Xebb!
:8.50(8!4#0$0(0!*%):852%28!/%))%!A0))%C!(8)!Xabc!I$8(8!.8:.855%!#(%!4%($A852%'$0(8!:%*$A$*%!/$!
/$4052.%(2$ ! /$5%.4%2$ ! /$.822% ! %) ! <%)%''0 ! /V$(I8.(0 ! @)% ! >$0.(%2% ! I8..h ! .$*0./%2% ! *048 ! )%!
o/048($*%!/$!5%(>#8nBC!/#.%(28!)%!".%(/8!"#8..%!4#0$0(0!i#%22.0!4$)$0($!/$!50)/%2$!%!*%#5%!/$!
>.%I$!8..0.$!52.%28>$*$!/8))V858.*$20!-#550C!82*[!T)!Qd!A8,,.%$0!XaX^!%!<$82.0>.%/0!$)!:0:0)0!$(50.58!
(#0I%48(28!8!)%!:0)$'$%!'%.$52%!5$!5*7$8.%!i#852%!I0)2%!/%))%!5#%!:%.28l!;$*0)%!%,/$*%[!
"+
!*+D# 6%&&%).&7).#%#Q.-&.$4/%-:.# #$%&%!'())*$+,-. !<,!>(%00,!4%$!2.&4$1!0.2,&3.!4$!I%0)%0-!5%.0>%!
J%**9
!+11#%$90$/:/0-/#C9'.9$3$.&%!K&$L%09,*%!4$!H,0$>$
"CUJSU#<I#<.).O#M%)-O.)3&%@X`eeJXaQdB!
F)!58*0)0!-05$(8!&8.(7%./2C!%22.$*8!A.%(*858[!60(05*$2%!%(*78!*048!F&.2*"A.!=*#C!F&.!"2")&C!F&.
'(&)!&1*'&! @*8)8,.$ ! )8 ! 5#8 ! .8)%'$0($ ! %40.058 ! *0( ! #(V$(A$($2% ! 5*7$8.% ! /$ ! #04$($[[[ ! 8 ! /0((8B!
850./$5*8!(8)!X`fQ!%))%!604k/$8!1.%(z%$58!:8.!:0$ !2.$0(A%.8!$(!2#220!$)!40(/0[!<8.!0(0.%.8!)%!
>.%(/8 ! %22.$*8C ! %))V$(>.8550 ! /8))% ! >.%(/8 ! G5:05$'$0(8 ! O($I8.5%)8 ! /$ ! <%.$>$ ! /8) ! XabbC ! I$8(8!
.8%)$''%2%!#(%!52%2#%!40(#48(2%)8!*78!)%!.$2.%8!$(!%,$20!/%!58.%[[[!4%!%!40)2$!(0(!:$%*8x
!+1"# $0--.'(76/$'0! /&$3$,&. ! *% ! %9$)$3$.&$ ! 4$ ! M,4%*%$&% ! 5" ! *, ! 4,&3,-0$+%N9.&&,2)(*,O ! -(--$ ! $!
+0$-$+$!&%!',0*,&."""
"CUJSU#<I#4)/&/4.#%#4)/&/4/
A6#4)/&/40#!#$(!.$A8.$48(20!%!?6Q)%3#W%))!@X`f^JXae`B!5*.$220.8!8!*.$2$*0!28%2.%)8!28/85*0[!
".%(/8!%::%55$0(%20!/$!T,58(!8!W%#:24%((!)$2$>%!5:8550!*0(!Z.%#5!8!&.8*72[[[
A6 # 4)/&/40 # "! $( ! .$A8.$48(20 ! % !?6Q)%3 # G06,.)! @X`^dJXaccB! 5*$220.8 ! 8 ! *.$2$*0 ! 28%2.%)8!
%#52.$%*0[!?%852.0!/8))V$.0($%!@0!/8))%!:8.A$/$%B!4%($A852%!$)!5#0!*.8/0!*0(!i#8528!:%.0)8l! u*.8/0!
(8))%!,0(2h!/8))V#040C!4%!4$!A$/0!:$g!/8))%!5#%!*%22$I8.$%v[
!+1;#906/&/4.!<7P!,'0$*%!L$%&%!9-$'(*,-,!*7C&-%&-%!Q.04$,*%1!R0,&+$,!%!50,&!S0%-,>&,!0$+.&.9+.&.!
*%!0%+$'0.+:%!9=%0%!47$&=*(%&3,!+.*.&$,*%
%40-0'/.#%#/-37$&)/.#R(9$.&%!-0,!$!+.*.99$!8&9,*4.!%!8029-0.&>
21
"CUJSU#<I#/#Q).&%66/#9%))0-%
#@X`^fJXacQB !# % # '?@A= # Q%)3/-.-30 # GU@@=JU #@X`c^JXadcB!
T(/#52.$%)$!$2%)$%($[!3$20)%.$C!>.%'$8!%))V%,$)8!5*%)%2%!/8)!:%/.8C!/8))V $(/#52.$%!(%I%)8!8!482%))#.>$*%!
F(5%)/0!*78!/#.%(28!)%!<.$4%!"#8..%!?0(/$%)8!/$I8(2%!:.02%>0($52%!%550)#2%!/8))%!:.0/#'$0(8!
,8))$*%[!T!<8..0(8!$(0)2.8!/8*$/0(0!/$!8(2.%.8!(8)!40(/0!,%(*%.$0C!/$I8(2%(/0!2.%!$!:.$(*$:%)$!
502205*.$220.$!/8))%!&%(*%!T2%)$%(%!/$!+*0(20C!A0(/%2%!%))%!A$(8!/8)!XaXe!8!4%)%48(28!)$i#$/%2%!(8)!
XaQX[!F))8!A$>#.8!/8$!/#8!A.%28))$!50(0!$5:$.%28!)8!I$*8(/8!/8))8!A%4$>)$%!"022%./$!@I8/$ !"CUJSU#
<I#V?>AKCA?#K=SS?@HA#UBBBRHU@AZ?SA\B
GA= # GU@@=JU#
!+15
906/&/4. # % # 4060-/.6/$'0! Q0$9$ ! 2,0.++:$&,O ! 5(>*$%*2. ! // ! 9),0+, ! , ! T,&>%0$ ! % ! *, ! R0,&+$,!
2$&,++$,!*,!>(%00,
!+1*#9$/40.-.6/$/#Q.&=%0%&3,!4$!;$>2(&4!R0%(4!9(!4%&,0.!%!4%=%+,3$.&%
"CUJSU#<I#</,'7-3%V)%73#@X`cfJXadaB!
<5$*%(%)$52%!%#52.$%*0[!T('$%!/8/$*%(/05$!%))0!52#/$0! /8))V$:(05$[[[! 4% !,8(!:.8520!8550!I$8(8!
%,,%(/0(%20C!)%!(0228!2.%!$)!Qd!8!$)!Qe!)#>)$0!X`ac!$(A%22$!o(%5*8n!)%!:5$*%(%)$5$l!1.8#/!5*.$I8!)% !
5#%!:.$4%!$(28.:.82%'$0(8!/$!#(!50>(0[[[!i#8))0!/$!T.4%[!T(!58>#$20!%5:822%!$)!(#0I0!58*0)0!
@XabbB!:8.!/%.8!%))%!52%4:8!$)!5#0!*8)8,8..$40!28520 !F=")+$#/#$+&0"*)$.!$".'*%)"B .?%!)%:5#5C!
%22$!4%(*%2$C!%550*$%'$0($!)$,8.8C!)$,$/0C!*04:)8550!/$!G/$:0!8!5I$)#::0!:5$*05855#%)8BBB .(0(!
*0(I$(*0(0!2#22$[[[!*VR!*7$!/$*8l!u<.$4%!/$!1.8#/C!$!/0220.$!%440($I%(0!*78!)%!28.%:$%!:028I%!
8558.8!:8>>$0.8!/8))%!4%)%22$%E!0.%!855$!/0I.8,,8.0!%440($.8!*78!85$528!#(%!28.%:$%!)%!i#%)8! R!
#(%!4%)%22$%C!*$0R!)%!:5$*0%(%)$5$v[
!+!1#.$&)0-0'/.#X0#$&).-/#9)%$.,/Y#H,99,>>$.!4%**,!Q.2%-,!4$!I,**%G
$04/%&?!#%#6.F0)0!!;+$.'%0$!$&!C(0.',
"CUJSU#<I#/6#9.9.!#3/#&7&&/#,6/#$4/09%)/
W.)6#>.)]#@X`X`JX``dB!
1$)050A0C ! 8*0(04$52%C ! 520.$*0C ! 50*$0)0>0 ! 8 ! >$0.(%)$52% ! 28/85*0[ ! <%:h ! J ! $(5$848 ! % ! 1.$8/.$*7!
G(>8)5 ! J ! /8) ! 4%28.$%)$540 ! 520.$*0C ! 280.$''% ! :.%2$*%48(28 ! 2#220l ! *%:$2%)8C ! 52.#22#.%C!
2!
50I.%52.#22#.%C ! I%)0.8 ! /$ ! 5*%4,$0C ! 48.*8C ! 48''$ ! /$ ! :.0/#'$0(8C ! A0.'% ! )%I0.0C ! .$:.0/#'$0(8!
584:)$*8C!)8>>8!28(/8('$%)8!/$!*%/#2%!/8)!5%>>$0!/$!:.0A$220C!:)#5I%)0.8!%550)#20C!:)#5)%I0.0!
.8)%2$I0C!8**[[[!<8.!5#%!A0.2#(%!5$!.$5:%.4$%!)%!".%(/8!"#8..%[[[
!+!!#-%4)060,/!!M(.0%!C2$*$.!;,*>,0$
"CUJSU#<I#<E@ASS=@A#3!.FF%-&7).
U'/6/0 # <.6,.)/! @X`fQJXaXXB !+*.$220.8 ! $2%)$%(0[ !H8220.8 ! %::%55$0(%20 ! /$ ! =8.(8 ! 8 ! /$!
+28I8(50(!5*.$I8!:$g!/$!022%(2%!.04%('$!/V%II8(2#.%!*78!.%**0(2%(0!:%85$!)0(2%($C!>$#(>)8C!
:$.%2$C!)80($C!:%(28.8C!2$>.$C!/858.2$!8!A%(*$#))8!,8))$55$48[[[!4%!)%!5#%!I$2%!8.%!#(V%)2.%!*05%C!)% !
*.$2$*%!)0!$>(0.%C!$!.$24$!/822%2$!/%))8!*%58!8/$2.$*$!50(0!$(50528($,$)$C!$)!Qc!%:.$)8!s!#(!4%.28/r!s !
85*8!/$!*%5%!:.8(/8(/0!$)!50)$20!2.%4C!$(!2%5*%!#(!.%50$0C!5#)!2%I0)0!2.8!)8228.8!#(%!R!:8.!>)$ !
8/$20.$l!u%!I0$!*78!I$!5$828!%..$**7$2$!*0(!)%!4$%!:8))8[[[!=$!5%)#20!5:8''%(/0!)%!:8((% v[
@73^.)3#W/96/-,!@X`fcJXadfB!+*.$220.8!8!:082%!,.$2%(($*0C!:.84$0!;0,8)!:8.!)%!!H8228.%2#.%!
(8) ! Xab^ ! *0( !;1 . 1"5#* . !$11& . %",)%1&B .;%20 ! $( ! T(/$% ! /$I8(2% ! $) ! *%(20.8 ! /8))V$4:8.$%)$540C!
/8))V85:%(5$0($540!*0)0($%)8!0!$(!%)2.8!:%.0)8!@*0(!)8!5#8B!/8) !uA%./8))0!/8))V#040!,$%(*0v!
/8))%!5#%!4$55$0(8!*$I$)$''%2.$*8! !u5#!>8(28!$(i#$82%!8!58)I%>>$%v! 5#! !u482h!/840($!8!482h!
,%4,$($v[!H%!".%(/8!"#8..%!)0!I8/8!5I0)>8.8!)V$(*%.$*0!/$!*0..$5:0(/8(28!:.$4%!5#)!A.0(28!
0**$/8(2%)8!8!:0$!5#!i#8))0!$2%)$%(0[
906/&/4.#%#,7%)).#/&$3$,!*,!>(%00,!/-,*.NT(0+,!
$04/%&?!#%#6.F0)0!;+$.'%0$!$&!C(0.',!
!+!"#-%4)060,/!M.0-%!4$!5%.0>!I%G2
"CUJSU#<I#K%0),#L%^'!@X``^sXaXQB!
+*.$220.8!8!:082%!28/85*0!85:0(8(28!/8))VG5:.855$0($540[!F((0$%20!/%))%!I$2%!(8))V8:0*%!/8))%!
>.%(/8!:%*8C!50>(%!)%!>#8..%!8!)%!/85*.$I8!*05rl!u+0.2%!R!*0)8$!*78!/%!284:0!/0.4$I%CM50.2%!/%!
*.$:28!05*#.8!8!:.0A0(/8[M;8))%!:8(04,.%C!52%!>.%(/8!8/!$>(02%M!8!5*7$%**$%!*0(!)%!(8.%!4%(0!
)%!)#(%v{!4%!(0(!7%!284:0!/$!I8/8.)%!%..$I%.8[!?#0.8!/#8!%(($!:.$4%!J!%!Qc!%(($!J!!48(2.8 !
:%22$(%!5#)!>7$%**$0!(8)!)%>0!W%I8)[!
2"
4.&.$&)0Q/#X0#$&).-/#9)%$.,/Y#8==.&4,!$*!T$-,&$+
906/&/4.#%#,7%)).#5(%00%!S,*+,&$+:%!U!H,0-%!/
906/&/4.#%#,7%)).#R$&$9+%!*,!>(%00,!/-,*.NT(0+,
$04/%&?!#%#6.F0)0#;+$.'%0$!$&!C(0.',!
!+!2#906/&/4.#%#,7%)).!5(%00%!),*+,&$+:%!V!H,0-%!//
6%&&%).&7). #T:.2,9!M,&&!$&$3$,!,!'0.>%--,0%!$*!0.2,&3. ! <,!2.&-,>&,!$&+,&-,-,1!'%0!'.$!+.&+*(4%0*.!
&%*!WXYZ
"CUJSU#<I#SO0'.$#>.--#@X`^cJXaccB!
+*.$220.8!28/85*0[!L0:0!8558.8!52%20!#(!)$*8%)8!:$>.0!8!*0**$#20!$($'$%!%!)%I0.%.8!:8.!)%!.$I$52% !
:0)$2$*0J5%2$.$*% ! u+$4:)$*$55$4#5v ! 8 ! % ! :#,,)$*%.8 ! $ ! 5#0$ ! :.$4$ ! .%**0(2$ ! /$I8(2%(/0 ! $(!
:0*7$55$40!284:0!#(0!5*.$220.8!%AA8.4%20[!;8)!XaXQ!)%!40>)$8!Z%2$%!2.%5*0..8!#(!:8.$0/0!(8)!
5%(%20.$0!5I$''8.0!/$ !L%I05!8 !:.0:.$0!/% !#(%!I$5$2% !%!)8$ !J!$( !i#8) !)#0>0!.$2$.%20!$( !*#$ !5$ !
$(*0(2.%(0!$!.%AA$(%2$!8!4%)%2$!85:0(8(2$!/8))N%)2%!50*$82h!8#.0:8%!J!?%((!2.%8!)0!5:#(20!:8. !
$($'$%.8!%!5*.$I8.8!F&.-*)+&%)&.")(&)+&+&C!)%!*#$!5285#.%!I8..h!$(28..022%!/%))0!5*0::$0!/8))%!
>#8..%[!T)!*0(A)$220!)0!I8/8!/%!:.$4%!5*7$8.%20!%:8.2%48(28!%!50528>(0!/8))%!*%#5%!28/85*%C!:8.!
:0$!%..$I%.8!%!#(!202%)8!4#2%48(20!/$!0:$($0($C!:.8(/8(/0!)8!/$52%('8!/%!#(%!>#8..%! u0.4%$!
I8**7$%!8!*0..022%v[
C%&&%).&7).#M,0+%*!H0.(9-!'())*$+,!*,!'0$2,!',0-%!4$!8**,!0$+%0+,!4%*!-%2'.!'%04(-.!
'.$$.4)/#T%4%9+:$!,![,)%0&
!+!;#9%)$0-.6/&.!!#*,4$2$0!<%&$&!,!H,0$>$
4/-%'.#C9+%!&%**%!9,*%!$*!=$*2!2(-.!Q,)$0$,!4$!5$.L,&&$!H,9-0.&%
.&&%-&.&/ #8--%&-,-.!4$!;,0,\%L.1!$*!YP!>$(>&.!L%&>.&.!(++$9$!*7,0+$4(+,!R0,&+%9+.!R%04$&,&4.!%!*,!
+.&9.0-%!;.=$,
22
"CUJSU#<I#6!.&&%-&.&0)%
K.F)/60 # G)/-4/9! @X`aeJXaX`B! +2#/8(28 ! 8 ! .$I0)#'$0(%.$0 ! ,05($%*0 ! /$ ! 0.$>$(8 ! 58.,%[!
F::%.28(8(28 ! %))V0.>%($''%'$0(8 !DM$!")$)M$ . "1" . 4-#+ .(02% ! %(*78 ! *048 ! oH% ! ?%(0! ;8.%n ! 5$!
%55$*#.% ! #( ! :.858('% ! $(/$5*#2$,$)8 ! %))V$(28.(0 ! /$ ! 2#22$ ! $ ! )$,.$ ! /$ ! 520.$% ! :8. ! 8558.8 ! )V%#20.8!
4%28.$%)8 ! /8))V%228(2%20 ! /$ ! +%.%K8I0 ! /8) ! Q` ! >$#>(0 ! XaXe[ ! 3.0::0 ! >$0I%(8 ! :8. ! 8558.8!
*0(/%((%20!%!40.28!@%I8I%!Xa!%(($BC!$!>$#/$*$!>)$!$4:0(>0(0!/$!5*0(2%.8!)%!:8(%!4%55$4%!/$!
I8(2N%(($!/$!*%.*8.8[!?#0.8!/$!2#,8.*0)05$C!i#%(/0!)%!>#8..%!s!%!*#$!7%!/%20!5$4,0)$*%48(28!
$($'$0!*0(!/#8!*0):$!/$!.$I0)28))%!J!(0(!R!%(*0.%!A$($2%[[[
906/&/4.#%#,7%)).#YP!*(>*$."!<78(9-0$,NK&>:%0$,!4$+:$,0,!>(%00,!,**,!;%0)$,
"CUJSU#<I#6!.'(.$4/.&0)%#3!.7$&)/.[I-,O%)/.#
_6.3/'/) # K/%$6 # F0- # K/%$6/-,%-! @X`fbJXadfB !"8(8.%)8 ! 8 ! /$:)04%2$*0 ! %#52.$%*0[!
F4,%5*$%20.8 ! %!&8)>.%/0C!(020! :8.!%I8. !*0(58>(%20! )V#)2$4%2#4!%#52.$%*0!%))%!+8.,$%[!L$!
A.0(28!%)!.$A$#20!/8)!>0I8.(0!58.,0!:%.8!5$%!5#,$20!o5*%::%20n!I8.50!*%5%[[[!
J%4)060,/!899,99$&,-.!]%,&!],(0A91!$*!^W!*(>*$.1!%!+.&!*($!*7/&-%0&,3$.&,*%!9.+$,*$9-,
"CUJSU#<I#`%.-#`.7)!$!@X`caJ!XaXeB!
<0)$2$*0 ! 50*$%)$52% ! A.%(*858[ ! 10(/%20.8 ! /8) ! >$0.(%)8 ! 50*$%)$52% !uHVW#4%($2kv ! 8 ! :%*$A$52%!
$4:8>(%20!R!*0(5$/8.%20!#(0!/8$!:0*7$!#04$($!$(!>.%/0!/$!8I$2%.8!)V8(2.%2%!$(!>#8..%!/8))%!
1.%(*$%[ ! 6048y ! F22.%I8.50 ! $ ! 40I$48(2$ ! /$ ! 5$(/%*%)$52$ ! 8 ! 50*$%)$52$C ! %22.%I8.50 ! )0 ! 5*$0:8.0!
>8(8.%)8!8!)8!4%($A852%'$0($!*0(2.0!)%!>#8..%!*78!.$84:$0(0!/$!A0))%!$!".%(/!&0#)8I%./5[!T)!dX!
)#>)$0!/8)!XaXe!R!58/#20!$(!#(!*%AAR!/$!<%.$>$!/$!.#8!?0(24%.2.8!i#%(/0!I$8(8!%55%55$(%20!/% !
-%0#)!=$))%$(!#(!>$0I%(8!(%'$0(%)$52%!A.%(*858[!T)!>$0.(0!58>#8(28!$($'$%!)%!40,$)$2%'$0(8[[[!)%!
1.%(*$%!5$!:.8:%.%!%/!8(2.%.8!$(!"#8..%[
906/&/4.#%#,7%)).#^!,>.9-."!<,!5%02,&$,!4$+:$,0,!>(%00,!,**,!R0,&+$,
,7%)).#%#4060-/.6/$'0!Q,2',>&,!4$!_,2%0(&!%!T.>.*,&4
)%6/,/0-%!#$%&%!%*%--.!H,',!S%&%4%--.!`#O!4%=$&$0a!*,!>(%00,!b(&7$&(-$*%!9-0,>%c
2;
906/&/4.#%#,7%)).!YP!9%--%2)0%!V!Wd!.--.)0%"!!899%4$.!4$!8&L%09,
<4.-3.6/#S%&$-.!M(99.*$&$!L$%&%!%9'(*9.!4,*!H,0-$-.!;.+$,*$9-,
"CUJSU#<I#9)0(6%'/#3/#9.)&/&0
M%-/&0#>7$$06/-/#@X``dJXaecB! <0)$2$*0!8!>$0.(%)$52%!$2%)$%(0[!;8)!XaXb!0)2.8!%!:.8(/8.8!
)8'$0($!/$!I$0)$(0!8!%/!%5*0)2%.8!)8!50(%28!/$!&88270I8(!/$I8(2%!58>.82%.$0!/8))%!18/8.%'$0(8!
50*$%)$52%!A0.)$(I858!8!*0))%,0.%!*0(!$)!i#02$/$%(0!uT)!<0:0)0v!/$.8220!/%!685%.8!&%22$52$!*78!
>)$!*7$8/8!%(*78!/$!5*.$I8.8!#(!.04%('0!%!:#(2%28!:8.!#(!*04:8(50!/$!Xc!)$.8!%/!#5*$2%C !
)V%.>048(20!:.85*8)20!A#!)%!*.$2$*%!50*$%)8!%(2$*)8.$*%)8[!HV%((0!5#**855$I0!/8A$($5*8!)%!>#8..%!
*0(2.0!)VT4:8.0!92204%(0!*048!#(!u%220!/$!,.$>%(2%>>$0!$(28.(%'$0(%)8vC!/$*7$%.%'$0(8!*78!
>)$!A%!%55#48.8!>.%(/$!5$4:%2$8!%))V$(28.(0!/8)!<%.2$20!+0*$%)$52%[!68)8,.8!)V8/$20.$%)8!/8)!Qf!
)#>)$0!XaXe!/%)!2$20)0!K55&''*.1&.%,$##&N[[[!%(*0.%!:$g!*8)8,.8!)%!5#%!85:#)5$0(8!/%)!<%.2$20!
:8.!%I8.!*%4,$%20!.8:8(2$(%48(28!$/8%!8/!8558.8!/$I8(2%20!#(!$(28.I8(2$52%!*0(I$(20x!<%.8!*$!
5$%(0!/$!48''0!2%(2$!50)/$!A.%(*85$[[[!?%!?#550)$($!(0(!5$!/%!:%*8!8!/0:0!:0*7$!>$0.($!A0(/%!
uT)!<0:0)0!/VT2%)$%v[[[!:0$!i#8))0!*78!58>#8!R!520.$%!(02%[
E0$&.-&/-0 # C.::.)/% @X`c^JXaQ^B! <0)$2$*0 ! $2%)$%(0[ ! 10(/%20.8 ! /8) ! <+T ! @<%.2$20!
+0*$%)$52%!T2%)$%(0B!(0(*7R!*0(I$(20!%(2$4$)$2%.$52%C!5#0!$)!40220! u(k!%/8.$.8!(k!5%,02%.8v[!
;8)!XaXQ!/$I8(2%!+8>.82%.$0!/8)!<+T!8!(04$(%!&8($20!?#550)$($!/$.8220.8!/8))VuFI%(2$xv[[[!(8!
/8*.82%!)V85:#)5$0(8!/%)!<%.2$20!/#8!%(($!/0:0[[[!
,/0)-.6/$'0!H())*$+,-.!*7,0-$+.*.!4$!;-%=,&![F%$>!<7C(0.',!9%&3,!9.&&.
"CUJSU#<I#<&%Q.-#Na%/,%@X``X!s!XaeQB!
+*.$220.8C!:082%!8!>$0.(%)$52%!%#52.$%*0[!W%!.%**0(2%20!J!48>)$0!/$!*7$#(i#8!%)2.0!J!(8))%!5#%!
%#20,$0>.%A$%. ;1.-*)!*.!"."$#" .)V8.%!/8))%!.%>$0(8C!)V8:0*%!/8))%!:%*8!8!/8))%!5$*#.8''%[[[!;8)!
XaXe ! i#%(/0! )%! >#8..% ! 52h ! :8. ! 5*0::$%.8 ! /#.%(28 ! )% ! (0228 ! %5*0)2% ! >)$ ! 0.0)0>$ ! *%44$(%.8!
o58('% ! :05%n[[[ ! 50(0 ! (022$ ! /$ ! 50(($ ! 58('% ! 50>($C ! (8 ! I$8(8 ! A#0.$ ! #( ! %.2$*0)0 ! 8 ! )0 ! $(2$20)%!
F=@,#*/&.'$)0&.'*))*B
Q/-.-:.#%#,7%)).!E,9+%!*,!S,&+,!/-,*$,&,!4$!;+.&-.
"CUJSU#<I#/6#(.-4O/%)%
?JKUC=#G=KCA?JA!@X`^XJXacbB%&%(*7$8.8!8!A$>#.%!/$!5:$**0!/8))%!&%(*%!T2%)$%!/$!+*0(20!J!
A0(/%2% ! (8) ! XaXe ! 8 ! *7$#5% ! :8. ! A%))$48(20 ! (8) ! XaQX ! J ! o*%22#.%n ! )8 ! $(/#52.$8 ! 8 ! A% ! 40)28!
25
:.048558[[[!%))%!A$(8!(8!4%(2$8(8!:0*78[[[!0!/822%!%))%!&.8*72l!o*78!*05VR!.%:$(%.8!#(%!,%(*%C!
$(!*0(A.0(20!%)!A0(/%.)%yn[
!+!5#9%)$0-.6/&.!#<%L!T0.-9eG!,!H,0$>$
"CUJSU#<I#C%F#S)0&$b^%@X`^a!s!XaebB
<0)$2$*0!8!.$I0)#'$0(%.$0!.#550[!L#.%(28!)%!.$I0)#'$0(8!/8)!Xabc!:.85$8/8!$)!50I$82!/$!+%(!
<$82.0,#.>0C!I$8(8!/8:0.2%20!$(!+$,8.$%!:8.!:0$!A#>>$.8!$(!G#.0:%C!4%!:0$!20.(%[[[!20.(%!
584:.8!*0(2$(#%(/0!%!/$.8l !u1$(!*78!I$I0C!5:8.0[! +8!A055$!#(0!/8$!*0.:$!*8)852$!>#%./8.8$!
i#8520!4$58.%,$)8!>)0,0!/$!:0)I8.8[[[v!GV!$)!XaX^!8(2.%!(8)!<%.2$20!&0)5*8I$*0C!:.8(/8!:%.28!
%))% !-$I0)#'$0(8 ! /V9220,.8C !:0$ ! .$*04$(*$% !)V85$)$0! @i#852% ! I0)2%! :8. ! ! *0):% ! /$ ! +2%)$(B ! 8! $!
I$%>>$l ! 1$()%(/$%C ! +I$''8.%C ! 3#.*7$%C ! ;0.I8>$%C ! +2%2$ ! O($2$ ! :8. ! :0$ ! $( ! A$(8 ! 52%,$)$.5$ ! $(!
?855$*0 ! /0I8 ! 4#0.8 ! @.$I0)#'$0(%.$0C ! :.0)82%.$0C ! 4%.\$52%C ! 4%28.$%)$52% ! /$%)822$*0 ! 8 ! %280!
*0(I$(20B!%55%55$(%20!/%!#(!%>8(28!52%)$($52%[
6%&&%).&7). # % # ,7%)).! H())*$+,-. ! $* ! M,&$=%9-. ! R(-(0$9-, !5(%00, ! 9.*, !$>$%&%! 4%* ! 2.&4. !4$ ! R$*$''.!
T.22,9.!M,0$&%--$
906/&/4. # % # ,7%)). #WYNW^ ! ,'0$*%" ! Q.&=%0%&3, ! 4%$ ! 0,''0%9%&-,&-$ ! 4%**, ! 4%2.+0,3$, ! 9.+$,*$9-, ! 4$!
5%02,&$,1!8(9-0$,1!K&>:%0$,!,!#$%&&,
906/&/4.#%#,7%)).!!Yf!,'0$*%"!#$%&%!=$02,-.!$&!>0,&!9%>0%-.!$*!H,--.!4$!<.&40,O!*7/-,*$,!9$!$2'%>&,!,!
9+%&4%0%!$&!>(%00,!V!+.&-0.!>*$!/2'%0$!Q%&-0,*$!V!,!=$,&+.!4%**,!T0$'*$+%!/&-%9,
"CUJSU#<I#/#906/&/4/#F.--0#.66.#,7%)).
K/0F.--/#K/06/&&/# @X`eQJXaQ`B! +2%2$52% !8 !:0)$2$*0!$2%)$%(0[ !<$g ! I0)28!<.85$/8(28 !/8)!
60(5$>)$0!/8$!?$($52.$!s!/%)!X`aQJad!8!%!:$g!.$:.858!A$(0!%)!XaXeC!XaQbJQX!s!5$!R!%>>$#/$*%20!
#(!:0520!#AA$*$%)8!/8)!/$'$0(%.$0!/8))%!)$(>#%!$2%)$%(%!*0(!$)!5[4[!%"*1"++"'-*C!4%!$)!28.4$(8!R!
%4,$>#0l!(8))8!I8.5$0(8!%**040/%(28!$(/$*%!#(%!:0)$2$*%!)$,8.%)8!8!/$!.$A0.48!50*$%)$E!(8))%!
I8.5$0(8!5:.8>$8I0)8!#(%!:0)$2$*%!.$28(#2#2%!0::0.2#($52$*%!8!:0*0!5*.#:0)05%[
L#.%(28!)%!<.$4%!"#8..%!?0(/$%)8C!/%2%!)%!5#%!(02%!:05$'$0(8!(8#2.%)$52%!I$8(8!/8A$($20!/%!
LVF((#('$0l!u,0$%!)%,,.0(8!)8!*#$!*%)*%>(%!/$!A#>>$%5*0!5%((0!)8!I$8!/$!&8.)$(0C!$(0)2.8!%!
-04%!I8(>0(0!%AA$55$!4%($A852$!*78!)0!.$2.%>>0(0!/$!5:%))8!%)!4048(20!/8))%!A#*$)%'$0(8l!R!
*0(5$/8.%20!/%!40)2$!#(!/$58.20.8[[[v[!+$!:#j!*8.2%48(28!/$.8!*78C!$(!i#852$!%(($C!"$0)$22$!R!
#(!:j!50220!:.855$0(8[
28
?-&0-/0# <.6.-3).! @X`cdJXadXB !<0)$2$*0 ! $2%)$%(0[ ! L0:0 ! )% ! *%/#2% ! /8) ! "0I8.(0 ! /$!
"$0)$22$!/$I8(2%!<.85$/8(28!/8)!60(5$>)$0!?$($52.$!(8)!XaXe!:8.!:0$!/$448228.5$!(8)!XaXf[!<8.!
A%.)%!,.8I8l!(0(052%(28!)V0::05$'$0(8!/8))%!4%>>$0.%('%!/8)!:%.)%48(20!%55$*#.%!)V8(2.%2%!
$(!>#8..%!/8))VT2%)$%!/%(/0!)V$(*%.$*0C!$)!Qf!%:.$)8!XaXcC!%))V%4,%5*$%20.8!%!H0(/.%!/$!A$.4%.8!
$( ! 2#22% ! 58>.828''% ! $) ! <%220 ! /$ ! H0(/.%l ! )VT2%)$% ! s ! $( ! *%4,$0 ! /$ ! *04:8(5$ ! 28..$20.$%)$ ! J ! 5$ !
$4:8>(% ! %/ ! 8(2.%.8 ! $( ! >#8..% ! *0( ! )8 ! :028('8 ! /8))% ! 3.$:)$*8 ! T(285%[ ! HV$(28.I8(20 ! /8I8!
%II8($.8!8(2.0!#(!4858!/%))%!A$.4%[
</3-%^#<0--/-0! @X`e^JXaQQB! <0)$2$*0!$2%)$%(0[!?$($52.0!/8>)$!8528.$!/8)!-8>(0!/VT2%)$%!
/%)!XaXe!%)!XaXa!%52#20!52.%28>%!8!/$:)04%2$*0!@0!/8A$($,$)8!%(*78!*048!2$:$*0!8584:$0!/$!
I0)2%>%,,%(%B!/0:0!%I8.!(8>0'$%20!*0(!)VF#52.$%JO(>78.$%!:%55%!%))%!3.$:)$*8!T(285%[[[!)%!
i#852$0(8!5$!*7$#/8!*0(!)%!A$.4%!/8)!<%220!/$!H0(/.%!@I8/$!+%)%(/.%B[
4.&.$&)0Q/ # X0 # '.$$.4)/Y! #$%&% ! ,==.&4,-. ! $* ! -0,&9,-*,&-$+. ! )0$-,&&$+. ! <(9$-,&$, ! 4,* ! 9.22%0>$)$*%!
-%4%9+.!KNYdO!A!$*!g!2,>>$.
"CUJSU#<I#c7%66/#40/-F06&/#-%66!.QQ.).44/0
_/-$&0- # EO7)4O/66% @X`^eJXafcB! +2%2$52%C ! :0)$2$*0C ! >$0.(%)$52% ! 8 ! 520.$*0 ! ,.$2%(($*0[!
L#.%(28 ! )% ! <.$4% ! "#8..% ! ?0(/$%)8 ! R ! <.$40 ! H0./ ! /8))VF44$.%>)$0 ! 8 ! ?$($52.0 ! /8))8!
?#($'$0($[[[!/%2%!)%!5#%!*%.$*%!5$!I8/8!/$.822%48(28!*0$(I0)20!(8))V%AA%.%**$0!/8)!H#5$2%($%l!$) !
2.%(5%2)%(2$*0 ! ,.$2%(($*0 ! %AA0(/%20 !/% ! #( ! 50448.>$,$)8 ! 28/85*0 ! (8) ! XaXc[[[ !<%.8 ! *78!
67#.*7$))!)N%I8558!A%220!52$I%.8!/N%.4$!:8.!)%!>#8..%[!T!40.2$!A#.0(0!XQbX[[[
SO0'.$#_003)0a#_/6$0-%@X`cfJXaQeB!<0)$2$*0!52%#($28(58[!<.85$/8(28!/8>)$!+2%2$!
O($2$!/VF48.$*%!/%)!XaXd!%)!XaQX!8!<.84$0!;0,8)!:8.!)%!<%*8!(8)!XaXa[!L0:0!)V%AA%.%**$0!/8) !
H#5$2%($% ! @/8))8 ! I$22$48 ! XQ` ! 8.%(0 ! *$22%/$($ ! %48.$*%($B! 2#22$ ! *8.*%(0 ! /$ ! *0(I$(*8.8 ! $)!
<.85$/8(28!%!/$*7$%.%.8!>#8..%!%))%!"8.4%($%[[[!.$85*0(0!(8)!)0.0!$(28(20!$)!f!%:.$)8!XaX^[
906/&/4.#.#&%.&)0#Q.2$3$.!4$!5,)0$%*%!678&&(&3$.!,*!T%,-0.!Q.9-,&3$!4$!?.2,
"CUJSU#<I#6!.'/40#3/#3!.--7-:/0
L.)7b/4O/ #<O/'0/# @X``dJXaceB! +*.$220.8 ! 8 ! :082% ! >$%::0(858[ ! T((%40.%20 ! /8))%!
>*--$!"&!/$!L%(28C!/0:0!%I8.!52#/$%20!%(>)$52$*%!/8*$/8!/$!%AA.0(2%.8!)%!)$(>#%!$2%)$%(%[[[!R!
)V#($*0 ! )%#.8%20 ! $( ! T2%)$%(0 ! /8) ! XaXe ! 8 ! I$8(8 ! *05r ! :.84$%20 ! /%))VF4,%5*$%20.8 ! $2%)$%(0!
2D
"#$**$0)$!*78!)0!.%**04%(/%!:8.!#(!$(*%.$*0!%)!-8%)8!T52$2#20!9.$8(2%)8!/$!;%:0)$[!;8)!XaX^ !
5$!%..#0)%!(8))V858.*$20!$2%)$%(0!8!2.%!$)!XaXa!8!$)!XaQb!/#.%(28!)V$4:.85%!A$#4%(%!!J!5A.#22%(/0 !
$)!5#0!:%55%:0.20!/$:)04%2$*0!J!/$I8(2%!$)!o4855%>>8.0!/8)!+0)!H8I%(28nC!$)!*0))8>%48(20!
58>.820!2.%!LVF((#('$0!8!?#550)$($[
906/&/4.#%#,7%)).!YZ!2,>>$."!C&-0,-,!$&!>(%00,!4%**7/-,*$,
6%&&%).&7).#%#%-&0'060,/.!#$%&%!'())*$+,-.!$*!0,++.&-.!<,!2%-,2.0=.9$!4$!R0,&3!_,=e,
"CUJSU#<I#6!044.$/0-%#'.-4.&%
@0(%)&#>7$/6# @X``bJXaeQB !+*.$220.8 ! 8 !/.%44%2#.>0 ! %#52.$%*0[!L#.%(28 !)% !>#8..% ! 5$!
%..#0)%!I0)0(2%.$0C!)%5*$%(/0!)%!/$.8'$0(8!/8))%!.8/%'$0(8!/8))%!uL$8!;8#8!-#(/5*7%#v! 8!
:8./8(/0C2.%!)V%)2.0C!)V0**%5$0(8!/$!:#,,)$*%.8. F&.-$+&-*#6*'" ./$!1.%('!Z%AU%[!L$I8(2%!$(!
58>#$20!#AA$*$%)8!/8))VT4:8.0!F#520JO(>%.$*0!%)!A.0(28!$2%)$%(0[[[!%(*78!58!:8.!I$%!/$!.$:82#28 !
5204%2$2$!#)*8.058!I$8(8!.$*0I8.%2%20!(8>)$!05:8/%)$!/$!48''%!G#.0:%[[[!:$g!2%./$!5$!:8(2$.h!
/8))%!5#%!5*8)2%[
6%&&%).&7).#%#,7%)).!_,0*!_0,(9!$&$3$,!*,!9-%9(0,!4%*!-%9-.!-%,-0,*%!5*$!(*-$2$!>$.0&$!4%**7(2,&$-a
"CUJSU#<I#W.)6#W).7$#@X`^eJXadfB!
+*.$220.8C ! >$0.(%)$52%C ! :082%C ! /.%44%2#.>0 ! %#52.$%*0[ ! 10(/%20.8 ! /$ ! uL$8 ! 1%*U8)v ! #(% ! /8))8 !
.$I$528!5%2$.$*78!:$g!284#28!(8))%!=$8((% !6").!$.'"O(1$C!5$!:.0*)%4%!%:8.20!0::05$2$20.8!/8))%!
>#8..%[[[!*78!.%**0(2%!%))V$(28.(0!/8))%!5#%!4%520/0(2$*%!*0448/$%!5%2$.$*% !91".,1+"-".%"*#)" .
!$11=,-&)"+C .%II8.28(/0 ! $) ! )8220.8l ! u)% ! 4855% ! $( ! 5*8(% ! /$ ! i#8520 ! /.%44%C ! )% ! *#$ ! 40)8!
0**#:8.8,,8C!58*0(/0!4$5#.8!28..852.$C!*$.*%!/$8*$!58.%28C!R!*0(*8:$2%!:8.!#(!28%2.0!/$!?%.28[!T!
A.8i#8(2%20.$!/8)!28%2.0!/$!i#8520!40(/0!(0(!5%:.8,,8.0!.8>>8.I$[!<8.*7R!R!5%(>#8!/8)!)0.0!
5%(>#8!8!5052%('%!/$!i#8))%!5052%('%!/$!i#8>)$!%(($!$(*0(*8:$,$)$[[[v
'.$$.4)/!/&$3$,!$*!5%&.+$4$.!,02%&.
!+!8#dBBBe#K7%)).#dBBBe
!+!D#906/&/4.#%#,7%)).!YZ!.--.)0%NWY!&.L%2)0%"!6$9=,--,!4$!Q,'.0%--.
@/F067:/0-/#?$L.*(3$.&%!47h--.)0%!$&!?(99$,
2*
!+!*# 906/&/4.#%#,7%)).! ! Z!&.L%2)0%"!Q%99,&.!-(--%!*%!.'%0,3$.&$!%!L$%&%!4$+:$,0,-,!*,!=$&%!4%**,!
H0$2,!5(%00,!M.&4$,*%
!+!* #V/-.-:. # %# /-37$&)/. #R,**$9+% !*, !S,&+, !/-,*$,&, ! 4$! ;+.&-.! %! $! H%00.&%! 4,&&.! *%! 4$2$99$.&$!
4,**i8&9,*4.
!+"*# &%.&)0! H0$2, ! 4%**7h'%0, ! 4, ! -0% ! 9.*4$! 4$ ! S%0-.*- ! S0%+:- ! ,* ! T%,-0.! ;+:$==),(%04,22 ! 4$!
S%0*$&.
!+"+#&%.&)0##$%&%!'())*$+,-.!/*!-%,-0.!'.*$-$+.!4$!C0F$&!H$9+,-.0
"CUJSU#<I#U)a/-#G/$4.&0)%@X`adJXaffB!
F220.8!8!.8>$52%!28%2.%)8!28/85*0[!p#%(/0!>$0I%($55$40!.$*8I8!)%!*%.20)$(%!/$!40,$)$2%'$0(8!:8.!
)%!>#8..%!)%!*0(5$/8.%!#(!%::8))0!/8)!/852$(0C!I$8(8!4%(/%20!5#)!A.0(28!/$!|:.85C!R!)%!:.$4%I8.%!
/8)!XaXc!8!50220!)0!5*0::$0!/8))8!>.%(%28!$($'$%!%!:8(5%.8!*78l !u)V%.28!(0(!/8I8C!(0C!(0(!7%!
,$50>(0! /$! 5:%I8(2%.5$ ! /8))%! .8%)2h[[[v! p#%220./$*$! %(($!/0:0 !)0!48228! (8.0 !5#! ,$%(*0 !$( !;1.
+$&+#*./*1"+"(*B..
!+2+#906/&/4.#%#,7%)).#W!9%--%2)0%"!/&$3$.!;%+.&4,!5(%00,!M.&4$,*%
!+;5#906/&/4.#%#,7%)).!Wj!,>.9-."!R$&%!4%**,!;%+.&4,!5(%00,!M.&4$,*%
!+;+# &).&&.&/# #$%&% ! =$02,-. ! $* ! H,--. ! 8-*,&-$+. ! +.9-$-(-$L. ! 4%**, ! E8Th ! @h0>,&$33,3$.&% ! 4%*!
T0,--,-.!4%**78-*,&-$+.!4%*!E.04D
!+5!# &).&&.&/# #$%&%!=$02,-.!$*!-0,--,-.!+.9-$-(-$L.!4%**,[email protected](&$-a!%(0.'%,!4%*!+,0).&%!%!
4%**7,++$,$.B
2+
!+55# 6%&&%).&7).! #$%&%!'())*$+,-. !<G0$e!4%9!%k'0%99$.&$9-$9+:%& !],:03%:&-9 !4$!5.--=0$%4!S%&&O!
b<%!$2',*+,-(0%!9.&.!+0.**,-%c
!+5D#&).&&.&/##%&>.&.!=$02,-$!$!-0,--,-$!4$!?.2,1!&,9+%!*,[email protected](&$-a!C+.&.2$+,!C(0.'%,D!
!+8!#40-Q/-/!/&$3$,!*,!+.9-0(3$.&%!4%*!M(0.!4$!S%0*$&.
!+8+#4069/#3/#$&.&0#%#3/&&.&7)%!M(7,22,0!5:%44,=$!9,*%!,*!'.-%0%!$&!<$)$,
!+*+#40-Q/-/#Q0.**.!4%*!M(0.!4$!S%0*$&.
!++!#906/&/4.!6$99.*(3$.&%!4%**7K&$.&%!;.L$%-$+,
"1!1# 906/&/4. # % # ,7%)).# ^ ! .--.)0%" ! <, ! 5%02,&$, ! L%09, ! *7(*-$2, ! 0,-,1 ! gd ! 2$*$.&$1 ! '%0 ! *%!
0$',0,3$.&$!4%**,!50,&4%!5(%00,
"1!!#3/&&.&7)%#H0$2,L%0,!80,),1!=$&%!4%**,!4$--,-(0,!4$!M(7,22,0!5:%44,=$!$&!<$)$,
"1!;#.--/F%)$.)/#^!,>.9-."!I.**,&4%!%!5,(+e!+.22%2.0,&.!$!+%&-.!,&&$!4,**,!50,&4%!5(%00,
"1!8#/-4%)&%::%!C!.>>$"""
;1
"CUJSU#<I#V?>AKCA?#K=SS?@HA#UBBBRHU@AZ?SA\
).990)&/#3/#$.-,7%#0FF%)0#9.)%-&/#$%)9%-&/
G?H@AfG?H@=JA
,0&&.)3/#Q%)-.-30#XAC#G?H@UY#uT)!58(2$48(20!*$8*0!/8))N$(/$5*$:)$(%C!/8))%!.$,8))$0(8!5$!I%!/$AA0(/8(/0!$(!2#228!)8!
*)%55$v[!T)!:%/.8C!4%!:%/.0(8!4%(*%20C!.050!/%!(8I.05$!8!2$40.$[!T(*%:%*8!/$!A.0(28>>$%.8!)%!.$I0)2%C!8528.$0.8!0!*8)%2%C!/8$!
5#0$!A$>)$C!$!i#%22.0!8.8/$!/8))%!/$22%!"022%./$[
,0&&.)3/ # '.)4%660 # XC= # NA=Y! u+0)0 ! *0( ! i#852% ! >#8..% ! )NT2%)$% ! :02.h ! *.85*8.8C ! %I8.8 ! #(N$(/#52.$% ! 48**%($*% ! /$!
/$48(5$0($!%/8>#%28[[[v[!H0!'$0C!:%/.0(8C!5:8.>$#/$*%20C!*0(I$(20!50528($20.8!/8)!:.$40!*0(A)$220!40(/$%)8[!;8$!>$0.($!
/8))%!"#8..%!T2%)0J3#.*%!5$!>0/8!$!50)/$!/8))8!*0448558!02204%(8!8!$!>#%/%>($!/%))%!:.0/#'$0(8!/$!*%((0($8.8!:8.!=$220.$0!
G4%(#8)8[
6.#,%-%).:/0-%#3%/#Q/,6/
g7/-&/6/0#X3%&&0#C%60Y#K0&&.)3/#/-#.)&%#A6#)/(.630# u6%.$!5$>(0.$C!*048!5*.$558!i#%)*#(0!)8!$4:%)*%2#.8!
8.%(0 ! *.0))%28[ ! O( ! 40(/0 ! 52%I% ! I8(8(/0 ! >$g[ ! L% ! i#%(/0y ! L$AA*$)8 ! /$.8v[ ! 1$>)$0 ! :0)84$*0C ! %4%(28 ! 5I%>%20 ! @I8/$!
D058:7$(8BC!%220.8!*%#52$*0C!%,$2#%20!%/!%22.%I8.5%.8C!/%!.$**0!,0.>7858C!)NG#.0:%C!/8)!*#$!/852$(0!R!5#**#,8[
<70) # >.)/. # K0&&.)3/ #uH% ! I0)0(2h ! /8) ! <%/.8 ! .852% ! A8.4%[ ! H% ! >#8..% ! R ! ,%.,%.$8C ! /$52.#'$0(8 ! 8 ! 40.28[ ! ?% ! $(!
3.$:0)$2%($%!5$!:#j!A%.8v[!L$I$5%!*048!$)!A.0(28!/8$!*%220)$*$C!%4%!$!A.%28))$C!4%!R!/8I02%!%$!:%/.$[!;8))N$50)%48(20!/8))% !
:.8>7$8.%!28(2%!/$!A#>%.8!$)!/$)844%C!520.$*0!8!:8.50(%)8C!2.%!)%!I0*%'$0(8!%))%!:%*8!8!$)!/852$(0!/$!>#8..%!*78!%228(/8!)%!5#% !
:%2.$%[
S/-. # K0&&.)3/# u?$ ! 8.0 ! $44%>$(%2% ! 2#220 ! /$I8.50[ ! ;0( ! 50 ! *05%C ! 4% ! /$I8.50v[ ! HN%)2.% ! A$>)$%C ! (#,$)8C ! /$ ! 18.(%(/0C!
.84$55$I%!8528.$0.48(28C!4%!*%:%*8!$(!58>.820!/$!:$**0)$!%22$!.$,8))$!@I8/$!9:8.%$0B[!1#>>8!*0(!/$5*.8'$0(8!%))8!28(5$0($!/$!
*%5%!"022%./$!2.%5*0..8(/0!$!>$0.($C!/$!:%*8!8!:0$!/$!>#8..%C!%!54$52%.8!)8228.8!(8))%!:8(04,.%!/$!#(!#AA*$0!:052%)8[
I'(%)&0#X3%&&0#M%)&0Y#K0&&.)3/ #u+:8550!,8I0!A$(0!%))N%),%C!4$!2.%5*$(0!)#(>0!)%!+8((%C!.$5*7$%(/0!/$!8558.8!
5>0''%20C!4%!:.$4%!/$!*.0))%.8!(8)!50((0C!I8/0!584:.8!)%4:8>>$%.8!#(N$/8%v[!<$220.8C!%)2.0!A$>)$0!.8$8220C!I$I8!$!)#0>7$!8!)8!
:8.50(8 ! /8))% ! <%.$>$ !5*3P-"$))$[ ! 3.%5*$(%20 ! /%) ! 2#.,$(8 ! /8))8 ! %I%(>#%./$8C ! %))0 ! 5*0::$0 ! /8) ! *0(A)$220 ! 5$ ! A%.h ! :.8520!
2.%I0)>8.8!/%))%!,#A8.%!/8))%!>#8..%[[[
;!
).990)&/#3/QQ/4/6/#0FF%)0#.'0)%#%#.'/4/:/.#$0-0#9.)06%#.'(/,7%
?'/40#3/#M%)&0! uF(/.840!50)/%2$!%(*78!(0$[!<#j!8558.8!#(N0**%5$0(8v[!<$220.8!5:$%(2%20!(8))%!<%.$>$ !5*3P-"$))$[!
+*%(/$5*8C!$((8>>$%(/0)0C!$)!?&)"6$'+*.!$".<,+,#"'+"E!8!*0..8!%))8!%.4$C!*7$%4%20!/%))8!:.$48!%550./%(2$!5$.8(8[!
A6#(%66044/0#X.&&0)%Y! uo=0>)$0! /$.8l! 2#! )N%//0.48(2$! 8! )8! 0./$($! /$! /$.2$! )%! I8.$2h[! H8 !*7$8/$l! 4$! %4$y! 9! %4$!#(!
%)2.0ynv[!+8!$)!(048!%**8((%C!)%!,%22#2%!/$ !K)&+*1 .5#>>8.$5*8!$)!.8520C!/8)!*04:%>(0!/$!5*8(%!/$!p#$(2$)$0C!/8220!H8)0C!
"022%./$[
`0$%9O/-%#u1%**$0!)%!/$52.%22%[!<$g!0**7$%28!%))8!(#I0)8!*78!%))%!>8(28C!4%!i#8528C!:0*78C!.%:$/8!8!:8(82.%(2$v[!+:$%!8!
:.052$2#2%C!I$I8!*0(2.%,,%(/%(/0!58>.82$!4$)$2%.$!@I8/$!OAA$*$%)8BC!4%!.852%!A0)>0.%2%C!:8.!I$%!/$!#(0!5*$0**0!58(2$48(20!
%40.050!@I8/$!p#$(2$)$0C!/8220!H8)0C!"022%./$B[
=9%)./0 #uHN#($*%!I$%!:.%2$*%,$)8!R!i#8))%!/8))N$(28.(%'$0(%)8[!H%!>#8..%!R!(84$*%!/8))%!.$I0)#'$0(8xv[!L$:8(/8(28!/8$!
"022%./$C!%4%(28!$(!58>.820!/$!3$(%C!50*$%)$52%!8!:%*$A$52%C !I$2%)8!8!50,$))%20.8l!%(*78!)#$!:8.50!(8))% !,#A8.% !*78!*0):r !
)NG#.0:%[
IQQ/4/.6%#up#8))$!*78!2.0::0!0558.I%(0C!8!>$#/$*%(0C!50(0!58/#2$[!;0$!5$%40!$(!%'$0(8[!T(!(0$!I$,.%!$)!.$240!>.%(/$050 !
/8))%!I$2%v[!]%>(8.$%(0C!I$2%)$52%C!4$)$2%.$52%C!$4:822$20!8!/%) !:%550!4%.'$%)8C!4%!$(*%:%*8!/$!.85$528.8!%))% !58/#'$0(8 !
:8.$*0)05%!/$!D058:7$(8[[[
4/-,7%&&.#30F%#F706%#
Ch.660306. #u3$(2$(($$!/$!*#**7$%$($C!*7$%**7$8.$**$0C!#(%!4#5$*%v[!;0(!:028I%!(0(!4%(*%.8!$)!5#%/8(28!.$5#0(%.8!
/N#(N%))0/0)%C!*78!5*%(/$558!$)!I0)28>>$%.8C!$4:%''$20!8!/$550(%(28C!/$!i#852%!I%)58!A").!$.'"O(1$[
;"
##
;2
G?@SUJH=#H?C#G@U<IGG=<S=#ELUBBB
6%:$2%!584:.8!:$g!/$!.%/0!/V$(*0(2.%.8!:8.50(8!*78!5%::$%(0!.%**0(2%.8!i#%)*05%!*048!5$!/8I8l!8!)V$4,%.%''0!5$!
/$AA0(/8!584:.8!:$g!5:8550!i#%(/0C!$(!#(%!*04:%>($%C!*VR!*7$!85:.$48!$)!/85$/8.$0!/$!58(2$.!.%**0(2%.8!#(%!
520.$%[!GV!*048!58!A055$40!:.$I%2$!/$!#(%!A%*0)2h!*78!584,.%I%!$(%)$8(%,$)8C!)%!:$g!*8.2%!8!5$*#.%!/$!2#228l!)% !
*%:%*$2h ! /$! 5*%4,$%.8 ! 85:8.$8('8[ ! O( ! *%#5% ! /$ ! i#8520! A8(048(0 ! R ! 8I$/8(28l ! )8 ! %'$0($ ! /8))V85:8.$8('% ! 50(0 !
*%/#28[!G!5$!/$.8,,8!*78!*0(2$(#$(0!%!*%/8.8!58('%!A0(/0[!9>($!0**7$%2%!%)!>$0.(%)8!*$!.$I8)%!*78!855%!R!*%/#2%!
%(*0.%!:$g!$(!,%550C!*78!(0(!50)0!)V$44%>$(8!/8)!40(/0!8528.(0C!4%!%(*78!i#8))%!/8)!40(/0!40.%)8!7%!5#,$20 !
/%!#(!>$0.(0!%))V%)2.0!2.%5A0.4%'$0($!*78!(0(!%I.8440!4%$!.$28(#20!:055$,$)$[!60(!)%!>#8..%!40(/$%)8!*04$(*$j !
%!4%($A852%.5$!#(!:.0*8550!*78!/%!%))0.%!(0(!5$!R!:$g!%..852%20[!;0(!5$!8.%!I$520C!%))%!A$(8!/8))%!>#8..%C!*78!)% !
>8(28!20.(%I%!/%)!A.0(28!%44#20)$2%C!(0(!:$g!.$**%C!4%!:$g!:0I8.%!/$!85:8.$8('%!*04#($*%,$)8y!6$j!*78!:0$C!
/$8*$!%(($!/0:0C!5$!5%.8,,8!.$I8.5%20!(8))%!A$#4%(%!/8$!)$,.$!/$!>#8..%C!8.%!52%20!2#220!A#0.*7R!85:8.$8('%!:%55%2% !
/$ ! ,0**% ! $( ! ,0**%[ ! G ! *$j ! (0( ! 52#:$5*8[ ! <0$*7R ! 4%$ ! 85:8.$8('8 ! A#.0(0 ! :$g ! .%/$*%)48(28 ! 548(2$28 ! /$ ! i#8))8 !
52.%28>$*78!/8))%!>#8..%!/$!:05$'$0(8C!/$!i#8))8!8*0(04$*78!/8))V$(A)%'$0(8C!/$!i#8))8!A$5$*78!/%))%!>#8..%!/8$!
4%28.$%)$C!/$!i#8))8!40.%)$!/%$!/828(20.$!/8)!:028.8[!O(%!>8(8.%'$0(8!*78!8.%!%(*0.%!%(/%2%!%!5*#0)%!*0(!$)!2.%4 !
%!*%I%))$C!5$!2.0I%I%C!50220!$)!*$8)0!%:8.20C!$(!#(!:%85%>>$0!$(!*#$!(#))%!8.%!.$4%520!$44#2%20!A#0.*7k!)8!(#I0)8C!8 !
50220!/$!8558C!$(!#(!*%4:0!4%>(82$*0!/$!*0..8(2$!8/!85:)05$0($!4$*$/$%)$C!$)!4$(#20!8!A.%>$)8!*0.:0!/8))V#040[
_?CSU@#MUJ`?>AJ
A6#-.)).&0)%B#E0-$/3%).:/0-/#$766!09%).#3/#J/b06.i#C%$b0Fj!+28
;;
<UNA=JUj.440::.,6/.P#906/:/.P#/9-0$/P#6.'9/#)0$$/
CUSSU@?SI@?#V?JS?<SAE?fQ.-&.$4%-&/Q/4.
O(%!4%55%!*#:%C!*0)055%)8C!,$''%..%C!#(!%>>)048.%20!/$!8/$A$*$!.8>0)%.$C!$(!*#$!5$!%:.0(0!A$(852.8!5$4482.$*78C!*0:8.2$!/$!
2822$!.055$C!50.40(2%2$!/%!#(%!A0.852%!/$!*$4$($8.8!*$)$(/.$*78!*78!I04$2%(0!/%))8!)0.0!4$))8!,0**78!20..8(2$!*0(2$(#$!/$ !
I%:0.$!A#)$>>$(05$[!T)!*$8)0!(8!R!I8)%20!*048!/%!#(%!*0.2$(%!(8.%C!5#))%!i#%)8!:%55%(0!%/!$(28.I%))$!.%:$/$!)%4:$!.055$[!T) !
I8(20!:0.2%!#(!,.0(20)$0!)0(2%(0C!5$4$)8!%!i#8))0!/8)!2#0(0!0!%)!A.%>0.8!/8))8!0(/8!)#(>78C!4%!:$g!.8>0)%.8!8!:$g!>.%I8[ !
p#852$!$(5$848!R!+2%7)52%/2C!)%!6$22h!/8))VF**$%$0C!)%!*$22h!28/85*%C!)%!:.0:.$82h!:8.50(%)8!/$!W8..!+*7#)2'8C!)V8\!:.0A8550.8!/$ !
*7$4$*%!/$!D8(%C!/$I8(2%20!$)!:$g!>.%(!$(/#52.$%)8!/8)!!A8..0C!8!$(!:%.2$*0)%.8C!$)!:$g!>.%(!A0(/$20.8!/$!*%((0($!/8$!/#8!40(/$[ !
G>)$!(8!A0(/8C!$(A%22$C!/$!2#228!)8!A0.48!8!/V0>($!*%)$,.0C!%/!%($4%!)$5*$%!8!.$>%2%C!%!*#)%22%!40,$)8!8!%!*#)%22%!A$55%C!:8.!)% !
-#55$%!8!:8.!)%!3#.*7$%C!:8.!)%!-04%($%!8!:8.!$)!"$%::0(8C!:8.!)VT2%)$%!8!:8.!)%!6$(%C!4%!50:.%22#220!:8.!)%!"8.4%($%[
".%'$8!%))%!:028('%!/$!#(!*%:$2%)8!8(0.48C!#(0!52%,$)$48(20!4052.#050C!#(%!I8.%!*$22hC!*78!R!(8)!284:0!528550!#(V0AA$*$(%!
40/8))0C!R!#5*$2%!/%!28..%!*048!:8.!#(!*0):0!/$!,%**7822%!4%>$*%[!}{~!;0(!*VR!*78!/$.8!$!*%((0($!/$! !W8..!+*7#)2'8 !
.%>>$#(>0(0!/$48(5$0($!58('%!:.8*8/8(2$C!)V%**$%$0! !+*7#)2'8!584,.%!/02%20!/$!:.0:.$82h!5:8*$%)$[!60..0(0!$(!:.0:05$20 !
)8>>8(/8!/$!)8>78!4$528.$058C!/$!58>.82$!*7$4$*$[[[
`ICAI<#ZU@JU
A#EAJgIUEUJS=#>ACA=JA#HUCC?#MUKI>j!*D+
GV! 8I$/8(28!*78!(0(!%I828!58(2$20!:%.)%.8!/8>)$!#)2$4$!5I$)#::$!/8)!(052.0!5$5284%!/$!:0)$'$%[!;0(!4$!48.%I$>)$0C!$(A%22$ !
28(/$%40!%!(0(!:0.2%.)$!%!*0(05*8('%!/8))%!*)%558!$(28))822#%)8!(8))%!i#%)8!*0(2$%40!$)!4%>>$0.!(#48.0!/$!(84$*$! !}{~!)%!
5$2#%'$0(8!R!i#852%l!$)!*%:0!/$!#(%!/8))8!(052.8!58'$0($C!#(0!/8$!:$g!A%405$!/828*2$I8!/VG#.0:%C!.$2$8(8!0.4%$!/%!40)20 !
284:0!*78!#(%!*0(>$#.%!/$!*%.%228.8!:#.%48(28!$(28))822#%)8!52$%!:8.!4$(%.8!%))8!,%5$!)%!(052.%!*$I$)2h[!W%!)%!*8.28''%!*78!$) !
40(/0!/8))%!5*$8('%!8!i#8))0!/8))V%.28!5$%(0!#($2$!58>.82%48(28!$(!#(%!*.0*$%2%!*0(2.0!)%!1%4$>)$%!8!)0!+2%20[!<8.!i#8520!7% !
*052$2#$20!#(!*0.:0!5:8*$%)8!/$!:0)$'$022$!*78!50(0!%(*78!/8$!A$)050A$[!GV!)0.0!$)!*04:$20!/$!*0(2.0))%.8!>)$!$($'$!/$!i#852% !
*05:$.%'$0(8!(0(!50)0!*0(5$/8.%(/0(8!)V%5:8220!/8)$22#050C!4%!*8.*%(/0!/$!%::.0A0(/$.(8!i#8))0!280.$*0[!}{~!T)!*04:$20 !
;5
/8)!:0)$'$0220!A$)050A0!R!(8))0!528550!284:0!:$g!%#/%*8!8!:$g!5022$)8!/$!i#8))0!/$!i#%)5$%5$!%>8(28[!L$!50)$20!#(!:0)$'$0220!I%!%/ !
%..852%.8 ! $ ! )%/.$ ! (8))8 ! ,$..8.$8C ! (0$ ! %(/$%40 ! %$ ! .$*8I$48(2$ ! /8>)$ ! %.2$52$ ! % ! *8.*%.8 ! /$ ! $(/$I$/#%.8 ! #(0 ! 5:8*$%)8 ! 2$:0 ! /$!
:855$4$52%[!T)!:0)$'$0220!5*0:.8!/%!#(!)$,.0!4%52.0!0!/%!#(!/$%.$0!*78!R!52%20!*0448550!#(!/8)$220C!(0$C!/%!#(!)$,.0!/$ !
50(822$C!I8($%40!%!5%:8.8!*78!I8..h!*0448550[!T)!(052.0!5*0:0!R!.$(2.%**$%.8!)V0.$>$(8!/$!i#8$!:8(5$8.$!*78!$(/#*0(0!)V#040 !
%)!A%(%2$540!$(28))822#%)8!8!%)!*.$4$(8!$(28))822#%)8[
J!G5$528!I8.%48(28!!i#8520!(8550!2.%!)%!*.$4$(%)$2h!8!)%!I$2%!$(28))822#%)8y
J!T)! !I8.0!*.$4$(%)8!(0(!R!4%$!#(!$>(0.%(28!%('$!0>>$C!$(!:%.2$*0)%.8C!5$!:02.8,,8!.%AA$>#%.%.8!(8)!A$)050A0!40/8.(0C!*78 !
5052$8(8!$)!/$.$220!%!i#%)5$%5$!%.,$2.$0[!F)!5#0!*0(A.0(20!)%/.$!8!,$>%4$!50(0!#04$($!I$.2#05$!}{~!:8.*7R!855$!%**822%(0!$ !
:.$(*$:$!A0(/%48(2%)$!/8))%!50*$82hC!5,%>)$%(0!50)0!(8)!(0(!:8.58>#$.)$[!T!)%/.$!.$5:822%(0!)%!:.0:.$82hC!50)0!I0..8,,8.0C!:8.!
.$5:822%.)%!48>)$0!*78!A0558!)%!:.0:.$82h!)0.0!8!(0(!%)2.#$[!T!A$)050A$C!$(I8*8C!(8>%(0!)%!:.0:.$82h!$(!i#%(20!2%)8C!I0>)$0(0!
/$52.#>>8.(8 !$) ! *0(*8220[ ! T!,$>%4$! *.8/0(0! (8) !4%2.$40($0C !%)2.$48(2$! (0(! 5$! %/%228.8,,8.0! :8. ! )%!58*0(/% ! I0)2% !%))8!
A0.4%)$2h!/8))%!*8.$40($%[!T!A$)050A$!/$5:.8''%(0!$)!4%2.$40($0!$(!58!528550[!")$!%55%55$($!7%((0!#(V%)2%!*0(5$/8.%'$0(8!/8))% !
I$2%!#4%(%C!28(2%(0!50)0!/$!.%>>$#(>8.8!)%!:$8(8''%!$(!58!52855$!*0)!5%*.$A$*$0!/$!i#8))8!*78!%!)0.0!584,.%(0!I$28!5:.8>8I0)$[!
?%!$!A$)050A$!0/$%(0!)%!I$2%C!)%!:.0:.$%!8!)V%)2.#$[!}{~!")$!%(%.*7$*$!:.840(0!>$hC!%.4%2$C!%))8!(052.8!A.0(2$8.8C!52%((0!:8.!
%,,%228.5$!5#!/$!(0$!*048!#(%!A0)>0.8[[[!}{~!7%((0!50)0!/#8!0,,$822$I$!/$52.#>>8.8!)V#4%($2h!8!$(5$848!58!52855$[!G**0!
:8.*7R!#5%(0!)8!,04,8!$(I8*8!/8))8!:$520)8[
KACMU@S#WUASL#ELU<SU@S=J
C!I=>=#ELU#VI#KA=ZUHA!B#<S=@A?#HA#IJ#AJEIM=j!+1*
<8.!58228!%(($!70!.$I0)20!%!<%28.%!)%!:.8>7$8.%!/$!8558.8!%448550!(8))0!+2%20!/8)!+0>(0[!1$(%)48(28!8>)$!7%!%**0(58(2$20 !
%)!4$0!/85$/8.$0E!4%!:8.!48!5%.8,,8!52%20!48>)$0!58!%I8558!:8.5$52$20!(8)!5#0!/$($8>0[!W0!2.0I%20!#(!.8>(0!$(!*#$!/04$(% !
)V%55#./0x !}{~!+I8(2#.%2$x!=0$!5$828!I$22$48!/$!#(V$:(05$!*0))822$I%x!;855#(0!#,,$/$5*8!:$g!%))%!:.0:.$%!.%>$0(8!4%C!%('$C!
5*%4,$%!:8.!:.0:.$!:8(5$8.$!)8!5#>>852$0($!852.%(88!*78!50(0!(8))%!5#%!2852%x!}{~!?%!5$828!%(*0.%!$(!284:0!%!5%)I%.I$x!3#22$ !
*0)0.$!*78!7%((0!%(*0.%!#(%!5*$(2$))%!/$!A0.'%!4$!50528(>0(0!(8$!4$8$!:$%($[!}{~!=0)828!5%:8.8!$(!*78!.%''%!/$!*%58!5$828 !
*052.822$!%!I$I8.8y!=8!)0!:0550!/$.8!$0l!(0(!*8!(VR!i#%5$!(855#(%!*78!(0(!5$%!52%2%!$(50''%2%C!:.$4%!/$!8558.8!2.%5:0.2%2%!(8)!
5#0!:0520!%22#%)8C!/%)!*.$4$(8C!/%)!5%(>#8!8!/%))V$(A%4$%[!T)!<%)%''0!R!#(V%**0''%>)$%!/$!.#/8.$C!/$!/$40.8!*78!A#.0(0!28%2.0 !
;8
/$!5%(>#$(058!*0(>$#.8!8!.$I0)#'$0($[!T(!i#852%!5#%!.%**0)2%C!<%28.%!R!.$5%)$20!A$(0!%$!284:$!:$g!.8402$[!W%!$4:$8>%20!:8. !
*052.#$.)0!A.%448(2$!/8))VG5*#.$%)8C!/8))%!&%52$>)$%C!/$!%(2$*78!%.8(8!.04%(8E!,)0**7$!/$!:$82.%!/8))%!30..8!/$!H0(/.%!8!/8)!
W.%/5*7$(C!/8)!=%2$*%(0!8!/8)!6.84)$(0C!50(0!52%2$!%5:0.2%2$!5#!5#%!$52$>%'$0(8!8!2.%5*$(%2$!A$(!i#$[!L0I#(i#8!*$!A0558.0!
5*$%>#.8!#4%(8C!$)!I052.0!?%852.0!7%!2850!$!5#0$!28(2%*0)$[!T)!*%AAR!/8))%!=$%!H#(>%C!50)2%(20!*$(i#%(2V%(($!A%C!8.%!%(*0.%!#( !
)0*%)8!4%)A%4%20!/8))%!:8.$A8.$%!/$!=$8((%C!)%!)%228.$%!#(!*0I0!/$!,.$>%(2$!,%I%.85$[!T)!4#)$(0C!*78!R!52%20!*04:.%20!$( !
+I8I$%C!R!/%!/#8*8(20!%(($!)0./0!/8)!5%(>#8!/$!#(!A.%2$*$/$0x!}{~!<%28.%!7%!8AA822#%20!)%!4%>>$0.!:%.28!/8$!5#0$!4$528.$05$ !
%*i#$52$!/$!*%58!(8$!i#%.2$8.$!:$g!5*7$A05$!/8))8!>.%(/$!*%:$2%)$[!<%.$>$C!T52%(,#)C!8**[C!>)$!7%((0!/%20!*$j!*78!%I8I%(0!/$!:$g !
.$:#>(%(28x!}{~!=$!/0!#(!*0(5$>)$0x!>3$.*%),)*.'".%,&#!".!&1.!*#-"#$N
?CV@UH#WIMAJ
C!?CS@?#G?@SUB#IJ#@=>?JN=#V?JS?<SAE=j!+1+
;8))V8I0)#'$0(8!/8))8!.8)%'$0($!$(28.(%'$0(%)$!)8!*04#($*%'$0($C!50:.%22#220!(8)!tTt!58*0)0C!50(0!A0(/%48(2%)$l!
.%::.858(2%(0!5$*#.%48(28!#(%!:%.28!/8))%!:0)$2$*%!8528.%!/8>)$!+2%2$C!$(A)#$5*0(0!5#>)$!5*%4,$!/$:)04%2$*$!8!
5#))%!52.%28>$%!4$)$2%.8C!$(28.I8(>0(0!$(!4%($8.%!/8*$5$I%!5#))%!/$AA#5$0(8!/8))%!28*(0)0>$%!8!$(A$(8!4#2%(0!$!
28.4$($ ! 52855$ ! /8))% ! *#)2#.%C ! 5:8*$%)48(28 ! /8))% ! ,0.>785$% ! 8 ! /8))8 ! *)%55$ ! /828.4$(%(2$[ !}{~ ! HV%22$I$2h!
$(28.(%'$0(%)8!!(8)!58220.8!/8))%!:052%!8!/8))%!28)8>.%A$%!*052$2#$5*8!/%!0>($!:#(20!/$!I$52%!#(%!:%>$(%!0)2.840/0 !
5$>($A$*%2$I%!/8))%!520.$%!/VG#.0:%!}{~!#(!50)0!/%20l!)8!0.>%($''%'$0($!$(28.(%'$0(%)$!%)!4048(20!/8))%!(%5*$2%!
/8))VO($0(8!:052%)8!#($I8.5%)8!8!/8))VO($0(8!28)8>.%A$*%!$(28.(%'$0(%)8!8.%(0!`!(8)!40(/0C!48(2.8!%))%!I$>$)$% !
/8))%!".%(/8!"#8..%!8.%(0!/$I8(2%28!eff[
?JH@U?#KAIJSAJA#U#KA=Z?JJA#G?=C=J#X?#EI@?#HAY#
CU#G=<SU#AJ#AS?CA?B#JUCC!US?!#HUC#HUE=CC=#AJHI<S@A?CUj"115
;D
<UNA=JUj$0--0P#O.$4/$4P#$.((/.P#.-/4%#
CUSSU@?SI@?#E=C=JA?CU#U#HA#ZA?KKA=
O(!)$8I8!2$(2$(($0!%))8!4$8!5:%))8!4$!A8*8!I0)2%.8!)%!2852%[!+8$!(8>.$!%I%('%I%(0!$(!A$)%C!.$5%)8(/0!$)!58(2$8.0[!6%44$(%I%(0 !
)8(2$!8/!8.822$C!:0.2%(/0!$(!,$)$*0!5#)!*%:0!/8$!*8528))$!:$8($!/$!28..%C!8!i#8)!2$(2$(($0!%**04:%>(%I%!.$24$*%48(28!$!)0.0!
:%55$[!F220.(0!%))8!.8($!%I8I%(0!/8$!*8(*$!(8.$C!*0$!*%:$!*78!5I0)%''%I%(0!/$82.0!*048!*0/8[!+$!:028I%(!*0(2%.8!)0.0!)8 !
*0520)8C!8!)8!>$#(2#.8!/8))8!484,.%!:%.8I%(0!(0/$!5#!/$!#(%!*0./%E!0>(#(0!%I8I%!%)!*0))0!#(!*0))%.8!/$!A8..0C!8/!8.%(0!2#22$!
)8>%2$!$(5$848!/%!#(%!*%28(%!$!*#$!%(8))$C!/0(/0)%(/0!A.%!!)V#(0!8!)V%)2.0C!2$(2$((%I%(0!.$24$*%48(28[!O(V%)2.%!/820(%'$0(8 !
:.0I8($8(28!/%)!/$.#:0!4$!A8*8!.$:8(5%.8!/V#(!2.%220!%))%!(%I8!/%!>#8..%!*78!%I8I0!I$520!A%.!A#0*0!*0(2.0!#(!*0(2$(8(28[ !
G.%!)0!528550!>8(8.8!/$!I0*8!5$($52.%E!4%!(855#(0!5A0.'0!/V$44%>$(%'$0(8!%I.8,,8!:02#20!*7$%4%.8!(84$*$!#04$($!*048 !
i#8))$[!H$!*7$%4%I%(0!$(A%22$!/8)$(i#8(2$E!8!%)!:%.$!/8))8!>.%(%28!85:)05$I8!)%!)8>>8C!0)2.%>>$%2%C!5$!8.%!%,,%22#2%!5#!/$!)0.0 !
*048!#(!$(*04:.8(5$,$)8!4$528.0!I8(#20!/%)!4%.8[
`0$%9O#40-).3
EI=@U#HA#SUJUM@?j!*++
W0!5*0:8.20!#(%!A#48.$%!/$!7%5*$5*C!$(!i#8520!G'&#!/0I8!(0(!*VR!(8::#.8!#(!*%AAR!40.0C!/0I8!)%!>8(28!:#j!.$#($.5$!50)0!
5#))%!:$%''%!:#,,)$*%!0!5#))8!:%(*78!/$!28..%!%$!:$8/$!/8))8!4#.%C!5#))%!52.%/%!:8.!&8*7%.[!GV!$(!#(%!*%5%!48''%!/$.0**%2%C!
/$82.0!$)!?$11&3l!#(%!)#(>%!52%('%!.$5*7$%.%2%!/%!#(!u0**7$0v!$(!48''0!%)!50AA$220!/$!2.%I$!%AA#4$*%28!8!*0(20.28[!H8!:%.82$ !
50(0!(8.8C!50)*%28!/%!*.8:8!:$g!*7$%.8C!5$4$)$!%!:$%>78[!+#))%!28..%!,%22#2%C!#(!:j!:0)I8.05%C!5:%''%2%!/$!.%/0C!50(0!5:%.58 !
,#**8!/$!48)%>.%(8!8!0>($!50.2%!/$!,.$*$0)8[!T(!i#8520!52.%(0!:0520!I%((0!%!.$A#>$%.5$!I%>%,0(/$!4%.0**7$($C!(04%/$!8!%)2.% !
>8(28!%))%!/8.$I%C!/%))V%5:8220!$(i#$82%(28[!+84,.%!*78!)%!*%5%!(0(!5$%!/$!(855#(0C!#(%!5:8*$8!/$!%),8.>0!)05*0!/0I8!:%55%.8 !
i#%)*78!(0228!/$!52.%I$'$C!#(0!5*8(%.$0!:$220.85*0!*0(!#(V%.$%!/%!%(2$*%48.%!/8)!/8)$220[!T(!#(!%(>0)0C!#(%!52#0$%!:#)$2%!*0( !
%)*#($!*#5*$($!/$!18'!/$!:8))8!.$*%4%2%[!+#))%!52#0$%C!#(!*%550(8!%.%,0C!$520.$%20!%!/$58>($!I$I%*$C!*78!58.I8!/%!2%I0)0[!6VR !
%(*78!#(!.05%$0!*0(!A$0.8))$($!.05%!:%))$/0!*78!A%!:8(/%(2!%!#(!4%''0!/$!8.,8!/$!*%4:0!/$5:0528!$(!#(!>.0550!0.*$0!/%!38))C !
/8*0.%20!*0(!402$I$!>80482.$*$!8!%.%,85*7$E!%**%(20!#(!,0))$20.8!/$!,.0('0!5#!#(!2.8::$8/8C!/#8!0!2.8!28$8.8C!#(!*8520!/$ !
*%(%:%!$(/$%(%!58**%2%[!}{~!T!5$##&)"&C!$!.%(/%>$!*78!A.8i#8(2%(0!i#8520!*0I0!5$!#($5*0(0!%!I0)28!%$!A#4%20.$!/$!7%5*$5*C!
;*
,8(*7R!i#852$!#)2$4$!*052$2#$5*%(0!#(%!:$**0)%!%550*$%'$0(8!40)20!*7$#5%C!/0I8!R!:$#220520!/$AA$*$)8!:8(82.%.8C!:8.*7RC!:#. !
8558(/0!%(*7V855$!I$%>>$%20.$!*78!:0.2%(0!%22.%I8.50!$!:%85$!/8))VT5)%4!)8!)0.0!A%(2%52$*78.$8C!$!/8I02$!/8)!A#40!%))#*$(0>8(0C !
*78!5$!.$#($5*0(0!%!Z8(%/5%C!%::%.28(>0(0!%))%!*)%558!:$g!8)8I%2%!/8$!)8228.%2$[!}{~!H%!58.%C!#(!.%>>$0!0,)$i#0!8!.05%!*%/8 !
/%)!)#*8.(%$0!(8))%!:8(04,.% !/8))% !5%)%[!T!A#4%20.$!/$!7%5*$5*!5$!.%>>.#::%(0C!5$!%**%)*%(0C!$) !2#.,%(28!0.(%20!/%!#( !
.%48220!0/0.050!/$!,%5$)$*0[!+$!/$5:0(>0(0!)#(>0!)%!:%.828C!%**0I%**$%2$!5#))8!52#0$8C!8!A#4%(0!)8!:$**0)8!:$:8!/$!28..% !
.055%[!}{~!T!*8.*%20.$!/$!0,)$0!*%(2%(0C!,%228(/0!:$>.%48(28!)8!4%($E!)8!I0*$!/$!50>(0!5$!8)8I%(0!A$(0!%!2%./$C!(8))%!(0228C!
(8))V$(*8.2%!)#*8!/$!#(%!)%(28.(%!%!A0.48))8!/$!4$*%E!:0$!%!:0*0!%!:0*0!5$!%,,%55%(0C!/$I8(2%(0!:$g!)8(28C!:$g!50AA0*%28E!%))%!
A$(8!$!A#4%20.$!/$!7%5*$5*!2%**$0(0C!)0!5>#%./0!A$550!5#$!)0.0!A$0.$!$(!852%5$[!+0(0!/8>)$!8:$*#.8$C!/8$!58(5#%)$C!A0.58!/8$!5%>>$C !
*%:%*$C!(8))%!,#$%!2%(%!/8$!I%>%,0(/$!4%.0**7$($C!/$!I8/8.8!0.$''0(2$!4%>$*$C!/$!8/$A$*%.8!*$22h!48.%I$>)$058C!/0I8!/%('%!)%!
A8)$*$2h[
A<?MUCCU#UMU@L?@HS
A#4%)4.&0)/#3!0(6/0j!+1;
+82%!%''#..0!>%)%,$87!:0.:0.%!%.%(*$!40#*7%.%,$87!%.*7$!5*%I%)*%.8!,$A0.*%'$0(8!:$%''822%!:#))#)0!*0(*8.%!)#52.%5*%.:8!
>%(/0#.%5 ! ,#.(0#5 ! A0.4$*0)0 ! *0)%.8 ! 2.%5#/%.8 ! :0)$*.04% ! %II$)#::%48(20 ! 85*.85*8('8 ! A855#.8 ! 2%(8 ! *%)*$(%**$ !
/840)$'$0(8!%*$/0JA8($*0!*%)*8!:$/0**7$#48!3$(2$((0!'%$($!2%2%2%2%2%!'0**0)$!*7$0/$!*%((0($!*%550($!A.#52%28!:%((0J/%J
#($A0.48!)8''0/N%>(8))$!I$%J58('%J#5*$2%!%J5$($52.%!$4,#20!%J/852.%!i#%/.$I$0!*7$%.05*#.0!,%>(0J2#.*0!A.$22#.8!4#5*7$0!
>$#(*7$>)$8!A$0.8/N%.%(*$0!(%#58%!8558('%J/$J.05%!$(5$/$%!%440($%*%!%.2$>)$!85*.848(2$!40.5$!*%.(8!Ä!Xbbb!405*78!A.#22$ !
58**7$!*%..#,8 !*8*$! :$52%**7$! 4%(/0.)8 ! .8>$4$J,%(%($ !/%228.$ !2#4,2#4,!*%:.0(8! *#55*#55J%44#AA$20! %.04$!'%AA8.%(0!
*%2.%48!#0I0A.%/$*$0!*%(8J,%>(%20!>8)504$(0!>%>>%!5%(/%)0!>%.0A%($!4%2#.%.8!$(28(5$A$*%.5$!.$,0))$48(20!A8.48(2%.8!
2#,8.05%!T4:#2.$/$.8!5:%.:%>)$%.5$!A#.$%!40.$.8!/$5>.8>%.5$!%!:8''$!%!,.$*$0)8!:0)I8.8!8.0$540!2%2%2%2%!A#0*0J/$JA#*$)8.$%!:$* !
:%*!:#(!:%(!:%(!4%(/%.$(0!)%(%JA#)I%!4$2.%>)$%22.$*$!.%>%(8))8!.$*0I8.0J/$)8,,.05$!:$%>78!%I%(2$!*%.(8J4%/$/%!5:0.*$'$% !
50%I$2h!828.8!3$(2$((0!'%$($!A#*$)$!*%((0($!*%550($!.#028!,8('0$(0!2%,%**0!$(*8(50!%($*8!I$))%>>$0!.0I$(8!,.#*$%20!%4,.% !
>8)504$(0 ! *%58! 5I8(2.%48(2$ ! %,,%(/0(0! >$%..%J/$J28..%*022% ! 2#4,2#4, ! I$0)8228 ! 04,.8 ! :0''$ ! %5$(8))0 ! %5$(% ! *%/%I8.8!
5A.%*8))%48(20!58550!85$,$'$0(8!%>)$0!,.04$!%($*8!,.8''%!:85*8!%,828(#0I0!.054%.$(0!:$''$*78.$8!:%)48!5%,,$%!*%((8))%
;+
VACAGG=#S=>>?<=#>?@AJUSSA
C.#(.&&.,6/.#3/#S)/906/j!+!"
<05*.$220!/$!58.%!%))8!/$8*$[[[!$)!*%(8!R!I8.%48(28!2$>(050C!$)!*0(2%220!*0(!)#$!4$!R!*052%20!,8(!/#8!:.8'$058!:%52$>)$8!/$ !
5#,)$4%20[!9)2.8!%!)#$C!%)!>%220C!%>)$!#**8))$C!%))8!5*$44$8C!I$!50(0!%(*0.%!I$I$C!%!,0./0C!/#8!%.4%/$))$C!#(!:0.*05:$(0!8!#( !
:$**0)0!,8)!>$%>#%.0[!+0(0!.%**7$#5$!(8))8!>%,,$8C!4%!7%((0!%!/$5:05$'$0(8!40)2%!:$g!%.$%!/$!i#%(2%!(8!%,,$%!$0!(8))%!4$% !
*%,$(%[!H%!*8(%!R!52%2%!40)20!:$%*8I0)8C!)%!40>)$8!/8)!*%:$2%(0!:055$8/8!#(!>.%440A0(0!>.%(/8!8!,8(!A#('$0(%(28E!7%((0 !
5#0(%20! $( ! 4$0 ! 0(0.8 !uH% ! :.$(*$:855% ! /8) ! /0))%.0v ! 8 ! 6%.#50[ ! 3#22$ ! >)$! 8#.0:8$ ! *78! %,$2%(0! %$ ! 2.0:$*$ ! :055$8/0(0 ! #( !
>.%440A0(0!8!*05r!>$h!:.$4%!/8)!4$0!.$20.(0!%!+$(>%:0.8!4$!58(20!*$.*0(/%20!/%))V%2405A8.%!/$!0:8.822%!*78C!/%!i#%(/0!
4$!50(0!$4,%.*%20!%!"8(0I%C!5#))%!(%I8!H)0Y/C!4$!%::%.8!*048!*%.%228.$52$*%!/8))%!I$2%!/8>)$!8#.0:8$!$(!0.$8(28[
LU@>?JJ#LU<<U
ZA?KKA=#AJ#AJHA?j!+!2
H%!<.$4%!>#8..%!40(/$%)8C!:.$4%!/$!/$I8(2%.8!2%)8C!A#!#(%!38.'%!>#8..%!,%)*%($*%[!6048!A#!:055$,$)8y!T!*0(A)$22$!8!)8!*.$5$ !
(8))%!:8.$A8.$%!5#/J0.$8(2%)8!/8)!*0(2$(8(28C!/0I8!)VT4:8.0!02204%(0!*0(A$(%I%!*0(!)VG#.0:%!*.$52$%(%C!(0(!8.%(0!#(% !
(0I$2h[!T)!5$5284%!8#.0:80!)$!%I8I%!584:.8!.$50)2$!58('%!48228.8!$(!:8.$*0)0!)%!:%*8!*0(2$(8(2%)8!(8)!5#0!*04:)8550[!?% !
(8>)$!#)2$4$!%(($!:.$4%!/8)!XaXe!5$!I8.$A$*%.0(0!/8$!*%4,$%48(2$!A0(/%48(2%)$[!;8))V%#2#((0!/8)!XaXXC!)VT2%)$%!)%(*$j!#(% !
>#8..%!/$!*0(i#$52%!*0(2.0!#(%!:.0I$(*$%!%A.$*%(%!/8))VT4:8.0!2#.*0C!$((85*%(/0!#(%!*%28(%!/$!%55%)2$!%$!:0558/$48(2$ !
,%)2$*$ !02204%($ !/% !:%.28 !/$ !%)2.$ !:%85$[!T) !5$5284%!/8>)$ !8i#$)$,.$!>80:0)$2$*$ !*78!%I8I%(0!A$(0!%/ !%))0.% !*0(58(2$20 !/$ !
*0(28(8.8!$!*0(A)$22$!%!)$I8))0!)0*%)8!5%)2j[
51
EO)/$&09O%)#46.)b
/#$0--.'(76/B#40'%#6!%7)09.#.))/F0!#.66.#,).-3%#,7%)).j"1!"
<UNA=JUj.-3)0-/#(7/P#().44/.P'7)/#$90,6/P#-0&&%
CUSSU@?SI@?#U@=SAE?
<.84822$!)%!4$%!,0**%!5#))%!5#%C!#.2%$!$!4$8$!/8(2$!%$!5#0$!*0(!2%)!.%,,$%!A.848(28!*78!4$!:%.I8!/$!:8(82.%.8!*0(!)%!)$(>#%!
(8))8!:$%>78!:.0A0(/8!/8)!5#0!:8220C!:8.!)8**%.I$C!:8.!,8.I$C!:8.!%5:0.2%.(8!2#220!$)!5%(>#8!%II8)8(%20C!2#220!$)!:#5!40.2%)8[ !
H8!5#8!,.%**$%!5$!%:.$.0(0!8!5$!.$*7$#58.0!$(!#(%!52.%22%C!5#!/$!48[[[!G!*$j!*78!/0I8I%!%**%/8.8C!%**%//8[[[! }{~!!p#%(/0!#(!
#040!4$!52.$(>8C!)%!:8))8!4$!,.#*$%C!)%!2852%!4$!>$.%[[[!4$!>$.%[[[!L$I8(>0!8,,.%[[[!/$I8(>0!A0))8[[[!/$I8(>0!58)I%>>$%[[[!;0(!70!
:$g!%)2.%!I0)0(2h!2.%((8!i#8))%!/8)!4$0!/85$/8.$0[[[!;0(!I8/0!:$g!*78!i#8))V#040[[[!(0(!:8(50!*78!%!)#$[[[!8!4$!)%5*$0 !
*0(/#..8!/%!)#$C!/0)*8!8!28..$,$)8[[[!A$(0!%)!/8)$220x
=ES?ZU#>A@MU?I
/6#3/.)/0#3/#7-.#4.'%)/%).j!+11
+0(0!/$I8(2%2%!#(%!:#22%(%!$(!>$0I%($55$4%!82hC!70!*0(05*$#20!2#220!i#8))0!*78!#(%!/0((%!:#j!*0(05*8.8!50)0!%!)8220C !
50:.%!2%I0)$C!58/$8C!:%(*78C!*0(2.0!4#.$!5:0>)$C!(8))N8.,%C!$(!%(/.0($!,#$C!$(!(3&-5#$'.'P/&#P$'C!$(!2.8(0C!$(!*%58.4%C!%)!
,0./8))0!8!$(!:.$>$0(8C!4%!(0(!4$!:8(20!/$!(#))%[!}{~!!<8(50!*78!/%!(855#(%!:%.28!5$!2.0I$!5*.$22%!)%!I$2%!/$!/0((8!*048!48[!
T!)$,.$!$(!*#$!70!*8.*%20!(0(!(8!/$*0(0!(#))%C!4%!(0(!5%.8,,8!4%)8!58!$!.$**7$!8!/$52$(2$!5$>(0.$!*78!5$!50))%''%(0!*0(!(0$C!*78!
*$!%/85*%(0!8!%!*#$!(0$!/$%40!%!$(28(/8.8!)8!*058!:$g!$(*.8/$,$)$C!5%:8558.0!#(%!,#0(%!I0)2%!*04NR!A%22%!#(%!/$!i#8))8 !
5!
.%>%''8!*78!52.$(>0(0!$(A0$%2$!2.%!)8!,.%**$%C!/%!/0I8!I$8(8C!*05%!7%!I$55#20!8!*05%!:8(5%[[[
VUCAk#<?CSUJ#
`0$%Q/-%#>7&:%-(.4O%)#0FF%)0#C.#$&0)/.#3/#7-.#9)0$&/&7&.#F/%--%$%#3.#6%/#$&%$$.#-.)).&.j!+18
+$>(0.$(%C!(0(!%::8(%!I$!70!5*0.2%C!A0))8!/V%40.8C!70!58(2$20!$!4$8$!0.>%($!>8($2%)$!28(/8.5$!I8.50!)%!I052.%!,8))8''%!
50I.%(%C!.$2.0I%(/04$!:$g!$(!*%)0.8!*78!58!%I855$!,8I#20!#(!,$**7$8.8!/$!.%Ur[
J!60(!*7$y!60(!*7$y
J!<0(>0!)8!4$8!.$*78''8!8!$)!4$0!%40.8!%$!I052.$!:$8/$[!+8!:02855$!%I8.I$!$(!#(!)8220C!:8.!I8(2$!I0)28!/$!58>#$20!I$!:.0I8.8$!$) !
4$0!%./0.8[!678!)8!#(/$*$4$)%!I8.>$($!0!)8!#(/$*$4$)%!I8.>78!4$!:#($5*%(0!58!50(0!,#>$%./0x
J!678!>%>)$%./0x
J!T!4$8$!58(2$48(2$!(0(!50(0!48('0>(8.$[!;0(!:%.)0!*05r!%!2#228!)8!/0((8[!;0(!50(0!#(!>$>0)j[
J!?%!Ih!#(!:j[[[!}{~!2%>)$%28!*0.20C!(0(!70!284:0!0.%[!=%/0!%!A%.!I$5$2%!%/!#(V%4$*%!$(!.#8!L#:702C!4%!58!5$828!/$5:0520!%/!
$(2.%228(8.8!/#8!/0((8!$(>0./8!/$!)#550!8!/V%40.8C!58!$(5044%!5$828!#(!#040!i#%(20!%!.$**78''%!8!%!:028('%!*0:#)%20.$% !
%))0.%!58>#$284$
G>)$!5$!/.$''j!$(!2#22%!)%!A$>#.%!/$*7$%.%(/0l
J!+0(0!#(!:.$(*$:8!.#48(0C!705:0/%.!8.8/$2%.$0
J!G!$0!50(!6#)*#)$(8!/VF(*Å(8C!/$!%(($!/$*$%((0I8C!8!70!>$h!5I#02%20!$!:8(/%>)$!/$!/$8*$!#04$($!8**8'$0(%)$!/%)!:#(20!/$!I$52% !
%4%20.$0C!8!)%!,0.5%!/$!i#$(/$*$!4$)$0(%.$
67$%**7$8.%(/0!:$%*8I0)48(28!/$!/$I8.58!*058!)8>>8.8!8!*0(2#.,%(2$C!$)!:.$(*$:8!8!6#)*#)$(8!!>$#(58.0!$(!!.#8!L#:702C!/0I8 !
$(!%5*8(50.8!5%)$.0(0!%)!:.$40!:$%(0[
KIACC?I>U#?G=CCAJ?A@U
C%#IJHAEA'/6.#ZU@KLUj!+1D
5"
T)!2#0!58550!(8.0C!50%I8!*048!:$#4%
/N#**8))0C!2.%!)8!5828!,$%(*78C!>$%))8!8!4%)I%
8.%!%$!4$8$!0**7$!*048!#(!A%.0!/N04,.%
$(!#(!%>$2%20!4%.8!/$!2$8:$/8!04,.8!:%))$/8[
O(!%.04%!%*#20C!*048!/N$50)8!8502$*78
A)#22#%I%!(8)!50%I8!*%)0.8!/8))8!2#8!*05*8[
;%#A.%>%$!$4:%''$20C!58('%!0./$(8!(k!482%C
(8))N0/0.05%!%2405A8.%!/8))8!2#8!>0((8x
60(!*78!2.$528''%C!:0$C!*048!$(!A.%>$)8!%),%
/$!50%I$!(#,$!,$%(*78C!>$%))8!8!4%)I%C
I$/$C!/%))N$(/0)8(28!28/$0!/8))%!5:$%>>$%
5:8>(8.5$!)%!)#*8!/N04,.%!/8))%!(0228{
`I?J#@?>!J#`A>"JUN
CAM@=<#HU#?>=@j!+!![!+!"
1$(0!%)!XaXe!>)$!85:8.2$!584,.%.0(0!*0(I$(2$!*78!#(%!>#8..%!2.%!:028('8!%I.8,,8!:0.2%20!%)!*0))%550!/8$!48.*%2$!A$(%('$%.$ !
$(28.(%'$0(%)$ ! 8 ! *78 ! )V$(28..#'$0(8 ! /8>)$ ! 5*%4,$ ! *0448.*$%)$ ! %I.8,,8 ! .$/0220 ! $ ! ,8))$>8.%(2$ ! $( ! #(% ! :05$'$0(8 ! *05r!
$(50528($,$)8!/%!.$/#.)$!%))V$(*%:%*$2h!/$!*04,%228.8!(8)!>$.0!/$!i#%)*78!5822$4%(%[!}{~!HV%#5:$*$0!/$!40)2$!8.%!*78!)%!>#8..%C!
52.#48(20!/$!%.,$2.%.$%20!/8)!2#220!$(8AA$*$8(28C!5%.8,,8!:.8520!*%/#2%!(8)!/$48(2$*%20$0[!+8('%!*0(2%.8!*78!$!5#0$!*052$C!5$% !
$(!28.4$($!/$!.$50.58!$(I852$28!*78!$(!*0(5$/8.%'$0(8!/8$!>.%I$!/%(($!*78!)8!(#0I8!%.4$!8!)8!40/8.(8!28*(0)0>$8!8.%(0!$( !
52
>.%/0 ! /$ ! $(A)$>>8.8C ! 5$ ! 8.%(0 ! A%22$ ! :.8550*7R ! $(50528($,$)$[ ! T ! ,%(*7$8.$ ! %AA8.4%I%(0 ! *78 ! #(V8I8(2#%)8 ! >#8..% ! >8(8.%)8!
5%.8,,8!52%2%!.$/022%!%))%!:%.%)$5$!(8)!>$.0!/$!:0*78!5822$4%(8!/%)!:.05*$#>%48(20!/8$!A0(/$[
>.),.)%&#>.4>/66.-
!+!;B#E0'%#6.#674%#$/#$9%-$%#$76#'0-30#3/#/%)/j"1!2
<UNA=JUjGA=KKA?P#G=CZU@UP#<4.)9%#3/#F%)-/4%#0#)0&&%
<G?EE?SA#HA#ZAS?#(0O#'%
T!5*3O-$'C!*78!A0.4%(0!$)!50>>8220!/$!i#8520!)$,.0C!(0(!7%((0!%)*#(!.%::0.20!*0>)$!5*%:$>)$%2$C!/$!*#$!$!/.%44%2#.>7$!/8$!
5*,1$2&#!'!7%((0!A%220!$!5$(0($4$!/$!,0.%$#0)$!8!/$!%55%55$($[!G55$!(0(!5$!.8*)#2%(0!A.%!$!/04%20.$!/V0.5$C!>)$!$(>7$022$20.$!/$ !
5%,,$%C!$!48.*%(2$!/$!*%28(8!/$!5$*#.8''%C!$!>$0*%20.$!/$!I%(2%>>$0C!$!(8>0'$%(2$!/8$!,%55$A0(/$!/8))%!,0.5%!8/!$!4$))8!%)2.$ !
$(/#52.$%)$!4$528.$05$!0!I%>%,0(/$C!)%!*#$!:.$(*$:%)8!$(/#52.$%!R!i#8))%!/$!(0(!%I8.(8!%)*#(%C!8!*78!40(52.%(5$!584:.8 !
:.0(2$!%!A%.!2#220C!8**822#%20!$)!,8(8[ !}{~!<8.!$)!)8220.8!$(i#$820C!:8.!$)!,0.>7858!2$40.%20C!:8.!2#22$!i#8))$C!$!i#%)$!(0(!
2.0I%(0!4%$!5#AA$*$82$!:#(2$!50:.%!>)$ !" ./V#(%!/8A$($'$0(8C!(0$!.$:828.840!$(!A0.4%!/V%55$04%l!oH% !5*3O-$ .R!$)!(0I$'$%20!
/8))%!I$2%!%.2$52$*%C!R!)%!:.8A%'$0(8!/8))VF**%/84$%C!/8))VQR+$1.S"$,C!0!/8))%!?*#%,$Ç![
T!5*3O-$'.5%((0!48228.8!%!:.0A$220!:8.5$(0!>)$!%**$/8(2$!/8))%!52.%/%[!<$0>>$%!0!:0)I8.8C!04,.%!0!50)8C!(#))%!%..852%!i#852$!
%.$/$!%II8(2#.$8.$C!$!*#$!I$'$!50(0!5*#5%2$!/%!%)2.822%(28!I$.2g[!H0!5:$.$20C!584:.8!2850!/%))%!)0.0!%4,$'$0(8C!,%228!)%!*%.$*%!8 !
)$!5:$(>8!%))V%55%)20!/8))V%II8($.8C!58('%!2.8>#%C!$(!)022%!*0))%!(8*855$2hl!)%!)0.0!$(I8('$0(8C!*78!4%.*$%!584:.8!*0))%!4$**$% !
%**85%C!A%!5%)2%.8!i#%)#(i#8!052%*0)0!50.20!%!2.%228(8.)$[!H%!)0.0!85$528('%!>$0.(%)$8.%!R!#(V0:8.%!/$!>8($0C!#(!:.0,)84%!
i#02$/$%(0!*#$!:8.I8(>0(0!584:.8!%!.$50)I8.8!*0))V%$#20!/V%#/%*$!4%284%2$*78[
5;
T!5*3O-$'.5%((0!2#220!8!I%((0!0I#(i#8E!58*0(/0!*78!7%((0!5*%.:8!/$!I8.($*8C!0!.0228[!O(!>$0.(0!5$!I8>>0(0!%::0>>$%2$!%)!
*%4$(0!/V#(%!5%)%!/8)!>.%(!40(/0C!8!)V$(/04%($!%!2%I0)%!50220!$)!:8.>0)%20!/8))8!0528.$8!!&)'&)+$'B.;0(!5%((0!A%.8!/$8*$!
:%55$!5#)!5*,1$2&#!.58('%!$(*0(2.%.8!#(!%4$*0C!8!2.8(2%!58('%!I8/8.8!@0I#(i#8!B!#(!*.8/$20.8[
=$2%!/$!:%'$8('%!8!/$!*0.%>>$0C!0I8!(0(!5$!:#j!)022%.8!58!(0(!4#($20!/V#(%!A0.28!*0.%''%!/V$(/$AA8.8('%!*0(2.0!>)V$4,8*$))$ !
8!>)V$(I$/$05$E!0I8!(0(!5$!/8I8!@:8.!8I$2%.8!$(*$%4:$B!%,,%(/0(%.8!:8.!#(!50)!4048(20!)V0.>0>)$0!/$!5R!528550C!$)!i#%)8!58.I8!
:8.!,%520(8!/V%::0>>$0[!=$2%!58/#*8(28!8!28..$,$)8C!*78!(0I8.%!$!5#0$!I$(*$20.$!8!4%.2$.$C!8/!$(!*#$!(0(!5$!/8I8!8(2.%.8C!58!
(0(!.%558>(%(/05$C!5$(!/%)!:.$(*$:$0C!%!5#,$.8!)V$4:)%*%,$)8!)8>>8!/8) .2&$.2"(+"'x
LUJ@A#>I@KU@
<4%-%#3%66.#F/&.#3/#M0O!'%j!*5!
T)!5$:%.$0!5$!%)'%!5#!#(%!52%('%!%..8/%2%!$(!52$)8!&$8/8.48$8.[!T(!#(!%(>0)0C!#(!:$%(0A0.28!%!*0/%[!G**0!*04:%.$.8!5#))% !
5*8(%C!$(!#(!$4:8**%,$)8!A.%*C!G.(52!I0(!]0)'0>8(!}{~!)0!5:822%*0)0!$($'$%!*0(!*0(!#(%!,%))%2%!5*78.'0%!/$!L82)8I!I0( !
H$)$8(*.0(E!5#,$20!/0:0!I$8(8!.%::.858(2%2%!#(%!5*8(%!2.%22%!/%!)VK)&+*1!/$!F.27#.!+*7($2')8.C!:0$!#(%!:%.0/$%!/8)!(052.0!
"%,.$8)8!/VF((#('$0[[[!}{~!!GV!52%20!:.0:.$0!$)!Z%,%.822!o*0(!)%!*%::%nC!i#8))0!/$!&8.)$(0!8!/$!?0(%*0C!%!48228.8!$(!5*8(% !
#(%!5%2$.%!:0)$2$*%!8!50*$%)8!*0$!A$0**7$[!oL$(%4$28!(8))V0I%22%n!@)%!/8A$($'$0(8!R!/$!Z%.)!Z.%#5BC!A%22%!/$!*%('0($!$..$/85*8(2$C !
5*8(8228C! ,%22#28 ! 85$)%.%(2$! 5*.$228! /% !%#20.$ !5%2$.$*$ !/$ ! :.$4$55$40! :$%(0!}{~ ! 8! $(28.:.82%28 ! /% ! *04$*$! %>>#8..$2$! 8! /% !
*%(2%(2$!8!%22.$*$!2.%I0)>8(2$[!+:822%*0)$!*78!7%((0!A%220!)%!520.$%C!)%!520.$%!/8))V&1+#&."8.4%($%C!i#8))%!$.0($*%!8!%#20$.0($*%C!
*78!5%!.$/8.8!%(*78!/8))8!5#8!/$5>.%'$8C!*78!7%!5,8AA8>>$%20C!58('%!48''$!28.4$($C!)V$4:8.%20.8C!$)!.8>$48C!)%!*8(5#.%C!$ !
:.8>$#/$'$!8!)%!*0..#'$0(8!/8$!:0)$2$*$C!)0!5:$.$20!4$)$2%.$52%C!$!>8(8.%)$C!$!:.8)%2$C!$!6%:$!/$!+2%20[[[!
G?=C?#<=@KU
W?M?@USSl#<?SA@?P#G=CASAE?#U#EICSI@?#SUHU<E?#H?C#!+1!?C#!+8D j"1!5
55
<UNA=JUjG?JS?J=P#4/-%&/4.P#$&.&/#,.66%,,/.-&/P#70'0
IS=GA?#<=EA?CU
?%!$#&.'+&+*!:.0:.$0!#(!50>(0y!+8!5rC!:8.*7R!:8.!2#22%!)%!/#.%2%!8.0!52%20!*0(5%:8I0)8!/$!I8/8.8!2#228!)8!4%($A852%'$0($ !
/$!i#8))%!(#0I%!I$2%!/%))V8528.(0C!%(*0.%!$448.50!(8$!:.8>$#/$'$C!(8))8!%(5$8C!(8))%!5A$/#*$%!/$!i#852%!(052.%!8:0*%!/$ !
/#,,$0 ! 8! /$ ! )022%y! <8. !2#220 !i#8) ! 284:0! }{~ ! 8.% ! *048 !58 !%5:822%55$ ! $) ! 4048(20 ! $(! *#$ !4$ ! %I.8,,8.0! .85:$(20C !*048 !
584,.%I%!I0)8.4$!/$.8!G))8(!*0(!)%!5#%!#)2$4%C!/0)0.05%!0**7$%2%l !u;0C!*05r!(0(!:#j!%(/%.8[!=0$!(0(!:02828!8558.8!/8$!
(052.$C!:8.*7R !%::%.28(828 !% !2%) !:#(20! %!#(!:%55%20 !/V$(A8)$*$2h! *78! )%!(052.% !A8)$*$2h!A$($.8,,8!:8. !52%(*%.I$[!30.(%28!
$(/$82.0C!0.%!*78!*$!%I828!I$52$!8!*78!$!I052.$!0**7$!7%((0!%::.850!*78C!(0(052%(28!2#228!)8!$(A%))$,$)$!4%55$48!/8)!I052.0 !
284:0C!*VR!%(*0.%!$(!58.,0!:8.!$)!40(/0!#(V8.%!/$!i#$828C!i#%(/0!$)!/04$($0!/8))V#040!5#))V#040!5$!5%.h!2.%5A0.4%20!$( !
A.%28))%('%C!(0(!:.$4%[!!30.(%28!$(/$82.0C!%))0.%C!8!A$(*7R!I$I.828!I8/.828!$(20.(0!%!I0$!:8.50(8!*78!5$!5A0.'%(0!/$!$4:0..8!
%/!%)2.8!#(%!I$2%!*78!(0(!R!)%!)0.0C!48(2.8!(0(!5$!*#.%(0!%AA%220!/8))%!:.0:.$%l!>8(28!*78!0/$%!)%!I$2%!%(*78!58!2848!)% !
40.28[!30.(%28!$(/$82.0!8!5$%28!:$g!A8)$*$!:8.!%I8.*$!I$52$C!:8.*7R!%,,$%40!$(A#50!#(!:j!/$!5:8.%('%!(8))%!I052.%!)022%[!
60(2$(#%28!%!I$I8.8!A$(*7k!.$#5*$28C!)022%(/0C!*0(!)%!50AA8.8('%!8!)%!A%2$*%!(8*855%.$8C!:8.!*052.#$.8!%!:0*0!%!:0*0!$)!(#0I0 !
284:0!/8))%!A.%28))%('%C!/8))%!i#$828!8!/8))%!A8)$*$2hv[!+rC!*8.20x!G!58!%)2.$!.$#5*$.%((0!%!I8/8.8!i#8))0!*78!$0!70!I$520C!%))0.% !
:02.j!*7$%4%.)0!#(%!I$5$0(8!:$#220520!*78!#(!50>(0[
_/66/.'#>0))/$
J0&/:/%#3.#-%$$7-#670,0#0#7-!%904.#3/#c7/%&%
0FF%)0#.647-/#4.9/&06/#3/#7-#)0'.-:0#7&09/$&/40j!*+!
<$**0)0!>.#::0!*04:%220C!(0$!*%44$($%40!:8.!#(%!52.%/%!.$:$/%!8!/$AA$*$)8!28(8(/0*$!*0(!A0.'%!:8.!4%(0[!+$%40!/%!0>($ !
:%.28!*$.*0(/%2$!/%!(84$*$!8!/0,,$%40!i#%5$!584:.8!4%.*$%.8!50220!$)!A#0*0[!6$!5$%40!#($2$C!$(!I$.2g!/$!#(%!/8*$5$0(8 !
)$,8.%48(28!:.85%C!%))0!5*0:0!/$!*04,%228.8!$!(052.$!(84$*$!8!/$!(0(!5/.#**$0)%.8!(8)!I$*$(0!:%(2%(0C!$!*#$!%,$2%(2$C!A$(!/%)!
:.$40!4048(20C!*$!7%((0!,$%5$4%20!:8.!%I8.!*052$2#$20!#(!>.#::0!%!:%.28!8!:.8A8.$20!)%!I$% !/8))%!)022%!%))%!I$%!/8))% !
*0(*$)$%'$0(8[!G/!8**0!*78!2%)#($!/8$!(052.$!5$!48220(0!%!>.$/%.8l!mF(/$%40!(8)!:%(2%(0xm[!GC!58!5$!$(*04$(*$%!%!
58
*0(A0(/8.)$C!.$,%220(0l!m678!>8(28!%..82.%2%!5$828x!;0(!I$!I8.>0>(%28!/$!(8>%.*$!)%!)$,8.2h!/É$(I$2%.I$!%!58>#$.8!#(%!I$%!
4$>)$0.8ym[!97C!5C!5$>(0.$C!I0$!5$828!)$,8.$!(0(!50)2%(20!/$!$(I$2%.*$C!4%!/$!%(/%.8!I0$!52855$!/0I8!I0)828C!%(*78!(8)!:%(2%(0E !
/8)!.8520!:8(5$%40!*78!$)!I052.0!:0520!R!:.0:.$0!(8)!:%(2%(0!8!5$%40!:.0(2$!%!/%.I$!$)!(052.0!%$#20!:8.!2.%5:0.2%.I$!$!I052.$ !
:8(%2$[!?%!)%5*$%28!)%!(052.%!4%(0C!(0(!%>>.%::%28I$!%!(0$!8!(0(!$(50''%28!)%!(052.%!>.%(/8!:%.0)%!/8))%!)$,8.2hC!:8.*7k !
%(*78!(0$!5$%40!m)$,8.$m!/$!%(/%.8!/0I8!I0>)$%40C!)$,8.$!/$!*04,%228.8!(0(!50)0!*0(2.0!$)!:%(2%(0C!4%!%(*78!*0(2.0!*0)0.0 !
*78!5$!$(*%44$(%(0!I8.50!/$!8550[ #
ZC?HA>A@#CUJAJ
4O%#Q.)%mj!+1"
T)!50>(0!/$!#(!40/8.(0!#20:$52%!/8I8!(8*855%.$%48(28!/$AA8.8('$%.5$!/%!2#228!)8!%)2.8!#20:$8!8! u(855#(!)#0>0v!8)%,0.%2$!
/%))V#040!:.$4%!*78!L%.P$(!/8558!#(!/8*$5$I0!$4:#)50!%)!:8(5$8.0!#4%(0[!p#8))8!/8)!:%55%20!8.%(0!50*$82h!$44#2%,$)$!8 !
:8.A8228C!A.#220!/$!#(%!A8)$*$2h!:8.!584:.8!%AA.%(*%2%!/%))8!)8>>$!#($I8.5%)$!/8)!*%05!8!/8)!/$50./$(8[!T!)0.0!%,$2%(2$!8.%(0!5%($ !
8!/$!,8))V%5:8220C!#(%!I8.%!>8(8.%'$0(8!/$!#04$($!:.0,$!8!I$.2#05$C!*78!I$I8I%!/8$!A.#22$!*78!)%!28..%!0AA.$I%!)0.0[!F/!855% !
5#**8/8228.0 ! %)2.8 ! >8(8.%'$0($ ! #>#%)48(28 ! :.0,8 ! 8 ! I$.2#058C ! *05r ! %(/%.0(0 ! )8 ! *058 ! A$(*7k ! :$%*i#8 ! %>)$ ! L8$E ! $(2%(20!
:.0>.8550!8!4#2%48(20!5$!%..852%I%(0!$(850.%,$)48(28!*0(2.0!)8!$(I%)$*%,$)$!4#.%>)$8!/$!*#$!2%)$!*04#($2h!5$!*$.*0(/%I%(0[!
&8( !/$I8.5% ! /8I8 ! 8558.8 ! #(% !O20:$% !?0/8.(%l !(0( ! 52%2$*%C !4% ! *$(82$*%C ! (0( ! #(%! *0(/$'$0(8 !:8.4%(8(28 ! i#$(/$C !4%!
4048(20!$/8%)8!A0.$8.0!/$!%)2.$!52%/$!5#**855$I$[!9>>$C!(0(!5$!*8.*%!/$!.85$528.8!%)!:8.8((8!A)#$.8!/8)!4%.8!/8))%!520.$%C!4%!5$ !
:.8A8.$5*8!:$#220520!%558*0(/%.(8!)8!*0..8(2$C!*05r!A%*8(/0!(0(!5$!8/$A$*%(0!:$g!%I%(:052$!5%)/$!8!.85$528(2$C!4%!50*$82h!
8AA$48.8!8!:.8*%.$8!*048!52%2$!>%))8>>$%(2$[!!}{~!GV!(052.0!:.8*$50!/0I8.8!i#$(/$!:8(5%.8!$(!40/0!#20:$*0C!A%.!5r!*$0R!*78!)8 !
$44%>$($!4#)2$A0.4$!*78!*04:0(>0(0!$)!(052.0!40(/0!$/8%)8!8!/8)!2#220!$44%>$(%.$0!/$I8(2$(0!%))%!A$(8!I$I$/8!8!.8%)$[
O%)(%)&#,%0),%#a%66$
7-#7&09/.#'03%)-.j!+15
5D
T!:%.2$2$!50*$%)$52$!/VG#.0:%!A#.0(0!:052$!/%))%!>#8..%!/$(%('$!%/!#(V%)28.(%2$I%!/.%44%2$*%l!%/8.$.8!%)!*0(A)$220C!50528(8.)0 !
8!*0(!*$j!528550!/828.4$(%.8!#(%!5$2#%'$0(8!:%.%/055%)8!/%)!:#(20!/$!I$52%!/8))V$/80)0>$%!8!/%))%!:.%2$*%!/8)!40I$48(20!
50*$%)$52%!s!#($20!$(!#(!T(28.(%'$0(%)8C!%::#(20!50*$%)$52%!J!!8!/$!*0(58>#8('%!5*7$8.%.8!($8!*%4:$!/$!,%22%>)$%C!(8))8!2.$(*88!
*0(2.%::0528!0:8.%$!28/85*7$!*0(2.0!0:8.%$!A.%(*85$C!0:8.%0!$2%)$%($!*0(2.0!0:8.%$!%#52.$%*$ !}{~E!0::#.8 !5*"(*++&#$C!*$0R!
.$A$#2%.8!)%!>#8..%!C!*04,%228.8!*0(2.0!$!>0I8.($!*78!)%!>#8..%!%I8I%(0!I0)#2%!8!i#$(/$!:0.5$!A#0.$!/%!i#8)!*0.0!05%((%(28 !
/8))V!u#($0(8!5%*.%vC!$(!#(%!:05$'$0(8!*8.2%48(28!/$AA$*$)8[[[
CIEA?J=#E?JV=@?
!+!;j"118
<UNA=JUj%))0)/P#$.6F%::.P#479/3/,/.#3%/#9.3)0-/#
@U@I>#J=Z?@I>
HV%./8(28!,.%4%!/$!(0I$2h!*78!/%!>.%(!284:0!7%!*04$(*$%20!%/!%>$2%.8!$!:0:0)$C!/0I8I%!(%2#.%)48(28!/%))V0./$(8!:0)$2$*0!
:%55%.8!(8))V0./$(8!5$4$)8!/8))V8*0(04$%!50*$%)8[!G!/$A%22$!$!:0.28(205$!:.0>.855$!/8))8!%.2$!8!$!(#0I$!4820/$!/8))V$(/#52.$%E!)8!
4#2%28!.8)%'$0($!2.%!:%/.0($!8/!0:8.%$E!)V8558.5$!%**#4#)%2%!)%!.$**78''%!$(!:0*78!4%($!8!)%.>%48(28!85285%!)%!:0I8.2hE!$) !
58(2$48(20!/8))8!:.0:.$8!A0.'8!/$I8(#20!(8))8!*)%55$!)%I0.%2.$*$!:$g!I$I0C!8!)V#($0(8!2.%!)0.0!:$g!$(2$4%E!i#8520!$(5$848!/$!
*058C!*0(!)V%>>$#(2%!/8$!:8>>$0.%2$!*052#4$C!7%((0!A%220!5*0::$%.8!$)!*0(A)$220[!T)!i#%)8!R!/$!2%)8!8!2%(2%!>.%I$2h!*78!2$8(8 !
505:85$!>)$!%($4$!$(!2.8:$/%!%5:822%'$0(8!8!%AA%2$*%!)V$(>8>(0!/8$!/022$C!$!*0(>.855$!/8$!5%:$8(2$C!)8!%5584,)88!:0:0)%.$C!)8!
/8)$,8.%'$0($!/8$!)8>$5)%20.$C!$!*0(5$>)$!/8$!:.$(*$:$C!2%(20!*78!0>>$!(0(!I$!R!i#852$0(8!*78!4%>>$0.48(28!$(28.855$!$)!40(/0[ !
<8.2%(20C!I8(8.%,$)$!A.%28))$C!*$j!*78!%)2.8!I0)28!A%*8440!%!,8(8!/8))%!67$85%!8!%!*04#(8!5%)I8''%!*0(!)8!(052.8!)8228.8 !
8(*$*)$*78 !5#$ ! <028.$ ! :#,,)$*$C!)%! H$,8.2h ! #4%(%C ! )%!6052$2#'$0(8! *.$52$%(% !/8>)$ !+2%2$C! 8/ !%)2.$ ! 5$4$)$! %.>048(2$ !*78! *$ !
:%.I8.0!0::0.2#($!%/!%,,%228.8!8..0.$!A#(852$C!)%!48/85$4%!*05%!*.8/$%40!/$!/0I8.!A%.8!%/8550!:8.!>)$!52855$!402$I$!5#))%!
i#852$0(8 ! 0:8.%$%[ ! 3.%22%440 ! >$h ! i#852% ! 4%28.$%C ! *048 ! *8 ! (8 ! I8((8 ! )V0**%5$0(8 ! :$g ! /$ ! #(% ! I0)2%l ! 4% ! )% ! *05*$8('%!
/8))V%:0520)$*0!(052.0!4$($528.0!*$!4#0I8!%!2.%22%.)%!0.%C!/$!:.0:05$20!8!$(!:$8(0C!%)!A$(8!/$!48228.8!$(!.$)$8I0!$!:.$(*$:$!*0( !
*#$C!58*0(/0!>$#52$'$%!8/!8i#$2hC!5$!/8I8!.$50)I8.8!)%!i#852$0(8[!p#852$0(8!/$AA$*$)8!8!:8.$*0)05%[!L$AA$*$)8C!:8.*7k!%./#%!*05% !
5*
R ! 58>(%.8 ! $ ! :.8*$5$ ! *0(A$($ ! (8))8 ! .8)%'$0($ ! 2.% ! :.0:.$82%.$ ! 8 ! :.0)82%.$C ! 2.% ! *%:$2%)8 ! 8 ! )%I0.0[ ! <8.$*0)05% ! :8.*7k ! #04$($ !
2#.,0)8(2$!8/!%52#2$C!5$!5A0.'%(0!0I#(i#8!/$!A%)5%.8!$!>$#/$'$!8!I0)>8.8!)%!i#852$0(8!52855%!%!:8.2#.,%48(20!/8$!:0:0)$[ !
604#(i#8!5$%C!R!*7$%.0C!8/!$(!*$j!5$!%**0./%(0!2#22$C!*048!5$%!/$!852.84%!(8*855$2h!I8($.!$(!%$#20!58('%!$(/#>$0!8!*0( !
0::0.2#($!:.0II8/$48(2$!%$!:.0)82%.$C!*78!:8.!)%!4%>>$0.!:%.28!5$!2.0I%(0!$(!%55%$!4$58.8!*0(/$'$0($C!$(/8>(8!/8))V#040[ !
<0$*7kC!50::.8558!(8)!58*0)0!:%55%20!)8!*0.:0.%'$0($!/$!%.2$!8!4852$8.$C!58('%!(#))%!5052$2#$.8!$(!)0.0!I8*8C!(8)!284:0!528550!
*78!)8!$52$2#'$0($!8!)8!)8>>$!I8($I%(0!%))0(2%(%(/05$!/%))0!5:$.$20!*.$52$%(0C!%II8((8!*78!:0*0!%!:0*0!>)$!0:8.%$!.$4%(8558.0!
50)$!8!$(/$A85$!$(!,%)$%!/8))%!*#:$/$>$%!/8$!:%/.0($!8!/$!#(%!5A.8(%2%!*0(*0..8('%[!F**.8,,8!$)!4%)8!#(V#5#.%!/$I0.%2.$*8!*78C!
58,,8(8!*0(/%((%2% !2%(28!I0)28!/%))% !67$85%C!*0(2$(#% !)0!528550C!50220!%)2.0!*0)0.8C!%!*%#5%!/$!$(>0./$!5:8*#)%20.$[ !+$ !
%>>$#(>%!$)!40(0:0)$0!/8))%!:.0/#'$0(8!8!/8)!*0448.*$0C!2%(20!*78!#(!:$**0)$55$40!(#48.0!/$!52.%.$**7$!7%((0!$4:0520!
%))V$(A$($2%!40)2$2#/$(8!/8$!:.0)82%.$!#(!>$0*0!:0*0!48(0!*78!58.I$)8[
}{~!G**0C!I8(8.%,$)$!A.%28))$C!/%!*7$!8!$(!*78!40/0!5$!/8,,%!*0(*0..8.8!%))%!50)#'$0(8!/$!5r!%./#0!:.0,)84%[!6$%5*#(0!A%**$% !
)%!:%.28!*78!>)$!5:822%!8!(0(!$(/#>$C!:8.*7k!$)!.$2%./0!:02.8,,8!.8(/8.8!:$g!/$AA$*$)8!)%!*#.%!/$!#(!4%)8!>$h!2%(20!>.%I8[!T!
>0I8.($!I$!5$!%/0:8.$(0!*0(!,#0(8!)8>>$!8!5%>>$!:.0II8/$48(2$E!$!*%:$2%)$52$!8!:%/.0($!%,,$%(0!584:.8!:.858(2$!$!)0.0 !
/0I8.$E!$!:.0)82%.$C!*78!I$!50(0!/$.822%48(28!$(28.855%2$C!A%**$%(0C!(8$!)$4$2$!/8)!>$#520C!i#%(20!:0550(0E!8!:0$*7kC!*048!
%,,$%40!/8220!/%!:.$(*$:$0C!$)!I8.0!8!.%/$*%)8!.$48/$0!(0(!:#j!I8($.8!*78!/%))%!.8)$>$0(8C!5$!:8.5#%/%(0!2#22$!i#%(2$!/8))% !
(8*855$2h!/$!20.(%.8!%))%!I$2%!*.$52$%(%C!58('%!)%!i#%)8!>)$!52855$!%.>048(2$!52$4%2$!:$g!8AA$*%*$C!5$!/$4052.8.%((0!5*%.5$!%) !
,$50>(0[!p#%(20!%))%!67$85%C!855%!(0(!)%5*8.h!4%(*%.8!4%$!8!$(!(855#(!40/0!)V0:8.%!5#%C!)%!i#%)8!20.(8.h!2%(20!:$g !
8AA$*%*8!i#%(20!:$g!5%.h!)$,8.%C!8!/$!i#8520!/8I0(0!:8.5#%/8.5$!5:8*$%)48(28!*0)0.0!*78!7%((0!$)!/0I8.8!/$!:.0II8/8.8!%) !
,8(8!/8$!:0:0)$[
G?G?#CU=JU#kAAA
CUSSU@?#UJEAECAE?j!*+!
9I#(i#8!(8$!:%85$!!*04,%228(2$!)%!*#)2#.%!8!)%!.8)$>$0(8!A#.0(0!%..#0)%28!:8.!>$#52$A$*%.8!8!5%(2$A$*%.8!)%!>#8..%[!H8!>.%(/$ !
:028('8!5$!*0(5$/8.%I%(0!$!4$)$2$!/$!#(%!*.0*$%2%!5%(2%!:8.!)%!/$A85%!/8))%!*$I$)2h!8!)%!5%)I8''%!/8))V#4%($2hC!%550)I8(/0!#(%!
5+
4$55$0(8!/$I$(%[!L$0!8.%!(8))%!2852%!/8)!)0.0!858.*$2$!8!6.$520!2.%!$!50)/%2$!(8))8!2.$(*88[!!}{~!F(*78!)8!*7$858C!(8))%!4%>>$0.!
:%.28!/8$!:%85$!,8))$>8.%(2$C!:%.28*$:%.0(0!%))Vu#($0(8!5%*.%v!/8))%!(%'$0(8!8!5$!5*7$8.%.0(0!:8.!)%!u>#8..%!5%(2%v!/8))0!
+2%20!(%'$0(%)8C!*0(5$/8.%(/0)%!)%!*%#5%!/8))%!18/8C!8!/$8/8.0!%))%!.8)$>$0(8!/8))%!:%2.$%!$)!50528>(0!8!$)!*0(A0.20!/8))% !
.8)$>$0(8!*.$52$%(%[!H%!>#8..%!/$!:028('%!/$I8((8!8AA822$I%48(28!>#8..%!/$!*#)2#.%C!)%!>#8..%!/8))8!%.4$!/$I8((8!>#8..%!/$!
$/88C!>#8..%!/$!*$I$)2hC!>#8..%!/$!.8)$>$0(8[
U>ACA=#KUJSACU
C!.904.6/$$%#3%66.#'03%)-/&.!j"11*
<UNA=JUj/-,%,-%)/.#-.F.6%P#H.F0$P#&7)(.'%-&0
().-/#H?#C?#>=JS?KJ?#AJE?JS?S?
O(!584:)$*8 !>$0I%(0220!8.% !:%.2$20!(8) !*0)40 !/8))V852%28!/%!F4,#.>0C!5#%!*$22h!(%2%)8C!:8.!L%I05!<)%2'!(8) !6%(20(!
".$>$0($[!F(/%I%!$(!I$5$2%!:8.!2.8!5822$4%(8[!L%!F4,#.>0!A$(!)%55Ñ!:8.j!$)!I$%>>$0!R!)#(>0C!2.0::0!)#(>0C!%!/$.!$)!I8.0C!:8. !
#(!50>>$0.(0!*05!,.8I8[!+$!:%55%!%22.%I8.50!:%.8**7$!:%85$C!$(!5%)$2%!8!$(!/$5*85%C!/%))V%)2$:$%(0!/8))%!"8.4%($%!48.$/$0(%)8 !
5$(!>$Ñ!%))8!.$I8!/8)!m?%.8!5I8I0m!8!*0)!,%228))0!5#))8!5#8!0(/8!2.840)%(2$C!50:.%!%,$55$!*78!#(!284:0!8.%(0!*0(5$/8.%2$ !
$(85:)0.%,$)$[!L$!)!$)!I$%>>$0!5$!A.%'$0(%!/0:0!8558.!:.0>.8/$20!*040/%48(28!:8.!)$(88!/$.8228[!+$!7%((0!$(28..#'$0($!8 !
$(20::$[!;8$!:.855$!/$!-0.5*7%*7C!)0*%)$2h!$(!28..$20.$0!5I$''8.0C!*$!5$!%AA$/%!/$!(#0I0!%))%!A8..0I$%C!4%!5$!%..$I%!50)!2%(20!A$(0 !
%!H%(/i#%.2C!#(%!:$**0)%!52%'$0(8!%):$(%!/0I8!5$!R!*052.822$!%!*%4,$%.8!2.8(0[
L0:0!#(%!5052%!:$#220520!)#(>%!$(!i#8))%!'0(%!I8(205%!8!:0*0!%22.%8(28C!5$!:.8(/8!#(%!)$(8%!%!5*%.2%48(20!.$/0220C!8!(8) !
4048(20!$(!*#$!)%!)0*0402$I%C!:$**0)%!4%C!*048!5$!I8/8C!/02%2%!/V$(50)$2%!:028('%!/$!2.%'$0(8C!5$!48228!$(!4020C!*04$(*$% !
)%!:%.28!:.0:.$%48(28!%II8(2#.05%!/8)!I$%>>$0C!#(%!5%)$2%!.$:$/%!8!*052%(28!*78!:%.8!(0(!/8,,%!A$($.8!4%$[
T(A%22$!)%!52%'$0(8!/$!H%(/i#%.2!5$!2.0I%!%!#(V%)28''%!.8)%2$I%48(28!40/852%E!0.%!$(I8*8C!:8.!#(%!I$%!5*05*85%!2.%!.0**8!
58)I%>>8C!5$!40(2%!/%II8.0!I8.50!)V%)2%!40(2%>(%[
81
W%(5!6%520.:!@*05!5$!*7$%4%I%!$)!>$0I%(8BC!*0(!#(%!I%)$>822%!/$!*0**0/.$))0C!/0(0!/8)!5#0!2#20.8!8!'$0C!$)!*0(50)8!3$8(%::8) !
@:8.!/$.8!5#,$20!%(*78!i#8520!(048BC!*0)!5#0!*%::0220!$(I8.(%)8C!*78!05*$))%I%!%::850!%!#(!>%(*$0C!8!)%!*0:8.2%!/%!I$%>>$0 !
%..020)%2%C ! 5$ ! 2.0I%I% ! 50)0 ! 5#$ ! *#5*$($ ! >.$>$ ! /$ ! #( ! :$**0)0 ! *04:%.2$48(20E ! 28(8I% ! $) ! A$(852.$(0 ! %:8.20 ! 8C ! 5$**048 ! $) !
:048.$>>$0!5$!A%*8I%!584:.8!:$Ñ!A.85*0C!$)!A$>)$0!/$!:%:hC!/8)$*%20!*04V8.%C!%I8I%!%)'%20!$)!,%I8.0!/8)!50:.%,$20!852$I0C!
%4:$0!58*0(/0!)%!40/%!8!A0/8.%20!/$!582%[
+#)!58/$)8C!%**%(20!%!)#$!*V8.%!#(!)$,.0!$(!,.055#.%C!$(2$20)%20!T($&).'+$&-'3"/'!*78!%)!:.$(*$:$0!/8)!I$%>>$0!8>)$!%I8I%!0>($!
2%(20!*04:#)5%20E!0.%!$(I8*8!52%I%!)h!2.%5*#.%20C!48(2.8!)V$(I%/8(28!.85:$.0!/8))%!)0*0402$I%!%(5$4%(28!(8!$(5#/$*$%I%!)%!
*#520/$%!*0(!,.#5*0)$!/$!*%.,0(8[!L#8!>$0.(%28!/$!I$%>>$0!%))0(2%(%(0!)V#040!@5:8*$8!)V#040!>$0I%(8!)8!*#$!.%/$*$!50(0 !
%(*0.%!:0*0!%,,%.,$*%28!%))%!I$2%B!/%)!40(/0!/$!2#22$!$!>$0.($C!/%!i#8))$!*78!8>)$!*0(5$/8.%I%!/0I8.$C!$(28.855$C!%AA%(($C !
:.8I$5$0($C!%55%$!:$Ñ!/$!i#%(20!(0(!%,,$%!$44%>$(%20!48(2.8!)%!*%..0''%!)0!:0.2%I%!%))%!52%'$0(8[
H0!5:%'$0!*78!.020)%(/0!8!A#>>8(/0!5$!/$:%(%!2.%!)#$!8!)%!5#%!.85$/8('%!5I$)#::%!A0.'8!*78!/$!50)$20!5$!*.8/0(0!.$58.I%28!%) !
284:0E !/$!0.% !$(!0.% !:.0I0*% !4#2%48(2$!$(28.$0.$ !40)20!5$4$)$!%! i#8))$ !%22#%2$!/%) !284:0C!*78!:8.j!$( !*8.20!40/0 !)$ !
5#:8.%(0[!6048!i#852V#)2$40C!8550!>8(8.%!0,)$0C!4%!)0!A%!52%**%(/0!)%!:8.50(%!/%$!5#0$!.%::0.2$!8!2.%5:0.2%(/0!)V#040!$( !
#(0!52%20!/$!)$,8.2h!0.$>$(%.$%[[[!%('$C!2.%5A0.4%!$(!#(!,%)8(0!:8.5$(0!$)!:8/%(28!,0.>7858!$(!#(%!5:8*$8!/$!I%>%,0(/0[
T)!284:0C!5$!/$*8C!R!0,)$0E!4%!%(*78!)V%.$%!/8))8!)0(2%(%('8!R!#(!A$)2.0!/8))0!528550!>8(8.8C!8!58!%(*78!/0I8558!%>$.8!48(0!%!
A0(/0C!$(!*04:8(50!)0!A%!*0(!4%>>$0.8!.%:$/$2h[!3%)8!A#!%(*78!)V85:8.$8('%!/$!6%520.:[!G>)$!(0(!%I8I%!I0)#20!%22.$,#$.8!
:%.2$*0)%.8!$4:0.2%('%!%!i#8)!I$%>>$0C!(k!:%.28*$:%.I$!*0(!2#22%!)V%($4%[!G.%!52%20!$(I8*8!/8)!:%.8.8!/$!5,.$>%.)0!$(!A.822%!
:8.*7k!8.%!(8*855%.$0!A%.)0C!/$!.$20.(%.8!2%)8!8!i#%)8!*048!8.%!:%.2$20!8!/$!.$:.8(/8.8!)%!5#%!I$2%!85%22%48(28!(8)!:#(20!$( !
*#$!:8.!#(!4048(20!%I8I%!/0I#20!)%5*$%.)%[!1$(0!%)!>$0.(0!:.$4%!8.%!52%20!$448.50!(8))%!50)$2%!*8.*7$%!/$!:8(5$8.$C!%I8I%!
.$A)822#20!5#)!.8*8(28!:%55%20C!5#)!5#0!85%48C!8!5#))V$448/$%20!A#2#.0C!5#)!5#0!$(>.8550!*048!:.%2$*%(28!(8))%!/$22%!3#(/8. !
Ö ! ]$)45 ! @*%(2$8.8 ! (%I%)8C ! A%,,.$*% ! /$ ! 4%**7$(8 ! 8 ! :.0/#'$0(8 ! /$ ! *%)/%$8B ! 8 ! %I8I% ! 50.I0)%20 ! 5# ! i#8))8 ! 2.8 ! :.055$48 !
5822$4%(8!*0(!i#8)!2%(20!/V$4:%'$8('%!*78!$)!5#0!*%.%228.8!*0(58(2$I%[!9.%!:8.j!>)$!:%.8I%!*78!)8!*$.*052%('8!.$*7$8/8558.0 !
2#22%!)%!5#%!%228('$0(8!8!(0(!A0558!)8*$20!:.8(/8.)8!50220!>%4,%[!p#8)!58(2$.5$!50))8I%20!$(!.8>$0($!(8))8!i#%)$!(0(!%I8I%!
4%$ ! .85:$.%20C ! /0I8C ! *048 ! 5%:8I%C ! .8>(%I%(0 ! *0(/$'$0($ ! /$ ! I$2% ! /8) ! 2#220 ! $(50)$28C ! 5:8*$A$*%48(28 ! 5*%.(8 ! 8 ! .%.8A%228C!
*04$(*$j!%!8**$2%.)0C!%!48228.>)$!%//0550!#(%!*8.2%!%(5$82h[!H%!5#%!*%5%!8!)%!I$2%!0./$(%2%!8.%(0!(0(!50)0!%55%$!)0(2%(8C!4%!
%('$2#220!40)2$!482.$!:$Ñ!$(!,%550!/$!)#$C!*78!%(*0.%!*0(2$(#%I%!%!5%)$.8[!+05:850!A.%!i#8))8!8!)V$>(020!5$!/04%(/%I%!*048 !
58!)%!5%.8,,8!:%55%2%!)%55Ñ[!;0(!8.%!A0.58!:.#/8(28!8!:.8>$#/$'$8I0)8!*78C!(%20!8!%II8''0!%!.85:$.%.8!50)2%(20!i#%)*78!
482.0 ! 50:.% ! $) ! )$I8))0! /8) ! 4%.8C! 5$ ! A%*8558 ! 2.%5A8.$.8 ! %))V$4:.0II$50 ! $( ! i#8))8 ! .8>$0($ ! 852.848 ! 58('% ! 8558.5$ ! 2.%228(#20 !
8!
%)48(0!#(!:%$0!/$!>$0.($!$(!#(!)#0>0!/$!48/$%!%)28''%[!L85$/8.j!/$!8558.8!%))%!482%C!:8.*7k!#(%!I0)2%!)%55ÑC!:8(5%I%C !
5%.8,,8!I$55#20!*048!/%::8.2#220!58('%!/0I8.!.$A)8228.8C!*048!0.%!/#.%(28!)%!5%)$2%C!$(!i#%)$!'0(8!5*0(I8($8(2$!5$!2.0I%558[!
"#%./j!/%)!A$(852.$(0l!$)!2.8(0!:8.*0..8I%!#(%!*#.I%!5#!#(0!52.8220!:%55%>>$0E!5$!I8/8I%(0!)8!:.$48!*%..0''8C!5$!I8/8I%!)%!
)0*0402$I%!*78!A%2$*%(/0!)%(*$%I%!>)0,$!/$!A#40!,.#($C!I8./$!8!(8.$C!*78!5$!/$5:8./8I%(0!(8))V%.$%[!F*i#8!.#40.8>>$%I%(0 !
$(!,%550!%!/852.%E!%!5$($52.%!*V8.%(0!%,82$!5*#.$!*78!2.%!4%55$!8!.0**8!5$!)8I%I%(0!I8.50!#(!*$8)0!>.$>$0!*048!)%!:$82.%[ !
+V$(*0(2.%I%(0!>%))8.$8!2#228!,#$8C!8!%::8(%!5$!.$A%*8I%!>$0.(0C!%4:$!%,$55$!5$!5:%)%(*%I%(0!*0(!I$))%>>$!5#)!A0(/0[!<0$!5$!
*7$#/8I%(0C!(#0I8!>0)8!58>#$I%(0!*0(!2.%**8!/$!(8I8!(8))8!A8(/$2#.8!8!(8$!50)*7$[!+$!A%*8I%(0!A8.4%28!%!4$58.8!52%'$0(*$(8C!
52%'$0($!/$!2852%!*78!$)!2.8(0!)%5*$%I%!*0..8(/0!$(!/$.8'$0(8!0::052%C!$(>8(8.%(/0!*0(A#5$0(8!:8.*7k!#(0!(0(!5$!0.$8(2%I% !
:$Ñ!8!(0(!5$!.8(/8I%!*0(20!/8$!:#(2$!*%./$(%)$[!".%(/$05$!8!I%52$!:%(0.%4$!/$!i#8)!5%*.0!A%(2%54%>0.$*0!40(/0!/$!I8228!
*78!R!)V%)2%!40(2%>(%C!(8)!i#%)8!5$!52%I%!5%)8(/0!8!8(2.%(/0C!5$!%:.$I%(0!%))V0**7$0!.$I8.8(28!8C!%))8!5I0)28C!%(/%I%(0!/$ !
(#0I0!:8./#2$[!6%520.:!*0(5$/8.j!*78!%I8I%!)%5*$%20!50220!/$!5k!)%!'0(%!/8>)$!%),8.$!/%!A.0(/%C!:.0,%,$)48(28!%(*78C!58!,8( !
5$ !%::0(8I%C ! i#8))%! /8>)$ !#**8))$ !*%(0.$C! 8! i#852%!$/8% !/8) !*855%.8! 8! /8))V$4:0I8.$.5$! A8*8 !5 !*78C! :.850!/% ! #(! )8>>8.0 !
*%:0>$.0!8!4%)8558.8C!5$!*0:.$558!>)$!0**7$!:8.!/#8!58*0(/$[!T)!2#.,%48(20!:%55j!8/!8>)$!(02j!*78!)%!5%)$2%!8.%!%)!28.4$(8C!$)!
I%)$*0!5#:8.%20[!+#)!A0(/0I%))8!:$%(8>>$%(28!$)!2.8(0!:.0*8/8I%!:$Ñ!5:8/$20[!G.%(0!*$.*%!)8!0220C!$)!>$0.(0!:.8I%)8I%!%(*0.%[!
;8)!:%85%>>$0!)0(2%(0!%::%.I8!#(!)%>0[
H0!5:8**7$0!8.%!>.$>$0C!8!(8.$!,05*7$!/$!%,82$!40(2%I%(0!/%))8!.$I8!5#))8!%)!2#.8!*$.*052%(2$C!:$Ñ!5#!5$!%(/%I%(0!/$.%/%(/0C !
5$!:8./8I%(0!8!)%5*$%I%(0!/$82.0!/$!5k!)8!.0**8!,.#))8!8!>.$>$%52.8[!T)!2.8(0!5$!A8.4j!%!#(%!:$**0)%!52%'$0(8C!8.%!L%I05JL0.AC !
*048!6%520.:!#/!%((#(*$%.8C!2.%!:0*0!5%.8,,8!%..$I%20!%!/852$(%'$0(8[
F!#(!2.%220!58(2!%**%(20!%!5k!)%!I0*8!/$!D0%*7$4!S$84558(C!)%!*%)4%!I0*8!%4,#.>7858!/$!5#0!*#>$(0!*78!/$*8I%l!G7$C!2#C!
,#0( ! >$0.(0C! 5*8(/$ ! :#.8x ![ !G ! *048 ! 5$ !5:0.58C! I$/8 ! 50220! $) ! A$(852.$(0 !D0%*7$4 ! $(! :8.50(% !5#) ! 4%.*$%:$8/8C ! $( !#)528.!
4%..0(8C!%!*%:0!5*0:8.20C!*0(!#(%!*8.%!5%(%!*048!(0(!4%$!$(!I$2%!5#%[!-$/8I%!8!.$:82kl!+*8(/$!:#.8C!(0(!A%.!*04:)$48(2$x!
?%!(0(!50(0!%(*0.%!%..$I%20!0,$822j!6%520.:!*0(A#50C!.$4%(8(/0!58/#20[!+!*78!58$!%..$I%20[!p#8520!R!L0.A[!L$!i#$!R!:$Ñ!
,.8I8!:8.!$)!5%(%20.$0[!
&O0'.$#'.--
6.#'0-&.,-.#/-4.-&.&.j!+";
8"
GU@#VAJA@U#X0#/-/:/.)%Y#E=JBBB
6%.$55$40!<%/.8C!
/$!.8*8(28!4$!7%$!/04%(/%20!:8.*7R!50528(>0!/$!%I8.!:%#.%!/$!28[!6048!%)!50)$20!(0(!70!5%:#20!.$5:0(/8.2$!
($8(28C!$(!:%.28!:.0:.$0!:8.!)%!:%#.%!*78!70!/$!28C!$(!:%.28!:8.*7R!i#852%!:%#.%!5$!A0(/%!5#!#(%!i#%(2$2h!2%)8!/$ !
/822%>)$ ! *78 ! :%.)%(/0 ! (0( ! 5%:.8$ ! *00./$(%.)$ ! (8::#.8 ! :%55%,$)48(28[ ! G ! 58 ! %(*78 ! 28(20 ! /$ ! .$5:0(/8.2$ ! :8.!
$5*.$220C!$)!4$0!28(2%2$I0!5%.h!(8*855%.$%48(28!%55%$!$(*04:)820C!5$%!:8.*7R!%(*78!(8))0!5*.$I8.8!4$!50(0!/$ !
052%*0)0!)%!:%#.%!*78!70!/$!28!8!)8!5#8!*0(58>#8('8C!5$%!:8.*7R!)%!I%52$2h!/$!4%28.$%)8!5#:8.%!/$!>.%(!)#(>%!)%!4$% !
4840.$%!8!$)!4$0!$(28))8220[[[
V@?JN#W?Qb.
CUSSU@?#?C#G?H@Uj!+!+
82
8;
85
88
8D
8*
8+
"2#$%&&%'()%#"1!;#Siria,la città diRaqqa bombardata daidroniamericani
«
ELPAÍS»
"5#0&&0()%#"1!;#SullecollinediKobaneguardandola battaglia finale.Città a confinetra Siria e
Turchia,sottoibombardamenti
"#Q%(()./0#"1!5#GliUsa puntanoad armareKiev,vicinia una guerra perl'
Ucraina?
«
CORRI
ERE DELLASERA»
!D#Q%(()./0#"1!5 Libia,guerra costerebbe5
0mortia settimana
«
LI
BÉRATI
ON»
21#,/7,-0#"1!5#Ucraina,ilpresidentePoroshenko:“
Putin non rispetta ipatti. Chiediamoarmipesanti
agliUSA”
"D#67,6/0#"1!5#Sesso,soldi,politica ecocaina:l'
infinita storia degliintreccitra scandaliepotere
«
BI
LDZEI
TUNG»"#<USSU'()%#"1!5#La nuova Merkelnelcuoredell'Europa divisa
"8#0&&0()%#"1!5#Frontiera Melilla,perisirianiun nuovomuroprima dell'
Europa
«
LAREPUBBLI
CA»
«
LE FI
GARO»!2#-0F%'()%#"1!5 Comesonoarrivatelearmia Parigi?
2#3/4%'()%#"1!5#La Turchia nell'
Unione?BuonanotteEuropa
8#,%--./0#"1!8#IranArabia alla guerra delpetrolio:maxiscontridiRiad perl'
Europa
D1
….
.
WWW.
CARI
SSI
MI
PADRI
.
I
T
WWW.
EMI
L
I
AROMAGNAT
EAT
RO.
COM
HT
T
PS:
/
/
WWW.
YOUT
UBE.
COM/
CHANNEL
/
UCJ
MW_OPVEAENHBH029I
T
GUW
D!
Scarica

scarica il libretto di sala