scharfe angelegenheit

Transcription

scharfe angelegenheit
!
>.?#.)!@$(006$&A!
?$5&$(5!+,)!!
-4&#05#)$!<$66$&!
B.5(&..&?$#5!
CD3).0#(3!@,:E#6!
FGHF!
HIJ!?!
KGJK!BL)14$)?(140$$!
SCHARFE ANGELEGENHEIT
"#$!%#&'()*!+,)!-./0.#1#)!()2!$#)$3!$#*$)0!4$&*$05$665$)!!
-4#6#7895&.'5!.(:!;.'5$&#$)!2$&!3$)0146#14$)!<=&/$&:6,&.!
!
".)'0.*()*!
!
B$#)$)!*&=005$)!".)'!3=145$!#14!3$#)$&!;$5&$($&#)!>&.(!-4&#05#)$!<$66$&!.(00/&$14$)M!
>L&! 3#14! E.&! $0! $#)$! 0$4&! .)*$)$43$! N(0.33$).&?$#5A! 2.! #14! O(3! $#)$)! 2$)!
/&.'5#014$)!P$#6!2$&!Q&?$#5!()2!2.0!R$&:.00$)!2$0!014&#:56#14$)!P$#60!E$#5*$4$)2!0$6?05!
?$05#33$)! ',))5$A! .)2$&$&0$#50! .?$&! S$2$&O$#5! ?$#! T)0#14$&4$#5$)! ()2! >&.*$)! *.)O!
0/,)5.)!U.5!$#)4,6$)!',))5$M!
!
;$#!@$&&)!V5&$#5!?$2.)'$!#14!3#14!:L&!2#$!@#6:$!?$#!2$&!@$&05$66()*!2$0!-4#6#7895&.'50!()2!
2#$!8#):L4&()*!#)!2.0!V,946$557R$&:.4&$)M!
!
"$0!E$#5$&$)!3=145$!#14!3#14!$?$):.660!0$4&!4$&O6#14!?$#!@$&&)!"&M!P,&05$)!
W140$)&$#5$&!+,3!O$66?#,6,*#014$)!X)05#5(5!2$&!T)#+$&0#5Y5!;$&)!2.:L&!?$2.)'$)A!2.00!
#14!:.05!2$)!*$0.35$)!/&.'5#014$)!P$#6!()5$&!0$#)$&!Q(:0#145!3.14$)!',))5$M!!
!
N(2$3!3=145$!#14!3#14!.(14!),14!?$#!3$#)$)!865$&)!:L&!.)*$&$*5$!"#0'(00#,)$)A!
3,&.6#014$!T)5$&05L5O()*!()2!@#6:$05$66()*$)!O(&!8#)4.65()*!2$0!N$#5/6.)0!2.)'$)M!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
H!
!
X)4.650+$&O$#14)#0!
!
!
H!8#)6$#5()*! !
!
!
!
!
!
!
!
!
!
Z!
HMH![$&0=)6#14$&!;$O(*!O(3!P4$3.!
!
HMF!N#$6!2$&!Q&?$#5!! !
!
!
!
!
!
!
!
!
!
Z!
!
!
!
!
!
!
J!
F!!-4#6#0!()2!-./0.#1#)!
!
!
!
!
!
!
\!
!
!
!
\!
!
!
!
]!
!
!
!
HG!
!
!
!
HH!
!
!
!
!
!
!
!
!
!
!
!
!
HJ!
HJ!
H\!
H]!
!
H]!
!
!
FMH !@$&'():5!()2!R$&?&$#5()*!2$&!-4#6#0! !
!
!
FMF!!;,5.)#014$!<6.00#:#O#$&()*! !
!
!
!
FMK!!-./0.#1#)A!2$&!V5,::!2$&!2#$!-4#6#0!014.&:!3.145!
!
FMZ!!B$00()*!2$&!V14Y&:$! !
!
!
!
!
FMJ !R$&014#$2$)$!R$&E$)2()*0OE$1'$! !
!
FMJMH!R$&E$)2()*!.60!^.4&()*03#55$6! !
FMJMF!R$&E$)2()*!#)!2$&!B$2#O#)! !
!
FMJMK!%$#5$&$!R$&E$)2()*$)!
!
!
!
FM\!!8#):6(00!2$0!-./0.#1#)0!.(:!2#$!;.'5$&#$):6,&.!2$0!B$)014$)!
!
!
KM!;.'5$&#$)E.1405(3!#)!>6L00#*'(65(&$)!?$#!+$&014#$2$)$)!
-./0.#1#)7!()2!-4#6#7895&.'57<,)O$)5&.5#,)$)! !
!
!
FG!
!
!
!
!
!
!
KMH!!R,&+$&0(14$!()2!R$&0(140+,&?$&$#5()*$)!! !
!
KMHMH!@$&05$66()*!2$0!-4#6#7895&.'50!
!
!
KMHMF!_?$&:L4&()*!2$0!',33$&O#$66$)!-./0.#1#)0!!
0,E#$!2$0!-4#6#7895&.'50!#)!`=0()*!!
!
!
KMHMK!R$&E$)2$5$!;.'5$&#$)!
!
!
!
!
KMF!!!P$05&$#4$!
!
!
!
!
!
!
KMFMH!8&05$66()*!$#)$&!%.1405(30'(&+$! !
!
KMFMF!R$&0(140.(:?.(!
!
!
!
!
7!-./0.#1#)7<,)O$)5&.5#,)$)!!
!
!
7!-4#6#7895&.'57<,)O$)5&.5#,)$)!
!
!
!
!
!
FG!
!
!
!
!
!
!
!
!
!
!
FK!
FK!
FZ!
FZ!
FZ!
KMK!!R,&*$4$)!!
!
!
!
!
FJ!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
FG!
!
FF!
FK!
F!
!
Z
!
!
J
!
!
!
!
!
!
!
U$0(65.5$!! !
!
!
!
!
!
!
!
!
!
F\!
!
!
!
#
!
!
!
#
F\!
F\!
FI!
F]#
!
!
!
!
!
!
Fc!
Fc!
KH#
!
!
!
KF!
JMH X)!2$&![&.9#0!O(!$&E.&5$)2$!8::$'5$!2$0!-./0.#1#)0!
!.(:!2#$!+$&014#$2$)$)!;.'5$&#$)05Y33$! !
!
!
!
JMHMH!!!;.'5$&#$)#0,6.5!.(0!2$)!W4&$)!
!
!
!
JMHMF!!!!"#$%&'#-(&#./0! !
!
!
!
!
!
JMHMK!!!("#)*+,'&')!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
KF!
KK!
KZ!
KZ!
!
!
!
KJ!
KJ!
KJ!
!
K\!
ZMH %#&'()*!+,)!-./0.#1#)!.(:!2.0!;.'5$&#$)E.1405(3!
ZMHMH ;.'5$&#$)#0,6.5!2$&!W4&$)! !
!
!
ZMHMF !"#$%&'!a;6!FHb!!
!
!
!
!
ZMHMK ("#)*+,'&')#
#
#
#
#
#
!
ZMF %#&'()*!2$0!-4#6#7895&.'50!.(:!2.0!;.'5$&#$)E.1405(3!
ZMFMH !"#$%&'!a;6!FHb!!
!
!
!
!
ZMFMF ("#)*+,'&')#
!
!
!
!
!
"#0'(00#,)! !
!
!
!
!
!
JMF ;$&$14)()*!2$&!V14Y&:$!()2!2$&!-./0.#1#)',)O$)5&.5#,)!
2$0!-4#6#7895&.'50!!
!
!
!
!
!
!
!
JMFMH! !"#$%&'! !
!
!
!
!
!
!
JMFMF! ("#)*+,'&')#
!
!
!
!
!
!
!
JMK!!!R$&*6$#14!3#5!2$&!`#5$&.5(&! !
!
!
!
!
\!!!!!N(0.33$):.00()*!!
!
!
!
!
!
!
!
K]!
I!!!!!Q)4.)*!
!
!
!
!
!
!
!
!
ZG!
IMH!!!`#5$&.5(&+$&O$#14)#0! !
IMHMH!!!;(14+$&O$#14)#0d!
IMHMF!!!X)5$&)$5+$&O$#14)#0!
!
IMF!!!;#62+$&O$#14)#0!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
ZG!
ZG!
ZG!
!
!
!
!
!
!
ZH!
IMK!!!P.?$66$)+$&O$#14)#0!
!
!
!
!
!
!
ZF!
!
!
!
!
!
!
!
!
!
!
!
!
!
K!
!
H!8#)6$#5()*!
HMH!![$&0=)6#14$&!;$O(*!O(3!P4$3.!
X14! OL145$! 0$#5! +#$&! e.4&$)! 4,??D3Y00#*! -4#6#/:6.)O$)M! N(3! $#)$)! #)5$&$00#$&$)! 3#14!
2.?$#! 2#$! +$&014#$2$)$)! -4#6#0,&5$)! 3#5! #4&$)! ()5$&014#$26#14$)! >.&?7! ()2!
C$0143.1'0:,&3$)! 0,E#$! 2$)! ()5$&014#$26#14! 4,4$)! V14Y&:$*&.2$! 2$&! >&L145$M! N(3!
.)2$&$)!0#)2!+#$6$!2$&!:L&!3#14!#)5$&$00.)5$)!-4#6#0!#3!@.)2$6!)#145!$&4Y656#14A!0,!2.00!
$0! 0#14! 6,4)5! $#*$)$! [:6.)O$)! O(! '(65#+#$&$)A! .(14! E$))! 2$&! 8&5&.*! 4Y(:#*! )#145!
+$&*6$#14?.&! #05! 3#5! 2$3! $#)$0! 6.)2E#&5014.:56#14$)! [&,2(O$)5$)M! "#$! V.3$)! :L&! 2#$!
[:6.)O$)O(145!?$O#$4$!#14!*&=005$)5$#60!+,)!Q)?#$5$&)!.(0!2$3!X)5$&)$5A!+,)!;$'.))5$)!
,2$&!.(0!?,5.)#014$)!CY&5$)M!
X)!2#$0$3!e.4&!?#)!#14!.(:*&()2!+#$6$&!014(6#014$&!R$&/:6#145()*$)!()2!)$($&!X)5$&$00$)!
)#145!2.O(!*$',33$)!)$($![:6.)O$)!.)O(O#$4$)A!0,!2.00!)(&!OE$#!3$4&SY4&#*$![:6.)O$)!
+,3!6$5O5$)!e.4&!+,&4.)2$)!0#)2M!X)!2$)!+,&4$&#*$)!e.4&$)!4.55$!#14!.66$&2#)*0!L?$&!FJ!
+$&014#$2$)$! -4#6#0,&5$)! ()2! 5$#6E$#0$! E$#5! L?$&! HGG! [:6.)O$)M! "#$! Q??#62()*! H! 0,66!
$#)$)!'6$#)$)!8#)2&(1'!3$#)$&!N(145!+,)!-4#6#/:6.)O$)!*$?$)M!
N$#5E$#0$! ',))5$! #14! 3#&! 0,*.&! L?$&! 2$)! R$&'.(:! +,)! [:6.)O$)! $#)! E$)#*! O(0Y5O6#14$0!
P.014$)*$62!+$&2#$)$)M!!
Q60!B.5(&..&?$#5!$&014#$)!3#&!2.0!P4$3.!-4#6#0!()2!-./0.#1#)!.3!#)5$&$00.)5$05$)A!2.!
#14!0,!.(14!/$&0=)6#14!)$($!X):,&3.5#,)$)!0.33$6)!',))5$!()2!),14!3$4&!O(!2#$0$3!
;$&$#14!*$6$&)5!4.?$M!!
!
Z!
!
!
!! ! ! !
!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!
!
Q??MHd!-4#6#/:6.)O$)!.(0!$#*$)$&!Q)O(145d!,?$)!6#)'0d!3$4&$!V,&5$)A!(M.M!<#&0147-4#6#f!
,?$)!&$1450d!U$2!@.?.)$&,A!E$614$!(M.M!:L&!2$)!R$&0(14!+$&E$)2$5!E(&2$)f!()5$)!6#)'0d!`$3,)!"&,/!3#5!
&$#:$)!>&L145$A!()5$)!&$1450f!S()*$!W&.)*$!@.?.)$&,!()2!;4(5!e,6,'#.![:6.)O$)!
!
HMF!N#$6!2$&!Q&?$#5!
"#$! -4#6#! *$4=&5! O(&! C.55()*! 2$&! [./&#'.! a123)'$*4bM! >L&! 2$)! B$)014$)! 0#)2!
4.(/50Y146#14! 2#$! >&L145$! +,)! ;$2$(5()*M! ".?$#! *#?5! $0! )$?$)! O.46&$#14$)! Q&5$)!
4()2$&5$! +,)! V,&5$)A! E$614$! 0#14! #)! C&=00$A! C$0143.1'A! >.&?$! ()2! V14Y&:$*&.2!
()5$&014$#2$)M!
N#$6! 3$#)$&! Q&?$#5! E.&! $0A! )$?$)! $#)$&! (3:.)*&$#14$)! `#5$&.5(&&$14$&14$! O(3! P4$3.!
2$&!-4#6#0!*$).($&!.(:!2$)!V5,::!-./0.#1#)!$#)O(*$4$)M!".0!-./0.#1#)!#05!$#)!Q6'.6,#2!()2!
E#&2! +,3! B$)014$)! 2$04.6?! .60! 014.&:! E.4&*$),33$)A! E$#6! $0! 0#14! .(:! ?$05#335$!
!
J!
!
%Y&3$&$O$/5,&$)! 0$5O5! ()2! 0,3#5! $#)$! R$&?&$))()*! 0#3(6#$&5HM! 80! #05! ?$6$*5A! 2.00!
-./0.#1#)!$#)$!.)5#?.'5$&#$66$!()2!:()*#O#2$!%#&'()*!?$0#5O5FM!
!
X3! /&.'5#014$)! P$#6! 2#$0$&! Q&?$#5! 0,665$! 4$&.(0*$:()2$)! E$&2$)A! ,?! -./0.#1#)! $#)$!
4$33$)2$! ,2$&! .?5=5$)2$! %#&'()*! .(:! ?$05#335$! ;.'5$&#$)! 2$&! 3$)0146#14$)!
<=&/$&:6,&.! 4.5M! ".?$#! 0,665$)! OE$#! .(0! 2$3! `.?,&! 05.33$)2$A! 014,)! ?$'.))5$!
;.'5$&#$)05Y33$! 0,E#$! $#)! +,3! $#*$)$)! <=&/$&! #0,6#$&5$&! ()2! '6,)#$&5$&! V5.33! .60!
P$05,?S$'5$!+$&E$)2$5!E$&2$)M!
!
N(2$3! 0,665$! 3#5! -4#6#0! .(0! $#*$)$3! Q)?.(! $#)! -4#6#7895&.'5! 3#5! 3=*6#1405! 4,4$&!
-./0.#1#)7<,)O$)5&.5#,)! 0$6?05! 4$&*$05$665! E$&2$)! ()2! $?$):.660! .(:! $#)$! .)5#?#,5#014$!
%#&'()*!4#)!()5$&0(145!E$&2$)M!"(&14!$#)$)!R$&*6$#14!2$&!8&*$?)#00$!2$0!R$&0(140!3#5!
2$3! *$'.(:5$)! -./0.#1#)! ()2! 2$3! 0$6?05! 4$&*$05$665$)! -4#6#7895&.'5! 0,665$! $#)$!
()*$:Y4&$!V14Y5O()*!2$0!-./0.#1#)*$4.650!2$0!-4#6#7895&.'50!*$3.145!E$&2$)M!
!
"#$! %#&'()*$)! ?$#2$&! V(?05.)O$)! 0,665$)! #)! +$&014#$2$)$)! <,)O$)5&.5#,)$)! .(:! 2.0!
%.1405(3!+,)!;.'5$&#$)!#)!>6L00#*'(65(&$)!*$5$05$5!E$&2$)M!!
!
T3! 2#$! B$54,2$)! ()2! Q&?$#505$14)#'$)! :L&! 3$#)$! R$&0(14$! ),14! O(! $&*Y)O$)! ()2! O(!
+$&?$00$&)A!4.?$!#14!+,&!2$3!R$&0(14!$#)#*$!`$'5#,)$)!2$0!B#'&,?#,6,*#$!X7<(&0$0!+,)!
@$&&)!"&M!W140$)&$#5$&!.)!2$&!T)#+$&0#5Y5!;$&)!?$0(145M!
!
F!!-4#6#0!()2!-./0.#1#)!
FMH!@$&'():5!()2!R$&?&$#5()*!2$&!-4#6#0!
_?$&!2$)!*$).($)!T&0/&()*0,&5!2$&!-4#6#0!014$#)5!3.)!0#14!)#145!*.)O!#3!'6.&$)!O(!0$#)A!
2$))!$0!E$&2$)!#)!3$4&$&$)!g($66$)!)$?$)!B$9#1,K!.(14!VL2?&.0#6#$)!()2!;,6#+#$)Z!.60!
@$&'():50*$?#$5$!*$).))5M!!
<6.&!#05!.(:!S$2$)!>.66A!2.00!0#$!.(0!$#)$&!3#55$67!?#0!0L2.3$&#'.)#014$)!U$*#,)!05.33$)M!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H!455/dhh2$ME#'#/$2#.M,&*hE#'#h-./0.#1#)!
F455/dhh2$ME#'#/$2#.M,&*hE#'#hC$0143.1'6#14$iV14Y&:$jC&M-KM;-)2$i:M-KM;-&i2.0i800$)i014.&:$&iV/$#0$
)!
K!`(05!.(:!-4#6#0A!VM\!
Z!455/dhh2$ME#'#/$2#.M,&*hE#'#h[./&#'.!
!
\!
!
80!E#&2!+$&3(5$5A!2.00!2#$!-4#6#0!#))$&4.6?!B#55$67!?#0!VL2.3$&#'.0!*&=005$)5$#60!2(&14!
R=*$6!!+$&?&$#5$5!E(&2$)M!Q(00$&2$3!#05!?$6$*5A!2.00!014,)!+,&!cGGG!e.4&$)!2#$!T&:,&3!
2$&!4$(5#*$)!-4#6#0!.60!C$EL&O!,2$&!O(!@$#6()*0OE$1'$)!+$&E$)2$5!E(&2$JM!
"#$! -4#65$/#)! #05! 2$&! 4$(5#*$! ^.14:.4&$! 2#$0$&! T&:,&3! ()2! EY1405! #33$&! ),14! E#62!
a0#$4$!Q??M!FbM!!
!
!!!!
!
Q??MFd!-4#65$/#)7>&L145$A!^.14O(145!$#)$&!.(0!2$&!V,),&.7%L05$!aB$9#1,b!05.33$)2$)![:6.)O$!3#5!U.(/$!
$#)$0!V14E.6?$)014E.)O$0!a1.M!ZAJ!13b!.60!C&=00$)+$&*6$#14M!
!
!
8&05!O(&!N$#5!2$&!8)52$1'$&!E(&2$)!2#$!-4#6#0!2.))!2(&14!0/.)#014$!()2!/,&5(*#$0#014$!
V$$:.4&$&! a()5$&! .)2$&$3! .(14! 2(&14! -4&#05,/4! -,6(3?(0b! ).14! 8(&,/.A! Q:&#'.! ()2!
Q0#$)! E$#5$&+$&?&$#5$5! ()2! #)! 2#$! 800'(65(&$)! 2$&! )$($)! <,)5#)$)5$! .(:*$),33$)\!
a0#$4$! 4$(5#*$! R$&?&$#5()*! Q??MKbM! "#$0$&! >.'5! #05! +#$6$)! `$(5$)! )#145! ?$'.))5A! 2.!
4#$&O(6.)2$!+#$6$!2#$!014.&:$!.0#.5#014$!<L14$!'$))$)!()2!2$0E$*$)!:Y60146#14$&E$#0$!
2$)'$)A!2.00!2#$!-4#6#0!#4&$)!T&0/&()*!#)!Q0#$)!4.?$)M!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J!!455/dhhEEEM'&.$(5$&7,.0$M.5h14#6#7/./&#'.h?,5.)#'h!
\!`(05!.(:!-4#6#0A!VM\!
!
I!
!
!!!!!!!!!!!!!!!!!
!
Q??MKd! %$65'.&5$d! "#$! &,5$! >.&?$! O$#*5! 2#$! T&0/&()*0*$?#$5$! 2$&! -4#6#0A! 2#$! *&L)$! >.&?$! '$))O$#14)$5!
()*$:Y4&!2#$!4$(5#*$)!Q)?.(*$?#$5$IM!
!
!
FMF!!;,5.)#014$!<6.00#:#O#$&()*!
"#$! -4#6#/:6.)O$)! *$4=&$)! O(&! >.3#6#$! 2$&! ^.145014.55$)*$EY140$! aV,6.).1$.$b! ()2!
0#)2! 0,3#5! 3#5! 2$)! <.&5,::$6)! ()2! P,3.5$)! +$&E.)25M! "#$! -4#6#0! *$4=&$)! 2$&! C.55()*!
-./0#1(3! .)M! ! 8)5*$*$)! 2$&! .66*$3$#)! +$&?&$#5$5$)! ;$O$#14)()*! .60! V14,5$)! #05! 2#$!
-4#6#:&(145!.(0!?,5.)#014$&!V#145!?$5&.145$5!$#*$)56#14!$#)$!;$$&$]A!2.!0#$!$#)$!.(0!$#)$3!
>&(145'),5$)!4$&+,&*$*.)*$)$!V146#$00:&(145!#05M!
%$65E$#5! E(&2$)! ?#0! 4$(5$! KK! +$&014#$2$)$! Q&5$)cA! +,)! E$614$)! :L):! +,3! B$)014$)!
'(65#+#$&5! E$&2$)! a;$#0/#$6$! :L&! +#$&! 2#$0$&! :L):! Q&5$)! 0#)2! #)! Q??M! Z! .?*$?#62$5bM! R,)!
2$)!:L):!'(65#+#$&5$)!Q&5$)!0#)2!4()2$&5$!+$&014#$2$)$!-4#6#0,&5$)!?$'.))5HGM!"#$0$!N.46!
05$#*5! .66$&2#)*0! #33$&! E$#5$&! .)A! 2.! O(3! $#)$)! 05Y)2#*! )$($! -4#6#0,&5$)! #)! 2$&! ^.5(&!
$)52$1'5! E$&2$)A! O(3! .)2$&$)! .?$&! .(14! 0$4&! +#$6$! )$($! $&5&.*&$#14$&$A! *$0143.1'07!
()2! 014Y&:$#)5$)0#+$&$! V,&5$)! *$OL145$5! E$&2$)A! (3! 2#$! ^.14:&.*$! 2$&! -4#6#6#$?4.?$&!
O(!2$1'$)M!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I!Q??MKd!455/dhhEEEM*&#)*,'#66$&M2$h14#6#0h#)2$9M/4/!
]!455/dhhEEEM/$//$&E,&62M1,3h130h?,5.)#'h$#):($4&()*M/4/!
c!455/dhh2$ME#'#/$2#.M,&*hE#'#h[./&#'.j895$&)$iVD05$3.5#'!
HG!`(05!.(:!-4#6#0A!VM\!
!
]!
!
!!!!!!!
!
Q??MZd! R$&014#$2$)$! -4#6#.&5$)! ()2! k0,&5$)! .(0! $#*$)$3! 8&5&.*d! W?$)! 6#)'0d! 81(.2,&! [(&/6$A! 123)'$*4#
255**4f! ,?$)! &$1450d! U$2! @.?.)$&,A! 123)'$*4# $6'575)7f! B#55$! &$1450d! -.D$))$! [:$::$&A! 123)'$*4#
89*,7)$75)f!()5$)!6#)'0d!;4(5!e,6,'#.A!123)'$*4#$6'575)7f!()5$)!&$1450d!!U,1,5,A!123)'$*4#3*+7)$75)!
!
!
N(! 2#$0$&! 0D05$3.5#014$)! 8#)5$#6()*! #)! 2#$! +$&014#$2$)$)! Q&5$)! 0,66! .66$&2#)*0! ),14!
.)*$3$&'5!E$&2$)A!2.00!0#14!+#$6$!2$&!Q&5$)!#)!2$)!B$&'3.6$)!0$4&!Y4)$6)!()2!0,!$#)$!
'6.&$! Q&5$).?*&$)O()*! 014E#$&#*! #05M! N#$45! 3.)! )Y36#14! 2#$! #)! 2$&! V14(6$! *$6$&)5$!
"$:#)#5#,)!2$0!Q&5$)?$*&#::0!.60!Q&*(3$)5!4$&.)A!3L005$)!3$4&$&$!2$&!Q&5$)!$#*$)56#14!
O(0.33$)!O(!$#)$&!Q&5!O(0.33$)*$:.005!E$&2$)M!^.14!"$:#)#5#,)!*$4=&$)!.66$![:6.)O$)!
2#$! 3#5$#).)2$&! :,&5/:6.)O()*0:Y4#*$! ^.14',33$)! ?#62$)! '=))$)! $#)$&! Q&5! .)M! %$))!
0#$! 0#14! 2$)),14! 2(&14! ?$05#335$! B$&'3.6$! E#$! >&(145:,&3A! >.&?$! ()2! C&=00$!
()5$&014$#2$)A!0/&#145!3.)!+,)!V,&5$)M!".!)()!.?$&!+#$6$!2$&!?$).))5$)!KK!-4#6#7Q&5$)!
!
c!
!
()5$&$#).)2$&!*$'&$(O5!()2!2#$!^.14',33$)!E$#5$&!*$OL145$5!E$&2$)!'=))$)A!4.)2$65!
$0!0#14!).14!2$&!"$:#)#5#,)!6$2#*6#14!(3!+$&014#$2$)$!V,&5$)M!"#$0$!P4$0$!E#&2!$?$):.660!
+,)! 2$3! >.'5! *$05L5O5A! 2.00! $#)#*$! %#00$)014.:56$&! Y4)6#14$&! B$#)()*! 0#)2! ()2! E#$!
?$014&#$?$)!$#)#*$!2$&!Q&5$)!.60!$#)$!Q&5!O(0.33$):.00$)!E,66$)HHM!
^$?$)! 2$&! '6.00#014$)! "$:#)#5#,)! $#)$&! Q&5! '=))5$)! .(14! *$)$5#014$! T)5$&0(14()*$)!
.)*$05$665! E$&2$)M! ",14! .(14! 3#54#6:$! 2#$0$&! B$54,2$)! #05! )#145! #33$&! $#)$! '6.&$!
Q?*&$)O()*!+,)!Q&5$)!3=*6#14M!!
!
",14! .(14! E$))! *$E#00$! T)0#14$&4$#5$)! ?$#! 2$&! *$).($&$)! <6.00#:#O#$&()*! ?6$#?$)A!
0,665$!2#$!@.(/5.(:3$&'0.3'$#5!2,14!#33$&!),14!?$#!2$&!/&.145+,66$)!R#$6:.65!2$&!-4#6#0!
?6$#?$)MMM!
!
!
FMK!-./0.#1#)A!2$&!V5,::!2$&!2#$!-4#6#0!014.&:!3.145!!
X3!Q66*$3$#)$)!E$&2$)!3$4&$&$!3=*6#14$!C&L)2$!.)*$*$?$)A!E.&(3!-4#6#0!014.&:!0#)2!
()2! -./0.#1#)! $)54.65$)M! @#$&?$#! E#&2! 2.+,)! .(0*$*.)*$)A! 2.00! 2.0! -./0.#1#)! $#)$)!
$+,6(5#,)Y&$)!R,&5$#6!:L&!-4#6#/:6.)O$)!2.&05$665HFM!
!
8#)$!B=*6#14'$#5!'=))5$!2$&!V14(5O!+,&!>&$00:$#)2$)!0$#)M!"#$!-4#6#:&L145$!EL&2$)!,4)$!
-./0.#1#)! :L&! VY(*$5#$&$! $#*$)56#14! $#)$! l(.6#5.5#+! 4,14E$&5#*$! ^.4&()*0l($66$! 3#5!
+#$6$)!R#5.3#)$)!2.&05$66$)M!",14!2.!2$&!R$&2.(()*0.//.&.5!2$&!VY(*$5#$&$!2#$!V.3$)!
O$&05=&5A! E.&! :L&! 2#$! [:6.)O$)! 2.0! -./0.#1#)! $#)! *&()26$*$)2! E#145#*$&! Q?E$4&05,::!
*$*$)! 2#$0$! >&$00:$#)2$M! -./0.#1#)! ?#)2$5! 2.?$#! .)! %Y&3$&$O$/5,&$)! ()2! 6=05! 2.0!
*6$#14$!83/:#)2$)!.(0!E#$!$0!?$#!2$&!Q(:).43$!+,)!O(!4$#00$&!^.4&()*!$)505$45M!
X3!C$*$)0.5O!O(!2$)!VY(*$&)!O$&05=&5!2$&!R$&2.(()*0.//.&.5!+,)!R=*$6)!2#$!V.3$)!#3!
#))$&$)! 2$&! >&L145$! )#145A! 0,)2$&)! 6#$:$&5! 0,*.&! 2(&14! 2$)! <,5! $#)$! Q&5! "L)*$&! ()2!
'.))! 0,! 2(&14.(0! ?$#! 2$&! 5$&&#5,&#.6$)! R$&?&$#5()*! 2$&! +$&014#$2$)$)! -4#6#7Q&5$)! $#)$!
E#145#*$!U,66$!0/#$6$)M!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HH!455/dhhEEEM/$//$&E,&62M1,3h130h?,5.)#'h$#):($4&()*M/4/!
HF455/dhh2$ME#'#/$2#.M,&*hE#'#h-./0.#1#)j8+,6(5#,)M-KMQZ&$i8)5E#1'6()*i2$&i-./0.#1#)/&,2('5#,)!
!
!
HG!
!
"$04.6?! 014$#)5! $0! /6.(0#?$6A! 2.00! R=*$6! '$#)! V143$&O$3/:#)2$)! :L&! -./0.#1#)! O$#*$)M!
N(2$3!E#&2!$&'6Y&?.&A!2.00!2#$!>&L145$!+$&3(56#14!2#$!3$#05!.(::Y66#*$!&,5$!,2$&!,&.)*$!
>.&?$!.60!8&'$))()*0O$#14$)!:L&!2#$!R=*$6!4.?$)M!
N(0.33$):.00$)2! '.))! 3.)! 0.*$)A! 2.00! 2#$! -4#6#0! 3#5! 2$3! -./0.#1#)! #3! `.(:$! 2$&!
8+,6(5#,)! $#)$)! V5,::! *$?#62$5! 4.?$)A! E$614$&! O(3! $#)$)! >&$00:$#)2$! .?014&$1'5A! O(3!
.)2$&$)! .?$&! P#$&$A! E$614$! 2.0! E$#5$&$! _?$&6$?$)! ()2! 2#$! R$&?&$#5()*! 2$&! [:6.)O$)!
?$*L)05#*$)A!.?$&!)#145!.?014&$1'5HKM!
!
"$&! >,&014$&! e,04(.! eM! P$E'0?(&D! ()2! 0$#)$! <,66$*$)! 4.?$)! $#)$)! E$#5$&$)!
#)5$&$00.)5$)!N(0.33$)4.)*!$)52$1'5M!V#$!05$665$)!:$05A!2.00!2#$!-4#6#0!#)!2$)!C$?#$5$)!
;,6#+#$)0! .3! 3$#05$)! -./0.#1#)! $)54.65$)A! #)! 2$)$)! ?$05#335$A! :L&! 2.0! _?$&6$?$)! 2$&!
[:6.)O$)!*$:Y4&6#14$A![#6O$!+,&',33$)M!e$!4=4$&!2.0!U#0#',!$#)$0![#6O?$:.660!E.&A!2$05,!
4=4$&!05#$*!.(14!2$&!-./0.#1#)*$4.65!.)M!!
N(2$3!E(&2$!$#)!E$#5$&$&!N(0.33$)4.)*!3#5!X)0$'5$)!2$&!W&2)()*!2$&!V14).?$6'$&:$!
aOM;Md! %.)O$)A! N#'.2$)A! ;6.556Y(0$b! $)52$1'5M! "(&14! 3$14.)#014$! 8#)E#&'()*! .)! 2$)!
>&(145'=&/$&)! +$&05Y&'$)! 2#$0$! P#$&$! 2.0! U#0#',! $#)$0! [#6O?$:.660M! "$0E$*$)! E.&! #)!
C$?#$5$)A! #)! 2$)$)! 3$4&! V14).?$6'$&:$)! 6$?5$)A! 2$&! -./0.#1#)7Q)5$#6! 2$&! -4#6#0!
0#*)#:#'.)5!$&4=45HZM!
!
>$05!05$45!.(:!S$2$)!>.66A!2.00!2.0!-./0.#1#)!$#)$)!O$)5&.6$)!Q?E$4&05,::!0,E,46!*$*$)!
>&$00:$#)2$A! .60! .(14! *$*$)! 014Y26#14$! B#'&,,&*.)#03$)! 2.&05$665A! .(14! E$))! 0#14! 2#$!
>,&014()*! ),14! )#145! #3! <6.&$)! 2.&L?$&! #05A! E$614$&! 2$&! ?$#2$)! >.'5,&$)! 2$&!
.(00146.**$?$)2$!E.&M!!
!
!
FMZ!B$00()*!2$&!V14Y&:$!
%#$! 014.&:! $#)$! -4#6#! #05A! 4Y)*5! +,)! 2$&! B$)*$! .)! -./0.#1#)! .?A! E$614$! 0#$! $)54Y65M!
Q)*$*$?$)! E#&2! 2#$! V14Y&:$! $#)$&! -4#6#! $)5E$2$&! #)! V1,+#66$78#)4$#5$)! ,2$&! #)!
V14Y&:$*&.2$)M! ;$#2$! %$&5$! ?$O#$4$)! 0#14! 2.?$#! S$2,14! #)! 2$&! U$*$6! ! .(:! *$5&,1')$5$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HK455/dhhEEEM/$//$&E,&62M1,3h130h*&()26.*$)h1./0.#1#)M/4/j%.&(3mFG-4#6#0mFG014.&:mFG0#)2!
HZ!455/dhhEEEM/).0M,&*h1,)5$)5hHGJhKKhHH]G]M:(66
!
!!
HH!
!
>&L145$M!"#$0$!%$&5$!6#$*$)!(3!$5E.!2$)!>.'5,&!HG!4=4$&!.60!?$#!:&#014$)!>&L145$)HJA!2.!
2.0!#)!2$)!:&#014$)!>&L145$)!$)54.65$)$)!%.00$&!?$#!2$&!P&,1')()*!+$&6,&$)!*$45!()2!
0,3#5!$#)!/&,O$)5(.6$)!Q)05#$*!2$0!-./0.#1#)0!$)505$45M!!
!
"#$! V1,+#66$7V'.6.! &$#145! +,)! G! a)#145! 014.&:b! ?#0! O(! H\MGGGMGGG! a&$#)$0! -./0.#1#)bM! "#$!
.?0,6(5$)! @=1405E$&5$! $#)$&! -4#6#! E(&2$)! Q):.)*! FGHF! *$3$00$)d! 2#$! #3! VL2$)!
P&#)#2.20! )$(! *$OL145$5$! V,&5$! B,&(*.! V1,&/#,)! $&&$#145$! $#)$! V1,+#66$78#)4$#5! +,)!
FMGGcMFKHH\.
"#$!#3!Q665.*!*$?&Y(146#14$&$!R.&#.)5$!2$&!V14Y&:$?$014&$#?()*!E#&2!#)!V14Y&:$*&.2$)!
.)*$*$?$)M!"#$!V14Y&:$*&.2$!&$#14$)!+,)!G!a)#145!014.&:b!?#0!HGnn!a$95&$3!014.&:bM!
X3! Q66*$3$#)$)! #05! .?$&! O(! ?$.145$)A! 2.00! .(14! #))$&4.6?! 2$&! *6$#14$)! V,&5$! 2#$!
V14Y&:$*&.2$! 0$4&! ()5$&014#$26#14! 0$#)! '=))$)M! 80! ',335! )Y36#14! 2(&14.(0! .(:! 2#$!
Q)?.(?$2#)*()*$)! 2$&! -4#6#0! .)M! %$))! 3.)! ?$#0/#$60E$#0$! $#)$! [:6.)O$! ?$#! 05.&'$&!
V,))$)$#)05&.46()*!()5$&!%.00$&3.)*$6!,2$&!.)2$&$)!V5&$00:.'5,&$)!6$#2$)!6Y005A!'.))!
2#$0!$#)$!8&4=4()*!2$0!-./0.#1#)7Q)5$#60!#)!2$)!>&L145$)!O(&!>,6*$!4.?$)HIM!
8#)!;$#0/#$6!2.:L&!#05A!2.00!3.)!4Y(:#*!O(!$#)$&!-4#6#0,&5$!0$4&!()5$&014#$26#14$!Q)*.?$)!
:#)2$5M! V,! E#&2! 2#$! V,&5$! U,1,5,A! E$614$! .(:! 2$&! X)5$&)$50$#5$! 455/dhhEEEM1,2$7
').1'$&M2$h14#6#M453!3#5!JGMGGG!?#0!IJMGGG!V1,+#66$78#)4$#5$)!.)*$*$?$)!E#&2A!.(:!2$)!
V$#5$)!
455/dhhEEEM4,57/.#)M2$h014.$&:$0'.6.!
()2!
455/dhhEEEM$4,EM1,3!
h6#05iIZ\K]\ci5,/7HG74,55$05714#6#7/$//$&0M4536! 4#)*$*$)! 3#5! $#)$&! V14Y&:$! +,)! ?#0! O(!
KJGMGGG! V1,+#66$78#)4$#5$)! ?$014&#$?$)A! E.0! 3$4&! .60! 2.0! +#$&:.14$! #05M! "#$0$!
T)5$&014#$2$! 0#)2! E.4&014$#)6#14! .(:! 2#$! ,?$)! ?$014&#$?$)$)! +$&014#$2$)$)!
Q)?.(?$2#)*()*$)!O(&L1'O(:L4&$)M!
!
X)!2$&!P.?$66$!H!0#)2!+#$6$!2$&!#3!@.)2$6!$&4Y656#14$)!-4#6#0!3#5!#4&$)!2(&14014)#556#14$)!
V1,+#66$78#)4$#5$)!0,E#$!2$)!2.O(*$4=&#*$)!V14Y&:$*&.2$)!.)*$*$?$)M!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HJ!455/dhhEEEM/$//$&E,&62M1,3h130h*&()26.*$)h?&$))7,73$5$&M/4/!
H\!455/dhhEEEM/$//$&E,&62M1,3h130h/,050h5&#)#2.2701,&/#,)7+.&#.)5$7').1'572#$7F73#66#,)$)704(7
*&$)O$7ZcM/4/!
HI!455/dhhEEEM/$//$&E,&62M1,3h130h*&()26.*$)h?&$))7,73$5$&M/4/!
!
HF!
!
Scoville
Chili-Sorten
Hot Sauces etc.
-Einh.
Schärfe
Pepper
grad
worldBewertung
Bhut Jolokia, Naga,
mehr als
Bih Jolokia, Jolokia,
500.000
Naga
Morich,
Capsicum-Extrakt
10+
Trinidad Scorpion
Habanero,
100.000
-
500.000
Scotch
Vicious
Vampire (Hot
Bonnet,
Sauce/Gewürz)
Caribbean Red, Red
Dave's Ghost Pepper Private
Savina,
Reserve
Hot Paper
Lantern, Fatalii.
extrem
scharf
Jolokia-Püree
Afrikanische Birdeye.
10
"90%" Lava
Jolokia Sauce
Dave's Total Insanity Sauce,
Chiltepin
Raw Heat, Pain 100%, Holy
50.000
-
100.000
30.000
Santaka,
-
50.000
Rocoto,
Sh*t!,
Baboon
Ass
Gone
Rabid,
Crazy
Jerry's
Brain
Tabasco, Malagueta,
Damage,
Lugalah
Sauce
Thai, Piquin, lange
Melinda's Red Savina, Dave's
Cayenne-
Insanity Salsa,Cremapic Extra
Schoten, scharfe
scharfes Chili-Püree
Pure
Arson
9
Hot
8
kalabr. Peperoncini
("Diavolini")
15.000
-
30.000
Lottie's
Yellow,
Hot
Tar,
Chile de Arbol, Hot
Hottie's,
Mad
Jalapeño, NuMex
Dave´s
Hurtin´
Barker, Hot Lemon
Habanero, Melinda's
Scotch
Anthony´s,
7
Sehr
scharf
Bonnet Sauce
5000
-
15.000
2500
5000
-
Frühe Jalapeño, Aji
Brother
Amarillo,
Good
#37, Lethal
is
Gator,
Aleppo Chipotle, Las
Baboon
Cruces Cayenne
Melinda´s Chipotle
TAM Mild Jalapeño,
Tabasco® Soße (rot), Panola
Mirasol;
Gourmet Pepper Sauce, Ring
große
!
Serrano,
Bru-Bru's, Pain
diverse
dicke
of
Fire
Ass
X-Hot
Habanero,
Habanero,
6
5
scharf
HK!
!
Cayenne-Schoten
Cholula, Joe Perry's Mango
Peach Tango, Boneyard Brew,
Pain is Good Sauce #218,
Melinda's Garlic
Pimenton de la Vera,
1500
-
2500
(hot)
,
Sandia,
Cascabel,
Yellow
Wax
Hot, Kashmir,
Piment d'Espelette
Portugiesische Piri-Piri Garlic
Hot
Sauce,
Lynchburg
Habanero,
1.000
1500
-
Pasilla,
Sugo
4
Habanero, El Chipotle Smoked
Tomato, Pepperworld's Bisige
Bärchen
Melinda's
Ancho,
Crystal®,
Mango,
Marie
Sharp's, Pain is Good Sauce
Española
#164: Honey Cayenne, Quinta
Improved, Jalapeño
d'Avo
NuMex Primavera
Sauce,
Piri-Piri
Lemon
Vincotto
3
Hot
al
Peperoncino
Caribbean Gold Apricot Ginger
500 - 1000
NuMex
Big
Jim,
NuMex 6-4, Piquillo
Glaze,
viele
Mexican-
milde
New
2
Chilipulver-Sorten,
Chill Bill Chili-Kakao
NuMex
R-Naky,
Mexi-Bell,
der
mittelsc
Cherry
mild; grüne Chilis in
100 - 500
Mild bis
Dose,
scharfe
ungarische
Paprika,
harf
Diverse Supermarkt
"Hot" Sauces
Pimenton de la Vera,
1
(dulce, mild)
Blassgrüne
10 - 100
Peperoncini (Italien,
Diverse
Türkei) Carmen,
Supermarkt
NuMex
"Hot" Sauce
Suave
Red/Orange
Gemüsepaprika,
0
Pimiento,
0
Sweet
Banana Chilis
Tabelle 1: Verschiedene Chilisorten geordnet nach ihrem Schärfegrad
Nicht
scharf
18
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
H]!455/dhhEEEM/$//$&E,&62M1,3h130h*&()26.*$)h?&$))7,73$5$&M/4/!
!
HZ!
!
"#$! >&.*$! E.&! )()! E.&(3! 2#$! ;$014&$#?()*! 2$&! V14Y&:$! 2(&14! V14Y&:$*&.2$! ?$#! HGn!
.(:4=&5M!"#$!`=0()*!2#$0$0!UY50$6!:#)2$5!3.)!.(:!2$&!X)5$&)$50$#5$!EEEM/$//$&E,&62M2$A!
E,!$&'6Y&5!E#&2A!2.00!0/Y5$05$)0!.?!2$3!V14Y&:$*&.2!HGn!2.0!V14Y&:$$3/:#)2$)!#)!2#$
VY55#*()*!*$45HcA!2M4M!2.00!0,!*(5!E#$!.66$!%Y&3$&$O$/5,&$)!?$0$5O5!0#)2M!Q60!R$&*6$#14!
'.))! 3.)! 0#14! +,&05$66$)A! 2.00! $0! +,3! V143$&O$3/:#)2$)! 4$&! '.(3! ),14!
$#)$)!! T)5$&014#$2! 3.145A! ,?! 3.)! 2$)! >#)*$&! #)! $#)$! KGGo-! <$&O$):6.33$! ,2$&! $#)$!
]GGo-!C.0:6.33$!4.65$)!EL&2$FGM
!
!
FMJ!R$&014#$2$)$!R$&E$)2()*0OE$1'$!
FMJMH!R$&E$)2()*!.60!^.4&()*03#55$6!
-4#6#0!E$&2$)!3#556$&E$#6$!:.05!L?$&.66!.(:!2$&!%$65!.60!^.4&()*03#55$6!*$*$00$)M!".0!#05!
+,&!.66$3!#)!2$)!EY&3$&$)!P$#6$)!()0$&$&!8&2$!2$&!>.66M!"$&!C&()2!2.:L&!'=))5$!0$#)A!
2.00!2(&14!2.0![4Y),3$)!2$&!@#5O$5Y(014()*!2$0!-./0.#1#)0!+,3!3$)0146#14$)!<=&/$&!
V14E$#00!*$?#62$5!E#&2A!E$614$&!$#)$!*$0.354.:5$!Q?'L46()*!.(:!2$&!@.(5,?$&:6Y14$!O(&!
>,6*$!4.5A!E.0!E#$2$&(3!.60!.)*$)$43!$3/:()2$)!E#&2FHM!!
!
Q60!E$#5$&$)!C&()2!:L&!2#$!4Y(:#*$!R$&E$)2()*!+,)!-4#6#0!#)!5&,/#014$)!`Y)2$&)!E#&2!
.66$&2#)*0! .(14! .)*$*$?$)A! 2.00! 2.0! -./0.#1#)! .(:*&()2! 0$#)$&! .)5#?.'5$&#$66$)! ()2!
:()*#O#2$)! %#&'()*! 2#$! V/$#0$)! 6Y)*$&! :&#014! 4Y65FFM! ".! *$&.2$! #)! 2#$0$)! `Y)2$&)! 2#$!
;.'5$&#$)+#$6:.65!0$4&!*&,00!#05!()2!2(&14!2#$!4,4$)!P$3/$&.5(&$)!2#$!;.'5$&#$)!),14!
014)$66$&! E.140$)A! 0#)2! -4#6#0! $#)$! *(5$! B=*6#14'$#5! (3! 2#$! @.65?.&'$#50O$#5$)! O(!
+$&6Y)*$&)M! ".O(! $9#05#$&5! $#)! /.00$)2$0! V/&#14E,&5A! E$614$0! ?$0.*5! pe$! EY&3$&! 2.0!
<6#3.A!2$05,!014Y&:$&!2.0!800$)qFKM!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Hc!455/dhhEEEM/$//$&E,&62M1,3h130h*&()26.*$)h?&$))7,73$5$&M/4/!
FG!455/dhhEEEM/$//$&E,&62M1,3h130h*&()26.*$)h?&$))7,73$5$&M/4/!
FH!455/dhh2$ME#'#/$2#.M,&*hE#'#h[./&#'.jR$&E$)2()*!
FF455/dhh2$ME#'#/$2#.M,&*hE#'#hC$0143.1'6#14$iV14Y&:$jC&M-KM;-)2$i:M-KM;-&i2.0i800$)i014.&:$&iV/$#0
$)!
FK!455/dhhEEEM.014(6O$M)$5h14#6#h#)2$9M453!
!
HJ!
!
!
Q??MJd!>&#014$!-4#6#0A!0$&+#$&5!O(!-4#6#!1,)!-.&)$A!$#)!5D/#014$0!C$&#145!.(0!VL2.3$&#'.!
!
!
FMJMF!R$&E$)2()*!#)!2$&!B$2#O#)!!
X)! 2$&! B$2#O#)! E#&2! 2.0! -./0.#1#)! .(:*&()2! 0$#)$&! ?$0,)2$&$)! 14$3#014$)!
8#*$)014.:5$)! *$)(5O5A! (3! ?$#0/#$60E$#0$! .)! ?$05#335$)! <=&/$&05$66$)! 2#$!
"(&14?6(5()*! O(! :=&2$&)! ()2! 0,! V143$&O$)! O(! 6#)2$&)M! 80! '.))! 0,E,46! #))$&6#14! .60!
.(14! Y(00$&6#14! .)*$E$)2$5! E$&2$)M! V,! $9#05#$&$)! -./0.#1#)74.65#*$! B$2#'.3$)5$!!
*$*$)!p^$&+$)0143$&O$)!aOM;M!/,054$&/$5#014$!,2$&!2#.?$5#014$!^$(&.6*#$bA!C$6$)'7!()2!
B(0'$60143$&O$)A! ^.1'$)+$&0/.))()*$)A! &4$(3.5#014$)! ;$014E$&2$)A! ?$#! ;&$))$)!
2$&!B()20146$#34.(5A!?$#!<,/:0143$&O$)A!?$#![.&Y054$0#$)A!?$#!.66$&*#014$)!V14)(/:$)A!
?$#! e(1'&$#O! ()2! ?$#! V14(//$):6$145$q FZ M! R#$6$&,&50! ?$'.))5! 0#)2! -./0.#1#)7-&$3$0!
a0#$4$! Q??M! \b! ()2! 0,*$).))5$! pQ;-7[:6.05$&q! ?OEM! p%Y&3$/:6.05$&q! a0#$4$! Q??M! Ib!!
E$614$! k! E#$! 2$&! ^.3$! 014,)! O(! +$&&.5$)! +$&3.*! 7! 2#$! $)50/&$14$)2$! <=&/$&05$66$!
EY&3$)!()2!2#$!V143$&O$)!3Y00#*$)!0,66$)FJM!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
FZ!455/dhhEEEM/4.&3.E#'#M14hE#'#h#)2$9M/4/rE#'#s-./0.#1#)!
FJ!455/dhhEEEM/$//$&E,&62M1,3h130h*$0()24$#5h3$2#O#)M/4/!
!
H\!
!
!
!
!
Q??M\d!-./0.#1#)7-&$3$!3#5!GAGFJm!-./0.#1#)F\!
!
!
!
!
!
Q??MId!-./0.#1#)7[:6.05$&!3#5!]m!-./0.#1#)FI!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
F\!455/dhhEEEM+.6$,/4.&3.M1,3h1(05,3$&i:#6$0h1.5.6,*h1./0.#1#)FJi?#*MS/*rsts!
FI!455/dhh.6$9.)2&.76#:$E#542#*)#5DM?6,*0/,5M14hFGHFhG]hl(5$)O.M4536!
!
HI!
!
FMJMK!%$#5$&$!R$&E$)2()*$)!
"#$! 2(&14?6(5()*0:=&2$&)2$! %#&'()*! +,)! -./0.#1#)! :#)2$5! )#145! )(&! ?$#3! B$)014$)!
R$&E$)2()*M! X3! [:$&2$0/,&5! E#&2! $0! ()$&6.(?5$&E$#0$! )Y36#14! ()5$&! .)2$&$3! 2.O(!
*$)(5O5A! (3! $#)$! `$#05()*005$#*$&()*! ?$#! %$55'.3/:7[:$&2$)! O(! $&&$#14$)M! "$&! NE$1'!
4#$&?$#! #05A! 2.00! 2#$! [:$&2$! O(3! $#)$)! 6$#05()*0:Y4#*$&! ()2! O(3! .)2$&$)!
0143$&O$3/:#)26#14$&! *$3.145! E$&2$)M! ".! 2.0! -./0.#1#)! $#)$! 05Y&'$&$! "(&14?6(5()*!
O(&! >,6*$! 4.5A! E#&2! ! )$?$)! $#)$3! $&4=45$)! V.($&05,::5&.)0/,&5! .(14! 2#$! V$)0#?#6#5Y5h!
83/:#)26#14'$#5!2$&![:$&2$!*$05$#*$&5M!".2(&14!E#&2!4.(/50Y146#14!#)!2$&!"#0O#/6#)!2$0!
V/&#)*&$#5$)0! $#)! V5$#*$&()*! 2$&! V/&()*4=4$)! $&&$#145A! 2.! 2#$! [:$&2$! ?$#3! ;$&L4&$)!
2$&! @,6O6.55$)! *&=00$&$! V143$&O$)! $&6$#2$)M! "#$0$0! 0,*$).))5$! p[:$&2$2,/#)*q! E(&2$!
?$#0/#$6E$#0$! ?$#! 2$)! W6D3/#014$)! V/#$6$)! FGG]! .(:*$2$1'5A! .60! 3#)2$05$)0! ?$#! +#$&!
[:$&2$)! -./0.#1#)! .60! ",/#)*05,::! ).14*$E#$0$)! E(&2$F]M! "#$! P$#6)$43$&A! 2#$! 2#$0! O(!
+$&.)5E,&5$)!4.55$)A!!E(&2$)!2.))!+,)!2$)!V/#$6$)!.(0*$0146,00$)M!
!
!
FM\!8#):6(00!2$0!-./0.#1#)0!.(:!2#$!;.'5$&#$):6,&.!2$0!B$)014$)!
8#)$! #)5$&$00.)5$! _?$&6$*()*! E.&! )()! 2#$! >&.*$A! ,?! 3$2#O#)#014! $#)*$0$5O5$!
B$2#'.3$)5$! 3#5! -./0.#1#)! $#)$! Q(0E#&'()*! a0,O(0.*$)! $#)$! ^$?$)E#&'()*b! .(:! 2#$!
;.'5$&#$):6,&.! 2$0! 3$)0146#14$)! <=&/$&0! 4Y55$)M! "#$0$! X2$$! +$&?#)2$5! O(3! $#)$)! 2$)!
>.'5A!2.00!-./0.#1#)!?$#!V/$#0$)!.)5#?.'5$&#$66!E#&'5!()2!O(3!.)2$&$)A!2.00!#3!()2!.3!
B$)014$)!-./0.#1#)7[&,2('5$!.)*$E$)2$5!E$&2$)M!!
"$&! B$)014! 5&Y*5! 3$4&! .60! OE$#! <#6,*&.33! ;.'5$&#$)! .(:! ()2! #)! 0#14M! "#$! N.46! 2$&!
;.'5$&#$)! #05! 2.3#5! (3! $#)! N$4):.14$0! 4=4$&! .60! 2#$! N.46! 2$&! N$66$)! 2$0! $#*$)$)!
<=&/$&0 Fc M! Q66$#)! 2#$0$! Q)*.?$)! *$)L*$)! (3! O(! $&&.5$)A! 2.00! 2#$! ;.'5$&#$)! )#145!
(30,)05! .(:! 2$3! 3$)0146#14$)! <=&/$&! 6$?$)M! W4)$! 2#$0$! ;.'5$&#$)! EY&$! 2$&! B$)014!
3=*6#14$&E$#0$!)#145!$#)3.6!.(:!2#$!*6$#14$!Q&5!()2!%$#0$!6$?$)0:Y4#*M!!
"$04.6?! 0#)2! V(?05.)O$)A! E$614$! .)5#?.'5$&#$66! E#&'$)A! /,5$)5#$66! 0146$145! :L&! 2$)!
B$)014$)A!$0!0$#!2$))!0#$!2#$)$)!2$&!;$'Y3/:()*!+,)!/.54,*$)$)!;.'5$&#$)M!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
F]!455/dhhEEEM01#$)1$?6,*0M2$h)$(&,)0hFGG]hG]h1,05$&76#$?57$07014.&:70/&#)*&$#5$&714&#05#.)7
.46$3.))7).1471./0.#1#)7?$:()27+,)7,6D3/#.70(0/$)2#$&5M/4/!
Fc!455/dhhEEEM.&5#'$63.*.O#)M2$h*$0()24$#5h2$&73$)0147()270$#)$7?.'5$&#$)M4536!
!
H]!
!
N(! 2$)! ,?$)05$4$)2$)! _?$&6$*()*! E(&2$)! OE.&! '$#)$! 2#&$'5$)! 014,)! ?$05$4$)2$)!
E#00$)014.:56#14$)!",'(3$)5.5#,)$)!*$:()2$)A!.66$&2#)*0!E(&2$)!0,E,46!V5(2#$)!L?$&!
$#)$! +$&6Y)*$&5$! @.65?.&'$#5! +,)! `$?$)03#55$6)! 2(&14! -./0.#1#)A! ?$#! E$614$)! 2#$!
@.65?.&'$#5! +,)! U#)2:6$#0147[6Y5O14$)! +,)! Z! .(:! H\! P.*$! 2(&14! -.D$))$7[(6+$&! $&4=45!
E$&2$)!',))5$KGA!.60!.(14![(?6#'.5#,)$)!L?$&!2#$!%#&'()*!+,)!-./0.#1#)!.(:!$#)#*$!2$)!
B$)014$)!?$0#$2$6)2$)!;.'5$&#$)!*$:()2$)M!
"#$! [(?6#'.5#,)! 2$&! 5L&'#014$)! >,&014$&! >.2#6$! u#62#O! N$D&$'! ()2! 86#:! W*(O! L?$&! 2#$!
%#&'()*! +,)! -./0.#1#)! .(:! 2.0! #3! 3$)0146#14$)! R$&2.(()*05&.'5! +,&',33$)2$!
;.'5$&#(3! :7&'$%+2$,79# 3;&%9'! E(&2$! *$)(5O5! (3! UL1'0146L00$! :L&! 2$)! Q(:?.(! 2$0!
/&.'5#014$)! P$#60! 2#$0$&! Q&?$#5! O(! $&4.65$)M! "#$! R$&0(14$! 2$&! ?$014&#$?$)$)! Q&?$#5!
E.&$)! 0,! .(:*$?.(5A! 2.00! H\! +$&014#$2$)$! ;.'5$&#$)05Y33$! +,)! :"# 3;&%9'! #)!
>6L00#*'(65(&$)! .(:! 0$140! -./0.#1#)! <,)O$)5&.5#,)$)! aFJ! v*h36A! JG! v*h36A! HGG! v*h36A!
HJG!v*h36A!FGG!v*h36b!0,E#$!$#)$!<,)5&,66$!,4)$!N(0.5O!()2!$#)$!<,)5&,66$!:L&!2.0!#)!
0$#)$3! >.66! +$&E$)2$5$! `=0()*03#55$6! "BVW! *$5$05$5! E(&2$)M! ".0! %.1405(3! 2$&!
;.'5$&#$)!E(&2$!.)!+#$&!+$&014#$2$)$)!N$#5/()'5$)!aG!4A!F!4A!Z!4A!\!4b!*$3$00$)KHM!
>L&! 2#$! R$&0(14$! 3$#)$&! Q&?$#5! 4.?$! #14! 3#14! 2$0E$*$)! .)! 2#$0$&! [(?6#'.5#,)!
,&#$)5#$&5M! ".! #)! 2$&! [(?6#'.5#,)! 2#$! $&05$! $&'$))?.&$! %#&'()*! .(:! 2.0!
;.'5$&#$)E.1405(3! ?$#! FJ! v*h36! aE$614$! .(14! *6$#14O$#5#*! 2#$! '6$#)05$! +$&E$)2$5$!
<,)O$)5&.5#,)! 2.&05$665$b! ()2! 2#$! 3.9#3.6$! %#&'()*! ?$#! JG! v*h36! .(:5&.5A! 4.?$! #14!
3#14A! ).14! Q?0/&.14$! 3#5! "&M! W140$)&$#5$&! .)! 2$&! T)#+$&0#5Y5! ;$&)! 2.:L&! $)5014#$2$)!
:,6*$)2$!<,)O$)5&.5#,)$)!O(!+$&E$)2$)d!!
!
J!v*h36A!FJ!v*h36A!ZG!v*h36A!JG!v*h36A!FJG!v*h36!
!
V,! E(&2$! 2$&! ;$&$#14A! #)! 2$3! $#)$! ! @$33()*0E#&'()*! $&E.&5$5! E(&2$A! .3! ?$05$)!
.?*$2$1'5M! NE#014$)! JG! ()2! FJG! v*h36! E(&2$)! '$#)$! E$#5$&$)! <,)O$)5&.5#,)$)!
*$EY465A! E$#6! 2#$! B$)*$! .)! +$&:L*?.&$)! -./0.#1#)! ?$*&$)O5! E.&M! N(3! R$&*6$#14! O(3!
;.'5$&#$)E.1405(3!
()5$&!
-./0.#1#)78#):6(00!
0,665$!
$#)$!
^$*.5#+',)5&,66$!
a;.'5$&#$)3$2#(3! ,4)$! N(0.5Ob! ()2! $#)$! <,)5&,66$! 3#5! 2$&! 3.9#3.6! +$&E$)2$5$)!
B$)*$!2$0!`=0()*03#55$60!3#5*$:L4&5!E$&2$)M!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
KG!455/dhh,)6#)$6#?&.&DME#6$DM1,3h2,#hHGMHGGFhS0:.MHFc]h.?05&.15!
KH!455/dhhEEEM.))3#1&,M()#3#M#5h:(66hJJhO$D&$'iJJiHFJ7HFIM/2:!
!
Hc!
!
!
!
K!;.'5$&#$)E.1405(3!#)!>6L00#*'(65(&$)!?$#!+$&014#$2$)$)!
-./0.#1#)7!()2!-4#6#7895&.'57<,)O$)5&.5#,)$)!!
!
!
KMH!R,&+$&0(14$!()2!R$&0(140+,&?$&$#5()*$)!
!
KMHMH!@$&05$66()*!2$0!-4#6#7895&.'50!
;$#!2$&!@$&05$66()*!2$0!-4#6#7895&.'50!*#)*!$0!2.&(3A!3#5!L?$&014.(?.&$3!Q(:E.)2!$#)$!
V(?05.)O! 3#5! 3=*6#1405! 4,4$3! -./0.#1#)7Q)5$#6! O(! $&4.65$)! aQ(0*.)*005,::! 2$0!
R$&0(140A! 0#$4$! Q??Mcf! [&,2('5! 2$0! R$&0(140A! 0#$4$! Q??M! HGbM! ".! 2#$0$&! P$#6! .60!
R,&?$&$#5()*! ()2! )#145! .60! $#*$)56#14$&! R$&0(14! 2$&! /&.'5#014$)! Q&?$#5! .)O(0$4$)! #05A!
E(&2$!$&!)(&!*&,?!?$014&#$?$)!()2!)#145!#)!2$)!U$0(65.5$7P$#6!.(:*$),33$)M!!
!
N#$6! 2$0! R$&0(140! E.&! $0A! 2.0! -./0.#1#)! .(0! 2$)! 0$6?05! *$OL145$5$)! ()2! *$5&,1')$5$)!
-4#6#0!O(!6=0$)M!80!E(&2$)!4.(/50Y146#14!0$4&!014.&:$!-4#6#0!+$&E$)2$5!aT)5$&!.)2$&$3!
1.M!JGm!;4(5!e,6,'#.A!E$614$!O(!2#$0$3!N$#5/()'5!),14!.60!2#$!014Y&:05$!-4#6#!2$&!%$65!
*.65bM!
".! -./0.#1#)! )#145! E.00$&6=06#14! #05A! E(&2$! .60! `=0()*03#55$6! 854.),6! +$&E$)2$5M! 80!
E(&2$! #)! <.(:! *$),33$)A! 2.00! )$?$)! 2$3! -./0.#1#)! .(14! .)2$&$! #)! 854.),6! 6=06#14$!
V5,::$!#)!2.0![&,2('5!3#5!$#):6#$00$)!EL&2$)M!
!
".0![&#)O#/!2$0!R$&0(14!E.&!$0A!O($&05!2.0!-./0.#1#)!3#55$60!854.),6!.(0!2$)!-4#6#0!O(!
6=0$)A! (3! 2.))! .)0146#$00$)2! 2.0! 854.),6! E#$2$&! O(! +$&2.3/:$)A! 0,! 2.00! 3.)! $#)$!
V5$#*$&()*! 2$&! -./0.#1#)7<,)O$)5&.5#,)! $&4.65$)! EL&2$M! Q60! ;.0#0! 2$0! R$&0(140! '.))!
2#$! Q)6$#5()*! :L&! $#)! -4#6#7895&.'5! .(:! 2$&! X)5$&)$50$#5$! EEEM/$//$&E,&62M1,3!
.)*$0$4$)!E$&2$)KFM!e$2,14!E(&2$!O#$36#14!05.&'!+,)!2#$0$&!Q)6$#5()*!.?*$E#14$)A!2.!
.60!?$0,)2$&$!B$54,2$!2.0!V,946$557R$&:.4&$)!.)*$E.)25!E(&2$!aQ(:?.(!0#$4$!Q??M!]bM!
"#$0$0!R$&:.4&$)!$&6.(?5!$0!?$0,)2$&0!*(5!6=06#14$!V5,::$!.(0!>$0505,::$)!O(!$95&.4#$&$)M!
".0![&#)O#/!?$&(45!2.&.(:A!2.00!2$3!-4#6#7895&.'5!05Y)2#*!$&4#5O5$0!854.),6!O(*$:L4&5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
KF!455/dhhEEEM/$//$&E,&62M1,3h130h'(6#).&#014Fh14#6#7$95&.'5M/4/!
!
FG!
!
!
Q??M!]d!V,946$557Q//$&.5(&!3#5!-4#6#7854.),67C$3#014!
!
FH!
!
!!
Q??Mcd!Q(0*.)*005,::d!C$3.46$)$!-4#6#0! !
!
Q??MHGd![&,2('5d!OY4:6L00#*$&!-4#6#7895&.'5!
!
E#&2M!".&#)!6=05!0#14!2.0!-./0.#1#)!()2!:6#$005!#)!2$)!<,6?$)!O(&L1'M!"(&14!$#)$!05Y)2#*$!
%#$2$&4,6()*! 2$0! R,&*.)*$0! '.))! 0,! 2.0! -./0.#1#)! :.05! l(.)5#5.5#+! .(0! 2$)! -4#6#0!
*$E,))$)!E$&2$)M!Q)0146#$00$)2!3(00!2.))!2$&!<,6?$)!+,3!V,946$557Q(:0.5O!*$5&$))5!
E$&2$)! ()2! $0! $&:,6*5! 2.0! 8#)2.3/:$)! 2$0! 854.),60A! (3! 2#$! <,)O$)5&.5#,)! 2$0!
-./0.#1#)0!O(!$&4=4$)M!
!
!
KMHMF!!_?$&:L4&()*!2$0!',33$&O#$66$)!-./0.#1#)0!0,E#$!2$0!-4#6#7895&.'50!#)!`=0()*!
T3!2#$!P$050!3#5!2$)!+$&014#$2$)$)!-./0.#1#)!<,)O$)5&.5#,)$)!#)!2$)!>6L00#*'(65(&$)!
3.14$)! O(! '=))$)A! 3(005$! 2.0! -./0.#1#)! +,&4$&! #)! $#)$3! *$$#*)$5$)! `=0()*03#55$6!
*$6=05! E$&2$)M! -./0.#1#)! #05! )#145! E.00$&6=06#14A! 2$04.6?! 3(005$! $0! $)5E$2$&! E#$! #3!
$&EY4)5$)! R$&0(14! #)! "BVW! ,2$&! #)! 854.),6! *$6=05! E$&2$)A! 2.! 2#$0! 2#$! ?$#2$)!
).4$6#$*$)205$)! ,&*.)#014$)! `=0()*03#55$6! E.&$)M! ^.14! Q?0/&.14$! 3#5! @$&&)! "&M!
W140$)&$#5$&! E(&2$! ?$#! 2$3! R$&0(14! 854.),6! +$&E$)2$5A! 2.! 2#$0$&! ?#0! O(! $#)$&!
<,)O$)5&.5#,)!+,)!()*$:Y4&!Hm!'$#)$)!*&,00$)!8::$'5!.(:!2.0!;.'5$&#$)E.1405(3!4.5!
()2!0,3#5!*$$#*)$5!:L&!2$)!R$&0(14!E.&M!V,E,46!2.0!',33$&O#$66!$&E,&?$)$!-./0.#1#)!
a+,)!2$&!>#&3.!V#*3.b!.60!.(14!2.0!-4#6#7895&.'5!E.&$)!*(5!2.&#)!6=06#14M!
!
FF!
!
!
KMHMK!R$&E$)2$5$!;.'5$&#$)!
>L&!2$)!R$&0(14!0,665$)!+$&014#$2$)$!;.'5$&#$)05Y33$!+$&E$)2$5!E$&2$)M!"#$!V5Y33$!
(2$'&&*)# )*+,'&')! ()2! !)$679'$6'2# $%&'! ;6! FH! 05.335$)! .(0! 2$3! `.?,&?$05.)2! 2$&! T)#!
;$&)M! N(0Y5O6#14! E(&2$)! $#)#*$! ;.'5$&#$)! 2$&! $#*$)$)! <=&/$&:6,&.! +$&014#$2$)$&!
<=&/$&/.&5#$)! #0,6#$&5! ()2! .(:*$&$#)#*5M! "#$! X0,6#$&()*! ()2! Q(:&$#)#*()*! E(&2$! .)! 2$&!
T)#+$&0#5Y5!;$&)!()5$&!Q)6$#5()*!+,)!@$&&)!"&M!W140$)&$#5$&!2(&14*$:L4&5M!
!
Q66$! ;.'5$&#$)7%.1405(30+$&0(14$! 0,665$)! 3#5! >6L00#*'(65(&$)! 2(&14*$:L4&5! E$&2$)M!
".!0#14!.?$&!.66$!V5Y33$!.(:!^Y4&?=2$)!?$:.)2$)A!3(005$!O()Y1405!*$/&L:5!E$&2$)A!,?!
2#$! $#)O$6)$)! V5Y33$! L?$&4.(/5! #)! >6L00#*3$2#$)! E.140$)! ',))5$)M! @#$&:L&! E(&2$)!
2#$! ;.'5$&#$)! 3#5! $#)$&! X3/:=0$! +,)! 2$)! ^Y4&?=2$)! #)! 2#$! >6L00#*'(65(&! $)54.65$)2$)!
U=4&14$)!*$*$?$)M!Q60!>6L00#*'(65(&7B$2#(3!E(&2$!`;!a6D0,*$)D!?&,54b!+$&E$)2$5M!
Q66$! <(65(&$)! E(&2$)! ?$#! KIo-! ()2! FGG! T32&$4()*$)! /&,! B#)(5$! #)! $#)$)!
`.?,&014L556$&!*$05$665M!".!.66$!;.'5$&#$)05Y33$!$#)!*(5$0!%.1405(3!#3!>6L00#*3$2#(3!
O$#*5$)A!',))5$)!0#$!:L&!2$)!-./0.#1#)7R$&0(14!$#)*$0$5O5!E$&2$)M!;$#!2$)!$#*$)05Y)2#*!
#0,6#$&5$)! ()2! '6,)#$&5$)! ;.'5$&#$)05Y33$)! E(&2$! 0#14! :L&! 2.0! ;.'5$&#$)#0,6.5! 2$&!
W4&$)! $)5014#$2$)A! 2.! 2,&5! 2.0! ?$05$! %.1405(3! 05.55*$:()2$)! 4.55$M! "$3! ^.3$)!
;.'5$&#$)#0,6.5!2$&!W4&$)!0$#!),14!OE$#$&6$#!?$#O(:L*$)M!"$&!^.3$!?$014&$#?5!OE.&!2$)!
(&0/&L)*6#14$)! Q?05.33()*0,&5A! E.0! .66$&2#)*0! )#145! ?$2$(5$5A! 2.00! 2#$0$&!
;.'5$&#$)05.33! )(&! #)! 2$&! ^Y4$! 2$&! W4&$)! +,&',335A! 0,)2$&)! 3=*6#14$&E$#0$! .(14!
L?$&!E$#5$&$!P$#6$!2$0!<=&/$&0!+$&?&$#5$5!#05M!!
!
!
KMF!P$05&$#4$!
KMFMH!8&05$66()*!$#)$&!%.1405(30'(&+$!!
"#$! B$00()*$)! 2$&! W"! a,/5#014$! "#145$b! 2$&! ;.'5$&#$)'(65(&$)! E(&2$! 3#54#6:$! $#)$0!
[4,5,3$5$&0! *$3.145M! V,! ',))5$! 2.0! %.1405(3! 2$&! O(! ()5$&0(14$)2$)! ;.'5$&#$)! #)!
Q?4Y)*#*'$#5!2$&!N$#5!*$3$00$)!E$&2$)M!!
".! $#)! 6#)$.&$&! N(0.33$)4.)*! +,)! ;.'5$&#$)E.1405(3! ()2! *$3$00$)$&! ,/5#014$&!
"#145$!aW"b!)(&!:L&!2#$!W"7%$&5$!GAGH!?#0!GA]!?$05$45A!3(005$!2#$!B$)*$!.)!S$E$#6#*$&!
!
FK!
!
>6L00#*'(65(&A! E$614$! 3.)! #)! 2#$! U=4&14$)! 3#5! 2$)! +$&014#$2$)$)! -./0.#1#)7
',)O$)5&.5#,)$)!*.?A!3=*6#1405!).4!.)!$#)$3!W"7%$&5!+,)!GMGH!6#$*$)M!
".:L&! E(&2$! O($&05! 2#$! W"! 2$0! &$#)$)! ^Y4&3$2#(30! `;! ,4)$! ;.'5$&#$)'(65(&$)! .(:!
^(66! 5.&#$&5A! 2.))! S$E$#60! 2#$! W"! 2$&! $#)O$6)$)! ;.'5$&#$)05Y33$! *$3$00$)! ()2!
.)0146#$00$)2! ?$&$14)$5! E$614$! B$)*$! 2$&! ;.'5$&#$)'(65(&$)! ()*$:Y4&! .)*$#3/:5!
E$&2$)!3(005$A!2.3#5!2$&!W"7%$&5!3=*6#1405!?$#!GAGH!6Y*$M!!
R,&E$*!0,66!4#$&!014,)!$&EY4)5!0$#)A!2.00!E$))!?$#!2$&!8&*$?)#03$00()*!$#)!W"7%$&5!
L?$&!GA]!$&&$#145!E(&2$A!2#$![&,?$!O($&05!+$&2L))5A!$&)$(5!*$3$00$)!()2!.)0146#$00$)2!
E#$2$&! $)50/&$14$)2! 4,14*$&$14)$5! E(&2$M! V,! E(&2$! +$&3#$2$)A! 2.00! +,3! 6#)$.&$)!
R$&4Y65)#0!+,)!W"!()2!;.'5$&#$)E.1405(3!OE#014$)!GAGH!()2!GA]!!.?*$E#14$)!E(&2$M!
!
KMFMF!R$&0(140.(:?.(!
-./0.#1#)7<,)O$)5&.5#,)$)!
X)! 2$&! :,6*$)2$)! P.?$66$! F! #05! ),14! $#)3.6! '(&O! +$&2$(56#145A! E$614$! -./0.#1#)7
<,)O$)5&.5#,)$)!.(:!2#$!2&$#!;.'5$&#$)05Y33$!*$5$05$5!E(&2$)d!!
!
!"#$%&'%( !"#$%&'(( !"#$%&'((
)$"**+
(
(
!
894:267/( ;<=(
!"#$%&'(8&(;?( ;<=(
("#)*+,'&')# ;<=(
<=(
<=(
<=(
)!*+,-+.)./'(
!"#$%&'((
(
>=(
>=(
>=(
!"#$%&'((
(
;<(
;<(
;<(
!"#$%&'((
(
<(
<(
<(
(012+/3&4
53/163&&7(!"&$%&'(
(
<=(
<=(
<=(
P.?$66$! Fd! _?$&0#145! 2$&! +$&E$)2$5$)! -./0.#1#)7<,)O$)5&.5#,)$)! ?$#! 2$)! 2&$#! ;.'5$&#$)05Y33$)f! ;X7
W4&$)d! ;.'5$&#$)#0,6.5! .(0! 2$)! W4&$)M! "#$! 854.),67<,)5&,66$! E(&2$! :.6014! ?$&$14)$5d! JGv6h36!
$)50/&$14$)!$#)$&!R$&2L))()*!+,)!HdFGA!$0!4Y55$!.?$&!$#)$!R$&2L))()*!+,)!HdFGG!0$#)!3L00$)!aJv6h36bM!
!
-4#6#7895&.'57<,)O$)5&.5#,)$)!
>,6*$)2$! -4#6#7895&.'57<,)O$)5&.5#,)$)! E(&2$)! .(:! :,6*$)2$! OE$#! ;.'5$&#$)05Y33$!
*$5$05$5M!Q(:*&()2!2$&!?$014&Y)'5$)!N$#5A!2#$!:L&!2#$!"(&14:L4&()*!2$&!89/$&#3$)5$!O(&!
R$&:L*()*!05.)2A!E(&2$!.(:!2.0!;.'5$&#$)#0,6.5!2$&!W4&$)!+$&O#145$5M!
!
!"#$%&'%()$"**+
0B()3&.(8&(;?(
8B(-DE1.&.-(
)!*2.&.40@16+A1'( )!*2.&.40@16+A1'( )!*2.&.40@16+A1'(
?C?==(
?C?===(
?C?====(
?C?==(
?C?===(
?C?====(
012+/3&A3/163&&7(
?C?==(
?C?==(
!
P.?$66$!Kd!_?$&0#145!2$&!+$&E$)2$5$)!-4#6#7895&.'57<,)O$)5&.5#,)$)!!?$#!2$)!OE$#!;.'5$&#$)05Y33$)!
!
FZ!
!
KMK!!!R,&*$4$)!
"$)!\36!>6L00#*'(65(&!$)54.65$)2$)!R$&0(140&=4&14$)!E(&2$!S$E$#60!H!36!!>6L00#*'$#5!
$)5),33$)! ()2! #3! [4,5,3$5$&! 2#$! ,/5#014$! "#145$! ?$05#335M! ".! )(&! $#)$! ?$*&$)O5$!
N.46! .)! <L+$55$)! +,&4.)2$)! E.&A! 3(005$! S$2$! <L+$55$! ).14! 2$3! C$?&.(14! 3#5!
2$05#66#$&5$3! %.00$&! .?*$E.014$)A! .(0*$014L55$65! ()2! O(&! P&,1')()*! .)! 2$&! `(:5!
.(:*$05$665! E$&2$)M! ! T3! 2#$! N$#5! 2$&! ;$014&#:5()*! S$2$&! $#)O$6)$)! <L+$55$! S$E$#60! +,&!
2$3! B$00$)! O(! 0/.&$)A! E(&2$)! 2#$! U=4&14$)! 3#5! 2$&! O(! ()5$&0(14$)2$)! >6L00#*'$#5!
#33$&!S$E$#60!)$?$)!2#$!<L+$55$!*$05$665A!E$614$!.)0146#$w$)2!3#5!H!36!2$&!>6L00#*'$#5!
2$0! ?$).14?.&5$)! U=4&14$)0! *$:L665! E(&2$! aQ??M! HHbM! ".3#5! E(&2$! .66$&2#)*0! #)! <.(:!
*$),33$)A! 2.00! 0#14! 2#$! U=4&14$)! :L&! $#)$)! '(&O$)! N$#5&.(3! .(w$&4.6?! 2$0!
`.?,&014L556$&0!?$:.)2$)M!
"#$!U=4&14$)!E(&2$)!2.))!?$#!
KIo-!()2!FGG!T32&$4()*$)!
/&,!B#)(5$!:L&!HAH\!V5()2$)!#)!
2$)!`.?,&014L556$&!*$05$665M!
^.14!2#$0$&!N$#5!E(&2$)!2#$!
U=4&14$)!E#$2$&!.(0!2$3!
`.?,&014L556$&!*$4,65M!".))!
E(&2$!2$&!,?$)!?$014&#$?$)$!
R,&*.)*!E#$2$&4,65M!"#$0!E(&2$!
#)0*$0.35!+#$&!3.6!*$3.145A!0,!
2.00!.3!8)2$!:L):!B$00/()'5$!
+,&4.)2$)!E.&$)M!
!
Q??MHHd!<L+$55$)!()2!U=4&14$)!3#5!;.'5$&#$)'(65(&$)!+,&?$&$#5$5!:L&!2#$!B$00()*!#3![4,5,3$5$&!
!
!
!
FJ!
!
ZM!U$0(65.5$!
ZMH!"#$!%#&'()*!+,)!-./0.#1#)!.(:!2.0!;.'5$&#$)E.1405(3!
ZMHMH!;.'5$&#$)#0,6.5!.(0!2$)!W4&$)!
9/-#7-+%1(
F7.#1(
-.)2(
2.76(
17/G7/F.7&&(
7./7(
H3-.-4+E2I/#.#7(
J7%%D/#(
G7-(
8+A176.7/K+)2-1D%-(GD6)2(*+,-+.)./B(L&&76G./#-(.-1(/D6(E7.(G76(-1I6A-17/(53/F7/16+1.3/(!;<=(
"#$%&'( 7./7( GD6)2#I/#.#( G7D1&.)27( J7%%D/#( FD( E73E+)217/B( 8.-( FD%( >17/( M7--,D/A1(
KD6G7( +E76( +D)2( E7.( G7/( %.11&767/( 53/F7/16+1.3/7/( !<=N( >=N( ;<( "#$%&'( 7./( #76./#767-(
O+)2-1D%(+&-(E7.(7./76(53/F7/16+1.3/(P3/(<("#$%&(E73E+)2171B(H.7(012+/3&453/163&&7(A+//(
/.)21(+&-(Q76#&7.)2(G.7/7/N(G+(G.7(53/F7/16+1.3/(R+&-)2(!?=4R+)2(FD(23)2'(E767)2/71(KD6G7B(
H.7-76( S72&76( KD6G7( +D)2( E7.( G7/( +/G767/( E7.G7/( T7-167.27/( %.1( *+,-+.)./( #7%+)21B(
L&&76G./#-( 2I117( -.)2( G.7( 9/176,671+1.3/( G7-( 06#7E/.--7-( GD6)2( 7./7( A3667A17( 012+/3&4
53/163&&7( /.)21( K7-7/1&.)2( #7I/G761N( G+( 7./7( H3-.-4+E2I/#.#7( O+)2-1D%-27%%D/#( FD(
-727/( .-1B( O+26-)27./&.)2( KU6G7( 7./7( 8+A176.7/AD&1D6( %.1( A3667A176( 012+/3&453/163&&7(
I2/&.)2( P76&+DR7/( K.7( E7.( G76( <"#$%&( *+,-+.)./453/F7/16+1.3/B( S7-1FD2+&17/( E&7.E1( +&-3( G.7(
T7/G7/FN(G+--(*+,-+.)./(G+-(O+)2-1D%(G7-(8+A176.7/.-3&+17-(+D-(G7/(:267/(27%%7/(A+//B(
O+6D%(E7.(G76(RU/R17/(M7--D/#(RU6(<("#$%&(7./(-726(1.7R76(:H(O761(#7%7--7/(KD6G7N(.-1(
/.)21( A&+6B( V726( K+26-)27./&.)2( 2+/G7&1( 7-( -.)2( 2.76( D%( 7./7/( M7--R72&76N( G7//( E7.( A7./76(
+/G767/(53/F7/16+1.3/(16.11(G.7-76(0RR7A1(7./B!
#
(
(
+
(
(
(
(
(
(
!(
(
(
(
,-."/)"','(0+
(
<("#$%&(
;<("#$%&(
>=("#$%&(
<=("#$%&(
;<=("#$%&(
012+/3&(53/163&&7(
(
(
( 1+2+
=B=?W(
=B==W(
=B==W(
=B=?(
=B?Z[(
(
(
( 3435+2+
=B=X;(
=B=<W(
=B=[<(
=B=WW(
=B?;[(
(
(
( 6476+2+
=BYZ<(
=BZ;<(
=B>Y;(
=B<YX(
=B;?X(
(
(
7489+2+
?B[W;(
=BYX<(
=BW<W(
=BY;[(
=B>?<(
(
(
8458+2+
=B>X;(
?BX;(
?BY(
;(
=BX(
=B==?(
=B=[[(
=B?ZX(
=B<<<(
?B?>(
P.?$66$! Zd! B$00E$&5$! 2$&! W"! O(! +$&014#$2$)! N$#5/()'5$)! a4b! ?$#3! ;.'5$&#$)#0,6.5! 2$&! W4&$)M! 8#)$!
R,&'(65(&! 2$&! ;.'5$&#$)! E(&2$! O(! 2$)! J! .)*$*$?$)$)! -./0.#1#)7<,)O$)5&.5#,)$)! *$*$?$)! ()2! O(! J!
+$&014#$2$)$)! N$#5/()'5$)! E(&2$! 2#$! ,/5#014$! "#145$! 2$&! ;.'5$&#$)'(65(&$)! *$3$00$)M! NE#014$)! 2$)!
B$00()*$)! E(&2$)! 2#$! ;.'5$&#$)'(65(&$)! ?$#! KIo! -! #3! `.?,&014L556$&! '(65#+#$&5M! %$))! 2#$! B$00E$&5$!
L?$&! W"d! GM]! 6.*$)A! E(&2$)! 2#$! ;.'5$&#$)'(65(&$)! +$&2L))5! ()2! ),14! $#)3.6! *$3$00$)M! "#$! %$&5$!
E(&2$)! 2.))! $)50/&$14$)2! ?$&$14)$5! ()2! #)! 2#$! P.?$66$! $#)*$:L*5M! V,! ',))5$)! .(14! %$&5$! L?$&! GM]!
.(:*$:L4&5!E$&2$)M!
!
!
F\!
!
!
FAJ!
F!
J!v*h36!
FJ!v*h36!
HAJ!
ZG!v*h36!
JG!v*h36!
H!
FJG!v*h36!
GAJ!
854.),6!<,)5&,66$!
G!
!!!!!!!!!!!!!!!!!!!!
G!4!
HMH\!4!
FMKF!4!
KMZ]!4!
ZM\Z!4!
!
Q??MHFd!%.1405(30'(&+$)!+,3!;.'5$&#$)#0,6.5!2$&!W4&$)!?$#!+$&014#$2$)$)!-./0.#1#)7<,)O$)5&.5#,)$)M!
"$&! R$&0(140.(:?.(! $)50/&#145! 2$3! #)! P.?$66$! Z! ?$014&#$?$)$)! R,&*$4$)M! Q(:! 2$&! 97Q140$! #05! 2$&!
N$#5+$&6.(:!.)*$*$?$)A!.(:!2$&!D7Q140$!2#$!W"M!
!
!
!
ZMHMF!!"#$%&'#a;6!FHb!
"$)!`.?,&05.33!!"#$%&'#-(<#./0!014$#)$)!2.*$*$)!0$6?05!4,4$!-./0.#1#)7<,)O$)5&.5#,)!
)#145!#3!%.1405(3!O(!?$$#)5&Y145#*$)M!Q66$!%.1405(30'(&+$)!O$#*$)!$#)$)!Y4)6#14$)A!
:.05! $9/,)$)5#$66$)! R$&6.(:M! `$2#*6#14! ?$#! 2$&! HG7:.14! O(! 4,4$)! 854.),67<,)O$)5&.5#,)!
O$#*5! 0#14! $#)$! *$E#00$! @$33E#&'()*! .(:! 2.0! ;.'5$&#$)E.1405(3M! Q?$&! .(14! ?$#!
2#$0$3! R$&0(14! 0/#$65! 2$&! Q(0:.66! 2$&! 854.),67<,)5&,66$! '$#)$! E$0$)56#14$! U,66$M! 80!
?$05Y5#*5!0#14!4#$&!0,*.&A!2.00!0$6?05!$#)$!HdFGG!R$&2L))()*!+,)!854.),6A!E#$!0#$!?$#!2$&!
FJG(*h36!
-./0.#1#)7<,)O$)5&.5#,)!
4$&&0145A!
'$#)$)!
8#):6(00!
.(:!
2.0!
;.'5$&#$)E.1405(3! 4.5M! "$04.6?! '.))! .)*$),33$)! E$&2$)A! 2.00! ?$#! $#)$&! ',&&$'5$)!
854.),67<,)5&,66$!$#)!Y4)6#14$&!R$&6.(:!2$0!;.'5$&#$)E.1405(30!$#)*$5&$5$)!EY&$A!E#$!
?$#!.66$)!-./0.#1#)7<,)O$)5&.5#,)$)M!
!
!
!
!
!
!
FI!
!
#
( (
( (
(
,-."/)"','(0+
+ <("#$%&(
( ;<("#$%&(
( >=("#$%&(
( <=("#$%&(
( ;<=("#$%&(
(
( (012+/3&(53/163&&7(
!(
(
(
(
1+2+
=B==;(
=B==?(
=(
=(
=B?;W(
(
(
(
(
(
(
(
3435+2+
=B=>;(
=B=[W(
=B=<?(
=B=<[(
=B=Z?(
(
(
(
6476+2+
=B<Z;(
=B<><(
=B<?>(
=BZ>[(
=B>?>(
7489+2+
=BX;?(
=BXWW(
=BXX<(
=BYWW(
=BW<(
8458+2+
?B<(
?B<;(
?BZX;(
?BX;(
?BZX(
(=B==?(
(=B=?<(
(=B?(
(=B>=<(
(?B;(
P.?$66$! Jd! B$00E$&5$! 2$&! W"! O(! +$&014#$2$)$)! N$#5/()'5$)! a4b! ?$#! 8M! 1,6#! a;6! FHbM! "$&! R$&0(140.(:?.(!
$)50/&#145!2$3!#)!P.?$66$!Z!?$014&#$?$)$)!R,&*$4$)M!!
!
!
F!
HA]!
HA\!
HAZ!
J!v*h36!
HAF!
FJ!v*h36!
H!
ZG!v*h36!
GA]!
JG!v*h36!
GA\!
FJG!v*h36!
GAZ!
854.),6!<,)5&,66$!
GAF!
G!
!!!!!!!!!!!!!!!!!
G!4!
HMH\!4!
FMKF!4!
KMZ]!4!
ZM\Z!4!
!
Q??MHKd! %.1405(30'(&+$! +,)! !"# $%&'! a;6! FHb! ?$#! +$&014#$2$)$)! -./0.#1#)7<,)O$)5&.5#,)$)M! "$&!
R$&0(140.(:?.(!$)50/&#145!2$3!#)!P.?$66$!Z!?$014&#$?$)$)!R,&*$4$)M!Q(:!2$&!97Q140$!#05!2$&!N$#5+$&6.(:!
.)*$*$?$)A!.(:!2$&!D7Q140$!2#$!W"M!
!
!
ZMHMK!("#)*+,'&')#
H.7(O+)2-1D%-AD6P7/(P3/(("#)*+,'&')(K7.-7/(7./7/(-726(./1767--+/17/(Q76&+DR(+DRB(OI267/G(
G.7(/.7G6.#7/(D/G(%.11&767/(53/F7/16+1.3/7/(P3/(*+,-+.)./(A7./7/(0RR7A1(+DR(G+-(O+)2-1D%(
G76( 8+A176.7/( 2+E7/N( RU261( G.7( 2\)2-17( *+,-+.)./453/F7/16+1.3/( FD( 7./7%( P3&&-1I/G.#7/(
8&3)A(G7-(8+A176.7/K+)2-1D%-B(H.7(012+/3&453/163&&7(.-1(K.7G76(?=4R+)2(FD(23)2B!
!
F]!
!
#
(
(
(
(
(
(
(
(
(
(
(
(
(
(
,-."/)"','(0+
<("#$%&(
;<("#$%&(
>=("#$%&(
<=("#$%&(
;<=("#$%&(
(
(
1+2+
=B=?;(
=B=??(
=B==Y(
=B=?(
=B?;W(
(012+/3&(
53/163&&7(
!
(
=B==;(
(
(
(
3435+2+ (
=B=<(
=B=>Y(
=B=;W(
=B=;X(
=B=;[(
(
(
6476+2+ (
=B<[[(
=B<=?(
=B>>[(
=B[<Z(
=B==X(
(
(
7489+2+
=BX<Y(
=BZ<Z(
=BW<X(
=BZZ[(
=B==X(
(
(
8458+2+
?B>=X(
?B?X(
?B[;(
?B[>(
=B==>(
(
=B=?;(
(
=B?=W(
(
=B>ZX(
(
?B?;(
P.?$66$!\d!B$00E$&5$!2$&!W"!O(!+$&014#$2$)!N$#5/()'5$)!a4b!?$#!("#)*+,'&')"#"$&!R$&0(140.(:?.(!$)50/&#145!
2$3!#)!P.?$66$!Z!?$014&#$?$)$)!R,&*$4$)M!!
!
!
HA\!
HAZ!
HAF!
J!v*h36!
H!
FJ!v*h36!
GA]!
ZG!v*h36!
GA\!
JG!v*h36!
GAZ!
FJG!v*h36!
GAF!
854.),6!<,)5&,66$!
G!
G!4!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
HMH\!4!
FMKF!4!
KMZ]!4!
N$#5!s!
ZM\Z!4!
!
Q??MHZd! %.1405(30'(&+$! +,)! ;M! 0(?5#6#0! ?$#! +$&014#$2$)$)! -./0.#1#)7<,)O$)5&.5#,)$)M! "$&!
R$&0(140.(:?.(!$)50/&#145!2$3!#)!P.?$66$!Z!?$014&#$?$)$)!R,&*$4$)M!Q(:!2$&!97Q140$!#05!2$&!N$#5+$&6.(:!
.)*$*$?$)A!.(:!2$&!D7Q140$!2#$!W"M!
!
!
ZMF!"#$!%#&'()*!2$0!-4#6#7895&.'50!.(:!2.0!;.'5$&#$)E.1405(3!
ZMFMH##!"#$%&'!a;6!FHb!
;$#!!"#$%&'!a;6!FHb!#05!!$#)$!2(&14!2.0!-4#6#7895&.'5!+$&(&0.145$!",0#07.?4Y)*#*$!%#&'()*!
.(:!2.0!;.'5$&#$)E.1405(3!$&'$))?.&M!Q66$&2#)*0!4.5!4=1405$!-./0.#1#)7<,)O$)5&.5#,)!
#)!$5E.!2$)!*6$#14$)!8::$'5!E#$!2#$!854.),67<,)5&,66$A!2#$!#)!2#$0$3!89/$&#3$)5!&#145#*!
!
Fc!
!
?$&$14)$5! E(&2$! aHdHGGbM! ".0! ?$2$(5$5A! 2.00! 2#$! %#&'()*! E.4&014$#)6#14! )#145! +,3!
-4#6#7895&.'5! 05.335A! 0,)2$&)! +,3! 854.),6M! ".*$*$)! 0/&#145A! 2.00! .(14! 2#$! )#$2&#*$)!
-./0.#1#)7<,)O$)5&.5#,)$)! $#)$)! ",0#07.?4Y)*#*$)! 8::$'5! O$#*$)! ()2! ?$#! 2#$0$)!
<,)O$)5&.5#,)$)! '$#)! 854.),678::$'5! 3$4&! O(! $&E.&5$)! #05A! E#$! *.)O! '6.&! #)! Q??#62()*!
HK!*$O$#*5!E(&2$A!E,!0$6?05!$#)$!HdFGG!R$&2L))()*!+,)!854.),6!'$#)$)!8#):6(00!.(:!2.0!
;.'5$&#$)E.1405(3! 4.55$M! N(0.33$)*$:.005! E#&2! 2#$! C&.:#'! 0,! *$2$(5$5A! 2.00! $0! 0#14!
?$#!2$)!HdHGGG!()2!HdHGGGG!R$&2L))()*$)!E.4&014$#)6#14!(3!B$00:$46$&!4.)2$65!,2$&!
.)2$&$!V5,::$!#3!895&.'5!:L&!2#$!@$33()*!+$&.)5E,&56#14!E.&$)M!"#$0$!R$&3(5()*!E#&2!
2(&14! 2$)! >.'5! *$05L5O5A! 2.00! ?$#3! -./0.#1#)7R$&0(14! ?$#! !"# $%&'# -(&# ./0! '$#)$!
E.1405(304$33$)2$!%#&'()*!$&'$))?.&!E.&M!
!
++( (
(
,-.2':';<=$&"#$0+
?C?==(
( ?C?===(
( ?C?====(
( 01:J453/163&&7(
!(
12+
=B;<Z(
=B=W?(
=B?[(
=B=;W(
647+2+
=BX[?(
=BY[[(
?B[W>(
=BZ;X(
845+2+
?B>;(
;B;(
[B>(
?B>>(
P.?$66$! Id! B$00E$&5$! 2$&! W"! O(! +$&014#$2$)$)! N$#5/()'5$)! ?$#! !"# $%&'"# 8#)$! R,&'(65(&! 2$&! ;.'5$&#$)!
E(&2$! O(! 2$)! K! .)*$*$?$)$)! R$&2L))()*$)! 2$0! -4#6#7895&.'50! *$*$?$)! ()2! O(! K! +$&014#$2$)$)!
N$#5/()'5$)! E(&2$! 2#$! ,/5#014$! "#145$! 2$&! ;.'5$&#$)'(65(&$)! *$3$00$)M! NE#014$)! 2$)! B$00()*$)!
E(&2$)!2#$!;.'5$&#$)'(65(&$)!?$#!KIo!-!#3!`.?,&014L556$&!'(65#+#$&5M!%$))!2#$!B$00E$&5$!L?$&!W"d!GM]!
6.*$)A! E(&2$)! 2#$! ;.'5$&#$)'(65(&$)! +$&2L))5! ()2! ),14! $#)3.6! *$3$00$)M! "#$! %$&5$! E(&2$)! 2.))!
$)50/&$14$)2!?$&$14)$5!()2!#)!2#$!P.?$66$!$#)*$:L*5M!V,!',))5$)!.(14!%$&5$!L?$&!GM]!.(:*$:L4&5!E$&2$)M!
!
!
Z!
KAJ!
K!
HdHGGn!
FAJ!
HdHGGGn!
F!
HdHGGGGn!
HAJ!
H!
854.),6!<,)5&,66$!
GAJ!
G!
!!!!!!!!!!!!!!!!!!
N$#5!s!G!
N$#5!s!FMK!4!
ZM\!4!
!
Q??MHJd! %.1405(30'(&+$)! +,)! !"# $%&'! a;6! FHb! ?$#! +$&014#$2$)$)! -4#6#7895&.'57<,)O$)5&.5#,)$)M! "$&!
R$&0(140.(:?.(!$)50/&#145!2$3!#)!P.?$66$!I!?$014&#$?$)$)!R,&*$4$)M!Q(:!2$&!97Q140$!#05!2$&!N$#5+$&6.(:!
.)*$*$?$)A!.(:!2$&!D7Q140$!2#$!W"M!!
!
!
!
KG!
!
>B;B;(("#)*+,'&')#
;$#!2#$0$3!R$&0(14!0#)2!#)5$&$00.)5$!<(&+$)+$&6Y(:$!:$0505$66?.&M!Q(::Y66#*!#05A!2.00!2#$!
`#)#$!2$&!05Y&'05$)!<,)O$)5&.5#,)!$#)$)!0$4&!4,4$)!V5.&5/()'5!4.5A!E.0!+$&3(56#14!.)!
2$&! 8#*$).?0,&?5#,)! 2$0! *$6=05$)! -4#6#7895&.'50! 6#$*5A! 2.0! $#)$! 2()'6$! &,57?&.()$!
>Y&?()*!?$0.00M!P&,5O2$3!#05!?$#!2$&!05Y&'05$)!<,)O$)5&.5#,)!$#)$!2$(56#14$!@$33()*!
2$0! ;.'5$&#$)E.1405(30! $&'$))?.&A! 2$))! +$&*6#14$)! 3#5! 2$)! .)2$&$)! <(&+$)! #05! 0#$!
2$(56#14!:6.14$&M!Q(::Y66#*!#05!$?$):.660A!2.00!2$&!B$00/()'5!2$&!R$&2L))()*!HdHGGG!?$#!
FAK! 4! .(:! '$#)! ;.'5$&#$)E.1405(3! 4#)E$#05M! ".! 2.).14! .66$&2#)*0! 2#$! <(&+$! 05.&'!
.)05$#*5A!#05!2#$0!+$&3(56#14!.(:!$#)$3!B$00:$46$&!O(&L1'O(:L4&$)M!
#
+
+
(
(
(
!(
(
1+2+
=B;;W(
=B=;Y(
=B=;X(
=B=?[(
+
+
,-.2':';<=$&"#$0+
?C?==(
?C?===(
?C?====(
012+/3&(53/163&&7(
(
647+2+
=B[[[(
=B=[?(
=B;Z(
=B?X<(
(
845+2+
=B<;(
=BX(
?B;(
=BX(
P.?$66$! Id! B$00E$&5$! 2$&! W"! O(! +$&014#$2$)! N$#5/()'5$)! ?$#! ("#)*+,'&')M! "$&! R$&0(140.(:?.(! $)50/&#145!
2$3!#)!P.?$66$!I!?$014&#$?$)$)!R,&*$4$)M!
!
!
!
HAZ!
HAF!
H!
HdHGGn!
GA]!
HdHGGGn!
GA\!
HdHGGGGn!
GAZ!
854.),6!<,)5&,66$!
GAF!
G!
!!!!!!!!!!!!!!!!!!!!!
G!4!
FMK!4!
ZM\!4!
!
Q??MH\d! %.1405(30'(&+$)! +,)! ("# )*+,'&')! ?$#! +$&014#$2$)$)! -4#6#7895&.'57<,)O$)5&.5#,)$)M! "$&!
R$&0(140.(:?.(!$)50/&#145!2$3!#)!P.?$66$!I!?$014&#$?$)$)!R,&*$4$)M!Q(:!2$&!97Q140$!#05!2$&!N$#5+$&6.(:!
.)*$*$?$)A!.(:!2$&!D7Q140$!2#$!W"M!
!
!
!
!
KH!
!
J!"#0'(00#,)!
!
"#$! 8&*$?)#00$! 2#$0$&! Q&?$#5! ?$05Y5#*$)A! 2.00! -./0.#1#)! .?! $#)$&! ?$05#335$)!
<,)O$)5&.5#,)! $#)$! .)5#?#,5#014$! %#&'()*! .(:! ;.'5$&#$)! 4.?$)! '.))M! Q66$&2#)*0!
014$#)$)! !"# $%&'! ;.'5$&#$)! E$)#*$&! $3/:#)26#14! O(! 0$#)! .60! ("# )*+,'&')! ,2$&! 2.0!
;.'5$&#$)#0,6.5! .(0! 2$)! W4&$)M! N()Y1405! 05$665! 0#14! )()! 2#$! >&.*$A! ,?! 2#$! +$&E$)2$5$)!
-./0.#1#)7<,)O$)5&.5#,)$)! L?$&4.(/5! &$6$+.)5! 0#)2A! ,2$&! +#$66$#145! +#$6! O(! 4,14!
.)*$0$5O5! E(&2$)M! "$0E$*$)! 0,665$)! O()Y1405! 2#$! #3! R$&0(14! +$&E$)2$5$)!
<,)O$)5&.5#,)$)! 3#5! 2$)! B$)*$).)*.?$)! 2$&! 3$2#O#)#014! $#)*$0$5O5$)! -./0.#1#)7
[&,2('5$)!+$&*6#14$)!E$&2$)M!
!
JMH!X)!2$&![&.9#0!O(!$&E.&5$)2$!8::$'5$!2$0!-./0.#1#)0!.(:!2#$!
+$&014#$2$)$)!;.'5$&#$)05Y33$!
!
Q60! -./0.#1#)7[&,2('5$! E(&2$)! $9$3/6.&#014! $#)#*$! ;$#0/#$6$! :L&! 2#$! R$&*6$#14$!
.(0*$EY465!()2!3#5!2$&!$)50/&$14$)2$)!-./0.#1#)7Q)5$#67Q)*.?$!#)![&,O$)5!.(:*$6#05$5d!
!
-&x3$d!455/d!@,5!P4$&3,!2(&.!-A!+,)!B$&1'!2(&.!C3?@A!GAGJKm!-./0.#1#)KK!
[:6.05$&d!g(5$)O.yA!+,)!Q05$66.0![4.&3.!QCd!]m!-./0.#1#)KZ!
C$5&,1')$5$!@.?.)$&,!-4#6#0d!OE#014$)!GA\FJm!7!KAHFJm!-./0.#1#)!
-4#66#7895&.'5A! .(0! 2$&! Q&,3$)#)2(05&#$d! 1.M! \A\m! -./0.#1#)KJ!?#0! ZZAKKm! -./0.#1#)K\!
a$)50/&#145!H!B#,M!k!IAH!B#,M!V1,+#66$78#)4$#5$)b!
!
U$14)$5! 3.)! )()! 2#$! ?$#! 2$)! R$&0(14$)! +$&E$)2$5$)! <,)O$)5&.5#,)$)! $?$):.660! #)!
/&,O$)5(.6$!Q)*.?$)!(3A!0,!$&4Y65!3.)!:,6*$)2$!%$&5$d!
!
J!v*h36!s!GAGGGJ!m!!!
FJ!v*h36!s!GAGGFJ!m!!
ZG!v*h36!s!GAGGZ!m!!
JG!v*h36!s!GAGGJ!m!!
FJG!v*h36!s!GAGFJ!m!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
KK!hh3$2#'.3$)5$M,)3$2.M2$hB$2#'.3$)5h4,5nP4$&3,n2(&.n-M4536!
KZ!455/dhhEEEM/4.&3.E#'#M14hE#'#h#)2$9M/4/rE#'#s-./0.#1#)7
[:6.05$&t0$.&14s-./0.#1#)mFG[:6.05$&j?,55,3!
KJ!455/dhh2$ME#'#/$2#.M,&*hE#'#h-./0.#1#)!
K\!455/dhhEEEM4,50.(1$)M14h$9'6(0#+#5.$5$)h54$70,(&1$M453!
!
KF!
!
!
B.)!0#$45!)()A!2.00!2#$!-./0.#1#)7[&,2('5$!.66$!4=4$&$!-./0.#1#)7Q)5$#6$!4.?$)!.60!2#$!
+$&E$)2$5$)!<,)O$)5&.5#,)$)!?$#3!R$&0(14M!!
"#$! -./0.#1#)7[&,2('5$! ?$0#5O$)! $#)$! F7:.14! ?#0! KFG7:.14! 05Y&'$&$! <,)O$)5&.5#,)$)! .60!
2#$!4=1405$A!?$#3!R$&0(14!+$&E$)2$5$!<,)O$)5&.5#,)M!"#$!-4#6#7895&.'5$!0#)2!0,*.&!(3!
$#)!F\G7!?#0!HIGG7:.14$0!05Y&'$&!',)O$)5&#$&5M!!
80! #05! .66$&2#)*0! ),14! *$0.354.:5! O(! ?$2$)'$)A! 2.00! 2#$! R$&0(14$! '5# =',9%! 3#5!
>6L00#*'(65(&$)! *$3.145! E(&2$)! ()2! .(:! 2$&! @.(5! :,6*6#14! *.)O! .)2$&$!
R$&0(140?$2#)*()*$)! ?$05$4$)! '=))5$)M! ;$#! 2#$0$&! "#0'(00#,)! E#&2! S$2,14!
.)*$),33$)A!2.00!2#$0$!T)5$&014#$2$!2.0!8&*$?)#0!)#145!$)5014$#2$)2!?$$#):6(00$)M!
!
X3!>,6*$)2$)!0,66$)!2#$!3=*6#14$)!8::$'5$!+,)!-./0.#1#)7[&,2('5$)!.(:!2#$!#3!R$&0(14!
+$&E$)2$5$)!;.'5$&#$)05Y33$!2#0'(5#$&5!E$&2$)M!
!
JMHMH!!;.'5$&#$)#0,6.5!.(0!2$)!W4&$)d!
%#$!?$#!2$)!U$0(65.5$)!?$014&#$?$)A!#05!?$#3!;.'5$&#$)#0,6.5!2$&!W4&$)!*$0.354.:5!$#)$!
2,0#0.?4Y)*#*$!%#&'()*!$&'$))?.&M!!
".0! ?$2$(5$5! ',)'&$5A! 2.00! :L&! 2#$! Q)E$)2()*! +,)! -./0.#1#)7[&,2('5$)! 6,'.6! $#)$!
"$O#3#$&()*! 2#$0$0! ;.'5$&#$)05.33$0! .)O()$43$)! #05A! #)0?$0,)2$&$! E$#6! 2#$!
B$2#'.3$)5$! 05Y&'$&$! <,)O$)5&.5#,)$)! $)54.65$)M! ^#335! 3.)! ?$#0/#$60E$#0$! .)A! 2.00!
$#)$![$&0,)!#4&$!.3!W4&!+,&',33$)2$!CL&5$6&,0$!3#5!2$3!-./0.#1#)7[:6.05$&!g(5$)O.y!
?$'Y3/:5A! 0,! EL&2$! 2,&5! $#)$! <,)O$)5&.5#,)! +,)! ]m! .(:! 2#$! 2,&5! 6$?$)2$)! ;.'5$&#$)!
5&$::$)A! E.0! $#)$! KFG7:.14! 05Y&'$&$! <,)O$)5&.5#,)! .60! 2#$! 3.9#3.6! #3! R$&0(14!
+$&E$)2$5$!<,)O$)5&.5#,)!?$2$(5$)!EL&2$M!"#$0!EL&2$!+$&3(56#14!)#145!)(&!O(!$#)$3!
UL1'*.)*A! 0,)2$&)A! 0,:$&)! L?$&! $#)$)! 6Y)*$&$)! N$#5&.(3! .)*$E$)2$5A! 6,'.6! O(! $#)$&!
',3/6$55$)! Q(06=014()*! 2#$0$0! V5.330! :L4&$)M! >.660! $0! 0#14! (3! /.54,*$)$! ;.'5$&#$)!
4.)2$65A!#05!2#$0!$#)!2(&14.(0!*$EL)0145$&!8::$'5A!.?$&!E$))!2#$!),&3.6$!;.'5$&#$):6,&.!
2$&!@.(5!.)*$*&#::$)!E#&2A!'.))!2.0!0/Y5$&!O(!)$*.5#+$)!8::$'5$)!:L4&$)M!
!
!
!
!
!
KK!
!
JMHMF!!!"#$%&'#-(&#./0d!
".0! ".&3?.'5$&#(3#!"#$%&'#a;6! FHb! E#&2! 2(&14! 2#$! #3! R$&0(14! +$&E$)2$5$)! -./0.#1#)7
<,)O$)5&.5#,)$)!)#145!0#*)#:#'.)5!#3!%.1405(3!*$4$335M!"#$0!6Y005!2.&.(:!0146#$00$)A!
2.00! 2$&! R$&O$4&! +,)! -4#6#0! ,2$&! -4#6#/&,2('5$)! +$&3(56#14! '$#)$! ?$0,)2$&$! %#&'()*!
?$#3!B$)014$)!.(:!2#$0$)!V5.33!4.?$)!EL&2$M!!
!
",14! .(14! E$))! '$#)$! %#&'()*! *$:()2$)! E(&2$A! #05! :,6*$)2! #05! .60! ;$#0/#$6! 5&,5O2$3!
$#)$! '(&O$! U$14)()*! ?$014&#$?$)A! 3#5! E$614$&! ()*$:Y4&! ?$&$14)$5! E$&2$)! '.))! #)!
E$614$3! R$&4Y65)#0! 2#$! #)! 2$&! [&.9#0! 5.50Y146#14! +,&',33$)2$)! <,)O$)5&.5#,)$)! 3#5!
2$)$)!2$0!R$&0(140!05$4$)M!
!
^#335! 3.)! .60! ;$#0/#$6! *$5&,1')$5$! @.?.)$&,0! ()2! )#335! .)A! 2.00! $#)$! [$&0,)! $#)$!
@.?.)$&,! 3#5! H*! C$E#145! a$)50/&#145! GAGG\FJ*! k! GAGKHFJ*! -./0.#1#)b! ?$#3! 800$)! O(!
0#14! )#335A! '=))5$! 3.)! L?$&! 2.0! ()*$:Y4&$! R,6(3$)! 2$0! B.*$)0! .))Y4$&)2! 2#$!
<,)O$)5&.5#,)! ?$&$14)$)A! E$614$! #)! 0$#)$3! B.*$)! $)505$45M! 8#)! 3$)0146#14$&! B.*$)!
?$0#5O5! $#)! R,6(3$)! +,)! ()*$:Y4&! HAJ! `KIM! V,3#5! $&*#?5! 0#14! $#)$! <,)O$)5&.5#,)! +,)!
GAGG\FJ*! d! HJGG! 36! s! ! GAGGGGGZHI! *h36! s! ZAHIv*h36! ! ?#0! ! GAGKHFJ*! d! HJGG36! s!
GAGGGGFG]*h36sGAGF3*h36sFGv*h36M! ".! )#145! $#)3.6! ?$#! $#)$&! <,)O$)5&.5#,)! +,)!
FJGv*h36! $#)$! %#&'()*! *$:()2$)! E(&2$A! #05! 2#$0$! <,)O$)5&.5#,)! +,)! ZAH! v*h36! ?#0!
FGv*h36!.60,!2$(56#14!O(!'6$#)!(3!!"#$%&'!#3!%.1405(3!O(!?$#)5&Y145#*$)M!V$6?05!E$))!
2$&!B.*$)!)(&!O(!$#)$3!O$4)5$6!*$:L665!#05A!',335!3.)!3#5!ZH!?#0!FGG!v*h36!*$&.2$!#)!
2$)! ;$&$#14! 2$&! *$5$05$5$)! <,)O$)5&.5#,)$)M! ".! 2#$0$! <,)O$)5&.5#,)$)! '$#)$! %#&'()*!
.(:!2.0!;.'5$&#$)E.1405(3!+,)!!"#$%&'!a;`!FHb!O$#*5$)A!'.))!3.)!2.+,)!.(0*$4$)A!2.00!
0#$!.(14!'$#)$!%#&'()*!.(:!#3!".&3!6$?$)2$!!"#$%&'!V5Y33$!4.5M!
!
JMHMK!!("#)*+,'&')d!
;$#3!R$&0(14!3#5!("#)*+,'&')!E(&2$!2#$!05Y&'05$!%#&'()*!2$0!-./0.#1#)0!:$05*$05$665M!;$#!
2$&!4=1405$)!<,)O$)5&.5#,)!E(&2$!0,*.&!S$*6#14$0!%.1405(3!+$&4#)2$&5M!!
".!("#)*+,'&')!#3!3$)0146#14$)!".&3!+,&',335A!',33$)!.60!E#&'$)2$!V(?05.)O$)!)(&!
,&.6!$#)*$),33$)$!-4#6#0!,2$&!-4#6#/&,2('5$!#)!>&.*$M!
"#$!?$&$14)$5$!-./0.#1#)7<,)O$)5&.5#,)!+,)!ZAH!v*h36!?#0!3.9#3.6!!FGG!v*h36A!E$614$!
#3! R$&2.(()*00D05$3! $#)$0! V14Y&:$76#$?$)2$)! B$)014$)! +,&4$&&014$)! '=))5$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
KI!455/dhh2$ME#'#/$2#.M,&*hE#'#hB.*$)!
!
KZ!
!
aU$14)()*! 0#$4$! ,?$)bA! '=))5$! ?$#! ("# )*+,'&')! ;.'5$&#$)! 5.50Y146#14! $#)$!
%.1405(304$33()*! ?$E#&'$)M! 8#)$! <,)O$)5&.5#,)! +,)! FGG! v*h36! E#&2! .?$&!
E.4&014$#)6#14! )(&! #)! $95&$3$)! >Y66$)! $&&$#145A! E#$! $5E.! ?$#! $#)$3! -4#6#7%$55$00$)!
,2$&!$#)$3!!$95&$3!014.&:!$00$)2$)!5&,/#014$)!B$)014$)05.33M!!
!
JMF! ! ;$&$14)()*! 2$&! V14Y&:$! ()2! 2$&! -./0.#1#)',)O$)5&.5#,)! 2$0! -4#6#7
895&.'50!!
!
JMFMH!#!"#$%&'d!".!E#$!.(14!?$#!.66$)!-./0.#1#)7<,)O$)5&.5#,)$)!'$#)$!%#&'()*!2$0!-4#6#7
895&.'50! $&'$))?.&! #05A! '.))! .(:*&()2! 2#$0$&! 8&*$?)#00$! '$#)! &#145#*$&! R$&*6$#14!
.)*$05$665!E$&2$)M!
!
JMFMF##("#)*+,'&')d!
"$&! R$&*6$#14! 2$0! R$&0(140! 3#5! 2$)! +$&014#$2$)$)! -./0.#1#)7<,)O$)5&.5#,)$)! O$#*5A!
2.00!2#$!4=1405$!<,)O$)5&.5#,)!2$0!-4#6#7895&.'50!OE.&!)#145!0,!05.&'!E#&'5!E#$!2#$!FJG!
v*h367<(&+$!2$0!-./0.#1#)0A!.?$&!2,14!$#)$!2$(56#14!05Y&'$&$!%#&'()*!?$0#5O5!.60!2#$!JG!
v*h367<(&+$!2$0!-./0.#1#)0M!"#$0!?$2$(5$5!',)'&$5A!2.00!0#14!2#$!05Y&'05$!<,)O$)5&.5#,)!
2$0!-4#6#7895&.'50!+$&3(56#14!$5E.!#)!2$&!B#55$!2$0!;$&$#140!OE#014$)!JG!v*h36!()2!FJG!
v*h36! -./0.#1#)0! $#)O(,&2)$)! #05M! ".! 2#$! <,)O$)5&.5#,)! .)! &$#)$3! -4#6#7895&.'5!
HHK3*h36! ?$5&(*! ()2! 2#$0$! 3#5! HdHGG! +$&2L))5! E(&2$A! 6Y005! 0#14! $&&$14)$)A! 2.00! $#)!
P$#6! -4#6#7895&.'5! OE#014$)! HHKGv*h36! d! JGv*h36! s! FFA\7:.14! ()2! HHKGv*h36! d!
FJGv*h36!s!ZAJ7:.14!014EY14$&!E#&'5!.60!$#)!P$#6!-./0.#1#)M!".!2#$!V1,+#66$7V'.6.!6#)$.&!
.)05$#*5A! '.))! )()! $#):.14! 2(&14! 2#+#2#$&$)! 2$&! OE$#! >.'5,&$)! 2.0! B#)#3(3! ()2! 2.0!
B.9#3(3! #)! V1,+#66$78#)4$#5$).(0*$&$14)$5! E$&2$)M! "#$! ;$&$14)()*! 2$&! V14Y&:$! 2$0!
-4#6#7895&.'50! *$014#$45! #)! 2#$0$3! >.66$! .66$&2#)*0! ()5$&! 2$&! Q)).43$A! 2.00! 2.0!
-./0.#1#)! .60! $#)O#*$&! V5,::! 2$0! 895&.'50! $#)$! %#&'()*! .(:! 2.0! ;.'5$&#$)E.1405(3! 4.5!
()2!'$#)$!.)2$&$!V(?05.)O!2.?$#!$#)$!U,66$!0/#$65$M!P.50Y146#14!'=))5$)!0#14!#3!895&.'5!
),14! .)2$&$! V(?05.)O$)! E#$! Y54$&#014$! z6$! ?$:#)2$)A! E$614$! 2(&14.(0! $#)$!
.)5#?.'5$&#$66$! %#&'()*! .(:! ! 2.0! ;.'5$&#$)E.1405(3! ?$0#5O$)! '=))5$)M! T)5$&! 2$&!
#2$.6#0#$&5$)! Q)).43$A! 2.00! -./0.#1#)! 2$&! $#)O#*$! .)5#?.'5$&#$66! E#&'$)2$! V5,::! #3!
895&.'5! #05A! '.))! $#)$! 0$4&! *&,?$! U$14)()*! .)*$05$665! E$&2$)A! (3! 2#$! -./0.#1#)7
<,)O$)5&.5#,)! O(! $&&$14)$)M! ".! 2.0! *$'.(:5$A! :.05! &$#)$! -./0.#1#)! .))Y4$&)2!
H\MGGGMGGG! V1,+#66$78#)4$#5$)! 014.&:! #05A! 6#$*5! 2.0! 8&*$?)#0! 2$0! -4#6#7895&.'50! OE#014$)!
IGI{c\Z! V1,+#66$78#)4$#5$)! ()2! K|JJJ|JJJ! V1,+#66$78#)4$#5$)M! T3*$&$14)$5! #)! [&,O$)5!
!
KJ!
!
$&4Y65! 3.)! $#)$! 8&*$?)#00/.65$! +,)! ZAZFm! ()2! FFAFFmM! "#$0$0! 8&*$?)#0! 6#$*5!
$&05.()6#14$&E$#0$!0,*.&!&$145!).4$!?$#3!`#5$&.5(&E$&5!:L&!+$&014#$2$)$!-4#6#7895&.'5$A!
E$614$!OE#014$)!\A\mK]!!()2!ZZAKKmKc!-./0.#1#)!6#$*$)M!
!
!
JMK!!R$&*6$#14!3#5!2$&!`#5$&.5(&!
R$&*6$#145! 3.)! )()! 2#$! 8&*$?)#00$! 2#$0$&! Q&?$#5! 3#5! 2$)$)! 2$&! /(?6#O#$&5$)! Q&?$#5ZG!
E$614$! O(+,&! .60! C&()26.*$! :L&! 2#$! %.46! 2$&! R$&0(140?$2#)*()*$)! a<,)O$)5&.5#,)$)A!
B$00O$#5$)! (0EMb! *$)(5O5! E,&2$)! E.&A! E$&2$)! 2$(56#14$! T)5$&014#$2$! $&'$))?.&M! ;$#!
2$&! $#*$)$)! Q&?$#5! E(&2$)! $#)3.6! '$#)$! @$33()*A! $#)3.6! $#)$! 6$#145$! @$33()*! .?!
FJG! v*h36! ()2! $#)3.6! $#)$! ',3/6$55$! @$33()*! .?! FJG! v*h36! *$:()2$)M! ;$#! 2$&!
U$:$&$)O.&?$#5! E(&2$! 4#)*$*$)! 014,)! .?! JG! v*h36! $#)$! ',3/6$55$! @$33()*! .(:! 2.0!
%.1405(3! +,)! :"# 3;&%9'! *$:()2$)M! "#$0$&! R$&*6$#14! O$#*5! 2$(56#14A! 2.00! +$&014#$2$)$!
;.'5$&#$)05Y33$! ()5$&014#$26#14! 05.&'! .(:! -./0.#1#)! &$.*#$&$)M! ;$#! 2$3! R$&*6$#14! #05!
.(14! O(! ?$2$)'$)A! 2.00! 2#$! ;.'5$&#$)05Y33$! +,)! +$&014#$2$)$)! <=&/$&05$66$)!
05.33$)d! !"#$%&'! ()2! ("#)*+,'&')! 0#)2! ".&3?.'5$&#$)A! :"#3;&%9'! #05! $#)! B.*$)?.'5$&#(3A!
?$#3! ;.'5$&#$)#0,6.5! .(0! 2$)! W4&$)! 4.)2$65! $0! 0#14! E.4&014$#)6#14! (3! $#)! ;.'5$&#(3!
2$&! @.(5:6,&.M! ".! 2#$! 05Y&'05$! %#&'()*! .(:! 2#$! B.*$)?.'5$&#$)! ()2! )()! 2(&14! 2#$!
+,&6#$*$)2$! ! Q&?$#5! .(:! 2#$! @.(5?.'5$&#$)! *$:()2$)! E(&2$)A! '.))! )#145! .?*$6$#5$5!
E$&2$)A!2.00!?$05#335$!<=&/$&/.&5#$)!?$0,)2$&0!?$5&,::$)!0#)2M!!
!
".!2#$!%#&'()*!+,)!-./0.#1#)!.(:!3,6$'(6.&$&!8?$)$!?$#!;.'5$&#$)!),14!)#145!*$).($&!
#)! 2$&! `#5$&.5(&! ?$014&#$?$)! #05A! 6.00$)! 0#14! 2.&L?$&! )(&! R$&3(5()*$)! .)05$66$)M! 8#)$!
B=*6#14'$#5! EY&$A! 2.00! 2#$! ()5$&014#$26#14$! <,3/,0#5#,)! 2$&! N$66E.)2! +,)!
*&.3/,0#5#+$)!()2!*&.3)$*.5#+$)!;.'5$&#$)!$#)$)!()5$&014#$26#14!*(5$)!V14(5O!*$*$)!
2.0! -./0.#1#)! +$&3#55$6)! '=))5$M! "#$0! 6Y005! 0#14! S$2,14! E#2$&6$*$)A! 2.! 0,E,46! 2.0!
%.1405(3! +,)! :"# 3;&%9'! .60! *&.3)$*.5#+$0 ZH !;.'5$&#(3A! .60! .(14! ("# )*+,'&')! .60!
*&.3/,0#5#+$0ZF!;.'5$&#(3!2(&14!-./0.#1#)!*$4$335!E$&2$)M!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
K]!455/dhh2$ME#'#/$2#.M,&*hE#'#h-./0.#1#)!
Kc!455/dhhEEEM4,50.(1$)M14h$9'6(0#+#5.$5$)h54$70,(&1$M453!
ZG!455/dhhEEEM.))3#1&,M()#3#M#5h:(66hJJhO$D&$'iJJiHFJ7HFIM/2:!
ZH!455/dhh2$ME#'#/$2#.M,&*hE#'#h@$6#1,?.15$&i/D6,&#!
ZF!455/dhh2$ME#'#/$2#.M,&*hE#'#h;.1#66(0i0(?5#6#0
!
!
K\!
!
!
!
Q?0146#$00$)2!*#?5!$0!$#)$!#)5$&$00.)5$!_?$&6$*()*A!2$))!2.!?$#3!X0,6.5!2$&!W4&$)!$#)$!
0$4&! 05.&'$! %#&'()*! ?$#! 2$&! R$&E$)2()*! +,)! -./0.#1#)7[&,2('5$)! $&&$14)$5! E(&2$A!
05$665! 0#14! 2#$! >&.*$A! ,?! 2#$! -./0.#1#)7[&,2('5$! +,&! 2$3! =::$)56#14$)! R$&'.(:!
$)50/&$14$)2! *(5! .(:! ^$?$)E#&'()*$)! *$5$05$5! E(&2$)M! ".! #)! 2$&! `#5$&.5(&! 0,614$!
R$&0(14$! )#145! O(! :#)2$)! E.&$)A! #05! 2(&14.(0! 3=*6#14A! 2.00! 2#$0$! $4$&! `.)*O$#57
^$?$)E#&'()*$)! )#145! *$5$05$5! E(&2$)M! >L&! [.5#$)5$)A! 2#$! L?$&! 6Y)*$&$! N$#5!
*&,00:6Y14#*! -./0.#1#)7[&,2('5$! .(:! 2#$! @.(5! .(:5&.*$)A! '=))5$)! 2#$! 8&*$?)#00$! 2#$0$&!
Q&?$#5!.60,!2(&14.(0!&$6$+.)5!0$#)M!".0!V5=&$)!2$0!C6$#14*$E#1450!2$&!;.'5$&#$):6,&.!2$&!
@.(5!'=))5$!()5$&!T305Y)2$)!2.0!Q)0#$2$6)!/.54,*$)$&!<$#3$A!2#$!)#145!+,)!-./0.#1#)!
*$4$335!E$&2$)A!$&3=*6#14$)!()2!O(!2$)!,?$)!$&EY4)5$)!`.)*O$#57^$?$)E#&'()*$)!
:L4&$)M! ;$#! 2$&! 6,'.6$)! R$&E$)2()*! 0#)2! 2.*$*$)! '$#)$! *&,00$)! ^$?$)E#&'()*$)! O(!
$&E.&5$)A! 2.! 0#14! 2$&! ;$05.)2! 2$&! ;.'5$&#$)! 2$&! ?$4.)2$65$)! <=&/$&05$66$! $#)#*$! N$#5!
).14!2$3!C$?&.(14!+$&3(56#14!E#$2$&!$&4,65M!
!
!
!
!
!
!
!
!
KI!
!
\!!!N(0.33$):.00()*!
!
"#$!-4#6#!#05!?$#!2$)!^.145014.55$)*$EY140$)!a>%&252$272b!$#)O(,&2)$)!()2!*$4=&5!2$&!
C.55()*! 2$&! [./&#'.! a123)'$*4b! .)M! V#$! E#&2! #)! KK! +$&014#$2$)$)! Q&5$)! .(:*$*6#$2$&5A!
+,)! E$614$)! .66$&2#)*0! )(&! :L):! :L&! 2$)! B$)014$)! +,)! ;$2$(5()*! :L&!
<(65#+#$&()*0OE$1'$! 0#)2M! -4#6#0! 0#)2! 4$(5$! :.05! L?$&.66! .(:! 2$&! %$65! +$&?&$#5$5M! V#$!
E$&2$)! 014,)! 0$#5! L?$&! cGGG! e.4&$)! +,3! B$)014$)! .)*$/:6.)O5M! R$&*6$#140E$#0$! S()*!
2.O(!#05!#4&$!R$&?&$#5()*!.(0!VL27!()2!B#55$6.3$&#'.!.(:!2#$!<,)5#)$)5$!8(&,/.A!Q:&#'.!
()2! Q0#$)A! E$614$! $&05! +,&! $5E.! JGG! e.4&$)! 2(&14! 8&,?$&$&! ()2! 8)52$1'$&! E#$!
-4&#05,/4!-,6(3?(0!$#)*$6$#5$5!E(&2$M!
!
@$(5O(5.*$! E$&2$)! -4#6#0! +,3! B$)014$)! +#$60$#5#*! ()2! #)! 0$4&! ()5$&014#$26#14$)!
`$?$)0?$&$#14$)!$#)*$0$5O5M!C&=005$)5$#60!E#&2!0#$!.60!C$0143.1'07!()2!^.4&()*03#55$6!
#)!2$)!EY&3$&$)!P$#6$)!2$&!%$65!*$*$00$)A!E,!0#$!0#14!:L&!2$)!B$)014$)!.(:*&()2!2$&!
.)5#?.'5$&#$66$)! ()2! <=&/$&5$3/$&.5(&! 0$)'$)2$)! %#&'()*! 2$0! V5,::0! -./0.#1#)! .60!
)L5O6#14$0!).5L&6#14$0!B#55$6!?$EY4&5M!
!
^$?$)!2$&!5D/#014$)!R$&E$)2()*!.60!^.4&()*03#55$6!E$&2$)!-4#6#0!.(14!.(:*&()2!#4&$0!
%#&'05,::0!-./0.#1#)!O(!3$2#O#)#014$)!NE$1'$)!*$)(5O5M!".?$#!E$&2$)!0#$!3$#05!.(:!2$&!
@.(5! #)! >,&3! +,)! [:6.05$&)! ,2$&! -&$3$0! $#)*$0$5O5M! N#$6! 2#$0$&! [&,2('5$! #05! $0! 2#$!
$)50/&$14$)2$!<=&/$&05$66$!O(!EY&3$)!()2!2.3#5!V143$&O$)!O(!6#)2$&)M!!
!
X3! /&.'5#014$)! P$#6! 2#$0$&! Q&?$#5! *#)*! $0! 2.&(3! 4$&.(0O(:#)2$)A! ,?! 2.0! -./0.#1#)! 2$&!
?$0.*5$)! [&,2('5$! ,2$&! 2$&! .60! ^.4&()*03#55$6! +$&E$)2$5$)! -4#6#0! $#)$! %#&'()*! .(:!
2.0!%.1405(3!+,)!;.'5$&#$)!2$&!3$)0146#14$)!<=&/$&:6,&.!4.?$)!'.))M!
!
".O(! E(&2$)! $9$3/6.&#014! 2#$! %#&'()*! +,)! -./0.#1#)! .(:! 2.0! %.1405(3! +,)! 2&$#!
;.'5$&#$)05Y33$)! a!)$679'$6'2# $%&'! a;6! FHbA! (2$'&&*)# )*+,'&')! ()2! $#)! 0$6?05! #0,6#$&5$0!
@.(5?.'5$&#(3! .(0! 2$)! W4&$)b! ()5$&0(145M! >6L00#*'(65(&$)! 3#5! +$&014#$2$)$)!
-./0.#1#)7<,)O$)5&.5#,)$)! E(&2$)! 3#5! ;.'5$&#$)! .)*$#3/:5! ()2! $0! E(&2$)! L?$&! 2#$!
B$00()*! 2$&! ,/5#014$)! "#145$! %.1405(30'(&+$)! $&05$665M! 80! O$#*5$! 0#14A! 2.00! 2.0!
%.1405(3!2$0!;.'5$&#$)#0,6.5$0!2$&!W4&$)!()2!?$#!("#)*+,'&')!0#*)#:#'.)5!*$4$335!E#&2M!
!
K]!
!
8#)!2$(56#14$&!8::$'5!E.&!.?$&!)(&!?$#!2$&!S$E$#60!4=1405$)!<,)O$)5&.5#,)!aFJG!v*h36b!
O(!$&'$))$)M!
".))! E(&2$! *&,?! ?$&$14)$5A! 2.00! $#)! -4#6#7<,)0(3! +,)! *Y)*#*$3! Q(03.00! )#145!
.(0&$#145A! (3! $#)$! *$)L*$)2! 4,4$! -./0.#1#)7<,)O$)5&.5#,)! #3! B.*$)7".&37P&.'5! O(!
$&&$#14$)A!2#$!2.0!%.1405(3!+,)!("#)*+,'&')!4$33$)!EL&2$M!!
!
>L&! 2.0! ;.'5$&#$)#0,6.5! 2$&! W4&$)! $&*.?! 0#14A! 2.00! $#)$! 0$4&! 05.&'$! "$O#3#$&()*! 2$0!
;.'5$&#$)05.33$0! ?$#! Q)E$)2()*! $#)$0! -4#6#7[&,2('50! E.4&014$#)6#14! #05A! 2.! 2#$!
<,)O$)5&.5#,)$)! 2$&! -./0.#1#)7[&,2('5$! (3! $#)! R#$6:.14$0! *&=00$&! 0#)2! .60! 2#$! ?$#3!
R$&0(14!+$&E$)2$5$)!<,)O$)5&.5#,)$)M!!
!
T).?4Y)*#*! +,)! 2$&! +,&6#$*$)2$)! Q&?$#5! E(&2$! /(?6#O#$&5A! 2.00! 2.0! %.1405(3! +,)! :"#
3;&%9'! 014,)! ?$#! )#$2&#*$&$)! <,)O$)5&.5#,)$)! +,)! FJv*h36! ?$$#)5&Y145#*5! E#&2 ZK M!
"$04.6?! 6Y005! 0#14! *$0.354.:5! 2.&.(:! 0146#$00$)A! 2.00! 2#$! %#&'()*! +,)! -./0.#1#)!
.?4Y)*#*!+,)!2$&!;.'5$&#$)0/$O#$0!#05M!
!
^$?$)! 2$)! R$&0(14$)! 3#5! 2$3! -./0.#1#)! E(&2$! ),14! $#)! 0$6?05! 4$&*$05$665$&! -4#6#7
895&.'5! .(:! 2#$! ;.'5$&#$)05Y33$! !"# $%&'! a;6! FHb! ()2! ("# )*+,'&')! *$5$05$5M! ".?$#! E(&2$!
L?$&! 2$)! 2#&$'5$)! R$&*6$#14! 2$&! E.1405(304$33$)2$)! %#&'()*! 2$0! -./0.#1#)7
R$&0(140! 3#5! 2$&! E.1405(304$33$)2$)! %#&'()*! 2$0! -4#6#7895&.'50! $#)$! ()*$:Y4&$!
Q)*.?$! O(&! V14Y&:$! 2$0! $#*$)$)! -4#6#7895&.'50! *$3.145M! 80! O$#*5$! 0#14A! 2.00! 2.0! -4#6#7
895&.'5!$#)$!&$145!05.&'$!E.1405(304$33$)2$!%#&'()*!.(:E$#05M!T)5$&!2$&!Q)).43$A!
2.00! ?$#3! -4#6#7895&.'5! 6$2#*6#14! 2.0! -./0.#1#)! .60! E.1405(304$33$)2$! V(?05.)O!
:()*#$&5A!?$0#5O5!2$&!895&.'5!6.(5!;$&$14)()*!$#)$!()*$:Y4&$!V14Y&:$!OE#014$)!IGI|c\Z!
V1,+#66$78#)4$#5$)! ()2! K|JJJ{GGG! V1,+#66$78#)4$#5$)A! E.0! $#)$3! Q)5$#6! +,)! ZAZm! ?#0!
FFAFm!$)50/&#145M!"#$0$0!8&*$?)#0!6#$*5!2(&14.(0!#3!;$&$#14!2$0!`#5$&.5(&E$&50!:L&!2$)!
-./0.#1#)*$4.65!+,)!-4#6#7895&.'5$)A!E$614$&!OE#014$)!\A\mZZ!!()2!ZZAKmZJ!!6#$*5M!!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ZK!455/dhhEEEM.))3#1&,M()#3#M#5h:(66hJJhO$D&$'iJJiHFJ7HFIM/2:!
!
ZZ!455/dhh2$ME#'#/$2#.M,&*hE#'#h-./0.#1#)!
ZJ!455/dhhEEEM4,50.(1$)M14h$9'6(0#+#5.$5$)h54$70,(&1$M453!
!
Kc!
!
I!!!Q)4.)*!
IMH!!`#5$&.5(&+$&O$#14)#0!
IMHMH!!;(14+$&O$#14)#0d!
C,&2,)7V3#54A!-6.&$d!`(05!.(:!-4#6#0A!R$&6.*!%M!@=6'$&!C3?@A!FGGc!
!
IMHMF!!X)5$&)$5+$&O$#14)#0!
U$2.'5#,)!pQ&5#'$6B.*.O#)qd!"$&!B$)014!()2!0$#)$!;.'5$&#$)A!
455/dhhEEEM.&5#'$63.*.O#)M2$h*$0()24$#5h2$&73$)0147()270$#)$7?.'5$&#$)M4536A!
HIM]MHF!
!
V})14$O7801.6.)5$A!Q&3#2.f!P,&&$01.),A!C.05~)f!"S.3$6!"S$).)$f!U,)1.60A!e,0!Q)5,)#,!
;$65&})A![$2&,Ad!V5.?#6#0.5#,)!,:!1,6,(&!.)2!,2,(&!,:!?$$:!/.55#$0!?D!(0#)*!6D1,/$)$7&#14!
5,3.5,!.)2!/$//$&0!.0!.!0,(&1$!,:!.)5#,9#2.)50A!
455/dhh,)6#)$6#?&.&DME#6$DM1,3h2,#hHGMHGGFhS0:.MHFc]h.?05&.15A!FFM]MHF!
!
V14$6,0'$A!B.&1d!Ä-=05$&Ä!6#$?5!$0!014.&:d!V/&#)*&$#5$&!-4&#05#.)!Q463.))!).14!-./0.#1#)7;$:()2!
+,)!W6D3/#.!0(0/$)2#$&5A!455/dhhEEEM01#$)1$?6,*0M2$h)$(&,)0hFGG]hG]h1,05$&76#$?57$07
014.&:70/&#)*&$#5$&714&#05#.)7.46$3.))7).1471./0.#1#)7?$:()27+,)7,6D3/#.70(0/$)2#$&5M/4/A!
FFM]MHF!
!
!P$E'0?(&DA!e,04(.!eMf!!U$.*.)A!<.&$)!BMf!!B.14)#1'#A!^,$66$!eMf!!-.&6,A!P,3}0!QMf!!@..'A!
".+#2!-Mf!!-.62$&~)![$Å.6,O.A!Q6$S.)2&.!`,&$).f!`$+$DM!",(*6.0!eMd!8+,6(5#,).&D!$1,6,*D!
,:!/()*$)1D!#)!E#62!14#6#$0A!455/dhhEEEM/).0M,&*h1,)5$)5hHGJhKKhHH]G]M:(66A!HIM]MHF!!
!
u#62#O!N$D&$'A!>.2#6$f!W*(OA!86#:d!X)!+#5&,!.15#+#5D!,:!1./0.#1#)!.*.#)05!:"#3;&%9'A!
455/dhhEEEM.))3#1&,M()#3#M#5h:(66hJJhO$D&$'iJJiHFJ7HFIM/2:A!H]M]MHF!
!
N,014'$A!@.&.62f!V()1,.05![$//$&0!C3?@d!455/dhhEEEM/$//$&E,&62M1,3A!HIM]MHF!
!
!
!
!
ZG!
!
X)5$&)$5l($66$)!,4)$!Q)*.?$)!O(3!R$&:.00$&!0#)2!3#5!!WMQMOMRM!.?*$'L&O5d!
!
WMQMOMRMd!-./0.#1#)A!455/dhh2$ME#'#/$2#.M,&*hE#'#h-./0.#1#)A!HIM]MHF!
WMQMOMRMd!;.1#66(0!0(?5#6#0A!455/dhh2$ME#'#/$2#.M,&*hE#'#h;.1#66(0i0(?5#6#0A!H]M]MHF!
WMQMOMRMd!@M!/D6,&#A!455/dhh2$ME#'#/$2#.M,&*hE#'#h@$6#1,?.15$&i/D6,&#A!H]M]MHF!
WMQMOMRMd!C$0143.1'6#14$!V14Y&:$A455/dhh2$ME#'#/$2#.M,&*hE#'#hC$0143.1'6#14$iV14Y&:$A!
HIM]MHF!
WMQMOMRMd!B.*$)A!455/dhh2$ME#'#/$2#.M,&*hE#'#hB.*$)A!H]M]MHF!
WMQMOMRMd![./&#'.A!455/dhh2$ME#'#/$2#.M,&*hE#'#h[./&#'.A!HIM]MHF!
WMQMOMRMd!X)5$&$00.)5$!X):,&3.5#,)$)!O(3!P4$3.!-4#6#0A!
455/dhhEEEM.014(6O$M)$5h14#6#h#)2$9M453A!HIM]MHF!
WMQMOMRMd!P4$!0,(&1$A!455/dhhEEEM4,50.(1$)M14h$9'6(0#+#5.$5$)h54$70,(&1$M453A!H]M]MHF!
WMQMOMRMd!"$&!T&7-4#6#A!455/dhhEEEM'&.$(5$&7,.0$M.5h14#6#7/./&#'.h?,5.)#'hA!HIM]MHF!
WMQMOMRMd!-./0.#1#)A!455/dhhEEEM/4.&3.E#'#M14hE#'#h#)2$9M/4/rE#'#s-./0.#1#)A!HIM]MHF!
WMQMOMRMd!@,5!P4$&3,!2(&.!-A!
hh3$2#'.3$)5$M,)3$2.M2$hB$2#'.3$)5h4,5nP4$&3,n2(&.n-M4536A!H]M]MHF!
!
IMF!!!;#62+$&O$#14)#0!
Q??MHA!>.?#.)!@$(006$&!
Q??MFA!>.?#.)!@$(006$&!
Q??MKA!455/dhhEEEM*&#)*,'#66$&M2$h14#6#0h#)2$9M/4/A!HIM]MHF!
Q??MZ!>.?#.)!@$(006$&!
Q??MJA!455/dhhEEEM14#6#71,)71.&)$M1,3h-4#6#71,)7-.&)$7U$O$/5hA!HIM]MHF!
Q??M\A!455/dhhEEEM+.6$,/4.&3.M1,3h1(05,3$&i:#6$0h1.5.6,*h1./0.#1#)FJi?#*MS/*rsts!!
Q??MIA!455/dhh.6$9.)2&.76#:$E#542#*)#5DM?6,*0/,5M14hFGHFhG]hl(5$)O.M4536!
Q??M]A!>.?#.)!@$(006$&!
Q??McA!>.?#.)!@$(006$&!
Q??MHGA!>.?#.)!@$(006$&!
Q??MHHA!>.?#.)!@$(006$&!
Q??MHFA!>.?#.)!@$(006$&!
Q??MHKA!>.?#.)!@$(006$&!
Q??MHZA!>.?#.)!@$(006$&!
Q??MHJA!>.?#.)!@$(006$&!
!
ZH!
!
Q??MH\A!>.?#.)!@$(006$&!
!
!
IMK!!P.?$66$)+$&O$#14)#0!
P.?$66$!HA!455/dhhEEEM/$//$&E,&62M1,3h130h*&()26.*$)h?&$))7,73$5$&M/4/A!HIM]MHF!
P.?$66$)!F!?#0!IA!>.?#.)!@$(006$&!
!
!
ZF!

Similar documents