Relax - Mensa Italia

!"#$%
0/'#&$.&'."*
78#"%%*'"'/,"9&$.-':8"))#&$.*-/"
.*';*-$'<)-$9&'=-$"%%*
!
"#"$%#$&''&(()"#&*"$+)$,"-),(.
,"-/$+),"#"$)#$0-/1),&.$"$+)$2%3
-/**)$,"-/$()$,4)&-&#"$5%)$+&
#")6$7&*%1&8-/#*/$("#"$&#,4/$%#$,"83
8/9)"#)(*&.$%#"$+)$5%/)$-&#)&,)$,4/$()
&::)1&#"$'/1$8/$;&1)/$-"(*1/3(,&-<)"
,"#$8&$8)(*&$+/:8)$&8<)$,4/$(*&##"$,/13
,&#+"$/$,"#$)8$')&,/1/$+)$1)*1";&1/$;"8*)
#"*).$&$;"8*/$)-'"1*&#*).$+)$5%/(*"$-"#3
+"$+/88=)--&:)#&1)"6
!"#"$%&'(')*+*,%-'."/'!"$,-'0%-/*-'('$1'232445
>#$5%/(*"$-"+"$/+$)#$*&#*)$&##)$+)$&**)3
;)*?$4"$,"#"(,)%*"$)8$,1/&*"1/$+)$@&#3
+1&A/$/$+/88=$B"-"$@&(,4/1&*".$8=0%3
*"1/$+)$C"1*"$@&8*/(/$/$*&#*)$&8*1).$(/-3
'1/$ ,"#$ 8=&--)1&9)"#/$ +)$ ,4)$ &(()(*/
&88&$ 1/&8)99&9)"#/$ +)$ %#="'/1&$ +=&1*/
,"-/$D$-"8*"$('/(("$)8$2%-/**"$"$&83
-/#"$ ,"-/$ 8"$ D$ (*&*"$ #/88&$ (%&$ /*?
+="1"$,4/$D$'")$5%/88&$,4/$-)$&''&(3
()"#&6
>#$ &8*1/$ ",,&()"#)$ +&;&#*)$ &$ 5%&8,4/
&-),"$4"$'&18&*"$+/)$,"-),($)#$:/#/3
1&8/.$+/88&$(*"1)&$+/8$2%-/**".$+/8$2%-/*3
*"$/$8&$@&(("#/1)&.$/+$"1&$+/88&$(/,"#3
+&$:%/11&$-"#+)&8/$/$+)$,"-/$5%/(*&
)#28%/#9E$)$+)(/:#&*"1)$+/88=/'",&6
>$:1&#+)$'/1("#&::)$+/88&$<&#+/(3+/(3
()#F/($ G,"-/$ +),"#"$ )#$ H1&#,)&I$ #&*)
5%&()$*%**)$&**"1#"$&:8)$&##)$JK3LK$;);/3
;&#"$ %#&$ 8"1"$ ;)*&$ (%88/$ ,"8"##/$ +/)
>&$'*/'!"$,-'*$'+*,*%-'-'8$
!8,"&',?"9*-/"'-'@&/&:$.*'>*$A*-'!-/-:8%*
Q
1&9)/$&88=)-'/:#"$+)$&8,%#)$,"#(",)$+)$R"8":#&.$D$(*&*"
'"(()<)8/$/22/**%&1/$%#&$:1&+)*&$/+$)#*/1/((&#*/$;)()3
*&$ :%)+&*&$ &8$ @%(/"$ !"##$% &'("% )% *"##$% +,'-"$ (%88&
(*"1)&$+/88&$,"-%#),&9)"#/$&%+)";)();&6
S)'/1,"11/1/$8&$(*"1)&$+/88&$1&+)".$+/88&$2"#":1&2)&.$+/8$,)#/3
-&.$+/88&$*/8/;)()"#/$D$(/-'1/$/-"9)"#&#*/T
Q8)$"::/**).$,"(U$*/,#"8":),&-/#*/$/;"8%*).$,4/$2&##"$'&1*/
+/88&$#"(*1&$;)*&$5%"*)+)&#&$;/#:"#"$1);)(*)$("**"$%#&$8%,/
#%";&O$ 5%&#*=)-'/:#".$ 5%&#*/$ /#/1:)/.$ 5%&#*&$ '&(()"#/
("#"$(*&*)$('/()$#/8$,"1("$+/:8)$&##)$'/1$:)%#:/1/$&)$-"+/13
#)$(*1%-/#*)$+)$,"-%#),&9)"#/T
S)'/1,"11/1/$8&$(*"1)&$+/)$()(*/-)$+)$,"-%#),&9)"#/$D$,"-/
1);/+/1/$8=&8<%-$+=)#2&#9)&$+/8$#"(*1"$#)'"*)#".$"1&$&+%8*"6
>8$ @%(/"$ +/88&$ ,"-%#),&9)"#/$ 1&+)"3;)+/"3&%+)"3-%(),&8/
!"##$%&'("%)%*"##$%+,'-"$+)$R"8":#&$1&,,":8)/$,)1,&$VLKK$'/99)
"1):)#&8)$/$2%#9)"#&#*)$,4/$1&,,"#*&#"$8&$(*"1)&$+/88&$,"-%3
#),&9)"#/$&%+)";)();&6
7/88&$./#/%!/0('-"$;)/#/$1&,,"#*&*&$8&$(*"1)&$+/88&$1&+)"$&*3
*1&;/1("$ 8=/('"()9)"#/$ +)$ 1&1)(()-)$ '/99)$ "1):)#&8)$ W2)1-&*)X
@&1,"#)$/$C)-/8)$-&1,"#)&#)6$Q%:8)/8-"$@&1,"#)$4&.$)#2&**).
+/*/1-)#&*"$8"$(;)8%''"$+/88&$1&+)"+)22%()"#/6$C=D$8&$-&,3
,4)#&$'1)-"1+)&8/$,4/$:/#/1&;&$"#+/$/8/**1"-&:#/*),4/$/
,4/$D$&88&$<&(/$+/88&$1&+)"2"#)&6$C)$("#"$8/$'1)-/$1&+)"$,"#
8/$;&8;"8/.$8/$1&+)"$,"#$+)22%("1/$&,%(*),"$/(*/1#"$/$5%/88/
,4/.$+&8$VYLK.$&;/;&#"$)8$+)22%("1/$&,%(*),"$)#*/1#"6
N&$(*"1)&$+/8$,)#/-&$)#)9)&$,"#$8/$8&#*/1#/$-&:),4/$+)$-/*?
Z[KK6$>$21&*/88)$N%-)D1/.$&88&$2)#/$+/88=\**",/#*".$-)(/1"$&$'%#*"
8&$ '1)-&$ '1")/9)"#/$ +=)--&:)#)$ )#$ -";)-/#*"6$ ]('"(*)$ ,)
("#"$8/$'1)-"1+)&8)$8&#*/1#/$-&$&#,4/$'1")/**"1)$'/1$)8$,)#/3
26
:)"1#&8)$+";/$&;/;&#"$&$+)('"()9)"#/
(*1)(,/$ 5%"*)+)&#/$ +)$ '",4/$ ;):#/**/
5%&()$(/-'1/$&$,"#*)#%&9)"#/$/+$%#
'&:)#"#/$+"-/#),&8/$&$,"8"1)$#/8$5%&3
8/$ ;/#);&#"$ 1)'"1*&*/$ 8/$ (*"1)/$ +)$ ')M
&-')"$1/(')1"6
N&$;)*&$+)$5%/(*)$/1")$/1&$&<<&(*&#9&
(/-'8),/O$%(&;&#"$(/-'1/$8"$(*/(("
;/(*)*"$ G2"1(/$ #/$ &;/;&#"$ '&1/,,4)
%:%&8)I$&#,4/$)#+)'/#+/#*/-/#*/$+&83
8/$(*&:)"#).$&;/;&#"$(/-'1/$%#=/*/1#&
#")"(&$2)+&#9&*&$,4/$'/1$2"1*%#&$#"#
('"(&;&#"$ -&).$ &;/;&#"$ &#,4/$ %#
#/-),"$ (21"#*&*".$ ,)#),".$ -/(,4)#".
&(*%*)(()-".$,4/$'"*/;&$/((/1/$(,"#3
2)**"$("8"$+&$8"1"$/$,4/$()$1)'1/(/#*&;&
'%#*%&8-/#*/$1)("1:/#+"$+&$)#,1/+)<)3
8)$<&*"(*/$'/1$(%<)1#/$1/:"8&1-/#*/$+)
#%";/$&+$":#)$&;;/#*%1&P$'/1$,"#*1"
#"#$&;/;&#"$#/((%#"$+/)$,"-%#)$'1"3
""
-&$-%*"$+/88=)#)9)"$(/,"8".$,)#/'1")/**"1)$("#"1)$+/:8)$&##)
=LK$/$=^K$/$-&,,4)#/$+&$1)'1/(&$/$'1")/9)"#/$+/8$+"'"3:%/13
1&6$B#&$;/1&$,"88/9)"#/$(*"1),&T
N&$(*"1)&$+/88&$2"#":1&2)&$)#)9)&$,)1,&$#/8$V[__$5%&#+"$`4"3
-&($08;&$]+)("#$)#,)(/$8&$(%&$;",/$(%$%#$,)8)#+1"$+)$,&1*&
(*&:#"8&6$a%/88=)#;/#9)"#/$'%E$/((/1/$,"#()+/1&*&$8&$<)(#"#3
#&$+/)$-"+/1#)$,"-'&,*$+)(,$/$8&$#"##&$+/8$+)(,"$)#$;)#)8/
"$+)(,"$-),1"("8,"$+/:8)$&##)$=bK3=cK6$B#&$,%1)"()*?O$)$'1)-)
1/:)(*1&*"1)$#"#$)#,)+/;&#"$(%$#&(*1"$,"-/$"1&.$</#(U$(%
2)8"$+=&,,)&)"6$`1&$)$#%-/1"()$'/99)$2%#9)"#&#*)$,4/$)$;)()*&*"3
1)$'"(("#"$&--)1&1/$,)$("#"$)$2"#":1&2)$&$1%88"$+)$,/1&$d$,4/
("(*)*%)1"#"$5%/88"$+)$,&1*&$(*&:#"8&$d$/$:1&--"2"#)$&$+)(,"
)#(/1)*)$)#$-"<)8)$'1/:)&*)$/$,"#$(*%'/#+/$*1"-</$)#$-/*&88"
"$)#$,1)(*&88"6
N&$ (*"1)&$ +/8$ */8/2"#"$ )#)9)&$ #/8$ V[_V.$ )8$ '1)-"$ */8/2"#"$ &
:/**"#)$ 1)(&8/$ &8$ +"'":%/11&$ /+$ )8$ '1)-"$ */8/2"#"$ '"1*&*)8/
'/(&;&$</#$b$A:66$`1&$)$'/99)$/('"(*)$,=D$%#$</88=/(/-'8&1/
+)$*/8/2"#"$+)$8/:#"$&$-&#";/88&$+/8$V[[K6
N&$(*"1)&$+/88&$*/8/;)()"#/$)#)9)&$#/8$VYJ[$,"#$8&$'1)-&$*/8/3
;)()"#/$/8/**1"-/,,&#),&6$>#$>*&8)&$8/$'1)-/$*1&(-)(()"#)$*/8/3
;)();/$1)(&8:"#"$&:8)$&##)$=bK6$!"#"$/('"(*)$)#*/1/((&#*)$/(/-3
'8&1)$+/)$'1)-)$`e$)#$<)&#,"3#/1"$&+$)--&:)#/$1)28/((&6
08$-%(/"$!"##$%&'("%)%*"##$%+,'-"$,=D$('&9)"$&#,4/$'/1$)8
,"-'%*/1O$)8$'1)-"$;/1"$fC.$'1":/#)*"1/$+/8$-"+/1#"$,"-'%3
*/1.$1)(&8/$&8$VY[V6$g&$#"#$'/1+/1/$'")$8&$;)()"#/$/$8=&(,"8*"
+/88/$-&,,4)#/$-%(),&8)$-/,,&#),4/$+/8$V_KK3V[KK6$7"*/3
;"8/$8&$1&,,"8*&$+)$+)(,4)$)#$;)#)8/$&$LL$:)1)$/$&$^b$:)1).$(/8/9)"3
#&<)8)$/+$&(,"8*&<)8)$#/)$'/12/**&-/#*/$2%#9)"#&#*)$h%A/$<"i6
>8$@%(/"$!"##$%&'("%)%*"##$%+,'-"$#&(,/$+&88&$'&(()"#/$+/8
C&;6$ Q)";&##)$ f/8&:&88)$ ,4/$ ;)$ &,,"-'&:#/1?$ #/88&$ ;)()*&
:%)+&*&$(%$'1/#"*&9)"#/$&8$#16KbV6c^YVKK[6
>8$@%(/"$D$&'/1*"$&8$'%<<8),"$(%$&''%#*&-/#*"$/$()$*1";&$)#
e)&$C"8$+)$N&#&$_7.$&$R"8":#&6
!)*"$)#*/1#/*O$jjj6-&1,"#)-%(/"-&:),6,"-$6
!
!"#$%
!"#"$%&'(')*+*,%-'."/'!"$,-'0%-/*-'('$1'232445
!"#$%&#'()
<8/-)$,4/$&228)::"#"$8/$'/1("#/$#"1-&8)
/$#/''%1/$8/$5%"*)+)&#/$#/,/(()*?$<)"3
8":),4/$/$+/8$;);/1/$,);)8/6$>#$,"-'/#3
("$)#,&''&;&#"$)#$":#)$("1*&$+)$'/1)3
,"8"(/$ &;;/#*%1/$ ,"#$ %#&$ ,"#*)#%)*?
*&8/$+&$2&1$;/#)1/$('"#*&#/"$)8$(%::/1)3
-/#*"$+)$&#+&1/$&$2&1()$</#/+)1/$"$+)
,/1,&1/$&8-/#"$+)$2&1()$*":8)/1/$)8$-&3
8",,4)"6
7/88/$(*"1)/$+)$5%/)$*/-')$#"#$,)$()$'"3
#/;&$ *1"''/$ +"-&#+/$ #F$ ()$ +&;&#"
/,,/(();/$:)%(*)2),&9)"#)6$>$'/1("#&::)
;);/;&#"$,"#*)#%/$&;;/#*%1/$*%**/$&<3
<&(*&#9&$ 8"#*&#/$ +&88&$ 5%"*)+)&#)*?.
#"#$/()(*/;&#"$&#,"1&$8/$)#*1"('/9)"3
#)$,4/$(&1/<</1"$("1*/$(%,,/(();&-/#3
*/.$/1&$*%**"$-"8*"$(/-'8),/$'/1,4F$8=&;3
;/#*%1&$/1&$;)((%*&$'/1$8=&;;/#*%1&.$,"#
,"#*)#%)$,"8')$+)$(,/#&$'/1$*/#/1/$&(()3
+%&$ 8=&**/#9)"#/$ +/8$ 8/**"1/.$ ,"#$ &-3
<)/#*&9)"#)$)#$%#$-"#+"$</#$,)1,"(,1)*3
*"$"$</#$+/2)#)*"$,4/$/1&$5%/88"$(*/(("
&<)*%&8/$+/8$'/1("#&::)"6$N=B"-"$@&3
(,4/1&*"$()$-%";/$#/88&$(%&$h%#:8&$,"#
)$'):-/)$R&#+&).$Q"1+"#$;);/$8&$;&1)/3
*?$2&#*&(*),&$+/8$')&#/*&$@"#:".$`&19&#
,"#*)#%&$&$('"(*&1()$*1&$:8)$&8</1)$+)$8)&3
#&$ )#$ 8)&#&$ )#$ 8"**&$ ,"#$ (,)--)"#)$ /
(/8;&::)$k.$8/$(*"1)/$("#"$5%)#+)$+)$'%1&
/;&()"#/.$+/<<"#"$1)8&((&1/.$)#*/1;&83
8&#+"$,"(U$8&$8/**%1&$+/)$;&1)$&1*),"8)$Z(/1)=
+/8$:)"1#&8/6
f/1$8&$;/1)*?$:)?$&$5%/)$*/-')$,)$("#"
+/88/$/,,/9)"#).$&+$/(/-')"$)8$`"'"8)3
#"$+/8$:1&#+)(()-"$Q"**21)/+("#$4&$:)?
)-<",,&*"$%#&$(*1&+&$+);/1(&.$D$'&(3
(&*"$+&88/$(/-'8),)$:&:($+/88/$(*1)(,/
&#9)+/**/$&$1&,,"#*)$,"1'"().$)-'/:#&3
*).$(",)&8).$1)'1/#+/$)8$*/-&$+/8$:&#:(*/3
1)(-"$)#$0-/1),&.$+/88&$+)22),"8*?$+)$*1"3
;&1/$%#=",,%'&9)"#/.$)8$*%**"$,"#$:&13
<"$/$:1&#+/$)1"#)&$2)#"$&$2&1#/$/(/-3
')"$(%'/1&*"$2"1(/$+&8$("8"$C&18$R&1A(.
8=%"-"$,4/$4&$+/+),&*"$8&$(%&$;)*&$&
f&'/1)#"$G,)$(&1/<</$*&#*"$+&$1&,,"#3
*&1/$&#,4/$+)$5%/(*"$0%*"1/$,"#$8/$(%/
:1&#+)$("++)(2&9)"#)$/$,"#$8/$&8*1/**&#3
*/$+/8%()"#)$'&*)*/.$-&$("#"$&8*1/$(*"3
1)/I6
f")$&11);&$8&$(/,"#+&$:%/11&$-"#+)&3
8/6$N=/;/#*"$D$";;)&-/#*/$:):&#*/(,".
)--/#(".$ ,")#;"8:/$ *%**"$ /$ *%**).$ /+
&#,4/$)$2%-/**)$#"#$'"(("#"$1)-&#/13
#/$/(,8%()6$f%E$@&#+1&A/$%(&1/$8/$(%&
&1*)$-&:),4/$("8"$'/1$,&**%1&1/$%#$(/-3
'8),/$8&+1"$/$#"#$2&1$#%88&$,"#*1"$)$:)&'3
'"#/()$,4/$%,,)+"#"$)$("8+&*)$#/8$f&,)3
2),"lT$]$Q"1+"#$'%E$1)-&#/1(/#/$(%:8)
&8</1)$ )--/#()$ +)$ @"#:"$ &$ 1)(*&<)8)1/
8="1+)#/$/$8&$+/-",1&9)&$5%&#+"$5%/3
(*&$D$-)#&,,)&*&$#/88&$(%&$(*/((&$f&3
*1)&lT$]=$5%)$,4/$)8$2%-/**"$()$1)&,,"(*&
&88&$1/&8*?.$&#,4/$("8"$'1";;)("1)&-/#3
*/.$-&$)#$'1/'&1&9)"#/$+)$%#=&1*/$')M
&+%8*&$/$(",)&8/$,4/$()$&22/1-/1?$(%,3
,/(();&-/#*/6
>$,1/&*"1)$+)$,"-),($()$(/#*"#"$5%)#+)
)#/;)*&<)8-/#*/$,")#;"8*)$+&:8)$&;;/#)3
-/#*)$/$-/#*1/$,"-)#,)&#"$&$'1/#+/3
1/$,"(,)/#9&$+/88=/#"1-/$2"19&$'(),"3
8":),&$+)$,%)$+)('"#:"#"$(%)$8/**"1)$2&#3
#"$ ,"#21"#*&1/$ )$ 8"1"$ /1").$ )#;&1)&<)83
-/#*/$<%"#).$,"#$)$,&**);)$)#;&("1)$G";3
;)&-/#*/$:8)$)#;&("1)$("#"$(/-'1/$:8)
&8*1)I$ <&**/#+"8).$ (</22/::)&#+"8).$ /+
/("1,)99&#+"$#/8$'%<<8),"$8=$)#/;)*&<)3
8/$'&%1&$+/8$#/-),"6
Q"1+"#.$)#2"1-&*"$+)$5%&#*"$(*&$&;;/3
#/#+"$ (%88&$ `/11&.$ 1)*"1#&$ +&$ @"#:"
,"#$%#=$&/1"1&99"$/$+)(*1%::/$%#=)#*/3
1&$28"**&$&/1/&$)#$%#=&1+)*&$<&**&:8)&$(%)
,)/8)$+/:8)$!*&*)$B#)*)6$`&19&#$()$(,"#*1&
,"#$%#&$'&**%:8)&$*/+/(,&$)#$'/18%(*1&3
9)"#/$#/88&$h%#:8&$/$8&$1)+),"8)99&6$`"3
'"8)#"$ +);/#*&$ ,"88&%+&*"1/$ +)$ %#$ &/3
1/"$2&#*&(,)/#*)2),"$/$("1;"8&$8=]%1"'&
)#$2)&--/$'/1$8&$:%/11&$2)#"$&+$&11);&3
1/$("'1&$&$R/18)#"$+";/$(*1&''&$8/**/3
1&8-/#*/$+&8$(%"$*&;"8"$8"$(*/(("$m)*3
8/1$'/1$1)'"1*&18"$'1):)"#)/1"$)#$0-/1),&
G#&*%1&8-/#*/$ 8&$ (')&$ &(("8+&*&$ +&8
#/-),"$ #"#$ '%E$ /((/1/$ ,4/$ f)/*1"
Q&-<&+)8/:#"I6$N"$(*/(("$f8%*"$)#$%#&
(*"1)&$ <&(&*&$ (%$ %#$ "(("$ (%,,%8/#*"
1)/(,/$&$(&8;&1/$%#$)#,1",)&*"1/$+&$%#
&**/#*&*"$+)#&-)*&1+"6
H/1-)&-",)$ 5%).$ (&1/<</$ *1"''"$ 8%#3
:"$/$#")"("$8=/8/#,"$+/)$'/1("#&::)$,4/
,"-<&**"#"$ %#&$ 8"1"$ <&**&:8)&$ '/1$ 8&
f&*1)&$&#,4/$(/$4"$,/1,&*"$+)$1)'1"'"13
#/$*&#*)$)#$%#&$(/1)/$+)$2"*"$+&$"1):)#&8)
+/88=/'",&6$C)E$,4/$;":8)"$/;)+/#9)&1/
D$,4/$#/88/$8"1"$(*"1)/.$&8$+)$8?$+/)$1&,3
,"#*)$)#$(F$";;)&-/#*/$1)'/*)*);).$*1";)&3
-"$ +/:8)$ ('&,,&*)$ +)$ ;)*&$ ,4/$ 2&##"
-/+)*&1/.$,4/$,)$1)'"1*&#"$&$5%/8$*/-3
'".$,4/$,)$2&##"$,"#"(,/1/$8/$+)22),"8*?
,4/$8=%"-"$,"-%#/$&221"#*&;&$)#$5%/8
'/1)"+"6
g&)$ <1/;)(()-)$ 1&,,"#*)$ +/88/$ (*1)(,/
5%"*)+)&#/$;/+)&-"$,"-/$5%/8$<&8"13
+"$+)$f)''"$1)("8;/$8=)-'/:#"$-"1&8/
+)$#"#$,"#(%-&1/$'#/%-&*),)$/$</#3
9)#&.$-&$+&8$-"#)*"$,4/$1),/;/$+&)$(%")
;)1*%"()$;),)#)$)-'&1)&-"$,4/$)8$'1"<8/3
-&$ /()(*/;&$ &#,4/$ #/88&$ 1),,4)(()-&
0-/1),&6$R)(":#&$1),"1+&1/$,4/$'/1$:8)
>*&8)&#)$+/8$*/-'"$+)$:%/11&$8=0-/1),&
1&''1/(/#*&;&$ 8=%*"')&$ ')M$ (21/#&*&O
-/#*1/$8&$:/#*/$#"#$&;/;&$+)$,4/$-&#3
:)&1/$)$("8+&*)$0-/1),&#)$)#$:)1"$'/1$8=]%3
1"'&$1/:&8&;&#"$,)",,"8&*"$&)$1&:&99)3
#)$/+$&;/;&#"$8&$'/#),)88)#&.$8/$&%*".$)
+"88&1)$k.$/''%1/$#/88&$8"1"$(*/((&$'&3
*1)&$)$:)"1#&8/**)$1&,,"-&#+&;&#"$&)$8/*3
*"1)$+)$#"#$('1/,&1/$,&1<%1&#*/$)#$:)*/3
1/88/$ +"-/#),&8).$ +)$ &)%*&1/$ )8$ '1/(*)*"
+/88"$!*&*".$+)$2&1/$(/1;)9)$(",)&8).$/$@)#3
#)$()$"221/$,"-/$,1",/1"(()#&$/$`"'"8)3
#"$,"11/$&+$&11%"8&1()$T
""
25
!"#$%
!"#"$%&'(')*+*,%-'."/'!"$,-'0%-/*-'('$1'232445
91::-+;+<-:-21$g&)$2%-/**)$;/+)&-"$&#,"1&$,"-/$2"(3
(/$+)22%(&$8&$'&%1&$+)$)-'1"<&<)8)$(<&13
,4)$+)$`/+/(,4)$"$Q)&''"#/()$(%88/$,"3
(*/$+/:8)$B!0.$&''1/#+)&-"$,4/$&#,4/
:8)$0-/1),&#)$"(,%1&;&#"$8/$2)#/(*1/$'/1
8&$'&%1&$+/)$<"-<&1+&-/#*).$,"(U$&*3
*1&;/1("$/8/-/#*)$+)$'%1&$2&#*&()&$/#3
*1)&-"$#/88&$1/&8*?$,4/$#"#$,)$D$-&)$(*&3
*&$(')/:&*&$)#$-"+"$,"(U$/22),&,/$/$(%88&
5%&8/$ '"(()&-"$ 1)28/**/1/6$ 7%88&$ D$ ')M
/;)+/#*/$/$1/&8/$+)$%#&$:&:$,4/$)1"#)93
9&$ (%88&$ ;)*&$ 5%"*)+)&#&$ )#$ */-'"$ +)
:%/11&$-"(*1&#+",)$8/$'&%1/$/$8/$2"<)/
+)$5%/8$'/1)"+"6
>8$:1&#+/$(%,,/(("$+/)$2%-/**)$#&*%1&83
-/#*/$&;/;&$+/(*&*"$8=)#*/1/((/$+/88/
&%*"1)*?$ ,4/$ ()$ /1&#"$ 1/(/$ ,"#*"$ +/83
8=/#"1-/$'"*/1/$+)$,%)$'"*/;&#"$+)('"13
1/6$>#$>*&8)&$:)?$+&$*/-'"$;/#);&#"$'%<3
<8),&*/$(*"1)/$2"1*/-/#*/$;"8%*/$+&8$1/:)3
-/$2&(,)(*&6$7%";)$/1")$+&8$#"-/$)*&8)&3
#)(()-"$("'')&#*&;&#"$8/#*&-/#*/$8/
*/(*&*/$+="8*1/$",/&#"O$1,("/-'% .$00/
2"#'3/.$4#%!'55'%6$#%.'**$07"8"#$.$.9:.
;-6,+.$/$*&#*)(()-)$&8*1)$*/(*)-"#)&;&3
#"$8=&1+)-/#*"$+/)$#"(*1)$:)";&#)$(/-3
'1/$'1"#*)$&$+"#&1/$8&$;)*&$'/1$8&$f&*1)&6
>8$2&-"("$"$2&-):/1&*"$@)#C%8f"'$G@)3
#)(*/1"$+/88&$C%8*%1&$f"'"8&1/I$,"#*1"83
8&;&$-)#%9)"(&-/#*/$*%**/$8/$'%<<8),&3
9)"#)$"1)/#*&#+"$:8)$/+)*"1)$,"#$1),4)/3
(*/$')%**"(*"$/('8),)*/6$>#$%#&$8/**/1&$+/8
J_$0'1)8/$VYL[$)8$@)#)(*1"$,"-%#),&$&88&
,&(&$/+)*1),/$7/1<)#)$G2"1(/$5%/88&$')M
1),,&$+)$(*"1)&$#/8$-"#+"$+/)$2%-/**).
/+$&#,4/$5%)$,)$(&1/<</$*&#*"$+&$1&,3
,"#*&1/$kIO$n+"% ('-+$-3$% #/% <,88#"(/=
5"'-$%6$#%#"80'%6"%(,"%+'<0/%('-%#>/&&$0=
3$-5/%(?$%<,88#"(/5"'-"%6$#%7$-$0$%-'+/0/--'%<"@%/<<0'&/3$o6
f)&#$')&#"$8&$-"1(&$()$(*1)#:/$(/-'1/
+)$')M$(%88=/+)*"1)&.$%#&$8/**/1&$&88=/+)*"3
1/$e&88/,,4)$,"-%#),&$,4/$#"#$;)/#/
,"#(/#*)*&$8&$'%<<8),&9)"#/$+)$%#$&8*1"
1&,,"#*"$'/1,4F$1)*/#%*"$,"#*1&1)"$&88&
-"1&8/6
@&$#"#"(*&#*/$8&$'1/(()"#/$+/8$:";/13
#"$:8)$/1")$,4/$&#+&;&#"$'/1$8&$-&:3
:)"1/$#/88/$(*"1)/$'%<<8),&*/$+&)$#"(*1)
:)"1#&8)#)$/1&#"$5%&()$*%**)$+)$#&9)"#&8)3
*?$ &-/1),&#&6$ >#$ 5%/(*)$ 1&,,"#*)$ )8$ 2%3
-/**"$,4/$%(,);&$+&88&$<",,&$+/)$'/13
("#&::)$ &;/;&$ ("(*)*%)*"$ 8&$ (/-'8),/
+)+&(,&8)&$'"(*&$("**"$&88&$;):#/**&$,"#3
2/1/#+"$&8$1&,,"#*"$%#&$+1&--&*),)*?
/+$%#$1)*-"$2)#"$&$5%/8$-"-/#*"$(,"3
#"(,)%*)$ /$ (%1,8&((&#+"$ ,"(U$ )$ '/1("3
#&::)$+)$,&(&6$7/8$,8)-&$'"8)*),"$+)$5%/8
*/-'"$#"#$()$'"*/;&$,/1*"$,"#*)#%&1/
&$;/#/1&1/$/1")$(*1&#)/1)$/$()$&11);&$,"(U
&88&$8"1"$-/((&$&8$<&#+"6
0#,"1&$ #/8$ VYL[$ ;)/#/$ )#:)%#*"$ &88&
C&(&$7/1<)#)$+)$A/0%+('*</0"0$%$-30'%30$
*$+"% '7-"% +'77$33'% '% &"7-$33/% 6"% "*=
<'03/5"'-$%'%6"%"*"3/5"'-$%/*$0"(/-/6
N/$,&(/$/+)*1),)$+/<<"#"$+)(+)1/$)$,"#3
*1&**)$,"#$8/$,&(/$&-/1),&#/.$8&$]+)*"3
1)&8/$e/,,4)$G%#$&8*1"$+/)$:1&#+)$#"-)
(*"1),)$+/8$2%-/**"I$(,1);/$&88&$p)#:$H/&3
*%1/($ +&#+"$ 2"1-&8/$ +)(+/**&$ &)$ ,"#3
*1&**)$)#$,"1("6
Q8)$ /1")$ +";/;&#"$ /((/1/$ /(,8%();&3
-/#*/$)*&8)&#)$/$+/+)*)$&+$&9)"#)$)#$8)#/&
,"#$8&$-"1&8/$+/8$*/-'"6$>$:)";&#)$<&3
8)88&$+";/;&#"$1)(&8*&1/$(%88&$:)";/#*M
-"#+)&8/$ '/1$ 8&$ 8"1"$ 2)/1/99&$ /$ 2"19&
+=&#)-"6
!*$+,-.-+/-$0&-+12+.-$%-)3+4-55(00-+%1+6(4#&(+7#8#001$1
2B
""
!"#$%
!"#"$%&'(')*+*,%-'."/'!"$,-'0%-/*-'('$1'232445
!)$&(()(*/$5%)#+)$&+$%#=/('8"()"#/$+)
'/1("#&::)$,1/&*)$8U$'/1$8U$/$(/#9&$&8,%3
#"$('/(("1/$,4/$4&##"$("8&-/#*/$)8
,"-')*"$+)$)88%(*1&1/$8&$(%'/1)"1)*?$+/88&
#"(*1&$,%8*%1&.$8&$(*%')+)*?$+/)$#/:1/**)
+/88/$C"8"#)/.$8&$'",4/99&$+/:8)$)-'/3
1)$,4/$,)$,"#*1&(*&#"$G;/+)$)$'/1("#&:3
:)$+)$C)%1,)88"#/.$@&,$C&1"#.$/$*&#*)$&83
*1)I6
>$Z:)"1#&8)#)=$'/1+"#"$)$:1&#+)$'1"*&:"3
#)(*)$,4/$4&##"$+&*"$;)*&$&8$2%-/**"$/
,4/$;/#:"#"$("(*)*%)*)$+&)$'1"+"**)$&%3
*",*"#)6$08,%#)$+)$5%/(*)$("#"$,"-%#3
5%/$+/)$,&'"8&;"1)$,"-/$&+$/(/-')"
8/$(*"1)/$+)$q&8*/1$@"8)#"$GB"0,+.4#%!/7'
6$##/% C'0$+3/% D$0/I.$f/+1",,4)$G./3,0=
-'%('-30'%#/%E$00/I.$S)#"$08</1*&1/88)$G4#
F'33'0%C/,+3I$/$&#,"1&$)$1&,,"#*)$+)$Q)"3
;&##)$ !,"8&1)$ /$ +)$ C/(&1/$ r&;&**)#).
-/#*1/$ 8&$ -&::)"1$ '&1*/$ D$ (/-'8),/
')&::/1)&$+/8$1/:)-/6$f/1$5%&8,4/$*/-3
'"$()$(&8;&$`"'"8)#"$,4/$,"#*)#%&$&+
)-'"1*&1/$8/$(*"1)/$"1):)#&8)$:1&9)/$&88&
Z'1"*/9)"#/=$+)$@%(("8)#)$,4/$8"$-&#3
*)/#/$)#$;)*&$'/1,4F$)8$:)"1#&8)#"$')&,/
&)$(%")$2):8)P$'")$&#,4/$8%)$+/;/$,&')*"3
8&1/6
0;;/#:"#"$ &++)1)**%1&$ ,"(/$ 1)+),"8/6
08,%#/$ */(*&*/$ ;/#:"#"$ 1),"')&*/$ +)
(&#&$')&#*&$/$("(*)*%)*/$,"#$#"-)$)*&3
8)&#)$ /$ +)(/:#)$ '1&*),&-/#*/$ 1),&8,&*)
+&:8)$"1):)#&8)6$`"'"8)#"$+);/#*&$`"22"3
N)#"$/$8&$(%&$2)+&#9&*&$()$,4)&-&$@)-3
-&6$N/$;):#/**/$("#"$/(&**&-/#*/$8/
(*/((/$G;/+)$E'<'#"-'%G"'0-/#"+3/I$-&
,"#$ )$ '/1("#&::)$ '1)#,)'&8)$ ,4/$ ("#"
>4#//-+?20(&%,=0
!<,==-21$-)
,&1),&*%1/$+/:8)$"1):)#&8)$(/#9&$8/$"1/,3
,4)/$,&1&**/1)(*),4/$"$8&$,"+&$"$8/$&8*1/
&#)-&8)*?6
R1)A$R1&+2"1+.$8=/1"/$*)'),&-/#*/$&-/3
1),&#".$+);/#*&$H#"'%C"/**/.$'")$!/0=
('%.</6/$/+$&8*1)$&#,"1&.$,"-/$'%1/$)8
'1)#,)'/$e&8)&#*$GB/#$-3"-'I$/$*&#*)$&8*1)6
@&$+&8$1)+),"8"$()$'&((&$&#,4/$&8$-&3
,&<1"6$N&$'1"'&:&#+&$2&(,)(*&$#"#$()
&11/(*&$ +)$ 21"#*/$ &$ #%88&$ /$ ()$ 2&$ 2"19&
&#,4/$+/88/$;):#/**/$+/)$:)"1#&8)#)$+/3
(*)#&*)$ &)$ <&-<)#)$ ,4/$ 1),/;"#"$ ,"(U
%#=/+%,&9)"#/$&$<&(/$+)$-"(,4/**)$/
+)$:%/11&$*1&-)*/$1&,,"#*)$)#$,%)$)-'1"3
<&<)8)$R&8)88&$(&8;&#"$8&$f&*1)&$+&)$#/-)3
,)$ +/88&$ +)**&*%1&6$ 7/$ 2&##"$ 8/$ ('/(/
&#,4/$:8)$]<1/).$("::/**)$,"-/$()$(&$&88/
8/::)$1&99)&8)6$>#$%#&$-)#)(/1)/$8=/<1/"
;++/#'--$%!'06"&I$#/$,"-<)#&$1/:"3
8&1-/#*/$+)$*%**)$)$,"8"1)$(&8;"$'")$/((/3
1/$(-&(,4/1&*"$/+$)#(/:%)*"$"$'),,4)&3
*"$ (/-'1/$ +&88"
(*/(("$ 1&:&99)#"
,4/$2"1*%#&*&-/#3
*/.$;):)8&$(%$+)$#")6
>#$ &8*1)$ 1&,,"#*)
8=/<1/"$ 4+/(('% ;#=
3$06,A3.$:1)2&:#"$/
*/*1"$ +)1):/$ )8$ (%"
<&#,"$+)$'/:#)$)#
,%)$(/$#/$(*&$+"*"=
#$%/6%,-%0/7-'%-$##/%+,/%3$#/%<'#&$0'=
+/6$ e&$ +&$ (F$ ,4/$ *&#*&$ '1"'&:&#+&
&<<)&$1&,,"8*"$&#,4/$%#&$,"#()+/1/;"3
8/$&''1";&9)"#/6
]$'")$2)#)(,/$*%**"O$+"'"$)8$VY^L$#/8$')/3
#"$+/88&$:%/11&$;)/#/$&$-&#,&1/$8&$,&13
*&$/+$)$:)"1#&8)#)$)#*/11"-'"#"$8/$'%<3
<8),&9)"#)6$S)'1/#+/1&##"$#/8$VY^b$1)3
'"1*&#+"$&88&$:)")&$+/)$8/**"1)$)$:1&#+)
/1")$,4/$,)$&;/;&#"$&<<&#+"#&*"6
C)$ (&1/<</$ *&#*"$ &8*1"$ +&$ 1&,,"#*&1/.
*&#*)$'&1*),"8&1)$"$,%1)"()*?$+&$&::)%#3
:/1/.$-&$2/1-)&-",)$5%)P$#"#$+)(+/3
:#)&-"$,"-%#5%/$+)$)-'&1&1/$&$,"3
#"(,/1/$&**1&;/1("$8/$'&:)#/$+/)$:)"13
#&8)#)$+/8$*/-'"$8&$;)*&$,4/$()$(;"8:/;&
5%"*)+)&#&-/#*/$ ,"#$ 8/$ &<)*%+)#).$ 8/
'),,"8/$2%1</1)/.$8/$'&%1/.$,4/$+)22),)83
-/#*/$ '"(("#"$ /((/1/$ +/(,1)**/$ "
,"-'1/(/$&**1&;/1("$(/-'8),)$1/(","#3
*)$ /$ ,4/$ )#;/,/$ ,)$ ;/#:"#"$ 1/(/$ ,"#
*%**&$8&$2"19&$+/88=&**%&8)*?$+&$(/-'8),)
;):#/**/$,4/$#"#$()$'"(("#"$')M$,"#3
()+/1&1/$+=/;&()"#/6
B#$ f1/()+/#*/$ +/:8)$ B!0$ +)((/$ ,4/
8=0-/1),&$#"#$&;1/<</$,"-%#5%/$-&)
'"*%*"$'/1+/1/$8&$:%/11&O$&;/;&$+&88&
(%&$ '&1*/$ `"'"8)#"$ /+$ m%#'41/s$ R"3
:&1*6
!
>&$7")"$A"'."*'!"$,-')":*&$-/*
1
$77$-6'%+,%!$-+/%D$J+%6$##/%('-A$0$-5/%6$#%!$-+/
H*"#"/%K'*/7-/%6$#%:L%6"($*80$%M4%A,*$33"%6,0/-3$%"#
<$0"'6'% 8$##"('N% ?'% <$-+/3'% 6"% (?"$6$0$% /#% 0$#/3'0$% 6$##/
+$0/3/%8'#'7-$+$O%G"/-%C0/-('%P/-$33"O%6"%+(0"&$0$%"#%('-30"=
8,3'%(?$%#$77$3$%"-%Q,$+3$%</7"-$R%4-&"3'%Q,"-6"%"%1$33'0"%/
<0'<'00$%/03"('#"%+,"%3$*"%+&"#,<</3"%S<$0+'-/#*$-3$%'%6/
/#30"%0$#/3'0"T%"-%'((/+"'-"%6"%0",-"'-"%0$7"'-/#"%<$0%('-6"&"=
6$0#"%('-%3,33"%"%U'-+'("%S0$6/5"'-$V*$-+/R"3TR
D-%-/*-'@8AA*
2C
!"#$%
&'##"()'*)+,'
<&),"'%8%%&
9&#*$9*F'9&,G
.*'H&I")%&'J*,9&+*9K
C
)&)$2):%l$e/+/1/6$C/8".$,/8".$-&#3
,&.$ ,/8".$ +"'')"#.$ +"'')"#.
5%/(*"$ ,/8&#,4/-)&#"##&.
,/8"6$01&<"l$p8)#:"#l$]('/1&#*"l$]%3
1"'&#*"l$ f/1$ -"8*)$ #"6$ 0#9).$ '/1$ #")
W(*%')+)$#"(*&8:),)X$D$(*&*&$8&$(,)#*)88&6
f&18"$ +/88/$ 2):%1)#/$ &+/();/6$ 0)$ #"(*1)
*/-')$)8$(/**"1/$-/1,/"8":),"$)#$5%/3
(*)"#/$/1&$%#$-"#"'"8)"$+)$%#&$+)**&$+)
@"+/#&$,4/$2&$1)-&$,"#$,&#)#)6$a%)#+)
,=/1&#"$("8"$5%/(*/$/$+)$("8)*"$8/$%#)3
,4/$,4/$*)1&;&#"$)8$-/1,&*"$)#*1&(,"8&3
(*),"$/1&#"$5%/88/$+/)$,&8,)&*"1)6
@"8*)$ ,"88/9)"#)(*)$ ("#"$ /#*1&*)$ #/88&
(')1&8/$(/#9&$%(,)*&$+/88/$1&,,"8*/$&*3
*1&;/1("$5%/(*&$'"1*&6$>##&#9)$*%**"$:8)
('&,,)&*"1)$+)$&8<%-$*)$(/+%,/;&#"$&83
8=%(,)*&$+/88&$(,%"8&$1/:&8&#+"*)$8&$'1)3
-&$+"(/6$]$'")$8/$:)";&#)$,/88%8/$,/1/3
<1&8)$ (&1/<</1"$ (*&*/$ )#$ <1/;/$ */-'"
1)(%,,4)&*/$#/8$;"1*),/$+/88&$+)'/#+/#3
9&$2)(),&6$!/#9&$'"(()<)8)*?$+)$1/+/#9)"3
#/$&8-/#"$2)#"$&88/$'1)-/$'%8()"#)$&+"3
8/(,/#9)&8).$,4/$&;1/<</1"$('/#*"$+/3
2)#)*);&-/#*/$&#,4/$8/$,/88%8/$1)-&(*/6
H/#"-/#)$ '&1&#"1-&8)$ &#,"1&$ #"#
(')/:&*)$+&88&$(,)/#9&$/$+&88&$(*&*)(*),&
!"#"$%&'(')*+*,%-'."/'!"$,-'0%-/*-'('$1'232445
2&,/;&#"$(U$,4/$8=)-&:"$+/8$*%"$)+"8"
'1/2/1)*"$#"#$()$&;;),)#&((/$-&)$&88/$*%/
-&#).$1/#+/#+"8"$&#,"1$')M$&-<)*"$+)
5%&#*"$:)?$2"((/6$H)#,4F$%#$:)"1#"$#"#
8&$*1";&;)$&''),,),&*&$&+$%#$'&8"$+/88&
2/1-&*&$+/88=&%*"<%(6$7&*%1&8-/#*/$)#)3
9)&;)$&$,/1,&1/$+)$(*&,,&18&$"**/#/#+"
%#$1),,)"8"$+)$,&1*&$'1);&$+)$,"88&.$1)-&3
(*&$)#;/,/$(%8$'&8"$,"#$)8$,":#"-/$/
'&1*/$+)$%#&$<&(/**&$G(/$/1&#"$:8)$&##)
(/**&#*&I$+/8$'&88"#&1"$,&-')"#/6$@&
)#$":#)$-"+"$)#$-&#,&#9&$+)$-/:8)".
*%$8"$&**&,,&;)$8"$(*/(("$,"#$8&$,",,")3
#&$#/88&$(%&$,&(/88)#&$;%"*&$/$,"-'8/3
*&;)$)8$#"-/$/$8&$<&(/**"#&$,"#$8&$<)1"6
`/1-)#&;)$8&$-/1)*"1)&$"'/1&$;&#*&#+"*)
,"#$)$,"-'&:#%,,)$+/88&$'&11",,4)/**&
+)$&;/1/$*1";&*"$)8$*%"$'/1("#&8/$(&#*"
:1&&8$*1&$-)88/$+)22),"8*?$<1)88&#*/-/#*/
(%'/1&*/$,"#$8&$*%&$&<)8)*?$&1*)(*),&6
N&$;)*&$/1&$*&8-/#*/$)#28%/#9&*&$+&$*%*3
*"$,)E.$,4/$+&88=&'/1*%1&$+/88&$<%(*)#&
5%"*)+)&#&$ /$ +&8$ #%-/1"$ +)$ 2):%1)#/
W<%"#/X$ #"#$ +"'')/$ ,4/$ ,"#*/#/;&.
+)'/#+/;&$8=%-"1/$+/88=)#*/1&$:)"1#&*&6
=%U'*$%&/%'77"W
=%.(?"A'O%3,33$%6'<<"$R
=%;%*$%*$7/O%("-Q,$%+,%("-Q,$%$%A"-"=
+('%#/%<"+3'"$+$%$%#/%(/&$+$R
>#"8*1/$,&')*&;&$+)$1&+"$+)$*/1-)#&1/$%#
&8<%-$/#*1"$)8$,&-')"#&*".$&88"1&$*/#/;)
+&$'&1*/$)$+"'')"#)$'/1$8=&##"$'1"(()3
-".$('/1&#+"$,4/$5%&8,4/$<&<</"$,)
,&(,4)$+%1&#*/$)$<&9&1$'/1$8"$(,&-<)"6
a%/(*&$"'/1&9)"#/$#"#$,1/+"$()&$')M
'"(()<)8/$ '/1,4F$ )8$ Y[t$ +/)$ ,&8,)&*"1)
L*AA-'."//"',"%%"',7&:/*"
.*'>"9*/*-'M"$*
C
"7#"/%*"/O%(?$%*"%<,'"%$++$0$%A"7#"/O%<0"*/%(?$%3$%-$%&/"
<0$-6"% 6/% +(0"&$0$% (?$% 3"% +$7-"% #/% 0"($33/% 6$##/% <"55/O
Q,$##/%(?$%3"%<"/($%3/-3'R%C/**"%&$6$0$%6'&$%#'%+(0"&"O
+(0"&"("%"#%-'*$%+'<0/O%('+X%3"%0"('06"O%<"55/%6$##$%+$33$%+A'7#"$R
F"%K'+/0"/O%+(0"&"("O%('+X%3"%0"('06"%<,0$%6"%*$O%Y-/%<'&$0/%&$(=
(?"/O%$?W
H(('O%6'&$%('*"-("W
U'*"-("/%('-%#>"*</+3'O%+(0"&"Z%4*</+3'R
B,'"%#/%6'+$%6/%,-%(?"#'%'%Q,$##/%6/%*$55'W%C/"%Q,$##/%6/
,-'O%<'"%*/7/0"%6"&"6"%#$%6'+"R
[-%(?"#'%6"%A/0"-/R%\,$##/%8,'-/O%#/%6'<<"'%5$0'R%D'"%('*=
<0"/*'%+$*<0$%Q,$##/O%&$0'O%;#8]W
F,$%,'&/R
[-%8"((?"$0$%6"%&"-'R%^"/-('R%[-%8"((?"$0$%('*$%Q,$+3'O%/-5"
-,% <'('% <"@% <"(('#'O% Q,$+3'% ]% 6/% /(Q,/O% ,-% 8"((?"$0$% 6/
&"-'R%H%,-'%6"%'#"'O%,7,/#$R%2'"%,-/%<0$+/%6"%+/#$R%4#%+/#$%#'
*$33"%6$-30'%#>/(Q,/%(/#6/O%(?$%#/%,+"%<$0%A"-"0$%6"%"*</+3/0$R
2E
,&-<)&$,&(&,,&$G)#*/("$,"-/$(5%&+1&
+)$&''&1*/#/#9&I$":#)$5%&8;"8*&$/((&
()$('"1,&6$N&$,&(&,,&.$#"#$8&$(5%&+1&6
e)$'&(("$%#&$("22)&*&6$7/8$()*"$)#*/1#/*
+/88&$+)**&$+)$@"+/#&$()$'"(("#"$,"-3
'1&1/$ &8,%#)$ ;/,,4)$ &8<%-$ 1)-&(*)$ )#
-&:&99)#"$&$+/)$'1/99)$*"88/1&<)8)6$e/$8)
('/+)(,"#"$G("#"$+/)$;/1)$:/#).$+/:#)
+/8$@/#(&I$,"#$*%**/$8/$2):%$&#,"1&$+&
&**&,,&1/.$#"#$#/$-&#,&$%#&6$B#$*1)'
+&$'1";&1/6$7"#$("$(/$D$8="+"1/$+/88&
,"88&$ "$ ,"(&.$ -&$ 4"$ '&((&*"$ +/)$ </)
-"-/#*).$;/$8"$&((),%1"6
!/,"#+"$ ;")$ #"#$ D$ ('"1*);"$ 2)#)1/$ :8)
&8<%-$ ,"(Ul$ ]$ ,4)$ 4&$ -&)$ ("(*/#%*"
,4/$)8$,"88/9)"#)(-"$()&$%#"$('"1*6$0%
,"#*1&)1/.$)8$2)#/$+)$*/1-)#&1/$%#&$1&,3
,"8*&$:)%(*)2),&$":#)$-/99".$)"$#"#$:%&13
+"$)#$2&,,)&$#/((%#"6
>#"8*1/$;)$)#2"1-"$,4/$(/,"#+"$%#"$+/)
5%"*)+)&#)$')M$+)22%()$)#$>*&8)&.$&8,%#)$1)3
,/1,&*"1)$+/88=>"j&.$(*&*"$)#$,%)$4&##"
-"8*"$ */-'"$ 8)</1".$ ("#"$ :)%#*)$ &88&
,"#,8%()"#/$,4/$)$,"88/9)"#)(*)$G";;/1"
&''&1*/#/#*)$ &88=)#()/-/$ +/)$ -&#)&,)
"((/(();)$,"-'%8();)I$("#"$*&8)$&$,&%3
(&$ +)$ %#=&8*/1&9)"#/$ &8$ 8"<"$ 21"#*&8/.
('/(("$ +";%*"$ &+$ %#$ *1&%-&6$ >#$ '"3
,4/$'&1"8/$4&##"$(,"'/1*"$)8$W</1#",3
,"8"$+/8$,"88/9)"#)(*&X6
!&#*&$'&9)/#9&6$]$8)$'&:&#"$&#,4/6$@&
8&$ ,"(&$ ')M$ :1&;/$ D$ ,4/$ 5%/(*)$ (*%+)
("#"$1);"8*)$&88&$,%1&$+)$5%/(*/$-&#)/T
@&$,4)$:8)/8"$4&$,4)/(*"l$088&$8&1:&$+&83
8=>"j&T
#
C/##/%8$-$%#/&'0/3/%#/%</+3/O%('+X%#/%+3$-6"%*$7#"'R%4'%,-/
&'#3/%#/%+3$-6$&'%('#%*/33/0$##'O%/6$++'%(?$%<'++'%A/0$O%('Q,$+3$%*/-"%(?$%*"%A/--'%*/#$W
H???O%/88"/*'%('*<0/3'%#/%*/((?"-$33/_%!$%#/%+3$-6$%;#=
8$03'O%('-%#/%*/((?"-$33/O%#/%</++/%6/#%-,*$0'%,-'%/#%-,=
*$0'%+$"R%U'-%Q,$+3'%"*</+3'%3"%&$-7'-'%6,$%0,'3"%6"%<"55/R
\,/-6'% #/% A/(("'% -$% 8/+3/% +$*<0$% <$0% 3,33"O% #>/#30'% 7"'0-'
$0/&/*'%"-%&$-3"O%('-%3,33"%"%A"7#"%$%#$%A"7#"$%$%#$%-,'0$%$%"%-"<'3"O
(?$%8$##/%A/*"7#"/O%$?W%2,0$%3,%A/"%('*$%3"%6"('%"'O%]%#/%('+/
*"7#"'0$%+3/0$%3,33"%/++"$*$R%U'*$%+"%,+/%6/%-'"O%&$0'W
1$77"*"%(?$%?/"%+(0"33'R%B/%8$-$O%]%7",+3'R
;6$++'%+$-3"%(?$%("%*$33"%6$-30'R
1$%*/-6'0#$O%($%-$%&'7#"'-'%</0$((?"$O%A/(("/*'%+$33$%$33"O%$
&'7#"'-'%*/("-/3$O%*/%-'-%3/-3'%A"-"R%4'%#$%*$33'%-$#%0'8'3O
#'%3"$-"%3,W%H>%,-/%8$##/%('*'6"3`O%#$%*$33"%-$#%0'8'3%$%#$%A/"
30"3/3$O%-'-%3/-3'%A"-"O%(?$%+"%6$88'-'%,-%<'('%+$-3"0$%Q,/-=
6'%#$%*/-7"R
1'%5,((?$0'R%U$%-$%&'00$88$%,-%(?"#'O%*/%"'%*"%3$-7'%+(/0=
+/R%./"O%<$0%&"/%6"%;#8$03'O%(?$%("%?/%"#%6"/8$3$O%6$&$%+3/0$
/33$-3'R%D$%?'%*$++'%6"%*$-'O%+(0"&"%+$33$%$33"O%&/>R
""
!"#$%
!"#"$%&'(')*+*,%-'."/'!"$,-'0%-/*-'('$1'232445
",,$
0/'#&I*/"'.-*'.*"9*
9-,,"%%*'9&/&)-%*
.*'O&)"$A&'L",9*$*
7
/8$'1/,/+/#*/$#%-/1"$+)$@/-/#*"$D$(*&*&$'%<<8),&*&$8&$'1)-&$'%#*&*&
+/88&$1%<1),&$W]--&X.$+";/$(,1);/;&-"O$a;##/%0,80"(/%+"%]%<$-+/3'%6"
/++'("/0$%,-%('-('0+'O%('-%<0$*"/5"'-$%"-%'((/+"'-$%6$#%<0'++"*'%U'-&$=
7-'%-/5"'-/#$R%E0/%"%+'#,3'0"%6$#%M6"#$**/N%6"%Q,$+3'%$%6$#%<0'++"*'%-,*$0'
6"%!$*$-3'%+/0/--'%+'03$77"/3"O%/%(,0/%6$##/%0$6/5"'-$O%30$%.'("R%1$%+'#,5"'-"
6'&0/--'%<$0&$-"0$%/##>"-6"0"55'%$*/"#%6"#$**/V*$-+/R"3%$-30'%$%-'-%'#30$%"#
bc%/<0"#$%bccd%'<<,0$%&"/%A/e%/#%-,*$0'%cbfccL:ghicRj$C"#*)#%&*/$5%)#+)
&$(,1);/1,)$/$&$)#;)&1/$8/$;"(*1/$("8%9)"#)6
-","*.'
>+&-.:1/#:-+%1+@..#+2#+:#401//(&#
]
--&.$,"-'8/((&*&$,"-=D$'/1$)8
(%"$2)(),"$'&,4)+/1-),".$D$'&1*)3
,"8&1-/#*/$&**/#*&$&:8)$&,,/(("3
1)$,4/$)#+"((&.$("'1&**%**"$5%&#+"$'%E
*":8)/1()$)8$:1/-<)%8/$+&$'&(*),,/1&$/$;/3
(*)1()$%#$'"=$/8/:&#*/6
H"1(/$D$'/1$5%/(*"$,4/$)8$-"+"$,"#$)8
5%&8/$]--&$:/(*)(,/$:8)$&,,/(("1)$+&
-/**/1/$'/1$8/$",,&()"#)$('/,)&8)$D$1):)3
+"$/$+/,)(&-/#*/$-&#)&,&8/6$7/8$(%"
:%&1+&1"<&$)#2&**)$,)$("#"$+%/$("8)$'/99)
'/1$ ":#)$ *)'"$ +)$ &,,/(("1)"$ G,&''/88).
<"1(/.$(,&1'/.$/*,6I$/+$":#)$&,,/(("3
1)"$;)/#/$)#+"((&*"$(/-'1/$)#$&<<)#&3
*&$,"#$%#$&8*1"$+)$+);/1("$*)'"$G](6$(,&13
'/$,"#$<"1(&I6
M;<</0"0$%*/%+$-5/%'+3$-3/0$N$1)'/*/3
;&$(/-'1/$8&$(%&$#"##&T$>#"8*1/$":#)
&<<)#&-/#*"$ (,/8*"$ ;)/#/$ %*)8)99&*"
("8"$%#&$;"8*&.$M/#30"*$-3"%#/%7$-3$%<$-=
+/%(?$%-'-%*"%<'++/%<$0*$33$0$%,-%<'>
6"%+/-/%A$**"-"#"3`N$,"-/$1),"1+&$('/(3
("$ ]--&6$ B#&$ ;"8*&$ ,4/$ *%**)$ :8)$ &,3
,/(("1)$("#"$(*&*)$&<<)#&*)$,"#$*%**)$:8)
&8*1)$G+)$+);/1(&$*)'"8":)&I$("#"$'")$("3
(*)*%)*)$ )#$ <8",,".$ #/8$ -"-/#*"$ ,4/
]--&$'1/2/1)(,/O$8"$(4"'')#:.$-&:&3
1)$ &8*/1#&*"$ &$ /#"1-)$ :/8&*)$ +)$ ,&22D$ /
'&##&$-"#*&*&6
@&$,"-/$1/&8)99&1/$5%/(*&$(*1&#&$:/3
(*)"#/l$ ]--&$ 4&$ )+/&*"$ %#$ ()(*/-&
'&99/(,"6$Q8)$&,,/(("1)$("#"$1)'"(*)$)#
%#$-"<)8/$+&)$,&((/**)$,"8"1&*)$G*%**)$')/3
#)TIO$%#$+);/1("$,"8"1/$'/1$,&((/**".$%#
("8"$,&((/**"$'/1$":#)$&,,/(("1)"6$\:#)
;"8*&$(*&<)8)*"$8=&<<)#&-/#*"$+&$)#+"(3
(&1/$ ]--&$ -/**/$ -/*),"8"(&-/#*/
#/)$+%/$,&((/**)$%#&$'&88)#&$+/8$,"8"1/
+/8$,&((/**"$+/88=&,,/(("1)"$&<<)#&*"6
f/1$/(/-')".$8=&8*1"$(&<&*"$D$&#+&*&$&+
%#$-&*1)-"#)"$+)$%#$,&1"$&-),"$/$4&
(,/8*"$ )8$ ,&''/88"$ +/8$ ,&((/**"$ 1"(&$ /
:8)$"1/,,4)#)$+/8$,&((/**"$<8%6$7/8$,&(3
(/**"$+/8$,&''/88"$4&$-/(("$5%)#+)$8&
'&88)#&$ <8%$ /$ #/88=&8*1"$ 8&$ '&88)#&$ 1"(&6
`%**"$,4)&1"$#"lT
C"-%#5%/$)/1)$(/1&$]--&$(*&;&$&#3
+&#+"$&8$*/&*1"$/$-/#*1/$:%&1+&;&$,"#
"1:":8)"$8=&<<)#&-/#*"$)#+"((&*"$G,)#3
*%1&u(,&1'/I.$ %#$ W&*1",/X$ ("('/**"$ 8/
'/1;&(/$8&$-/#*/6$W@&$5%&#*/$;"8*/$4"
)#+"((&*"$5%/(*/$(,&1'/lX6$C"(U$*/8/3
2"#E$(%<)*"$&$,&(&$+";/$1)('"(/$(%&
-&+1/6$W@&--&.$-)$'%")$+)1/$5%&#*/
'&88)#/$,)$("#"$#/8$,&((/**"$;%"*"$+/83
8/$(,&1'/X6$g"'"$/((/1()$1)'1/(&$+&88"
(4",A$+/88&$,%1)"(&$+"-&#+&$/+$&;/1
2&**"$:8)$"''"1*%#)$,"#*1"88).$8&$-&--&
1/%&/'-"##"/O%6,$%8,+3"-$R
4#%("'(('#/3'O%Q,/-3'%-$%/88"/*'%*$++'O%;#8]W%F,$%3/&'#$3=
3$O%$?W%2,0$%Q,$+3$%#$%3/7#"%3,33$%/%<$55$33"-"R
1>,&/%</++/%6,$%'%30$%8,+3$R%!$33"%30$O%]%*$7#"'R%."O%Q,$##$%6$#
+,<$0*$0(/3'O%6/%("-Q,$%$33"%#>,-/R
[-%8$##'%&/+'%6"%*/0*$##/3/O%Q,$##/%(?$%3"%<"/($O%A"7#"/%*"/O
*/%Q,$+3/%-'-%#/%*$+('#"%('#%0$+3'O%#/%&/"%/%*$33$0$%/%(,(=
(?"/"-"O%6'<'%3"%+<"$7'R
1/%A0,33/%(/-6"3/%3"%<"/($W%!$33"("%<,0$%Q,$##/O%A/##/%/%<$55$33"
8$-$R%!$+('#/%3,33'%"-+"$*$O%<'"%6"&"6"#'%/%*,((?"$33"O%/#30"=
*$-3"%('*$%A"-"+("%#$%,#3"*$%+A'7#"$%3"%30'&"%+$-5/%6$#%0"<"$-'R
.'-'%6,$%0,'3"O%'7-"%0,'3'%+$"%*,((?"$33"O%<$0(?]%#>,#3"*/%+A'=
7#"/%+'<0/%&,'#$%+'#'%#'%5,((?$0'%$%#>'#"'R
E"%30'&"W%;6$++'%A/"%('+XR
2"7#"%,-%0,'3'O%#'%,-7"%('#%8,00'O%*/%"'%,+'%#>'#"'O%A/##'%/-(?$
3,%('-%#>'#"'O%]%8$##'%#>'#"'%-'+30'O%+3'%8,00'RRR_%C/33"%#$%*/-"%6"
'#"'%$%</++/#'%+,#%A'-6'%$%<,0$%+,"%#/3"O%<'"%*$33"%#/%<0"*/
*"1#E$&8$*/8/2"#"$/$+)((/O$$W!,%(&$]-3
-)#&.$ 2"1(/$ #"#$ 4"$ ,&')*"$ </#/.$ ,"3
-%#5%/$*)$'"(("$+)1/$,4/$)#$":#)$,&(3
(/**"$')/#"$4"$*1";&*"$%#$+);/1("$#%3
-/1"$+)$'&88)#/$W
W@&--&k*)$ 4"$ ,4)/(*"$ ("8"$ 5%&#*/
("#"$ 8/$ '&88)#/$ #/8$ ,&((/**"$ eB\`\
+/88/$(,&1'/TTX$*%"#E$]--&6
WH):8)&$-)&.$#"#$*)$&11&<<)&1/T$\1&$;&+"
&$;/+/1/.$)#$":#)$,&("$*)$,"#2/1-"$,4/
&#,4/$)8$#%-/1"$+)$'&88)#/$'1/(/#*)$#/8
,&((/**"$;%"*"$+)$,"8"1/$:)&88"$D$+);/13
("$ +&$ *%**)$ :8)$ &8*1)$ ,&((/**)TX6$ N&$ 8)#/&
,&++/$/$8&$#"(*1&$'&(*),,/1&$)#;/,/$+)
1),4)&-&1/$,"-)#,)E$&+$/8&<"1&1/$)$(%")
+&*)6$W0,,)+/#*).$("#"$,/1*&$,4/$)8$,&(3
(/**"$ :)&88"$ #"#$ D$ 5%/88"$ +/88/$ (,&13
'/kXP$:8)$",,4)$+)$]--&$('1):)"#&1"3
#"$ %#&$ /('1/(()"#/$ +)$ (*%'"1/6$ W@&
,/1*"T$4"$:)?$*%**)$:8)$/8/-/#*)$'/1$1)('"#3
+/1/$ &8$ -)"$ 5%/()*"X$ <"1<"**E$ *1&$ (/
1&+)"(&6$\1&$(U$,4/$'"*/;&$&#+&1/$*1&#3
5%)88&$&+$&(,"8*&1/$8="'/1&$)#$'1":1&-3
-&$/$:%(*&1()$#/88=$)#*/1;&88"k%#$-%,3
,4)"$+)$2&#*&(*),4/$*&1*)#/TTT
F'*/-6/Z%Q,/-3$%</##"-$%("%+'-'%-$#
(/++$33'%6$##$%+(/0<$%"-6'++/3$%Q,$##/
+$0/%6/%H**/W
#
+A'7#"/%$%<,0$%#/%+A'7#"/%#/%&/"%</++/-6'%('-%#$%*/-"%A/33$
6>'#"'R%U"%*$33"%+'0/%"#%*"+3'O%+</0+'%8$-$O%<'"%('#%(,((?"/"-'
6$"%<$55$33"%6"%*/0*$##/3/O%<'"%*$33"%#/%+$('-6/%+A'7#"/O%->/#=
30'%<'('%6>'#"'O%<'('%<'('O%$%"#%*"+3'O%$%&/"%('+X%A"-$-6'%+"-'
/##/%+$33"*/%+A'7#"/O%+'<0/%#/%+$33"*/%("%&/%+'#'%#>'#"'%$%,-%<'>
6"%5,((?$0'R
;6$++'%#'%*$33"%-$#%A'0-'O%6,$($-3'%70/6"O%A"-'%/%(?$%-'-%+"
('#'0/% 8$-$% ('*$% "#% </-$O% ('#'0$% 6$#% </-$O% ('*$% #'% &$6"R
;##'0/%#'%3'7#"%$%<'+"%"#%0,'3'%/%3$00/R%20'<0"'%<$0%3$00/O%A"7#"/
*"/O%('+X%*"%"-+$7-/0'-'%/%*$O%+"%6$&$%0/AA0$66/0$%<$0%3$00/O
$%Q,/-6'%]%A0$66/%#/%&/"%3/7#"/-6'%('*$%3"%</0$O%<0"*/%(?$
+"%A/%6,0/R
F,$%($%-$%+3/--'%-$#%A'0-'O%&$-7'-'%8$-$R
H%Q,/-6'%#/%A/"%*"%6"("%('*$%3>]%&$-,3/O%$?W
H%Q,/-6'%3'0-"W
G,/06/%(?$%3"%/+<$33'O%3"%6$&'%A/0$%,-%(/AA]%6"%Q,$##'%8,'-'O
6/**"%,-'%8/("'O%&`_
!
2N
!"#$%
Q@*,-$A*&R
.*'@")$-).&'@&$9&#?-:$*
^
"+/-5"'%]%,-%<'-3$R
."-%6/#%<0"*'%/+('#3'%(?",-Q,$%-$%<,I%('7#"$0$
Q,$+3/%(/0/33$0"+3"(/%"-%`*8"3'%7$'70/A"('Z
^"+/-5"'O%'&&$0'%U'+3/-3"-'<'#"O%/6$++'%4+3/-8,#O%]%#/
<'03/%6$##>k0"$-3$O%"#%#,'7'%6'&$%3$0*"-/%#/%("&"#3`%/%-'"
A/*"#"/0$%$%"-"5"/%#>"7-'3'R
1/%+3$++/%(/-5'-$%$+<#"("3/%Q,$+3'%+"7-"A"(/3'%-$"%&$0+"
n@/$#/$&#+&;"$8=&8*1&$(/1&$5%&()$)#,"#(,)&-/#*/$u$:)M$&8
'"1*"$R"('4"1/)"#.$8?$+";/$()$'/1+/$u$8&$*/11&$+/#*1"$&8
-&1/$2)#"$5%&()$&8$#)/#*/$u$/$'")$1)*"1#&$*/11&$/$#"#$D$')M
",,)+/#*/6o%$%<"@%/&/-3"%nC)**?$&((%1+&$v666w$("('/(&$*1&
+%/$-"#+)oR
^$-%<"@%"*<'03/-3$O%/-('0(?l%('*$%&$60$*'%-'-%/-('0/
$+/,+3"&'O%]%#>`*8"3'%+3'0"('R%4-%Q,$+3'%+$-+'%^"+/-5"'%+"
('*<'03/%6/%<'-3$%30/%6,$%$<'(?$%(,#3,0/#*$-3$
A'-6/*$-3/#"Z%#>4*<$0'%K'*/-'%$%"#%!$6"'%H&'R
1/%(/-5'-$%]%/*8"$-3/3/%/#%3$*<'%6"%G",+3"-"/-'O
6"&$-,3'%4*<$0/3'0$%6>k0"$-3$%-$#%dbfZ%8$-(?l%+"%30/33"%6"
,-%+'&0/-'%"-(#"-$%/%0"A'0*$%<'#"3"(?$%$%7",6"5"/0"$%S+"
0"('06"%"#%('6"($%(?$%<'03/%"#%+,'%-'*$T%]%7$-$0/#*$-3$
('-+"6$0/3'%,-%+'&0/-'%/,3'0"3/0"'%$O%+'<0/33,33'O%<0'-'
/##>"-A#,$-5/%6$##/%*'7#"$O%#/%$e=6/-5/30"($%E$'6'0/R%;%("I
+"%/77",-7/%(?$%#>4*<$0/3'0$O%'0"7"-/0"'%6$##>4##"0"/%$%Q,"-6"
6"%#"-7,/%#/3"-/O%+"%$0/%+$*<0$%0"A",3/3'%6"%"*</0/0$
('*<",3/*$-3$%"#%70$('%$%+"%('*<0$-6'-'%A/("#*$-3$%"
&$0+"%nS"-&#)$/$Q1/,)$%18&*/.$+";/$()/*/$&#+&*)l$u$!/#*);"
</(*/--)&1/$)#$08&-&##"$/$)#$Q"*"666$u$C)**?$&((%1+&.
,)**?$(*1&#&.$+)$5%/(*=)-'/1&*"1/$('"("$+)$'%**&#&$v666w
("('/(&$v666w$*1&$+%/$/1/xxoR
m%/%Q,$+3'%+"7-"A"(/3'%+3'0"('%(?$%3,33/&"/%+"%0"/##/(("/%#/
#$33,0/%<"@%+"7-"A"(/3"&/%6$#%<$55'Z%^"+/-5"'%0/<<0$+$-3/%,<'-3$%30/%6,$%$<'(?$%6"+3"-3$%6$##/%<0'6,5"'-$
7,(("-"/-/R
\,/-6'%+(0"&$%#$%(/-5'-"%(?$%+/0/--'%<,88#"(/3$%-$#
:ig:%"-%M!$30'<'#"+NO%#>/#8,*%(?$%('-3"$-$%/-(?$
M^"+/-5"'NO%G,(("-"%?/%6/%<'('%('*<",3'%Q,/0/-3>/--"%$
+"%/(("-7$%/%*,3/0$%"-%*'6'%$&"6$-3"++"*'%#/%+,/
<0'6,5"'-$R%4#%3$*/%6$##/%*/3,0"3`O%+"-'0/%+'#'%/(($--/3'
$%('*,-Q,$%*/"%0"A$0"3'%/%$&$-3"%<$0+'-/#"%SM4#%&$((?"'%$%"#
8/*8"-'NO%:ifb%'%M4#%<$-+"'-/3'NO%:ifhT%&"$-$%Q,"
"-30'6'33'%"-%<0"*/%<$0+'-/%$%+/0`%"#%<0"-("<"'%6"%,-/
<0'6,5"'-$%(?$%("%?/%0$7/#/3'%/#8,*%"-3$0"%SM\,$##'%(?$
-'-RRRNO%:iicn%M.3/7"'-"NO%bcccTR%4#%3$*/%]%"-30'6'33'%('A'05/%+"-%6/"%<0"*"%&$0+"Z%n0#,4/$5%/(*&$(/1&$8&$8%#&$D
("1*&$u$&22":&*&$)#$%#$,"8"1/$*1"''"$1"(("$/$;&:"6$u
e/('/1"x$#"#$()$;/+/.$()$D$"22%(,&*&.$u$8&$'%#*&$+/88"$(*)8"
()$D$('/99&*&6$u$C4/$"1"(,"'"$(&)$*1&11/$5%/(*&$(/1&.
@&:"l$u$>".$H)8/-&9)".$'1"*"-/+),"$-&*/-&*),"
&(*1"#"-".$2"1(/$(&::)".$u$1)+"**"$,"-/$%#$,)/,"$&
<1&#,),&1/$&**"1#".$u$#"#$4"$8&$,"#"(,/#9&.$u$"+$)8
,"1&::)"$'/1$2&1/$5%/(*="1"(,"'".$'/1$+);)#&1$1/('"#(".$u
/$1/(*"$5%)$&$&('/**&1/$,4/$1)*"1#)$:)"1#"$/$+/;"$+)1/.$+/;"
+)1/$u$,4/$("#"$2"1(/$*1"''"$;/,,4)"$'/1$,&')1/.$u$,4/$4"
'/1("$8&$-)&$-/#*/$)#$,4)((?$5%&8/$&<%(".$"+$"9)".$u$-&
(*&#$-%*&#+"$:8)$&(*1)$#/88/$#"**)$+=/5%)#"9)"6o
P4
!"#"$%&'(')*+*,%-'."/'!"$,-'0%-/*-'('$1'232445
E,33/&"/O%-'-%]%+$*<#"($*$-3$%#/%Q,$+3"'-$%<0$33/*$-3$
/-/70/A"(/%(?$%G,(("-"%("%&,'#$%30/+*$33$0$Z%"#%*'3"&'
($-30/#$O%$(($5"'-/#*$-3$%/##/(("/3'%/#%*'3"&'%+3'0"('%6"
(,"%+"%6"($&/%<'(>/-5"O%]%"#%*,3/*$-3'%6$#%*'-6'%(?$%#'
("0('-6/%&$0+'%,->$0/%(?$%-'-%7#"%/<</03"$-$%<"@O%(?$
+A,77$%/##/%+,/%('*<0$-+"'-$%/%(/,+/%6$##>"-/6$7,/3$55/
6$"%*$55"%(?$%?/%/&,3'%+"-'0/%/%6"+<'+"5"'-$%<$0
"-6/7/0#/R%;#%*'*$-3'O%-/3,0/#*$-3$O%"#%*$++/77"'%]
6$8'#$%$%/<<$-/%/(($--/3'Z%n\$2"1(/$)".$2"1(/$)".$u$4"
("**";&8%*&*"$5%/(*"$#%";"$+)".$u$-&$;/+"$)#$-/$/$#/)
(/:#)$,4/$5%&8,"(&$(*&$,&-<)&#+".$u$-&$D$%#$+/<"8/
'1/(&:)"$,4/$#"#$+),/$,"-/$/$5%&#+"6o
G"`O%3,33/&"/O%+"%"-+"-,/-'%"%<0"*"%6,88"%+,##$%70/-"3"(?$
('-&"-5"'-"%(?$%?/--'%(/0/33$0"55/3'%#/%<0'6,5"'-$
<0$($6$-3$Z%nC4/$)-'"1*&$&$5%/(*"$-&1/$/((/1/$&99%11"$"
;/1+/loO%+"%(?"$6$%<"@%/&/-3"R%\,$+3/%A0/+$
/<</0$-3$*$-3$%"-+"7"-A"(/-3$%*$33$%"-%0$/#3`%"6"+(,++"'-$%#>"-3$0/%<0'6,5"'-$%M<'#"3"(/N%7,(("-"/-/Z
M/55,00"N%$%M&$06"N%$0/-'%#$%A/5"'-"%(?$%+"%('*8/33$&/-'
<$0%"#%<0$6'*"-"'%6$##/%("33`%6,0/-3$%#$%('0+$
/##>"<<'60'*'O%,-'%6$"%#,'7?"%+'("/#*$-3$%<"@%+"7-"A"(/3"&"
6$##/%("33`%"-%$<'(/%8"5/-3"-/O%/-('0(?l%<0'<0"'%<$0%Q,$+3/
0/7"'-$%"-/6/33'%/%6"+Q,"+"5"'-"%<'#"3"(?$Z%n!/#*);"$)$,&#*)
"(,/#)$+/:8)$&;;)#&99&*).$u$+)$:/#*/$+&88"$(:%&1+"$')**%1&*"
/$;%"*".$u$)''"+1"-".$<"1+/88".$/$#"1+),)$("8+&*)666oR%4#
<$55'%</00$88$%&'#$0%3$0*"-/0$%('-%#>/*/0/%<0$+/%6"
('+("$-5/%6$##/%+"3,/5"'-$Z%nH"1*%#&$/$/*?$4&#$+/,)("$'/1
%#$:)"1#"$#"#$8"#*&#".$u$'")$)8$2&*"$,4)/+/1/<</$,4/
(,/:8)/((/$8&$-)&$-&#"oO%Q,/+"%/%+'33'#"-$/0$
#>"-+'+3$-"8"#"3`%6$#%<0'++"*'%A,3,0'R%!/%/-('0/O%"#%6,88"'
+"%"-+"-,/n%Q,$+3/%&'#3/%<$0IO%Q,/+"%('*$%,-/%+$70$3/
+<$0/-5/O%]%#>"-+'-6/8"#$%*"+3$0'%6$##/%&"3/%/%&$-"0$%"/",3'%/##>;,3'0$O%/330/&$0+'%"%&$0+"%+,(($++"&"%(?$
0/<<0$+$-3/-'%"#%(,#*"-$%A"#'+'A"('%6$##>"-3$0/%(/-5'-$Z
nR)(&#9)"$D$2"1(/$("8"$%#$()-<"8"$)#("#+&<)8/.$u$(/:1/*"$/
&-<):%".$,"-/$5%/(*&$;)*&6$u$R)(&#9)"$D$%#$-)*"$,4/$#"#
-)$D$,"#(%/*".$u$R)(&#9)"$D$%#$(":#"$,4/$()$2&
)#,"-'8/*"6$u$R)(&#9)"$2"1(/$#"#$D$-&)$/()(*)*&.$u$/
&#,"1&$):#"1".$/$%#=&8*1&$#"**/$D$&#+&*&oR%\,$+3$%</0'#$
/6'*80/-'%#>"-/6$7,/3$55/%6$##>,'*'%/%('*<0$-6$0$%#/
+,/%*"+3$0"'+/%('-6"5"'-$%+,#%<"/-$3/%<",33'+3'%(?$%/
&"&$0#/%('*<",3/*$-3$%A"-'%/##/%A"-$O%$%+'-'%<0$#,6"'%/"
&$0+"%A"-/#"%(?$O%C"#$*/5"'%'0*/"%$+/,+3'O%(/#/-'%,-%&$#'
6"%<"$3`%+,%Q,$+3/%,*/-/%('-6"5"'-$Z%nN%,)2/1"x$D$:)?
("1*&.$/$()$&89&$%#$'"=$+)$;/#*".$u$,=D$21/++"$(%88&$*"11/.$"$D
8=/*?$-)&$-&8&*&.$u$,"#2"#+"$;)*&$/$-"1*/.$#"#$("$,4)$D
'&((&*&.$u$-)$,"'1"$,"8$-&#*/88"$)8$,&'"$/$')M$#"#$(/#*".
u$/$-)$&++"1-/#*".$-)$&++"1-/#*".$-)$&++"1-/#*"6o
!
o%B$+<$0'%$%1,("A$0'O%0"+<$33"&/*$-3$%Mp+3$##/q%6$##/%+$0/N%$%M<'03/3'0$
6"%#,($NO%'&&$0'%M+3$##/%6$#%*/33"-'N%$0/-'%"%-'*"%#/3"-"%6$#%<"/-$3/
B$-$0$O%(?$%'08"3/-6'%"-3$0-/*$-3$%/##/%E$00/%('*</0$%+'#'%/#%30/=
*'-3'%'%/##>/#8/R%^$-(?l%A"-'%/#%!$6"'%H&'%A'++$%'<"-"'-$%('*,-$
(?$%+"%30/33/++$%6"%6,$%/+30"%6"AA$0$-3"O%7"`%"-%$<'(/%70$(/%7#"%/+30'-'=
*"%/&$&/-'%('*<0$+'%#/%+,/%&$0/%-/3,0/R
oo%2$0%Q,$+3"%&$0+"%$%"-%7$-$0/#$%<$0%#>"-3$0/%'<$0/%(A0R%"#%<'$*/%M^r=
5/-3",*N%6"%sR^Rt$/3+O%/6%$+$*<"'%"-%?33<Zuu3"-r,0#R('*ud0d--R
4#%3$+3'%('*<#$3'%6"%3,33$%#$%(/-5'-"%6"%G,(("-"%]%6"+<'-"8"#$
+,%?33<Zuu0$67'#<$R('*R
!"#$%
!"#"$%&'(')*+*,%-'."/'!"$,-'0%-/*-'('$1'232445
Q@*,-$A*&R
.*';*&):*&'L"$9&
>$0&-%,A1-$(
$*<'% 6"% 80,+(?"% *,3/*$-3"O
3$*<'%6"%"-($03$55$%$%6"%3"*'0"R
1>4*<$0'%K'*/-'%6>k0"$-3$%&"=
&$&/%+'33'%G",+3"-"/-'%,-/%A/+$%</03"=
('#/0*$-3$%3,08'#$-3/%6$##/%+,/%+3'0"/
S+3'0"/%(?$O%<$0%6"0#/%3,33/O%3,08'#$-3/%#'
]%+3/3/%<0/3"(/*$-3$%+$*<0$TR
G,(("-"%($%-$%</0#/%"-%Q,$##/%(?$%]%,-/
6$##$%+,$%(/-5'-"%<"@%/33,/#"O%<"@%('*=
<#$++$O%<"@%6"AA"("#"%$O%<$0%"%*"$"%<$0+'-/=
#"%7,+3"O%/-(?$%#/%<"@%8$##/Z%R)(&#9)"R
D'-%]%<0'<0"'%<'++"8"#$%('*<0$-6$0$
A"-'%"-%A'-6'%"#%0/(('-3'%6$#%(/-3/,3'0$
$*"#"/-'%+$-5/%<0"*/%/-6/0+"%/%+3,6"/=
0$O%('*$%/%+(,'#/O%"#%('-3$+3'%+3'0"('
(,"%#/%(/-5'-$%+"%0"A$0"+($R%!"%<$0*$33'
<$0("I%6"%('-+"7#"/0$%/%(?"%#$77$0`%Q,$=
+3'%"-6$7-'%('**$-3'%6"%($0(/0$%-$#=
#/%<0'<0"/%8"8#"'3$(/%Q,/#(?$%+$0"'%#"80'
6"%+3'0"/%<$0%(/<"0$%-'-%+'#3/-3'%#$%+$=
Q,$-5$%6"%/&&$-"*$-3"O%*/%/-(?$%#>/3=
*'+A$0/%$*'3"&/%$%(,#3,0/#$%(?$%Q,$=
7#"%/&&$-"*$-3"%6$3$0*"-/0'-'R%!"%<$0=
*$33'%/#30$+X%6"%+,77$0"0$%/%3,33"O%"-(#,+"
('#'0'% (?$% -'-% /*/-'% G,(("-"O% 6"
/+('#3/0$% /#*$-'% ,-/% &'#3/% "#% 80/-'
<0"*/% 6"% ('-3"-,/0$% /% #$77$0$% Q,$+3$
0"7?$%$%<'"%6"%/+('#3/0#'%/-('0/O%+,8"3'
6'<'%/&$0%A"-"3'%6"%#$77$0#$R
4#%3$+3'%6"% R)(&#9)"%("%0"<'03/%/"%7"'0-"
6$##>"*<$0/3'0$%G",+3"-"/-'%$%6$##/%+,/
+<'+/%E$'6'0/R%m%"#%B4%+$('#'%$%#>4*<$=
0'%6>k(("6$-3$%]%(/6,3'O%6'<'%,-/%#,-=
7/%/7'-"/O%-$#%Lfh%6RUR%('-%#/%6$<'+"=
5"'-$% 6"% K'*'#'% ;,7,+3'#'% 6/% </03$
6$#%8/08/0'%k6'/(0$R%B$-3"%6"%7,$00/%$
6>"-Q,"$3,6"-$%+'AA"/-'%A'03$%-$##$%<0'=
&"-("$%$,0'<$$R
D,'&$% 7$-3"% +"% +'-'% /AA/(("/3$% +('-=
&'#7$-6'%#>'06"-$%6$#%("&"#"++"*'%"*<$=
0'O%-,'&"%"6"'*"%$%(/('A'-"$%+"%</0#/=
-'o%'&,-Q,$%$%6"+3,08/-'%#/%('#3/%/0=
*'-"/% 6$##$% +'-'0"3`% 70$(?$% $% #/3"-$R
U'-A,+"'-$%6"%0$#"7"'-"%$%6"%-,'&$%+$3=
3$O%,-/%('00,5"'-$%6"#/7/-3$O%#'33$%<$0
"#% <'3$0$% $O% <"@% 6"% 3,33'O% "**$-+'% $6
"-('#*/8"#$O%"#%&,'3'%#/+("/3'%6/#%(0'##'
6"%Q,$##'%+30/'06"-/0"'%A/0'%6"%($03$55$
$3"(?$O%6"%/8"3,6"-"O%6"%('+3,*"%$%6"%(,#=
3,0/%(?$%$0/%+3/3/%#/%K'*/%"*<$0"/#$R
!'#3$<#"("%+'-'%#$%/-/#'7"$%('-%"%7"'0-"
(?$% &"&"/*'% -'"% '(("6$-3/#"% 6$#% 3$05'
*"##$--"'Z%/-(?$%<$0%-'"O%6'<'%+$('#"
6"%6'*"-"'%(,#3,0/#$O%$('-'*"('%$%*"=
E
#"3/0$%6$##>'(("6$-3$%#$%('+$%</"'-'%"*=
<0'&&"+/*$-3$%"-+3/8"#"R%4#%3"*'0$%<$0%"#
</&$-3/3'% $+/,0"*$-3'% 6$##$% A'-3"
$-$07$3"(?$O%#>"-Q,"-/*$-3'O%"#%0"+(/#6/=
*$-3'%7#'8/#$O%7#"%+('-&'#7"*$-3"%(#"=
*/3"("O%"#%(0'##'%6$##$%($03$55$%$3"(?$%6"
A0'-3$% /"% -,'&"% '0"55'-3"% /<$03"% 6/##/
+("$-5/% S(#'-/5"'-$O% 0"<0'6,5"'-$% /+=
+"+3"3/O% '7*O% $((RTO% */% +'<0/33,33'% #/
(0$+($-3$%*"-/(("/%<'#"3"(/O%$('-'*"=
(/%$%(,#3,0/#$%(?$%<0'&"$-$%6/"%</$+"
/0/8"O% 6/##/% U"-/O% 6/#% G"/<<'-$O% 6/#=
#>4-6"/O%6/%4+0/$#$%$%6/%/#30"%*$33'-'%"6,88"'%#/%+$0$-"3`%6"%,-%'06"-$%+3/8"#"=
3'% (?$O% 7",+3'% '% +8/7#"/3'% (?$% A'++$O
('+3"3,"&/%('*,-Q,$%"#%<,-3'%6"%0"A$0"=
*$-3'%6$##/%-'+30/%+3'0"/%0$($-3$R
B#+40&,00,&#+%(2+C&#$4#%8$##"++"*'%80/-'%6"%G,(("-"%]%('+30,=
"3'%+,%,-/%*"0"/6$%6"%("3/5"'-"O%0"A$0"*$-=
3"O%+"*8'#"%$%*$3/A'0$%(?$%+"%"-30$(("/-'
30/%#'0'%('*$%"%A"#"%('#'0/3"%-$##/%30/*/
6"%,-%3$++,3'%<0$5"'+'R
."%30/33/%6"%,-%*'6'%6"%<0'($6$0$%(?$
-$#%(/-3/,3'0$%6"%2/&/-/%]%,+,/#$O%*/
"-%Q,$+3'%(/+'%#/%Q,/-3"3`%6$7#"%$#$*$-=
3"%"-30'6'33"%]%+8/#'06"3"&/R
;#%#"&$##'%<"@%8/-/#$%R)(&#9)"%]%"#%Q,/=
60'%6$##/%A"-$%6$##$%($03$55$%6"%C"#$*/=
5"'O%,-%,'*'%#/%(,"%(,#3,0/%]%+,AA"("$-=
3$%<$0%A/07#"%(/<"0$%6"%-'-%+/<$0%(/<"0$R
!/%"#%0"(?"/*'%/##/%+'(0/3"(/%('+("$-5/
6$##/%<0'<0"/%"7-'0/-5/%&"$-$%/00"((?"=
3'% 6/% ,-% </3?'+% (?$% "-% .'(0/3$% -'$0/%<0$+$-3$R%4#%&$((?"'%+/<"$-3$%&"$-$
('#3'%<0'<0"'%-$#%*'*$-3'%"-%(,"%"-%#,"
+"%"##,*"-/%#/%('-+/<$&'#$55/%6$##/%<0'=
<0"/% +'+3/-5"/#$% "7-'0/-5/% $O% Q,"-6"O
6$#%<0'<0"'%A/##"*$-3'R%4-%Q,$+3'%*'6'
G,(("-"% ("% A'0-"+($% -'-% +'#3/-3'
#>$+<0$++"'-$%6"%,-/%6"+3/((/3/%('-+/=
<$&'#$55/% A"#'+'A"(/% SQ,$##/% 6$##/% <0'=
<0"/%-'-%('-'+($-5/TO%*/%"#%0"30/33'%6$#
60/**/%6"%,-%,'*'%(?$%"-+$7,$%,+'7-'%S#/%('-'+($-5/T%$6%/##>"*<0'&=
&"+'%#'%&$6$%+&/-"0$R
4-%7$-$0$%G,(("-"O%-$#%<0$+$-3/0$%#$%+,$
+3'0"$O%+($7#"$%6"%*'+30/0($#$%'%6/%,<,-3'%6"%&"+3/%*'#3'%0/&&"("-/3'%'%6/
,-'%*'#3'%6"+3/-3$R%m%,-%<'>%('*$%+$
*/-'&0/++$%#>'8"$33"&'%6"%,-/%*/((?"=
-/% A'3'70/A"(/% $O% /% +$('-6/% 6$"% (/+"O
0$7'#/++$% #'% 5''*% "-% *'6'% 6/% ('-=
($-30/0$%#'%+7,/06'%+'#'%+,%,-%<"(('#'
6$33/7#"'O%"-70/-6$-6'#'%*'#3'O%'<<,=
0$% 6/% /880/(("/0$% /-(?$% ,-/% &/+3/
5'-/% ("0('+3/-3$% /33'0-'% /##>'77$33'
<0"-("</#$R
4-%/*8$6,$%"%(/+"%&"$-$%+"%$&"3/%6"%/6'3=
;899*$*'111'T'2
00U'?-)%"
D
$##'%+('0+'%-,*$0'%6"
!$*$-3'%S:ubccdO%6"+<'-"8"#$
+,#%+"3'%*$-+/R"3T%^$0-/06'
^'-('*</7-"O%<"@%-'3'%A0/%"%.'("
!$-+/%('*$%K$6%G'#<$O%$%G"'07"'
2$-('O%/++"6,'%A0$Q,$-3/3'0$%6$##$
0",-"'-"%6$#%!$-+/%1/5"'%/-(?$%"&$+3$%6"%0$#/3'0$O%?/--'
('**$-3/3'%MC/0$J$##NR%1"%/&$&'
"-&"3/3"%/%<,88#"(/0$%,-%#'0'
('-30"8,3'%"-(,0"'+"3/%6/%,-/
('-A$0$-5/%(?$%G"'07"'%/&$&/
3$-,3'%/%K'*/%Q,/#(?$%3$*<'%A/
+,#%(/-3/,3'0$%8'#'7-$+$%$
+/<$-6'%(?$%^$0-/06'%(,0/%,"-3$0$++/-3$%+"3'%6$6"(/3'%/%G,(("-"
S0$67'#<$R('*TR%4-%Q,$+3'%-,*$0'
#/%0$($-+"'-$%6"%,-%/#30'%80/-'
*'#3'%/*/3'%6/7#"%$+3"*/3'0"
6$##>/03"+3/Z%^"+/-5"'R
D-%-/*-'@8AA*
3/0$%"#%<,-3'%6"%&"+3/%<"@%'&&"'Z%Q,$##'
(?$%*$33$0$88$%/#%($-30'%6$##>/33$-5"'=
-$%"#%6"</-/0+"%6$##/%+3'0"/%-$#%+,'%('*=
<#$++'R
1>$AA$33'% A"-/#$% ]% #'% +70$3'#/*$-3'% 6$"
0/<<'03"% 6"% (/,+/=$AA$33'% $% #'% +&,'3/=
*$-3'% 6$#% 0,'#'% /33"&'% 6$##>,'*'% -$#
('+30,"0$%"#%+,'%<0'<0"'%6$+3"-'%<$0+'=
-/#$R
D$#%<0"*'%(/+'%"%<$0+'-/77"%6"%G,(("=
-"%-'-%&$-7'-'%<0$+$-3/3"%-$##>/33'%6"
('+30,"0$% "#% <0'<0"'% 6$+3"-'% *$6"/-3$
,-/%+3'0"/%6"%3$-3/3"&"O%$00'0"%$%+,(($++"
A"-'%/%0/77",-7$0$%,-%($03'%$+"3'%A"-/#$
S+($#3/%(?$%<'00$88$%"-%$&"6$-5/%"#%0,'=
#'%/33"&'%6$##>['*'TR%2",33'+3'%&$-7'=
-'%A'3'70/A/3"%-$#%*'*$-3'%"-%(,"%"#%6$=
+3"-'%+"%('-(0$3"55/O%Q,/+"%/%#'0'%"-+/=
<,3/%$6%/#%6"%#`%6$##/%#'0'%&'#'-3`R%1>/3=
3$-5"'-$%+"%('-($-30/%+,%,-%+'#'%*'=
*$-3'%</03"('#/0$%$%G,(("-"%+$#$5"'-/
Q,$#%*'*$-3'%('-%/33$-5"'-$O%"-%*'6'
(?$%$++'%<'++/%+"*8'#$77"/0$%<"$-/=
*$-3$%#>"*<'3$-5/%,*/-/R
;#30$%&'#3$O%"-&$($O%"-%(,"%"#%<0'A$++'0$
6"%2/&/-/%/##/07/%6"%*'#3'%#>"-Q,/60/=
3,0/O%('+X%#/%&"($-6/%6$##>,'*'%A"-"+($
<$0%/<</0"0$%-,##/%<"@%6"%,-%A/33'%"-+"=
7-"A"(/-3$% "**$0+'% "-% ,-% A#,++'% 30'<=
<'%<"@%70/-6$R%k<<,0$%G,(("-"%+"%+$0=
&$%6"%/*8$6,$%7#"%$+<$6"$-3"%-$##>/*=
8"3'%6$##/%+3$++/%(/-5'-$R
""
PS
!"#$%
D$#% (/+'% 6"% ^"+/-5"'% ("% 30'&"/*'% $&"=
6$-3$*$-3$%-$##/%<0"*/%+"3,/5"'-$R%1/
+3'0"/% ('*<#$++"&/% 6"% C"#$*/5"'% ("% 0"=
*/-$%"7-'3/R%47-'3$%0"*/-7'-'%#$%+,$
7#'0"$%$%#$%*"+$0"$R%47-'3"%"%+,(($++"%$%7#"
"-+,(($++"R% D"$-3$% ("% &"$-$% 6$33'% 6"
('*$% "#% +/<"$-3$% ?/% ('+30,"3'% #/% +,/
&"3/R
4-&$($%("%&"$-$%*'+30/3'%"-%6$33/7#"'%"#
*'*$-3'%"-%(,"%+"%*/-"A$+3/%"#%A/##"*$-=
3'R% \,$#% *'*$-3'% "-% (,"% 3,33/% #/% &"3/
<0$($6$-3$O% <$0% Q,/-3'% /% -'"% "7-'3/O
+"%0"+'#&$%-$#%+,'%$+"3'R%H%+"%30/33/%6"%,$+"3'%-$7/3"&'R
2/0$##$#/*$-3$%/##>/07'*$-3'%<0"-("</=
#$O%"#%(/-3/,3'0$%"-30'6,($%3,33/%,-/%+$=
0"$%6"%*$3/A'0$%$%+"*8'#"%(?$%("%</0#/-'
6"%('*$%3,33'%+"/%&/-'%$6%"-+3/8"#$%"Q,/-3'%+'77$33'%/%30/-+"5"'-"%$%3,33'O
6,-Q,$O%+"/%6$+3"-/3'%/%A"-"0$%-$#%-,##/
<$0%<'"%30/+A'0*/0+"%"-%Q,/#('+/%6"%-,'=
&'%$%6"&$0+'R
D$#%3$+3'%+'-'%"-A/33"%("3/3$%'%0"(?"/*/=
3$%#/%A"-$%S"<'3"55/3/T%6$##>4*<$0'%K'*/=
-'%6>k0"$-3$%$%Q,$##/%S0$/#$T%6$##>4*<$=
0'% 6>k(("6$-3$O% #/% A"-$% 6$##>,-"&$0+'
(,#3,0/#$%70$('=0'*/-'O%#/%A"-$%6$##>'(=
("6$-3$% 7$'70/A"('% (?$% 6"&$-3/% '0"$-=
3$O%#/%A"-$%6"%,-%($03'%*'6'%6"%($0(/0$
#$%<0'<0"$%0"+<'+3$%$%($03$55$%S*$6"/-=
3$%#$%6"&"-/5"'-"TO%#/%A"-$%6$##/%&"3/%6"%C"=
#$*/5"'O% #/% A"-$% 6$"% &/#'0"% 30/6"5"'-/#"
S"*<$0/3'0$%+<'+'%6"%<,33/-/T%$%+'<0/3=
3,33'% #/% A"-$% 6$##>'06"-$% -'0*/#$% 6$##$
('+$%S,-%+/<"$-3$%(?$%+"%+$-3$%"7-'0/-3$
6"%A0'-3$%/%M8/08/0"%(?$%A'0+$%+/--'%7"`
#/%&$0"3`NTR
R)(&#9)"%]%6,-Q,$%,-%"**$-+'%$%('*=
<#$++'%/AA0$+('%6$#%*,3/0$
$% 6$##'% +&/-"0$% 6$##$% ('+$O
6$7#"%,'*"-"%$%6$##$%#'0'%("=
&"#3`%$%($03$55$R%U"%</0#/%6$#
3$*<'%(?$%30/&'#7$%$%+30/=
&'#7$%3,33'%("I%(?$%]R%k7-"
<,-3'% 6"% 0"A$0"*$-3'O% '7-"
$++$0$%&"&$-3$O%/++"$*$%/##$
*'-3/7-$O%/"%<"/-$3"%$%<$0=
+"-'%/##$%+3$##$%$6%/##$%('+3$#=
#/5"'-"R
4#%</++/0$%6$##$%('+$%]%A'0=
+$O%6"%3,33"O%"#%3$*/%<"@%<0$=
+$-3$%-$##/%<0'6,5"'-$%*,=
+"(/#$%6"%G,(("-"R
B#+40-&1#
1>/<$03,0/%6$##/%(/-5'-$%("
6"($%7"`%3,33'%$%*$0"3/%6"%$+=
+$0$%('**$-3/3/%Q,/+"%</=
0'#/%<$0%</0'#/R
;-(?$%Q,$+3/%+$0/%#/%#,-/
P2
!"#"$%&'(')*+*,%-'."/'!"$,-'0%-/*-'('$1'232445
]%+'03/%/AA'7/3/%"-%,-%('#'0$%30'<<'%0'+=
+'%$%&/7'R
B$+<$0'%-'-%+"%&$6$O%+"%]%'AA,+(/3/%O%#/
<,-3/%6$##'%+3"#'%+"%]%+<$55/3/R
U?$% '0'+('<'% +/"% 30/00$% Q,$+3/% +$0/O
!/7'W
U>]% ,-% <0$+/7"'% 6"% /&&$-"*$-3"% /-'=
*/#"O%,-%<0$+/7"'%6"%+('-&'#7"*$-3"%$
6"%6'#'0$%SRRR%&22":&*&$)#$%#$,"8"1/$*1"'3
'"$1"(("$666TR%U>]%Q,/#('+/%(?$%+"%"-30/=
&$6$R% \,$+3'% <0$+/7"'% ]% +(0"33'% -$##$
&"3$%,*/-$%S666$8&$'%#*&$+/88"$(*)8"$()$D
('/99&*&$ 666TO% */% 0"+,'-/% /-(?$% -$#=
#>,-"&$0+'%"-3$0'%S666$e/('/1"$666$()$D$"23
2%(,&*&$666TO%Q,/+"%('*$%+$%"%<0'8#$*"
6$##>,*/-"3`%A'++$0'%+'#'%"#%0"A#$++'%6$#=
#>"-(0"-/0+"%6"%,-%'06"-$%,-"&$0+/#$R
F,-Q,$O%#/%&$0"3`%]%7"`%+(0"33/%-$##$%('+$
$%#'%]%6/%*'#3'%3$*<'%S666$W&#,4/X$5%/3
(*&$(/1&$666T%$%C"#$*/5"'O%(?$%]%,-%+/=
<"$-3$% $6% ]% /8"3,/3'% /6% '++$0&/0$% 7#"
$&$-3"%('-%(,0"'+"3`%$6%/33$-5"'-$O%+$
-$%/(('07$%$%#'%+/R
4#%&$((?"'%(/**"-/%#$-3/*$-3$O%+"#$-=
5"'+'% $% /++'03'O% /&&'#3'% -$#% <$+/-3$
*/-3$##'%$%Q,/+"%"**$0+'%-$#%+'7-'
6$"%+,'"%<$-+"$0"O%30/%#$%7$-3"%6$#%<'03'R
2'++"/*'% "**/7"-/0$O% #$% </0'#$% 6"
G,(("-"%+'-'%*'#3'%$&'(/3"&$O%*$0(/-=
3"O% */0"-/"O% +30/-"$0"O% +'#6/3"% $% <'<'#'
*"-,3'%(?$%+"%*,'&'-'%-$#%6"+'06"-$
('#'0/3'O%/##/%#,($%6$##$%A"/(('#$O%#/-("/-=
6'%&'("%$%0"(?"/*"%-$##$%*"##$%#"-7,$%6"
Q,$##/%("&"#3`%*'0$-3$R
!/%(>]%,->/-7'+("/%(?$%+("&'#/%"-%+"=
#$-5"'O% /++"$*$% /% C"#$*/5"'O% #,-7'% "
+$-3"$0"%6$#%*'-6'Z%"%+$7-"%6$##$%('+$
+'-'%$&"6$-3"O%*/%0"*/-7'-'%*"+3$0"'=
+"%S666#"#$4"$8&$,"#"(,/#9&$"+$)8$,"1&:3
:)"$'/1$2&1/$5%/(*="1"(,"'".$'/1$+);)3
#&1$ 1/('"#("$ 666TR% E,33/% #/% +/<"$-5/
6$##>['*'% -'-% 8/+3/% <$0% 6$("A0/0#"R% H
-'-%/%(/+'%G,(("-"%+($7#"$O%<$0%$+<0"=
*$0$% #/% <'(?$55/% 6$##/% ('-'+($-5/
,*/-/O% <0'<0"'% ,-/% A"7,0/% (?$% 80"##/
<$0%+/<"$-5/R
D'-'+3/-3$%,-/%&"3/%+<$+/%<$0%('-'=
+($0$%$%(/<"0$O%('-+,*/3/%<$0%"*</0/=
0$%/%#$77$0$%-$"%M+$7-"N%$%0",+("0$%/%&$=
6$0$%'#30$%"%*"+3$0"O%C"#$*/5"'%+"%0"30'&/
/#% 3$0*"-$% 6$"% +,'"% 7"'0-"% "00"*$6"/8"#=
*$-3$%"7-'0/-3$R%D'-%+'#'%-'-%0"$+($
/%&$6$0$%-$"%+$7-"O%*/%'0/*/"%-$<<,=
0$%-$##/%#,($%6$##/%0$/#3`%S666$1)+"**"$,"-/
%#$,)/,"$&$<1&#,),&1/$&**"1#"$666TR% 1/
+,/%&"+3/%+"%+3/%70/6,/#*$-3$%+<$7-$-=
6'O%/++"$*$%/"%+,'"%,#3"*"%7"'0-"O%$%<$0
#,"%+"%/&&"("-/%"#%*'*$-3'%6"%+('*</0"=
0$O%30/&'#3'%6/##>$3$0-'%A#,"0$%6$##>,-"&$0=
+'O%('*$%+('*</0$%'7-"%('+/%(?$%]
,*/-/%$6%'7-"%('+/%(?$%-'-%#'%]R
U>]%,-/%70/-6$%$%0/++$7-/3/%6"+<$0/=
5"'-$%-$##$%</0'#$%6"%Q,$+3'%&$-$0/8"#$
&$((?"'R%HO%(0$6'O%-'-%<'++/%-'-%('#=
<"0$%-$#%A'-6'%6$##>/-"*/%#/%A0/+$%(?$
G,(("-"%7#"%*$33$%"-%8'((/%M("#"$2"1(/
*1"''"$;/,,4)"$'/1$,&')1/NR
m%,-%</0/6'++'Z%#/%&$((?"/"/%]%-$#%-'=
+30'%"**/7"-/0"'%"#%+"*8'#'%+3$++'%6$##/
+/77$55/%$%6$##/%(/</("3`%6"%('*<0$-=
+"'-$R%1/66'&$%"#%7"'&/-$%&"-($%'%<$0=
6$%#$%+,$%+A"6$%('-%#>"00,$-5/%$%#/%#'33/
("$(/%$6%"-7$-,/O%#>/-5"/-'%+"%*,'&$
"-&$($%('-%#>$+<$0"$-5/%$%('-%#/%+/7=
7$55/%('-Q,"+3/3$%"-%#,-7?"%/--"%6"%3$-=
3/3"&"%$6%$00'0"R
!/% <0'<0"'% +'33'#"-$/-6'
Q,$+3'%</0/6'++'O%G,(("=
-"%0/AA'05/%"#%+$-+'%6"%"-,3"=
#"3`%6"%'7-"%+A'05'%$%6"%+'=
+3/-5"/#$%"*<'3$-5/%6$7#"
$++$0"% ,*/-"R% \,/-6'% A"=
-/#*$-3$%C"#$*/5"'%]%7",-=
3'% /##'% +(/6$0$% 6$"% +,'"
7"'0-"%$%3,33'%Q,$##'%(?$%?/
"*</0/3'%"-%,-/%#,-7/%&"3/
6"% +3,6"'% $% 6"% $+<$0"$-5$
6'&0$88$%6'-/07#"%"#%*/+=
+"*'%#"&$##'%6"%('*<0$-+"'=
-$O%<0'<0"'%/##'0/%7#"%+"%0"=
&$#/% #>,-"(/% &$0/% ('-'=
+($-5/%(?$%?/%<'3,3'%0/7=
7",-7$0$Z% Q,$##'% (?$% -'?/% (/<"3'% Q,/-6'% $0/
M30'<<'%7"'&/-$NO%-'-%<,I
$++$0$%(/<"3'%-$<<,0$%'0/
<$0(?]%]%M30'<<'%&$((?"'NR
""
!"#$%
!"#"$%&'(')*+*,%-'."/'!"$,-'0%-/*-'('$1'232445
m%('*$%/&$0%(/**"-/=
3'%<$0%(?"#'*$30"O%</++'
6'<'%</++'O%80,("/-6'
-$#%+'#$%6$#%6$+$03'O%<$0
0/77",-7$0$%,-/%<'55/
"-%#'-3/-/-5/%$%<'"%+$-=
3"0#/%+&/-"0$%6/7#"%'((?"O
Q,/-6'% ]% 30'<<'% 3/06"
<$0%Q,/#+"/+"%/#30/%('+/O
$% ('*<0$-6$0$% (?$% +"
30/33/&/%6"%,-%*"0/77"'R
H%"-3/-3'%3,33'O%/33'0-'O
('-3"-,/% /% +('00$0$O% /
*,3/0$O%/%-/+($0$%$%/%A"=
-"0$%S666$(*&#$-%*&#+"$:8)
&(*1)$#/88/$#"**)$+=/5%)#"3
9)"$666O$666$8"$8/::"$)#$-/
/$#/)$(/:#)$,4/$5%&8,"3
(&$(*&$,&-<)&#+"$666TR
k7-"% ('+/% (?$% '77"% ]O% -'-% +/0`% <"@
6'*/-"R%k7-"%('+/%(?$%]%"-%,-%#,'7'O
"-% ,-% /#30'% #,'7'% -'-% ]% <"@% S666$/$'")
1)*"1#&$*/11&$/$#"#$D$')M$",,)+/#*/$666TR
1$'</06"%]%,-%<'$3/%*'#3'%(/0'%/%G,(=
("-"%$%-'-%]%0/0'%+$-3"0-$%0"$(?$77"/0$
<$-+"$0"% '% $+<0$++"'-"R% ;-(?$% "-% Q,$=
+3'% 80/-'% (>]% ,-% (?"/0'% 0"(?"/*'% /#=
#>"6$/%#$'</06"/-/%6"%"-6"AA$0$-5/%6$##/
D/3,0/%0"+<$33'%/##$%&"($-6$%$6%/"%6$+3"=
-"%6$##>['*'%S666$,4/$)-'"1*&$&$5%/(*"
-&1/$/((/1/$&99%11"$"$;/1+/$666T% (?$
6"&$-3/% */77"'0*$-3$% "-3$##"7"8"#$
Q,/-6'%+"%('-+"6$0"%(?$%;55,00"%$%B$0=
6"%$0/-'%6,$%</03"3"%<'#"3"("%6$##/%^"+/-=
5"'%6"%Q,$"%7"'0-"%$%(?$%#>4*<$0/3'0$%+3$+=
+'%$0/%,-%$+<'-$-3$%6$#%</03"3'%6$7#"
;55,00"R
H%-$##>"-6"AA$0$-5/%6$##/%D/3,0/O%-$#%A#,+=
+'%(/'3"('%6$##/%A"-$%6"%'7-"%('+/O%]%#>'0=
6"-$%+3$++'%6$##$%('+$%(?$%</0$%+70$3'=
#/0+"% $% +'330/0+"% /##>['*'% S666!/#*);"$ )
,&#*)$"(,/#)$+/:8)$&;;)#&99&*)$u$+)$:/#3
*/$+&88"$(:%&1+"$')**%1&*"$/$;%"*"$u$)'3
'"+1"-".$<"1+/88"$/$#"1+),)$("8+&*)P$u
S"-&#)$/$Q1/,)$%18&*/.$+";/$()/*/$&#3
+&*)l$ u$ !/#*);"$ </(*/--)&1/$ )#$ 08&3
-&##"$/$)#$Q"*"666$u$C)**?$&((%1+&.$,)*3
*?$(*1&#&666$g)$5%/(*=)-'/1&*"1/$('"("
+)$'%**&#&.$u$+)$'8/<)$(-)(%1&*/.$8&<)1)#3
*)$/+$/-')/*?$u$+)$<&1<&1)$,4/$2"1(/$(&#3
#"$:)?$8&$;/1)*?6$u$g)$2)8"("2).$/$+)$/*/1/.
("('/(&$*1&$+%/$-"#+).$/$*1&$+%/$/1/666T
U?$%+$-+'%<,I%/&$0$O%(?$%'06"-$%*/"
<,I%$++$0("%"-%,-%*'-6'%6'&$%,-%"*=
<$0/3'0$%<0$-6$%"-%*'7#"$%,-/%$e%<0'=
+3"3,3/O%+$++,'*/-$%$%&'7#"'+/O%6"&/
6"%+<$33/('#"%$0'3"("%(?$%+/0$88$0'%('-=
+"6$0/3"%&"$3/3"%/-(?$%-$##/%-'+30/%<$0=
*"++"&/%(,#3,0/W
\,$+3'%"-3$00'7/3"&'O%(?$%/-7'+("/&/
C"#$*/5"'O%('+3"3,"+($%A'0+$%"#%-$++'%<"@
A'03$%$%+30/'06"-/0"'%('-%#$%&"($-6$%6$"
-'+30"%7"'0-"%*'6$0-"R
;-(?$%-'"O%'77"O%+"/*'%"-%(0"+"R%H%A'0+$
'7-"%$<'(/O%/%*'6'%+,'O%#'%]%+3/3/R
4#% 0"(?"/*'% /##/% 8/8$#$% 6"% #"-7,$% $% 6"
7$-3"% S666$ (/#*);"$ </(*/--)&1/$ )#$ &8&3
-&##"$/$)$:"*"$666T%("%A/%<$-+/0$%"**$=
6"/3/*$-3$%/##'%+($-/0"'%6$"%-'+30"%7"'0=
-"O%/##/%-'+30/%+'("$3`%*,#3"$3-"(/O%/##/
7#'8/#"55/5"'-$%$6%/-(?$%/##$%*"##$%&'("
,0#/3$%('-%(,"%7"'0-/#"%$%3$#$&"+"'-"O%<'=
#"3"("O%0$#"7"'+"%$%,'*"-"%6"%+<$33/('#'%+"
+A'05/-'%<$0%0"$*<"0$%'7-"%+</5"'%6$#=
#$%-'+30$%*$-3"%$%6$##$%-'+30$%"6$$R
H% <0'<0"'% 6"% Q,$+3'O% /-(?$O% ("% </0#/
G,(("-"%"-%R)(&#9)"R%F"%,-%,'*'%(?$
+$-3$%'&,-Q,$%/33'0-'%/%+]%#"-7,$%+30/=
-"$0$%S#>$+$0("3'%"*<$0"/#$%$0/%'0*/"%<"$=
-'%6"%8/08/0"T%6/##$%+'-'0"3`%&"'#$-3$%$6
'AA$-+"&$%S666$</(*/--)&1/$)#$&8&--&#3
#"$/$:"*"$666TR%F"%,-%&$((?"'%(?$%&$6$
(0$+($0$%/33'0-'%#/%<'3$-5/%6"%,-%-,'=
&'%F"'%/%#,"%+('-'+(",3'O%*$-30$%"%+,'"
<0'<0"%F$"%(0'##/-'%$%*$-30$%'&,-Q,$
+('00$%"#%+/-7,$%&$0+/3'%<$0%"#%(0"+3"/-$=
+"*'%'%('-30'%6"%$++'R
\,$##>,'*'%6'&$&/%<0'&/0$%6$-30'%6"
+]%#'%+3$++'%+*/00"*$-3'%(?$%'77"%<0'=
&/-'%3/-3"%/-5"/-"%S$%A'0+$%Q,/#(?$%7"'=
&/-$T% 6"% A0'-3$% /6% ,-% *'-6'% (?$% 6"=
+(,3$% 6"% (#'-/5"'-$O% 6"% 0"<0'6,5"'-$
/++"+3"3/% $% 6"% */30"*'-"% 7/rO% *$-30$
4-3$0-$3% 0$-6$% 6"+<'-"8"#"% <$0% 3,33"% "*=
*/7"-"% 6"% <'0-'70/A"/% $% <$6'A"#"/% $
*$-30$%#>"+#/*%/33/((/%"#%-'+30'%*'6$#=
#'%6"%("&"#3`R
D'-%?/%"*<'03/-5/%<'"%+$%Q,$+3/%&"=
+"'-$%6$##$%('+$%+"/%&$0/%'%A/#+/O%+$%+"/
$+/7$0/3/%'%</05"/#$%'%"-&$($%0"6,33"&/R
D'-%?/%-$<<,0$%"*<'03/-5/%+$%30/%:c
/--"% Q,$+3'% +($-/0"'% ("% /&0`% <'03/3"
&$0+'%,-%*'-6'%*"7#"'0$%'
&$0+'% #/% (/3/+30'A$R% \,$##'
(?$%?/%"*<'03/-5/O%/7#"%'(=
(?"%6"%'7-,-'O%]%('-%Q,/#$
A'05/% 6"0'*<$-3$% Q,$+3'
+($-/0"'O% +'77$33"&/*$-3$
<$0($<"3'O%('#<"+($%$%6"+30,7=
7$%"%-'+30"%<,-3"%6"%0"A$0"*$-=
3'R
G,(("-"%("%6$+(0"&$%,-/%<'=
+"5"'-$%6$##/%+3'0"/O%*/%/-=
(?$% 6$##'% +<"0"3'% MRRR% +'+<$=
+/%30/%6,$%*'-6"%$%30/%6,$
$0$%RRRNO%-$#%Q,/#$%C"#$*/5"'
-'-%<'3$&/%+$-3"0+"%($03'%6"
-,##/R%H%Q,$+3/%"-($03$55/%"#
(/-3/,3'0$%,#3$0"'0*$-3$%+'3=
3'#"-$/%*$6"/-3$%#/%*$3/A'=
0/%6$##>"-(/</("3`%6"%+$0&"0+"%6$"%&$((?"O
('-'+(",3"O% *$55"% 6"% 6"&"-/5"'-$% <$0
"-3$0<0$3/0$%#/%0$/#3`R
H%*$-30$%3,33'%+A,77$O%*$-30$%3,33'%+"
+A"#/(("/%$%+"%30/+A'0*/%/33'0-'O%"#%&$(=
(?"'% +/77"'% +"% /(('07$% (?$% /-(?$% #/
-'33$% A"-"+($R% B$+<$0'% 6"&"$-$% '0*/"
1,("A$0'R% 4#% A0$66'% #'% <0$-6$R% E,33'% +"
6"++'#&$%$%+&/-"+($%S666$')M$#"#$(/#*"
666TR%;++"$*$%/##/%-'33$%A"-"+($%,-/%&"3/
+<$+/%<$0%($0(/0$%,-/%('-'+($-5/%(?$
-'-%<'30`%*/"%<"@%$++$0$%0/77",-3/R
G,(("-"O%,+/-6'%"#%&$08'%M/66'0*$-=
3/0+"NO%#/+("/%,-%<'$3"('%&$#'%6"%6,88"'
+,#%A/33'%(?$%C"#$*/5"'%*,'"/%+,##/%3'0=
0$% '% &$0/*$-3$% &"% +"% /66'0*$-3"% +'#=
3/-3'R%!/%]%,-%6,88"'%A"33"5"'Z%#/%*'03$
]%('*,-Q,$%-$##/%(/0-$%$%-$##/%*$-3$
6$#%+/<"$-3$%/%(/,+/%<0'<0"'%6$##>,-"=
(/%($03$55/%0/77",-3/Z%Q,$##/%6$##/%&/=
-"3`%6$##/%<0'<0"/%&"3/R
^"+/-5"'%A'0+$%-'-%]%*/"%$+"+3"3/
$%/-('0/%"7-'0'O
$%,->/#30/%-'33$%]%/-6/3/
1,("A$0'%]%7"`%+'03/O
$%+"%/#5/%,-%<'>%6"%&$-3'R
m%A0$66'%+,##/%3'00$O
'%]%#>$3`%*"/%*/#/3/R
U'-A'-6'%&"3/%$%*'03$O
-'-%+'%(?"%]%</++/3/O
*"%('<0'%('-%#/%3$+3/%"#%(/<'
$%<"@%-'-%+$-3'O
$%*"%/66'0*$-3'O
*"%/66'0*$-3'O
*"%/66'0*$-3'R
x$H>%"-,3"#$%(?$%&"%+'0<0$-6"/3$Z%#'%+'%8$-"++"=
*'%(?$%#>$+<0$++"'-$%M</0#/0$%,-/%(/('A'=
-"/N%-'-%]%('00$33/O%*/%+"(('*$%*"%</0$%(?$
0$-6/% 8$-$% "#% ('-($33'% #/% ?'% &'#,3/% ,+/0$
('*,-Q,$_
!
PP