Buscar

Usos e abusos da função punitiva

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes
Você viu 3, do total de 18 páginas

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes
Você viu 6, do total de 18 páginas

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes
Você viu 9, do total de 18 páginas

Faça como milhares de estudantes: teste grátis o Passei Direto

Esse e outros conteúdos desbloqueados

16 milhões de materiais de várias disciplinas

Impressão de materiais

Agora você pode testar o

Passei Direto grátis

Você também pode ser Premium ajudando estudantes

Prévia do material em texto

!"!"#$%&'#()*+,-.*'#/"#01'#2"#34560'#7*/"89*)"#0::4
!"#"$%$&'!"#"
(&$)!*+,#
-!*./.0&
!"#$%&%'()*+,+-(.)()/
0%1(%&/)21+.%3(%1/4
!"#$%&'()*%$+,-./,%)'0'()*$)+)'1/"2)'3)*40+#50*
(.1%./#$2.0.3
!%;<=>
%?*9./*9#@#./+A.ABA@#C@+#2B/.A.DE#C*9*FE+'#@#GB*-#2@CE#+E)#A)*CBH.C@#I@9@#J./CE/.H*KL@#2B/.A.D*M'#E#+B*#I@92*A.N.-.C*CE#I@9#@#O.)E.A@#N)*+.-E.)@'
B9*#DEH#GBE#E++*#2E/*#DE9#I@/GB.+A*/C@#2)@F)E++.D*#*IE.A*KL@#/*#C@BA)./*#E#7B).+2)BCP/I.*"
Q)*HE9#R#I@-*KL@#7B-F*C@+#@I@)).C@+#/@+#%+A*C@+#</.C@+#C*#S9T).I*#GBE#E?E92-.U.I*9#@+#9EI*/.+9@+#E#-.9.AE+#C@+#2B/.A.DE#C*9*FE+'#+E/C@'#/E++E+
I*+@+'#I@/+.CE)*C@#.92)E+I./C,DE-'#2*)*#+E#*-I*/K*)#)E+B-A*C@#VA.-#I@9#*#2B/.KL@82)EDE/KL@'#*#I@92)@D*KL@#CE#E-E9E/A@+#+BN7EA.D@+#*#9*)I*)E9#*
I@/CBA*#C@#@UE/+@)"
W@#()*+.-'#*-EF*9'#@#./+A.ABA@#C@+#2B/.A.DE#C*9*FE+'#/L@5)*)@'#T#I@/UB/C.C@#I@9#@#I*)XAE)#2B/.A.D@#*++@I.*C@#R#./CE/.H*KL@#C@#C*/@#E?A)*2*A).9@/.*-'
+E/C@#./D@I*C@'#9B.A*+#DEHE+'#2*)*#I@/UE).)#I*)XAE)#E?E92-*)#*#IE)A*+#CEI.+YE+"#Q*-#/L@#+E#7B+A.U.I*'#B9*#DEH#GBE#@#+.+AE9*#N)*+.-E.)@#@UE)EIE#*92-*+
2@++.N.-.C*CE+#CE#+*A.+U*HE)'#./CE/.H*)#@B#I@92E/+*)#@+#C*/@+#9@)*.+'#A*/A@#/@#/@D@#$ZC.F@#$.D.-#GB*/A@#/*#$@/+A.AB.KL@#[ECE)*-"
\S]S^!S;5$_S^%
O.)E.A@#$.D.-`#C*/@#a#E?A)*2*A).9@/.*-'#9@)*-`#/@D@#$ZC.F@#$.D.-#a#*)A+"#bcc'#b46'#b4c`#)E+2@/+*N.-.C*CE#a#I.D.-'#@N7EA.D*'#+BN7EA.D*`##2B/.A.DE#C*9*FE+`
O.)E.A@#a#N)*+.-E.)@'#*/F-@5+*?L@"
!# !"#$%&'#()*+,-.*'#/"#01'#2"#34560'#7*/"89*)"#0::4
!"#$%&'()%
$%&'()*+,-%&.&/01(21&)3-45%&3%6)0&7(%89):16&;(16-9)-(%6&3)<=2(%'%9%>-1?&):&!@AB?&19)(C
21D1&E-98)(2%&F()G()&'1(1&1&-:'%(2H=C
,-1&3)&6)&12)=21(&1%6&313%6&6%,-%9IC
>-,%6&)&1=2(%'%9I>-,%6&=1&1=+9-6)&3%6
'(%89):16&=1,-%=1-6J&$%&6)0&)=2)=C
3)(?&1&,%:'())=65%&3)66)6&'(%89)C
:16&=5%&6)(-1&19,1=4131&=):&')9%
1')>%&6-:'9-621&.6&6%904K)6&L0(M3-,%C
'%9M2-,16?& =):& ')9%& -=>N=0%& '1=C
),%=%:-6:%&:)66-H=-,%& )=25%& ):
D%>1?&=):&'%(&/01-6/0)(&%02(16&61MC
316&/0)?&3)6,%=O),)=3%&%6&=%66%6
313%6&,0920(1-6&3)&816)?&=131&:1-6
)621(-1:&1&6->=-*-,1(&0:1&)6'P,-)&3)
'(%>()66%&-=&D1,0%&Q&-(()6'),2-D)&%*
2-:)&1=3&'91,)&%(&%*&:1=R6&)S2)(=19
)=D-(%=:)=2 !J
<&%86)(D145%&=%6&'1(),)&12019
)&%'%(20=1&=5%&1')=16&'1(1&%&)S1:)
3%6& T'(%89):16& 8(16-9)-(%6U&:16
,%:%&1D-6%&3)&:P2%3%&=%&V-()-2%&W%:C
'1(13%J&F)9-X:)=2)?&:1-6&)&:1-6&6)
1*-(:1&1&-3P-1&31&,%:'1(145%&,%:%
,%=6,-N=,-1&31&192)(-313)?&31&3-62H=C
,-1?&316&3-*)()=416&,0920(1-6?&P&3-X)(?
316&6-=>091(-313)6&-=6,(-216&):&3)C
2)(:-=1316&2(13-4K)6&L0(M3-,16J&WO)C
>1C6)&:)6:%&1&*191(?&):&D)X&3)&T,%:C
'1(145%&L0(M3-,1U?&=1&T1=+9-6)&3-*)()=C
,-19&316&L0(-6,0920(16UY?&1'%=21=3%C6)
.&601&*0=45%&):-=)=2):)=2)&,(M2-,1B
)&12P&:)6:%&T608D)(6-D1U&3%&3%>:1C
2-6:%&)&316&,%=,)'4K)6&)62)()%2-'1C
316ZJ&&[66)6&=%D%6&3-(),-%=1:)=2%6
)=6)L1:&1&092(1'1661>):&31&,%:'1C
(145%&L0(M3-,1&,%:%&0:&)S)(,M,-%&3)
TL%(=19-6:%&L0(M3-,%U&\)621:'13%&=1
25%&)=*13%=O1&/01=2%&,%((-/0)-(1&L06C
21'%6-45%&316&()>(16&9)>1-6&3%6&TV-C
()-2%6U&=1,-%=1-6]?&%0&,%:%&0:&T20(-6C
:%&3%&,%=O),-:)=2%"U?&-=>)=01:)=C
2)&&3)69-X1=2)&'%(&6%8()&16&60')(*MC
,-)6&3)& O%(-X%=2)6& O)(:)=N02-,%6#
/0)& 65%?& *0=31:)=219:)=2)?& 3)6-C
>01-6&)&-=2(130XMD)-6AJ&^ 1:8P:&1%&2(1C
21(&31&,%:'1(145%&L0(M3-,1?&=5%&3)C
D):%6&)6/0),)(&3%&)=6-=1:)=2%&3)
;)=L1:-=_&31=6&;(%2&)2&'1-=& 9)&D-6P
)62&1660(P:)=2&9)&:N:)?&:1-6&=%=&91
:1=-`()&3)&9)&D-6)(&aJ
^)():%6?&166-:?&')(:1=)=2)C
:)=2)&'()6)=2)6&16&3-*)()=2)6&2(13-C
4K)6&L0(M3-,16&Q&1&=%661&)&1&1=>9%C
61Sb=-,1&Q&=%&)S1:)&3)&0:&-=62-202%
25%&()D)913%(&3)&0:&:%3%&3)&D)(&%
:0=3%& ,%:%& %& 65%& %6& '0=-2-D)
31:1>)6J&&c&)S1:)&3)&601&&,%:'1C
2-8-9-313)?&%0&=5%?&,%:&%&V-()-2%&8(1C
6-9)-(%&\2)=3%&):&D-621&1&'(%>()66-D1
1,)-2145%&/0)&)661&')=1&D):&,%=C
/0-621=3%&=1&3%02(-=1&)&=1&L0(-6'(0C
3N=,-1@]&=5%&6)&1*1621(+?&166-:?&31
12)=45%&1%&90>1(&,%:%&()/0-6-2%&3)
:P2%3%?&/0)&6->=-*-,1&1&12)=45%&1%
6-62):1&,-D-9C,%=62-20,-%=19&31&()6'%=C
618-9-313)&'%(&31=%6&)&1&,%=6-3)(1C
45%?&1-=31&/0)&-:'9M,-21?&1%6&313%6
1=2(%'%9I>-,%6?&1%6&2(14%6&/0)&3)9-C
=)-1:&16&3-*)()=2)6&*1,)6&,0920(1-6!d?
%6&T)62-9%6U&&%0&%&)2O%6&3)&,131&'1M6!!?
1-=31&/0)& D-D1:%6?& O%L)&:1-6&/0)
=0=,1?& ):&6%,-)313)6&,%:'9)S16?
:1(,1316&')91&,%=D-DN=,-1&3)&D+(-16
2):'%(19-313)6&)&')91&60')('%6-45%
3-=H:-,1&3)&2(H=6-2%6&,0920(1-6!YJ
^19&/019&3)9-=)131&=1&2(13-45%
1=>9%C61S5!B?& 1& *->0(1&3%6&'0=-2-D)
31:1>)6&&'%3)&6)(&1'())=3-31?&=0:1
*%(:1&-=2(%302I(-1&)&:0-2%&>)(19?&')91
-3P-1&3)&$+#0+$2)67/'8"+$%$9)&\)&=5%
T31=%&'0=-2-D%U?&,%:%&.6&D)X)6&6)&9N]J
^1:8P:& ,O1:13%6& )S):'91(G
31:1>)6?& D-=3-,2-D)& 31:1>)6& %0
6:1(2&:%=)G?&,%=6-62):&=1&6%:1&):
3-=O)-(%&,%=*)(-31&1%&102%(&3)&0:1
145%&-=3)=-X12I(-1&):&D19%(&)S'()66-C
D1:)=2)&60')(-%(&1%&=),)66+(-%&.&,%:C
')=6145%&3%&31=%?&2)=3%&):&D-621&1
30'91& *-=19-313)& 3)& '0=-45%
\'0=-6O:)=2]&)&'()D)=45%&')91&)S):C
'91(-313)&31&'0=-45%& \3)2)(()=,)]
%'%=3%C6)&Q&=)66)&16'),2%&*0=,-%=19
Q&1%6&,%:')=612%(G&31:1>)6?&/0)
,%=6-62):&=%&:%=21=2)&31&-=3)=-X1C
45%&,%:'12MD)9&%0&)/0-D19)=2)&1%&31=%
,10613%?&12(-80M3%&,%:&%&%8L)2-D%&3)
()661(,-(&%&'()L0MX%J
7%(&3)6):')=O1(?& *0=,-%=19C
:)=2)?&%&30'9%&'1')9&3)&'0=-(&%&,09C
'13%&\%&102%(&3%&31=%]&)&3)&6)(D-(
,%:%&3-660165%&31&'(+2-,1&3)&,)(2%
,%:'%(21:)=2%& 6%,-19& \T)S):'91C
(-313)U]?&1&*->0(1&2):&(),)8-3%&12)=C
45%&31&3%02(-=1&)&31&L0(-6'(03N=,-1
3)&'1M6)6&,0L1&2(13-45%&P&Q&):&2):1
3)&()6'%=618-9-313)&,-D-9&Q&81621=2)
3-D)(61?&:%3)9131&=1&-3P-1&31&()'1C
(145%&3%&31=%&%0&=1&*0,%$%"$67/&1%
62120&/0%&1=2)&%0&=1&:/;80+,)67/
:%=)2+(-1&3%&'()L0MX%&6%*(-3%&\=%&L0MX%
,MD)9]?&,18)=3%&%&'1')9&3)&'0=-(&1%
L0MX%&')=19?&)S,906-D1:)=2)&=16&O-'IC
2)6)6&'()D-1:)=2)&2-'-*-,1316&):&9)-J
<& 12(145%& )S)(,-31& ')9%6& '0=-2-D)
31:1>)6&)62+?&L0621:)=2)?&=1&092(1C
'1661>):&3)661&,-65%?&-=2(%30X-=3%
=1&()6'%=618-9-313)&,-D-9&\)?&'%(21=C
2%?&):&:12P(-1&60L)-21&1%&L0MX%&,MD)9]&1
-3P-1&3)&T')=1&'(-D131U!ZJ
W%:&)*)-2%?&16&'()%,0'14K)6
:1-6&(),)=2)6&31&,-D-9M62-,1&,%:&1&L06C
2-41&3-62(-802-D1& Q& =%2131:)=2)& ):
,1:'%6&3)& 1921& 3)=6-313)& 6%,-19?
,%:%&%&V-()-2%&<:8-)=219&)&%&3-()-2%
316&()914K)6&3)&,%=60:%&3)&:1661
Q&3)6:)=2):&%&3-2%&3)&e%=&fO)(-=>
6)>0=3%&%&/019&1&O-62I(-1&31&')=1
'(-D131&P&1&O-62I(-1&31&601&3),13N=C
,-1!"?&()=%D1=3%&%&3)812)&1,)(,1&3%
'%66MD)9& ,1(+2)(& 61=,-%=13%(& )
3-66016I(-%&31&()6'%=618-9-313)&,-C
D-9J&c&1=2->%&-=62-202%?&D%9213%&1&*08)-
*)*&31=%6&-=L0621:)=2)&6%*(-3%6&')C
9%6& -=3-DM30%6?&=5%&)621(-1& -:0=)&1
*)=b:)=%6&6%,-1-6&'(I'(-%6&316&6%C
,-)313)6&O-')(C-=3062(-19-X1316&=):
.6&)6,%9O16&L0(M3-,%C1S-%9I>-,16&3)6C
616&:)6:16& 6%,-)313)6?& 219& /019?
)S):'9-*-,12-D1:)=2)?&1&'(%2)45%&1%
,%=60:-3%(&,%:%&60L)-2%&L0(M3-,%&):
6-&:)6:%&D09=)(+D)9!#&%0&&1&,9166-*-C
,145%&3%&:)-%&1:8-)=2)&)=2()&%6&8)=6
3)&06%&,%:0:&3%&'%D%?&,%:&,1(+2)(
3)&0,,0+:$)5$#)#0&.&613-1&/019-313)
3)&D-31?&,%:%&*1X&1&W%=62-20-45%&8(1C
6-9)-(1!AJ&<*-(:1C6)&,%:%&=),)66+(-%
0:& -=62-202%& 1'2%& 1& ,%-8-(& %0& 1
3)6)62-:091(&,)(2%6&31=%6&'1(2-,091(C
:)=2)& >(1D)6& ,0L1& 3-:)=65%& P
2(1=6-=3-D-3019?&%0&,%:0=-2+(-1?&6)=C
3%&,)(2%&/0)&1&')=1&'),0=-+(-1&P&)*-C
,-)=2)& *12%(&3)&3)6)62M:09%J& &V1M&1
(1X5%&')91&/019&16&,1(1,2)(M62-,16&*0=C
,-%=1-6&3%6&'0=-2-D)&31:1>)6&\1&'0C
=-45%&)&1&)S):'91(-313)]&2N:&12(1M3%
%6&)6203-%6%6?& -=612-6*)-2%6& & ,%:&1
9-=)1(-313)&3%&'(-=,M'-%&31&()'1(145%
=1&6%,-)313)&12019?&618)=3%C6)&/0)
:0-216&):'()616&,0L%6&'(%302%6&65%
31=%6%6&):&)6,191&:166-D1&1:'1C
(1:&1&,%=2-=0-313)&3)&601&'(%3045%
\)&3%6&31=%6&,10613%6]&=0:1&)6'PC
,-)&3)&*):$/:<+$/'8/*':",%/=>0+0?<-
:$/&)=2()&%&90,(%&10*)(-3%&')91&3-6'%C
6-45%&3%&'(%302%&=%&:)(,13%&)&%&,06C
2%&31&-=3)=-X145%&1&6)(&'1>1&1%6&-=C
3-DM30%6&/0)&-=>()661():&):&L0MX%?
806,1=3%&()661(,-:)=2%&')9%6&31=%6
-=3-D-3019:)=2)&6%*(-3%6J
[=3%661=3%& 21-6& '()%,0'1C
4K)6?&%&2):1&=5%&13:-2)&(1,-%,M=-%6
6-:'9-6216?& '%(& )62(020(1(C6)& =0:1
*0=31:)=219& ,%:'9)S-313)& /0)& 1
,%:'1(145%&L0(M3-,1&Q&):&601&*0=45%
T608D)(6-D1U&Q&'%3)&10S-9-1(&1&3)6C
D)=31(J&$):&%6&'0=-2-D)&31:1>)6
65%&%&g=-,%&\%0&%&:)9O%(]&:),1=-6:%
1'2%&1&'0=-(&31=%6&)S2(1'12(-:%=-1-6?=):&1&')=1&'(-D131&Q&=%&:%3)9%&2(1C
413%&')91&2(13-45%&1=>9%C61S5&Q&&'%3)
6)(& 1,%9O-31& 9-D():)=2)& '%(& D-1
L0(-6'(03)=,-19?&,%:&%&3)6'()X%&1%6
,(-2P(-%6&)&,%=3-4K)6&/0)&L062-*-,1:?
1S-%9I>-,1&)&2)9)%9%>-,1:)=2)?&)66)
-=62-202%J& <9P:&3%&:1-6?& P& '(),-6%
618)(&6)&%&'(-=,M'-%&31&()'1(145%&-=C
2)>(19&P&)*)2-D1:)=2)&T9-=)1(U?&&%0&6)
%&V-()-2%&8(16-9)-(%&,%=2P:&:),1=-6C
:%6& ,1'1X)6& 3)& ,%:'12-8-9-X1(& Q
=%2131:)=2)& =%6& 31=%6& )S2(1'1C
2(-:%=-1-6&Q&16&*0=4K)6&()661(,-2I(-1
\,%:')=612I(-1]?&612-6*12-D1?&'0=-2-D1
)&3-66016I(-1!aJ&c')(1:%6?&1/0-& \)
19-+6?&):&2%3%&%&V-()-2%&W-D-9?&3-()-2%
31&,-3131=-1?&31&D-31&=16&,-D-216!@]
,%:&,%=,)-2%6&3)=6-*-,13%6&')91&h-6C
2I(-1?& ,1(()>13%6&3)& 6->=-*-,14K)6
!A!"#$%&'#()*+,-.*'#/"#01'#2"#34560'#7*/"89*)"#0::4
/0)&6)&)62)=3):&'1(1&19P:&3%6&)9)C
:)=2%6&2P,=-,%6&Q&'%-6&:1=)L1:%6?
,%=6,-)=2):)=2)&%0&=5%?&,%=,)-2%6
D19%(12-D%6?& ,$4+/,' #0' ,$4+$?$:)-
6@0,YdJ& ^)=21(& 3-6,)(=-(& ,%=2)SC
2019:)=2)& 21-6& 6->=-*-,13%6&P& 21()*1
=),)661(-1:)=2)&'(PD-1& 1%& )S1:)
316& 6%904K)6& 2P,=-,16& %*)(),-316
')9%&V-()-2%&8(16-9)-(%&'1(1&%&()661(,-C
:)=2%&3%6&31=%6&)S2(1'12(-:%=-1-6J
*+",-*$!.,&,-+-!"#$%$&'
()*)+',/-'0,-,*$%1!0,()%
2%"2+!#',3-+-2%"#+1#',3
A+-#0+$2)*&Q&-62%&P?&1&*-,45%&L0(MC
3-,1&')91&/019?&:)3-1=2)&1&()'%6-45%
1%&)6213%&1=2)(-%(& 6)& 2%(=1& -=3)=)?
T6):&31=%U?&1&&'1(2)&9)6131&Q&P?&6):
=)=O0:1&3gD-31?&*0=45%&'(),M'01&31
()6'%=618-9-313)&,-D-9J&7%(P:?&O-62%(-C
,1:)=2)?&1&-=3)=-X145%&\=%&6)=2-3%&3)
()6210(145%&3%&)6213%&1=2)(-%(&1%&31=%]
=5%&*%-&1&'(-:)-(1&*0=45%&3)66)&-=62-C
202%J&$16&6%,-)313)6&'(-:-2-D16Y!?&%
31=%&1'1(),-1&'(-=,-'19:)=2)&,%:%&0:
(%:'-:)=2%&31&%(3):&6%,-19&)&:)6C
:%&31&%(3):&,I6:-,1YY?&/0)&,1(),-1?
)=25%?& 6)(& (),%:'%621?&,%:0:)=2)
'%(&0:&12%&61,(-*-,-19J&$5%&1=31D1&9%=C
>)&%&6)=2-:)=2%&3)&D-=>1=41?&O0:1C
=1&()145%&,%=2(1&%6&31=%6&-=L062%6_&%6
12%6& 9)6-D%6&606,-21D1:&0:1&')(6)C
>0-45%&3)-S131&.&-=-,-12-D1&31&DM2-:1?
)621=3%&%&6)=2-:)=2%&')66%19&=1&'(PC
O-62I(-1&Q&)&=%&60862(12%?&1-=31&T-=,-C
D-9?U&Q&31&()6'%=618-9-313)J
<&6%*-62-,145%&(%:1=1&)918%(%0
60862-202-D%6&L0(M3-,%6&.&D-=>1=41&'(-C
D131?&:)3-1=2)&1&)918%(145%&3)&61=C
4K)6&1%&-9M,-2%J&W%=/01=2%&%6&(%:1C
=%6&=5%&2)=O1:&,%=O),-3%&%&2)(:%
T()6'%=618-9-313)YBU?& ,%=,)8)(1:
,160-62-,1:)=2)& )6616& 61=4K)6
,9166-*-,+D)-6?& >(%66%&:%3%?& ):
3016&1:'916&D)(2)=2)6_&3)&0:&913%?
16& *->0(16&3)&61=4K)6& 2)=3)=2)6&.
()145%&-:)3-121&%0&3-()21&,%=2(1&1&6-C
20145%&/0)&%&-9M,-2%&,(-1(1&%0&)621D1
'1(1&,(-1(?&D-61=3%&-:')3-(&%0&=)02(1C
9-X1(&%6&6)06&)*)-2%6?&)=2()&)916&%&()6C
61(,-:)=2%&3%&31=%&)&1&()'1(145%i&3)
%02(%?&6-2014K)6&/0)&=5%&)=6)L1D1:
()145%&,%=2(1&%&*12%&31=%6%?&:16&)SC
'(-:-1:&%&I3-%&1%&,09'13%YZJ&[62)&P&%
H:8-2%&31&80+)?& 2P,=-,1&1=,%(131
=0:&%9O1(&6%8()&%&1>)=2)&,10613%(
3%&31=%?&:1-6&/0)&=1&,%=6-3)(145%
31&DM2-:1&%0&31&6-20145%&9)6131J
[66)& T%9O1(& 6%8()& %& 1>)=2)U
,%:%&*0=31:)=2%&31&2P,=-,1&3)&'0C
=-(&6)(+&1'())=3-3%&3)&*%(:1&3-66-:-9)
'%(&3016&3-62-=216&2(13-4K)6&L0(M3-,16_
3)&0:&913%?&1&2(13-45%&(%:1=-621&/0)
)62+&=1&816)&3%6&D->)=2)6&6-62):16
L0(M3-,%6&)0(%')06C,%=2-=)=21-6&)&912-C
=%C1:)(-,1=%6i&3)&%02(%?&1&2(13-45%
3%&V-()-2%&1=>9%C61S5%?&O%L)&91(>1:)=C
2)&)S'1=6-%=-621&):&D-(203)&31&T1:)C
(-,1=-X145%U&3%&3-()-2%?&/0)&)621:%6
1&6%*()(Y"J&&W18)&3-6,)(=-C916?&806,1=C
3%&6)06&'%=2%6&3)&6):)9O1=41&)&3)
3-*)()=41J
,-*+",-*$!.,&,-",-#$,&!()%
$%0,"!4#,/-2%"4,5$,()%6
+47,2+3,0+"#%-+-$+"%.,()%
<&)S'()665%& T')=1&'(-D131U
=131&2):&1&D)(&,%:&TL062-41&'(-D131U
%0&&TD-=>1=41&'(-D131U?&%0&')=1&1'9-C
,131&T')9%6&'(-D13%6UJ&V)6->=1D1?&=%
V-()-2%&j%:1=%&,9+66-,%?&1&*%(:1&3)
'0=-45%&12()9131&1%&3)9-,20:?&,%=,)-C
2%&%(->-=19:)=2)&'(I'(-%&1%&-06&,-D-9)
\:1-6& 21(3)& )62)=3-3%& 1%& -06
O%=%(1(-0:]& )& '%(& -66%&3-62-=2%& 3%
,(-:)=?&12%&,%=2(+(-%&1%&3-()-2%&,162-C
>13%& ')9%& V-()-2%& 7)=19& 'g89-,%J
W%:%&)S'9-,1&716/019)&e%,-?&%&V-()-C
2%&(%:1=%&,9+66-,%&=5%&9-:-21D1&%&06%
3%6&2)(:%6&'%)=1?&'0=-()&)&3)(-D1C
3%6&.&T')=1&):&6)=2-3%&2P,=-,%U?&)6C
'(-D121]YaJ&<&')=1&'(-D131&'%3-1?&'%-6?
3)*-=-(C6)&,%:%&1&61=45%&1&0:&12%
'(-D13%?&3)(-D131&3)&0:1&145%&-=2)=C
2131&'%(&0:&'(-D13%&\1,2-%&'%)=19-6]?
()60921=3%&=0:1&1*9-45%&1%&(P0&3)C
(-D131&31&-:'%6-45%&3)&0:1&3-:-=0-C
45%&'12(-:%=-19&-:'%621&,%:&,1(+2)(
'0=-2-D%?&)&=5%&()661(,-2I(-%J
[=/01=2%&%6&-=62(0:)=2%6&/0)
D-61D1:&-:')3-(&%0&=)02(19-X1(&%6&)*)-C
2%6&3%&-9M,-2%&)621D1:&):81613%6&):
,(-2P(-%6&),%=b:-,%6&)&'12(-:%=-1-6
\,1(1,2)(-X1=3%C6)&')91& -3)=2-313)
),%=b:-,1&)=2()&%&'()L0MX%&)&%&()6C
61(,-:)=2%?&6)=3%&%&31=%&()661(,-3%
=1&)S121&:)3-31&):&/0)&%,%(()]?&16
6%904K)6&*0=31316&=%&TI3-%&1%&,09C
'+D)9U?& '%(& ,%=6-62-():& %6& 60862-C
202-D%6&O-62I(-,%6&31&D-=>1=41&'(-D1C
31Y@?&)621D1:&*0=31316&=%&/0)&O%L)
6)&,O1:1(-1& T'(-=,M'-%&31&13)/01C
45%U_&1%&31=%&)*)2-D1:)=2)&,19,091C
3%&3)D)(-1&,%(()6'%=3)(?&,%:%&')=1?
0:&:g92-'9%& ),%=b:-,%& 30'90:?
2(-'90:&%0&%&/013(0'90:J&&c&)6,%'%
316&D+(-16&1,2-%=)6&'%)=19)6&'(-D1C
2)=3)=3%C%&1&2%316&16&*->0(16&3)&61=C
45%Y#J&W%(()6'%=3)&:)9O%(&.&-3P-1&3)
')=1&):&6)=2-3%&2P,=-,%&0:1&145%?
1&1,2-%&'%)=19-6?&0:&3%6&-=62(0:)=C
2%6&3)62-=13%6&1&,%=,()2-X1(&1&*0=45%
3)&'0=-(J
[661& *0=45%&)(1&166)>0(131
):&3%-6&H:8-2%6?&%&316&')=16&'(-D1C
316&)&%&316&')=16&'g89-,16J&<&')=1
'(-D131& 2-=O1& 90>1(& =%& H:8-2%& 3%6
3)9-2%6&'(-D13%6&\3)9-,21]?&/0)&)(1:
%6& -9M,-2%6&,%=2(1&1&')66%1&%0&6)06
8)=6?&\'(),-61:)=2)&%&*0(20:?&1&(1'-C
=1?& 1& -=-0(-1& )& %& 31:=0:& -=-0(-1
3120:]J&V-*)()=,-1D1:C6)&3%6&3)9-,21
%6&,(-:)6?&3)9-2%6&'g89-,%6&\,(-:)=]?
-62%&P?&16&-=*(14K)6&1%&[6213%&)&.&'1X
3%&()-=%?&'0=-316&,%:&1&'%)=1&'089-C
,1 YAJ&k01=3%&%,%((-1&0:&3)9-2%&'(-D1C
3%?&%&[6213%&=5%&2%:1D1&1&-=-,-12-D1
3)&'0=-(&%&%*)=6%(?&:16&166)>0(1D1
.&DM2-:1&%&3-()-2%&3)& -=2)=21(&,%=2(1
)62)&0:1&1,2-%&'1(1&%82)(&601&,%=3)C
=145%&1%&'1>1:)=2%&3)&3)2)(:-=1C
31& /01=2-1?& ,%:%& ')=1& \'%)=1
316&)(1?&'%-6?&1&61=45%&%0&1&()'()6C
65%&1&3)2)(:-=1316&,%=30216&9)6-D16
3)& -=2)()66)6& '(-D13%6?& ,%:%&'%(
)S):'9%&%&*0(2%&)&%&(%08%?&1&1201(C6)
:)3-1=2)& 1& %8(->145%&3)&3)D%9D)(
6%:16&:1-6& /0)& ,%:')=612I(-16?
:g92-'916&3%6&31=%6&6%*(-3%6BdJ&&e%9C
21316?&*0=,-%=19:)=2)?&1&'0=-(&%&()6C
'%=6+D)9& ')91& 9)65%B!?& 16& 1,2-%=)6
'%)=19-6& '(-D1316& 3-62-=>0-1:C6)?
166-:?&3%6&-=62(0:)=2%6&/0)&806,1C
D1:&%&()6210(%&31&6-20145%&9)6-%=131?
/01-6& 6)L1:?& *0=31:)=219:)=2)&16
1,2-%=)6&():&')(6)/0)=2)6?&/0)&D-C
61D1:?& 25%C6%:)=2)?& 1& ()661(,-(& %
'()L0MX%&,10613%J
V-62-=>0-1:C6)?&166-:?&=%&V-C
()-2%& ,9+66-,%?&3016& D-16& 61=,-%=1C
3%(16&'1(1&1&202)91&3)&6-2014K)6&L0(MC
3-,16& ()9)D1=2)6?& 1& '0=-2-D1& )& 1
()62-202I(-1& %0& ()661(,-2I(-1BY?& 30'9-C
,-313)&3)&D-16&/0)?&1%&9%=>%&3%6&2):C
'%6?&=5%&,)66%0&3)&6)(&1'(%*0=3131J
c6&*12%()6&/0)&,%=30X-(1:&1%
1'(%*0=31:)=2%&31&=M2-31&,-65%&3%6
d"""e#f@7E#E9#C.*#@+#2B/.A.DE#C*9*FE+#a#/@A*C*9E/AE#/*#2)X?.+
/@)AE5*9E).I*/*#a#AE/f*9#+.C@#E+AE/C.C@+#R#)E+2@/+*N.-.C*CE
2*A).9@/.*-'##)EDE+A./C@5+E#CE#B9*#UB/KL@#CE#E?E92-*).C*CE
+@I.*-'##*#@).FE9#DE9#9*)I*C*#2E-*#UB/KL@##2B/.A.D*#E#2E-*
I.)IB/+I).KL@#*@#C*/@#E?A)*2*A).9@/.*-#dA*-#GB*-#@I@))E'#f@7E'#/*
BA.-.H*KL@#CE#B9*##U.FB)*#*/X-@F*#/*#7B).+2)BCP/I.*#N)*+.-E.)*e"
!a !"#$%&'#()*+,-.*'#/"#01'#2"#34560'#7*/"89*)"#0::4
'91=%6&()661(,-2I(-%&)&'0=-2-D%&*%(1:
:g92-'9%6BB?& =5%& ,18)=3%& 6)(& 1/0-
-=D)=21(-13%6J&;1621&9):8(1(?&'%(&601
)6'),-19&-:'%(2H=,-1&1%&D->)=2)&V-()-2%
8(16-9)-(%&Q&')91&,%=61>(145%?&=%&WIC
3->%&W-D-9?&)&%&3)6)=D%9D-:)=2%&3%0C
2(-=+(-%&31&*->0(1&3%&)=(-/0),-:)=2%
6):&,1061BZ&Q&1&-=*90N=,-1&3%6&-3)1-6
3)&L062-41&,%:0212-D1&'(%'0>=13%6
'%(&l5%&^ %:+6&3)&</0-=%&\')9%6&/01-6
6)& 81=-1& /019/0)(& 2(1=6*)(N=,-1
-=L062-*-,131&3)&(-/0)X1&3)&0:&60L)-2%
1&%02(%B"]J&^ 1-6&-3P-16&60>)(-1:&1&9-:-C
2145%&31&%8(->145%&3)&-=3)=-X1(&1%
:)(%&()661(,-:)=2%&3%&31=%&)*)2-D1C
:)=2)&-=*9->-3%B#?&)=25%&6)&91=41=3%
16&816)6&3%&'(-=,M'-%&O%L)&1,%9O-3%
3)&*%(:1&)S'()661&=%&,1'02&3%&1(2J
@ZZ&3%&WI3->%&W-D-9&8(16-9)-(%BAJ
7%(P:?&%&'(%,)66%&3)&3)6')C
=19-X145%&31&()6'%=618-9-313)&,-D-960(>-0&=5%&6%:)=2)&=%&6)=2-3%&3)&9-C
:-21(& ,131& D)X&:1-6& 1& %8(->145%
()661(,-2I(-1&1%6&31=%6&)*)2-D1:)=2)
6%*(-3%6_&21:8P:&6)&3)6)=D%9D)0&=%
6)=2-3%&3)&2%(=1(&,131&D)X&:1-6&0=-C
*%(:)&16& ()>(16&3)66)& -=62-202%J&<6
D+(-16&14K)6&')=1-6&(%:1=16&,%:'%(C
21D1:&1&1'9-,145%&3)&()>(16&3-*)()=C
2)6&6)>0=3%&%&2-'%&3)&145%&=5%&1')C
=16&6%8&%&'%=2%&3)&D-621&3%6&8*0,-
,"8/,%/,&31&145%?&:16&21:8P:&6%8
%&'%=2%&3)&D-621&3%&/01=20:&()661(C
,-2I(-%&/0)&D1(-1D1&6)>0=3%&1&>(1D-C
313)&31&9)65%i&'%(&)S):'9%?&%&(%0C
8%?&,%:%&,(-:)&:1-6&>(1D)?&,%:'%(C
21D1&0:1&%8(->145%&()661(,-2I(-1&:1-%(
/0)&1&3%&6-:'9)6&*0(2%&)&166-:&'%(
3-1=2)BaJ&W%:%&%86)(D1&71%9%&E199%_
m=&)'%,1&'-n&:%3)(=1&91&,()6,)=2)
'()D19)=X1& 1660=21&3199R1,2-%& 9)>-6
1/0-9-1)?&,O)&)(1&9R0=-,%&(-:)3-%&(%:1C
=%&,O)&=%=&'()60''%=)D1&=),)661(-1C
:)=2)&-9&3%9%?&3%D)D1&,%=30(()&13&0:1
,()6,)=2)&0=-*%(:-X1X-%=)&3)99)&()>%9)
1''9-,12)&-=&:12)(-1&3-&()6'%=618-9-2.
,-D-9)?&*-=%&1&,%=6)=2-()&9R):)(6-%=)&3-
0:&,%('06&0=-21(-%&,%:'122%&3-&()>%9)
31&1''9-,1(6-& -=&/016-16-& -'%2)6-& 3-
31==)>-1:)=2%&3%9%6%&%&,%9'%6%&3)-
8)=-&192(0- B@J
&[66)&'(%,)66%&=5%&6%:)=2)
,%=30X-0&1%&,1=,)91:)=2%&31&%(->-C
=+(-1&*0=45%&')=19&31&()6'%=618-9-31C
3)&,-D-9?&:16?&->019:)=2)?&.&)9-:-=1C
45%?&=%&H:8-2%&31&()6'%=618-9-313)
,-D-9?&3)&D+(-16&3-*)()=416&/0)&1=2)6
)S-62-1:&/01=2%&1%6&3-D)(6%6&2-'%6&3)
-9M,-2%6?&6)>0=3%&1&601&>(1D-313)&)
6)>0=3%&%&)9):)=2%&608L)2-D%&3%&10C
2%(&31&9)65%J&V1M&6)&'166%0&1&1*-(:1(?
'%(&6P,09%6?&1&-(()9)DH=,-1&3%&>(10&3)
,09'1&'1(1&1&*-S145%&31&-=3)=-X145%?
D%X&,%:0:&O%L)&21:8P:&:%3-*-,131
=%&WI3->%&W-D-9&8(16-9)-(%ZdJ
c&WI3->%&W-D-9&*(1=,N6?&:%3)C
9%&'1(13->:+2-,%&31&,%3-*-,145%&:%C
3)(=1?&-=2(%30X-(1&1&6)'1(145%&(->%C
(%61&)=2()&1&:12P(-1&,-D-9&)&%6&2-'%6
')=1-6?&3-62-=45%&/0)&,%:)41(1& L+
')91&%'45%&3)&,(-1(&3-*)()=2)6&3%,0C
:)=2%6& 9)>-6912-D%6&'1(1&,131&0:1
3)6616&3-6,-'9-=16J&c&(),0(6%&1%&06%
31&h-62I(-1&,%:%&9)>-2-:145%&3)&)6C
,%9O16&-3)%9I>-,16Z!&)=,1(()>%0C6)&3%
/0)&()621D1J&<&')=1&'(-D131&(%:1=1?
3)6,%=2)S2019-X131?& & '166%0&1& 6)(
D-621&,%:%&0:&-=3M,-%&31&81(8+(-)&316
,-D-9-X14K)6& :1-6& ():%216J& c6
o1X)103?&M,%=)6&31&3%02(-=1&31&()6C
'%=618-9-313)&,-D-9?& -=6-62):&=)66)
'%=2%_& ,)& 8P=P*-,)& D-)=2& 1'1-6)
9R1=2-/0)&8)6%-=&3)& D)=>)1=,)&/0-
6%::)-99)& 10& *%=3& 30& ,%)0(& 3)
,O1/0)& D-,2-:)J& pRO%::)& /0-& 1
6%0**)(2?&=R)62&'16&10&*%=3&30&,%)0(
3)&,O1/0)&D-,2-:)J&pRO%::)&/0-&1
6%0**)(2& =R)62& '16& 612-6*1-2& '1(& ,)91
6)09& /0)& 3-6'1(1q2& 61& 6%0**(1=,)i
9R-=62-=,2& 9)& '%066)& .& 3P6-()(& /0)
9R102)0(&3)&91&*102)&6%0**()&.&6%=&2%0(
9)&:N:)&:19J&pR-3P)&)62&81(81()i&)99)
2-)=2&.& 2%02&,)&/0R-9&G&1&3)&:10D1-6
31=6&91&=120()&O0:1-=) ZYJ
;):&'%(&-66%?&1,()6,)=21:?&16
')=16&'(-D1316&65%&-=3P*)=6189)6&)=
3(%-2& ,%::)& ):& P/r-2PJ
f0(-3-/0):)=2?&91&,%=31:=12-%=&,-D-9)
()'%6)&60(& 9)&D-3)?&,)&/0)&)62&3-()
/0R)99)&6R)**%=3()i&9)&()6'%=6189)&6)
D%-2&%89->P&3)&(P'1()(&=%=&6)09):)=2
0=&'(PL03-,)&/0R-9&=R1&'16&,106P?&:1-6
:N:)&0=&'(PL03-,)&/0-&=R)S-62)&'16ZBJ
7%(P:?&,%:%&')(,)8)(1?&L+&):
:)13%6&3%&6P,09%&ss?&;%(-6&l21(,t?
%&6-62):1&3%6&3)9-2%6&'(-D13%6&=5%
*%(1&,%:'9)21:)=2)&)=2)((13%&')91
h-62I(-1ZZ?&D)(-*-,1=3%C6)?&1=2)6?&0:1
)6'P,-)&3)&:%D-:)=2%&')=3091(&')9%
/019&9)&:%0D):)=2&3R18%9-2-%=&3)&91
')-=)& '(-DP)& 6R1,,%:'1>=)& 3R0=
:%0D):)=2& -=D)(6)& /0-& 2)=3& .& 91
(P2189-(UJ&<&')=1&'(-D131?&D12-,-=%0?
219&/019&1&*N=-S?&&u=)&:)0(2&/0)&'%0(
()=1q2()Z"J
v:1&3-D)(61&2(13-45%&Q&=1&/019
1&')=1&'(-D131&=5%&,O)>%0&1&6)(&)=C
2)((131&,%:%&,12)>%(-1&092(1'166131
Q&6)>0-0C6)&=%&V-()-2%&1=>9%C61S5%J
,-#$,&!()%-,"53%84,19"!2,-+
%4-!"#$%$&'-()*)+',/-2,4%4-+
2%"&!(:+4-&+-,*3!2,()%
<&,%=3)=145%&3%&,10613%(&3)
0:&31=%?& 1& -=3)=-X1(&'%(&:)-%&3)
:g92-'9%6&*-=1=,)-(%6&3%&31=%?&)918%C
(131?&,%:%&D-:%6?&=%&V-()-2%&(%:1=%?
-=>()66%0&=1&2(13-45%&1=>9%C61Sb=-,1?
):8161=3%& &%&3-(),-%=1:)=2%&316
14K)6&')=1-6Z#&&.&806,1&3)&0:1&-=C
3)=-X145%&')9%6&9)>-6913%()6&-=>9)6)6
31&P'%,1&3)&[301(3%&mZAJ
$%&:%3)9%&)=25%&,%=62(0M3%?&%
102%(&3%&31=%&)(1&,162->13%&')91&-:C
'%6-45%&3)&()'1(145%&)/0-D19)=2)&1
0:&:g92-'9%&3%&D19%(&3%&31=%&6%*(-3%
')91&DM2-:1&/0)&2-=O1?&1%&6)0&3-6'%(?
1&'()D-65%&3)&145%&,-D-9&L0621:)=2)
,%:&219&*-=19-313)J&<&'(-:)-(1&'()D-C
65%&3)&-=3)=-X145%&:g92-'91&=%&V-()-C
2%& 1=>9%C61Sb=-,%& & *%-& %& l21202)& %*
W%0=,)62)(?&31&m=>912)((1?&/0)&3121
3)&!YAaZaJ&&<M&)62+&1&(1-X&3)&0:1&2(1C
3-45%&/0)&D)-%&1&6)(&)6'),-19:)=2)
3)6)=D%9D-31&=%&6P,J&semmm?&/01=3%
6)&,(-%0&1& &3%02(-=1&3%6&)S):'91(G
31:1>)6&,%:%&0:&:)-%&'1(1&L062-*-C
,1(&1&12(-80-45%&3)&-=3)=-X145%&/01=C
3%& =5%& O1D-1& '()L0MX%& 21=>MD)9?& %0
6)L1?& =%& ,16%& 3)& 31=%6& )S2(1'1C
2(-:%=-1-6Z@J&w&,%(()=2)&1&1*-(:145%&3)
/0)&2O)&(->O2&%*&1&L0(G&-=&,)(21-=&,16)6
2%& 1x1(3& )S):'91(G& 31:1>)6& O16
8))=&61-3&2%&8)&16&%93&16&2O)&(->O2&%*
2(-19&8G&L0(G&-26)9*&"dJ
W%=/01=2%& O%L)& ):& 3-1& %6
'0=-2-D)&31:1>)6&Q&=%2131:)=2)&=1
'(+S-6&=%(2)C1:)(-,1=1&Q&2)=O1:&6-3%
)62)=3-3%6&.&()6'%=618-9-313)&'12(-C
:%=-19?&&()D)62-=3%C6)&3)&0:1&*0=45%
3)&)S):'91(-313)&6%,-19?&&1&%(->):
D):&:1(,131&')91&*0=45%&&'0=-2-D1&)
')91&,-(,0=6,(-45%&1%&31=%&)S2(1'1C
2(-:%=-19&\219&/019&%,%(()?&O%L)?&=1&02-C
9-X145%&3)&0:1&&*->0(1&1=+9%>1&=1&L0C
(-6'(03N=,-1&8(16-9)-(1]J&[:&!A#d?&19C
>0:16&,%(2)6&-=>9)616&,%:)41(1:&1
)S'9-,1(&>(1=3)6&6%:16&,%=,)3-316
')9%6& Lg(-6& ):&,16%6&>(1D)6&,%:%
,%:')=6145%&1%&102%(&'%(&:)=219
60**)(-=>?&x%0=3)3&3->=-2G&)&-=L0()3
*))9-=>6J&[661&-=3)=-X145%&13-,-%=19
'%(&31=%&.&')66%1&)(1&()*)(-31&,%:%
)S):'91(G&31:1>)6&')916&,%(2)6&/0)
L062-*-,1D1:&1&,%=3)=145%?&1*-(:1=C
3%C6)&/0)&16&-=3)=-X14K)6&)9)D1316
2-=O1:&'%(&%8L)2-D%&=5%&6I&,%:')=C
61(&%&9)613%&')9%&'()L0MX%&-=21=>MD)9
6%*(-3%?&:16&21:8P:&'0=-(&%&%*)=6%(
')91&,%=3021&-9M,-21"!J&$1&D)(313)?&16
*0=4K)6&,%:')=612I(-1&)&'0=-2-D1&*%C
(1:&,%=*0=3-316&')916&W%(2)6&-=>9)C
616&)&=%(2)C1:)(-,1=16&12P&:)13%6
3%&6P,09%&sms"YJ
&7%(P:?&=%&3),%(()(&3%&6P,09%
sms"B?&21=2%&=%6&[6213%6&v=-3%6&,%:%
=1& m=>912)((1?& %& ,%=,)-2%&3)& 1,2019
31:1>)6&\,12)>%(-1&/0)&()'()6)=21&%6
31=%6&)*)2-D%6?&=1&/019&6)&-=,90):&%6
31=%6&,%:')=612I(-%6]&*%-&1:'9-13%?&3)
:%3%&1&181(,1(&21:8P:&%&'()L0MX%&T-=C
21=>MD)9UJ&W%:%&,%=6)/rN=,-1?&1&*0=C
45%&%(->-=19:)=2)&,%:')=612I(-1&3%6
)S):'91(G&31:1>)6&*%-&2(1=6*)(-31&1%6
1,2019&31:1>)6?&)&&16&,%(2)6&*%(1:&9)C
D1316&1&*191(&3%6&)S):'91(G&31:1>)6
)S,906-D1:)=2)& ):& 2)(:%6& 3)
'0=-6O:)=2&)&3)2)(()=,)"ZJ&$1&:)3-31
):&/0)&16&6016&*-=19-313)6&'(),M'016
'1661(1:&1&6)(&1&'0=-45%&)&1&'()D)=C
!@!"#$%&'#()*+,-.*'#/"#01'#2"#34560'#7*/"89*)"#0::4
45%?&%&*%,%&'166%0&1&-=,-3-(&=5%&6%8()
1&)6'P,-)&3%&31=%?&:16&,/>*0')':/+-
#"%)'#/',0"':)",)#/*B
w&)66)&16'),2%&/0)&,%=6-3)(1C
():%6&*0=31:)=219&&1%&819-X1(&19>0C
:16&316&,1(1,2)(M62-,16&>)(1-6&3%&-=6C
2-202%?& 219& ,%:%&1,)-2%& =%6&[6213%6
v=-3%6""?&)6,%9O1&L062-*-,131&=5%&1')C
=16&):&(1X5%&31&L+&1'%=2131&T1:)(-C
,1=-X145%U&3%&V-()-2%&/01=2%&')9%&*12%
3)?&=)66)&'1M6?&6)&2)(&:1-6&'(%*0=31C
:)=2)& )918%(13%& 1& 3%02(-=1& 3%6
'0=-2-D)&31:1>)6?& -=,906-D)&'1(1&%
)*)-2%&31&,(M2-,1&1%6&1806%6&,%(()=2)C
:)=2)&'(12-,13%6&')91&L0(-6'(03N=,-1"#J
W%:%&()>(1&>)(19?&619D%&9)-&):
,%=2(+(-%?&(),)8)(&'0=-2-D)&31:1>)6
=5%&,%=62-20-&T3-()-2%&608L)2-D%U"A?&1=C
2)6& 3)')=3)=3%& 31& 3-6,(-,-%=1C
(-)313)&3%&Lg(-J&w&8):&D)(313)&/0)?
):&19>0:16&L0(-63-,2-%=6?&/01=3%&O+
19)>14K)6&)&'(%D16& 60*-,-)=2)6?& %6
'0=-2-D)&31:1>)6&65%&,%=6-3)(13%6
T3-()-2%&608L)2-D%U?&6)=3%&3)D)(&\302G]
3%&Lg(-&,%=,)3NC9%6i&&'%(P:?&):&%0C
2(16?&)661&-=3)=-X145%&P&')(:-2-31?&)
=5%&T3)D-31U"aJ&^ 1:8P:&,%:%&()>(1
>)(19?&=5%&P&'%66MD)9&1&,%=3)=145%
):&'0=-2-D)&31:1>)6&'%(&D-%9145%&3)
0:&,%=2(12%?&-=3)')=3)=2):)=2)&3%6
:%2-D%6&/0)&9)D1(1:&%&(P0&1&*1XNC9%?
6)=3%& 6)0&3%:M=-%& 25%C6%:)=2)& %
/0)?&):&=%661&2(13-45%?&3)=%:-=1C
6)&T()6'%=618-9-313)&)S2(1,%=2(12019U
\91x&%*& 2%(26]"@J&[:&%02(16&'191D(16?
%6&'0=-2-D)&31:1>)6&6I&'%3):&6)(
,%=,)3-3%6&=1&()9145%&)S2(1,%=2(12019
/01=3%&'(%D1316&,-(,0=62H=,-16&608C
L)2-D16&/0)&6)&166):)9O1:&.&,12)>%C(-1&,%=2-=)=219&3%&3%9%?&/01-6&6)L1:_
:19-,)?& x1=2%==)66?& x-99*09=)66?
%''()66-%=?& *(103?& )=2()& %02(16J& <
:)(1&=)>9->N=,-1?&=1&106N=,-1&316
,-(,0=62H=,-16&1>(1D1=2)6?&=5%&P&(1C
X5%&60*-,-)=2)&'1(1&1&,%=3)=145%&3)
'0=-2-D)&31:1>)6?& '%(P:?& 1& >(%66
=)>9->)=,)&\=)>9->N=,-1&>(1D)]?&):
19>0=6&)6213%6?&%6&)=6)L1#dJ
$%6&[6213%6&v=-3%6?&D-1
3)&()>(1?&,18)&1%&Lg(-&1&*-S145%&3%6
'0=-2-D)&31:1>)6#!J&^ (13-,-%=19:)=C
2)?&%&6-62):1&L0(M3-,%&=%(2)C1:)(-,1C
=%&3)'%6-21&>(1=3)&-:'%(2H=,-1&=%
'1')9&3%&Lg(-&'1(1&3),-3-(&/0)62K)6
()9)D1=2)6?&,%=*-1=3%&=)62)&,%:%&0:
>01(1=2%(& %*& *1-(=)66?& 1& 809x1(t
1>1-=62&2G(1==G?&1=3&1&6%0(,)&%*&,-D-,
D190)6J&m66%?&1')61(&3)&2)():&6-3%&\)
6)():]&21=2%6&)&21:1=O%6&%6&1806%6?
25%&>(-21=2)6&1&T,%:)(,-19-X145%U&)&1
-3)%9%>-X145%&3%6&,16%6&L03-,-1-6&=%
H:8-2%&3%6&'0=-2-D)&31:1>)6?&/0)
0:1&606')-45%&>)=)(19-X131&)(%3-0&1
O-62I(-,1&,%=*-1=41&=%&'1')9&3%&Lg(-
'1(1&219&:-62)(#YJ&V1M&/0)?&(),)=2):)=C
2)?&2)=O1&1&l0'():1&W%(2)?&'(%,0(1C
3%&*-S1(&,)(2%6&'1(H:)2(%6&/0)&D-61:
:-=%(1(&%&/0)&2):&6-3%&,O1:13%&3)
T-=3g62(-1&316&-=3)=-X14K)6&:-9-%=+C
(-16#BU?&%8L)2%?&-=,906-D)?&3)&9-2)(120(1
'%'091(&(),)=2)#ZJ
& $5%& %8621=2)& 1& -=,%=62-20C
,-%=19-313)&31&*-S145%&3%6&'0=-2-D)
31:1>)6&L+&2-D)66)&6-3%&/0)62-%=1C
31&%02(16&D)X)6&')(1=2)&1&l0'():1
W%(2)?&6%:)=2)&=%&,16%&;oy&%*&$%(2O
<:)(-,1?&m=,J&DJ&E%()&\!@@#]&*%-&(),%C
=O),-31& /0)& 1& ,%=3)=145%& 3)
'0=-2-D)&31:1>)6&):&'121:1()6&=5%C
(1X%+D)-6& 1*(%=21& 1& V0)& 7(%,)66
W9106)#"J&&^ 5%&-((1X%+D)9&*%-&1&,%=3)C
=145%?& 25%&3)6'(%'%(,-%=131& *%-& 1
')=1&/0)&1&l0'():1&W%(2)&O%0D)&'%(
8):&-=62(0-(&16&3):1-6&W%(2)6&)621C
301-6&1&,%=6-3)(1(&2(N6&3-()2(-X)6&=1
*-S145%&3%6&'0=-2-D)&31:1>)6&'1(1
2%3%6&%6&,16%6&*020(%6?&1&618)(_
mJ&%&>(10&3)&()'(%D18-9-313)&31
,%=3021& 3%& (P0& \2O)& 3)>())& %*
()'()O)=6-8-9-2G& %*& 2O)& 3)*)=31=2R6
:-6,%=30,2]J&71(1&1*)(-(&/05%&()'()C
)=6MD)9& P& 1& ,%=3021?& P& -:'%(21=2)?
6)>0=3%&1&W%(2)?&12)=21(C6)&1%6&6)C
31:1>)6& D):& 6%*()=3%& ()D)6)6?
,%:%&%,%(()0&):&Ydd!?&=%&L09>1:)=C
2%&3%&,16%&W%%')(&m=3062(-)6?&m=,J&DJ
p)12O)(:1=&^ %%9&E(%0'?&m=,J&#AJ&o1-6
(),)=2):)=2)?&):&l212)&F1(:&o02019
<02%:%8-9)& m=60(1=,)& W%J& eJ
W1:'8)99&)2&19J&\YddB]?&O%0D)&=%D1
3),91(145%&3)&-=,%=62-20,-%=19-313)
3%6&'0=-2-D)&31:1>)6&')91&l0'():1
W%(2)?&2)=3%&'%(&816)&16&3-()2(-X)6&3%
,16%&E%()#aJ
c02(%6&,16%6?&1-=31?&)S):'9-C
*-,1:&%6&:),1=-6:%6&Q&)&%6&9-:-2)6&Q
3%6&'0=-2-D)&31:1>)6J&<66-:&%6&,1C
6%6&F%(3&W%('%(12-%=& DJ&E(-:6O1xi
^)S1,%&DJ&7)==X%-9i&;(%x=-=>CF)((-6
m=3062(-)6& %*& e)(:%=2& m=,& DJ&z)9,%
V-6'%619& m=,i& 71,-*-,&o02019& p-*)
m=60(1=,)&DJ&h169-'i&^sc&7(%30,2-%=
W%('J&DJ&<99-1=,)&j)6%0(,)6&W%('i&)
h%=31&o%2%(6&W%('J&DJ&z1(9&c8)(>?
/0)&,%:'%(21:&8()D)&()912%J
!J& F%(3& W%('%(12-%=& DJ
E(-:6O1x&\!@a!]J&<'I6&0:&1,-3)=2)
3)&2(H=6-2%?&0:&102%:ID)9&'(%30X-3%
')91&F%(3&)S'9%3-0?&,1061=3%&1&:%(C
>0-=2)6&*12%()6_&\!]&6)&%&'()L0MX%&,10C
613%&*%-&*M6-,%&%0&:)(1:)=2)&),%=bC
:-,%i&\Y]&6)&%&12%&-9M,-2%&*%-&'(12-,13%
,%:& -=3-*)()=41&%0& 2%219& 3)6,%=6-C
3)(145%&,%:&&1&61g3)&%0&1&6)>0(1=C
41&3%6&%02(%6&\2O)&2%(2-%06&,%=30,2
)D-=,)3& 1=& -=3-**)()=,)& 2%& %(& 1
(),t9)66&3-6()>1(3&%*& 2O)&O)192O& %(
61*)2G&%*&%2O)(6]i&\B]&6)&%&19D%&31&,%=C
3021& P& 0:1& ')66%1& ,%:& D09=)(1C
8-9-313)&*-=1=,)-(1i&\Z]&6)&1&,%=3021
)=D%9D)0&14K)6&()')2-316&%0&*%-&0:
-=,-3)=2)&-6%913%i&\"]&6)&%&'()L0MX%&*%-
%&()609213%&3)&0:1&145%&-=2)=,-%=19
%0&*(10309)=21?&%0&*%-&0:&:)(%&1,-C
3)=2)##i
mmJ&1&3-6'1(-313)&)=2()&%&31=%
)*)2-D%&%0&'%2)=,-19&6%*(-3%&')9%&10C
2%(&)&%6&'0=-2-D)&31:1>)6i
mmmJ&1&3-*)()=41&)=2()&%6&'0=-2-D)
31:1>)6&,%=,)3-3%6&')9%&Lg(-&)&16
:09216&,-D-6&102%(-X1316&%0&-:'%6216
):&,16%6&6):)9O1=2)6J
V)63)&)=25%?&1&1:'91&9-8)(31C
3)&3%&Lg(-&'1(1&1&*-S145%&3%6&'0=-2-D)
2)&3)&2(N6&%,0'1=2)6J&<&)S'9%65%&3%
,1((%&6)&3)0&'%(/0)&%&21=/0){()6)(C
D12I(-%&3%&,1(80(13%(&O1D-1&6-3%&,%C
9%,13%&=1&'1(2)&2(16)-(1&3%&D)M,09%?&%
/0)&Q&,%:'(%D%0C6)&'%62)(-%(:)=2)
Q&')(:-2-1&0:1&),%=%:-1&3)&!"&3I91C
()6&'%(&,131&102%:ID)9&'(%30X-3%J
$)66)&,16%?&%&Lg(-&=5%&O)6-2%0
):&,%=,)3)(&0:1&,%=6-3)(+D)9&6%:1
1&2M209%&3)&'0=-2-D)&31:1>)6?&,%=6-C
3)(1=3%&/0)&%& ,%:'%(21:)=2%&31
F%(3&)(1&T1921:)=2)&()'(%D+D)9UJ&71(1
19,1=41(&0:1&),%=%:-1&3)&!"&3I91C
()6&'%(&102%:ID)9?&%&21=/0)&*%-&,%9%C
,13%&):&9%,19&-=13)/013%&)&')(->%C
6%&):&,16%&3)&,%9-65%?&,%=6-3)(1=3%
%&*18(-,1=2)&/0)&()60921(-1&:1-6&D1=C
21L%6%?&2)=3%C6)&):&D-621&0:1&1=+9-C
6)&3)&,062%6&)&8)=)*M,-%6?&()661(,-(
%6&)D)=201-6&31=%6&3%&/0)&,%9%,1(&%
21=/0)&):&%02(%&90>1(_&,%:%&*%-&D)(-C
*-,13%&=%&,0(6%&3%&'(%,)66%?&1&F%(3?
'1(1&)6,%9O)(&0:1&219&6%9045%?&O1D-1
)*)2013%&0:1&1=+9-6)&3)&,062%&)&8)C
=)*M,-%&9)D1=3%&):&,%=21&=5%&21=2%&%
d"""e#@+#2B/.A.DE#C*9*FE+#+Z#2@CE9#+E)#I@/IEC.C@+#/*#)E-*KL@
E?A)*I@/A)*AB*-#GB*/C@#2)@D*C*+#I.)IB/+Ag/I.*+#+BN7EA.D*+#GBE
+E#*++E9E-f*9#R#I*AEF@).*#I@/A./E/A*-#C@#C@-@'#GB*.+#+E7*9h
9*-.IE'#i*/A@//E++'#i.--UB-/E++'#@22)E++.@/'#U)*BC'#E/A)E#@BA)*+"
S#9E)*#/EF-.FP/I.*'#/*#*B+P/I.*#C*+#I.)IB/+Ag/I.*+#*F)*D*/AE+'
/L@#T#)*HL@#+BU.I.E/AE#2*)*#*#I@/CE/*KL@#CE#2B/.A.DE#C*9*FE+'
2@)T9'#*#F)@++#/EF-.FE/IE#d/EF-.FP/I.*#F)*DEe'#E9#*-FB/+
E+A*C@+'#@+#E/+E7*"
Yd !"#$%&'#()*+,-.*'#/"#01'#2"#34560'#7*/"89*)"#0::4
-=2)-(%&,062%&6%,-19&3)&0:1&219&,%9%C
,145%&3%&()6)(D12I(-%?&:16&0=-,1:)=C
2)&1&'(%818-9-313)&\3)&/019/0)(&*%(C
:1&81-S1]?&3)&19>0P:&)=2(1(&):&L0MX%
'1(1&6)(&()661(,-3%J
YJ&^)S1,%&DJ&7)==X%-9&\!@aZ]J
W16%&%,%((-3%&=1&3P,131&3)&!@ad&)
,P9)8()&'%(&2)(&()609213%&=0:1&316
:1-%()6&-=3)=-X14K)6&L+&-:'%6216&'%(
0:1&W%(2)&3%6&[v<_&A?"B&8-9OK)6&3)
3I91()6&3)&-=3)=-X145%?&-:'%62%6&1
^)S1,%&):&3):1=31&'(%:%D-31&'%(
7)==X%-9?&:1-6&!&8-9O5%&3)&3I91()6&3)
'0=-2-D)&31:1>)6J&[:&8()DM66-:1&6M=C
2)6)_&=)>%,-1D1:&7)==X%-9&)&%6&'(-=,-C
'1-6&1,-%=-6216&31&E)22G&c-9&0:&To)C
:%(1=3%&3)&[=2)=3-:)=2%6U&()>091C
3%(&3)&0:&,%=L0=2%&3)&14K)6&=1&6)C
/rN=,-1& 3%6&/01-6& 1&7)==X%-9& )& %
l1(1O&WJ&E)22G&^ (062&'1661(-1:&1&6)(
%6&g=-,%6&1,-%=-6216&31&E)22G&c-9J&$%6
2)(:%6&3%&:):%(1=3%?& 1& 7)==X%-9
'1>1(-1&!!d&3I91()6&'%(&145%J&<'(%C
D13%&%&:):%(1=3%?&*%-&1=0=,-131&1%
'g89-,%?&=%&3-1&Z&3)&L1=)-(%&Q&1=2)6
31&18)(20(1&31&;%961&3)&e19%()6&3)
$%D1&|%(t&Q?&1&)S-62N=,-1&3)&0:&T1,%(C
3%&3)&'(-=,M'-%6&)=2()&16&'1(2)6U?&)=C
/01=2%&'(%66)>0-1:&16&=)>%,-14K)6
()912-D16&1&%02(%6&'%=2%6&3%&:):%C
(1=3%J&F%-&)=25%&/0)&1&^)S1,%?&'(-=C
,-'19&,%=,%(()=2)&31&7)==X%-9?&'166%0
1&=)>%,-1(&6),()21:)=2)&,%:&%6&1,-C
%=-6216&31&E)22G&c-9&0:&'91=%&3)&1/0-C
6-45%&31&E)22GJ&<&^ )S1,%&'1>1(-1?&'%(
145%?&!Ya&3I91()6J&[:&#&3)&L1=)-(%?
0:1&=%21&.&-:'()=61&166-=131&')91
^)S1,%&1=0=,-1D1&%&1,%(3%&,%:&%6
1,-%=-6216&31&E)22G&'1(1&1&1/0-6-45%
3)661& ):'()61J& V)& -:)3-12%?& 1
7)==X%-9&-=2)=2%0&,%=2(1&1&^ )S1,%&0:1
145%&816)131&=%&2%(2&%*&-=30,2-%=&-=2%
8()1,O&%*&,%=2(1,2&\()6'%=618-9-313)
')91&-=3045%&.&D-%9145%&3)&,%=2(12%]J
c&'9)-2%& *%-& 1,%9O-3%& L03-,-19:)=2)?
,%=*)(-=3%C6)&1&-=3)=-X145%&8-9-%=+(-1?
,%:&*0=31:)=2%&=%6&31=%6&6%*(-3%6
')91&7)==X%-9&):&(1X5%&31&-=2)(*)(N=C
,-1&-9M,-21&\2%(2-%069G]&31&^ )S1,%&=1&()C
9145%&=)>%,-19&19O)-1J
BJ&;(%x=-=>CF)((-6&m=3062(-)6&%*
e)(:%=2& m=,& DJ&z)9,%&V-6'%619& m=,J
\!@a@]J&<&):'()61&;(%x=-=>CF)((-6?
2):)=3%&1&,%=,%((N=,-1&3)&0:1&%0C
2(1&6%,-)313)?&1&z)9,%?&*)X&%&'%66MC
D)9&'1(1&)S,90-(&)661&g92-:1&3%&:)(C
,13%J&[66)&,%:'%(21:)=2%&*%-&(),%C
=O),-3%&')916&,%(2)6&3)&'(-:)-(%&>(10
)&3)&1')9145%&,%:%&*%=2)&3)&()6'%=C
618-9-313)&,-D-9?&'%-6&,%(()6'%=3-1&1
0:1&-9M,-21&-=2)(*)()=,)&x-2O&,%=2(1,C
2019&()912-%=6J&W%=6-3)(1=3%C6)&/0)&1
):'()61&1>-(1&3)9-8)(131:)=2)&,%:
%&)6,%'%&3)&,1061(&0:&31=%?&*%-&,%=C
3)=131&1&'1>1(&,)(,1&3)&6)-6&:-9OK)6
3)& 3I91()6?& 1& 2M209%& 3)& '0=-2-D)
31:1>)6J
ZJ&71,-*-,&o02019&p-*)&m=60(1=,)
DJ&h169-'&\!@@!]J&c&,%:'%(21:)=2%
61=,-%=13%&,%:&'0=-2-D)&31:1>)6&*%-
%&-=13-:'9):)=2%?&'%(&'1(2)&3)&0:
1>)=2)&3)&0:1&,%:'1=O-1&3)&6)>0C
(%6?&3)&%8(->14K)6&1660:-316?& ):
=%:)&31&,%:'1=O-1?&,%:&%6&6)06
,9-)=2)6J&<&,%=3)=145%&1%6&'0=-2-D)
31:1>)6&*%-&-=*9->-31&6)L1&1%&1>)=2)
Q& ()6'%=6+D)9&'%(&*(103?&'%(& 2)(C6)
1'(%'(-13%&3%&'(N:-%&'1>%&')9%&6)C
>0(13%&Q&6)L1&')91&,%:'1=O-1&3)&6)C
>0(%6?&,%=6-3)(131&()6'%=6+D)9&')9%
'(-=,M'-%&()6'%=3)12&60')(-%(J
"J& ^sc& 7(%30,2-%=& W%('J& DJ
<99-1=,)&j)6%0(,)6&W%('J\!@@B]J&[:
18(-9&3)&!@a"?&1&^ sc?&0:1&-:'%(21=2)
6%,-)313)&=%(2)C1:)(-,1=1&%')(1=2)
=%& 6)2%(&31&)S2(145%&)&3%&'(%,)6C
61:)=2%&3)&')2(I9)%&)&3)&6)06&3)(-C
D13%6?& )62-'09%0& ,%:& 1& <99-1=,)
j)6%0(,)6&W%('%(12-%=&0:&1,%(3%&()C
912-D%& .& )S'9%(145%&3)& 0:1&1:'91
+()1&,%=O),-31&,%:%&2O)&;)9D-=&^ (1,2J
^19&1,%(3%?&6)>0=3%&1&'(I'(-1&'(%'%6C
21&31&^ sc?&)(1&'1(2-,091(:)=2)&D1=21C
L%6%&'1(1&1&<99-1=,)?&'%-6&'()D-1&/0)
)621&g92-:1&6%,-)313)?&2-2091(&3)&0:
9)16)O%93& -=2)()62& \T1(()=31:)=2%U]
6%8()&1&X%=1&-=2)-(1?&%82)(-1&31&^ sc?
,%:%&,%:')=6145%&')91&,%=,)665%
3%&3-()-2%&.&02-9-X145%&3%6&(),0(6%6
')2(%9M*)(%6&'()6)=2)6&=1&+()1?&=5%
6%:)=2)&0:1&6%:1&):&3-=O)-(%&,%:
816)&=1&)S2)=65%&31&+()1&):&/0)6C
25%?&:16&21:8P:&0:1&6%:1&092)(-%(?
')(2%&3)&YY&}&3%6&(%G192-)6&6%8()&%
D19%(&%82-3%&,%:&1&12-D-313)&)S2(12-D1J
<6&'1(2)6&'()D-(1:?&19P:&3-66%?&/0)
%&,%=2(12%&6)(-1&()6%9D-3%&1&/019/0)(
:%:)=2%& 6)& 1& ^sc&3)6,%8(-66)& 1
)S-62N=,-1&3)&/01-6/0)(&b=06&1&>(1C
D1(&%&2M209%&-:%8-9-+(-%&31&<99-1=,)?&%0
1&6)>0-(&3)&D)(-*-,145%&/0)&)621&g92-C
:1&=5%&O1D-1&1&'9)=1&2-2091(-313)&3%6
3-()-2%6&,)3-3%6&.&^ scJ
7%(P:?&D)(-*-,%0C6)&/0)&1&^ sc
2)D)&0:&,%:'%(21:)=2%&>(1D):)=2)
*(10309)=2%&):&()9145%&.&601&'1(,)-C
(1&,%=2(12019&&<99-1=,)?&=%&,0(6%&31
)S),045%&,%=2(12019?&,%:&1&*-=19-31C
3)& )S,906-D1& 3)& 1,()6,)=21(& 0:1
:%3-*-,145%&=%&1,%(3%&):&0:&6)=2-C
3%&*1D%(+D)9&'1(1&6-J&&<&3),-65%&*%-
,%=3)=12I(-1&1%&'1>1:)=2%&3)&!@Jddd
3I91()6?& 1& 2M209%& 3)& ,%:')=612%(G
31:1>)6?&'1(1&()661(,-(&1&6%,-)31C
3)&(P&316&3)6')616&,%:&1&145%&,%=C
2(1&6-&'(%'%621?&)&3)&!dJdddJddd&3I91C
()6&1&2M209%&3)&'0=-2-D)&31:1>)6J&<
'(-=,-'19&(1X5%&13%2131&,%:%&*0=31C
:)=2%& 3)& ,%=3)=145%& 1& '0=-2-D)
31:1>)6&25%&6)D)(1&*%-&1&:+C*P&31
^sc?&166)=21=3%&1&l0'():1&W%(2)&3)
y)62&e-(>-=-1&/0)?&&=1&1D19-145%&3%
,16%?&%&L0-X_&3)D)&,%9%,1(&):&)D-3N=C
,-1?&3-1=2)&3%&Lg(-?&%&:%=21=2)&3%&31=%
,%=,()21:)=2)&()19-X13%&)&1&,%=3021
9)6-D1&3%&()6'%=6+D)9&3%&-9M,-2%i&3)D)
2%:1(&):&,%=6-3)(145%&=5%&6%:)=2)
1&,)=60(18-9-313)?&1&30(145%&)&1&*()C
/rN=,-1&31&,%=3021?&:16&21:8P:&%
,%:'%(21:)=2%&3%&()6'%=6+D)9&1'I6
%&,%:)2-:)=2%&3%&-9M,-2%i&'1(1&*-S1(&%
:%=21=2)&3%6&'0=-2-D)&31:1>)6?& P
'(),-6%&3)2)(:-=1(&6)&%&60L)-2%&9)61C
3%&2)D)&0:1&D1=21>):&),%=b:-,1&31
'(I'(-1&,%=3021&-9M,-21i&1660:-=3%&%6
'0=-2-D)&31:1>)6&*0=45%&3-66016I(-1?
P&)66)=,-19&:)3-(C9O)6&3)&:%3%&/0)
6)L1:&60')(-%()6&,%:&()9145%&1&21-6
D1=21>)=6i&):&/019/0)(&,16%?&3)D)C
6)&,%=6-3)(1(&1&6-20145%&),%=b:-,1
3%&,10613%(&3%&31=%i&\D-]&%02(%6&*1C
2%()6&-:'%(21=2)6&'1(1&1&'%=3)(145%
L03-,-19&,%=6-62):&=16&3)6')616&9)C
>1-6&60'%(21316&')9%&9)613%i&1&-:'%C
6-45%&3)&0:1&61=45%&')=19&6%8()&%
,10613%(&3%&31=%i&1&)S-62N=,-1&3)
%02(16& 14K)6&')9%&:)6:%& -9M,-2%?& 1
-3%=)-313)& 31& ,%=3)=145%& 3%6
'0=-2-D)&31:1>)6&'1(1&*1D%(),)(&2(1=C
614K)6&)/r-212-D16&)&(1X%+D)-6?&=%6
,16%6&):&/0)&&6)L1&'12)=2)&1&()6'%=C
618-9-313)&3%&102%(&3%&-9M,-2%J
<&'%=3)(145%&3)66)6&,(-2P(-%6
P&)66)=,-19&'1(1&>1(1=2-(&%&()6')-2%
1%&'(-=,M'-%&3%&30)&'(%,)66?&):&6)0
6->=-*-,13%&'(%,)66019&)&608621=,-19J
<3:-2)C6)&&D1(-145%&3%&/01=20:&3%6
'0=-2-D)&31:1>)6&L0621:)=2)&6)>0=C
3%&1&>(1D-313)&)&%&2-'%&3)&,%:'%(21C
:)=2%&-9M,-2%#@J
#J&h%=31&o%2%(6&W%('J&DJ&z1(9
c8)(>& \!@@Z]J& [:&YZ&3)& L0=O%&3)
!@@Z?&1&l0'():1&W%(2)&3%6&[6213%6
v=-3%6&3-2%0&0:&'(%=0=,-1:)=2%&'(-%(
O-62%(G?&)S)(,)=3%&%&x(-2&%*&,)(2-%(1(-?
2%(=1=3%C6)&%&,16%&0:&'(),)3)=2)
O-62I(-,%&/01=3%&1&l0'():1&W%(2)
1=09%0&1&3),-65%&)6213019_&')91&'(-C
:)-(1&D)X&=1&O-62I(-1?&219&^(-80=19&-=C
D%,%0&1&,9+06091&3%&3)D-3%&'(%,)66%
9)>19&31&[:)=31&!Z&31&W%=62-20-45%
=%(2)C1:)(-,1=1&'1(1&,%=3)=1(&%&6-6C
2):1&3)&'0=-2-D)& 31:1>)6&3)& 0:
[6213%?&'%(&D-%9145%&%0&121/0)&1&>1C
(1=2-1&,%=62-20,-%=19&3%&3-()-2%&3)&'(%C
'(-)313)J& <& W%(2)& 3%& [6213%& 3)
c()>%=& *-S1(1&0:1& -=3)=-X145%&3)
vl~& !JdddJddd& '%(& ,%:')=612%(G
31:1>)6?& -=,():)=2131& ):&,-=,%
D)X)6&:1-6&'%(&'0=-2-D)&31:1>)6J&<
3),-65%&31&l0'():1&W%(2)&*%-&=%&6)=C
2-3%& 3)& %& 6-62):1& 3)& '0=-2-D)
31:1>)6&3%&[6213%&3)&c()>%=&D-%C
91(&%&3)D-3%&'(%,)66%&9)>19?&'%(&'(%-C
8-(&/0)&%6& L0MX)6& ()30X1:&%6&D)()C
3-,2%6& ):-2-3%6& ')9%6& L0(13%6& ):
Y!!"#$%&'#()*+,-.*'#/"#01'#2"#34560'#7*/"89*)"#0::4
,16%&3)&'0=-2-D)&31:1>)6&&/01=3%
%6&,%=6-3)(166):&)S,)66-D%6J&<*-(C
:%0?&:)6:%?&1&&l0'():1&W%(2)&/0)
%6&'0=-2-D)&31:1>)6&65%&T0:1&&*%(C
:1&')(->%61&3)&,162->%U&)&3)D)&6)(
,%=2(%9131&')9%6& 2(-80=1-6J& 7)(:-2-(
1%6&L0(13%6&,19,091(&%&:%=21=2)&3)
-=,():)=2%& 3%6& ,%:')=612%(G
31:1>)6&1&2M209%&3)&'0=-2-D)&31:1>)6
816)1=3%C6)&=1&'(%D1&31&6%9DN=,-1
),%=b:-,1&3%6&3):1=313%6?&,(-1&T0:
')(->%6%&(-6,%&3)&3),-6K)6&1806-D16
)&'1(,-1-6UJ
<&=%2M,-1&3)66)6&6)-6&,16%6&Q
)&316&6%904K)6&31316?&'1(1&19>0=6
3)9)6?&')91&l0'():1&W%(2)&Q&*1X&')(C
,)8)(&/0)?&=):&6)/0)(&=%&V-()-2%&=%(C
2)C1:)(-,1=%&1& *->0(1&3%6&'0=-2-D)
31:1>)6&)62+&D-=,09131&)S,906-D1C
:)=2)&1%&19D)3(-%&3%&L09>13%(?&%0&6)
1'9-,1&.&>)=)(19-313)&3%6&,16%6J&h+
,(-2P(-%6&\*-S13%6&')91&W%=62-20-45%&)
')91&L0(-6'(03N=,-1&'(),)3)=2)]&)&9-C
:-2)6&.&601&1'9-,145%J&$5%&O+&3)&6)
')=61(&):&'0=-(&,%:&1&-=3)=-X145%
,16%6&3)&()6'%=618-9-313)&%8L)2-D1?
/0)& %8)3),):&1&3-D)(61& (1,-%=1C
9-313)?&6)=3%&-(()9)D1=2)?&'1(1&)66)
()>-:)?&1&1'(),-145%&31&608L)2-D-31C
3)?&L+&/0)&1&,%=3021&,09'%61&=5%&P
)9):)=2%&3%&60'%(2)&*+2-,%&3)&-=,-3N=C
,-1&31&()>(1&3)&12(-80-45%&3)&()6'%=C
618-9-313)AdJ&^1:8P:&=5%&6)&')=61
):&'0=-(& 1/0)9)6&,16%6&):&/0)&1
145%& ,09'%61& =5%& 6)& 1'()6)=2%0
1,%:'1=O131&'%(&)6'),-19&>(1D-31C
3)?&1'(%S-:12-D1&Q&/01=2%&1%&:)=%6
Q&3%&3%9%&3%&=%66%&V-()-2%?&3)&:%3%
1&>)(1(&*0=313%&)&>(1D)&L0MX%&3)&()C
'(%D145%J
<9P:&3%&:1-6?& P&'(),-6%?& =%
)S1:)&>)(19&31&*->0(1?&,%=6-3)(1(&%6
313%6&3)&)=2%(=%?&()912-D%6&=5%&1')C
=16&.& )62(020(1&3%& 6-62):1& L03-,-19
=%(2)C1:)(-,1=%&/01=2%&1%&'1')9&3%
6)>0(%&/0)?&):&:0-2%6&[6213%6?&'%3)
()6'%=3)(&')91&-=3)=-X145%A!?&,%8(-=C
3%&1&-=6%9DN=,-1&3)&0:1&%0&3)&1:816
16&'1(2)6&9-2->1=2)6J&[66)&313%&=5%
3)D)&6)(&=)>9->)=,-13%&/01=3%&6)
'()2)=3)&0:&T2()6'166)U&31&*->0(1&3%6
'0=-2-D)&31:1>)6&'1(1&%02(%6&6-62)C
:16?& %86)(D1=3%&v>%&o1222)-& 6)(
:1-6&3%&/0)&618-3%&/0)&%&Lg(-&\)=,1(C
()>13%& 3)& 3)2)(:-=1(& %& 1=& )& %
/01=20:&3%&()661(,-:)=2%]&2)=3)&1
,%=3)=1(&:1-6& *1,-9:)=2)&>(1=3)6
):'()616?& 203%& ,%=30X-=3%& 1& 0:
T-=,1=3)6,)=2)&3)812)U&6%8()&1&*0=C
45%&6%,-19&31&91x&%*&2%(26_&0:1&*0=C
45%&3)&3-62(-80-45%&3)&,062%6&)&8)C
=)*M,-%6&31&12-D-313)&),%=b:-,1&6)C
>0=3%&1&9I>-,1&3%&:)(,13%?&/0)?&=%6
[6213%6&v=-3%6?&D):&6)=3%&)D-3)=C
,-131&,%:&D->%(&')91&1=+9-6)&),%=bC
:-,1&3%&V-()-2%AYJ
$%66%6& 313%6& Q& L0(M3-,%6& )
:)21CL0(M3-,%6&Q&65%&618-31:)=2)&3-C
D)(6%6J&j)621?&'%-6?& )S1:-=1(& 6)&%
V-()-2%&8(16-9)-(%&60'%(21&)&,%=*%(21
)661&*%(:1&3)&-=3)=-X145%J
,-$+#%0,&,-&,-*+",-*$!.,&,
+-%-&!$+!#%-;$,4!3+!$%
<')61(&3%&3)6,(P3-2%&>)(19&1
/0)&*%-&608:)2-31&30(1=2)&91(>%&')(MC
%3%&3)&2):'%?&1&3-6,0665%&6%8()&%
,1(+2)(&)S):'91(&31&()6'%=618-9-31C
3)&,-D-9&D):&>1=O1=3%&*%(41&=%6&'1MC
6)6&3)& ,-D-9& 91xJ& &$1&F(1=41?&;%(-6
l21(,t&L+&'(%*)2-X1(1?&):&!@ZA?&%&6)0
()=16,)(ABJ&^ 19D)X&,%:%&()609213%&31
'(%*),-1&3%&102%(?&1&*0=45%&'0=-2-D1
31&()6'%=618-9-313)&,-D-9&=5%&'+(1&3)
>1=O1(&13)'2%6AZ?&:0-2%&):8%(1&()C
,)81?&):&->019&:)3-31?&*0=31316&,(MC
2-,16A"J
<6&(1XK)6&'1(1&1&D%921&3%&,1C
(+2)(&)S):'91(&31&()6'%=618-9-313)
,-D-9&=5%&65%&3-*M,)-6&3)&)S'9-,1(?&()C
60921=3%?&=1&:1-%(&'1(2)&3%6&,16%6?
=%6&,16%6&3)&:%(2)&)&9)65%&*M6-,1?&P
:1-6&,%:')=613%(&*-=1=,)-(1:)=2)
:121(&3%&/0)&:02-91(J&<>()>0)C6)&1
-66%&1&2)=3N=,-1&3)&()2(145%&3%&V-()-C
2%&7)=19?&/0)?&6)>0=3%&%6&)6203-%C
6%6?& 3)D)& 6)(& 9-:-213%& .6& %*)=616
:1-6&>(1D)6&.&%(3):&6%,-19?&18(-=3%?
)=25%?&)6'14%&'1(1&1& ()2%:131&3%
,1(+2)(&61=,-%=13%(&31&()6'%=618-9-C
313)&,-D-9AAJ
[:&%02(%6&6-62):16&*-9-13%6&.
2(13-45%&(%:1=M62-,1?&%&3)812)&21:C8P:&)62+&18)(2%J&71%9%&E199%?&102%(
3)& )S,)9)=2)&:%=%>(1*-1& 6%8()& %
2):1?&)9)=,1&/012(%&O-'I2)6)6&1'216
1&6)():&61=,-%=1316&,%:&1&')=1&'(-C
D131&=%&3-()-2%&,%=2):'%(H=)%_&\!]
,16%6&3)&()6'%=618-9-313)&,-D-9&T6):
31=%U?&-62%&P?&6):&31=%&3)&=120()X1
),%=b:-,1&-:)3-121:)=2)&')(,)'2MC
D)9?&,%:%&%,%(()&=%&D162%&6)2%(&316
9)6K)6&1%6&3-()-2%6&3)&')(6%=19-313)i
\Y]&6-2014K)6&):&/0)&%&90,(%&%82-3%
,%:&%&12%&-9M,-2%&P&60')(-%(&1%&31=%i
\B]&O-'I2)6)6&):&/0)&1&'(%818-9-31C
3)&3)&,%=3)=145%&1&()661(,-(&%6&31C
=%6&P&-=*)(-%(&()912-D1:)=2)&.&'(%81C
31&'(I'(-1&-=60*-,-N=,-1&316&()6'%6C
216&%*)(),-316&')91&()6'%=618-9-313)
,-D-9& ,%:%&:),1=-6:%&:)(1:)=2)
()661(,-2I(-%?&,%:&%&:%=21=2)&31&-=C
3)=-X145%&9-:-213%&1%&/01=20:&)*)2-C
D1:)=2)&6%*(-3%?&6)>0=3%&%6&,+9,0C
9%6&13D-=3%6&31&^)%(-1&31&V-*)()=41
')91&&/019&%&31=%&()60921&31&#$;$+"$-
67/'#/'8)%*$;C+$/?& ,%=6-62-=3%&=1
3-*)()=41& )=2()& %& D19%(& 12019& 3%
'12(-:b=-%&3%&,()3%(&)&1/0)9)&/0)
2)(-1&6)&1&%8(->145%&*%(1&)S121:)=2)
,0:'(-31A#J&[661&*I(:091&3)&,+9,09%
\=1&D)(313)?&,%=3-,-%=1=2)&3%&,%=C
,)-2%& L0(M3-,%&3)&31=%]?& ,%=/01=2%
1'(%'(-131&'1(1&%&,%:0:&3%6&,16%6?
=%&31=%&'12(-:%=-19?&P&-=13)/0131&Q
)&:)6:%& -=6)(DMD)9& Q& '1(1& %&31=%
)S2(1'12(-:%=-19?&2)(()=%&/0)&,%=2-=01
'1=21=%6%?&'%-6&'1(),)&-:'%66MD)9&%
)=,%=2(%&3)&,(-2P(-%6&0=-2+(-%6?&>)(1-6
)&1862(12%6?&1'9-,+D)-6&.&>)=)(19-31C
3)&316&6-2014K)6J&[:&19>0=6&,16%6?
1*-(:1&<(1t)=&3)&<66-6?&3)&1,%(3%
,%:&%&D19%(&:P3-%&316&-=3)=-X14K)6
8-9-313)&3)&,1061(&31=%6i&\Z]&%6&,O1C
:13%6&T,(-:)6&3)&81>12)91UAaJ
<&'(-:)-(1&O-'I2)6)&\/0)&,%-=C
,-3)&,%:&1&:1-%(&'1(2)&3%6&31=%6
)S2(1'12(-:%=-1-6]&2):&>(1=3)&-=2)()6C
6)&'(+2-,%&1%6&)6203-%6%6&8(16-9)-(%6?
=1&:)3-31&):&/0)&P&L0621:)=2)&1&/0)
D):&6)=3%&%8L)2%&3)&3),-6K)6&L03-C
,-1-6J&7%(P:?&=5%&3)D):%6&3)6,0(1(
316&3016&6)>0-=2)6&6-2014K)6&\Y&)&B]?
3131&601&-:'%(2H=,-1&16,)=3)=2)&):
0:1&6%,-)313)&3)&(-6,%6&)&3)&'(%30C
45%&):&6P(-)?&=1&/019&%6&31=%6&.&=1C
20()X1&6)&1'()6)=21:&):&'121:1()6
:1-6&/0)&6-:'9)6:)=2)&191(:1=2)6J
^03%&3)D)&6)(&D-62%?&'%(P:?&=1&'()C
6)=41&3)&0:&,91(%&'1=%&3)&*0=3%_&%
2(121:)=2%&6-62):+2-,%&313%&=%&V-()-C
2%&8(16-9)-(%&.&:12P(-1J
*+2'3!,$!&,&+4-&,-$+5'3,()%
;$,4!3+!$,-&,-!"&+"!<,()%-*%$
&,"%4-+1#$,*,#$!0%"!,!4
7%0,16&/0)62K)6&1'()6)=21:?
):&')(6'),2-D1&,%:'1(12-D-621?&21=C
S#).F@)'#/L@#T#2)EI.+@#*#./D@I*KL@#*@+#2B/.A.DE#C*9*FE+#2*)*
-@F)*)'#/*#)E+2@/+*N.-.C*CE#E?A)*2*A).9@/.*-'#@#I*)XAE)
JE?E92-*)M#GBE'#E9#IE)A*+#f.2ZAE+E+'#U*H5+E#/EIE++X).@"#Q*9NT9
/L@#T#2)EI.+@#a#2*)*#C*)5+E#*@#*BA@)#CE#C*/@+#E+2EI.*-9E/AE
F)*DE+#B9*#7B+A*#2B/.KL@#2EIB/.X).*#a#NB+I*)#I).AT).@+#@BA)@+
GBE#/L@#@+#C*#-EF.+-*KL@#7X#E?.+AE/AE"
YY !"#$%&'#()*+,-.*'#/"#01'#2"#34560'#7*/"89*)"#0::4
21&D1(-)313)&3)&6%904K)6&/01=2%&1
()6'%=618-9-313)& ,-D-9& '%(& 31=%6?
)S2(1'12(-:%=-1-6J&<6&()6'%6216&65%
:0-2%& 3-D)(616?& ,%=/01=2%& 1& 6-=%C
=M:-1?&'%(&D)X)6?&3%6&2)(:%6&):'()C
>13%6&\,%:%&%&2)(:%&T612-6*145%UA@]?
3)&:%3%&/0)&1/0-&P&'(),-6%&()3%8(1C
31&12)=45%&=5%&1')=16&1%6&3-*)()=C
2)6&2)S2%6&9)>1-6?&:16&.&-=2)('()2145%
31&3%02(-=1& )&3%6& 2(-80=1-6adJ& & [:
')(6'),2-D1&,%:'1(12-D-621?&%&9)/0)
3)&()6'%6216&18(1=>)&3)63)&1&=5%C
()6'%621& Q& 6%8& %6& 1(>0:)=2%6& 31
T-=,%:)=60(18-9-313)Ua!&%0&31&T-:%C
(19-313)U&31&-=3)=-X145%&Q&'1661=3%
')9%6&6-62):16&/0)&12()91:&1&-=3)=-X1C
8-9-313)&.&,%=*->0(145%&3)&0:&,(-:)aY
Q&12P&16&6%904K)6&18)(216?&,%:%&16
3%&V-()-2%&8(16-9)-(%&3)63)?&')9%&:)C
=%6?&1&W%=62-20-45%&3)&!@aaJ
$%&6-62):1&8(16-9)-(%&P&1:'9M6C
6-:1&1&'%66-8-9-313)&3)& 612-6*1X)(?
-=3)=-X1(& %0& ,%:')=61(& %6&31=%6
)S2(1'12(-:%=-1-6&\3-2%6&T31=%6&:%C
(1-6U]?& '%-6& %& 2):1&P& ()>0913%&'%(
:)-%&3)&0:1&,0(-%61&,%:8-=145%&3)
,9+060916&>)(1-6?&L+&D)(-*-,131&6%8&1
D->N=,-1&3%&WI3->%&3)& !@!#&:16?
1>%(1?&81621=2)&1:'9-131&=5%&1')=16
):&(1X5%&31&=%D1&()>09145%&,-D-9&:16?
'%(& ->019?& ')91& ,%=)S5%& -=2)(6-62)C
:+2-,1aB&)=2()&)661&)&1&W%=62-20-45%
F)3)(19& /0)& ,%=2):'91?& )S'()661C
:)=2)?&1&-(()62(-21&-=3)=-X18-9-313)&3%
31=%&:%(19aZJ&&e->%(1?&'%-6?&21:8P:
=)661&:12P(-1?&%&'(-=,M'-%&31&12-'-,-C
313)&3%&-9M,-2%J
$%&=%D%&WI3->%&W-D-9?&1&()6'%=C
618-9-313)&,-D-9&D)-%&'()D-621&):&2M20C
9%&'(I'(-%?& 18(-=3%C6)& 1& ()>09145%
,%:&%&1(2J&@YAa"?&/0)&3)2)(:-=1&1&%8(-C
>145%&3)&()'1(1(&1&,1(>%&31/0)9)&/0)?
'%(&12%&-9M,-2%?&,1061(&31=%&1&%02():?
166-:&6)&)62120-=3%&1')=16&16&,%=C
3-4K)6&>)=P(-,16&3%&=16,-:)=2%&3%
3)D)(&3)& -=3)=-X1(?&/01-6& 6)L1:?&1
)S-62N=,-1&3)&0:&12%&-9M,-2%&)&3)&0:
31=%?&)&%&=)S%&,10619&)=2()&1:8%6J
<%&()*)(-(&%&12%&-9M,-2%?&1&()>(1&():)2)
1%6&1(26J&!a#&)&!aAa#?&%&'(-:)-(%&,%9-C
>1&.&1=2-L0(-,-313)&1&-:'0218-9-313)
608L)2-D1& \,09'%61]& )& %& 6)>0=3%
,%=%21&)6'P,-)&3)&-9-,-203)&%8L)2-D1aA?
-9-,-203)& =%& )S)(,M,-%& 3%& 3-()-2%?
1*)(MD)9&')9%&3)6,%:'166%&)=2()&%&6)0
)S)(,M,-%&)&,)(216&819-X16&)6'),-19C
:)=2)&3)621,1316?&/01-6& 6)L1:?& 1
8%1C*P?&%6&8%=6&,%620:)6&)&1&*-=19-C
313)&),%=b:-,%C6%,-19&3%&V-()-2%aaJ&[?
1%&1903-(&.&()6'%=618-9-313)&608L)2-C
D1?&3-62-=>0)&)=2()&,09'1&)&3%9%&\=1
()6'%=618-9-313)&,%=2(12019]&)&)=2()
%6&>(106&3)&,09'1&\=1&()6'%=618-9-C
313)&)S2(1,%=2(12019]?&)S&D-?&3%6&1(26J
B@Ya@&)&@Y@@d?&8):&,%:%&=%6&,16%6
3)& -:'%66-8-9-313)&)&6%9-31(-)313)
\1(26J&YA@@!?&-=&*-=)i&Yad@Y?&-=&*-=)]&'()C
D)=3%C6)?&1-=31?&1&-=2(%3045%&2I'-,1
31&)/0-313)&=1&*-S145%&3%&:%=21=2)?
):&,)(216&O-'I2)6)6&\1(26J&@ZZ?&'1(+C
>(1*%&g=-,%@B?&@"B?&'1(+>(1*%&g=-,%@Z
)&@"Z@"?&,%:&():-665%&1%&'1(+>(1*%
g=-,%&3%&1(2J&@"B]J
7%(&601&D)X?&%&WI3->%&3)&V)*)C
61&3%&W%=60:-3%(& 21:8P:&()>091&1
()6'%=618-9-313)&3)&:%3%&1:'9%?&,%=C
61>(1=3%&)S'()661:)=2)&1&()6'%=61C
8-9-313)&')9%&31=%&:%(19?&:0-2%&):8%C
(1&2)=O1&6-3%&D)213%&3%&7(%L)2%&%&1(2->%
/0)&1,%9O-1&0:1&D)(65%&8(16-9)-(1&3%6
'0=-2-D)&31:1>)6@#&6%8&%&1(>0:)=2%
3)&/0)&%&1(2J&!Y&)&%02(16&=%(:16&3%
'(I'(-%&WI3->%&L+&3-6'0=O1:&T3)&:%3%
,1819U&6%8()&1&()'1(145%&3%&31=%&6%C
*(-3%&')9%&,%=60:-3%(J
<&L0(-6'(03N=,-1?&'%(&601&D)X?
=5%&O)6-21&):&3-62-=>0-(&)=2()&16&D+(-C
16& T)6'P,-)6U& 3)& 31=%& )S2(1'1C
2(-:%=-19?&6%:1=3%C%6?&'1(1&%&)*)-2%
3)&1'0(145%&3%&/01=20:?&3)&:%3%&1
=5%&1')=16&13:-2-(&1&,0:09145%&3)
31=%6&'12(-:%=-1-6& )& )S2(1'12(-:%C
=-1-6@A&/01=2%&1&'(I'(-1&,0:09145%
\1-=31&/0)&-:'9M,-21]&3)&31=%6&:%(1-6
3-D)(6%6&=1&601&2-'%9%>-1@aJ&<9P:&3%
:1-6?&%&l0')(-%(&^(-80=19&3)&f062-41
%,0'%0C6)&):&1*1621(&1&81(()-(1&-:C
'%621&')91&21(-*145%&3%&31=%&:%(19?
219&/019&=1&p)-&3)&m:'()=61@@J&7%(&%0C
2(%&913%?&)62)=3)0C6)&1&'%66-8-9-313)
3)&'%62091(&):&L0MX%&-=3)=-X145%&'%(
31=%&:%(19&21:8P:&.6&')66%16&L0(MC
3-,16!ddJ
[:&60:1_&'1(1&19P:&3)&1&()C
'1(145%&3%&31=%&:%(19&=5%&)621(&60C
L)-21&1&'()660'%62%6&3-D)(6%6&3%6&/0)
65%&>)(1-6&.& ()6'%=618-9-313)&,-D-9
\12%&-9M,-2%?&*12%(&3)&12(-80-45%&)&=)S%
3)&,10619-313)&)=2()&1&,%=3021&O0C
:1=1&)&%&31=%]?&)&'1(1&19P:&31&1:C
'91&)&18)(21&()>09145%&=%&V-()-2%&'%C
6-2-D%?&1-=31&O+?&=%&6-62):1?& ()>(16
'%=201-6&/0)?&)S'()661:)=2)?&')(:-C
2):&,)(21&,%(()9145%&)=2()&1&,)=60(1C
8-9-313)&31&,%=3021&3%&1>)=2)&)&1
)9)D145%&3%&:%=21=2)&-=3)=-X12I(-%
7%(P:?&1')61(&3)&2%31&1&*9)S-C
8-9-313)&)=6)L131&')9%& 6-62):1&3)
()>09145%&31&()6'%=618-9-313)&)S2(1C
'12(-:%=-19&\')(:-66-D1?&-=,906-D)?&3)
0:1&T-=3g62(-1&3)&-=3)=-X14K)6&:-9-C
%=+(-16U?&):&8%1&O%(1&,%-8-31&')9%
l^f&)&'%(&2(-80=1-6&)621301-6]?&1&/0)6C
25%&3%6&'0=-2-D)&31:1>)6& & >1=O1
)6'),-19& ()9)DH=,-1?&=1&:)3-31&):
/0)?&=%&;(16-9?&2%31&1&3-6,0665%&6%C
8()&%&,1(+2)(&)S):'91(&31&()6'%=61C
8-9-313)&,-D-9&1,181&'%(&,-=>-(C6)&.
'(%89):+2-,1&31&()'1(145%&3%&31=%
:%(19J&^ 19D)X&')9%&*12%&3)&1&-=3)=-X1C
45%&'%(&31=%&:%(19&2)(&6-3%&0:&2):1
:1-6&/0)&2%(:)=2%6%&12P&1&W%=62-20-C
45%&3)&!@aa&?&%&2):1&)62+&1-=31&D-=C
,0913%&Q&'1(13%S19:)=2)&Q&1%&*0=3%
316&1=2->16&3-6,066K)6&6%8()&1&D-1C
8-9-313)&3)&6)&,%=,)3)(&-=3)=-X145%
3-1=2)&31&-=)S-62N=,-1&3)&'()L0MX%&3)
%(3):&'12(-:%=-19J
*,$,&%1%4-+-=,0%3&,0+"#%4>
?-&%'#$!",-&%4-!"#$%$&'
()*)+',
c&'1(13%S%&)62+&):&/0)?&'()C
6)=2)&%&)*)2-D%&:%3)9%&8(16-9)-(%&3)
()'1(145%&3%&31=%&)S2(1'12(-:%=-19?
D->)=2)&3)63)&!@aa?&=5%&O+&,%:%
)S'9-,1(&1&*%(20=1&,(M2-,1&31&3%02(-=1
3%6&'0=-2-D)&31:1>)6&6)=5%&'%(&,)(C
2%6& 2(14%6& ,0920(1-6?& /0)& *1X):&31
-:-2145%&3%& T)62(1=>)-(%U& \1=2)6?& %
*(1=,N6i&1>%(1?&%&19):5%&)&%&=%(2)C
1:)(-,1=%]&0:&,(-2P(-%&3)&D-(203)&-=C
2)9),2019?&/0-4+&:)6:%&,MD-,1J&^ 19D)X
7%=2)6&3)&o-(1=31&2)=O1&2-3%&'1(,)91
3)& ()6'%=618-9-313)& =)661& ,%=*0C
65%!d!J&<&(->%(?&=5%&P&'(),-6%&1&-=D%C
,145%&1%6&'0=-2-D)&31:1>)6&'1(1&9%C
>(1(?&=1&()6'%=618-9-313)&)S2(1'12(-C
:%=-19?&%&,1(+2)(&T)S):'91(U&/0)?&):
,)(216&O-'I2)6)6?&*1XC6)&=),)66+(-%J
^1:8P:&=5%&P&'(),-6%&Q&'1(1&31(C6)
1%&102%(&3)&31=%6&)6'),-19:)=2)&>(1C
D)6&0:1&L0621&'0=-45%&'),0=-+(-1&Q
806,1(&,(-2P(-%6&%02(%6&/0)&=5%&%6&31
9)>-69145%&L+&)S-62)=2)J&<&()>(1&31&6-C
:)2(-1&3%&1(2J&@ZZ?&,1'02?&3%&WI3->%
W-D-9?&-=,-3)&6I&):&31=%6&'12(-:%=-1-6?
'%-6&=5%&O+&,%:%&:)=60(1(&:%=)21C
(-1:)=2)& 1& T)S2)=65%U& 3%& 31=%
)S2(1'12(-:%=-19_&=)66)&,16%?&%&/0)
,18)&P&0:1&'%=3)(145%&1S-%9I>-,1?
2(130X-31&):&D19%()6&:%=)2+(-%6J
$%6&'1M6)6&):&/0)&%6&31=%6
)S2(1'12(-:%=-1-6& )(1:& 13:-2-3%6
1')=16&=%6&&,16%6&3)&3)9-2%&,(-:-=19
Q&,%:%&=1&m2+9-1&)&=1&<(>)=2-=1!dY&Q&&P
=120(19&/0)&1&)62(-21&,%(()9145%&)=2()
31=%6&)S2(1'12(-:%=-1-6&)&')=1&'(-C
D131&2)=O1&13/0-(-3%&:1-6&*%(41!dB?
1201=3%& 1& 3%02(-=1& 3%6& '0=-2-D)
31:1>)6&&,%:%&()*%(4%&1(>0:)=212-D%
'1(1&,%=62(0-(C6)&192)(=12-D1&.6&=%(C
:16& 9)>1-6&3)&,91060(1J&$%&;(16-9?
2%31D-1?&=5%&O+&,%:%&,%:'())=3)(&%
'()62M>-%&3)&219&166%,-145%?&619D%&6)
16&)S'9-,1(:%6&')9%6&1=2)6&()*)(-3%6
2(14%6&,0920(1-6?&%0&6)&(),01(:%6&.6
,%=62(04K)6&)918%(1316&'1(1&%8L)21(
%&1(>0:)=2%& 6)>0=3%&%&/019& 6)(-1
-:'%66MD)9?&19P:&3)&-:%(19?&8)4)*')
#/*':/;'#$+&0$*/J&71(1& 9)>-2-:1(&1
,%=,)665%&3)&0:1&6%:1&):&3-=O)-(%
.&')66%1&/0)&2)D)&601&)6*)(1&)S2(1'1C
2(-:%=-19&12-=>-31?&'166%0C6)&1&3)*)=C
3)(&/0)&1&-=3)=-X145%&3%&31=%&:%(19
6)(-1&=5%&6I& 9)>M2-:1?&:16&21:8P:
=),)66+(-1?& '%-6?& 3%& ,%=2(+(-%?& %
%*)=6%(&()621(-1&-:'0=)J&V)661&:1C
=)-(1?&1*1621(1:C6)&%6&I8-,)6&3)&,0C
=O%& P2-,%C6%,-19& )& L062-*-,%0C6)& 1
YB!"#$%&'#()*+,-.*'#/"#01'#2"#34560'#7*/"89*)"#0::4
-=3)=-X18-9-313)&3%&31=%&:%(19&,%:
*0=31:)=2%&\-:'9M,-2%]&=1&=%45%&3)
')=1&'(-D131!dZ_&1&'0=-45%&3%&%*)=6%(
Q&/'D#$/')/':"58)#/& Q&:1-6&/0)&1
T-=3)=-X145%U&31&DM2-:1&)621D1&L+&=%
*09,(%&31&1(>0:)=2145%&L0(M3-,1J
$)66)& 16'),2%?& D)(-*-,1C6)?
,%:&)*)-2%?&0:&,)(2%&'1(19)9%&,%:&%
60(>-:)=2%& Q&:16& 1')=16& ,%:& %
60(>-:)=2%&C&31&3%02(-=1&3%6&'0=-2-D)
31:1>)6&=1&2(13-45%&1=>9%C61Sb=-,1J
W%:%&D-:%6?&3-1=2)&31& -:'%66-8-9-C
313)&%(->-=+(-1&):&()661(,-(&%&31=%
/0)&=5%&3)-S166)&9162(%6&'12(-:%=-1-6?
91=4%0C6)&:5%&31&2)%(-1&'0=-2-D1&1&*-:
3)&=5%&3)-S1(&%&9)613%?&=)66)6&,1C
6%6?&6):&/019/0)(&1:'1(%&'%(&'1(2)
3%&%(3)=1:)=2%&L0(M3-,%J&&$%&)=21=C
2%?&=1&2(13-45%&1=>9%C61S5?&0:1&D)X
,%=61>(131&1&()'1(18-9-313)&3%&31=%
:%(19?&1&*0=45%&31&-=3)=-X145%&'16C
6%0&1&6)(&)=2)=3-31&,%:%&:)(1:)=C
2)&,%:')=612I(-1?&')(3)=3%?&166-:?
601&'(-:-2-D1&D-=,09145%&,%:&%&-=62-C
202%&3%6&'0=-2-D)&31:1>)6J&[62)6?&'%(
601&D)X?&'1661(1:&1&6)(&,%=,)3-3%6
6%:)=2)&=%6&,16%6&)S,)',-%=1-6&):
/0)&%&)6213%&608L)2-D%&3%&,10613%(
3%&31=%?&19-13%&.&1921&,)=60(18-9-313)
3)&601&,%=3021?& L062-*-,166)&1& *-S1C
45%&3%&/01=20:&-=3)=-X12I(-%&):&'1C
21:1(&60')(-%(&1%&=),)66+(-%&'1(1&1
:)(1&,%:')=6145%?&2)=3%&):&D-621
16&*-=19-313)6&'0=-2-D1&)&'()D)=2-D1
31&()6'%=618-9-313)&,-D-9J
l-:-91(& 2(1L)2%&=5%& 6)& ()*9)2)?
,%:%&D-:%6?&=1&3%02(-=1&)&=1&L0(-6C
'(03N=,-1&8(16-9)-(16?&/0)&,%=2-=01:
1&,%=%21(&16'),2%6&'0=-2-D%6&,%:%
T-:1=)=2)6U&%0&'(I'(-%6&1%6&31=%6
:%(1-6?&()*%(41=3%C6)&1&2)6)&'0=-2-D1
/0)&=5%&*%-&60'91=2131&6)/0)(&')91
-=3)=-X18-9-313)& -(()62(-21& 3%&31=%
:%(19&')91&W%=62-20-45%&3)&!@aaJ&<-=C
31&O%L)&,%)S-62):&2(N6&,%(()=2)6?&):
6)3)&21=2%&3%02(-=+(-1&,%:%&L0(-6'(0C
3)=,-19?&6%8()&1&*0=45%&31&-=3)=-X1C
45%&3%&31=%&:%(19?& /01-6& 6)L1:&1
,%:')=6145%{612-6*145%&3%&%*)=3-C
3%!d"?&1&'0=-45%&3%&%*)=6%(!d#&)&21=2%
1&612-6*145%&3%&%*)=3-3%&,%:%&1&'0C
=-45%&3%&%*)=6%(!dAJ
^1:8P:&=%&6)=2-3%&3)&(),%C
=O),)(&1&*0=45%&'0=-2-D1&)&'()D)=2-D1
31& ()6'%=618-9-313)& ,-D-9& 2):C6)
'%6-,-%=13%&1&L0(-6'(03N=,-1?&,18)=C
3%&2(1=6,()D)(?&'%(&601&)9%/rN=,-1?
3),-65%&3%&l^f_&c&D19%(&3%6&31=%6
:%(1-6?&3)&6)0&20(=%?&,%:%&2)=O%&16C
6-=1913%&):&3-D)(616&%'%(20=-313)6?
3)D)&6)(&*-S13%&):&2)(:%6&(1X%+D)-6?
=5%&6)&L062-*-,1=3%&/0)&1&()'1(145%
)=6)L)&)=(-/0),-:)=2%&-=3)D-3%?&3)C
D)=3%&%&1(8-2(1:)=2%&%')(1(C6)&,%:
:%3)(145%?& '(%'%(,-%=19:)=2)& 1%
>(10& 3)& ,09'1?& 1%& '%(2)& *-=1=C
,)-(%& 316& '1(2)6?& %(-)=21=3%C6)& %
L09>13%(&')9%6&,(-2P(-%6&60>)(-3%6&')91
3%02(-=1&)&')91&L0(-6'(03N=,-1?&D19)=C
3%C6)&3)&601&)S')(-N=,-1&)&8%:&6)=C
6%?&12)=2%&.&()19-313)&31&D-31&)&.6
'),09-1(-313)6&3)&,131&,16%?& =5%
3)-S1=3%&3)&%86)(D1(?&%02(%66-:?&)
+)%"*02)'8"+$%$9)'0'#$,:$85$+)#/*)'#)
$+#0+$2)67/!daJ
<%&1,%9O)(C6)&1&*0=45%&'0=-2-C
D1&&%0&1&*0=45%&:-621&\612-6*145%{'0C
=-45%]&31&-=3)=-X145%?&1&L0(-6'(03N=C
,-1&02-9-X1?&'1(1&1&*-S145%&3%&/01=20:
-=3)=-X12I(-%?&1&,%:8-=145%&3)&3%-6?
)?&'%(&D)X)6?&3)&2(N6&3-62-=2%6&,(-2P(-C
%6_&%&>(10&3)&,09'1&3%&%*)=6%(i&1&,%=C
3-45%&),%=b:-,1&3%&()6'%=6+D)9&')91
9)65%i&)&%&)=(-/0),-:)=2%&%82-3%&,%:
%& *12%& -9M,-2%!d@J& <& )62)6& *12%()6?& %6
3)*)=6%()6&31&2)%(-1&:-621&1,()6,)=C
21:?&):&>)(19?&:1-6&3%-6&\'%(&D)X)6
3)63%8(13%6&):&2(N6]_&-=2)=6-313)&)
1&30(145%&3%&6%*(-:)=2%&)S')(-:)=C
213%&')91&DM2-:1?&166-:&,%:%&1&')(C
31&316&,O1=,)6&3)&D-31&)&3%6&'(1X)C
()6&31&D-31&6%,-19&%0&31&D-31&M=2-:1?
)&16&,%=3-4K)6&6%,-1-6&)&),%=b:-,16
1&,%=3021&3%&%*)=6%(J&V%&,%=2(+(-%?&1
1'9-,145%&-=3-6,(-:-=131&31&-=3)=-X1C
45%&'0=-2-D1?&19P:&3)& 2%(=1(C6)&0:
L%>%&3)&1X1(!!!?&1,1(()21(-1&%6&*)=bC
:)=%6&-=3)6)L+D)-6&3)&O-')(C'()D)=C
45%&)&60')(,%:')=6145%?&=5%&2)=3%
=)=O0:1&)*-,+,-1&=%&'91=%&P2-,%C')C
31>I>-,%&6)&)62)=3-31&.&()6'%=61C
8-9-313)&%8L)2-D1J
w&'(),-6%?&'%-6?&3-62-=>0-(_&0:1
,%-61&P&1(8-2(1(C6)&-=3)=-X145%&')9%
31=%&:%(19&/0)?&*0=3131&):&,(-2P(-%6
3)&'%=3)(145%&1S-%9I>-,1?&2)=O1&,1C
(+2)(&,%:')=612I(-%&.&DM2-:1?&9)D1=C
3%C6)&):&,%=6-3)(145%&Q&'1(1&1&*-S1C
45%&3%&:%=21=2)&Q&1&,%=,()21&'%6-C
45%&31&DM2-:1?&1&)6'P,-)&3)&'()L0MX%
,10613%&)?&-=,906-D)?&1&,%=D)=-N=,-1
3)&3-66013-(& %& %*)=6%(?& ):&,)(2%6
,16%6?&'%3)=3%&:)6:%&6)(&0:1&-=C
3)=-X145%&T1921U&\3)63)&/0)&>01(3)
'(%'%(,-%=19-313)&&1S-%9%>-,1:)=2)
)62-:131&1%&31=%&,10613%]i& %02(1
,%-61& P& 13%21(C6)& 1& 3%02(-=1& 3%6
'0=-2-D)&31:1>)6&/0)?&'1661=3%&1%
91(>%&31&=%45%&3)&,%:')=6145%?&6->C
3%& %*)=3-3%?& 2)=3%& ):& D-621& 1
D)3145%&1%&)=(-/0),-:)=2%&6):&,10C
61J&W%:%&6)&DN?&%&/01(2%&,(-2P(-%&1'()C
6)=21&,1(+2)(&:1(,131:)=2)&,%:')=C
612I(-%{612-6*12-D%J&c&/0-=2%&,(-2P(-%?
'%(&601&D)X?&=5%&%8621=2)&1&601&*(1C
>-9-313)?&21:8P:&2):&6-3%&*()/r)=2)C
:)=2)&1'9-,13%&')91&L0(-6'(03N=,-1!!dJ
c&,(-2P(-%&31&')(31&31&,O1=,)&2(130X
0:1& ():-=-6,N=,-1?& 3)6,%=2)S201C
9-X131?& 31& ^)%(-1& 31& 7)(2)& 3Rv=)
WO1=,)J
^%31D-1?&1&3%02(-=1&3%6&'0=-2-D)
31:1>)6&)S->)?&,%:%&6)&D-0?&&%02(%6
,(-2P(-%6&Q&8):&:1-6&(->%(%6%6&Q?&=5%
'%3)=3%&6)(&3-*)()=2)?&6%8&')=1&3)
%&-=62-202%&6)(&-=g2-9&1%6&'(I'(-%6&*-=6
/0)&')(6)>0)J&o)6:%&=1&'()6)=41
3)&0:1&816)&*-9%6I*-,%C,0920(19&):-C
=)=2):)=2)&02-9-21(-621?&1&3%02(-=1&=%(C
2)C1:)(-,1=1&,%=6-3)(1&-:'()6,-=3MC
D)9&Q&'1(1&19,1=41(?&)*)2-D1:)=2)?&0:
()609213%&6%,-19:)=2)&g2-9&,%:&1&'0C
=-45%{'()D)=45%&Q&1&,%:'(%D145%&3)
)9):)=2%6& 608L)2-D%6& \,09'1&>(1D)?
3%9%?&:19M,-1?&*(103)&)2,J]&1&:1(,1():
=-*-,1&)*)2-D1:)=2)&Q&)&)S,906-D1:)=2)
Q&1' $;8/,$67/'#0'";)'80+)?& ,%:
816)&=1&,%=3021&1921:)=2)&()'(%D+C
D)9&\3%9%61&%0&>(1D):)=2)&,09'%61]
3%&%*)=6%(?&,%:%&P&'(I'(-%&3%&3-()-2%
'0=-2-D%J
$%&'(-:)-(%&,16%?&%&0=-D)(6%&P
1:'9M66-:%?&181(,1=3%&%6& ()>-:)6
3)&()6'%=618-9-313)&()60921=2)6&3)
/01-6/0)(&3%6&,(-2P(-%6&3)&-:'02145%
\608L)2-D1&%0&%8L)2-D1?&6)L1&)621&')9%
(-6,%?&')91&6)>0(1=41?&')91&,%=*-1=C
41&)2,J]J&$%&6)>0=3%&,16%?&\'0=-2-D)
31:1>)6]&6I&'%3)(+&18(1=>)(&1&()6C
'%=618-9-313)&3)(-D131&31&-:'02145%
608L)2-D1?&6%8&')=1&3)&-=,%=2%(=+D)9
,%=2(13-45%_&6)&%&/0)&P&1D19-13%&\'1(1*-S1(&%&:%=21=2)&31&-=3)=-X145%]&P&1
:1-%(&%0&:)=%(&4*)9$#)#0'#)':/+#"-
%)&3%&102%(&3%&31=%&)&%&:1-%(&%0&:)C
=%(&>(10&3)&*08*/9)67/'E%$:/-F"*<#$-
:)'G':/+#"%)H&,%:%&*1XNC91&-=,-3-(&.6
O-'I2)6)6& 3)& -:'02145%& %8L)2-D1?
'1(1&1&/019&%&)S1:)&31&:/+#"%)'#/
)40+%0&P&3)6'-,-)=3%&\)S1:-=1=3%C
6)& 25%C6I& 1& -9-,-203)?& %& 31=%?& 1
S@#*I@-fE)5+E#*#UB/KL@#2B/.A.D*##@B#*#UB/KL@#9.+A*
d+*A.+U*KL@82B/.KL@e#C*#./CE/.H*KL@'#*#7B).+2)BCP/I.*#BA.-.H*'#2*)*
*#U.?*KL@#C@#GB*/AB9#./CE/.H*AZ).@'#*#I@9N./*KL@#CE
C@.+'#E'#2@)#DEHE+'#CE#A)P+#C.+A./A@+#I).AT).@+h#@#F)*B#CE#IB-2*#C@
@UE/+@)`#*#I@/C.KL@#EI@/j9.I*#C@#)E+2@/+XDE-#2E-*#-E+L@`
E#@#E/).GBEI.9E/A@#@NA.C@#I@9#@#U*A@#.-,I.A@"
YZ !"#$%&'#()*+,-.*'#/"#01'#2"#34560'#7*/"89*)"#0::4
-:'0218-9-313)&)&%&=)S%&,10619]!!Y€
7()6)=2)&)661&,%=2(13-45%?&/0)
O1D)(-1&1%&)62)=3)():C6)&%6&'0=-2-D)
31:1>)6&1%6&,16%6&3)& -:'02145%
%8L)2-D1&Q&)&'()6)=2)?&*0=31:)=219C
:)=2)?&%&:%3)9%&,%=62(0M3%&=1&2(13-C
45%&1=>9%C61S5&Q&)621:%6&,%=D-,216
6)(&,%=3-45%&3)&1'9-,145%&3)661&3%0C
2(-=1&%&)9):)=2%&608L)2-D%?&)9):)=2%
D)(313)-(1:)=2)&-=1*162+D)9!!B?&816C
21=3%&9):8(1(&Q&):&1=+9-6)&6-62):+C
2-,1&Q&/0)&1&()6'%=618-9-313)&%8L)2-C
D1&=5%&P&13:-66MD)9&=%&H:8-2%&3%&V-C
()-2%& 7)=19?& =):&:)6:%& =1& 6)1(1
1:8-)=219J&<9P:&3%&:1-6?&%&1806%&\%
06%& -=3-6,(-:-=13%?& *%(1& 3)& '1(HC
:)2(%6&>)(1-6&)&(1X%1D)9:)=2)&6)>0C
(%6]&31&3%02(-=1&-:'%(21(-1&):&-=,%=6C
2-20,-%=19-313)&*91>(1=2)J&;1621&')=C
61(&=%&'(-=,M'-%&=0991&'%)=1&6-=)&9)>)?
816)&316&>1(1=2-16&3):%,(+2-,16J
[661&3-62-=45%?&,%=/01=2%&06019
=%&V-()-2%&=%(2)C1:)(-,1=%?&=5%&P&,%=C
6-3)(131&):&'1(2)&31&3%02(-=1!!Z&)&L0C
(-6'(03N=,-1&8(16-9)-(16?& -=,906-D)&1
3%&l0'():%&^(-80=19&F)3)(19?&/0)?
(),)=2):)=2)?&*)X&()*)(N=,-1&.&3%02(-C
=1& =%(2)C1:)(-,1=1& 3%6& '0=-2-D)
31:1>)6& '1(1& L062-*-,1(& 3),-65%
-:'%6-2-D1&3)&-=3)=-X145%&1&O%6'-219
'g89-,%&\/0)&()6'%=3)&%8L)2-D1:)=C
2)?&=1&*%(:1&3%&1(2J&BA?&#‚?&31&W%=6C
2-20-45%&F)3)(19]J&m=D%,1=3%&1&30'91
*0=45%&\61=,-%=12I(-1&)&3-66016I(-1]
31&-=3)=-X145%&=1&()6'%=618-9-313)
)S2(1'12(-:%=-19?&,O1:%0&Q&3)6=),)6C
61(-1:)=2)?&):&=%66%&:%3%&3)&D)(&Q
1& 3%02(-=1& 3%6& '0=-2-D)& 31:1>)6
,%:%&*0=31:)=2%&31&3),-65%!!"J&[&*%-
-=D%,145%&3)6=),)66+(-1&'%(/0)&,%=C
*0=3-0&%&T,1(+2)(&'0=-2-D%&31&-=3)=-C
X145%U&\2(14%&>)=P(-,%&31&')=1&'(-C
D131?&12(-80MD)9?&6)>0=3%&*%(2)&3%0C
2(-=1?&1%&31=%&:%(19]&,%:&1&T-=3)=-C
X145%&'0=-2-D1U&\'0=-2-D)&31:1>)6]J
^(12%0&1&)6'P,-)&3)& (),0(6%
-=2)('%62%&')91&v=-5%&F)3)(19&,%=2(1
3),-65%&3%&^ (-80=19&j)>-%=19&F)3)(19
Q&Yƒ&j?&/0)&-:'06)(1&1&O%6'-219&'g89-C
,%& ,%=3)=145%& 1%&'1>1:)=2%&3)
31=%6&:%(1-6&')9%&'()L0MX%&,10613%
1&V1=-)9&F)9-')&3)&c9-D)-(1&$)2%?&/0)
6%*()0?&/01=3%&3)&6)0&=16,-:)=2%?
1*0=31:)=2%&*(%=219&3%&,(H=-%?&)3):1
,)()8(19&)&+()1&3)&,%=2065%&O):%(C
(+>-,1?&:19)6&)66)6&%,16-%=13%6&'%(
2)(& 6-3%& ()2-(13%&3%& D)=2()& 3)& 601
>)=-2%(1&.&816)&3)&*I(,)'6!!#J&c&1')C
9%&31&v=-5%&F)3)(19&806,%0&\-]&6-201C
45%&,%=*->0(13%(1&3)&*%(41&:1-%(?&1'21
1&3)6,1(1,2)(-X1(&Q&6)>0=3%&19)>1D1
Q&%&=)S%&3)&,10619-313)&:12)(-19&)=C
2()&1&,%=3021&3%&1>)=2)&'g89-,%&)&%
31=%&,10613%&1%&:)=%(J&j)L)-21=3%
1&'()2)=65%?&%&l^F&()1*-(:%0&%&6)0
)=2)=3-:)=2%&1,)(,1&31&-=2)('()2145%
13)/0131&1%&1(2J&BA?&#‚?&31&W%=62-C
20-45%&F)3)(19&\)=3%661=3%&1&^ )%(-1
3%&j-6,%&<3:-=-62(12-D%]?&13)=2(1=3%
):&,%=6-3)(14K)6&1,)(,1&31&=120()C
X1&31& -=3)=-X145%&'%(&31=%&:%(19?
,%:%&6)>0)_
m:')=3)& 166-=191(?& 3)& %02(%
913%?&/0)&1&*-S145%&3%&/01=20:&')(2-C
=)=2)&.&,%=3)=145%&,-D-9&-:'%621&1%
7%3)(&7g89-,%&Q&'()6)=2)6&%6&'()6C
60'%62%6&3)&*12%&6%8)(1=1:)=2)&()C
,%=O),-3%6&')9%&^ (-80=19&1&/0%&Q&%8C
6)(D%0?&=%&,16%&%(1&):&1=+9-6)?&1&%(-C
)=2145%&/0)&1&L0(-6'(03N=,-1&3%6&2(-C
80=1-6&2):&,%=61>(13%&=%&)S1:)&3%
2):1?&=%2131:)=2)&=%&'%=2%&):&/0)
%&:1>-62P(-%&L0(-6'(03)=,-19?&'%=3%
):&3)621/0)&1&30'91&*0=45%&-=)()=2)
.&-=3)=-X145%&,-D-9&'%(&31=%6&:%(1-6?
)=*12-X1?&/01=2%&1&219&16'),2%?&1&=)C
,)66+(-1&,%(()9145%&)=2()&%&,1(+2)(
'0=-2-D%&31&%8(->145%&3)& -=3)=-X1(
\T'0=-2-D)&31:1>)6U]?&3)&0:&913%?&)
1&=120()X1&,%:')=612I(-1&()*)()=2)&1%
3)D)(& 3)& '(%,)3)(& .& ()'1(145%
'12(-:%=-19?&3)&%02(%J
[:&1'%-%&.&2)6)?&1903-0C6)&1%
)=2)=3-:)=2%& 3%02(-=+(-%& 3)&W1-%
o1(-%&31&l-9D1&7)()-(1&)&1%6&'(),)C
3)=2)6& 3%& l^f!!A& /0)& Q& ):&=%66%
:%3%&3)&D)(&Q&=5%&,O)>1:&1&)=3%6C
61(&1&13%45%&3%6&'0=-2-D)&31:1>)6?
*->0(1&31&2(13-45%&1=>9%C61S5?&,%=C
/01=2%&19031:&1%&30'9%&,1(+2)(&31
-=3)=-X145%&'%(&31=%&:%(19!!aJ&w&8):
D)(313)&/0)&%&1,I(35%&()*)()?&1-=31?
1& 9-45%& 3)& %02(%6& -9062()6& 3%02(-C
=13%()6!!@?& 1903-=3%?& =%&)=21=2%?& .
*0=45%&3)&3)6)62M:09%&31&-=3)=-X1C
45%&,-D-9&'%(&31=%&:%(19J&7%(P:?&,%=C
/01=2%&1'9-,1=3%C6)&')=1&\)D-3)=,-1C
3%&')91&-=06-2131&()*)(N=,-1?&12P&:)6C
:%&=1&):)=21?&.&3%02(-=1&3%6&'0=-2-D)
31:1>)6]&'1(1&O-'I2)6)&):&/0)&1
W%=62-20-45%&F)3)(19&3)2)(:-=1& 6)(
%8L)2-D1&1&()6'%=618-9-313)?&=5%&O+
=%&1,I(35%&31&:1-6&1921&W%(2)&Q&-=*)C
9-X:)=2)&Q&=)=O0:1& ()*)(N=,-1&1%6
'%620913%6&=%(:12-D%6&/0)&3)(-D1:
31&:)6:1&W%=62-20-45%?&21-6&/01-6&%6
31&'%=3)(145%?&'(%-8-45%&3%&)S,)6C
6%?& ->019313)&)&'(%'%(,-%=19-313)
\,%:%&13)/0145%&)&=),)66-313)]!YdJ
[661&60('())=3)=2)&3),-65%&3%
^(-80=19&)=,1(()>13%&3)&-=2)('()21(&1
W%=62-20-45%&)=,%=2(1&'(),)3)=2)&):
L09>13%&3%&^ (-80=19&3)&f062-41&3%&j-%
E(1=3)&3%&l09&/0)?&):&%02(%&,16%&3)
()6'%=618-9-313)&%8L)2-D1&Q&)&=1&10C
6N=,-1&3)&/019/0)(&)9):)=2%&608L)2-C
D%&()'(%D+D)9&=1&,%=3021&3%&,1061C
3%(&3%&31=%&Q?&)=2)=3)0&'%(&*-S1(&1
-=3)=-X145%&3%&31=%&:%(19&,%:&()*)C
(N=,-1& )S'()661& .& 3%02(-=1& 3%6
)S):'91(G&31:1>)6J&^(121D1C6)&3)
145%&3)&-=3)=-X145%&'%(&31=%6&:%C
(1-6&,%=2(1&,()3%(&/0)&'(%:%D)0&)S)C
,045%&*%(4131&,%=2(1&O%:b=-:%&3%
6)0&3)D)3%(J&$5%&O%0D)?& =%&,16%?
/019/0)(&-=2)=45%&3)&,%:)2)(&%&12%
-9M,-2%?&O1D)=3%&21:'%0,%&,09'1&>(1C
D)&'%(&'1(2)&3%&,()3%(?&%&/019?&19-+6?
6I&2)D)&'()L0MX%&3-1=2)&3%&)((%&%,%((-C
3%J& m:'021=3%&1& ()6'%=618-9-313)
')9%6&31=%6&1%&,()3%(&):&(1X5%&3)&)
0I0:"67/',0'*0)5$2)*',04"+#/',0"
0I:5",$9/'$+%0*0,,0?&O-'I2)6)&3)&(-6C
,%&31&12-D-313)?&:)=,-%=%0C6)&1&3%0C
2(-=1&3%6&'0=-2-D)&31:1>)6&):&,16%
/0)?&=%&V-()-2%&1=>9%C61Sb=-,%?&)621
=5%&6)(-1&,18MD)9!Y!J&&[:&%02(16&O-'IC
2)6)6?&P&1&3%02(-=1&1=>9%C61S5&1'9-C
,131&):&,16%6&3)&()6'%=618-9-313)
%8L)2-D1?&'%(&31=%6&1%6&,%=60:-3%C
()6!YY?&6):&/0)&=131&L062-*-/0)?&%&6)0
,O1:1:)=2%?&'%-6&-=3)=-X14K)6&L06C
21:)=2)&)9)D1316&'%3)(-1:&2)(&6-3%
*-S1316&,%:&816)&=16&()>(16&3%&V-C
()-2%& 8(16-9)-(%J& <9P:& 3%&:1-6?& P
,)3-4%&/0)?&=1&()6'%=618-9-313)&%8C
L)2-D1&=5%&P&,%=6-3)(131&1&,%=3021
3%&1>)=2)?& -62%& P?& =5%&O+& L0MX%&3)
,)=60(18-9-313)&.&,%=3021&608L)2-D1J
^1:8P:&P&,)3-4%&/0)&2%31&1&^)%(-1
31&7)=1&P&'%91(-X131&')9%&F"<2/'#0
8*/8/*:$/+)5$#)#0&/0)&)62+&=1&816)
=5%& 1')=16& 3)& 601& L062-*-,145%
1S-%9I>-,1&:16?&'%(&->019?&3)&601&)*-C
,-N=,-1?&=1&%(3):&'(+2-,1?&,%:%&:)C
,1=-6:%&3)& ,%=2(%9)& 6%,-19!YBJ& 7%C
(P:?& ,%:%&6)& *191(& ):& T'(%'%(,-%C
=19-313)U&)=2()&,%=3021&()'(%D+D)9&)
'0=-45%&6)&=5%&6)&2):&,%:%&618)(
T%&/01=2%U&&*%-&%&1>)=2)&,09'13%?&&2)=C
3%&6-3%&3-6')=613%&%&)S1:)&31&,%=C
3021&')9%&()>-:)&31&()6'%=618-9-31C
3)&%8L)2-D1€
h+&)S):'9%?&=%&%(3)=1:)=2%?
3)&0:&6103+D)9&:)-%&2)(:%&)=2()&%
-=2)=2%&3)&2%(=1(&)S):'91(&1&-=3)=-C
X145%&)&1&=),)66-313)&3)&6)():&%8C
6)(D13%6&'1(H:)2(%6&:M=-:%6&3)&6)C
>0(1=41&L0(M3-,1!YZ?&8):&6)&3-*)()=,-C
1=3%&)=2()&1&TL062-41&3%&,16%U&)&1&TL06C
2-41&3%&zO13-U_&2(121C6)&31&:0921&'()C
D-621&=1&p)-&=J&AJBZA{a"!Y"&'1(1&%&,16%
3)&31=%6&,0L1&3-:)=65%&P& 2(1=6-=C
3-D-3019?&,%:%&%6&31=%6&1:8-)=21-6
)&1%&,%=60:-3%(!Y#J&[661&:0921&3)D)
(),%9O-31&1&0:&*0=3%&'g89-,%?&6)(D-=C
3%&'1(1&)*)2-D1(&%&8*$+:<8$/'#)'8*0-
90+67/?&/0)&O%L)&'%91(-X1&%&V-()-2%
<:8-)=219&)&P?&21:8P:?&3-()2(-X&1&6)(
6)>0-31&=16&()914K)6&3)&,%=60:%J
$)66)6&,16%6?&%&D19%(?&1&6)(
'1>%&'0=-2-D1:)=2)?&=5%&D1-&'1(1&%
102%(&31&145%?&1=2)6&8)=)*-,-1=3%&%
0=-D)(6%&3%6&9)613%6&)?&*0=31:)=219C
:)=2)?&%&8):&L0(M3-,%&,%9)2-D%&/0)&*%-
'()L03-,13%&')91&145%&3%&102%(&3%
31=%J&7%(P:?&O+&6-:-9-203)6&,%:&%
/0)&1&3%02(-=1& 1=>9%C61S5&2):&3)
'%6-2-D%!YA?& 61=,-%=1=3%& '),0=-1C
(-1:)=2)&1/0)9)6&31=%6&'(%D%,13%6
'%(&0:&1')>%&25%&)S,)66-D%&.&'),g=-1
Y"!"#$%&'#()*+,-.*'#/"#01'#2"#34560'#7*/"89*)"#0::4
/0)& *1X&)6/0),)(&%6& -=2)()66)6&31
6%,-)313)J&v:&*0=3%?&,(-13%&'%(&9)-
Q& 1& >)625%& 'g89-,1& 3%& *0=3%& )& 1
3)62-=145%&3)&6)06&(),0(6%6&1&0:1
*-=19-313)& ,%9)2-D1?& -62%& P?& 2(1=6-=C
3-D-3019&\)&=5%&-=3-D-3019?&6)(D-=3%&1
T-=3)=-X145%U&'1(1&8)=)*-,-1(&)S,90C
6-D1:)=2)&DM2-:1&3%&31=%]?&'1(),)&6)(
%&:1-6&13)/013%&,1:-=O%&Q&6)&02-9-C
X13%&3)&*%(:1&,%:'9):)=21(&.6&3)C
:1-6&D-16&61=,-%=12I(-16&3%&-9M,-2%&,-C
D-9&Q&'1(1&()>(1(&%6&31=%6&2M'-,%6&31
6%,-)313)&-=3062(-19&6):&/0)&(),1-1C
:%6&Q&'%(&D)X)6?&'%(&-=>)=0-313)&Q
=16&1(:13-9O16&31&3)60:1=-X1=2)&T9IC
>-,1&3%&:)(,13%U!YaJ
[-6& 1M&:1-6&0:1&02-9-313)&31
,%:'1(145%&L0(M3-,1J&<%&*%:)=21(&%
')=61:)=2%&,(M2-,%?& 1& ,%:'1(145%
)=6)L1&')(,)8)(& 16& 1(:13-9O16&3%
6)=6%&,%:0:&)?&166-:?&18()&16&'%(C
216&.&3)661,(19-X145%&3)&TD)(313)6U
3),%(()=2)6&3%&1')>%&.6&'191D(16
6%=%(16&)&1%6&)62)()I2-'%6&L0(M3-,%6J
c6&,%:'1(12-6216?&19-+6?&8):&,%=O)C
,):&%&*)=b:)=%&3%&=%:-=19-6:%&L0(MC
3-,%?&')9%&/019&1&3)=%:-=145%&3%:-C
=1&6%8()&1&6->=-*-,145%!Y@J&$5%&=%6
3)-S):%6&12(1'19O1(&')91&:)(1&)D%C
,145%&6):H=2-,1?&,%=*0=3-=3%&1&)SC
'()665%& '0=-2-D)& 31:1>)6& \3)6->C
=12-D1&3)&0:&3)2)(:-=13%& -=62-202%
L0(M3-,%]& ,%:& %& ,1(+2)(& '0=-2-D%
166%,-13%& .& -=3)=-X145%&3%&31=%
)S2(1'12(-:%=-19J&&p):8():%6?&1&'(%C
'I6-2%?&3)&o1,O13%&3)&<66-6?&-(b=-,%
1=19-621&316&=%6616&D-(203)6&)&316
=%6616&:1X)916?&/0)&L+&%86)(D1(1&6)(
=),)66+(-%?&1%&2(121(&316&T-=,1=3)6C
,)=2)6&/0)62K)6&3%&3-1U?&,%=O),)(
=5%&1')=16&%& D%,1809+(-%?&:16&16
-3P-16&1&/0)&16&'191D(16&,%(()6'%=C
3):!BdJ
*#/&"$'.'3.#415).2&"
@ 7$+A$+6-5BCDEFGH6-IBGJKLH-MEFDEFG-7FJKNEC
O#PE-EIHKHQBI-BQRJIG-HK-SKLEF8LETECHREL
UHIBEGBEUVW- !K/-!./012345- 6.457127./5- 82
)9:./;/1/<74W- XW- ELW-$BH-LE- YJKEBFH/- YHUZ
%C[QRBH\-0+26-@]^_W
` 3+5$,"&6- *BEFFEW- 4SF- CaJKJC[UE
LBbbZFEKGBECCE- LEU- cSFBUISCGSFEUW- =2>?2
$9:2.94:7/9412- 82-(./7:-@/3;4.AB- KW- X6- RW
@de_8@d^@6- @]]]W
_ ,UUBQ- J- IHKIERfgH- LH- IHQRJFJGBUGJ
BGJCBJKH-4,22%6-$HLHCbHW-C4-@/3;4.475/9
D?.787E?2-4?-52.>7F2-82- 14-F/9475549F2-8?
8./7:W-*JFBU/-+IHKHQBIJ6-@]]@6-RW-@@e-E-UUW
X 0'!$-h,##6-MHFJGBJW-7HKIGBHK-4SDTEFUBTE
LS-&FHBG-2HQRJFZW-=2>?2-$9:2.94:7/9412-82
(./7:-@/3;4.AB-KW- _6- RWed_8e`^6- `dddW
e ,- EiRFEUUgH- Z- LH- RHEGJ- $EKZ- 2PJF6
CEQDFJLH-RHF-3+5$,"&6-/;G-F7:G6-RW-@de_6
`dddW
j H/.7I/9:2-25-21-J307:/-82->757K9-E?2-404.F4
L- 29F72..4- :/8/- 1/- E?2- 25- >757012- 82582
82:2.37948/- ;?9:/W- O5,&,0+$6- MJKUW
.EFLJL-[-0ZGHLHW-#FJLW-+URW-4JCJQJKIJ/
4klSEQE6- @]]@W- RW_^`VW
^ ;SUIJF8UE-H-QEFH-GFJKURCJKGE-LE-UHCSfmEU
Z-JGBGSLE-BKlnKSJ-RHFoSE-KgH-REFIEDE--HU
IHKLBIBHKJQEKGHU- BKGECEIGSJBU- PBUGpFBIHU
oSE-bJqEQ-JU-LBbEFEKGEU-GFJLBfmEU-cSFkLBIJU
E-EiRCBIJQ6-EQ-CJFlJ-QELBLJ6--KgH-JREKJU
HU-LBUGBKGHU- BKUGBGSGHU6-QJU6- RHF- BlSJC6- HU
QHLHU- LE- USJ- JRFEEKUgH- E- LE- UES
bSKIBHKJQEKGHW- *HFGJKGH6- KH- JLHGJF8UE
UHCSfmEU- LE- LBTEFUJ- GFJLBfgH- cSFkLBIJ6- Z
RFEIBUH-GEF-RFEUEKGE6-BKJbJUGJTECQEKGE6-HU
LBUGBKGHU-IHKLBIBHKJQEKGHU-ISCGSFJBU-E-HU
LJLHU- LH- EKGHFKH- r- UHIBJC- HS- cSFkLBIH- r
IJRJqEU- LE6- USD8FERGBIBJQEKGE- HS- KgH6
IHKbHFQJFEQ- LBTEFUJQEKGE- JoSECJ
UHCSfgHW
s ;+"Y,0!"6- hJCGEFW- 3J- #tIPE- LS
#FJLSIGESFG- !K/- M2?>.25B- $G- - - #FJLW- LE
0JSFBIE- LE-5JKLBCCJI6- $JBKEF- $HIPCBGq- E
*BEFFE-$SUIPW-*JFBU/-5JCCBQJFL6-` dddW-RW-` e@W
] 2HKbHFQE- HDUEFTJQHU- EQ-%U- LJKHU- u
REUUHJ- E- J- KJGSFEqJ- LE- USJ- FERJFJfgHW
=2>75:4- =/34- 2- )3A.7F46- GW- @d6- RW- @e^- 8
@se6- `ddd6- E-EQ-=2>75:4-8/5-%.70?9475B-TW
^s]6-RW-`@-8-X^6-`dd@W-#JQDZQ-RSDCBIJLH
IHQH- 3HU- &JvHU- J- CJ- REFUHKJ- EQ- EC
LEFEIPH- DFJUBCEvH- [- CJ- KJGSFJCEqJ- LE- US
FERJFJIBpKB- -=2>75:4- 82-=25;/9540717848
@7>71-L-,2<?./5-r-3J-3E[6-TW-_6-KW-`6-RW-`s-8
X]6-QJFWwJDFW6- `dd@W
@d 2HQ-FJqgH-0JFBJ-2ECBKJ-;HLBK-LE-0HFJEU
JH-JCEFGJF-JHU-FBUIHU-EQ-KgH-FEIHKPEIEF-J
;./N?984-873295O/- 5/F7/F?1:?.41- 8/- :234
O;%&!"-&+-0%$,+46--0JFBJ-2ECBKJW-(49/5
P- !255/4- H?3494/- 'QJ- CEBGSFJ- IBTBC8
IHKUGBGSIBHKJCW- - $BH- LE- YJKEBFH/- $EKHTJF6
`dd_W- RW``sW
@@ 3EQDFEQHU- *JUIJC/-@4.- 71- N4?:- ;45- 52
3AF/9947:.2QR- 9/?5- 5/3325- 4?:/34:2
4?:49:- E?S25;.7:G- OWWWV- 14- F/?:?32- N47:- 9/5
;.2?>25- 125-;1?5- N/.:25-2:- 125-;1?5-F.?25QR
2112- 79F1792- 1S4?:/34:2B-E?7-29:.J792- 1S25;.7:
5495- E?S71- ;2952W- O*,42,36- ;CJBUEW
!295A25G- jj@W- *JFBU/- +LW- &E- *PW- 4ECCBEF6
2CJUUBoSEU-5JFKBEF6-@]]@W-RW-Xe@VW
@` +QDHFJ-KgH-LETJQHU-GEF-J-BKlnKSJ-IFEKfJ
KJ-=RJFBLJLE>-HS-=IHQSGJGBTBLJLE>-LEUUEU
GFtKUBGHU/- KEUUE- JUREIGH6- GJC- oSJC- KH
EIHKxQBIH6-Py-oSJUE-oSE-SQJ-TBJ-LE-QgH
zKBIJ6-J-QgH-LH-LHQBKJLHF-ISCGSFJCW-,CZQ
LH-QJBU6-IHQH-REFIEDE-3ElFJKL6- :/?:2-14
3/98741754:7/9-8?-3/982-92-;2.32::.4-;45B
97- 29- 4.:B- 97- 29- 8./7:B- 82- 5?.3/9:2.- 125
79:2.37:29F25-82-5295-2:-8S4::2798.2-P-?92
?97>2.541754:7/9B- FS25:TPT87.2- P- ?9-;4.:4<2
82-5295{-O3+5$,"&6-/;G-F7:G6-RW-@djXVW
@_ *JFJ-SQJ-JRFHiBQJfgH-JH-UBUGEQJ-cSFkLBIH
JKlCH8UJigH6- IHKUSCGJQHU-0,##+!6- 'W
@/33/9TC4UT- $1-87.7::/-49<1/-432.7F49/-V
%.4::4:/-87-(7.7::/-@/3;4.4:/-OHFlWV-4,22%6
$HLHCbHW- #SFBQ/-'#+#6-`dd@-E-<h+!5+$#8
|}#<6- $9:./8?I7/92- 41- (7.7::/
@/3;4.4:/W#HQH-!W-0BCgH/-5BSbb~6-@]]eW-RW
``d8__`6- JCZQ- LJU- HDFJU- EUREIkbBIJU
QEKIBHKJLJU-JH-CHKlH-LH-GEiGHW
@X 4BKGEGBqJ- JLQBFJTECQEKGE- EUUJ- FEKHTJLJ
JGFJfgH- JH- GEQJ-,KGxKBH-*BKGH-0HKGEBFH6
JH- JUUBKJCJF/- 'N2F:7>4329:2B- ?34- 845
.4IW25-X529O/-4-;.79F7;41Y-;/.-E?2-4-;294
;.7>484-2B-023-45573B-/5-327/5-82-F/2.ZO/
4/- F?3;.7329:/- >[3- 825;2.:498/- ?3
79:2.2552- F.25F29:2- OWWWV- A- /- 84- .214:7>4
792N7F\F74B-5/0-/-;/9:/-82->75:4-;.2>29:7>/T
549F7/94:K.7/B- 84- :?:214- /;2.484-;214- >74
84- 7982397I4ZO/G- OWWWV- ,298/- 25:4- ?3
32F49753/- 825:7948/- P- .2;4.4ZO/- 82
849/5B- F?D4- 82:2.37949:2- AB- ;/75B- /
.2554.F7329:/-8/- 12548/B- 4- ;294-;.7>484
5?.<7.74B-23-F/9:.45:2B-F/3/-328784-F?D4
.4:7/- A- 4- 73;/57ZO/- 4/- 12549:2- 82- ?34
E?49:74-5?;2.7/.-4/-;.2D?]I/-;/.-57-F4?548/B
23- E?2- 45- N7941784825- ;.2>29:7>4- 2- 82
.2;.255O/- /F?;43- /- 1?<4.- F29:.41- 2
82F757>/W- - - ,UUBQ6- HDUEFTJ- H- JSGHF6- 52- A
F2.:/- E?2- 4- .25;/95407178482- F7>71
;./552<?2B- 47984- E?2- 5K- 32874:4- /?
4F255/.74329:2- ?34- N?9ZO/- 5/F741- 82
8755?45O/B- 4- 573;125- .2;4.4ZO/-8/-849/
F4?548/- 9O/- F/95:7:?7B- ;/.A3B
N.2E^29:2329:2B- ?34- .25;/5:4- 2N7F4IB- 82
/.823-;.2>29:7>4B- D?5:4329:2-;/.-9O/-52.
25:4- 4- 5?4- 82:2.37949:2W- - 3EQDFJKLH
GFJDJCPH-LE-+KFBIH-0HUIJGB-OUElSKLH-H-oSJC
J-SGBCBLJLE-HS-KEIEUUBLJLE-LJ-REKJ-RFBTJLJ
EUGy-EQ-UE-JRFEUEKGJF6-RHF-TEqEU6-IHQH-/
_97F/- 795:.?329:/- >2.84827.4329:2- 2N7F4I
E?498/- /- ;/:29F741- 4?:/.- 8/- 849/- 9O/
29F/9:.2- 94- /0.7<4ZO/-82- 798297I4.- ?34
.4IO/- 045:49:2- ;4.4- 52- 405:2.- 8/- 52?
F/3;/.:4329:/B- ?34- >2I- E?2- 4-328784
;.2>75]>21-84-798297I4ZO/B-25:498/-0417I484
;21/- 1737:2-8/-849/B- A- 79N2.7/.- 4/-;./>27:/
`E?2- 212- .2:7.4a- 84- 5?4- ;.K;.74- 797F74:7>4
71]F7:4V6- JRHKGJ- JBKLJ-H- IBTBCBUGJ-RHFGSlSnU
uU- LEQJBU- FJqmEU- oSE- IHKLSqEQ- JH
=LEUREFGJF>-LJ-LHSGFBKJ-RJFJ-=J-TECPJ-BLZBJ
LJ-REKJ-RFBTJLJ>6-EKGFE-ECJU-u-=IFEUIEKGE
LEFFJRJlEQ- LJ- FEURHKUJDBCBLJLE- IBTBC
RJFJ-QEIJKBUQHU-IHCEGBTHU-LE- FERJFJfgH
UHIBJC6-IHQ-J-LEUTJCHFBqJfgH-LH-RJREC-LH
JlEKGE-KJ-RFHLSfgH-LH-LJKH>6-DEQ-IHQH
JH- =EiIEUUH- LE- 79;?:5b- JGSJCQEKGE
FEoSEFBLH- u- FEURHKUJDBCBLJLE- IBTBC6
=RELBKLH8UE8CPE- oSE- Ln- FEURHUGJ- J
QzCGBRCHU- bBKU6- RHF- TEqEU- IHKGFJLBGpFBHU>- 6
IHQH- FERJFJF- H- CEUJLH6- FERJFGBF- REFLJU6
LBUGFBDSBF- FBUIHU6- RSKBF- H- CEUJKGE6- RFETEKBF
IHQRHFGJQEKGHU- BCkIBGHU6- IHKGFHCJF- J
JGBTBLJLE- LE- RFHLSfgH6- JUUElSFJF- H
FEUREBGH-u-REUUHJ-EGIW-O*!"#%-0%"#+!$%6
,KGpKBHW-@1\?5?14- !2941- 2- $982397I4ZO/G
2HBQDFJ/-,CQELBKJ6@]]]-O@-FEBQRFEUUgHV6
KHGJU-@e_j-E-@e_^6-RW-jjd8jj_VW
@e 2HKUJlFJLJ- J- JSGHKHQBJ- LJ
FEURHKUJDBCBLJLE- IBTBC- FECJGBTJQEKGE- u
FEURHKUJDBCBLJLE-REKJC6-J-bSKfgH-RSKBGBTJ
bHB-JGFBDSkLJ-EiICSUBTJQEKGE-J-EUGJ-zCGBQJW2HKIHQBGJKGEQEKGE6- JGFBDSBS8UE- u
FEURHKUJDBCBLJLE- IBTBC- IJFyGEF
EiICSUBTJQEKGE-FERJFJLHF6-GEKLH-EQ-TBUGJ6
EKGFE- HSGFJU- FJqmEU6- J- TELJfgH- JH
EKFBoSEIBQEKGH- UEQ-IJSUJW
@j 2pLBlH-LE-&EbEUJ-LH-2HKUSQBLHF6-JFGW-X€6
F4;?:B- 79- >2.075W- ,- *HCkGBIJ- "JIBHKJC- LE
$ECJfmEU-LE-2HKUSQH-GEQ-RHF-HDcEGBTH-H
JGEKLBQEKGH- LJU- KEIEUUBLJLEU- LHU
IHKUSQBLHFEU6-H-FEUREBGH-u-USJ-LBlKBLJLE6
UJzLE- E- UElSFJKfJ6- J- RFHGEfgH-LE- UESU
BKGEFEUUEU-EIHKxQBIHU6-J-QECPHFBJ-LE-USJ
oSJCBLJLE- LE- TBLJ6- DEQ- IHQH- J
GFJKUbEFnKIBJ-E-PJFQHKBJ-LJU-FECJfmEU-LE
IHKUSQH6- JGEKLBLHU- HU- UElSBKGEU
RFBKIkRBHU/- !- 8- FEIHKPEIBQEKGH- LJ
TSCKEFJDBCBLJLE-LH-IHKUSQBLHF-KH-QEFIJLH
LE-IHKUSQHW-OWWWVW
@^ ,-2HKUGBGSBfgH-DFJUBCEBFJ6-KH-JFGW-``e6-oSE
BKJSlSFJ- H- 2JRkGSCH- !.- LH- #kGSCH- .!!!
IHKUGBGSIBHKJC-O&J-%FLEQ-4HIBJCV6-JUUElSFJ
=J- GHLHU>- H- LBFEBGH- JH- QEBH- JQDBEKGE
EIHCHlBIJQEKGE- EoSBCBDFJLH\- oSJCBbBIJ- H
QEBH-JQDBEKGE-EKGFE-HU-DEKU6-IHQH-=DEQ
LE-SUH-IHQSQ-LH-RHTH>6-JGFBDSBKLH8CPE-H
IJFyGEF- LE- EUUEKIBJCBLJLE- ORFBKIkRBH- LJ
EUUEKIBJCBLJLE- LH- QEBH- JQDBEKGEV\- E
IHQEGE-JH-*HLEF-*zDCBIH6-EKGFE-HSGFHU6-HU
Y# !"#$%&'#()*+,-.*'#/"#01'#2"#34560'#7*/"89*)"#0::4
LETEFEU- LE- ;./:2<2.- 2- .25:4?.4.- /5
;./F255/5-2F/1K<7F/5-25529F7475-2-;./>2.
/-3492D/- 2F/1K<7F/- 8/5- 2F/5575:2345c
;.252.>4.-4-87>2.578482-2-4-79:2<.78482-8/
;4:.73d97/-<29A:7F/-8/-;4]5\-E-;./:2<2.-4
N4?94-2-4- N1/.4B- >284845B- 94- N/.34-84- 127B
45-;.\:7F45-E?2-F/1/E?23-23-.75F/-4-5?4
N?9ZO/- 2F/1K<7F4W- ,- RJF- LE- LEbBKBF- HU
LETEFEU-E-JUUEKGJF6-KH--`€6-J-HDFBlJfgH
LE-FEISREFJfgH-LH-QEBH-JQDBEKGE-J-oSEQ
EiRCHFJF-FEISFUHU-QBKEFJBU6-RFETn-KH--_€-H
FElBQE- lEFJC6- LEGEFQBKJKLH- J
FEURHKUJDBCBLJLE- RHF- IHKLSGJ- CEUBTJ- JH
QEBH- JQDBEKGEW
@s ,-LBUGBKfgH-Z-ICyUUBIJ6-GEKLH-UBLH-GFJfJLJ
RHF-.HK-YM+$!"5/-H-LBKPEBFH-LEUEQREKPJ
bSKfgH-=IHQREKUJGpFBJ>-KHU-IJUHU-lEFJBU
LE- LJKHU- IJSUJLHU- RECJ- -QHFJ- HS- RECJ
ISCRJ- EiGFJIHKGFJGSJC6- IHDFBKLH- H- LJKH
EQEFlEKGE- E- H- CSIFH- IEUUJKGE\
=UJGBUbJGpFBJ>6- KHU- IJUHU- LE- LJKH
EiGFJRJGFBQHKBJC6- JGSJKLH- IHQH- SQ
USDUGBGSGBTH- JH- RFEcSkqH- oSE- KgH- Z
=FEIHQRHUGH>\- GEQ- IJFyGEF- LE- =REKJ>
ORSKBGBTHV-UEQRFE-oSE-JU-CEBU-HS-J-JSGHKHQBJ
RFBTJLJ- OKH- IJUH- LJ- ICySUSCJ- REKJCV
EUGJDECEfJQ- SQJ-QSCGJ- RJFJ- IHBDBF- HS
UJKIBHKJF- SQJ- IHKLSGJ- FERFHTyTECW- %
IJFyGEF- LE- EiEQRCJFBELJLE- OLBUUSJUpFBH6
IHKGEQRCJKLH-J-LBUUSJUgH-RECH-EiEQRCH6
UElSKLH- J- :e2/.L- /N- 82:2..29F2V- bHlE- J
EUUJ-GFJLBfgH6-TBKLH-LJ-ISCGSFJ-JKlCH8UJigW
@] 4EcJ8KHU- IHKUEKGBLH- CEQDFJF- J- DECkUUBQJ
RJUUJlEQ-LE-2kIEFH-oSE6-JH-FEURHKLEF-u
BKLJlJfgH- r- =H- oSE- Z- H-&BFEBGH- 2BTBC‚- =
JKHGHS/-@.2743T32R-4-e2.49Z4-E?2B-E?49:/
4/5-3253/5-0295B-.2F2023/5-8/-87.27:/-2
84-127B-A-347/.-8/-E?2-4E?214-E?2->23-8/
E?2-:475-0295-9/5-827f4.43G-(2-N4:/B-;4.4
E?2- 2?- 48E?7.4- ?3- N?98/B- 045:4- /
:25:4329:/-82-41<?A3c-;4.4-E?2-2?-;/554
349:2.- `9/-32?- 8/3]97/a- 25:4>21329:2
2552- N?98/B- E?2- :/.9/?T52- 32?B- A
92F255\.7/-/-87.27:/-F7>71W-OWWWWV-"3-;4:.73d97/
52-;2.82-F/3-/-849/-82-?34-5K-;255/4c-/
/.8294329:/-D?.]87F/B-4/-F/9:.\.7/B-9O/-52
;/82-;2.82.-529O/-F/3-/-849/-73295/-82
:/8/5-/5-F7848O/5W-O2BIW-;./-@42FG-`j6-^_8
^eW- -2HKbHFQE- GFJLSfgH- CBTFE- LJ- TEFUgH
BGJCBJKJ- LE- ;$+#%"+6- 0JFBH6- !K/- $
g/984329:7-821-(7.7::/-=/349/-V-C2-@/52
2- 14-#4:?.4G-$HQJ/-3JGEFqJ6-@]]sW-RW-XW
`d 5$,'6-+FHU-$HDEFGHW-(7.27:/B-F/9F27:/5-2
9/.345- D?.]87F45W- 4gH-*JSCH/-$ETBUGJ-LHU
#FBDSKJBU6-@]ssW-RW-jXW
`@ .W-2,$&,42!,6-5SBCCJSQEW-$ZRJFJGBHK- EG
REBKE-LJKU-CEU-LFHBGU-ISKZBbHFQEU-EG-CE-LFHBG
FHQJBKW- !K/-;%'3+#-r-4JSGEC-EG-JCW- OHFlWVW
C4-=25;/9540717:A-P-:.4>2.5-125-)<25G--*JFBU/
+IHKHQBIJ6@]s]W- RW@- 8- XeW
`` #'"26- ,KLFZW- #HFGUW- !KGFHLSIGBHKW- !K/
$9:2.94:7/941- '9F7F1/;2874- /N-@/3;4.4:7>2
C4UW-TW-@@W-IJRW@6-RW-]_W-%SGFJU-FEbEFnKIBJU
EQ- KHUUH-0,$#!"482%4#,6- YSLBGPW-%U
7SKLJQEKGHU-LJ-$EURHKUJDBCBLJLE-2BTBCW
=2>75:4- %.7325:.41- 82- h?.75;.?8[9F74- 8/5
'5:48/5B--TW-]_6-RW-`]-J-e`6-@]]@W
`_ .W-%U- EUGSLHU- bSKLJQEKGJBU- LE- .!33+A6
0BIPECW- +UoSBUUE- PBUGHFBoSE- USF- CE-QHG
FEURHKUJDCEW- !K/- ;%'3+#- r- 4JSGEC- EG- JCW
OHFlWVW-C4-=25;/9540717:A-P-:.4>2.5-125-)<25G
*JFBU/- +IHKHQBIJ6@]s]W- RW- ^X8ss- E6- EQ
EUREIBJC6- 42M!*,"!6- 4JKLFHW- 3Ei-,oSBCBJW
2SCRJW-$EURHKUJDBCBGuW-O+iGFJGH-LE-$12F7:/-2
;294- ;.7>4:4- 79- 2:P- .2;?017F494G- )::7- 821
@/9>2<9/-$9:2.94I7/9412-87-87.7::/-./349/G
2HRJKECCH-X8^-lBSlKH-@]]d6-"JRHCB6-@]]`W
,GSJCQEKGE- EQ- (2.2Fe/- =/349/- L
"97N7F4F7K9- 821- (2.2Fe/G- 'f;2.729F74
2?./;24- L- 14:749/432.7F494G- -0JGEFBJCB- !!W
2HFUH- LB- *EFbEqBHKJQEKGH- E- LB-0JlBUGEFW
$HQJW'KBTEFUBGu- LElCB- 4GSLB- #HF- .EFlJGJW
2EKGFH- LB- 4GSLB- 3JGBKHJQEFBIJKB6- RW- X@- E
UUW
`X =%LBH- JC- IHCRETHCE>6- UElSKLH- .%2!6
*JUoSJCEW-=754.F7329:/-2-!294-!.7>4:4-921
(7.7::/- =/349/-@14557F/G-0BCJKH/-5BSbbF~6
@]_]6- RW- @`W- 4HDFE- J- LBUGBKfgH- GJQDZQ
IHKUSCGJQHU-2,$&,42!,6-/;G- F7:G6- RW- `j
E-UUW\-5,33%6-/;G-F7:G6-RW_^-E-UUW
`e .W-CS43A.7F49754:7/9-8?-8./7:B- ).Fe7>25-82
;e71/5/;e72-8?-8./7:B->G-ijB-!4.75B-kllmG
`j .%2!6-/;G-F7:G6-RW-]W
`^ 0%$+!$,- ,3.+46- YHUZ- 2JFCHUW-(7.27:/
=/349/W- $BH- LE- YJKEBFH/- 7HFEKUE6- @]^]W
RW-`jeW
`s 0%$+!$,-,3.+46-/;G-F7:G6-RW-`jjW-#JQDZQ
5,33%6-*JHCHW-!292-GGG6-/;G-F7:G6-RW-_s-E-UUW
`] .%2!6-/;G-F7:G6-RW@`W
_d 5,33%6-/;G-F7:G6-RW-_^8_sW
_@ %e2- 7824- :e4:- F2.:479- n7985- /N- F/98?F:
5e/?18- 02- >7987F4:28- 0L- 49- 4U4.8- /N
3?1:7;12- 8434<25- .?95-822;G-67017F41- 14U
230/8728-:e2- 78241- N/.- :e2N:-498-:.25;455G
+.22n- 14UB- /:e2.U752G- #2>2.:e21255B- :e2
.4:7/9412- 02e798- :e2- >4.7/?5- 549F:7/95
N/?98- 79- :e2- 14U-/N- :e2- 49F729:-U/.18- 878
9/:- F124.1L- 87NN2.29:74:2- Ue4:- 75
F/33/9;14F2- :/- ?5R- o:/.:b- 498- oF.732bG
=/349-14U-75-711?5:.4:7>2G-%e2-8217F:-/N-:e2N:
.49-04Fn-4:-1245:-:/-:e2-%U21>2-%40125-Xijl
6G@GYG-%e2-;2941:L-U45-N/?.-:7325-:e2->41?2
/N- :e2- :e79<- 5:/129G- )5- U7:e- 67017F41- 498
+.22n- 14UB-=/349- 14U-878- 9/:B- :e2.2N/.2B
N?11L-34n2-/?.-875:79F:7/9-02:U229-oF.732b
498- o:/.:bW- ;3,|+A6- $HDEFGW- MN
Fe4.4F:2.7I4:7/9- 498- /:e2.- 34::2.5R
:e/?<e:5- 40/?:- 3?1:7;12- 8434<25W
&BURHKkTEC- EQ- PGGR/wwƒƒƒWCJƒWLSNEWELSw
UPECCwIBGEWRC‚jd-„-3Jƒ-„-…-„-2HKGEQRW-„
*FHDUW-„-]^-„-O4SQQEF-„-@]]^VW-,IEUUH
EQ-@j-KHTW-`dd_W
_` "H- &BFEBGH- cSUGBKBJKES6- GHLJTBJ6- EUUJ
LBUGBKfgH- cy- KgH-Z- KkGBLJW-,-REKJ-RFBTJLJ
RJUUJ- J- IHKbBlSFJF8UE- GJQDZQ- IHQH
FEUUJFIBQEKGH-LH-LJKH-UHbFBLH-RECJ-TkGBQJ6
EQDHFJ- IHKGBKSE- J-LEKHQBKJF8UE-;/294W
0%$+!$,- ,3.+46-/;G- F7:G6- RW- `jjW- 4gH
BKzQEFJU-JU-LBUISUUmEU6-EKGFE-HU-FHQJKBU8
GJU6-UHDFE-J-HIHFFnKIBJ6-HS-KgH6-LE-bSKfgH
FEBREFUEISGpFBJ-KJ-REKJ-RFBTJLJ- OTW-.%2!6
/;G- F7:G6- RW- @^- E- UU6- KHGJLJQEKGE- J
IHKGEUGJfgH-u-GEUE-LE-+QkCBH-;EGGBVW
__ 5,33%6-/;G-F7:G6-RW-`d-E-UUW
_X 2pLBlH-2BTBC- DFJUBCEBFH6- JFGUW- ssX8ssj6- 79
>2.075/- ,FGW- ssXW-)E?212- E?2B- 523- D?5:4
F4?54B- 52- 29.7E?2F2.- P- F?5:4- 82- /?:.23B
52.\- /0.7<48/- 4- .25:7:?7.- /- 7982>784329:2
4?N2.78/B- N27:4- 4- 4:?417I4ZO/- 8/5- >41/.25
3/92:\.7/5W- *JFylFJbH- zKBIHW- ,2- /
29.7E?2F7329:/- :7>2.- ;/.- /0D2:/- F/754
82:2.379484B-E?23-4-.2F202?-A-/0.7<48/
4-.25:7:?]T14B-2B-52-4-F/754-9O/-3475-5?0575:7.B
4- .25:7:?7ZO/-52- N4.\-;21/->41/.-8/-023-94
A;/F4- 23- E?2- N/7- 2f7<78/W- ,FGW- sseW- )
.25:7:?7ZO/- A- 82>784B- 9O/- 5K- E?498/- 9O/
:29e4- e4>78/- F4?54- E?2- D?5:7N7E?2- /
29.7E?2F7329:/B- 345- :430A3- 52- 25:4
827f/?-82- 2f75:7.W- ,FGW- ssjG- #O/- F402.\- 4
.25:7:?7ZO/- ;/.- 29.7E?2F7329:/B- 52- 4- 127
F/9N2.7.- 4/- 12548/- /?:./5-327/5- ;4.4- 52
.2554.F7.- 8/-;.2D?]I/- 5/N.78/W-"J-LHSGFBKJ
JIEKGSJ8UE- H- RFBKIkRBH- FEUGBGSBGpFBH- IHQH
=ECEQEKGH- SKBbBIJKGE>- LJU- TJFBJLJU
PBRpGEUEU6-GJBU-IHQH-H-EKFBoSEIBQEKGH-UEQ
IJSUJ-OIHQH-BKUGBGSGH-lEFJCV6-H-RJlJQEKGH
BKLETBLH- E- J- lEUGgH- LE- KElpIBHU6- PHcE
JlFSRJLHU-EQ-SQ-QEUQH-GkGSCH-KH-2pLBlH
2BTBC- DFJUBCEBFHW- %DUEFTJ- J- RFHRpUBGH
0BIPECHK/-8?.49:2-/-73;A.7/-8/-;4.487<34
84->/9:482-52.74-73;/55]>21-F/9F202.-E?2
/- 29.7E?2F7329:/- 523-F4?54-

Outros materiais