Logo Passei Direto
Buscar
Material
páginas com resultados encontrados.
páginas com resultados encontrados.
left-side-bubbles-backgroundright-side-bubbles-background

Crie sua conta grátis para liberar esse material. 🤩

Já tem uma conta?

Ao continuar, você aceita os Termos de Uso e Política de Privacidade

left-side-bubbles-backgroundright-side-bubbles-background

Crie sua conta grátis para liberar esse material. 🤩

Já tem uma conta?

Ao continuar, você aceita os Termos de Uso e Política de Privacidade

left-side-bubbles-backgroundright-side-bubbles-background

Crie sua conta grátis para liberar esse material. 🤩

Já tem uma conta?

Ao continuar, você aceita os Termos de Uso e Política de Privacidade

left-side-bubbles-backgroundright-side-bubbles-background

Crie sua conta grátis para liberar esse material. 🤩

Já tem uma conta?

Ao continuar, você aceita os Termos de Uso e Política de Privacidade

left-side-bubbles-backgroundright-side-bubbles-background

Crie sua conta grátis para liberar esse material. 🤩

Já tem uma conta?

Ao continuar, você aceita os Termos de Uso e Política de Privacidade

left-side-bubbles-backgroundright-side-bubbles-background

Crie sua conta grátis para liberar esse material. 🤩

Já tem uma conta?

Ao continuar, você aceita os Termos de Uso e Política de Privacidade

left-side-bubbles-backgroundright-side-bubbles-background

Crie sua conta grátis para liberar esse material. 🤩

Já tem uma conta?

Ao continuar, você aceita os Termos de Uso e Política de Privacidade

left-side-bubbles-backgroundright-side-bubbles-background

Crie sua conta grátis para liberar esse material. 🤩

Já tem uma conta?

Ao continuar, você aceita os Termos de Uso e Política de Privacidade

left-side-bubbles-backgroundright-side-bubbles-background

Crie sua conta grátis para liberar esse material. 🤩

Já tem uma conta?

Ao continuar, você aceita os Termos de Uso e Política de Privacidade

left-side-bubbles-backgroundright-side-bubbles-background

Crie sua conta grátis para liberar esse material. 🤩

Já tem uma conta?

Ao continuar, você aceita os Termos de Uso e Política de Privacidade

Prévia do material em texto

�ߋ���*�d�.�/�&�)ߋ���
+:I6G96C9D�6�)GDO>�>�ALBK�>�OBK>I�BPQ�DFL�QBOJFK>I��#1$3	�DBO>IJBKQB�L@LOOB
ABSFAL���>QFSFA>AB�A>�ALBK�>�OBK>I�MOFJ�OF>�B�>LP�JB@>KFPJLP�AB�MOLDOBPP�L
K>QRO>I� �">M����	��->NRBIBP� @LJ�J>FP�AB� ��� >KLP�AB� FA>AB�� >�KBCOLM>QF>�AL
BKSBIEB@FJBKQL�Q>J?�J�MLAB�@LKQOF?RFO�M>O>�>�MOLDOBPP�L�� �KBCOLM>QF>�AL
BKSBIEB@FJBKQL��>MBP>O�AB�QBO�M>QLD�KBPB�L?P@RO>��M>OB@B�PBO�@>QBDLOF@>JBKQB
AFCBOBKQB� A>� MOLDOBPP�L� K>QRO>I� MLONRB�� >L� @LKQO�OFL� ABPQ>�� >� KBCOLM>QF>� AL
BKSBIEB@FJBKQL� MOLPPBDRB� PBJ� >RJBKQLP� FJMLOQ>KQBP� K>� MOLQBFK§OF>� �">M�
��	�� -�L� BPQ�� @I>OL� PB� L� QO>Q>JBKQL� MLAB� OBQ>OA>O� >� KBCOLM>QF>� AL
BKSBIEB@FJBKQL�� �MOLDOBPP�L�K>QRO>I��KL�BKQ>KQL����QO>Q�SBI��$PQB�@>M�QRIL�PB
@LK@BKQO>�KL�PBR�QO>Q>JBKQL�
 �MOLDOBPP�L�K>QRO>I�@OF>�RJ�@�O@RIL�SF@FLPL�NRB�PB� FKF@F>�NR>KAL�>�MBOA>
AB�K�COLKP�IBS>���EFMBOMBOCRP�L�ALP�DILJ�ORILP�OBJ>KBP@BKQBP�B�>�AFPCRK�¦BP
JBQ>?¢IF@>P� AB@LOOBKQBP� A>� OBAR��L� A>� Q>U>� AB� CFIQO>��L� DILJBORI>O� �3%&	�
$KQO>
PB� KBPPB� @�O@RIL� SF@FLPL� NR>KAL� >� EFMBOMBOCRP�L� B� >P� AFPCRK�¦BP
JBQ>?¢IF@>P�P�L�PRCF@FBKQBP�M>O>�ABCI>DO>O�IBP�L�OBK>I��-BPPB�MLKQL��>�MBOA>�AB
K�COLKP�DBO>�J>FP�MBOA>�AB�K�COLKP�� NRF� P�L�ABP@OFQ>P� >P� QBO>MF>P�?>PB>A>P
BJ�BSFA�K@F>P�M>O>� FJMBAFO�L� FK�@FL�ABPPB�@�O@RIL�SF@FLPL�LR�M>O>�OBQ>OA�
IL
RJ>�SBW�NRB�FKF@F>AL�
'`/�%����-�1������"%-+�XT(� %(&�+.%�+���(
+",�(����)+( +�,,T(�'�-.+�%
-LOJ>IJBKQB�� >� MOLDOBPP�L� K>QRO>I� K�L� L@LOOB� >Q�� NRB� >� MBOA>� AB� K�COLKP
PBG>�PRMBOFLO�>���������/LO�BUBJMIL��>�KBCOB@QLJF>�RKFI>QBO>I��@LJL�L@LOOB�BJ
AL>ALOBP�SFSLP�AB�OFJ��K�L�@LPQRJ>�IBS>O���MOLDOBPP�L�K>QRO>I�����-L�BKQ>KQL�
RJ� OFJ� §KF@L� KLOJ>I� �� SRIKBO�SBI� �� MOLDOBPP�L� K>QRO>I� PB� >� @LKAF��L� �
@LKD�KFQ>� LR� >ANRFOFA>� KL� FK�@FL� A>� SFA>�� LR� PB� >PPL@F>
PB� �� L?BPFA>AB�
EFMBOQBKP�L�� AFPIFMFABJF>� LR� EFMBODIF@BJF>�� .� ?>FUL� MBPL� >L� K>P@BO�
M>OQF@RI>OJBKQB�KL�PBUL�J>P@RIFKL��MLAB� IBS>O���#1$3�K>� FA>AB�>ARIQ>�MLO
MOLDOBPP�L� K>QRO>I�� MOBPRJFSBIJBKQB� MLO� @>RP>� AB� ABCBFQL� KL
ABPBKSLISFJBKQL�ALP�K�COLKP��
&� '"-.������)+(-�"'x+"����(�+",�(���
)+( +�,,T(�'�-.+�%
 �L@LOO�K@F>�AB� IBP�L�DILJBORI>O�B� QR?RI>O�OBK>I� FKARWFA>�MLO�MOLQBFK§OF>��
RJ� JB@>KFPJL� @E>SB� AB� MOLDOBPP�L� K>QRO>I� �">M�� ��	�� .� IFJF>O� M>O>� >
MOLDOBPP�L� K>QRO>I� >QOF?R�SBI� �� MOLQBFK§OF>� M>OB@B� PBO� >QFKDFAL� NR>KAL� >
MOLQBFK§OF>�BU@BAB�����JD�AF>��� �J>DKFQRAB�A>�MOLQBFK§OF>���L�C>QLO�FPLI>AL
AB�OFP@L�J>FP�CLOQB�K>�MOLDOBPP�L�A>�ALBK�>�OBK>I�@O£KF@>��#1"	��%FD����
�	��
4J>�BU@B��L���>�MOLQBFK§OF>�>IQ>JBKQB�PBIBQFS>��>�MOLQB�K>�K>�ROFK>���NR>PB
FKQBFO>JBKQB�>I?RJFK>	��NRB�MLAB�MBOPFPQFO�BJ�S>ILOBP�KBCO¢QF@LP�MLO�J>FP�AB
���>KLP��PBJ�@>RP>O�A>KL�BPQORQRO>I�OBK>I��
�C¦G>6�9:�76H:�:�D�9:8A�C>D�HJ7H:FJ:CI:�96
I6M6�9:�;>AIG6��D�;>86I>DC�D;
�>:I�>C�*:C6A��>H:6H:	�%D9>;>869D�96�G:;:G�C8>6���	�
�"� 'k,-"�(����)+( +�,,T(�'�-.+�%
 �MOLDOBPP�L�K>QRO>I���RJ�AF>DK¢PQF@L�AB�BU@IRP�L��/LOQ>KQL��MOFJBFO>JBKQB
ABSB
PB� ABQBOJFK>O� PB� >� ALBK�>� OBK>I� MOFJ�OF>� BPQ�� >QFS>� KL� M>@FBKQB� @LJ
#1"�NRB�JLPQO>�PFK>FP�AB�MOLDOBPP�L��2B�FPPL�CLO�O>WL>SBIJBKQB�ABP@>OQ>AL�
ABSB
PB� BKQ�L� ABQBOJFK>O� PB� RJ>� LRQO>� ALBK�>� OBK>I� BPQ�� PL?OBMLPQ>� �">M�
��	�� � KBCOLM>QF>� AL� BKSBIEB@FJBKQL� Q>J?�J� ABSB� PBO� BU@IR�A>�� L� NRB� �
OBI>QFS>JBKQB�C�@FI�MLFP�FKF@F>�>M¢P�LP����>KLP�AB�FA>AB��L�AB@I�KFL�K>�3%&��
IBKQL��@BO@>�AB���J+�>KL	��B�DBO>IJBKQB�K�L�BKSLISB�RJ�>RJBKQL�FJMLOQ>KQB
K>� MOLQBFK§OF>� �">M�� ��	��� .P� PBDRFKQBP� >@E>ALP� >GRA>J� >� @LKCFOJ>O� L
AF>DK¢PQF@L�AB�MOLDOBPP�L�K>QRO>I�
ߧ "OB>QFKFK>� P�OF@>� �"OP	� DBO>IJBKQB� >@FJ>� AL� K�SBI� BPMBO>AL� M>O>� >� FA>AB�
PBUL�B�O>�>�AL�M>@FBKQB��0R>AOL���
�	��~�FJMOLS�SBI�QO>Q>O
PB�AB�MOLDOBPP�L
K>QRO>I�NR>KAL�>�"OP���KLOJ>I�
%>B>6G:H�,J9DH�8DBD��CDGB6>H�9:��G:6I>C>C6�,�G>86���GH�
¹ "FDI8E;���E�F�F9
;&�������D>
;&�J���E�F�;
;&����
��D>
;&�JI8E;���E�F�F9
;&�������D>
;&�J���E�F�;
;&�������D>
;&�JB>6G:H�HJ9DH�9:��GH�9:�68DG9D�8DB�D�E:HD��H:MD�:�G6�6
��I�;IJ?C7J?L7I�I;�87I;?7C�D7
;NF;H?�D9?7�:;�KC�B78EH7J H?E�9B�D?9E�GK;�H;FEHJ7�9ECE�DEHC7B�KC7�EC;DI� ;� :;� ���� 7� �����C=
:&� F7H7�CKB>;H;I	� �� J7N7� :;� EC;DI��EI�L7BEH;I�:;�.! ;�L7H?7H7C�:;����7����C&
C?D
����
C
��F7H7�7I�CKB>;H;I��EI�L7BEH;I�:;�.! ;�L7H?7H7C�:;����7����C&
C?D
�����C
	�*7H7�F;IIE7I�9EC�C7?I�:;���
7DEI��EI�L7BEH;I�9EHH;IFED:;DJ;I�:;�.! ;�I;H?7C�7?D:7�C;DEH;I	
ߧ
ߧ
ߧ � MOLDOBPP�L� K>QRO>I� �� DBO>IJBKQB� FKALIBKQB� ]� MLO� BUBJMIL�� >� "OP
>RJBKQ>A>�CF@>�BPQ�SBI�ARO>KQB�MBIL�JBKLP�S�OFLP�>KLP�>KQBP�NRB�L@LOO>J
PFK>FP� AB� MOLDOBPP�L��� /LAB� L@LOOBO� RJ>� BU@B��L� K>� MOBPBK�>� AB� CLO�>P
BUQO>LOAFK>OF>JBKQB�BIBS>A>P�MOLJLSBKAL�>�MOLDOBPP�L�K>QRO>I��Q>FP�@LJL
RJ�@LKPRJL�JRFQL�DO>KAB�AB�P>I��EFMBOQBKP�L�J>I�@LKQOLI>A>��LR�>J?LP��
ߧ .� MOFJBFOL� PFK>I� AB� MOLDOBPP�L� K>QRO>I� �� DBO>IJBKQB� RJ� >RJBKQL� K>
MOLQBFK§OF>�� 2LJBKQB� >� M>OQFO� AB� RJ� >KL� AB� MOLQBFK§OF>� BIBS>A>� >� "OP
@LJB�>�>�>RJBKQ>O��
ߧ .� PBAFJBKQL� ROFK�OFL� �� KLOJ>I�� BJ?LO>� DO>KABP� @FIFKAOLP� DO>KRI>OBP� B
EF>IFKLP�MLPP>J�BPQ>O�MOBPBKQBP�
$J� OBPRJL�� S�
PB� >� MOLDOBPP�L� K>QRO>I� MOFK@FM>IJBKQB� K>NRBIBP� @LJ
>RJBKQL� A>� "OP�� 4J>� MOLQBFK§OF>� >RJBKQ>A>� �� L� MOFJBFOL� PFK>I� AB
MOLDOBPP�L� K>QRO>I�� 2LJBKQB� >M¢P� RJ� MBO�LAL� MOLILKD>AL� AB� >RJBKQL� K>
MOLQBFK§OF>� �� NRB� >� "OP� @LJB�>� >� >RJBKQ>O�� $PPB� M>AO�L� Q>J
?�J� �
@LJRJBKQB� SFPQL� BJ� M>@FBKQBP� @LJ�#1"� @RG>� @LKAF��L� MOLDOFAB� ABSFAL� �
>QFSFA>AB�A>�ALBK�>�DILJBORI>O��/LO�LRQOL�I>AL��@BOQ>P�CLOJ>P�AB�#1"�MLABJ
>MOBPBKQ>O� MOLDOBPP�L� PR?PQ>K@F>I�� >MBP>O� AB� MOLQBFK§OF>� J�KFJ>�� �0R>AOL
��
�	�
�DGB6H��DBJCH�9:��D:C�6�+:C6A��G�C>86���+���C6H�FJ6>H�)D9:
(8DGG:G�)GDC¦G>6�&�C>B6
¹ �	� 8JH�ED9:�D8DGG:G�EGDBEDGI6CI:�8DB�EGDI:>C¦G>6
B�C>B6
� *EH� ;N;CFBE�� 7��HI� KBJH7F7II7� 
���C=
:&�� FEH�C�7� FHEJ;?D­H?7� :;� 
�� >EH7I� �� 87?N7� »� FEH� ;N;CFBE�
H;B7��E� 7B8KC?D7�9H;7J?D?D7� �,���� 787?NE� :;� ��
� ;� H;B7��E� FHEJ;�D7�9H;7J?D?D7� �,*��� 787?NE� :;� ���	� *7H7� 7I
9ED:?�¢;I�:;���7����L;H��7F�JKBEI�
����������������
�;�����H;IF;9J?L7C;DJ;	
&('"-(+�'�(���)+( +�,,T(�����(�'X�
+�'�%
 � MOLDOBPP�L� MLAB� PBO� JLKFQLO>A>� >QO>S�P� AB� >IQBO>�¦BP� BPQORQRO>FP� ]� MLO
BUBJMIL��@LJ�?F¢MPF>�OBK>I�LR�RIQO>PPLJ�OBK>I�]�LR�AB�>IQBO>�¦BP�CRK@FLK>FP�
@LJL�MLO� BUBJMIL��JRA>K�>P�K>�3%&�LR�MOLQBFK§OF>�� NRF� S>JLP�AFP@RQFO
BPP>P� §IQFJ>P�� NRB� P�L� LP�J�QLALP�J>FP� MO�QF@LP� B� @LJRJBKQB� RP>ALP� M>O>
JLKFQLO>O�>�MOLDOBPP�L�
 �MOLQBFK§OF>���L�MOBAFQLO�FPLI>AL�J>FP�CLOQB�AB�AB@I�KFL�A>�3%&�� P�QBO>MF>P
NRB� OBARWBJ�>� MOLQBFK§OF>� DBO>IJBKQB� IBKQFCF@>J�L�AB@I�KFL� A>�3%&� �� ">M�
��	�����.P�J�QLALP�J>FP�RQFIFW>ALP�M>O>�>S>IF>O�>�MOLQBFK§OF>�P�L�>�JBAF��L�A>
>I?RJFK>�ROFK�OF>�B�A>P�MOLQB�K>P�QLQ>FP�ROFK�OF>P��">M���	��$PQ>P�OBMOBPBKQ>J
>�PLJ>�A>�>I?RJFK>�A>�ROFK>�J>FP�>P�MOLQB�K>P�ROFK�OF>P�K�L�>I?RJFK>��-L
M>@FBKQB� @LJ� #1"� Q�MF@L�� >P� MOLQB�K>P�312��.�*#(&.�OB@LJBKA>�>�@I>PPFCF@>��L�AB�OFP@L�A>�3%&�B�>�>I?RJFK§OF>
BJ�@>QBDLOF>P�AB�>@LOAL�@LJ�RJ�[J>M>�AB�@>ILO`��%FD����
�	���.RQOLP�C>QLOBP
>PPL@F>ALP� �� MOLDOBPP�L� A>�#1"� Q>J?�J� >GRA>O�L� >� ABCFKFO� L� MOLDK¢PQF@L�
#BKQOB�BIBP��BPQ�L�FK@IR�ALP�>�@>RP>�AB�#1"��FA>AB��PBUL��BQKF>��AFPIFMFABJF>�
Q>?>DFPJL�� L?BPFA>AB�� EFPQ¢OF>� AB� #"5� @>OAFLS>P@RI>OBP�� >� BUMLPF��L
@LKQ�KR>� >� >DBKQBP� KBCOLQ¢UF@LP�� B� DO>R� AB� @LKQOLIB� A>� EF
MBOQBKP�L� B
EFMBODIF@BJF>�� -L� BKQ>KQL�� DBO>IJBKQB� L� JBIELO� M>O�JBQOL� M>O>� >S>IF>O
JRA>K�>P� CRQRO>P� A>� CRK��L� OBK>I� �� L� M>AO�L� >KQBOFLO� AB� AB@I�KFL�� L� NRB
OBPP>IQ>�>� FJMLOQ�K@F>�AB�PB�@LKPFABO>O�LP�OBPRIQ>ALP�AB�BU>JBP�AB�P>KDRB�B
ROFK>�MOBDOBPPLP�ARO>KQB�>�>S>IF>��L�FKF@F>I�
4J>� SBW� NRB� RJ� AF>DK¢PQF@L� AB� #1"� CLF� BPQ>?BIB@FAL�� MOB@FP>
PB� OB>IFW>O
>OO>KGLP�M>O>�D>O>KQFO�>�JLKFQLOFW>��L�OBDRI>O�A>�CRK��L�OBK>I�B�MOLQBFK§OF>�
$J�M>@FBKQBP�@LJ�?>FUL�OFP@L�AB�AB@I�KFL��FPPL�MLAB�PBO�CBFQL�>KR>IJBKQB��-L
BKQ>KQL��>�>S>IF>��L�ABSB�PBO�OB>IFW>A>�@LJ�J>FP�OBDRI>OFA>AB�PB�>� QO>GBQ¢OF>
A>�ALBK�>�K�L�CLO�@I>O>��B�BJ�M>@FBKQBP�@LJ�J>FLO�OFP@L�AB�MOLDOBPP�L�
#BQBOJFK>O�RJ>�>IQBO>��L�@LK@OBQ>�K>�CRK��L�OBK>I�MLAB�PBO�AFC�@FI�MLONRB
�� @LJRJ� >� L@LOO�K@F>� AB� MBNRBK>P� CIRQR>�¦BP� K>� 3%&B�� B� K�L
KB@BPP>OF>JBKQB�P�L� FKAF@>QFS>P�AB�MOLDOBPP�L��$I>P�MLABJ�PBO�@>RP>A>P�MLO
C>QLOBP� OBSBOP�SBFP�� Q>FP�@LJL�ABMIB��L�AB�SLIRJB� FKQO>S>P@RI>O�LR�@LKPRJL
BIBS>AL�AB�@>OKBP��AB�CLOJ>�NRB�MLAB�PBO�KB@BPP�OFL�OBMBQFO�L�QBPQB��.�-("$
ABCFKB�MOLDOBPP�L�@LJL�RJ�AB@I�KFL�K>�3&%B�PRMBOFLO�>���J+�JFK������J�
ABKQOL� AB� �� >KL� LR� J>FLO� NRB� ��� J+�JFK������ J�� ABKQOL� AB� �� >KLP��� .
*#(&.� @LKPFABO>� RJ� AB@I�
KFL� PRPQBKQ>AL� K>� 3%&B� AB� J>FP� AB� �
J+�JFK������ J�� BJ� RJ� >KL� @LJL� MOLDOBPP�L� O�MFA>� B� Q>J?�J� ABCFKB
MOLDOBPP�L� MLO� RJ>� NRBA>� K>� @>QBDLOF>� AB� 3&%� >@LJM>KE>A>� MLO� RJ
AB@I�KFL� AB� ����LR�J>FP� K>�3&%B� ?>P>I��� $J�M>@FBKQBP� @LJ�MOLDOBPP�L�A>
#1"��L�J>KBGL�>QR>I�ABSB�PBO�OBSFP>AL�M>O>�PB�ABQB@Q>O�@>RP>P�OBSBOP�SBFP��B
ABSB
PB�@LKAFPBO>O�OBCBO�K@F>�M>O>�L�BPMB@F>IFPQ>�
$J?LO>� L� J>KBGL� AB� M>@FBKQBP� @LJ� #1"� IBSB� B� K�L� MOLDOBPPFS>� QBKE>� PB
QLOK>AL�@>A>�SBW�J>FP�OBPMLKP>?FIFA>AB�AB�J�AF@LP�AB�>QBK��L�MOFJ�OF>��LP
KBCOLILDFPQ>P� MOB@FP>J� >S>IF>O� >NRBIBP� FKAFS�ARLP� PRP@BQ�SBFP� AB� MOLDOBPP�L
M>O>�#1$3�B�NRB�SFO�L�>�KB@BPPFQ>O�AB�312��3>KQL�L�-("$�NR>KQL�L�*#(&.
ABPBKSLISBO>J� @OFQ�OFLP� PR?PQ>K@F>IJBKQB� PBJBIE>KQBP� M>O>� L
BK@>JFKE>JBKQL��3>?BI>���
�	��3>FP�@OFQ�OFLP�K�L�P�L�>?PLIRQLP��J>P�ABSBJ
PBOSFO� AB� DRF>� >L� J�AF@L� A>� >QBK��L� MOFJ�OF>� M>O>� NR>FP� M>@FBKQBP� PB
?BKBCF@F>OF>J�AB�@RFA>ALP�AL�BPMB@F>IFPQ>��/LO�BUBJMIL��JRFQLP�M>@FBKQBP�@LJ
#1"� @>QBDLOF>�&�� P�L�J>KBG>ALP� @LJ� PR@BPPL�K>� @LJRKFA>AB�� DBO>IJBKQB
>M¢P�>S>IF>��L�FKF@F>I�LR�>@LKPBIE>JBKQL�AB�@LIBD>P�AB�>QBK��L�PB@RKA�OF>�
(KCBIFWJBKQB��RJ>�MOLMLO��L�PR?PQ>K@F>I�AB�M>@FBKQBP�@LJ�#1"�>S>K�>A>��
BK@>JFKE>A>�Q>OAF>JBKQB��K�L�O>OL�NR>KAL�G��BUFPQB�>�KB@BPPFA>AB�AB�AF�IFPB�
$K@>JFKE>JBKQL� Q>OAFL� �� DBO>IJBKQB� BSF
Q�SBI�� BJ?LO>� BJ�>IDRKP� @>PLP�LP
M>@FBKQBP� MLPP>J� QBO� QFAL� RJ>� ALBK�>� SBOA>ABFO>JBKQB� PFIBK@FLP>� LR� RJ>
>MOBPBKQ>��L� >DRA>� AB� RJ>� ALBK�>� @LJ� O�MFAL� AB@I�KFL� A>� CRK��L� OBK>I��
$UFPQB� BSFA�K@F>� AB� NRB�� @LJ� >� FKQOLAR��L� KLP� §IQFJLP� >KLP� AB� OBI>Q¢OFLP
OLQFKBFOLP�A>�3%&B��B�@LKPBNRBKQB�JBIELO�@LJRKF@>��L�BKQOB�LP�MOLCFPPFLK>FP
AB� >QBK��L� MOFJ�OF>� B� PB@RKA�OF>�� ELRSB� RJ>� NRBA>� PR?PQ>K@F>I� ALP
BK@>JFKE>JBKQLP�Q>OAFLP���
 �>MOBPBKQ>��L� Q>OAF>� ��ABPS>KQ>GLP>�M>O>�L�M>@FBKQB��MLFP� IFJFQ>�L� QBJML
M>O>� PBIB@FLK>O� L� JLAL� AB� AF�IFPB� LR� PBO� IFPQ>AL� M>O>� QO>KPMI>KQB� AB� OFJ
[MOBBJMQFSL`��/LAB�L@LOOBO�>RJBKQL�AL�BPQOBPPB�MPF@LI¢DF@L��QLOK>KAL�AFC�@FI
M>O>�L�M>@FBKQB�>@BFQ>O�>�ALBK�>�� I�J�AFPPL��@LJL�RJ>�C�PQRI>�>OQBOFLSBKLP>
IBS>� S�OF>P� PBJ>K>P� M>O>� >J>AROB@BO�� LP� M>@FBKQBP� NRB� PB� >MOBPBKQ>J
Q>OAF>JBKQB� FKF@F>J� >� EBJLAF�IFPB� @LJ� @>QBQBOBP� SBKLPLP� @BKQO>FP�� .P
@>QBQBOBP� P�L� MOLMBKPLP� >� @LJMIF@>�¦BP� FKCB@@FLP>P� B� FKBSFQ>SBIJBKQB� IBP>J
SBF>P�@BKQO>FP��IBS>KAL�>�QOLJ?LPBP�B�BPQBKLPBP��>P�NR>FP�MLABJ�PB�J>KFCBPQ>O
KRJ>� C>PB� MLPQBOFLO�� NR>KAL� L� OBQLOKL� SBKLPL� AB� RJ� LR� AL� LRQOL� ?O>�L
>RJBKQ>� >M¢P� >� @LKCB@��L� AB� RJ>� C�PQRI>� >OQBOFLSBKLP>� �">M�� ��	���� 
>MOBPBKQ>��L� Q>OAF>� A>� #1"� Q>J?�J� FJMBAB� L� QO>Q>JBKQL� BCF@>W� AB
@LJMIF@>�¦BP�@LJL�>�EFMBOQBKP�L�B�>�>KBJF>��L�NRB�MLAB�@LKQOF?RFO�M>O>�L
A>KL�@>OAFLS>P@RI>O�B��BJ�§IQFJL�DO>R�� IFJFQ>O�>�BUMB@Q>QFS>�AB�SFA>����,>FP
FJMLOQ>KQB�� >� OBCBO�K@F>� Q>OAF>� BPQ�� >PPL@F>A>� PR?PBNRBKQBJBKQB� >� J>FLOBP
@RPQLP�K>�>PPFPQ�K@F>�J�AF@>�B�>�RJ�MFLO�MOLDK¢PQF@L���
�G>I�G>DH�,J9DH�E6G6�D��C86B>C=6B:CID�9:�)68>:CI:H�8DB
�D:C�6�+:C6A��G�C>86���+���E6G6�JB�':;GDADHI6
&!���
��� #�!�'�
��
�,�
8M8E�8;8
�,��@FJ���FI@8J�!��
IIFI@�. !�:FD�LD8
II�G>DH�HJ9DH�E6G6�D�:C86B>C=6B:CID�9:�E68>:CI:H�8DB��+��E6G6�JB�C:;GDADHI6
*���� ,;B7��E� 7B8KC?D7�9H;7J?D?D7�� ,��:�� J7N7� :;� �7D:��7H;��N9;BB;D9;��(, ��F7H7JEHC¡D?E	���69DH
96H�G:;:G�C8>6H�
�:��	�
)+�/�'XT(����)+( +�,,T(�����(�'X��+�'�%
�+l'"��
.�J>KBGL� A>� #1"� ABSB� QBO� @LJL� L?GBQFSLP� OBQ>OA>O� >� Q>U>� AB� AB@I�KFL� A>
CRK��L�OBK>I�B�JFKFJFW>O�LP�BCBFQLP�AB�LRQO>P�@LJMIF@>�¦BP�A>�#1"��$U@BQL
MBIL� J>KBGL� BPMB@�CF@L� A>� ALBK�>� OBK>I� AB� ?>PB� NR>KAL� MLPP�SBI�� >
FKQBOSBK��L� J>FP� BCBQFS>� �� L� @LKQOLIB� A>� MOBPP�L� >OQBOF>I�� FK@IRFKAL�� BJ
M>@FBKQBP�@LJ�#1"�MOLQBFK§OF@>��L�RPL�AB� FKF?FALOBP�A>�BKWFJ>�@LKSBOPLO>
AB�>KDFLQBKPFK>��$" 	�B�?ILNRB>ALOBP�AL�OB@BMQLO�AB�>KDFLQBKPFK>��!1 P	��.
@LKQOLIB� A>� DIF@BJF>� BJ� M>@FBKQBP� AF>?�QF@LP� @LJ� #1"� �� >?LOA>AL
KL�">M�QRIL����
 �EFMBOQBKP�L���JRFQL�@LJRJ�BJ�M>@FBKQBP�@LJ�#1"��B�L�K�SBI�AB�MOBPP�L
>OQBOF>I� >PPL@F>
PB� �� Q>U>� AB� MBOA>� A>� CRK��L� OBK>I����.� @LKQOLIB�A>�MOBPP�L
>OQBOF>I� OBARW� >� Q>U>� AB� AB@I�KFL� A>� CRK��L� OBK>I� �">M����	�� B� FPPL� IBSLR� >Q�
OB@BKQBJBKQB��� FABF>�AB� [NR>KQL�J>FP�?>FUL��JBIELO`�BJ�OBCBO�K@F>�>L�>ISL
M>O>� L� @LKQOLIB� A>� EFMBOQBKP�L�� $KQOBQ>KQL�� �� IRW� A>P� @OBP@BKQBP� BSFA�K@F>P
PL?OB�LP�BCBFQLP�>ASBOPLP�A>�EFMLQBKP�L��L�M>O>AFDJ>�PB�ABPIL@LR�BJ�AFOB��L
>L� @LKQOLIB� JBKLP� FKQBKPL� B� FKAFSFAR>IFW>AL� A>� MOBPP�L� >OQBOF>I���
1B@BKQBJBKQB�� >P� AFOBQOFWBP� AB� >J?LP� L�-("$� B� L�*#(&.� >?LOA>O>J� @LJ
MOLCRKAFA>AB�L�J>KBGL�A>�EFMBOQBKP�L�BJ�M>@FBKQBP�@LJ�#1"������ J?>P�>P
AFOBQOFWBP� BKC>QFW>J� >� FJMLOQ�K@F>� AB� PB� SBOFCF@>O� >� @LBUFPQ�K@F>� AB� #"5�
LRQO>P�@LJLO?FA>ABP�B�BCBFQLP�@LI>QBO>FP�>L�ABCFKFO�JBAF@>JBKQLP�B�>ISLP�AB
MOBPP�L� >OQBOF>I�� BJ�M>OQF@RI>O� KLP� M>@FBKQBP� FALPLP��#BSBJ� PBO� BK@LO>G>A>P
JRA>K�>P� KL� BPQFIL� AB� SFA>�� FK@IRFKAL� >�J>KRQBK��L�AB� RJ�MBPL� P>RA�SBI�
OBAR��L�K>�FKDBPQ>�AB�P>I�B��I@LLI�B�>QFSFA>AB�C�PF@>�OBDRI>O��">M����	�
$J?LO>� >P� OB@LJBKA>�¦BP� >QR>FP� PBG>J� ?>PB>A>P� BJ� OBDFPQOLP� AB� MOBPP�L
>OQBOF>I� AB�@LKPRIQ¢OFL�� BPQRALP� OB@BKQBP� PRDBOBJ� NRB� JBAFA>P� L?QFA>P� BJ
@>P>� B� JLKFQLOFW>��L� >J?RI>QLOF>I� Q�J� JBIELO� @LOOBI>��L� @LJ� ABPCB@ELP
@>OAFLS>P@RI>OBP�B�OBK>FP����~�>I>OJ>KQB�KLQ>O�NRB�>Q������ALP�M>@FBKQBP�@LJ
#1"�MOBPRJFA>JBKQB�EFMBOQBKPLP�Q�J�MOBPP�L�>OQBOF>I�KLOJ>I�BJ�ALJF@�IFL
B� ���� ALP� M>@FBKQBP� MOBPRJFA>JBKQB� KLOJLQBKPLP� �LR� @LJ� EFMBOQBKP�L
>ABNR>A>JBKQB�QO>Q>A>	�BO>J�EFMBOQBKPLP�KL�ALJF@�IFL���
$J?LO>� >� JLKFQLOFW>��L� >J?RI>QLOF>I� K�L� PBG>� >FKA>� RKFSBOP>IJBKQB
OB@LJBKA>A>��ABSB�E>SBO�RJ�IFJF>O�?BJ�?>FUL�M>O>�FKAF@>O�JLKFQLOFW>��L�AB
���ELO>P�LR�MBAFO�>LP�M>@FBKQBP�NRB�OB>IFWBJ�>CBOF�¦BP�BJ�@>P>��PB�MOBCBOFOBJ�
.P� K�SBFP� >ISL� AB� MOBPP�L� >OQBOF>I� B� >� QBO>M�RQF@>� >KQF
EFMBOQBKPFS>� BJ
M>@FBKQBP�@LJ�#1"�P�L�AFP@RQFALP�KL�">M�QRIL�����.P� FKF?FALOBP�A>�$" �B
!1 P�P�L�OB@LJBKA>ALP�@LJL�>DBKQBP�AB�MOFJBFO>�IFKE>�M>O>�M>@FBKQBP�@LJ
BSFA�K@F>� AB� MOLQBFK§OF>�� MLO�J� DBO>IJBKQB� �� KB@BPP�OFL� RJ� OBDFJB
JRIQFAOLD>� M>O>� L?QBO� RJ� ?LJ� @LKQOLIB� MOBPP¢OF@L�� #RO>KQB� ALBK�>P
FKQBO@LOOBKQBP��LP�M>@FBKQBP�@LJ�#1"�P�L�SRIKBO�SBFP�>�BCBFQLP�@LI>QBO>FP�AB
AOLD>P��BJ�M>OQF@RI>O�EFMBO@>IBJF>�B�+1 ���� �AFOBQOFW�AL�*#(&.�OB@LJBKA>
>� ABP@LKQFKR>��L� QBJMLO�OF>� AB� AOLD>P� MLQBK@F>IJBKQB� KBCOLQ¢UF@>P� B� AB
BU@OB��L� OBK>I� �FK@IRFKAL� FKF?FALOBP� A>� $" �� !1 P�� FKF?FALOBP� A>
>IALPQBOLK>�� FKF?FALOBP� AFOBQLP� A>� OBKFK>�� AFRO�QF@LP�� AOLD>P� >KQF
FKCI>J>Q¢OF>P� K�L� BPQBOLFA>FP� � (-$P	�� JBQCLOJFK>�� I�QFL� B� AFDLUFK>	� BJ
M>@FBKQBP�@LJ�RJ>�3%&�JBKLP�NRB����J+�JFK������J���#1"�@>QBDLOF>P�&�>
>�&�	�NRB�Q�J�ALBK�>P�DO>SBP�@LJL�FKQBO@LOO�K@F>�
.� >@LKPBIE>JBKQL� B� BAR@>��L� KRQOF@FLK>FP� ABQ>IE>ALP�� GRKQ>JBKQB� @LJ
PRMLOQB� @LKQ�KRL� >�M>OQFO�AB�RJ�MOLCFPPFLK>I� >MOLMOF>A>JBKQB� QOBFK>AL� P�L
FJMLOQ>KQBP�KL�J>KBGL�AB�M>@FBKQBP�@LJ�#1"�� �L?BPFA>AB�PB�>PPL@F>�>�RJ
AB@I�KFL�J>FP�O�MFAL�A>�CRK��L�OBK>I��MLOQ>KQL��>�MBOA>�AB�MBPL���>MOLMOF>A>
K>� #1"� BJ� C>PBP� FKF@F>FP�� $KQOBQ>KQL�� K>� #1"� >S>K�>A>� �� @LJRJ� >
ABPKRQOF��L� �">M�� ��	�� P� @>RP>P� P�L� JRIQFC>QLOF>FP�� B� FK@IRBJ� >KLOBUF>�
>@FALPB��OBPFPQ�K@F>�FKPRI�KF@>��FKCI>J>��L��BPQOBPPB�LUFA>QFSL�B�MBOA>�ROFK�OF>
AB� MOLQB�K>P�� .P� BU>JBP� ?FLNR�JF@LP� MLABJ� >MLKQ>O� RJ>� OBAR��L� K>
>I?RJFK>� P�OF@>�� QO>KPCBOOFK>� B� @LIBPQBOLI�� .� MBPL� ABSB� PBO� JLKFQLO>AL� BJ
M>@FBKQBP� NRB� MOLDOFABJ� M>O>� #1"� @>QBDLOF>P� &�� B� &��� P� @LK@BKQO>�¦BP
P�OF@>P�AB�@OB>QFKFK>��NRB�BJ�M>OQB�OBCIBQBJ�>�J>PP>�JRP@RI>O��MLABJ�M>O>O
AB� PR?FO�� >MBP>O� AB� RJ>� MBOA>� MOLDOBPPFS>� AB� CRK��L� OBK>I�� ABSFAL� >� RJ
@LJMOLJBQFJBQKL�AL�BPQ>AL�KRQOF@FLK>I�
$J� CRK��L� AFPPL�� QBJ� E>SFAL� @LKQOLS�OPF>� K>P� OB@LJBKA>�¦BP� AB� NRB� PB
OBPQOFKG>�>�FKDBPQ�L�AB�MOLQB�K>P��$J?LO>�E>G>�BSFA�K@F>�AB�NRB�>�OBAR��L�A>
FKDBPQ>� MOLQBF@>� MLAB� OBQ>OA>O� >� MOLDOBPP�L� AB� AB@I�KFL� A>� CRK��L� OBK>I�
JRFQLP� M>@FBKQBP� ABPBKSLISBJ� ABPKRQOF��L� MOLQBF@L
@>I¢OF@>� K>� SFD�K@F>� AB
RJ>� AFBQ>� @LJ� ?>FU>� @>OD>� AB� MOLQB�K>P���� .� *#(&.� OB@LJBKA>� NRB� >
FKDBPQ>�MOLQBF@>�ABSB�PBO�OBARWFA>�M>O>�����D�HD�AF>�BJ�>ARIQLP�@LJ�#1"�B
3%&�FKCBOFLO�>����J+�JFK������Jr�>L�M>PPL�NRB�RJ>�FKDBPQ>�MOLQBF@>�BIBS>A>
��� ���� D�HD�AF>	� ABSB� PBO� BSFQ>A>� BJ� >ARIQLP� @LJ� #1"� BJ� OFP@L� AB
MOLDOBPP�L�� 0R>KAL� BPP>� OB@LJBKA>��L� �� PBDRFA>�� P�L� KB@BPP�OFLP
>@LJM>KE>JBKQL� B� PRMBOSFP�L� KRQOF@FLK>I� ABQ>IE>ALP� M>O>� D>O>KQFO� NRB� PB
BSFQB�>�ABPKRQOF��L�
4J� ALP� BCBFQLP�J>FP� MOB@L@BP� A>� #1"� �� IFJFQ>O� >� @>M>@FA>AB� AL� OFJ� AB
@LJMBKP>O�DO>KABP�JRA>K�>P�K>�FKDBPQ>�AB�P>I�B��DR>��">M���	�� �OBQBK��L�AB
P>I� B� �DR>� P�L� C>QLOBP� @LKQOF?RQLOBP� MOBMLKABO>KQBP� M>O>� >� EFMBOQBKP�L� BJ
M>@FBKQBP� @LJ� #1"�� B�� BJ� BPQ�DFLP� J>FP� >S>K�>ALP�� M>O>� >� JLO?FA>AB� B
JLOQ>IFA>AB� ABSFAL� >� BABJ>� PFPQ�JF@L� LR� MRIJLK>O�� � FKDBPQ>� AB� P¢AFL
ABSBOF>��MLOQ>KQL��PBO�OBPQOFQ>�>�JBKLP�AB����JJLI�AF>����D�AF>�AB�@ILOBQL�AB
P¢AFL	�� BU@BQL� BJ� @LKAF�¦BP� AB� MBOA>� AB� P>I�� ~� KB@BPP�OFL� >@LKPBIE>JBKQL
PL?OB� >� FKDBPQ>� E�AOF@>� FAB>I� M>O>� @>A>� BPQ�DFL� AB� #1"� M>O>� PB� MOBSBKFO
PL?OB@>OD>� AB� SLIRJB�� .P� PR?PQFQRQLP� AB� P>I� @LKQBKAL� MLQ�PPFL� ABSBJ� PBO
BSFQ>ALP� ABSFAL� >L� OFP@L� AB� EFMBO@>IBJF>��->P� @>QBDLOF>P�&�� B�&��AB�#1"�
MLAB�PBO�KB@BPP�OFL�>@LKPBIE>JBKQL�B�BAR@>��L�PL?OB�OBPQOF��L�AB�MLQ�PPFL�B
CLPC>QL�
&�'�#(�����(&)%"��Xm�,�����(�'X��+�'�%
�+l'"��
4J>� AFP@RPP�L� ABQ>IE>A>� A>P� @LJMIF@>�¦BP� A>� #1"� �� OB>IFW>A>� KLP
">M�QRILP����>�����"LJ�>�BU@B��L�A>�EFMBOQBKP�L��DBO>IJBKQB�BUFPQBJ�MLR@>P
J>KFCBPQ>�¦BP� @I�KF@>P� >PPL@F>A>P� �P� @>QBDLOF>P�&��B�&��AB�#1"� �3%&�����
J+�JFK������ Jr	�� .RQO>P� @LJMIF@>�¦BP� �AFP@RQFA>P� K>P� PBPP¦BP� PBDRFKQBP	
QBKABJ�>�PB�ABPBKSLISBO�AB�J>KBFO>�MOLDOBPPFS>���JBAFA>�NRB�>�3%&�>QFKDB
JBKLP�AB���� B� BJ�M>OQF@RI>O�JBKLP�AB����J+�JFK�����Jr� �FPQL� ���K>�#1"
@>QBDLOF>P�&��B�&�	�
 � >KBJF>� �� @LJRJ� K>� #1"� @>QBDLOF>P� &�>� >� &�� B� �� @>RP>A>� MLO� RJ>
ABCF@F�K@F>� OBI>QFS>� AB� BOFQOLMLBQFK>� �$/.	�� BJ?LO>� >� AFPMLKF?FIFA>AB
OBARWFA>� AB� CBOOL� B� >� FKCI>J>��L� @O£KF@>� PBG>J� C>QLOBP� @LKQOF?R
QLOBP
COBNRBKQBP� �SBO� Q>J?�J� ">M�� ��	�� � >KBJF>� MLAB� QBO� J§IQFMILP� BCBFQLP
@LI>QBO>FP�� FK@IRFKAL� >� MFLO>� AB� AFPCRK��L� @>OA�>@>� >QO>S�P� AL� >RJBKQL� AL
A�?FQL�@>OA�>@L�B�BU>@BO?>��L�A>�EFMBOQOLCF>�SBKQOF@RI>O�BPNRBOA>��>@BIBO>KAL
>�NRBA>�A>�CRK��L�OBK>I�B�OBARWFKAL�>�@LDKF��L�B�>�@LK@BKQO>��L��$KQOBQ>KQL�
C>IQ>� BSFA�K@F>� AB� NRB� >� OBSBOP�L� A>� >KBJF>� @LJ� L� RPL� AB� >DBKQBP
BPQFJRI>ALOBP� A>� BOFQOLMLFBPB� � $$P	� BPQBG>� >PPL@F>A>� >� JBIELO>� ALP
ABPCB@ELP� @I�KF@LP�� B� BPQRALP� O>KALJFW>ALP� PRDBOFO>J� NRB�� BJ� >IDRJ>P
@FO@RKPQ�K@F>P��BPPBP�>DBKQBP�MLABJ�@>RP>O�A>KL��(PPL�IBSLR���OB@LKPFABO>��L
KL�J>KBGL�A>�>KBJF>�K>�#1"�KLP�§IQFJLP�>KLP�
4J� M>O�JBQOL� OB@BKQB� AL� *#(&.� OB@LJBKA>� NRB� QLALP� LP� M>@FBKQBP
FABKQFCF@>ALP� @LJL� MLOQ>ALOBP� AB� #1"� @>QBDLOF>P� &�>� B� >?>FUL� ABSBJ� QBO
PBRP�K�SBFP�AB�EBJLDIL?FK>�JLKFQLO>ALP�>KR>IJBKQB��>RJBKQ>KAL�M>O>�AR>P
SBWBP�MLO�>KL�K>P�@>QBDLOF>P�&��B�&���� �>KBJF>�BJ�>ARIQLP���AF>DKLPQF@>A>
NR>KAL�>�@LK@BKQO>��L�AB�'?�@>F�>?>FUL�AB������D�A+�BJ�ELJBKP�B�>?>FUL�AB
�����D�A+�BJ�JRIEBOBP��.�-("$�OB@LJBKA>�NRB�PB�ABSB�@LKPFABO>O�L�J>KBGL
A>�>KBJF>�KLP�M>@FBKQBP�@LJ�#1"�NR>KAL�L�K�SBI�AB�'?�CLO�FDR>I�LR�FKCBOFLO
>� ����� D�A+��� $J� M>@FBKQBP� >K�JF@LP�� ABSB� PBO� OB>IFW>A>� FKSBPQFD>��L� M>O>
LRQO>P�@>RP>P��FK@IRFKAL�>�JBAFA>�ALP�BPQLNRBP�AB�CBOOL�B�LP�K�SBFP�P�OF@LP�AB
SFQ>JFK>� !��� B� AB� CLI>QL�� .P� $$P� K�L� ABSBJ� PBO� FKF@F>ALP� >Q�� NRB� L
QO>Q>JBKQL� A>� ABCF@F�K@F>� AB� CBOOL� LR� LRQO>P� @>RP>P� PR?G>@BKQBP� QBKE>� PFAL
OB>IFW>AL��B�PLJBKQB�>M¢P�@LKPFABO>O�L�?>I>K�L�BKQOB�LP�?BKBC�@FLP��OBAR��L
A>�KB@BPPFA>AB�AB�QO>KPCRP¦BP�B�JBIELO>�ALP�PFKQLJ>P�OBI>@FLK>ALP���>KBJF>	
B� LP� MLQBK@F>FP� A>KLP�� ABKQOB� LP� NR>FP� RJ� >RJBKQL� KL� OFP@L� AB� >@FABKQB
S>P@RI>O�@BOB?O>I�B�J>IFDKFA>AB�
2B�>�>KBJF>�K�L�OBPMLKAB���@LOOB��L�A>P�@>RP>P�AB�?>PB��@LJL�ABCF@F�K@F>
AB�CBOOL��L�*#(&.�OB@LJBKA>�NRB�PB�FKF@FB�LP� $$P�NR>KAL�>P�@LK@BKQO>�¦BP
PBG>J� JBKLOBP� NRB� ����� D�A+�� PB� FKAF@>AL���� P� C>FU>P
>ISL� AB� '?� P�L
AFP@RQFA>P�KL�">M�QRIL����
 � EFMBOCLPC>QBJF>�� GRKQ>JBKQB� @LJ� RJ>� ABCF@F�K@F>� AB� ����
AF
EFAOLUFSFQ>JFK>�#��� @LKQOF?RF� M>O>�L�EFMBOM>O>QFOLFAFPJL� PB@RKA�OFL� B�� BJ
§IQFJL�DO>R��M>O>�L�ABPBKSLISFJBKQL�AB�ALBK�>�¢PPB>�OBK>I��$PP>P�>IQBO>�¦BP
?FLNR�JF@>P� B� BKA¢@OFK>P�� BJ� BPQOBFQ>� >PPL@F>��L� �P� >KLOJ>IFA>ABP
EFPQLI¢DF@>P� AB� @>I@FCF@>��L� ¢PPB>� B� AB� QB@FALP� JLIBP� P�L� @LIBQFS>JBKQB
ABKLJFK>A>P� AFPQ§O?FL�JFKBO>I� ¢PPBL� A>�#1"� �">M�� ��	���� � ALBK�>� ¢PPB>
MLAB� PB�J>KFCBPQ>O� G��K>�@>QBDLOF>�&�?�A>�#1"��B� BPQ��?BJ�BPQ>?BIB@FA>�K>
#1$3��JRFQL� BJ?LO>�LP�ALBKQBP�MLPP>J�MBOJ>KB@BO� >PPFKQLJ�QF@LP�� I�J
A>� KB@BPPFA>AB� AB� PB� MOBSBKFO� >P� @LJMIF@>�¦BP� ¢PPB>P�� L� J>KBGL� >QFSL� AL
AFPQ§O?FL� JFKBO>I� ¢PPBL� A>� #1"� MLAB� >GRA>O� >� MOBSBKFO� >IDRJ>P� A>P
@LJMIF@>�¦BP�@>OAFLS>P@RI>OBP�A>�#1"���
.�*#(&.�OB@LJBKA>�>�JBAFA>�ALP�K�SBFP�P�OF@LP�AB�@�I@FL��CLPC>QL��/3'�B
CLPC>Q>PB�>I@>IFK>�BJ�>ARIQLP�@LJ�3%&� FKCBOFLO�>����J+�JFK������J���#1"
@>QBDLOF>P�&�?�>Q��&��� �ABQBOJFK>��L�AL�K�SBI�FAB>I�AB�/3'�K>�#1"�QBJ
PFAL� @LKQOLSBOP>�� />O>� LP� M>@FBKQBP� @LJ� S>ILOBP� AB� /3'� FKQ>@QL� >@FJ>� AL
IFJFQB� PRMBOFLO� A>� KLOJ>IFA>AB� AL� J�QLAL�� ABSB
PB� QLJ>O� JBAFA>P� M>O>
@LOOFDFO� >� EFMBOCLPC>QBJF>�� >� EFML@>I@BJF>� B� >� ABCF@F�K@F>� AB� SFQ>JFK>�#�� PB
MOBPBKQBP��.�*#(&.�OB@LJBKA>�NRB�>P�@LK@BKQO>�¦BP�AB�CLPC>QL�P�OF@L�PBG>J
J>KQFA>P� K>� C>FU>� KLOJ>I� AB� >@LOAL� @LJ� LP� S>ILOBP� AB� OBCBO�K@F>� AL
I>?LO>Q¢OFL� IL@>I���� BKNR>KQL� L� -("$� ABCBKAB� RJ� K�SBI� BKQOB� ���� >� ���
JJLI�+� M>O>� M>@FBKQBP� @LJ�#1"� @>QBDLOF>P�&�� B�&�����.� >@LKPBIE>JBKQL
MOB@L@B� >� OBPMBFQL� AL� J>KBGL� AB� CLPQ>QL� K>� AFBQ>� MLO� RJ� KRQOF@FLKFPQ>
BPMB@F>IFW>AL� LR� LRQOL� MOLCFPPFLK>I� �� FJMLOQ>KQB� M>O>� >GRA>O� L� M>@FBKQB� >
>I@>K�>O�BPPB�L?GBQFSL��/LAB�PBO�KB@BPP�OFL�L�RPL�AB�NRBI>KQBP�AB�CLPC>QL��B�>
BP@LIE>� AB� RJ� ABIBP� �� AFP@RQFA>� KL� ">M�QRIL� ���� � MOBP@OF��L� AB
PRMIBJBKQ>��L� AB� SFQ>JFK>� #� LR� >K�ILDLP�� K>� >RP�K@F>� AB� AB
CF@F�K@F>
AL@RJBKQ>A>�� M>O>� PRMOFJFO� @LK@BKQO>�¦BP� BIBS>A>P� AB� /3'� BJ� M>@FBKQBP
@LJ�#1"�NRB�K�L�BPQBG>J�BJ�AF�IFPB�K�L���OLQFKBFO>JBKQB�OB@LJBKA>A>�
 � >@FALPB�JBQ>?¢IF@>� >PPL@F>A>� ��#1"� �� @>RP>A>� MLO� C>IE>� AB� BU@OB��L� AB
�LKP�AB�EFAOLD�KFL�B�MLAB�PBO�>DO>S>A>�MBIL�>@§JRIL�AB��@FALP�LOD�KF@LP�B
MBI>� MBOA>� AB� ?F@>O?LK>QL�� M>OQF@RI>OJBKQB� BJ� ALBK�>P� OBK>FP� FKQBOPQF@F>FP�
.P� PFKQLJ>P� @I�KF@LP� AB@LOOBKQBP� A>� >@FALPB� P�L� O>OLP� >Q�� NRB� LP� M>@FBKQBP
>QFKG>J� >� @>QBDLOF>� &�� A>� #1"�� NR>KAL� MLAB� L@LOOBO� AFPMKBF>� @LJL
OBPRIQ>AL� AB� @LJMBKP>��L� OBPMFO>Q¢OF>�� #BSB
PB� PBJMOB� @LKPFABO>O� LRQO>P
@>RP>P� AB� AFPMKBF>� K>�#1"� >S>K�>A>�� @LJL� >KBJF>� B� BABJ>� MRIJLK>O�� 
>@FALPB�>DO>S>�>�EFMBO@>IBJF>��FKF?B�L�>K>?LIFPJL�MOLQBF@L�B�>@BIBO>�>�MBOA>
¢PPB>�AB�@�I@FL��LKAB�P�L�Q>JMLK>ALP�LP��LKP�AB�EFAOLD�KFL���� �@LOOB��L�A>
>@FALPB�JBQ>?¢IF@>�Q>J?�J�MLAB�OBQ>OA>O�>�MOLDOBPP�L�A>�ALBK�>�OBK>I���
.� *#(&.� OB@LJBKA>� >� PRMIBJBKQ>��L� AB� ?F@>O?LK>QL� MLO� SF>� LO>I� M>O>
M>@FBKQBP� @LJ�#1"� B� @LK@BKQO>�¦BP� P�OF@>P� AB� ?F@>O?LK>QL� FKCBOFLOBP� >� ��
JJLI�+��M>O>�J>KQ�
I>P�ABKQOL�A>�C>FU>��P>ISL�PB�@LKQO>FKAF@>AL��-L�BKQ>KQL�
>� @>OD>�AB� P¢AFL� >PPL@F>A>�MLAB� >DO>S>O� >�EFMBOQBKP�L� B� OBQBK��L�E�AOF@>�� B
>@FALPB�JBQ>?¢IF@>� PBSBO>� >PPL@F>A>� >� PFKQLJ>P� BJ� RJ� M>@FBKQB� @LJ�#1"
@>QBDLOF>�&��MLAB�PBO�RJ>�FKAF@>��L�M>O>�FKF@F>O�AF�IFPB��
.P� M>@FBKQBP� @LJ� #1"� Q�J� RJ>� J>FLO� MOBS>I�K@F>� AB� #"5� B� Q�J
MOL?>?FIFA>ABP�?BJ�J>FLOBP�AB�JLOOBO�AB�RJ>�@>RP>�OBI>@FLK>A>�>�#"5�AL
NRB�A>�MOLDOBPP�L�M>O>�#1$3��">M����	��/LOQ>KQL��>�>?LOA>DBJ�>ABNR>A>�AB
#"5�BUFPQBKQBP�"5#�B�>�JFKFJFW>��L�AL�OFP@L�@>OAFLS>P@RI>O� CRQROL���SFQ>I
M>O>�QLALP�LP�M>@FBKQBP�@LJ�#1"�
(KCBIFWJBKQB��JRFQLP�BKP>FLP�AB�FKQBOSBK��L�M>O>�#"5�BU@IR�O>J�M>@FBKQBP
@LJ�#1"���� B� RJ>� >QR>IFW>��L� OB@BKQB� AL�*#(&.� OBPP>IQ>� A§SFA>P� PL?OB� >
OBIBS�K@F>� ALP� M>AO¦BP� SFDBKQBP� AB� QO>Q>JBKQL� AB� #"5� BJ� M>@FBKQBP� @LJ
#1"���� -L� BKQ>KQL�� L� *#(&.� OB@LJBKA>� NRB� K�SBI� AB� >PPFPQ�K@F>� M>O>� >
ALBK�>� >OQBOF>I� @LOLK>OF>K>� LCBOB@FAL� >LP� M>@FBKQBP� @LJ� #1"� K�L� PBG>
MOBGRAF@>AL� MBI>� PR>� MO¢MOF>� #1"�� .� -("$� PRDBOB� NRB� ABSB
PB� LCBOB@BO
QBO>MF>P� >KQFMI>NRBQ�OF>PP� >LP� M>@FBKQBP� @LJ� #1"� M>O>� >� MOBSBK��L
PB@RKA�OF>�AB�#"5��B�L�*#(&.�BPQBKAB�BPP>�OB@LJBKA>��L�M>O>�>�MOBSBK��L
MOFJ�OF>�M>O>�>NRBIBP�BJ�OFP@L�AB�BSBKQLP�>QBOLP@IBO¢QF@LP��-L�BKQ>KQL��BUFPQB
RJ� OFP@L� >RJBKQ>AL� AB� EBJLOO>DF>P� JBKLOBP�� B� RJ>� OBSFP�L� PFPQBJ�QF@>
OB@BKQB� AB� >DBKQBP� >KQFMI>NRBQ�OFLP� M>O>� M>@FBKQBP� @LJ� #1"� OBSBILR� NRB�
BJ?LO>�>�FK@FA�K@F>�AB�FKC>OQL�AL�JFL@�OAFL�PBG>�OBARWFA>��>�AB�EBJLOO>DF>P
DO>SBP� >RJBKQLR�� .P� OFP@LP�� MLOQ>KQL�� MLABJ� PRMBO>O� LP� ?BKBC�@FLP� KLP
FKAFS�ARLP�@LJ�?>FUL�OFP@L�AB�BSBKQLP�@>OAFLS>P@RI>OBP��FK@IRFKAL�>NRBIBP�BJ
BPQ�DFLP� FKF@F>FP�AB�#1"��NRB�K�L� Q�J�ALBK�>�>OQBOF>I�L@IRPFS>�@IFKF@>JBKQB
BSFABKQB���
/>O>�L�J>KBGL�A>�AFPIFMFABJF>��L�*#(&.�OB@LJBKA>�NRB�L�QO>Q>JBKQL�AB
OBAR��L�AL�@LIBPQBOLI�PBG>�OLQFKBFO>JBKQB�MOBP@OFQL�M>O>�>�MOBSBK��L�AB�#"5
BJ�M>@FBKQBP�@LJ�#1"�NRB�Q�J�J>FP�AB����>KLP�B�M>O>�M>@FBKQBP�J>FP�GLSBKP
@LJ� C>QLOBP� AB� OFP@L� >AF@FLK>FP�� FKABMBKABKQBJBKQB� ALP� S>ILOBP� ?>P>FP� AB
MBOCFI�IFM�AF@L���
 �FKCB@��L���>�PBDRKA>�@>RP>�J>FP�@LJRJ�AB�¢?FQL��>M¢P�#"5��BJ�M>@FBKQBP
@LJ� #1$3�� (PPL� PB� ABSB�� BJ� M>OQB�� >� ABCBFQLP� Q>KQL� K>� FJRKFA>AB� @BIRI>O
NR>KQL� K>� ERJLO>I�� NRB� C>WBJ� A>� #1"� RJ� BPQ>AL� AB� FJRKLPPRMOBPP�L
@O£KF@>� �">M�� ��	���� P� OBPMLPQ>P� AB� @�IRI>P� 3� M>O>� >KQ�DBKLP� 56� ?@G@� P�L
ABCF@FBKQBP�� BJ� M>OQB� MLO� ABCBFQLP� K>� >MOBPBKQ>��L� AB� >KQ�DBKLP� MBILP
JLK¢@FQLP�� � >QFS>��L� ALP� KBRQO¢CFILP� �� MOBGRAF@>A>�� B� BJ?LO>� LP� K�SBFP
P�OF@LP� AB� FJRKLDIL?RIFK>P� BPQBG>J� KLOJ>FP�� >P� OBPMLPQ>P� FJRKLI¢DF@>P
MLABJ� PBO� ML?OBP� >M¢P� S>@FK>��L�� .P� M>@FBKQBP� @LJ� #1"� Q�J� J>FLO
PRP@BQF?FIFA>AB� >� FKCB@�¦BP� ?>@QBOF>K>P� �M>OQF@RI>OJBKQB� BPQ>CFIL@¢@F@>P	�
>RJBKQL� AL� OFP@L� AB� OB>QFS>��L� A>� QR?BO@RILPB� �QFMF@>JBKQB� @LJ� RJ>
OBPMLPQ>�KBD>QFS>�>L� QBPQB� QR?BO@RI�KF@L	�� B� C>IE>�K>�BIFJFK>��L�ALP�S�ORP�AB
EBM>QFQB�!�B�"�>M¢P�FKCB@��L�
+BS>KAL�BJ�@LKQ>�BPPBP�OFP@LP�>RJBKQ>ALP��L�*#(&.�OB@LJBKA>�NRB�ABSB
PBO�FKAF@>A>�>�QLALP�LP�>ARIQLP�@LJ�#1"�S>@FK>��L�>KR>I�@LK
QO>�FKCIRBKW>�>
JBKLP�NRB�@LKQO>FKAF@>AL��B�M>O>� QLALP�LP�>ARIQLP�@LJ�3%&B�>?>FUL�AB���
J+�JFK������J���#1"�@>QBDLOF>P�&��>�&�	�B�M>O>�>NRBIBP�@LJ�>IQL�OFP@L�AB
FKCB@��L� MLO� MKBRJL@L@LP� �M�� BU�� M>@FBKQBP� @LJ� P�KAOLJB� KBCO¢QF@>�� @LJ
AF>?BQBP��LR�NRB�BPQBG>J�OB@B?BKAL�FJRKLPPRMOBPP�L	�BPQ��FKAF@>A>�S>@FK>��L
@LJ� >� S>@FK>� MKBRJL@¢@F@>� MLIFS>IBKQB�� BU@BQL� PB� @LKQO>FKAF@>AL��� LP
M>@FBKQBP� NRB� G�� OB@B?BO>J� >� S>@FK>��L� MKBRJL@¢@F@>�� FKAF@>
PB� >
OBS>@FK>��L� ABKQOL� AB� �� >KLP�� I�J� AFPPL�� >NRBIBP� BJ� BIBS>AL� OFP@L� AB
MOLDOBPP�L� AB� #1"� @LJ� >� 3%&B� FKCBOFLO� >� ��� J+�JFK������ J�� �#1"
@>QBDLOF>P�&��>�&�	�ABSBJ�PBO�FJRKFW>ALP�@LKQO>�>�EBM>QFQB�!�B�QBO�>�OBPMLPQ>
@LKCFOJ>A>� MLO� QBPQB� PLOLI¢DF@L� >MOLMOF>AL�� (PPL� ABSB� PBO� OB>IFW>AL� L�J>FP
MOB@L@BJBKQB�MLPP�SBI�M>O>�J>UFJFW>O�>P�@E>K@BP�AB�PLOL@LKSBOP�L���
�,,",-['�"���(�)��"�'-���(&��(�'X��+�'�%
�+l'"���)+( +�,,"/�
.�>QBKAFJBKQL�FAB>I�>�M>@FBKQBP�@LJ�#1"�MOLDOBPPFS>���MOLMLO@FLK>AL�KRJ
>J?FBKQB� JRIQFAFP@FMIFK>O� LKAB� RJ>� D>J>� AB� MOLCFPPFLK>FP� MLABJ
MOLMLO@FLK>O�BAR@>��L�B�FKCLOJ>��L�PL?OB�>�AFBQ>��AFCBOBKQBP�JLA>IFA>ABP�AB
312��LM�¦BP�AB�QO>KPMI>KQB��@FORODF>�AB�>@BPPL�S>P@RI>O�B�>PPFPQ�K@F>�PL@F>I�� P
@LJLO?FA>ABP� MPF@LI¢DF@>P� P�L� @LJRKP� BKQOB� LP� M>@FBKQBP� @LJ� #1"�� .P
MOLCFPPFLK>FP�AB� P>§AB�NRB� QO>?>IE>J�@LJ�M>@FBKQBP� @LJ�#1"�ABSBJ� IBS>O
BJ� @LKPFABO>��L� LP� >PMB@QLP� MPF@LI¢DF@LP� >L� IFA>O� @LJ� BPP>� @LKAF��L� B
LCBOB@BO� >@BPPL� >� DORMLP� AB� >MLFL�� >@LKPBIE>JBKQL� LR� RJ� BKCBOJBFOL
BPMB@F>IFW>AL��.� L?GBQFSL� �� @OF>O� RJ� >J?FBKQB� KL� NR>I� LP� M>@FBKQBP� MLABJ
QLOK>O
PB�FKCLOJ>ALP�B�MOL>QFSLP�BJ�PBRP�QO>Q>JBKQLP�
3LALP�LP�M>@FBKQBP�@LJ�#1"�Q�J�J>FLO�OFP@L�AB�ABPBKSLISBO�+1 ��B�>�+1 
MLAB�PB�>PPL@F>O�>�RJ>�MOLDOBPP�L�J>FP�O�MFA>�M>O>�#1$3����.P�BU>JBP�AB
FJ>DBJ�NRB�BUFDBJ�O>AFL@LKQO>PQBP�FLA>ALP�FJMIF@>J�OFP@L�AB�+1 ��B�ABSB
PB�>S>IF>O�L�?BKBC�@FL�AB�RJ�QBPQB�AF>DK¢PQF@L�AF>KQB�ALP�OFP@LP�
2B� >� FKSBPQFD>��L� CLO� KB@BPP�OF>�� ABSB
PB� RP>O� >� JBKLO� ALPB� AB� O>AFL
@LKQO>PQB��@LJ�EFAO>Q>��L�MO�SF>�>ABNR>A>�AL�M>@FBKQB�B�OBQFO>A>�AB�>DBKQBP
MLQBK@F>IJBKQB� KBCOLQ¢UF@LP� >KQBP� B� >M¢P� L� MOL@BAFJBKQL�� KL� BKQ>KQL�� L
OB@BFL�AB�RJ>�+1 �FKARWFA>�MLO�@LKQO>PQB�O>AFLI¢DF@L�K�L�ABSB�FJMBAFO�LR
MOBGRAF@>O� RJ>� FKSBPQFD>��L� AF>DK¢PQF@>� KB@BPP�OF>�� .� OFP@L� MLQBK@F>I� AB
CF?OLPB� PFPQ�JF@>� KBCOLD�KF@>� MLO� JBFL� AB� @LKQO>PQB� �� ?>PB� AB� D>ALI�KFL� B
JBAFA>P�M>O>�OBARWF
IL�P�L�AFP@RQFALP�KL�">M�QRIL���
,RFQLP�JBAF@>JBKQLP�AB�RPL�@LJRJ�>RJBKQ>J�L�OFP@L�AB�+1 ��B�ABSB
PB
@LKPFABO>O� L� K�SBI� AB� 3%&� >L� MOBP@OBSBO� NR>INRBO� JBAF@>JBKQL� LR
ABQBOJFK>O� PR>� ALPB�� "LJL� AFP@RQFAL� >KQBOFLOJBKQB�� ABSB
PB� @LKPFABO>O� >
KB@BPPFA>AB� AB� PRPMBKP�L� QBJMLO�OF>� AB� QLALP� LP� JBAF@>JBKQLP� ABSB� PBO
@LKPFABO>A>� ARO>KQB�MBO�LALP� AB� ALBK�>P� DO>SBP� FKQBO@LOOBKQBP�� .RQO>P
@>RP>P�AB�OBAR��L�K>�MBOCRP�L�OBK>I�MLABJ�Q>J?�J�IBS>O�>�+1 ��FK@IRFKAL�>
ABMIB��L�AB� SLIRJB�ABSFAL� >L�RPL� BU@BPPFSL�AB� AFRO�QF@LP�� FKDBPQ�L�E�AOF@>
FKPRCF@FBKQB� BJ� @IFJ>P� NRBKQBP�� AF>OOBF>� LR� S£JFQLP�� FKPRCF@F�K@F>� @>OA�>@>�
FKC>OQL�AL�JFL@�OAFL�B�Q>NRF>OOFQJF>P�� �EFMBO@>I@BJF>�DO>SB��OBPRIQ>KQB�Q>K
QL�AB�@L>AJFKFPQO>��L�AB�ALPBP�BIBS>A>P�AB�SFQ>JFK>�#�B�NRBI>KQBP�AB�CLPC>QL
@LKQBKAL�@�I@FL�NR>KQL�AB�ALBK�>�AB�?>PB��Q>J?�J�MLAB�PBO�@>RP>�AB�+1 �
.P� @I�KF@LP� ABSBJ� PBJMOB� @LKPFABO>O� PB� >� >@BIBO>��L� A>� MBOA>� A>� CRK��L
OBK>I���OBPRIQ>AL�AB�RJ>�OB@LOO�K@F>�A>�ALBK�>�AB�?>PB�LR�AB�RJ>�@LKAF��L
PL?OBMLPQ>�� @LJL� KBCOFQB� FKQBOPQF@F>I� >DRA>� �">M�� ��	�� ROLM>QF>� L?PQORQFS>
�">M����	�LR�QOLJ?LPB�AB�SBF>�OBK>I�
 MBP>O�AB�QLA>P�>P�QBKQ>QFS>P�AB�LQFJFW>O�L�J>KBGL�A>�#1"��JRFQLP�M>@FBKQBP
S�L�BSLIRFO�M>O>�>�KB@BPPFA>AB�AB�312��3LALP�LP�M>@FBKQBP�@LJ�3%&B�FKCBOFLO
>� ��� J+�JFK������ J�� B�LR� NRB� Q�J� MOL?>?FIFA>AB� AB� BSLIRFO� M>O>� #1$3
ABKQOL�AB����JBPBP�ABSBJ�OB@B?BO�FKCLOJ>��L�B�>@LKPBIE>JBKQL�M>O>�>GRA�
ILP�BJ�PR>�BP@LIE>�A>�JLA>IFA>AB�AB�312�J>FP�>ABNR>A>��2B�>�EBJLAF�IFPB
CLO� >� LM��L� AB� BP@LIE>�� ABSB
PB� MOL@BABO� �� @LKCB@��L� AB� RJ>� C�PQRI>
>OQBOFLSBKLP>��QBKAL�BJ�JBKQB�NRB�MLAB�IBS>O�AB���>����PBJ>K>P�M>O>�NRB�>P
SBF>P� PB� QLOKBJ� >ABNR>A>JBKQB� >OQBOF>IFW>A>P� >KQBP� A>� QBKQ>QFS>� AB� MRK��L
�">M�� ��	�� #BSB
PB� C>WBO� MI>KBG>JBKQL� PBJBIE>KQB� >KQBP� A>� FKPBO��L
MOBBJMQFS>� AB� RJ� @>QBQBO� AB� AF�IFPB� MBOFQLKB>I�� M>O>� MLPPF?FIFQ>O� QBJML
PRCF@FBKQB� M>O>� >� @F@>QOFW>��L� B� QOBFK>JBKQL� >ABNR>AL� >KQBP� AB� NR>INRBO
KB@BPPFA>AB� >DRA>� AB� FK�@FL� A>� AF�IFPB� �">M�� ��	�� .P� @>QBQBOBP� AB� AF�IFPB
MBOFQLKB>I�MLABJ�PBO� FKPBOFALP�B� QRKBIFW>ALP�@LJMIBQ>JBKQB�KL�PR?@RQ�KBL
>IDRJ� QBJML� >KQBP� A>� KB@BPPFA>AB� AB� AF�IFPB�� M>O>� ABMLFP� SFO� >� PBO
PRMBOCF@F>IFW>ALP�M>O>�L�RPL��PB�>P�@LKAF�¦BP�@I�KF@>P�>PPFJ�AFQ>OBJ�
.�QO>KPMI>KQB�OBK>I�MOB@L@B�MLAB�BPQ>O�>PPL@F>AL�>�RJ�JBIELO�ABPCB@EL�KL
ILKDL� MO>WL���� ABPP>� CLOJ>�� LP� M>@FBKQBP� ABSBJ� PBO� >S>IF>ALP� NR>KQL� �� PR>
>ABNR>��L� B�� NR>KAL� SF�SBI�� >QFS>ALP� K>� IFPQ>� AB� BPMBO>� >KQBP� AL� FK�@FL� A>
AF�IFPB��(PPL�J>UFJFW>�>P�@E>K@BP�AB�NRB�L�MLQBK@F>I�OB@BMQLO�MBOJ>KB�>�@LJ
O>WL�SBI� BPQ>AL�AB� P>§AB��#BSB
PB� BUMILO>O� >�AFPMLKF?FIFA>AB�AB�RJ�AL>ALO
SFSL� M>O>� >RJBKQ>O� >P� @E>K@BP� AB� QO>KPMI>KQB� MOBBJMQFSL� >KQBP� NRB� L
M>@FBKQB� @LJB@B� >� AF�IFPB�� .� *#(&.� OB@LJBKA>� NRB� PB� @LKPFABOB� L
QO>KPMI>KQB�OBK>I�@LJ�AL>ALO�SFSL�BJ�>ARIQLP�NR>KAL�>�3%&�CLO�FKCBOFLO�>���
J+�JFK������J��B�NRB�E>G>�BSFA�K@F>P�AB�#1"�MOLDOBPPFS>�B�FOOBSBOP�SBI�KLP
§IQFJLP���>����JBPBP��
.� FK�@FL� MOB@L@B� B� MI>KBG>AL� AB� AF�IFPB� K�L� BPQ�� >PPL@F>AL� ��JBIELO>� ALP
ABPCB@ELP�BJ�@LJM>O>��L�@LJ�FK�@FL�>M¢P�PFK>FP�B�PFKQLJ>P�AB�ROBJF>����.
*#(&.� PRDBOB� NRB� PB� FKF@FB� >� AF�IFPB� NR>KAL� RJ� LR� J>FP� ALP� PBDRFKQBP
C>QLOBP�BPQBG>J�MOBPBKQBP��PFKQLJ>P�LR�PFK>FP�>QOF?R�SBFP���FKPRCF@F�K@F>�OBK>I
�PBOLPFQB�� AFPQ§O?FLP� �@FAL
?�PF@L� LR� BIBQOLI�QF@LP�� MOROFAL	�� FK@>M>@FA>AB� AB
@LKQOLI>O�L�BPQ>AL�SLI�JF@L�LR�MOBPP�L�>OQBOF>I��RJ>�ABQBOFLO>��L�MOLDOBPPFS>
AL�BPQ>AL�KRQOF@FLK>I�OBCO>Q�OF>���FKQBOSBK��L�AFBQ�QF@>��LR�@LJMOLJBQFJBKQL
@LDKFQFSL��� $PPBP� MOL?IBJ>P� L@LOOBJ� COBNRBKQBJBKQB�� MLO�J� K�L
FKS>OF>SBIJBKQB�NR>KAL�>�3%&���FKCBOFLO�>����J+�JFK������J���">M����	�
">A>�SBW�J>FP��OB@LKEB@B
PB�L�£KRP�MLQBK@F>I�AB�PB�FKF@F>O�312�BJ�QBOJLP�AB
>IQ>P� Q>U>P� AB� JLOQ>IFA>AB� KL� @ROQL� MO>WL�� FKQBOK>�¦BP� ELPMFQ>I>OBP
OB@LOOBKQBP��QBJML�D>PQL�BJ�ABPIL@>JBKQLP�B�JBIELOF>�IFJFQ>A>�K>�NR>IFA>AB
AB�SFA>�AB�>IDRKP�M>@FBKQBP� FALPLP�B�A>NRBIBP� @LJ�J§IQFMI>P� @LJLO?FA>ABP�
(PPL�IBSLR���MO�QF@>�AB�MOLMLO�>LP�M>@FBKQBP�@LJ�#1$3�>�LM��L�>AF@FLK>I�AB
K�L� FKF@F>O� AF�IFPB�� J>KQBKAL� >PPFJ� RJ� >@LJM>KE>JBKQL� @LKQ�KRL� B
@LKQOLIB� AB� PFKQLJ>P� >QO>S�P� AL� QO>Q>JBKQL� @LKPBOS>ALO�� $J?LO>� >� AF�IFPB
MLPP>� LCBOB@BO� J>FLO� PL?OBSFA>�� >NRBIBP� NRB� LMQ>J� MBIL� QO>Q>JBKQL
@LKPBOS>ALO� MLABJ� QBO� Q>KQLP� AF>P� IFSOBP� AB� FKQBOK>��L� NR>KQL� >NRBIBP� NRB
BP@LIEBJ� >� EBJLAF�IFPB���� .P� PFKQLJ>P� AB� ROBJF>� >S>K�>A>� MLABJ� PBO
>KDRPQF>KQBP��B���FJMLOQ>KQB�D>O>KQFO�NRB�LP�M>@FBKQBP�NRB�BP@LIEBJ�BPP>�SF>
QBKE>J� >@BPPL� >� JBJ?OLP� A>� BNRFMB� JRIQFAFP@FMIFK>O� @LJ� BUMBOF�K@F>� BJ
@RFA>ALP�M>IF>QFSLP�M>O>�C>@FIFQ>O�RJ>�PL?OBSFA>�IFSOB�AB�PLCOFJBKQL�
���*BFQE�#2��-F@ELIP�& ��&RIIFLK�",��BQ�>I��+LKDFQRAFK>I�CLIILT
RM�>KA�LRQ@LJBP�>JLKD
>� MLMRI>QFLK� TFQE� @EOLKF@� HFAKBV� AFPB>PB� FK� >� I>ODB� J>K>DBA� @>OB� LOD>KFW>QFLK���C49
 ?E6C?�$65��������������
����
��� *FAKBV� #FPB>PB�� (JMOLSFKD� &IL?>I� .RQ@LJBP� �*#(&.	� "*#�6LOH� &OLRM�� *#(&.
����� @IFKF@>I� MO>@QF@B� DRFABIFKB� CLO� QEB� BS>IR>QFLK� >KA�J>K>DBJBKQ� LC� @EOLKF@� HFAKBV
AFPB>PB��":5?6J� ?E�*FAA=����������
����
���,>QPRPEFQ>�*��,>EJLLAF�!*��6LLAT>OA�,��BQ�>I��"LJM>OFPLK�LC�OFPH�MOBAF@QFLK�RPFKD
QEB�"*#
$/(�BNR>QFLK�>KA�QEB�,#1#�PQRAV�BNR>QFLK�CLO�BPQFJ>QBA�DILJBORI>O�CFIQO>QFLK
O>QB��!�$����������������
�����
���1F@E>OAP�-��'>OOFP�*��6EFQCFBIA�,�� BQ� >I��/OFJ>OV� @>OB]?>PBA�AFPB>PB�J>K>DBJBKQ�LC
@EOLKF@� HFAKBV� AFPB>PB� �"*#	�� ?>PBA� LK� BPQFJ>QBA� DILJBORI>O� CFIQO>QFLK� O>QB� �B&%1	
OBMLOQFKD��FJMOLSBP�M>QFBKQ�LRQ@LJBP��%6A9C@=��:2=�+C2?DA=2?E�������������
����
��� ->QFLK>I� (KPQFQRQB� CLO� 'B>IQE� >KA� ">OB� $U@BIIBK@B�� "EOLKF@� HFAKBV� AFPB>PB�� $>OIV
FABKQFCF@>QFLK� >KA� J>K>DBJBKQ� LC� @EOLKF@� HFAKBV� AFPB>PB� FK� >ARIQP� FK� MOFJ>OV� >KA
PB@LKA>OV� @>OB�� ����� S>FI>?IB� >Q� EQQM���MR?IF@>QFLKP�KF@B� �LOD�RH�@EOLKF@
HFAKBV
AFPB>PB
@D���
��� OJ�)/��/BFIB�$!��1>FKCLOA�#)��BQ�>I��2FDKFCF@>K@B�LC�AFMPQF@H�EBJ>QROF>�����"LOOBI>QFLK
TFQE�JF@OLP@LMV�LC�QEB�ROFKB���C�!�,C@=�������������
����
���,>QPRPEFQ>�*�� S>K�ABO�5BIAB�,�� PQLO�!"�� BQ� >I�� PPL@F>QFLK� LC� BPQFJ>QBA� DILJBORI>O
CFIQO>QFLK� O>QB� >KA� >I?RJFKROF>� TFQE� >II
@>RPB� >KA� @>OAFLS>P@RI>O� JLOQ>IFQV� FK� DBKBO>I
MLMRI>QFLK�@LELOQP�� �@LII>?LO>QFSB�JBQ>
>K>IVPFP��#2?46E���������������
�����
���,BQESBK�2��3O>VKLO� )/��'>FO�,#��BQ� >I�� 2QO>QFCVFKD� OFPH� FK� @EOLKF@�HFAKBV�AFPB>PB�� K
L?PBOS>QFLK>I� PQRAV�LC�4*�DRFABIFKBP� CLO�JB>PROFKD� QLQ>I� MOLQBFKROF>� >KA� >I?RJFKROF>�
(!$��������������
����
���1LABOF@H�/�� )LKBP�"��#OBV�-��BQ�>I��+>QB�OBCBOO>I� CLO�BKA
PQ>DB�OBK>I�AFPB>PB�� �OBDFLK
TFAB�PROSBV�FK�QEB�PLRQE�TBPQ�LC�$KDI>KA��%6A9C@=��:2=�+C2?DA=2?E��������������
�����
����">PHBV�%��#>SBKMLOQ� ��#>TK>V� ��BQ�>I��4*�1BK>I�1BDFPQOV���������QE� KKR>I�1BMLOQ
LC�QEB�1BK>I� PPL@F>QFLK��%6A9C@?��=:?�'C24E������������]�	�
����1LV
"E>RAEROV�/��*BIIV�!2��,BIEBJ�,��BQ�>I��5>P@RI>O�>@@BPP�FK�EBJLAF>IVPFP��(PPRBP�
J>K>DBJBKQ��>KA�BJBODFKD�@LK@BMQP���2C5:@=��=:?�������������
����
���� %LIBV�1-�� />OCOBV� /2�� 2>OK>H�,)�� $MFABJFLILDV� LC� @>OAFLS>P@RI>O� AFPB>PB� FK� @EOLKF@
OBK>I�AFPB>PB��!��>�*@4�%6A9C@=���������PRMMI���	�2��
2���
���� 2J>OQ� - �� 3FQRP� 33�� .RQ@LJBP� LC� B>OIV� SBOPRP� I>QB� KBMEOLILDV� OBCBOO>I� FK� @EOLKF@
HFAKBV�AFPB>PB�� �PVPQBJ>QF@�OBSFBT���>�!�$65���������������
�����
����*I>D�,)��6EBIQLK�/*��1>KA>II�!+��BQ�>I��!ILLA�MOBPPROB�>KA�BKA
PQ>DB�OBK>I�AFPB>PB�FK
JBK��%��?8=�!�$65�������������
���
���� *LSBPAV�"/�� 3OFSBAF� !*�� *>I>KQ>O
9>ABE�*�� KABOPLK� )$�� PPL@F>QFLK� LC� ILT� ?ILLA
MOBPPROB� TFQE� FK@OB>PBA� JLOQ>IFQV� FK� M>QFBKQP� TFQE� JLABO>QB� QL� PBSBOB� @EOLKF@� HFAKBV
AFPB>PB��%6A9C@=��:2=�+C2?DA=2?E��������������
�����
����*FAKBV�#FPB>PB�� (JMOLSFKD�&IL?>I�.RQ@LJBP��*#(&.	�!ILLA�/OBPPROB�6LOH�&OLRM�
*#(&.� @IFKF@>I� MO>@QF@B� DRFABIFKB� CLO� QEB� J>K>DBJBKQ� LC� ?ILLA� MOBPPROB� FK� @EOLKF@
HFAKBV�AFPB>PB��":5?6J� ?E�*FAA=������������
����
����,FKRQLIL�1�� D>OT>I�1��!LOOBIIF�2��BQ�>I��/OLDKLPQF@�OLIB�LC�>J?RI>QLOV�?ILLA�MOBPPROB
JB>PROBJBKQ� FK� M>QFBKQP� TFQE� KLKAF>IVPFP� @EOLKF@� HFAKBV� AFPB>PB�� �C49� ?E6C?� $65�
�������������
�����
����!>KD>PE�%�� D>OT>I�1��,>PHBA�EVMBOQBKPFLK�>KA�TEFQB
@L>Q�EVMBOQBKPFLK� FK� @EOLKF@
HFAKBV�AFPB>PB�� �JBQ>
>K>IVPFP���=:?�!��>�*@4�%6A9C@=������������
����
���� +>MF� %�� WLRI>V� +�� 8FK�'�� BQ� >I�� "LK@ROOBKQ� RPB� LC� AFROBQF@P��>KDFLQBKPFK� @LKSBOQFKD
BKWVJB� FKEF?FQLOP�� >KA� >KDFLQBKPFK� OB@BMQLO� ?IL@HBOP� TFQE� KLK
PQBOLFA>I� >KQF
FKCI>JJ>QLOV� AORDP� >KA� OFPH� LC� >@RQB� HFAKBV� FKGROV�� -BPQBA� @>PB
@LKQOLI� PQRAV�� �$!�
���������B�����
���� $CCB@QP� LC� AFBQ� >KA� >KQFEVMBOQBKPFSB� QEBO>MV� LK� @OB>QFKFKB� @IB>O>K@B� >KA� PBORJ
@OB>QFKFKB� @LK@BKQO>QFLK� FK� QEB�,LAFCF@>QFLK�LC�#FBQ� FK�1BK>I�#FPB>PB� 2QRAV�� !� �>� *@4
%6A9C@=������������
����
����*FAKBV�#FPB>PB��(JMOLSFKD�&IL?>I�.RQ@LJBP��*#(&.	� KBJF>�6LOH�&OLRM��*#(&.
@IFKF@>I� MO>@QF@B� DRFABIFKB� CLO� >KBJF>� FK� @EOLKF@� HFAKBV� AFPB>PB�� ":5?6J� ?E� *FAA=�
����������
����
����,LB�2��#O©BHB�3��"RKKFKDE>J�)��BQ�>I��#BCFKFQFLK��BS>IR>QFLK��>KA�@I>PPFCF@>QFLK�LC�OBK>I
LPQBLAVPQOLMEV�� �MLPFQFLK�PQ>QBJBKQ�COLJ�*FAKBV�#FߓPB>PB��(JMOLSFKD�&IL?>I�.RQ@LJBP
�*#(&.	��":5?6J� ?E��������������
�����
����%LIBV�1-��/ELPME>QB�IBSBIP�>KA�@>OAFLS>P@RI>O�AFPB>PB�FK�QEB�DBKBO>I�MLMRI>QFLK���=:?�!
�>�*@4�%6A9C@=�������������
�����
���� *FAKBV� #FPB>PB�� (JMOLSFKD� &IL?>I� .RQ@LJBP� �*#(&.	� "*#
,!#� 6LOH� &OLRM�
*#(&.� @IFKF@>I� MO>@QF@B� DRFABIFKB� CLO� QEB� AF>DKLPFP�� BS>IR>QFLK�� MOBSBKQFLK�� >KA
QOB>QJBKQ�LC�@EOLKF@�HFAKBV�AFPB>PB]JFKBO>I�>KA�?LKB�AFPLOABO��"*#
,!#	��":5?6J� ?E
*FAA=����������2�
2����
���� ->QFLK>I� (KPQFQRQB� CLO� 'B>IQE� >KA� ">OB� $U@BIIBK@B�� 'VMBOMELPME>Q>BJF>� FK� @EOLKF@
HFAKBV� AFPB>PB�� "&����� ����� S>FI>?IB� >Q� EQQM���MR?IF@>QFLKP�KF@B
�LOD�RH�EVMBOMELPME>Q>BJF>
FK
@EOLKF@
HFAKBV
AFPB>PB
@D����
���� IMBOK�1)��2>HE>BB�*��3EB�@IFKF@>I�PMB@QORJ�LC�@EOLKF@�JBQ>?LIF@�>@FALPFP��'LJBLPQ>QF@
JB@E>KFPJP�MOLAR@B�PFDKFCF@>KQ�JLO?FAFQV���>�!�":5?6J��:D�������������
����
���� AB� !OFQL
 PEROPQ� (�� 5>O>DRK>J� ,�� 1>CQBOV� ,)�� 8>NLL?� ,,�� !F@>O?LK>QB
PRMMIBJBKQ>QFLK� PILTP� MOLDOBPPFLK� LC�"*#� >KA� FJMOLSBP� KRQOFQFLK>I� PQ>QRP�� !� �>� *@4
%6A9C@=��������������
�����
���� "E>OVQ>K�#�� *RKQW� 1$�� 3EB� BU@IRPFLK� LC� M>QFBKQP� TFQE� @EOLKF@� HFAKBV� AFPB>PB� COLJ
@IFKF@>I�QOF>IP�FK�@LOLK>OV�>OQBOV�AFPB>PB��":5?6J� ?E��������������
�����
����'BOWLD�" �� PFKDBO�16��!BODBO� *�� BQ� >I��">OAFLS>P@RI>O� AFPB>PB� FK� @EOLKF@� HFAKBV
AFPB>PB�� �@IFKF@>I�RMA>QB�COLJ�*FAKBV�#FPB>PB��(JMOLSFKD�&IL?>I�.RQ@LJBP��*#(&.	�
":5?6J� ?E�������������
����
���� />IJBO� 2"�� #F� ,F@@L� +�� 1>W>SF>K� ,�� BQ� >I�� KQFMI>QBIBQ� >DBKQP� CLO� @EOLKF@� HFAKBVROFK�OF>P� K�L� >I?RJFK>� @LKPFPQBJ
MOFK@FM>IJBKQB� BJ� MOLQB�K>P� AB� ?>FUL� MBPL� JLIB@RI>O�� Q>FP� @LJL� ?�
JF@OLDIL?RIFK>��$I>P�BP@>M>J�A>�OB>?PLO��L�ABSFAL�>�A>KLP� QR?RI>OBP� �">M�
��	�� -BPQB� @>M�QRIL�� >� MOLQBFK§OF>� QLQ>I� �� OBCBOFA>� PFJMIBPJBKQB� @LJL
AC@E6:?�C:2�
1B@BKQBJBKQB�� >�JBAF��L�A>�>I?RJFK§OF>�D>KELR�BPM>�L� PL?OB�>�JBAF��L
A>� MOLQBFK§OF>� KL� J>KBGL� A>� #1"�� -L� BKQ>KQL�� ALP� ALFP� BPQRALP� NRB
@LJM>O>O>J� >� OBI>��L� >I?RJFK>
@OB>QFKFK>� K>� ROFK>� �1 "	� B� >� OBI>��L
MOLQB�K>
@OB>QFKFK>�K>�ROFK>��1/"	�@LJL�MOBAFQLOBP�AB�AB@I�KFL�A>�3%&��RJ
ABIBP�FABKQFCF@LR�>�1 "�@LJL�JBIELO�AL�NRB�>�1/"���B�L�LRQOL�FABKQFCF@LR�>
1/"� @LJL� K�L� FKCBOFLO� �� 1 "��� .� *FAKBV� #FPB>ߓPB�� (JMOLSFKD� &IL?>I
.RQ@LJBP� �*#(&.	� OB@LJBKA>� L� RPL� A>� 1 "�� -L� BKQ>KQL�� LP� BKP>FLP� AB
>I?RJFK>�P�L�@>OLP�@LJM>O>ALP�>LP�BKP>FLP�AB�MOLQB�K>�� I�J�AFPPL��>�M>OQFO
AB�RJ>�MOLQBFK§OF>�AB�����JD�AF>��Q>KQL�>�1 "�NR>KQL�>�1/"�DBO>IJBKQB�PB
>IQBO>J�AB�J>KBFO>�BNRFS>IBKQB�����2B�>�MOLQBFK§OF>�AB����ELO>P�CLO�FKCBOFLO�>
����JD�AF>�� BPP>�BNRFS>I�K@F>���MBOAFA>�B�>�1 "���J>FP� PBKP�SBI��"LJ�?>PB
KFPPL��OB@LJBKA>JLP�>�1 "�M>O>�>�ABQB@��L�AB�MOLDOBPP�L�FKF@F>I�A>�#1"�� 
M>OQFO� AB� BKQ�L�� OB@LJBKA>
PB� >� 1/"�� .P� J�QLALP� OB@LJBKA>ALP� M>O>
JLKFQLO>O� >� QBKA�K@F>� A>� MOLQBFK§OF>� BJ� M>@FBKQBP� FKAFSFAR>FP� P�L
>MOBPBKQ>ALP�K>�3>?BI>���
���.P�MLKQLP
@E>SB�P�L�LP�PBDRFKQBP�
&�ID9DH�+:8DB:C969DH�:�'�D�+:8DB:C969DH�E6G6�&DC>IDG6��D
9:�)GDI:>C¦G>6�DJ��A7JB>C¦G>6
%uGB7BF �B@8AGoEL8�	�#E:FEMI8E;L8C
8F�;F�K8EFJFJ	
.IDG6��D� 9:� EGDI:>C¦G>6� DJ
6A7JB>C¦G>6
����������»�#:7:;��Î�*;IE��D�E�E8;IEI��;C�%=�Î���
�������I;�CKB>;H	�/C7�H;B7��E�'
��C7?EH�GK;
������;L?:�D9?7�:;�GK;�7�9EB;J7���C7?I�:;�����9ECFB;J7	�*����H;B7��E�7B8KC?D7�9H;7J?D?D7���*���:E;D�7�H;D7B
9H¡D?97��*(��H;B7��E�FHEJ;�D7�9H;7J?D?D7	��,;9EC;D:7�I;�7�,���I;�7�FHEJ;?D­H?7�:;�
��>EH7I�EH7I
EH7I� �� 9EDJ;­:E
C;:?:E�:;�9H;7J?D?D7��%�
8DCI:¤9D�:HE:G69D�9:�8G:6I>C>C6����	
ߧ .� M>AO�L
LROL� M>O>� >� JLKFQLOFW>��L� A>� MOLQBFK§OF>� �� L� @LKQB§AL� AB
MOLQB�K>� AB� RJ>� >JLPQO>� AB� ROFK>� AB� ��� ELO>P� @LIBQ>A>� @LJ� MOB@FP�L�
(KCBIFWJBKQB�� K>� MO�QF@>�� @LIBQ>P� KLJFK>FP� AB� ROFK>� AB� ��� ELO>P
COBNRBKQBJBKQB� >MOBPBKQ>J� BU@BPPL� LR� C>IQ>� AB� ROFK>�� /LO� BPP>� O>W�L�
MOBCBOFJLP�L�QBOJL�AB�@LIBQ>�AB�ROFK>�[MOBQBKAFA>`�AB����ELO>P�NR>KAL�Q>FP
@LIBQ>P�P�L�CBFQ>P�����
ߧ � @OB>QFKFK>� ABSB� PBO� JBAFA>� BJ� QLA>P� >P� >JLPQO>P� AB� @LIBQ>P� AB� ROFK>
MOBQBKAFA>P� AB� ��� ELO>P�� � 1/"� A>� @LIBQ>� AC6E6?5:52� �� RJ>� BPQFJ>QFS>
@LKCF�SBI� A>�1/"�AL� SLIRJB� @LJMIBQL�AB� ���ELO>P�� PB� @LOOBPMLKABO� >�KL
J�KFJL�����ABPPB�SLIRJB��@LJ�?>PB�KL�@LKQB§AL�QLQ>I�AB�@OB>QFKFK>�����
ߧ $J� M>@FBKQBP� FKAFSFAR>FP�� >� 1/"� AB� >JLPQO>� FPLI>A>� AB� ROFK>� K�L� �� RJ>
BPQFJ>QFS>� @LKCF�SBI� A>� J>DKFQRAB� AB� MOLQBFK§OF>�� ABSFAL� �� DO>KAB� B
FKBOBKQB�S>OF>?FIFA>AB�A>�1/"��%FD����
�	�
ߧ
�C>C6��+)���:B�JG>C6�9:���
=DG6H�:�G6O�D�:CIG:�+)��:B�6BDHIG6�>HDA696�:�+)��:B�JG>C6�9:����=DG6H�:B
E68>:CI:H�8DB�9D:C�6�G:C6A�8G�C>86���+���:�8DB�C:;G>I:�A¦E>86��'%�
��I� A>C=6H
EDCI>A=696H� ?D:?97C� EI� B?C?J;I� ;IF;H7:EI� :;� 9ED9EH:�D9?7� F7H7� GK;� 7I� 7CEIJH7I
C7J?D7?I�:;�,*��EH7I	� �II7� EH7I�� ;IF;9?7C;DJ;� D7� D;6��	�
ߧ P�@LIBQ>P�AB�ROFK>�AB�ARO>��L�FKQBOJBAF�OF>��M��BU���@LIBQ>P�KLQROK>P	�Q�J
PBR�J�OFQL��-L�BKQ>KQL��BPP>P�@LIBQ>P�MLABJ�K�L�PBO�OBMOBPBKQ>QFS>P�A>�1 "
LR�1/"�A>� @LIBQ>� @LJMIBQ>� AB� ���ELO>P�� /LO� BUBJMIL�� S>OF>�¦BP�K>� AFBQ>�
ELO�OFL� AB� JBAF@>JBKQLP� >KQF
EFMBOQBKPFSLP�� BUBO@�@FLP� KL� AF>� A>� @LIBQ>
KLQROK>�� LR� @LKQ>JFK>ߓ��L� @LJ� P�JBK� MLABJ� >IQBO>O� PR?PQ>K@F>IJBKQB� >
1 "�LR�>�1/"��QLOK>KAL�>�@LIBQ>�KLQROK>�K�L�OBMOBPBKQ>QFS>�
ߧ .�@RPQL�A>�1 "�B�1/"�AB� >JLPQO>P� FPLI>A>P� AB�ROFK>� �� BPPBK@F>IJBKQB� L
JBPJL�A>�1 "�B�1/"�AB�>JLPQO>P�AB�ROFK>�AB����ELO>P��#>AL�L�>IQL�DO>R
AB� C>IQ>� AB� @LKCF>?FIFA>AB� A>� 1 "�1/"� AB� >JLPQO>P� FPLI>A>P�� @LPQRJ>
PB
>QOF?RFO�>�BI>P�RJ>�OBI>��L�@RPQL
?BKBC�@FL�ABPC>SLO�SBI�
ߧ �FK@LKSBKF�K@F>�AB�@LIBQ>P�AB�ROFK>�AB����ELO>P�MLAB�PBO�OBARWFA>�MLO�
_~�>@BFQ�SBI�>�MBOA>�AB�RJ>�JF@��L�L@>PFLK>I��BKQOBQ>KQL�L�EF>QL�K�L�MLAB
PBO�DO>KAB��M��BU��L�AF>�FKQBFOL�AB�QO>?>IEL	�
_4J>� D>OO>C>� AB� ?L@>� I>OD>�� @>OOBD>A>� BJ�RJ>� ?LIP>� LR� P>@LI>�� MLAB� PBO
RP>A>�M>O>�@LIBQ>O�>�ROFK>�NR>KAL�K�L�PB�BPQ��BJ�@>P>��-�L���KB@BPP�OFL
OBCOFDBO>O�>�ROFK>�@LIBQ>A>��>�JBKLP�NRB�IBSB�S�OFLP�AF>P�M>O>�NRB�>�>JLPQO>
AB�ROFK>�PBG>�BKSF>A>�M>O>�L�I>?LO>Q¢OFL�@I�KF@L�
.P� QBPQBP� @LJ� CFQ>P� OB>DBKQBP� M>O>� MOLQBFK§OF>� P�L� @LKSBKFBKQBP��J>P� K�L
@LKCF�SBFP� �">M���	��-�L�P�L�OB@LJBKA>ALP�M>O>�>S>IF��L�AB�MOLQBFK§OF>�BJ
M>@FBKQBP�@LJ�#1"��
1B@LJBKA>
PB�L�QBPQB�AB�MOLQBFK§OF>�K>�#1"�>�@>A>���>����JBPBP��PB�L�K�SBI
AB�MOLQBFK§OF>�CLO�?>FUL��M��BU���������JD�AF>��1 "��������1/"�������NR>KAL
BUMOBPP>P�BJ�JD�JD�@OB>QFKFK>��BJ�RJ>�MBPPL>�AB�MBPL�JBAF>KL	�B�>�@>A>��
��JBPBP�M>O>�>NRBIBP�@LJ�MOLQBFK§OF>�J>FLO��2B�>�1/"�>RJBKQ>�AB�JBKLP�AB
���� M>O>� ���� LR�J>FP�� LR�AB�JBKLP�AB� ���� M>O>� ���� LR�J>FP�� MOLS>SBIJBKQB
QO>Q>
PB�AB�RJ>�JRA>K�>�OB>I���� �J>FLO�M>OQB�A>P�JBAFA>P�NRB�OBQ>OA>J�>
MOLDOBPP�L�K>QRO>I�Q>J?�J�OBARWBJ�>�MOLQBFK§OF>�
$J�M>@FBKQBP�FKAFSFAR>FP��DBO>IJBKQB���PRCF@FBKQB�JLKFQLO>O�>P�QBKA�K@F>P�A>
3%&�>QO>S�P�AB�JBAFA>P�PBOF>A>P�A>�"OP�� L�PB�FKQBOMOBQ>O�RJ>�JRA>K�>�A>
"OP�� ABSB
PB� QBO� BJ� JBKQB� >P� @FO@RKPQ�K@F>P� NRB� MLABJ� >IQBO>O� >� "OP� MLO
JB@>KFPJLP�NRB�K�L�BKSLISBJ�RJ>�JRA>K�>�K>�3%&�� @LJL�MLO� BUBJMIL�
>RJBKQL�A>�MOLAR��L�AB�@OB>QFKFK>��FKDBPQ�L�AB�@>OKB��FKDBPQ�L�AB�@OB>QFK>��L
>RJBKQL�AL�BUBO@�@FL�� >RJBKQL�A>�J>PP>�JRP@RI>O��RPL�AB� CBKLCF?O>QL	��LR
MOLAR��L�OBARWFA>�AB�@OB>QFKFK>��AFBQ>�SBDBQ>OF>K>��MBOA>�AB�J>PP>�JRP@RI>O�
AFJFKRF��L�AL�BUBO@�@FL	�� I�J�AFPPL��>�"OP�MLAB�PBO� C>IP>JBKQB�>RJBKQ>A>
MLO� @BOQ>P� AOLD>P� B� MBIL� >RJBKQL� A>P� @BQLK>P� P�OF@>P� �MLO� GBGRJ� LR� J>R
@LKQOLIB� AL� AF>?BQBP	� LR� SBOA>ABFO>JBKQB� >RJBKQ>A>� MLO� AOLD>P� NRB
OBARWBJ� >� PB@OB��L� QR?RI>O� AB� @OB>QFKFK>� �@FJBQFAFK>�� QOFJBQLMOFJ	�� ">PL
L@LOO>�RJ>�>IQBO>��L�@O£KF@>�B�MOLDOBPPFS>�K>�MOLAR��L�AB�@OB>QFKFK>��M��BU�
MBOA>�AB�J>PP>�JRP@RI>O	��>�QBKA�K@F>�A>�3%&�MLAB�PBO�JLKFQLO>A>�MLO�JBFL
A>�JBAF��L�A>�ABMRO>��L�A>�@OB>QFKFK>�BJ�ROFK>�AB����ELO>P���ABMRO>��L�AB
@OB>QFKFK>�K�L���>CBQ>A>�AB�JLAL�FJMLOQ>KQB�MBI>�>IQBO>��L�K>�MOLAR��L�AB
@OB>QFKFK>��2B�CLO�RQFIFW>A>�>�ABMRO>��L�A>�@OB>QFKFK>����BPPBK@F>I�RJ>�@LIBQ>
MOB@FP>�AB�ROFK>�AB����ELO>P��
 �Q>U>�AB� CFIQO>��L�DILJBORI>O� Q>J?�J�MLAB�PBO�JLKFQLO>A>�MLO�BNR>�¦BP
NRB�BPQFJ>J�>�Q>U>�AB�CFIQO>��L�DILJBORI>O�BPQFJ>A>��3%&B	�]�BJ�M>OQF@RI>O�
>P�BNR>�¦BP�AL�,LAFCF@>QFLK�LC�#FBQ�FK�1BK>I�#FPB>PB��,#1#�	�>KA�"EOLKF@
*FAKBV� #FPB>PB� $MFABJFLILDV� "LII>?LO>QFLK� �"*#
$/(	� �">M�� �	�� $PP>P
>?LOA>DBKP�M>O>�M>AOLKFW>O� >� >S>IF>��L�A>�3%&� CFWBO>J�>S>K�>O�?>PQ>KQB�L
BPQRAL�A>�BMFABJFLILDF>�A>�#1"�� I�J�AFPPL��BI>P�@LKPFABO>J�>�FKCIR�K@F>�A>
FA>AB�PL?OB�>�3%&��(PPL���FJMLOQ>KQB�>L�JLKFQLO>O�>P�QBKA�K@F>P�AB�3%&�MLO
��� >KLP� LR� J>FP��� -L� BKQ>KQL�� >P� BNR>�¦BP� AB� 3%&B� Q�J� IFJFQ>�¦BP
FJMLOQ>KQBP�NR>KAL�>MIF@>A>P�>�FKAFS�ARLP��@LJL�PB�PBDRB�
ߧ P�BNR>�¦BP�,#1#��B�"*#
$/(�>PPRJBJ�NRB�QLALP�LP�M>@FBKQBP�AB�RJ>
JBPJ>� FA>AB�� PBUL�� O>�>� Q�J�>�JBPJ>� Q>U>�AB�MOLAR��L�AB�@OB>QFKFK>�B�>
JBPJ>��OB>�AB�PRMBOC�@FB�@LOMLO>I�� 2"	��"LJL�OBPRIQ>AL��BPP>P�BNR>�¦BP
PR?BPQFJ>J�PR?PQ>K@F>IJBKQB�>�3%&�OB>I�BJ�MBPPL>P�@LJ�>IQ>�MOLAR��L�AB
@OB>QFKFK>�B�PRMBOBPQFJ>J�PR?PQ>K@F>IJBKQB�>�3%&�OB>I�BJ�M>@FBKQBP�@LJ
?>FU>�MOLAR��L�AB�@OB>QFKFK>���
ߧ /LO�@>RP>�A>�FJMOB@FP�L��LP�I>?LO>Q¢OFLP�@I�KF@LP�DBO>IJBKQB�K�L�OBI>Q>J�>
3%&B� MBI>� BNR>��L� ,#1#�� LR� "*#
$/(� PB� >� 3%&B� CLO� J>FLO� NRB� ��
J+�JFK������J���-BPPB� @>PL��L�J�AF@L�ABSB�ABQBOJFK>O� PB� >�"OP� ABSB� PBO
KLOJ>I�LR�>KLOJ>I��.P�A>ALP�>�PBDRFO�MLABJ�PBO�§QBFP�
_/BPPL>P�DO>KABP�KLOJ>FP�Q�J�S>ILOBP�J>FP�BIBS>ALP�AB�"OP�AL�NRB�MBPPL>P
MBNRBK>P�KLOJ>FP�
_.P�ELJBKP�Q�J�S>ILOBP�AB�"OP�J>FP�BIBS>ALP�AL�NRB�>P�JRIEBOBP�
_->� J�OF@>� AL�-LOQB�� >NRBIBP� @LJ� >P@BKA�K@F>� >COF@>K>� Q�J� S>ILOBP� AB
"OP�J>FLOBP�NRB�LP�AB�>P@BKA�K@F>�K�L�>COF@>K>�
.� 0R>AOL� ��
�� CLOKB@B� OB@LJBKA>�¦BP� KRJ�OF@>P� BPMB@�CF@>P� M>O>� >
FKQBOMOBQ>��L�AB�"OP�NR>KAL�>�3%&B�CLO�J>FLO�AL�NRB����J+�JFK������J��
 �QO>GBQ¢OF>�A>�3%&�K>�ALBK�>�OBK>I�@O£KF@>�DBO>IJBKQB���?BJ�ABP@OFQ>�@LJL
RJ� AB@I�KFL� IFKB>O�� >PPFJ�� >� MBOA>� K>� 3&%� MLO� RKFA>AB� AB� QBJML� �
>MOLUFJ>A>JBKQB�@LKPQ>KQB�����-L�BKQ>KQL�� >NRBIBP�AB� >P@BKA�K@F>� >COF@>K>
ABPQFK>ALP� >� QBO�KBCOLBP@IBOLPB�EFMBOQBKPFS>�MLABJ�BUMBOFJBKQ>O�JRA>K�>P
DO>KABP� B� FKBUMIF@�SBFP� K>� QBKA�K@F>� AB� 3%&B�� BPMB@F>IJBKQB� OBAR�¦BP
PBDRFA>P�MLO�BPQ>?FIFA>AB��4J>�MOBL@RM>��L���>�AB�NRB�>�DO>KAB�S>OF>?FIFA>AB
AL� AB@I�KFL� A>� 3%&� >L� ILKDL� AL� QBJML� BPQBG>� >PPL@F>A>� >L� >RJBKQL� A>
JLOQ>IFA>AB���
3O>?>IELP� OB@BKQBP� Q�J� BKC>QFW>AL� NRB�� M>O>� RJ� ABQBOJFK>AL� K�SBI� AB
>I?RJFK§OF>�� NR>KQL� JBKLO� CLO� >� 3%&B�� J>FLO� �� L� OFP@L� AB� MOLDOBPP�L� A>
#1"��(PPL���@E>J>AL�AB�:?56I2yx@�AL�OFP@L�AB�MOLDOBPP�L�AB�>@LOAL�@LJ�>
MOLQBFK§OF>�B�>�3%&B����.P�K�SBFP� FKABU>ALP�AB�3%&�B�>I?RJFK§OF>� Q>J?�J
PB�>PPL@F>J�>L�>RJBKQL�A>�JLOQ>IFA>AB�@>OAFLS>P@RI>O�
-+�-�&�'-(����)+( +�,,T(�'�-.+�%
#BSFAL�>L�?BKBC�@FL�AB�>Q��JBPJL�MBNRBK>P�OBAR�¦BP�A>�Q>U>�AB�MOLDOBPP�L
A>� #1"� BJ� OBQ>OA>O� L� >M>OB@FJBKQL� A>� #1$3� �#LBK�>� 1BK>I� "O£KF@>
$PQ�DFL�3BOJFK>I	��PB�C>W�KB@BPP�OF>�RJ>�FKQBOSBK��L�>DOBPPFS>�B�AFOB@FLK>A>
>�J§IQFMILP�C>QLOBP�AB�OFP@L�>�CFJ�AB�IBKQFCF@>O�L�AB@I�KFL�A>�3%&��(PPL�K�L�PB
>MIF@>�� KL� BKQ>KQL�� >� M>@FBKQBP� @LJ� ?>FUL� OFP@L� AB� #1$3�� .P� M>@FBKQBP� AB
?>FUL� OFP@L� FK@IRBJ� >NRBIBP� @LJ� ALBK�>� AB� IBP¦BP� J�KFJ>P� OBPMLKPFS>� >
@LOQF@LPQBOLFAB� �#+,	�� >NRBIBP� @LJ� RJ� OFJ� §KF@L� KLOJ>I�� >ANRFOFAL� K>
FA>AB� >ARIQ>�� B� K�L� >@LJM>KE>AL� AB� LRQOLP� C>QLOBP� AB� OFP@L� M>O>� #1"�
>ARIQLP� KLOJLQBKPLP� @LJ� KBCOFQB� EBOBAFQ�OF>� LR� ALBK�>� A>�JBJ?O>K>� CFK>
LKAB�>�§KF@>�J>KFCBPQ>��L�OBK>I���>�EBJ>Q§OF>�JF@OLP@¢MF@>��B�LP�FALPLP�@LJ
"OP�JLABO>A>JBKQB�BIBS>A>�MLO�@>RP>�FAFLM�QF@>�����
����JD�A+	��RJ>�1/"
K>�ROFK>�AB����ELO>P�FKCBOFLO�>������B�@LJ�M>O�JBQOLP�OBK>FP�BPQ�SBFP�ARO>KQB
MBIL�JBKLP���>KL��.P�M>@FBKQBP�ABPPB�§IQFJL�DORML�P�L�JRFQL�J>FP�MOLMBKPLP
>�JLOOBO�AB�ALBK�>�@>OAFLS>P@RI>O��#"5	�AL�NRB�AB�MOLDOBAFO�M>O>�#1$3��
.P�QO>Q>JBKQLP�OB@LJBKA>ALP�KBPQB�@>M�QRIL�BPQ�L�IFPQ>ALP�KL�0R>AOL���
��
4J>�OB@LJBKA>��L�AB�-�SBI����J>FP�>IQL	���?>PB>A>�BJ�RJ�LR�J>FP�BKP>FLP
@I�KF@LP� O>KALJFW>ALP�� DO>KABP�� AB� >IQ>� NR>IFA>AB� �$"1P	�� NRB� JLPQO>O>J
BCBFQLP�AL@RJBKQ>ALP�KL�AB@I�KFL�A>�3%&��4J>�OB@LJBKA>��L�AB�-�SBI����
?>PB>A>� K>� >K�IFPB� PB@RKA�OF>� AL� $"1� AB� -�SBI� ��� $"1P� NRB� JLPQO>O>J
BCBFQLP� AL@RJBKQ>ALP� PL?OB� MOLQBFK§OF>��J>P� K�L� PL?OB� L� AB@I�KFL� A>�3%&�
$"1P�NRB�M>OB@BJ�QBO�QFAL�NR>IFA>AB�>ABNR>A>��MLO�J�K�L�ABCFKFQFS>�ABSFAL
>L�Q>J>KEL�AL�BPQRAL��B�LP�BPQRALP�K�L�O>KALJFW>ALP�NRB�CLO>J�OFDLOLPLP�B
@LKCFOJ>ALP�MLO�LRQOLP�BPQRALP�OFDLOLPLP�
 P� JBQ>P� AL� QO>Q>JBKQL� A>� MOLDOBPP�L� P�L� AB� OBARWFO� >� MOLQBFK§OF>� L
J�UFJL� MLPP�SBI�� FAB>IJBKQB� M>O>� JBKLP� AB� ���� JD�AF>�� B� AB� OBQ>OA>O� L
AB@I�KFL� A>� 3%&� L� Q>KQL� NR>KQL� MLPP�SBI�� AB� MOBCBO�K@F>� M>O>� @BO@>� AB� �
J+�JFK�>KL��NRB���>�SBIL@FA>AB�AB�AB@I�KFL�A>�3%&�>QOF?R�SBI���KBCOLM>QF>�AL
BKSBIEB@FJBKQL��">M����	�
&:9>96H�9:�)GDI:��D�+:C6A�9:��8DG9D�8DB�D� G6J�9:
+:8DB:C96��D
+:8DB:C96��:H� G6J�"
�	��FEKIFC8I�8�GI@FK@FK@I�8�@E>FE@JK8�;8�8C;FJK@JDF	
�	� FIELC8��F�96H� 9:� EGDI:��D� G:C6A� 9:� 68DG9D� 8DB� D� 
PB�L�>ISL�?>FUL�AB�MOBPP�L�>OQBOF>I��/ 	��/ �PFPQ¢IF@>�PBKQ>AL�K>
C>FU>� ALP� ����JJ'D� LR�JBKLP�� PB� QLIBO>A>	�� -L� BKQ>KQL�� >� BSFA�K@F>� NRB
>MLF>� BPPB� >ISL�?>FUL�K�L� �� @LKPFPQBKQB����$I>� ?>PBF>
PB� BJ�DO>KAB�M>OQB�KL
PR?DORML�AB�M>@FBKQBP�AL�BPQRAL�,#1#�@RG>�MOLQBFK§OF>�?>P>I�CLF�J>FLO�AL
NRB� ���� D�AF>�� KL� COF@>K� JBOF@>K� 2QRAV� LC� *FAKBV� #FPB>PB� >KA
'VMBOQBKPFLK�� 2*	��J>P�>MBK>P�KL�BPQRAL�AB�@LLOQB�AB� ILKD>�ARO>��L��B
KL� BPQRAL� $CCB@Q� LC� 2QOF@Q� !ILLA� /OBPPROB� "LKQOLI� >KA� "$� (KEF?FQFLK� LK
/OLDOBPPFLK� LC� "EOLKF@� 1BK>I� %>FIROB� FK� /BAF>QOF@� />QFBKQP� �$2" /$	�� BJ
@OF>K�>P�
.RQO>�O>W�L�NRB�C>SLOB@B�L�>ISL�?>FUL�AB�/ ���NRB�Q>KQL�KL�BPQRAL�,#1#
NR>KQL�KL� 2*�� >NRBIBP� @LKQBJMI>ALP� @LJ�RJ�>ISL�?>FUL�AB�/ � QFKE>J
RJ� OFP@L� PFDKFCF@>QFS>JBKQB�JBKLO� AB�#1$3�KL� PBDRFJBKQL� >� ILKDL� MO>WL
�M¢P
BPQRAL	�AL�NRB�>NRBIBP�@LKQBJMI>ALP�@LJ�RJ�>ISL�E>?FQR>I��PRMBOFLO	
AB�/ ��(PPL���KLQ�SBI�MLONRB�ARO>KQB�L�PBDRFJBKQL�M¢P
BPQRAL��OB@LJBKALR
PB� L� >ISL� ?>FUL� AB� / � M>O>� QLALP� LP� M>@FBKQBP���� I�J� AFPPL�� BJ� RJ>
JBQ>K�IFPB� AB� BKP>FLP� O>KALJFW>ALP� MI>@B?L
@LKQOLI>ALP� AB� AOLD>P� >KQF
EFMBOQBKPFS>P��LKAB�E>SF>�RJ�>@LJM>KE>JBKQL�M¢P
BPQRAL�AB�MBIL�JBKLP��
>KLP��SBOFCF@LR
PB�NRB�>�Q>U>�AB�JLOQ>IFA>AB�ARO>KQB�L�PBDRFJBKQL�M¢P
BPQRAL
CLF�PFDKFCF@>QFS>JBKQB�JBKLO�KL�DORML�FKQBOSBK��L�AL�NRB�KL�DORML�MI>@B?L
]�>MBP>O�AB�>J?LP�LP�DORMLP�QBOBJ�PFAL�>@LKPBIE>ALP�>�OB@B?BO�L�C�OJ>@L�BJ
NRBPQ�L� ARO>KQB� L� PBDRFJBKQL� M¢P
BPQRAL�� $PPB� ?BKBC�@FL� AB� QBO� OB@B?FAL� >
AOLD>� >KQF
EFMBOQBKPFS>� BJ� BPQRAL� ARO>KQB� L� BKP>FL� O>KALJFW>AL� L@LOOBR
FKABMBKABKQBJBKQB� A>� @I>PPB� AL� C�OJ>@L� >KQF
EFMBOQBKPFSL� RP>AL� KL
BPQRAL���
0R>KAL� BPPBP� >@E>ALP� P�L� @LKPFABO>ALP� BJ� @LKGRKQL�� M>OB@B� NRB� L� >ISL
?>FUL�AB�/ ���J>FP�?BK�CF@L�AL�NRB�L�>ISL�E>?FQR>I�AB�/ ��BJ?LO>�MLPP>�IBS>O
S�OFLP� >KLP� M>O>� NRB� BPPB� ?BKBC�@FL� PBG>� MOLS>AL�� $PPBP� OBPRIQ>ALP� Q>J?�JPRDBOBJ�NRB���FJMLOQ>KQB�>I@>K�>O�L�>ISL�?>FUL�AB�/ �MOB@L@BJBKQB�
$J�M>@FBKQBP� @LJ�#1"�� BJ�DBO>I�� NR>KQL�J>FLO� >�MOLQBFK§OF>��J>FLO� ��L
?BKBC�@FL�AL�>ISL�?>FUL�AB�/ �BJ�OBQ>OA>O�>�MOLDOBPP�L�A>�#1"���������.�>ISL
?>FUL�AB�/ �Q>J?�J�CLF�JBIELO�AL�NRB�L�>ISL�E>?FQR>I�AB�/ �>L�OBQ>OA>O�>
MOLDOBPP�L� A>� MOLQBFK§OF>� ARO>KQB� LP� BKP>FLP����� (PPL� MLAB� PBO� BSFA�K@F>� AB
MOLQB��L�OBK>I�
 � MOBPP�L� PFPQ¢IF@>� �� L� M>O�JBQOL� OB@LJBKA>AL� MLONRB� BJ� DBO>I� PB
@LOOBI>@FLK>�JBIELO�@LJ�>�MOLDOBPP�L�A>�#1"�AL�NRB�>�/ �AF>PQ¢ߓIF@>��������
 I�J�AFPPL��PB�CLOBJ�BPMB@FCF@>ALP�>ISLP�Q>KQL�AB�/ �PFPQ¢IF@>�NR>KQL�AB�/ 
AF>PQ¢IF@>��MLAB�E>SBO� @LKCRP�L� PB� PLJBKQB�RJ�ABIBP� CLO� >QFKDFAL��MLABKAL
>@>OOBQ>O�QO>Q>JBKQL�BU@BPPFSL�LR�FKPRCF@FBKQB�A>�EFMBOQBKP�L��
-L�BKQ>KQL��L�>ISL�?>FUL�AB�/ �K�L���OB@LJBKA>AL�M>O>�QLALP�LP�M>@FBKQBP
@LJ�#1"��.�>ISL�QO>AF@FLK>I��E>?FQR>I	�AB�/ ��RJ>�/ �PFPQ¢IF@>�PBKQ>AL�K>
C>FU>�AB�����>�����JJ'D����OB@LJBKA>AL�M>O>�L�M>@FBKQB�#1"�NRB���FALPL
�CO�DFI	�� QBJ�BSFA�K@F>P�AB�#"5� PFDKFCF@>QFS>�� LR�K�L� QLIBO>� L� >ISL�?>FUL�AB
/ �� � FKQLIBO�K@F>� MLAB� PB� J>KFCBPQ>O� MLO� QLKQRO>P�� PFKQLJ>P� LOQLPQ�QF@LP�
ALO� KL� MBFQL�� C>AFD>� LR� "OP� NRB� >P@BKAB� MOLDOBPPFS>JBKQB� >M¢P� L� M>@FBKQB
>QFKDFO�L�>ISL�?>FUL�AB�/ �
 � >AJFKFPQO>��L� AB� JBAF@>JBKQLP� >KQF
EFMBOQBKPFSLP� �� KLFQB� MLAB
>RJBKQ>O�>�PR>�BCF@�@F>�K>�MOBSBK��L�AB�BSBKQLP�@>OAFLS>P@RI>OBP�
2BJMOB�NRB�MLPP�SBI�� L� @LKQOLIB�A>�MOBPP�L� >OQBOF>I�ABSB� PBO� >S>IF>AL� @LJ
JBAFA>� OBPFABK@F>I� A>� MOBPP�L� >OQBOF>I� �,1/ 	� BJ� SBW� AB� JBAFA>P� AB
@LKPRIQ¢OFL�� $PP>� §IQFJ>� �� RJ�MOBAFQLO� ORFJ�AB� OFP@L�� BJ� @LJM>O>��L� @LJ
,1/ � LR� JBAFA>� >J?RI>QLOF>I� A>� / � �, / 	�� #BKQOB� LP� M>@FBKQBP� @LJ
#1"� EFMBOQBKPFS>�� P�L� @LJRKP� >� EFMBOQBKP�L� J>P@>O>A>� �/ � KLOJ>I� KL
@LKPRIQ¢OFL�� J>P� EFMBOQBKPLP� MBI>� ,1/ � LR� , / 	� B� >� EFMBOQBKP�L� AL
>SBKQ>I�?O>K@L��B�MLABJ�BPQ>O�MOBPBKQBP�BJ�J>FP�AB�����ALP�M>@FBKQBP�@LJ
#1"������� �Q�@KF@>�A>�,1/ ���AFP@RQFA>�KL�">M�QRIL����
 � COBNR�K@F>� FAB>I� AB� >CBOF��L� K>�,1/ �K�L� CLF� OFDLOLP>JBKQB� BPQRA>A>�
1B@LJBKA>JLP�NRB�>�,1/ �PBG>�FKF@F>IJBKQB�OB>IFW>A>�AR>P�SBWBP�>L�AF>�]
J>KE�� B� KLFQB� ]� >Q�� NRB� PBG>� >I@>K�>A>� >� JBQ>� AB� / �� $J� PBDRFA>�� >
COBNR�K@F>� A>� ,1/ � MLAB� BKQ�L� PBO� OBARWFA>�� � COBNR�K@F>� J�KFJ>
OB@LJBKA>A>�A>�,1/ ���>�@>A>���LR���PBJ>K>P��FK@IRFKAL�>J?>P�>P�JBAFA>P
A>�J>KE��B�KLFQB��~�KB@BPP�OFL�NRB�PB�OBDFPQOBJ�>P�>CBOF�¦BP�A>�,1/ �B�NRB
PB�@>I@RIB�>�PR>�J�AF>��#BSB
PB�RQFIFW>O�>�J�AF>�AB�/ �M>O>�ABQBOJFK>O�L�DO>R
AB�@LKQOLIB�A>�/ �
 P� @I>PPBP� AB�AOLD>P� >KQF
EFMBOQBKPFS>P� RQFIFW>A>P� M>O>� >I@>K�>O� L� @LKQOLIB
A>� / � BUBO@BJ� FKCIR�K@F>� FJMLOQ>KQB� K>� MOLDOBPP�L� A>� #1"��� IDLOFQJLP
M>O>�L�@LKQOLIB�A>�/ �K>�#1"�?>PB>ALP�BJ�BSFA�K@F>P�B�BJ�BUMBOF�K@F>�P�L
BUF?FALP� K>P� %FDRO>P� ��
�� B� ��
��� $J?LO>� LP� >IDLOFQJLP� OB@LJBKABJ
@LJB�>O�@LJ�RJ>�§KF@>�AOLD>��PB�>�/ �PFPQ¢IF@>�PRMBO>O�L�>ISL�BJ�J>FP�AB���
JJ'D�� DBO>IJBKQB� PBO�L� KB@BPP�OFLP� ALFP� LR� J>FP� >DBKQBP� >KQF
EFMBOQBKPFSLP��
1B@LJBKA>
PB� L� ?ILNRBFL� AL� PFPQBJ>� OBKFK>
>KDFLQBKPFK>� �21 	� @LJ
FKF?FALOBP� A>� $" � LR� ?ILNRB>ALOBP� AL� OB@BMQLO� A>� >KDFLQBKPFK>� �!1 P	
@LJL� QBO>MF>� AB� MOFJBFO>� IFKE>� M>O>� OBARWFO� >� MOLQBFK§OF>�� >� MOLDOBPP�L� A>
#1"� B� L� OFP@L� @>OAFLS>P@RI>O� �%FD�� ��
�	�� $PPBP� ?BKBC�@FLP� M>OB@BJ� PBO
@LJM>O�SBFP�BKQOB�LP�FKF?FALOBP�A>�$" �B�!1 P��.P�!1 P�K�L�>RJBKQ>J�L
OFP@L�AB�@�K@BO��.�?ILNRBFL�AL�21 ��� OB@LJBKA>AL�K>�#1"��JBPJL�NRB�>
EFMBOQBKP�L� K�L� BPQBG>� MOBPBKQB�� MLFP� >� MOLQB��L� OBK>I� B� @>OAFLS>P@RI>O� AL
?ILNRBFL�AL�21 ����MBIL�JBKLP�BJ�M>OQB��FKABMBKABKQB�AL�@LKQOLIB�AB�/ ��
#B�RJ�JLAL�DBO>I��NR>KQL�J>FLO�>�ALPB�AB�FKF?FALO�AB�$" �LR�!1 ��J>FLO
PBO��L�BCBFQL�PL?OB�L�@LKQOLIB�A>�EFMBOQBKP�L�B�MOLQBFK§OF>�����
�6� 6CI>	=>E:GI:CH>K6� >C>8>6A
� )� 7B=EH?JCE� 7GK?� CEIJH7:E
9EDI?:;H7�GK;�E�JH7J7C;DJE�D�E�C;:?97C;DJEIE�:7�>?F;HJ;DI�E�;IJ;@7�EJ?C?P7:E��L;H
J;NJE�� ;� GK;� E� F79?;DJ;� D�E� J;D>7� >?F;HJ;DI�E� H;DEL7I9KB7H�� ?DIK?F;HJ;DI?L7	��II7
78EH:7=;C�J;C�;I�:;�97:7�KC7�:7I�:HE=7I�H;9EC;D:7:7I	�����
�DP?C7� 9EDL;HIEH7� :7� 7D=?EJ;DI?D7�� *���� H;B7��E� 7B8KC?D7�9H;7J?D?D7�� �*��
8BEGK;7:EH� :E� H;9;FJEH� :7� 7D=?EJ;DI?D7�� (��� FH;II�E� 7HJ;H?7B�� �*��� :E;D�7� H;D7B
9H¡D?97�� �.�� 97H:?EL7I9KB7H�� ����&�!(�� 8BEGK;7:EH� :;� 97D7?I� :;� 9�B9?E� D�E
:??:HEF?H?:�D?9EI�� �!&�H�� :HE=7I� 7DJ?�?DALOBP� AL� PFPQBJ>� OBKFK>
>KDFLQBKPFK>� P�L� >KQFMOLQBFK§OF@LP�
JBPJL�BJ�DILJBORILKBCOFQBP� �&-	� FKCI>J>Q¢OF>P�� B�ABSBJ�PBO� @LKQFKR>ALP�
JBPJL�PB�>�3%&�AFJFKRF�>L�BPQ�DFL���A>�#1"�����>����J+�JFK������J�	��
/>O>�>�MOBSBK��L�AB�EFMBO@>IBJF>��MLAB� PBO�KB@BPP�OF>� OBPQOF��L�AFBQ�QF@>�AB
MLQ�PPFL�B�L�RPL�@LK@LJFQ>KQB�AB�CROLPBJFA>�B�?F@>O?LK>QL�AB�P¢AFL��
.� QB@FAL�>AFMLPL� BUMOBPP>� QLALP�LP� @LJMLKBKQBP�AL�21 ��#BPP>� CLOJ>�� >
>KDFLQBKPFK>� ((�MLAB�ABPBJMBKE>O�RJ�M>MBI�J>FLO�BJ�M>@FBKQBP�@LJ�#1"
L?BPLP��#B�C>QL��KL�BPQRAL�1>JFMOFI�FK�-LK
AF>?BQF@�1BK>I�%>FIROB��1$(-	��>
QBO>MF>�@LJ�FKF?FALO�A>�$" �CLF�PFDKFCF@>QFS>JBKQB�J>FP�BCF@>W�BJ�OBQ>OA>O�L
AB@I�KFL�A>�3%&�BJ�L?BPLP�AL�NRB�BJ�K�L�L?BPLP���
$J�DBO>I��>�@LJ?FK>��L�AL�RPL�AB�FKF?FALO�A>�$" �B�!1 �QBJ�J>FLO�BCBFQL
>KQF
EFMBOQBKPFSL�B�>KQFMOLQBFK§OF@L�AL�NRB�L�RPL�AB�FKF?FALO�A>�$" �LR�!1 
FPLI>ALP�� #BPP>� CLOJ>�� �� PROMOBBKABKQB� NRB� BKP>FLP� O>KALJFW>ALP
@LJM>O>KAL� FKF?FALOBP�A>�$" ��!1 P�B� FKF?FALOBP�A>�$" �J>FP�!1 P�K�L
QBKE>J�BK@LKQO>AL�?BKBC�@FL�K>�@LJ?FK>��L��-L�BKQ>KQL��BJ�@>JRKALKDLP�
L� ?ILNRBFL� FKQBKPL� AL� 21 � MLAB� @>RP>O� IBP�L� OBK>I�� ABPP>� CLOJ>�� >� QBO>MF>
@LJ?FK>A>� MLAB� ?ILNRB>O� L� 21 � FKQBKP>JBKQB�� QR>IJBKQB�� >� QBO>MF>
@LJ?FK>A>�K�L��� OB@LJBKA>A>�KL�J>KBGL�AB�#1"�� PL?OBQRAL�BJ� FALPLP���
-L�BKQ>KQL��MLAB�E>SBO�BPM>�L�M>O>�>�QBO>MF>�@LJ?FK>A>�BJ�K�L�FALPLP�@LJ
MOLQBFK§OF>� PBSBO>�� FKA>� K�L� CLF� ?BJ� BPQRA>AL� PB� LP� M>@FBKQBP� @LJ
MOLQBFK§OF>�JRFQL� PBSBO>� �M�� BU��� ��� D�AF>�� >I?RJFK>� P�OF@>� ���� D�A+	� QBOF>J
>IDRJ� ?BKBC�@FL� PB� >� ALPB� AB� QBO>MF>� @LJ?FK>A>� CLO� >RJBKQ>A>� >I�J� ALP
K�SBFP� OB@LJBKA>ALP�� -L� BKQ>KQL�� K>� KLPP>� BUMBOF�K@F>�� Q>I� QBO>MF>� AB� >IQ>
ALPB� K�L� QBJ� PFAL� §QFI�� JBPJL� NR>KAL� @LJ?FK>A>� @LJ� >KQ>DLKFPQ>P� A>
>IALPQBOLK>�� OBPQOF��L� AB� P>I�� OBPQOF��L� AB� MOLQB�K>�� RPL� AB� AFRO�QF@LP� B
BPQ>QFK>P�� I�J� AFPPL�� BPP>� >?LOA>DBJ� >KQFMOLQBFK§OF@>� >DOBPPFS>
COBNRBKQBJBKQB�QBSB�NRB�PBO�>?>KALK>A>�MLO�@LKQ>�AB�EFMLQBKP�L�
.�>IFPNRFOBKL�� RJ� FKF?FALO� AFOBQL� A>� OBKFK>�� �� RJ� >DBKQB� >KQF
EFMBOQBKPFSL
BCF@>W�@>M>W�AB�OBARWFO�>�>I?RJFK§OF>�BJ�KBCOLM>QF>�AF>?�QF@>�B�KBCOLM>QF>�MLO
(D ��-L�BKQ>KQL��NR>KAL�L�>IFPNRFOBKL�CLF�>AF@FLK>AL���QBO>MF>�@LJ�FKF?FALO
A>� $" � LR� !1 � BJ� M>@FBKQBP� @LJ� AF>?BQBP� QFML� �� B� KBCOLM>QF>�� ELRSB
>RJBKQL�AL�OFP@L�AB�IBP�L�OBK>I��EFMLQBKP�L�B�EFMBO@>IBJF>��PBJ�MBO@BM��L�AB
?BKBC�@FL�� .� >IFPNRFOBKL� MLAB� PBO� RJ� ?ILNRB>ALO� AL� 21 � >IQBOK>QFSL
>ABNR>AL� M>O>� >NRBIBP� @LJ� FKQLIBO�K@F>� Q>KQL� >LP� FKF?FALOBP� A>� $" � LR
NR>KQL�>LP�!1 P�
'LRSB�QO�P�BKP>FLP�O>KALJFW>ALP�BJ�#1"�JLPQO>KAL�NRB�>NRBIBP�M>@FBKQBP
NRB�RQFIFW>O>J�?ILNRB>ALOBP�AB�@>K>FP�AB�@�I@FL�AFFAOLMFOFA�KF@LP��!""
#(/	
BUMBOFJBKQ>O>J� JBKLP� MOLQB��L� OBK>I� AL� NRB� >NRBIBP� NRB� K�L� LP
RQFIFW>O>J������.�JB@>KFPJL�MLAB�BKSLISBO�S>PLAFI>Q>��L�>OQBOFLI>O�FKARWFA>
MLO� !""
#(/� OBPRIQ>KAL� BJ� EFMBOQBKP�L� DILJBORI>O� B� ABPP>� CLOJ>�
MOLJL��L�AB�MOLQBFK§OF>���-L� BKQ>KQL�� KL� BPQRAL� SLFAFKD�">OAFLS>P@RI>O
$SBKQP� 3EOLRDE� "LJ?FK>QFLK� 3EBO>MV� FK� />QFBKQP� +FSFKD� TFQE� 2VPQLIF@
'VMBOQBKPFLK� � "".,/+(2'	�� >� QBO>MF>� @LJ� FKF?FALO� A>� $" � J>FP
>KILAFMFKL�MOLQBDBR�JBIELO�>�CRK��L�OBK>I�AL�NRB�FKF?FALO�A>�$" �>PPL@F>AL
>� AFRO�QF@LP��BPMB@F>IJBKQB� BJ� K�L� KBDOLP���� /LPPFSBIJBKQB�� L?PBOSLR
PB� L
?BKBC�@FL� AL� >KILAFMFKL� KL� "".,/+(2'� MLONRB� LP� M>@FBKQBP� @LJ�#1"
QFKE>J� ?>FUL� K�SBI� AB� MOLQBFK§OF>���� I�J� AFPPL�� BUFPQB� BSFA�K@F>� AB� NRB� L
QO>Q>JBKQL� @O£KF@L� @LJ� QF>W�AF@LP� PBG>� KBCOLQ¢UF@L���� /LOQ>KQL�� @>PL� PBG>
KB@BPP�OFL�RJ�?ILNRB>ALO�AB�@>K>FP�AB�@�I@FL��!""	�M>O>�L�@LKQOLIB�A>�/ ��>
MOFJBFO>� BP@LIE>� ABSB� PBO� MLO� RJ� !""� K�L� AFFAOLMFOFA�KF@L� �!""
-#(/	
�AFP@RQFAL�>AF>KQB	�
1BARWFO� >� FKDBPQ�L� AB� MOLQB�K>� K>� AFBQ>� AL� K�SBI� E>?FQR>I� �KLP� M>�PBP
ABPBKSLISFALP�@BO@>�AB���>�����D�HD�AB�MBPL�@LOMLO>I�FAB>I�MLO�AF>	�>Q��@BO@>
AB�����D�HD�AB�MBPL�@LOMLO>I�FAB>I�MLO�AF>��AFBQ>�ML?OB�BJ�MOLQB�K>	�OBQ>OA>�L
AB@I�KFL� A>� 3%&� K>NRBIBP� @LJ� MOLQBFK§OF>� J>FLO� NRB� �� D�AF>��� .RQOL
?BKBC�@FL� A>� JBKLO� FKDBPQ�L� AB� MOLQB�K>� K>� #1"� �� NRB� BI>� AFJFKRF� >
MOLDOBPP�L�A>�MOLQBFK§OF>��JBPJL�K>NRBIBP�NRB�KL�FK�@FL�AL�BPQRAL�Q�J�RJ
K�SBI� >MBK>P� ?>FUL� AB� MOLQBFK§OF>��� P� AFBQ>P� NRB� FK@LOMLO>J� MOLQB�K>P� AB
PLG>�MLABJ�PBO�J>FP�>KQFMOLQBFK§OF@>P�AL�NRB�>NRBI>P�@LJMLPQ>P�>MBK>P�MLO
MOLQB�K>P� AB� LOFDBJ� >KFJ>I��� � FKDBPQ�L� MOLQBF@>� K>� AFBQ>� ABSB� PBO
JLKFQLOFW>A>�MBOFLAF@>JBKQB�� MLO� BUBJMIL�� >� @>A>��� >� ��JBPBP��JBAFKAL� >
BU@OB��L�AB�KFQOLD�KFL�A>�ROBF>�K>�ROFK>� �-44	�BJ�@LIBQ>P�AB�ROFK>�AB���
ELO>P��/>O>�RJ>�MBPPL>�AB����HD��RJ>�AFBQ>�@LJ����D�AB�MOLQB�K>P�>QFKDFOF>�L
L?GBQFSL�AB�����D�AB�MOLQB�K>�HD�AB�MBPL�@LOMLO>I�FAB>I�MLO�AF>�
-BPPB�M>@FBKQB��>�@LIBQ>�AB�ROFK>�AB����ELO>P�@LKQBOF>�@BO@>�AB���D�AB�-44�
 �JLKFQLO>��L� A>� FKDBPQ�L� MOLQBF@>� �� M>OQF@RI>OJBKQB� FJMLOQ>KQB� K>NRBIBP
NRB�K�L�BPQ�L�>QFKDFKAL�>�JBQ>�AB�MOLQBFK§OF>��$J�M>OQF@RI>O�LP�ELJBKP�B�LP
FKAFS�ARLP� @LJ� ALBK�>� DILJBORI>O� MLABJ� PB� ?BKBCF@F>O� AB� RJ>� FKDBPQ�L
MOLQBF@>�?>FU>��
-L� BPQRAL� ,#1#�� L� PBDRFJBKQL� >� ILKDL� MO>WL� A>NRBIBP� @LJ� FKDBPQ�L
JRFQL� ?>FU>� AB� MOLQB�K>P� ��� ���� D�HD�AF>	� K�L� JLPQOLR� NR>INRBO� OBAR��L
>AF@FLK>I�KL�AB@I�KFL�A>�3%&��BKQOBQ>KQL��BPPBP�M>@FBKQBP�M>OB@BJ�QBO�QFAL�RJ
>RJBKQL�AL�OFP@L�AB�¢?FQL���4J�OFP@L�AB�OBPQOF��L�BU@BPPFS>�AB�MOLQB�K>���>
ABMIB��L�BKBOD�QF@L
MOLQBF@>��(PPL�L@LOOB�NR>KAL�L�@>Q>?LIFPJL�MOLQBF@L�K�L
@LJMBKP>� >ABNR>A>JBKQB� >� FKDBPQ�L� OBARWFA>� AB� MOLQB�K>�� 2R>P
@LKPBNR�K@F>P� FK@IRBJ� >� MBOA>� AB� J>PP>� JRP@RI>O� B� RJ>� ?>FU>� >I?RJFK>
P�OF@>��.� OFP@L�AB�ABMIB��L� BKBOD�QF@L
MOLQBF@>� >RJBKQ>� @LJ�>� @LBUFPQ�K@F>
AB� AFPQ§O?FLP� FKCI>J>Q¢OFLP�� Q>FP� @LJL� AF>?BQBP�� >QBOLP@IBOLPB� DO>SB� LR
ALBK�>P�>RQLFJRKBP��/>@FBKQBP�@LJ�#1"�BPQ�DFLP���B���P�L�M>OQF@RI>OJBKQB
SRIKBO�SBFP� �� ABMIB��L� BKBOD�QF@L
MOLQBF@>�� >� NR>I� MLAB� PBO� >QBKR>A>� MBI>
QBO>MF>� >I@>IFK>� �SBO� AFP@RPP�L� AB� QBO>MF>� >I@>IFK>� >AF>KQB	�� #BSFAL� �� CLOQB
BSFA�K@F>� OB@BKQB� NRB� >� @>OKB� SBOJBIE>� B� @>OKB� SBOJBIE>� MOL@BPP>A>� BPQ�L
>PPL@F>A>P�>�RJ�OFP@L�>RJBKQ>AL�AB�JLOQ>IFA>AB��@�K@BO��B�#"5����O>WL�SBI
NRB� >�J>FLO� M>OQB� A>� OBAR��L� K>� FKDBPQ�L� AB� MOLQB�K>� ABS>� BKSLISBO� BPP>P
CLKQBP�AB�MOLQB�K>P�
 �FKDBPQ�L�BIBS>A>�AB�P>I��M��BU�������JJLI�->"I��AF>��������D�->"I�B�����D
->	�MLAB�BIFJFK>O�@LJMIBQ>JBKQB�LP�BCBFQLP�>KQFMOLQBFK§OF@LP�AL�QO>Q>JBKQL
@LJ� FKF?FALOBP�A>�$" ��!1 P�LR�!""
-#(/�� I�J�AFPPL�� >� FKDBPQ�L�?>P>I
BIBS>A>�AB�P>I���RJ�MOBAFQLO�PFDKFCF@>QFSL�AB�AB@I�KFL�J>FP�O�MFAL�A>�3%&���
 I�J� AFPPL�� �� ?BJ� BPQ>?BIB@FAL� NRB� >� FKDBPQ�L� BIBS>A>� AB� P>I� >DO>S>� >
EFMBOQBKP�L�� MBP>O�A>�>JMI>�>@BFQ>��L�AB�NRB�>�OBPQOF��L�AB�P>I���FJMLOQ>KQB
KL� J>KBGL� A>� #1"�� K�L� ELRSB� BKP>FLP� O>KALJFW>ALP� OFDLOLPLP� PL?OB� >
OBPQOF��L�AB�P>I�K>�#1"�
 �FKDBPQ�L�OB@LJBKA>A>�AB�->"I�K>�#1"��>PPRJFKAL�NRB�K�L�E>G>�MBOA>
OBK>I�AB�P>I	���AB�@BO@>�AB���>���D�AB�->���
����D�AB�->"I	�� �FKDBPQ�L�AB�->"I
AL� >ARIQL� KLOQB
>JBOF@>KL�J�AFL� �� AB� @BO@>� AB� ��� D� AB�->"I� ��� D� AB�->	�
/LAB
PB�AL@RJBKQ>O�PB�L�M>@FBKQB�>QFKDFR�L�>ISL�AB� FKDBPQ�L�AB�P>I�K>�#1"
>QO>S�P�AB�RJ>�@LIBQ>�AB�ROFK>�AB����ELO>P�NRB�@LKQBKE>����>�����JJLI�AB
P¢AFL�� PBKAL� FPPL� M>OQF@RI>OJBKQB� FJMLOQ>KQB� PB� >P� JBQ>P� AB� / � LR� AB
MOLQBFK§OF>�K�L�BPQBG>J�PBKAL�>I@>K�>A>P��.�P¢AFL�ROFK�OFL�ABSB�PBO�JBAFAL
QLA>�SBW�NRB� PB�JBAFO�>�MOLQB�K§OF>� BJ�ROFK>�AB����ELO>P� �SBG>�>�AFP@RPP�L
PL?OB�JLKFQLO>JBKQL�AB�MOLQBFK§OF>	��-LP�M>@FBKQBP�OB@B?BKAL�OBMLPF��L�AB
->'".��ABSB
PB�JLKFQLOFW>O�L�@ILOBQL�ROFK�OFL��BJ�SBW�AL�P¢AFL��IBS>KAL�BJ
@LKQ>� PB� L� M>@FBKQB� Q>J?�J� OB@B?B� *"I��� .� O>@FLK>I� �� AB� NRB� L� @ILOBQL
ROFK�OFL���NR>PB� FKQBFO>JBKQB�ABOFS>AL�A>� FKDBPQ�L�AB�->"I��>�JBKLP�NRB�L
M>@FBKQB� Q>J?�J� BPQBG>� OB@B?BKAL� *"I�� PPFJ�� @>PL� L� M>@FBKQB� K�L� BPQBG>
OB@B?BKAL�*"I��L�@ILOBQL�ROFK�OFL�AB����ELO>P�BJ�JFIFBNRFS>IBKQBP���FDR>I�>L
->"I�ROFK�OFL�AB����ELO>P�BJ�JFIFJLIBP�
.P�M>@FBKQBP� @LJ�#1"�ABSBJ� BSFQ>O� >� FKDBPQ�L� BIBS>A>�AB� CORQLPB� �PL?� >
CLOJ>�AB� >�§@>O�AB�JBP>�LR�AB� U>OLMB�AB�JFIEL� OF@L� BJ� CORQLPB�RP>AL� BJ
?B?FA>P�AL@BP	�ABSFAL�>L�>RJBKQL�A>�OB>?PLO��L�OBK>I�AB�P¢AFL��L�NRB�MLAB
MFLO>O�L�@LKQOLIB�A>�/ ��SBO�>�AFP@RPP�L�AB�P�KAOLJB�JBQ>?¢IF@>	�
$J� M>@FBKQBP� NRB� OB@B?BJ� ?ILNRB>ALOBP� AL� 21 �� L� RPL� AB� AFRO�QF@LP
JBIELO>�L�@LKQOLIB�A>�/ �B�AFJFKRF�>�MOLQBFK§OF>��-L�BKQ>KQL��L�FAB>I���BSFQ>O
L�RPL�AB�AFRO�QF@LP�ABSFAL���BSFA�K@F>�AB�KBCOLQLUF@FA>AB���B���L@LOO�K@F>�AB
S�OF>P� AFPCRK�¦BP� JBQ>?¢IF@>P�� FK@IRFKAL� EFML@>IBJF>�� EFMBODIF@BJF>�
EFMBOIFMFABJF>� B� >� BPQFJRI>��L� AL� 21 �� QLALP� LP� NR>FP� C>QLOBP� NRB
P>?FA>JBKQB� >RJBKQ>J� L� OFP@L� @>OAFLS>P@RI>O��� .P� AFRO�QF@LP� AB� >I�>� P�L
J>FP� BCF@>WBP� AL� NRB� LP� QF>W�AF@LP� PB� >�3%&� CLO� FKCBOFLO� >� ���J+�JFK�� 2B� >
3%&� CLO�J>FLO��L�AFRO�QF@L�MOBCBOFAL��� >� @ILOQ>IFALK>�ABSFAL��� BSFA�K@F>�AB
J>FLO� MOLQB��L� @LKQO>� BSBKQLP� @>OAFLS>P@RI>OBP� @LJM>O>A>� �
EFAOL@ILOLQF>WFA>��.�JB@>KFPJL�AB�PRMBOFLOFA>AB�A>�@ILOQ>IFALK>�MLAB�BPQ>O
OBI>@FLK>AL���PR>�PRMOBPP�L�J>FP�BCBQFS>�PL?OB�>�>KFAO>PB�@>O?£KF@>�B�A>�PR>
JBIELO� @>M>@FA>AB� BJ� >GRA>O� >� OBDRI>O� L� ¢UFAL� K�QOF@L� AL� NRB� >
EFAOL@ILOLQF>WFA>���
.P� >DBKQBP� A>� @I>PPB� ALP�!""
-#(/�� NRB� FK@IRBJ�L� AFIQF>WBJ� B� SBO>M>JFI�
P�L�>KQFMOLQBFK§OF@LP�B�MLABJ�PBO�OBKLMOLQBQLOBP��4J�!""
-#(/�>PPL@F>AL
>�RJ�!""
#(/�MLAB�PBO�RJ>�@LJ?FK>��L�>KQF
EFMBOQBKPFS>�MLQBKQB�NR>KAL
RP>A>�BJ�@LKGRKQL�@LJ�LRQO>P�@I>PPBP�AB�>KQF
EFMBOQBKPFSLP��%FD����
�	����
�?F;HJ;DI�E� EK� DEI� GK7?I� 7� *�� �
F7HJ?9KB7HC;DJ;� B�8?B��D7�7KI�D9?7�:;� OF;HJ;DI?L;� 7D:� &?F?:�
&EM;H?D=�.H;7JC;DJ� JE�*H;L;DJ�";7HJ��JJ79A�.H?7B���*��� 8BEGK;7:EH�:E� H;9;FJEH�:7
7D=?EJ;DI?D7��(���FH;II�E�7HJ;H?7B�������8BEGK;7:EH�:;�97D7?I�:;�9�B9?E���*���:E;D�7
H;D7B� 9H¡D?97�� �.�� 97H:?EL7I9KB7H�� �����!(�� 8BEGK;7:EH� :;� 97D7?I� :;� 9�B9?E
:??:HEF?H?:�D?9EI������&�!(��8BEGK;7:EH�:;�97D7?I�:;�9�B9?E�D�E�:??:HEF?H?:�D?9EI	
 �P�KAOLJB�JBQ>?¢IF@>�B�@>A>�RJ�AB�PBRP�@LJMLKBKQBP�P�L�C>QLOBP�AB�OFP@L
M>O>� >� MOLDOBPP�L� A>� #1"� B� BPQ�L� >PPL@F>ALP� >L� ABPBKSLISFJBKQL� AB� RJ>
3%&B� FKCBOFLO� >� ��� J+�JFK�� �� JF@OL>I?RJFK§OF>� B� �� MOLQBFK§OF>� CO>K@>��
 I�J� AFPPL�� >� MOBS>I�K@F>� AB� JF@OL>I?RJFK§OF>� B� AB� #1"� >RJBKQ>J
MOLMLO@FLK>IJBKQB�>L�K§JBOL�AB�@LJMLKBKQBP�A>�P�KAOLJB�JBQ>?¢IF@>���
-�L� PB� BPQRALR� AB� J>KBFO>� OFDLOLP>� @>A>� RJ� ALP� @LJMLKBKQBP� A>
P�KAOLJB� JBQ>?¢IF@>� BJ� BKP>FLP� @I�KF@LP� O>KALJFW>ALP�� -L� BKQ>KQL�� �
>MOLMOF>AL�AFP@RQF
ILP�MLONRB�� BJ�DBO>I��RJ>� FKQBOSBK��L�NRB�?BKBCF@F>�RJ
ALP�>PMB@QLP�A>�P�KAOLJB�JBQ>?¢IF@>�MOLS>SBIJBKQB�?BKBCF@F>�QLALP�BIBP�
 � L?BPFA>AB� >RJBKQ>� L� OFP@L� AB� #1"� B� BPQ�� >PPL@F>A>� >� DILJBORILM>QF>�
DILJBORILBP@IBOLPB�PBDJBKQ>O� B� CL@>I�� B� MOLQBFK§OF>�� >� NR>I� MLAB� PBO
MOLDOBPPFS>�� � OBAR��L� >Q��JBPJL� A>� L?BPFA>AB�JLABO>A>� MLߓ
AB� OBARWFO� >
MOLQBFK§OF>� K>� #1"����� � @FORODF>� ?>OF�QOF@>� BJ� M>@FBKQBP� @LJ� L?BPFA>AB
J¢O?FA>� OBARW� C>QLOBP� AB� OFP@L� M>O>� >� #1"�� FK@IRFKAL� >� / � PFPQ¢IF@>� B� >
OBPFPQ�K@F>�FKPRI�KF@>�
->� #1"�� >� FKDBPQ�L� BIBS>A>� AB� ?B?FA>P� AL@BP�� BPMB@F>IJBKQB� >NRBI>P
>AL�>A>P� @LJ� CORQLPB�� ��RJ� C>QLO� @LKQOF?RFKQB� FJMLOQ>KQB�M>O>� >� P�KAOLJB
JBQ>?¢IF@>��$J�M>@FBKQBP�@LJ�#1"��>�OBAR��L�A>�FKDBPQ�L�AB�CORQLPB�OBARW�>
/ �B�>�FKCI>J>��L���
$J� OBI>��L� >L� @LKQOLIB� IFM�AF@L� K>� #1"�� >P� AFOBQOFWBP� >QR>FP� AL� *#(&.
�TTT�HAFDL�LOD	� OB@LJBKA>J� RJ>� BPQ>QFK>� LR� RJ>� BPQ>QFK>� >PPL@F>A>� >
BWBQFJF?>�M>O>�QLALP�LP�M>@FBKQBP�@LJ�#1"�K�L
#1$3�@LJ����>KLP�AB�FA>AB
LR�J>FP��FKABMBKABKQBJBKQB�ALP�K�SBFP�IFM�AF@LP��(PPL���?>PB>AL�KL�2QRAV�LC
'B>OQ�>KA�1BK>I�/OLQB@QFLK��2' 1/	��NRB�JLPQOLR�NRB�L�?BKBC�@FL�A>�QBO>MF>
>KQFIFMBJF>KQB� K�L� QBJ� OBI>��L� @LJ� LP� K�SBFP� IFM�AF@LP� ?>P>FP�� />O>� LP
M>@FBKQBP� @LJ� #1"� K�L� #1$3� @LJ� JBKLP� AB� ��� >KLP�� L� *#(&.� K�L
OB@LJBKA>�>�QBO>MF>�@LJ�BPQ>QFK>P�>�JBKLP�NRB�E>G>�RJ�OFP@L�@>OAFLS>P@RI>O
>RJBKQ>AL�� P�ALPBP� OB@LJBKA>A>P�AB� BPQ>QFK>�MBIL�*#(&.�P�L�?>FU>P� �M�
BU������JD�AF>�AB�>QLOS>PQ>QFK>	�
2RDBOFJLP�RJ>�MLI�QF@>�JBKLP�OBPQOFQFS>�AL�NRB�>�AL�*#(&.�M>O>�L�RPL�AB
BPQ>QFK>�� /LO� BUBJMIL�� QLALP� LP� M>@FBKQBP� >ARIQLP� @LJ� #1"� K�L� #1$3�
FKABMBKABKQBJBKQB� AL� BPQ�DFL� B� A>� FA>AB�� ABSBJ� OB@B?BO� MBIL�JBKLP� RJ>
ALPB�JLABO>A>�AB�BPQ>QFK>� �M�� BU�����JD�AF>�AB�>QLOS>PQ>QFK>	��.� O>@FLK>I� �
NRB�>�MO¢MOF>�#1"���RJ�CLOQB� C>QLO�AB�OFP@L�@>OAFLS>P@RI>O��NRB�>M>OB@B�KL
FK�@FL� A>�#1"� �">M�� ��	�� �#"5� QBJ� RJ� ILKDL� MBO�LAL� AB� FK@R?>��L�� AB
JLAL� NRB� �� PBKP>QL� FKF@F>O� MOB@L@BJBKQB� >� QBO>MF>� >KQFIFMBJF>KQB� BJ
M>@FBKQBP� @LJ� #1"�� I�J� AFPPL�� >P� BPQ>QFK>P� P�L� ?BJ� QLIBO>A>P� K>� #1"�
JBPJL�BJ�ALPBP�BIBS>A>P��M�BU������JD�AF>�AB�>QLOS>PQ>QFK>	���
-L�NRB�AFW�OBPMBFQL���BP@LIE>�A>�BPQ>QFK>�K>�#1"��>�>QLOS>PQ>QFK>�MLAB�PBO
JBIELO� AL� NRB� >� PFKS>PQ>QFK>���� B� >� OLPRS>PQ>QFK>� MLAB� PBO� KBCOLQ¢UF@>���
3>J?�J�ABSB
PB� @LKPFABO>O� >� OB@BKQB�JBQ>K�IFPB� AB� BPQRALP� O>KALJFW>ALP
AL� RPL� AB� CF?O>QLP� BJ� @LJM>O>��L� >� MI>@B?L� K>� #1"� IBSB� >�JLABO>A>�� 
QBO>MF>�@LJ�CF?O>QLP�OBARW�L�OFP@L�@>OAFLS>P@RI>O�B�>�>I?RJFK§OF>��@LKQRAL��L
OFP@L�AB�#1$3�K�L�CLF�>IQBO>AL��.�>RJBKQL�A>�"OP�L?PBOS>AL�BJ�ALBKQBP�NRB
RP>J� CBKLCF?O>QL� MOLS>SBIJBKQB� CLF� ABSFAL� >L� >RJBKQL� A>� MOLAR��L� AB
@OB>QFKFK>��0R>KAL�L�CF?O>QL�CLF�PRPMBKPL�>M¢P�L�BPQRAL��>�"OP�AFJFKRFR�M>O>
>?>FUL�ALP�S>ILOBP�?>P>FP��PRDBOFKAL�NRB�>�CRK��L�OBK>I�CLF�MOLQBDFA>�ARO>KQB
>� QBO>MF>� @LJ� CF?O>QL���� .P� CF?O>QLP� OBARWBJ� PFDKFCF@>QFS>JBKQB� LP
QOFDIF@BO�ABLP��3>ISBW�E>G>�IRD>O�M>O>�>�>PPL@F>��L�AB�CF?O>QL�BJ�M>@FBKQBP�@LJ
#1"�B�>IQL�OFP@L�@>OAFLS>P@RI>O�@RGLP�QOFDIF@BO�ABLP�K�L�BPQBG>J�@LKQOLI>ALP
MLO�QBO>MF>�@LJ�BPQ>QFK>�LR�MLO�@LJ?FK>��L�AB�BPQ>QFK>�B�BWBQFJF?>�
 �BPMFOLKLI>@QLK>�B�L�>KQ>DLKFPQ>�J>FP�PBIBQFSL�A>�>IALPQBOLK>��>�BMIBOBKLK>�
Q�J� BCBFQL� >KQF
EFMBOQBKPFSL�� @>OAFLMOLQBQLO� B� >KQFMOLQBFK§OF@L� PR?PQ>K@F>FP�
JBPJL�BJ�ALPBP�?>FU>P��M��BU���BPMFOLKLI>@QLK>����JD�AF>	�B�K>�MOBPBK�>�AB
QBO>MF>� @LJ?FK>A>� @LJ� FKF?FALO� A>� $" � B� !1 ���.� JB@>KFPJL� MLAB
BKSLISBO� L� ?ILNRBFL� ALP� BCBFQLP� A>� >IALPQBOLK>� PL?OB� L� BKALQ�IFL� B� PL?OB� >
CF?OLPB�� $J?LO>� K�L� BUFPQ>J� A>ALP� AB� BKP>FLP� @I�KF@LP� OFDLOLPLP� @LJ
ABPCB@ELP�DO>SBP�� Q>FP�@LJL�#1$3��>�BSFA�K@F>�AFPMLK�SBI�>MLF>�>�RQFIFW>��L
AB� >KQ>DLKFPQ>P� AB� >IALPQBOLK>� BJ� M>@FBKQBP� #1"� @LJ� >IQL� OFP@L� NRB� K�L
QBKE>J� >QFKDFAL� LP� PBRP� >ISLP� AB� / � B� MOLQBFK§OF>� >MBP>O� AB� LRQO>� QBO>MF>
�%FD����
�	��-L�BKQ>KQL��>�RQFIFW>��L�AB�>KQ>DLKFPQ>P�A>�>IALPQBOLK>�ABSB�PBO
OBPQOFQ>�>�M>@FBKQBP�@LJ�3%&B�>@FJ>�AB����J+�JFK��2B�>�BPMFOLKLI>@QLK>�LR�>
BMIBOBKLK>� CLO�RQFIFW>A>�BJ�M>@FBKQBP�NRB� OB@B?BJ�?ILNRB>ALOBP�AL�21 �� �
JRFQL� FJMLOQ>KQB� BSFQ>O� >� EFMBO@>IBJF>�� $PP>P� JBAFA>P� FK@IRBJ� L� RPL� AB
?F@>O?LK>QL� AB� P¢AFL� �SBO� >� AFP@RPP�L� AB� QBO>MF>� >I@>IFK>	�� BSFQ>O� >IFJBKQLP
OF@LP� BJ�MLQ�PPFL� B� SFDFI�K@F>� AB� PFKQLJ>P�AB�EFMBO@>IBJF>� DO>SB�� ABKQOB� LP
NR>FP� FK�@FL� OBI>QFS>JBKQB� P§?FQL� AB� CO>NRBW>� JRP@RI>O� MOLUFJ>I� PFJ�QOF@>
�AFCF@RIA>AB� AB� PR?FO� BP@>A>P� LR� AB� PB� IBS>KQ>O� AB� RJ>� @>ABFO>	� LR� OFDFABW
JRP@RI>O��(PPL�ABSB�ABPBK@>AB>O�RJ>�SFPFQ>�FJBAF>Q>�>L�PBQLO�AB�BJBOD�K@F>
J>FP� MO¢UFJL��->� @EBD>A>�� L� M>@FBKQB� ABSB� >SFP>O� FJBAF>Q>JBKQB� �� BNRFMB
J�AF@>�NRB�L�MOL?IBJ>�MLAB�PBO�L�MLQ�PPFL�P�OF@L�JRFQL�BIBS>AL�
͡
.� BPQRAL� 2*� JLPQOLR� NRB� L� RPL� AB� ͡
?ILNRB>ALOBP� QBJ� J>FLO� BCBFQL
>KQFMOLQBFK§OF@L� B� OBQ>OA>�J>FP� L� AB@I�KFL� A>� 3%&� AL� NRB� L� RPL� AB� !""
#'/��"LKQRAL��LP�͡
?ILNRB>ALOBP�>RJBKQ>J�>�MOL?>?FIFA>
AB�AB�AF>?BQBP�B�
@LJL� JLKLQBO>MF>� LR� NR>KAL� @LJ?FK>ALP� @LJ� AFRO�QF@LP�� >RJBKQ>J� >
JLOQ>IFA>AB�BJ�@LJM>O>��L�@LJ�FKF?FALOBP�A>�$" �J>FP�AFRO�QF@LP�����.P�͡
?ILNRB>ALOBP� ABSBJ� PBO� RP>ALP� K>� #1"� KL� J>KBGL� AB� ALBK�>� >OQBOF>I
@LOLK>OF>K>� LR� >OOFQJF>�� -L� BKQ>KQL�� ABSBJ� PBO� DBO>IJBKQB� BSFQ>ALP� KL
J>KBGL�A>�EFMBOQBKP�L�����.�@>OSBAFILI��NRB�MLPPRF�BCBFQL�Q>KQL�͡
?ILNRB>ALO
NR>KQL� >�
?ILNRB>ALO� MLAB� PBO� JBKLP� MOLMBKPL� >� >RJBKQ>O� >� OBPFPQ�K@F>
FKPRI�KF@>� AL� NRB� L� JBQLMOLILI� NR>KAL� �� RP>AL� BJ� @LJ?FK>��L� @LJ� RJ
FKF?FALO�A>�$" ����
.�C¢PCLOL�P�OF@L�DBO>IJBKQB�K�L�PB�BIBS>�>KLOJ>IJBKQB�>Q��LP�BPQ�DFLP���LR��
A>�#1"��->�#1"��E��RJ>�>PPL@F>��L�PFDKFCF@>QFS>�BKQOB�L�>RJBKQL�AB�C¢PCLOL
P�OF@L� B� >� MOLDOBPP�L� A>� #1"� LR� FK@FA�K@F>� AB� #1"� B� #1$3�� '�� CLOQB
BSFA�K@F>� BUMBOFJBKQ>I� AB� NRB� >� EFMBOCLPC>QBJF>� �� MOBGRAF@F>I�� -L� BKQ>KQL�
K�L�ELRSB�KBKERJ�BKP>FL�@I�KF@L�O>KALJFW>AL�AB�>IQ>�NR>IFA>AB�M>O>�QBPQ>O
BPP>�EFM¢QBPB��5FP>KAL�L�@LKQOL
IB�AL�C¢PCLOL��">M����	��PRDBOB
PB�L�PBDRFKQB�
.�@LKQOLIB�AL� C¢PCLOL�ABSB�@LJB�>O�>KQBP�NRB�LP�K�SBFP� P�OF@LP�AB� C¢PCLOL
PBG>J�@LKPFPQBKQBJBKQB�J>FLOBP�NRB�����JD�A+������JJLI�+	�
 �MOFJBFO>�>?LOA>DBJ���OBARWFO�>�FKDBPQ�L�AB�C¢PCLOL�@LJ�>�MOB@>R��L�AB
NRB�>�OBAR��L�AO�PQF@>�A>�@>OKB�B�MOLARQLP� I�@QBLP�MLAB� IBS>O���ABPKRQOF��L
MOLQBF@>�� P�MOLQB�K>P�AB�@BOB>FP��M��BU��RJ>�AFBQ>�SBDBQ>OF>K>	�Q�J�RJ�QBLO
AB�C¢PCLOL�FKCBOFLO�>L�A>P�MOLQB�K>P�AB�@>OKB�LR�IBFQB��/LAB
PB�BKQ�L�@LKPBDRFO
RJ�JBIELO� @LKQOLIB� AB� C¢PCLOL� P�OF@L� PB� >� @>OKB� B� MOLARQLP� I�@QBLP� CLOBJ
PR?PQFQR�ALP�MBILP�DO�LP�
2B�>P�JBAFA>P�AFBQ�QF@>P�CLOBJ�FKBCF@>WBP��L�RPL�AB�NRBI>KQBP�AB�C¢PCLOL�P�L
DBO>IJBKQB� OB@LJBKA>ALP�� .� JBIELO� QFML� AB� NRBI>K
QB� AB� C¢PCLOL� �� RJ
>PPRKQL� @LKQOLSBOPL�� � BSFA�K@F>� C>SLOB@B� >� KL��L� AB� NRB� NRBI>KQBP� AB
C¢PCLOL�NRB�@LKQ�J�@�I@FL�P�L�J>FP�MOLMBKPLP�>�>@>OOBQ>O�@>I@FCF@>��L�S>P@RI>O
B� >RJBKQ>O� L� OFP@L� @>OAFLS>P@RI>O� AL� NRB� NRBI>KQBP� AB� C¢PCLOL� NRB� K�L
@LKQ�J�@�I@FL��">M����	�
'��JRFQ>P� O>W¦BP� @LKSFK@BKQBP� M>O>� NRB� L� MLOQ>ALO� AB� #1"� K�L� CRJB�� .
Q>?>DFPJL�MOLJLSB�>�MOLDOBPP�L�AB�QLA>P�>P�CLOJ>P�AB�ALBK�>�OBK>I�AB�RJ>
J>KBFO>� ALPB
ABMBKABKQB�� Q>ISBW� J>FLO� K>NRBIBP� AB� >P@BKA�K@F>� >COL
>JBOF@>K>���.�Q>?>DFPJL�BPQ��>PPL@F>AL�>L�>RJBKQL�AL�OFP@L�AB�EFMBOCFIQO>��L
DILJBORI>O�B�MOLQBFK§OF>�B�MLAB�@>RP>O�RJ>�DILJBORILM>QF>�NRB�PB�>PPBJBIE>
��KBCOLM>QF>�AF>?�QF@>�
3O�P�BKP>FLP�O>KALJFW>ALP�����B�RJ�BPQRAL�AB�@>PL
@LKQOLIB�OBSBI>O>J�NRB�L
RPL� AB� >ILMROFKLI� OBQ>OA>� >� MOLDOBPP�L� A>� #1"�� '�� S>PQ>� BSFA�K@F>
BUMBOFJBKQ>I�AB�NRB�L��@FAL�§OF@L���MOLFKCI>J>Q¢OFL�B�S>P@RILQ¢UF@L��B�AB�NRB
L�>ILMROFKLI���>KQF
FKCI>J>Q¢OFL�B�@>OAFLMOLQBQLO�MLO�J§IQFMILP�JB@>KFPJLP�
4J>�OBPP>IS>�BJ�PB�OB@LJBKA>O�L�>ILMROFKLI�M>O>�OBQ>OA>O�>�#1"���NRB�LP
BKP>FLP�� BJ?LO>� O>KALJFW>ALP�� CLO>J� >?BOQLP�� I�J� AFPPL� BUFPQB� RJ� OFP@L�
BJ?LO>�JRFQL�MBNRBKL��AB�OB>�¦BP�AB�EFMBOPBKPF?FIFA>AB�DO>SBP�B�>Q��JBPJL
C>Q>FP� >L� >ILMROFKLI� �M�� BU�� P�KAOLJB� AB� 2QBSBKP
)LEKPLK	�� -L� BKQ>KQL�
IBS>KAL�BJ�@LKQ>�>�MOL?>?FIFA>AB�AB�NRB�L�>ILMROFKLI�QBKE>�MOLMOFBA>ABP�AB
MOLQB��L� OBK>I� B� @>OAFLS>P@RI>O� B� AB� NRB� PB� LP� OFP@LP� DO>SBP� PBG>J� BSFQ�SBFP
�SBO� J>FP� >AF>KQB	�� MLAB
PB� >ODRJBKQ>O�AB� JLAL� @LKSFK@BKQB� NRB� L
>ILMROFKLI� QBJ� RJ>� OBI>��L� OFP@L
?BKBC�@FL� C>SLO�SBI� K>� #1"�
M>OQF@RI>OJBKQB� BJ� OB
I>��L� �P� PR>P� FKAF@>�¦BP� QO>AF@FLK>FP�� NRB� P�L� L
QO>Q>JBKQL�AB�DLQ>�B�@�I@RILP�OBK>FP�
/LAB
PB� OBARWFO� L� OFP@L� AB� OB>�¦BP� DO>SBP� AB� EFMBOPBKPF?FIFA>AB� >L
>ILMROFKLI� BJ� M>@FBKQBP� @LJ� #1"� >L� AFJFKRFO� >� ALPB��� �SBO� L� OBPRJL
>AF>KQB	�B�>L�>IBOQ>O�LP�M>@FBKQBP�NRB�BPQ�L�MOBPQBP�>�FKF@F>O�L�>ILMROFKLI�M>O>
M>O>O� L� FJBAF>Q>JBKQB� JBAF@>JBKQL� B� MOL@RO>O� PBR� J�AF@L�� @>PL
ABPBKSLIS>J� C2D9�� CB?OB� LR� LRQOLP� PFK>FP� AB� ALBK�>�� $PPBP� P�L� @LKPBIELP
MO�QF@LP��MLONRB�L�OFP@L�AB�OB>�¦BP�DO>SBP�>L�>ILMROFKLI�M>OB@B�BPQ>O�OBPQOFQL
�P�MOFJBFO>P���PBJ>K>P�AB�QO>Q>JBKQL��B�>�MOLKQ>�OBQFO>A>�A>�AOLD>�>PPL@F>
PB
��OBAR��L�AL�OFP@L�AB�JLOQ>IFA>AB���� I�J�AFPPL��ABSB
PB�BSFQ>O�L�>ILMROFKLI
BJ� M>@FBKQBP� @LJ� >IB
ILP� AB� >IQL� OFP@L� M>O>� EFMBOPBKPF?FIFA>AB� DO>SB� >� BPP>
AOLD>�� (PPL� �� M>OQF@RI>OJBKQB� BK@LKQO>AL� K>NRBIBP� AB� >P@BKA�K@F>� >PF�QF@>�
ABPP>�CLOJ>��OB@LJBKA>
PB�NRB�PBG>�OB>IFW>AL�L�QBPQB�ABPPBP�>IBILP�AB�OFP@L�BJ
FKAFS�ARLP�>PF�QF@LP�
.RQOL�FKF?FALO�A>�U>KQFK>�LUFA>PB��L�CB?RULPQ>Q��G��BPQ��AFPMLK�SBI��~�PBDROL
BJ�M>@FBKQBP�@LJ�FKQLIBO�K@F>�>L�>ILMROFKLI��-�L�MOB@FP>�AB�>GRPQBP�AB�ALPB
PB�>�3%&B�CLO�PRMBOFLO�>����J+�JFK������J���'LRSB�OBI>ALP�AB�P�KAOLJB�AB
2QBSBKP
)LEKPLK�K>�SFDFI�K@F>�M¢P
@LJBO@F>IFW>��L�AL�CB?RULPQ>Q�
$J� OBPRJL�� E�� BSFA�K@F>P� AB� K�SBI� �� AB� NRB� >� QBO>MF>� @LJ� >ILMROFKLI
ABSFA>JBKQB�@LKARWFA>���MORABKQB�BJ�M>@FBKQBP�@LJ�#1"�EFMBOROF@�JF@LP�
M>O>� OBARWFO� L� OFP@L� @>OAFLS>P@RI>O� B� L� OFP@L�AB�MOLDOBPP�L�A>�#1"��/>O>� >
MOBSBK��L� AB� OB>�¦BP� >I�ODF@>P� DO>SBP�� >� ALPB� FKF@F>I� ABSB� PBO� AB� ���� JD� u
3%&B�BJ�J+�JFK������J���2B�>M¢P���PBJ>K>P�BPP>�ALPB�CLO�?BJ�QLIBO>A>��BI>
MLAB� BKQ�L� PBO� >RJBKQ>A>� >Q�� NRB� L� K�SBI� AB� �@FAL� §OF@L� >I@>K@B� >� JBQ>
�JBKLP�AB���JD�A+	�� I�J�AFPPL��>L�FKF@F>O�L�>ILMROFKLI��LR�NR>KAL�PR>�ALPB
��>RJBKQ>A>��L�M>@FBKQB�ABSB�BPQ>O�CLOQBJBKQB�>ASBOQFAL�>�FKQBOOLJMBO�L�RPL�
@>PL�ABPBKSLIS>�C2D9�� CB?OB�LR�LRQOLP�PFK>FP�AB�ALBK�>��.�M>@FBKQB�ABSB��BJ
PBDRFA>�� MOL@RO>O� FJBAF>Q>JBKQB� RJ�J�AF@L�� 2B� CLO� @LKPFABO>AL� L� RPL� AL
>ILMROFKLI�BJ�FKAFS�ARLP�AB�>P@BKA�K@F>�>PF�QF@>��OB@LJBKA>
PB�L�QBPQB�M>O>
>KQ�DBKLP� IBR@L@FQ�OFLP� ERJ>KLP� �'+ 	� AB� >IQL� OFP@L�� ">PL� MOBPBKQBP�� L
>ILMROFKLI� K�L� ABSB� PBO� RP>AL�� -�L� BPQ�� @I>OL� PB� L� CB?RULPQ>Q� �� >� BP@LIE>
PR?PBNRBKQB�>ABNR>A>��MLONRB�K�L�E��BSFA�K@F>�MLO�BKP>FLP�@I�KF@LP�AB�NRB�L
CB?RULPQ>Q� BUBO�>� MOLQB��L� OBK>I� BJ� M>@FBKQBP� @LJ� #1"� EFMBOROF@�JF@LP�
BJ?LO>� FPPL� PBG>� MI>RP�SBI�� I�J� AFPPL�� C>IQ>J� A>ALP� PL?OB� >� PBDRO>K�>� >
ILKDL�MO>WL�AL�CB?RULPQ>Q��3BKAL�BJ�@LKQ>�BPP>P�OBPP>IS>P��Q>ISBW�L�RPL�J>FP
>MOLMOF>AL� AB� CB?RULPQ>Q� K>� #1"� PBG>� AB� QO>Q>O� DLQ>� LR� @�I@RILP� OBK>FP
K>NRBIBP�>I�ODF@LP�>L�>ILMROFKLI��.� CB?RULPQ>Q� Q>J?�J�MLAB�PBO�>MOLMOF>AL
KL�M>@FBKQB�@LJ�#1"�FKQLIBO>KQB�>L�>ILMROFKLI�NRB�QBJ�EFMBOROF@BJF>�DO>SB
�M��BU��������JD�A+	��.�O>@FLK>I���NRB�BPQRALP�L?PBOS>@FLK>FP�BSFABK@F>J�NRB
NR>KQL� J>FLO� L� K�SBI� AB� �@FAL� §OF@L�� J>FLO� L� OFP@L� AB� ABPCB@ELP� OBK>FP� B
@>OAFLS>P@RI>OBP�
 �KBCOLM>QF>�OBI>@FLK>A>���S>OC>OFK>��-15	���RJ>�P�KAOLJB�@I�KF@>�OB@�J
OB@LKEB@FA>�� -BPP>� @LKAF��L�� LP� M>@FBKQBP� @LJ� @L>DRILM>QF>� MLO� S>OC>OFK>
�(-1� PRMBOFLO� >� ���	� MLABJ� QBO� IBP�L� OBK>I� >DRA>� �+1 	� J>KFCBPQ>� MLO
EBJLOO>DF>�DILJBORI>O�DO>SB��BJ?LO>�LP�DILJ�ORILP�PBG>J�KLOJ>FP�LR�NR>PB
KLOJ>FP�� �-15���M>OQF@RI>OJBKQB�@LJRJ�K>�#1"����$J?LO>�>�J>FLOF>�ALP
M>@FBKQBP� @LJ� #1"� OB@RMBOBJ
PB� A>� +1 �� E�� RJ� >RJBKQL� A>� Q>U>� AB
MOLDOBPP�L� A>� #1"���� (KSBPQFD>
PB� PB� LRQO>P� @I>PPBP� AB� >KQF@L>DRI>KQBP
PFPQ�JF@LP�MLABJ�@>RP>O�+1 �
 �BSFA�K@F>�AB�NRB�>�QBO>MF>�>I@>IFK>�OBQ>OA>�>�MOLDOBPP�L�A>�#1"�?>PBF>
PB
BJ� QO�P� BKP>FLP� @I�KF@LP� O>KALJFW>ALP� B� RJ� BPQRAL� K�L� O>KALJFW>AL��� 
QBO>MF>� >I@>IFK>� MLAB� PBO� MOLQBQLO>� OBK>I� MBIL� ?ILNRBFL� A>� MOLAR��L� AB
BKALQBIFK>��PRMOBPP�L�A>�SF>�>IQBOK>QFS>�AL�@LJMIBJBKQL�LR�OBAR��L�AL�A>KL
LUFA>QFSL�� 3O�P� AFCBOBKQBP� CLOJ>P� AB� QBO>MF>� >I@>IFK>� CLO>J� BPQRA>A>P�
?F@>O?LK>QL�AB�P¢AFL��->'".�	��@FQO>QL�AB�P¢AFL�B�>P�AFBQ>P�OF@>P�BJ�CORQ>P�B
SBDBQ>FP��FPQL����@FQO>QL�AB�MLQ�PPFL	��2B�CLO�RQFIFW>A>�OBMLPF��L�AB�?F@>O?LK>QL�
>�ALPB�OB@LJBKA>A>���AB�QO�P�LR�NR>QOL�@LJMOFJFALP�AB�����JD�MLO�AF>��NRB
MLABJ�PBO�A>ALP�AR>P�SBWBP�>L�AF>��3LJ>ALP�BJ�@LKGRKQL��>�BSFA�K@F>�NRB
C>SLOB@B�>�QBO>MF>�>I@>IFK>�K>�MOLDOBPP�L�A>�#1"���MI>RP�SBI�B�MORABKQB�� I�J
AFPPL�� >� QBO>MF>� >I@>IFK>� JBIELO>� >� KRQOF��L� MOLQBF@>� >L� PRMOFJFO� L
@>Q>?LIFPJL� MOLQBF@L� B� MOLQBDB� @LKQO>� >� EFMBO@>IBJF>�� -�L� �� @I>OL� PB� �
KB@BPP�OFL� BUFPQFO� >@FALPB� JBQ>?¢IF@>� M>O>� E>SBO� ?BKBC�@FL� AB@LOOBKQB� A>
PRMIBJBKQ>��L� >I@>IFK>�� -L� BKQ>KQL�� S�
PB� ?BKB
C�@FL� KL� OBQ>OAL� A>
MOLDOBPP�L� A>� #1"� >Q�� JBPJL� K>NRBIBP� @RGLP� K�SBFP� MI>J�PQF@LP� AB
?F@>O?LK>QL�MO�
QO>Q>JBKQL�BPQBG>J�ABKQOL�AL�FKQBOS>IL�KLOJ>I�
 � ABCF@F�K@F>� PBSBO>� AB� ��
.'� SFQ>JFK>� #� �� @LJRJ� K>� #1"�� '�� CLOQBP
BSFA�K@F>P�AB� BPQRALP� QO>KPSBOP>FP�AB�NRB�>�ABCF@F�K@F>�DO>SB�AB�SFQ>JFK>�#
�K�SBFP�AB���
.'�SFQ>JFK>�#�FKCBOFLOBP�>����KD�J+	��� CLOQBJBKQB�>PPL@F>A>
>L� >RJBKQL� AL� OFP@L� AB� #"5�� FKCB@�¦BP�� ALBK�>� QOLJ?¢QF@>�� ALBK�>P
>RQLFJRKBP�� AF>?BQBP� JBIFQL�� ALBK�>� ¢PPB>� B� MOLDOBPP�L� A>� #1"��
1B@LJBKA>
PB� >� PRMIBJBKQ>��L�AB� SFQ>JFK>�#�� M>O>� >NRBIBP� @LJ�K�SBFP� AB
��
.'�SFQ>JFK>�#�FKCBOFLOBP�>����KD�J+����#LPBP�AB�SFQ>JFK>�#��AB�������LR
������4(�AF>�LR��������4(�J�P�KLOJ>IJBKQB�OBPQ>RO>J�LP�K�SBFP�AB���
.'
SFQ>JFK>�#�>L�KLOJ>I�
���!OLTK�"��'>AA>A�-��'B?BOQ�+ ��1BQ>OAFKD�MOLDOBPPFLK�LC�HFAKBV�AFPB>PB��(K��%ILBDB�)�
)LEKPLK� 1)�� %BBE>IIV� )�� BAP�� �@>AC696?D:G6� �=:?:42=� %6A9C@=@8J�� �QE� BA�� /EFI>ABIMEF>�
$IPBSFBO����������
����
��� D>OT>I� �� '>AA>A� -�� 'B?BOQ� + �� /OLDOBPPFLK� LC� HFAKBV� AFPB>PB�� #F>DKLPFP� >KA
J>K>DBJBKQ��(K��,LILKV�#��"O>FD�)��BAP���G:56?46��2D65�%6A9C@=@8J��'L?LHBK��-)��)LEK
6FIBV���2LKP����������
����
���"EBS>IFBO�1+��6EBK�FP�LKB�HFAKBV�KLQ�BKLRDE��":5?6J� ?E�������������
����
���'B?BOQ�+ ��!>V�6'��.K�QEB�K>QRO>I�QBKABK@V�QL�MOLDOBPPFSB� ILPP�LC�OBJ>FKFKD�HFAKBV
CRK@QFLK� FK� M>QFBKQP� TFQE� FJM>FOBA� OBK>I� CRK@QFLK��$65� �=:?� %@CE9� �>�� ������������
�����
��� 'BBOPMFKH� ')�� 3EBO>MBRQF@� >MMOL>@EBP� FK� ILTBOFKD� >I?RJFKROF>�� 3O>SBIP� >ILKD� QEB
OBKFK
>KDFLQBKPFK
>IALPQBOLKB
PVPQBJ� M>QET>V�� �5G� �9C@?:4� ":5?6J� �:D�� �����������
����
��� +>J?BOP� 'BBOPMFKH� ')�� &>KPBSLLOQ� 13�� !OBKKBO� !,�� BQ� >I�� "LJM>OFPLK� LC� AFCCBOBKQ
JB>PROBP�LC�ROFK>OV�MOLQBFK�BU@OBQFLK�CLO�MOBAF@QFLK�LC�OBK>I�BSBKQP��!��>�*@4�%6A9C@=�
������������
�����
��� ,BQESBK� 2�� ,>@&OBDLO� ,2�� 3O>VKLO� )/�� BQ� >I�� "LJM>OFPLK� LC� ROFK>OV� >I?RJFK� >KA
ROFK>OV� QLQ>I� MOLQBFK� >P� MOBAF@QLOP� LC� M>QFBKQ� LRQ@LJBP� FK� "*#�� �>� !� ":5?6J� �:D�
����������
���
��� !FOJFKDE>J�#)��1LSFK�!'�� 2EFAE>J�&�� BQ� >I�� 1BI>QFLKPEFM� ?BQTBBK� >I?RߓJFKROF>� >KA
QLQ>I�MOLQBFKROF>� FK� PVPQBJF@� IRMRP�BOVQEBJ>QLPRP�KBMEOFQFP��#F>DKLPQF@�>KA� QEBO>MBRQF@
FJMIF@>QFLKP���=:?�!��>�*@4�%6A9C@=�������������
�����
��� !FOJFKDE>J� #�� 2EFAE>J� &�� /BOK>� �� BQ� >I�� 2MLQ� /"� O>QFL� FP� JLOB� RKOBIF>?IB� FK
BPQFJ>QFKD� ��EO� ROFKB� MOLQBFKROF>� FK� IRMRP� KBMEOFQFP� QE>K� FK� LQEBO� CLOJP� LC� @EOLKF@
DILJBORI>O�AFPB>PB���??�)96F>��:D�������������
����
����!FOJFKDE>J�#)��1LSFK�!'��2EFAE>J�&��BQ�>I��2MLQ�ROFKB�MOLQBFK�@OB>QFKFKB�O>QFLP�>OB
RKOBIF>?IB�BPQFJ>QBP�LC����E�MOLQBFKROF>�FK�JLPQ�PVPQBJF@�IRMRP�BOVQEBJ>QLPRP�KBMEOFQFP
CI>OBP��":5?6J� ?E�������������
����
���� OALFK� 2�� !FOJFKDE>J� #)�� 'B?BOQ� /+�� BQ� >I�� K� >MMOL>@E� QL� S>IFA>QFKD� @OFQBOF>� CLO
MOLQBFKROF@� CI>OB� FK� PVPQBJF@� IRMRP� BOVQEBJ>QLPRP� DILJBORILKBMEOFQFP���CE9C:E:D�)96F>�
������������
�����
���� 'B?BOQ� /+�� -LOF� 42�� !E>QQ� 48�� 'B?BOQ� + �� � JLABPQ� MOLMLP>I� CLO� FJMOLSFKD� QEB
>@@RO>@V� LC� @OB>QFKFKB
?>PBA� &%1
BPQFJ>QFKD� BNR>QFLKP�� %6A9C@=� �:2=� +C2?DA=2?E�
������������
�����
����.�'>OB� ,��!>QQBK� ��!ROOLTP�-1��BQ�>I��3O>GB@QLOFBP�LC�HFAKBV�CRK@QFLK�AB@IFKB�FK�QEB��VB>OP�?BCLOB�FKFQF>QFLK�LC�ILKD
QBOJ�AF>IVPFP���>�!�":5?6J��:D�������������
����
����4M>AEV>V� ��$>OIBV� ��'>VKBP�2,��4EIFD�*��2VPQBJ>QF@�OBSFBT��!ILLA�MOBPPROB�Q>ODBQ�FK
@EOLKF@� HFAKBV� AFPB>PB� >KA� MOLQBFKROF>� >P� >K� BCCB@Q� JLAFCFBO�� �??� ?E6C?� $65�
������������
����
����+BTFP�)!��!ILLA�MOBPPROB�@LKQOLI�FK�@EOLKF@�HFAKBV�AFPB>PB��(P�IBPP�OB>IIV�JLOB��!��>�*@4
%6A9C@=��������������
�����
����*LPQFP�6)��3EFGP�+��1F@E>OQ�3��BQ�>I��/BOPFPQBK@B�LC�JLOQ>IFQV�OBAR@QFLK�>CQBO�QEB�BKA�LC
O>KALJFWBA� QEBO>MV� FK� @IFKF@>I� QOF>IP� LC� ?ILLA� MOBPPROB
ILTBOFKD� JBAF@>QFLKP�
�JA6CE6?D:@?��������������
�����
���� MMBI�+)��6OFDEQ�)3�)O��&OBBKB�3��BQ�>I��+LKD
QBOJ�BCCB@QP�LC�OBKFK
>KDFLQBKPFK�PVPQBJ
?IL@HFKD�QEBO>MV�>KA�>� ILT�?ILLA�MOBPPROB�DL>I�LK�MOLDOBPPFLK�LC�EVMBOQBKPFSB�@EOLKF@
HFAKBV�AFPB>PB�FK� COF@>K� JBOF@>KP���C49� ?E6C?�$65��������������
����
���� $2" /$� 3OF>I� &OLRM�� 6©EI� $�� 3OFSBIIF� �� BQ� >I�� 2QOF@Q� ?ILLA
MOBPPROB� @LKQOLI� >KA
MOLDOBPPFLK�LC�OBK>I�C>FIROB�FK�@EFIAOBK��%��?8=�!�$65���������������
�����
���� D>OT>I� 1�� !ILLA� MOBPPROB� @LJMLKBKQP� >KA� QEB� OFPH� CLO� BKA
PQ>DB� OBK>I� AFPB>PB� >KA
AB>QE�FK�@EOLKF@�HFAKBV�AFPB>PB���=:?�!��>�*@4�%6A9C@=������������
����
����,FKRQLIL�1�� D>OT>I�1��!LOOBIIF�2��BQ�>I��/OLDKLPQF@�OLIB�LC�>J?RI>QLOV�?ILLA�MOBPPROB
JB>PROBJBKQ� FK� M>QFBKQP� TFQE� KLKAF>IVPFP� @EOLKF@� HFAKBV� AFPB>PB�� �C49� ?E6C?� $65�
�������������
�����
����/LDRB�5��1>EJ>K�,��+FMHLTFQW�,��BQ�>I��#FPM>O>QB�BPQFJ>QBP�LC�EVMBOQBKPFLK�@LKQOLI
COLJ�>J?RI>QLOV�>KA�@IFKF@�?ILLA�MOBPPROB�JB>PROBJBKQP�FK�EVMBOQBKPFSB�HFAKBV�AFPB>PB�
�JA6CE6?D:@?������������
���
���� 'LR� %%�� 9ELR� 0&�� .MQFJ>I� ALPB� LC� >KDFLQBKPFK
@LKSBOQFKD� BKWVJB� FKEF?FQLO� LO
>KDFLQBKPFK�((�OB@BMQLO�?IL@HBO� CLO�OBKLMOLQB@QFLK��%6A9C@=@8J� ��2C=E@?��� ��������PRMMI
�	���
���
����,>II>J>@F� %�� 1RDDBKBKQF� /�� /BOK>� �� BQ� >I�� "$� FKEF?FQFLK� FP� OBKLMOLQB@QFSB� >JLKD
L?BPB�M>QFBKQP�TFQE�MOLQBFKROF>��!��>�*@4�%6A9C@=��������������
�����
����2IBFDEQ�/��1BALK�)��5BOAB@@EF>�/��BQ�>I��/OLDKLPQF@�S>IRB�LC�?ILLA�MOBPPROB� FK�M>QFBKQP
TFQE� EFDE� S>P@RI>O� OFPH� FK� QEB� .KDLFKD� 3BIJFP>OQ>K� ILKB� >KA� FK� @LJ?FK>QFLK� TFQE
1>JFMOFI�&IL?>I�$KAMLFKQ�3OF>I�PQRAV��!��JA6CE6?D��������������
�����
���� 2>ORQ>� 3�� '>V>PEF� *�� .DFE>O>� 3�� BQ� >I�� $CCB@QP� LC� @>KABP>OQ>K� >KA� >JILAFMFKB� LK
@>OAFLS>P@RI>O�BSBKQP�FK�EVMBOQBKPFSB�M>QFBKQP�TFQE�@EOLKF@�HFAKBV�AFPB>PB��2R?>K>IVPFP�LC
QEB�" 2$
)�PQRAV���JA6CE6?D�)6D�������������
����
����6BFO�,1��!>HOFP�&+��6B?BO�, ��BQ�>I��1BK>I�LRQ@LJBP�FK�EVMBOQBKPFSB�!I>@H�M>QFBKQP
>Q�EFDE�@>OAFLS>P@RI>O�OFPH��":5?6J� ?E�������������
����
���� )LEKPLK� 1)�� 2BD>I� ,2�� 2OFKFS>P� 3�� BQ� >I�� $PPBKQF>I� EVMBOQBKPFLK�� MOLDOBPPFSB� OBK>I
AFPB>PB��>KA�ROF@�>@FA�� �M>QELDBKBQF@�IFKH��!��>�*@4�%6A9C@=��������������
�����
����5BDQBO�2��/BOK>� ��/LPQJ>�,)��BQ�>I��2LAFRJ�FKQ>HB�� "$�FKEF?FQFLK��>KA�MOLDOBPPFLK�QL
$21#��!��>�*@4�%6A9C@=�������������
����
���� %I>@H� ),�� 2F@>� # �� -BP?FQQ� 2�� "EILOQE>IFALKB� SBOPRP� EVAOL@EILOLQEF>WFAB� >P� QEB
MOBCBOOBA�AFROBQF@��(P�QEBOB�>�SBOAF@Q�VBQ���JA6CE6?D:@?�������������
����
����3ELJ>P�&��2BED>I� 1��*>PEV>M�21��BQ�>I��,BQ>?LIF@� PVKAOLJB�>KA�HFAKBV�AFPB>PB�� 
PVPQBJ>QF@�OBSFBT�>KA�JBQ>
>K>IVPFP���=:?�!��>�*@4�%6A9C@=�������������
�����
����!OVJLO>� ��%IFPFdžPHF�,��)LEKPLK�1)��BQ�>I��+LT
COR@QLPB�AFBQ�ILTBOP�?ILLA�MOBPPROB�>KA
FKCI>JJ>QFLK� FK� M>QFBKQP� TFQE� @EOLKF@� HFAKBV� AFPB>PB�� %6A9C@=� �:2=� +C2?DA=2?E�
�����������
����
���� /OBFPP� #�� 2BPE>P>F� 21��6BIPE� /�� BQ� >I�� 1FPH� LC� FK@FABKQ� AF>?BQBP� TFQE� FKQBKPFSB
ALPB
@LJM>OBA� TFQE� JLABO>QB
ALPB� PQ>QFK� QEBO>MV�� � JBQ>
>K>IVPFP�� !�$��� �������������
�����
����">JMBPB�5,��*R�$��!FD>WWF�1��!F>K@EF�2��#L�',&
"L �OBAR@Q>PB�FKEF?FQLOP�FJMOLSB
HFAKBV�CRK@QFLK��3EB�P>D>�@LKQFKRBP��!�%6A9C@=�������������
����
����)RK�,��9ER�!��3LKBIIF�,��BQ�>I��$CCB@QP�LC�CF?O>QBP�FK�HFAKBV�AFPB>PB�� �PVPQBJ>QF@�OBSFBT
>KA�JBQ>
>K>IVPFP��!��>��@==��2C5:@=��������������
�����
���� 2E>SFQ� +�� +FCP@EFQW�,#�� $MPQBFK�,�� IALPQBOLKB� ?IL@H>AB� >KA� QEB�JFK BO>IL@LOQF@LFAߓ
OB@BMQLO� FK� QEB�J>K>DBJBKQ�LC�@EOLKF@�HFAKBV�AFPB>PB��"ROOBKQ�@LK@BMQP�>KA�BJBODFKD
QOB>QJBKQ�M>O>AFDJP��":5?6J� ?E�������������
����
����&F?PLK�3��1LADBOP�5��/LQQBO�"��2FJJLKAP�' �� IILMROFKLI�QOB>QJBKQ�>KA�FQP�BCCB@Q�LK
OBK>I�CRK@QFLK�FK�DLRQ�� �@LKQOLIIBA�PQRAV���??�)96F>��:D������������
���
���� 2Q>JM� +*�� 3>VILO�6)�� )LKBP� /!�� BQ� >I�� 2Q>OQFKD� ALPB� FP� >� OFPH� C>@QLO� CLO� >IILMROFKLI
EVMBOPBKPFQFSFQV�PVKAOLJB�� �MOLMLPBA�P>CB�PQ>OQFKD�ALPB�LC�>IILMROFKLI���CE9C:E:D�)96F>�
������������
�����
����'>IBSV�2��&EFPI>FK�/#��,L@HBKE>RMQ�,��BQ�>I�� IILMROFKLI�FP�QEB�JLPQ�@LJJLK�@>RPB�LC
2QBSBKP
)LEKPLK� PVKAOLJB� >KA� QLUF@� BMFABOJ>I� KB@OLIVPFP� FK� $ROLMB� >KA� (PO>BI�� !��>
�425��6C>2E@=������������
���
���� !OLAPHV� 25�� ->A>PAV� 3�� 1LSFK� !'�� BQ� >I�� 6>OC>OFK
OBI>QBA� KBMEOLM>QEV� L@@ROP� FK
M>QFBKQP� TFQE� >KA� TFQELRQ� @EOLKF@� HFAKBV� AFPB>PB� >KA� FP� >PPL@F>QBA� TFQE� >K� FK@OB>PBA
JLOQ>IFQV�O>QB��":5?6J� ?E�������������
����
����,LKH�1#��!RPEFKPHV�# ��,>HFKD�PBKPB�LC�QEB�I>QBPQ�>ASF@B�LK�SFQ>JFK�#�QEBO>MV��!��>
*@4�%6A9C@=�������������
����
����6FIJBO�6 ��1LSFK�!'��'B?BOQ�")�� BQ� >I��,>K>DBJBKQ� LC� DILJBORI>O� MOLQBFߓKROF>�� 
@LJJBKQ>OV��!��>�*@4�%6A9C@=��������������
�����
�ߋ���*�d�.�/�&�)���
�K6A>6��D��A�C>86�:�&6C:?D�96
�D:C�6�+:C6A��G�C>86
 /C@73��	�(=;:7�JRFQLP�M>@FBKQBP� @LJ�ALBK�>� OBK>I� @O£KF@>� �#1"	�MOLDOFA>J�M>O>
ALBK�>�OBK>I�@O£KF@>�BPQ�DFL� QBOJFK>I� �#1$3	�B�KB@BPPFQ>J�AB� QBO>MF>� OBK>I
PR?PQFQRQFS>� �312	�� >�J>FLOF>�JLOOB� AB� @>RP>P� K�L� OBK>FP�� BJ� M>OQF@RI>O� AB
BSBKQLP� @>OAFLS>P@RI>OBP� MOBJ>QROLP��� .� AF>DK¢PQF@L� MOB@L@B� A>� #1"� �
FJMLOQ>KQB��MLONRB�@OF>�>�LMLOQRKFA>AB�AB�OBQ>OA>O�>�MOLDOBPP�L�A>�ALBK�>
�">M����	�B�AB�BSFQ>O�@LJMIF@>�¦BP�@>OAFLS>P@RI>OBP��">M����	�
���"'"Xm�,
 �5@6?y2�C6?2=�4C�?:42���ABCFKFA>�MLO�>KLOJ>IFA>ABP�K>�BPQORQRO>�LR�CRK��L
OBK>I��MOBPBKQBP�MLO�KL�J�KFJL���JBPBP��@LJ�FJMIF@>�¦BP���P>§AB��3>?BI>���
�	�� P�AFOBQOFWBP�AL�*FAKBV�#FPB>PB�� (JMOLSFKD�&IL?>I�.RQ@LJBP� �*#(&.	
OB@LJBKA>J�>�@I>PPFCF@>��L�A>�#1"�?>PB>A>�BJ�@>RP>��@>QBDLOF>�AB� Q>U>�AB
CFIQO>��L� DILJBORI>O� �3%&	� B� >I?RJFK§OF>� �%FD�� ��
�	��� /LO� @>RP>� A>P
AFCF@RIA>ABP�MO�QF@>P�A>�RQFIFW>��L�AB� O>AFLFP¢QLMLP� B� @LIBQ>P�AB�ROFK>�AB���
ELO>P�� L� PFPQBJ>�AB� @I>PPFCF@>��L� AL�*#(&.� OB@LJBKA>� NRB� >� CRK��L� OBK>I
PBG>�>S>IF>A>�MBI>�BPQFJ>QFS>�A>�3%&��3%&B	�>�M>OQFO�AL�K�SBI�AB�@OB>QFKFK>�KL
PLOL� >QO>S�P� A>� RQFIFW>��L� AB� RJ>� BNR>��L� >MOLMOF>A>�� BU@BQL� BJ
@FO@RKPQ�K@F>P� LKAB� >� BPQFJ>QFS>� A>� 3%&� PBG>� P>?FA>JBKQB� FJMOB@FP>�� MLO
BUBJMIL��NR>KAL�BUFPQB�MBOA>�PFDKFCF@>QFS>�AB�J>PP>�JRP@RI>O�� �BNR>��L�AL
,LAFCF@>QFLK�LC�#FBQ� FK�1BK>I�#FPB>PB��,#1#	�QBJ�PFAL�@LJRJBKQB�RP>A>
BJ� I>?LO>Q¢OFLP� @I�KF@LP� >Q�� OB@BKQBJBKQB�� MLO�J� L� *#(&.� QBJ
OB@LJBKA>AL�NRB� PBG>� PR?PQFQR�A>�MBI>� BNR>��L�AL�"EOLKF@�*FAKBV�#FPB>PB
$MFABJFLILDV�"LII>?LO>QFLK��"*#
$/(	��NRB�@>QBDLOFW>�@LJ�J>FP�MOB@FP�L�L
OFP@L�AB�JLOQ>IFA>AB�B�MOLDOBPP�L�M>O>�#1$3��">M�L��	���$J?LO>�LP�PFPQBJ>P
AB� BPQ>AF>JBKQL� AB� #1"� @LJ� ?>PB� K>� 3%&B� QBKE>J� IFJFQ>�¦BP�� BIBP� PB
MOLS>O>J� §QBFP� BJ� JRFQ>P� PFQR>�¦BP� @I�KF@>P� B� BPQ�L� >DLO>� MOLCRKA>JBKQB
BKO>FW>ALP�K>P�AFOBQOFWBP�ABPBKSLISFA>P�M>O>�L�J>KBGL�AB�#1"�
�G>I�G>DH�E6G6�6��:;>C>��D�9:��D:C�6�+:C6A��G�C>86���+��
�,����;

��?��,��
@8
�EFID8C@;8;I�G>DH� E6G6� 6� 9:;>C>��D�9:� 9D:C�6� G:C6A� 8G�C>86
�*���� ,;B7��E� 7B8KC?D7�9H;7J?D?D7�� ,���
J7N7�:;�;N9H;��E�:;�7B8KC?D7��,����J7N7�:;����6�G:;:G�C8>6�
	�
 � ?>PB� AB� BSFA�K@F>P� M>O>� L� J>KBGL� A>� #1"� BPQ�� PBJMOB� BJ� BSLIR��L
@LKPQ>KQB�� OBPRIQ>KAL� K>� @LKPQ>KQB� >QR>IFW>��L� AB� AFOBQOFWBP�� $J?LO>� QBKE>
PFAL� CBFQL� RJ� BPCLO�L� M>O>� >PPBDRO>O� NRB� BPQB� ">M�QRIL� OBCIFQ>� >P
OB@LJBKA>�¦BP� >QR>FP�� >@LKPBIE>
PB� L� IBFQLO� >� SBOFCF@>O� PB� E�� NR>INRBO
>QR>IFW>��L�OBIBS>KQB�AB�AFOBQOFWBP�
�)+�,�'-�XT(��%`'"��
 �ALBK�>�OBK>I�@O£KF@>���DBO>IJBKQB�>PPFKQLJ�QF@>�>Q��L�BPQ�DFL���>S>K�>AL
LR�L�BPQ�DFL���B���@LJRJBKQB�ABQB@Q>A>�MLO�BU>JB�AB�P>KDRB�AB�OLQFK>��'�
>IDRJ>P� BSFA�K@F>P� AB� NRB� L� AF>DK¢PQF@L� MOB@L@B� PBDRFAL� AB� J>KBGL
>ABNR>AL�MLPP>�OBQ>OA>O�>�Q>U>�AB�AB@I�KFL�A>�CRK��L�OBK>I�B�OBARWFO�L�OFP@L
@>OAFLS>P@RI>O��� �QOF>DBJ�A>�MLMRI>��L�DBO>I�M>O>�#1"�K�L���OB@LJBKA>A>�
MLO�J��KL�1BFKL�4KFAL��L�->QFLK>I�(KPQFQRQB�CLO�'B>IQE�>KA�">OB�$U@BIIBK@B
�-("$	�MOLM¦B�RPL�AB�QBPQBP�M>O>�>P�MBPPL>P�@LJ�@LKAF�¦BP�>PPL@F>A>P�>�RJ
>RJBKQL� A>� MOBS>I�K@F>� ]� >NRBIBP� @LJ� AF>?BQBP�� EFMBOQBKP�L�� ALBK�>
@>OAFLS>P@RI>O� �#"5	�� ALBK�>� BPQORQRO>I� AL� QO>QL� ROFK�OFL�� IFQ�>PB� OBK>I�
EFMBOQOLCF>�MOLPQ�QF@>��ALBK�>P�PFPQ�JF@>P�AL�PFPQBJ>�J§IQFMIL�@LJ�MLQBK@F>I
BKSLISFJBKQL�OBK>I��M��BU��I§MRP�PFPQ�JF@L	��RJ>�EFPQ¢OF>�C>JFIF>O�#1"�&��LR
ALBK�>� OBK>I� EBOBAFQ�OF>� ]� B� >M¢P� ABQB@��L� LMLOQRK>� AB� EBJ>Q§OF>� LR
MOLQBFK§OF>��
0R>KAL� PB� ABQB@Q>� RJ>� Q>U>� AB� CFIQO>��L� DILJBORI>O� JBKLO� NRB� ��
J+�JFK������ J�� BJ� RJ� M>@FBKQB�� ABSB
PB� A>O� >QBK��L� @RFA>ALP>� >LP
OBPRIQ>ALP� AB� BU>JBP� AB� P>KDRB� B� AB� ROFK>� MO�SFLP� B� �� EFPQ¢OF>� @I�KF@>� M>O>
ABQBOJFK>O� PB� QO>Q>
PB� AB� IBP�L� OBK>I� >DRA>� �+1 	�� RJ>� NRBA>� >?ORMQ>� K>
CRK��L�OBK>I��LR�AB�#1"�NRB�G��BPQ��MOBPBKQB��MLO�J�>PPFKQLJ�QF@>��E��>IDRJ
QBJML�
4J>�EFPQ¢OF>�@I�KF@>�ABQ>IE>A>��FK@IRFKAL�LRQO>P�@LKAF�¦BP�@I�KF@>P��EFPQ¢OF>
C>JFIF>O�AB�ALBK�>�OBK>I��RPL�AB�JBAF@>JBKQLP�B�RPL�AB�AOLD>P�FI�@FQ>P��MLAB
PRDBOFO� RJ>� @>RP>� PR?G>@BKQB�� /LAB� E>SBO� FKA�@FLP� AB� MOL?IBJ>P� OBK>FP
MO�SFLP��M��BU��EFMBOQBKP�L��MOLQBFK§OF>��EBJ>Q§OF>�JF@OLP@¢MF@>	�LR�PFKQLJ>P
PRDBPQFSLP�AB�ALBK�>�MOLPQ�QF@>��.P�>@E>ALP�AB�BU>JB�C�PF@L�DBO>IJBKQB�K�L
P�L�§QBFP�� BJ?LO>�>�MOBPBK�>�AB�MFDJBKQ>��L�A>�MBIB��J>O@>P�AB�>OO>KE¦BP�
EFMBOQOLCF>�AB�SBKQO�@RIL�BPNRBOAL�B�>IQBO>�¦BP�EFMBOQBKPFS>P�KL�CRKAL�AB�LIEL
C>SLOB�>J� RJ>� >MOBPBKQ>��L� @O£KF@>� �%FD�� ��
�	�� #BQ>IEBP� PL?OB� >� EFPQ¢OF>
PL@F>I� B� MBPPL>I� AL� FKAFS�ARL� Q>J?�J� P�L� @OR@F>FP�� BPMB@F>IJBKQB� M>O>
M>@FBKQBP�@LJ�ALBK�>�OBK>I�MOLDOBPPFS>�KLP�NR>FP���MOLS�SBI�NRB�>�312�PBG>
KB@BPP�OF>�
�86
� �� F?=C;DJ7��E� 797IJ7D>7:7� :?JBP�AB�P>KDRB�AFOB@FLK>ALP�M>O>�LRQO>P�@LKAF�¦BP�MLABJ�PBO�§QBFP�� PB
LP�>@E>ALP�FKAF@>J�BSFA�K@F>�AB�RJ>�ALBK�>�>DRA>�NRB�MLAB�PBO�>�@>RP>�A>
C>I�K@F>�OBK>I��@LJL��MLO�BUBJMIL�S>P@RIFQB�PFPQ�JF@>�LR�JFBILJ>�J§IQFMIL�� 
>KBJF>�KLOJL@O£JF@>�KLOJL@�QF@>���E>?FQR>I�K>�#1"��J>P�Q>J?�J�MLAB�PBO
RJ>� @>O>@QBO�PQF@>� AB� ALBK�>P� PFPQ�JF@>P� >DRA>P� B�� MLOQ>KQL�� K�L� �
AFP@OFJFK>Q¢OF>��4J�K�SBI� P�OF@L�?>FUL�AB�@�I@FL�LR�RJ�K�SBI�>RJBKQ>AL�AB
CLPC>QL� Q>J?�J� QBJ� MLR@L� S>ILO� AFP@OFJFK>Q¢OFL�� MLO�J�K�SBFP� KLOJ>FP� AB
M>O>QLOJ£KFL� �/3'	� C>I>J�J>FP� >� C>SLO� AB� +1 �� />@FBKQBP� @LJ� S>ILOBP� AB
BU>JBP�?FLNR�JF@LP�I>OD>JBKQB�>IQBO>ALP�]�@LJL�ROBF>�P>KDR�KB>�PRMBOFLO�>
����JD�A+��@OB>QFKFK>�P�OF@>�>@FJ>�AB������JD�A+���������JJLI�+	��LR�ROBF>
PRMBOFLO� >� ����JD�A+� ��� ���JJLI�+	� ]� NRB� >M>OBKQ>J� BPQ>O� OBI>QFS>JBKQB
?BJ�B�Q�J�SLIRJBP�AB�ROFK>�KLOJ>FP�AB�ROFK>�P�L�JRFQL�J>FP�MOLMBKPLP�>�QBO
ALBK�>�OBK>I�@O£KF@>�AL�NRB�>DRA>�
/>O>� M>@FBKQBP� KLP� NR>FP� >� AFPQFK��L� BKQOB� +1 � B� #1"� �� FK@BOQ>�� ABSB
PB
OBMBQFO�L�QBPQB�AB�CRK��L�OBK>I�ABKQOL�AB���PBJ>K>P�AL�>@E>AL�FKF@F>I�AB�RJ>
3%&B�>?>FUL�AB����J+�JFK�������J���-L�BKQ>KQL��PB�LP�OBPRIQ>ALP�AB�BU>JBP
>KQBOFLOBP� @LKCFOJ>OBJ� NRB� PB� QO>Q>� AB� RJ� >@E>AL� @O£KF@L�� LR� PB� LP
OBPRIQ>ALP� AB� OBMBQFALP� BU>JBP� >L� ILKDL� AB� �� JBPBP� CLOBJ� @LKPFPQBKQBP�� >
#1"� �� @LKCFOJ>A>�� .RQOLP� QBPQBP� �@LJL� >� @FPQ>QFK>� "� LR� RJ>�JBAF��L� AB
@IB>O>K@B�MLO�FP¢QLML	�MLABJ�PBO�KB@BPP�OFLP�M>O>�>�@LKCFOJ>��L�A>�#1"�BJ
@FO@RKPQ�K@F>P�NR>KAL�>�3%&B�?>PB>A>�K>�@OB>QFKFK>�P�OF@>� CLO� P>?FA>JBKQB
JBKLP�>@RO>A>�
.�QBPQB�AB�ROFK>�@LJ�QFO>�OB>DBKQB�B�>�@RIQRO>�A>�ROFK>�P�L�FJMLOQ>KQBP���/LAB
OBSBI>O� EBJ>Q§OF>� JF@OLP@¢MF@>�� NRB� MLAB� PBO� RJ� FKAF@>ALO� §QFI� AB� RJ
AF>DK¢PQF@L� AB� ?>PB�� .� J>KBGL� AB� EBJ>Q§OF>� �� AFP@RQFAL� KL� ">M�QRIL� ��
.@LOOBKAL� LR� K�L� >� ABQB@��L� AB� MOLQBFK§OF>� MLO� QFO>� OB>DBKQB�� ABSB
PB
MOLPPBDRFO�@LJ�>�JBAF��L�A>�BU@OB��L�ROFK�OF>�AB�MOLQB�K>P�� �MOLQBFK§OF>��
RJ�J>O@>ALO�AF>DK¢PQF@L�B�MOLDK¢PQF@L�FJMLOQ>KQB��B�PR>�MOBPBK�>�FKAF@>�RJ
J>FLO� OFP@L� Q>KQL� AB� MOLDOBPP�L� A>� ALBK�>� OBK>I� NR>KQL� AB� @LJMIF@>�¦BP
@>OAFLS>P@RI>OBP��� .� *#(&.� OB@LJBKA>� NRB� L� J�QLAL� MOBCBOBK@F>I� AB
>S>IF>��L� A>� MOLQBFK§OF>� PBG>� >� JBAF��L� A>� OBI>��L� >I?RJFK>
@OB>QFKFK>
ROFK�OF>� �1 "	�� RQFIFW>KAL� RJ>� >JLPQO>� AB� ROFK>� J>QFK>I��� .� DO>R� AB
>I?RJFK§OF>�PB�A��>QO>S�P�A>�@I>PPFCF@>��L�BJ�@>QBDLOF>P� ��>� ���PR?PQFQRFKAL
QBOJLP� >KQBOFLOBP�� @LJL� JF@OL>I?RJFK§OF>� �%FD�� ��
�	�� -L� BKQ>KQL�� �
FJMLOQ>KQB�BPQ>O�@FBKQB�AB�NRB�>IDRKP�M>@FBKQBP�FO�L�BU@OBQ>O�MOLQB�K>P�LRQO>P
NRB�K�L�>�>I?RJFK>��B�RJ>�OBI>��L�MOLQB�K>
@OB>QFKFK>�K>�ROFK>��1/"	�MLAB
PBO�J>FP�§QFI�BJ�>IDRJ>P�@LKAF�¦BP���,BAF�¦BP�BJ�P�OFB�AB�1/"�MLABJ�PBO
M>OQF@RI>OJBKQB�§QBFP�BJ�ALBK�>�DILJBORI>O�ABSFAL���J>FLO�S>OF>?FIFA>AB�A>
1 "� B� >L� J>FLO� @RPQL� AB� PB� ABQBOJFK>O� >I?RJFK>� K>� ROFK>�� 0R>KAL
>MOLMOF>AL�� MLAB� PBO� KB@BPP�OFL� OB>IFW>O� QBPQBP� AB� MOLQB�K>� AB� !BK@B
)LKBP
�@>ABF>P�IBSBP�AB�FJRKLDIL?RIFK>	��MLFP�BI>�K�L���ABQB@Q>A>�>QO>S�P�ALP�QBPQBP
M>AO�L�AB�MOLQBFK§OF>�LR�>I?RJFK§OF>�
 � >NRFPF��L� AB� FJ>DBKP� ALP� OFKP� MLO� RIQO>PPLJ� �� §QFI� MLO� RJ>� P�OFB� AB
JLQFSLP��1FKP�MBNRBKLP�@LJ�BPMBPPRO>�@LOQF@>I� OBARWFA>�� BUF?FKAL�>RJBKQL
AB� B@LDBKF@FA>AB�� @F@>QOFWBP� LR� J§IQFMILP� @FPQLP� PRDBOBJ� RJ� MOL@BPPL
@O£KF@L��/LAB
PB�ABQB@Q>O� >KLOJ>IFA>ABP� BPQORQRO>FP� Q>FP� @LJL�ALBK�>� OBK>I
MLIF@�PQF@>� >RQLPP£JF@>� ALJFK>KQB� � #/*#	�� EFAOLKBCOLPB� @>RP>A>� MLO
L?PQOR��L�� LR� @F@>QOFWBP� OBK>FP� DOLPPBFO>P�� .� -("$� >CFOJ>� NRB� >
RIQO>PPLKLDO>CF>�OBK>I���FJMLOQ>KQB�PLJBKQB�BJ�@BOQ>P�@FO@RKPQ�K@F>P�B�PRDBOB
L� >@LKPBIE>JBKQL� ALP� M>@FBKQBP� PB� ELRSBO� PRPMBFQ>� AB� #/*#� >KQBP� AB
OB>IFW>O� L� BU>JB��� $J� >IDRJ>P� PF
QR>�¦BP�� >� FJ>DBJ� @LJ� QLJLDO>CF>
@LJMRQ>ALOFW>A>�� OBPPLK�K@F>� J>DK�QF@>� LR� >KDFLDO>CF>� MLAB� PBO� §QFI�
IBS>KAL�BJ�@LKQ>�LP�OFP@LP�A>�>AJFKFPQO>��L�AB�@LKQO>PQB��">M���	�
0R>KAL�MLPP�SBI�� �� FJMLOQ>KQB� BPQ>?BIB@BO� >� @>RP>� AB�#1"�� MLABKAL�E>SBO
KB@BPPFA>AB�AB�LRQOLP�BU>JBP�BPMB@�CF@LP��@LKCLOJB�FKAF@>AL�MB
I>�EFPQ¢OF>�B
OBPRIQ>ALP� AB� FKSBPQFD>�¦BP� FKF@F>FP�� /LAB� BUFPQFO� RJ>� @LKAF��L� QO>Q�SBI� NRB
OBNRBFO>�J>KBGL�>ABNR>AL��LR�MLAB�E>SBO�RJ>�@>RP>�DBK�QF@>�@LJL� #/*#�
M>O>� >�NR>I�ABSB
PB� CLOKB@BO� >@LKPBIE>JBKQL�� I�J�AFPPL�� >IDRJ>P�ALBK�>P
OBK>FP� MLABJ� OB@LOOBO� >M¢P� L� QO>KPMI>KQB� �">M�� ���	�� B� RJ� AF>DK¢PQF@L
MOB@FPL�MLAB��MLO�@LKPBDRFKQB�� FKCIRBK@F>O�L�J>KBGL�PR?PBNRBKQB�� MBP>O�AB
FKSBPQFD>��L� >JMI>�� KL� BKQ>KQL�� >� @>RP>� A>�#1"� �� COBNRBKQBJBKQB� FK@BOQ>�
@LJ�RJ�EFPQ¢OF@L�J�AF@L�NRB�K�L�>GRA>��>KLOJ>IFA>ABP�J�KFJ>P�KL�BU>JB
AB�ROFK>��B�OFKP�MBNRBKLP�>L�RIQO>PPLJ��-BPPBP�M>@FBKQBP��>�FKSBPQFD>��L�K�L
ABSB� PBO� MBOPBDRFA>� FJMI>@>SBIJBKQB� MLONRB� >P� FJMIF@>�¦BP� KL� QO>Q>JBKQL
P�L�DBO>IJBKQB�J�KFJ>P�� �QBKQ>QFS>�AB�L?QBO�J>QBOF>I�AB�?F¢MPF>�>�M>OQFO�AB
OFKP�MBNRBKLP�BPQ��>PPL@F>A>�>L�OFP@L��B��JBPJL�PB�RJ>�?F¢MPF>�CLO�OB>IFW>A>�
>� >S>IF>��L� EFPQLI¢DF@>� MLAB� PFJMIBPJBKQB� JLPQO>O� @F@>QOFWBP� @O£KF@>P
FKBPMB@�CF@>P� BJ� SBW� AB� A>ALP� AF>DK¢PQF@LP� NRB� BUMIF@>J� >� @>RP>� AB� IBP�L
OBK>I�
)G:9>��D�9D�)GD8D
 M¢P�BPQ>?BIB@BO�]�PB�MLPP�SBI�]�>�@>RP>�AB�#1"��NR>KQFCF@>O�>�Q>U>�AB�CFIQO>��L
DILJBORI>O�B�L�K�SBI�AB�MOLQBFK§OF>��B� FABKQFCF@>O�LRQO>P�@LJLO?FA>ABP��MLAB
PBO�MLPP�SBI�BPQFJ>O�L�OFP@L�AB�MOLDOBPP�L�A>�#1"�B�>�MOL?>?FIFA>AB�CRQRO>�AB

Mais conteúdos dessa disciplina