BROOMS, BEASTS, AND THE PHALLUS: IDENTIFYING THE WICKED WITCH THROUGH DICHTOMOUS BLENDS IN WICKED PDF Free Download

Name: BROOMS, BEASTS, AND THE PHALLUS: IDENTIFYING THE WICKED WITCH THROUGH DICHTOMOUS BLENDS IN WICKED PDF
Author: social_library

1 / 67

1 views•67 pages

BROOMS, BEASTS, AND THE PHALLUS: IDENTIFYING THE WICKED WITCH THROUGH DICHTOMOUS BLENDS IN WICKED PDF Free Download

BROOMS, BEASTS, AND THE PHALLUS: IDENTIFYING THE WICKED WITCH THROUGH DICHTOMOUS BLENDS IN WICKED PDF free Download. Think more deeply and widely.

"#$$%&'!"()&*&'!)+,!*-(!.-)//0&1!

2,(+*2342+5!*-(!6278(,!62*7-!*-#$05-!,27-$*$%$0&!"/(+,&!2+!!"#$%&'

#9:9;;<!=>!6<?@A9BC!

)!*D9EAE!&F:GAHH9C!HI!HD9!

0JAK9?EAHL!I@!+I?HD!7<?IBAJ<!6ABGAJMHIJ!AJ!.<?HA<B!3FB@ABBG9JH!

I@!HD9!#9NFA?9G9JHE!@I?!HD9!,9M?99!I@!

%<EH9?!I@!)?HE!

,9O<?HG9JH!I@!(JMBAED!

0JAK9?EAHL!I@!+I?HD!7<?IBAJ<!6ABGAJMHIJ!

PQRR!

)OO?IK9C!:L!

)CKAEI?L!7IGGAHH99!

! !!!!!!!!!!!!%<?S!"I?9J! ! ! !!!!!!!!!!!!!!!!!!!!=<J9H!(BB9?:L! !

! ! !!!!!!!!!!!!!!!!!!!!!!!*A@@<JL!5AB:9?H! ! !

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!7D<A?!

);;9OH9C!:L!

! ! ! !

,9<J'!5?<CF<H9!&;DIIB

DN: cn=Robert D. Roer, o=UNCW,

ou=Dean of the Graduate School &

Research, email=roer@uncw.edu, c=US

Date: 2011.07.19 10:37:36 -04'00'

*)"/(!$3!7$+*(+*&!

)"&*#)7* >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>AAA!

)78+$6/(,5%(+*&>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> AK!

,(,27)*2$+>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>K!

2+*#$,07*2$+1!)!6-2#/62+,!*-#$05-!$T >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> R!

2++2(!$#!$0**2(U1!%)/(V3(%)/(!"/(+,>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>RQ!

23!2!$+/4!-),!)W.-)//0&1!-()/2+5!*-(!%2+,V"$,4!&./2*>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>RX!

$T!$+!*-(!7-$..2+5!"/$781!*-(!-0%)+V)+2%)/!-4"#2, >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>YZ!

7$+7/0&2$+1!3#$%!$T!*$!()#*->>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>[R!

6$#8&!72*(,>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>[\!

AAA!

)"&*#)7*!

2J!!()*+,-'./+'0(1+'23,'.(4+5'61'7/+'!()*+,'!(7)/'61'7/+'!+57'!<!O<?<BB9B!JIK9B!

I@!./+'!63,+819:'!(;28,'61'<;'!5?9MI?L!%<MFA?9!9]OBI?9E!DI^!<!BAHHB9!M?99J!MA?B!

J<G9C!(BOD<:<!M?I^E!FO!HI!:9;IG9!HD9!AJ@<GIFE!6A;S9C!6AH;D!I@!HD9!69EH>!

,9EOAH9!<!B9JMHDL!EHI?L!HD<H!;IK9?E!HD9!OIBAHA;<B'!?9BAMAIFE'!9CF;<HAIJ<B'!<JC!EI;A<B!

EH?F;HF?9E!I@!$_'!%<MFA?9!CI9E!JIH!C9@AJAHAK9BL!ABBFEH?<H9!DI^!(BOD<:<!:9;IG9E!

`^A;S9C>a!!*DFE'!AH!AE!HD9!I:b9;HAK9!I@!HDAE!HD9EAE!HI!9]<GAJ9!DI^!(BOD<:<!:9;IG9E!

HD9!6A;S9C!6AH;D>!*I!CI!EI'!HDAE!HD9EAE!;?AHA;<BBL!9]<GAJ9E!DI^!(BOD<:<!@FJ;HAIJE!

^AHDAJ!$_cE!CA;DIHIGIFE!EI;A<B!EH?F;HF?9>!!*D?IFMD!H?<CAHAIJ!<JC!HD9!6A_<?CcE!

IOO?9EEAK9!?9AMJ'!$_!@FJ;HAIJE!:L!G<AJH<AJAJM!HD9!CAKAEAIJE!I@!G<B9V@9G<B9'!

GAJCV:ICL'!<JC!DFG<JV<JAG!!-I^9K9?'!:L!:B9JCAJM!HD9E9!:AJ<?A9E'!(BOD<:<!

O?IK9E!HI!;D<BB9JM9!HD9!OIBAHA;<B!<JC!EI;A<B!I?C9?!I@!$_>!

3?<GAJM!HDAE!<J<BLEAE!AJ!OEL;DI<J<BLHA;!<JC!@9GAJAEH!HD9I?L'!HDAE!HD9EAE!

<?MF9E!HD<H!(BOD<:<!:B9JCE!HD9!G<B9V@9G<B9'!GAJCV:ICL'!<JC!DFG<JV<JAG<B!

CA;DIHIGA9E!HI!@ABB!D9?!OD<BBA;!B<;S!<JC!<EEFG9!OD<BBA;!OI^9?!AJ!$_>!!&O9;A@A;<BBL'!

<@H9?!<J!AJKIBFJH<?L!;<EH?<HAIJ'!(BOD<:<!H?A9E!HI!?9<EEFG9!D9?!G<E;FBAJAHL!:L!

:9;IGAJM!E9]F<BBL!<G:AMFIFE>!!-9<BAJM!HD9!GAJCV:ICL!EOBAH!(BOD<:<!@AJCE!OD<BBA;!

<OO<?<HFE9E!HI!:IHD!@ABB!D9?!B<;S!<JC!<CGAJAEH9?!OD<BBA;!OI^9?>!!3F?HD9?'!HDAE!HD9EAE!

;IJH9JCE!HD<H!DL:?ACA_AJM!DFG<J!<JC!<JAG<B!<BBI^E!(BOD<:<!HI!;?9<H9!;<EH?<HAIJ!

<J]A9HL!HD?IFMDIFH!$_>!!/<EHBL'!HDAE!HD9EAE!?99]<GAJ9E!HD9!C9@AJAHAIJ!I@!`^A;S9Ca!HI!

9]OB<AJ!DI^!D9?!<G:AMFAHL!C99GE!D9?!^A;S9C!<JC!C9G<JCE!D9?!C9<HD>!!0BHAG<H9BL'!

HI!C9GIJEH?<H9!DI^!!()*+,!AE!<!;<FHAIJ<?L!H<B9'!HDAE!<J<BLEAE!AE!?9d<OO?IO?A<H9C!HI!

<J!9]<GOB9!@?IG!OIEHdXVRR!)G9?A;<>!

AK!

)78+$6/(,5%(+*&!

!2!^IFBC!BAS9!HI!9]H9JC!GL!C99O9EH!<OO?9;A<HAIJ!HI!HD9!@<;FBHL!I@!0+76cE!

(JMBAED!C9O<?HG9JH!@I?!O?IKACAJM!G9!^AHD!<J!9CF;<HAIJ!<JC!9]O9?A9J;9E!HD<H!D<K9!

;D<JM9C!GL!BA@9!AJ!FJAG<MAJ<:B9!^<LE>!!&O9;A@A;<BBL'!HD<JSE!MI9E!HI!,?>!%<?S!"I?9J!

@I?!H9<;DAJM!G9!HD<H!GL!AC9<E!GAMDH!:9!<!BAHHB9!;?<_L'!:FH!HD9L!<?9!?9!!)CCAHAIJ<BBL'!

2!^IFBC!BAS9!HI!HD<JS!,?>!=<J9H!(BB9?:L>!2H!^<E!HD?IFMD!HD9!HD9I?A9E!LIF!H<FMDH!G9!

HD<H!2!G<C9!HD9!:AMM9EH!C9;AEAIJ!2!^ABB!BAS9BL!9K9?!G<S9WHI!:9!<!^IG<J!<JC!HI!:9!

@?99>!!)JC!GL!C99O9EH!M?<HAHFC9!AE!9]H9JC9C!HI!,?>!*A@@<JL!5AB:9?H>!2!D<K9!SJI^J!LIF!

EAJ;9!C<L!IJ9'!<JC!2!;IFBCJcH!D<K9!G<C9!HDAE!bIF?J9L!^AHDIFH!LIF?!;IJHAJFIFE!

9J;IF?<M9G9JH>!!4IF!OFED9C!G9!O<EH!^D<H!2!HDIFMDH!^9?9!GL!BAGAHE!<JC!@I?;9C!G9!

HI!HDAJS!AJ!J9^!^<LE>!*D<JS!LIF!@I?!<B^<LE!S99OAJM!AH!?9!

%L!EAJ;9?9EH!M?<HAHFC9!<BEI!MI9E!HI!GL!GIEH!AJHAG<H9!@?A9JC'!89BBA9!3?9J;D>!!

$F?!L9<?E!HIM9HD9?!<JC!;IFJHB9EE!DIF?E!I@!;IJK9?E<HAIJ!D<K9!ED<O9C!JIH!IJBL!HDAE!

HD9EAE!:FH!<BEI!GL!BA@9>!*IM9HD9?'!^9!B9<?J9C!<:IFH!:IISE'!BA@9'!<JC!O<AJ>!!2!DIO9!2!

D<K9!;IJH?A:FH9C!HI!LIF?!BA@9!<JC!B9<?JAJM!<E!LIF!D<K9!HI!GAJ9>!!

&O9;A<B!HD<JSE!HI!GL!@<GABL!@I?!<B^<LE!<BBI^AJM!G9!HI!:9!<!@?99!EOA?AH>!!4IF?!

;IJHAJFIFE!EFOOI?H!<JC!9J;IF?<M9G9JH!e<JC!GIJ9Lf!D<K9!<BBI^9C!G9!HI!<;DA9K9!

<JL!MI<B!2!D<K9!9K9?!E9H!HI!I:H<AJ>!4IF!H<FMDH!G9!HD<H!9CF;<HAIJ!^ABB!E9H!G9!@?99'!<JC!

AH!CAC>!%IG'!HD<JS!LIF!@I?!H9<;DAJM!G9!HI!BIK9!HD9!^?AHH9J!^I?C>!!,<C'!HD<JS!LIF!@I?!

O<EEAJM!IJ!LIF?!^I?S!9HDA;!HI!G9>!

)JC!B<EHBL'!HD<JSE!HI!GL!O9HE!7<9E<?!)FMFEHFE'!)HD9J<!%<?A9'!<JC!#<GE9L!

(FM9J9!"9Jb<GAJ!@I?!E<;?A@A;AJM!;IFJHB9EE!DIF?E!I@!EB99O'!B9AEF?9'!<JC!OB<L!HI!BAEH9J!

HI!GL!C?<@HE>!

,(,27)*2$+!

3I?!<BB1!`2@!^9gBAS9!BIK9?E'!AJEAEH!IJ'!I?!;?9<H9'!HD9!;IJE;AIFEJ9EE!I@!HD9!

IHD9?EWCI!JIH!@<BH9?!AJ!IF?!CFHL!JI^'!^9!G<L!:9!<:B9'!D<JC@FB!HD<H!^9!<?9'!HI!9JC!

HD9gJAMDHG<?9'!<JC!<;DA9K9!IF?!;IFJH?L'!<JC!;D<JM9!HD9!DAEHI?L!I@!HD9!^I?BC>!!2@!^9!

CI!JIH!JI^!C<?9!9K9?LHDAJM'!HD9!@FB@ABBG9JH!I@!HD9!O?IOD9;L'!?9d;?9<H9C!@?IG!HD9!

"A:B9!AJ!EIJM!:L!<!EB<K9'!AE!FOIJ!FE1!=6,'>2?+'@62/'7/+'82(3A6B'5(>3C'@6'468+'B27+8C'

7/+'1(8+'3+D7'7(4+ha!

d=<G9E!"<BC^AJ'!./+'E(8+'@+D7'.(4+!

KA!

`2J!O9?;9AKAJM!;IJ@BA;HAJM!AJ@I?G<HAIJ!<JC!OIAJHE!I@!KA9^'!ED9!AE!EF:b9;H9C!HI!

<!E^<GOAJM!I@!D9?!OEL;DIBIMA;<B!:I?C9?E>!!&D9!D<E!CAE;IK9?9C!HD<H!ED9!;<JcH!DIBC!

;IJ;9OHE!I?!AC9<E!AJ!?AMAC!:IFJC<?A9E>!!*D9!:I?C9?E!<JC!^<BBE!HD<H!<?9!EFOOIE9C!HI!

S99O!HD9!FJC9EA?<:B9!AC9<!IFH!<?9!9JH?9J;D9C!D<:AHE!<JC!O<HH9?JE!I@!:9D<KAI?i!HD9E9!

D<:AHE!<JC!O<HH9?JE!<?9!HD9!9J9GL!^AHDAJ>!!#AMACAHL!G9<JE!C9<HD>!!$JBL!:L!?9G<AJAJM!

@B9]A:B9!AE!ED9!<:B9!HI!EH?9H;D!HD9!OEL;D9!DI?A_IJH<BBLga!

d5BI?A<!)J_<BCj<'!`/<!;IJ;A9J;A<!C9!B<!G9EHA_<1!

*I^<?CE!<!+9^!7IJE;AIFEJ9EEa!

2+*#$,07*2$+1!

)!6-2#/62+,!*-#$05-!$T!

! $J!%<L!R\'!RXQQ'!/>!3?<JS!"<FGcE!B9M9JC<?L!<JC!A;IJA;!;DABC?9JcE!:IIS'!./+'

!63,+819:'!(;28,'61'<;!^<E!?9B9<E9C>!!6AHDAJ!IJBL!<!@9^!GIJHDE'!HD9!:IIS!^<E!

^AC9BL!?9<C!<JC!CAE;FEE9C!HD?IFMDIFH!HD9!0JAH9C!&H<H9E>!!/9EE!HD<J!@IF?!GIJHDE!

<@H9?!HD9!?9B9<E9!I@!HD9!:IIS'!IJ!&9OH9G:9?!k'!RXQQ'!HD9!@+B'F68*'.(4+5!&<HF?C<L!

#9KA9^'!`)!+9^!"IIS!@I?!7DABC?9J'a!DAMDBL!O?<AE9C!"<FGcE!^I?S1!`+9AHD9?!HD9!H<B9E!

I@!)9EIO!<JC!IHD9?!@<:B9AEHE!JI?!HD9!EHI?A9E!<E!l*D?99!"9<?Ec!^ABB!9K9?!O<EE!9JHA?9BL!

<^<L'!:FH!<!^9B;IG9!OB<;9!?9G<AJE!<JC!^ABB!9<EABL!:9!@IFJC!@I?!EHI?A9E!EF;D!<E!

l3<HD9?!5IIE91!-AE!&HI?L'c!l*D9!&IJME!I@!3<HD9?!5IIE9'c!<JC!JI^!l*D9!6IJC9?@FB!

6A_<?C!I@!$_ca!e"#!RYf>!!3IBBI^AJM!HD9!EHI?L!I@!,I?IHDL'!<!8<JE<E!J<HAK9!E^9OH!<^<L!

:L!<!HI?J<CI!<JC!CAEOB<;9C!AJ!HD9!EH?<JM9!<JC!;IBI?@FB!^I?BC!I@!$_'!"<FGcE!EHI?L!

H?<JEOB<JH9C!DAE!?9<C9?E!AJHI!<J!FJSJI^J!FJAK9?E9>!!*D<H!AE'!<!^I?BC!^D9?9!

GIJS9LE!;<J!@BL'!HAJ!G9J!J99C!D9<?HE'!BAIJE!;?<K9!;IF?<M9'!E;<?9;?I^E!J99C!:?<AJE'!

<JC!9K9?LIJ9!J99CE!<!@<:FBIFE!O<A?!I@!MBAHH9?AJM!EDI9E>!

#9EOIJCAJM!HI!HD9!OIOFB<?AHL!I@!"<FGcE!JIK9B'!%5%!EHFCAIE!<JC!CA?9;HI?!

mA;HI?!3B9GAJM!;?9<H9C!HD9!RXYX!@ABG!<C<OH<HAIJ'!./+'!(;28,'61'<;>!!)C<OHAJM!HD9!

JIK9B!AJHI!<!J9^!G9CAFG!ESL?I;S9H9C!HD9!EHI?L!AJHI!9K9J!DAMD9?!B9K9BE!I@!OIOFB<?AHL!

<JC!G<C9!HD9!EH<?'!=FCL!5<?B<JC'!<J!)G9?A;<J!A;IJ>!!)CCAJM!;IBI?!HI!E9B9;H!E;9J9E'!

./+'!(;28,'61'<;!JIH!IJBL!M<K9!HD9!EHI?L!KAH<BAHL'!:FH!<BEI!AJH?ICF;9C!HD9!<FCA9J;9!HI!

J9^!H9;DJIBIML>!!)E!<!?9EFBH'!HD9!)FMFEH!Rk'!RXYX'!@+B'F68*'.(4+5!`*D9!&;?99J!AJ!

#9KA9^a!O?<AE9C!HD9!@ABG1!

! ! !

+IH!EAJ;9!,AEJ9LnE!o&JI^!6DAH9o!D<E!<JLHDAJM!NFAH9!EI!@<JH<EHA;!

EF;;99C9C!D<B@!EI!^9BB>!)!@<A?L:IIS!H<B9!D<E!:99J!HIBC!AJ!HD9!@<A?L:IIS!

EHLB9'!^AHD!^AH;D9E'!MI:BAJE'!OA]A9E!<JC!IHD9?!^IJC?IFE!HDAJME!C?<^J!

AJ!HD9!:?AMDH9EH!;IBI?E!<JC!E9H!;<KI?HAJM!HI!<!G9??L!BAHHB9!E;I?9>!2H!AE!<BB!

EI!^9BBdAJH9JHAIJ9C'!EI!M9JA<B!<JC!EI!M<L!HD<H!<JL!?9KA9^9?!^DI!^IFBC!

BIIS!CI^J!DAE!JIE9!<H!HD9!@FJdG<SAJM!EDIFBC!:9!EO<JS9C!<JC!E9JH!I@@'!

EFOO9?B9EE'!HI!:9C>!e+FM9JHf!

*DAE!E9JHAG9JH!D<E!:99J!;<??A9C!HD?IFMDIFH!HD9!M9J9?<HAIJE!I@!3B9GAJMcE!KA9^9?E>!!

)E!<!?9EFBH'!EAJ;9!HD9!?9B9<E9!I@!./+'!63,+819:'!(;28,'61'<;'!HD9?9!D<K9!:99J!IK9?!

RQQ!O?I@9EEAIJ<B!e?9fO?ICF;HAIJE'!?<JMAJM!@?IG!HD9!RX\Z!)FEH?<BA<J!?I;S!GFEA;<B'!

<;'!HI!%IHI^JcE!9]9;FHAK9!"9??L!5I?CLcE!RX\k!<C<OH<HAIJ'!./+'!(;'!HI!*D9!%FOO9HEc!

PQQ[!./+'!(;28,'61'<;>!!*D?IFMD!@ABG'!H9B9KAEAIJ'!EH<M9'!:IISE'!;IGA;E'!<JC!M<G9E'!

./+'!63,+819:'!(;28,'61'<;!D<E!G<C9!AHE!O?9E9J;9!AJ!HD9!;?9<HAK9!M9J?9E!I@!

O9?@I?G<J;9!<JC!9JH9?H<AJG9JH!@I?!RRR!L9<?E>!

%IEH!?9;9JHBL'!./+'!63,+819:'!(;28,'61'<;!D<E!H<S9J!J9^!ED<O9!FJC9?!HD9!

;?9<HAK9!<JC!<?HAEHA;!^AJM!I@!5?9MI?L!%<MFA?9>!.<?<BB9BAJM!HD9!I?AMAJ<B!JIK9B'!

%<MFA?9cE!RXX[!:IIS'!!()*+,-'./+'0(1+'23,'.(4+5'61'7/+'!()*+,'!(7)/'61'7/+'!+57'!

?9H9BBE!HD9!EHI?L!I@!$_!AJ!HD9!O?9d,I?IHDL!9?<>!3IBBI^AJM!HD9!BA@9!I@!HD9!O?IH<MIJAEH'!

(BOD<:<'!!()*+,!J<??<H9E!DI^!HD9!6AH;D!I@!HD9!69EH!:9;<G9!SJI^J!<E!HD9!AJ@<GIFE!

6A;S9C!6AH;D!I@!HD9!69EH>!6AHD!EF:OBIHE!HD<H!DAJH!<H!;IJH9GOI?<?L!)G9?A;<J!

;FBHF?9'!%<MFA?9!OI?H?<LE!$_!<E!<!OIBAHA;<BBL!;I??FOH!J<HAIJ>!!&O9;A@A;<BBL'!HD?IFMD!HD9!

6A_<?CcE!<HH9GOH!HI!E9M?9M<H9!)JAG<BE!<JC!DFG<JE'!%<MFA?9!C9OA;HE!HD9!/<JC!I@!$_!

<E!<!J<HAIJ!AJ!^DA;D!AC9JHAHL'!OIBAHA;E'!<JC!EI;A9HL!<?9!;IGOBA;<H9C!:L!HD9!?9AMJ!I@!<J!

! ! !

IOO?9EEAK9!MIK9?JG9JH>!!%IEH!AGOI?H<JHBL'!%<MFA?9!@?<G9E!$_!<E!HD9!C?AKAJM!@I?;9!

:9DAJC!HD9!BA@9!<JC!<;HAIJE!I@!<!BAHHB9!M?99J!MA?B!MIJ9!`^A;S9C>a!

%<MFA?9cE!$_!AE!<!J<HAIJ!CAKAC9C!:L!<!MIICV9KAB!CA;DIHIGL>!!79?H<AJBL'!HDAE!

CI9E!JIH!;IG9!<E!<!EF?O?AE9!:9;<FE9!IJ9!I@!"<FGcE!G<bI?!HD9G9E!AJ!HD9!I?AMAJ<B!

JIK9B!AE!HD9!?9B<HAIJEDAO!:9H^99J!MIIC!<JC!9KAB'!O<?HA;FB<?BL!<GIJMEH!5BAJC<'!

,I?IHDL'!<JC!HD9!6A;S9C!6AH;D>!!3I?!9]<GOB9'!"<FG!^?AH9E'!`*D9?9!^9?9!IJBL!@IF?!

^AH;D9E!AJ!<BB!HD9!/<JC!I@!$_'!<JC!H^I!I@!HD9G'!HDIE9!^DI!BAK9!AJ!HD9!+I?HD!<JC!

&IFHD'!<?9!MIIC!^AH;D9Eg*DIE9!^DI!C^9BH!AJ!HD9!(<EH!<JC!69EH!^9?9'!AJC99C'!

^A;S9C!^AH;D9Ea!e"<FG!PYf>!!)CCAHAIJ<BBL'!"<FGcE!;D<?<;H9?!C9K9BIOG9JH!I@!HD9!

AJJI;9JH!<JC!MIIC!,I?IHDL!;IJH?<EHE!C9;AEAK9BL!^AHD!HD9!EAJ@FB!<JC!9KAB!6A;S9C!

6AH;D>!!6DAB9!,I?IHDL!<JC!HD9!/AIJ!<?9!D9BC!;<OHAK9!AJ!HD9!6AH;DcE!;<EHB9'!,I?IHDL!

SAJCBL!H9JCE!HI!HD9!7I^<?CBL!/AIJ>!!"<FG!^?AH9E'!`,I?IHDL!;<??A9C!DAG!@IIC!@?IG!

HD9!;FO:I<?C>!!)@H9?!D9!D<C!9<H9J!D9!^IFBC!BA9!CI^Jg<JC!,I?IHDL!^IFBC!BA9!:9EAC9!

DAG!<JC!OFH!D9?!D9<C!IJ!DAE!EI@H'!ED<MML!G<J9a!e"<FG!RPZf>!!2J!;IJH?<EH!HI!

,I?IHDLcE!MIIC!C99CE!<JC!M9JHB9!C9G9<JI?'!HD9!6A;S9C!6AH;D!G<C9!,I?IHDL!`^I?S!

D<?C!CF?AJM!HD9!C<L'!<JC!I@H9JgpED9q!HD?9<H9J9C!HI!:9<H!D9?a!<JC!ED9!`EH?F;S!*IHI!<!

:BI^!^AHD!D9?!FG:?9BB<a!e"<FG!RPZf>!!6AHD!HDAE!EHI?L'!"<FG!O?9E9JHE!HD9!;IJ@BA;H!

:9H^99J!MIIC!<JC!9KAB>!!"FH!"<FGcE!?9<C9?!J9K9?!B9<?JE!DI^!DAE!;D<?<;H9?E!:9;<G9!

MIIC!I?!9KAB>!!!#9@I;FEAJM!HD9!J<??<HAK9!IJHI!HD9!6A;S9C!6AH;D'!%<MFA?9!FE9E!!()*+,!

HI!@ABB!AJ!HD9!M<O!"<FG!B9<K9E!:B<JS1!6D<H!9]<;HBL!G<S9E!HD9!6A;S9C!6AH;D!EI!

^A;S9CU!!

*I!<JE^9?!HD<H!NF9EHAIJ'!%<MFA?9!;?9<H9E!J9^!;D<?<;H9?E!<JC!MAK9E!J9^!BA@9!

HI!G<?MAJ<B!;D<?<;H9?E!@?IG!./+'!63,+819:'!(;28,'61'<;G'2J!!()*+,'!%<MFA?9!

! ! !

?9@I;FE9E!HD9!JIK9B!IJ!HD9!C9K9BIOG9JH!I@!(BOD<:<>!!*D9!JIK9B!:9MAJE!AJ!HD9!C<LE!

O?9;9CAJM!(BOD<:<cE!:A?HD>!!*D9!?9<C9?!AE!AJH?ICF;9C!HI!D9?!@<HD9?'!3?9]'!<!0JAIJAEH!

GAJAEH9?'R!<JC!DAE!O?IGAE;FIFE!^A@9'!%9B9J<>!!3?9]!K9JHF?9E!I@@!HI!E<K9!DAE!

O<?AEDAIJ9?E!@?IG!HD9!AJ;IGAJM!7BI;S!I@!HD9!*AG9!,?<MIJ'!<!H?<K9BAJM!HD9<H?A;<B!

H?IFO9!^DIE9!OB<LE!O<?ICL!HD9!EAJ@FB!:9D<KAI?E!I@!AHE!<FCA9J;9>!!)E!%<MFA?9!^?AH9E'!

AH!`;IG:AJ9C!HD9!<OO9<BE!I@!AJM9JFAHL!<JC!G<MA;a!HI!E9CF;9!AHE!<FCA9J;9!AJHI!E99AJM!

HD9!^I?BC!HD?IFMD!HD9!O9?EO9;HAK9!I@!?9<BAHL'!JIH!?9BAMAIJ!eRYf>!!6DAB9'!3?9]!AE!I@@!

O?9<;DAJM'!%9B9J<!MI9E!AJHI!B<:I?>!!)@H9?!<!;BIE9!9J;IFJH9?!^AHD!<J!<JM?L!GI:!

e^DA;D!bFEH!EI!D<OO9JE!HI!:9!<@H9?!D9?!DFE:<JCf'!%9B9J<!AE!@I?;9C!AJEAC9!HD9!7BI;S!I@!

HD9!*AG9!,?<MIJ!^D9?9!ED9!MAK9E!:A?HD!HI!$_cE!@A?EH!M?99J!:<:L>!!*D<H!AE'!<!M?99J!:<:L!

^DI!<BEI!D<OO9JE!HI!D<K9!<!E9H!I@!?<_I?!ED<?O!H99HD>!

! "I?J!<!ED<G9@FB!ED<C9!I@!M?99J'!@?IG!HD9!@A?EH!GIG9JHE!I@!D9?!BA@9'!(BOD<:<!AE!

O<?HA<BBL!J9MB9;H9C!:L!D9?!O<?9JHE!<JC!C9EOAE9C!:L!HD9!$_A<JE>!3I?!AJEH<J;9'!

?9@9??AJM!HI!HD9!M?99J!:<:L'!3?9]!E<LE'!`2HcE!HD9!^?IJM!;IBI?g-9<K9J!AE!JIH!AGO?IK9C!

:L!AHg<JC!D9<K9J!CI9E!JIH!<OO?IK9>!!6D<H!<?9!^9!HI!CIha!e%<MFA?9!PYf>!!$HD9?!HD<J!

HD9!BAHHB9!<@@9;HAIJ!ED9!?9;9AK9E!@?IG!D9?!M?<JCGIHD9?'!+<JJL'!<JC!D9?!O<?9JHEc!

BIK9?'!*F?HB9!-9<?H'!(BOD<:<!AE!;<EH!<EAC9!<E!<!:LO?ICF;H!I@!D9?!O<?9JHEc!:<C!

:9D<KAI?>!!!%<MFA?9!9]OB<AJE'!3?9]!`D<C!@9BH!HD9!E;I?J!I@!HD9!O9IOB9gHD9L!D<C!

;IJJ9;H9C!HD9!*AG9!,?<MIJcE!EB<JC9?IFE!EHI?L!I@!<!;I??FOH!GAJAEH9?!^AHD!HD9!<??AK<B!

I@!<!C9@I?G9C!;DABCa!e%<MFA?9!YXf>!,F9!HI!D9?!$HD9?J9EE'!(BOD<:<!EO9JCE!GIEH!I@!

D9?!;DABCDIIC!^AHDIFH!<!;IG@I?H<:B9!OB<;9!@I?!D9?!HI!@AH!AJHI!EI;A9HL>!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

R!%<MFA?9cE!$_!AE!;IGO?AE9C!I@!HD?99!G<AJ!?9BAMAIJE1!HD9!H?<CAHAIJ<B!?9BAMAIJ'!

0JAIJAEGi!HD9!O<M<J!?9BAMAIJ'!/F?BAJAEGi!<JC!HD9!.B9<EF?9!3<AHD>!

! ! !

! *D9!JIK9B!@B<ED9E!@I?^<?C!HI!5ABBASAJ'!HD9!?9MAIJ!I@!$_!HD<H!DIFE9E!(BOD<:<cE!

;IBB9M9'!&DA_'!^D9?9!ED9!D<E!<!CA@@A;FBH!HAG9!@AHHAJM!AJ!^AHD!HD9!IHD9?!EHFC9JHE>!!*DAE!AE!

9EO9;A<BBL!H?F9!^D9J!ED9!G99HE!D9?!?IIGG<H9'!^DI!^ABB!:9;IG9!:IHD!D9?!;BIE9EH!

@?A9JC!<JC!C99O9EH!9J9GL'!5<BAJC<>P!!)H!&DA_'!(BOD<:<!CAE;IK9?E!ED9!D<E!<!O<EEAIJ!@I?!

)JAG<B!#AMDHE>!!)JC!<@H9?!G99HAJM!D9?!O?I@9EEI?'!,I;HI?!,ABB<GIJC'!ED9!B9<?JE!HD<H!

AJ!I?C9?!HI!@AJC!9NF<BAHL!<GIJMEH!DFG<JE!<JC!<JAG<BE'!HD9!6A_<?CcE!?9AMJ!GFEH!9JC>!!

/IISAJM!@I?!:AIBIMA;<B!;IJJ9;HAIJE'!,I;HI?!,ABB<GIJC!<JC!(BOD<:<!E99S!HI!O?IK9!

<JAG<BE!<JC!DFG<JE!<?9!M9J9HA;<BBL!HD9!E<G9>!%<MFA?9!^?AH9E'!HD9L!`CAC!JIH!^<JH!HI!

<JJIFJ;9!<JL!:?9<SHD?IFMDE!FJHAB!D9!D<C!@AMF?9C!IFH!HD9!GIEH!OIBAHA;<BBL!

<CK<JH<M9IFE!^<L!HI!O?9E9JH!HD9Gg*D9!6A_<?CcE!?AMDH!HI!AGOIE9!FJbFEH!B<^E!G<L!

:9!:9HH9?!;D<BB9JM9C!A@!^9!SJI^!DI^!HD9!IBC!;ICM9?E!9]OB<AJ9C!AH!HI!HD9GE9BK9Ea!

eRRrf>!!"FH!:9@I?9!,I;HI?!,ABB<GIJC!;<J!<JJIFJ;9!HD9?9!AE!E;A9JHA@A;!9KAC9J;9!HD<H!

DFG<JE!<JC!<JAG<BE!<?9!?9B<H9C'!D9!AE!EFEOA;AIFEBL!GF?C9?9C>!!$FH!I@!M?A9@!<JC!

C9H9?GAJ<HAIJ!HI!E99S!?9K9JM9'!(BOD<:<!B9<K9E!&DA_!HI!:9MAJ!?9EH?F;HF?AJM!$_W@?IG!

HD9!HIO!CI^J>!

*?<JEAHAIJAJM!AJHI!<CFBHDIIC'!(BOD<:<!GIK9E!HI!HD9!(G9?<BC!7AHL!^D9?9!ED9!

MI9E!FJC9?M?IFJC!`HI!BAK9!D9?9!BAS9!<!EJ<ABg-ACC9J!<JC!O?AK<H9a!<E!<J!<EE<EEAJ!

e%<MFA?9!RkXf>!!2J!HD9!GACEH!I@!<J!<CFBH9?IFE!<@@<A?!^AHD!D9?!@I?G9?!;IBB9M9!@?A9JC'!

3AL9?I'!(BOD<:<!H?A9E!HI!<EE<EEAJ<H9!HD9!6A_<?CcE!O<^JEi!DI^9K9?'!<@H9?!<!EAJMB9!

:IH;D9C!<HH9GOH!<JC!HD9!GF?C9?!I@!D9?!BIK9?'!ED9!K<JAED9E!<^<L!AJHI!HD9!DABBE!I@!

8A<GI!8I>!!*D9?9'!ED9!EHFCA9E!EO9BBE!<JC!B9<?JE!HI!BAK9!HD9!BA@9!I@!<!`^AH;D>a!!)JC!AH!AE!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

P!6DAB9!<H!&DA_'!5<BAJC<!;D<JM9E!D9?!J<G9!HI!5BAJC<>!!2J!HDAE!HD9EAE'!5<BAJC<V5BAJC<cE!

J<G9!^ABB!:9!FE9C!AJ!<;;I?C<J;9!^AHD!%<MFA?9cE!FE<M9>!

! ! !

D9?9!HD9!EHI?L!9JCEW<@H9?!<!HI?J<CI!?<M9E!HD?IFMD!$_!<JC!C?IOE!I@@!,I?IHDL!^DI!

C?9J;D9E!<JC!<;;AC9JH<BBL!SABBE!HD9!6A;S9C!6AH;D!^AHD!<!:F;S9H!I@!^<H9?>!!

*D?IFMD!HDAE!EHI?L'!%<MFA?9!G<S9E!AH!;B9<?!HD<H!HD9?9!AE!JI!C9@AJAHAK9!;<FE9!I@!

(BOD<:<cE!C9GIJA_<HAIJ!<E!^A;S9C>!)E!DAE!H9]H!EFMM9EHE'!<BHDIFMD!ED9!;IJEAC9?E!

;IGGAHHAJM!KAIB9JH!<;HE'!(BOD<:<cE!^A;S9CJ9EE!J9K9?!;IG9E!HI!@?FAHAIJ>!*DAE!B9<K9E!

<J!IO9J!<JC!<G:AMFIFE!9JCAJM!HD<H!G<JL!?9<C9?E!D<K9!D<?EDBL!;?AHA;A_9C>!!)E!<!

?9EFBH'!HD9?9!AE!<BEI!:99J!<!B<;S!I@!E;DIB<?EDAO>!!*I!C<H9'!HD9?9!D<E!:99J!K9?L!BAHHB9!

E;DIB<?EDAO!<:IFH!%<MFA?9cE!JIK9B>!!%IEHBL'!HD9!E;DIB<?EDAO!HD<H!D<E!:99J!OF:BAED9C!

<:IFH!!()*+,'AE!@I;FE9C!IJ!HD9!PQQY!"?I<C^<L!GFEA;<B!I@!HD9!E<G9!J<G9>!!2J!@<;H'!

^DAB9!?9E9<?;DAJM!@I?!HDAE!O?Ib9;H'!IJBL!H^I!<?HA;B9E!^9?9!;?9CA:B9!9JIFMD!HI!;AH9!<E!

9]AEHAJM!;?AHA;AEG>!

! )BAEE<!"F?M9?cE!<?HA;B9'!`!()*+,'23,'!63,+819:'!(7)/+5-'@28827(?+'23,'=+3,+8'

@+>67(27(635'1864'*D9!6A_<?C!I@!$_!76'6A;S9C'a!9]<GAJ9E!DI^!HD9!9]O9?A9J;9E!I@!

,I?IHDL'!5BAJC<'!<JC!HD9!6A;S9C!6AH;D!D<K9!9KIBK9C!HD?IFMD!H?<JE@I?G<HAIJE!I@!

M9JC9?!;IJEH?F;HAIJ>!!&O9;A@A;<BBL'!"F?M9?!@?<G9E!HDAE!<?MFG9JH!HD?IFMD!"<FGcE!

I?AMAJ<B!H9]H'!HD9!RXYX!@ABG!<C<OH<HAIJ'!%<MFA?9cE!JIK9B'!<JC!HD9!GFEA;<B'!!()*+,>!!

"F?M9?cE!<J<BLEAE!EFMM9EHE!HD<H!HD?IFMD!HD9!9KIBKAJM!B9M<;L!I@!$_'!`HD9E9!^I?SE!

?9AG<MAJ9!<JC!?9AJE;?A:9!@9G<B9!9]O9?A9J;9!<JC!9]O?9EEAIJa!eRPrf>!!"F?M9?!<?MF9E!

HD<H!HD?IFMD!HD9!CA@@9?9JH!<C<OH<HAIJE!I@!$_'!HD9!@9G<B9!;D<?<;H9?E!OI?H?<L!HD9!G<JL!

@<;9HE!I@!M9JC9?9C!AC9JHAHL1!

p2qJ!./+'!(;28,'61'<;'@ABG'!,I?IHDL!<JC!5BAJC<!<?9!`MIIC!MA?BE'a!

O?IH9;H9C!<JC!:B9EE9Ci!;IJK9?E9BL'!HD9!J<G9B9EE!6AH;D9E!I@!HD9!(<EH!

<JC!69EH!<?9!@9<?9C'!C9EOAE9C'!<JC!HDI?IFMDBL!9KAB>!!$_A<JE!;9B9:?<H9!

! ! !

HD9!C9<HDE!I@!HD9!6AH;D9E'!^DAB9!HD9L!?9K9?9!,I?IHDL!<JC!5BAJC<>!!*D9!

H^I!K9?EAIJE!I@!!()*+,'!IJ!HD9!IHD9?!D<JC'!O?IKAC9!<!JFG:9?!I@!

@B<^9C'!AGO9?@9;H'!<JC!E9]F<B!^IG9J'!CAE?FOHAJM!HD9!M9JC9?9C!

CA;DIHIGL!I@!HD9!9<?BA9?!K9?EAIJE>!eRPrf!

2J!;IGO<?AEIJ!HI!HD9!9<?BA9?!K9?EAIJ!I@!./+'!(;28,'61'<;'!"F?M9?!9GOD<EA_9E!

%<MFA?9cE!JIK9BcE!FJANF9J9EE!:L!FJC9?E;I?AJM!HD<H!(BOD<:<cE!AC9JHAHL!AE!?9B<HAK9!HI!

D9?!9]O9?A9J;9E!AJ!$_>!"F?M9?cE!<?HA;B9!AE!JIH!<!@<ABF?9!AJ!H9?GE!I@!<!;?AHA;<B!<OO?I<;D!

HI!HD9!H9]H'!:FH!ED9!CI9E!J9M<H9!HD9!AC9<!HD<H!!()*+,H5!;D<?<;H9?E!;<J!:9!<J<BL_9C!

AJC9O9JC9JHBL!I@!./+'!(;28,'61'<;>!

$J9!<?HA;B9!HD<H!@I;FE9E!EIB9BL!IJ!!()*+,!AE!7D?AEHIOD9?!#IG<JcE!`./+'!()*+,'

!(7)/'61'7/+'!+571!*9??I?AEHU!!#9^?AHAJM!(KAB!AJ!5?9MI?L!%<MFA?9cE!!()*+,>a!!*DAE!

<?HA;B9!9]OBI?9E!HD9!C9@AJAHAIJ!I@!9KAB!<JC!DI^!eA@!<H!<BBf'!(BOD<:<!@<BBE!FJC9?!HD<H!

C9@AJAHAIJ>!.?9E9JHAJM!AJH9?CAE;AOBAJ<?L!C9@AJAHAIJE!I@!`H9??I?AEG'a!#IG<J!C9CF;9E!

HD<H!DI^!<JC!^DL!IJ9!:9;IG9E!AJKIBK9C!AJ!H9??I?AEG!;<JJIH!:9!9]OB<AJ9C>!!-9!

EFMM9EHE!HD<H!G9H<9]OB<J<HAIJE!I@!CLE@FJ;HAIJ<B!EI;A9HL!<JC!BA@9!CI!JIH!;IJ;BFC9!

^AHD!HD9!C9K9BIOG9JH!I@!H9??I?AEHE!I?!H9??I?AEHA;!<;HE!ePR[f>!!)E!EF;D'!#IG<J!

EFMM9EHE!HD<H!%<MFA?9!I@@9?E!JI!;B9<?!9]OB<J<HAIJ!<E!HI!DI^!(BOD<:<!:9;IG9E!

`^A;S9Ca!I?!AJ!GIC9?J!B<JMF<M9!`<!H9??I?AEH>a!!-9!^?AH9E'!`p*qD9?9!AE!<!;9?H<AJ!

H9JEAIJ!HD<H!9G9?M9E!@?IG!@AJCAJM!<!?IIH!;<FE9'!EF;D!<E!EIG9HDAJM!AJ!D9?!;DABCDIIC'!

D9?!FO:?AJMAJM'!I?!D9?!E;DIIBAJM!HD<H!^IFBC!9]OB<AJ!(BOD<:<cE!B<:9BAJM!<E!^A;S9Ca!

ePRkf>!!"FH'!<E!#IG<J!;IJHAJF9E'!`%<MFA?9!CI9E!JIH!<JE^9?!HDAE!NF9EHAIJ!@I?!FE>!!

6AHDAJ!HD9!;IJH9]H!I@!DAE!H9]H'!D9!G<S9E!AH!;B9<?!HD<H!(BOD<:<!AE!JIH!^A;S9C>>>a!ePRkf>!

#IG<J!@AJ<BBL!AJH?ICF;9E!HD9!H9]H!AJHI!AHE!I^J!;?AHA;<B!9K<BF<HAIJ'!:FH!D9!@<ABE!HI!

! ! !

<?HA;FB<H9!(BOD<:<cE!G<JL!;IGOB9]AHA9E!<JC!DI^!HD9L!G<L!;IJH?A:FH9!HI!D9?!

GAEJIG9?!I@!HD9!6A;S9C!6AH;D!I@!HD9!69EH'!9K9J!A@!ED9!AE!JIH!^A;S9C>!

`"?IIGE'!"9<EHE'!<JC!HD9!.D<BBFE1!AC9JHA@LAJM!HD9!6A;S9C!6AH;D!HD?IFMD!

CA;DIHIGIFE!:B9JCE!AJ!!()*+,a!9]OBI?9E!(BOD<:<cE!;IGOB9]AHA9E!<JC!FJ;IK9?E!DI^!

HD9L!B9<C!HI!D9?!C9GAE9>!2H!9];<K<H9E!HD9!;IJK9?E<HAIJ!<:IFH!!()*+,'@?IG!

FJC9?J9<HD!HD9!ED<CI^!I@!./+'!(;28,'61'<;'!<JC!DIJ9E!AJ!IJ!DI^!(BOD<:<!@FJ;HAIJE!

^AHDAJ!$_cE!?AMAC!CA;DIHIGA9E>!!*I!HDAE!9JC'!HDAE!HD9EAE!?9BA9E!IJ!<!@?<G9^I?S!9?9;H9C!

@?IG!OEL;DI<J<BLEAE!<JC!@9GAJAEH!HD9I?L>!!

7D<OH9?!IJ9'!`2JJA9!I?!$FHHA91!%<B9V39G<B9!"B9JC'a!EFMM9EHE!HD<H!(BOD<:<!

@A?EH!HD?9<H9JE!HD9!CAKAC9C!EH?F;HF?9!I@!$_!:L!:B9JCAJM!;IJ;9OHE!I@!G<B9!<JC!@9G<B9!

E9]F<BAHL>!!&AHF<HAJM!HD9!H9]H!FJC9?!HD9!HD9I?A9E!I@!=<;NF9E!/<;<J!<JC!&AMGFJC!3?9FC'!

HDAE!;D<OH9?!<?MF9E!HD<H!(BOD<:<!AE!:I?J!<E!<!OE9FCIdD9?G<OD?ICAH9'!I?!IJ9!HD<H!

<OO9<?E!HI!:9!I@!:IHD!E9]9E>!!"9;<FE9!I@!HDAE!D9?G<OD?ICAHA;!<OO9<?<J;9'!HDAE!

;D<OH9?!<?MF9E!ED9!AE!AJKIBFJH<?ABL!;<EH?<H9C>!!%I?9IK9?'!HDAE!;D<OH9?!;IJH9JCE!HD<H!

<@H9?!HD9!;<EH?<HAIJ'!(BOD<:<!EF:;IJE;AIFEBL!E99SE!HI!@AJC!D9?!O9JAE!:L!:9;IGAJM!

E9]F<BBL!<G:AMFIFE>!

7D<OH9?!H^I'!`2@!2!$JBL!D<C!<W.D<BBFE1!-9<BAJM!HD9!%AJCV"ICL!&OBAH'a!

CAE;FEE9E!DI^!(BOD<:<!;<JJIH!?9;<OHF?9!D9?!G<E;FBAJAHL!EAGOBL!HD?IFMD!:B9JCAJM!

G<B9!<JC!@9G<B9>!!-9?9'!2!<?MF9!HD<H!:L!FJAHAJM!$_cE!GAJCV:ICL!EOBAH'!(BOD<:<!AE!<:B9!

HI!EAGFB<H9!HD9!OD<BBFE>!!2!9]OBI?9!DI^!(BOD<:<cE!:?IIG!<JC!HD9!5?AGG9?A9'!(<?HDcE!

G<MA;!:IIS!I@!EO9BBE'!<;H!<E!D9?!O9JAE!<JC!<BBI^!OD<BBA;!OI^9?>!!*I!;IJEH?F;H!HDAE!

<?MFG9JH'!HDAE!;D<OH9?!9GOBILE!HD9!;?AHA;<B!^I?S!I@!@9GAJAEH!<JC!OEL;DI<J<BLHA;!

! ! !

E;DIB<?E!EF;D!<E!/F;9!2?AM<?<L'!-9B9J9!7A]IFE'!<JC!&<JC?<!%>!5AB:9?H!<JC!&FE<J!

5F:<?>!

7D<OH9?!HD?99'!`$_!IJ!HD9!7DIOOAJM!"BI;S1!*D9!-FG<JV)JAG<B!-L:?AC'a!

O?9E9JHE!HD9!AC9<!HD<H!:L!?9O?9E9JHAJM!HD9!OD<BBFE'!(BOD<:<!;?9<H9E!;<EH?<HAIJ!

<J]A9HL>!!*DAE!;D<OH9?!OAKIHE!HD9!@I;FE!@?IG!HD9!GAJCV:ICL!EOBAH!HI!9]OBI?9!DI^!

(BOD<:<!DL:?ACA_9E!DFG<J!<JC!<JAG!!0EAJM!HDAE!<JMB9'!AH!AE!9KAC9JH!HD<H!(BOD<:<!

;?9<H9E!;<EH?<HAIJ!<J]A9HL!HD?IFMDIFH!$_>!!*I!EFOOI?H!HDAE!<?MFG9JH'!HDAE!;D<OH9?!

?9BA9E!IJ!HD9!HD9I?A9E!I@!9;I@9GAJAEG!<JC!<J!9G9?MAJM!@A9BC!I@!;?AHA;AEG'!<JAG<B!

EHFCA9E>!

*D9!;IJ;BFEAIJ!I@!HDAE!HD9EAE!9]OBI?9E!GIC9?J!<JC!<J;A9JH!C9@AJAHAIJE!I@!HD9!

H9?G!`^A;S9C>a!!/IISAJM!<H!HD9E9!C9@AJAHAIJE!9]OB<AJE!DI^!(BOD<:<cE!:B9JCAJM!I@!

<JHAHD9HA;<B!AC9<E!AJC9JHA@A9E!D9?!<E!HD9!6A;S9C!6AH;D!I@!HD9!69EH>!!2!<?MF9'!HD9J'!HD<H!

HDAE!AC9JHA@A;<HAIJ!<JC!EHAMG<HA_<HAIJ!C9G<JCE!HD9!^AH;D!GFEH!CA9>!!3F?HD9?'!2!

9]OBI?9!^DL!$_!;?9<H9E!(BOD<:<cE!C9<HD!E9JH9J;9>!*I!;IJ;9OHF<BA_9!HDAE!<?MFG9JH'!

HDAE!;IJ;BFEAIJ!O?IKAC9E!<J!9]<GOB9!I@!DI^!HDAE!E<G9!AC9<!I@!`^A;S9CJ9EEa!AE!

O?9E9JH!AJ!OIEHdXVRR!)G9?A;<J!;FBHF?9>!

! ! !

RQ!

2++2(!$#!$0**2(U!

%)/(!V3(%)/(!"/(+,!

39GAJAEH!;?AHA;AEG!<JC!M9JC9?!EHFCA9E!D<K9!BIJM!9]OBI?9C!HD9!CA@@9?9J;9!

:9H^99J!G<B9V@9G<B9!<JC!G<E;FBAJ9V@9GAJAJ9>!!2J!HD9A?!AJH?ICF;HAIJ!HI!!64+3-'

"42>+5'23,'I+2:(7(+5'!)GL!89EE9BG<J'!/ABL!,>!%;+<A?'!<JC!+<J;L!&;DJA9C9^AJC!

9@@9;HAK9BL!C9E;?A:9!HD9!<?MFG9JHE!I@!;B<EEA;!@9GAJAEH!E;DIB<?E!EF;D!<E!&AGIJ9!C9!

"9<FKIA?!<JC!"9HHL!3?A9C<J>!!89EE9BG<J'!%;+<A?'!<JC!&;DJA9C^AJC!^?AH9'!`6DAB9!

M9JC9?!AE!<!EI;A<B!;<H9MI?L'!HD9!^I?C!lE9]c!C9E;?A:9E!HD9!ODLEAIBIMA;<B!AC9JHAHA9E!I@!

^IG9J!<JC!G9J>!!*D9!CAEHAJ;HAIJ!:9H^99J!E9]!<JC!M9JC9?!9J<:B9E!FE!HI!E99!HD<H!HD9!

O<?HA;FB<?!9]O9;H<HAIJE!@I?!^IG9J!<JC!G9J!AJ!IF?!;FBHF?9!<?9!J9AHD9?!AGGFH<:B9!I?!

?9K9?EA:B9a!eXdRQf>!!2J!IHD9?!^I?CE'!HD9!;IJEH?F;HAIJ!I@!M9JC9?!@IFJCE!AHE9B@!FOIJ!

;FBHF?9cE!EI;A<B!C9G<JC!I@!E9]!AC9JHAHL>!!7FBHF?9!C9G<JCE!HD<H!E9]!<JC!M9JC9?!

;I??9B<H91!<!G<J!EDIFBC!<;H!`G<E;FBAJ9a!<JC!<!^IG<J!EDIFBC!:9!`@9GAJAJ9>a!!

2J!?9;9JH!L9<?E!HDIFMD'!HD9!CAE;IF?E9!I@!M9JC9?!EHFCA9E!D<E!EDA@H9C>!!2JEH9<C!

I@!<?MFAJM!HD9?9!<?9!CA@@9?9J;9E!:9H^99J!G9J!<JC!^IG9J'!E;DIB<?E!EF;D!<E!=FCAHD!

"FHB9?!<?MF9!HD<H!HD9!;FBHF?<B!?9O?9E9JH<HAIJ!I@!^IG9J!AE!C9?AK9C!@?IG!HD9!G<B9!<JC!

G<E;FBAJ9!AC9JHAHL>!!2J!HDAE!<?MFG9JH'!@9GAJAJAHL!AE!IJBL!;IGO?9D9JEA:B9!FJC9?!HD9!

H9?GE!I@!G<E;FBAJAHL>!!*D<H!AE'!HI!:9!@9G<B9!AE!HI!:9!JIH!G<B9>!*I!:9!@9GAJAJ9!AE!HI!:9!

JIH!G<E;FBAJ9>!!)E!"FHB9?!EH<H9E!AJ!D9?!AJ@BF9JHA<B!H9]H!=+3,+8'.869A:+'!`*D9!@9G<B9!

E9]!AE!HDFE!<BEI!HD9!59AJ+)7!HD<H!AE!JIH!IJ9>!!*D9!?9B<HAIJ!:9H^99J!G<E;FBAJ9!<JC!

@9GAJAJ9!;<JJIH!:9!?9O?9E9JH9C!AJ!<!EAMJA@LAJM!9;IJIGL!AJ!^DA;D!HD9!G<E;FBAJ9!

;IJEHAHFH9E!HD9!;BIE9C!;A?;B9!I@!EAMJA@A9?!<JC!EAMJA@A9Ca!eR[f>!!);;I?CAJM!HI!HD9I?AEHE!

! ! !

RR!

EF;D!<E!"FHB9?'!M9JC9?!AC9JHA@A;<HAIJ!AE!:<E9C!FOIJ!G<E;FBAJAHLW@9GAJAJAHL!AE!

CA<MJIE9C!HD?IFMD!HD9!B<;S!I@!G<E;FBAJAHL!I?!HD9!B<;S!I@!HD9!OD<BBFE>!!!

2J!HD9!IO9JAJM!E;9J9!I@!!()*+,'!HD9!*AJ!6IICG<J'!&;<?9;?I^'!<JC!/AIJ!

<HH9GOH!HI!AC9JHA@L!I?!;B<EEA@L!HD9!6A;S9C!6AH;D>!!);;IGO<JLAJM!,I?IHDL!CI^J!HD9!

49BBI^!"?A;S!#I<C'!HD9!;D<?<;H9?E!;IJK9?E9!<:IFH!HD9!?9;9JH!9K9JHE!AJ!$_1!HD9!C9<HD!

I@!HD9!6A;S9C!6AH;D!I@!HD9!(<EH!<JC!HD9A?!J9^!GAEEAIJ!HI!SABB!HD9!6AH;D!I@!HD9!69EH>!

-IK9?AJM!AJ!<!H?99!<:IK9'!(BOD<:<!D9<?E!HD9G!EB<JC9?IFEBL!EO9<SAJM!I@!D9?>!!*D9!

/AIJ!E<LE'!`$@!;IF?E9'!HI!D9<?!HD9G!H9BB!AH'!AH!AE!HD9!EF?KAKAJM!EAEH9?!^DI!AE!HD9!;?<_L!

IJ9g6D<H!<!6AH;D>!!.EL;DIBIMA;<BBL!^<?O9Ci!OIEE9EE9C!:L!C9GIJE>!!2JE<J9>!+IH!<!

O?9HHL!OA;HF?9a!e%<MFA?9!Rf>!!-I^9K9?'!AJ!<;;I?C<J;9!^AHD!"FHB9?cE!HD9I?L'!<E!HD9L!

;IJHAJF9!HD9A?!;IJK9?E<HAIJ'!HD9L!;<J!IJBL!?9@9?!HI!HD9!6AH;D!AJ!H9?GE!I@!G<E;FBAJAHL>!!

*D9!*AJ!6IICG<J!E<LE'!`&D9!^<E!;<EH?<H9C!<H!:A?HDg&D9!^<E!:I?J!D9?G<OD?ICAHA;'!

I?!G<L:9!9JHA?9BL!G<B9a!e%<MFA?9!Pf>!!-9!;IJHAJF9E'!`&D9cE!HD9!EOF?J9C!BIK9?!I@!<!

G<??A9C!G<Ja!e%<MFA?9!Pf>!3AJ<BBL'!HD9!&;<?9;?I^!AJH9?b9;HE'!`&D9!(5!<!G<??A9C!G<Ja!

e%<MFA?9!Pf>!!&O9;FB<HAJM!HD9!OIEEA:ABAHA9E'!HD9!;D<?<;H9?E!IJBL!AC9JHA@L!(BOD<:<!

HD?IFMD!OD<BBA;!B<JMF<M9!<JC!EAMJA@A9?E!I@!G<E;FBAJ9!AC9JHAHL>!&HABB'!9K9J!HDIFMD!HD9A?!

;IJK9?E<HAIJ!AE!C9G9<JAJM!<JC!C9M?<CAJM!HI!(BOD<:<cE!AC9JHAHL'!AH!O?IKAC9E!AJEAMDH!

HI!%<MFA?9cE!JIHAIJE!I@!<JC?IMLJL!AJ!HD9!H9]H>!

);;I?CAJM!HI!=FBA9H!%AH;D9BB'!AJ!D9?!AJH?ICF;HAIJ!HI!=<;NF9E!/<;<JcE!E+4(3(3+'

K+D92:(7L'!`&9]F<B!CA@@9?9J;9!;<J!IJBL!:9!HD9!;IJE9NF9J;9!I@!<!CAKAEAIJi!^AHDIFH!

CAKAEAIJ!AH!^IFBC!;9<E9!HI!9]AEH>!!"FH!AH!GFEH!9]AEH!:9;<FE9!JI!DFG<J!:9AJM!;<J!

:9;IG9!<!EF:b9;H!IFHEAC9!I@!HD9!CAKAEAIJ!I@!HD9!H^I!E9]9Ea!eZf>!!2J!HDAE'!%AH;D9BB!

CAKFBM9E!HD<H!G<B9!<JC!@9G<B9!GFEH!:9!<JC!<B^<LE!<?9!E9O<?<H9i!JIHDAJM!9]AEHE!

! ! !

RP!

:9H^99J!HD9!IOOIEAJM!OIB9E>!!3I?!(BOD<:<'!HD9!C9G<JC!@I?!HD9!G<B9d@9G<B9!CAKAEAIJ!

AE!O?I:B9G<HA;!:9;<FE9'!<E!HD9!*AJ!6IICG<J!<;;F?<H9BL!;B<AG9C'!ED9!AE!:I?J!<E!<!

D9?G<OD?ICAH9>!!2GG9CA<H9BL!<@H9?!ED9!AE!C9BAK9?9C'!HD9!@AED^A@9!<JJIFJ;9E'!

`)JIHD9?!^ABB@FB!:IL'a!:FH!HD9!;?IJ9!;B<AGE'!`AHcE!<!MA?Ba!e%<MFA?9!PQf>!!3AJ<BBL'!

<JIHD9?!^IG<J!AJH9??FOHE!<JC!E<LE'!`-<DgBIIS!<M<AJ'!HD9?9cE!HD9!^9<HD9?!K<J9a!

e%<MFA?9!PQf>!!&H<?AJM!CI^J!<H!HD9!J<S9C!J9^:I?J!HD?IFMD!HD9!B9JE!I@!M9JC9?!

CA;DIHIGL'!HD9!^IG9J!;<JJIH!C9H9?GAJ9!A@!HD9!:<:LcE!M9JAH<BE!<?9!G<B9!I?!@9G<B9>!!

*DAE!E;9J9!EFMM9EHE!HD<H!(BOD<:<!9JH9?E!$_!<E!<!:B9JC!I@!G<B9!<JC!@9G<B9'!I?!<J!

<JC?IMLJ9>!

"<E9C!IJ!HD9!;FBHF?<B!?9NFA?9G9JH!HD<H!IJ9!GFEH!:9!9AHD9?!G<B9!I?!@9G<B9'!

(BOD<:<cE!D9?G<OD?ICAHA;!<OO9<?<J;9!GFEH!:9!?9EIBK9C!HI!?9K9<B!9AHD9?!IJ9!E9]!I?!

IHD9?>!!/<;<J!<?MF9E!AJ!E+4(3(3+'K+D92:(7L'!HD<H!AC9JHAHL!AE!;?9<H9C!`AJ!HD9!@AEEF?9!I@!<!

?<CA;<B!EOBAHa!e%AH;D9BB![f>!!);;I?CAJMBL'!A@!:<:L!(BOD<:<!AE!HI!:9!AC9JHA@A9C!FJC9?!HD9!

G<B9d@9G<B9!;IJCAHAIJE!I@!$_'!D9?!M9JAH<B!<JC?IMLJL!GFEH!:9!?9EIBK9C>!!)E!69JCL!

,IJAM9?!$c3B<D9?HL!EFMM9EHE'!AJ!!64+3C'M3,86>L3+5C'23,'<7/+8'NL7/()2:'O+2575'!HD9!

<JC?IMLJ9!GFEH!LA9BC!HI!`EIG9!EI?H!I@!IO9?<HAIJ!HI!?9EIBK9!HD9!<G:AMFAHLa!ePXPf>!!

);;I?CAJMBL'!(BOD<:<!FJC9?MI9E!<!;<EH?<HAIJ>!!%<MFA?9!^?AH9E'!`$JBL!<@H9?!<!E9;IJC!

<JC!HDA?C!?F:!^<E!AH!;B9<?!HD9!;DABC!^<E!AJC99C!@9GAJAJ9>!!.9?D<OE!AJ!B<:I?!EIG9!:AH!

I@!I?M<JA;!9@@BFKA<!D<C!:9;IG9!;<FMDH!<JC!NFA;SBL!C?A9C!AJ!HD9!;BIK9J!OB<;9a!ePQf>!!

(K9J!HDIFMD!HDAE!AE!JIH!<!BAH9?<B!;<EH?<HAIJ!I@!G<B9!M9JAH<BE'!:L!?F::AJM!HD9!9@@BFKA<!

I@@'!HD9!^IG9J!?9GIK9!HD9!<OO<?<HFE!HD<H!EAMJA@A9E!HD9!O9JAE>!!)E!<!?9EFBH'!(BOD<:<cE!

M9JC9?!AE!JI!BIJM9?!<G:AMFIFEi!HD9L!;IJ@A?G!D9?!M9JC9?!@I?!D9?>!3I?!HD<H!?9<EIJ'!

! ! !

RY!

HDAE!`EOBAHa!I?!;<EH?<HAIJ!<:IBAED9E!(BOD<:<cE!;DIA;9!HI!;IJEH?F;H!D9?!I^J!AC9JHAHL!

<JC!@I?;9E!D9?!HI!AGO9?EIJ<H9!HD9!AC9JHAHL!I@!<!@9G<B9>!!

);;I?CAJM!HI!/<;<JA<J!HD9I?L'!^D9J!<J!I:b9;H!AE!?9GIK9C!@?IG!<J!AJCAKACF<B'!

AH!:9;IG9E!HD9!EAMJA@A9?!I@!BIEE!<JC!C9EA?9>!!2J!IHD9?!^I?CE'!HD<H!^DA;D!AE!H<S9J!<^<L!

^ABB!D<K9!<!O9?G<J9JH!G<?S!I@!BIEE>!!(K9J!<@H9?!(BOD<:<!9JH9?E!<CFBHDIIC'!D9?!:ICL!

G<AJH<AJE!HD9!G<?S!I@!BIEE>!!5<_AJM!<H!(BOD<:<cE!FJ;BIHD9C!:ICL'!D9?!BIK9?!<JC!

;IBB9M9!@?A9JC'!3AL9?I'!JIHA;9E!`<J!ICC!ED<CI^!J9<?!HD9!M?IAJW@I?!<!EB99OL!GIG9JH!

D9!^IJC9?9C!A@!EIG9!I@!DAE!:BF9!CA<GIJCE!D<C'!AJ!HD9!D9<H!I@!E9]'!:99J!EH9<G9C!IJHI!

D9?!I^J!ESAJWI?!^<E!AH!<!E;<?Ua!e%<MFA?9!RX\f>!!*DAE!ED<CI^L!E;<?!IJ!(BOD<:<cE!

M?IAJ!AE!<J!<OO<?AHAIJ!I@!O9?G<J9JH!B<;Si!AH!?9E9G:B9E!HD9!I:b9;H!ED9!BIEH!<H!:A?HD>!!)E!

<!?9EFBH'!(BOD<:<!H?A9E!HI!<G9BAI?<H9!HD<H!E;<?'!D9?!B<;S'!:L!?9OB<;AJM!AH!^AHD!

EIG9HDAJM!9BE9>!!/<;<J!EFOOI?HE!HDAE!AC9<!^D9J!D9!^?AH9E'!B<;S!AE!`AJE;?A:9C!<H!HD9!

?IIH!I@!HD9!EH?F;HF?9gp<JCq!D<E!HI!?9EF?@<;9!AJ!HD9!C9EA?9ga!eRRZf>!!"9;<FE9!(BOD<:<!

BIEH!D9?!G<E;FBAJAHL'!G<E;FBAJAHL!:9;IG9E!HD9!I:b9;H!I@!D9?!C9G<JCE!<JC!C9EA?9E>!!

,9EOAH9!D9?!;I?OI?9<B!@9G<B9J9EE'!H?LAJM!HI!@ABB!HDAE!B<;S!<JC!C9EA?9'!(BOD<:<!:B9JCE!

$_cE!M9JC9?!?IB9E>!

*I!;IJ;9OHF<BA_9!HDAE!<?MFG9JH'!AH!AE!J9;9EE<?L!HI!GIG9JH<?ABL!CAK9?H!HDAE!

CAE;FEEAIJ!HI!@?<G9!HD9!M9JC9?!;IJH9]HE!AJ!$_>!!2J!EDI?H'!*D9!/<JC!I@!$_!G<AJH<AJE!

H?<CAHAIJ<B!M9JC9?!?IB9E>!!)E!(BOD<:<!?9;<BBE'!`^IG9J!^I?9!;IBIMJ9'!G9J!^I?9!

O?II@E1!HI!E9;F?9!HD9A?!I^J!E9JE9!I@!HD9GE9BK9Ea!e%<MFA?9!PYRf>!!*DAE!O<EE<M9!

EFMM9EHE!HD<H!$_cE!^IG9J!;IJ@I?G!HI!:9<FHL!<JC!EFO9?@A;A<BAHL'!^DAB9!HD9!G9J!

;IJ;9JH?<H9!IJ!AJH9BBAM9J;9!<JC!EF;;9EE>!!%I?9IK9?'!HD9!9CF;<HAIJ!EH?F;HF?9!I@!$_!

?9AJ@I?;9E!M9JC9?!H?<CAHAIJ<BAEG>!!3I?!9]<GOB9'!<E!%<MFA?9!C9H<ABE'!5<BAJC<!CAC!JIH!

! ! !

Rr!

MI!HI!`IJ9!I@!HD9!:9HH9?!;IBB9M9EWHDIE9!^9?9!EHABB!;BIE9C!HI!@9G<B9!EHFC9JHEa!

e%<MFA?9!Z[f>!*D9E9!9]<GOB9E!EFMM9EH!HD<H!^IG9J!E9?K9!<E!E9;IJC<?L!;AHA_9JE!AJ!

$_>!!*D9L!D<K9!JI!;FBHF?<B!AGO<;H!<JC!BAHHB9!IOOI?HFJAHL!@I?!FO^<?C!GI:ABAHL>Y!!*DAE!

AE!^DL'!<E!(BOD<:<!;IJ@9EE9E'!AJ!$_'!`6IG9J!<?9!^9<S9?gHD9A?!<?9J<!AE!EG<BB9?a!<JC!

`HD9A?!;<O<;AHLgAE!B9EE!<B<?GAJMa!e%<MFA?9!RX\f>!!)E!HDAE!O<EE<M9!EFMM9EHE'!%<MFA?9!

;IJEH?F;HE!$_!<E!<!B<JC!HD<H!e?9f;IJ@A?GE!M9JC9?!H?<CAHAIJ<BAEG>!!6AHD!JI!;IJ;9OH!I@!

?9EAEH<J;9!AJ!$_'!^IG9J!<?9!I:9CA9JH!<JC!;B<AG!E<HAE@<;HAIJ!^AHD!HD9A?!O?9C9EHAJ9C!

BAK9E!I@!EF:b9;HAKAHL>!!

*DFE'!M9JC9?!;<JJIH!:9!AJCAKACF<BBL!?9;IJ@AMF?9C!AJ!$_>!!);;I?CAJM!HI!&<?AG<'!

HD9!^A@9!I@!(BOD<:<cE!EB<AJ!BIK9?'!3AL9?I'!M9JC9?!AE!J9K9?!<!;DIA;9!AJ!$_>!!2J!<!

;IJK9?E<HAIJ!^AHD!(BOD<:<'!&<?AG<!J<??<H9E!DI^!HD9!@I?G<HAIJ!I@!M9JC9?!^<E!

9EH<:BAED9C!HD?IFMD!H?<CAHAIJ!<JC!DAEHI?L1!

p,qIJcH!LIF!SJI^!HD<H!CAEHAJ;HAIJU!!*?A:<B!GIHD9?E!<B^<LE!H9BB!HD9A?!

;DABC?9J!HD<H!HD9?9!<?9!H^I!SAJCE!I@!<JM9?1!DIH!<JC!;IBC>!!"ILE!<JC!

MA?BE!9]O9?A9J;9!:IHD'!:FH!<E!HD9L!M?I^!FO!HD9!<JM9?E!E9O<?<H9!

<;;I?CAJM!HI!HD9!E9]>!!"ILE!J99C!DIH!<JM9?!HI!EF?KAK9>!!*D9L!J99C!HD9!

AJ;BAJ<HAIJ!HI!@AMDH'!HD9!C?AK9!HI!EAJS!HD9!SJA@9!AJHI!HD9!@B9ED'!HD9!9J9?ML!

<JC!AJAHA<HAK9!I@!@F?Lg)JC!MA?BE!J99C!;IBC!<JM9?>!!*D9L!J99C!;IBC!

EAGG9?'!HD9!;9<E9B9EE!M?FCM9'!HD9!H<B9JH!HI!<KIAC!@I?MAK9J9EE'!HD9!

EAC9EH9OOAJM!I@!;IGO?IGAE9>!e%<MFA?9!Pk[dkZf!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Y!)!JFG:9?!I@!^IG9J!AJ!HD9!H9]H!<?9!EDI^J!HI!GIK9!HD?IFMD!HD9!?<JSE!I@!$_>!!

-I^9K9?'!AH!GFEH!:9!JIH9C!HD<H!HD9A?!GI:ABAHL!AE!C9?AK9C!@?IG!HD9!OI^9?!I@!<!G<J!

eA>9>!5BAJC<cE!EI;A<B!;BAG:!;IG9E!@?IG!D9?!DFE:<JCcE!EI;A<B!OIEAHAIJ'!<JC!+9EE<?IE9cE!

G<MA;<B!<JC!OI^9?@FB!EDI9E!<?9!G<C9!:L!D9?!@<HD9?f>!

! ! !

R[!

&<?AG<cE!C9E;?AOHAIJ!;B9<?BL!C9GIJEH?<H9E!HD<H!HD9?9!<?9!CAEHAJ;H!CA@@9?9J;9E!AJ!

G<E;FBAJ9!<JC!@9GAJAJ9!:9D<KAI?!O<EE9C!HD?IFMD!HD9!M9J9?<HAIJE!<JC!AGOB<JH9C!

CF?AJM!;DABCDIIC>!!)E!"FHB9?!<?MF9E'!`*D9!BAGAHE!I@!HD9!CAE;F?EAK9!<J<BLEAE!I@!

M9JC9?gO?99GOH!HD9!OIEEA:ABAHA9E!I@!AG<MAJ<:B9!<JC!?9<BA_<:B9!M9JC9?!

;IJ@AMF?<HAIJE!^AHDAJ!;FBHF?9a!eRPf>!!)E!&<?AG<!9]OB<AJE'!HD9!;IJEH?F;HAIJ!I@!M9JC9?!

AE!JIH!<J!AJCAKACF<BAEHA;!O?I;9EE>!!2H!AE!<!@I?GFB<A;!O?I;9EE!?IIH9C!AJ!$_cE!H?<CAHAIJ!

<JC!DAEHI?L>!

! 6AHD!HD9!M9JC9?!;IJH9]H!I@!$_!FJ@IBC9C'!AH!AE!OIEEA:B9!HI!9]<GAJ9!DI^!

(BOD<:<!C9@A9E!HDAE!JIHAIJ!I@!M9JC9?!<JC!:9MAJE!HI!;IJEH?F;H!D9?!I^J!M9JC9?!

AC9JHAHL>!!)@H9?!HDAE!;IJK9?E<HAIJ!^AHD!&<?AG<'!B<H9!AJ!HD9!JIK9B'!(BOD<:<!:9MAJE!HI!

;IJH9GOB<H9!HD9!OIEEA:ABAHL!I@!?9d;IJEH?F;HAJM!I?!?9d;IJ@AMF?AJM!D9?!I^J!M9JC9?>!!

"FHB9?!;IJH9JCE'!`AC9JHA@A;<HAIJE!<?9!HD9!;IJE9NF9J;9!I@!BIEE'!M9JC9?!AC9JHA@A;<HAIJ!AE!

<!SAJC!I@!G9B<J;DIBA<'!AJ!^DA;D!HD9!gO?IDA:AH9C!I:b9;H!AE!AJH9?J<BA_9Ca!ek[f>!!*I!@ABB!

HD9!B<;S!;<FE9C!:L!D9?!;<EH?<HAIJ'!(BOD<:<!GFEH!JIH!bFEH!C9EA?9!G<E;FBAJAHLi!ED9!

GFEH!C9G<JC!AH'!I?!<E!"FHB9?!EFMM9EHE'!AJH9?J<BA_9!AH>!!%<MFA?9!^?AH9E'!`&D9!HDIFMDH!

<:IFH!DIH!<JM9?!<JC!;IBC!<JM9?'!<JC!A@!AH!CAKAC9C!HD9!E9]9E'!<JC!^DA;D!ED9!@9BH'!A@!

9AHD9?'!A@!9K9?g&D9!^<H;D9C!HD9!EFJ!:B99C!A;9!^<H9?!IFH!I@!HD9!A;A;B9>!6<?G!<JC!;IBC!

^I?SAJM!HIM9HD9?ga!ePkZf>!0EAJM!&<?AG<cE!M9JC9?9C!@?<G9^I?S'!(BOD<:<!?9<BA_9E!

HD<H!HI!`:9!EF;;9EE@FB'!IJ9!^IFBC!J99C!:IHD!EI?HEa!e%<MFA?9!PkZf>!0JBAS9!&<?AG<'!

(BOD<:<!:9BA9K9E!M9JC9?!;D<?<;H9?AEHA;E!;<J!:9!;DIE9J>!!-I^9K9?'!(BOD<:<!CI9E!JIH!

?9<BA_9!HD<H!ED9!D<E!<B?9<CL!:99J!FJ;IJE;AIFEBL!;IJEH?F;HAJM!D9?!M9JC9?!:L!H?LAJM!HI!

?9M<AJ!HD9!G<B9J9EE!<JC!G<E;FBAJAHL!ED9!BIEH!<H!:A?HD>!!

! ! !

RZ!

3I?!9]<GOB9'!(BOD<:<!H?A9E!HI!:9;IG9!G<E;FBAJ9!:L!:9AJM!E9]F<BBL!

<G:AMFIFE>!!"FHB9?!^?AH9E'!`*D9!AJEHAHFHAIJ!I@!<!;IGOFBEI?L!<JC!J<HF?<BA_9C!

D9H9?IE9]F<BAHL!?9NFA?9E!<JC!?9MFB<H9E!M9JC9?!<E!<!:AJ<?L!?9B<HAIJ!AJ!^DA;D!HD9!

G<E;FBAJ9!H9?G!AE!CA@@9?9JHA<H9C!@?IG!<!@9GAJAJ9!H9?G'!<JC!HDAE!CA@@9?9JHA<HAIJ!AE!

<;;IGOBAED9C!HD?IFMD!HD9!O?<;HA;9E!I@!D9H9?IE9]F<B!C9EA?9a!eYRf>!!2J!EIG9!^<LE'!

(BOD<:<!@FB@ABBE!HD9!;FBHF?<B!C9G<JC!I@!D9H9?IE9]F<B!C9EA?9>!!-9?!E9]F<B!9J;IFJH9?E!

^AHD!3AL9?I!AJ!HD9!(G9?<BC!7AHL!EDI^!HD<H!ED9!AE!<HH?<;H9C!HI!<JC!;<O<:B9!I@!

D9H9?IE9]F<B!AJH9?;IF?E9>!!-I^9K9?'!^DAB9!HD9L!<?9!;B<EEG<H9E!<JC!?IIGG<H9E!<H!

&DA_!0JAK9?EAHL'!(BOD<:<!<JC!5<BAJC<!H?<K9B!HI!HD9!(G9?<BC!7AHL!HI!G99H!HD9!6A_<?C>!!

,F?AJM!HDAE!H?9S!HI!NF9EHAIJ!HD9!6A_<?C!<:IFH!HD9!GF?C9?!I@!HD9A?!O?I@9EEI?'!,I;HI?!

,ABB<GIJC'!(BOD<:<!O?9E9JHE!GIG9JHE!I@!E9]F<B!<G:AMFAHL>!!!%<MFA?9!^?AH9E'!`p/qAS9!

IHD9?!HDA?Cd;B<EE!H?<K9B9?E'!AJ!HD9!:<;S!?IIGE!<:IK9!AJJEa!(BOD<:<!<JC!5BAJC<'!`pAqJ!<!

EAJMB9!BFGOL!:9CgDFCCB9C!HIM9HD9?!@I?!^<?GHD!<JC!9J;IF?<M9G9JH!<JC'!5BAJC<!

HIBC!D9?E9B@'!O?IH9;HAIJg5BAJC<!^IFBC!EH<?H!<E!A@!@?IG!<!@?AMDH@FB!C?9<G'!<JC!J9EHB9!

J9<?9?!HI!(BOD<:<a!eRZXf>!!(K9J!HDIFMD!HDAE!E;9J9!C9OA;HE!<!DIGIEI;A<B!?9B<HAIJEDAO!

:9H^99J!H^I!^IG9J'!AH!EFMM9EHE!HD<H!(BOD<:<!<EEFG9E!<!G<E;FBAJ9!?IB9!I@!HD9!

O?IH9;HI?!AJ!^D<H!;<J!:9!O9?;9AK9C!<E!<!DIGIE9]F<B!9]O9?A9J;9>!!2J!HDAE'!ED9!<;HE!<E!

HD9!G<E;FBAJ9'!CIGAJ<HAJM!@AMF?9!HD<H!EDA9BCE!5BAJC<!@?IG!9GIHAIJ<B!<JC!ODLEA;<B!

D<?G>!

(BOD<:<cE!G<E;FBAJAHL!AE!D9AMDH9C!JIH!IJBL!:L!D9?!I^J!G<E;FBAJ9!:9D<KAI?!

:FH!<BEI!:L!5BAJC<cE!@9GAJAJAHL>!!%<MFA?9!^?AH9E'!5BAJC<!`;IFBC!?9;<BB!@<?!GI?9!;B9<?BL!

DI^!ED9!<JC!(BODA9!D<C!ED<?9C!<!:9Cg-I^!:?<K9!HD<H!D<C!G<C9!D9?!@99B'!<JC!DI^!

KFBJ9?<:B9!HIIa!e%<MFA?9!Yrrf>!!"L!9GOD<EA_AJM!5BAJC<cE!J99C!@I?!(BOD<:<!HI!G<S9!

! ! !

R\!

D9?!@99B!:?<K9!<JC!DI^!(BOD<:<cE!O?9E9J;9!G<C9!D9?!@99B!KFBJ9?<:B9'!5BAJC<!

?9AJ@I?;9E!D9?!@9GAJAJAHL>!!5<BAJC<!AE!@9G<B9!:9;<FE9!ED9!AE!JIH!AJD9?9JHBL!:?<K9!<JC!

ED9!<EEFG9E!HD9!E9]F<BBL!KFBJ9?<:B9!?IB9>!!)JC!AH!AE!(BOD<:<!^DI!AJEOA?9E!HD9E9!

@99BAJME>!!&D9!O9?O9HF<H9E!5BAJC<cE!@9GAJAJAHL'!<JC'!<E!<!?9EFBH'!HD<H!?9AJ@I?;9E!

(BOD<:<cE!I^J!G<E;FBAJAHL>!!2J!IHD9?!^I?CE'!:L!G<SAJM!5BAJC<!@99B!GI?9!@9GAJAJ9'!

(BOD<:<!:9;IG9E!GI?9!G<E;FBAJ9>!!

*DAE!G<E;FBAJAHL!I?!E9]F<B!<G:AMFAHL!9]H9JCE!AJHI!D9?!D9H9?IE9]F<B!

?9B<HAIJEDAO!^AHD!3AL9?I>!!6DAB9!BAKAJM!FJC9?M?IFJC!AJ!HD9!(G9?<BC!7AHL'!(BOD<:<!AE!

CAE;IK9?9C!:L!D9?!@I?G9?!&DA_!;B<EEG<H9'!3AL9?I>!!/IISAJM!<H!<!OI?H?<AH!I@!&<AJH!

5BAJC<'!3AL9?I!`E<^'!AJ!HD9!FJC9?^<H9?L!ED<CI^E'!HD<H!HD9!I?<HI?L!^<E!AJD<:AH9C!:L!

<!O9JAH9JH>!!*D9!D9<C!^<E!:I^9C!AJ!O?<L9?'!<JC!D9!^<E!<:IFH!HI!GIK9!<^<L!^D9J!AH!

EH?F;S!DAG!HD<H!D9!SJ9^!^DI!AH!^<Ea!e%<MFA?9!RkQf>!!)H!HDAE!GIG9JH'!D9!?9<BA_9E!HD9!

O9JAH9JH!AE!(BOD<:<>!!)H!@A?EH'!ED9!H?A9E!HI!<KIAC!DAG'!@I?!ED9!AE!<@?<AC!D9!^ABB!9]OIE9!

HD<H!ED9!D<E!:99J!BAKAJM!E9;?9HBL!AJ!HD9!(G9?<BC!7AHL>!!"FH!<@H9?!<!@9^!9J;IFJH9?E'!

(BOD<:<!<JC!3AL9?I!9JM<M9!AJ!<J!ABBA;AH!<@@<A?'!C9EOAH9!HD<H!3AL9?I!D<E!<!^A@9!BAKAJM!AJ!<!

J9AMD:I?AJM!?9MAIJ!;<BB9C!HD9!mAJSFE>!!*D?IFMD!HDAE!<@@<A?'!(BOD<:<!:B9JCE!$_cE!AC9<E!

I@!G<B9!<JC!@9G<B9!HD?IFMD!D9?!E9]F<B!:9D<KAI?>!!&D9!<EEFG9E!HD9!CIGAJ<JH'!<JC!

9K9J!KAIB9JH!G<E;FBAJ9!?IB9!AJ!D9H9?IE9]F<B!AJH9?;IF?E9>!!3I?!AJEH<J;9'!^D9J!3AL9?I!

E9]F<BBL!O?IKIS9E!D9?'!(BOD<:<!AJAHA<BBL!?9EOIJCE!^AHD!HAGAC!@9GAJAJAHL>!!&D9!;?A9E'!

`+IgJI'!JI'!2cG!JIH!<!D<?9Ga!e%<MFA?9!RXRf>!!"FH!bFEH!<E!NFA;SBL!<E!ED9!E<LE!JI'!

(BOD<:<!EH<H9E'!`2cG!JIH!<!^IG<Jga!<JC!`D9?!<?GE!^D99B9C!I@!HD9A?!I^J!<;;I?C'!BAS9!

^AJCGABB!E<ABEgJIH!HI!SABB!DAG'!:FH!HI!OAJ!DAG!^AHD!BIK9'!HI!GIFJH!DAG!<M<AJEH!HD9!

^<BBa!e%<MFA?9!RXRf>!!2J!HDAE!E;9J9'!(BOD<:<!<:?FOHBL!H?<JEAHAIJE!@?IG!<!EDL!@9G<B9!

! ! !

Rk!

HI!<!E9]F<BA_9C'!CIGAJ<HAJM'!G<B9dBAS9!;?9<HF?9>!$c3B<D9?HL!;IJH9JCE!HD<H!`D9?!9?IHA;!

@?99CIGgG<S9E!D9?!<!OD<BBA;!^IG<Ja!<JC'!:9;<FE9!I@!HDAE'!ED9!`@IBBI^E!HD9!O<HH9?J!

I@!9];D<JM9!AJ!E9]!?IB9Ea!eYQQf>!!*DFE'!:L!JIH!OB<LAJM!HD9!O<?H!I@!HD9!HAGAC!<JC!

KA;HAGA_9C!@9G<B9!AJ!E9]'!(BOD<:<!AJ;I?OI?<H9E!G<E;FBAJAHL!AJHI!D9?!:9D<KAI?>!!!&D9!

@ABBE!HD9!B<;S!<JC!G<S9E!AH!KAEA:B9!HD<H!ED9!AE!JIH!bFEH!<!CAE9GOI^9?9C!^IG<J!I@!$_>!

);;I?CAJM!HI!$c3B<D9?HL'!`HD9!<JC?IMLJ9!:9MAJE!<E!<!;?9<HF?9!^DI!AE!C9EHAJ9C!

HI!:9;IG9!H?FBL!:AE9]F<B!:FH!<OO9<?E!HI!:9!9AHD9?!G<B9!I?!@9G<B9a!ePXYf>!!)J!

<JC?IMLJIFE!:9AJM!AE!<!:B9JC!I@!G<B9!<JC!@9G<B9!:FH!O?IGAJ9JHBL!CAEOB<LE!HD9!

;D<?<;H9?AEHA;E!I@!IJ9!E9]!I?!HD9!IHD9?>!!(K9J!HDIFMD!ED9!CAEOB<LE!G<B9!:9D<KAI?'!HD9!

$_A<JE!EHABB!E99!(BOD<:<!<E!<!^IG<J>!!3I?!AJEH<J;9'!%<MFA?9!^?AH9E'!`)JC!(BODA9!

^<EJcH!bFEH!<!CA@@9?9JH!eJIH!HI!E<L!JIK9Bf!O?IKAJ;A<B!HLO9WED9!E99G9C!<J!<CK<J;9!IJ!

HD9!M9JC9?a!ePQ\f>!!&AJMFB<?A_AJM!`M9JC9?'a!%<MFA?9!EHABB!EFMM9EHE!HD<H!HD9!;FBHF?9!I@!

$_!^ABB!IJBL!<BBI^!D9?!HI!:9!<JC!^ABB!IJBL!E99!D9?!<E!IJ9!E9]!<JC!M9JC9?>!!)JC'!<E!

9]OB<AJ9C!AJ!HD9!AJH?ICF;HAIJ!I@!HDAE!;D<OH9?'!HD<H!^DA;D!AE!JIH!G<B9!<JC!G<E;FBAJ9!

GFEH!:9!<JC!;<J!IJBL!:9!@9G<B9!<JC!@9GAJAJ9>!!"9<?AJM!HD<H!ED<CI^L!E;<?!I@!

;<EH?<HAIJ'!(BOD<:<!C9G<JCE!ED9!@ABBE!D9?!BIEE>!!7IJE9NF9JHBL'!(BOD<:<!E99SE!HI!@ABB!

HD9!B<;S!<JIHD9?!^<LWHI!@AJC!HD9!OD<BBFE!:L!FJAHAJM!HD9!GAJCV:ICL!EOBAH>!

! ! !

RX!

23!2!$+/4!-),!)W.-)//0&1!

-()/2+5!*-(!%2+,V"$,4!&./2*!

! *D9!B<?M9EH!E9;HAIJ!I@!!()*+,!H<S9E!OB<;9!CF?AJM!(BOD<:<cE!@I?G<HAK9!;IBB9M9!

L9<?E!<H!&DA_!0JAK9?EAHL>!*D9?9@I?9'!AH!AE!J9;9EE<?L!HI!9]<GAJ9!HD9!EH?F;HF?9!I@!&DA_!

:9;<FE9!AH!OB<LE!<J!AJH9M?<B!?IB9!AJ!HD9!C9K9BIOG9JH!I@!(BOD<:<!<JC!D9?!;FBHF?<B!

GABA9F>!!"9@I?9!&DA_'!%<MFA?9!FE9E!HD9!H9]H!HI!@I;FE!IJ!HD9!ODLEA;<B!<JC!EI;A<B!

C9K9BIOG9JH!I@!(BOD<:<>!!"FH!<H!&DA_'!HD9!GAJC!:9;IG9E!HD9!;9JH9?!I@!<HH9JHAIJ>!!)E!<!

?9EFBH'!AH!AE!D9?9!HD<H!HD9!AC9<!I@!$_cE!GAJCV:ICL!EOBAH!AE!?9K9<B9C>!

! &DA_!0JAK9?EAHL!AE!BI;<H9C!AJ!HD9!5ABBASAJ!?9MAIJ!I@!$_>!!)BHDIFMD!HD9!5ABBASAJ!

?9MAIJ!AE!?F?<B'!AH!DIFE9E!HD9!B<?M9EH!F?:<J!<?9<E!AJ!$_'!&DA_!<JC!HD9!(G9?<BC!7AHL>!!

&DA_!AE!AJAHA<BBL!AJH?ICF;9C!HD?IFMD!HD9!B9JE!I@!5<BAJC<>!!%<MFA?9!^?AH9E'!`5<BAJC<cE!

@<GABL!;IJHAJF9C!HI!O?9@9?!?F?<B!5ABBASAJ'!^AHD!AE!@I]!D<FJHE'!AH!C?AOOAJM!C9BBE'!AHE!

E9;BFC9C!<J;A9JH!O<M<J!H9GOB9E!HI!/F?BAJ9>!!*I!HD9G'!&DA_!^<E!<!CAEH<JH!F?:<J!

HD?9<H'!<JC!9K9J!HD9!;IJK9JA9J;9!I@!?<AB!H?<JEOI?H<HAIJ!D<CJcH!H9GOH9C!HD9G!HI!?AES!

<BB!AHE!;IGOBA;<HAIJE'!;F?AIEAHA9E'!<JC!9KAB!^<LEa!eZrf>!!)E!CAEOB<L9C!D9?9'!HD9!AC9<!I@!

&DA_!AE!AJHAGAC<HAJM!HI!HD9!?F?<B!<?9<E!HD<H!CIGAJ<H9!HD9!/<JC!I@!$_>!!2J!EOAH9!I@!HD9!

&DA_cE!AJ<FEOA;AIFE!CAEOIEAHAIJ'!EHFC9JHE!@?IG!<;?IEE!$_cE!?9MAIJE!<HH9JC!&DA_!

0JAK9?EAHL!<JC!B9<?J!HI!:9;IG9!9CF;<H9C!<JC!O?ICF;HAK9!;AHA_9JE>!!2H!AE!<H!&DA_!HD<H!

(BOD<:<!G99HE!5<BAJC<'!D9?!@FHF?9!;IJ@AC<JH!<JC!9J9GL>!!)JC!AH!AE!<H!&DA_!HD<H!

(BOD<:<!B9<?JE!HI!?9EAEH!AC9<E!I@!)JAG<B!E9M?9M<HAIJ>!!"FH!GIEH!AGOI?H<JHBL'!2!<?MF9'!

AH!AE!D9?9!HD<H!(BOD<:<!B9<?JE!HI!D9<B!HD9!GAJCV:ICL!EOBAH>!

2J!DAE!HD9I?9HA;<B!9EE<L!;?AHA;A_AJM!;IJH9GOI?<?L!H9<;DAJM!O9C<MIMA9E'!.<FBI!

3?9A?9!<?MF9E!AJ!`*D9!l"<JSAJMc!7IJ;9OH!I@!(CF;<HAIJa!HD<H!9CF;<HAIJ!AE!HD9!

! ! !

PQ!

@IFJC<HAIJ!@I?!IOO?9EEAK9!OIBAHA;E>!!2J!IHD9?!^I?CE'!HD9!:<JSAJM!ELEH9G!I@!9CF;<HAIJ!

AE!<!DLO9?d;IJE;AIFE'!G9HDICA;<B!O9C<MIML!HD<H!<AGE!HI!EFOO?9EE!<JC!;IJH?IB>!!-9!

^?AH9E'!`HD9!IOO?9EEI?E!FE9!HD9!:<JSAJM!;IJ;9OH!I@!9CF;<HAIJ!AJ!;IJbFJ;HAIJ!^AHD!<!

O<H9?J<BAEHA;!EI;A<B!<;HAIJ!<OO<?<HFE'!^AHDAJ!^DA;D!HD9!IOO?9EE9C!?9;9AK9!HD9!

9FOD9GAEHA;!HAHB9!I@!l^9B@<?9!?9;AOA9JHEca!e3?9A?9!P[kf>!!2J!;IJJ9;HAIJ!HI!!()*+,'!HDAE!

AC9<!I@!HD9!:<JSAJM!ELEH9G!AE!<OOBA;<:B9!HI!HD9!O9C<MIML!<H!&DA_>!!*DAE!ELEH9G!IJBL!

?9<@@A?GE!HD9!6A_<?CcE!IOO?9EEAK9!;IC9!I@!HDIFMDH!:9;<FE9!%<C<G9!%I??A:B9'!HD9!

D9<CGAEH?9EE!I@!&DA_'!FE9E!O9C<MIML!HI!`I:9L!HD9!6A_<?C!<:EIBFH9BLa!e%<MFA?9!R[[f>!

! "L!AJEHAHFHAIJ<BA_AJM!HD9!6A_<?CcE!<FHDI?AHL'!%<C<G9!%I??A:B9!FE9E!HD9!

:<JSAJM!O?<]AE!HI!H?<AJ!D9?!EHFC9JHE!AJ!HD9!6A_<?CcE!IOO?9EEAK9!OIBAHA;E>!!3?9A?9!

^IFBC!G<AJH<AJ!:L!CIAJM!HDAE'!HD9!EHFC9JHE!<H!&DA_!FJSJI^AJMBL!:9;IG9!

`C9OIEAHI?A9E!<JC!HD9!H9<;D9?!AE!HD9!C9OIEAHI?>!!2JEH9<C!I@!;IGGFJA;<HAIJ'!HD9!

H9<;D9?!AEEF9E!;IGGFJANFsE!<JC!G<S9E!C9OIEAHE!^DA;D!HD9!EHFC9JHE!O<HA9JHBL!

?9;9AK9ga!eP[\f>!!3I?!9]<GOB9'!^DAB9!%<C<G9!%I??A:B9!?9;AH9E!D9?!tF9BBE!I?!OI9GE!

@I?!HD9!EHFC9JHE'!ED9!E<LE'!`69!;9B9:?<H9!<FHDI?AHLV!3?<H9?JAHL'!&I?I?AHLV!0JAH9C'!

O?9EEAJM!IJ^<?C!^9V!#9EH?A;H!HD9!ABBE!I@!BA:9?HLa!e%<MFA?9!krf>!!*DAE!O?IO<M<JCA;!

OI9G!EFMM9EHE!HD<H!%<C<G9!%I??A:B9cE!H9<;DAJME!OF?OIE9@FBBL!?9AJ@I?;9!HD9!

6A_<?CcE!IOO?9EEAIJ>!!%<C<G9!%I??A:B9!;IJHAJF9E'!`/9H!LIF?!9EO9;A<B!DAEHI?L>V!"9!

:FABH!FOIJ!EI?I?AHLV!6DIE9!mA?HF9E!CI!9]9GOBA@L'V!)JC!&I;A<B!5IIC!HDFE!GFBHAOBL>V'

M3(42:5'5/69:,'A+'5++3'23,'367'/+28,a!e%<MFA?9!krf>!!)M<AJ'!D9?!O9C<MIML!AE!

O?IO<M<JC<!FE9C!HI!EFOOI?H!HD9!6A_<?C>!!*DAE!HAG9'!AH!AE!HI!@I?HA@L!DAE!AC9<E!I@!)JAG<B!

! ! !

PR!

E9M?9M<HAIJ>r!

3?9A?9!<?MF9E!HDAE!HLO9!I@!O9C<MIML!J9M<H9E!HD9!:ICL!@?IG!B9<?JAJM!:9;<FE9!

B9<?JAJM!:9;IG9E!`<!DIBBI^g<BA9J<HAJM!K9?:IEAHL>!!*D9!IFHEH<JCAJM!;D<?<;H9?AEHA;!I@!

HDAEg9CF;<HAIJ'!HD9J'!AE!HD9!EIJI?AHL!I@!^I?CE'!JIH!HD9A?!H?<JE@I?GAJM!OI^9?a!eP[\f>!!

*DAE!O9C<MIMA;<B!O?<]AE!?9AJ@I?;9E!HD9!GAJCV:ICL!EOBAH!:9;<FE9!AH!CI9E!JIH!O9?GAH!

EHFC9JH!?9<;HAIJ!HI!B9<?JAJM>!!3I?!9]<GOB9'!HD9!MA?BE!AJ!,I;HI?!,ABB<GIJCcE!;B<EE!<?9!

O?IGOH9C!HI!?9EOIJC!HI!%<C<G9!%I??A:B9cE!9<?BA9?!tF9BBE>!!-I^9K9?'!HD9!MA?BE!

`CACJcH!FJC9?EH<JC!^D<H!<!:AIBIMA;<B!?9EOIJE9!HI!OI9H?L!GAMDH!:9!<JC!E<H!EAB9JH!

<HgNF9EHAIJEa!e%<MFA?9!kkf>!!*DAE!9]<GOB9!EFMM9EHE!HD9!MA?BEc!GAJCE!<?9!

CAE;IJJ9;H9C!@?IG!HD9A?!:ICA9E>!!2JEH9<C!I@!^I?SAJM!HD?IFMD!HD9!AC9<E!I@!HD9!tF9BBE!

<JC!@AJCAJM!<!O<EEAIJ<H9!?9EOIJE9!AJ!HD9A?!:ICA9E'!HD9L!EAH!EAB9JHBL!<JC!H<S9!HD9!

tF9BBE!<H!@<;9!K<BF9>!!)CCAHAIJ<BBL'!<@H9?!;IJK9?EAJM!^AHD!%<C<G9!%I??A:B9!<:IFH!HD9!

@FHF?9!I@!D9?!9CF;<HAIJ'!5<BAJC<!`EH?FMMB9C!^AHD!FJJ<G9C!;IJ@BA;HE!^AHDAJ!D9?a!

e%<MFA?9!XPf>!!/AS9!HD9!IHD9?!MA?BE'!5<BAJC<!O?IK9E!HD<H!ED9!;<JJIH!?9;IMJA_9!I?!

FHABA_9!<!ODLEAIBIMA;<B!?9EOIJE9!HI!AJH9BB9;HF<B!AJ@I?G<HAIJ>!

!! 2J!.+2)/(3>'76'.8235>8+55-'%,9)27(63'25'7/+'P82)7()+'61'E8++,64'!:9BB!DIISE!

^?AH9E'!`*I!;<BB!<HH9JHAIJ!HI!HD9!:ICL!AE!HI!:9H?<L!HD9!B9M<;L!I@!?9O?9EEAIJ!<JC!C9JA<B!

HD<H!D<E!:99J!D<JC9C!CI^J!HI!FEg^D9?9!HD9!:ICL!D<C!HI!:9!9?<E9C'!MI!FJJIHA;9Ca!

eRXRf>!!);;I?CAJMBL'!:L!<BA9J<HAJM!HD9!EHFC9JHE!@?IG!HD9A?!I^J!:ICA9E'!%<C<G9!

%I??A:B9!AE!<:B9!HI!G<AJH<AJ!<!B<;S!I@!;?AHA;<B!;IJE;AIFEJ9EE>!!3I?!<E!DIISE!^IFBC!

EFMM9EH'!A@!%<C<G9!%I??A:B9!<BBI^9C!HD9!EHFC9JHEc!GAJCE!<JC!:ICA9E!HI!;IJJ9;H'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

r!$J9!I@!HD9!G<AJ!I:b9;HAK9E!I@!HD9!6A_<?C!AE!HI!E9M?9M<H9!DFG<JE!<JC!<JAG<BE>!!

%<MFA?9!9EH<:BAED9E!<!CAEHAJ;HAIJ!:9H^99J!<JAG<BE!^AHD!AJH9BB9;H!<JC!GI?<B!EOA?AH!

^AHD!?9MFB<?!<JAG<BE!HD?IFMD!HD9!FE9!I@!;<OAH<BA_<HAIJ'!<E!AJ!)JAG<BE!KE>!<JAG<BE>!!2!

CAE;FEE!HDAE!CAEHAJ;HAIJ!GI?9!HDI?IFMDBL!AJ!;D<OH9?!HD?99>!

! ! !

PP!

HD9L!^IFBC!`FE9!EF;D!9J9?MLgAJ!^<LE!HD<H!AJKAMI?<H9!CAE;FEEAIJ!<JC!9];AH9!HD9!

;?AHA;<B!AG<MAJ<HAIJa!eRX[f>!!)JC!I@!;IF?E9'!HDAE!;IFBC!B9<C!HI!<!;?AHA;<B!9K<BF<HAIJ!I@!

HD9!6A_<?CcE!?FB9>!

*D9!GAJCV:ICL!EOBAH!AE!JIH!BI;<BA_9C!HI!&DA_>!!2J!@<;H'!AH!H?<JE;9JCE!AJHI!$_cE!

OIOFB<?!;FBHF?9>!!.9?D<OE!HD9!GIEH!9]OBA;AH!9]<GOB9!I@!HD9!GAJCV:ICL!CAKAC9!IFHEAC9!

I@!&DA_!AE!9KAC9JH!<H!HD9!.DABIEIODL!7BF:'!<!OIOFB<?!EI;A<B!E;9J9!<H!&DA_>!

*?<CAHAIJ<BBL'!<!ODABIEIODL!;BF:!^IFBC!:9!<EEFG9C!HI!O?IGIH9!HDAJSAJM'!

E;DIB<?EDAO'!<JC!<;<C9GA;!CAE;IF?E9>!!)E!"IN'!(BOD<:<cE!;IBB9M9!@?A9JC'!9]OB<AJE'!<!

ODABIEIODL!;BF:!AE!9K9J!<!OB<;9!^D9?9!O9IOB9!MI!HI!@AJC!<!CAE;IF?E9!HD<H!G<L!FJAH9!

HD9!GAJC!<JC!:ICL>!!-9!E<LE'!`2!<B^<LE!HDAJS'!2!J9K9?!@99Ba!<JC!C9;AC9E!HI!?9;HA@L!HDAE!

CAE;IJJ9;H!<H!HD9!.DABIEIODL!7BF:!e%<MFA?9!RZrf>!!%<JL!IHD9?!$_A<JE!@99B!HDAE!^<L>!!

2J!@<;H'!HD9!.DABIEIODL!7BF:!AE!EI!OIOFB<?!AJ!$_!HD<H!AH!C?<^E!AJ!G9G:9?E!@?IG!<BB!

^<BSE!I@!$_A<J!BA@9>!!%<MFA?9!^?AH9E'!`*D9!;?I^C!^<E!HD9!GIEH!GA]9C!"IN!D<C!E99J!AJ!

EIG9!HAG9>!!*D9?9!^9?9!)JAG<BE'!DFG<JE'!C^<?@E'!9BK9E'!<JC!E9K9?<B!HASHIS!HDAJMEa!

eRZ[f>!!)HH?<;HAJM!<!B<?M9'!CAK9?E9!;?I^C'!HD9!.DABIEIODL!7BF:!C9GIJEH?<H9E!HD9!

;IBB9;HAK9!;FBHF?<B!OEL;D9!I@!$_>!

*DAE!O?IK9E!HI!:9!O?I:B9G<HA;!HDIFMD'!@I?!HD9!.DABIEIODL!7BF:!CI9E!JIH!

O?IGIH9!ODABIEIODL!I?!<JL!O?<MG<HA;!FE9!I@!HD9!GAJC>!!)E!(BOD<:<!EFMM9EHE'!HDAE!AE!

?9<BBL!<!OB<;9!^D9?9!O9IOB9!MI!HI!^<EH9!HAG9!IJ!E9]!e%<MFA?9!RZrf>!!(K9J!HDIFMD!ED9!

?9@FE9E!HI!MI!HI!HD9!;BF:'!(BOD<:<!O?IK9E!HI!:9!;I??9;H>!!*D9!9K9JHE!HD9?9!

EF:EH<JHA<H9!HD<H!HD9!GIEH!;<?J<B!<JC!KFBM<?!<;HE!I@!E9]!H<S9!OB<;9!<H!HD9!.DABIEIODL!

7BF:'!O<?HA;FB<?BL!:9EHA<BAHL>!!*A::9HH'!HD9!@?A9JC!<;;IGO<JLAJM!"IN!HI!HD9!.DABIEIODL!

7BF:'!AE!@I?;9C!AJHI!D<KAJM!E9]!^AHD!<!HAM9?>!!%<MFA?9!^?AH9E'!`*A::9HH>>>^<E!G<C9!HI!

! ! !

PY!

BA9!IJ!DAE!:<;S!IJ!HD9!@BII?!I@!HD9!EH<M9>!!*D9!*AM9?!EH?IC9!IK9?!DAG!<JC!EHIIC!EHABB!

^DAB9!HD9!C^<?@!<JC!DAE!<EEAEH<JHE!BA@H9C!*A::9HHgEI!pD9q!DFJM!:9J9<HD!HD9!*AM9?cE!

:9BBL'!BAS9!<!H?FEE9C!OAMg*D9J!HD9!C^<?@!OIAJH9C!HI!*A::9HH'!^DI!^<E!:9MAJJAJM!HI!

GI<J!AJHI!HD9!*AM9?cE!;D9EHa!eRZkf>!!)E!HDAE!O<EE<M9!EFMM9EHE'!AJ!?9<BAHL'!HD9!

.DABIEIODL!7BF:!J9M<H9E!HD9!FE9!I@!HD9!GAJC!<JC!;IJC9JE9E!<BB!<HH9JHAIJ!HI^<?C!HD9!

:ICL>!2J!EOAH9!I@!AHE!GAEB9<CAJM!J<G9'!`*D9!.DABIEIODL!7BF:a!C9;9AKAJMBL!EFMM9EHE!

HD<H!HD9!OI^9?!I@!HD9!GAJC!;<J!:9!<;DA9K9C!HD?IFMD!E9]>!!2J!?9<BAHL'!<H!HD9!

.DABIEIODL!7BF:'!HD9!GAJC!AE!JIH!:9AJM!FE9C!<H!<BB>!

*DAE!AC9<!;<J!:9!@F?HD9?!9BF;AC<H9C!HD?IFMD!"INcE!9]O9?A9J;9E!<H!HD9!

.DABIEIODL!7BF:>!6DAB9!^<H;DAJM!HD9!<;H!:9H^99J!*A::9HH!<JC!HD9!*AM9?!FJ@IBC'!"IN!

@99BE!DAE!GAJC!E9O<?<HAJM!@?IG!DAE!:ICL!<E!DAE!:ICL!:9;IG9E!HD9!BI;FE!I@!<HH9JHAIJ>!

%<MFA?9!^?AH9E'!`2H!E99G9C!HI!G<S9!"INcE!GAJC!EOBAH!AJ!D<B@'!BAS9!<!DFES'!<JC!<BBI^!<!

H9JC9?9?'!;IGOB<;9JH!GAJC!HI!9G9?M9>!!*D9!EI@H9?'!GI?9!:?FAE<:B9!<EO9;H'!HD9!

O?AK<H9!AJH9JHAIJ'!HD9!EF??9JC9?AJM!I@!E9B@a!eRZ\f>!!2J!HDAE'!"INcE!GAJC!:9;IG9E!B9EE!

;IMJA_<JH>!!2J!@<;H'!%<MFA?9!EH<H9E!HD<H!"IN!`^<E!SJI^AJM!B9EE!<JC!B9EE'!<JC!AH!^<E!

GI?9!<JC!GI?9!:9<FHA@FB!HI!CI!EIa!eRZ\f>!!)E!HD9!AC9<!I@!HD9!GAJC!:9;IG9E!?9OB<;9C!

^AHD!<!`MAJM9?L!<OO9HAH9!:9H^99J!D9<?H!<JC!EHIG<;D!<JC!HD9!?9EFBHAJM!EHA@@9JAJM!

<OO<?<HFE!:9BI^!HD<H'a!"INcE!:ICL!:9;IG9E!HD9!;9JH?<BA_9C!@I;FE!e%<MFA?9!RZ\f>!!

)JC!<E!HDAE!I;;F?E'!<!C^<?@!EH<H9E'!`&I!JI^'!B9H!HD9!H?F9'!;B<JC9EHAJ9!EHFCL!I@!

SJI^B9CM9!:9MAJa!e%<MFA?9!RZXf>!!"IN!B9<?JE!HD<H!`SJI^B9CM9'a!AJ!$_cE!@<BB<;AIFE!

^<L'!AE!CAE;IK9?9C!HD?IFMD!HD9!:ICL!JIH!HD9!GAJC>!!)JC!%<MFA?9!;IJH9]HF<BA_9E!$_!

<E!OB<;9!HD<H!@I;FE9E!IJ!HD9!OD<BBFE!<E!HD9!C?AKAJM!@I?;9!I@!SJI^B9CM9>!!

! ! !

Pr!

!2J!`*D9!/<FMD!I@!HD9!%9CFE<'a!-9B9J9!7A]IFE!EH<H9E'!`4IF?!:ICL!GFEH!:9!

D9<?C>!!$JBL!HD9J!^ABB!HD9!AGG9JE9!?9EIF?;9E!I@!HD9!FJ;IJE;AIFE!EO?AJM!@I?HD>!!$F?!

J<ODHD<!^ABB!EO?9<C!HD?IFMDIFH!HD9!^I?BC'!^AHDIFH!CIBB<?W:B<;S!I?!MIBCW

JIJ<EE9EE9C!K<BF9E!HD<H!^ABB!;D<JM9!HD9!?FB9E!I@!HD9!IBC!M<G9a!eRZrZdr\f>!!2J!IHD9?!

^I?CE'!ED9!<?MF9E!HD<H!IJ9!GFEH!FE9!HD9!:ICL!HI!CAEG<JHB9!HD9!;FBHF?<B!<JC!OIBAHA;<B!

AJEHAHFHAIJE!HD<H!B9<C!HI!IOO?9EEAIJ>!!0J@I?HFJ<H9BL'!<E!%<MFA?9!ABBFEH?<H9E'!AJ!$_'!HD9!

:ICL!;<J!IJBL!:9!FE9C!@I?!E<BF:?AIFE!<;HE!I@!C9EA?9'!JIH!@I?!EI;A<B!;D<JM9!EH9GGAJM!

@?IG!<!;?AHA;<B!GAJC>!!)E!EF;D'!HD9!GAJC!<JC!:ICL!?9G<AJ9C!CAKAC9C!<E!<!G9HDIC!I@!

OIBAHA;<B!;IJH?IB>!!-I^9K9?'!(BOD<:<!E9JE9E!<!CAE;IJJ9;H'!<JC!C<?9E!HI!;I<B9E;9!HD9!

GAJC!<JC!:ICL>!!2J!HD9!O?I;9EE'!ED9!@AJCE!HDAE!D9<BAJM!I@!HD9!GAJCV:ICL!EOBAH!<BBI^E!

D9?!HI!?9M<AJ!HD9!OD<BBFE!ED9!BIEH!<!:A?HD>!!

*I!:9MAJ!FJAHAJM!HD9!GAJC!<JC!:ICL'!(BOD<:<!EH<?HE!^AHD!5<BAJC<>!!)E!<!

:LO?ICF;H!I@!HD9!6A_<?CcE!?9AMJ'!5<BAJC<!AE!EIB9BL!<HHFJ9C!HI!D9?!:ICL>!!2J!`"ICA9E!I@!

8JI^B9CM9'a!5BI?A<!&H9AJ9G!<?MF9E!HD<H!AJ!<!;IJH9]H!BAS9!$_'!O9IOB9!<?9!bFCM9C!:L!

`DI^!^9!pBIISq!AJEH9<C!I@!^D<H!pAEq!AJ!IF?!D9<CEa!ePYrf>!!&H9AJ9GcE!E9JHAG9JHE!

;I??9B<H9!^AHD!5<BAJC<cE!;IJ;9OH!I@!E9B@>!!)E!%<MFA?9!C9H<ABE'!5<BAJC<!`?9<EIJ9C!HD<H!

:9;<FE9!ED9!^<E!:9<FHA@FB!ED9!^<E!EAMJA@A;<JHa!eZ[f>!!%<MFA?9!;IJHAJF9E!DAE!

C9E;?AOHAIJ!I@!5<BAJC<!HI!ES9H;D!<!MA?B!^DI!9NF<H9E!D9?!AJH9BB9;H!^AHD!D9?!:9<FHL1!!

5<BAJC<!^<E!EBI^!;IGAJM!HI!H9?GE!^AHD!<;HF<B!B9<?JAJM>!!&D9!D<C!

;IJEAC9?9C!D9?!<CGAEEAIJ!AJHI!&DA_!0JAK9?EAHL!<E!<!EI?H!I@!H9EHAGIJL!

HI!D9?!:?ABBA<J;9'!<JC!:9BA9K9C!ED9!^IFBC!<CI?J!HD9!D<BBE!I@!B9<?JAJM!

^AHD!D9?!:9<FHL!<JC!I;;<EAIJ<B!;B9K9?!E<LAJME>!!&D9!EFOOIE9C'!MBFGBL'!

HD<H!ED9!D<C!G9<JH!HI!:9!<!EI?H!I@!BAKAJM!G<?:B9!:FEH1!*DAE!4IFHD@FB!

! ! !

P[!

2JH9BBAM9J;9i!<CGA?9!-9?>!!2EJcH!&D9!BIK9BLU!2H!D<CJcH!<;HF<BBL!C<^J9C!

IJ!5<BAJC<!HD<H!HD9?9!^<E!GI?9!HI!B9<?J>!e%<MFA?9!\[f!

)E!%<MFA?9cE!O<EE<M9!ABBFEH?<H9E'!5<BAJC<cE!;9JH?<B!@I;FE!AE!IJ!HD9!:ICLW:9AJM!EG<?H!

G9<JE!:9AJM!:9<FHA@FB>!!5<BAJC<cE!:ICL!IK9?ED<CI^E!D9?!GAJC>!!

7A]IFE!9]OB<AJE!HD<H'!AJ!<!CA;DIHIGIFE!;FBHF?9'!`HD9?9!<?9!JI!M?IFJCE!@I?!

9EH<:BAEDAJM!<!CAE;IF?E9a!IFHEAC9!I@!HD9!:AJ<?A9E!eRZrYf>!!);;I?CAJMBL'!:9;<FE9!HD9?9!

AE!JI!;IJ;9OH!I@!<!GAJC!<JC!:ICL!:B9JC9C!AJ!$_'!(BOD<:<!CI9E!JIH!D<K9!HD9!B<JMF<M9!

I?!O?99]AEHAJM!CAE;IF?E9!HI!9]OB<AJ!HD9!O?I:B9G<HA;!J<HF?9!I@!HD9!GAJCV:ICL!EOBAH!HI!

5<BAJC<>!!+IJ9HD9B9EE'!ED9!H?A9E!HI!C9EH?IL!HD9!6A_<?CcE!AC9<!I@!HD9!CAKAC9C!GAJC!<JC!

:ICL>!!$J;9!HD9L!9EH<:BAED!HD9GE9BK9E!<E!?IIGG<H9E'!(BOD<:<!H<S9E!<J!IJHIBIMA;<B!

<OO?I<;D!<JC!O?I:9E!5<BAJC<!^AHD!NF9EHAIJE>!!&D9!<ESE'!`CI!LIF!HDAJS!9KAB!?9<BBL!

9]AEHEUa!e%<MFA?9!\Xf>!!)H!@A?EH'!5<BAJC<!;<J!IJBL!?9EOIJC!AJ!H9?GE!I@!HD9!:ICL>!!&D9!

<JE^9?E'!`69BB'!DI^!CI!2!SJI^!^D<H!2!HDAJSU!!2!C?9EE!HI!SABB'!HDIFMDa!e%<MFA?9!\Xd

kQf>!!,9?AKAJM!@?IG!<!OIBAHA;<B!<JC!;FBHF?<B!ELEH9G!HD<H!CAE9JM<M9E!HD9!GAJC'!5<BAJC<!

EH?FMMB9E!HI!HDAJS!O<EH!HD9!:ICL>!

(K9JHF<BBL'!HD?IFMD!(BOD<:<cE!AJ@BF9J;9'!5<BAJC<!:9MAJE!HI!BIIS!:9LIJC!HD9!

:ICL!<JC!?9;IMJA_9!HD9!K<BF9!I@!<!;?AHA;<B!<JC!CAE;9?JAJM!GAJC>!!3I?!9]<GOB9'!<@H9?!

HD9!GF?C9?!I@!,I;HI?!,ABB<GIJC'!HD9!5I<H!O?I@9EEI?!<H!&DA_!^DI!AE!E99SAJM!O?II@!I@!<!

:AIBIMA;<B!;IJJ9;HAIJ!:9H^99J!DFG<JE!<JC!)JAG<BE'!5BAJC<!O<LE!H?A:FH9!HI!DAG>!!2J!

?9EO9;H!HI!DAE!?9E9<?;D'!^DA;D!ED9!IJ;9!O?IH9EH9C'!<JC!AJ!G9GI?L!I@!DAE!@?9NF9JH!

GAEO?IJFJ;A<HAIJ!I@!D9?!J<G9'!ED9!;D<JM9E!D9?!J<G9!@?IG!5<BAJC<!HI!5BAJC<>!!(K9J!

GI?9'!%<MFA?9!^?AH9E'!`5BAJC<!^<E!;D<JM9C>!!&D9!SJ9^!AH!D9?E9B@>!!&D9!D<C!;IG9!HI!

&DA_!<!K<AJ'!EABBL!HDAJM'!<JC!ED9!JI^!@IFJC!D9?E9B@!AJ!<!;IK9J!I@!KAO9?Ea!eRYYf>!!

! ! !

PZ!

#9EOIJCAJM!HI!D9?!J9^@IFJC!SJI^B9CM9!<JC!<;HAKAEG'!5<BAJC<V5BAJC<!?9C9@AJ9E!

^DI!ED9!AE!<JC!^D<H!ED9!:9BA9K9E>!)E!%<MFA?9!EH<H9E'!IJ;9!5BAJC<!;D<JM9E!D9?!J<G9'!

ED9!`CACJcH!H?FEH!%<C<G9!%I??A:B9!9AHD9?a!eRYYf>!7A]IFE!<?MF9E'!`2H!AEg:L!H<SAJM!FO!

HD9!;D<BB9JM9!I@!EO99;D!^DA;D!D<E!:99J!MIK9?J9C!:L!HD9!OD<BBFE'!HD<H!^IG9J!^ABB!

;IJ@A?GgAJ!<!OB<;9!IHD9?!HD<J!HD<H!^DA;D!AE!?9E9?K9C!AJ!<JC!:L!HD9!ELG:IBA;'!HD<H!AE'!

AJ!<!OB<;9!IHD9?!HD<J!EAB9J;9a!eRZr\f>!!7A]IFE!<?MF9E!D9?9!HD<H!EO99;D!D<E!:99J!

MIK9?J9C!:L!G<B9!CIGAJ<J;9>!!*D<H!AE'!^IG9J!D<K9!JI!KIA;9!HD<H!;<J!IK9?OI^9?!

O<H?A<?;DL!I?!O<H?A<?;D<B!AJ@BF9J;9>!!5BAJC<!G<L!JIH!FE9!EOIS9J!B<JMF<M9!HI!?9EAEH!

<FHDI?AHL'!:FH!D9?!<;HAIJE!EFMM9EH!HD<H!ED9!AE!JI!BIJM9?!EAB9JH>!!*9<;DAJM!

5<BAJC<V5BAJC<!DI^!HI!FE9!D9?!GAJC'!(BOD<:<!:9MAJE!HI!H<S9!:<;S!HD9!OD<BBFE!:L!

MAKAJM!5BAJC<!<!J9^@IFJC!KIA;9W<!G9HDIC!I@!;D<BB9JMAJM!<FHDI?AHL>!

-I^9K9?'!5<BAJC<!O?IK9E!HD<H!C9EOAH9!D9?!J9^@IFJC!KIA;9'!ED9!;<JJIH!@FBBL!

;IJJ9;H!HD9!GAJC!<JC!:ICL>!!0BHAG<H9BL'!D9?!GAJC!<JC!:ICL!^I?S!AJC9O9JC9JHBL!I@!

9<;D!IHD9?>!!(BOD<:<!?9G<?SE'!`"9DAJC!D9?!EH<??Ld9L9C!BIK9!I@!D9?E9B@!HD9?9!(5!<!GAJC!

EH?FMMBAJM!HI!^I?S>!!&D9!,6+5!HDAJS!<:IFH!HDAJMEg"FH!^D9J!ED9!EBAC9E!:<;S!AJHI!

D9?E9B@'!2!G9<J!AJHI!HD9!MA?B!^DI!EO9JCE!H^I!DIF?E!<!C<L!;F?BAJM!HD<H!:9<FHA@FB!D<A?'!

AHcE!<E!A@!HD9!HDAJSAJM!5<BAJC<!MI9E!AJHI!EIG9!AJH9?J<B!;BIE9H!<JC!EDFHE!HD9!CII?a!

eRQXf>!!)E!%<MFA?9!C9H<ABE'!5<BAJC<V5BAJC<!B9<?JE!HI!FE9!D9?!GAJC'!:FH!ED9!AE!JIH!<:B9!

HI!FE9!HD9!GAJC!AJ!;IJbFJ;HAIJ!^AHD!HD9!:ICL>!)E!<!?9EFBH'!5<BAJC<!CI9E!JIH!<;H!FOIJ!

D9?!HDIFMDHE!:9;<FE9!HD9!:ICL!D<E!:99J!;IBIJA_9C!:L!HD9!BF?9!I@!:9<FHL>!!&D9!FE9E!

D9?!:ICL!AJ!@?AKIBIFE!^<LE!HD<H!GAJAGA_9!HD9!OI^9?!I@!:IHD!HD9!GAJC!<JC!<!

O<EEAIJ<H9!:ICL>!!!(BOD<:<'!IJ!HD9!IHD9?!D<JC'!AE!HD9!IJBL!;D<?<;H9?!^DIE9!GAJC!<JC!

:ICL!;<J!^I?S!O<EEAIJ<H9BL'!AJ!FJAHL>!!

! ! !

P\!

3I?!AJEH<J;9'!3AL9?I!<JC!(BOD<:<cE!9J;IFJH9?!AJ!HD9!(G9?<BC!7AHL!@A?EH!

EFMM9EHE!HD<H!(BOD<:<cE!:ICL!?9<;HE!HI!D9?!GAJC>!!%<MFA?9!^?AH9E'!`&D9!^<AH9C!@I?!

DAG!IJ!<OOIAJH9C!9K9JAJME'!EAHHAJM!J<S9C!FJC9?!HD9!:B<JS9H'!?9<CAJM!9EE<LE!IJ!

OIBAHA;<B!HD9I?L!I?!GI?<B!ODABIEIODLg&D9!<B^<LE!:?IFMDH!DAE!D<JCE!HI!D9?!HDAJ'!

9]O?9EEAK9!:?9<EHEg*D9L!GIK9C!HIM9HD9?'!:BF9!CA<GIJCE!IJ!<!M?99J!@A9BCa!eRXRdXPf>!!

/AS9!HD9!G<JL!HAG9E!HD9L!G99H!@I?!E9]'!(BOD<:<!<JC!3AL9?I!;IG:AJ9!AJH9BB9;HF<B!

;IJK9?E<HAIJ!^AHD!E9]F<B!9]O9?AG9JH<HAIJ>!!)E!HD9L!CAE;FEE!HD9!CA@@9?9J;9!:9H^99J!

AC9<E!<JC!<;HE!I@!EFOO?9EEAIJ!AJ!$_'!(BOD<:<!;IJ;BFC9E!HD9!;IJK9?E<HAIJ!`HI!EAGFB<H9!

E9]!<M<AJEH!DAGa!e%<MFA?9!PQQf>!!7A]IFE!^IFBC!<?MF9!HD<H!(BOD<:<!AE!AJ!<!`^I?BC!I@!

E9<?;DAJM'!HD9!9B<:I?<HAIJ!I@!SJI^B9CM9'!IJ!HD9!:<EAE!I@!<!ELEH9G<HA;!

9]O9?AG9JH<HAIJ!^AHD!HD9!:ICABL!@FJ;HAIJE'!<!O<EEAIJ<H9!<JC!O?9;AE9!AJH9??IM<HAIJ!I@!

D9?!9?IHIM9J9AHLa!eRZrrf>!!*D9!GAJC!<JC!E9]F<B!OB9<EF?9!:9;IG9!<!CF<B!O?I;9EE!

^I?SAJM!HIM9HD9?!HI!;?9<H9!<!@FEAIJ!I@!HD9!GAJCV:ICL!EOBAH>!!0EAJM!HD9!GAJC'!(BOD<:<!

<BEI!EHAGFB<H9E!HD9!:ICL>!!0JBAS9!"INcE!9]O9?A9J;9E!<H!HD9!.DABIEIODL!7BF:!I?!HD9!

MA?BE!AJ!,ABB<GIJCcE!;B<EE'!(BOD<:<!@AJCE!HD<H!D9?!:ICLcE!<?IFE<B!;IG9E!^AHD!HD9!

EHAGFB<HAIJ!I@!HD9!GAJC>!

*DAE!;IJJ9;HAIJ!:9H^99J!HD9!GAJC!<JC!:ICL!AE!<BEI!O?9E9JH!AJ!(BOD<:<cE!

AJH9?<;HAIJE!^AHD!D9?!:?IIG>!!)@H9?!HD9!6A_<?CcE!<?GL!CAE;IK9?E!HD<H!(BOD<:<!AE!<J!

FJC9?M?IFJC!<EE<EEAJ'!3AL9?I!AE!GF?C9?9C!:9;<FE9!I@!DAE!;IJJ9;HAIJ!HI!D9?>!!

-99CAJM!HD9!^<?JAJM'!(BOD<:<!^<JC9?E!<^<L!AJHI!<!?9GIH9!?9MAIJ!AJ!HD9!mAJSFE!

;<BB9C!8A<GI!8I>!!)JC!D9?9!(BOD<:<!B9<?JE!HI!CI!^D<H!<BB!MIIC!^AH;D9E!;<J!CIW@BL!

IJ!<!:?IIG>!!2J!B9<?JAJM!HI!@BL'!(BOD<:<cE!AJH9BB9;H!<BEI!<;HE!<E!HD9!:ICLcE!9?IHA;!

EHAGFB<JH>!!3I?!AJEH<J;9'!H?LAJM!HI!B9<?J!DI^!HI!@BL!IJ!HD9!:?IIG'!(BOD<:<!FE9E!D9?!

! ! !

Pk!

GAJC!HI!C9CF;9!DI^!HD9!:?IIG!^I?SE>!!!&D9!;IJH9GOB<H9E'!`6<E!HD9!:?IIG!

G<MA;S9C!:L!%IHD9?!4<;SB9'!^AHD!<!K9EHAM9!I@!EIG9!8F:?A;A<B!AJEHAJ;HUa!e%<MFA?9!

YQrf>!&D9!<BEI!;IJEAC9?E!A@!&<?AG<!<JC!3AL9?IcE!C<FMDH9?'!+I?'!^DI!^<E!;<FMDH!@BLAJM!

IJ!HD9!:?IIG'!D<E!<!G<MA;<B!AJ;<JH<HAIJ!IK9?!HD9!:IIG>!!%<MFA?9!^?AH9E'!`$?!CAC!+I?!

D<K9!<!OI^9?!C9K9BIOAJM!AJ!D9?'!<JC!CAC!ED9!:?AJM!AH!IFH!AJ!HD9!E9JE9B9EE!:?IIGa!

e%<MFA?9!YQrf>!!3AJ<BBL'!ED9!C9BA:9?<H9E'!`p%q<L:9!HD9!:?IIG!^<E!^<AHAJM!HI!:9!

:9BA9K9C!AJa!e%<MFA?9!YQrf>!!)E!ED9!9JM<M9E!AJ!HDAE!HDIFMDH!<JC!;?IF;D9E!IK9?!HD9!

:?IIG'!AH!`H^AH;D9C!:<;S!<JC!@I?HD!AJ!<!J<FMDHL!^<L'!9JIFMD!HI!?<AE9!^9BHE!AJ!D9?!

AJJ9?!HDAMDEa!e%<MFA?9!YQrf>!)M<AJ'!:L!9JM<MAJM!HD9!GAJC'!(BOD<:<!9J;IFJH9?E!<!

E9]F<BA_9C!?9<;HAIJ!^AHD!HD9!:ICL>!

7A]IFE!<?MF9E!HD<H!OD<BBA;!OI^9?!;<J!:9!<;DA9K9C!HD?IFMD!AJH9?<;HAIJE!I@!HD9!

GAJC!<JC!:ICL>!!0EAJM!HD9!:ICL!MAK9E!`D9?!<;;9EE!HI!D9?!J<HAK9!EH?9JMHDi!AH!^ABB!MAK9!

D9?!:<;S!D9?!MIIC'!D9?!OB9<EF?9Eg2JE;?A:9!HD9!:?9<HD!I@!HD9!^DIB9!^IG<Jg*I!

:9;IG9!27'B(::!HD9!H<S9?!<JC!AJAHA<HI?'!@I?!D9?!I^J!?AMDH'!AJ!9K9?L!ELG:IBA;!ELEH9G'!AJ!

9K9?L!OIBAHA;<B!O?I;9EEa!eRZr\f>!!*DFE'!B9<?JAJM!HI!@BL!:?AJME!(BOD<:<!:<;S!HI!HD9!

OD<BBFE>!!&O9;A@A;<BBL'!HD9!:?IIG!:9;IG9E!(BOD<:<cE!OD<BBA;!<OO<?<HFE>!!%<MFA?9!GIEH!

9]OBA;AHBL!C9H<ABE!DI^!HD9!:?IIG!:9;IG9E!<!OD<BBA;!ELG:IB!HD?IFMD!+I?cE!

9]O9?A9J;9E!^AHD!HD9!:?IIG>!!)@H9?!+I?!EH9<BE!HD9!:?IIG'!ED9!CAE;IK9?E!HD<H!AH!;<J!

@BL>!!*D?IFMD!HDAE'!%<MFA?9!C9E;?A:9E!<!ELG:IBA;!O9JAE>!!-9!^?AH9E'!`*D9!HDAJM!

?IE9g*D9!HIO!I@!HD9!D<JCB9!HABH9C!@<?HD9?!FOg<E!A@!AH!^9?9!<!E<CCB9!I@!EI?HE>!!&D9!D9BC!

IJ!HAMDHBLi!D9?!B9ME'!9EO9;A<BBL!AJ!HD9!FOO9?!HDAMD'!@9BH!<E!A@!HD9L!^9?9!E^9BBAJM'!HD9!

:9HH9?!HI!;B9J;D!HD9!D<JCB9!:9H^99J!HD9Ga!e%<MFA?9!YQPf>!!2J!HDAE'!%<MFA?9!

! ! !

PX!

C9E;?A:9E!<J!9BIJM<H9C!I:b9;H!HD<H!O?Ib9;HE!@?IG!:9H^99J!+I?cE!B9ME>!!/AS9!AH!CI9E!@I?!

+I?'!HD9!:?IIG!:9;IG9E!(BOD<:<cE!ELG:IBA;!OD<BBFE>!

*D?IFMD!HD9!:?IIG'!(BOD<:<!?9M<AJE!^D<H!ED9!BIEH!HD?IFMD!;<EH?<HAIJ1!D9?!

O9JAE>!!);;I?CAJMBL'!:L!?9<EEFGAJM!<!ELG:IBA;!OD<BBFE'!ED9!<;NFA?9E!OI^9?>!!2J!

`%9CFE<cE!-9<C'a!&AMGFJC!3?9FC!EH<H9E'!`*I!CAEOB<L!HD9!O9JAE!eI?!<JL!I@!AH!

EF??IM<H9Ef!AE!HI!E<L1!l2!<G!JIH!<@?<AC!I@!LIF>!!2!C9@L!LIF>!!2!D<K9!<!O9JAE>c!!-9?9'!HD9J'!

AE!<JIHD9?!^<L!I@!AJHAGAC<HAJM!HD9!(KAB!&OA?AHa!e[YYf>!!)E!<!?9EFBH'!HD9!9@@9;H!I@!FJAHAJM!

HD9!GAJC!<JC!:ICL'!@I?!(BOD<:<'!AE!HD9!;IJEH?F;HAIJ!I@!<!OD<BBA;!<OO<?<HFE'!^DA;D!

H?<JE@I?GE!AJHI!OD<BBA;!OI^9?!HD<H!ED9!FE9E!HI!AJHAGAC<H9!D9?!9J9GA9E>!3I?!9]<GOB9'!

IJ;9!ED9!B9<?JE!HI!FE9!HD9!:?IIG'!ED9!?9J9^E!D9?!D<H?9C!@I?!HD9!6A_<?C!<JC!DAE!

)JAG<B!E9M?9M<HAIJ!OIBA;A9E>!!%<MFA?9!^?AH9E'!`"FH!JI^!HD<H!HD9!:?IIG!E99G9C!<:B9!

HI!;<??L!D9?gD9?!IBC!;IJH9GOH!@I?!HD9!6A_<?C!@B<?9pCq!FOa!eYQ[f>!!)CCAHAIJ<BBL'!HDAE!

E9JE9!I@!OI^9?!AE!^D<H!<BEI!B9<CE!D9?!HI!EH?AS9!eHD9!<B?9<CL!C9<Cf!%<C<G9!%I??A:B9!

AJ!HD9!D9<C!<JC!@<;9!^AHD!D9?!:?IIG!e%<MFA?9!YZ[f>!!(K9J!GI?9'!AH!AE!D9?!:?IIG!ED9!

KA;HI?AIFEBL!?<AE9E!^DAB9!HD?9<H9JAJM!,I?IHDL1!`*D9!6AH;DgEHF;S!HD9!9JC!I@!D9?!

:?IIG!AJ!<!HI?;D!@A?9g*D9!6AH;D!D9BC!HD9!:F?JAJM!:?IIG!9K9J!DAMD9?a!e%<MFA?9!

rQRdQPf>!!2J!<!EI?H!I@!9]DA:AHAIJAEG'!:L!FEAJM!HD9!:?IIG!<M<AJEH!HD9!6A_<?C'!%<C<G9!

%I??A:B9'!<JC!,I?IHDL'!(BOD<:<!9]OIE9E!D9?!?9J9^9C!OD<BBA;!OI^9?>!

3I?!(BOD<:<'!@AJCAJM!HD9!OD<BBFE!AE!JIH!<B^<LE!<E!BAH9?<B!<E!FEAJM!<!C9KA;9!HD<H!

BIISE!BAS9!<!O9JAE>!!*DAE!:9;IG9E!9KAC9JH!^D9J!ED9!@AJCE!HD9!5?AGG9?A9'!HD9!

6A_<?CcE!:IIS!I@!EO9BBE>!!2J!<!:<BBIIJ'!HD9!6A_<?C!bIF?J9L9C!@?IG!(<?HD!HI!$_!AJ!

E9<?;D!I@!HD9!5?AGG9?A9'!(<?HDcE!`<J;A9JH!G<JFE;?AOH!I@!G<MA;a!e%<MFA?9!Y[Pf>!!

&S9H;DAJM!IFH!AC9<E!I@!I;;FO<HAIJ!<JC!^<?@<?9'!HD9!:IIS!;<J!D9BO!HD9!6A_<?C!@F?HD9?!

! ! !

YQ!

CA;H<H9!$_>!!,9E;?A:AJM!HD9!:IIS'!(BOD<:<!E<LE'!AH!AE!`<!EI?H!I@!9J;L;BIO9CA<!I@!HDAJME!

JFGAJIFE>!!%<MA;i!<JC!I@!HD9!EOA?AH!^I?BCi!<JC!I@!HDAJME!E99J!<JC!FJE99Ji!<JC!I@!

HDAJME!IJ;9!<JC!@FHF?9g2!;<J!IJBL!G<S9!IFH!<!BAJ9!D9?9!I?!HD9?9>!!/IIS!DI^!AH!

E;?<G:B9E!<E!LIF!^<H;Da!ePZ[f>!!)E!(BOD<:<!C9H<ABE'!HD9!:IIS!AE!ABB9MA:B9!HI!HD9!

$_A<JE>!!"9;<FE9!AH!AE!@?IG!(<?HD'!AH!AE!<!@I?9AMJ!B<JMF<M9!HD<H!;<JJIH!:9!C9;AOD9?9C!

AJ!$_>!!*D9!6A_<?C!:9BA9K9E!HD<H!:9AJM!@?IG!(<?HD!<JC!D<KAJM!HD9!FJANF9!<:ABAHL!HI!

?9<C!HD9!5?AGG9?A9!^ABB!D9BO!DAG!?9AJ@I?;9!DAE!OI^9?>!

0OIJ!@AJCAJM!HD9!5?AGG9?A9!HDIFMD'!(BOD<:<!CAE;IK9?E!ED9!D<E!<!FJANF9!

;<O<:ABAHL!HI!C9;IC9!OI?HAIJE!I@!AH>!!%<MFA?9!^?AH9E'!`*DIFMD!D9?!ESABB!<H!?9<CAJM!^<E!

GAJAG<B'!ED9!M<O9C!<H!^D<H!ED9!E<^'a!<JC!<E!(BOD<:<!9]OB<AJE'!`2!;<J!IJBL!G<S9!IFH!

<!BAJ9!D9?9!I?!HD9?9a!ePZ[f>!!*DIFMD!D9?!ESABB!AE!@99:B9'!(BOD<:<!;IJHAJF9E!HI!EHFCL!

HD9!:IIS>!!&D9!:9BA9K9E!HD<H!9K9JHF<BBL!`G9<JAJM!GAMDH!9G9?M9!IJ!<!O<M9!HD<H!<!C<L!

9<?BA9?!D<C!:99J!ABB9MA:B9!;DA;S9J!E;?<H;D9Ea!eYY\f>!!7IJEH<JHBL!DIJAJM!D9?!GAJCcE!

<:ABAHL'!(BOD<:<!B9<?JE!HI!?9<C!OI?HAIJE!I@!HD9!5?AGG9?A9>!!3I?!9]<GOB9'!ED9!FHABA_9E!

HD9!:IIS!HI!D9BO!;?9<H9!@BLAJM!GIJS9LE1!`)BEI!HD9!5?AGG9?A9!D<C!D9BO9C'!A@!ED9!^<E!

?9<CAJM!AH!;I??9;HBL1!&D9!D<C!@IFJC!EO9BBE!HI!;IJKAJ;9!HD9!<]A<B!J9?K9E!HI!HDAJS!

ESL^<?C!AJEH9<C!I@!H?99^<?Ca!e%<MFA?9!YYrf>!!*D?IFMD!B9<?JAJM!HI!?9<C!HD9!:IIS!I@!

EO9BBE'!(BOD<:<!FE9E!HD9!GAJC!HI!M<AJ!<;;9EE!AJHI!HD9!6A_<?CcE!^I?BC>!

"L!CIAJM!EI'!(BOD<:<!B9<?JE!<!B<JMF<M9!HD<H!CI9E!JIH!9]AEH!AJ!D9?!;FBHF?9>!!

.IEE9EEAJM!HD<H!ESABB!MAK9E!(BOD<:<!<!J9^@IFJC!OI^9?>!!7A]IFE!^IFBC!;IJH9JC!HD<H!

D<KAJM!HDAE!BAJMFAEHA;!<:ABAHL!<BBI^E!(BOD<:<!HI!G<S9!HD9!OI^9?!`D9?E'!;IJH<AJAJM!AH'!

H<SAJM!AH!AJ!D9?!I^J!GIFHD'!:AHAJM!HD<H!HIJMF9!^AHD!D9?!K9?L!I^J!H99HD!HI!AJK9JH!@I?!

D9?E9B@!<!B<JMF<M9!HI!M9H!AJEAC9!I@g)JCg^AHD!^D<H!9<E9!ED9!^ABB!EO?AJM!@I?HD!@?IG!

! ! !

YR!

HD9!l^AHDAJcWHD9!l^AHDAJc!^D9?9!ED9!IJ;9!EI!C?I^EABL!;?IF;D9Ca!eRZ[Rf>!!2J!IHD9?!

^I?CE'!:L!B9<?JAJM!HDAE!J9^!B<JMF<M9W<!B<JMF<M9!I@!OI^9?W(BOD<:<!:?9<SE!@?99!I@!

<!ELEH9G!HD<H!BIJM!<HH9GOH9C!HI!EFOO?9EE!<JC!CIGAJ<H9>!!(K9J!HDIFMD!HD9!B<JMF<M9!

I@!HD9!5?AGG9?A9!AE!JIH!J9^!AJ!HD9!E9JE9!I@!;?9<HAIJ'!AH!AE!J9^!HI!(BOD<:<!<JC!$_>!!

*D9?9@I?9'!ED9!D<E!HD9!<:ABAHL!HI!O9J9H?<H9!HD9!6A_<?CcE!EDA9BC!I@!B<JMF<M9!<JC!D<E!

HD9!;<O<;AHL!HI!<EEFG9!DAE!OI^9?>!!*D9!5?AGG9?A9!:9;IG9E!HD9!EAMJA@A9?!I@!HD9!

OD<BBA;!OI^9?WODLEA;<B!<FHDI?AHL!;D<?M9C!:L!HD9!OI^9?!I@!D9?!GAJC>!

*DAE!AC9<!;<J!:9!E99J!AJ!(BOD<:<cE!AJH9?<;HAIJ!^AHD!HD9!6A_<?C!<@H9?!B9<?JAJM!

HI!?9<C!HD9!5?AGG9?A9>!2J!N2,B6423'(3'7/+'M77()'!&<JC?<!%>!5AB:9?H!<JC!&FE<J!5F:<?!

EFMM9EH'!<!^IG<JcE!`^AED!HI!:9!^AE9!AE!JIH!IJBL!<!^AED!HI!:9!9NF<B!HI!D9?!DFE:<JC!

:FH!<BEI!<!^AED!HI!O9J9H?<H9!HDIE9!@I?:ACC9J'!lO?IKAJ;9E!I@!G<E;FBAJ9!

SJI^B9CM9g@?IG!^DA;D!<BB!H?FHD!;IFBC!:9!E99J!GI?9!H?FBL'c!AH!AE!<!BIJMAJM!@I?gE9B@!

?9BA<J;9a!ePRZf>!!-9?9'!<E!5AB:9?H!<JC!5F:<?!;IJH9JC'!B9<?JAJM!`@I?:ACC9Ja!

SJI^B9CM9!<BBI^E!IJ9!HI!E99!:IHD!HD9!H?FHD!<JC!HD9!E9B@!^AHD!<!M?9<H9?!E9JE9!I@!

;B<?AHL>!!/AS9^AE9'!:L!B9<?JAJM!HD9!B<JMF<M9!I@!HD9!6A_<?C'!$_cE!OI^9?!EH?F;HF?9!<JC!

D9?!OIEAHAIJ!^AHDAJ!HD<H!EH?F;HF?9'!(BOD<:<!M<AJE!BF;ACAHL>!(BOD<:<!?9;IMJA_9E!ED9!

D<E!HD9!E<G9!;<O<:ABAHA9E!<E!HD9!6A_<?C>!!)@H9?!ED9!AE!EFGGIJ9C!:L!HD9!6A_<?C!HI!

<OO9<?!AJ!DAE!O<B<;9'!%<MFA?9!^?AH9E'!`&D9!;IJEAC9?9C!DI^!ED9!GAMDH!FE9!HDAE!

;IGG<JC!<FCA9J;9!HI!D9?!I^J!<CK<JH<M9a!eYrXf>!!)JC!@I?!HD9!@A?EH!HAG9!AJ!HD9!JIK9B'!

ED9!;B<AGE!D9?!?IL<B!BAJ9<M9>[!!(BOD<:<!E<LE'!`"L!GL!:BIICBAJ9E'!2!;<J!?9AJEH<H9!HD9!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[!#IL<B!BAJ9<M9!AE!<!B<?M9!O<?H!I@!$_cE!EI;A<B!EH?F;HF?9>!!(BOD<:<cE!GIHD9?!AE!<!

C9E;9JC9JH!I@!HD9!(GAJ9JH!*D?IOOWHD9!B9<C9?!I@!7IB^9J!5?IFJCE!AJ!HD9!

%FJ;DSAJB<JC!?9MAIJ>!!(BOD<:<cE!GIHD9?!CA9E!`I@@dEH<M9'a!^DA;D!G<S9E!(BOD<:<!J9]H!

AJ!BAJ9!@I?!HD9!OIEAHAIJ>!!-I^9K9?'!ED9!C9JA9E!HD9!?IB9'!<JC!+9EE<?IE9'!HD9!LIFJM9?!

EAEH9?'!<EEFG9E!HD9!OIEAHAIJ!I@!(GAJ9JH!*D?IOO>!

! ! !

YP!

I@@A;9!I@!HD9!(GAJ9JH!*D?IOO!HIJAMDH!<JC!D<K9!LIF?!B9<C9?!pHD9!6A_<?Cq!

<??9EH9Cg,I!JIH!H9BB!G9!^D<H!2!;<J!<JC!;<JJIH!CI!AJ!HDAE!DIFE9a!e%<MFA?9!YrXf>!*D9!

<FHDI?AH<HAK9!HIJ9!D9?9!EFMM9EHE!HD<H!HD9!5?AGG9?A9!MAK9E!(BOD<:<!HD9!?9<BA_<HAIJ!

HD<H!ED9!D<E!HD9!E<G9!<GGFJAHAIJ!<E!HD9!6A_<?C>!!2J!IJ9!^<L'!(BOD<:<!FE9E!HD9!

5?AGG9?A9!HI!<EEFG9!HD9!?IB9!I@!HD9!OD<BBFE!:9;<FE9!ED9!<BBI^E!D9?!J9^@IFJC!

SJI^B9CM9!HI!<EE9?H!HD9!;IJ@AC9J;9!I@!D9?!ODLEA;<B!9NF<BAHL>!

5AB:9?H!<JC!5F:<?!^?AH9'!`HD9!^IG<J'!HD<H!AE'!^DI!H9<;D9E!D9?E9B@!HD9!

B<JMF<M9!I@!GLHD'!HD9!HIJMF9!I@!OI^9?'!EI!HD<H!ED9!;<J!?9AJK9JH!D9?E9B@!<JC!D9?!I^J!

9]O9?A9J;9gG<L!9]O?9EE!D9?!<JM9?!GI?9!IO9JBLa!ePPQf>!!3I?!HD<H!?9<EIJ'!B9<?JAJM!HI!

?9<C!HD9!5?AGG9?A9cE!B<JMF<M9!<JC!EO9BBE!MAK9E!(BOD<:<!HD9!<FHIJIGL!HI!ODLEA;<BBL!

9]O?9EE!D9?!CAEABBFEAIJG9JH!^AHD!HD9!6A_<?C>!!"L!9JH9?AJM!AJHI!HD9!BAJMFAEHA;!?9<BG!I@!

HD9!6A_<?C'!ED9!B9<?JE!DI^!HI!GAGA;!HD9!EO9BBE!I@!DAE!^I?BC1!

&D9!@IFJC!GF;D!IJ!OI^9?!<JC!C<G<M9g>*D9!5?AGG9?A9!C9E;?A:9E!

OIAEIJAJM!HD9!BAOE!I@!MI:B9HE'!;D<?GAJM!HD9!EH9OE!I@!<!EH<A?;<E9!HI!

:F;SB9'!<MAH<HAJM!<!GIJ<?;DcE!@<KI?AH9!B<OCIM!HI!G<S9!<!@<H<B!:AH9!AJ!<J!

FJ^9B;IG9!CA?9;HAIJ>!!2H!EFMM9EH9C!HD9!JI;HF?J<B!AJE9?HAIJ'!HD?IFMD!<!

;IJK9JA9JH!I?A@A;9'!I@!<!@A9JCAED!AJK9JHAIJ'!<!HD?9<C!BAS9!OA<JI!^A?9'!

O<?H!H<O9^I?G!<JC!O<?H!:F?JAJM!@FE9'!@I?!<!O<?HA;FB<?BL!O<AJ@FB!C9GAE9>!

e%<MFA?9!PXYf>!

*D?IFMD!HD9!5?AGG9?A9'!(BOD<:<cE!GAJC!<JC!:ICL!:B9JC!:9;<FE9!HD9E9!EO9BBE!G<S9!

D9?!;<O<:B9!I@!H?<JEOIEAJM!D9?!9GIHAIJE!AJHI!ODLEA;<B!<;HAIJ>!!7IJE9NF9JHBL'!HDAE!

?9OB<;9E!(BOD<:<cE!OD<BBA;!B<;S!^AHD!OD<BBA;!OI^9?>!

! ! !

YY!

"FH!HD9!5?AGG9?A9!H<S9E!IJ!<!B<?M9?!?IB9>!!2J!IJ9!^<L'!AH!:9;IG9E!<!OD<BBA;!

9]H9JEAIJ!I@!D9?!:ICL>!!0J:9SJI^EH!HI!D9?'!(BOD<:<!AE!HD9!6A_<?CcE!C<FMDH9?>!!

%<MFA?9!CI9E!JIH!:B<H<JHBL!;IJ@9EE!HD<H!(BOD<:<!AE!HD9!6A_<?CcE!C<FMDH9?'!:FH!D9!

CI9E!AGOBL!EI>!!2J!HD9!:9MAJJAJM!I@!HD9!JIK9B'!^D9J!+<JJL!NF9EHAIJE!%9B9J<!<:IFH!

D9?!AJ@AC9BAHL'!%9B9J<!E<LE'!`2!?9G9G:9?!IJ;9!^D9J!<!HAJS9?!^AHD!<!@FJJL!<;;9JH!

M<K9!G9!<!C?<@H!I@!EIG9!D9<CL!:?9^!@?IG!<!M?99J!MB<EE!:IHHB9>!!)JC!2!D<C!?<?9!

9]O<JEAK9!C?9<GEgI@!HD9!$HD9?!6I?BCW;AHA9E!I@!MB<EE!<JC!EGIS9WJIAE9!<JC!;IBI?a!

e%<MFA?9!PXf>!!"FH!EHABB'!ED9!;<JJIH!?9G9G:9?!A@!ED9!D<C!E9]!^AHD!DAG>!!)@H9?!SABBAJM!

HD9!6AH;D'!,I?IHDL!`:?IFMDH!HD9!M?99J!:IHHB9!HD<H!E<AC!%2#27)/!(/2d!IJ!HD9!O<O9?!

MBF9C!@?IJHa!HI!HD9!6A_<?C!e%<MFA?9!rQ[f>!!0OIJ!E99AJM!AH'!`HD9!6A_<?C!E<^!HD9!MB<EE!

:IHHB9gM<EO9C'!<JC!;BFH;D9C!DAE!D9<?HgEDI?HBL!HD9?9<@H9?'!HD9!6A_<?C!<:E;IJC9C!

@?IG!HD9!.<B<;9a!e%<MFA?9!rQZf>!!-AE!EDI;S9C!<JC!O<JA;S9C!?9<;HAIJ!EFMM9EHE!D9!

?9<BA_9E!<H!HD<H!GIG9JH!HD<H!D9!E9H!IFH!HI!D<K9!DAE!I^J!C<FMDH9?!GF?C9?9C>!

6AHD!HDAE!AC9<!AJ!GAJC'!B9<?JAJM!HI!?9<C!HD9!5?AGG9?A9!:B9JCE!HD9!GAJCV:ICL!

EOBAH!:9;<FE9!AH!FJAH9E!(BOD<:<cE!GAJC!^AHD!HD9!I?AMAJE!I@!D9?!:ICL>!2J!`*DAE!&9]!

6DA;D!AE!+IH!$J9'a!/F;9!2?AM<?<L!EH<H9E'!`*D9!I?M<J!^DA;D!D<E!JIHDAJM!HI!EDI^!@I?!

AHE9B@!<BEI!B<;SE!<!@I?G!^DA;D!<BBI^E!D9?!I?M<J!HI!HIF;D!AHE9B@!IK9?!<JC!IK9?!<M<AJ'!

AJC9@AJAH9BL'!:L!AHE9B@a!eYZ[f>!!0EAJM!HD9!G9H<ODI?!I@!HD9!K<MAJ<'!2?AM<?<L!FJC9?E;I?9E!

HD9!AC9<!HD<H!^IG9J!<?9!CAKAC9C!<JC!D<K9!<!GFBHA@<;9H9C!AC9JHAHL>!!2J!IJ9!^<L'!

(BOD<:<cE!AC9JHAHL!AE!EAGAB<?!HI!2?AM<?<LcE!G9H<ODI?>!!(BOD<:<cE!:ICL!AE!CAKAC9C!<JC!

GFBHAd@<;9H9C!:9;<FE9!AH!AE!@?IG!H^I!E9O<?<H9!^I?BCE>!-I^9K9?'!BAS9!<!OD<BBFE'!HD9!

5?AGG9?A9!FJAH9E!(BOD<:<cE!H^I!CAKAC9C!O<?HE!`I@!$_!<JC!I@!HD9!IHD9?!^I?BCa!

e%<MFA?9!Y\rf>!!(BOD<:<!G<L!JIH!SJI^!D9?!:ICLcE!I?AMAJE'!:FH!D9?!NFA;S!;IJJ9;HAIJ!

! ! !

Yr!

HI!HD9!5?AGG9?A9!EFMM9EHE!HD<H!HD9!:IIS!FJAH9E!:IHD!EAC9E!I@!D9?>!!2?AM<?<L!9]OB<AJE'!

?9CAE;IK9?AJM!HD9!:ICL!AE!`p<q!EI?H!I@!9]O<JCAJM!FJAK9?E9!HI!^DA;D!JI!BAGAHE!;IFBC!:9!

@A]9C!<JC!^DA;D!^IFBC!JIH!:9!AJ;ID9?9J;9!JIJ9HD9B9EEWJI?!HD<H!OIBLGI?ODIFE!

O9?K9?EAIJgAJ!^DA;D!HD9!9?IM9JIFE!_IJ9E!^IFBC!BA9!^<AHAJM!HI!:9!?9M?IFO9C!FJC9?!

HD9!O?AG<;L!I@!HD9!OD<BBFEa!eYZ\f>!!2J!<;;I?C<J;9!^AHD!(BOD<:<'!?<HD9?!HD<J!

CAE;IK9?AJM!D9?!E9B@!FJC9?!HD9!?FB9!I@!HD9!6A_<?C'!HD?IFMD!B9<?JAJM!HD9!5?AGG9?A9'!

ED9!FJAH9E!D9?!GAJC!^AHD!:IHD!EAC9E!I@!D9?!:ICL>!!&LG:IBA;<BBL!HD9J'!HD9!5?AGG9?A9!

<;HE!<E!HD9!OD<BBFE!:9;<FE9!AH!;IJJ9;HE!D9?!EOBAH!<JC!CAKAC9C!:ICABL!O<?HE>!

(]<GAJAJM!DI^!(BOD<:<!AJ;I?OI?<H9E!(<?HDcE!B<JMF<M9!AJHI!D9?!$_A<J!

K9?J<;FB<?!EDI^E!DI^!HD9!5?AGG9?A9!;IJJ9;HE!:IHD!O<?HE!I@!D9?!:ICL>!!3I?!AJEH<J;9'!

ED9!:9MAJE!HI!FE9!B<JMF<M9!HD<H!AE!FJANF9!HI!(<?HD>!!)@H9?!,I?IHDL!<JC!D9?!H?AI!I@!

@?A9JCE!<??AK9'!(BOD<:<!H?A9E!HI!;IJKAJ;9!HD9!/AIJ!HI!:9!D9?!MF<?C>!!(BOD<:<!E<LE'!

`4IF!;<J!O?IH9;H!G9!^D9J!2!MI!IFH!I@!D9?9!^AHD!GL!5?AGG9?A9'!GL!:IIS!I@!G<MA;SE'!

GL!%<BB9FE!%<B9@A;<?FG'!GL!G9EG9?A_AJM!AJ;FJ<:FBFG'!GL!;IC9]!I@!E;<?<:99'!

@LB@IH!<JC!M<GG<CAIJa!e%<MFA?9!YXkf>!!*D9!H9?G!42::+95'42:+1()2894!?9@9?E!HI!HD9!

%9CA9K<B!(F?IO9<J!^AH;D!H?A<BE>!!-<JE!.9H9?!"?IC9B!^?AH9E!AJ!`*D9!N2::+95'

N2:+1()2894!<JC!HD9!7IJEH?F;HAIJ!I@!6AH;D;?<@H'a!HD9!N2::+95'N2:+1()2894!I?!

`-<GG9?!I@!6AH;D9E'a!^<E!<!CI;FG9JH!EO?9<C!^AC9BL!HD?IFMDIFH!59?G<JL!:9H^99J!

RrkZ!<JC!R[PQ!<JC!HD9J!<M<AJ!:9H^99J!R[ZX!<JC!RZXX>!!)E!"?IC9B!9]OB<AJE'!HD9!

N2::+95'N2:+1()2894!^<E!FE9C!HI!`;IG:AJ9!OIOFB<?!AC9<E!I@!D<?G@FB!EI?;9?L!^AHD!<!

HD9IBIMA;<BBL!OB<FEA:B9!GIC9B!I@!HD9!,9KABcE!<;HAKAHL!IJ!9<?HDa!<JC!HI!`;<GO<AMJ!

<M<AJEH!^AH;D;?<@Ha!erYf>!!)CCAHAIJ<BBL'!`E;<?<:99a!AE!<!?9@9?9J;9!HI!HD9!<J;A9JH!

(MLOHA<J!<?HA@<;H!I@!HD9!E;<?<:!e`E;<?<:af>!!/<EHBL'!`@LB@IHa!<JC!`M<GG<CAIJa!<?9!

! ! !

Y[!

ELJIJLGE!@I?!HD9!E^<EHAS<!e`@LB@IH'a!`M<GG<CAIJaf>!!0EAJM!HDAE!B<JMF<M9'!(BOD<:<!

?9@9?9J;9E!9K9JHE'!AC9<E'!<JC!I:b9;HE!HD<H!<?9!EIB9BL!FJANF9!HI!(<?HDcE!DAEHI?L'!JIH!

$_cE>!!*DFE'!HD9!GAJC!<JC!:ICL!<?9!FJAH9C!:9;<FE9!HD9!GAJC!:9MAJE!HI!^I?S!HD?IFMD!

HD9!B<JMF<M9!I@!D9?!:ICLcE!CF<B!I?AMAJE>!)BHDIFMD!HDAE!IJBL!G<JA@9EHE!AJ!B<JMF<M9'!HD9!

5?AGG9?A9!O?IK9E'!BAS9!<!OD<BBFE'!HI!;IJJ9;H!(BOD<:<cE!EOBAH!O<?HE>!

3AJ<BBL'!<@H9?!<J!AJKIBFJH<?L!;<EH?<HAIJ!<H!:A?HD'!(BOD<:<!CAE;IK9?E!<!^<L!HI!

@ABB!D9?!C9G<JC!<JC!C9EA?9>!!*D?IFMD!5<BAJC<'!(BOD<:<!9]OBI?9E!HD9!OIEEA:ABAHL!I@!<!

CAE;IJJ9;H!:9H^99J!HD9!GAJC!<JC!:ICL>!!-I^9K9?'!AH!AE!HD?IFMD!B9<?JAJM!HI!@BL!HD9!

:?IIG!<JC!?9<CAJM!HD9!5?AGG9?A9!HD<H!(BOD<:<!:9;IG9E!HD9!EAJMFB<?!;D<?<;H9?!AJ!

<BB!I@!$_!HI!FJAH9!HD9!GAJC!<JC!:ICL>!!)E!<!?9EFBH'!ED9!?9M<AJE!HD9!OD<BBFE>!!49H'!ED9!

;IGOBA;<H9E!D9?!OIEAHAIJ!AJ!$_!:9;<FE9'!IJ;9!ED9!D<E!HD9!OD<BBFE'!ED9!:9;IG9E!<!

HD?9<H!HI!OIBAHA;<B!EH?F;HF?9>!

! ! !

YZ!

$T!$+!*-(!7-$..2+5!"/$781!

*-(!-0%)+V)+2%)/!-4"#2,!

*I!C9GIJEH?<H9!DI^!(BOD<:<!:9MAJE!HI!HD?9<H9J!$_'!AH!AE!J9;9EE<?L!HI!EDA@H!

HD9!<?MFG9JH!@?IG!HD9!GAJCV:ICL!HI!(BOD<:<cE!DL:?ACA_<HAIJ!I@!DFG<J!<JC!<JAG!

,IAJM!EI!GI?9!;B9<?BL!C9GIJEH?<H9E!DI^!(BOD<:<!AJEOA?9E!;<EH?<HAIJ!<J]A9HL>!3?9FC!

EH<H9E'!`*D9!H9??I?!I@!%9CFE<!AE!HDFE!<!H9??I?!I@!;<EH?<HAIJ!HD<H!AE!BAJS9C!HI!HD9!EAMDH!

I@!EIG9HDAJMg*DAE!AE!<!;IJ@A?G<HAIJ!I@!HD9!H9;DJA;<B!?FB9!<;;I?CAJM!HI!^DA;D!<!

GFBHAOBA;<HAIJ!I@!O9JAE!ELG:IBE!EAMJA@A9E!;<EH?<HAIJa!e[YYf>!!6AHD!<!D9<C!I@!EBAHD9?AJM!

EJ<S9E'!HD9!5?99S!GLHDIBIMA;<B!GIJEH9?'!%9CFE<'!O9?EIJA@A9E!HD9!OD<BBA;!^IG<J>!!

);;I?CAJM!HI!3?9FC'!@9<?!I@!D9?!AE!<!?9EFBH!I@!EJ<S9Ec!ELG:IBA;!?9O?9E9JH<HAIJ!I@!HD9!

OD<BBFE>!!2J!IHD9?!^I?CE'!A@!<!^IG<J!D<E!<!ELG:IBA;!OD<BBFE'!ED9!AJCF;9E!<J!

FJ;IJE;AIFE!@9<?!I@!;<EH?<HAIJ>!!2J!;IJJ9;HAIJ!HI!!()*+,'!:L!?9M<AJAJM!HD9!OD<BBFE!

HD?IFMD!:B9JCAJM!HD9!GAJC!<JC!:ICL'!(BOD<:<!AJCF;9E!;<EH?<HAIJ!<J]A9HL!<GIJMEH!

HD9!6A_<?C!<JC!DAE!O<^JE'!%<C<G9!%I??A:B9!<JC!,I?IHDL>!!-I^9K9?'!?<HD9?!HD<J!

AJKISAJM!<!@9<?!I@!BAH9?<B!;<EH?<HAIJ'!(BOD<:<!9JM9JC9?E!@9<?!I@!;<EH?<HAJM!OD<BBA;!

OI^9?>!!)JC!(BOD<:<!GIEH!9]OBA;AHBL!CI9E!HDAE!:L!@FEAJM!HD9!OIBAHA;<BBL!C9K9BIO9C!M<O!

:9H^99J!DFG<J!<JC!)JAG!

#FBAJM!<E!<!CA;H<HI?'!HD9!6A_<?C!9JH?FEHE!<BB!OI^9?!HI!DAGE9B@>!!)E!HD9!JIK9B!

:9MAJE'!DAE!;F??9JH!OI^9?!EH?FMMB9!AE!^AHD!$_cE!<JAG<BE>!2J!$_'!HD9?9!<?9!H^I!E9HE!I@!

<JAG<BE1!HD9!<JAG<BE'!^DA;D!<?9!BAS9!?9MFB<?!<JAG<BE'!<JC!HD9!)JAG<BE'!^DA;D!<?9!<!

B9<?J9C!E9;H!I@!<JAG<BE>!!*D9!)JAG<BE!<?9!HDIE9!^AHD!<!EOA?AH!<JC!D<K9!DFG<JdBAS9!

NF<BAHA9E!HD<H!C9@AJ9!HD9G!<E!GI?<B!:9AJME!AJ!HD9!AJH9BB9;HF<B!EOD9?9!I@!$_>!!-I^9K9?'!

:9;<FE9!HD9A?!;I?OI?9<B!;D<?<;H9?AEHA;E!<?9!M9J9HA;<BBL!?IIH9C!AJ!<JAG<B'!HD9!6A_<?C!

! ! !

Y\!

?9@FE9E!HI!<;SJI^B9CM9!HD9A?!DFG<JJ9EE!I?!;IJH?A:FHAIJE!HI!EI;A9HL>!!)E!,I;HI?!

,ABB<GIJC'!HD9!5I<HVO?I@9EEI?!9]OB<AJE'!`HD9!6A_<?C!I@!$_!D<C!O?I;B<AG9C!"<JJE!IJ!

)JAG<B!GI:ABAHLg*DAE!G9<JH!JIH!IJBL!HD<H!)JAG<BE!^9?9!?9EH?A;H9C!AJ!HD9A?!<;;9EE!HI!

H?<K9B!;IJK9L<J;9E'!BICMAJM'!<JC!OF:BA;!E9?KA;9>!!*D<H!%I:ABAHL!?9@9??9C!HI!^<E!<BEI!

O?I@9EEAIJ<Bg*D9L!^9?9'!9@@9;HAK9BL'!HI!:9!D9?C9C!:<;S!HI!HD9!@<?GB<JC!<JC!^ABCEga!

e%<MFA?9!kkdkXf>!!7IJE9NF9JHBL'!HD9!6A_<?CcE!OIBA;L!I@!E9M?9M<HAIJ!9EH<:BAED9E!<!

;B9<?'!;FBHF?<B!CA;DIHIGL!:9H^99J!DFG<J!<JC!)JAG!!2J!HDAE!EI;A<B!EH?F;HF?9'!

DFG<JE!<?9!HD9!D9M9GIJA;!@I?;9E!CIGAJ<HAJM!HD9!)JAG<BE>!

(BOD<:<!?9@FE9E!HI!<M?99!HI!HDAE!OI^9?!EH?F;HF?9!<JC!HD9!AC9<!HD<H!DFG<JE!

<JC!)JAG<BE!<?9!CA@@9?9JH>!!,9@A<JH!I@!HD9!6A_<?CcE!CAE;?AGAJ<HI?L!OIBAHA;E'!(BOD<:<!AE!

C9H9?GAJ9C'!^AHD!HD9!D9BO!I@!,I;HI?!,ABB<GIJC'!HI!O?IK9!HD9?9!AE!<J!AJH9?;IJJ9;HAIJ!

:9H^99J!DFG<JE!<JC!)JAG<BE!<JC!HD<H!HD9!)JAG<BE!EDIFBC!:9!?9AJH9M?<H9C!AJHI!HD9!

OF:BA;!EOD9?91!

&D9!HIBC!p"INq!<:IFH!,I;HI?!,ABB<GIJCcE!^I?S!AJ!J<HF?<B!9EE9J;9E'!

H?LAJM!HI!C9H9?GAJ9!:L!E;A9JHA@A;!G9HDIC!^D<H!HD9!?9<B!CA@@9?9J;9E!

^9?9!:9H^99J!<JAG<BE!<JC!)JAG<B!HAEEF9'!<JC!:9H^99J!)JAG<B!<JC!

DFG<J!HAEEF9g2@!D9!;<J!AEIB<H9!EIG9!:AH!I@!HD9!:AIBIMA;<B!<?;DAH9;HF?9!

HI!O?IK9!HD<H!HD9?9!(53H7'23L',(11+8+3)+'!C99O!CI^J!AJ!HD9!AJKAEA:B9!

OI;S9HE!I@!DFG<J!<JC!)JAG<B!@B9EDWHD<H!HD9?9cE!JI!CA@@9?9J;9!

:9H^99J!FEWI?!9K9J!<GIJM!FE'!A@!LIF!H<S9!AJ!<JAG<B!@B9ED!HIIW^9BB'!

LIF!E99!HD9!AGOBA;<HAIJE>!!e%<MFA?9!RRQf!

*D9E9!AGOBA;<HAIJE!(BOD<:<!?9@9?E!HI!D<K9!HD9!OIH9JHA<B!HI!CAE?FOH!HD9!EI;A<B!

DA9?<?;DL!HD<H!CAEHAJMFAED9E!<JAG<BE!@?IG!)JAG<BE!<JC!DFG<JE!@?IG!)JAG<BE>!!(K9J!

! ! !

Yk!

GI?9'!HD9!AGOBA;<HAIJE!I@!(BOD<:<cE!<JC!,I;HI?!,ABB<GIJCcE!?9E9<?;D!HD?9<H9J!HI!

CAEG<JHB9!HD9!6A_<?CcE!IOO?9EEAK9!OI^9?>!

(BOD<:<!AE!JIH!HD9!IJBL!;D<?<;H9?!^DIE9!AC9IBIMA9E!HD?9<H9J!HD9!6A_<?C>!!3I?!

AJEH<J;9'!D9?!O<?9JHEc!@?A9JC!<JC!BIK9?'!*F?HB9!-9<?H'!?9@9?E!HI!HD9!6A_<?C!^D9J!D9!

E<LE'!`*D9!C<JM9?!AE!<!@I?9AMJ9?gJIH!<!DIG9dM?I^J!SAJM!I?!NF99J>!!*D9!IBC!^IG9J'!

<JC!HD9!ED<G<JE'!<JC!HD9!CLAJM1!*D9L!HI!E99!<!EH?<JM9?!SAJM'!<JC!;?F9B!<JC!GAMDHLa!

e%<MFA?9![\f>!!2J!HDAE'!*F?HB9!-9<?H!9]OB<AJE!HD<H!D9!AE!<BEI!<OO?9D9JEAK9!<JC!;?AHA;<B!

I@!HD9!6A_<?CcE!OIBAHA;E>!!!(K9J!GI?9'!*F?HB9!-9<?H!^<JHE!HI!;?9<H9!;D<JM9>!!-9!E<LE!I@!

DAGE9B@'!`*F?HB9!-9<?H!^<E!IJ!DAE!^<L!HI!HD9!(G9?<BC!7AHLg*I!H<BS!I@!AH!:?AJME!CFHA9E!

:<;S!IFH!I@!HD9!O<AJ!<JC!O<EH>!*F?HB9!-9<?H!HI!@I?M9H>!!"FH!^D9J!^I?CE!<?9!HI!EO9<S!AJ!

HD9!<A?'!<;HAIJE!GFEH!HI!@IBBI^a!e%<MFA?9![\f>!!6D<H!;IGOBA;<H9E!HD9!AC9<!I@!

?9EAEH<J;9!AJ!$_!AE!HD<H!%<MFA?9!CI9E!JIH!FE9!HD9!H9]H!HI!AC9JHA@L!*F?HB9!-9<?HcE!

^A;S9CJ9EE!I?!HD9!^A;S9CJ9EE!I@!<JL!IHD9?!;D<?<;H9?E!HD<H!C9EA?9!HI!;D<BB9JM9!HD9!

6A_<?C>!!)E!<!;D<?<;H9?!<GIJM!<J!9JHA?9!J<HAIJ!HD<H!C9H9EHE!<JC!IOOIE9E!HD9!6A_<?C'!

(BOD<:<!AE!HD9!IJBL!IJ9!^DI!:9;IG9E!EHAMG<HA_9C!<E!<!OD<BBA;!HD?9<H>!!/IISAJM!<H!

DI^!(BOD<:<!J<??I^E!HD9!:IFJC<?A9E!I@!DFG<J!<JC!<JAG<B'!HDAE!;D<OH9?!EFMM9EHE!

D9?!DFG<Jd<JAG<B!DL:?ACAHL!;<FE9E!;<EH?<HAIJ!<J]A9HL>!

"9@I?9!HD9!^<LE!AJ!^DA;D!(BOD<:<!;?9<H9E!;<EH?<HAIJ!<J]A9HL!;<J!:9!

CAE;FEE9C'!AH!AE!AGOI?H<JH!HI!?9KAEAH!D9?!:A?HD!E;9J9>!!*I!CI!EI'!AH!AE!J9;9EE<?L!HI!

;IJH9]HF<BA_9!HD9!9K9JHE!B9<CAJM!FO!HI!D9?!:A?HD>!$J9!I@!HD9!GI?9!OF__BAJM!<EO9;HE!I@!

%<MFA?9cE!JIK9B!AE!HD9!<??AK<B!<JC!9K9JHE!I@!*D9!7BI;S!I@!HD9!*AG9!,?<MIJ>!*D9!7BI;S!

I@!HD9!*AG9!,?<MIJ!AE!G9;D<JA;<B!<JC!HD9<H?A;<B!C9KA;9!HD<H!H?<K9BE!<;?IEE!$_!<JC!

O?9E9JHE!OB<LE!HD<H!?9O?9E9JH!HD9!GI?<B!EAJE!<JC!@<ABF?9E!I@!AHE!<FCA9J;9>!!3I?!

! ! !

YX!

9]<GOB9'!%<MFA?9!^?AH9E'!`p*qD9!,?<MIJ!HF?J9C!IJ!AHE!:<E9'!<JC!OIAJH9C!AHE!H<BIJE!

AJHI!HD9!;?I^C'!AJCA;<HAJMW^AHDIFH!<!CIF:HW<!DFG:B9!^9BB!CAMM9?!J<G9C!

5?AJ9g*D9J!HD9!C?<MIJ!?9<?9C!:<;S!<JC!EH?9H;D9C!H^I!@AJM9?E!AJ!<!;IG9dDAHD9?!

M9EHF?9'!AEIB<HAJM!<!^ACI^!J<G9C!/9HH<!<JC!D9?!EJ<MMB9dHIIHD9C!G<AC9J!C<FMDH9?a!

eRPf>!!)@H9?!HD9!7BI;S!OA;SE!AHE!<FCA9J;9!G9G:9?E'!AH!<;HE!IFH!HD9A?!EAJE1!!!!

)BIJM!;<G9!<!OFOO9H!^ACI^>>>*D9!^ACI^!SAEE9C!HD9!OFOO9H!DFE:<JC'!

<JC!OFBB9C!I@@!DAE!B9<HD9?!H?IFE9?E>!!-9!^<E!9NFAOO9C!^AHD!H^I!@FBB!E9HE!

I@!G<B9!MIICE'!IJ9!AJ!HD9!@?IJH!<JC!<JIHD9?!D<JMAJM!I@@!HD9!:<E9!I@!DAE!

EOAJ9>!!*D9!^ACI^!OIEAHAIJ9C!D9?!C<FMDH9?!IJ!HD9!<::?9KA<H9C!O?IJM!

AJ!HD9!@?IJH'!<JC!D9?E9B@!HIIS!<CK<JH<M9!I@!HD9!GI?9!G9J<;AJM!

<??<JM9G9JH!AJ!HD9!?9<?>!!*D9!HD?99!OFOO9HE!:F;S9C!<JC!?I;S9C'!

9GAHHAJM!ENF9<BE!I@!MB99>!!e%<MFA?9!RPdRYf!

%<MFA?9!CI9E!JIH!;B9<?BL!CAKFBM9!A@!HD9!7BI;S!I@!HD9!*AG9!,?<MIJcE!OB<LE!<?9!<J!

<;;F?<H9!AJCA;<HI?!I@!HD9!<FCA9J;9!G9G:9?Ec!EAJE!I?!@<ABF?9E>!!"FH!HD9!G9G:9?E!I@!

HD9!<FCA9J;9!<OO?I<;D!HD9!*AG9!,?<MIJ!^AHD!;9?H<AJHL!HD<H!AHE!?99J<;HG9JHE!<?9!

H?F9!EHI?A9E!I@!EAJ>!!)JLHDAJM!HD<H!;IG9E!@?IG!HD9!*AG9!,?<MIJ!AE!BAS9BL!HI!:9!

@9<?9CWAJ;BFCAJM!(BOD<:<'!^DI!AE!:I?J!AJEAC9!I@!HD9!*AG9!,?<MIJ>!!

6AHD!HDAE!AJ!GAJC'!HD9!@<;H!HD<H!(BOD<:<!AE!:I?J!AJEAC9!I@!HD9!*AG9!,?<MIJ!

AJAHA<BBL!;?9<H9E!<!E9JE9!I@!H?9OAC<HAIJ!:9;<FE9!HD9!*AG9!,?<MIJ!E99GE!HI!IJBL!

O?ICF;9!AC9<E!<JC!AG<M9E!I@!EAJ>!!"FH!HD9?9!AE!<J!9K9J!M?9<H9?!J9M<HAK9!9@@9;H!@?IG!

:9AJM!:I?J!AJEAC9!I@!HD9!7BI;S!I@!HD9!*AG9!,?<MIJ>!!%<MFA?9!C9E;?A:9E!HD9!*AG9!

,?<MIJ!<E!<JAG<BAEHA;>!!2H!D<E!`M?99J!O<AJH9C!B9<HD9?'!EABK9?L!;B<^E'!?F:L!b9^9B9C!

9L9E>!!2HE!ESAJ!AE!G<C9!I@!DFJC?9CE!I@!IK9?B<OOAJM!CAE;E!I@!;IOO9?'!:?IJ_9'!<JC!A?IJ>!!

! ! !

rQ!

"9J9<HD!HD9!@B9]A:B9!@IBCE!I@!AHE!E;<B9E!p<?9qgJ<??I^!B9<HD9?L!^AJMEa!eRRf>!!)E!EF;D'!

HD9!*AG9!,?<MIJ!?9E9G:B9E!<J!)JAG<B'!<!C9EOAE9C!:9AJM!AJ!$_>!!"9AJM!:I?J!AJEAC9!I@!

HD9!<JAG<BAEHA;!;BI;S!EFMM9EHE!HD<H!(BOD<:<!AE!:I?J!<E!<!DFG<Jd<JAG<B!DL:?AC>!!*D<H!

AE'!ED9!;IG9E!@?IG!HD9!^IG:!I@!D9?!GIHD9?!<JC!HD9!^IG:!I@!HD9!*AG9!,?<MIJ>!!

!6DAB9!AJ!%9B9J<cE!^IG:'!(BOD<:<!G<AJH<AJE!<!DFG<J!AC9JHAHL>!"FH!IJ;9!

%9B9J<!MAK9E!:A?HD!AJ!HD9!;BI;S'!(BOD<:<!B9<K9E!HD9!@A]9C!OIAJH!I@!HD9!DFG<J!

:IFJC<?L!<JC!9JH9?E!AJHI!HD9!M9EH<HAIJ<B!C9K9BIOG9JH!I@!HD9!<JAG!!)H!HDAE!OIAJH'!

<JHD?IOIBIMAEH!mA;HI?!*F?J9?!^IFBC!EFMM9EH'!AJ!`"9H^A]H!<JC!"9H^99J1!*D9!/AGAJ<B!

.9?AIC!AJ!I(7+5',+'P2552>+'a!AJCAKACF<BE!BAS9!(BOD<:<!:9MAJ!HI!C9K9BIO!<J!<G:AMFIFE!

O9?EIJ<>!!-9!^?AH9E'!`p,qF?AJM!HD9!AJH9?K9JAJM!BAGAJ<B!O9?AIC'!HD9!EH<H9!I@!HD9!?AHF<B!

EF:b9;H!eHD9!lO<EE9JM9?cf!AE!<G:AMFIFEa!eXrf>!!3I?!(BOD<:<'!HDAE!AE!HD9!:?A9@!GIG9JH!

:9@I?9!ED9!AE!C9BAK9?9C!@?IG!HD9!^IG:!I@!HD9!;BI;S>!!6D9J!(BOD<:<!AE!?9;9AK9C!@?IG!

HD9!DIBBI^!;D<G:9?!I@!HD9!<JAG<BAEHA;!<JC!:9<EHBL!*AG9!,?<MIJ'!ED9!AE!?9:I?J!AJHI!

HD9!^I?BC!<E!<!@FEAIJ!I@!DFG<J!<JC!<JAG<B!I?'!<E!%<MFA?9!^?AH9E'!<!`:9<EH!I@!

FJ?9;IMJA_<:B9!EO9;A9Ea!e%<MFA?9!RPrf>!

*F?J9?!EH<H9E'!AG<M9E!I@!DFG<Jd<JAG<B!BAGAJ<BAHL!<?9!;FBHF?<B!

`?9O?9E9JH<HAIJE!I@!GIJEH9?Ea!eRQrf>!!-9!FJC9?E;I?9E!HD9!AC9<!HD<H!;FBHF?<B!;IJH9]HE!

EF;D!<E!$_!`<?9!AJ;BAJ9C!HI!?9M<?C!:A_<??9!<JC!GIJEH?IFE!G<ESE!<JC!@AMF?9E'!EF;D!<E!

@?9NF9JHBL!<OO9<?!AJ!HD9!BAGAJ<B!O9?AIC!I@!AJAHA<HAIJ'!<E!HD9!O?ICF;H!I@gDFG<J!<JC!

<JAG<B!HIM9HD9?a!eRQrd[f>!!-AEHI?L!EFOOI?HE!HDAE!AC9<i!HD9!I?AMAJ<B!C9@AJAHAIJ!I@!<!

GIJEH9?!AE!<JL!;?9<HF?9!HD<H!AE!<!DFG<Jd<JAG<B!DL:?AC>!!%I?9!GIC9?J!C9@AJAHAIJE!

<BEI!AJ;BFC9!HD<H!<!GIJEH9?!AE!<!HD?9<H!HI!E<@9HL!<JC!EI;A9HL!e`GIJEH9?af>!!(BOD<:<cE!

:B9JC!I@!DFG<J!<JC!<JAG<B!AE!AJC99C!GIJEH?IFE'!<JC!HDAE!AE!GIEH!;B9<?BL!ABBFEH?<H9C!

! ! !

rR!

<@H9?!ED9!9]AHE!HD9!^IG:!I@!%9B9J<!<JC!HD9!*AG9!,?<MIJ>!!,9E;?A:AJM!HD9!E^99H!

;D<?<;H9?AEHA;E!;IGGIJBL!<EEI;A<H9C!^AHD!<!DFG<J!:<:L'!%<MFA?9!^?AH9E'!`p&qD9!^<E!

I:E9?K9C!HI!:9!O?9HHABL!@I?G9C'!^AHD!<!BIJM!9B9M<JH!D9<C'!@I?9<?GE!HF?J9C!IFH'!;B9K9?!

OAJ;DAJM!:FHHI;SE'!;FJJAJM!@AJM9?E!^AHD!E;?<H;DL!BAHHB9!J<ABEa!ePQf>!!-I^9K9?'!<H!HD9!

E<G9!HAG9'!(BOD<:<!<;HE!GI?9!BAS9!<!^ABC!:9<EH!HD<J!<!DFG<J!:<:L1!`*D9!;DABC!

L<^J9C'!<JC!HD9!@AED^A@9!<:E9JHGAJC9CBL!M<K9!AH!<!@AJM9?!HI!JF?E9!IJ'!<JC!HD9!;DABC!

:AH!HD9!@AJM9?!I@@!<H!HD9!E9;IJC!SJF;SB9a!e%<MFA?9!PQf>!!)E!<!?9EFBH'!@?IG!D9?!@A?EH!

GIG9JHE!I@!BA@9'!(BOD<:<!:9;IG9E!<!@9<?EIG9!;?9<HF?9'!<J!FJH<G9C!<JAG!!$?'!<E!

%9B9J<!C9E;?A:9E'!`<!BAHHB9!GIJEH9?a!e%<MFA?9!P[f>!!*DAE!AC9<!I@!DI^!(BOD<:<!AE!:I?J!

<E!<!BAGAJ<B'!GIJEH?IFE!;?9<HF?9!AE!J9;9EE<?L!HI!FJC9?EH<JC!:9;<FE9!AH!AE!HD?IFMD!

HDAE!:9<EHBL!:B9JC!HD<H!(BOD<:<!O?IK9E!ED9!;<J!;<EH?<H9>!

3I?!HD<H!?9<EIJ'!(BOD<:<cE!:A?HD!E;9J9!C?<^E!<!;F?AIFE!;IJJ9;HAIJ!HI!HD9!

GLHD!I@!HD9!K<MAJ<!C9JH<H<'!I?!HD9!HIIHD9C!K<MAJ<>!!-AEHI?A;<BBL'!HD9!K<MAJ<!C9JH<H<!

ELG:IBA_9E!HD9!@9<?!I@!;<EH?<HAIJ>!!/AS9^AE9'!(BOD<:<cE!:A?HD!E;9J9!O?IK9E!ED9!AE!

;<O<:B9!I@!EF;D!:L!:AHAJM!HD9!HI^JE^IG<JcE!@AJM9?!I@@>!!2J!@<;H'!?9@9??AJM!HI!HD9!

C9H<;D9C!@AJM9?'!HD9!^IG9J!:<^CABL!E<L'!`2HcE!<!;I;S'!ED9!bFEH!?9<BA_9C!ED9!CACJcH!

D<K9!IJ9g$D'!:9^<?9!HD9!EHFOAC!:IL!@A?EH!H?A9E!HI!OB9<E9!DAGE9B@!^AHD!D9?h!!&D9cBB!

EJAO!DAE!LIFJM!EO?IFH!I@@!@I?!<!EIFK9JA?a!e%<MFA?9!PQdPRf>!!*DFE'!(BOD<:<cE!

<JHD?IOIGI?ODA;!C9K9BIOG9JH!9J<:B9E!D9?!HI!ODLEA;<BBL!;<EH?<H9>!!2J!`%9CA9K<B!

"9EHA<?A9E!<JC!%IC9?J!"9<EHEW*D9!%<SAJM!I@!"9<EH!3<:B9E!AJ!7IJH9GOI?<?L!

/AH9?<HF?9'a!)JJ<!6<?GF_!EH<H9E!HD<H!HDAE!EI?H!I@!:9D<KAI?!`?9K9<BpEq!HD9!H?FHD!<:IFH!

HD9!9B9G9JHE!I@!HD9!:9<EH!AJ!DFG<J!J<HF?9a!eRXrf>!!-I^9K9?'!AJ!$_'!DFG<JE!<JC!

<JAG<BE!<?9!E9O<?<H9!:IHD!AC9IBIMA;<BBL!<JC!ODLEA;<BBL>!!*D9!:AHAJM!I@!HD9!@AJM9?!CI9E!

! ! !

rP!

JIH!?9O?9E9JH!HD9!;IBB9;HAK9!<:ABAHL!HI!;<EH?<H9i!AH!?9O?9E9JHE!(BOD<:<cE!FJANF9'!

@I?9AMJ'!<JC!<JAG<BAEHA;!;<EH?<HAJM!<:ABAHL>!

*D9!K<MAJ<!C9JH<H<!CI9E!JIH!<B^<LE!C9G<JC!<!BAH9?<B!?9<CAJM>!!2J!@<;H'!HD9!

K<MAJ<!C9JH<H<!^<E!;IAJ9C!<E!<!ELG:IB!I@!;<EH?<HAIJ!HD?IFMD!HD9!&F??9<BAEHEc!AG<M9!

I@!HD9!O?<LAJM!G<JHAE>!!#FHD!%<?SFE!^?AH9E'!AJ!`&F??9<BAEGcE!.?<LAJM!%<JHAE!<JC!

7<EH?<HAJM!6IG<J'a!`HD9!&F??9<BAEHE!^9?9!;<OHAK<H9C!<BGIEH!9];BFEAK9BL!:L!HD9!

G<JHAE!:9;<FE9!I@!D9?!G<JL!<G:AK<B9JH!<HH?A:FH9E>!!*I!HD9G!ED9!9G:ICA9C!HD9!GIEH!

J9M<HAK9!@9G<B9!<?;D9HLO9'!HD9!l;<EH?<HAJM!^IG9Jca!eYYf>!!2J!HDAE!E9JE9!HDIFMD'!

;<EH?<HAIJ!:9;IG9E!ELG:IBA;!@I?!HD9!CAEG9G:9?G9JH!I@!OI^9?>!!%<?SFE!^?AH9E'!`-9?!

<JHD?IOIGI?ODA;!<OO9<?<J;9!;IJH?A:FH9E!HI!D9?!ELG:IBA;!AG<M9a!eYYf>!!6AHD!HDAE!AJ!

GAJC'!(BOD<:<!<BEI!:9;IG9E!<!HD?9<H!I@!ELG:IBA;!;<EH?<HAIJ>!

! *DAE!AC9<!I@!ELG:IBA;!;<EH?<HAIJ!AE!ABBFEH?<H9C!HD?IFMD!(BOD<:<cE!OIEAHAIJ!

^AHDAJ!$_cE!O?9C<HI?dO?9L!EH?F;HF?9>!!2J!$_'!HD9?9!AE!HD9!<EEFGOHAIJ!HD<H!OI^9?!

EH?FMMB9E!9]AEH!FJC9?!HD9!@FJ;HAIJ!I@!O?9C<HI?!<JC!O?9Li!DFG<JE!<?9!HD9!DFJH9?!<JC!

<JAG<BE!<?9!HD9!O?9L>!)E!/I?A!5?F9J!EH<H9E!AJ!`,AEG<JHBAJM!$OO?9EEAIJ1!)J!)J<BLEAE!

I@!HD9!7IJJ9;HAIJ!"9H^99J!6IG9J!<JC!)JAG<BE'a!`HD9!DFJH9?cE!C9EH?F;HAK9'!

;IGO9HAHAK9'!<JC!KAIB9JH!<;HAKAHL!CA?9;H9C!HI^<?CE!DAE!O?9L!AE!^D<H!I?AMAJ<BBL!

CAEHAJMFAED9C!G<J!@?IG!<JAG<Ba!eZPf>!!*DAE!@FJ;HAIJ!AE!IGJAO?9E9JH!AJ!$_>!!3I?!

AJEH<J;9'!EO9<SAJM!HI!(BOD<:<'!<!7I^!9]OB<AJE!DI^!HD9!DFG<JE!<?9!O?9LAJM!FOIJ!HD9!

)JAG<BE1!

p%qL!FCC9?!AE!EI?9!@?IG!HD9A?!C<ABL!L<JSAJMgGL!;DABC?9J!D<K9!:99J!

@<HH9J9C!IJ!GABS!<JC!EB<FMDH9?9C!@I?!K9<Bg%L!EABS9J!@B<JSE!H<?H9C!FO!

^AHD!M<?B<JCE!I?!HD9!BAS9>!)JC!^9!<BB!SJI^!^D<H!D<OO9JE!3+D7g*DAE!AE!

! ! !

rY!

<J!9]9?;AE9!AJ!LIF?!9CF;<HAIJ'!JIH!IF?E>!!%<?S!GL!^I?CE'!GL!?FGOcBB!

:9!E9?K9C!FO!?<?9!IJ!LIF?!@AJ9EH!,A]]A!-IFE9!OI?;9B<AJ!CAJJ9?!OB<H9!

:9@I?9!HD9!L9<?!AE!IFH>!e%<MFA?9!YRZd\f!

*DAE!O<EE<M9!EFMM9EHE!HD<H!HL?<JJA;<B!@AMF?9E!EF;D!<E!HD9!6A_<?C'!%<C<G9!%I??A:B9'!

<JC!+9EE<?IE9'!HD9!6A;S9C!6AH;D!I@!HD9!(<EH'!?9AJ@I?;9!HD9!H?<CAHAIJ<B!O?9C<HI?dO?9L!

OI^9?!EH?F;HF?9>!!*D<H!AE'!HD9L!EFOOI?H!HD9!IOO?9EEAIJ!<JC!9K9J!EIG9HAG9E!9K9J!HD9!

EB<FMDH9?AJM!I@!)JAG<BE>!!(K9J!HDIFMD!(BOD<:<!AE!DFG<J'!HD9!@<;H!ED9!D<E!

<JHD?IOIGI?ODA;!:9D<KAI?!;B<EEA@A9E!D9?!<E!<J!<JAG!!*D9?9@I?9'!FJC9?!HD9!

H?<CAHAIJ<B!I?C9?!I@!$_'!(BOD<:<!AE!O?9L>!!&HABB'!^AHD!HDIE9!E<G9!<JAG<BAEHA;!NF<BAHA9E!

HD<H!C99G!D9?!O?9L'!(BOD<:<!;D<BB9JM9E!HD9!;IJK9JHAIJ<B!O?9C<HI?dO?9L!O<?<CAMG>!

*I!C9GIJEH?<H9!HD9!O?9C<HI?dO?9L!?9K9?E<B'!%<MFA?9'!IJ!IJ9!D<JC'!ABBFEH?<H9E!

(BOD<:<!<E!O?9L>!!3I?!9]<GOB9'!HD9!6A_<?C!<CGAHE!D9!KIL9F?AEHA;<BBL!O?9L9C!FOIJ!

D9?>!!-9!;IJ@9EE9E'!`%<C<G9!%I??A:B9g2H!^<E!ED9!^DI!^<?J9C!G9!<:IFH!LIFg&D9!

^<E!HD9!IJ9!^DI!<CKAE9C!G9!HI!D<K9!LIF!^<H;D9Ca!eY[rf>!!)CCAHAIJ<BBL'!%<C<G9!

%I??A:B9!<HH9GOHE!HI!CIGAJ<H9!(BOD<:<!:L!:AJCAJM!D9?!HI!HD9!6A_<?CcE!`G<EH9?!

OB<JEa!e%<MFA?9!RZQf>!!=FEHA@LAJM!D9?!OB<J!HI!@I?;A:BL!?9;?FAH!(BOD<:<!<E!IJ9!I@!HD9!

6A_<?CcE!O<^JE'!%<C<G9!%I??A:B9!E<LE'!`4IF!GFEHJcH!HDAJS!I@!AH!<E!<!O?AEIJ!

E9JH9J;9'!HDIFMD!:FH!<J!IOOI?HFJAHLg:IFJC!<E!LIF!<?9!HI!<J!I<HD!I@!EAB9J;9a!

e%<MFA?9!RZQf>!!)JC!FBHAG<H9BL'!(BOD<:<!EF;;FG:E!<E!HD9!O?9L!^D9J!,I?IHDL!

`M?<::9C!<H!<!:F;S9H!@I?!;IBB9;HAJM!?<AJ^<H9?g<JC!DF?B9C!HD9!^<H9?!<H!HD9!6AH;Da!

e%<MFA?9!rQPf>!!6D<H!HD9E9!9]<GOB9E!C9GIJEH?<H9!AE!HD<H!(BOD<:<!AE!HD9!H<?M9H!I@!

$_cE!O?9C<HI?L!;D<?<;H9?E>!)H!@A?EH!MB<J;9'!AH!E99GE!<E!A@!(BOD<:<!IJBL!@ABBE!HD9!<JAG<B!

?IB9!I@!O?9L>!

! ! !

rr!

"FH!9]<GAJAJM!D9?!?IB9!AJ!HD9!O?9C<HI?dO?9L!EH?F;HF?9!@?IG!<JIHD9?!<JMB9'!

(BOD<:<!<OO9<?E!HI!<BEI!:9!<!O?9C<HI?>!!3IBBI^AJM!5?F9JcE!BIMA;'!:L!?9H<BA<HAJM'!

(BOD<:<!AGAH<H9E!`HD9!9G9?M9J;9!I@!DFJHAJM!:9D<KAI?a!AJ!OI^9?!EH?FMMB9E!e5?F9J!

ZPf>!!2J!<;;I?C<J;9!^AHD!5?F9J'!:L!;D<BB9JMAJM!D9?!O?9C<HI?E'!(BOD<:<!AJHAGAC<H9E!

HD9!OD<BBA;!OI^9?!I@!HD9!6A_<?C>!!3I?!AJEH<J;9'!(BOD<:<!HD?9<H9JE!HI!OF:BA;BL!9]OIE9!

HD9!C9;9OHAK9J9EE!I@!HD9!6A_<?CcE!OIBAHA;E>!!&D9!E<LE'!`p2qH!G<L!:9!?9K9?EA:B9>!!$?!AH!

G<L!:9!Q+8)+(?+,!<E!?9K9?EA:B9'!^DA;D!AE!bFEH!<E!:<C>!!2J!HD9!AJH9?AGgHD9!)JAG<BE!BIE9!

HD9A?!?AMDHE'!IJ9!:L!IJ9>!!=FEH!EBI^BL!9JIFMD!EI!HD<H!AHcE!D<?C!HI!E99!<E!<!;ID9?9JH!

OIBAHA;<B!;<GO<AMJa!e%<MFA?9!RRZf>!!"L!:9AJM!C9@A<JHBL!IFHEOIS9J'!ED9!DFJHE!HD9!

6A_<?CcE!OI^9?>!!*DAE!:9;IG9E!ELG:IBA;<BBL!;<EH?<HAJM'!@I?!AH!?9K9?E9E!OD<BBA;!OI^9?>!!

2J!D9?!9OABIMF9!HI!./+'K+D92:'P6:(7()5'61'N+27'!9;I@9GAJAEH!7<?IB!=>!)C<GE!9]O?9EE9E!

HD<H!:L!CAE;IJJ9;HAJM!HD9!H?<CAHAIJ<B!O?9C<HI?dO?9L!<?;D9HLO9'!<!EDA@H!AJ!OI^9?!

I;;F?E>!!)E!<!?9EFBH'!(BOD<:<!`C9EH<:ABA_9E!O<H?A<?;D<B!;IJEFGOHAIJa!e)C<GE!PrPf>!!

)C<GE!EFMM9EHE!HD<H!:L!<BH9?AJM!HD9!ELEH9GE!:9H^99J!DFG<J!<JC!<JAG<B'!HD9!

@IFJC<HAIJ!I@!O<H?A<?;D<B!<JC!CIGAJ<JH!DFJHAJM!:9D<KAI?!:9;IG9E!<!;<O?A;AIFE!

@FJ;HAIJ>!!)E!EF;D'!(BOD<:<!D<E!HD9!;<O<:ABAHL!I@!FEF?OAJM!HD9!6A_<?CcE!OI^9?>!!2J!

IHD9?!^I?CE'!A@!HD9!DFJH9?!:9;IG9E!HD9!DFJH9C'!HD9!OI^9?!EH?F;HF?9!AE!EFE;9OHA:B9!HI!

?9K9?E!!*DFE'!BAS9!HD9!ELG:IBA;!K<MAJ<!C9JH<H<!I?!HD9!&F??9<BAEHEc!O?<LAJM!G<JHAE'!

(BOD<:<!HD?9<H9JE!HI!;<EH?<H9!HD9!6A_<?CcE!CIGAJ<J;9>!

(BOD<:<!<BEI!KA;<?AIFEBL!CAEG9G:9?E!HD9!6A_<?CcE!OI^9?!:L!O?9LAJM!FOIJ!

%<C<G9!%I??A:B9>!)@H9?!L9<?E!I@!BAKAJM!FJC9?M?IFJC!<JC!FJ9]OIE9C!AJ!HD9!(G9?<BC!

7AHL'!(BOD<:<!@I;FE9E!D9?!;?IEED<A?E!IJ!%<C<G9!%I??A:B9>!!%<MFA?9!^?AH9E'!`*DAE!

^<E!HD9!H<?M9Hg%<C<G9!%I??A:B9gHDAE!^<E!HD9!IJ9!ED9!GFEH!SABBa!ePR\f>!!)@H9?!HDAE!

! ! !

r[!

<EE<EEAJ<HAIJ!<HH9GOH!MI9E!FJ9]9;FH9C'!(BOD<:<!O?9LE!IJ!D9?!<M<AJ1!`*D9!6AH;D!

EH?F;S!%<C<G9!%I??A:B9!^AHD!HD9!@B<H!I@!HD9!:?IIG'!IJ!HD9!EAC9!I@!HD9!D9<C!<JC!

@<;9g*D9!6AH;D!E9<?;D9C!HD9!G<JH9BOA9;9!@I?!HD9!H9EHAGIJA<B!H?IODL!^AHD!HD9!

:AMM9EH!G<?:B9!:<E9'!<JC!ED9!:<ED9C!%<C<G9!%I??A:B9cE!ESFBB!^AHD!AHga!eYZ[f>!!*D9!

KAIB9JH!GIHAK9E!<M<AJEH!%<C<G9!%I??A:B9!?9K9?E9!HD9!I?AMAJ<B!?9B<HAIJEDAO!AJ!^DA;D!

%<C<G9!%I??A:B9!O?9L9C!FOIJ!(BOD<:<>!!)H!HD9!E<G9!HAG9'!HDAE!AE!O?9C<HI?L!AJ!HD9!

JIHAIJE!I@!ELG:IBA;!;<EH?<HAIJ'!@I?!%<C<G9!%I??A:B9!AE!`EIG9IJ9!^AHD!<FHDI?AHLa!

^DI!EFOOI?HE!<JC!9J@I?;9E!HD9!6A_<?CcE!OIBAHA;E!e%<MFA?9!PR\f>!

&9JH!:L!HD9!6A_<?C!HI!SABB!HD9!6AH;D'!,I?IHDL!<BEI!<OO9<?E!HI!:9!O?9LAJM!FOIJ!

(BOD<:<>Z!!-9?!?9<;HAIJ!HI!,I?IHDL!C9BAJ9<H9E!(BOD<:<!<E!<!O?9C<HI?!AJ!<!O9;FBA<?!

^<L>!!#9<;HAJM!HI!HD9!6A_<?CcE!C9G<JC!@I?!,I?IHDL!HI!SABB!HD9!6AH;D'!(BOD<:<!

?9H<BA<H9E!^AHD!<J!<?E9J<B!I@!<JAG<BE>\!!$J!IJ9!D<JC'!HDAE!EAGOB9!?9H<BA<HAIJ!AE!

O?9C<HI?L!:9;<FE9!ED9!H?A9E!HI!<HH<;S!,I?IHDL>!!-I^9K9?'!HDAE!EAHF<HAIJ!D<E!<!GI?9!

;IGOB9]!O?9C<HI?L!@FJ;HAIJ>!!/AS9!HD9!H?<CAHAIJ<B!DFG<J!O?9C<HI?'!(BOD<:<!

KA;HAGA_9E!IHD9?!<JAG<BE1!

p*qD9!6AH;D!^<E!C99O!AJ!<J!IO9?<HAIJ!I@!EI?HE'!EHAH;DAJM!HD9!^AJME!I@!<!

^DAH9d;?9EH9C!G<B9!?I;!AJHI!HD9!:<;S!GFE;B9E!I@!IJ9!I@!D9?!;F??9JH!

;?IO!I@!EJI^!GIJS9LE>!!&D9!D<C!GI?9!I?!B9EE!O9?@9;H9C!HD9!O?I;9CF?9'!

<@H9?!L9<?E!I@!:IH;D9C!<JC!DAC9IFE!@<ABF?9Eg&D9!D<C!L9H!HI!E99!<!@9G<B9!

GIJS9L!AJ!D9?!OIOFB<HAIJ!O?ICF;9!<!^AJM9C!:<:L'!:FH!ED9!EHABB!D<C!

DIO9E>!!e%<MFA?9!YYYdrf!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Z!(BOD<:<!AE!JIH!O?AKL!HI!HD9!@<;H!HD<H!,I?IHDL!CI9E!JIH!AJH9JC!HI!SABB!D9?>!

\!2H!AE!AGOI?H<JH!HI!JIH9!HD<H!(BOD<:<!AE!IJBL!;IJ;9?J9C!<:IFH!9NF<BAHL!<GIJMEH!

)JAG<BE'!JIH!<JAG<BE>!!!

! ! !

rZ!

&D9!G<JAOFB<H9E!<JC!I:b9;HAK9E!HD9!:ICA9E!I@!HD9!GIJS9LE!HI!EFAH!D9?!J99CE>!!)E!

(BA_<:9HD!3AED9?!EH<H9E'!AJ!!6423H5'#8+27(63-'K+D92:'%?6:97(63'23,'7/+'K/2Q(3>'61'

K6)(+7L'!`DFG<JE!KAIB<H9C!<JAG<BE!:L!G<SAJM!HD9G!HD9A?!EB<K9Eg6D9J!HD9L!:9M<J!

G<JAOFB<HAJMg<JAG<BE'!HD9L!^9?9!9K9J!GI?9!O9?EIJ<BBL!AJKIBK9C!AJ!O?<;HA;9Ea!I@!

DFJHAJM!:9D<KAI?!eRX\f>!!(K9J!GI?9'!(BOD<:<!9GOBILE!HD9E9!<JAG<BE!HI!<;H!<E!

DFJHEG9J!HI!SABB!,I?IHDL!IJ!D9?!:9D<B@>!!)JC!<E!<!?9EFBH'!HD9!<JAG<BE!CA9>!!)E!D9?!

;<JAJ9!;IGO<JAIJE!;D<?M9!,I?IHDL'!HD9!*AJ!6IICG<J'!HD9!&;<?9;?I^'!<JC!HD9!

7I^<?CBL!/AIJ'!%<MFA?9!^?AH9E'!`HD9!*AJ!6IICG<J!EH?F;S!HD9!D9<CE!I@!D9?!:9<EHE!

IJ9!<@H9?!HD9!IHD9?!^AHD!DAE!<]9>!!8ABBLbIL!<JC!DAE!^IB@L!?9B<HAIJE!B<L!E;<HH9?9C!BAS9!

C9<C!EIBCA9?Ea!eYXQf>!!)E!(BOD<:<!<HH9GOHE!HI!SABB!,I?IHDL'!(BOD<:<!:9;IG9E!:IHD!

HD9!O?9C<HI?!I@!,I?IHDL!<JC!IHD9?!<JAG<BE>!&D9!?9OB<;9E!HD9!6A_<?C!<E!HD9!<:FE9?!I@!

<JAG<BE>!!)JC!AJ!HD9!O?I;9EE'!ED9!<HH9GOHE!HI!;<EH?<H9!DAE!OI^9?!:L!<BEI!O?9LAJM!

FOIJ!,I?IHDL>!

2J!?9M<?CE!HI!HD9!6A_<?C'!%<C<G9!%I??A:B9'!<JC!,I?IHDL'!AH!AE!AGOI?H<JH!HI!

JIH9!HD<H!(BOD<:<!J9K9?!EF;;99CE!<E!<!O?9C<HI?>!!&D9!IJBL!AJEHABBE!;<EH?<HAIJ!

<J]A9HLWJIH!;<EH?<HAIJ>!!3I?!AJEH<J;9'!C9EOAH9!D9?!BA@9BIJM!<HH9GOH!HI!;<EH?<H9!HD9!

6A_<?CcE!OI^9?'!DAE!OIBA;A9E!J9K9?!;D<JM9>!!3F?HD9?'!D9?!@A?EH!<EE<EEAJ<HAIJ!<HH9GOH!

FOIJ!%<C<G9!%I??A:B9!AE!J9K9?!;<??A9C!IFH'!<JC!ED9!CAE;IK9?E!HD<H!%<C<G9!

%I??A:B9!^<E!<B?9<CL!C9<C!^D9J!ED9!@AJ<BBL!D<C!HD9!;D<J;9!HI!SABB>!!)JC!FBHAG<H9BL'!

C9EOAH9!<JL!O?9C<HI?L!<HH9GOHE!<JC!<JAG<B!<?GA9E'!,I?IHDL!SABBE!HD9!6AH;D>!!*D9!@<;H!

HD<H!ED9!CI9E!JIH!;IJK9?H!HI!HD9!O?9C<HI?!:?AJME!:<;S!HD9!AC9<!HD<H!(BOD<:<!AE!:IHD!<!

DFG<J!<JC!<JAG!!*F?J9?!^IFBC!EFMM9EH!HD<H!A@!ED9!D<C!FEF?O9C!HD9!6A_<?CcE!

OI^9?'!ED9!^IFBC!D<K9!FJC9?MIJ9!<!8(7+',+'Q2552>+!eXYdXrf>!!-I^9K9?'!:9;<FE9!ED9!

! ! !

r\!

CI9E!JIH!EF;;99C'!ED9!J9K9?!H?<JE@I?GE!@?IG!O?9L!HI!O?9C<HI?>!!(BOD<:<cE!:9D<KAI?!

<?:AH?<?ABL!C9B9M<H9E!D9?!:9H^99J!HD9!:IFJC<?A9E!I@!DFG<J!<JC!<JAG!

(BOD<:<cE!FJANF9!AJHAG<;L!^AHD!HD9!)JAG<BE!;D<BB9JM9E!HD9!DFG<Jd)JAG<B!

CA;DIHIGL>!!2J!`-FG<JE'!-I?E9E'!<JC!-I?GIJ9E1!e*?<JEf59JC9?AJM!7?IEEd&O9;A9E!

#9B<HAIJEDAOE'a!+<H<BA9!7I?AJJ9!-<JE9J!^?AH9E'!`HD9!AC9<!I@!:IHD!p<JAG<Bq!<JC!DFG<J!

:ICA9E!<E!GFHF<BBL!CIG9EHA;<HAJM!C9KA;9E!EFMM9EHE!J9^!^<LE!HI!;IJ;9OHF<BA_9!<JC!

9J<;Hg;?IEEdEO9;A9E!?9B<HAIJ<BAHA9Ea!eRQQf>!!2J!HDAE'!-<JE9J!9]OB<AJE!HD<H!<!OIEAHAK9!

?9B<HAIJEDAO!^AHD!HD9!<JAG<B!^I?BC!<BBI^E!:IHD!DFG<J!<JC!<JAG<B!HI!:9;IG9!

GFHF<BBL!<@@9;HAIJ<H9!@I?!9<;D!IHD9?>!!/AS9^AE9'!?<HD9?!HD<J!KA9^AJM!9<;D!IHD9?!<E!

9J9GA9E!I?!$HD9?E'!(BOD<:<!<JC!HD9!)JAG<BE!;I9]AEH!<JC!;IBB<:I?<H9>!!3I?!9]<GOB9'!

^D9J!:<:L!(BOD<:<!EH?<LE!@?IG!D9?!O<?9JHE'!HD9L!@AJC!D9?!^AHD!`HD9!:9<EH!@?IG!HD9!

DABBEa!e%<MFA?9!ZRf>!!%<MFA?9!^?AH9E'!`"9DAJC!D9?!^<E!<!BI^!M?I^B>!!*D9?9!^<E!<!

:9<EH'!<!@9BBHIO!HAM9?'!I?!EIG9!EH?<JM9!DL:?AC!I@!HAM9?!<JC!C?<MIJ'!^AHD!MBI^AJM!

I?<JM9!9L9E>!!(BOD<:<!^<E!EAHHAJM!AJ!AHE!@IBC9C!<?GE!<E!A@!IJ!<!HD?IJ9a!eZPf>!!*DAE!

;BIE9J9EE!:9H^99J!(BOD<:<!<JC!HD9!:9<EH!AJCA;<H9E!HD<H!(BOD<:<!AE!;<O<:B9!I@!

:B9JCAJM!HD9!E9O<?<H9!EOD9?9E!I@!9]AEH9J;9!:9H^99J!DFG<J!<JC!<JAG!

*DAE!AC9<!;<J!:9!GI?9!@FBBL!9]<GAJ9C!HD?IFMD!(BOD<:<cE!?9B<HAIJEDAO!^AHD!

HD9!5I<HVO?I@9EEI?'!,I;HI?!,ABB<GIJC>!6I?SAJM!;BIE9BL!^AHD!DAG'!(BOD<:<!CAE;IK9?E!

HD<H!ED9!AE!JIH!bFEH!D9BOAJM!HD9!IOO?9EE9Ci!ED9!AE!HD9!IOO?9EE9C>!"L!AJH9?<;HAJM!^AHD!

HD9!O?I@9EEI?'!ED9!`9JM9JC9?pEq!GFHF<B!FJC9?EH<JCAJMa!^AHD!HD9!)JAG<BE!e-<JE9J!

XRf>!!3I?!9]<GOB9'!(BOD<:<!E<LE'!`2!SJI^!2!<G!JIH!H?<CAHAIJ<BBL!O?9E9JH9Cg:FH!2!

:9BA9K9!IJ!HD9!M?IFJCE!I@!:9AJM!<!MA?B!2!<G!9];BFC9C!@?IG!HD9!"?AE;I9!-<BB!BA:?<?L>!!

)JC!IJ!HD9!M?IFJCE!I@!:9AJM!<J!)JAG<B!EI!HIIgAE!,I;HI?!,ABB<GIJCa!e%<MFA?9!RRRf>!!

! ! !

rk!

-9?9'!(BOD<:<!?9;IMJA_9E!HD<H!ED9!<JC!,I;HI?!,ABB<GIJC!<?9!C9JA9C!<;;9EE!AJHI!HD9!

BA:?<?L!:9;<FE9!I@!$_cE!:ICL!OIBAHA;E>!!*DAE!AE!^DL!ED9!DIO9E!,I;HI?!,ABB<GIJC!^ABB!

`<OOBL!HD9!E<G9!<?MFG9JH!pI@!DFG<Jd<JAG<B!;IJJ9;HAIJEq!HI!HD9!CA@@9?9J;9E!

:9H^99J!HD9!E9]9Ea!e%<MFA?9!RRRf>!!2J!D9?!?9B<HAIJEDAO!^AHD!,I;HI?!,ABB<GIJC'!

(BOD<:<!FJC9?EH<JCE!D9?!9]AEH9J;9!HD?IFMD!HD9!)JAG<BEc!J99CE'!JIH!HD9!6A_<?CcE!

OIBAHA;<B!K9ABE>!!-9?!AC9JHAHL!<JC!GIHAK9!<?9!:I?J!@?IG!HD9!IOO?9EE9C!?<HD9?!HD<J!HD9!

IOO?9EEI?>!!*DAE!E9B@dCAE;IK9?L!<JC!;?AHA;<B!<^<?9J9EE!D<E!HD9!;<O<:ABAHL!I@!

;IJH9EHAJM!HD9!6A_<?CcE!A?IJ!@AEH9C!AC9IBIML!HD<H!DFG<JE!<JC!<JAG<BE!<?9!

@FJC<G9JH<BBL!$HD9?>!

.9?D<OE!HD9!?9B<HAIJEDAO!HD<H!GIEH!@FBBL!;IJJ9;HE!(BOD<:<!HI!HD9!)JAG<BE!AE!

D9?!:?A9@!:FH!9GIHAIJ<B!9J;IFJH9?!^AHD!HD9!(B9OD<JH'!.?AJ;9EE!+<EHIL<>!!)E!(BOD<:<!

AE!H?<K9BAJM!HI!HD9!mAJSFE'!ED9!G99HE!.?AJ;9EE!+<EHIL<>!(BOD<:<!;BIE9BL!AC9JHA@A9E!

^AHD!HD9!(B9OD<JH!:9;<FE9!HD9L!:IHD!9]AEH!AJ!EIG9!@I?G!I@!DFG<Jd<JAG<B!BAGAJ<BAHL>!!

3I?!AJEH<J;9'!.?AJ;9EE!+<EHIL<!E<LE'!`)J!(B9OD<JH!AE!<!DFJH9C!HDAJM!AJ!HD9E9!HAG9Eg2!

<G!<!:9<EH!^DI!;DIIE9E!G<MA;<B!AJ;<?;9?<HAIJE!<E!<!DFG<J!IK9?!HD9!C<JM9?IFE!

BA:9?HL!I@!GL!I^J!OI^9?@FB!@I?Ga!e%<MFA?9!PYkf>!!2J!HDAE'!.?AJ;9EE!+<EHIL<!9]OB<AJE!

HD<H!<BHDIFMD!ED9!AE!<J!)JAG<B'!ED9!BAK9E!<E!<!DFG<J!@I?!D9?!I^J!E<@9HL>!!)E!<!DFG<J!

HD<H!@AJCE!GI?9!EAGAB<?AHA9E!^AHD!HD9!<JAG<B!^I?BC!HD<J!HD9!DFG<J'!(BOD<:<!E9JE9E!<!

C99Od?IIH9C!;IJJ9;HAIJ!^AHD!.?AJ;9EE!+<EHIL<>!!*F?J9?!9]OB<AJE!HD<H!<GIJM!BAGAJ<B!

:9AJME!`pCq99O!@?A9JCEDAOEgBAJS9C!:L!EO9;A<B!HA9E!O9?EAEHgAJHI!IBC!<M9a!eRQRf>!!

(BOD<:<!<JC!.?AJ;9EE!+<EHIL<!ED<?9!HDAE!:IJC>!!(BOD<:<!;IGGAHE!HI!HD9!(B9OD<JH!

<JC!E<LE'!`2!^IFBC!BAS9!HI!EH<L!D9?9!^AHD!LIFa!e%<MFA?9!PYXf>!!)JC!.?AJ;9EE!+<EHIL<!

H9JC9?BL!KI^E!HD<H!A@!ED9!AE!`EHABB!<BAK9!<E!<J!IBC!G<H?A<?;D!GIJ<?;D'!I?!<E!<!@?99!

! ! !

rX!

(B9OD<JH'!2cBB!;IG9!HI!LIF?!<ACa!e%<MFA?9!PYkf>!!*DAE!:IJC!?9;IJJ9;HE!HD9!CAKAC9!HD9!

6A_<?C!D<E!9EH<:BAED9C>!!"L!KI^AJM!EIBAC<?AHL!<JC!;IGGAHG9JH'!(BOD<:<!<JC!

.?AJ;9EE!+<EHIL<!:?9<S!HD9!CA;DIHIGL!<JC!9?<CA;<H9!HD9!6A_<?CcE!JIHAIJ!HD<H!

DFG<JE!<JC!)JAG<BE!;<JJIH!;I9]AEH>!

2H!AE!<BEI!J9;9EE<?L!HI!:?A9@BL!9]<GAJ9!(BOD<:<cE!I^J!B<JMF<M9'!@I?!AH!

9]O?9EE9E!HD<H!ED9!FBHAG<H9BL!KA9^E!D9?!E9B@!<E!<J!<JAGk!!%AS<DAB!"<SDHAJ!EH<H9E'!AJ!

I2A+:2(5'23,'R(5'!68:,'!B<JMF<M9!`AMJI?9E!HD9!AGO9J9H?<:B9!EF?@<;9!HD<H!;BIE9E!<JC!

BAGAHE!HD9!:ICL!<E!E9O<?<H9!<JC!;IGOB9H9C!OD9JIG9JIJa!ePYrf>!!-9!;IJHAJF9E'!

B<JMF<M9!`CAEOB<LE!JIH!IJBL!IFH^<?C!:FH!<BEI!HD9!AJJ9?!@9<HF?9E!I@!HD9!:ICLg*D9!

IFH^<?C!<JC!AJ^<?C!@9<HF?9E!<?9!I@H9J!G9?M9C!AJHI!IJ9a!ePYrf>!!,9E;?A:AJM!D9?E9B@!

HI!3AL9?I'!(BOD<:<!FE9E!B<JMF<M9!HD<H!EFMM9EHE!ED9!;IJEAC9?E!D9?E9B@!<J!<JAG<B1!

6D<H!LIF!;<BB!;IJE;A9J;9!2!O?9@9?!HI!;<BB!AJEHAJ;H>!!"A?CE!@99C!HD9A?!

LIFJM!^AHDIFH!FJC9?EH<JCAJM!^DL'!^AHDIFH!^99OAJM!<:IFH!DI^!<BB!

HD<H!AE!:I?J!GFEH!CA9'!EI:!EI:>!!2!CI!GL!^I?S!^AHD!<!EAGAB<?!

GIHAK<HAIJ1!HD9!GIK9G9JH!AJ!HD9!MFH!HI^<?CE!@IIC'!@<A?J9EE'!<JC!

E<@9HL>!!2!<G!<!O<;S!<JAG<B!^D99BAJM!^AHD!HD9!D9?C>!!e%<MFA?9!RXXf!

"L!FEAJM!<JAG<Bd?9B<H9C!CA;HAIJ!<JC!?9@9?9J;AJM!D9?!E9B@!<E!<J!<JAG<B!AJ!HD9!D9?C'!

(BOD<:<!EFMM9EHE!HD<H!ED9!AE!<!DL:?AC>!(EH<:BAEDAJM!HDAE!AC9JHAHL'!(BOD<:<!HD?9<H9JE!

HI!CAEG9G:9?!HD9!:<B<J;9!I@!HD9!6A_<?CcE!DFG<JV<JAG<B!CA;DIHIGL>!!)E!<!?9EFBH'!

HDAE!E9B@dAC9JHA@A;<HAIJ!;A?;FGK9JHE!HD9!6A_<?CcE!O?9d9EH<:BAED9C!:IFJC<?A9E!I@!

DFG<J!<JC!<JAG!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

k!*DAE!FE9!I@!`<JAG<Ba!CI9E!JIH!?9@9?9J;9!%<MFA?9cE!CAEHAJ;HAIJ!I@!E9JHA9JH!I?!JIJd

E9JHA9JH!<JAG!!2J!HDAE!;<E9'!2!<G!FEAJM!`<JAG<Ba!FJC9?!AHE!GIEH!:<EA;!;IJ;9OH>!

! ! !

[Q!

! "I?J!@?IG!HD9!^IG:!I@!<!DFG<J!<JC!<JAG<B'!(BOD<:<!?9O?9E9JHE!HD9!<:ABAHL!

HI!;D<BB9JM9!HD9!6A_<?CcE!;IJEH?F;H9C!DFG<Jd)JAG<B!CA;DIHIGL>!!-I^9K9?'!AH!AE!D9?!

ELG:IBA;!OI^9?!I@!;<EH?<HAIJ!HD<H!HD?9<H9JE!HD9!6A_<?C>!!/AS9!HD9!K<MAJ<!C9JH<H<'!

ED9!HD?9<H9JE!HD9!OD<BBA;!OI^9?!I@!$_>!!2J!HD9!O?I;9EE'!ED9!:B9JCE!HD9!H?<CAHAIJ<B!

EH?F;HF?9!I@!HD9!O?9C<HI?dO?9L!O<?<CAMG'!C9K9BIOE!<!?9B<HAIJEDAO!^AHD!HD9!@I?:ACC9J!

)JAG<BE'!<JC!FBHAG<H9BL!;IJ;BFC9E!HD<H!ED9!D9?E9B@!AE!O<?H!:IHD>!!0BHAG<H9BL'!HDAE!

ODLEA;<B!<JC!ELG:IBA;!DL:?ACA_<HAIJ!HD?9<H9JE!HI!;<EH?<H9!HD9!6A_<?CcE!OI^9?!

:9;<FE9!AH!C9@A9E!DAE!?FB9>!

-I^9K9?'!D9?!^A;S9CJ9EE!J9K9?!GIK9E!:9LIJC!;<FEAJM!;<EH?<HAIJ!<J]A9HL>!!

(K9J!HDIFMD!HD9!:B9JCAJM!I@!G<B9d@9G<B9'!GAJCd:ICL'!<JC!DFG<Jd<JAG<B'!(BOD<:<!

J9K9?!;IGGAHE!<!EAJMB9!^A;S9C!<;H>!!*DFE'!HDAE!<J<BLEAE!EFMM9EHE!HD<H!AH!AE!JIH!^D<H!

(BOD<:<!CI9E!HD?IFMD!HDAE!:B9JCAJM!HD<H!G<S9E!D9?!^A;S9CWAH!AE!^D<H!HD9E9!

CA;DIHIGIFE!:B9JCE!?9O?9E9JH!HD<H!G<S9E!(BOD<:<!HD9!6A;S9C!6AH;D!I@!HD9!69EH>!!

)JC'!FBHAG<H9BL'!HD9E9!<G<BM<G<HAIJE!I@!:AJ<?A9E!C9G<JC!HD9!6AH;D!GFEH!CA9>!

! ! !

[R!

7$+7/0&2$+1!

3#$%!$T!*$!()#*-!

&I!^DL!CI9E!(BOD<:<!:9;IG9!^A;S9C!<@H9?!<BBU!!%<MFA?9!^?AH9E'!`$J9!J9K9?!

B9<?JE!DI^!HD9!^AH;D!:9;<G9!^A;S9C'!I?!^D9HD9?!HD<H!^<E!HD9!?AMDH!;DIA;9!@I?!D9?W

AE!AH!9K9?!HD9!?AMDH!;DIA;9Ua!ePYRf>!!)E!EFMM9EH9C!D9?9!<JC!AJ!HD9!AJH?ICF;HAIJ'!

%<MFA?9!CI9E!JIH!<?HA;FB<H9!DI^!(BOD<:<!:9;IG9E!^A;S9C>!!-I^9K9?'!HD9!C9@AJAHAIJ!

I@!^A;S9C!GFEH!:9!?99]<GAJ9C!AJ!I?C9?!HI!@FBBL!FJC9?EH<JC!DI^!(BOD<:<!:9;IG9E!

HD9!B9M9JC<?L!6A;S9C!6AH;D>!!)JE^9?AJM!%<MFA?9cE!NF9EHAIJ!A@!D9?!^A;S9CJ9EE!`AE!

9K9?!HD9!?AMDH!;DIA;9'a!2!K9JHF?9!HI!<?MF9!HD<H!HDAE!AE!JIH!<!C9:<H9!I@!?AMDH!I?!^?IJM!

;DIA;9E>!!*DAE!AE!<!EAHF<HAIJ!AJ!^DA;D!HD9?9!AE!JI!;DIA;9>!!

(BOD<:<!?9O9<H9CBL!O?IK9E!HD<H!ED9!9]AEHE!<E!<!:B9JC!I@!$_cE!:AJ<?L!

EH?F;HF?9E>!3A?EH'!@?IG!:A?HD'!(BOD<:<!?9O?9E9JHE!HD9!@FEAIJ!I@!<!CA;DIHIGIFE!AC9<!AJ!

$_>!!"I?J!<E!<!OE9FCIdD9?G<OD?ICAH9'!(BOD<:<!EAMJA@A9E!<!:B9JC!:9H^99J!$_cE!

;IJ;9OH!I@!G<B9!<JC!@9G<B9>!!&F;D!<!:9AJM!;<JJIH!9]AEH!AJ!D9?!;FBHF?9i!HD9?9@I?9'!ED9!

AE!;<EH?<H9C>!!)@H9?!D9?!AJKIBFJH<?L!;<EH?<HAIJ'!(BOD<:<!E99SE!HI!?9M<AJ!HD9!OD<BBFE!

ED9!BIEH!<H!:A?HD>!!*I!CI!EI'!ED9!D9<BE!HD9!GAJCV:ICL!EOBAH>!!/9<?JAJM!HI!@BL'!(BOD<:<!

?9M<AJE!D9?!OD<BBFE!HD?IFMD!HD9!:?IIG>!!*D9!:?IIG!ELG:IBA;<BBL!?9O?9E9JHE!<!O9JAE!

<JC!AJCF;9E!<!E9JE9!I@!OD<BBA;!OI^9?>!!*D9!5?AGG9?A9!<BEI!AGO9?EIJ<H9E!<!ELG:IBA;!

OD<BBFE!:9;<FE9!AH!FJAH9E!D9?!GAJC!^AHD!:IHD!EAC9E!I@!D9?!:ICLcE!I?AMAJE!<JC!H9<;D9E!

D9?!HD9!B<JMF<M9!I@!D9?!IOO?9EEI?>!!3AJ<BBL'!9]AEHAJM!<E!<!DL:?AC!I@!DFG<J!<JC!

<JAG<B'!(BOD<:<!AJEOA?9E!;<EH?<HAIJ!<J]A9HL!<GIJMEH!HD9!6A_<?C!<JC!DAE!O<^JE>!!

,9BAK9?9C!@?IG!HD9!^IG:!I@!DFG<J!<JC!<JAG<B'!(BOD<:<!AE!EAMJA@A9C!<E!HD9!

C<JM9?IFE!:9<EH!;<O<:B9!I@!ODLEA;<B!;<EH?<HAIJ>!!!)E!ED9!CAE?FOHE!HD9!?IB9!I@!O?9C<HI?!

! ! !

[P!

<JC!O?9L'!C9K9BIOE!AJHAG<H9!@?A9JCEDAOE!^AHD!)JAG<BE'!<JC!FE9E!B<JMF<M9!HD<H!

AC9JHA@A9E!D9?!<E!<J!<JAG<B'!(BOD<:<!?9O?9E9JHE!HD9!OD<BBFE!<JC!AJCF;9E!ELG:IBA;!

;<EH?<HAIJ!<J]A9HL>!!*D9E9!@FEAIJE!;IG:AJ9C'!(BOD<:<!C9GIJEH?<H9E!HD<H!ED9!CI9E!

JIH!9]AEH!<E!IJ9!AC9<!AJ!$_>!!&D9!EBAC9E!<BIJM!HD9!;IJHAJFFG!I@!HDAE!I?!HD<H'!IJ9!I?!HD9!

IHD9?>!

! *I!FJC9?EH<JC!DI^!HDAE!G<S9E!D9?!^A;S9C'!AH!AE!AGO9?<HAK9!HI!?99]<GAJ9!HD9!

C9@AJAHAIJ!I@!`^A;S9C>a!!2J!;IJH9GOI?<?L!69EH9?J!;FBHF?9'!`^A;S9Ca!G9<JE!HD<H!

^DA;D!AE!C9KA<JH!AJ!HD9!GIEH!O9?JA;AIFE!E9JE9>!!6A;S9C!AE!<J!<Cb9;HAK9!FE9C!HI!

C9E;?A:9!<JLHDAJM!;?F9B'!E9K9?9'!I?!@A9?;9!e`^A;S9Caf>!!2H!D<E!:99J!9EH<:BAED9C!HDIFMD!

HD<H!(BOD<:<!CI9E!JIH!@AH!HD<H!C9@AJAHAIJ!:9;<FE9!ED9!;IGGAHE!JI!KAIB9JH!I?!

H9??I?AEHA;!<;HE>!!0JBAS9!HD9!69EHcE!GIC9?J!C9@AJAHAIJ'!AJ!<J;A9JH!-9:?9^'!`^A;S9CaX!

AE!JIH!EIG9HDAJM!:<C!AJ!GI?<B!;IJCF;Hi!AJEH9<C'!^A;S9C!JI^!<!K9?:'!G9<JE!`HI!

:?9<S>a!&O9;A@A;<BBL'!`^A;S9Ca!G9<JE!HI!C9EH?IL!OF?OIE9!I?!@FJ;HAIJ!e`#<af>!6AHD!HDAE!

C9@AJAHAIJ'!(BOD<:<!AE!GIEH!;9?H<AJBL!`^A;S9C>a!!&D9!:?9<SE!HD9!GIEH!9EH<:BAED9C!<JC!

JI?G<BA_9C!:AJ<?A9E!AJ!<BB!HD9!/<JC!I@!$_>!

*DFE'!(BOD<:<!AE!JIH!^A;S9C!:9;<FE9!D9?!:B9JCAJM!;<FE9E!^A;S9C!<;HE>!!

(BOD<:<!AE!^A;S9C!:9;<FE9!I@!^D<H!HD<H!:B9JCAJM!EH<JCE!@I?WHD9!HD?9<H!I@!

O9J9H?<HAIJ'!<!:?9<S!AJ!$_cE!AC9IBIML>!!3I?!@I?HL!L9<?E'!HD9!6A_<?C!G<AJH<AJ9C!I?C9?!

:L!S99OAJM!$_cE!;FBHF?9!CA;DIHIGIFE>!!-I^9K9?'!HD?IFMD!D9?!:B9JC9C!AC9JHAHL'!

(BOD<:<!:?9<SE!HD<H!I?C9?>!!"L!M<AJAJM!<JC!?9O?9E9JHAJM!HD9!OD<BBFE'!ED9!:9;IG9E!

HD9!<OO<?<HFE!HD<H!O9J9H?<H9E!:9H^99J>!!)K<?A;'!HD9!6AH;DcE!;IBB9M9!@?A9JC!9K9J!E<LE'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

X!2J!7B<EEA;<B!-9:?9^'!HD9!<;HF<B!^I?C!@I?!`^A;S9Ca!AE!`#<>a!`#<a!G9<JE!HI!:?9<S!I?!HI!

C9EH?IL'!EF;D!<E!HI!:?9<S!I?!C9EH?IL!5ICcE!OB<J>!!*D?IFMD!G<JL!;9JHF?A9E!I@!

H?<JEB<HAIJ'!`#<a!D<E!:9;IG9!`^A;S9Ca!AJ!HD9!(JMBAED!B9]A;IJ>!

! ! !

[Y!

`%<C<G9!%I??A:B9!HIIS!IFH!LIF?!?9;I?CE!<JC!?9<C!HI!FE!<!O?I@AB9!I@!LIF?!;D<?<;H9?!

<E!<EE9EE9C!:L!LIF?!K<?AIFE!H9<;D9?E>!!69!^9?9!^<?J9C!<:IFH!LIF?!EOASAJ9EE'!LIF?!

@?AJMAJ9EEa!e%<MFA?9!YZkf>!!0EAJM!HD9!H9?G!`EOASAJ9EE'a!%<MFA?9!C9GIJEH?<H9E!

(BOD<:<!AE!OA9?;AJM>!!)JC!FEAJM!`@?AJMAJ9EE'a!EFMM9EHE!ED9!AE!EIG9HDAJM!<CCAHAIJ<B!HI!

^D<H!<B?9<CL!9]AEHE>!)E!(?A;D!5IIC9!<JC!+<;DG<J!"9Jd49DCF<!EH<H9!AJ!N682:'P23()5-'

./+'K6)(2:'#635789)7(63'61'&+?(23)+'!HD9!9KAB!HD9!C9KA<JH!O9?EIJE!`CI'!I?!<?9!HDIFMDH!

HI!CI'!AE!@9BH!HI!:9!EI!^IFJCAJM!HI!HD9!EF:EH<J;9!<JC!@<:?A;!I@!HD9!:ICL!EI;A<Ba!HD<H!

HD9?9!AE!`<!;?AEAE!@I?!HD<H!EI;A9HLa!eYRf>!!);;I?CAJMBL'!D9?!OD<BBA;!9]AEH9J;9'!C9K9BIO9C!

HD?IFMD!HD9!@FEAIJ!I@!G<B9d@9G<B9'!GAJCd:ICL'!<JC!DFG<Jd<JAG<B'!^IFJCE!$_!:L!

:?9<SAJM!HD9!DLG9J!I@!HD9!ELEH9G'!HD9!FJHIF;D9C!<?9<!:9H^99J!HD9!:AJ<?L>!

2J!CIAJM!EI'!(BOD<:<!:9;IG9E!AJC9@AJ<:B9'!<!H9?HA<?L!I:b9;H!HD?FEH!AJ!HD9!GACEH!

I@!<!OIBAHA;<BBL!:AJ<?L!ELEH9G>!!2J!<!;FBHF?9!HD<H!C9G<JCE!<!O9?EIJ!GFEH!:9!IJ9!I?!HD9!

IHD9?'!HD9?9!AE!JI!?IIG!@I?!<!:?9<S!AJ!AC9IBIML!I?!:9H^99JdJ9EE!:9;<FE9!HD9?9!AE!JI!

B<JMF<M9!HI!AC9JHA@L!AH>!!-9J;9'!%<MFA?9cE!FE9E!B<JMF<M9!EF;D!<E!`CA@@9?9JHa!<JC!

`FJ?9;IMJA_<:B9a!HI!C9E;?A:9!(BOD<:<>!!&D9!;<JJIH!:9!;?LEH<BBA_9C!<E!<!EF:b9;H!

:9;<FE9!B<JMF<M9!D<E!JI!G<H9?A<B!HI!CI!EI>!!(K9J!HDIFMD!ED9!;IGGAHE!JI!KAIB9JH!

<;HE'!ED9!:?9<SE'!O9J9H?<H9E'!<JC!KAIB<H9E!HD9!JI?G>!!)JC!HD<H!G<S9E!D9?!HD9!6A;S9C!

6AH;D!I@!HD9!69EH>!

2H!AE!HDAE!CA@@9?9J;9!<JC!FJ?9;IMJA_<:ABAHL!HD<H!C9G<JCE!HD9!6AH;D!GFEH!CA9>!!

2@!ED9!;<JJIH!:9!C9@AJ9C'!ED9!;<JJIH!9]AEH>!2J!@<;H'!<H!HD9!9JC!I@!HD9!JIK9B'!%<MFA?9!

^?AH9E'!`<BB!HD<H!^<E!B9@H!^<E!HD9!;<?<O<;9!I@!D9?!?9OFH<HAIJa!e%<MFA?9!rQZf>!!*D9!

AC9<!HD<H!<BB!HD<H!?9G<AJ9C!I@!(BOD<:<!^<E!<!`;<?<O<;9a!I?!9GOHL!ED9BB!EFMM9EHE!HD<H!

(BOD<:<!AE!AJ!<J!9GOHL!EO<;9'!EF;D!<E!^D<H!9]AEHE!<BIJM!HD9!;IJHAJFFG!I@!

! ! !

[r!

IOOIEAHAIJE>!!"9H^99J!G<B9!<JC!@9G<B9'!HD9?9!AE!JIHDAJM>!!+IHDAJM!9]AEHE!:9H^99J!

GAJC!<JC!:ICL>!)JC!:9H^99J!DFG<J!<JC!<JAG<B'!HD9?9!AE!<!KIAC>!&D9!D<E!HI!CA9!

:9;<FE9!HD9!$_A<JE!;<JJIH!;IJ;9OHF<BA_9!HD<H!EIG9HDAJM!:9H^99J!HD9!G<?S9?E!I@!

HD9A?!?<HAIJ<BAHL!9]AEHE>!!*DFE'!HI!9<E9!HD9!;IJE;AIFEJ9EE!I@!HD9!$_A<JE'!EIG9DI^'!

EIG9^<L'!(BOD<:<!GFEH!CA9>!!)JC!AH!bFEH!EI!D<OO9JE!HD<H!ED9!CA9E!:L!HD9!MIICd

AJH9JHAIJ9C!<;HE!I@!,I?IHDL'!^DI!EAMJA@A9E!EIBAC<?AHL!I@!:IFJC<?A9EW^DAH9'!@9GAJAJ9'!

<JC!MIIC>!!(BOD<:<cE!G9BHAJM!C9<HD!D9<BE!HD9!:?9<S!ED9!;<FE9C>!+I?G<B;L!AJ!$_!;<J!

:9!?9EHI?9C>!!!

*DAE!;IJ;9OH!AE!CA@@A;FBH!HI!OFH!AJHI!B<JMF<M9!:9;<FE9!IF?!;FBHF?9!D<E!?9GIK9C!

;IJ;9OHE!I@!:9H^99JdJ9EE!IFH!I@!AHE!CAE;IF?E9!<JC!;IJE;AIFEJ9EE>!!3I?!9]<GOB9'!

;F??9JHBL'!HD9!0JAH9C!&H<H9E!AE!:<HHBAJM!HD9!AJH9M?<HAIJ!I@!2EB<G!AJHI!HD9!J<HAIJ<B!

CAE;IF?E9!<JC!J<??<HAK9>!!2C9JHA@LAJM!AHE9B@!<E!<!O?9CIGAJ<H9BL!7D?AEHA<J!J<HAIJ'!HD9!

0JAH9C!&H<H9E!@FJ;HAIJE!IJ!"A:BA;<B!AC9IBIMA9E>!!*D<H!AE'!HD9?9!<?9!O?9d9EH<:BAED9C!

;IJ;9OHE!HD<H!OIB<?A_9!)G9?A;<J!HDIFMDH1!MIICV9KAB'!7D?AEHA<JVJIJd7D?AEHA<J'!

;?9<HAIJAEGV9KIBFHAIJ'!<JC!EI!IJ>!!)@H9?!HD9!<HH<;SE!I@!XVRR'!2EB<G!:9;<G9!<!?9BAMAIJ!

<:?FOHBL!:B<EH9C!FOIJ!HD9!;IJE;AIFEJ9EE!I@!)G9?A;<J!OIBAHA;E!<JC!O9IOB9>!!&FCC9JBL'!

<J!9G:ICAG9JH!I@!H9?HA<?L!AC9<E!;<G9!IJHI!HD9!E;9J9>!!6AHD!AC9IBIMA;<B!<JC!

HD9IBIMA;<B!;IJ;9OHE!HD<H!:IHD!?9E9G:B9!`FEa!<JC!HD9!$HD9?'!2EB<G!CAC!JIH!@AH!IJ!

9AHD9?!EAC9!I@!)G9?A;<J!AC9IBIML>!!)JC!HD9!0JAH9C!&H<H9E!^<E!FJEF?9!I@!DI^!HI!

;IJ;9OHF<BA_9!I@!HD9E9!AC9<E>!!$@!;IF?E9'!HDIE9!?9EOIJEA:B9!@I?!HD9!DI??9JCIFE!9K9JHE!

I@!XVRR!^9?9!B<:9B9C!H9??I?AEHE>!!"FH!EI!^9?9!<BB!%FEBAGE>!

.IBAHA;<BBL'!HD9!EIBFHAIJ!^<E!HI!M9H!?AC!I@!HD9!H9?HA<?L!:ICL>!!*I!CI!EI'!IJ!%<?;D!

PQ'!PQQY'!HD9!0JAH9C!&H<H9E!GABAH<?L!:9M<J!AHE!C9@9JEAK9!GAEEAIJ!<M<AJEH!2?<N'!AJ!HD9!

! ! !

[[!

^<?!HD<H!^IFBC!B<H9?!:9!GAEB<:9B9C!<E!$O9?<HAIJ1!2?<NA!3?99CIG>!!*D9!OF?OIE9!I@!

HDAE!^<?!G<L!D<K9!:99J!HI!`BA:9?<H9a!HD9!2?<NA!O9IOB9>!!"FH!HD9!?D9HI?A;!HD<H!EH9GG9C!

@?IG!AH!AGOBA9C!HD9?9!AE!JI!OB<;9!@I?!HDAE!M?IFO!I@!O9IOB9WJIH!A@!HD9L!;IFBC!:?9<S!I?!

OA9?;9!HD9!9EH<:BAED9C!ELEH9G!I@!HD9!0JAH9C!&H<H9E>!&H9K9J!&<B<AH<!EH<H9E!AJ!`"9LIJC!

$?A9JH<BAEG!<JC!2EB<GIODI:A<1!XVRR'!)JHAd)?<:!#<;AEG'!<JC!HD9!%LHDIE!I@!+<HAIJ<B!

.?AC9'a!HD9!0JAH9C!&H<H9E!`AJKIS9C!XVRR!<E!9KAC9J;9!I@!)?<:!O9?@ACL!<JC!B<H9?!<E!

9KAC9J;9!I@!HD9!J99C!HI!?9H<AJ!59I?M9!6>!"FED!HI!O?IH9;H!lFEc!@?IG!lHD9Gca!eP[Rf>!!

*D9!MIK9?JG9JH!:9;<G9!HD9!@I?;9!HD<H!D9BO9C!S99O!2EB<G!@?IG!O9J9H?<HAJM!

)G9?A;<J!AC9IBIML>!

*DAE!E9JHAG9JH!^<E!;<??A9C!AJHI!C<ABL'!G<AJEH?9<G!)G9?A;<J!BA@9>!!%FEBAGE!

^DI!D<C!EO9JH!<!BA@9HAG9!BAKAJM!AJ!HD9!0JAH9C!&H<H9E!^9?9!EFCC9JBL!`H9??I?AEHE>a!!

*D?IFMDIFH!HD9!;IFJH?L'!O9<;9@FB!%FEBAGE!^9?9!O?I@AB9C!AJ!<A?OI?HE>!!*?LAJM!HI!:FABC!

<!J9^!;IGGFJAHL!;9JH9?!J9<?!5?IFJC!T9?I'!%FEBAGE!I@!+9^!4I?S!@<;9C!D9<KL!

?9EAEH<J;9!@?IG!;IJE9?K<HAK9!7D?AEHA<J!I?M<JA_<HAIJE>!!2J!<!@9^!;<E9E'!%FEBAGE!^9?9!

<EE<FBH9C>!!)JC!AJ!9K9J!@9^9?!;<E9E'!:FH!GI?9!CAEHF?:AJMBL!EI'!%FEBAGE!^9?9!

GF?C9?9C>!!*D9!7IFJ;AB!IJ!)G9?A;<J!2EB<GA;!#9B<HAIJE!e7)2#f!?9OI?HE!HD<H!AJ!PQQ[!

HD9?9!^<E!<!`PX>Z!O9?;9JH!AJ;?9<E9!AJ!HD9!HIH<B!JFG:9?!I@!;IGOB<AJHE!I@!<JHAd%FEBAG!

D<?<EEG9JH'!KAIB9J;9!<JC!CAE;?AGAJ<HI?L!H?9<HG9JH!@?IG!PQQr>a!7)2#!<BEI!JIH9E!HD<H!

HDAE!G<?S9C!`HD9!DAMD9EH!JFG:9?!I@!%FEBAG!;AKAB!?AMDHE!;IGOB<AJHE!9K9?!?9OI?H9C!HI!

7)2#!AJ!AHE!H^9BK9dL9<?!DAEHI?La!e`2EB<GIODI:A<af>!!0BHAG<H9BL'!HD9!;FBGAJ<HAIJ!I@!

HD9E9!9K9JHE!B9C!HI!<J!9G9?MAJM'!KIB<HAB9!)G9?A;<J!GIK9G9JH'!<JHAd)?<:!?<;AEG>!

"9;<FE9!)G9?A;<cE!JI?G<B;L!^<E!:?IS9J'!HD9!9JHA?9!OIOFB<HAIJ!I@!%FEBAGd

)G9?A;<JE!:9;<G9!HD9!OD<BBA;!HD?9<H>!!*D9L!HD?9<H9J9C!HI!O9J9H?<H9!AJHI!HD9!0JAH9C!

! ! !

[Z!

&H<H9E'!<JC!HDFE'!BAS9!(BOD<:<'!9K9J!HDIFMD!HD9L!^9?9!AJJI;9JH'!HD9L!^9?9!HD9!

MFABHLWHD9!^A;S9C!9KABCI9?E>!

)BHDIFMD!<JHAd)?<:!?<;AEG!<;HF<BBL!9]AEH9C!BIJM!:9@I?9!HD9!9K9JHE!I@!XVRR'!AH!

^<E!JIH!FJHAB!HD9!<:?FOH!O?9E9J;9!I@!2EB<G!HD<H!HD9!H9?GE!`2EB<GIODI:A<a!I?!<JHA!d

)?<:!?<;AEG!:9;<G9!DIFE9DIBC!H9?GE>!!)E!&<B<AH<!9]O?9EE9E'!`&AJ;9!XVRR'!)?<:!

)G9?A;<JE!D<K9!9KIBK9C!@?IGg<J!AJKAEA:B9!M?IFO!AJ!HD9!0JAH9C!&H<H9E!AJHI!<!DAMDBL!

KAEA:B9!;IGGFJAHLa!ePr[f>!!/AS9^AE9'!:L!G<SAJM!D9?!O?9E9J;9!SJI^J'!:L!H?LAJM!HI!

?9M<AJ!OD<BBA;!OI^9?'!(BOD<:<!G<S9E!AH!K9?L!<^<?9!ED9!AE!HD9?9'!AJ!HD9!GACCB9!I@!

^D<H!<B?9<CL!9]AEH9C>!-<C!ED9!EAGOBL!<JC!NFA9HBL!BAK9C!^AHDIFH!O9J9H?<HAJM!AJHI!HD9!

GACCB9!I@!$_cE!CA;DIHIGA9E'!ED9!^IFBC!BAS9BL!D<K9!MIJ9!FJJIHA;9C>!!)E!%<MFA?9!

^?AH9E'!9KAB!AE!`<!O?9E9J;9!JIH!<J!<:E9J;9a!eY\Qf>!

6D<H!AE!%<MFA?9!H?LAJM!HI!H9BB!DAE!?9<C9?U!!(BOD<:<cE!;IGOB9]AHA9E!G<S9!AH!

CA@@A;FBH!HI!E<L>!!"FH!HD?IFMD!HDAE!<J<BLEAE'!2!;IJH9JC!HD<H!(BOD<:<!AE!G9<JH!HI!H9<;D!

FE!HD<H!^A;S9C!I?!9KAB!CI9E!JIH!<B^<LE!D<K9!<!@<;9!I?!<J!<;HAIJ>!!$@!;IF?E9'!HD9?9!^ABB!

<B^<LE!:9!AEIB<H9C!GIG9JHE!I@!^A;S9CJ9EE!<JC!KAIB9J;9!HD<H!;D<BB9JM9!HD9!EH<:ABAHL!

I@!<!;FBHF?9>!!"FH!IJ!<!C<ABL!B9K9B'!HD9!9J9GL!D<E!JI!H?F9!@<;9!FJHAB!AH!AE!MAK9J!IJ9>!!

)JC!HD<H!@<;9!AE!FJ?9;IMJA_<:B9!FJHAB!^9!;<J!E99!<!BAHHB9!O<?H!I@!IF?!E9BK9E!AJ!AH>!!.<?H!

HDAE!I?!O<?H!HD<H>!!.<?H!FE>!.<?H!HD9G>!!!

(BOD<:<!O?IK9E!HD<H!IJ;9!EIG9HDAJM!;IG9E!AJ!:9H^99J'!AHE!I:b9;HAK9!AE!OD<BBA;!

<JC!HD?9<H9JAJM>!!&I!HI!?9HF?J!HI!HD9!O9?;9OHAIJ!I@!E<@9HL!<JC!JI?G<B;L'!^9!GFEH!?AC!

IF?E9BK9E!I@!AH>!!7<EH?<H9!AH>!!5I!HI!^<?!^AHD!AH>!!8ABB!AH>!!%9BH!AH>!!"FH!^D<H!G<S9E!HDAE!

EHI?L!<!;<FHAIJ<?L!H<B9!AE!HD<H!A@!(BOD<:<!D<C!J9K9?!:99J!;<EH?<H9C!<H!:A?HD'!ED9!

^IFBC!D<K9!J9K9?!:99J!IJ!HD9!E9<?;D!@I?!D9?!OD<BBFE'!AJ!E9<?;D!I@!OI^9?>!!&D9!J9K9?!

! ! !

[\!

^IFBC!D<K9!HD?9<H9J9C!$_>!!*D9L!G<C9!HD9A?!I^J!6A;S9C!6AH;D!I@!HD9!69EH>!!)JC!

HD?IFMD!IF?!AC9IBIML'!^9!G<S9!IF?!I^J!^A;S9C!9J9GA9E'!HII>!

! ! !

[k!

6$#8&!72*(,!

)C<GE'!7<?IB!=>!./+'K+D92:'P6:(7()5'61'N+27-'M'E+4(3(57ST+>+728(23'#8(7()2:'./+68L>!

PQHD!)JJAK9?E<?L!(C>!+9^!4I?S1!7IJHAJFFG'!PQRQ>!.?AJH>!

"<SDHAJ'!%>%>!3?IG!I2A+:2(5'23,'R(5'!68:,>!./+'O2*/7(3'I+2,+8>!!(C>!.<G!%I??AE>!

/IJCIJ1!(C^<?C!)?JIBC'!RXXr>!RXrdPrr>!!.?AJH>!

"<FG'!/>!3?<JS>!!./+'!63,+819:'!(;28,'61'<;>!+9^!4I?S1!"<?J9E!<JC!+I:B9!7B<EEA;E'!

PQQ[>!.?AJH>!

"?I9C9B'!-<JE!.9H9?>!!`*D9!N2::+95'N2::+1()2894!<JC!HD9!7IJEH?F;HAIJ!I@!6AH;D;?<@H>a!

./+'!(7)/)8217'I+2,+8>!PJC!9CAHAIJ>!!(C>!,<??9J!$BC?ACM9>!/IJCIJ1!#IFHB9CM9'!

PQQk>!rYdr\>!.?AJH>!

"FHB9?'!=FCAHD>!!=+3,+8'.869A:+>!+9^!4I?S1!#IFHB9CM9'!RXXQ>!!.?AJH>!

"F?M9?'!)BAEE<>!!`!()*+,'23,'!63,+819:'!(7)/+5-'@28827(?+'23,'=+3,+8'@+>67(27(635'

1864'*D9!6A_<?C!I@!$_!76'6A;S9C>a!O+L63,'2,2Q727(63-'%552L5'63'I2,()2:'

.8235168427(635'61'<8(>(32:'!68*5>!(C>!.DLBBAE!3?FE!<JC!7D?AEHL!6ABBA<GE>!!

=9@@9?EIJ1!%<;3<?B<JC!<JC!7I>'!PQRQ>!!RPYdRYP>!.?AJH>!

7A]IFE'!-9B9J9>!`*D9!/<FMD!I@!HD9!%9CFE<>a!./+'#8(7()2:'.82,(7(63-'#:255()'.+D75'23,'

#637+4Q6828L'.8+3,5>!!(C>!,<KAC!->!#A;DH9?>!!"IEHIJ1!"9C@I?CV&H>!%<?HAJE'!

PQQ\>!RZrYd[[>!.?AJH>!

3AED9?'!(BA_<:9HD>!!6423H5'#8+27(63-'K+D92:'%?6:97(63'23,'7/+'K/2Q(3>'61'K6)(+7L>!

"IEHIJ1!"9C@I?CV&H>!%<?HAJcE'!RXkQ>!.?AJH>!

3?9A?9'!.<FBI>!`*D9!l"<JSAJMc!7IJ;9OH!I@!(CF;<HAIJ>a!!2L5'61'I+2,(3>-'M3'M37/6:6>L'

168'!8(7+85>!\HD!(C>!(C>!,<KAC!"<?HDIBIG<9!<JC!)JHDIJL!.9H?ISEL>!"IEHIJ1!

"9C@I?CV&H>!%<?HAJcE'!PQQ[>!P[ZdZ\>!.?AJH>!

! ! !

[X!

3?9FC'!&AMGFJC>!`%9CFE<cE!-9<C>a!./+'#8(7()2:'.82,(7(63-'#:255()'.+D75'23,'

#637+4Q6828L'.8+3,5>!(C>!,<KAC!->!#A;DH9?>!"IEHIJ1!"9C@I?CV&H>!%<?HAJE'!

PQQ\>![YY>!.?AJH>!

o@LB@IH'!J>o!<%&'<3:(3+>!PQRQ>!$]@I?C!0.>!69:>!P!%<?;D!PQRR>!

oM<GG<CAIJ'!J>o!<%&'<3:(3+>!PQRQ>!$]@I?C!0.>!!69:>!P!%<?;D!PQRR>!

5AB:9?H'!&<JC?<!%>!<JC!&FE<J!5F:<?>!N2,B6423'(3'7/+'M77()1!./+'!6423'!8(7+8'23,'

7/+'@(3+7++37/S#+3798L'0(7+828L'"42>(327(63>!PJC!(C>!+9^!-<K9J1!4<B9!0.'!

PQQQ>!.?AJH>!

5IIC9'!(?A;D!<JC!+<;DG<J!"9Jd49DCF<>!N682:'P23()5-'./+'K6)(2:'#635789)7(63'61'

&+?(23)+>!%<BC9J1!"B<;S^9BB'!RXXr>!.?AJH>!

5?F9J'!/I?A>!`,AEG<JHBAJM!$OO?9EEAIJ1!)J!)J<BLEAE!I@!HD9!7IJJ9;HAIJ!"9H^99J!

-FG<JE!<JC!)JAG<BE>a!%)61+4(3(54-'!64+3C'M3(42:5C'23,'@2798+>!(C>!5?9H<!

5<<?C>!.DAB<C9BODA<1!*9GOB9!0.'!RXXY>!ZQdXQ>!.?AJH>!

-<JE9J'!+<H<BA9!7I?AJJ9>!!`-FG<JE'!-I?E9E'!<JC!-I?GIJ9E1!e*?<JEf59JC9?AJM!

7?IEEd&O9;A9E!#9B<HAIJEDAOE>a!!64+3H5'K79,(+5'U9287+8:L>!!YZ>Y!ePQQkf1!k\d

RQ[>!VK.!69:>!Rk!39:>!PQRR>!

DIISE'!:9BB>!!.+2)/(3>'76'.8235>8+55-'%,9)27(63'25'7/+'P82)7()+'61'E8++,64>!+9^!4I?S1!

#IFHB9CM9'!RXXr>!.?AJH>!

2?AM<?<L'!/F;9>!!`*DAE!&9]!6DA;D!AE!+IH!$J9>a!E+4(3(545>!(C>!#I:LJ!#>!6<?DIB!<JC!

,A<J9!.?A;9!-9?JCB>!+9^!"?FJE^A;S1!#FHM9?E!0.'!PQRQ>!YZYdZX>!.?AJH>!

o2EB<GIODI:A<>o!#693)(:'63'M4+8()23'"5:24()'I+:27(635>!69:>!PY!%<?>!PQRR>!

89EE9BG<J'!)GL'!/ABL!,>!%<;+<A?'!<JC!+<J;L!&;DA9C9^AJC>!2JH?ICF;HAIJ>!!64+3-'

"42>+5'23,'I+2:(7(+5>!rHD!(C>!+9^!4I?S1!%;5?<^d-ABB'!PQQk>!RdZ>!.?AJH>!

! ! !

ZQ!

/<;<J'!=<;NF9E>!E+4(3(3+'K+D92:(7L-'V2)W9+5'02)23!23,'7/+'X)6:+'E8+9,(+33+G'(C>!=FBA9H!

%AH;D9BB!<JC!=<;NF9BAJ9!#IE9>!*?<JE>!=<;NF9BAJ9!#IE9>!+9^!4I?S1!+I?HIJ'!

RXkP>!.?AJH>!

%<MFA?9'!5?9MI?L>!!!()*+,-'./+'0(1+'23,'.(4+5'61'7/+'!()*+,'!(7)/'61'7/+'!+57>!+9^!

4I?S1!-<O9?!7IBBAJE'!RXX[>!.?AJH>!

%<?SFE'!#FHD>!`&F??9<BAEGcE!.?<LAJM!%<JHAE!<JC!7<EH?<HAJM!6IG<J>a!!64+3H5'M87'

"3)>!!PR>R!ePQQQf1!YYdYX>!!VK.!69:>!PR!39:>!PQRR>!

%AH;D9BB'!=FBA9H>!!2JH?ICF;HAIJd2>!E+4(3(3+'K+D92:(7L-'V2)W9+5'02)23!23,'7/+'X)6:+'

E8+9,(+33+>!"L!=<;NF9E!/<;<J>!(C>!=FBA9H!%AH;D9BB!<JC!=<;NF9BAJ9!#IE9>!*?<JE>!

=<;NF9BAJ9!#IE9>!!+9^!4I?S1!+I?HIJ'!RXkP>!RdPR>!.?AJH>!

`GIJEH9?'!J>o!<%&'<3:(3+>!PQRQ>!$]@I?C!0.>!69:>!PQ!39:!PQRR>!

`)!+9^!"IIS!@I?!7DABC?9J>a!./+'@+B'F68*'.(4+5'k!&9OH9G:9?!RXQQ1!"#RPuRY>!69:>!

+FM9JH'!3?<JS!&>!o*D9!&;?99J!AJ!#9KA9^>o!@+B'F68*'.(4+5!R[!)FM>!RXYX>!

@+BL68*7(4+5G)64>!69:>!R[!%<?>!PQRR>!

$c3B<D9?HL'!69JCL!,IJAM9?>!!!64+3C'M3,86>L3+5C'23,'<7/+8'NL7/()2:'O+2575>!

7DA;<MI1!0>!I@!7DA;<MI!.?9EE'!RXkQ>!!.?AJH>!

!`#<>a!R+A8+B'23,'#/2:,++'0+D()63>!PJC!(C>!RX[P>!$]@I?C!0.>!.?AJH>!!

#IG<J'!7D?AEHIOD9?>!!`./+'!()*+,'!(7)/'61'7/+'!+571!*9??I?AEHU!#9^?AHAJM!(KAB!AJ!

5?9MI?L!%<MFA?9cE!!()*+,>a!E2(8L'.2:+5'I+(42>(3+,-'%552L5'63'@+B'I+7+::(3>5>!

(C>!&FE<J!#9CAJMHIJ!"I::L>!!=9@@9?EIJ1!%<;3<?B<JC!<JC!7I>'!PQQX>!PRQdPPQ>!

.?AJH>!

! ! !

ZR!

&<B<AH<'!&H9K9J>!`"9LIJC!$?A9JH<BAEG!<JC!2EB<GIODI:A<1!XVRR'!)JHAd)?<:!#<;AEG'!<JC!

HD9!%LHDIE!I@!+<HAIJ<B!.?AC9>a!#I-'./+'@+B'#+37+33(2:'I+?(+B!Z>P!ePQQZf1!

Pr[dZZ>!P86J+)7'N95+>!69:>!RX!%<?;D!PQRR>!

oE;<?<:'!J>o!<%&'<3:(3+>!PQRQ>!$]@I?C!0.>!69:>!P!%<?;D!PQRR>!

&H9AJ9G'!5BI?A<>!!I+?6:97(63'1864'!(7/(3-'M'O66*'61'K+:1S%57++4>!"IEHIJ1!/AHHB9'!"?I^J!

<JC!7I>'!RXXY>!.?AJH>!

*F?J9?'!mA;HI?>!`"9H^A]H!<JC!"9H^99J1!*D9!/AGAJ<B!.9?AIC!AJ!I(7+5',+'P2552>+>a!./+'

E68+57'61'KL4A6:5Y'M5Q+)75'61'@,+4A9'I(792:>!+9^!4I?S1!7I?J9BB!0.'!RXZ\>!XYd

RRR>!.?AJH>!

6<?GF_'!)JJ<>!`%9CA9K<B!"9EHA<?A9E!<JC!%IC9?J!"9<EHEW*D9!%<SAJM!I@!"9<EH!

3<:B9E!AJ!7IJH9GOI?<?L!/AH9?<HF?9>a!N+,(+?2:(545-'./+'P6+7()5'61'0(7+828L'I+S

8+2,(3>>!(C>!/ABA<J<!&ASI?ES<>!3?<JS@F?H1!.9H9?!/<JM'!PQQk>!RkXdPQY>!.?AJH>!

o^A;S9C'!<Cb>a!<%&'<3:(3+>!$]@I?C!0.>!69:>!PQ!%<?;D!PQRR>!

1 views·67 pages

BROOMS, BEASTS, AND THE PHALLUS: IDENTIFYING THE WICKED WITCH THROUGH DICHTOMOUS BLENDS IN WICKED PDF Free Download

BROOMS, BEASTS, AND THE PHALLUS: IDENTIFYING THE WICKED WITCH THROUGH DICHTOMOUS BLENDS IN WICKED PDF free Download. Think more deeply and widely.

Uploaded by social_library on 4/14/2026

/67

100%