Content uploaded by Naima von Ritter Figueres
Author content
All content in this area was uploaded by Naima von Ritter Figueres on Nov 30, 2017
Content may be subject to copyright.
!
!
!
!
!
"#$!%&!'()(*+,-(&.!"/&/0(-(&.!!
1+&2+&!#$3++*!+4!5$+&+-%$6!/&2!7+*%.%$/*!#$%(&$(!
!
!
!
!
!
!
!"#$%&'()"*+(,"-(!"#$(./-0((
8%9(:#3/;%&0!%&!.3(!<;/&6%.%+&!<+=/;26!!
#>6./%&/?*(!@;?/&!"+?%*%.A!
!
!
!
!
!
!
!
"/6.(;6!<3(6%6!
B/%-/!)+&!C%..(;!D%0>(;(6!
E>0>6.!FGHI!
1+&2+&!@J!
! !
!
7/0(!F!+4!KL!!!
F!
(
(
(
(
(
(
(
(
(
(
(
(
( (
! !
!
7/0(!M!+4!KL!!!
M!
(
(
1#$'"23*45*6*'-+((
!
<3%6!.3(6%6!?($/-(!/!;(/*%.A!.3;+>03!.3(!6>,,+;.!+4!6()(;/*!%&2%)%2>/*6N!O!=+>*2!4%;6.!*%9(!
.+!.3/&9!7;+4(66+;6!';N!"/A*%&0!8%;&(AP!';N!'>&$/&!Q;((&P!';!J/.3;A&!R+$36.(.*(;P!';N!
"/;%/! O)/&+)/! /&2! Q(+44! Q++2=%&! 4+;! .3(! +,,+;.>&%.A! .+! 2%6$>66! %&%.%/*! %2(/6! +4! .3%6!
.3(6%6N! E! 0;(/.! 2(?.! +4! 0;/.%.>2(! 0+(6! .+! .3(! 6./44! +4! 1#5! 1%4(! 4+;! .3(%;! .3+>03.4>*!
=+;963+,6P! +&(:+&:+&(! 6(66%+&6P! /&2! 9%&2! /..%.>2(6N! O! /*6+! /$9&+=*(20(! J+;/! CS6*(;!
/&2!J3/%;>&!T/?%2%!4+;!.3(%;!%&6%03.4>*!4((2?/$9N!!
!
O! =/&.! .+! (U,;(66! -A! -+6.! ,;+4+>&2! 0;/.%.>2(! .+! -A! 4/-%*A! 4+;! ,;+)%2%&0! >&4/%*%&0!
6>,,+;.! /&2! $+&.%&>+>6! (&$+>;/0(-(&.N! O! /-! ,/;.%$>*/;*A! 0;/.(4>*! .+! -A! -+.3(;! 4+;!
.3(!-/&A!V!"#$%&'()*&+W!/*+&0!.3(!=/AN!!
!
!
!
!
!
!
! !
! !
!
7/0(!X!+4!KL!!!
X!
!
(
!
O!=+>*2!/*6+!*%9(!.+!.3/&9!.3(!4+**+=%&0!,(+,*(!4+;!./9%&0!.3(!.%-(!4+;!%&.(;)%(=6Y!
!
!
7"'893"(:*"'(;9<=933"P!Z%$(!7;(6%2(&.!+4!.3(!O&6.%.>.(!4+;!<;/&6,+;.!/&2!'()(*+,-(&.!
7+*%$A![O<'7\P!"(U%$+!
1<*3>(;9<<*"'P!4+>&2(;!+4!8%$%.(9/6!/&2!8%9(!"/A+;!+4!"(U%$+!]%.A!
?9<-@9()*3594"P!4+;-(;!"%&%6.(;!+4!5&)%;+&-(&.!+4!.3(!]%.A!+4!"(U%$+!
?9><9(?9#@94"A!4+;-(;!$++;2%&/.+;!+4!,)-!./)&!?%9(:63/;%&0!,;+0;/-!
B/++*33(?*4>'P!4+>&2(;!+4!8%9(:#3/;%&0N8*+06,+.N$+-
.3>C*<(.DE<>*'P!#(&%+;!C(6(/;$3!E66+$%/.(!/.!@&%)(;6%.A!]+**(0(!1+&2+&!
;9<3"+(F*3>G*(:9<4"P!5U($>.%)(!'%;($.+;!+4!'(6,/$%+N+;0!
F*<'9'49(B>C*<9P!'%;($.+;!+4! ]>*.>;(P!'(6%0&!/&2!]A$*%$!O&4;/6.;>$.>;(! +4!.3(!!"%&%6.;A!
+4!.3(!5&)%;+&-(&.!+4!.3(!]'"^![#5'5"E\!
!
( (
! !
!
7/0(!K!+4!KL!!!
K!
(
(
(
1=+-<9#-(
!
]>;;(&.! ,/..(;&6! +4! $/;:$(&.;%$! >;?/&! 2()(*+,-(&.! /;(! =%2(*A! ;($+0&%_(2! /6! ?(%&0!
>&6>6./%&/?*(N!E6!$%.%(6!;(.>;&!.3(%;!/..(&.%+&!.+!.3(!3>-?*(!?%9(P!?%9(:63/;%&0!6A6.(-6!
[8##\! /;(! ?(%&0! %&.;+2>$(2! /6! +&(! (*(-(&.! +4! /! &(=! 6>6./%&/?*(! -+?%*%.A! ,/;/2%0-!
=%.3! )/;A%&0! 2(0;((6! +4! 6>$$(66N! 1%..*(! ;(6(/;$3! 3/6! ?((&! 2+&(! .+! >&2(;6./&2! .3(!
6A6.(-%$!?/;;%(;6!.+!.3(!%&.;+2>$.%+&!+4!8##!/6!=(**!/6!.3(!6.;/.(0%(6!.+!+)(;$+-(!.3(-!
%&! -(0/$%.%(6! +4! 2()(*+,%&0! $+>&.;%(6N! <3%6! .3(6%6! /,,*%(6! *+$9:%&! .3(+;A! .+! >;?/&!
-+?%*%.AP! %2(&.%4A%&0! %&3(;(&.! %&6.%.>.%+&/*P! ,3A6%$/*P! /&2! $>*.>;/*! ?/;;%(;6! .3/.! ;(6>*.!
4;+-!$%.%(6!*+$9(2! %&.+!/&!%&$>-?(&.!$/;:2;%)(&! 2()(*+,-(&.N!E!$/6(!6.>2A! +4!5$+8%$%!
(U/-%&(6! "(U%$+! ]%.A`6! 6>$$(664>*! ?%9(:63/;%&0! 6A6.(-! %2(&.%4A%&0! .3(! $;(/.%)(!
-(/6>;(6!=%.3!=3%$3!.3+6(!?/;;%(;6!=(;(!/22;(66(2!%&!/!6A6.(-%$!/&2!3+*%6.%$!-/&&(;P!
63+=%&0! .3/.! *+$9:%&! -($3/&%6-6! 2+! &+.! &($(66/;%*A! *+$9! +>.! .3(! +,,+;.>&%.A! 4+;!
$3/&0(N!7+.(&.%/*!*(66+&6!/;(!2(;%)(2!4;+-! .3%6!$/6(!6.>2AP!=3%$3!$+>*2!?(!+4!%&.(;(6.!
.+!+.3(;!$%.%(6N!!
! !
! !
!
7/0(!a!+4!KL!!!
a!
!
!
(
! !
! !
!
7/0(!I!+4!KL!!!
I!
!
H9=3*("I(;"'-*'-+(
JK(&'-<"4/#->"'(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(L!
MK(H@*(N<=9'(H<9'+G"<-(;@933*'5*(9'4(.GG"<-/'>-O(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(JM!
PK(E>$>'5(9'4(E>$*%+@9<>'5(QO+-*6+(REQQS(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(JT!
PKJ(U>+-"<O("I(-@*(=>#O#3*(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(JT!
PKM()*I>'>->"'(9'4(+#"G*("I(EQQ(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(JV!
PKP(E*'*I>-+("I(=>$>'5(9'4(=>$*%+@9<>'5((KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(JW!
PKT(7<"2-@(9'4(6"4*3+("I(EQQ(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(JL!
TK(!"#$%>'(H@*"<O(9'4(B*3*C9'#*(-"(EQQ(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(MM!
TKJ(H@*(-@*"<O(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(MM!
TKM(!"#$%>'(-@*"<O(9GG3>*4(-"(EQQ(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(MP!
VK(?*-@"4"3"5O(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(MX!
XK(?*Y>#"(;>-O(9'4(-@*(Z#"E>#>(QO+-*6(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(MW!
XKJ(?*Y>#"(;>-O(R;)?[S(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(MW!
XKM(Z#"E>#>(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(ML!
XKP(!"#$%>'+(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(PP!
aNMNH!E22;(66%&0!,+*%$Ab%&6.%.>.%+&/*!*+$9:%&6!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!MM!
aNMNF!E22;(66%&0!,3A6%$/*!*+$9:%&6!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!MK!
aNMNM!E22;(66%&0!$>*.>;/*!*+$9:%&6!NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!MI!
XKT(:*<+>+-*'-(#@933*'5*+(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(TM!
WK(!*++"'+(!*9<'*4(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(TP!
\K(H@*(,*Y-(H/<'("I(-@*(]@**3(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(TW!
LK(;"'#3/+>"'(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(TL!
J^K(B*I*<*'#*+(KKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKKK(VJ!
!
! !
!
7/0(!L!+4!KL!!!
L!
! !
! !
!
7/0(!c!+4!KL!!!
c!
JK &'-<"4/#->"'(
!
]>;;(&.!,/..(;&6!+4!0;+=.3!%&!$/;:$(&.;%$!>;?/&!-+?%*%.A!/;(!=%2(*A!;($+0&%_(2!/6!?(%&0!
>&6>6./%&/?*(N! d3%*(! %&2%)%2>/*! />.+-+?%*(:?/6(2! .;/&6,+;.! 3/6! >&2+>?.(2*A!
$+&.;%?>.(2! .+! ($+&+-%$! 2()(*+,-(&.P! %.! (-%.6! 2/&0(;+>6! *()(*6! +4! $*%-/.(! $3/&0(:
%&2>$%&0! ]eF! ;(*(/6(6! *+$/*! ,/;.%$>*/.(6! .3/.! /;(! 3/;-4>*! .+! 3(/*.3P! /&2! $/>6(6!
$+&0(6.%+&P! =3%$3! %6! &+.! +&*A! /! 2/%*A! %;;%./.%+&! ?>.! /*6+! /! 2(.;%-(&.! .+! $%.%_(&!
,;+2>$.%)%.AN!!
!
O&!;(6,+&6(P!-/&A!$%.%(6!/;(!6((9%&0!.+!6.;(&0.3(&!6>6./%&/?*(!>;?/&!-+?%*%.A!+,.%+&6P!
%&!,/;.%$>*/;! ,>?*%$! .;/&6,+;.! /6!=(**! /6! &+&:-+.+;%_(2! -+?%*%.AP!6>$3! /6! ?%9(:63/;%&0!
6A6.(-6![8##\N!<3(6(!8##P!%&!=3%$3!?%9(6!/;(!63/;(2!?A!>6(;6!4+;!63+;.!2%6./&$(6P!+44(;!/!
3+6.! +4! *+$/*! /&2! 0*+?/*! ?(&(4%.6N! d+;*2=%2(! -+;(! .3/&! HGGG! $%.%(6! 3/)(! (6./?*%63(2!
8##N!!
!
R+=()(;P!2(6,%.(!.3(%;!?(&(4%.6!/&2!0;+=.3P! 8##! 3/)(! 4/$(2! +;! /;(!4/$%&0!$3/**(&0(6N!
<3%6! 6.>2A! /;0>(6! .3/.! .3(! />.+-+.%)(! V*+$9:%&W! .3(+;AP! =3%$3! %2(&.%4%(6! 4/$.+;6! .3/.!
,;+.($.! .3(! ,;(2+-%&/&$(! +4! .3(! -+.+;%_(2! )(3%$*(P! %6! /! >6(4>*! *(&6! .+! >&2(;6./&2!
6+-(!+4!.3+6(!$3/**(&0(6N!!
!
<3(! *%.(;/.>;(! ;(0/;2%&0! .3(! ,;%-/$A! +4! -+.+;%_(2! )(3%$*(! .;/&6,+;./.%+&! 3/6! -/%&*A!
4+$>6(2!+&!.3(!.(&6%+&!?(.=((&!,;%)/.(! /&2! ,>?*%$! .;/&6,+;.! -+2(6N! Z/;%+>6! 6.>2%(6!
63+=!3+=! $+6.:(44($.%)(! ,>?*%$! .;/&6,+;.! -+2(6!3/)(! ?((&! */;0(*A! *+$9(2!+>.! +4! .3(!
-/;9(.![J(&=+;.3A!/&2!1/>?(! Hcccf! ]3/-+&! (.! /*NP! FGGLf! 1%.-/&! FGGc\N! 8>.!?+.3!+4!
.3(6(! ,>?*%$! /&2! ,;%)/.(! .;/&6,+;./.%+&! -+2(6! /;(! -+.+;%_(2! /&2! 2(,(&2(&.! */;0(*A!
+&!4+66%*!4>(*6N!Z(;A!*%..*(!/..(&.%+&!3/6!?((&!0%)(&!.+!.3(!%-,/$.!+4!/>.+-+.%)(!*+$9:%&!
$+&2%.%+&6! +&! $A$*%&0P! /&2! %&! ,/;.%$>*/;! +&! .3(! )%/?%*%.A! +4! ?%9(! 63/;%&0! /6! /! 4+;-! +4!
6>6./%&/?*(!>;?/&!-+?%*%.AN!!<3%6!.3(6%6!$+&$(&.;/.(6!+&!.3%6!*%..*(!(U,*+;(2!.+,%$P!=%.3!/!
! !
!
7/0(!HG!+4!KL!!!
HG!
4+$>6! +&! .3(! (6./?*%63-(&.! /&2! (U,/&6%+&! +4! ?%9(! 63/;%&0! 6A6.(-6! %&! 2()(*+,%&0!
$+>&.;%(6!=3(;(!>;?/&%_/.%+&!;/.(6!/;(!.3(!3%03(6.N!!
!
<3(!.3(6%6!$*+6(*A!(U/-%&(6! 5$+8%$%P! .3(!?%9(!63/;%&0!,;+0;/-!+4!"(U%$+! ]%.AP! >6%&0!%.!
/6! /! $/6(! 6.>2AN! d3%*(! 6>$$(66! 6.+;%(6! %&! %&2>6.;%/*%_(2! $+>&.;%(6! +&! =3%$3! -+6.!
*%.(;/.>;(! %6! 4+$>6(2P! $/&! ,;+)%2(! %&6%03.6P! /&! (U/-,*(! 4;+-! /! 2()(*+,%&0! $+>&.;A!
-(0/$%.A!%6!-+;(!/,,*%$/?*(!.+!.3%6!6.>2AN!!!!!
<3(!$(&.;/*!g>(6.%+&6!,+6(2!?A!.3%6!.3(6%6!/;(Y!!
" R+=!2+(6!*+$9:%&!.3(+;A!/,,*A!.+!6>6./%&/?*(!>;?/&!-+?%*%.AP!/&2!6,($%4%$/**A!.+!
?%9(:63/;%&0!6A6.(-6h!
" d3/.! />.+-+.%)(! *+$9:%&6! 2%2! "(U%$+! ]%.A! 4/$(! %&! %&.;+2>$%&0! /! ?%9(:63/;%&0!
6A6.(-!/&2!=3/.!,+*%$%(6!/&2!%&%.%/.%)(6!=(;(!/,,*%(2!.+!+)(;$+-(!.3(-h!
" d3/.! *(66+&6! $/&! =(! (U.;/,+*/.(! 4;+-! "(U%$+`6! 5$+8%$%! ,;+0;/-! 4+;! +.3(;!
$>;;(&.!/&2!4>.>;(!-(0/$%.%(6h!!
<3(!/&/*A6%6! ;()(/*6! .3/.! .3(!5$+8%$%! 6A6.(-! (6./?*%63(2! %.6(*4!.3;+>03! /&! %&.(0;/.(2P!
,;(:,*/&&(2P!6A6.(-%$P!/&2!->*.%:/$.+;!/,,;+/$3N!E$.%)%6.!$A$*%&0!+;0/&%_/.%+&6!=3+!4+;!
2($/2(6! *+??%(2! 4+;! %-,;+)(2! >;?/&! $A$*(:4;%(&2*%&(66P! 3(*,(2! */A! .3(! 0;+>&2=+;9N!
]+&.;/;A! .+! /! 6./&2:/*+&(! ,;+i($.P! .3(! "%&%6.;A! +4! .3(! 5&)%;+&-(&.! +4! .3(! ]%.A! +4!
"(U%$+![#5'5"E\!%-,*(-(&.(2!5$+8%$%!6>,,+;.(2!?A!/!?;+/2!?%$A$*(!-+?%*%.A!6.;/.(0A!
.3/.!%&$*>2(2!/,,;+,;%/.(!%&4;/6.;>$.>;(!$3/&0(6P!%&.(;-+2/*%.A!.+!4/$%*%./.(!.3(!6=%.$3!
4;+-!+&(!-+2(!+4!.;/&6,+;.!.+!/&+.3(;P!/!$;(/.%)(!4%&/&$%/*!,/;.&(;63%,!=%.3!/!,;%)/.(!
6($.+;! $+-,/&AP! /&2! 6.;/.(0%$! (44+;.6! .+! ,>?*%$%_(! /&2! ;(:?;/&2! .3(! %-/0(! +4! .3(!
?%$A$*(! /6! /! 4+;-! +4! -+?%*%.AN! ! <3%6! 3+*%6.%$! /,,;+/$3! $+>*2! ?(! .3(! -/%&! ;(/6+&! 4+;!
5$+8%$%`6!6>$$(66N!
!
<3(! &(U.! 6($.%+&! ,;+)%2(6! /&! +)(;)%(=! +4! .3(! 0*+?/*! >;?/&! .;/&6,+;./.%+&! $3/**(&0(!
/&2! +,,+;.>&%.AN! ! #($.%+&! M! %&.;+2>$(6! ?%9(:63/;%&0! 6A6.(-6P! %&$*>2%&0! .3(%;! 3%6.+;AP!
! !
!
7/0(!HH!+4!KL!!!
HH!
2(4%&%.%+&P! 6$+,(P! /&2! ?(&(4%.6N! #($.%+&! X! ,;(6(&.6! .3(! .3(+;(.%$/*! 4;/-(=+;9! +4! .3(!
*+$9:%&! .3(+;A! /&2! %.6! /,,*%$/.%+&! .+! 8##N! #($.%+&! K! 2(6$;%?(6! .3(! -(.3+2+*+0A! >6(2N!
#($.%+&! a! ,;(6(&.6! .3(! $/6(! 6.>2A! +4! 5$+8%$%P! .3(! 8##! %&! "(U%$+! ]%.AP! %2(&.%4A%&0! .3(!
*+$9:%&! (44($.! +4! .3(! />.+-+.%)(! $>*.>;(! /&2! %&4;/6.;>$.>;(P! /&2! 63+=%&0! .3/.! .3+6(!
*+$9:%&!(44($.6!2+! &+.!&($(66/;%*A!*+$9!+>.! .3(!,+66%?%*%.A!+4!$3/&0(N! !#($.%+&!I!2(;%)(6!
6+-(!,+.(&.%/*!*(66+&6P!=3%*(!6($.%+&!L!,((96!%&.+!.3(!4>.>;(!+4!?%9%&0N!<3(!$+&$*>6%+&!
%6!;(/$3(2!%&!#($.%+&!cN!
! !
! !
!
7/0(!HF!+4!KL!!!
HF!
MK H@*(N<=9'(H<9'+G"<-(;@933*'5*(9'4(.GG"<-/'>-O(
!
]%.%(6! /;+>&2! .3(! =+;*2! 3/)(! ?($+-(! $;+=2(2P! $+&0(6.(2P! /&2! ,+**>.(2P! ,;(6(&.%&0!
?+.3!/!$3/**(&0(!/&2!/&!+,,+;.>&%.AN!!
!
<+2/AP!3/*4!+4!.3(! =+;*2`6! ,+,>*/.%+&! *%)(6!%&!$%.%(6N!8A!FGKGP!6()(&!+>.! +4! .(&!,(+,*(!
=%**!*%)(!%&! -(0/$%.%(6![.3+6(!=%.3!+)(;! .(&!-%**%+&!,(+,*(\P!/&!+)(;=3(*-%&0!-/i+;%.A!
+4!=3+-! =%**! ?(! %&! .3(! 2()(*+,%&0! =+;*2! [@B! FGHX\N!! 8A! FGMG! -+;(! .3/&! .=+! ?%**%+&!
,(+,*(!/;(!*%9(*A!.+!(&.(;!.3(!-%22*(!$*/66P!,;+)%2%&0!.3(-!=%.3!2%6,+6/?*(!%&$+-(N!!
!
<3(! 0;+=.3! %&! >;?/&! -+?%*%.A! 3/6! ?((&! 2+-%&/.(2! ?A! .3(! (U,/&6%+&! +4! ,;%)/.(! $/;!
+=&(;63%,!.3/.!3/6!6.(/2%*A!%&$;(/6(2!=%.3!,(;!$/,%./!%&$+-(P!&+.!;(/$3%&0!/!2($*%&%&0!
;/.(!+4!6/.>;/.%+&!>&.%*!$+>&.;%(6!;(/$3!3%03(;!%&$+-(6![6((!D%0>;(!H\N!8/6(2!+&!$>;;(&.!
6+$%/*! /&2! ($+&+-%$! ,/..(;&6! +4! >;?/&%_/.%+&! /&2! %&$+-(! 0;+=.3! %&! ,/;.%$>*/;! %&!
(-(;0%&0!$+>&.;%(6P!/>.+-+?%*(!6/*(6!/;(!(U,($.(2!.+!%&$;(/6(!4;+-!/?+>.!IG!-%**%+&!/!
A(/;!%&!FGHG!.+!HFK! -%**%+&! ?A! FGFKP! =%.3! -+;(! .3/&! 3/*4! 4+;($/6.(2! .+!?(!?+>03.!%&!
$%.%(6!%&!2()(*+,%&0!$+>&.;%(6![8+>.+&!(.!/*!FGHK\N!#+-(!-+?%*%.A!(U,(;.6!3/)(!0+&(!/6!
!"#$%&'()'*&+",-&'./0&%1+"2'*&%1$1'30,45&'674$%,&)'84-9&5:&%#';<((='3>??';<(<@'
! !
!
7/0(!HM!+4!KL!!!
HM!
4/;!/6! ,;(2%$.%&0! .3/.! +&! .3(! (U%6.%&0! .;/i($.+;AP!.+2/A`6! 0*+?/*! $/;! 4*((.! +4! HNF! ?%**%+&!
$+>*2!2+>?*(!?A!FGMG!["$J%&6(A!FGHK\N!
!
<3%6! (U,/&6%+&! +4! -+.+;%_(2! ,;%)/.(! )(3%$*(6! %6! >&6>6./%&/?*(N! <;/44%$! $+&0(6.%+&! &+.!
+&*A!$/>6(6!2/%*A!4;>6.;/.%+&!4+;!2;%)(;6!/&2!(*()/.(2!*()(*6!+4!&+%6(!,+**>.%+&P!?>.!/*6+!
($+&+-%$!$+6.6N! O&!-/&A!$+>&.;%(6P! $+&0(6.%+&!/$$+>&.6!4+;! /!*+66!+4! F:Xj!+4!&/.%+&/*!
Q'7!/6!/!;(6>*.!+4!*+6.!.%-(P!=/6.(2!4>(*P!/&2!%&$;(/6(2!$+6.!+4!2+%&0!?>6%&(66![8+>.+&!
(.!/*! FGHK\N!!D>;.3(;-+;(P!.3(!d+;*2!R(/*.3!e;0/&%_/.%+&![FGHX\!(6.%-/.(6!.3/.!6()(&!
-%**%+&!,;(-/.>;(!2(/.36!=(;(!/..;%?>./?*(!.+!/%;!,+**>.%+&P!/&2!/!6%0&%4%$/&.!63/;(!%6!
.3(!;(6>*.!+4!>;?/&!-+?%*%.AN!!
!
7+.(&.%/**A! 0;(/.(;! *+&0:.(;-! $+6.6! /;(! .3+6(! /66+$%/.(2! =%.3! $*%-/.(! $3/&0(N!
<;/&6,+;.!%6!+&(!+4! .3(! */;0(6.!6%&0*(!6+>;$(6!+4!0;((&3+>6(! 0/6! (-%66%+&6![O5E!FGHa\!
/&2!.3(!4/6.(6.!0;+=%&0!?($/>6(!+4! ;/,%2! >;?/&%_/.%+&N! <3(! FGHK!7/;%6!E0;((-(&.!+&!
$*%-/.(! $3/&0(! 3/6! -/2(! %.! $*(/;! .3/.! 0*+?/*! (-%66%+&6! ->6.! 6++&! ,(/9! /&2! 2($*%&(P!
=%.3!.3(!.;/&6,+;.!6($.+;!$+&.;%?>.%&0!6%0&%4%$/&.*A!.+!?(&2%&0!.3(!$>;)(!+4!0;((&3+>6(!
0/6!(-%66%+&6N!
!
E!-/i+;!+,,+;.>&%.A!.+!>,0;/2(!.3(!-+?%*%.A!6A6.(-!%6!,;(6(&.(2!?A!.3(!4/$.!.3/.!aGj!
+4!.3(!>;?/&!/;(/6!&((2(2!?A!.3(!(&2!+4!.3%6!$(&.>;A!6.%**!;(-/%&!.+!?(!?>%*.![]*+6!FGHa\!
/&2! .3/.! -+?%*%.A! 6A6.(-6! 4+;! .3+6(! $%.%(6! /;(! 6.%**! %&! .3(%;! 4+;-/.%)(! 6./0(6N! E&!
+)(;=3(*-%&0! -/i+;%.A! +4! .3(6(! >;?/&! /;(/6! =%**! ?(! %&! 2()(*+,%&0! $+>&.;%(6N! R(&$(P!
(44+;.6! .+=/;26! -+;(! 6>6./%&/?*(! >;?/&! -+?%*%.A! /;(! ?+.3! .%-(*A! /&2! &($(66/;A! .+!
/)+%2!.3(!*+&0:.(;-!*+$9:%&!+4!3%03*A!,+**>.%&0!/>.+-+?%*%.A!6A6.(-6N!!
!
O&!.3%6!$+&.(U.P!6+-(! 2()(*+,%&0! $+>&.;A!$%.%(6!/;(!V;(:.>;&%&0W!.3(%;!/..(&.%+&! .+! .3(!
3>-?*(!?%9(!/6!/!)%/?*(!+,.%+&!4+;!%&2%)%2>/*!.;/&6,+;.N!e&(!=/A!.+!%&$;(/6(!.3(!>6(!+4!
?%9(6!%&!>;?/&!/;(/6!%6!.3(!?%9(:63/;%&0!6A6.(-![8##\N!!!!!!!!!!!
!
! !
!
7/0(!HX!+4!KL!!!
HX!
!
PK E>$>'5(9'4(E>$*%+@9<>'5(QO+-*6+(REQQS((
PKJ U>+-"<O("I(-@*(=>#O#3*(
!
8%$A$*(6! 2/.(! ?/$9! .+! .3(! ?(0%&&%&0! +4! .3(! Hc.3! $(&.>;AN! E*.3+>03! .3(! .(;-!
V?%$A$*(W!=/6! $+%&(2! %&! D;/&$(! %&! .3(! HLaG6P! .3(! 4%;6.! ?%$A$*(! =/6! /$.>/**A! .3(!
Q(;-/&!012)+)'!.2/.%&0!?/$9!.=+!$(&.>;%(6!.+!HLHI![7/*(;-+!FGHG\N!7/;/2+U%$/**AP!.3(!
?%9(! =/6! +;%0%&/**A! /! )(3%$*(! ;(6(;)(2! 4+;! .3(! (*%.(! %&! .3(! (/;*A! Hc.3! $(&.>;A! >&.%*! .3(!
%&.(;&/*!$+-?>6.%+&!(&0%&(!;()+*>.%+&%_(2!.;/&6,+;./.%+&N!'>;%&0!.3(!*/6.!4(=!A(/;6!+4!
.3(! Hc.3! $(&.>;A! /&2! %&.+! .3(! FG.3! $(&.>;AP! ?%$A$*(6! =(;(! g>%$9*A! ;(,*/$(2! ?A! .3(!
-+.+;%_(2! $/;! /6! %.! ?($/-(! .3(! ,;%&$%,/*! 4+;-! +4! .;/&6,+;.! /&2! =/6! ,+6%.%+&(2! /6! /!
6A-?+*! +4! 6./.>6! /&2! /$g>%;(2! ,+=(;N! E6! <3(!<%-(6!,>.! %.! %&! HcFFP! VE6! /! ;>*(P!
/>.+-+?%*%.A! %-,*%(6! 3%03(;! %&2%)%2>/*! ,+=(;P! ?(..(;! ($+&+-%$! 2%6.;%?>.%+&! /&2! /!
,+.(&.%/**A! 3%03(;! 6+$%/*! 6./.>6W! [D>;&(66! FGHG\N! ! <3(! ?%9(! =/6! 6++&! ;(*(0/.(2! .+!
=+;9%&0!$*/66!,(+,*(!=3+!$+>*2!&+.!/44+;2!/!$/;![]%$*+$%>2/2(6!FGHH\N!!
!
e>.6%2(!+4!.3(!;(/*-!+4!6,+;.P!?%9%&0!/6!/!4+;-!+4!.;/&6,+;.!3/6!*+&0!?((&!)%(=(2!/6!
%&4(;%+;N! R+=()(;P! /.! .3(! ?(0%&&%&0! +4! .3(! FH6.! $(&.>;A! =(! -/A! ?(! 6((%&0! .3(!
;(6>;0(&$(!+4!.3(!?%9(P!.3%6!.%-(!/6!/!6A-?+*!+4!%&2%)%2>/*!4;((2+-!/&2!(&)%;+&-(&./*!
/&2!,(;6+&/*!3(/*.3N!!!
!
O&!>;?/&! /;(/6P!.3(!?%9(!%6!+4.(&!.3(!-+6.!(44%$%(&.!-(/&6!+4!-+?%*%.A!4+;!2%6./&$(6!>,!
.+!KkHG9-P!;(/$3%&0!/&!/)(;/0(!)(*+$%.A! +4!HKkFG9-b3;P!$+-,/;(2!.+!/!$/;!.;/)(**%&0!
/&!/)(;/0(!+4!HFkHK9-!2>;%&0!,(/9!3+>;6!+;!,>?*%$!.;/&6,+;.!=3(;(!.3(!=/*9!/&2!=/%.!
.%-(6! $/&! ./9(! *+&0(;! ["%*)+$(6! FGHF\N! E! ?%9(! 0;/&.6! (-/&$%,/.%+&! 4;+-! $+&0(6.%+&!
/&2! /)+%26! >&&($(66/;A! (U,(&6(6! /&2! 2(,(&2(&$(! +&! 4+66%*! 4>(*6N! O.! ,;+)%2(6! >6(;6!
! !
!
7/0(!HK!+4!KL!!!
HK!
=%.3! .3(! +,,+;.>&%.A! 4+;! (U(;$%6(! /&2! $+>*2! ;(2((-! $%.%(6! /6! 6,/$(6! 2(6%0&(2! 4+;!
,(+,*(P!&+.!$/;6N!!
!
d3%*(!?%9%&0!%6!/.!.3(!3(/;.!+4!8##P!4+;!$*/;%.A!,>;,+6(6!%.!%6!%-,+;./&.!.+!3%03*%03.!.3(!
2%44(;(&$(! ?(.=((&! .3(! .;/2%.%+&/*! >6(! +4! ?%9(6! /&2! ?%9(! 63/;%&0N! <;/2%.%+&/*! $A$*%&0!
0(&(;/**A!$+&6%6.6!+4!.3(!>6(!+4!,;%)/.(*A!+=&(2!?%9(6P!=3%$3!&+;-/**A!2(,/;.!4;+-!/&2!
;(.>;&!.+! .3(! 6/-(! *+$/.%+&! /.!=3%$3! .3(A! /;(! ,;%)/.(*A! 9(,.![+44%$(P! 3+-(P! (.$N\! /&2!
-/%&./%&(2N!! 8A!$+&.;/6.P!>&2(;!8##!.3(!>6(;!$/&!?(&(4%.!4;+-!/!?%9(!3(b63(!2+(6!&+.!
+=&P!=3%$3!$/&!?(!;(.;%()(2!/.! +&(!*+$/.%+&!/&2!;(.>;&(2!/.!/!2%44(;(&.! *+$/.%+&P!/&2!
4+;! =3%$3! .3(! >6(;! 2+(6! &+.! 3/)(! .+! ,;+)%2(! ,/;9%&0! +;! -/%&.(&/&$(N! ! <3%6! .3(6%6!
;($+0&%_(6! .3(! 2%44(;(&$(6! ?(.=((&! 0(&(;/*! ?%9%&0! /&2! ?%9(! 63/;%&0! /&2! 4+$>6(6! .3(!
-/%&! /&/*A6%6! +&! 8##N! R+=()(;P! /6! ?+.3! /$.%)%.%(6! >6(! .3(! 6/-(! )(3%$*(! 4+;!
.;/&6,+;./.%+&P!6+-(!+4!.3(!/&/*A6%6!,;+)%2(2!=%**!;(4(;!.+!?+.3!/$.%)%.%(6N!!
!
!
PKM )*I>'>->"'(9'4(+#"G*("I(EQQ(
!
d3%*(! .3(;(! /;(! )/;%+>6! 2(4%&%.%+&6! +4! ?%9(! 63/;%&0P! .3%6! .3(6%6! =%**! (U/-%&(! 8##! =%.3!
;(0/;26!.+! %.6! ,+.(&.%/*! .+! ;(,*/$(!63+;.P! %&&(;:>;?/&! %&2%)%2>/*! .;/&6,+;.N!<3(! >6(! +4!
8##!4+;!+>.(;!>;?/&!+;!%&.(;:$%.A!.;%,6!=%**!&+.!?(!$+&6%2(;(2N!<3(! .3(6%6!/*6+!2+(6! &+.!
$+&6%2(;!.;/2%.%+&/*!+&(!+;!->*.%,*(!2/A!;(&./*!6$3(-(6!4;+-!+&(!4%U(2!;(&./*!*+$/.%+&N!!
!
8%9(!63/;%&0!6A6.(-6!/;(!/&!/44+;2/?*(!-(/&6!+4!.;/&6,+;.!4+;!.;%,6!*+&0(;!.3/&!=/*9%&0!
2%6./&$(6!?>.!63+;.(;!.3/&!.3+6(!4+;!=3%$3!-+.+;%_(2!)(3%$*(6!/;(!&($(66/;AN!!!d3%*(!
.3(!4+**+=%&0!0;/,3!-/A!&+.!/,,*A!.+!()(;A!>;?/&!$+&.(U.P!%.!2+(6!,+%&.!.+!.3(!4/$.!.3/.!
?%9%&0!/&2!8##!+$$>,A!$(;./%&!&%$3(6!%&!.3(!>;?/&!-+?%*%.A!>&%)(;6(P!/&2!/;(!&+.!-(/&.!
.+!;(,*/$(!/**!4+;-6!+4!.;/&6,+;.N!
!
! !
!
7/0(!Ha!+4!KL!!!
Ha!
!
!"#$%&';)'A+&'B",+&'4C'D"E&F7+G%"0#'"0'H%:G0'I4:"-"JK'
74$%,&)'D-409&-'&J'G-';<(('
'
O.!%6! %-,+;./&.! .+! (-,3/6%_(! .3/.!.3%6! .3(6%6! $+&6%2(;6! ?%9%&0!/&2b+;! 8##! +&*A! /6!+&(!
,/;.%/*! 6+*>.%+&! .+! >;?/&! -+?%*%.A! $3/**(&0(6P! 0%)(&! .3(! )/;%+>6! *%-%./.%+&6! +4! ?%9(6!
/&2b+;! 8##P! as! identified! by! various! studies! (DeMaio! 2009,! Abdallah! et! al! 2013,!
Fishman!2016)Y!
• 7(;6+&/*!3A0%(&(Y!?%9%&0!;(g>%;(6!,3A6%$/*!(U(;.%+&!/&2!-/A!$/>6(!,(;6,%;/.%+&!
• 73A6%$/*!?/;;%(;6Y!2%44%$>*.!=(/.3(;!+;!.+,+0;/,3A!$/&!?(!/!2(.(;;(&.!
• '%6./&$(Y!?%9%&0!%6!*(66!=(**!6>%.(2!4+;!*+&0(;!.;%,6!!
• 1+/2%&0!+4!*>00/0(Y!-+6.!$>;;(&.*A!+&*A!(g>%,,(2!4+;!$/;;A%&0!6-/**!+?i($.6!!
• C%69Y!?%9(;6!-/A!?(!(U,+6(2!.+!,+**>.%+&!/&2!/$$%2(&.6!!
• <($3&+*+0AY!.3(!&((2!.+!3/)(!$;(2%.!$/;26!+;!6-/;.!,3+&(6!.+!/$$(66!8##!!
! !
! !
!
7/0(!HI!+4!KL!!!
HI!
!
PKP E*'*I>-+("I(=>$>'5(9'4(=>$*%+@9<>'5((
!
'(6,%.(!.3(! /?+)(! *%-%./.%+&6P! .3(! /2)/&./0(6! +4! ?%9%&0! /&2! 8##! /;(! &>-(;+>6N! ! <3(!
?(&(4%.6!+4!?%9%&0! $/&!?(!%2(&.%4%(2!4;+-! .3(!$%.A!,(;6,($.%)(!/6!=(**! /6!4;+-!.3(!>6(;!
,(;6,($.%)(N!!
!
D;+-!/!#>-O!,(;6,($.%)(Y!!
!
• 3!(&'4!+*)&'5. . 8%9(6! $/&! 2($+&0(6.! $%.A! ;+/26! $;(/.%&0! -+;(! *%)/?*(!
/.-+6,3(;(6N!E!FGHK!6.>2A!.3/.!*++9(2!/.!6A6.(-6!%&!4%)(!$%.%(6!4+>&2!.3/.!?%9(!
63/;(! ;%2(6! 6>?6.%.>.(2! 63+;.! $/;! .;%,6! ?(.=((&! L! /&2! FG! ,(;$(&.! +4! .3(! .%-(!
[1%&26(A!FGHa\N!8%9(6!/*6+!./9(!>,!*(66!6,/$(Y!/!?%$A$*(!&((26!/&!/;(/!+4!M-F!4+;!
$%;$>*/.%+&!=3%*(!/!$/;!&((26!/&!/;(/!+4!aG-F![O<'7!FGHG\N!!!!
!
• 6'7)1&'"!'*N!"(2%/&!2/%*A!?%9(!;%2%&0!+4!FF!-%&>.(6!$/&!2($;(/6(!0;((&3+>6(!
0/6! (-%66%+&6! %&! /! $%.A! ?A! HXj! [E?2/**/3! (.! /*! FGHM\N! C(,*/$%&0! $/;! .;/&6,+;.!
=%.3!?%9%&0!$/&!/*6+!3(*,!;(2>$(!&+%6(!,+**>.%+&N!
!
D;+-!/!/+*<!,(;6,($.%)(Y!
• 8)"!.+27)'45..8%9%&0!4/$%*%./.(6!.3(!-+6.!2%;($.!;+>.(!.+!.3(!2(6%;(2!2(6.%&/.%+&N!
e&(!6.>2A! 4+>&2! .3/.! 8##! i+>;&(A6! ;(2>$(2! ?+.3! 2%6./&$(! /&2! .;/)(*! .%-(! ?A!
;+>03*A! HMj! /6! $+-,/;(2! .+! >6%&0! /! $/;! 4+;! .3(! 6/-(! i+>;&(A! [l(&6(&! (.! /*!
FGHG\N
.
• 9!::;!)'45. 7(+,*(! =3+! ?%9(! .+! =+;9! ;(,+;.! 3/)%&0! *+=(;! *()(*6! +4! 4/.%0>(P! /!
?(..(;!-++2!/&2!%-,;+)(2!+)(;/**!=(**:?(%&0!.3/&!.3+6(!=3+!2+!&+.![8%22*(!(.!
/*!FGGFP!BR#!FGHa\N!<3(!3(/*.3!?(&(4%.6!4;+-!(U(;$%6(!/;(!()%2(&.!/6!=(**N.
.
! !
!
7/0(!HL!+4!KL!!!
HL!
E6! .3(! %-/0(! ?(*+=! 63+=6P! .3(6(! ?(&(4%.6! /;(! /*6+! %&$;(/6%&0*A! ;($+0&%_(2! %&! A+>.3!
$>*.>;(N!!!
''''''674$%,&)'?K,-&?"J"&1';<(L@(
!
<3(!?(&(4%.6!+4!?%9(:63/;%&0!6A6.(-6!%&$*>2(!/**!+4!.3(!/?+)(!/2)/&./0(6!+4!?%9%&0P!/&2!
+44(;!6+-(!/22%.%+&/*!-+;(!6A6.(-%$!/2)/&./0(6N!
!
D;+-!.3(!#>-O!,(;6,($.%)(Y!
• /!0$(!0.(&+*.2'0."2)'*!'2'(!Y!O&)(6.-(&.!%&!8##!%&4;/6.;>$.>;(!%6!->$3!*+=(;!
.3/&! .3/.! 4+;! -+.+;%_(2! )(3%$*(6N! O&! /22%.%+&P! =3%*(! 8##! 2+! ;(g>%;(!
-/%&.(&/&$(! /6! =(**! /6! /! 6A6.(-! 4+;! ;(2%6.;%?>.%+&! +4! ?%9(6P! 6>$3! (44+;.6! /;(!
*(66!.3/&!.3+6(!;(g>%;(2!4+;!,>?*%$!-+.+;%_(2!.;/&6,+;./.%+&N!!
!
674$%,&)'A4$%'9&'!4%,&';<(M@'
! !
!
7/0(!Hc!+4!KL!!!
Hc!
• <'(1!2+!.=1;2'.>?(:)'4@!8##!$/&!$+&)%&$(!,(+,*(!+4!.3(!/2)/&./0(6!+4!$A$*%&0!%&!
$%.%(6!=%.3+>.!/!6.;+&0!$A$*%&0!$>*.>;(N!!O&$;(/6%&0!.3(!.+./*!&>-?(;!+4!$A$*%6.6!
+&! .3(! ;+/2! $/&! $;(/.(! /! $+;;(6,+&2%&0! 2(-/&2! 4+;! ?(..(;! $A$*%&0!
%&4;/6.;>$.>;(P! =3%$3! -/A! %&! .>;&! ,;+-,.! 0+)(;&-(&.6! .+! %&$;(/6(! 4>&2!
/**+$/.%+&!4+;!$A$*%&0![e`8;%(&!FGHH\N!
!
• <"#1&7!. >)*?. A)7)'4. 2'0. ,12'0)'4Y!
O-,*(-(&.%&0! /! ?%9(:63/;(! 6A6.(-! $/&!
%-,;+)(! >;?/&! *%)/?%*%.A! /&2! -/A!
6.;(&0.3(&! /! $%.A`6! %-/0(! /6! ! V0;((&W! +;!
%&&+)/.%)(![O<'7!FGHM\N!!
!
D;+-!.3(!/+*<!,(;6,($.%)(Y!
• ]+&)(&%(&$(N!E!8##!>6(;!$/&!;(.;%()(!/!?%9(!/&2!;(.>;&!%.!/.!*+$/.%+&6!.3/.!$/&!
?(! 2%44(;(&.! .+! (/$3! +.3(;P! 4/$%*%./.%&0! 3/66*(:4;((! $+-->.(6N! <3(! 8##! >6(;!
2+(6!&+.!&((2! .+!4%&2!/!,/;9%&0!6,/$(!%&!.3(%;!3+-(!+;! +44%$(!4+;!.3(!?%9(N!!O&!
/22%.%+&P! -/%&.(&/&$(! %6! &+.!.3(! ;(6,+&6%?%*%.A! +4!.3(! >6(;! ?>.!+4! .3(! 6(;)%$(!
,;+)%2(;N!
!
PKT 7<"2-@(9'4(6"4*3+("I(EQQ((
!
d3%*(!.3(! 4%;6.! ?%9(:63/;%&0!6A6.(-6!=(;(! 2()(*+,(2! 3/*4! /! $(&.>;A! /0+! .3(A!2%2! &+.!
;(/**A! ./9(! +44! >&.%*! ;($(&.*AP! /4.(;! 3/)%&0! 0+&(! .3;+>03! 6()(;/*! ,3/6(6N! E! 4%;6.!
0(&(;/.%+&! -+2(*P! =3%$3! 6./;.(2! %&! R+**/&2! %&! .3(! HcaG6P! $+&6%6.(2! +4! ?%9(6! ,*/$(2!
>&*+$9(2! /;+>&2! .3(! $%.A! /.! &+! $+6.! +;! .%-(! *%-%./.%+&! 4+;! >6(;6N! <3%6! 6A6.(-! g>%$9*A!
4/%*(2!/6!,(+,*(!6+*2!+;!9(,.!.3(!?%9(6!4+;!.3(-6(*)(6N!E!6($+&2!0(&(;/.%+&!2()(*+,(2!
%&! .3(! HccG6! %&! =3%$3! >6(;6! -/&>/**A! ;(0%6.(;(2! .+! >6(! *+$9(2! ?%9(6! /&2! 2(,+6%.(2!
$+%&6!.+!/$3%()(!/$$(66N!R+=()(;P!.3(!-/&>/*!&/.>;(!+4!.3%6!/,,;+/$3!/*6+!*(2!.+!.3(4.N!
<3(! .3%;2! 0(&(;/.%+&! %&! .3(! */.(! &%&(.%(6! >6(2! 6-/;.! $/;26! 6>$3! /6! $;(2%.! $/;26! 4+;!
VO.`6!&+!*+&0(;!.;>(!.3/.!/!3>0(!
%&)(6.-(&.!%&!/!?%0!&(=!?;%20(!
+;!3%03=/A!?;%&06!.3(!-+6.!
0;+=.3!.+!/!$%.Am%.!%6!+4.(&!
6-/**(;P!-+;(!6.;/.(0%$!
%&)(6.-(&.6!%&!g>/*%.A!+4!*%4(!/&2!
6>6./%&/?%*%.A!.3/.!-/9(6!/!$%.A!/!
2(6%;/?*(!,*/$(!.+!*%)(!/&2!=+;9NW!!
n!]+*%&!R>03(6P!O<'7`6!'%;($.+;!
+4!B/.%+&/*!7+*%$A!/&2!7;+i($.!
5)/*>/.%+&!
!
! !
!
7/0(!FG!+4!KL!!!
FG!
,/A-(&.! /&2! /**+=(2! 9%+696! .+! 4/$%*%./.(! /$$(66! .+! .3(! ?%9(6N! <3(! */.(6.! 0(&(;/.%+&!
/4.(;!.3(!.>;&! +4! .3(!$(&.>;A!%&.;+2>$(2!.3(!2%0%./*%_(2! -(/&6!+4!-+&%.+;%&0!?%9(!>6(!
/&2! *+$/.%+&P! ,;+)%2%&0! .3(! >6(;! /&2! 6A6.(-! =%.3! ->$3! -+;(! ;(/*:.%-(! %&4+;-/.%+&!
[D%63-/&!FGHa\N!#%&$(!.3%6!2()(*+,-(&.!3/)(!$/./,>*.(2!=+;*2=%2(!4;+-!aF!%&!FGGI!.+!
/*-+6.!KGG!%&!FGHF!k!/!IGGj!0;+=.3!;/.(!+)(;!/!4%)(:A(/;!,(;%+2!["$]/;.3A! FGHM\N!E6!
+4!.3(!?(0%&&%&0!+4! FGHIP! ;+>03*A!HGGG!$%.%(6!=+;*2=%2(!3/)(!/! ?%9(:63/;%&0! ,;+0;/-!
["(2%&!FGHI\N!!
!
8##!(U3%?%.!/!)/;%(.A! +4! +;0/&%_/.%+&/*!-+2(*6N!</?*(!H!6>--/;%_(6! .3(! ,;+6!/&2!$+&6!
+4!.3(!-+6.! =%2(*A!4+>&2!.A,(6!+4!?%9(:63/;%&0! -+2(*6Y!,>?*%$/**A!;>&P!,>?*%$k,;%)/.(P!
/&2!,;%)/.(*A!;>&N!!
'
! !
! !
!
7/0(!FH!+4!KL!!!
FH!
!
7"C*<'6*'-!
:/=3>#_:<>C9-*!
:<>C9-*(
)*+#<>G->"'(
]%.A!4>**A!4>&26P!
%&%.%/.(6P!/&2!
+,(;/.(6!.3(!8##N!!
]+&.;/$.>/*!/0;((-(&.!=3(;(!
.3(!$%.A!.A,%$/**A!-/%&./%&6!.3(!
6A6.(-`6!%&4;/6.;>$.>;(!=3%*(!.3(!
$+-,/&A!+)(;6((6!+,(;/.%+&!/&2!
-/%&.(&/&$(N!!
]/&!?(!?/6(2!+&!B)'2'()2:.
+#&'+&1+C)#+P!=3(;(!.3(!
$+-,/&A!(6./?*%63(6!.3(!8##!/&2!
?(&(4%.6!4;+-!?;/&2%&0!/&2!
%-,;+)%&0!%.6!%-/0(!/6!
(&)%;+&-(&./**A!;(6,+&6%?*(P!+1.
207!1*)+)'4P!=3(;(!.3(!$+-,/&A!
+44(;6!?%9(:63/;%&0!,;+0;/-6!%&!
(U$3/&0(!4+;!.3(!;%03.!.+!>6(!
,>?*%$!6,/$(!.+!2%6,*/A!;()(&>(:
0(&(;/.%&0!/2)(;.%6(-(&.6N!
8##!%6!+=&(2!/&2!+,(;/.(2!
?A!/!,;%)/.(!(&.(;,;%6(!=%.3!
-%&%->-!%&)+*)(-(&.!+4!.3(!
0+)(;&-(&.N!!
!
#+-(!/;(!?/6(2!+&!2+$9*(66!
?%9(6P!=3%$3!$/&!?(!*(4.!
/&A=3(;(!=%.3%&!/!&(.=+;9!
/;(/N!
:<"+(
]%.A!-/%&./%&6!4>**!
$+&.;+*!+4!.3(!6A6.(-!
/6!/!,>?*%$!6(;)%$(N!
]+&)(&%(&.!=3(;(!0+)(;&-(&./*!
4>&2%&0!%6!*%-%.(2N!
!
D/)+;6!$+&.%&>%.A!;(0/;2*(66!+4!
*+$/*!/>.3+;%.A!.>;&+)(;N!
"/A!+,(;/.(!.3(!6A6.(-!%&!/!
-+;(!(44%$%(&.!/&2!$>6.+-(;:
4;%(&2*A!-/&&(;f!-/A!?(!
-+;(!4*(U%?*(!.+!2(-/&26!
/&2!&(=!.($3&+*+0%(6N!!
;"'+(
]%.A!-/A!*/$9!
(U,(;.%6(!%&!?%$A$*(!
63/;%&0f!-/A!./9(!
*+&0(;!.+!%-,*(-(&.f!
-/A!3/)(!*%-%.(2!
4%&/&$%/*!;(6+>;$(6N!
7+.(&.%/*!$+&4*%$.!?(.=((&!
,;%)/.(!%&.(;(6.6!/&2!,>?*%$!
,>;,+6(N!
!!
"/A!3/)(!*%-%.(2!6>$$(66!
=%.3+>.!%&)+*)(-(&.!+4!
,>?*%$!6($.+;!/&2!$%.A!6>,,+;.!
4+;!6>,,+;.%&0!%&4;/6.;>$.>;(P!
6+$%/*!$/-,/%0&6P!(.$N!
@&;(0>*/.(2!6A6.(-6!$/&!
*(/2!.+!,++;*A!-/%&./%&(2!
?%9(6!/&2!$*>..(;(2!6.;((.6N!
AG:-&'()'?452G%"140'4C'I49&-1'6?%&GJ&9':K'G$J+4%':G1&9'40'N:9G--G+'&J'G-';<(OP'Q&-#G94';<(M='3AQ>'
;<(O@'
! !
!
7/0(!FF!+4!KL!!!
FF!
!
'(6,%.(!.3(!-/&A! ?(&(4%.6!/&2!.3(!;($(&.!%&.(;(6.! %&!8##P!.3(A!4/$(! /!3+6.!+4!?/;;%(;6!
.+!.3(%;!%&%.%/*!(6./?*%63-(&.P!(U,/&6%+&P!/&2!6>$$(664>*!+,(;/.%+&N!<3%6!6.>2A!%2(&.%4%(6!
.3(! *+$9:%&! .3(+;AP! /&2! 6,($%4%$/**A! .3(! />.+-+.%)(! *+$9:%&P! /6! +&(! >6(4>*! =/A! +4!
>&2(;6./&2%&0! .3(! ?/;;%(;6! .+! 8##N! <3(! *+$9:%&! .3(+;A! (U,*/%&6! 3+=! -+2/*! 63%4.6! /;(!
2(*/A(2!+;!,;()(&.(2!?($/>6(!+4!%&$>-?(&.!4+;$(6P!=3%$3!.(&2!.+!-/%&./%&!.3(!6./.>6!
g>+!/&2!=+;9!/0/%&6.!%&&+)/.%+&!/&2!$3/&0(N!
!
TK !"#$%>'(H@*"<O(9'4(B*3*C9'#*(-"(EQQ(
TKJ H@*(-@*"<O((
O&! /&/*A_%&0! 6+$%(./*! +;! .($3&+*+0%$/*! $3/&0(6P! d(**6! /&2! B%(>=(&3>%6! [FGHF\! /;0>(!
.3/.!.3(;(!%6! /!.(&2(&$A!.+!4+$>6!+&!.3(!2;%)(;6!+4!$3/&0(! =3%*(!&(0*($.%&0!.+!(U,*/%&!
.3(!2;%)(;6!4+;!V&+&:$3/&0(W!+;!2(*/A!.+!$3/&0(P!2(6,%.(!.3(!,+.(&.%/*!/2)/&./0(6!+4!
6>$3!$3/&0(N!d(!.3(;(4+;(! .(&2! .+! >&2(;(6.%-/.(!.3(!/&$3+;%&0!,+=(;!+4!.3(!6./.>6!
g>+N! O.! -/A! ?(! ,;($%6(*A! %&! .3(! >&2(;6./&2%&0! /&2! /22;(66%&0! +4! .3%6! %&$>-?(&.!
;(6%6./&$(!.3/.!$3/&0(!$/&!?(!-+;(!(44($.%)(*A!,;+-+.(2N!!!
<3(!.3(+;A!+4!V*+$9:%&W!3/6!/;%6(&!%&!.3(!$+&.(U.!+4!.3(!,(;,(.>/.%+&!+4!.3(!4/$.+;6!.3/.!
*(/2! .+! $*%-/.(! $3/&0(N! '(6,%.(! .($3&+*+0%$/*! /2)/&$(6! ?(A+&2! 4+66%*! 4>(*6P! 3%03:
$/;?+&! .($3&+*+0%(6! /;(! 6.%**! %&! /! ,+6%.%+&! +4! ,;(2+-%&/&$(! /6! /! ;(6>*.! +4!
%&4;/6.;>$.>;(6P! %&6.%.>.%+&6P! /&2! $>*.>;/*! ,;/$.%$(6! .3/.! ,(;,(.>/.(! $/;?+&:%&.(&6%.A!
[@&;>3!(.!/*!FGGa\N!1+$9:%&!-($3/&%6-6!/;(!.3+6(!.3/.!V;(%&4+;$(!/!$(;./%&!,/.3=/A!+4!
($+&+-%$P! .($3&+*+0%$/*P! %&2>6.;%/*P! /&2! %&6.%.>.%+&/*! 2()(*+,-(&.! .3/.! $/>6(! ,/.3:
2(,(&2(&$AW! [J*%.9+>! (.! /*! FGHK\N! #>$3! 2(,(&2(&$AP! =3(;(?A! 2($%6%+&6! -/2(! %&! .3(!
,;(6(&.!/;(! $+&6.;/%&(2! ?A! .3+6(!-/2(! %&! .3(! ,/6.P! 3%&2(;6! .3(! .;/&6%.%+&!.+=/;26!/!
*+=:$/;?+&!=+;*2N!!
! !
!
7/0(!FM!+4!KL!!!
FM!
!
TKM !"#$%>'(-@*"<O(9GG3>*4(-"(EQQ((
!
<3(! $+&$(,.! +4! *+$9:%&! 3/6! /*6+! ?((&! /,,*%(2! .+! .3(! .;/&6,+;.! 6($.+;! []+=/&! HccaP!
@&;>3! (.! /*! FGGaP! d(**6! /&2! B%(>=(&3>%6!FGHF\N! d3%*(! .3(;(! /;(! -/&A! 4/$.+;6! .3/.!
*+$9:%&! .3(! 2+-%&/&$(! +4! -+.+;%_(2! )(3%$*(6P! .3%6! .3(6%6! =%**! +&*A! 2%6$>66! .3(!
/>.+-+.%)(!*+$9:%&!/6,($.6!.3/.!/;(!;(*()/&.!.+!8##N!!
!
E>.+-+.%)(! *+$9:%&! -($3/&%6-6! /44($.%&0! 8##! $/&! ?(! $*/66%4%(2! %&.+! .3;((! 0(&(;/*!
/;(/6Y!
!
1. D&:)*)(2:E<'+*)*$*)&'2:5! Q%)(&! .3(! .;/2%.%+&/*! %-,+;./&$(! +4! .3(! />.+-+.%)(! %&!
($+&+-%$! 2()(*+,-(&.P! 0+)(;&-(&.6! 3/)(! 2()(*+,(2! ,+*%$%(6P! %&)(6.(2!
3(/)%*AP!/&2!4+-(&.(2!%&6.%.>.%+&/*!6>,,+;.!%&!.3/.!6($.+;N!!
!
EN 7+*%$AN!E*-+6.! /6!6++&!/6!/>.+-+?%*(6!=(;(!%&)(&.(2P!.3(A!?($/-(!.3(!
4+$/*!,+%&.!+4!>;?/&!2()(*+,-(&.!,*/&&%&0!/&2!,+*%$%(6![D>;&(66!FGHG\N!
O&!2()(*+,%&0!$+>&.;%(6P!=3(;(!&(=!;+/2!$+&6.;>$.%+&!%6!+4.(&!6((&!/6!/!
A/;26.%$9! +4! -+2(;&%_/.%+&P! 0+)(;&-(&.6! 3/)(! +4.(&! /**+$/.(2! ,>?*%$!
(U,(&2%.>;(6!%&!4/)+;!+4!&(=!;+/2!$+&6.;>$.%+&!/.!.3(!(U,(&6(!+4!+.3(;!
>;?/&!.;/&6,+;.!%&)(6.-(&.6N!!!
8N D%&/&$%/*N! <3(! $/;! -/&>4/$.>;%&0! 6($.+;! ,;+)%2(6! %-,+;./&.! 4%6$/*!
;()(&>(! 4+;! .3(! 6./.(P! /&2! 3/6! .3>6! .;/2%.%+&/**A! ?((&! .3(! ;($%,%(&.! +4!
3(/)A! ,>?*%$! %&)(6.-(&.! [d(??! FGHX\P! 6.;(&0.3(&%&0! .3(! />.+-+.%)(!
*+$9:%&N! O&! /22%.%+&P! %&.(;&/.%+&/*! *(&2(;6! +4.(&! %&)(6.! -%&>6$>*(!
/-+>&.6!%&!&+&:-+.+;%_(2!%-,;+)(-(&.6![7+i/&%!/&2!#.(/2!FGHK\N!
]N O&6.%.>.%+&/*N! E;+>&2! .3(! HcaG6! -+6.! $%.%(6! ?(0/&! (6./?*%63%&0! .;/44%$!
2(,/;.-(&.6!.+!6>,,+;.! .3(!>;?/&!2A&/-%$6!+4! />.+-+?%*(6N!B(/;*A!&+!
2(,/;.-(&.6!=(;(!2(2%$/.(2!.+! ,(+,*(P! ,>?*%$!6,/$(6P!,(2(6.;%/&6!/&2!
! !
!
7/0(!FX!+4!KL!!!
FX!
$A$*%6.6![Q(3*!FGHK\N!!
!
!
2. DC?+)(2:5!!'%44(;(&.!-+2(6!+4!.;/&6,+;.!$+-,(.(!4+;!*%-%.(2!>;?/&!,>?*%$!6,/$(N!
E! 6%0&%4%$/&.! ,+;.%+&! +4! $%.A! 6,/$(! /&2! %&4;/6.;>$.>;(! %6! .+2/A! 2(2%$/.(2! .+!
;+/26P!?;%20(6P!,/;9%&0!*+.6P!/&2!+.3(;!,3A6%$/*!%&4;/6.;>$.>;(!2(6%0&(2!4+;!$/;6!
/6!63+=&!%&!Q;/,3! H! [1%.-/&! FGHX\N!!D>;.3(;-+;(P!$/;6!(&/?*(2!>;?/&!6,;/=*P!
=3%$3!%&$;(/6(2!.3(!&((2!.+!.;/)(*!*+&0(;!2%6./&$(6P!%&$(&.%)%_%&0!.3(!>6(!+4!.3(!
$/;!()(&!-+;(![Q(3*!FGHK\N!!D+;!8##!.+!6>$$((2P!.3(A!->6.!$+-,(.(!/0/%&6.!.3%6!
,;(2+-%&/&.!>;?/&!6(.!>,N!!
!
!
!
EN ]+-,(.%.%+&!4+;!;%2%&0!6,/$(N!O&!+;2(;!4+;!,(+,*(!.+!?%9(!%&!/!$%.AP!.3(A!->6.!
3/)(!6+-(=3(;(! .+! ;%2(! 6/4(*AN! 8%9(;6!/;(! .A,%$/**A! 4+;$(2! .+! $+-,(.(!4+;!
6.;((.! 6,/$(! =%.3! $/;6! /.! .3(! ;%69! +4! /$$%2(&.6P! 2(6,%.(! .3(! 4/$.! .3(A! &((2!
*(66!6,/$(!4+;!$%;$>*/.%+&N!Q%)(&!?+.3!,(;$(%)(2!/&2!/$.>/*!6/4(.A!$+&$(;&6P!
6.>2%(6! 63+=! .3/.! ,(+,*(! /;(! ->$3! -+;(! *%9(*A! .+! >6(! 8##! %4! .3(;(! /;(!
2(6%0&/.(2!*/&(6!/&2! .;/44%$! *%03.6!4+;!?%9%&0![]A$*(]%.%(6!FGHX\N! !C+/26!/&2!
8%G2+'()'>+K1",G-'72G,&'R&S$"%&9':K'A%GT&-'I49&'674$%,&)'U"J5G0';<(L@'
! !
!
7/0(!FK!+4!KL!!!
FK!
.;/44%$!6%0&/*6!2(6%0&(2! 6+*(*A! =%.3! .3(! />.+-+.%)(! %&! -%&2!,;($*>2(!+.3(;!
>6(;6P!*+$9%&0!%&!.3(!/>.+-+.%)(!6A6.(-N!!
8N ]+-,(.%.%+&! 4+;! ,/;9%&0! 6,/$(N! 8##! &((2! 6,/$(! /**+$/.%+&! 4+;! .3(! ,>?*%$!
,/;9%&0!+4!?%9(6N!E!.A,%$/*!8##!$/&!3/)(!/!;/&0(!4;+-!FG!.+!KGG!?%9(!2+$9%&0!
6./.%+&6P! (/$3! +4! =3%$3! &((26! 6,($%/**A! 2(6%0&(2! %&4;/6.;>$.>;(N! ]%.%(6!
2(6%0&(2!/;+>&2!.3(!>6(!+4!$/;6!-/A!3/)(!)(;A!*%..*(!/)/%*/?*(!6,/$(! .+!6(.!
>,!6>$3!6./.%+&6P!2(6,%.(!.3(!4/$.!.3/.!2+$9%&0!6./.%+&6!/;(!;(*/.%)(*A!6,/$(!
(44%$%(&.Y!.3(!/;(/!>6>/**A!/**+..(2!.+!,/;9%&0!+&(!$/;!$/&!?(!>6(2!.+!,/;9!HF!
?%9(6![1%.-/&!FGHM\N!!
!
3. F&()&G($:*$12:N!O&!/22%.%+&! .+!($+&+-%$!/&2!,3A6%$/*! (*(-(&.6P!/!)(;A!,+=(;4>*!
/>.+-+.%)(! *+$9:%&! %6! .3(! 6+$%+:$>*.>;/*! /6,($.N! E6! ,;()%+>6*A! 6>00(6.(2P! >6(;!
,;/$.%$(6! /&2! *%4(6.A*(6! $+&.;%?>.(! .+! />.+-+.%)(! ,/.3! 2(,(&2(&$A! [Büttner'
and$Grübler$1995;$ Marechal$200c\N!]>*.>;/*!*+$9:%&6!/;(!%&!4/$.!+4.(&!.3(!-+6.!
2%44%$>*.!.+!+)(;$+-(!?($/>6(!.3(A! ;(g>%;(!$3/&0%&0!,(;$(,.%+&6! /&2!/..%.>2(6!
+&!/&!%&2%)%2>/*!*()(*P!,(;6+&!?A!,(;6+&N!!
EN #./.>6!/&2!6(*4:%-/0(N!E6!$%.%(6!%&!.3(!0*+?/*!#+>.3!63%4.!.+!-+;(!-+.+;%_(2!
4+;-6!+4!.;/&6,+;.P! .3(!?%9(!3/6!?((&!;(&2(;(2!.3(! V,++;!-/&`6W!-+2(!+4!
.;/&6,+;./.%+&!['3%&0;/!/&2!J+2>9>*/!FGHG\N!8A!$+&.;/6.P!.3(!$/;!%6!6((&!/6!
/! 6A-?+*! +4! 6>$$(66! [J/>4-/&&! FGGG\N! O&! /22%.%+&P! .3(! $/;! ;(,;(6(&.6! /!
,(;6+&/*P! ,;%)/.(! 6,/$(P! /! ,;+*+&0/.%+&! +4! +&(6(*4! ;()(/*%&0! .3(! 6+$%/*!
%2(&.%.A! +4! %&2%)%2>/*6! ['>?+%6! FGGX\N! <3>6! =3%*(! %66>(6! 6>$3! /6! .;/44%$!
$+&0(6.%+&!63+>*2!%&!.3(+;A!2%6%&$(&.%)%_(!.3(!>6(!+4!.3(!$/;P!.3(!6(*4:%-/0(!
+4!6>$$(66!/66+$%/.(2!=%.3!.3(!+=&(;63%,!+4!/!$/;!$+&.%&>(6!.+!,;+,/0/.(!%.6!
>6(!/&2!%6!/!-/i+;!*+$9:%&!.+!$3/&0%&0!$%.%_(&!?(3/)%+;N!!!
8N ';%)(;!/..%.>2(N!O&!/!$/;:$(&.;%$!$%.A!.3(;(!%6!/!,;(,+&2(;/&.!,(;$(,.%+&!.3/.!
$A$*(! ,/.36! 2(.;/$.! 4;+-! $/;! */&(6P! /&2! .3/.! ?%9(! ,/;9%&0! %6! /&!
(&$>-?;/&$(P!6+-(.%-(6!*(/2%&0!.+!/00;(66%)(!/&2!2%6;(6,($.4>*!?(3/)%+;!
! !
!
7/0(!Fa!+4!KL!!!
Fa!
+&!.3(!,/;.! +4! />.+-+.%)(! 2;%)(;6! ["%*)+$(6! FGHF\N!!<3%6! &(0/.%)(! /..%.>2(!
2%6$+>;/0(6!,+.(&.%/*!>6(;6!+4!8##N!
!
!
<3(! />.+-+.%)(! *+$9:%&! 3/6! >&2+>?.(2*A! -/;9(2! .3(! 63/,(! /&2! 0;+=.3! +4! $%.%(6! 4+;!
A(/;6N!7+*%$A!/&2! %&6.%.>.%+&6! 4/)+;%&0! .3(! />.+-+.%)(! %&2>6.;AP!/6!=(**! /6! 2($/2(6! +4!
,3A6%$/*! %&4;/6.;>$.>;(! 2(6%0&(2! /;+>&2! -+.+;%_(2! .;/&6,+;.! 3/)(! $;(/.(2! .3%6!
0;%2*+$9N!O.!3/6!?((&!4>;.3(;!/-,*%4%(2! ?A!.3(!6(*4:,(;$(,.%+&!+4!.3+6(!=3+!+=&! /!$/;P!
/6!=(**!/6!.3+6(!=3+!=+>*2!*%9(!.+!+=&!/!$/;!?>.!$/&&+.!/44+;2!%.N!!"+.+;%_(2!)(3%$*(6!
/&2!.3(%;!%&4;/6.;>$.>;(!3/)(!%&!4/$.!?($+-(!2(4%&%&0!$3/;/$.(;%6.%$6!+4!?+.3!$%.%(6!/&2!
,(+,*(P!*+$9%&0!.3(-!%&.+!>;?/&!,*/&6!/&2!,(;6+&/*!/6,%;/.%+&6N!!"+)%&0!.+=/;2!8##!/6!
/! )%/?*(! /*.(;&/.%)(! -+2(! +4! %&2%)%2>/*! .;/&6,+;./.%+&! ;(g>%;(6! /! $+-?%&(2! 6(.! +4!
%&.(&.%+&/*! /&2! $+-,;(3(&6%)(! -(/6>;(6! .3/.! 4/$%*%./.(! .3(! .;/&6%.%+&! 4;+-! )/;%+>6!
,(;6,($.%)(6!/.!.3(!6/-(!.%-(N!!!
!
<3(!4+**+=%&0!6($.%+&!(U/-%&(6!.3(!$/6(!6.>2A!+4!8##!%&! "(U%$+!]%.AP!/!6>$$(664>*! 8##!
(U,(;%(&$(!%&!/!-(0/$%.A!%&!/!-/i+;!2()(*+,%&0!$+>&.;AN!!d(!63/**!(U,*+;(!3+=!"(U%$+!
-/&/0(2! .+! 6%->*./&(+>6*A! ./$9*(! 6()(;/*! +4! .3(! /6,($.6! +4! />.+-+.%)(! *+$9:%&P!
.3(;(?A!(&/?*%&0!.3(!(6./?*%63-(&.!/&2!0;+=.3!+4!.3(!*+$/*!8##N!!!
!
VK ?*-@"4"3"5O(
!
<3(! 6.>2A! %6! -/%&*A! ?/6(2! +&! 2(69! ;(6(/;$3P! *%.(;/.>;(! ;()%(=P! /&2! /&/*A6%6! +4!
,>?*%63(2! /&2! >&,>?*%63(2! 2+$>-(&.6P! %&$*>2%&0! ,+*%$A! ,/,(;6P! i+>;&/*! /;.%$*(6P!
&(=6,/,(;! $*%,6P! $/-,/%0&! -/.(;%/*P! /&2! 0+)(;&-(&.! =(?6%.(6N! <3(! ;(6(/;$3! =/6!
(&;%$3(2! ?A! 6(-%:6.;>$.>;(2! #9A,(! %&.(;)%(=6! =%.3! ;(*()/&.! ,*/A(;6N! <3(6(! %&$*>2(2Y!
4+;-(;! "%&%6.(;! +4! .3(! 5&)%;+&-(&.! +4! "(U%$+! ]%.A! []'"^\P! .3(! 8%$A$*(! "/A+;! +4!
]'"^P! .3(! 2%;($.+;! +4! /! *+$/*! $%.%_(&! $A$*(! 0;+>,P! /&! (-,*+A((! /.! .3(! O&6.%.>.(! 4+;!
! !
!
7/0(!FI!+4!KL!!!
FI!
<;/&6,+;./.%+&! /&2! '()(*+,-(&.! 7+*%$A! [O<'7\P! /! $/;.+0;/,3(;! +4! 0*+?/*! ?%9(:63/;(!
,;+0;/-6P! /&2! /! ;(6(/;$3(;! 9&+=*(20(/?*(! /?+>.! 8##! =+;*2=%2(N! E6! /! $+-,/;%6+&!
,+%&.P! %&.(;)%(=6! =(;(! /*6+! $+&2>$.(2! =%.3! .3(! 4+;-(;! $++;2%&/.+;! 4+;! .3(! C%+! 2(!
l/&(%;+!?%9(:63/;%&0! ,;+0;/-! /&2! /! $++;2%&/.+;! 4+;! >;?/&! 2()(*+,-(&.! %&!]+*+-?%/N!
O&.(;)%(=((6! =(;(! 6.;/.(0%$/**A! $3+6(&! ?/6(2! +&! .3(%;! 9&+=*(20(! ;(0/;2%&0! ?%9(:
63/;%&0!,;+0;/-6!=+;*2=%2(!+;!.3(%;!%&)+*)(-(&.!%&!.3(!5$+8%$%! ,;+0;/-! 6,($%4%$/**AN!
<3(! %&.(;)%(=6! */6.(2! XKkaG! -%&>.(6! /&2! ,(;-%66%+&! =/6! 0;/&.(2! .+! ;($+;2! .3(!
%&.(;)%(=6!/&2!.+!g>+.(!4;+-!.3(-N!!
!
"(U%$+! ]%.A`6! 5$+8%$%! 6A6.(-! =/6! $3+6(&! /6! /! $/6(! 4+;! /&/*A6%6! 4+;! 6()(;/*! ;(/6+&6N!
D%;6.P! "(U%$+! ]%.A! %6! ;(,;(6(&./.%)(! +4! -/&A! +.3(;! 2()(*+,%&0! $+>&.;A! -(0/$%.%(6P! /6!
.3(! &(U.! 6($.%+&! 2%6$>66(6! %&! -+;(! 2(./%*N! ! #($+&2P! .3(! $%.A`6! ?%9(:63/;%&0! 6A6.(-! %6!
=%2(*A!;($+0&%_(2!/6! /! 6>$$(66P! 3/)%&0! =+&! 6()(;/*!/=/;26N!<3%;2P!.3(! 6A6.(-! %6! =(**!
2+$>-(&.(2!/&2!3/6!/&!%&4+;-/.%)(!=(?6%.(P!-/9%&0!%.!%2(/*!4+;!/&/*A6%6N!!
!
<3(!-(.3+2+*+0A!3/6!6()(;/*!*%-%./.%+&6N!D%;6.P!.3(!/,,;+/$3!+4!4+$>6%&0!+&!+&(!6%&0*(!
$/6(! 6.>2A! /**+=(2! 4+;! %&:2(,.3! /&/*A6%6! ?>.! /*6+! *%-%.(2! .3(! ,+66%?%*%.A! .+!
$+-,;(3(&6%)(*A! $+-,/;(! %.! .+! +.3(;! $/6(6N! <%-(! $+&6.;/%&.6! /*6+! ;(6.;%$.(2! .3(!
&>-?(;! +4! ,+66%?*(! %&.(;)%(=6N! #($+&2P! =3%*(! "(U%$+! ]%.A! %6! ;(,;(6(&./.%)(! +4!
(-(;0%&0! -(0/$%.%(6! %&! -/&A! =/A6P! 6+-(! +4! .3(! 4%&2%&06! -/A! &+.! ?(! /,,*%$/?*(! .+!
+.3(;! -(0/$%.%(6! =%.3! )(;A! 2%44(;(&.! $3/;/$.(;%6.%$6! 4;+-! "(U%$+P! (N0N! %&! .(;-6! +4!
.(;;/%&!/&2!$*%-/.(N!!
!
XK ?*Y>#"(;>-O(9'4(-@*(Z#"E>#>(QO+-*6((
XKJ ?*Y>#"(;>-O(R;)?[S(
"(U%$+!]%.AP! +.3(;=%6(! 9&+=&!/6! ]'"^! 4+;!%.6!#,/&%63! &/-(! >)$020. 0!. H!I)(&!%6! %&!
-/&A!=/A6!;(,;(6(&./.%)(!+4!-(0/$%.%(6!%&!(-(;0%&0!$+>&.;%(6N!!
! !
!
7/0(!FL!+4!KL!!!
FL!
!
;)?[( >+( #<"24*4K!!!<3%6!6,;/=*%&0!-(0/$%.AP! 3+-(! .+! +)(;! FH! -%**%+&! ,(+,*(P! %6!.3(!
-+6.!,+,>*+>6!-(.;+,+*%./&!/;(/!%&!.3(!d(6.(;&! R(-%6,3(;(! /&2! +&(! +4! .3(! */;0(6.!
$%.%(6!%&!.3(!=+;*2![Z/&!"(/2!FGHK\N!
!
;)?[( >+( #"'5*+-*4K! <3(! 4%;6.! -+.+;$/;6! /;;%)(2! %&!"(U%$+! ]%.A! %&!HcGM! /&2! ,*/A(2! /!
9(A!;+*(!%&!.3(!0;+=.3!+4!.3(!$%.AN!<3(;(!/;(!+)(;!KNK!-%**%+&!!$/;6P!/&2!.3/.!&>-?(;!%6!
0;+=%&0! 2(6,%.(!6+-(! +4! .3(! =+;6.! .;/44%$! i/-6! %&! .3(! =+;*2! [Z/&! "(/2! FGHK\N! ]/;!
+=&(;63%,!3/6! /*6+!0;+=&!-+;(!g>%$9*A!.3/&!.3(!,+,>*/.%+&N!O&!HcLGP!.3(;(!=(;(!HFX!
$/;6!,(;!HGGG!;(6%2(&.6f!?A!FGHGP!.3/.!&>-?(;!3/2!-+;(!.3/&!2+>?*(2!.+!FaI![Q>(;;/!
FGHK\N!!
E$$+;2%&0!.+!.3(!O8"!$+-->.(;!,/%&!%&2(UP!=3%$3!;/&96!.3(!(-+.%+&/*!/&2!($+&+-%$!
.+**! +4! $+-->.%&0P! %&! FGHH!
"(U%$+! ]%.A! ;/&9(2! /6! .3(!
=+;6.! %&! /! *%6.! +4! FG! $%.%(6!
[#$3=/;_! FGHH\N! E)(;/0(!
.;/)(*! 6,((2! %&! .3(! $%.A! 3/6!
2;+,,(2! .+! HF9-b3+>;!
;(6>*.%&0! %&! ;(6%2(&.6!
6,(&2%&0!/&!/)(;/0(!+4!.3;((!
3+>;6! /! 2/A! $+-->.%&0! [Z/&!
"(/2!FGHK\N!!
!
]+&0(6.%+&! .;/&6*/.(6! .+! $+6.6! /&2! %&(44%$%(&$%(6! %&! )/;%+>6! =/A6N! e44%$(! ?>%*2%&06!
/**+$/.(!/&!/)(;/0(!XFj!+4!.3(%;!*/&2!.+!,/;9%&0!6,/$(6!.+!6>,,+;.!(-,*+A((6`!$>;;(&.!
.;/&6,+;.!3/?%.6![O<'7!"(U%$+!FGHK\N!]+&0(6.%+&!;(2>$(6!=+;9(;6o!,;+2>$.%)%.A!/6!.%-(!
%6! =/6.(2! %&! .;/44%$! [7(;(_! E)(&2/p+! (.! /*! FGHK\N! D%&/**AP! .;/&6,+;./.%+&! $+6.6! $/&!
/$$+>&.!4+;!/*-+6.!FGj!+4!,(;6+&/*!/&&>/*!%&$+-(![7(;(_!E)(&2/p+!(.!/*!FGHK\N!
.
35G#&)'3DI';<((''
!"#$%&'O)'3DI'?455$J&%'>G"0'309&V'674$%,&)'3DI';<((@'
! !
!
7/0(!Fc!+4!KL!!!
Fc!
;)?[(>+(G"33/-*45!E%;!,+**>.%+&!3/6!?((&!/!6(;%+>6!$+&$(;&!%&!"(U%$+!]%.A!4+;!2($/2(6N!
O&! HccFP! .3(! @&%.(2! B/.%+&6! ;(,+;.(2! .3/.! ]'"^! =/6! .3(! -+6.! ,+**>.(2! $%.A! +&! .3(!
,*/&(.! [R%00%&6! HccF\N! ]>;;(&.! *()(*6! ;(-/%&! >&6/4(! /&2! /;(! /00;/)/.(2! ?A! .3(!
.+,+0;/,3AN! "(U%$+! ]%.A! *%(6! %&! /! 3%03:/*.%.>2(! */9(?(2! /&2! %6! 6>;;+>&2(2! ?A!
-+>&./%&6P!9((,%&0!,+**>.%+&!.;/,,(2!+)(;3(/2![E0;(&!FGHa\N!!
!
<3(! $%.A! 3/6! %-,*(-(&.(2! )/;%+>6! ,;+0;/-6! .+! $+-?/.! $+&0(6.%+&! /&2! ,+**>.%+&P!
%&$*>2%&0! ?>6! ;/,%2! .;/&6%.! 6A6.(-6! [8C<\! /&2! *+$/*! .;/%&6N! <3(! 6A6.(-6! 3/&2*(! /?+>.!
.=%$(!.3(! ,/66(&0(;6! +4! .3(! B(=!q+;9! "<E! /&2! -/9(! >,! ;+>03*A! aGkIGj! +4! .;%,6!%&!
]'"^![]3/&2*(;!FGHM\N!R+=()(;P! .3+6(! 6A6.(-6! 3/)(!*%-%.(2!0(+0;/,3%$/*!;(/$3!/&2!
/;(!+)(;$;+=2(2N!!!
!
D>;.3(;! -(/6>;(6! .+! ;(2>$(! $+&0(6.%+&! /&2! ,+**>.%+&! %&$*>2(! /! $+&0(6.%+&! ./UP! /!
-%*(/0(!./UP!./;0(.(2!6.;((.!$*+6>;(6P!/&2!/&!%&.(**%0(&.!](&.;/*!#A6.(-!4+;!.+**%&0! [O<D!
FGHI\N!!]'"^!3/6!/*6+!(6./?*%63(2!/!$/;!;(6.;%$.%+&!,;+0;/-!9&+=&!/6!J&?.'&.>)1($:2'P!
+;!'+&`.! ';%)(! <+2/AP!%&! =3%$3! $(;./%&!$/;6! /;(! &+.!/**+=(2!+&! .3(! ;+/2! +&! 6(*($.(2!
2/A6!/$$+;2%&0!.+!.3(%;!*%$(&6(!,*/.(6N!<3(!,>?*%$!?%9(:63/;%&0!6A6.(-P!5$+8%$%P!%6!+&(!+4!
.3(! -/&A! ,;+0;/-6! =3%$3! ]'"^! 3/6! %&6.%.>.(2! .+! %-,;+)(! *%)/?%*%.AP! -+?%*%.AP! /&2!
g>/*%.A!+4!*%4(!4+;!%.6!$%.%_(&6N!
!
XKM Z#"E>#>(
!
D+;!2($/2(6P!$%)%*!6+$%(.A!0;+>,6!6>$3!/6!.3(!$A$*%&0!+;0/&%_/.%+&!,)()*!-2+P!,*/A(2!/&!
%&4*>(&.%/*! ;+*(! %&! *+??A%&0! "(U%$+! ]%.A`6! ,+*%$A-/9(;6! .+! $;(/.(! 6/4(;! 6,/$(6! /&2!
$+&2%.%+&6!4+;!$A$*%6.6N!!
!
! !
!
7/0(!MG!+4!KL!!!
MG!
d3%*(! .3(! 0+)(;&-(&.! 2%2! &+.! ;(6,+&2! %--(2%/.(*AP! =3(&! %.! 2%2P! %.! ;(/$.(2! %&! /!
$+-,;(3(&6%)(! -/&&(;N!!
<3(! $%.A`6! 8%9(! #.;/.(0AP!
2()(*+,(2! %&! FGGIP! .3;((!
A(/;6! ?(4+;(! .3(! */>&$3! +4!
5$+8%$%P!=/6!2(6%0&(2!?/6(2!
+&! 4+>;! .(&(.6Y! H\! .3(!
2(6%0&! /&2! $+&6.;>$.%+&! +4!
$A$*%6.! %&4;/6.;>$.>;(P! F\! /!
,*/&! 4+;! %&.(;-+2/*%.AP! M\! /!
6A6.(-! +4! ,>?*%$! ?%9(6!
[5$+8%$%\P! /&2! X\! /! ,;+0;/-!
4+;! .3(! 6+$%/*%_/.%+&! /&2!
$>*.>;/*! %&.(0;/.%+&! +4!
?%9(6!%&.+!.3(!$%.AN!!
!
5$+8%$%! =/6! */>&$3(2! %&! FGHG! >&2(;! .3(! $%.A`6! 8%$A$*(! "+?%*%.A! #.;/.(0A! [5"8\P! /!
,;+0;/-! +4! #5'5"EP! .3(! "%&%6.;A! +4! 5&)%;+&-(&.! +4! .3(! $%.A! +4! "(U%$+! [/6! 2%6.%&$.!
4;+-!#5"ECBE<!.3(!&/.%+&/*!5&)%;+&-(&.!"%&%6.;A\!2(2%$/.(2! .+! ,;+-+.%&0! .3(! >6(!
+4! .3(! ?%9(! /6! /! 4+;-! +4! 6>6./%&/?*(! >;?/&! -+?%*%.A! %&! "(U%$+! ]%.A! [#5'5"E! FGHI\N!
d3%*(! 4>&2(2! ?A! .3(! $%.A! 0+)(;&-(&.! =%.3! /&! >,4;+&.! %&)(6.-(&.! +4! IK! -%**%+&!
"(U%$/&! ,(6+6! [MPFKGPGGG! Q87\P! %.! %6! +,(;/.(2! ?A! ]*(/;! ]3/&&(*P! /! ,;%)/.(! +>.2++;!
/2)(;.%6%&0!$+-,/&A! [7e]E]O<e! FGHK\N!O.! 3(&$(! 4+**+=6!/! ,>?*%$k,;%)/.(! ,/;.&(;63%,!
-+2(*! >&2(;! =3%$3! ]*(/;! ]3/&&(*! 6(.! >,! /&2! -/%&./%&6! .3(! ?%9(:63/;%&0! 6A6.(-! %&!
(U$3/&0(! 4+;! .3(! ;%03.! .+! >6(! ]'"^! ,>?*%$! 6,/$(! .+! 2%6,*/A! ;()(&>(:0(&(;/.%&0!
/2)(;.%6(-(&.6N! <3%6! %6! 2%44(;(&.! 4;+-! +.3(;! 8##! $%.A! -+2(*6! %&! =3%$3! /! $+-,/&A!
6,+&6+;6!.3(!?%9(:63/;%&0!6A6.(-P!6>$3!/6!.3(!+&(! %&! C%+! 2(! l/&(%;+P! 8;/_%*! ["/$3/2+!
FGHI\N!
!
!"#$%&'L)'W,4D","'.%#G0"XGJ"40G-'7J%$,J$%&'674$%,&)'>.?N?3A.'
;<(Y@'
! !
!
7/0(!MH!+4!KL!!!
MH!
5$+8%$%! %6! /! ?%9(:63/;%&0! 6A6.(-!
=%.3! (*($.;+&%$! /)/%*/?%*%.A! /&2!
*+$/.%+&! 6(;)%$(6N! ! <3(! ?%9(6!
3/)(!/!2%6.%&$.%)(!;(2!/&2!=3%.(!
-/;9%&0! .3/.! -/9(6! .3(-! (/6A!
.+! 4%&2N! @6(;6! $/&! ;(0%6.(;! /.!
$>6.+-(;! 6(;)%$(! $(&.(;6!
/;+>&2!.3(!$%.A!/&2!,/A!4+;!/$$(66!.+!.3(!6(;)%$(!2>;%&0!/!,/;.%$>*/;!*(&0.3!+4!.%-(N!<3(!
4((6!(&$+>;/0(!*+&0:.(;-!>6(Y!cG!,(6+6![rK\b2/A!+;!XGG!,(6+6![rFM\bA(/;N!'>;%&0!.3(!
$3+6(&!*(&0.3!+4!.%-(!.3(!>6(;!$/&!;%2(!4+;!/&!>&*%-%.(2!&>-?(;!+4!.;%,6! +4! >,! .+! XK!
-%&>.(6P! =3(;(! /4.(;! /&! /22%.%+&/*! 4((! %6! %&$>;;(2N! 5$+8%$%! 6./.%+&6! /;(! ,*/$(2! &(/;!
,>?*%$! .;/&6,+;.! 6.+,6P! /**+=%&0! 4+;! /! $+-?%&/.%+&! +4! .;/&6,+;.! +,.%+&6! [7+$/$%.+!
FGHK\N!!
!
O&!FGHMP!]'"^!=+&! .3(!>)(:&()$020!+!E=/;2P!/!;($+0&%.%+&!+4! .3(! $%.A`6!6>$$(66(6!+&!
?%9%&0P! %&$*>2%&0! ,>?*%$! ,+*%$AP! %&4;/6.;>$.>;(P! $+&&($.%)%.AP! 0;/&.6P! /&2! 5$+8%$%! [O<'7!
FGHM\N!d3%*(! ;($+0&%_%&0! .3/.! .3(! 6A6.(-! $/&! 6.%**! ?(! %-,;+)(2! /&2! (U.(&2(2!
[*%-%./.%+&6! 2%6$>66(2! %&! 6($.%+&! aNX\P! .3%6! .3(6%6! 3/6! $3+6(&! 5$+8%$%! /6! /! 6>$$(664>*!
?%9(:63/;%&0!6A6.(-!4;+-!=3%$3!.+!*(/;&N!!!
!
8%9(:63/;%&0!6>$$(66!$/&!?(!2(4%&(2!%&!-/&A!=/A6N!!D+;!,>;,+6(6!+4!.3%6!.3(6%6!6>$$(66!
%6!2(4%&(2!/6Y!
!
7<"2-@( >'( /+*<+@>GN!!!<3(!,;+0;/-P!=3%$3!6./;.(2!%&!FGHGP!3/6! &+.! +&*A! 6>;)%)(2! ?>.!
0;+=&!/6!63+=&!%&!D%0>;(!KN!e;%0%&/.%&0!=%.3!LK!2+$9%&0!6./.%+&6!/&2!HGGG!?%$A$*(6P!.3(!
6A6.(-! 3/6! (U,/&2(2! .+! +)(;! XXa! 2+$9%&0! 6./.%+&6! /&2! aGGG! ?%$A$*(6! =3%$3! $/&! ?(!
>6(2! ?A! .3(! /*;(/2A! +)(;! FKGPGGG! ;(0%6.(;(2! >6(;6! [5$+8%$%!FGHI\N! ! @6(;! 2(-/&2!
;(-/%&6!3%03!/)(;/0%&0!MXPGGG!2/%*A!>6(;6! ["(2%&! FGHI\N! ! 5$+8%$%!%6!.3(!*/;0(6.!%&!.3(!
;(0%+&!/&2!3/6!?((&!;(,*%$/.(2!%&!+.3(;!1/.%&!E-(;%$/&!$%.%(6![]XG]%.%(6!FGHI\N!!
! !
!
7/0(!MF!+4!KL!!!
MF!
!
(
B*4/#->"'( "I( 6"-"<>8*4( C*@>#3*+(9'4( *6>++>"'+K! E$$+;2%&0! .+! /! >6(;! 6>;)(A! +4! .3(!
6A6.(-P!5$+8%$%!;(2>$(6!;+>03*A!Lj!+4!./U%!>6(!/&2!Kj!+4!,;%)/.(!$/;!>6(![#5'5"E!/&2!
]5"]E!FGHK\N!O.! %6! (6.%-/.(2!.3/.!6%&$(!%.6!%&$(,.%+&P!.3(! 5$+8%$%!6A6.(-!3/6!;(2>$(2!
$/;?+&! (-%66%+&6! ?A! Xcc! .+&6! +4! ]eF! [O<'7! FGHX\N! O.! 3/6! /*6+! 6/)(2! /! .+./*! +4! -+;(!
.3/&!FPGGG!2/A6!%&!/00;(0/.(2!.;/)(*!.%-(![7+$/$%.+!FGHK\N!!
!
N+*<( +9->+I9#->"'K! E$$+;2%&0! .+! /! >6(;6`! 6>;)(A! $+&2>$.(2! %&! FGHXP! ;+>03*A! LFj! +4!
>6(;6!3/)(!&+.%$(2!,+6%.%)(!$3/&0(6!%&!.3(%;!g>/*%.A!+4!*%4(Y!XXj!/;(!-+;(!;(*/U(2P!MLj!
6/)(! -+&(AP! Maj! 3/)(! %-,;+)(2! ,3A6%$/*! $+&2%.%+&P! Faj! 3/)(! -+;(! .%-(! [#5'5"E!
/&2!]5"]E!FGHK\N!!
!
QO+-*6(*II>#>*'#ON!5$+8%$%!3/6!?((&! ;($+0&%_(2!/6!/-+&0!.3(!-+;(! (44%$%(&.P!;(*%/?*(P!
/&2! $+6.:(44($.%)(! +4! .3(! =+;*2N! !<3(! O&6.%.>.(! 4+;! <;/&6,+;./.%+&! /&2! '()(*+,-(&.!
7+*%$A![O<'7\!>.%*%_(6!.=+!-(.;%$6!.+!2(.(;-%&(!=3(.3(;!/!8##!%6!(44%$%(&.P!;(*%/?*(P!/&2!
$+6.:(44($.%)(Y!H\!.3(!/)(;/0(!&>-?(;!+4!2/%*A!>6(6!4+;!(/$3!?%$A$*(P!/&2!F\!.3(!/)(;/0(!
2/%*A!.;%,6! ,(;! ;(6%2(&.! =%.3%&!.3(! $+)(;/0(! /;(/N! #()(&!$%.%(6! $*/66%4A! =%.3! ?+.3!3%03!
-/;9(.! ,(&(.;/.%+&! /&2! 3%03! %&4;/6.;>$.>;(! >6/0(Y! 8/;$(*+&/P! 1A+&P! 7/;%6P! B(=! q+;9P!
C%+P!"(U%$+!]%.AP!/&2!"+&.;(/*N!!<3(A!;/&0(!?(.=((&!4%)(!/&2!.(&!.;%,6!,(;!?%9(!/&2!XG!
!"#$%&'Y)'Z"1J4%K'4C'H1&1'674$%,&)'W,4D","';<(M@'
! !
!
7/0(!MM!+4!KL!!!
MM!
.+!HaG!.;%,6!,(;!HPGGG!;(6%2(&.6N!"(U%$+!]%.A!/)(;/0(6!4%)(:/&2:/:3/*4!.;%,6!,(;!?%9(!/&2!
HKLNF!.;%,6!,(;!HPGGG!;(6%2(&.6![O<'7!FGHX\N!!
!
!
XKP (!"#$%>'+((
!
Q%)(&! .3(! $>;;(&.! 6>$$(66! +4! 5$+8%$%P! +&(! $+>*2! ?(! .(-,.(2! .+! +)(;*++9! .3(! %&%.%/*!
?/;;%(;6! .3/.! 3/2! .+! ?(! /22;(66(2! %&! +;2(;! .+! %&.;+2>$(! .3(! 6A6.(-P! +;! .3(! ?/;;%(;6!
=3%$3!/;(! 6.%**! %&! ,*/$(!/&2! /;(! 2(*/A%&0! .3(!4>;.3(;! (U,/&6%+&! +4! .3(! 6A6.(-N! ! d3%*(!
.3(;(!-/A!?(!+.3(;!$3/**(&0(6!.3/.!/;(!>&;(*/.(2!.+!$/;!2+-%&/&$(P!.3%6!.3(6%6!4+$>6(6!
+&!.3(!2/-,(&%&0!(44($.!+4!.3(!.;/2%.%+&/*!,;(2+-%&/&$(!+4!-+.+;%_(2!$/;6N!<3%6!.3(6%6!
3/6!%2(&.%4%(2!.3;((!.A,(6!+4!4/$.+;6!$+&.;%?>.%&0!.3(!/>.+-+.%)(!*+$9:%&Y!!%&6.%.>.%+&/*P!
,3A6%$/*P!/&2!$>*.>;/*N!!!<3%6!6($.%+&!2%6$>66(6!(/$3!+4!.3(6(!4+;!]'"^!/&2!/..(-,.6!.+!
%2(&.%4A! 3+=! .3(! )/;%+>6! ;(*()/&.! /$.+;6P! %&$*>2%&0! .3(! 0+)(;&-(&.P! $%)%*! 6+$%(.A! /&2!
,;%)/.(!6($.+;P!3/)(!/22;(66(2!.3(!?/;;%(;6N!!
XKPKJ(144<*++>'5(G"3>#O`>'+->-/->"'93(3"#$%>'+(
d3%*(!+&*A!/?+>.!+&(!.3%;2!+4!.;%,6!%&!"(U%$+!]%.A!/;(!-/2(!?A!$/;P!;+>03*A!LLj!+4!.3(!
$%.A`6!.;/&6,+;.!?>20(.!%&!FGHK!=(&.!.+!$/;:;(*/.(2!%&)(6.-(&.6P!>,!4;+-!KLj![FGHX\!
/&2!XXj![FGHM\P!KGNKj![FGHF\P!/&2!IIj![FGHH\N!8A!$+&.;/6.P!/*.3+>03!FXj!+4!.;%,6!/;(!
-/2(! ?A! &+&:-+.+;%_(2! )(3%$*(6P! +&*A! /?+>.! .3;((! ,(;$(&.! +4! .3(! $%.A`6!,>?*%$!
;(6+>;$(6! /;(! %&)(6.(2! %&! ,(2(6.;%/&! +;! $A$*%6.! %&4;/6.;>$.>;(! [O<'7! FGHK\N!!
D>;.3(;-+;(P!/!;/4.!+4!,>?*%$!,+*%$%(6!.+!,;+-+.(!.3(!6=%.$3!.+=/;2!&(=(;!-+2(*!$/;6P!
3/6!/$.>/**A!-/2(!$/;6!-+;(!2(6%;/?*(!/&2!/$$(66%?*(![E0;(&!FGHa\N!!
!
Z/;%+>6!/$.+;6!,*/A(2!/! ;+*(! %&!(&6>;%&0!.3(6(!*+$9:%&6!2%2!&+.! *+$9! +>.! .3(!6>$$(664>*!
(6./?*%63-(&.! +4! 5$+8%$%N! 8(4+;(! .3(! */>&$3! +4! 5$+8%$%P! 6()(;/*! $A$*%6.! BQe6! ?(0/&!
*+??A%&0! 4+;! $3/&0(6! .+! .3(! 2%6$;(,/&$A! %&! 4>&2%&0! /**+$/.%+&! /&2! */=6! 6>$3! /6! .3(!
<;/&6%.!1/=![]/;;(+&!FGHI\N!!O&!FGGIP!8%$%.(9/6P! 4+;! %&6./&$(P! ,;(6(&.(2! /! ,;+,+6/*! .+!
! !
!
7/0(!MX!+4!KL!!!
MX!
,;+-+.(! .3(! >6(! +4! .3(! ?%$A$*(N! O.! /*6+! 3(*,(2! ,;(,/;(! /! 8%**! +4! C%03.6! 4+;! ]A$*%6.6!
[]/;;(+&! FGHI\N! O&! FGHH! .3(! B/.%+&/*! @;?/&! ]A$*%&0! B(.=+;9! [8%$%C(2\!*/>&$3(2! /!
$/-,/%0&!2(-/&2%&0!.3/.!/.!*(/6.!Kj!+4!.3(!$%.A`6!.;/&6,+;.!;(6+>;$(6!0+!.+!(U,/&2%&0!
&+&:-+.+;%_(2! -+?%*%.A! [8%$%;(2! FGHI\N! <3(! O&6.%.>.(! 4+;! <;/&6,+;./.%+&! /&2!
'()(*+,-(&.!7+*%$A! [O<'7\! /*6+! 6.;+&0*A!/2)+$/.(2! 4+;! .3(! (6./?*%63-(&.! +4! $%.A=%2(!
$A$*(!;+>.(6N!
!
<3>6P! $%)%*! 6+$%(.A! ,*/A(2! /&! %-,+;./&.! ;+*(! %&! *+??A%&0! 4+;! ,+*%$A! $3/&0(6N! <3(! $%.A!
0+)(;&-(&.!%&!-/&A!=/A6!;(/$.(2!,+6%.%)(*AP!./9%&0!/2)/&./0(!+4!.3%6!,>?*%$!,;(66>;(N!!
!
#5'5"E`6! ;+*(! =/6! $;%.%$/*! %&! /22;(66%&0! ,+*%$A! /&2! %&6.%.>.%+&/*! *+$9:%&6N! e&$(! .3(!
2($%6%+&!=/6! -/2(! .+! (6./?*%63! /! 8##! 6A6.(-P! .3(! $%.A! 0+)(;&-(&.! /2+,.(2! -/&A! +4!
.3(! BQe6`! ;($+--(&2/.%+&6! %&$*>2%&0! .3(! 8%**! +4! C%03.6! 4+;! ]A$*%6.6! /&2! 7(2(6.;%/&6!
/&2! /&! /-(&2-(&.! .+! .3(! <;/&6%.! ;(0>*/.%+&! .+! ,;+.($.! ,(2(6.;%/&6! /&2! $A$*%6.6!
[]/;;(+&! FGHI\N! ! #.;/.(0%$/**AP! #5'5"E! /*6+! %&$+;,+;/.(2! 5$+8%$%! %&.+! .3(! ?;+/2(;!
,+*%$A!/0(&2/!+4!,+**>.%+&!$+&.;+*!/&2!>6(2!.3(!FGHG!]*%-/.(!]3/&0(!]+&4(;(&$(![]e7!
Ha\! 3(*2! %&! "(U%$+! /6! .3(! ,+*%.%$/*! -+-(&.! .+! */>&$3! 5$+8%$%P! 0/.3(;%&0! 3%03:*()(*!
,+*%.%$/*!6>,,+;.N!!
!
C(0/;2%&0! 4>&2%&0P! .3(! $%.A! 3/2! 2(2%$/.(2! /!
?>20(.!+4!IK!-%**%+&!,(6+6![MNFK!-%**%+&!Q87\!
.+!*/>&$3!.3(!6A6.(-!?>.!=/&.(2!.+!(&6>;(!/!
*+&0:.(;-!4%&/&$%/*!)%/?%*%.AN!D+;!.3%6!#5'5"E!
*++9(2! 4+;! /! ,;%)/.(! 6($.+;! ,/;.&(;N! Z%/! /&!
%&.(;&/.%+&/*!,>?*%$!?%22%&0!$+&.(6.!/!,;%)/.(!
$+-,/&A!=/6!6(*($.(2!.+!+,(;/.(!.3(!6A6.(-!
%&!(U$3/&0(!4+;!,>?*%$!/2)(;.%6%&0!;%03.6N! <3(!
=%&&(;P!]*(/;!]3/&&(*P! 3/6!/!6>$$(664>*!.;/$9!
;($+;2! =%.3! ?%9(:63/;%&0! 6A6.(-6! %&!
QG"-3>5@-("'(QG9>'0(,**4(I"<(
I>'9'#>93(C>9=>3>-O(
(
#,/%&!3/6!6((&!.3(!?%00(6.!&>-?(;!
+4!?%9(:63/;%&0!6$3(-(!$/6>/*.%(6N!
e?6(;)/.+;%+!2(!*/!8%$%$*(./!7s?*%$/!
(6.%-/.(6!.3/.!+4!.3(!HMG!6$3(-(6!
.3/.!*/>&$3(2!%&!#,/%&!?(4+;(!FGHGP!
aK!3/)(!$*+6(2P!3/*4!+4!.3(-!63>..%&0!
=%.3%&!.3;((!A(/;6!+4!+,(&%&0!![e785!
FGHI\!!
!
"/&A!=(;(!*/)%63*A!4>&2(2!?A!*+$/*!
/>.3+;%.%(6!,;%+;!.+!.3(!FGGIkL!
4%&/&$%/*!$;%6%6!/&2!2%2!&+.!6>;)%)(!
,>?*%$!?>20(.!$>.6N!
!
! !
!
7/0(!MK!+4!KL!!!
MK!
#.+$93+*-!/&2! 8/;$(*+&/P!/-+&0!+.3(;6N!<3/&96!.+!.3%6!,/;.&(;63%,P!5$+8%$%! 3/6!?((&!
/?*(!.+!-/%&./%&!/!;(*/.%)(*A!6./?*(!?/*/&$(!63((.N!!
!
<3(!$%.A!$+&.%&>(6!.+!/22;(66!%&6.%.>.%+&/*!*+$9:%&6N!!7(;3/,6!.3(!-+6.!%&0(&%+>6!=/A!+4!
2+%&0!.3%6!=/6!.3(!;($(&.!$;(/.%+&!+4!.3(!&(=!,+6%.%+&!+4!V8%$A$*(!"/A+;WN!<3(!8%$A$*(!
"/A+;!,;+0;/-!%6!/!0*+?/*! &(.=+;9! 4+$>6(2!+&!/$$(*(;/.%&0!.3(!,;+0;(66!+4!$A$*%&0! %&!
$%.%(6N!!'>;%&0!.3(!FGHI!d+;*2!8%9(!D+;>-P!"6N!E;(*%!]/;;(+&P!4+>&2(;!+4!$A$*%6.!0;+>,!
8%$%.(9/6P!=/6!/,,+%&.(2!8%$A$*(!"/A+;!+4!"(U%$+!]%.A![7(&-/&:1+-(*%!FGHI\N!!!d3%*(!
.3(!8%9(!"/A+;!2+(6!&+.!3+*2!4+;-/*!,+=(;P!63(!$/&!,;+-+.(!$A$*%&0!/&2!6(;)(!/6!/&!
(-,+=(;(2! %&.(;-(2%/;A! ?(.=((&! $A$*%6.6P! $+-->&%.A! 0;+>,6P! /&2! .3(! $%.A!
0+)(;&-(&.N!!
!
!
XKPKM(144<*++>'5(G@O+>#93(3"#$%>'+((
O&!"(U%$+!]%.AP!$/;:+;%(&.(2! %&4;/6.;>$.>;(! 2+-%&/.(6! .3(!>;?/&!6,/$(N!d3%*(!.3(!$%.A!
3/6!(U,/&2(2!,>?*%$!.;/&6,+;.P!%.!3/6!/*6+!$+&.%&>+>6*A!/22(2!-+;(!;+/26!.+!2(/*!=%.3!
$+&0(6.%+&!,;+?*(-6N!@&4+;.>&/.(*AP!.3(6(!;+/26!/;(!;/;(*A!$+&6.;>$.(2!=%.3!$A$*%6.6!%&!
-%&2!/&2!,+6(!6/4(.A!3/_/;26!4+;!$A$*%6.6N!!
!
C(/*%_%&0!.3/.!.3(6(!=(;(!$;%.%$/*!%66>(6P!/,,;+,;%/.(!$A$*%6.!%&4;/6.;>$.>;(!=/6!4;+-!.3(!
6./;.!+&(!+4!.3(! -/i+;! ,%**/;6! +4!.3(!$%.A`6!?%9(!6.;/.(0A!['(*0/2+!FGHI\N!<3%6! %&$*>2(2!
6()(;/*!/6,($.6Y!!
!
;O#3*(:9-@+((
<3(!,*/&!2(6%0&(2!?A!/!0.0!.>)(:&7)2+!$+&6%6.6!+4!$A$*(!,/.36!/*+&0!-/i+;!$%.A!/)(&>(6!
%&$*>2%&0! /! aNL! 9-! ,/.3! /*+&0! .3(! (-?*(-/.%$! K7!')02. 0!.:2. /!B&1"2N! #+-(! /;(!
$+&4%&(2! >&%2%;($.%+&/*!?%$A$*(! ,/.36! =%.3! ,3A6%$/*! ?/;;%(;6! .+! 2(-/;$/.(! .3(! ,/.3N!
<3(6(!$A$*(!,/.36! 3/)(!.;/&64+;-(2!&+.!+&*A!.3(! ,3A6%$/*!;+/26P!?>.!/*6+!.3(! -/&&(;!
! !
!
7/0(!Ma!+4!KL!!!
Ma!
%&!=3%$3!,(+,*(!.;/)(*!.3;+>03!.3(-P!0;/2>/**A!(&/?*%&0! ,(+,*(! .+! ;($*/%-! .3(! 6,/$(!
+&!/!-+;(!3>-/&!6$/*(!["%*)+$(6!FGHF\N!!!
!
E>$*(:9<$>'5(
8(4+;(!.3(!%&6./**/.%+&!+4!+44%$%/*!?%9(!,/;9%&0!6,+.6P!$A$*%6.6!;(6+;.(2!.+!*+$9%&0!?%9(6!.+!
*%03.!,+*(6!/&2!+.3(;!%&$+&)(&%(&.!/&2!;%69A!>;?/&!+?i($.6!['(*0/2+!FGHI\N!!#%&$(!FGGLP!
.3+>6/&26!+4!?%9(!,/;9%&0!6,+.6!3/)(!?((&!%&6./**(2!["%*)+$(6!FGHF\N!!
!
Q>5'95*(
];(/.%&0! &(=! 6,/$(6! /&2! %&4;/6.;>$.>;(! =+>*2! ?(!
*/;0(*A! %&(44($.%)(! =%.3+>.! /,,;+,;%/.(! 6%0&/0(N! <3(!
"%&%6.;A!%&6./**(2!+)(;!HPaGG!6%0&6!.+!$*(/;*A!2(-/;$/.(!
_+&(6! =3(;(! 5$+8%$%!%6! %&! +,(;/.%+&! /&2! .+! 6%0&/*!
$A$*%6.!2(6.%&/.%+&6N!!O&!/22%.%+&!.+!,;+.($.%&0!.3(!$A$*%6.6!/&2!(2>$/.%&0!$/;!2;%)(;6P!.3(!
6%0&6!6(;)(!.+!,;+-+.(! .3(! >6(!+4!.3(!?%9(P!%&$;(/6(! ;(6,($.P! /&2!%&$;(/6(!/=/;(&(66!
/?+>.!$A$*(!*/&(6!/&2!2(6.%&/.%+&6!["%*)+$(6!FGHF\N!!
!
;936(9<*9+(
O&!+;2(;!.+! %&$;(/6(!.3(!)%/?%*%.A!+4!$A$*%&0! /&2!.3(!>6(!+4!5$+8%$%P! .3(!$%.A!2(6%0&/.(2!
$(;./%&!/;(/6!/6!$/*-!.;/&6%.! _+&(6P! =3(;(! -+.+;%_(2! )(3%$*(! 6,((2! %6! &+.! /**+=(2! .+!
(U$((2!MG!9-b3;![5$+?%$%!FGHI\N!!
!
&'-*<6"493>-O!
'+$9%&0! 6./.%+&6! 4+;! 5$+8%$%! ?%9(6! =(;(! 6.;/.(0%$/**A! *+$/.(2! %&! .3(! )%$%&%.A! +4! +.3(;!
,>?*%$! .;/&6,+;.! -+2(6! %&! +;2(;! .+! 4/$%*%./.(! .3(! .;/&64(;! 4;+-! +&(! .+! /&+.3(;N! E!
,/;.%$>*/;! (-,3/6%6! 3/6! /*6+! ?((&! ,*/$(2! +&! ?>%*2%&0! ;/-,6! %&! +;2(;! .+! (&3/&$(!
%&.(;-+2/*%.AN! O&! /22%.%+&P! /6! +4! FGHMP! .3(! 5$+8%$%! 6A6.(-! =/6! /22(2! .+! .3(! 821%!*2.
>)$020!.;/)(*!$/;2!.+!,/A!4+;!+.3(;!4+;-6!+4!,>?*%$!.;/&6,+;.!["%*(&%+!FGHX\N!E$$+;2%&0!
! !
!
7/0(!MI!+4!KL!!!
MI!
.+!/!FGHX!6>;)(A!+&!>6(;!3/?%.6P!LIj!+4!.;%,6!-/2(!?A!5$+8%$%!/;(!$+-?%&(2!=%.3!+.3(;!
-(/&6!+4!.;/&6,+;.![#5'5"E!/&2!]5"]E!FGHK\N!!
!
XKPKP(144<*++>'5(#/3-/<93(3"#$%>'+(
5)(&!=3%*(!.3(!2%6/2)/&./0(6!+4!>6%&0!/!$/;!/;(!%&$;(/6%&0P!.3(!)(3%$*(!$+&.%&>(6!.+!?(!
/!6.;+&0!6+$%/*!/..;/$.+;! %&! ]'"^N! E6!3%03*%03.(2!?A!+&(!;(6(/;$3(;P!V';%)%&0! %6! /! ;(/*!
6./.>6!6A-?+*!%&! "(U%$+! ]%.AP! /&2! +&$(! /! 4/-%*A! 3/)(!;/%6(2!(&+>03!-+&(A! .+! ?>A! /!
$/;P!.3(;(o6! /!6./.>6!/66+$%/.(2!=%.3!,;%)/.(!)(3%$*(6!.3/.o6!.+>03!4+;!,(+,*(!.+!?;(/9W!
['/)%6!FGHI\N!!
.
#+$%/*! ,(;$(,.%+&6! 3/)(! /! 6.;+&0! $>*.>;/*! *+$9:%&! (44($.N! O&! "(U%$+P! .3(! .(;-! V#$!;:&.
;)()(:!*!1&t![?%9(;!)%**/0(\!2(&+.(6!/!,++;!)%**/0(N!<3(!%-/0(!+4!/!?%9(;!%6!6+-(+&(!=3+!
%6!,++;!/&2! $/&&+.!/44+;2!.+!?>A!/! $/;!['(*0/2+!FGHI\N!<3%6! 3(*,6!(U,*/%&!=3A!-%22*(!
$*/66!,(+,*(!%&!]'"^! +4.(&!;($(%)(!2%6/,,;+)%&0!;(-/;96!>,+&!;%2%&0! /!?%9(!.+!=+;9N!
D+;!%&6./&$(P!/&!(&0%&((;!(&2>;(2!2%6$;%-%&/.+;A!;(-/;96!/.!=+;9!/&2!$;%.%$%6-6!4;+-!
4/-%*A!-(-?(;6!=3+!$+>*2!&+.!>&2(;6./&2!=3A!/&!(&0%&((;!=+>*2!./9(!/!?%9(!.+!=+;9!
[1+,(_! FGHM\N! ! <3(6(! ;(/$.%+&6! 63+=! 3+=! /! ,(;6+&`6! $3+%$(! +4! .;/&6,+;.! ?;%&06! >,!
&+.%+&6!+4!)/*>(6P!&+;-6P!/&2!$+&6.;>$.%+&6!+4!%2(&.%.A![1+,(_!FGHM\N!.
!
O&!+;2(;!.+!/22;(66!$>*.>;/*!*+$9:%&6P!/$.+;6!%&!"(U%$+!]%.A!!%&6.%.>.(2!/!$+-,;(3(&6%)(!
6(.!+4!-(/6>;(6P!6+-(!+4!=3%$3!=(;(!)(;A!$;(/.%)(N!!
!!
;@9'5>'5(&695*((
8(4+;(!.3(!*/>&$3!+4!5$+8%$%P!#5'5"E!
=/&.(2! .+! $;(/.(! /! -+;(! ,+6%.%)(!
%-/0(! +4! $A$*%&0! .+! $+>&.(;/$.!
,(+,*(`6! &(0/.%)(! ,(;$(,.%+&6N!
5$+8%$%!=/6!.3(;(4+;(!?;/&2(2!/6!V:2."2'!12.)'*!:)4!'*!.0!."&7!1+!W![.3(!%&.(**%0(&.!
=/A!.+!.;/)(*\N!O.!%6!%&.(**%0(&.!?($/>6(!%.!%6!3(/*.3AP!3(*,6!.3(!,*/&(.P!/&2!;(2>$(6!.;/)(*!
! !
!
7/0(!ML!+4!KL!!!
ML!
.%-(![5$+8%$%!FGHG\N!O&!/!6.;+9(! +4! %&0(&>%.AP! 4+>;!-+&.36!?(4+;(!.3(!%-,*(-(&./.%+&!
+4! 5$+8%$%P! /&.%$%,/.%+&! =/6! $;(/.(2! =%.3! .3(! >?%g>%.+>6! -(66/0%&0! ! V?2. 7)!'!. :2.
"2'!12.)'*!:)4!'*!. 0!. "&7!1+!W! [.3(!%&.(**%0(&.! =/A! +4! .;/)(**%&0!%6! $+-%&0\P! =%.3+>.!
-(&.%+&%&0! =3/.! .3/.! -+2(! +4! .;/)(*!
=/6N!e&$(!5$+8%$%!/,,(/;(2P!-(66/0%&0!
6=%.$3(2! .+! VL2. ::!4&. :2. "2'!12.
)'*!:)4!'*!. 0!. "&7!1+!W! [.3(! %&.(**%0(&.!
=/A! .+! .;/)(*! 3/6! /;;%)(2\! ['(*0/2+!
FGHI\N!!
!
<+2/A!.3(! $3/&0%&0!%-/0(!+4!.3(!?%9(!%6!
?(0%&&%&0! .+! ?(/;! 4;>%.N! <3;+>03! %.6!
%-,*(-(&./.%+&! /&2! /2+,.%+&! %&! 3%03(;!
%&$+-(! /;(/6P! 5$+8%$%! 3/6! 3(*,(2!
(&0(&2(;!/!&(=! ,;+4%*(!+4!/!$A$*%6.Y! +&(!
=3+! %6! -%22*(! $*/66P! (2>$/.(2P! /&2! 4+;! =3+-! ?%9%&0! %6! /! $3+%$(! ;/.3(;! .3/&! /&!
($+&+-%$!&($(66%.AN!!<3%6!3/6!/**+=(2!.3(!?%$A$*(!.+!0/%&!)%6%?%*%.AP!6+$%/*!/$$(,./&$(P!
/&2!*(0%.%-/$A![1+,(_!FGHM\N!!!!!
!
./-<*9#@(
O&! +;2(;! .+! ,+,>*/;%_(! ?%9%&0! /&2! ,;+-+.(! .3(! (U,(;%(&$(! +4! .%-(! (44%$%(&$A! %&!
.;/&6,+;.P! .3(! $%.A! 0+)(;&-(&.! /$.%)(*A! ,;+-+.(2! ?%9(! $+-->.%&0! /&2! ;($;(/.%+&/*!
?%9%&0!=%.3!.3(%;!H$M7!*!.!'.,)()!/&2!+.3(;!$A$*%&0!,;+0;/-6N!#%-%*/;!.+!/&!%&%.%/.%)(!%&!
8+0+./P!]+*+-?%/P! .3(! $%.A! ?(0/&! $*+6%&0! $(;./%&! $%.A! 6.;((.6! .+!$/;! .;/44%$P! >6>/**A! +&!
#>&2/A6P!/**+=%&0!,(+,*(!.+!?($+-(!$+-4+;./?*(!;%2%&0!?%9(6!%&!.3(!$%.AN!<3%6!,;+0;/-!
/*6+!3(*,(2!%&$(&.%)%_(!?%9(!>6(! ?A! *(..%&0! ,(+,*(! ;(/*%_(!.3/.!0(..%&0!4;+-!,+%&.!E!.+!
,+%&.!8P! =3%$3! -/A! .A,%$/**A! ./9(!MG! -%&>.(6! ?A! $/;P!-/A! +&*A! ./9(! HG! -%&>.(6!+&! /!
?%9(!['(*0/2+!FGHI\N!e.3(;!,;+0;/-6! =3%$3! +;0/&%_(! =+-(&:+&*A! ?%9(!.+>;6!+;!&%03.!
(U$>;6%+&6![D2+!&+.N&(*$1'&+\!3/)(!?((&!,/;.%$>*/;*A!,+,>*/;!%&!+44(;%&0!/&!%&&+)/.%)(!
! !
!
7/0(!Mc!+4!KL!!!
Mc!
=/A!.+!(U,(;%(&$(!?%9%&0!%&! .3(! $%.AN!<+!2/.(P!.3(;(!3/6!?((&! /! )%6%?*(!%&$;(/6(!%&!.3(!
&>-?(;!+4!,(+,*(!$A$*%&0!+&!$*+6(2!6.;((.6![/6!=(**!/6!.+!=+;9!+&!=((92/A6\!/&2!/*6+!
%&!.3(!&>-?(;!+4!=+-(&!>6(;6![#5'5"E!/&2!]5"]E!FGHK\N!!!
!
8%9%&0!3/6!&+.!.;/2%.%+&/**A!?((&!/!,+,>*/;!-+2(!+4!.;/&6,+;.!%&!]'"^N!!<+!/22;(66!.3(!
4(/;! +4! ?%9%&0! /&2! */$9! +4! 4/-%*%/;%.A! =%.3! .3(! /$.%)%.AP! /! $%.A:6>,,+;.(2! >;?/&! $A$*%&0!
6$3++*P!/*+&0!=%.3!V?%9(! .+! =+;9W! /&2!V?%9(!.+!6$3++*W!,;+0;/-6P!/*6+!3(*,(2! $3/&0(!
/..%.>2(6!/&2!.(/$3!,(+,*(!3+=!.+!0(.!/;+>&2!6/4(*A!?A!?%9(N!!
!
,)(). 2. 812;2%&! %6! /! ,>?*%$b,;%)/.(! %&%.%/.%)(! 2(6%0&(2! .+! ,;+-+.(! .3(! >6(! +4! ?%9(6! 4+;!
0(..%&0! .+! =+;9N! ! #+-(! ($+:;(6,+&6%?*(! $+-,/&%(6! 6/=! .3(! >6(! +4! ?%9(6! /6! /&!
/22%.%+&/*!=/A! .+!4>;.3(;!.3(%;!0;((&!%&%.%/.%)(6!/&2!3/)(!6%&$(!%&$+;,+;/.(2!/!4*((.!+4!
?%$A$*(6!%&.+!.3(%;!,/;9%&0!/;(/6!/.!.3(!2%6,+6/*!+4!(-,*+A((6!["%*)+$(6!FGHF\N!
!
1(/2%&0!?A!(U/-,*(P!.3(!"/A+;!2($%2(2!.+!;%2(!/&!5$+8%$%!?%9(!()(;A!"+&2/A!4;+-!3%6!
3+-(!.+!.3(!->&%$%,/*%.AN!e)(;!.%-(P!;+>03*A! KGG! 0+)(;&-(&.! (-,*+A((6! i+%&(2! 3%-!
()(;A! "+&2/AP! /**+=%&0! .3(! $%.A! 0+)(;&-(&.! +44%$(! .+! $*+6(! %.6! $/;! ,/;9%&0! 6,/$(! +&!
.3/.!2/AN! !<3(!;%2(6!$/>6(2!/!6.%;!%&!.3(!$%.A!/&2!/..;/$.(2!.3(!/..(&.%+&!+4!i+>;&/*%6.6P!
=3+! 6++&! ;+2(! =%.3! .3(! "/A+;! /&2! =(;(! %&4+;-(2! /?+>.! .3(! ?(&(4%.6! +4! 5$+8%$%! /6!
.3(A!;+2(!['(*0/2+!FGHI\N!!!E!*+&0!*/6.%&0!%-,/$.!%6!()%2(&$(2!?A!.3(!4/$.!.3/.!-/&A!
,>?*%$!+44%$%/*6!*/.(;!/2+,.(2!5$+8%$%!/6!/!;(0>*/;!4+;-!+4!.;/&6,+;.N!!
!
D%&/**AP! #5'5"E! 3/6! /*6+! ,>?*%63(2! /! 4;((P! ,+$9(.:6%_(2! >;?/&! $A$*%6.`6! -/&>/*P!
2%6.;%?>.(2!?A!.3(!$%.AP!=%.3!.%,6!+&!()(;A.3%&0!4;+-!-/%&.(&/&$(!.+!3+=!.+!;%2(!6/4(*A!
/&2!*(0/**A![5$+8%$%!FGHI\N!</9%&0!/2)/&./0(!+4!6+$%/*!-(2%/!+,,+;.>&%.%(6P!5$+8%$%!/*6+!
3/6! /$.%)(! <=%..(;! /&2! D/$(?++9! /$$+>&.6! (&/?*%&0! >6(;6! .+! %&.(;/$.! (/6%*A! =%.3! .3(!
,;+0;/-N!5$+8%$%!,;+)%2(6!=((9*A!>6/0(!;(,+;.6!/&2!/&&+>&$(6!$3/&0(6!%&!.3(!6A6.(-!
+;!+.3(;!%&4+;-/.%+&!.3/.!-/A!?(!;(*()/&.!.+!>6(;6N!!
!
! !
!
7/0(!XG!+4!KL!!!
XG!
144<*++>'5()<>C*<(E*@9C>"<((
E!6,($%4%$!$+-->&%$/.%+&6!$/-,/%0&!=/6!2()(*+,(2!.+!(2>$/.(!2;%)(;6!+&!3+=!$A$*%6.6!
$/&!/$.>/**A! ?(&(4%.!.3(-N!"(66/0(6!%&$*>2(2P!4+;!%&6./&$(P!V+&(!$A$*%6.!u!+&(!*(66!$/;!
+&!.3(!;+/2P!/**+=%&0!A+>!.+!/;;%)(!.+!=+;9!4/6.(;W!/&2!V+&(!$A$*%6.!u!+&(!-+;(!,/;9%&0!
6,+.!+,(&!4+;!A+>!.+!,/;9W!['(*0/2+!FGHI\N!!d3%*(!.3(!2%;($.!%-,/$.!+4!6>$3!-(66/0%&0!
3/2!+&!2;%)(;6`!/0;(66%+&!%6!3/;2!.+!-(/6>;(P! .3(!$/-,/%0&!-/A! 3/)(!-/2(!6+-(! $/;!
2;%)(;6!.3%&9!.=%$(!?(4+;(!/$.%&0!/00;(66%)(*A!.+=/;26!?%9(;6!['(*0/2+!FGHI\N!!
(
:*<#*G->"'+(Q/<C*O(
e&(!2%6.%&0>%63%&0!4(/.>;(!+4!5$+8%$%!%6!.3(! $+--%.-(&.! .+! A(/;*A! 6>;)(A6! +4!>6(;6!%&!
+;2(;! .+! )(;%4A! 6/.%64/$.%+&! *()(*6! /&2! -+&%.+;! /;(/6! .3/.! &((2! %-,;+)(-(&.N! <3(!
6>;)(A6P! /2-%&%6.(;(2! ?A! #5'5"E! /&2! .3(! ](&.;+! 2(! 56.>2%+6! "(U%$/&+6! A!
](&.;+/-(;%$/&+6![]5"]E\P!6((9!.+!%2(&.%4A!4/$.+;6!.3/.!*(/2!,(+,*(!.+!>6(!5$+8%$%!%&!
+;2(;!.+!(&$+>;/0(!.3(!>6(!+4!.3%6!6A6.(-!/6!=(**!/6!.3(!,;%)/.(!?%$A$*(N!O&!/22%.%+&P!%.!
6((96!.+! >&2(;6./&2! =3/.! -+.%)/.(6! ,(+,*(!.+! $3/&0(! .3(%;! -+2(!+4! .;/&6,+;./.%+&N!
<3(!6>;)(A!$+)(;6!g>(6.%+&6!;/&0%&0!4;+-!>6(;!,;+4%*(P!.;/)(*!$3/;/$.(;%6.%$6P!.;/&6,+;.!
3/?%.6P!/&2!.3(! >6(! /&2! %-,/$.! +4! 5$+?%$%![#5'5"E!/&2! ]5"]E! FGHK\N! ! C(6>*.6! 4;+-!
.3(!*/.(6.!6>;)(A!%&2%$/.(2!.3/.Y!!
" <3(!-+6.!4;(g>(&.!.;/)(*!2(6.%&/.%+&!%6!.3(!+44%$(![XKj!+4!;(6,+&2(&.6\!!
" LIj!+4!.3(!.;%,6!/;(!$+-?%&(2!=%.3!/&+.3(;!-+2(!+4!.;/&6,+;.!
" MGj!?(0/&!.+!>6(!5$+?%$%!.+!/)+%2!.;/44%$f!FLj!.+!0(.!.+!=+;9!4/6.(;!!
" aLj!/;(!$+&6%2(;%&0!;(,*/$%&0!.3(%;!,;%&$%,/*!-+2(!+4!.;/&6,+;.!=%.3!/!?%9(!!
!
!"#$%>'(Q/669<O((
</?*(! F! 6>--/;%_(6! .3(! />.+-+.%)(! *+$9:%&6! =3%$3! 3/)(! ?((&! %2(&.%4%(2! /&2! .3(!
)/;%+>6!-(/6>;(6!=3%$3!=(;(!>6(2!%&!]'"^!.+!/22;(66!.3+6(!*+$9:%&6N!!"/&A!+4!.3(6(!
-(/6>;(6!$+>*2!?(!3(*,4>*!.+!+.3(;!$%.%(6!$+&6%2(;%&0!.3(! %&.;+2>$.%+&!+4!/!8##!+;!.3(!
%-,;+)(-(&.!+4!/&!(U%6.%&0!+&(N!!
! !
! !
!
7/0(!XH!+4!KL!!!
XH!
!"#$%>'((
QG*#>I>#(3"#$%>'(
?*9+/<*+(-"(944<*++(3"#$%>'(
&'+->-/->"'93`:"3>#O(
"/i+;%.A!+4!$%.A!.;/&6,+;.!
?>20(.!2(2%$/.(2!.+!
/>.+-+.%)(!%&4;/6.;>$.>;(!!!
!
5U%6.%&0!,+*%$%(6!,;+-+.(!
-+.+;%_(2!.;/&6,+;./.%+&!
2%;($.*A!/&2!%&2%;($.*A!
• #./;.%&0!?>20(.!4;+-!,>?*%$!6($.+;!
• 7/;.&(;63%,!=%.3!,;%)/.(!6($.+;!$+-,/&A!4+;!
+,(;/.%+&!/&2!-/%&.(&/&$(!
• O&.(0;/.%+&!+4!8##!%&.+!?;+/2(;!$%.A!6>6./%&/?*(!
>;?/&!.;/&6,+;.!6.;/.(0A!
• O&.(0;/.%+&!+4!8##!%&.+!%&.(;&/.%+&/*!$*%-/.(!
$3/&0(!-%.%0/.%+&!(44+;.6!
• ];(/.%+&!+4!.3(!,+6.!+4!8%$A$*(!"/A+;!
1/$9!+4!,(2(6.;%/&!/&2!
$A$*%6.!;%03.6!!
• ]+&6.;>$.%)(!>6(!+4!BQe!*+??A%&0!.+!,/66!>;?/&!
8%**!+4!C%03.6!4+;!$A$*%6.6!
:@O+>#93(
]+-,(.%.%+&!4+;!,/;9%&0!
/&2!;%2%&0!6,/$(!
!
• '(6%0&/.%+&!+4!?%9(!,/.36!/*+&0!(-?*(-/.%$!
/)(&>(6!
• 7*/$(-(&.!+4!8##!2+$9%&0!6./.%+&6!&(/;!+.3(;!
,>?*%$!.;/&6,+;./.%+&!-+2(6!.+!4+6.(;!
%&.(;-+2/*%.AN!!
]/;:+;%(&.(2!;+/2!
%&4;/6.;>$.>;(!>&6/4(!4+;!
$A$*%6.6!!
• '(6%0&/.(2!?%9(!*/&(6!/&2!$/*-!.;/44%$!/;(/6!
• ]*+6>;(!+4!%$+&%$!;+/26!.+!$/;6![/&2!+,(&!.+!
$A$*%6.6!/&2!,(2(6.;%/&6\!+&!6,($%4%$!2/A6!
• #%0&/0(!%&2%$/.%&0!$A$*%&0!_+&(!/&2!$A$*%6.!
2(6.%&/.%+&6!
;/3-/<93(
]/;!,(;$(%)(2!/6!6./.>6!
6A-?+*!=3%*(!?%9(!
/66+$%/.(2!=%.3!,+)(;.A!
• 8;/&2%&0!+4!8##!/6!V%&.(**%0(&.!=/A!+4!.;/)(*W!
• 5&0/0(2!>6(!+4!6+$%/*!-(2%/!!
E00;(66%)(!';%)(;!8(3/)%+;!!
• ]+-->&%$/.%+&6!+&!3+=!$/;!2;%)(;6!?(&(4%.6!
4;+-!?%9(;6!!
• '(6%0&/.(2!]/*-!T+&(6!!
1/$9!+4!4/-%*%/;%.A!=%.3!
$A$*%&0!
• </;0(.(2!.;/%&%&0!
• O&&+)/.%)(!$%.A!$A$*(!;%2(6!
AG:-&';)'N$J454J"T&'U4,EF"01'G09'I&G1$%&1'J4'N99%&11'J+&5'6AG:-&',%&GJ&9':K'G$J+4%@''
!
! !
!
7/0(!XF!+4!KL!!!
XF!
!
E6!/!;(6>*.! +4! .3(! %&.(0;/.%+&! +4!/**!.3(! /?+)(! (44+;.6P! .3(! )%/?%*%.A! +4!5$+8%$%! /&2! .3(!
+)(;/**!%-/0(!+4!?%9%&0!3/6!?((&!0;/2>/**A!.;/&64+;-(2!%&!]'"^!/&2!?%9(;6!3/)(!?((&!
/66%-%*/.(2! %&.+! .3(! $%.A`6! .;/44%$! g>%.(! =(**P! (6,($%/**A! $+&6%2(;%&0! .3/.! .3(;(! =(;(!
/*-+6.!&+!?%9(6!+&!.3(!6.;((.6!+4!"(U%$+!]%.A!i>6.!/!4(=!A(/;6!/0+N!!
!
!
XKT :*<+>+-*'-(#@933*'5*+((
!
5$+8%$%!%6!=%2(*A!;($+0&%_(2!/6!?(%&0!+&(!+4!.3(!-+;(!6>$$(664>*!8##!%&!.3(!=+;*2![O<'7!
FGHX\N!E&2!A(.!-+)%&0!4+;=/;2P!5$+8%$%!6.%**!4/$(6!$3/**(&0(6N!
!
;"6=9-->'5(;@9'5>'5(:*<#*G->"'+(
5$+8%$%!3/6!+)(;$+-(!.3(!,(;$(,.%+&!+4! .3(! ?%9(! ?(%&0! +&*A!4+;!,++;!,(+,*(!/6!-/&A!
A+>&0! ,;+4(66%+&/*6! 3/)(! $+&)(;.(2! %.! %&.+! v$'2. (&+2. 0!. "&02`! +;! 6+-(.3%&0!
4/63%+&/?*(! []/;;(+&! FGHI\N! R+=()(;P! &+=! 5$+8%$%! %6! $+-?/..%&0! .3(! +,,+6%.(!
,;+?*(-Y!?(%&0!,(;$(%)(2!/6!(*%.%6.N!];%.%$%_(2!4+;!(U,/&2%&0!-+6.*A!%&.+!3%03(;!%&$+-(!
&(%03?+;3++2!/&2!;(g>%;%&0!.3(!>6(!+4!$;(2%.!$/;2!.+!;(0%6.(;P!.3(!6A6.(-!=/6!6((&!/6!
2%6$;%-%&/.+;A! .+=/;26! *+=(;! %&$+-(! ,(+,*(N! d3%*(! .3%6! ;(-/%&6! /&! +&0+%&0! %66>(P!
6()(;/*!-(/6>;(6!3/)(!&+=!?((&!./9(&!.+!/22;(66!%.N!D%;6.P!.3(!$%.A!;($(&.*A!$3/&0(2!
.3(! 6A6.(-! .+! /**+=! ,(+,*(! =%.3+>.! /$$(66! .+! $;(2%.! $/;2! .+! >6(! .3(%;! ,3+&(! ?%**!
-(-?(;63%,! .+! ;(0%6.(;N! #($+&2*AP! .3(! 6A6.(-! %6! %&6./**(2! =%.3! .($3&%$/*! 2()%$(6! .+!
$/,.>;(!-(/6>;(-(&.6![(N0N!>6(;!,;+4%*(P!2%6./&$(!.;/)(**(2P!/&2!,+%&.!+4!+;%0%&\N!D;+-!
.3%6!2/./P!.3(;(!%6!()%2(&$(!.+!63+=!.3/.!5$+8%$%!%6!/$.>/**A!*(66!(*%.%6.!.3/&!,(;$(%)(2!?A!
6+-(Y!/*-+6.!XGj!+4!>6(;6!$+-(! 4;+-! /;(/6! +>.6%2(! .3(! 3%03:%&$+-(!&(%03?+;3++26!
[]/;;(+&! FGHI\N! B+&(.3(*(66P! 4>;.3(;! (44+;.6! /;(! ;(g>%;(2! .+! -/9(! 6>;(! 5$+8%$%! %6!
/$$(66%?*(!/&2!/44+;2/?*(!4+;!*+=:%&$+-(!;(6%2(&.6N!!!!
(
(
! !
!
7/0(!XM!+4!KL!!!
XM!
ZYG9'+>"'((
5U,/&6%+&!+4!.3(!5$+8%$%!6A6.(-!6((-6!.+!3/)(!6./**(2!6+-(=3/.P!;(-/%&%&0!/.!/;+>&2!
aGGG!?%9(6!+)(;!.3(!,/6.!.3;((!A(/;6N!O&!/22%.%+&P!.3(!$%.A!+&*A!3/6!HXG!9-! +4!.3(!aGG!
9-! +4! ?%9(! */&(6! .3/.! ?%9(! /$.%)%6.6! (6.%-/.(! %.! &((26! [7(&-/&:1+-(*%!FGHI\P! /&2!
5$+8%$%!3/6!6+!4/;!$+&$(&.;/.(2!%.6!,;(6(&$(!%&!.3(!-%22*(!+4!.3(!$%.AN!!d3%*(!.3/.!/;(/!
3/6! (&/?*(2! .3(! ?%9(! .+! 0/%&! 6+$%/*! /$$(,./&$(P! %&)(6.-(&.! %6! &+=! &((2(2! %&! +.3(;!
/;(/6!+4!.3(! $%.AP!.+!(&/?*(!(U,/&6%+&! +4!.3(!8##!/&2!?;+/2(&! .3(!>6(!+4!?%9%&0!/6! /&!
(44%$%(&.!/&2!6/4(!.;/&6,+;.!+,.%+&!4+;!.3(!,>?*%$!%&!0(&(;/*![1+,(_!FGHM\N!!
!
,*2(;"'I3>#-+((
@&(U,($.(2*AP!5$+8%$%!3/6!?;+>03.!$+&4*%$.!=%.3!,(2(6.;%/&6!=3+!$+-,*/%&!.3/.!5$+?%$%!
>6(;6!/;(!V$/;! 2;%)(;6!+&!.=+!:=3((*6P!=3+!?;%&0! =%.3!.3(-!?/2!3/?%.6!6>$3! /6!;%2%&0!
+&!6%2(=/*96P!.;/)(**%&0!%&!=;+&0!2%;($.%+&!+4!.;/)(*W![]/;;(+&!FGHI\N!BQe6!/;(!=+;9%&0!
=%.3!.3(!0+)(;&-(&.!.+!$;(/.(!6,/$(!4+;!2%/*+0>(!/&2!/,,;+,;%/.(!.;/%&%&0N!
!
!
WK !*++"'+(!*9<'*4((
!
<3%6!.3(6%6!3/6!/,,*%(2!*+$9:%&!.3(+;A!.+!%2(&.%4A!-($3/&%6-6!.3/.!/$.(2!/6!?/;;%(;6!.+!
.3(!(6./?*%63-(&.P!0;+=.3P!/&2!+,(;/.%+&!+4!/!8##!%&!"(U%$+!]%.AN!E6!3/6!?((&!63+=&P!
3+=()(;P! .3(! *+$9:%&6! 2%2! &+.! *+$9! +>.! .3(! ,+66%?%*%.A! +4! $3/&0(N! 5$+8%$%! =/6! /?*(! .+!
(6./?*%63!%.6(*4!/&2! 0;+=!=%.3!;($+0&%_(2!6>$$(66P! ?($+-%&0!/!,/;.!+4! .3(!$%.A`6!>;?/&!
-+?%*%.A!6A6.(-N!!
!
<3(!*%.(;/.>;(![E?2/**/3!(.!/*!FGHMP!#/&_!/&2!J%6.(;6!FGHGP!5]D!FGHI\!%2(&.%4%(6!6()(;/*!
.A,%$/*!4/$.+;6!+4!6>$$(66!4+;!/&!>;?/&!8##!%&$*>2%&0Y(!
• 5U%6.(&$(! +4! /! 6.;+&0! ,>?*%$! $3/-,%+&! =%.3! $/,/$%.A! .+! -/9(! ?%9%&0! /! ,+*%.%$/*!
,;%+;%.A!+4!>;?/&!,*/&&%&0!
! !
!
7/0(!XX!+4!KL!!!
XX!
• d(**!.3+>03.!+>.!4>&2%&0!6$3(-(!
• #>,,+;.%)(! %&4+;-/.%+&! .($3&+*+0A! /&2! (*($.;+&%$! %2(&.%4%$/.%+&! +4! *+$/.%+&! +4!
/)/%*/?*(!?%9(6!!
• 1+$/.%+&!&(/;!+.3(;!.;/&6,+;.!+,.%+&6!
• D*(U%?%*%.A!;(0/;2%&0!,%$9:>,P!2;+,:+44!/&2!,;%$%&0!
• w>/*%.A! 6(;)%$(! (&6>;%&0! .3/.! ?%9(6! /;(! &+.! +&*A! /)/%*/?*(! ?>.! /*6+! %&! 0++2!
$+&2%.%+&P!$+-4+;./?*(P!/&2!=(**!2%6.;%?>.(2!.3;+>03+>.!.3(!$%.A!
• E..;/$.%)(!;+>.(6!4+;!&+&:(U,(;%(&$(2!>6(;6!!
!
E**! +4! .3(6(! 4/$.+;6! /;(! ,;(6(&.! %&! 5$+8%$%N! 8>.! ?(A+&2! .3(-P! .3(! $/6(! 6.>2A! 63+=6!
6+-(! ;(*/.%)(*A! >&%g>(! 4(/.>;(6! +4! 5$+8%$%P! =3%$3! $+>*2! ,;+)%2(! 6+-(! %-,+;./&.!
*(66+&6!4+;!(44+;.6!%&!+.3(;!$%.%(6N!!
!
?/3->%1#-"<(
5$+8%$%!63+=6!.3(!$;%.%$/*!%-,+;./&$(!+4!3/)%&0! /!)/;%(.A!+4!/$.+;6!(&0/0(2! /&2!/$.%&0!
6%->*./&(+>6*AN! #5'5"E! =/6! ;(6,+&6%?*(! 4+;! .3(! +44%$%/*! %-,*(-(&./.%+&! +4! 5$+8%$%!
/&2!,*/A(2!/!9(A!;+*(!%&!%-,;+)%&0!>;?/&!;(0>*/.%+&P!/**+$/.%&0!0+)(;&-(&.!;(6+>;$(6P!
/&2! 2(6%0&%&0! 6,($%4%$! ,;+0;/-6! .+=/;26! /,,;+,;%/.(! %&4;/6.;>$.>;(P! .;/%&%&0P! /&2!
$+-->&%$/.%+&6N!!
!
R+=()(;P!*+&0!?(4+;(! 5$+8%$%! =/6! $+&$(%)(2P! $%)%*!6+$%(.A! /$.+;6! =(;(! /2)+$/.%&0! 4+;!
.3(! ;(:%&.(0;/.%+&! +4! .3(! ?%$A$*(! %&.+! .3(! $%.AN! ! d(**! .3+>03.! +>.! ,>?*%$! $/-,/%0&6P!
,;+,+6/*6P! /&2! .;/%&%&0P! /**! 3(*,(2! */A! .3(! 0;+>&2=+;9P! =3%$3! =+>*2! */.(;! /**+=! .3(!
0+)(;&-(&.!.+!./9(!/2)/&./0(!+4!.3/.!,;(66>;(!4+;!$3/&0(N!
!
! !
!
7/0(!XK!+4!KL!!!
XK!
D%&/**AP! ,/;.&(;%&0! =%.3! /! ,;%)/.(! 6($.+;! $+-,/&A! =%.3! ;(*()/&.! (U,(;.%6(! /&2! /!
6>$$(664>*! .;/$9! ;($+;2! &+.! +&*A! /66>/0(2!
4%&/&$%/*! $+&$(;&6! ?>.! /*6+! 3(*,(2! $;(/.(! /!
0++2!4%;6.!%-,;(66%+&!+4!.3(!6A6.(-!.+! >6(;6!
/6! .3(A! ?(0/&! .+! >6(! .3(! 3%03:g>/*%.AP!
$+-4+;./?*(P! /&2! (/6A! .+! >6(! ?%9(6! /&2!
6./.%+&6N!!
!
<3%6! $+-?%&/.%+&! +4! /$.+;6! +,(;/.%&0! %&!
$+&6+&/&$(! =%.3! (/$3! +.3(;! 3(*,(2! ./$9*(!
*+$9:%&! -($3/&%6-6! 4;+-! )/;%+>6! /&0*(6N!
e.3(;! ?%9(! 63/;(! ,;+0;/-6P! (N0N! %&! #,/%&P!
]3%&/P!/&2!8;/_%*P!/;(!0++2!(U/-,*(6!+4!3+=!
/! 8##! %-,*(-(&.(2! =%.3+>.! /&! %&.(0;/.(2!
/&2! ->*.%:/$.+;! /,,;+/$3! 2%2! &+.! 4/;(! =(**N!!
Q%)(&! .3(! 6A6.(-%$! &/.>;(! +4! *+$9:%&6P! %.!
=+>*2! 6((-! .3/.! 6%->*./&(+>6! ?;+/2!
6./9(3+*2(;! (&0/0(-(&.! %6! ?(&(4%$%/*! .+!
6>$$(66N!!
!
!
!
Q9->+I9#->"'(6"'>-"<>'5(
<3(!$+--%.-(&.!.+!$/;;A%&0!+>.!;(0>*/;!6>;)(A6!+&!.3(!,(;$(,.%+&6!/&2!6/.%64/$.%+&!+4!
5$+8%$%! >6(;6! 3/6! /**+=(2! #5'5"E! /&2! ]*(/;! ]3/&&(*! .+! >&2(;6./&2! >6(;6! /&2! .3(%;!
%&.(;(6.6b&((26P! /2/,.%&0! .3(! 6A6.(-! /$$+;2%&0*A! /&2! 0>%2%&0! 0;+=.3N! <3(! 6A6.(-`6!
/?%*%.A!.+!$/,.>;(!.;%,!/&2!>6(;!%&4+;-/.%+&!+&!/&!+&0+%&0!?/6%6!%6!/*6+!g>%.(!>&%g>(!.+!
5$+8%$%P!/&2!%6!6((-%&0*A!/!$;%.%$/*!4/$.+;!%&!%.6!6>$$(66N!!
!
QG"-3>5@-( "'( E<98>30( *6G@9+>8>'5( -@*( '**4(
I"<(=<"94(*'595*6*'-0((
(
O&!FGGcP!#(;..(*P!/!8;/_%*%/&!$+-,/&A!
2(2%$/.(2!.+!>;?/&!-+?%*%.AP!=+&!/!$%.A!
?%22%&0!,;+$(66!4+;!.3(!%-,*(-(&./.%+&!+4!
,>?*%$!?%9(:63/;%&0!%&!C%+!2(!l/&(%;+N!
1/>&$3(2!/6!/!,%*+.!,;+i($.!+4!FG!6./.%+&6P!
.3(!6A6.(-!*/6.(2!+&*A!/!A(/;!?(4+;(!
63>..%&0!2+=&N!]%.(2!;(/6+&6!4+;!.3(!4/%*>;(!
%&$*>2(!.3(!6-/**!6%_(!+4!.3(!6A6.(-P!/6!=(**!
/6!.3(!*/$9!+4!,/;.&(;63%,6P!-/;9(.%&0P!/&2!
%&4;/6.;>$.>;(!%-,;+)(-(&.6!["/$3/2+!
FGHI\N!!!
!
O&!FGHHP!8/&$+!O./s!/&2!.3(!$%.Ao6!-/A+;!
,/;.&(;(2!=%.3!#(;..(*!.+!;(2(6%0&!.3(!
,;+i($.N!!d%.3!O./>!/6!/!6,+&6+;P!.3(!&(=!
?%9(:63/;(!6A6.(-!=/6!$+-,*(-(&.(2!=%.3!
.;/%&%&0!4+;!?>6!/&2!./U%:2;%)(;6P!/!,;+0;/-!
.+!.(/$3!$3%*2;(&!3+=!.+!?%9(P!%&6./**/.%+&!+4!
?%9(!;/$96P!/&2!-/,,%&0!+4!6/4(!$A$*(!;+>.(6!
["/$3/2+!FGHI\N!O./s!/*6+!,/;.&(;(2!=%.3!
BQe6!.+!2(*%)(;!$A$*(!/=/;(&(66:;/%6%&0!
%&%.%/.%)(6N!#%&$(!.3(&P!.3(!6A6.(-!3/6!0;+=&!
.+!+44(;%&0!+)(;!XGGG!?%9(6!/)/%*/?*(!/.!XGG!
6./.%+&6N!
! !
!
7/0(!Xa!+4!KL!!!
Xa!
;O#3>#93(4O'96>#+((
5$+8%$%! 2(-+&6.;/.(6! /! ->.>/**A! ;(%&4+;$%&0! $A$*(! ?(.=((&! %&$;(/6(! %&! $A$*%6.6! /&2!
?%9%&0! %&4;/6.;>$.>;(N! 1(/;&%&0! 4;+-! +.3(;! $%.%(6`! (U,(;%(&$(6P! %.! 6((-(2! $*(/;! .3/.!
,+*%$%(6P! 4>&2%&0P! $A$*%&0! 6/4(.AP! /&2! %&4;/6.;>$.>;(! =(;(! 9(A! 2(.(;-%&/&.6! +4! .3(!
6>$$(664>*! (6./?*%63-(&.! +4! 5$+8%$%N! <3+6(! -(/6>;(6! %&$(&.%)%_(2! .3(! >6(! +4! ?+.3!
,;%)/.(!/&2!63/;(2!?%$A$*(6N!e&$(!.3(!&>-?(;!+4!.+./*!$A$*%6.6!%&$;(/6(2P!.3(;(!=/6!/&!
()(&!3%03(;!2(-/&2!4+;!?(..(;!$A$*%&0!%&4;/6.;>$.>;(![e`8;%(&!FGHH\N!#%&$(!.3(!*/>&$3!
+4! 5$+8%$%P! .3(! -+2/*! 63/;(! +4! $A$*%6.6! 3/6! %&$;(/6(2! =%.3! /! ,/;/**(*! 0;+=.3! %&! $A$*(:
;(*/.(2! 2(-/&26! [#5'5"E! FGHI\N!!<3%6! 2A&/-%$! 3(*,6! ?>%*2! /! ->.>/**A! ;(%&4+;$%&0!
-+)(-(&.! .+! $+>&.(;/$.! .3(! %&$>-?(&.! ,3A6%$/*! *+$9:%&! .3/.! =+>*2! 9((,! -+.+;%_(2!
)(3%$*(6!/6!.3(!(U$*>6%)(!-+2(!+4!.;/&6,+;.N!!!
!
d3%*(!/!4>**! (U,*/&/.%+&!+4!.3(!0;/,3!?(*+=! 0+(6!?(A+&2!.3(!6$+,(!+4! .3%6!,/,(;P!.3(!
*(4.! *++,! %&! D%0>;(! a! ?(*+=! ,;+)%2(6! /! )%6>/*! ;(,;(6(&./.%+&! +4! .3(! /?+)(:-(&.%+&(2!
2A&/-%$N!!
!
!
!"#$%&'['?K,-",G-'QK0G5",1'4C'?K,-"0#'G09'D"E&F7+G%"0#'674$%,&)'\$5G%'&J'G-';<(;@'
! !
!
7/0(!XI!+4!KL!!!
XI!
!
H@*(E<"94*<(;"'-*Y-(
E&+.3(;!*(66+&!*(/;&(2!%6!.3/.!5$+8%$%!=/6!&+.!*/>&$3(2!/6!/&!%6+*/.(2!,;+i($.N!O&6.(/2!
%.! =/6! %&6(;.(2! %&.+! /! ?;+/2(;! ?%$A$*(! -+?%*%.A! 6.;/.(0AP! =3%$3! %&$*>2(2! +.3(;!
3+;%_+&./*! $+-,+&(&.6! 6>$3! /6! %&4;/6.;>$.>;(! $3/&0(6P! _+&%&0P! 6%0&/0(P! /&2!
$+-->&%$/.%+&6N! O&! /22%.%+&P! %.! =/6! %&$+;,+;/.(2! %&.+! .3(! */;0(;! )(;.%$/*! ,+*%$A!
+?i($.%)(6! +4! 6>6./%&/?*(! .;/&6,+;.! /&2! $*%-/.(! $3/&0(! -%.%0/.%+&N! <3%6! 3+*%6.%$! /&2!
%&.(0;/.(2!/,,;+/$3!=/6! $;%.%$/*!4+;!0/;&(;%&0!,+*%.%$/*!/&2! 4%&/&$%/*!6>,,+;.!4;+-!.3(!
.+,![&/.%+&/*!0+)(;&-(&.\!/6!=(**!/6!,/;.%$%,/.%+&!+&!.3(!,/;.!+4!$%.A!;(6%2(&.6N!!!!
!
\K H@*(,*Y-(H/<'("I(-@*(]@**3(
!
FGHI!%6!.3(!FGG.3!/&&%)(;6/;A!+4!.3(!%&)(&.%+&!+4!.3(!?%$A$*(N!O.!%6!4+;(6((/?*(!.3/.!.3(!
?%$A$*(! -/A! 6++&! ?(&(4%.! 4;+-! 6()(;/*! .($3&+*+0%$/*! /2)/&$(6! .3/.! =%**! $+&.%&>(! .+!
0;+=!.3(!-/;9(.!4+;!?%9%&0!/&2!3(*,!.+!(U,/&2!8##!=+;*2=%2(N!!!
!
<3(!-+6.!()%2(&.! .($3&+*+0%$/*! /2)/&$(! %6! .3(! (*($.;%$! ?%9(N!!O&!4/$.P! "(U%$+! ]%.A! =%**!
6++&! 3/)(! FL! &(=! 6./.%+&6! 4;+-! =3%$3! ,(+,*(! $/&!$3($9! +>.! +&(! +4! .3(! MXG! &(=!
(*($.;%$!?%$A$*(6!.+!?(!+44(;(2!?A!5$+8%$%N!@6(;6!=%**!?(!/?*(!.+!2+>?*(!.3(!/)(;/0(!.;%,!
*(&0.3!["(U%$+!B(=6!'/%*A!FGHI\N!!5:?%9(6!=%**!&+.!+&*A!(U.(&2!.3(!2%6./&$(!+4!?%9%&0P!%.!
=%**!/*6+!3(*,!=%.3!>,3%**!.(;;/%&6N!!
!
d%.3!(*($.;%$!?%9(6P!.3(!63/;%&0!/6,($.!=%**!6.%**!?(!+4!>.-+6.!%-,+;./&$(!/6!.3+6(!?%9(6!
=%**!;(-/%&!-+;(!(U,(&6%)(!.3/&!.;/2%.%+&/*!?%9(6!4+;!g>%.(!/!=3%*(N!D>;.3(;-+;(P!6+-(!
8##! /;(! .>;&%&0! .+! ;(&(=/?*(! (&(;0A! /6! .3(%;! 6+>;$(! +4! ,+=(;N! D+;! (U/-,*(P!
d/63%&0.+&!']o6!]/,%./*!8%9(63/;(!6A6.(-P!-/9(6!>6(!+4!6+*/;!,+=(;(2!6./.%+&6!=3%$3!
/;(!-+;(! (&)%;+&-(&./**A!4;%(&2*AP!4*(U%?*(P!/&2!$3(/,(;!.+!%-,*(-(&.!.3/&!.3(!-+;(!
$+--+&!0;%2!,+=(;(2!6./.%+&6![E?2/**/3!(.!/*!FGHM\N!!!
! !
!
7/0(!XL!+4!KL!!!
XL!
!
8(A+&2!5:?%9(6P!+.3(;!(U$%.%&0!.($3&+*+0%$/*!%&&+)/.%+&6!/;(!/*6+!?(%&0!/2)/&$(2Y!
!
• E!$+-,/&A!%&!'(&-/;9!%6!%&.;+2>$%&0!/!$/;0+!?%9(N!!
• E! 8(;*%&! 6>,(;-/;9(.! %6! +44(;%&0! $/;;%(;:?%9(6! .+! ./9(! 3+-(! 0;+$(;%(6! /6! /&!
/*.(;&/.%)(!.+!/!$/;N!!
• E!?%9(! 6.;>$.>;/**A! %&$+;,+;/.(2!?(3%&2! /! =3((*$3/%;! +,(&6! &(=! (&i+A-(&.! 4+;!
=3((*$3/%;:?+>&2!,(+,*(N!!
• E!?%9(!=%.3!/!9%&(.%$!;(/;!=3((*P!=3%$3!$/&!6.+;(!(&(;0A!0(&(;/.(2!=3%*(!?;/9%&0!
+;! 0+%&0! 2+=&3%**! $/&! +446(.! (&(;0A! &((2(2! 4+;! ;%2%&0! >,:3%**! =%.3+>.! 0+%&0!
(*($.;%$N!!!
!
!
8(A+&2! .($3&+*+0%$/*! /2)/&$(6P! ,(;3/,6! .3(! -+6.!
.;/&64+;-/.%)(! /6,($.! +4! 8##! %6! ,;($%6(*A! .3(!
,+.(&.%/*! %.! 3+*26! .+! -+)(! 6+$%(.%(6! .+=/;2! 63/;(2!
>6(!%&6.(/2!+4!,;%)/.(!+=&(;63%,N!]>;;(&.*AP!5$+8%$%!
6(;)(6! /6! /! .++*! .+! %&$;(/6(! $A$*%&0`6! -+2/*! 63/;(!
/&2!.3(;(?A!.3(!>6(!+4!,;%)/.(!$A$*%&0N!R+=()(;P!%&!
+.3(;! $%.%(6! =3(;(! $A$*%&0! 3/6! /! *+&0(;! .;/2%.%+&P!
.3(;(!%6!/!,;+?*(-!+4!+)(;$;+=2%&0! +4! ?%9(6! k!=%.3!
$3/+6! /6! ,;%)/.(! ?%9(6! ,%*(! >,P! /;(! /?/&2+&(2! /&2!
$*>..(;!,>?*%$!6,/$(6N!O.!%6!%;+&%$!.3/.!?%9(6!=3%$3!/;(!
%&! 6+-(! $%.%(6! >6(2! /6! /&! /*.(;&/.%)(! .+! $/;! .;/44%$! $+&0(6.%+&! 63+>*2! .3(-6(*)(6!
$+&.;%?>.(!.+!+)(;$;+=2%&0N!<3(!2((,(;!*(66+&!%&3(;(&.!%&!.3%6!6%.>/.%+&!%6!.3/.!%.!%6!&+.!
.3(!.A,(!+4! )(3%$*(P!%.!%6!.3(!,;%)/.(! +=&(;63%,! +4!)(3%$*(6!=3%$3!&((26!.+! ()+*)(!.+!/!
63/;(2!>6(!-+2(*N!!
!
V#3/;%&0!%6!.3(!&(=!,/;/2%0-!+4!
>;?/&!-+?%*%.AN!<+-+;;+=P!A+>!
=%**!i>20(!/!$%.A!/$$+;2%&0!.+!
=3/.!%.!%6!/22%&0!.+!63/;%&0N!<3(!
-+;(!.3/.!=(!3/)(!,(+,*(!
63/;%&0!.;/&6,+;./.%+&!-+2(6P!
,>?*%$!6,/$(P!%&4+;-/.%+&!/&2!
&(=!6(;)%$(6P!.3(!-+;(!
/..;/$.%)(!.3(!$%.A!=%**!?(NW!
!
nQ%**(6!Z(6$+P!'(,>.A!"/A+;!+4!
1A+&!
!
! !
!
7/0(!Xc!+4!KL!!!
Xc!
LK ;"'#3/+>"'(
!
E6!>;?/&!,+,>*/.%+&6!0;+=P!.;/44%$!=+;6(&6P!,+**>.%+&!6+/;6P!/&2!/!0;(/.(;!/=/;(&(66!
/;%6(6!/;+>&2!$*%-/.(!$3/&0(P!%.!%6!%&$;(/6%&0*A!&($(66/;A!.+!>&2(;6./&2!3+=!6>$$(664>*!
.;/&6%.%+&6! /=/A! 4;+-! .3(! ,;%)/.(! -+.+;%_(2! )(3%$*(! .+=/;26! -+;(! (&)%;+&-(&./**A!
6+>&2P!(44%$%(&.P!/&2!63/;(2!+,.%+&6!$/&!?(!,;+-+.(2N!!
!
1+$9:%&!.3(+;A!.(**6!>6!.3/.!$(;./%&!%&3(;(&.!4/$.+;6!9((,!.3(!%&$>-?(&.!;(0%-(!6./?*(P!
+4.(&!2(*/A%&0!+;!$+-,*(.(*A!*+$9%&0!+>.!.3(!,+66%?%*%.A!+4!$3/&0(N!E,,*A%&0!.3(!.3(+;A!
+4!*+$9:%&!.+!6>6./%&/?*(!>;?/&!-+?%*%.AP!.3%6!.3(6%6!3/6!%2(&.%4%(2!%&6.%.>.%+&/*P!,3A6%$/*P!
/&2!$>*.>;/*!-($3/&%6-6!.3/.!+4.(&!*+$9!$A$*%&0!/&2!?%9(:63/;%&0!+>.!/6!+&(!%&2%)%2>/*!
-+?%*%.A! /*.(;&/.%)(! .+! .3(! $/;N! "(U%$+! ]%.A`6! 5$+8%$%! ?%9(:63/;%&0! ,;+0;/-! 63+=6!
6,($%4%$! =/A6! %&! =3%$3! .3(! *+$9:%&6! +4! .3(! %&$>-?(&.! -+.+;%_(2! />.+-+?%*(! 6A6.(-!
=(;(!%&.(&.%+&/**A!/&2!3+*%6.%$/**A!/22;(66(2N!O&6.%.>.%+&/*!*+$9:%&6!=(;(!/22;(66(2!?A!/!
$*(/;! ,+*%.%$/*! 2($%6%+&! +&! .3(! ,/;.! +4! $%.A! 0+)(;&-(&.! +44%$%/*6! .+! %&.;+2>$(! &(=!
,+*%$%(6! .3/.! /*%0&(2! .3(! ?+..+-! >,! ,+,>*/;! 2(-/&2! 4+;! ?%9(6! =%.3! .3(! .+,! 2+=&!
$+--%.-(&.!.+!$+&.;%?>.(!.+!$*%-/.(!$3/&0(!-%.%0/.%+&!(44+;.6N!<3%6!,+*%.%$/*!/,,;+/$3!
4>;.3(;!3(*,(2! /22;(66! ,3A6%$/*! *+$9:%&6! .3/.! &((2(2! $*(/;! ,>?*%$! 6($.+;! /**+$/.%+&! +4!
6,/$(6!4+;!6/4(!;%2%&0!/&2!,/;9%&0! .3;+>03+>.! .3(! $%.AN! ! '((,:;++.(2! $>*.>;/*! *+$9:%&6!
=(;(!/22;(66(2!.3;+>03!%&&+)/.%)(!$+-->&%$/.%+&6!/&2!?;/&2%&0!$/-,/%0&6P!$;(/.%)(!
?%9%&0!(U,(;%(&$(6P!/&2!>6(!+4!6+$%/*!-(2%/N!!!!
!
<3%6!.3(6%6!3/2!/!*%-%.(2!6$+,(P! 4+$>6%&0!+&!+&(!$%.AP!/&2!(&0/0(2!=%.3! +&*A!/!*%-%.(2!
&>-?(;!+4!/$.+;6N!D>;.3(;!;(6(/;$3!%6!&((2(2P!$+)(;%&0!-+;(!$%.%(6P! /&2!%&$*>2%&0!.3(!
,(;6,($.%)(!+4!-+;(!6./9(3+*2(;6P!.+!/;;%)(! /.!/!-+;(!$+-,;(3(&6%)(! /&/*A6%6!+4!3+=!
+.3(;!?%9(:63/;(!6A6.(-6!3/)(!6>$$((2(2!+;!4/%*(2!.+!+)(;$+-(!*+$9:%&!4/$.+;6N!!
D>;.3(;-+;(P!;(6(/;$3!%&!+.3(;!$%.%(6!$+>*2!;(,*%$/.(!.3(!/&/*A6%6!!
!
! !
!
7/0(!KG!+4!KL!!!
KG!
d%.3%&!.3(6(!*%-%./.%+&6P!.3%6!.3(6%6!=/&.6!.+!6(;)(!!/6!/!;(4(;(&$(!!4+;!$%.%(6!%&.(;(6.(2!
%&! %&.;+2>$%&0! +;! %-,;+)%&0! 8##N! ! ! <3(! 6,($%4%$! =/A6! %&! =3%$3! ]'"^! /22;(66(2! .3(!
)/;%+>6! *+$9:%&6! -/A! &+.! ?(! (&.%;(*A! ;(,*%$/?*(! +;! /,,*%$/?*(! %&! /**! $%.%(6P! ?>.! .3(A! 2+!
$+&4%;-!.3/.!,+*%$AP!,3A6%$/*P!/&2! $>*.>;/*! />.+-+?%*(! *+$9:%&6! $/&&+.! ?(! %0&+;(2! /&2!
&((2!.+!?(!/22;(66(2!%&!/&!%&.(0;/.(2!-/&&(;!=%.3!(44($.%)(!,+*%$%(6!/&2!%&6.;>-(&.6N!
7(;3/,6!-+6.!%-,+;./&.*AP! .3(!6>$$(66!6.+;A!+4!5$+8%$%! -/A!%&6,%;(!+.3(;!$%.%(6P!6+-(!
6.%**! .+! ?(! ?>%*.P! ! .3/.! /! .;/&6%.%+&! .+=/;2! 8##! %6! ,+66%?*(P! %&$*>2%&0! %&! /&! (-(;0%&0!!
($+&+-A!-(0/:$%.AN!!!
!
e&(!+4!.3(!-/A+;6!+4!1A+&P!D;/&$(P!4/-+>6*A!6/%2Y!!V<3(;(!/;(!.=+!.A,(6!+4!-/A+;6!%&!
.3(! =+;*2Y! .3+6(! =3+! 3/)(! ?%9(:63/;%&0! /&2! .3+6(! =3+! =/&.! ?%9(:63/;%&0W! ['("/%+!
FGHG\N!!!!O&!.3(!FH6.!$(&.>;AP!.=+!3>&2;(2!A(/;6!/4.(;!.3(! %&)(&.%+&!+4!.3(!?%$A$*(P! =(!
-/A! 4%&/**A! 6((! /! =+;*2! =%.3! /&! +)(;=3(*-%&0! -/i+;%.A! +4! .3(! 4%;6.! 9%&2! +4! -/A+;N!!
<3+6(!$%.%(6!=%**!?(!*(66!$+&0(6.(2!/&2!,+**>.(2f!.3(A!=%**!+,(;/.(!/$$+;2%&0!.+!63/;%&0!
,;%&$%,*(6P!.3(A!=%**!?(!-+;(!*%)/?*(! /&2!?;(/.3/?*(N!<3+6(!$%.%(6! -/A!?(!,*/&&(2!/&2!
?>%*.!&+.!4+;!/>.+:-+?%*%.A!?>.!4+;!$%.%_(&!-+?%*%.AN!!
! !
! !
!
7/0(!KH!+4!KL!!!
KH!
J^K B*I*<*'#*+(
E?2/**/3P!<3+-/6P!1((2!E,P!5=/!8%/0*+0*+=69/P!Q>A!8;++96P!#%&/&!]/+P!7(.(;!]/;2+&&/P!'/&!]/;%**(P!(.!
/*N!FGHMN!V]XG!]O<O5#!OB!E]<OeBNW!F$+*2)'2;):)*?.H2'24!"!'*.>2#+*&'!O.>&:$";)2.=')7!1+)*?N!!
E0;(&P! '/)%2N! FGHaN! V"(U%$+! ]%.A! ]3+9(6! +&! O.6! ]+&0(6.%+&! 7;+?*(-NW! 8C!. P$210)2'N!
3..,6Ybb===N.3(0>/;2%/&N$+-b=+;*2bFGHabi>*bGab-(U%$+:$%.A:$3+9(6:+&:%.6:$+&0(6.%+&:,;+?*(-N!
E7N! FGHMN! V1%6.+Y! 5$+?%$%P! "(.;+! q! "(.;+?s6! 5&! @&/! #+*/! </;i(./! :! E&%-/*! 7+*x.%$+NW! K')"2:. D&:)*)(&N!
3..,Ybb===N/&%-/*,+*%.%$+N$+-bFGHMbHGb*%6.+:($+?%$%:-(.;+:A:-(.;+?>6:(&:>&/:6+*/:./;i(./bN!
8%$%;(2N!FGHIN!VKj!7/;/!1/!8%$%$*(./NW!,)()1!0N!3..,YbbK,+;$%(&.+N?%$%;(2N+;0bN!
8%$%.(9/6N! FGHHN! V]/;.%**/! 2(! '(;($3+6! q! e?*%0/$%+&(6! 7/;/! ]%$*%6./6! q! E>.+-+)%*%6./6NW! ,)()*!-2+. K5>5!
3..,Ybb?%$%.(9/6N+;0b$/;.%**/:2(:2(;($3+6:A:+?*%0/$%+&(6:,/;/:$%$*%6./6:A:/>.+-+)%*%6./6bN!
8%22*(P!#.>/;.N!HccHN!DC?+)(2:.K(*)7)*?.2'0.D+?(C&:&4)(2:.9!::G,!)'4N!C+>.*(20(!N!!
8*+&2(*P! 8(&+%.P! ]3*+(! "%6,(*+&P! /&2! l>*%/&! D(;0>66+&N! FGHHN! V]A$*(! "+;(! e4.(&! F! ]++*! 2+=&! .3(!
7*/&(.yz!w>/&.%4A%&0!]eF!#/)%&06!+4!]A$*%&0NW!8;>66(*6!N!===N($4N$+-N!
8+>.+&P!#3/&&+&P!#.(4/&! J&>,4(;P! O)/&!"%3+)P!/&2!#.()(&!#=/;._N! FGHKN! V@;?/&!"+?%*%.A!/.!/! <%,,%&0!
7+%&.!{!"$J%&6(A!|/-,f!]+-,/&ANW!H(Q)'+!?R>&"#2'?@F$+*2)'2;):)*?.2'0./!+&$1(!.D1&0$(*)7)*?.!
]XG]%.%(6N!FGHIN!V"(U%$+!]%.AY!7;+E%;(NW!>ST>)*)!+N!3..,Ybb===N$XGN+;0b,;+4%*(6bFGHM:-(U%$+$%.AN!
]/;;(+&P!E;(*%N!FGHIN!VD+>&2(;!+4!8%$%.(9/6NW!7(;6+&/*!]+-->&%$/.%+&N!
Chamon, M., P. Mauro, and Y. Okawa. 2008. “Mass Car Ownership in the Emerging Market Giants.
Economic Policy” 23: 243–29.
]3/&2*(;P! Q/;AN! FGHMN! V#>6./%&/?*(! <;/&6,+;.! E=/;2! R+&+;6! "(U%$+! ]%.ANW! P1!!'!1. >)*)!+. N!
3..,Ybb0;((&(;$%.%(6N+;0b6>6./%&/?*(:.;/&6,+;.:/=/;2:3+&+;6:-(U%$+:$%.AbN!
]%$*+$%>2/2(6N! FGHHN! V1/! "+)%*%2/2! 5&! 8%$%$*(./! ]+-+! 7+*%.%$/! 7>?*%$/NW! >)(:&()$020!+N!
3..,Ybb$%$*+$%>2/2(6N-Ub-/&>/*:$%$*+$%>2/2(6bN!
]*+6P! l+/&N! FGHaN! V<3(! e,,+;.>&%.A! .+! 8>%*2! <+-+;;+=`6! ]%.%(6! {! d+;*2! 5$+&+-%$! D+;>-NW! 9&1:0.
6(&'&")(.U&1$".N!3..,6Ybb===N=(4+;>-N+;0b/0(&2/bFGHabGXb>;?/&%_/.%+&:2;:i+/&:$*+6bN!
! !
!
7/0(!KF!+4!KL!!!
KF!
]+=/&P! CP! /&2! #! R>*.(&N! HccaN! V56$/,%&0! 1+$9:%&! <3(! ]/6(! +4! .3(! 5*($.;%$! Z(3%$*(NW! 8!(C'&:&4)(2:.
U&1!(2+*)'4.2'0.F&()2:.>C2'4!!KMY!aHkIcN!
]<#N!FGHFN! V56.>2%+!2(! "+)%*%2/2!2(!1/!T+&/!#/&./! D(!5&!1/!]%>2/2!2(! "(U%$+NW!>8F. 6H,K/V.H!I)(&N!
3..,Ybb;(2:+,.%-+N+;0b>,*+/26b56.>2%+!2(!-+)%*%2/2!(&!#/&./!D(!]'"^N,24N!
]A$*(]%.%(6N! FGHXN! VB(=! d/A6! .+! Q+! 7>?*%$! O&)(6.-(&.! %&! ]A$*%&0NW! >?(:!>)*)!+. N!
3..,Ybb===N$A$*($%.%(6N(>b2/./:(&b4%*(bC(6>*.6bC(,+;.!+&!7>?*%$!O&)(6.-(&.6!%&!]A$*%&0! GcHGFGHX!
D>**!C(,+;.}HN,24N!
'/)%6P!1>$/6!dN!FGHIN!V#/.>;2/A!';%)%&0!C(6.;%$.%+&6!D/%*!.+!O-,;+)(!E%;!w>/*%.A!%&!"(U%$+!]%.ANW!F()!'*)B)(.
/!#&1*+!I![D(?;>/;A\Y!XHaKFN!2+%YHGNHGMLb6;(,XHaKFN!
'(*0/2+P! "/;.3/N! FGHIN! V1(66+&6! 4;+-! 5$+?%$%! 4+;! .3(! O-,*(-(&./.%+&! +4! 7>?*%$! 8%$A$*(! #A6.(-6! %&!
"(U%$+NW!U1)!01)(CG6;!1*GF*)B*$'4.N!3..,Ybb*%?;/;AN4(6N2(b,24:4%*(6b?>(;+6b-(U%9+bHMMGcN,24N!
'(*0/2+P!"/;.3/N!FGHIN!VD+;-(;!"%&%6.(;!+4!5&)%;+&-(&.!+4!]%.A!+4!"(U%$+NW!7(;6+&/*!]+-->&%$/.%+&N!
'(-/%+P!7/>*N!FGGcN!V8%9(:#3/;%&0Y!R%6.+;AP!O-,/$.6P!"+2(*6!+4!7;+)%6%+&P!/&2!D>.>;(NW!W&$1'2:.&B.D$;:)(.
812'+#&1*2*)&'!HF![X\N!3..,Ybb?%9(N$+4$N(2>b?%9(:63/;(:,;+0;/-b3%6.+;A!+4!?%9(!63/;%&0N,24N!
'3%&0;/P! ]33/)%P! /&2! #/&.3+63! J+2>9>*/N! FGHGN! V7>?*%$! 8%$A$*(! #$3(-(6Y! E,,*A%&0! .3(! ]+&$(,.! %&!
'()(*+,%&0!]%.%(6!5U/-,*(6!4;+-!O&2%/!#>6./%&/?*(!@;?/&!<;/&6,+;.NW!!
'%-%.;%+>P!RNP!/&2!CN!Q/9(&3(%-(;P!(26N!FGHHN!=1;2'.812'+#&1*.)'.*C!.3!7!:&#)'4.9&1:0@.K.J2'0;&&-.&B.
D&:)(?.2'0.D12(*)(!N!52=/;2!5*0/;!7>?*%63%&0N!
'>?+%6P!BN!FGGXN!V1`/>.+-+?%*(Y!@&!56,/$(!Z~$>!]+--(!@&!E>.;(!]3(_:#+%!B/&.(;;(NW!@&%)(;6%.~!7/;%6!
^:B/&.(;;(N!
5$+?%$%N!FGHIN!V5]e8O]ONW!>)$020.0!.H!I)(&N!3..,6Ybb===N($+?%$%N$2-UN0+?N-Ub(&N!
5$+?%$%N!FGHGN!VE&•*%6%6!2(!C%(60+6!q!e,+;.>&%2/2(6![E&/*A6%6!+4!C%696!/&2!e,,+;.>&%.%(6\NW!
5;_&+_&%9P! Q;(0+;N! FGHXN! VB(=! d/A6! .+! Q+! 7>?*%$! O&)(6.-(&.! %&! ]A$*%&0NW! >?(:!>)*)!+N!
3..,Ybb===N$A$*($%.%(6N(>b2/./:(&b4%*(bC(6>*.6bC(,+;.!+&!7>?*%$!O&)(6.-(&.6!%&!]A$*%&0! GcHGFGHX!
D>**!C(,+;.}HN,24N!
! !
!
7/0(!KM!+4!KL!!!
KM!
5>;+,(/&! ]A$*%6.6`! D(2(;/.%+&! [5]D\N! FGHIN! V7+*%$A! D;/-(=+;9! 4+;! #-/;.! 7>?*%$:@6(! 8%9(! #3/;%&0NW!
D:2*B&1".B&1.6$1&#!2'.,)(?(:!.FC21)'4.2'0.F?+*!"+N!!
D%63-/&P!5**%+.N!FGHaN!V8%9(63/;(Y!E!C()%(=!+4!C($(&.!1%.(;/.>;(NW!812'+#&1*./!7)!X+!Ma![H\N!C+>.*(20(Y!
cFkHHMN!2+%YHGNHGLGbGHXXHaXINFGHKNHGMMGMaN!
D+;$(P! <+>;! 2(N! FGHIN! V8%$A$*(! E0(&2/! FGHI:FGFGNW! 8&$1. 0!. U&1(!N! 3..,Ybb.+>;2(4+;$(FGFGN&*b=,:
$+&.(&.b>,*+/26bFGHIbGFb8%$A$*(}E0(&2/}FGHI:FGFG:6>--/;AN,24N!
D>;&(66P! T/$3/;A! "++;/2%/&N! FGHGN! Y'!. A!++. >21Z@. ,)(?(:)'4. 2'0. *C!. D&:)*)(+. &B. K$*&"&;):)*?N! <(-,*(!
@&%)(;6%.A!7;(66N!
Q(3*P! l/&N! FGHGN! VE;$3%.($.! l/&! Q(3*! +&! @;?/&! 7*/&&%&0P! R>-/&! #$/*(P! /&2! .3(! 8%$A$*(! C()+*>.%+&NW!
F)!112N! 3..,Ybb6%(;;/$*>?N.A,(,/2N$+-b0;((&*%4(bFGHGbGHb/;$3%.($.:i/&:0(3*6:?%$A$*(:;()+*>.%+&:
N3.-*N!
Q(3*P! l/&N! FGHKN! VO&! #(/;$3! +4! .3(! R>-/&! #$/*(NW! O&! 8!0IQ6KN!
3..,6Ybb===NA+>.>?(N$+-b=/.$3h)u]0=c+R'4lX9N!
Q*/(6(;P! 52=/;2! 1P! /&2! "/..3(=! 5!J/3&N! FGGMN! V#,;/=*! /&2! @;?/&! Q;+=.3NW!
3..,Ybb===N($+&N?;+=&N(2>bD/$>*.Ab3(&2(;6+&b6,;/=*N,24N!
Q;/AP!E*(UN!FGHIN!V]3%&/!1(/26!.3(!d+;*2!%&!8%9(!#3/;%&0!k!/&2!B+=!O.6!v@?(;!4+;!8%9(6`!"+2(*!O6!Q+%&0!
Q*+?/*!{!d+;*2!5$+&+-%$!D+;>-NW!96UN!3..,6Ybb===N=(4+;>-N+;0b/0(&2/bFGHIbGab$3%&/:*(/26:
.3(:=+;*2:%&:?%9(:63/;%&0:/&2:&+=:%.6:>?(;:4+;:?%9(6:-+2(*:%6:0+%&0:0*+?/*bN!
Q>(;;/P! 5;%$9N! FGHKN!V<3(! Q(+0;/,3A! +4! ]/;! e=&(;63%,! %&! "(U%$+! ]%.AY! E! l+%&.!" +2(*!+4! R+>6(3+*26`!
C(6%2(&.%/*!1+$/.%+&!/&2!]/;!e=&(;63%,!'($%6%+&6NW!W&$1'2:.&B.812'+#&1*.P!&412#C?!XM![D(?;>/;A\Y!
HIHkLGN!2+%YHGNHGHabiNi.;/&0(+NFGHKNGHNGHXN!
R%00%&6P!E*(U/&2(;N!HccFN!VB(=!q+;9P!1+&2+&P!<+9A+!C/.(2!]*(/&(6.P!"(U%$+!]%.A!'%;.%(6.!+4!8%0!]%.%(6NW!
KD. N!X+. K1(C)7!N! 3..,Ybb===N/,&(=6/;$3%)(N$+-bHccFbB(=:q+;9:1+&2+&:<+9A+:C/.(2:
]*(/&(6.:"(U%$+:]%.A:'%;.%(6.:+4:8%0:]%.%(6b%2:HHGccHF/2cF?$?c4I(FX4HMFF$4KI?L4N!
O8"N! FGHHN! VO8"! Q*+?/*! ]+-->.(;! 7/%&! #>;)(AY! <;/44%$! ]+&0(6.%+&! '+=&P! 7/%&! d/A! @,NW! <,H. N!X+.
/&&"N!3..,Ybb===:GMN%?-N$+-b,;(66b>6b(&b,;(66;(*(/6(bMKMKcN=66N!
! !
!
7/0(!KX!+4!KL!!!
KX!
O5EN! FGHaN! V]e! F! 5-%66%+&6! 4;+-! D>(*! ]+-?>6.%+&NW! <'*!1'2*)&'2:. 6'!14?. K4!'(?. [<6K\N!
3..,6Ybb===N%(/N+;0b,>?*%$/.%+&6b4;((,>?*%$/.%+&6b,>?*%$/.%+&b]eF5-%66%+&64;+-D>(*]+-?>6.%+
&}R%03*%03.6}FGHaN,24N!
O<'7N! FGHKN! V"(&+6! ]/i+&(6! "/6! ]%>2/2NW! <'+*)*$*!. B&1. 812'+#&1*2*)&'. 2'0. 3!7!:&#"!'*. D&:)(?N!
3..,6Ybb===N%.2,N+;0b-(&+6:$/i+&(6:-/6:$%>2/2bN!
O<'7N! FGHMN! V<3(! 8%9(:#3/;(! 7*/&&%&0! Q>%2(! :! O&6.%.>.(! 4+;! <;/&6,+;./.%+&! /&2! '()(*+,-(&.! 7+*%$ANW!
<'+*)*$*!. B&1. 812'+#&1*2*)&'. 2'0. 3!7!:&#"!'*. D&:)(?N! 3..,6Ybb===N%.2,N+;0b.3(:?%9(:63/;(:
,*/&&%&0:0>%2(:FbN!
O<'7N!FGHKN!VO&)(;.%;!7/;/!"+)(;&+6NW!<83DN!3..,Ybb%&)(;.%;,/;/-+)(;&+6N%.2,N-Ub€bN!
O<DN! FGHIN! V#.;/.(0%(6! 4+;! "%.%0/ .%&0! E%;! 7+**>.%+&! %&! "(U%$+! ]%.A! :! "(2%/! C(*(/6(! {! O<DNW!<'*!1'2*)&'2:.
812'+#&1*. U&1$". [<8U\N! 3..,6Ybb===N%.4:+($2N+;0b6.;/.(0%(6:-%.%0/.%&0:/%;:,+**>.%+&:-(U%$+:$%.A:
-(2%/:;(*(/6(N!
O<BN! FGHXN! VB/9(2! C%2(;6! </ 9(! .+! .3(! #.;((.6! '(-/&2%&0! ]A$*%&0! C%03.6! %&! "(U%$+ ! :! <(*(0;/,3NW!<8NN!
3..,Ybb===N.(*(0;/,3N$+N>9b6,+;.b4++.?/**b.(/-6b-(U%$+bHGcGHFaIbB/9(2:;%2(;6:./9(:.+:.3(:
6.;((.6:2(-/&2%&0:$A$*%&0:;%03.6:%&:"(U%$+N3.-*N!
l(&6(&P! 7P! lN:8N!C+>g>%(;P!e).;/$3.!BNP! /&2! ]N! C+?/;2(.N! FGHGN!V]3/;/$.(;%_%&0!.3(! #,((2! /&2! 7/.36! +4!
#3/;(2!8%$A$*(!@6(!%&!1A+&NW!812'+#&1*2*)&'./!+!21(CN!
J/>4-/&&P!ZN!FGGGN!V"+?%*%.~!w>+.%2%(&&(!(.! 'A&/-%g>!56!@;?/%&(6Y! 1/!w>(6.%+&!'>! C/,,+;.!"+2/*NW!
D1!++!+.D&:?*!(C')]$!+.=')7!1+)*2)1!+./&"2'0!+N!
Kenworthy, J.R, and F.B. Laube. 1999. “An International Sourcebook of Automobile Dependence In
Cities: 1960–1990.” University Press of Colorado.
J*%.9+>P!E&.i(P!#%-+&!8+*=%0P!<(%6!R/&6(&P!/&2! B%&/!d(66?(;0N!FGHKN!V<3(! C+*(!+4! 1+$9:%&!"($3/&%6-6!
%&! <;/&6%.%+&! 7;+$(66(6Y! <3(! ]/ 6(! +4! 5&(;0A! 4+;! C+/2! <;/&6,+;.NW! 6'7)1&'"!'*2:. <''&72*)&'. 2'0.
F&()!*2:.812'+)*)&'+!Ha![#(,.(-?(;\Y!FFkMIN!!
J+&&%9+)/P! "/;%/N! FGHKN!V]/;6! Z6! 8%9(6! )6! 7(2(6.;%/&6NW! N!X. L&1-!1N!
3..,Ybb===N&(=A+;9(;N$+-b6$%(&$(b-/;%/:9+&&%9+)/b$/;6:)6:?%9(6:)6:,(2(6.;%/&6N!
! !
!
7/0(!KK!+4!KL!!!
KK!
J>-/;P!E63=/&%P!J=+&0!"(&0!<(+P!/&2!E-(2(+!C!e2+&%N!FGHFN!VE!#A6.(-6!7(;6,($.%)(!+4!]A$*%&0!/&2!
8%9(:#3/;%&0! #A6.(-6! %&! @;?/&! "+?%*%.A! O&.;+2>$.%+&Y! 7;+?*(-! +4! @;?/&! "+?%*%.ANW! N2*)&'2:.
=')7!1+)*?.&B.F)'42#&1!N!3..,6Ybb/;(6N*%26N-%.N(2>b4-b2+$>-(&.6b6A6.(-6},(;6,($.%)(FN,24N!
1%&26(AP! l+(N! FGHaN! V'+! 8%9(! #3/;(! #A6.(-6! E$.>/**ANW! 812'+#&1*. /!7)!X+!Ma! [H\Y! cFkHHMN!
2+%YHGNHGLGbGHXXHaXINFGHKNHGMMGMaN!
1%.-/&P! <+22N! FGHMN! VR+=! "/&A! 8%$A$*(6! ]/&! 7/;9! O&! <3(! #,/$(! C(g>%;(2! 8A! e&(! ]/;h! '+&`.! E69!
7+*%.%D/$.N! {! 7*/&(.%_(&Y! <3(! O&2(,(&2(&.! C(6+>;$(! 4+;! 7(+,*(! 7/66%+&/.(! /?+>.! 7*/&&%&0! /&2!
C(*/.(2!D%(*26NW!DA2'!*)^!'N!3..,6Ybb===N,*/&(.%_(&N$+-b&+2(baaGFHN!
1%.-/&P! <+22N! FGHXN! VO-,*(-(&.%&0! <;/&6,+;.! 7+*%$%(6! /&2! 7;+0;/--(6! .+=/;2! C(/*%_%&0! v8/*%! Z%6%+&!
<3;((! T(;+6! :! T(;+! ]+&0(6.%+&P! T(;+! 7+**>.%+&P! /&2! T(;+! E$$%2(&.6! .+=/;26! B(U.! Q(&(;/.%+&!
<;/&6,+;.!#A6.(-6!%&!E6%/N`W!=N.>!'*1!.U&1./!4)&'2:.3!7!:&#"!'*.[=N>/3\N!!
1%.-/&P! <+22N! FGHXN! V]+&0(6.%+&! 5)/*>/.%+&! 8(6.! 7;/$.%$(6NW! _)(*&1)2. 812'+#&1*. D&:)(?. <'+*)*$*!N!
3..,Ybb===N).,%N+;0bO<5'}$+&0(6.%+&N,24N!
1%.-/&P! <+22N! FGHMN! Vd/*9%&0! /&2! ]A$*%&0NW! _)(*&1)2. 812'+#&1*. D&:)(?. <'+*)*$*!. N!
3..,Ybb===N).,%N+;0b2+$>-(&.6b=/*9%&0N,3,N!
1+$9*(AP! E&2;(=N! FGHIN! V8%9(! #3/;%&0! O6! /! #($;(.! <;/&6,+;.! C()+*>.%+&NW! 6I#&'!'*)2:. <'7!+*&1N!
3..,6Ybb===N(U,+&(&.%/*%&)(6.+;N$+-b.($3&+*+0Ab?%9(:63/;%&0:6($;(.:.;/&6,+;.:;()+*>.%+&bN!
1++;?/$3! 5&P! '(;9P! /&2! C+(*! Z/&! C//9N! FGHIN! V#.;/.(0%$! B%$3(! "/&/0(-(&.! /&2! <;/&6%.%+&!
"/&/0(-(&.Y! '%44(;(&.! ?>.! ]+-,*(-(&./;A! E,,;+/$3(6NW! E$$(66(2! E>0>6.! HHN!
3..,6Ybb$+;(N/$N>9b2+=&*+/2b,24bHLKHFMFIN,24N!
1+,(_P! C>.3! 7(;(_N! FGHMN! V5*! #%6.(-/! 2(! 8%$%$*(./6! 7s?*%$/6! v5$+?%$%6`Y! '(*! ]/-?%+! "+2/*! E*! ]/-?%+!
#+$%/*NW!6+#2()2:)020!+!M![F\N!
"/$3/2+P!"/%;/N!FGHIN!VD+;-(;!]++;2%&/.+;!+4!8%9(!C%+NW!7(;6+&/*!]+-->&%$/.%+&N!
"/%_*%63P! BNP! lN! d++2$+$9P! 8N! e6.;+P! EN! D/&/%P! /&2! '! D/%;*(AN! FGHMN! VR(/*.3! ]+?(&(4%.6! /&2!
<;/&6,+;./.%+&:C(*/.(2!C(2>$.%+&6! %&!Q;((&3+>6(!Q/6! 5-%66%+&6!%&!.3(! #/&! D;/&$%6$+!8/A! E;(/NW!
K"!1)(2'.W&$1'2:.&B.D$;:)(.J!2:*CN!
! !
!
7/0(!Ka!+4!KL!!!
Ka!
"$]/;.3AP! B%/**N! FGHMN! V8%9(! #3/;%&0! </9(6! e44NW! F*2*)+*2N! 3..,6Ybb===N6./.%6./N$+-b$3/;.bHHXLb?%9(:
63/;%&0:./9(6:+44bN!
"(2%&P!C>66(*N!FGHIN!V<3(!8%9(:#3/;%&0!8*+0NW!1+&2+&Y!"(.;+?%9(N!
"(2%&P! C>66(*P! /&2! 7/>*! '("/%+N! FGHIN! V<3(! 8%9(:#3/;%&0! d+;*2! "/,NW!
3..,6Ybb===N0++0*(N$+-b-/,6b2b>bGb)%(=(;h**uMMNIFGKaaILKLMILFKjF]:
XFNLcGaFX|6,&uHXMNLGHXcjF]HKXNaLIK|3*u(&|.u3|-6/uG|6+>;$(u(-?(2|%(u@<DL|+-uH|
-%2uH@Uq=cq;=<}CM#Q69.l@M':FQ,"@|_uHN!
"%*(&%+N!FGHXN!V5&!"(.;+P!5$+?%$%P!"(.;+?s6!e!<;+*(?s6!]+&!@&/!#+*/!</;i(./!:!Q;>,+!"%*(&%+NW!H):!')&N!
3..,Ybb===N-%*(&%+N$+-b24b3+-+*+0/}.>}./;i(./}2(*}'D}G}FMXKIaIaKN3.-*N!
"%*)+$(6N! FGHFN! V#>(&+6! #+?;(! C>(2/6NW! "(U%$+N! 3..,Ybb-/;.3/N+;0N-Ub%&4+;-/$%+&:
0(&(;/*b#>(&+#+?;(C>(2/6N,24N!
"B'N! FGHIN! V"(U%$+! ]%.A`6! 5$+?%$%! 7;+0;/-! .+! e44(;! 5*($.;%$! 8%$A$*(6NW! H!I)(&. N!X+. 32):?N!
3..,Ybb-(U%$+&(=62/%*AN$+-b&(=6b-(U%$+:$%.A6:($+?%$%:.+:+44(;:(*($.;%$:?%9(6bN!
BR#N! FGHaN! V8(&(4%.6! +4! ]A$*%&0! :! 1%)(! d(**NW! NJFN! '(,/;.-(&.! +4! R(/*.3N!
3..,Ybb===N&36N>9b1%)(=(**b4%.&(66b7/0(6b]A$*%&0N/6,UN!
e`8;%(&P! e*%)(;N! FGHHN! V#>,;/0(+0;/,3ANW! 8C!. Y,<F. D1&%!(*. N! 3..,Ybb++?;%(&N$+-bFGHHbGIb.3(:+?%6:
,;+i($.bN!
e875N!FGHIN!Ve?6(;)/.+;%+!2(!1/!8%$%$*(./!7s?*%$/!5&!56,/p/NW!Y,D6N!3..,6Ybb?%$%$*(./,>?*%$/N(6bN!
7/*(;-+P! 5*%_/?(.3(N! FGHGN! Vd3+! O&)(&.(2! .3(! 8%$A$*(hW! A)7!F()!'(!N!
3..,6Ybb===N*%)(6$%(&$(N$+-bXXIaK:=3+:%&)(&.(2:.3(:?%$A$*(N3.-*N!
7(&-/&:1+-(*%P! E&2;(/N! FGHIN! V"((.! "(U%$+! ]%.A`6! D%;6.! 8%9(! "/A+;! :! ]%.A1/?NW! >)*?A2;N!
3..,6Ybb===N$%.A*/?N$+-b.;/&6,+;./.%+&bFGHIbGKb-((.:-(U%$+:$%.A6:4%;6.:?%9(:-/A+;bKFIHGcbN!
7(;(_! E)(&2/p+P! "/;%/! E&0(*%$/P! /&2! Q>6./)+! l%-(&(_N! FGHKN! V"(U%$+! ]%.A`6! ]/;! ]+&0(6.%+&! #*+=6!
5$+&+-%$!Q;+=.3P!]+6.6!8>6%&(66(6!{!d+;*2!C(6+>;$(6!O&6.%.>.(NW!9&1:0./!+&$1(!+.<'+*)*$*!.[9/<\N!
3..,Ybb===N=;%N+;0b?*+0bFGHKbGXb-(U%$+:$%.A`6:$/;:$+&0(6.%+&:6*+=6:($+&+-%$:0;+=.3:$+6.6:
?>6%&(66(6N!
! !
!
7/0(!KI!+4!KL!!!
KI!
7(.%.P!lN!FGGFN!V1/!"+?%*%.~!]+--(!D%0>;(!2(!1`(U,~;%(&$(!#+$%/*(Y!]+&6~g>(&$(6!#>;!1/!]/;/$.~;%6/.%+&!
2(!1/!'(-/&2(!2(!<;/&6,+;.NW!6(C!1(C!.812'+#&1*.FM($1)*M!IaY!HcGkFGIN!
7+$/$%.+N! FGHKN! V5$+8%$%! :8%9(! #3/;%&0! 7;+0;/--(NW! Q;/_N!
3..,Ybb,+$/$%.+N(>b6%.(6b2(4/>*.b4%*(6b5$+8%$%}"(U%$+]%.AN,24N!
7+i/&%P! '+;%&/P! /&2! '+-%&%$! #.(/2N! FGHKN! V#>6./%&/?*(! @;?/&! <;/&6,+;.! %&! .3(! '()(*+,%&0! d+;*2Y!
8(A+&2!"(0/$%.%(6NW!F$+*2)'2;):)*?N!
CN!J(-,P!DNdN!Q((*6P!QN!'>2*(AP!QN!1A+&6N!FGHFN!K$*&"&;):)*?.)'.812'+)*)&'`.K.F&()&G8!(C')(2:.K'2:?+)+.&B.
F$+*2)'2;:!.812'+#&1*N!B(=!q+;9Y!C+>.*(20(N!
#/&_P! E*4+&6+P! /&2! ]3;%6.%/&! J%6.(;6N! FGHGN! V7>?*%$! 8%9(! 8++-! %&! #,/%&! 1%0.36! /&2! #3/2+=6NW! P6KabN!
3..,Ybb===N4%/?:/;(/.($&%$/N%.b/../$3-(&.6b/;.%$*(bFLGb7>?*%$!?%9(6!#,/%&N,24N!
#$3=/;_P! E;%(*N! FGHHN! V<3(! d+;6.! ]+-->.(6! E;+>&2! <3(! d+;*2NW! U2+*>&"#2'?N!
3..,6Ybb===N4/6.$+-,/&AN$+-bHIILLcMb=+;6.:$+-->.(6:/;+>&2:=+;*2N!
#5'5"EN! FGHIN! V"+?%*%.A! ?A! 8%$A$*(NW! F636HKG. F!(1!*21)2*. &B. *C!. 6'7)1&'"!'*N!
3..,Ybb2/./N6(2(-/N$2-UN0+?N-Ub6(2(-/b%&2(UN,3,b-+)%*%2/2:6>6.(&./?*(b-+)%*%2/2:(&:
?%$%$*(./N!
#5'5"EP! /&2! ]5"]EN! FGHKN! V5&$>(6./! 5$+8%$%! FGHXNW!
3..,6Ybb===N($+?%$%N$2-UN0+?N-Ub6%.(6b2(4/>*.b4%*(6b,24b($+?%$%}FGHX}(&$>(6./N,24N!
#>•;(_!1/6.;/P!"N!(.!/*N!FGGLN!V56.;/.(0%/!2(!"+)%*%2/2!5&!8%$%$*(./P!"~U%$+NW!
#>6.;/&6N! FGHKN! V]A$*%&0! %&! B(=! '()(*+,-(&.6NW! F$+*12'+N!
3..,Ybb===N6>6.;/&6N+;0N>9b6%.(6b2(4/>*.b4%*(6b%-/0(6b4%*(6bC+>.(:'(6%0&:
C(6+>;$(6bB(=}'()(*+,-(&.6}FI}GX}HKN,24N!
<%-%*6%&/P!QNP!|!#3;(6.3/P!EN!FGGcN!Vd3A!R/)(!]eF!5-%66%+&6!O&$;(/6(2!%&!.3(!<;/&6,+;.!#($.+;!%&!E6%/hW!
d/63%&0.+&!']N!
@B'5#EN!FGHXN!Vd+;*2`6!7+,>*/.%+&!O&$;(/6%&0*A!@;?/&!=%.3!"+;(!.3/&!R/*4!1%)%&0!%&!@;?/&!E;(/6!{!@B!
'5#E! {! @&%.(2! B/.%+&6! '(,/;.-(&.! +4! 5$+&+-%$! /&2! #+$%/*! E44/%;6NW! =N. 36FKN!
3..,Ybb===N>&N+;0b(&b2()(*+,-(&.b2(6/b&(=6b,+,>*/.%+&b=+;*2:>;?/&%_/.%+&:,;+6,($.6:
FGHXN3.-*N!
! !
!
7/0(!KL!+4!KL!!!
KL!
@&%.(2! B/.%+&6N! FGHXN! Vd+;*2! @;?/&%_/.%+&! 7;+6,($.6NW! 3!#21*"!'*. &B. 6(&'&")(. 2'0. F&()2:. KBB2)1+N!
3..,6Ybb(6/N>&N+;0b>&,2b=>,b7>?*%$/.%+&6bD%*(6bd@7FGHX:R%03*%03.6N,24N!
@&;>3P!Q;(0+;A! ]NP!/&2!l/)%(;!]/;;%**+:R(;-+6%**/N!FGGaN! VQ*+?/*%_%&0!]/;?+&! 1+$9:O&NW!6'!14?.D&:)(?!MX!
[HG\Y!HHLKkcIN!2+%YHGNHGHabiN(&,+*NFGGXNHGNGHMN!
Z/&!"(/2P!B%$9N!FGHKN!VZ%)/! 1/!C()+*>$%•&Y!"(U%$+!]%.A! ]A$*%6.6!D%03.! 4+;!.3(!C%03.!.+! C%2(!%&!#/4(.A! {!
]%.%(6! {! <3(! Q>/;2%/&NW! 8C!. P$210)2'N! 3..,Ybb===N.3(0>/;2%/&N$+-b$%.%(6bFGHKb&+)bHHb)%)/:*/:
;()+*>$%+&:-(U%$+:$%.A:$A$*%6.6:4%03.:;%03.:6/4(.AN!
Z/6$+&$(**+6P!5N!FGHMN!V@;?/&!<;/&6,+;.P!5&)%;+&-(&.P!/&2!5g>%.AY!<3(!]/6(!4+;!'()(*+,%&0!]+>&.;%(6NW!
621*C+(2'N!
d(??P!l(;(-AN!FGHXN!V<3(+;A!/&2!7;/$.%$(!+4!E>.+-+.%)(!"+2/*! 1+$9:%&!k!/&! O&2+&(6%/&!]/6(!#.>2ANW!
E>6.;/*%/&!B/.%+&/*!@&%)(;6%.AN!3..,6Ybb(,;%&.6Ng>.N(2>N/>bILaILbFbl(;(-A}d(??}<3(6%6N,24N!
d(**6P! 7(.(;P! /&2! 7/>*! B%(>=(&3>%6N! FGHFN! V<;/&6%.%+&! D/%*>;(Y! @&2(;6./&2%&0! ]+&.%&>%.A! %&! .3(!
E>.+-+.%)(! O&2>6.;ANW! 8!(C'&:&4)(2:. U&1!(2+*)'4. 2'0. F&()2:. >C2'4!!Ic! [c\Y! HaLHkcFN!
2+%YHGNHGHabiN.($34+;(NFGHFNGaNGGLN!
dReN!FGHXN!VI!"%**%+&!7;(-/.>;(!'(/.36!E&&>/**A!1%&9(2!.+!E%;!7+**>.%+&NW!9&1:0.J!2:*C.Y142')^2*)&'N!
3..,Ybb===N=3+N%&.b-(2%/$(&.;(b&(=6b;(*(/6(6bFGHXb/%;:,+**>.%+&b(&bN!
d7CN! FGHIN! V"(U%$+! ]%.A! 7+,>*/.%+&! FGHINW! 9&1:0. D&#$:2*)&'. /!7)!XN!
3..,Ybb=+;*2,+,>*/.%+&;()%(=N$+-b=+;*2:$%.%(6b-(U%$+:$%.A:,+,>*/.%+&bN!
!