
'
*:/&1.&D/"1'HDF9/&'
/*!,$!(*!*$++0$'!32+1!+,$!0$(+,$%!*$(+4!*,$!(*=$'4!DI,(+!3*!,3*!2(-$HD!!
5,$!-(24!+<%2328!,3*!9(6=!12!+,$! 61003$!71%!+,$!0(*+!+3-$4!%$?03$'4!
%UDYHKHDUW´!
5,3*!)1-(2!±!6(%328!$21<8,!+1!)(0=!+,%1<8,!+,$!)11'*!(2'!*+(2'!<?!
(8(32*+!),(+!)(*2;+!%38,+!±!9%1<8,+!>%(#$,$(%+!+1!J1003$!K$*6<$!17!
L%$(+$%!E003213*.!>%(#$,$(%+!)(*!7%3 8,+$2$'!),30$!9$328!+%(2*?1%+$'4!
9<+!%$61823B$'!+,$!01#$!+,(+!*+(%+$'!)3+,!/28$0.!
:$!61<0'!*$$!01#$!*,32$!+,%1<8,!+,$!$&$*!17!$#$%&12$!),1!+1<6,$'!,3-.!
:$!)(*!*+%1=$'!(+!+,$!#$+;*!17736$!(2'!)(*!83#$2!711'!(2'!(!90(2=$+!+1!
*0$$?!12.!5,$!8%11-$%;* !*=3007<0!,(2'*!6(%$7<00&!*,(#$'!+,$!-(+*!7%1-!
WKHFROOLH¶VWRUPHQWHGVNLQDVWKHGRJVWRRGTXLHWO\IRUKRXUV! M1*328!+,$!
+(280$'4!-(++$'!61(+!)(*!03=$!*,$''328!+,$!?(*+.!
5,$24!(+!,3*!0 1#328!71*+$%!,1-$4!,$!71<2 '!*17+!9$'*!(2'!8 11'!711'!!
(8(32.!/2'!,$!,('!1+,$%!61003 $*!+1!?0 (&!)3+,!(2'!(00!+,$!)(+$%!,$!)(2+C
$'.!>$*+!17!(004!,$!,('!01#$!7%1-!?$1?0$!),1!8(#$!3+!)3 +,1<+!%$*$%#(+3124!
HYHQWKRXJKWKH\¶GKDYHWRRQHGD\VD\JRRGE\H!
5,(+!'(&!6(-$!(2'!>%(#$,$(%+!-$+!(!)1-(2 !),1!,('!*<77$%$'!8%$(+!
01**!±!),1!,('!$2'<%$'!?,&*3 6(0!,(%'*,3?!(2'!),1*$!,$(%+!)(*!-3**328!
(21+,$%!61003$.!!>%(#$,$(%+!'$*6%39$*!+,(+!'(&N!
!R':*-=-%9+#-O*6,S(*>-:*M%&=-.-&%,:*&#$*6*4&#S,*;&',*,+*,-//* 9+"*,.&,*6*>-,*
>9*0+%-=-%*>+>*,+#').,*&#$*6S>*&,*>9*=-%9*+;#*0+%-=-%*.+>-O*
8.-#*>9*0+(,-%*>+> *+<-#-$*,.-*1&4?*+0*.-%*=&#*&0,-%*+"%*/+#)*$%'=-*
,+#').,*&#$*6*(&;*T'((*U&"%&*(',,'#)*+#*.-%*0%+#,*(,-<(:*6*;-#, *%').,*"<*
,+*.-%*;',.*4+//'-*?' ((-(*&#$*,%'-$*,+*4/'>1*'#,+*.-%*/&<O*R-%*&%>(*4"%=-$*
&%+"#$*>-*&#$*6*0-/,*.-%*,%->1/-*&(*(.-*1-#,*.-%*.-&$*'#,+*>9*#-4?7*6*
)+,*&*0"##9*0--/'#)*'#*>9*.-&%,7*C#$*%').,*,.-#*6*?#-;*,.&,*T'((*
U&"%&*#--$-$*>-*&( *>"4.*&(*6*#--$-$*.-%7!
!6*(,&9-$*4/+(-*,+*T'((*U&"%&*&(*(.-*&#$*>9*0+(,-%*>+>*,&/?-$7*6*?-<,*
<",,'#)*>9*<&;*+#*T'((*U&"%&S(*/-)*(+*,.&,*>9*0+(,- %*>+>*;+"/$*?#+;*
,.&,*6*;&#,-$*T'((*U&"%&*,+*1-*>9*0+%-=-%*>+>:*&0%&'$*,.&,*(.-*>').,*
#+,*?#+;*,.&,*;-*1-/+#)-$*,+)-,.-%O*
!'#&//9:*0'#&//9:*>9*0+(,-%*>+>*(,++$*"<*&#$*<",*(+>-*<&<-%(*'#,+ *.-%*
<"%(-*&#$*(>'/-$*$+;#*&,*>-7*L.-*/-&#-$*+=-%:*,++?*>9*0&4-*'#*.-%*
.&#$(:*?'((-$*>-*+#*>9*0+%-.-&$*&#$*(&'$*(+0,/9:*7KLVLVIURP6XVLH´
L.-*?'((-$*>9*#+ (-*&#$*(&'$:*VC#$*,.'(*'(*0%+>*L.-%9/--7V*C#$*,.-#*(.-*
?'((-$*>-*&)&'#*&#$*(&'$:*VC#$*,.' (*+#-*'(*0%+>*>-*&#$*-=-%9+#-*-/(-*&,*
&ROOLH5HVFXHZKRKDVORYHG\RXDQGLVJODG\RXDUHKRPH´!
M(<%(4!>%(#$,$(%+;*!2$ )!-1-4!%$?1%+$'!+,(+!),30$!>%(#$,$(%+!3*!?0(&7<04!
,$!=21)*!+1!9$!#$%&!%$*?$6+7<0 !17!,$%!*326$!*,$!<*$*!(!)(0=$%.!:$!*+(2'*!
(2'!)(3+ *!(+!+,$!+1?!17!+,$!*+$?*!<2+30!M(<%(!%$(6,$*!+,$!91++1-!)3+,!,$%!
)(0=$%!(2'!6(00*!,3-.!:$!)(0=*!O<3$+0&!(2'!?(+3$2+0&!9$*3'$!,$%4!
-(+6,328
!
KLVVWHSVWRKHUVDVVKHPRYHVWKURXJKWKHKRXVH/DXUDFDOOVLW³VWHS
VWRSVWHSVWRS´%UDYHKHDUWZKRZDVDEDQGRQHGRQWKHHQGRIDURSH
O<36=0&!9$6(-$!(!01#3284!%$*?$6+7<0!?(%+2$%!71%!M(<%(!±!), 36,!*?$(=*!
#10<-$*!(91<+!,3*!2190$!*1<0.!
I,$2!+10'!17!+,$!1<+?1<%328!17!01#$!7%1-!J1003$!K$*6<$!(*!$#$%&12$!
,$(%'!+,(+!>%(#$,$(%+!,('!71<2'!,3*!,1-$4!M(<%(!%$0(&$'!+,(+!>%(#$C
,$(%+!)(*!21+!+,$! 120&!037$!+,(+!)(*!*(#$'!)3+,!+,3*!('1?+312!±!+,(+!
J1003$!
K$*6<$!8(#$!*<2*,32$!+1!,$%!037$!(8(32.!!
4A>!B8B>AC)'I1"%'D9E&'( ''
/!*,1%+(8$!17!E2+$%6$?+1%!3*!6(<*C
328!?%190$-*!71%!61003$!1)2$%*!(2'!
%$*6<$!8%1<?*.!
5,$!JKLE!)$9*3+$!%$6$2+0 &!(*=$'!
71%!'12(+312*!+1!+%$(+!K&(2!(2'!
P$22$'&4!+)1!6100 3$*!*<77$%328!
7%1-!-(28$.!5,$&!2$$'$'!'(30&!
'1*$*!17!E2+$%6$?+1% .!Q$*?3+ $!(!
*<??0&!*,1%+(8$4!-(2 &!%$('$%*!
'12(+$'!E2+$%6$?+1%!(2'!(!6%3*3*!
)(*!(#$%+$'.!
/661%'328!+1!+,$!R 1#(%+3*!)$9C
*3+$4!))).(,.21#(%+3*.<*ST/US
T/U.,+-4!?%$?%1'<6+312!+$*+328!
17!@$2+32$0!3*!<2'$%!)(&.!E2!+,$!
/<8.!VW!<?'(+$4!R1#(%+3*!'3'!21+!
?%1#3'$!(!?%1'<6+312!*6,$'<0$.!!
R1#(%+3*!(0*1!'3'!21+!?%1#3'$!32C
71%-(+312!12!+,$!*+(+<*!17!E2+$%C
6$?+1%.!:1)$#$%4!3+!3*!,1?$'!+,(+!
@$2+32$0!X),36,!<*$*!-309$-&632!
1A3-$!%(+,$%!+,(2!3#$%-$6+32Y!
)300!9$!?%1'<6$'!*112.!Z0$(*$!
6,$6=!)3+,!&1<%!#$+$%32(%3(2.!
/21+,$%!6126$%2!3*!(!*,1%+(8$!17!
+,$!'%<8*!+,(+!(%$!<*$'!+1!+%$(+!
,$(%+)1%-.!/661%'328!+1!(2!(%+360$!
32!+,$!/+0(2+(![1<%2(04!(0+$%2(+3#$!
+%$(+-$2+*!(%$!(#(30(90$4!9<+!+,$&!
,(#$!+1!9$!<*$'!0128$%.!/*!(!%$C
*<0+4!(2!327$*+$'!'18!3*!0(3'!<?!71%!
(!-<6,!0128$%!+3-$.!\1%$!32 71%C
-(+312!)300!71001)!32!+,$!2$A+!
3**<$.!!
2'
]10<2+$$%*!(%$!2$$'$'!71%!+)1!+1!
+,%$$!,1<%*!(+!+,$!J,36(81!Z$+!
@,1)4!+1!9$!,$0'!^_!(.-.C`!? .-.!
@(+<%'(&!(2'!@<2'(&4!R1#.!
^_C^^4!
(+!P(2$!J1<2+&!T(3%8%1<2'*.!
!
51!*382!<? 4!?0$(*$!6(00!\36,$00$!
:3%*6,!(+!Xab_Y!`cVCaddc!1%!$-(30!
-,3%*6,d^`be(++.2$+.!]10<2+$$%*!
'1!21+!?(&!('-3**312.!
!!
/!f^C177!('-3**312!61<?12!)300!9$!
(#(30(90$!*112!(+!61003$%$*6<$.1%8!
(2'!,(0 7!17!+,$!fa!? %36$!)300!81!+1!
JKLE.!"2g1&!*$-32(%*!(2'!*$$!+,$!
0(+$*+!?$+!?%1'<6+*!(2'!*$%#36$*.!
J<7.9E"'K&/'@<"L'