Camila_Alves_Costa - Universidade Federal Fluminense

Anuncio
!!"#$%&'#()(%*+%(%&),*+,!-#"%"'%
#"'.#.!./*(%*0#1"0#)'*2!-)")'*%*+#,/'/+#)
(%3)&.)-%"./*(%*0#1"0#)*3/,4.#0)
35'67&)(!)89/*%-*%'.!(/'*%'.&).:7#0/'*(%*(%+%')*%*
'%7!&)"8)*")0#/"),
3&%'%"8)*-#,#.)&*%'.)(!"#(%"'%*
")*)-:&#0)*,).#")
0;<=>;*)>?@A*B;*0CAD;
"=D@EF=
(@G@<HECI*JKLL
J
"#$%&#!#&'()!*#!"+),#
3&%'%"8)*-#,#.)&*%'.)(!"#(%"'%*
")*)-:&#0)*,).#")
*-../012345!260/./71282!75!905:02;2!8/!9<.=
>028?2345!/;!(.1?85.!(.1021@:-A5.!A5;5!0/B?-.-15
620A-2C!6202!5D1/7345!85!:02?!8/!$/.10/
+0-/712850E!905FG!*0G!$27?/C!*5;-7:5.!H/15
H-1/0<-I!JKLL
M
M;NO;*%P;<=N;BCE;
*-../012345!.?D;/1-82!25!A5065!85A/71/!85
905:02;2!8/!9<.=>028?2345!/;!(.1?85.!(.1021@:-A5.!A5;5
0/B?-.-15!620A-2C!6202!5D1/7345!85!:02?!8/!$/.10/
QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ
3ECR@AACE*(CSDCE*-;NS@>*(C<=NTCA*"@DC
!N=?@EA=B;B@*+@B@E;>*+>S<=N@NA@
/E=@ND;BCE
QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ
3ECR@AACE*(CSDCE*UCET@*0;>?VE=C*
!N=?@EA=B;B@*+@B@E;>*+>S<=N@NA@
QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ
3ECR@AACE*(CSDCE*&@N;DC*,@<CA
!N=?@EA=B;B@*+@B@E;>*BC*&=C*B@*U;N@=EC
N
!"#$%&'"#()*"+,-$%&'."#),"/'$*"0123'."
#$%&'2"$4#(2*"5'34$-$'")"5',66'."74181")"+16'*"
2)#"12"9,'$2"%(1"3)4$'")%-1%34'81":14;'2
/'4'"'6-'%;'4"1":$%'6"8)23'"-'#$%&'8'<
=#1">1-?2<
f
)TE;B@O=<@NDCA
#5 ! 605F/..50 ! $27?/C ! *5;-7:5. ! 2:028/35 ! 5 ! A57O-1/ ! / ! 2 ! 56501?7-828/ ! 8/ ! O-O/0 ! /.12!
/P6/0-Q7A-2R!2.!C57:2.!A57O/0.2.!/!A2;-7S282.!0-A2.!8/!A57S/A-;/715R!2!AS27A/!8/!260/78/0!5!
B?/!@!./0!?;!6/.B?-.2850I!A?0-5.5!8/!1?85G!#:028/35!650!.?2!50-/712345I!.2D/850-2!/!62A-Q7A-2G
#5!605F/..50!'T:7/0!"2;-C5!#CO/.!2:028/35!2!A5;60//7.45!/!5!A20-7S5I!5.!A2;-7S5.!
26571285.!./;60/!A5;!?;!.500-.5I!2!F5032!B?/!;/!605650A-575?!2-782!B?/!8/.2O-.282;/71/G!
U502;!;?-15!7/A/..T0-5.G!(!650!-..5I!2:028/35G
#5!605F/..50!(?0-A5!U-:?/-0/85I!2:028/35!2!56501?7-828/!/!5.!2O2735.!B?/!.?2.!C?12.!75.!
1Q;!605650A-57285G!#:028/35I!.5D0/1?85I!6/C5!A20-7S5!8/!./;60/G
V!"#9()!2:028/35!5!265-5!;21/0-2C!/!5!F-727A-2;/715 !./;!5.!B?2-.!2!A57A0/1-W2345!
8/.1/!102D2CS5!./0-2!-;65..XO/CG
#5!+D./0O21<0-5!82.!H2A-572C-828/.!2:028/35!2!AS27A/!B?/!;/!605650A-575?!8/!A57S/A/0!
/!O-O/0!5!;?785!2A28Q;-A5R!8/!/P6/0-;/7120!5!A57OXO-5!8/!6/.B?-.2850/.!262-P57285.!650!./?.!
5DY/15. ! / ! :/7/05.5. ! /;! .?2. ! 8/.A5D/012.I ! /.1?8-5.5. ! 8/8-A285. ! 8/ ! A502345 ! 2 ! A57.10?-0 ! ?;2!
0/2C-828/!;/CS50G!(;!/.6/A-2CI!2:028/35!Z!605F/..502!$[7-A2!*-2.!$201-7.I!C?128502!-7A27.TO/CI!
/!Z!>-.C\7-2!U0/-12.I!.57S28502!-7A?0TO/CG
#!)?S2]C2!^S2C-C!2:028/35!2!2;-W28/I!2!60/./732!F-0;/I!2!A5;60//7.45!A/012G!(;!;/-5!2!
?;2!120/F2!145!.5C-1T0-2I!8/.A5D0-0!2!A5;627S-2!A57F501271/!8/!?;2!2;-W28/!8/.-71/0/..282!/!
A-/71/!82.!8-F-A?C828/.!82!O-82!2A28Q;-A2!@!8/.A5D0-0!?;!65015!./:?05G!+D0-:282I!)?G
# ! *-/:5! H50;278-I ! )S20C/77]! _?/-05WI ! #CS/7 ! *2;2.A/75I ! H212.S2 ! `200/15I ! a5D/015!
"\;202I!)2?C5!&/;5.I!)S/S72W!b2BB27-I!b]211!*2c20SI!)-D:S21?CC2S!#F:S27I!d2c28!_2;20!/!
#2;-0!`2.S2021!2:028/35!2!A5;60//7.45!B?/!26/72.!5.!2;-:5.!O/0828/-05.!1Q;!82!8-.1\7A-2!/!
85!.-CQ7A-5G!#!A/01/W2!8/!.?2.!2;-W28/.!/!82!65..-D-C-828/!8/!./;60/!0//7A571020!./?.!.500-.5.!
;/!./0O-?!8/!A278//-05!/;!;?-15.!85.!;5;/715.!8/.12!A2;-7S282G
#!92?C2I!"205CI!d?7-7S5!/!)-B?/-02!2:028/35!2!./7.2345!8/!C20I!5!A20-7S5!A57.1271/I!;-7S2!
F2;XC-2!65.1-32G
#!d5.@!e/CC-7:157!2:028/35!2!-7.6-02345I!5!/7.-72;/715!8/!B?/!5!A@?!745!@!-72CA273TO/C!
/!5!265-5!.-C/7A-5.5I!;2.!A/015!/!A57.1271/R!2!$20-2!&?A-2!2:028/35!5!A20-7S5G
#!&?A-7S2!/!"5.12I!2!9210-A-2!/!92?CC2I!2!U0585!/!&5C2!2:028/35!5!;?785G!+D0-:282!6/C5.!
.2A0-FXA-5.I!6/C2!A5;60//7.45I!6/C2!A5;627S-2I!6/C2!F@I!6/C2!A/01/W2!8/!S2O/0!./;60/!?;!C?:20!
6202!578/!/?!65..5!O5C120G!+D0-:282!650!/.120/;!./;60/!/;!;-;I!650B?/!7282!8/!;-;!./0-2!
65..XO/C!./;!O5AQ.G!+D0-:282!6/C2!O-82G
q
&@AS<C
"+),#I!"2;-C2!#GR!*+$%H>+)!H(,+I!$27?/CG !3E@A@NW;*-=>=D;E*%AD;BSN=B@NA@*
N;*)<XE=O;*,;D=N;G!H-1/0<-I!JKLLG!Lfg6G!*-../012345!8/!$/.10285!h!905:02;2!8/!9<.=
>028?2345!/;!(.1?85.!(.1021@:-A5.!82!*/F/.2!/!82!)/:?02732I!i7-O/0.-828/!U/8/02C!
UC?;-7/7./G
(.1/!102D2CS5!A57.1-1?-!?;!/.F5035!8/!0/FC/P45!/.1021@:-A2!A/710285!72!102Y/1<0-2!
65CX1-A5=;-C-120 ! C21-75=2;/0-A272G ! #D5082 ! 2 ! /P627.45 ! 82 ! F5032 ! /.128?7-8/7./ ! 75!
)?DA571-7/71/!/710/!5.!.@A?C5.!j%j!/!jj%G!9201-785!85!F215!8/!B?/!5.!(.1285.!i7-85.!
./!1507202;!2!60-;/-02 !651Q7A-2 !2!C5:020!605Y/345!8/!F5032!/;!\;D-15 !/F/1-O2;/71/!
6C27/1T0-5I!75.!6/0:?712;5.!A5;5!605A/8/02;!/;!0/C2345!25!./?!/715075!/.1021@:-A5!
-;/8-215I!5?!./Y2I!2!-;/7.2!F2-P2!1/00-150-2C!B?/!./!/.1/78/!85!$@P-A5!Z.!O-W-7S2732.!82!
#71T01-82G!)?.1/712;5.!B?/I!25!A5710T0-5!85!B?/!.?:/0/;!2.!27TC-./.!.-;6C-F-A282.!85.!
.2C85. ! 8/ ! D2C2735. ! A5;/0A-2-.I ! 2 ! S/:/;57-2 ! 75 ! )?DA571-7/71/ ! 0/60/./715? ! ?;!
;5O-;/715 ! /.1021@:-A5 ! -7-A-2C ! / ! -78-.6/7.TO/C ! 6202 ! 5 ! /P102508-7T0-5 ! A0/.A-;/715!
/A57[;-A5!/.128?7-8/7./!/!6202!2!A57B?-.12!82!A578-345!8/!651Q7A-2!S/:/;[7-A2!72.!
0/C23k/.!-71/072A-572-.G!
# ! /P627.45 ! 85. ! 7/:<A-5. ! /.128?7-8/7./. ! 0?;5 ! 25 ! .?C ! 8/?=./ ! -7-A-2C;/71/!
2102O@.!8/!8-.6?12.!A5;!2.!O/CS2.!651Q7A-2.!A5C57-2-.!/?056/-2.!/I!/;!./:?-82I!75!10215!
8-0/15!A5;!2!:0278/!A5CAS2!8/!0/12CS5.!F50;282!650!/P=A5C[7-2.!B?/!05;6/02;!8/!F50;2!
-7A57AC?.-O2!5.!62A15.!A5C57-2-.!A5;!.?2.!271-:2.!;/10<65C/.G!
"57A/7102;5.!75..2!21/7345!/;!10Q.!:0278/.!;5O-;/7123k/.!/P627.-57-.12.!85.!
(.1285.!i7-85.E!5!85;X7-5!.5D0/!2!#;@0-A2!"/7102C!l751282;/71/!2!260560-2345!C-1/02C!
85!9272;TmI!5.!/7F0/712;/715.!A202A1/0X.1-A5.!82!>?/002!U0-2!lB?/!F502;!A57Y?:285.!
A5;!2!-7.12?02345!8/!0/:-;/.!;-C-120/.!72!#;@0-A2!85!)?Cm!/I!72.!nC1-;2.!8@A282.I!2!
-7.12?02345 ! 8/ ! D2./. ! ;-C-120/. ! l5DY/15 ! 8/ ! A0/.A/71/. ! -7.21-.F23k/. ! 8/ ! :5O/075. ! /!
.5A-/828/.!C21-75=2;/0-A272.mG!(..2!nC1-;2!;5O-;/712345I!5DO-2;/71/I!/.1T!0/C2A-57282!
A5;!2!6/0.6/A1-O2!8/!8/A28Q7A-2!82!S/:/;57-2!/.128?7-8/7./I!0/FC/1-82!72!1/7121-O2!8/!
2;6C-20!.?2!60/./732!75!#1C\71-A5!)?CG!
"57AC?X;5.!B?/!2!8/;5A021-W2345!85.!0/:-;/.!65CX1-A5.!72!#;@0-A2!&21-72!75!
F-72C!85!.@A?C5!jj!/!5.!2O2735.!.5A-5/A57[;-A5.!2..-72C285.!72!#;@0-A2!85!)?CI!A5;!
8/.12B?/!6202!5!8/./7O5CO-;/715!D02.-C/-05I!A5710-D?X02;!6202!2!21?2C!F02:-C-W2345!82!
S/:/;57-2!/.128?7-8/7./!/;!\;D-15!;?78-2CG!#6/.20!8/I!0/A/71/;/71/I!1/0!5A500-85!
?;2!O/01-:-75.2!2;6C-2345!82.!D2./.!;-C-120/.!7501/=2;/0-A272.!75!.?DA571-7/71/I!ST!
?;2 ! 7X1-82 ! 6/082 ! 8/ ! A57105C/ ! 65CX1-A5=/.1021@:-A5I ! 8/;57.10282 ! 72. ! 0/.-.1Q7A-2. ! Z!
2D.50345!8/!A57A/-15.=AS2O/!650!6201/!82.!U5032.!#0;282.!.?C=2;/0-A272.I!75.!/.F5035.!
/;!F2O50!82!A0-2345!8/!?;2!o-8/71-828/!/.1021@:-A2!.?C=2;/0-A272pI!72!.-.1/;T1-A2!D?.A2!
8/!0/8?345!82!8/6/78Q7A-2!1/A75C<:-A2I!/P/;6C-F-A282!./Y2!72.!50-/7123k/.!/.1021@:-A2.!
2851282.!6/C5!`02.-CI!72!0/Y/-345!82!60/./732!8/!-7.12C23k/. !;-C-120/.!/;!62X./.!.?C=
2;/0-A275.!5?!2-782!72!D?.A2!6/C2!8-O/0.-F-A2345!8/!F507/A/850/.!8/!;21/0-2C!;-C-120I!
1/78Q7A-2!60512:57-W282!6/C2!'/7/W?/C2G!!
3;>;?E;A6OY;?@Z!60/./732!;-C-120R!/P627.-57-.;5!/.128?7-8/7./R!#;@0-A2!&21-72R!D2./.!
;-C-120/.R!-8/71-828/!/.1021@:-A2G
t
)HADE;OD
"+),#I!"2;-C2!#GR!*+$%H>+)!H(,+I!$27?/CG !!['[*-=>=D;E\*3E@A@NO@*=N*,;D=N*
)<@E=O;[ *H-1/05-I !JKLLG! Lfg6G!$)A!*-../0121-57 ! h!905:02;2 !8/ !9<.=>028?2345 ! /;!
(.1?85.!(.1021@:-A5.!82!*/F/.2!/!82!)/:?02732I!i7-O/0.-828/!U/8/02C!UC?;-7/7./G
,S-. ! c50r !A57.1-1?1/. ! 27 ! /FF501 ! 5F ! .1021/:-A ! 0/FC/A1-57 ! A/71/0/8 ! -7 ! 1S/ ! &21-7!
#;/0-A27!65C-1-A2C=;-C-120]!102Y/A150]G!%1!2880/../.!1S/!/P627.-57!5F!iG)G!;-C-120]!F50A/!
-7!1S/!)?DA571-7/71!D/1c//7!1S/!Ls1SG!278!JL.1G!A/71?0]G!"5;-7:!F05;!1S/!F2A1!1S21!1S/!
i7-1/8!)121/.!D/A2;/!1S/!F-0.1!65c/0!15!.?AA//8!-7!605Y/A1-7:!-1.!F50A/!-7!27!/FF/A1-O/C]!
6C27/120]!C/O/CI!B?/.1-57-7:!S5c!1S/]!605A//8/8!-7!0/:208.!15!1S/-0!-;;/8-21/!.1021/:-A!
.?005?78-7:.I!-G/GI!1S/!C20:/!1/00-150-2C!20/2!1S21!:5/.!F05;!$/P-A5!15!1S/!O-A-7-1-/.!5F!
#71201-82G!e/!20:?/!1S21I!?7C-r/!cS21!1S/!.-;6C-F-/8!272C].-.!5F!1S/!A5;;/0A-2C!D2C27A/!
;2] ! .?::/.1I! 1S/! S/:/;57] !-7 !1S/ !)?DA571-7/71 ! 0/60/./71/8 !27 !-7-1-2C ! 278!/../71-2C!
.1021/:-A ! ;5O/;/71 ! 15c208. ! 1S/ ! /P102508-720] ! :05c1S ! 5F ! 1S/ ! i7-1/8 ! )121/.I ! 278 ! 1S/!
A57B?/.1!5F!-1.!65.-1-57!2.!S/:/;57-A!65c/0!-7!1S/!-71/0721-572C!0/C21-57.G
,S/ ! .60/28-7: ! 5F ! 1S/ ! iG) ! D?.-7/.. ! .5?1Sc208 ! 155r ! 6C2A/I ! -7-1-2CC]I ! 1S05?:S!
8-.6?1/.!c-1S!1S/!5C8!(?056/27!65c/0.!278I!.?D./B?/71C]I!-7!1S/!8-0/A1!7/:51-21-57!c-1S!
1S/!/750;5?.!621ASc50r!5F!F50;/0!A5C57-/.!1S21!D05r/!-7!.5;/!-7A57AC?.-O/!c2]!1S/!
A5C57-2C!62A1.!c-1S!1S/-0!F50;/0!;/10565C-.G
e/ ! F5A?. ! 57 ! 1S0// ! :0/21 ! iG)G ! /P627.-57-.1 ! ;5O/.E ! 1S/ ! 85;2-7 ! 5O/0 ! "/7102C!
#;/0-A2 ! l6201-A?C20C] ! 1S/ ! C-1/02C ! 2660560-21-57 ! 5F ! 9272;2mI ! 1S/ ! AS202A1/0-.1-A!
A57F057121-57!5F!1S/!"5C8!e20!lcS-AS!S266/7/8!2C57:!c-1S!1S/!-7.1-1?1-57!5F!;-C-120]!
0/:-;/. !-7 !)5?1S ! #;/0-A2m ! 278I! -7 !1S/ ! C2.1 !8/A28/.I !1S/ ! -7./01-57 ! 5F! ;-C-120] !D2./.!
l.?DY/A1!15!:05c-7:!8-..21-.F2A1-57 !F05;!&21-7=#;/0-A27 !:5O/07;/71. !278!.5A-/1-/.mG!
,S-.!C2.1!;5O/!-.!0/C21/8!15!1S/!6/0.6/A1-O/!5F!1S/!8/A28/7A/!5F!1S/!iG)G!S/:/;57]I!
0/FC/A1/8!-7!1S/!211/;61!15!/7C20:/!1S/-0!60/./7A/!-7!1S/!)5?1S!#1C271-AG
e/!A57AC?8/8!1S21!1S/!8/;5A021-W21-57!5F!1S/!65C-1-A2C!0/:-;/.!-7!&21-7!#;/0-A2!
D]!1S/!/78!5F!1S/!JK1S!A/71?0]!278!1S/!.5A-5/A575;-A!28O27A/.!-7!)5?1S!#;/0-A2I!c-1S!
/;6S2.-.!15!1S/!`02W-C-27!8/O/C56;/71I!A5710-D?1/8!15!1S/!A?00/71!c/2r/7-7:!5F!1S/!iG)G!
S/:/;57] ! -7 ! 2 ! c50C8 ! C/O/CG ! (O/7 ! 1S5?:SI ! 0/A/71C]I ! 1S/0/ ! S2O/ ! D//7 ! 2 ! O/01-:-75?.!
/7C20:/;/71 ! 5F!1S/ !iG)G!;-C-120]! D2./. !-7! 1S/! )?DA571-7/71I ! 1S/0/ !-. ! 2!AC/20 ! C5.. !5F!
.1021/:-A=65C-1-A2C!A57105CI!/P60/../8!-7!1S/!0/.-.127A/!15!1S/!2D.5061-57I!D]!1S/!&21-7!
#;/0-A27!;-C-120]I!5F!r/]=A57A/61.R!-7!1S/!/FF501.!15c208.!1S/!/C2D5021-57!5F!2!o)5?1S!
#;/0-A27 ! .1021/:-A ! -8/71-1]pR ! -7 ! 1S/ ! .].1/;21-A ! ./20AS ! F50 ! 1S/ ! 8-;-7?1-57 ! 5F ! 1S/!
1/AS75C5:-A!8/6/78/7A]I!2.!/P/;6C-F-/8!-7!1S/!.1021/:-A!50-/7121-57.!F5CC5c/8!D]!`02W-CI!
-7!1S/!0/Y/A1-57!15!1S/!60/./7A/!5F!;-C-120]!-7.12CC21-57.!-7!)5?1S!#;/0-A27!A5?710-/.!50!
-7 ! 1S/! ./20AS !F50!1S/!8-O/0.-F-A21-57 !5F!;-C-120]!;21/0-2C !./CC/0.I !1/78/7A]!C/28/8 !D]!
'/7/W?/C2G
]@\^CEBAZ *$-C-120]!60/./7A/R!/P627.-57-.;R!&21-7!#;/0-A2R!;-C-120]!D2./.R!.1021/:-A!
-8/71-1]
g
'!-_&#/
'=T>;A
`
,=AD;*B@*-;a;A
b
#NDECBSWcC
LK
0;adDS>C*#*6*3)")-_I*#'.-/*%'.&).:7#0/
Lb
0;adDS>C*##*6*/*0/-3,%e/*-#,#.)&*(/*3)")-_
fK
0;adDS>C*###*g*)'*M)'%'*")*7!%&&)*+&#)
hi
0;adDS>C*#$*g*%e3)"'9/*35'67!%&&)*+&#)
jb
0;a=DS>C*$*6*/*3,)"/*0/,k-M#)
iJ
0CNO>SAcC
b`
M=H>=CTE;R=;
LKL
)"%e/'
#7/P5!%
#7/P5!%%
#7/P5!%%%
LJf
LMM
LfJ
s
'#7,)'
)&0*g!!"#$%$&%'&($&)'*+,(-.$&%'&/0(0#,-$
)&%")*g!#C-2732!a/6?DC-A272!H2A-572C!
)E<;A*0M&"*g!B?X;-A2.I!D-5C<:-A2.I!028-5C<:-A2.!/!7?AC/20/.!l/1'#-.$(2&3-0(04-.$(2 &
)$%-0(04-.$(&$5%&67.('$"m
)!.%0*g!!8($58-.&95%'":'$&;':8&$5%&<=$(7$8-05&/'58'"
)l)0*g!)-.1/;2!8/!"57105C/!/!#8O/01Q7A-2!#@0/2!l!-",0"5'&>$"5-54&$5%&/058"0(&
?@:8'#m
M#(*g!`27A5!%71/02;/0-A275!8/!*/./7O5CO-;/715
M#&(*g!`27A5!%71/072A-572C!6202!a/A57.10?345!/!*/./7O5CO-;/715
M&)0*g!#15!8/!a/2C-7S2;/715!/!U/AS2;/715!8/!`2./.!l3$:'&)'$(-45#'58&$5%&
/(0:7"'m
0M&"!"!/$"-,,'$5!`2.-7!)$%$"!H/1c50r!
003*g!"5;-..45!85!"272C!85!9272;T
0#)*g!#:Q7A-2!"/7102C!8/!%71/C-:Q7A-2!l/'58"$(&A58'((-4'5.'&!4'5.@m
0-'*g!"5508/72345!8/!$5O-;/715.!)5A-2-.
0/2)!"&/075.-(&&05&B'#-:*1'"-.&!CC$-":!
0/")#%*g!"57F/8/02345!8/!H2A-572C-828/.!%78X:/72.!85!(B?2850
03(/0*g!"/7105!8/!9/.B?-.2!/!*5A?;/712345!8/!b-.1<0-2!"571/;650\7/2!85!`02.-C
0&'!h!/054"'::-05$(&)':'$".1&?'"=-.'
0',!"&&5A2C-828/!8/!"556/02345!/;!)/:?02732&D/00*'"$8-='&?'.7"-8@&E0.$8-05m
(%)*g!*/62012;/715!#71-=*05:2.
(%.*g!*/62012;/715!8/!(8?A2345!/!,0/-72;/715
(C(*g!*/62012;/715!8/!*/F/.2!85.!(.1285.!i7-85.!li)!*/6201;/71!5F!*/F/7./m
%,"*g!(P@0A-15!8/!&-D/012345!H2A-572C!
%!)*g!(.1285.!i7-85.!82!#;@0-A2
+)M*g!U5032!#@0/2!`02.-C/-02
+)&0*g!U5032.!#0;282.!a/O5C?A-57T0-2.!82!"5C[;D-2
+-#*g!U?785!$57/1T0-5!%71/072A-572C
+/,*g!&5A2C-828/!+6/02A-572C!#O273282!lF0"G$"%&H*'"$8-54&E0.$8-05m
LK
+/'*6!&5A2C-828/!+6/02A-572C!#O273282!u!95.15!8/!+6/02345!#O273285!lF0"G$"%&
H*'"$8-54&?-8'm!l@!5?102!8/75;-72345!6202!U+&m
2&l*g&B7#$5&)-418:&>$8.1
U#).+*g!I0-58&A58'"$4'5.@&;$:J&F0".'!
-=NSAD;Y*g!$-..45!82.!H23k/.!i7-82.!6202!2!(.12D-C-W2345!75!b2-1-/M*g&`2./!$-C-120&DK$-5&H*'"$8-54&3$:'L
/%)*g*+0:27-W2345!85.!(.1285.!#;/0-A275.
/,)(%*g!+0:27-W2345!&21-75=#;/0-A272!8/!(7/0:-2!
/"#0*g!+0:27-W2345!85.!95O5.!%78X:/72.!lH"4$5-M$.-N5&6$.-05$(&A5%O4'5$&%'&
/0(0#,-$m
/"!*g!+0:27-W2345!82.!H23k/.!i7-82.
&0'*g!)$%$"&/"0::&?'.8-05
&&.*g!)'C74''&)'=-'G&;"-,75$(
'/)*g!?.100(&0C&81'&!#'"-.$:
''#!"&?8"$8'4-.&?87%-':&A5:8-878'
'.&).+/&*g!?8"$8'4-.&F0"'.$:8-54
!0(3*g*9**:$($&/05C(-.8&P$8$&Q"04"$#
!")'!,*g!i7-45!8/!H23k/.!)?C=#;/0-A272.
!"/(0*g!(.A0-1<0-5!82.!H23k/.!i7-82.!.5D0/!*05:2.!/!"0-;/
!['[*g!i7-1/8!)121/.!
!')+*g!U5032!#@0/2!85.!(.1285.!i7-85.!l95-8'%&?8$8':&!-"&F0".'m
!')&'/*g!(P@0A-15!)?C!85.!(.1285.!i7-85.!l9R?R&!"#@&?0781m
!''CSDY0C<*6!"5;2785!)?C!85.!(.1285.!i7-85.!l9?&?0781&/0##$5%m
l2#"'%0*g!%7.1-1?15!b/;-.F@0-A5!6202!"556/02345!8/!)/:?02732!l>':8'"5 &
B'#-:*1'"'&A5:8-878'&C0"&?'.7"-8@&/00*'"$8-05m
LL
,#'.)*(%*-)3)'
-;a;*L[!#.!LM!A5C[7-2.!50-:-72-.G
-;a;*J[!#!/P627.45!6202!5!+/.1/
-;a;*f[!a512.!A5;/0A-2-.!2102O@.!85!"272C!85!9272;T
-;a;*h[!"5;6C/P5!;-C-120!85!"272C
-;a;*j[!`2./!8/!>?271T72;5
-;a;*m[!`2./.!85.!(.1285.!i7-85.!72!#;@0-A2!&21-72!8?0271/!2!>?/002!U0-2
-;a;*`[!`2./.!85.!(.1285.!i7-85.!72!#;@0-A2!&21-72!6<.=>?/002!U0-2
-;a;*i[*`2./!8/!$2712I!(B?2850
-;a;*b[!#.!D2./.!A5C5;D-272.
LJ
#NDECBSWcC
lGGGm!5.!A571-7/71/.!2;/0-A275.I!/;!O-01?8/!82!A578-345!C-O0/!/!
-78/6/78/71/!B?/!28B?-0-02;!/!A57./0O2;I!745!658/;!;2-.!./0!
A57.-8/0285.I!75!F?1?05I!A5;5!.?.A/1XO/-.!8/!A5C57-W2345!650!
7/7S?;2!651Q7A-2!/?056@-2!lvm
n-@NA;T@<*BC*aE@A=B@ND@*-CNEC@*;C*0CNTE@AACI*LiJfo*
#!/P627.45!85.!(.1285.!i7-85.!8/.8/!5!w01-A5!21@!2!#;@0-A2!
85!)?C!@!5!8/.1-75!8/!75..2!0232!/!7282!658/!8/1Q=C5G
n(=AOSEAC*B@*aCAA@*BC*aE@A=B@ND@*U;<@A*MSOY;N;NI*Lij`o
#. ! 6/0.-.1/71/. ! /P627.45 ! 1/00-150-2C ! / ! 605Y/345 ! 8/ ! 658/0 ! 85. ! (.1285. ! i7-85.!
F502;!65715.!8/!6201-82!6202!?;2!/P102508-7T0-2!605Y/345!8/!F5032!/;!\;D-15!6C27/1T0-5!
/ ! -7FC?X02; ! 8/A-.-O2;/71/ ! 75. ! 8/.1-75. ! 82 ! #;@0-A2 ! &21-72 ! 8/.8/ ! 5 ! .@A?C5 ! j%jG!
90/./71/.!72!O-.45!85.!o62-.!F?782850/.pI!0/2F-0;282.!6/C5.!60/.-8/71/.!$5705/I!/;!
LgJMI!/!`?AS2727I!/;!LgftR!A57F-0;282.!6/C2.!-7A571TO/-.!27/P23k/.!5?!oA5;602.p!8/!
85;X7-5. ! 1/00-150-2-.R ! 1/50-W282. ! 8/ ! F50;2 ! O-.-57T0-2 ! 650 ! ,5AB?/O-CC/ ! lJKKNmR!
8/7?7A-282. ! 6/0;27/71/;/71/ ! 650 ! ;5O-;/715. ! 8/ ! /.B?/082I ! / ! A57.1271/. ! 72.!
F50;?C23k/. ! 8/ ! /C-1/. ! 65CX1-A2. ! / ! ;-C-120/. ! /.128?7-8/7./.I ! 2 ! /P627.45 ! / ! 2 ! 605Y/345!
;-C-120!/.128?7-8/7./!-71/:0202;!5!A57Y?715!8/!A578-3k/.!60/C-;-720/.!/!/../7A-2-.!6202!
5!/P/0AXA-5!82!S/:/;57-2!;?78-2CG
"5;5!272C-.5?!^/77/8]!lLsgsmI!/.12!605Y/345!F5-!2A5;627S282!85!2C20:2;/715!
A0/.A/71/!/!57/05.5!8/!.?2!60/./732!;-C-120!/;!/.F/02!:C5D2CG!+!B?/!/.1/O/!/;!62?12I!
6202!2.!/C-1/.!65CX1-A2.!/.128?7-8/7./.I!F5-!D/;!;2-.!B?/!5!6?05!/!.-;6C/.!8/./Y5!8/!
;2785 ! 6C27/1T0-5E ! 10212O2=./ ! 8/ ! 2../:?020 ! A578-3k/. ! /F/1-O2. ! 6202 ! 2 ! 2;6C-2345 ! 85.!
7/:<A-5.!6202!./?!6?Y271/!8/./7O5CO-;/715!-78?.10-2C!/!6202!2!0T6-82!/P627.45!8/!./?.!
-7O/.1-;/715.!F-727A/-05.G!+.!(.1285.!i7-85.!72.A/02;!/!A0/.A/02;!A5;!./8/!7/:<A-5.!
/!C5:0202;!-;650!./?.!-71/0/../.!?.2785!1585.!5.!;/-5.!65..XO/-.I!./;60/!0/.62C8285.!
650!?;!2620/CS5!;-C-120!B?/I!25!F-72C!85!.@A?C5!jjI!21-7:-2!1585.!5.!0/A2715.!85!:C5D5!
./;!/7A571020!0-O2-.!Z!2C1?02G
#. ! #;@0-A2. ! F502; ! o8/.A5D/012.p ! / ! 65O5282. ! 1/785 ! /; ! O-.12 ! 5 ! -71/0/../!
;/0A271-C!/?056/?G!H5!/712715I!2!6201-0!82.!0?61?02.!-7A57AC?.2.!85.!62A15.!A5C57-2-.!75!
F-72C ! 85 ! .@A?C5 ! j'%%% ! / ! -7XA-5 ! 85 ! .@A?C5 ! j%jI ! O/0-F-A5?=./ ! ?;2 ! 0/50-/712345 ! 75!
/P/0AXA-5!82!S/:/;57-2!65CX1-A2!A571-7/712CG!#!(?0562!A/8/0-2!62?C21-72;/71/!/.6235!
6202!5.!(.1285.!i7-85.I!B?/!2..?;-0-2;!626/C!A282!O/W!;2-.!8/.12A285!75!A57Y?715!8/!
LM
(.1285.!72A-572-.!/;/0:/71/.!75!H5O5!$?785G!#6<.!2!A57.5C-82345!8/!.?2.!21-O-828/.!
-78?.10-2-.!72!"5.12!&/.1/!72!./:?782!;/128/!85!.@A?C5!j%j!/!82!?7-F-A2345!65CX1-A2!
8/A500/71/!82!>?/002!"-O-CI!5.!(.1285.!i7-85.!./!15075?!5!:0278/!F507/A/850!8/!D/7.!
-78?.10-2-. ! / ! 62..5? ! 2 ! B?/D020 ! :02821-O2;/71/ ! 1582. ! 2. ! D200/-02. ! -;65.12. ! 2 ! ./?!
A5;@0A-5 ! /P1/075G ! a/A/D/785 ! -;-:0271/. ! 8/ ! 1585. ! 5. ! A571-7/71/. ! / ! 260/./712785!
/P102508-7T0-2!A262A-828/!8/!-75O2345!1/A75C<:-A2I!/../!62X.!O/7A/0-2!2!A5;6/1-345!A5;!
2!(?0562!/!./?.!:5O/07271/.!D?.A20-2;!650!1585.!5.!;/-5.!2../:?020!A578-3k/.!6202!2!
/P627.45!6/0;27/71/!8/!.?2.!1027.23k/.!/A57[;-A2.G!
+ ! 60-;/-05 ! 62..5 ! 0?;5 ! Z ! /P627.45I ! A/012;/71/I ! F5- ! 0/60/./71285 ! 6/C5!
-78-.A?1XO/C ! 85;X7-5 ! /.1021@:-A5 ! 75 ! 60<60-5 ! A571-7/71/G ! #5 ! C57:5 ! 85 ! .@A?C5 ! j%jI ! 2!
605Y/345!-7-A-282!72!"5.12!&/.1/!./!8/?!0?;5!25!92AXF-A5I!2102O/..2785!C20:5!1/00-1<0-5!
D/7/F-A-285!650!2;6C5.!/!8-O/0.-F-A285.!0/A?0.5.!721?02-.R!25!;/.;5!1/;65I!/.1/78/0=
./=-2!.5D0/!2.!1/002.!85!271-:5!85;X7-5!A5C57-2C!/.627S5CG!&5:5!/;!./:?-82I!/.120-2!2!5.!
-71/0/../.!/.128?7-8/7./.!/.120-2;!A57.5C-8285.!650!1582!2!#;@0-A2!"/7102CG!#!6201-0!82!
90-;/-02!>?/002!$?78-2CI!5.!(.1285.!i7-85.!2;6C-20-2;!./?.!7/:<A-5.!.5D0/!2!#;@0-A2!
85!)?CI!25!1/;65!/;!B?/!;5.102O2;!F5032!2D.5C?12!.5D0/!2!60-7A-62C!651Q7A-2!2.-T1-A2I!5!
d2645G!(;!1582.!/..2.!;5O-;/7123k/.I!A5;5!O/0/;5.!7/../!102D2CS5I!5!9272;TI!B?/!
21@ ! LsKM ! -71/:0202 ! 5 ! 1/00-1<0-5 ! A5C5;D-275I ! A57.1-1?-? ! ?;2 ! D2./ ! 56/02A-572C!
-78-.6/7.TO/CG
+!5DY/15!8/.12!8-../012345!@!5!8/./7O5CO-;/715!85!/P627.-57-.;5!/.128?7-8/7./!
.5D0/ ! 5 ! A57Y?715 ! C21-75=2;/0-A275I ! /P60/..5 ! /; ! .?2 ! O/01/71/ ! 8/A-.-O2E ! 2 ! 60/./732!
;-C-120G!"2D/0-2!8/;57.1020!B?/!745!S5?O/!2A571/A-;/715!65CX1-A5!0/C/O271/!72!#;@0-A2!
&21-72!8/.8/!;/285.!85!.@A?C5!j%j!./;!2!6201-A-62345!8-0/12!5?!-78-0/12I!2D/012!5?!
O/C282I!85!2620215!8/!./:?02732!/.128?7-8/7./G!#!C-1/021?02!.5D0/!5!605A/..5!S-.1<0-A5!
C21-75=2;/0-A275!@!D2.1271/!F2012!/;!8285.!.5D0/!2!21?2345!/.128?7-8/7./G!
950!o60/./732!;-C-120p!B?/0/;5.!8/.-:720!745!26/72.!2!;/02!2!8-.10-D?-345!8/!
/F/1-O5.I ! 20;2.I ! /B?-62;/715. ! / ! -7.12C23k/. ! ;-C-120/. ! 5? ! ;/.;5 ! 5 ! 85;X7-5 ! .5D0/!
65.-3k/. !6202 !5!/;60/:5 !82!F5032G !"57.-8/02;5. !12;D@; !5. !O20-285. !2.6/A15. !B?/!
/7O5CO/;!2!A57.10?345!/!2!?1-C-W2345!8/!A5065023k/.!;-C-120/.I!12-.!A5;5!2!O/782!8/!
-7.10?;/715. ! D@C-A5.I ! 2 ! 50:27-W2345 ! / ! 5 ! 10/-72;/715 ! 8/ ! 10562.I ! 2 ! A262A-12345!
605F-..-572C !8/!5F-A-2-.I !2 !1027.F/0Q7A-2 !8/!A57S/A-;/715. !;-C-120/. !/.6/A-2C-W285. !/I!
.5D0/1?85I!2!8-F?.45!8/!85?10-72.I!A57A/-15.I!O2C50/.!/!60-7AX6-5.G!x!A57S/A-85!8/.8/!5!
-7XA-5!82!/02!;58/072!5!F215!8/!B?/!?;2!10562I!650!;/CS50!/B?-6282I!10/-7282!/!8-.65.12!
LN
B?/!./!260/./71/I!./;!A57A/63k/.!85?10-7T0-2.!2;6C2!/!.5C-82;/71/!/702-W282.I!1/0T!.?2!
/F-ATA-2!0/8?W-82!5?!27?C282!l$#_i%#'(&I!JKLKmG!
+!A57./7.5!85?10-7T0-5I!650!.?2!O/WI!8/O/0T!0/FC/1-0!2.!50-/7123k/.!/!6056/7.k/.!
85.!B?/!/P/0A/;!5!658/0!65CX1-A5G!x!65..XO/C!B?/!5!;/CS50!/P/;6C5!6202!2!A57.10?345!
82! ?7-828/!85?10-7T0-2 !;-C-120 !/710/!2.!50:27-W23k/. !;-C-120/. !.?C=2;/0-A272. !26<. !2!
)/:?782!>?/002!$?78-2C!./Y2!2!2;6C2!/!605F?782!2..-;-C2345!85.!60-7AX6-5.!82!>?/002!
U0-2G!#!-8/71-F-A2345!82!:0278/!2;/232!25!(.1285!/!2!.5A-/828/!F-A5?!D/;!2../71282!
/710/!5.!B?/!/P/0A/0-2;!5!;2785!65CX1-A5E!10212O2=./!8/!A5;D21/0!650!1585.!5.!;/-5.!
8-.657XO/-. ! 5. ! 8/F/7.50/. ! 85 ! A5;?7-.;5I ! 2C3285. ! 2 ! A578-3k/. ! 8/ ! -7-;-:5. ! 82!
A-O-C-W2345!5A-8/712CG!#!6/0A/6345!AC202!8/!B?/!A2D-2!25.!(.1285.!i7-85.!2!C-8/02732!75!
/7F0/712;/715!85.!A5;?7-.12.!F5-!/71057-W282!72.!A5065023k/.!;-C-120/.!/!F2A?C15?!5!
/.12D/C/A-;/715!82!?7-828/!85?10-7T0-2!75!;/-5!A2.10/7./G!
950! o60/./732! ;-C-120p ! A5;60//78/;5. !12;D@; !-71/0F/0Q7A-2. ! 745! 501585P2.I!
A5;5!2!21-O-828/!8/!2:/71/.I!./A0/15.!/!2..?;-85.I!8/.1-7285.!2!F5;/7120!A57.6-023k/.I!
27:20-20!.-;621-2.I!A578-A-5720!2!56-7-45!6?DC-A2!/I!/O/71?2C;/71/I!6/06/1020!21/71285.!
1/0050-.12.I ! -7AC?.-O/ ! /7:/7802785 ! :5C6/. ! / ! 6021-A2785 ! 2..2..-7215. ! 8/ ! C-8/02732.!
65CX1-A2.!C21-75=2;/0-A272.G!#!/P60/..45!o2!A57B?-.12!85!(.1285pI!/;60/:282!650!a/7@!
*0/]F?..!lLsgLm!72!27TC-./!85!A2.5!D02.-C/-05I!8/;57.102!2!0/8/!A5;6C/P2!8/!;275D02.!
O-.2785!2!:20271-0!50-/7123k/.!.?D2C1/072.!.5D0/!2.!/C-1/.!/;!.?2.!O20-282.!O/01/71/.E!
/A57[;-A2.I!65CX1-A2.I!-71/C/A1?2-.!/!;-C-120/.G!
"5;5 ! 2 ! :?/002 ! / ! 2. ! 50:27-W23k/. ! ;-C-120/. ! 745 ! .5D0/O-O/; ! ./; ! 0/C23k/.!
.?D.1271-O2. ! A5; ! 2. ! -7.1-1?-3k/. ! 6nDC-A2. ! / ! 2 ! .5A-/828/I ! A2D/0-2 ! 2-782 ! -7AC?-0 ! 72!
/P60/..45!o60/./732!;-C-120p!5!05C!8/!2150/.!8-0/12;/71/!0/C2A-57285.!25!;/0A285!8/!
;21/0-2C ! ;-C-120G ! + ! .?A/..5 ! 7/.1/ ! 02;5 ! -78?.10-2C ! 2C12;/71/ ! ;57565C-W285!
A5;60//78/0-2 ! ?;2 ! 21?2345 ! O20-282 ! 8/ ! 2:/71/. ! O5C1285. ! 745 ! 26/72. ! 6202 ! 2.!
50:27-W23k/. ! ;-C-120/. ! 60560-2;/71/ ! 8-12.I ! ;2. ! 12;D@; ! 6202 ! 5. ! 0/60/./71271/.!
620C2;/7120/.I!8-0-:/71/.!:5O/072;/712-.!/!CX8/0/.!65CX1-A5.!A5;!658/0!8/!8/A-.45!.5D0/!
5!/;60/:5!8/!0/A?0.5.!6nDC-A5.!6202!2B?-.-345!8/!20;2.!/!/B?-62;/715.I!Y5072C-.12.!
A5; ! A262A-828/ ! 8/ ! -7FC?/7A-20 ! 2 ! 56-7-45 ! 6nDC-A2I ! 1@A7-A5. ! / ! A-/71-.12. ! A5;!
65..-D-C-828/.!8/!5F/0/A/0!5!2;6205!-78-.6/7.TO/C!25!?.5!8/!/B?-62;/715.!.5F-.1-A285.!
/I ! /7F-;I ! 8-6C5;212. ! 60/620285. ! 6202 ! 5 ! /.12D/C/A-;/715 ! 8/ ! 1021285. ! / ! 2A5085.!
0/C2A-57285.!2!-71/0/../.!/.1021@:-A5.G!
Lf
# ! B?/.145 ! B?/ ! 50-/715? ! /.1/ ! 102D2CS5 ! F5- ! 2 ! ./:?-71/E ! A5;5 ! 605A/8/02; ! 5.!
(.1285. ! i7-85. ! 75 ! B?/ ! 8-W ! 0/.6/-15 ! Z ! ;27?1/7345 ! 8/ ! ./? ! 85;X7-5 ! /.1021@:-A5!
A571-7/712C!5?I!A57F50;/!5!1/0;5!65CX1-A5=2A28Q;-A5!/;!O5:2I!oS/;-.F@0-A5py
#!2D027:Q7A-2!82!1/;T1-A2!75.!-;6[.!0/A501/.!60/A-.5.!8/!-7O/.1-:2345G!H/.1/!
102D2CS5I!5612;5.!6/C5!/.1?85!8/!10Q.!:0278/.!;5O-;/7123k/.E!2!85!/.12D/C/A-;/715!85!
A5;6C/P5!;-C-120!85!"272C!85!9272;TI!2!8-../;-72345!8/!D2./.!;-C-120/.!26<.!2!>?/002!
U0-2!/!5!0/A/71/!/.12D/C/A-;/715!8/!:0278/.!-7.12C23k/.!72!"5C[;D-2G!
#6/.20!8/!./!102120!8/!?;!;/0:?CS5!/;!2C20:285!605A/..5!S-.1<0-A5I!2!60-7A-62C!
;51-O2345 ! 8/.1/ ! /.1?85 ! @ ! A57.1-1?X82 ! 6/C2. ! -71/005:23k/. ! 2A/0A2 ! 82. ! ;?82732. ! /;!
6/0.6/A1-O2!72!508/;!-71/072A-572C!A571/;650\7/2G!+!B?/!75.!;51-O2!@!2!2A/C/0282!/!
605F?782!2C1/02345!72!A500/C2345!8/!F5032.!72.!0/C23k/.!-71/072A-572-. !82!21?2C-828/I!
B?2785 ! 5. ! A/7105. ! S/:/;[7-A5. ! O-O/7A-2; ! :02O/. ! A0-./. ! -71/072. ! / ! @ ! 751<0-2 ! 2!
/;/0:Q7A-2!8/!75O5.!2150/.!:C5D2-.G!
(;!./?.!8-.A?0.5.I!5!21?2C!60/.-8/71/!85.!(.1285.!i7-85.I!`202Ar!+D2;2I!1/;!
2..-72C285 ! 5 ! F/7[;/75 ! 82 ! 6/082 ! 82 ! 2?15A57F-2732 ! /710/ ! ./?. ! A5;6210-512.I ! ./785!
A0/.A/71/. ! 2. ! 8nO-82. ! B?2715 ! Z ! A262A-828/ ! 8/ ! e2.S-7:157 ! 6/0.-.1-0 ! 75 ! /P/0AXA-5!
-7A571/.1/ ! 82 ! S/:/;57-2 ! 2D.5C?12 ! 75 ! A/7T0-5 ! -71/072A-572CG ! H45 ! 5D.1271/I ! /710/ ! 5.!
/.6/A-2C-.12.I!@!A57./7.?2C!2!75345!8/!B?/!2!F5032!;-C-120!/.128?7-8/7./I!8/O-85!Z!.?2!
-78-.A?1XO/C ! .?6/0-50-828/ ! 1/A75C<:-A2I ! 6/0;27/A/0T ! 650 ! ;?-15 ! 1/;65 ! /; ! C20:2!
O2712:/; ! F0/71/ ! 2 ! B?2CB?/0 ! /O/71?2C ! 28O/0.T0-5G ! +DO-2;/71/I ! /../ ! B?2805 ! 658/ ! ./!
8/.F2W/0 ! 25 ! .2D50 ! 82 ! 2A/C/02345 ! 8/ ! 605A/..5. ! /; ! A?0.5I ! ;2. ! 5. ! (.1285. ! i7-85.!
6/0.-.1/;!A5;!A262A-828/!8/!-71/0O/7345!;-C-120!-7-:?2CTO/CG!(.12!.?6/0-50-828/!CS/.!
:20271/!A578-3k/.!8/!A571-7?20!-71/0F/0-785!./0-2;/71/!75.!0?;5.!82!#;@0-A2!&21-72G!
H/.12 ! 8-../012345I ! 60/1/78/;5. ! 0/FC/1-0 ! 2A/0A2 ! 8/ ! A5;5 ! 5. ! (.1285. ! i7-85.!
A57./:?-02;!A57B?-.120!/!;271/0!650!12715!1/;65!2!.?60/;2A-2!/;!0/C2345!25.!./?.!
O-W-7S5. !85!)?CR!1/712;5. !A5;60//78/0 !A5;5 !/../!62X.!A57./:?-?!:20271-0 !5!/.10-15!
A57105C/!65CX1-A5=;-C-120!/;!./?!/715075!/.1021@:-A5G!
x!.2D-85!B?/!271/.!;/.;5!82!%%!>?/002!5.!;-C-120/.!/.128?7-8/7./.!15;202;!
-7-A-21-O2. ! O-.2785 ! 2 ! 8/.D27A20 ! 2. ! 1028-A-572-. ! -7FC?Q7A-2. ! F027A/.2I ! :/0;\7-A2 ! /!
D0-1\7-A2!l*+$%H>+)!H(,+I!LstsR!$A"#HHI!LssfR!$#a,%H)!U%&b+I!JKLKmG!$2.!
2!2605P-;2345!/F/1-O2I!6/C5!;/75.!/;!0/C2345!25.!;-C-120/.!D02.-C/-05.I!5A500/0-2!26/72.!
8?0271/!2!)/:?782!>?/002!$?78-2C!l#&'()I!JKKJR!)(%,(HUi)I!JKKMmG!!
H5..5. ! B?/.1-572;/715. ! 2A/0A2 ! 82 ! 60/./732 ! ;-C-120 ! /.128?7-8/7./ ! 6201/; ! 85!
60/..?65.15!8/!B?/!5!A57105C/!85!"272C!85!9272;T!/!2!AS2;282!o(.A5C2!82.!#;@0-A2.p!
Lq
F502;!8/!F?782;/712C!-;6501\7A-2!72!2605P-;2345!85.!(.1285.!i7-85.!A5;!2.!/C-1/.!
;-C-120/. ! C21-75=2;/0-A272.I ! 6/0;-1-785=CS/. ! 5 ! A57105C/ ! S/:/;[7-A5 ! 82. ! O/782. ! 8/!
/B?-62;/715 ! ;-C-120 ! /I ! 650 ! A57./BzQ7A-2I ! 2 ! 56501?7-828/ ! 8/ ! 0/62..20 ! .?2. ! 1@A7-A2.!
56/02A-572-.I ! A57A/63k/. ! /.1021@:-A2.I ! 60-7AX6-5. ! / ! O2C50/. ! B?/ ! 5F/0/A/; ! C2.105 ! Z!
605Y/345!/.128?7-8/7./G!
"5;6/C-85!2!8/.C5A20!5!A5;6C/P5!;-C-120!-7.12C285!75!9272;T!6202!./?!60<60-5!
1/00-1<0-5!/;!LsssI!5!A5;2785!/.128?7-8/7./!F5-!C/O285!2!-7FC/Pk/.!1T1-A2.I!8-.10-D?-785!
D2./.!;-C-120/.!25!C57:5!85!1/00-1<0-5!.?C=2;/0-A275!./;!2D8-A20I!650!.?65.15I!8/!.?2!
60/./732 ! 5.1/7.-O2 ! 72 ! #;@0-A2 ! "/7102CI ! /.6235 ! :/5:0TF-A5 ! 7/O0TC:-A5 ! 85 ! A5;@0A-5!
;?78-2C!/!65715!AS2O/!8/!./?!/715075!/.1021@:-A5G!#!-;6501\7A-2!85!"20-D/I!0/O/C282!YT!
8/.8/!5.!1/;65.!A5C57-2-.I!6/0.-.1-0-2I!./785!/O-8/7A-282!72!F2;5.2!oA0-./!85.!;X../-.pI!
/; ! LsqLG ! #. ! A57./B?Q7A-2. ! 8/ ! ?; ! /O/71?2C ! oF/AS2;/715p ! 85 ! "272C ! ./0-2;!
-7-;2:-7TO/-.I!745!.<!6202!2!/A575;-2!/.128?7-8/7./I!;2.!6202!2!/A575;-2!;?78-2CG!
#6<.!5!F-72C!82!>?/002!U0-2I!8?0271/!2!B?2C!;?-15.!62X./.!C21-75=2;/0-A275.!/.1-O/02;!
85;-7285. !650!8-128?02. !;-C-120/.I !5. !(.1285. !i7-85. !2;6C-202; !.?2!A262A-828/ !8/!
-71/0O/7345!;?C1-6C-A2785!.?2.!D2./.!56/02A-572-.!/;!1/002!/!75!;20G
H5.!A26X1?C5.!8/.12!8-../012345I!605A?02;5.!;26/20!2!8-.10-D?-345!/.62A-2C!/!2!
A262A-828/!56/02A-572C!85.!8-.65.-1-O5.!;-C-120/.!/.128?7-8/7./.!D/;!A5;5!272C-.20!2.!
201-A?C23k/. ! / ! 5. ! 8-.A?0.5. ! B?/ ! 60/1/78/02; ! Y?.1-F-AT=C5.G ! $271-O/;5. ! 6201-A?C20!
21/7345 ! Z. ! ;51-O23k/. ! / ! 50-/7123k/. ! 85. ! /.1021/:-.12. ! 85 ! 9/71T:575 ! 75!
0/8-;/7.-572;/715!/!0/8-.10-D?-345!8/!12-.!8-.65.-1-O5.G!(.1-O/;5.!-:?2C;/71/!21/715.!
Z. ! 0/6/0A?..k/. ! 8/ ! 12C ! 60/./732 ! /710/ ! 2. ! A5;?7-828/. ! 72A-572-. ! C21-75=2;/0-A272.G!
*/.8/!2!)/:?782!>?/002!$?78-2CI!2.!-7.12C23k/.!;-C-120/.!/.128?7-8/7./.!7/.1/!/.6235!
62..202;!2!A57.1-1?-0!5!2CO5!60-O-C/:-285!85.!212B?/.!8/!;-C-120/.!72A-572C-.12.I!./150/.!
8/;5A0212.!/!85.!;5O-;/715.!8/!/.B?/082!8/!?;2!F50;2!:/02CG
(7B?2715 ! 8?05? ! 2 ! >?/002 ! U0-2I ! 2 ! 21?2345 ! ;-C-120 ! 85. ! (.1285. ! i7-85. ! F5-!
F50;2C;/71/ ! Y?.1-F-A282 ! 6/C2 ! 2;/232 ! 0/60/./71282 ! 6/C2. ! o21-O-828/. ! A5;?7-.12.pI!
260/./71282.!A5;5!A262W/.!8/!27-B?-C20!5.!O2C50/.!;2-.!A205.!82!.5A-/828/!85!;?785!
5A-8/712C ! A0-.145G ! + ! 271-A5;?7-.;5 ! F5- ! C20:2 ! / ! 605F?782;/71/ ! 2..-;-C285 ! 6/C2!
S-/020B?-2!;-C-120!.?C=2;/0-A272I!A5;5!8/;57.105?!)/D2.1-45!#780@!#CO/.!U-CS5!/;!.?2!
1/./!8/!85?150285!lJKLLmG!9202!?.20!?;2!/P60/..45!8/!+1TO-5!'/CS5!lJKKtmI!2!S-/020B?-2!
;-C-120!C21-75=2;/0-A272!./!15075?!o;2-.!0/2C-.12!B?/!5!0/-pG!+!;/.;5!./!658/!8-W/0!82!
S-/020B?-2!82!%:0/Y2!"21<C-A2!/!82.!./-12.!/O27:@C-A2.!/;!0T6-82!605C-F/02345!8/.8/!5.!
275.!LstKG!,027.F50;285.!/;!-7-;-:5.!82!S?;27-828/I!5.!;-C-1271/.!A5;?7-.12.!F502;!
Lt
6/0./:?-85.!650!1585.!5.!;/-5.I!-7AC?-785!5.!;2-.!D/.1-2-.R!A5;!F0/B?Q7A-2I!2.!/C-1/.!
C21-75=2;/0-A272. ! 2C-7S282. ! 25. ! (.1285. ! i7-85. ! D?.A202; ! .?2 ! /C-;-72345 ! FX.-A2!
l&($+)I!JKKJmG!
)?.1/712;5. ! B?/ ! 5 ! 8/.;271/C2;/715 ! 85 ! `C5A5 ! )5O-@1-A5 ! / ! 2 ! 8/005A282 ! 8/!
0/:-;/. ! .5A-2C-.12. ! 745 ! 21/7?202; ! 2. ! -7B?-/123k/. ! /.128?7-8/7./. ! B?2715 ! Z.!
6/0.6/A1-O2.!65CX1-A2.!82!#;@0-A2!&21-72G!#5!A5710T0-5I!2!0/8/;5A021-W2345I!0/D2-P2785!
2!A262A-828/!8/!-71/0O/7345!82.!A5065023k/.!;-C-120/.!72.!50-/7123k/.!:5O/072;/712-.I!
F/W!A5;!B?/!5.!(.1285.!i7-85.!2;6C-2../;!.?2!60/./732!;-C-120I!2:502!Y?.1-F-A282!6/C5!
B?/!5!Y20:45!/.6/A-2C-W285!8/.-:72!A5;5!o75O2.!2;/232.pG!H/.12!/P60/..45I!./;60/!
;2C!8/F-7-82I!;2.!2..-;-C282!6/C5.!;-C-120/.!/!2A28Q;-A5.!C21-75=2;/0-A275.I!/.120-2;!
-7AC?.5. ! 5 ! 10TF-A5 ! -C/:2C ! 8/ ! 805:2.I ! 20;2. ! / ! 6/..52.R ! 5 ! 72A-572C-.;5 ! @17-A5 ! / ! 5!
F?782;/712C-.;5!0/C-:-5.5R!5!.?0:-;/715!8/!o723k/.!./;!(.1285pR!5.!o(.1285.!F2C-85.pR!
2!A57A500Q7A-2!650!F571/.!8/!/7/0:-2R!2.!0/8/.!A0-;-75.2.!1027.72A-572-.R!6278/;-2.R!
;5O-;/715.!;-:021<0-5.!)?C=H501/!/!;/.;5!B?/.1k/.!AC-;T1-A2.!/!2;D-/712-.G!,2;D@;!
658/; ! ./0 ! A57.-8/0285. ! 8/710/ ! /.12. ! o75O2. ! 2;/232.p ! 5. ! 0/:-;/. ! 72A-572C-.12. ! 8/!
A?7S5 ! 0/F50;-.12I ! A5;5 ! 5 ! 82 ! '/7/W?/C2I ! (B?2850 ! / ! `5CXO-2 ! l#$(a%"#H!
a(U(a(H"(!"(H,(aI!JKLLR!b#a,I!JKLLR!)#%H,=9%(aa(!(!$#,b%#)I!JKKLmG!
"57.-8/02;5.!12;D@;!B?/!2.!1/78Q7A-2.!65CX1-A2.!;?78-2-.!/!2.!;?82732.!72!
60<60-2!#;@0-A2!&21-72!C/O202;!5.!(.1285.!i7-85.!2!210-D?-0!?;!75O5!626/C!25.!./?.!
-7.10?;/715. ! 8/ ! 605Y/345 ! 8/ ! 658/0G ! #. ! -7B?-/123k/. ! /.128?7-8/7./. ! /; ! 0/C2345 ! 25.!
0?;5.!C21-75=2;/0-A275.!/.145!O-.XO/-.!72.!27TC-./.!85!-7FC?/71/ !/075.-(&05&F0"'-45&
)'($8-05:I!50:27-W2345!F?78282!/;!LsJLI!./;!OX7A?C5.!6201-8T0-5.I!8/8-A282!2!/.1?85.!
8/!65CX1-A2!/P1/072!/!85!626/C!85.!(.1285.!i7-85.!75!;?785GL!
(;!2;D-/71/!8/!:02O/!A0-./!/A57[;-A2I!A5;5!5!B?/!1/;5.!O-O-85!75.!nC1-;5.!
275.I ! 2. ! -7-A-21-O2. ! O5C1282. ! 6202 ! ;271/0 ! ?;2 ! A262A-828/ ! 56/021-O2 ! -78-.A?1XO/C ! /;!
1/002I ! ;20 ! / ! 20 ! .?:/0/; ! B?/ ! 5. ! (.1285. ! i7-85. ! ./ ! 60/6202; ! 6202 ! /7F0/712;/715.!
A57A0/15. ! /; ! 602W5. ! -78/F-7-85.G ! "571?85I ! 12C ! 65..-D-C-828/ ! 745 ! 620/A/ ! 1/0 ! .-85!
AC202;/71/ ! 2..-;-C282 ! 6/C2 ! ;2-50-2 ! 85. ! :5O/07271/. ! C21-75=2;/0-A275.G ! H5 ! B?/ ! 8-W!
0/.6/-15 ! 25!`02.-CI!/710/12715I!YT!1027.620/A/I!;/.;5!B?/!1-;-82;/71/I!72!(.1021@:-2!
L
!o#!/02!85.!(.1285.!i7-85.!A5;5!-7FC?Q7A-2!85;-7271/!72!#;@0-A2!&21-72!2A2D5?G!92X./.!82!0/:-45!745!
26/72. ! ./ ! F5012C/A/02; ! A5;5 ! /P6278-02; ! 0/C23k/. ! A5; ! 5?105.I ! -7AC?-785 ! 2 ! "S-72 ! / ! 2 ! {78-2G!
a/A/71/;/71/I!2!21/7345!85.!(.1285.!i7-85.!12;D@;!./!A57A/7105?!/;!5?105.!C?:20/.I!6201-A?C20;/71/!
75.!8/.2F-5.!85!+0-/71/!$@8-5G!+!0/.?C1285!@!?;2!0/:-45!B?/!8/F-7/!./?!F?1?05!;?-15!;2-.!85!B?/!8/F-7-?!
./?!62..285pG!l/075.-(&05&F0"'-45&)'($8-05:I!a/C21<0-5!JKKqmG
Lg
H2A-572C ! 8/ ! */F/.2 ! 2851282 ! 75 ! F-72C ! 8/ ! JKKgI ! ./785 ! 5.1/7.-O2 ! 75. ! 8-.A?0.5. ! 85!
60/.-8/71/!O/7/W?/C275!b?:5!"STO/WG!
#!60/./732!;-C-120!85.!(.1285.!i7-85.!2-782!1/;!2!./?!F2O50!?;2!C57:2!1028-345!
8/!605P-;-828/!A5;!2.!/C-1/.!A-O-.!/!A5;!5.!2620/CS5.!;-C-120/.!C21-75=2;/0-A275.G!H5!
B?/ ! A57A/07/ ! Z. ! /C-1/. ! A-O-.I ! 2 ! .-;621-2 ! 658/ ! ./0 ! 6/0A/D-82 ! 72. ! C-7S2. ! /8-150-2-. ! 82!
:0278/ ! -;60/7.2 ! C21-75=2;/0-A272I ! B?/ ! B?2./ ! ./;60/ ! ./ ! 65.-A-572 ! /; ! F2O50 ! 82.!
50-/7123k/. ! 82 ! 65CX1-A2 ! /P1/072 ! /.128?7-8/7./ ! / ! ;5.105?=./ ! -78<A-C ! F0/71/ ! Z!
-;6C/;/712345 ! 8/ ! 75O2. ! 50-/7123k/. ! 82 ! 65CX1-A2 ! /P1/072 ! D02.-C/-02 ! -72?:?0282 ! 6/C5!
60/.-8/71/!&?X.!%7TA-5!&?C2!82!)-CO2G
H2!/.F/02!65CX1-A2I!2A0/8-12;5.!B?/!2!21?2345!85.!(.1285.!i7-85.!72!#;@0-A2!
&21-72!8/O/!.5F0/0!;?82732.!.-:7-F-A21-O2.I!./Y2!650!A5712!82.!2C1/023k/.!72!F50;2!8/!
A578?W-0!2!:?/002!h!2!A282!8-2!.?0:/;!75O5.!/!.5F-.1-A285.!201/F215.!8/!?.5!D@C-A5!hI!5?!
6/C2 ! 1/78Q7A-2 ! 8/ ! -71/:02345 ! A571-7/712C ! .5D ! 2 ! C-8/02732 ! D02.-C/-02G ! U0/B?/71/;/71/!
0/F/0-82!A5;5!5!oB?-712Cp!85.!(.1285.!i7-85.I!2!#;@0-A2!&21-72!6/0.-.1/!A5;5!/.6235!
0/C/O271/!/;!.?2!/.1021@:-2!6202!2!60/./0O2345!82!S/:/;57-2!:C5D2CG!(.12!0/C/O\7A-2!
/.1T!F?78282!72!A0/.A/71/!O2C50-W2345!82.!:0278/.!0-B?/W2.!721?02-.!82!0/:-45I!A5;!.?2.!
-;/7.2. ! 0/./0O2. ! SX80-A2. ! / ! /7/0:@1-A2.I ! 2C@; ! 8/ ! .?2 ! D-58-O/0.-828/ ! A282 ! O/W ! ;2-.!
O2C50-W282!85!65715!8/!O-.12!/A57[;-A5!/!8/!./?.!A0/.A/71/.!;/0A285.!A57.?;-850/.G!+!
658/0!8/!A5;602!82.!;2..2.!656?C20/.!C21-75=2;/0-A272.!15072=./!5DY/15!8/!8/./Y5!8/!
62X./.!-78?.10-2C-W285.!TO-85.!650!/7A5;/782.G!
950 ! 5?105 ! C285I ! 5. ! :5O/07271/. ! C21-75=2;/0-A275. ! 62..202; ! 2 ! 8/.A501-720!
65..-D-C-828/. ! 8/ ! 2;6C-20 ! .?2. ! 0/C23k/. ! A5; ! 620A/-05. ! 5?10502 ! -7.-:7-F-A271/.G ! +.!
-71/0A\;D-5.!A5;!2!"S-72I!an..-2I!+0-/71/!$@8-5!/!;/.;5!2!wF0-A2!/P6/0-;/71202;!
A0/.A-;/715 ! .-:7-F-A21-O5I ! /7O5CO/785I ! -7AC?.-O/I ! 2.6/A15. ! ;-C-120/.I ! /.6/A-2C;/71/ ! 2!
2B?-.-345 ! 8/ ! /B?-62;/715. ! D@C-A5. ! / ! 2A5085. ! 8/ ! A556/02345 ! 1@A7-A5=A-/71XF-A2!
l$%H%),xa%+!*#)!a(&#|}()!(j,(a%+a()I!JKLKmG!#!-71/:02345!.?C=2;/0-A272!/!
/.12.!75O2.!620A/0-2.!h!72!;/8-82!/;!B?/!0/60/./712;!2C1/0721-O2.!6202!2;6C-2345!8/!
;/0A285. ! 6202 ! 5. ! 6058?15. ! .?C=2;/0-A275. ! / ! -78/6/78Q7A-2 ! /; ! 0/C2345 ! Z ! 6058?345!
/A57[;-A2!/.128?7-8/7./!h!745!8/-P20-2;!8/!/.1-;?C20!5.!(.1285.!i7-85.!2!2../:?020!
60/./732!75!)?DA571-7/71/G!#.!0/./0O2.!6/105CXF/02.!82!'/7/W?/C2!/!2!0/A/71/!8/.A5D/012!
85 ! 60@=.2C ! 72 ! A5.12 ! D02.-C/-02 ! 26/72. ! 2C-;/712; ! 2. ! 60/5A?623k/. ! /.1021@:-A2. ! 85!
9/71T:575!/;!0/C2345!Z!#;@0-A2!85!)?CG
i;2!60/5A?62345!85.!/.1021/:-.12.!85!9/71T:575!/..2!1/78Q7A-2!8/!-71/:02345!
A571-7/712CI ! -C?.10282 ! 6/C2 ! .?6/02345 ! 82 ! 0-O2C-828/ ! 2C-;/71282 ! 6/C2. ! A5065023k/.!
Ls
;-C-120/.!D02.-C/-02.!/!20:/71-72.I!6/C2!A0-2345!85!$/0A5.?C!/I!;2-.!0/A/71/;/71/I!6/C2!
iH#)i&G!#71-:2!2.6-02345!8/!/.128-.12.!C21-75=2;/0-A275.I!2!O57128/!8/!-71/:02345!
.5F0/? ! A57.1271/ ! 565.-345 ! 8/ ! /C-1/. ! A-O-. ! / ! ;-C-120/. ! C21-75=2;/0-A272. ! F501/;/71/!
-7FC?/7A-282. ! 650 ! 2:Q7A-2. ! ;?C1-C21/02-. ! A5;5 ! 5 ! U?785 ! $57/1T0-5 ! %71/072A-572CI ! 5!
`27A5!$?78-2C!/!+0:27-W2345!85.!(.1285.!#;/0-A275.I!1582.!.?D;-..2.!Z.!50-/7123k/.!
8/ ! e2.S-77157G ! $[7-A2 ! *-2. ! $201-7. ! lJKKNm ! 8/;57.105? ! A5;5 ! 12-. ! 2:Q7A-2.I ! /;!
6201-A?C20!5!`27A5!$?78-2CI!2A5;627S2785!8/1/0;-723k/.!/.1021@:-A2.!/.128?7-8/7./.I!
A57./:?-02; ! -71/0F/0-0 ! 75. ! ;2-. ! 8-O/0.5. ! 2.6/A15. ! 82. ! 65CX1-A2. ! 6nDC-A2. ! 8/ ! 62X./.!
A5;6/C-85.!2!2A2120!.?2.!o2Y?82.pG!
*/F/78/0/;5. ! 7/.1/ ! 102D2CS5 ! B?/ ! 2 ! -71/:02345 ! .?C=2;/0-A272 ! ./ ! 8/./7O5CO/!
6202C/C2;/71/!25!A0/.A-;/715!8/!2.6-023k/.!72A-572C-.12.!/!8/!8/;2782.!650!0/F50;2.!
.5A-2-. ! B?/ ! 2C1/02; ! 5. ! F?782;/715. ! 82 ! 0/6058?345 ! 85 ! 658/0G ! "5;5 ! 20:?;/71202;!
*5;-7:5. ! H/15 ! / ! $[7-A2 ! *-2. ! $201-7. ! lJKKqmI ! o5 ! 72A-572C-.;5 ! @ ! F-CS5 ! 8-C/15 ! 85!
-71/072A-572C-.;5pG ! (710/ ! 5. ! /C/;/715. ! B?/ ! -C?.102; ! 2. ! 60/1/7.k/. ! 8/ ! ;?82732 ! 72!
#;@0-A2 ! &21-72I ! ;/0/A/; ! 6201-A?C20 ! 21/7345 ! 5 ! 8-72;-.;5 ! / ! 2 ! 028-A2C-W2345 ! 85.!
;5O-;/715. ! @17-A5. ! l$#%~I ! JKKsmI ! 2 ! YT ! ;/7A-57282 ! /C/-345 ! 8/ ! :5O/075.!
A5;605;/1-85.!A5;!0/F50;2.!.5A-2-.I!2!-;6C/;/712345!8/!605:02;2.!8/!-7AC?.45!.5A-2C!
/!2!D?.A2!650!75O2.!620A/0-2.!-71/072A-572-.I!-7AC?.-O/!75!85;X7-5!8/!1/A75C5:-2!8/!
65712 ! l#$#a#&I ! JKLKmG ! # ! 8/;2782 ! 650 ! 65CX1-A2. ! 6nDC-A2. ! B?/ ! 60/./0O/; ! 2!
.?.1/712D-C-828/ ! 2;D-/712C ! 12;D@; ! ;/0/A/ ! 8/.12B?/G ! #. ! 1/78Q7A-2. ! /; ! A?0.5 ! .45!
2A5;627S282.!8/!A571/.123k/.!Z!S/:/;57-2!/P/0A-82!6/C5.!(.1285.!i7-85.!72!#;@0-A2!
&21-72G
x ! O2.12 ! 2 ! C-1/021?02 ! B?/ ! 10212 ! 82. ! 0/C23k/. ! /710/ ! (.1285. ! i7-85. ! / ! #;@0-A2!
&21-72G ! # ! ;2-50 ! 6201/ ! 85. ! 1/P15.I ! A/012;/71/I ! @ ! 6058?W-82 ! 75. ! :0278/. ! A/7105.!
?7-O/0.-1T0-5. ! /.128?7-8/7./.I ! A5; ! F501/ ! 2;6205 ! ;21/0-2C ! 82 ! "%# ! / ! 85 ! 9/71T:575I!
C-1/021?02!B?/!-7FC?/7A-2!F501/;/71/!2?150/.!C21-75=2;/0-A275.!8/8-A285.!25.!/.1?85.!82.!
0/C23k/.!-71/072A-572-.G!
(; ! o<=0(=-54 & 9? & :8"$8'4@ & C0" & E$8-5 & !#'"-.$ & $5% & 81' & /$"-,,'$5S & K787$(&
1'#-:*1'"-. & .05.'"5: & $5% & 0**0"875-8-': & C0" & 81' & TUUV:pI ! 5D02 ! 6?DC-A282 ! 6/C2!
i7-O/0.-828/ ! 8/ ! */F/.2 ! H2A-572C ! 85. ! (.1285. ! i7-85.I ! 8-O/0.5. ! 2?150/. ! 272C-.2;!
605DC/;2. ! B?/ ! A57.-8/02; ! oA5;?7.pI ! 0/C21-O5. ! Z ! o./:?02732 ! S/;-.F@0-A2pI ! A5;5 ! 2.!
B?/.1k/. ! 2;D-/712-.I ! 8/ ! .2n8/ ! / ! 605DC/;2. ! 8/ ! -;-:02345G ! H/.12 ! 5D02I ! 5. ! 2?150/.I!
28512785!2!6/0.6/A1-O2!/.128?7-8/7./I!/71/78/;!B?/!2.!65CX1-A2.!0/:-572-.!1-O/02;!B?/!
./0!0/O-.12.!8/65-.!85!F-;!82!>?/002!U0-2G!
JK
dT!$[7-A2!b-0.1!lJKKsmI!B?/!10212!82.!0/C23k/.!/710/!5.!85-.!62X./.!/;!o`02.-C=
(.1285. ! i7-85.E ! 8/./7A57105. ! / ! 2F-7-828/.pI ! 272C-.2 ! 1/;2. ! A5;5 ! 2 ! ./:?02732!
-71/072A-572CI!;/-5=2;D-/71/!/!8-0/-15.!S?;275.!.?DC-7S2785!2!o8/A/6345!D02.-C/-02p!
A5; ! 5. ! (.1285. ! i7-85. ! B?2715 ! 25 ! 0/A57S/A-;/715 ! /.6/0285 ! 6/C2 ! 21?2345 ! D02.-C/-02!
8?0271/!2!)/:?782!>?/002G!!
>0/:!>0278-7!lJKKqm!/71/78/!B?/!2!#;@0-A2!&21-72* @!?;2!82.!0/:-k/.!;2-.!
-;6501271/. ! 6202 ! 2 ! 8/1/0;-72345 ! 82. ! 65CX1-A2. ! 7501/=2;/0-A272. ! /; ! \;D-15 ! :C5D2CI!
./0O-785!A5;5!1/00/75!6202!1/.1/!8/!23k/.!;-C-120/.I!.5A-2-.!/!/A57[;-A2.!B?/I!./!oD/;!
.?A/8-82.pI!./0-2;!26C-A282.!/;!5?102.!0/:-k/.!85!:C5D5G!
$57-W ! `278/-02I ! /; ! o"57FC-15 ! / ! -71/:02345 ! 72 ! #;@0-A2 ! 85 ! )?CE ! `02.-CI!
#0:/71-72 ! / ! (.1285. ! i7-85. ! h ! 82 ! 10X6C-A/ ! 2C-2732 ! 25 ! $/0A5.?Cp ! l#H+mI ! /.1?82 ! 5.!
0/.?C1285.!82!21?2345!/.128?7-8/7./!72.!0/C23k/.!0/:-572-.I!/.6/A-2C;/71/!/710/!`02.-C!
/!#0:/71-72I!2:-785!8/!;585!2!2A-0020!A5;6/1-345!/710/!5.!85-.!O-W-7S5.G!(;!o#.!
0/C23k/.!6/0-:5.2.E!`02.-C=(.1285.!i7-85.!l*/!"5CC50!2!&?C2mpI!5!;/.;5!2?150!2F-0;2!
B?/I!25!A5710T0-5!85!/71/78-;/715!A5;?;I!2.!0/C23k/.!/710/!5.!85-.!62X./.!745!F502;!
./;60/ ! 8/ ! .?D./0O-Q7A-2 ! / ! B?/ ! :5O/07271/. ! D02.-C/-05. ! AS/:202; ! 2 ! 8/.2F-20!
8/1/0;-723k/.!8/!e2.S-7:157G!
'5C1285.!/.6/A-F-A2;/71/!6202!2!60/./732!;-C-120!7501/=2;/0-A272!72!0/:-45!.45!
5.!102D2CS5.!8/!&-78.2]=95C278!lJKKsm!/!`/00-:27!/!e-7:5!lJKKfmG!+!60-;/-05I!B?/!
5F/0/A/ ! F2015. ! 8285. ! .5D0/ ! D2./. ! ;-C-120/. ! / ! /C/;/715. ! .5D0/ ! 5. ! 605:02;2. ! 8/!
10/-72;/715 ! 8/ ! ;-C-120/. ! C21-75=2;/0-A275.I ! B?/.1-572 ! 5. ! 2C15. ! -7O/.1-;/715. ! 85.!
(.1285. ! i7-85. ! / ! 2 ! F50;2 ! A5;5 ! @ ! /.12D/C/A-85 ! 5 ! ./? ! 2620215G ! `/00-:27 ! / ! e-7:5!
2..-72C2;!B?/!8?0271/!5!:5O/075!`?.SI!/7B?2715!2?;/712O2;!5.!-7O/.1-;/715.!/;!
8-.65.-1-O5. ! ;-C-120/.I ! 8-;-7?X2; ! 5. ! 605:02;2. ! 8/ ! 2..-.1Q7A-2 ! S?;27-1T0-2R!
0/F/0/782785!2!60/./732!;-C-120!/.128?7-8/7./I!.?:/0/;!B?/!2!;/.;2!./!1507/!o;2-.!
S?;27-1T0-2p!/!;/75.!;-C-120-.12G
H/.12!6/.B?-.2I!D?.A2;5.!85A?;/712345!85!:5O/075!85.!(.1285.!i7-85.!2A/0A2!
8/ ! .?2. ! D2./. ! / ! /.1021@:-2. ! ;-C-120/. ! / ! 8/ ! ./?. ! -71/0/../. ! 72 ! 0/:-45G ! "57.?C12;5.!
12;D@; ! F2C2. ! 8/ ! CX8/0/. ! ;-C-120/. ! 25 ! "57:0/..5 ! / ! 25 ! )/7285 ! 85. ! (.1285. ! i7-85.!
1/712785!A5;60//78/0!2.!;?82732.!72.!/.1021@:-2.!2851282.!/710/!5!F-;!82!>?/002!U0-2!
/!5.!212B?/.!8/!LL!8/!./1/;D05G!905A?02;5.!2-782!Y5072-.!8/!1/78Q7A-2.!O20-282.!/!
;21/0-2C ! 8/ ! 8-O?C:2345 ! 85. ! ;5O-;/715. ! A5710T0-5. ! Z. ! -7.12C23k/. ! ;-C-120/.!
/.128?7-8/7./.!72!#;@0-A2!&21-72G
JL
#!8-.10-D?-345!85.!A26X1?C5.!D?.A5?!/P650!5.!8285.!/;6X0-A5.!8/!F50;2!2!745!
26201T=C5. ! 82 !0/FC/P45 !8/./7O5CO-82G !+ ! 60-;/-05 !A26X1?C5 ! @! 8/8-A285 !Z !-;6501\7A-2!
/.1021@:-A2 ! 85 ! 9272;T ! 6202 ! 5 ! 8/./7O5CO-;/715 ! /A57[;-A5 ! 85. ! (.1285. ! i7-85.G!
,/712;5.!8/;57.1020!B?/I!./;!5!"272C!85!9272;TI!5!:0278/!%;6@0-5!85!H501/!745!
1/0-2 ! A57./:?-85 ! -71/:020 ! F2A-C;/71/ ! .?2. ! 60<60-2. ! 21-O-828/. ! 85;@.1-A2. ! / ! ;?-15!
;/75.!5A?620!026-82;/71/!2!65.-345!8/!60512:57-.12!75!A5;@0A-5!;?78-2CG
+ ! ./:?785 ! A26X1?C5 ! 5F/0/A/ ! ?;2 ! O-.45 ! 62750\;-A2 ! 85 ! 658/05.5 ! A5;6C/P5!
;-C-120!/.12D/C/A-85!6202!2!6051/345!85!"272CG!H2!O/0828/I!;2-.!85!B?/!2!6/0;-..45!
6202!A57.10?-0!/!:/0/7A-20!5!"272CI!5!9272;T!5F/0/A/?!2!D2./!FX.-A2!6202!2!605Y/345!8/!
F5032!85.!(.1285.!i7-85.!7?;2!O2.12!0/:-45!B?/!-7AC?-!2!#;@0-A2!"/7102CI!5!"20-D/!/!
6201/ ! .-:7-F-A21-O2 ! 82 ! #;@0-A2 ! 85 ! )?CG ! )?.1/7120/;5. ! B?/ ! /.1/ ! 0/.10-15 ! /.6235!
A57S/A-85!A5;5!o~572!85!"272Cp!A57.1-1?-?!72!O/0828/!?;!/.1/-5!6202!2!2F-0;2345!82!
:0278/!651Q7A-2!85!H501/G
+ ! 1/0A/-05 ! A26X1?C5 ! 260/./712 ! ?; ! 627502;2 ! 82. ! D2./. ! ;-C-120/. ! 85. ! (.1285.!
i7-85. ! 75 ! 1/00-1<0-5 ! C21-75=2;/0-A275 ! 8?0271/ ! 2 ! >?/002 ! U0-2G ! + ! B?2015 ! A26X1?C5!
8/.A0/O/!/!272C-.2!2!8-.10-D?-345!82.!D2./.!;-C-120/.!/.128?7-8/7./.!72!#;@0-A2!&21-72!
26<.!5!F/AS2;/715!85!"5;6C/P5!$-C-120!82!~572!85!"272CG!950!F-;I!5!B?-715!A26X1?C5!
10212 ! 85! 9C275 ! "5C[;D-2I ! B?/ ! 12715 ! 1/; ! 60/5A?6285 ! :5O/075. ! / ! ./150/. ! 65CX1-A5.!
A5;605;/1-85.!A5;!2!A57.10?345!8/!?;2!#;@0-A2!&21-72!8/;5A0T1-A2I!8/./7O5CO-82!/!
.5C-8T0-2G!
JJ
0;adDS>C*#
3;N;<VI*#AD<C*%ADE;DXT=OC
(; ! ./?. ! ;5O-;/715. ! /P627.-57-.12. ! /; ! D?.A2 ! 8/ ! ;/0A285. ! A57.?;-850/. ! /!
F507/A/850/.!8/!;21@0-2.=60-;2.I!7/7S?;!5?105!/.6235!F5-!;2-.!8/./Y285!6/C5.!(.1285.!
i7-85. ! / ! 8/;2785? ! ;2-. ! 21/7345 ! B?/ ! 5 ! 6/B?/75 ! 1/00-1<0-5 ! 8/ ! LGNMJ ! B?-C[;/105.!
B?280285.!82!W572!85!"272C!85!9272;TG!,0212=./!8/!?;2!/P1/7.45!1/00-150-2C!;2-.!5?!
;/75.!/B?-O2C/71/!25!;?7-AX6-5!8/!)45!92?C5G!(710/12715I!.?2!-;6501\7A-2!85!65715!8/!
O-.12!/A57[;-A5!/!/.1021@:-A5=;-C-120!745!1/;!A5;6202345!A5;!7/7S?;!5?105!1/00-1<0-5!
/.1027:/-05!.5D0/!5!B?2C!5.!(.1285.!i7-85.!1/7S2;!C5:0285!-;650!85;X7-5GJ!
+!6/.5!.-;D<C-A5!82!A57.10?345!85!"272C!A5;5!8/;57.102345!82!A262A-828/!
1/A75C<:-A2!82!/7145!651Q7A-2!/;/0:/71/!12;D@;!F5-!A57.-8/0TO/CG!#!5D02!0/60/./715?!
?;!/P102508-7T0-5!8/.2F-5!25.!/7:/7S/-05.!7?;2!@65A2!/;!B?/!2.!651Q7A-2.!-78?.10-2-.!
D?.A2O2; !2!1585!A?.15!8/;57.1020 !A262A-828/ !A-/71XF-A2 !/!1/A75C<:-A2G !#!0/6?12345!
7/.12.!/.F/02.!F2W-2!6201/!85!A5;6C/P5!Y5:5!6/C2!A57B?-.12!8/!;/0A285G!H2!@65A2I!2!
#C/;27S2!15;2O2!2!8-271/-02!A5;!5.!2O2735.!B?/!5D1-O/02!72!;/12C?0:-2!/!72!-78n.10-2!
B?X;-A2!l*+$%H>+)!H(,+I!LstsmG
+!"272C!85!9272;T!1/;!gL!r;!8/!/P1/7.45I!./785I!65012715I!D/;!;/750!B?/!5!
"272C!8/!)?/WI!65715!O-12C!6202!2!A5;?7-A2345!82!(?0562!A5;!2!wF0-A2!+0-/712C!/!2!
w.-2I!./;!F2C20!8/!./?.!-;62A15.!.5D0/!5!85;X7-5!85!+0-/71/!$@8-5G!#102O@.!8/!)?/WI!
A5; ! ./?. ! LqM ! B?-C[;/105. ! 8/ ! /P1/7.45 ! / ! C20:?02 ! ;@8-2 ! 8/ ! Mqf ! ;/105.I ! 6/C5 ! B?2C!
-7:C/./.!/!F027A/./.!./!/7:2CF-7S202;!8?0271/!8@A282.!.?D508-72785!65O5.!8/!A?C1?02.!
;-C/720/.I ! 1027.-12; ! 27?2C;/71/ !Lf ! ;-C ! 72O-5. ! 1027.65012785 ! A/0A2 ! 8/ ! LN• ! 82.!
;/0A2850-2.!A5;/0A-2C-W282.!75!;?785G!#!.?2!102O/..-2I!B?/!8/;502!/;!;@8-2!8/!LL!2!
Lq!S502.I!/O-12!2!200-.A282I!8/;50282!/!A?.15.2!A-0A?72O/:2345!82!wF0-A2G
# ! -;6501\7A-2 ! 8/ ! )?/W ! /02 ! A57S/A-82 ! 8/.8/ ! 2 ! #71-:?-828/I ! B?2785 ! F202<.!
508/72O2;!/.A2O23k/.!60/1/78/785!?7-0!5!0-5!H-C5!25!$20!'/0;/CS5G!$2.!F5-!*20-5I!5!
-;6/02850!6/0.2I!B?/;!A5;6C/15?!2.!A272C-W23k/.!B?/!6/0;-1-0-2;!6/C2!60-;/-02!O/W!5!
8/.C5A2;/715!8/!72O-5.!72B?/C/!10/AS5G!H/.12!@65A2I!5DO-2;/71/I!2.!/.B?2802.!/02;!
J
!#!./:;/712345!/710/!5!o/A57[;-A5p!/!5!o/.1021@:-A5=;-C-120p!@!F5035.2;/71/!20D-10T0-2I!YT!B?/!2.!8?2.!
./!60/..?6k/;!;?1?2;/71/E!745!658/!S2O/0!605Y/345!/A57[;-A2!.<C-82!./;!5!8/O-85!0/.62C85!8/!F5032!
;-C-120G
JM
A5;65.12.!8/!/;D20A23k/.!8/!6/B?/75!A2C285G!+!"272C!8/!)?/W!./0-2!8-O/0.2.!O/W/.!
-71/005;6-85 !650!A571/782. !-7F-78TO/-. !/!605DC/;2. !1@A7-A5. !21@!B?/I!/;!LgqtI!?;!
72O-5 ! ;58/075 ! A57./:?-../ ! 2102O/..T=C5G ! #. ! 5D02. ! F502; ! 28;-7-.10282. ! 6/C5!
/;60//78/850 !F027AQ. !U/08-7278!8/!&/../6.I!B?/!27:20-5?!F2;2 !.?F-A-/71/ !A5;!.?2!
5D02!6202!5?.20!605650!2!A57.10?345!85!"272C!85!9272;T!l)$%,bI!LgsMmG
#!D?.A2!82!102O/..-2!85!#1C\71-A5!6202!5!92AXF-A5!./!F-0;202!A5;5!?;2!5D./..45!
6202!5.!:5O/07271/.!/!7/:5A-271/.!/?056/?.!8/.8/!5!.@A?C5!j'%I!A5;!2!102O/..-2!85!
AS2;285 ! o;20=5A/275pG ! "5;5 ! 2 ! 2C1/0721-O2 ! 85 ! (.10/-15 ! 8/ ! $2:2CS4/. ! ./ ! ;5.10202!
8/;2.-285!6/0-:5.2!/!8/;50282I!8?0271/!.@A?C5.!5!A5C57-W2850 !/?056/?!D?.A5?I!/;!
O45I ! 2C1/0721-O2. ! 8/ ! 0512. ! ;20X1-;2.G ! #..-;I ! 72 ! ./:?782 ! ;/128/ ! 85 ! .@A?C5 ! j%j ! 2!
60565.-345!8/!&/../6.!62..5?!2!./0!/F/1-O2;/71/!A57.-8/0282!650!-7O/.1-850/.!60-O285.G
H5!/712715I!A5;5!605Y/15!8/!/7:/7S20-2I!2!2D/01?02!Z!72O/:2345!85!-.1;5!85!
9272;T ! ./0-2 ! D/; ! ;2-. ! A5;6C/P2 ! 85 ! B?/ ! 2. ! 5D02. ! 8/ ! )?/WG ! H5 ! -.1;5I ! 5 ! 7XO/C ! 85!
+A/275!92AXF-A5!@!JN!A/71X;/105.!;2-.!2C15!B?/!5!+A/275!#1C\71-A5!/!5!A272C!8/O/0-2!
A57120!A5;!:-:271/.A2.!/AC?.2.!/!7?;/05.2.!5D02.!8/!80/72:/;G!#C@;!8-..5I!5!0/C/O5!
6272;/7S5!@!;20A285!650!O20-23k/.!8/!2C1-1?8/. !/!-710-7A285.!.-.1/;2.!FC?O-2-.G!H2!
FC50/.12!1056-A2C!B?/71/!85!9272;TI!5!;5.B?-15!1027.;-..50!82!F/D0/!2;20/C2!8-W-;2O2!
5.!;-CS20/.!8/!102D2CS2850/.!8/.C5A285.!6202!2.!5D02.!-7-A-282.!/;!LggKI!26<.!2A5085!
F-0;285!/710/!&/../6.!/!5!:5O/075!A5C5;D-275G!
+!/;60//78/850!F027AQ.!F02A2..5?I!1/0;-72785!./?.!8-2.!/7O5C15!/;!/.A\782C5.I!
5!B?/!F/0-?!5!2;50!60<60-5!8/!./?.!A5;6210-512.G!"571?85I!./?!605Y/15!YT!/02!6/0A/D-85!
650!/.128-.12.!/.128?7-8/7./.!A5;5!8/!O-12C!-;6501\7A-2!6202!5!A5;@0A-5!/!5!85;X7-5!
;-C-120G
+ ! 60/.-8/71/ ! ,S/5850/ ! a55./O/C1 ! lLsKL=LsKsmI ! S5;/; ! 8/ ! O2.12 ! A?C1?02 ! /!
/P6/0-;/71285 ! A5;D21/71/ ! 82 ! >?/002 ! b-.6275=#;/0-A272 ! lLgsgm ! h ! B?/ ! 0/.?C15? ! 72!
-78/6/78Q7A-2 ! 8/ ! "?D2 ! / ! 75 ! A57105C/ ! 85 ! ;20 ! 85 ! "20-D/ ! 6/C5. ! (.1285. ! i7-85. ! h!
A5;60//78/02!B?/!2!2D/01?02!85!A272C!85!9272;T!./0-2!-78-.6/7.TO/C!6202!2!-71/:02345I!
5!8/./7O5CO-;/715!/!2!./:?02732!85!/.6235!1/00-150-2C!/.128?7-8/7./I!B?/!745!A/..202!8/!
A0/.A/0!25!C57:5!85!.@A?C5!j%jG!
H5!-7XA-5!85!.@A?C5!jjI!5!1/00-1<0-5!85.!(.1285.!i7-85.!/;!7282!./!620/A-2!A5;!
2B?/C/ ! 8/F-7-85 !6/C5 !1021285 !A5; !2!>04=`0/127S2I !/;!LtgMI!B?/ !A57.-.1-2 !72. !10/W/!
A5C[7-2.E ! H/c ! b2;6.S-0/I ! $2..2AS?./11.I ! aS58/ ! %.C278 ! / ! 905O-8/7A/ ! 9C27121-57.I!
"577/A1-A?1I ! H5O2 ! %50B?/I ! H5O2 ! d/0./]I ! 9/7.-CO\7-2I ! */C2c20/I ! $20]C278I ! '-0:X7-2I!
"205C-72!85!H501/I!"205C-72!85!)?C!/!>/<0:-2G!#.!F0571/-02.!8/.1/.!/.1285.I!/;!:/02CI!
JN
1/0;-72O2;!75!$-..-..-6-R!5!-;/7.5!1/00-1<0-5!.-1?285!2!+/.1/!/!25!)?C!6/0.-.1-2!.5D!5!
85;X7-5 ! 82 ! (.627S2I ! ;2.I ! 72 ! 60T1-A2I ! A57.1-1?X2 ! ?; ! O2W-5 ! 2D/015 ! Z ! A57B?-.12 ! 85.!
;-CS20/.!8/!/?056/?.!B?/!265012O2;!72!#;@0-A2!85!H501/!F?:-85.!82!F5;/!/!82!F2C12!8/!
6/0.6/A1-O2!/;!./?.!1500k/.!7212-.!l$262!LmG!
# ! (.627S2 ! 0/.10-7:-2 ! 2 ! 72O/:2345 ! 75 ! $-..-..-6-I ! :0278/ ! 0512 ! 2102O@. ! 85!
A571-7/71/!7501/=2;/0-A275I!;2.!/;!LtsfI!2A215?!?;!1021285!8/!2;-W28/!B?/!-7AC?X2!
0/O-.45 ! 8/ ! F0571/-02. ! / ! 65..-D-C-828/. ! 8/ ! 72O/:2345 ! FC?O-2CG ! H5 ! /712715I ! /; ! LgKKI!
60/..-57282 ! 6/C2. ! 10562. ! F027A/.2.I ! A/8/0-2 ! 5 ! 1/00-1<0-5 ! 82 ! &?-.-272G ! + ! -;6/1?5.5!
H265C/45 ! 1/7A-572O2 ! 1027.F50;20 ! H5O2 ! +0C/27. ! 75 ! A/7105 ! 82 ! 605Y/345 ! F027A/.2 ! 72!
#;@0-A2!85!H501/!/!2!72O/:2345!75!$-..-..-6-!F5-!75O2;/71/!605-D-82G!
"5;!0/.62C85!85!"57:0/..5I!5!:5O/075!/.128?7-8/7./!60/6205?=./!6202!2!:?/002I!
B?/!F5-!/O-1282!A5;!2!7/:5A-2345!85!1/00-1<0-5!82!&?-.-272!25!60/35!8/!€!Lf!;-CSk/.G!
i;2!T0/2!8/!MGKMfGJgt!r;•I!B?/!-7AC?X2!5!#C2D2;2I!$-..-..-6-I!#0r27.2.I!+rC2S5;2I!
$-..5?0-I!H/D02.A2I!%5c2I!*2r512!85!H501/!/!85!)?CI!$571272I!$-77/.512I!5!"5C50285I!
5 ! e]5;-7: ! / ! 5 ! ^27.2. ! lA5; ! /PA/345 ! 82 ! 6201/ ! .?85/.1/m ! F5- ! 27/P282 ! 25 ! 1/00-1<0-5!
/.128?7-8/7./!l`&+eI!LsqtmG
#!/P627.45!1/00-150-2C!6/0.-.1-0-2!A5;!2!27/P2345!82!UC<0-82!Z!(.627S2!/;!LsLsR!
/;!LgNfI!./0-2!2!O/W!85!,/P2.I!15;285!82!a/6nDC-A2!85!$@P-A5I!5!B?/!0/60/./715?!?;2!
2;6C-2345!8/!;2-.!stNGLts!r;•!25!1/00-1<0-5!/.128?7-8/7./G!(;!LgNgI!5?105.!LGNLMGftL!
r;•!./0-2;!2A0/.A-85.!2102O@.!8/!oA5;602p!5?!A57B?-.12E!5!$@P-A5!6/08/0-2!2-782!2!
"2C-F<07-2I!H/O282I!i12S!/!D52!6201/!85!#0-W572G
(;!LgqtI!A5;!2!2..-721?02!8/!?;!1021285I!2!an..-2!A/8/0-2!5.!LGNNMGqMM!r;•!85!
#C2.A2 ! 6202 ! 5. ! (.1285. ! i7-85. ! 25 ! 60/35 ! 8/ ! €tGJKKGKKKR ! /; ! LgsgI ! 5 ! :5O/075 ! 85.!
(.1285.!i7-85.!15;5?!65../!F50;2C!85!b2O2X!/I!/;!LgssI!A5;5!6201/!85!1021285!8/!62W!
2..-7285!25!F-;!82!>?/002!b-.6275=#;/0-A272I!5!1/00-1<0-5!8/!95015!a-A5!F5-!27/P285!
l$262!JmG!
Jf
-;a;*LZ!#.!LM!A5C[7-2.!50-:-72-.G
+CND@Z!S116EuuF:G/8G62A-F-A?G/8?u.c/DuF57:uLM•JK50-:-72C•JKA5C57-/.GS1;C
Jq
-;a;*JZ!#!/P627.45!6202!5!+/.1/G
+CND@ZS116Euu7501S2CAGc-r-.62A/.GA5;uF-C/uO-/cuiG)G‚,/00-150-2C‚#AB?-.-1-57.G67:uqLLJNsJJuiG
)G‚,/00-150-2C‚#AB?-.-1-57.G67:
Jt
# ! -71/:02345 ! /A57[;-A2I ! 65CX1-A2 ! / ! 28;-7-.1021-O2 ! 8/.1/ ! -;/7.5 ! 1/00-1<0-5!
8/;2782O2 ! ?;2 ! A5;?7-A2345 ! /F-A2W ! /710/ ! 2 ! "5.12 ! &/.1/ ! / ! 2 ! "5.12 ! +/.1/G ! *2X ! 5!
/;6/7S5!85!60/.-8/71/!,S/5850/!a55./O/C1!/;!/.12D/C/A/0!?;!2A5085!A5;!5!:5O/075!
A5C5;D-275G ! U0?.10282. ! 2. ! 1/7121-O2.I ! a55./O/C1 ! -7.1-:5? ! / ! 0/.62C85? ! -7.?00/15.!
6272;/7S5.I!-;65785!72!60T1-A2!2!F02:;/712345!85!(.1285!A5C5;D-275I!/;!LsKMG!+!
2A5085!A5;!5.!:5O/07271/.!F2715AS/.!75!0/A@;=A0-285!9272;T!C5:5!./0-2!2..-7285!72.!
A578-3k/.!/P-:-82.!650!e2.S-7:157G!
9/C5 ! ,021285 ! 8/ ! b2]=`?72?='20-CC2I ! 65.15 ! /; ! O-:50 ! /; ! LsKNI ! 5. ! (.1285.!
i7-85.!:20271-02;!5!8-0/-15!8/!A57.10?-0!5!A272C!B?/I!650!B?2./!?;!.@A?C5I!8-O-8-0-2!5!
62X.!25!;/-5!/!A57.1-1?-0-2!?;!/7AC2O/!F501/;/71/!20;285G!
+!,021285I!/;!.-I!@!?;2!6/32!Y?0X8-A2!B?/!7/:2!028-A2C;/71/!2!/..Q7A-2!8/!1585.!
5.!60-7AX6-5. !A57.2:0285.!6/C5!*-0/-15!%71/072A-572C !/;!A57.10?345!8/.8/!LqNgI!/;!
'/.1FTC-2I !75!B?2C!./!8/.12A5?!5!0/A57S/A-;/715 !82!.5D/027-2!/.1212CG !&5:5!/;!./?!
#01-:5!%I!5!b2]=`?72?='20-CC2!/.12D/C/A/?!5!6051/150285!/.128?7-8/7./!.5D0/!5!75O5!
(.1285 ! 8/ ! F50;2 ! 8-0/12 ! / ! -7/B?XO5A2E ! o+. ! (.1285. ! i7-85. ! :20271/; ! / ! ;271/045 ! 2!
-78/6/78Q7A-2!82!a/6nDC-A2!85!9272;TpG!
#!A57A/..45!8/!.5D/027-2!;20A5?!1585!5!1/P15!85!,021285G!+!9272;T!A57A/8-2!
25.!(.1285.!i7-85.!o5!?.5I!2!5A?62345!/!28;-7-.102345!8/!?;2!F2-P2!8/!./?!1/00-1<0-5!
.-1?282 ! /710/ ! 2. ! A-828/. ! 8/ ! 9272;T ! / ! "5C<7I ! 75 ! 8/A500/0 ! 82 ! B?2C ! 1027.A500/ ! 2 ! O-2!
;20X1-;2 ! B?/ ! C-:2 ! 2. ! T:?2. ! 85 ! 5A/275 ! #1C\71-A5 ! Z. ! 85 ! 92AXF-A5pG ! + ! :5O/075!
/.128?7-8/7./!658/0-2!-;650120I!C-O0/!8/!12P2.I!1585!/!B?2CB?/0!;21/0-2C!7/A/..T0-5!6202!
2 ! A57.10?345 ! / ! ;27?1/7345 ! 85 ! "272CI ! 2..-; ! A5;5 ! 5. ! /F/1-O5. ! 7/A/..T0-5. ! Z ! .?2!
./:?02732 ! / ! Z ! 508/; ! 82 ! a/6nDC-A2 ! 6272;/7S2G ! 958/0-2; ! -:?2C;/71/ ! -71/0O-0 ! 6202!
:20271-0!2!508/;I!A2.5!A57.-8/02../;!2!./:?02732!85!"272C!2;/23282G
9/C5 ! 8-0/-15 ! 8/ ! A57.10?-0I ! ?.?F0?-0 ! / ! 28;-7-.1020 ! 5 ! "272C ! l'/0 ! #7/P5 ! %mI ! 5.!
(.1285.!i7-85.!62:20-2;!25!9272;T!i€!LK!;-CSk/.I!2C@;!8/!?;2!27?-828/!-00-.<0-2!8/!
i€!JfK!;-CI!2!6201-0!8/!LsLJI!75O/!275.!8/65-.!82!2..-721?02!85!62A15GM!
"5;!5!2A5085I!85!65715!8/!O-.12!F-727A/-05I!2!U02732!C?A020-2!;?-15!;2-.!B?/!5!
9272;TE!5.!(.1285.!i7-85.!8/./;D5C.20-2;!i€!NK!;-CSk/.!6/C5.!8-0/-15.!8/!A57.10?345!
28B?-0-85. ! 82 ! "5C[;D-2 ! /; ! LgtgI ! 2102O@. ! 82 ! A5;627S-2 ! F027A/.2 !E$ & ?0.-W8W &
A58'"5$8-05$('&%7&/$5$(&A58'"0.W$5-X7'G!*/65-.!8/!;2-.!8/!JK!275.!8/!-7O/.1-;/715.I!
./;! ;2-. !8-7S/-05 !6202!A5;605;/1/0 !72!5D02!/!1/785!6/08-85!;?-15. !102D2CS2850/.!
M
! ,582.!2.!A-F02.!260/./71282.!7/.1/!102D2CS5!0/F/0/;=./!2!O2C50/.!S-.1<0-A5.I!2!;/75.!B?/!2F-0;285!5!
A5710T0-5G
Jg
O-1-;285.!650!85/732.!1056-A2-.I!5.!F027A/./.!8/A-8-02;!2A/-120!2!60565.12!8/!A5;602!
85. ! (.1285. ! i7-85. ! l#'(aƒI ! LsLMmG ! */W ! 275. ! ;2-. ! 1208/I ! /; ! LsLNI ! 5 ! "272C ! 85!
9272;T!./0-2!-72?:?0285I!1/785!A?.1285!25.!A5F0/.!/.128?7-8/7./.!2!.5;2!8/!i€!Mgt!
;-CSk/.G
(710/ ! 2. ! -7n;/02. ! O2712:/7. ! /.1021@:-A2. ! 6202 ! 5. ! (.1285. ! i7-85. ! 7/.1/!
/;60//78-;/715I ! 8/.12A2=./I ! A5;5 ! YT ! 2..-72C2;5.I ! 2 ! 65..-D-C-828/ ! 8/ ! -71/:020 ! ./?!
-;/7.5!1/00-1<0-5G!#!A57.10?345!85!A272C!0/60/./712O2!5!0T6-85!10\7.-15!/710/!;/0A285.!
82.!8?2.!A5.12.!5A/\7-A2.!7?;2!@65A2!/;!B?/!-7/P-.1-2;!A57/Pk/.!2@0/2.!/!0585O-T0-2.G!
#!5D02!0/8?W-2!2!;/75.!82!;/128/!5!1/;65!8/!O-2:/;!/710/!5.!65015.!8/!)45!U027A-.A5!
l"2C-F<07-2m!/!H5O2!%50B?/G!V!@65A2!82!A57.10?345I!5!1027.6501/!;20X1-;5!8/!A20:2.!
/710/!5.!85-.!65015.!C/O2O2!qK!8-2.I!62..2785!/;!0/850!85!"2D5& B0"5I!5!65715!;2-.!
;/0-8-572C!82!#;@0-A2!85!)?CI!/;!?;2!O-2:/;!8/!B?2./!JL!;-C!B?-C[;/105.G!#102O@.!
85! "272CI!5!1/;65 !8/!O-2:/;!F5-!0/8?W-85!2!MK!8-2.R!2!75O2!0512!0/60/./715?!?;2!
0/8?345!8/!B?2./!LM!;-C!B?-C[;/105.!lb+&$>a((HI!JKKJmG!
)/;!5!"272CI!8-F-A-C;/71/!2!"2C-F<07-2!1/0-2!2CA273285!2!A578-345!8/!?7-828/!
F/8/0282!;2-.!0-A2I!/!&5.!#7:/C/.!745!1/0-2!/P6/0-;/71285!5!/P102508-7T0-5!A0/.A-;/715!
/A57[;-A5!/!8/;5:0TF-A5!B?/!2!F/W!?;2!82.!A-828/.!;2-.!-;6501271/.!85!;?785G!
#C@;!8-..5I!2!-78?.10-2C-W282!"5.12!&/.1/!/.128?7-8/7./!F-A5?!;2-.!60<P-;2!82!
w.-2I!D/;!A5;5!2!"5.12!+/.1/!62..5?!2!1/0!2A/..5!8-0/15!Z!(?0562I!A5;5!658/!./0!
O-.?2C-W285!75!$262!MG!#.!56501?7-828/.!8/!7/:<A-5.I!/;!6201-A?C20!2!A5;6/1-1-O-828/!
82!6058?345!-78?.10-2C!/.128?7-8/7./!8/02;!?;!.2C15!8/A-.-O5!A5;!2!A57.10?345!85!
"272C!85!9272;TG!
(;!LsLJI!5!/7145!)/A0/1T0-5!8/!>?/002!85.!(.1285.!i7-85.I!b/70]!)1-;.57I!
2F-0;2785!2!7/A/..-828/!8/!A57.10?-0!F501-F-A23k/.!6202!8/F/78/0!2!5D02I!8/AC205?!B?/!o@!
8/!O-12C!-;6501\7A-2!6202!5.!(.1285.!i7-85.!745!26/72.!B?/!5!"272C!/.1/Y2!2D/015!6202!
.?2 ! F0512 ! /; ! A2.5 ! 8/! :?/002I ! ;2. ! 12;D@; ! B?/ ! /.1/Y2! F/AS285 ! 6202 ! 2! F0512 ! 8/ ! ./?.!
-7-;-:5.p!lH(e!ƒ+a^!,%$()I!LsLJmG!+!"272C!21?20-2!A5;5!?;2!D200/-02!6202!5.!
72O-5.!8/!:?/002!-7-;-:5.!B?/!O-.2../;!25!-;/7.5!1/00-1<0-5!/.128?7-8/7./G
*?0271/!2!)/:?782!>?/002!$?78-2CI!2!60/./732!85.!(.1285.!i7-85.!/;!1/00-1<0-5!
6272;/7S5 ! ./ ! F/W ! 2-782 ! ;2-. ! 6/.282E ! A/0A2 ! 8/ ! LMK ! -7.12C23k/. ! ;-C-120/. ! F502;!
/.12D/C/A-82.!25!0/850!85!"272CG!i;!2A5085!A5;!5!:5O/075!85!62X.!8/1/0;-75?!B?/I!25!
F-; ! 85 ! A57FC-15I ! /.12. ! -7.12C23k/. ! ./0-2; ! 8/O5CO-82. ! Z ! a/6nDC-A2 ! 85 ! 9272;TI ! A5;!
/PA/345!82B?/C2.!C5A2C-W282.!8/7105!85.!C-;-1/.!82!~572!85!"272CG
Js
#!0/.6/-15!82!-;6501\7A-2!82!62..2:/;!Z!@65A2!8/!.?2!A57.10?345I!U027r!$50157!
,588 ! lLsJLm ! A5;/7120-2E ! o+ ! "272C ! 2?;/715? ! 5 ! -71/0/../ ! 85 ! ;?785 ! 72. ! T:?2. ! 85!
92AXF-A5G!"5;!/.12!75O2!C-:2345I!5.!65O5.!85!+0-/71/!1-7S2;!?;!C235!;2-.!60<P-;5!25.!
65O5.!85!+A-8/71/I!/!2!A-828/!8/!)45!U027A-.A5!./0O-0-2!A5;5!65015!60-;T0-5!6202!2.!
1027.23k/.p!l,+**I!LsJL!$*7%!b+&$>a((HI!JKKJmG
-;a;*fZ!a512.!A5;/0A-2-.!2102O@.!85!"272C!85!9272;T
+CND@Z!cccG627A272CGA5;
#5!C57:5!85!.@A?C5!jjI!5!"272C!F2A-C-15?!2!.?D.1-1?-345!82!(?0562!6/C5.!(.1285.!
i7-85.!A5;5!60-7A-62-.!620A/-05.!82.!#;@0-A2.!"/7102C!/!)?CI!2C@;I!5DO-2;/71/I!85!
"20-D/G!#!A57.5C-82345!82!65.-345!/.128?7-8/7./!7/../.!;/0A285.!15;5?!-;6?C.5!26<.!
2!90-;/-02!>?/002!$?78-2C!/!62..5?!2!./0!-78-.A?1XO/C!72!./:?782!;/128/!85!.@A?C5!jjG!
%;6501271/.!6058?150/.!8/!;21@0-2.!60-;2.!A5;5!5!`02.-CI!#0:/71-72I!"5C[;D-2I!"S-C/!/!
'/7/W?/C2!62..202;!2!1/0!2A/..5!F2A-C-1285!Z.!A5.12.!5A/\7-A2.!85.!(.1285.!i7-85.I!25!
1/;65 ! /; ! B?/ ! 5 ! A57Y?715 ! .?C=2;/0-A275 ! F-0;2O2=./ ! A5;5 ! ;/0A285 ! A57.?;-850 ! 82!
6058?345!-78?.10-2C!/.128?7-8/7./G
MK
#-782!S5Y/I!85!65715!8/!O-.12!A5;/0A-2CI!5!"272C!85!9272;T!A571-7?2!1/785!
:0278/!-;6501\7A-2E!;2-.!8/!qf•!85.!72O-5.!B?/!CS/!2102O/..2;!A578?W/;!D/7.!B?/!
2C-;/712;!5!A5;@0A-5!/.128?7-8/7./G!o+!A5;@0A-5!-71/072A-572C!/.1T!-710-7./A2;/71/!
C-:285!Z!75..2!./:?02732pI!21/.12!2!(.1021@:-2!8/!*/F/.2!H2A-572C!85.!(.1285.!i7-85.G!
(;!0/C21<0-5I!5!?8"$8'4-.&F0"'.$:8-54N!l),a#,U+am!lJKKNmI!.?DC-7S2!2.!A57./B?Q7A-2.!
A5;/0A-2-.!85!F/AS2;/715!85!"272CI!2-782!B?/!650!?;!D0/O/!6/0X585E!
)/ ! 2 !n7-A2 ! 62..2:/;!;20X1-;2 ! 85 !b/;-.F@0-5 ! +A-8/712C !B?/!
A57/A12 ! 5 ! #1C\71-A5 ! 25 ! 92AXF-A5 ! 1-O/../ ! 8/ ! ./0 ! F/AS282 ! 650!
B?2CB?/0!6/0X585!8/!1/;65I!5!-;62A15!658/0-2!./0!./71-85!72.!
1027.23k/.!8/!1X1?C5.!/ !.0##0%-8-':! ;?785!2F502I!8285!5!2C15!
:02?!8/!-71/08/6/78Q7A-2!/A57[;-A2!B?/!/P-.1/!21?2C;/71/G
+ ! F/AS2;/715 ! 85 ! "272C ! 85 ! 9272;T ! 1/0-2 ! A57./B?Q7A-2.!
/A57[;-A2. ! / ! F-727A/-02. ! ;?-15 ! 2C@; ! 82. ! #;@0-A2.G ! +!
A0/.A-;/715 ! /A57[;-A5 ! 605O2O/C;/71/ ! ./0-2 ! 2F/1285 ! 8/!
;27/-02!7/:21-O2!/;!;?-15.!62X./.I!A5;5!0/.?C1285!85.!2C15.!
A?.15. ! 8/ ! 1027.6501/ ! B?/ ! 0/.?C120-2; ! 85 ! 0/8-0/A-572;/715!
F503285!8/!72O-5.!75!1027.6501/!8/!./?.!D/7.!2102O@.!8/!5?102.!
0512.G
n'.&).+/&[ * 7>CH;> * -;Ep@D * ME=@RZ * '@OSE=D\ * CN * DY@*
3;N;<;*0;N;>[*JKKho
H2 ! 21?2C-828/I ! 8/ ! LM ! 2 ! LN ! ;-C ! 72O-5. ! 1027.-12; ! 27?2C;/71/ ! 6/C5 ! "272C ! 85!
9272;T!1027.65012785!;2-.!8/!JMf!;-CSk/.!8/!157/C282.G!+.!A20:?/-05.!C/O2;!8/!1?85E!
6058?15.!2:0XA5C2.I!6/10<C/5I!D/7.!;27?F21?0285.I!C-P5!7?AC/20!/!1?0-.12.G!b5Y/I!A/0A2!8/!
JuM!82.!/;D20A23k/.!B?/!?.2;!2!62..2:/;!6201/;!85.!(.1285.!i7-85.!5?!./:?/;!6202!
./?.!65015.G!#102O@.!8/!LNN!0512.!;20X1-;2.I!5!"272C!8T!2A/..5!2!72O-5.!8/!;2-.!8/!gK!
62X./.I ! A5; ! 8/.12B?/ ! 6202 ! 5 ! `02.-CI ! "S-C/I ! (B?2850 ! / ! "S-72 ! l),a#,U+aI ! JKKNR!
iH%,(*!),#,()!*(9#a,$(H,!+U!#>a%"i&,ia(I!JKKKmG!)/:?785!5!a/C21<0-5!
#7?2C ! 85 ! "272C ! 85 ! 9272;T ! 8/ ! JKKsI ! 5 ! O5C?;/ ! 8/ ! A20:2 ! 1027.6501282 ! 2102O@. ! 8/C/!
A500/.6578/ ! 2 ! 2605P-;282;/71/ ! f• ! 85 ! A5;@0A-5 ! ;?78-2C ! l9#H#$# ! "#H#&!
#i,b+a%,ƒI!JKLKmG
+ ! :/7/02C ! 9/1/0 ! 92A/I ! "5;278271/ ! 85 ! "5;2785 ! )?C ! 85. ! (.1285. ! i7-85.!
li))A5?1S"5;mI!8/65785!/;!JKKf!25!"57:0/..5!8/!./?!62X.I!.?DC-7S5?!5.!o-71/0/../.!
O-12-.p!/.128?7-8/7./.!72!#;@0-A2!&21-72E!
"5;5 ! 8/F-7-85 ! /; ! 75..2 ! (.1021@:-2 ! 8/ ! )/:?02732 ! H2A-572CI!
-71/0/../. ! O-12-. ! .45 ! 2B?/C/. ! 8/ ! :0278/ ! -;6501\7A-2 ! 6202 ! 2!
N
!+!),a#,U+a!@!?;2!A5;627S-2!8/!-71/C-:Q7A-2!:C5D2C!./8-282!75!,/P2.I!/.6/A-2C-.12!/;!2..?715.!8/!
/.1021@:-2!/!-71/C-:Q7A-2!1T1-A2G
ML
.5D0/O-OQ7A-2I!./:?02732!/!O-12C-828/!8/!75..2!72345G!(?!O/Y5!
B?2105 ! -71/0/../. ! 2;/0-A275. ! 7/.1/ ! 1/2105 ! B?/ ! ./:?/; ! /.1/!
A0-1@0-5E!?;!@!5!;O@AAC*A@<*CHADVOS>CA*;*E@OSEACA*N;DSE;=A*N;*
VE@; * B@ * E@AaCNA;H=>=B;B@ * BC * !''CSDY0C<G ! i; ! /7:275!
A5;?; ! @ ! 2 ! A0/732 ! 8/ ! B?/ ! 5. ! (.1285. ! i7-85. ! .45!
A5;6C/12;/71/ ! 8/6/78/71/. ! 85 ! +0-/71/ ! $@8-5 ! 6202 ! 75..5!
.?60-;/715!8/!6/10<C/5G!H5!/712715I!75..5!;2-50!F507/A/850!8/!
6/10<C/5!@I!72!O/0828/I!2!'/7/W?/C2!h!?;!62X.!B?/!:20271/!8/!
Lf!2!Ls•!85!6/10<C/5!B?/!-;65012;5.!/;!B?2CB?/0!;Q.!85!275G!
+?105! -71/0/../ ! O-12C ! 6202 ! 5. ! (.1285. ! i7-85. ! 7/.12 ! T0/2 ! @ !;*
OCNDdNS;*@AD;H=>=B;B@I*N@O@AAVE=;*a;E;*qS@*D@NY;<CA*;O@AAC*
;CA * <@EO;BCA * N; * VE@; * B@ * E@AaCNA;H=>=B;B@ * BC*
!''CSDY0C<I*C*qS@*X*=<aCED;ND@*a;E;*;*aECAa@E=B;B@*@*;*
@Pa;NAcC * @OCNr<=O; * OCNDdNS;A * BCA * %AD;BCA * !N=BCAG ! b5Y/I!
75..5 ! A5;@0A-5 ! 8/7105 ! 82. ! #;@0-A2. ! 0/60/./712!
2605P-;282;/71/ ! Nq• ! 8/ ! 1582. ! 2. ! /P650123k/. ! 7501/=
2;/0-A272.!/!7<.!/.6/02;5.!B?/!/.12!650A/712:/;!2?;/71/!75!
F?1?05G ! # ! 6/082 ! 8/ ! 75..5. ! ;/0A285. ! A20-D/7S5. ! / ! C21-75=
2;/0-A275.!60/Y?8-A20-2!./0-2;/71/ !2!.2n8/!82!/A575;-2 !85.!
(.1285. ! i7-85.G ! i; ! 1/0A/-05 ! -71/0/../ ! O-12C ! 7/.12 ! T0/2 ! @ !;*
>=H@EB;B@*B@*N;?@T;WcCI*qS@*X*OEdD=O;*a;E;*NCAA;*@OCNC<=;*@*
a;E; * C * <C?=<@NDC * @ADE;DXT=OC * B@ * ;>TS<;A * B@ * NCAA;A*
aECaE=@B;B@A * N;?;=AG ! i;2 ! 60/5A?62345 ! 6201-A?C20 ! @ ! 75..5!
2A/..5 ! ./;! 5D.1TA?C5. ! 25 ! "272C ! 85 ! 9272;T ! h ! ?; ! 65715 ! 8/!
/.1027:?C2;/715!/.1021@:-A5!/!?;2!C-7S2!8/!A5;?7-A2345!B?/I!
./!F/AS282I!1/0-2!.@0-5.!-;62A15.!.5D0/!5!A5;@0A-5!;?78-2C!/!
658/0-2 ! -;650 ! 8/.2F-5. ! .-:7-F-A271/. ! 6202 ! 5 ! 0T6-85!
65.-A-572;/715 ! 8/! 75..2. !F5032.! 72O2-.G! U-72C;/71/I !/;D502!
745 ! 1/A7-A2;/71/ ! 8/F-7-85 ! A5;5 ! ?; ! -71/0/../ ! 72A-572CI ! /?!
A57.-8/05 ! B?/ !aECD@T@E * NCAA; * OCAD; * OCNDE; * CA * @R@=DCA*
B@ADESD=?CA*BC*DEVR=OC*B@*BECT;A*=>dO=D;A*@*CSDE;A*RCE<;A*B@*
OE=<@*DE;NAN;O=CN;>!@!?;2!60/5A?62345!A0X1-A2G!
n3@D@E*3;O@[*(@aC=<@NDC*;C*0CNTE@AAC*BCA*%AD;BCA*!N=BCA[*
JKKj[*>0-F5!75..5Go
!!
$/.;5!8/65-.!82!8/O5C?345!82!~572!85!"272C!25!(.1285!6272;/7S5I!/;!LsssI!
/!85!8/./7O5CO-;/715!85!1027.6501/!8/!A20:2.!2@0/5!/!82!A57.10?345!8/!72O-5.!A?Y2.!
8-;/7.k/. ! 5 ! "272C ! 745 ! 6/0;-1/ ! 102O/..-2I ! 5 ! 9272;T ! A571-7?5? ! ./785 ! 8/ ! :0278/!
-;6501\7A-2!6202!5.!(.1285.!i7-85.G!
*5!65715!8/!O-.12!/.6/A-F-A2;/71/!;-C-120I!A5;5!./0T!O-.15!28-271/I!5!"272C!F5-!
?; ! 65715 ! 8/ ! 265-5=AS2O/ ! 6202 ! 2 ! 605Y/345 ! 85 ! 658/0-5 ! /.128?7-8/7./ ! 75. ! 5A/275.!
92AXF-A5 ! / ! #1C\71-A5G ! # ! 0/8?345 ! 82 ! A262A-828/ ! 56/021-O2 ! 85. ! (.1285. ! i7-85. ! 72!
)/:?782!>?/002!$?78-2C!1/0-2!.-85!80T.1-A2!A2.5!745!8-.6?./../!85!"272C!85!9272;TG!
b5Y/I!;/.;5!A5;!2!2;6C-2345!85!2CA27A/!8/!;X../-.!/!2O-k/.!8/!:?/002I!/.12!62..2:/;!
/710/!5.!85-.!5A/275.!6/0.-.1/!/.1021@:-A2G!#102O@.!85!6051/150285!85!9272;TI!2!605Y/345!
82 ! F5032 ! D@C-A2 ! /.128?7-8/7./ ! 2CA2735? ! 5 ! A57Y?715 ! C21-75=2;/0-A275 ! l+ƒ+&#=
ƒ($#%(&I!LssgR!9#H#$#!"#H#&!#i,b+a%,ƒI!JKLKR!),a#,U+aI!JKKNmG!
MJ
0;adDS>C*##
/*0C<a>@PC*-=>=D;E*BC*3;N;<V
# ! ;5712:/; ! 85 ! A5;6C/P5 ! ;-C-120 ! /.128?7-8/7./ ! 75 ! 9272;T ! 1/O/ ! -7XA-5!
6202C/C2;/71/ ! Z ! A57.10?345 ! 85 ! "272CG ! #5 ! C57:5 ! 85 ! 1/;65I ! 2. ! -7.12C23k/. ! ./0-2;!
2;6C-282. ! / ! 0/A/D/0-2; ! 75O2. ! F?73k/.I ! 1027.F50;2785 ! 2 ! T0/2 ! /; ! ?;2 ! 82. ! ;2-50/.!
A57A/71023k/.!6/0;27/71/.!8/!10562.!/!/B?-62;/715.!;-C-120/.!85!;?785G!
*?0271/!275.I!5!9272;T!./8-5?!5!658/05.5!"5;2785!)?C!85.!(.1285.!i7-85.!
li))5?1S"5;mI!B?/!C-8/02O2!F5032.!8/!1/002I!;20!/!20G!)-1?285!75!C285!85!92AXF-A5I!?;!
-;6501271/ ! /P/;6C20 ! 82 ! 20B?-1/1?02 ! A5C57-2C ! /.627S5C2I ! A57S/A-85 ! A5;5 !Y7$""@&
B'-418:I!F5-!5!A502345!82.!56/023k/.!;-C-120/.!/.128?7-8/7./.!75!S/;-.F@0-5!5A-8/712C!
/710/!LsJK!/!LsNtG!#!6201-0!8/!/7145I!A/7102C-W20-2!2.!56/023k/.!85.!(.1285.!i7-85.!6202!
2!#;@0-A2!&21-72Gf
f
!_?200]!b/-:S1.!F5-!5A?6285!2!6201-0!8/!LsLNG!*?0271/!./-.!275.I!./0O-?!A5;5!2A2;62;/715!6202!10562.I!
65.15!8/!65CXA-2!;-C-120!/!T0/2!0/.-8/7A-2C!6202!5F-A-2-.!./7-50/.G!(;!./?!/715075!-;/8-215!2D0-:2O2!JJf!
;-C-120/.G!dT!/;!LsMKI!2:2.2CS20-2!NJL!S5;/7.G!(710/!LsJK!/!LsNLI!_?200]!b/-:S1.!./0O-?!8/!B?201/C=
:/7/02C!6202!5!A5;278271/!85!*/62012;/715!85!(P@0A-15!75!"272C!85!9272;TR!/710/!LsNL!/!LsNtI!6202!5!
A5;278271/!85!"5;2785!85!(P@0A-15!6202!*/F/.2!85!"20-D/R!/!/710/!LsqM!/!LsqgI!6202!5!A5;278271/!/;!
AS/F/!85!"5;2785!)?CG!i;2!8/!.?2.!-7.12C23k/.!5!o,n7/C!8/!+6/023k/.!"57Y?712.pI!?;!2D0-:5!Z!605O2!
8/!D5;D2.I!A57.10?X85!/;!LsNJI!O-12C!6202!2!6051/345!8/!8285.!-;6501271/.!lF-A2O2!qL!;/105.!2D2-P5!8/!
?;2!05AS2!8/!2C2D2.105mG!)/:?785!e-2082!lJKLLmI!oA5;!.?2.!/P?D/0271/.!;27.k/.I!O-.12.!60-O-C/:-282.!/!
C?P?5.2.!A578-3k/.!8/!O-82I!„+!b/-:S1.…!/02!?;!/7A2072345!B?2./!6/0F/-12!85!-;6/0-2C-.;5!85.!(.1285.!
i7-85.!72!#;@0-A2!&21-72!/!75!;?785pG
MM
+CDC*LZ!_?200]!b/-:S1.
+CND@Z!S116EuucccGAWD021.GA5;u"?9#u"500-:27u
#!~572!85!"272C!./0O-?!A5;5!65715!8/!A57A/7102345!8/!10562.I!8/!/;D20B?/I!8/!
8/./;D20B?/!/!A5;5!A/7105!8/!0/A?6/02345!1@A7-A2!8/!.?D;20-75.!/!72O-5.!8/!:?/002R!
2A5CS/? !1585.!5.!1-65.!8/!2/0572O/.!/!F5-!2;6205 !C5:X.1-A5!6202!:0278/. !56/023k/.R!
./0O-? ! A5;5 ! /.A5C2 ! 8/ ! 10/-72;/715 ! 6202 ! ;-C-120/. ! C21-75=2;/0-A275.I ! 65.15 ! 8/!
;57-1502;/715 ! 8/ ! -7F50;23k/. ! / ! D2./ ! 6202 ! 56/023k/. ! AC278/.1-72. ! lA57F50;/ ! d5.@!
`C27857I!/P=5F-A-2C!82!-71/C-:Q7A-2!6272;/7S2I!2F-0;5?!/;!8/65-;/715!25!"5;-1Q!8/!
a/C23k/.!%71/072A-572-.!85!)/7285!85.!(.1285.!i7-85.I!/;!LsggmG!$2-.!0/A/71/;/71/I!
5!9272;T!12;D@;!A57.1-1?-0-2!?;!0/C/O271/!A/7105!/P/A?150!8/!605:02;2.!271-805:2.G
#.!F501-F-A23k/.!A57.10?X82.!25!C57:5!85!"272C!6/0;-1-0-2;!Z.!F5032.!20;282.!
/.128?7-8/7./. ! A57105C/ ! .5D0/ ! 2 ! 62..2:/; ! 8/ ! 72O-5. ! 8/ ! :?/002 ! 8/ ! ./?. ! 28O/0.T0-5.!
le(%,~I!JKKKR!iG)G!)(H#,(!"+$$%,,((!+H!#a$(*!)(a'%"()I!JKKKmG!
#!60/./732!;-C-120 !72!T0/2!12;D@;!2../:?02O2!Z!"%#!F2A-C-828/!8/!2A/..5!2!
-7F50;23k/.!.5D0/!5.!2A571/A-;/715.!85.!62X./.!82!0/:-45I!:20271-785!2!e2.S-7:157!
0T6-82. !-71/0O/73k/. !/;!D52!6201/!85!S/;-.F@0-5 !5A-8/712CG!#-782!S5Y/I!2!62..2:/;!
-71/05A/\7-A2!@!8/!/P10/;2!-;6501\7A-2!6202!5.!(.1285.!i7-85.I!650!6/0;-1-0!5!0T6-85!
MN
;5O-;/715!8/!.?2!F0512G!(;!JKKsI!5.!72O-5.!8/!.?2!$20-7S2!?.2O2;!2!102O/..-2!6/C5!
;/75.!?;2!O/W!650!./;272Gq!
(710/!2.!8/W/72.!8/!-7.12C23k/.!;-C-120/.!/.128?7-8/7./.!/;!.5C5!6272;/7S5I!
2C:?;2. ! ./ ! 8/.12A202;I ! A5;5 ! 2 ! `2./ ! 82 ! U5032 ! #@0/2 ! #CD055r ! lC285 ! 92AXF-A5mI!
-72?:?0282 ! /; ! LsJJI ! 1/;65 ! /; ! B?/ ! 2. ! 2/0572O/. ! /02; ! F0T:/-. ! / ! 8/1-7S2; ! 65?A2!
2?1575;-2!56/02A-572CG!(;!LsNKI!B?2785!2!:?/002!./!8/./705C2O2!72!(?0562I!#CD055r!
2D0-:20-2!2!U5032!#@0/2!85!"272C!85!9272;TR!/710/!Lstq!/!LsgsI!62..20-2!2!./8-20!2!
*-O-.45!)?C!82!U5032!#@0/2!85.!(.1285.!i7-85.G!*/!LsNK!2!LsgsI!2C5Y20-2!2!#A28/;-2!
%71/02;/0-A272!82!U5032!#@0/2I!./785!8/O5CO-82 !Z!a/6nDC-A2!85!9272;T!26/72.!/;!
5?1?D05!8/!LsstG
-;a;*hE!"5;6C/P5!;-C-120!85!"272C
+CND@Z!:C5D2C./A?0-1]G50:
q
!S116EuucccG72O]G;-Cu./20ASu8-.6C2]G2.6y.150]‚-8†MKfLs
Mf
+?102!0/F/0Q7A-2!751TO/C!@!2!`2./!#@0/2!b5c208E!-72?:?0282!/;!LsNJI!150720=
./=-2!2!1500/!8/!F5032!85!658/0!/.128?7-8/7./!72.!#;@0-A2.!"/7102C!/!85!)?CG!+.!2O-k/.!
B?/ ! 6201-2; ! 8/ ! b5c208 ! :20271-2; ! 5 ! 8/.C5A2;/715 ! 8/ ! A571-7:/71/.I ! /P/0AXA-5. ! /!
56/023k/.!8/!D?.A2!/!0/.:21/!/;!8/.2.10/.!72!T0/2!85!"5;2785!)?CG!"5;!?;!/.6235!8/!
Lf!r;•I!2!D2./!8-.12O2!Nf!;-7?15.!82!"-828/!85!9272;T!/!A5712O2!A5;!?;2!6-.12!8/!
65?.5 ! 8/!JGfsL!;/105.I !5!D2.1271/ !6202!0/A/D/0 !2O-k/. !8/!A20:2 !-71/072A-572-.R !/02I!
/7145I!2!n7-A2!6-.12!/.128?7-8/7./!25!.?C!85!a-5!>0278/!605712!6202!0/A/D/0!Y215.G!
# ! b5c208 ! 8-.6?7S2 ! 8/ ! /8-FXA-5. ! A5;/0A-2-. ! / ! 0/.-8/7A-2-.I ! 127B?/. ! 8/!
20;2W/72:/; ! 8/ ! A5;D?.1XO/CI ! .-.1/;2. ! 8/! 80/72:/; ! / ! 8/ ! T:?2 ! 651TO/CI ! .-.1/;2 ! 8/!
/.:515I ! / ! /7/0:-2 ! /C@10-A2 ! F507/A-82 ! 650 ! ?;2 ! /.12345 ! 1/0;5/C@10-A2 ! 8/ ! NN ! B?-C5O5C1.!
.-1?282 ! /; ! $-02FC50/.G ! $2-. ! 0/A/71/;/71/I ! A57120-2 ! A5; ! ?; ! .-.1/;2 ! 8/!
1/C/A5;?7-A23k/. ! 650 ! F-D02 ! <1-A2 ! B?/ ! A57/A12O2 ! 1582. ! 2. ! 271-:2. ! -7.12C23k/. ! 85!
A5;6C/P5!;-C-120!85!A272CG!#!D2./!2D0-:2O2!A232.I!A20:?/-05.I!72O-5.=127B?/I!.-.1/;2.!
8/!A57105C/!/!28O/01Q7A-2!2@0/5.I!Y215.!/P/A?1-O5.!/!S/C-A<61/05.!8/!D?.A2!/!0/.:21/Gt
*?0271/!2!8@A282!8/!LsfKI!2!U5032!#@0/2!85.!(.1285.!i7-85.!?.5?!2!b5c208!75!
6C27/Y2;/715!/!75!265-5!8/!;275D02.!A57Y?712.G!(;!LsqLI!1582.!2.!56/023k/.!82!i)#U!
75!9272;T!F502;!8/.C5A282.!6202!2!D2./G!(7B?2715!F?7A-575?I!2!b5c208!2D0-:5?!5!
d%#,U=)?CI!B?/!56/05?!75!8/.;271/C2;/715!85!A5;@0A-5!8/!720A<1-A5.G!9202!/.1/!1-65!
8/!-7-A-21-O2I!5!"5;2785!)?C!;271-7S2!72!D2./I!8/710/!5?102.I!2/0572O/.!(=M!)/710]!
#e#". ! l.-:C2 ! /; ! -7:CQ. ! 6202 !!-",0"5' & >$"5-54 & $5% & /058"0( & ?@:8'#I ! )-.1/;2 ! 8/!
"57105C/!/!#8O/01Q7A-2!#@0/2m!h!A57.-8/0282.!-7.10?;/715.!F?782;/712-.!72.!56/023k/.!
271-805:2. ! h ! 2C@; ! 8/ ! 72O-5.=127B?/ ! ^"=LMf ! / ! A232. ! U=Lf ! / ! U=Lq ! 6202 ! 6051/:/0 ! 5.!
.-.1/;2.!8/!A57105C/!/!28O/01Q7A-2!2@0/2Gg
# !(.12345 ! H2O2C ! a58;27I ! 72 ! A5.12 ! 85! 92AXF-A5I ! /02 ! 5 ! A/7105 ! 8/ ! 265-5!
56/02A-572C!/!28;-7-.1021-O5!8/!1582.!2.!23k/.!82!$20-7S2!85.!(.1285.!i7-85.!.5D!2!
0/.657.2D-C-828/ ! 85 ! "5;2785 ! )?CG ! )?2 ! A57.10?345 ! A?.15? ! i€ ! NKK ! ;-CSk/.G ! (.12!
-7.12C2345!F507/A-2!A5;D?.1XO/C!/!.?60-;/715.!2!72O-5.!85.!(.1285.!i7-85.!/!8/!./?.!
2C-285.!/!/02!0/.657.TO/C!6/C2!./:?02732!82.!F5032.!72O2-.!/.128?7-8/7./.!/;!10\7.-15G!
)/8-5?!2-782!2!(.A5C2!8/!,0/-72;/715!,@A7-A5!/!%7.10?345!/;!H2O-5.!9/B?/75.!82!
$20-7S2!85.!(.1285.!i7-85.G
t
!>&+`#&!)("ia%,ƒG!2C^;EB*)=E*+CEO@*M;A@G!)/;!8212G!*-.657XO/C!/;!
‡S116EuucccG:C5D2C./A?0-1]G50:u;-C-120]uF2A-C-1]uS5c208GS1;ˆ
g
!U&(,"b(aI!b200]!aGG!)=E*+CEO@*M;A@A*g*$C>S<@*##E!#-0!`2./.!+?1.-8/!1S/!i7-1/8!)121/.!5F!#;/0-A2!G!
e2.S-7:157 ! *" ! E ! "/71/0 ! F50 ! #-0 ! U50A/ ! b-.150] ! I ! i7-1/8 ! )121/. ! #-0 ! U50A/I ! LssMG !*-.657XO/C ! /; ! ‡!
S116EuucccG2FS.5G2FG;-Cu.S20/8u;/8-2u85A?;/71u#U*=LKKfJf=KqKG68Fˆ ! #A/..5 ! /; ! JJ ! 8/ ! 5?1?D05 ! 8/!
JKLLG
Mq
_?2715!Z.!-7.12C23k/.!82!F5032!1/00/.10/I!./!8/.12A202;I!72!A5.12!85!92AXF-A5I!5!
U501/!#;2850I!C5:5!2D2-P5!82!9571/!82.!#;@0-A2.Is!B?/!A5712O2!A5;!10562!8/!-7F27120-2!
/!8/6<.-15.!8/!A5;D?.1XO/-.R!5!U501/!"C2]157I!B?/!2D0-:5?!5!(P@0A-15!)?C!85.!(.1285.!
i7-85. ! l9?!)?HmI ! 0/.657.TO/C ! 6/C5 ! A5;2785I ! A57105C/ ! / ! 265-5 ! Z. ! F5032. ! 20;282.!
7501/=2;/0-A272.!75!9272;T!l/710/!2.!.?2.!210-D?-3k/.!/.12O2!2!8/!6051/:/0!5.!A-82845.!
/ ! 60560-/828/. ! /.128?7-8/7./. ! / ! 2?P-C-20 ! 75 ! o8/./7O5CO-;/715 ! 8/ ! -7.1-1?-3k/.!
8/;5A0T1-A2.pm!/!5!U501/!^5DD/I!B?/!./8-5?!102D2CS5.!8/!265-5!2!8/.2.10/.I!;-..k/.!8/!
.5A5005!/!./0O-35.!S?;27-1T0-5.G!(.1/!U501/I!2!6201-0!8/!LsqJI!62..5?!2!2D0-:20!2!LsM‰!
`0-:282!8/!%7F27120-2I!F5032!B?/!./0O-2!6202!o0T6-82!-71/0O/7345!/;!A2.5!8/!605DC/;2.!
72!#;@0-A2!&21-72pG!
dT!72!A5.12!21C\71-A2I!/.12O2!5 !U501/!*2O-.I!B?/!2:2.2CS5? !5!LN‰!a/:-;/715!8/!
%7F27120-2!85!(P@0A-15!l8/!LsJK!2!LsfqmI!5!*/6<.-15!>/02C!85!9272;T!75!#1C\71-A5!l8/!
LsMs!2!LsNqmI!5!"5;2785!8/!)/:?02732!/!U5032!$<O/C!85!9272;T!l/710/!LsNL!/!LsNqmI!
5!N‰!`212CS45!82!LKŠ!%7F27120-2!l8/!LsqJ!2!LsgNm!/!5!M‰!`212CS45!8/!U5032.!(.6/A-2-.!85!
(P@0A-15!l/710/!LsgN!/!LssKmG!H/.12!A5.12!12;D@;!F-A2O2;!5!U501/!*/!&/../6.I!./8/!82.!
F5032.!8/!8/F/.2!82.!A-828/.!8/!"0-.1<D2C!/!"<C57!/710/!LsLM!/!LsffI!/!5!U501/!>?C-ArI!
F2;5.5!650!2D0-:20I!/710/!LsNs!/!LsgNI!5!A/7105!B?/!10/-75?!/!85?10-75?!;2-.!8/!MGNKK!
;-C-120/. ! C21-75=2;/0-A275.I ! 2 ! (.A5C2 ! 82. ! #;@0-A2.G ! (.1/ ! B?201/CI ! 2 ! 6201-0 ! 8/ ! LsqKI!
62..5?!12;D@;!2!2C5Y20!?;!>0?65!8/!U5032.!(.6/A-2-.!85!(P@0A-15I!./785!8/O5CO-85!/;!
LsgN!25!:5O/075!6272;/7S5!/!0/15;285!/;!LsgsI!B?2785!5.!(.1285.!i7-85.!-7O28-02;!
5!62X.!72!56/02345!od?.12!"2?.2pI!B?/!0/1-05?!$27?/C!H50-/:2!85!658/0G
H5!C285!21C\71-A5!F-A2O2;!2-782!5 !U501/!a2785C6SI !A57.10?X85!A5;5!6201/!82.!
F501-F-A23k/.!6202!2!8/F/.2!A5.1/-02!85!"272C!85!9272;T!l/710/!LsLJ!/!LsLqI!B?2105!
D212CSk/.!8/!201-CS20-2!8/!A5.12!F502;!/.12D/C/A-85.!7/.1/!F501/m!/!5!U501/!)S/0;27!B?/I!
8/1/785!T0/2!8/!FC50/.12!1056-A2CI!15075?=./!?;!A/7105!8/!10/-72;/715!8/!56/023k/.!8/!
./CO2I ! 60/6202785 ! ;2-. ! 8/ ! s ! ;-C ! ;-C-120/. ! /.128?7-8/7./. ! / ! C21-75=2;/0-A275. ! /;!
1@A7-A2.!8/!A57F05715!/!.5D0/O-OQ7A-2G!U?78285!/;!LsfLI!5!)S/0;27!F?7A-575?!21@!./0!
/710/:?/!25.!6272;/7S5.!/;!;2035!8/!LsssG
*5!65715!8/!O-.12!65CX1-A5I!8/710/!2.!;nC1-6C2.!21-O-828/.!8/./7O5CO-82.!7/.1/!
:-:271/.A5!/!8-.6/78-5.5!A5;6C/P5!;-C-120I!?;2!8/C2.!./0-2!6201-A?C20;/71/!.-7-.102E!5!
10/-72;/715 ! 8/ ! ;-C-120/. ! C21-75=2;/0-A275. ! 650 ! ?; ! A/7105 ! B?/I ! /; ! LsqMI ! ./0-2!
8/75;-7285!(.A5C2!82.!#;@0-A2.G!$2-.!8/!qL!;-C!;-C-120/.!8/!1582!2!#;@0-A2!&21-72!
s
!%72?:?0282!/;!LsqJI!A?.15?!25.!(.1285.!i7-85.!i€!JK!;-CSk/.!/!./0O-2!8/!oC-:2345!/710/!8?2.!;2..2.!
8/!1/002!./620282.!6/C2!A57.10?345!85!"272C!85!9272;TpG!
‡S116EuucccGc50C8S/28B?201/0.GA5;u6272;2u8/.1-721-57.uD0-8:/‚2;/0-A2.uˆ
Mt
0/A/D/02; ! 10/-72;/715 ! 7/.1/ ! A/7105G ! #XI ! ./:?785 ! 5 ! */62012;/715 ! 8/ ! */F/.2 ! 85.!
(.1285.!i7-85.!l*5*mI!/02;!;-7-.10285.!A?0.5.!8/!/8?A2345!;-C-120!85!;/.;5!;585!
B?/!72.!-7.1-1?-3k/.!;-C-120/.!/.128?7-8/7./.G!
*/.8/!.?2!F?782345I!2!(.A5C2!82.!#;@0-A2.!10/-75?!;-C-120/.!C21-75=2;/0-A275.!
6202 ! ./0O-35. ! 8/ ! -71/C-:Q7A-2 ! ;-C-120I ! 1@A7-A2. ! 8/ ! -71/005:21<0-5I ! 1T1-A2. ! 8/!
A57102-7.?0:Q7A-2 ! / ! :?/002 ! 6.-A5C<:-A2G ! )?2 ! F?7345 ! /02 ! 60/62020 ! 605F-..-572-. ! 75!
A5;D21/!25.!;-C-1271/.!A5;?7-.12.G!
9202!5!/P=60/.-8/71/!85!9272;TI!d50:/!%CC?/A2I!2!(.A5C2!82.!#;@0-A2.!F5-!o2!
;2-50!D2./!6202!2!8/./.12D-C-W2345!82!#;@0-A2!&21-72pGLK! +!/7O5CO-;/715!8/!8-O/0.5.!
/P=2C?75.!82!(.A5C2!/;!O-5C23k/.!85.!8-0/-15.!S?;275.I!/.B?280k/.!82!;501/I!:5C6/.!
;-C-120/.!/!2..2..-7215.!65CX1-A5.!C/O5?!25!.?0:-;/715!8/!:0?65.!/!;5O-;/715.!A-O-.!/;!
F2O50!8/!./?!F/AS2;/715G!,2-.!;5O-;/715.!8/75;-72O2;!/.1/!A/7105!A5;5!o/.A5C2!8/!
2..2..-75.pI!o/.A5C2!8/!1501?02850/.p!/!o/.A5C2!8/!8-12850/.pG!
+CDC*JZ!927FC/15!A57O5A2!6202!;27-F/.12345!75!"S-C/!6/C5!F/AS2;/715!82!(.A5C2!82.!#;@0-A2.G!
H5O/;D05I!JKLLG
+CND@Z*S116Euu5D./0O2850/.AS-C/GDC5:.651GA5;uJKLLuLLu75=;2.=/.A?/C2=8/=2./.-75.GS1;C
LK
!/'58'"&C0"&?0.-$(&/05.'"5!‡!S116EuucccGYS?G/8?uA.Auˆ
Mg
(;!1582!2!#;@0-A2!&21-72!/!75.!(.1285.!i7-85.I!5!)+#!>$8.1! A57O5A2!6202!;27-F/.12345!
A57102!2!(.A5C2G!H5O/;D05I!JKLLG
+CND@Z*S116Euuc-D2-C5?16/56C/GF-C/.Gc50860/..GA5;uJKLLuKsu75OJKLLF0571.;0:DGY6:
H5.!(.1285.!i7-85.I!/;!2:5.15!8/!JKLLI6051/.15!A57102!2!(.A5C2G
+CND@Z!S116Euu62PAS0-.1-?.2LGF-C/.Gc50860/..GA5;uJKLLuKgucS-1/S5?./A2CC-782]GY6:
Ms
(;!JKKtI!627FC/15!A57102!2!(.A5C2G
+CND@ZS116Euu1/76/0A/71Gc50860/..GA5;uJKKtuKtuKMu
NK
+CDC*fZ*%<!JKKLI!627FC/15.!./!0/F/0/;!25!eb%H)("!A5;5!!oi7-O/0.-828/!85!,/0050-.;5p
+CND@Z!S116Euu1S/;50;57c50r/0Gc50860/..GA5;u
i;2!0/65012:/;!85!e2.S-7:157!95.1!8/!LsqgI!75!2?:/!82!>?/002!U0-2I!2F-0;2O2!
B?/!o#!(.A5C2!82.!#;@0-A2.!‹GGGŒ!1/;!12715.!5F-A-2-.!C21-75=2;/0-A275.!-;6501271/.!/710/!
./?.!/P=2C?75.GGG!B?/!F-A5?!A57S/A-82!72!#;@0-A2!&21-72!A5;5!2!„(.A5C2!8/!>5C6/.…p!
l`&i$I!JKKMEJJMmG
*/!F215I!5!9/71T:575!28;-1-?!5!?.5!75.!10/-72;/715.!82!(.A5C2!8/!;27?2-.!B?/!
8/F/78-2;!5!?.5!8/!1@A7-A2.!A5/0A-1-O2.!8/!-71/005:2345G!(;!LK!8/!;2035!8/!LssJI!?;!
;/;502785!/7O-285!25!/7145=)/A0/1T0-5!8/!*/F/.2I!a-AS208!"S/7/]I!-7F50;2O2!5!?.5I!
6/C5!"5;2785!)?C!85.!(.1285.!i7-85.!li))5?1S"5;mI!8/!
;27?2-. ! 8/ ! A57102=-71/C-:Q7A-2 ! A571/785 ! ;21/0-2C ! A578/7TO/C!
75 ! 10/-72;/715 ! 8/ ! ;-C-120/. ! C21-75=2;/0-A275.G ! ‹GGGŒ ! )/1/!
;27?2-. ! /; ! /.627S5C ! F502; ! A5;6-C285. ! 8/ ! ;21/0-2C!
NL
-7.10?A-572C ! 8/.21?2C-W285 ! ./; ! 2. ! 8/O-82. ! 0/O-.k/. ! 5?!
2605O23k/. ! ‹GGGŒ ! ?;2 ! 0/O-.45 ! F/-12 ! 6/C5 ! (P@0A-15 ! /; ! JL ! 8/!
F/O/0/-05 !8/ !LssJI! ‹GGGŒ! A57AC?-? !B?/ !A-7A5 !85. !./1/ !;27?2-.!
A571-7S2!C-7:?2:/;!/!8/AC2023k/.!B?/!O-5C2;!605-D-3k/.!C/:2-.I!
0/:?C21<0-2. ! 5? ! 8/ ! 65CX1-A2G ! ,2-. ! ;27?2-. ! .45E ! „$27/Y5 ! 8/!
a/A?0.5.…I ! „>?/002 ! a/O5C?A-57T0-2 ! / ! %8/5C5:-2 ! "5;?7-.12…I!
„,/0050-.;5 ! / ! 2 ! >?/00-CS2 ! i0D272…I ! „%71/005:21<0-5… ! /!
„%71/C-:Q7A-2 ! 8/ ! "5;D21/…G ! 9202 ! /P/;6C-F-A20I ! 5 ! ;27?2C!
„$27/Y5!8/!a/A?0.5.…I!25!8/.A0/O/0!5!0/A0?12;/715!/!A57105C/!
8/!0/A?0.5.!8/!-71/C-:Q7A-2I!./!0/F/0/!2!;51-O2345!2102O@.!85!
;/85I ! 62:2;/715 ! 8/ ! 0/A5;6/7.2. ! 650 ! -7-;-:5 ! ;5015I!
/.627A2;/715.I ! 60-.k/. ! F2C.2.I ! /P/A?3k/. ! / ! ?.5 ! 8/ ! .505 ! 82!
O/0828/G!
n-@<CE;NBC * a;E; * C * '@OE@DVE=C * B; * (@R@A; * BCA * %AD;BCA*
!N=BCAI*LJ*B@*<;EWC*B@*LbbJo
+.!;27?2-.!1/0-2;!.-85!?.285.!/;!A?0.5.!;-7-.10285.!8/!Lsgs!2!LssL!2!;-C-120/.!
82 ! `5CXO-2I ! "5C[;D-2I ! "5.12 ! a-A2I ! (B?2850I ! >?21/;2C2I ! b578?02.I ! $@P-A5I ! 9/0?I!
a/6nDC-A2!*5;-7-A272!/!'/7/W?/C2!lO/0!/P10215.!85.!;27?2-.!82!(.A5C2!75!#7/P5!%%%mG!
+ ! ;21/0-2CI ! /710/12715I ! /.12O2 ! ./785 ! /F/1-O2;/71/ ! /;60/:285 ! 8/.8/ ! LsgJ ! liG)G!
*(9#a,$(H,(!+U!*(U(H)(I!LssJmG
,2-. ! 0/O/C23k/. ! 2C-;/71202; ! 5. ! 6051/.15. ! A57102 ! 5 ! :5O/075 ! /.128?7-8/7./G!
*/./7O5CO/?=./! ?;! ;5O-;/715 ! Y?715 !25 !"57:0/..5 !85. ! (.1285. ! i7-85. ! /P-:-785 ! 5!
F/AS2;/715 ! 82 ! (.A5C2G ! (710/ ! LsqL ! / ! LsqqI ! 8-128?02. ! ;-C-120/. ! 8/00?D202; ! 75O/!
:5O/075.!C21-75=2;/0-A275.G!*/710/!5.!/P/A?150/.!8/.1/.!:5C6/.!/.12O2;!/P=2C?75.!82!
(.A5C2I!A5;5!75!A2.5!8/!b578?02.!/!82!>?21/;2C2G! !*282!2!-;6501\7A-2!82!-7.1-1?-345!
72!/.1021@:-2!85.!(.1285.!i7-85.!6202!2!#;@0-A2!&21-72I!5!*/62012;/715!8/!*/F/.2!745!
C/O5?!/;!A57.-8/02345!5.!6C/-15.G!i;2!0/65012:/;!82 !6'G:G''J! 8/!s!8/!2:5.15!8/!
LssM!102W-2!?;2!8/AC202345!85!"5057/C!d5./!#CO20/WI!/7145=A5;278271/!82!(.A5C2!82.!
#;@0-A2.E
950!/7B?2715I!5!9/71T:575!745!620/A/!1/0!7/7S?;2!-71/7345!8/!
F/AS20 ! 2 ! (.A5C2G ! )/ ! 5. ! /.128?7-8/7./. ! B?/0/; ! 1/0 ! 2C:?;2!
-7FC?Q7A-2!72!F50;2!A5;5!2.!723k/.!./!A578?W/;I!/C/.!1Q;!B?/!
1/0!?;!2../715!Z!;/.2!‹GGGŒ!+!B?/!/..2!(.A5C2!F2W!@!820!‹25.!
(.1285. ! i7-85.Œ ! ?; ! 2../715 ! Z ! ;/.2 ! A5; ! 5. ! /P@0A-15. ! 82!
#;@0-A2!&21-72G!U/AS20!2!(.A5C2!2:502!./0-2!5!;2-50!.-72C!B?/!
7<. ! 658/0X2;5. ! ;27820 ! 8/ ! B?/ ! 745 ! 75. ! -;65012;5. ! A5; ! 2!
0/:-45G
n"@^A^@@p[*b*B@*;TCADC*B@*Lbbfo
NJ
#!(.A5C2!82.!#;@0-A2.!2../:?02O2!25.!(.1285.!i7-85.!5!A571215!8-0/15!A5;!5.!
;-C-120/. ! C21-75=2;/0-A275. ! 0/.657.TO/-. ! 650 ! :5C6/. ! ;-C-120/. ! / ! 0/60/..45 ! 25.!
;5O-;/715. ! 8/;5A0T1-A5.G ! +. ! 2C?75. ! 2..-;-C2O2; ! 5. ! 60-7AX6-5. ! 85?10-7T0-5. ! 85!
9/71T:575!B?/I!2..-;I!/O-12O2!8-.6/78-5.2.!/!8/.:2.1271/.!-7.12C23k/.!8/!D2./.!;-C-120/.!
72!#;@0-A2!85!)?CG
+0:27-W23k/. ! B?/ ! 0/AC2;2; ! 5 ! F/AS2;/715 ! 82 ! (.A5C2 ! 82. ! #;@0-A2. ! 0/O/C2;!
75;/.!8/!/P=2C?75.!B?/!./!7512D-C-W202;!72!0/60/..45!65CX1-A2!/;!./?.!62X./.GLL!(-.!?;2!
0T6-82!-C?.102345E
2m M=A<;EOp*M;E;OSY\*)<sNO=C*&;<;>YC!l`02.-CmE!$2Y50G!a/A/D/?!10/-72;/715!
72!(.A5C2!82.!#;@0-A2.!8/!JK!8/!F/O/0/-05!2!Jg!8/!2D0-C!8/!LsqtG!#1/78/?!25!
A?0.5!8/!o%71/C-:Q7A-2!$-C-120!h!U2./!%%pG!x!26571285!A5;5!1/785!6201-A-6285!82.!
F5032.!0/60/..-O2.!B?/!21?202;!75!`02.-C!72.!8@A282.!8/!LsqK!/!LstKG!,/O/!./?!
75;/ ! 0/C2A-57285 ! A5; ! 5 ! 21/71285 ! Z ! D5;D2 ! A57102 ! 2 ! /8-1502 ! "-O-C-W2345!
`02.-C/-02I!/;!LsqgG
Dm UCcC*3;S>C*-CE@=E;*MSEN=@E!l`02.-CmE!9201-A-65?!85!A?0.5!o%71/C-:Q7A-2!$-C-120!
h!U2./!%pI!/;!LsqtG!x!2A?.285!8/!1501?02!/!/P/A?3k/.G!)/:?785!5!:0?65!,501?02!
H?7A2!$2-.I!5!60-.-57/-05!65CX1-A5!#C/P!95C20-!8/!#CO/0:2!2F-0;2!B?/!`?07-/0!
;215?!)1?201!(8:208!#7:/C!d57/.I!F-CS5!82!/.1-C-.12!~?W?!#7:/CG!*/!2A5085!A5;!
D-5:02F-2 ! 50:27-W282 ! 6/C5 ! "9*+"I ! `?07-/0 ! oF5- ! 5 ! -8/2C-W2850 ! 82. ! „;-..k/.!
/.6/A-2-.…I ! B?/ ! 1/0-2; ! 650 ! 5DY/1-O5 ! /C-;-720 ! .?;20-2;/71/ ! 2. ! 6/..52. ! B?/!
21-02O2; ! 5DY/15. ! A57102 ! 2 ! 65CXA-2 ! 85 ! 2C15 ! 85. ! /8-FXA-5. ! 85 ! A/7105 ! 85 ! a-5 ! 8/!
d27/-05!8?0271/!2.!;27-F/.123k/.!/.1?8271-.!-7-A-282.!A5;!2!;501/!85!/.1?8271/!
./A?7820-.12!(8.57!&?X.!8/!&-;2!)5?15I!/;!;2035!8/!Lsqgp!l"9*+"I!JKKLmG
Am 0>@<@ND@!UCAX*-CND@=EC*+=>YC!l`02.-CmE!"26-145!8/!$20!/!>?/002!85!"5065!8/!
U?W-C/-05.!H2O2-.G!#1/78/?!25!A?0.5!o%71/C-:Q7A-2!$-C-120pI!/;!LsqfG!x!2A?.285!
8/ ! 1501?02I ! 2102O@. ! 8/ ! OT0-5. ! ;@1585.I ! 650 ! b?;D/015 ! &-;2I ! $2012 ! $20-2!
^2:.D?07I!$2012!$512!&-;2!#CO20/WI!8/710/!5?105.G
LL
!#.!-7F50;23k/.!0/C21-O2.!25.!;-C-120/.!;/7A-57285.!7/.1/!102D2CS5!F502;!5D1-82.!2102O@.!82.!./:?-71/.!
50:27-W23k/.E ! )+# ! e#,"b ! ‡S116EuucccG.52cG50:uˆR ! >0?65 ! ,501?02 ! H?7A2 ! $2-.!
‡S116EuucccG1501?027?7A2;2-.=0YG50:GD0uˆR !/!/;!>#)9#a%I!xC-5G!#!*-128?02!(.A27A20282G!)45!92?C5E!
"5;627S-2 ! 82. ! &/102.I ! JKKJG ! 9202 ! ;2-. ! -7F50;23k/. ! O/0 ! /; ! 6201-A?C20 ! 5 ! )+# ! e21ASI!
‡S116EuucccG.52cG50:u2D5?1=?.ˆ
NM
8m &CH@EDC * (t)SHS=AACN * )EE=@D;! l(C ! )2CO2850mE ! $2Y50G ! >028?5?=./ ! /;!
A5;?7-A23k/.I!72!(.A5C2!82.!#;@0-A2.I!/;!LstJG!U5-!2A?.285!6/C5!2..2..-7215I!
/;!LsgKI!85!20A/D-.65!+.A20!a5;/05I!A57S/A-85!650!8/7?7A-20I!8?0271/!.?2.!
;-..2.I!2.!O-5C23k/.!85.!*-0/-15.!b?;275.!A5;/1-82.!8?0271/!2!>?/002!"-O-C!8/!
(C ! )2CO2850G ! +0:27-W5? ! 2 ! #C-2732 ! a/6?DC-A272 ! H2A-572C ! l#a(H#mI ! B?/!
F?7A-572O2 ! A5;5 ! ?; ! /.B?28045 ! 82 ! ;501/G ! U-A5? ! A57S/A-85 ! A5;5 ! o`5D!
$2320-A5pI!./?!-7.10?;/715!8/!1501?02!F2O50-15G!*/!2A5085!A5;!2!"5;-..45!82!
'/0828/!82!#7-.1-2!%71/072A-572CI!/710/!./?.!A0-;/.!/.145I!2C@;!85!2..2..-7215!
85!20A/D-.65I!5!/.1?605!/!2..2..-7215!8/!B?2105!D/212.!/.128?7-8/7./.I!/;!LsgKR!
5!;2..2A0/!72!O-C2!8/!(C!$5W51/I!578/!;2-.!8/!sKK!6/..52.!F502;!;5012.I!/;!
LsgKR ! 5 ! ;2..2A0/ ! 85 ! &2:5 ! )?AS-1CT7I ! B?/ ! 8/-P5? ! LLt ! ;5015.I ! /; ! LsgMR ! 5!
;2..2A0/!/;!&5.!&C27-15.I!B?/!;215?!qg!6/..52.I!/;!LsgNI!8/710/!5?105.!12715.!
A0-;/.!l#H%),%#!%H,(aH#"%+H#&I!LssqmG
/m ,@CaC>BC*+CEDSN;DC*7;>D=@E=!l#0:/71-72mE!>028?5?=./!72!(.A5C2!/;!LsNsI!75!
A?0.5!8/!(7:/7S20-2G !U5-!8-0-:/71/ !85!0/:-;/ !;-C-120 !20:/71-75 !/710/ !LsgL!/!
LsgJG!*?0271/ !./?!:5O/075I!5A500/?!2 !6-50!A0-./ !/A57[;-A2 !85!62X. !8/.8/ !2!
8@A282!8/!LsMK!/I!6202!8-.6/0.20!2.!21/73k/.!82!656?C2345I!8/A0/15?!2!5A?62345!
82. ! %CS2. ! $2CO-72.I ! 605A2785 ! ?;2 ! :?/002 ! A5; ! 5 ! a/-75 ! i7-85 ! B?/ ! O-1-;5?!
;-CS20/.!8/!Y5O/7.!0/A0?12.G!d?715!2!5?105.!JgK!O-5C2850/.!85.!8-0/-15.!S?;275.I!
0/A/D/?!85!60/.-8/71/!"20C5.!$/7/;!5!6/0845!650!./?.!A0-;/.I!/;!5?1?D05!8/!
LsgsI!;2.!./0-2!8/65-.!75O2;/71/!!605A/..285G
Fm 2XODCE *7E;<;uC* -CE;>@A! l>?21/;2C2mE !:/7/02CI !F5- ! 605F/..50 !A57O-8285 !82!
(.A5C2!/;!LssLG!)/:?785!5!)+#!e21ASI!F5-!0/.657.TO/C!650!65CX1-A2.!:/75A-82.!
B?/!C/:2C-W202;!2105A-828/.!;-C-120/.!72!>?21/;2C2!72!8@A282!8/!LsgK!/!26/.20!
8/ ! .?2 ! A578/72345 ! 650 ! A0-;/. ! 8/ ! :?/002 ! /; ! ?;2 ! A501/ ! /.128?7-8/7./I ! ./-.!
./;272. ! 8/65-.I ! F5- ! A57O-8285 ! 2 ! 8-.A?0.20 ! /; ! ?;2 ! -;6501271/ ! A/0-;[7-2 ! 8/!
:028?2345!82!(.A5C2!82.!#;@0-A2.G
:m &CH@EDC*%BS;EBC*$=C>;*&@BCNBC! l#0:/71-72mE!:/7/02CI!/.1/O/!72!(.A5C2!/;!
LstLG!%71/:05?!A5;!8/.12B?/!2!C-.12!8/!:5C6-.12.!20:/71-75.G!U5-!A578/7285!650!
NN
2..2..-7215I!./B?/.105!/!1501?02!8?0271/!2!o>?/002!)?Y2pI!72!#0:/71-72!lLstq=
LsgMmG
Sm -;NS@>*"CE=@T;!l9272;TmE!>/7/02CG!(;!LsqtI!6201-A-65?!85.!A?0.5.!8/!5F-A-2C!
8/!%7F27120-2I!8/!5F-A-2C!8/!%71/C-:Q7A-2!8/!"5;D21/I!8/!%71/C-:Q7A-2!$-C-120!/!8/!
56/023k/. ! 72 ! )/CO2G ! U-:?02 ! A/7102C ! / ! A57105O/0.2 ! 82 ! 65CX1-A2 ! 6272;/7S2I ! F5-!
2A?.285 ! 6/C5 ! 2..2..-7215 ! 8/ ! .5C8285. ! B?/ ! 6201-A-6202; ! 8/ ! ?; ! :5C6/ ! ;-C-120!
F02A2..285!/;!5?1?D05!8/!LsgsG
-m 2STC*M;NG@E*'SVE@G! l`5CXO-2mE!:/7/02CI!/;!LsfqI!F/W!5!A?0.5!8/!+F-A-2C!8/!
$5150/.!/!/;!Lsgs!F5-!62C/.10271/!A57O-8285!82!(.A5C2!82.!#;@0-A2.G!(;!LsggI!
/7105?!6202!5!o05C!82!F2;2p!82!-7.1-1?-345!650!1/0!8285!2D0-:5!25!F?:-1-O5!72W-.12!
^C2?.!`20D-/!/!650!265-20!5!:5O/075!8/!>20A-2!$/W2I!72!`5CXO-2I!?;!0/:-;/!
D0?12CI!B?/!8/-P5?!;2-.!8/!LGKKK!;5015.!/;!26/72.!LM!;/./.G
Ym -;NS@>*0CNDE@E;A!l"S-C/mE!U5-!AS/F/!82!65CXA-2!./A0/12!82!8-128?02!75!"S-C/I!8/!
LstN!2!LsttG!9/C5!2A?.285!6/C5!2..2..-7215!85!/P=60-;/-05!;-7-.105!+0C2785!
&/1/C-/0!72!/P6C5.45!8/!?;!A2005=D5;D2I!/;!e2.S-7:157I!F5-!A578/7285!2!./1/!
275.!8/!60-.45G
(; ! LsssI ! 8/65-. ! 8/ ! 8-.A?..k/. ! 75 ! "57:0/..5 ! 85. ! (.1285. ! i7-85. ! .5D0/ ! 5!
F/AS2;/715 ! 82 ! (.A5C2I ! F5- ! 8/1/0;-7285 ! 5 ! A501/ ! 8/ ! ./?. ! F?785.G ! $2.I ! /; ! JKKLI ! 5!
*/62012;/715 ! 8/ ! */F/.2 ! /P/A?15? ! ?;2 ! ;275D02 ! 62C-21-O2I ! ;?82785 ! 5 ! 75;/ ! 82!
-7.1-1?-345I!72!1/7121-O2!8/!80-DC20 !2!-;2:/;!.-7-.102!8/.1/!A/7105!8/!10/-72;/715G !#!
(.A5C2 ! 82. ! #;@0-A2. ! 62..5? ! 2 ! ./0 ! 8/.-:7282 ! A5;5 ! %7.1-1?15 ! b/;-.F@0-A5 ! 6202!
"556/02345 ! 8/ ! )/:?02732 ! h ! eb%H)(" ! l.-:C2 ! /; ! -7:CQ. ! 6202 !>':8'"5 & B'#-:*1'"'&
A5:8-878' & C0" & ?'.7"-8@ & /00*'"$8-05m ! / ! A571-7?5? ! 2 ! 0/A/D/0 ! -7O/.1-;/715. ! 85!
*/62012;/715!8/!*/F/.2!85.!(.1285.!i7-85.G!
+ ! eb%H)(" ! 62..5? ! 2 ! 1/0 ! .?2. ! 23k/. ! A57A/710282.I ! 60-7A-62C;/71/I ! /;!
605:02;2. ! 8/ ! 10/-72;/715 ! 8/ ! A-O-. ! / ! ;-C-120/. ! C21-75=2;/0-A275. ! /; ! 2..?715. ! 8/!
./:?02732G!$?-15.!8/!./?.!A?0.5.!.45!;-7-.10285.!/;!/.627S5C!/!10/-72;!/710/!sKK!/!
LNKK!2C?75.!A-O-.I!;-C-120/.!/!65C-A-2-.!2!A282!275I!/;!JN!8-F/0/71/.!A?0.5.G!*/710/!2.!
Nf
;-..k/.!85!eb%H)("!/.1T!2!8/!o5F/0/A/0!2!./?.!2C?75.!A57S/A-;/715!/!A5;60//7.45!
85.!A5.1?;/.!/!1028-3k/.!85.!(.1285.!i7-85.pGLJ
+!9/71T:575!Y?.1-F-A2!2!7/A/..-828/!8/!/P-.1Q7A-2!85!eb%H)("!2F-0;2785!B?/!
5 ! %7.1-1?15 !@!8/!F?782;/712C !-;6501\7A-2 !6202!2!./:?02732 !S/;-.F@0-A2I !1/785!A5;5!
;-..45 ! o8/./7O5CO/0 ! / ! -7.10?-0 ! 2. ! F5032. ! 20;282. ! 82 ! #;@0-A2 ! &21-72I ! ?.2785 ! 5.!
605:02;2.!8/!10/-72;/715!;2-.!85?10-720-2;/71/!260560-282.I!0/C/O271/.!/!/F-A-/71/.pG!
# ! (.A5C2 ! 605;5O/0-2 ! 2 ! oA556/02345 ! 8/ ! F5032. ! ;-C-120/. ! ;?C1-72A-572-. ! 72 ! #;@0-A2!
&21-72I ! 2C@; ! 8/ ! 2?;/7120 ! 5 ! A57S/A-;/715 ! C21-75=2;/0-A275 ! .5D0/ ! 5. ! A5.1?;/. ! /!
1028-3k/.!82.!F5032.!20;282.!85.!(.1285.!i7-85.p!l>a%$$(,,I!./;!8212R !iH%,(*!
),#,() ! >(H(a#& ! #""+iH,%H> ! +UU%"(I ! LssqmG ! + ! */62012;/715 ! 8/ ! */F/.2!
2F-0;2!B?/!2!;?82732!F5-!2C@;!85!75;/!85!-7.1-1?15I!8/AC202785!B?/!5!A?00XA?C5!F5-!
0/O-.15 ! / ! B?/ ! 2 ! /.10?1?02 ! 82 ! -7.1-1?-345 ! F5- ! ;58-F-A282G ! (710/12715I ! 5. ! ;/.;5.!
605F/..50/.I!-7AC?.-O/!2A?.285.!8/!2D?.5.!25.!8-0/-15.!S?;275.I!A571-7?2;!;-7-.102785!
2?C2.G
+!:5O/075!/.128?7-8/7./!-7.-.1/!/;!8/AC2020!B?/!6201/!82!;-..45!82!-7.1-1?-345!@!
2 ! o605;5345 ! 85. ! O2C50/. ! 8/;5A0T1-A5.p ! / ! o5 ! 0/.6/-15 ! 6/C5. ! 8-0/-15. ! S?;275.pI!
605650A-572785!o/8?A2345!605F-..-572C!/!10/-72;/715!2!;-C-120/.!B?2C-F-A285.I!2:/71/.!
82 ! C/- ! / ! 6/..52C ! A-O-C ! 82. ! 723k/. ! 85 ! b/;-.F@0-5 ! +A-8/712CI ! 8/7105 ! 85 ! A571/P15 ! 85.!
60-7AX6-5.!8/;5A0T1-A5.pG!$2.!5!S-.1<0-A5!8/!O-5C23k/.!2A?;?C285!650!./?.!/P=2C?75.!
8/.;/71/!-71/:02C;/71/!2!Y?.1-F-A21-O2!F50;2C!6202!.?2!;27?1/7345G!
#!;-..45!/F/1-O2!82!(.A5C2!82.!#;@0-A2.!./;60/!F5-!2!8/!F2A-C-120!5!A57105C/!
65CX1-A5 ! 82 ! #;@0-A2 ! &21-72G ! ,0/-72785 ! / ! 85?10-72785 ! ;-C-120/.I ! 5. ! (.1285. ! i7-85.!
:20271-02;!B?/!5.!62X./.!82!0/:-45!745!F?:-../;!Z.!.?2.!8-0/10-W/.G!#!(.A5C2!F5-!?;!
/C/;/715!-;6501271/!82!/.1021@:-2!/.128?7-8/7./!8/!85;-72345G!)/:?785!*c]/0!lLsssmI!
8/65-. ! 82 ! )/:?782 ! >?/002 ! $?78-2CI ! 5. ! (.1285. ! i7-85.!
;278202;!A57./CS/-05.!6202!2!#;@0-A2!"/7102C!/!85!)?CI!6202!
A0-20 ! 8-0/10-W/. ! /A57[;-A2. ! / ! 65CX1-A2.I ! 5F/0/A/? ! 10/-72;/715!
;-C-120 !/;!C?:20/. !A5;5 !2 ! (.A5C2 !82. ! #;@0-A2. ! /! 102D2CS5?!
Y?715 ! 25 ! `27A5 ! $?78-2C ! / ! 5 ! U?785 ! $57/1T0-5 ! %71/072A-572C!
6202!?.20!F?785.!-71/072A-572-.!2!F-;!8/!6/0.?28-0!5.!CX8/0/.!
72A-572-.!82!#;@0-A2!&21-72!2!./:?-0!2.!8-0/1-O2.!85.!(.1285.!
i7-85.G
n];DY@E=N@*(^\@E[*#$%&&'!&(!)%*!+,,-,,./,[*Lbbbo
LJ
!%7F50;23k/.!8-.657XO/-.!75!.-1/!85!eb%H)("I!/;!‡S116.EuucccGD/77-7:G20;]G;-Cu1/7271ucS-7./Auˆ
Nq
(;!LsssI!25!F/AS2;/715 !82.!nC1-;2. !D2./.!;-C-120/. !85. !(.1285. !i7-85. !75!
9272;TI !5!9/71T:575!1/715?!/O-120!.?2!1027.F/0Q7A-2!6202!5!1/00-1<0-5 !/.128?7-8/7./G!
"5;5!20:?;/715I!2C/:5?!B?/!2!(.A5C2!82.!#;@0-A2.!:27S20-2!;2-.!?;!5DY/1-O5E!265-20!
5.!8-O/0.5.!605:02;2.!8/!2..-.1Q7A-2!S?;27-1T0-2I!2..-.1Q7A-2!72A-572C!/!56/023k/.!8/!
0/.:21/ ! /; ! A2.5. ! 8/ ! 8/.2.10/G ! #1?5?I ! /.6/A-2C;/71/I ! 75 ! 8/./7O5CO-;/715 ! 8/ ! 75O2.!
-7.1-1?-3k/.!;-C-120/.!72!0/:-45I!:20271-785!B?/!2.!;/.;2.!/.120-2;!./;60/!/;!2A5085!
A5; ! 5. ! -71/0/../. ! 85. ! (.1285. ! i7-85.G ! # ! 8/.6/-15 ! 8/.1/. ! /.F5035.I ! 2 ! 6/0;27Q7A-2!
/.128?7-8/7./!75!9272;T!745!F5-!/.1/78-82I!/!/;!ML!8/!8/W/;D05!8/!LsssI!1582.!2.!
-7.12C23k/.!85.!(.1285.!i7-85.!72!a/6nDC-A2!85!9272;T!F502;!F-72C;/71/!8/.21-O282.G
#!-7.-.1Q7A-2!85.!(.1285.!i7-85.!/;!./!;271/0!75!9272;T!1-7S2!F501/.!02Wk/.!
/.1021@:-A2.G ! */ ! 2A5085 ! A5; ! d5S7 ! ^/CC/0 ! lJKKgmI ! /8-150 ! 82 !K-(-8$"@ & Z & !'"0:*$.'&
<('.8"05-.:I!?;2 !65..XO/C!5D.10?345 !85!"272C!./0-2!o;51-O5 !8/!:0278/!60/5A?62345!
6202!2.!2?150-828/.!;-C-120/.!85.!(.1285.!i7-85.pG!(.12.!-7B?-/123k/.!F502;!/P60/..2.!
B?2785 ! ?; ! A5710215 ! 85 ! :5O/075 ! 6272;/7S5 ! 6/0;-1-? ! B?/ ! A5;627S-2. ! AS-7/.2.!
A57105C2../;!2.!8?2.!/710282.!85!"272C!85!9272;TG!#!8/A-.45!/02!8/!F215!60/5A?6271/!
6202!e2.S-7:157I!65-.!0/60/./712O2!F501/!2O2735!AS-7Q.!72!#;@0-A2!"/7102CG!o+!"272C!
6/0;-1/ ! Z ! $20-7S2 ! 85. ! (.1285. ! i7-85. ! 1027.F/0-0 ! .?2. ! F5032. ! 026-82;/71/ ! /710/ ! 5.!
1/2105. ! 85 ! #1C\71-A5 ! / ! 85 ! 92AXF-A5G ! # ! 65..-D-C-828/ ! 8/ ! -71/00?6345 ! 85 ! "272C ! A2?.2!
/P10/;2!60/5A?62345!Z.!2?150-828/.!;-C-120/.!/.128?7-8/7./.p!l^(&&(aI!JKKgmG!
# ! 65..-D-C-828/ ! 8/ ! 2 ! "S-72I ! 75! A57105C/ ! 82. ! /710282. ! /! .2X82. ! 82 ! 62..2:/;I!
F/AS20 ! 5 ! 2A/..5 ! 2 ! ./?. ! 72O-5. ! 8/ ! :?/002 ! 2:-15? ! 2. ! 2?150-828/. ! /.128?7-8/7./.G ! #!
-;-7Q7A-2!8/!?;!A57FC-15!/710/!"5C[;D-2!/!'/7/W?/C2I!A5;5!5A500/?!/;!JKKgI!Z!@65A2!
82!2..-721?02!85!2A5085!B?/!:20271-?!25.!(.1285.!i7-85.!2!-7.12C2345!8/!./1/!75O2.!
D2./. ! ;-C-120/. ! 72 ! "5C[;D-2I ! 72. ! 605P-;-828/. ! 82! '/7/W?/C2I ! 2A-005? ! 2-782 ! ;2-. ! 2!
60/5A?62345!/710/!5.!;-C-120/.!/.128?7-8/7./.I!YT!B?/I!/7B?2715!5.!(.1285.!i7-85.!1Q;!
F501/.!0/C23k/.!A5;!2!"5C[;D-2I!2!"S-72!1/0-2!C235.!D/;!60<P-;5.!A5;!2!'/7/W?/C2G!
"S-72 ! / ! (.1285. ! i7-85.I ! 65012715I ! /7102O2; ! /; ! 605F?782 ! 8-O/0:Q7A-2 ! 2A/0A2 ! 85!
A57105C/!85!"272CG!
950!A5712!8/.1/.!F2150/.I!:27S5?!6/.5!5!20:?;/715!8/!B?/!5!A57105C/!85!"272C!
/02!-78-.6/7.TO/C!25!A5;D21/!25!10TF-A5!8/!805:2.I!2C@;!8/!./0!62..2:/;!6202!72O-5.!
;/0A271/.!/!;-C-120/.G!_?2785I!/;!LsssI!AS/:5?!25!F-;!5!602W5!8/!O-:Q7A-2!85!,021285!
,500-Y5.="201/0I!5.!(.1285.!i7-85.!D?.A202;!;/-5.!8/!Y?.1-F-A20!;2-.!-7A-.-O2;/71/!2!
6/0;27Q7A-2!8/!.?2.!F5032.!;-C-120/.!75!9272;TG!(;D502!S2Y2!265-5!8/!?;2!620A/C2!82!
656?C2345!6272;/7S2I!/.6/A-2C;/71/!2.!/C-1/.!-71/0/..282.!/;!/.12D/C/A/0!C235.!A5;!5.!
Nt
(.1285.!i7-85.I!2!;2-50-2!85.!6272;/7S5.!8/.8/!;?-15!./!56?7S2!8/A-8-82;/71/!Z!
A571-7?-828/!82!A/..45!8/!./?!1/00-1<0-5!25.!(.1285.!i7-85.G!
+!60/.-8/71/!85!9272;TI!(07/.15!9@0/W!`2CC2820/.!lLssN=LsssmI!/;!0/.65.12!Z.!
-71/73k/.!/.128?7-8/7./.!8/!;271/0!.?2.!-7.12C23k/.!75!62X.I!8/AC205?E
H<.I!6272;/7S5.I!745!O/;5.!7/7S?;2!02W45I!8/!?;!65715!8/!
O-.12!;-C-120I!6202!2!/P-.1Q7A-2!8/!D2./.!75!9272;TI!6/C5!;/75.!
745!A5;!2.!Y?.1-F-A21-O2.!?.282.!75!62..285G!)/!ST!2C:?;!5?105!
;51-O5 ! 6202 ! ?;2 ! 60/./732 ! ;-C-120 ! 85. ! (.1285. ! i7-85. ! 75!
9272;TI!8/!6/B?/75!5?!;@8-5!6501/I!5.!(.1285.!i7-85.!1/0-2;!
B?/ ! /.AC20/A/0 ! B?/ ! ;51-O5. ! .45 ! /../. ! / ! /7145 ! 605650 ! 25.!
6272;/7S5.G
n(@O>;E;WcC*B@*%EN@ADC*3XE@G*M;>>;B;E@A*;C*0&1*.2/ !
31&-4$-,)!5/(&16-).&/!#*17.$*I*@<*Lm*B@*<;=C*B@*LbbhLfo
9202!5.!6272;/7S5.I!/710/12715I!2.!C/;D02732.!85.!6051/.15.!A57102!2!60/./732!
C-;-121-O2!85.!(.1285.!i7-85.!/;!?;2!W572!B?/!8-O-8-?!5!62X.!650!B?2./!?;!.@A?C5I!82!
0/C2345!8/!8/6/78Q7A-2!/.12D/C/A-82!F0/71/!25.!(.1285.!i7-85.I!D/;!A5;5!2!O57128/!8/!
0/A?6/020 ! .?2 ! -8/71-828/ ! 72A-572C ! F/W ! A5; ! B?/ ! 2. ! -7O/.1-82. ! 85. ! (.1285. ! i7-85.!
F02A2..2../;G
(;!Lstt!F5-!2..-7285!5!,021285!,500-Y5.="201/0!lO/0!#7/P5!%%mI!B?/!/7105?!/;!
O-:50!/;!LstsI!/!B?/!2../:?02O2!B?/!/;!1585!5!1/00-1<0-5!85!9272;T!./!S2.1/20-2!2!
D278/-02!85!62X.I!o-7AC?.-O/!72.!T0/2.!A?Y5!?.5!2!a/6nDC-A2!85!9272;T!6k/!Z!8-.65.-345!
85.!(.1285.!i7-85.!82!#;@0-A2!‹GGGŒI!12C!D278/-02!‹85!9272;TŒ!5A?620T!./;60/!65.-345!
8/ ! S5702pG!+ !,021285 !/.12D/C/A-2 !2-782 !B?/!2!D278/-02 !85. !(.1285. !i7-85. !658/0-2!
o12;D@;!./0!S2.1/282!/;!2C:?;2.!5A2.-k/.pI!8/.8/!B?/!2;D5.!5.!62X./.!A57A5082../;G!
+!85A?;/715!12;D@;!8/1/0;-72O2!B?/I!8?0271/!5!6/0X585!8/!1027.-345I!/710/!Lsts!/!
LsssI!5!A57105C/!.5D0/!2!~572!85!"272C!./0-2!/P/0A-85!A57Y?712;/71/!6/C5.!85-.!62X./.G!
+!,500-Y5.="201/0!6/0;-1-2!B?/!2.!C/-.!A-O-.!/!6/72-.!85.!(.1285.!i7-85.!A571-7?2../;!
./785 ! 26C-A282. ! /; ! 2C:?;2. ! 82. ! T0/2. ! / ! -7.12C23k/. ! 65.12. ! Z ! .?2 ! 8-.65.-345 ! 6/C5!
9272;TI!;2.!8/C-;-12O2E
#!a/6nDC-A2!85!9272;T!6/0;-1/!25.!(.1285.!i7-85.!5!8-0/-15!
60-;T0-5 ! 8/ ! /P/0A/0 ! Y?0-.8-345 ! 6/72C ! .5D0/ ! A-82845. ! 85.!
(.1285. ! i7-85. ! /;60/:285. ! 6/C2 ! "5;-..45 ! 85 ! "272C ! 85!
9272;T ! / ! ./?. ! 8/6/78/71/.I ! / ! .5D0/ ! ;/;D05. ! 82. ! U5032.!
#0;282. !85.!(.1285.!i7-85.!/!./?!A5;657/71/ !A-O-C!/!./?.!
8/6/78/71/.!650!B?2CB?/0!8/C-15!A5;/1-85!8?0271/!5!6/0X585!8/!
1027.-345I!8/7105!8/!12-.!T0/2.!/!-7.12C23k/.!‹GGGŒ!#!a/6nDC-A2!85!
LM
!*-.657XO/C!/;!‡S116Euu68FG?.2-8G:5Ou68F‚85A.u9"###NtqG68Fˆ
Ng
9272;T ! 1/0T ! 5 ! 8-0/-15 ! 60-;T0-5 ! 8/ ! /P/0A/0 ! Y?0-.8-345 ! .5D0/!
1585. ! 5. ! 8/;2-. ! 8/C-15. ! A5;/1-85. ! 650 ! 12-. ! 6/..52.I ! /PA/15!
B?2785!./!8-.657S2!5!A5710T0-5!7/.1/!1021285!/!2A5085.!2F-7.G
l.E;D;BC*.CEE=uCA60;ED@E[*l;AY=NTDCNI*`*B@*A@D@<HEC*B@*
Lb``m
"5;!2!2..-721?02!85!75O5!1021285I!F5-!F50;282!2!"5;-..45!85!"272C!85!9272;T!
l""9mI!B?/!28;-7-.1020-2!2.!21-O-828/.!85!"272C!21@!.?2!1027.F/0Q7A-2!A5;6C/12!6202!2!
a/6nDC-A2!85!9272;TG!#!"5;-..45!12;D@;!/02!0/.657.TO/C!6/C5!0//;D5C.5I!25!:5O/075!
6272;/7S5I!85.!:2.15.!A5;!./0O-35. !6nDC-A5.!A5;5 !;27?1/7345 !/!C-;6/W2 !8/!0?2.I!
65C-A-2;/715I!A57105C/!8/!10\7.-15!/!6051/345!A57102!-7AQ78-5G!950!/.1/.!./0O-35.I!2!""9!
62:20-2!25!9272;T!2!.5;2!8/!i€!LK!;-CSk/.I!2!./0/;!0/O-.15.!2!A282!10Q.!275.I!6202!5!
A2.5!8/!0/2Y?.1/!650!-7FC2345G!,2;D@;!./!F-P2O2!5!62:2;/715!8/!?;2!27?-828/!8/!i€!
LK!;-CSk/.!6/C5!F?7A-572;/715!85!"272CI!2C@;!8/!?;2!.5;2!8/!21@!i€!LK!;-CSk/.!75!
A2.5!8/!5.!C?A05.!6/C5!?.5!82!62..2:/;!?C10262..20/;!2!60/O-.45G!U-A2O2!8/1/0;-7282!
2-782!2!6201-A-62345!A0/.A/71/!8/!A-82845.!6272;/7S5.!75.!2C15.!7XO/-.!82!8-0/345!82!
"5;-..45I!/;!.?D.1-1?-345!25.!605F-..-572-.!/.128?7-8/7./.I!:20271-785!B?/I!25!F-;!85!
,021285I ! A5; ! 2 ! .2X82 ! 85. ! (.1285. ! i7-85.I ! S5?O/../ ! 75 ! 9272;T ! 6/..52C ! A262W ! 8/!
o2..?;-0I ! 8/ ! ;27/-02 ! 508/7282 ! / ! /F-A-/71/I ! 2 ! 6C/72 ! 0/.657.2D-C-828/ ! 6/C2 ! 8-0/345I!
F?7A-572;/715!/!;27?1/7345!85!"272CpG
950!F-;I!5!,021285!,500-Y5.="201/0!/.12D/C/A/?!8212!C-;-1/!6202!2!6/0;27Q7A-2!
85.!(.1285.!i7-85.!/;!.5C5!6272;/7S5E!ML!8/!8/W/;D05!8/!LsssG!#!0/1-0282!A5;/35?!
/;!LssN!/I!25!F-;!85!602W5I!F5-!8/.;271/C285 !5!A5;6C/P5 !;-C-120 !A57.10?X85!6/C5.!
(.1285.!i7-85.!72!~572!85!"272CG!*/?=./!2!0/1-0282!8/!;2-.!8/!LK!;-C!;-C-120/.!/!2!
8/.21-O2345!8/!-7.12C23k/.!A5;5!5.!F501/.!"C2]157I!^5DD/!/!)S/0;27I!5!_?200]!b/-:S1.I!
2!`2./!#@0/2!b5c208I!2!(.12345!#@0/2!#CD055r!/!2!(.12345!H2O2C!a58;27!l*5*I!
LssKmG!
#!(.A5C2!82.!#;@0-A2.I!2102O@.!82!B?2C!5.!(.1285.!i7-85.!-7.-.1-2;!/;!5F/0/A/0!
A262A-12345 ! 25. ! A-O-. ! / ! ;-C-120/. ! C21-75=2;/0-A275. ! /; ! ;21@0-2. ! 8/ ! ./:?02732I ! F5-!
1027.F/0-82 !6202!5!U501/!`/77-7:I!72!>/<0:-2R!2!./8/!85!"5;2785 !)?C!85.!(.1285.!
i7-85. ! li))5?1S"5;m ! ./ ! -7.12C5? ! /; ! $-2;-I ! UC<0-82R ! 5 ! (P@0A-15 ! )?C ! 85. ! (.1285.!
i7-85.I !5!"5;2785 !)?C !8/!+6/023k/. !(.6/A-2-. !/ !?;2 !?7-828/ !82!U5032!#@0/2 !./!
/.12D/C/A/02;!/;!95015!a-A5G!+!I0-58&A58'"$4'5.@&;$:J&F0".'!ld%#,Um!)?C!/!&/.1/!./!
F?78-02;!/!F502;!8/.C5A285.!6202!^/]!e/.1I!UC<0-82G
"5;!5.!21/71285.!1/0050-.12.!8/!LL!8/!./1/;D05!8/!JKKL!F5-!65..XO/C!F50Y20!75O2.!
Y?.1-F-A21-O2. ! 6202 ! 2 ! 8/.1-72345 ! 5032;/71T0-2 ! 85 ! "5;2785 ! )?C ! h ! B?2-. ! F5../;I ! 5!
Ns
A5;D21/!25!720A510TF-A5!/!5!A57105C/!85.!:5O/075.!8/!/.B?/082!82!0/:-45I!1021285.!A5;5!
2;/232.!1/0050-.12.G!
(P=AS/F/!85!i))5?1S"5;I!5!:/7/02C!$2Pc/CC!,S?0;27!8/AC205?!B?/!o2!:?/002!
C21-75=2;/0-A272!A57102!2.!805:2.!@!2!n7-A2!:?/002!B?/!1/;5.I!@!2!„75O2!:?/002!745=
A57O/7A-572C…I!„2!:?/002!8/!1/0A/-02!:/02345…pG!,2C!6/7.2;/715!2F/15?!026-82;/71/!5!
A57Y?715!8/!F5032.!;-C-120/.!.?C=2;/0-A272.I!65.15!B?/!26/72.!/C2.!1-7S2;!5.!o.-.1/;2.!
/C/10[7-A5. !.5F-.1-A285.I !5! /B?-62;/715 ! /! 2!B?2C-828/ !8/ !2?150-828/ !/! A57105C/ !6202!
/P/0A/0!2.!23k/.!271-720A<1-A5.p!B?/!./!8/./7O5CO/;!25!C57:5!/!2102O@.!85!"272C!85!
9272;T!la(ƒ()I!Lsstm!/!B?/!1-7S2;!02;-F-A23k/.!A571-7/712-.G!)/:?785!0/C21<0-5!82!
"%#I!5.!(.1285.!i7-85.!.45!
5 ! ;2-50 ! A57.?;-850 ! ;?78-2C ! 8/ ! A5A2X72 ! l50-:-7T0-2 ! 82!
"5C[;D-2I!2102O@.!85!$@P-A5!/!85!"20-D/mI!S/05X72!A5C5;D-272!
/ ! ;2A57S2 ! / ! S/05X72 ! ;/P-A272.R ! 5 ! ;2-50 ! A57.?;-850 ! 8/!
/A.12.]!/!;/12=27F/12;-72 !;/P-A272R!A57.?;-850 !;-750-1T0-5!
8/!S/05X72!8/!2C12!B?2C-828/!O-782!85!.?8/.1/!2.-T1-A5R!6058?150!
-CXA-15 ! 8/ ! A2772D-.I ! ;2A57S2I ! -7-D-850/.I ! /.1-;?C271/.I!
2C?A-7<:/75.!/!;/12=27F/12;-72GLN
l0#)[*8%*!9&1'4!0-$):&&;<!5''.$.)!41=2,m
+!10TF-A5!8/!805:2.!2102O@.!85!9272;T!S2O-2!2..?;-85!:0278/.!6056503k/.!/!./!
A57.1-1?X2!7?;!-7/B?XO5A5!605DC/;2!6202!2.!2?150-828/.!8/!1585.!5.!62X./.!/7O5CO-85.G!
+!"272C!@!?;2!82.!0512.!;2-.!?.282.!6202!1027.650120!805:2.!-C/:2-.!82!#;@0-A2!85!)?C!
6202!5!;/0A285!/.128?7-8/7./!liG)G!*(9#a,$(H,!+U!di),%"(I!JKKLmGLf!
#1?2C;/71/I!2!A556/02345!/710/!9272;T!/!(.1285.!i7-85.!6202!5!A5;D21/!25!
10TF-A5 ! 8/ ! 805:2. ! 2102O@. ! 85 ! "272C ! ./ ! ;271@;I ! A5;D21/785 ! -;650123k/. ! F/-12. ! 650!
50:27-W23k/. ! A5C5;D-272.I ! A5; ! 8/.12B?/ ! 6202 ! 2. ! U#a"I ! / ! ;/P-A272.I ! /; ! F027A5!
A0/.A-;/715G
!
LN
!‡S116.EuucccGA-2G:5OuC-D020]u6?DC-A21-57.u1S/=c50C8=F2A1D55ruF-/C8.uJKgqGS1;Cˆ
!‡S116EuucccGr75c]5?0A5?710]GA5;u6272;2LLLLGS1;CˆR!
Lf
fK
0;adDS>C*###
)A*M;A@A*N;*7S@EE;*+E=;
"5;!2!F-72C-828/!8/!820!.?6501/!2!./?.!2O-k/.!/!72O-5.!8/!:?/002I!8/F/78/0!./?.!
A-82845.!/!-71/0/../.!/;!.-1?23k/.!8/!0-.A5I!6051/:/0!0/A?0.5.!721?02-.!85!-71/0/../!8/!
e2.S-7:157!h!/;!/.6/A-2C!5!6/10<C/5!hI!O-:-20!./?.!-7-;-:5.I!10/-720!./?.!;-C-120/.!/;!
1/00/75.!75.!B?2-.!/C/.!65..2;!O-0!2!/7F0/7120!A57FC-15.I!A?C1-O20!0/C23k/.!A5;!:5O/075.!
/.1027:/-05.I!:20271-0!./?!60/.1X:-5!A5;5!651Q7A-2!/!A57105C20!28;-7-.1023k/.!B?/!F?Y2;!
25!./?!A57105C/!/!2;/2A/;!./?.!-71/0/../.!72A-572-.LqI!5.!(.1285.!i7-85.!/.62CS202;!
/;!0/850!85!;?785!B?2./!LKKK!D2./.!;-C-120/.!8/.8/!2!>?/002!U0-2I!B?2785!2!60-7A-62C!
2;/232 ! 25. ! -71/0/../. ! 72A-572-. ! /.128?7-8/7./. ! /02 ! 0/60/./71282 ! 6/C5 ! "5;?7-.;5I!
26571285!A5;5!?;!0-.A5!25.!O2C50/.!;2-.!A205.!82!.5A-/828/!5A-8/712CG!U5-!5!A5;D21/!2!
/.1/!-7-;-:5!B?/!Y?.1-F-A5?!2!;?C1-6C-A2345!8/!.?2.!D2./.!;-C-120/.!/;!0/850!85!;?785G
# ! 605F?.45 ! 8/ ! -7.12C23k/. ! :20271-2 ! B?/ ! .?2. ! F5032. ! ;-C-120/. ! 0/.6578/../;!
026-82;/71/ ! 2 ! 2;/232. ! / ! A57FC-15. ! B?/ ! 658/0-2; ! ./ ! /.62CS20 ! 650 ! 62X./. ! O-W-7S5. ! /!
A5712;-7T=C5.!A5;!5!o/.6X0-15!A5;?7-.12p!l`a(ƒ$#HI!JKLLR!),+^()I!JKKfmG!9202!
2F2.120 ! /.1/ ! 0-.A5I ! 5. ! (.1285. ! i7-85. ! -7.12C202; ! D2./. ! /; ! 26/72. ! B?2105 ! 62X./. ! 82!
#;@0-A2!&21-72I!0/:-45!B?/!A57.-8/02O2;!h!/!2-782!10212;!A5;5!12C!h!/.6235!721?02C!8/!
.?2!-7FC?Q7A-2!/!-71/0/../G!`/0;?82I!"?D2I!9272;T!/!95015!a-A5!2D0-:202;!2.!D2./.!8/!
578/!6201-2;!2.!F5032.!/.128?7-8/7./.!/;!21?2345!72!T0/2G!+!A57105C/!.5D0/!2!#;@0-A2!
&21-72I!/710/12715I!745!/02!:20271-85!26/72.!650!/.12.!-7.12C23k/.G!#.!8-128?02.!;-C-120/.!
B?/!./!8-../;-7202;!6/C2!0/:-45I!2C-7S282.!A5;!5.!-71/0/../.!8/!e2.S-7:157I!:20271-2;!
./? ! A57105C/ ! .5D0/ ! 2 ! 65CX1-A2 ! / ! 5. ! 0?;5. ! C21-75=2;/0-A275.G ! H2 ! C?12 ! A57102 ! 5!
"5;?7-.;5I!B?2-.B?/0!2C-2732.!/02;!Y?.1-F-ATO/-.G!
(;!./?!8-.A?0.5!8/!65../I!/;!LsqLI!5!60/.-8/71/!d5S7!UG!^/77/8]!8/AC205?!B?/!
./? ! 62X. ! 8/O/0-2 ! o62:20 ! B?2CB?/0 ! 60/35I ! .?650120 ! B?2CB?/0 ! F2085I ! /7F0/7120 ! B?2CB?/0!
Lq
! */!2A5085!A5;!2!(.1021@:-2!8/!)/:?02732!H2A-572C!85.!(.1285.!i7-85.!h!JKLLI!./?.!-71/0/../.!
72A-572-.!.45E!2m!2!./:?02732!85.!A-82845.!/.128?7-8/7./.!/!8/!./?.!2C-285.R!Dm!5!A0/.A-;/715!82!
/A575;-2!85.!(.1285.!i7-85.R!Am!2!8/F/.2!8/!oO2C50/.!?7-O/0.2-.p!A5;5!2!*/;5A02A-2!/!5.!*-0/-15.!
b?;275.I!/!5!F5012C/A-;/715!85!o/P/;6C5!/.128?7-8/7./p!6202!5!;?785R!/!8m!5!/.12D/C/A-;/715!/!
;27?1/7345 ! 8/ ! ?;2 ! 508/; ! -71/072A-572C ! C-8/0282 ! 6/C5. ! (.1285. ! i7-85.I ! B?/ ! 605;5O2 ! o2 ! 62WI!
./:?02732!/!56501?7-828/pG
fL
8-F-A?C828/I ! 265-20 ! B?2CB?/0 ! 2;-:5I ! 5650 ! B?2CB?/0 ! -7-;-:5I ! 2 ! F-; ! 8/ ! :20271-0 ! 2!
.5D0/O-OQ7A-2 ! / ! 5 ! .?A/..5 ! 82 ! C-D/0828/p ! l^(HH(*ƒI ! LsqLmI ! Z ! B?2C ! ./ ! 56?7S2 ! 5!
"5;?7-.;5G ! #A/0A2 ! 85! A5;65012;/715 ! 85. ! (.1285. ! i7-85. ! 8-271/ ! 8/.12 ! o2;/232pI!
)15r/.!lJKKfmI!5D./0O2E
)/!O5AQ!F5../!?;!8@.6512!„271-A5;?7-.12…!72!#;@0-A2!&21-72I!
wF0-A2 ! 5? ! w.-2 ! 658/0-2 ! A57F-20 ! 75 ! 265-5 ! /A57[;-A5 ! /!
/.12D-C-W271/ ! 85. ! (.1285. ! i7-85.G ! '5AQ ! /02 ! 2?15;21-A2;/71/!
A57.-8/0285!60<=2;/0-A275G!‹GGGŒ!958/0-2!A5;/1/0!2..2..-7215.I!
1501?020I! F2W/0! 8/.2620/A/0! /! 60/78/0! ./?. !„5657/71/.…I !8/.8/!
B?/!5.!AS2;2../!„A5;?7-.12.…G
l(CST*'DCp@A[*)<@E=O;tA*>)%*1!9-1<!8*11&1.?./2!@&'&6:.-I*
JKKjm!
H5!.@A?C5!jjI!/710/!LsKg!/!LsgsI!JK!62X./.!82!#;@0-A2!&21-72!F502;!15;285.!
650!8-128?02.!;-C-120/.G!(;!6/C5!;/75.!LJ!A2.5.!@!65..XO/C!2657120!C-:23k/.!/710/!5.!
:5C6-.12.!/!5!:5O/075!85.!(.1285.!i7-85.G!)45!A2.5.!A5;5!5!82!#0:/71-72!/!85!"S-C/LtG!
H5!A2.5!20:/71-75I!578/!2!8-128?02!O-:505?!/710/!Lstq!/!LsgMI!2!C-D/02345!8/!
85A?;/715.!85!#0B?-O5!8/!)/:?02732!H2A-572C!85.!(.1285.!i7-85.I!/;!JKKqI!6/0;-1-?!
21/.120 !2!21?2345!8/!e2.S-7:157!72!-7.12C2345!82!8-128?02G!H5.!20B?-O5.I!@!65..XO/C!
6/0A/D/0!B?/!745!26/72.!5.!(.1285.!i7-85.!/.12O2;!A-/71/.!82.!2105A-828/.!A5;/1-82.!
6/C5 ! 0/:-;/ !20:/71-75 !A5;5 !12;D@; !2. !265-2O2;I !2!F-;!8/!:20271-0!2!6/0;27Q7A-2!
72B?/C/!62X.!8/!?;!:5O/075!2C-7S285!A5;!./?.!-71/0/../.G
(;!Lq!8/!F/O/0/-05!8/!LstqI!?;2!A500/.6578Q7A-2!82!(;D2-P282!85.!(.1285.!
i7-85. ! /; ! `?/75. ! #-0/. ! 6202 ! 5 ! )/A0/1T0-5 ! 8/ ! (.1285 ! 2F-0;2 ! B?/ ! 5. ! ;-C-120/. ! 82!
#0:/71-72!6C27/Y2O2;!/.12D/C/A/0!?;!:5O/075!;-C-120!/!B?/0-2;!/O-120!605DC/;2.!A5;!
5.!(.1285.!i7-85.!/!?;2!65..XO/C!2A?.2345!650!O-5C2345!85.!*-0/-15.!b?;275.I!A5;5!
5A500-2 ! A5; ! 5 ! "S-C/I ! .5D ! 2 ! 8-128?02 ! 9-75AS/1I ! ZB?/C/ ! ;5;/715G ! +. ! 20:/71-75.!
2F-0;2O2;!B?/!C/O20-2;!28-271/!o?;2!:?/002!8/!F215!A57102!5.!1/0050-.12.!/!2C:?;2.!
/P/A?3k/.!605O2O/C;/71/!./0-2;!7/A/..T0-2.pG!+!0/C215!85!/;D2-P2850!a5D/01!"S20C/.!
b-CC!A5;6C/;/712I!o(C/.!B?/0/;!;-7-;-W20!B?2CB?/0!605DC/;2!A5;!5.!(.1285.!i7-85.p!
l*(9#a,$(H,!+U!),#,(I!LstqmG!#C:?7.!8-2.!;2-.!1208/I!/;!0/?7-45!85!./A0/1T0-5!
8/ ! (.1285I ! b/70] ! ^-..-7:/0I ! / ! .?2 ! /B?-6/I ! 5 ! )/A0/1T0-5 ! #..-.1/71/ ! 6202 ! 2 ! #;@0-A2!
Lt
!#!0/A/71/!C-D/02345!8/!85A?;/715.!271/.!./A0/15.!85.!:5O/075.!85.!(.1285.!i7-85.!/!8/.1/.!85-.!62X./.!
h!"S-C/!/!#0:/71-72!h!6/0;-1/!?;2!;/CS50!2D5082:/; !82!6201-A-62345!/.128?7-8/7./!75.!85-.!A2.5.G!
(;D502!./Y2;!6/C5!;/75.!LJ!2.!8-128?02.!265-282.!650!e2.S-7:157I!5!2A/..5!25.!85A?;/715.!75.!C/O5?!
Z!;/7345!;2-.!/.6/AXF-A2!85.!A2.5.!20:/71-75!/!AS-C/75G
fJ
&21-72I!e-CC-2;!a5:/0.I!265712!5!.?A/..5!85!:5C6/!72!#0:/71-72!h!5A500-85!85-.!8-2.!
271/.!8/.12!0/?7-45I!/;!JN!8/!;2035!8/!Lstq!h!/!2!-71/7345!8/!265-20!2!d?712E
>R&)04'":S! H2!#0:/71-72I!2!d?712!1/O/!D2.1271/!.?A/..5I!7<.!
/.12;5. ! 1/712785 ! 271/A-620 ! 65..-D-C-828/. ! .5D0/ ! 5 ! B?/ ! -0T!
2A571/A/0G ! ‹GGGŒ ! (? ! 6/7.5 ! B?/ ! 7<. ! O2;5. ! F2W/0 ! ?; ! /.F5035!
A57.-8/0TO/C!6202!/7O5CO/0!5.!(.1285.!i7-85.I!6201-A?C20;/71/!
75!A2;65!F-727A/-05G!#AS5!B?/!O2;5.!F2W/0!?;!D5;!2A5085G
BR&[-::-54'"S!)-;I!;2.!-.15!8/!2A5085!A5;!75..5.!-71/0/../.G
n.E;NAOE=WcC*B@*E@SN=cC*@NDE@*C*'@OE@DVE=C*B@*%AD;BC*2@NE\*
]=AA=NT@E*@*AS;*@qS=a@I*@<*Jm*B@*<;EWC*B@*Lb`mo
H2!;/.;2!A57O/0.2I!^-..-7:/0!/!.?2!/B?-6/!8/;57.102;!B?/I!26/.20!82!-71/7345!
8/ ! 2Y?820 ! 2 ! d?712I ! 5. ! (.1285. ! i7-85. ! 745 ! 60/1/78-2; ! ./ ! 2..5A-20 ! 6?DC-A2;/71/I ! 8/!
;27/-02!AC202I!A5;!2!.27:0/712!8-128?02!20:/71-72E
>R & )04'":S! ‹GGGŒ !(? ! 2AS5 ! B?/ !7<. ! 8/O/;5. !/.6/020 !B?/ ! S2Y2!
D2.1271/ ! 0/60/..45I ! / ! 605O2O/C;/71/ ! D2.1271/ ! .27:?/I ! 72!
#0:/71-72I!C5:5!C5:5G!(?!2AS5!B?/!/C/.!1/045!B?/!/78?0/A/0!745!
26/72.!A5;!5.!1/0050-.12.I!;2.!12;D@;!A5;!5.!8-..-8/71/.!8/!
.-78-A215.!/!./?.!6201-85.G!‹GGGŒ!(?!2AS5!B?/!5!F215!@!B?/!7<.!745!
8/O/;5.I ! 7/.1/ ! ;5;/715I ! 75. ! 260/..20 ! /; ! 2D02320 ! 5 ! 75O5!
0/:-;/!‹GGGŒG
BR&[-::-54'"S!$2.!12;D@;!745!8/O/;5.!F2W/0!5!A5710T0-5G
>R&)04'":S!H45I!AC205!B?/!745G
n#(%-I*Lb`mo
H5!8-2!Js!8/!;2035!8/!LstqI!A-7A5!8-2.!26<.!5!:5C6/I!75O2!A500/.6578Q7A-2!
/710/ ! 2! (;D2-P282 ! 85. ! (.1285. ! i7-85. ! /; ! `?/75. ! #-0/. ! /! 5 ! )/A0/1T0-5 ! 8/ ! (.1285!
260/./715?!2!56-7-45!5F-A-2C!85.!(.1285.!i7-85.!.5D0/!5!:5C6/E
%AD@ * RC= * aEC?;?@><@ND@ * C * <;=A * H@< * @P@OSD;BC * @ * <;=A*
O=?=>=G;BC * TC>a@ * N; * Y=ADFE=; * B; * )ET@ND=N;[! U5- ! n7-A5 ! /;!
5?105.!65715.!12;D@;G!+.!(.1285.!i7-85.!745!F502;!2A?.285.!
8/!/.120!650!10T.!8/C/I!/PA/15!6/C5!„H?/.102!62C2D02…I!5!<0:45!85!
9"#!‹9201-85!"5;?7-.12!82!#0:/71-72ŒG!#!(;D2-P282!/.6/02!
;271/0!2!.-1?2345!A5;5!/.1TG!"C202;/71/I!7<.!745!8/O/0X2;5.!
F-A20! /P10/;2;/71/ !0/C2A-57285. !Z! d?712G! %.15! 745! ./0-2 !D5;!
6202 ! /C/. ! 7/; ! 6202 ! 7<.G ! "571?85I !CA * <@>YCE@A * =ND@E@AA@A*
;ET@ND=NCAI *@ * CA *NCAACAI * E@aCSA;<* NC *ASO@AAC *BC * TC?@ENC*
<CB@E;BC * >=B@E;BC * ;TCE; * a@>C * T@N@E;> * $=B@>;[! (C/ ! 1/; ! 2!
AS27A/ ! 8/ ! A5C5A20 ! 2 ! #0:/71-72 ! 75O2;/71/ ! 72 ! C-7S2I ! 62020 ! 5!
1/0050-.;5!/!/7A2;-7S20!2!/A575;-2G!#C@;!8-..5I!A@S*TC?@ENC*
aEC<@D@S *E@AC>?@E *E;a=B;<@ND@ *CA* B=?@EACA *aECH>@<;A *B@*
NCAACA * =N?@AD=<@NDCA * nABB&/C ! @%-,* ! D-/%-))-/C ! #)-/4-14!
A'*$)1.$I*@DO[o!/!;/CS5020!2!21;5.F/02!:/02C!6202!-7O/.1-;/715.!
/.1027:/-05.G!+!F02A2..5!85!:5O/075!8/!'-8/C2!658/0-2I!650!?;!
fM
C285I!2D0-0!2.!65012.!Z!C-7S2!8?02I!B?/!‹GGGŒ!./785!;2-.!-7AC-7285.!
25!72A-572C-.;5!85!B?/!5.!;58/0285.I!745!1/0-2;!?;2!21-1?8/!
145!F2O50TO/C!25.!(.1285.!i7-85.!/!75..5.!-7O/.1-;/715.G!950!
5?105 ! C285I ! 5 ! F02A2..5 ! 8/ ! '-8/C2 ! 12;D@; ! 658/0-2 ! :/020!
A578-3k/.!.5D!2.!B?2-.!2!/P10/;2!/.B?/082!658/!1/7120!:27S20!5!
658/0I!5!B?/!O2-!AC202;/71/!A57102!1585.!5.!75..5.!-71/0/../.G!
n.@>@TE;<;*B;*%<H;=P;B;*BCA*%AD;BCA*!N=BCA*@<*MS@NCA*
)=E@A*;C*'@OE@DVE=C*B@*%AD;BC*2@NE\*]=AA=NT@E*ACHE@*C*
ASO@AAC*BC*TC>a@*<=>=D;E*N;*)ET@ND=N;[*Jb*B@*<;EWC*B@*Lb`m[*
>0-F5!75..5Go
*/!2A5085!A5;!5!905Y/15!*/.2620/A-85.LgI!A/0A2!8/!MK!;-C!6/..52.!o.?;-02;p!
8?0271/!2!8-128?02!20:/71-72G!"5;5!;5.102;!5.!85A?;/715.I!A-/71/.!82.!2105A-828/.!
A5;/1-82. ! 6/C5 ! 0/:-;/I ! 5. ! (.1285. ! i7-85. ! .-C/7A-202;I ! 25 ! A57.-8/020 ! B?/ ! 2 ! d?712!
5F/0/A-2!;/75.!0-.A5.!2!./?.!-7O/.1-;/715.!/!-71/0/../.!72!0/:-45!85!B?/!?;!65..XO/C!
:5O/075 ! A-O-C ! B?/ ! C/O2../ ! /; ! A5712 ! 5. ! -71/0/../. ! 72A-572-. ! 20:/71-75. ! 271/. ! 85.!
7/:<A-5.!/.128?7-8/7./.G
H5!"S-C/I!2!8-128?02!:5O/075?!8/!LstM!2!LssKG!(;!LL!8/!./1/;D05!8/!LstMI!5!
60/.-8/71/ ! /C/-15I ! )2CO2850 ! #CC/78/I ! F5- ! 8/65.15 ! /; ! ?; ! :5C6/ ! ;-C-120 ! B?/ ! 8/-P5?!
8/W/72. ! 8/ ! ;-CS20/. ! 8/ ! 8/.2620/A-85. ! 75 ! 62X.G ! *5A?;/715. ! C-D/0285. ! 6/C5!
*/62012;/715!8/!(.1285!85.!(.1285.!i7-85.!;5.102;!B?/!./?!:5O/075!/.12O2!A-/71/!
85. ! A0-;/. ! A5;/1-85. ! 6/C5 ! 0/:-;/ ! 8/ ! 9-75AS/1I ! ;2. ! A57.-8/02O2 ! B?/ ! /.1/ ! :5O/075I!
./785!271-A5;?7-.12I!/02!;/CS50!85!B?/!2B?/C/!8/;5A021-A2;/71/!/C/-15!8/!#CC/78/I!?;!
;20P-.12!8/AC20285G
i; ! ;/;502785 ! 8/ ! b/70] ! ^-..-7:/0 ! 6202 ! 5 ! 60/.-8/71/ ! a-AS208 ! H-P57I ! /;!
75O/;D05 ! 8/ ! LstKI ! 2C/012 ! 5 ! 60/.-8/71/ ! 85. ! (.1285. ! i7-85. ! 8/ ! B?/ ! o# ! /C/-345 ! 8/!
#CC/78/ ! A5;5 ! 60/.-8/71/ ! 85 ! "S-C/ ! 75. ! 260/./712 ! ?; ! 85. ! ;2-. ! .@0-5. ! 8/.2F-5. ! YT!
/7F0/71285. ! 7/.1/ ! S/;-.F@0-5pG ! 90/5A?6285 ! A5; ! 5. ! -7O/.1-;/715. ! /.128?7-8/7./. ! h!
/.1-;285.!/;!i€L!D-CS45I!2C@;!85!745=62:2;/715!8/!i€!LIf!D-CS45!/;!8@D-15!A5;!5!
:5O/075!/!D27A5.!60-O285.!85.!(.1285.!i7-85.!hI!^-..-7:/0!2F-0;2!B?/I!A2.5!/C/-15I!
#CC/78/ ! 1/7120T ! /.12D/C/A/0 ! ?; ! (.1285 ! ;20P-.12R ! /C-;-720 ! 2 ! -7FC?Q7A-2 ! 85. ! (.1285.!
i7-85.!75!"S-C/!/!75!S/;-.F@0-5R!/!/.12D/C/A/0!0/C23k/.!A5;!2!i7-45!)5O-@1-A2I!"?D2!/!
A5;!5?105.!(.1285.!.5A-2C-.12.G!#CC/78/I!?;!o8/8-A285!;20P-.12I!605F?782;/71/!271-=
2;/0-A275p!A57.1-1?X2!?;2!.@0-2!2;/232!25.!-71/0/../.!/!Z!65.-345!85.!(.1285.!i7-85.!
75!S/;-.F@0-5!l,b(!eb%,(!b+i)(I!LstKmG
Lg
!+!905Y/15!*/.2620/A-85.!0/n7/!OT0-5.!21-O-.12.!/!50:27-.;5.!8/!8-0/-15.!S?;275.!B?/!D?.A2;!0/.:2120!2!
;/;<0-2 ! 82 ! 8-128?02 ! / ! 102W/0 ! 5. ! 2A?.285. ! Z ! Y?.1-32G ! $2-. ! -7F50;23k/. ! .5D0/ ! 5 ! 905Y/15 ! 658/; ! ./0!
/7A5710282.!/;!./?!c/D.-1/!‡S116EuucccG8/.2620/A-85.G50:u;2-7GS1;Cˆ!
fN
)/:?785 ! 5 ! a/C21<0-5 ! 82 ! "5;-..45 ! H2A-572C ! 82 ! '/0828/ ! / ! a/A57A-C-2345 ! 85!
"S-C/!lJKKJmI!2!8-128?02!AS-C/72!8/-P5?!;2-.!8/!MGJKK!;5015.G!*/!2A5085!A5;!5?105.!
0/C215.I ! 75!/712715I !5D1-85. !/710/! 2.!oA2;282. !656?C20/. !/!21-O-.12. !8/!/.B?/082pI!5!
7n;/05 ! 8/ ! ;5015. ! / ! 8/.2620/A-85. ! 85 ! a/:-;/ ! 9-75AS/1 ! ?C10262..2 ! 5. ! JK ! ;-C!
l"+$%)%•H ! H#"%+H#& ! )+`a( ! 9a%)%•H ! 9+&{,%"# ! ƒ ! ,+a,ia#I ! JKKNR!
b+&,+H ! Ž ! #i),%HI ! JKKtmG ! # ! 8/.6/-15 ! 82 ! O-5CQ7A-2 ! 8/ ! ./? ! a/:-;/I ! #?:?.15!
9-75AS/1I!8/AC20282;/71/!271-A5;?7-.12I!A57./:?-?!2!2B?-/.AQ7A-2!8/!e2.S-7:157G!(;!
L‰!8/!5?1?D05!8/!LstMI!/;!0/?7-45!A5;!.?2!/B?-6/I!^-..-7:/0!F5-!-7F50;285!8/!B?/!2!
0/O-.12!6'G:G''J!82B?/C/!8-2!0/65012O2!2!;501/!8/!JGtKK!6/..52.!A2?.282.!6/C5!0/:-;/!
85!"S-C/I!6/C5!B?Q!F5-!0/A5;/78282!A2?1/C2!25!:5O/075!85.!(.1285.!i7-85.!/;!.?2!
2..5A-2345 ! A5; ! 2B?/C/ ! :5O/075G ! ^-..-7:/0 ! A57A5085?I ! ;2. ! 265715? ! B?/ ! 5. ! (.1285.!
i7-85.!745!S2O/0-2;!8/!8/F/78/0!7/;!A578/720!5!B?/!/.12O2!2A571/A/785!75!"S-C/G!(!
A5;6C/15?I!o/?!6/7.5!B?/!7<.!8/O/;5.!A5;60//78/0!75..2!65CX1-A2!h!B?/!26/.20!82!
F50;2!8/.2:028TO/C!A5;5!/C/.!2:/;I!/.1/!:5O/075!@!;/CS50!6202!7<.!85!B?/!#CC/78/!
F5-pliG)G!*(9#a,$(H,!+U!),#,(I!LstMmG
#!6201-A-62345!85.!(.1285.!i7-85.!72!-7.12C2345!8/!8-128?02.!72!#;@0-A2!85!)?C!
12;D@;!F5-!/P65.12!6/C2!8/.A5D/012!8/!85A?;/715.!B?/!A5;605O2;!./?!A57S/A-;/715/!
6201-A-62345 ! 72 ! +6/02345 ! "57850I ! 82 ! B?2C ! 6201-A-6202; ! #0:/71-72I ! `02.-CI ! `5CXO-2I!
"S-C/I!9202:?2-!/!i0?:?2-G!(.1/.!62X./.!A5;6?7S2;!?;2!0/8/!8/!-7F50;23k/.!8/8-A282!
2! A57105C20 !/!/C-;-720 !2!o.?DO/0.45p!/!5!o1/0050-.;5pG !+.!0/60/./71271/. !85.!62X./.!
/7O5CO-85. ! ;271-7S2; ! A571215 ! 2102O@. ! 8/ ! ?; ! A/7105 ! 8/ ! A5;?7-A23k/. ! 85. ! (.1285.!
i7-85.I!-7.12C285!72!~572!85!"272C!85!9272;TI!B?/!A5D0-2!1582!2!#;@0-A2!&21-72G!
o(.12!D2./!8/!A5;?7-A23k/.!/.128?7-8/7./!@!?.282!60-7A-62C;/71/!6202!B?/!5F-A-2-.=
/.1?8271/. ! C-:?/; ! 6202 ! .?2. ! A2.2. ! 72 ! #;@0-A2 ! &21-72I ! ;2. ! 12;D@; ! @ ! ?.282 ! 6202!
A5508/720 ! -7F50;2345 ! 8/ ! -71/C-:Q7A-2 ! /710/ ! 5. ! 62X./. ! 85 ! "57/ ! )?Cp ! liG)G!
*(9#a,$(H,!+U!),#,(I!LstgmG
+ ! 265-5 ! 2 ! 8-O/0.2. ! 8-128?02. ! C21-75=2;/0-A272. ! 6/0;-1-? ! 25. ! (.1285. ! i7-85.!
2D0-0!;45!82!-7.12C2345!8/!D2./.!;-C-120/.!72!0/:-45I!/O-12785!5.!2C15.!:2.15.!A5;!12-.!
2620/CS5.G ! #5 ! 265-20 ! 0/:-;/. ! A5;5 ! 5 ! 85 ! "S-C/ ! / ! 82 ! #0:/71-72I ! 82 ! >?21/;2C2I!
H-A20T:?2I ! 9202:?2-I ! `02.-CI ! 8/710/ ! 5?105.I ! B?/ ! ./ ! 2C-7S2O2; ! A5; ! ./?. ! -71/0/../. ! /!
2C-2O2;=./!Z!.?2!C?12!A57102!5!"5;?7-.;5I!5.!(.1285.!i7-85.!;271-7S2;!.?2!65.-345!
8/! C-8/02732 !75!b/;-.F@0-5I !:20271-2;!5!.?A/..5!8/!./?. !7/:<A-5. !/!8/F/78-2; !./?!
A57105C/!65CX1-A5!/!/A57[;-A5!.5D0/!2!0/:-45G!
ff
"5;!5!.?6501/!82.!8-128?02.I!2!-7.12C2345 !8/!D2./.!6[8/!F-A20!A57A/710282!2!
26/72.!B?2105!62X./.E!75!9272;TI!A5;5!8/.A0-15!75.!A26X1?C5.!271/0-50/.I!5!"5;6C/P5!
$-C-120!85!"272C!A/7102C-W2O2!2.!56/023k/.!;-C-120/.!/.128?7-8/7./.!2102O@.!8/!1582!2!
#;@0-A2!&21-72G
95015!a-A5!2D0-:5?!2!`2./!H2O2C!a55./O/C1!a528.!lU515!Nm!/!?;2!-7.12C2345!82!
U5032!#@0/2G!"57.10?X82!/;!LsNMI!2!„a55./O/C1…!8/O/0-2!150720=./!5!65715!A/7102C!85!
)-.1/;2!8/!*/F/.2!85!"20-D/I!oA5;!?;2!D/;!6051/:-82!27A502:/;I!?;2!:0278/!/.12345!
2@0/2!/!?;!A5;6C/P5!-78?.10-2C!A262W!8/!820!265-5!2!qK•!82!U0512!85!#1C\71-A5!/;!
1/;65. ! 8/ !:?/002p ! l>&+`#& ! )("ia%,ƒI !JKKsmG !(; ! LsNNI! /710/12715I ! 5. !(.1285.!
i7-85.!6202C-.202; !2!A57.10?345!82!`2./I!25!6/0A/D/0!B?/!5!F5A5!82!>?/002!/.12O2!
/.6/A-2C;/71/!72!(?0562!/!75!92AXF-A5I!/!1027.F50;202;=72!/;!?;!:0278/!/.A0-1<0-5!8/!
./0O-35. ! 6nDC-A5. ! A5; ! /;60/:285. ! A-O-.G ! */ ! ;-C-120/.I ! 26/72. ! ?; ! 6/B?/75!
8/.12A2;/715!8/!?'$,'':!F5-!;271-85G!)5;/71/!/;!Lsft!/.1/!.121?.!F5-!;58-F-A285!/!2!
a55./O/C1!15075?=./!?;2!(.12345!H2O2CG!(02!2X!B?/!./!0/2C-W2O2!2!:0278/!;2-50-2!85.!
10/-72;/715.!82!$20-7S2!85.!(.1285.!i7-85.G!
+ ! A5;6C/P5 ! 72O2C ! 2D0-:2O2 ! 2 ! (.12345 ! 8/ ! "5;6?12345 ! H2O2C ! /!
,/C/A5;?7-A23k/.I!B?/!82O2!.?6501/!2!.-.1/;2.!8/!-7F50;2345!/!F507/A-2!A5;?7-A2345!
1T1-A2!/!/.1021@:-A2!2!?7-828/.!;-C-120/.!B?/!56/02O2;!72!W572!85!#1C\71-A5!/!75!$20!85!
"20-D/G!U?7A-572O2!2!6201-0!8/!?;!A/7105!8/!F0512.I!?;2!-7.12C2345!8/!A57105C/!1@A7-A5!/!
?;!8/.12A2;/715!8/!A5;?7-A23k/.!8/!265-5!1T1-A5G!+!"5;2785!)?C!8/!U5032.!H2O2-.!
82 ! $20-7S2 ! 85. ! (.1285. ! i7-85. ! F?7A-575? ! 72 ! -CS2 ! 21@ ! Y27/-05 ! 8/ ! JKKNI ! B?2785! F5-!
8/A-8-82!.?2!1027.F/0Q7A-2!6202!2!UC<0-82I!72!(.12345!H2O2C!$2]6501G!#!;?82732!F5-!
?;2!A57./B?Q7A-2!25!F/AS2;/715I!/;!;2035!82B?/C/!;/.;5!275I!82!a55./O/C1I!?;2!
8/1/0;-72345!85!#15!8/!#60560-23k/.!8/!*/F/.2!85!#75!U-.A2C!8/!JKKNI!2..-7285!6/C5!
60/.-8/71/!>/50:/!eG!`?.SI!/;!MK!8/!./1/;D05!8/!JKKMG
fq
+CDC*hZ!(.12345!H2O2C!a55./O/C1!a528.I!/;!95015!a-A5I!75!275!8/!LssNG
+CND@Z!S116EuucccG8/F/7./-;2:/0]G;-Cu!
(;!`/0;?82I!5.!(.1285.!i7-85.!A57105C202;!5!n7-A5!2/0565015!85!62X.!650!;2-.!
8/!;/-5!.@A?C5G!%7.12C282!/;!LsNLI!2!(.12345!#/0572O2C!82.!`/0;?82.!lU515!fm!./0O-2!
6202 ! 5 ! ;57-1502;/715 ! 85 ! AC-;2I ! ;27?1/7345 ! /C/10[7-A2I ! A5;D21/ ! 2 ! -7AQ78-5. ! / ! /02!
0/.657.TO/C!6/C2!6210?CS2!2@0/2!82!0/:-45G!H5!275!8/!LssfI!?;!2A5085!8/1/0;-75?!2!
.2X82!85.!/.128?7-8/7./.!/!2!8/O5C?345!85!A57105C/!82.!56/023k/.!2@0/2.!82!-CS2!25!
:5O/075!C5A2CG
ft
+CDC*jZ!(.12345!#/0572O2C!`/0;?82.I!/;!LssMG
+CND@Z!S116EuucccG8/F/7./-;2:/0]G;-Cu!
(;!"?D2I!2!(.12345!H2O2C!>?271T72;5I!A5;!LLq!r;•I!@!2!;2-.!271-:2!D2./!
;-C-120!/.128?7-8/7./!/;!1/00-1<0-5!/.1027:/-05!/!./0O/!A5;5!D2./!C5:X.1-A2!6202!2!U0512!
85!#1C\71-A5!82!$20-7S2!85.!(.1285.!i7-85.I!2C@;!8/!820!265-5!2!56/023k/.!A57102!5!
10TF-A5!8/!805:2.!75!;20!85!"20-D/G!(;!LssLI!2!;-..45!82!D2./!F5-!/P6278-82I!B?2785!
;2-.!8/!MN!;-C!0/F?:-285.!S2-1-275.!D?.A202;!.5A5005!72!-CS2!/!F502;!2D0-:285.!72.!
-7.12C23k/.!/.128?7-8/7./.G
# ! T0/2 ! F5- ! A/8-82 ! /; ! A20T1/0 ! 6/0;27/71/ ! 25. ! (.1285. ! i7-85. ! 6/C5 ! 60-;/-05!
60/.-8/71/ ! 8/ ! "?D2I ! ,5;T. ! (.10282 ! 92C;2I ! 2102O@. ! 85 ! ,021285 ! "?D275=#;/0-A275!
l#7/P5!%%%mI!2..-7285!/;!F/O/0/-05!8/!LsKMG!+!85A?;/715!8/1/0;-72O2!B?/!2!`2X2!8/!
>?271T72;5 ! F5../ ! A/8-82 ! 25. ! (.1285. ! i7-85.I ! B?/ ! 1/0-2; ! Y?0-.8-345 ! / ! A57105C/!
A5;6C/15.!.5D0/!/C2I!6202!;-7/02345!8/!A20O45!/!-7.12C2345!8/!/.123k/.!72O2-.G!(;D502!
A/8/../!5.!8-0/-15.!.5D0/!5!1/00/75!25.!(.1285.!i7-85.I!5!,021285!8/1/0;-72O2!B?/!"?D2!
6/0;27/A/0-2!A5;5!8/1/71502!82!.5D/027-2!.5D0/!5!1/00-1<0-5!/!B?/!.?2.!/;D20A23k/.!8/!
:?/002!5?!;/0A271/.!:5W20-2;!8/!C-O0/!2A/..5!Z.!T:?2.!82!`2X2G!+!2A5085!F5-!021-F-A285!
/; ! LsMNI ! A5; ! 2 ! -7AC?.45 ! 8/ ! ?; ! 1/0;5 ! 8/ ! 62:2;/715 ! 25 ! :5O/075 ! A?D275 ! 8/ ! ?;2!
27?-828/ !8/!i€!NGKgf!/;!5?05I!2C@; !8/!8/A0/1285 !B?/!2!6/0;27Q7A-2 !85.!(.1285.!
fg
i7-85.!72!T0/2!.<!1/0-2!F-;!A5;!2!A57A508\7A-2!8/!2;D2.!2.!6201/.!5?!75!A2.5!8/!5.!
(.1285.!i7-85.!2D2785720/;!2!T0/2G
(;!LsfsI!75!/712715!A5;!5!F-;!82!a/O5C?345!"?D272!lLsfM=LsfsmI!2!2.A/7.45!
8/!U-8/C!"2.105!25!658/0!C/O5?!Z!B?/D02!82.!0/C23k/.!/710/!5.!85-.!62X./.G!$/.;5!2..-;I!
e2.S-7:157!-7.-.1-2!72!A571-7?2345!82!O-:Q7A-2!85!,021285I!/7B?2715!5!75O5!:5O/075!
A?D275!B?/0-2!2!-;/8-212!0/1-0282!82.!F5032.!/.1027:/-02.!8/!./?!1/00-1<0-5G!H5!60-;/-05!
;Q.!8/!U-8/C!"2.105!75!658/0I!B?2785!2-782!./!50:27-W2O2!./?!:5O/075I!F5-!8/.A571285I!
o8/O-85!2!?;2!;/02!A57F?.45pI!5!nC1-;5!AS/B?/!0/F/0/71/!Z!27?-828/!62:2!6/C2!-CS2G!
*/.8/!/7145I!5.!AS/B?/.!/7O-285.!25!:5O/075!A?D275!1Q;!F-A285!:?208285.!/;!?;2!
:2O/12 ! 75 ! /.A0-1<0-5 ! 8/ ! "2.105 ! l"#),a+I ! JKKtmG ! "571?85I ! 5 ! 0/A/D-;/715 ! 82B?/C/!
nC1-;5 ! 62:2;/715 ! 6/0;-1-? ! 25 ! :5O/075 ! 85. ! (.1285. ! i7-85. ! 2F-0;20/; ! B?/ ! 2 ! 75O2!
C-8/02732 ! A?D272 ! S2O-2 ! 021-F-A285 ! 5 ! 1021285 ! 2..-7285 ! /710/ ! 5. ! 85-. ! 62X./.G ! (.12!
1/A7-A2C-828/ ! / ! 5 ! ?.5 ! 8/ ! ./? ! 2620215 ! ;-C-120 ! F2W/; ! A5; ! B?/ ! 5. ! (.1285. ! i7-85.!
;271/7S2;I!ST!;2-.!8/!;/-5!.@A?C5I!?;2!-7.12C2345!;-C-120!F501/;/71/!/B?-6282!/;!?;!
1/00-1<0-5!/.1027:/-05!A5;!5!B?2C!745!;271@;!7/;!;/.;5!0/C23k/.!8-6C5;T1-A2.G!
(;!LsqNI!5?105!/O/715 !60/Y?8-A5?!2-782 !;2-. !2.!0/C23k/. !/710/!5. !62X./.G!#!
26C-A2345I!6/C5!:5O/075!85.!(.1285.!i7-85.I!8/!?;2!;?C12!A57102!6/.A2850/.!A?D275.!
FC2:0285.!72.!T:?2.!82!UC<0-82I!8/?!-7XA-5!2!?;2!A0-./!B?/!A?C;-75?!A5;!2!508/;!85!
60/.-8/71/!A?D275!6202!B?/!./!A5012../!5!2D2.1/A-;/715!8/!T:?2!/!/7/0:-2!Z.!-7.12C23k/.!
8/ ! >?271T72;5G ! #. ! F5032. ! 20;282. ! /.128?7-8/7./. ! 0/.5CO/02; ! 5 ! 605DC/;2 ! A5; ! 2!
A57.10?345!8/!?;2!6C2712!8/!8/..2C-7-W2345!B?/!6058?W!MIN!;-CSk/.!8/!:2Ck/.!8/!T:?2!/!
;2-.!8/!gKK!;-C!r-C5c211.!8/!/C/10-A-828/!650!8-2I!F2W/785!82B?/C2!?;2!-7.12C2345!2?15=
.?F-A-/71/!l>&+`#&!)("ia%,ƒI!JKKsmG
#.!-7.12C23k/.!82!`2./!H2O2C!8/!>?271T72;5!-7AC?/;!2-782!5!b5.6-12C!H2O2C!/!
?;2!ACX7-A2!8/71T0-2I!8/62012;/715.!8/!265-5!25!6/..52CI!5!"5;2785!8/!+A/275:02F-2!/!
$/1/505C5:-2!H2O2C!85!#1C\71-A5I!?;!A/7105!8/!;X8-2I!?;2!/.12345!8/!A5;?7-A23k/.I!
/.A5C2. ! 85 ! */62012;/715 ! 8/ ! */F/.2I ! ?;2 ! 60-.45I ! 5 ! )/0O-35 ! H2O2C ! 8/ ! %7O/.1-:23k/.!
"0-;-72-.I!?;!/.A0-1<0-5!8/!0/A?0.5.!S?;275.I!?;!A/7105!82!"0?W!'/0;/CS2I!5!"/7105!
8/!)?60-;/715.!%78?.10-2C!/!82!U0512I!/!2!U5032!8/!+6/023k/.!"57Y?712.!85!"5;2785!
)?C ! h ! >?271T72;5G ! */65-. ! 85. ! 212B?/. ! 8/ ! LL ! 8/ ! ./1/;D05I ! 2 ! `2./ ! H2O2C ! 8/!
>?271T72;5 ! 12;D@; ! 62..5? ! 2 ! ./0 ! ?.282 ! A5;5 ! A/7105 ! 8/ ! 8/1/7345 ! 8/ ! .?65.15.!
1/0050-.12. ! / ! 6/..52. ! A57.-8/0282. ! A5;5 ! 2;/232 ! Z ! ./:?02732 ! 85. ! (.1285. ! i7-85.!
l%*($I!JKKsmG
fs
(;!JKKsI!5!60/.-8/71/!`202Ar!+D2;2!8/1/0;-75?I!2102O@.!8/!C/-I!5!F/AS2;/715!
85 ! A/7105 !8/ !8/1/73k/. !8/ ! >?271T72;5G ! #1@! 5! 60/./71/ ! ;5;/715I ! 5! 215 ! 745! .?01-?!
/F/-15G
-;a;*jZ!`2./!8/!>?271T72;5
+CND@Z!S116EuucccGA2;6P02]G50:u
qK
+CDC*mZ!"/7105!8/!*/1/7345!8/!>?271T72;5!`2]
+CND@ZS116Euu.5A-/1]G/W-7/;20rGA5;u/P102508-720]=6-A1?0/.=2D5?1=1S/=C-F/=-7=:?271272;5=D2]=
60-.57=D202Ar=5D2;2=?.=20;]=ttMqq8/Jf2MFGS1;C
(;!LsgsI!2!8/00?D282!85!0/:-;/!A5;?7-.12!F/W!8/.2620/A/0!12;D@;!2!60-7A-62C!
Y?.1-F-A21-O2!6202!2!-71/7.2!60/./732!;-C-120!85.!(.1285.!i7-85.!/;!1/002.!/.1027:/-02.G!
dT!745!S2O-2!5!./71-;/715!:/7/02C-W285!8/!B?/!?;!-7-;-:5!2;/232O2!5.!-71/0/../.!O-12-.!
/.128?7-8/7./.!5?!8/!./?.!2C-285.I!2!65715!8/!Y?.1-F-A20!2.!A/71/72.!8/!D2./.!;-C-120/.!
/.62CS282.!6/C5!;?785G!#!A0-./!/A57[;-A2!-71/072!/!2!F2C12!8/!?;!-7-;-:5!B?/!21-32../!
5.!1/;50/.!82!656?C2345I!Y?.1-F-A2785!2!7/A/..-828/!8/!?;!6/.285!/!57/05.5!2620215!8/!
:?/002I!C/O202;!2!B?/.1-572;/715.!2A/0A2!85.!2C15.!A?.15.!8/!;27?1/7345!8/!-7.12C23k/.!
;-C-120/. ! /; ! 62X./. ! B?/ ! 7/; ! ./B?/0 ! 2. ! 2605O2O2; ! / ! B?/ ! 6051/.12O2; ! A57102 ! 2!
6/0;27Q7A-2!85.!(.1285.!i7-85.!/;!./?.!1/00-1<0-5.G!(02!5!;5;/715!6202!?;2!75O2!
/.1021@:-2I!6/7.282!6202!A5;D21/0!o75O5.p!-7-;-:5.!/!8/F/78/0!O/CS5.!-71/0/../.G
qL
0;adDS>C*#$
%Pa;NAcC*3FA67S@EE;*+E=;
H5 ! /.1027:/-05I ! 2. ! 656?C23k/. ! A?Y2. ! 1/002. ! /02; ! 5A?6282. ! 650 ! -7.12C23k/.!
;-C-120/.!/.128?7-8/7./.!0/.-.1-2;!Z!6/0;27Q7A-2!8/.1/!2620/CS5I!6051/.12O2;!2!6/082!8/!
.5D/027-2!/!F2W-2;!.?0:-0!?;!./71-;/715!8/!271-=2;/0-A27-.;5!B?/I!25!-7O@.!8/!:/020!2!
./7.2345!8/!./:?02732!B?/!5.!(.1285.!i7-85.!8/AC202O2;!D?.A20I!2A2D2O2!650!A2?.20!
-7B?-/123k/.!/!:/020!6051/.15.!A57102!.?2!21?2345G
$271/0!D2./.!/;!5?105.!62X./.!15072=./!A282!O/W!;2-.!A205G!#A5085.!D-C21/02-.!./!
260/./712;!A5;5!2!;/CS50!F50;2!8/!:20271-0!2!6/0;27Q7A-2!8/!./?!2620/CS5!;-C-120!75!
/.1027:/-05I!;2.!;/.;5!/.1/.!2A5085.!:/02;!6051/.15.!C5A2-.I!O-.15!B?/!YT!745!/P-.1/!
?;2!2;/232!145!:02O/!B?2715!2B?/C2!B?/!./!8-W-2!5F/0/A-82!6/C5!"5;?7-.;5I!C/O2785!
2. ! 656?C23k/. ! C5A2-. ! 2 ! ./7.-D-C-W20=./ ! / ! A57A50820 ! A5; ! 2 ! 60/./732 ! 82. ! F5032. ! 8/!
e2.S-7:157G!#.!;27-F/.123k/.!A57102!.?2.!-7.12C23k/.!C/O202;!5!9/71T:575!2!0/6/7.20!
.?2!/.1021@:-2!/I!/.6/A-2C;/71/!72!nC1-;2!8@A282I!5.!(.1285.!i7-85.!62..202;!2!285120!5!
B?/!@!AS2;282!8/!o(.1021@:-2!82!UC50=8/=&<1?.pE!2!605C-F/02345!8/!D2./.!;/750/.I!A5;!
;/750/.!/F/1-O5.!/!A5;!A262A-828/!8/!0T6-82!/P627.45G!
90565.12!650!*572C8!a?;.F/C8I!/.12!/.1021@:-2!C/O5?!Z!O/01-:-75.2!;?C1-6C-A2345!
8/!-7.12C23k/.!;-C-120/.!/.128?7-8/7./.!/;!0/850!85!;?785!8/65-.!85!LL!8/!./1/;D05G!x!
5 ! B?/ ! 5A500/ ! 72 ! #;@0-A2 ! &21-72I ! 578/ ! 8?0271/ ! 2 ! >?/002 ! U0-2 ! S2O-2 ! ./1/ ! D2./.!
/.128?7-8/7./.I!/;!B?2105!62X./.!l$#9#!qmR!S5Y/I!.45!qM!-7.12C23k/.G!#!#;@0-A2!85!
)?CI!B?/!8?0271/!2B?/C/!6/0X585!745!2D0-:5?!7/7S?;!8/.1/.!8-.65.-1-O5.I!2:502!1/;!LN!
D2./.!5?!65.15.!8/!56/02345!2O273285.!l$#9#!tmG!#!B?271-828/!8/!/F/1-O5.!60/./71/.!
7/.12.!75O2.!-7.12C23k/.!8-;-7?-?!A57.-8/02O/C;/71/I!;2.!.?2!A262A-828/!8/!/P627.45!
/!2!026-8/W!8/!;5O-;/712345!6/0;-1-82!6/C5!?.5!8/!/B?-62;/715.!;58/075.!:20271/!
B?/!5.!-71/0/../.!/.128?7-8/7./.!65..2;!./0!026-82;/71/!6051/:-85.!82.!2;/232.!8/!
./?.!-7-;-:5.!;2-.!0/A/71/.G
qJ
-;a;*mZ*M;A@A*BCA*%!)*N;*)<XE=O;*,;D=N;*BSE;ND@*;*7S@EE;*+E=;
-;a;*`Z*M;A@A*BCA*%AD;BCA*!N=BCA*N;*)<XE=O;*,;D=N;*aFA67S@EE;*+E=;
i;2 ! :0278/ ! B?271-828/ ! 8/ ! 75O2. ! -7.12C23k/. ! ;-C-120/. ! /.128?7-8/7./. ! 72!
#;@0-A2!&21-72!745!2620/A/!75!0/C21<0-5!5F-A-2C!.5D0/!2!8-.65.-345!8/!.?2.!D2./.!75!
qM
/.1027:/-05G!+!;51-O5!@!5!12;27S5!/!5!O2C50!8/.12.!75O2.!/.10?1?02.I!B?/!745!21-7:/;!2!
T0/2!8/!LK!2A0/.!lKIN!r;!•mI!/u5?!./?!A?.15!8/!;5O-;/712345!5?!0/2C5A2;/715I!B?/!745!
21-7:/!5.!i€!LK!;-CSk/.I!A0-1@0-5.!B?/!5!*/62012;/715!8/!*/F/.2!85.!(.1285.!i7-85.!
?.2!6202!8/F-7-0!2.!oD2./.!;-C-120/.p!8/.12A282.!/;!./?.!85A?;/715.G!>0278/!6201/!82.!
-7.12C23k/.!72!#;@0-A2!&21-72!745!21/78/!2!/.1/.!A0-1@0-5.I!;/.;5!2..-;I!21?2;!6202!
:20271-0!25.!(.1285.!i7-85.!5!A57105C/!21/715!82!0/:-45G!#-782!8/!2A5085!A5;!5!*5*I!
oD2./.!.45!C5A2C-828/.!2!6201-0!82.!B?2-.!56/023k/.!.45!265-282.!/!605Y/1282.!5?I!2-782I!
T0/2. ! B?/ ! A571Q; ! -7.12C23k/. ! B?/ ! :20271/; ! 265-5 ! C5:X.1-A5 ! Z. ! .?2. ! 23k/.p ! liG)G!
*(9#a,$(H,!+U!*(U(H)(I!JKKsmG
)/;!?;!-7-;-:5!B?/!A57A/7102../!1585.!5.!./?.!/.F5035.!/!Y?.1-F-A2../!1585.!5.!
./?.!:2.15.!/!23k/.!l5?!6/C5!;/75.!?;2!D52!6201/!8/C/.mI!5!*/62012;/715!8/!*/F/.2!YT!
745!A57./:?-2!/P6C-A20!2!;27?1/7345!8/!-7.12C23k/.!A5;!2.!A202A1/0X.1-A2.!8/!.?2.!D2./.!
25.!A?.15.!B?/!/C2.!8/.60/78/;G!#6<.!2605P-;282;/71/!?;2!8@A282!/;!?;2!508/;!
;?78-2C ! B?2./ ! ?7-65C20I ! ./; ! 651Q7A-2. ! B?/ ! ./ ! 260/./712../; ! A5;5 ! 6T0/5 ! 6202 ! ./?!
658/0-5 ! ;-C-120I ! 2. ! :0278/. ! D2./. ! B?/ ! A5;6?7S2; ! 5 ! 2620/CS5 ! ;-C-120 ! /.128?7-8/7./!
8?0271/!2!>?/002!U0-2!1507202;=./!5D.5C/12.!/!-7Y?.1-F-ATO/-.G!#-782!2..-;I!5!60<60-5!
*/62012;/715!8/!*/F/.2!/.128?7-8/7./!2F-0;2O2I!/;!JKKMI!B?/!.?2!605Y/345!8/!658/0!
8/6/78-2!oF501/;/71/!85!2A/..5!2!:0278/.!D2./.I!65015.!/!2/0565015.!75!/.1027:/-05p!
l*(9#a,$(H,!+U!*(U(H)(I!JKKMmG
#6<.!5!LL!8/!./1/;D05I!5!o1/0050-.;5p! Ls! 8/?!?;!75O5!7501/!Z.!65CX1-A2. !85!
9/71T:575I ! :20271-?=CS/ ! 2?150-828/ ! 6202 ! -7./0-0 ! .?2. ! F5032. ! 578/ ! B?/0 ! B?/ ! ./?.!
-71/0/../.!/.1-O/../;!/;!o6/0-:5pG!H5!/712715I!2.!A202A1/0X.1-A2.!8/.1/!75O5!5657/71/!h!
./;! F0571/-02.I!72A-572C-828/ !5?!0/C-:-45I !2C@;!8/!-;60/O-.XO/C !h!F/W!A5;!B?/!?;2!
60/./732!/.1T1-A2I!A57A/710282!/!A202!./!15072../!-7/F-A-/71/G!+!1/0050-.;5!/P-:/!0/.65.12!
0T6-82!75.!;2-.!8-O/0.5.!C5A2-.!/!A578-3k/.G!)/0-2;I!65012715I!7/A/..T0-2.!-7.12C23k/.!
;/750/.I!;2-.!C/O/.I!A5;!;2-50!A262A-828/!8/!;5D-C-828/!/!/P627.45G!+.!;-C-120/.!
/.128?7-8/7./.!60/A-.2;!/.120!;2-.!60<P-;5.!85.!C5A2-.!578/!./?.!5657/71/.!658/;!./!
260/./7120G ! "5; ! o75O2. ! 1/A75C5:-2. ! / ! ./? ! 658/0 ! 2@0/5I ! 2. ! F5032. ! 20;282.!
/.128?7-8/7./. ! ./0-2; ! A262W/. ! 8/! 0/8?W-0 ! 2 !7/A/..-828/ ! 85. ! :0278/. ! / !A205. !65.15.!
2O273285.!‹D2./.Œ!75!/.1027:/-05!/P-:-85.!8?0271/!2!>?/002!U0-2p!l*(,,$(aI!JKKMmG!
#!(.1021@:-2!82!UC50=8/=C<1?.!8/1/0;-72!5!/.12D/C/A-;/715!8/!?;2!0/8/!8-.6/0.2!
8/!6/B?/72.!/!7?;/05.2.!D2./.I!65715.!8/!A57/P45!6202!0/.65.12.!0T6-82.!2!212B?/.!
Ls
!*/!2A5085!A5;!5!"<8-:5!&/:2C!85.!(.1285.!i7-85.I!B?/!8-12!2.!C/-.!/;!1585!5!./?!1/00-1<0-5I!o5!1/0;5!
„1/0050-.;5… ! .-:7-F-A2 ! O-5CQ7A-2 ! 60/;/8-1282I ! 65C-1-A2;/71/ ! ;51-O282I ! 6/06/10282 ! A57102 ! 2CO5. ! 745=
A5;D21/71/.!650!:0?65.!.?D72A-572-.!5?!2:/71/.!AC278/.1-75.p!liG)G!"+*(I!./;!8212mG!!
qN
-;60/O-.15.G!(710/!2.!A202A1/0X.1-A2.!8/.12!75O2!/.1021@:-2!/.145!5!/;60/:5!A0/.A/71/!85!
./0O-35 !8/!/;60/.2. !8/!./:?02732.!60-O282. !/!;/0A/7T0-5.I!21?2785!.5D!A5710215!72!
/P/A?345!8/!F?73k/.!B?/!271/.!A2D-2;!/PAC?.-O2;/71/!Z.!F5032.!;-C-120/.!0/:?C20/.R!/!2!
2..-721?02!8/!2A5085.!D-C21/02-.!6202!2../:?020!-7.12C23k/.!/;!5?105.!62X./.G
(.12 ! 75O2 ! /.1021@:-2 ! 6/0;-1/ ! B?/ ! 5. ! (.1285. ! i7-85. ! ;/CS50/; ! .?2. ! 8/F/.2.!
21-O2.!/!62..-O2.!A57102!;X../-.!/!20;2.!"`aH!‹B?X;-A2.I!D-5C<:-A2.I!028-5C<:-A2.!/!
7?AC/20/.ŒR!8-.10-D?2;!F5032.!2102O@.!8/!?;!1/2105!8/!56/023k/.!/!8/./7O5CO2;!75O5.!
A57A/-15. ! 8/ ! A5;D21/ ! D2./285. ! 72 ! O2712:/; ! .5D0/ ! 2. ! -7F50;23k/.R ! 0/8?W2; ! 2!
8/6/78Q7A-2!8/!65015.!/!2/0565015.!6202!-7./0345!8/!.?2.!F5032.R!2?;/71/;!2!A57F-2732!
/;!.-.1/;2. !:8'$(81\VI!/C/O285.I!S-6/0.[7-A5.I!8/!C57:5!2CA27A/I!/!745=10-6?C285.!6202!
605Y/345!8/!658/0R!2?;/71/;!2!A262A-828/!8/!605Y/120!/!.?.1/7120!658/0!8-0/12;/71/!8/!
?;2!D2./!72O2C!-71/:0282R!A571-7?/;!2!;/CS5020!2.!A262A-828/.!6202!/7O5CO-;/715!/;!
A57FC-15. ! 75 ! C-1502CR ! / ! 8/./7O5CO2; ! F5032. ! 1/00/.10/. ! A5; ! ;2-50/. ! AS27A/. ! 8/!
.5D0/O-OQ7A-2I ! ;2-. ! C/O/.I ! C/12-.I ! O/0.T1/-.I ! .?.1/71TO/-.I ! / ! 026-82;/71/ ! 8/.12ATO/-.G!
liG)G!*(9#a,$(H,!+U!*(U(H)(I!JKKMmG
# ! A5710212345 ! 8/ ! ./0O-35. ! 8/ ! ./:?02732 ! 60-O282 ! 8T ! Z ! 60/./732 ! ;-C-120!
/.128?7-8/7./ ! 7/.12. ! 75O2. ! -7.12C23k/. ! ?;2 ! F2AS282 ! 8/ ! ?.5 ! A-O-CI ! 2;2-72785 ! 5.!
6051/.15.!C5A2-.!A57102!5!B?/!./!A57.1-1?-!72!-7O2.45!;-C-120!8/!?;2!72345!/.1027:/-02G!
H5.!nC1-;5. !275.I!5.!./0O-35.!8/.12.!/;60/.2. !1Q;!.-85!?.285.!A282!O/W!;2-. !6202!
.?D.1-1?-0!5!?.5!8/!/P@0A-15.!0/:?C20/.G!)45!/;60/.2.!A5;5E!JL
2m !5 !+16&1E1&=F!5/)*1/-).&/-'I!B?/!ST!;2-. !8/!Jf!275. !60/.12 !./0O-35. !25!
:5O/075 ! 85. ! (.1285. ! i7-85. ! / ! .?2. ! 2:Q7A-2.I ! A5065023k/. ! ;?C1-72A-572-.I!
50:27-W23k/. !8/!./:?02732!/ !62W!-71/072A-572CI !8/710/!5?105.I!:20271-785 !B?/!
/C/.!65..2;!o56/020!A5;!./:?02732!/!A57F-8/7A-2C-828/pG!*/710/!2.!F?73k/.!82!
/;60/.2!/.145!2!8/!o-8/71-F-A20!/!;-1-:20!0-.A5.!Z.!6/..52.I!D/7.!/!-71/0/../.p!8/!
./?.!A571021271/.G!#1?2C;/71/I!2!/;60/.2!A5712!A5;!;2-.!8/!s!;-C!605F-..-572-.!
/.6/A-2C-W285. ! / ! A5; ! /P6/0-Q7A-2 ! /; ! B?/.1k/. ! 8/ ! ./:?02732I ! 21?2785 ! /; ! Mg!
62X./.G!_?2105!8/!./?.!/.A0-1<0-5.!/.145!72!#;@0-A2!85!)?CRJJ
JK
! ?8'$(81! .45!/B?-62;/715.!A5;!D2-P5!a")!l)$%$"&/"0::&?'.8-05mI!8-FXA/-.!8/!./0/;!8/1/A1282. !650!
02820/.I!5!B?/!5.!15072!O-01?2C;/71/!-7O-.XO/-.G!!
JL
!#.!-7F50;23k/.!260/./71282.!F502;!A5CS-82.!75.!.-1/.!82.!A5;627S-2.!2!B?/!./!0/F/0/;G
JJ
!*-.657XO/C!/;!‡S116EuucccG20;50:05?6GA5;uˆ
qf
Dm!2 !G*!@&6F-/H!l271/0-50;/71/I!o3($.JG$8'"&>0"(%G-%'pmI!F?78282!/;!Lssg!
650 ! ?; ! (0-r ! 90-7A/I ! /P=F5A2 ! 82 ! $20-7S2 ! 85. ! (.1285. ! i7-85.G ! )/?. ! ./0O-35.!
F502;!?.285.!6/C5!:5O/075!85.!(.1285.!i7-85.!6202!C?120!75!#F/:27-.145!/!75!
%02B?/G!(;!JKKqI!?;!-7A-8/71/!605O5A285!650!?;2!/B?-6/!82!A5;627S-2I!B?/!
C/O5?!25!2..2..-7215!8/!Lt!A-O-. !/;!`2:8TI!;51-O5?!2!2D/01?02I!75.!(.1285.!
i7-85.I ! 8/ ! 605A/..5. ! A-O-. ! / ! A0-;-72-.I ! 2C@; ! 8/ ! -7O/.1-:23k/. ! 85 ! "57:0/..5!
/.128?7-8/7./I!A57102!2!21?2345!82!/;60/.2G!&5:5!O/-5!Z!1572!?;2!82.!B?/.1k/.!
;51-O282.!6/C2!26C-A2345!85.!./0O-35.!8/.1/!1-65!8/!A5;627S-2!/;!2..?715.!8/!
./:?02732!B?/!8/O/0-2;!A2D/0!Z.!F5032.!85!(.1285E!2!8-F-A?C828/!/;!./!D?.A20!
0/.657.TO/-.!650!A0-;/.!A5;/1-85.!72!/P/A?345!8/!.?2.!210-D?-3k/.G!#!;2-50-2!
85. ! 605A/..5. !2D/015. ! A57102 ! 2 !3($.JG$8'"! F5- !2D27857282 !8/O-85 ! Z! F2C12 !8/!
605O2.I!B?/!/02;!-;65..XO/-.!8/!./0/;!A5C/1282.!/;!W572.!8/!:?/002R!6/C5!F215!
8/!B?/!5.!A571021285.!8/.12.!A5;627S-2.!0/A/D/;!-;?7-828/!75.!62X./.!/;!B?/!
21?2;!l:20271-82!6/C5.!A5710215.!D-C21/02-.!2..-7285.!/710/!5.!(.1285.!i7-85.!/!
5.!1/00-1<0-5.!B?/!S5.6/82045!.?2.!D2./.!/!0/A/D/045!./?.!F?7A-57T0-5.I!;-C-120/.!
5?!A-O-.m!650!B?2-.B?/0!A0-;/.!A5;/1-85.!75!/P/0AXA-5!8/!.?2.!210-D?-3k/.!/;!
75;/ !75!:5O/075!85.!(.1285. !i7-85.R!/!6/C2 !-78/F-7-345 !82!Y?0-.8-345 !578/!
8/O/!./0!Y?C:285!5!A0-;/G
# !3($.JG$8'"! 5F/0/A/ ! 10/-72;/715 ! 6202 ! 605F-..-572-. ! 8/ ! ./:?02732I!
;-C-120/.!/!A-O-.G!*/710/!5.!A?0.5.!B?/!5F/0/A/;I!10Q.!.45!;-7-.10285.!26/72.!
6202 ! 605F-..-572-. ! 82. ! F5032. ! 20;282. ! 85. ! (.1285. ! i7-85.E ! ,0/-72;/715 ! 8/!
9051/345 ! 6202 ! U5032. ! $-C-120/. ! $<O/-.I ! #1-02850 ! $-C-120 ! #O273285 ! /!
,0/-72;/715!8/!U5032.!8/!9051/345RJM
Am 2!@=:.$!I*(*/,*!+FF'.$-).&/,I!B?/!1/;!/710/!./?.!A571021271/.!5!*/62012;/715!
8/!*/F/.2!/!2C:?7.!50:27-.;5.!85!:5O/075!85.!(.1285.!i7-85.!/!./?.!2C-285.I!
5F/0/A/ !./0O-35. !/!6058?15.!8/!A5;?7-A2345 !-71/:0285.I!2C@;!8/!.-.1/;2. !8/!
10/-72;/715!;-C-120!8-0/15!/!O-01?2CG!#!/;60/.2!
A?.15;-W2!/!282612!./?.!.-.1/;2.!8/!10/-72;/715!6202!2Y?820!2!
0/F50320!2!85?10-72!56/02A-572C!8/!F5032.!;-C-120/.!72A-572-.!/!
8/ ! ./:?02732I ! .-;?C20 ! 5 ! ?.5 ! 8/ ! B?2CB?/0 ! 20;2 ! / ! 2;/232I ! /!
605650A-572 ! 10/-72;/715 ! 0/2C-.12 ! 6202 ! F5032. ! -78-O-8?2-. ! /!
A5C/1-O2.G
JM
!*-.657XO/C!/;!‡S116EuucccG?.102-7-7:GA5;u7/cu-78/PG2.6ˆ
qq
n#NRCE<;WcC*@PDE;dB;*BC*J*:,.)**B;*OC<a;NY=;o!JN
!
8m /!2 !IH/@&1F!5/)*1/-).&/-'I!B?/!605650A-572!./0O-35.!/;!2O-2345I!C5:X.1-A2!/!
56/023k/. ! 8/ ! ./:?02732 ! o/; ! 265-5 ! 25 ! :5O/075 ! 85. ! (.1285. ! i7-85. ! / ! ./?.!
5DY/1-O5. ! 8/ ! 65CX1-A2 ! /P1/072I ! :20271-785 ! .5C?3k/. ! /; ! 8/F/.2I ! 8-6C5;2A-2 ! /!
8/./7O5CO-;/715!-71/072A-572CpGJf!
_?2715!25.!2A5085.!D-C21/02-.I!5.!(.1285.!i7-85.!5.!1Q;!7/:5A-285!8/.8/!5!LL!
8/!./1/;D05I!2!F-;!8/!2../:?020!.?2!60/./732!/;!?;2!T0/2!2!B?/!/C/.!8/75;-72;!o20A5!
8/ ! -7.12D-C-828/pI ! A5;65.15 ! 650 ! o723k/. ! 605DC/;T1-A2. ! 5? ! F2C-82.p ! / ! 578/ ! S2Y2!
5A500Q7A-2.!8/!o028-A2C-.;5!-.C\;-A5I!10TF-A5!8/!805:2.!/!5?102.!F50;2.!8/!O5C21-C-828/pG!
(.1/ ! o20A5pI ! 8/F-7-85 ! 72 ! (.1021@:-2 ! $-C-120 ! H2A-572C ! 85. ! (.1285. ! i7-85. ! 8/ ! JKKNI!
2D027:/!2!#;@0-A2!85!)?C!h!72!0/:-45!82!,0X6C-A/!U0571/-02!hI!62..2785!6/C2!wF0-A2I!5.!
`TCA4.I!5!"T?A2.5I!5!+0-/71/!$@8-5!/!2.!w.-2.!"/7102C!/!)?8/.1/R!5!271/0-50!/7:C5D2O2!
2. ! w.-2. ! "/7102CI ! H508/.1/ ! / ! &/.1/I ! / ! 2 ! (?0562 ! l"#$9`(&& ! Ž ! e#a*I ! JKKMR!
*(,,$(aI!JKKMR!iG)G!d+%H,!"b%(U)!+U!),#UUI!JKKNmG!
#C@; ! 82 ! 75O2 ! /.1021@:-2I ! 2 ! 8-;-7?-345 ! 82. ! 8-;/7.k/. ! 82. ! -7.12C23k/.!
/.128?7-8/7./. ! 1/; ! A5;5 ! 02W45 ! ?; ! ;/;502785 ! 85 ! )/A0/1T0-5 ! 8/ ! */F/.2 ! *572C8!
a?;.F/C8I!B?/I!/;!JKKMI!508/72O2!2!0/F50;?C2345!82!/.10?1?02!8/!D2./.!/.128?7-8/7./.!
75!;?785I!2102O@.!85!F/AS2;/715!/!82!0//.10?1?02345!8/!.?2.!-7.12C23k/.G!#!;/8-82!/02!
0/.?C1285 ! 85 !3$:' & )'$(-45#'58 & $5% & /(0:7"'! h ! `a#"I ! 215 ! 2102O@. ! 85 ! B?2C ! 5!
*/62012;/715!8/!*/F/.2!A5;/35?!2!0/50:27-W20!.?2!/.10?1?02!8/!;585!o2!21?20!;2-.!
/F-A-/71/!/!/F/1-O2;/71/!75!265-5!2!.?2.!U5032.I!2?;/7120!.?2!60571-845!56/02A-572C!/!
F2A-C-120!75O2.!F50;2.!8/!7/:5A-20p!.?2!6/0;27Q7A-2!l+UU%"(!+U!,b(!)("a(,#aƒ!
+U ! *(U(H)(I ! JKKfmG ! H5O5. ! 1-65. ! 8/ ! 8-.65.-1-O5. ! F502; ! -7./0-85. ! 2102O@. ! 8/.12!
0//.10?1?02345E
2m @&&F*1-).7* ! #*$=1.)H ! K&$-).&/,* g * 0',AE ! 2 ! 60-7A-62C ! A202A1/0X.1-A2 ! 8/.12.!
-7.12C23k/.!@!B?/!/C2.!1Q;!65?A2!5?!7/7S?;2!60/./732!6/0;27/71/!8/!;-C-120/.!
/.128?7-8/7./.I!./785!;271-82.!2102O@.!85.!./0O-35.!8/!;/0A/7T0-5.I!85!265-5!
82!72345!o27F-10-4pI!5?!;/.;5!6/C5!./0O-35!6/0-<8-A5!8/!;-C-120/.!0/:?C20/.G!(;!
:/02CI!/.12.!-7.12C23k/.!6/01/7A/;!25!62X.!578/!./!C5A2C-W2;I!./785!o2C?:282.p!
25. ! (.1285. ! i7-85. ! 2102O@. ! 82 ! 2..-721?02 ! 8/ ! 2A5085. ! D-C21/02-.G ! (;D502 ! 745!
JN
!*-.657XO/C!/;!‡S116EuucccGA?D-AGA5;uˆ
!*-.657XO/C!/;!‡S116EuucccG8]7=-71CGA5;uˆ
Jf
qt
A571/;!A5;!2!60/./732!6/0;27/71/!8/!./?.!;-C-120/.I!/.12.!-7.12C23k/.!745!.45!
;/75.!-;6501271/.!72!75O2!/.1021@:-2!;-C-120!/.128?7-8/7./G!(C2.!.45!7/A/..T0-2.!
6202!820!265-5!25.!U+).!/!Z.!$+`.I!:20271/;!2A/..5!2!65715.!/.1021@:-A5.!/!
F?7A-572; ! A5;5 ! A/7105. ! 6202 ! 21-O-828/. ! 8/ ! A556/02345 ! /; ! ./:?02732 ! liG)G!
*(9#a,$(H,!+U!*(U(H)(I!JKKNmG
958/; ! ./0 ! 026-82;/71/ ! 2;6C-282. ! / ! 1027.F50;282. ! /; ! 95.15. ! 8/!
+6/023k/.!#O273282.!h!U+).G!x!5!A2.5!`2./!$-C-120!b215.I!/;!"?02325I!/!82.!
/.123k/.!8/!02820!B?/!5.!(.1285.!i7-85.!;271Q;!72!d2;2-A2!/!72!&-D@0-2I!B?/!
745!2620/A/;!75!0/C21<0-5!5F-A-2C!8/!/.10?1?02!8/!D2./.I!650!745!21/78/0/;!25!
A0-1@0-5!8/!1/0!6/C5!;/75.!LK!2A0/.!8/!8-;/7.45!/!5!A?.15!8/!.?2!.?D.1-1?-345!745!
21-7:/!5.!i€LK!;-CSk/.G!#!`2./!$20/AS2C!(.1-:200-D-2I!75!9202:?2-I!12;D@;!@!
?;2!")&I!/!.?2.!8-;/7.k/.!:20271/;!B?/!/.1/Y2!C-.1282!75!0/C21<0-5!5F-A-2CG!(;!
JKKfI ! 5 ! )/7285 ! 85 ! 9202:?2- ! :20271-? ! -;?7-828/ ! 8-6C5;T1-A2 ! Z. ! 10562.!
/.128?7-8/7./.!/;!62..2:/;!6/C5!62X.I!C5:5!8/65-.I!NKK!;-C-120/.!85.!(.1285.!
i7-85. ! 8/./;D20A202; ! 75! 9202:?2-I ! C/O2712785 !0?;50/. !8/ ! B?/! e2.S-7:157!
6C27/Y2O2!2!A57.10?345!8/!?;2!D2./!75!62X.G!&5A2C-W282!72.!605P-;-828/.!82!
,0X6C-A/!U0571/-02!/!85!#B?XF/05!>?2027-!h!2!./:?782!;2-50!0/./0O2!8/!T:?2!
85A/!85!;?785hI!2!`2./!$20/AS2C!(.1-:200-D-2!@!?;!65715!/.1021@:-A5!82!0/:-45G
#6/.20! 85. ! 0/C215.I !12715 ! 5!:5O/075! 85. ! (.1285. ! i7-85. ! B?2715! 5!85!
9202:?2-!7/:202;!B?/!S5?O/../!7/:5A-23k/.!6202!-7.12C2345!8/!?;2!D2./!7/.1/!
nC1-;5G!oH5!9202:?2-!745!S2O/0T!7/7S?;2!D2./!;-C-120!85.!(.1285.!i7-85.!5?!
7/7S?;2!-7.12C2345!8/.1/!1-65I!650B?/!.5;5.!?;!62X.!.5D/0275I!.5;5.!6201/!85!
$/0A5.?C ! / ! B?/0/;5.I ! 2A-;2 ! 8/ ! 1?85I ! 2 ! /.12D-C-828/ ! 82 ! 8/;5A02A-2pI ! F5- ! 2!
7/:21-O2 ! 85 ! 60/.-8/71/ ! H-A2750 ! *?201/I ! /; ! 2:5.15 ! 8/ ! JKKfG ! (P/0AXA-5. ! 8/!
;-C-120/.!/.128?7-8/7./.!/!6202:?2-5.!.45!0/2C-W285.!/;!$20/AS2C!(.1-:200-D-2G!
#.!F5032.!85.!(.1285.!i7-85.!AS/:2;!./;60/!/;!:0?65.!8/!LK!2!JK!;-C-120/.!/!
6/0;27/A/;!650!?;!6/0X585!8/!21@!Nf!8-2.!liG)G!*(9#a,$(H,!+U!),#,(I!
JKKqmR
Dm 0&1J-14 ! >F*1-)./2 ! #.)*, !g * +/'A * n658/; ! ./0 ! ;/7A-57282. ! A5;5* +/,A * g*
0&1J-14 ! >F*1-)./2 ! K&$-).&/,oE ! %7.12C23k/. ! ;2-50/. ! B?/ ! 5. ! ")&.I ! ;271-82.!
A5; ! ?;2 ! 60/./732 ! 6/0;27/71/I ! ;2. ! C-;-1282I ! 8/ ! ;-C-120/.R ! .45 ! ?.282. ! 6202!
0/A/D/0 ! F5032. ! 05121-O2. ! / ! A571Q; ! /B?-62;/715. ! 60/O-2;/71/ ! 2C5A285.G ! )/;!
60/./732!;-C-120!6/0;27/71/I!./?.!/F/1-O5.!.45!05121-O5.G!+.!U+).!.45!?.285.!
qg
60-7A-62C;/71/!6202!0/2C-W2345!8/!10/-72;/715.!D-C21/02-.!/!0/:-572-.!/!658/;!
./0 ! /P6278-85. ! 6202 ! 2D0-:20 ! ;2-. ! ;-C-120/. ! liG)G ! *(9#a,$(H, ! +U!
*(U(H)(I!JKKNmG!
9202!./0!?;!U+)I!2!-7.12C2345!8/O/!1/0!?;2!6-.12!8/!6/C5!;/75.!JGf!r;!
lg!;-C!6@.mI!5!B?/!CS/!6/0;-1/!0/A/D/0!2/0572O/.!8/!:0278/!6501/G!U+&.!1Q;!
2-782!8/!1/0!A578-3k/.!6202!5!0/2D2.1/A-;/715!85.!2O-k/.I!65..?-0!02;62I!S27:20I!
/.A0-1<0-5I!./0O-35!8/!;27?1/7345!/!8/6<.-15G!Jq
#!`2./!$-C-120!"5;2C262I!/;!(C!)2CO2850!/!5!U501/!$-C-120!&20278X2I!72!
"5C[;D-2!.45!/P/;6C5.!8/!U+).G!(.12.!-7.12C23k/.!745!2620/A/;!75!a/C21<0-5!
8/!`2./.!85!*/62012;/715!8/!*/F/.2!85.!(.1285.!i7-85.I!/;D502 !21?/;!72!
O-:-C\7A-2!82!0/:-45G!
Am D-./ !>F*1-)./2!3-,*,* g*-/MAE!*-.6k/;!8/!/B?-62;/715. !28;-7-.1021-O5.I!
/8?A2A-572-.I !0/.-8/7A-2-. !/! 8/! 265-5I! 605650A-572785 !./:?02732I !./0O-35. ! 8/!
.2n8/ ! / ! C2W/0G ! "5712; ! A5; ! ?;2 ! /.10?1?02 ! 05D?.12I ! 1Q; ! A5;2785 ! / ! A57105C/!
/.12D/C/A-85. ! / ! 26<-2; ! 10/-72;/715. ! / ! A556/02345 ! 8/ ! ./:?02732I ! 2C@; ! 8/!
:20271-0!5!2A/..5!/.1021@:-A5!2!C5A2-.!8/!A57FC-15G!#.!D2./.!.45!o/.12D/C/A-82.!/;!
1/00-1<0-5. ! 2;-.15.5.pI ! A5; ! F5032. ! 8/ ! A5;D21/ ! /.12A-57282. ! 8/ ! ;585!
6/0;27/71/p!l%*($mG!#!D2./!72O2C!8/!>?271T72;5 !.?0:/I!/7145I!A5;5!?;2!
.@0-2!/PA/345!Z!0/:02I!1/785!/;!O-.12!B?/!8/.8/!2!a/O5C?345!"?D272I!5!:5O/075!
82!-CS2!6051/.12!A57102!2!6/0;27Q7A-2!82!D2./!/;!./?!1/00-1<0-5I!745!1/785!7/;!
;/.;5 ! 8/.A571285 ! 5. !AS/B?/. ! 8/65.-1285. !6/C5. !(.1285. ! i7-85. !2 ! 1X1?C5 ! 8/!
62:2;/715!6/C2!27?-828/!8/!i€!NGKgfG!
+.!"&).!/!5.!U+).!l5?!U+&.m!F502;!-71058?W-85.!6/C5!*/62012;/715!8/!*/F/.2!
6202! 820 !.?6501/!25!F?7A-572;/715 !82. !$+`.I!./785!;2-. !D20212.I!;2. !745!;/75.!
-;6501271/.!72!75O2!/.1021@:-2!;-C-120!85.!(.1285.!i7-85.G
#. ! 75O2. ! -7.12C23k/. ! 1Q; ! 8-;/7.k/. ! D/; ! 0/8?W-82. ! /; ! A5;6202345 ! A5; ! 5.!
A5;6C/P5.!-7.12C285.!8?0271/!2!>?/002!U0-2G!)/785!;/750/.I!5.!8-.65.-1-O5.!60565.15.!
6/C2 ! /.1021@:-2 ! FC50=8/=C<1?.I ! .45 ! ;/75. ! O-.XO/-. ! / ! :/02; ! ;/75. ! 0/.-.1Q7A-2 ! 72.!
656?C23k/.!85.!62X./.!B?/!CS/.!2D0-:2;G!*/.1/!;585I!5!9/71T:575!8-;-7?-!0-.A5!8/!
5A500Q7A-2!8/!;27-F/.123k/.!656?C20/.!A5;5!2.!B?/!C/O202;!Z!8/.21-O2345!8/!8/W/72.!
8/!.?2.!D2./.!72!w.-2!/!72!(?0562R!Z!.?2!0/1-0282!8/!'-/B?/.I!/;!95015!a-A5I!$2712I!75!
Jq
!S116EuucccG.5?1SA5;G;-Cu92:/.u*/F2?C1G2.6P
qs
(B?2850I ! / ! ;/.;5 ! Z ! 8/.21-O2345 ! 85 ! A5;6C/P5 ! ;-C-120 ! 85 ! YT ! ;/7A-57285 ! "272C ! 85!
9272;TG!#.!75O2.!D2./.!A2?.2;!;/75.!/.12082CS235!85!B?/!.?2.!271-:2.!;/:2=D2./.I!
:/02785!;/75.!6051/.15.!C5A2-.G!#C@;!8-.15I!5.!2A5085.!D-C21/02-.I!B?/!6/0;-1/;!25.!
(.1285. ! i7-85. ! 5 ! ?.5 ! 8/ ! -7.12C23k/. ! 85 ! 62X. ! S5.6/8/-05 ! 6202 ! 2C5A2345 ! 8/ ! 20;2. ! /!
.?60-;/715.I!2C@;!82!0/2C-W2345!8/!/P/0AXA-5. !8/!10/-72;/715!/;!./?.!1/00-1<0-5.I!./!
A57.1-1?/;!/;!?;!2.6/A15=AS2O/!8/.12!75O2!/.1021@:-2!;-C-120G!
(.12.!;?82732.!/!2!-71058?345!8/!85-.!75O5.!1-65.!8/!-7.12C2345!.45!7/A/..T0-2.!
6202 ! B?/ ! 2. ! F5032. ! 20;282. ! 85. ! (.1285. ! i7-85. ! ./Y2; ! A262W/. ! 8/ ! /7F0/7120 ! o5.!
A0/.A/71/. ! 8/.2F-5. ! 8/ ! ./:?02732 ! 82 ! 72345p! l"#$9`(&& ! Ž ! e#a*I ! JKKMmG!
"57.-8/02785=./ ! B?/ ! /.12 ! /.1021@:-2 ! -71058?W-? ! 8/W/72. ! 8/ ! -7.12C23k/. ! ;-C-120/.!
/.128?7-8/7./.!/;!1/002.!C21-75=2;/0-A272.I!2!60/./732!8/!2C:?;!-7-;-:5!B?/!Y?.1-F-B?/!
/.1/. ! -7O/.1-;/715. ! @ ! 621/71/G ! # ! #;@0-A2 ! 85 ! )?C ! F5- ! -7AC?X82 ! 75 ! 75O5 ! o20A5 ! 8/!
-7.12D-C-828/p !8/F-7-85 ! 6/C5! */62012;/715 ! 8/! */F/.2G !*/! 2A5085! A5;! 5!<0:45I! /.1/!
„20A5…!A57A/7102!0/:-k/.!578/!5.!-71/0/../.!85.!(.1285.!i7-85.!/.145!./785!2;/23285.I!
Y?.1-F-A2785I!2..-;I!2!-7.12C2345!8/!D2./.!;-C-120/.!/;!./?.!200/850/.G!!(;!JKKfI!9/1/0!
92A/I!A5;278271/!85!i))5?1S"5;I!/C/7A5?!5.!-71/0/../.!O-12-.!85.!(.1285.!i7-85.!72!
#;@0-A2 ! &21-72E ! 2A/..5 ! 2 ! 0/A?0.5. ! 721?02-. ! / ! 25. ! ;/0A285. ! 82 ! 0/:-45I ! C-D/0828/ ! 8/!
72O/:2345!/!6051/345!82!A5.12!/.128?7-8/7./!A57102!5!10TF-A5!8/!805:2.G!
+!F215!@!B?/!./!5D./0O2785!2!8/F-7-345!8/!./?.!-71/0/../.!72A-572-.!/!5!/C/7A5!8/!
-7-;-:5.!B?/!CS/.!2;/232;I!8/75;-7285.!145!C5:5!o1/0050-.12.pI!5!1/0;5!620/A/!8/F-7-0I!
/;!0/2C-828/I!1585!/!B?2CB?/0!2150!B?/!5?./!8/.2F-20!2.!8/1/0;-723k/.!8/!e2.S-7:157G!
#!#;@0-A2!&21-72I!578/!745!ST!5A500Q7A-2.!8/!F?782;/712C-.;5!-.C\;-A5I!745!F-A5?!8/!
F502 ! 85 ! o20A5 ! 8/ ! -7.12D-C-828/p ! 8/F-7-85 ! 6/C5 ! 9/71T:575G ! "5;5 ! 0/.?C1285I ! 2 ! 0/:-45!
2D0-:2 ! S5Y/ ! qM ! 8/ ! .?2. ! -7.12C23k/.I ! .5D ! 5 ! 60/1/P15 ! 8/ ! A5;D21/ ! 25 ! 720A510TF-A5 ! h
0/8/75;-7285!o720A51/00-.;5p!h!/!2!o75O2.!2;/232.!1/0050-.12.p!h!8/710/!2.!B?2-.!./!
-7AC?/;!:5O/075.!8/!/.B?/082G!
+ ! 2A5085 ! 2..-7285 ! /; ! JKKs ! /710/ ! 5. ! :5O/075. ! 85. ! (.1285. ! i7-85. ! / ! 82!
"5C[;D-2 ! 6/0;-1-? ! 2 ! -7.12C2345 ! 8/ ! ./1/ ! 75O2. ! D2./. ! /.128?7-8/7./. ! 72 ! "5C[;D-2I!
6021-A2;/71/ ! 1582. ! /; ! A5;6C/15 ! 2CA27A/ ! 82 ! #;2W[7-2 ! / ! 75. ! 200/850/. ! 82 ! O-W-7S2!
'/7/W?/C2G!+!62X.!@!26571285!A5;5!?;!0-.A5!6202!5.!-71/0/../.!/.128?7-8/7./.I!1/785!
/;!O-.12!./0!?;!85.!;2-50/.!6058?150/.!8/!6/10<C/5!85!;?785I!0/.657.TO/C!650!Lf!2!
Ls•!85!6058?15!F507/A-85!25.!(.1285.!i7-85.I!./?!N‰!;2-50!F507/A/850I!210T.!26/72.!85!
"2728T!lL‰mI!82!#0TD-2!)2?8-12!lJ‰m!/!85!$@P-A5!lM‰m!liG)G!(H(a>ƒ!%HU+a$#,%+H!
#*$%H%),a#,%+HI!JKLLmG
tK
+.!0/A?0.5.!A261285.!A5;!6/10<C/5!/.120-2;!./785!?.285.!6/C5!:5O/075!8/!b?:5!
"STO/W!6202!o605;5O/0!?;!/-P5!8/!565.-345!Z!8/;5A02A-2!/!25!C-O0/!;/0A285I!6-C20/.!
82!-7FC?Q7A-2!-71/072A-572C!85.!(.1285.!i7-85.p!l#ƒ(a`(I!JKKsmG!*/!2A5085!A5;!5!
9/71T:575I ! .?2. ! D2./. ! F502; ! -7.12C282. ! 72B?/C2 ! T0/2 ! 6202 ! 2Y?820 ! 72 ! C?12 ! A57102!
1/0050-.12. ! / ! 720A5102F-A271/.G ! "5;5 ! /.1-6?C285 ! 6/C2 ! 75O2 ! /.1021@:-2 ! ;-C-120!
/.128?7-8/7./I ! 2. ! D2./. ! -7.12C282. ! /; ! 62X./. ! B?/ ! ./ ! 56k/; ! Z ! .?2 ! 6/0;27Q7A-2 ! .45!
1027.F/0-82. ! 2..-; ! B?/ ! ?; ! 5?105 ! 62X.I ! ;2-. ! o2;-:TO/CpI ! 2A/-12 ! .?2 ! -7.12C2345G ! #!
2..-721?02!85!2A5085!/710/!(.1285. !i7-85.!/!"5C[;D-2 !O/-5!75!;5;/715 !/;!B?/!5!
:5O/075!85!(B?2850!/7A/002O2!5!A5710215!B?/!:20271-2!2!6/0;27Q7A-2!/.128?7-8/7./!/;!
.?2 ! `2./ !8/ ! $2712 !/ !/P6?C.2O2 !5. ! ;-C-120/. ! /.1027:/-05. !8/ ! ./?! 1/00-1<0-5G !&5:5 !2.!
-7.12C23k/.!/B?2150-272.!F502;!1027.F/0-82.!6202!2!"5C[;D-2G!950!A5712!8/!.?2.!0/./0O2.!
8/!6/10<C/5!/!85!0-.A5!B?/!5F/0/A/!Z!./:?02732!/7/0:@1-A2!85.!(.1285.!i7-85.!75!A2.5!8/!
?;!05;6-;/715!/F/1-O5I!5!:5O/075!O/7/W?/C275!F5-!26571285!6/C5!:/7/02C!d2;/. !,G!
b-CCI !/;!JKKNI!A5;5!?;!85.!0/60/./71271/. !85!B?/!/C/!AS2;5?!8/!o75O2.!2;/232.!
1/0050-.12.pI!B?/!/C/!605712;/71/!8/F-7-?!A5;5!o:5O/075.!656?C-.12.!028-A2-.pI!CX8/0/.!
0/:-572-.!B?/!o./!2:2002;!2!605F?782.!F0?.1023k/.!A2?.282.!6/C5!F02A2..5!82.!0/F50;2.!
8/;5A0T1-A2. !/;!:20271-0!D/7.!/!./0O-35.p!/!B?/!0/F5032;!.?2.!65.-3k/.!028-A2-.!25!
o-7FC2;20!./71-;/715.!271-=2;/0-A275.p!lb%&&I!JKKNmG
# ! 8/AC202345 ! 85 ! :/7/02C ! b-CC ! F5- ! ;51-O282 ! 6/C2 ! 7/A/..-828/ ! 8/ ! 65.1?C20 ! 2!
8/.1-72345!8/!2C15.!-7O/.1-;/715.!85!*/62012;/715!8/!*/F/.2!/;!23k/.!6021-A282.!650!
?; ! A5;2785 ! 0/:-572C ! B?/ ! .?0:-2 ! A5;5 ! /C/;/715 ! /.1027S5 ! B?2785 ! ./ ! 10212O2 ! 82!
8-.10-D?-345!8/!F?785.!;-C-120/.!/;!?;!;?785!6<.=LL!8/!./1/;D05E!5!i))5?1S"5;G!
)/;!2;/232.!1/0050-.12.!AC202;/71/!8/F-7-82.!B?/!Y?.1-F-A2../;!.?2!-7AC?.45!72.!23k/.!
82!o>?/002!A57102!5!,/0050pI!5.!:5O/075.!o656?C-.12.=028-A2-.p!F502;!-7AC?X85.!72!C-.12!
8/ ! o75O2. ! 2;/232. ! 1/0050-.12.pI ! C/O2712785 ! 2 ! 8/.A57F-2732 ! 8/ ! 6/.B?-.2850/. ! A5;5!
b20C/] ! )S2-r/7I ! 85 ! "/7105 ! 6202 ! (.1?85. ! 8/ ! #;@0-A2 ! &21-72 ! 82 ! i7-O/0.-828/ ! 8/!
`/0r/C/]I ! B?/I ! /; ! JKKNI ! 2F-0;2O2 ! B?/I ! ./; ! ?;2 ! 8/F-7-345 ! 2;6C2;/71/ ! 2A/-12I ! 5!
1/0050-.;5 ! ./ ! A57.1-1?X2 ! 75 ! oA5;?7-.;5 ! 85 ! .@A?C5 ! jj%pI ! 5 ! -7-;-:5 ! A57102 ! 5 ! B?2C!
B?2CB?/0!2345!/02!Y?.1-F-ATO/CR!/!25!2657120!:5O/075.!C5A2-.!A5;5!F571/.!8/!1/0050-.;5I!
5!i))5?1S"5;I!2!;2-50!F5032!7501/=2;/0-A272!/;!21?2345!72!#;@0-A2!&21-72I!:20271-2!
2!-7Y/345!8/!F?785.!/;!.?2.!23k/.G!+!"5;2785!28;-7-.102!?;!O2.15!605:02;2!8/!2Y?82!
;-C-120I!B?/!-7AC?-!i€!tKK!;-CSk/.!27?2-.!8/.1-7285.!Z.!23k/.!72!"5C[;D-2G
+!i))5?1S"5;!8/./7O5CO/!OT0-5.!605:02;2.!72!#;@0-A2!&21-72I!-8/71-F-A285.!
650 ! 0<1?C5. ! A5;5 ! oA5;D21/ ! 25 ! 720A510TF-A5pI ! o10/-72;/715 ! 8/ ! 5F-A-2-. ! C21-75=
tL
2;/0-A275.pI ! o8/F/.2 ! 82 ! 8/;5A02A-2p ! / ! o:20271-2 ! 85. ! *-0/-15. ! b?;275.pG ! "0-285!
8?0271/!2!%%!>?/002!$?78-2CI!1/785!/;!O-.12!2!8/F/.2!85!"20-D/I!2!6201-0!82!8@A282!8/!
LsfKI!5!"5;2785!62..5?!2!21?20!12;D@;!72.!#;@0-A2.!"/7102C!/!85!)?CG!
"5;5!6201/!8/!.?2.!21-O-828/.I!5!"5;2785!605;5O/!/P/0AXA-5.!/!56/023k/.!O-.2785!
2 ! oF5012C/A/0 ! 620A/0-2. ! 0/:-572-. ! / ! 2. ! A262A-828/. ! A5C/1-O2.pI ! -;6501271/. ! 6202 ! 2!
o./:?02732 ! 72A-572C ! 85. ! (.1285. ! i7-85. ! / ! 6202 ! 2 ! ./:?02732 ! / ! /.12D-C-828/ ! 85!
b/;-.F@0-5!+A-8/712CpI!./:?785!5!:5O/075!/.128?7-8/7./G!(P/;6C5.!8/.12.!21-O-828/.!
.45E
2m 5 !81-4*J./4,E ! /P/0AXA-5 ! ;20X1-;5 ! ;?C1-72A-572C ! O5C1285 ! Z. ! o2;/232. ! 8/!
./:?02732 ! 1027.72A-572-.p ! ! 75 ! "20-D/I ! 12-. ! 2;/232. ! -7AC?/; !5 ! 1/0050-.;5I ! 5!
10TF-A5!8/!20;2.I!2.!6278/;-2.!/!;/.;5!5.!FC?P5.!;-:021<0-5.!-71/072A-572-.R
Dm 5 !LM58+# ! E&'4E ! 12;D@; ! ?; ! /P/0AXA-5 ! 8/ ! 10/-72;/715 ! ;20X1-;5 ! A57102!
o2;/232.!A5;?7.!Z!./:?02732pI!B?/!2D027:/;!5!1/0050-.;5I!5!10TF-A5!8/!20;2.!/!
8/!805:2.I!2!605C-F/02345!8/!20;2.!8/!8/.10?-345!/;!;2..2I!A500?6345I!C2O2:/;!
8/!8-7S/-05!/!5!10TF-A5!8/!6/..52.I!2C@;!8/!o2;/232.!745=A57O/7A-572-.I!A5;5!2!
65D0/W2 ! /P10/;2I ! 8/:0282345 ! 2;D-/712CI ! 8/.2.10/. ! 721?02-. ! / ! 6278/;-2.!
l)b#9%a+I!JKKqmR
Am 5 !0=*1?-,!@&6-/4&E!B?/!o2?;/712!2!A556/02345!0/:-572CI!5!10/-72;/715!/!5!
60/6205!8/!F5032.!8/!56/023k/.!/.6/A-2-.!/;!605A/8-;/715.I!1@A7-A2.!/!1T1-A2.!
A57102!5!1/0050-.;5p!li))+i,b"+$I!JKKsmG!
#C@;!8-.15I!5!"5;2785!)?C!8/AC202!0/2C-W20!23k/.!8/!o2..-.1Q7A-2!S?;27-1T0-2p!/!
8/!:20271-2!85.!o8-0/-15.!S?;275.pG!(P/;6C5!8/.1/!1-65!8/!-71/0O/7345!@!5!605:02;2!
B7#$5&)-418:&A5-8-$8-='I!A0-285!/;!LsstI!6202!o/7A502Y20!CX8/0/.!;-C-120/.!2!./0O-35!8/!
:5O/075. ! 8/;5A0T1-A5. ! 2 ! 8/./7O5CO/0 ! ?;2 ! A?C1?02 ! -7.1-1?A-572C ! 8/ ! 0/.6/-15 ! 6/C5.!
8-0/-15. ! S?;275. ! 75 ! \;D-15 ! 8/ ! .?2. ! U5032.p ! l%*($I ! JKKsmG ! (.1/ ! nC1-;5I ! ?;2!
-71/0F/0Q7A-2!AC202!/;!2..?715.!8/!65CX1-A2!85;@.1-A2I!21-1?8/!B?/!5.!(.1285.!i7-85.!
0/6/1/; ! 8/.8/ ! 5. ! 1/;65. ! 8/ ! >?/002 ! U0-2I ! B?2785 ! 265-2O2; ! 2. ! 8-128?02. ! C21-75=
2;/0-A272.!2!F-;!8/!;271/0!75!A57105C/!:5O/075.!2C-7S285.!25.!./?.!-71/0/../.G!
+ ! i))5?1S"5; ! 12;D@; ! 8/./7O5CO/ ! 23k/. ! A57102 ! 5 ! 10TF-A5 ! 8/ ! 805:2. ! / ! 5!
o720A51/0050-.;5pG ! H/.1/ ! \;D-15I ! 5 ! 605:02;2 ! ;2-. ! A57S/A-85 ! @ ! 5 ! AS2;285 ! o9C275!
tJ
"5C[;D-2pI !-7.12?0285!/;!JKKKI!B?/!6/0;-1-? !2!-7./0345!;-C-120 !7501/=2;/0-A272 !75!
"57/!)?C!2102O@.!82!-7.12C2345!8/!./1/!75O2.!D2./.!;-C-120/.!/;!1/00-1<0-5!A5C5;D-275G!
,2-.!D2./.!A57.1-1?/;!?;2!6C212F50;2!A262W!8/!:20271-0!A57105C/!2@0/5!/!2A/..5!0T6-85!Z!
#;2W[7-2!/!O2.12!650345!85!1/00-1<0-5!.?C=2;/0-A275!l*(9#a,$(H,!+U!,b(!#%a!
U+a"(I!JKKsmG
# ! #;@0-A2 ! &21-72 ! A57A/7102 ! O2.12. ! 0/./0O2. ! 8/ ! 0/A?0.5. ! SX80-A5. ! / ! 8/!
D-58-O/0.-828/I!2C@;!8/!./0!?;2!0/:-45!0-A2!/;!6/10<C/5I!5!B?/!-7./0/!2!0/:-45!75!F5A5!
85.!-71/0/../.!/.128?7-8/7./.G!d?71/=./!2!-.15!2!/C/-345!8/!:5O/075.!8/!/.B?/082I!A?Y2.!
65CX1-A2. ! / ! 605:02;2. ! .5A-2-. ! A571020-2; ! 5. ! -71/0/../. ! 8/ ! e2.S-7:157I ! 5 ! B?/ ! C/O5?!
F-:?02.!85!*/62012;/715!8/!*/F/.2I!85!*/62012;/715!8/!(.1285!/!85!"5;2785!)?C!2!
8/AC2020!/.1/.!:5O/075.!o656?C-.12.p!A5;5!o75O2.!2;/232.!1/0050-.12.pG!x!2!8/F/.2!8/!
./? ! 2A/..5 ! ZB?/C2. ! 0-B?/W2. ! / ! 2 ! :20271-2 ! 8/ ! B?/ ! 5. ! :5O/075. ! 0/:-572-. ! 745 ! F?Y2;!
A5;6C/12;/71/!25!A57105C/!8/!e2.S-7:157!B?/!Y?.1-F-A2;!2!-7.12C2345!8/!12712.!D2./.!
/;!1/00-1<0-5!C21-75=2;/0-A275G!
#0B?-O5.!./A0/15.!85!*/62012;/715!8/!(.1285!85.!(.1285.!i7-85.!C-D/0285.!/;!
LsgM!8/;57.102;!2!F50;2!A5;5!5!62X.!8/F-7/!.?2.!65CX1-A2.!6202!2!#;@0-A2!&21-72I!B?/!
-71/0/../.!.45!C/O285.!/;!A57.-8/02345!/!A5;5!./?!:5O/075!C-82!A5;!5.!-71/0/../.!85.!
62X./.!/!65O5.!82!0/:-45G!i;!85A?;/715!./A0/15!85!"57./CS5!8/!)/:?02732!H2A-572CI!
821285!8/!Lg!8/!;2035!8/!LsfMI!2F-0;2
bT ! ?;2 ! 1/78Q7A-2 ! 72 ! #;@0-A2 ! &21-72 ! /;! 8-0/345 ! 2 ! 0/:-;/.!
72A-572C-.12.!;271-85.I!/;!:0278/!6201/I!650!26/C5.!Z.!;2..2.!
82!656?C2345G!"57A5;-1271/;/71/I!ST!?;2 !8/;2782 !656?C20!
A0/.A/71/!650!;/CS50-2.!-;/8-212.!75.!D2-P5.!7XO/-.!8/!O-82!82.!
;2..2.I !5!B?/!0/.?C12!/;!-71/7.2.!60/..k/.!65CX1-A2.!-71/072.!
.5D0/!5.!:5O/075.!C21-75=2;/0-A275.!6202!B?/!2?;/71/;!.?2!
6058?345!/!8-O/0.-F-B?/;!.?2.!/A575;-2.G
n(@a;ED<@ND*CR*'D;D@[*&@>;Wv@A*#ND@EN;O=CN;=A*BCA*%AD;BCA*
!N=BCA[*Lbif[o
&5:5!/;!./:?-82I!D?.A2785!;/-5.!8/!;?820!/.12!1/78Q7A-2!B?/!./!260/./712!75.!
:5O/075. !82!0/:-45 !8/!285120!65CX1-A2. !;2-. !72A-572C-.12. !/!O5C1282. !Z!;/CS50-2 !82.!
A578-3k/.!8/!O-82!8/!.?2.!656?C23k/.I!5!*/62012;/715!8/!(.1285!C-.12!5.!5DY/1-O5.!85.!
(.1285.!i7-85.!72!#;@0-A2!&21-72G!*/710/!5.!B?2-.!/.12O2;E
2m # ! 0/8?345 ! /! /C-;-72345 !82 ! 2;/232 !8/ !A5;?7-.;5 !/ ! 5?102. ! .?DO/0.k/. !271-=
2;/0-A272.R
tM
Dm #8/B?20!2!6058?345!C21-75=2;/0-A272!/!5!2A/..5!85.!(.1285.!i7-85.!2!;21@0-2.=
60-;2.!/../7A-2-.!Z!./:?02732!/.128?7-8/7./R
Am # ! 628057-W2345 ! 82. ! 50:27-W23k/.I ! 10/-72;/715I ! 85?10-72 ! / ! /B?-62;/715.!
;-C-120/.!C21-75=2;/0-A272.!8/!2A5085!A5;!5!;58/C5!85.!(.1285.!i7-85.R
"5;!5.!5DY/1-O5.!/.6/A-F-A285.I!5!85A?;/715!.?:/0/I!650!F-;I!23k/.!2!./0/;!
15;282.!2!F-;!8/!/O-120!B?/!2!1/78Q7A-2!C21-75=2;/0-A272!8/!D?.A20!2!;/CS50-2!8/!.?2.!
A578-3k/.!A571-7?/E
2m $2-50 ! ?1-C-W2345 ! 82 ! +0:27-W2345 ! 85. ! (.1285. ! #;/0-A275. ! A5;5 ! ;/-5 ! 6202!
21-7:-0 ! 75..5. ! 5DY/1-O5.I ! 5 ! B?/ ! 2F2.120T ! 2 ! 2620Q7A-2 ! 8/ ! 2345 ! ?7-C21/02C ! /!
-8/71-F-A20T!75..5.!-71/0/../.!A5;!2B?/C/.!85.!5?105.!(.1285.!2;/0-A275.R
Dm */1/0;-720!5!;571271/!82!2..-.1Q7A-2!85!265-5!/.128?7-8/7./!2!(.1285.!C21-75=
2;/0-A275.!/.6/AXF-A5.!C/O2785!/;!A57.-8/02345!2!8-.65.-345!/!S2D-C-828/!8/C/.!
/;!A556/020!A5;!5.!(.1285.!i7-85.!72!A57./A?345!8/!5DY/1-O5.!A5;?7.R
Am 90/.120!2..-.1Q7A-2!2102O@.!82!+0:27-W2345!85.!(.1285.!#;/0-A275.I!5?!2102O@.!
8/!;/-5.!.-;-C20/.!B?/!65..2;!/.120!8-.657XO/-.I!ZB?/C/.!(.1285.!2;/0-A275.!
B?/!/.1/Y2;!0/.-.1-785!Z!60/..45!8/!./?. !O-W-7S5. !./;60/ !B?/!/.12.!60/..k/.!
F50/; ! A5710T0-2. ! 25. ! -71/0/../. ! 85. ! (.1285. ! i7-85. ! / ! 85 ! .-.1/;2 ! -71/0=
2;/0-A275G!liG)G!*(9#a,$(H,!+U!),#,(I!LsgMm
$2-. ! 8/ ! ;/-5 ! .@A?C5 ! 8/65-. ! 8/ ! 5. ! (.1285. ! i7-85. ! 8/;57.1020/; ! 12-.!
60/5A?623k/.I ! .?2. ! A57.-8/023k/. ! .5D0/ ! 2 ! #;@0-A2 ! &21-72 ! / ! .?2. ! -71/73k/. ! 8/!
85;-72345!745!;?8202;!;?-15G!(;!8/65-;/715!25!"5;-1Q!82.!U5032.!#0;282.I!/;!
;2035!8/!JKKNI!5!:/7/02C!d2;/.!,G!b-CCI!B?/!A5;2785?!5!i))5?1S"5;!/710/!JKKJ!/!
JKKNI!2F-0;5?!B?/!
2C:?7. ! CX8/0/. ! 0/:-572-. ! ./ ! 2:2002; ! 2 ! 605F?782. ! F0?.1023k/.!
A2?.282.!6/C5!F02A2..5!82.!0/F50;2.!8/;5A0T1-A2.!/;!:20271-0!
D/7. ! / ! ./0O-35.G ! #5 ! ./ ! 2:20020/; ! 2 ! /.12. ! F0?.1023k/.I ! B?/!
A57A500/; ! A5; ! F0?.1023k/. ! A2?.282. ! 6/C2 ! 8/.-:?2C828/!
/A57[;-A2 ! / ! .5A-2CI ! /.1/. ! CX8/0/. ! .45 ! A262W/. ! 8/I ! 12;D@;I!
0/F50320!.?2.!65.-3k/.!028-A2-.I!25!-7FC2;20!./71-;/715.!271-=
2;/0-A275.G
*n7@N@E;>*U;<@A*.[*2=>>I*@<*B@aC=<@NDC*;C*0C<=Dw*B;A*
+CEW;A*)E<;B;AI*B;*0s<;E;*+@B@E;>[*-;EWCI*JKKho
tN
"/012;/71/I!25!2F-0;20!5!oF02A2..5!82.!0/F50;2.!8/;5A0T1-A2.!/;!:20271-0!D/7.!
/!./0O-35.p!5!:/7/02C!b-CC!745!./!0/F/0/!Z!:20271-2!8/!D/7.!/!./0O-35.!Z.!656?C23k/.!
C21-75=2;/0-A272.I ! B?/ ! 8/.8/ ! B?/ ! 6?./02; ! F-; ! Z. ! 8-128?02. ! ;-C-120/. ! 265-282. ! 650!
e2.S-7:157 ! 1Q; ! /P6/0-;/71285 ! 2O2735. ! .5A-2-. ! / ! /A57[;-A5. ! B?/ ! CS/. ! 6/0;-1-02;!
15;20/;!2!F0/71/!82!8/F-7-345!8/!./?.!0?;5.!/!5DY/1-O5.G
#!8/A/6345 !85!:/7/02C !b-CC!A5;!5. !0?;5. !82!65CX1-A2 !C21-75=2;/0-A272 !8/O/!
0/F/0-0=./!25!F215!8/!B?/I!8/8-A285.!Z!.21-.F2345!85.!-71/0/../.!8/!.?2.!656?C23k/.I!5.!
:5O/075. ! C21-75=2;/0-A275. ! YT ! 745 ! ./ ! /;6/7S2; ! 145 ! 8/8-A282;/71/ ! Z ! 6058?345 ! 8/!
o;21@0-2.=60-;2. ! /../7A-2-. ! Z ! ./:?02732 ! /.128?7-8/7./pG ! _?/ ! 5. ! :5O/075. ! C21-75=
2;/0-A275.!620/;!8/!./:?-0!2.!8-0/10-W/.!8/!e2.S-7:157!/!62../;!2!26C-A20!2!;2-50!
6201/!8/!./?.!0/A?0.5.!72!;/CS50-2!82.!A578-3k/.!8/!O-82!8/!.?2.!60<60-2.!656?C23k/.!@!
2!;2-50!2;/232!B?/!658/!.?0:-0!25.!-71/0/../.!/.128?7-8/7./.G
,2;D@; ! 5. ! 605:02;2. ! 8/ ! 10/-72;/715 ! B?/ ! 5. ! (.1285. ! i7-85. ! 5F/0/A/; ! 25.!
;-C-120/.!C21-75=2;/0-A275.!:27S2;!75O2.!A50/.!25!./0/;!C/O282.!/;!A57.-8/02345!.?2.!
-71/73k/.!YT!145!271-:2.!8/!628057-W20!2.!50:27-W23k/.I!5!10/-72;/715I!2!85?10-72!/!5.!
/B?-62;/715. ! ;-C-120/. ! C21-75=2;/0-A275. ! 8/ ! 2A5085 ! A5; ! ./? ! ;58/C5 ! liG)G!
*(9#a,$(H,!+U!),#,(I!LsfMmG!i;!5?105!85A?;/715!85!;/.;5!<0:45I!821285!8/!
Lg!8/!2D0-C!8/!LsfqI!8/1/0;-72!B?/I!6202!/.10/-120!2.!0/C23k/.!/710/!./?.!;-C-120/.!/!5.!
;-C-120/.!C21-75=2;/0-A275.I!8/O/=./
2m #?;/7120!2.!A512.!6202!10/-72;/715!72.!/.A5C2.!/!A/7105.!8/!10/-72;/715.!82.!
U5032.!#0;282.!85.!(.1285.!i7-85.!8/!6/..52C!C21-75=2;/0-A275!B?2C-F-A285R!
/7A502Y20!62X./.!C21-75=2;/0-A275. !2!60//7AS/0!.?2.!A512.!2?150-W282. !6202!2.!
2A28/;-2.!72O2CI!85!(P@0A-15!/!82!U5032!#@0/2R!/
Dm (.1-;?C20 ! 0/C23k/. ! ;2-. ! 60<P-;2. ! /710/ ! 5. ! ;-C-120/. ! /.128?7-8/7./. ! / ! C21-75=
2;/0-A275. !8/!;585!2!2?;/7120 !.?2!A5;60//7.45 !85.!5DY/1-O5.!85.!(.1285.!
i7-85. ! / ! .?2 ! 50-/712345 ! /; ! 8/F/.2 ! 8/C/.I ! 0/A57S/A/785 ! B?/ ! 2. ! -7.1-1?-3k/.!
;-C-120/.!8/!:0278/!6201/!85.!62X./.!82!#;@0-A2!&21-72!/P/0A/;!626/C!8/!:0278/!
-7FC?Q7A-2!75!:5O/075G
"5;5 ! 75 ! A2.5 ! 82 ! 0/605O2345 ! 2 ! :5O/075. ! 8/ ! /.B?/082I ! B?/ ! A571020-2; ! ./?.!
-71/0/../.I!12;D@;!2!65CX1-A2!8/!85?10-72345!85.!;-C-120/.!C21-75=2;/0-A275.!8/!2A5085!
A5;!./?!;58/C5!745!.5F0/?!:0278/.!;?82732.!8/.8/!2!>?/002!U0-2G!+!eb%H)("I!/P=
(.A5C2 !82. !#;@0-A2.I!A571-7?2!A5;!2!;-..45 !8/!605;5O/0 !2!oA556/02345!8/!F5032.!
;-C-120/.!;?C1-72A-572-.!72!#;@0-A2!&21-72I!2C@;!8/!2?;/7120!5!A57S/A-;/715!C21-75=
tf
2;/0-A275!85.!A5.1?;/.!/!1028-3k/.!82.!F5032.!20;282.!85.!(.1285.!i7-85.pG!$?82!5!
-7-;-:5!B?/!Y?.1-F-A2!.?2.!23k/.!h!271/.I!5!"5;?7-.;5R!2:502I!5!1/0050-.;5!hI!282612;=
./ ! 5. ! ;/-5. ! h ! 271/.I ! 05D?.12. ! D2./. ! ;-C-120/.R ! 2:502I ! "&).I ! U+&. ! / ! $+`. ! hI!
6/0;27/A/;!5.!-71/0/../.!72!#;@0-A2!&21-72E!5!2A/..5!./;!5D.1TA?C5.!25.!0/A?0.5.!
721?02-.!82!0/:-45!/!2!./?.!;/0A285.I!B?/!A5710-D?/;!6202!2!/P627.45!/A57[;-A2!85.!
(.1285.!i7-85.G
#!#;@0-A2!85!)?C!2D0-:2!2!./:?782!;2-50!0/./0O2!8/!T:?2!85A/!85!;?785I!5!
#B?XF/05!>?2027-I!B?/!./!/.1/78/!6/C5!`02.-CI!#0:/71-72I!9202:?2-!/!i0?:?2-R!/!5!0-5!
#;2W572.I!5!./:?785!;2-50!85!;?785G!#!#;@0-A2!&21-72I!B?/!A57.1-1?-!26/72.!g•!82!
656?C2345 ! ;?78-2CI ! A57A/7102 ! ML• ! 85 ! 1512C ! 8/ ! 0/A?0.5. ! 8/ ! T:?2 ! 85A/ ! 85 ! ;?785R!
.5W-7S5I!5!`02.-C!0/.6578/!650!JK•!85!1512C!;?78-2C!le%&^%H)+HI!./;!8212m
+?105!F2150!8/!-71/0/../!85.!(.1285.!i7-85.!72!0/:-45!@!2!D-58-O/0.-828/G!*/!
2A5085!A5;!5!905:02;2!82.!H23k/.!i7-82.!6202!5!$/-5!#;D-/71/I!2!#;@0-A2!&21-72!
2D0-:2!tK•!8/!1582.!2.!F50;2.!8/!O-82!82!,/002G!)/:?785!2!+0:27-W2345!82.!H23k/.!
i7-82.!6202!#:0-A?C1?02!/!#C-;/712345I!2!0/:-45!A57A/7102!5!;2-50!7n;/05!8/!FC50/.12.!
8/8-A282.!Z!A57./0O2345!82!D-58-O/0.-828/I!1/785!Jq•!82.!1/002.!85!;?785!8/8-A282.!Z!
60/./0O2345G!
_?2715 ! 25 ! 6/10<C/5I ! ./:?785 ! 2 !+0:27-W2345 ! &21-75=#;/0-A272 ! 8/ ! (7/0:-2!
l+&#*(mI ! 2 ! 0/:-45 ! 8/1@; ! s• ! 82. ! 0/./0O2. ! 6/105CXF/02. ! ;?78-2-.I ! 0/60/./712785 ! 2!
1/0A/-02!;2-50!0/./0O2!85!;?785G!#!'/7/W?/C2I!N‰!;2-50!F507/A/850!85!A5;D?.1XO/C!25.!
(.1285.!i7-85.I!0/.6578/785!650!/710/!Lf!/!Ls•!8/!.?2.!-;650123k/.I!1/;!q•!85!1512C!
;?78-2C!8/!6/10<C/5G!H5!`02.-CI!2!/P6C502345!85!60@=.2C!8/O/!A5C5A20!5!62X.!/710/!5.!LK!
;2-50/.!6058?150/.!85!;?785G!
"5; ! ?; ! 75O5 ! -7-;-:5 ! 6202 ! Y?.1-F-A20 ! .?2. ! 23k/. ! ;-C-120/.I ! -8/71-F-A285. ! 5.!
-71/0/../.!2!./0/;!8/F/78-85.I!8/./7S282!75O2!/.1021@:-2I!5.!(.1285.!i7-85.!62..202;!2!
/.62CS20!.?2.!75O2.!-7.12C23k/.!2102O@.!82!#;@0-A2!&21-72G!#:502I!./:?785!.?2!75O2!
/.1021@:-2 ! ;-C-120I ! A5; ! -7.12C23k/. ! ;/750/.R ! ;/75. ! O-.XO/-.R ! /; ! 62X./. ! B?/ ! CS/.!
6/0;-1/;!2!6/0;27Q7A-2!2102O@.!8/!2A5085.!D-C21/02-.R!./;!.2C120!25.!5CS5.!/!605O5A20!
5.!\7-;5.!82.!656?C23k/.!C5A2-.R!D/;!60<P-;5!85.!F5A5.!8/!./?.!-71/0/../.I!6202!B?/!2!
0/.65.12!/;!A2.5!8/!2;/232!65..2!./0!260/./71282!5!;2-.!0T6-85!65..XO/CG!U5-!2..-;!
B?/I ! 8/65-. ! 82 ! >?/002 ! U0-2I ! 2 ! #;@0-A2 ! &21-72 ! O-? ! ./ ! ;?C1-6C-A20/; ! 2. ! -7.12C23k/.!
;-C-120/.!85.!(.1285.!i7-85.!/;!./?!1/00-1<0-5G!
#71X:?2!Ž!`20D?82!2D0-:2!?;2!")&!8/!KIqsr;•!lU515!tm!-7.12C282!2102O@.!8/!
2A5085!A5;!5!:5O/075!85!62X.G!&5A2C-W282!6/015!85!2/0565015!-71/072A-572C!'G"G!`-08I!
tq
B?/!YT!F5-!?;2!D2./!;-C-120!/.128?7-8/7./I!/710/!LsNL!/!LsNgI!2!")&!F?7A-572!A5;5!
?;2 ! /.12345 ! 8/ ! ;57-1502;/715 ! 8/ ! .21@C-1/. ! / ! @ ! ?.282 ! 6202 ! ;-..k/. ! /.62A-2-. ! / ! 8/!
A5;?7-A2345G!+!2A5085!85.!(.1285.!i7-85.!A5;!#71X:?2!Ž!`20D?82!/7O5CO/!12;D@;!5!
/7O-5 ! 8/ ! o2Y?82 ! S?;27-1T0-2p ! 6202 ! .5A5005 ! 2 ! OX1-;2. ! 8/ ! 8/.2.10/. ! 721?02-. ! / ! 2!
0/A57.10?345 ! 85 ! 62X. ! 2102O@. ! 85 ! 2?PXC-5 ! 85 ! `27A5 ! $?78-2C ! / ! 85 ! `27A5 ! 8/!
*/./7O5CO-;/715!85!"20-D/G!+!62X.!0/A/D/!2-782!o2..-.1Q7A-2!75!A5;D21/!Z.!805:2.!/!./!
D/7/F-A-2 ! 8/ ! /P/0AXA-5. ! ;-C-120/. ! 85. ! (.1285. ! i7-85.pI ! -.15I ! 8/ ! 2A5085 ! A5; ! 5!
*/62012;/715 ! 8/ ! */F/.2 ! /.128?7-8/7./G ! (; ! O/0828/I ! 2 ! -CS2 ! 745 ! 1/O/ ! :0278/.!
65..-D-C-828/.!8/!/.A5CS2!25!7/:5A-20!A5;!e2.S-7:157!2!6/0;27Q7A-2!8/!?;2!D2./!/;!
./?!1/00-1<0-5E!/;!LsssI!5.!(.1285.!i7-85.!A501202;!5!/7O-5!8/!F?785.!25!62X.!650!A5712!
8/ ! o60/5A?623k/. ! A5; ! 2 ! F2C12 ! 8/ ! 0/:?C2345 ! 28/B?282 ! 75 ! ./150 ! F-727A/-05pG ! #!
8/6/78Q7A-2!/A57[;-A2!2-782!@!?;!85.!;/-5.!;2-.!?1-C-W285.!6/C5.!(.1285.!i7-85.!
6202!:20271-0!2!.21-.F2345!8/!.?2.!O57128/.!/!2!8/F/.2!8/!./?.!-71/0/../.G!#!8/.6/-15!82!
0/.-.1Q7A-2!271-:?272!/;!A571-7?20!2D0-:2785!2.!F5032.!/.128?7-8/7./.!/;!./?!1/00-1<0-5I!
2!8/6/78Q7A-2!85.!F-727A-2;/715.!O-785.!8/!e2.S-7:157!8/-P5?=CS/.!65?A2!/.A5CS2!/!5!
2A5085!60565.15!6/C5!9/71T:575!F5-!2A21285!liG)G!*(9#a,$(H,!+U!),#,(I!JKLLmG!
+CDC*`Z! a2820!/.128?7-8/7./!/;!#71X:?2!Ž!`20D?82I!25!C285!85!n7-A5!2/0565015!82!-CS2!8/!
#71X:?2G
+CND@Z!>55:C/!(201S
tt
+CDC*iZ!")&!85.!(.1285.!i7-85.!/;!#71X:?2!Ž!`20D?82G
+CND@Z!>55:C/!(201S
#0?D2 ! 1/; ! ?;2 ! U+& ! /; ! ./? ! 1/00-1<0-5G ! */ ! 2A5085 ! A5; ! 5 !/075.-( & 05&
B'#-:*1'"-.&!CC$-":!h!"+b#JtI!2!-7.12C2345!@!?.282!6202!-71/08-345!85!10TF-A5!8/!805:2.!
650!O-2!2@0/2!/!;20X1-;2R!8285.!.5D0/!2!T0/2!82!D2./!745!.45!8-.657-D-C-W285.G!+!/F/1-O5!
8/.12A285!6202!/.12!-7.12C2345!@!8/!26/72.!Lf!;-C-120/.!6/0;27/71/.I!Jf!605F-..-572-.!
8/.12A285.!6202!;27?1/7345!/!85-.!5?!10Q.!6/B?/75.!2O-k/.G!#!-7.12C2345!F5-!7/:5A-282!
A5; ! 5 ! :5O/075 !82 !-CS2 !8/65-. ! B?/! 2 !`2./ !#@0/2 ! b5c208 !1/O/ !8/ !./0 !0/;5O-82 !85!
9272;TG!(.12!U+&!@!26/72.!;2-.!?;2!82.!B?/!F502;!/.12D/C/A-82.!6202!.?D.1-1?-0!2.!
F?73k/. ! /P/0A-82. ! 6/C2 ! b5c208G ! H5 ! 2A5085 ! 6202 ! .?2 ! -7.12C2345I ! 5. ! (.1285. ! i7-85.!
265712;!A5;5!;51-O5!5!8/./Y5!8/!o:20271-0!5!;2-50!:02?!8/!./:?02732!75!1027.6501/!
2@0/5!-71/072A-572Cp!/!o0/2F-0;2!.?2.!60/5A?623k/.!A5;!5.!215.!5?!2;/232.!A57102!2!
./:?02732 ! 85. ! 2O-k/.I ! B?/ ! 2;/232 ! 2 ! ./:?02732 ! 82. ! 6/..52. ! / ! 60560-/828/.I ! 2F/12!
7/:21-O2;/71/ ! 5 ! 1027.6501/ ! 2@0/5 ! / ! 2D2C2 ! 2 ! A57F-2732 ! 82. ! 6/..52. ! 72 ! ./:?02732 ! 82!
2O-2345 ! A-O-CpG ! # ! 656?C2345 ! 8/ ! #0?D2I ! /710/12715I ! 745 ! ./ ! A57O/7A/? ! 85. ! ;51-O5.!
260/./71285.!650!e2.S-7:157!/I!B?2785!2O-k/.!8/!:?/002!/.128?7-8/7./.!A5;/3202;!2!
6021-A20!/P/0AXA-5.!2102O@.!82!-CS2I!2!656?C2345!F-A5?!2-782!;2-.!8/.A57F-282!8/!B?/!
2B?-C5!/02!;2-.!85!B?/!?;2!56/02345!A57102!805:2.G!920/A-2!6?02!60/./732!;-C-120!l)+#!
e#,"bI!JKLLR!iG)G!*(9#a,$(H,!+U!),#,(I!JKLLmG!
Jt
! U?78285 !/; !LstfI!5!"+b# !@!?;2!50:27-W2345 !8/!6/.B?-.2. !B?/ !O-.2 !2!o605;5O/0 !5. !-71/0/../.!
S/;-.F@0-A5.!A5;?7.I!820!O-.-D-C-828/!25.!2..?715.!0/:-572-.!/!/C/O20!2!-;6501\7A-2!85!0/C2A-572;/715!
-71/02;/0-A275I!D/;!A5;5!/7A502Y20!2!F50;?C2345!8/!65CX1-A2.!A57.10?1-O2.!/!02A-572-.!85.!(i#!6202!2!
#;@0-A2!&21-72pG
tg
H2. ! `2S2;2.I ! 5. ! (.1285. ! i7-85. ! 1Q; ! ./-. ! -7.12C23k/.G ! */710/ ! /C2.I ! 2 ! `2./!
90-7A-62C!85!#i,("!/!5!#i,("!)2CO2850G!#i,(".!l2D0/O-21?02!8/!!8($58-.&95%'":'$&
;':8 & $5% &<=$(7$8-05 & /'58'"m! .45! C2D5021<0-5. ! B?/ !0/2C-W2; !2 !;/8-345 ! 8/ !102Y/1<0-2.!
10-8-;/7.-572-.!S-805!/!2/05/.62A-2-.I!?.282.!6/C5.!(.1285.!i7-85.!6202!1/.120!.5720/.!/!
.?2.! 1@A7-A2. !8/!A5;D21/ !72O2CG!#C@;!82. !#i,(".I!B?2105!")&.!./!C5A2C-W2;!72.!
`2S2;2.G
# ! "5C[;D-2 ! 1/; ! LK ! -7.12C23k/. ! /.128?7-8/7./.E ! 10Q. ! D2./. ! 82 ! U5032 ! #@0/2E!
$2C2;D5! l7501/mI !92C27B?/05! lA/7105m ! / !#6-2]! lC/.1/mR ! 8?2. ! D2./. ! 85 ! (P@0A-15E ! /;!
,5C/;2-82! lA/7105m!/ !&20278-2 !l.?CmR!/!8?2.!D2./.!72O2-.E !"2012:/72! l7501/I!.5D0/!5!
#1C\71-A5m ! / !$TC2:2! l5/.1/I ! 75 ! 92AXF-A5o[ *#02?A2I ! B?/ ! 0/2C-W2 ! O-:-C\7A-2 ! 82 ! -7F02=
/.10?1?02!6/105CXF/02R!5!U501/!$-C-120!&20278-2I!B?/!./0O/!A5;5!D2./!8/!S/C-A<61/05.!85.!
(.1285.!i7-85.R!2C@;!82!`2./*;-C-120!,0Q.!(.B?-72.I*578/!F?7A-572;!2!a/8/!8/!a2820!
82!`2A-2!85!"20-D/*l/$"-,,'$5&!"'$&)$%$"&Q"04"$#!h!"`aHm!/!5*"/7105!"57Y?715!8/!
%71/C-:Q7A-2G
H5!(B?2850I!5.!(.1285.!i7-85.!?1-C-W202;!650!?;2!8@A282!2!`2./!8/!$2712!
l$262! qmI!B?/I!/;D502!8/.21-O282 !/;!JKKs!h!8/65-. !B?/!5!:5O/075!/B?2150-275 !./!
7/:5? ! 2 ! 0/75O20 ! 5 ! 2A5085 ! D-C21/02C ! hI ! 2-782 ! 2620/A/ ! 75 ! 0/C21<0-5 ! 8/ ! D2./. ! 85!
*/62012;/715 ! 8/ ! */F/.2G ! + ! 2A5085 ! 6202 ! -7.12C2345 ! 82 ! D2./ ! 8/ ! $2712 ! O/-5 ! /; ! ?;!
;5;/715 ! A2<1-A5 ! 82 ! 65CX1-A2 ! 85 ! (B?2850G ! (710/ ! 2. ! 8@A282. ! 8/ ! LssK ! / ! JKKKI ! 2!
-7.12D-C-828/!65CX1-A2!;20A5?!5!62X.G!
*/ ! Lsst ! 2 ! JKKfI ! F502; ! 10Q. ! 60/.-8/71/. ! B?/ ! 745 ! A?;60-02; ! ./?. ! ;278215.E!
#D82C2!`?A202;!/P/0A/?!5!A20:5!/710/!2:5.15!8/!Lssq!/!F/O/0/-05!8/!LsstI!B?2785!F5-!
8/65.15!6/C5!"57:0/..5!.5D!2C/:2345!8/!-7A262A-828/!;/712C!/!/P-C5?=./!75!9272;TR!2!
60/.-8Q7A-2I!/7145I!F5-!5A?6282!8/!F50;2!-71/0-72!650!U2D-T7!#C20A<7!lq!2!s!8/!F/O/0/-05!
8/! LsstmI!a5.2C-72 !#01/2:2!)/00275!l8/!s!2!LL!8/!F/O/0/-05 !8/!Lsstm!/!75O2;/71/!
U2D-T7!#C20A<7!l8/!LL!8/!F/O/0/-05!8/!Lsst!2!LK!8/!2:5.15!8/!LssgmG!(C/-15I!d2;-C!
$2S?28!6/0;27/A/?!75!A20:5!8/!LK!8/!2:5.15!8/!Lssg!2!JL!8/!Y27/-05!8/!JKKKI!B?2785!
F5- ! 8/65.15 ! 650 ! ?;2 ! 0/D/C-45 ! ;-C-120=-78X:/72 ! C-8/0282 ! 6/C5 ! A5057/C ! &?A-5 ! (8c-7!
>?1-@00/W!`50Dn2G!*?0271/!./?!:5O/075I!;2-.!8/!LK!D27A5.!85!62X.!F502;!Z!F2CQ7A-2G!
9202!.5A500Q=C5.I!$2S?28!?1-C-W5?!0/A?0.5.!6nDC-A5.I!A57:/C5?!8/6<.-15.!D27AT0-5.I!2!
-7FC2345!8-.6205?!/!2!;5/82!72A-572C!./!8/.O2C50-W5?!F0/71/!25!8<C20G!*/.2.10/.!721?02-.!
/!2!B?/82!85!60/35!85!D200-C!85!6/10<C/5I!2C-285.!Z!A0-./!-71/072!C/O202;!5!62X.!Z!.?2!6-50!
A0-./!/A57[;-A2G!*/65.15I!$2S?28!F5-!.?D.1-1?X85!650!>?.12O5!H5D52I!B?/!:5O/075?!8/!
JJ!8/!Y27/-05!8/!JKKK!2!Lf!8/!Y27/-05!8/!JKKMG!H5D52!A57O5A5?!/C/-3k/.I!72.!B?2-.!F5-!
ts
/C/-15!5!/P=CX8/0!82!0/D/C-45!-78X:/72=;-C-120I!&?A-5!(8c-7!>?1-@00/W!`50Dn2G!H5!A20:5I!
>?1-@00/W!1/715?!.?D.1-1?-0!Y?XW/.!/;!10Q.!82.!;2-.!2C12.!A501/.!85!62X.I!/!.5D!-71/7.5.!
6051/.15.!656?C20/.I!F5-!0/;5O-85!6/C5!"57:0/..5!l)((&^(I!JKKgmG!
i; ! 0/C21<0-5 ! 82 ! +(# ! 265715? ! B?/I ! /710/ ! Lsss ! / ! JKKKI ! o5. ! D2-P5. ! O2C50/.!
.5A-5/A57[;-A5.!85!(B?2850!A0-202;!:0278/!8/.A571/712;/715!72!656?C2345I!B?/!./!
1028?W-? !/;!:0/O/.!/!;5D-C-W23k/. !.5A-2-.pG!#!.-1?2345!8/!A0-./!85!62X.I!./:?785!5!
0/C21<0-5I ! 658/0-2 ! ./0 ! 2?F/0-82 ! 2102O@. ! 85. ! ./:?-71/. ! 7n;/05.E ! 2 ! -7FC2345 ! .?D-? ! 6202!
qKIt•!/;!Lsss!/!/;!JKKK!21-7:-?!tgIL•R!5!9%`!A2-?!t!65715.!/;!LsssI!2!0/A/..45!
F-A5?!/;!tIf•!/!2!8XO-82!/P1/072!.?6/05?!5.!i€!LM!;-CSk/.R!5.!7XO/-.!8/!8/./;60/:5!
.?D-02;!6202!Lt•!/!qJIf•!85.!S2D-1271/.!85!62X.!/.12O2;!O-O/785!2D2-P5!82!C-7S2!8/!
65D0/W2!l+a>#H%~#,%+H!+U!#$(a%"#H!),#,()I!./;!8212mG
(; ! ;2035 ! 8/ ! LsssI ! 2 ! A0-./ ! F-727A/-02 ! C/O5? ! 5 ! :5O/075 ! 2 ! F/AS20 ! Ms ! D27A5.!
A5;/0A-2-.!/;!26/72.!?;2!./;272G!H2B?/C/!;/.;5!;Q.I!5!60/.-8/71/!$2S?28!8/A0/15?!
/.1285 ! 8/ ! /;/0:Q7A-2 ! 650 ! qK ! 8-2. ! / ! C2735? ! ?; ! 62A51/ ! 8/ ! 2?.1/0-828/G ! ,2P-.12.!
DC5B?/202;!2.!/.10282.!85!62X.!6202!6051/.120!A57102!5!2?;/715!8/!;2-.!8/!JKK•!75!
60/35 ! 85. ! A5;D?.1XO/-. ! 27?7A-285 ! 6/C5 ! 6C275 ! 8/ ! 2?.1/0-828/G ! $5150-.12. ! 8/ ! [7-D?.!
28/0-02;!25!6051/.15!85.!12P-.12.I!6202C-.2785!5!.-.1/;2!8/!1027.6501/!6nDC-A5G!(;!f!8/!
Y27/-05!8/!JKKKI!$2S?28!8/A0/15?!/.1285!8/!/;/0:Q7A-2!/;!1585!5!62X.R!/;!s!8/!Y27/-05!
85!;/.;5!275I!6056[.!2!85C20-W2345!82!/A575;-2!85!62X.I!2!656?C2345!6051/.15?!A57102!
2!6/082!8/!658/0!2B?-.-1-O5!/!5!60/.-8/71/!85!`27A5!"/7102C!0/7?7A-5?!/;!6051/.15!
A57102!2!85C20-W2345G
(; !;2035 !8/!LsstI!?;!0/C21<0-5 !.5D0/!2!.-1?2345 !85. !*-0/-15. !b?;275. !75!
(B?2850I!265715?!B?/!N!;-CSk/.!8/!/B?2150-275.I!/;!?;2!656?C2345!8/!LJIf!;-CSk/.I!
.5D0/O-O-2; ! A5; ! ?; ! .2CT0-5 ! 8/ ! i€ ! Nf ! ;/7.2-.I ! /7B?2715 ! 2 ! A/.12 ! DT.-A2 ! A?.12O2!
2605P-;282;/71/ ! i€JKKG ! (; ! 0/.65.12 ! 2 ! /.12 ! .-1?2345I ! 2 ! "57F/8/02345 ! 8/!
H2A-572C-828/. !%78X:/72. !85! (B?2850! h!"+H#%( !/ !2! "5508/72345 !8/ !$5O-;/715.!
)5A-2-.!h!"$)!A57O5A5?!5.!65O5.!-78X:/72.!6202!?;!6051/.15!/;!Lf!8/!Y27/-05!8/!
JKKKG!+!6051/.15!A5-7A-8-2!A5;!5!8-.A?0.5!8/!$2S?28!Z!72345!75!"57:0/..5I!/!6/8-2!
745 ! 26/72. !2!0/7n7A-2 !85!60/.-8/71/I !;2. !12;D@; !2!8-..5C?345 !85!"57:0/..5!/ !85!
d?8-A-T0-5I!B?/!5.!6051/.1271/.!A57.-8/02O2;!0/.657.TO/-.!6/C2!A0-./!/A57[;-A2G!d?715!
A5;!2!8/AC202345!8/!/.1285!8/!/;/0:Q7A-2I!$2S?28!A57O5A5?!MK!;-C!65C-A-2-.!/!5F-A-2-.!
;-C-120/.!6202!?;2!;5D-C-W2345!6/C2.!0?2.!85!62X.I!A5;5!;/8-82!8/!60/A2?345G!H5.!8-2.!
B?/ ! 271/A/8/02; ! 5 ! 6051/.15 ! -78X:/72I ! 2 ! 95CXA-2 ! H2A-572C ! 0/65012 ! 2 ! 60-.45 ! 8/ ! LfJ!
A-82845.I!8/710/!/C/.I!gM!;/750/.!8/!-828/!/!qs!28?C15.G!*/7105!8/!Ng!S502.I!qq!;/750/.!
gK
F502;!C-D/0285.!/!5?105.!Lt!F502;!;271-85.!60/.5.!.5D!2C/:2345!8/!B?/!A200/:2O2;!
20;2.!/!;?7-345!8?0271/!6051/.15.!8/!/.1?8271/.G!(;!Lt!8/!Y27/-05I!102D2CS2850/.!82!
-78n.10-2 !85!6/10<C/5 !-7-A-202; !?;2 !:0/O/!A57102!5!:5O/075G!*/65-.!8/!./;272. !8/!
O-5C/715. ! 6051/.15.I ! 5 ! 60/.-8/71/ ! $2S?28 ! F5- ! 0/;5O-85 ! 85 ! A20:5 ! 6/C5 ! "57:0/..5 ! /!
.?D.1-1?X85!6/C5!A5057/C!&?A-5!>?1-@00/WG!
,2-.!/02;!2.!A578-3k/.!85!(B?2850!B?2785!5.!(.1285.!i7-85.!5F/0/A/02;!?;!
2A5085!8/!A556/02345!/;!./:?02732!/710/!5.!85-.!62X./.I!B?/!CS/.!:20271-0-2I!650!?;2!
8@A282!5!?.5!82.!-7.12C23k/.!82!D2./!8/!$2712!lU515!smG
-;a;*mZ!`2./!8/!$2712I!(B?2850
+CND@Z!>55:C/!(201S
gL
+CDC*bZ!`2./!#@0/2!(C5]!#CF205!l$2712mI!(B?2850
+CND@Z!>55:C/!(201S
+ ! 9/0? ! 2D0-:2 ! 85-. ! 8-.65.-1-O5. ! /.128?7-8/7./.E ! 5 ! "/7105 ! H2O2C ! 8/! 9/.B?-.2!
$@8-A2!/!5!*(,!l*/62012;/715!8/!(8?A2345!/!,0/-72;/715mI!/;!&-;2G
(;!95015!a-A5I!8/!2A5085!A5;!5!*/62012;/715!8/!*/F/.2I* ST!Ms!-7.12C23k/.I!
B?/ ! 6/0F2W/; ! ?; ! 1512C ! 8/ ! LKt ! r;•G ! H51/=./ ! B?/ ! :0278/ ! 6201/ ! 82. ! -7.12C23k/. ! 85!
"5;6C/P5 ! 85 ! "272C ! 85 ! 9272;T ! ./ ! 8/.C5A5? ! 6202 ! 2XI ! A5;5 ! F5- ! 5 ! A2.5 ! 85 ! U501/!
`?AS2727G
(C !)2CO2850 !/!9202:?2- !1Q; !?;!65.15!8/!56/023k/. !2O273282. !A282R !/!"?D2!
2D0-:2!2!D2./!8/!>?271T72;5I!8/!B?/!10212;5.!/;!A26X1?C5!271/0-50G
#!-7.12C2345!75!9202:?2-!@!2!`2./!$20/AS2C!(.1-:200-D-2I!B?/!1/;!A262A-828/!
6202!2C5Y20!JK!;-C!.5C8285.!/.128?7-8/7./.!/!A5712!A5;!?;2!6-.12!8/!65?.5!8/!MGgKK!
;/105.I!5!B?/!2!A262A-12!6202!0/A/D/0!21@!;/.;5!5.!;2-50/.!2O-k/.!82!U5032!#@0/2!85.!
(.1285. ! i7-85.G ! H2 ! /.1021@:-2 ! 85. ! (.1285. ! i7-85.I ! A57.1-1?-=./ ! 7?;2 ! &5A2C-828/!
+6/02A-572C!#O273282!lU+&mG!#!6-.12!8/.12!D2./!F5-!A57.10?X82!72!8@A282!8/!LsgKI!2!
6/8-85!85!8-12850!#CF0/85!)105/..7/0I!6/C5.!(.1285.!i7-85.G
(;!JKKfI!?;!2A5085!6202!A556/02345!/;!./:?02732!A5;!5!:5O/075!6202:?2-5!
8/1/0;-75? ! B?/ ! 2. ! F5032. ! /.128?7-8/7./. ! 1-O/../; ! 2?150-W2345 ! 6202 ! /.12A-5720 ! .?2.!
10562.!75!9202:?2-!650!?;!6/0X585!8/!Lg!;/./.I!/710/!Y?7S5!8/!JKKf!/!8/W/;D05!8/!
JKKqG!"2.5!5!2A5085!745!F5../!2605O285!6/C5!:5O/075!6202:?2-5I!e2.S-7:157!A50120-2!
gJ
;-CSk/.!8/!8<C20/.!8/!265-5!25!62X.G!(02!2!60-;/-02!O/W!B?/!D2./.!/.1027:/-02.!./!O-2;!
2?150-W282. ! 2 ! /.12A-5720 ! 72 ! #;@0-A2 ! 85 ! )?C ! l*#H>&I ! JKKfR ! `#"b(&(,I ! JKKNR!
$+a# ! Ž ! "++H(ƒI ! JKKtEssR !iG)G !`ia(#i ! +U ! 9+&%,%"#&=$%&%,#aƒ!
#UU#%a)I!JKKfmG!%.15I!72!W572!82!,0X6C-A/!U0571/-02I!A502345!85!#B?XF/05!>?2027-I!
;2-50!0/./0O2!8/!T:?2!85A/!82!#;@0-A2!85!)?CI!./:?782!85!;?785G
H5 ! 9202:?2-I ! /; ! L‰ ! 8/ ! Y?CS5I ! 5. ! 60-;/-05. ! NKK ! ;-C-120/. ! /.128?7-8/7./.!
8/./;D20A202;!72!`2./!$20/AS2C!(.1-:200-D-2I!B?/!8T!25.!(.1285.!i7-85.!2A/..5!25!
`02.-C!l2!MKK!r;mI!#0:/71-72!l2!JKK!r;m!/!Z!`5CXO-2!l2!JKK!r;mG!(02;!5.!60-;/-05.!8/!
?;!1512C!8/!LM!?7-828/.!2?150-W282.!2!/71020!75!62X.!6/C5!6/0X585!8/!Lg!;/./.!8?0271/!5!
B?2C!O-:-2!5!2A5085G!$2-.!?;2!O/WI!5.!1/0;5.!85!2A/015!/710/!5.!(.1285.!i7-85.!/!?;!
:5O/075!.?C=2;/0-A275!C/O271202;!B?/.1-572;/715.!/710/!5.!5?105.!:5O/075.!82!0/:-45G!
)5D !2.! 0/:02. !85!85A?;/715I !5.!;-C-120/. !/.128?7-8/7./. !21?2785 !75!9202:?2- !/02;!
A57.-8/0285. ! oF?7A-57T0-5. ! 8-6C5;T1-A5.p ! h ! 5 ! ;/.;5 ! A5; ! 5. ! ;-C-120/. ! 7501/=
2;/0-A275. !/;!21?2345 !21?2C;/71/ !72!"5C[;D-2 !hI!:5W2785!8/!-;?7-828/ !B?2715!2!
65..XO/-. !8275.!A2?.285. !25!;/-5 !2;D-/71/ !5?!Z!.2n8/!82!656?C2345!C5A2C !/!1/785!
C-D/0828/ ! 6202 ! 1027.650120 ! 20;2. ! / ! /B?-62;/715. ! ;-C-120/. ! ./; ! B?/ ! 2. ! 2?150-828/.!
6202:?2-2. ! 65..2; ! 2:-0 ! /; ! A5710T0-5 ! l`ia(#i ! +U ! e(),(aH ! b($%)9b(a(!
#UU#%a)I!JKLLR!"+b#I!JKKtmG
(; ! JKLKI! 5! 9202:?2- ! ./! 0/A?.5?! 2 !6201-A-620 ! 8/ !/P/0AXA-5. !;-C-120/. !A5; ! 5.!
(.1285.!i7-85.I!B?/!6/0;-1-0-2;!2A/..5!25!9202:?2-!2!6/C5!;/75.!fKK!;-C-120/.!7501/=
2;/0-A275.!l`#"b(&(,I!JKKNmG!#5!./!7/:20!2!6201-A-620!82.!21-O-828/.I!5!60/.-8/71/!
6202:?2-5!U/072785!&?:5!265715?!B?/!5.!2A5085.!/710/!(.1285.!i7-85.!/!"5C[;D-2!
6202!?1-C-W2345!8/!D2./.!/.12O2;!./785!F501/;/71/!B?/.1-57285.G!#C@;!85!B?QI!S2O/0-2!
o?;!75O5!A/7T0-5!/;!1/0;5.!8/!8/F/.2I!./:?02732!/!.5D/027-2p!72!#;@0-A2!85!)?CG
gM
0;adDS>C*$
/*3>;NC*0C>r<H=;
# ! "5C[;D-2 ! @I ! 21?2C;/71/I ! 5 ! 1/0A/-05 ! 62X. ! 85 ! ;?785! B?/ ! ;2-. ! 0/A/D/!
F-727A-2;/715!/!10/-72;/715!;-C-120!85.!(.1285.!i7-85.I!F-A2785!210T.!26/72.!8/!%.02/C!
/!85!(:-15G!,/;!;2-.!6/..52C!8/!.?2.!F5032.!8/!./:?02732!10/-7285!2102O@.!8/!605:02;2.!
85!*/62012;/715!8/!*/F/.2!/.128?7-8/7./.!85!B?/!B?2CB?/0!5?105!75!6C27/12G!(;!JKKNI!
650!/P/;6C5I!8/!i€!tMg!;-CSk/.!8/.1-7285.!Z!#;@0-A2!&21-72!2102O@.!85!905:02;2!8/!
#..-.1Q7A-2 ! (.1027:/-02 ! 85 ! */62012;/715 ! 8/ ! (.1285 ! 85. ! (.1285. ! i7-85.I ! i€ ! NqM!
;-CSk/.!F502;!-7O/.1-85.!72!"5C[;D-2R!i€!LLq!;-CSk/.I!75!9/0?!lZ!@65A2I!2-782!?;!
85.!62X./.!A/7102-.!72!65CX1-A2!8/!A5;D21/!Z.!805:2.!85.!(.1285.!i7-85.I!26571285!6/C5!
*/62012;/715!#71-=*05:2.!h!*(#!A5;5!F507/A/850!8/!gK•!82!A5A2X72!A57.?;-82!75!
62X.I!0/.657.2D-C-828/!;2-.!1208/!1027.F/0-82!Z!"5C[;D-2!6202!Y?.1-F-A2345!82!A57.10?345!
8/!?;2!.@0-/!8/!D2./.!;-C-120/.!72!#;@0-A2!85!)?CmR!/!i€!LK!;-CSk/.!75!`02.-CG
j*<;=CE@A*E@O@H@BCE@A*B@*RSNBCA*BC! 3ECTE;<;*B@*)AA=ADwNO=;*%ADE;NT@=E;*
BCA*%AD;BCA*!N=BCA[*)NC*JKKh
3;dA
$;>CE*E@O@H=BC*
0C>r<H=;
i€!NqM!;-CSk/.
3@ES
i€!LLq!;-CSk/.
MC>d?=;
i€!sL!;-CSk/.
%qS;BCE
i€!Mf!;-CSk/.
ME;A=>
i€!LK!;-CSk/.
+CND@Z!eb%H)("
(; ! JKKgI ! Jt• ! 85. ! 2C?75. ! B?/ ! 6201-A-6202; ! 85. ! A?0.5. ! 5F/0/A-85. ! 6/C5!
eb%H)("!/02;!8/!50-:/;!A5C5;D-272R!5!"S-C/I!62X.!B?/!F-A5?!/;!./:?785!C?:20!72!
C-.12!8/!10/-72;/715I!1/O/!Lq•G!#0:/71-72I!`20D285.I!`/C-W/I!`02.-CI!"2728TJgI!>027282I!
d2;2-A2I!$@P-A5I!)45 !"0-.1<O45!/!H@O-.! /!i0?:?2-!/7O-202;I!Y?715.I!M•!85!1512C!8/!
2C?75.!0/A/D-85.!6/C2!/.A5C2!72B?/C/!275G!+!B?2805!2!./:?-0I!/P102X85!85!0/C21<0-5!27?2C!
85 ! */62012;/715 ! 8/ ! */F/.2 ! .?D;/1-85 ! 25 ! "57:0/..5 ! 85. ! (.1285. ! i7-85. ! .5D0/ ! 2.!
Jg
!(;D502!745!./Y2I!5DO-2;/71/I!6201/!82!#;@0-A2!&21-72I!;-C-120/.!/!A-O-.!A2728/7./.!21/78/;!25.!A?0.5.!
5F/0/A-85.!6/C5!eb%H)("G
gN
21-O-828/.!85!eb%H)("I!;5.102!2!8-.10-D?-345!8/!6201-A-62345!85.!62X./.!82!#;@0-A2!
&21-72!l2C@;!85!"2728Tm!75.!A?0.5.!82!(.A5C2E
+CND@Z! a/C21<0-5!#7?2C!85!)/A0/1T0-5!8/!*/F/.2!6202!5!"57:0/..5!.5D0/!2.!#1-O-828/.!85!eb%H)("!
JKKg!l*/62012;/715!8/!*/F/.2!85.!(.1285.!i7-85.m
(;!JKKsI!8/!LMKg!2C?75.I!Ntf!/02;!A5C5;D-275.R!LggI!AS-C/75.R!LtKI!6/0?275.R!
/!f!/02;!D02.-C/-05.G!#!:0278/!;2-50-2!8/!/.1?8271/.!605O@;!85.!/P@0A-15.!8/.1/.!62X./.!
lqKIs• ! /; !JKKg!/!qL•I!tsf!2C?75.I!/; !JKKsmR!./:?-85. !6/C5. !B?/ !A5;6k/; !.?2.!
F5032.!8/!65CXA-2E!JtIf•!/;!JKKgR!Jq•!/;!JKKNI!A5;5!;5.102!5!B?2805!/P102X85!85!
0/C21<0-5!JKKg!85!eb%H)("E
gf
+CND@E!a/C21<0-5!#7?2C!85!)/A0/1T0-5!8/!*/F/.2!6202!5!"57:0/..5!.5D0/!2.!#1-O-828/.!85!eb%H)("!
JKKg!l*/62012;/715!8/!*/F/.2!85.!(.1285.!i7-85.m
H2!#;@0-A2!&21-72I!2!"5C[;D-2!@!5!62X.!B?/!;2-.!0/A/D/!-7O/.1-;/715.!;-C-120/.!
85.!(.1285.!i7-85.I!F-A2785!A5;!B?2./!gK•!85.!O2C50/.!8/.1-7285.!Z!0/:-45G!#102O@.!
85!9C275!"5C[;D-2I!C5:5!75!-7XA-5!85!275!JKKKI!5!62X.!:20271-?!5!0/A/D-;/715I!/;!10Q.!
620A/C2.I!8/!?;!O2C50!2605P-;285!8/!i€!LGf!D-CS45G!#1@!JKKfI!75!/712715I!5.!O2C50/.!
-7O/.1-85. ! 650 ! e2.S-7:157 ! /; ! 605:02;2. ! ;-C-120/. ! 8/.1-7285. ! Z ! "5C[;D-2 ! YT!
?C10262..2O2; ! 2 ! A-F02 ! 8/ ! i€ ! f ! D-CSk/.I ! 2 ! ;2-50 ! 6201/ ! 8/.1/ ! O2C50I ! 8-0/A-57282 ! 25!
10/-72;/715 !/!Z!/B?-62:/; !82. !F5032. !8/!./:?02732!A5C5;D-272.G!*/!2A5085!A5;!2!
#7-.1-2!%71/072A-572CI!5.!O2C50/.!-7O/.1-85.!/;!605:02;2.!;-C-120/.!72!"5C[;D-2!.45!
;?-15!;2-50/.!85!B?/!2B?/C/.!8/.1-7285.!Z!2..-.1Q7A-2!/A57[;-A2!/!.5A-2CG!#6/.20!85!
S-.1<0-A5!8/!O-5C2345!85.!8-0/-15.!S?;275.!/!O-5CQ7A-2!82.!F5032.!20;282.!/!65C-A-2.!82!
"5C[;D-2I ! 5. ! (.1285. ! i7-85. ! A571-7?2; ! F-727A-2785 ! 605:02;2. ! 8/.1-7285. ! 25!
10/-72;/715!/!0/F5035!8/.12.!-7.1-1?-3k/.G
(;!LsssI!8/!JNt!;-C-120/.!A5C5;D-275.!8/7?7A-285.!650!A0-;/.!8/!O-5C2345!85.!
8-0/-15.!S?;275.I!LJN!S2O-2;!0/A/D-85!10/-72;/715!75!eb%H)("!le+&UI!LsssmI!5!
B?/!745!-;6/8-?!5!:5O/075!/.128?7-8/7./!8/!A571-7?20!-7O/.1-785!;-CSk/.!8/!8<C20/.!
/;!10/-72;/715!6202!2!"5C[;D-2G!%.15!0/60/./712!?;2!O-5C2345!85.!1/0;5.!8/F-7-85.!
6202!2!8/.1-72345!8/!O2C50/.!85!905:02;2!8/!#..-.1Q7A-2!(.1027:/-02I!./:?785!5!B?2CI!
62X./.!2A?.285.!8/!A0-;/.!A57102!5.!*-0/-15.!b?;275.!8/O/;!./0!A501285.!85!605:02;2G!
950 ! A5712 ! 8/ ! 8-O/0.2. ! 2A?.23k/. ! A57102 ! 2! 21?2345 ! 82. ! F5032. ! 20;282. ! /! 65C-A-2. ! 82!
"5C[;D-2I!/;!JKKfI!0/C21<0-5!85!*/62012;/715!8/!(.1285!/!82!#:Q7A-2!%71/072A-572C!8/!
gq
*/./7O5CO-;/715!-7F50;2O2;!B?/!Jf•!85.!F?785.!8/.1-7285.!25!62X.!F-A20-2;!0/1-85.I!
;2.!5!0/.1271/!A571-7?2O2!C-D/0285!6202!-7O/.1-;/715I!2!;/75.!B?/!
5 ! )/A0/1T0-5 ! 8/ ! (.1285. ! 1/7S2; ! F501/. ! /O-8Q7A-2. ! 8/ ! B?/ ! 2.!
U5032.!#0;282.!82!"5C[;D-2!745!/.145!A578?W-785!56/023k/.!
O-:505.2.!6202!0/.12?020!2!2?150-828/!85!:5O/075!/!5!0/.6/-15!
6/C5. ! 8-0/-15. ! S?;275. ! /; ! T0/2. ! .5D ! A57105C/ ! /F/1-O5 ! 8/!
50:27-W23k/.!6202;-C-120/.!/!:0?65.!:?/00-CS/-05.G!
n!['[*(@a;ED<@ND*CR*'D;D@*x*!['[*)T@NO\*RCE*#ND@EN;D=CN;>*
(@?@>Ca<@NDI*JKKjo
"5;!5.!-7O/.1-;/715.!/;!8-2I!26/.20!82.!8/7n7A-2.I!75!F-72C!8/!JKKsI!5!9C275!
"5C[;D-2 !2D0-2!2. !65012. !82!#;@0-A2 !85!)?C!6202!2 !-7.12C2345 !8/ !./1/!75O2. !D2./.!
;-C-120/.!/.128?7-8/7./.!l),+^()I!JKKfR!iG)G!*(9#a,$(H,!+U!*(U(H)(I!JKKsR!
iG)G ! *(9#a,$(H, ! +U ! ),#,( ! Ž ! iG)G ! #>(H"ƒ ! U+a ! %H,(aH#,%+H#&!
*('(&+9$(H,I!JKKfmG
(;!JKKsI!?;!2A5085!D-C21/02C !8/!A556/02345 !/;!./:?02732!/710/!5. !(.1285.!
i7-85.!/!2!"5C[;D-2!:20271-2!ZB?/C/.!5.!8-0/-15.!8/!?1-C-W2345!82.!-7.12C23k/.!8/!./1/!
D2./. ! ;-C-120/. ! A5C5;D-272. ! 650 ! ?; ! 6/0X585 ! 8/ ! LK ! 275.I ! 62..XO/-. ! 8/ ! 0/75O2345G!
,2;D@;!2../:?05?!5!2?;/715!8/!NKK!6202!gKK!;-C-120/.!/!8/!MKK!6202!qKK!F?7A-57T0-5.!
A-O-.I!/C/O2785!6202!LNKK!2!B?271-828/!8/!;-C-120/.!h!0/:?C20/.!/!;/0A/7T0-5.!hI!85.!
(.1285.!i7-85.!72!"5C[;D-2G!+!85A?;/715!6/0;-1/!Z.!F5032.!;-C-120/.!/.128?7-8/7./.!
2A/..5!
2m Z!`2./!#@0/2!>/0;T7!+C275!$50/75I!/;!92C27B?/05R
Dm Z!`2./!#@0/2!#CD/015!92c/CC.!a580X:?/WI!/;!$2C2;D5!l6/015!82!'/7/W?/C2mR
Am 25!U501/!$-C-120!,5C/;2-82I!/;!H-C5R
8m 25!U501/!$-C-120!&20278-2I!/;!UC50Q7A-2!l6/015!85!(B?2850mR
/m Z!`2./!#@0/2!"26-1T7!&?-.!U/072785!><;/W!H-•5I!/;!#6-2]R
Fm Z!`2./!H2O2C!#a"!!`5CXO20I!/;!"2012:/72!l6/015!82!'/7/W?/C2mR!/
:m Z ! `2./ ! H2O2C ! #a" ! $TC2:2I ! 72 ! `2X2 ! $TC2:2 ! l(),#*+) ! iH%*+) ! Ž!
"+&•$`%#I!JKKsmG
*/ ! 2A5085 ! A5; ! 5 ! 85A?;/715I ! 5 ! 5DY/1-O5 ! 85 ! 2A5085 ! /710/ ! 5. ! 85-. ! 62X./. ! @!
o605;5O/0 ! / ! F2A-C-120 ! 2 ! A556/02345 ! 6202 ! A5;D21/0 ! 2;/232. ! 6/0.-.1/71/. ! Z ! 62W ! /!
/.12D-C-828/I!12-.!A5;5!5!1/0050-.;5I!5!605DC/;2!:C5D2C!82.!805:2.I!5!A0-;/!50:27-W285!
-71/072A-572C!/!2!605C-F/02345!8/!20;2. !6/B?/72.!/!C/O/.pG!958/=./!A57.12120!B?/!5.!
(.1285.!i7-85.!A571-7?2;!h!A5;5!.?:/0-2!5!85A?;/715!o+DY/1-O5.!85.!(.1285.!i7-85.!
gt
/!A?0.5.!8/!2345!A5;!0/C2345!Z!#;@0-A2!&21-72pI!8/!Lg!8/!;2035!8/!LsfMJs!h!-7./0-785!
/;!.?2.!7/:5A-23k/.!;51-O5.!B?/!C/O2;!2!A0/0!B?/!5.!5DY/1-O5.!8/!.?2.!-7.12C23k/.!
;-C-120/. !O45!6202!2C@;!82!8/F/.2!145!.5;/71/!8/!./?.!-71/0/../.G!(;!A282!?;!85.!
62X./.!578/!1Q;!D2./.I!5.!(.1285.!i7-85.!/78/0/32;!?;!605DC/;2!C5A2C!B?/!Y?.1-F-B?/!
2!620A/0-2!6/C2!./:?02732!0/:-572C!/!85!62X.!578/!2!D2./!./0T!-7.12C282G
H2 ! #;@0-A2 ! &21-72I ! 2 ! Y?.1-F-A21-O2 ! <DO-2 ! ?.282 ! 6202 ! 2 ! oA556/02345p ! /;!
./:?02732!@!5!A5;D21/!25!720A510TF-A5I!B?/!2620/A/!/710/!5.!5DY/1-O5.!6202!-7.12C2345!8/!
D2./. ! /; !#71X:?2I !#0?D2I!(B?2850I !9/0?I!95015!a-A5!/ !(C!)2CO2850G !U5-!12;D@; !5!
;51-O5 ! 260/./71285 ! 6202 ! B?/I ! /; ! JKLKI ! ./ ! 2D0-../; ! 7/:5A-23k/. ! A5; ! 5 ! :5O/075!
D02.-C/-05!O-.2785!Z!-7.12C2345!8/!?;2!D2./!/.128?7-8/7./!/;!6C/75!a-5!8/!d27/-05G!(;!
2C:?7.!A2.5.I!5!o0/F5035!82.!-7.1-1?-3k/.!Y?0X8-A2.!/!82.!F5032.!65C-A-2-.p!O/;!Z!D2-C2I!@!5!
B?/!5A500/!A5;!5!$@P-A5!/!A5;!2!"5C[;D-2G
#!o2Y?82!S?;27-1T0-2p!/!2.!;-..k/.!8/!0/.:21/!/!.5A5005!/;!A2.5.!8/!8/.2.10/!
.45!2.!Y?.1-F-A21-O2.!B?/!:20271/;!2!-7./0345!;2-.!0T6-82!82.!F5032.!/.128?7-8/7./.!/;!
1/00-1<0-5.!/.1027:/-05.I!2C@;!8/!2:-0!6202!;-7-;-W20!2.!271-621-2.!/!8/.A57F-2732.!85.!
:5O/075.!/!82.!656?C23k/.!C5A2-.!A57102!.?2.!23k/.!8/!5A?62345!;-C-120G!(;!O/0828/I!
/.12 ! Y?.1-F-A21-O2I ! @ ! ?;2 ! 82. ! B?/ ! 260/./712; ! ;2-. ! O2712:/; ! 6202 ! 5. ! 5DY/1-O5. ! 8/!
e2.S-7:157I!O-.15!B?/!6/0;-1/!2!-7./0345!6021-A2;/71/!./;!0/.-.1Q7A-2!8/!./?!2620/CS5!
;-C-120!/;!1/00-1<0-5.!/.1027:/-05.G!,2C!Y?.1-F-A21-O2!./0O-?I!650!/P/;6C5I!Z!/710282!8/!Lq!
;-C ! .5C8285. ! / ! 102D2CS2850/. ! /.128?7-8/7./. ! 75 ! b2-1-I ! /; ! JKLKI ! 650 ! 5A2.-45 ! 85!
1/00/;515!B?/!8-W-;5?!5!62X.G!#!B?271-828/!8/!F?W-C/-05.!72O2-.!/7O-285.!6/C5.!(.1285.!
i7-85. ! /7O-285. ! 6202 ! /P/A?120 ! o;-..k/. ! 8/ ! 0/.:21/p ! C/O2715? ! 2. ! 8/.A57F-2732. ! 8/!
:5O/075. ! C21-75=2;/0-A275.I ! A/015. ! 8/ ! B?/ ! 2B?/C2 ! YT ! 745 ! /02 ! ?;2 ! B?/.145 ! 8/ ! 2Y?82!
S?;27-1T0-2I!/!.-;!?;2!AS27A/!B?/!5!:5O/075!/.128?7-8/7./!2605O/-12O2!6202!-7./0-0!
75O2;/71/ ! ./?. ! ;-C-120/. ! 75 ! 62X.G ! # ! 8/;57.102345 ! 85 ! 658/0-5 ! ;-C-120 ! 85. ! (.1285.!
i7-85.!72!5A2.-45!F5-!12;27S2!B?/!5!/F/1-O5!/7O-285!6/C5!9/71T:575!/;!B?/.145!8/!
8-2.!/02!;2-50!B?/!5!/F/1-O5!A5;6C/15!82!$-7?.12SG
Js
! (.1/ ! 85A?;/715 ! F5- ! ;/7A-57285 ! 75 ! ./:?785 ! A26X1?C5 ! 8/.1/ ! 102D2CS5G ! U2W ! 6201/ ! 8/ ! ?;2 ! .@0-/ ! 8/!
85A?;/715.!85!:5O/075!/.128?7-8/7./!6058?W-85.!8?0271/!2!>?/002!U0-2I!0/O/C285.!75!275!8/!LsgMI!/!B?/!
/P6?7S2;!2.!65CX1-A2.!85.!(.1285.!i7-85.!6202!;27?1/7345!85!A57105C/!.5D0/!2!#;@0-A2!&21-72G
gg
+CND@E!U#`
+!0/.:21/!8/!OX1-;2.!8/!8/.2.10/.!-:?2C;/71/!2620/A/?!A5;5!Y?.1-F-A21-O2!6202!5!
2A5085!A5;!#71X:?2G
H2!"5C[;D-2I!12;D@;!F502;!C/O271282.!B?/.1k/.!-71/072.!6202!1/7120!A57O/7A/0!
:5O/075!/!656?C2345!8/!B?/!2!-7.12C2345!82.!D2./.!745!./0O-2!26/72.!25.!-71/0/../.!
/.128?7-8/7./.I!;2.!B?/I!85!;/.;5!;585I!102W-2!O2712:/7.!C5A2-.G
+!A57FC-15!-71/075!A5C5;D-275!A5;/35?!/;!LsqNI!/!A5C5A5?!2.!F5032.!20;282.!
A5C5;D-272. ! A57102 ! 85-. ! :0?65. ! :?/00-CS/-05. ! 60-7A-62-.E ! 2. ! U5032. ! #0;282.!
a/O5C?A-57T0-2.!82!"5C[;D-2!h!U#a"!/!5!(P@0A-15!8/!&-D/012345!H2A-572C!h!(&HG!
"5;!5!A500/0!85!1/;65I!5?105.!2150/.!20;285.!./!Y?71202;!25!A57FC-15G!b5Y/I!2!C-.12!
2D027:/ ! :0?65. ! :?/00-CS/-05.I ! 50:27-W23k/. ! 6202;-C-120/.I ! F5032. ! 8/ ! ./:?02732 ! 85!
(.1285I!A201@-.I!:0?65.!8/!A0-;/!50:27-W285I!102F-A271/.!8/!805:2.!/!A0-;-75.5.!A5;?7.!
l"++9(aI!JKKLmG!
(;!LsstI!?;!0/C21<0-5!82!B7#$5&)-418:&>$8.1!=!bae!265715?!B?/I!8?0271/!2!
60-;/-02!;/128/!8/!LssqI!5!60/.-8/71/!(07/.15!)2;6/0!9-W275!:5O/075?!5!62X.!.5D!?;!
/.1285!8/!A5;5345!-71/072I!8/65-.!85!2..2..-7215!85!CX8/0!A57./0O2850!wCO205!><;/WI!
/;!75O/;D05!8/!LssfG!(.1/!o/.1285!8/!A5;5345!-71/072pI!/710/12715I!745!C/O5?!Z!60-.45!
gs
85.!0/.657.TO/-.!6/C5!2..2..-7215I!;2.!Z!.?.6/7.45!8/!8-0/-15.!DT.-A5.I!A5;!A-82845.!
./785!60/.5.!/!-7.6/A-57285.!./;!;278285G!+.!;-C-120/.!F502;!2?150-W285.!2!-:75020!2.!
2?150-828/.!A-O-.!/!0/B?-.-120!8-0/12;/71/!25!/P/A?1-O5!2!8/AC202345!8/!oW572.!/.6/A-2-.!
8/ ! 508/; !6nDC-A2pI ! 578/! 21@ ! 5! 8-0/-15 ! 8/ !-0 !/ ! O-0 !/02 ! .?60-;-85G !*/ !2A5085 ! A5; !5!
0/C21<0-5I!25!F-;!8/!;2-5!8/!LsstI!;2-.!8/!LuM!85!62X.!/02!A57.-8/0285!oW572!/.6/A-2C!8/!
508/;!6nDC-A2p!lbi$#H!a%>b,)!e#,"bI!LsstmI!/!5!62X.!A5712O2!A5;!;2-.!8/!tfK!
;-C ! 8/.2C5Y285. ! 650 ! A2?.2 ! 82 ! O-5CQ7A-2G ! #-782 ! 8/ ! 2A5085 ! A5; ! 2 ! baeI ! ?; ! /.1?85!
A5C5;D-275!A578?W-85!/;!Lssf!265715?!B?/!2!O-5CQ7A-2!85.!:0?65.!6202;-C-120/.!/02!2!
0/.657.TO/C ! 650 ! MJ• ! 85. ! 8/.C5A2;/715. ! F503285. ! / ! 2. ! F5032. ! 20;282. ! /02;!
0/.657.TO/-. ! 650 ! Lq• ! 8/C/.G ! #. ! :?/00-CS2. ! 1-7S2; ! 0/.657.2D-C-828/ ! .5D0/ ! Jq• ! 85.!
8/.C5A2;/715.G!
*/!2A5085!A5;!5!?8"$8'4-.&?87%-':&A5:8-878'&]!))%I!72!./:?782!;/128/!82!8@A282!
8/ ! LssKI ! 2. ! U#a" ! 1-7S2; ! 2..?;-85 ! ?;2 ! F501/ ! 65.-345 ! ;-C-120 ! / ! A5;/3202; ! 2 ! ./!
60/62020!6202!?;!1-65!8/!:?/002!;2-.!;58/072G!+!%7.1-1?15!265715?!B?/I
/; ! LsgJI ! 2. ! U#a" ! /02; ! 26/72. ! ?; ! 6/B?/75 ! :0?65 ! 8/ ! Lf!
F0/71/. ! A5; ! 12CO/W ! JKKK ! :?/00-CS/-05.G ! (; ! LssKI ! 1-7S2 ! ./!
/P6278-85 ! / ! A5712O2 ! A5; ! NM ! F0/71/. ! A5;65.12. ! 650!
2605P-;282;/71/!fKKK!:?/00-CS/-05.G!(;!JKKJI!2.!U#a"!1Q;!
8/!Lf!2!JK!;-C!A5;D21/71/.!/;!qK!F0/71/.!/!/;!A5;627S-2.!
;<O/-.I!B?/!O20-2;!/710/!qK!2!NKK!:?/00-CS/-05.G!
l-)&]'I*.YC<;A*)[*#=,)-./-:.'.)H!&(!@&'&6:.-/!
D.'.)-1HN#)1-)*2.$!#=FF&1)!(&1!I*6&$1-).$!#*$=1.)H[*JKKjmG!
(;!JKKtI!?;!0/C21<0-5!85!*/62012;/715!8/!(.1285!85.!(.1285.!i7-85.!2F-0;2O2!B?/!2.!
U#a" ! / ! 5 ! (&H ! 1-7S2; ! A5;/1-85 ! A0-;/. ! 8/ ! O-5C2345 ! 85. ! 8-0/-15. ! S?;275. ! B?/!
/7:C5D2O2;!
2..2..-7215. ! 65CX1-A5.I ! 2..2..-7215 ! 8/ ! ;/;D05. ! 82. ! F5032. ! 8/!
./:?02732!6nDC-A2!/!5F-A-2-.!C5A2-.!F502!8/!./0O-35I!./Bz/.105.!/!
8/.2620/A-;/715.I ! 8/.C5A2;/715. ! /; ! ;2..2I ! .?D5075 ! /!
-71-;-82345!8/!Y?XW/.I!605;5150/.!/!1/.1/;?7S2.I!O-5C2345!82!
60-O2A-828/!8/!A-82845.I!0/.10-3k/.!Z!C-D/0828/!8/!;5O-;/715I!
0/A0?12;/715 ! 8/ ! A0-2732. ! A5;5 ! .5C8285.I ! 212B?/. ! A57102!
21-O-.12. ! 85. ! 8-0/-15. ! S?;275.I ! 2;/232I ! -71-;-82345 ! /!
2..2..-7215!8/!605F/..50/.!/!.-78-A2C-.12.!
n!['[*(@a;ED<@ND*CR*'D;D@I*JKK`o
sK
&/-&27-!*5c/CCMK! lJKKgmI!75!/712715I!265712!B?/!5.!n7-A5.!2!A2.1-:20/;!2!656?C2345!
A5C5;D-272!745!/02;!2.!U#a"!/!5!(&HG!>0?65.!;-C-120/.!/!6202;-C-120/.!265-285.!
6/C5.!(.1285.!i7-85.!/!F5032.!85!:5O/075!A5C5;D-275!1Q;!0/60-;-85!2!656?C2345!/!
O-5C285!./?.!8-0/-15.!72.!nC1-;2.!8@A282.G!o#12B?/.!0/.?C12785!/;!;501/.!/!F/0-;/715.!
:02O/.! 1Q;!.-85!F/-15.!A57102!.-78-A2C-.12. !/!65O5.!-78X:/72.p!l*+e(&&I!JKKgmG!#!
6/.B?-.28502!0/65012!B?/I!/;!5?1?D05!8/!JKKgI!5!60/.-8/71/!wCO205!i0-D/!8/A0/15?!h!
;2-.!?;2!O/W‘!h!o/.1285!8/!A5;5345!-71/072pI!/7O-5?!10562.!6202!820!F-;!Z!:0/O/!8/!
;2-. !8/!?;!;Q. !-7-A-282!650!LJGfKK!A5012850/. !8/!A272!B?/!6/8-2;!5!F-;!8/!.?D=
A5710215.!A5;!oA556/021-O2.!8/!102D2CS5p!/!5!8-0/-15!2!D/7/FXA-5.!A5;5!6/7.k/.!6202!
102D2CS2850/.!F/0-85.!/;!./0O-35!/!F2C12.!650!;51-O5!8/!85/732R!2C@;!8/!?;!2?;/715!8/!
.2CT0-5 ! 8/ ! MK• ! lZ ! @65A2I ! 5. ! 102D2CS2850/. ! 0/A/D-2; ! i€ ! LINJ ! 650 ! 157/C282 ! 8/ ! A272!
A501282mG!
(; ! LJ ! 8/ ! 5?1?D05 ! 8/ ! JKKgI ! 75 ! 8-2 ! 85. ! 95O5. ! %78X:/72.I ! /.1/. ! 65O5. ! ./!
;5D-C-W202;!72A-572C;/71/!6202!6/8-0!5!F-;!85!9C275!"5C[;D-2I!2!A57.10?345!8/!?;2!
#:/782!85!95O5!/!5!0/.6/-15!85!:5O/075!25.!2A5085.!/.12D/C/A-85.!A5;!2!656?C2345!
-78X:/72G!(;!LN!8/!5?1?D05I!;-C-120/. !A5C5;D-275. !A/0A202;!/!21-0202;!A57102!?;2!
;?C1-845 ! 8/ ! LJ ! ;-C ! 6/..52. ! B?/ ! DC5B?/2O2 ! 2 ! /.10282 ! 9272;/0-A272I ! /P-:-785 ! ?;!
/7A57105!A5;!5!60/.-8/71/!wCO205!i0-D/G!H2!5A2.-45I!Mf!6/..52.!F-A202;!F/0-82.R!/I!8/!
2A5085!A5;!2!+0:27-W2345!85.!95O5.!%78X:/72.!l+H%"mI!6/C5!;/75.!Ls!8/!./?.!CX8/0/.!
F502;!;5015.!2102O@.!85!62X.G!H45!F5-!65..XO/CI!75!/712715I!B?/!./?.!A5065.!F5../;!
O-.15.!5?!-8/71-F-A285.G!
+.!A5012850/.!8/!A272!/;!:0/O/I!/7O-202;!?;!6/8-85!8/!2Y?82!650!F?785.!B?/!
2Y?82../; ! 2 ! ;271/0 ! 2 ! :0/O/G ! H5 ! 85A?;/715I ! 5. ! A5012850/. ! 2F-0;2; ! B?/ ! o./0-2 ! ?;!
8/.2.10/!./!2!:0/O/!F02A2..2../pI!YT!B?/!/C/.!o745!1Q;!8-7S/-05!6202!A5;6020!2005W!5?!
D21212.!6202!2C-;/7120!5.!102D2CS2850/.R!26/72.!T:?2pG!(C/.!A571-7?2;I!oH<.!0/A/D/;5.!
:0278/!.5C-820-/828/!6/C5!A57FC-15!82!A272=8/=23nA20I!;2.!2!.-1?2345!6-502!8-2!2!8-2I!YT!
B?/!5.!F?785.!8-;-7?/;!/!1/;5.!LJfKK!102D2CS2850/.!6202!2C-;/7120G!#!.-1?2345!8/!
.?2. ! F2;XC-2. ! @ ! 2-782 ! 6-50G ! bT ! 6/C5 ! ;/75. ! qK ! ;-C ! 6/..52. ! ./; ! A5;-82 ! / ! A?-8285.!
;@8-A5.G!)5C-820-/828/!@!ia>(H,(G!+.!AS/F/.!B?/0/;!/7F02B?/A/0!2!C?12!2102O@.!82!
F5;/p!l%*($I!JKKgmG!
MK
!)5A-2C-.12!/!;/;D05!85!e50r/0.!e50C8!9201]!/!85!9/2A/!278!U0//85;!9201]G!,02D2CS5?!A5;5!
50:27-W28502!85!:0?65!A58'"5$8-05$(&!6?><)!A57102!2!>?/002!85.!(.1285.!i7-85.!75!%02B?/G!'-2Y5?!6/C2!
"5C[;D-2I!'/7/W?/C2!/!(C!)2CO2850!/;!.5C-820-/828/!Z.!C?12.!271-=-;6/0-2C-.12.!72!#;@0-A2!&21-72G!
U571/E!‡!S116EuucccG.;201O51/0G50:uJKKNuLLuKJuA2u.121/uO51/u85c/CC‚CuD-5GS1;C!
sL
(02 ! /.12 ! 2 ! .-1?2345 ! 8/ ! A0-./ ! A5C5;D-272 ! B?2785I ! /; ! LsssI ! ./? ! :5O/075!
260/./715? ! Z ! A5;?7-828/ ! -71/072A-572C ! 5 ! 9C275 ! "5C[;D-2I ! ?; ! 2D027:/71/ ! 6C275 ! 8/!
0/A57.10?345!72A-572CI!2102O@.!85!B?2C!5!:5O/075!O-.2O2!2!0/?7-0!2Y?82!-71/072A-572C!
6202!A578?W-0!5!605A/..5!8/!62A-F-A2345!A5;!5.!:0?65.!:?/00-CS/-05.!h!/.6/A-2C;/71/!2.!
U#a"!hI!2Y?820!72!6051/345!85.!8-0/-15.!S?;275.I!75!F5012C/A-;/715!85!(.1285!/!75!
A57105C/!82.!6C27123k/.!-C/:2-.!8/!720A<1-A5.I!8/710/!5?102.!23k/.G
#6<. ! 0/?7-k/. ! A5; ! 5F-A-2-. ! 7501/=2;/0-A275.I ! /710/12715I ! 5 ! 6C275 ! F5-!
802.1-A2;/71/ ! ;58-F-A285E ! Y?715 ! A5; ! 2 ! 605;/..2 ! 8/ ! -7Y/345 ! 8/ ! i€ ! LGf ! D-CS45 ! 85.!
(.1285.!i7-85.I!5!2.6/A15!;-C-120!85!6C275!F5-!0/2C3285I!2!C?12!A57102!2.!805:2.!102W-82!
25!60-;/-05!6C275!/!2.!0/F50;2.!.5A-2-.!0/C/:282.!25!./:?785!6C275!l"++9(aI!JKKLR!
"+iH"%&!+H!U+a(%>H!a(&#,%+H)I!JKKqmG!#!60565.12!-7-A-2C!85!9C275!"5C[;D-2!
6/8-2I ! 2C@; ! 85. ! i€LGf ! D-CS45 ! 85. ! (.1285. ! i7-85.I ! 5?105. ! i€ ! J ! D-CSk/. ! 85 ! d2645I!
"2728TI!i7-45!(?056/-2I!)?X32!/!5?105.!:5O/075.!/!-7.1-1?-3k/.!F-727A/-02.!5A-8/712-.G!
+!9C275!"5C[;D-2!D2./2O2!.?2.!23k/.!75!/71/78-;/715!8/!B?/!5.!605DC/;2.!
.5A-2-.!A5C5;D-275.!/!2!A0-./!S?;27-1T0-2!B?/!2..5C2O2!5!62X.!/02;!0/.?C1285!82!2345!
82.!805:2.I!-:7502785!2!0/.657.2D-C-828/!85!60<60-5!:5O/075!A5C5;D-275!72!26C-A2345!
8/!65CX1-A2.!6nDC-A2.!6202!2!;/CS50-2!82.!A578-3k/.!8/!O-82!8/!.?2!656?C2345G!
+!A5;657/71/!;-C-120!85!9C275I!2!./0!/P/A?1285!/.6/A-2C;/71/!6/C5.!(.1285.!
i7-85.I!C/O2715?!.?.6/-12.!C5:5!8/!-7XA-5G!+!A57S/A-;/715!8/!8/7n7A-2.!8/!A0-;/.!8/!
2D?.5.!25.!8-0/-15.!S?;275.!A5;/1-85.!650!5F-A-2-.!10/-7285.!72!(.A5C2!82.!#;@0-A2.!
/02 ! 60/5A?6271/G ! #C@; ! 8-.15I ! 20;2;/715 ! F507/A-85 ! 6/C5. ! (.1285. ! i7-85. ! Z. ! F5032.!
20;282. ! 82 ! "5C[;D-2 ! /02 ! F0/B?/71/;/71/ ! ?.285 ! 75 ! A5;/1-;/715 ! 8/.1/. ! A0-;/.G ! */!
.2X82I!5!9C275!"5C[;D-2!A5715?!A5;!;?-15!65?A5!265-5!-71/072A-572CG!(;!F/O/0/-05!8/!
JKKLI!25!./0!65.15!.5D!O512345!6/C5!920C2;/715!(?056/?I!5!605Y/15!6/08/?!650!NtN!
O515.!2!L!l"++9(aI!JKKLmG
+ ! 8/.2A5085 ! 2A/0A2 ! 82 ! 2D5082:/; ! 85 ! 605DC/;2 ! A5C5;D-275I ! A?Y2!
0/.657.2D-C-828/!5.!2?150/.!85!6C275!A/710202;!F501/;/71/!72!B?/.145!82.!805:2.R!2!
8-.A508\7A-2 ! B?2715 ! Z ! ;-C-120-W2345 ! 82 ! 60565.12I ! B?/ ! 0/C/:2O2 ! 25 ! ./:?785 ! 6C275 ! 5.!
605Y/15.!8/!2..-.1Q7A-2!S?;27-1T0-2!/!8/./7O5CO-;/715!.5A-2CR!/!5!745=0/A57S/A-;/715!
650 ! 6201/ ! 85 ! :5O/075 ! 82 ! "5C[;D-2 ! 8/ ! .?2. ! 0/.657.2D-C-828/. ! 6/C2 ! .-1?2345 ! 8/!
-7./:?02732 ! / ! -7B?-/12345 ! .5A-2C ! 85 ! 62X. ! C/O202; ! 5. ! 5?105. ! :5O/075. ! 25. ! B?2-. ! 2!
60565.12!F5-!260/./71282!2!8/.-.1-0/;!82!6201-A-62345G!#5!F-;I!26/72.!5.!(.1285.!i7-85.!
.?.1/71202;!2!60565.12G
sJ
"0X1-A5. ! 85 ! 9C275 ! "5C[;D-2 ! 265712; ! B?/I ! A5; ! .?2 ! /.1021@:-2 ! 8/ ! F?;-:20 ! 2.!
6C27123k/.!72!"5C[;D-2I!/7O/7/72785!5!.5C5!/!-7O-2D-C-W2785!B?2-.B?/0!5?105.!1-65.!8/!
6C2712345I!5!605DC/;2!745!/.1T!./785!0/.5CO-85I!;2.!1027.F/0-85!6202!5.!62X./.!O-W-7S5.G!
#C@; ! 85! B?QI !5 !605DC/;2 !82. !805:2. !658/0-2 ! ./0! ;?-15 ! ;/CS50 ! 28;-7-.10285 !./ !5.!
/.F5035.!F5../;!8/8-A285.!12;D@;!Z!8-;-7?-345!82!8/;2782!6/C5!6058?15I!5!B?/!72!
60T1-A2!745!2A571/A/G!(7B?2715!;/0:?CS2!2!#;@0-A2!&21-72!/;!?;2!:?/002!Z.!805:2.!
B?/!8/-P2!;-CS20/.!8/!;5015.!1585.!5.!275.I!5!;/0A285!6202!5!A57.?;5!8/!720A<1-A5.!
75. ! (.1285. ! i7-85. ! A571-7?2 ! A0/.A/785G ! + ! 62X. ! @ ! 5 ! ;2-50 !A57.?;-850 ! ;?78-2C ! 8/!
A5A2X72!/!S/05X72!A5C5;D-272. !/!8/!;2A57S2!/!S/05X72!;/P-A272. !l"%#I!JKLLmG!*5!
5?105!C285I!8/.8/!LssKI!2!:?/002!Z.!805:2.!72!"5C[;D-2!YT!8/-P5?!;2-.!8/!NfK!;-C!
;5015.!l"#H+I!JKLKmG
(;!;2035!8/!JKKsI!/;!O-.-12!25!$@P-A5I!2!./A0/1T0-2!8/!(.1285!b-CC20]!"C-7157!
0/A57S/A/?!B?/!2!o-7.2A-TO/C!8/;2782!650!805:2.!-C/:2-.p!75.!(.1285.!i7-85.!F5012C/A/!
5!10TF-A5!8/!805:2.!72!0/:-45G!#!C/:2C-W2345I!/.6/A-2C;/71/!82!;2A57S2I!2620/A/!A5;5!
?;2!.5C?345!6C2?.XO/C!/!;2-.!/F-A-/71/!6202!5!605DC/;2!82.!805:2.!85!B?/!1/;!.-85!5!
A5;D21/ ! 6?05 ! / ! .-;6C/. ! 25. ! 6058?150/. ! / ! 102F-A271/. ! 8/ ! 720A<1-A5.G ! # ! C-D/02345 ! 85!
A57.?;5!C/O20-2!Z!8-;-7?-345!85!C?A05!85.!A201@-.I!YT!B?/!;?-15!85!60/35!82.!805:2.!
8/O/=./!Z!2C12!8/;2782!21/78-82!650!:0?65.!20;285.!8-.65.15.!2!B?/D020!2!C/-G!#6/72.!
5.!B?/!/.145!8-.65.15.!2!200-.A20!O-82.!/!8/.2F-20!2!C/-!6202!21/78/0!Z!7/A/..-828/!85!
;/0A285 ! C?A02; ! A5; ! /C/G ! #C@; ! 85 ! ;2-.I ! 2 ! C/:2C-W2345 ! 8/O/ ! O-0 ! 2A5;627S282 ! 85!
/.12D/C/A-;/715 !8/!C-;-1/. !25!A5;65012;/715 !8/ !./?. !?.?T0-5.G!'-8/!5!/P/;6C5 !85!
TCA55CI!B?/!1/O/!./?!A57.?;5!C-D/0285I!;2.!2!A578?12!8/!./?.!?.?T0-5.!62..5?!2!./0!
A57105C282!l*i^(I!JKKsR!)+&+$+H!Ž!"+a*+`#I!JKKsm
#C@;!8-.15I!272C-.12.!85!(.A0-1<0-5!82.!H23k/.!i7-82.!.5D0/!*05:2.!/!"0-;/!
liH+*"m!/!5!*/62012;/715!#71-=*05:2.!85.!(.1285.!i7-85.!265712;!B?/!2.!U#a"!
745!.45!5!/C/;/715!B?/!;2-.!C?A02!A5;!2!6058?345!/!2!O/782!8/!805:2.!72!"5C[;D-2I!
;2.!5.!:0?65.!6202;-C-120/.G!$?-12.!82.!O/W/.I!2.!U#a"!/.12D/C/A/;!12P2.!.5D0/!2.!
805:2.I!/!21@!605XD/;!/P60/..2;/71/!2!6058?345!8/!720A<1-A5.!/;!1/00-1<0-5.!.5D!./?!
A57105C/G!950!B?/!;51-O5I!/7145I!5.!:0?65.!6202;-C-120/.!745!.?0:/;!72!C-.12!8/!-7-;-:5.!
8/!e2.S-7:157y!950!B?/!5!9C275!"5C[;D-2!;271@;!./?!F5A5!.5D0/!2.!U#a"y!)/:?785!
)15r/.!lJKKfmI!5.!6202;-C-120/.!745!/7102;!72!C-.12!8/!-7-;-:5.!2!./0/;!A5;D21-85.!6/C5!
9C275 ! "5C[;D-2 ! 650! A5712 ! 8/! ./?. ! F501/. ! C235. !A5; ! 5. ! (.1285. ! i7-85.I !1/785 !.-85!
/C/;/715.!A/7102-.!72.!23k/.!8/!A57102=-7.?0:Q7A-2!/!1/0050-.;5!8/!(.1285!A578?W-82.!
72!"5C[;D-2G!H2.!62C2O02.!85!2?150I!
sM
+. ! (.1285. ! i7-85. ! 1Q; ! .-85 ! F?782;/712-. ! 72 ! 60/6202345 ! /!
6/06/1?2345!8/!0/8/.!6202;-C-120/.!./A0/12.!A5;!C-:23k/.!;?-15!
60<P-;2. ! A5; ! 2. ! F5032. ! 20;282. ! A5C5;D-272.G ! (.1/.!
6202;-C-120/. ! C/O2; ! 28-271/ ! ?;2 ! o:?/002 ! .?Y2p ! A57102 ! 2!
o.?DO/0.45p!/!.45!0/.657.TO/-.!6/C2!O2.12!;2-50-2!8/!2D?.5.!
85.!8-0/-15.!S?;275.!A5;/1-85.!72!"5C[;D-2!21?2C;/71/G!950!
/P/;6C5I!/;!JKKJI!;2-.!8/!g!;-C!2..2..-7215.!65CX1-A5.!F502;!
A5;/1-85. ! 72 ! "5C[;D-2I ! gK• ! 8/C/. ! 6/06/10285. ! 650 ! :0?65.!
6202;-C-120/.G!,0Q.!8/!A282!B?2105!21-O-.12.!6/C5.!8-0/-15.!85.!
102D2CS2850/. ! 2..2..-7285. ! 75 ! ;?785 ! .45 ! ;5015. ! 6/C5.!
6202;-C-120/.!A5C5;D-275.I!/7B?2715!JGt!;-CSk/.!8/!A-O-.!.45!
/P6?C.5.!8/!.?2.!A2.2.!Z!F5032G!
l'./]%'I * (CST[! +6*1.$-O, ! >)%*1 ! 9-1< ! 8*11&1.?./2 !
@&'&6:.-R!JKKjGm
+ ! 605DC/;2 ! A5C5;D-275 ! 745 ! 0/65?.2 ! /PAC?.-O2;/71/ ! 72. ! 805:2.R ! 1/; ! A5;5!
02XW/. ! 605F?782. ! -7Y?.1-32. ! .5A-2-. ! B?/! 5 ! 9C275 ! "5C[;D-2 ! .-;6C/.;/71/ ! -:7505?I ! 25!
60-O-C/:-20!5!A5;657/71/!;-C-120G!#6/72.!?;2!;-750-2!82.!6C27123k/.!8/!A5A2X72!/.1T!
/; ! :0278/. !1/00/75.R ! 2 !;2-50-2I ! tf•I! 82. ! 6C27123k/. ! 6/01/7A/ !2 !65D0/. !/ ! 6/B?/75.!
6058?150/.G!l"++9(aI!JKKLmG!%:7502785!5!605DC/;2!.5A-2C!/!-7O/.1-785!;-CSk/. !8/!
8<C20/. ! /; ! ?;2 ! :?/002 ! B?/ ! 26/72. ! ;?C1-6C-A2 ! 5 ! 7n;/05 ! 8/ ! ;5015.I ! 5 ! :5O/075!
A5C5;D-275!620/A/!2A0/8-120!B?/!658/!.-;6C/.;/71/!/P1/0;-720!5.!65D0/.!8/!./?!62X.I!
745 ! 2..?;-785 ! 0/.657.2D-C-828/. ! / ! 62..2785! 25. ! (.1285. ! i7-85. ! 5! A57105C/ ! 8/ ! .?2!
65CX1-A2G!(;!./?!C-O05I!o#!5?102!:?/002!2;/0-A272E!#1/0050-W2785!2!"5C[;D-2pI!*5?:!
)15r/.!lJKKfm!2F-0;2!B?/!5!9C275!"5C[;D-2!@!?;!605:02;2!.?D508-7285!2!o?;2!:?/002!
8/!A57102=-7.?0:Q7A-2!;2-.!2;6C2!A57102!2.!U#a"!/!2!.5A-/828/!A-O-C!A5C5;D-272pG
9202!5.!(.1285.!i7-85.I!5!9C275!"5C[;D-2!O-05?!145!.5;/71/!?;!605:02;2!8/!
A5;D21/!Z.!805:2.I!5!B?/!CS/.!:20271-2!?;2!Y?.1-F-A21-O2!6202!2!;-C-120-W2345!85!6C275!/!
2!AS27A/!8/!-7./0-0!./?!2620/CS5!;-C-120!72!#;@0-A2!85!)?CG!9202!2!"5C[;D-2I!5!6C275!
50-:-72C ! 605;/1-2 ! 5 ! 0/F5035 ! 82. ! F5032. ! 8/ ! ./:?02732I ! 2 ! 0/F50;2 ! 8/ ! ./? ! 2620/CS5!
Y?8-A-T0-5I!2!605;5345!85.!8-0/-15.!S?;275.I!2!.?D.1-1?-345!8/!6C27123k/. !-C/:2-. !8/!
A5A2X72 ! / ! 2 ! A57F-0;2345 ! 85 ! A57105C/ ! / ! 82 ! 60/./732 ! 85 ! (.1285 ! /; ! T0/2. ! 0?02-.!
A57105C282.!650!:0?65.!:?/00-CS/-05.!/!6202;-C-120/.!liG)G!`ia(#i!+U!e(),(aH!
b($%)9b(a(!#UU#%a)I!JKKKmG!!
# ! 02W45 ! 6/C2 ! B?2C ! 5. ! (.1285. ! i7-85. ! ./ ! 6056?./02; ! 2 ! 265-20 ! ?; ! 9C275 ! 8/!
0/A57.10?345!72A-572C!B?/!-:7502!2.!02XW/.!85!605DC/;2!/!./?.!0/.657.TO/-.I!A578/7285!
6/C2 ! #7-.1-2 ! %71/072A-572C ! / ! 2D27857285 ! 650 ! 1585. ! 5. ! 5?105. ! 62X./. ! 25. ! B?2-. ! F5-!
.?D;/1-85 ! @ ! .-;6C/.E ! 2 ! 8/F/.2 ! 85. ! -71/0/../. ! /.128?7-8/7./.I ! B?/ ! ./ ! .5D0/6k/; ! 2!
sN
B?2-.B?/0!-71/0/../!/!7/A/..-828/!C21-75=2;/0-A275.G!+.!-71/0/../.!O-12-.!85.!(.1285.!
i7-85. ! 72 ! #;@0-A2 ! &21-72 ! YT ! F502; ! ;/7A-57285. ! 0/6/1-82. ! O/W/. ! 7/.1/ ! 102D2CS5G ! +!
/;D2-P2850!$20A!>05..;27!12;D@;!/.AC20/A/?!2!60/5A?62345!/.128?7-8/7./!A5;!2!
2;/232!B?/!o2.!U#a"!/!5!(&H!0/60/./712;!‹GGGŒ!25.!i€!NGM!D-CSk/.!/;!-7O/.1-;/715.!
8-0/15.!85.!(.1285.!i7-85.!72!"5C[;D-2pG!>05..;27!2F-0;5?!B?/!212B?/.!o1/0050-.12.p!
25 ! 5C/58?15 ! "2•5 ! &-;< ! lNNKr; ! 25 ! 7508/.1/ ! 8/ ! `5:51Tm ! 2;/232O2; ! 2 ! ./:?02732!
/7/0:@1-A2 ! 85. ! (.1285. ! i7-85.G ! (; ! JKKLI ! 2 ! "5C[;D-2 ! F507/A-2 ! M• ! 85 ! 6/10<C/5!
-;6501285!6/C5.!(.1285.!i7-85.I!2C@;!8/!1/0!0/./0O2.!.?D.127A-2-.!8/!<C/5!/!:T.!721?02C!
l>a+))$#HI!JKKKmG
#.!75O2.!-7.12C23k/.!;-C-120/.!85.!(.1285.!i7-85.!72!"5C[;D-2!A57.1-1?/;!?;2!
6C212F50;2!A262W!8/!:20271-0!A57105C/!2@0/5!/!2A/..5!0T6-85!Z!#;2W[7-2!/!O2.12!650345!
85 ! 1/00-1<0-5 ! .?C=2;/0-A275G ! H5 ! 85A?;/715 ! 2..-7285 ! /710/ ! 5. ! (.1285. ! i7-85. ! / ! 2!
"5C[;D-2I!5!:5O/075!A5C5;D-275!1027.F/0-2!6202!5.!(.1285.!i7-85.!5!2A/..5I!?.5!/!
60560-/828/!82!D2./!2@0/2!>/0;T7!+C275!$50/75!l92C27B?/05mI!82!D2./!2@0/2!#CD/015!
92c/CC. ! a580X:?/W ! l$2C2;D5mI ! 85 ! F501/ ! ;-C-120 ! ,5C/;2-82 ! lH-C5mR ! 85 ! F501/ ! ;-C-120!
&20278-2!lUC50Q7A-2mI!82!D2./!2@0/2!"26-1T7!&?-.!U/072785!><;/W!H-75!l#6-2]mI!82!
D2./ ! 72O2C ! #a"! `5CXO20 ! l"2012:/72m ! /! 82 ! D2./ ! 72O2C ! #a"! $TC2:2 ! l`2X2 ! $TC2:2mG!
)/:?785!5!2A5085I!2.!-7.12C23k/.!./0O-0-2;!6202!56/023k/.!271-720A<1-A5.!/!8/!A5;D21/!
25!1/0050-.;5R!./0-2;!?.282.!6202!10/-72;/715.!/!/P/0AXA-5.!A5;D-7285.!/!56/023k/.!8/!
O-:-C\7A-2!/!0/A57S/A-;/715!B?/!O-.2../;!2!6051/:/0!2!"5C[;D-2!/!1582!2!0/:-45!A57102!
o2;/232. ! Z ! 62WI ! /.12D-C-828/I ! C-D/0828/ ! / ! 8/;5A02A-2p ! l(),#*+) ! iH%*+) ! Ž!
"+&•$`%#I!JKKsmG!
sf
-;a;*`Z*#.!D2./.!A5C5;D-272.
+CND@Z!0/O5C?A25O-/172;-12GDC5:.651GA5;
)5D!F501/.!A0X1-A2.!85.!:5O/075.!82!#;@0-A2!85!)?CI!5!*/62012;/715!8/!*/F/.2!
85.!(.1285.!i7-85.!;271/O/!2!2F-0;21-O2!8/!B?/!.?2.!-7.12C23k/.!72!"5C[;D-2!./0O-2;!
6202!820!.?6501/!Z!./:?02732!S/;-.F@0-A2!/!A5;D21/0!5!720A510TF-A5G!i;!85A?;/715!82!
U5032 ! #@0/2 ! 85. ! 60<60-5. ! (.1285. ! i7-85.I ! /710/12715I ! 2B?/A/? ! 5. ! \7-;5. ! 8/!
:5O/07271/.!.?C=2;/0-A275.!25!2657120!5DY/1-O5.!;2-50/.!6202!2.!D2./.!A5C5;D-272.G!
)/:?785!2!i)#UI!2.!D2./.!72!"5C[;D-2!6/0;-1/;!25.!(.1285.!i7-85.!2A/..5!0T6-85!2!
:0278/ ! 6201/ ! 85 ! 1/00-1<0-5 ! 85 ! )?DA571-7/71/I ! A57105C/ ! / ! O-:-C\7A-2 ! 8/ ! A500/850/. ! 8/!
6/10<C/5!l2!'/7/W?/C2!@!0/.657.TO/C!6/C5!F507/A-;/715!8/!LM•!85!6/10<C/5!-;6501285!
6/C5.!(.1285.!i7-85.m!/!2!/710282!/;!W572.!./7.XO/-.!82!65CX1-A2!0/:-572CG!>5O/075.!
A5;5 ! 5 ! 8/ ! b?:5 ! "STO/W ! / ! (O5 ! $502C/.I ! 26571285. ! A5;5 ! 028-A2-. ! 8/ ! /.B?/082 ! /!
A57.-8/0285. ! 2;/232. ! 1/0050-.12.I ! /.145 ! .5D ! 2 ! A57.1271/ ! 21/7345 ! 82. ! F5032. ! 7501/=
2;/0-A272.!72!0/:-45G
+ ! 85A?;/715 ! 82 ! i)#UI ! 821285 ! 8/ ! ;2-5 ! 8/ ! JKKsI ! 0/B?/0-2 ! F?785. ! 6202 ! 5!
8/./7O5CO-;/715 !82!D2./!2@0/2 !>/0;T7 !+C275!$50/75I!/;!92C27B?/05I!60<P-;2 !82!
'/7/W?/C2G!)/0-2;!A57.10?X82.!?;2!02;62!/!?;!2/0565015!oA5;6C/12;/71/!F?7A-572-.I!
6202!265-20!2!;-..45!85.!(.1285.!i7-85.!72!"5C[;D-2!/!72!T0/2!8/!0/.657.2D-C-828/!85!
"5;2785 ! )?C ! 85. ! (.1285. ! i7-85.p ! liG)G ! *(9#a,$(H, ! +U ! ,b( ! #%a ! U+a"(I!
JKKsmG!+!B?/!./0-2;!D2./.!6202!2Y?820!75!A57105C/!85!720A510TF-A5I!15075?=./!?;!65715!
8/!O-:-C\7A-2!.5D0/!o:5O/075.!271-=2;/0-A275.p!60/./71/.!72!#;@0-A2!85!)?CG
sq
+ ! 8/./7O5CO-;/715 ! ‹82 ! D2./ ! 8/ ! 92C27B?/05Œ ! 605;5O/ ! ?;2!
56501?7-828/ ! n7-A2 ! 6202 ! 1585 ! ?; ! /.6/A105 ! 8/ ! 56/023k/. ! /;!
?;2!.?D=0/:-45!A0X1-A2!8/!75..5!b/;-.F@0-5I!578/!2!./:?02732!/!
2 ! /.12D-C-828/ ! /.145 ! .5D ! 2 ! A57.1271/ ! 2;/232 ! 8/ ! -7.?0:Q7A-2.!
1/0050-.12. ! F-727A-282. !650 ! ‹8-7S/-05 !8/Œ !720A<1-A5.I ! :5O/075.!
271-=2;/0-A275.I ! 65D0/W2 ! /78Q;-A2 ! / ! 8/.2.10/. ! 721?02-.!
0/A500/71/.G
n#(%-I*JKKbo
a/A508/=./!5!B?/!5!:/7/02C!d2;/.!,G!b-CCI!Z!F0/71/!85!"5;2785!)?C!85.!(.1285.!
i7-85. ! 8/ ! JKKJ ! 2 ! JKKNI ! 265715? ! B?/ ! S2O-2 ! 85-. ! 1-65. ! 8/ ! 2;/232. ! 25. ! -71/0/../.!
/.128?7-8/7./. ! 72 ! #;@0-A2 ! &21-72G ! i; ! 85. ! 1-65.I ! 8/ ! 2A5085 ! A5; ! 5 ! ;-C-120I ! /02;!
2;/232.!1028-A-572-.I!A202A1/0-W282.!6/C5!o720A51/0050-.;5pI!:27:?/.!?0D272.!/!5?105.!
:0?65.!-C/:2-.!20;285.I!2C@;!8/!?;2!.?65.12!2;/232!-.C\;-A2I!72!,0X6C-A/!U0571/-02G!+!
5?105 ! 1-65 ! 8/ ! 2;/232 ! F5- ! AS2;285 ! 6/C5 ! >/7/02C ! 8/ ! o2;/232. ! /;/0:/71/.pI ! 5 ! B?/!
A57.-.1-2!75!o656?C-.;5!028-A2CI!B?/!212A2!5!605A/..5!8/;5A0T1-A5I!25!-7O@.!8/!6051/:/0!
5.!8-0/-15.!-78-O-8?2-.pG!+!;-C-120!A/012;/71/!./!0/F/0-2!25.!:5O/075.!8/!b?:5!"STO/WI!
72 ! '/7/W?/C2I ! / ! (O5 ! $502C/.I ! 72 ! `5CXO-2I ! A?Y2. ! 65CX1-A2. ! .45 ! A57.-8/0282. ! 650!
e2.S-7:157!A5;5!?;2!.@0-2!2;/232!25.!./?.!-71/0/../.!72!#;@0-A2!&21-72G!)/:?785!
b-CCI ! /.1/. ! :5O/075.I ! 60/.5. ! 2 ! F0?.1023k/. ! A2?.282. ! 6/C5 ! oF02A2..5 ! 8/ ! 0/F50;2.!
8/;5A0T1-A2.pI!o0/F5032;!.?2.!65.-3k/.!028-A2-.I!-7FC2;2785!./71-;/715.!A5710T0-5.!25.!
(.1285.!i7-85.pG!!#.!75O2.!D2./.!/.128?7-8/7./.!72!"5C[;D-2I!65012715I!60/.12O2;=./!
745!26/72.!25!A5;D21/!25!720A510TF-A5G!#!i)#U!YT!60/6202O2!;?82732.!.?F-A-/71/.!72!
D2./!8/!92C27B?/05!6202!CS/!:20271-0!2CA27A/!/!A57105C/!.5D0/!:5O/075.!o0/D/C8/.p!.?C=
2;/0-A275.G!+!85A?;/715!82!U5032!#@0/2!85.!(.1285.!i7-85.!A571-7?2O2!2!8/.12A20!2!
-;6501\7A-2!82.!0/F50;2.!72!D2./!A5C5;D-272E
92C27B?/05 ! @I ! -7B?/.1-572O/C;/71/I ! 5 ! ;/CS50 ! C?:20 ! 6202 ! ./!
-7O/.1-0 ! /; ! -7F02=/.10?1?02 ! / ! 8/./7O5CO-;/715 ! 8/7105 ! 82!
"5C[;D-2G!)?2!C5A2C-W2345!A/7102C!/.1T!8/7105!85!2CA27A/!82.!
56/023k/.!A57102!5!720A51/0050-.;5!72!A508-CS/-02!85.!#78/.G!
‹GGGŒ!#!-71/7345!@!2?;/7120!2!S2D-C-828/!85.!(.1285.!i7-85.!8/!
0/.6578/0!026-82;/71/ !2!A0-./.!/!2../:?020!2A/..5!0/:-572C!/!
60/./732 !2! ?;! A?.15! ;X7-;5G ! 92C27B?/05! 26<-2! 2! ;-..45 !8/!
;5D-C-828/I ! 605650A-572785 ! 2A/..5 ! 2 ! 1585 ! 5 ! A571-7/71/ ! .?C=
2;/0-A275I!A5;!/PA/345!85!"2D5!b507I!./!S5?O/0!A5;D?.1XO/C!
8-.657XO/CR!/I!./;!2D2.1/A-;/715I!2!;/128/!85!A571-7/71/G!
n#M#(%-I*JKKbo
st
+!85A?;/715!2-782!2F-0;2!B?/!./!/.12.!;58-F-A23k/.!745!F50/;!/P/A?1282.I!2!
S2D-C-828/!85!i))5?1S"5;!8/!265-20!2!95.1?02!8/!*/F/.2!>C5D2C!85.!(.1285.!i7-85.!
/.120T!o./0-2;/71/!C-;-1282pG!)/;!2.!;58-F-A23k/.!72!D2./!8/!92C27B?/05I!2.!23k/.!85!
i))5?1S"5;!./0-2;!C-;-1282.!2!5?102.!B?2105!-7.12C23k/.I!oB?/!26/72.!5F/0/A/;!265-5!
2@0/5!2!;-..k/.!8/!A5;D21/!2!720A<1-A5.pI!/!5?102.!8?2.I!/;D502!745!./Y2;!C-;-1282.!25!
A5;D21/!Z.!805:2.I!/.145!;?-15!8-.1271/!82!T0/2!8/!0/.657.2D-C-828/!85!"5;2785G!"5;!
26/72.!/.1/!85A?;/715I!2!U5032!#@0/2!85.!(.1285.!i7-85.!/P6[.!5.!0/2-.!;51-O5.!85!
:5O/075!85.!(.1285.!i7-85.!6202!-7./0345!8/!.?2.!F5032.!72!"5C[;D-2G!#!'/7/W?/C2!/!
.?2.!0/./0O2.!8/!6/10<C/5I!B?/!2D2.1/A/;!5!;/0A285!/.128?7-8/7./!/;!21@!Lt•!8/!.?2.!
-;650123k/.I!2;/2320-2!./O/02;/71/!2!./:?02732!/7/0:@1-A2!85.!(.1285.!i7-85.!75!A2.5!
8/!A501/!8/!2D2.1/A-;/715G!e2.S-7:157!/!.?2.!F5032.!./!60/6202;!6202!5!A5;D21/!72!
#;@0-A2!&21-72!/!745!8/-P2045!8/!26C-A20!./?!658/0-5!6202!8/F/78/0!./?.!-71/0/../.!72!
0/:-45G!
sg
0CNO>SAcC
#!/P627.45!85.!(.1285.!i7-85.I!2!7/A/..-828/!8/!:20271-0!;21@0-2.=60-;2.!/!2!
D?.A2! 650!75O5.!;/0A285. !A57.?;-850/. !C/O5?!e2.S-7:157!2!8-.650!8/!?;!/750;/!
2620215!;-C-120!B?/I!8?0271/!2!>?/002!U0-2I!./!A57A/7105?!/;!145!.5;/71/!B?2105!62X./.!
C21-75=2;/0-A275.R!;2.!B?/I!8/65-.!85!„LL!8/!./1/;D05…I!A5;!5!.?0:-;/715!8/!75O5.!
A57A500/71/.!A5;/0A-2-.!/!2.!;?82732.!65CX1-A2.!/!.5A-2-.!72!#;@0-A2!&21-72!O-?!.?2.!
-7.12C23k/.!;-C-120/.!./!;?C1-6C-A20/;!O/01-:-75.2;/71/G!
(7B?2715 ! 5 ! -7-;-:5 ! 2 ! ./0 ! A5;D21-85 ! 21/78-2 ! 650 ! o"5;?7-.;5pI ! 5. ! (.1285.!
i7-85. ! A57./:?-02; ! 2../:?020 ! 5. ! -71/0/../. ! 8/ ! .?2. ! /;60/.2. ! 72 ! #;@0-A2 ! &21-72!
2102O@. ! 82 ! ?1-C-W2345 ! 8/ ! OT0-5. ! 0/A?0.5.I ! -7AC?.-O/I ! 2102O@. ! 85 ! -7A/71-O5 ! 2 ! 8-128?02.!
;-C-120/.!/!82!-;65.-345!8/!2:/782.!8/!65CX1-A2.!6nDC-A2.!50-/71282.!650!50:27-.;5.!
8-15. ! o;?C1-C21/02-.pG ! +. ! 605:02;2. ! 8/ ! 10/-72;/715 ! 6202 ! ;-C-120/. ! / ! A-O-. ! C21-75=
2;/0-A275. ! F-727A-285. ! 6/C5 ! :5O/075 ! 8/ ! e2.S-7:157 ! D?.A2O2; ! A0-20I ! 75 ! ./-5 ! 82.!
-7.1-1?-3k/. ! ;-C-120/. ! 82 ! 0/:-45I ! ?;2 ! A2.12 ! .-;6T1-A2 ! 25. ! 5DY/1-O5. ! / ! -71/0/../.!
/.128?7-8/7./.G!)/8?W-85.!6/C2.!1028-3k/.!/!A5.1?;/.!85.!(.1285.!i7-85.I!260/./71285.!
2102O@.!85!%7.1-1?15!b/;-.F@0-A5!+A-8/712C!6202!"556/02345!/;!)/:?02732I!5.!;-C-120/.!
C21-75=2;/0-A275. ! 2A2D2O2; ! 650 ! 8/F/78/0 ! 271/. ! 5. ! -71/0/../. ! /.128?7-8/7./. ! 85 ! B?/!
2B?/C/.!8/!.?2.!60<60-2.!656?C23k/.G
+ ! -71/715 ! 8/ ! 628057-W20 ! 2 ! 85?10-72I ! 5. ! 20;2;/715. ! / ! 5 ! 10/-72;/715 ! 82.!
-7.1-1?-3k/. ! ;-C-120/. ! C21-75=2;/0-A272. ! A5; ! 2. ! .?2. ! 60<60-2. ! 6/0;-1-2 ! 25. ! (.1285.!
i7-85.!A0-20!?;2!8?0285?02!F50;2!8/!8/6/78Q7A-2G!U-72C;/71/I!5!8/.:2.1/!85.!0/:-;/.!
;-C-120/.!B?/!:02..202;!6/C2!#;@0-A2!&21-72!8?0271/!B?2./!1585!5!6/0X585!82!>?/002!
U0-2!F/W!A2X0/;I!?;2!2!?;2I!2.!8-128?02.!265-282.!650!e2.S-7:157!72!0/:-45G!)/;!;2-.!
5 ! .?6501/ ! 8/.1/. !0/:-;/.I ! 5. ! (.1285. !i7-85. ! ./!O-02; !6/08/785 !5! A57105C/ ! 8/!?;2!
0/:-45!B?/!15;2O2;!A5;5!6201/!8/!.?2!W572!721?02C!8/!-7FC?Q7A-2G!(02!7/A/..T0-5!A0-20!
75O2. ! F50;2. !8/ !A57105C/ !/!605Y/345!8/!658/0G !#!8-.6/0.45 !8/!./?!2620/CS5 !;-C-120!
2102O@. ! 82 ! 0/:-45 ! h ! /;D502 ! 745 ! ./ ! 1/7S2 ! 8285 ! A5;5 ! 0/.?C1285 ! /PAC?.-O5 ! 85!
6C27/Y2;/715 ! /.128?7-8/7./I ! YT ! B?/ ! 12;D@; ! 2. ! ;?82732. ! 72 ! 65CX1-A2 ! 0/:-572C!
605O5A202;!;?82732.!85!10215!8/!e2.S-7:157!h!21/78/!2!/.12!7/A/..-828/!8/!75O2.!
F50;2.!8/!-7./0345!72!#;@0-A2!&21-72G!
ss
# ! C-D/0828/ ! 8/ ! -;60/7.2I ! 5 ! A0/.A-;/715 ! 85. ! ;5O-;/715. ! .5A-2-.I ! 2!
0/50:27-W2345!85.!6201-85.!65CX1-A5.I!2.!A2;627S2.!/C/-1502-.!/!2!2;6C-2345!82.!60/..k/.!
0/F50;-.12. ! 0/.?C1202; ! /; ! B?/.1-572;/715 ! :/7/02C-W285 ! 85 ! 85;X7-5 ! /.128?7-8/7./G!
d?71/;=./!2!-.15!5.!A212.10<F-A5.!0/.?C1285.!8/!0/F50;2.!7/5C-D/02-.I!B?/!2605F?78202;!2!
8/6/78Q7A-2!85.!;/0A285.!/P1/075.!/!C/O202;!2!:02O/.!A0-./.!F-727A/-02.!/!/A57[;-A2.G!
#.!0/F50;2.!.5A-2-.!.5D!2!@:-8/!82!8/;5A02A-2!/710202;!72!508/;!85!8-2I!2C-;/71285!2!
-78-.65.-345!C21-75=2;/0-A272!A5;!2!651Q7A-2!S/:/;[7-A2!/!C/O2785!Z!O-1<0-2!/C/-1502C!
8/!6/0.572C-828/.!2..5A-282.!Z.!C?12.!A57102!2.!8-128?02.!;-C-120/.!/;!:0278/!6201/!82!
#;@0-A2!85!)?CG!,2-.!6/0.572C-828/.!F502;!15;282.!6/C2.!C-8/02732.!8/!e2.S-7:157!
A5;5!2;/232.!:02O/.!2!./?.!-71/0/../.!72!#;@0-A2!&21-72G
#!8/F/.2!8/!./?.!;/0A285.I!5!F507/A-;/715!8/!;21@0-2.=60-;2.!B?/!5.!(.1285.!
i7-85.!A57F-2O2;!./;60/!0/A/D/0!8/!6058?150/.!C21-75=2;/0-A275.!/!.?2!C-D/0828/!8/!
72O/:2345!2102O@.!82!0/:-45!/.12O2;!A5;605;/1-85.!A5;!2!/P-.1Q7A-2!8/!:5O/075.!B?/!
YT ! 745 ! 5D/8/A-2; ! A/:2;/71/ ! Z. ! 508/7. ! O-782. ! 8/ ! e2.S-7:157I ! :5O/075. ! 2:502!
8/8-A285.!2!605;5O/0!0/F50;2.!.5A-2-.!/!;?82732.!605F?782.!72!B?2C-828/!8/!O-82!8/!
.?2.!60<60-2.!656?C23k/.G!#!8/A-.45!85.!75O5.!:5O/075.!C21-75=2;/0-A275.!8/!A5C5A20!
5.!-71/0/../.!8/!.?2.!656?C23k/.!271/.!85.!-71/0/../.!/.128?7-8/7./.!O/-5!A5;5!.@0-2!
5F/7.2! Z. !8/1/0;-723k/. ! 8/! e2.S-7:157I! B?/! D?.A5? !75O2. !F50;2. !8/! :20271-0 ! ./?.!
-71/0/../.I!YT!B?/!745!;2-. !1-7S2; !.5D!A57105C/!5. !:5O/07271/. !82!0/:-45G!(;!?;2!
#;@0-A2!&21-72!B?/!605A?02!8/1/0;-720!./?.!60<60-5.!0?;5.I!5.!(.1285.!i7-85.!D?.A2;!
75O5.!;/-5.!6202!:20271-0!.?2!65.-345!8/!F5032G
+ ! F-; ! 82! >?/002 ! U0-2 ! C/O5? ! A57.-:5 ! 5! -7-;-:5 ! .5D0/! 5 ! B?2C ! 0/65?.2O2; ! 2.!
Y?.1-F-A21-O2. !/.128?7-8/7./. !6202!;27?1/7345!8/!./?!/750;/!2620/CS5!8/!:?/002!/;!
0/850!85!;?785G!+!LL!8/!./1/;D05I!/710/12715I!o60/;-5?p!e2.S-7:157!A5;!?;!75O5!
5657/71/!A262W!8/!:2CO27-W20!5.!1/;50/.!82!656?C2345!/!Y?.1-F-A20!2!;27?1/7345!8/!.?2.!
-7.12C23k/.!75!/.1027:/-05G!+!o1/0050-.;5pI!/710/12715I!/P-:-2!?;2!0/F50;?C2345!8/.1/!
2620/CS5I ! 75O2. ! /.1021@:-2. ! A262W/. ! 8/ ! A5;D21Q=C5G ! i;2 ! 0/8/ ! 8/ ! 6/B?/72. ! D2./.!
62..XO/-.!8/!2?;/715!F5-!8/./7S282!/!S5Y/!@!65.12!/;!60T1-A2G!)/;!;2-.!A578-3k/.!8/!
A57O/7A/0!2!1585.!5.!:5O/075.!C21-75=2;/0-A275.!82!7/A/..-828/!8/!60/./732!8/!./?!
2620/CS5 ! ;-C-120 ! 8/7105 ! 8/ ! ./?. ! 1/00-1<0-5.I ! e2.S-7:157 ! 2:502 ! 7/:5A-2 ! 2A5085. ! 8/!
A556/02345!D-C21/02CI!/78/0/32!605DC/;2.!C5A2-.!/!./!5F/0/A/!A5;5!620A/-05!72!0/.5C?345!
8/!A57FC-15.!C5A2-.G!,?85!2!F-;!8/!-7./0-0!./?!2620/CS5!;-C-120!/;!W572.!8/!./?!-71/0/../G!
#5!-7O@.!8/!-;650!2!8/;5A02A-2!/!2!62WI!75!/712715I!2!60/./732!/.128?7-8/7./!
/;!.5C5!/.1027:/-05!;5.102=./I!/;!;?-15.!A2.5.I!;51-O5!8/!B?/.1-572;/715I!271-621-2!
LKK
82.!656?C23k/.!C5A2-.!25.!(.1285.!i7-85.!/I!21@!;/.;5I!;51-O5!6202!2!8/FC2:02345!8/!
A57FC-15.G ! # ! #;@0-A2 ! &21-72 ! 62..2 ! 650 ! ?; ! 605A/..5 ! 8/ ! A57.10?345 ! 8/;5A0T1-A2I!
-71/:02345!0/:-572C!/!8/./7O5CO-;/715!.<A-5=/A57[;-A5G!#!60/./732!;-C-120!/.1027:/-02I!
?;!C-;-121-O5!Z!2?1575;-2!85.!62X./.!5A?6285.I!2C-;/712!5.!A57FC-15.!/!8-O/0:Q7A-2.!
/710/ ! 5. ! 62X./. ! .?C=2;/0-A275.I ! 658/785 ! 60/Y?8-A20 ! 5. ! 2O2735. ! /P6/0-;/71285. ! 6/C2!
0/:-45G ! #C@; ! 8-.15I ! 2 ! D-58-O/0.-828/I ! 2. ! 0/./0O2. ! /7/0:@1-A2. ! / ! 5. ! 0/A?0.5. ! SX80-A5.!
C21-75=2;/0-A275. ! 60/A-.2; ! ./0 ! 8/F/78-85.G ! # ! F501/ ! 60/./732 ! ;-C-120 ! /.128?7-8/7./!
A57F-:?02=./I ! A5;5 ! 8/;57.102 ! /.1/ ! 102D2CS5I ! /; ! ?;2 ! 2;/232 ! 2 ! /.1/. ! 0/A?0.5.G ! #!
-7.12C2345!85!2620/CS5!8/!:?/002!/.128?7-8/7./!72!#;@0-A2!&21-72!D?.A2!8/F/78/0!5.!
-71/0/../. ! /.128?7-8/7./. ! 72 ! 0/:-45I ! ;271@; ! ?;2 ! O-:-C\7A-2 ! 6/0;27/71/ ! .5D0/ ! 2.!
0-B?/W2.!721?02-.!C21-75=2;/0-A272.!/!CS/.!:20271/!?;!5CS5!O-:-C271/!A57.1271/!.5D0/!5.!
:5O/075.!o0/D/C8/.p!82!0/:-45G!
+D./0O2785=./!5.!85A?;/715.!82!>?/002!U0-2!/!A5;6202785=5.!25.!21?2-.I!75!
/712715I!@!65..XO/C!6/0A/D/0!B?/I!2F502!5!75;/!85!-7-;-:5!h!271/.I!A5;?7-.;5R!2:502I!
1/0050!hI!65?A5!;?85?!75!/71/78-;/715!B?/!e2.S-7:157!1/;!82!#;@0-A2!&21-72G!+.!
(.1285. !i7-85.!A571-7?2;!8/F-7-785!.?2.!65CX1-A2. !72!0/:-45!A5;!D2./!/;!0-B?/W2.!
721?02-. ! / ! 72 ! 7/A/..-828/ ! 8/ ! ;271/0 ! 25 ! C57:/ ! :5O/075. ! B?/ ! 745 ! CS/. ! .-:2; ! 2.!
8/1/0;-723k/.G ! #. ! ;?82732. ! 72 ! #;@0-A2 ! &21-72I ! /710/12715I ! D/; ! A5;5 ! 2. ! 60/..k/.!
-71/072.!/.128?7-8/7./.I!5D0-:202;!2!?;!0/65.-A-572;/715!/!0/8-;/7.-572;/715!8/!./?!
2620/CS5G!
#.!;?82732.!72!508/;!;?78-2CI!D/;!A5;5!2.!605F?782.!;?82732.!65CX1-A2.!/!
.5A-2-.!5A500-82.!72!#;@0-A2!&21-72!85.!nC1-;5.!275.I!A57A500/;!6202!2!0/50:27-W2345!
85 ! 2620/CS5 ! ;-C-120 ! /.128?7-8/7./ ! 72 ! 0/:-45G ! # ! 8-;-7?-345 ! 75 ! 12;27S5 ! 8/ ! .?2.!
-7.12C23k/.!745!658/!./0!/71/78-82!A5;5!6/082!8/!-71/0/../!5?!0/.6/-15!Z.!656?C23k/.!
C21-75=2;/0-A272.R!21/78/;I!.-;I!2!?;2!7/A/..-828/!8/!C/O27120!;/75.!6051/.15.!C5A2-.I!
O-.15!B?/!YT!745!@!145!FTA-CI!75!.@A?C5!jj%I!Y?.1-F-A20!/!A57O/7A/0!656?C23k/.!A2.1-:282.!
650 ! -71/0/../. ! 8/ ! ;/0A285 ! 82 ! D57828/ ! / ! 2C10?X.;5 ! /.128?7-8/7./.G ! #. ! -7.12C23k/.!
;/750/. ! D?.A2; ! 62..20 ! 8/.6/0A/D-82.I ! ;2. ! A571-7?2; ! 145 ! 75A-O2. ! / ! -7O28/; ! 12715!
B?2715!-7O28-2;!2.!271-:2.!D2./.!;-C-120/.G!"5;!5!8-F/0/7A-2C!B?/I!./;!C/O27120!12715.!
6051/.15.I!658/;!62..20!8/.6/0A/D-82. !21@I!/7F-;I !/.120/;!-7.12C282. !/!F?7A-572785G!
#C@; ! 85 ! B?QI ! 2. ! 75O2. ! 1/A75C5:-2.I ! 2O-k/. ! 8/ ! :?/002 ! ;2-. ! 0T6-85. ! / ! A262W/. ! 8/!
2102O/..20!6021-A2;/71/!1582!2!0/:-45!./;!7/A/..-828/!8/!0/2D2.1/A-;/715!/!2!026-8/W!82!
;5D-C-828/ ! 8/ ! 10562.I ! 6/0;-1/; ! B?/ ! /.12. ! 75O2. ! -7.12C23k/.I ! 2-782 ! B?/ ! ;/750/.I!
A571-7?/;!2!:20271-0!25.!(.1285.!i7-85.!5!2CA27A/!/!A57105C/!.5D0/!./?.!-71/0/../.G!_?/!
LKL
745 ! ./ ! /7:27/; ! 5. ! ;-C-120/. ! / ! :5O/075. ! C21-75=2;/0-A275.I ! e2.S-7:157 ! A571-7?2!
;271/785 ! ?; ! 5CS20 ! 21/715 ! .5D0/ ! 75..2 ! 0/:-45G ! ( ! ./? ! 5DY/1-O5 ! A571-7?2 ! ./785I ! 145!
.5;/71/I!2!8/F/.2!85.!-71/0/../.!85.!(.1285.!i7-85.!72!#;@0-A2!&21-72G
(.1/ ! 102D2CS5 ! ./ ! 8/8-A5? ! /.6/A-2C;/71/ ! Z. ! -7.12C23k/. ! ;-C-120/.I ! Z ! .?2!
C5A2C-W2345I!/!D?.A5?!0/?7-0!-7F50;23k/.!2A/0A2!8/!.?2.!A262A-828/.G!#!8-F-A?C828/!8/!
2A/..5 ! 2 ! 85A?;/715. ! B?/ ! 8/12CS2../; ! 2 ! /.10?1?02 ! 8/ ! 8-O/0.2. ! -7.12C23k/. ! B?/ ! 7/;!
;/.;5!2620/A/;!/;!0/C21<0-5.!85!*/62012;/715!8/!*/F/.2!/.128?7-8/7./.I!271/.!8/!
21/.120!.?2!-7A-6-Q7A-2I!A5;605O2!.?2!-;6501\7A-2G!H/7S?;!62X.!S2O/0-2!8/!260/./7120!
25!;?785!1582.!2.!-7F50;23k/.!.5D0/!./?!2620215!8/!8/F/.2!h!/!8/!212B?/!hI!;?-15!
;/75.!5.!(.1285.!i7-85.I!B?/!./!8/8-A2;!;2-.!0/A/71/;/71/!2!?;2!A0?W282!A57102!5!
A0-2850!85!.-1/ !>-J-('$J:I!d?C-27!#..27:/I!B?/!5?.5?!150720!6nDC-A2.!-7F50;23k/.!8/!
?;2 ! 8-12 ! o.5A-/828/ ! 8/;5A0T1-A2p ! 2 ! ?; ! ;?785 ! B?/ ! 5. ! (.1285. ! i7-85. ! 60/1/78/;!
8/;5A0T1-A5!12;D@;G
#5!102120!2C:?;2.!82.!-7.12C23k/.!A5;5!o;/05.p!65.15.!8/!.21@C-1/.I!C2D5021<0-5.!
2;D-/712-.I!20;2W@7.!8/!/B?-62;/715.!745=/.6/A-F-A285.I!5.!(.1285.!i7-85.!0/8?W/;!2!
A5712:/;!8/!-7.12C23k/.!/.62CS282.!745!26/72.!72!#;@0-A2!&21-72I!;2.!/;!0/850!85!
;?785G ! (.12. ! -7.12C23k/.I ! 75 ! /712715I ! A5;5 ! 8/;57.10285 ! 7/.1/ ! 102D2CS5I ! .45 ! 145!
-;6501271/. ! B?2715 ! 2. ! :0278/. ! D2./. ! 82 ! >?/002 ! U0-2I ! A262W/. ! 8/I ! 026-82;/71/I!
1027.F50;20/;=./!/;!D2./.!A5;6C/12;/71/!56/02A-572-.G!#60/./7120!-7F50;23k/.!.5D0/!
5 ! 1-65 ! 8/ ! /B?-62;/715 ! 60/./71/ ! 7/.12. ! -7.12C23k/. ! @ ! 8/ ! :0278/ ! -;6501\7A-2 ! 6202!
/.AC20/A/0!2-782!;2-.!5!0-.A5!B?/!A500/;!5.!62X./.!C21-75=2;/0-A275.!A5;!2!60/./732!85!
-;/7.5 ! 2620/CS5 ! 8/ ! :?/002 ! /.128?7-8/7./ ! /; ! ./? ! 1/00-1<0-5G ! #. ! A578-3k/. ! 6202 ! 5!
8/./7O5CO-;/715!8/.1/!102D2CS5I!/710/12715I!75.!6?8/02;!A578?W-0!26/72.!21@!/.1/!65715!
85!A2;-7S5G!x!?;2!6/.B?-.2!/;!A57.1271/!2782;/715G
LKJ
M=H>=CTE;R=;
;o*,=?ECA*#<aE@AACA
#&'()I!'T:7/0!"2;-C5G!2=ADFE=;*B@*S<*%N?C>?=<@NDC*+CEW;BCG!)45!92?C5E!&5]5C2I!
JKKJG
#H*(a)+HI!`/7/8-A1G!0C<SN=B;B@A*#<;T=N;B;AG!)45!92?C5E!"5;627S-2!82.!&/102.I!
JKKgG
#H*a#*(I!#72!$20-2!a-D/-05 !8/G !#A5085. !/!*/.2O/732. !72!95CX1-A2 !H?AC/20G !%7E!
*+$%H>+)!H(,+I!$27?/C!l+0:GmG!/*-=>=D;E*@*;*0=wNO=;*NC*ME;A=>[*a-5!8/!d27/-05E!
>02;;2I!JKLKI!OGLI!6G!LLt=LfKG
#ƒ(a`(I!&?-.!U/072785!l50:GmG!(@*0>=NDCN*;*/H;<;*g*3C>dD=O;A*BCA*%AD;BCA*!N=BCA*
a;E;*;*)<XE=O;*,;D=N;[*)45!92?C5E!(8-1502!iH()9E!905:02;2!8/!a/C23k/.!
%71/072A-572-.!)27!,-2:5!*2712.I!JKKsG
`#&#^a%)bH#HI!>562C!l+0:GmG !!<*-;a;*B;*yS@ADcC*";O=CN;>G!a-5!8/!d27/-05E!
"5710265715I!JKKKG!MMf!6G!A26G!tI!6G!JKs=JJfG
`#aa(,I!d5S7G!3;N;<;*0;N;>Z*lY;D*#D*#AI*lY;D*#D*-@;NA[!e2.S-7:157E!
`-DC-5`2W220I!JKLKG!LNK6G
`%**&(I!)1/6S/7G!-=>=D;E\*3C^@EE!(P6C2-7-7:!'-A150]!278!*/F/21!-7!$58/07!`211C/G!f!
/8G!90-7A/157E!90-7A/157!i7-O/0.-1]!90/..I!JKKqG
`&+eI!$-AS2/CG!)<@E=O;N*2@E=D;T@*2=ADCE\*CR*Lf*0C>CN=@AG!H5O2!%50B?/E!#;/0-A27!
b/0-12:/!9?DCG!"5I!LsqtG
`&i$I!e-CC-2;G!]=>>=NT*2Ca@Z*!['[*-=>=D;E\*;NB*0#)*#ND@E?@ND=CNA*'=NO@*lCE>B*
l;E*##*g*3;ED*##[*&5780/.E!~/8!`55r.I!JKKMG
`&#"^I!>/50:/G!.Y@*7CCB*"@=TYHCEG!H5O2!%50B?/E!9271S/57!`55r.I!LsggG!
"#a'#&b+I!d5.@!$?0-C5!8/G!!F0"^$:&)E<;B;A*@*3C>dD=O;*NC*ME;A=>G!a-5!8/!d27/-05E!
d50:/!~2S20!(8GI!JKKfG
"b+$)^ƒI!H52;G!.Y@*0S>DSE@*CR*.@EECE=A<[!`5.157E!)5?1S!(78!90/..G!`5.157E!
)5?1S!(78!90/..G!LsggG
"+(&b+I!(8;?785!"2;65.G !%<*MSAO;*B@*#B@ND=B;B@E!+!(P@0A-15!/!2!65CX1-A2!72!
.5A-/828/!D02.-C/-02G!a-5!8/!d27/-05E!a/A508I!JKKKG!
"+iH"%&!+H!U+a(%>H!a(&#,%+H)G!!['[6,;D=N*)<@E=O;*&@>;D=CNAZ*#!H/c!
*-0/A1-57!F50!2!H/c!a/2C-1]G!H5O2!ƒ50rE!90-71/8!-7!1S/!i7-1/8!)121/.!5F!#;/0-A2I!JKKgG
LKM
*#&%+I!*GdGR!$%ƒ#$+,+I!)S-:?/75C-!G!/*ME;A=>*@*;*0CNR@EwNO=;*B@*l;AY=NTDCN*
lLsfLmG!b-.1<0-2!li7-O/0.-828/!(.128?2C!92?C-.12!dnC-5!8/!$/.B?-12!U-CS5!=!iH()9G!
%;60/..5mI!OG!JgI!6G!ft=tgI!JKKsG
*+$%H>+)!H(,+I!$27?/C!l+0:GmG!/*-=>=D;E*@*;*0=wNO=;*NC*ME;A=>G!a-5!8/!d27/-05E!
>02;;2I!JKLKG
*a(ƒUi))I!a/7/!#0;278G!LbmhZ*)*0CNqS=AD;*BC*%AD;BC[*9/10565C-.I!'5W/.I!LsgLG
U%>i(%a(*+I!(?0-A5!8/!&-;2G!/A*-=>=D;E@A*@*;*(@<COE;O=;G!a-5!8/!d27/-05E!>022C!
(8-150/.I!LsgKG
>#)9#a%I!xC-5G!)*(=D;BSE;*%AO;NO;E;B;G!)45!92?C5E!"5;627S-2!82.!&/102.I!JKKJG
>(&&H(aI!(07/.1G!+!#8O/715!85!H2A-572C-.;5!/!.?2!%71/060/12345E!+.!;-15.!82!72345!
/!82!AC2../G!%7E!`#&#^a%)bH#HI!>562C!l+0:GmG !!<*-;a;*B;*yS@ADcC*";O=CN;>G!
a-5!8/!d27/-05E!"5710265715I!JKKKG!MMf!6G!A26G!NI!6G!LKt=LfNG
>a#b#$I!a-AS208G !ME=D;=N*x*DY@*/NA@D*CR*-CB@EN=G;D=CN *=N*ME;G=>*LijK6LbLhG!
&5780/.E!"2;D0-8:/!i7-O/0.-1]!90/..I!LsttG
>a#H*%HI!>0/:G!%<a=E@zA*lCEpAYCaZ!&21-7!#;/0-A2!278!1S/!a551.!5F!iG)G!
%;6/0-2C-.;G!H5O2!ƒ50rE!$/10565C-127!`55r.I!JKKqG
>i%$#a’()I!)2;?/C!9-7S/-05G!yS=NY@NDCA*;NCA*B@*a@E=R@E=;G!95015!#C/:0/ua-5!8/!
d27/-05E!(8G!82!iUa>)u"5710265715I!JKKJG
b#~(&,+HI!d5S7!bG!.Y@*(@O>;E;D=CN*CR*#NB@a@NB@NO@Z*#DA*2=ADCE\R!9?DC-A285!
50-:-72C;/71/!/;!LsKqG!H5O2!%50B?/E!*2!"265!90/..I!LstKG!
b%&,+HI ! )127C/]G !/ * ME;A=> * @ * ; * 0E=A@ * #ND@EN;O=CN;>Z * LbfK6LbhjG ! a-5 ! 8/ ! d27/-05E!
"-O-C-W2345!`02.-C/-02I!LstfG
‚‚‚‚‚‚G !! /*ME;A=>*@*;A*7E;NB@A*3CDwNO=;AZ*LbfK6LbfbG!a-5!8/!d27/-05E!"-O-C-W2345!
`02.-C/-02I!LsttG
‚‚‚‚‚‚G !'SVAD=O;*ACHE@*C*ME;A=>Z! #!b-.1<0-2!82!(.6-572:/;!#C/;4!75!`02.-CI!LsMM=
LsNNG!a-5!8/!d27/-05E!"-O-C-W2345!`02.-C/-02I!LsttlDmG
b%a),I!$57-A2G!ME;A=>6%AD;BCA*!N=BCAZ*8/./7A57105.!/!2F-7-828/.G!a-5!8/!d27/-05E!
U>'I!JKKsG!
b+`)`#eHI!(0-AG !%E;*BCA*%PDE@<CAE!+!D0/O/!.@A?C5!jj!lLsLN=LssLmG!)45!92?C5E!
"5;627S-2!82.!&/102.I!LssfG
‚‚‚‚‚‚G!";Wv@A*@*";O=CN;>=A<CA!8/.8/!LtgKG!N!/8G!)45!92?C5E!92W!/!,/002I!JKKNG
d+bH)+HI!(;50]!a-AS2G!.Y@*3;N;<;*0;N;>*)NB*0C<<@EO@G!e2.S-7:157E!
`-DC-5&-F/I!JKLKG!MMJ6G
LKN
^((>#HI!d5S7G!!<;*2=ADFE=;*B;*7S@EE;G!)45!92?C5E!"5;627S-2!82.!&/102.I!LssqG
^(HH(*ƒI!92?CG!.Y@*&=A@*;NB*R;>>*CR*DY@*TE@;D*aC^@EAG!H5O2!%50B?/E!U-0.1!'-712:/!
`55r.!(8-1-57I!LsgsG
^b#HH#I!9202:G!/*'@TSNBC*-SNBCZ*-;6@0-5.!/!-7FC?Q7A-2.!72!75O2!508/;!:C5D2CG!
a-5!8/!d27/-05E!%710X7./A2I!JKKgG
^%H~(aI!)1/6S/7G!/?@EDYEC^Z*)<@E=O;zA*0@NDSE\*CR*&@T=<@*0Y;NT@*REC<*2;^;==*
DC*#E;q[*H5O2!%50B?/E!,-;/.!`55r.I!JKKtG
&“H%HI ! 'C28-;-0 ! %CC-ASG !/ * =<a@E=;>=A<CI * R;A@ * R=N;> * BC * O;a=D;>=A<CG !)45 ! 92?C5E!
"/712?05I!JKKJG
&i,~I!"21S/0-7/G!.Y@*M;A@A*CR*%<a=E@Z*.Y@*7>CH;>*'DESTT>@*;T;=NAD*!'*-=>=D;E\*
3CADA[*&5780/.E!9C?15!90/..I!JKKsG
$#H*(&I!(07/.1G !/*'=TN=R=O;BC*B;*'@TSNB;*7S@EE;*-SNB=;>G!)45!92?C5E!(8-1502!
w1-A2I!LsgsG
$#_i%#'(&I!H-A5C2?G !/*3EdNO=a@*@*%AOE=DCA*3C>dD=OCAG!)45!92?C5E!U5CS2!8/!)45!
92?C5I!JKLKG
$#a,%H)I!$[7-A2!*-2.!=!/*M;NOC*-SNB=;>*@*;*D@EE;*l50:GmG!+F/7.-O2!/!0/.-.1Q7A-2!72!
#;@0-A2!&21-72I!wF0-A2!/!w.-2G!)46!92?C5E!'-02;?785I!JKKNG!
$#a,%H)!U%&b+I!dG!aG!G!$20-7S2E!1/A75C5:-2!/!65CX1-A2G!%7E!*+$%H>+)!H(,+I!
$27?/C!l+0:GmG!/*-=>=D;E*@*;*0=wNO=;*NC*ME;A=>[*a-5!8/!d27/-05E!>02;;2I!JKLKI!OG!LI!
6G!ft=tNG
!$""#HHI!U027r!*G!)*)>=;NW;*ME;A=>6%AD;BCA*!N=BCAI*Lbf`6LbhjG!a-5!8/!d27/-05E!
`-DC-51/A2!85!(P@0A-15I!LssfG
‚‚‚‚‚‚G !'C>B;BCA * B; * 3VDE=; * g * 2=ADFE=; * BC * %PXEO=DC * HE;A=>@=EC * nLiib6Lbf`o[! )45!
92?C5E!"5;627S-2!82.!&/102.I!JKKtG
$(H(~()I!#CF0/85!82!$512!/!U%&b+I!9-5!9/772G!#ND@TE;WcC*E@T=CN;>Z*M>COCA*
%OCNr<=OCA*N;A*&@>;Wv@A*#ND@EN;O=CN;=A[!a-5!8/!d27/-05!E!(C./O-/0I!JKKqG
$+a#I!U027r!+GR!"++H(ƒI!d/00]!eGG!3;E;TS;\*;NB*DY@*!N=D@B*'D;D@AZ*(=AD;ND*
)>>=@A!l,S/!i7-1/8!)121/.!278!1S/!#;/0-A2.mG!i7-O/0.-828/!82!>/50:-2I!JKKtG!
$+,+ƒ#$#I ! )S5W5G ! "H9BE ! i;2 ! -7.1-1?-345 ! D02.-C/-02 ! 8/ ! 65CX1-A2 ! A-/71XF-A2 ! /!
1/A75C<:-A2!=!5.!60-;/-05.!275.G!,=?EC*B@*&@AS<CA*BC*#*0CNTE@AAC*,SAC6ME;A=>@=EC*
B@*2=ADFE=;*B;*0=wNO=;*@*B;*.XON=O;G!xO502I!JKKKG
‚‚‚‚‚‚!l+0:GmG!!'3*`K*)NCAE!%;2:/7.!8/!?;2!b-.1<0-2!'-O-82G!)45!92?C5E!(8-1502!82!
i7-O/0.-828/!8/!)45!92?C5I!JKKqG
LKf
$+,,#I!d/5O2SG !+CE<;WcC*BC*/R=O=;>*BC*%PXEO=DCG!a-5!8/!d27/-05E!`-DC-51/A2!85!
(P@0A-15!(8-1502I!JKKLG
H#,%+H#&!*(U(H)(!iH%'(a)%,ƒG!%?C>?=NT*!['[*ADE;D@T\*RCE*,;D=N*)<@E=O;*
;NB*DY@*0;E=HH@;NZ*<SDS;>*Y@<=AaY@E=O*OCNO@ENA*;NB*CaaCEDSN=D=@A*RCE*DY@*LbbKAG!
U501!&/.C/]!dG!$AH2-0I!e2.S-7:157I!*"!E!H21-572C!*/F/7./!i7-O/0.-1]!90/..I!LssJG!Lsg!
6G!
H%"+&(,,%I!a/7@G!#B@ND=B;B*\*RSDSEC*B@>*-@EOCASEZ*aCE*SN;*=ND@TE;O=FN*RSNB;B;*
@N*?;>CE@A[!`?/75.!#-0/.E!&?:20G!LsssG
9("(_i%&+I!"0-.1-72!)50/27?G!)*aC>dD=O;*@PD@EN;*BCA*%AD;BCA*!N=BCAZ*
OCND=NS=B;B@*CS*<SB;NW;{G!95015!#C/:0/I!(8G!iUa>)I!JKKM
9b%&&%9)I!aG!"58]G!/a@E;D=CN*USAD*0;SA@Z*#NOSEA=CN*=NDC*3;N;<;G!*-27/!
9?DC-.S-7:!"5;627]I!JKKNG
9%~~#,%I!&585O-A5G!/!UiH"^I!`/07208I!278!e50C8!`27rG!!%SECa@;N*=ND@TE;D=CNI*
E@T=CN;>*aC>=O\I*;NB*TEC^DY&u!(8-1285!650!`/07208!U?7Ar!278!&585O-A5!9-WW21-!!e50C8!
`27rI!e2.S-7:157I!*G"G!E!!JKKM
a+i_i%xI!#C2-7!l"5508Gm!/A*3;ED=BCA*-=>=D;E@A*NC*ME;A=>G!a-5!8/!d27/-05E!a/A508I!
LsgKG
)#%H,=9%(aa(I!b@A150!/!$#,b%#)I!)?W/C/]!^G!%NDE@*?CDCA*@*HCD;AE!2.!F5032.!
20;282.!75!C2D-0-715!&21-75=#;/0-A275!85!75O5!;-CQ7-5G!U027A2I!iH()9I!JKKLG
)"b+i&,~I!&20.G!%AD;BCA*!N=BCAZ*aCB@E*@*ASH<=AAcCG!i;2!S-.1<0-2!82!65CX1-A2!
7501/=2;/0-A272!/;!0/C2345!2!#;@0-A2!&21-72G!`2?0?E!(*i)"I!JKKKG
)(%,(HUi)I!a-A2085G!/*ME;A=>*$;=*|*7S@EE;E!+!605A/..5!85!/7O5CO-;/715!D02.-C/-05!
72!)/:?782!>?/002!$?78-2CG!`20?/0-I!)45!92?C5E!$275C/I!JKKMG
)b#9%a+I!"S20C/.G!.YE@;DAI*0CNO@ENAI*;NB*/DY@E*0Y;>>@NT@A*DC*DY@*)<@E=O;A[*;1'&
PA?!K&I07"5$(S&A5='"502&\VV_R
)$%,bI!>!`207/11G!.Y@*,=R@*;NB*%ND@EaE=A@A*CR*+@EB=N;NB*B@*,@AA@aA[*&5780/.E!
eGbG!#CC/7I!LgsMG!Nt6G
)9ƒ^$#HI!H-AS5C2.!d5S7G!)<@E=O;tA*'DE;D@T\*=N*^CE>B*aC>=D=OAZ!,S/!i7-1/8!)121/.!
278!1S/!D2C27A/!5F!65c/0G!i)#E!#0AS57!`55r.I!LstKG!
,+"_i('%&&(I!#C/P-.!8/G!)*B@<COE;O=;*N;*)<XE=O;!h!)/71-;/715.!/!+6-7-k/.G!)45!
92?C5E!$201-7.!U571/.I!JKKNG
‚‚‚‚‚‚G!.Y@*!N=D@B*'D;D@A*;NB*DY@*lCE>BE!eS/0/!#0/!e/!b/28/8yG!e2.S-7:157I!
*G"GE!"/71/0!F50!(A575;-A!278!95C-A]!a/./20ASI!JKKgG
'(&b+I!+1TO-5G!-;=A*E@;>=AD;A*BC*qS@*C*E@=!h!+A-8/712C-.;5I!0/C-:-45!/!;58/07-828/.!
2C1/0721-O2.G!a-5!8/!d27/-05E!,56D55r.!(8-1502I!JKKtG!MgM!6G
LKq
Ho*,=?ECA*%>@DErN=OCA
#'(aƒI!a2C6S!(;;/1G*)<@E=O;zA*.E=S<aY*=N*3;N;<;G!"S-A2:5E!,S/!&GeG!e2C1/0!
"5;627]I!LsLMG!*-.657XO/C!/;!‡*S116EuucccG/D55r.0/28GA5;u2?1S50.=/7:u02C6S=
/;;/11=2O/0]u1S/=:0/21/.1=/7:-7//0-7:=F/21=-7=1S/=c50C8=21=6272;2=2?1S/71-A=278=
A5;6C/1/=.15=SA-u62:/=f=1S/=:0/21/.1=/7:-7//0-7:=F/21=-7=1S/=c50C8=21=6272;2=
2?1S/71-A=278=A5;6C/1/=.15=SA-G.S1;C!ˆG!#A/..285!/;!JMGKNGJKKs
`(#a*I!$-AS2/C!HGG!!N=D@B*'D;D@A*+CE@=TN*-=>=D;E\*';>@A*'DE;D@T\Z*0C;>=D=CN*
MS=>B=NT*CE*3ECD@OD=NT*DY@*(@R@NA@*#NBSADE=;>*M;A@G!$2035I!LssfG!*-.657XO/C!/;!
‡S116EuuS278C/G81-AG;-CuLKKGJu#*#MJgJKsˆG!#A/..285!/;!KMGKtGJKLK
"b+$)^ƒI!H52;G!/*qS@*C*.=C*';<*E@;><@ND@*qS@E{!`02.XC-2E!(8-1502!i7-O/0.-828/!
8/!`02.XC-2I!LsssG!*-.657XO/C!
‡S116EuucccG;-8-2-78/6/78/71/G50:u;/8-2uJKKsuLKuNfqLtLG68FˆG!#A/..285!/;!
JMGKNGJKKs
"+$%))’+!9#a"(a%#!9#a#!#)!#$xa%"#)G!&@a@NA;NBC*;A*&@>;Wv@A*%AD;BCA*
!N=BCA*g*)<XE=O;*,;D=N;Z*!<;*3;EO@E=;*2@<=ARXE=O;*@<*S<*-SNBC*B@*
.SEHS>wNO=;A[*e2.S-7:157G!JKKgG!*-.657XO/C!/;E!‡!
cccGD055r-7:.G/8?uGGGuJKKguGGGC21-7‚2;/0-A2GGGuLLJN‚C21-7‚2;/0-A2‚62017/0.S-6‚6501?:
?/./G68FˆG!#A/..285!/;!JsGLLGJKKsG
*a(eaƒ!)b%99%H>!"+H)i&,#H,)G!3;N;<;*0;N;>*'DSB\G!&5780/.E!H5O/;D05I!
JKKfG!#A/..285!/;!KJGKMGJKKsG
(H)"+a(I!)?.27!%GR!$(,~%H>(aI!$-02!*GR!e(`),(aI!d?C-/!&GG!.Y@*yS;EE\*
2@=TYDA*-=>=D;E\*&@A@E?;D=CN*=N*DY@*&@aSH>=O*CR*3;N;<;G!iG)G!#0;]!"506.!5F!
(7:-7//0.E!H5O/;D05I!LssqG!#A/..285!/;!JqGLLGJKKsG
$(*%,~I!)27802!eG!/!b#Ha#,,ƒI!*/77-.!$GI!/8-150/.G!3;N;<;Z*)*0CSNDE\*
'DSB\G!e2.S-7:157E!>9+!F50!1S/!&-D020]!5F!"57:0/..I!LsgtG!*-.657XO/C!/;!
‡S116EuuA5?710].1?8-/.G?.u6272;2uˆG!#A/..285!/;!KJGKMGJKKsG
)$%,bI!d5./6SG!.Y@*!N=D@B*'D;D@A*;NB*,;D=N*)<@E=O;Z*;*Y=ADCE\*CR*)<@E=O;N*
B=a>C<;O\I*L``m6JKKK[!!H5O2!%50B?/I!JKKfG!*-.657XO/C!/;!‡!
S116EuuD55r.G:55:C/GA5;GD0uD55r.y
-8†?0bKrPUb8#i"Ž60-71./A†F0571A5O/0Ž8B†d5./6S”);-1SI
”,S/”i7-1/8”)121/.”278”&21-7”#;/0-A2”E”2”S-.150]”5F”#;/0-A27”8-6C5;2A]I
”Lttq=
JKKKI”JKKfGŽ.5?0A/†DCŽ51.†cWNb"/UsK.Ž.-:†b^;‚F:t`8+ƒSYYbg%%8YtP9‚j
-5ŽSC†61=`aŽ/-†)dBB)N?$U.=
j1:/`1%"N`_Ž.2†jŽ5-†D55r‚0/.?C1ŽA1†0/.?C1Ž0/.7?;†sŽO/8†K"*%_q#(c"
#•O†57/62:/ŽB†ŽF†F2C./!ˆ!#A/..285!/;!KJGKfGJKLKG
)+&&#H+I!#82CD/015!)2O-•<7!*-/W!8/G!a/FC/P-57/.!6202!?7!8-TC5:5!.5D0/!/A575;X2.!
6C?02C/.!2C!./0O-A-5!8/!C2!.5D/027X2!]!/C!8/.2005CC5G!%7!+)e#&*I!–0.?C2!lA5508GmI!
'CH@E;Nd;*\*B@A;EEC>>C*E@T=CN;>[!(C!$@P-A5!B?/!B?/0/;5.G!iH#$I!"5C12PI!
LKt
"272A-7102I!$@P-A5I!66G!Jqt=JgNG!*-.657XO/C!/;!‡S116EuuD55r.G:55:C/GA5;GD0uD55r.y
-8†"a&N%_^i(M_"Ž6:†9#JqtŽC6:†9#JqtŽ8B†•JJa/FC/P-57/.”6202”?7”8•"M•#LC5:5”.5D0/”/A575;•"M•#*2.”6C?02C/.”2C”./0O-A-5”8/”C2”.5D/027
•"M•#*2”]”/C”8/.2005CC5
•JJŽ.5?0A/†DCŽ51.†e2:eAd."P(Ž.-:†7;f.90"F0U2g-Fi?qb5rbqƒƒceiŽSC†61
=
`aŽ/-†ac9:,?M`d$YKK:>q02YJ*cŽ.2†jŽ5-†D55r‚0/.?C1ŽA1†0/.?C1Ž0/.7?;†LŽ
O/8†K"`N_q#(c##•O†57/62:/ŽB†•JJa/FC/P-57/.•JK6202•JK?7•JK8•"M•#LC5:5•JK.5D0/•JK/A575;•"M•#*2.•JK6C?02C/.•JK2C•JK./0O-A-5•JK8/
•JKC2•JK.5D/027•"M•#*2•JK]•JK/C•JK8/.2005CC5•JJŽF†F2C./!ˆ!#A/..285!/;!
KJGKMGJKKsG
),+^()I!*5?:G!)<@E=O;tA*/DY@E*l;EZ*.@EECE=G=NT*0C>C<H=;G!*-.657XO/C!/;!‡!
S116EuuD55r.G:55:C/GA5;GD0uD55r.y-8†+5_)_c=
ON6ƒ"Ž6:†9aLŽC6:†9aLŽ8B†85?:”.15r/.I”JKKfŽ.5?0A/†DCŽ51.†f;$%W=
a08AŽ.-:†/$~]%:W0)5f,(/.-H8ƒ6&2*.s=(ŽSC†61=
`aŽ.2†jŽ/-†Bb_+,sOf"ƒ7N::F"qs*_#cŽO/8†K"(ƒ_q#(c`#•O†57/62
:/ŽB†85?:•JK.15r/.•J"•JKJKKfŽF†F2C./!ˆ!#A/..285!/;!KJGKMGJKKsG
iH%,(*!),#,()G!.Y@*(@O>;E;D=CN*CR*#NB@a@NB@NO@[*,S5;2.!d/FF/0.57!/!)2;!U-7rG!
*-.657XO/C!/;!‡S116EuuD55r.G:55:C/GA5;GD0uD55r.y
-8†]]JA7^FL-;ƒ"Ž60-71./A†F0571A5O/0Ž8B†?7-1/8”.121/.”-78/6/78/7A/ŽSC†61=
`aŽ/-†=
#bS,.^A+A9:1:/(]de"#cŽ.2†jŽ5-†D55r‚0/.?C1ŽA1†0/.?C1Ž0/.7?;†JŽO/8†
K"*:_q#(c#_•O†57/62:/ŽB†?7-1/8•JK.121/.•JK-78/6/78/7A/ŽF†F2C./ˆ!G!
#A/..285!/;!LJGKMGJKKsG
e%#a*#I!b5c208!dGG!-=>=D;E\*ME;AA*$A[*0=?=>=;N*)O;B@<=OA*;D*DY@*";D=CN;>*l;E*
0C>>@T@[!(D55rI!&/P-7:157!`55r.E!JKLLG!*-.657XO/C!/;!‡!
S116EuuD55r.G:55:C/GA5;GD0uD55r.y
-8†ONc:Mec‚9^N"Ž6:†9#sfŽC6:†9#sfŽ8B†B?200]”S/-:S1.”.S-6.Ž.5?0A/†D
CŽ51.†K&*t(Ybe)*Ž.-:†~;(rD].Fg1]$bj%]te;9O6.-`D%ŽSC†61=
`aŽ/-†CdjC,6q_%%-%1c/5-‚MN`#Ž.2†jŽ5-†D55r‚0/.?C1ŽA1†0/.?C1Ž0/.7?;†LŽ
O/8†K"`g_q#(c##•O†57/62:/ŽB†B?200]•JKS/-:S1.•JK.S-6.ŽF†F2C./ˆ!
#A/..285!/;!LtGKsGJKKsG
Oo*)ED=TCA*;O;Bw<=OCA
#$#a#&I!a5D/015G!*/.2F-5.!25!O/XA?C5!C2732850!8/!.21@C-1/G!%7E!*+$%H>+)!H(,+I!
$27?/C!l+0:GmG!/*-=>=D;E*@*;*0=wNO=;*NC*ME;A=>[*a-5!8/!d27/-05E!>02;;2I!JKLKG!
#a,I!a5D/01!dGG!#!*/F/7.-DC/!*/F/7./E!#;/0-A2….!:0278!.1021/:]!2F1/0!1S/!"5C8!e20G!
#ND@EN;D=CN;>*'@OSD=E\I!"2;D0-8:/I!$~I!$%,!90/..I!OGLfI!7GNI!6Gf=fMG!90-;2O/02I!
LssLG
`#H*(%a#I!&?-W!#CD/015!$57-WG!#!A0-./!82!#0:/71-72!/!5.!5DY/1-O5.!85.!(i#G!
P*7.,)-!A,F-Q&!+$-4R6.$&I!275!%%I!7n;/05!LfG!92027TE!JKKJG
LKg
‚‚‚‚‚‚G!#!-;6501\7A-2!:/565CX1-A2!82!#;@0-A2!85!)?C!72!/.1021@:-2!85.!(.1285.!i7-85.G!
&@?=AD;*%Aa;WC*)O;Bw<=OC!H‰!gsI!+?1?D05!8/!JKKgG
‚‚‚‚‚‚G!`02.-C!/!5.!605A/..5.!8/!-71/:02345!0/:-572CE!$/0A5.?Cu#&"#I!-7E!&@?=AD;*
%Aa;WC*)O;Bw<=OC*ffI!JKKNG!*-.657XO/C!/;E!
‡S116EuucccG/.62A52A28/;-A5GA5;GD0uKMMuMMD278/-02GS1;ˆG!#A/..5!/;E!JJ!8/!Y27/-05!
8/!JKLKG
‚‚‚‚‚‚G!(=<@NAcC*@ADE;DXT=O;!@*aC>dD=O;*@PD@EN;*BCA*%AD;BCA*!N=BCAI!)1G!&/57=a51I!
JKKgI!;27?.A0-15I!66G!Mq=MtG
‚‚‚‚‚‚G!/*ME;A=>*OC<C*aCDwNO=;*&@T=CN;>*@*;*=<aCEDsNO=;*@ADE;DXT=O;*B;*)<XE=O;*
BC*'S>*N;*AS;*aC>dD=O;*@PD@E=CE[!*-.657XO/C!/;E
S116EuucccG2;/0.?0G50:G20u95C%71u`278/-02KsKJGS1;G!#A/..5!/;E!JJ!8/!Y27!8/!JKLKG!
‚‚‚‚‚‚G!+.!(i#!/!2!A0-./!72!'/7/W?/C2G*&@?=AD;*%Aa;WC*)O;Bw<=OCI!#75!%%I!7—!JKI!
d27/-05!8/!JKKMG
‚‚‚‚‚‚G!3;E;TS;=6%!)Z*#EE@AaCNA;H=>=B;B@*@*;?@NDSE@=E=A<CG!*-.657XO/C!/;E!
‡cccG/.62A52A28/;-A5GA5;GD0uKfMufMD278/-02GS1;ˆG!#A/..5!/;E!JJ!8/!Y27/-05!8/!
JKLKG!
`#a,()#>b%I!%:7TA-5G!%AD;BC*;ODS;>*B@*>CA*aECO@ACA*B@*#ND@TE;O=FN*&@T=CN;>*B@*
)<XE=O;*,;D=N;*\*@>*0;E=H@G!*/62012;/715!8/!(.1?8-5.!(A57[;-A5.G!i0?:?2]!h!
'/7/W?/C2E!JKKsG!*-.657XO/C!/;!‡!
S116EuucccGA-?GA5;G?]u-775O265012CuF-C/uNsNuLu/.1285‚2A1?2C‚8/‚C5.‚605A/.5.‚8/‚-71/
:02A-57‚2CAG68F!ˆ
`(aa%>#HI!U0-82!/!e%H>+I!d5721S27G!,S/!`?.S!(FF/A1E!iG)G!$-C-120]!%7O5CO/;/71!-7!
&21-7!#;/0-A2!a-./.I!*/O/C56;/71!278!b?;27-120-27!#-8!U2CCG!lCE>B*3C>=O\*#NAD=DSD@[*
H5O2!ƒ50rE!JKKfG!*-.657XO/C!/;E‡!S116EuucccGA5;;5780/2;.G50:uO-/c.KfuLLKf=
JLGS1;ˆG!#A/..5!/;E!KN!8/!8/W/;D05!8/!JKKsG
`%HH(H*%d^I!b27.G!#;/0-A2….!$-C-120]!90-50-1-/.G!*'DE;D@T=O*+CES<I!e2.S-7:157=
*"I!H21-572C!*/F/7./!i7-O/0.-1]I!7GJKG!U/O/0/-05I!LssfG
`a(HH(aI!9S-C-6G!e2:-7:!-8/5C5:-A2C!c20E!271-=A5;;?7-.;!278!i)!F50/-:7!65C-A]!-7!
"/7102C!#;/0-A2G!'CO=;>=AD*&@T=AD@EI!O5C?;/!JLG!a/-75!i7-85ILsgNG!*-.657XO/C!/;E!‡!
S116.EuuY6.GC-D020]G?1505715GA2u-78/PG6S6u.0Ou201-AC/uO-/cuffLJ!ˆG!#A/..5!/;E!KJ!8/!
8/W/;D05!8/!JKKsG
`a%H^&(ƒI!*5?:C2.G!*/;5A021-A!(7C20:/;/71E!,S/!"C-7157!*5A10-7/G!+CE@=TN*
3C>=O\I!7G!LKqI!66G!LLL!h!LJtG!)60-7:E!LsstG
`a+9bƒI!a5D/01!/!~%aH%,(I!9/1/0G!i)!$-C-120]!,02-7-7:!F50!&21-7!#;/0-A2G!
e2.S-7:157E!+CE@=TN*3C>=O\*#N*+COSAI!O5C?;/!JI!7n;/05!NgI!LsstG!*-.657XO/C!/;E!
‡S116EuucccGF50/-:765C-A]=-7F5A?.G50:uD0-/F.uO5CJuOJ7Ng;-C‚D58]GS1;CGˆG!#A/..5!/;E!
KN!8/!8/W/;D05!8/!JKKsG
`aiH(#iI!,S5;2.!"GG*"-O-C=$-C-120]!a/C21-57.!-7!&21-7!#;/0-A2E
LKs
,S/!b/8:/S5:!278!1S/!U5P!a/O-.-1/8G!&@?=AD;*+S@EG;A*)E<;B;A*\*'CO=@B;BI!7n;/05!
KLI!275!LsI!66G!LLL=LMLG!(.1285.!i7-85.I!JKKfG
"#$9`(&&I!^?01!Ž!e#a*I!"/C/.1/G!H/c!`211C/!)121-57.yG!+CE@=TN*)RR;=EA2&'5C!gJI!
H5G!fE!)/1/;D05u+?1?D05I!JKKM
"#a9(H,(aI!,/8!>2C/7G!.Y@*!N=D@B*'D;D@A*;NB*.Y=EB*lCE>B*(=OD;DCEAY=aAZ
)*0;A@*RCE*M@N=TN*(@D;OY<@NDG!%7.1-1?15!"215E!Lf!8/!2:5.15!8/!LsgfG!*-.657XO/C!/;!
‡S116EuucccGA215G50:u6?D.u62.u62KfgGS1;Cˆ
"b#H,~%#a#I!,S2C-2G!3;N;<;zA*O;N;>Z*DY@*!'*B@a;EDSE@*;NB*3;N;<;zA*N@^*@E;[*
'/045I!LssgG!*-.657XO/C!/;!
‡S116EuuF-78201-AC/.GA5;u6u201-AC/.u;-‚SDLMtu-.‚M‚JKu2-‚7JgtLMqJsuˆ
"b#)(I!a5D/01!)GR!b%&&I!(;-C]!`GR!^(HH(*ƒI!92?CG!9-O512C!)121/.!278!iG)G!
)1021/:]G!+CE@=TN*)RR;=EAI*e2.S-7:157=*"I!"5?7A-C!57!U50/-:7!a/C21-57.I!OGtfI!7GLI!
6GMM=fLG!d27/-05=U/O/0/-05I!LssqG
"b+$)^ƒI!H52;G!b?;27-120-27!%;6/0-2C-.;E!,S/!H/c!*5A10-7/!5F!%;6/0-2C!a-:S1[*
-CNDY>\*&@?=@^I!O5C?;/!qKI!7n;/05!NG!H5O2!ƒ50rI!JKKgG!*-.657XO/C!/;E!‡!
S116EuucccG;571SC]0/O-/cG50:uKgKsKgAS5;.r]G6S6!ˆG!#A/..5!/;E!MK!H5OG!JKKsG
"&%UUI!a5:/0R!,#H>a(*%I!)2;!dGR!/!e+a$i,bI!"S0-.1-7/!(GG.Y@*+SDSE@*CR*!'*
/?@EA@;A*3E@A@NO@[!*-.657XO/C!/;!
‡:'\R-:5R.1`:'"=-.''54-5'`F-(':`<?PQ`TVTV\T`RRRTab<RRR`/1$*VUR*%C!ˆ
"+H(,,#I!"20CR!^H%>b,I!"S20C/.G!95.1="5C8!e20!iG)G!$-C-120]!(P678-1?0/!-7!1S/!
"571/P1!5F!e50C8!)6/78-7:!,0/78.G!7>CH;>*;NB*&@T=CN;>*#AAS@AI*"2;D0-8:/I!$#I!,S/!
905Y/A1!57!*/F/7./!#C1/0721-O/.G!d27/-05I!LsstG
"+i,%Hb+I!$20A/C5I!b+UU$#HHI!#780/2!a-D/-05!/!^Uia%I!a/:-72G!a2-5!j!82!
%71/:02345!a/:-572CG!%ADSBCA*@*0@NVE=CAG!9G!L=fgG!a-5!8/!d27/-05E!JKKtG!
*#H")I!#7-12G!,S/!"5.1!5F!1S/!>C5D2C!iG)G!$-C-120]!90/./7A/[!+CE@=TN*3C>=O\*#N*
+COSA[!e2.S-7:157I!*"E!U50/-:7!95C-A]!%7!U5A?.I!d?C]!JI!JKKsG!*-.657XO/C!/;E!‡!
S116EuucccGF6-FG50:u0/6501.u1S/‚A5.1‚5F‚1S/‚:C5D2C‚?.‚;-C-120]‚60/./7A/!ˆG!#A/..5!
/;E!KL!8/!$2035G!JKLKG
*#HH(&)=aiUUI!^-;D/0C]R!e#,,)I!$-AS/CC/!#GG!!!'@OSE=D\*CR*DY@*3;N;<;*0;N;>*
/N@*B@O;B@*;RD@E*!['[*B@a;EDSE@[!JKKsG
*+$%H>+) ! H(,+I ! $27?/CG !#NR>S@NO@ * :DE;NT}E@ * B;NA * >; * <CB@EN=G;D=CN * B@ * >
~;E<X@*HEXA=>=@NN@&DTccU]TUaVLR&,/./!8/!85?150285I!i7-O/0.-828/!8/!920-.!%%%I!Lsts
‚‚‚‚‚‚G!!%7FC?Q7A-2!(.1027:/-02!/!&?12!%71/072!75!(P@0A-15!lLggs=LsMKmG!%7E!a+i_i%xI!
#C2-7!l"5508Gm!/A*3;ED=BCA*-=>=D;E@A*NC*ME;A=>G!a-5!8/!d27/-05E!a/A508I!LsgKG
‚‚‚‚‚‚G !! #A/0A2!82!$58/07-W2345!85!(P@0A-15G!%7E !&@?=AD;*0C<SN=O;WcC*@*3C>dD=O;I!
a-5!8/!d27/-05E!"(`(&#I!OG!JJI!7G!MG!JKKNG
LLK
‚‚‚‚‚‚G!!>2;/C-7I!5!;58/07-W2850!85!(P@0A-15G!%7E!.@NAv@A*-SNB=;=AI!U5012C/W2E!
+D./0O21<0-5!82.!H2A-572C-828/.R!)45!92?C5E!#772DC?;/I!OGMI!7GNG!6G!JLs=JfqI!Y27GuY?7G!
JKKtG
‚‚‚‚‚‚G!!+!$-C-120!/!2!"-O-C-W2345G!%7E!.@NAv@A*-SNB=;=AI!U5012C/W2E!+D./0O21<0-5!82.!
H2A-572C-828/.I!OGLI!7GLG!6G!Mt=tKI!Y?CGu8/WG!JKKfG
*+$%H>+)!H(,+I!$27?/C!/!$#a,%H)I!$[7-A2!*-2.G!)-:7-F-A285.!85!
H2A-572C-.;5!/!85!%71/072A-572C-.;5G!%7E!.@NAv@A*-SNB=;=A[!U5012C/W2I!OG!KJI!7‰G!KLI!6G!
gK!h!LLKI!Y27Gu!Y?CG!JKKqG
*eƒ(aI!^21S/0-7/G !'OYCC>*CR*DY@*)AA;AA=NAG !%71/0721-572C!)5A-2C-.1!a/O-/cI!O5C?;/!
sG!+?1575I!LsssG!
(H>(&b#a*,I!,5;G!&5.-7:!&21-7!#;/0-A2E!eS21!e-CC!1S/!+D2;2!*5A10-7/!D/!
&-r/yI!.C<(=Aa;DOY[OC<G!H5O2!ƒ50rI!JKKgG&*-.657XO/C!/;E!
‡S116EuucccG15;8-.621ASGA5;u65.1uLtNsNLˆG!#A/..5!/;E!KM!8/!8/W/;D05!8/!JKLKG
(H>&(aI!$20rG!.Y@*#B@C>CT\*H@Y=NB*0SEE@ND*!'*-=BB>@*%;AD@EN*3C>=O\*^;A*
'Y;a@B*0>CA@*DC*2C<@G!H5O2!ƒ50rE!>C5D2C!95C-A]!U50?;I!JKKqG!*-.657XO/C!/;E!‡!
S116EuucccG:C5D2C65C-A]G50:uA5;657/7uA571/71u201-AC/uLffuJfsstGS1;C•2?1S50ˆ
#A/..5!/;E!Js!8/!H5OG!JKKsG
(ia+9(#H!"+$$%))%+H!#H*!,b(!e+a&*!`#H^G!0C<a@D=D=CN*,;^*;NB*
&@T=CN;>*%OCNC<=O*#ND@TE;D=CNZ*)N*)N;>\A=A*CR*DY@*'CSDY@EN*-@B=D@EE;N@;N*
0CSNDE=@A[!>0"(%&3$5J&>0"J-54&Q$*'"I!7n;/05!MfG!e2.S-7:157I!*G"GE!JKKNG
U%>i(%a(*+I!(?0-A5!8/!&-;2G!.Y@*EC>@*CR*DY@*<=>=D;E\*=N*,;D=N*)<@E=O;Z*;*OESO=;>*
E@?=@^ * CR * DY@ * >=D@E;DSE@G ! )5A-/1] ! 5F ! &21-7 ! #;/0-A27 ! )1?8-/.I ! )c27./2 ! i7-O/0.-1]I!
&5780/.I!2D0-C!8/!LstfG
U&(,"b(aI!b200]!aGG !)=E*+CEO@*M;A@A*g*$C>S<@*##E!#-0!`2./.!+?1.-8/!1S/!i7-1/8!
)121/.!5F!#;/0-A2G!e2.S-7:157!*"E!"/71/0!F50!#-0!U50A/!b-.150]I!i7-1/8!)121/.!#-0!
U50A/I ! LssMG !*-.657XO/C ! /; ! ‡! S116EuucccG2FS.5G2FG;-Cu.S20/8u;/8-2u85A?;/71u#U*=
LKKfJf=KqKG68Fˆ!#A/..5!/;!JJ!8/!5?1?D05!8/!JKLLG
U+(a),(&I!&/7502G!$-C-120-.;!278!2!i7-=65C20!e50C8[!7>CH;>*&@A@;EOYG!"2728TE!
JKKgG!*-.657XO/C!/;E!‡!S116EuucccG:C5D2C0/./20ASGA2u-78/PG6S6y
A571/P1†O2Ž2-8†ssNqˆG!!#A/..5!/;E!KL!8/!8/W/;D05!8/!JKKsG
>%#"#&+H(I!a-12G!#B@ND=B;B*%*#ND@TE;O=CN*&@T=CN;>[*%>*0;AC*(@*,;*0C<SN=B;B*
'SB;<@E=O;N;*(@*";O=CN@A!l".7mG!%7E!"57:0/..!5F!1S/!&21-7!#;/0-A27!)1?8-/.!
#..5A-21-57I!f=g!JKKtG!$5710/2CI!"27282G!
>+&*(aI!`/7!/!e%&&%#$)I!>/50:/G!lY;D*=A*z.@EECE=A<z{*3ECH>@<A*CR*,@T;>*
(@R=N=D=CNG!i7-O/0.-1]!5F!H)e!&2c!d5?072CI!'5CG!JtI!H5G!JI!66G!JtK=JsfI!JKKNG!
>+&%H>(aI!(O2G!-=>=D;E\*0C?@ESaZ*l;AY=NTDCN*;>D@EA*!'*)=E*+CEO@*BCOS<@ND*DC*
Y=B@*=ND@ND=CNA*H@Y=NB*<=>=D;E\*;OOCEB*^=DY*0C>C<H=;G!>C5D2C!a/./20ASE!Jg!8/!
LLL
75O/;D05I!JKKsG!*-.657XO/C!/;!‡S116EuucccG:C5D2C0/./20ASGA2u90-71#01-AC/G6S6y
201-AC/%8†LqMKgˆ
7&#--%..I * &=OY;EB * +[[ *!N=D@B * 'D;D@A * )E<\ * 'OYCC> * CR * DY@ * )<@E=O;AZ
M;OpTECSNB * ;NB * 0CNTE@AA=CN;> * 0CNO@ENA[! U50/-:7 ! #FF2-0. ! 278 ! H21-572C!
*/F/7./!*-O-.-57G!*-.657XO/C!/;!‡S116EuucccGF2.G50:u-06uA0.u.52GS1;ˆ
b#%>bI!)1/6S/7!92?CG!7>CH;>=G;WcC*@*%AD;BC*'CH@E;NCZ*)SDCE=B;B@*@*
.@EE=DCE=;>=B;B@[!%7E!90-;/-02!+A/27-A!%71/0721-572C!)1?8-/.!"57F/0/7A/G!#?.10TC-2E!
#?.102C-27!H21-572C!i7-O/0.-1]G!JKKNG!
b#^%$I!9/1/0G!%.!e2.S-7:157!&5.-7:!&21-7!#;/0-A2yG*+CE@=TN*)RR;=EAI!O5C?;/!gfI!7‰G!
LI!6G!Ms!h!fMG!H5O2!ƒ50rI!JKKqG!*-.657XO/C!/;E!‡!
S116EuucccGF50/-:72FF2-0.GA5;u201-AC/.uqLMtJu6/1/0=S2r-;u-.=c2.S-7:157=C5.-7:=C21-7=
2;/0-A2!ˆG!#A/..5!/;E!Js!8/!H5OG!JKKsG
b(aa(a#I!"20C5.G!i)!;-C-120]!60/../.!-1.!.6/20S/28!-715!.1021/:-A!,0-6C/!U0571-/0G!
)P=A*CR*,CT=OG!JKKfG!*-.657XO/C!/;E!‡!
S116EuucccG2P-.5FC5:-AGA5;u201;27u6?DC-.Su201-AC/‚LsLgJG.S1;CˆG!#A/..5!/;E!LN!8/!
Y27/-05!8/!JKLK
b(a~I!$[7-A2G!3C>dD=O;*B@*'@TSE;NW;*BCA*%AD;BCA*!N=BCA*a;E;*;*)<XE=O;
,;D=N;*;aFA*C*+=N;>*B;*7S@EE;*+E=;G!%7E!(.1?85.!#O273285.!LqlNqmI!JKKJG
b+&$>a((HI!"S?ArG!';N*+E;NO=AOCzA*3;N;<;63;O=R=O*#ND@EN;D=CN;>*%PaCA=D=CNG!
i7-O/0.-828/!82!'-0:X7-2I!JKKJG!*-.657XO/C!/;!‡!
S116EuuP0528.GO-0:-7-2G/8?u˜;2KMuS5C;:0/7u66-/u60-71GS1;C!ˆ
b+&,+HI!>02S2;!Ž!#i),%HI!a5D/01G!b5?O/!?;!S5C5A2?.15!AS-C/75y!%7E!.@NAv@A*
-SNB=;=A[!U5012C/W2I!OG!KMI!7‰G!NI!6G!JsN!h!MNNI!Y27GuY?7G!JKKtG
^(&&(aI!d5S7G!0Y=N@A@*OC<a;N\*BC@ANzD*Ca@E;D@*DY@*3;N;<;*0;N;>*[[[*uSAD*HCDY*
@NBA*CR*=D[!M!8/!Y?7S5!8/!JKKgG!*-.657XO/C!/;!
‡S116Euu;-C2/05GDC5:.651GA5;uJKKg‚KM‚KL‚20AS-O/GS1;Cˆ
&#U#a>i(I!U02735-.G!"S-72….!90/./7A/!-7!&21-7!#;/0-A2G!0Y=N;*a@EAa@OD=?@AC*N•miI!
6G!J!h!LLG!JKKsG!*-.657XO/C!/;E!
‡S116EuuAS-726/0.6/A1-O/.G0/O?/.G50:u85A?;/71MKfMGS1;CG!ˆG!#A/..5!/;E!LN!8/!Y27/-05!
8/!JKLKG
&($+)I!a/7215!G!)N=AD=;*@*OE=A@*aC>dD=O;*NC*ME;A=>*aFA6LbmhG!,565-!la-5!8/!d27/-05mI!
a-5!8/!d27/-05I!7G!7G!fI!6G!Jgt=MLMI!JKKJG!*-.657XO/C!/;!‡!
S116EuucccGC/;6G-FA.G?F0YGD0u-;2:/7.u1/P15.u#7-.1-2‚/‚A0-./‚65C-1-A2‚75‚`02.-C‚65.=
qNG68Fˆ!#A/..5!/;!JK!8/!2:5.15!8/!JKLLG
&%H*)#ƒ=9+&#H*I!d5S7G!iG)G!$-C-120]!`2./.!-7!&21-7!#;/0-A2!278!1S/!"20-DD/27G!
+CE@=TN*3C>=O\*=N*+COSAG!e2.S-7:157!*"I!JKKgG!*-.657XO/C!/;E!
‡S116EuucccGF6-FG50:u201-AC/.u]27r//.‚S/28‚S5;/ˆG!#A/..5!/;E!KJ!8/!8/W/;D05!8/!
JKKsG
LLJ
&%$#I!$20-2!a/:-72!)520/.!8/G!,/./.!/B?-O5A282.!.5D0/!2!+08/;!$?78-2C!6<.=>?/002!
U0-2G!(;BCA*g*&@?=AD;*B@*0=wNO=;A*'CO=;=AI!a-5!8/!d27/-05I!%i9(adI!OGMsI!7GMI!6G!MsM=
NJLI!LssqG
&&#H+I!U/072785G!.Y@*7SAD*CR*l;EZ*,;D=N*)<@E=O;N*3@EAa@OD=?@A*CN*DY@*!'6
0C>S<H=;N*M;A@A*)TE@@<@NDG!E?<&d%'$:G!&5780/.E!JKKsG!*-.657XO/C!/;E!‡!
cccJGC./G2AG?ru%*(#)uGGGuC21-7#;/0-A2905:02;;/u68F.u:?.15Fc20G68FˆG!#A/..5!/;E!
KL!8/!8/W/;D05!8/!JKKsG
$#%~I!a2;<7G!%78-27-.;5!/!/17572A-572C-.;5!72!`5CXO-2G!.@NAv@A*-SNB=;=A[!a-5!8/!
d27/-05I!OG!fI!7G!gI!6GMs=qNI!Y?Cu8/WI!JKKsG
$#a^)I!,S5;2.!#G*'SAD;=N;H=>=D\*CR*0C>C<H=;N*-=>=D;E\€'DE;D@T=O*'SaaCED*RCE*
(@<COE;D=O*'@OSE=D\G!d?CS5I!JKKfG!*-.657XO/C!/;!
•S116EuucccG.1021/:-A.1?8-/.-7.1-1?1/G20;]G;-Cu68FF-C/.u9i`qLKG68Fˆ!G!#A/..5!/;!JM!8/!
Y?CS5!8/!JKLLG!
$#a,%H)I!$[7-A2!*-2.G!+!`27A5!$?78-2C!/!2.!65CX1-A2.!6nDC-A2.!72!#;@0-A2!&21-72G!
%7!)+#a()I!$20-2!)?.272!#005.2!l50:GmG!(@A@N?C>?=<@NDCI*OE=A@*@*B@<COE;O=;*N;*
)<XE=O;*,;D=N;G!"*‚055;!85!jj'!"57:0/..5!82!#&#)I!95015!#C/:0/E!JKKfG
!
‚‚‚‚‚‚G!#.!65CX1-A2.!2:0T0-2.!85!`27A5!$?78-2C!72!#;@0-A2!&21-72G!%7E!"#a&(%#&!
H(a,+I!#8/C-12!l50:GmG!3ECu@DCA*N;O=CN;=A*@*OCNR>=DCA*N;*)<XE=O;*,;D=N;G!U5012C/W2E!
iU"E!JKKqG
!
‚‚‚‚‚‚G!>?/002!/!8/./7O5CO-;/715E!2.!-7FC/Pk/.!85!`27A5!$?78-2CG!.@NAv@A*
-SNB=;=AG!U5012C/W2I!OG!MI!6G!fq=sfI!JKKtG!
$(H*+H|#I!$20-2!&?-.2G!.Y@*!N=D@B*'D;D@A*<=>=D;E\*aE@A@NO@*=N*,;D=N*)<@E=O;[*
)45!92?C5E!a/8/!)5A-2C!8/!d?.1-32!/!*-0/-15.!b?;275.I!JKKMG!*-.657XO/C!/;E!‡!
S116Euu.5A-2CG50:GD0u0/C2150-5JKKM-7:C/.u0/C2150-5KMtGS1;ˆG!#A/..5!/;E!LN!8/!Y27/-05!8/!
JKLKG
$%ƒ#$+,+I!)S-:?/75C-G!>C5D2C-W2345!/!)/:?02732G!3;EO@E=;A*%ADE;DXT=O;AI!`02.XC-2I!
$",!h!"/7105!8/!(.1?85.!(.1021@:-A5.I!OGLI!7GNI!8/W/;D05I!LsstG
‚‚‚‚‚‚G!+.!(.1285.!i7-85.!.5D!60/..45G!0CNuSNDSE;*3C>dD=O;I*`/C5!b50-W571/I!
#`"9uiU$>I!5?1?D05I!JKKLG
$+HU#H,(I!"/C/.1-75!#780@.!#02nW!Ž!>(&•)I!9210-A-2!9-WW?075G!%ADSB=CA*ACHE@*@>*
3;N;<V*E@aSH>=O;NC*Z*LbKf6Lbib[*LssqG!*-.657XO/C!/;!‡!
S116EuucccGD-72CG2AG62uD?.A20uAC8/12CC/G6S6y-8†JKKŽF05;†Cˆ
$ƒ"b#&(d^+!I!"]0-CG!*-01]!`?.-7/..I!*-01]!e20.E!iG)G=&21-7!#;/0-A27!a/C21-57.!-7!
1S/!JL.1!"/71?0]G!7>CH;>*&@A@;EOYI!O5C?;/!jj%%G!"2728TE!H/c!95C-1-A.!e-71/0!JKKsG
+&)+HI!d5]I!!['[*-=>=D;E\*3ECTE;<<@A*^=DY*,;D=N*)<@E=O;*;NB*DY@=E*#<a;OD*CN*
2S<;N*'@OSE=D\I!-7!*-.20;2;/71!U50?;I!JKKJG
LLM
+ƒ+&#=ƒ($#%(&I!#01S?0G!.Y@*#<a;OD*CR*#ND@EN;D=CN;>*%N?=ECN<@ND;>*'@OSE=D\*
CN*";D=CN;>*'C?@E@=TND\G!&#)#E!LssgG!*-.657XO/C!/;!
‡($:$R-58'"5$8-05$(R*-88R'%7`E!?!Uc`H@0($]e'#$-'(R*%C!ˆ
9#,#aa#I!H/-8/!/!`#(H%H>(aI!a5.272G!!+ECND=@E*;NB*-=TE;D=CN*=N*
-%&0/'!&Z*-@;N=NTI*'a@O=R=O=D=@A*;NB*#<a>=O;D=CNAG!jj%'!>/7/02C!956?C21-57!
"57F/0/7A/I!JKKLG!)2CO2850I!`02.-CI!%i))9G!
9("(_i%&+I!"0-.1-72!)50/27?G!#!,027.-345!85!9<.=>?/002!U0-2G!&@?=AD;*%>@DErN=O;*
!N=H@EC*B@*3ECBSWcC*0=@NDdR=O;I!)45!92?C5I!O5C?;/!LI!JKKNG
‚‚‚‚‚‚G!#.!H45=_?/.1k/.!%71/072A-572-.G!-@E=B=;NC*h`!li7`mI!OG!d?CS5I!6G!JI!JKKgG
9(,a#)I!d2;/.G!i)=&21-7!#;/0-A27!a/C21-57.!-7!2!,-;/!5F!a-.-7:E!$-C-120-.;I!
9051/A1-57-.;!278!9-CC2:/G!)P=A*CR*,CT=OI!JKKsG!*-.657XO/C!/;E!‡!
S116Euu2P-.5FC5:-AGA5;u201;27u6?DC-.Su#01-AC/‚fftfLG.S1;Cˆ!G!#A/..5!/;E!KN!8/!
8/W/;D05!8/!JKKsG
9%aa• ! ( ! &+H>+I ! e2C8-;-0G ! + ! */./7O5CO-;/715 ! "-/71XF-A5 ! / ! ,/A75C<:-A5 ! / ! ./?.!
a/FC/P5.!75!)-.1/;2!(8?A2A-572CG!&@?=AD;*.x0*)<;GrN=;[*$272?.E!Ui"#9%G!7GLI!6G!
g=JJI!JKKMG
a+d#)I!>2;D52!/!>i),#'+I!dS5772127G*,;A*3C>dD=O;A*B@*OCCa@E;O=FN*OC<C*
Y@EE;<=@ND;A*O>;?@A*a;E;*@>*aECO@AC*B@*=ND@TE;O=FNG!/'58"0&%'&A58'4"$.-N52&
/00*'"$.-N5&@&P':$""0((0&A58'"5$.-05$(G!)27!U/072785E!)($!*#,#G
ai`ƒI!"S20C/.!&G!™,S/!*/F-7-1-57!5F!,/0050-.;G™G!)N;>\A@A*CR*'CO=;>*#AAS@A*;NB*
3SH>=O*3C>=O\*J*lJKKJmE!s=LNG!*-.657XO/C!/;E!‡!S116EuucccG2.26=
.6..-G50:u68Fu2.26KLsG68F!ˆG!#A/..5!/;E!KL!8/!$20AG!JKLKG
)b#H^I!$-AS2/CG!"S5;.r]!57!1S/!a-./!5F!1S/!)5?1SG!+CE@=TN*3C>=O\*#N*+COSAG!
e2.S-7:157!*"I!Y27G!JKKgG!*-.657XO/C!/;E!‡!
S116EuucccG65012C.//0G?FD2GD0u-78/PG6S6u0/O-.12-A-u201-AC/uO-/cuMMLquJNJf!ˆG!#A/..5!
/;E!KJ!8/!8/W/;D05!8/!JKKsG!
)$%,bI!92?C!dGG!,027.721-572C!)/A?0-1]!,S0/21.!278!)121/!)?0O-O2CE!#!a5C/!F50!1S/!
$-C-120]yG!3;E;<@D@EAG!+?1575I!JKKKI!66G!tt=sLG!*-.657XO/C!/;!‡!
S116EuucccG?.2;S-G20;]G;-Cui)#e"u9202;/1/0.uKK2?1?;7u.;-1SGS1;!ˆ
),+^()I!*5?:G!lY\*DY@*@NB*CR*DY@*0C>B*l;E*BC@ANtD*<;DD@EZ*DY@*!'*^;E*CR*D@EECE*
=N*0C>C<H=;[*a/O-/c!5F!%71/0721-572C!)1?8-/.I!JKKMG!*-.657XO/C!/;!
‡S116EuucccGAS5;.r]G-7F5u57AS5;.r]uJKKMLK==KJG68Fˆ
),a#,U+aG!7>CH;>*-;Ep@D*ME=@RZ*'@OSE=D\*CN*DY@*3;N;<;*0;N;>*JKKhG!*-.657XO/C!
/;!‡S116EuucccG.1021F50GA5;u:C5D2C‚;20r/1‚D0-/F‚./A?0-1]‚6272;2‚A272Cˆ
)e((H(ƒI!d5S7G!"C-7157š.!&21-7!#;/0-A2!95C-A]E!#!&/:2A]!5F!$-../8!+66501?7-1-/.G!
.Y@*2@E=D;T@*+CSNB;D=CNG!e2.S-7:157I!*"E!LssgG!*-.657XO/C!/;E!‡!
S116EuucccGS/0-12:/G50:u0/./20ASuC21-72;/0-A2uD:LJKLGAF;!ˆG!#A/..5!/;E!KN!8/!
8/W/;D05!8/!JKKsG
LLN
)ƒ$#H"ƒ^I!#71S57]!/!)(#a)I!`/7Y2;-7G!!['[*%OCNC<=O*;NB*<=>=D;E\*;=B*DC*
,;D=N*)<@E=O;[**H5O2!ƒ50rE!)1G!&2c0/7A/!i7-O/0.-1]!l%7.-8/!1S/!#0/2mI!JKKtG
,%(U(H`aiHI!)?.27G!)*'@<=CD=O*)aaEC;OY*DC*;*,@T;>*(@R=N=D=CN*CR*.@EECE=A<G!
%&)#!dG!%71›C!Ž!"5;6I!JKKMI!6G!MgMG
e#&)bI!^20-7/G!&21-7!#;/0-A2E!,S/!i7-1/8!)121/.!-.!)1-Ar-7:!c-1S!1S/!$5705/!
*5A10-7/G!7>CH;>*&@A@;EOYG!"2728TE!H/c!95C-1-A.!e-71/0!JKKsG
e(%)`a+,I!$20r!/!a+(,,I!a-50827G!)RD@E*DY@*-CNEC@*(CODE=N@Z*.Y@*+SDSE@*CR*
!['[6,;D=N*)<@E=O;*&@>;D=CNA*l90/..!`0/2rF2.1!,027.A0-61mG!e2.S-7:157I!*G"GE!"/71/0!
F50!(A575;-A!278!95C-A]!a/./20ASI!JKKtG!*-.657XO/C!/;!‡!
S116EuucccGA/60G7/1u85A?;/71.uD0-/F-7:.uKtKL‚2F1/0‚;5705/‚1027.A0-61G68F!ˆ
e(%)`a+,I!$20rG!,;D=N*)<@E=O;Z*.Y@*%NB*CR*;N*%E;G!e2.S-7:157I!*G"GE!"/71/0!F50!
(A575;-A!278!95C-A]!a/./20ASI!JKKqG!*-.657XO/C!/;!‡!
S116EuucccGA/60G7/1u-78/PG6S6uC21-7=2;/0-A2=1S/=/78=5F=27=/02u!ˆ
e(%,~I!a5ArF508G!'DE;D@T=O*/O@;N=O*0YCp@aC=NDAZ!+1*!8%*H!#).''!56F&1)-/)ST!LJ!8/!
8/W/;D05I!JKKKG!*-.657XO/C!/;!
‡S116EuuFC/1AS/0G1?F1.G/8?u$20-1-;/u˜u;/8-2uUC/1AS/0u$-A05.-1/.u$20-1-;/u68F.u+A/27-A‚
"S5r/65-71.G2.SPˆ
e%*H#&&I!)S/-C2!Ž!U+>&($#HI!a57G!7>CH;>*3E@A@NO@[!d5-71!U50A/.!_?201/0C]E!
90-;2O/02I!LssfG!
e%&^%H)+HI!d5S7G!&@OSEACA*2dBE=OCA*N;*)<XE=O;*,;D=N;Z*%ADE;DXT=;A*7>CH;=A*@*
3C>dD=O;AG!.u2G!*-.657XO/C!/;!
‡S116EuucccG6C212F50;28/;5A021-A2G50:u#0B?-O5.ua/A?0.5.•JKb-80-A5.•JK72
•JK#;/0-A2•JK&21-72•JK(.1021/:-2.•JK>C5D2-.•JK/•JK95C-1-A2.G68Fˆ
ƒ+),I!*2O-8!)GG!.Y@*+SDSE@*CR*!['[*/?@EA@;A*3E@A@NO@G!LssfG!*-.657XO/C!/;!
‡S116Euu8580/6501.GA5;u282fJsLfJˆ!
~%a^(aI!*27-/CG!o(.1021@:-2!8/!)/:?02732!H2A-572C!85.!(i#p!/!6/7.2;/715!;-C-120!
D02.-C/-05E!-;2:-72785!5!F?1?05!60<P-;5G!.@NAv@A*-SNB=;=AG!U5012C/W2I!OG!MI!6G!LMK=
LtqI!JKKtG
Bo*)ED=TCA*B@*uCEN;>*@*E@?=AD;*n=<aE@AAC*@*@>@DErN=OCo*
#$(a%"#H!a(U(a(H"(!"(H,(aG!#ND@EN;D=CN;>*'@OSE=D\€-=BB>@*%;AD*!aB;D@G!
`021-.C2O2E!MK!8/!75O/;D05I!JKLLG!*-.657XO/C!/;!‡!
S116Euu6S515.G.121/G:5OuC-D020-/.u.C5O2r-2uJMLggu68FuJKLLLLMK‚%71)/A?0-1]i6821/G68Fˆ
#H%),%#!%H,(aH#"%+H#&G!(C!';>?;BCEZ*.Y@*Aa@ODE@*CR*B@;DY*AqS;BA[!L‰!8/!
8/W/;D05I!LssqG!*-.657XO/C!/;!‡!
S116EuucccG2;7/.1]G50:u/7uC-D020]u-7F5u#$aJsuKLfuLssqu/7!ˆG!#A/..5!/;!q!8/!2D0-CI!
JKLKG
LLf
`#"b(&(,I!92DC5G!h*N;D=CNA*DY;D*^CNzD*A=TN*B@;>*^=DY*!['[*E=Ap*;=B*>CAAG!K-$#-&
B'"$(%!l&21-7!#;/0-A27!)1?8-/.mI!Lg!8/!8/W/;D05I!JKKNG!*-.657XO/C!/;!
‡S116EuucccGC21-72;/0-A27.1?8-/.G50:u?.=0/C21-57.uC5..GS1;ˆ!G!#A/..5!/;!MGKfGJKLLG!
`+#*&(I!#71S57]G!"2.105E!"?D2!751!A2.S-7:!i)!>?271T72;5!0/71!AS/Ar.G!&@SD@EAG!
Lt!8/!2:5.15I!JKKtG!*-.657XO/C!/;!
‡S116EuucccG0/?1/0.GA5;u201-AC/uJKKtuKguLtu-8i)HLtJKKsJLˆ
`a(ƒ$#HI!)1/O/G*2C^*.C*%NB*!'*&@>=;NO@*/N*(=OD;DCEAG!Lt!8/!F/O/0/-05I!JKLLG!
*-.657XO/C!/;!‡S116EuucccGA5?71/0A?00/71.G50:uD0/];27LtKJLLGS1;ˆ
"#9i,+I!+0C2785G!(C!9/10<C/5!/7!A-F02.E!&2.!A2?.2.!/A57<;-A2.!8/!C2!>?/002!8/!
((GiiG!)<XE=O;*,;D=N;*@N*-C?=<=@NDCG!)271-2:5I!JKKMG!*-.657XO/C!/;E!‡!
S116EuucccG2C2-7/1G50:u2A1-O/uMJqs!†/!ˆG!#A/..5!/;E!JM!8/!+?1G!JKKsG!
"#),a+I!U-8/CG!.Y@*%<a=E@*;NB*.Y@*#NB@a@NB@ND*#A>;NBG!"?D2E!LK!8/!2:5.15I!JKKtG!
*-.657XO/C!/;!‡S116Euu/7GA?D28/D21/GA?uA21/:50]u0/FC/A1-57.=F-8/Cu62:/uMtuˆ
‚‚‚‚‚‚G!eS21!"?D2….!a/D/C.!e271G!.Y@*";D=CNG!905OX7A-2!+0-/71/I!"?D2E!q!8/!2D0-CI!
JKKsG!*-.657XO/C!/;!
‡S116Euuc/DG20AS-O/G50:uc/DuJKKsKNLtKMMKMquS116EuucccG1S/721-57GA5;u85AuLsftLLMK
uA2.105ˆ
"(H,(a!U+a!)+"%#&!"+H"(aHG!.Y@*'OYCC>*CR*DY@*)<@E=O;A*n'/)o*$=T=>[*
i7-O/0.-828/!8/!*2]1572G!*-.657XO/C!/;!
‡S116EuucccJG?82]157G/8?u;-7-.10]uA.Au)+#G6S6ˆG!!#A/..5!/;!N!8/!Y?CS5!8/!JKLLG
"{'%"+I!#C85G!,@T;>=G;D=CN*CR*BESTA{*)N*=<a@ER@OD*AC>SD=CN[!JM!8/!;2035I!JKKsG!
*-.657XO/C!/;!‡S116EuucccGS?FF-7:15765.1GA5;u2C85=A-O-A5uC/:2C-W21-57=5F=80?:.=
27‚D‚LttsftGS1;CˆG!#A/..5!/;!JMGKMGJKLLG!
"+&&+H%I!)1/CC2G!(C!9C27!"5C5;D-2!S-W5!65.-DC/!/C!-7:0/.5!8/!10562.!8/!((GiiG!2!
62X./.!8/C!A575!.?0[*$=A=CN@A*)>D@EN;D=?;AG!!&2!b2D272I!JKKJG!*-.657XO/C!/;E!‡!
S116EuucccGO-.-57/.2C1/0721-O2.GA5;u;-C-120-W2A-57u201-A?C5.u6A5C5;usGS1;!ˆG!#A/..5!
/;E!JM!8/!Y27/-05!8/!JKLKG
"+H+!)ia!)i),(H,#`&(G!0;<a;‚;*0CND=N@ND;>*OCNDE;*@>*),0)!h!_?/!
-71/:02345!0/:-572CyG!a/82345!85!1/P15E!d/27!9-/00/!&/05]I!A5;!2!A5C2D502345!8/!
$20A/C5!#ASr20G!JKKtG
"+H,ƒI!$2Y50!a-AS208!#GG!!N=D@B*'D;D@A*";D=CN;>*'@OSE=D\*'DE;D@T\*+CE*.Y@*"@PD*
0@NDSE\G!LsgsG!*-.657XO/C!/;!
‡S116EuucccG:C5D2C./A?0-1]G50:u;-C-120]uC-D020]u0/6501uLsgsu"a#GS1;ˆ
"9*+"G!$@EH@D@Z*UCcC*3;S>C*MSEN=@EG!)/;!8212G!*-.657XO/C!/;!‡!
S116EuucccGF:OGD0u"9*+"u`i)"#u`?.A2u`?.A2"57.?C120G2.6P!ˆ!#A/..5!/;!
LqGLJGJKLL
LLq
"i**ƒI!*/77-.G!3E@A=B@ND*0>=NDCN*l=>>*0CND=NS@*DY@*"@^*lCE>B*/EB@EG!
+rC2S5;2!"-1]E!,S/!)5?1Sc/.1!a28-5!"S?0ASI!LssMG
*#H>&I!`/7Y2;-7G!3)&)7!)ƒZ*!'*<=>=D;E\*aE@a;E@A*DC*zAaE@;B*B@<COE;O\zG!Jg!
8/!./1/;D05!8/!JKKfG!*-.657XO/C!/;!‡S116EuucccG:0//7C/F1G50:G2?u758/uMfsJgˆ!G!
#A/..5!/;!JfGKfGJKJJG!
*#~#I!(70-B?/G!(C!9C27!"5C5;D-2E!;28/!-7!i)#[!&@?=AD;*(@A>=NB@R&`5:51TE!LsssG!
*-.657XO/C!/;E!‡!
S116Euu7?/O5G8/.C-78/G50:GA5u%$>u68Fu(C‚9C27‚"5C5;D-2‚;28/‚-7‚i)#=JG68F!ˆG!
#A/..5!/;E!KL!8/!8/W/;D05!8/!JKKsG
*(&>#*+!d#a#I!*-/:5G!`2./.!8/!$2712I!9C27!"5C5;D-2!]!85;-7-5!8/!C2!#;2W57-2G!
$=A=CN@A*)>D@EN;D=?;AG!!&2!b2D272I!JKKqG!*-.657XO/C!/;E!‡!
S116EuucccGO-.-57/.2C1/0721-O2.GA5;u;-C-120-W2A-57u201-A?C5.uD2./.uJGS1;!ˆG!#A/..5!/;E!
JM!8/!Y27/-05!8/!JKLKG
*(,,$(aI!d2;-/G!3>;N*DC*'Y=RD*M;A@A*'Y;p@A*!a*)>>=@A[!JJ!8/!8/W/;D05I!JKKMG!
*-.657XO/C!/;!
‡S116EuuF-78201-AC/.GA5;u6u201-AC/.u;-‚;LftLu-.‚JKKM‚*/A‚JJu2-‚7JtqsKJMtuy
12:†;271C/‚.r-7RA571/71!ˆ
*%a(",+a#,(!+U!(H>%H((a%H>!#H*!b+i)%H>G!)*2=ADCE\*CR*yS;EE\*
2@=TYDA*-=>=D;E\*&@A@E?;D=CN[*)/;!8212G!*-.657XO/C!/;!
‡S116Euuc-CC-2;‚S‚50;.D//G10-658GA5;uBS‚C/:2A]‚0/6501GS1;!ˆ
*+e(&&I!&/-&27-G!'=DS;D=CN*B=E@*RCE*a@Ca>@*CR*0C>C<H=;[*JN!8/!5?1?D05!8/!JKKgG!
*-.657XO/C!/;!‡!S116EuucccGc50r/0.G50:uJKKguc50C8uA5C5;D-2‚LKMKuˆ!G!#A/..5!/;E!JK!
8/!Y27/-05!8/!JKLKG
*iUUƒI!$-AS2/CG!0>=NDCNZ*-;p=NT*a@;O@*^=DY*^;E[*/66R.0#G!>/50:-2!I!LsssG!
*-.657XO/C!/;!E!‡S116EuucccGA77GA5;u#&&9+&%,%")u1-;/uLsssuKMuJsuAC-7157GS1;CˆG!
#A/..5!/;E!KM!8/!8/W/;D05!8/!JKKsG
>wa"%#I!$20A/C5G!(.1285.!i7-85.!;-C-120-W2!#;@0-A2!&21-72!6202!-;657/0!.?!
85;-72A-<7!8/!%;6/0-5!A5C57-2CG!$=A=CN@A*)>D@EN;D=?;AR&&2!b2D272I!JKKNG!*-.657XO/C!
/;E!‡S116EuucccGO-.-57/.2C1/0721-O2.GA5;u;-C-120-W2A-57u201-A?C5.u:/5/.1021uJGS1;ˆG!
#A/..5!/;E!JM!8/!Y27/-05!8/!JKLKG
>&+`#&!)("ia%,ƒG!2C^;EB*)=E*+CEO@*M;A@G!)/;!8212G!*-.657XO/C!/;!
‡S116EuucccG:C5D2C./A?0-1]G50:u;-C-120]uF2A-C-1]uS5c208GS1;ˆ!#A/..285!/;!N!8/!
F/O/0/-05!8/!JKLLG
‚‚‚‚‚‚G!3;N;<;*g*LbKf[!)/;!8212G!*-.657XO/C!/;!‡!
S116EuucccG:C5D2C./A?0-1]G50:u;-C-120]u56.u6272;2GS1;ˆ!#A/..285!/;!N!8/!F/O/0/-05!
8/!JKLLG
>i,%(aa(~I!"S0-.1-27G!"?D2!A/C/D021/.!fK!]/20.!5F!a/O5C?1-57G!.Y@*'SN!G!Jq!8/!
F/O/0/-05I!JKKsG!*-.657XO/C!/;!‡!S116EuucccG.5?1Sc/.1/07A5CC/:/.?7GA5;uJGsLtsuA?D2=
A/C/D021/.=fK=]/20.=5F=0/O5C?1-57=LGLMKLNfMˆ!
LLt
b#a,I!>20]G!U-:S1-7:!1S/!H/P1!e20G!.Y@*)D>;ND=OG!d27/-05uU/O/0/-05I!JKLLG!
*-.657XO/C!/;!‡!S116EuucccG1S/21C271-AGA5;u;2:2W-7/u20AS-O/uJKLLuKLuF-:S1-7:=1S/=
7/P1=c20ugMNfuˆ
^a#i,b#$$(aI!"S20C/.G!.Y@*'>@@a\*'Sa@EaC^@E*)^;p@AG!a/O-.12!,-;/.E!N!8/!
2:5.15!8/!JKKMG!*-.657XO/C!/;!
‡S116EuucccG1-;/GA5;u1-;/u;2:2W-7/u201-AC/uKIsLtLILKKfMfM=LIKKGS1;Cˆ!
&+`(I!d-;G!"C-7157!)aaEC?@A*)B?;NO@*l@;aCN*%PaCED*DC*'[*)<@E=O;G!,S/!#CD-57!
$57-150G!i)#E!LsstG!*-.657XO/C!/;E!‡!S116EuucccG2CD-57;57-150GA5;ustKNDu;-C=
20;AS-C/GS1;C!ˆG!#A/..5!/;E!KM!8/!8/W/;D05!8/!JKKsG
$#a,%H)I!$[7-A2!*-2.G!3;S>*lC>RC^=DG*6*(C*3@NDVTCNC*;C*M;NOC*-SNB=;>G!
U5012C/W2E!d5072C!+!9+'+I!JKKfG
$#ia(aI!H5/CR!ƒiI!"20C5.G!lY;D*&CCA@?@>D*.CCpZ*.Y@*%OCNC<=O*#<a;OD*CR*DY@*
3;N;<;*0;N;>I*LbKf6f`G!JKKqG!*-.657XO/C!/;!‡S116EuucccGSD.G/8?u0/./20ASu68FuKq=
KNLG68Fˆ
$+a#I!U027r!+G!Ž!9#&wI!#7157-5!&GG!!'*)E<A*.E;NAR@E*3C>=O\*RCE*,;D=N*
)<@E=O;Z*,=RD=NT*DY@*M;N*CN*+=TYD@E*)=EOE;RDG!LsssG!*-.657XO/C!/;!
‡S116EuucccG2-065c/0G;2Pc/CCG2FG;-Cu2-0AS057-AC/.u26Yu26Yssu.60ssu;502GS1;Cˆ
H(e!ƒ+a^!,%$()G!)*.E;NAOE=aD*CR*3E@A=B@ND*MSAYzA*)BBE@AA*CN*DY@*(@O=A=CN*DC*
!A@*+CEO@[**(@O@<H@E*JLI*LbibG!!*-.657XO/C!/;!‡!
S116EuucccG7]1-;/.GA5;uLsgsuLJuJLuc50C8uF-:S1-7:=6272;2=60/.-8/71=1027.A0-61=D?.S=
.=2880/..=8/A-.-57=?./=F50A/=6272;2GS1;C!ˆ
‚‚‚‚‚‚G!&=TYD*DC*+CED=R\*0;N;>I*';\A*'D=<AC<Z*"C*?=C>;D=CN*CR*DE@;D\G!g!8/!
75O/;D05!8/!LsLJG
+a>#H%~#,%+H!+U!#$(a%"#H!),#,()G !%OS;BCE[! )/;!8212G!*-.657XO/C!/;!‡!
S116EuucccGA-8SG52.G50:u277?2C0/6uss/7:u"S261/0N2GS1;ˆ
+a,%~I!>57W2C5G!)<XE=O;*,;D=N;*D@<*<;=A*B@*S<*qS=NDC*B;A*E@A@E?;A*B@*a@DEF>@C[*
_?-15I!Lf!8/!Y?CS5I!JKLLG!*-.657XO/C!/;!‡S116EuucccG-6.G50:u-6.D02.-CG7/1u7512G6S6y
-87/c.†tJsqˆ!G!#A/..5!/;E!JJ!8/!8/W/;D05!8/!JKLKG
9(a(~I!d5.@!#7:/CG!(C!9C27!"5C5;D-2!S-W5!65.-DC/!/C!-7:0/.5!8/!10562.!8/!((GiiG!2!
62X./.!8/C!A575!.?0G!$=A=CN@A*)>D@EN;D=?;AI!7n;/05!MKG!&2!b2D272I!JKKNG!*-.657XO/C!
/;E!‡!S116EuucccGO-.-57/.2C1/0721-O2.GA5;u;-C-120-W2A-57u201-A?C5.u6A5C5;utGS1;ˆG!
#A/..5!/;E!JM!8/!Y27/-05!8/!JKLKG
9a+>a())%'(!9+&%"ƒ!%H),%,i,(G!)*'@?@NDY*CR*)<@E=O;N*'@;HCEN@*%PaCEDA*
3;AA*.YECSTY*DY@*3;N;<;*0;N;>[!JK!8/!;2-5I!JKKsG!*-.657XO/C!/;!‡!
S116EuucccG8CAG50:u785C‚A-GAF;yr2-8†LKgŽ.?D-8†sKKKKMŽA571/71-8†JfNssM!ˆ
_%H>"bi#HI!ƒ27:G!"5C5;D-2!8/2C!.?::/.1.!?7AS27:/8!iG)G!65C-A]!15!r//6!
;2;;51S!:C5D2C!;-C-120]!60/./7A/G!e=NYS;*"@^A*)T@NO\2&JKKsG!*-.657XO/C!/;E!
LLg
‡!S116Euu7/c.GP-7S?27/1GA5;u/7:C-.SuJKKs=KguLNuA571/71‚LLgtgfMMGS1;ˆG!#A/..5!/;E!
LN!8/!Y27/-05!8/!JKLKG
a#*%+!b#'#H#!"i`#G!!['[*-=>=D;E\*M;A@A*=N*0C>C<H=;Z*)*3EC?CO;D=CN*;T;=NAD*
,;D=N*)<@E=O;N*";D=CNA[*"?D2E!JKKsG!*-.657XO/C!/;E!‡!
S116EuucccG028-5SAGA?u-7:C/.u2‚A5;/7120-5.uKsu75O-/;D0/u75OJLGS1;ˆG!#A/..5!/;E!KM!
8/!8/W/;D05!8/!JKKsG
a(Ui>((!a('%(e!,a%`iH#&G!&&.*&@A@;EOY*&@AaCNA@Z*0C>C<H=;G!Lt!8/!
d27/-05!8/!JKKgG!*-.657XO/C!/;!‡!S116EuucccG:55:C/GA5;GD0u?0Cy
.2†1Ž0A1†YŽB†A5C5;D-2”.-1?21-57”JKKgŽ.5?0A/†c/DŽA8†LJŽO/8†K"":_UY#`+#5
Ž?0C†S116•M#•JU•JUcccG;01=001G:5OG2?•JU#01-AC/*5A?;/71.
•JUtM•JUA5CMJgNsG68FG2.6PŽ/-†-f9Y,.2&$5/F1c/sJ+]f*#Ž?.:†#U_Y"H(^)=
:*'Lc>1Y)g^&"U8C&.s)'dY:ˆ!G!#A/..5!/;E!JJ!8/!8/W/;D05!8/!JKLKG
a(),a(9+I!d2O-/0!*T0-5G!"5C5;D-2E!b2CF!"/71?0]!5F!i)!;-C-120]!60/./7A/R&#3'6#ND@E*
3E@AA*'@E?=O@[!`5:51TE!JKKsG!*-.657XO/C!/;E!‡!S116Euu-6.7/c.G7/1u7/c.G2.6y
-87/c.†NgKNM!ˆG!#A/..5!/;E!LN!8/!Y27/-05!8/!JKLKG
!
a(ƒ()I!d/.n.!_G!#C/;27A-2!b/02.15G!%AD;BCA*!N=BCA*A@*qS@B;*@N*3;N;<V[!"/7105!
$?C1-C21/02C!"57102!/C!H20A5102F-A5E!H5O/;D05I!LsstG!*-.657XO/C!/;!‡!
S116Euu5C8G0/81/0A/0;?785G50:G?]u0/O-.12‚8/C‚.?0u1/P15‚A5;6C/15G6S6y-8†LLKgˆ!G!
#A/..5!/;E!LJ!8/!F/O/0/-05!8/!JKLKG
a%($(aI!$211/cG!,;D=N*)<@E=O;Z*e2.S-7:157š.!H/20=#D0528!l95c/0!278!%71/0/.1!
H/c.!a/6501mG!H5O2!ƒ50rE!>C5D2C!95C-A]!U<0?;I!JKKNG
a+H"~^+e)^%I!$-AS2/C!aG!.@EECE=A<*;NB*/ET;N=G@B*2;D@*0E=<@Z*#ND@>>=T@NO@*
7;DY@E=NTI*)N;>\A=AI*;NB*#N?@AD=T;D=CNAI!"a"!90/..I!`5A2!a2157I!JKKNG
)##ƒ(*a#I!$2?0XA-5G!l;AY=NTDCN*@AO;>;D@A*<=>=D;E\*HS=>BSa*=N*,;D=N*)<@E=O;G!
e50C8!)5A-2C-.1!e/D!)-1/G!JKKMG!*-.657XO/C!/;E!‡!
S116EuucccGc.c.G50:u201-AC/.uJKKMuY27JKKMuC2=YJMG.S1;C!ˆ!#A/..5!/;E!LN!8/!Y27/-05!8/!
JKLK
)"be#&`(I!)1/6S/7G!/?@EA@;A*-=>=D;E\*M;A@*0>CASE@AG!!-"&Z&?*$.'&Q0G'"&I07"5$(
H5(-5'&/1"05-.(':&lJKKfmG!*-.657XO/C!/;E!
‡S116EuucccG2-065c/0G;2Pc/CCG2FG;-Cu2-0AS057-AC/.uAAu.ASc2CD/JGS1;CˆG!#A/..5!/;E!KL!
8/!;2035!8/!JKLKG
)((&^(I!"C20/!a-D2785G*%OS;BCEZ*3C>=D=O;>*;NB*%OCNC<=O*'=DS;D=CN*;NB*!['[*
&@>;D=CNA[*l;AY=NTDCNZ*"a)!a/6501!F50!"57:0/..I!,S/!&-D020]!5F!"57:0/..I!JKKgG!
*-.657XO/C!/;!‡*S116EuucccGF2.G50:u.:6uA0.u05cua)JLqgtG68Fˆ!I!#A/..5!/;E!LJ!8/!
F/O/0/-05!8/!JKLKG
)(aa#H+I!b/0;/.!)?A0/G!,;*H;NB@E;*qS@*NC*A@*BCH>@T;G!s!8/!Y27/-05I!JKKMG!
*-.657XO/C!/;!
‡S116Euu;/7.?2CG60/7.2GA5;u;/7.?2CuA571/7-85uJKKMuKLuKsuS5]u6501282ugNLssqGS1;Cˆ!
#A/..5!/;E!JNGKqGJKLLG
LLs
)b%(&*)I!$20rG!)RD@E*JKKiI*)<@E=O;N*3C>=D=OA*l=>>*"@?@E*M@*DY@*';<@*)T;=NG!
/"'$80":R.0#G!&5.!#7:/C/.I!JKKgG!*-.657XO/C!/;E!‡!
S116EuucccGA0/2150.GA5;u56-7-57u;20r=.S-/C8.u2F1/0=JKKg=2;/0-A27=65C-1-A.=c-CC=7/O/0=
D/=1S/=.2;/=2:2-7GS1;C!ˆG!#A/..5!/;E!KL!8/!8/W/;D05!8/!JKKsG
‚‚‚‚‚‚G!#A*.Y@E@*;N*„/H;<;60>=NDCN6(CODE=N@„{[!/"'$80":R.0#G!&5.!#7:/C/.I!JKKsG!
*-.657XO/C!/;E!‡!S116EuucccGA0/2150.GA5;uC-D/02Cu;20r=.S-/C8.u-.=1S/0/=27=5D2;2=
AC-7157=85A10-7/GS1;C!ˆG!#A/..5!/;E!KJ!8/!8/W/;D05!8/!JKKsG
)+&+$+HI!d2]R!"+a*+`#I!d5./!8/G!0>=NDCN*/RR@EA*-@P=OC*2@>a*=N*(EST*l;EG!Jq!
8/!;2035I!JKKsG!*-.657XO/C!/;!‡!
S116Euu57C-7/Gc.YGA5;u201-AC/u)`LJMgKLKsgstqNNKgfMGS1;Cˆ!#A/..5!/;!JMGKgGJKLKG
)+ia"(!e#,"bG!!['[*<=>=D;E\*aE@A@NO@*=N*3;E;TS;\[*$28-.57E!)5?0A/e21ASG!
*-.657XO/C!/;E!‡S116EuucccG.5?0A/c21ASG50:u-78/PG6S6y
1-1C/†iG)G‚;-C-120]‚60/./7A/‚-7‚9202:?2]ˆG!#A/..5!/;E!LN!8/!d27/-05!8/!JKLKG
,#$#ƒ+I!(8?2085G!i)!10556.!C/2O/!(A?2850I!eS/7!c-CC!1S/]!C/2O/!b578?02.y!
)<XE=O;*,;D=N;*@N*-C?=<=@NDCG!)271-2:5I!JKKgG!*-.657XO/C!/;E!‡!
S116Euu2C2-7/1G50:u2A1-O/uJqtgt!ˆG!#A/..5!/;E!LN!8/!Y27/-05!8/!JKLKG!
i99)#&#!"+HU&%",!*#,#!9a+>a#$G!!0(3*0CNR>=OD*%NO\O>Ca@B=;Z*3;N;<;G!
)/;!8212G!*-.657XO/C!/;!‡!S116EuucccG?A86G??G./u:68212D2./u:6A5?710]G6S6y
-8†LJMŽ0/:-57)/C/A1†N="/7102C‚#;/0-A2.ˆ!G!#A/..5!/;E!Lf!8/!F/O/0/-05!8/!JKLKG
iG)G!*(9#a,$(H,!+U!),#,(G!M;OpTECSNB*NCD@Z*3;N;<;G!Lq!8/!2:5.15!8/!JKLLG!
*-.657XO/C!/;!‡!S116EuucccG.121/G:5Ou0u62u/-uD:7uJKMKGS1;ˆ!G!#A/..5!/;E!LJ!8/!
F/O/0/-05!8/!JKLKG
e++&&(ƒI!&]77G!M=>>*0>=NDCN*;NB*DY@*(@O>=N@*CR*DY@*-=>=D;E\G!B7#$5&<='58:R.0#G!
e2.S-7:157!*G"GI!JKKqG!*-.657XO/C!/;E!‡!S116EuucccGS?;27/O/71.GA5;u201-AC/G6S6y
-8†Lgfgf!ˆG!#A/..5!/;E!KJ!8/!F/O/0/-05!8/!JKKsG
e50r-7:!9/56C/š.!'5-A/G!!['[*-=>=D;E\*M;A@A*=N*,;D=N*)<@E=O;G!H/c!ƒ50rE!O5C?;/!
KNI!7n;/05!KLI!JKKtG!*-.657XO/C!/;E!
‡S116EuucccGc50r-7:6/56C/.O5-A/G50:uc6OON7LuD2./.C2GS1;ˆG!#A/..5!/;E!JM!8/!
Y27/-05!8/!JKLK
@o*(COS<@NDCA*CR=O=;=A
`a#)%&G!$-7-.1@0-5!82!*/F/.2G!%ADE;DXT=;*";O=CN;>*B@*(@R@A;!l(H*mG!`02.XC-2I!JKKgG
"%#G!ME;G=>zA*&C>@*=N*/a@E;D=CN*0CNBCEG!LJ!8/!2:5.15I!Lstq
"+$%)%•H!H#"%+H#&!)+`a(!9a%)%•H!9+&{,%"#!ƒ!,+a,ia#G!#NRCE<@*B@*>;*
0C<=A=FN*";O=CN;>*ACHE@*3C>dD=O;*\*DCEDSE;[*JKKNG!*-.657XO/C!/;!‡!
S116EuucccGA5;-.-57O2C/ASG:5OGACu%7F50;/'2C/ASGS1;Cˆ
LJK
"a)!a/6501!F50!"57:0/..!lJKKqmG!)ED=O>@*bi*)TE@@<@NDA*;NB*';NOD=CNA*CN*!['[*
+CE@=TN*)=B*DC*,;D=N*)<@E=O;G!(.1285.!i7-85.E!"57:0/..-572C!a/./20AS!)/0O-A/!=!,S/!
&-D020]!5F!"57:0/..G
‚‚‚‚‚‚!lJKKfmG!-=>=D;E\*M;A@*0>CASE@AZ*#<a>@<@ND=NT*DY@*JKKj*&CSNB[*(.1285.!
i7-85.E!"57:0/..-572C!a/./20AS!)/0O-A/!=!,S/!&-D020]!5F!"57:0/..G
"i`#!(!(),#*+)!iH%*+)G!)TE@@<@ND*M@D^@@N*DY@*!N=D@B*'D;D@A*;NB*0SH;*RCE*
DY@*,@;A@*CR*,;NBA*RCE*0C;>=NT*;NB*";?;>*AD;D=CNA…*+@HES;E\*JfI*LbKfG!*-.657XO/C!
/;!‡!S116Euu2O2C57GC2cG]2C/G/8?uJK1S‚A/71?0]u8-6‚A?D2KKJG2.6ˆ
*(9#a,$(H,+!*(!(),#*+!*#!#a>(H,%H#G!)<H;AA;BCEtA*0CN?@EA;D=CN*
^=DY*)B<=E;>*-;AA@E;G!Lq!8/!;2035I!LstqG
*(9#a,#$(H,+!*(!(),#*+!*#!#a>(H,%H#G!)ET@ND=N;*3ECu@ODG!Lq!8/!
F/O/0/-05I!LstqG
*(9#a,$(H,+!*(!(),#*+!*#!#a>(H,%H#G!$=B@>;tA*-CB@E;D@*,=N@*
3E@?;=>AG!Js!8/!;2035!8/!LstqG!
(),#*+)!iH%*+)G!"57O/71-57!`/1c//7!1S/!i7-1/8!)121/.!278!1S/!a/6?DC-A!5F!
9272;2G!LsKNG
U+a(%>H!#UU#%a)!#H*!H#,%+H#&!*(U(H)(!*%'%)%+HG!3;N;<;6!['[*
&@>;D=CNAZ*0CND=NS=NT*3C>=O\*0CNO@ENA[!N!8/!2:5.15!8/!LssNG!*-.657XO/C!/;!
‡S116Euu68FG?.2-8G:5Ou68F‚85A.u9"###NtqG68Fˆ!#A/..5!/;!JJ!8/!Y?CS5!8/!JKLLG
bi$#H!a%>b,)!e#,"bG!2S<;N*&=TYDA*l;DOY*lCE>B*&@aCED*Lbb`*g*
0C>C<H=;[iHb"a!a/Fc50C8I!L!8/!d27/-05!8/!LsstG!*-.657XO/C!/;!
‡S116EuucccG?7SA0G50:uA:-=D-7u1/P-.uO1Pu0/Fc50C8u0c;2-7y85A-8†M2/q2gDLMgˆ!G!#A/..5!
/;!JM!8/!Y?CS5!8/!JKLLG
^(HH(*ƒI!d5S7!UGG!#N;STSE;>*)BBE@AAG!JK!8/!d27/-05!8/!LsqLG!*-.657XO/C!/;!
‡S116EuucccGD201C/D]GA5;uLJNu60/.fqGS1;Cˆ!#A/..5!/;!JJ!8/!Y?CS5!8/!JKLLG
&+"^e++*I!*2O-8!(GG!"a)!a/6501!a&MKKfLG!-=>=D;E\*M;A@*0>CASE@AZ*)TE@@<@ND*
CN*;*JKKj*&CSNB[! "57:0/..-572C!a/./20AS!)/0O-A/G! ,S/!&-D020]!5F!"57:0/..G!$2-5I!
JKKfG
$%H%),xa%+!*#)!a(&#|}()!(j,(a%+a()G!+FES<*B@*(=V>CTC*4NB=;6ME;A=>6
_RE=O;*BC*'S>E!_?2012!"n6?C2!8/!"S/F/.!8/!(.1285.!/!8/!>5O/075G!`02.XC-2E!Lf!8/!2D0-C!
8/!JKLKG!*-.657XO/C!/;!‡!S116EuucccG:55:C/GA5;GD0u?0Cy.2†1Ž0A1†YŽB†N•"J•##”"
•"M•`#6?C2””85”%`#)”=”*/AC202
•"M•#t•"M•#M5”Ž.5?0A/†c/DŽA8†JŽO/8†K""r_UY#`Ž?0C†S116•M#•JU
•JUcccG-12;2021]G:5OGD0•JU1/;2.=;2-.=-7F50;2A5/.•JU.2-D2=;2-.=-D2.
•JU85A?;/715.=/;-1-85.=6/C5.=AS/F/.=8/=/.1285=/=8/•JUN2=A?6?C2=85=-D2.=
8/AC202A25•JU21‚85c7C528
•JUF-C/Ž/-†SC‚;,Ob0".+6.#&-r+;~`:Ž?.:†#U_Y"H>)*."^DB1?"H#BDcƒ7f
ƒW2/=`+f_ˆ
LJL
+UU%"( ! +U ! ,b( ! )("a(,#aƒ ! +U ! *(U(H)(G !M;A@ * &@;>=TN<@ND * ;NB * 0>CASE@*
JKKjG ! *-.657XO/C ! /; ! ‡S116EuucccG8/F/7./G:5OuD02AuKJF2B.GS1;ˆ !#A/..5 ! /; ! Lg ! 8/!
2:5.15!8/!JKLLG
+a>#H%~#,%+H!+U!#$(a%"#H!),#,()G !%OS;BCE[! )/;!8212G!*-.657XO/C!/;!‡!
S116EuucccGA-8SG52.G50:u277?2C0/6uss/7:u"S261/0N2GS1;ˆ!#A/..5!/;!Lg!8/!2:5.15!8/!
JKLLG
+'(a)(#)!`#)%H>!"+$$%))%+H[*0C<<=AA=CN*CN*&@?=@^*CR*/?@EA@;A*-=>=D;E\*
+;O=>=D\ * 'DESODSE@ * CR * DY@ * !N=D@B * 'D;D@AG !s ! 8/ ! ;2-5 ! 8/ ! JKKfG ! *-.657XO/C ! /; ! ‡!
S116EuucccGF2.G50:u-06u2:/7A]u858u5DAG68F!ˆ!#A/..5!/;!LM!8/!2:5.15!8/!JKLLG
9#H#$#!"#H#&!#i,b+a%,ƒ[*)*2=ADCE\*CR*DY@*3;N;<;*0;N;>Z** +E@NOY*;NB*
)<@E=O;N * 0CNADESOD=CN * %RRCEDA[
*)u#G ! *-.657XO/C ! /;!
‡S116EuucccG627A272CGA5;u/7:uS-.150]uS-.150]uˆ!#A/..5!/;!LM!8/!2:5.15!8/!JKLLG
9#H#$# ! "#H#& ! #i,b+a%,ƒ[ * )NNS;> * &@aCED * JKKb[ **-.657XO/C ! /;!
‡S116EuucccG627A272CGA5;u/7:u:/7/02Cu0/6501/=27?2CuJKKsuFC2.SGS1;C•ˆ !#A/..5!/;!Lg!
8/!2:5.15!8/!JKLLG
a(Ui>((!a('%(e!,a%`iH#&G!&&.*&@A@;EOY*&@AaCNA@Z*0C>C<H=;G!Lt!8/!
d27/-05!8/!JKKgG!
a(9i`&%"#!*+!9#H#$#!(!(),#*+)!iH%*+)G!.E;D;BCA*.CEE=uCA60;ED@EZ*
.E;D;BC*B@>*0;N;>*B@*3;N;<;*\*.E;D;BC*0CNO@EN=@ND@*;*>;*"@SDE;>=B;B*
3@E<;N@ND@*B@>*0;N;>*\*;>*+SNO=CN;<=@NDC*B@>*0;N;>*B@*3;N;<;I*@NDE@*>;*
&@aSH>=O;*B@*3;N;<;*\*>CA*%AD;BCA*!N=BCA[!e2.S-7:157I!t!8/!./1/;D05!8/!LsttG!
*-.657XO/C!/;!S116EuucccG627A272CGA5;u/.6uA1027.-1-57u10/21]uF02;/GS1;C
,b(!eb%,(!b+i)(G!$/;50278?;!F50!1S/!90/.-8/71G!f!8/!75O/;D05I!LstKG
‚‚‚‚‚‚G!";D=CN;>*'@OSE=D\*'DE;D@T\I*JKLL[*e2.S-7:157E!$2-5I!JKLKG
‚‚‚‚‚‚G!.Y@*";D=CN;>*'@OSE=D\*'DE;D@T\*CR*DY@*!N=D@B*'D;D@A*CR*)<@E=O;I*JKKm[*
e2.S-7:157G!$2035I!JKKqG
iH%,(*!),#,()G!'D;RR*-@@D=NT*.E;NAOE=aDAZ*'@OE@D;E\*CR*'D;D@*2@NE\*]=AA=NT@EG!
Jq!8/!;2035I!LstqG
iG)G!*(9#a,$(H,!+U!#>a%"i&,ia(G!#<a;OD*CR*3;N;<;*0;N;>*%Pa;NA=CN*CN*
DY@*!['[*#ND@E<CB;>*'\AD@<[*d27/-05I!JKLKG
iG)G!*(9#a,$(H,!+U!#>a%"i&,ia(G!!3;N;<;*0;N;>*'DSB\G!d27/-05I!JKLKG
iH%,(*!),#,()!*(9#a,$(H,!+U!#>a%"i&,ia([*.Y@*3;N;<;*0;N;>*=N*
.E;NA=D=CNZ*#<a>=O;D=CNA*RCE*!['[*;TE=OS>DSE@[*d27/-05I!JKKKG
LJJ
iH%,(*!),#,()!>(H(a#&!#""+iH,%H>!+UU%"(G!)AS55C!5F!1S/!#;/0-A2.E!iG)G!
$-C-120]!,02-7-7:!F50!&21-7!#;/0-A27!"5?710-/.G!JJ!8/!2:5.15!8/!LssqG!*-.657XO/C!/;!‡!
S116EuucccGF2.G50:u2.;6u0/.5?0A/.u:5O/07u:25sqLtgG68Fˆ!#A/..5!/;!JJ!8/!Y?CS5!8/!
JKLLG
iG)G!*(9#a,$(H,!+U!*(U(H)(G!)OD=?@*(SD\*-=>=D;E\*3@EACNN@>*'DE@NTYDA*H\*
&@T=CN;>*)E@;*;NB*H\*0CSNDE\*nfKb)o[*)/61/;D/0!MKI!LsgsG
‚‚‚‚‚‚G!)OD=?@*(SD\*-=>=D;E\*3@EACNN@>*'DE@NTYDA*H\*&@T=CN;>*)E@;*;NB*H\*
0CSNDE\*nfKb)o[*)/61/;D/0!MKI!LssLG
‚‚‚‚‚‚G!)OD=?@*(SD\*-=>=D;E\*3@EACNN@>*'DE@NTYDA*H\*&@T=CN;>*)E@;*;NB*H\*
0CSNDE\*nfKb)o[*)/61/;D/0!MKI!JKKLG
‚‚‚‚‚‚G!)OD=?@*(SD\*-=>=D;E\*3@EACNN@>*'DE@NTYDA*H\*&@T=CN;>*)E@;*;NB*H\*
0CSNDE\*nfKb)o[*)/61/;D/0!MKI!JKKfG
‚‚‚‚‚‚G!)OD=?@*(SD\*-=>=D;E\*3@EACNN@>*'DE@NTYDA*H\*&@T=CN;>*)E@;*;NB*H\*
0CSNDE\*nfKb)o[*)/61/;D/0!MKI!JKKsG
‚‚‚‚‚‚G!-@<CE;NBS<*RCE*DY@*'@OE@D;E\*CR*(@R@NA@[*l;AY=NTDCNI*LJ*B@*<;EWC*B@*
LbbJG ! *-.657XO/C !/;!‡S116EuucccG:c?G/8?u˜7.20AS-OuH)#(``uH)#(``LJJusJKMLK!
%;6506/0!$21/0-2C!-7!)627-.S=&27:?2:/!%71/CC-:/7A/!,02-7-7:!$27?2C.G68Fˆ
‚‚‚‚‚‚G!M;A@*'DESODSE@*&@aCED*RCE*+=AO;>*ƒ@;E*LbibG
‚‚‚‚‚‚G!M;A@*'DESODSE@*&@aCED*RCE*+=AO;>*ƒ@;E*LbbLG
‚‚‚‚‚‚G!M;A@*'DESODSE@*&@aCED*RCE*+=AO;>*ƒ@;E*JKKLG!
‚‚‚‚‚‚G!M;A@*'DESODSE@*&@aCED*RCE*+=AO;>*ƒ@;E*JKKjG!
‚‚‚‚‚‚G!M;A@*'DESODSE@*&@aCED*RCE*+=AO;>*ƒ@;E*JKKbG!
‚‚‚‚‚‚G!(@a;ED<@ND*CR*(@R@NA@*(=OD=CN;E\*CR*-=>=D;E\*;NB*)AACO=;D@B*.@E<A[*
(=AaCNd?@>*@<*‡!S116EuucccG81-AG;-Cu85A10-7/u7/c‚6?D.uY6L‚KJG68F!ˆ!G!+?1?D05I!JKKsG
‚‚‚‚‚‚G!-=>=D;E\*.E;NARCE<;D=CNZ*)*'DE;D@T=O*)aaEC;OYG!JKKMG!*-.657XO/C!/;!
‡S116EuucccG-c20G50:G?ru0;2u0/.5?0A/.u1027.F50;21-57u;-C-120]=1027.F50;21-57=2=
.1021/:-A=266052ASG68Fˆ
‚‚‚‚‚‚G!lCE>B^=B@*-;NaC^@E*(=ADE=HSD=CN*H\*7@CTE;aY=O;>*)E@;[*e2.S-7:157E!MK!
8/!./1/;D05I!JKKJG!*-.657XO/C!/;!‡S116EuucccG8-50GcS.G;-Cu;;-8u;;-8S5;/GS1;ˆ
iG)G!*(9#a,$(H,!+U!di),%"(G!*0?:!%71/CC-:/7A/!`0-/FG!*/W/;D05I!JKKLG!
*-.657XO/C!/;!
‡S116EuucccGS2c2--G/8?uS-O2782-8.u9272;2‚"5?710]‚`0-/F‚‚*0?:‚)-1?21-57‚a/6501G6
8Fˆ!#A/..5!/;!JJ!8/!Y?CS5!8/!JKLLG
LJM
iG)G!*(9#a,$(H,!+U!),#,(G!0YSEOY*&@aCEDZ*0C?@ED*)OD=CN*=N*0Y=>@*LbmfLb`fG!
Lg!8/!8/W/;D05I!LstfG
‚‚‚‚‚‚G!+CE@=TN*E@>;D=CNA*CR*DY@*!N=D@B*'D;D@AI*LbjJ6Lbjh[*$C>S<@*#$Z*DY@*)<@E=O;N*
E@aSH>=OA*lLsfJ=LsfNmG!e2.S-7:157E!iG)G!>5O/07;/71!90-71-7:!+FF-A/I!LsgMG
‚‚‚‚‚‚G!2S<;N*&=TYDA*3E;OD=O@A*JKKm*g*0C>C<H=;R&q!8/!;2035!8/!JKKtG!*-.657XO/C!/;!
cccG.121/G:5Ou:u80Cu0C.uS0061uJKKqutgggfGS1;!G!#A/..5!/;!JM!8/!Y?CS5!8/!JKLLG
‚‚‚‚‚‚G!'@OCNB*-@@D=NT*^=DY*0Y=@R*CR*'D;RR*E@*,@D@>=@E*0;A@[!JK!8/!5?1?D05I!LstgG
‚‚‚‚‚‚G!'@OE@D;E\tA*'D;RR*-@@D=NTI*/ODCH@E*LI*Lb`fG!N!8/!5?1?D05I!LstMG
‚‚‚‚‚‚G!.Y@*'@OE@D;E\zA*&@T=CN;>A*;NB*3E=NO=a;>Az*'D;RR*-@@D=NT[!JM!8/!8/W/;D05I!
LstNG
‚‚‚‚‚‚G !,S/!iG)G!278!H215E !#7!2CC-27A/ !5F!6?065./G !%uCSEN;>*!')Z*!['[*+CE@=TN*
3C>=O\ * )T@NB;I ! O5C?;/ ! sI ! 7n;/05 ! JI ! JKKNG !*-.657XO/C ! /;E ! ‡!
S116Euu?.-7F5G.121/G:5OuY5?072C.uY5?072C.GS1;!ˆG!#A/..5!/;E!MK!8/!75O/;D05!8/!JKKsG
‚‚‚‚‚‚G!!N=D@B*'D;D@A*2;A*"C*3>;NA*RCE*-=>=D;E\*M;A@*=N*3;E;TS;\G!LL!8/!d27/-05I!
JKKqG
!
*-.657XO/C
!
/;
!
‡S116EuucccG2;/0-A2G:5Ou.1u6?D.=
/7:C-.SuJKKqud27?20]uJKKqKLLLKsNNMN21C2S17/O/CKGgJtsgNGS1;C•-PWWL'OA/ƒF^jˆ
iG)G!d+%H,!"b%(U)!+U!),#UUG!.Y@*";D=CN;>*-=>=D;E\*'DE;D@T\*CR*DY@*!N=D@B*
'D;D@A*CR*)<@E=O;[*JKKNG
iG)G!(H(a>ƒ!%HU+a$#,%+H!#*$%H%),a#,%+HG!0ESB@*/=>*;NB*.CD;>*
3@DEC>@S<*#<aCEDA*.Ca*Lj*0CSNDE=@A[*$2-5I!JKLLG*
iG)G!)(H#,(!"+$$%,,((!+H!#a$(*!)(a'%"()G!)B?;NO@*yS@AD=CNA*RCE*
,=@SD@N;ND*7@N@E;>*3@D@E*3;O@G!*/F/7./!a/F50;.I!JKKKG!*-.657XO/C!/;!
‡S116Euu20;/8=./0O-A/.G./721/G:5Ou.121/;71uJKKKuKKKsKq66G68Fˆ
iG)G!*(9#a,$(H,!+U!*(U(H)(G!&@aCED*DC*0CNTE@AAZ*'DE@NTDY@N=NT*!['[*
7>CH;>*(@R@NA@*3CADSE@G!)/1/;D05I!JKKNG
iH%,(*!),#,()!%H),%,i,(!+U!9(#"(G!&@aCED*CR*DY@*0Y=>@;N*";D=CN;>*
0C<<=AA=CN*CN*.ESDY*;NB*&@OCNO=>=;D=CN[*N!8/!5?1?D05!8/!JKKJG!*-.657XO/C!/;!‡!
S116EuucccG?.-6G50:uF-C/.u0/.5?0A/.uA5CC/A1-57.u10?1S‚A5;;-..-57.u"S-C/sK=
a/6501u"S-C/sK=a/6501G68Fˆ
Ro*%NDE@?=AD;A
`#H*(%a#I!&?-W!#CD/015!$57-WG!#!#&"#!@!?;!605Y/15!65CX1-A5G!(710/O-.12!A57A/8-82!
2!`/01S2!$22r205?7G!/*%AD;BC*B@*-=N;AG!$-72.!>/02-.I!6G!KgI!d?CS5!8/!JKKJG
LJN
"b+$)^ƒI!H52;G!"5?6.I!iH#)iaI!278!1S/!iG)G!U05;!2!12Cr!:-O/7!-7!"202A2.I!
'/7/W?/C2!57!#?:?.1!Js!l?6821/8!)/61/;D/0!smG!†*-;T;G=N@2&O5C?;/!JJI!7n;/05!LKG!
$2..2AS?./11.E!JKKsG
(ESTA*;NB*DY@*,;^*3;ED*#Z*.Y@*aE=O@*CR*aECY=H=D=CNG!(710/O-.12!A5;!),('(H!`G!
*i^(
*-.657XO/C!/;!‡S116EuucccG-71?-1-57G50:u1P1u8?r/LGS1;ˆ!G!#A/..5!/;!JNGKtGJKLLG
To*-CNCTE;R=;AI*B=AA@ED;Wv@A*@*D@A@A
#$i)_i%'#aI!x0-r2!&2?0-782G!/*3;a@>*B;*3C>dD=O;*B@*'@TSE;NW;*BCA*%AD;BCA*
!N=BCA*NC*'=AD@<;*#ND@EN;O=CN;>*NC*aFA67S@EE;*+E=;I!JKLKG!*-../012345!l$/.10285!
/;!"-Q7A-2!95CX1-A2m!h!iH%"#$9I!)45!92?C5G!LsL6G
`#aH#`xI!%.02/C!a5D/015G!/*-@EOCAS>*@*;*=ND@TE;WcC*E@T=CN;>I!JKKMG!,/./!
l*5?150285!/;!"-Q7A-2.!)5A-2-.m!h!iH%"#$9I!)45!92?C5I!JKKMG!JLL6G
U#a%#)I!UCTO-5!d5.@!8/!$5?02G!)*B=<@NAcC*@ADE;DXT=O;*B;*aC>dD=O;*@PD@EN;*BCA*
%AD;BCA*!N=BCA*NC*0;E=H@I!JKKgG!*-../012345!l$/.10285!/;!a/C23k/.!%71/072A-572-.m!
h!9571-FXA-2!i7-O/0.-828/!"21<C-A2!8/!)45!92?C5I!)45!92?C5I!JKKgG
b(ƒ(I!,S5;2.!U/08-7278G!/A*B@D@E<=N;ND@A*aC>dD=OCA*BCA*T;ADCA*<=>=D;E@A*NC*aFA6
7S@EE;*+E=;I!JKKfG!,/./!l*5?150285!/;!"-Q7A-2!95CX1-A2m!h!%7.1-1?15!i7-O/0.-1T0-5!8/!
9/.B?-.2.!85!a-5!8/!d27/-05I!i7-O/0.-828/!"278-85!$/78/.I!a-5!8/!d27/-05I!JKKfG!
LgL6G
d+bH)+HI!d5277/!(GG!.Y@*)E<\*#NBSADE=;>*0C>>@T@*;NB*-CH=>=G;D=CN*3>;NN=NT*
M@D^@@N*DY@*l;EA[!(P/A?1-O/!a/./20AS!905Y/A1G!H21-572C!*/F/7./!i7-O/0.-1]E!U501/!
$AH2-0I!e2.S-7:157!h!*"G!LssMG
d+a*#HI!$201S2!^G!.@EECE=A<*;NB*SA*aC>=O\Z*aECH>@<A*=N*B@R=N=D=CN*;NB*E@AaCNA@I!
LsstG!MsFG!$575:02F-2!=!#-0!"5;;278!278!)12FF!"5CC/:/G!#C2D2;2G
&#9#!(!)%&'#I!&/27805!8/!#W/O/85G!0CNDEC?XEA=;A*ACHE@*;*3C>dD=O;*%PD@EN;*
)<@E=O;N;Z*7S@EE;*+E=;I*3FA67S@EE;*+E=;*@*2@T@<CN=;I!JKKgG!,/./!l*5?150285!/;!
"-Q7A-2!95CX1-A2!/!)5A-5C5:-2m!h!%7.1-1?15!i7-O/0.-1T0-5!8/!9/.B?-.2.!85!a-5!8/!d27/-05I!
i7-O/0.-828/!"\78-85!$/78/.I!a-5!8/!d27/-05I!JKKgG!LKK6G
‚‚‚‚‚‚‚G!/*+=<*B;*7S@EE;*+E=;*@*;*3C>dD=O;*%PD@EN;*BCA*%AD;BCA*!N=BCAZ*&SaDSE;*
@*0CND=NS=B;B@I!JKKK[**-../012345!l$/.10285!/;!"-Q7A-2!95CX1-A2!/!)5A-5C5:-2m!h!
%7.1-1?15!i7-O/0.-1T0-5!8/!9/.B?-.2.!85!a-5!8/!d27/-05I!i7-O/0.-828/!"\78-85!$/78/.I!
a-5!8/!d27/-05I!JKKgG!gf6G
!
&%$#!U%&b+I!)/D2.1-45!#G!#GG!/*yS@*;*%AOC>;*'Sa@E=CE*B@*7S@EE;*%NA=N;?;I!JKLLG!
,/./!l*5?150285!/;!)5A-5C5:-2m!h!i7-O/0.-828/!U/8/02C!85!"/20TI!U5012C/W2G!MNK!6G
LJf
$#a,%H)I!"20C5.!(8?2085!82!a5.2G!7>CH;>=G;WcCI*B@a@NBwNO=;*@*N@C>=H@E;>=A<C*N;*
)<XE=O;*,;D=N;I!JKKMG!,/./!l*5?150285!/;!)5A-5C5:-2m!h!i7-O/0.-828/!8/!)45!92?C5I!
)45!92?C5I!JKKMG!NKK6G
H('()I!&/572085!92WG!)T@NB;*B@*'@TSE;NW;*"CED@*)<@E=O;N;*NC*3FA67S@EE;*
+E=;Z*;*@<@ETwNO=;*BCA*ECTS@*AD;D@A*@*BCA*%AD;BCA*RE;O;AA;BCAI!JKKgG!*-../012345!
l$/.10285!/;!"-Q7A-2!95CX1-A2!/!)5A-5C5:-2m!m!h!%7.1-1?15!i7-O/0.-1T0-5!8/!9/.B?-.2.!85!
a-5!8/!d27/-05I!i7-O/0.-828/!"\78-85!$/78/.I!a-5!8/!d27/-05I!JKKgG!LgM6G
a#$+)I!#72!,/0/W2!&/;5.G!3CE*B@H;=PC*BC*a;NCZ*;*aC>dD=O;*@NOCH@ED;*BCA*%AD;BCA*
!N=BCA*a;E;*;*)<XE=O;*,;D=N;*Lbh`6Lb`fI*LssJG!*-../012345!l$/.10285!/;!"-Q7A-2!
95CX1-A2!/!)5A-5C5:-2m!m!h!%7.1-1?15!i7-O/0.-1T0-5!8/!9/.B?-.2.!85!a-5!8/!d27/-05I!
i7-O/0.-828/!"\78-85!$/78/.I!a-5!8/!d27/-05I!JKKgG!NLN6G
a+*a%>i()I!"CT?8-5!$20-7G!)A*3C>dD=O;A*B@*'@TSE;NW;*";O=CN;>*NC*ME;A=>Z*LbfK6
JKK`I*JKKgG!,/./!l*5?150285!/;!"-Q7A-2!95CX1-A2!/!)5A-5C5:-2m!h!%7.1-1?15!i7-O/0.-1T0-5!
8/!9/.B?-.2.!85!a-5!8/!d27/-05I!i7-O/0.-828/!"\78-85!$/78/.I!a-5!8/!d27/-05I!JKKgG!
MMf6G
,+a(&&+I!#80-27!U/07278/.G!3;ED=BCA*3C>dD=OCA*N;*#ND@TE;WcC*&@T=CN;>Z*/*O;AC*BC*
-@EOCAS>I!JKLKG!*-../012345!l$/.10285!/;!"-Q7A-2!95CX1-A2m!h!iH%"#$9I!)45!92?C5I!
JKLKG!LNf6G
'%#H#I!$27?/C2!,0-7828/G!)*(=<@NAcC*#ND@EN;O=CN;>*BC*OCNR>=DC*)E<;BC*
OC>C<H=;NCZ*)*=ND@EN;O=CN;>=G;WcC*BCA*3ECO@AACA*B@*3;G*'@TSNBC*;A*)T@NB;A*
2@<=ARXE=O;*@*T>CH;>I!JKKsG!*-../012345!l$/.10285!/;!"-Q7A-2!95CX1-A2m!h!iH%"#$9I!
)45!92?C5G!LqL6G
Yo*+=><@
.Y@*3;N;<;*(@O@aD=CNG!(.A0-150E!*2O-8!^2.620R!*-0/150E!`T0D202!,0/71G!ML!8/!Y?CS5!8/!
LssJG!sL!;-7?15.G!
LJq
!"#$%&'
LJt
()*+,*-.)*&/,-0,,*&-1,&2*.-,3&4-5-,6&5*3&-1,&7,89:;.<&)=&>5*5?5
!"#$%&
'()*+,--*./-+01+-)*+/,2-+03+,+42*15)+50./,16+-0+789:;+,+<,1,.,+5,1,:+=,>+7*?81+91+"@A#+
81;*2+,+5015*>>901+320.+-)*+B*/87:95+03+C0:0.79,D+-)208?)+=)0>*+-*229-026+-)*+5,1,:+=,>+-0+
/,>>E + F)*1 + -)* + *1-*2/29>* + =,> + -,G*1 + 0H*2 + 76 + -)* + I19-*; + J-,-*> + 91 + "#$KD + -)* + -2*,-6 + =9-)+
C0:0.79,D+,22,1?91?+302+I19-*;+J-,-*>+501-20:+03+-)*+5,1,:+>-29/D+=,>+2*L*5-*;+76+-)*+C01?2*>>+
03+C0:0.79,E+()*+/*0/:*+03+-)*+9>-).8>D+=)0>*+/20>/*29-6+:,2?*:6+;*/*1;*;+01+-)*+789:;91?+03+
-)*+5,1,:D+-)*2*8/01+>*5*;*;+320.+C0:0.79,D+>*-+8/+-)*+B*/87:95+03+<,1,.,D+,1;+,?2**;+-0+
-)*+30::0=91?+501H*1-901EM
4NB + -)* + C01>-285-901 + 03 + , + J)9/ + C,1,: + -0 + C011*5- + -)* + F,-*2> + 03 + -)* + O-:,1-95 + ,1; + <,59395+
N5*,1>E + J9?1*; + ,- + F,>)91?-01D + P0H*.7*2 + "@D + "#$KE + B,-9395,-901 + ,;H9>*; + 76 + -)* + J*1,-*D+
4*728,26 + QKD + "#$%E + B,-939*; + 76 + -)* + <2*>9;*1-D + 4*728,26 + QRD + "#$%E + B,-939*; + 76 + <,1,.,D+
S*5*.7*2+QD+"#$KE+B,-9395,-901>+*T5),1?*;+,-+F,>)91?-01D+4*728,26+QUD+"#$%E+<205:,9.*;D+
4*728,26+QUD+"#$%E
/@&-1,&>A,6.3,*-&)=&-1,&2*.-,3&4-5-,6&)=&!?,A.<5B
!&>A)<;5?5-.)*
++F)*2*,>D+,+C01H*1-901+7*-=**1+-)*+I19-*;+J-,-*>+03+O.*295,+,1;+-)*+B*/87:95+03+<,1,.,+
-0 + 91>82* + -)* + 501>-285-901 + 03 + , + >)9/ + 5,1,: + ,520>> + -)* + V>-).8> + 03 + <,1,., + -0 + 5011*5- + -)*+
O-:,1-95+,1;+<,59395+N5*,1>D+=,>+5015:8;*;+,1;+>9?1*;+76+-)*92+2*>/*5-9H*+<:*19/0-*1-9,29*>+,-+
F,>)91?-01D+01+-)*+*9?)-**1-)+;,6+03+P0H*.7*2D+01*+-)08>,1;+191*+)81;2*;+,1;+-)2**D+-)*+
029?91,:+03+=)95)+C01H*1-901D+7*91?+91+-)*+W1?:9>)+:,1?8,?*D+9>+=02;+302+=02;+,>+30::0=>X
'6-1?.5*&(5*5;&()*+,*-.)*
++()* + I19-*; + J-,-*> + 03 + O.*295, + ,1; + -)* + B*/87:95 + 03 + <,1,., + 7*91? + ;*>9208> + -0 + 91>82* + -)*+
501>-285-901+03+,+>)9/+5,1,:+,520>>+-)*+V>-).8>+03+<,1,.,+-0+5011*5-+-)*+O-:,1-95+,1;+<,59395+
N5*,1>D+,1;+-)*+C01?2*>>+03+-)*+I19-*;+J-,-*>+03+O.*295,+),H91?+/,>>*;+,1+,5-+,//20H*;+Y81*+
Q@D + "#$QD + 91 + 382-)*2,15* + 03 + -),- + 07L*5-D + 76 + =)95) + -)* + <2*>9;*1- + 03 + -)* + I19-*; + J-,-*> + 9>+
,8-)029Z*;+-0+,5[892*+=9-)91+,+2*,>01,7:*+-9.*+-)*+501-20:+03+-)*+1*5*>>,26+-*229-026+03+-)*+
B*/87:95 + 03 + C0:0.79,D + ,1; + -)* + >0H*2*9?1-6 + 03 + >85) + -*229-026 + 7*91? + ,5-8,::6 + H*>-*; + 91 + -)*+
B*/87:95+03+<,1,.,D+-)*+)9?)+501-2,5-91?+/,2-9*>+),H*+2*>0:H*;+302+-),-+/82/0>*+-0+5015:8;*+,+
501H*1-901+,1;+),H*+,5502;91?:6+,//091-*;+,>+-)*92+/:*19/0-*1-9,29*>D\
()* + <2*>9;*1- + 03 + -)* + I19-*; + J-,-*> + 03 + O.*295,D + Y0)1 + ],6D + J*52*-,26 + 03 + J-,-*D + ,1; + ()*+
^0H*21.*1- + 03 + -)* + B*/87:95 + 03 + <,1,.,D + <)9:9//* + _81,8`a,29::,D + W1H06 + WT-2,02;91,26 + ,1;+
b919>-*2+<:*19/0-*1-9,26+03+-)*+B*/87:95+03+<,1,.,D+-)*2*81-0+>/*59,::6+*./0=*2*;+76+>,9;+
?0H*21.*1-D+=)0+,3-*2+50..8195,-91?+=9-)+*,5)+0-)*2+-)*92+2*>/*5-9H*+38::+/0=*2>D+3081;+-0+
7*+91+?00;+,1;+;8*+302.D+),H*+,?2**;+8/01+,1;+5015:8;*;+-)*+30::0=91?+,2-95:*>X
!A-.<;,&'
()*+I19-*;+J-,-*>+?8,2,1-**>+,1;+=9::+.,91-,91+-)*+91;*/*1;*15*+03+-)*+B*/87:95+03+<,1,.,E
!A-.<;,&''
()*+B*/87:95+03+<,1,.,+?2,1->+-0+-)*+I19-*;+J-,-*>+91+/*2/*-89-6D+-)*+8>*D+0558/,-901+,1;+
501-20:+03+,+Z01*+03+:,1;+,1;+:,1;+81;*2+=,-*2+302+-)*+501>-285-901D+.,91-*1,15*D+0/*2,-901D+
>,19-,-901+,1;+/20-*5-901+03+>,9;+C,1,:+03+-)*+=9;-)+03+-*1+.9:*>+*T-*1;91?+-0+-)*+;9>-,15*+03+
39H*+.9:*>+01+*,5)+>9;*+03+-)*+5*1-*2+:91*+03+-)*+208-*+03+-)*+C,1,:+-0+7*+501>-285-*;c+-)*+>,9;+
Z01* + 7*?91191? + 91 + -)* + C,2977*,1 + J*, + -)2** +.,291* + .9:*> + 320. +.*,1 +:0= + =,-*2 + .,2G + ,1;+
*T-*1;91?+-0+,1;+,520>>+-)*+V>-).8>+03+<,1,.,+91-0+-)*+<,59395+N5*,1+-0+,+;9>-,15*+03+-)2**+
.,291*+.9:*>+320.+.*,1+:0=+=,-*2+.,2G+=9-)+-)*+/20H9>0+-),-+-)*+59-9*>+03+<,1,.,+,1;+C0:01+
,1;+-)*+),2702>+,;L,5*1-+-0+>,9;+59-9*>D+=)95)+,2*+915:8;*;+=9-)91+-)*+7081;,29*>+03+-)*+Z01*+
LJg
,70H*+;*>5297*;D+>),::+10-+7*+915:8;*;+=9-)91+-)9>+?2,1-E+()*+B*/87:95+03+<,1,.,+382-)*2+
?2,1->+-0+-)*+I19-*;+J-,-*>+91+/*2/*-89-6D+-)*+8>*D+0558/,-901+,1;+501-20:+03+,16+0-)*2+:,1;>+
,1;+=,-*2>+08->9;*+03+-)*+Z01*+,70H*+;*>5297*;+=)95)+.,6+7*+1*5*>>,26+,1;+501H*19*1-+302+
-)*+501>-285-901D+.,91-*1,15*D+0/*2,-901D+>,19-,-901+,1;+/20-*5-901+03+-)*+>,9;+C,1,:+02+03+
,16 + ,8T9:9,26 + 5,1,:> + 02 + 0-)*2 + =02G> + 1*5*>>,26 + ,1; + 501H*19*1- + 302 + -)* + 501>-285-901D+
.,91-*1,15*D+0/*2,-901D+>,19-,-901+,1;+/20-*5-901+03+-)*+>,9;+*1-*2/29>*E
()*+B*/87:95+03+<,1,.,+382-)*2+?2,1->+91+:9G*+.,11*2+-0+-)*+I19-*;+J-,-*>+91+/*2/*-89-6D+,::+
9>:,1;>+=9-)91+-)*+:9.9->+03+-)*+Z01*+,70H*+;*>5297*;+,1;+91+,;;9-901+-)*2*-0D+-)*+?208/+03+
>.,::+9>:,1;>+91+-)*+_,6+03+<,1,.,D+1,.*;+<*2950D+P,0>D+C8:*72,+,1;+4:,.*150E
!A-.<;,&'''
()*+B*/87:95+03+<,1,.,+?2,1->+-0+-)*+I19-*;+J-,-*>+,::+-)*+29?)->D+/0=*2+,1;+,8-)029-6+=9-)91+
-)*+Z01*+.*1-901*;+,1;+;*>5297*;+91+O2-95:*+VV+03+-)9>+,?2**.*1-D+,1;+=9-)91+-)*+:9.9->+03+,::+
,8T9:9,26+:,1;>+,1;+=,-*2>+.*1-901*;+,1;+;*>5297*;+91+>,9;+O2-95:*+VV+=)95)+-)*+I19-*;+J-,-*>+
=08:;+/0>>*>>+,1;+*T*259>*D+93+9-+=*2*+-)*+>0H*2*9?1+03+-)*+-*229-026+=9-)91+=)95)+>,9;+:,1;>+
,1;+=,-*2>+,2*+:05,-*;+-0+-)*+*1-92*+*T5:8>901+03+-)*+*T*259>*+76+-)*+B*/87:95+03+<,1,.,+03+
,16+>85)+>0H*2*9?1+29?)->D+/0=*2+02+,8-)029-6E
!A-.<;,&'C
O>+29?)->+>87>9;9,26+-0+-)*+,70H*+?2,1->+-)*+B*/87:95+03+<,1,.,+?2,1->+91+/*2/*-89-6D+-0+-)*+
I19-*;+J-,-*>+-)*+29?)-+-0+8>*+-)*+29H*2>D+>-2*,.>D+:,G*>+,1;+0-)*2+70;9*>+03+=,-*2+=9-)91+9->+
:9.9->+302+1,H9?,-901D+-)*+>8//:6+03+=,-*2+02+=,-*2/0=*2+02+0-)*2+/82/0>*>D+>0+3,2+,>+-)*+8>*+
03+>,9;+29H*2>D+>-2*,.>D+:,G*>+,1;+70;9*>+03+=,-*2+,1;+-)*+=,-*2>+-)*2*03+.,6+7*+1*5*>>,26+
,1;+501H*19*1-+302+-)*+501>-285-901D+.,91-*1,15*D+0/*2,-901D+>,19-,-901+,1;+/20-*5-901+03+
-)*+>,9;+C,1,:E
!A-.<;,&C
()* + B*/87:95 + 03 + <,1,., + ?2,1-> + -0 + -)* + I19-*; + J-,-*> + 91 + /*2/*-89-6D + , + .010/0:6 + 302 + -)*+
501>-285-901D+.,91-*1,15*+,1;+0/*2,-901+03+,16+>6>-*.+03+50..8195,-901+76+.*,1>+03+5,1,:+
02+2,9:20,;+,520>>+9->+-*229-026+7*-=**1+-)*+C,2977*,1+J*,+,1;+-)*+<,59395+N5*,1E
!A-.<;,&C'
()*+?2,1->+)*2*91+501-,91*;+>),::+91+10+.,11*2+91H,:9;,-*+-)*+-9-:*>+02+29?)->+03+/29H,-*+:,1;+
)0:;*2>+02+0=1*2>+03+/29H,-*+/20/*2-6+91+-)*+>,9;+Z01*+02+91+02+-0+,16+03+-)*+:,1;>+02+=,-*2>+
?2,1-*;+-0+-)*+I19-*;+J-,-*>+76+-)*+/20H9>901>+03+,16+O2-95:*+03+-)9>+-2*,-6D+102+>),::+-)*6+
91-*23*2*+=9-)+-)*+29?)->+03+=,6+0H*2+-)*+/87:95+20,;>+/,>>91?+-)208?)+-)*+>,9;+Z01*+02+0H*2+
,16+03+-)*+>,9;+:,1;>+02+=,-*2>+81:*>>+>,9;+29?)->+03+=,6+02+/29H,-*+29?)->+>),::+5013:95-+=9-)+
29?)->+)*2*91+?2,1-*;+-0+-)*+I19-*;+J-,-*>+91+=)95)+5,>*+-)*+29?)->+03+-)*+I19-*;+J-,-*>+>),::+
7*+>8/*2902E+O::+;,.,?*>+5,8>*;+-0+-)*+0=1*2>+03+/29H,-*+:,1;>+02+/29H,-*+/20/*2-6+03+,16+G91;+
76+2*,>01+03+-)*+?2,1->+501-,91*;+91+-)9>+-2*,-6+02+76+2*,>01+03+-)*+0/*2,-901>+03+-)*+I19-*;+
J-,-*>D+9->+,?*1->+02+*./:06**>D+02+76+2*,>01+03+-)*+501>-285-901D+.,91-*1,15*D+0/*2,-901D+
>,19-,-901+,1;+/20-*5-901+03+-)*+>,9;+C,1,:+02+03+-)*+=02G>+03+>,19-,-901+,1;+/20-*5-901+)*2*91+
/20H9;*; + 302D + >),:: + 7* + ,//2,9>*; + ,1; + >*--:*; + 76 + , + L091- + C0..9>>901 + ,//091-*; + 76 + -)*+
^0H*21.*1->+03+-)*+I19-*;+J-,-*>+,1;+-)*+B*/87:95+03+<,1,.,D+=)0>*+;*59>901>+,>+-0+>85)+
;,.,?*>+>),:: +7*+391,:+,1;+=)0>*+,=,2;>+,>+-0 +>85)+;,.,?*>+>),::+7*+/,9;+>0:*:6+76+-)*+
I19-*;+J-,-*>E+P0+/,2-+03+-)*+=02G+01+>,9;+C,1,:+02+-)*+<,1,.,+2,9:20,;+02+01+,16+,8T9:9,26+
=02G>+2*:,-91?+-)*2*-0+,1;+,8-)029Z*;+76+-)*+-*2.>+03+-)9>+-2*,-6+>),::+7*+/2*H*1-*;D+;*:,6*;+
02+9./*;*;+76+02+/*1;91?+>85)+/205**;91?>+-0+,>5*2-,91+>85)+;,.,?*>E+()*+,//2,9>,:+03+>,9;+
/29H,-*+:,1;>+,1;+/29H,-*+/20/*2-6+,1;+-)*+,>>*>>.*1-+03+;,.,?*>+-0+-)*.+>),::+7*+7,>*;+
8/01+-)*92+H,:8*+7*302*+-)*+;,-*+03+-)9>+501H*1-901E
!A-.<;,&C''
()*+B*/87:95+03+<,1,.,+?2,1->+-0+-)*+I19-*;+J-,-*>+=9-)91+-)*+:9.9->+03+-)*+59-9*>+03+<,1,.,+
,1;+C0:01+,1;+-)*92+,;L,5*1-+),2702>+,1;+=9-)91+-)*+-*229-026+,;L,5*1-+-)*2*-0+-)*+29?)-+-0+
LJs
,5[892*+76+/825),>*+02+76+-)*+*T*259>*+03+-)*+29?)-+03+*.91*1-+;0.,91D+,16+:,1;>D+789:;91?>D+
=,-*2+29?)->+02+0-)*2+/20/*2-9*>+1*5*>>,26+,1;+501H*19*1-+302+-)*+501>-285-901D+.,91-*1,15*D+
0/*2,-901+,1;+/20-*5-901+03+-)*+C,1,:+,1;+03+,16+=02G>+03+>,19-,-901D+>85)+,>+-)*+50::*5-901+
,1; +;9>/0>9-901 +03+>*=,?* +,1; +-)* +;9>-2978-901 +03+ =,-*2 + 91 +-)* +>,9; +59-9*> +03+ <,1,., + ,1;+
C0:01D+=)95)D+91+-)*+;9>52*-901+03+-)*+I19-*;+J-,-*>+.,6+7*+1*5*>>,26+,1;+501H*19*1-+302+-)*+
501>-285-901D + .,91-*1,15*D + 0/*2,-901D + >,19-,-901 + ,1; + /20-*5-901 + 03 + -)* + >,9; + C,1,: + ,1;+
2,9:20,;E+O::+>85)+=02G>+03+>,19-,-901D+50::*5-901+,1;+;9>/0>9-901+03+>*=,?*+,1;+;9>-2978-901+03+
=,-*2+91+-)*+59-9*>+03+<,1,.,+,1;+C0:01+>),::+7*+.,;*+,-+-)*+*T/*1>*+03+-)*+I19-*;+J-,-*>D+
,1; + -)* + ^0H*21.*1- + 03 + -)* + I19-*; + J-,-*>D + 9-> + ,?*1-> + 02 + 10.91**> + >),:: + 7* + ,8-)029Z*; + -0+
9./0>*+,1;+50::*5-+=,-*2+2,-*>+,1;+>*=,?*+2,-*>+=)95)+>),::+7*+>833959*1-+-0+/20H9;*+302+-)*+
/,6.*1-+03+91-*2*>-+,1;+-)*+,.02-9Z,-901+03+-)*+/29159/,:+03+-)*+50>-+03+>,9;+=02G>+=9-)91+,+
/*290;+03+393-6+6*,2>+,1;+8/01+-)*+*T/92,-901+03+>,9;+-*2.+03+393-6+6*,2>+-)*+>6>-*.+03+>*=*2>+
,1;+=,-*2+=02G>+>),::+2*H*2-+-0+,1;+7*50.*+-)*+/20/*2-9*>+03+-)*+59-9*>+03+<,1,.,+,1;+C0:01+
2*>/*5-9H*:6D+,1;+-)*+8>*+03+-)*+=,-*2+>),::+7*+32**+-0+-)*+91),79-,1->+03+<,1,.,+,1;+C0:01D+
*T5*/-+-0+-)*+*T-*1-+-),-+=,-*2+2,-*>+.,6+7*+1*5*>>,26+302+-)*+0/*2,-901+,1;+.,91-*1,15*+03+
>,9;+>6>-*.+03+>*=*2>+,1;+=,-*2E
()* + B*/87:95 + 03 + <,1,., + ,?2**> + -),- + -)* + 59-9*> + 03 + <,1,., + ,1; + C0:01 + >),:: + 50./:6 + 91+
/*2/*-89-6D + =9-) + -)* + >,19-,26 + 02;91,15*> + =)*-)*2 + 03 + , + /2*H*1-9H* + 02 + 582,-9H* + 5),2,5-*2+
/2*>5297*;+76+-)*+I19-*;+J-,-*>+,1;+91+5,>*+-)*+^0H*21.*1-+03+<,1,.,+9>+81,7:*+02+3,9:>+91+9->+
;8-6 + -0 + *13025* + -)9> + 50./:9,15* + 76 + -)* + 59-9*> + 03 + <,1,., + ,1; + C0:01 + =9-) + -)* + >,19-,26+
02;91,15*>+03+-)*+I19-*;+J-,-*>+-)*+B*/87:95+03+<,1,.,+?2,1->+-0+-)*+I19-*;+J-,-*>+-)*+29?)-+
,1;+,8-)029-6+-0+*13025*+-)*+>,.*E
()*+>,.*+29?)-+,1;+,8-)029-6+,2*+?2,1-*;+-0+-)*+I19-*;+J-,-*>+302+-)*+.,91-*1,15*+03+/87:95+
02;*2+91+-)*+59-9*>+03+<,1,.,+,1;+C0:01+,1;+-)*+-*229-029*>+,1;+),2702>+,;L,5*1-+-)*2*-0+91+
5,>*+-)*+B*/87:95+03+<,1,.,+>)08:;+10-+7*D+91+-)*+L8;?.*1-+03+-)*+I19-*;+J-,-*>D+,7:*+-0+
.,91-,91+>85)+02;*2E
!A-.<;,&C'''
()*+B*/87:95+03+<,1,.,+?2,1->+-0+-)*+I19-*;+J-,-*>+,::+29?)->+=)95)+9-+10=+),>+02+)*2*,3-*2+
.,6+,5[892*+-0+-)*+/20/*2-6+03+-)*+P*=+<,1,.,+C,1,:+C0./,16+,1;+-)*+<,1,.,+B,9:20,;+
C0./,16+,>+,+2*>8:-+03+-)*+-2,1>3*2 +03+>0H*2*9?1-6+320.+-)* +B*/87:95+03+C0:8.79, +-0+-)*+
B*/87:95 + 03 + <,1,., + 0H*2 + -)* + V>-).8> + 03 + <,1,., + ,1; + ,8-)029Z*> + -)* + P*= + <,1,., + C,1,:+
C0./,16 + -0 + >*:: + ,1; + -2,1>3*2 + -0 + -)* + I19-*; + J-,-*> + 9-> + 29?)->D + /29H9:*?*>D + /20/*2-9*> + ,1;+
5015*>>901>+,>+=*::+,>+-)*+<,1,.,+B,9:20,;+,1;+,::+-)*+>),2*>+02+/,2-+03+-)*+>),2*>+03+-),-+
50./,16c +78-+-)*+/87:95+:,1;>+>9-8,-*;+08->9;*+03+-)*+Z01* +;*>5297*; +91+O2-95:* +VV+03+-)9>+
-2*,-6 + 10= + 915:8;*; + 91 + -)* + 5015*>>901> + 03 + 70-) + >,9; + *1-*2/29>*> + ,1; + 10- + 2*[892*; + 91 + -)*+
501>-285-901+02+0/*2,-901+03+-)*+C,1,:+>),::+2*H*2-+-0+-)*+B*/87:95+03+<,1,.,+*T5*/-+,16+
/20/*2-6+10=+0=1*;+76+02+91+-)*+/0>>*>>901+03+>,9;+50./,19*>+=9-)91+<,1,.,+02+C0:01+02+-)*+
/02->+02+-*2.91,:>+-)*2*03E
!A-.<;,&'$
()* + I19-*; + J-,-*> + ,?2**> + -),- + -)* + /02-> + ,- + *9-)*2 + *1-2,15* + 03 + -)* + C,1,: + ,1; + -)* + =,-*2>+
-)*2*03D+,1;+-)*+B*/87:95+03+<,1,.,+,?2**>+-),-+-)*+-0=1>+03+<,1,.,+,1;+C0:01+>),::+7*+32**+
302+,::+-9.*+>0+-),-+-)*2*+>),::+10-+7*+9./0>*;+02+50::*5-*;+58>-0.+)08>*+-0::>D +-011,?*D+
,15)02,?*D+:9?)-)08>*D+=),23D+/9:0-D+02+[8,2,1-91*+;8*>+02+,16+0-)*2+5),2?*>+02+-,T*>+03+,16+
G91;+8/01+,16+H*>>*:+8>91?+02+/,>>91?+-)208?)+-)*+C,1,:+02+7*:01?91?+-0+02+*./:06*;+76+-)*+
I19-*; + J-,-*>D + ;92*5-:6 + 02 + 91;92*5-:6D + 91 + 5011*5-901 + =9-) + -)* + 501>-285-901D + .,91-*1,15*D+
0/*2,-901D+>,19-,-901+,1;+/20-*5-901+03+-)*+.,91+C,1,:D+02+,8T9:9,26+=02G>D+02+8/01+-)*+5,2?0D+
03395*2>D+52*=D+02+/,>>*1?*2>+03+,16+>85)+H*>>*:>D+*T5*/-+>85)+-0::>+,1;+5),2?*>+,>+.,6+7*+
9./0>*;+76+-)*+I19-*;+J-,-*>+302+-)*+8>*+03+-)*+C,1,:+,1;+0-)*2+=02G>D+,1;+*T5*/-+-0::>+,1;+
5),2?*>+9./0>*;+76+-)*+B*/87:95+03+<,1,.,+8/01+.*25),1;9>*+;*>-91*;+-0+7*+91-20;85*;+302+
-)*+501>8./-901+03+-)*+2*>-+03+-)*+B*/87:95+03+<,1,.,D+,1;+8/01+H*>>*:>+-085)91?+,-+-)*+
/02->+03+C0:01+,1;+<,1,.,+,1;+=)95)+;0+10-+520>>+-)*+C,1,:E
()*+^0H*21.*1-+03+-)*+B*/87:95+03+<,1,.,+>),::+),H*+-)*+29?)-+-0+*>-,7:9>)+91+>85)+/02->+,1;+
91+-)*+-0=1>+03+<,1,.,+,1;+C0:01+>85)+)08>*>+,1;+?8,2;>+,>+9-+.,6+;**.+1*5*>>,26+-0+50::*5-+
LMK
;8-9*> + 01 + 9./02-,-901> + ;*>-91*; + -0 + 0-)*2 + /02-901> + 03 + <,1,., + ,1; + -0 + /2*H*1- + 501-2,7,1;+
-2,;*E+()*+I19-*;+J-,-*>+>),::+),H*+-)*+29?)-+-0+.,G*+8>*+03+-)*+-0=1>+,1;+),2702>+03+<,1,.,+
,1;+C0:01+,>+/:,5*>+03+,15)02,?*D+,1;+302+.,G91?+2*/,92>D+302+:0,;91?D+81:0,;91?D+;*/0>9-91?D+
02+-2,1>>)9//91?+5,2?0*>+*9-)*2+91+-2,1>9-+02+;*>-91*;+302+-)*+>*2H95*+03+-)*+C,1,:+,1;+302+0-)*2+
=02G>+/*2-,9191?+-0+-)*+C,1,:E
!A-.<;,&$
()* + B*/87:95 + 03 + <,1,., + ,?2**> + -),- + -)*2* + >),:: + 10- + 7* + 9./0>*; + ,16 + -,T*>D + 1,-901,:D+
.81959/,:D+;*/,2-.*1-,:D+02+03+,16+0-)*2+5:,>>D+8/01+-)*+C,1,:D+-)*+2,9:=,6>+,1;+,8T9:9,26+
=02G>D+-8?>+,1;+0-)*2+H*>>*:>+*./:06*;+91+-)*+>*2H95*+03+-)*+C,1,:D+>-02*+)08>*>D+=02G+>)0/>D+
03395*>D +[8,2-*2> +302 +:,702*2>D + 3,5-029*> +03+ ,::+ G91;>D + =,2*)08>*>D +=),2H*>D + .,5)91*26 +,1;+
0-)*2+=02G>D+/20/*2-6D+,1;+*33*5->+,//*2-,9191?+-0+-)*+C,1,:+02+2,9:20,;+,1;+,8T9:9,26+=02G>D+
02+-)*92+03395*2>+02+*./:06**>D+>9-8,-*;+=9-)91+-)*+59-9*>+03+<,1,.,+,1;+C0:01D+,1;+-),-+-)*2*+
>),:: + 10- + 7* + 9./0>*; + 501-2978-901> + 02 + 5),2?*> + 03 + , + /*2>01,: + 5),2,5-*2 + 03 + ,16 + G91; + 8/01+
03395*2>D+*./:06**>D+:,702*2>D+,1;+0-)*2+91;9H9;8,:>+91+-)*+>*2H95*+03+-)*+C,1,:+,1;+2,9:20,;+
,1;+,8T9:9,26+=02G>E
!A-.<;,&$'
()*+I19-*;+J-,-*>+,?2**>+-),-+-)*+033959,:+;9>/,-5)*>+03+-)*+^0H*21.*1-+03+-)*+B*/87:95+03+
<,1,.,+>),::+7*+-2,1>.9--*;+0H*2+,16+-*:*?2,/)+,1;+-*:*/)01*+:91*>+*>-,7:9>)*;+302+5,1,:+
/82/0>*>+,1;+8>*;+302+/87:95+,1;+/29H,-*+78>91*>>+,-+2,-*>+10-+)9?)*2+-),1+-)0>*+2*[892*;+
320.+033959,:>+91+-)*+>*2H95*+03+-)*+I19-*;+J-,-*>E
!A-.<;,&$''
()*+^0H*21.*1-+03+-)*+B*/87:95+03+<,1,.,+>),::+/*2.9-+-)*+9..9?2,-901+,1;+32**+,55*>>+-0+
-)*+:,1;>+,1;+=02G>)0/>+03+-)*+C,1,:+,1;+9->+,8T9:9,26+=02G>+03+,::+*./:06**>+,1;+=02G.*1+03+
=),-*H*2+1,-901,:9-6+81;*2+501-2,5-+-0+=02G+8/01+02+>**G91?+*./:06.*1-+8/01+02+91+,16+=9>*+
5011*5-*;+=9-)+-)*+>,9;+C,1,:+,1;+9->+,8T9:9,26+=02G>D+=9-)+-)*92+2*>/*5-9H*+3,.9:9*>D+,1;+,::+
>85)+/*2>01>+>),::+7*+32**+,1;+*T*./-+320.+-)*+.9:9-,26+>*2H95*+03+-)*+B*/87:95+03+<,1,.,E
!A-.<;,&$'''
()*+I19-*;+J-,-*>+.,6+9./02-+,-+,16+-9.*+91-0+-)*+>,9;+Z01*+,1;+,8T9:9,26+:,1;>D+32**+03+
58>-0.+;8-9*>D+9./0>->D+-,T*>D+02+0-)*2+5),2?*>D+,1;+=9-)08-+,16+2*>-295-901>D+,16+,1;+,::+
H*>>*:>D+;2*;?*>D+*1?91*>D+5,2>D+.,5)91*26D+-00:>D+*T/:0>9H*>D+.,-*29,:>D+>8//:9*>D+,1;+0-)*2+
,2-95:*>+1*5*>>,26+,1;+501H*19*1-+91+-)*+501>-285-901D+.,91-*1,15*D+0/*2,-901D+>,19-,-901+,1;+
/20-*5-901+03+-)*+C,1,:+,1;+,8T9:9,26+=02G>D+,1;+,::+/20H9>901>D+.*;9591*>D+5:0-)91?D+>8//:9*>D+
,1;+0-)*2+-)91?>+1*5*>>,26+,1;+501H*19*1-+302+-)*+03395*2>D+*./:06**>D+=02G.*1+,1;+:,702*2>+
91+-)*+>*2H95*+,1;+*./:06+03+-)*+I19-*;+J-,-*>+,1;+302+-)*92+3,.9:9*>E+V3+,16+>85)+,2-95:*>+,2*+
;9>/0>*;+03+302+8>*+08->9;*+03+-)*+Z01*+,1;+,8T9:9,26+:,1;>+?2,1-*;+-0+-)*+I19-*;+J-,-*>+,1;+
=9-)91+-)*+-*229-026+03+-)*+B*/87:95D+-)*6+>),::+7*+>87L*5-+-0+-)*+>,.*+9./02-+02+0-)*2+;8-9*>+
,>+:9G*+,2-95:*>+9./02-*;+81;*2+-)*+:,=>+03+-)*+B*/87:95+03+<,1,.,E
!A-.<;,&$'C
O>+-)*+/295*+02+50./*1>,-901+302+-)*+29?)->D+/0=*2>+,1;+/29H9:*?*>+?2,1-*;+91+-)9>+501H*1-901+
76+-)*+B*/87:95+03+<,1,.,+-0+-)*+I19-*;+J-,-*>D+-)*+^0H*21.*1-+03+-)*+I19-*;+J-,-*>+,?2**>+
-0+/,6+-0+-)*+B*/87:95+03+<,1,.,+-)*+>8.+03+-*1+.9::901+;0::,2>+!d"$D$$$D$$$&+91+?0:;+5091+03+
-)*+I19-*;+J-,-*>+01+-)*+*T5),1?*+03+-)*+2,-9395,-901+03+-)9>+501H*1-901+,1;+,:>0+,1+,118,:+
/,6.*1- + ;8291? + -)* + :93* + 03 + -)9> + 501H*1-901 + 03 + -=0 + )81;2*; + ,1; + 393-6 + -)08>,1; + ;0::,2>+
!dQR$D$$$&+91+:9G*+?0:;+5091D+7*?91191?+191*+6*,2>+,3-*2+-)*+;,-*+,302*>,9;E
()*+/20H9>901>+03+-)9>+O2-95:*+>),::+7*+91+,;;9-901+-0+,::+0-)*2+7*1*39->+,>>82*;+-0+-)*+B*/87:95+
03+<,1,.,+81;*2+-)9>+501H*1-901E
_8-+10+;*:,6+02+;933*2*15*+03+0/91901+81;*2+-)9>+O2-95:*+02+,16+0-)*2+/20H9>901>+03+-)9>+-2*,-6+
>),::+,33*5-+02+91-*228/-+-)*+38::+0/*2,-901+,1;+*33*5-+03+-)9>+501H*1-901+91+,::+0-)*2+2*>/*5->E
LML
!A-.<;,&$C
()*+L091-+50..9>>901+2*3*22*;+-0+91+O2-95:*+aV+>),::+7*+*>-,7:9>)*;+,>+30::0=>X
()* + <2*>9;*1- + 03 + -)* + I19-*; + J-,-*> + >),:: + 10.91,-* + -=0 + /*2>01> + ,1; + -)* + <2*>9;*1- + 03 + -)*+
B*/87:95+03+<,1,.,+>),::+10.91,-*+-=0+/*2>01>+,1;+-)*6+>),::+/205**;+-0+,+;*59>901c+78-+91+
5,>* + 03 + ;9>,?2**.*1- + 03 + -)* + C0..9>>901 + !76 + 2*,>01 + 03 + -)*92 + 7*91? + *[8,::6 + ;9H9;*; + 91+
5015:8>901&D + ,1 + 8./92* + >),:: + 7* + ,//091-*; + 76+ -)* + -=0 + ^0H*21.*1-> + =)0 + >),:: + 2*1;*2 + -)*+
;*59>901E+V1+-)*+*H*1-+03+-)*+;*,-)D+,7>*15*D+02+915,/,59-6+03+,+C0..9>>901*2+02+I./92*D+02+
03+)9>+0.9--91?D+;*5:9191?+02+5*,>91?+-0+,5-D+)9>+/:,5*+>),::+7*+39::*;+76+-)*+,//091-.*1-+03+
,10-)*2+/*2>01+91+-)*+.,11*2+,70H*+91;95,-*;E+O::+;*59>901>+76+,+.,L029-6+03+-)*+C0..9>>901+
02+76+-)*+8./92*+>),::+7*+391,:E
!A-.<;,&$C'
()*+-=0+^0H*21.*1->+>),::+.,G*+,;*[8,-*+/20H9>901+76+38-82*+,?2**.*1-+302+-)*+/82>89-D+
5,/-82*D+9./29>01.*1-D+;*-*1-901+,1;+;*:9H*26+=9-)91+>,9;+Z01*+,1;+,8T9:9,26+:,1;>+-0+-)*+
,8-)029-9*>+03+-)*+B*/87:95+03+<,1,.,+03+/*2>01>+5),2?*;+=9-)+-)*+50..9-.*1-+03+529.*>D+
3*:019*>D + 02 + .9>;*.*,102> + =9-)08- + >,9; + Z01* + ,1; + 302 + -)* + /82>89-D + 5,/-82*D + 9./29>01.*1-D+
;*-*1-901+,1;+;*:9H*26+=9-)08-+>,9;+Z01*+-0+-)*+,8-)029-9*>+03+-)*+I19-*;+J-,-*>+03+/*2>01>+
5),2?*;+=9-)+-)*+50..9-.*1-+03+529.*>D+3*:019*>+,1;+.9>;*.*,102>+=9-)91+>,9;+Z01*+,1;+
,8T9:9,26+:,1;>E
!A-.<;,&$C''
()*+B*/87:95+03+<,1,.,+?2,1->+-0+-)*+I19-*;+J-,-*>+-)*+8>*+03+,::+-)*+/02->+03+-)*+B*/87:95+
0/*1+-0+50..*25*+,>+/:,5*>+03+2*38?*+302+,16+H*>>*:>+*./:06*;+91+-)*+C,1,:+*1-*2/29>*D+,1;+
302+,::+H*>>*:>+/,>>91?+02+7081;+-0+/,>>+-)208?)+-)*+C,1,:+=)95)+.,6+7*+91+;9>-2*>>+,1;+7*+
;29H*1+-0+>**G+2*38?*+91+>,9;+/02->E+J85)+H*>>*:>+>),::+7*+*T*./-+320.+,15)02,?*+,1;+-011,?*+
;8*>+01+-)*+/,2-+03+-)*+B*/87:95+03+<,1,.,E
!A-.<;,&$C'''
()*+C,1,:D+=)*1+501>-285-*;D+,1;+-)*+*1-2,15*>+-)*2*-0+>),::+7*+1*8-2,:+91+/*2/*-89-6D+,1;+
>),:: + 7* + 0/*1*; + 8/01 + -)* + -*2.> + /20H9;*; + 302 + 76 + J*5-901 + V + 03 + O2-95:* + -)2** + 03D + ,1; + 91+
501302.9-6+=9-)+,::+-)*+>-9/8:,-901>+03D+-)*+-2*,-6+*1-*2*;+91-0+76+-)*+^0H*21.*1->+03+-)*+
I19-*;+J-,-*>+,1;+^2*,-+_29-,91+01+P0H*.7*2+"@D+"#$"E
!A-.<;,&$'$
()*+^0H*21.*1-+03+-)*+B*/87:95+03+<,1,.,+>),::+),H*+-)*+29?)-+-0+-2,1>/02-+0H*2+-)*+C,1,:D+
9->+H*>>*:>+,1;+9->+-200/>+,1;+.819-901>+03+=,2+91+>85)+H*>>*:>+,-+,::+-9.*>+=9-)08-+/,691?+
5),2?*> + 03 + ,16 + G91;E + ()* + *T*./-901 + 9> + -0 + 7* + *T-*1;*; + -0 + -)* + ,8T9:9,26 + 2,9:=,6 + 302 + -)*+
-2,1>/02-,-901+03+/*2>01>+91+-)*+>*2H95*+03+-)*+B*/87:95+03+<,1,.,D+02+03+-)*+/0:95*+3025*+
5),2?*; + =9-) + -)* + /2*>*2H,-901 + 03 + /87:95 + 02;*2 + 08->9;* + 03 + >,9; + Z01*D + ,> + =*:: + ,> + -0 + -)*92+
7,??,?*D+.819-901>+03+=,2+,1;+>8//:9*>E
!A-.<;,&$$
V3 + 76+ H92-8* + 03 + ,16 + *T9>-91? + -2*,-6 + 91 + 2*:,-901 + -0 + -)* + -*229-026+ 03 + -)* + V>-).8> + 03+ <,1,.,D+
=)*2*03+-)*+07:9?,-901>+>),::+;*>5*1;+02+7*+,>>8.*;+76+-)*+B*/87:95+03+<,1,.,D+-)*2*+.,6+
7*+,16+/29H9:*?*+02+5015*>>901+91+3,H02+03+-)*+^0H*21.*1-+02+-)*+59-9Z*1>+,1;+>87L*5->+03+,+
-)92;+/0=*2+2*:,-9H*+-0+,1+91-*205*,195+.*,1>+03+50..8195,-901+=)95)+91+,16+03+9->+-*2.>+
.,6 + 7* + 9150./,-97:* + =9-) + -)* + -*2.> + 03 + -)* + /2*>*1- + 501H*1-901D + -)* + B*/87:95 + 03 + <,1,.,+
,?2**>+-0+5,15*:+02+.0;936+>85)+-2*,-6+91+;8*+302.D+302+=)95)+/82/0>*+9-+>),::+?9H*+-0+-)*+>,9;+
-)92;+/0=*2+-)*+2*[89>9-*+10-9395,-901+=9-)91+-)*+-*2.+03+3082+.01-)>+320.+-)*+;,-*+03+-)*+
/2*>*1- + 501H*1-901D + ,1; + 91 + 5,>* + -)* + *T9>-91? + -2*,-6 + 501-,91> + 10 + 5:,8>* + /*2.9--91? + 9->+
.0;9395,-901>+02+,118:.*1-D+-)*+B*/87:95+03+<,1,.,+,?2**>+-0+/20582*+9->+.0;9395,-901+02+
LMJ
,118:.*1-+91+>85)+302.+-),-+-)*2*+>),::+10-+*T9>-+,16+5013:95-+=9-)+-)*+>-9/8:,-901>+03+-)*+
/2*>*1-+501H*1-901E
!A-.<;,&$$'
()* +29?)-> +,1; + /29H9:*?*> +?2,1-*; + 76+ -)* +B*/87:95 +03+ <,1,., + -0+ -)* + I19-*; +J-,-*>+ 91 + -)*+
/2*5*;91?+O2-95:*>+,2*+81;*2>-00;+-0+7*+32**+03+,::+,1-*2902+;*7->D+:9*1>D+-28>->D+02+:9,79:9-9*>D+
02+5015*>>901>+02+/29H9:*?*>+-0+0-)*2+^0H*21.*1->D+502/02,-901>D+>61;95,-*>+02+91;9H9;8,:>D+
,1;+501>*[8*1-:6D+93+-)*2*+>)08:;+,29>*+,16+5:,9.>+01+,55081-+03+-)*+/2*>*1-+5015*>>901>+,1;+
/29H9:*?*> + 02 + 0-)*2=9>*D + -)* + 5:,9.,1-> + >),:: + 2*>02- + -0 + -)* + ^0H*21.*1- + 03 + -)* + B*/87:95 + 03+
<,1,.,D + ,1; + 10 + -0 + -)* + I19-*; + J-,-*> + 302 + ,16 + 91;*.19-6 + 02 + 50./20.9>* + =)95) + .,6 + 7*+
2*[892*;E
!A-.<;,&$$''
()*+B*/87:95+03+<,1,.,+2*10815*>+,1;+?2,1->+-0+-)*+I19-*;+J-,-*>D+-)*+/,2-959/,-901+-0+=)95)+
9-+.9?)-+7*+*1-9-:*;+91+-)*+38-82*+*,2191?>+03+-)*+C,1,:+81;*2+O2-95:*+ea+03+-)*+5015*>>901,26+
501-2,5-+=9-)+f859*1+PE+_E+F6>*D+10=+0=1*;+76+-)*+P*=+<,1,.,+C,1,:+C0./,16+,1;+,16+,::+
0-)*2+29?)->+02+5:,9.>+03+,+/*5819,26+1,-82*+,29>91?+81;*2+02+2*:,-91?+-0+>,9;+5015*>>901D+02+
,29>91?+81;*2+02+2*:,-91?+-0+-)*+5015*>>901>+-0+-)*+<,1,.,+B,9:20,;+C0./,16+02+,16+*T-*1>901+
02+.0;9395,-901+-)*2*03c+,1;+9-+:9G*=9>*+2*10815*>D+501392.>+,1;+?2,1->+-0+-)*+I19-*;+J-,-*>D+
10= + ,1; + )*2*,3-*2D + ,:: + -)* + 29?)-> + ,1; + /20/*2-6 + 2*>*2H*; + 91 + -)* + >,9; + 5015*>>901> + =)95)+
0-)*2=9>*+=08:;+7*:01?+-0+<,1,.,+,-+02+7*302*+-)*+*T/92,-901+03+-)*+-*2.>+03+191*-6`191*+
6*,2>+03+-)*+5015*>>901>+?2,1-*;+-0+02+)*:;+76+-)*+,70H*+.*1-901*;+/,2-6+,1;+50./,19*>D+,1;+
,::+29?)-D+-9-:*+,1;+91-*2*>-+=)95)+9-+10=+),>+02+.,6+)*2*,3-*2+),H*D+91+,1;+-0+-)*+:,1;>+5,1,:D+
=02G>D+/20/*2-6+,1;+29?)->+)*:;+76+-)*+>,9;+50./,19*>+81;*2+>,9;+5015*>>901>+02+0-)*2=9>*D+
,1;+,5[892*;+02+-0+7*+,5[892*;+76+-)*+I19-*;+J-,-*>+320.+02+-)208?)+-)*+P*=+<,1,.,+C,1,:+
C0./,16D+915:8;91?+,16+/20/*2-6+,1;+29?)->+=)95)+.9?)-+02+.,6+91+-)*+38-82*+*9-)*2+76+:,/>*+
03+-9.*D+3023*9-82*+02+0-)*2=9>*D+2*H*2-+-0+-)*+B*/87:95+03+<,1,.,+81;*2+,16+501-2,5->+02+
5015*>>901>D + =9-) + >,9; + F6>*D + -)* + I19H*2>,: + <,1,., + C,1,: + C0./,16D + -)* + <,1,., + B,9:20,;+
C0./,16+,1;+-)*+P*=+<,1,.,+C,1,:+C0./,16E
()*+,302*>,9;+29?)->+,1;+/20/*2-6+>),::+7*+,1;+,2*+32**+,1;+2*:*,>*;+320.+,16+/2*>*1-+02+
2*H*2>901,26+91-*2*>-+91+02+5:,9.>+03+<,1,.,+,1;+-)*+-9-:*+03+-)*+I19-*;+J-,-*>+-)*2*-0+8/01+
501>8..,-901 + 03+-)* + 501-*./:,-*; + /825),>* + 76+-)* + I19-*; + J-,-*>+ 320.+-)* + P*= +<,1,.,+
C,1,:+ C0./,16D + >),:: +7* +,7>0:8-*D + >0 +3,2 +,>+ 5015*21> + -)*+ B*/87:95 + 03+<,1,.,D + *T5*/-91?+
,:=,6>+-)*+29?)->+03+-)*+B*/87:95+>/*59395,::6+>*582*;+81;*2+-)9>+-2*,-6E
!A-.<;,&$$'''
V3+9-+>)08:;+7*50.*+1*5*>>,26+,-+,16+-9.*+-0+*./:06+,2.*;+3025*>+302+-)*+>,3*-6+02+/20-*5-901+
03+-)*+C,1,:D+02+03+-)*+>)9/>+-),-+.,G*+8>*+03+-)*+>,.*D+02+-)*+2,9:=,6>+,1;+,8T9:9,26+=02G>D+
-)*+I19-*;+J-,-*>+>),::+),H*+-)*+29?)-D+,-+,::+-9.*>+,1;+91+9->+;9>52*-901D+-0+8>*+9->+/0:95*+,1;+
9->+:,1;+,1;+1,H,:+3025*>+02+-0+*>-,7:9>)+302-9395,-901>+302+-)*>*+/82/0>*>E
!A-.<;,&$$'C
P0+5),1?*+*9-)*2+91+-)*+^0H*21.*1-+02+91+-)*+:,=>+,1;+-2*,-9*>+03+-)*+B*/87:95+03+<,1,.,+
>),::D+=9-)08-+-)*+501>*1-+03+-)*+I19-*;+J-,-*>D+,33*5-+,16+29?)-+03+-)*+I19-*;+J-,-*>+81;*2+
-)*+/2*>*1-+501H*1-901D+02+81;*2+,16+-2*,-6+>-9/8:,-901+7*-=**1+-)*+-=0+5081-29*>+-),-+10=+
*T9>->+02+.,6+)*2*,3-*2+*T9>-+-085)91?+-)*+>87L*5-+.,--*2+03+-)9>+501H*1-901E
V3+-)*+B*/87:95+03+<,1,.,+>),::+)*2*,3-*2+*1-*2+,>+,+501>-9-8*1-+91-0+,16+0-)*2+^0H*21.*1-+02+
91-0+,16+81901+02+5013*;*2,-901+03+>-,-*>D+>0+,>+-0+.*2?*+)*2+>0H*2*9?1-6+02+91;*/*1;*15*+91+
>85) + ^0H*21.*1-D + 81901 + 02 + 5013*;*2,-901D + -)* + 29?)-> + 03 + -)* + I19-*; + J-,-*> + 81;*2 + -)9>+
501H*1-901+>),::+10-+7*+91+,16+2*>/*5-+:*>>*1*;+02+9./,92*;E
!A-.<;,&$$C
402+-)*+7*--*2+/*2302.,15*+03+-)*+*1?,?*.*1->+03+-)9>+501H*1-901+,1;+-0+-)*+*1;+03+-)*+
LMM
*33959*1-+/20-*5-901+03+-)*+C,1,:+,1;+-)*+/2*>*2H,-901+03+9->+1*8-2,:9-6D+-)*+^0H*21.*1-+03+
-)*+B*/87:95+03+<,1,.,+=9::+>*::+02+:*,>*+-0+-)*+I19-*;+J-,-*>+:,1;>+,;*[8,-*+,1;+1*5*>>,26+
302+-)*+1,H,:+02+50,:91?+>-,-901>+01+-)*+<,59395+50,>-+,1;+01+-)*+=*>-*21+C,2977*,1+50,>-+03+
-)*+B*/87:95+,-+5*2-,91+/091->+-0+7*+,?2**;+8/01+=9-)+-)*+<2*>9;*1-+03+-)*+I19-*;+J-,-*>E
!A-.<;,&$$C'
()9> + 501H*1-901 + =)*1 + >9?1*; + 76 + -)* + <:*19/0-*1-9,29*> + 03 + -)* + C01-2,5-91? + <,2-9*> + >),:: + 7*+
2,-939*; + 76 + -)* + 2*>/*5-9H* + ^0H*21.*1-> + ,1; + -)* + 2,-9395,-901> + >),:: + 7* + *T5),1?*; + ,-+
F,>)91?-01+,-+-)*+*,2:9*>-+;,-*+/0>>97:*E
V3 + 3,9-) + =)*2*03 + -)* + 2*>/*5-9H* + <:*19/0-*1-9,29*> + ),H* + >9?1*; + -)* + /2*>*1- + 501H*1-901 + 91+
;8/:95,-*+,1;+),H*+)*2*81-0+,339T*;+-)*92+2*>/*5-9H*+>*,:>E
S01*+,-+-)*+C9-6+03+F,>)91?-01D+-)*+"@-)+;,6+03+P0H*.7*2+91+-)*+6*,2+03+082+f02;D+191*-**1+
)81;2*;+,1;+-)2**E
D)1*&E5@B&F6,5;BG
>B&/9*59&C5A.;;5B&F6,5;BG
O1;+=)*2*,>+-)*+>,9;+C01H*1-901+),>+7**1+;8:6+2,-939*;+01+70-)+/,2->D+,1;+-)*+2,-9395,-901>+03+
-)*+-=0+?0H*21.*1->+=*2*+*T5),1?*;+91+-)*+C9-6+03+F,>)91?-01D+01+-)*+-=*1-6`>9T-)+;,6+03+
4*728,26D+01*+-)08>,1;+191*+)81;2*;+,1;+3082E
P0=D+-)*2*302*D+7*+9-+G10=1+-),-+VD+()*0;02*+B00>*H*:-D+<2*>9;*1-+03+-)*+I19-*;+J-,-*>+03+
O.*295,D+),H*+5,8>*;+-)*+>,9;+C01H*1-901+-0+7*+.,;*+/87:95D+-0+-)*+*1;+-),-+-)*+>,.*+,1;+
*H*26+,2-95:*+,1;+5:,8>*+-)*2*03D+.,6+7*+07>*2H*;+,1;+38:39::*;+=9-)+?00;+3,9-)+76+-)*+I19-*;+
J-,-*>+,1;+-)*+59-9Z*1>+-)*2*03E
V1+-*>-9.016+=)*2*03D+V+),H*+)*2*81-0+>*-+.6+),1;+,1;+5,8>*;+-)*+>*,:+03+-)*+I19-*;+J-,-*>+
03+O.*295,+-0+7*+,339T*;E
S01*+,-+-)*+C9-6+03+F,>)91?-01D+-)9>+-=*1-6`>9T-)+;,6+03+4*728,26D+91+-)*+6*,2+03+082+f02;+01*+
-)08>,1; + 191* + )81;2*; + ,1; + 3082D + ,1; + 03 + -)* + V1;*/*1;*15* + 03 + -)* + I19-*; + J-,-*> + -)* + 01*+
)81;2*;+,1;+-=*1-6`*9?)-)E+'>*,:M
()*0;02*+B00>*H*:-E
_6+-)*+<2*>9;*1-X
++++Y0)1+],6D
++++!"#$"%&$'()*(!%&%"+
LMN
!"#$%&''
LMf
HA5-53)6&H)AA.I)6J(5A-,A
HA5-53)&3,;&(5*5;&3,&>5*5?5&@&-A5-53)&<)*<,A*.,*-,&5&;5&*,9-A5;.353&
8,A?5*,*-,&3,;&(5*5;&@&5;&=9*<.)*5?.,*-)&3,;&(5*5;&3,&>5*5?5K&,*-A,&;5&
7,89:;.<5&3,&>5*5?5&@&;)6&#6-53)6&2*.3)6B
L561.*M-)*K&N&3,&6,8-.,?:A,&3,&OPNNB
>7#!Q/2R%&
(BO(OSN+SWf+COPOf+SW+<OPObO
fO+BW<I_fVCO+SW+<OPObO+g+fNJ+WJ(OSNJ+IPVSNJ+SW+ObWBVCOD+
O5-8,1;0+*1+,2.01h,+501+:,+S*5:,2,59i1+C01L81-,+*.9-9;,+*:+K+;*+,729:+;*+"#U%+/02+:0>+
B*/2*>*1-,1-*>+;*+:0>+^079*210>+;*+:,+B*/j7:95,+;*+<,1,.k+6+;*+:0>+W>-,;0>+I19;0>+;*+
O.l295,+6+:,+S*5:,2,59i1+;*+<29159/90>+;*:+A+;*+3*72*20+;*+"#A%D+287295,;,+/02+*:+b919>-20+;*+
B*:,5901*>+WT-*2902*>+;*+:,+B*/j7:95,+;*+<,1,.k+6+*:+J*52*-,290+;*+W>-,;0+;*+:0>+W>-,;0>+
I19;0>+;*+O.l295,c+6+2*501059*1;0+:,+>07*2,1h,+;*+:,+B*/j7:95,+;*+<,1,.k+>072*+>8+
-*229-0290D+),1+;*59;9;0+,720?,2+:0>+-2,-,;0>+,1-*2902*>+/*2-91*1-*>+,:+C,1,:+;*+<,1,.k+6+
5*:*72,2+81+18*H0+-2,-,;0+[8*+>92H,+50.0+7,>*+/,2,+81,+18*H,+2*:,59i1+*1-2*+,.70>+/,h>*>+6D+
*1+501>*58*159,D+),1+,502;,;0+:0+>9?89*1-*X+
!7H'(2R%&O+
!:A)M5<.S*&3,&;)6&HA5-53)6&!*-,A.)A,6K&@&#6-5:;,<.?.,*-)&3,&9*5&"9,+5&7,;5<.S*
"E+O:+*1-2,2+*1+H9?02+*>-*+-2,-,;0+[8*;,1+,720?,;0>+6+>8>-9-89;0>X+
!,&+f,+C01H*159i1+;*:+C,1,:+V>-.950+>8>529-,+*1-2*+:,+B*/j7:95,+;*+<,1,.k+6+:0>+W>-,;0>+
I19;0>+;*+O.l295,D++*1+F,>)91?-01D+SECED+*:+"@+;*+10H9*.72*+;*+"#$KE+
!7&+W:+(2,-,;0+^*1*2,:+;*+O.9>-,;+6+C00/*2,59i1D+392.,;0+*1+F,>)91?-01+*:+Q+;*+.,2Z0+;*+
"#KU+6+*:+-2,-,;0+;*+b8-80+W1-*1;9.9*1-0+6+C00/*2,59i1+6+*:+b*.02k1;8.+;*+
W1-*1;9.9*1-0>+O502;,;0>D++392.,;0>+*1+<,1,.k+*:+QR+;*++*1*20+;*+"#RRD+>8>529-0>+*1-2*+:,+
B*/j7:95,+;*+<,1,.k+6+:0>+W>-,;0>+I19;0>+;*+O.l295,E+
!5&+(0;0>+:0>+0-20>+-2,-,;0>D+501H*190>D+,58*2;0>+6+5,1L*>+;*+10-,>+*1-2*+:,+B*/j7:95,+;*+
<,1,.k+6+:0>+W>-,;0>+I19;0>+;*+O.l295,+H9?*1-*>+501+,1-*29029;,;+,+:,+*1-2,;,+*1+H9?02+;*+
*>-*+-2,-,;0+6+5015*219*1-*>+,:+C,1,:+;*+<,1,.kE+
!;&+f,>+*>-9/8:,5901*>+2*3*2*1-*>+,:+C,1,:+;*+<,1,.k+[8*+,/,2*Z5,1+*1+0-20>+-2,-,;0>D+
501H*190>D+,58*2;0>+6+5,1L*>+;*+10-,>+*1-2*+:,+B*/j7:95,+;*+<,1,.k+6+:0>+W>-,;0>+I19;0>+;*+
O.l295,+[8*+*>-8H9*201+H9?*1-*>+501+,1-*29029;,;+,+:,+*1-2,;,+*1+H9?02+;*+*>-*+-2,-,;0E
QE+S*+501302.9;,;+501+:,>+*>-9/8:,5901*>+;*+*>-*+-2,-,;0+6+,58*2;0>+501*T0>D+:,+B*/j7:95,+;*+
<,1,.kD+*1+>8+501;959i1+;*+>07*2,10+-*229-029,:D+0-02?,+,+:0>+W>-,;0>+I19;0>+;*+O.l295,D+/02+
:,+;82,59i1+;*+*>-*+-2,-,;0D+:0>+;*2*5)0>+1*5*>,290>+/,2,+2*?8:,2+*:+-2k1>9-0+;*+7,250>+,+
-2,Hl>+;*:+C,1,:+;*+<,1,.k+6+/,2,+.,1*L,2D+0/*2,2D+.,1-*1*2D+.*L02,2D+/20-*?*2+6+;*3*1;*2+
*:+C,1,:E+f,+B*/j7:95,+;*+<,1,.k+?,2,1-9Z,+,+:0>+W>-,;0>+I19;0>+;*+O.l295,+*:+8>0+/,5h3950+
;*+:,>+k2*,>+;*+-9*22,>+6+,?8,>+5860>+;*2*5)0>+;*+8>0+:*+),1+>9;0+0-02?,;0>+/,2,+;95)0>+391*>+
501302.*+,+*>-*+-2,-,;0+6+>8>+,58*2;0>+501*T0>E+
KE+f,+B*/j7:95,+;*+<,1,.k+-*1;2k+81,+/,2-959/,59i1+52*59*1-*+*1+:,+,;.919>-2,59i1D+
/20-*559i1+6+;*3*1>,+;*:+C,1,:D+>*?j1+>*+;9>/01*+*1+*>-*+-2,-,;0E+
%E+W1+H9>-,+;*+:,+2*:,59i1+*>/*59,:+[8*+>*+52*,+/02+2,Zi1+;*:+/2*>*1-*+-2,-,;0D+:,+B*/j7:95,+;*+
<,1,.k+6+:0>+W>-,;0>+I19;0>+;*+O.l295,+500/*2,2k1+/,2,+,>*?82,2+*:+3815901,.9*1-0+
9191-*228./9;0+6+*3959*1-*+;*:+C,1,:+;*+<,1,.kE+
!7H'(2R%&OO+
75-.=.<5<.S*K&#*-A535&,*&C.M)A&@&T9A5<.S*
LMq
"E+W>-*+-2,-,;0+*>-,2k+>8L*-0+,+2,-9395,59i1+;*+,58*2;0+501+:0>+/205*;9.9*1-0>+
501>-9-85901,:*>+;*+,.7,>+<,2-*>+6+>8>+91>-28.*1-0>+;*+2,-9395,59i1+>*+5,1L*,2k1+*1+<,1,.k+
,:+.9>.0+-9*./0+[8*+:0>+;*:+(2,-,;0+C015*219*1-*+,+:,+P*8-2,:9;,;+<*2.,1*1-*+6+,:+
4815901,.9*1-0+;*:+C,1,:+;*+<,1,.kD+392.,;0+*1+*>-,+3*5),E+W:+/2*>*1-*+-2,-,;0+*1-2,2k+*1+
H9?02+>9.8:-k1*,.*1-*+501+*:+(2,-,;0+C015*219*1-*+,+:,+P*8-2,:9;,;+<*2.,1*1-*+6+
4815901,.9*1-0+;*:+C,1,:+;*+<,1,.kD+>*9>+.*>*>+5,:*1;,290>+;*>/8l>+;*+:,+3*5),+;*:+5,1L*+
;*+:0>+91>-28.*1-0>+;*+2,-9395,59i1E+
QE+W>-*+-2,-,;0+-*2.91,2k+,:+.*;90;h,D+)02,+;*+<,1,.kD+*:+K"+;*+;959*.72*+;*+"###E+
!7H'(2R%&'''+
U9*<.)*5?.,*-)&@&T.A,<<.S*&3,;&(5*5;
"E+f,+B*/j7:95,+;*+<,1,.kD+50.0+>07*2,10+-*229-029,:D+50139*2*+,+:0>+W>-,;0>+I19;0>+;*+
O.l295,+*:+;*2*5)0+,+.,1*L,2D+0/*2,2+6+.,1-*1*2+*:+C,1,:+;*+<,1,.kD+>8>+072,>D+
91>-,:,5901*>+6+*[89/0>+,8T9:9,2*>+6+;*+/20H**2+:0+1*5*>,290+/,2,+*:+-2k1>9-0+3:89;0+;*+1,H*>+
/02+*:+C,1,:+;*+<,1,.kE+f0>+W>-,;0>+I19;0>+;*+O.l295,+,5*/-,1+:,+5015*>9i1+;*+-,:*>+
;*2*5)0>+6+>*+50./20.*-*1+,+*L*25*2:0>+501302.*+,:+/2*>*1-*+-2,-,;0+6+,58*2;0>+501*T0>E+
QE+W1+58./:9.9*1-0+;*+:,>+2*>/01>,79:9;,;*>+,1-*2902*>+:0>+W>-,;0>+I19;0>+;*+O.l295,+/0;2k1X+
!,&+8>,2+/,2,+*>-0>+391*>+:972*>+;*+50>-*D+>,:H0+*>-9/8:,59i1+;9>-91-,+;*+*>-*+
-2,-,;0D+:,>+;9H*2>,>+k2*,>D+,?8,>+*+91>-,:,5901*>D+915:8h;0+*:+C,1,:+;*+
<,1,.kD+>*?j1+>*+*>/*59395,+*1+*:+,58*2;0+/,2,+:,+*L*5859i1+;*+*>-*+,2-h58:0+
392.,;0+*1+*>-,+3*5),c+,>h+50.0+0-2,>+k2*,>+*+91>-,:,5901*>+[8*+>*+/01?,1+,+
;9>/0>959i1+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+*1+H92-8;+;*+*>-*+-2,-,;0+6+
,58*2;0>+,391*>+6+-0.,2+:,>+.*;9;,>+1*5*>,29,>++/,2,+?,2,1-9Z,2+*:+
>,1*,.9*1-0+;*+;95),>+k2*,>c+
!7&+*3*5-8,2+:,>+.*L02,>+6+,:-*2,5901*>+[8*+*>-9.*+,/20/9,;,>+*1+:,>+
,1-*;95),>+k2*,>+*+91>-,:,5901*>+*1+501>01,159,+501+:0>+-l2.910>+;*+*>-*+
-2,-,;0c+
!5&+/20.8:?,2+6+),5*2+58./:92+:0>+2*?:,.*1-0>+/*2-91*1-*>+,:+-2k1>9-0+;*+
1,H*>+/02+*:+C,1,:+6+,+:,+1,H*?,59i1++6+,>81-0>+.,2h-9.0>D+;*+501302.9;,;+
501+*>-*+-2,-,;0+6+,58*2;0>+,391*>+f,+B*/j7:95,+;*+<,1,.k+;,2k+>8+
500/*2,59i1+58,1;0+38*2*+1*5*>,290+/,2,+*:+58./:9.9*1-0+;*+;95)0>+
2*?:,.*1-0>c+
!;&+*>-,7:*5*2D+.0;9395,2D+5072,2+6+?8,2;,2+/*,L*>+/02+*:+8>0+;*:+C,1,:+;*+
<,1,.k+6+0-20>+5,2?0>+6+*>-,7:*5*2+6+.0;9395,2+:0>+.l-0;0>+/k2,+>8+
;*-*2.91,59i1c+
!*&+2*?8:,2+:,>+2*:,5901*>+501+:0>+*./:*,;0>+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+
!3&+>8.919>-2,2+>*2H9590>+;*+,/060+/,2,+3,59:9-,2+*:+58./:9.9*1-0+;*+>8>+
2*>/01>,79:9;,;*>+501302.*+,+*>-*+,2-h58:0c+
!?&+*T/*;92+6+),5*2+58./:92+:0>+2*?:,.*1-0>+/,2,+*:+*L*259590+*395,Z+;*+:0>+
;*2*5)0>+6+2*>/01>,79:9;,;*>+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+*1+H92-8;+;*+
*>-*+-2,-,;0+6+,58*2;0>+,391*>E+f,+B*/j7:95,+;*+<,1,.k+;,2k+>8+500/*2,59i1+
58,1;0+38*2*+1*5*>,290+/,2,+*:+58./:9.9*1-0+;*+;95)0>+2*?:,.*1-0>D+6+
!)&+*L*25*2+58,:[89*2+0-20+;*2*5)0+5013*29;0+*1+H92-8;+;*+*>-*+-2,-,;0D+0+[8*+
;*+0-20+.0;0+/8;9*2,1+,502;,2++:,>+;0>+<,2-*>E
KE+W1+;*>,220::0+;*+*>-,+5015*>9i1+;*+;*2*5)0>D+:0>+W>-,;0>+I19;0>+;*+O.l295,D+501+,22*?:0+,+
:0>+-l2.910>+;*+*>-*+-2,-,;0+6+,+:,>+:*6*>+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+58./:92k1+>8>+
2*>/01>,79:9;,;*>+/02+.*;90+;*+81,+,?*159,+?87*21,.*1-,:+*>-,;0819;*1>*+[8*+>*+
;*10.91,2k+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.kD+:,+58,:+>*2k+501>-9-89;,+501302.*+,+:,>+:*6*>+
;*+:0>+W>-,;0>+I19;0>+;*+O.l295,E+
!,&+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+*>-,2k+;929?9;,+/02+81,+Y81-,+S92*5-9H,+
50./8*>-,+/02+18*H*+.9*.720>D+59150+;*+:0>+58,:*>+>*2k1+598;,;,10>+;*+:0>+
W>-,;0>+I19;0>+;*+O.l295,+6+58,-20+>*2k1+598;,;,10>+/,1,.*m0>D+/20/8*>-0>+
/02+:,+B*/j7:95,+;*+<,1,.k+/,2,+>8+0/02-810+10.72,.9*1-0+*1+-,:*>+5,2?0>+
LMt
/02+:0>+W>-,;0>+I19;0>+;*+O.l295,E+
!7&+W1+5,>0+;*+[8*+:,+B*/j7:95,+;*+<,1,.k+>0:959-,>*+;*+:0>+W>-,;0>+I19;0>+;*+
O.l295,+:,+2*.059i1+;*+81++++++598;,;,10+/,1,.*m0+50.0+.9*.720+;*+:,+
Y81-,+S92*5-9H,D+:0>+W>-,;0>+I19;0>+;*+O.l295,+,55*;*2k1+,+;95),+>0:959-8;E+
W1+*>*+5,>0D+:,+B*/j7:95,+;*+<,1,.k+/20/01;2k+0-20+598;,;,10+/,1,.*m0D+*:+
58,:+>*2k+10.72,;0+0/02-81,.*1-*+/02+:0>+W>-,;0>+I19;0>+;*+O.l295,+*1+-,:+
5,2?0E+W1+*:+5,>0+;*+:,+2*.059i1+;*+:,+Y81-,+S92*5-9H,+;*+81+.9*.720+
/,1,.*m0D+/02+91959,-9H,+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,D+,.7,>+<,2-*>+
5*:*72,2k1+501>8:-,>+501+,1-*:,59i1+,+391+;*+::*?,2+,+81+,58*2;0+>072*+-,:+
2*.059i1+6+:,+B*/j7:95,+;*+<,1,.k+/20/01;2k+0-20+598;,;,10+/,1,.*m0D+
/,2,+;95)0+10.72,.9*1-0+/02+:0>+W>-,;0>+I19;0>+;*+O.l295,+*1+>8+2**./:,Z0E+
!5&+f0>+W>-,;0>+I19;0>+;*+O.l295,+*./:*,2k1+,+81+598;,;,10+;*+:0>+W>-,;0>+
I19;0>+;*+O.l295,+50.0++++++O;.919>-2,;02+;*+f,+C0.9>9i1+;*:+C,1,:+;*+
<,1,.k+6+,+81+598;,;,10+/,1,.*m0+50.0+J87,;.919>-2,;02D+),>-,+*:+K"+;*+
;959*.72*+;*+"#@#E+O+/,2-92+;*:+:+;*+*1*20+;*+"##$D+>*+10.72,2k+,+81+
598;,;,10+/,1,.*m0+/,2,+*:+5,2?0+;*+O;.919>-2,;02+6+81+598;,;,10+;*+:0>+
W>-,;0>+I19;0>+;*+O.l295,+058/,2k+*:+5,2?0+;*+J87,;.919>-2,;02E+S95)0>+
598;,;,10>+/,1,.*m0>+>*2k1+/20/8*>-0>+,+:0>+W>-,;0>+I19;0>+;*+O.l295,+/02+
:,+B*/j7:95,+;*+<,1,.k+/,2,+>8+10.72,.9*1-0+*1+;95)0>+5,2?0>+/02+:0>+
W>-,;0>+I19;0>+;*+O.l295,E+
!;&+J9+:0>+W>-,;0>+I19;0>+;*+O.l295,+2*.0H9*2,1+;*+>8+5,2?0+;*+
J87,;.919>-2,;02+0+O;.919>-2,;02+,:+598;,;,10+/,1,.*m0D+:,+B*/j7:95,+;*+
<,1,.k+/20/01;2k+0-20+598;,;,10+/,1,.*m0+/,2,+>*2+10.72,;0++*1+-,:+5,2?0+
/02+:0>+W>-,;0>+I19;0>+;*+O.l295,E
%E+I1,+;*>529/59i1+9:8>-2,-9H,+;*+:,>+,5-9H9;,;*>+[8*+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+
*L*58-,2k+*1+*:+58./:9.9*1-0+;*+:,>+2*>/01>,79:9;,;*>+6+;*2*5)0>+;*+:0>+W>-,;0>+I19;0>+;*+
O.l295,+501302.*+,+*>-*+,2-h58:0D+*>-k+501-*19;,+*1+*:+O1*T0E+f0>+-2k.9-*>+/,2,+:,+5*>,59i1+0+
-2,1>3*2*159,+;*+:,>+,5-9H9;,;*>+2*,:9Z,;,>+501+,1-*29029;,;+,+:,+*1-2,;,+*1+H9?02+;*+*>-*+
-2,-,;0+/02+:,+C0./,mh,+;*:+C,1,:+;*+<,1,.k+0+/02+*:+^079*210+;*+:,+n01,+;*:+C,1,:D+[8*+10+
>*2k1+2*,:9Z,;,>+/02+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.kD+*>-k1+*>-9/8:,;0>+*1+*:+O1*T0E+
RE+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+2**.70:>,2k+,+:,+B*/j7:95,+;*+<,1,.k+:0>+?,>-0>+*1+[8*+
l>-,+915822,+,:+>8.919>-2,2+,+:,>+k2*,>+;*+3815901,.9*1-0+;*:+C,1,:+6+,+:,>+k2*,>+;*+H9H9*1;,+
*T/2*>,;,>+*1+*:+O58*2;0+/,2,+:,+WL*5859i1+;*:+O2-h58:0+VVVD+;*+*>-*+-2,-,;0+6+058/,;,>+-,1-0+
/02+/,1,.*m0>+50.0+/02+*>-,;0819;*1>*>D+*./:*,;0>+;*+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.kD+
:0>+>9?89*1-*>+>*2H9590>+/j7:950>X+/0:95h,D+/20-*559i1+501-2,+915*1;90D+.,1-*19.9*1-0+;*+:,>+
5,::*>D+,:8.72,;0+/j7:950D+:9./9*Z,+;*+:,>+5,::*>D+501-20:+;*+-2k1>9-0+6+2*50:*559i1+;*+
7,>82,>E+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+/,?,2k+,+:,+B*/j7:95,+;*+<,1,.k+:,+>8.,+;*+;9*Z+
.9::01*>+;*+;i:,2*>+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+!d"$E$$$E$$$E$$&D+/02+,m0D+/02+2,Zi1+;*+
:0>+,1-*2902*>+>*2H9590>E+J*+501H9*1*+[8*+5,;,+-2*>+,m0>D+;*>;*+:,+3*5),+*1+[8*+*1-2*+*1+
H9?*159,+*>-*+-2,-,;0D+*:+50>-0+*20?,;0+,:+>8.919>-2,2+:0>+2*3*29;0>+>*2H9590>D+>*2k+
2**T,.91,;0+/,2,+;*-*2.91,2+>9+>*+2*[89*2*+81+,L8>-*+*1+*:+/,?0+,18,:+/,2,+50./*1>,2+/02+:,+
913:,59i1+6+0-20>+3,5-02*>+9./02-,1-*>+[8*+,3*5-*1+:0>+50>-0>+;*+;95)0>+>*2H9590>E+
UE+f,+B*/j7:95,+;*+<,1,.k+>*2k+2*>/01>,7:*+/02+*:+>8.919>-20+,+-0;,>+:,>+k2*,>+50./2*1;9;,>+
*1+:0+[8*+501>-9-86i+:,+n01,+;*:+C,1,:D+;*+>*2H9590>+;*+1,-82,:*Z,+L829>;955901,:+?*1*2,:+50.0+
,;8,1,>+*+91.9?2,59i1D+>*2H9590>+/0>-,:*>D+,;.919>-2,59i1+;*+L8>-959,+6+*T/*;959i1+;*+
:95*159,>D+;*+501302.9;,;+501+*>-*+-2,-,;0+6+>8>+,58*2;0+501*T0>E+
AE+f,+B*/j7:95,+;*+<,1,.k+6+:0>+W>-,;0>+I19;0>+;*+O.l295,+*>-,7:*5*2k1+81+C0.9-l+
C01>8:-9H0+;*:+C,1,:+;*+<,1,.kD+50./8*>-0+/02+81+1j.*20+/,29-,290+;*+2*/2*>*1-,1-*>+;*+
,:-0+19H*:+;*+:,+B*/j7:95,+;*+<,1,.k+6+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,D+*:+58,:+-*1;2k+:,+
3,58:-,;+;*+10.72,2+:0>+>8750.9-l>+[8*+*>-9.*+501H*19*1-*E+W>-*+C0.9-l+,>*>02,2k+,+:,+
B*/j7:95,+;*+<,1,.k+6+:0>+W>-,;0>+I19;0>+;*+O.l295,+*1+58*>-901*>+;*+/0:h-95,+[8*+,3*5-*1+
*:+3815901,.9*1-0+;*:+C,1,:E+W1+H9>-,+;*:+91-*2l>+*>/*59,:+;*+,.7,>+<,2-*>+*1+:,+501-9189;,;+6+
*3959*159,+;*:+3815901,.9*1-0+;*:+C,1,:+*1+*:+38-820D+*:+C0.9-l+,>*>02,2k+*1+58*>-901*>+-,:*>+
50.0+/0:h-95,+?*1*2,:+;*+/*,L*>c+/0:h-95,+;*+*./:*0+6+,;9*>-2,.9*1-0+/,2,+9152*.*1-,2+:,+
/,2-959/,59i1+;*+598;,;,10>+/,1,.*m0>+*1+*:+.,1*L0+;*:+C,1,:+6+/0:h-95,>+91-*21,5901,:*>+
LMg
>072*+,>81-0>+5015*219*1-*>+,:+C,1,:E+f,>+2*50.*1;,5901*>+;*:+C0.9-l+>*+-2,1>.9-92k1+,+:0>+
;0>+?079*210>D+:0>+58,:*>+:*>+;,2k1+/:*1,+501>9;*2,59i1+*1+:,+302.8:,59i1+;*+;*59>901*>+;*+
/0:h-95,E+
@E+O;*.k>+;*+:,+/,2-959/,59i1+;*+598;,;,10>+/,1,.*m0>+*1+:0>+,:-0>+19H*:*>+;*+:,+;92*559i1+
;*+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.kD+>*?j1+>*+;9>/01*+*1+*:+/k22,30+K+;*+*>-*+,2-h58:0D+),72k+
81,+52*59*1-*+/,2-959/,59i1+;*+598;,;,10>+/,1,.*m0>+*1+-0;0>+:0>+;*.k>+19H*:*>+6+*>3*2,>+;*+
*./:*0+*1+;95),+C0.9>9i1D+501+*:+07L*-0+;*+),5*2+:0>+/2*/,2,-9H0>+/,2,+[8*+:,+B*/j7:95,+;*+
<,1,.k+/8*;,+,>8.92D+;*+81,+.,1*2,+02;*1,;,+6+*3959*1-*D+:,+/:*1,+2*>/01>,79:9;,;+/02+:,+
;92*559i1D+3815901,.9*1-0+6+.,1-*19.9*1-0+;*:+C,1,:+,:+*T/92,2+*>-*+-2,-,;0E+
#E+W:+8>0+;*+:,>+k2*,>D+,?8,>+*+91>-,:,5901*>+501+2*>/*5-0+,+:,>+58,:*>+>*+:*+),1+0-02?,;0+,+:0>+
W>-,;0>+I19;0>+;*+O.l295,+;*2*5)0>+;*+501302.9;,;+501+*>-*+,2-h58:0D+6+:0>+;*2*5)0>+6+
501;959i1+L82h;95,+;*+:0>+02?,19>.0>+6+*./:*,;0>+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+[8*+
0/*2,2k1+*1+:,+B*/j7:95,+;*+<,1,.k+;*+501302.9;,;+501+*>-*+O2-h58:0D+>*+2*?92k1+/02+*:+
,58*2;0+/,2,+:,+*L*5859i1+;*+*>-*+,2-h58:0D+392.,;0+*1+*>-,+3*5),E+
"$E+f0>+02?,19>.0>+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,D+501059;0>+50.0+:,+50./,mh,+;*:+C,1,:+
;*+<,1,.k+6+*:+^079*210+;*+:,+n01,+;*:+C,1,:D+;*L,2k1+;*+3815901,2+;*1-20+;*:+-*229-0290+;*+
:,+B*/j7:95,+;*+<,1,.k+[8*+501>-9-86i+:,+n01,+;*:+C,1,:D+,+:,+*1-2,;,+*1+H9?02+;*+*>-*+
-2,-,;0E+
!7H'(2R%&'C+
>A)-,<<.S*&@&T,=,*65
"E+f,+B*/j7:95,+;*+<,1,.k+6+:0>+W>-,;0>+I19;0>+;*+O.l295,+>*+50./20.*-*1+,+/20-*?*2+6+
;*3*1;*2+*:+C,1,:+;*+<,1,.kE+C,;,+<,2-*D+501302.*+,+>8>+/205*;9.9*1-0>+501>-9-85901,:*>D+
-0.,2k+.*;9;,>+/,2,+),5*2+32*1-*+,:+/*:9?20+2*>8:-,1-*+;*+81+,-,[8*+,2.,;0+8+0-2,>+,55901*>+
[8*+,.*1,5*1+:,+>*?829;,;+;*:+C,1,:+;*+<,1,.k+0+;*+:0>+7,250>+[8*+-2,1>9-*1+/02+l:E+
QE+S82,1-*+:,+H9?*159,+;*+*>-*+-2,-,;0D+:0>+W>-,;0>+I19;0>+;*+O.l295,+-*1;2k1+:,+
2*>/01>,79:9;,;+/29.,29,+;*+/20-*?*2+6+;*3*1;*2+*:+C,1,:E+f0>+;*2*5)0>+;*+:0>+W>-,;0>+I19;0>+
;*+O.l295,+,+*>-,5901,2D+,;9*>-2,2+6+-2,1>/02-,2+38*2Z,>+.9:9-,2*>+*1+:,+B*/j7:95,+;*+<,1,.kD+
*>-k1+;*>529-0>+*1+*:+,58*2;0+/,2,+:,+*L*5859i1+;*+*>-*+O2-h58:0D+392.,;0+*1+*>-,+3*5),E+W:+8>0+
;*+:,>+,2*,>+*+91>-,:,5901*>+6+*:+*>-,;0+L82h;950+;*+:,>+48*2Z,>+O2.,;,>+;*+:0>+W>-,;0>+I19;0>+
;*+O.l295,+*1+:,+B*/j7:95,+;*+<,1,.kD+>*+2*?92k1+/02+*:+2*3*29;0+,58*2;0E+
KE+C01+*:+391+;*+3,59:9-,2+:,+/,2-959/,59i1+6+500/*2,59i1+;*+:,>+48*2Z,>+O2.,;,>+;*+,.7,>+
<,2-*>+*1+:,+/20-*559i1+6+;*3*1>,+;*:+C,1,:D+:,+B*/j7:95,+;*+<,1,.k+6+:0>+W>-,;0>+I19;0>+;*+
O.l295,+*>-,7:*5*2k1+81,+Y81-,+C0.791,;,+50./8*>-,+/02+81+1j.*20+9?8,:+;*+
2*/2*>*1-,1-*>+.9:9-,2*>+;*+,:-0+2,1?0+;*+5,;,+<,2-*E+W>-0>+2*/2*>*1-,1-*>+*>-,2k1+
*15,2?,;0>+/02+>8>+2*>/*5-9H0>+?079*210>+;*+501>8:-,2+6+500/*2,2+*1+-0;0>+:0>+,>81-0>+
2*:,-9H0>+,+:,+/20-*559i1+6+;*3*1>,+;*:+C,1,:+6+;*+/:,19395,2+:,>+.*;9;,>+[8*+;*7*2k1+-0.,2>*+
*1+50159*2-0+/,2,+-,:+391E+S95)0>+,58*2;0>+/,2,+:,+/20-*559i1+6+;*3*1>,+50.791,;,>+10+
2*>-291?92k1+:,+9;*1-9;,;+19+:,>+:h1*,>+;*+.,1;0+;*+:,>+48*2Z,>+O2.,;,>+;*+:,+B*/j7:95,+;*+
<,1,.k+0+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,E+f,+Y81-,+C0.791,;,+>*+*15,2?,2k+;*+:,+
5002;91,59i1+6+500/*2,59i1+*1+,>81-0>+50.0+
!,&+f,+/2*/,2,59i1+;*+/:,1*>+;*+501-91?*159,+/,2,+:,+/20-*559i1+6+;*3*1>,+;*:+
C,1,:+,+7,>*+;*+:0>+*>38*2Z0>+500/*2,-9H0>+;*+:,>+48*2Z,>+O2.,;,>+;*+,.7,>+
<,2-*>c+
!7&+f,+/:,19395,59i1+6+*L*5859i1+;*+*L*259590>+.9:9-,2*>+50.791,;0>c+6+
!5&+f,+*L*5859i1+;*+0/*2,5901*>+.9:9-,2*>+/,1,.*m,>+6+*>-,;0819;*1>*>+/,2,+
:,+/20-*559i1+6+;*3*1>,+;*:+C,1,:E
%E+f,+Y81-,+C0.791,;,D+,+91-*2H,:0>+[891[8*1,:*>D+;82,1-*+:,+H9;,+;*+*>-*+-2,-,;0D+*T,.91,2k+
:0>+2*582>0>+[8*+,.7,>+<,2-*>+)879*>*1+;9>/8*>-0+/,2,+:,+/20-*559i1+6+;*3*1>,+;*:+C,1,:E+
O;*.k>D+:,+Y81-,+C0.791,;,+302.8:,2k+,+:0>+;0>+^079*210>+2*50.*1;,5901*>+,;*58,;,>+*1+
LMs
2*:,59i1+501+:,>+1*5*>9;,;*>+/206*5-,;,>D+:,+*395,Z+8-9:9Z,59i1+;*+:0>+2*582>0>+;9>/0197:*>+/02+
,.7,>+<,2-*>+6+0-20>+,>81-0>+;*+91-*2l>+.8-80+2*3*2*1-*>+,+:,+/20-*559i1+6+;*3*1>,+;*:+C,1,:E+
RE+W1+:,+.*;9;,+/0>97:*D+501>9>-*1-*+501+>8+2*>/01>,79:9;,;+/29.,29,+/,2,+:,+/20-*559i1+6+
;*3*1>,+;*:+C,1,:D+:0>+W>-,;0>+I19;0>+;*+O.l295,+/20582,2k1+.,1-*1*2+>8>+38*2Z,>+,2.,;,>+
*1+<,1,.k+;82,1-*+-9*./0>+102.,:*>+,+81+19H*:+[8*+10+*T5*;,+;*:+;*+:,>+48*2Z,>+O2.,;,>+;*+
:0>+W>-,;0>+I19;0>+;*+O.l295,+*1+*:+-*229-0290+[8*+501>-9-86i+:,+n01,+;*:+C,1,:+;*+<,1,.k+
501+,1-*29029;,;+91.*;9,-,+,+:,+3*5),+;*+H9?*159,+;*+*>-*+-2,-,;0E+
!7H'(2R%&C+
>A.*<.8.)&3,&")&'*-,A+,*<.S*
f0>+*./:*,;0>+;*+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+[8*+38*2*1+1,5901,:*>+;*+:0>+W>-,;0>+
I19;0>+;*+O.l295,D+>8>+;*/*1;9*1-*>+6+:0>+501-2,-9>-,>+;*>9?1,;0>+/02+f,+C0.9>9i1+;*:+C,1,:+
;*+<,1,.k+[8*+38*2*1+1,5901,:*>+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,D+2*>/*-,2k1+:,>+:*6*>+;*+:,+
B*/j7:95,+;*+<,1,.k+6+>*+,7>-*1;2k1+;*+58,:[89*2+,5-9H9;,;+9150./,-97:*+501+*:+*>/h29-8+;*+
*>-*+-2,-,;0E+W1+501>*58*159,D+>*+,7>-*1;2k1+;*+-0;,+,5-9H9;,;+/0:h-95,+*1+:,+B*/j7:95,+;*+
<,1,.kD+,>h+50.0+;*+58,:[89*2+91-*2H*159i1+*1+:0>+,>81-0>+91-*210>+;*+:,+B*/j7:95,+;*+
<,1,.kE+f0>+W>-,;0>+I19;0>+;*+O.l295,+,;0/-,2,1+-0;,>+:,>+.*;9;,>+;*1-20+;*+>8>+3,58:-,;*>+
/,2,+,>*?82,2+*:+58./:9.9*1-0+;*+:,>+;9>/0>95901*>+;*+*>-*+,2-h58:0E+
!7H'(2R%&C'+
>A)-,<<.S*&3,;&!?:.,*-,&"5-9A5;
"E+f,+B*/j7:95,+;*+<,1,.k+6+:0>+W>-,;0>+I19;0>+;*+O.l295,+>*+50./20.*-*1+,+,/:95,2+*>-*+
-2,-,;0+;*+.0;0+501>9>-*1-*+501+:,+/20-*559i1+;*:+,.79*1-*+1,-82,:+;*+:,+B*/j7:95,+;*+
<,1,.kE+<,2,+*>-*+391D+:,>+<,2-*>+>*+501>8:-,2k1+6+50:,702,2k1+*1+302.,+,/20/9,;,+/,2,+
,>*?82,2+[8*+;,2k1+:,+,-*159i1+;*79;,+,+:,+/20-*559i1+6+501>*2H,59i1+;*:+,.79*1-*+1,-82,:E+
QE+J*+*>-,7:*5*2k+81,+C0.9>9i1+b9T-,+>072*+*:+O.79*1-*+P,-82,:+501+9?8,:+2*/2*>*1-,59i1+;*+
:,+B*/j7:95,+;*+<,1,.k+6+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,D+:,+58,:+*T,.91,2k+
/*29i;95,.*1-*+:,+,/:95,59i1+;*+*>-*+-2,-,;0+6+2*50.*1;,2k+,+:0>+;0>+^079*210>D+*1+58,1-0+
38*2*+/20/90D+.*;9;,>+/,2,+*H9-,2D+6+>h+*>-0+10+38*2*+/0>97:*D+.9-9?,2+:0>+*3*5-0>+,.79*1-,:*>+
,;H*2>0>+[8*+/8;9*2,1+;*29H,2>*+;*+>8>+2*>/*5-9H,>+,55901*>+501302.*+,:+-2,-,;0E+
KE+f,+B*/j7:95,+;*+<,1,.k+6+:0>+W>-,;0>+I19;0>+;*+O.l295,+>8.919>-2,2k1+,+:,+C0.9>9i1+b9T-,+
>072*+*:+O.79*1-*+P,-82,:+:,+91302.,59i1+50./:*-,+>072*+58,:[89*2+,559i1+[8*+>*+-0.*+;*+
501302.9;,;+501+*>-*+-2,-,;0+6+[8*+,+L89590+;*+,.70>+/8;9*2,+-*1*2+81+*3*5-0+>9?19395,-9H0+
>072*+*:+,.79*1-*+1,-82,:E+(,:+91302.,59i1+>*+/01;2k+,+;9>/0>959i1+;*+:,+C0.9>9i1+b9T-,+501+
:,+.,602+,1-*:,59i1+/0>97:*+,+:,+,559i1+/:,1*,;,D+,+391+;*+3,59:9-,2+*:+*>-8;90D+/02+/,2-*+;*+
;95),+C0.9>9i1D+;*+58,:*>[89*2+/0>97:*>+/207:*.,>+,.79*1-,:*>+6+/,2,+/*2.9-92+[8*+>*+
501>9;*2*1+:,>+2*50.*1;,5901*>+;*+:,+C0.9>9i1+b9T-,+,1-*>+;*+[8*+:,+,559i1+/2*H9>-,+>*+
/01?,+*1+*L*5859i1E+
!7H'(2R%&C''+
/5*3,A56
"E+(0;0+*:+-*229-0290+;*+:,+B*/j7:95,+;*+<,1,.kD+915:8>0+:,>+k2*,>+5860+8>0+:,+B*/j7:95,+;*+
<,1,.k+/01*+,+;9>/0>959i1+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,D+501302.*+,+*>-*+-2,-,;0+6+>8>+
,58*2;0>+501*T0>D+*>-,2k+7,L0+:,+7,1;*2,+;*+:,+B*/j7:95,+;*+<,1,.k+6D+*1+501>*58*159,D+
;95),+7,1;*2,+058/,2k+>9*./2*+:,+/0>959i1+;*+)0102E+
QE+f,+7,1;*2,+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+/0;2k+>*2+;*>/:*?,;,D+L81-0+,+:,+7,1;*2,+;*+
:,+B*/j7:95,+;*+<,1,.kD+*1+:,+>*;*+;*+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+6+*1+:,+>*;*+;*+:,+
Y81-,+C0.791,;,+6+>*?j1+>*+;9>/01*+*1+*:+O58*2;0+/,2,+:,+WL*5859i1+;*:+O2-h58:0+Va+;*+*>-*+
-2,-,;0E+
LNK
KE+f,+7,1;*2,+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+/0;2k+-,.79l1+>*2+;*>/:*?,;,+*1+0-20>+
:8?,2*>+6+*1+,:?81,>+05,>901*>D+>*?j1+:0+,58*2;*1+,.7,>+<,2-*>E+
!7H'(2R%&C'''+
>A.+.;,M.)6&,&'*?9*.353,6
"E+J*2k1+91H90:,7:*>+:,>+91>-,:,5901*>+/*2-*1*59*1-*>+,+:0>+02?,19>.0>+0+;*/*1;*159,>+;*+:0>+
W>-,;0>+I19;0>+;*+O.l295,+[8*+3815901,1+*1+:,+B*/j7:95,+;*+<,1,.k+;*+501302.9;,;+501+*>-*+
-2,-,;0+6+,58*2;0>+,391*>D+6+:,>+8>,;,>+/02+*::0>+,>h+50.0+:0>+,25)9H0>+6+;058.*1-0>+03959,:*>E+
f,>+;0>+<,2-*>+,502;,2k1+:0>+/205*;9.9*1-0>+[8*+>*?892k+:,+B*/j7:95,+;*+<,1,.k+*1+:,+
501;8559i1+;*+:,>+91H*>-9?,5901*>+529.91,:*>+*1+;95)0>+:8?,2*>E+
QE+f0>+02?,19>.0>+6+;*/*1;*159,>+;*:+^079*210+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+[8*+0/*2,1+
*1+:,+B*/j7:95,+;*+<,1,.k+;*+501302.9;,;+501+*>-*+-2,-,;0+6+,58*2;0>+501*T0>D+>*2k1+
91.81*>+,+:,+L829>;9559i1+;*+:,+B*/j7:95,+;*+<,1,.kE+
KE+W1+,;959i1+,+:0>+0-20>+/29H9:*?90>+*+91.819;,;*>+[8*+>*+0-02?,1+,+:0>+*./:*,;0>+;*:+
^079*210+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+6+>8>+;*/*1;9*1-*>+;*+501302.9;,;+501+*>-*+
-2,-,;0D+:0>+W>-,;0>+I19;0>+;*+O.l295,+/0;2k1+10.72,2+),>-,+H*91-*+3815901,290>+;*+f,+
C0.9>9i1+;*:+C,1,:+;*+<,1,.k+[89*1*>D+L81-0+501+>8>+;*/*1;9*1-*>D+?0Z,2k1+;*+:0>+/29H9:*?90>+
*+91.819;,;*>+[8*+>*+0-02?,1+,+:0>+,?*1-*>+;9/:0.k-950>+6+>8>+;*/*1;9*1-*>+501302.*+,:+
;*2*5)0+6+/2k5-95,>+91-*21,5901,:*>E+f0>+W>-,;0>+I19;0>+;*+O.l295,+/20/025901,2k1+,+:,+
B*/j7:95,+;*+<,1,.k+81,+:9>-,+501+:0>+10.72*>+;*+;95)0>+3815901,290>+6+>8>+;*/*1;9*1-*>D+
9;*1-9395,1;0+:0>+5,2?0>+[8*+058/,1+;*1-20+;*:+^079*210+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+6+
.,1-*1;2k1+;95),+:9>-,+,5-8,:9Z,;,+*1+-0;0+.0.*1-0E+
!7H'(2R%&'$+
R,@,6&!8;.<5:;,6&@&#I,<9<.S*&3,&R,@,6
"E+S*+501302.9;,;+501+:,>+*>-9/8:,5901*>+;*+*>-*+-2,-,;0+6+>8>+,58*2;0>+501*T0>D+:,>+:*6*>+;*+
:,+B*/j7:95,+;*+<,1,.k+>*+,/:95,2k1+*1+:,>+k2*,>+/8*>-,>+,+;9>/0>959i1+;*+:0>+W>-,;0>+I19;0>+
;*+O.l295,+/,2,+>8+8>0+;*+,58*2;0+501+*>-*+-2,-,;0E+f,>+:*6*>+;*+:,+B*/j7:95,+;*+<,1,.k+>*+
,/:95,2k1+,+,>81-0>+0+)*5)0>+058229;0>+*1+:0+[8*+501>-9-86i+:,+n01,+;*:+C,1,:+,1-*>+;*+:,+
*1-2,;,+*1+H9?*159,+;l+*>-*+-2,-,;0D+>i:0+*1+:,+.*;9;,+*1+[8*+*>-8H9*2*+*T/2*>,.*1-*+
;9>/8*>-0+*1+-2,-,;0>+0+501H*190>+,1-*2902*>E+
QE+f,>+/*2>01,>+1,-82,:*>+0+L82h;95,>+[8*D+*1+:,+3*5),+;*+*1-2,;,+*1+H9?*159,+;*+*>-*+-2,-,;0D+
>*+;*;95,2*1+,+1*?0590>+0+,5-9H9;,;*>+10+:852,-9H,>+*1+>9-90>+;*:+-*229-0290+[8*+501>-9-86i+:,+
n01,+;*:+C,1,:D+/0;2k1+501-918,2:0>+*1+;95)0>+>9-90>+7,L0+:,>+.9>.,>+501;95901*>+*T9>-*1-*>+,:+
*1-2,2+*1+H9?02+*>-*+-2,-,;0D+/02+81+/*2h0;0+;*+-2,1>959i1+;*+-2*91-,+.*>*>D+501-,;0>+;*>;*+
*>,+3*5),E+f,+B*/j7:95,+;*+<,1,.k+.,1-*1;2k+:,>+.9>.,>+501;95901*>+;*+0/*2,59i1+[8*+>*+
,/:95,7,1+,+:,>+*./2*>,>+2*3*29;,>D+,1-*>+;*+:,+*1-2,;,+*1+H9?*159,+;*+*>-*+-2,-,;0D+;*+.0;0+
[8*+/8*;,1+07-*1*2+:95*159,>+/,2,+2*,:9Z,2+1*?0590>+*1+:,+B*/j7:95,+;*+<,1,.kD+/2*H90+*:+
58./:9.9*1-0+;*+:0>+2*[89>9-0>+;*+>8>+:*6*>E+<0>-*2902.*1-*D+;95),>+/*2>01,>+2*59792k1+*:+
.9>.0+-2,-0+501302.*+,+:,>+:*6*>+;*+:,+B*/j7:95,+;*+<,1,.k+[8*+*:+[8*+>*+;,+,+1*?0590>+
>9.9:,2*>+6,+*>-,7:*59;0>+*1+*:+2*>-0+;*:+-*229-0290+;*+:,+B*/j7:95,+;*+<,1,.kD+>91+
;9>529.91,59i1E+
KE+f0>+;*2*5)0>+;*+/20/9*;,;D+50.0+:0>+2*50105*1+:0>+W>-,;0>+I19;0>+;*+O.l295,D+;*+[8*+
;9>328-,1+:,>+/*2>01,>+1,-82,:*>+0+L82h;95,>+/29H,;,>D+*1+*;939590>+6+0-2,>+.*L02,>+8795,;0>+*1+
*:+-*229-0290+[8*+501>-9-86i+:,+n01,+;*:+C,1,:D+>*2k1+2*501059;0>+/02+:,+B*/j7:95,+;*+<,1,.k+
;*+501302.9;,;+501+>8>+:*6*>E+
%E+f0>+/20/9*-,290>+;*+*;939590>+6+0-2,>+.*L02,>+8795,;0>+*1+:,>+k2*,>+;*+3815901,.9*1-0+;*:+
C,1,:D+:,>+k2*,>+;*+H9H9*1;,+8+0-2,>+k2*,>+>8L*-,>+,:+/205*;9.9*1-0+;*+*T/*;959i1+;*+:95*159,>+
*>-,7:*59;0+*1+*:+O2-h58:0+Va+;*:+O58*2;0+/,2,+:,+WL*5859i1+;*:+O2-h58:0+VVV+;*+*>-*+-2,-,;0D+
/0;2k1+501-918,2+8-9:9Z,1;0+*:+-*22*10+*1+;01;*+>8+/20/9*;,;+*>-8H9*2*+:05,:9Z,;,D+;*+
LNL
501302.9;,;+501+:0>+/205*;9.9*1-0>+*>-,7:*59;0>+*1+;95)0+,2-h58:0E+
RE+f0>+/20/9*-,290>+;*+*;939590>+6+0-2,>+.*L02,>+8795,;0>+*1+*:+-*229-0290+[8*+501>-9-86i+:,+
n01,+;*:+C,1,:D+,+:0>+58,:*>+10+38*2*+,/:95,7:*+*:+/205*;9.9*1-0+;*+*T/*;959i1+;*+:95*159,>+
,1-*>+.*15901,;0+0+;*L,2*+;*+>*2:*>+,/:95,7:*+;82,1-*+:,+H9?*159,+0+,+:,+-*2.91,59i1+;*+*>-*+
-2,-,;0D+/0;2k1+501-918,2+8-9:9Z,1;0+*:+-*22*10+;01;*+*>-8H9*2*+:05,:9Z,;,+>8+/20/9*;,;+
>8L*-0>+,:+/,?0+;*+81+/2*590+2,Z01,7:*+,+:,+B*/j7:95,+;*+<,1,.kE+J9+:,+B*/j7:95,+;*+<,1,.k+
;*59;9*>*+H*1;*2+;95)0+-*22*10D+032*5*2k+,+:0>+/20/9*-,290>+,[8h+*T/2*>,;0>D+81,+/29.*2,+
0/59i1+;*+50./2,+;*+;95)0+-*22*10+,+50>-*+2,Z01,7:*E+W1+5,>0+;*+02?,19Z,5901*>+10+:852,-9H,>+
-,:*>+50.0+:,>+9?:*>9,>+6+02?,19Z,5901*>+32,-*21,:*>D+*:+/2*590+;*+50./2,+>*2k+10.91,:D+;*+
501302.9;,;+501+:,+/2k5-95,+/2*H,:*59*1-*+*1+*:+2*>-0+;*:+-*229-0290+;*+:,+B*/j7:95,+;*+
<,1,.kE+
UE+J9+:,+B*/j7:95,+;*+<,1,.k+2*[8929*>*+;*+,:?81,+;*+:,>+/*2>01,>+,1-*>+.*15901,;,>D+[8*+
;*>501-91j*+>8>+,5-9H9;,;*>+0+;*>058/,2*+>8+/20/9*;,;+/,2,+391*>+/j7:950>D+>*2k+50./*1>,;,+
/02+:,+B*/j7:95,+;*+<,1,.k+>*?j1+*:+H,:02+L8>-0+;*+.*25,;0E+
AE+f,>+;9>/0>95901*>+;*+:0>+/k22,30>+Q+,:+UD+,.70>+915:8>9H*D+>*+,/:95,2k1+,+:,>+/*2>01,>+
1,-82,:*>+0+L82h;95,>+[8*+)879*2*1+*>-,;0+;*;95,;,>+,+,5-9H9;,;*>+;*+1*?0590+0+10+:852,-9H,>+
*1+*:+-*229-0290+[8*+501>-9-86i+:,+n01,+;*:+C,1,:D+/02+:0+.*10>D+>*9>+.*>*>+,1-*>+;*+:,+3*5),+
;*+:,+392.,+;*+*>-*+-2,-,;0E+
@E+f,+B*/j7:95,+;*+<,1,.k+10+*T/*;92k+19+,;0/-,2k+0+*L*58-,2k+191?81,+:*6D+;*52*-0D+
2*?:,.*1-0+0+,58*2;0+91-*21,5901,:+0+,559i1+[8*+/2*-*1;,+2*?:,.*1-,2+0+[8*+;*+,:?j1+.0;0+
91-*239*2,+501+*:+*L*259590D+/02+/,2-*+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,D+;*+:0>+;*2*5)0>+
5013*29;0>+*1+*>-*+-2,-,;0+0+,58*2;0>+501*T0>E+
#E+f,>+1,H*>+[8*+-2,1>9-*1+/02+*:+C,1,:+6+:,>+5,2?,>D+/,>,L*20>+6+-29/8:,5901*>+-2,1>/02-,;0>+
*1+-,:*>+1,H*>D+*>-,2k1+*T*1-0>+;*+-0;0+9./8*>-0D+;*2*5)0+8+0-20+?2,H,.*1+/02+/,2-*+;*+:,+
B*/j7:95,+;*+<,1,.kE+J91+*.7,2?0D+*:+5,>0+*1+[8*+-,:*>+1,H*>+*1-2,2*1+,+81+/8*2-0+
/,1,.*m0D+>*+:*>+/0;2k1+5072,2+:0>+5,2?0>+[8*+/02+-,:+592581>-,159,+5022*>/01;9*2*1+50.0D+
/02+*L*./:0D+5,2?0>+*1+5015*/-0+;*+>*2H9590>+>8.919>-2,;0>+,+:,+1,H*E+f,+B*/j7:95,+;*+
<,1,.k+/0;2k+-,.79l1+2*[8*292+,+:0>+/,>,L*20>+6+,+:,>+-29/8:,5901*>+[8*+;*>*.7,2[8*1+;*+
-,:*>+1,H*>+[8*+/,?8*1+:0>+9./8*>-0>D+;*2*5)0>+6+?2,Hk.*1*>+*>-,7:*59;0>+;*+501302.9;,;+
501+:,>+:*6*>+/,1,.*m,>+/,2,+/*2>01,>+[8*+91?2*>,2*1+,+>8+-*229-0290E+(,:*>+9./8*>-0>D+
;*2*5)0>+6+?2,Hk.*1*>+>*2k1+39L,;0>+>072*+81,+7,>*+10+;9>529.91,-029,E+
"$E+f,+B*/j7:95,+;*+<,1,.k+6+:0>+W>-,;0>+I19;0>+;*+O.l295,+500/*2,2k1+*1+:,+,;0/59i1+;*+:,>+
.*;9;,>+[8*+;*+-9*./0+*1+-9*./0+38*2*1+1*5*>,29,>+/,2,+?,2,1-9Z,2+:,+>*?829;,;+;*+f,+
C0.9>9i1+;*:+C,1,:+;*+<,1,.kD+>8>+/20/9*;,;*>D+>8>+*./:*,;0>+6+:0>+;*/*1;9*1-*>+6+79*1*>+
;*+l>-0>c+:,>+48*2Z,>+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+6+:0>+.9*.720>+;*+:,>+.9>.,>D+*:+
50./01*1-*+59H9:+;*+:,>+48*2Z,>+;*+:0>+W>-,;0>+I19;0>D+:0>+;*/*1;9*1-*>+;*+.9*.720>+;*+:,>+
48*2Z,>+6+;*:+50./01*1-*+59H9:+6+>8>+79*1*>D+6+:0>+501-2,-9>-,>+;*+f,+C0.9>9i1+;*:+C,1,:+;*+
<,1,.k+6+;*+:,>+48*2Z,>+;*+:0>+W>-,;0>+I19;0>D+>8>+;*/*1;9*1-*>+6+>8>+79*1*>E+f,+B*/j7:95,+
;*+<,1,.k+>0:959-,2k+,:+N2?,10+f*?9>:,-9H0+:,+*T/*;959i1+;*+:,>+:*6*>+[8*+>*+2*[89*2,1+/,2,+
::*H,2+,+5,70+:0>+/20/i>9-0>+[8*+,1-*5*;*1+6+/,2,+>,15901,2+,+:0>+501-2,H*1-02*>E+
""E+f,>+<,2-*>+5015:892k1+81+,58*2;0+.*;9,1-*+*:+58,:+:0>+1,5901,:*>+;*+810+;*+:0>+;0>+
W>-,;0>+[8*+38*2*1+501;*1,;0>+/02+:0>+-29781,:*>+;*:+0-20+6+10+*>-8H9*>*1+;0.959:9,;0>+*1+l:D+
/0;2k1+0/-,2+/02+58./:92+:,+>*1-*159,+*1+*:+W>-,;0+;*+>8+1,5901,:9;,;E+
!7H'(2R%&$+
#?8;,)&,*&R5&()?.6.S*&3,;&(5*5;&3,&>5*5?V
"E+f0>+W>-,;0>+I19;0>+;*+O.l295,D+*1+*:+*L*259590+;*+>8>+;*2*5)0>+6+*1+*:+58./:9.9*1-0+;*+>8>+
2*>/01>,79:9;,;*>+50.0+*./:*,;02D+*>-,7:*5*2k1+2*?:,.*1-0>+/,2,+:,+501-2,-,59i1+;*:+
/*2>01,:+6+;*+>8+2l?9.*1+;*+-2,7,L0D+:0>+58,:*>+501-*1;2k1+:0>+-l2.910>D+501;95901*>+6+
2*[89>9-0>+/,2,+-0;,>+:,>+5,-*?02h,>+;*+*./:*,;0>+;*+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.kE+W>-0>+
LNJ
2*?:,.*1-0>+>*+*1-2*?,2k1+,+:,+B*/j7:95,+;*+<,1,.k+,1-*>+;*+/01*2>*+*1+H9?02E+
QE!,&+f0>+2*?:,.*1-0>+*>-,7:*5*2k1+81+>9>-*.,+;*+/2*3*2*159,>+*1+*:+*./:*0+/,2,+
:0>0:959-,1-*>+/,1,.*m0>+[8*+/0>*,1++:,+/*2959,+6+5,:9395,5901*>+2*[8*29;,>+/,2,+*:+*./:*0+/02+
f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.kE+f0>+W>-,;0>+I19;0>+;*+O.l295,+/20582,2k1+,>*?82,2+[8*+*:+
1j.*20+;*+1,5901,:*>+/,1,.*m0>+*./:*,;0>+/02+f,+C0.9>9i1+;*+C,1,:+;*+<,1,.k+*1+2*:,59i1+
501+*:+1j.*20+-0-,:+;*+>8>+*./:*,;0>+>*+,L8>-*+,+:,+/20/0259i1+*>-,7:*59;,+/,2,+:,>+*./2*>,>++
*T-2,1L*2,>+501302.*+,+:,>+:*6*>+;*+:,+B*/j7:95,+;*+<,1,.kE+
!7&+f0>+-l2.910>+6+501;95901*>+;*+*./:*0+[8*+>*+*>-,7:*Z5,1+10+>*2k1D+*1+?*1*2,:D+.*10>+
3,H02,7:*>+/,2,+:,>+/*2>01,>++*./:*,;,>+/02+:,+50./,mh,+;*:+C,1,:+;*+<,1,.k+0+*:+^079*210+
;*+:,+n01,+;*:+C,1,:+501+,1-*29029;,;+,+:,++3*5),+;*+*1-2,;,+*1+H9?02+;*+*>-*+-2,-,;0+[8*+:0>+
H9?*1-*>+91.*;9,-,.*1-*+,1-*>+;*+;95),+3*5),E+
KE+!,&+f0>+W>-,;0>+I19;0>+;*+O.l295,+*>-,7:*5*2k1+81,+/0:h-95,+;*+*./:*0+/,2,+f,+C0.9>9i1+
;*:+C,1,:+;*+<,1,.k+[8*++:9.9-,2k+?*1*2,:.*1-*+*:+2*5:8-,.9*1-0+;*+/*2>01,:+38*2,+;*+:,+
B*/j7:95,+;*+<,1,.k+,+/*2>01,>+[8*+/0>*,1+:,+/*2959,+6++5,:9395,59i1+2*[8*29;,>+58,1;0+l>-,>+
10+/8*;,1+07-*1*2>*+*1+:,+B*/j7:95,+;*+<,1,.kD+
!7&++f0>+W>-,;0>+I19;0>+;*+O.l295,+*>-,7:*5*2k1+/20?2,.,>+;*+,;9*>-2,.9*1-0+/,2,+
*./:*,;0>+6+,/2*1;95*>+/,1,.*m0>+,+391+;*+,8.*1-,2+*:+1j.*20+;*+1,5901,:*>+/,1,.*m0>+
5,:9395,;0>+/,2,+058/,2+5,2?0>+*1+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.kD+,+.*;9;,+[8*+05822,1+:,>+
H,5,1-*>E+
!5&+S*1-20+;*:+/:,Z0+;*+59150+,m0>D+,+/,2-92+;*+:,+3*5),+;*+*1-2,;,+*1+H9?02+;*+*>-*+-2,-,;0D+*:+
1j.*20+;*+1,5901,:*>+;*++:0>+W>-,;0>+I19;0>+;*+O.l295,+*./:*,;0>+;*+f,+C0.9>9i1+;*:+C,1,:+
;*+<,1,.k+[8*+,1-*2902.*1-*+:0+),7h,1+>9;0+;*+:,+50./,mh,+;*:+C,1,:+;*+<,1,.kD+>*2k+/02+:0+
.*10>+81+H*91-*+/02+59*1-0+!QNo&+.*102+[8*+*:+1j.*20+-0-,:+;*+1,5901,:*>+*>-,;0819;*1>*>+
[8*+>*+*1501-2,7,1+-2,7,L,1;0+501+;95),+50./,mh,+91.*;9,-,.*1-*D+,1-*>+;*+:,+*1-2,;,+*1+
H9?02+;*+*>-*+-2,-,;0E+
!;&+f0>+W>-,;0>+I19;0>+;*+O.l295,+91302.,2k1+/*29i;9`5,.*1-*+,+:,+B*/j7:95,+;*+<,1,.kD+/02+
501;85-0+;*+f,+C0.9>9i1+C002;91,;02,D+*>-,7:*59;,+;*+501302.9;,;+501+*:+O58*2;0+/,2,+:,+
WL*5859i1+;*:+,2-h58:0+"""+;*+*>-*+-2,-,;0D+>072*+:0>+5,2?0>+H,5,1-*>+*1+f,+C0.9>9i1E+f,+
B*/j7:95,+;*+<,1,.kD+*1+302.,+>9.9:,2D+/20/025901,2k+,+:0>++W>-,;0>+I19;0>+;*+O.l295,+:,+
91302.,59i1+[8*+/0>*,+2*>/*5-0+;*+:,+;9>/01979:9;,;+;*+1,5901,:*>+/,1,.*m0>+[8*+,392.*1+
/0>**2+:,+/*2959,+6+5,:9395,5901*>+[8*+/8;9*2,+2*[8*292+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+/,2,+
[8*+;95),+91302.,59i1+/8*;,+>*2+-*19;,+*1+58*1-,+/02+:0>+W>-,;0>+I19;0>+;*+O.l295,E+
%E+f0>+W>-,;0>+I19;0>+;*+O.l295,+*>-,7:*5*2k1+:,>+102.,>+;*+5,:9395,59i1+>072*+:,+/*2959,D+
*1-2*1,.9*1-0+6+*T/*29*159,+1*5*>,29,>+/,2,+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.kE+O:+*>-,7:*5*2+
;95),>+102.,>D+*1+:0+5015*219*1-*+,+:0>+2*[89>9-0>+/,2,+:95*159,>+/203*>901,:*>D+:0>+W>-,;0>+
I19;0>+;*+O.l295,D+>91+/*2L89590+;*+>8+;*2*5)0+;*+2*[8*292+/*2959,+6+5,:9395,5901*>+
/203*>901,:*>+,;95901,:*>D+2*50105*2k1+:,>+:95*159,>+/203*>901,:*>+*T/*;9;,>+/02+:,+B*/j7:95,+
;*+<,1,.kE+
RE+f0>+W>-,;0>+I19;0>+;*+O.l295,+*>-,7:*5*2k1+81,+/0:h-95,+/,2,+:,+20-,59i1+/*29i;95,D+501+81+
.kT9.0+;*+59150+,m0>D+/,2,+*./:*,;0>+598;,;,10>+;*+:0>+W>-,;0>+I19;0>+6+0-20>+*./:*,;0>+
10+/,1,.*m0>D+501-2,-,;0>+;*>/8l>+;*+:,+*1-2,;,+*1+H9?02+;*+*>-*+-2,-,;0E+J*+2*50105*+[8*D+
/02+2,Z01*>+,;.919>-2,-9H,>+381;,;,>D+>*+/0;2k1+),5*2+59*2-,>+*T5*/5901*>+,+;95),+/0:h-95,+;*+
20-,59i1D+50.0+*1+*:+5,>0+;*+:0>+*./:*,;0>+[8*+058/*1+5,2?0>+[8*+2*[89*2,1+59*2-,+/*2959,+
10+-2,1>3*297:*+0+10+2*5:8-,7:*E+
UE+P0+),72k+;9>529.91,59i1+*1+.+,-*29,+;*+>,:,290>D+/2*>-,5901*>+0+7*1*39590>+:,702,:*>D+/02+
2,Zi1+;*+1,5901,:9;,;D+>*T0+0+2,Z,E+f0>+/,?0>+;*+2*.81*2,5901*>+,;95901,:*>+0+*:+>8.919>-20+
;*+7*1*39590>+,;95901,:*>D+-,:*>+50.0+7*1*39590>+5015*219*1-*>+,+H,5,5901*>+*1+*:+/,h>+;*+
;0.959:90D+/02+/,2-*+;*+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+,+/*2>01,>+1,5901,:*>+;*+W>-,;0>+
I19;0>+*./:*,;,>+,1-*>+;*+:,+*1-2,;,+*1+H9?02+;*+*>-*+-2,-,;0+0+,+/*2>01,>+;*+58,:[89*2+
1,5901,:9;,;D+915:8>9H*+1,5901,:*>+;*+:,+B*/j7:95,+;*+<,1,.k+2*5:8-,;0>+38*2,+;*+<,1,.k+
;*>/8l>+;*+:,+*1-2,;,+*1+H9?02+;*+*>-*+-2,-,;0+6+[8*+5,.79,2*1+>8+:8?,2+;*+2*>9;*159,D+10+>*+
501>9;*2,2k1+;9>529.91,-0290>+/,2,+:0>+/20/i>9-0>+;*+*>-*+/,2k?2,30E+
AE+f0>+*./:*,;0>+;*+:,+C0./,mh,+;*:+C,1,:+;*+<,1,.k+0+;*:+^079*210+;*+:,+n01,+;*:+C,1,:+
,1-*>+;*+:,+*1-2,;,+*1+H9?02+;*+*>-*+-2,-,;0D+[8*+2*>8:-*1+5*>,1-*>+,+501>*58*159,+;*+:,+
LNM
-*2.91,59i1+;*+59*2-,>+,5-9H9;,;*>+/02+/,2-*+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+;*+
501302.9;,;+501+*>-*+-2,-,;0D+>*2k1+,>9?1,;0>+*1+:,+.*;9;,+;*+:0+/0>97:*D+/02+:0>+W>-,;0>+
I19;0>+;*+O.l295,+,+0-20>+5,2?0>+,/20/9,;0>+;*+>8+^079*210+;*+,58*2;0+501+:0>+2*?:,.*1-0>+
;*:+J*2H9590+C9H9:+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,E+W1+58,1-0+,+:,>+/*2>01,>+[8*+10+38*2*1+
1,5901,:*>+;*+:0>+W>-,;0>+I19;0>D+:0>+*>38*2Z0>+/,2,+50:05,2:0>+>*2k1+:9.9-,;0>+,+:,>+
,5-9H9;,;*>+;*:+^079*210+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+*1+:,+B*/j7:95,+;*+<,1,.kE+S*+
9?8,:+.0;0D+:,>+/*2>01,>+/2*H9,.*1-*+*./:*,;,>+*1+,5-9H9;,;*>+586,+2*>/01>,79:9;,;+,>8.*+
:,+B*/j7:95,+;*+<,1,.k+,+501>*58*159,+;*:+/2*>*1-*+-2,-,;0D+501-918,2k1+>9*1;0+*./:*,;,>D+
*1+:,+.*;9;,+;*+:0+/0>97:*D+/02+:,+B*/j7:95,+;*+<,1,.kE+f,+B*/j7:95,+;*+<,1,.k+?,2,1-9Z,2kD+
*1+:,+.*;9;,+;*+:0+/0>97:*D+[8*+:0>+-l2.910>+6+501;95901*>+;*+*./:*0+,/:95,7:*>+,:+/*2>01,:+
*./:*,;0+*1+:,>+,5-9H9;,;*>+586,+2*>/01>,79:9;,;+,>8.,+10+>*2k1+.*10>+3,H02,7:*>+[8*+:0>+
H9?*1-*>+91.*;9,-,.*1-*+,1-*>+;*+:,+*1-2,;,+*1+H9?02+;*+*>-*+-2,-,;0E+O+:0>+1,5901,:*>+10+
*>-,;0819;*1>*>+*./:*,;0>+;*+:,+50./,mh,+;*:+C,1,:+;*+<,1,.k+0+;*:+^079*210+;*+:,+n01,+
;*:+C,1,:+501+,1-*29029;,;+,+:,+*1-2,;,+*1+H9?02+;*+*>-*+-2,-,;0D+[8*+38*2*1+>*/,2,;0>+
91H0:81-,29,.*1-*+;*+>8>+5,2?0>+,+501>*58*159,+;*+:,+5*>,59i1+;*+81,+,5-9H9;,;+*1+H92-8;+;*+
*>-*+-2,-,;0+6+5,2*59*2*1+;*+;*2*5)0+,+81,+/*1>9i1+91.*;9,-,+501302.*+,:+J9>-*.,+;*+
Y879:,59i1+;*:+J*2H9590+C9H9:+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,D+6+/,2,+[8h*1*>+10+38*2*+/0>97:*+
501-918,2+50.0+*./:*,;0>+;*:+^079*210+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+*1+<,1,.kD+:,+
B*/j7:95,+;*+<,1,.k+:*>+/20/025901,2k+,68;,+*>/*59,:+*1+.,-*29,+;*+50:05,59i1+*1+*./:*0>+
/,2,+:0>+58,:*>+-,:*>+/*2>01,>+*>-l1+5,/,59-,;,>+/02+2,Zi1+;*+*T/*29*159,+6+*1-2*1,.9*1-0E+
@E+f,>+<,2-*>+501H9*1*1+*1+*>-,7:*5*2+81+>9>-*.,+.*;9,1-*+*:+58,:D+>9+,.7,>+:0+501>9;*2,1+
501H*19*1-*+0+;*>*,7:*D+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+/0;2k+,>9?1,2+59*2-0>+*./:*,;0>+
;*+:,+.9>.,D+/02+-9*./0+:9.9-,;0D+/,2,+[8*+,68;*1+*1+:,+*L*5859i1+;*+:,>+,5-9H9;,;*>+
-2,1>3*29;,>+,+:,+B*/j7:95,+;*+<,1,.k+50.0+2*>8:-,;0+;*+*>-*+-2,-,;0+6+>8>+,58*2;0>+
501*T0>E+f,+B*/j7:95,+;*+<,1,.k+2**.70:>,2k+,+:0>+W>-,;0>+I19;0>+;*+O.l295,+:0>+>,:,290>+6+
0-20>+50>-*>+/02+*:+*./:*0+;*+:,>+/*2>01,>+[8*+38*2*1+,>9?1,;,>+/,2,+/2*>-,2+-,:+,68;,E+
#E+!,&+J*+2*50105*+*:+;*2*5)0+;*+:0>+*./:*,;0>+,+1*?059,2+501-2,-0>+50:*5-9H0>+501+f,+
C0.9>9i1+;*:+C,1,:+;*+<,1,.kE+f,>+2*:,5901*>+:,702,:*>+501+:0>+*./:*,;0>+;*+f,+C0.9>9i1+;*:+
C,1,:+;*+<,1,.k+>*2k1+501;859;,>+;*+,58*2;0+501++302.,>+;*+501-2,-,59i1+50:*5-9H,+
*>-,7:*59;,>+/02+W>-,;0>+I19;0>+;*+O.l295,D+/2*H9,+501>8:-,+501++:0>++>91;95,-0>E+
!7&+f0>+>91;95,-0>+-*1;2k1+*:+;*2*5)0+;*+,39:9,2>*+,+02?,19Z,5901*>+:,702,:*>+91-*21,5901,:*>E+
"$E+f0>+W>-,;0>+I19;0>+;*+O.l295,+/20H**2k1+81+/20?2,.,+;*+L879:,59i1+0/-,-9H,+,/20/9,;,+6+
,1-959/,;,+,+-0;,>+:,>+/*2>01,>+[8*+38*2*1+*./:*,;0>+;*+:,+C0./,mh,+;*:+C,1,:+;*+<,1,.k+0+
;*:+^079*210+;*+:,+n01,+;*:+C,1,:+91.*;9,-,.*1-*+,1-*>+;*+:,+*1-2,;,+*1+H9?02+;*+*>-*+
-2,-,;0E+W1+2*:,59i1+501+*>-,+.,-*29,D+-0.,1;0+*1+58*1-,+:,>+592581>-,159,>+*>/*59,:*>+
52*,;,>+/02+:,>+*>-9/8:,5901*>+;*+*>-*+-2,-,;0D+915:8>0+>8+;82,59i1+6+>8>+*3*5-0>+>072*+;95)0>+
*./:*,;0>D+:0>+W>-,;0>+I19;0>+;*+O.l295,D+*1+58,1-0+,+*::0>X+
!,&+S*-*2.91,2k1+[8*+>*+),1+;,;0+:,>+501;95901*>+/,2,+91H05,2+:,>+:*6*>+,/:95,7:*>+;*+:0>+
W>-,;0>+I19;0>+[8*+/*2.9-*1+:,>+L879:,5901*>+,1-959/,;,>+6+,/:95,2+;95),+:*?9>:,59i1+/02+81+
/*2h0;0+501>9;*2,7:*+;*+:,+;82,59i1+;*+*>-*+-2,-,;0D+
!7&+<20582,2k1+81,+:*?9>:,59i1+*>/*59,:+[8*+032*Z5,+;*2*5)0>+.k>+,./:90>+[8*+:0>+[8*+
5015*;*+,5-8,:.*1-*+:,+:*6+/,2,+;*-*2.91,2+*:+.01-0+;*+:,>+L879:,5901*>E+
!7H'(2R%&$'+
T.68)6.<.)*,6&85A5&,;&>,AW)3)&3,&HA5*6.<.S*
f,+B*/j7:95,+;*+<,1,.k+2*,>8.92k+/:*1,+L829>;9559i1+>072*+*:+-*229-0290+[8*+501>-9-86i+:,+
n01,+;*:+C,1,:D+*1+:,+3*5),+;*+*1-2,;,+*1+H9?02+;*+*>-*+-2,-,;0+6+;*+501302.9;,;+501+>8>+
*>-9/8:,5901*>E+
"E+C01+*:+391+;*+:0?2,2+81,+-2,1>959i1+02;*1,;,+*1+:,+,/:95,59i1+/:*1,+;*+:0>+,22*?:0>+
L829>;955901,:*>+*>-,7:*59;0>+.*;9,1-*+*>-*+-2,-,;0+6+:0>+,58*2;0>+,391*>D+:,>+*>-9/8:,5901*>+
;*+*>-*+,2-958:0+>*2k1+,/:95,7:*>+,+/,2-92+;*+:,+3*5),+*1+[8*+*>-*+-2,-,;0+*1-2*+*1+H9?02+6+
/*2.,1*5*2,1+*1+H9?*159,+;82,1-*+-2*91-,+.*>*>+5,:*1;,290>E+f,>+3,58:-,;*>+5013*29;,>+*1+
*>-*+,2-958:0+,+:0>+W>-,;0>+I19;0>+;*+O.l295,+/,2,+*>-*+/*2h0;0+;*+-2,1>959i1+50./:*.*1-,2k1+
LNN
6+10+-9*1*1+:,+391,:9;,;+;*+:9.9-,2+:,+-0-,:+,/:95,59i1+6+*3*5-0+;*+:0>+;*2*5)0>+6+,-29785901*>+
5013*29;0>+,+:0>+W>-,;0>+I19;0>+;*+O.l295,+*1+0-2,>+/,2-*>+*1+*>-*+-2,-,;0+6+*1+:0>+,58*2;0>+
,391*>E+
QE+S82,1-*+*>-*+/*2h0;0+;*+-2,1>959i1D+:,>+:*6*>+59H9:*>+6+/*1,:*>+;*+:0>+W>-,;0>+I19;0>+;*+
O.l295,+>*2k1+,/:95,7:*>+*1+302.,+5015822*1-*+501+:,>+;*+:,+B*/j7:95,+;*+<,1,.k+*1+59*2-,>+
;*+:,>+k2*,>+*+91>-,:,5901*>+/8*>-,>+,+;9>/0>959i1+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+/,2,+>8+
8>0+;*+501302.9;,;+501+*>-*+-2,-,;0D+;*+,58*2;0+501+:,>+>9?89*1-*>+;9>/0>95901*>X+
!,&+f,+B*/j7:95,+;*+<,1,.k+/*2.9-*+,+:,>+,8-029;,;*>+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+-*1*2+
*:+;*2*5)0+/29.,290+;*+*L*25*2+L829>;9559i1+/*1,:+>072*+598;,;,10>+;*+:0>+W>-,;0>+I19;0>+;*+
O.l295,+*./:*,;0>+;*+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+6+>8>+;*/*1;9*1-*>+6+>072*+
.9*.720>+;*+:,>+48*2Z,>+;*+:0>+W>-,;0>+I19;0>+6+>8+50./01*1-*+59H9:+6+>8>+;*/*1;9*1-*>+*1+
:0>+>9?89*1-*>+5,>0>X+
!9&+/02+58,:[89*2+;*:9-0+50.*-9;0+;82,1-*+*:+/*2h0;0+;*+-2,1>959i1+;*1-20+;*+
-,:*>+k2*,>+*+91>-,:,5901*>D+6+
!99&+/02+58,:[89*2+;*:9-0+50.*-9;0+501+,1-*29029;,;+,+;95)0+<*2h0;0+*1+:0+[8*+
501>-9-86i+:,+n01,+;*:+C,1,:E+f,+B*/j7:95,+;*+<,1,.k+-*1;2k+*:+;*2*5)0+
/29.,290+/,2,+*L*25*2+L829>;9559i1+2*>/*5-0+;*+-0;0>+:0>+;*.k>+;*:9-0>+
50.*-9;0>+/02+-,:*>+/*2>01,>D+*T5*/-0+>*?j1+>*+;9>/01?,+:0+501-2,290+*1+*>-*+
-2,-,;0+6+*1+,58*2;0>+,391*>D+0+>*?j1+>*+501H*1?,+;*+0-20+.0;0E
!7&+C8,:[89*2,+;*+:,>+<,2-*>+/0;2k+;*5:91,2+*:+*L*259590+;*+;*2*5)0+/29.,290+;*+L829>;9559i1+*1+
81+5,>0+0+5,-*?02h,+;*+5,>0>+*>/*5h3950>E
KE+f0>+W>-,;0>+I19;0>+;*+O.l295,+2*-*1;2k1+*:+;*2*5)0+;*+*L*25*2+L829>;9559i1+*1+5,>0>+
/*1,:*>+[8*+>82L,1+;*+;*:9-0>+50.*-9;0>+,1-*>+;*+:,+*1-2,;,+*1+H9?02+;*+*>-*+-2,-,;0+*1+
H90:,59i1+;*+:,>+:*6*>+,/:95,7:*>+*1+:0+[8*+38*+:,+n01,+;*:+C,1,:E+
%E+S82,1-*+*:+/*2h0;0+;*+-2,1>959i1D+:0>+W>-,;0>+I19;0>+;*+O.l295,+2*-*1;2k1+,8-029;,;+
/0:959,:+6+.,1-*1;2k1+81,+38*2Z,+;*+/0:95h,+*1+:,>+k2*,>+*+91>-,:,5901*>+,1-*>+.*15901,;,>E+
W1+-,:*>+k2*,>D+:,>+,8-029;,;*>+/0:959,:*>+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+/0;2k1+;*-*1*2+,+
58,:[89*2+/*2>01,+10+>8L*-,+,+>8+L829>;9559i1+/29.,29,+>9+>*+/2*>8.*+[8*+-,:+/*2>01,+),+
50.*-9;0+0+*>-k+50.*-9*1;0+81+;*:9-0+501-2,+:*6*>+0+2*?:,.*1-0>+,/:95,7:*>+6D+>91+;*.02,D+
-2,1>3*292k1+>8+58>-0;9,+,+:,>+,8-029;,;*>+/0:959,:*>+;*+:,+B*/j7:95,+;*+<,1,.kE+f,+B*/j7:95,+
;*+<,1,.k+6+:0>+W>-,;0>+I19;0>+;*+O.l295,+*>-,7:*5*2k1+/,-28::,>+/0:959,:*>+501L81-,>+*1+
k2*,>+501H*19;,>E+C8,:[89*2+,22*>-0+::*H,;0+,5,70+/02+81,+/,-28::,+501L81-,+>*2k+
2*>/01>,79:9;,;+;*:+.9*.720+0+;*+:0>+.9*.720>+;*+:,+/,-28::,+[8*+2*/2*>*1-,1+,+:,+<,2-*+[8*+
-9*1*+L829>;9559i1+/29.,29,+>072*+:,+/*2>01,+0+:,>+/*2>01,>+,22*>-,;,>E+
RE+f0>+-29781,:*>+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+6+*:+/*2>01,:+2*:,5901,;0+501+:0>+.9>.0>+
[8*+,5-8,7,1+*1+:0+[8*+501>-9-86i+:,+n01,+;*:+C,1,:+91.*;9,-,.*1-*+,1-*>+;*+:,+*1-2,;,+*1+
H9?02+;*+*>-*+-2,-,;0D+/0;2k1+501-918,2+,5-8,1;0+;82,1-*+*:+/*2h0;0+;*+-2,1>959i1+/,2,+:,+
*L*5859i1+L8;959,:+;*+:,+L829>;9559i1+[8*+*L*25*2k1+:0>+W>-,;0>+I19;0>+;*+O.l295,+;*+
501302.9;,;+501+*>-*+,2-958:0E+
UE+W1+:0>+5,>0>+59H9:*>D+:0>+-29781,:*>+59H9:*>+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+*1+:,+B*/j7:95,+
;*+<,1,.k+10+-*1;2k1+L829>;9559i1+>072*+5,>0>+18*H0>+;*+5,2k5-*2+/29H,;0+6+59H9:+/*20+
2*-*1;2k1+/:*1,+L829>;9559i1+;82,1-*+*:+/*2h0;0+;*+-2,1>959i1+/,2,+;*59;92+58,:*>[89*2+5,>0>+
59H9:*>D+915:8>9H*+5,>0>+;*+,:.92,1-,Z?0D+6,+9150,;0>+6+-2,.9-k1;0>*+,1-*+:0>+-29781,:*>+,1-*>+
;*+:,+*1-2,;,+*1+H9?02+;*:+/2*>*1-*+-2,-,;0E+
AE+f,>+:*6*>D+2*?:,.*1-0>+6+3,58:-,;*>+,;.919>-2,-9H,>+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+
,/:95,7:*>+91.*;9,-,.*1-*+,1-*>+;*+:,+*1-2,;,+*1+H9?02+;*+*>-*+-2,-,;0D+*1+:0+[8*+501>-9-86i+
:,+n01,+;*:+C,1,:D+*1+:,+.*;9;,+*1+[8*+10+38*2*1+9150./,-97:*>+501+*>-*+-2,-,;0+6+501+
,58*2;0>+,391*>D+501-918,2k1+*1+H9?02+,+:0>+391*>+;*:+*L*259590D+/02+/,2-*+;*+:0>+W>-,;0>+I19;0>+
;*+O.l295,D+;*+:,+*L*5859i1+;*+:,>+:*6*>+6+;*+:,+L829>;9559i1+L8;959,:+>i:0+;82,1-*+*:+/*2h0;0+
;*+-2,1>959i1E+f0>+W>-,;0>+I19;0>+;*+O.l295,+/0;2k1+*1.*1;,2D+,720?,2+0+;*+58,:[89*2+0-20+
.0;0+.0;9395,2+-,:*>+:*6*>D+2*?:,.*1-0>+0+3,58:-,;*>+,;.919>-2,-9H,>E+f,>+<,2-*>+5*:*72,2k1+
501>8:-,>+2*>/*5-0+;*+58*>-901*>+>8>-,1-9H,>+6+;*+/205*;9.9*1-0+5015*219*1-*>+,+:,+*L*5859i1+
;*+*>-*+,2-h58:0D+915:8>9H*+:,+;*59>9i1+;*+5,>0>+/*1;9*1-*>+,:+391,:9Z,2+*:+/*2h0;0+;*+-2,1>959i1+
LNf
6D+,+*>-*+2*>/*5-0D+/0;2k1+5015*2-,2+,58*2;0>+,/20/9,;0>+.*;9,1-*+5,1L*>+;*+10-,>+8+0-20>+
91>-28.*1-0>E+
@E+S82,1-*+*:+/*2h0;0+;*+-2,1>959i1D+:0>+W>-,;0>+I19;0>+;*+O.l295,+/0;2k1+>*?892+
*15,25*:,1;0+/*2>01,>+*1+:,>+k2*,>+*+91>-,:,5901*>+/8*>-,>+,+;9>/0>959i1+;*+:0>+W>-,;0>+I19;0>+
;*+O.l295,+/02+:,+B*/j7:95,+;*+<,1,.k+/,2,+>8+8>0+;*+501302.9;,;+501+*>-*+-2,-,;0+6+
,58*2;0>+501*T0>+0+-2,1>3*292:0>+,+91>-9-85901*>+/*1,:*>+*1+:0>+W>-,;0>+I19;0>+;*+O.l295,+
/,2,+[8*+58./:,1+>8>+>*1-*159,>E+
!7H'(2R%&$''+
(5*5;&5&".+,;&3,;&Q5A+)&H,A<,A&D9,M)&3,&#6<;965
"E+f,+B*/j7:95,+;*+<,1,.k+6+:0>+W>-,;0>+I19;0>+;*+O.l295,+2*50105*1+[8*+81+5,1,:+,:+19H*:+
;*:+.,2+/8*;*+>*2+9./02-,1-*+*1+*:+38-820+/,2,+:,+1,H*?,59i1+91-*21,5901,:E+W1+501>*58*159,D+
;82,1-*+:,+H9?*159,+;*+*>-*+-2,-,;0D+:,>+<,2-*>+>*+50./20.*-*1+,+*>-8;9,2+501L81-,.*1-*+:,+
H9,79:9;,;+;*+;95)0+5,1,:+*1+:,+B*/j7:95,+;*+<,1,.k+6D+*1+5,>0+;*+[8*+;*59;9*2*1+
3,H02,7:*.*1-*+>072*+:,+1*5*>9;,;+;*:+.9>.0D+1*?059,2k1+:0>+-l2.910>+[8*+,.7,>+<,2-*>+
/8;9*2,1+,502;,2+/,2,+:,+501>-28559i1+;*+;95)0+5,1,:E+
QE+f,+B*/j7:95,+;*+<,1,.k+6+:0>+W>-,;0>+I19;0>+;*+O.l295,+*>-k1+,18*1-*>+,+:0+>9?89*1-*X+
!,&+[8*+10+>*+501>-2892k+81+18*H0+5,1,:+91-*205*k1950+*1+*:+-*229-0290+;*+:,+
B*/j7:95,+;*+<,1,.k+;82,1-*+:,+H9?*159,+;*:+(2,-,;0+;*:+C,1,:D+>910+
501302.*+,+:,>+*>-9/8:,5901*>+;*+*>-*+-2,-,;0+0+>,:H0+,58*2;0+;9>-91-0+;*+:,>+
<,2-*>D+6+
!7&+[8*+;82,1-*+:,+H9?*159,+;*:+(2,-,;0+;*:+C,1,:D+:0>+W>-,;0>+I19;0>+;*+
O.l295,+10+1*?059,2k1+501+-*25*20>+W>-,;0>+*:+;*2*5)0+/,2,+:,+501>-28559i1+
;*+81+5,1,:+91-*205*k1950+/02+191?81,+0-2,+28-,+*1+*:+-*229-0290+;*:+
]*.9>3*290+N559;*1-,:D+>,:H0+,58*2;0+;9>-91-0+;*+:,>+<,2-*>E
KE+f,+B*/j7:95,+;*+<,1,.k+50139*2*+,+:0>+W>-,;0>+I19;0>+;*+O.l295,+*:+;*2*5)0+,+,?2*?,2+81+
-*25*2+L8*?0+;*+*>5:8>,>+,:+/2*>*1-*+5,1,:D+W>-*+;*2*5)0+/0;2k+>*2+*L*259;0+*1+58,:[89*2+
.0.*1-0+;82,1-*+:,+H9;,+;*:+/2*>*1-*+-2,-,;0D+/2*H9,+*1-2*?,+,+:,+B*/j7:95,+;*+<,1,.k+;*+
50/9,+;*+:0>+/:,10>+5022*>/01;9*1-*>+/02+:0>+W>-,;0>+I19;0>+;*+O.l295,E+
%E+W1*:+5,>0+;*+[8*+:0>+W>-,;0>+I19;0>+;*+O.l295,+*L*259*2,1+*:+;*2*5)0+*T/2*>,;0+*1+*:+
18.*2,:+-*25*20+[8*+,1-*5*;*D+/0;2k1+8>,2+/,2,+-,:+391D+,;*.k>+;*+:,>+k2*,>+[8*+>*+/01*1+,+
;9>/0>959i1+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+501302.*+,+*>-*+-2,-,;0D+58,:*>[89*2,+0-2,>+
k2*,>+[8*+:,>+<,2-*>+,58*2;*1E+f0>+-l2.910>+6+:,>+501;95901*>+,/:95,7:*>+,+:,>+k2*,>+;*+
0/*2,59i1+;*:+C,1,:+/8*>-,>+/02+:,+B*/j7:95,+;*+<,1,.k+,+;9>/0>959i1+;*+:0>+W>-,;0>+I19;0>+
;*+O.l295,+/,2,+>8+8>0+501302.*+,:+,2-h58:0+;*+*>-*+-2,-,;0D+>*2k1+,/:95,7:*>D+*1+302.,+
>9.9:,2D+,+-,:*>+k2*,>+,;95901,:*>E+
RE+J91+*:+/2*H90+501>*1-9.9*1-0+;*+:,+B*/j7:95,+;*+<,1,.kD+:0>+W>-,;0>+I19;0>+;*+O.l295,+10+
/0;2k1+8-9:9Z,2+-l5195,>+185:*,2*>+;*+*T5,H,59i1+/,2,+:,>+072,>+,1-*>+91;95,;,>E+
!7H'(2R%&$'''+
HA5*6=,A,*<.5&3,&/.,*,6&@&>5A-.<.85<.S*+#<)*S?.<5&3,&;5&7,8X:;.<5&3,&>5*5?V
"E+O:+391,:9Z,2+:,+H9?*159,+;*+*>-*+-2,-,;0D+:,+B*/j7:95,+;*+<,1,.k+,>8.92k+:,+/:*1,+
2*>/01>,79:9;,;+;*+:,+,;.919>-2,59i1D+3815901,.9*1-0+6+.,1-*19.9*1-0+;*:+C,1,:+;*+<,1,.kD+
*:+58,:+:*+>*2k+-2,1>3*29;0+*1+501;95901*>+;*+3815901,219*1-0D+:972*+;*+?2,Hk.*1*>+6+;*8;,>D+
>,:H0+:0+[8*+501H919*2*1+:,>+<,2-*>E+
QE+f0>+W>-,;0>+I19;0>+;*+O.l295,+-2,1>39*2*1+,+:,+B*/j7:95,+;*+<,1,.k+:972*+;*+50>-*D+:0>+
;*2*5)0>D+-h-8:0>+*+91-*2*>*>+[8*+:0>+W>-,;0>+I19;0>+;*+O.l295,+/8;9*2*1+-*1*2+2*>/*5-0+;*+
79*1*>+2,h5*>D+915:8>9H*+:,>+.*L02,>+91,.0H97:*>+>072*+:0>+.9>.0>D+50.0+>*+*T/2*>,+,+
501-918,59i1X+
!,&+O:+*1-2,2+*1+H9?02+*>-*+-2,-,;0D+*:+4*2205,229:+;*+<,1,.k+6+:0>+79*1*>+
2,h5*>+8795,;0>+*1+*:+-*229-0290+[8*+501>-9-86i+:,+n01,+;*:+C,1,:+[8*+10+
*>-8H9*2*1+;*1-20+;*+:,>+k2*,>+;*+-9*22,>+6+,?8,>+5860+8>0+>*+/01*+,+
LNq
;9>/0>959i1+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+*1+H92-8;+;*+*>-*+-2,-,;0E+P0+
07>-,1-*D+>*+501H9*1*+*1+[8*+;*+:,+-2,1>3*2*159,+*1+;95),+3*5),+[8*;,2k1+
*T5:89;0>+:0>+*;939590>+6+0-2,>+91>-,:,5901*>D+>,:H0+H9H9*1;,>D+5860+8>0+38*2*+
2*-*19;0+/02+:0>+W>-,;0>+I19;0>+;*+O.l295,+;*+501302.9;,;+501+*>-*+-2,-,;0+6+
,58*2;0>+,391*>D+38*2,+;*+:,>+k*,>+,1-*>+91;95,;,>E+
!7&+f0>+79*1*>+>9-8,;0>+*1+81+k2*,+0+/0259i1+;*+*::,D+*1+*:+.0.*1-0+*1+[8*+
:0>+W>-,;0>+I19;0>+;*+O.l295,+5*>,2*1+*1+*:+8>0+;*+:,+.9>.,+>*?j1+501H*1?,1+
:,>+<,2-*>E+
!5&+f,>+819;,;*>+;*+H9H9*1;,+;*>-91,;,>+,:+8>0+;*+:0>+.9*.720>+;*+:,>+48*2Z,>+
O2.,;,>+;*+:,+B*/j7:95,+;*+<,1,.kD+501302.*+,:+/,2k?2,30+R+!7&+;*:+O1*T0+_+
;*:+O58*2;0+/,2,+:,+WL*5859i1+;*:+,2-h58:0+Va+;*+*>-*+-2,-,;0D+,:+.0.*1-0+*1+
[8*+:,>+.9>.,>+38*2,1+/8*>-,>+,+;9>/0>959i1+;*+:,+B*/j7:95,+;*+<,1,.kE+
!;&+O:+391,:9Z,2+:,+H9?*159,+;*+*>-*+-2,-,;0D+:,+-0-,:9;,;+;*+:0>+79*1*>+2,h5*>D+
.*L02,>+91,.0H97:*>+[8*+)879*2*1+>9;0+8>,;0>+/02+:0>+W>-,;0>+I19;0>+;*+
O.l295,+/,2,+:0>+391*>+;*+*>-*+-2,-,;0+6+,58*2;0>+,391*>+6+:0>+*[89/0>+[8*+
[8*;,2*1+*1+:,+B*/j7:95,+;*+<,1,.k+2*:,5901,;0>+501+*:+.,1*L0D++
3815901,.9*1-0+6+.,1-*19.9*1-0+;*:+C,1,:E
KE+f,+B*/j7:95,+;*+<,1,.k+501H9*1*+*1+:97*2,2+,+:0>+W>-,;0>+I19;0>+;*+O.l295,+2*>/*5-0+;*+
:,>+2*5:,.,5901*>+[8*+/8;9*2*1+/2*>*1-,2+-*25*2,>+/*2>01,>+*1+2*:,59i1+501+:0>+;*2*5)0>D+
-h-8:0>+0+91-*2*>*>+>072*+:0>+79*1*>+,1-*;95)0>E+
%E+f,+B*/j7:95,+;*+<,1,.k+2*59792k+,;95901,:.*1-*+;*+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+81,+
2*-297859i1+L8>-,+6+*[89-,-9H,+/02+:0>+2*582>0>+1,5901,:*>+[8*+),+;*;95,;0+,:+3815901,.9*1-0D+
.,1*L0D+.,1-*19.9*1-0D+/20-*559i1+6+;*3*1>,+*3959*1-*>+;*:+C,1,:+;*+<,1,.kD+;*+,58*2;0+
501+:0+>9?89*1-*X+
!,&+I1,+>8.,+,18,:+/,?,;*2,+;*+:,>+*1-2,;,>+/02+*:+3815901,.9*1-0+;*:+C,1,:+
5,:58:,;,+,+:,+-,>,+;*+-2*91-,+5*1-l>9.0>+;*+;i:,2+;*+:0>+W>-,;0>+I19;0>+;*+
O.l295,+!d$EK$&+/02+5,;,+-01*:,;,+1*-,+;*:+C,1,:+;*+<,1,.kD+0+>8+
*[89H,:*1-*D+5072,;0+,+5,;,+1,H*+>8L*-,+,:+/,?0+;*+/*,L*>+[8*+-2,1>9-*+*:+
C,1,:+;*>/8l>+;*+:,+*1-2,;,+*1+H9?02+;*+*>-*+-2,-,;0E+f,+-,>,+;*+-2*91-,+
5*1-l>9.0>+;*+;i:,2+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+!d$EK$&+/02+5,;,+
-01*:,;,+1*-,+;*:+C,1,:+;*+<,1,.kD+0+>8+*[89H,:*1-*D+>*2k+,L8>-,;,+*1++
/20/0259i1+,+:0>+5,.790>+*1+*:+h1;95*+;*+/2*590>+,:+/02+.,602+;*+:,>+
.,183,5-82,>+-0-,:*>+;*+:0>+W>-,;0>++I19;0>+;*+O.l295,+;82,1-*+/*2h0;0>+;*+
;0>+,m0>E+W:+/29.*2+,L8>-*+>*+),2k+,+:0>+59150+,m0>+;*+H9?*159,++;*:+/2*>*1-*+
-2,-,;0D+-0.,1;0+*1+58*1-,+:0>+5,.790>+058229;0>+*1+*:+h1;95*+;*+/2*590>+
.*15901,;0+;82,1-*+:0>+;0>+,m0>+91.*;9,-,.*1-*+,1-*2902*>E+<0>-*2902.*1-*+
:0>+,L8>-*>+>85*>9H0>+>*+*3*5-8,2k1+,:+391,:+;*+5,;,+/*290;0+;*+;0>+,m0>E+W1+
5,>0+;*+[8*+:0>+W>-,;0>+I19;0>+;*+O.l295,+;*59;9*2,1+[8*+0-20+.l-0;0+;*+
h1;95*+*>+/2*3*297:*D+:0>+W>-,;0>+I19;0>+;*+O.l295,+/2*>*1-,2k1+,+:,+B*/j7:95,+
;*+<,1,.k+;95)0+.l-0;0+6+*:+.9>.0+>*2k+,/:95,;0+>9+38*2*+,502;,;0+
.8-8,.*1-*E+
!7&+I1,+,18,:9;,;+39L,+;*+;9*Z+.9::01*>+;*+;i:,2*>+;*+:0>+W>-,;0>+I19;0>+;*+
O.l295,+!d"$E$$$E$$$E$$&+/,?,;*2,+;*+:,>+*1-2,;,>+/02+*:+3815901,.9*1-0+;*:+
C,1,:E+W>-,+>8.,+501>-9-892k+81,+*20?,59i1+39:,+;*+f,+C0.9>9i1+;*:+C,1,:+;*+
<,1,.kE+
!5&+I1,+>8.,+,18,:+;*+),>-,+;9*Z+.9::01*>+;*+;i:,2*>+;*+:0>+W>-,;0>+I19;0>+;*+
O.l295,+!d"$E$$$E$$$E$$&+/02+81+,m0D+/,?,;*2,+;*+:,>+*1-2,;,>+/02+*:+
3815901,.9*1-0+;*:+C,1,:+*1+:,+.*;9;,+*1+[8*+;95),>+*1-2,;,>+*T5*;,1+:0>+
?,>-0>+;*+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+915:89;,>+:,>+>8.,>+/,?,;,>+
501302.*+,+*>-*+-2,-,;0E+W1+5,>0+;*+[8*+:,>+*1-2,;,>+/02+*:+3815901,.9*1-0+
;*:+C,1,:D+*1+58,:[89*2+,m0D+10+/20;8L*2,1+81+>8/*2kH9-+>83959*1-*+/,2,+
>,-9>3,5*2+*>-*+/,?0D+*:+>,:;0+10+/,?,;0+>*2k+5879*2-0+501+:0>+>8/*2kH9->+;*+
0/*2,5901+*1+,10>+38-820>+;*+81,+.,1*2,+.8-8,.*1-*+501H*19;,E
!7H'(2R%&$'C+
!AA,M;)&3,&;56&()*-A)+,A6.56
LNt
W1+:,+*H*1-8,:9;,;+;*+[8*+>82?9*2*+,:?81,+501-20H*2>9,+5015*219*1-*+,+:,+91-*2/2*-,59i1+;*+
*>-*+-2,-,;0+0+,58*2;0>+501*T0>D+:,>+<,2-*>+),2k1+-0;0+*>38*2Z0+/02+2*>0:H*2+*:+,>81-0+
.*;9,1-*+501>8:-,>+,+:0>+50.9-l>+50./*-*1-*>+*>-,7:*59;0>+;*+501302.9;,;+501+*>-*+-2,-,;0+
6+,58*2;0>+501*T0>+0D+>9+38*>*+0/02-810D+.*;9,1-*+:0>+5,1,:*>+;9/:0.k-950>E+C8,1;0+:,>+
<,2-*>+10+/8;9*>*1+2*>0:H*2+81+;*-*2.91,;0+,>81-0+/02+;95)0>+.*;90>+/0;2k1D+*1+5,>0>+
,/20/9,;0>D+,502;,2+>0.*-*2+*:+,>81-0+,+50159:9,59i1D+.*;9,59i1D+,279-2,L*+8+0-20+
/205*;9.9*1-0+[8*+.8-8,.*1-*+501>9;*2,>*1+501H*19*1-*+/,2,+*:+,22*?:0+/,593950+;*+:,+
501-20H*2>9,E+
!"#$%+
>A)<,3.?.,*-)6&85A5&;5&(,65<.S*&)&HA5*6=,A,*<.5&3,&;56+!<-.+.353,6&;;,+5356&5&<5:)&8)A&;5&
()?85YW5&3,Z&(5*5;+3,&>5*5?V&@&,;&[):.,A*)&3,&;5&\)*5&3,;&(5*5;&@&R.6-5+.;96-A5-.+5&3,&;56&
=9*<.)*,6&]9,&8)3AV&3,6,?8,Y5A+R5&()?.6.S*&3,;&(5*5;&3,&>5*5?V
"E+f,>+:*6*>+;*+:,+B*/j7:95,+;*+<,1,.k+2*?92k1+*:+*L*259590+;*+:,>+,5-9H9;,;*>+*501i.95,>+
/29H,;,>+;*1-20+;*+:,>+k2*,>+5860+8>0+:,+B*/j7:95,+;*+<,1,.k+),+/8*>-0+,+;9>/0>959i1+;*+:0>+
W>-,;0>+I19;0>+;*+O.l295,+/,2,+:0>+391*>+;*:+/2*>*1-*+-2,-,;0E+f,>+/*2>01,>+1,-82,:*>+0+
L82h;95,>+[8*+>*+),::,2*1+*>-,7:*59;,>+6+;*;95,;,>+:*?,:.*1-*+,:+*L*259590+;*+,5-9H9;,;*>+
*501i.95,>+/02+:0+.*10>+>*9>+.*>*>+,1-*>+;*+:,+392.,+;*:+/2*>*1-*+-2,-,;0+*1+:0+[8*+
501>-9-86i+:,+n01,+;*:+C,1,:D+/0;2k1+501-918,2:,>+501302.*+>*+*>-,7:*5*+*1+:0>+18.*2,:*>+Q+,:+
A+;*:+,2-h58:0+Ve+;*+*>-*+-2,-,;0E+
QE+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+10+*L*58-,2k+3815901*>+?87*21,.*1-,:*>+19+50.*259,:*>D+
50.0+>*+*>-9/8:,+*1+*:+/,2k?2,30+%+;*+*>-*+,1*T0D+>9*./2*+[8*+>*+*1-9*1;,+[8*+*::0+10+:h.9-,+
*1+.0;0+,:?810+*:+;*2*5)0+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+,+2*,:9Z,2+:,>+3815901*>+[8*+
/8*;,1+>*2+1*5*>,29,>+/,2,+*:+.,1*L0D+3815901,.9*1-0+6+.,1-*19.9*1-0+*3959*1-*>+;*:+C,1,:E+
KE+p8*;,+*1-*1;9;0+[8*+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+*1+*L*259590+;*+:0>+;*2*5)0>+;*+:0>+
W>-,;0>+I19;0>+;*+O.l295,+,+;929?92D+.,1*L,2+6+.,1-*1*2+*:+C,1,:+/0;2k+;*>*./*m,2+:,>+
3815901*>+[8*D+/02+Hh,+;*+9:8>-2,59i1D+>*+;*-,::,1+*1>*?89;,X+
!,&+S92*559i1+;*+:,+*./2*>,+;*:+C,1,:+
!7&+O68;,+,+:,+1,H*?,59i1+*1+:,>+,?8,>+;*:+C,1,:+6+>8>+/20T9.9;,;*>+
!5&+C01-20:+;*:+.0H9.9*1-0+;*+1,H*>+
!;&+4815901,.9*1-0+6+.,1-*19.9*1-0+;*+:,>+*>5:8>,>+
!*&+J*2H9590+;*+2*.0:[8*+/,2,+*:+-2k1>9-0+;*+7,250>+6+;2,?,;0+*1+.8*::*>+6+
;k2>*1,>+;*+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+
!3&+C01-20:+;*:+19H*:+;*:+,?8,+;*+:0>+:,?0>+O:,L8*:,+!b,;;*1&D+^,-j1+6+
b92,3:02*>+
!?&+J*2H9590+;*+(2,1>/02-*+10+50.*259,:+*1+,?8,>+;*:+C,1,:+
!)&+J*2H9590+;*+.*-*020:0?h,+*+)9;20?2,3h,+
!9&+O2[8*0+;*+1,H*>+
!L&(2,1>/02-*+6+.,1-*19.9*1-0+10+50.*259,:+;*+.0-02*>+
!G&+J*?829;,;+91;8>-29,:+.*;9,1-*+*:+-2,7,L0+;*+5*:,;02*>+
!:&C0./2,+6+,:.,5*1,L*+;*+/20H9>901*>+
!.&+(*:*50.8195,5901*>+
!1&+<20-*559i1+;*:+.*;90+,.79*1-*+/,2,+/2*H*192+6+501-20:,2+*:+;*22,.*+;*+
)9;205,27820>+6+>8>-,159,>+1059H,>+,+:,+H9;,+)8.,1,+6+,19.,:+6+,:+*[89:97290+
*50:i?950+*1+:,>+k2*,>+;*>-91,;,>+,:+3815901,.9*1-0+;*:+C,1,:+6+*1+:0>+
301;*,;*20>+
!0&+B*/,2,59i1+10+50.*259,:+;*+7,250>+
!/&+J*2H9590+;*+,92*+,501;95901,;0+*1+:,>+91>-,:,5901*>+;*:+C,1,:+
![&+J*2H9590+;*+>,:8729;,;+6+>,1*,.9*1-0+91;8>-29,:+
!2&+S9>*m0+;*+91?*19*2h,D+501>-28559i1+6+.,1-*19.9*1-0+;*+:,>+91>-,:,5901*>+;*+
f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+
!>&+S2,?,;0+*1+*:+5,85*+;*:+C,1,:D+:0>+/8*2-0>+-*2.91,:*>+6+:,>+,?8,>+
,;6,5*1-*>+
!-&+b,1-*19.9*1-0+;*+:,>+029::,>+6+501-20:+;*+:,>+:,;*2,>+;*:+C,1,:+
!8&+b,1*L0+10+50.*259,:+;*+:,+5,2?,+*1+:0>+.8*::*>+6+;k2>*1,>+;*+f,+C0.9>9i1+
;*:+C,1,:+;*+<,1,.k+
LNg
!H&+b,1-*19.9*1-0+;*+:,>+k2*,>+/j7:95,>+;*+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+
50.0+:0>+/,2[8*>+6+L,2;91*>+
!=&+^*1*2,59i1+;*+*1*2?h,+*:l5-295,+
!T&+<0-,79:9Z,59i1+6+>8.919>-20+;*+,?8,+
!6&+J,:H,.*1-0+.,2910+*1+,?8,>+;*:+C,1,:+
!Z&+f,>+3815901*>+[8*+>*,1+1*5*>,29,>+0+,/20/9,;,>+/,2,+2*,:9Z,2D+;*+
501302.9;,;+501+*>-*+-2,-,;0+6+>8>+,58*2;0>+501*T0>D+:0>+;*2*5)0>+6+
2*>/01>,79:9;,;*>+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+501+2*:,59i1+,:+.,1*L0D+
3815901,.9*1-0+6+.,1-*19.9*1-0+;*:+C,1,:E
%E+f,>+>9?89*1-*>+,5-9H9;,;*>+6+3815901*>+;*>*./*m,;,>+/02+:,+C0./,mh,+;*:+C,1,:+;*+<,1,.k+
6+*:+^079*210+;*+:,+n01,+;*:+C,1,:+10+>*2k1+;*>*./*m,;,>+/02+f,+C0.9>9i1+;*:+C,1,:+;*+
<,1,.k+*1+:,>+3*5),>+91;95,;,>+,+501-918,59i1X+
!,&+W1+:,+3*5),+;*+*1-2,;,+*1+H9?02+;*+*>-*+-2,-,;0X+
!9&+++f,>+H*1-,>+,:+/02+.,602+6+,:+/02+.*102+*1+50.9>,29,-0>D+
.*25,;0>D+,:.,5*1*>D+-9*1;,>+;*+,2-h58:0>++i/-950>+6+/,1,;*2h,>c+
!99&++f,+*:,702,59i1+;*+,:9.*1-0>+6+7*79;,>D+915:8>0+:,+;*+/20;85-0>+
:k5-*0>+6+:,>+/,>-*:*2h,>c+
!99h&++f,+0/*2,59i1+;*+2*>-,82,1-*>+6+5,3*-*2h,>+/j7:950>+6+:,>+H*1-,>+
;*+,2-h58:0>+.*;9,1-*+.k[891,>+,8-0.k-95,>c+
!9H&+f,+0/*2,59i1+;*+591*.,-i?2,30>D+70:*2,>D+79::,2*>+6+0-2,>+
91>-,:,5901*>+;*+;9H*2>9i1+6+2*52*0+5860+,55*>0+0+8>0+*>-l+>8L*-0+,+
/,?0c+
!H&++f,>+0/*2,5901*>+;*+:,H,1;*2h,>+6+-91-02*2h,>+[8*+10+3815901*1+
/,2,+8>0>+03959,:*>D+
!H9&+f,+2*/,2,59i1+6+*:+>*2H9590+;*+,8-0.iH9:*>+;*+/20/9*;,;+/,2-958:,2+
0+:,+H*1-,+;*+/*-2i:*0+0+:87295,1-*>+915:8>0+:,+0/*2,59i1+;*+
?,>0:91*2,>+6+?,2,L*>+;*+2*/,2,5901*>D+91>-,:,5901*>+/,2,+:,++
2*/,2,59i1+0+*:+2**15,85)*D+;*+1*8.k-950>+6+:,+2*/,2,59i1+6+>*2H9590+
;*+0-20>+79*1*>+;*+/20/9*;,;+/,2-958:,2D+915:8>0+,/,2,-0>+
*:*5-20;0.l>-950>+6+*:*5-2i1950>D+:,15),>D+.0-02*>+6+.8*7:*>c+
!H99&++f,+0/*2,59i1+;*+/:,1-,>+;*+2*329?*2,59i1+6+501?*:,.9*1-0+[8*+10+
3815901*1+/,2,+8>0>+03959,:*>c+
!H999&+f,+0/*2,59i1+;*+;*/i>9-0>+;*+5,2?,+[8*+10+3815901*1+/,2,+8>0>+
03959,:*>c+
!9T&++f0>+>*2H9590>+6+,7,>-*59.9*1-0>+50.*259,:*>+/,2,+*.7,25,5901*>+
;*+/20/9*;,;+6+8>0+/,2-958:,2D+915:8>0+:,+501>-28559i1+;*+1,H*>D+:,+
H*1-,+;*+/*-2i:*0+6+:87295,1-*>+6+*:+>8.919>-20+;*+,?8,D+,>h++50.0+*:+
>8.919>-20+;*+>*2H9590>+;*+2*.0:[8*+10+2*:,5901,;0>+501+*:+C,1,:+8+
0-2,>+0/*2,5901*>+;*:+^079*210+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+6+:,+
2*/,2,59i1+;*+-,:*>+*.7,25,5901*>+/,2-958:,2*>++>,:H0+58,1;0+l>-,+
38*2*+1*5*>,29,+/,2,+2*.0H*2+;*:+C,1,:+1,H*>+,H*29,;,>c+
!T&+++f0>+>*2H9590>+;*+9./2*1-,+10+03959,:*>c+
!T9&++W:+-2,1>/02-*+.,2h-9.0+/,2,+8>0+/j7:950c+
!T99&++J*2H9590>+.l;950>+6+;*+>,:8;+>8.919>-2,;0>+,++/,2-958:,2*>D+
915:86*1;0+*:+;*+:0>+)0>/9-,:*>D+:*/20>0290>D+H*-*291,290>+6+:0>+
>*2H9590>+.02-80290>+6++;*+5*.*1-*290>c+
!T999&+J*2H9590>+*;85,-9H0>+[8*+10+38*2*1+/,2,+302.,59i1+/203*>901,:D+
915:8>0+*>58*:,>+6+797:90-*5,>c+
!T9H&+f0>+>*2H9590>+/0>-,:*>c+
!TH&+f0>+501-20:*>+;*+91.9?2,59i1D+,;8,1,>+6+58,2*1-*1,D+501+
*T5:8>9i1+;*+:,>+.*;9;,>+1*5*>,29,>+/,2,+,>*?82,2+*:+>,1*,.9*1-0+;*:+
C,1,:c+
!TH9&+f0>+>*2H9590>+50.*259,:*>+;*+.8*::*>+6+;k2>*1,>+501+*:+.,1*L0+
;*+5,2?,+6+/,>,L*20>c+
!TH99&(0;,+0-2,+,5-9H9;,;+50.*259,:+;*+1,-82,:*Z,+>*.*L,1-*+10+
2*:,5901,;,+501+*:+.,1*L0D+0/*2,59i1+6+.,1-*19.9*1-0+;*:+C,1,:E
!7&+S*1-20+;*+:0>+-2*91-,+.*>*>+5,:*1;,290>+>9?89*1-*>+,+:,+3*5),+;*+*1-2,;,+
*1+H9?02+;*+*>-*+-2,-,;0D+:,>+
LNs
++++++3815901*>+?87*21,.*1-,:*>+-,:*>+50.0X+
++
!9&+W:+>*2H9590+;*+<0:95h,+
!99&+f,+O;.919>-2,59i1+;*+Y8>-959,D+6+
!999&+W:+>9>-*.,+5,25*:,290
RE+!,&+C01+2*:,59i1+,+:,>+,5-9H9;,;*>+0+3815901*>+>*m,:,;,>+*1+*:+/,2k?2,30+%+,1-*2902D+0+;*+
0-20+.0;0+501H*19;,>+/02+:,>+;0>+<,2-*>D+:,>+58,:*>+,>8.92k1+:,+B*/j7:95,+;*+<,1,.k+0+
/,2-958:,2*>+>8L*-0>+,+>8+,8-029;,;D+,.7,>+<,2-*>D++>*+501>8:-,2k1D+,1-*>+[8*+f,+C0.9>9i1+;*:+
C,1,:+;*+<,1,.k+>8>/*1;,+*:+*L*259590+;*+;95),>+,5-9H9;,;*>+0+3815901*>D+/,2,+5015*2-,2+
,22*?:0>+,;*58,;0>+,+:,+-2,1>3*2*159,+02;*1,;,+6+501;8559i1+*3959*1-*+6+501-918,+;*++:,>+
,5-9H9;,;*>+6+3815901*>+.*15901,;,>E+
!7&+W1+5,>0+;*+[8*+10+/8;9*2*1+),5*2>*+:0>+,22*?:0>+,;*58,;0>+/,2,+,>*?82,2+*:+
3815901,.9*1-0+501-9180+;*+;*-*2.91,;,+,5-9H9;,;+0+38159i1D+91;95,;,+*1+*:+/,2k?2,30+%+
,1-*2902D+[8*+>*,+1*5*>,29,+/,2,+*:+.,1*L0D++3815901,.9*1-0+6+.,1-*19.9*1-0+*3959*1-*>+;*:+
C,1,:D+f,+C0.9>9i1+;*:+C,1,:+;*+<,1,.k+*1+58,1-0+*::0+38*2*+501>9>-*1-*+501+:,>+;*.k>+
;9>/0>95901*>+;*+*>-*+-2,-,;0+6+,58*2;0>+501*T0>+/0;2k+501-918,2+-,:+,5-9H9;,;+0+38159i1+
),>-,+58,1;0+;95)0>+,58*2;0>+/8*;,1+5015*2-,2>*E+
!(H!&(%"C#"'T!&4%/7#&#R&H7!H!T%+
T#R&(!"!R&T#&>!"!Q!
"E+C01+2*3*2*159,+,:+/,2k?2,30+"+!5&+;*:+,2-h58:0+VD+[8*;,+*1-*1;9;0+[8*+:0>+-2,-,;0>D+
501H*15901*>D+,58*2;0>+6+5,1L*>+;*+10-,>D+0+/,2-*>+;*+:0>+.9>.0>D+[8*+[8*;,1+,720?,;0>+6+
>8>-9-89;0>+/02+H92-8;+;*:+.9>.0+915:86*1X+
++++++++++++++++++++!,&+W:+C01H*190+[8*+>*m,:,+:0>+:91;*20>+;*+:,+n01,+;*:+C,1,:+,:+58,:+>*+2*39*2*+*:+
,2-958:0+""+;*+:,+C01H*159i1++;*:+C,1,:+V>-.950+;*+"@+;*+10H9*.72*+;*+"#$KD+>8>529-0+*1+
<,1,.k+*:+"R+;*+L8190+;*"#$%E+
++++++++++++++++++++!7&+f,+C01H*159i1+;*+fh.9-*>+>8>529-,+*1+<,1,.k+*:+Q+;*+>*/-9*.72*+;*+"#"%E+
++++++++++++++++++++!5&+f,+C01H*159i1+>072*+*:+C022*;02+;*+C0:i1+6+59*2-0>+0-20>+5022*;02*>+,+-2,Hl>+
;*+:,+n01,+;*:+C,1,:D+++++++++>8>529-,+*1+<,1,.k+*:+Q%+;*+.,60+;*+"#R$E+
++++++++++++++++++++!;&+f,+C01H*159i1+J072*+C,22*-*2,+(2,1>h>-.95,+>8>529-,+*1+F,>)91?-01+*:++Q+;*+
.,2Z0+;*+"#KUD+*:+O58*2;0+B*:,-9H0+,+:,+C01>-28559i1+;*+:,++C,22*-*2,+(2,1>h>->.95,+
5*:*72,;0+.*;9,1-*+5,1L*+;*+10-,>+>8>529-0+*1++F,>)91?-01+*:+K"+;*+,?0>-0+6+*:+U+;*+
>*/-9*.72*+;*+"#%$D+6+*:+,22*?:0++*1-2*+<,1,.k+6+:0>+W>-,;0>+I19;0>+;*qO.l295,+2*:,-9H0+,+:,+
Y81-,++b9T-,+;*+:,+C,22*-*2,+(2,1>h>-.95,D+5*:*72,;0+.*;9,1-*+5,1L*+;*+10-,>++*1+<,1,.k+*:+
"#D+6+*:+QK+;*+05-872*+;*+"#K#E+
+++++++++++++++++++++!*&+f,+C01H*159i1+J072*+C,22*-*2,>+*1-2*+<,1,.k+6+:0>+W>-,;0>+I19;0>+;*++
O.l295,+>8>529-,+*1+<,1,.k+*:+"%+;*+>*/-9*.72*+;*+"#R$E+
+++++++++++++++++++++!3&+W:+C01H*190+[8*+2*?:,.*1-,+*:+-2k1>9-0+;*+:9502*>+*.729,?,1-*>+/02+:,++n01,+
;*:+C,1,:+>8>529-0+*1+<,1,.k+*:+"%+;*+.,2Z0+;*+"#KQE+
+++++++++++++++++++++!?&+W:+<20-050:0+;*+81+C01H*190+.*;9,1-*+*:+58,:+>*+2*>-291?*+*:+8>0+;*++:,>+
,?8,>+;*+<,1,.k+6+:,+n01,+;*:+C,1,:+/02+7*:9?*2,1-*>D+>8>529-0+*1+F,>)91?-01+*:+"$+;*+
05-872*+;*+"#"%E+
+++++++++++++++++++++!)&+W:+O58*2;0+[8*+;9>/01*+*:+2*501059.9*1-0+2*5h/2050+;*+:,>+/:,5,>+/,2,++
H*)h58:0>+,+.0-02+*1+<,1,.k+6+:,+n01,+;*:+C,1,:+5*:*72,;0+.*;9,1-*++5,1L*+;*+10-,>+*1+
<,1,.k+*:+A+;*+;959*.72*+6+*:+"Q+;*+;959*.72*+;*+"#R$D+6+*:+O58*2;0+[8*+*>-,7:*5*+:0>+
/205*;9.9*1-0>+/,2,+*:++2*501059.9*1-0+2*5h/2050+;*+:,>+:95*159,>+;*+.,1*L0+;*+H*)h58:0>+,++
.0-02+*1+<,1,.k+6+:,+n01,+;*:+C,1,:D+5*:*72,;0+.*;9,1-*+5,1L*+;*++10-,>+*1+<,1,.k+*:+K"+
;*+05-872*+;*+"#U$E+
+++++++++++++++++++++!9&++W:+O58*2;0+>072*+B*:,5901*>+^*1*2,:*>+5*:*72,;0+.*;9,1-*+5,1L*+;*++10-,>+
*1+F,>)91?-01+*:+"@+;*+.,60+;*+"#%QE+
++++C8,:[89*2+0-20+-2,-,;0D+501H*159i1D+,58*2;0+0+5,1L*+;*+10-,>+*1-2*+:,+B*/j7:95,+;*+
<,1,.k+6+:0>+W>-,;0>+I19;0>+0+/,2-*>+;*+:0>+.9>.0>D+2*3*2*1-*>+,:+C,1,:+;*+<,1,.k+[8*+),6,+
>9;0+5*:*72,;0+501+,1-*29029;,;+,+:,+*1-2,;,+*1+H9?02+;*:+(2,-,;0+;*:+C,1,:+;*+<,1,.kE+
++++QE+p8*;,+*1-*1;9;0D+,;*.k>D+[8*+10+[8*;,1+,3*5-,;0>+/02+*:+/k22,30+"+;*:+,2-h58:0+"+;*:+
(2,-,;0+;*:+C,1,:+;*+<,1,.k+:0>+>9?89*1-*>+-2,-,;0>D+501H*15901*>D+,58*2;0>+6+5,1L*>+;*+
10-,>+*1-2*+:,>+<,2-*>X+
LfK
!,&+W:+O58*2;0+.*;9,1-*+*:+58,:+>*+501392.,+*:+O58*2;0+;*+C00/*2,59i1++*1-2*+
*:+b919>-*290+;*+O?2958:-82,+6+^,1,;*2h,+;*+:,+B*/j7:95,+;*++<,1,.k+6+*:+
S*/,2-,.*1-0+;*+O?2958:-82,+;*+:0>+W>-,;0>+I19;0>+/,2,+:,+/2*H*159i1+;*+:,+
39*72*+,3-0>,+6+:,+/*>-*+70H91,+*1+<,1,.kD++5015*2-,;0+.*;9,1-*+81+5,1L*+;*+
10-,>D++392.,;0+*1+<,1,.k+*:+Q"++;*+L8190+6+*:+R+;*+05-872*+;*+"#AQD+6+
*1.*1;,;0+*:+Q@+;*+.,60+6+*:++"Q+;*+L8190+;*+"#A%E+
!7&+W:+O58*2;0+;*+<2l>-,.0>+/,2,+,68;,2+,+<,1,.k+,+/01*2+*1+/2k5-95,++
/20?2,.,>+;*+.*25,;*0+/j7:950+*1+:0+[8*+>*+2*39*2*+,+5*2*,:*>++6+79*1*>+
/*2*5*;*20>+7k>950>D+501+,1*T0D+392.,;0+*1+<,1,.k+*:+"$+;*+>*/-9*.72*+;*+
"#ARE+
!5&+W:+O58*2;0+2*:,5901,;0+501+:,+2*?8:,59i1+;*+:,+,H9,59i1+50.*259,:+*1++:,+
B*/j7:95,+;*+<,1,.kD+5015*2-,;0+.*;9,1-*+81+5,1L*+;*+10-,>D++392.,;0+*1+
<,1,.k+*:+QQ+;*+,729:+;*+"#Q#E+
!;&+W:+C01H*190+;*+OH9,59i1+C9H9:+392.,;0+*1+<,1,.k+*:+K"+;*+.,2Z0+;*+"#%#+6+
*1.*1;,;0+*:+Q#+;*+.,60+6+*:+K+;*+L8190+;*+"#RQD+*:+R+;*++L8190+;*+"#UAD+*:+
QK+;*+;959*.72*+;*+"#A%D+6+*:+U+;*+.,2Z0+;*+"#ARE+
!*&+W:+O58*2;0+2*:,5901,;0+501+*:+*>-,7:*59.9*1-0+;*+81,+039591,++2*?901,:+*1+
<,1,.k+/,2,+81+?28/0+;*+,68;,+-l5195,+*1+.,-*29,+;*++,H9,59i1+59H9:D+/,2,+*:+
k2*,+f,-910,.*295,1,D+5015*2-,;0++.*;9,1-*+81+5,1L*+;*+10-,>D+392.,;0+*1+
<,1,.k+*:+@+;*+,?0>-0+;*++"#RQE+
!3&+W:+O58*2;0+2*:,5901,;0+501+*:+>8.919>-20+/02+:,+O?*159,+4*;*2,:+;*+
OH9,59i1+;*+59*2-0>+.,-*29,:*>+6+>*2H9590>+;*:+-9/0+;*+,68;,+,+:,++
,*201,H*?,59i1D+5015*2-,;0+.*;9,1-*+81+5,1L*+;*+10-,>D+392.,;0+*1+<,1,.k+
*:+R+;*+;959*.72*+;*+"#UA+6+*:+QQ+;*+3*72*20+;*+"#U@E+
!?&+f,+S*5:,2,59i1+/02+:,+58,:+>*+/*2.9-*+,+:0>+5i1>8:*>+-0.,2+10-,+*1++
/*2>01,D+0+/02+.*;90+;*+>8>+2*/2*>*1-,1-*>+,8-029Z,;0>D+;*++;*5:,2,5901*>+;*+
H,:02*>+;*+*T/02-,5901*>+)*5),>+/02+*.7,25,;02*>+,1-*+3815901,290>+;*+
,;8,1,>D+5015*2-,;,+.*;9,1-*+81+5,1L*+;*++10-,>D+392.,;0+*1+F,>)91?-01+*:+
"A+;*++,729:+;*+"#"KE+
!)&+W:+O58*2;0+2*:,5901,;0+501+:,+5015*>9i1+;*+/29H9:*?90>+,2,15*:,290>++,+
3815901,290>+501>8:,2*>D+5015*2-,;0+.*;9,1-*+81+5,1L*+;*+10-,>D++392.,;0+*1+
<,1,.k+*:+A+6+*:+K"+;*+*1*20+;*+"#KRE+
!9&+W:+O58*2;0+2*:,5901,;0+501+:,+H*1-,,:+^079*210+;*+<,1,.k+;*+*[89/0++
.9:9-,2D+.,-*29,:*>+6+>*2H9590>D+5015*2-,;0+.*;9,1-*+81+5,1L*+;*++10-,>DD+
392.,;0+*1+<,1,.k+*:+Q$+;*+.,60+;*+"#R#E+
!L&+W:+O58*2;0+2*:,5901,;0+501+*:+>8.919>-20+;*+.,-*29,:*>+6+>*2H9590>++
.9:9-,2*>+,+<,1,.k+501+*:+391+;*+501-297892+,+>8+>*?829;,;+91-*21,D++
5015*2-,;0+.*;9,1-*+81+5,1L*+;*+10-,>D+392.,;0+*1+<,1,.k+*:+QU+;*+.,2Z0+6+
*:EQK+;*+.,60+;*+"#UQE+
!G&+W:+O58*2;0+2*:,5901,;0+501+*:+;*/i>9-0D+/02+/,2-*+;*:+^079*210+;*++
<,1,.kD+;*:+"+$o+;*:+H,:02+;*+:,+,68;,+.9:9-,2+5015*;9;,+6++*T5*;*1-*>+;*+
,2-h58:0>+;*+;*3*1>,+>8.919>-2,;0>+/02+:0>+W>-,;0>+I19;0>D+5015*2-,;0+
.*;9,1-*+81+5,1L*++;*+10-,>D+392.,;0+*1+<,1,.k+*:+%+;*+,729:+6+*:+#+;*+.,60+
;+*+"#AQE+
!:&++W:+O58*2;0+2*:,5901,;0+501+*:+/,?0+,+:0>+W>-,;0>+I19;0>+;*:+/20;85-0+1*-0+
;*29H,;0+;*+:,+H*1-,+;*+,2-h58:0>+.9:9-,2*>+>8.919>-2,;0>+*1+H92-8;+;*:+
/20?2,.,+;*+,68;,+.9:9-,2D+5015*2-,;0+.*;9,1-*+81+5,1L*+;*+10-,>D+392.,;0+
*1+<,1,.k+*:+Q$+;*+.,60+6+*:+U+;*+;959*.72*+;*+"#A%E+
!.&+W:+O58*2;0+^*1*2,:+>072*+C00/*2,59i1+(l5195,+6+W501i.95,D+392.,;0+*1+
<,1,.k+*:+""+;*+;959*.72*+;*+"#U"E+
!1&+W:+O58*2;0+>072*+<2l>-,.0>+2*:,5901,;0+501+*:+>9>-*.,+;*+,7,>-*59.9*1-0+
;*+,?8,+/0-,7:*+,+:,+598;,;+;*+<,1,.k+501+,1*T0D+392.,;0+*1+<,1,.k+*:+U+;*+
.,60+;*+"#U#+6+*1.*1;,;0+*:+K$+;*+>*/-9*.72*+;*"#A"E+
!0&+W:+O58*2;0+>072*+<2l>-,.0>+/,2,+*:+;*>,220::0+.81959/,:+282,:+*1+<,1,.kD+
392.,;0+*1+<,1,.k+*:+Q@+;*+10H9*.72*+;*+"#ARE+
!/&+W:+O58*2;0+>072*+<2l>-,.0>+2*:,5901,;0+501+81+/206*5-0+/,2,+:,+
.0;*219Z,59i1D+2**>-285-82,59i1+6+2*029*1-,59i1+;*+:0>+/20?2,.,>+*;85,-9H0>+
;*+<,1,.kD+392.,;0+*1+<,1,.k+*:+"#+;*+10H9*.72*+;*+"#ARD+
![&+W:++(2,-,;0+>072*+*T-2,;959i1+;*+/*2>01,>+,58>,;,>+;*+;*:9-0>D+392.,;0+*1+
<,1,.k+*:+QR+;*+.,60+;*"#$%E+
LfL
!2&+W:+O58*2;0+2*:,-9H0+,+:,+,58m,59i1+/02+:,+B*/j7:95,+;*+<,1,.k+;*+.01*;,+
32,55901,29,+;*+/:,-,+6+,+>8+++++582>0+:*?,:D+5015*2-,;0+.*;9,1-*+81+5,1L*+;*+
10-,>+392.,;,>+*1+F,>)91?-01+6+P8*H,+g02G+*:+Q$+;*+L8190+;*+"#$%D+6+
.0;9395,;0+*:+QU+;*+.,2Z0+6+*:+Q+;*+,729:+;*+"#K$D+*"+Q@+;*+.,60+6+*:+U+;*+
L8190+;*+"#K"D+*:+Q+;*+.,2Z0+;*+"#KUD+*:+"A+;*+L8190+;*+"#%UD+*:+#+6+*:+Q%+;*+
.,60+;*+"#R$D+*:+""+;*+>*/-9*.72*+6+*:+QQ+;*+05-872*+;*+"#RKD+*:+QK+;*+
,?0>-0+6+*:+QR+;*+05-872*+;*+"#U"D+6+*:+QU+;*+>*/-9*.72*+6+*:+QK+;*+05-872*+
;*+"#UQE+
+!>&+W:+O58*2;0+/,2,+:,+,./:9,59i1+6+8>0+/02+:,+n01,+;*:+C,1,:+;*+81+>9>-*.,+
;*:+,:5,1-,29::,;0+*1+*:+O2*,+;*+:,+n01,+f972*+;*+C0:01D+5015*2-,;0+.*;9,1-*+
81+5,1L*+;*+10-,>D+392.,;0+*1+<,1,.k+*:+@+6+*:+QR+;*+.,2Z0+;*+"#R%E+
!-&+W:+O58*2;0+2*:,5901,;0+501+:,+501>-28559i1+;*+:,+C,22*-*2,+
V1-*2,.*295,1,D+5*:*72,;0+.*;9,1-*+81+5,1L*+;*+10-,>D+392.,;0+*1+<,1,.k+*:+
"R+;*+.,60+6+*:+A+;*+L8190+;*+"#%KE+
!8&+W:+O58*2;0+;*+500/*2,59i1+*1+:,+501>-28559i1+;*+:,+/0259i1+*1+<,1,.k+;*+
:,+5,22*-*2,+;*:+(,/i1+;*:+S,29l1D+392.,;0+*1+F,>)91?-01+*:+U+;*+.,60+;*+
"#A"E+
!H&+W:+O58*2;0+2*:,5901,;0+501+:,>+?,2,1-h,>+;*+91H*2>9i1+;*+501302.9;,;+501+
:,+J*559i1+%"K!7&+!%&+;*+:,+f*6+;*+J*?829;,;+b8-8,+;*+"#R%D+50.0+),+>9;0+
2*302.,;,D+5*:*72,;0+.*;9,1-*+81+5,1L*+;*+10-,>D++392.,;0+*1+F,>)91?-01+*:+
QK+;*+*1*20+;*+"#U"E+
!=&W:+O22*?:0+V1302.,:+2*:,5901,;0+501+:,+500/*2,59i1+*1-2*+:,+W.7,L,;,+0+*:+
C01>8:,;0+;*+:0>+W>-,;0>+I19;0>+6+:,>+,8-029;,;*>+/,1,.*m,>+*1+:0>+5,>0>+*1+
[8*+-29/8:,1-*>+;*+:,+.,291,+.*25,1-*+0+-829>-,>+102-*,.*295,10>+38*2*1+
::*H,;0>+,1-*+81+-29781,:+;*+L8>-959,D+5*:*72,;0+.*;9,1-*+81+5,1L*+;*+10-,>D+
392.,;0+*1+<,1,.k+*:+"@+;*+>*/-9*.72*+6+*:+"R+;*+05-872*+;*+"#%AE+
!T&+W:+O58*2;0+2*:,5901,;0+501+*:+2*501059.9*1-0+2*5h/2050+;*+5*2-9395,;0>+;*+
,2[8*0+;*:+-01*:,L*+;*+:,>+1,H*>D+5015*2-,;0+.*;9,1-*+81+5,1L*+;*+10-,>D+
392.,;0+*1+F,>)91?-01+*:+"A+;*+,?0>-0+;*+"#KAD+
!6&+W:+O58*2;0+2*:,5901,;0+501+:,+,>9?1,59i1+;*+81+03959,:+.9:9-,2+/,2,+,5-8,2+
50.0+,>*>02+;*:+b919>-20+;*+B*:,5901*>+WT-*2902*>+;*+<,1,.kD+392.,;0+*1+
F,>)91?-01+*:+A+;*+L8:90+;*+"#%QD+6+/20220?,;0+6+.0;9395,;0+*:+"A+;*+3*72*20D+
*:+QK+;*+.,2Z0D+*:+QQ+;*+>*/-9*.72*D+*:+U+;*+10H9*.72*+;*+"#R#D+*:+QU+;*+
.,2Z0D+*:+U+;*L8:90+;*+"#UQD+*:+Q$+;*+>*/-9*.72*+6+*:+@+;*+05-872*+;*+"#UQE+
!Z&+W:+O58*2;0+2*:,5901,;0+501+*:+91-*25,.790+;*+<87:95,5901*>+03959,:*>D+
5015*2-,;0+.*;9,1-*+81+5,1L*+;*+10-,>D+392.,;0+*1+<,1,.k+*:+QA+;*+
10H9*.72*+;*+"#%"+6+*:+A+;*+.,2Z0+;*+"#%QE+
++
!,,&+f,+C01H*159i1+/,2,+:,+<2*H*159i1+;*:+C01-2,7,1;0+;*+_*79;,>+
O:50)i:95,>D+392.,;,+*1++F,>)91?-01+*:+U+;*L8190+;*+"#Q%E+
!77&+W:+O22*?:0+[8*+;9>/01*+:,+*T*159i1+;*+;07:*+-2978:,59i1+;*:+
9./8*>-0+>072*+:,+2*1-,+*1+2*:,59i1++501+:,>+,5-9H9;,;*>+1,H9*2,>D+
5*:*72,;0+.*;9,1-*+81+5,1L*+;*+10-,>D+392.,;0+*1+F,>)91?-01+*:+"R+
;*+*1*20D+*:+@+;*+3*72*20+6+*:+Q@+;*+.,2Z0+;*+"#%"E+
!55&+W:+O58*2;0+>072*+:,+2*-*159i1+;*:+9./8*>-0+>072*+:,+2*1-,+;*+:,+
B*/j7:95,+;*+<,1,.kD+;*29H,;0+;*+2*.81*2,5901*>+/,?,;,>+,+
/,1,.*m0>+*./:*,;0>+*1+:,+n01,+;*:+C,1,:+*1+*:+5,1,:D+*:++3*2205,229:+
8+072,>+,8T9:9,2*>D+5*:*72,;0+.*;9,1-*+81+5,1L*+;*+10-,>D+392.,;0+*1+
<,1,.k+*:+"Q+6+*:+K$+;*+,?0>-0+;*+"#UKE+
!;;&+W:+O58*2;0+2*:,5901,;0+501+:,+2*-*159i1+;*:+9./8*>-0+;*+>*?820+
*;85,-9H0+>072*+:0>+>,:,290>+/,?,;0>+,+;*-*2.91,;0>+*./:*,;0>+;*+:,+
n01,+;*:+C,1,:D+5*:*72,;0+.*;9,1-*+81+5,1L*+;*+10-,>D+392.,;0+*1+
<,1,.k+*:+@+;*+>*/-9*.72*+6+*:+"K+;*+05-872*+;*+"#AQE+
!**&+W:+O58*2;0+2*:,5901,;0+501+:,>+50.8195,5901*>+/02+2,;90+*1-2*+
*>-,5901*>+;*+,395901,;0>+*1+10.72*+;*+-*25*2,>+/*2>01,>D+5*:*72,;0+
.*;9,1-*+81+5,1L*+;*+10-,>D+392.,;0+*1+<,1,.k+*:+"#+;*+L8:90+6+*:+
"0E+;*+,?0>-0+;*+"#RUE+
!33&+++W:+O58*2;0+2*:,5901,;0+501+*:+0-02?,.9*1-0+;*+,8-029Z,5901*>+
2*5h/205,>+[8*+/*2.9-*1+,+:0>+2,;90,395901,;0>+;*+58,:[89*2,+;*+:0>+
;0>+/,9>*>+0/*2,2+>8>+*>-,5901*>+;*+2,;90+*1+*:+0-20+/,h>D+5*:*72,;0+
LfJ
.*;9,1-*+81+5,1L*+;*+10-,>D+392.,;0+*1+<,1,.k+*:+"U+;*+10H9*.72*+
;*+"#UUE+
!??&++f,+C01H*159i1+.*;9,1-*+:,+58,:+>*+3,59:9-,+:,+:,702+;*+:0>+
,?*1-*>+H9,L*20>D+392.,;0+*1+F,>)91?-01++*:+@+;*+3*72*20+;*+"#"#E+
!))&++W:+O58*2;0+B*5h/2050+>072*+H9>,>+?2,-9>+/,2,+10+91.9?2,1-*>D+
5*:*72,;0+.*;9,1-*+81+5,1L*+;*+10-,>D+392.,;0+*1+<,1,.k+*:+QA+;*+
.,2Z0D+*:+QQ+6+QR+;*+.,60+;*+"#RUE+
!99&++++W:+O58*2;0+.*;9,1-*+*:+58,:+>*+.0;9395,+*:+O58*2;0+;*:+QA+;*+
.,2Z0+6+;*:+QQ+6+QU+;*+.,60+;*"#RU+>072*+:,>+H9>,>+?2,-9>+/,2,+10+
91.9?2,1-*>D+5*:*72,;0+.*;9,1-*+81+5,1L*+;*+10-,>D+392.,;0+*1+
<,1,.k+*:+"%+6+*:+"A+;*+L8190+;*+"#A"E+
!LL&++++C8,:[89*2+0-20+-2,-,;0D+501H*190D+,58*2;0+0+5,1L*+;*+10-,>D+0+
/,2-*>+;*+:0>+.9>.0>D+[8*+10+50159*21,1+,:+C,1,:+;*+<,1,.k+6+[8*+
*>-8H9*2*1+*1+H9?02+91.*;9,-,.*1-*+,1-*>+;*+:,+*1-2,;,+*1+H9?*159,+
;*:+(2,-,;0+;*:+C,1,:+;*+<,1,.kE
KEC01+2*:,59i1+,:+/k22,30+Q+;*:+O2-h58:0+e+5015*219*1-*+,:+/20/i>9-0+;*+,>*?82,2+[8*+*:+
1j.*20+;*+1,5901,:*>+/,1,.*m0>+*./:*,;0>+*1+2*:,59i1+,:+1j.*20+-0-,:+;*+*./:*,;0>+>*+
,L8>-,2k+,+:,+/20/0259i1+*>-,7:*59;,+>*?j1+:,+:*6+/,1,.*m,+/,2,+*./2*>,>+*T-2,1L*2,>D+>*+
2*50105*+[8*+*:+/20?2*>0+*1+*>-*+>*1-9;0+/8*;*+2*[8*292+81+/*2h0;0+/20:01?,;0+5i1>010+501+
*:+5015*/-0+;*+81,+/,2-959/,59i1+/,1,.*m,+52*59*1-*+6+02;*1,;,D+.*;9,1-*+/20?2,.,>+;*+
,;9*>-2,.9*1-0+6+;*+0-20+.0;0+6+[8*+*:+/20?2*>0+/8*;*+>*2+,3*5-,;0+;*+-9*./0+*1+-9*./0+/02+
,55901*>+-,:*>+50.0+:,+-2,1>3*2*159,+0+;*>501-918,59i1+;*+3815901*>+6+,5-9H9;,;*>E+
%E+C01+2*:,59i1+,:+/k22,30+"$+!,&+;*:+,2-h58:0+eD+[8*;,+*1-*1;9;0+[8*+:,+:*6+;*+W>-,;0>+I19;0>+
,5-8,:.*1-*+,/:95,7:*+*>+:,+501-*19;,+*1+*:+,2-h58:0+@KKU+;*:+-h-8:0+R+;*:+Ci;9?0+;*+W>-,;0>+
I19;0>E+
RE+C01+2*:,59i1E+,:+/k22,30+Q+;*:+,2-h58:0+eVD+:,>+k2*,>+*+91>-,:,5901*>+*1+:,>+58,:*>+>*2k1+
,/:95,7:*>+:0>+,22*?:0>+L829>;955901,:*>+,::h+;*>529-0>+;82,1-*+*:+/*2h0;0+;*+-2,1>959i1D+>01+:,>+
>9?89*1-*>X+
!,&+f,>+k2*,>+;*+3815901,.9*1-0+;*:+C,1,:+6+:,>+k2*,>+;*+H9H9*1;,>+;*>529-,>+
*1+*:+O1*T0+O+;*:+O58*2;0+/,2,+:,+WL*5859i1+;*:+O2-h58:0+VVV+;*:+(2,-,;0+;*:+
C,1,:+;*+<,1,.kE+
!7&+f0>+J9-90>+;*+S*3*1>,+6+:,>+O2*,>+;*+C002;91,59i1+b9:9-,2+;*>529-,>+*1+*:+
O58*2;0+/,2,+:,+WL*5859i1+;*:+O2-h58:0+Va+;*:+(2,-,;0+;*:+C,1,:+;*+<,1,.kE+
!5&+f0>+/8*2-0>+;*+_,:70,+6+C29>-i7,:+;*>529-0>+*1+*:+O1*T0+_+;*:+O58*2;0+/,2,+
:,+WL*5859i1+;*:+O2-h58:0+VVV+;*:+(2,-,;0+;*:+C,1,:+;*+<,1,.kE
UE+C01+2*:,59i1+,:+/k22,30+%+;*:+,2-h58:0+eVD+:,>+k2*,>+*1+:,>+58,:*>+:,>+,8-029;,;*>+/0:959,:*>+
;*+:,+B*/j7:95,+;*+<,1,.k+/0;2k1+2*,:9Z,2+/,-28::,>*>+/0:959,:*>+501L81-0>+501+:,>+
,8-029;,;*>+/0:959,:*>+;*+:0>+W>-,;0>+I19;0>+;*+O.l295,+;82,1-*+*:+/*2h0;0+;*+-2,1>959i1+>01+
:,>+>9?89*1-*>X+
!,&+f,>+/,2-*>+;*+:,>+k2*,>+;*+3815901,.9*1-0+;*:+C,1,:+,79*2-,>+,:+/j7:950+*1+
?*1*2,:D+:,>+k2*,>+;*+H9H9*1;,>+6+:,>+<8*2-0>+;*+_,:70,+6+C29>-07,:E+
!7&+f,>+k2*,>+;*+5002;91,59i1+.9:9-,2+*1+:,>+58,:*>+>*+*>-,7:*5*1+/,-28::,>*>+
/0:959,:*>+501L81-0>+;*+501302.9;,;+501+:,>+;9>/0>95901*>+;*:+O58*2;0+/,2,+:,+
WL*585901+;*:+O2-h58:0+Va+;*+*>-*+-2,-,;0D+>8>529-0+*1+*>-,+3*5),E+f,>+;0>+
,8-029;,;*>+/0:959,:*>+;*>,220::,2k1+:0>+,22*?:0>+,;.919>-2,-9H0>+,/20/9,;0>+
/,2,+/20?2,.,2+6+2*,:9Z,2+;95)0>+/,-28::,>*>+/0:959,:*>+501L81-0>E
4VBbOSN+*1+F,>)91?-01D+,+:0>+A+;h,>+;*+>*/-9*.72*+;*+"#AAD+*1+:0>+9;90.,>+*>/,m0:+*+91?:l>D+
>9*1;0+,.70>+-*T-0>+9?8,:.*1-*+,8-l1-950>E+
>%7&R!&7#>2/R'(!&T#&>!"!Q!^&&&&&&>%7&R%4&#4H!T%4&2"'T%4&T#&!Q#7'(!^&
++++++++++!3;0&+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++!3;0&+
+++&&&%?5A&H)AA.I)6&EB&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&D.??@&(5A-,A&
++Y*7*+;*+^079*210+;*+:,+++++++++++++++++++++++++++++++++++++++<2*>9;*1-*+;*+:0>
+++B*/j7:95,+;*:+<,1,.k+++++++++++++++++++++++++++++++++W>-,;0>+I19;0>+;*+O.l295,+
++
LfM
!"#$%&'''
LfN
!MA,,?,*-&/,-0,,*&-1,&2*.-,3&4-5-,6&5*3&(9:5&=)A&-1,&R,56,&)=&R5*36&=)A&
()5;.*M&5*3&"5+5;&6-5-.)*6_&U,:A95A@&`aK&OPba
J9?1*;+76+-)*+<2*>9;*1-+03+C87,D+4*728,26+"UD+"#$Kc+J9?1*;+76+-)*+<2*>9;*1-+03+-)*+I19-*;+
J-,-*>D+4*728,26+QKD+"#$K
![7##Q#"H
_*-=**1+-)*+I19-*;+J-,-*>+03+O.*295,+,1;+-)*+B*/87:95+03+C87,+302+-)*+:*,>*+!>87L*5-+-0+
-*2.>+-0+7*+,?2**;+8/01+76+-)*+-=0+^0H*21.*1->&+-0+-)*+I19-*;+J-,-*>+03+:,1;>+91+C87,+302+
50,:91?+,1;+1,H,:+>-,-901>E+
()*+I19-*;+J-,-*>+03+O.*295,+,1;+-)*+B*/87:95+03+C87,D+7*91?+;*>9208>+-0+*T*58-*+38::6+-)*+
/20H9>901>+03+O2-95:*+aVV+03+-)*+O5-+03+C01?2*>>+,//20H*;+b,25)+>*501;D+"#$"D+,1;+03+O2-95:*+aVV+
03+-)*+O//*1;9T+-0+-)*+C01>-9-8-901+03+-)*+B*/87:95+03+C87,+/20.8:?,-*;+01+-)*+Q$-)+03+b,6D+
"#$QD+=)95)+/20H9;*X+
rOB(VCfW+aVVE+(0+*1,7:*+-)*+I19-*;+J-,-*>+-0+.,91-,91+-)*+91;*/*1;*15*+03+C87,D+,1;+-0+
/20-*5-+-)*+/*0/:*+-)*2*03D+,>+=*::+,>+302+9->+0=1+;*3*1>*D+-)*+C87,1+^0H*21.*1-+=9::+>*::+02+
:*,>*+-0+-)*+I19-*;+J-,-*>+-)*+:,1;>+1*5*>>,26+302+50,:91?+02+1,H,:+>-,-901>D+,-+5*2-,91+
>/*5939*;+/091->D+-0+7*+,?2**;+8/01+=9-)+-)*+<2*>9;*1-+03+-)*+I19-*;+J-,-*>Er
),H*+2*,5)*;+,1+,?2**.*1-+-0+-),-+*1;D+,>+30::0=>X+
!7H'(R#&'
()*+B*/87:95+03+C87,+)*2*76+:*,>*>+-0+-)*+I19-*;+J-,-*>D+302+-)*+-9.*+2*[892*;+302+-)*+
/82/0>*>+03+50,:91?+,1;+1,H,:+>-,-901>D+-)*+30::0=91?+;*>5297*;+,2*,>+03+:,1;+,1;+=,-*2+
>9-8,-*;+91+-)*+V>:,1;+03+C87,X+
">-E+V1+^8,1-,1,.0+!>**+]6;20?2,/)95+N3395*+C),2-+"@RA&E+420.+,+/091-+01+-)*+>08-)+50,>-D+
%EKA+1,8-95,:+.9:*>+-0+-)*+*,>-=,2;+03+F91;=,2;+<091-+f9?)-+]08>*D+,+:91*+281191?+102-)+!-28*&+
,+;9>-,15*+03+%EQR+1,8-95,:+.9:*>c+
420.+-)*+102-)*21+*T-2*.9-6+03+-)9>+:91*D+,+:91*+281191?+=*>-+!-28*&D+,+;9>-,15*+03+RE@A+
1,8-95,:+.9:*>c+
420.+-)*+=*>-*21+*T-2*.9-6+03+-)9>+:,>-+:91*D+,+:91*+281191?+>08-)=*>-+!-28*&+KEK"+1,8-95,:+
.9:*>c+
420.+-)*+>08-)=*>-*21+*T-2*.9-6+03+-)9>+:,>-+:91*D+,+:91*+281191?+>08-)+!-28*&+-0+-)*+>*,50,>-E+
()9>+:*,>*+>),::+7*+>87L*5-+-0+,::+-)*+501;9-901>+1,.*;+91+O2-95:*+VV+03+-)9>+,?2**.*1-E+
Q1;E+V1+P02-)=*>-*21+C87,+!>**+]6;20?2,/)95+N3395*+C),2-+Q$KU&E+
V1+_,)9,+]01;,+!>**+]6;20?2,/)95+N3395*+C),2-+RQ$7&E+
O::+-),-+:,1;+915:8;*;+91+-)*+/*191>8:,+501-,9191?+C*220+;*:+b0229::0+,1;+<81-,+;*:+C,2*1*20+
>9-8,-*;+-0+-)*+=*>-=,2;+03+,+:91*+281191?+>08-)+!-28*&+320.+-)*+102-)+50,>-+,-+,+;9>-,15*+03+
-)92-**1+)81;2*;+6,2;>+*,>-+!-28*&+320.+-)*+52*>-+03+C*220+;*:+b0229::0D+,1;+,::+-)*+,;L,5*1-+
=,-*2>+-085)91?+8/01+-)*+50,>-+:91*+03+-)*+,70H*+;*>5297*;+/*191>8:,+,1;+915:8;91?+-)*+
*>-8,26+>08-)+03+<81-,+;*:+C,2*1*20+=9-)+-)*+501-20:+03+-)*+)*,;=,-*2>+,>+1*5*>>,26+302+
>,19-,26+,1;+0-)*2+/82/0>*>E+
O1;+91+,;;9-901+,::+-),-+/9*5*+03+:,1;+,1;+9->+,;L,5*1-+=,-*2>+01+-)*+=*>-*21+>9;*+03+-)*+
*1-2,15*+-0+_,)9,+]01;,+915:8;91?+7*-=**1+-)*+>)02*+:91*+,1;+,+:91*+281191?+102-)+,1;+>08-)+
!-28*&+-0+:0=+=,-*2+.,2G>+-)208?)+,+/091-+=)95)+9>+=*>-+!-28*&+;9>-,1-+01*+1,8-95,:+.9:*+320.+
<-,E+;*:+C,6.,1E+
!7H'(R#&''
()*+?2,1-+03+-)*+302*?091?+O2-95:*+>),::+915:8;*+-)*+29?)-+-0+8>*+,1;+0558/6+-)*+=,-*2>+
,;L,5*1-+-0+>,9;+,2*,>+03+:,1;+,1;+=,-*2D+,1;+-0+9./20H*+,1;+;**/*1+-)*+*1-2,15*>+-)*2*-0+
,1;+-)*+,15)02,?*>+-)*2*91D+,1;+?*1*2,::6+-0+;0+,16+,1;+,::+-)91?>+1*5*>>,26+-0+39-+-)*+
/2*.9>*>+302+8>*+,>+50,:91?+02+1,H,:+>-,-901>+01:6D+,1;+302+10+0-)*2+/82/0>*E+
a*>>*:>+*1?,?*;+91+-)*+C87,1+-2,;*+>),::+),H*+32**+/,>>,?*+-)208?)+-)*+=,-*2>+915:8;*;+
=9-)91+-)9>+?2,1-E+
!7H'(R#&'''
F)9:*+01+-)*+01*+),1;+-)*+I19-*;+J-,-*>+2*50?19Z*>+-)*+501-918,15*+03+-)*+8:-9.,-*+
>0H*2*9?1-6+03+-)*+B*/87:95+03+C87,+0H*2+-)*+,70H*+;*>5297*;+,2*,>+03+:,1;+,1;+=,-*2D+01+-)*+
0-)*2+),1;+-)*+B*/87:95+03+C87,+501>*1->+-),-+;8291?+-)*+/*290;+03+-)*+0558/,-901+76+-)*+
I19-*;+J-,-*>+03+>,9;+,2*,>+81;*2+-)*+-*2.>+03+-)9>+,?2**.*1-+-)*+I19-*;+J-,-*>+>),::+*T*259>*+
50./:*-*+L829>;95-901+,1;+501-20:+0H*2+,1;+=9-)91+>,9;+,2*,>+=9-)+-)*+29?)-+-0+,5[892*+!81;*2+
501;9-901>+-0+7*+)*2*,3-*2+,?2**;+8/01+76+-)*+-=0+^0H*21.*1->&+302+-)*+/87:95+/82/0>*>+03+
-)*+I19-*;+J-,-*>+,16+:,1;+02+0-)*2+/20/*2-6+-)*2*91+76+/825),>*+02+76+*T*259>*+03+*.91*1-+
;0.,91+=9-)+38::+50./*1>,-901+-0+-)*+0=1*2>+-)*2*03E+
Lff
S01*+91+;8/:95,-*+,-+],7,1,D+,1;+>9?1*;+76+-)*+<2*>9;*1-+03+-)*+
'JWOfM+B*/87:95+03+C87,+-)9>+>9T-**1-)+;,6+03+4*728,26D+"#$KE+
(E+WJ(BOSO+<OfbO+
J9?1*;+76+-)*+<2*>9;*1-+03+-)*+I19-*;+J-,-*>+-)*+-=*1-6`-)92;+03+4*728,26D+"#$KE+
'JWOfM+(]WNSNBW+BNNJWaWf(+
Lfq
!"#$%&'C
Lft
H5!;27?2C!o-;N@uC*B@*&@OSEACApI!25!/.12D/C/A/0!2.!23k/.!6202!B?/!?;!'#*"'4$%0&
l:/02C;/71/!?;!A-82845!A5;?;I!0/A0?1285!650!2:/71/.!85!:5O/075m!./!-7F-C10/!/;!?;!
:0?65!:?/00-CS/-05I!2!(.A5C2!/7.-72E
f6':8$&0*'"$^g0&.7-%$%0:$#'58'&*($5'h$%$&'&.058"0($%$2&0&$4'58'&%'='&
%':.0,"-"&X7'&078"$:&$^i':&:g0&5'.'::j"-$:&*$"$&"'C0"^$"&$&*0:-^g0&%0&
'#*"'4$%0&.0#0&7#&"'."78$&-%'$(R&kRRRl&H&$4'58'&%'&.058"$&-58'(-4m5.-$ &
*0%'"-$&.$7:$"&$&*"-:g0&07&%'8'5^g0&%'&C$#-(-$"':&%0&'#*"'4$%02&*"'5%m]
(0 & 07 & ':*$5.j](0 & .0#0 & *$"8' & %0 & *($50 & *$"$ & :7$ & -5C-(8"$^g0 & 50 & 4"7*0&
47'""-(1'-"0nR&D<:.0($&%$:&!#W"-.$:&o&K$57$(&%'&K$5'h0&%'&)'.7":0:2&*R &
_pL
•
9202!B?/!5!'#*"'4$%0!./Y2!605;5O-85!72.!F-C/-02.!85!:0?65!:?/00-CS/-05I!8/65-.!
8/!-7F-C10285I!5!;27?2C!0/A5;/782E
fH&$4'58'&%'&.058"$]-58'(-4m5.-$&*0%'"-$&$7#'58$"&0&=$(0"&%0&'#*"'4$%0&
$8"$=W: & %$ & %':8"7-^g0 & %$ & 0"4$5-M$^g0 & '# & "'%0" & %':8' & '#*"'4$%0R & A:80 &
*0%'&:'"&C'-80&*0"&#'-0&%'&*"-:i':2&'q'.7^i': &07&*$.-C-.$^g02&80#$5%0&
.7-%$%0&*$"$&5g0&'q*0"&0&'#*"'4$%0&.0#0&C058'&%$&-5C0"#$^g0R&?'&0&
'#*"'4$%0&C0"&7#&%0:&*07.0:&:0,"'=-='58':2&'('&*0%'"-$&:'"&7#&#'#,"0&
-#*0"8$58'&'#&7#$&50=0&4"7*0&47'""-(1'-"0R&!&"'*78$^g0&%0&'#*"'4$%0&
8$#,W# & *0%' & :'" & "'C0"^$%$ & 5':8$ & 0.$:-g02 & $8"$=W: & %$ & C$,"-.$^g0 & %'&
1-:8N"-$:2 & %0.7#'580: & ' & 8':8'#751$:2 & X7' & :g0 & 5g0 & $*'5$: & ."O='-:2 & #$: &
8$#,W# & %-CO.'-: & %' & "'C78$"2 & hj & X7' & 1j & #7-80 & *07.0: & 47'""-(1'-"0:&
:0,"'=-='58':Rn&D<:.0($&%$:&!#W"-.$:&o&K$57$(&%'&K$5'h0&%'&)'.7":0:2&
*R&__L
•
+!;/.;5!;27?2CI!25!O/0.20!.5D0/!5!0/A0?12;/715!8/!6/..52CI!10212!85!;/85!
A5;5!;/-5!8/!;51-O2345!6202!B?/!2C:?@;!21?/!/;!F2O50!85!:5O/075!A57102!5.!
:?/00-CS/-05.E
f60"#$(#'58'2&0&#'%0&5g0&*0%'"-$&:'"&7:$%0&%'&#$5'-"$&,'#&:7.'%-%$ &
*$"$ & #08-=$" & -5%-=O%70:R & ! & 'q*'"-m5.-$ & #0:8"$ & X7' & -5C0"#$^i':&
.05:'47-%$:&$8"$=W:&%'&#'%0&5g0&:g0&.05C-j='-:R&kRRRl&?'&7#&-5%-=O%70&C0-&
"'."78$%0&$8"$=W:&%$&$*(-.$^g0&%0&#'%0&.0#0&7#$&$"#$2&0&$4'58'&%'&
.058"$]-58'(-4m5.-$&kX7'&"'."78$&0:&'#*"'4$%0:l2&%'='&':8$"&'#&*0:-^g0&
%' & #$58'" & $ & $#'$^$n & D<:.0($ & %$: & !#W"-.$: & o & K$57$( & %' & K$5'h0 & %'&
)'.7":0:2&*R&\pL
•
(; ! 5?105 ! 1<6-A5I ! /7.-72 ! ?; ! 5?105 ! ;/-5 ! 8/ ! 605;5345 ! h ! 5 ! 2..2..-7215 ! 8/!
:?/00-CS/-05.!0-O2-.E
fBj&078"0:&#'-0:&*$"$&.05:'47-"&$h7%$&'q8'"5$&%'&#0%0&$&4$"$58-"&$&
*"0#0^g0 & %' & 7# & '#*"'4$%0R & 9# & h'-80 & %' & .05:'47-" & ':8$ & *"0#0^g0 & W &
-5C(7'5.-$" & 7# & '#*"'4$%0 & X7' & 8'51$ & 7#$ & *0:-^g0 & ,'# & #$-: & $(8$ & 5$ &
0"4$5-M$^g0&47'""-(1'-"$r&078"0&W&'(-#-5$"&7#&"-=$(&'#&*08'5.-$(&%'58"0&
Lfg
%$&0"4$5-M$^g0Rn&D<:.0($&%$:&!#W"-.$:&o&K$57$(&%'&K$5'h0&%'&)'.7":0:2&
*R&__L
•
ML
dT!./:?785!5!;27?2C !8/!o7S@EE;*&@?C>SO=CNVE=; *@*#B@C>CT=;*0C<SN=AD;pI!
8/710/!2.!O?C7/02D-C-828/.!C/:2-.!/!.5A-5C<:-A2.!85.!:?/00-CS/-05.!60/.5.!/.145!5!
o;/85!8/!0/A/D/0!10212;/715!D0?12C!8/65-.!82!A261?02p!/!5!F215!8/!B?/!/C/.!o745!
1Q;!.121?.!C/:2C!8/!60-.-57/-05.!8/!:?/002!8/7105!82!"57O/7345!8/!>/7/D02pML!
l<:.0($ & %$: & !#W"-.$: & o & K$57$( & %' &>?/002 ! a/O5C?A-57T0-2 ! / ! %8/5C5:-2!
"5;?7-.122 & *R & _TmG ! $2-. ! 28-271/I ! 25 ! 8-.A500/0 ! .5D0/ ! 5 ! 10212;/715 ! 8285 ! 2!
:?/00-CS/-05. ! 260//78-85.I ! 5 ! ;27?2C ! 0/F5032 ! B?/ ! 12-. ! 745 ! .45 ! A57.-8/0285.!
60-.-57/-05.!8/!:?/002I!2F-0;2785!
fH: & -5:7"4'58': & :7,='":-=0: & .($5%':8-50: & X7' & ,7:.$# & %'""7,$" & 7#&
40='"50&':8$,'('.-%0&5g0&8m#&.05%-^g0&('4$(&%'&.0#,$8'58':R&Ij&X7'&':8$:&
$8-=-%$%':&:7,='":-=$:&:g0&.($5%':8-5$:&*0"&5$87"'M$2&0:&-5%-=O%70:&X7'&
0*'"$#&5':8'&.058'q80&'=-8$#&0&.058$80&.0#&$:&C0"^$:&*0(-.-$-:&'&$:&C0"^$: &
%' & :'47"$5^$R & !::-#2 & X7$(X7'" & -5:7"4'58' & $*"''5%-%0 & *'($: & C0"^$: & %'&
:'47"$5^$ &%0 &40='"50 &5g0 &:g0& "':47$"%$%0: & *$"$& $(W# & %$: &*"08'^i': &
,j:-.$:&%0&$"8-40&as&%$&/05='5^g0&%'&t'5',"$R&<:8$"g0&:7h'-80:&u:&('-:&%'&
:'47"$5^$ & -58'"5$ & %0 & *$O: & X7' & 8"$8$# & %' & :7,='":g0 & ' & %'(-5Xvm5.-$nR&
D<:.0($ &%$:&!#W"-.$: &o&K$57$(&%'&t7'""$&)'=0(7.-05j"-$&'&A%'0(04-$&
/0#75-:8$2&*R&bpLR
!+!201-:5!M‰!82!"57O/7345!8/1/0;-72!B?/I!/;!A57FC-15.!./;!A20T1/0!-71/072A-572CI!2.!6201/.!/7O5CO-82.!
8/O/;!0/.6/-120!2!-71/:0-828/!FX.-A2!/!2!O-82!8/!6/..52.!B?/!745!/.1/Y2;!8-0/12;/71/!/7O5CO-82.!75!
A5;D21/I!2B?/C/.!B?/!8/6?./02;!20;2.!/!5.!B?/!1/7S2;!.2X85!85!A5;D21/!650!F/0-;/715I!85/732!5?!
8/1/7345G!(.12.!6/..52.I!8/!2A5085!A5;!5!B?/!21/.12!5!;27?2CI!745!/.120-2;!6051/:-82.!8/!60T1-A2.!8/!
1501?02I!B?/!.45!605-D-82.!75!201-:5!Lt‰!!/!gt‰!85!85A?;/715!/;!B?/.145G
Documentos relacionados
Descargar