Sindre Skarelven
Masteroppgave ved Institutt for musikkvitenskap Universitetet i Oslo
November 2010
!"#"#$%
!
!
"#$! #%! &'(%)! )*++,#--#./$! 01%! 2! 3*! 3*))! #,! &2! &)#%+! %#&&4%&5#%&1,! &1-! 6,,#!
7*,/#.&#,!)/.!2!'#/.#8#!-#$!$9#,,1-!8#,,#!155$*'#,:!;4,!3*%!$/))!-#$!$%4,8/$#!
)/.<*+#-#.8/,$#%! 4,8#%! 3#.#! 5%1&#&&#,=! ,>))/$#! /,,&5/..! &1-! 3*%! 4)'/+.#)!
01%&)2#.&#,! -/,! 52! 8#))#! #-,#)=! 1$! 3#,&/+)&-#&&/$#! '4%8#%/,$#%! 1-+%/,$!
&)%4+)4%#,!/!155$*'#,:!!
! "#$!3*%!1$&2!8%*))!&)1%!,>))#!*'!8#,!39#.5!9#$!3*%!02))!*'!-/,!<%1%=!?)/*,!
?+*%#.'#,=!/!4)01%-/,$#,!*'!-18#..#,#!&1-!#%!+1,&)%4#%)!01%!8#,,#!155$*'#,=!1$!
@*%&! A&B*%! ?()3#%! 01%! 4)01%-/,$#,! *'! 01%&/8#,:! C/,#! 01%#.8%#=! ;/.8#$4,,! 1$!
;*%*.8!?+*%#.'#,=!3*%!394.5#)!)/.!-#8!+1%%#+)4%.#&/,$!*'!155$*'#,:!D,!&)1%!)*++!
)/.!8#%#!*..#E!
!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!?/,8%#!?+*%#.'#,=!A&.1=!FG:!A+)1<#%!FHIH:!
!
!
!
!
!
!
!
!
!
!
!
!
!
! "!
!""#$%&'
(!)*+!""#$%&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!!!! -! !".+$&*/01$" ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,-!
#$#! %&'()*++!,-)!.&/(!&.!-00(&.1!-(!0)-%/12345//5+($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ #!
!"!"!! #$%&'()*+,'',-./%./)0' """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""!!
!"!"1! 23.$(-*,-. """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""1!
!"!"4! 5(%$,/%./)(+%6(""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""4!
!"!"7! 89&:;%;/.(-$(- """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""7!
!"!"<! #$(*(-+=*>%-/=3/*=-.)=+($,='(+""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""?!
#$6! -00(&.1+3!,-)/70$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#8! 2! 34+034/.!54+'36'0$*"&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -2! 6$#! 5++/19+5+($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#6! 1"!"!! @(.$A--('*(/B%$/*%A-6:B%$*C-,-.(-"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !1! 1"!"1! D%A-6/,/)A*,C($;$0C(+ """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !4! 1"!"4! EF++($(-*/&(+F6-,-.""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !4! 6$6! ,-)3'+5+(1+$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#:! 1"1"!! 5$(6,)(-*>%-=',+(+""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !7! 1"1"1! EF6+(C-,*C/,--B=''*3,-C('""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !?! 1"1"4! G-+($+(C*+A=',+(+ """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 1H! 1"1"7! I+/(*+(+,*C/;($*;(C+,3 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 4J! 6$;! &.3/*4+5+($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$;<! 7! 8"8%904'85'3*009:8.'&$%%0;'<443 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 7=!
;$#! 5++/19+5+(= $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$;>!
;$6! &+&/?31!&.!%110$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$;@! 4"1"!! G-*+$A)(-+=*>%-"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 4K! 4"1"1! 8(.,*+($ """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 7J! 4"1"4! LF-=),CC """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 7!! 4"1"7! M(+=B%$($"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 71! 4"1"<! 5(C*+A$ """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 7<! 4"1"H! EF6*N(-(-""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 7H! 4"1"O! L(+/-=$$=+,3(/B%$'P;(+""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" <O!
;$;! &.3/*4+5+($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$<A!
>! ?*0!//@'(80#!$"'$)'!"03!+801$"'#$0')A4"'0.4(8"! ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, =2! :$#! 5++/19+5+(= $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$>6! :$6! 0-0*/B)'*/4*)$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$>:! :$;! 2*35''!-(!,&3C5-+$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$>D! :$:! (5)/51EF*/4*)1$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$D8! :$<! &)45341+!(G1+!341,&+5$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$D6! :$>! &+&/?31!&.!G5+9!54!*0$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$D<! :$D! &.3/*4+5+($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$DA! B! .4/0.*+'$)'($+?'!'1*0.!"'.!?<4+%8/4;0'?9'%$54,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, CD!
<$#! 5++/19+5+(= $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@8!
<$6! %&'()*++!-(!41-)5$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@#!
<"1"!! L(-/;($*(;+A(''(/3,-C',-.(-""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" K4!
<$;! &+&/?31$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$@<!
<"4"!! Q(6'(..(-(""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" K<!
<"4"1! R%$)=-='F*(-""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" KH!
<"4"4! 5(C*+A$=-='F*(-"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?!!
<"4"7! 8F+),CC(- """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?1!
<$:! &.3/*4+5+($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$A;!
! ""!
=! %9&+$?'$)')+$$54'!'<49$":E0''<;&89 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, FB!
>$#! 5++/19+5+(= $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$A<! H"!"!! EF6$%))(+ """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?H! H"!"1! @SL=F """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?H! H"!"4! I+/;%*+)%6($-,*+,*C/;($*;(C+,3 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?O!
>$6! &+&/?31)$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$A@! H"1"!! LT>U/QA """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ?K! H"1"1! V(+/M(/@%6,(6"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !JJ! H"1"4! DA.=/M=)=""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !J!! H"1"7! W;.$=6(/W """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !J4! H"1"<! 8,-./+X(/2'=$) """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !J7! H"1"H! Y,++F/Y=+""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !JH! H"1"O! R$(=CA)/L$(** """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !JO! H"1"K! V$((-/E,.X+ """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !J?! H"1"?! G$$(;'=N(&'( """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !!J! H"1"!J! 8(*(-+)(-+ """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !!!! H"1"!!! EF6$%)/%./.$%%3(/,/@SL=F """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !!1!
>$;! &.3/*4+5+($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$##:! G! /$"/%*01$"0/83!..4%,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,--=! D$#! 5++/19+5+($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$##>! D$6! -003*221)5+($$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$##>! D$;! 3&221+/5(+5+(!&.!214-91+1$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$##@! O"4"!! EF6*N(-(-/%./'F6$%))(+"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !!K!
O"4"1! 5(C*+A$/%./XAC%))('*(/,--/,/6,*CA*>%-(-"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !!?!
O"4"4! SL(-/6%),-($(-6(/'F6(-S """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !1J! O"4"7! SL(-/CA'+A$(''(/B=C+%$(-S""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !1!! D$:! 1+!,)12(&+(32H41$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#66! O"7"!! EF6$%))(+ZEF6*N(-(- """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !11! O"7"1! V$%%3(- """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !14! O"7"4! D(-+$='(/'F6($ """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !14! O"7"7! YA'+A$(''(/B=C+%$($ """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !17! O"7"<! L(-/;($*(;+A(''(/3,-C',-.(-"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !1<! O"7"H! I'(.=-*(- """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" !1<! D$<! '-+'/*3I-+$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#6>! +4(4+8"04%!0.4 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,-72! /5441)&4*)$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#;6! 5+41)+144E)1,1)&+31)$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#;>! 953'-()&,5$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#;D! 54&%4)) ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,-7C!
! """!
!"#$%"&&'()*+
!
,5(*)!;$6$>E&=!/?93F1+1+!5!%110!4&'4!#J6K!#<E#>K!:#E:6K!>DE>@K!DAE@8!-(!A@EAA"$$$$$$$$$$$$$$$$$$$$$ :D!
,5(*)!;$6$>E%=!/?93F1+1+!5!%110!4&'4!;E>$!""$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ :@!
,5(*)!;$6$>EF=!/?93F1+1+!5!%110!4&'4!DE#:K!;;E:8!-(!<AE>>$"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ :A!
,5(*)!;$6$>E9=!/?93F1+1+!5!%110!4&'4!#DJ6<$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ <8!
,5(*)!;$6$>E1=!/?93F1+1+!5!%110!4&'4!6>J;6!-(!<<E<@$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ <#!
,5(*)!;$6$>E,=!/?93F1+1+!5!%110!4&'4!:;E<8$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ <6!
,5(*)!;$6$>E(=!/?93F1+1+!5!%110!4&'4!<#E<:$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ <;!
,5(*)!;$6$>EC=!/?93F1+1+!5!%110!4&'4!>AJD@$!"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ <:!
,5(*)!;$6$>E5=!/?93F1+1+!5!%110!4&'4!@#J@@$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ <<!
,5(*)!;$6$>EI=!/?93F1+1+!5!%110!4&'4!@AEA>$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ <>!
,5(*)!>$6$#E&=!/?9)-2214!5!9LIM!.*$"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ A@!
,5(*)!>$6$#E%=!()--.1+!5!9LIM!.*$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ AA!
,5(*)!>$6$6E&=!/?9)-2214!5!(14!21!%-9519$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#88!
,5(*)!>$6$6E%=!()--.1+!5!(14!21!%-9519$"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#8#!
,5(*)!>$6$;E&=!/?9)-2214!5!3*(&!2&2&$"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#8#!
,5(*)!>$6$;E%=!()--.1+!5!3*(&!2&2&$"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#86!
,5(*)!>$6$:E&=!/?9)-2214!!5!*0()&91!*$!"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#8;!
,5(*)!>$6$:E%=!()--.1+!5!*0()&91!*$"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#8:!
,5(*)!>$6$<E&=!/?9)-2214!5!)5+(!4C1!&/&)2$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#8:!
,5(*)!>$6$<E%=!()--.1+!5!)5+(!4C1!&/&)2$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#8<!
,5(*)!>$6$>E&=!/?9)-2214!5!'544?!'&4$"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#8>!
,5(*)!>$6$>E%=!()--.1+!5!'544?!'&4$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#8D!
,5(*)!>$6$DE&=!/?9)-2214!5!,)1&'*2!9)133$"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#8D!
,5(*)!>$6$DE%=!()--.1+!5!,)1&'*2!9)133$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#8@!
,5(*)!>$6$@E&=!/?9)-2214!5!()11+!/5(C4$!"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#8A!
,5(*)!>$6$@E%=!()--.1+!5!()11+!/5(C4$"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$#8A!
,5(*)!>$6$AE&=!/?9)-2214!5!5))10/&F&%/1$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$##8!
,5(*)!>$6$AE%=!()--.1+!5!5))10/&F1%/1$"$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$###!
,5(*)!>$6$#8E&=!/?9)-2214!5!)131+421+4$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$###!
,5(*)!>$6$#8E%=!()--.1+!5!)131+421+4$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$##6!
! "N!
! #!
, -&.%(*$/01(&+
,2, 34/#%$&&+5(%+64)#+46+(77#468+(#+7%(9)8:0."))"&#+
5! OPQQP! RSSTUNPQ! N"V! OPW! XRYZ[PZ! S\! ZR]QOK! "! ZU^^PQ_PQT! ^PO! Y`a! YPVUWPYW!
SRS^]Z"[[$! 2]Z"[[ZW"VPQ! ZR^! bPT! PY! ]WP! PWWPY! \! ]QOPYZc[PK! PY! SRS^]Z"[[! ZR^!
_UY!PW!ZWPY[W!YdW^"Z[!XR[]ZK!ZR^!bPT!_PY!YPVUWPYPY!W"V!Y`aE^]Z"[[$!IPT!N"V!XRY[VUYP!
^PY! R^! _NU! bPT! VPTTPY! "! OPQQP! ^]Z"[[ZW"VPQ! QPOPQXRY$! 5QQPQXRY! OPWWP! R^Y\OPW!
cQZ[PY!bPT!\!]QOPYZc[P!QRP!XRYZ[bPVV"T!^]Z"[[K!_N"V[PW!TbcY!UW!bPT!N"V!NeYP!NUYZR^!
^PO!\![UWPTRY"ZPYP!UVW!]QOPY!PQ!WPY^"QRVRT"K!^PQ!OPW!^PZW!QeYV"TTPQOP!QUNQPW!
bPT! _UY! X]QQPW! XRY! OPQQP! ^]Z"[[PQK! PY! Y`aESRS$! 1W! RNPYRYOQPW! ^\V! ^PO! OPQQP!
RSSTUNPQ! PY! \! XRYZW\! _N"V[PQ! [YPUW"N! SYRZPZZ! ZR^! ZW\Y! aU[! XRY^"QTPQ! UN! OPW!
_PV_PWV"TP! ZR]QOPW! "! ^]Z"[[PQ$! +RPQ! ZPQWYUVP! P^QPY! _PY! OYP"PY! ZPT! R^!
XRY^"QTPQ!UN!VdOa"VOPWK!TYRRNPK!RT!UYW"ZWSPYZRQV"T_PW$!!5!XRYVPQTPVZPQ!UN!OPWWP!aV"Y!
PW! ZPQWYUVW! UQV"TTPQOP! "! RSSTUNPQ! RTZ\! \! O"Z[]WPYP! _NU! ZR^! V"TTPY! "! aPTYPSPW!
ZR]QO$!!
9PWWP!VPOPY!^RW!RSSTUNPQZ!UQOYP!Z"OP!ZR^!PY=!CN"V[P!^PWROPY!P[Z"ZWPYPY!
XRY! \! [UYWVPTTP! ZR]QOPWK! RT! _NRYOUQ! X]QTPYPY! O"ZZP! "! ^cWPW! ^PO! XRYZ[bPVV"TP!
^]Z"[UVZ[P! ]WWYd[[f! 9P! ]V"[P! ^PWROPQP! N"V! ]WXdVVP! _NPYUQOYPK! PWWPYZR^! OP!
NP[WVPTTPY! XRYZ[bPVV"TP! R^Y\OPYK! RT! XRY_\SPQWV"TN"Z! N"V! OP! T"! PQ! ZU^VPW! aYPO!
RNPYZ"[W!RNPY!XRY^"QTPQ!UN!ZR]QO$!!
,2,2, ;%(9)8:0."))"&#+(#+:<)+
IPT!_UY!XcVTPQOP!SYRaVP^ZW"VV"QTPY!XRY!RSSTUNPQ=!
!" [3=/ ($/ *%A-6\/ %./ X3=/ *'=.*/ ,--*,C+/ X=$/ 3,/ -066/ ;0/ 6(++(/ +()=(+/ ,/
;%;A']$)A*,CCB%$*C-,-.(-^/ G/ B%$'(-.('*(-/ =3/ 6(++(_/ X3=/ *'=.*/ )(+%6($/
(C*,*+($($\/*%)/3,'/CA--(/&('F*(/*%A-6B%$),-.(-/,/$9&:;%;/)A*,CC^/
1" [3=/ *'=.*/ C$(=+,3(/ ;$%*(**($/ ',..($/ &=C/ $9&:;%;/ )A*,CC\/ %./ X3%$6=-/ C=-/
*%A-6B%$*+0('*(-/&('F*(/6(++(^//
/
5! OPQQP! RSSTUNPQ! ! PY! bPT! aVUQW! UQQPW! RSSWUWW! UN! UW! ]V"[P! "QQXUVVZN"Q[VPY! W"V!
^]Z"[[PQ! aPVdZPY! XRYZ[bPVV"TP! R^Y\OPY! UN! OPW! N"! _cYPY$! 0\! OPQ! ^\WPQ! [UQ! N"!
RSSOUTP! QdP! ^cQZWYP! RT! ZP! QdP! ZU^^PQ_PQTPYK! ZU^W"O"T! ZR^! N"! XRYZW\Y! aPOYP!
]V"[P!^PWROPYZ!aPTYPQZ"QTPY$!HYZU[PQ!W"V!UW!bPT!_UY!TbRYW!OPW!ZV"[K!PY!UW!^]Z"[[PQ!
! 6!
_UY!PW!XVPYXRVO"T![YPUW"NW!UZSP[W!_NRY!N"![UQ!NPVTP!]V"[P!R^Y\OPY!\!WU!WU[!"$!9PYXRY!
_UY! bPT! VUTPW! SYRaVP^ZW"VV"QTPY! ZR^! a\OP! [UQ! [QdWWP! XRYZ[bPVV"T! WdSP! XRYZ[Q"QT!
ZU^^PQK! ZU^W"O"T! ZR^! N"! X\Y! "QQZ"[W! "! XRYZ[Q"QTPQ! ZR^! PY! TbRYW! UN! ^]Z"[[PQ$!
CNPYW! [US"WWPV! "! RSSTUNPQ! _UY! PQ! PTPQ! "QQXUVVZN"Q[PVK! ^PO! PW! PTPW! XR[]Z! S\! _NU!
ZR^!Z[UV![UYWVPTTPZ!"!^]Z"[[PQ$!9PY^PO!_UY!bPT!PQ!XRY_\SQ"QT!R^!UW!N"!XRYZW\Y!
^PY! UN! _NU! ZR^! V"TTPY! ]QOPY! OPQQP! ^]Z"[[PQK! "! XRY^! UN! UW! N"! YUZ[W! [UQ! _cYP!
_N"V[PQ![YPUW"N"WPW!ZR^!PY!W"VZWPOP!"!XRYZ[bPVV"TP!ZUQTPY$!1W!P[ZP^SPV!_PY!PY!UW!N"!
S\!OPQ!PQP!Z"OPQ![UQ!XR[]ZPYP!S\!ZPVNP!VdOXRY^"QTPQ!"!ZUQTPQ!NPO!\!XR[]ZPYP!S\!
[RQZWY][ZbRQPQ!UN!O"ZZPK!PVVPY!N"![UQ!S\!OPQ!UQOYP!Z"OPQ!XR[]ZPYP!S\!UYW"ZWPQ!RT!
_NU! ZVUTZ! ]WYd[[! NPO[R^^PQOP! T"Y! ZPT! _PQ! ^PO$! 5! OPWWP! P[ZP^SPVPW! PY!
SYRZPZZPQP!^PTPW!XRYZ[bPVV"TP!]W!XYU!_N"V[PW!ZScYZ^\V!N"!N"V!aPZNUYP$!3U^W"O"T!T"Y!
PQ!XRYZW\PVZP!UN!OP!aPTTP!PQ!Qd!"QQZ"[WK!NPO!UW!N"![UQ!ZP!PQ!ZU^^PQ_PQT!^PVVR^!
OPK!RT!OPY^PO!_U!PW!aPOYP!X]QOU^PQW!XRY!\!WRV[P![YPUW"N"WPWPQ!ZR^!^]Z"[[PQ!PY!
XRY^PW!]W!"!XYU$!."![UQ!OU!WPQ[P!RZZ!UW!N"!gRR^PY!"QQ!S\!]V"[P!OPVPY!"!^]Z"[[PQK!
_NRY! N"! Z"OPQ! gRR^PY! ]W! "TbPQ! RT! ZPY! ^cQZWPYPW! WdOPV"TPYP! PWWPYZR^! N"! Q\! _UY!
ZW]OPYW!ZWY][W]YPQ!S\!QeYW!_RVO$!9PWWP!PY!"OhPQ!aU[!SYRaVP^ZW"VV"QTPQ!RT!^\VPW!
XRY!RSSTUNPQ$!!
,2,2= >6#%8&0"&#+
9PQQP!RSSTUNPQ!aPTYPQZPY!ZPT!W"V!\!ZW]OPYP!^]Z"[[PQ!XYU!PW!VdWWPYSPYZSP[W"N$!9PW!
aPWdY!UW!SYRO][ZbRQZZ"OPQK!ZR^!PY!PQ!ZeYOPVPZ!N"[W"T!OPV!UN!OPQQP!^]Z"[[PQK!"!
V"WPQ! TYUO! aV"Y! O"Z[]WPYW$! 9PWWP! _UY! \! TbcYP! ^PO! UW! OPWWP! "[[P! PY! PQ! RSSTUNP! "!
^]Z"[[SYRO][ZbRQK! ZPVN! R^! RSSTUNPQ! acY! NeYP! UN! "QWPYPZZP! XRY! OPQ! ZR^!
aPZ[bPXW"TPY!ZPT!^PO!OPWWP$!!
! -SSTUNPQ! PY! "[[P! RSSWUWW! UN! _"ZWRY"Z[P! SPYZSP[W"NPYK! ZR^! RTZ\! []QQP!
aPVdZW! OPQQP! ^]Z"[[PQ! dWWPYV"TPYP$! /dWWPYSPYZSP[W"NPW! "QQPaeYPY! PQ!
XPQR^PQRVRT"Z[! W"VQeY^"QT! W"V! ^]Z"[[PQK! RT! PW! ZWPY[W! XR[]Z! S\! i_PY! RT! Q\i!
RSSVPNPVZPQ!UN!^]Z"[[PQ$!9PW!N"V!NeYP!QRPQ!"QQZVUT!UN!_"ZWRY"Z[![UYU[WPY!"!OPW!
[]VW]YPVVP! SPYZSP[W"NPWK! ^PQ! OPWWP! aPTYPQZPY! ZPT! W"V! OPW! ZR^! _UY! UaZRV]WW!
YPVPNUQZ!"!RSSVPNPVZPQ!UN!^]Z"[[PQ!ZR^!OPW!_PY!aV"Y!N"ZW!W"V$!!!
! -SSTUNPQ! PY! RTZ\! UNTYPQZPW! "! [YUXW! UN! _N"V[P! ^PWROPY! ZR^! PY! aPQdWWPW! "!
UQUVdZPQP!"!OP!]V"[P![US"WWPVPQP$!CPY!_UY!bPT!NUVTW!]V"[P!SPYZSP[W"NPY!XRY!\!N"ZP!W"V!
aYPOOPQ! "! ^\WPY! \! N"ZP! XYP^! ^]Z"[[PQ! S\K! ZV"[! UW! ^PWROPY! ZR^! V"TQPY! S\!
_NPYUQOYP! N"V! aV"! SYPZPQWPYW! ZR^! PQ! "QQXUVVZN"Q[PV$! 2PO! UQOYP! RYO! _UY! bPT! "[[P!
! ;!
QRP!^\V!R^!N"ZP!W"V!UVW!ZR^!P[Z"ZWPYPY!UN!^PWROPY!XRY!\![UYWVPTTP!ZR]QOPWK!^PQ!
N"ZP!QRPQ!]V"[P!SYRZPZZPY!ZR^!XRYWPVVPY!R^!^]Z"[[PQ!"!PW!aPZWP^W!iVdZi$!2\VPW!^"WW!
PY!UW!^PWROPQP!"!ZWRY!TYUO!Z[UV!SUZZP!RNPYPQZ!^PO!^]Z"[[PQK!ZR^!OPQ!Z[UV!Z"!QRP!
R^K!RT!ZR^!"!XcYZWP!YP[[P!PY!PW!^"OOPV!XRY!\!]WOdSP!^]Z"[[PQ$!!
,2,2? @8(%"+(#+:8.(*8+
IPT!N"V!"![US"WWPV!6!SYPZPQWPYP!OPW!^PZWP!UN!OPW!WPRYPW"Z[P!TY]QQVUTPW!XRY!OPQQP!
RSSTUNPQ$!CPY!N"V!N"!ZP!UW!bPT!_PQWPY!^UWPY"UVPW!XYU!]V"[P!XUTWYUO"ZbRQPY!RT!Z[RVPY$!
+RP! UN! OPW! ZPQWYUVP! ZR]QO^UWPY"UVPW! N"V! NeYP! _PQWPW! "! XYU! XRYZ[Q"QT! S\!
SRS]VeY^]Z"[[! XYU! *Q"NPYZ"WPW! "! -ZVRK! 'caPQ_UNQZ! *Q"NPYZ"WPW! RT! *Q"NPYZ"Wd! RX!
/"NPYSRRVK!ZR^!_UY!XRYPWUWW!YPVUW"NW!Qd!XRYZ[Q"QT!S\!OPWWP!R^Y\OPW$!!IPT!N"V!"!W"VVPTT!
WYP[[P!XYP^!QRPQ!NPV[bPQWP!PQTPVZ[P!RT!U^PY"[UQZ[P!XRYZ[PYP!S\!XPVWPWK!ZR^!PY!
N"[W"TP! a"OYUTZdWPYP! "QQPQXRY! SRS]VeY^]Z"[[XRYZ[Q"QTPQ$! IPT! N"V! NeYP! "QQR^!
QRP!PVOYP!^UWPY"UVP!"QQPQXRY!^]Z"[[XRYZ[Q"QTPQ!ZR^!"[[P!aPZ[bPXW"TPY!ZPT!^PO!
SRS]VeY^]Z"[[K!^PQ!OPWWP!PY![]Q!]QQWU[ZN"Z$!9PW!PY!"QTPQ!ZWRYP!XYRQWPY!"!OPWWP!
XRYZ[Q"QTZVUQOZ[USPW$!^PQ!QRPQ!]V"[P!^PQ"QTPY!N"V!aV"!SYPZPQWPYW$!4P^UPW!_PY!PY!
NUQZ[PV"T!\!X\!WU[!S\K!ZV"[!UW!OPW!PY!QUW]YV"T!UW!N"!N"V!ZP!QRPQ!]V"[P!RSSXUWQ"QTPY$!5!
OPQQP! ZU^^PQ_PQTPQ! ZPY! bPT! ^PT! ZPVN! ZR^! PQ! ]WXRYZ[PYK! ZR^! PY! ]WP! PWWPY! \!
_PQWP!"QXRY^UZbRQ!R^!XRYZ[bPVV"TP!SPYZSP[W"NPY!S\!ZR]QO!RT!WRV[P!O"ZZP!Z\!Y"[W"T!
ZR^! ^]V"TK! ZU^W"O"T! ZR^! bPT! N"V! O"Z[]WPYP! OP! XRYZ[bPVV"TP! W"VQeY^"QTPQP! RT!
WYP[[P!]W!OPW!bPT!ZPY!ZR^!N"[W"T!"!XRY_RVO!W"V!OPQ!^]Z"[[PQ!bPT!N"V!aPQdWWP!OPWWP!S\$!!
IPT!N"V!WYP[[P!XYP^!QRP!WPRY"!"!_NPYW!UN!UQUVdZP[US"WWPVPQPK!ZR^!PY!^PQW!W"V!
\! T"! PQ! OdSPYP! XRYZW\PVZP! UN! ^]Z"[[PQ! ZR^! UQUVdZPYPZ$! CPY! N"V! bPT! WYP[[P! "QQ!
^UWPY"UVP! ZR^! PY! _PQWPW! XYU! VdOWPRY"K! ^]Z"[[RTQ"ZbRQK! ^]Z"[[PZWPW"[[K!
^]Z"[[X"VRZRX"!RT!^]Z"[[]VW]Y$!!
! IPT! N"V! a\OP! O"Z[W]PYP! OP! XRYZ[bPVV"TP! WPRY"a"OYUTPQP! RT! aPQdWWP! O"ZZP!
SYU[W"Z[! S\! ^]Z"[[PQ$! (bPQQR^! OPWWP! [UQ! N"! ZP! QRP! UN! _NU! OP! ]V"[P!
UQUVdZP^PWROPQP! _UY! UN! SRZ"W"NP! RT! QPTUW"NP! Z"OPYK! RT! RTZ\! X\! PQ! ZWcYYP!
XRYZW\PVZP! UN! _NU! OP! "[[P! Z"PY! QRP! R^$! IPT! N"V! ZU^VP! OPWWP! RSS! W"V! PQ! _PV_PWV"T!
[RQ[V]ZbRQ!ZR^!]WTbcY!OPW!Z"ZWP![US"WWPVPW!"!RSSTUNPQ$!
!IPT!_UY!NeYW!"QQP!S\!UW!N"![UQ!gRR^P!"QQ!RT!]W!UN!]V"[P!OPVPY!"!^]Z"[[PQ!
XRY!\!X\!PW![VUYPYP!a"VOP$!5!W"VVPTT![UQ!N"!_PYK!ONZ$!"!OPW!Z"ZWP![US"WWPVPWK!RTZ\!gRR^P!
"QQ! S\! XVPYP! ]V"[P! R^Y\OPY! ZU^W"O"T! XRY! \! ZP! PQ! ZU^^PQ_PQT! ^PVVR^! OP^! S\!
! :!
QeYW!_RVO$!0\!OPQQP!^\WPQ!_\SPY!bPT!RSSTUNPQ!X\Y!PQ!"QOYP!PQ_PWK!NPO!UW!OPVPQP!
_PY!PY!QeYW![QdWWPW!W"V!_NPYUQOYP$!!!
,2,2A BC9D7(7+#8&%8&+
(PQYPQ!$9&:;%;! ZR^! bPT! [UVVPY! OPQK! PY! "QTPQ! WdOPV"T! UNTYPQZPW! TPQYP$! 9PW! ^PZW!
QeYV"TTPQOP! QUNQPW! ZR^! aPQdWWPZ! "! ^]Z"[[V"WWPYUW]YPQ! PY! ijRQWP^SRYUYd! Y`ai$!!
HYZU[PQ!W"V!UW!bPT!"[[P!aPQdWWPY!OPWWP!QUNQPWK!PY!UW!bPT!ZPY!jRQWP^SRYUYd!Y`a!W"V!\!
NeYP!PQ!TPQYP!ZR^!PY!^PY!YRWXPZWPW!"!Y`a!^]Z"[[PQK!RT!UW!ZUQTPYQP!_PY!RTZ\!ZW\Y!
"!OPQQP!WYUO"ZbRQPQ$!9PWWP!"!^RWZPWQ"QT!W"V!^]Z"[[PQ!bPT!N"V![UYWVPTTP!_NRY!OPW!PY!
SRSEZUQTPYPQ! ZR^! PY! "! XR[]ZK! RT! Y`a! "QQXVdWPVZPQ! ZW\Y! ^PY! ZR^! PW! N"Y[P^"OOPV!
"QQPQXRY! SRS^]Z"[[PQZ! YU^^PY$! ,RY! \! XRYZW\! O"ZW"Q[ZbRQPQ! [UQ! N"! Z"! UW!
SRSZUQTPYPQ!TbPYQP!WYP[[PY!"QZS"YUZbRQ!XYU!]V"[P!TPQYPK!^PQZ!jRQWP^SRYUYd!Y`aE ZUQTPYPQ! NUY"PYPY! ]WYd[[PW! Z"WW! "QQPQXRY! TPQYPQK! ZR^! aV"Y! PQ! VUQTW! ZQPNYPYP!
^]Z"[[ZW"V! "! OPQQP! ZU^^PQ_PQT$! ."! [UQ! RTZ\! ^\VP! OPWWP! ]W! XYU! _NU! ZVUTZ!
S]aV"[]^!UYW"ZWPQ!_UYK!_NRY!Y`aESRSEUYW"ZWPQ!_UY!PW!^PY!SRSERY"PQWPYW!S]aV"[]^K!
^PQZ!jRQWP^SRYUYd!Y`aEUYW"ZWPQ!_UY!PW!^PY!Y`aERY"PQWPYW!S]aV"[]^$!
HYZU[PQ!W"V!UW!bPT!_UY!NUVTW!Y`aESRS!QUNQPW!"!OPQQP!RSSTUNPQK!PY!WR!]V"[P!
"QQXVdWPVZPY! ZR^! SYPTPY! OPQQP! ^]Z"[[PQ$! 9PW! XcYZWP! PY! UW! ^]Z"[[PQ! PY!
SRS^]Z"[[$! +RPQ! WYP[[! 4"^RW_d! GUYQPY! WYP[[PY! XYP^! S\! _NU! SRS^]Z"[[! PYK! "!
^RWZPWQ"QT! W"V! YRj[! "! OPQQP! ZU^^PQ_PQTK! PY! XcVTPQOP=! 9PW! PY! NP[WVPTT"QT! UN!
Z"QTVPY! "! ^RWZPWQ"QT! W"V! UVa]^PYK! "QQZS"VV"QTPY! "! ^RWZPWQ"QT! W"V! RSSWYPOPQPYK!
WP[QRVRT"!"!^RWZPWQ"QT!W"V!^]Z"[PYPK![]QZW"T!"!^RWZPWQ"QT!W"V!iP[WPi!PVVPY!U]WPQW"Z[K!
WY"N"PVW!"!^RWZPWQ"QT!W"V!iZPY"cZWiK![RYW!NUY"T_PW!RT!Z][ZPZZRY"PQWPYW!"!^RWZPWQ"QT!W"V!
VPQTYP! NUY"T_PWK! RT! SYRTYPZZ"N! kGUYQPY! 688;=! :l$! &VVP! O"ZZP! S]Q[WPQP! WdOPY! S\!!
QRP!ZR^!_UY!PQ![R^^PYZ"PVV!_PQZ"[W$!5!W"VVPTT!Z[Y"NPY!_UQ=!mnSRS!^]Z"j!"Z!]Z]UVVd!
QRW!RQVd!YPUV"gPO!a]W!N$(=+(6!"Q!W_P!YPjRYO"QT!ZW]O"R$m!!kGUYQPY!688;=!:l$!CPY!ZPY!
N"! UW! VdOZW]O"RPW! "[[P! aUYP! PY! "QQZS"VV"QTZUYPQUPQK! ^PQ! UYaP"OZSVUZZPQ! XRY! OPQ!
Z[USPQOP! SYRZPZZPQ$! ! 1Q! N"[W"T! aUVUQZP! ZR^! "! ZWRY! TYUO! TbPVOPY!X,+:;%+(-*,='(+! "!!
^]Z"[[PQK!PY!XcVTPQOP=!!
!
5Q!RYOPY!WR!jUSW]YP!U!V"ZWPQPYiZ!"QWPYPZW!"^^PO"UWPVdK!U!SRS!YPjRYO!^]ZW!Z"^]VWUQPR]ZVd!
SYPZPQW!ZR^PW_"QT!W_UW!"Z!aRW_!XU^"V"UY!UQO!dPW!O"ZW"QjW"NP!PQR]T_!WR!O"XXPYPQW"UWP!"W!XYR^!
"WZ! jR^SPW"WRYZ$! CPQjPK! PNPYd! SRS! YPjRYO! o"VV! _UNP! ZPNPYUV! ^]Z"jUV! j_UYPjWPY"ZW"jZ! W_UW!
_UNP!USSPUYPOK!"Q!Z"^"VUY!T]"ZPZK!RQ!PUYV"PY!YPjRYOZ$!&Z!U!YPZ]VWK!"QPpSPY"PQjPO!V"ZWPQPYZ!
o"VV! RXWPQ! X"QO! "W! O"XX"j]VW! WR! O"XXPYPQW"UWP! RQP! YPjRYO! XYR^! UQRW_PYK! T"N"QT! Y"ZP! WR! W_P!
jY"W"j"Z^!W_UW!iW_Pd!UVV!ZR]QO!W_P!ZU^Pi$!kGUYQPY!688;=!Dl!
!
! <!
9PW!OPWWP!Z"WUWPW!Z"PY!PY!UW!^]Z"[[PQ!WYPQTPY!QRP!]Q"[W!XRY!\!Z["VVP!OPQ!XYU!UQQPQ!
^]Z"[[!PVVPY!UQOYP!ZUQTPYK!ZU^W"O"T!ZR^!OPQ!PY!]WP!PWWPY!PVP^PQWPY!UN!QRP!ZR^!
PY! TbPQ[bPQQaUYW! XRY! VdWWPYPQ#$! 5! W"VVPTT! PY! OPW! N"[W"T! UW! O"ZZP! "OhPQP! J! PVVPY!
^]Z"[UVZ[P!TPZWPQP!E!XPQTPY!VdWWPYPQK!ZV"[!UW!^]Z"[[PQ!cQZ[PZ!\!aV"!VdWWP!W"V!XVPYP!
TUQTPY$!!
1W! Z"ZWP! SRPQT! bPT! N"V! NP[WVPTTP! _PY! ZR^! [UYU[WPY"ZPYPY! SRS^]Z"[[K! PY!
RSSadTT"QTPQ!UN!SPYZRQV"T_PW!RT!PTPQUYW!"!]WYd[[PW$!9PWWP!TbPVOPY!RTZ\!PQ!YP[[P!
UQOYP!SRS]VeY^]Z"[UVZ[P!TPQYPK!^PQ!O"ZZP!WR!PVP^PQWPQP!PY!N"[W"T!\!SRPQTWPYP!
OU!OPW!PY!NPZPQWV"T!"!XRY_RVO!W"V!ZR]QOXRY^"QTPQ=!!
!
1Uj_! YPjRYO"QTK! PUj_! N"OPRK! PUj_! SPYXRY^UQjP! UWWP^SWZ! WR! jRQNPd! U! ZSPj"UV! ZPQZP! RX!
"QO"N"O]UV"Wd! W_YR]T_! O"ZW"QjW"NP! SPYXRY^UQjP! j_UYUjWPY"ZW"jZ=! W"^aYP! UQO! S_YUZ"QT! RX!
NR"jPZ! UQO! "QZWY]^PQWZq! S_dZ"jUV! ^RNP^PQWK! PWj$! 5QZWPUO! RX! U"^"QT! XRY! S]Y"Wd! UQO!
jRQZ"ZWPQjd!RX!WRQP!UQO!OPV"NPYdK!W"^aYP!UQO!S_YUZ"QT!UYP!PpSPjWPO!WR!aP!"O"RZdQjYUW"j=!
SRS!^]Z"j!_UZ!QR!SPYXRY^UQjP!"OPUVZ!WR!o_"j_!UVV!"QO"N"O]UV!SPYXRY^PYZ!UZS"YP$!kGUYYPQ!
688;=!#>l!!!!
!
5! SRS^]Z"[[K! ZR^! UQOYP! SRS]VeY^]Z"[UVZ[P! TPQYPK! X"QQPY! N"! UW! UYW"ZWPY! TbPYQP!
_UY! PQ! ^PTPW! PTPQUYWPW! ZWP^^P[VUQT! RT! ]WXcYPVZP! UN! ZUQTPQ$! 9PWWP! aPTY]QQPY!
_NRYXRY! SRS^]Z"[[UYW"ZWPY! RXWP! "[[P! PY! OP! aPZWP! WP[Q"Z[P! ]WcNPYQPK! ^PQ!
"ZWPOPQXRY! _UY! "QO"N"O]PVVP! ^\WPY! \! XYP^XcYP! S\! ZR^! SUZZPY! ^PO! \! Z[USP! QdP!
]WYd[[!"!OPQQP!^]Z"[[PQ$!!
9PQ! UQOYP! OPVPQ! UN! ]WYd[[PW! Y`aESRSK!$9&K! _UY! QRPQ! Z"OPY! NPO! ZPT! ZR^!
_cdZW!ZPQWYUV!XRY!OPQ!U[W]PVVP!^]Z"[[PQ$!)`%!PY!PQ!^]Z"[[TPQYP!ZR^!_UY!YcWWPY!"!
UXY"[UQZ[!U^PY"[UQZ[!^]Z"[[]VW]Y$!)`%!aY][PZ!ZeYV"T!R^!ZNUYW!SRS]VeY^]Z"[[!
XYU! SPY"ROPQ! #A:A! E! #A>A$! +UNQPW! i)_dW_^! UQO! %V]PZi! ZWU^^PY! XYU! %"VVaRUYO!
^UTUZ"QPWK!ZR^!"!#A:A!PQOYPW!QUNQPW!S\!OPQ!ZNUYWP!^]Z"[[PQZ!_"WV"ZWP!XYU!8=N(/
$(N%$6*!W"V!8XF+X)/=-6/@'A(*/$(N%$6*$!9PQQP!V"ZWPQ!PQOYPW!QUNQ!W"V!D%A'/"!#A>AK!RT!
@'=NC/MA*,N!"!#A@6K!_NRY!OPQ!Z\!PQOYPW!QUNQPW!W"VaU[P!W"V!89@!"!#AA8$!k2U]VWZad!
688<=! 6:Dl! CNPYW! W"\Y! RT! _NPY! TPQPYUZbRQ! _UY! T"WW! QRP! QdWW! XRY! ]WN"[V"QTPQ! UN!
TPQYPQ$!9PW!aPWdY!UW!^]Z"[[PQ!_UY!PQOYPW!ZPT!OYUZW"Z[!"!OPQQP!SPY"ROPQ!XYU!#A:A!
J!#A>A$!)`%EWPY^"QRVRT"PQ!PY!QRP!ZR^!YR^^PY!PQ!ZWcYYP!TY]SSP!^]Z"[[K!^PO!
QRPQ! XPVVPZQPNQPYP$! 5! aPTdQQPVZPQ! UN! SPY"ROPQ! [UQ! ^]Z"[[PQ! ZPPZ! S\! ZR^!
_daY"OXRY^PY!UN!bUggK!aV]PZK!TRZSPV!RT!b]a"VPP$!2]Z"[[PQ!_PY!aVP!N"OPYP!]WN"[VPW!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#!IPT!N"V!YPW]YQPYP!W"V!OPWWP!SRPQTPW!"!ZR]QO[US"WWPVPWK!_NRY!bPT!YPOPTbcY!XRY!XRYZ[bPVVPQ!S\!
OPW!ZR^!PY!Z"^SPVW!RT!_NU!ZR^!PY!PVPTUQW$!!
! >!
NPO! ZWUO"T! \! VUTP! QdP! YdW^PX"T]YPYK! RT! QdP! ^\WPY! \! UYYUQTPYP! ZUQTPQP! S\$! 0\!
#A<8EWUVVPW!RNPYVUSSPW!WPY^PQ!Y`a!^PO!WPY^PQ!$%NCS-S$%''K!ZR^!"!XcVTP!2U]VWZadK!
NUY! PW! UQQPW! QUNQ! XRY! Y`a! PWUaVPYW! UN! OPQ! _N"WP! ^]Z"[["QO]ZWY"PQ! "! PW! XRYZc[!
RSS_PNP!YUZPEXU[WRYPQ!ZR^!aVP!XRYa]QQPW!^PO!Y`a!QUNQPW$!9PQQP!NUY"UQWPQ!NUY!
i^U"QZWYPU^i! S\! <8EWUVVPWK! RT! ^PTPW! SRS]VeY! aVUQW! _N"W! ]QTOR^$! 9PW! ^PZW!
RSSVUTWP!TYPSPW!XRY!\!Q\!]W!W"V!OPW!_N"WP!S]aV"[]^^PWK!NUY!\!^d[P!RSS!]WWYd[[PW!"!
^]Z"[[PQ!ZU^W"O"T!ZR^!QRP!UN!Y\_PWPQ!"!YdW^"[[PQ!Z[]VVP!N"Y[P!XPQTPQOP$!,VPYP!
^"QOYP! ZPVZ[USPY! ZR^! 2RWRoQ! RT! 3WUpK! ]WN"[VPW! Z"QP! PTQP! ZR]QO! ZR^! "! XcYZWP!
R^TUQT!NUY!^dQWPW!S\!PW!UXYRU^PY"[UQZ[!S]aV"[]^K!^PQ!OP!Z[USWP!^]Z"[[!ZR^!
N"ZWP!ZPT!\!_U!PQ!aYPOPYP!USSPVV$!!1WWPY!OPQQP!W"O!_UY!TPQYPQ!]WN"[VPW!ZPT!^PO!PQ!
YP[[P! XRYTYP"Q"QTPY! W"V! ^]Z"[[! ZR^! ZR]VK! X]Q[! RT! _"SE_RSK! ^$^$$! 9PW! N"[W"TZWP!
[bPQQPWPTQPW!"!O"ZZP!WYP!ZW"VUYWPQPK!PY!NP[WVPTT"QTPQ!UN!YdW^"[[!RT!YdW^P^cQZWPY!
ZR^! _PVW! NPZPQWV"T! "! ^]Z"[[PQ$! 9PWWP! PY! RTZ\! N"[W"T! "! OPQ! ^ROPYQP! ]WTUNPQ! UN!
Y`aE^]Z"[[PQK! [UVW! jRQWP^SRYUYd! Y`a$! &QQP! 9UQ"PVZPQ! XRY[VUYPY! QRP! UN! _NU!
OPQQP! YdW^"[[PQ! T\Y! ]W! S\! "!#$(*(-N(/ =-6/ #'(=*A$(\/ 5X(/ RA-C/ V$%%3(*/ %B/ `=)(*/
@$%a-/=-6/#=$',=)(-+/k688>l$!(Y]QQZWU^^PQ!"!X]Q[ETYRRNPQ!PY!PW!YPSPWPYPQOP!
YdW^P^cQZWPY! ZR^! T\Y! RNPY! PQ! PVVPY! WR! WU[WPY$! -NPY! OPWWP! ^cQZWPYPW! V"TTPY! OPW!
RXWP! XVPYP! VUT! k'=F($*l! ^PO! XRYZ[bPVV"T! YdW^"[[K! ZR^! ZU^^PQ! ]WTbcY! OPW! X]VVP!
YdW^P^cQZWPYPW$! 5! ^dP! NPZWEUXY"[UQZ[! YdW^"[[! PY! OPW! "QTPQ! ^PWY"Z[! ^UWY"ZP! UN!
W]QTP! RT! VPWWP! ZVUT! U! VU! OPQ! ^UQ! RXWP! X"QQPY! "! P]YRSP"Z[! ^]Z"[[WYUO"ZbRQ$!
9UQ"PVZPQ![UVVPY!OPYXRY!X]Q[ETYRRNPQ!XRY!PQ!_daY"O!^PVVR^!NPZWV"T!RT!UXY"[UQZ[!
YdW^"[[!k9UQ"PVZPQ!688>=!::l$!9PW!PY!N"[W"T!\!SRPQTWPYP!UW!WYd[[XRYOPV"QTPQ!"[[P!
UNTbcYPZ! UN! W"OZZ"TQUW]YPQK! OU! TYRRNPQ! "! OPQQP! XRY^! XRY! ^]Z"[[! TbPYQP! [UQ!
NUY"PYP! ^PY! "! OPQQP! WYd[[XRYOPV"QTPQ! PQQ! _NU! N"! N"V! VPZP! ]W! UN! W"OZZ"TQUW]YPQ! "!
[VUZZ"Z[! P]YRSP"Z[! ^]Z"[[$! CN"V[PQ! ZW"VUYW! ^UQ! ZS"VVPY! "K! PY! UNTbcYPQOP! XRY!
_NRYOUQ!WYd[[PW!S\!OP!XRYZ[bPVV"TP!ZVUTPQP!XRYOPVPZ!"!TYRRNPQ$!9PWWP!PY!QRP!ZR^!
\SQPY! RSS! XRY! [YPUW"N"WPWPQ! "QQPQXRY! Y`aESRS! ^]Z"[[PQK! OU! ^UQ! [UQ! NUY"PYP!
U[ZPQW]PY"QTPQ! UN! OP! XRYZ[bPVV"TP! ZVUTPQP! XRY! \! X\! ]V"[P! TYRRNPY6$! 1Q! Z"OP! NPO!
YdW^"[[PQ! ZR^! 9UQ"PVZPQ! SRPQTWPYPYK! PY! UW! OPW! [VUQTV"TP! RT! "[[PE[VUQTV"TP! PY! "!
YPVUZbRQ!S\!OPQ!^\WPQ!UW!OPW!Z[USPZ!PQ!XY"[ZbRQ!^PVVR^!OP^!ZR^!PY!QcONPQO"T!
XRY!\!X\!PQ!RSSVPNPVZP!UN!TYRRNP=!!-SS_RVOPQP!PVVPY!SU]ZPQP!^PVVR^!ZVUTPQP!PY!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
6! 5! [US"WWPV! >! R^! VdOYR^^PW! "! %i9UdK! N"V! N"! ZP! QcdPYP! S\! _NRYOUQ! TYRRNPQ! XRY^PZ! ^PO!
WYd[[!S\!]V"[P!ZWPOPY!"!YdW^P^cQZWPYPW$!!
! D!
QcONPQO"T! XRY! TYRRNPERSSVPNPVZPQ$! 9PW! PY! N"OPYP! ZV"[! UW! WP^SRPW! "! ^]Z"[[PQ!
OUQQPY!PQ!bPNQ!]QOPYZWYc^!ZR^!OP!YdW^"Z[P!"^S]VZPQP!YPUTPYPY!S\!^PO!WYd[[!
S\! QRPQ! S]Q[WPY! ^PQZ! OPW! PY! SU]ZPY! S\! UQOYP$! 9P! ]V"[P! "QZWY]^PQWPQP! ZR^! PY!
^PO!"!ZUQTPQ![UQ!_U!Z"QP!WYd[[!RT!RSS_RVO!S\!QRP!]V"[P!ZWPOPYK!ZR^!OPY^PO!T"Y!
YdW^P^cQZWPYPW!XVPYP!VUT$!CPY![UQ!RTZ\!]V"[P!VUT!"!TYRRNPQ!_U!]V"[P!UQZVUT!kRQZPWl!
"!XRY_RVO!W"V!W"OZZ"TQUW]YPQK!PW!WYP[[!ZR^!"[[P!PY!Z\!VPWW!\!XUQTP!RSS!NPO!_bPVS!UN!
OPW!WYUO"ZbRQPVVP!QRWUZbRQZZZdZWP^PW;$!
.PO! Z"OPQ! UN! TYRRNPQ! N"V! bPT! RTZ\! XYP^_PNP! OPQ! UYYUQTP^PQWZWP[Q"Z[P!!
Z"OPQ!ZR^!N"[W"T!"!Y`aESRSE^]Z"[[PQ!J!QRP!CUo["QZ!QPNQPY!"!XRY_RVO!W"V!0Y"QjPZ!
^]Z"[[=!mnW_P!UPZW_PW"jZ!RX!0Y"QjPiZ!ZRQTZ!V"P!"Q!W_P!SYRO]jW"RQ!SYRjPZZPZK!o_"j_!
jRQWYRV!U!a]"VOE]S!"Q!WPpW]YPZ!UYR]QO!jPQWYUV!Y_dW_^"j!Y"XXZ!W_YR]T_!^]VW"WYUj[!
YPjRYO"QT!SYRjPZZPZ!UQO!ZPr]PQj"QTm!kCUo["QZ!6886=!#><l$!5!SUYPQWPZ!aP^PY[PW!
PY! 0Y"QjPZ! ^]Z"[[! RTZ\! PQ! XRYTYP"Q"QT!UN! Y`aE^]Z"[[PQ! ZR^! PQ! TY]QQZWU^^PK!
ZV"[! UW! OPQQP! ^]Z"[[PQ! PY! PQ! XRYTbPQTPY! W"V! ^]Z"[[PQ! "! OPQQP! RSSTUNPQ$! 9PW!
CUo["QZ! PY! "QQP! S\! _PY! PY! _NRYOUQ! ZUQTSYRO][ZbRQPQ! adTTPY! RSS! Y]QOW! PW!
ZPQWYUVW!Y"XX!"!ZUQTPQK!RT!UW!OPWWP!ZP[NPQZPYPZ!ZV"[!UW!Z^\!WP[ZW]PVVP!XRYUQOY"QTPY!
N"V!ZW\!XRY!]WN"[V"QTPQ!UN!VdOa"VOPW!Y]QOW!Y"XXPW!"!ZUQTPQ$!1Q!Z"OP!NPO!SYRO][ZbRQPQ!
UN!WP[ZW]YPQ!_PYK!ZR^!TROW![UQ!YPVUWPYPZ!W"V!SRSEZ"OPQ!UN!Y`aESRS!]WWYd[[PWK!PY!
UW=!!
!
n_"Z! USSYRUj_! WR! ^]Z"jE^U["QT! W_YR]T_! ZW]O"R! SYRO]jW"RQ! YPXVPjWZ! W_P! UPZW_PW"jZ! UQO!
"OPRVRT"jUV! WYPQOZ! o"W_"Q! W_P! ^]Z"j! "QO]ZWYdK! W_P! Z"TQ"X"jUQjP! RX! _"Z! j_R"jP! RX!
"QZWY]^PQWUW"RQ!jUQQRW!aP!RNPYEP^S_UZ"ZPO$!kCUo["QZ!6886=!#>;l!!
!
.UVT! UN! "QZWY]^PQWPY"QT! PY! PZZPQZ"PVW! RT! [UQ! "[[P! X\! XRY! ^dP! RSS^PY[ZR^_PWK!
Z"PZ! _PY$! 9PWWP! PY! N"OPYP! [QdWWPW! W"V! WYPQOPQP! "QQPQXRY! ^]Z"[["QO]ZWY"PQ$! ,RY! \!
X"QQP!XYP^!W"V!"QZWY]^PQWPY"QTK!TYRRNP!RT!RSSadTQ"QT!UN!ZP[NPQZPYK!PY!OPW!N"[W"T!
\![bPQQP!W"V!OP!iTbPVOPQP!WYPQOPQPi!"!ZR]QO!RT!SYRO][ZbRQ!XRY!jRQWP^SRYUYd!Y`aE
^]Z"[[$!2UQ!acY!NeYP![VUY!RNPY!_NU!ZR^!UVVPYPOP!P[Z"ZWPYPY!UN!^]Z"[[K!RT![]QQP!
N]YOPYP!R^!PQZ!PTPW!]WWYd[[!PY!RSSOUWPYW!S\!OPWWP!R^Y\OPW$!IPT!N"V!SRPQTWPYP!UW!
Y`aEWYPQOPQP! RTZ\! [UQ! aPQdWWPZ! UN! ^PY! ^U"QZWYPU^! SRSUYW"ZWPYK! ]WPQ! UW! OP!
OPY^PO! OPO"[PYPY! ZPT! _PVW! W"V! OPQQP! ^]Z"[[PQ$! 9PWWP! aV"Y! OU! PW! P[ZP^SPV! S\! \!
NeYP![VUY!RNPY!_NU!OPQ!^]Z"[UVZ[P!UW^RZXeYPQ!PYK!RT!]WQdWWP!OPWWP!"!XRY^"QTPQ!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
;!IPT!N"V![R^^P!W"VaU[P!W"V!OPWWP!SRPQTPW!ZR^!aV$U$!_UQOVPY!R^!^"[YRYdW^"[[K!"![US"WWPV!<!
R^!I]ZW"Q!4"^aPYVU[PZ!2d!/RNP$!!
! @!
UN!PW!iZ][ZPZZX]VVW!ZR]QOi$!9PWWP!PY!QRP!bPT!N"V![R^^P!W"VaU[P!W"V!"![US"WWPV!:!R^!
(oPQ!3WPXUQ"$!IPT!N"V!OPYXRY!S\SP[P!UW!Y`aESRS!"[[P!QcONPQO"TN"Z!]WXcYPZ!UN!Y`a!
UYW"ZWPYK! ^PQ! _PVVPY! SRSUYW"ZWPY! ZR^! aPQdWWPY! WP[Q"[[PY! "! ^]Z"[[SYRO][ZbRQPQ!
ZV"[! ZR^! aPZ[YPNPW! RNPQXRY! ^PO! TYRRNPK! WP[ZW]Y! RT! ZP[NPQZPY"QT$! 9PWWP! SP[PY!
^RW!PW!UN!OP!N"[W"TZWP![bPQQPWPTQPQP!NPO!OPQQP!TPQYPQK!ZR^!PY!aY][!UN!iZWbPYQPE SYRO]ZPQWPYi$!!!
&W!SYRO]ZPQWPQP!UN!^]Z"[[PQ!PY!V"[P![bPQWP!ZR^!UYW"ZWPQP!ZPVNK!PY!^PO!S\!
\!TbcYP!UW!O"ZZP!SYRO]ZPQWPQP![UQ![UVVPZ!XRY!ZWbPYQPESYRO]ZPQWPY!k("VVPZS"P!688>=!
@l$! 9PYPZ! ZWRYP! "QQXVdWPVZP! aUZPYPY! ZPT! aVUQW! UQQPW! S\! UW! ^]Z"[[PQ! Z[USPZ! "!
VdOZW]O"RPWK! _N"V[PW! TbcY! UYW"ZWE! RT! SYRO]ZPQWEZU^UYaP"OPW! PZZPQZ"PVW$!
0YRO]ZPQWPQPZ!SRS]VUY"WPW![UQ!_cYPZ!NPO!UW!OP!RXWP!PY!SYRX"VPYW!"!ZUQTPQP!PQWPQ!
^PO! YUS! E! R^! OP! OU! "! W"VVPTT! PY! YUSSPYP! E! PVVPY! UQOYP! XRY^PY! XRY! Z"TQUW]YPY! "!
VdOa"VOPW$! 9PWWP! PY! QRP! 2UY[! ("VVPZS"P! WUY! RSS! "!b2-%+X($/ L=$CNX,'6/ c'=**,N_b/
#X%-%.$=;X,N/R%$.($F/=-6/#$%6AN($/8%6-(F/`($C,-*S/D%-,N/D,.-=+A$($!CUQ!PY!"QQP!
S\!^R^PQWPY!"!VdOa"VOPW!ZR^!TbcY!UW!N"!TbPQ[bPQQPY!_N"V[PQ!SYRO]ZPQW!ZR^!ZW\Y!
aU[$!1W!P[ZP^SPV!_PY!N"V!NeYP!RYOPW!i9UY[j_"VOi!"!ZUQTPQK!ZR^![QdWWPY!^]Z"[[PQ!
W"V! SYRO]ZPQWPQ! )ROQPd! IPY["QZ$! &QOYP! ^PWROPY! PY! PXXP[WPY! PVVPY! VdOPY! ZR^! PY!
ZeYZ["VW! XRY! OPQ! PQ[PVWP! SYRO]ZPQWPQ$! 5! W"VVPTT! aPZ[Y"NPY! _UQ! ^PWROPY! XRY!
RSSadTQ"QT! UN! PQ! _PV! ZUQT! ZR^! [bPQQPWPTQPY! PQ! ZSPZ"PVV! SYRO]ZPQWK! _NRY! OPQ!
UQOYP! Z"OPQ! UN! OPWWP! PY! UW! UQOYP! SYRO]ZPQWPY! VeYPY! UN! O"ZZP! ^PWROPQP! RT!
[RS"PYPY! OP! PVP^PQWPQP! ZR^! N"ZPY! ZPT! \! NeYP! Z][ZPZZXU[WRYPY:$! 9PW! bPT! X"QQPY!
^PZW!YPVPNUQW!"!OPQQP!ZU^^PQ_PQT!PY!bU[WPQ!S\!\!Z[USP!QdP!Z][ZPZZX]VVP!ZR]QOK!
ZR^!_PQTPY!ZU^^PQ!^PO!\!Z["VVP!ZPT!]W!XYU!^PQTOPQ$!9PWWP!PY!RTZ\!PY!\YZU[PQ!W"V!
UW!SYRO]ZPQWPQP!iaPZ[dWWPYi!NPY[PW!Z"WWK!^PO!PTQP!Z"TQUW]YPY!k("VVPZS"P!688>=!66l$!
IPT!N"V!TbcYP!RSS^PY[ZR^!S\!UW!bPT!"!RSSTUNPQ!"[[P!N"V!NP[WVPTTP!SYRO]ZPQWPQZ!
YRVVP!ZSPZ"PVW!"!XRY_RVO!W"V!UQOYP!XU[WRYPY!ZR^![UQ!_U!S\N"Y[PW!ZR]QOPWK!OU!OPW!"[[P!
PY!PQ!OPV!UN!SYRaVP^ZW"VV"QTPQ!\!SYcNP!\!"ZRVPYP!SYRO]ZPQWPQZ!"QQXVdWPVZP!ZR^!PW!
PTPW! PVP^PQW$! /"[PNPV! [UQ! N"! XRYZW\! UW! SYRO]ZPQWPQ! PY! UNTbcYPQOP! "! XRY_RVO! W"V!
]WXUVVPW!UN!ZR]QOPWK!RT!OPY^PO!PQ!NPZPQWV"T!\YZU[!W"V!UW!O"ZZP!UYW"ZWPQP!NPVTPY!Z"QP!
SYRO]ZPQWPY!^PO!R^_]$!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
:!3P!X$P[Z$!("VVPZS"P!688>=!DD!
