Professional Documents
Culture Documents
BULLETIN
DE LINSTITUT FRANAIS
DARCHOLOGIE ORIENTALE
en ligne en ligne en ligne en ligne en ligne en ligne en ligne en ligne en ligne en ligne
Le catalogue divin de Ayn al-Mouftella : jeux de miroir autour de celui qui est
dans ce temple.
Conditions dutilisation
Lutilisation du contenu de ce site est limite un usage personnel et non commercial. Toute autre utilisation du site et de son contenu est
soumise une autorisation pralable de lditeur (contact AT ifao.egnet.net). Le copyright est conserv par lditeur (Ifao).
Conditions of Use
You may use content in this website only for your personal, noncommercial use. Any further use of this website and its content is
forbidden, unless you have obtained prior permission from the publisher (contact AT ifao.egnet.net). The copyright is retained by the
publisher (Ifao).
Dernires publications
9782724707076 Athribis III Christian Leitz, Daniela Mendel
9782724707007 MIDEO 32
9782724707069 Le journal de Merer Pierre Tallet
9782724706932 Fustat II Roland-Pierre Gayraud, Lucy Vallauri
9782724706895 Egyptian Hoards I Thomas Faucher, Andrew R. Meadows, Catharine Lorber
9782724706840 Cramiques ptolmaques de la rgion thbaine Romain David
9782724707106 BCAI 31
9782724706994 BCE 26
H
JK\]dYkgmj[]\]9qfYd%Egm^l]ddYk]\j]kk]fl\]kegfme]flkj]da_a]mpj]egflYfl
dhgim]kYl]&<[gmn]jlkhYj?&Kl]af\gj^^]f)1(($adkgfln]adddafljl\9`e]\
>Yc`jq ]f )1+0 ]l jYha\]e]fl ^Yal dgZb]l \] [gmjl]k [YehY_f]k Yj[`gdg_aim]k&
=f)1,*$d]kjkmdlYlk]fkgflhmZdak)&D]kljYnYmpYnYa]fll]^^][lmk\Yfk\]k
[gf\alagfk\a^[ad]k&DY[[kdgYkak\]:Y`YjaqYflYal_mj]Yak&=flj]d]knaddY_]k$
9`e]\>Yc`jqfYnYal\Ymlj][`gapim]\]k]\hdY[]j[`]nYd&Hgmjd]k^gmadd]k$ad]f_Y_]Yal\]k
gmnja]jkkmjhdY[]$lgml]f\akhgkYfl\]h]m\]l]ehk]l\mfeYlja]dj]klj]afl&D]kh`glg_jYh`a]k
]ldY\]k[jahlagf\mkal]de AynYd%Egm^l]ddYkgflYafkaj]kl]kaf[gehdl]k&
9hjkd]hYkkY_]\mkYnYfl$d]k\a[]kgflkgm^^]jl&DY[lagf[gfbgafl]\mn]fl]l\mkYZd]Y
hjgngim\]kYdljYlagfk[Ykm]dd]kaehgjlYfl]k3YmZgml\mf\]ea%ka[d]$d]kgee]l\]khYjgakY
h]j\m]fegq]ff]mf]Ykkak]\]ha]jj]k&Hgmj]fjYq]jd]hjg[]kkmk\]\_jY\Ylagf$d]K]jna[]\]k
YflaimalkY[gmn]jld]kemjk\mflgal]ldYj_]e]flj]bgaflgqd]khYjla]k\[gj]k$Y[lanalimaY
hjakf]f*((*&
HgmjkYhYjl$\]hmakd]hjafl]ehk*((*$dYeakkagf:Y`YjaqY\]dA^Yghjg[\]im]dim]kk]%
eYaf]khYjYfYmpj]d]nkha_jYh`aim]k&=fYnjad*((,$dY[gmn]jlmj]h`glg_jYh`aim][gehdl]
\]khYjla]k\[gj]kkmZkaklYfl]kYljYdak]hYj9dYafD][d]j$Ykkakl\]Eg`YeeY\AZjY`ae
Eg`YeeY\&;]ll]\g[me]flYlagffgmn]dd]addmklj]jYdYhjk]fl]fgl]$[gfkY[j]im]dim]khj]%
eaj]kgZk]jnYlagfkj]dYlan]kYm\[gj\]dY[gfkljm[lagfdYhdmkaehgkYfl]$dY[`Yh]dd])k]dgfdY
fge]f[dYlmj]\9`e]\>Yc`jq*&
DYha]jj]mladak]]klmf_jkimahjgna]fl\]dYj_agf&D]khYjgakgfllj][gmn]jl]k\mf
]f\mal$hmak_jYn]k]lh]afl]k]f^YY\]]lkmjd]k^Y[]kafl]jf]k\]khYjgak&D\a[]]klgja]fl
Ymkm\]lk][gfklalm]$hgmjkYhYjla]\[gj]$\]\]mpha[]k]f]fdY\]&
<]mpfglYZd]k$imalgmk\]mpgfll_gmn]jf]mjk\]dgYkak$kgflngimkkmjd]khYjgak2
;`]h]fc`gfkgmYafkaim]d]^Ye]mp<b]\c`gfkgmagm]^fc`&
F]kmZkakl]Y[lm]dd]e]flim]d]hj]ea]jj]_aklj]$]lhYj]f\jgalkaf[gehdl]e]fl&Fgmkn]j%
jgfk[]h]f\Yflim]$ee]kamf]Zgff]hYjl\]kafk[jahlagfkYafkaim]\]kYlljaZmlkka_fa[Yla^k
\]k_mj]kYYmbgmj\`ma\akhYjm$adYlhgkkaZd]\]fja[`ajd]kaf^gjeYlagfkYhhgjl]khYjdY
hmZda[Ylagf\])1,*&
D][gfl]fm\]khYjgak]klYkk]rmfa^gje]2d]jga9eYkakhjk]fl]mf]g^^jYf\]Ydae]flYaj]
mf]km[[]kkagf\]\anafalk&D]lYZd]YmkmanYflhjghgk]mf]nm]kqfghlaim]\]kh]jkgffY_]k$]f
ka_fYdYfld]mjgja]flYlagfYafkaim]$]flj]hYj]fl`k]k$d]k[YjY[ljaklaim]ka[gfg_jYh`aim]khjaf[a%
hYd]k$ima[gfkakl]fld]hdmkkgmn]fl]fmf][gmjgff]3d]kfmejgkj]fnga]fl[]mpima_mj]fl
kmjd]hdYf\]>Yc`jq$j]hjg\mal[a%\]kkgmk&9mfmejg\]ZYk]YlljaZmhYjd]kYnYfl_qhla]f$Y
lYbgmlmfk][gf\fmejghgmj[`Yim]\anafal$kmanYflmfgj\j]imak]\n]dghh]\]d]flj]
Ymfgj\\megfme]fln]jkdYp][]fljYd\]dYhYjgakm\$\YfkdYkYdd]km\&
HdYf\]dY[`Yh]dd])& DYfge]f[dYlmj]\]>Yc`jqYld_j]e]fl[gjja_]+&
+ AZa\&$h&)-)$_&))/2kmj[]hdYf$dYml]mjYafl]jn]jlad]kfmejgk),]l)-3]fj]nYf[`]$d]kj]fngak\YfkdgmnjY_]kgfl[gjj][lk&
KYdd]km\$hYjgakm\2f)/%)0 S_&-U
@gjmkS 9egf Egml EYl Egflgmd] HY`]j[`]^0
<b]k\b]k7,U jga\m<gmZd] Sad\]J7U- dd]\]JS&&&7U/ ljkhmakkYfl$ S&&&U7
! HYqkSimajka\] ! D]k]jnal]mj]p[]dd]fl$ ! K]a_f]mj\] [jag[h`Yd]$
\YfkdgYkak kgmla]f\]kgf L`Z]k$k]a_f]mj \akim]kgdYaj]
7!U ! k]a_f]mj$hjaf[]]l \m[a]d [gfl]fYflmf
_gmn]jf]mjU\]dgYkak$ mjmk]l ! mjmk!
ima%j]f\%hYj^Yal%dad%
gm\bYl$*]hjgh`l]$
]
+ hjgh`l]$<b]\c`gf%
kgmagm]^%fc`$dk\]
Hlkak.
f)0$) f)0$* f)0$+ f)/$+ f)/$* f)/$)
hgjl]YpaYd]
, LjY[]khjgZYZd]k\]k\]mps\]ss kmj )* Ngaj ?&KL=AF<GJ>>$ <mj[` \a] daZqk[`] )/ NgajkmhjY$f&))&
dYhYjga& Okl]rmj9egfkgYk]$DYf\mf\D]ml]&Egfg% )0 Hk[`]fl j][gffYakkYZd] \Yhjk ?&Kl]af%
- <Yhjkmf[da[`\]?&Kl]af\gj^^$\YlYfl _jYh`a]f rmj =j\cmf\] )1$ :a]d]^]d\%D]ahra_$ \gj^^$[alkmhjYf&)*&
\] )1(($ [gfkmdl _j[] dgZda_]Yf[] \] )1(,$ h&)+-$ _&)()& D]k ka_f]k kgfl gmk )1 D] ka_f] `ajg_dqh`aim]$ ljk Yddgf_$
@]afr >]dZ]j$ im] b] j]e]j[a] [`Yd]mj]mk]% eYak \ak[]jfYZd]k$ `gjeak p; \m ka_f] \] ]klhgkkmjdY[ga^^]%nYmlgmj$[gee]\YfkdY
e]fl2ka_f]kljkgmk$d][lmj]h]mYkkmj]& d]f^Yfl f] kmZkakl]fl Ymbgmj\`ma$ kmj dY lgeZ]\]:fYlq$9&>9C@JQ$gh&[al&$h&1)$
. Ad^Yml[gjja_]j9&>9C@JQ$gh&[al&$h&)-12 ha]jj]$im]\]klY[`]k\][gmd]mjjgm_] lgjk] _&,1&
d]kka_f]ksmn wtkgfl]f[gj]\[]dYZd]k& ]lbYeZ]k!& *( ;ga^^] ]l [gmjgff] a\]flaim] []dd]
/ <Yhjkd][da[`\]?&Kl]af\gj^^ngim )+ Ngajdg[&[al& \GkajakGffgh`jakimahjka\]dG[[a\]fl$
kmhjY$f&-2adqY\]klY[`]k[dYaj]kYhjkJ$ ), <Yhjkdg[&[al&Adq]kl\a^[ad]\]ljYf[`]j d] _jYf\ \a]m k]a_f]mj \9Zq\gk \Yfk dY
h]ml%lj]d]l]pl][gflafm]%l%ad& ]flj]nswt-twy, sm-twy ]lNn-nswt2d]ka_f] lgeZ]\]:fYlq$aZa\&$h&/)]l_&+)3ngaj
0 <Yhjk d] [da[` \] ?&Kl]af\gj^^ ng% \m jgk]Ym k] \lY[`] [dYaj]e]fl$ eYak d]k Ymkkah&0*$_&+13h&0+$_&,*&
im kmhjY$ f&-2 d]k ka_f]k P-r kgfl gmk$ \]mp ljYalk `gjargflYmp ima d] kman]fl kgfl *) ;gmjgff] Yl]^ j][gffYakkYZd] \Yhjk
d][lmj]hjgZYZd]3d]\akim]kgdYaj]kmjdYll] gmk3d]kka_f]kkmanYflk$aehj[ak]mpYmkka$ ?&Kl]af\gj^^$[alkmhjY$f&)*&
k] \]kkaf] f]ll]e]fl3 d] l]pl] k] hgmjkmal k]eZd]fl k] daj] k dbw$ hal`l] ima kmal ** J][gffYakkYZd]\Yhjk?&Kl]af\gj^^$[al
YhhYj]ee]flYm%\]kkmk\]dmakmjmf]dYj_]mj _fjYd]e]flnswt-twy\Yfkd]\]k[jahla^\] kmhjY$f&)*&
\]\]mp[Y\jYlk$eYak]klljghgmhgmjlj] @ja[`]^\@jY[dghgdak Eg`&?YeYd=d%<af *+ ;^&fgl][a%\]kkmk&Adf]k]eZd]hYkimad
\[`a^^j& EGC@L9J$ A`fkqY =d%E]\afY @]jYcd]ghgdak qYal]mdhal`l]<Ye]\m<gmZd]%HYqk&
1 9&>9C@JQ$gh&[al&$h&)-1& EY_fY!$:a=lm\,($D];Yaj]$)10+$h&)-*!& *, 9&>9C@JQ$gh&[al&$h&)-/]lhd&,19&
)( ;^&aZa\&$h&00]lhd&**]lhd&+,:2@Y$ )- Ngaj d] \]k[jahla^ \@gjkYkak \Yfk dY
K]a_f]mj\]dG[[a\]fl& lgeZ] \] :fYlq$ 9&>9C@JQ$ gh& [al&$ h&/)
)) D] ka_f] `ajg_dqh`aim]$ ljk Yddgf_$ ]l_&+)2d mdw n r s St w mn Wnnfr.
]klhgkkmjdY[ga^^]%nYmlgmj$[gee]\YfkdY ). <akim] kgdYaj] j][gffYakkYZd] \Yhjk
lgeZ]\]:fYlq$aZa\&$h&1*$_&-(& ?&Kl]af\gj^^$[alkmhjY$f&)*&
&&&Ujga\]k\a]mp$d]hjaf[]]l_gmn]jf]mj
\]dgYkak;`]h]fc`gfkgm$]f^YflhYjdY
eYlj]kk]\]eYakgfFk*/SU
LYZd]YmA& Kmal]&
*- Kmj[]khal`l]k$ngaj;d&LJ9MF=;C=J$ 9&>9C@JQ$ gh& [al&$ h&)+($ _&)()3 h&)+)$ \]dY[`Yh]dd]f*de AynYd%Egm^l]ddYim]
@Yjhg[jYl]%d]%_jYf\$ dYf[a]f$ d] hj]ea]j _&)(*3h&)+,$_&)(,3h&)+/$_&)(/$]l[& ;`]h]fc`gfkgmlYalgmnj]mj\]khgjl]k\m
\9egf$\YfkE&%>j&:gmkkY[ \&!$9mlgmj Ngaj Ymkka d9egf%J%@gjmk [jag[h`Yd] ima [a]d$ [`]^ \m ljkgj \m \geYaf] \9egf2
\];ghlgk&9[l]k\m[gddgim]gj_YfakYmemk] ]klj]hjk]fld]flj]\]dYf[jghgd]\]k >j&;GDAF$>j&D9:JAIM=$K]e]f]c`Gm\bYl
\]k:]Ymp%9jlk\]Dqgf )/%)0eYjk*(((!$Lghga aZak\]IYj]l>Yjmb2 a\&$L`]=_qhlaYf<]k]jlk& :YYjaqY$\Yfk>j&DYZjaim] \&!$J]da_agfk
D!$Kmhhd&+$Dqgf$*((*$h&+..%+./& :YjaY GYkak$ ngd&*$ D] ;Yaj]$ )1-($ h&+)$ e\al]jjYf]ff]k ]l gja]flYd]k \] d9flaimal
*. <anafal\gfld][mdl]]klYll]klhYjmf _&)-]lhd&)+:!& 9[l]k\m[gddgim]afl]jfYlagfYd\]k*+%*,Ynjad
lalj]kY[]j\glYd$im]hgjl]L[`Ylq$hjgh`l] */ DgfkYalhYjdafk[jahlagfj]dYlan]<b]\% )111:]kYfgf!$:a=lm\)+-$D];Yaj]$*((*$
hgjl]%hYjgd]\9egf%@gjmk]l\]C`gfkgm2 c`gfkgmagm]^fc`ima_mj]kmjdY^YY\]]kl h&.(%.)]lh&.,$f&PAN&
hgjl]YpaYd]
J]eYjim]hjdaeafYaj]
DYkljm[lmj]Yj[`al][lmjYd]]l\[gjYlan]k][YjY[ljak]hYjmf]YdljYlagfima_Ym[`ald]^^]l
_fjYd\]kqelja]2dYhgjl]dYljYd]]kl\]dYkYdd]fgj\]kl\hgmjnm]\][gjj]khgf\Yfl\Yfkd]
emjghhgk&9mkka$d9eYkak\]d]pljealfgj\\]dYhYjgagm]kl f,![gjj]khgf\%admf9eYkak
kalmYm%\]d\]dYhgjl]]kl$]l\gf[\[Ydn]jkd]km\ f)*!&:a]fimadfqYalhYk\]hgjl]dYljYd]
]kl\YfkdYkYdd]km\$d]ee]]^^]l]klj]hjg\maldYa\]\mfhjg[\\]hglaim]&D9eYkak\]dY
hYjgagm]klk]kalm]d]pljealfgj\\memj f)-!$[gee]\Yfkd][Ykhj[\]fl$eYak[]dma\]
dYhYjga]kl$[gee]\YfkdYkYdd]fgj\$]kl\[Ydn]jkd]km\$hYjdafk]jlagf\]\]mph]jkgffY_]k
\anafk\]jjaj]d]jga f*(!$[gee]d]egflj]d]lYZd]YmAA$[a%\]kkgmk2
hYjga]kl hYjgagm]kl
f*)$)!\Zml\]dYkja]\anaf]
f*(!9eYkakB
Egflgm%JB kYdd]km\ \Zml\]dYkja]\anaf] f).$)!
EYlB B6bVh^h f)-!
f)+$)!\Zml\]dYkja]\anaf]
f)*!9eYkakB
kYdd]fgj\
hgjl]dYljYd] \Zml\]dYkja]\anaf] f-$)!
f))!@gjmkB B6bVh^h f,!
LYZd]YmAA& <akkqelja]&
*0 Adf]kmZkakl]Ymbgmj\`ma\][]h]jkgffY% gm[gfklYlimadfqYnYalhYk\][gmjgff]\m kmhhgk]j imad Y Z]d ]l Za]f ]f[gj] [gfklYl
_]im]\]k[gflgmjk[]jfkhYjmfj]bgaflgqY_] lgml$adf]d]\alhYk&Gff]h]ml[]h]f\Yfllj] mfde]fl\ak[jaeafYfl$dgjkimadYa\]fla
]p[mlfY_mj]hYjd]K]jna[]\]kYflaimalk$ kjimadfYja]fnm$hYj[]im]k]k\]k[jahlagfk []ll]_mj]&<Yfk[][Yk$[]l@gjmkhgjlYalkYfk
[]ima]eh[`]dYiml]\]ljY[]kkmZkaklYf% a[gfg_jYh`aim]kkgflkgmn]flh]m]phda[al]k$ \gml]d]hk[`]fl[gee]k]kYmlj]k^gje]k\Yfk
l]k&Ad]kl[dYaj]e]fl`ajY[g[h`Yd]$eYakadY kmjlgmlimYf\adkY_al\][gmjgff]k[gmjYfl]k& d]egfme]fl]llYalhjgZYZd]e]flmf@gj%
h]j\mk]kYmlj]kYlljaZmlkkh[aim]kYafkaim] Ka$dgjk\]dYn]fm]\9&>Yc`jq$d]emjYnYal kYkak&Adf]kl]f]^^]l_mj]hjgZYZd]imadYal
kgf \]k[jahla^& 9&>Yc`jq ngal ]f dma @gjmk$ \b\akhYjmYm%\]kkmk\]dYll]\m\a]m$gf j]d]n\]dY[Yl_gja]\]d@gjmkhmja[Yl]mj$
eYak kYfk d] bmkla]j L`] =_qhlaYf <]k]jlk& f]h]ml[Yjl]jdYhgkkaZadalimadk]kgalY_a \hgmjnm\][gmjgff]$[Yj[]dma%[a]kl_fjY%
:YjaYGYkak$ngd&)$h&)-*$aff]!fahjk]fl]j \]C`gfkgm`ajY[g[h`Yd]$hgjlYfld]\akim] d]e]flYkkg[aK]l`gmL`gl2ngaj]&_&aZa\&$
\]h`glg_jYh`a]&KadYnmdY\gmZd][gmjgff]$ dmfYaj]& B] hj]f\k d] hYjla$ kgmk jk]jn]$ \] h&)*-$_&1+%1, lgeZ]\]L[`Ylq!&
;]ll]ngdgfl\afljg\maj]mf]d_j]Ykqelja]]klZa]fYll]kl]\Yfkd]kl]ehd]klYj\a^k*1&
<Yfkmfhj]ea]jl]ehk]dd]afnal][gehYj]jEgflgm]lEYlYn][@gjmk]lEY`k]f[]imadk
kman]fld]jgaYmda]m\]dma^Yaj]^Y[]&<Yfkmfk][gf\l]ehk$mf]^^]l\]hYjYdddake]gZdaim]k]
kmh]jhgk]Yafka[]dma\]dYkqelja]_fjYd]]lafnal]hYjdYkmal]]fnakY_]j\]mpn]flmYdalk
\Yfkd]k[gjj]khgf\Yf[]k]flj]hYjgakgm]kl]l]kl2d]kh]jkgffY_]kh]mn]flk]jhgf\j]]f^gf[%
lagf\]d]mjkalmYlagfeYlja]dd]hYj]p]ehd]$d9egf\mf-$+]l[]dma\mf)+$)$eYakYmkka
]f^gf[lagf\]d]mjkalmYlagfj]dYlan]Ymk]af\]kkja]k$hYj]p]ehd]d][gmhd]\9egf%Egml\m
f-$)(%))]l[]dma\]Egflgm%EYl\mf)+$0%1SlYZd]YmAU&
Kmj dY hYjga fgj\ \] dY kYdd] k]hl]fljagfYd]$ Ym [l gm]kl f+!$ mf h]jkgffY_] eYk[mdaf
j]nlm\mf]dgf_m]bmh]]l[`Ymkk\]kYf\Yd]kYehd]Zja\]Yjim]kmal9eYkak$ima$kmjdYhYjga
gm]kl$^Yalmf]g^^jYf\]Ydae]flYaj] f,!mf]km[[]kkagf\]lj]ar]\anafalk f-!&Dafk[jahlagf
\mf+j]ehdakkYalgja_af]dd]e]fl\]mp[gdgff]k$\gfladf]kmZkakl]im]dYegalaaf^ja]mj]3[]
imad]fj]kl]af\aim]im]dg^[aYflkg[[mh]a[a\]dYbYeZ]]l\]kg^^jYf\]k\ml]ehd]\]kgf
k]a_f]mj]lhjk]jn][]dmaima]kl\Yfk[]l]ehd]$]phj]kkagfkimaf]dYakk]flhYk\]^Yaj]kgf_]j
Gkajak$hjk]fl\YfkdYkYdd]km\ f).$)!&9m[mfde]fl fgegmlalj]!f]h]je]l\a\]fla]j
[]lg^[aYfl$d]p[]hlagf\mfaf\a[][]h]f\Yflaf[]jlYaf2kmjdYh`glg_jYh`a]\]d\alagf\]
>Yc`jq$adk]eZd]Yngajd]^jgfldYj_]e]fl\_Yjfa$[]ima[YjY[ljak]d]kljgakj]hjk]flYlagfk\]
<b]\c`gfkgmagm]^fc`\YfkdY[`Yh]dd]f*+(&
Hgmj9`e]\>Yc`jq$d]h]jkgffY_]\mf+]kl;`]h]fc`gfkgm$imadimYda]ljYf_]e]fl\]
Zjgl`]jg^R]\%C`gfkm%]^%Yfc`+)&D]k^gf[lagfk\];`]h]fc`gfkgmkgflfmej]k$ad]klnjYa$
eYakYadd]mjk$]fmf][gdgff]\gfladeYfim]d]\Zml$_jYn]\ak[jl]e]fl\Yfkd][gaffgj\%]kl
\][]ll]ee]kYdd] f))!$\]jjaj]d]\a]m@gjmk&Mf]Ymlj][gdgff]$Z]Ym[gmhhdmkaehgkYfl]$
hdY[]\YfkdYp]\megfme]fl$g[[mh]d][]flj]\]dYhYjgakm\\]dYkYdd]km\$kmjdY`Yml]mj\]
\]mpj]_aklj]kYmegafk3]dd]jkme]d]klalj]khjaf[ahYmp\]<b]\c`gfkgmagm]^fc` f)/%)0!&
H]ml%lj]dY[gdgff]\mf))lYal%]dd]\Yadd]mjkljYfkn]jkYd]]dd]Ymkka&Ka$dafklYj\][]dd]\]k
f)/%)0$]dd][gee]fYalYmj]_aklj]kmhja]mj$]dd][gf[]jfYalh]ml%lj]]fjYdal<b]\c`gf%
kgmagm]^fc`]lngimYalkY_fYdg_a]&FgmkkYngfk]f]^^]lim];`]h]fc`gfkgm]kldY]md\][]
\]jfa]j$dYk]hlae]_fjYlagf+*&Kad]eYljgfqe]Fk$\YfkdY[dYmkmd]\mf))$j]fngqYalnjYa%
e]fldYej]\];`]h]fc`gfkgm$\Yfk[][Yk$dYZk]f[]\mhYljgfqe]\][]`Yml^gf[lagffYaj]
hYjYljYal[mja]mk]3]fj]nYf[`]$<b]\c`gfkgmagm]^fc`hgmjjYalYngajle]flagffYm\Zml
\]dY[gdgff]f))Yn][d]kfgek\]k]kYk[]f\YflkhYl]jf]dkdk\]Hlkak$dk\]HlYegf$dk
*1 Kmj [] lqh] \] \akkqelja]2 >j&D9:JA% j]hjk]flYlagfk\YfkdY[`Yh]dd]*$nja[Ylagf +* AZa\&$ h&)-)$ ^a_&))/$ f+ d] fge
IM=$Klqdaklaim]]ll`gdg_a]=\^gm$GD9-)$ ^Yal]kmjhdY[]2aZa\&$hd&-+9$lYZd]Ymaf^ja]mj \m h]jkgffY_] j]hjk]fl fq _mj] hYk!$
DgmnYaf$)11*$af\]ph&+..& _Ym[`]3hd&-,93hd&-.:3dYll]]kl[gfk]j% f)) ;`]h]fc`gfkgm!$ ]l ]flj] f)/ ]l
+( 9&>9C@JQ$gh&[al&$ngd&)$hd&,+9hgmj n]\Yfk[]kljgak[Yk& f)0 <b]\c`gfkgmagm]^fc`!& Kmj []k
d]lYZd]Ymf+2d][da[`eYfim]\]f]ll]l +) AZa\&$h&)-.& h]jkgffY_]k$ngaj>j&;GDAF$>j&D9:JAIM=$
]ldYll]Y\akhYjmd`]mj]Y[lm]dd]3hgmjd]k gh&[al&$h&/(%/*&
\]@Yjc`Zak$dk\]C`gfkgmajaYgm$dk\fc`gmff]^]j$dk\];`]h]fc`gfkgm$[gee]kmj
dY^YY\]]kl\]dY[`Yh]dd]*3d]fge\]kYej]YmjYalk]dgfdmkY_]_mjdYf$YhjkdYkja]
\]khYljgfqe]k$[gee]kmjdYhYjgagm]kl\][]ll]ee][`Yh]dd]2<b]\c`gfkgmagm]^fc`$dk
\]Hlkak$dk\]HlYegf$]f^YflhYjdYeYlj]kk]\]eYakgfFk++&
;`]h]fc`gfkgmYqYflhjgZYZd]e]fllY[la^n]jkd]eada]m\m NAAA]ka[d]$ade]hYjYl\k
dgjkjYakgffYZd]\]j][gffYlj]<b]\c`gfkgmagm]^fc`Ymf+&;]dma%[alYal[]jlYaf]e]fl]f[gj]
j]hjk]fl\Yfkd]khYjla]k\akhYjm]k\]khYjgak$Ym\]mpae]gmljgakae]j]_aklj]$[gee]mf
^jY_e]flj]ljgmnhYjead]k\Zjak\]dY[`Yh]dd])afnal]d]h]fk]j2)&D]k]jnal]mj$d]kgmla]f
S\]kgfeYlj]U'*&d]ljgakae]hjgh`l]$d]hjgh`l]\Gkajak$'+&d]hjgh`l]\]Eaf
<b]\c`gfSkgmagm]^fc`U+,&;gfl]ehgjYaf\mjgaj]hjk]fl\Yfklgmld\a[]$[]_jYf\fg%
lYZd]YkYfk\gml]l]fmngim]j$kgal\YfkdfmejYlagf\]kYda_f]$kgal]fdmajk]jnYflmf]
e]flagf]p[dmkan]$mfYf[lj]hYjla[mdaj]e]flhj]kla_a]mp$imaYnYaldmaYmkka]p]j[dY^gf[lagf
\]_gmn]jf]mj\]dgYkak&
*& D]k\a]mp\]dY[`Yh]dd])
Adf]kmZkakl]\Yfkd]k\]mpkYdd]kim]d]j]_aklj]af^ja]mj$]flaj]e]fl\[gj&D]k\anafalk
\]nYfld]kim]dd]k9eYkak^Yalg^^jYf\]q[gfklalm]fl\]k_jgmh]kYmk]af\]kim]dk\]k^Yeadd]kk]
dYakk]flj][gffYlj]$eYak\gfld]f[`Yf]e]flgZal\]khjaf[ah]kimad^Ymll]fl]j\]\faj&
<]eZd]$dgja]flYlagf\]k\a]mpkmk[al]dafl]jjg_Ylagf&Lgmkf]^gflhYk^Y[]Ymjga&:gf
fgeZj]\]^Yeadd]k\anaf]kkgflj]hjk]fl]k]fll]ll]$k]dgfmfmkY_]Za]fYll]kl\YfkdgYkak
\]:Y`YjaqY+-&;]h]f\Yfl$hYjead]k\a]mp[gf[]jfk$adk]eZd]im]\]khjaf[ah]k\a^^j]flkkga]fl
]fmnj]$\]kgjl]im]ljgak_jgmh]kk]dYakk]flj][gffYlj]&
*&)&)&Mf]hj]eaj][Yl_gja]jmfalimYlj]\a]mpimakman]fld]jga&
<YfkdYkYdd]fgj\$EY`k]l@gjmk f)(]l))!kgfllgmjfk$YmegafkYhhYj]ee]fl$n]jkdY
hgjl]dYljYd]]kl$eYakk]j]ljgmn]flYafka\YfkdYee]hgkalagfim9eYkak$imad]khj[\] f)*!&
;]ll]\akhgkalagfk]jhl]\YfkdYkYdd]km\$Yn][d][gmhd]\]Egflgm%J]l\]EYl$Ymf*($eYak$
]fdg[[mjj]f[]$Ym[mf]hgjl]f]d]kkhYj]\mjga&9afka$Ym[l]kl\][`Yim]kYdd]$mf_jgmh]\]
\]mp\a]mpk]eZd]]k[gjl]jd]jga%g^[aYfl$[]imaf]klh]ml%lj]hYkkYfkjYhh]d]jd]flgmjY_]\anaf
\mjga\Yfk\]kk[f]k\afljg\m[lagf\]nYfld]hYljgf\ml]ehd]$Yml]je]\]dYegfl]jgqYd]&
++ AZa\&$h&.(]lh&.-& d]flj] \] dY f[jghgd] \]k aZak hgim] hd&)+9!3 Ym [l _Ym[`]$ Egml ]kl _mj]
+, AZa\&$ ngd&*$ h&*,$ _&/2 ^jY_e]fl \] lYj\an]! ]kl Yfim] \] lYZd]Ymp kqelja% ^Y[] Ym \a]m [jag[h`Yd] 9egf%J%@gjmk
*1W+0[e3gfq\aklaf_m]mfnakY_]]lmf] im]k2Ym\]mpae]j]_aklj]$\][`Yim][l$ aZa\&$ h&+)$ _&)- ]l hd&)+:!& HYj Yadd]mjk$
hYjla] \] d]f[]fkgaj im] d] h]jkgffY_] mf] lYZd] \g^^jYf\]k Ydae]flYaj]k k] \j]kk] ngajYmkka$\Yfkd]l]ehd]\@aZak$d]^Y[]^Y[]
hjk]fl]& ]flj]mf\a]m]lmf]\]kk]&D]\a]mg[[mh] \9egf ]l 9egf]l2 @aZak AAA$ EE9==)/$
+- NgajdYlgeZ]\]L[`Ylq2F]`]e]lYfgm dYhgkalagf\mjka\]fl$dY\]kk]$imadn]dY F]oQgjc$)1-+$hd&1$*]j]_aklj]&
]l L`gl k] ^gfl ^Y[]$ Yafka im] F]h`l`qk ]l eYafn]jkdma$g[[mh][]dd]\][]dmaima]flj]
mf@gjmkkYfk[gmjgff]$aZa\&$ngd&)$h&),* \Yfkd]egfme]fl3Ym[l\jgal$@Yl`gj]kl
]l_&))*3h&),.]lhd&))-3IYj]l>Yjmb$ \]nYflC`gfkgm aZa\&$ngd*$h&+($_&),]l
*&)&*&Mf]\]mpae][Yl_gja]hjgngim]\]kjmhlmj]kkmjd]khYjgakdYljYd]k$\Yfkd]kkja]k\]k
\a]mp\]nYfld]kim]dkd]jga^Yalg^^jYf\]2ljgak_jgmh]kkgfl[gf[]jfk&
KmjdYhYjga]kl\]dYkYdd]fgj\$dY\]kk]EYl f)+$0!afl]jjgehldYkm[[]kkagf\]k\a]mp
]flgmjfYfld]\gkF]`]e]lYfgm f)+$/!]l]f^YakYfl^Y[]Egflgm f)+$1!$YnYfl%\]jfa]j
\a]m\]dYkja]&<YfkdYkYdd]km\$ad]fnY\]ee]kmjdYhYjgagm]kl$Yn][F]h`l`qk$imalgmjf]
d]\gkAkakhgmj^Yaj]^Y[]@gjkYkak f).$+%,!+.$]l\]ee]$\]jjaj][]\]jfa]j$Yn][K[`Yl$
ima^Yal^Y[]L`glkmana\]F]`]e]lYfgm f).$-%/!&
*&)&+&
Mf]ljgakae][Yl_gja][gf[]jf]mfegf\]\anaf\gfld]jga]klYZk]fl2]dd][gmnj]d]k
hYjgakljYfkn]jkYd]k\]dYkYdd]km\&
*&)&+&)& KmjdY^Y[]fgj\$kqeljaim]e]fl$mf\a]mlgmjf]d]\gkdYhgjl]YpaYd]]l^Yal^Y[]
mf]\]kk]&9m[lgm]kl$adkY_al\9egf%Dmeaj]\]L`Z]k]l\]Egml f),!$\]dYmlj][l
k]ljgmn]mf[gmhd]emladhYjd]kjYnY_]k\ml]ehk f)1!&
*&)&+&*&
KmjdYhYjgakm\S_&-U$d]^Y[]^Y[][gf[]jf]\]k\a]mp\]^Yeadd]kYhhYj]ee]fl
\a^^j]fl]k$YafkaHY`]j[`]^]ld][gmhd]Egflgm%EYl$\YfkdYhYjla]gm]kl f)/!$@gjmk]ld]
[gmhd]9egf%Egml f)0!\YfkdYhYjla]]kl&D]lYf\]e\]HY`]j[`]^]l\@gjmk]klj]hjk]fl\]
eYfaj]\gmZd]e]flafn]jk]]f^YY\]$d]flj]\]dYkYdd]fgj\$^YakYfl^Y[]9eYkak$HY`]j[`]^
Ym[l]kl]fdg[[mjj]f[] f)$*]l_&)!$]l@gjmkYm[lgm]kl f*$*!&DYhgkalagf\][]dma
ima]flj]\Yfkd]l]ehd]]klg[[mh]hYj9eYkak]f^YY\] f)$)%*$)!$eYakhYjHY`]j[`]^]l@g%
jmkkmjdYhYjga\m^gf\\]dYkYdd]km\ f)/$)%)0$)!&DYhgkalagf\]d`l]imaj]gal]klYkkme]
hYjHY`]j[`]^]l@gjmk]f^YY\] f)$*%*$*!$eYakhYjEgflgm%EYl f)/$*%+!]l9egf%Egml
f)0$*%+!\YfkdYkYdd]km\&DY[gehYjYakgf]flj][]k\]mp_jgmh]k\]lYZd]YmpkalmkYmp\]mp
]pljealkfgj\]lkm\\megfme]fl^YalnYdgajd][`aYke]\]khgkalagfk\]HY`]j[`]^]l@gjmk
]lkm__j]]fee]l]ehkim]d]k\]mp\a]mpk]jn]fl\]j]dYak]flj]d]jgad]flj] f)%*!]l
d]k\]mp[gmhd]k\anafkYm^gf\ f)/%)0!&D]lYZd]YmkmanYfljkme]fglj]hjghgk2
a
f)$)!egflYfl]kl f)$*!egflYfl]kl egflYflgm]kl f*$*! egflYflgm]kl f*$)!
kYdd]fgj\
9eYkak HY`]j[`]^ @gjmkSdk\Akak7U 9eYkak
^YY\]
+. Ngaj Ymkka$ hgmj d] ee] [gmhd] nYj&2 L[`Ylq$ 9&>9C@JQ$ L`] =_qhlaYf <]k]jlk&
@gjmk]klkYfk[gmjgff]!$\YfkdYlgeZ]\] :YjaYGYkak$ngd)$h&),*]l_&))*&
*&)&+&+&
;gfka\jk ]fk]eZd]$ d]k _jgmh]k \anafk \]k \]mp hYjgak ljYfkn]jkYd]k \] dY kYdd]
km\ j]hjk]fl]fl h]ml%lj]$ ]f dYZk]f[] \m jga$ mf egf\] [dgk kmj dma%ee]$ kmj d]im]d fgmk
j]na]f\jgfk+/&
*&*& >Yeadd]k\anaf]k2j[mjj]f[]kkYfkjhlalagf
D]k\a]mp\]k\an]jk]kkja]kk]dYakk]flgj\gff]j]fim]dim]k^Yeadd]k&;]jlYaf]kYkkg[aYlagfk$
[gee][]dd]\]EYl$Egflgm]lGmlg f)+$0%)(!$gm]f[gj]\]F]h`l`qk]lKgh\gm f*)$.%/!$
kgfl[]h]f\YflegafkjhYf\m]kim]\Ymlj]k&D]mjbmplYhgkalagfngim]]fim]dim]kgjl]mf]
naljaf]hjk]flYfld]k_jYf\k\a]mpdg[Ymp\]<b]k\b]k]lad[gfna]fl\]fhjghgk]jmfhj]ea]j
Yh]jm&
EYakd][gf[]hl]mjk]kl%ad[gfl]fl\]d]khYfY[`]jYdYlgaj]e]fl$\]eYfaj][gmnjajd]khY[]
\akhgfaZd]79m[gmjk\]dYeakkagf\Ynjad*((,$hdmka]mjkh]jkgffY_]kj]klkaf\[`a^^jk\Yfk
d\alagf\9`e]\>Yc`jqgflla\]flak&=f\hal\]kdY[mf]kkmZkaklYfl]k$adhYjYlhgkkaZd]
\]\_Y_]jim]dim]k[d]^kimaegflj]flim]dY[gfkljm[lagfgZalmfkqkle]hdmkdYZgjimgf
f]d]hj]kk]flYal&
*&*&)&EY`k]l:Ykl]l SlYZd]YmAU
D]k\a]mp^dafkEY`k]lkYej]:Ykl]lkgflj]hjk]flkljgak^gak$]fk]eZd]]lkhYje]fl$
]f\]k]f\jgalkdaeafYaj]k2adk_mj]fllgmk\]mp]fll]\]klj]ar]\a]mp\]dYhYjgagm]kl\]dY
kYdd]fgj\ f-$)%*!]l]fll]\]k`mal\a]mp\]dYhYjga]kl\]dYkYdd]km\ f*)$)%*!&KYdd]fgj\$
EY`kk]ljgmn]]f[gj]kmjdYhYjgafgj\$[l]kl f)(!$]l:Ykl]l^Yal^Y[]9eYkakkmjdYhYjga
km\$[lgm]kl f/$*!$hYjYddd]e]flAkak$[l]kl f0$*!+0&Dgd]l]pl]kmZkakl]gmY]f[gj]
ldmhYj>Yc`jq$lgmk\]mpkgfl\alkjka\]flk\YfkdgYkak f-$f/$f)(!&
HYjYadd]mjk$:Ykl]l_mj]_Yd]e]flkmjd]egflYfl]kl\]dYhgjl]\]dY[`Yh]dd]*$]f^YY\]$
Ym k][gf\ j]_aklj]$ g 9eYkak dma g^^j] dY [YehY_f]+1& D] l]jjalgaj] kY[j \h]f\Yfl de Ayn
Yd%Egm^l]ddYdmaYhhYjla]fl\gf[Ymegafk]fhYjla]&GZk]jngfk]f[gj]immf]klYlm]\]:Ykl]l
ljfYfl ]f [Yd[Yaj] +-[e! Y l j]ljgmn] ^jY[Ykk]$ bmkl] \]nYfl d] egfme]fl3 dafk[jahlagf
^jY_e]flYaj]im]dd]hgjl]kmjd]k[lkY[gfk]jn\]kfgek\Yk[]f\Yflk\m\\a[Yfl<b]\c`gf%
kgmagm]^fc`Yafkaim]d]lalj]\]hjgh`l]\]EY`k,(&:Ykl]l]klhjk]fl]_Yd]e]fl\Yfk
dgfgeYklaim]dg[Yd],)&MfdagfY[[jgmha$[ga^^\mhk[`]fl$j]hjk]fl\YfkdYlgeZ]\]L[`Ylq
:Y`YjaqY$]klh]ml%lj]a\]fla]jYn][EY`k,*&D]k\]mp\anafalkbgmakk]flYafkakYfk[gfl]kl]
\mf[mdl]dg[YdaehgjlYfl&
=ff$ka$[gee]ad]klnjYak]eZdYZd]$dY\]kk]^daf]\mf*)$*]klZa]f:Ykl]l$Ydgjk$hYjkY
hgkalagfj]dYlan]\YfkdYkja]\]k\a]mpima^Yal^Y[]9eYkak$]dd]]kleak]]fhYjYddd]Yn][dAkak
\mf).$*&<Yfk[][Yk$[]hYjYdddake]]klj[mjj]fl]lkgmda_fhYjmf[`aYke]&Ad^Yml\kdgjk
YmkkaY\e]llj]im]d]hjg_jYee]\[gjYla^Y[`gaka\]e]llj]]fna\]f[]dYj]dYlagf]flj]d]k
\]mp\]kk]k&D]lYZd]YmkmanYfl^YalYhhYjYlj][]hjg[\klqdaklaim]2
hYjga]kl hYjgagm]kl
f*)$*:Ykl]l 7! kYdd]km\ Akakf).$* !
ll]^daf]$\akim]kgdYaj]!
a
f0$*Akak hgjl]km\ :Ykl]lf/$*
! \]dYkYdd]fgj\ ll]^daf]$\akim]kgdYaj]!
*&*&*&HY`]j[`]^'@ja[`]^$@Yl`gj$Kgelgmk SlYZd]YmAU
9mlj]\a]mhdmka]mjk^gakhdY[]fkalmYlagfdaeafYaj]$HY`]j[`]^$D]%NakY_]%\]%:da]j$\a]m
_Yd]e]flYll]klKaoY$da]mgdgfYY[[]flmkgfYkh][lYegfa]f,+&>a_mj]YhhYj]ee]fl
[gfkljmal]kmj[]dd]\]@ja[`]^$9qfYd%Egm^l]ddYadk][YjY[ljak]hYjmf]ll]\]Zda]j$mf\akim]
kgdYaj]kmj\]k[gjf]k\]Zda]j$]ldmjmk\j]kkdaflja]mj\m\akim]2YmhdYfa[gfg_jYh`aim]
k]md]kk]k[gjf]k`gjargflYd]kd]\a^^j]f[a]fl\9egf%Dmeaj]%\]%L`Z]k f-$)($f),$)!&
*&*&*&)&<YfkdY[`Yh]dd])$imYlj]\a]mpkgfl_mjkYn][9eYkakkmjd]khYjgakYfimYfld]k
da]mp\]hYkkY_]kYpaYmp]l^gf[lagffYfl[`Yim]^gak[gee]^YY\]\]dYha[]kmanYfl]2Ym[l
]kl$9eYkakk]hjk]fl]]fjga\]@Yml]{_qhl]$\]nYflHY`]j[`]^kmjdY^YY\]fgj\ f)!$\]nYfl
AkakkmjdY^YY\]km\ f0!3[]k_jgmh]kYdl]jf]flYn][$Ym[lgm]kl$9eYkakjga\]:Ykk]{_qhl]
j]kh][lan]e]fl\]nYfl@gjmk f*!]l\]nYfl:Ykl]l f/!&
kYdd]km\
[l]kl f0! hYjgakm\\]dYkYdd]fgj\5 f/![lgm]kl
jga\]@Yml]{_qhl]Akak ^YY\]\]dYkYdd]km\ :Ykl]ljga\]:Ykk]{_qhl]
kYdd]fgj\
[l]kl f)$_&)! ^YY\]\]dYkYdd]fgj\ f*$_&*![lgm]kl
jga\]@Yml]{_qhl]HY`]jS[`]^ S@gjkYkak 7!Ujga\]:Ykk]{_qhl]
LYZd]YmN& D]k\]mp^YY\]k&
,+ >j&;GDAF$ D]k ^gf\Yl]mjk \m kYf[% \Yfk O&;dYjqkk]$ 9&K[`ggjk$ @&Oadd]ek BYf ImY]_]Z]mj$ GD9 0,$ DgmnYaf$ )110$
lmYaj] \9egf KaoY \k]jl DaZqim]!& \&!$ =_qhlaYf J]da_agf& L`] DYkl L`gmkYf\ h&++/%++1&
9mlgmj \mf Zjgfr] \] \gfYlagf af\al$ Q]Yjk& Klm\a]k <]\a[Yl]\ lg l`] E]egjq g^
HYjea[]kimYlj]\a]mpYkkg[akhYjd]mjkalmYlagf$Ymp]pljealk\mf]\aY_gfYd]$@gjmk,,
]lAkak[gfklalm]flmf]^Yeadd]imaf]klhdmkhjk]fl]j&<Yfk[][Yk$Ymp]pljealk\]dYmlj]
\aY_gfYd]$HY`]j[`]^]l:Ykl]l^gje]jYa]fl%adk]mpYmkkamf_jgmh]Yll]klhYjYadd]mjk7Adk]eZd]
Za]fimgfhmakk]dY^je]j$lYfl:gmZYklakim]\Yfkd@jY[dghgdal]$eYd_jdYhYm[al\]k
lega_fY_]k,-&
*&*&*&*& HY`]j[`]^_mj]mf]\]mpae]^gak$kmjdYhYjgagm]kl\]dYkYdd]fgj\$]flj]dYljaY\]
Yegfa]ff] f-$+%-!]ld][gmhd]L`gl%F]`]e]lYfgm f-$0%1!S_&+U&Ad]klkmana\@Yl`gj$dY
?jYf\]\]kk]$<Ye]\m<gmZd]HYqk f-$/!]lkYnj]Yafkahdmkhjg[`]\meg\d]`jY[dghg%
dalYafim]d][gmhd]j]hjk]flkmjd]khYjgak\9d%9_`mjeaKaoY,.&DYljaY\]\@jY[dghgdakk]
[gehdl]kmjdYhYjgaghhgk]$gKgelgmk%D=f^Yfl,/ f)+$-!kmal@Yl`gj f)+$,!$]dd]%ee]
\]jjaj]C`gfkgm&=fhjaf[ah]$@Yl`gjhgmjjYallj]hYj\j]\]C`gfkgm[gee]]dd]hgmjjYal
lj]ej]\]Kgelgmk&EYakdY\]kk]\mf)+$,]kl]flgml[Ykmf]\]kim]dim]k_mj]k\anaf]k
\][]egfme]fllj]dg[Ydak]\]eYfaj]kh[aim]2]dd]]kl<Ye]\]HY%E]j]l&=kl%]dd]$
[gee]9`e]\>Yc`jqd]km__j]$mf]^gje]dg[Yd]j]da]jYmnaddY_]Y[lm]d\]EYf\a[`Y7D]
lghgfqe]\ka_f]%l%adhdmllmf]nadd]\mfge]daZqim]]f:Ykk]{_qhl]$\YfkdYj_agf\mDY[
EYjglaim]7Gm]f[gj]HY%E]j]lk]j^j]%l%ad]fee]l]ehk\]mpjYdalk_g_jYh`aim]k$dmf]
dg[Yd]$dYmlj]\YfkdYNYdd]\mFad,07
*&*&*&+&
Mfljgakae]HY`]j[`]^^Yal^Y[]Egflgm]lEYlkmjdYhYjgaYjjaj]\]dYkYdd]km\
f)/$)$_&-!&DYd][lmj]p rf]klhYklgml^YalYkkmj]$]fjYakgf\]dlYl\m\g[me]fl$mf]
h`glg_jYh`a]\]?&Kl]af\gj^^\Yl]\])1(($im]b]\gakdYeYZadal\]@]afr>]dZ]j2d]kka_f]k
kgflgmk&<Yfkd]k\]mphj]ea]jk[Yk$dYjla[d]p]kl[jaldYa\]\mka_f]\m[YfYj\ ?Yj\af]j
?,(!3dY_jYh`a] \mf)/$)]fj]nYf[`]]kl[]dd]imaYlY\ghl]dYee]hgim]\Yfkd]
kYf[lmYaj]kaoal]\9egf9d%9_`gmjeahgmjd]k\a]mpHY%`]j%[`]^ HYjkYh`k!]lHY%`]j%]f%ae]f
H`Yfegf!$[gee]>j\ja[;gdafdYegflj,1&D]kYlljaZmlk$a\]flaim]k[]mp\m\a]m\]k
f)$*]lf-$.$hdYa\]fl]f^Yn]mj\]dYd][lmj]hjghgk]&
HY`]j[`]^]klhdY[]fhYjYddd]Yn][@gjmk$[gee]ngimhdmk`YmlSlYZd]YmAAAU-(&D]k\]mp
\a]mpg[[mhYfl\]nYflEgflgm%EYl]l9egf%Egml f)/%)0!mf]hdY[]hjak]\]nYfl]mp%ee]k
hYj9eYkak]f^YY\] f)%*!$h]ml%lj]gfl%adk\Yfk[]egfme]flmfjd]\afljg\m[l]mj$[gee]$
hYj]p]ehd]$Egflgm]l9lgmej]kh][lan]e]flhgmjdY@Yml]]ldY:Ykk]{_qhl]\Yfkd]kk[f]k
\]egfl]jgqYd]-)&
Mf]imYljae]^gje]$\gfld]fgeY\akhYjmYmbgmj\`ma-*$k]ljgmn]kmjdYhYjga]kl
*&*&*&,&
\]dYkYdd]km\ f*)$+!&=dd]\a^^j]\]kljgakYmlj]k&D]\a]m]kllgmbgmjk[jag[h`Yd]eYak[]ll]
^gakadhgjl]dY[gmjgff]Yl]^$ima[YjY[ljak]`YZalm]dd]e]fld]hYljgf\@jY[dghgdak-+&;]ld%
e]fl$bgafl[]imakmZkakl]\]dafk[jahlagf$afnal]j][gffYlj]fgfHY`]j[`]^$eYak@ja[`]^&
DYljaY\]`jY[dghgdalYaf]@ja[`]^$@Yl`gj$Kgelgmk]kla[ahjk]fl]$Ym[gehd]l f*)$+%-!&
Gfj]eYjim]jYim]$[gee]\Yfkd]k[Yk*&*&*&)]l*&*&*&+$hYjd]mjhgkalagfj]dYlan]\YfkdYkja]$
@ja[`]^]l@Yl`gjkgfleak]fhYjYddd]Yn][@gjkYkak]lF]h`l`qk f).$+%,!&
KYfk\gml]$d]egfme]flfgmkg^^j]%l%adYafka\]mp^gje]kYhhYj]fl]keYakYf[j]k\a^^j]e%
e]fl\Yfkd]l]jjgaj&Dmf]$HY`]j[`]^$Yll]kl]YmkkaKaoYg]dd]hdmkhjg[`]\9egf]lljgak
^gakhjk]fl]\YfkdY[`Yh]dd])$k]jYal\fa][gee]dY^gje]YeZaYfl]ghhgk]j@ja[`]^$
[gfm]Ydgjk[gee]dY^gje]hjghj]e]fl`jY[dghgdalYaf]&=fmf]eYfaj]\][`aYke]$dYhYj\j]
@Yl`gj]fj]nYf[`]$<Ye]\m<gmZd]HYqk\]jjaj]HY`]j[`]^\YfkdYkYdd]fgj\ f-$/!$]kl
jka\]fl]\YfkdgYkak\]jjaj]@ja[`]^\YfkdYkYdd]km\ f*)$,!&
*&*&+&)&
KmjdY^Y[]]kl\]dYkYdd]fgj\$d]pljealkm\$_mj]mf_jgmh]\gfldYj]hjk]flYlagf
ljYf[`]kmj[]dd]\]kYmlj]k_mj]k\anaf]k2dYf\]dYkja]\]k\a]mp\]nYfld]kim]dk9eYkak
^Yalmf]g^^jYf\]Ydae]flYaj] f)*!$EYl$dd]\]J$dY_jYf\]\]kk]$<Ye]\m<gmZd]HYqk
f)+$0!lgmjf]d]\gkF]`]e]lYfgm f)+$/!]l^Yal^Y[]Egflgm%J$k]a_f]mj\]L`Z]k
f)+$1!$dma%ee]kmana\]Gmlg$eYlj]kk]\]H]]l\]<]h f)+$)(!&
-( KmhjY$ *&) ]l *&*&*&)& Ngaj ]f[gj] dY h]ml%lj]]f[gj]hmdaj]d]fge$eYakadf]d] hjk]flkmjd]kal]YnYfldYPPN]\qfYkla]$]f
[`Yh]dd],$9&>9C@JQ$L`]=_qhlaYf<]k]jlk& \alhYk]phda[al]e]fl& lgml[YkhYkd]ehdY[]e]fl\ml]ehd]^gf\
:YjaYGYkak$ngd)$h&).1& -+ ]&_& =\^gm AAA$ )1*$ .%).3 H&EGFL=L$ hYj 9e]f`gl]h AAA3 kalmYlagf \m l]ehd] \]
-) Ngaj ]f hYjla[mda]j$ hgmj Egflgm af% ?g_jYh`a]AA$h&)00& EYlYmkm\\ml]ehd]\9egf%J%Egflgm2
ljg\m[l]mj ]l afalaYl]mj Ymhjk \]k \a]mp$ dY -, D&? 9 : G D < = $ N&J G F < G L $ Mf] D & 9 & ; @ J A K L G H @ = $ C Y j f Y c % F g j \ A A A $
km__]klagf \] B&>&IM9;C$ Cfa_ko]a`]$ [YlYkljgh`]Yflaim]\Yfkd]l]ehd]\]Egf% >A>9G++$ D] ;Yaj]$ )1-)$ hd&D3 hgjl] \m
Hja]kl]jo]a`]$ Akako]a`]$ \Yfk B&9kkeYff$ lgm$:A>9G1+$)11+$h&*,-%*.,]lhd&)%/2 l]ehd]\]EYl2aZa\&$hd&AA')&
E&:geeYk \&!$ x_qhlak[`] Eqkl]ja]f7$ l]ehd]\]Egflgm\ahYj9e]f`gl]hAAA
Emfa[`$*((*$h&1-$f&*& h&*,1!3 a\&$ D] l]ehd] \] Egflgm flYal
-* 9&>9C@JQ$ gh& [al&$ h&)-1$ ngd&)$ ima hYkmfl]ehd]\]Egflgm$:K>=)+.$)11.$
j][gffYl @ja[`]^ \Yfk [] h]jkgffY_]$ Y h&*/%,)3 h&,)2 Egflgm flYal hYk ljk
*&*&+&*$*&*&+&+&
DYkkg[aYlagfYn][EYl]kljalj]\]mp^gakkgmkmf]^gje]Ydlj]\Yfk
dYkYdd]km\2\mf]hYjld]pljealfgj\\]dYhYjga]kl$gd][gmhd]kmal9eYkak f*(!]lk]
j]ljgmn]Yafka\Yfkmf]hgkalagfYfYdg_m][]dd]\@gjmk]lEY`k\YfkdYkYdd]fgj\ f)(%))!3
\Ymlj]hYjl$kmjd]emj\m^gf\&=fdg[[mjj]f[]$dY\]kk]EYl$dd]\]JSU f)/$+!kmal
Egflgmd]ljkhmakkYfl$k]a_f]mj\]L`Z]k$k]a_f]mj\m[a]d f)/$*!$ima\Yfkd][Ykhjk]fl$
lgml]fflYflhdmkkgdYjak$]kldaYm[a]d&
Mf]j]dYlagf]kllYZda]hYjd][gfl]pl]\[gjYla^]flj]Egflgm$EYl\mf]hYjl$]l9egf$
Egml\Ymlj]hYjl$imak]jY\[jal]hdmkdgaf$]f*&*&.&
a
hYjga]kl hYjgagm]kl
f)+$)(Gmlg kYdd]fgj\ Akakf-$)+
^daf]! !
KY^gje][gehdl]hYjYadd]mjkdYjhYjlalagf\]_mj]k^daf]kkmj[`Yim]hYjga\]dYkYdd]
fgj\2EY`k]l:Ykl]ldgm]kl f-$)%*!$:Ykl]lYmkm\ f/$*!$EY`kYmfgj\ f)(!$Gmlg
d]kl&;]jf]hYj\]k\anafalkYmp\]flkYa_mk$dYha[]k]em]YafkakYfk\gml]]fmf]^gjl]j]kk]
YkkmjYfldYhjgl][lagf\]k\dkim]dd]k]f[Y\j]fl&9fla[`YeZj]\]dYkYdd]km\$]dd]k]f\fal
Ymkka[gee]mfYnYfl%hgkl]kgda\]e]fl_Yj\$]fY[[]flmYfl[]l]^^]l\]nYfld]flj]\]dYkYdd]
km\$hYjd]kj]hjk]flYlagfk[jgak]k\Akak]l\]k\]kk]k%dagff]k]l[]dd]k\]kk]jh]flk\Yfkd]k
fa[`]k&
*&*&,&Gkajak$Akak$F]h`l`qk$@gjmk$9fmZak SlYZd]YmAU
DY^Yeadd]gkaja]ff]$Yehml]\]K]l`$k]jhYjlalkmjd]khYjgak\]k\]mpkYdd]k&Hdmka]mjk
e]eZj]k @gjmk ]l Akak kmjlgml ]f kgfl j]hjk]flk hdmka]mjk j]hjak]k$ hYj^gak akgde]fl&
Adkkgfla[angimk\Yfkmfgj\j]imala]fl[gehl]\mfgeZj]\[jgakkYfl\]d]mjkg[[mjj]f[]k
j]kh][lan]k&
*&*&,&)&
@gjmk'@gjkYkak]kl_mjimYlj]^gak&
@gjmk]lHY`]j[`]^'@ja[`]^2
d]plja]mj$kmjdY^YY\]\]dYkYdd]fgj\ [lgm]kl$f*$*!-0$ad]kleak]fhYjYddd]Yn][
HY`]j[`]^ [l]kl$f)$*!$Ykkg[aYlagfjhl]\]eYfaj]Ydlj]\YfkdYkYdd]km\2mf]hj]eaj]
eg\a[Ylagf kmZklalm]$ HY`]j[`]^$ mf hgjl]mj \] dYl]^ ima ]kl njYak]eZdYZd]e]fl @ja[`]^
]kl$f*)$+!$@gjkYkakk]ljgmnYflYdgjk\YfkdY^Yeadd]gkaja]ff] gm]kl$f).$,!3mf]k][gf\]
afn]jk]d]mjkhgkalagfkj]kh][lan]kkmjdYhYjga\m^gf\\]dYkYdd]km\$]fhdYYfl@gjmkYm[l
]kl f)0$)!$lYf\akim]HY`]j[`]^k]ljgmn]Ym[lgm]kl f)/$)!-1&D]lYZd]YmkmanYfljkme]
d]kYkkg[aYlagfk\[jal]k2
@gjmk]lEY`k2
D][gfl]pl]\a^^j]\][]dma\]kljgak[Ykhj[\]flkimYf\@gjmk$daflja]mj\]dYkYdd]
fgj\ f))!$hj[\YflEY`k]lhgjlYfl[gee]dmadY\gmZd][gmjgff].($^Yal^Y[]dYhgjl]
dYljYd]gm]kl]lk]eZd]kmanj]9eYkak$[gee]Egflgm%J]lEYlkmjdYhYjga]kl\]dYkYdd]km\
f*(!3dYkkg[aYlagf\@gjmk]l\]EY`k\YfkdYhYjla]fgj\\]dYkYdd]fgj\ f)(%))!k]eZd]
hYjYadd]mjkjhgf\j][]dd]\]d]mjkej]kj]kh][lan]k$Akak]l:Ykl]l$\YfkdYhYjla]km\ f-$)+3
f/$*3f0$*!&
@gjmk]lF]h`l`qk2
DYhYjgagm]kl\]dYkYdd]km\afl_j]@gjmk%dk%\Akak$Sd`jala]jUhYj^Yal\Gmff]^]j\Yfk
dY^Yeadd]gkaja]ff]]ldqj]da]hdmkhYjla[mdaj]e]flF]h`l`qk&D]\a]mna]fl]fimYljae]hdY[]
\Yfkd]\d2Gkajak$]fll]$q]klkmana\Akak3F]h`l`qkna]fl]fkmal]$lgmjfYfld]\gkkYkmj
]l^YakYfl^Y[]@gjkYkak.) f).$,!&DYkkg[aYlagfkh[aim]\@gjkYkak]l\]F]h`l`qkYmk]af
\m_jgmh]gkaja]fhYjYlmfh]maf`YZalm]dd]gfkgf_]jYalngdgfla]jkmf]kmZklalmlagf\]K]l`$
hgmp\]dY\]kk]]lYZk]fl9qfYd%Egm^l]ddY$eYak]dd]]klYll]kl]kgmkmf]^gje]YfYdg_m]
\]mp_fjYlagfkYnYfl<b]\c`gfkgmagm]^fc`\YfkdYlgeZ]\]L[`Ylq9d%;`]ac`9d%KgmZa$
hYjYddd]e]flYm^Y[]^Y[]\]L`gl]l\]F]`]e]lYfgm$]lk]eZd]\gf[Za]fYngajldgZb]l
\mf[mdl]dg[Yd.*&
*&*&,&*&
Akak]klj]hjk]fl]ljgak^gak&
<]mp^gak\YfkdYkYdd]fgj\$hgjlYfldY[gmjgff]`Yl`gjaim]&d]pljealkm\\]dYhYjga
gm]kl$AkakdYnfjYZd]$ej]\m\a]m f-$)+!kmal9fmZak$^gjeYflYn][dmamf_jgmh]\gfl
dYj^j]f[]]klnjYak]eZdYZd]e]fl_g_jYh`aim]]limak]jYYZgj\af^jY$]f*&*&,&-&KmjdY^Y[]
km\$imaYYhhYj]ee]flnYd]mj\]^YY\]hgmjdYkYdd]km\$]dd]^Yal^Y[]Ymjga\]@Yml]{_qhl]$
hYjYddd]e]fl:Ykl]l]lYmjga\]:Ykk]{_qhl].+&
<YfkdYkYdd]km\$kmjdYhYjgagm]kl$Akak]klfgmn]Ymkalm]hYjYddd]e]fl:Ykl]l f*)$*!$
eYak\Yfkd][Ykhjk]fl$[]kldY^Yeadd]gkaja]ff]imadmak]jl\][Y\j]&<]jjaj]kgfhgmp]l
YbgmlYflk]kimYda[Yla^k`YZalm]dk[]mp\]dY_jYf\]\]kk]eYlj]kk]\m[a]d$]dd]k]\aklaf_m]
]f[gj]\]k\]mp^gje]khj[\]fl]k]fhgjlYflkmjdYll]d]ka_f]\]kgffge f).$*!$YlljaZml
aehgkYflYmpq]mp\]dgZk]jnYl]mjkYhYj]flYn][kYkmjF]h`l`qk$imadma]klY\gkk]]lk]
[YjY[ljak]\]dYee]eYfaj] f).$+!&
*&*&,&+&
F]h`l`qkk]j]f[gflj]\]mp^gak\YfkdYkYdd]km\&
KmjdYhYjgagm]kl$Ymk]af\]dY^Yeadd]gkaja]ff]$]dd]^gje]\mgYn][@gjkYkak$`jala]j
hYj^Yal\Gmff]^]j$[gee]\YfkdYlgeZ]\]L[`Ylq$[]\gflgfhgmjjYalaf^j]jd]pakl]f[]\mf
[mdl]dg[YdY\j]kkYm[gmhd].,&
KmjdYhYjga]kl$]dd]kafkj] f*)$.$_&,!]flj]Kgelgmk]lKgh\gm$k]dgfmfhjaf[ah]
j][`]j[`]j&;]jl]k$\Yfkd]l]ehd]hlgdeYim]\=\^gm$F]h`l`qk]klYkkg[a]@Yjkgelgmk$
]ffgmjja[]\mdk\Akak.-&;]h]f\Yfl$\]eYfaj]_fjYd]]dd]f]k]eZd]hYk^Yaj]hYjla]\]
d]flgmjY_]\]Kgelgmk$d]\a]m%dk`jY[dghgdalYaf&HYjYadd]mjk$\kdYPPAA]\qfYkla]$]dd]f]kl
.) Lgml]k d]k ^gje]k \@gjmk kgfl kYfk .* AZa\&$ h&),*$ ^a_&))*3 hgmj L`gl ., NgajYmkkakmhjY$f&.*&HYjYadd]mjk$k]dgf
\gml]\]k@gjkYkak$eYak[]dd]\mf).$,]kl aZag[h`Yd] kYfk[gmjgff]!]lF]`]e]lYfgm$ =\^gmA$*+1$)/$F]h`l`qk$\]jjaj]@Yjkge%
dYk]md]hgmjdYim]dd]fgmk\akhgkagfk\mf] ngaj Ymkka aZa\&$ h&),.$ _&))-$ Yafka im] lgmk$]klfgmjja[]\mdk\Gkajak3]dd]]kl
d_]f\]dakaZd]&@gjkYkak_mj]_Yd]e]flkmj hd&,(9]l,):&NgajYmkka$af^jY$f&-/&Hgmj hYj\j] \@gjmk k]dgf =\^gm A$ ,.($ )*3 AA$
dY ^YY\] \] dY [`Yh]dd]*$ Ym )]j j]_aklj] \m dhgim]\]L[`Ylq$ngajd]lYZd]Ym_fYdg_a% )+.$.3*.-$))3NAAA$*($/%0&
egflYflgm]kl2aZa\&$h&).)]lhd&-+:3Yafka im]\]<b]\c`gfkgmagm]^fc`hjghgk\Yfk .- =dd]hjgl_]kgf@gjmkk]dgf=\^gmAA$
im]$hYj\]mp^gak$\YfkdYlgeZ]\]:fYlq2 >j&;GDAF$>j&D9:JAIM=$gh&[al&$h&/)& 01$)+&
aZa\&$h&..$_&*.3h&1)$_&,1& .+ Hgmjd]hYjYdddake]:Ykl]l'Akak$ngajkmhjY$
*&*&)]lf&+0$*&*&*&)$*&*&+&,&
hYkkYfkjYhhgjlYn][L`gl..$j]hjk]fl]fdg[[mjj]f[]hYjYddd]e]flkmjdYhYjgagm]kl$Yn][
F]`]e]lYfgm]lK][`Yl f).$-%/!$]l]dd]]klYll]kl]:Y`YjaqY\YfkdYlgeZ]\]L[`Ylq$gd]
[gmhd]im]dd]^gje]Yn][@gjkYkakYdl]jf]Yn][[]dma\]L`gl]l\]F]`]e]lYfgm./&KYhjk]f[]
hgmjjYal[]h]f\YflYmkkalj]eak]]fj]dYlagfYn][d]k\anafalkimadYkman]flkmjdYhYjga]kl$
Kgh\gm]lKgh\]l f*)$/%0!$[gee]fgmkd]n]jjgfkhdmkdgaf.0&
*&*&,&,&
Gkajak%ima%j]gal%\]k%g^^jYf\]k$d]_jYf\\a]mimajka\]LY%GmZ]c`]l&
;]\a]m]kl_mjkmjdYhYjgagm]kl\]dYkYdd]km\ f).$)!$Yn][mfnl]e]fl]lmf[gmnj]%[`]^
Za]fYll]klkhgmjGkajak%Gmff]^]j\YfkdYlgeZ]\]:fYlqIYj]lIYkjK]dae.1&:a]fimadf]kgal
j]hjk]flimmf]k]md]^gak\YfkdY[`Yh]dd])$adhj]f\hdY[]]fll]\]kja]&MfGkajakhgjl]mj
\hal`l]ka\]flaim]k]klj]hjk]flkmjdY^YY\]\]dY[`Yh]dd]*$^Y[]<b]\c`gfkgmagm]^fc`$
eYak\Yfk[][Yk$adljf]$nlm\mdaf[]mdegea^gje]$l]fYfld]kj]_YdaY]lhgjlYfldY[gmjgff]
Yl]^/(&LY%GmZ]c`]l$DY%Dmeaf]mk]$lYalnjYak]eZdYZd]e]flmflghgfqe]\]:Y`YjaqY]lkgf
kal][gehj]fYalmfda]m\][mdl][gfkY[jGkajak/)&
*&*&,&-&
9fmZak$imahjka\]YmhYnaddgf\anaf$d]_jYf\\a]mk]a_f]mj\m[a]d&
9fmZakk]ljgmn]\YfkdYkYdd]fgj\$kmjdYhYjgagm]kl f-$)*!$gad]klkmana\Akakej]%\m%\a]m&
Adq]kl[YjY[ljakhYjdYh]YmZd]m]]ldYll][Yfaf]&AdhgmjjYallj]mf[`g\]d9fmZak%ima%hj%
ka\]%Ym%hYnaddgf%\anaf\]dY[`Yh]dd]*$\a[]ima]klmf;`l]Ym%\]%dGj]lngim]d]jn]ad
\Gkajak/*& Ad ]kl []h]f\Yfl Ykkg[a Akak k]md] ]l fgf Ymp \]mp hd]mj]mk]k \anaf]k& ;]dd]%[a ]kl
kgmn]fl[gfka\j][gee]kYej]$]fhYjla[mda]j\Yfkd])0]\]@Yml]{_qhl]/+&;gee]gfd]
\[gmnj]hjg_j]kkan]e]flkYfk\gml]$`gjeakL`Z]k$HY%E]j]l]l$egafk\aj][l]e]fl$@jY[dg%
hgdak$d]kl]jjalgaj]k\]dYnYdd]\mFadf]kgfl%adkhYk]phda[al]e]fle]flagffk\YfkdY[`Yh]dd])$
eYakim]dim]k%mfkk]eZd]fleYd_jlgmlk]\]kkaf]j]fda_jYf]\]jjaj]d]k^Yeadd]k\anaf]k/,&D]
\mgimad^gje]Yn][Akakd]pljealkm\\]dYkja]hgmjjYalYmkkalj]eak]fjYhhgjlYn][dY[lagf
\mhjlj]%g^[aYfl2hjk]jn]j[]dmaima]kl\Yfk[]l]ehd] f+]laf^jY$*&*&/&*!&
L`gl$ljkhjk]fl\YfkdgYkak$]kl_mj\]mp^gak\YfkdY[`Yh]dd])$kmjmf]hYjgagm]kl$]f
_jYf\\a]mjka\Yfl<]k\]k$hgjl]mj\]dY[gmjgff]Yl]^$Yn][dYim]dd]ad]kl]f[gj]j]hjk]fl
kmjdY^YY\]\]dY[`Yh]dd]*/-&Ad]klkmana\]kYhYj\j]F]`]e]lYfgm/.&<YfkdYkYdd]fgj\$
d]k\]mp\anafalk f-$0%1!kafkj]fl]flj]\]mp[gmhd]k^gjek\mf\a]m[jag[h`Yd]hgjlYfl
d]\akim]kgdYaj]HY`]j[`]^ f-$.!]l9egf%Dmeaj]%\]%L`Z]k f-$)(!]l\mf]<Ye]\m
<gmZd]%HYqk@Yl`gj f-$/!]lEgml f-$))!&<YfkdYkYdd]km\]fj]nYf[`]$]dd]kk]ljgmn]fl
f).$.%/!]flj]dY^Yeadd]gkaja]ff]]ld]\a]m\]dG[[a\]fl@Y3\]kmj[jgl$]dd]kq\]na]ff]fl
ljag]fkY\bga_fYfldY\]kk]K[`Yl$imad]mj^Yal^Y[] f).$-!&
Gfj]ljgmn]mf]Ymlj]nYjaYlagf\]dY^gjemd]Ym[l]kl&<YfkdYkYdd]fgj\$hYjYddd]e]flYm
[gmhd]\mf-$0%1$L`glimajka\]<]k\]k[\]dYhdY[]C`gfkgm%L`gl f)+$.!$aZag[h`Yd]
[gee]dma$eYakhgjl]mj\m\akim]dmfYaj]$]ljka\]fl\]dgYkak$k]dgfmf]Ydl]jfYf[]^jim]fl]
\YfkdY[`Yh]dd])2
kYdd]fgj\
C`gfkgm%L`gl$&&&imajka\]\YfkdgYkak f)+$. f-$0 L`gl$&&&imajka\]<]k\]k
aZag[h`Yd]$ ! S_&+U aZag[h`Yd]$ !
LYZd]YmNAAA& L`gl$F]`]e]lYfgm]lC`gfkgm%L`gl$F]`]e]lYfgm\]dYJka\]f[]&
*&*&-&*&
L`gl$C`gfkgm$]lC`gfkgm%L`gl&
Dghhgkalagf \aYd][laim] ]flj] L`gl hgjl]mj \] dYl]^ ]l C`gfkgm%L`gl hgjl]mj \m \akim]
dmfYaj]$\[jal]\Yfkd]hYjY_jYh`]hj[\]fl$[gf\maldg_aim]e]fl]f_dgZ]jC`gfkgm\Yfk
dYfYdqk]&D]pl]fkagf\mj]_Yj\^YalYdgjkYhhYjYlj]mf[Yjjl`gdg_aim]afk[jal\YfkdYkYdd]fgj\$
YmpYf_d]k\mim]dk]hjgd]flC`gfkgmd=f^Yfl fgj\%gm]kl!$C`gfkgm`ajY[g[h`Yd]jka\Yfl
\YfkdgYkak$C`gfkgm%L`gljka\Yfl\YfkdgYkak$L`gljka\Yfl<]k\]k2
/- 9&>9C@JQ$ gh& [al&$ ngd&)$ hd&-+: ]l /. B&I M9=?=:=MJ $ ;JAH=D )+$ )11)$ \Yfk \]k \g[me]flk \eglaim]k Yj[`Yim]k
h&).)3 ngaj Ymkka daZak hgjl]mj \] dYl]^ h&))/ ]l f&*/%*0$ Yafka im] B&H9JD=:9K$ %-/-!&D][gmhd]_mj]_Yd]e]fl$eYakkYfk
IYj]l >Yjmb _jY^lg!$ aZa\&$ ngd&*$ h&+,$ <a] ?llaf F]`e]l%9oYb$ C]`d$ )10,$ h&**$ dY [gmjgff] Yl]^$ \Yfk dY lgeZ] \] L[`Ylq$
_&*(& hgmjd]_dakk]e]fl:Ykk]{hgim]\]F]`]% ]f Ydl]jfYf[] Yn][ @gjkYkak ]l F]h`l`qk2
e]lYgmYq n]jk F]`]e]lYfgm$ Ymkka Yll]kl [^&kmhjY$f&-,&
*&*&.&9egf$Egml$C`gfkgm$@Yl`gj SlYZd]YmAU
D]kj]hjk]flYlagfk\9egf]l\]Egml$\gfld][mdl]k]kldYj_]e]fljhYf\m\Yfkd]kgYkak$
kgfla[ad]khdmkfgeZj]mk]k&Lgml]fZYdakYfld]khY[]$]dd]knYja]flaf^Yla_YZd]e]flYmd\]k
j[mjj]f[]k&9egfYlgmbgmjkdYh]YmZd]m]$l]afl]ima\Yfkmf[YkYfgaj[a f),$)!&
*&*&.&)&
9egf$Egml$C`gfkgm ]l@Yl`gj!&
<YfkdYkYdd]fgj\$\]mphj]ea]jk_jgmh]k$hdY[kkqeljaim]e]flkmjd]khYjgakgm]kl f-$+%-!
]l]kl f)+$)%+!$kgfl[dYaj]e]fl[gehde]flYaj]k2mf]ljaY\][gehgk]\mf9egf\]^gje]
`meYaf]$jga\m<gmZd]%HYqkSimajka\]\YfkUdgYkak f-$+59egfAA!$\]Egml f-$,
5Egml9!]l\]dY^gje]]f^Yflaf]\m\a]m%dmf]C`gfkgm f-$-!jhgf\]flmf\a]m[jag[h`Yd]
kh[aim] \] :Y`YjaqY$ 9egf%@gjmk ima jka\] <b]kS\b]kU f)+$) 59egf A!$ mf] Egml
a\]flaim]dYhj]eaj] f)+$*5Egml9!$]lmfC`gfkgmY\mdl]$`ajY[g[h`Yd]$imajka\]
\YfkdgYkak f)+$+!&
D] [mdl] \m \a]m dmfYaj] C`gfkgm ]kl ^]je]e]fl aehdYfl :Y`YjaqY dhgim] lYj\an]&
Gf]fngm\jYhgmjhj]mn]k$]flj]Ymlj]k$dfmejYlagf\]k[`Yj_]kkY[]j\glYd]k\]<b]\c`gf%
kgmagm]^fc`\YfkdY[`Yh]dd]*$dYhjk]f[]\]C`gfkgm`ajY[g[h`Yd]kmjdY^YY\]\][]ll]
ee][`Yh]dd]$]ldY_jYf\]^Yn]mj\]fgekl`gh`gj]kl]dk;`]h]fc`gfkgm$C`gfkgmajaYgm$
<b]\c`gfkgmagm]^fc`//&F]hgmjjYal%gfh]fk]jim]dghhgkalagf]flj]d]k\]mp^gje]k]f^Yflaf]
]lY\mdl]$]lkmjlgmld]mjjhYjlalagfkh[aim]kmjd]khYjgakgm]kl]l]kl$gZakk]flYmee]kqk%
le]im][]dmaima$kgmkd]j_f]\]Hlgde]AAA$]kleak]fnYd]mjkmjdY^Y[]km\\mhjghqdf]
\]C`gfkgmCYjfYc]limaj]f\[gehl]\gZk]jnYlagfkh`fgefYd]k7C`gfkgm]f^Yfl$Ym
[lgm]kl$qngim]]f]^^]ldYhhYjalagf\]dYb]mf]dmf]Ym\Zml\megak$lYf\akim]C`gfkgm
Y\mdl]$Ym[l]kl$j]hjk]fl][]dd]\]dYhd]af]dmf]/0&
DY^Yeadd]\mf)+$)%+[gjj]khgf\ljgal]e]fl[]dd]ima_mj]Ym\]mpae]j]_aklj]\]k
egflYflkYfimYfld]flj]\]dYf[jghgd]lYj\an]\]kaZakIYj]l>Yjmb$Ymbgmj\`maafY[[]kkaZd]$
mf]h]lal]`]mj]ha]\de AynYd%Egm^l]ddY2
HYjYadd]mjk$IYj]l>Yjmb$C`gfkgm`ajY[g[h`Yd]^gje]mf[gmhd]Yn][@Yl`gj$[gee]
\Yfkkgfl]ehd]CYjfYc$]ldgf]kl\kdgjk[gfnadmaYkkg[a]j$Ymegafk]fda_jYf]$d@Yl`gj
imad]kmalaee\aYl]e]flkmjdYhYjga]kl\]dY[`Yh]dd]) f)+$,!$ee]ka[]ll]@Yl`gj]kl]f
dg[[mjj]f[]mf]_mj]dg[Ydak]HY%E]j]l0)&
*&*&.&*&
9egf%Dmeaj]\]L`Z]k$imajka\]<b]k\b]k$]lEgml<Ye]\m<gmZd]%HYqk&
KmjdYhYjgagm]kl_mj]mfk][gf\[gmhd]9egf%Egml f-$)(%))!$\a^^j]fl\]k\]mphj%
[\]flk&D]\a]m f-$)(59egfAAA!kqljgmn]kgmkmf]^gje]hYjla[mdaj]$_Yd]e]fl`gfgj]
:Y`YjaqY3kad]kl[jag[h`Yd][gee]d9egfA\mf)+$)]l[gee]dmajka\Yfl<b]k\b]k$ad
k]f\aklaf_m]YmhdYfa[gfg_jYh`aim]hYjkY[gmjgff]$]fhgjlYfl\aj][l]e]flkmjdYll]d]\akim]
kgdYaj]Yn][dmjmk\j]kkdaflja]mj$]l\Yfkk]khal`l]khYjkgf[YjY[lj]dY^gakkgdYaj]]l
]phda[al]e]fll`ZYaf&L`Z]k$Ykkg[a]dYkh][lkgdYaj]\m\a]m$YhhYjYl]fdg[[mjj]f[][gee]
mfl]je]eYjim&=f]^^]l$kqeljaim]e]fl$dYhYjga]klghhgk]mfYmlj]_jgmh]$jYllY[`Ymee]
l]jjalgaj]$\aYmlgmj\]Egflgm%J$K]a_f]mj\]L`Z]k f)+$15Egflgm9!&
9[[gehY_fYfld9egfkgdYaj]]ll`ZYaf$Egmlk]ngalkgflgmj[gf^j]jmf]Yddmj]gja_afYd]
f-$))5Egml:!&=dd]k]\aklaf_m]]f]^^]l\]k\]mpEgmlhj[\]fl]k$[gf^gje]kdaeY_]dY
hdmkjhYf\m]\]dY\]kk] Egml9!&DY\gmZd][gmjgff]ima[ga^^][]dd]k%[aY[\dYhdY[]mf
_jYf\[gZjYhgjlYfldY[gmjgff]jgm_]$kmana\mfnYmlgmj\]ee]\ae]fkagf$hgjlYfldY[gmjgff]
ZdYf[`]]l]f[Y\jYfld][gZjY\]k]kYad]khjgl][lja[]k&;]ll]hYjmj]]kl[gffm]\Yfkd]kj_agfk
l`ZYaf]]l[ghlal]\]dhgim]jYe]kka\]$g]dd]gjf]dYll]\hgmk]kjgqYd]kjYe]kka\]k0*&
HYjYadd]mjk$]flYflim]hYj\j]\9egf%Dmeaj]%\]%L`Z]k 9egfAAA!$Egmlhgjl]\]kha%
l`l]kimadYkkg[a]flljgal]e]fldYhYj\j]\]Egflgm%J%K]a_f]mj%\]%L`Z]k$EYl f)+$0!&
Lgml]k\]mpkgflimYda]ka\]flaim]e]fl\]_jYf\]\]kk]$<Ye]\m<gmZd]HYqk&D]hYjYd%
ddake]YafkaZa]flYZda]flj]d]k\]mp[gmhd]kl`ZYafk]klY[[]flmhYjmf[`aYke]2Ymda]m\]
kmanj]Egflgm\YfkdYkja]f)+$EYld]hj[\]]ldma^Yal^Y[]0+&
DYfYdqk]^Yal]\Yfkd]k*&*&.&)]l*&*&.&*^YalYhhYjYlj]mf[Yjjl`gdg_aim][gfkljmalkmjd]k
hYjgakdYljYd]k$YmpYf_d]k\mim]dk]hdY[]fl$Ymfgj\$\]mp^gje]k[gehde]flYaj]k\9egf
A%AA!Y[[gehY_f\]Egml 9!]l\]C`gfkgm$]lYmkm\$\]mp_mj]kl`ZYaf]k$Y[[gehY_f]k
\]Egml :!]l\]EYl 9%:!$[gee]d]lYZd]YmPAd]egflj]jYhdmkdgaf&
0) ;^&kmhjY$*&*&*&*& h&+-0$ _&;&*2 [ga^^] \] dY j]af] Lqlq3 *! [gmjgff]Yl]^3+![ga^^]\]Eaf]^]j$dYej]
0* )! LgeZ] NYdd] \]k J]af]k -*$ [ga^^]\Akak$dd]\]JYekkNA]l\]dYj]af] hjkme]\mhjaf[]HYj`]jgmf]e]^$^YakYfl
?&:{F{<AL=$ LgeZ]Ym \] dY j]af] L`ala$ FgmZc`]k]Z]\$ \Yfk d] [aflj] \mf] kld] g^^jYf\] Gkajak& KYdd] \m kYj[gh`Y_] \] dY
EE9>-$+$ HYjak$ )01+$ +0)%,))$ hd&/3 hjgn]fYfl \] ;ghlgk$ ;`j&D=:D9F;$ Mf] lgeZ] \] HYj`]jgmf]e]^$ dk \] JYekk
;`j&D=:D9F;$ DY njalYZd] a\]flal \] fgmn]dd] YfYdqk] \] dY \gmZd] l`gja] \]k AAA& LgeZ] NYdd] \]k J]af]k ,*2 [ga^^] \]
H]flYgmj]l$ J\= -*$ *(()$ hd&*.9 \]mp hjaf[]k\ml]ehd]\]JYekkAAA$E]\af]l nYmlgmj3\]kkmk$egjla]jhgjlYfl\]mp[gZjYk
[gZjYk\]nYfld]nYmlgmj!3F&:ADDAF?$Fml$ @YZgm Shd&PNAAA 9%:U$ Ef]egfaY )*')+$ kmanak\mfnYmlgmj3aZa\&$h&*()$_&+]la\&$
l`] ?g\\]kk g^ Da^] af L]pl Yf\ A[gfg_jYh`q$ *(()'*((*$h&)1/$_&)2kmjdYll]\m[gZjY$ J\=-*$*(()$hd&*-%9&
MhhkYdYKlm\a]kaf=_qhlgdg_q-$MhhkYdY$*((*$ [gmjgff] `Yl`gjaim]3 kmj []dd] \m nYmlgmj$ 0+ NgajkmhjY$*&)&
*&*&.&+&
9egf%Dmeaj]%\]%L`Z]k]lEgmlad\]J&
<YfkdYkYdd]km\$mfimYljae][gmhd]9egf%EgmlYhhgjl]mf]fgmn]dd]nYjaYlagfkmj\m
\bnm f),!&9egf%Dmeaj]%\]%L`Z]kq]klYfYdg_m][]dma\mf-$)( 9egfAAA!$kYfklj]
[gee][]\]jfa]jdg[Ydak<b]k\b]k0,&<]hdmk$Egml]kl]fdg[[mjj]f[][ga^^]\mhk[`]fl]l
imYda]\ad\]J$[gee]Ympf-$,]l)+$* Egml9!&D]k\]mp\anafalkk]^gfl^Y[]$[gee]
EYl]lEgflgm%J\mf)+$0%1&=f[]dY$]dd]k[gjj]khgf\]flkqeljaim]e]flmfYmlj][gmhd]
\anaf f)1!$im]dlYl\]dYhYjga]eh[`]eYd`]mj]mk]e]fl\a\]fla]j&Fglgfk]ffim]$kmj
d]khYjgakf),]l)1$d]\a]m]klY\gkkdYhgjl]YpaYd]$dY\]kk]dlYfldYhYjgadYljYd]&
*&*&.&,&
:akj]h]lalYhdY[]fl2imgmkim]j]h]lalY7
KmjdYhYjga\m^gf\\]dYkYdd]km\$gfj]ljgmn]mf]^gje]\9egf f)0$*!\bj]f[gflj]&
:a]fim]dd]fYalhYklj][gffm]hYj>Yc`jq0-$k]k[gflgmjkkgflf]lk&D]nakY_]]kl`meYaf$dY
[gmjgff]]kld]\akim]kgdYaj]Yn][dY\gmZd]hdme]$]ladj]kl]]f[gj]Ykk]r\]dYd_]f\]9egf
jga\m<gmZd]HYqkSUhgmjda\]fla]jYn][d9egf\mf-$+ 9egfAA!&<]jjaj]dmak]hjgd]
Egml$\gfld]hk[`]flj]kl]nakaZd]Yafkaim]d]fge Egml9!&Kada\]flal\m[gmhd]]klYkkmj]$
dYkmj^Y[]Yljghkgm^^]jlhgmjim]dgfhmakk]\l]jeaf]jYn][[]jlalm\]dYdgf_m]mj\]kafk[jah%
lagfk&EgmllYalkYfk\gml]imYda]\ad\]J&HgmjkYhYjl$d]\a]mlYalnjYak]eZdYZd]e]fl
jka\Yfl\YfkdgYkak$[gee]Ymf-$+&;]ll]^gje]\9egfY]flgml[Ykbgma\mf[mdl]
:Y`YjaqY$[gee]]flega_f]d]lalj]\]hjgh`l]\9egfjga\m<gmZd]%HYqk$imajka\]\Yfk
dgYkak$\YfkdYlalmdYlmj]\]<b]\c`gfkgmagm]^fc`0.&
D] [gmhd] k]eZd] Za]f j]hjg\maj] []dma \m f-$+%,& Ka \a^^j]f[]k ad q Y$ ]dd]k k] \fak%
k]fl hYj d]mj jYhhgjl Ym [gfl]pl] \[gjYla^& =f ]^^]l$ \Yfk dY kYdd] fgj\$ 9egf%Jga ]l Egml
kgflkmanak\]C`gfkgm%d=f^Yfl f-$-!$YZk]fl\]dYk[f]f)03\YfkdYkYdd]fgj\$dYljaY\]
\9egf%Jga'Egml'C`gfkgm%d=f^Yfl f-$+%-$ 9egf AA! ]kl ghhgk] []dd] \9egf%@gjmk
[jag[h`Yd]'Egml'C`gfkgm f)+$)%+$9egfA!$lYf\akim]kmjdYhYjga\m^gf\\]dYkYdd]km\$
9egf%Jga]lEgml f)0$9egfAA!Ydl]jf]flYn][Egflgm]lEYl f)/!$j]hjg\makYflYafka$
lgml]fdYeg\aYfl$dYj]dYlagf\][gehde]flYjal9egf'EgmlEYl'Egflgm\]dYkYdd]km\$
eak] ]f na\]f[] [a%\]kkmk Ym *&*&.&+& DY hgdYjal \]k \]mp [gmhd]k f] kYjla[md] hdmk kmj d]mj
[YjY[lj]l`ZYaffakmj\]k<Ye]k\m<gmZd]%HYqk f-$)(%))3f)+$.%/!&=fdg[[mjj]f[]$
9egf]lEgflgmkghhgk]fl]flYfl$d]hj]ea]j$jga\{_qhl]$d]k][gf\$k]a_f]mj[d]kl]3d]
hj]ea]j]kl ljkhjgZYZd]e]fl!gYka]flYf\akim]d]k][gf\]kll`ZYaf&D]hYjYdddake]\]k\]kk]k
k][gfkljmal$fgfkmjd]mjj]dYlagfd{_qhl]$eYakkmjd]mjjYhhgjlYn][J$\gflEgml]kl ljk
hjgZYZd]e]fl!dad]lEYldYdd]&
0, Fgmk f] \akhgkgfk hgmj d] kYngaj im] dYe]flagfry-b ss&;]_]fj]\]nja[Ylagf 0- Kmjd]kkaph]jkgffY_]k\]dYhYjgakm\$
\] dY h`glg_jYh`a] aehj[ak] ]l h]m \% ]klf[]kkYaj]$[Yj>Yc`jqf]fgl]hYklgmbgmjk >Yc`jq ]f j][gffYl \]mp f)/$)%*! ]l
lYadd] \] d\alagf \] >Yc`jq L`] =_qhlaYf dYhjk]f[]\]dY[mf]kha_jYh`aim]k&9afka$ [gf^gf\ d@gjmk \m f)0$) Yn][ Egflgm2
<]k]jlk& :YjaY GYkak$ ngd&)$ hd&,1:!& <Yfk hYj ]p]ehd]$ hgmj d] \a]m @Y$ ad ljYfk[jal aZa\&$h&)-1&
kY \]k[jahlagf dY h&)-/ \] kgf gmnjY_]$ @Y g^ l`] O]kl h&)-0!& Gj ]f jYdal 0. >j&;GDAF$>j&D9:JAIM=$gh&[al&$h&.(%.)
_mj]mf]ljYfk[jahlagf\]dafk[jahlagf3hYj ]l mnt k] ljgmn]fl \Yfk \]mp [gdgff]k l]pl]\]dY^YY\]]kl\]dY[`Yh]dd]*!3h&.-
Yadd]mjkdYkmj^Y[][gfkY[j]Yml]pl]k]eZd] \a^^j]fl]k]lmf]dY[mf]hj[\]mnt$\Yfk [`Yh]dd]*$ hYjga aflja]mj] gm]kl!3 h&./
Za]f [gehl]j mf] [gdgff] \] egafk imYm dYim]dd]$kmjdY^ga\]n]jkagfkhYjYddd]k$gf [`Yh]dd]*$hYjgakm\%]kl!&
f-$)($]l]kl\gf[afkm^kYfl]hgmjaf[dmj] h]mlj][gfklalm]j nb&
D]lYZd]YmkmanYfljkme]d]kjhlalagfk$nYjaYlagfk]l[gehde]flYjalkdYZgj]kYmlgmj
\9egf]l\]Egml&D]fmejgAq]klYlljaZm9egf%@gjmk$AA9egfJga\m<gmZd]%HYqk$
AAA9egf%Dmeaj]%\]%L`Z]k$dYd]llj]9Egflgm%J$Egmlad%\]%J]lEYldd]\]J$
dYd]llj]:EgflgmYafkaimYmp\]kk]k[gee]<Ye]k\m<gmZd]%HYqk&
KYdd]km\
9egfAA Egml 9 9 EYl : Egflgm
Jga\m<gmZd]%HYqk& Sad\]JU& dd]\]J K]a_f]mj\]L`Z]k$
Sjka\]fl\YfkdgYkakU& f)0$+! hk[`]fl!& f)/$+! ! k]a_f]mj\m[a]d
f)0$*! !& f)/$*! mjmk]l !
9eYkak f*(!
SEgflgm%J 9
K]a_f]mj\]L`Z]k$&&&
mjmk]l !U
SEYl !U
HYjYdddake]k]l[`aYke]k$kqfgfqea]k$nYjaYlagfk[gfklYfl]k\]fmYf[]k\Yfkd]kjhlalagfk$
[gehde]flYjalk[gfkljmal]kkmjd]kghhgkalagfkkaehd]k]l^gf\Ye]flYd]kl]dd]kL`Z]k'GYkak$
GYkak'<b]k\b]k${_qhl]'[a]d$]f^Yfl'Y\mdl]$ad\]J'dd]\]J$[]lYZd]Ymf]^Yal%adhYkYhhY%
jYlj]mf][gfkljm[lagfhglaim]dYZgj]$imafY_mj]]fna]jYmp[gehgkalagfkl`gdg_aim]k
\]k`ajg_jYeeYl]k\]dYNYdd]\mFad7Adh]je]l]flgml[Yk\][gfklYl]jim]\]mp\]k^gje]k
\9egf AA]lAAA!hjk]fl]k\YfkdYkYdd]fgj\k]j]ljgmn]fl\YfkdYkYdd]km\&Im]f]kl%ad\]dY
ljgakae]$d9egf%@gjmk A!7FYmjYal%adhYkdmaYmkkalj]\akljaZm\YfkdYkYdd]km\$hYj]p]ehd]
kmjdYhYjgafgj\$Ymf)17;gee]$\]kmj[jgl$ja]ff]k]jhl]afl_jYd]e]fl$\]ee]im]d]
Egflgm :!\]dYkYdd]km\k]\aklaf_m]\mEgflgmkgdYjak\]dYkYdd]fgj\$h]ml%lj]hgmjjYal%gf
kmhhgk]j mf] ^gje] kgdYjak] \] []l 9egf%@gjmk A!& Gj$ mf 9egf%J%@gjmk$ k]a_f]mj \]
<b]k\b]k$]klZ]d]lZa]fYll]kld]flj]\]dYf[jghgd]\]kaZakIYj]l>Yjmb]ld]ee]\a]m
9egf%J%@gjmk]kle]flagff\Yfkmf]afk[jahlagf`ajg_dqh`aim]\]:Y`YjaqY$\gfl>j&;gdaf
hjhYj]d\alagf0/&;]ll]km__]klagfYmjYaldYnYflY_]\]j]hjg\maj]\YfkdYkYdd]km\$lgml]f
dYdljYfl$d]hYjYdddake]kgdYaj]\9egf%Dmeaj] AAA!]l\]Egflgm%J 9!eak]fk[f]\YfkdYkYdd]
fgj\$Yafkaim]dY[gehde]flYjal\]L`Z]k]l:Y`YjaqY&;]imahdYa\]jYal]flgml[Yk]f^Yn]mj
\mf9egfYmf)1$[]kldYkad`gm]ll]ljknY_m]e]flj][gffYakkYZd]\]dY\gmZd][gmjgff]kmj
dYll]\]dY\]kk]imadma^Yal^Y[]00&Ka\gf[9egf%J%@gjmkadqYnYal$[]flYalhjgZYZd]e]fl
hYk]f[gehY_fa]\]Egml<Ye]\m<gmZd]%HYqk$eYak]f[]dd]\]Egmlad\]J&
LYZd]YmPAA& 9egf%J%@gjmk]lEgmlad\]J7
DYj][gfklalmlagf`qhgl`laim]jnd]jYalYafkamf]p]ehd]kmhhde]flYaj]\mfYmlj]hjg[\
hglaim]Za]f[gffm\]kl]ehd]klYj\a^k2dY\akhgkalagf\][Yjjkl`gdg_aim]k$afk[jalk\Yfkd]khY[]
kY[j01&Mfhj]ea]j[Yjjj]da]ljgak[gmhd]k9egf'EgmlmfimYljae]$EYl'Egflgm$kmjd]k
^Y[]kdYljYd]k\]dYkYdd]fgj\&Mfk][gf\[YjjjYdak]jYaln]flm]dd]e]fldYee]ghjYlagfkmj
d]khYjgakljYfkn]jkYd]k\]dYkYdd]km\$[gee]d]lYZd]YmPAAAd]egflj]jYhdmkdgaf&Imgaimad]f
kgal$ee]kYfkl]faj[gehl]\]da\]fla[Ylagfhjghgk]hgmjd]f)1$adj]kkgjl\]dYfYdqk]im]
d]k\a]mp9egf$Egml$Egflgm]lEYlgflmf]^gf[lagfeYb]mj]\YfkdY[`Yh]dd])&DY[geZa%
fYlgaj][gehd]p]imad]ke]l]fk[f]k]eZd]aehdaim]jmf\ak[gmjklYflkmjdY\an]jkal\]d]mjk
^gje]kim]kmjdYhYj]fl]flj]L`Z]k]l:Y`YjaqY&
*&*&/&
@Y$Kgh\gm$Kgh\]l SlYZd]YmAU
<YfkdYkYdd]km\$ljgak\anafalk$kalm]kd]pljealkm\\]khYjgakdYljYd]k$hYjYakk]fl\]e%
Zd]YngajmfklYlml\a^^j]fl\]kYmlj]kh]jkgffY_]k&
0/ ;^&kmhjY$f&,)& 00 ;^&?&Kl]af\gj^^$[alkmhjY$f&)*2dYll] 01 ;^& kmhjY$ *&*&-&*& Ngaj >j&D9:JAIM=$
\mf)1$*YhhYjYl\]ZaYakkmjdYh`glg_jY% Klqdaklaim]]ll`gdg_a]=\^gm$h&+.($af\]p$
h`a]]l]kl\gf[ljk\a^[ad]a\]fla]j& k&n&[Yjj&
*&*&/&)&
@Y&
Hdmka]mjk]phda[Ylagfkh]mn]flj]f\j][gehl]\]dYhjk]f[]\]@Y f).$0!kmjdYhYjgagm]kl$
[l\]dYhgjl]dYljYd]\]dYkYdd]km\$gad[dldYkja]\anaf]f).&;]\a]mbgmal$]flgml[Yk
dhgim]kYl]$\mf[mdl]\Yfkd]khYjY_]kg[[a\]flYmp\@jY[dghgdak1(3gj$d]\a]mimadma^Yal
h]f\Yfl\]dYmlj][l\]dYhgjl]dYim]dd]adlgmjf]d]\gk$f]klYmlj]im]HY`]j[`]^ f)/$)!&
@Y]klYmkkamf_m]jja]jimahjgl_]dYj_fjYlagffg[lmjf]]ld]jn]ad\]KgcYj%GkajakYmegak
\]C`gaYc1)&=flYflim]l]d$adf]kl\gf[hYkkYfkjYhhgjlYn][Gkajak$kalmdYmlj]]pljeal
\]dYee]kja]\anaf] f).$)!&
H]jkgffa[Ylagf\]kl]f\m]kdaZqim]k$adhgmjjYalYmkkal]fajda]m\]eYjim]mj_g_jYh`aim]$
[YjY[ljakYfld]kal]de AynYd%Egm^l]ddY[gee]kqf][\gim]\]dYH]lal]GYkak]lYafka[gee]
]khY[]g[[a\]flYdnak%%nak\]dYNYdd]&D]kljYnYmp\]l]jjYaf\Ynjad*((,gfl[]h]f\Yflh]jeak
\a\]fla]j\]k_mj]k\anaf]kj]kl]kbmkimhjk]fld]llj]kegjl]kkmjdYhYjgaghhgk]$[gflja%
ZmYflYafkadYj_ajd][gfl]pl]\Yfkd]im]d@Ykafkj]$[gee]fgmkd]n]jjgfk[a%\]kkgmk&
*&*&/&+&
<mljagYmimYlmgj&
HYjYadd]mjk$@Y$Kgh\gm]lKgh\]lYhhYjYakk]flYmkka$fgf]f\anafalkbgmakkYfl\mf[mdl]
Yf[j\Yfkmfda]m$eYak]f]flalkYZkljYal]kkqeZgdakYfld]khgaflk[Yj\afYmp&EYakka@Y$kmjdY
hYjgagm]kl$\ka_f]dgm]kl$kaKgh\gm$kmjdYhYjga]kl$\ka_f]d]kl$]lkaKgh\]l$d]pljeal
1( B&QGQGLL=$9;>)11)%)11* 1*]Yff]!$ j/$/%03 B&IM9=?=:=MJ$ Klm\9]_ +$ )1//$ 1- B&:=J?E9F$DxAAA$)10($[gd&)1*&
h&.*.%.*0& h&)*)%)**& 1. B&QGQGLL=$9;>)11+%)11, 1,]Yff]!$
1) AZa\&$ h&.+*3 a\&$ 9;> )11+%)11, 1+ =\^gmAA$*.($).3Hgjl]\{n]j_l]$hd&,/$ h&..1&
1,]Yff]!$h&..1& \]k[jahla^\mjga& 1/ ;^&kmhjY$)&
1* F]h`l`qk$ [gee] ej] \9fm% 1, <&:M<<=$<a]?llafK]k[`Yl$CYfgZgk*$
Zak%Kgh\gm2 H&EY_aim] @Yjjak -() D]ahra_$*((($h&)0-%)0.]lh&)1( f,&*/!&
km\\]dYhYjga]kl$\ka_f]d]km\$adeYfim]]f[gj]d]eYjim]mj\mfgj\&Gj$\YfkdYkYdd]fgj\
k]ljgmn]Gmlg$eYlj]kk]\]H]]l\]<]h$ima\]hjae]YZgj\k]eZdYalha[]jYhhgjl]&=dd]
k]jYalmf][Yf\a\Yl]hYj^Yal]hgmj[]jd]&
Fgmkj]ljgmngfk\Yadd]mjk[]imYlmgj[gkegdg_aim][gee]l]d\YfkmfhYhqjmkl`ZYaf\YlYfl
\mAN]ka[d]Yn&B&%;&$D]danj]\]j]hgmkk]j9hgh`ak$imadma[gf]dY\^]fk]\Gkajak]l\]J2 +)$*)!
Im]dYYee]kgal]flgaYmKm\]ll]eYljak]2[]klKgl`ak]l9fgmcakimagfl[geeYf\[]ima
]kl^Yal[gflj]lga3im]dYYee]kgal]flgaYmFgj\]ll]eYljak]2[]klSGmUlg$ +)$**!eYlj]kk]
\]H]]l\]<]h$imaY[geeYf\[]ima]kl^Yal[gflj]lga3im]dYYee]kgal]flgadG[[a\]fl
4]ll]eYljak]62[]kl@Y$d]k]a_f]mj\]dG[[a\]flimaY[geeYf\[]ima]kl^Yal[gflj]lga3im]
dYYee]kgal]flgadGja]fl]ll]eYljak]2[]klKgh\gm$d]k]a_f]mj\]dGja]flimaY[geeYf\
[]ima]kl^Yal[gflj]lga&Mf][gfbmjYlagfYfYdg_m]$\Yfkd]l]ehd]\=\^gm$hdY[]d]km\kgmk
dYmlgjal\]Kgh\]l$lYf\akimGmlgeYljak]d]fgj\$@Ydgm]kl$Kgh\gmd]kl10&
+& Hj]eaj]k[gf[dmkagfk
EYd_jdlYl\megfme]fl$dYfYdqk]afl]jf]ZYm[`]a[aYegfljim]d]khYjgakYnYa]fll
\[gj]k]f^YakYflYhh]dmf][geZafYlgaj]Ykk]r[gehd]p]&=dd]fYlj]f\m]hgkkaZd]im]
_j[]da\]fla[Ylagfj[]fl]$Ym[gmjk\]dYeakkagfA^Yg\Ynjad*((,$\mf]kja]\]h]jkgffY_]k
\anafkj]hjk]flk\YfkdYkYdd]km\\]dY[`Yh]dd])&=dd]Y[gf\malim]dim]khj]ea]jkjkmdlYlk$
\gflnga[ad]jkme&
+&)& ;d]^k_g_jYh`aim]k]l[gkegdg_aim]k
<YfkdYkYdd]fgj\$ee]kah]m\]lghgfqe]khj[akkgflngimk$\]fgeZj]mk]k_mj]k
\anaf]k gfl YhhYj]ee]fl l j]_jgmh]k ]f ^gf[lagf \Y^falk \gja_af] j_agfYd]& Hdmka]mjk
[]flj]kj]da_a]mp\]dYNYdd]k]\]kkaf]fl\YfkdYljYe]kgmk%bY[]fl]2d])(]fge]\]@Yml]{_qhl]
]l:gmZYklak$Yn][EY`k]l:Ykl]l3L`Z]k$Yn][d]k^gje]k\9egf$Egml$C`gfkgm$Egflgm]l
EYl3@jY[dghgdak$Yn][HY`]j[`]^$@Yl`gj$Kgelgmk3@]jeghgdak$Yn][L`gl]lF]`]e]lYfgm3
d]k l]jjalgaj]k ;qfghgdal]k$ Yn][ 9fmZak ]l Akak3 ]l h]ml%lj] d] fge] daZqim]$ Yn][ @Yl`gj \]
HYe]j]l11&Lgml]fqhYfY[`Yflj_mdaj]e]fl\]ke]flagfk\]dGYkak]l\]<b]k\b]k$gf
Y[gehgkmf]kgjl]\]f[q[dgh\a]kY[]j\glYd]dg[Yd]$mf[YlYdg_m]\anafgZakkYflim]dim]k
hjaf[ah]k\]`ajYj[`akYlagf&Kmjmf^gf\\]eljghgd]kkY[j]kaehda[al]k$\]\ka_fYlagfkj]%
dYlan]e]fl_fjYd]k\]:Y`YjaqY$k]hjgd]mf]_mj]\anaf]Yf[j]Yn][hj[akagf2Gkajak\]
LY%GmZ]c`]l$^gje]_Yd]e]flngim]\YfkdY[`Yh]dd]*$imaYhhYjYlYafkakYfk\gml][gee]
d]\a]mhjaf[ahYd\megfme]fl$kmjmfl]jjalgaj]kY[jimaYhhYjla]flhjgZYZd]e]flYmegafk]f
hYjla]:Ykl]l&Gf[gehj]f\Yafkaim]d]egfme]flYall[gmn]jl\mfhdY^gf\ngl$\[gj
\lgad]k)((& D]k Ymlj]k \anafalk$ ]f hYjla[mda]j []dd]k \gja_af] `jY[dghgdalYaf]$ l`ZYaf] ]l
ZgmZYklal]$g[[mh]fl$k]eZd]%l%ad$kljYl_aim]e]fld]khY[]kY[jYmlgmj\]dma&
DYkYdd]fgj\k]klYje]]fjhYjlakkYfl\]k_mj]kdgfaf]kkmj[`Yim]hYjgahYjead]kim]dd]k
_mj]Gmlg$kqeZgd]\mfgj\&<YfkdYkYdd]km\$d]j]dYak\]dY\^]fk]]klYkkmjhYjEY`k]l
:Ykl]ldYll]\]dYkja]]kl$hYjEgflgm$imYda\]ljkhmakkYfl f)/$*!$]lhYjd]k]flalk
\]kljgakYmlj]khgaflk[Yj\afYmp&HYjea[]dd]k%[a$Kgh\gm]l@Ygflfglgaj]e]flnYd]mj\]_Yj\a]fk
\]kYf[k\Gkajak&
+&*& ;d]^khglaim]k
DY j[mjj]f[] \]k _mj]k \anaf]k k]eZd] gZaj hgmj mf] _jYf\] hYjl mf hjaf[ah]
fmejaim]&
Hdmka]mjk\a]mpkgfljhlkk]dgfmfjql`e]\]+gm\]+#)&
+#)2
D]k\a]mp\]khgaflk[Yj\afYmpkgflljgak @Y$Kgh\gm$Kgh\]l!\YfkdYkYdd]km\$mf Gmlg!
\YfkdYkYdd]fgj\&
9egf]lEgmlYhhYjYakk]flljgak^gak\YfkdYkYdd]fgj\$gadk^gje]flmf[YjjYn][Egflgm%J
]lEl3[]ll][gfkljm[lagfk]j]ljgmn]ljkhjgZYZd]e]fl\YfkdYkYdd]km\$kadgfY\e]lda\]f%
la[Ylagfhjghgk]hgmjd]f)1&
@gjkYkakYhhYjYlljgak^gakakgde]fl$mf]^gak]f[gmhd]Yn][F]h`l`qk&Ad]klljgak^gakeak
]fhYjYddd]Yn][HY`]j[`]^'@ja[`]^$mf]^gak\aY_gfYd]e]flghhgkAkak]l9fmZak&
Ljgak^gje]k\]HY`]j[`]^hgjl]mj\m\akim]kgdYaj]k][gehdl]flhYjmf@ja[`]^hgjl]mj
\]dYl]^&
+2D]k\anafalkkmanYfl]kkgflj]hjk]fl]kljgak^gak&
Egflgm]lEYl2f)+$0%1\YfkdYkYdd]fgj\$f*(]l)/$*%+\YfkdYkYdd]km\&
EY`k2f-$)]l)(\YfkdYkYdd]fgj\$f*)$)\YfkdYkYdd]km\&
:Ykl]l2f-$*]l/$*\YfkdYkYdd]fgj\$f*)$*\YfkdYkYdd]km\&
Akak2f-$)+]l0$*\YfkdYkYdd]fgj\$f).$*\YfkdYkYdd]km\&
@Yl`gj2f-$/]l)+$,\YfkdYkYdd]fgj\$f*)$,\YfkdYkYdd]km\&
F]`]e]lYfgm2f-$1]l)+$/\YfkdYkYdd]fgj\$f).$/\YfkdYkYdd]km\&
Ljgak]f^Yflk\anafk2C`gfkgm]lKgelgmk\YfkdYkYdd]fgj\$Kgelgmk\YfkdYkYdd]km\&
)(( ;^&kmhjY$f&1&
C`gfkgm]lL`gl[gfklalm]flmf[YkhYjla[mda]j&Adk_mj]fllgmk\]mp\]mp^gak$khYje]fl$
d]hj]ea]jYn][d]\akim]dmfYaj]$d]k][gf\hgjlYfldYl]^&EYakC`gfkgm%L`gl[gfklalm]mf]]flal
nYdak]ima[gehdl]d]ljag\]dmf]l\]dYmlj]$]fhgjlYfld]\akim]dmfYaj]\]C`gfkgm$eYakdY
ll]\]daZak\]L`gl$\gfl\]kmj[jgldYhYj\j]F]`]e]lYfgmdY[[gehY_f]&
[]hjaf[ah]fmejaim]k]kmh]jhgk]fl\]fgeZj]mphjg[\kklqdaklaim]k[gffmkhYjdlm\]
\]kl]ehd]khlgdeYim]k2[`aYke]kkgmda_fYfld]k[gehde]flYjalk$\[YdY_]k\akkqeljaim]k$
hgdYjalk[gf[]hlm]dd]k\]ZYk]&HYj%\]kkmklgml$d]j][gmjkmfb]m[geZafYlgaj]ljkdYZgjY
e]fd]k`ajg_jYeeYl]k]eZgl]jmf]kja]\][Yjjkl`gdg_aim]k$\gfld]lYZd]YmkmanYfl
l]fl]\]hjk]fl]jmfYh]jm&QkgflaeZjaimkd]k_jgmh]kkmanYflk2
)&D]k\a]mp\gja_af]`jY[dghgdalYaf]]l@gjkYkakg[[mh]fld]hdmk\]khY[]3gfj]eYjim]jY
_Yd]e]fldaehgjlYf[]\m\a]m%]f^YflKgelgmk$hjk]fl\Yfkd]k\]mpkYdd]k$]l\mf]@Yl`gjima
]klh]ml%lj]\mfge]daZqim]3
*&<]mp[YjjkjhYjlakk]fl]fd]kj]\akljaZmYfld]k^gje]k\9egf$\]Egml$\]EYl]l\]
Egflgm\Yfkd]k\]mpkYdd]k$[gfkljmalkkmjd]khYjgakdYljYd]k\YfkdYha[]fgj\$kmjd]khYjgak
ljYfkn]jkYd]k\YfkdYha[]km\3\Yfk[]dma\]dYkYdd]fgj\$k]eZgl]mf[Yjjhdmkh]lal$ghhgkYfl
\an]jk]k^gje]k\]C`gfkgm$L`gl]lC`gfkgm%L`gl&
@gjSkYkak'<b]k\b]k7U HY`]j[`]^
Egml%Sad%\]%JU7 EYldd]\]J
9egf'<gmZd]%HYqkS7gYkakU EgflgmL`Z]k'[a]d
Kgelgmkd=f^Yfl @gjkYkak
S@Yl`gjU'\YfkdgYkak `jala]j\Gmff]^]j
kYdd]km\
S@ja[`]^jga\m<gmZd]%HYqk$ F]h`l`qk
kgmn]jYaf\]kjan]kU7
SBdji'ad\]JU7 Egmlad\]J
S6bdc"G"=dgjhU 9egf%Dmeaj]\]
<b]k\b]k7 L`Z]k
Egflgm%J'L`Z]k Egml<Ye]\m<gmZd]HYqk
kYdd]fgj\
EYl<Ye]\m<gmZd]HYqk 9egf%Dmeaj]\]L`Z]k'<b]k\b]k
F]`]e]lYfgm F]`]e]lYfgm
'Jka\]f[]
C`gfkgm%L`gl%aZak%dmf]' L`gl%aZak%
gYkak 9l]^'<]k\]k
Kgelgmkd=f^Yfl @Yl`gj<Ye]\m<gmZd]HYqk
@Yl`gj'HY%E]j]l HY`]j[`]^
C`gfkgm%^Ym[gf% C`gfkgm%d=f^Yfl%dmf]
dmf]'gYkak
Egml%ad%\]%J Egml%ad%\]%J
kYdd]fgj\
9egf%@gjmk'<b]k\b]k 9egf%<gmZd]%HYqk'gYkak
HY`]j[`]^ ^YY\] @gjkYkak7
LYZd]YmPAAA& =eZgl]e]fl\][Yjjkl`gdg_aim]k&
=ff$[gehYj]jd]k\a]mp]fll]\]kimYlj]kja]k\anaf]k\]nYfld]kim]dkd]jga^Yalg^^jYf\]
b]ll]kmjdYj]dYlagf]flj]Gkajak]ld9egfAmf[dYajY_]jndYl]mj2
hYjgak]kl a hYjgakgm]kl
9mp\]mp]pljealk\mf]\aY_gfYd]k]ljgmn]EY`k$kmjd]im]dad]kl\a^[ad]\afkakl]jnm
dlYldY[mfYaj]\]dYhYjga&EYakdY\aY_gfYd]ima[jgak]dYhj]eaj]j]da]Gkajak\]LY%GmZ]c`]l
mf]^gje]\9egfima$hYjkgfha[dk]$@gjmkimajka\]<b]k\b]k$]kl\fa[gee]kgf
dk:Y`YjaqY&
>a_&)& ;`Yh]dd])$
^YY\]fgj\\]dYkYdd]fgj\$
[l]kl f)!2
9eYkak$jga\]@Yml]{_qhl]$
\]nYflHY`]jS[`]^U&
9&D][d]j$A^Yg!&
>a_&*& ;`Yh]dd])$
^YY\]fgj\\]dYkYdd]fgj\$
[lgm]kl f*!2
9eYkak$jga\]:Ykk]{_qhl]$
\]nYflS@gjkYkakU 7!&
9&D][d]j$A^Yg!&