Eine Theoriearbeit zum Fundraising via Social Networks.

1. !
!
!
"#$%&'()($*!+,-!.!/(&01(23!)45('16!768596&06!
!
:($6!;364&(6'&<6(8!=<6&!%(6!>486$5('16!%6)!/6<!+,-!?=&!%')!<65(63#$*)4&(6$8(6&86!
"#$%&'()($*!<6(!0'&(8'8(@6$!74$A&4?(8.B&*'$()'8(4$6$!($!C6#8)231'$%!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!D'23614&'&<6(8!@4$!E)6$('!C'$(14@'

2. !
!
!
"#$%&'()($*!+,-!.!/(&01(23!)45('16!768596&06!
!
:($6!;364&(6'&<6(8!=<6&!%(6!>486$5('16!%6)!/6<!+,-!?=&!%')!<65(63#$*)4&(6$8(6&86!!!!!
"#$%&'()($*!<6(!0'&(8'8(@6$!74$A&4?(8.B&*'$()'8(4$6$!($!C6#8)231'$%!
!
!
!
/())6$)23'?81(236!F<)231#))'&<6(8!!
5#&!:&1'$*#$*!%6)!G423)23#1*&'%6)!!
HD'23614&!4?!F&8)!($!I6%(6$J'$'*6J6$8K!
!
:($*6&6(238!@4$!E)6$('!C'$(14@'!
:&)8*#8'2386&L!>&4?,!C&,!M'&)86$!/($86&!
N96(8*#8'2386&L!M3&()84A36&!D1'06O!I,F,!
!
!
P$)8(8#8!?=&!Q4#&$'1()8(0!#$%!E4JJ#$(0'8(4$)?4&)23#$*!
%6&!G423)23#16!?=&!I#)(0!#$%!;36'86&!G'$$4@6&!
G'$$4@6&O!RS,!Q#1(!+--T!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

3. !
!
!
!
!
"#$%! %&$'()*+$,-./! ,%0-(1+'-*! '2! $%,%! +-! 2+)/3! )*4! '+! 5'((!
+,)*26-,7! 8$),'+)9(%! :'0'*:! '*! )2! .,-6-1*4! 5)/! )2! +%8$*-(;
-:/! '2! 8$)*:'*:! +$%! 8-77%,8')(! 5-,(4<! =$),'+'%2! +$)+! $)0%!
4'27'22%4! %&$'()*+$,-./! )2! )! 6)4! >?@! 5'((! 2--*%,! -,! ()+%,!
*%%4!+-!9%8-7%!,%8-*8'(%4!+-!'+<!A6!+$%/!4-*B+3!+$%/!,'2C!(-2;
'*:! +-18$! 5'+$! 4-*-,2! )*4! '7.%,'(('*:! +$%! 0'+)('+/! -6! +$%',!
5-,C"<!
!
Q'J6)!:,!F#)8($!
!!!!!G'&@'&%!D#)($6))!U23441
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

4. !
FDU;VFM;!
W4$! )6($6&! X6<#&8))8#$%6! '$! %#&2316<86! %')! P$86&$68! @6&)23(6%6$6! >3')6$,! C')! 6($)8!
&6($6!!F<&#?J6%(#J!6$89(206186!)(23!J(8!%6&!W6&)(4$)$#JJ6&!+,-!5#!6($6J!I(8J'23$685O!
%')! J63&! >'&8(5(A'8(4$O! P$86&'08(@(8Y8! #$%! W6&$685#$*! 59()236$! %6$! 7#856&$! 6&JZ*1(238!
#$%!%'<6(!#$)6&!E4JJ#$(0'8(4$).!#$%!E4$)#J@6&3'186$!@6&Y$%6&8,!I(8!%6J!:($5#*!@4$!
/6<!+,-!96&%6$!@(616!X6)23Y?8)<6&6(236!8&'$)?4&J(6&8O!9')!FJ'54$!#$%!:<'[!<6&6(8)!'J!
D6()A(61!%6)!:($5613'$%61)!%6J4$)8&(6&6$,!U6(8!%6&!6&?41*)*60&Z$86$!U42('1!I6%('!U8&'86.
*(6!(J!/'310'JA?!@4$!D'&'20!B<'J'!&=208!$#$!'#23!%6&!74$A&4?(8.U6084&!($!%6$!"40#)!
%6&! C()0#))(4$6$! #J! %(6! >486$5('16! %6)! /6<! +,-,! X6&'%6! <6(! 0'&(8'8(@6$! 74$A&4?(8.
B&*'$()'8(4$6$!7>B]!($!C6#8)231'$%!()8!5#&56(8!%(6!"&'*6!$'23!($$4@'8(@6$!"#$%&'()($*.
I4%6116$!&616@'$86&!%6$$!^6,!C6&!U8''8!5(638!)(23!)6(8!Q'3&6$!'#)!%6J!/431?'3&8)<6&6(23!
5#&=20!#$%!)86118!7>B)!@4&!%(6!G6&'#)?4&%6&#$*O!$6#6!V6))4#&26$_#6116$O!($)<6)4$%6&6!
(J!A&(@'86$!U6084&O!5#!6&)231(6`6$,!C423!'$*6)(238)!%6&!@6&)23Y&?86$!/688<696&<))(8#'.
8(4$!'#?!%6J!UA6$%6&J'&08!)49(6!)86(*6$%6&!UA6$%6&'$)A&=236!04JJ6$!%(6!36&0ZJJ.
1(236$! <6)23'??#$*)4&(6$8(6&86$! "#$%&'()($*.I6834%6$! 5#! 0#&5,! aJ! ($! %6&! N#0#$?8! 9688.
<696&<)?Y3(*!5#!)6($!#$%!6??608(@!'*(6&6$!5#!0Z$$6$O!J=))6$!*6J6($$=85(*6!B&*'$()'8(.
4$6$! %(6! M3'$26! %6)! V61'8(4$)3(A! "#$%&'()($*! $#856$! #$%! 1'$*?&()8(*6! D65(63#$*6$! 5#!
(3&6$!V6))4#&26$<6&6(8)86116&$!'#?<'#6$,!!
!
I(8! %6&! @4&1(6*6$%6$! "4&)23#$*)'&<6(8! 9#&%6! #$86&)#238O! 961236! >486$5('16! /6<! +,-.
;623$414*(6$!?=&!%')!<65(63#$*)4&(6$8(6&86!"#$%&'()($*!<(686$!#$%!961236!F#)9(&0#$*6$!
(3&!:($)'85!?=&!%(6!01'))()236!UA6$%6&A&'b()!<6%6#868,!PJ!V'3J6$!6($6&!8364&(6*616(8686$!
F$'1[)6!#$86&!G6&'$5(63#$*!%6&!D6)8!>&'28(26!D6()A(616!9#&%6!?6)8*6)86118O!%'))!/6<!+,-.
<')(6&86!F$96$%#$*6$!J(8!(3&6$!'#?!P$86&'08(4$.!#$%!>'&8(5(A'8(4$!'#)*6&(238686$!U8&#0.
8#&6$!$(6!%'!*696)6$6!M3'$26$!?=&!%6$!F#?<'#!#$%!%(6!P$86$)(@(6&#$*!%6&!D65(63#$*6$!
5#! UA6$%6&$! <6&6(83'186$! )49(6! $6#6! G'$%1#$*)JZ*1(2306(86$! ?=&! 7>B)! )23'??6$,! F#)!
%6&! F$'1[)6!9#&%6! 96(86&3($! 6&)(2381(23O! %'))! J(8! %6J! :($)'85! @4$! /6<! +,-! 6($6! ;&'$).
?4&J'8(4$!%6&!1($6'&6$!D65(63#$*))8&#08#&!59()236$!B&*'$()'8(4$6$!#$%!(3&6$!"Z&%6&6&$!
6($36&*636$! #$%! )(23! I'238@6&3Y18$())6! 5#*#$)86$! %6&! c68586&6$! @6&)23(6<6$! 96&%6$,!
B??6$! <16(<8! '116&%($*)! %(6! "&'*6O! 4<! 7>B)! <6&6(8! )($%O! %(6! W4&'#))685#$*6$! ?=&! 6($6! 6&.
?41*&6(236!aJ)685#$*!%6)!"#$%&'()($*!+,-!5#!6&?=116$L!UA6$%6&!'1)!*16(2396&8(*6!>'&8$6&!
#$%!E4A&4%#56$86$!5#!'056A8(6&6$!)49(6!)(23!'#?!6($6!4??6$6!E4JJ#$(0'8(4$!J(8!(3$6$!
6($5#1'))6$O! %6$$! %')! 6&?4&%6&8! 6($(*6! *&#$%16*6$%6! W6&Y$%6&#$*6$! ($! (3&6&! <()36&(*6$!
B&*'$()'8(4$)0#18#&,!!!
!

5. ! P$3'18)@6&56(23$()! i
P7GFc;UW:VN:PMG7PU!
!
FDDPcCa7XUW:VN:PMG7PU,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, (((
P,! :P7c:P;a7X,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, R!
R,!>&4<16J)8611#$*!#$%!V616@'$5!%6)!"4&)23#$*)($86&6))6) ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, R!
R,R,!W6&Y$%6&86!V'3J6$<6%($*#$*6$!(J!%6#8)236$!7>B.U6084& ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, R!
R,+,!U45('10'A(8'1!#$%!%(*(8'16!768596&0J6%(6$,!"#$%&'()($*!+,-!'1)!M3'$26d,,,,,,,,,, +!
+,!N(61)685#$*!%6&!F&<6(8 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, e!
f,!W4&*636$)96()6!#$%!F#?<'#!%6&!F&<6(8,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, S!
PP,! "BVUMGa7XUX:X:7U;F7C ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, g!
R,!;364&68()236!W4&=<6&16*#$*6$,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, g!
R,R,!E'&(8'8(@6!74$A&4?(8.B&*'$()'8(4$6$!'1)!;6(1J6$*6!%6)!C&(886$!U6084&) ,,,,,,,,,,,,,, g!
R,+,!"#$08(4$!%6)!"#$%&'()($*)!<6(!7>B),,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, h!
+,!F08#6116!:$89(201#$*6$!#$%!G6&'#)?4&%6&#$*6$!'#?!%6J!UA6$%6$J'&08 ,,,,,,,,,,,,,,,,,,,,,, T!
PPP,! IBC:ccDPcCa7X ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Rf!
R,!"#$%&'()($*!(J!E4$86b8!%6)!D65(63#$*)J'&068($*),,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Rf!
R,R,!"#$%&'()($*!'1)!I'&068($*'#?*'<6,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Rf!
R,+,!>'&'%(*J6$9623)61!3($!5#J!V61'8(4$)3(A!"#$%&'()($* ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Re!
R,f,!i04$4J()236!;&'*?Y3(*06(8!%6)!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*) ,,,,,,,,,,,,,,Rg!
+,!:&?41*)?'084&6$!%6)!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*) ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Rh!
+,R,!UA6$%6&5#?&(6%6$36(8 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+-!
+,+,!W6&8&'#6$,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,++!
+,f,!M4JJ(8J6$8,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+e!
f,!P$86*&'8(4$!%6&!:&?41*)?'084&6$,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+g!
PW,!!!/:D!+,-,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, +T!
R,!U8'8#)!_#4!%6)!"#$%&'()($*)!(J!P$86&$6856(8'186& ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+T!
+,!/6<!+,-!.!:($6!04JJ#$(0'8(4$)9())6$)23'?81(236!F$$Y36&#$* ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fR!
+,R,!W4$!/6<!R,-!5#!/6<!+,-,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fR!
+,+,!X&#$%16*6$%6!>&($5(A(6$!%6)!/6<!+,-,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,ff!
f,!7#85#$*!@4$!/6<!+,-!($!C6#8)231'$% ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fg!
e,!76#6!E4$)#J6$86$*6$6&'8(4$ ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fh!
e,R,!M4$)#J6&!:JA496&J6$8,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fh!
e,+,!C4$4&!:JA496&J6$8,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,e-!

6. ! P$3'18)@6&56(23$()! ii
W,! "a7CVFPUP7X!+,- ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, eR!
R,!F$'1[)6!%6&!>486$5('16!@4$!/6<!+,-!'$3'$%!@4$!D6)8!>&'28(26!D6()A(616$ ,,,,,,,,,,,,,,,,,,eR!
R,R,!>&4'08(@6!#$%!A6&)4$'1()(6&86!P$?4&J'8(4$)A41(8(0 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,eR!
R,+,!E#18(@(6&#$*!%#&23!C('14*04JJ#$(0'8(4$,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,ee!
R,f,!P$86*&'8(4$!($!%6$!c6()8#$*)6&)8611#$*)A&456)),,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,eh!
R,e,!D(1%#$*!%6&!X6J6($)23'?8!%6&!X16(23*6)($$86$ ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,SR!
+,!U[$836)6!%6&!:&*6<$())6 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Se!
f,!E&(8()236!:&?41*)?'084&6$!#$%!G=&%6$,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Sh!
WP,! "FNP;,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, gR!
R,!"'5(8!#$%!F#)<1(20,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,gR!
+,!E&(8()236!D696&8#$*!%6&!F&<6(8!#$%!96(86&6!"4&)23#$* ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,gf!
cP;:VF;aVW:VN:PMG7PU ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, gS!
F7GF7X,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, jh!
:(%6))8'881(236!:&01Y&#$* ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,T-!
!
!
!

7. ! F<<(1%#$*)@6&56(23$()! iii
FDDPcCa7XUW:VN:PMG7PU!
!
F<<(1%#$*!RL!E1'))(?(0'8(4$!%6&!B&*'$()'8(4$)8[A6$!%6)!C&(886$!U6084&)!#$%!)6($6!
F<*&6$5#$*!5#!U8''8O!!/(&8)23'?8!#$%!>&(@'8<6&6(23 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, h!
F<<(1%#$*!+L!"#$%&'()($*.I4%611!6($6&!0'&(8'8(@6$!74$A&4?(8.B&*'$()'8(4$,,,,,,,,,,,,,,,,,,,,,,,,,, T!
F<<(1%#$*!fL!UA6$%6&A[&'J(%6 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Rg!
F<<(1%#$*!eL!N#)'JJ6$3'$*!59()236$!Z04$4J()236&!N(61A6&)A608(@6!#$%!>6&)A608(@6!
'#?!UA6$%6&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Rh!
F<<(1%#$*!SL!C&6(%(J6$)(4$'16!E4$56A8#'1()(6&#$*!%6&!UA6$%6&<($%#$*,,,,,,,,,,,,,,,,,,,,,,,,,RT!
F<<(1%#$*!gL!W(6&!F08(4$)?61%6&!%6&!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*.E4$56A8(4$,,,,,,,+h!
F<<(1%#$*!jL!:$89(201#$*!%6&!B$1($6.7#85#$*!($!C6#8)231'$%!RTTj.+--h,,,,,,,,,,,,,,,,,,,,,,,+T!
F<<(1%#$*!hL!a$86&)23(6%6!59()236$!/6<!R,-!#$%!/6<!+,-!($!596(!C(J6$)(4$6$ ,,,,,,,,,,,f+!
F<<(1%#$*!TL!/6<!+,-!.!7#85#$*!$'23!X6)2316238!#$%!F186&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fj!
F<<(1%#$*!R-L!H"1(AA($*!836!?#$$61K!.!%6&!$6#6!I'&068($*.F$)'85!$'23!U683!X4%($ ,,,,,,,,,eT!
F<<(1%#$*!RRL!;&'$)?4&J'8(4$!%6&!D65(63#$*6$!59()236$!6($6&!7>B!#$%!(3&6$!UA6$%6&$!
%#&23!%6$!:($)'85!@4$!/6<!+,-,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,SS!
F<<(1%#$*!R+L!;&'$)?4&J'8(4$!%6)!W(6&.F08(4$)?61%6&.I4%611)!%#&23!%6$!:($)'85!@4$!!!!
/6<!+,- ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Sh
!
!
!
!
!
!
!
!
!
!
!

8. ! P,!:($16(8#$*! 1
P, :P7c:P;a7X!
R, >&4<16J)8611#$*!#$%!V616@'$5!%6)!"4&)23#$*)($86&6))6)!!
HU23$6116! G(1?6! 9(&08KO! #$86&! %(6)6J! I4884! J'238! )(23! %(6! Z)86&&6(23()236! 74$A&4?(8.
B&*'$()'8(4$!k&586!43$6!X&6$56$!$(238!$#&!?=&!(3&6$!:($)'85!($!E&(6*).!#$%!E'8')8&4A36$.
*6<(686$O! )4$%6&$! '#23! ?=&! (3&6! ($$4@'8(@6! "#$%&'()($*.E'JA'*$6! <60'$$8,! F#?! 6($6&!
I(2&4)(86RO! %(6! %')! G6&5)8=20! %6&! F08(4$! '#)J'238O! 1'))6$! )(23! :($)'850&Y?86! %6&! k&586!
43$6!X&6$56$!J(8!G(1?6!@4$!X44*16!:'&83!140'1()(6&6$,!aJ!6($6$!%(&6086&6$!:($<1(20!($!%(6!
F&<6(8!%6&!7>B!5#!<604JJ6$O!96&%6$!&6*61JY`(*6!F#%(4.U6$%#$*6$!4%6&!%(*(8'16!;'*6.
<=236&! %6&! I(8'&<6(86&! '$*6<486$O! %(6! %'&=<6&! 3($'#)! 6($6! E4JJ#$(0'8(4$! 59()236$!
%6J! U23&6(<6$%6$! #$%! %6J! c6)6$%6$! 5#1'))6$,! :)! *(<8! D'$$6&! #$%! UA6$%6$<#884$)!
5#J!G6&#$86&1'%6$O!%(6!a$86&)8=856&!%6&!B&*'$()'8(4$!'#?!(3&6!6(*6$6!/6<)6(86$!)86116$!
#$%! )4! '1)! "#$%&'()6&! )61<)8! '08(@! 96&%6$! 0Z$$6$,! "6&$6&! 1'))6$! )(23! '#23! '08#6116!
7'23&(2386$! '#)! %6$! :($)'85*6<(686$! @('! %6J! I(2&4.D14**($*.C(6$)8! ;9(886&! @6&?41*6$!
4%6&!=<6&!VUU.769)?66%)!'<4$$(6&6$,!I(8!(3&6&!'#?!;&'$)A'&6$5O!P$86&'08(4$!#$%!>'&8(5(.
A'8(4$!'#)*6&(238686$!%(*(8'16$!>&Y)6$5!)236($8!%(6!B&*'$()'8(4$!6($6!<6)4$%6&6!7Y36!5#!
(3&6$!"Z&%6&6&$!36&5#)86116$!#$%!%')!D6%=&?$()!%6&!$6#6$!7#856&*6$6&'8(4$!$'23!J63&!
U61<)8@6&9(&01(23#$*!#$%!)45('16J!F#)8'#)23!5#!<6?&(6%(*6$,!!
D()! ^6858! *63Z&86! %(6! F08(4$! HU23$6116! G(1?6! 9(&08K! 5#! %6$! :($561?Y116$O! %6$$! %(6! J6()86$!
7>B.U6(86$! (J! %6#8)23)A&'23(*6$! V'#J! ?&()86$! 6($! )8'8()236)! C')6($,! C423! %(6! C($*6!
Y$%6&$!)(23,!/Y3&6$%!<()36&!@(616!7>B)!UA6$%6&A&Y?6&6$56$!#$%!D65(63#$*6$!5#!UA6$.
%6&$!@6&$'231Y))(*6$!04$$86$O!96&%6$!)(6!6)!)(23!@4&!%6J!G($86&*&#$%!%6&!@6&Y$%6&86$!
V'3J6$<6%($*#$*6$!0'#J!$423!16()86$!0Z$$6$,!!
R,R,!W6&Y$%6&86!V'3J6$<6%($*#$*6$!(J!%6#8)236$!7>B.U6084&!!
C6&!'#)!%6$!aUF!)8'JJ6$%6!D6*&(??!H"#$%&'()($*KO!%6&!9Z&81(23!E'A(8'1<6)23'??#$*!<6.
%6#868O!()8!%6&56(8!($!'116&!I#$%6,!C(6)6!@6&)8Y&086!F#?J6&0)'J06(8!#$%!%(6!5#$63J6$%6!
D6%6#8#$*O!%(6!%')!"#$%&'()($*!($!%6$!168586$!Q'3&6$!6&?'3&6$!3'8O!&6)#18(6&8!'#)!#$86&.
)23(6%1(236$!A41(8()236$O!9(&8)23'?81(236$!#$%!*6)611)23'?81(236$!:$89(201#$*6$O!%(6!)(23!
J4J6$8'$!($!C6#8)231'$%!@4115(636$!@*1,!G'(<'23O!+--+],!
!
PJ!*6)611)23'?81(236$!U[)86J!C6#8)231'$%)!$(JJ8!%6&!74$A&4?(8.D6&6(23!6($6!A&4J($6$86!
U8611#$*!6($O!9')!'#?!6($6&!1'$*6$!3()84&()236$!E4$8($#(8Y8!<6&#38!@*1,!N(JJ6&!l!>&(116&O!
+--j],! /Y3&6$%! ($! %6$! aUF! %6&! 7>B.U6084&! '#?! ?&6(9(11(*6&! D')()! 6$8)8'$%! #$%! )4J(8!
)8'&0! @4$! A&(@'86$! X61%*6<6&$! '<3Y$*8O! )A(6186! ($! C6#8)231'$%! %(6! "($'$5(6&#$*! %#&23!
Z??6$81(236!X61%6&!1'$*6!N6(8!6($6!6$8)236(%6$%6!V4116,!c'#8!U6(<61!RTTe]!?=3&86!%(6)6&!
R!999,)23$61163(1?69(&08,'8!'<!I'(!+--T!()8!%(6!I(2&4)(86!$#&!($!6($6&!@6&6($?'2386$!"4&J!@4&5#?($%6$!]!

9. ! P,!:($16(8#$*! 2
U'23@6&3'18!5#!6($6J!H?#$08(4$'16m$n!C(1688'$8()J#)K!5(8,!($!G'(<'23O!+--+O!U,!f-]O!9')!
)(23!%'%#&23!Y#`6&8O!%'))!<()!36#86!@(616!*6J6($$=85(*6!B&*'$()'8(4$6$!J'$*61$%6!W6&.
'$894&8#$*! <6(! %6&! W6&96$%#$*! (3&6&! ?($'$5(6116$! V6))4#&26$! '#?96()6$O! )(23! 5#$63.
J6$%! ($! <=&40&'8()236! N9Y$*6$! @6&)8&(206$! #$%! %'&=<6&! 3($'#)! 6($6! 6&3Z386! X6?'3&!
1'#?6$O!%6$!E4$8'08!J(8!%6$!D=&*6&$!5#!@6&1(6&6$!@*1,!U'1'J4$!l!F$36(6&O!RTTT],!!
!
C423! )6(8! 6($(*6$! Q'3&6$! 5(638! )(23! %6&! U8''8! 5#$63J6$%! '#)! %6J! /431?'3&8)<6&6(23!
5#&=20!@*1,!G'(<'23O!+--+],!c'#8!G'(<'23!+--+]!)86118!%(6!5#$63J6$%6!I(8861@6&0$'A.
A#$*!'#?*&#$%!%6&!E=&5#$*!Z??6$81(236&!X61%6&!?=&!%6#8)236!7>B)!5#*16(23!6($6!G6&'#).
?4&%6&#$*!#$%!6($6!M3'$26!%'&,!N9'&!J=))6$!)(6!)(23!$#$!'#?!%(6!U#236!$'23!)8''8)#$.
'<3Y$*(*6$!P$@6)84&6$!<6*6<6$!#$%!%'%#&23!@6&)8Y&08!%(6!UA6$%6$<6&6(8)23'?8!%6&!D=&.
*6&! ($! F$)A&#23! $63J6$O! %423! %(6! E4$8'08'#?$'3J6! J(8! $6#6$! N#96$%6&*&#AA6$! @6&.
)A&(238!'#23!@(616!W4&86(16!@*1,!>&(116&O!+--j],!C6&!?($'$5(6116$!76#'#)&(238#$*!@4$!7>B)!
04JJ8! %(6! )(23! )6(8! F$?'$*! %6&! T-6&! Q'3&6! 6$89(2061$%6! '08(@6! D=&*6&*6)611)23'?8! J(8!
(3&6J!A3(1'$83&4A()236$!D69#))8)6($!)63&!*616*6$,!"')8!^6%6&!596(86!C6#8)236!6$*'*(6&8!
)(23!1'#8!6($6&!6#&4A'96(86$!W6&*16(23))8#%(6!@4$!;7U!P$?&'86)8!+--j]!63&6$'J81(23,!:)!
()8!'1)4!H'$!%6&!N6(8O!%'))!>3(1'$83&4A(6!3(6&5#1'$%6!6($6!*&Z`6&6!#$%!Z??6$81(236&6!V4116!
)A(618,!:)!*638!#J!%(6!W6&'$06&#$*!%6)!C&(886$!U6084&)!$(238!$#&!(J!)8''81(236$O!)4$%6&$!
'#23!(J!5(@(16$!V'#JK!G'(<'23O!+--+O!U,f+],!!
!
F116&%($*)! *6)8'1868! )(23! %')! V($*6$! #J! A&(@'86! "Z&%6&6&! '$*6)(238)! %6&! 5#$63J6$%6$!
E4$0#&&6$5!(J!7>B.U6084&!$(238!6($?'23!@*1,!N(JJ6&!l!>&(116&O!+--j],!"')8!'116!UA6$%6$!
)'JJ61$%6$!B&*'$()'8(4$6$!J'236$!%(6!:&?'3&#$*O!%'))!%(6!UA6$%6$<68&Y*6!($)*6)'J8!
&=201Y#?(*! )($%O! %6&! <6)8636$%6! UA6$%6&.>441! =<6&'186&8! ()8! #$%! 6)! 0'#J! *61($*8O! $6#6!
UA6$%6&*&#AA6$! 5#! *69($$6$! @*1,! "()236&O! +---'],! aJ! %(6! a$'<3Y$*(*06(8! @4$! U8''8!
#$%! /(&8)23'?8! *69Y3&16()86$! 5#! 0Z$$6$O! )4116$! %6#8)236! 7>B)! 1'#8! U'1'J4$! #$%!
F$36(6&!RTTT]!(3&6!<()36&(*6!"#$%&'()($*.>&'b()!=<6&%6$06$!#$%!%#&23!$6#6!($$4@'8(@6!
I4%6116!'#)96(86$,!W(616!7>B.:bA6&86$!)($%!)(23!%'<6(!6($(*O!%'))!%(6!N#0#$?8!%6)!"#$%.
&'()($*)!(J!P$86&$68!1(6*8O!%6$$!%4&8!@6&<(&*8!)(23!6($!$(238!5#!#$86&)23Y856$%6)!>486$5('1!
?=&!*6J6($9(&8)23'?81(236!B&*'$()'8(4$6$!@*1,!F#)8($O!+--jo!I'2c'#*31($O!+--j],!
!
R,+,!U45('10'A(8'1!#$%!%(*(8'16!768596&0J6%(6$,!"#$%&'()($*!+,-!'1)!M3'$26d!
KP$@6)8!($!U42('1!M'A(8'1,!P8!9(11!<6!836!4$1[!*&49($*!J'&068!($!+--Tp!E'$86&O!+--h'O!q!+],!!
C')!'#)!%6&!U45(414*(6!<60'$$86!E4$56A8!%6)!U45('10'A(8'1)!*69($$8!*6&'%6!?=&!7>B)!@4&!
%6J! G($86&*&#$%! %6)! )23&#JA?6$%6$! E'A(8'1)! '#)! %6$! "($'$5JY&086$! J'`*6<1(23! '$!
D6%6#8#$*,! :)! 3'$%618! )(23! %'<6(! #J! H%(6! X6)'J836(8! %6&! '08#6116$! #$%! A486$5(6116$!
V6))4#&26$!mJ'86&(6116&!#$%!(JJ'86&(6116&!F&8n!%(6!J(8!%6J!D6)(85!6($6)!%'#6&3'?86$!768.

10. ! P,!:($16(8#$*! 3
56)!@4$!J63&!4%6&!96$(*6&!($)8(8#8(4$'1()(6&86$!D65(63#$*6$!*6*6$)6(8(*6$!E6$$6$)!#$%!
F$6&06$$6$)!@6&<#$%6$!)($%K!D4&%(6#O!RThfO!U,!RTR],!P$!D65#*!'#?!%6$!/431?'3&8)<6.
&6(23!#J?'))8!%')!U45('10'A(8'1!9(238(*6!V6))4#&26$!($!"4&J!@4$!X61%O!N6(8O!/())6$!)49(6!
96(86&6! "4&J6$! %6&! a$86&)8=85#$*O! %(6! =<6&! )45('16! D65(63#$*6$! 5#! 5(@(1*6)611)23'?81(.
236$!F086#&6$!J4<(1()(6&8!96&%6$!0Z$$6$,!aJ!%(6)6!V6))4#&26$!6&1'$*6$!#$%!'$3Y#?6$!
5#!0Z$$6$O!J=))6$!7>B)!7Y36!5#&!N(@(1*6)611)23'?8!)#236$O!)(23!J(8!%6$!D=&*6&$!@6&$68.
56$!#$%!6$8)A&6236$%!($!)45('16!D65(63#$*6$!($@6)8(6&6$,!!
!
F#)! %6&! J6%(6$9())6$)23'?81(236$! >6&)A608(@6! 0'$$! %6&! F#?<'#! )45('16&! D65(63#$*6$!
)49(6! )45('16$! E'A(8'1)! @4&! '116J! %#&23! $6#6! %(*(8'16! 768596&0J6%(6$O! %(6! )(23! #$86&!
%6J! B<6&<6*&(??! /6<! +,-! 5#)'JJ6$?'))6$! 1'))6$O! <6)2316#$(*8O! @6&6($?'238! #$%! @6&.
<6))6&8! 96&%6$,! PJ! E4$86b8! 6($6)! *69'$%6186$! *6)611)23'?81(236$! #$%! 8623$414*()236$!
aJ?61%6)!6&JZ*1(236$!%(*(8'16!768596&0J6%(6$!%#&23!P$86&'08(@(8Y8!#$%!>'&8(5(A'8(4$!%6&!
7#856&! 6($6! 961896(86! W6&$685#$*! @4$! V6))4#&26$! @*1,! 7(6%6&J'(6&O! +--ho! BrV6(11[O!
+--S],! C#&23! @6&$68586!E4JJ#$(0'8(4$)'$*6<486! )23'??6$!)(6! $(238! $#&! %(6! W4&'#))68.
5#$*!%'?=&O!<6)8636$%6!D65(63#$*6$!=<6&!C()8'$56$!3($96*!5#!6&3'186$!#$%!($86$)(@(6.
&6$O!)4$%6&$!'#23!$6#6!)45('16!aJ?61%6&!5#!6&)231(6`6$,!PJ!/6<!+,-!0Z$$6$!)239'236!
D($%#$*6$!'08(@(6&8!96&%6$O!%(6!636&!'J!V'$%6!6($6)!A6&)Z$1(236$!768596&06)!'$*6)(6.
%618!)($%!#$%!=<6&!%(6!D&=206$!5#!'$%6&6$!)45('16$!/6186$!*6)231'*6$!)49(6!N#*'$*!5#!
$6#6$! P$?4&J'8(4$)_#6116$! #$%! V6))4#&26$!5#J! N9620! %6&! E44A6&'8(4$O! %6)! P$?4&J'8(.
4$)'#)8'#)236)!)49(6!%6&!:($?1#))$'3J6!6&JZ*1(238!96&%6$!@*1,!X&'$4@6886&O!RTjf],!!
!
W4$!)6($6&!U8&#08#&!36&!()8!%')!$6#6!/6<!J(8!<=&*6&)23'?81(236J!:$*'*6J6$8!43$6!96(.
86&6)! 04JA'8(<61,! N#J! 6($6$! 6&1'#<6$! %(*(8'16! 768596&0J6%(6$! (3&6$! 7#856&$! H)(23! 5#!
^6%6&!N6(8!'$!^6%6J!B&8!5#!@6&<($%6$K!/($86&O!+--gO!U,!+j]!#$%!<&($*6$!$6#6!04JJ#$(.
0'8(@.J6%('16!D65(63#$*6$!36&@4&O!%(6!@4&3'$%6$6!C()8'$56$!59()236$!%6$!E4JJ#$(0'.
8(4$)A'&8$6&$! @6&)239($%6$! 1'))6$,!N#J! '$%6&6$! 1Z)6$! )(6!%#&23! ($86&'08(@6! E4JJ#$(.
0'8(4$)?4&J6$!%(6!V4116$)[JJ68&(6!@4J!U6$%6&!#$%!:JA?Y$*6&!'#?!6<%,],!P$86&'08(@(8Y8!
()8!?=&!5(@(1*6)611)23'?81(236!>'&8(5(A'8(4$!<6)4$%6&)!&616@'$8O!%6$$!%'J(8!9(&%!%(6!A'))(@6!
G'18#$*! %6&! <14`6$! P$?4&J'8(4$)'#?$'3J6! =<6&9#$%6$! #$%! %#&23! U61<)86&JY238(*#$*!
0Z$$6$!$6#6!G'$%1#$*)&Y#J6!?=&!%')!<=&*6&1(236!:$*'*6J6$8!*6)23'??6$!96&%6$,!H/(6!
J'$!6($!s)8'&06&!D=&*6&t!9(&%!mun!0'$$!J'$!$(238!$#&!4??1($6!16&$6$O!)4$%6&$!'#23!4$1($6O!
94! J(8! "4&6$O! D14*)O! E'JA'*$6$! #$%! B$1($6.W41#$866&($*! *6$=*6$%! IZ*1(2306(86$! 5#&!
W6&?=*#$*! )8636$O! #J! %6$! aJ*'$*! J(8! '$%6&6$! #$%! %6$! :($)'85! ?=&! '$%6&6! 5#! =<6$K!
V6()6&O!+--T'O!U,!f],!!
!
!

11. ! P,!:($16(8#$*! 4
HU23$6116! G(1?6! 9(&08K! ()8! 6($! I#)86&<6()A(61! %'?=&O! 9(6! J'$236! 7>B)! /6<! +,-.
;623$414*(6$! ($)!"#$%&'()($*! ($86*&(6&6$! #$%!"Z&%6&6&! '1)!6<6$<=&8(*6! >'&8$6&!#$%! >&4.
%#56$86$! %6)! P$3'18)! ($! %6$! W4&%6&*&#$%! )86116$! )49(6! 'J! /6&8)23ZA?#$*)A&456))! 86(1.
$63J6$!1'))6$,!B<9431!)41236!D6()A(616!(JJ6&!$423!F#)$'3J6$!)($%O!)A&6236$!%(6!aU.
'J6&(0'$()236$! 7>B.:bA6&86$! @4$! 6($6&! H6V6@41#8(4$K! (J! C&(886$! U6084&O! <6(! %6&! $6#6!
P$86&'08(4$).!#$%!>'&8(5(A'8(4$)JZ*1(2306(86$O!%(6!(J!7>B.D6&6(23!<()36&!@4&36&&)236$%6!
6($)6(8(*6! 84A.%49$! D65(63#$*! 8&'$)?4&J(6&6$! 96&%6$! @*1,! G'&8O! +--jo! I'2c'#*31($O!
+--j],! G'&8! +--j]! ()8! ?6)8! %'@4$! =<6&56#*8O! %'))! %(6! 6&?41*&6(23)86$! 7>B)! %(6^6$(*6$!
)6($!96&%6$O!%(6!)(23!J(8!(3&6$!"Z&%6&6&$!@6&$6856$O!%(6!:&9'&8#$*6$!#$%!F$)A&=236!%6&!
$6#6$! E4$)#J6$86$*6$6&'8(4$! &623856(8(*! 9'3&$63J6$! #$%! ($! (3&6! E4JJ#$(0'8(4$).!
#$%!F&<6(8)96()6!($86*&(6&6$!96&%6$L!H;36!8(J6!84!<6*($!()!$49K!U,!b@((],!!
!
+,!N(61)685#$*!%6&!F&<6(8!
W4&! %6J! G($86&*&#$%! %6&! (J! 7>B.U6084&! <6)8636$%6$! >&4<16J6! #$%! %6J! F#?)8(6*! %6&!
$6#6$!P$86&$688623$414*(6$!)86118!)(23!%(6!"&'*6O!4<!%6&!:($)'85!@4$!/6<!+,-!F<3(1?6!?=&!
%6$! A&4<16J<63'?8686$! C&(886$! U6084&! )23'??6$! )49(6! %(6! <()36&(*6! UA6$%6&A&'b()! 8'8.
)Y231(23!8&'$)?4&J(6&6$!0'$$,!
!
/Y3&6$%! %')! P$86&$68! 5#J! U23'#A1'85! 5'31&6(236&! C()0#))(4$6$! =<6&! "#$%&'()($*! +,-!
9(&%O! ?($%68! %(6)6)! ;36J'! ($! 9())6$)23'?81(236$! E&6()6$! $423! 96$(*! D6'238#$*,! W(616!
"4&)236&!)6856$!)(23!J(8!%6J!:($?1#))!#$%!%6$!F#)9(&0#$*6$!%6)!/6<!+,-!'#?!/(&8)23'?8!
#$%! X6)611)23'?8! '#)6($'$%6&O! '<6&! $#&! %(6! 96$(*)86$! 6&?4&)236$O! 9(6! )(23! %6&! C&(886!
U6084&!#$%!%(6!"#$%&'()($*.>&'b()!($!%6$!N6(86$!%6)!*6)611)23'?81(236$!/'$%61)!3($!5#J!!
%(*(8'16$! c6<6$))8(1! @6&Y$%6&$,! C'<6(! )A(616$! *6&'%6! 7>B)! 6($6! 9(238(*6! V4116! <6(J! :&.
3'18! 6($6)! ?#$08(4$(6&6$%6$! /431?'3&8))8''86)! @*1,! N(JJ6&! l! >&(116&O! +--j]! #$%! )($%!
596(?61)43$6!?4&)23#$*)9=&%(*,!C(6!@4&1(6*6$%6!F&<6(8!5(618!%6)3'1<!%'&'#?!'<O!%6$!I'$.
*61!'$!9())6$)23'?81(236&!"4&)23#$*!($!%(6)6J!D6&6(23!5#!&6%#5(6&6$,!F#?*&#$%!%6&!G686.
&4*6$(8Y8! %6)! 7>B.U6084&)! @*1,! U239'&5O! RTT+]! 1(6*8! %')! F#*6$J6&0! %(6)6&! F&<6(8! '#?!
G(1?)4&*'$()'8(4$6$O! %6$! 0'&(8'8(@6$! 7>B),! C(6! *&#$%16*6$%6$! "&'*6$O! J(8! %6$6$! )(23!
%(6)6!F&<6(8!<6)23Y?8(*8O!1'#86$!9(6!?41*8L!!
D%(8$%!&-+%*E')(%!9'%+%*!D%9!F<G;9)2'%,+%!H*5%*41*:%*!6I,!4)2!9%E'%$1*:2-,'%*+'%,+%!
J1*4,)'2'*:! 4%1+28$%,! K'(62-,:)*'2)+'-*%*! '7! .,'0)+%*! L%C+-,! 0-,! 4%7! K'*+%,:,1*4! 4%,!
9%2+%$%*4%*!&,-9(%7%M!
D%(8$%!N%,O*4%,1*:%*!5',4!4%,!P'*2)+E!0-*!D%9!F<G!6I,!4'%!H,9%'+!4%,!K'(62-,:)*'2)+'-;
*%*!1*4!'*29%2-*4%,%!'$,%!Q%E'%$1*:%*!E1!L.%*4%,*!9,'*:%*M!
!

12. ! P,!:($16(8#$*! 5
f,!W4&*636$)96()6!#$%!F#?<'#!%6&!F&<6(8!
C(6!@4&1(6*6$%6!F&<6(8!()8!($!)623)!E'A(861!#$86&86(18,!7'23!%6&!:($16(8#$*!;6(1!P]!6&?41*8!%(6!
D6)23&6(<#$*! %6)! "4&)23#$*)*6*6$)8'$%6)! ;6(1! PP],! G(6&! 96&%6$! I6&0J'16! #$%! "#$08(.
4$)96()6! %6&! 7>B)! )49(6! %(6! /6)6$)5=*6! %6)! "#$%&'()($*)! (J! >&(@'8)6084&! <68&'23868!
#$%!%(6!<6&6(8)!'$*6&())6$6$!G6&'#)?4&%6&#$*6$!'#?!%6J!%6#8)236$!UA6$%6$J'&08!'#).
?=3&1(23!'$'1[)(6&8O!9')!%(6!F#)*'$*)<')()!?=&!%(6!76#%6?($(8(4$!%6)!"#$%&'()($*)!1(6?6&8,!!
!
P$!;6(1!PPP!9(&%!%(6!:$89(201#$*!%6)!"#$%&'()($*.D6*&(??)!(J!E4$86b8!%6)!<65(63#$*)4&(6$.
8(6&86$!I'&068($*)!%'&*6)86118!#$%!6($!>'&'%(*J6$9623)61!@4J!<6)23'??#$*)4&(6$8(6&86$!
"#$%&'()($*.F$)'85!3($!5#J!"#$%&'()($*!'1)!)8&'86*()236!D65(63#$*)*6)8'18#$*!)0(55(6&8,!
PJ! /6(86&6$! 96&%6$! %(6! >486$5('16! %6)! <65(63#$*)4&(6$8(6&86$! "#$%&'()($*)! <65=*1(23!
)6($6&! Z04$4J()236$! ;&'*?Y3(*06(8! 6&1Y#86&8,! F#)*636$%! @4$! %6&! $6#6$! "#$%&'()($*.
C6?($(8(4$! 9(&%! %'$$! %6&! "&'*6! $'23! %6$! U231=))61?'084&6$! $'23*6*'$*6$O! %(6! ?=&! %')!
6&?41*&6(236!D65(63#$*)J'$'*6J6$8!59()236$!7>B)!#$%!(3&6$!"Z&%6&6&$!06$$56(23$6$%!
)($%,! F#?! %6&! X&#$%1'*6! %6&! 36&'#)*6'&<6(8686$! :&?41*)?'084&6$! 9(&%! 6($! I4%611! %6&! <6.
5(63#$*)4&(6$8(6&86$!"#$%&'()($*.E4$56A8(4$!6$89(20618,!!
!
;6(1!PW!<6)23Y?8(*8!)(23!J(8!%6J!D6*&(??!/6<!+,-,!F$!%(6)6&!U86116!6&?41*8!5#$Y23)8!6($!:b.
0#&)!($!%(6!'08#6116!U(8#'8(4$!%6&!"#$%&'()($*.>&'b()!(J!P$86&$68,!C'&'#?3($!9(&%!%(6!:@41#.
8(4$!%6)!P$86&$68)!@4$!/6<!R,-!5#!/6<!+,-!@6&'$)23'#1(238!#$%!%(6!*&#$%16*6$%6$!>&($.
5(A(6$!%6)!$6#6$!P$86&$68@6&)8Y$%$())6)!6&1Y#86&8,!N#J!U231#))!9(&%!%6&!(J!V'3J6$!%6)!
/6<! +,-! 6$8)8'$%6$6! :J'$5(A'8(4$)A&456))! %6&! $6#6$! E4$)#J6$86$*6$6&'8(4$! #$86&!
%(6! c#A6! *6$4JJ6$! #$%! )6($6! '08#6116$! F#)9(&0#$*6$! '#?! %6$! 74$A&4?(8.U6084&! #$86&!
%6J!D6*&(??!HC4$4&!:JA496&J6$8K!%'&*6)86118,!!
!
P$!;6(1!W!96&%6$!%(6!>486$5('16!%6&!/6<!+,-.<')(6&86$!F$96$%#$*6$!@4&!%6J!G($86&*&#$%!
%6)!($!;6(1!PPP!6&)861186$!I4%611)!'$'1[)(6&8!#$%!'$3'$%!@4$!D6)8!>&'28(26)!'#)!%6J!7>B.
D6&6(23!@6&'$)23'#1(238,!F#)!%6&!U[$836)6!%6&!:&*6<$())6!9(&%!6&)(2381(23O!($9(696(8!)(23!
%')!<65(63#$*)4&(6$8(6&86!"#$%&'()($*!(J!V'3J6$!%6)!/6<!+,-!#J)6856$!1Y))8!#$%!961.
236! ;&'$)?4&J'8(4$6$! %(6! PJA16J6$8(6&#$*! %6&! $6#6$! ;623$414*(6$! ?=&! %(6! <()36&(*6!
UA6$%6$A&'b()!$'23!)(23!5(638,!7(238!5#16858!9(&%!'#?!%(6!W4&'#))685#$*6$!?=&!%6$!:($)'85!
6($6&!6&?41*&6(236$!"#$%&'()($*!+,-.U8&'86*(6!)49(6!JZ*1(236!G=&%6$O!%6$6$!7>B)!%'<6(!
<6*6*$6$! 0Z$$6$O! 6($*6*'$*6$,! PJ! "'5(8! ;6(1! WP]! 9(&%! %')! :&*6<$()! %6&! F&<6(8! 5#)'J.
J6$*6?'))8O!($!6($6$!*&Z`6&6$!E4$86b8!6($*64&%$68!#$%!0&(8()23!&6?1608(6&8,!!
!
D6(!%(6)6&!F&<6(8!3'$%618!)(23!#J!6($6!04$56A8(4$6116!F&<6(8,!P3&6!:&*6<$())6!3'<6$!6($6$!
3[A48368()236$!M3'&'086&!#$%!*6186$!$423!6JA(&()23!5#!@'1(%(6&6$,!

13. ! PP,!"4&)23#$*)*6*6$)8'$%! 6
PP, "BVUMGa7XUX:X:7U;F7C!
R,!;364&68()236!W4&=<6&16*#$*6$!
R,R,!E'&(8'8(@6!74$A&4?(8.B&*'$()'8(4$6$!'1)!;6(1J6$*6!%6)!C&(886$!U6084&)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
74$A&4?(8.B&*'$()'8(4$!()8!%6&!'#)!%6$!aUF!)8'JJ6$%6!B<6&<6*&(??!?=&!F$<(686&!@4$!*6.
J6($$=85(*6$!X=86&$!#$%!C(6$)816()8#$*6$!@*1,!G'(<'23O!+--+],!F#?*&#$%!)6($6&!W(61)6(.
8(*06(8O! )A65(6116$! D6)4$%6&36(86$! #$%! V616@'$5! 3'8! )(23! %6&! 7>B.U6084&! )6(8! :$%6! %6&!
h-6&!Q'3&6!6(*6$)8Y$%(*!68'<1(6&8!#$%!$(JJ8!04$8($#(6&1(23!'$!D6%6#8#$*!5#!@*1,!D'%618O!
I6[6&!l!U(J)'O!+--j],!C(6)6!:$89(201#$*!6$8)A&(238!'#23!%6&!@4$!U'1'J4$!#$%!F$36(6&!
RTTT]! *6)861186$! "4&%6&#$*L! HC')! W4&3'$%6$)6($! 6($6)! 16<6$%(*6$! 748.>&4?(8.U6084&)!
9(&%!961896(8!($!5#$63J6$%6J!I'`6!$(238!J63&!'1)!6($!c#b#)O!)4$%6&$!'1)!6($6!74896$.
%(*06(8!*6)636$,!U41236!:($&(238#$*6$!0Z$$6$!U4&*6$!#$%!D61'$*6!%6&!D=&*6&!@6&8&686$O!
@4J!U8''8!V6236$)23'?8!@6&1'$*6$O!%6$!*6)611)23'?81(236$!N#)'JJ6$3'18!?Z&%6&$O!($!%6&!
748!361?6$O!#$%!'11*6J6($!%(6!v#'1(8Y8!#$)6&6)!c6<6$)!@6&<6))6&$K!U,!fe],!!
!
C6&!7>B.U6084&!9(&%!'#23!'1)!C&(886&!U6084&!<656(23$68O!%6&!%#&23!%(6!>416!U8''8O!I'&08!
#$%!>&(@'8<6&6(23!<6*&6$58!()8!#$%!%6&6$!G'$%1#$*)14*(0!H6($6J!6(*6$6$!U86#6&#$*)J4.
%#)! ?41*8K! >&(116&! l! N(JJ6&O! +--h'O! U,! Sj],! C6&! 8&'%(8(4$6116! %6?($(84&()236! N#*'$*! 5#!
7>B)!6&?41*8!=<6&!%(6!D6)4$%6&36(8!(3&6&!N(6104$56A8(4$!@*1,!U236#23O!+--j],!PJ!X6*6$.
)'85!5#!6($6J!>&4?(8.a$86&$63J6$!()8!%')!N(61!6($6&!7>B!$(238!%')!:&5(616$!@4$!X69($$6$!
(J! X#86$<6&*w)236$! U($$6O! )4$%6&$! %(6! C620#$*! 6($6)! 6&0'$$86$! D6%'&?)! #$%! %(6! :&.
<&($*#$*! %6&! c6()8#$*6$! #$'<3Y$*(*! @4$! %6&! "&'*6! %6&! V6$8'<(1(8Y8! @*1,! c#836O! RTTj],!
/Y3&6$%!6&96&<)9(&8)23'?81(236!a$86&$63J6$!3'#A8)Y231(23!>&4%#08(4$!#$%!F<)'85!@4$!
X=86&$!#$%!C(6$)816()8#$*6$!<68&6(<6$O!1(6*8!%(6!G'#A8'#?*'<6!%6&!7>B)!#$%!)4J(8!%')!
U'235(61O! H^6! $'23! %6J! )A65(6116$! F#?*'<6$*6<(68O! ($! %6&! D6&6(8)8611#$*! @4$! C(6$)816().
8#$*6$!4%6&!)45('16$!P%66$!#$%!%6&!W6&9(&01(23#$*!)45('16$!W6&3'186$)K!M44A6&O!RTTeO!
U,!RS],!C'!%(6!X69($$6&5(61#$*!$#&!'1)!6($!I(8861!5#J!B&*'$()'8(4$)59620!%(6$8O!#$86&1(6.
*6$! <6%'&?)9(&8)23'?81(23! 3'$%61$%6! B&*'$()'8(4$6$! %6J! H$4$%()8&(<#8(4$! 24$)8&'($8K!
N(JJ6&!l!>&(116&O!+--jO!U,!Rg]L!C(6!X69($$6!96&%6$!$(238!'$!I(8*1(6%6&!#$%!I(8'&<6(86&!
'#)*6)23=8868O!)4$%6&$!($!%(6!B&*'$()'8(4$6$!&6($@6)8(6&8,!!
!
7>B)! 96&%6$! $(238! 16()8#$*)'<3Y$*(*! ?($'$5(6&8O! )4$%6&$! 5#! 6($6J! *69())6$! X&'%! @4$!
?&6(9(11(*6$! D6(8&Y*6$! #$%! N#96$%#$*6$! *68&'*6$O! 945#! ($! 6&)86&! c($(6! 63&6$'J81(236)!
:$*'*6J6$8! #$%! ?&6(9(11(*6! I(8'&<6(8! *63Z&6$! @*1,! N(JJ6&! l! >&(116&O! +--j],! HP$)4?6&$!
<(1%68!%6&!U6084&!($!%6&!J4%6&$6$!mun!'$!Z04$4J()236&!:??(5(6$5!4&(6$8(6&86$!X6)611)23'?8!
6($! V6?#*(#J! )45('16&! c4*(0O! %(6! $(238! ($! 6&)86&! c($(6! '#?! %6J! E'10=1! %6)! ($%(@(%#6116$!
7#856$)!<6&#38K!6<%,O!U,Rj],!

14. ! PP,!"4&)23#$*)*6*6$)8'$%! 7
/Y3&6$%! '$%6&6! C6?($(8(4$)@6&)#236! 16%(*1(23! ;6(1')A6086! %6&! 7>B)! 6&?'))6$O! 3'8! )(23!
($86&$'8(4$'1! *6)636$! %(6! '#)! %6J! HQ43$! G4A0($)! >&4^628K! )8'JJ6$%6! C6?($(8(4$! 68'<.
1(6&8O! %(6! '#?! %6&! X&#$%1'*6! 6($6)!I6&0J'10'8'14*)! @6&)#238O! %6&! E4JA16b(8Y8! %6&! 7>B)!
*6&6238! 5#! 96&%6$! @*1,! D'%618! 68! '1,O! +--j],! C6J$'23! )411! 6($6! B&*'$()'8(4$! ?41*6$%6!
?=$?!I6&0J'16!'#?96()6$O!#J!'1)!6($6!7>B!5#!*6186$!@*1,!U'1'J4$!l!F$36(6&O!RTTT]L!!
o J-,7)(%! R,:)*'2)+'-*22+,1C+1,L! :b()86$5! @4$! W6&?'3&6$)&6*61$! #$%! @4$! @6&'$894&81(.
236$!>6&)4$6$!*&6$56$!7>B)!@4$!?'J(1(Y&6$!#$%!'$%6&6$!($?4&J6116$!X&#AA6$!'<o!
o &,'0)+%! R,:)*'2)+'-*26-,7L! P$)8(8#8(4$611! )($%! 7>B)! *68&6$$8! @4J! U8''8O! 3'<6$! '<6&!
8&485%6J!%(6!IZ*1(2306(8O!)8''81(236!a$86&)8=85#$*!5#!6&3'186$o!!
o L%(92+0%,5)(+1*:L!7>B)!04$8&411(6&6$!%(6!W6&?41*#$*!(3&6&!N(616!)61<)8)8Y$%(*o!
o S%7%'*5',+28$)6+L!C(6!F&<6(8!%6&!7>B)!()8!$(238!'#?!X69($$.!#$%!W6&JZ*6$)J'b(J(6.
&#$*!'#)*6&(23868o!
o J,%'5'((':C%'+L! C6&! N#)'JJ6$)231#))! @4$! I6$)236$! <6(! 7>B)! J#))! '#?! ?&6(9(11(*6&!
D')()!6&?41*6$O!06($6!N9'$*)J(8*1(6%)23'?8,!
C6&!C&(886!U6084&!56(23$68!)(23!96(86&3($!%#&23!)6($6!G686&4*6$(8Y8!'#),!PJ!G($<1(20!'#?!
;Y8(*06(8)?61%6&! 0Z$$6$! ?41*6$%6! ($3'181(236! D6&6(236! #$86&)23(6%6$! 96&%6$L! ! U45('16)O!
X6)#$%36(8O! E#18#&O! aJ9618O! UA4&8O! :$89(201#$*)3(1?6O! D(1%#$*! #$%! "4&)23#$*,! @*1! G'(.
<'23O! +--+],! U239'&5! RTT+]! #$86&)236(%68! 96(86&3($! 59()236$! @(6&! B&*'$()'8(4$)8[A6$!
%6&!A&(@'86$!7>B)L!!
o 5',+28$)6+('8$%! B&*'$()'8(4$6$O! %(6! 9(&8)23'?81(236! P$86&6))6$! @6&8&686$! /(&8)23'?8).
@6&<Y$%6O!W6&<&'#236&)23#854&*'$()'8(4$6$O!X696&0)23'?86$]o!
o 2-E'-C1(+1,%((%!B&*'$()'8(4$6$O!%(6!0#18#&6116!#$%!*6)611)23'?81(236!F08(@(8Y86$!%#&23.
?=3&6$!UA4&8.!#$%!"&6(56(8@6&6($6O!E(&236$O!9())6$)23'?81(236!:($&(238#$*6$]o!
o .-('+'28$%!B&*'$()'8(4$6$O!%(6!)(23!%6&!D6'&<6(8#$*!#$%!C#&23)685#$*!A41(8()236&!P$.
86&6))6$!#$%!/6&8@4&)8611#$*!9(%J6$!>'&86(6$O!D=&*6&($(8('8(@6$]o!
o C),'+)+'0%!B&*'$()'8(4$6$O!%6&6$!N(61!%'&($!<6)8638O!0'&(8'8(@6!a$86&)8=85#$*)16()8#$*!
'$!<6%=&?8(*6!C&(886!5#!6&<&($*6$!D6()A(616L!a7PM:"O!M'&(8')O!UBU!E($%6&%Z&?6&],!
C(6! c68586&6$! <(1%6$! '1)! ;6(1J6$*6! %6)! C&(886$! U6084&)! %6$! X6*6$)8'$%! %(6)6&! F&<6(8+,!
E'&(0'8(@6! 7>B)! 8&686$! '1)! F$9'18! ^6$6&! <6$'2386(1(*86$! X&#AA6$! '#?O! %(6! ($! %6&! i??6$8.
1(2306(8!$#&!6($6!)239'236!U8(JJ6!3'<6$O!#$%!$63J6$!@6&)23(6%6$6!"4&J6$!'$L!G(1?).
4&*'$()'8(4$6$!?=&!D68'*86O!D63($%6&86O!F&J6O!U61<)83(1?6*&#AA6$!)49(6!:$89(201#$*)3(1.
?64&*'$()'8(4$6$! @*1,! U239'&5O! RTT+],! X6J6))6$! '$! %6$! 9(&8)23'?81(236$! P$%(0'84&6$!
9(6!F#)*'<6$!#$%!D6)23Y?8(*#$*!)86116$!)(6!'#`6&%6J!%6$!E6&$<6&6(23!%6&!9431?'3&8).
)8''81(236$!C(6$)816()8#$*)6&)8611#$*!($!C6#8)231'$%!%'&!@*1,!>&(116&!l!N(JJ6&O!+--h<],!!
+!PJ!/6(86&6$!9(&%!%6&!'11*6J6($6!D6*&(??!7>B!'1)!k_#(@'16$8!5#!0'&(8'8(@6$!7>B)!@6&96$%68!

15. ! PP,!"4&)23#$*)*6*6$)8'$%! 8
F<<(1%#$*!RL!E1'))(?(0'8(4$!%6&!B&*'$()'8(4$)8[A6$!%6)!C&(886$!U6084&)!#$%!)6($6!!!!!!!!!!!!!!!!!!!!!
F<*&6$5#$*!5#!U8''8O!/(&8)23'?8!#$%!>&(@'8<6&6(23!
v#6116L!6(*6$6!C'&)8611#$*!($!F$1,!'$!G'(<'23O!+--+o!N(JJ6&!l!>&(116&O!+--j!
!
R,+,!"#$08(4$!%6)!"#$%&'()($*)!<6(!7>B)!
7>B)!)($%!($!%6&!V6*61!?($'$5(611!$(238!'#8'&0!#$%!3'<6$!6($6$!6$8)A&6236$%6$!D6%'&?O!
6&?4&%6&1(236! V6))4#&26$! '#)! 6b86&$6$! v#6116$! 5#! <6)23'??6$O! 9')! J(8861)! "#$%&'()($*!
6&?41*8,! C(6)6&! aU.'J6&(0'$()236! D6*&(??! )6858! )(23! '#)! %6J! U#<)8'$8(@!H?#$%K! #$%!%6J!
W6&<!H84!&'()6K!5#)'JJ6$!#$%!<6%6#868!9Z&81(23!X61%.!4%6&!E'A(8'1<6)23'??#$*!@*1,!G'(.
<'23O! +--h],! B<9431! )(23! 96%6&! ($! %6&! %6#8)23)A&'23(*6$! $423! ($! %6&! ($86&$'8(4$'16$!
9())6$)23'?81(236$! c(86&'8#&! 6($6! 6($36(81(236! C6?($(8(4$! %6)! "#$%&'()($*.D6*&(??)! ?($%68O!
9(&%!6)!($!%6&!V6*61!'1)!%(6!D6)23'??#$*!%6&!<6$Z8(*86$!V6))4#&26$!43$6!J'&08'%Y_#'86!
J'86&(6116!X6*6$16()8#$*!@6&)8'$%6$!@*1,!G'(<'23O!+--+o!a&)61J'$$O!RTTh],!!
!
76<6$!%6$!"($'$516()8#$*6$!96&%6$!#$86&!%6$!5#!<6)23'??6$%6$!V6))4#&26$!96(86&3($!
'#23!U'2316()8#$*6$!U'23)A6$%6$]O!C(6$)8.!4%6&!F&<6(8)16()8#$*6$!?&6(9(11(*6)!:$*'*6.
J6$8]O!V62386!U23(&J36&&)23'?86$]!#$%!P$?4&J'8(4$6$!C'86$<'$06$]!5#)'JJ6$*6?'))8!
@*1,!a&)61J'$$O!RTTh],!B<9431!UA6$%6&!?=&!%(6!=<6&1'))6$6$!V6))4#&26$!06($6!'%Y_#'.
86!J'86&(6116!c6()8#$*!6&3'186$O!1(6*8!%(6!*&#$%)Y851(236!F#?*'<6!%6)!"#$%&'()($*)!%'&($O!
%6J!A486$5(6116$!"Z&%6&6&!'$*6J6))6$6!X&'8(?(0'8(4$6$!J'86&(6116&!#$%!(JJ'86&(6116&!F&8!
(J!W6&3Y18$()!5#!)6($6$!J(8!%6&!UA6$%6!@6&<#$%6$6$!E4)86$!'$5#<(686$!@*1,!6<%,],!!
!
D6(!0'&(8'8(@6$!7>B)!6&?41*8!%')!UA6$%6$!(J!V'3J6$!6($6&!C&6(620)<65(63#$*!59()236$!
%6J!c6()8#$*)'$<(686&!UA6$%6&]O!c6()8#$*)6JA?Y$*6&!D6%=&?8(*6&]!#$%!c6()8#$*)8&Y*6&!
7>B]O! )4%'))! %6&! c68586&6! '1)! HI'016&! 59()236$! (%6$8(?(5(6&<'&6$! X6<6&$! #$%! $(238.
(%6$8(?(5(6&<'&6$O!'$4$[J6$!:JA?Y$*6&$K!7Y3&1(23O!RTThO!U,!gg]!?#$*(6&8,!!

16. ! PP,!"4&)23#$*)*6*6$)8'$%! 9
F<<(1%#$*!+L!"#$%&'()($*.I4%611!6($6&!0'&(8'8(@6$!74$A&4?(8.B&*'$()'8(4$!
v#6116L!6(*6$6!C'&)8611#$*!($!F$1,!'$!G'(<'23O!+--+o!E45(41!68!'1,O!+--go!a&)61J'$$O!RTTh!
:)! 96&%6$! 96(86&3($! @(6&! X&#AA6$! %6&! V6))4#&26$<6&6(8)86116&! %(??6&6$5(6&8L! A&(@'86!
UA6$%6&O! "(&J6$O! U8(?8#$*6$! #$%! )8''81(236! P$)8(8#8(4$6$! @*1,! G'(<'23O! +--+],! a$86&.
)23(6%1(236!UA6$%6&0'86*4&(6$!3'<6$!(3&6!)A65(?()236$!W4&.!#$%!7'2386(16!@*1,!F$3,!R],!
C'!A&(@'86!UA6$%6&!%6$!X6*6$)8'$%!%(6)6&!F&<6(8!<(1%6$O!96&%6$!%(6!=<&(*6$!E'86*4&(6$!
($!96(86&6$!F#)?=3&#$*6$!$(238!<6&=20)(238(*8,!!
!
/Y3&6$%!($!%6$!aUF!2',!h-!>&456$8!%6)!UA6$%6$'#?04JJ6$)!'#)!A&(@'86&!G'$%!04JJ8!
@*1,!F%14??O!+--S]O!)86116$!($!C6#8)231'$%!Z??6$81(236!G'#)3'186!(JJ6&!$423!%(6!9(238(*).
86! V6))4#&26$_#6116! %'&! @*1,! >&(116&! l! N(JJ6&O! +--h'],! C423! 9(6! )234$! 6($*'$*)! 6&.
9Y3$8O! *6&'86$! J4J6$8'$! (JJ6&! J63&! *6J6($$=85(*6! B&*'$()'8(4$6$! ($! ?($'$5(6116!
U239(6&(*06(86$O! 96(1! )8''81(236! N#)23=))6! *60=&58! 4%6&! *6)8&(236$! 96&%6$,! P$! %(6)6J!
N#)'JJ6$3'$*!$(JJ8!%(6!D6%6#8#$*!@4$!>&(@'8A6&)4$6$!'1)!V6))4#&26$_#6116!5#O!%(6!
G'(<'23! +--+]! '1)! H%')! 9(238(*)86! U6*J6$8! %6)! UA6$%6$J'&08)! <656(23$68K! U,! Reh],!
H/6$$! %(6! Z??6$81(236! G'$%! 166&! ()8O! J#))! J'$! 6<6$! A&(@'86! #J)4! 36?8(*6&! )23=8861$K!
c#886&O!RTTfO!5(8,!($!c#836O!RTTjO!U,!R-],!
!
+, F08#6116!:$89(201#$*6$!#$%!G6&'#)?4&%6&#$*6$!'#?!%6J!UA6$%6$J'&08!
N#&!Q'3&8'#)6$%96$%6!3'8!)(23!%6&!86&8(Y&6!U6084&!<6'2381(23!)8'&0!6$89(20618O!9')!J'$!
'$!%6&!9'23)6$%6$!F$5'31!%6&!D6)23Y?8(*86$!'<16)6$!0'$$O!%(6!($!%6$!168586$!Q'3&563$.
86$! =<6&A&4A4&8(4$'1! 5#! ^6%6J! /(&8)23'?8)<6&6(23! *69'23)6$! ()8! @*1,! N(JJ6&! l! >&(116&O!
+--j],! C423! J4J6$8'$! )(638! )(23! %6&! C&(886! U6084&! 5#$63J6$%! $6#6$! :$89(201#$*6$!
#$%!G6&'#)?4&%6&#$*6$!*6*6$=<6&*6)86118O!%(6!(J!/6(86&6$!'#)?=3&1(23!6&1Y#86&8!96&%6$,!
!

17. ! PP,!"4&)23#$*)*6*6$)8'$%! 10
T1*%$7%*4%,!D%++9%5%,924,18C<!
x<6&! %(6! '08#6116! F$5'31! <6%'&?)9(&8)23'?81(236&! B&*'$()'8(4$6$! ($! C6#8)231'$%! *(<8! 6)!
06($6! *6$'#6$! C'86$O! %'! %6&! C&(886! U6084&! <()36&! @4J! D#$%6))8'8()8(0'J8! $(238! *6)4$.
%6&8!6&?'))8!9#&%6!@*1,!G'(<'23O!+--+],!c'#8!F$*'<6$!%6)!C6#8)236$!N6$8&'1($)8(8#8)!?=&!
)45('16! "&'*6$! )($%! 6)! 2',! +-,---! *6J6($$=85(*6! B&*'$()'8(4$6$O! %(6! '08(@! "#$%&'()($*!
<68&6(<6$O!563$!>&456$8!%'@4$!'*(6&6$!=<6&&6*(4$'1!#$%!689'!+S-.f--!<#$%6)96(8!@*1,!
CNPO! +--j],! W(616! "4&)236&! &6%6$! ($! %(6)6J! E4$86b8! @4$! 6($6J! *6)Y88(*86$! I'&08! @*1,!
>&(116&! l! N(JJ6&O! +--h<o! a&)61J'$$O! RTTh],! N#J! 6($6$! 1(6*8! %(6! a&)'236! ?=&! %6$! )86(.
*6$%6$!/688<696&<)%&#20!(J!C&(886$!U6084&!'$!%6$!($86&$'8(4$'16$!G(1?)4&*'$()'8(4$6$O!
9(6!<6()A(61)96()6!Bb?'JO!a7PM:"!4%6&!k&586!43$6!X&6$56$O!%(6!=<6&!6($!3436)!"#$%&'(.
)($*.E$49.G49! @6&?=*6$! #$%! %6$! (JJ6&! $423! 1#0&'8(@6$! %6#8)236$! UA6$%6$J'&08! ?=&!
)(23! 6&)231(6`6$! @*1,! a&)61J'$$O! +--g],! N#J! '$%6&6$! )231(6`6$! )(23! 5#$63J6$%! @(616!
G(1?)4&*'$()'8(4$6$!5#!D=$%$())6$O!9')!%(6!/688<696&<)?Y3(*06(8!%6&!:($561$6$!)86(*6&8,!
I4J6$8'$! 5Y316$! )41236! W6&<=$%6! 9(6! HF08(4$! C6#8)231'$%! G(1?6K! 4%6&! H:$89(201#$*!
3(1?8K!5#!%6$!<60'$$86)86$!UA6$%6$!)'JJ61$%6$!B&*'$()'8(4$6$!#$%!96&%6$!<6(!*&4`6$!
UA6$%6$'#?&#?6$! <6)4$%6&)! )8'&0! @4$! %6$! I6%(6$! <6'23868! 6<%,],! C6&! 5#$63J6$%6!
/688<696&<)%&#20!Y#`6&8!)(23!($!)86(*6$%6$!F0_#()(8(4$)04)86$!#$%!3436J!F#?9'$%!<6(!
%6&!UA6$%6&<($%#$*!@*1,!"()236&O!+--g],!!
L+%':%*4%2!.$'()*+$,-.'28$%2!Q%5122+2%'*!1*4!2+):*'%,%*4%2!L.%*4%*0-(17%*<!!
c'$*6!N6(8!*'186$!%(6!C6#8)236$!'1)!96$(*!)A6$%6&?&6#%(*O!9')!'#?!%')!)8'&0!'#)*6<(1%6.
86!Z??6$81(236!U[)86J!%6&!)45('16$!/431?'3&8O!3436!6($04JJ6$)<654*6$6!F<*'<6$!)49(6!
6($6! *6&($*6! )86#6&1(236! F<)685<'&06(8! @4$! UA6$%6$! ($! C6#8)231'$%! 5#&=20*6?=3&8! 96&.
%6$! 04$$86! @*1,! N(JJ6&! l! >&(116&O! +--j],! F116&%($*)! 0'$$! $'23! %6$! F$*'<6$! %6)! :#&4.
A6'$!U42('1!U#&@6[!+--+y+--f!%6$!C6#8)236$!%#&23'#)!6($6!HE#18#&!%6)!X6<6$)K!>&(1.
16&O! +--jO! U,! R-+]! <6)236($(*8! 96&%6$O! %6$$! %(6! %6#8)236! UA6$%6$<686(1(*#$*)_#486!
1(6*8!=<6&!%6J!6#&4AY()236$!C#&23)23$(88!@*1,!C683O!+--e],!/6(86&3($!9(&%!%(6!;36)6!%6)!
*6)611)23'?81(236$!D69#))8)6($)!%#&23!%(6!N'31!%6&!($!C6#8)231'$%!63&6$'J81(23!;Y8(*6$!
*6)8=858O!%(6!)(23!)6(8!%6$!g-6&!Q'3&6$!@6&?=$??'2386,!C(6!>3(1'$83&4A(6!9(&%!J'`*6<1(23!
%#&23! %(6! I6%(6$! *6?Z&%6&8! #$%! *638! J(8! %6J! /#$)23! $'23! J63&! >'&8(5(A'8(4$! <6(! %6&!
X69Y3&16()8#$*!%6)!X6J6($9431)!6($36&!@*1,!>&(116&O!+--j],!>&(116&!#$%!N(JJ6&!+--h']!
96()6$! %'&'#?! 3($O! %'))! %(6! D6&6(8)23'?8! 5#&! '08(@6$! I(8'&<6(8! ($! %6&! D6@Z106&#$*! $423!
1Y$*)8! $(238! '#)*6)23ZA?8! ()8,! C'<6(! 1(6*6$! %(6! I48(@6! *6)611)23'?81(236$! :$*'*6J6$8)!
@4&! '116J! ($! %6&! U61<)86&?'3&#$*! #$%! %6$! E4$8'08JZ*1(2306(86$! 5#! '$%6&6$! I6$)236$O!
94%#&23!)(23!%6&!<6)4$%6&)!)8'&06!N#1'#?!6&01Y&8O!%6$!016($6!B&*'$()'8(4$6$!J(8!140'16&!
F#)&(238#$*O!961236!%6$!"Z&%6&6&$!6($!*16(23<6&6238(*86)!I(8J'236$!6&JZ*1(238O!%6&56(8!
5#!@6&56(23$6$!3'<6$!6<%,],!!

18. ! PP,!"4&)23#$*)*6*6$)8'$%! 11
C423! <#$%6)96(8! *6)636$! )8'*$(6&8! %')! UA6$%6$@41#J6$! 1'#8! :&*6<$())6$! %6)! C6#8.
)236$!UA6$%6$J4$(84&)!)6(8!Q'3&6$!@*1,!;7U!P$?&'86)8O!+--h],!C(6!*&4`6!UA6$%6$<6&6(8.
)23'?8O! %(6! %')! HQ'3&! %6&! E'8')8&4A36$K! +--S]! J4<(1()(6&86O! )86118! %'<6(! 636&! %(6! F#).
$'3J6! @4$! %6&! V6*61! %'&! @*1,! F$3,! +],! F#23! ($! '<)63<'&6&! N#0#$?8! ()8! @4&! %6J! G($86&.
*&#$%! &6'1! 0'#J! $423! 9'23)6$%6&! :($04JJ6$! #$%! 3436&! F&<6(8)14)(*06(8! J(8! 06($6&!
;&6$%96$%6!5#!&623$6$O!%6$$!%(6!I6$)236$!)23&Y$06$!(3&6!F#)*'<6$!($!'116$!c6<6$).
<6&6(236$!6($!@*1,!U23J(85!l!G=$%*6$O!+--S],!!
A7):%0%,6)((<!
:($!*&#$%16*6$%6)!>&4<16JO!J(8!%6J!%6#8)236!7>B)!5#!0YJA?6$!3'<6$O!()8!(3&!PJ'*6,!P$!
%6$!aUF!*6186$!"#$%&'()6&!'1)!G61%6$O!96(1!)(6!HI6$)236$!'#??4&%6&$O!J63&!5#!)A6$%6$!
#$%! J63&! 5#! &()0(6&6$,! mU(6n! ?($'$5(6&6$! B&*'$()'8(4$6$O! %(6! c6<6$! &6886$! #$%! W6&Y$%6.
&#$*6$! ($! %6&! X6J6($)23'?8! <69(&06$K! "1'$'*'$O! RTTgO! 5(8,! ($! G'(<'23O! +--+O! U,! fe],!
X&4`)A6$%6&! *6$(6`6$! %4&8! 6($! 3436)! F$)636$! #$%! 96&%6$! ($! V'$0($*)! %6&! HJ4)8!
*6$6&4#)!A3(1'$83&4A()8)K!*6?6(6&8!I2E($)6[.U8#%(6O!+--hO!qR],!P$!C6#8)231'$%!3($*6*6$!
941186!%(6!GY1?86!'116&!X&4`)A6$%6&!#$%!U8(?86&O!%(6!'$!%6&!I2E($)6[.U8#%(6!HX6)611)23'?8.
1(236$!/'$%61!*6)8'186$K!86(1$'3J6$O!1(6<6&!'$4$[J!<16(<6$!6<%,],!!
C(6!PJ'*6.>&4<16J'8(0!@6&)8Y&08!)(23!96(86&3($!%#&23!%(6!5#$63J6$%6!U06A)()!'#?*&#$%!
%6&!J'$*613'?86$!;&'$)A'&6$5!(J!7>B.U6084&,!/Y3&6$%!($!%6$!aUF!%(6!W6&Z??6$81(23#$*!
%6&!"($'$56$!@4$!7>B)!6($6!&62381(236!W6&A?1(238#$*!()8O!<6)8638!6($6!)41236!*6)6851(236!
V6*61#$*!($!C6#8)231'$%!<()1'$*!$(238!@*1,!G'(<'23O!+--+],!7#&!%(6!96$(*)86$!B&*'$()'.
8(4$6$!01Y&6$!(3&6!UA6$%6&!%'&=<6&!'#?O!9')!J(8!(3&6$!D6(8&Y*6$!*6)23(638!#$%!9(6!3423!
%(6!F#)*'<6$!?=&!W6&9'18#$*O!M4$8&411($*!)49(6!"#$%&'()($*!)($%,!:($6!%6&!96$(*6$!B&*'.
$()'8(4$6$O!%(6!7>B)!'#?!%(6!W6&96$%#$*!(3&6&!UA6$%6$*61%6&!A&=?8!#$%!6($!UA6$%6$)(6.
*61!?=&!%(6^6$(*6!@6&*(<8O!%(6!UA6$%6$!$'2396()1(23!8&'$)A'&6$8O!59620*6&(23868!#$%!9(&8.
)23'?81(23! @6&96$%6$O! ()8! %')! C6#8)236! N6$8&'1($)8(8#8! ?=&! )45('16! "&'*6$,! C423! <()36&!
)($%!<6(J!CNP!+--h]!16%(*1(23!+f-!B&*'$()'8(4$6$!*61()868,!
PJ! C656J<6&! +--j! 3'8! )(23! %(6! Z??6$81(236! E&(8(0! '$! %6#8)236$! 7>B)! 5#*6)A(858O! 9')!
%#&23!%6$!#$)'23*6JY`6$!aJ*'$*!J(8!%6$!UA6$%6$*61%6&$!%6&!<60'$$86$!G(1?)4&*'$(.
)'8(4$!a7PM:"!'#)*61Z)8!9#&%6,!U8'&0!0&(8()(6&8!9#&%6$!%6&!86#&6!aJ<'#!%6)!B&*'$()'8(.
4$))8'<_#'&8(6&)! ($! EZ1$! )49(6! %(6! F#)5'31#$*! 6($6)! D6&'86&34$4&'&)! ($! GZ36! @4$!
+S-,---!:#&4!'$!%6$!636J'1(*6$!a7PM:".W4&)(856$%6$!@*1,!U23#J'236&!l!U'15O!+--h],!
c'#8! 6($6&! V6A&Y)6$8'8(@)8#%(6! 5#J! P$?4&J'8(4$)<6%'&?! #$%! W6&8&'#6$! A&(@'86&! UA6$%6&!
()8!J'$*61$%6)!W6&8&'#6$!($!UA6$%6$4&*'$()'8(4$6$!%6&!'J!3Y#?(*)86$!*6$'$$86!X&#$%!
?=&!%(6!)($06$%6!UA6$%6$<6&6(8)23'?8!@*1,!>9MO!+--h],!!
!

19. ! PP,!"4&)23#$*)*6*6$)8'$%! 12
U%1%!L.%*4%,!;!*%1%!H*2.,I8$%<!
I4J6$8'$!04JJ8!J63&!'1)!%(6!GY1?86!'116&!UA6$%6$!@4$!x<6&.g-.QY3&(*6$,!k186&6!UA6$.
%6&!86$%(6&6$!$(238!$#&!%'5#O!&6*61JY`(*6&!'1)!Q=$*6&6!5#!)A6$%6$O!)(6!*6<6$!'#23!3Z.
36&6!UA6$%6$<6(8&Y*6!@*1,!>9MO!+--h],!>&(116&!#$%!U4JJ6&?61%!+--S]!?=3&6$!%(6!3Z36&6!
UA6$%6$<6&6(8)23'?8!'#?!6($6!<6))6&6!9(&8)23'?81(236!U(8#'8(4$O!6($!3Z36&6)!:($04JJ6$!
#$%! '$*6)'JJ6186)! W6&JZ*6$! )49(6! 6($6! 3Z36&6! D6?&(6%(*#$*! J'86&(6116&! D6%=&?$())6!
5#&=20O!%(6!J(8!?4&8)23&6(86$%6J!F186&!6($36&*636$,!
!
F116&%($*)!9(&%!%(6)6!UA6$%6&*6$6&'8(4$!<'1%!'186&)<6%($*8!6$8?'116$O!9')!7>B)!5#!6($6&!
76#4&(6$8(6&#$*! (3&6&! E4JJ#$(0'8(4$! '$! ^=$*6&6$! N#96$%#$*)5(61*&#AA6$! 59($*8! @*1,!
V6()6&O!+--h],!C(6!$6#6!X6$6&'8(4$!@4$!UA6$%6&$!56(23$68!)(23!%#&23!(3&6!0&(8()236!G'1.
8#$*!#$%!%')!5#$63J6$%6!D6%=&?$()!'#)O!%(6!@4$!7>B)!*61(6?6&86$!P$?4&J'8(4$6$!5#!3($.
86&?&'*6$!#$%!)(23!)61<)8!6($6!I6($#$*!=<6&!%(6!;Y8(*06(8!#$%!U8&#08#&6$!%6&!^696(1(*6$!
:($&(238#$*6$!5#!<(1%6$!@*1,!>9MO!+--h],!U(6!6&9'&86$!J63&!;&'$)A'&6$5!#$%!B??6$36(8!
)49(6!6($6!'08(@6&6!P$?4&J'8(4$)A41(8(0,!U23J(85!#$%!G=$%*6$!+--S]!)636$!%')!@4&&'$.
*(*6! F$1(6*6$! %6&! $6#6$! UA6$%6&! %'&($O! '1)! >'&8$6&! %6&! *6J6($$=85(*6$! B&*'$()'8(4$!
9'3&*6$4JJ6$!5#!96&%6$,!G($5#!04JJ8!$423!6($!04$)#JA)[23414*()236)!>&4<16JL!P$!
%6&!5#$63J6$%!&6(5=<6&?1#8686$!aJ9618!)23=858!)(23!%6&!E4$)#J6$8!@4&!x<6&?4&%6&#$*!
%#&23!)61608(@6!P$?4&J'8(4$)'#?$'3J6,!C(6!;'8)'236O!%'))!Th!>&456$8!%6&!%#&23!%(6!I6.
%(6$! @6&J(886186$! P$?4&J'8(4$6$! @4$! E4$)#J6$86$! $(238! <6'23868! 96&%6$O! )86118! 6($6!
$6#6!G6&'#)?4&%6&#$*!?=&!7>B)!%'&!@*1,!E&46<6&.V(61!l!/6($<6&*O!RTTT]O!%(6!(3&6!E4J.
J#$(0'8(4$! $#$! %#&23! 5(61*&#AA6$4&(6$8(6&86! F#?<6&6(8#$*O! J63&! X1'#<9=&%(*06(8! #$%!
A6&)Z$1(236!D($%#$*!A&4?(1(6&6$!J=))6$!@*1,!G'(<'23O!+--+],!!
!
"'5(8L!C(6!F$'1[)6!%6&!'08#6116$!:$89(201#$*6$!%6&!7>B.>&'b()!56(*8O!%'))!7>B)!@4&!@(616$!
$6#6$! G6&'#)?4&%6&#$*6$! 9(6! I(8861@6&0$'AA#$*! %#&23! %(6! W6&Y$%6&#$*! %6&! "($'$5(6.
&#$*))8&#08#&O!5#$63J6$%6&!P$?4&J'8(4$)<6%'&?!#$%!V6238?6&8(*#$*)%&#20O!)8Y&06&6!E4$.
0#&&6$5<65(63#$*6$! )49(6! &')236! 8623$414*()236! :$89(201#$*6$! )8636$,! C423! 9(6! )411!
%')! "#$%&'()($*! *6)8'1868! 96&%6$O! #J! '$*6)(238)! %(6)6&! :$89(201#$*)86$%6$56$! 6&?41*.
&6(23! 5#! )6($d! W(616! "4&)236&! )636$! %(6! M3'$26! %6&! *6J6($$=85(*6$! B&*'$()'8(4$6$! ($!
6($6&! aJ4&(6$8(6&#$*! %6&! "#$%&'()($*.F08(@(8Y86$! @4$! %6&! UA6$%6! '#?! %6$! UA6$%6&! @*1,!
G'(<'23O!+--+o!c#836O!RTTjo!U23J(85!l!G=$%*6$O!+--S],!C(6)6!$6#6!"4&J!%6)!"#$%&'(.
)($*)O!($!%6&6$!N6$8&#J!%6&!6&?41*&6(236!F#?<'#O!%(6!F#?&62386&3'18#$*!#$%!W6&<6))6&#$*!
@4$!D65(63#$*6$!5#!&616@'$86$!D65#*)*&#AA6$!)8636$O!9(&%!'1)!V61'8(4$)3(A!"#$%&'()($*!
<656(23$68!@*1,!c#836O!RTTj],!:($6!)8Y&06&6!B&(6$8(6&#$*!'J!UA6$%6&!)411!%6$!7>B)!6(.
$6$! 6$8)236(%6$%6$! #$%! $'233'18(*6$! /688<696&<)@4&86(1! '#?! %6J! *6)Y88(*86$! UA6$.
%6$J'&08!<(686$!#$%!%(6!:&&6(23#$*!(3&6&!U'235(616!'#?!6($6!6??608(@6!/6()6!6&JZ*1(236$,!

20. ! PPP,!I4%611<(1%#$*! 13
PPP, IBC:ccDPcCa7X!
R, "#$%&'()($*!(J!E4$86b8!%6)!D65(63#$*)J'&068($*)!
R,R,!"#$%&'()($*!'1)!I'&068($*'#?*'<6!!
F$*6)(238)! %6&! *6)23(1%6&86$! G6&'#)?4&%6&#$*6$! %6&! '08#6116$! UA6$%6$J'&08)(8#'8(4$!
?=316$!)(23!(JJ6&!J63&!7>B)!%'5#!*6$Z8(*8O!(3&6!"#$%&'()($*.;Y8(*06(86$!5#!A&4?6))(4$'.
1()(6&6$,!U236(<6.Q'6*6&!+--f]!<63'#A868O!%'J(8!)(23!"#$%&'()($*!@4J!H#$%(??6&6$5(6&86$!
F1J4)6$)'JJ61$K!U,!f+S]!#$86&)236(%68!#$%!5#&!)[)86J'8()236$!:&?41*)6&5(61#$*!?=3&8O!
J#))! 6)! '1)! 6($6! I'$'*6J6$8'#?*'<6! @6&)8'$%6$! 96&%6$O! %(6! $'23! X&#$%&6*61$! 6($6&!
)[)86J'8()236$! #$%! *6A1'$86$! W4&*636$)96()6! 6&?41*8,! C'<6(! 04JJ8! %6J! I'&068($*.
F$)'85!6($6!6$8)236(%6$%6!D6%6#8#$*!5#!@*1,!G'(<'23O!+--+o!a&)61J'$$O!RTTh],!X&#$%.
)Y851(23!@6&)8638!J'$!#$86&!I'&068($*!HF$'1[)6O!>1'$#$*!#$%!E4$8&4116!'116&!'#?!'08#6116!
#$%! A486$5(6116! IY&086! '#)*6&(238686$! a$86&$63J6$)'08(@(8Y86$O! %(6! 5#J! N(61! 3'<6$O!
%#&23! %(6! %'#6&3'?86! D6?&(6%(*#$*! %6&! E#$%6$<6%=&?$())6! %(6! a$86&$63J6$)5(616! 5#!
&6'1()(6&6$K! D&#3$! l! ;(1J6)O! RTTeO! U,! RS],! U4J(8! 6$8)A&(238! %(6! I'&068($*.B&(6$8(6&#$*!
6($6&!C6$03'18#$*O!%(6!%')!*6)'J86!a$86&$63J6$!'#?!%(6!D6%=&?$())6!%6&!E#$%6$!'#).
&(23868!@*1,!>#&8)236&8O!+--S]O!9')!'#23!?=&!7>B)!@4$!D6%6#8#$*!()8,!H/6&!)6($6$!UA6$.
%6&! $(238! 06$$8O! ?=&! %6$! ()8! "#$%&'()($*! 9(6! %(6! U231=))61)#236! 6($6)! D68&#$06$6$! #J!
I(886&$'238K!U23#15O!+--fO!U,!RTR],!!
!
/6$$! J'$! 23&()81(236! I())(4$(6&#$*)@6&)#236! (J! /688<696&<! J(8! '$%6&6$! V61(*(4$)*6.
J6($)23'?86$! <68&'23868O! )4! )86118! %6&! I'&068($*.X6%'$06! 06($! @41104JJ6$! $6#'&8(*6)!
E4$56A8!(J!C&(886$!U6084&!%'&!@*1,!D&#3$O!+--S],!C(6!9())6$)23'?81(23!?#$%(6&86!:&96(86.
&#$*!%6)!I'&068($*.F$)'856)!'#?!%6$!*6J6($9(&8)23'?81(236$!U6084&!9#&%6!@4$!%6$!'J6.
&(0'$()236$!I'&068($*.:bA6&86$!E4816&!#$%!c6@[!RTgT]!*6A&Y*8,!C(6!x<6&8&'*#$*!<6&#38!
%'&'#?O! %'))! '#23! 7>B)! <6(! (3&6&! ;Y8(*06(8! D6%'&?)%620#$*).! #$%! D66($?1#))#$*)5(616!
@6&?41*6$O!%(6!)(23!%#&23!6($6$!)8&'86*()236$!I'&068($*.F$)'85!6??(5(6$8!&6'1()(6&6$!1'))6$!
@*1,! V'??66O! /(6%J'$$! l! F<61O! RThf],! P$! (3&6&! D64<'238#$*! )86116$! E4816&! #$%! c6@[!
RTgT]! ?6)8O! %'))! 7>B)! 43$63($! I'&068($*.Y3$1(236! F08(@(8Y86$! 9(6! /6&<60'JA'*$6$!
4%6&!:@6$8)!5#&!D66($?1#))#$*!%6&!Z??6$81(236$!I6($#$*!%#&23?=3&6$O!#$%!5(636$!?41*6$.
%6!U231#))?41*6&#$*L!H;36!234(26!?'2($*!834)6!934!J'$'*6!$4$<#)($6))!4&*'$()'8(4$)!()!
$48! 936836&! 84! J'&068! 4&! $48! 84! J'&068O! ?4&! $4! 4&*'$()'8(4$! 2'$! '@4(%! J'&068($*,! ;36!
234(26!()!936836&!84!%4!(8!9611!4&!A44&1[K!U,!RS],!!
!
P$!%6$!aUF!9(&%!"#$%&'()($*!)6(8!1'$*6J!'1)!6($6!#J?'))6$%6!I'&068($*.E4$56A8(4$!@6&.
)8'$%6$,!F#23!%6&!%6#8)236!7>B."4&)236&!a&)61J'$$!RTTh]!<6)23&6(<8!"#$%&'()($*!'1)!
6($! ;6(1! %6)! D6)23'??#$*)J'&068($*)O! %6&6$! F#?*'<6! %'&($! <6)8638O! F#)8'#)23@4&*Y$*6!

21. ! PPP,!I4%611<(1%#$*! 14
'#?! ?&6(9(11(*6&! D')()! A1'$@411! #$%! )[)86J'8()23! 36&<6(5#?=3&6$,! C(6! D6)23'??#$*))6(86!
)86118!%6$!56$8&'16$!:$*A'))!6($6&!7>B!%'&O!%6$$!H'116!A486$5(6116!X61%*6<6&!@4$!7>B)!
mun!&6A&Y)6$8(6&6$!IY&086O!'#?!%6$6$!6($6!W(61?'18!@4$!P%66$!#$%!F$1(6*6$!#J!m<6*&6$586n!
"Z&%6&J(8861! 04$0#&&(6&6$K! G'(<'23O! +--hO! U,! T-]! #$%! %')! 6&?4&%6&8! %6$! :($)'85! @4$!
I'&068($*.P$)8&#J6$86$! ($! <6)4$%6&6J! I'`6,! C'<6(! *638! 6)! %'&#JO! %')! ($! %6&! >&(@'8.
9(&8)23'?8! @6&<&6(8686! E4$56A8! %6&! E#$%6$4&(6$8(6&#$*! '#?! "Z&%6&6&! *6J6($9(&8)23'?81(.
236$!:($&(238#$*6$!'$5#96$%6$!@*1,!G'(<'23O!+--+],!C'!%(6!N#96$%6&6&!?=&!=<6&1'))6.
$6! c6()8#$*6$! 5#J6()8! 06($6! J'86&(6116! X6*6$16()8#$*! 6&3'186$O! )411! %')! N(61! %6)! "#$%.
&'()($*)!'1)!I'&068($*'#?*'<6!%'&($!<6)8636$O!%6$!UA6$%6&$!6($6$!7#856$<=$%61!'$5#.
<(686$O!%6&!04$)6_#6$8!'$!(3&6$!D6%=&?$())6$!'#)*6&(23868!()8!@*1,!U23$6(%6&O!RTTg]O!#J!
)(6!)4J(8!5#&!9(6%6&34186$!a$86&)8=85#$*!5#!<696*6$!@*1,!G'(<'23O!+--+],!!
!
R,+,!>'&'%(*J6$9623)61!3($!5#J!V61'8(4$)3(A!"#$%&'()($*!
C6&! :($)'85! @4$! I'&068($*.P$)8&#J6$86$! ($! *6J6($9(&8)23'?81(23! '#)*6&(238686$! B&*'$(.
)'8(4$6$!()8!$(238!?&6(!@4$!%6&!c6*(8(J'8(4$)A&4<16J'8(0!#$%!9(&%!)49431!($!%6&!>&'b()!'1)!
'#23! ($! %6&! /())6$)23'?8! 36?8(*! %()0#8(6&8! @*1,! D&#3$O! +--S],! P$! %6&! %6#8)236$! 7>B.
>&'b()!0'$$!6($6!4?8!$6*'8(@6!X&#$%3'18#$*!*6*6$=<6&!%6J!I'&068($*.F$)'85!<6(J!"#$%.
&'()($*! <64<'23868! 96&%6$! @*1,! U23$6(%6&O! RTTg],! "=&! 5'31&6(236! 7>B.I(8'&<6(86&! 6&.
)236($8!6)!#$JZ*1(23O!H%')!C6$06$!#$%!G'$%61$!($!I'&068($*.E'86*4&(6$!J(8!(3&6&!)45('.
16$! F#?*'<6$)8611#$*! ($! :($01'$*! 5#! <&($*6$K!6<%,O! U,! +f],! D6?=&23868! 96&%6$! JZ*1(236!
W4&9=&?6!)6(86$)!%6&!i??6$81(2306(8!<65=*1(23!%6&!UA6$%6&J'$(A#1'8(4$!)49(6!%6&!J(8!%6&!
I'&068($*.F$96$%#$*!6($36&*636$%6$!:&3Z3#$*!%6&!W6&9'18#$*)04)86$,!!
!
P$! %6&! /())6$)23'?8! 9(&%! @4&! '116J! %(6! >&'b()! %6)! <6)23'??#$*)4&(6$8(6&86$! I'&068($*.
F$)'856)!04$8&4@6&)!%()0#8(6&8,!c#836!RTTj]!@6&*16(238!(3$!J(8!6($6&!J4%6&$6$!W'&('$86!
%6)! D68861$)O! <6(! %6&! %(6! X61%<6)23'??#$*! J(83(1?6! 6($6)! 6($)6(8(*6$! ')[JJ68&()236$!
;&'$)?6&)!@4J!X6<6&!5#J!:JA?Y$*6&!(J!W4&%6&*&#$%!)8638,!F#23!;46A16&!RTTh]!3Y18!%')!
<6)23'??#$*)4&(6$8(6&86! "#$%&'()($*! ?=&! 6($6$! &6($! J623'$()236$! >&456))O! <6(! %6J! 6)!
%'&#J!*638O!HA486$5(6116!UA6$%6&!J(8!%6$!^696(1)!A'))6$%6$!)45(4%6J4*&'?()236$!>&4?(.
16$!mun!5#!(%6$8(?(5(6&6$O!%(6!%#&23!6($?'236!I'$(A#1'8(4$!J(8!'$*6J6))6$6$!"#$%&'()($*.
;623$(06$!5#J!UA6$%6$!*6<&'238!96&%6$!0Z$$6$K!U,!STgO!5(8,!($!G43$O!+--RO!U,!ef],!
!!
W(616!7>B."4&)236&O!9(6!D#&$688!RTT+]!#$%!E611[!RTTh]!96()6$!($!%(6)6J!E4$86b8!%'&.
'#?! 3($O! %'))! 04JJ6&5(6116! I'&068($*8623$(06$! $(238! %(&608! '#?! "#$%&'()($*.;Y8(*06(86$!
%6&!7>B)!=<6&8&'*6$O!)4$%6&$!'%'A8(6&8!96&%6$!J=))6$,!N9'&!J=))6$!)(23!*6J6($9(&8.
)23'?81(236! B&*'$()'8(4$6$O! %(6! '#?! 6($! 6&?41*&6(236)! "#$%&'()($*! '$*69(6)6$! )($%O! %6&!
I6834%6$!#$%!;623$(06$!%6)!I'&068($*)!<6%(6$6$O!%423!$(6J'1)!%=&?6$!)(6!%'<6(!(3&6!

22. ! PPP,!I4%611<(1%#$*! 15
683()236$! D696**&=$%6! @6&16856$! @*1,! D#&$688O! RTT+],! c483'&! U23#15O! 6($! %6#8)236&!
"#$%&'()6&! J(8! 1'$*^Y3&(*6&! :&?'3&#$*O! A1Y%(6&8! %'?=&O! 6($6! '#836$8()236! D65(63#$*! 5#!
UA6$%6&$!'#?5#<'#6$L!HP23!9(11!)(6!$(238!=<6&!6($6!I(816(%))23(6$6!5(636$!4%6&!J(8!J6(.
$6$! D&(6?6$! =<6&&#JA61$,! P23! JZ2386O! %'))! %(6! I6$)236$! '#)! @4116J! G6&56$! *6<6$K!
G'(<'23O!+--+O!U,!+f],!C'J(8!9(&%!%')!E4$56A8!836J'8()(6&8O!%')!($!F$163$#$*!'$!V61'.
8(4$)3(A!I'&068($*!'1)!V61'8(4$)3(A!"#$%&'()($*!<656(23$68!9(&%!#$%!6($6$!>'&'%(*J6$.
9623)61!@4$!6($6&!L.%*4%*.!5#!6($6&!L.%*4%,4&(6$8(6&#$*!<6)(6*618,!!
!
P$!%6&!/(&8)23'?8!@41154*!)(23!%6&!/623)61!@4J!'$4$[J6$!I'))6$J'&068($*!5#J!V61'8(.
4$)3(A!I'&068($*!($!%6$!T-6&!Q'3&6$!@*1,!D&#3$O!+--R],!W4&!%6J!G($86&*&#$%!)86(*6$%6&!
E#$%6$'$)A&=236O!)8'*$(6&6$%6&!IY&086!)49(6!@6&)23Y&?86J!/688<696&<!*6)8'18686!)(23!
%(6!76#0#$%6$*69($$#$*!(JJ6&!04)86$($86$)(@6&,!C')!E4$56A8!%6&!E#$%6$4&(6$8(6&#$*!
#$%! E#$%6$<($%#$*! '@'$2(6&86! )4J(8! 5#J! I'&068($*.N(61! #$%! 6&)68586! %(6! <()36&! =<1(.
236$! '#?! %6$! 0#&5?&()8(*6$! :&?41*! '#)*6&(238686$! I'&068($*.P$)8&#J6$86! %#&23! 6($6! A&4.
56))#'16!*'$536(81(236!X6)8'18#$*!@4$!F$<(686&.E#$%6$.D65(63#$*6$!@*1,!D&#3$O!+--S],!
P$!%(6)6J!N#)'JJ6$3'$*!A&Y*86!D#&$688!RTT+]!%6$!;6&J($#)!V61'8(4$)3(A!"#$%&'()($*,!
:&!04$)8'8(6&8O!%'))!%(6!D65(63#$*)4&(6$8(6&#$*!(J!C&(886$!U6084&!6(*6$81(23!$(238!$6#'&8(*!
()8!#$%!@4$!"#$%&'()6&$!5#J6()8!($8#(8(@!A&'08(5(6&8!9(&%L!KD#8!')!?#$%&'()($*!'%4A8)!6@6$!
J4&6! )4A3()8(2'86%! J'&068($*! 8623$(_#6)! .! '$%! ')! %4$4&)O! 836! ($6@(8'<16! @(28(J)! 4?! #$.
&6*#1'86%! *&4983O! <624J6! J4&6! '$%! J4&6! &6)()8'$8! 84! 836)6! 8623$(_#6)! .! &61'8(4$)3(A!
?#$%&'()($*!<624J6)! ($2&6')($*1[! (JA4&8'$8! '$%!($2&6')($*1[! 1(061[! 84!A&4@6! J4&6! A&4?(8.
'<16!'$%!)#)8'($($*!($!836!14$*!86&Jp!U,!fj],!
!
PJ!I(8861A#$08!%6)!V61'8(4$)3(A!"#$%&'()($*!)8638!06($6!X61%<6)23'??#$*O!)4$%6&$!H%(6!
:$89(201#$*!%6)!@4116$!>486$5('1)!6($6&!6($5(*'&8(*6$!#$%!)A65(6116$!D65(63#$*O!%(6!59(.
)236$!6($6&!94318Y8(*6$!B&*'$()'8(4$!#$%!(3&6&!"Z&%6&6&$!)8638p!U'$%6&)O!+--jO!U,!RR],!
/Y3&6$%! %')! <6)23'??#$*)4&(6$8(6&86! "#$%&'()($*! 6($6! )8'8()236! >6&)A608(@6! 6($$(JJ8!
#$%! '$! :($561)A6$%6$8&'$)'08(4$6$! '$)6858O! )8636$! UA6$%6&<65(63#$*6$! (J! N6$8&#J!
%6)!V61'8(4$)3(A!"#$%&'()($*O!9')!6($6$!/623)61!5#&!%[$'J()236$!>6&)A608(@6!6&?4&%6&8,!!
E611[!RTTh]!<63'#A868O!%'))!4<9431!%(6!A&(JY&6!"#$%&'()($*.F#?*'<6!4??6$)(2381(23!%(6!
D6)23'??#$*!?($'$5(6116&!I(8861!()8O!%(6)6!F#?*'<6!%6$$423!$#&!%#&23!%(6!E#18(@(6&#$*!6(.
$6&! "&6#$%)23'?8! 59()236$! %6&! B&*'$()'8(4$! #$%! (3&6$! UA6$%6&$! *6)23636$! 0'$$O! 94.
%#&23! %(6! c68586&6$! ($! %(6! c'*6! @6&)6858! 96&%6$O! 6($6! ?($'$5(6116! )49(6! 6J48(4$'16! D($.
%#$*!J(8!%6&!B&*'$()'8(4$!6($5#*636$,!I(8!%6J!U'85!H"#$%&'()($*!()!836!*6$816!'&8!4?!86'.
23($*!836!^4[!4?!*(@($*K!@6&%6#81(238!V4))4!RTTj]!%6$!X&#$%*6%'$06$!%6)!V61'8(4$)3(A!
"#$%&'()($*O! %')! '#?! 6($6J! A'&8$6&)23'?81(236$! C('14*! 59()236$! X6<6&$! #$%! 763J6&$!
<')(6&8!#$%!%')!P$86&6))6!%6)!a$86&)8=856&)!'$!%6&!B&*'$()'8(4$!0#18(@(6&8!5(8,!($!G'(<'23O!

23. ! PPP,!I4%611<(1%#$*! 16
+--hO!U,!TR],!C'<6(!)86118!E4JJ#$(0'8(4$!%(6!D')()!?=&!%6$!D65(63#$*)'#?<'#!#$%!)4J(8!
%(6!56$8&'16!F#?*'<6!%6)!V61'8(4$)3(A!"#$%&'()($*!%'&!@*1,!D#&$688O!RTT+o!c#836O!RTTj],!!
R,f,!i04$4J()236!;&'*?Y3(*06(8!%6)!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*)!!
P$! %6&! /(&8)23'?8! ()8! %(6! Z04$4J()236! D6%6#8#$*! %6)! 6&?41*&6(236$! M#)84J6&! V61'8(4$.
)3(A!I'$'*6J6$8!)6(8!1'$*6J!<60'$$8!@*1,!D&#3$O!+--S],!D&#3$!+--R]!96()8!'#?!)41236!
A4)(8(@6$! /(&0#$*)6??6086! %6&! E#$%6$<($%#$*O! 9(6! U86(*6&#$*! %6&! E'#??&6_#6$5O! :&3Z.
3#$*! %6&! E#$%6$A6$68&'8(4$! )49(6! U8'<(1()(6&#$*! %6&! X6)23Y?8)<65(63#$*6$! %#&23! %(6!
PJJ#$()(6&#$*! *6*6$=<6&! /688<696&<)'08(@(8Y86$O! 3($,! 7#$! *(18! 6)! 5#! #$86&)#236$O! 4<!
6($6!D65(63#$*)4&(6$8(6&#$*!'#23!<6(J!"#$%&'()($*!%6&!7>B)!?($'$5(6116!W4&86(16!<&($*8,!
!
X&#$%)Y851(23! 1'))6$! )(23! <6(J! "#$%&'()($*! ($! F$163$#$*! '$! "()236&! +--h']! %&6(! Z04.
$4J()236! N(61A6&)A608(@6$! #$86&)236(%6$,! :&)86$)! *638! 6)! #J! %')! /'23)8#J! #$%! %(6!
U86(*6&#$*!%6&!:($$'3J6$!6($6&!B&*'$()'8(4$,!N96(86$)!)6858!:??(5(6$5)86(*6&#$*!'#?!%(6!
BA8(J(6&#$*! %6&! %#&23! %')! "#$%&'()($*! @6&#&)'2386$! E4)86$,! U231(6`1(23! )411! %')! "#$%.
&'()($*!%(6!Z04$4J()236!U8'<(1(8Y8!#$%!7'233'18(*06(8!%6&!B&*'$()'8(4$!)(236&$,!c'#8!W6&.
?62386&$! %6)! V61'8(4$)3(A! "#$%&'()($*! ()8! %6&! 6&?41*&6(236! D65(63#$*)'#?<'#! 6($6! 6$8.
)236(%6$%6! W4&'#))685#$*! ?=&! %(6! V6'1()(6&#$*! %(6)6&! Z04$4J()236$! N(61A6&)A608(@6$!
@*1,!"()236&O!+--h'o!E45(41O!+--g],!!
7'23! G=$%*6$! #$%! U23J(85! +--S]! )86118! %')! D65(63#$*)J'$'*6J6$8! 06($6$! U61<)8.
59620!%'&O!)4$%6&$!%(6$8!168581(23!%6&!U86(*6&#$*!%6&!UA6$%6$6($$'3J6$,!:&)8!%'%#&23!
9(&%!6)!JZ*1(23O!"Z&%6&6&!@4$!6($6&!$(6%&(*6$!'#?!6($6!$Y23)8!3Z36&6!U8#?6!%6&!c4['1(8Y8).
16(86&! '#?! %6&! UA6$%6&A[&'J(%6! 5#! <&($*6$! @*1,! D#&$688O! RTT+o! G'(<'23O! +--+],! F#)!
7(238)A6$%6&$! )4116$! %#&23! 76#)A6$%6&*69($$#$*! :&)8)A6$%6&! 96&%6$O! %(6! )(23! %#&23!
%(6!P$86$)(@(6&#$*!%6&!D65(63#$*!5#!/(6%6&341#$*).!#$%!C'#6&)A6$%6&$!6$89(2061$,!C(6!
E&Z$#$*!()8!6)O!96$$!%6&!UA6$%6&!%#&23!04$8($#(6&1(236!D68&6##$*!'116!U8#?6$!%6&!>[&'.
J(%6!<()!5#&!UA(856!%#&231Y#?8!#$%!%(6!7>B!($!)6($6J!;6)8'J6$8!<6&=20)(238(*8,!!

24. ! PPP,!I4%611<(1%#$*! 17
F<<(1%#$*!fL!UA6$%6&A[&'J(%6!
v#6116L!6(*6$6!C'&)8611#$*!($!F$1,!'$!a&)61J'$$O!+--gO!U,fj!
I(8!^6%6&!U8#?6!%(6)6)!aA*&'%($*!.!>&456))6)!9(&%!%(6!D65(63#$*!5#&!:($&(238#$*!@6&)8Y&08!
#$%! %(6! U#JJ6! %6&! 6&<&'2386$! UA6$%6<6(8&Y*6! 6&3Z38,! HC(6! GZ36! %6&! "Z&%6&#$*! 9(&%!
%'<6(!5#!6($6J!P$%(0'84&!?=&!%(6!v#'1(8Y8!%6&!D65(63#$*K!"()236&O!+--S'O!U,RS],!N#%6J!
?Z&%6&8!%(6!UA6$%6&<($%#$*!6($6!6&3Z386!V6?6&6$5<6&6(8)23'?8!#$%!:JA?631#$*)$6(*#$*!
%6&! <6)8636$%6$! "Z&%6&6&! #$%! 6&JZ*1(238! 6($6$! %(&6086$! N#*'$*! 5#! (3&6$! A6&)Z$1(236$!
#$%!<6&#?1(236$!768596&06$O!9')!%(6!U8&6#@6&1#)86!<6(!%6&!76#)A6$%6&'0_#()(8(4$!6&36<.
1(23!J($(J(6&8!#$%!6($6$!W6&8&'#6$)@4&)A&#$*!)23'??8!@*1,!"()236&O!+--h'],!!
!
C')! <65(63#$*)4&(6$8(6&86! "#$%&'()($*! ()8! '#`6&%6J! @4$! <6)4$%6&6J! P$86&6))6! '$*6.
)(238)! %6&! '$*6)8&6<86$! :??(5(6$5)86(*6&#$*O! %6$$! 1'#8! "()236&! ()8! 6)! <()! 5#! )(6<6$! I'1!
*=$)8(*6&!@4$!6($6J!@4&3'$%6$6$!UA6$%6&!6($6!$6#6!UA6$%6!5#!6&3'186$O!'1)!6($6$!$6#.
6$!UA6$%6&!5#!96&<6$!@*1,!"()236&O!+--h'],!/6(86&3($!9(&08!)(23!%')!D65(63#$*)J'$'.
*6J6$8! A4)(8(@! '#?! %(6! Z04$4J()236! U8'<(1(8Y8! %6&! B&*'$()'8(4$! '#),! HC')! x<6&'$*6<48!
'$! UA6$%6$JZ*1(2306(86$! J($%6&8! %(6! UA6$%6&14['1(8Y8O! UA6$%6&! @'*'<#$%(6&6$! Z?86&O!
)A6$%6$!J'1!3(6&!J'1!%',!:($6!_#'1(8'8(@!*#86!UA6$%6&<68&6##$*!)23ZA?8!%')!@4&3'$%6$6!
>486$5('1!'#)!#$%!)8'<(1()(6&8!UA6$%6$6&*6<$())6K!6<%,O!U,!+hg],!/6$$!%6&!UA6$%6&!)(23!
'$!6($6!B&*'$()'8(4$!*6<#$%6$!?=318O!)(23!J(8!(3&!(%6$8(?(5(6&8!#$%!(3&6!N(616!1'$*?&()8(*!5#!
)6($6J! A6&)Z$1(236$! F$1(6*6$! J'238O! )4! 3'<(8#'1()(6&8! )(23! )6($! UA6$%6$@6&3'186$! #$%!
@6&&($*6&8! )(23! %(6! I48(@'8(4$! $'23!'186&$'8(@6$! UA6$%6$! )'JJ61$%6$! 7>B)! 5#! )#236$!
@*1,! D#&$688O! RTT+],! 7(238! 5#16858! 96()8! U236(<6.Q'6*6&! +--f]! %'&'#?!3($O! %'))! %(6^6$(.
*6$! B&*'$()'8(4$6$O! %(6! (3&6! "#$%&'()($*.;Y8(*06(86$! '#?! <65(63#$*)4&(6$8(6&86$! I'&06.
8($*.>&($5(A(6$! <')(6&6$O! ?16b(<61! #$%! )23$611! '#?! I'&08*6*6<6$36(86$! &6'*(6&6$! )49(6!
($$4@'8(@!'*(6&6$!0Z$$6$O!9')!)(6!'#?!C'#6&!5#0#$?8)?Y3(*!J'238,!!
!

25. ! PPP,!I4%611<(1%#$*! 18
U4J(8!*16(238!V61'8(4$)3(A!"#$%&'()($*!@(61!J63&!%6J!HF206&<'#!#$%!m%6&n!W(635#238K!#$%!
$(238!%6J!HU'JJ61$!#$%!Q'*6$K!U23#15O!+--hO!U,!TT]O!%6$$!6)!%(6$8!06($6&!0#&5?&()8(*6$!
X61%<6)23'??#$*O!)4$%6&$!6&JZ*1(238!6($!1'$*?&()8(*!'$*616*86)!D65(63#$*)J'$'*6J6$8O!
%')!'#?!1'$*6!U(238!@(616!Z04$4J()236!W4&86(16!<&($*8,!
F<<(1%#$*!eL!N#)'JJ6$3'$*!59()236$!Z04$4J()236&!N(61A6&)A608(@6!#$%!>6&)A608(@6!!!!!!!!!!!!!!!
'#?!UA6$%6&!
v#6116L!6(*6$6!C'&)8611#$*!
!
+, :&?41*)?'084&6$!%6)!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*)!
7'23%6J! %(6! )8&'86*()236$! W4&5=*6! )49(6! Z04$4J()236$! /(&0#$*)6??6086! %6)! <65(6.
3#$*)4&(6$8(6&86$! "#$%&'()($*)! '#?! 6($6&! 8364&68()236$! :<6$6! @4&*6)86118! 9#&%6$O! )86118!
)(23!$#$!%(6!"&'*6O!9(6!6($!6&?41*&6(236&!D65(63#$*)'#?<'#!($!%6&!>&'b()!5#!@6&9(&01(236$!
()8,!"=&!%(6!X6)8'18#$*!%6&!"#$%&'()($*.I'`$'3J6$!()8!%(6!E6$$8$()!%6&!6$8)A&6236$%6$!
:&?41*)?'084&6$!@4$!<6)4$%6&6&!D6%6#8#$*O!94&#$86&!%(6^6$(*6$!C686&J($'$86$!@6&)8'$.
%6$! 96&%6$O! H%(6! 6($6&! B&*'$()'8(4$! %(6! @4116! F#))23ZA?#$*! %6&! (3&! '#?*&#$%! (3&6&! V6).
)4#&26$'#))8'88#$*!*6*6<6$6$!>486$5('16!6&JZ*1(236$!#$%!%'J(8!%6&6$!:&?41*!$'233'1.
8(*!A4)(8(@!<66($?1#))6$K!"&(85O!RTT-O!U,!T+],!!
!
P$!%6&!c(86&'8#&!5#J!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*!9(&%!$#&!'J!V'$%6!%'&'#?!6($*6.
*'$*6$O! 961236! "'084&6$! 6($! 6&?41*&6(236)! D65(63#$*)J'$'*6J6$8! 06$$56(23$6$,! aJ!
^6%423! 6($6!*&=$%1(236! #$%! )[)86J'8()236! F$'1[)6! 5#! 6&JZ*1(236$O!9(&%! $#$! '#?! %(6!:&.
06$$8$())6! '#)! %6J! V61'8(4$)3(A! I'&068($*! 5#&=20*6*&(??6$! z! %')! "4&)23#$*)?61%O! %')!

26. ! PPP,!I4%611<(1%#$*! 19
<()36&! 96(8'#)! ($86$)(@6&! '1)! V61'8(4$)3(A! "#$%&'()($*! 61'<4&(6&8! 9#&%6O! #$%! '#?! %6$!
74$A&4?(8.U6084&!#$86&!D6&=20)(238(*#$*!)6($6&!)A65(?()236$!I6&0J'16!=<6&8&'*6$,!!
!
C')! 6$8)236(%6$%6! E4$)8&#08! (J! D65(63#$*)J'&068($*! )86118! E#$%6$<($%#$*! %'&O! %(6!
G4J<#&*! #$%! D&#3$! +---]! 9(6! ?41*8! %6?($(6&6$L! HE#$%6$<($%#$*! #J?'))8! )YJ81(236!
I'`$'3J6$! 6($6)! a$86&$63J6$)O! %(6! %'&'#?! '<5(616$O! )49431! %(6! <()36&(*6$! W6&3'1.
86$)96()6$! '1)! '#23! %(6! 5#0=$?8(*6$! W6&3'186$)'<)(2386$! 6($6)! E#$%6$! *6*6$=<6&! 6(.
$6J!F$<(686&!4%6&!%6))6$!c6()8#$*6$!A4)(8(@!5#!*6)8'186$O!#J!%(6!D65(63#$*!5#!%(6)6J!
E#$%6$! ?=&! %(6! N#0#$?8! 5#! )8'<(1()(6&6$! <59,! '#)5#96(86$K! U,! h],! P$! %6&! 9())6$)23'?81(.
236$!c(86&'8#&!?($%6$!)(23!5'31&6(236!"'084&6$O!%(6!6($6$!#$J(8861<'&6$!:($?1#))!'#?!%(6!
E#$%6$<($%#$*!$63J6$!)4116$,!P$!%(6)6&!F&<6(8!9(&%!6($6!%&6(%(J6$)(4$'16!E4$56A8#'1(.
)(6&#$*! 36&'$*654*6$O! J(8! %6&! %(6! E4$)8&#086! W6&8&'#6$O! E#$%6$5#?&(6%6$36(8! #$%!
M4JJ(8J6$8!($!%')!E4$)8&#08!%6&!E#$%6$<($%#$*!6($*64&%$68!96&%6$!@*1,!D4&$6J'$$O!
G6$$(*.;3#&'#! l! G'$)6$O! +--g],! C(6! %&6(! U231=))61*&Z`6$! )8636$! %'<6(! $(238! ()41(6&8!
5#6($'$%6&O!)4$%6&$!<66($?1#))6$!)(23!*6*6$)6(8(*,!!
!
E#$%6$5#?&(6%6$36(8! ()8! %')! :&*6<$()! 6($6)! W6&*16(23).! #$%! D6#&86(1#$*)A&456))6)! 59(.
)236$! %6$! ($%(@(%#6116$! c6()8#$*)6&9'&8#$*6$! #$%! .9'3&$63J#$*6$,! 7'23! %6J! :&01Y.
&#$*))'85! %6)! M4$?(&J'8(4$.C()24$?(&J'8(4$.>'&'%(*J')! 6$8)8638! N#?&(6%6$36(8! %'$$O!
96$$! %(6! 9'3&*6$4JJ6$6! v#'1(8Y8! %6&! c6()8#$*6$! %(6! E#$%6$6&9'&8#$*6$! 6&?=118! 4%6&!
=<6&)86(*8! @*1,! G4J<#&*! l! D&#3$O! +---],! W6&8&'#6$! ()8! %'*6*6$! 6($6! 636&! 5#0#$?8)*6.
&(238686!X&Z`6O!%(6!)A65(?()236!:&9'&8#$*6$!%6)!E#$%6$!'$!%(6!E4JA686$5!)49(6!'$!%(6!
5#0=$?8(*6$! G'$%1#$*6$! 6($6)! F$<(686&)! (JA1(5(6&8! @*1,! G4J<#&*! l! D&#3$O! +---],! C(6!
W6&8&'#6$)9=&%(*06(8!%6)!F$<(686&)!J48(@(6&8!%6$!E#$%6$!'#)!&'8(4$'16$!#$%!6J48(4$'.
16$!X&=$%6$O!9(6%6&!<6(!(3J!5#!0'#?6$!#$%!?=3&8!'#?!E#$%6$)6(86!5#!6($6&!($$6&6$O!6J4.
8(4$'1!'#?*61'%6$6$!W6&<#$%6$36(8!%6J!GY$%16&!#$%!%6&!X6)23Y?8)<65(63#$*!*6*6$=<6&!
@*1,!D4&$6J'$$!68!'1O!+--g],!C(6)6)!W6&<#$%6$36(8)*6?=31O!'#23!M4JJ(8J6$8!*6$'$$8O!
#J?'))8!%(6!D6&6(8)23'?8!%6)!E#$%6$O!5#&!D65(63#$*!#$'<3Y$*(*!@4$!%6&!Z04$4J()236$!
D6%6#8#$*!#$%!%6J!N6(834&(54$8!5#!)8636$!@*1,!C(116&O!RTTg],!!
!
PJ! /6(86&6$! )411! #$86&)#238! 96&%6$O! ($9(696(8! N#?&(6%6$36(8O! W6&8&'#6$! )49(6! M4JJ(8.
J6$8! 5#J! F#?<'#! #$%! %6&! F#?&62386&3'18#$*! 6($6&! UA6$%6&<65(63#$*! (J! 74$A&4?(8.
D6&6(23! <6(8&'*6$! #$%! 961236! E4$)6_#6$56$! )(23! %'&'#)! ?=&! %(6! X6)8'18#$*! %6)! <65(6.
3#$*)4&(6$8(6&86$!"#$%&'()($*)!6&*6<6$,!!

27. ! PPP,!I4%611<(1%#$*! 20
F<<(1%#$*!SL!C&6(%(J6$)(4$'16!E4$56A8#'1()(6&#$*!%6&!UA6$%6&<($%#$*!
v#6116L!6(*6$6!C'&)8611#$*!
!
+,R,!UA6$%6&5#?&(6%6$36(8!!
C(6! D6%6#8#$*! %6&! UA6$%6&5#?&(6%6$36(8! ?=&! 6($6$! 1'$*?&()8(*6$! "#$%&'()($*.:&?41*! 9(&%!
<6(!@(616$!7>B."4&)236&$!<684$8,!D#&$688!RTT+]!96()8!%'&'#?!3($O!%'))!"Z&%6&5#?&(6%6$.
36(8!%(6!D')()!?=&!(3&6!c4['1(8Y8!5#!6($6&!7>B!#$%!?=&!A4)(8(@6!I#$%.>&4A'*'$%'!%'&)86118,!
/6$$!UA6$%6&6&9'&8#$*6$!%'*6*6$!$(238!6&?=118!96&%6$O!)4!<6)8638!6($6!6&36<1(236!X6.
?'3&O!%'))!UA6$%6&!'<9'$%6&$O!(3&!*6J6($$=85(*6)!:$*'*6J6$8!&6%#5(6&6$!4%6&!*Y$51(23!
6($)86116$! #$%! (3&6! a$5#?&(6%6$36(8! *6*6$=<6&! (3&6J! )45('16$! aJ?61%! <60#$%6$! @*1,!
U23$6(%6&O! RTTg],! C'! a$5#?&(6%6$36(8! 4??6$)(2381(23! $6*'8(@6! F#)9(&0#$*6$! '#?! %')!
UA6$%6$@6&3'186$! 3'8O! J=))6$! )(23! 7>B)! )8Y&06&! '$! /=$)236$! (3&6&! UA6$%6&! 4&(6$8(6.
&6$,!P$!%(6)6J!E'A(861!9(&%!$#$!%6&!"&'*6!$'23*6*'$*6$O!961236!:&9'&8#$*6$!>&(@'8A6&.
)4$6$!J(8!6($6&!UA6$%6$3'$%1#$*!@6&?41*6$!#$%!9')!)(6!%'5#!@6&'$1'))8O!(3&6!J'86&(61.
16$!#$%!(JJ'86&(6116$!V6))4#&26$!?&6(9(11(*!5#!*6<6$,!
!
P$! %6&! C6$08&'%(8(4$! %6&! 7#856$8364&(6! 1Y))8! )(23! "#$%&'()($*! '1)! ;'#)23@6&3Y18$()! %'&.
)86116$! @*1,! c#836O! RTTj],! F#23! 96$$! "Z&%6&6&! <6(! %6&! D6&6(8)8611#$*! (3&6&! V6))4#&26$!
'#?!6($6!J'&08'%Y_#'86!X6*6$16()8#$*!@6&5(2386$O!36(`8!%')!$423!1'$*6!$(238O!%'))!)(6!
*'&!06($6$!X6*6$96&8!6&3'186$!@*1,!a&)61J'$$O!RTTh],!C6J!X&'8(?(0'8(4$)A&($5(A!5#?41*6!
=<6&1'))6$! UA6$%6&! (3&6! V6))4#&26$! 6&)8! %'$$O! 96$$! )(6! %'<6(! 6($6$! 7#856$! ?=&! )(23!
'$8(5(A(6&6$!@*1,!V'??{6!68!'1,O!RThf],!C')!56$8&'16!7#856$<=$%61!<6)8638!'116&%($*)!96.
$(*6&!($!6($6J!J'86&(6116$!N#*69($$fO!)4$%6&$!($!%6$!(JJ'86&(6116$!X&'8(?(0'8(4$)6&?'3.
&#$*6$O!%(6!%#&23!6($6!UA6$%6$3'$%1#$*!6$8)8636$,!U23$6(%6&!RTTg]!<(6868!596(!:&01Y.
&#$*)'$)Y856! 5#&! J48(@'8(4$'16$! U8&#08#&! %6&! UA6$%6$3'$%1#$*L! HF#)! %6&! >6&)A608(@6!
%6)! Z04$4J()236$! F$)'856)! #$%! #$86&! G6&'$5(63#$*! @6&3'186$)9())6$)23'?81(236&! D6.
?#$%6!1Y))8!)(23!%(6!:$8)236(%#$*!?=&!A3(1'$83&4A()236)!W6&3'186$!%'J(8!<6*&=$%6$O!%'))!
f!F1)!J'86&(6116!X&'8(?(0'8(4$6$!0Z$$6$!W6&J($%6&#$*!%6)!5#!@6&)86#6&$%6$!:($04JJ6$)O!P$26$8(@6)!($!"4&J!@4$!
X6)236$06$O!P$?4&J'8(4$)<&4)23=&6$O!C(6$)816()8#$*6$!?#$*(6&6$!@*1,!U23$6(%6&O!RTTg],!

28. ! PPP,!I4%611<(1%#$*! 21
%6&! A486$5(6116! UA6$%6&! 6($6! A6&)Z$1(236! X6*6$16()8#$*! ?=&! )6($6! N#96$%#$*! 6&9'&868!
%:-'2+'28$%! V-+'0)+'-*]! #$%y4%6&! 'J! 7#856$5#9'23)! %6)! G(1?)<6%=&?8(*6$! A'&8(5(A(6&6$!
JZ2386!)(+,1'2+'28$%!V-+'0)+'-*]K!U,!TTO!G6&@4&36<#$*!(J!B&(*($'1],!!
+,R,R,!F18&#()8()236!I48(@6!!
:($6!'18&#()8()236!G'$%1#$*!'1)!X6*6$A41!5#!6($6&!6*4()8()236$!1(6*8!%'$$!@4&O!96$$!G(1?6!
43$6!X6%'$06$!'$!%(6!D6143$#$*!%6)!G61?6&)!*616()868!9(&%!@*1,!U23$6(%6&O!RTTg]L!H:($!
F18&#()8!6&?Y3&8!'1)4!$(238!$#&!%#&23!%6$!6(*6$6$!E4$)#J!6($6$!7#856$*69($$O!)4$%6&$!
'#23!%'$$O!96$$!'$%6&6!I6$)236$!@4$!6($6J!<6)8(JJ86$!X#8!A&4?(8(6&6$K!U,!Tj],!C(6!
J6()86$! U45(414*6$! )($%! '116&%($*)! %6&! I6($#$*O! %'))! %6J! F18&#()J#)! 6($6! 6*4()8()236!
;6(104JA4$6$86!5#*&#$%6!1(6*8!@*1,!c#836O!RTTj],!U4!9(&%!%6&!6JA'83(6.!)49(6!)23#1%($.
%#5(6&86! F18&#()J#)! %#&23! %(6! V6%#08(4$! %6&! 6(*6$6$! 04*$(8(@6$! C())4$'$56$! '$*68&(6.
<6$O! %(6! %#&23! %(6! /'3&$63J#$*! %6&! >&4<16J6! '$%6&6&! 6$8)8636$! #$%! A)[23414*()236!
N6&&())6$36(8! @6&#&)'236$! @*1,! M44A6&O! RTTe],! W(616$! I6$)236$! <6&6(868! %(6! ;'8)'236O!
%'))!6)!(3$6$!*#8!*638O!9Y3&6$%!'$%6&6!'J!:b()86$5J($(J#J!4%6&!%'&#$86&!16<6$!J=).
)6$O! 6($! )23162386)! X69())6$,! C#&23! %(6! UA6$%6$3'$%1#$*! 0'$$! %(6)6&! UA'$$#$*)5#.
)8'$%!@6&&($*6&8!4%6&!*'&!<6)6(8(*8!96&%6$!@*1,!G'(<'23O!+--+],!7(238)%6)848&485!9(&%!%6&!
F18&#()8!($!6&)86&!c($(6!@4J!I48(@!*616(868O!%6$!N#)8'$%!%6)!74816(%6$%6$!5#!@6&<6))6&$O!
#$%!A&4?(8(6&8!%'$$!@4$!%6&!;&'$)'08(4$O!96$$!^6$6J!%'%#&23!8'8)Y231(23!*6341?6$!9(&%!
@*1,!U23$6(%6&O!RTTg],!"=&!%(6!X6)8'18#$*!%6&!"#$%&'()($*.I'`$'3J6$!<(686$!)(23!%(6).
<65=*1(23!A6&)Z$1(23!*63'186$6!D&(6?6!(J!F$)231#))!'$!%(6!;&'$)'08(4$!'$O!($!%6$6$!'#?!
JZ*1(236!>&4<16J6!#$%!:&?41*6!<6(!%6&!V6'1()'8(4$!%6)!*6?Z&%6&86$!>&4^608)!6($*6*'$*6$!
9(&%,!M44A6&!RTTe]!J6&08!($!%(6)6J!N#)'JJ6$3'$*!'$O!%')!%')!F#?56(*6$!@4$!:&?41*6$!
J48(@(6&6$%6&!'#?!%')!96(86&6!UA6$%6&@6&3'186$!9(&08!'1)!)8Y$%(*6!E4$?&4$8'8(4$!J(8!748,!!
!
+,R,+,!:*4()8()236!I48(@6!!
L+%':%,1*:!4%2!L%(92+5%,+:%6I$(2!1*4!L-E')(.,%2+':%<!
HW(616! I6$)236$! 6&3'186$! ($! (3&6J! c6<6$).! #$%! D6&#?)'118'*! 06($6! D6)8Y8(*#$*! (3&6)!
U61<)896&8*6?=31)K!G'(<'23O!+--+O!U,!RSe],!C'!%')!UA6$%6$!($!%6&!X6)611)23'?8!'1)!6($6!
J4&'1()23! 3423! <696&8686! G'$%1#$*! *(18O! 0'$$! 6)! 5#&! U8Y&0#$*! %6&! U61<)8'238#$*! %6&!
)A6$%6$%6$! >6&)4$! <6(8&'*6$,! C(6)6)! I48(@! ()8! 96(86&3($! 6$*! J(8! %6&! IZ*1(2306(8! @6&.
5'3$8O!%#&23!%(6!UA6$%6!689')!U($$@4116)!5#!<69(&06$,!/Y3&6$%!)(23!6($!6($561$6)!P$%(.
@(%##J! %6$! >&4<16J6$! %6&! /618! '#?*&#$%! )6($6&! *6&($*6$! :($?1#))JZ*1(2306(86$! 43$.
JY238(*!*6*6$=<6&)(638O!<(686$!UA6$%6$!%(6!IZ*1(2306(8O!%(6!/618!($!V(238#$*!*69=$)23.
86&! W4&)8611#$*6$! 5#! @6&Y$%6&$! @*1,! U23$6(%6&O! RTTg],! C(6)6)! D6%=&?$()! $'23! :($?1#)).
$'3J6!#$%!U86(*6&#$*!%6)!U61<)896&8*6?=31)!0'$$!4??6$)(2381(23!<6)4$%6&)!%'$$!<6?&(6.
%(*8!96&%6$O!96$$!UA6$%6&!%')!X6?=31!3'<6$O!#$J(8861<'&!;6(1!'$!%6&!W6&9(&01(23#$*!%6&!

29. ! PPP,!I4%611<(1%#$*! 22
W()(4$!6($6!7>B!5#!3'<6$,!/6(86&3($!3'<6$!UA6$%6$3'$%1#$*6$!6($6!PJ'*6!)86(*6&$%6!
/(&0#$*O! @4$! %6&! $(238! $#&! a$86&$63J6$O! )4$%6&$! '#23! >&(@'8A6&)4$6$! A&4?(8(6&6$! 0Z$.
$6$! @*1,! G'(<'23O! +--+],! C'?=&! )41186! '116&%($*)! %')! G'$%61$! %6&! UA6$%6&! %6&! ?=&! )(6!
&616@'$86$!i??6$81(2306(8!<60'$$8!96&%6$!@*1,!M44A6&O!RTTe],!F#`6&%6J!)411!1'#8!M44A6&!
RTTe]! HP%6$8(?(5(6&#$*! 59()236$! %6J! UA6$%6&! #$%! %6J! :JA?Y$*6&! %6&! UA6$%6! @4&1(6.
*6$O!%(6!%6&!aJ9618!6($!<6)8(JJ86)!PJ'*6!<65=*1(23!%6)!UA6$%6&)!@6&J(88618O!%')!(3$!'1)!
I(8*1(6%!6($6&!)A65(?()236$!X&#AA6!@4$!UA6$%6&$!(%6$8(?(5(6&8K!U,!RgR],!
!
W%E'.,-E'+O+!1*4!T1:%$X,':C%'+<!
:($! '$%6&6&! :&01Y&#$*)'$)'85! <6)'*8O! %'))! %(6! J48(@'8(4$'16! X&#$%1'*6! %6)! UA6$%6$)!
'#?! %6&!V65(A&45(8Y8! 59()236$! %6J! UA6$%6&! #$%!%6&! B&*'$()'8(4$! <')(6&8,! F%14??! +--S]!
<63'#A868O!%'))!@(616!I6$)236$!'$!6($6!0'&(8'8(@6!B&*'$()'8(4$!)A6$%6$O!96(1!)(6!($!%6&!
W6&*'$*6$36(8!<6&6(8)!@4$!(3&6$!F08(@(8Y86$!A&4?(8(6&8!3'<6$!4%6&!%(6)!($!%6&!N#0#$?8!6&.
9'&86$,!F$36(6&!RTTS]!@6&96()8!96(86&3($!%'&'#?O!%'))!7>B)!'1)!>&4%#56$86$!@4$!U($$!
#$%!B&(6$8(6&#$*!)49(6!6($6&!H)[J<41()236$!;6(13'<6&)23'?8K!?=&!(3&6!"Z&%6&6&!?#$*(6&6$,!
U4J(8!)86116$!)(6!F186&$'8(@6$!5#!%6$!=<1(236$!E#18#&6$!%6&!I(8*1(6%)23'?86$O!9(6!E(&236$!
4%6&! >'&86(6$! %'&! 5(8,! $'23! c#836O! RTTjO! U,! RSf],! C')! <6)8Y8(*8! '#23! G'(<'23! +--+]L!
/Y3&6$%!)(23!?&=36&!%')!D6%=&?$()!$'23!N#*63Z&(*06(8!5#!6($6&!X6J6($)23'?8!%#&23!*64.
*&'?()236!X6*6<6$36(86$!#$%!c6<6$)*6943$36(86$!16(2386&!<6?&(6%(*6$!1(6`O!9(&%!6)!36#.
86!4?8!%#&23!UA6$%6$!#$%!($)<6)4$%6&6!%#&23!%(6!P%6$8(?(0'8(4$!J(8!%6&!B&*'$()'8(4$!#$%!
(3&6J!F$1(6*6$!36&*6)86118,!F#)*636$%!@4$!%(6)6&!)45('1!($%#5(6&86$!X&'8(?(0'8(4$!<6)8638!
6($6!96(86&6!"#$%&'()($*.F#?*'<6!%'&($O!<6(!UA6$%6&$!P%6$8(?(0'8(4$!J(8!%6&!B&*'$()'8(4$!
5#!0#18(@(6&6$!#$%!6($!N#)'JJ6$*63Z&(*06(8)*6?=31!6$8)8636$!5#!1'))6$,!!
!
:)!<16(<8!'1)4!?6)85#3'186$O!%'))!$'23!%6J!X&'8(?(0'8(4$)A&($5(A!UA6$%6&!$(238!@Z11(*!#$.
6(*6$$=85(*!3'$%61$,!B<!<69#))8!4%6&!#$<69#))8O!()8!6($6!UA6$%6$3'$%1#$*!(JJ6&!6($!
;'#)23A&456)),!F#)!%(6)6$!8364&68()236$!x<6&16*#$*6$!6&9Y23)8!?=&!"#$%&'()6&!%(6!F#?.
*'<6O!"Z&%6&6&$!?=&!(3&6!c6()8#$*6$!6($6!'%Y_#'86!X&'8(?(0'8(4$!($!F#))(238!5#!)86116$!#$%!
)(6! %#&23! 6($6! )8&'86*()236! "#$%&'()($*.X6)8'18#$*! 5#! <6?&(6%(*6$,! C'! %(6! 4<6$! '#?*6.
?=3&86$! UA6$%6$J48(@6! #$86&)23(6%1(23! *6<=$%618! ($%(@(%#611! 9(&0)'J! 96&%6$O! ()8! %(6!
:&?4&)23#$*!%6&!UA6$%6&A&Y?6&6$56$!#$%!P$%(@(%#'1()(6&#$*!%6)!"#$%&'()($*)!@4$!7Z86$,!!
!
+,+,!W6&8&'#6$!!
N96(!C&(8861!%6&!C6#8)236$!)A6$%6$!1'#8!6($6&!&6A&Y)6$8'8(@6$!aJ?&'*6O!96$$!)(6!)(236&!
)($%O!%'))!(3&!X61%!&(238(*!'$04JJ8!@*1,!>9MO!+--h],!F#`6&%6J!*(18!%')!J'$*61$%6!W6&.
8&'#6$!($!7>B)!?=&!%&6(!@4$!@(6&!636J'1(*6$!UA6$%6&$!'1)!G'#A8*&#$%!?=&!06($!96(86&6)!
:$*'*6J6$8L! HP23! )A6$%6! ^'! $(238! %'?=&O! %'))! G6&&! X6)23Y?8)?=3&6&! 6($! %(206)! X63'18!

30. ! PPP,!I4%611<(1%#$*! 23
0&(6*8K!U,!Rj],!C(6)6!6JA(&()236$!:&*6<$())6!@6&%6#81(236$O!9(6!9(238(*!6)!?=&!6($6!"#$%.
&'()($*! <68&6(<6$%6! 7>B! ()8O! 6($6! @6&8&'#6$)@4116! D65(63#$*! 5#! (3&6$! UA6$%6&$! '#?5#.
<'#6$,! PJ! /6(86&6$! )411! %')! W6&8&'#6$! '1)! 6($! 04JA16b6)! )45('1A)[23414*()236)! E4$)8.
&#08!'#?!%6&!D')()!@4$!7(01')!c#3J'$$)!F$)'85!RTjf]!6&1Y#86&8!#$%!%'&'#)!@6&8&'#6$).
<(1%6$%6!"#$%&'()($*.I'`$'3J6$!'<*616(868!96&%6$,!
!
c#3J'$$! RTjf]! 04$56A8#'1()(6&8! W6&8&'#6$! '1)! H)[J<41()23! @6&J(886186O! *6$6&'1()(6&86!
G'18#$*6$O! %(6! $(238! J(8! )A65(?()23! '$*6<<'&6$! 4<^608(@6$! a&)'236$! @'&((6&6$O! )4$%6&$!
%#&23! )#<^608(@6! >&456))6! %6&! @6&6($?'236$%6$! :&16<$()@6&'&<6(8#$*! *6)86#6&8! 96&%6$K!
U,!hf]O!%6&6$!G'#A8?#$08(4$!%'&($!<6)8638O!E4JA16b(8Y8!5#!&6%#5(6&6$,!C')!*(18!(J!<6)4$.
%6&6$! I'`6! ?=&! %(6! D65(63#$*! 59()236$! %6J! UA6$%6&! #$%! %6&! 7>BO! %(6! %#&23! 6($6! P$.
?4&J'8(4$)')[JJ68&(6! *606$$56(23$68! ()8! @*1,! M44A6&O! RTTe],! P$! %6&! V6*61! 0'$$! 6($!
UA6$%6&O! %6&! <6()A(61)96()6! 6($6! E($%6&A'&8$6&)23'?8! ($! 6($6J! :$89(201#$*)1'$%! #$86&.
3Y18O! $(238!'#)&6(236$%!<6#&86(16$O!4<! )6($6! UA6$%6! ($! @4116&! GZ36! <6(J! :JA?Y$*6&! '$.
04JJ8!#$%!6??608(@!6($*6)6858!9(&%!@*1,!G6()86&O!RTTe],!C423!H#$'<3Y$*(*!@4$!%6&!GZ36!
%6)!UA6$%6$<68&'*6)!JZ2386!%6&!UA6$%6&!)(236&!*636$KO!%'))!)6($6!N#96$%#$*!(3&!N(61!
6&&6(238! #$%! $(238! #$86&96*)! H@6&)'$%68K! M44A6&O! RTTeO! U,! ef],! C'! %(6! /(&01(2306(8! ?=&!
6($6!&6'16!E4$8&4116!5#!04JA16b!()8O!9(&%!W6&8&'#6$!HJ(83(1?6!mun!@4$!P$%(5(6$!m04$8&411(6&8nO!
%(6!$'23!F&8!6($6&!V=2004AA1#$*))2316(?6!1'#?6$%!P$?4&J'8(4$6$!%'&=<6&!5#&=20J61%6$O!
4<! %(6! "4&8)685#$*! %6)! W6&8&'#6$)! *6&6238?6&8(*8! ()8K! c#3J'$$O! RTjfO! U,! fR],! "=&! %(6!
W6&8&'#6$)9=&%(*06(8!6($6&!7>B!$6$$8!c#836!RTTj]!?41*6$%6!P$%(5(6$L!8&'$)A'&6$86!Q'3.
&6)<6&(2386O! ;6)8'86! @4$! /(&8)23'?8)A&=?6&$O! %(6! :($)23Y85#$*6$! @4$! I(8'&<6(86&$! #$%!
7#856&$!)49(6!%(6!D6&(2386&)8'88#$*!($!%6$!I6%(6$,!
!
/6(86&3($!()8!F??608(@(8Y8O!'1)4!6($6!I()23#$*!@4$!P$?4&J'8(4$6$!#$%!X6?=316$O!23'&'086.
&()8()23!?=&!W6&8&'#6$!@*1,!c#3J'$$O!RTjf],!HN9'&!)($%!%(6!04$0&68!$'23A&=?<'&6$!c6().
8#$*6$!%6&!B&*'$()'8(4$!&616@'$8o!?=&!6($6!@6&8&'#6$)@4116!D65(63#$*!)($%!^6%423!%(6!23'.
&'086&()8()236$!|:(*6$)23'?86$r!%6&!B&*'$()'8(4$!%4J($'$8O!(3&!PJ'*6!munO!'<6&!'#23!%(6!
>6&)Z$1(2306(86$! %6&! "#$%&'()6&K! c#836O! RTTjO! U,! +T+],! F#23! @(616! 7>B."4&)236&! <6.
3'#A86$O! %'))! %(6! W6&J(881#$*! 6($6)! A4)(8(@6$! PJ'*6)! 6($6! X&#$%@4&'#))685#$*! ?=&! %(6!
G'$%1#$*)?Y3(*06(8! 6($6&! 7>B! ()8! @*1,! G'(<'23O! +--+o! a&)61J'$$O! RTTh],! aJ! @4$! %6&!
i??6$81(2306(8! 3'&J4$()23! 9'3&*6$4JJ6$! 5#! 96&%6$! #$%! 6($6! D')()! ?=&! W6&8&'#6$! 5#!
)23'??6$O! )($%! 1'#8! M44A6&! RTTe]! %6&! D60'$$836(8)*&'%! %6&! B&*'$()'8(4$O! %(6! ;&'$)A'.
&6$5!(3&6)!G'$%61$)!<65=*1(23!%6&!>&4^608'&<6(8!)49(6!%(6!X1'#<9=&%(*06(8!($!D65#*!'#?!
%(6! W6&96$%#$*! %6&! "($'$5J(8861! @4$! 56$8&'16&! D6%6#8#$*,! a$%! 4<! %(6! N(616! 6($6&! 7>B!
<14`6! /4&83=1)6$! 4%6&! *616<86! /6&86! )($%O! J'$(?6)8(6&8! )(23! 'J! $'233'18(*)86$! (J! aJ.
*'$*!J(8!(3&6$!UA6$%6&$!4%6&!63&6$'J81(236$!I(8'&<6(86&$O!)4!M44A6&!RTTe],!
!

31. ! PPP,!I4%611<(1%#$*! 24
B<9431!W6&8&'#6$!04$56A8#611!636&!5#0#$?8)4&(6$8(6&8!()8O!*(18!6)!96(86&3($!'1)!>&4%#08!@4$!
c6&$A&456))6$! #$%! :&?'3&#$*6$! @*1,! c#836O! RTTj],! H/6&! '1)! >6&)4$! 4%6&! B&*'$()'8(4$!
W6&8&'#6$! 6&96&<6$! 9(11O! J#))! ($! %6&! c'*6! )6($O! ?&6J%6! :&9'&8#$*6$! ($! %(6! 6(*6$6!
U61<)8%'&)8611#$*)*6)23(2386! 6($5#<'#6$K! 6<%,O! U,! +TS],! C6J$'23! )4116$! 7>B)! '#?! :&.
9'&8#$*6$! #$%! V6'08(4$6$! %6&! "Z&%6&6&! 04$8($#(6&1(23! 6($*636$O! #J! H6($! 04$)()86$86)!
D(1%!@4$!)(23!)61<)8!5#!6$896&?6$!#$%!5#!)45('16&!X618#$*!5#!<&($*6$K!c#3J'$$O!RTjfO!U,!
+Tg],!/6(86&3($!()8!W6&8&'#6$!)63&!)8Z&'$?Y11(*!#$%!($)<6)4$%6&6!%#&23!a$01'&36(86$!#$%!
I63&%6#8(*06(86$!*6?Y3&%68!@*1,!c#3J'$$O!RTjf],!C423!%'&($!1(6*8!$(238!$#&!6($6!X6?'3&O!
)4$%6&$!'#23!6($6!M3'$26!?=&!7>B)O!%6$$!%#&23!%')!:($*6)8Y$%$()!#$%!%(6!8&'$)A'&6$86!
F#)6($'$%6&)685#$*! J(8! %6$! "6316&$! 0'$$! '#23! 6($! 9(238(*6&! D6(8&'*! 5#J! W6&8&'#6$).
'#?<'#!*616()868!96&%6$!@*1,!c#836O!RTTj],!!
!
F#)!%6$!8364&68()236$!X&#$%1'*6$!()8!%6#81(236$!*694&%6$O!%'))!W6&8&'#6$!5#!6($6&!7>B!
'#?! %6&! D')()! (3&6&! U61<)8%'&)8611#$*! 6$8)8638,! F116&%($*)! ()8! %(6! U61<)8%'&)8611#$*! 06($!
6($)6(8(*6&!F08O!)4$%6&$!0'$$!$#&!'1)!6($!?4&89Y3&6$%6&!>&456))!(J!E4$8'08!J(8!%6$!D6.
5(63#$*)A'&8$6&$!(3&6!@6&<($%6$%6!E&'?8!6$8?'186$!@*1,!c#836O!RTTj],!
!
+,f,!M4JJ(8J6$8!!
M4JJ(8J6$8!'1)!6J48(4$'16!W6&<#$%6$36(8!J(8!6($6&!7>B!()8!%(6!168586!E4JA4$6$86!%6)!
%&6(%(J6$)(4$'16$!E4$)8&#08)!%6&!UA6$%6&<($%#$*,!PJ!E4$86b8!%6)!V61'8(4$)3(A!I'&06.
8($*! 9(&%! %(6! G6&'#)<(1%#$*! %6)! M4JJ(8J6$8)! %#&23! %(6! A)[23414*()236! C686&J($'$86!
P$@41@6J6$8!6&01Y&8O!%(6!E&46<6&.V(61!#$%!/6($<6&*!RTTT]!'1)!6($!$(238!%(&608!<64<'238.
<'&6)O!3[A48368()236)!E4$)8&#08!<6)23&6(<6$O!961236)!6($6$!($$6&6$!N#)8'$%!%6&!F08(@(6.
&#$*!06$$56(23$68O!@4$!%6J!%')!*6%'$01(236!:$8)236(%#$*)6$*'*6J6$8!'<3Y$*8,!x<6&.
8&'*6$!'#?!%6$!7>B.D6&6(23!<6%6#868!P$@41@6J6$8!%6$!X&'%!9'3&*6$4JJ6$6&!A6&)Z$1(.
236&!/(238(*06(8!#$%!P$86&6))6)!%6&!UA6$%6&!'$!%6&!B&*'$()'8(4$!#$%!(3&6J!N9620!@*1,!
G6()86&O! RTTe],! Q'&(85! +--h]! 04$)8'8(6&8O! %'))! 9Y3&6$%! D($%#$*6$! 43$6! P$@41@6J6$8!
636&!'#?!N#?'11!4%6&!0#&5?&()8(*6!N9620JY`(*06(8)=<6&16*#$*6$!5#&=205#?=3&6$!)($%O!1(6*8!
6($6J!3436$!P$@41@6J6$8!6($6!)8'&06O!4?8!6J48(4$'16!G($96$%#$*!5#*&#$%6O!%'!%6&!E#$.
%6!6($!*69())6)!?($'$5(6116)O!)45('16)!#$%!A)[23414*()236)!V()(04!9'3&$(JJ8,!!
!
C(6!x<6&8&'*<'&06(8!%(6)6&!:&06$$8$()!'#?!%6$!7>B.D6&6(23!<6)8Y8(*8!"()236&!+--h'],!:&!
)86118!?6)8!#$%!)8=858!)(23!%'<6(!'#?!6JA(&()236!D6?#$%6O!%'))!%(6!%#&23!"#$%&'()($*!6$8.
)8636$%6$!D65(63#$*6$!*6$6&611!#$86&)23(6%1(23!'#)*6)8'1868!96&%6$!0Z$$6$,!D6()A(61).
96()6!0Z$$6$!UA6$%6&!D65(63#$*6$!5#!:&6(*$())6$!3'<6$O!%(6!%#&23!J6%('1!@6&J(886186!
E'8')8&4A36$<6&(2386!($%#5(6&8!96&%6$,!D6(!%(6)6&!F&8!%6&!D65(63#$*!04JJ8!%6&!7>B!$#&!
6($6!I(8816&&4116!5#!#$%!6)!6$8)8638!06($6&16(!D($%#$*O!%6$$!H6&)8!%(6!$Y23)8!)8'&06!6J4.