De l`oppression à la résistance - Festival International du Film d

Transcription

De l`oppression à la résistance - Festival International du Film d
<–>
CLASSE Philo
De l’oppression à la résistance
<–>
VOL AU DESSUS D’UN NID DE COUCOU - 1975
VOL AU DESSUS D’UN NID DE
COUCOU
Un film de Milos Forman
Dossier pédagogique conçu par Jean François Cazeaux et Dominique Jobard
!"#$%&'()*+*,'(*-(.*(+"/00.*(1*(.%(.23*#-4
!"#$%&'"()%*'(+',-%.+%/(0"(1%*23(42-'+/(+5-&3 (!"#$%&'())*( +(,'"-./011-1'/2-%'%$/'/0'3(-3(- '
36%/3.-%7(+#(.2"#-(0"3(+//,"3(89(:#+/0(*"(-2'+/(,52/;'"(0"(<"/(<"3";=(*#%=(+>+%7(,7,(,.-%7(+#(0,?#7(
0"3(+//,"3(@9A(
B6"$5,-%"/."(0"(*6"/)"-'"'"/7()+%3+/7(5+-7%"(0"(*6C%372%-"(7.C&:#"(0"(42-'+/=(2/(52#--+%7(%'+D%/"-(
:#"(*"(.%/,+37"(7"/+%7(*E(*62..+3%2/(0"(-,D*"-(3"3(.2'57"3(+>".(#/(3;37&'"(:#%(*6+>+%7(.2/0#%7(E(
,'%D-"- ( F ( *6CG5%7+* ( 53;.C%+7-%:#" ( .2''" ( )%D#-" ( 0" ( *+ ( ?%252*%7%:#"= ( *6"'5-%3" ( 727+*%7+%-" ( "7 ( *+(
3#->"%**+/."(D,/,-+*%3,"=(*+(-,,0#.+7%2/(52#-(*"3('+*(5"/3+/73=(*+('%3"(E(*62'?-"(0"3(-"?"**"3("7(
'#7%/3A
1+%3 ( *" ( -2'+/( 0"( <"3"; (0,.-%7( #/("/D-"/+D"( 72#7( +#33%(5#%33+/7 (:#" (*"3( 0"3527%3'"3 ( %33#3( 0#(
37+*%/%3'"=(5*#3("))%.+."(5"#7HI7-"("/.2-"(5+-(3+(02#."(%/>%3%?%*%7,(J(*"(0%33%0"/7(-#33"(K%/2>%">(*6+(
?-%**+''"/7("$523,A
L"77"(M',-%:#"=(02/.=(/6"37(#/"(7"--"(0"(*%?"-7,(:#6E(.2/0%7%2/(06"/(.2/7"37"-("/.2-"("7(72#N2#-3(*"3(
5-%/.%5"3 ( C%372-%.2H32.%2H52*%7%:#"3 ( F ( *"3 ( ?"+7/%O3= ( 53;.C,0,*%:#"3= ( C%55%"3= ( 52-7"/7 ( *+ ( 5+-7 ( 06#/(
%'+D%/+%-"(02'"37%:#,(5+-(*62-0-"(32.%+*('+%3(:#%=(*%?,-,(5+-(*"3(>2;+D"3(0#(.2-53(.2''"(0"(*6"35-%7=(
2#>-"(#/("35+."("7(#/(7"'53(0#(-I>"(062P(5"#7(/+Q7-"(*+(5233%?%*%7,(06+#7-"3(C%372%-"3A
B"('2#>"'"/7(+/7%H+/7%53;.C%+7-%:#"=(%/%7%,(5+-(R2/+*0(B+%/D("7(!+>%0(L225"-=(+(3+%3%(0+/3(3+(
.-%7%:#"(7+/7(*6%/37%7#7%2/(53;.C%+7-%:#"(:#"(*+()+?-%:#"(0"(*+(/2-'+*%7,(5-20#%7"(5+-(*62-0-"(32.%+*A(
B+()2*%"("37(#/"(-,52/3"("7(#/"(-,>2*7"()+."(E((*62-D+/%3+7%2/(0"(*+(.2/)2-'%7,=("**"("37(*6+))%-'+7%2/(
06#/"(5#%33+/."(>%7+*"(:#%(-")#3"(0"(3"(32#'"77-"=("**"('+/%)"37"(*+(32#))-+/."(0"(*6%/0%>%0#+*%7,(
?-2;,"A(S"(*+(3+%3%-("7(*+(32%D/"-(:#"(.2''"('+/%)"37+7%2/(06#/(0,-+/D"'"/7('"/7+*=(/%+/7(5+-(*E(3+(
0%'"/3%2/(52*%7%:#"=(.6"37(',.2//+Q7-"(3+()2-."(.-,+7-%."A
B"(3.,/+-%2(0"(4%0'5,06'4708'9:0';(3#((21'<019'0%))&-"(+33"T(.2/3%0,-+?*"'"/7(0#(-2'+/(0"(<"/(
<"3";=(+#(52%/7(:#"(."*#%H.%(36"'52-7+(0"(*6"))+."'"/7(0#(52%/7(0"(>#"(0#(/+--+7"#-(U-2'0"/=('+%3(
:#"**"3(:#"()#-"/7(*"3(%/7"/7%2/3(0#(-,+*%3+7"#-=(*"()%*'(52-7"("/(*#%(."7(#/%>"-3(0"3(+//,"3(@9("7(89=(
."77" ( .-%7%:#" ( 0" ( 72#3 ( *"3 ( "/)"-'"'"/73 ( '20"-/"3 ( :#%= ( 32#3 ( .2#>"-7 ( 0" ( 5-2'27%2/ ( 0"(
*6%/0%>%0#+*%3'"=(,72#))"("7(?-%3"(*"3(3#?N".7%>%7,3(3%/D#*%&-"3A
!"#$%&$'())&)$'*&+$+,'$'($$-"&-"&$
.+($/#(0$.1(2$34($5&-6""*)$7()3
5678'(599($&
VW@XA(1.1#-5C;=(XY(+/3=("37(7-+/3),-,(0#(5,/%7"/.%"-(0+/3(#/"(.*%/%:#"(53;.C%+7-%:#"A(L%/:()2%3(
+--I7,(52#-(.2'?+73(+>".(>%2*"/."("7(.2/0+'/,(52#-(>%2*(3#-('%/"#-"=(.2/3"/7+/7"(06+5-&3(*#%=(%*(
02%7(I7-"(,>+*#,(5+-(*"(02.7"#-(Z5%>";A(L"*#%H.%(0">-+(0%-"(3%(1.1#-5C;(3%'#*"(#/(0,-+/D"'"/7(
'"/7+*(52#-(,.C+55"-(+#(7-+>+%*(.+-.,-+*A
1.1#-5C;( "37 ( %/7"-/, ( 0+/3 ( #/" ( 3".7%2/( 0"( 0%$HC#%7 ( '+*+0"3 ( 02/7 ( *"3 ( 32%/3 ( 32/7 ( 3#->"%**,3 ( 5+-(
*6%/)%-'%&-"(R+7.C"0A(L"**"H.%(+(2-02//,(0"()+[2/(7-&3(37-%.7"(*+(>%"(0"(3"3(5+7%"/73(F(0%37-%?#7%2/(0"(
',0%.+'"/73(+#(32/(0"(*+('#3%:#"(.*+33%:#"=(D;'/+37%:#"("7(D-2#5"(0"(5+-2*"(3"(3#..&0"/7A(\(
5+-7%.%5"/7 ( 5-%/.%5+*"'"/7 ( C#%7 ( '+*+0"3A ( ]* ( ; ( + ( ^+-0%/D= ( %/7"**".7#"* ( "7 ( C2'23"$#"* ( -")2#*, ( :#%(
32#))-"(0"(*6%/)%0,*%7,(-,"**"(2#(3#5523,"(0"(3+()"''"(:#6%*(/"(5"#7(3+7%3)+%-"A(]*(;(+(1+-7%/%=(0,?%*"(
*,D"-= (U%**; (*" ( ?&D#"=(3#%.%0+%-"= ( %/.+5+?*" ( 0" ( 3"( 0,)+%-" ( 0" (*6+#72-%7, ( 0" ( 3+( '&-"( "7 (LC"3_%.O=(
2?3,:#%"#$("7(32#))-+/7(0"(5"#-3(5+/%:#"3A(M#72#-(06"#$=(%*(;(+(1+/.%/%=(*6+5C+3%:#"=(#/(+/.%"/(
D,/,-+*("7(#/(+/.%"/(7"//%3'+/(5"-0#3(0+/3(*"#-('2/0"("7(3#-72#7(*66]/0%"/=(#/(%'523+/7(.C")(0"(
7-%?#(:#"(72#3(.-2%"/7(32#-0("7('#"7A(
1.1#-5C;(3625523"(>%7"(5+-(3+(7-25()2-7"(5"-32//+*%7,(+#$(',7C20"3(-,5-"33%>"3(0"(*6%/)%-'%&-"(
R+7.C"0A( ]*( 0"'+/0" (E (?+%33"-( *" ( /%>"+#(0" (*+ ('#3%:#"=(-")#3"( 0"( 5-"/0-"( 3"3 ( ',0%.+'"/73 ("7(
"/7-+%/" (*"3 (+#7-"3 (E( 0"'+/0"- (06+**#'"- (*+ (7,*,>%3%2/ (52#-( *+( 0%))#3%2/(0" (*+ (.2#5" (0"3 ( .*#?3A(
R+7.C"0=(3`-"(0"(32/(+#72-%7,=(+#72-%3"(#/(5-"'%"-(>27"=(2P(1.1#-5C;(/62?7%"/7(:#"(7-2%3(>2%$A(B"(
*"/0"'+%/(%*("/(2?7%"/7(/"#)('+%3(R+7.C"0(.*G7(*+(3,+/."(+>+/7(:#"(*6]/0%"/(/"()+33"(?+3.#*"-(*+(
'+N2-%7,A(1.1#-5C;(7-%2'5C"(:#+/0('I'"("/('%'+/7(3+(-,+.7%2/(0"(35".7+7"#-("/7C2#3%+37"A
M5-&3 ( #/ ( '2%3 ( 06%/7"-/"'"/7= ( 1#-5C; ( "37 ( .2/>2:#, ( 0">+/7 ( *" ( 02.7"#- ( Z5%>"; ( "7 ( 0"#$ ( +#7-"3(
53;.C%+7-"3(:#6%*(-%0%.#*%3"A(a#%3(%*(7-+/3)2-'"(*6C+?%7#"**"(32-7%"("/(?#3("/(D-+/0"(5+-7%"(0"(5I.C"("/(
'"-A (M#(-"72#-=( %* ( "37 ( 3,>&-"'"/7 (5#/% ( "7 (.2/0+'/, (+#$ ( ,*".7-2.C2.3A (]* ( 5+->%"/7( /,+/'2%/3 ( E(
2-D+/%3"-(5+-(*+(3#%7"(#/"(5+-7%"()%/"(+>".(0"3(5-237%7#,"3(+)%/(:#"(U%**;(+%7(3+(5-"'%&-"("$5,-%"/."(
3"$#"**"A(]*(5"/3"(36,.C+55"-('+%3=(52#-(+>2%-(#/(5"#(7-25(7+-0,=("37(-"5-%3(5+-(*"3(D+-0"3A
M*2-3 ( :#" ( R+7.C"0 ( 5"-3,.#7" ( '2-+*"'"/7 ( U%**; ( 52#- ( *6"'5I.C"- ( 0" ( -"5-"/0-" ( 32/ ( +#72/2'%"=(
1.1#-5C;(7"/7"(0"(*6,7-+/D*"-A(a#/%(5+-(#/"(*2?272'%"(:#%(0,7-#%-+("/(*#%(.2/3.%"/."("7(>2*2/7,=(%*(
/"(7-2#>"-+(#/"()2-'"(06,>+3%2/(:#"(D-b."(E(*6]/0%"/A(
B6+.7"#-(<%-O(!2#D*+3(52-7+(*2/D7"'53(*"(5-2N"7(06+0+57"-(+#(.%/,'+(*+(5%&."(0"(7C,b7-"(%33#"(0#(
-2'+/(0"(<"/(<"3";A(L6"37(5*#3%"#-3(+//,"3(5*#3(7+-0(:#"(32/()%*3=(1%.C+"*(!2#D*+3=(5-2523+("/(
7+/7(:#"(5-20#.7"#-(*"(3.,/+-%2(E(1%*23(42-'+/=(5"-'"77+/7(E(."*#%H.%(0"(.2//+Q7-"("/)%/(*"(3#..&3(
+5-&3(C#%7(+/3(5+33,3(+#$(c7+73Hd/%3("7(*6,.C".(5#?*%.(0" (!"#$%&'4)) 'eVW8VfA(B"()%*'(-+)*+(.%/:(
g3.+-3(02/7(."#$(0#(1"%**"#-()%*'=(1"%**"#-(+.7"#-("7(1"%**"#-(-,+*%3+7"#-A
:2";#%<=2*(1*(>2."+(!"#$%&
S,("/(VWXh("/(+/.%"//"(i.C,.23*2>+:#%"(E(L+3*+>=(1%*23 (42-'+/(5"-0(3"3(5+-"/73=(0,52-7,3(E(
M#3.C_%7TA(]*("37(+*2-3(,*">,(+>".(3"3()-&-"3(5+-(*"(-"37"(0"(3+()+'%**"A(1%*23(42-'+/(,7#0%"(*"(
.%/,'+(E(*+(4M1d=(*j,.2*"(0"3 (^+#7"3 (c7#0"3(L%/,'+72D-+5C%:#"3(0"(a-+D#"(0+/3(*"3(+//,"3(
.%/:#+/7"A(d/"()2%3(0%5*G',=(%*(,.-%7(3"3(5-"'%"-3(3.,/+-%%(+>".(1+-7%/(4-%.=(5#%3(0">%"/7(+33%37+/7(
-,+*%3+7"#-(+#5-&3(0jM*)-"0(R+02OA
M(."77"(5,-%20"=(3#%7"(E(*+('2-7(0"(Z7+*%/"("/(VWkX=(2/(+33%37"(+#(0,D"*(+'2-.,(5+-(<-2#.C7.C">("/(
d/%2/(32>%,7%:#"=(:#%(+("/7-"(+#7-"(52#-(.2/3,:#"/."(#/(+332#5*%33"'"/7(0#(-,D%'"(.2''#/%37"("7(
02/.(#/"("$5-"33%2/(5*#3(*%?-"(.C"T(*"3(+-7%37"3=(02/7(*"3(-,+*%3+7"#-3A(Lj"37(0+/3(."(.2/7"$7"(:#"(
42-'+/(3"(*+/."(.2''"(.%/,+37"=(+>".(0"#$(5-"'%"-3(.2#-73H',7-+D"3=(,2=-/$9$(%=("7(>?$,'%?@'"7"$9 '
A"1'/0'B-$%&-09901A(L"3()%*'3(-,>&*"/7(0,NE(*"(D2`7(0#(N"#/"(.%/,+37"(52#-(#/(.%/,'+(-,+*%37"('+%3(
,D+*"'"/7(3+(.+5+.%7,(E(0%-%D"-(0"3(+.7"#-3=(+%/3%(:#j#/(5-"'%"-(7C&'"(0"(5-,0%*".7%2/=(E(3+>2%-(*+(
N"#/"33"()+."(+#('2/0"(+0#*7"("7(*"(?"32%/(0"(*%?"-7,(%/0%>%0#"**"A((
!+/3(*"(3%**+D"(0"3(-,3%37+/73(0"(72#N2#-3=(l2/(<+0+-=(c*'+-(<*23=(l%-%(m"%33(2#(l%-%(<-"N.%O=(#/"(
/2#>"**"(D,/,-+7%2/(0"(.%/,+37"3(5-G/"(*+(*%?,-+7%2/(5+-(*+(.#*7#-"=("35&-"(#/"(5-%3"(0"(.2/3.%"/."(0"(
*+(32.%,7,A
c/(VW@X=(.6"37(+%/3%(72#7"(#/"(D,/,-+7%2/(0"(.%/,+37"3(0"(>%/D7(E(7-"/7"(+/3(:#%()+%7(#/"("/7-,"(
-"7"/7%33+/7"(0+/3(*+(5-20#.7%2/(.%/,'+72D-+5C%:#"A(S2/(3"#*"'"/7(1%*23(42-'+/('+%3(+#33%(n"-+(
LC;7%*2>o(2#(l+-2'%*(l%-"p(72#-/"/7(*"#-(5-"'%"-(*2/D(',7-+D"(F(-"35".7%>"'"/7 (C-0,D-0';:(10'
/?=-980("7(E0'F80G$08';8$A(]*3(3"-2/7(?%"/7G7(3#%>%3(5+-(]>+/(a+33"-=(l%-q(1"/T"*=(l+/(S"'".("7(Z7")+/(
dC"-A(M#(0%+5+32/(0"3(.%/,'+3(/+7%2/+#$(:#%(-"/+%33"/7(#/(5"#(5+-72#7(0+/3(*"('2/0"(0+/3(*"(
3%**+D"(0"(*+(S2#>"**"(n+D#"("7(0#()-""(.%/"'+=(."3(7-#?*%2/3('+-%"/7(*+(-".C"-.C"("37C,7%:#"(E(#/(
-"D+-0(.-%7%:#"(3#-(*+(32.%,7,A(a+-7%.%5+/7(+#(?2#%**2//"'"/7(.#*7#-"*(0"(*+(N"#/"33"(5-+D2%3"=(*"#-3(
)%*'3(-"'52-7"/7(*"3(3#))-+D"3(0j#/(5#?*%.()+7%D#,(0"3('"/32/D"3(%0,2*2D%:#"3("7(:#%(+(*j%'5-"33%2/(
0"(-"7-2#>"-("/)%/(#/"(5+-7(0"(3+(-,+*%7,(>,.#"(E(*j,.-+/A(
M77%-,(5+-(*"(D"/-"(0"(*+(.2',0%"=(42-'+/(72#-/"(32/(5-"'%"-(*2/D(',7-+D"(0+/3(*+('2#>+/."(0"(*+(
S2#>"**" (n+D#" (E?=1 ' /0 ' F$D-0( eVW@rf= ( #/" ( 3+7%-" ( 32.%+*" ( 3#- ( #/ ( N"#/" ( C2''" ( 0">"/# ( >%D%*"=(
-"5-,3"/7+7%)(06#/"(32.%,7,(02'%/,"(5+-(*"(.2/7-G*"("7(*+(0,*+7%2/=(:#%(+(0#('+*(E(36%/3,-"-(0+/3(*+(
32.%,7,A(]*(52#-3#%>-+(+>".(E01'=G(-81'/2-%0'H,(%/0(eVW@kf(#/"(.2',0%"(02#."H+'&-"=(',*+/D"(0"(
7"/0-"33"("7(06%-2/%"(:#%(-"'52-7"(#/(,/2-'"(3#..&3(5#?*%.("/(i.C,.23*2>+:#%"A(a-,3"/7,(0+/3(0"(
/2'?-"#$ ( )"37%>+*3 ( eL+//"3= ( S"_ ( \2-O= ( n"/%3"f= ( %* ( .2//+Q7 ( ,D+*"'"/7 ( #/" ( ?"**" ( .+--%&-"(
%/7"-/+7%2/+*"("7("37(3,*".7%2//,(52#-(*jg3.+-(0#('"%**"#-()%*'(,7-+/D"-A(B+(/2#>"**"(>+D#"(7.C&:#"(
+77"%D/+%7(32/(+52D,"A(
4*+%-+/7 ( *+ ( ?2//" ( +))+%-"= ( "7 ( -%.C" ( E( '%**%2/3 ( 0# ( 7-%2'5C" ( +#( ?2$H2))%."( 0# (I(390-8 ' J$7"&(=( *"(
5-20#.7"#-(%7+*%"/(L+-*2(a2/7%(5-2523"(E(42-'+/("7(E(3"3(0"#$(.2H3.,/+-%37"3(]>+/(a+33"-("7(l+-23*+>(
a+52#p"O(0"()%/+/."-(*"#-(5-2.C+%/()%*'A(d/(5-"'%"-(3.,/+-%2= (E01'=GK8$3"$%1'"88$70%9=(5#%3(#/(
3".2/0 ( -+.2/7+/7 ( *jC%372%-" ( 0j#/ ( 0,3"-7"#- ( -,)#D%, ( 0+/3 ( *"3 ( 32#3H32*3 ( 0j#/" ( 3+**" ( 0" ( .2/."-7 ( 3"(
3#..&0"/7(:#+/0=(#/(32%-(0"(0,7"/7"=(*"3(7-2%3(C2''"3(+33%37"/7(+#(?+*(0"3(52'5%"-3(0#(>%**+D"A(L"(
3"-+(*+(3+7%-"(5-2>2.+7-%."(=-'50-',01'F(GA$081'L(eVW@8f(:#%(*"#-(>+#7(*"3()2#0-"3(0"(*+(."/3#-"A
B"(.*%'+7(32.%+*=(E(*+(>"%**"(0#(a-%/7"'53(0"(a-+D#"=(/"(5"-'"77+/7(5+3(#/"(%/7"-0%.7%2/(0#()%*'=(2/(
"/7-"5-%7(0j"/(3+?27"-(*j"$5*2%7+7%2/A(B2-3:#"(a2/7%=(:#%(+>+%7(0,7"37,(*"()%*'(*#%(+#33%=(0,.%0+(0"(
-"7%-"-(32/(+552-7()%/+/.%"-=(42-'+/()#7(+..#3,(0"(3+?27+D"(,.2/2'%:#"=(0,*%7(5+33%?*"(0"(0%$(+/3(
0j"'5-%32//"'"/7A(
]/>%7,(+#()"37%>+*(0jM//".;=(%*(-"/.2/7-"(L*+#0"(U"--%("7(4-+/[2%3(i-#))+#7A(1%3(+#(.2#-+/7(0"(*+(
3%7#+7%2/= ( ."3 ( 0"-/%"-3 ( -,#/%33"/7 ( *"3 ( )2/03 ( /,."33+%-"3 ( 52#- ( 3+#>"- ( *+ ( '%3"A ( U"--% ( +33#-" ( #/"(
0%37-%?#7%2/ ( %/7"-/+7%2/+*" ( +# ( )%*' ( :#% ( )#7= ( .2''" (E01 '=G(-81 ' /2-%0 ' H,(%/0= ( 3,*".7%2//, ( 52#-(
*jg3.+-(0#('"%**"#-()%*'(,7-+/D"-A(M*2-3(:#"(*"3(.C+-3("/7-"/7(0+/3 (a-+D#"(*"3(37#0%23(7.C&:#"3(
*%."/.%"/7 ( 1%*23 ( 42-'+/ ( +# ( '27%) ( 06#/" ( 32-7%" ( %**,D+*" ( 0# ( 7"--%72%-"A ( Z" ( 7-2#>+/7 ( +*2-3 ( E ( a+-%3=(
42-'+/(3j"/>2*"(52#-(*"3(s7+73Hd/%3(E(*6%/>%7+7%2/(0"(*+(a+-+'2#/7A
]*(-,+*%3"(06+?2-0(#/"(.2',0%"(32.%+*"= (!"#$%&'4)) 'eVW8Vf=(3#-(*+()#D#"(0j#/"(N"#/"()%**"(E(7-+>"-3(
*+:#"**"(2/(+33%37"(E(#/"(.2/)-2/7+7%2/("/7-"(0"#$(D,/,-+7%2/3A(B"()%*'=(.2H,.-%7(+>".(32/(+'%=(*"(
3.,/+-%37"(l"+/HL*+#0"(L+--%&-"=("37(*"(3"#*(N+'+%3(-,+*%3,(3#-(*"('2#>"'"/7(C%55%"(+*2-3('I'"(:#j%*(
3"(0,-2#*+%7=("7()`7(-,.2'5"/3,(0#(t-+/0(5-%$(0#(N#-;(+#(4"37%>+*(0"(L+//"3A(c/(VW8k=(*"(.%/,+37"(
:#%77"(*+(.2',0%"("7(*+(.*+33"('2;"//"(+',-%.+%/"(52#-(*"(0-+'"("7(*"('%*%"#(53;.C%+7-%:#"(+>".(+(,'
"-./011-1'/2-%'%$/'/0'3(-3(-M(a2-7,(5+-(l+.O(S%.C2*32/(:#%(;(7-2#>"(*E(#/(0"(3"3(5*#3(D-+/03(-G*"3=(
*"()%*'(-"'52-7"(.%/:(g3.+-3(02/7(."#$(0#(1"%**"#-()%*'=(1"%**"#-(+.7"#-("7(1"%**"#-(-,+*%3+7"#-A(c/(
VW8W= ( 1%*23 ( 42-'+/ ( 3" ( >2%7 ( .2/)%"- ( *6+0+57+7%2/ ( 06#/ ( D-+/0 ( 3#..&3 ( 0" ( *+ ( 3.&/" ( '#3%.+*" ( E(
U-2+0_+;(F (N"$8*( )%*'(.#*7"(0"(72#7"(#/"(D,/,-+7%2/A(c/(VWYV=(%*(-"'5*+."(+#(5%"0(*">,(R2?"-7(
M*7'+/(3#-(*"(0%))%.%*"(72#-/+D"(0" (O"&9$G0* '52-7-+%7(06#/"(M',-%:#"(0#(0,?#7(0#(uu"(3%&.*"("/(
5-2%"(+#(-+.%3'"A
c/(VWYk=(%*(2?7%"/7(E(/2#>"+#(*6g3.+-(0#(1"%**"#-(-,+*%3+7"#-(52#-(=G"/0-1(:#%("/(-"'52-7"(3"57(
+#7-"3A(v#+7-"(+/3(5*#3(7+-0=(%*(-,+*%3"(+",G(%9=(+0+57+7%2/(0"3(E$"$1(%1'/"%&080-101(0"(LC20"-*23(
!"(B+.*23A(1+%3(*"()%*'(32#))-"(06#/"(.2'5+-+%32/(+>".(*"()%*'(0"(Z7"5C"/(4-"+-3(32-7%(*+('I'"(
+//,"A(!"5#%3(=G"/0-1=(%*(3"'?*"(+>2%-(5-%3(D2`7(+#$(?%2D-+5C%"3("/(-,+*%3+/7(E"88@'5,@%9(eVWW@f=(
g#-3(062-(E(U"-*%/("7(P"%'(%'9:0'P((%(eVWWWf(g#-3(06+-D"/7(E(U"-*%/=(%/35%-,(0"(*+(>%"(0#(.2'%:#"(
+',-%.+%/ (M/0;( <+#)'+/A (M>". (E01 ' )"%9QG01 ' /0 ' B(@"= ( 0+/3 ( *":#"* ( S+7+*%" ( a2-7'+/ ( "7 ( l+>%"-(
U+-0"'(3"(02//"/7(*+(-,5*%:#"=(%*(-"7-2#>"(E(/2#>"+#(*6#/%>"-3(2/%-%:#"("7(*"3(.237#'"3(0#(un]]]"(
3%&.*"A
>2."+(!"#$%&?((!2.$";#%<=2*(+4.*@-2A*
56BC
89:)$'($;,<&(
e;08%R ' F098fA (M>". ( F ( B+0%3*+> ( l+O%' ( ea"7-f= ( l+/ ( n237-.%* ( e32/ ( 5&-"f=(
U2T"/+ ( 1+7#3O2>+ ( e3+ ( '&-"f= ( a+>*+ ( 1+-7%/O2>+ ( eM3+f= ( n*+0%'%-(
a#.C2*7(eL"/0+f=(a+>"*(Z"0*+."O(eZ+O2f=(K0"/"O(<#*C+/"O=(4-+/7%3"O(
<23%/+=(l23")(<2T+=(M/72/q/(a2O2-/;A(Yk('/A
56B8
8()$:="&2)$'9&+($>#"+'(
eES1#@'T0/%K'A,"7(7,S1#@fA(M>".(F(^+/+(U-"N.C2>o(eM/0#*+f=(n*+0%'%-(
a#.C2*7(e1%*0+f=(n*+0%'q-(1"/3qO(en+.2>3O;fA(Yr('/A
56B7
:&$/(&$#()$;"=?,(2)$@
eN(8U* ' GS ' A"%0%#(fA (M>". ( F ( l+/ ( n237-.%* ( e*" ( .C") ( 0# ( .2'%7,f= ( l23")(
Z"?o/"O= ( l23") ( n+*/2C+= ( 4-+/7%3"O ( !"?"*O+= (n-+7%3*+> ( L"-'oO= ( l23")(
R"C2-"O= ( no.*+> ( S2>27/w= ( 4-+/7%3"O ( R"%/37"%/ ( e*"3 ( '"'?-"3 ( 0#(
.2'%7,f=(l23")(<2*?A(8V('/A
(
5675
A%6,+B$.CC
M>". ( F ( B;// ( L+-*%//= ( U#.O ( ^"/-;= ( B%//"+ ( ^"+.2.OA ( t"2-D%+ ( c/D"*=(
i2/;(^+->";A(WX'/A
5678
!"#$%&D'())&)$'9&+$7,'$'($5"&-"&(
e4%0'5,06'4708'9:0';-3#((21'<019fA(M>".(F(l+.O(S%.C2*32/(eR+/0*"(
a+7-%.O(1.1#-5C;f=(B2#%3"(4*"7.C"-(e1%*0-"0(R+7.C"0f=(m%**(Z+'532/=(
m%**%+' ( R"0)%"*0= ( U-+0 ( !2#-%)= ( !+//; ( !" ( n%72= ( LC-%3725C"- ( B*2;0=(
Z.+7'+/(L-27C"-3A(VXX('/A
5676
E%,2
M>".F(l2C/(Z+>+D"=(i-"+7(m%**%+'3=(U">"-*;(06M/D"*2=(M//%"(t2*0"/=(
!2//%"(!+.#3=(S%.C2*+3(R+;A(VhV('/A
56D5
F%B3,=((
M>".(F(l+'"3(L+D/";(eRC"%/*+/0"-(m+*02f=(U-+0(!2#-%)(e*"(N"#/"()-&-"f=(
123"3 ( t#// ( eU22O"- ( iA ( m+3C%/D72/f= ( c*%T+?"7C ( 1.t2>"-/ ( ec>"*;/(
S"3?%7 ( iC+_f= ( <"//"7C ( 1.1%**+/ ( em%**%" ( L2/O*%/f= ( a+7 ( g6U-%"/(
e!"*'+3f=((l+'"3(g*32/(e*"(5&-"f=(1+-;(Z7""/?#-D"/(e*+('&-"f=(!2/+*0(
g6L2//2-A(Vkk('/A
56DC
:=%'(&)
M>".(F(4A (1#--+; (M?-+C+' (eM/72/%2 (Z+*%"-%f= (i2'(^#*." (em2*)D+/D(
M'+0"#3(12T+-7f=(c*%T+?"7C(U"--%0D"(eL2/37+/T"(12T+-7fA(Vk8('/A
56D6
!%#="+3$
M>".(F(L2*%/(4%-7C(en%.2'7"(0"(n+*'2/7f=(M//"77"(U"/%/D(e*+(1+-:#%3"(
0"(1"-7"#%*f=(1"D(i%**;(e1+0+'"(0"(i2#->"*f=(4+%-#T+(U+*O(eL,.%*"(0"(
n2*+/D"3f= ( Z%b/ ( aC%**%53 ( e1+0+'" ( 0" ( n2*+/D"3f= ( l"))-"; ( l2/"3(
e12/3%"#- ( 0" ( t"-.2#-7f= ( ^"/-; ( iC2'+3 ( eLC">+*%"- ( !+/."/;f= ( 4+?%+(
!-+O"(e1+0+'"(0"(R23"'2/0"f=(iAaA(1.<"//+(e*"(U+-2/fA(VX8('/A
566B
8%22G$/#G+3
e!:0'F0(A,0'71M'E"88@'5,@%9fA(M>".(F(m220;(^+--"*32/(eB+--;(4*;/7f=(
L2#-7/"; ( B2>" ( eM*7C"+ ( B"+3#-"f= ( c0_+-0 ( S2-72/ ( eM*+/ ( ]3++.'+/f=(
U-"77(^+--"*32/(el%'';(4*;/7f=(!2//+(^+/2>"-(eR#7C(L+-7"-(Z7+5*"72/f=(
l+'"3 ( L-2'_"** ( eLC+-*"3 ( <"+7%/Df= ( L-%35%/ ( t*2>"- ( eM-*2f= ( n%/."/7(
Z.C%+>"**%(eLC"37"-fA((VhW('/A
5666
H%+$"+$34($H""+(
M>".(F(l%'(L+--";(eM/0;(<+#)'+/f=(!+//;(!"n%72(et"2-D"(ZC+5%-2f=(
L2#-7/"; ( B2>" ( eB;//" ( 1+-D#*%"3f= ( a+#* ( t%+'+77% ( eU2? ( K'#0+f=(
LC-%3725C"-(B*2;0=(l"--;(B+_*"-A(VVY('/A
EFFB
8()$C%+3I=()$'($J"G%(
eB(@"21 ' B:(191fA (M>". ( F ( l+>%"- ( U+-0"' ( e4-&-" ( B2-"/T2= ( *" ( '2%/"f=(
S+7+*%"(a2-7'+/(e]/,3 (x(M*%.%+= (*+ ('#3" (0"(t2;+f=(Z7"**+/(ZO+-3Dy-0(
e4-+/.%3.2(t2;+f=(R+/0;(v#+%0(eB"(R2%(LC+-*"3(]nf=(1%.C+"*(B2/30+*"(
eB"(5&-"(t-"D2-%2f=(l23,(B#%3(tz'"T(eU%*?+7#+f=(1+?"*(R%>"-+(e1+-%+(
]3+?"*(U%*?+7#+fA(VVr('/A
>2@=*.(!"/@%/.-'(E,)3",2($'($#%$C"#,($K$#9LB($-#%)),<&('(56B5
$$$$$$$$$$$V'W,'%2@'"'/0')(,$0'D-20%'3:"3-%'/01':(GG01*'A"830'D-0'32019',2:(GG0 '
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''D-$',"'3(%19$9-0'/"%1',2"99"3:0G0%9'D-2$,'10'A(890'X',-$.GYG0*'09'A"8'
'''''''''''',01'$,,-1$(%1'/(%9'$,'120%9809$0%9M'Z
G=%<?(H(I(M3&#3,C(2%$7%1,)(J
V'E20"-'09',"'%"7$&"9$(%'(%9'[$0%'30'8Q,0M'\%)08GK'/"%1',0'%"7$80*'/2(]'(%'%2K3:"AA0'A"1*',0')(-'019 '
3(%)$K'X',"'8$7$^80'"-_'G$,,0'[8"1*'X',"'G08'"-_'G$,,0'3:0G$%1*'X'30990'&8"%/0'$%3089$9-/0'0_9K8$0-80 '
X'9(-9M 'W,'019'A8$1(%%$08 '"-'G$,$0-'/0',"'A,-1',$[80*'/0',"'A,-1 '(-70890'/01 '8(-901 '`'1(,$/0G0%9 '
0%3:"a%K'X',2$%)$%$'3"880)(-8M'W,'019',0'F"11"&08'A"8'0_30,,0%30*'32019.X./$80',0'A8$1(%%$08'/-'A"11"&0M '
\9',"'90880'1-8',"D-0,,0'$,'"[(8/08"*'(%'%0',"'3(%%"a9'A"1*'9(-9'3(GG0'(%'%0'1"$9'A"1*'D-"%/'$,'A80%/ '
A$0/*'/0'D-0,,0'90880'$,'7$0%9M'W,'%2"'1"'7K8$9K'09'1"'A"98$0'D-0'/"%1'30990'K90%/-0'$%)K3(%/0'0%980'/0-_ '
908801'D-$'%0'A0-70%9',-$'"AA"890%$8M'\19.30'30'8$9-0,'D-$'A"8'101'7",0-81'019'X',2(8$&$%0'/0',"',(%&-0 '
A"80%9K ' $G"&$%"$80 ' D-2(% ' A0-9 ' 1-$780 ' 9(-9 ' "- ' ,(%& ' /0 ' ," ' 3-,9-80 ' (33$/0%9",0 ' b ' 4- ' 019.30* '
$%70810G0%9*'30990'A"80%9K'D-$'"*'/-')(%/'/01'90GA1*'"AA0,K'A-$1')$_K',0'8$90'/20G["8D-0G0%9'b'c%0 '
3:(10'"-'G($%1'019'3089"$%0'`',20"-'09',"')(,$0'1(%9',$K01'A(-8',(%&90GA1'/"%1',0'8Y70'/0',2:(GG0 '
0-8(AK0%M'Z
(
'''''''JK8QG0'H(13:*'E"'<0)'/01')(-1*'deff
G=%<?(HH(K*(;#%&1(#*&0*#$*$*&V'E0'&0190'D-$*'0%'98"g"%9',201A"30'/0',2$%908%0G0%9*',-$'"'3(%)K8K'1(%'A(-7($8'/0'1K&8K&"9$(%'09'" '
/K1$&%K'X',"')(,$0'-%0'%(-70,,0'A"98$0*'30'&0190*'A(-8'3(:K80%9'09'3(%3089K'D-2$, '1($9*'%2019'A"1 '
1$GA,0M'W,'(8&"%$10'0%'-%0'-%$9K'3(GA,0_0'-%0'%(-70,,0'10%1$[$,$9K'X',"'G$1^80'09'"-_'/07($81'/0 '
,2"11$19"%30*'/0'%(-70,,01')(8G01'/0'8K"39$(%'/07"%9',01'A8([,^G01'K3(%(G$D-01'/-'3:QG"&0'09'/0 '
,2($1$709K* ' -%0 ' %(-70,,0 ' K9:$D-0 ' /- ' 98"7"$,* ' 09 ' ,0 ' 8Y70 ' "-11$ ' /2-%0 ' 3$9K ' (] ' ,2([,$&"9$(% ' G(8",0 '
80T($%/8"$9',"',($'3$7$,0*'1(-1',01')(8G01'"-9(8$9"$801'/0',"'3(%98"$%90M'Z
'''''''''''''''''58"%3$13('B(@"*'E0'F8K"-'/01')(-1*'dhij
V'='A"89$8'/0',2k&0'3,"11$D-0'09'A(-8',"'A80G$^80')($1*',"')(,$0'019'A08g-0'X'98"7081'-%0'3(%/"G%"9$(% '
K9:$D-0'/0',2($1$709K'09'/"%1'-%0'$GG"%0%30'1(3$",0'&"8"%9$0'A"8',"'3(GG-%"-9K'/0'98"7"$,M';0990 '
3(GG-%"-9K'"3D-$089'-%'A(-7($8'K9:$D-0'/0'A"89"&0*'D-$',-$'A08G09'/0'80T0908*'3(GG0'/"%1'-% '
"-980'G(%/0*'9(-901',01')(8G01'/0',2$%-9$,$9K'1(3$",0M';2019'/"%1'309'"-980'G(%/0*'308%K'A"8',01 '
A-$11"%301'1"38K01'/-',"[0-8*'D-0',"')(,$0'7"'A80%/80'30'19"9-9'D-0'%(-1',-$'3(%%"$11(%1M'>2$,'@'" '
/"%1',"')(,$0'3,"11$D-0'D-0,D-0'3:(10'D-$'A"8,0'/2"$,,0-81*'09'/2"-980'3:(10*'30'%2019'A,-1'A"830'D-0 '
,0')(-'7$0%9'/2-%'"-980'3$0,*'30,-$'/0',2$%10%1K*'09'D-2$,'0%'A(890',01'1$&%01'l'32019'D-2$,')8"%3:$9'/0',-$.
GYG0',01')8(%9$^801'/0',2(8/80'[(-8&0($1*'09'12",$^%0':(81'/01',$G$901'1"38K01'/0'1(%'K9:$D-0M
\%'0))09*',0'8"AA(89'0%980',"'A8"9$D-0'/0',2$%908%0G0%9'09',01'0_$&0%301'/-'98"7"$,'%2019'A"1'/K)$%$ '
0%9$^80G0%9*'9"%9'120%')"-9*'A"8',01'3(%/$9$(%1'/0',2K3(%(G$0M'c%0'A0830A9$(%'G(8",0',0'1(-9$0%9'09 '
,2"%$G0M'E(81D-0',0 'U2+-0(2)(i-+0"' A-[,$"'1(%'8"AA(89'1-8',01'A"-7801'(]'K9"$0%9'A8(A(1K1',01 '
G(@0%1'V'0"(*"3(-"/0-"(#7%*"3(+#(5#?*%.'Z*'$,')-9'[$0%'A8K3$1K'D-0',2(8$&$%0'/0',"'A"-7809K'%2K9"$9'%$'," '
8"809K'/01'/0%8K01'%$',0'3:QG"&0*'G"$1 '{'*6+))+%?*%33"'"/7(0"(*+(0%3.%5*%/"("7(*"(-"*b.C"'"/7(0"3(
'2"#-3(|M'E2K/$9'/0'dmem*',-$'"-11$*'A(89"$9'"-'G$,$0-'/0'/K%(%3$"9$(%1'G(8",01'/2K98"%&01'G0%"301M '
{(B"(*%?"-7%/+D"(0"3('"/0%+/73("37(>"/#(N#3:#6E(*6"$.&3(5+-(#/('+*C"#-"#$(+?+/02/(E(72#7"3(32-7"3(
0" ( .-%'"3= ( :#% ( +77%-" ( *+ ( '+*,0%.7%2/ ( 0" ( !%"# ( 3#- ( *"3 ( c7+73= ( :#+/0 ( %*3 ( 32/7 ( %'5#/%3A(|' ;0'
V',$[089$%"&0'Z*'30'%2019'A"1'30,-$'D-2(%'A0-9'/K)$%$8'A"8'8"AA(89'X',"'&8"%/0',($'/-'98"7"$,*'G"$1 '
[$0%'-%',$[089$%"&0'G(8",'`'{(B6"$5,-%"/."(+;+/7()+%7(.2//+Q7-"(+#$(5"-32//"3(:#%(3"(32/7(2..#5,"3(
0+/3(*"3(.C+-%7+?*"3("'5*2%3(:#"(5*#3%"#-3(06"/7-"("#$(0"(*6#/("7(*6+#7-"(3"$"(C+?%7"/7("/3"'?*"(3+/3(
'+-%+D"=(?"+#.2#5(0"(*"#-3("/)+/73(32/7(3+/3(?+57I'"=("7(%*3(>%>"/7(5-"3:#"(72#3(0+/3(*6%D/2-+/."(0"(
*+(-"*%D%2/=(*"(',5-%3(0"3(3+.-"'"/73=("7(0+/3(*6C+?%7#0"(.2/7%/#"**"(0"(72#7"3(32-7"3(0"(>%."3A(|'=-11$'
[$0%',2NQA$9",'%2".9.$,'A"1',2",,-80'/2-%'1$GA,0'80)-&0'A(-8'30-_'D-0',"'7$0$,,0110*',2$%)$8G$9K'(-'," '
G","/$0'0GAY3:0%9'/0'98"7"$,,08'l'$,'%2"-8"'A"1'10-,0G0%9',2"1A039'/2-%'"90,$08'/0'98"7"$,')(83K*'G"$1'
"-11$'/2-%0'$%19$9-9$(%'G(8",0'3:"8&K0'/0'3:k9$08*'/0'3(88$&08'-%0'3089"$%0'V'7"3"%30'Z'G(8",0*'D-$'
%0'GK8$90''A"1',0''98$[-%",'''/01'':(GG01*''G"$1''%0''1"-8"$9'Y980''80/8011K0''A"8'',"''10-,0''1K7K8$9K '
/0' ',"'AK%$90%30M'E2NQA$9",'&K%K8",'"'-%'19"9-9'K9:$D-0M';2019'/0'30990'3:"8&0'G(8",0'D-0'1(%9 '
807Y9-1'101(/$80390-81'09'(%',0-8'"998$[-0'9(-9',2"AA"80$,'T-8$/$D-0'09'G"9K8$0,'/0',"'8KA8011$(%'`'{(]*3(
2/7 ( 72#7 ( 52#>2%- ( 06+#72-%7,= ( 0" ( 0%-".7%2/= ( 06+0'%/%37-+7%2/= ( 0" ( 52*%."= ( N#-%0%.7%2/= ( .2--".7%2/ ( "7(
.Cb7%'"/7(J(|(09'A(-8'"33(GA,$8'30990'9k3:0*'(%'G09'X',0-8'/$1A(1$9$(%({(527"+#$("7(.+-.+/3=(5-%32/3(
"7(?+33"3()233"3(|(e+-7%.*"3(u]]("7(u]]](0#(R&D*"'"/7(0"(*6^G5%7+*(D,/,-+*f(}~•
F(-8 ' ," ' A80G$^80 ' )($1* ' (% ' $%19"-80 ' /01 ' K9"[,$110G0%91 ' /0 ' G(8",$9K* ' (] ' 10 ' %(-0 ' -%0 ' K9(%%"%90 '
1@%9:^10' '0%980'([,$&"9$(%'G(8",0'09',($'3$7$,0M'E2(8/80'/01'\9"91'%0'1(-))80'A,-1',0'/K1(8/80'/01 '
3(0-81M'H$0%'0%90%/-*'30'%2019'A"1',"'A80G$^80')($1'/"%1',"'3-,9-80'0-8(AK0%%0'D-0',"')"-90'G(8",0* '
GYG0'/"%1'1"')(8G0',"'A,-1'A8$7K0*'A80%/',2",,-80'/2-%'"990%9"9'3(%980',01',($1'K38$901'(-'%(%'K38$901 '
/0',"'3$9KM'P"$1'/"%1'30'&8"%/'80%)08G0G0%9'/0',2k&0'3,"11$D-0*',20110%9$0,*'09',2K,KG0%9'%(-70"-* '
32019'D-2(%'0%)08G0'/"%1',01'3$9K1'/0',"'G(8",$9K'A-80*'(]',"',($'D-$'/078"$9'8K&%08'1-8',01'3(0-81 '
108" ' "AA,$D-K0 ' 1"%1 ' 3(GA8(G$11$(%* ' %$ ' "/(-3$110G0%9* ' 1(-1 ' ,01 ' 01A^301 ' 8$&(-80-101 ' /0 ' ," '
3(%98"$%90'A:@1$D-0M'E"'G(8",0'10',"$110'"/G$%$19808'3(GG0',0'3(GG0830'(-',2K3(%(G$0M'Z
G=%<?(HL(!2;/#*+(1*(.%(0".2*
V'<(-1'7($3$'X',"'70$,,0'/-'nWn0'1$^3,0'}~•';2019'/2-%0'A"89',2"11$G$,"9$(%'3(GA,^90'/0',2:@19K8$0'09 '
/0',2:@A(3(%/8$0'"-_'G","/$01'G0%9",01M'F"8',"'/$19$%39$(%'3"A$9",0'0%980'10%1$[$,$9K'09'10%1"9$(%* '
0,,01'0%980%9'/"%1'30'/(G"$%0'/0',"'/K8"$1(%'/(%9'%(-1'"7(%1'7-'D-2$,'K9"$9'3"8"39K8$1K'A"8',0 '
G(G0%9'0110%9$0,'/0',20880-8'09'/-'8Y70*'32019.X./$80'/0',2"70-&,0G0%9M'!"%9'D-0',01'7"A0-81'K9"$0%9 '
/01'3(%7-,1$(%1'(-'/2K98"%&01'3(GG-%$3"9$(%1'1@GA"9:$D-01'X'98"7081',0'3(8A1*'D-"%/'[$0%'GYG0 '
0,,01'3(%/-$1"$0%9'X',2K7"%(-$110G0%9'09'X',"'A0890'/0'3(%13$0%30*'0,,01'%2K9"$0%9'A($%9')(,$0M'P"$1 '
D-0',201A8$9'/07$0%%0'"70-&,0'X',20_3^1'GYG0'/0'1"'10%1$[$,$9K'o'",(81'"AA"8"a9',"')(,$0M
P"$1'/2"-980'A"89*'0,,0'/(%%0'X'30990')(,$0'9(-9'-%'3(%90%-'/0'3-,A"[$,$9K*'/0'1"%39$(%'G(8",0*'/0 '
T-190'3:k9$G0%9'D-$'%2K9"$9'A($%9'A8(A80'X',20_AK8$0%30'3,"11$D-0M'\,,0'",(-8/$9',"'/K8"$1(%'/0'9(-901 '
301'%(-70,,01'7",0-81'`'"-',$0-'/0')"$80'/0',2"70-&,0G0%9',"'3(%/$9$(%'/0'A(11$[$,$9K'/0'9(-901',01 '
G"%$)019"9$(%1'/0',"')(,$0*'0,,0',"'/K38$9'3(GG0',20))09'A1@3:(,(&$D-0'/2-%0')"-90'G(8",0M'\9'A"8',X'
10'98(-70'3(GA8(G$1 '30'D-2$, '@'"7"$9'/20110%9$0, '/"%1',20_AK8$0%30'/0',"'/K8"$1(%M';0'D-$'K9"$9 '
"70-&,0G0%9'7"'/070%$8'$%3(%13$0%30*'30'D-$'K9"$9'0880-8'7"'/070%$8')"-90'l'09'9(-9'30'D-$'/K1$&%"$9 '
/"%1',"')(,$0',"'A"8"/(_",0'G"%$)019"9$(%'/-'%(%.Y980'/07$0%/8"'3:k9$G0%9'%"9-80,'/2-%'G",'G(8",M '
H80)'9(-90'30990':$K8"83:$0'7089$3",0*'D-$'3(%19$9-"$9',"'198-39-80'/0',"')(,$0'3,"11$D-0'/0A-$1',0'3@3,0 '
/01'3"-101'G"9K8$0,,01'T-1D-2X',"'98"%130%/"%30'/-'/K,$80*'7"'G"$%90%"%9'["13-,08'09'10'8KA"89$8'X '
,"'1-8)"30'/2-%'/(G"$%0'D-2(33-A08(%9'0%10G[,0'09'D-0'10'3(%901908(%9'[$0%9Q9',"'A1@3:(,(&$0'09'," '
G(8",0M
E"'V'A1@3:$"98$0'13$0%9$)$D-0'Z'/-'nWn0'1$^3,0'019'/070%-0'A(11$[,0M'Z
G=%<?(L(>41*@2&+(*-($%.%1*+
V'F,-1',0%9*'G"$1'A,-1'3089"$%'"-11$'/0',"'7K8$9K'1-8',"D-0,,0'$,'12(-780*',2K70$,'D-$'7$0%9'/0',"'1"&0110 '
0,,0.GYG0'09'/0'1(%'3:0G$%0G0%9'$%1$19"%9*'$GAK8"9$)*'X'98"7081',01'A"@1"&01'/0',"')(,$0M
'58"%3$13('B(@"*'E0'>(GG0$,'/0',"'8"$1(%'0%&0%/80'/01'G(%19801*'dhii
= ' 30990 ' 1"&0110* ' /"%1 ' 101 ' /$))K80%901 ' )(8G01* ' p$,,$1 '}iC2'+3 ( m%**%3 ( V@hVHV@8k•' /0G"%/0 ' ," '
&-K8$1(%'/01')(,$01M'>"&0110'AK/"&(&$D-0'A(-8',01'$G[K3$,01'l'{(#/('+Q7-"(+55*%:#,("7(0,>2#,(02%7(
*"3(,0#:#"-(.2'5*&7"'"/7(|'l'(%'/($9',0-8'"AA80%/80*'A0-'X'A0-'09'98^1',0%90G0%9*'30'D-2(%'"AA80%/ '
"-_'0%)"%91'/"%1',01'K3(,01M'>"&0110'D-$'0GA8-%90'1(%'G(/^,0'"-_')(8G01',01'A,-1'8$&(-80-101'09',01 '
A,-1'K7$/0%901'/0',"'7K8$9K*'A(-8',01'GK,"%3(,$D-01'`'9(-9'30'D-2$,'@'"'/2$G"&$%"$80'/"%1',0-8'/K,$80 '
10'/$11$A08"'X',"',-G$^80'/2-%0'7K8$9K'$%3(%9019"[,0'l'32019'A(-8D-($'{(*"3(,7#0"3('+7C,'+7%:#"3("7(
.C%'%:#"3(|' ,0-8'1(%9'1$'7$70G0%9'803(GG"%/K01M'F(-8',01'"-9801*'32019',"'1"&0110'/2-%0'7$0'[$0% '
(8/(%%K0'D-$'8K/-$8"',0-8'/K,$80'l'$,'%2019'A"1'[01($%'/0',0-8'$GA(108'/2"-980'7K8$9K'D-0'30,,0'/0',0-8 '
7$0 ' D-(9$/$0%%0 ' l ' 8019"%9 ' /"%1 ' ,0-8 ' /(G$3$,0 '{(%*3 ( 02%>"/7 ( .2/7%/#"- ( E ( D,-"- ( *"#-3 ( +))+%-"3= ( E(
D2#>"-/"-(*"#-()+'%**"=(E(2-02//"-("7(E(.#*7%>"-(*"#-3(5-25-%,7,3=(*"#-3(N+-0%/3=(*"#-3(>"-D"-3=(*"#-3(
.C+'53(|M';2019'0%'807"%3:0',20_"39$9-/0'/2-%'(8/80'1(3$",*'$GA(1K'/0',20_9K8$0-8*'09'12$,',0')"-9'A"8'," '
3(%98"$%90*'D-$'A0-9'8"G0%08'A8(&8011$70G0%9',201A8$9'/01'G"%$"D-01'X',"',-G$^80'/0',"'7K8$9K'` '
{(a2#-(."*+=(*6%/3"/3,=(5*+.,(0+/3(#/"('+%32/(35,.%+*"(3"-+(7-+%7,=(7+/7(5+-(*"(',0".%/(:#"(5+-(*"3(
+%0"3(5-#0"/73=(0"()+[2/(:#62/(5#%33"(72#N2#-3(*"('+%/7"/%-(0+/3(32/(0">2%-=(0+/3(3+(7"/#"("7(0+/3(
3"3('2"#-3=(5+-(0"3(+>"-7%33"'"/73=(0"3(-"'2/7-+/."3=(0"3(5"%/"3(:#"(*62/(%/)*%D"(+#33%7G7A(|
G=%<?(LHHH(M%2++%&@*(1*(.N%+2.*
V'E01 ' ,K&0%/01 ' /0 ' F$%0,( }aC%*%55" ( a%/"* ( V8rkHVYh@•( 09 ' /0 ' !-#0( }m%**%+' ( i#O" ( V8XhHVYhh•(
98"%1G0990%9'/01'7",0-81'G@9:$D-01*'D-0',"'A1@3:$"98$0'/-'nWn0'1$^3,0'"330A908"'3(GG0'K7$/0%301 '
/0 ' %"9-80M ' P"$1 ' 1(-1 ' ,01 ' G@9:01 ' 0-_.GYG01* ' $, ' @ ' "7"$9 ' -%0 ' (AK8"9$(%* ' (- ' A,-9Q9 ' -%0 ' 1K8$0 '
/2(AK8"9$(%1'D-$'1$,0%3$0-10G0%9'(%9'(8&"%$1K'X',"')($1',0'G(%/0'"1$,"$80*',01'GK9:(/01'/0'&-K8$1(%* '
09',20_AK8$0%30'3(%38^90'/0',"')(,$0M
E0'&0190'/0'!-#0*'9(-9'/2"[(8/M'F"830'D-2$,'019'3(%90GA(8"$%'/0'30,-$'/0'F$%0,*'A"830'D-2(%',0'1"$9 '
A(89K ' A"8 ' 9(-9 ' -% ' G(-70G0%9 ' /0( V'A:$,"%9:8(A$0'Z* ' (% ' ,0 ' )"$9 ' 7",($8 ' 3(GG0 ' -% ' &0190 ' /0 '
V',$[K8"9$(%'Z'/01'",$K%K1M'W,'12"&$9'/0'9(-9'"-980'3:(10'` '{(g/(+(5#(2?3"->"-(*"(D-+/0(02''+D"(
,5-2#>, ( 5+- ( *"3 ( '"'?-"3 ( 0" ( /27-" ( 32.%,7, ( 5+- ( *" ( )+%7 ( :#62/ ( *"3 ( + ( .2/)%,3 ( E ( 0"3 ( D"/3 ( :#% ( /2/(
3"#*"'"/7(32/7(,7-+/D"-3(E(/23(5-%/.%5"3=('+%3(:#%(0"(5*#3(*"3(2/7('I*,3(E(06+#7-"3('+*+0"3(:#%(3"(
5"-'"77"/7 ( #/ ( *+/D+D" ( D-233%"- ( "7 ( 0"3 ( 5-+7%:#"3 ( ?*b'+?*"3A ( i2#7 ( ."*+ ( *+%33" ( 32#>"/7 ( #/ ( "))"7(
%/"))+[+?*"(3#-(*"3("35-%73(0"3('+*+0"3(+5-&3(:#6%*3(+%"/7(-".2#>-,(*6#3+D"(0"(*+(-+%32/=("/(*"3(-"/0+/7(
,7-+/D"-3(E(."3(+77+.C"'"/73(-"*%D%"#$(02/7(%*3(+>+%"/7()+%7(+#7-")2%3(*6"$5,-%"/."(J(5+-)2%3('I'"=(%*3(
32/7(.2--2'5#3(5+-(0"3(C+?%7#0"3(>%.%"#3"3(+#$:#"**"3(%*3(,7+%"/7(,7-+/D"-3A(|(E"(R"7-+%7"'/078"'"&$8'
3(GG0'$%198-G0%9'/0'1K&8K&"9$(%'`'1K&8K&"9$(%'G(8",0'09'80,$&$0-10*'D-$'3:083:0'X'803(%19$9-08* '
"-9(-8'/0',"')(,$0*'-%'G$,$0-'"-11$'80110G[,"%9'D-0'A(11$[,0'X',"';(GG-%"-9K'/01'C-"#081M'\9'303$ '
A(-8 ' /0-_ ' 8"$1(%1 ' ` ' ," ' A80G$^80 ' 019 ' D-0 ' ,0 ' 1A039"3,0 ' /- ' G",' 019 ' A(-8 ' 9(-90 ' kG0 ' 10%1$[,0 ' -%0 '
1(-))8"%30*',2(8$&$%0'/0'9(-901'301'A"11$(%1'%K)"1901'09'7$701'D-0'1(%9',2:(880-8*',"':"$%0*',0'GKA8$1* '
09'D-$'0%&0%/80%9'(-'A08AK9-0%9',"')(,$0'`'{(g/(+(5"/3,(E(N#37"(7%7-"(:#"(*"(',*+/D"(:#%(3"(5-20#%7(
0+/3(*"3(,7+?*%33"'"/73(5#?*%.3(0"(5"-32//"3(:#%(2/7(0"3(3"/7%'"/73("7(0"3(5-+7%:#"3(-"*%D%"#3"3(
0%)),-"/73=(*"(',*+/D"(0"3(0,?+#.C,3("7(5-%/.%5+*"("37(+%**"#-3(F(.6"37(:#"(*+(-"*%D%2/(5"#7(N2#"-(*"(
02#?*"(-G*"(0"(/+7#-"("7(0"(-&D*"=(5#%3:#6"**"(+(5-%3=(0+/3(*6C+?%7#0"(+/."37-+*"=(0+/3(*6,0#.+7%2/=(0+/3(
*6"$"-.%."(:#27%0%"/=(*+(5-2)2/0"#-(0"(*+(/+7#-"=("7(:#6"**"("37("/('I'"(7"'53(5-%/.%5"(.2/37+/7(0"(
.2"-.%7%2/A(|(}~•
V'E"'A0-8'"AA"8"a9'3(GG0'A081(%%"&0'0110%9$0,'/0',2"1$,0M'5$&-80'/KTX'"%3$0%%0*'1"%1'/(-90*'1$'(% '
1(%&0'"-_'90880-81'/0',2$%908%0G0%9M'P"$1'30,,01.3$'308%"$0%9',"')(,$0'/0',20_9K8$0-8*'G"8D-"%9'," '
,$G$90'/0',"'8"$1(%'09'/0',"'/K8"$1(%*'09'T(-"%9'/2-%'/(-[,0'A(-7($8'`'1-8',01'7$(,0%301'/0',"')-80-8 '
A(-8',01'3(%90%$8*'09'1-8',"'8"$1(%'0,,0.GYG0'A(-8',"'90%$8'X',2K3"89'l'30990'A0-8'K9"$9'9(-90'/0 '
1-8)"30M';0,,0'D-$'019'$%19"-8K0'X',"(R"7-+%7"(019'9(-90'0%'A8()(%/0-8'`'0,,0'7"'/0',"'8"$1(%'X',"')(,$0 '
3(GG0'-%0'GK/$"9$(%*'3(GG0',2K7(3"9$(%'/2-%0'3(GG-%0'%"9-80'D-$',-$'"AA"89$0%/8"$9'0%3(80*'09 '
A"8',"D-0,,0'0,,0'A(-88"$9'%(-08',0-8',$0%M'E"'90880-8'D-$'8K&%"$9'K9"$9',0'1$&%0',0'A,-1'7$1$[,0'/0 '
,2",$K%"9$(%'/0',"')(,$0'/"%1',0'G(%/0'3,"11$D-0'l',"'A0-8'G"$%90%"%9'019'/(-K0'/2-%'A(-7($8'/0 '
/K1",$K%"9$(%*'D-$',-$'A08G09'/0'8019"-808'3(GG0'-%0'98^1'A8$G$9$70'3(%%$70%30'0%980',0')(-'09 '
,2:(GG0'/0'8"$1(%M'\,,0'/($9',01'1(,$/"8$108'X'%(-70"-M'P"$%90%"%9',"')(,$0'%0'/078"'A,-1*'%0'A(-88" '
A,-1')"$80'A0-8'l'0,,0'+#-+(5"#-*'1"%1'803(-81'%$'809(-8*'0%9$^80G0%9',$78K0'A"8',X'X',"'AK/"&(&$0'/- '
[(%'10%1*'/0',"'7K8$9K'09'/0',"'G(8",0M(}~•
V'E2([13-80'3-,A"[$,$9K*'D-$'%(-"$9'"-980)($1')"-90'09'/K8"$1(%*'019'"$%1$'/KA,"3K0'l',0')(-*'0%'9"%9 '
D-2Y980':-G"$%'(8$&$%"$80G0%9'/(-K'/0'8"$1(%*'%2019'A,-1'3(-A"[,0'/2Y980')(-'l'G"$1',0')(-*'0%'9"%9 '
D-0')(-*'09'X',2$%9K8$0-8'/0'30990'G","/$0'/(%9'$,'%2019'A,-1'3(-A"[,0*'/($9'10'10%9$8'801A(%1"[,0'/0 '
9(-9'30'D-$'0%'0,,0'A0-9'98(-[,08',"'G(8",0'09',"'1(3$K9K*'09'%0'120%'A80%/80'D-2X',-$.GYG0'/01 '
3:k9$G0%91'D-2$,'80g($9M(}~•
V'E2"1$,0'%0'1"%39$(%%0'A,-1',"'3-,A"[$,$9K'/-')(-*'32019'78"$'l'G"$1'$,')"$9'A,-1*'$,',2(8&"%$10'l'$, '
,2(8&"%$10'A(-8',0')(-'3(GG0'3(%13$0%30'/0'1($*'09'8"AA(89'%(%'8K3$A8(D-0'"-'&"8/$0%'l'$,',2(8&"%$10 '
A(-8 ' ,2:(GG0 ' 8"$1(%%"[,0* ' 3(GG0 ' 3(%13$0%30 ' /0 ' ,2"-980* ' 09 ' $%90870%9$(% ' 9:K8"A0-9$D-0 ' /"%1 '
,20_$190%30'/-')(-M';2019.X./$80'D-0'A"8'30990'3-,A"[$,$9K',0')(-'/07$0%9'([T09'/0'3:k9$G0%9'9(-T(-81 '
())089'X',-$.GYG0'09'X',2"-980'l'09'/0',"'803(%%"$11"%30'/0'30'19"9-9'/2([T09*'/0',"'A8$10'/0'3(%13$0%30 '
/0'1"'3-,A"[$,$9K*',0')(-'/($9'8070%$8'X'1"'3(%13$0%30'/0'1-T09',$[80'09'801A(%1"[,0*'09'A"8'3(%1KD-0%9'
X',"'8"$1(%M';0'G(-70G0%9'A"8',0D-0,*'12([T039$7"%9'A(-8',2"-980*',2",$K%K'807$0%9'A"8',X'X'1"',$[089K* '
32019',0'G(-70G0%9'D-2(%'98(-70'"-11$'[$0%'/"%1',0'!8"7"$,'D-0'/"%1',0'O0&"8/M(}~•
V'I"%1',2"1$,0*',0'98"7"$,'108"'/KA(-$,,K'/0'9(-90'7",0-8'/0'A8(/-39$(%'l'$,'%0'12$GA(108"'D-2X'9$980'/0 '
8^&,0'G(8",0'A-80'l',$G$9"9$(%'/0',"',$[089K*'1(-G$11$(%'X',2(8/80*'0%&"&0G0%9'/0',"'801A(%1"[$,$9K*'X'
10-,0')$%'/0'/K1",$K%08',201A8$9'A08/-'/"%1',20_3^1'/2-%0',$[089K'D-0',"'3(%98"$%90'A:@1$D-0'%0',$G$90 '
D-2"AA"80GG0%9M
F,-1'0))$3"30'0%3(80'D-0',0'98"7"$,*',0'80&"8/'/01'"-9801*'30'D-0'!-#0'"AA0,,0',0({(?"32%/(06"37%'"(|(
}~•(E0')(-*'/"%1',2$%908%0G0%9'3,"11$D-0'K9"$9*',-$'"-11$'())089'"-'80&"8/'`'G"$1'30'80&"8/'"-')(%/'%0 '
,2"990$&%"$9'A"1',-$.GYG0'l'$,'"990$&%"$9'10-,0G0%9'1"'1-8)"30'G(%198-0-10*'1(%'"%$G",$9K'7$1$[,0'l'09 '
$,'3(GA(89"$9'"-'G($%1'-%0')(8G0'/0'8K3$A8(3$9K*'A-$1D-0',2:(GG0'1"$%'A(-7"$9'@',$80*'3(GG0'0%'-% '
G$8($8*',0'G(-70G0%9'$GG$%0%9'/0'1"'A8(A80'3:-90M'E0'80&"8/'D-0'!-#0'$%19"-80'G"$%90%"%9'3(GG0 '
-%0'/01'&8"%/01'3(GA(1"%901'/0',20_$190%30'"1$,"$80*'019'X',"')($1'A,-1'A8()(%/'09'G($%1'8K3$A8(D-0l '
$,'/($9'3:083:08'X'98"D-08',0')(-'/"%1',01'1$&%01',01'G($%1'10%1$[,01'/0'1"')(,$0*',X'(]'0,,0'12"89$3-,0 '
1038^90G0%9'1-8',"'8"$1(%'09'3(GG0%30'X'A0$%0'X'120%'/K9"3:08'l'09'30'80&"8/*',0')(-'%0'A0-9',0 '
80%/80'1(-1'"-3-%0')(8G0*'3"8'$,'019'10-,0G0%9'80&"8/K'l'$,'019'3(GG0',0'%(-70"-'70%-*',0'/08%$08 '
"88$7"%9'/"%1',0'G(%/0'/0',"'8"$1(%M(}~•
V'E"')(,$0'019'0%)"%30M'!(-9'019'(8&"%$1K'X',"(R"7-+%7"'A(-8'D-0',01'",$K%K1'1($0%9'G$%(8$1K1M'4%',01'@ '
3(%1$/^80'{(.2''"(0"3("/)+/73(:#%(2/7(#/(3#5"-)*#(0"()2-."("7(:#%("/()2/7(#/("'5*2%(0+/D"-"#$A(]*(
*"#-()+#7(0"3(5"%/"3("7(0"3(-,.2'5"/3"3(5-,3"/7"3(J(72#7(."(:#%("37(#/(5"#(,*2%D/,(/6+(52%/7(06"))"7(3#-(
"#$A(]*()+#7(*"#-(+55*%:#"-(#/(/2#>"+#(3;37&'"(06,0#.+7%2/=(02//"-(#/(/2#>"+#(.2#-3(E(*"#-3(%0,"3(J(
*"3(3#?N#D#"-(06+?2-0=(*"3("/.2#-+D"-("/3#%7"=(*"3(+55*%:#"-(+#(7-+>+%*=(*"#-(-"/0-"(."(7-+>+%*(+D-,+?*"(
5+-(0"3('2;"/3(+77-+;+/73(|A (I0A-$1'[$0%',(%&90GA1'/KTX',0'/8($9'"7"$9'90%-',01'",$K%K1'A(-8'/01 '
G$%0-81 ' l ' G"$1 ' 32K9"$9 ' ,X ' -%0 ' 1$9-"9$(% ' T-8$/$D-0* ' "[198"$90G0%9 ' /K)$%$0 ' A"8 ' ,2$%908/$39$(% ' 09 ' ," '
3-8"90,,0'l'30'%2K9"$9'A"1'-%'G(/0'3(%3809'/0'8"AA(891'/2:(GG0'X':(GG0M'E2K9"9'/0'G$%(8$9K'/07$0%9 '
3:0q'!-#0'-%'19@,0'/20_$190%30'A(-8',01')(-1*'09'A(-8',01'&"8/$0%1'-%'G(/0'/0'1(-708"$%09KM'4% '
$%1$190'[0"-3(-A'1-8',2",,-80'/0'V'&8"%/0')"G$,,0'Z'D-0'A80%/'X',"( R"7-+%7" (,"'3(GG-%"-9K'/01 '
$%10%1K1'09'/0',0-81'1-870$,,"%91M'=AA"80GG0%9'30990'V')"G$,,0'Z'A,"30',0'G","/0'/"%1'-%'G$,$0-'X'," '
)($1'%(8G",'09'%"9-80,'l'0%')"$9'0,,0',2",$^%0'A,-1'0%3(80'l',"'G$%(8$9K'T-8$/$D-0'/(%9'(%'"))039"$9',0 '
)(-'K9"$9'/019$%K0'X',0'A8(9K&08'0%'9"%9'D-0'1-T09'/0'/8($9'l'30990'198-39-80'"%3$0%%0*'0%'/070%"%9 '
)(8G0'/0'3(0_$190%30*',0',$780'0%9$^80G0%9*'09'3(GG0'1-T09'A1@3:(,(&$D-0*'X',2"-9(8$9K'09'"-'A8019$&0 '
/0 ' ,2:(GG0 ' /0 ' 8"$1(%* ' D-$ ' A80%/ ' A(-8 ' ,-$ ' )$&-80 ' 3(%38^90 ' /2"/-,90* ' 32019.X./$80 ' X ' ," ' )($1 ' /0 '
/(G$%"9$(%'09'/0'/019$%"9$(%M'Z
)*&()*+*,(O5698PEFF5Q(*-(.%(#4+2+-%&@*(%/(I(R,+-S$*(J
B6+#7"#- ( 0" (4%0 ' 5,06 ' 4708 ' 9:0 ' ;-3#((21 ' <019 '3" ( 3%7#"(
35%-%7#"**"'"/7("7(C%372-%:#"'"/7("/7-"(*+(H0"9'B0%08"9$(%'
e<"-2#+.=(t%/3?"-D=(U#--2#DC3f("7(*"('2#>"'"/7(C%55%"A(
]*()#7(*6#/(0"3(.-,+7"#-3(0#('2#>"'"/7(53;.C,0,*%:#"(:#%(
5-+7%:#+ ( *6#3+D" ( %/7"/3%) ( 0"3 ( 0-2D#"3 ( E ( *+ ( -".C"-.C" ( 0"(
/2#>"**"3("$5,-%"/."3(3"/32-%"**"3A
L6"37(32/(5+33+D"(+#(P0%,('F"8#'+0908"%1'N(1A$9",(E(a+*2(
M*72 ( 0+/3 ( *+ ( ?+%" ( 0" ( Z+/ ( 4-+/.%3.2= ( .2''" ( >2*2/7+%-"(
0+/3 ( #/ ( 5-2D-+''" ( D2#>"-/"'"/7+* ( 0" ( -".C"-.C"3 ( 0"(
',0%.+'"/73= ( :#% ( *#% ( )+%7 ( 0,.2#>-%- ( *"3 ( "))"73 ( 0"3(
53;.C27-25"3!"7(C+**#.%/2D&/"3A
]*(/"(."33"-+(0"(52#-3#%>-"(."3("$5,-%"/."3(52#-(*#%H'I'"(
"7(.2/37%7#"-+(*"(D-2#5"(0"3(P088@'F8"%#19081(+>".=("/7-"(
+#7-"3=(S"+*(L+33+0;=(*6%/35%-+7"#-(0#(5"-32//+D"(0"(!"+/(
12-%+-7;(0+/3(4%'9:0'O("/M
V'!(-9'30'D-0'T0'1"7"$1'/0'r0%'r010@*'(-'X'A0-'A8^1*'X'30'G(G0%9',X*'32K9"$9'D-2$,'12"&$11"$9'/2-% '
8(G"%3$08'/0'980%90'09'-%'"%1'D-2(%'90%"$9'0%':"-90'019$G0*'09'D-2$,'"7"$9'A"1'G",'/20%%-$1'A(-8'/01 '
:$19($801'/0'/8(&-0M'W,'"7"$9'K38$9'g/"(4*"_(g>"-(7C"(L#.O2263(S"37(0%'dimj*'/(%9'(%'"7"$9'9$8K'-%0 '
A$^30'0%'dims*'09'Z2'"7%'"3(+(t-"+7(S27%2/=(0%'dimtM'4%',0'3$9"$9'9(-T(-81'0%'3(GA"&%$0'/0'F:$,$A '
O(9:*'/0'J(10A:'N0,,08*'/0'H8-30'J"@'58$0/G"%'09'/2-%'(-'/0-_'"-9801'A"8G$',01'T0-%01'8(G"%3$081 '
A8(G$1'X'-%'&8"%/'"70%$8M'F-$1'$,'"7"$9*'X'/0-_'80A8$101*'K9K'"88Y9K'A(-8'/K90%9$(%'/0'G"8$T-"%"*'0% '
"78$, ' dime ' 09 ' 0% ' T"%7$08 ' dimm* ' 09 ' $, ' "7"$9 ' )-$ ' "- ' P0_$D-0 ' A,-9Q9 ' D-0 ' /0 ' 8$1D-08 ' -%0 ' 1K7^80 '
3(%/"G%"9$(%M'F(-8'-%'8K3$/$7$190*'g"'"-8"$9'A-'3:083:08'/"%1',01'3$%D'"%1M'J2"7"$1'G$1',"'G"$%*'-% '
T(-8*'1-8'/01',099801'D-0'r010@'"7"$9'0%7(@K01'/-'P0_$D-0'X'1(%'"G$'E"88@'P3P-898@*',2"-90-8'/0 '
^2-3"'+/=(a+33(U;=(/(%9'(%'"7"$9'9$8K',0')$,G'^#0A(\,,01'K9"$0%9'"-11$')(,,01'D-0'1"83"19$D-01*'-%0 '
1(890'/0'GK,"%&0'/0'p$,,$"G'H-88(-&:1'09'B0(8&0'=/0*'09'A"8,"$0%9'/0'3"3:09901*'/0'/K&-$10G0%91* '
/0'A"8"%(u"*'/2K3:"AA08'"-_'),$31*'/0'T($%91'D-2(%')-G0'09'/0'3:083:08'1(%'<$87k%"'/"%1',01'K&(-91 '
/-'P0_$D-0M'Z
i2'(m2*)"=(!:0'\,0398$3'r((,.=$/'=3$/'!019*'VW@YA
c7-+/D"(5,-%20"(:#"(."3(+//,"3(32%$+/7"(+#$(c7+73Hd/%3=(2P(*"(BZ!(H:#%(/"(3"-+(%/7"-0%7(:#6"/(VW@@H(
.%-.#*"(*%?-"'"/7('+%3(2P(*62/(-%3:#"(*+(5-%32/(52#-(5233"33%2/("7(#3+D"(0"('+-%N#+/+A
c7-+/D"(5"-32//+D"(:#"(."(<"/(<"3";(:#%(3%**2//"(+>".(3"3(P088@'F8"%#19081'*"3(dZM(0+/3(#/(?#3(
?+-%2*,("7(:#%(>2%7(0+/3(*"(1"$%:#"(#/(C2-%T2/(0"(3+*#7=(E(*+('+/%&-"(0"(Z+*(a+-+0%3"=(*"(/+--+7"#-(0"(
>-8',"'O(-90M
B"(-2'+/
B6C%372%-"(0"(+(,'"-./011-1'/2-%'%$/'/0'3(-3(-'"37(/+--,"(E(*+(5-"'%&-"(5"-32//"(5+-(U-2'0"/=(*"(
{(0"'%H3+/D(%/0%"/(|(:#%(3"()+%7(5+33"-(52#-(32#-0("7('#"7(5+-."(:#6"/)+/7(%*()#7(."*#%(:#"(5"-32//"(
/"(>2;+%7(/%(/6"/7"/0+%7A(L"77"(5-"'%&-"(0,5"-32//+*%3+7%2/(>,.#"(5+-(*6]/0%"/=(5-"'%"-(2..#5+/7(0"(
."77"(7"--"(/2-0H+',-%.+%/"(.2/:#%3"(5+-(*"3(U*+/.3=(3"-+(-"02#?*,"(5+-(*"(3;37&'"(+3%*+%-"=(:#"(<"/(
<"3";(+55"**"(*"(Z;37&'"=(0,3%D/+/7(5+-(*E(#/"()2-'"(062-D+/%3+7%2/(32.%+*"(72#7"("/7%&-"A
S+--+7"#-(02/.=(U-2'0"/(+33%37"(E(*6+--%>,"(0"(1.1#-5C;=(*"(D-+/0(]-*+/0+%3(-2#$("7(7+72#,=(>,7,-+/(
0"(*+(D#"--"(0"(L2-,"=(*"(-2%(0"(*6+-/+:#"("7(0"(*+(?+D+--"=(%/.+-.,-,(52#-(>%2*(€(.6"37HEH0%-"(52#-(*"3(
dZM(0"3(+//,"3(@9=(-"*+7%2/(3"$#"**"(C2-3('+-%+D"(+>".(#/"('%/"#-"(0"('2%/3(0"(V@(+/3A
a*#3("/.2-"(:#"(*"()%*'=(*"(-2'+/(0,.-%7(#/(#/%>"-3(,72#))+/7=(#/"(*"/7"(0"3."/7"(+#$("/)"-3('+*D-,(
*"3('#*7%5*"3(7"/7+7%>"3(0"(-,>2*7"=(*6%'5*+.+?*"(,7+#(:#%(3"(-")"-'"(5"7%7(E(5"7%7(3#-(1.1#-5C;A
c/ ( 7,'2%D/" ( ." ( -I>" ( C+**#.%/, ( 0" ( U-2'0"/= ( #/ ( 32%- ( 2P ( %* ( /6+ ( 5+3 ( 5-%3 ( *"3 ( .+.C"73 ( 0"37%/,3 ( E(
*6+332''"-=(2P(*"(Z;37&'"(.2'?+77#(36+55+-"/7"(E(#/"(1+.C%/"(0"(12-7A
V'E0'8(%8(%%0G0%9'A8()(%/'/01'"AA"80$,1'D-$'9(-8%0%9'/"%1',2KA"$110-8'/01'G-81'120))"30'A0-'X'A0- '
T-1D-2X'/$1A"8"a980'0%9$^80G0%9M'E0'1$,0%30'8^&%0'0%'G"a980'/2-%'[(-9'X',2"-980'/0',2:QA$9",M'>0-,*'-% '
&8(%/0G0%9 ' 1(-8/ ' 09 ' K9(-))K ' G(%90 ' /01 ' A8()(%/0-81 ' /- ' [k9$G0%9M ' J0 ' %0 ' ,2"7"$1 ' 0%3(80 ' T"G"$1 '
80G"8D-KM';0,"'80110G[,0'[0"-3(-A'"-'[8-$9'D-$'7(-1'A"87$0%9',(81D-0'7(-1'7(-1'98(-70q'9"8/'/"%1 '
,"'%-$9'"-'1(GG09'/2-%'["88"&0M'E"'3,"G0-8'["110'09'$GA,"3"[,0'/2-%0')(830'[8-90M
E0 ' &8(1 ' G(8$3"-/ ' 019 ' /"%1 ' ,0 ' :",, ' 0% ' /0:(81 ' /0 ' G(% ' 3:"GA ' /0 ' 7$1$(% ' X ' KA$08 ' 0% ' 8$3"%"%9 '
%0870-10G0%9M'W,'10'/$8$&0'X'A"1',0%91'7081',0'/(89($8'0%'011-@"%9'101'G"$%1'G($901'X'101'"$110,,01M '
E"',-G$^80'/011$%0'1-8',0'G-8'-%0'(G[80'K,KA:"%901D-0'D-$'8"A09$110'X'G01-80'D-2$,'"AA8(3:0'/0'," '
A(890M'W,'%(-1'0_"G$%0*'&,(-110'X'%(-70"-'09'(-780',0'3())809'"-_')-1$[,01')$_K'X'3Q9K'/-'3:"G[8"%,0M '
V'F"8)"$9*',01'0%)"%91*'/(8G0q'[$0%M'Z
W,'9(-8%0'-%'[(-9(%'`'"-11$9Q9*',0'A,"%3:08'120%)(%30'X',2$%9K8$0-8'/0',2K/$)$30'3(GG0',"'A,"90.)(8G0 '
K,K7"98$30'/2-%'1$,('A%0-G"9$D-0M
!(-9'019'A"8)"$90G0%9'$GG([$,0*'1"-)'30'A,"%3:08M'<(-1'/K&8$%&(,(%1'X'-%0'",,-80'$%)08%",0*',"$11"%9 '
,($%'/088$^80',01'G-81'/-'/(89($8*',"'A(890'/07"%9',"D-0,,0'10'9$0%9',0'G(8$3"-/*',01')0%Y9801*'09',01 '
,$91*'09',01'9"[,01'/0'%-$9*'09'9(-9',0')(-8[$M'E0'GK3"%$1G0'[$0%':-$,K'.$,'12"&$9'A8(["[,0G0%9'/2-% '
1@19^G0'X'38KG"$,,^80.')(%39$(%%0'/"%1'-%'1$,0%30'/0'G(89M'Z
B"(5*+/.C"-(E(.-,'+%**&-"=(:#%(-+55"**"(*"3(5*+/.C"-3("7(5*+)2/03('2?%*"3(0"3(.Cb7"+#$()2-73(0"3(
-2'+/3(0"(.+5"("7(06,5,"=(0,.2#>-"(+*2-3(*"3(.2#*%33"3(2#(*"3(.%/7-"3(0"(*6+3%*"(F(#/(+--%&-"H'2/0"(
"))-+;+/7(:#%(-,>&*"(*6"33"/."(0#(3;37&'"(+3%*+%-"A
V'<(-1'/07(%1'Y980'"-'3(0-8'/-'7"3"8G0M'J2"&8$AA0'30')$3:-'/8"A'D-$'G0',$&(90'09'"-'G(G0%9'(]'T0 '
1-$1'A801D-0'"88$7K'X',0'/01108808*'7($,X'D-0'9(-9'-%'A"%'/0'G-8'120))"30*'/K3(-78"%9'-%0'$GG0%10 '
3"708%0'(]*'X'A0890'/0'7-0*'12",$&%0%9'/01'8"%&K01'1"%1')$%'/0'G"3:$%01'l'(]'/"%1'-%0'"9G(1A:^80 '
/2K9-70*'3(-8"%9',0',(%&'/01'A"11080,,01*'12"))"$80%9'/01'%-K01'/2:(GG01'0%'G"%3:01'/0'3:0G$10 '
/(%9',"',-0-8'"8/0%90'/0'30%9"$%01'/0':"-91')(-8%0"-_'K3,"$80',01'7$1"&01'7$/01'/0'1(G%"G[-,01M'E0 '
1A039"3,0 ' 12"33(8/0 ' "- ' 7"3"8G0M ' 4% ' 10 ' 38($8"$9 ' /"%1 ' ,01 ' 0%98"$,,01 ' /2-% ' &$&"%901D-0 ' ["88"&0M '
I2K%(8G01 ' 9-@"-_ ' /0 ' 3-$780 ' 12",,(%&0%9* ' A,(%&0%9 ' /"%1 ' ,2([13-8$9KM ' I01 ' 3k[,01 ' 3(-80%9 ' 7081 '
/2$%7$1$[,01'98"%1)(8G"90-81M'!(-9'/$1A"8"a9'1(-1'-%0'3(-3:0'/0'3"G[(-$1'09'/0'38"110'D-$'1(-$,,0'/0 '
98"a%K01'%($801'09'8(-&01',01'G"%3:(%1'/0'8"33(8/0G0%9*',01'G(90-81'09',01'/@%"G(1M'Z
!+/3(#/(0,.2-(0%D/"(0"(P098(A(,$1'0"(4-%7T(B+/D=(*"(.+#.C"'+-(%/0#37-%"*("7('+.C%/%:#"(3"(02//"(E(
>2%-=(.2''"(*"(02#?*"(%/)"-/+*(0"3(3+**"3(?*+/.C"3(:#"(/"772%"(%/*+33+?*"'"/7(U-2'0"/A
''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''58$9q'E"%&*'P098(A(,$1*'dijh
V'E0'A,"%3:08*'D-$'"7"%30'9(-T(-81*'12K,($&%0'/0',"'3:0G$%K0'/0',07"&0*'&,$110'7081',"'1",,0'/01 '
G"3:$%01M'J-190'"-./011-1'/0'%(-1*'T0'/$19$%&-0'-%0'$%19",,"9$(%'10G[,"[,0'X'30'D-$'0_$190'/"%1',01 '
"["99($81'`'-%0'3:"a%0'1"%1')$%'1087"%9'X'3(%/-$80',01'3"83"1101'/0',"'3:"G[80')8($/0'T-1D-2"-_ '
[(-3:081'1"%1'D-2$,'1($9'[01($%'/0',01'1(-,0708M'F0%3:K1'1-8',"'8"G["8/0'/0',"'A"11080,,0'1(-1 '
,"D-0,,0'/K)$,0%9',01',$91*'/0-_'9@A01'0%'A"%9",(%'/0'9($,0'/$13-90%9M'W,1'(%9'/01'3:0G$101'[,"%3:01'"-_ '
G"%3:01'8098(-11K01'D-0'["880',0'98"$9'%($8'/0',"'38"7"90M'E0-81'3$&"809901*')$3:K01'/"%1'/0',(%&1 '
)-G0.3$&"809901* ' 98"30%9 ' /"%1 ' ,2(G[80 ' /01 ' "8"[01D-01 ' 8(-&01M ' E0 ' 9-G-,90 ' 019 ' 90, ' D-0 ' ,2(% ' %0 '
3(GA80%/'A"1'-%'G(9'/0'30'D-2$,1'/$10%9M'E2-%'/20-_')"$9'3,"D-08'101'/($&91'l',2(-78$08',0'A,-1'A8(3:0 '
A$7(90 ' [8-1D-0G0%9 ' 09 ' 12K,"%30 ' 7081 ' ,-$M ' E0 ' 9@A0 ' A($%90 ' 1(% ' )-G0.3$&"80990 ' 7081 ' ,2-% ' /01 ' ,$91 ' l '
,2:(GG0*'X'30'1$&%0*'10'A8K3$A$90'"-'A"1'/0'3(-810'7081',2013",$08'/0')08'A(-8'&"&%08'%(980'%$70"-M'W, '
/$1A"8"a9'0%980'/0-_'98"%1)(8G"90-81'"-11$'K%(8G01'D-0'/01'1$,(1'X'A"9"901M'E0'807($,XM'\980$&%"%9 '
-%'38(3:09')$_K'1-8'-%0'A083:0'"-'3:07",09'1-8A,(G["%9*'$,'"7"%30'X'A"1'/0'&K"%9M'W,'/KA"110'G(% '
,$9M'c%'T09'/0'),"GG0'38"3:K'A"8'D-0,D-0':"-9')(-8%0"-',2K3,"$80'X',2$%19"%9'(]'$,'019'"-./011-1'/0 '
G($M'>(%'7$1"&0*'X',"')($1'K,K&"%9'09'[8-9",*'019'3$80-_'3(GG0'-%'G"1D-0M'=%(%@G0M'c%'7$1"&0 '
10G[,"[,0'X'/01'G$,,$081'/2"-9801M
W,'1"$1$9'H,"19$3'A"8',"'3:07$,,0*',0'1(-,^70'3(GG0'12$,'%0')"$1"$9'A"1'A,-1'/0'D-0,D-01',$7801'l'/0'1" '
G"$%',$[80'$,'0%)(%30'1(%'38(3'/088$^80',0'90%/(%'09',0'7$0-_'80190'"$%1$'1-1A0%/-',"'9Y90'0%'["1M'>" '
)$&-80'&8Y,K0'09'3(-70890'/0'G($1$11-80'0%'019'9(-90'&(%),K0'09*'/"%1'101'@0-_*'A",A$90'-%0'90880-8 '
G-0990M'W,'"&$90'90,,0G0%9',01'[8"1'09'1"'T"G[0',$[80'D-0'1"'70190'/0'A@T"G"'&,$110*',-$'803(-78"%9',0 '
7$1"&0M'=,(81*',2:(GG0'0GA($&%0',01'A"%1'/0',2K9())0*',01'0%9(89$,,0'3(GG0'12$,'12"&$11"$9'/0'9($,0 '
/20G[",,"&0*',"%30',"'A(-,$0'3,$D-09"%90'7081',"'A"11080,,0'09'80&"8/0',01'9@A01'0%'3:0G$10'[,"%3:0M '
E2-%'/01'/0-_'1(89'/0',2K9-$'D-$'A0%/'X'1"'30$%9-80'-%'13",A0,'G"$%90%-'A"8'-%0'3:"a%0990'/(%9'$, '
&,$110',20_98KG$9K'X',"'G"$%.3(-8"%90'"7"%9'/0',"$1108'&,$1108',"',"G0'7081',0'98"7"$,,0-8M';(GG0 '
30,"*'$,'019'98"%D-$,,0'`'30,-$.3$'%0'A(-88"'A"1'"7($8'-%0'"8G0'X'1"'/$1A(1$9$(%'v
I2-%'&0190'A8K3$1*',2(-78$08'0%9"$,,0',"'A($98$%0'/-'7$0-_'H,"19$3'D-$'30110'/0'10'/K["9980M'J0'A0%10 '
D-0 ' T0 ' 7"$1 ' 7(G$8 ' G"$1* ' 3(%98"$80G0%9 ' X ' G(% ' "990%90* ' 30 ' %2019 ' %$ ' /- ' 1"%& ' %$ ' /01 ' (8&"%01 ' D-$ '
12K3:"AA0%9'/0',"'[,011-80M'O$0%'/0'A,-1'D-2-%0'A,-$0'/0'8(-$,,0'A-,7K8-,0%90'09'/0'13(8$01'(]*'$3$'09 '
,X*',-$9'-%'[(-9'/0')$,'/0'GK9",*'-%'G(830"-'/0'70880M'E2:(GG0'120%)(%30'T-1D-2"-_'&0%(-_'/"%1 '
30990'G"9$^80'D-$'80110G[,0'"-'Gk3:0)08M'Z
B+(0%>%3%2/(0#(7-+>+%*=(+>".(*6%/0%>%0#+*%3+7%2/(0"3(7b.C"3("7(*+(',)%+/."(-,.%5-2:#"(:#%("/(0,.2#*"=(
"37 ( +# ( 3"->%." ( 06#/" ( ',.+/%:#" ( 0" ( '2-7A ( i"**" ( *+ ( -+7%2/+*%3+7%2/ ( 0"3 ( 5-2."33#3 ( 0"(
5-20#.7%2/x0"37-#.7%2/=(E(*62"#>-"(0+/3(*"3(.+'53(06"$7"-'%/+7%2/=(*+(*2/D#"(.C+Q/"(3"(3+%3%7(0"3(
>%"#$(.2-53(%/#7%*"3(52#-(*"3(0,.C%:#"7"-A(Z2#3(*"3(-"D+-03(?*I'"3(0"3(>%3+D"3(0,5"-32//+*%3,3=(*+(
D-+/0"('+.C%/"-%"('"7(E(/#(*6%/7,-%2-%7,(52#-(."(:#6"**"("37(0">"/#"(F(*6+'+3(0"()"--+%**"(06#/"(>%"(
72#7"(',.+/%:#"A
g/(5"/3"(+*2-3(E(dD2(L"-*"77%=(*6%/>"/7"#-(0"3(,*".7-2.C2.3("/(53;.C%+7-%"(0+/3(*"3(+//,"3(7-"/7"(F(
.6"37("/(2?3"->+/7(#/"(.C+Q/"(06+?+77+D"(0"(52-.3(32#'%3(+#$(%'5#*3%2/3(,*".7-%:#"3(0"37%/,"3(E(*"3(
.+*'"-(+>+/7(0"(3"(>2%-(+0'%/%37-"-(*+('2-7(:#6%*(+(*6%0,"(06#7%*%3"-(*6%'5+.7(,*".7-%:#"(52#-(+33+D%-(
*6"35-%7(0,-+/D,(5+-(*"3(C+**#.%/+7%2/3(0"(3"3(5+7%"/73A
!+/3(*6#/%>"-3(53;.C%+7-%:#"(.2''"(0+/3(*6#3%/"=(*"3(.2-53(/"(32/7(5*#3(:#"(0"3('2-."+#$(0"(>%+/0"(
+#$('+%/3(062#>-%"-3(+#$(2-0-"3(0"3("$5"-73A(
B2%/7+%/(,.C2(0"3(,>%3.,-+7%2/3(',0%,>+*"3(0"37%/,"3(E(5#/%-(*"3(%/02.%*"3("7(E(0%33#+0"-(*"(5#?*%.A(
L+- ( *E ( +#33% ( ." ( 35".7+.*" ( 06C2--"#- ( 3" ( 0,-2#*"-+ ( 32#3 ( *"3 ( ;"#$ ( 06#/ ( {(98(-A0"- ' /0 ' G"a9801101'
/2K3(,01*'/2K9-/$"%901'09'"-9801'7$1$90-101'/-'GYG0'"3"[$9'Z'V'7Y9-01'/0'9"[,$081'[,0-1'Z'"7(52-7+/7(
0"3(?%D2#0%3A
v#+/0(*6C2--"#-(-"/.2/7-"(*"(D-27"3:#"("7(*+()+-."=(.6"37("/.2-"(E(l,-G'"(U23.C(:#"(/2#3(5"/32/3A
''''''''''''''''''''''''''''''''''''''''''''''''''''''''JK8QG0'H(13:*'E0'J"8/$%'/01'/K,$301'w/K9"$,x*'deft
T&%.,+*(1*(+4U/*&@*(V(.%(<%#-2*(1*(<W@=*
O@=%<?(59'(5C'(58(1/(XLXQ
5Q FF=(C6N(99NN(Y(FF=(85N(57NN(O5N(CCNN'(58(<.%&+Q(V(.N4@=%<<4*
d/(7-+>"**%/D(*+7,-+*=(0"5#%3(*6"$7,-%"#-(0"3(D-%**"3(/2#3()+%7("/7-"-(E(*6%/7,-%"#-(F(.*%:#"77"'"/7(0"3(
D-%**+D"3A(
M(*6%/7,-%"#-=(1.1#-5C;(%/35".7"(*+(C+#7"#-(0"3(?+-?"*,3("7()+%7(+55"*(E(U-2'0"/(52#-(*6+%0"-(E(3"(
C%33"-(+#(0"C2-3A(4%*',"(06+?2-0(0"(*6%/7,-%"#-=(*2-3:#"(1+.(D-%'5"(3#-(*"3(,5+#*"3(0"(U-2'0"/=(
*6,.C+55,"(5-25-"'"/7(0%7"("37()%*',"(0"(*6"$7,-%"#-=("/(5*+/(06"/3"'?*"("7("/(.2/7-"HN2#-A(L"(/6"37(
5+3(*6"))2-7(5C;3%:#"(:#"()%*'"(42-'+/=(/2/(5*#3(:#"(*+(0,7"-'%/+7%2/(0"(1+.(F(5+3(0"(D-23(5*+/3(
53;.C2*2D%:#"3(:#%(02//"-+%"/7(+#(35".7+7"#-(#/"(%0,"(0"(3"3(%/7"/7%2/3(J(N#37"(#/(*2/D(5*+/(ehr66f(
06#/"(3%*C2#"77"(:#%()-+/.C%7(*"3(?+-?"*,3(0+/3(*6%/0%)),-"/."(D,/,-+*"("7(+>".(#/"(."-7+%/"(+%3+/."=(
.2''"(36%*(/6;(+>+%7(-%"/(0"(5*#3(,>%0"/7("7(0"(5*#3()+.%*"A(B"3(5*+/3(5-,.,0"/73=(5*#3(.2#-73=(,7+%"/7(
"/7-".2#5,3(0"(.2/7-"H.C+'53('2/7-+/7(*"(D+-0%"/(2..#5,(E(N2#"-(+#(?+3O"7("7(*6%/+77"/7%2/(0"3(
+#7-"3(0,7"/#3=(02//+/7(E(*+(3,:#"/."(#/"(%'5-"33%2/(0"(5+%$("7(%/7"-0%3+/7(*+('2/7,"(0-+'+7%.2H
53;.C2*2D%:#"(0#(3#35"/3A
L"77"(+?3"/."(0"(0-+'+7%3+7%2/(7%"/7(,D+*"'"/7(E(*+(?+/0"(32/(F(*"(/%>"+#(32/2-"(0"3(?-#%73(0"(
D-%**+D"=(0"(5+3=(0#(?+**2/(:#%(-"?2/0%7=(0#(O*+$2/(0"(>2%7#-"('I'"=("37(-"*+7%>"'"/7(?+3=(.2/),-+/7(
E(*+(3.&/"(#/"(%'5-"33%2/(0"(.+*'"A(B+('#3%:#"=(#/"(',*20%"(7-+0%7%2//"**"(0"()*`7"=("37(*2%/7+%/"=(
.2''"(,72#)),"A
!+/3(*"(0"-/%"-(5*+/=(-+55-2.C,=(*"(>%3+D"(0"(U-2'0"/(0"--%&-"(*"(D-%**+D"("3:#%33"(*"(32#-%-"(0"(
."*#%(:#%(.2/37+7"(52#-(*+(5-"'%&-"()2%3(#/"(*%?"-7,(5233%?*"A
EQ FF=(85N(57NN(Y(FF=(89N(55NN(O5N(8CNN'(95(<.%&+Q(V(.%(3%..%1*(*&(3/+
B"3(0,7"/#3(32-7"/7("/(D-2#5"=(52#-(#/"(5-2'"/+0"(/2-'+*"=(3"'?*"H7H%*=('+%3(1.1#-5C;("37(.+.C,(
0+/3(*"(?#3A(v#+/0(72#7(*"('2/0"("37('2/7,=(%*(3"(5-,.%5%7"(+#(>2*+/7=()"-'"(*"3(52-7"3("7(0,'+--"(E(
*+ ( 37#5,)+.7%2/ (0"3 (D+-0%"/3A( L2''"/." (+*2-3 ( #/" ( ?+**+0" ("/ ( ?#3 (0+/3 (*"3 ( -#"3 (0" ( *+ (>%**" ( 2P(
+*7"-/"/7(.C+'53("7(.2/7-"H.C+'53(F(*"3(2..#5+/73(0#(?#3(0"--%&-"(*"3(>%7-"3(2#(*"(/"T(+#(>"/7(
3"'?*"/7(0,.2#>-%-(*+(>%**"(.2''"(0"3(72#-%37"3(.#-%"#$=(*"3(5+33+/73(*"3(-"D+-0"/7=(.2''"(0"3(
,7-+/D"-3(0"(5+33+D"A(B"(3"#*(+--I7(+#-+(52#-(?#7(0"(N2%/0-"(E(*6,:#%5,"(L+/0;=(*+(N"#/"(5-237%7#,"(
+'%"(0"(1.1#-5C;A
B+(0%'"/3%2/(.2'%:#"(0"(*+(3.&/"(7%"/7(E(*+('#3%:#"=(:#%(,>2:#"(0"3(>+.+/."3(E(*+(l+.:#"3(i+7%A
B+()2-."(0"(*6%'+D"("37(:#"(-%"/(/"(/2#3(-"/3"%D/"(3#-(*+(0"37%/+7%2/(0"(."3(72#-%37"3(35,.%+#$A(n2/7H
%*3(5-"/0-"(0,)%/%7%>"'"/7(*+(7+/D"/7"(2#(?%"/(1+.(+H7H%*(#/(5*+/("/(7I7"(•(S2#3(/"(*"(0,.2#>-%-2/3(
:#6+#(7"-'"(0"(*+(3,:#"/."(F(*+(.+',-+(5-2D-"33"(+#('I'"(-;7C'"(:#"(*"(35".7+7"#-=(*+(3#%7"("37(E(
%/>"/7"-A
!+/3 ( *+ ( 3,:#"/." ( 5-,.,0"/7" ( 0,NE= ( 2/ ( %D/2-+%7 ( 72#7 ( 0"3 ( %/7"/7%2/3 ( 0" ( 1.1#-5C; ( *2-3:#6%*(
)-+/.C%33+%7(*"3(?+-?"*,3("7(3+*#+%7(U-2'0"/(-"37,(E(*6%/7,-%"#-(06#/(-"D+-0A(]*(+#-+%7(72#7(+#33%(?%"/(5#(
36,.C+55"-(3"#*("7(/"(5*#3(N+'+%3(-">"/%-A(1+%3=(.+.C,(0+/3(*"(?#3=(%*(+77"/0+%7(3"3(.2'5+D/2/3(
06%/)2-7#/"(52#-(*"3("''"/"-(+>".(*#%=(5-"#>"(36%*("/("37(:#6%*(/6"37(5+3(*6%/0%>%0#+*%37"(,D2."/7-%:#"(
0,.-%7(5+-(*"3(53;.C%+7-"3A
9Q FF=(89N(55NN(Y(FF=(8BN(5FNN(OEN(86NN'(B9(<.%&+Q(V(.%(+"#-2*(*&($*#
d/"(3,-%"(0"(.C+'53(.2/7-"H.C+'53("/7-"(*"(0,?+-:#"'"/7(0#(.+-("7(*+(.+?+/"(0#(.+5%7+%/"(0"(52-7(
"37(3#%>%"(0"(*6"'?+-:#"'"/7(E(?2-0(0#(?+7"+#(:#"(1.1#-5C;(5-,7"/0(+>2%-(-,3"->,A(l#37%)%+/7(."77"(
,:#%5,"(5+-(#/"(32-7%"(0"(5I.C"(0"(*6,:#%5"(0"(',0".%/3(0"(*6+3%*"(53;.C%+7-%:#"(€(+#(3,-%"#$("7(E(
*6+33#-+/." ( 0" ( *"#-3 ( '%/"3= ( *"3 ( +*%,/,3 ( 5+33"-+%"/7 ( +%3,'"/7 ( 52#- ( 0"3 ( +*%,/%37"3H ( *" ( ?+D2#7 ( 0"(
1+.1#-5C;(*+%33"(3."57%:#"(*"(.+5%7+%/"('+%3(*"3(+'+--"3(32/7("/*">,"3("7(*"(?+7"+#(32-7(0#(52-7A(B"(
.2'%:#" ( 0" ( *6,/#',-+7%2/ ( 0"3 ( /2'3 ( 0" ( 02.7"#-3 ( /6"37 ( N+'+%3 ( %-2/%:#" ( .+- ( 3#- ( *"3 ( >%3+D"3 ( 0"3(
/2'',3 (3"( *%7(*+ ( )%"-7, (06+55+-+Q7-" ( .2''"( 0"3 (5"-32//"3 (F (%*3 (32/7( "/(5+33" ( 0"( -"0">"/%- (0"3(
C2''"3(E(5+-7("/7%&-"A(v#+/0(?%"/('I'"(*6"$5,0%7%2/(72#-/"-+%7(.2#-7=(*6"'?+-.+7%2/(3#-(*"(?+7"+#(
0"(5I.C"(+((.2''"/.,(E(-,>"%**"-(.C"T("#$(*6"37%'"(0"(32%A
M#('2'"/7(2P(*"3(+'+--"3(32/7(*+-D#,"3("7(:#"(i+?"-(7-,?#.C"("/("33+;+/7(0"('2/7"-(E(?2-0=(*+(
'#3%:#"({(7+7%"3:#"(|(-"5-"/0=(52#-(#/"(/2#>"**"(,.C+55,"=("/('"-(."77"()2%3A(
B"(0"-/%"-(5*+/(5+/27"(0"5#%3(*"3(.G7"3(>"-3(*+('"-("7(3+(*%D/"(06C2-%T2/=(5-2'"33"(0"(*%?"-7,A
CQ FF=(8BN(56NN(Y(F5=(FEN(5CNN(O8N(88NN'(BC(<.%&+Q(V(.%(<%#-2*(1*(<W@=*(
M(?2-0=(1+.1#-5C;(2-D+/%3"(*6,:#%5+D"=(+77-%?#"(*"3(5237"3(HLC"3_%.O=(."*#%=(5-2?+?*"'"/7(+>".(
U%**;(U%??%7=(:#%(+(*"('2%/3(.2/)%+/."("/(*#%H'I'"=(+#$(.2''+/0"3H=("$5*%:#"(*"3(7".C/%:#"3(0"(
5I.C"A(U%**;()+%7(#/(?-%/(0"(.2#-(E(L+/0;=(32#3(*62"%*('%H+'#3,('%HN+*2#$(0"(1+.A
B"3(',7+5C2-"3(3"$#"**"3()*"#-%33"/7(0+/3(*+(?2#.C"(0"(."*#%H.%=(+33%'%*+/7(*+(5+-7%"(0"(5I.C"(E(#/"(
5+-7%"(0"(N+'?"3("/(*6+%-(H+.7%>%7,(:#"(:#+/0(E(*#%(%*(3"(-,3"->"A
B2-3:#"(1+.("7(L+/0;(5"#>"/7("/)%/(36%32*"-(0+/3(*+(.+?%/"=(.C+.#/(3"'?*+/7(+57"(E(+33#'"-(32/(
5237"=(72#7(3"(0,-&D*"(:#+/0(1+-7%/%=(*"(-2%(0#(%(%'10%10=(:#%77"(N#37"'"/7(32/(5237"=(5*#3(%/7,-"33,(
5+-(*+(5+-7%"(0"(.+?%/"(:#"(5+-(*+(5+-7%"(0"(5I.C"(:#%(/6"/(,7+%7()%/+*"'"/7(:#"(*"(5-,7"$7"(2#(*"(
3#?37%7#7A(L6"37(+%/3%(:#"(0+/3(3+()2*%"=(1+-7%/%(-,>&*"(*"(>,-%7+?*"("/N"#(0"(*6,.C+55,"('+-%7%'"A
v#+/0(72#3(*62/7(%'%7,=('+33,3(0"--%&-"(*"3(C#?*273=("7(:#"(LC"3_%.O(*#%H'I'"(5"-0(5%"0=(1+.(
1#-5C; ( 32-7 ( 0" ( *+ ( .+?%/" ( 52#- ( 7"/7"- ( 0" ( -"'"77-" ( #/ ( 3"'?*+/7 ( 062-0-" ( 0+/3 ( ."77" ( N2;"#3"(
0,32-D+/%3+7%2/A(B+(5-"'%&-"(D-233"(5-%3"(3"('+/%)"37"(+*2-3A(LC"3_%.O(3"(>2%7(0%35#7"-(32/(5237"(+#(
D2#>"-/+%*(5+-(^+-0%/D=(."*#%(:#%(+%'"(3"(0-+5"-(0+/3(3+(0%D/%7,=(3"(5"/3"(3#5,-%"#-("7("37%'"(:#"(
7"**"("37(3+(5*+."A(1+%3(LC"3_%.O(:#%(+35%-"(0,32-'+%3(E(I7-"(#/(C,-23=(/"(3"-+%7H."(:#"(32#3(*"3(
7-+%73(0,-%32%-"3(06#/(a25";"=(-,3%37"("7(*"(?+7"+#(0">%"/7(%/D2#>"-/+?*"A(B+(.+',-+(3"('"7(E(7+/D#"-=(
'2#>"'"/7(3+%3%33+/7(*"('2#>"'"/7(0"3(C2''"3(06,:#%5+D"A
!+/3(*"(0"-/%"-(5*+/("/(5*2/D,"=(*"(?+7"+#(72#-/"("/(-2/0=(3"(-")"-'+/7(3#-(*#%H'I'"(+#(3"%/(0"(
*6%''"/3%7,(3+*,"=(+?3#-0"("'?+-.+7%2/(:#%(/6+(5#(3+%3%-(*+(*%D/"(06C2-%T2/=(/")(0"3()2#3(.2/0+'/,"(
E()+%-"(0#(3#-H5*+."(:#+/0(*+(*%?"-7,(362))-+%7(E("**"A(g/(5-"33"/7(+*2-3(:#"(*"(?+7"+#(-"/7-"-+(+#(52-7A
8Q F5=(FEN(5CNN(Y(F5=(F9N(F5NN(OC7NN'(6(<.%&+Q(V(.%(02*#-4(#*-#"/A4*
c7 ( %* ( ; ( -"/7-"= ( '+%3 ( 5*#3 ( .2''" ( /") ( 06%/3"/3,3 ( "/)"-',3 ( "/ ( "#$H'I'"3 ( F ( .6"37 ( #/ ( ,:#%5+D"(
06C2''"3()%"-3=(+-?2-+/7(*"3(52%332/3(5I.C,3(3;'?2*"3(0"(*"#-(.+5+.%7,(E(#/%-(*"#-3("))2-73(52#-(
5-20#%-"(#/(-,3#*7+7(.2**".7%)A(c7(:#"*(-,3#*7+7(‚(B"(',0".%/H.C")(*#%H'I'"=(:#%("$C%?"(3"3(7-25C,"3(
0"(5I.C"(3#-(32/(?#-"+#=(3#3.%7+/7(*"3(*2#+/D"3(0"(1.1#-5C;(*2-3(0"(32/("/7-"7%"/(06+0'%33%2/=(
3"'?*"(+0'%-+7%)A
d/"("**%53"(7"'52-"**"(/2#3(+()+%7('+/:#"-(."77"(0,3+*%,/+7%2/(5-2>%32%-"=("**"(-"37"-+(0+/3(*"3(5*%3(
3".-"73(0#()%*'=(3%D/"(:#"(52#-(."3(C2''"3(%*(/6;(+#-+(5+3(0"(5-2D-&3(0+/3(*+(*%?"-7,=(:#"(*6C2-%T2/(
"37(.*23("7(:#"(*"(3;37&'"(+3%*+%-"(3"(-")"-'"-+(3#-("#$A
L6"37(+#33%(#/"(."-7+%/"(.2/."57%2/(0"(*6C%372%-"(:#%(3"(02//"(E(>2%-(%.%(F()%/%"3(*"3(B#'%&-"3("7(*+(
'+-.C"(7-%2'5C+/7"(>"-3(*6,'+/.%5+7%2/=(*6C%372%-"("37()+%7"(0"(5-2D-&3('+%3(+#33%(0"(-,D-&3(H52#-(
5+-*"-(.2''"(c*%3,"(R".*#3H=("7(U-2'0"/=(*"(3"#*(-"3.+5,(0"(*+(7-+D,0%"=("37(*"(D-+/0(+?3"/7(0"(."77"(
5+-7%"(0"(5I.C"A
L"77"(3,:#"/."("/(5*#3%"#-3(3.&/"3=(."77"(5-"'%&-"(,.C+55,"(C2-3(0"(*6"/)"-'"'"/7(+3%*+%-"=(02//"(
.2-53(E(7-2%3(0%'"/3%2/3(0#()%*'(F
Vf B6%'5233%?*"(*%?"-7,
B2-3:#" ( 1.1#-5C; ( 5+->%"/7 ( E ( )-+/.C%- ( *"3 ( D-%**+D"3 ( "7 ( *"3 ( ?+-?"*,3 ( 0" ( *6+3%*" ( +>". ( *6+%0" ( 0"(
U-2'0"/=(#/"(5-"'%&-"(5233%?%*%7,(0"(*%?"-7,(+55+-+Q7(F(%*(+#-+%7(5#(36,>+0"-(3"#*(5#%3:#"('2/7,(0+/3(
*"(?#3(E(*6%/3#(0"(72#3A(1+%3(%*(36;(.+.C"("7(+77"/0(3"3(.2'5+-3"3A
!"('I'"=(*"(?+7"+#(32-7%(0#(52-7(+#-+%7(5#(5-"/0-"(*"(*+-D"(2#(+..237"-(0+/3(#/(.-%:#"(52#-(*%?,-"-(
3"3(2..#5+/73A(1+%3(*E("/.2-"=(*"(5%&D"(0"(*+()2*%"(3"(-")"-'"=(2#(5*#3("$+.7"'"/7(*"(5%&D"(0+/3(
*":#"*(*+()2*%"(3"(*+%33"("/)"-'"-A(M/7%.%5+/7(*+()%/(0#()%*'(2P(1+.=(32/D"#-("7(C,3%7+/7=(3"(7%"/7(
*2/D#"'"/7(0">+/7(*+()"/I7-"(2#>"-7"=(*+(3,:#"/."(0"(*+(5I.C"(02//"(E(>2%-(:#"(*"(3;37&'"(+3%*+%-"(
"$.&0"(*"3('#-3(2#(*"3(D-%**"3(0"(*6+3%*"=(:#6%*(+("/>+C%(*"('2/0"=(:#"(3"3(*%"/3(%/>%3%?*"3(2/7(3+%3%(*"3(
.2-53(.2''"(*"3("35-%73A
hf B6+*7-#%3'"(0"(1.1#-5C;
d/"(*".7#-"()+.%*"(0"(*+(5"-32//+*%7,(0"(1.1#-5C;(3"-+%7(06"/()+%-"(#/(%/.2--%D%?*"(,D2ƒ37"=(/"(
>%>+/7(:#"(52#-(3+7%3)+%-"(3"3(0,3%-3=(.C"-.C+/7(E(N2#"-("7(E(3"(N2#"-(0"3(%/37%7#7%2/3(52#-(3+(3"#*"(
D*2-%2*"A(1+%3(*"3(.C23"3(32/7(5*#3(.2'5*"$"3A(!"--%&-"(3"3(+77%7#0"3(?-+>+.C"3=(1+.("37("/(-,+*%7,(*"(
-,>,*+7"#-(0"(*+(5#%33+/."(0#(3;37&'"(06"/)"-'"'"/7A
Z6%*(/6,7+%7(:#6#/(%/0%>%0#+*%37"=(%*(02//"-+%7(-+%32/(E(R+7.C"0(:#%(/"(>2%7(:#"(0+/3(*+(02#."#-(0#(*%"/(
32.%+*("7(0+/3(*+(.2'5+33%2/(*+(.*,(0"(*+(D#,-%32/A(g-(*62-0-"("7(*+('2-+*"(5-,.2/%3,3(5+-(R+7.C"0(/"(
D,/&-"/7 ( +#.#/" ( 32.%+*%7,A ( B6C;52.-%3%" ( ; ( -&D/" ( "/ ( '+Q7-" ( "7 ( *+ ( )+#33" ( 32.%+*%7, ( %/>%7" ( E ( *+(
3#->"%**+/."("7(E(*+(0,*+7%2/A(B62-0-"(32.%+*(;("37(*+(/,D+7%2/(0"(*6%/0%>%0#+*%7,A
1.1#-5C;()%33#-"(."(>"-/%3(06#-?+/%7,("/(+))%-'+/7(C+#7("7()2-7(*+(5-,,'%/"/."(0#(0,3%-(3#-(*"(
-")2#*"'"/7(J("/(%/.+-/+/7(%/0%>%0#"**"'"/7(."77"(-,3%37+/."=(%*(02//"(#/"(.C+/."(E(3"3(.+'+-+0"3(
06%/)2-7#/" ( 0" ( -,3%37"- ( E ( *"#- ( 72#-A ( c7 ( .6"37 ( 32/ ( +*7-#%3'"= ( 32#3 ( *+ ( )2-'" ( 0" ( 3+ ( .2'5+33%2/(
H+#7C"/7%:#"(."**"H*EH(52#-(U%**;(:#%(*"(5"-0-+A
Xf B+(3"$#+*%7,=(*"(D-+/0(-")2#*,
B+(5-,3"/."(0"(L+/0;(02//"(E(*+(3,:#"/."(32/(3"/3(5-2)2/0(F(."(/6"37(5+3(7+/7(*6,>+3%2/(:#"(0,3%-"(
1.1#-5C;(:#"(*+(3+7%3)+.7%2/(0"(3"3(5#*3%2/3(3"$#"**"3A(B62-D+/%3+7%2/(0"(*+(5+-7%"(0"(5I.C"(/6+#-+(
,7,(:#6#/(5-,7"$7"(E({(7%-"-(#/(.2#5(|A(B"3('"'?-"3(0"(*+()2**"(,:#%5,"(:#%(3"'?*"/7(*"(0,.2#>-%-(
*62/7=(06#/"(."-7+%/"('+/%&-"(72#N2#-3(3#("7(*"(>2;"#-%3'"(0"(1+-7%/%(2#(*+(0-+D#"(7%'%0"(0"(U%**;(/"(
32/7(:#6#/"('+/%)"37+7%2/(0"(."(3+>2%-(/2/(.2/3.%"/7(0"(*#%H'I'"A
L+-(*+(3"$#+*%7,("37(*"(D-+/0(-")2#*,(0#(3;37&'"(+3%*+%-"("7=(3%(*62/(+0'"7(:#"(*6+3%*"(/6"37(:#6#/(
'%.-2.23'"(0"(*+(32.%,7,(72#7"("/7%&-"=(0#(3;37&'"(32.%+*(*#%H'I'"A
U%**;("/("37(*6#/(0"3(3;'57G'"3=(32/(0,5#."*+D"(2-D+/%3,(E(*+()%/(0#()%*'(-"5-,3"/7+/7(*6"))".7#+7%2/(
0"(."(:#%(36"/D+D"(*2-3(0"(."77"(5+-7%"(0"(5I.C"A
B6+3%*"=(72#7(.2''"(*"(*%"/(32.%+*(H4-"#0(*6+(3#))%3+''"/7('2/7-,H(3"(.2/37-#%7(3#-(*"(-")2#*"'"/7(
3"$#"* ("7(*+ (3#?*%'+7%2/(0"3 (5#*3%2/3 (>"-3 (0"3 (2?N"73 (32.%+*"'"/7(+.."57+?*"3A(c7 (3%(*"3(+*%,/,3(
."33"/7(06I7-"(0"3(C2''"3=(+332'',3(0"(',0%.+'"/73=(+33+D%3(5+-(*"3(,*".7-2.C2.3=(0%33#+0,3(0"(
72#7"()2-'"(06+))%-'+7%2/(0"(32%(5+-(*"3(0%3.2#-3('2-+#$(5-20%D#,3(5+-(R+7.C"0=(*+(1&-"(.+37-+7-%."=(
.6"37(06+?2-0(5+-(5-%>+7%2/(0"(*"#-3(+77-%?#73(3"$#"*3A(^+-0%/D("/("37(*+()%D#-"(3;'572'+7%:#"=(*#%(
02/7(*6C2'23"$#+*%7,(02%7(I7-"(>%D2#-"#3"'"/7(-".7%)%,"(5+-(R+7.C"0("/(>#"(06#/"(>%"(0"(.2#5*"(
{(/2-'+*"(|A
B+(*2?272'%"(:#%(D#"77"(*"3(%/32#'%3(/6"37H"**"(5+3()%/+*"'"/7(#/"(',7+5C2-"(0"(*+(.+37-+7%2/(•
B"(5+7"-/+*%3'"=(."(0"3527%3'"(02#$(.2''"(0%3+%"/7(<+/7("7(i2.:#">%**"=(3"(02#?*"(0+/3(+(,'"-.
/011-1'/2-%'%$/'/0'3(-3(-( 06#/({('+7"-/+*%3'"(|(,'+3.#*+7"#-(J(*"(52#>2%-(,7+7%:#"(7"/7+.#*+%-"(
36,7"/0(3#-(*"3("35-%73(.2''"(3#-(*"3(.2-53=(+#(52%/7(/20+*(0#(.2-53("7(0"(*6"35-%7=(E(3+>2%-(*"(3"$"A
.+($/#(0$.1(2$34($5&-6""*)$7()3$
"7(*+(';7C2*2D%"(0#(m"37"-/
((
((
5+-(Z*%&P>%#2*([2\2*#
1+Q7-"(0"(L2/),-"/."3=(d/%>"-3%7,(12/7"3:#%"#(U2-0"+#$HrA
a-,3%0"/7(0#(.%/,'+(l"+/Hc#37+.C"(ea"33+.fA
L2/>2:#"-(*+(';7C2*2D%"(0"(*+({(58(%9$08(|(52#-(-"/0-"(.2'57"(0"(.+($/#(0$.1(2$34($5&-6""*)$
7()3(/"(3%D/%)%"(5+-(52#-(+#7+/7(:#"(."()%*'()+33"(5+-7%"(0#(D"/-"(F(*"3(%/>+-%+/73(*"3(5*#3(>%3%?*"3(
)+%3+/7(727+*"'"/7(0,)+#7A(c/(-">+/.C"=(."77"(';7C2*2D%"(2))-"(#/"(D-%**"(0"(*".7#-"=(5+-'%(0j+#7-"3(
."-7"3=('+%3(727+*"'"/7(25,-+7%2//"**"(:#%('2/7-"(?%"/(:#"(*"3(-"5-,3"/7+7%2/3(5-25-"3(+#(_"37"-/(
>2/7(?%"/(+#H0"*E(0#(D"/-"(.*+%-"'"/7(%0"/7%)%,(5+-(*"3(35".7+7"#-3(0#('2/0"("/7%"-A(i27+*"'"/7(
25,-+7%2//"**"(,D+*"'"/7(52#-("$5*%:#"-(*"(3#..&3('2/0%+*(0#()%*'(0+/3(*+('"3#-"(2P(*"3(3.C,'+3(
/+--+7%)3(0#(_"37"-/(2/7(,7,(%/7,-%2-%3,3(5+-(72#3(*"3(35".7+7"#-3(D-b."(E(*+(0%))#3%2/(5*+/,7+%-"(0#(
.%/,'+(+',-%.+%/(5+-("$."**"/."A
L2''"(*+(5*#5+-7(0"3()%*'3(0j^2**;_220=(.+($/#(0$.1(2$34($5&-6""*)$7()3("37(*j+0+57+7%2/(0j#/(
-2'+/(%'52-7+/7(0"(*+()%/(0"3(+//,"3(VW@9(,.-%7(5+-(<"/(<"3";=(#/(+#7"#-(3"(-">"/0%:#+/7(.2''"(
+55+-7"/+/7 ( E ( *+ ( .2/7-"H.#*7#-"A ( Lj"37 ( 02/. ( "/ ( 72#7" ( *2D%:#" ( :#" ( *" ( )%*' ( 5"#7 ( I7-" ( .2/3%0,-,(
,D+*"'"/7(.2''"({(=%'"%9$019"[,$1:G0%9'A"8"[,0V(|(5+-(R2D"-(c?"-7=(#/()%/(+/+*;37"(0#(.%/,'+(
+',-%.+%/A(Z%(R2D"-(c?"-7(.2/3%0&-"(*"()%*'(.2''"(#/"(5+-+?2*"=(.j"37(:#"(*"()%*'=(72#7(.2''"(*"(
*%>-"=(5"#>"/7(I7-"(*#3(.2''"(#/"(%**#37-+7%2/(5+-7%.#*%&-"'"/7(7"--%?*"(0#(32-7(:#"(*+(.%>%*%3+7%2/(
.2/7"'52-+%/"(-,3"->"(+#$(0"-/%"-3(C2''"3(0"(*jg#"37A(v#"(<"/(<"3";=(.2/3%0,-,(+#$(s7+73Hd/%3(
.2''" ( #/ ( -+0%.+*= ( 72#7 ( .2''" ( 1%*23 ( 42-'+/h= ( %''%D-, ( -,."/7 ( "/ ( -#57#-" ( +>". ( *" ( 37+*%/%3'"(
-"37+#-,(0+/3(32/(5+;3=(-">%3%7"/7(*+(';7C2*2D%"(0"(*jg#"37(52#-(3j"$5-%'"-(0%7(?%"/(*+(5*+."(."/7-+*"(
:#j2..#5"(."77"(p0,9"%13:"--%&(+#$(s7+73Hd/%3A
B"()%*'(3j2#>-"("7(3"(.*G7(3#-(*"3(D-+/03("35+."3A(B+(3;',7-%"("37(-"/)2-.,"(0,*%?,-,'"/7A(B"3(0"#$(
3,:#"/."3(3"(0,-2#*"/7(E(*+()%/(0"(*+(/#%7(F(*"3(5-"'%&-"3(*#"#-3(0"(*j+#?"(.2''"/."/7(E(52%/0-"(
+>".(#/"(02'%/+/7"(?*"#"A(B"(7C&'"('#3%.+*(.2'523,(5+-(l+.O(S%7T3.C"("37(%0"/7%:#"(F(?+3,(3#-(*+(
',*20%" ( 0j#/" ( .C+/32/ (3(-%98@= ( {(F,0"10 ' O0,0"10 ' P0X(|= ( +--+/D," ( 52#- ( ,>2:#"- ( *"3(
]/0%"/3(e?+77"'"/73 ( 0" ( 7+'?2#-3= ( 32/3 ( 0" ( .-,."**"3~fA ( B" ( D,/,-%:#" ( 3" ( 0,-2#*" ( 3#- ( #/ ( 5*+/(
0j"/3"'?*" ( 3#- ( #/" ( D-+/0" ( 5*+%/" ( ?+--," ( "/ ( +--%&-"H5*+/ ( 5+- ( #/" ( .C+Q/" ( '2/7+D/"#3"(F ( *"3(
35".7+7"#-3(-".2//+%33"/7(E"'F8"$8$0rA(]*(3j+.C&>"(*2-3:#"(*"3(5C+-"3(0j#/"(+#72'2?%*"(0,.C%-"/7(*"(
-"37"(0j2?3.#-%7,("7(7-+>"-3"("/(0%+D2/+*"(*"(5*+/(0"(D+#.C"(E(0-2%7"(N#3:#jE(*"(:#%77"-A(B+('#3%:#"(
())(3j+--I7"A(
B+(5-"'%&-"(3,:#"/."()+%7(5,/,7-"-(*"(35".7+7"#-(0+/3(#/(CG5%7+*A(d/(7-+>"**%/D(3#-(*"3(5+7%"/73(
"/.2-"("/02-'%3(5"-'"7(0"(0,.2#>-%-(:#"*:#"3H#/3(0"3(5-27+D2/%37"3(0#()%*'(F(3;',7-%"(72#N2#-3=(."(
32/7(*"3('I'"3(:#%(3"-2/7(-,>"%**,3("/(3#-3+#7(*2-3(0"(*+(0"-/%&-"(3,:#"/."A(M--%>"(#/"()"''"(72#7(
0"(/2%-(>I7#"(:#%(7-+/.C"(+>".(*+(02'%/+/7"(?*+/.C"(:#%(.+-+.7,-%3"(*j%/37%7#7%2/(F(?*+/.(0"3('#-3=(
?*+/.(0"3(#/%)2-'"3(0"3(5"-32//"*3(32%D/+/73(.2''"(0"(."*#%(0"3(5+7%"/73A(Z2/(5+3("37(0,.%0,=(*"3(
5"-32//"*3(3j"))+."/7(3#-(32/(5+33+D"=(*+(3+*#"/7(+>".(-"35".7(e{(B((/'G(8%$%&*'P$11'O"93:0/'L(|f=(
"7("**"(*"#-(-"72#-/"(3%'5*"'"/7(*"#-(3+*#7(J("**"("37(?*+/.C"("7(*"3(5"-32//"*3(32/7(0"3(S2%-3=("**"(
2..#5"(*"(."/7-"(0#(.+0-"(F(.j"37(*j%/)%-'%&-"(.C")(‚(
!"#$(%/)%-'%"-3(*%?&-"/7(#/(5+7%"/7(0j#/"(."**#*"(2P(%*(,7+%7(+77+.C,(3#-(#/(*%7(F(%*(3j+D%7(0j#/(CG5%7+*(
53;.C%+7-%:#"A(1%33(R+7.C"0(eB2#%3"(4*"7.C"-f(+(-">I7#(32/(#/%)2-'"A(d/%)2-'"(%'5"..+?*"("7(?*+/.(
?%"/(3`-(F(3%(*"(?*+/.(.+-+.7,-%3"(?%"/(*j%/37%7#7%2/=(*"(/2%-(:#"(*j2/(G7"("/("/7-+/7(0">%"/7(*+('+-:#"(
0"(*j"$7,-%"#-A(M5-&3(+>2%-('%3("/('+-.C"(#/(,*".7-25C2/"=(*j%/)%-'%&-"(a%*?2_(+//2/."(+#('%.-2(F(
{(P0/$3"9$(%'9$G0M'P0/$3"9$(%'9$G0(|A(M#(32/(0j#/"(5"7%7"(>+*3"(+5+%3+/7"=(*"3(5+7%"/73(2?,%33"/7("7(
3" ( '"77"/7 ( "/ ( -+/D ( 52#- ( -".">2%- ( *+ ( 5-,.%"#3" ( 5%*#*" ( F ( 5"7%7 ( ?+**"7 ( :#% ( 5"-'"7 ( 0" ( 0,.2#>-%- ( *"3(
5-%/.%5+#$(5-27+D2/%37"3(0"(*+()%.7%2/A(;-9A(R+..2-0(0+/3(*"('2#>"'"/7=(*j+#72'2?%*"("/7-"(5+-(*+(
D+#.C" ( "7 ( 3j+--I7" ( 0">+/7 ( *j,7+?*%33"'"/7(F ( *" ( N2#- ( 3j"37 ( *">,= ( 0"#$ ( C2''"3 ( "/ ( #/%)2-'"(
+..2'5+D/"/7(#/(C2''"('"/277,("7(*"(-"'"77"/7(E(*j%/7,-%"#-(E(0"#$(%/)%-'%"-3("7(#/"(%/)%-'%&-"A(
BjC2''"(>I7#(0"(32'?-"(e[,-0'T0"%=(>"37"("/(.#%-(/2%-("7(?2//"7(0"(*+%/"(?*"#('+-%/"f=(R+/0*"(
a+7-%.O ( 1.1#-5C; ( el+.O ( S%.C2*32/kf= ( "37 ( "/.+0-, ( 5+- ( *"3 ( 0"#$ ( %/)%-'%"-3 ( "7 ( "/3"'?*"= ( %*3(
"'5-#/7"/7(*"('I'"(%7%/,-+%-"(:#"(1%33(R+7.C"0(N#3:#j+#(?#-"+#(0"3(%/)%-'%&-"3A(
1.1#-5C;(+(02/.(:#%77,(*"3(D-+/03("35+."3(2P({(%*(/j;(+(5+3(0j+3%*"(52#-(*"3()2#3(|=(.2''"(*"(
5-2.*+'"(*+(.C+/32/(0"(N(2(=,%4$N"4+)"+@=(52#-(-"N2%/0-"(5-,.%3,'"/7(#/(CG5%7+*(53;.C%+7-%:#"(F(
0j"'?*,"=(*+(0,'+-.C"(5+-+Q7(,7-+/D"=(>2%-"(3#%.%0+%-"(52#-(#/(601908%08~(1+%3(%*("37(*E(5+-."(:#j%*(
3%'#*"(*+()2*%"(52#-(,.C+55"-(+#(7-+>+%*()2-.,(0"(*+(5-%32/(2P(%*(+(,7,("/)"-',(52#-(+>2%-("#(0"3(
-"*+7%2/3(3"$#"**"3(+>".(#/"('%/"#-"(bD,"(0"(Vk(+/3(F({(>:0'6"1')$)900%'@0"81'(,/*'&($%&'(%'9:$89@.
)$70*'I(3*'"%/'1:0'9(,/'G0'1:0'6"1'0$&:900%*'1:0'6"1'708@'6$,,$%&*'W'A8"39$3",,@':"/'9('9"#0'9( '
106$%&'G@'A"%91'1:-9(|A(]*("37(02/.("/(-#57#-"(+>".(*+(*2%(5,/+*"(e>%2*(3#-('%/"#-"f("7(+>".(*+(*2%(
.2''#/"(F(%*(-")#3"(*+(-,0"'57%2/(5+-(*"(7-+>+%*(0+/3(#/"(32.%,7,(2P(*+(3,.#*+-%3+7%2/(0"3(>+*"#-3(
5-27"37+/7"3(.2/)&-"(+#(7-+>+%*(#/"(>"-7#(.+-0%/+*"A(
B"(/2%-(:#j%*(+-?2-"("7(32/(.2'52-7"'"/7(*"(0,3%D/"/7(.2''"(*j%/.+-/+7%2/(0"(*j"$7,-%"#-("7(.2''"(
#/(,*,'"/7(5"-7#-?+7"#-(:#%(>%"/7('"77-"("/(0+/D"-(*"(?"*(2-02//+/."'"/7(0"(*j%/37%7#7%2/A(Lj"37(#/(
-"?"**"=(#/(G$1)$9=(#/("35-%7(*%?-"A(]*("/(52-7"(72#7"3(*"3('+-:#"3(F(3+(0,'+-.C"=(3"3(5-2>2.+7%2/3=(32/(
/2/H-"35".7(0"(*j+#72-%7,A(B2-3(0j#/(5+-%(37#5%0"(+>".(3"3(.2'5+D/2/3=(%*(7"/7"(0j+--+.C"-(*"(?*2.(0"(
-2?%/"73(0+/3(*+(3+**"(0"(02#.C"3A(c/(>+%/(,>%0"''"/7A(1+%3('+*D-,(32/(,.C".=(%*(5"#7(I7-"()%"-(.+-(
{(H-9'W'98$0/*'/$/%?9'W'b'B(//"G%$9*'"9',0"19'W'/$/'9:"9M(|(Lj"37(?%"/(*+('+-:#"(0#(C,-23(:#%(-"*&>"(*"3(
0,)%3 ( "7 ( :#%= ( "/ ( .+3 ( 0j,.C".= ( /" ( 3+#-+%7 ( 3" ( *+%33"- ( +?+77-"A ( !" ( -"72#- ( 0" ( 3+ ( 5-"'%&-" ( 3,+/."(
0j,*".7-2.C2.3=(%*()"%/7(0jI7-"(7-&3(+))".7,(+>+/7(0"('2/7-"-(:#j%*(/j"/("37(-%"/=("7(:#j%*(/j+(-%"/(5"-0#(
0"(3+(3#5"-?"(F({(!:0@'6"1'&$7$%&'G0'90%'9:(-1"%/'6"991'"'/"@*'@(-'#%(6*'"%/'W?G':(9'9('98(9'L'!:0 '
%0_9'6(G"%'9"#01'G0'(%?1'&(%%"',$&:9'-A',$#0'"'A$%[",,'G"3:$%0'"%/'A"@'())'$%'1$,708'/(,,"81M(|
a+- ( 32/ ( .2'52-7"'"/7 ( %/.2/7-G*+?*"= ( 32/ ( %/32#'%33%2/ ( 2/72*2D%:#"= ( 1.1#-5C; ( '"/+."(
*j%/37%7#7%2/(727+*%7+%-"(:#%(/"(3#552-7"(5+3(3+(*%?"-7,(+--2D+/7"A(Z2/(+55,7%7(0"(>%"(3"('+/%)"37"(+>+/7(
72#7 ( E ( 7-+>"-3 ( *+ ( 3"$#+*%7, ( "7 ( *+ ( 5#%33+/." ( '2-7%)&-" ( 0" ( *j%/37%7#7%2/ ( 5+- ( 3+ ( /,D+7%2/ ( 2# ( 32/(
-")2#*"'"/7A(Bj2'?-"(0"(m%*C"'(R"%.C(5*+/"(3#-(*"(*%>-"(.2''"(3#-(*"()%*'(F(/2#3(32''"3(?%"/(E(
*+ ( )%/ ( 0"3 ( +//,"3 ( 32%$+/7" ( :#% ( 2/7 ( 5"-'%3 ( *+ ( -"0,.2#>"-7" ( 7"'52-+%-" ( 0" ( ." ( 53;.C+/+*;37"(
-,>2*#7%2//+%-"A
L2''"(0+/3(?"+#.2#5(0j%/37%7#7%2/3(0"(."(7;5"=(."(32/7(*"3(5"-32//"*3(3#?+*7"-/"3("7(/2/(*"3(.+0-"3(
:#%(32/7(+#(.2/7+.7(0"3(3#?2-02//,3(F(32#3H2))%.%"-3("7(3%'5*"3(32*0+73=(.2/7-"'+Q7-"3("7(2#>-%"-3=(
52-%2/3("7('%/"#-3("7=(E(*jCG5%7+*=(%/)%-'%"-3("7(5+7%"/73A(„(+#.#/('2'"/7=(1.1#-5C;(/"(3j25523"-+(
+#$ ( ',0".%/3 ( +>". ( *"3:#"*3 ( %* ( .C"-.C"= ( +# ( .2/7-+%-"= ( E ( "/7-"- ( "/ ( .2//%>"/."(F ( {(W?G ' :080 ' 9( '
3((A08"90'6$9:'@(-'"':-%/80/'A0830%9M'=':-%/80/'A0830%9(|=(0,.*+-"H7H%*(+#(',0".%/(.C")(E(32/(
+--%>,"A(c/(-">+/.C"=(%*(3"(C"#-7"(0j"'?*,"(+>".(>%2*"/."(E(*j%/)%-'%&-"(.C")("7("/()+%7('I'"(#/"(
+))+%-"(0jC2//"#-(F(+H7H%*(0,NE(3"/7%(:#j"**"(.2/37%7#+%7(#/"('"/+."(52#-(3+(>%-%*%7,(•(]*(3"(02//"(#/"(
3"'+%/"(52#-(*+()+%-"(.-+:#"-("7("/(5-"/0(*"(5+-%(+#5-&3(0"3('+*+0"3(F({(W%'(%0'600#*'W'3"%'A-9'"'[-& '
1(')"8'-A':08'"11*'1:0'/(%?9'#%(6'6:09:08'9('1:$9'(8'6$%/':08'68$196"93:M(|
!"()+%7=(1%33(R+7.C"0(5-"/0(#/(5*+%3%-(E(5"%/"(0%33%'#*,(E('+%/7"/%-(*j"/3"'?*"(0"(3"3(5+7%"/73(32#3(
32/(52#>2%-A(c**"(*"3(+55"**"(5+-(*"#-(5-,/2'("7(3"#*(1.1#-5C;(23"()+%-"(0"('I'"(+>".("**"A(c**"(
-"37"(."-7"3(:#+3%'"/7(%'5+33%?*"('+%3("**"(/"(5"#7(3j"'5I.C"-(0j"3:#%33"-(#/(32#-%-"(e#/(T22'(
+>+/7(*"(32#*%D/"f(*2-3:#j"**"(2?7%"/7(D+%/(0"(.+#3"(.2/7-"(3"3(5+7%"/73=("7(3#-72#7(.2/7-"(1.1#-5C;(
:#j"**"("/7"/0(?%"/(?-%3"-A(c**"(+#33%("/()+%7(#/"(+))+%-"(5"-32//"**"(F("**"(5*+%0"(52#-(32/('+%/7%"/(
0+/3(*j%/37%7#7%2/(:#+/0(*"3(53;.C%+7-"3(32/7(52#-(32/(-"72#-("/(5-%32/("7("**"(2?7%"/7(D+%/(0"(.+#3"A(
Lj"37(:#j"**"(/"(3#552-7"(5+3(32/(%/32#'%33%2/("7(0,7"37"(72#7(."(:#%(5"-7#-?"({((-8'/"$,@'8(-9$%0(|A(
c/)%/=("**"('+%/7%"/7(U%**;(U%??%7(eU-+0(!2#-%)(0+/3(32/(5-"'%"-(-G*"(%'52-7+/7 8f(0+/3(#/"(-"*+7%2/(
%/)+/7%*"(+#(/2'(0"(*+(>%"%**"(+'%7%,(:#%(*+(*%"(E(3+('&-"A(U-")=(1%33(R+7.C"0(%/.+-/"(5+-)+%7"'"/7=(*+(
'&-"(.+37-+7-%."=(*+(0+'"(+#(72'+C+_OY(:#%("/(>"#7(E(*+(>%-%*%7,(0"3(C2''"3A(
„ ( *j%/7,-%"#- ( 0" ( *jCG5%7+*= ( 1.1#-5C; ( >+ ( >%7" ( 3" ( 7-2#>"- ( #/ ( +**%, ( +>". ( :#% ( %* ( >+ ( /2#"- ( #/ ( *%"/(
0j+'%7%,A(d/(]/0%"/(E(*+(37+7#-"(0"(.2*233"=(LC%")(U-2'0"/(em%**(Z+'532/f=({("'/0")'/-G['W%/$"% '
6:('3"%?9'1"@'"'6(8/M(|(c/()+%7=(#/(]/0%"/(:#%(3j"37(-,)#D%,(0+/3(*j+5C+3%"(52#-(/"(5*#3(+>2%-(E(
.2''#/%:#"-(+>".(*"('2/0"(%/3"/3,(0"3(U*+/.3W(:#%(+(?-%3,(32/(5&-"=(#/(C2''"(*%?-"(*"(-,0#%3+/7(E(
*j,7+7(0j,5+>"(F({(P@'A(A'6"1'80",'[$&M'N0'/$/',$#0':0'A,0"10/M'!:"9?1'6:@'0708@[(/@'6(8#0/'(% '
:$GM(|(Bj+'%7%,(-,7+?*%7(*"(*%"/("7(LC%")(U-2'0"/(5"#7(,.C+/D"-(E(/2#>"+#(+>".(#/(+*7"-("D2(F(%*(
-,%/7&D-"(*+(.2''#/+#7,(C#'+%/"A(c/3"'?*"=(%*3(>2/7(52#>2%-(-,3%37"-("7(*+(5-"'%&-"(0"3(-,3%37+/."3(
"37(0j"/7-"7"/%-(*j"352%-(0"(*j,>+3%2/A
1.1#-5C;(F(p:"9'"80'60'/($%&'$%':080*';:$0)'b'N-:'b'p:"9?1'-1'96('&-@1'/($%&'$%'9:$1')-3#$%& '
A,"30'b'E09?1'&09'(-9'()':080M'4-9M
LC%")(U-2'0"/(F(;"%"/"'b
B2-3:#" ( *+ ( 4-2/7%&-" ( /j"37 ( 5*#3= ( *" ( L+/+0+ ( 5"#7 ( +55+-+Q7-" ( .2''" ( *" ( 0"-/%"- ( C2-%T2/ ( 5233%?*"A(
1"77+/7()%/(E(32/(+5C+3%"=(*#%(-"02//+/7(*+(5+-2*"("7(*+()2-."(0j+D%-=(*j+'%7%,(:#"(*#%(52-7"(1.1#-5C;(
D#,-%7(LC%")(U-2'?"/A(
Bj+'%7%,(0#(U*+/.("7(0"(*j]/0%"/(0+/3(*"3(D-+/03(?2%3V9( "37(#/(+#7-"(D-+/0(';7C"(0"(*+(4-2/7%&-"A(
{(=- ' 3(GG0%30G0%9 ' K9"$9 ' 50%$G(80 ' ;((A08(| ( ,.-%7 ( t"2-D"3HM*?"-7 ( M37-"VV( 52#- ( 32#*%D/"-(
*j%'52-7+/." ( 0# ( .;.*" ( 0" ( U+3H0"HL#%- ( 0+/3 ( *jC%372%-" ( 0" ( *+ ( *%77,-+7#-" ( /2-0H+',-%.+%/"A(
d/%>"-3"**"'"/7(.2//#=(."(.;.*"(-+.2/7"(*+(-"/.2/7-"("/7-"(S+77;(U#'552("7(*j]/0%"/(LC%/D+.CD22O(
:#%("/D"/0-"(#/(+'2#-()-+7"-/"*("7(5#-=(E(*j%'+D"(0"(*+(>%-D%/%7,(.#*7#-"**"(0"3(D-+/03(?2%3A(B+(3+D+(
3j+.C&>"(5+-(*+('2-7(0#(!"-/%"-(0"3(12C%.+/3A(c**"(,7+%7(%/,*#.7+?*"A(^"#-"#3"'"/7=(S+77;(C,-%7"(
0"3(>"-7#3(0#(7"%$1:$%&'=G08$3"%(02/7(%*(>+(+33#-"-(*+(5,-"//%7,A(g/(5"#7(0%-"(+>".(!A^A(B+_-"/."(
:#"(0"5#%3(*j]/0%"/(C+/7"(*%77,-+*"'"/7(*+(.2/3.%"/."(+',-%.+%/"(F(%*("37(/27+''"/7(5-,3"/7(0+/3(#/(
7-&3(D-+/0(/2'?-"(0"(-2'+/3(.2/7"'52-+%/3A(
{(<(9'9:"9'9:0'O0/'W%/$"%'6$,,'0708'A(11011'9:0'[8("/',"%/1'()'=G08$3"M'=9',0"19'W'A801-G0'%(9M'H-9 '
Vh
:$1'&:(19'6$,, M(|(
U%"/ ( 3`-= ( *+ ( )"''" ( -+77-+5"-+ ( *" ( U*+/. ( "/ ( )#%7"A ( d/ ( 72'+C+_O ( E ( *+ ( '+%/ ( 3% ( /,."33+%-"= ( "**"(
02'"37%:#"-+(32/('+-%A(c**"(*#%(+--+.C"-+(*+(5%5"(0"(*+(?2#.C"("7(/"(3#552-7"-+(5*#3(*"()"#(:#"(52#-(
)+%-" ( ?2#%**%- ( *"3 ( '+-'%7"3A ( 4%/%"3 ( *+ ( .2/7"'5*+7%2/= ( *j+'%7%, ( *#0%:#" ( "7 ( *+ ( 5+-"33" ( 0,*,7&-" ( ‚(
BjC2''"(?*+/.(02%7(0">"/%-(#/(5+-)+%7(5-20#.7"#-H5#-%7+%/=(*+('2-+*"(*j"$%D"A
{(W,'@'"'/(%3'/0-_'7081$(%1'/-'AK3:K'(8$&$%0,'`',?-%0':K8$9K0'/-'7$0-_'G(%/0*'(]',?:(GG0'09'," '
)0GG0'7$70%9'0%'A"$_'/"%1',0'F"8"/$1'908801980'T-1D-?"-'T(-8'(]'1-87$0%9',0'108A0%9'09',?"-980*'%K0 '
/"%1',0'%(-70"-'G(%/0*'(]',?:(GG0'09',0'108A0%9'7$70%9'/"%1',"'A"$_'09',?"G$9$K'T-1D-?"-'T(-8'(]'," '
)0GG0'0%980'0%'13^%0VXM(|(
c7("))".7%>"'"/7=(1%33(R+7.C"0(-"37+#-"(*"(-"35".7(0"(*+(B2%A(M5-&3(#/"(/#%7(0"(*%?"-7,(2-D+/%3,"(5+-(
1.1#-5C;(+>".(+*.22*("7(N"#/"3()"''"3(e{(9:0'",,.%$&:9'(8&@(|(52#-(R2D"-(c?"-7(0+/3(3+(/2#>"**"(
*".7#-"(0#()%*'Vrf=(%*("37(7"'53(0"(3j"/)#%-A(Lj"37(*"('2'"/7(0"3(+0%"#$A(1+%3(U%**;("$5-%'"(*"(0,3%-(
0"({(.2//+Q7-"(|('%"#$(*+(N"#/"()"''"(+>".(:#%(%*(+(0+/3,A(1.1#-5C;()+%7("/(32-7"(:#"(*"(>…#(0"(
U%**;(3"(-,+*%3"('+%3=(."()+%3+/7=(-"/2/."(E(3j"/)#%-A(]*(."33"(.2/.-&7"'"/7(0"(/j+D%-(:#"(52#-(*#%H
'I'" ( "7 ( -,52/0 ( E ( *j"$%D"/." ( 0# ( *%"/ ( 32.%+* ( 7%33, ( +>". ( *"3 ( +#7-"3 ( 5+7%"/73A ( c/ ( 0,.2#>-+/7(
*j%'52-7+/."(0"(*+(5-,),-+?%*%7,(0j+#7-#%(e{(-%0')($1',?K&('/K3(%&019$(%%K*'-%'8"AA(89'78"$'A0-9'0%)$% '
1?K9"[,$8(|=(n*+0%'%-(l+/O,*,>%7.CVkf("7("/(+**+/7(N#3:#jE(*#%(3+.-%)%"-(3+(5-25-"(*%?"-7,=(1.1#-5C;(
-,%/7&D-"(*+(.2''#/+#7,(0"3(C#'+%/3A(1I'"(0+/3(."(*%"#(%'5-2?+?*"=(*j+'%7%,("/7-"(*"(U*+/.("7(
*j]/0%"/(*"#-(+#-+(5"-'%3(E(72#3(*"3(0"#$(0"(0">"/%-(C#'+%/~(d/(*2/D(D-23(5*+/(3#-(1.1#-5C;=(E(
*+()2%3(32/D"#-("7(+'#3,(e3"(-%7H%*(0"(*#%H'I'"(•(+.."57"H7H%*(3+(0,)+%7"(•f=(.*G7(*+(3,:#"/."A(
;-9A(B"(N2#-(3j"37(*">,("7(*"3(%/)%-'%"-3(.2''"(*"3(35".7+7"#-3(0,.2#>-"/7(*j+'5*"#-(0#(0,3+37-"(
+>+/7(*j+--%>,"(0"(1%33(R+7.C"0A(U%**;(+("/)%/(5#(>+%/.-"(3"3(%/C%?%7%2/3A(M5-&3(+>2%-(-,.#5,-,(3+(
.2%))" ( 32#%**,"= ( "**" ( *" ( 0,.2#>-" ( 0+/3 ( *+ ( .C+'?-" ( "/ ( D+*+/7" ( .2'5+D/%"A ( c>%0"''"/7= ( ."77"(
+#72/2'%"(+.:#%3"(0+/3(*"3(?-+3(0j#/"(+'%"(0"(1.1#-5C;("37(%/3#552-7+?*"(52#-(1%33(R+7.C"0A(
c**"(3"(.2/)-2/7"(E(U%**;(0">+/7(72#7(*"('2/0"(F
S#-3"(R+7.C"0(F(=80%?9'@(-'"1:"G0/'b(
U%**;(F(<(*'W?G'%(9M(
a2#-(*+(5-"'%&-"()2%3=(U%**;(23"(*+(0,)%"-A(]*(/"(?,D+%"(5*#3("7(3"3(.2'5+D/2/3(*j+55*+#0%33"/7A(1+%3(
1%33(R+7.C"0(-"5-"/0(>%7"(32/(+3."/0+/7("/(,>2:#+/7(*+('&-"(0"(U%**;=({(1"'7$0$,,0'"G$0(|(F
S#-3"(R+7.C"0(F(y(-'#%(6'H$,,@*'6:"9'6(88$01'G0'$1':(6'@(-8'G(9:08'$1'&($%&'9('9"#0'9:$1M
U%**;(F(cG*'-G*'60,,*'@.@.@.@(-'/./././(%?9':"70'9('9.9.9.90,,':08*'P$11'O"93:0/M
S#-3"(R+7.C"0(F(W'/(%?9':"70'9('90,,':08'b'y(-8'G(9:08'"%/'W'"80'(,/')8$0%/1M'y(-'#%(6'9:"9M
U%**;(F(F.A.A.A,0"10'/././(%?9'90,,'G@'G.G.G.G(9:08M
i2#7(3j+..,*&-"A(U%**;(3"(3#%.%0"A(!">+/7(*+(D-%**"(:#j%*(>%"/7(E(/2#>"+#(0j2#>-%-("7(+*2-3(:#"(3"3(
+'%"3(*j+77"/0"/7(E(*j"$7,-%"#-=(1.1#-5C;(-"/2/."(E(/2#>"+#(E(3j"/)#%-A(]*(/j"37(5*#3(32#3(*j"'5-%3"(
0"(*j+*.22*(/%()+7%D#,(5+-(*+()I7"A(B2-3:#j%*(0,.2#>-"(U%**;(0+/3(32/(3+/D=(%*(3+#7"(E(*+(D2-D"(0"(
*j%/)%-'%&-"("7(7"/7"(0"(*j,7-+/D*"-A(M>+/7(0jI7-"(5+->"/#(E(3"3()%/3=(%*("37(/"#7-+*%3,A(
d/"(.2#-7"(3,:#"/."(3#-(*jCG5%7+* (2P(72#7("37 (-"/7-,(0+/3(*j2-0-"(F(1%33(R+7.C"0(:#%(52-7"(#/"(
'%/"->"(+(-"D+D/,(32/(5237"("7(*"3(5+7%"/73(,>2:#"/7(*j,>+3%2/(0"(1.1#-5C;(72#7("/(N2#+/7(+#$(
.+-7"3A(1+-7%/%(D+D/"('+%3(.j"37(,>%0"''"/7(1%33(R+7.C"0(*j#/%:#"("7(>,-%7+?*"(>+%/:#"#-(0"(*+(
5+-7%"(:#%(>%"/7(0"(3"(N2#"-A(
a#%3 ( .j"37 ( *+ ( 0"-/%&-" ( 3,:#"/." ( :#% ( -,52/0 ( E ( ."**" ( 0" ( *j"$523%7%2/A ( B+ ( /#%7 ( 3j+.C&>" ( J ( *j+#?"(
3j+//2/."A ( t-23 ( 5*+/ ( 3#- ( LC%") ( U-2'0"/A ( B" ( 3%*"/." ( -&D/" ( :#+/0 ( :#"*:#"3 ( ?-#%73 ( +77%-"/7 ( 32/(
+77"/7%2/A ( !"#$ ( %/)%-'%"-3 ( ?*+/.3 ( e%*3 ( /j+55+-7%"//"/7 ( 02/. ( 5+3 ( E ( *j,7+D"f ( -+..2'5+D/"/7 ( "7(
.2#.C"/7(1.1#-5C;(:#%(52#-(*+(5-"'%&-"()2%3(+(-">I7#(*j#/%)2-'"A(LC%")(U-2'0"/(3"(*%?&-"=(5+33"(
3+(.C"'%3"("7(-"N2%/7(32/(+'%A(
LC%")(U-2'0"/(F (P"3v '9:0@'1"$/'@(-'013"A0/M 'W'#%06'@(- '6(-,/%?9 ',0"70'6$9:(-9'G0M'W'6"1 '
6"$9$%&')(8'@(-M'<(6'60'3"%'G"#0'$9*'P"3'l'W')00,'[$&'"1'"'/"G%'G(-%9"$%M
Z2/(+'%(/"(-,+D%7(5+3A(v#+/0(%*(0,.2#>-"(*"3(.%.+7-%."3(*+%33,"3(5+-(*+(*2?272'%"=(%*(*"(5-"/0(0+/3(3"3 (
?-+3(F
LC%")(U-2'0"/(F (W?G'%(9'&($%?'6$9:(-9'@(-*'P"3M'W'6(-,/%?9',0"70'@(-'9:$1'6"@v'y(-?80'3(G$%& '
6$9:'G0M
]*(*"(-".2#.C"(J(*+('#3%:#"(0"(*j"$523%7%2/(-"5-"/0A(a+-(#/"(0"-/%&-"(,7-"%/7"('2-7"**"=(*j]/0%"/(
*%?&-"(*jb'"(0"(32/(+'%(?*+/.A(]*(3"(0%-%D"(>"-3(*+(3+**"(0"3(02#.C"3(52#-(+--+.C"-(*"(?*2.(0"(-2?%/"73(
"7(+..2'5*%-(+%/3%(*"(0,)%(5-2>2.+7"#-(0"(1.1#-5C;A(B+('#3%:#"('2/7"("/(%/7"/3%7,(5"/0+/7(:#j%*(
5-"/0(32/(,*+/A(]*(#7%*%3"(*"(?*2.(52#-(0,)2/."-(*"3(D-%**"3A(B"3(+#7-"3(5+7%"/73(32/7(-,>"%**,3("7(i+?"-(
eLC-%3725C"-(B*2;0f(.-%"( 3+(N2%"A( LC%")( U-2'0"/( 3j"/)#%7 ( "7 (3j,>+/2#%7(0+/3 ( *" ( *2%/7+%/A(]*( 5+-7(
-"N2%/0-"(32/(+'%(0+/3(*+(*%?"-7,(0j#/"(5-+%-%"()+/7+3'+7%:#"(0j2P(,7+%7(%33#(1.1#-5C;(0+/3(*+(
3,:#"/."(0j"$523%7%2/A(]/>"-3%2/(0#(';7C"(.*+33%:#"(F(*j+'%7%,(0#(U*+/.("7(0"(*j]/0%"/(3j"37(+.C">,"(
5+-(*+('2-7(0#(5-"'%"-("7(*"(3".2/0(+(-,.#5,-,(*"3(>"-7#3(7-+/3'%3"3(5+- (!:0'+"%$1:$%&'=G08$3"%'
02/7(*jC2''"(0"(*jg#"37(3j,7+%7()+%7(*"(0,523%7+%-"A(l#37"(-"72#-(0"3(.C23"3~
Z*%&P>%#2*([2\2*#
V(
;:$3"&('>-%.!$G01=(V"-(N+/>%"-(VW8kA
h(
B+()2-."(06^2**;_220(+(72#N2#-3(,7,(06%/7,D-"-(*"3(-,+*%3+7"#-3(,7-+/D"-3("/(*"#-()+%3+/7(-,+*%3"-(0"3(
)%.7%2/3(+',-%.+%/"3A(1%*23(42-'+/(/6"37(5+3(*"(5-"'%"-(,7-+/D"-(E(72#-/"-(#/(-,.%7(-"5-"/+/7(*"3(
';7C"3(0"(*6g#"37A(B"(5*#3(+'#3+/7("37(3`-"'"/7(M/D(B""(:#%=(+>".(H8(#0["3#'P(-9"$%(eh99kf=(+(
-,+*%3,(#/"(?"**"(>+-%+7%2/(3#-(*"(';7C"(_"37"-/%"/(72#7("/(0,/%+/7(2))%.%"**"'"/7(E(32/()%*'(72#7(
-+552-7(+>".(*"(D"/-"A
X(
LC+/32/(0"(-#57#-"(.C+/7,"("/7-"(?"+#.2#5(06+#7-"3(5+-(c00;(M-/2*0=(l%'(R"">"3=(i2'(l2/"3=(
c*>%3(a-"3*";~
r(
c/()-+/[+%3(0+/3(*"(7"$7"(+',-%.+%/=(E"'F8"$8$0(.2--"352/0(E(*6&-"(D,2D-+5C%:#"(0"3(D-+/0"3(5*+%/"3(
'+%3(.6"37(3#-72#7(*6"35+."(';7C2*2D%:#"(2P(3"(0,-2#*"(*+(3+D+(0"(*+(.2/:#I7"(0"(*6g#"37A(L)A(l+.:#"3(
L+?"+#=(E"'F8"$8$0'F08/-0M'N$19($80'/-'O(G"%'=GK8$3"$%=(a+-%3=(B"(Z"#%*=(.2**A({(a%"--"3(n%>"3(|=(
VW@@A
k(
B"(.C2%$(0"(S%.C2*32/(36%'523"(5-"3:#"(06,>%0"/."(+#N2#-06C#%(F(3"3(-G*"3(','2-+?*"3(0"(-"?"**"(
0+/3(\"1@'O$/08(e!"//%3(^255"-=(VW@Wf(2#(5$70'\"1@'F$0301(eU2?(R+)"*32/=(VW89f=(3+(-,5#7+7%2/(0"(
["/'[(@=(32/(+'%7%,(+>".(R2'+/(a2*+/3O%(:#6%*(+(72#N2#-3(32#7"/#(+5-&3(*6+33+33%/+7(0"(ZC+-2/(i+7"(
.2''"(+5-&3(32/(%/.#*5+7%2/(52#-(>%2*(e.6"37(.C"T(*#%(+#(.2#-3(06#/"(5+-7;(:#"(3"(32/7(0,-2#*,3(*"3(
)+%73f=("7.A
@(
c**"(5-,.%3"(:#"(0+/3(*"3('2/7+D/"3(0"(*jg#"37=(%*(/j;(+({(A"1'/0'A8$1(%'A(-8',01':(GG01*'A"1 '
/2"1$,0'A(-8',01')(-1'09'A"1'/0'3-8K1'A(-8',01'kG01(|A(N(2(=,%4$N"4+)"+=(Z;0/";(a2**+.O=(VW8hA
8(
B+(:#+*%7,(0#(.+37%/D("37(+77"37,"(5+-(."3(3".2/03(-G*"3(:#"(*"3(35".7+7"#-3(-"'+-:#"/7(52#-(*+(
5-"'%&-"()2%3(e'I'"(3%(."(/6"37(5+3(*"#-(5-"'%"-()%*'f(F(!+//;(!"n%72(2#(LC-%3725C"-(B*2;0(+#$(
.G7,3(0"(U-+0(!2#-%)A
Y(
B+ ( 0+'" ( +# ( 72'+C+_O ( "37 ( *+ ( 0"#$%&'" ( '&-" ( ';7C%:#" ( 0"3 ( +',-%.+%/3 ( J ( *+ ( 5-"'%&-" ( ,7+/7(
a2.+C2/7+3=(*+(a-%/."33"(%/0%"//"A(d/(,5%320"(0"(*+(.2/:#I7"(0"(*jg#"37(+(3"->%(0"(?+3"(C%372-%:#"(
+#(';7C"(F(*"3(]/0%"/3(+--%>"/7(0">+/7(#/"()"-'"(%32*,"(2P(>%7(iC2'+3(!#372/("7(3+()+'%**"(e^+//+C(
"7(*"#-3(C#%7("/)+/73fA(n2;+/7(3#-D%-(*"3(]/0%"/3=(iC2'+3(C,3%7"("7(3"(-,32#7(e-+5%0"'"/7f(E(36"/)#%-(
+>".(3"3(3"57(5-"'%"-3("/)+/73(J(%*(+?+/02//"(3+()"''"(+>".(*"#-(0"-/%"-(/,(E(5"%/"(bD,(06#/"(
3"'+%/"A ( !+'" ( !#372/ ( -"37" ( 3"#*" ( +>". ( 32/ ( "/)+/7 ( "7 ( *+ ( /2#--%." ( 0# ( 5"7%7A ( B"3 ( ]/0%"/3 ( /"(
36"/.2'?-"/7(5+3(0#(/2#>"+#H/,(J(%*3(*#%()-+.+33"/7(*"(.-b/"(.2/7-"(#/(52''%"-(e5+3(/6%'52-7"(:#"*(
+-?-"(F(#/(52''%"-=(*6+-?-"(06M>+*2/A(B"(';7C"(-,52/0(+#(';7C"A(B"3(52''%"-3("$%37"/7(?%"/("/(
M',-%:#"=('+%3(*"3(3+#>+D"3(*"3(#7%*%3"/7(52#-(?-%3"-(*+(7I7"(0"(*"#-3(%//2."/7"3(>%.7%'"3A(L-,+7#-"3(
0#(0%+?*"(‚(]/0`'"/7(%/7-20#%7"3(0+/3(."7(c0"/=("**"3(02%>"/7("/(I7-"(.C+33,"3fA(a#%3=(%*3("''&/"/7(
"/(.+57%>%7,(*"3(0"#$()"''"3("7(*"#-()2/7(3#?%-=(+#(>%**+D"(%/0%"/=(72#7"3(32-7"3(0"(3,>%."3(F("**"3(32/7(
)2#"77,"3=(0,/#0,"3=(.2/7-+%/7"3 (E(.2#-%-(E(:#+7-"(5+77"3=("7.A(B+(/#%7 (>"/#"=(-,32*#" (E(3j"/)#%-=(
^+//+C(/"(>"#7(5+3(5+-7%-(3+/3(0,02''+D"'"/7=(3+/3(3"(>"/D"-A(g-(*"(D2#>"-/"#-(0"(3+(D-+.%"#3"(
'+N"37,(2))-"(#/"(5-%'"(0"(0"#$(*%>-"3(52#-(.C+:#"(3.+*5(06]/0%"/A(a-2)%7+/7(0#(32''"%*(0"(3"3(
D"G*%"-3= ( "**" ( *"3 ( 7#" ( E ( *6+%0" ( 06#/ ( 72'+C+_O ( "7 ( 36"'5+-" ( 0" ( *"#-3 ( 3.+*53A ( 1#/%" ( 0" ( *+ ( 5-"#>"(
'2//+;+?*"(0"(32/(.2#-+D"=("**"(-">%"/7(E(*+(.%>%*%3+7%2/(2P(2/(*6+..#"%**"(.2''"(#/"(-"33#3.%7,"A
W(
]/7"-7"$7#+*%7,(F(0+/3 (O&CC%#"$O,##$%+'$34($P+',%+)( eH-))",('H$,,'09',01'W%/$0%1=(R2?"-7(M*7'+/=(
VW8kf=(.j"37(Z%77%/D(U#**(*#%H'I'"(:#%(+(0,.%0,(0"(/"(5*#3(5+-*"-A(M*2-3(:#j%*(/"(5-2/2/."(N+'+%3(#/(
'27=(#/(%/7"-5-&7"(3"(7%"/7(E(3"3(.G7,3("7(3j+0-"33"(+#$(U*+/.3A(]*("37(%/7"-5-,7,(5+-(m%**(Z+'532/A
V9(
]*(+(5-%3(/+%33+/."(e5-,H7"$7"f(0+/3(*"(-,.%7(0"3(+>"/7#-"3(06M*"$+/0"-(^"/-;=(#/(7-+55"#-(:#%(0+/3(
3"3(>%"#$(N2#-3(-+.2/7+(3+(>%"(0+/3(*+()2-I7("/7-"(V8@9("7(V88@=(>%"('+-:#,"(5+-(32/(+'%7%,(+>".(
*6]/0%"/(m+_+7+/A(!"()2-7(/2'?-"#3"3()2%3=(%*(/"(0#7(*+(>%"(3+#>"(:#6E(*6%/7"->"/7%2/(+>%3,"(0"(32/(
+'%("7(0"3(]/0%"/3(:#%(.2//+%33+%"/7(?%"/(*"3('%**"(0+/D"-3(0"(*+(.2/7-,"A(i-2%3(+//,"3(0#-+/7=(%*()#7(
'I'"(-"7"/#("/(.+57%>%7,A(4+3.%/,(5+-(*"#-('20"(0"(>%"=(%*(/62#?*%"(N+'+%3(:#"(3+(>%"(5"#7(I7-"("/(
0+/D"- ( 3#-72#7 ( *2-3:#" ( *"3 ( ]/0%"/3 ( 3" ( *%>-"/7 ( E ( *+ ( ?2%332/A ( c/ ( -">+/.C" ( +#72#- ( 0# ( )"#= ( *2-3:#"(
m+_+7+/(32-7(*"(.+*#'"7=(+*2-3(%*(3"(3"/7(5*"%/"'"/7("/(3,.#-%7,A(B625523%7%2/(.%>%*%3+7%2/x%//2."/."(
36"$5-%'"(5+-(."**"(0"(*6+*.22*x7+?+.A(B6+*.22*(0,7-#%7(*"3(]/0%"/3("7(3,5+-"(*"3(0"#$(-+."3A(B"(7+?+.=(
+#(.2/7-+%-"=(-+55-2.C"("7(#/%)%"(J(',*+/D,(E(06+#7-"3(C"-?"3('+D%:#"3=(%*(5"-'"7(*"(-I>"(3%(%'52-7+/7(
0+/3 ( *+ ( .-2;+/." ( %/0%"//"A (M( *6+%0" ( 0" ( *+ ( 5%5"= (m+_+7+/ ( "7 ( ^"/-; ( .2''#/%"/7 ( 0+/3 ( *+ ( 'I'"(
:#%,7#0"A(M5-&3(*+(5%5"=(*"3(+'%3(52#--2/7(.2#-%-("/(*%?"-7,(0+/3(*"3(D-+/03(?2%3=(%*3(%-2/7(E(*+(.C+33"(
"/3"'?*"("7()"-2/7(?"+#.2#5(0"(D-+/0"3("7(?"**"3()I7"3~(^"/-;(+(?%"/(-"7-2#>,(*"(5+-+0%3(5"-0#=(
'+%3(0+/3(."7(c0"/=(!%"#("37(+?3"/7(.+-(%*(/"(5"#7(36+D%-(:#"(06#/(c0"/(5+ƒ"/A
VV(
c%$7081'/-'p01908%=(a+-%3=(Z"DC"-3=(VW8X=(5A(@rA
Vh (
!A^A(B+_-"/."=({(4"/%'2-"(L225"-j3(mC%7"(S2>"*3(|=(%/(>9-/$01'$%'3,"11$3'=G08$3"%',$908"9-80=(
!+**+3=(a"/D#%/(U22O3=(VW8Y=(5A(r9A
VX(
B"3*%"(4%"0*"-=(E0'O09(-8'/-'A0"-.8(-&0=(a+-%3=(*"(Z"#%*=(VW8V=(5A(V9kA
Vr(
;:$3"&('>-%.!$G01=(h(),>-%"-(h99XA
Vk(
!8"$9K'/01'7089-1=(72'"(](F({(B"(3,-%"#$(0"(*j%/7"/7%2/(|=(a+-%3=(U2-0+3x12#72/=(VW@Y=(5A(VrA

Documents pareils

diagrams æ plans and illustrations diagrammes æ

diagrams æ plans and illustrations diagrammes æ J_Xccc\Xm\k_\:fdg\k`k`fe :fekifc8i\X]fik_\i\dX`e[\i f]k_\dXkZ_

Plus en détail

pour télécharger - François

pour télécharger - François ;$ ),'+,$%5 l$""#.*, 8;'0), O '#<.#((,% ,+ O '#("%,<9%,d )L0(;7,d ";%,..,$.,(,<+ '#<.#((*,d&<#$.&;88;0/)0%;0+d&)O&#s&)L*'%0+&,<'#$%;7,%;0+&90.+;<',d&,88#%+&,+&%*8),-0#<5 T; +,'1<#"1#/0, Plus en détail

LEttER FROm ThE ChAIR - French | New York University

LEttER FROm ThE ChAIR - French | New York University $",#%&002'0("'/#$'#?CDW/#E2+9(.#Y("'(.;#K0&"-#'5(#52-51 +2-5'/#5(+,#$'#\$#N$2/&"#>$/#'5(#&8("2"-#(9("'#&*#'5(#:($. &.-$"2H(,#6:#T3,2'5#N2++(.#$",#U.&*(//&.#N$.'2"(#@(2,#V&* B5(# D"29(./2':# &*# \2+...

Plus en détail