Documente Academic
Documente Profesional
Documente Cultură
ements de la probl
ematique du fief en Italie
Laurent Feller
!#"$"&%'(%)
&*+
,.-0/124365#798:;-<= >@?AB8(-DCFEHG$;I8KJL8(='IM8NAOABP(QRATS8KUVP(QW= 8HCL-YXQZ79P(-&S8[79PH= \(UO7]8N^Q9;-&S8@?_Q?`AB;='Q98(-L?SDC
I;-S8YI\SQRAB8(='= P-\8(-a?`CL=$79P&bDCc8D?VAVQ9;-dS8D?K?VAV=`Cc:NAOCL= 8D?eUV\;LSP(798D?f8NAeSDCFUV\;4SP7WQ?'IM8Y8NAeS8J= ;JL;
?8(=
S8D?JL8(=g?'JL8:NAVQihL8D?-j;jChk8(7W798D?ml`npo'7= PJJL8(79P(QRAqE&CL-8r;JQW-Q];k-sP:PS\(IqQ9bDCc8 UO= P(-jtP(Q?85P(79;=+?K7];kQW-sSvu8w AV= 8xAB;jCAyEzUVP(QRAy:;k-@hLP(QZ-:NCc85&bDCc8{79PxUV\;LSP(7WQRAB\{\NABP(QiAdPNC?g?'QKCL-8{P(UOUVPQW= 8xI\SQRAB8='= P(-j\8(--j8n}|.8@?
bDCc8(79bDCc8@?HJLP<L8D?$AV= >D?q:(79P(QZ= 8D?qS8~P(= :Ye79;4:_?VCL=H7]8F?VC 8NA$-cuPhLP(Q98-DA$JLP@??VCLUOUOQE\NhjQRAB8(=[bDCc8Y-8 ?8
S\Nhk8(79;JJL85vSP(-L?)798D?pP--\8D?pSvuP(J= >D?`<Cc8(='= 85k79PAV_j>D? 8H?8(79;-K79PbDCc87W798798H?V4?VAB>(I8UV\;LSP(7LPNhkP(QRAPNAOAB8(QZ-DA
? PKJL8(=BUV8:NAVQ9;-8(-DAV=8q|.;QW= 88NApGe_QW-8A-cuPNhkP(QRAT\NAB\bDCc8KIP(='<QW-jP(7)?`CL=798KJL;CL=`AB;jCL=I\SQRAB8(='= P-\8(-S8
7OuW,CL=;kJL8(gnk|.8@?eS\NhL8(7];kJJL8(IM8(-DA ?QW-@AB8(=`hk8(-DC?eS8(JCLQ?79PHAV_>D?8S8[8;='<L8D?[CXj5#JCXj7WQ9\88(-0/1465
PNhkP(Q98(-@A$\AB\Y-;IHX= 8C^#QW7p\NABPQRAeJ7RC?[bDCuWCAVQW798&S8YI;-DAV= 8=[SP(-4?[bDCc87W798D?[SQZ= 8:NAVQ9;-4?f798D?[SQWUOUV\= 8(-DAB8@?
_Q?`AB;='Q9;<= P(J_Q]8D??u;='Q98(-@ABP(Q98(-@AgnK-j8J= 8(IKQ9>= 8$\NABP(JL8$PNhkP(QRA\NAB\UVP(QiAB879;k=g?pSDC:;k7Z79;4bDCc8$S8$p;CL79;jC?8
S8z/143Ln)|.8d:;k-6<= >D?KAB8(-@C{E Gf;I8x/P(-L?J7RC?KABP(= SP(JJLP(=P+AB5E XjQ98(-S8D?\(<LP= S4? 5e:;kIqI8r798
S\Nhk8(79;JJL8(I8(-@A79;<Q9bDCc8S8a:8bDCLQfPNhLP(QiA\NAB\dP(7];k=+?KAV=P(QRAB\(gn,.-DAV= 8AB8(IKJv?5S8NC^0AV_j>D? 8D?IMP` 8NCL= 8@?
PNhkP(Q98(-@A\NAB\JCX7ZQ9\8D?5y:8(7W798S8Q]8(='= 8p;CXL8(=`A8A:8(7W798S8Q98(='= 8f;k-6-PD?g?'Q985 J= \:(Q? \(I8-DA
;='<LP(-Q? PNAB8NCL=g?eSDCd:;7W79;LbDCc8S8r/12436n|.8D?PNhkP(-:\8D?IM\NAV_;LS;k7];k<Q9bDCc8@?:;IKI8H7]8D?IKQ? 8D?TPNCJL;kQZ-DA
J= ;X79\IPNAVQ9bDCc8D?}SDCa:;7W79;LbDCc8YS8MGf;I8Y;-DA\NAB\MAB;CAeEUVPQRAe:;-4?BQ9S\(= PNXj798D?ev798D?e_Q?`AB;='Q98(-L?UO= P-tP(Q?
AV= PNhkP(QW7W7]8(-DA8(-j:;k=879P(='<L8(IM8(-DASP(-L?)798$:PS=8$S\(UOQW-QLP79;k=g?n
L99vg LL)L(q
q-8:(_j;
?8P(JJLP(= P(Q?+? PQRAs:(79P(QW=8(I8(-@A08-/1243K798:;IKJLP(=VAVQWI8(-@ABP(<L8E{79PzUV;Q?aQW-DAB8(7Z798:NAOCc8(78NA
<L\;<= P(J_6Q9bDCc8SP-4?798AV= P(QRAB8(IM8(-DAS879P0bDCc8D?`AVQ];k-{8ACL-S\D? P::;k=SJ=;kUV;-S?`CL=&7u8N^6AB8(-4?BQ9;-{E
S;--8=xPNC^I;jA ?sKUV\;LSP(7WQRAB\8AqUV\;4SP7WQ?'IM8vno'78N^Q?`AB88(-oVABP(7WQ98zCL-j8zAV= PSQRAVQ9;-QW-@AB8(-4?8
kRB(gWNB+(W )g'+(WRVpN) +gWp+WWVBN+ K p+ #'p'Wg+W Rg#WZN)g4 `Z4g+Wi
'gBV)'9g WWeW(9 O 9WgO(g9O+pWec)H'] L@ ' '9O
+
Z
&'+WgWm+(W 6+O9V
O OK
.
#
!"!!#
%$&
(' g@) + *O- ,( . 'Z+0
/(W
g((ZWW2
19( O OO4 39OW@
5
!
6gO9` !
+9 +g 6D+BW+ +(WWZ8 7O $ ' pW
:)p 6+O]`
5 7;7+ V4 66+
gO9V
9 6)ZWj N)p< '=
+> ?
@+ B+WgW)(B Av')+ B'Wg+W NWBC 66W 9 +((i'm 6+O9V !#
DE)R'+ZNB)B(gWWpVF=
/(ZW(i G NB 66(g(+ HvWL 6@(kBpZ 9 66+(L9)]+Nf WW
W(]O9W+@(( I4+W+ g gV
5 ((g@ F)(W& JYW9
5#
K=
L VOWgL
N
MvW(Z 6@q(pWWWgYppO
:Wi&'p['Wg+Wg- M4B(RVBN+[+p(WWWj
B(gW+Wm IL+Z+@Og !B
5 P 3 VOW&O +W g g9O+@+9gR Q $ v 9+W[9+O+(pH] gS
W
(]+O N OR]WNg *+iT+G
v+ +OO+' ' W 3g- IL g K($9 @ W
WW
#'=
IL + / 7LO9] WW- * R pZWOWOW) W0 *R+O R9 OOg , +@4W(Dpg(ZW9
*'(gWZ+ *R4 3R& 2+W$( W+ *i Z( (92
R9 OO+ Q
1 !#
v+ +OO+" $ q9WWO2
+9 r WWW&W(9 O3 2+W+W4 )(g@W( JY+Wm(W] 6 #
(
;
(
vK( OZe+9ZZKg
+(R@v5
* e
T9)O @(& 3 OR9 W, O4 3W7 68 *Rg WO#OgO99Z= WWO W (
9pOgO9+(+(9O)$]LW.Ng9Z@Dg# OR9W+(- *pWR]W$(g& 99OW @#Z(9 " 3 (@
WV4 ZWN'6+LO 9L '" WWg4 9+
9 '=
O9
7+9 Ojv+V QN+9 O W ( 99(+]O *+W9(+9 OOWOWW9
P
(g@D; :vWB@(g M
NV'
R
&< >
=C 66Z HvpWWW$WV H#B`L[W]4 4
3 W9 O? 2gW+Z(cW9D (Z ZWWev+W'99
+W
]
Wg @ N ; Q+
(
'=
>
@ RB(RNB' )
. Rp66R(i'4m+(WRVpgO9V Q*RgLW]R9pNfR9O7;7;7cN8*+R
WgO()@O+p(pW" Op(-6W OO VZ
$&
6 WW V WWWW `Bp+DBWW64 `B(BkRpW /
$
. WWg4DB(
. RBW'W6@'VkW$L(i+;66 < ((g@&H#Wp''W `g
3W O
6 '5(
? PQRAB5#?u8D?VA)UV;L:P(7WQ?\8[PNCAB;jCL=.S8[:8}JL;QW-@ApS8(JCLQ?CL-8$SQ
@PQW-8$SvuP(--j\8D?ml`lVnDoB7-vu8(-HhLPJLP@?pS8I w I8$8o`ABP(7ZQ98Y;d798`CL<L8(I8(-@AJL;=`AB\?VCL=7Ou8(IKJ= 8QW-DAB8:P(= ;7WQW-6<Q98(--j8YSvuWCL-8KJLP(=`AB5)?`CL=79PKJ= \D?8(-:8MQZIKJL\(='Q9P798
8NA.79PKUV;k=:8S8?;k-&Q]S\;k7];k<Q98S8H7uPNCAV=85;k-@Ap= 8(-SDC7]8D?\Nhk;k7iCAVQ9;k-L?_6Q?`AB;='QW<= PJ_Q9bDCc8D?e? 8(-L?'QRXj798(I8-DA
SQRhk8(='<L8(-@AB8D?n
|.P$JL;
?BQRAVQ9;-qIP(=`^jQ98(--j8S8D?p_Q?VAB;k='Q]8(-4?pUO= P(-jtP(Q?UCAVCL<L\8-\(<LPAVQRhL8(IM8(-DA8NAP(JJLP(=VCA)ECL-M:8(=`ABP(QZ-;IHXj= 8Svu9o`ABP(7WQ]8(-4?s:;IKI8CL-j8?;jCL= :8S8:;k-6UC?'Q9;-vnHP;79; P(IKIMP(= ;v? P(-j;QW-4?BQ?`ABPQRA SP(-L?
7Ou9QWIKJL;=`ABP(-@AB8-;AB8Y:='QRAVQ9bDCc8bDCuQW7S\SQ9PPNCa:;7W79;LbDCc8 0?VCL=7Ou8N^jQ?`AB8(-j:8YS8HAB8(IqJL;k= P7WQRAB\D?eSQWUOUV\= 8(-DAB8@?
? 879;k- 798D? J_\-;I>(-8@? \NAOCcSQ]\D? 5= PJJL8(79P(-@AbDCc8 :u\NABP(QRA ? P-4? S;CAB8 7uP(JJL;=`AIP` 8CL= S8@?
S\Nhk8(79;JJL8(I8(-@A ? _6Q?`AB;='Q9;<= P(J_6Q9bDCc8D?d?`CL=VhL8(-@C?r8-
= P(-:8SP(-L?798D?S\:8(--6Q98D?&J= \:\S8(-@AB8D?n|.P
JL\(='Q];4SQ?PNAVQ9;-xSDCzS\NhL8(7];kJJL8(IM8(-DAS8@? ?VAV=`Cc:NAOCL= 8D?:PD?VAV= P(798@? 5$:8(7Z798dS8F7u\Nhk;k7iCAVQ9;k-S8@?UV;k='IM8D?S8
JL;ChL;QW= 8NA :8(7W7]8 S8D?I;LSQWUOQ9:PAVQ9;k-L? SDC JL8NCLJ798(IM8(-DA ? ;-DA E SQ?VAVQW-<Cc8=nF|.8@?AV= ;Q?;= S= 8@?
QW-@AB8(= P(<Q?g? 8(-@A)798@?CL-L??`CL=p798D?pPNCAV=8D? 5IP(Q?QW7?)-j8H? ;-DAJLPD?)-j\:8D?g? P(QW=8(I8(-@AQZ-DAB8(= S\JL8(-SP(-@A ?)JLPD?)J7iC?
bDCu9QW7?-j8? 8qS\NhL8(7];kJJL8(-@A.PNC&I w I8$=`@AV_I8 l no'7L-vu\NABP(QiA)JLPD?pUV\:;-S5? 8(79;-7RCLQ95vS8[:;-4?BQ9S\(= 8(=.SvuWCL? 8CL7X79;L: 7Ou8(-L? 8(IHXj798rS8D?M\(79\(IM8(-DA ?q:;-4?VAVQRAOCAVQWU'?qS87]PF?;4:(Q]\NAB\ SQiAB8UV\;LSP(7988(-d79P&= P(I8-P(-@A[EYCL?`L?VAB>(I8&S;-DAAB;jC?e798D?f\(79\I8(-DA ?[? 8= P(Q98(-@Ae;='<LP(-Q]bDCc8(I8(-@A$?'Q\NAV= ;QRAB8(I8(-@AeS\(JL8(-jSP(-DA ?fbDCc87u;- -j8
JL;CL='= P(QRA:;kIqJ= 8(-S=8y79PrJLP(=`AVQ]8s?P(-4?&?P(Q?BQW=798 AB;jCA {8AKQW-@hL8(=g? 8(I8-DAgn|.PrJL;v?'QRAVQ];k-S8d$Q9;jhkP(--6Q
pPNXLP::;r\NABP(QiA8(-r?VCXv?VABP(-:8K79PKI w I8;n ;kIKIM8(-DABP(-@Ap798D?T:;k-@AV='QRX6CAVQ9;k-L?S
8 [CL<Cc8NAOAB8KpPNhjQ9P(-Q
8NA.S8
8P(-~P(='Q98~P=`AVQW- l9 5HQW7[I8NAOABP(QRA:8(=`AB8@?r8-x7RCLIKQ9>= 879P0SQRhk8(=+?'QiAB\0S8?`AV=`Cc:NAOCL=8D?&JL;ChLP(-@A&8^Q?VAB8(=
= \(<Q];k-jP(798(I8-DAgl9+n|eu8N^JL\='Q98(-j:8?;4:(Q]P(7988A`CL='Q9SQ]bDCc8S8y7uo`ABP7WQ98yIM\(='Q9SQ9;-P798dPNhLP(-@AK7uP(=B='QRhL\8yS8@?
;k='IMP(-S4?8D?VAHAV=>D?SQWUOUV\(= 8-DAB8dS8d:8(7W798dS8r79P = P-:(Q986n,.7W7987RCLQ8D?VA[JL;jCL=`ABP-DAq\bDCLQRhkP(798(-@AB8 JLP(=Y?P
UOQW-jP(7WQRAB\57]8D?$:P(= P:NAB\='Q?`AVQ]bDCc8D?<L\-\(= P798D?fS8D?$S8C^r= \<Q9;k-L?JL;ChLP-DA w AV=8= P(JJ=;4:(_j\8D?e798D?CL-8D?eS8@?
PNCAV= 8@?eQW7#?muP<QRAAB;C ;CL=+?.S8}<= ;CLJL8D?.P(='Q?`AB;L:(= PNAVQ9bDCc8@?_j\(<L\(I;-Q]bDCc8D? 5vS8$JL;ChL;QW=+?pUO= P:NAVQ];k-6-\D?5vS8
UOQ9S\(7ZQRAB\D?r=\:(QWJ= ;LbDCc8D?a? 8(79;-S8@?rUV;='I8D?hLP(='Q]PNX798@?rIP(Q?dP(-jP(79;<Cc8D? 5KS807Ou8N^J7];kQRABPAVQ9;k- 8(-6UOQW- S8
JLPNAV='QZI;kQZ-8D?qUV;k-j:(Q98(=+?mn|.8D?S;--j\8D?KUV;-SPI8(-DABP798D?S8I8NCL= 8(-@A[798D?[I w IM8D?qSP(-4?[798NCL=q8N^jJ= 8D?+?BQ9;<L\(-j\(= P(7986n,.7W798D? SQRhk8(='<L8(-@A{SP-4?x7]8NCL={8N^jJ= 8D?+?BQ9;- JLP(=`AVQ]:NCL7WQ9>(=8n&o'7d8N^jQ?`AB8S;-:S8D??;k7RCAVQ];k-L?
SQWUOUV\(=8(-DAB8D?.P(JJL;=`AB\8@?E[S8D?pJ= ;X79>I8D?.bDCLQ#?8}JL;v? 8-DApPCYI w I8I;I8(-@AJLP=`AB;jCA8(-[,CL= ;JL8n~P(Q?
>
+ W =@
kpWWWp
. pWW+WZgZW+ `m66g@W 'W)(E4Bg)( @)g #B
BW+gW#6+O]`
$ g4OR9Z@v(R6W OO VWpO(jO W g49+(jeWgc+gvj(g%9O+1`+
OR9W+L *+i9gc+c+*R (9'v+@RQ
VOWg #B+WgW)
. pWW !kpN)R')+BA 9 6 % WWg`
#)+
C
.)Z4gV (9ZZW (6WgvO '9W@L 7 7;7' 7 .
(j WW+" G @( $
B gOg( $ ](WZO& *'(gW
P
( R
)W)+9 Q+
!#
<
I4 3W+9/ :vRg4B(WZ('ZW.(Wp'R+ 4(Z(W ` :[WRq(ppp'Z++Z+@#RB(gWNB
g((Zp+ g((ZR`p
P
! 5 5
g9W@ HWp iLkBRg(+ A$NpWjkBR+ L(W )) g
M
VL(
P
+@kRB(gW' +(W +Og(WRVp
P
N
!!;!5
D '=
I4 + ( G76O99 ) WW& * R
i
)W)+]
K8
+
5!
QW-@AB8(=`hL8-QW=nLo'7-vu8D?`A.I w IM8MJLP@?-\:8@?+? PQW= 85E:8?VABPS8S8K7Ou_6Q?`AB;QW= 8S8K7Ou9QW-4?VAVQRAOCAVQ9;-5bDCc8H79PH<L8D?VAVQ9;SDCXL\(-j\(UOQ9:8H?;kQiA):;k-6UOQ9\8$EH? ;-HAVQRAOCL7]P(QW= 8n@o'7v?8$:;k-@AB8(-DAB8$Svu8(-K=\:;7RAB8(=)798D?= 8NhL8-DC?l+n
<LP(= P-DAVQ98S8?`ABPNXjQW7WQRAB\SDC UOQ]8(U0JL;jCL= ? ;- AVQRAOCL79PQW= 88NA7]PJL;
?g?'QRXjQW7WQRAB\S8798AV= P(-L?'I8AOAV= 8E? 8@?
S8D?:8(-SP-DA ? 5:8bDCLQ)? 8(IHXj798PNhL;QW=e\NAB\P:bDCLQ?8(- P(-:Q98K;L::(Q9S8(-@ABP(798KS8JCLQ?798 K8?BQ9>:(7]8k79PH-j;k-j
AV= P(-L?'IKQ?+?'Q];k-8(-o`ABP(7ZQ98HSDC:P(JQRAOCL7]P(QW= 8[S
8 CLQ98(=
(PJ='QRhk\7Ou9o`ABP(7WQ98$SvuWCL-:(_jP+-j;k-VCL='Q9SQ9bDCc8QWIqJL;k=`ABP-DA
bDCLQLPUO= 8(QZ-\7Ou\NhL;7RCAVQ9;-S879P=8(79PNAVQ9;-8(-@AV= 8H? 8QW<-8NCL=p8A#hkPD?+?P(7Ol +n
|eu\SQRAfS8D?eUOQ98(U'?fS8y/2 798CL=UVP(QRAS= ;kQiAgn48(JCLQ?798@?AV= PhLPNC^FS8 $n[Q9;k7]P(-DAB88NAeS8 nq8(7W7]8(= 5);? PQRAHXjQ98(-bDCc8 AB;C?798D?KhLP@?+? PC^-vu\NABP(Q98(-@A[JLPD?:;k-j:8(='-j\D?S8 7]P I w I8IP(-Q]>(= 8(+n|.8D?M:(7WQ98-DAB>(798@?
hLP@?+? P7WQ9bDCc8D?TSQW= 8:NAB8@?S8D?T\Nh w bDCc8@? 5:8(7W7]8D?bDCLQvUV;='IPQ98(-DAp7uP(=BQ?`AB;L:(= PNAVQ]8K:P(JQRABP-\P(7]85v-8KS\(JL8-SP(Q98-DA
bDCc80JLP(=`AVQ98(7Z798(I8(-@AS8D?QW-6UV\;LSPNAVQ9;-4?n|.8D? ( OWL S\NAB8(-PQ98(-DAS8D?P(7W798C^ 8NA:u8D?`A?`CL=8C^
bDCu\NABP(QRAPD?g?'Q?87]8NCL=JCLQ?+? P-:8 \:;-;IKQ9bDCc8 8NA0UV;-S\8798CL=xS;IKQW-jPNAVQ9;- ?;4:Q9P(798no'7?\NABP(Q98-DA
\(<LP(7]8(I8(-@A?`CLUOUOQ?P(IKI8(-@ApUV;k=VA ?8ApPD?g? (8
$XL;-4?pIP(-6QWJCL79PNAB8CL=+?.SDCS= ;QRA)JL;CL=pJLP(=`hL8-QW=.EfAV=P(-4?BUV;k='IM8(=
S8D?XL\(-j\(UOQ9:8@?QW-L?`ABPNXj798D?f8(-:;k-j:8D?g?'Q9;-4?fSDCL= PNXj798D?e8NA.<LP(= P(-@AVQ98D?5#7Ou8N^L8IKJ798S8D?XQ]8(-4?eS8Hf;jX6XQ9;798
I;-DAV= 8$E7u8(-@hQWglVn
8?;k-@Ad798D?dhLPD?g? PNC^IKQW-j8NCL=+?5&:8NC^bDCc8z7Ou;k-P(JJL8(7Z798z798@? m L&KO9( 5&bDCLQ= \:(7]P(IP(Q98-DA
7Ou9_\(=\SQRAB\[S8D?pUOQ98(U'?.8NApbDCLQc8(-UCL= 8(-@A798D?)J='QZ-:(QWJLPC^KXL\(-j\(UOQ9:(Q]P(QW= 8D?5
?BQ7Ou;k-;v? 8$SQZ= 8n|.8NCL=)JLPNAV='QWIM;kQW-j8
8(-8(UOUV8A-j8:;kIKJL;=`ABP(QiA-6QP(7W798C^&-QLAB8(='= 8D?pAB8(-DCc8@?8(- no'7?TS\(JL8(-SPQ98(-DA.S;-:q8(-DAVQ9>= 8(I8(-@A.S8
79PrXL;--8rhL;79;-DAB\S8d798NCL=? 8(QW<-j8NCL=&SQZ= 8:NAbDCLQ]57RCLQ95-vu\NABP(QiAJLPD?:;k-j:8(='-j\yJLP(=79PrI8D?VCL= 85:8NAOAB8
bDCc8D?VAVQ9;k-j5:87W798dS8r7Ou_j\(= \SQiAB\5-j8s?8rJL;
?P(-DAMbDCc8rIP(='<QW-jP(798(IM8(-DAqJL;jCL=q7OuP='Q?`AB;L:(= PAVQ98r:P(JQiABP(-\P798
S;-DAT:8D? L#qO \NABP(Q]8(-DAp798@?S\(JL8(-jSP(-DA ?mn|.8NCL=JL;v?'QRAVQ9;- ?VCXLP(7iAB8(='-85
J=8D? bDCc8KS;I8D?VAVQ9bDCc85
S8NhkP(QRA798@?YIPQW-DAB8(-6QW=&SP-4?79P?'J_j>(= 8dSvu;jXk\SQ98(-j:8d;jCS8dS\(JL8(-SP-:8dS8d:8NC^bDCLQ95eS>D?798r7o q8
?'Q]>:(7985cPNhLP(Q]8(-DAPNAOAB8(QW-@A)S8@?)JL;
?BQRAVQ9;-4?pS8JL;ChL;QW=p8NA\NABPQ98(-DAS8(JCLQ?)JLP(=`hk8(-DC?pE7]8D?)= 8(J=;4SDCLQW=85jhk;kQZ= 8
E7]8D?$:;k-L? ;7WQ9S8(= 5)? ;QRAT8(-8N^J7];kQRABP-DA.798NCL=JL;
?BQRAVQ9;-SP(-4?7]8D?e:NCL='Q98@?e\(JQ? :;kJLP(7]8D? 5)? ;QRA8-&= 8(-UV;= tP-DA
798NCL=g?pS;kIqQW-PNAVQ];k-L?)79;L:P(798D?mn
!
( (
6?
79;L:P(798@? 5vbDCu9QW7?uP(<Q?+?8$S8$:(7WQ98-DAB>(798@?)IKQW7WQiABP(QW= 8D?;jCS8$S\(JL8(-jSP(-DA ?=`CL= PNC^
n |euPNXv?8(-:8$S8$S= ;kQiA ?)= \8(7?
?`CL=)7]PAB8(='= 8798@?p8(IKJ w :_P(QRASvuPNhL;QW=pS8D?S= ;kQiA ??`CL=pS8D?JL8(=+? ;--j8D?n
|eu8(-+ 8CJL;CL=[8NC^a\ABP(QRAfS;k-j: ?'QWIqJ798&EYUV;k=BIHCL798(=no'7?muP(<Q?+? PQRAfS8JL;ChL;QW=$P::\S8(=fPNC LqL
V+nDM8NC^J= ;X79>I8D?? 8$JL;
?8(-DAS;k-j:HE$79PUOQW-MSDC q8H?'Q]>:(798:8(7RCLQLS879P$:;-4?;k7ZQ9SPNAVQ9;-S8D?XkPD? 8@?
\:;-;IKQ9bDCc8@?S8D?K<= ;CLJL8D?? ;L:(Q9PNC^sQW-:(7iC?SP(-L?K79P UO=P(-<L8 QZ-UV\(='Q]8NCL= 8rS8 7uP(=BQ?`AB;L:(= PNAVQ]8n 87RCLQSDC
AV= P(-L?'UV8(=VA)SDCXkP(-vn
uQZ78^Q?VAB8qCL-&J=;jXj79>(I8Y? ;L:(Q9P795#7WQ]\E[79PH-PAOCL= 8`CL='Q]SQ9bDCc8KSDCUOQ98(UV5vQW7
8N^Q?VAB8K\(<LP(7]8(I8(-@A)CL-YJ= ;X79>I8
JL;7WQRAVQ9bDCc8n bDCc;kQK?8(=`A7]8FXL\-\(UOQ9:85$bDCc8(7W798a8D?`A? PyJ7]P:8SP-4?798yJ= ;L:8D?g?`C?S8SQ?B79;L:PNAVQ9;-xS8@?
JL;ChL;QW=+?rJCXj7WQ9:D?8NASP(-4?:87RCLQKS80798NCL== 8:;k-L?`AV=`Cc:NAVQ];k
- y|.P079;<Q9bDCc8SDC= P(Q? ;--8I8(-DAS8s.n
e= P(-j:;k7ZQ#C? S= P<_Q):;k-jSDCLQRAeEYPSI8NAOAV= 8bDCc8K7Ou9QW-4?VAVQRAOCAVQ9;-YXL\(-j\(UOQ9:(Q9P798:(_P(-6<L8S8M-jPNAOCL= 88(-0/2vn
M>D?7uQW-L?`ABP(-@A 8(- 8(UOUV8NA ; 79PJL;
?g? 8D?g?'Q9;- 8D?`A?VC? :8JAVQRX798 S8 JL8(=BIP(-8-:85a8(7W798JL8(=BI8NA79P
:;-4?VAV=`Cc:NAVQ9;-08NA[7uP(JJ=;kJ='Q]PNAVQ9;-0S8 JL;ChL;QW=+?qS8YAOJL8YXLP-P(7On|.P bDCc8D?VAVQ9;-S8&79P K 8D?`AeXQ98\NhjQ9S8(IKI8-DAPNC(: $CL=pSDCYJ=;jXj79>(I8n
;D =
'
I4 + W@NBW WpW
; K =
'
I4 + W@NBW WpW
N
6+] 5
'=
Z W] 9 OW O * 9O01 &+ =WBW& BN
WOiWgWR- W43+Wg B! +W
65
IL(]
N
B
5
3 ( ) (]OpWpWZ
o'7K-cu8^Q?VAB8J7RC?dP79;k=g?dbDCc8xS8D?a?`L?`AB>I8D?SvuP7W7WQ9P(-j:8D?8(-@AV= 8<=P(-S4?5HJLP(=-PNAOCL= 80J= ;hQ?;kQZ= 8D?8NA
UO= P(<QZ798D? 5p:;IKI8Y798YIM;k-@AV= 8Y79PYUOQW-SDCd= >(<-j8YS8K$\= 8(-<L8=' gn4M8D?7ZQ98(-4?fS8-jPNAOCL= 879;4:P(7985)8(-6UOQW-5?8
?`CXc?`AVQRAOCc8-DAfPNCa7WQ98(-FbDCLQ95E7Ou\(JL;4bDCc8:P(= ;7WQW-6<Q98(-6-85)\NABPQRAe\NABPNXj7WQ)8Ae8(-DAV=8NAB8(-DCyPNhL8:79PJL8=+? ;--j8YSDC
= ;QOn)p;jCAB8&79P&J= ;X79\(IMPNAVQ9bDCc8$`CL='Q9SQ9bDCc88NAq? ;L:(Q9P(798S8&7Ou\:;k7]8QRABP7WQ98(-6-8YAB;jCL='-j8 PQW-4?BQPNCAB;CL=qS8Y79P
bDCc8D?VAVQ9;k-S8$79P$J79P:8[SDC&= ;Qc8NApS8$7Ou9QW-4?VAVQRAOCAVQ9;-Y;CS8$79P[:;-4? ;7WQ9SPAVQ9;k-MS8_Q9\(=P(= :(_6Q98D?)<= :8$PNCUOQ98(U n
8(7RCLQ9B:(QJL8='I8NAB5SQiA[n)PXLP::;45S8&= \(QZ-DAB8(='J=\NAB8(=? P(-L?KP='= w Af798D?[QW-4?VAVQRAOCAVQ9;-4?[8A$Svu;='<LP(-Q? 8(=$798@?
?'QiAOCcPNAVQ9;-4?798D?J7iC?_\NAB\(=;k<L>(-j8D?n $u8D?VAJLP=7]EbDCc8K798@?$? ;ChL8(= PQW-4?JL8NChk8(-DAe? 8K= \QW-DAV= ;LSDCLQW= 8qSP(-4?.798
8NCc5)8A798KUV;-DAgn|eu\SQiAS8D?UOQ]8(U'?eS8r/25P(QW-L?'Q958D?`A.7OuWCL-8S8D?J= ;JL;v?'QRAVQ9;-4?eS8K= 8:;k-L?`AV=`Cc:AVQ9;k-S8@?
S807Ou;='<LP(-6Q? PAVQ9;k-{JL;7WQRAVQ9bDCc8x?`CL=&CL-8XLP@? 8S\(UOQW-QiAVQRhL8(IM8(-DAUV\;4SP7985HJLP(=79Px? ;7RCAVQ9;- P(JJL;k=VAB\80E
7Ou\(JQW-j8NC? 8bDCc8D?`AVQ];k-aS8&7Ou_j\(= \SQiAB\n#u]CL-j8 :8=`ABP(QW-j8UVPt;k-j5:8@?K? ;7RCAVQ9;-4?K?;k-@AfP(-P(7];k<Cc8D?}E&:8(7W798@?
bDCc85CL-8yAV= 8-DABP(QW-j80SvuP--\8D?&J7RC?YABP= S5}7]8:;IHAB8S8rfP(= :8(7];k-j88NA&?PyUV8(IqI8yQWIMP(<QW-8-DAJL;CL=
= 8:;k-L?`AV=`CLQW=8H798NCL=J=;kJ= 8[JL;jChk;kQW=e?`CL=CL-j8}XLPD?8HUV;-SP(I8-DABP(798I8(-DA.SQZUOUV\(= 8(-@AB8KS8K:8(7Z798K8N^jQ?`ABP(-@A.PNC
S\NX6CA)SDC?BQ9>:(798 7 n
|.8$UOQ98(UV5vbDCLQLPH?8(=`hQLEH?VAV=`Cc:NAOCL= 8=)798= ;PCLI8$E7Ou\(JL;4bDCc8$:P(= ;7WQW-<Q]8(--j8$8D?`A\(<LP(7]8(I8(-@A)PC&:8(-DAV= 8$S8@?
J= ;L:\SDCL= 8@?dJLP(=d798D? bDCc87W798D?0?;k- ;='<LP(-6Q? PNAVQ];k- ? 8xSQ?B79;LbDCc8n)P= PS;^LP(798I8(-DAB5:u8D?VA798= 8(UC?FS8
= 8:;jCL='QZ=xPNC ?`L?`AB>I8 Xk\(-\UOQ9:(Q9P(78NAs7Ou8IKJ79;QSvuQW-L?`AV=`CLIM8(-DA ?&VCL='Q9SQ9bDCc8D?:;kIqI8798 bDCLQ
P::\(79>(= 87]P$:(='Q?8$S8D?)QW-L?`AVQRAOCAVQ9;-4?8NAP::\(7]>(= 879P$:(=BQ? 8$8NA79PAV=P(-4?BUV;k='IMPNAVQ9;-S87Ou9QW-4?VAVQRAOCAVQ9;-vn
|.8D?{I;j8(-4?dVCL='Q9SQ9bDCc8D? E79PSQWJL;v?'QiAVQ9;k- S8@?{QRABP(7WQ98-4? SvuWCL-8<= P(-jS8 ?;jCLJ7]8D?+?8Svu8IKJ79;Qd8NA
JL8(='IM8NAOAB8(-DA.AB;jCAB8&? ;=`AB8S8qhkP(='Q9PAVQ9;k-L? 5798KJ7RC?$? ;ChL8(-@APCdS\NAV=BQWI8(-@AS8K79PKJ= ;J='Q9\NAB\Svu
<7ZQ? 8n|.P
JL8(=`AB8{S8x798NCL=g?rXQ98(-L?rJLP(=798D?rIM;k-jPD?`AB>(=8D?rQWIqJL\(='Q9PNC^8(-DAV=P+-8798AV= P(-L?'UV8(=VAS8798NCL=+?F:(7WQ98-DAB>(798@?
IKQW7ZQRABP(QW= 8@?hL8(=g?[SvuPCAV= 8D?$= \@? 8PNC^
n
|.8 ?8(=`hjQ9:8YIKQW7ZQRABP(QW= 8&:8D?+?8YEY:8I;I8(-@AeSvu w AV= 8YS PCd= ;Q);CaE
7Ou8(IKJL8(=8NCL=x8A0798D?UOQ9S\7WQRAB\D?{? 8SQZ='QW<L8(-@Ayhk8(=+?SvuPNCAV= 8@?0J
k7]8D? 5&J='QW-j:(QWJLP(798I8(-DAdhk8(=+?:8C^ bDCc8
:;-4?VAVQRAOCc87OuP(='Q?VAB;4:(=PNAVQ98$:P(JQiABP(-\P798QW-4?VABP(7W79\8$8(-HhQZ7W798$8NA:(7WQ]8(-DAB8$S8D?\Nh w bDCc8@?n
|euWCL-8&S8D?$QZ7W7RC?`AV=PNAVQ9;-4?$798@?$J7RC?$UVP(IM8NC? 8D?}S8&:8D?AV= P-4?'UV8=`A ?$8AeS879P:(='Q?8YbDCu9QW7?eJ= ;hL;LbDCc8(-DAe8@?`A
UV;CL='-Q98&JLP(=[798&S;
?g?'Q98=K[8(=`Xk8(=`Aa:;k-j:8(='-jP(-DAef;jX6XQ9;L5P(-jP(7RL? \8(-{/1243rJLP(=$~P='Q9; ;jXjQW7WQOnv|.8
I;-PD?VAB>(= 8S8Mf;jX6XQ9;L5)bDCLQ)P\NAB\Y:;k-6UOQ9\KJLP(= fAOAB;-&o'oeEY? ;-&J= ;jAB\<L\5P:;--@Cc5S>D?798K7o q8Y?'Q9>:(7985
CL-8&SQihQ?BQ9;k-FS8 ? 8D?XjQ98(-L?nv|.PYKI8(-L? 8&PNX6XLPNAVQ9P798dP&\NAB\&PD?g?'QW<-j\8YE79PUV;-:AVQ9;k-IKQW7ZQRABP(QW= 8JL8D? P-DA
?`CL=798KI;-P@?`AB>(= 8bDCLQS;QRAUV;CL='-6QW=eS8D?e:;-DAVQW-6<L8(-DA ?ePNC= ;QE?PS8(IP(-jS8n4o'7?UV;='I8(-@A.:8KbDCc8H7Ou; ) .)W[$ KZ( -
O6) W@,GIEKBW @ 6Wi9Wg}+* O +27 W +* 7]+ @ ;
( +@
B4g+WN. j
5
vg
pC66(WZ(Wi+6WL++ :vv `BBRB(RLNp'iWW46 peR)pZ R[+'
p+W H'V4mvO W 3 VR @=OgV`7"g Q+
6
'!!
-8
+ VOWg+ Mv(WW 6D+W
(
(P JJL8(7Z798Y79P ++ (g+L gn48@?AB8(='= 8@?K? ;-DAeJLPD?g? \8D?5SP-4?$798:;CL= P(-DASDC K8&?'Q9>:(798YSP-4?e798
JLPNAV='QZI;kQZ-8S8D?<= P(-jS4?bDCLQ8-&;-DAp79P;jCLQ?g? P(-j:8KE}AVQiAV= 8K8(IKJ_@@AB\;jAVQ]bDCc8nK-S8D?J= \S\:8D?g? 8NCL=+?TS8
[8(=`XL8=`AB5$Q? 8J= P(-S5P8(-8(UOUV8NA.JL8(='IKQ?ebDCc8H798D?pXL\(-j\(UOQ9:8D?e? ;Q98(-@A.:;k-@hL8(=VAVQ?8(- 5\NhjQ9S8(IKI8-DA
J7RC?ePNhkP(-DABP<L8NC^JLP(= :8bDCc8K-;-&= \Nhk;4:PNX798@?e8NAJLP= :8bDCc8H79PKSDCL=\8KS8H798CL=hLP(7ZQ9SQRAB\K8D?VA.S\:(= ;L:(_j\8
:8(7Z798S879PhQ98 SDC :;-:8D?g? 8NCL=:;kIKIM8SDC :;k-j:8D?+?BQ9;--PQW= 8nK8:8UVP(QRAB58NAaJLP(= :8bDCc8798@?
;X7WQW<LPAVQ9;k-L?IKQW7WQRABPQW= 8D?-8? ;-DAsJLPD?-\:8D?+?P(QW= 8(IM8(-DAaQW-L? :(='QiAB8D?SP(-L?0798UV;='IHCL79P(QZ= 85&798= P(JJL;=`A
P(JJLP(=8(-DA8N^Q?VABP(-DA8(-DAV=8}798@?JLP=`AVQ98D?bDCLQc8D?`A798}=P(JJL;k=VA`CL='Q]SQ9bDCc85v:87RCLQvbDCc8$798J79PQ9SKJL8NCAhL\(='QZUOQ98(=
?u\(79;QW<-j8&SDC=P(JJL;k=VAQZ-4?`AVQiAOCc\YJLP(=79P [K(c9 n4|.8D?AVQRAOCL79PQW= 8D?e-8&?u8(-<LP(<L8-DAeE='Q98(-jSrSvuPCAV= 8
bDCuE0:80bDCc80:;-DAVQ98(-@A7980:;-DAV= PNA8NAbDCLQK?87WQWIKQ98A&E0S8@?&J= 8D?VABPNAVQ9;-4?Svu;k=S= 8\:;k-j;kIKQ]bDCc8n|.8
? 8=`hQ9:808NA79PY ;CLQ?+?P(-:80SvuWCL-8yAB8='= 8? ;-DAE0:8?VABPS8yAB;ABP(798(I8-DASQ?W;kQW-@A ? 5$I w I80?u9QW7Pa8NC
[Kc n
|.8D?hkPD?+?PNC^aS8f;XXQ];FAVQRAOCL79PQW= 8D?[S8 :;kIKIM8Y798D?hkPD?+?PNC^d= ;jPNC^rXL\-\(UOQ9:Q9P(QW= 8@?[S8AB8(='= 8@?
J= \(7]8NhL\8@??VCL=7]P}I8-4? 8[PNX6XLPNAVQ9P798H:8D?+?8(-DASvu w AV=8HSQW=8:NAB8(I8-DAp? ;C?)798$:;-DAV=
k798$SDCLIM;k-jPD?`AB>(=8$;jCSDC
? ;ChL8= P(QW-dSP-4?$798&:;jCL= P-DAfSD
C K8 ?BQ9>:(7986n#o'7?K? 8YJ79P:8(-DAfS\D?;k=BIP(Q?[SP-4?$79P&:7WQ98(-@AB>(798YIKQW7ZQRABP(QW= 8S8
JCLQ?g? P(-@A ? ?8(QW<-8CL=+?Y7]P :D?;jCz8::(79\@?'Q9PD?VAVQ9bDCc8D?CL=`XLPQW-4?mn 8NC^LB:(Q95bDCLQ$?mu8(UOUV;= :8-DAMS8y:;k-@AV=
k7]8(=798
I;-PD?VAB>(= 8 ?8D?AB8(='=8D?[8NA[? 8@?[S\(JL8(-jSP(-DA ?5;-DAf\NhjQ9S8(IKI8-DAAB;jCAeQW-@AB\(= w AfEY= \:NCLJL\(= 8(=fE798CL=J= ;UOQRA
? 8@?eS\(JL8(-SP-DA ?IKQW7ZQRABP(QW= 8@?e8NAE[798NCL=PD?g?`CL= 8=CL-8H<LP= P(-DAVQ]8KS8HJL;v?+? 8@?+?'Q];k-j5#E$h= P(Q
SQW= 8HJL8NC:; AB8NC?8
JL;CL=d8NC^n$QW-4?BQ95H798D?&Xk\(-\(UOQ]:8D?:;-:\S\@?y?VCL= 7]8D?&AB8(='= 8D?S8f;jX6XQ9;L5KbDCu9QW7?7OuP(Q98(-@A\NAB\0JLP(=798
I;-PD?VAB>(= 8&7RCLQ9`I w I8;jC?`CL=q;k= S=8 S8D??;jChk8(= P(QW-L? 5AB8(-S8-DAB5pSP(-4?$7]PYJ= PNAVQ9bDCc85)-;-?8NCL798(I8-DAfE
S8Nhk8(-QW=)QZ='= \Nhk;4:PX798D?5kIMP(Q?p8(-qJ7RC?pE<7WQ?g? 8(=pSP-4?)79PIM;jChkP(-:8$S8AVQ]8(=+?n
$u8@?`A[SP-4?q:8:;k-@AB8N^AB8bDCu9QW7UVPCA$:;kIKJ=8(-S= 8Y7]8D?$798NAOAV=8D?[S8&[8(=`XL8=`AfSP(-4?$7]8D? bDCc8(7Z798D?$QW7)IM;k-@AV= 8
CL-8[P(-6QWI;v?'QRAB\[:;-4?'Q]S\(= PNXj798H:;k-@AV= 8798D? 5kJLP= :8$bDCc8$:8NC^k':(Q7RCLQ7ZQ98(-DA798@?)IP(QW-L?p8NA7RCLQ
AB8(-DA798@?
I;j8(-4?Svu8N^QZ<L8(=8(UOUV8:NAVQRhk8(I8(-@AK7]8s?8(=`hjQ9:8rIKQW7WQiABP(QW= 8 n $u8@?`AM\(<LP(798(IM8(-DAMSP(-4?:8y:;k-@AB8N^AB8dbDCu9QW7
UVPNCA.QW-DAB8='J= \NAB8(=.798K:P(JQiAOCL79P(QW= 8qS8}PNhQ98qS8K1143SP(-4?.798bDCc8(7 fAOAB;-Yo'oBo 5vQW-4?BJQW= \HJLP(=TH8(=VXL8(=`AB5vJ= 8-S
S8D?I8@?`CL= 8D?eS8@?`AVQW-j\8D?eEP(--@CL798(=AB;C?798D? EH79PHIM;k=`A.SDC:;k-j:\SP(-@AB5#bDCLQiAOAB8KEK8(-= 8:;-:\S8(=
SvuPNCAV= 8D?.PNC?g?'QRA
A)gl`n 8AOAB8I8D?`CL=8-vu\NABP(QRAJLPD?p;='QW<QZ-P(798|.;jAV_jP(QW= 8o 8= 54SP-4?CL-PCAV= 8$:;-DAB8N^6AB8548PNhkP(QRA$J=;kIHCL7Z<Cc\CL-j8F?BQWIKQW79PQW= 8S>D?3 v65JCLQ? bDCc8SP(-L?H7]8 :PJQRAOCL79P(QW=8 Svu }7];k-jP5QW7pJL;
?P(QRA}bDCc8798@?
\Nh w bDCc8D?r-j8xS8NhkP(Q98(-@AJLPD? w AV=8AB8(-DC?JLP(=r798@?d:(79PC? 8D?JL\(-P(7]8D?dS8D? :;k-j:\S\D?JLP(=798NCL=g?
!
g !
OK
W +e
' 'Wp
P
3
(
7WQW<-j8`UO= ;-DAVQ]>(= 8d8(-DAV=8yS8C^<= ;jCLJL8@?&? ;L:(Q9PNC^:P= P:NAB\(=BQ?`AVQ9bDCc8@?SDChjQW7W79P(<L8 n8NC^bDCLQJ= w AB8-DAq798
? 8=`hQ9:8$E$:(_8NhkP(795L:u8D?`AB'E'SQW= 8$:8C^bDCLQhQ98--8-DAE$:(_8hLP(7JL;CL=pS\(UV8(-jS= 8798NCL=)7WQiXL8(=`AB\$PC ?8(=`hjQ9:8$SDC
I;-PD?VAB>(= 8aS8 LP(- kQ?`AB;{SQRA798rAB8N^AB85= 8t;QRhL8-DAS8D?UOQ98(U'?5$P(79;=+?bDCc8y:8NC^bDCLQe8(UOUV8:NAOCc8(-@AK7]8NCL=
? 8=`hQ9:8$EJQ98S8N^L\:NCAB8(-DAS8D?:;k=VhL\8D?8NAS;kQRhk8(-DAS8D?= 8S8NhkP(-:8@?p:;CAOCLIKQ9>(= 8@?n
q-S8(='-Q]8(=e8N^L8(IqJ798EqhkP(798NCL=J= ;XLP-DAB8S;kQiA w AV=8MQZ-4? \= \5#JLP= :8bDCuQZ78@?`A.UVP(I8NC^8NATbDCu9QW7PS;--j\
7WQ98CEYCL-8YXQRXj7WQ9;<= P(J_Q]8 PNXk;k-jSP(-DAB85:8(7RCLQ.S8D? 9HL S8YQ9;jhk8 SQ LP::;L5SP(-L?[79P=\(<Q9;-dS8
PS;Cc8 gn
MP(-4?798HPS;CcP(-5798D? m[L ;jCc8-DApCL-&=
k7]8:P(JQRABP(7OnC8[o 8?BQ9>:(7985
QZ7?:;-4?VAVQRAOCc8(-@A)CL-Y<= ;CLJL8
S8J=;kJ='Q]\NABP(QW= 8@?7WQiX= 8D?fS;-DA798@?J7RC?e='Q9:_8D?[? ;-DAeS\V EYSP(-L?7]PMhLP@?+? P7WQRAB\YS87Ou\Nh w bDCc86nk|.PKIP` 8CL= 8
JLP(=`AVQ]8 S8r? 8D?[I8IHX= 8@?K:;k-@AVQW-DCc8:8(JL8(-jSP(-DA}SvuPJJLP(=`AB8(-6QW=[PNCaI;-S8YJLPNL? P-d8NAfSvu8^J79;QRAB8(=[8NC^k
I w IM8D?798D?AB8(=B= 8D?eS;-DA.QW7?$? ;-DA.J= ;J='Q9\NABPQW= 8D?mnk|.8D? m[L ? ;-DATS;k-j:EK79PKUV;Q?J=\D? 8(-@A ?8(-hQW7Z798
8NAeE79PY:P(IKJLP(<-j8Y;dQW7?[? ;-DAeS8@?J= ;LSDCc:NAB8NCL=g? 5='Q9:_8D?fPNCFS8(I8NCL= P-DAT4798NCL=J= 8(IqQ9>(= 8PNAOAB8D?VABPNAVQ9;-5
8(-/465798D?I;-DAV= 8d:;IKI8d\NABP-DAMS8D?8N^JL;=`ABPNAB8CL=+?S8r7WQW-S;;C
@8rSvu8(-DAV=8r8NC^L5E 7u\NhjQ9S8(-j:8
= 8(J=\D? 8(-@ABP(-DA ?qS8&79P:;kIqIHCL-PNCAB\YAB;CA$8-DAVQ9>(=85JLP@?+? 8-DAfP(79;=+?CL-dP::;= SdPNhL8:Y7]8D? q\(-QRAVQ]8(-4?[PC^
AB8(='IM8D?pSDCcbDCc8(7QW7?? ;-DA8N^k8(IKJAB\D?pS8ABP^L8D,? gn
$= 5H79Px? ;7WQ9SP(=BQRAB\8-DAV= 807Ou\(7WQRAB85$CL=`XLP(-6Q? \88NAhLPD?g? P(7ZQ? \85K8NA&7]8<= ;CLJL8S8D?P(7W7]8NCAVQ98(=+?S8(I8NCL= \@?
!
!"5
E
Mv(Z+ < LWp(WZ+, :v((
' WOW 7O(
i9#+ ' O+Oi(g < NW" :v(N
P
N
6
WQ -j8N^Q?VABP(-DAB8[;C8(-KAB;CAp:PD?pJL8NC7WQ?BQRX7986nD,7Z7987Ou8D?`A\(<LP(7]8(I8(-@AUV;=`AJL8NCSP(-L?)7Ou $= \NAVQW-\AOCcSQ9\JLP(=ni.n
M8(7RCLI8PC glVn
|eu\(7WQRAB8JLPNL? P--8 ?8(IHX7]8 S;-:PNhk;kQZ=z7]8 :_;QR^nY,.7W798JL8NCA{?;kQiA{?u9QW-4?\(= 8(={SP-4?x7]PhLPD?g? P(7ZQRAB\
S;IKQW-P-DAB850:8 bDCc8 UVP(QiA{JLP(=`AVQ987W798(I8-DA{798<= ;CLJL8 P='QWIP(-6-Q9bDCc8S8PS;Cc85?;kQRA ?u9QW-L?`ABP(7W7]8(=
SDCL= PNXj798(I8-DA.PNC^:;kIqIP(-S8@?S8D?T:;kIqIHCL-8D?.=`CL= P(7]8D?EHJLP=`AVQW=S8H7]PHUOQW-&SDC8[o'o 8?'Q9>:7985:8[bDCu8(7Z798
UVP(QRAf8(-F;v? :P-8"n 8NAOAB8\(7WQRAB8JL8NCAe\(<LP(7]8(I8(-@AB5#AB;jCAe8-rS8(IM8NCL= P(-@A$?`CL=eJ79P:85QZ-DAB\(<= 8=798D?f\bDCLQWJL8@?
hLP@?+? P7WQ9bDCc8D?8(-s:;CL=+?S8r:;k-L?`AVQRAOCAVQ9;-0;CS8 = 8-UV;= :8(I8-DAqSDCL= P(-@A$AB;jCA[7]8 Ho8y?'Q9>:(798r8NAqbDCc879P
IHCL7RAVQZJ7WQ9:PNAVQ];k-S8D? ]g P= 8(-SDC;X7ZQW<LPNAB;QW= 8(I8-DA[J7RC?q-;IHX= 8C? 8D?M8NA[J7RC?KUV;CL='-6Q98D?8-o`ABP(7ZQ98
:8(-@AV= P(7986n 8(79P$P$\AB\798$:PD?p8- P(IKJLP(-6Q98$8NASP(-4?798D? Xj=`;C
@8D?mn
q-d:(_;QR^abDCLQ]5JLP(=XjQ98(-dS8@?[PD?'JL8:NA ? 5p8D?`AfSvuPNXL;= S CL-d:(_j;kQi^rAB8:(_6-Q9bDCc8&S8Y<L8D?VAVQ9;- UV;-:(Q]>(= 8Y8AeS8
= PNAVQ];k-jP(7WQ?PNAVQ9;-S8&7Ou8D?'JLP:8 S8&J= ;LSDCc:NAVQ9;- :8(7iCLQS8&J= ;L:\S8(=[;Ca-;-dEY7Ou (Nq(c sP
8(-@AV= P+-j\zS8@?dI;4SQZUOQ9:PNAVQ9;-4?dQZIKJL;k=VABP(-DAB8D?aE7OuQZ-DAB\(='Q]8NCL=rI w IM8xSDC <= ;CLJL8JLPNL? P(-cn 87RCLQ9':(Q]58UV;-:NAVQ9;-S8M?;k-SD6-PIKQ?'IM8}J= ;J= 8[8NApS8@?:7WQRhLP<L8D?? ;L:(Q9PC^bDCLQ798JLP(=`ABP<L8(-DAB5v? 8AV= ;ChL8$:;k-6UO= ;k-@AB\
ES8@?0:(_j;kQi^bDCLQ;k='Q]8(-DAB8(-@A0? P :P(JLP:QRAB\{Ez;='<LP(-6Q? 8=?PxJ= ;kJ=8=8(J= ;LSDCc:NAVQ9;-5Y:6u8D?VAB'E'SQZ= 8x798
IP(QZ-DAVQ98(-aPNCsI;QW-4?qS8D?[JL;v?'QRAVQ9;-4?qP:bDCLQ? 8D?[JLP(=[798D?[<L\(-j\(= PNAVQ];k-L?HJ=\:\S8(-@AB8D? 5.bDCLQRAOAB8JL;CL=q:8(79PE
AV= P(-L?'UV;='I8(=e7Ou;k='<LP-Q?PNAVQ9;-y?;4:(Q]P(798Y8AJL;k7ZQRAVQ9bDCc8YS879PY:;kIKI[CL-PNCAB\"n 8D?f:(_j;kQR^FS;QRhL8(-@A w AV= 8KUVP(QiA ?
bDCc8(7W7]8D?[bDCc8 ? ;Q98(-@Ae798D?$QW-6QRAVQ9PNAVQihL8D?K?8(QW<-j8NCL='Q9P(7]8D?no'7?eJL8NChL8-DAe8(-@AV= P+-j8(=CL-j8UV\;LSP(7WQ? PNAVQ9;-JLP(=`AVQ98(7Z798
SDC{<= ;CLJL8yJLP4?P(-vn LPdJLP(=`AVQ980?`CLJL\(='Q]8NCL= 8FAB8-SxP(7];k=+?E?8yUV;-S= 8aSP(-4?798r<= ;CLJL8dS8D? L
q( JLP(=p7Ou;4:AV= ;kQcS8$UOQ98(U'?.S8D?`AVQZ-\D?.E$= \(IHCL-j\(= 8(=? ;QRACL-j8}UV;='I8[S8K? 8(=`hjQ9:8[S8}<LP='-Q?;k-j5
?;kQiA)S8@?
? 8=`hQ9:8D?pIKQW7WQRABPQW= 8D?.S8AOJL8[:PNhkP(79:PS8H8NAJL;jCL=p798D?bDCc8(7?)QZ7?)JL8NChk8(-DA w AV= 8AB;CAPNC?+?BQL:;IKJL\NAB8(-@A ?pbDCc8
S8D??BJL\:(Q9P7WQ?`AB8@?pSDC:;kI[XLPNAgn
,.-&o`ABP(7WQ98SDC-;= S5#7]8D?XL8D?;kQZ-4?IKQW7ZQRABP(QW= 8@?eS8D?e\Nh w bDCc8D?e:;-DAV= 8K798D? ( J= \:(QZJQRAB8(-DAp7]8HI;ChL8(I8-DA
SvuPNCL<I8(-@ABPNAVQ9;-&-DCLI\(=BQ9bDCc8S8D?hLPD?g? PNC^UOQ]8(UOUV\D? 58(-&I w IM8qAB8IKJv?ebDCuQZ7?ePNAOAVQW= 8-DAT8(-YhQW7Z798}CL-8[JLP(=`A
S8[:8D? qO PNjP(-DAXk\(-\(UOQ]:(Q9\$S8D?)IM8D?`CL= 8@?pS87Ou\SQRAS8Y/2vn |.P<=P(-S8=`CLJAOCL=8H? ;L:(Q9P(798$8@?`AS;k-j:
XQ]8(- :87W798bDCLQdP:;k-L?'Q?VAB\EUVP(QZ= 8XLP@? :NCL798=x798D? KO9(m La+LL9 SP(-4?798 :P(IKJ S8
7OuP(='Q?VAB;4:= PNAVQ98dIKQW7WQRABPQW= 8S8d= P(-6<xJ7RC?\(798Nhk\n|eu\SQRAMS8x/2bDCLQePrUVP(QRA? 8d:(='Q?`ABP(7W7ZQ? 8(=79P?;4:(Q]\NAB\
79;IHXLP= S8H8-Y;= S= 8@? 5vbDCLQc;kJJL;v? 8-DA)UV8= 8(I8(IM8(-DA798D? 9 8NA798D? ( PC^I8(IHXj= 8D?pS87]P KO9 5
Pr? P(-L?[S;jCAB8&\<LP(798(I8-DAeJL8(='IKQ? 5pSP(-4?[:8(=`ABP(QW-j8D?[:(QZ= :;-4?`ABP-:8D?57uPD?:8(-L?'Q9;-dSvuWCL-8YUO= P:AVQ9;k-FS8Y79P
JLPNL? P--8='Q98n
O
+>
R @CF)B 7O
@!6 3