! ! ! ! ! ! !
"#$%&'(!%!)#**+,-".!/0/!&1'+)"-#,!23%,!
)%(1!("+'.4!)%3/%&.!
!
!
!
!
!
!
!
!
!
!
! ! ! ! ! ! ! ! ! ! ! ! ! ! ! "#$%%$!&'((')*%+! ,-./.010! 2.345324.2! 678!*%!79$:*$;!<;$%%*%+!=>?)#9'$%!79$:*$;!$%@!>%A*)#%B'%:$;!<;$%%*%+!! ,9'8*$;*C$:*#%D! 7?9')A*,#)!$%@!2%@!)'$@')E!F)G!7:'H$%*'!FIJ)K!L$BM!7:$A! N$@O#?@!P%*A'),*:M!Q*RB'+'%!!"#$%&'"&()*"+$"+,-.)"+,$/*"#,$",-0*"/%11$2+*'"+,(/"3-/+*24/"+,*/(/"(.5&%'(.6"78" 5$&&*-6%*/"-+"9-':$%'";.(0*2/(+8<"-.'"78"/%1*20(/$2<"=2>"?+*@-.(*"=A,2<"#,$"#-/"0*28" (71$2+-.+"(.",*&1(.6"7*"2*-&(B*",$#"+$"+%2."('*-/"(.+$"-"@*-/(:&*"12$C*5+>"!"#-/"@$2+%.-+*" +$",-0*"*.+,%/(-/+(5"@**':-5)"@2$7"(.+*20(*#**4/"(."D-&6-28<"#,$"/$")(.'&8"6-0*"+,*(2" +(7*"+$"5$.+2(:%+*"+$"+,(/"2*/*-25,>"E."-"1*2/$.-&".$+*<"+,-.)"8$%"0*28"7%5,"+$"78" @-7(&8"@$2"*.5$%2-6(.6"7*"+,2$%6,$%+"+,(/"12$5*//<"*/1*5(-&&8"78",%/:-.'"F*.28>""
!"#$%&'(&)'*+%*+,&
! ! -*+.'/01+2'*333333333333333333333333333333333344444445& "#$!%$&$'%(#!)%*+,$-...///...//0! 123%*45(36*2!3*!(,6-'3$!(#'27$...///...///0! 123%*45(36*2!3*!3#$!8'2'46'2!(*23$93...////////:! ;3546$&!3#'3!#'<$!'44%$&&$4!3#$!)%*+,$-...///:! =$>6(6$2(6$&!62!3#$!&3546$&...!?! "#$!&6726>6('2($!*>!3#$!3#$&6&...///?! @5%)*&$!*>!3#$!3#$&6&.../A!! ;3%5(35%$!*>!3#$!3#$&6&...//B! ! )6"7+%.&58&9%++2*:&+6%&,1%*%333333333333333333443333333444444;& 8'2'46'2!(*23$93...///...//C! 8'2'4'!'24!(,6-'3$!(#'27$...///...C!! D526(6)',!E$3F*%G&...///...///H! I,+$%3'...///...J! 8',7'%K...///...L! M63$%'35%$!N$<6$F...///.../00! 8,6-'3$!(#'27$!'(36*2!'3!3#$!,*(',!,$<$,...//00! O6&3*%K!*>!%$&)*2&$&/...///..././0?! DMP!'24!7*<$%2'2($...///...//0A!! @%*($&&$&!'24!&3%'3$76$&...///...//0A! ! )6"7+%.&<8&!6%'.%+21"$&(."=%>'.?33333333333333344333333345;& "#$*%K!'24!>%'-$F*%G...///...//0C! "%'(627!3#$!2$3F*%G...///...0H! E$3F*%G&...///...0H! 8*--*2!)%*)$%36$&!*>!2$3F*%G&...///..0H! IE"..//...///...//0J! =6&(*5%&$!I2',K&6&...///...0L! Q#K!46&(*5%&$!'2',K&6&R!...///...//:S! ;3%'3$7K...///...///:S! Q#K!>%'-$&!-'33$%...///...//:0! =6&(5%&6<$!-$(#'26&-&...///.../::!! =6&(*5%&$!62!3#$!>%'-627!)%*($&&...///..:?! @$%&5'&6<$!46&(*5%&$!'24!>%'-$&...///..:?! ! )6"7+%.&@8&A%+6'/'$':B3333333333333334433333333333334<C& D$3#*4*,*7K...///...:B! N$&$'%(#!@#6,*&*)#K...///...///:B! 8*2($)35',!-*4$,...///.../:C!N$&$'%(#!D$3#*4&T!...///...//:C! U5&36>K627!3#$!5&$!*>!'!V5',63'36<$!-$3#*4.../:C! ='3'!(*,,$(36*2...///...////:H! 8%$46+6,63K!*>!3#$!4'3'!(*,,$(3$4...///...:J! I2',K&6&...///...///?S! IE"!'2',K&6&...///.../?:! =6&(*5%&$!'2',K&6&...///...??! ! )6"7+%.&D8&E=72.21"$&"*"$B,2,333333333333333333333333344@C& ='3'!O'24,627.../?B! F".+&533333333333333333333333333333333333333344@G& 8*23$93...?H! 1-)'(3&!*2!8',7'%6'2&...?H! 8*%)*%'3$!<&/!8*--5263K!'(36*2...?J! 8,6-'3$!(#'27$!'(36*2!'&!'!)%6*%63K...///?L! 8',7'%KW&!*%7'26X'36*2',!&3%5(35%$.../?L! 8',7'%6'2&...//A:! 8,6-'3$!(#'27$!'(36*2...A?! "%'(627!(,6-'3$!(#'27$!'(36*2!)%$($4627!3#$!8*--5263K!POP!N$45(36*2! @,'2/!.../A?! "%'2&636*2627!3*!'!8*--5263K!@,'2...//AC! =$<$,*)627!3#$!8*--5263K!POP!N$45(36*2!@,'2.../AJ! M*F!8'%+*2!Y535%$!N*5243'+,$&!'24!;5--63...///BS! Z)36*2&!>*%!N$45(627!POP![-6&&6*2&!62!8',7'%K!\!%$&$'%(#!%$)*%3.../B0! 8*--5263K!POP!N$45(36*2!@,'2...BA! ]D'2'7627!%6&G&!'24!(')35%627!*))*%352636$&W...BC!! N$>,$(36*2&...BJ! N$>,$(3627!*2!3#$!4$<$,*)-$23!)%*($&&!*>!3#$!8*--5263K!POP!N$45(36*2! @,'2...BJ! N$>,$(3627!*2!'(3*%!62<*,<$-$23!45%627!3#$!4$<$,*)-$23!)%*($&&!*>!3#$! 8*--5263K!POP!N$45(36*2!@,'2...C0& F".+&<33333333333334433333333333333333333333333;@! N$&$'%(#!V5$&36*2!0...C?! N$&$'%(#!V5$&36*2!0/0...C?! N$&$'%(#!V5$&36*2!0/:T!0/?...//CB! N$&$'%(#!V5$&36*2!:...CH! N$&$'%(#!^5$&36*2!:/0...///CJ! N$&$'%(#!V5$&36*2!:/:...HS! D'62!%$&$'%(#!V5$&36*2...H:! ! )'*1$0,2'*33333333333333333333333333333333333344GD& !
H2#$2':."76B333333333333333333333333333333333334GG! & I77%*/2J&I3333333333333333333333333333333333334KG&
&
&
&
! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !L2,+&'(&M2:0.%,&"*/&!"#$%,&
! ! Y675%$!0/0_!I,+$%3'W&!(,6-'3$!(#'27$!&3%'3$7K...L! ! Y675%$!:/0_!;)'($!'&!'&&*(6'36*2&...0J! Y675%$!:/:_!I2!$-)3K!>%'-$...//.../0J! ! Y675%$!?/0_!8*2($)35',!-*4$,...///:C! Y675%$!?/:_!N$,$<'2($!*>!3#$!%$&$'%(#!V5$&36*2&...//?0! Y675%$!?/?_!123$%%$,'36*2!*>!%$&$'%(#!V5$&36*2&.../?:! ! Y675%$!A/0_!123$%(*22$(36*2!*>!3#$-$&!'24!%$&$'%(#!V5$&36*2&...//?H! Y675%$!A/:_!8,6-'3$!(#'27$!)*%3>*,6*!*%7'26X'36*2',!(#'%3T!U52$!:S0:...AS! Y675%$!A/?_!8#'%3627!8',7'%KW&!,*F!('%+*2!>535%$.../B0! Y675%$!A/A_![-6&&6*2&!%$45(36*2!)*3$236',...B?! ! ! "'+,$!0/0_!@*)5,'36*2!62!3#$!(63K!*>!8',7'%K!'24!)%*<62($!*>!I,+$%3'...///00! "'+,$!0/:_!=%6<$%&!'24!+'%%6$%&!62!,*(',!,$<$,!(,6-'3$!(#'27$!'(36*2...0:! ! "'+,$!?/0_!;K&3$-'36(',,K!'2',KX627!3#$!4'3'...//?S! ! "'+,$!A/0_!8*4$+**G!3#$-$&.../?B! "'+,$!A/:_!N6&G&!'24!*))*%352636$&!%$7'%4627!'(362!3*!%$45($!8*--5263K!POP! $-6&&6*2&...//.../BC! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !!"##$%&'
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
!"#$%&'(#)%"*
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
B-,%&6(!7'!(!`%'6%&0!>(0(<7(0!*&+C70)%9!A$7)$!$('!6$%!X&<!-(&2%'6!)&1<%!+7-!
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a+&H9!]%=7)+!>76D9!b(0)+1C%&!(0<!#+&+06+!3[0C7&+0.%06(-!K(:%6D!c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d%.%&2%<;!B))+&<702!6+!T1-H%-%D!3@O"O59! -76%&(61&%!%=(.70702!*+-7)D!&%'*+0'%'!(6!6$%!-+)(-!-%C%-!$(C%!'+!:(&!:+)1'%<!+0! %=*-(70702!6$%!2+C%&0(0)%!+:!6$%'%!&%'*+0'%'!(0<!A$D!6$%!7.*-%.%06(67+0!+:! )-7.(6%!)$(02%!.7672(67+0!(0<!(<(*6(67+0!+:6%0!:(7-'!6+!-7C%!1*!6+!%=*%)6(67+0';! #$%&%!$('!,%%0!.1)$!A&766%0!+0!6$%!$7'6+&D!+:!&%'*+0'%'9!70)-1<702!6$%!<&7C%&'!
! X! (0<!,(&&7%&'!+:!-+)(-!-%C%-!&%'*+0'%';!#$%&%!7'!(-'+!-76%&(61&%!+0!6$%!A(C%'!+:! .107)7*(-!(0<!6&(0'0(67+0(-!)-7.(6%!)$(02%!0%6A+&H';!]+&%!'+!&%-%C(06!6+!6$%! :+)1'!+:!6$7'!6$%'7'9!6$%&%!$('!(-'+!,%%0!(0(-D'7'!+:!*&%C7+1'!*&+)%''%'!(0<! '6&(6%27%'!70!-+)(-!)-7.(6%!)$(02%!*+-7)D;!S%'*76%!(!2++<!,('%!+:!-76%&(61&%!+0!6$%! 6+*7)!&%-(6702!)-7.(6%!)$(02%!(0<!.107)7*(-767%'9!6$%&%!7'!(!)(--!:+&!(<<767+0(-!(0<! <7C%&'7:7%<!&%'%(&)$;! ! 3.4)()."().5*)"*#/.*5#'&).5** ! B!<%:7)7%0)D!$72$-72$6%<!70!*&%C7+1'!&%'%(&)$!3T1-H%-%D9!@O"O5!7'!6$%!-()H!+:! C(&7(67+0!70!6$%+&%67)(-!(**&+()$%'!6+A(&<'!%=(.70702!)-7.(6%!)$(02%!&%'*+0'%'! (6!6$%!-+)(-!-%C%-;!G+&!%=(.*-%9!'+.%!&%'%(&)$%&'!0+6%!6$(6!6$%&%!7'!.1)$!)-7.(6%! )$(02%!-76%&(61&%!6$&+12$!6$%!6$%+&%67)(-!-%0'!+:!.1-67d-%C%-!2+C%&0(0)%!3]e/5;! >+06&7,16702!6+!(!-()H!+:!C(&7(67+0!70!6$%+&%67)(-!*%&'*%)67C%'!.(D!(''7'6!70! 10<%&'6(0<702!6$%!,('7'!:+&!*+-767)(-!)+0:-7)6'!)+0)%&0702!)-7.(6%!)$(02%! 3T1-H%-%D9!@O"O9!*;@V@5;!f%2(&<702!6$%!2%+2&(*$7)(-!706%&%'6!+:!6$7'!6$%'7'9!6$%&%! $('!(-'+!,%%0!(!)(--!:+&!.+&%!:+)1'!(0<!N1(0676D!+:!&%'%(&)$!A76$70!(!>(0(<7(0! )+06%=69!A$%&%!)-7.(6%!)$(02%!7'!0+6!(!*&+C%0!*&7+&76D!(6!6$%!0(67+0(-!-%C%-9!D%6! 6$%&%!$('!,%%0!706%&%'6!:&+.!6$%!,+66+.d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f%<1)67+0!R-(0!-%<!,D!6$%!>76D8'!>-7.(6%!>$(02%!#%(.;!T1-H%-%D! 3@O"O9!*;@VY5!$(<!'6(6%<!6$(6!6$%&%!'$+1-<!,%!(0!(-6%&0(67C%!(**&+()$!70!+&<%&!6+! (0(-Dg%!I6$%!$%(&6!+:!N1%'67+0'!)+0)%&0702!$+A9!27C%0!6$%!C+-106(&D!0(61&%!+:! .+'6!1&,(0!)-7.(6%!2+C%&0(0)%9!(0D6$702!7'!()$7%C%<8;!#$%!:70<702'!$+*%!6+! 10<%&'6(0<!$+A!()67+0!.(D!,%!'67.1-(6%<!)+0)%&0702!(0!7''1%9!A$7)$!7'!+:!(! C+-106(&D!0(61&%;!>-7.(6%!)$(02%!&%.(70'!(!<%%*-D!*+-767)(-!7''1%!,%)(1'%!('! <7')+1&'%!(0(-D'7'!*+706'!+16!70!6$7'!6$%'7'9!)-7.(6%!)$(02%!('!(0!7''1%!7'!(-'+!(! '+)7(-!)+0'6&1)6;!B)6+&d0%6A+&H!6$%+&D!3BF#5!A7--!,%!6$%!(**&+()$!1'%<!70! <7')+C%&702!A$+!7'!70C+-C%<!70!6$%!)-7.(6%!)$(02%!*+-7)D!*&+)%''!70!>(-2(&D!(0<! 76!.(D!,%!(!.+&%!+*%0!A(D!6+!-++H!(6!6$%!0%6A+&H!70C+-C%<!('!6$%&%!'$+1-<!,%!0+! -!6$)%$)!0+67+0!)+0)%&0702!*+A%&!(0<!70:-1%0)%;!b72(&!%6!(-;!3@OOO!)76%<!70! `7-'+09!@OOY5!'6(6%'!6$(6!70!+&<%&!6+!10<%&'6(0<!$+A!7''1%'!(&%!:&(.%<9!+0%! .1'6!:7&'6!()H0+A-%<2%!A$+!7'!70C+-C%<9!$+A!6$%D!+*%&(6%!(0<!$+A!6$%D!
! V! 706%&&%-(6%;!#$%!')7%067:7)!&%-%C(0)%!+:!1'702!<7')+1&'%!(0(-D'7'!70!6$7'!6$%'7'9!7'! 6$(6!6$%!:70<702'!.(D!,%!1'%:1-!70!10<%&'6(0<702!$+A!(0<!A$(6!'+&6!+:! .%)$(07'.'!(0<!:&(.%'!A%&%!1'%<!6+!*%&'1(<%!+6$%&'!6+!6(H%!()67+0;!! ! R1&*+'%!+:!6$%!6$%'7'!! ! #$%!*1&*+'%!+:!6$7'!N1(-76(67C%!)('%!'61<D!7'!6+!10<%&'6(0<!6$%!<%C%-+*.%06!+:! 6$%!)-7.(6%!)$(02%!*+-7)D!*&+)%''!70!>(-2(&D;!#$%!<%C%-+*.%06!+:!6$%!)-7.(6%! )$(02%!*+-7)D!*&+)%''!A7--!,%!2%0%&(--D!<%:70%<!('!6$%!0%6A+&H!('!A%--!('!6$%! <7')+1&'%!-%(<702!1*!6+!6$%!>+..1076D!/4/!f%<1)67+0!R-(0!70!>(-2(&D;!! ! #$%!.(70!+,Q%)67C%!+:!6$7'!6$%'7'!7'!6+!1'%!BF#!(0<!<7')+1&'%!(0(-D'7'!6+!%=*-(70! 6$%!'6&(6%2D!*&+)%''!-%(<702!1*!6+!6$%!>+..1076D!/4/!f%<1)67+0!R-(0!70!+&<%&! 6+!)+06&7,16%!6+!6$%!10<%&'6(0<702!+:!6$%!*+-767)(-!)+0:-7)69!A$7)$!10<%&-7%'! )-7.(6%!)$(02%!*+-7)D;!#$&+12$!6$%!&%'%(&)$!N1%'67+0'!,%702!70C%'672(6%<9!6$%! :70<702'!$+*%!6+!10<%&'6(0<!$+A!()67+0!.(D!,%!'67.1-(6%<!)+0)%&0702!)-7.(6%! )$(02%9!('!A%--!('!$+A!6$%!*&+)%''!(0<!'1,'6(0)%!+:!)-7.(6%!)$(02%!*+-7)D!A('! '$(*%<!6$&+12$!<7')1&'7C%!706%&()67+0!(0<!:&(.702!34(Q%&!(0<!b%&'6%%29!@OOZM! 4%(-%D9!@OOU5;!T%:+&%!*&%'%06702!6$%!&%'%(&)$!N1%'67+0'9!I0%6A+&H8!.1'6!:7&'6!,%! %=*-(70%<9!('!76!7'!(!.(Q+&!%-%.%06!+:!6$%!'61<D;!E'702!(0!BF#!-%0'!:+&!6$%!:7&'6! *(&6!+:!6$%!&%'%(&)$9!6$%!6%&.!I0%6A+&H8!7'!0+6!'%%0!('!(!6$7029!,16!6$%!&%)+&<%<! .+C%.%06!+:!(!6$702!3e(6+1&9!"JJY5;!T+')+!3@OOY9!*;"XY5!(66&7,16%'!BF#!6+! I10)+C%&702!(0<!6&()702!6$%!.(0D!)+00%)67+0'!(0<!&%-(67+0'!(.+02!(!C(&7%6D!+:! ()6+&'!3$1.(09!0+0d$1.(09!.(6%&7(-9!<7')1&'7C%5!6$(6!(--+A!*(&67)1-(&!()6+&'9! %C%06'!(0<!*&+)%''%'!6+!,%)+.%!A$(6!6$%D!(&%8!3%.*$('7'!(<<%<!.D'%-:5;! #$%&%:+&%9!(!0%6A+&H!.(D!70C+-C%!<7::%&%06!6D*%'!+:!()6+&'!(0<!76!7'!0+6!(! 6%)$07)(-!0%6A+&H!A76$!0+<%'!(0<!*(6$'9!,16!(!6&()702!()67C76D;!#$&+12$!6$%!<(6(! )+--%)67+09!P!A7--!6&D!6+!7<%067:D!6$%'%!()6+&'!3:+&!%=(.*-%9!*%+*-%9!<%*(&6.%06'9! +&2(07g(67+0'9!%6);5!(0<!%06767%'!3:+&!%=(.*-%9!*+-7)7%'9!70:-1%067(-!<+)1.%06'59! (0<!6$%7&!)+00%)67+0'!70!<%C%-+*702!6$%!>+..1076D!/4/!f%<1)67+0!R-(0;!P0! +&<%&!6+!()$7%C%!6$7'!+,Q%)67C%9!6$%!&%'%(&)$!N1%'67+0'!A7--!,%!'*-76!706+!6A+! )%06&(-!N1%'67+0'!&%-(6%<!6+!6$%!6$%+&%67)(-!:&(.%A+&H!+:!6$%!6$%'7';!#$%!&%'%(&)$! N1%'67+0'!(&%!('!:+--+A'L! ! ](70!&%'%(&)$!N1%'67+0L! ! 4+A!<7<!6$%!<7')+1&'%!A76$70!6$%!0%6A+&H!+:!()6+&'!70C+-C%<!70!6$%!<%C%-+*.%06! *&+)%''!+:!)-7.(6%!)$(02%!*+-7)D!70!>(-2(&D!70:-1%0)%!6$%!<%'720!+:!6$%! >+..1076D!/4/!f%<1)67+0!R-(0h! ! !
! Z! "; 4+A!<7<!6$%!0%6A+&H!+:!()6+&'!70C+-C%<!70!6$%!<%C%-+*.%06!+:!6$%!*+-7)D! *&+)%''9!'67.1-(6%!()67+0!6+A(&<'!'6&(6%2D!,17-<702!:+&!)-7.(6%!)$(02%!()67+0! 70!>(-2(&Dh! ! ";"; `$(6!A%&%!6$%!.7-%'6+0%'!*&%)%<702!6$%!>+..1076D!/4/!f%<1)67+0! R-(0h!! ";@; `$+!(&%!6$%!()6+&'!(0<!%06767%'9!(0<!A$(6!(&%!6$%7&!)+00%)67+0'!7;%;!$+A! <7<!6$%!0%6A+&H!:10)67+09!70!6$%!<%C%-+*.%06!*&+)%''!6+A(&<'!6$%! >+..1076D!/4/!f%<1)67+0!R-(0h! ";X; `$7)$!+:!6$%!()6+&'!$(<!.+&%!*+A%&!(0<!70!A$7)$!'6(2%!+:!6$%! <%C%-+*.%06!*&+)%''!+:!6$%!>+..1076D!/4/!f%<1)67+0!R-(0h! ! @; 4+A!<7<!6$%!<7')+1&'%'!+:!<7::%&%06!()6+&'!:&(.%!6$%!*+-7)D!:+&!)-7.(6%!)$(02%! 70!>(-2(&Dh!! ! @;"; 4+A!<7<!(!:&(.%!,%)+.%!'(-7%06h! @;@; `$(6!A('!6$%!%=)$(02%!,%6A%%0!()6+&'!6+A(&<'!(0!(-720.%06!+:! <7::%&%06!706%&%'6'9!70!6%&.'!+:!)+..107)(67C%!*&+)%''9!+**+&610767%'!(0<! <7')1&'7C%!.%)$(07'.'!1'%<h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g%<;!#$7'!A7--!,%!'%*(&(6%<! 706+!@!*(&6';!R(&6!"!A7--!,%!6$%!)+--%)67C%!0(&&(67C%9!(0<!R(&6!@!A7--!:+)1'!+0!6$%! &%'%(&)$!N1%'67+0';!#$%!6$%'7'!A7--!)+0)-1<%!A76$!(!&%:-%)67+0!+:!6$%!A+&H!('!A%--! ('!&%)+..%0<(67+0';! ! ! ! ! ! ! !
! Y!
+,-.#/$*01*2/##)"3*#,/*4(/"/*
! ! >(0(<7(0!)+06%=6! ! 1-"-&-*-"&*(+),-#.*(/-"0.** ! B-6$+12$![0C7&+0.%06!>(0(<(!&%*+&6%<!(!<%)&%('%!70!/4/!%.7''7+0'!,%6A%%0! @OOX!(0<!@OOY9!>(0(<(!'67--!$(<!6$%!$72$%'6!70)&%('%!70!6+6(-!(22&%2(6%!/4/! %.7''7+0'!,%6A%%0!"JJO!(0<!@OOU!(.+02!6$%!/_!)+106&7%'!3S+A<9!@OO_!)76%<!70! 4'1!(0<![--7+69!@OOJ5;!S%'*76%!(0!706%&0(67+0(-!'$7:6!70!&%)+207g702!6$%!0%%<!:+&! ,+6$!6+*d<+A0!(0<!,+66+.d1*!'6&(6%27%'!6+!)+.,(6!)-7.(6%!)$(02%9!(0<!-%(<702! ()(<%.7)'!70!&%'%(&)$!(0<!706%&0(67+0(-!*+-7)D!<%C%-+*.%06!70!>(0(<(9!6$%&%!7'! 0+!'7207:7)(06!0(67+0(-!*+-7)D!:&(.%A+&H!+&!()67+0!6+!&%<1)%!/4/!%.7''7+0'! 3/+&%9!f+,70'+0!(0<!K6%&09!@OOJ5;!P0!@OO_9!6$%!>+0'%&C(67C%!R(&6D9!10<%&!R&7.%! ]707'6%&!K6%*$%0!4(&*%&9!706&+<1)%<!6$%!f%21-(6+&D!G&(.%A+&H!:+&!P0<1'6&7(-! /&%%0$+1'%!/('![.7''7+0'!3[0C7&+0.%06!>(0(<(9!@OO_5;!#$%!*-(0!7'!(0! 706%0'76Dd,('%<!%.7''7+0'!6&(<702!*&+2&(.!34'1!(0<![--7+69!@OOJ59!A$7)$!(7.'! :+&!(!@OW!&%<1)67+0!70!>(0(<(8'!6+6(-!/4/!%.7''7+0'!,D!@O@O!(0<!,D!YOdUOW! ,%:+&%!@OZO9!&%-(67C%!6+!@OOZ!-%C%-'!3[0C7&+0.%06!>(0(<(9!@OO_5;!#+!)+.*+10<! 6$%!-()H!+:!(0!(22&%''7C%!0(67+0(-!'6&(6%2D9!>(0(<(!*1--%<!+16!+:!6$%!^D+6+! R&+6+)+-!70!-(6%!@O"";!#$7'!A('!0+6!(!,72!'$+)H9!('!>(0(<(!$(<!(-'+!0+6!:1--D! $+0+&%<!6$%!f7+!S%)-(&(67+0!+0![0C7&+0.%06!(0<!S%C%-+*.%06!6$(6!76!$(<! '720%<!70!"JJ@9!(0<!('!(-&%(<D!0+6%<9!>(0(<(8'!/4/!%.7''7+0'!$(<!'+(&%<;! >(0(<(!&(67:7%<!6$%!^D+6+!R&+6+)+-!70!@OO@!A(06702!(!I$72$-D!:-%=7,-%!.%)$(07'.! :+&!(--+)(6702!)&%<76'!:+&!%.7''7+0!&%<1)67+0'9!70)-1<702!(!.(&H%6d,('%<!6&(<702! 'D'6%.i!3f(,%9!@OOU9!*;V@Y5;!#$%!^D+6+!R&+6+)+-!<7<!0+6!6(H%!-%27'-(67C%!:+&.!70! >(0(<(9!('!6$%!:%<%&(-!2+C%&0.%06!<+%'!0+6!$(C%!6$%!Q1&7'<7)67+0!6+!<+!'+!(0<! &%N17&%<!6$%!)+--(,+&(67+0!+:!6$%!*&+C70)%'!70!+&<%&!6+!7.*-%.%06!76;!#$%&%!A%&%! 0+!'%&7+1'!*&+*+'(-'9!,16!&(6$%&!(!)+06701(67+0!+:!'+:6%&!*&+)%<1&%'!'1)$!('! )+0'1-6(67+0!*&+)%''%'!(0<!&+10<6(,-%'!6$(6!70)-1<%<!<7::%&%06!-%C%-'!+:! 2+C%&0.%069!('!A%--!('!70<1'6&D!(0<!%0C7&+0.%06(-!2&+1*'!3f(,%9!@OOU5;!B-,%&6(! A('!'%%0!,D!'+.%!('!(!I'*+7-%&8!+:!6$%!^D+6+!R&+6+)+-9!A76$!6$%!R&%.7%&!(6!6$%! 67.%9!f(-*$!^-%709!.(H702!$7'!C+7)%!$%(&<!0(67+0(--D;!4%!)+0<%.0%<!6$%!R&+6+)+-! ('!(0!%)+0+.7)!6$&%(6!(0<!(0!I%0)&+()$.%06!1*+0!>+0'676167+0(-!*+A%&'!(0<! 0(61&(-!&%'+1&)%'8!3f(,%9!@OOU9!*;VX_5;!! ! `76$!(!&(6$%&!*(''7C%!$7'6+&D!+:!0(67+0(-!)-7.(6%!)$(02%!&%'*+0'%!70!.70<9! S7)H70'+0!(0<!T1&6+0!3@O""9!*;@5!'6(6%!6$(6!>(0(<(!7'!i-%(&0702!6+!(<(*6ij!6(H702! (!*-()%d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d-%C%-!.+'(7)!(**&+()$;!?0!6$%!)+06&(&D9!76!A+1-<!27C%!76!:+)1'!(0<! %0(,-%!>(0(<7(0'!6+!'%%!6$%!:1--!*7)61&%!(0<!:()7-76(6%!2&%(6%&!(A(&%0%''!(0<! '6&+02%&!()67+0!70!,+6$!6$%!0%(&!(0<!6$%!-+02!6%&.8;!! ! #$%!'6&1)61&%!+:!2+C%&0.%06!70!>(0(<(!7'!(0!7.*+&6(06!:()6+&!6+!)+0'7<%&!A$%0! <7')1''702!)-7.(6%!)$(02%;!f%'%(&)$!,D!S%B02%-+!(0<!4(&C%D!3"JJ_5!%=(.70%<! 6$%!Q1&7'<7)67+0(-!:&(.%A+&H!+:!/%&.(0D9!E;K;!(0<!>(0(<(9!:70<702!6$(6!>(0(<(!7'! 70!6$%!A%(H%'6!*+'767+0!6+!7.*-%.%06!)-7.(6%!)$(02%!70767(67C%'!:&+.!(!:%<%&(-! -%C%-;!#$7'!7'!-(&2%-D!<1%!6+!6$%!:()6!6$(6!>(0(<(!7'!(!$72$-D!<%)%06&(-7g%<!:%<%&(-! 'D'6%.;!#$%!7.*-7)(67+0'!+:!'1)$!<%)%06&(-7g(67+0'!70)-1<%!6$%!-()H!+:!&%21-(6+&D! 6++-'!6+!70:-1%0)%!)-7.(6%!)$(02%!70767(67C%'!3,+6$!.7672(67+0!(0<!(<(*6(67+05!70! -+A%&!-%C%-'!+:!2+C%&0.%069!.%(0702!6$%!*&+C70)7(-!+&!.107)7*(-!-%C%-;!#$%&%!(&%! (-'+!(<<767+0(-!&%('+0'!,%D+0<!6$%!Q1&7'<7)67+0(-!:&(.%A+&H9!A$7)$!.(D! )+06&7,16%!6+!6$%!-()H!+:!(!)%06&(-!*-(0!3/+&%9!f+,70'+0!(0<!K6&%09!@OOJ5;!#$%! '7g%!+:!6$%!)+106&D!)(0!,%!+0%!&%('+0!('!6$%&%!7'!(!<7C%&'%!&(02%!+:!2%+2&(*$7%'! A76$70!6$%!)+106&D;!>+0)1&&%06!A76$!6$%!'7g%!+:!6$%!)+106&D9!*+-767)(-!(0<! 706%&2+C%&0.%06(-!&%('+0'!(&%!(-'+!(!&%('+0!('!<7C%&'%!%)+0+.7)!706%&%'6!&%'1-6! 70!,72!)+.*&+.7'%';!B0+6$%&!7'!6$%!)+-<!)-7.(6%9!A$7)$!10:+&610(6%-D!.(H%'!6$%! 7<%(!+:!2-+,(-!A(&.702!A%-)+.%<!70!6$%!*%&)%*67+0!+:!)767g%0'!A$7)$!(&%!0+6! -++H702!*('6!6$%7&!&%27+0!6$(6!$('!0+6!:%-6!.+&%!<&(.(67)!%::%)6'!('!+:!D%6;!! ! #+!:1&6$%&!%-(,+&(6%!+0!6$%!<%)%06&(-7g%<!Q1&7'<7)67+0(-!:&(.%A+&H9!>(0(<(!$('!(! )+.*-%=!<7C7'7+0!+:!*+A%&'!(0<!&%'*+0'7,7-767%'!A76$!6$%!*&+C70)%'!$(C702! -%27'-(67C%!(16$+&76D!+C%&!.107)7*(-767%';!#$%!"_YU!>(0(<7(0!>+0'676167+0!B)6! ,%'6+A'!6$7'!(16$+&76D!1*+0!*&+C70)%'!(0<!(0D!-(A;!>-7.(6%!)$(02%!7'!(! )&+'')166702!7''1%!6$(6!7'!0+6!,10<-%<!706+!+0%!'%)6+&;!#$%!6%&.!)&+'')166702!(-'+! 7.*-7%'!6$(6!6$%!7.*-7)(67+0'!+:!6$%!7''1%!(::%)6!.1-67*-%!'%)6+&';!#+!1'%!B-,%&6(! ('!(0!%=(.*-%9!F(61&(-!f%'+1&)%'9![0C7&+0.%069!(0<![0%&2D!(&%!'+.%!.(Q+&! '%)6+&'!6$(6!,+6$!(::%)6!(0<!(&%!(::%)6%<!,D!6$%!)-7.(6%!)$(02%!*&+,-%.;!B!'61<D! ,D!6$%!B-,%&6(!>-7.(6%!>$(02%!B<(*6(67+0!#%(.!3B>>B#5!3)76%<!70!`%--'6%(<!(0<! K6%<.(09!@OOV5!7<%067:7%<!"Z!.(Q+&!'%)6+&'!6$(6!(&%!*+6%067(--D!(::%)6%<;! 4+A%C%&9!'*%)7:7)!&%'*+0'7,7-767%'!+:!6$%!R&+C70)7(-!2+C%&0.%06!)+0)%&0702! )-7.(6%!)$(02%!(&%!'67--!%.%&2702;!! ! 7'")()6-+*8.#9%$:5* ! P0!@OOZ9!6$%!:%<%&(-!2+C%&0.%069!10<%&!6$%!e7,%&(-!R(&6D9!2(C%!(!\XOO!.7--7+0! )('$!)+06&7,167+0!6+!6$%!G%<%&(67+0!+:!>(0(<7(0!]107)7*(-767%'8!3G>]5!/&%%0! ]107)7*(-!G10<!3/]G59!A$7)$!A('!:+--+A%<!,D!(!.107)7*(-!*%&.(0%06!'$(&%!+:!
! _! 6$%!:%<%&(-!2('!6(=!,D!6$%!>+0'%&C(67C%!R(&6D!2+C%&0.%06!70!@OO_!3/+&%9! f+,70'+0!(0<!K6&%09!@OOJ9!*;_M!/+&%9!@O"O5;!#$%!:%<%&(-!2+C%&0.%06!(-'+! (00+10)%<!(!>-%(0![0%&2D!G10<!:+&!.7672(67+0!'6&(6%27%'9!$+A%C%&!6$7'!A('!0+6! <%<7)(6%<!6+!.107)7*(-767%'!(0<!A('!0+6!*(&6!+:!(0!+C%&(--!'6&(6%2D;!G>]9!('!(! )%06&(-!(0<!6$%!.+'6!'1**+&67C%!+&2(07g(67+0!:+&!*&+.+6702!6$%!&+-%!+:!)767%'!70! /4/!%.7''7+0!&%<1)67+0!3/+&%9!f+,70'+0!(0<!K6&%09!@OOJ9!*;ZM!/+&%9!@O"O59! A+&H'!A76$!6$%!P06%&0(67+0(-!>+10)7-!:+&!e+)(-![0C7&+0.%06(-!P0767(67C%'!3P>e[P5! 6+!*&+.+6%!.7672(67+0!(0<!(<(*6(67+0!(6!6$%!-+)(-!-%C%-!3R(&60%&'!:+&!>-7.(6%! R&+6%)67+09!@O"@(5;!R(&60%&'!:+&!>-7.(6%!R&+6%)67+0!3R>R59!A$7)$!7'!*(&6!+:!G>]9! *(&(--%-'!P>e[Pi'!>767%'!:+&!>-7.(6%!R&+6%)67+0!R&+2&(.!3>>R59!(0<!7'!:10<%<!,D! 6$%!/]G;!?0!G%,&1(&D!"O9!@O"@9!>(0(<(!%=6%0<%<!76'!)+..76.%06!6+!6$%! *&+2&(.!:+&!(0+6$%&!:7C%!D%(&'!3G>]9!@O"@5;!R>R!*(&6(H%'!70!6$%!Zd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d 2+C%&0.%06!+&2(07g(67+0'!6$(6!(&%!-%(<%&'!70!A+&H702!A76$!.107)7*(-767%'! 70)-1<%!R%.,70(!P0'67616%!(0<!6$%!S(C7<!K1g1H7!G+10<(67+0!3f+,70'+0!(0<!/+&%9! @OOZ5;! ! ;+<.$#-*! ! B-,%&6(!$('!(!C%&D!'6&+02!*&+C70)7(-!C+7)%!(0<!$('!)&%(6%<!0%A!70'676167+0'! &%-(6%<!6+!)-7.(6%!)$(02%!'70)%!6$%!@OOO'!70)-1<702!6$%!B-,%&6(![0%&2D!f%'%(&)$! P0'67616%9!B-,%&6(!>-7.(6%!>$(02%!>%06&(-!3>X59!(0<![0%&2D!K+-167+0'!B-,%&6(;!P0! @OO@9!76!A('!6$%!:7&'6!*&+C70)%!70!>(0(<(!6+!&%-%('%!(!)-7.(6%!)$(02%!()67+0!*-(0;! B-,%&6(!$(<!'$7:6%<!6+A(&<'!(!I)(&,+0!706%0'76D8!(**&+()$9!A$7)$!7'!(!&(67+!+:! %.7''7+0!-%C%-'!6+!%)+0+.7)!()67C76D!3f(,%9!@OOU59!(0<!A('!6$%!:7&'6!Q1&7'<7)67+0! 70!F+&6$!B.%&7)(!6+!$(C%!(!)+.*-7(0)%d,('%<!2&%%0$+1'%!2('!3/4/5!%.7''7+0'! 6&(<702!'D'6%.!3[#K5!3T+D<9!/+&%)H79!T&+A0!(0<!4(12%0d^+gD&(9!@OO_5;! B))+&<702!6+!f(,%!3@OOU9!*;VVO5!B-,%&6(!7'!H%%0!+0!I2(70702!:(C+&(,-%!6&%(6.%06! :+&!%.7''7+0!)&%<76'!6$(6!A+1-<!.(H%!76!-1)&(67C%!:+&!6$%!*&+C70)%!6+!<%C%-+*!0%A! '+1&)%'!+:!$D<&+!*+A%&!(0<!%=*+&6!6$%.!6+!%76$%&!?06(&7+!+&!0%72$,+&702! B.%&7)(0!'6(6%'i;!B-,%&6(8'!@OO_!>-7.(6%!>$(02%!K6&(6%2D!7'!0+6!(0!%=)%*67+0(--D! '6&+02!'6&(6%2D;!P0!:()69!(!'61<D!,D!R%.,70(!P0'67616%!70!B-,%&6(!'$+A%<!6$(6!6$%! )(&,+0!706%0'76D!6(&2%6'!()61(--D!(--+A!:+&!(!U@W!70)&%('%!70!()61(-!%.7''7+0'!,D! @O@O!34'1!(0<![--7+69!@OOJ9!*;VUV5;!P0!@OOU9!6$%&%!A('!(!'-72$6!'6&%026$%0702!+:! 6$%!6(&2%6'!,D!*1'$702!6$%!6(&2%6!<(6%!6+!@O"O9!(0<!(-'+!6$%!70C%'6.%06!706+! )(&,+0!)(*61&%!(0<!'6+&(2%!34'1!(0<![--7+69!@OOJ5;!!
! J! #$%&%!7'!(!C%&D!'6&+02!%)+0+.7)!&%-7(0)%!+0!0(61&(-!(0<!%0%&2D!&%'+1&)%'!70! B-,%&6(;!#$7'!7'!(**(&%06!70!B-,%&6(8'!@OO_!>-7.(6%!>$(02%!K6&(6%2D;!#$%!IB-,%&6(! (**&+()$8!%=*-7)76-D!'6(6%'!6$(6!6$%!*&+C70)%!A7--!)+06701%!6+!&%-D!+0!76'!'1**-D!+:! +7-!(0<!2('!3B-,%&6(![0C7&+0.%069!@OO_59!$(C702!6$%!X&<!-(&2%'6!*&+C%0!)&1<%!+7-!
&%'%&C%!70!6$%!A+&-<!A76$!(-.+'6!(--!+:!76!,%702!70!76'!+7-!'(0<'!3B-,%&6(![0%&2D9! @O"@5;!#$%!B-,%&6(!>&+A09!A$7)$!7'!.(0(2%<!,D!6$%!B-,%&6(!S%*(&6.%06!+:! [0%&2D9!+A0'!JUW!+:!+7-!'(0<'!.70%&(-!&72$6'!3B-,%&6(![0%&2D9!@O"@5;!B'!+0%!+:! 6$%!-(&2%'6!%0%&2D!*&+<1)%&'!70!6$%!A+&-<9!6$%!*&+C70)%!7'!&%'*+0'7,-%!:+&!(!6$7&<! +:!>(0(<(8'!/4/!%.7''7+0'!3@OO_!-%C%-'5!(0<!&%'*+0'7,-%!:+&!Z@W!+:!>(0(<(i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d@U;! =)0'$.*>?>@*;+<.$#-A5*(+),-#.*(/-"0.*5#$-#.0B* ! ! 1-+0-$B* ! ]107)7*(-767%'!.(D!,%!<%')&7,%<!('!i)&%(61&%'!+:!6$%!*&+C70)%'i!3/+&%9!@O"O59! '70)%!6$%!>(0(<7(0!>+0'676167+0!+0-D!&%)+207g%'!:%<%&(-!(0<!*&+C70)7(-!'+C%&%720! +&<%&'!+:!2+C%&0.%06;!!`76$!6$%!(,'%0)%!+:!:+&.(-!.107)7*(-!*+A%&'!70!6$%! >+0'676167+09!+0%!A+1-<!(''1.%!.107)7*(-767%'!$(C%!-7.76%<!)(*()76D!6+!)$(--%02%! "JJ_! k B-,%&6(!(00+10)%<!76'!l7&'6!'6&(6%2D!:+&!B)67+0!+0!>-7.(6%!>$(02%! "JJJ! k R&%.7%&8'!&+10<6(,-%!+0!>-7.(6%!>$(02%!(0<!>-7.(6%!>$(02%!>%06&(-!:+&.(--D!(00+10)%<! @OO"! k B-,%&6(!$%-*'!<%C%-+*!(0<!(**&+C%!>(0(<(8'!l7&'6!0(67+0(-!,1'70%''!*-(0!+0!>-7.(6%!>$(02%! @OO@! k C-:)"0*;(#)%"*%"*1+),-#.*1/-"0.*&%-%('%<!d!l7&'6!)-7.(6%!)$(02%!*-(0!70!6$%!0%A!.7--%0071.! @OOX! k G7&'6!*&+C70)%!6+!<%C%-+*!)-7.(6%!)$(02%!-%27'-(67+0!d!1+),-#.*1/-"0.*-"&*D,)55)%"5*7-"-0.,."#*;(#! @OOV! k f%21-(67+0'!&%-(6%<!6+!.(0<(6+&D!&%*+&6702!+:!/4/!%.7''7+0'!:&+.!-(&2%!:()7-767%'!(00+10)%<! @OOZ! k f%'%(&)$!10<%&A(D!+0!B-,%&6(8'!C1-0%&(,7-76D!6+!6$%!7.*()6'!+:!)-7.(6%!)$(02%!70767(6%<! @OOU! k B.%0<.%06'!.(<%!6+!1+),-#.*1/-"0.*-"&*D,)55)%"5*7-"-0.,."#*;(#! @OOU! k [.7''7+0!706%0'76D!6(&2%6'!:+&!-(&2%!70<1'6&7(-!%.766%&'!(00+10)%<! @O"O! k f%<1)%!%.7''7+0'!,[email protected]! @O@O! k f%<1)%!%.7''7+0'!,D!ZO.6!:&+.!,1'70%''!('!1'1(-! @OZO! k f%<1)%!%.7''7+0'!,[email protected]!:&+.!,1'70%''!('!1'1(-!
! "O! +&!70:-1%0)%!*&+C70)7(-!+&!:%<%&(-!*+-7)D!2+(-';!F+0%6$%-%''9!%C%0!A76$!6$%!-()H!+:! )+$%'7+0!(0<!217<(0)%!:&+.!6$%!0(67+0(-!-%C%-9!.107)7*(-767%'!<+!(66%.*6!6+!-%(<! 3/+&%9!f+,70'+0!(0<!K6&%09!@OOJ9!*;V5;!>767%'!(&%!%=*%)6%<!6+!,%!i*+-7)Dd6(H%&'!0+6! *+-7)D!.(H%&'i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j!(0!+16)+.%!6$(6! '$+1-<!&%'+0(6%!A76$!+6$%&!)767%'!(&+10<!6$%!A+&-<i!3/+&%9!f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m"!('!6$%!A+&-<8'!2&%%0%'6!)76D!:&+.!]%&)%&!(0<!m"!+:!X!`+&-<! >(*76(-'!+:!6$%!G161&%!3[.%&2702!`+&-<!>767%'5!:&+.!G+&,%'!3e7C%!70!>(-2(&D9! @O"O5;!P&+07)(--D9!>(-2(&D!(-'+!$('!6$%!$72$%'6!%)+-+27)(-!:++6*&706!70!>(0(<(;!B'! .%067+0%<!70!6$%!P06&+<1)67+0!+:!6$7'!6$%'7'9!1&,(0!'*&(A-!(0<!.+<%!+:! 6&(0'*+&6(67+0!(&%!.(Q+&!7''1%!70!>(-2(&D;!#$%!@O"O!K6(6%!+:!6$%![0C7&+0.%06! &%*+&6!$72$-72$6'!6$%!*&%C(-%06!.+<%!+:!6&(0'*+&6(67+0!70!>(-2(&D!7'!,D!)(&! 3[0C7&+0.%06(-!K(:%6D!c!](0(2%.%069!@O"O5;!B-6$+12$!6$%!*%&)%06(2%! <%)&%('%<!,%6A%%0!"JJY!(0<!@OOY9!70!@OOY!+C%&!n!+:!6&7*'!A%&%!.(<%!,D!)(&!3('! (!<&7C%&5;!f%2(&<702!1&,(0!'*&(A-9!6$%!&%*+&6!(-'+!<%6%&.70%<!6$%!(C%&(2%! <7'6(0)%!6&(C%-%<!70!@OOY!A('!_;@H.;!B<<767+0(--D9!6$%!01.,%&!+:!)(&'!&%27'6%&%<! ,%6A%%0!@OOY!(0<!@O"O!70)&%('%<!,D!"V;UW!3[0C7&+0.%06(-!K(:%6D!c! ](0(2%.%069!@O"O5;!T+6$!+:!6$%'%!:()6+&'9!.+<%!+:!6&(0'*+&6!(0<!<7'6(0)%9!(&%! .(Q+&!)+06&7,16+&'!6+A(&<'!/4/!%.7''7+0';! !! ! !
! ""! 5%.'6-#)%"*-"&*&7/66)"3*(%'"#4* *+-63-$8* *96:/$#-*
R+*1-(67+0!70!@O""!! "9OJY9_XX! !X9YVZ9@ZU! R+*1-(67+0!70!@OOY!! !J__9_"@B! !X9@JO9XZO! @OOY!6+!@O""!*+*1-(67+0!)$(02%!3W5! "O;J! "O;_! #+6(-!*&7C(6%!<A%--702'!! VVZ9_V_! "9ZOZ9OOU! R&7C(6%!<A%--702'!+))1*7%<!,D!1'1(-!
&%'7<%06'!!
V@X9V"U! "9XJO9@UZ! R+*1-(67+0!<%0'76D!*%&!'N1(&%!H7-+.%6%&! "9X@J;OO! Z;U! e(0<!(&%(!3'N1(&%!H.5! _@Z;@J! YVO9O_";_U! K+1&)%L!K6(67'67)'!>(0(<(9!@O""!>%0'1'!+:!R+*1-(67+0!)76%<!70!K6(67'67)'!>(0(<(9! @O"@;!!! C-<+.*>?>@*E%6'+-#)%"*)"*#/.*()#B*%4*1-+0-$B*-"&*6$%F)"(.*%4*;+<.$#-* ! #$%&%!A7--!,%!(!<%')&7*67+0!(0<!(0(-D'7'!+:!>(-2(&D8'!()67+0!6+A(&<'!/4/! &%<1)67+0!70!>$(*6%&!V;!#$7'!'61<D!7'!-++H702!(6!6$%!*&+)%''!-%(<702!1*!6+!6$%! >(-2(&D!>+..1076D!/4/!f%<1)67+0!R-(09!A$7)$!A('!(**&+C%<!,D!>(-2(&D!>76D! >+10)7-!70!F+C%.,%&!@O"";!#$%!*-(0!7<%067:7%'!6$%!'6%*'!6+!&%()$!6$%!%0<!2+(-'! :+&!>+..1076DdA7<%!()67C76D9!A$7)$!70!61&0!A7--!&%<1)%!/4/!%.7''7+0'!A$7-%! &%(-7g702!%0C7&+0.%06(-9!%)+0+.7)!(0<!'+)7(-!,%0%:76';!#$%!%0<!2+(-'!)(0!,%!(-'+! '%%0!('!6$%!<%)+1*-702!%.7''7+0'!:&+.!*+*1-(67+0!2&+A6$!(0<!.%%6702!6$%! *&%C7+1'-D!%'6(,-7'$%<!&%<1)67+0!6(&2%6';!P0!+&<%&!6+!.%%6!6$%!%0<!2+(-'9!6$%! +,Q%)67C%'!+:!6$%!R-(0!(&%!%0%&2D!)+0'%&C(67+0!(0<!%::7)7%0)D9!(0<!6$%! <%C%-+*.%06!(0<!6$%!1'%!+:!-+A!)(&,+0!'+1&)%'!,D!:+)1'702!+0!V!H%D!+**+&61076D! (&%('L!*&+C70)7(-!%-%)6&7)76D!2&7<9!%0%&2D!%::7)7%0)D!(0<!)+0'%&C(67+09!<7'6&7,16%<! %0%&2D9!(0<!6&(0'*+&6(67+0!)$+7)%'!(0<!)+.*()6!<%C%-+*.%06!3#$%!>76D!+:! >(-2(&D9!@O""5;!#$%!R-(0!7'!-70%<!1*!A76$!:%<%&(-!(0<!*&+C70)7(-!)-7.(6%!)$(02%! *-(0'!('!A%--;!#$7'!R-(0!)(.%!+16!+:!6$%!>+..1076D!/4/!f%<1)67+0!R&+Q%)69! A$7)$!(-'+!*&+<1)%<!6$%!B-,%&6(!#%.*-(6%;!#$%!B-,%&6(!#%.*-(6%!7'!(!6++-!6+! I'1**+&6!BE]B!>-7.(6%!>$(02%!B)67+0!>%06&%!,D!*&+C7<702!70*16!706+!6$%!<&(:6! B-,%&6(!]107)7*(-!>-7.(6%!>$(02%!B)67+0!R-(08!3E67-767%'!c6!3-7.76(67+05! 6$%&%:+&%!76!7'!,1'70%''d('d1'1(-! ^%%*702!1*!A76$!0%72$,+&'!3+6$%&! )767%'5! ! b+6%&'!A(06!()67+0! ! K+1&)%L!T%6'7--9!@OO"M!S%B02%-+!(0<!4(&C%D9!"JJ_M!T1-H%-%D9!@O"OM![02%-9!@OOYM! ^+1'HD!(0<!K)$0%7<%&9!@OOXM!3]%6g!%6!(-;9!@OO"M!T&+A09!@OO"M!4+A(&6$!(0<! B0<%&'+09!"JJXM!P06%&-(,+&(6+&D!`+&H702!/&+1*9!@OOO5!)76%<!70!^+1'HD!(0<! K)$0%7<%&9!@OOX;! C-<+.*>?G@*3$)F.$5*-"&*<-$$).$5*)"*+%(-+*+.F.+*(+),-#.*(/-"0.*-(#)%"* ! #$%&%!(&%!:%A%&!+,'6()-%'!A$%0!6$%!<%.(0<!:&+.!*+-767)(-!-%(<%&'$7*!(0<! %06&%*&%0%1&'!7'!)+.702!:&+.!6$%!.107)7*(-!2+C%&0.%06!3T%6'7--9!@OO"5;! 4+A%C%&9!(!,&+(<%&!70'676167+0(-!)(*()76D!7'!'67--!0%)%''(&D!%C%0!A$%0!6$%&%!7'! 70<7C7<1(-!-%(<%&'$7*!3T1-H%-%D9!@O"O5;!! ! ! *
! "X! H)5#%$B*%4*$.56%"5.5** ! #$%&%!$('!,%%0!(!*-%6$+&(!+:!-+)(-!(&%('!&%'*+0<702!6+!6$%!2-+,(-!*&+,-%.!+:! )-7.(6%!)$(02%;!P06%&0(67+0(--D9!6$%&%!7'!.1)$!:+)1'!+0!0(67+0(-!&%'*+0'%'!('! 6$%D!(&%!A$(6!.(H%!6$%!$%(<-70%'9!(0<!2%0%&(--D9!6$%!-%C%-!6$(6!*(&67)7*(6%'!70! 706%&0(67+0(-!)+0:%&%0)%';!P0!"J__9!#+&+06+!$+'6%<!6$%!:7&'6!706%&0(67+0(-! )+0:%&%0)%!+0!)-7.(6%!)$(02%;!G+&!6$%!:7&'6!67.%9!6$%&%!A('!(!'%6!2-+,(-!6(&2%6!:+&! )166702!%.7''7+0'!3@OW!,D!@OOZ5;!#$7'!A('!(!0+0d,70<702!(2&%%.%069!,16!(! ,%0)$.(&H!0+0%6$%-%'';!#$7'!A('!:+--+A%<!,D!6$%!$72$!*+706!+:!%0C7&+0.%06(-! )++*%&(67+0M!6$%!E076%<!F(67+0!3EF58'!'%)+0<!A+&-<!'1..76!70!"JJ@!70!f7+!<%! o(0%7&+9!6$%!E076%<!F(67+0'!>+0:%&%0)%!+0(-!/+C%&0.%06'!>-7.(6%!R&+6%)67+0!B2&%%.%06!!3P>e[P9! @OOJ59!'+.%6$702!>(-2(&D!A('!(!.%.,%&!+:!('!A%--;! * 7IJ*-"&*0%F.$"-"(.** ! ]107)7*(-767%'!(&%!0+6!6$%!+0-D!-+)(-!()6+&!6$(6!*-(D'!(!&+-%!70!-+)(-!)-7.(6%!)$(02%! &%'*+0'%;!#$%&%!(&%!(-'+!6$%!)767g%0'!(0<!F/?'!3:+&!%=(.*-%9!6$%!.(''7C%! *&%'%0)%!+:!F/?'!(6!6$%!"JJ@!)+0:%&%0)%!70!f7+!<%!o(0%7&+5;!4+A%C%&9!(-6$+12$! 6$%&%!(&%!<7C%&'%!'%6'!+:!()6+&'9!6$(6!*-(D!7.*+&6(06!&+-%'9!6$%!'6(6%!'67--!<+%'! &%.(70!)&1)7(-;!#$%&%!$('!,%%0!.1)$!-76%&(61&%!+0!6$%!.1-67d-%C%-!)+06%=6!('!i6$%! )+06%=6!A76$70!A$7)$!1&,(0!()6+&'!(&%!&%'*+0<702!6+!6$%!7''1%!7'!)&767)(--D!'$(*%<! ,D!6$%!'6&1)61&%'!(0<!*&+)%''%'!+:!2+C%&0702!6(H702!*-()%!(6!+6$%&!')(-%'!(0<! 6$&+12$!.1-67*-%!0%6A+&H'i!3T1-H%-%D9!@O"O9!*;@XYM!`%--'6%(<!(0<!K6%<.(09! @O""5;!T%6'7--!(0<!T1-H%-%D!3@OOUM!T%6'7--9!@OO"5!(&21%!6$(6!6$%&%!7'!(!.1-67d-%C%-! 0(61&%!+:!)-7.(6%!2+C%&0(0)%9!(0<!76!7'!*(&6-D!<1%!6+!:&(2.%06(67+0!+:! *(&60%&'$7*'!,%)(1'%!+:!6$%!)&+'')166702!0(61&%!+:!)-7.(6%!)$(02%;!#$7'!+:!)+1&'%! )(0!$(**%0!(6!.1-67*-%!-%C%-'9!:+&!%=(.*-%!6$7'!)(0!,%!6$%!)('%!(6!6$%!0(67+0(-!+&! -+)(-!-%C%-;!!! ! E'702!6$%!>>R!)(.*(7209!T%6'7--!(0<!T1-H%-%D!3@OOY9!@OOUM!T1-H%-%D!(0<!T%6'7--9! @OOZ5!1'%!(0!]e/!*%&'*%)67C%!6+!)(*61&%!*&+)%''%'!+:!1&,(0!2+C%&0(0)%!+:! )-7.(6%!*&+6%)67+09!A$7)$!70C+-C%'!&%-(67+0'!,%6A%%0!<7::%&%06!-%C%-'!+:!'6(6%9!('! A%--!('!0%A!3.107)7*(-5!0%6A+&H!'*$%&%'!(0<!')(-%'!+:!(16$+&76D!3T1-H%-%D!(0<! T%6'7--!@OOZ5;!#$%!-76%&(61&%!$('!1'%<!]e/!('!(!:&(.%A+&H!6+!-70H!<7::%&%06!-%C%-'! +:!2+C%&0.%06!(0<!'122%'6%<!76!('!(!*+''7,-%!:&(.%A+&H!6+!0(&&+A!6$%!*+-7)D! 2(*!,%6A%%0!6$%!<7::%&%06!-%C%-'!3>+&:%%d]+&-+6!%6!(-;9!@OOJ5;!]e/!7'!0+6!+0-D! .1-67d-%C%-9!,16!(-'+!7.*-7%'!.1-67d()6+&!(0<!.1-67d'%)6+&;!f%2(&<702!.1-67d()6+&9! A76$!6$%!70C+-C%.%06!+:!,+66+.d1*!70767(67C%'9!6$%&%!(&%!<7::%&%06!()6+&'!6$(6!(&%! *(&67)7*(6702!70!6$%!<%C%-+*.%06!+:!70767(67C%';!#$7'!*(&67)7*(67C%!61&0!70! %0C7&+0.%06(-!*+-7)D!j!(-'+!)76%<!('!I%)+-+27)(-!.+<%&07'(67+08!70!6$%!-76%&(61&%! 3K*((&2(&%0!(0<!]+-9!"JJ@M!4(Q%&9!"JJZM!]+-9!"JJY!)76%<!70!T1-H%-%D!(0<!]+-9! @OOX9!*;"VZ5!d!6$%&%:+&%!70)-1<%'!0+6!Q1'6!6$%!6%)$07)(-!H0+A-%<2%9!,16!(-'+!-+)(-! H0+A-%<2%9!A$%&%!<7::%&%06!2&+1*'!(0<!()6+&'!'6&7C%!6+!$(C%!6$%7&!+A0! 10<%&'6(0<702!+:!6$%!*&+,-%.!(0<!'+-167+0'!()6%<!1*+0!3T%6'7--!(0<!T1-H%-%D9! @OOU5;!! * E$%(.55.5*-"&*5#$-#.0).5* ! ]+&%!)767%'!$(C%!:+)1'%<!+0!6$%7&!>+&*+&(6%!.%('1&%'!(0<!(&%!)+0)%06&(6%<!70! 6$%7&!%0%&2D!'%)6+&!3K)$&%1&'9!@OO_M!/+&%9!f+,70'+0!(0<!K6&%09!@OOJ59!&(6$%&! 6$(0!6()H-702!>+..1076D!.%('1&%'9!:(7-702!6+!6(H%!+0!'D'6%.(67)!+&!'6&1)61&%<!
! "Z! .%('1&%';!B0!%=(.*-%!+:!(!'%-:d&%21-(6702!.%('1&%!7'!,17-<702!+&!-72$6702!%0%&2D! 7.*&+C%.%06';!B))+&<702!6+!^+1'HD!(0<!K)$0%7<%&!3@OOX9!*;XYX59!'%*(&(6702!6$%! >+..1076D!(0<!>+&*+&(6%!%.7''7+0'!7'!(-'+!6$%!%('7%'6!A(D!6+!)+--%)6!<(6(!370! 6%&.'!+:!.%('1&702!%.7''7+0'5;!/+&%9!f+,70'+0!(0<!K6&%0!3@OOJ9!*;"O5!7<%067:D! &%('+0'!:+&!%.,&()702!>+&*+&(6%9!70'676167+0(-!()67+0'L!6$%D!&%N17&%!.707.(-!+&! 0+!>+..1076D!,1Dd709!)&%(6702!-766-%!*+-767)(-!<%,(6%M!6$%D!1'1(--D!*&+<1)%!<7&%)6! &%61&0'!A76$!&%'*%)6!6+!)+'6!'(C702'M!6$%D!*&+<1)%!N17)H9!C%&7:7(,-%!&%<1)67+0'!70! %.7''7+0'9!(0<M!()67+0'!6+!&%<1)%!>+&*+&(6%!%.7''7+0'!)+70)7<%!A76$!6$%!:7&'6! '6%*'!('!-7'6%<!,D!P>e[P;!! ! P0!>(0(<(9!)+d,%0%:76'!(0<!+6$%&!2+(-'!10<%&-7%!.1)$!+:!6$%!()67+0!6+A(&<'! &%<1)702!/4/!%.7''7+0'!3/+&%9!f+,70'+0!(0<!K6&%09!@OOJ5;!P6!7'!A+&6$!0+6702!6$%! <%:70767+0!+:!)+d,%0%:76'9!('!6$%D!(&%!0+6!6$%!'(.%!('!(0)7--(&D!,%0%:76';!`$%0!(! *+-7)D!(7.'!6+!()$7%C%!)-7.(6%!)$(02%!2+(-'!(-+02'7<%!+6$%&!%0C7&+0.%06(-!2+(-'! '7.1-6(0%+1'-D9!76!7'!(!-(,%-%<!('!(!)+d,%0%:76!3]%6g!%6!(-;9!@OO"M!K)$0%7<%&!%6!(-;9! @OO"!)76%<!70!^+1'HD!(0<!K)$0%7<%&9!@OOX5;!`$%&%('!A$%0!6$%&%!7'!(!,Dd*&+<1)6! &(6$%&!6$(0!(!2+(-!+:!(!)-7.(6%!*+-7)D9!76!7'!-(,%-%<!('!(0!(0)7--(&D!,%0%:76!3^+1'HD! (0<!K)$0%7<%&9!@OOX5;!e70H702!*&+,-%.'!(-&%(<D!+0!6$%!(2%0<(!6+!)-7.(6%!)$(02%! 7'!1'1(--D!6$%!6%)$07N1%!70!-+)(-7g702!2-+,(-!)-7.(6%!)$(02%!j!6$7'!.(D!,%!&%:%&&%<! 6+!('!(!I-+)(-!$++H8!3T%6'7--!(0<!T1-H%-%D9!@OOUM!T%6'7--9!@OO"5;!e+)(-7g702!7'!+0%!+:! 6$%!A(D'!^+1'HD!(0<!K)$0%7<%&!3@OOX5!'122%'6!6$(6!)+d,%0%:76'!)(0!,%!1'%<;!#$%! 1'%!+:!(!-+)(-!$++H!)(0!(-'+!2%0%&(6%!*1,-7)!'1**+&6!('!76!2+%'!*('6!-++H702!(6! )-7.(6%!)$(02%!('!(!2-+,(-!7''1%;!G+&!%=(.*-%9!1'702!(!'1&C%D!)+.*-%6%<!70! B-,%&6(9!R-+607H+::9!`&72$6!(0<!^(&10(.107!3@OOV9!*;@@X5!:+10<!6$(6!$+1'%$+-<'! (&%!I*(&67)1-(&-D!)+0)%&0%<!(,+16!$%(-6$!*&+,-%.'!&%-(6%<!6+!%0C7&+0.%06!(0<! (7&!*+--167+09!,16!+0-D!.+<%&(6%-D!70:+&.%<!(,+16!%0C7&+0.%06(-!7''1%'8;!#$%D! '122%'6!6$(6!6$%'%!&%'1-6'!.(D!,%!1'%<!6+!%0)+1&(2%!B-,%&6(0'!6+!(<+*6! &%)+..%0<%<!%0C7&+0.%06(-!,%$(C7+&';!?0%!'1))%'':1-!A(D!6+!<+!6$7'!A+1-<!,%! 6+!*&+.+6%!6$%!-70H!,%6A%%0!$%(-6$!(0<!%0C7&+0.%06(-!7''1%'!'1)$!(7&!N1(-76D;! e+)(-7g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
! "Y!
+,-.#/$*C1*D,/%$/#)(-6*E$-B/7%$F*
! ! #$%+&D!(0<!:&(.%A+&H! ! B'!(!'6(&6702!*+7069!P!1'%<!6$%!)('%!'61<D!,D!f16-(0<!(0<!BD-%66!3@OO_5!+0!-+)(-! %0C7&+0.%06(-!2+C%&0(0)%!3e[/5!70!R+&6-(0<9!?&%2+0;!#$7'!'61<D!1'%'!(! 6$%+&%67)(-!(**&+()$!6$(6!)+.,70%'!BF#!(0<!2+C%&0.%06(-76D;!/+C%&0.%06(-76D! ('!(!6$%+&%67)(-!-%0'!7'!0+6!('!%::%)67C%!:+&!6$7'!6$%'7'8!*1&*+'%'!('!6$%! 7.*-%.%06(67+0!+:!>(-2(&D8'!>+..1076D!/4/!f%<1)67+0!R-(0!$('!0+6!D%6!,%210! (6!6$%!67.%!+:!6$7'!&%'%(&)$;!]e/!$('!,%%0!*&%C7+1'-D!1'%<!6+!(0(-Dg%!-+)(-! )-7.(6%!)$(02%!&%'*+0'%!(6!6$%!-+)(-!-%C%-9!$+A%C%&!A76$!(!<%:7)76!70!0(67+0(-! ()67+09!6$7'!7'!0+6!6$%!.+'6!(**&+*&7(6%!(**&+()$!:+&!6$7'!6$%'7';!4+A%C%&9!BF#! )+1-<!,%!1'%:1-!:+&!6$7'!6$%'7'!70!+&<%&!6+!6&()%!(0<!(0(-Dg%!6$%!0%6A+&H!70! >(-2(&D!70!(!.+&%!+*%0!.(00%&;!B!)+&%!(''1.*67+0!+:!BF#!7'!6$(6!6$%&%!7'!0+!-* 6$)%$)*70!6%&.'!+:!I*+A%&89!,16!6$%!.%)$(07)'!+:!*+A%&!7'!'67--!&%)+207g%<;!R+A%&! 7'!'%%0!('!6$%!(,7-76D!6+!A7%-<!(0<!)++&<70(6%!6$%!&%'+1&)%'9!(0<!706%&%'6'!+:! <7::%&%06!()6+&'!3.+,7-7g%'!(0<!'1**&%''%'!(66%067+059!&(6$%&!6$(0!Q1'6!:+&.(-! 3)+0'676167+0(-5!*+A%&';!#$%!*+706!+:!1'702!BF#!('!(!6$%+&%67)(-!(**&+()$!7'!6+! 6&()%!6$%!)-7.(6%!)$(02%!0%6A+&H!70!>(-2(&D!6$&+12$!N1(-76(67C%!&%'%(&)$;!#$7'!7'! 1'%:1-!70!+&<%&!6+!10<%&'6(0<!$+A!6$%!0%6A+&H!:10)67+0%<!70!6%&.'!+:!A$7)$! ()6+&'!A%&%!70C+-C%<9!(0<!A$7)$!)+00%)67+0'!,%6A%%0!()6+&'!(&%!'6&+02%&!+&! .+&%!&%-%C(06!:+&!6$%!*+-7)D!*&+)%'';!B)6+&'!+&!)+(-767+0'!A7--!,%!:1&6$%&!(0(-Dg%<! ('!6$%!.(70!:+)1'!70!6$%!<7')+1&'%!(0(-D'7';! ! B'!(-&%(<D!'6(6%<!70!6$7'!6$%'7'9!6$%!)+06&7,167+0!+:!BF#!(0<!<7')+1&'%!(0(-D'7'!('! 6$%+&%67)(-!-%0'8!:+&!6$%!*1&*+'%!+:!6$7'!6$%'7'9!A7--!(7.!6+!$%-*!10<%&'6(0<!6$%! )+0:-7)6!10<%&-D702!6$%!<%%*-D!*+-767)(-!7''1%!+:!)-7.(6%!)$(02%;!#$7'!7'!%'*%)7(--D! &%-%C(06!70!(0!1&,(0!(&%(!6$(6!7'!C%&D!<%*%0<%06!+0!6$%!+7-!(0<!2('!70<1'6&D;!#$%! :70<702'!.(D!)+06&7,16%!6+!10<%&'6(0<702!$+A!6+!'67.1-(6%!()67+0!A$%&%!76!7'! C+-106(&D;!f%'%(&)$!6+A(&<'!10<%&'6(0<702!(66761<%'!(0<!*%&)%*67+0'!&%2(&<702! )-7.(6%!)$(02%!(&%!1'1(--D!2%(&%<!6+A(&<'!6$%!2%0%&(-!*1,-7)9!$+A%C%&!76!7'!(-'+! 7.*+&6(06!6+!10<%&'6(0<!6$+'%!+:!6$%!.(Q+&!()6+&'!(0<!*+-7)D!.(H%&'!A$+.!(&%! )+00%)6%<!6+!6$%!)-7.(6%!)$(02%!*+-7)D!3`%--'6%(<!(0<!K6%<.(09!@O""9!*;VYY5;! f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e(6+1&!3"JJY9!*;XU_dXUJ5!*16'!76L!I(!0%6A+&H!7'!0+6!(!6$702!,16!6$%!&%)+&<%<! .+C%.%06!+:!(!6$7028;!R16!'7.*-D9!76!7'!(!6&()702!()67C76D;!P0!6$7'!6$%'7'9!6$%!6&()702! ()67C76D!A7--!,%!7<%067:D702!()6+&'!3:+&!%=(.*-%9!*%+*-%9!<%*(&6.%06'9! +&2(07g(67+0'9!%6);5!(0<!%06767%'!3:+&!%=(.*-%9!*+-7)7%'9!70:-1%067(-!<+)1.%06'59! (0<!6$%7&!)+00%)67+0'!70!6$%!>+..1076D!/4/!f%<1)67+0!R-(0!*&+)%'';!T+')+! 3@OOY9!*;"XY5!(66&7,16%'!BF#!6+!I10)+C%&702!(0<!6&()702!6$%!.(0D!)+00%)67+0'! (0<!&%-(67+0'!(.+02!(!C(&7%6D!+:!()6+&'!3$1.(09!0+0d$1.(09!.(6%&7(-9! <7')1&'7C%5!6$(6!(--+A!*(&67)1-(&!()6+&'9!%C%06'!(0<!*&+)%''%'!6+!,%)+.%!A$(6! 6$%D!(&%8;!P0!BF#9!%C%&D6$702!7'!0+6$702!%-'%!,16!(!0%6A+&H!%::%)69!.%(0702!6$(6! (0!%0676D!<+%'!0+6!$(C%!70$%&%06!*&+*%&67%'!,16!7'!(0!%::%)6!+:!6$%!&%-(67+0'!6$%D! $(C%!A76$!+6$%&!%06767%'!70!(!0%6A+&H!3e(A9!"JJJ!)76%<!70!f16-(0<!(0<!BD-%669! @OO_5;!#$%&%:+&%9!6$%'%!()6+&'!+&!%06767%'!30+0d$1.(0'!(&%!())+106%<!:+&!70! 0%6A+&H'5!.(D!,%!I10<%&'6++<!(0<!(0(-Dg%<!,D!6&()702!6$%!0%6A+&H'!6$%D!:+&.! (0<!6$%!)$(02702!&%-(67+0'!6$(6!%.%&2%!(0<!<%C%-+*!+0)%!$%6%&+2%0%+1'!6$702'! 3,+6$!$1.(0!(0<!0+0d$1.(05!,%)+.%!&%-(6%<!6+!%()$!+6$%&8!3T+')+!@OOY9! *;"XU5;!! * 1%,,%"*6$%6.$#).5*%4*".#9%$:5* ! e(6+1&!3"JJY5!6(H%'!'6+)H!+:!*&+*%&67%'!6$(6!(&%!)+..+0!6+!(--!0%6A+&H';!#$%! :7&'6!.%067+0%<!7'!I:(&p)-+'%8!A$7)$!(''%&6'!6$(6!BF#!)-%(&'!+16!6$%!)+0)%*6!+:! *&+=7.76D;!47'!%=(.*-%!+:!6$7'!7'!(!*%&'+0!70!(!6%-%*$+0%!,++6$!,%702!)-+'%&!6+! '+.%+0%!A76$!A$+.!$%!+&!'$%!7'!'*%(H702!+0!6$%!*$+0%!A76$9!-+)(6%<!6$+1'(0<'! +:!H7-+.%6%&'!(A(D9!6$(0!6$(6!*%&'+0!7'!6+!'+.%+0%!70!6$%!(<Q()%06!*$+0%!,++6$;! #$%!0%=6!:()6+&!7'!I'.(--!')(-%p-(&2%!')(-%89!6$&%(<702!:&+.!6$%!)+0)%*6!6$(6! I'*()%8!7'!0+6!&%(-!'*()%9!,16!6$(6!'*()%!7'!Q1'6!(''+)7(67+0'!(0<!)+00%)67+0';!IB! 0%6A+&H!7'!0%C%&!,722%&!6$(0!(0+6$%&!+0%9!76!7'!'7.*-D!-+02%&!+&!.+&%!706%0'%-D! )+00%)6%<i!3%.*$('7'!(<<%<!,D!(16$+&9!'%%!G721&%!@;"53e(6+1&9!"JJY9!*;XU@5;! T+')+!3@OOY5!&%76%&(6%'!6$7'!0+67+0!'(D702!6$(6!0%6A+&H'!(&%!(,+16!)7&)1-(67+0!+&! :-+A9!&(6$%&!6$(0!$7%&(&)$7%'9!A76$!0+!*&7+&!+&<%&!&%-(67+0;!#$%!6$7&<!*&+*%&6D! 7<%067:7%<!7'!I70'7<%p+16'7<%89!.%(0702!6$(6!(!0%6A+&H!$('!0+!70'7<%!+&!+16'7<%9! ,16!70'6%(<!76!7'!(--!,+10<(&D9!76!7'!(0!%.*6D!:&(.%!3'%%!G721&%!@;@5;!P0!6$7'!'%0'%9! >(-2(&D8'!)-7.(6%!)$(02%!0%6A+&H!)(0!,%!(-'+!'%%0!1'702!4%(-%D8'!3@OOU5!)+0)%*6! +:!1&,(0!6%&&76+&D9!A$7)$!7'!(!('!(!.7=!+:!0%6A+&H'9!&%-(67+0'$7*'9!(0<!:-+A'9!
! "_! 70'6%(<!+:!(0!(&%(!A$%&%!6$702'!$(**%0;!#$%'%!)+..+0!*&+*%&67%'!.%067+0%<! (&%!1'%:1-!(0(-D67)(-!6++-'!:+&!6$%!*1&*+'%!+:!6&()702!6$%!0%6A+&H!(0<!7--1'6&(6702! 6$%!&%'1-6';!#$%!)+0)%*61(-!.(*!70!6$7'!6$%'7'!3'%%!G721&%!X;"!70!>$(*6%&!X5!.(H%'! (0!%::+&6!6+!C7'1(-7g%!6$7';! ! !!! K+1&)%L!e(6+1&9!"JJY9!*;XU@;! =)0'$.*G?>@*K6-(.*-5*-55%()-#)%"5! ! ! ! ! K+1&)%L!e(6+1&9!"JJY9!*;XUX;! =)0'$.*G?G@*;"*.,6#B*4$-,.*! ! ;8C* * P0!BF#!-76%&(61&%9!6$%&%!7'!.1)$!&%:%&%0)%!6+!I()6(068;!B0!()6+&!7'!(0!()6(06!6$(6! ()6'!i+&!6+!A$7)$!()67C76D!7'!2&(06%<!,D!+6$%&'i!3e(6+1&9!"JJY9!*;XUX5;!iB0!()6(06! )(0!-76%&(--D!,%!(0D6$702!*&+C7<%<!76!7'!2&(06%<!6+!,%!6$%!'+1&)%!+:!(0!()67+0i! 3e(6+1&9!"JJY9!*;XUX5;!P0!6$7'!6$%'7'9!P!A7--!&%:%&!6+!()6(06'!('!I%06767%'89!('!76!7'!(! .+&%!:(.7-7(&!6%&.9!(0<!.(D!,%!(!.+&%!0(61&(-!A(D!6+!&%:%&%0)%!0+0d$1.(0! %06767%'!'1)$!('!*+-7)D!<+)1.%06';!4(C702!'(7<!6$(69!.(H702!0+!<7'670)67+0! ,%6A%%0!$1.(0!(0<!0+0d$1.(0!7'!0+6!(0!%6$7)(-!*+'767+0!+:!BF#!3e(A9!"JJ@59! ,16!'6&7)6-D!:+&!6$%!*1&*+'%!+:!(0(-D'7';!#$%&%!'$+1-<!,%!0+!'%*(&(67+0!+:!6$%! '+)7(-!(0<!*$D'7)(-!A+&-<!*&7+&!6+!(0(-D'7'!3>(--+09!"J_Y!)76%<!70!])e%(0!(0<! 4(''(&<9!@OOV5;!B0!+*%0!.70<!A7--!,%!0%)%''(&D!A$%0!)+--%)6702!(0<!(0(-Dg702! <(6(;!P0!6%&.'!+:!(0(-D'7'9!i:+&)%'!+:!6$%!'+)7(-!(0<!6$%!6%)$07)(-!(&%!6+!,%! ())+106%<!:+&!6$&+12$!(!*&+)%''!+:!i2%0%&(-7g%<!'D..%6&Di9!(!.%6$+<!6$(6! %.*-+D'!(!)+..+0!(0(-D67)(-!C+)(,1-(&D!:+&!706%&*&%6702!'1)$!*$%0+.%0(i! 3])e%(0!(0<!4(''(&<9!@OOV9!*;VJV5;!#$7'!.%(0'!6$(6!(!$1.(0!()6+&!.(D!0+6! 4
us to lift the tyranny of geographers in defining space and offers us a notion which is neither social nor “real” space, but simply associations.
a is further from b than from e once connections are taken into account; the proximity of a and b or of c and d is due to the connections established by the grid system and the work of geographers; grid layering and map making is another network and not what in which networks are situated
Small scale/large scale: the notion of network allows us to dissolve the micro- macro-distinction that has plagued social theory from its inception. The whole metaphor of scales going from the individual, to the nation state, through family, extended kin, groups, institutions etc. is replaced by a metaphor of connections. A network is never bigger than another one, it is simply longer or more intensely connected. The small scale/largescale model has three features which have proven devastating for social theory: it is tied to an order relation that goes from top to bottom or from bottom to up -as if society really had a top and a bottom-; it implies that the element “b” being macro-scale is of a different nature and should be studied thus differently from element “a” which is micro-scale; it is utterly unable to follow how an element goes from being individual -a- to collective -b-and back.
A network notion implies a deeply different social theory: it has no a priori order relation; it is not tied to the axiological myth of a top and of a bottom of society; it makes absolutely no assumption whether a specific locus is macro- or micro- and does not modify the tools to study the element “a” or the element “b”; thus, it has no difficulty in following the transformation of a poorly connected element into a highly connected one and back. A network notion is ideally suited to follow the change of scales since it does not require the analyst to partition her world with any priori scale. The scale, that is, the type, number and topography of connections is left to the actors themselves. The notion of network allows us to lift the tyranny of social theorists and to regain some margin of manoeuvers between the ingredients of society -its vertical space, its hierarchy, its layering, its macro scale, its wholeness, its overarching character- and how these features are achieved and which stuff they are made of. Instead of having to chose between the local and the global view, the notion of network allows us to think of a global entity -a highly connected one- which remains nevertheless continuously local... Instead of opposing the individual level to the mass, or the agency to the structure, we simply follow how a given element becomes strategic through the number of connections it commands and how does it lose its importance when losing its connections.
Inside/outside: the notion of network allows us to get rid of a third spatial dimension after those of far/close and big/small. A surface has an inside and an outside separated by a boundary. A network is all boundary without inside and outside. The only question one may ask is whether or not a connection is established between two elements. The surface
5
“in between” networks is either connected -but then the network is expanding- or non-existing. Literally, a network has no outside. It is not a foreground over a background, nor a crack onto a solid soil, it is like Deleuze’s lightning rod that creates by the same stroke the background and the foreground (Deleuze, 197-) The great economy of thinking allowed by the notion of network is that we are no longer obliged to fill in the space in between the connections -to use a computer metaphor we do not need the little paint box familiar to MacPaint users to “fill in” the interspace. A network is a positive notion which does not need negativity to be understood. It has no shadow.
The notion of network, in its barest topological outline, allows us already to reshuffle spatial metaphors that have rendered the study of society-nature so difficult: close and far, up and down, local and global, inside and outside. They are replaced by associations and connections (which AT does not have to qualify as being either social or natural or technical as I will show below) . This is not to say that there is nothing like “macro” society, or “outside” nature as the AT is often accused to, but that in order to obtain the effects of distance, proximity, hierarchies, connectedness, outsiderness and surfaces, an enormous supplementary work has to be done. This work however is not captured by the topological notion of network no matter how sophisticated we wish to make it. This is why AT adds to the mathematical notion of network a completely foreign notion, that of actor. The new hybrid “actor-network” leads us away from mathematical properties into a world which has not yet be so neatly charted. To sketch these properties we should now move on from static and topological properties to dynamic and ontological ones.
. . .
A network in mathematics or in engineering is something that is traced or inscribed by some other entity -the mathematician, the engineer. An actor-network is an entity that does the tracing and the inscribing. It is an ontological definition and not a piece of inert matter in the hands of others, especially of human planners or designers. It is in order to point out this essential feature that the word “actor” was added to it.
Now, the word actor has been open to the same misunderstanding as the word network. “Actor” in the Anglo-Saxon tradition is always a human intentional individual actor and is most often contrasted with mere “behavior”. If one adds this definition of an actor to the social definition of a network then the bottom of misunderstanding is reached: an individual human -usually male- who wishes to grab power makes a network of allies and extend his power -doing some “networking” or “liaising” as Americans say... This is alas the way AT is most often represented which is about as accurate as saying that the night sky is black because the astrophysicists’ have shown there is a big black hole in it. An “actor” in AT is a semiotic definition -an actant-, that is, something that acts or to which activity is granted by others. It implies no special motivation of human individual actors, nor of humans in general. An actant can literally be anything provided it is granted to be the source of an action. Although this point has been made over and over again, the anthropocentrism and sociocentrism is so strong in social sciences (as well as in the critiques of social explanations) that each use of AT has been construed as if it talked of a
