You are on page 1of 529

!

"#$%&!'(!)'*"&*"+!
"#$%!&'!()*&+,-$""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" #
./0123450!$266789 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#!!
:(*%!# """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $
&;.*;#.<""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $
)=(:%.*!&+."""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $
#>38?@2134?> """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $
$0334>A!2B!3C0!)?664DD4?> """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $
.D37EF4DC4>A!7!1?662>41734?>!D38730A9 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %
:2EF41734?>!?G!*2F0D!7>@!:8?10@280""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &
)?>D2F3734?>D!H43C!I?508>60>3!J0B78360>3D!7>@!&3C08D """"""""""""""""""""""""""""""""""""""""""""""""" &
*?F0!?G!)454F!$?14039 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '
$37>@4>A!K0G?80!3C0!)?664DD4?> """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" (
-03C?@?F?A417F!#DD20D""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" )
I450>!3C0!3460!1?>D3874>3D!7@50830@!3?!7E?50!3C0!)?664DD4?>!H7D!>?3!7EF0!3?!54D43!
071C!B8?54>10!7>@!3C080G?80!3C0!603C?@?F?A9!HC41C!3C0!)?664DD4?>!7@?B30@!G?8!
A73C084>A!054@0>10!57840@!3?!D?60!0/30>3!E03H00>!3C0!5784?2D!B8?54>10DL""""""""""""""""""" $*
(FF0A0@!:08B03873?8DM!%?!+760!?8!+?3!%?!+760N""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $'
:(*%!##""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +*
:?D3O.F0134?>!;4?F0>10P!QRRS!T!=?H!J00B!(80!3C0!*??3DN"""""""""""""""""""""""""""""""""""""""""""""""""""""" +$
#>38?@2134?> """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +$
%C0!UD0!?G!:?F43417F!;4?F0>10""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +&
%C0!:08D?>7F4V734?>!?G!:80D4@0>347F!:?H08!7>@!3C0!J0F4E08730!<07W0>4>A!?G!!:2EF41!
#>D343234?>D""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +)
"7>@!7>@!#>0X27F439 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %*
U>06BF?90@!,?23C """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %%
)?>1F2D4?>"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %'
)=(:%.*!%=*.. """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %,
;4?F0>10!4>!*4G3!;7FF09!:8?54>10 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %,
%C0!+?83C!*4G3!*0A4?> """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %,
#>38?@2134?> """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %,
+73280!7>@!0/30>3!?G!54?F0>10""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &+
#6B713!?G!3C0!;4?F0>10 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &-
*0DB?>D0!E9!:?F410!7>@!:8?54>147F!(@64>4D38734?>""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '%
%C0!:8?54>147F!(@64>4D38734?>!7>@!$0128439!'?810D """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""" '%
#>30FF4A0>10!)?>108>4>A!:?D3O.F0134?>!;4?F0>10!7>@!#3D!UD0"""""""""""""""""""""""""""""""""""""""""""""" ')
<7D!3C0!54?F0>10!BF7>>0@!?8!DB?>37>0?2DN """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ((
<7D!3C0!54?F0>10!DB?>37>0?2DN""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ,%
'4>@4>AD""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ,(
)0>387F!*4G3!*0A4?> """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ,)
-?F?!J4D38413 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" ,-
Y?4E730W!J4D38413M!(3306B30@!.3C>41!)F07>D4>A """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" -$
+7W282!J4D38413M!&8A7>4V0@!(3371WD!7>@!)?2>308O(3371WD""""""""""""""""""""""""""""""""""""""""""""""""""""" -,
+7457DC7!J4D38413M!:F7>>0@!)8464>7F!(3371WD!E9!-2>A4W4!7>@!Y4W292!B?F434147>D""""""" $$%
+78?W!J4D38413 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $+)
%C0!$?23C!*4G3!7>@!Y4D44!*0A4?> """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $%+
! !

!
)=(:%.*!'&U*""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $(+
;4?F0>10!4>!<0D308>!7>@!+97>V7!:8?54>10D""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $(+
<0D308>!:8?54>10"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $(+
#>38?@2134?> """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $(+
+97>V7!:8?54>10 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $,%
;4?F0>10!4>!+748?E4P!)0>387F!7>@!)?7D3!:8?54>10D""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $-%
+748?E4 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" $-%
)0>387F!:8?54>10 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +*'
#>38?@2134?> """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +*'
)?7D3!:8?54>10""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +$)
#>38?@2134?> """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +$)
:(*%!###"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +%(
)=(:%.*!$#Z"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +%,
$0/27F!;4?F0>10"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""+%,
)?FF0134>A!.54@0>10"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +&+
:2EF41!%0D346?>9!E9!./B083!<43>0DD0D""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +&%
%0D346?>9!G8?6!;41346D """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +&-
<C?!<080!3C0!;41346D!?G!$0/27F!;4?F0>10N"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +'*
<C?!<080!3C0!:08B03873?8DN""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +'+
$0128439!'?810D """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""+'%
&8A7>4V0@!I7>AD """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +')
+04ACE?28D!7>@!&3C08D!4>@454@27F!)8464>7FD """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +'-
=267>437847>!<?8W08D!7>@!#J:!$085410!:8?54@08D""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +(*
U>4>30>@0@!$0/27F!)?>D0X20>10D!?G!I0>087F!;4?F0>10 """""""""""""""""""""""""""""""""""""""""""""""""""" +($
#6B713!?G!3C0!;41346D[!=07F3C!7>@!$?14?O.1?>?641!)?>@434?>D """"""""""""""""""""""""""""""""""""" +($
#>D343234?>7F!7>@!"0A7F!)C7FF0>A0D!3?!*0DB?>@4>A!3?!$0/27F!;4?F0>10""""""""""""""""""""""""" +('
*01?660>@734?>D"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +()
)=(:%.*!$.;.+"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""+,$
#>308>7FF9!J4DBF710@!:08D?>D"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +,$
)?>1F2D4?>!7>@!*01?660>@734?>D"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +-$
)=(:%.*!.#I=%"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +-'
%C0!-0@47!7>@!3C0!:?D3!.F0134?>!;4?F0>10""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" +-'
)=(:%.*!+#+.""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %*&
./30>3!7>@!)?>D0X20>10D!?G!3C0!:?D3O.F0134?>!;4?F0>10M""""""""""""""""""""""""""""""""""""""""""""""""""""" %*&
J073CDP!#>\2840D!7>@!J0D382134?>!?G!:8?B0839""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %*&
)=(:%.*!%.+ """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %&'
'4>@4>AD""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %&'
'4>@4>AD!4>!*0F734?>!3?!3C0!./30>3!?G!;4?F0>10 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %&'
'4>@4>AD!#>!*0F734?>!3?!3C0!)72D0D!7>@!:73308>D!?G!3C0!:?D3O.F0134?>!;4?F0>10""""""" %&(
'4>@4>AD!#>!*0F734?>!3?!$0/27F!;4?F0>10 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %&)
'4>@4>AD!#>!80F734?>!3?!#>308>7FF9!J4DBF710@!:08D?>D """"""""""""""""""""""""""""""""""""""""""""""""""""""""" %'$
:(*%!#; """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %'&
(13D!7>@!&64DD4?>D!?G!$3730!$0128439!(A0>140D!7>@!#6B2>439 """"""""""""""""""""""""""""""""""""""""""""""" %'&
)=(:%.*!.".;.+"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %''
$3730!$0128439!(A0>140D"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %''
#>38?@2134?> """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %''
#@0>34G94>A!3C0!W09!4DD20D"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %'(
=?H!:80B780@!H080!3C0!(A0>140DN """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %')
'4>@4>AD!4>!80F734?>!3?!BF7>>4>A!7>@!B80B784>A!G?8!3C0!QRRS!I0>087F!.F0134?>D """""" %,+
=?H!J4@!$3730!$0128439!(A0>140D!]$$(D^!*0DB?>@!3?!3C0!:.;N"""""""""""""""""""""""""""""""""""""""""" %,(

!! !

!
%C0!&B08734?>7F!.>548?>60>3 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %)%
UD0!?G!'?810 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %)&
#>50D34A73450!)7B7E4F439 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %-&
)8464>7F!)?>@213!]E9!B?F410^!4>1F2@4>A!W4FF4>AD!7>@!$IK; """"""""""""""""""""""""""""""""""""""""""""" %-(
&64DD4?>D!7>@!-4D1?>@213!]E9!B?F410^"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" %-)
&23D4@0!4>GF20>10!?>!B?F410!@014D4?>D """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &*'
$3730!$0128439!(A0>140D!7>@!$9D306D!'74F280D """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &$*
:?D43450!*0DB?>D0D!E9!$3730!$0128439!(A0>140D"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &$%
*0540H4>A!B08G?867>10 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &$'
'4>@4>AD!?>!*0DB?>D0D!3?!3C0!:?D3!.F0134?>!;4?F0>10"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &$(
%C0!:?F410"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &$(
'4>@4>AD!?>!3C0!2D0!?G!'?810 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &$,
'4>@4>AD!4>!80F734?>!3?!#>50D34A734?>D"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &+*
'4>@4>AD!80F734>A!3?!18464>7F!?GG0>@4>A!E9!B?F410!?GG4108D """"""""""""""""""""""""""""""""""""""""""""""""" &+$
'4>@4>AD!80F734>A!3?!B78347F439""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &+$
'4>@4>AD!80F734>A!3?!7!F71W!?G!4>@0B0>@0>10"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &++
'4>@4>AD!80F734>A!3?!D018019"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &+%
'4>@4>AD!80F734>A!3?!G74F280!3?!80DB?>@"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &+&
'4>@4>AD!4>!80F734?>!3?!B?F4140DP!D9D306D!7>@!B8?10DD0D """"""""""""""""""""""""""""""""""""""""""""""""""" &+&
'4>@4>AD!4>!80F734?>!3?!@07F4>A!H43C!1?6BF74>3D""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &+'
'4>@4>AD!4>!80F734?>!3?!80D?2814>A """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &+(
'4>@4>AD!4>!80F734?>!3?!80540H!7>@!46B8?5060>3!7887>A060>3D""""""""""""""""""""""""""""""""""""" &+,
'4>@4>AD!4>!80F734?>!3?!?3C08!$0128439!(A0>140D """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &+)
*734?>7F0!G?8!*01?660>@0@!(134?>!*0A78@4>A!3C0!:?F410 """""""""""""""""""""""""""""""""""""""""""""""""""" &+-
K71WA8?2>@"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &+-
%C0!)2880>3!*0G?86!:8?A87660""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &%*
J07F4>A!H43C!B08B03873?8D"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &%$
UD4>A!7!*0G?86!)737F9D3 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &%+
#>30A8734?>!?G!3C0!Y0>97!:?F410!$085410!7>@!(@64>4D38734?>!:?F410""""""""""""""""""""""""""""""" &%&
:?F410!(13""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &%(
:?F410!$085410!)?664DD4?>"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &%(
(!6?@08>!)?@0!?G!)?>@213""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &%,
$380>A3C0>4>A!#>50D34A734?>D"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &%)
)454F47>!&508D4AC3!?G!:?F410!]:?F410!)?>@213^""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &%)
#>308>734?>7F!:?F410!&508D4AC3!.>34340D """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &&$
)=(:%.*!%<.";. """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &&%
#6B2>439"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &&%
J0G4>434?>!?G!#6B2>439 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &&%
K71WA8?2>@"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &&&
#>50D34A734?>P!:8?D01234?>!7>@!(@\2@41734?>!?G!I24F3 """""""""""""""""""""""""""""""""""""""""""""""""""""""" &&'
%C0!(W4H264!)?664DD4?>!?G!#>X2489 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &&(
&3C08!7DB013D!?G!3C0!)8464>7F!_2D3410!$9D306 """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &'&
&ED371F0D!3?!#>50D34A734?>!?G!:?D3!.F0134?>!;4?F0>10!]:.;^ """""""""""""""""""""""""""""""""""""""""""""""""" &''
"71W!?G!B?F43417F!H4FF!7>@!G078!?G!3C0!B?F43417F!0D37EF4DC60>3"""""""""""""""""""""""""""""""""""""""""""""""" &'(
%C0!_2@4147F!'2>134?>""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &(*
(6>0D39""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &(+
-07>4>A""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &(+
%C0!@0E730 """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &(%
%C0!>26E08D"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &(%
%C0!F7H """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &(,

!!! !

!
)?>1F2D4?>"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &()
'4>@4>AD""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &(-
:(*%!;""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &,*
*01?660>@734?>D"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &,*
)=(:%.*!%=#*%..+"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &,+
*01?660>@734?>D"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &,+
$B014G41!*01?660>@734?>D!G?8!3C0!:?F410""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &,)
(::.+J#Z.$ """"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &)+
(BB0>@4/!`Ja"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" &-$

!# !

!
%,+"!'(!#)-'*./+!

():! (DD4D37>3!)?664DD4?>08!?G!:?F410!
(#J$! (1X2480@!#662>0!J0G4140>19!$9>@8?60!
(:!! (@64>4D38734?>!:?F410!
(:*-! (G8417>!:008!*0540H!-01C7>4D6!
($Y! (A8412F3287F!$?14039!?G!Y0>97!
KK)! K8434DC!K8?7@17D34>A!)?8B?8734?>!
)#:.;! )?664DD4?>!?G!#>X2489!#>3?!:?D3!.F0134?>!;4?F0>10!
)*.(<! )0>380!G?8!*4AC3D!.@21734?>!7>@!(H780>0DD!
)$)! )7E4>03!$0128439!)?6643300!
)<! )?664DD4?>!<43>0DD!
J)! J4D38413!)?664DD4?>08!
J)#&! J4D38413!)8464>7F!#>50D34A734?>D!&GG4108!
J&! J4D38413!&GG4108!
J$#)! J4D38413!$0128439!7>@!#>30FF4A0>10!)?6643300!
.)Y! .F013?87F!)?664DD4?>!?G!Y0>97!
'#J(! '0@08734?>!?G!<?60>!"7H908D!
'-! '80X20>19!-?@2F734?>!
'$&! '?810!$37>@4>A!&8@08D!
IK;U! I0>@08OK7D0@!;4?F0>10!U>43D!
I.-(! I4W292P!.6E2P!-082!(DD?14734?>!
IY! I?508>60>3!?G!Y0>97!
I&Y! I?508>60>3!?G!Y0>97!
I$U! I0>087F!$085410!U>43!
I;*)! I0>@08!;4?F0>10!*01?5089!)0>380!
#)J! #>@0B0>@0>3!)?6BF74>3D!J48013?8730!
#)*)! #>308>734?>7F!)?6643300!?G!3C0!*0@!)8?DD!
#J:! #>308>7FF9!J4DBF710@!:08D?>!
#:)(! #>@0B0>@0>3!:?F410!)?>@213!(23C?8439!
Y(JU! Y0>97!(G8417>!J06?187341!U>4?>!
Y(I! Y0>97!(DD06EF40D!?G!I?@!
Y(-(%U$(! Y7F0>\4>P!-77D74P!%28W7>7!7>@!$76E282L!
Y(+U! Y0>97!(G8417>!+734?>7F!U>4?>!
Y(*#! Y0>97!(A8412F3287F!*0D0781C!#>D343230!
YK)! Y0>97!K8?7@17D34>A!)?8B?8734?>!
# !

!
Y.'*#! Y0>97!'?80D389!*0D0781C!#>D343230!
Y=*)! Y0>97!=267>!*4AC3D!)?664DD4?>!
Y#))! Y0>97337!#>308>734?>7F!)?>G080>10!)0>380!
Y+)=*! Y0>97!+734?>7F!)?664DD4?>!?>!=267>!*4AC3D!
Y$#-! Y0>97!$0128439!#>30FF4A0>10!-71C4>089!
-&U! -06?87>@26!?G!U>@08D37>@4>A!
-:! -06E08!?G!:78F4760>3!
-U=U*#! -2DF46D!G?8!=267>!84AC3D!
+(*)! +734?>7F!*74>E?H!)?7F434?>!
+))Y! +734?>7F!)?2>14F!?G!)C281C0D!?G!Y0>97!
+):K! +734?>7F!)0807FD!7>@!:8?@210!K?78@!
+.:(J! +0H!:783>08DC4B!G?8!(G8417[D!J050F?B60>3!
+I&! +?>OI?508>60>37F!&8A7>4D734?>!
+$()! +734?>7F!$0128439!(@54D?89!)?6643300!
+$#$! +734?>7F!$0128439!#>30FF4A0>10!$085410!
&):J! &GG4108!)?667>@4>A!:?F410!J454D4?>!
&)$! &GG4108!)?667>@4>A!$3734?>!
&J-!! &87>A0!J06?187341!-?5060>3!
:.;! :?D3!.F0134?>!;4?F0>10!
:+U! :7839!?G!+734?>7F!U>439!
::&! :8?54>147F!:?F410!&GG4108!
:$#)!! :8?54>147F!$0128439!7>@!#>30FF4A0>10!)?6643300!
:$;! :2EF41!$085410!;0C41F0D!
*JU! *7B4@!J0BF?960>3!U>43!
**)! *05?F234?>789!!*0B2EF417>!)?2>14F!
$"J'! $7E7?3!"7>@!J0G0>10!'?810D!
$&:! $37>@78@!&B08734>A!:8?10@280D!
$$:! $0>4?8!$2B084>30>@0>3!?G!:?F410!
U)"! U>4508D7F!)?8B?8734?>!"46430@!
U+':(! U>430@!+734?>D!'2>@!G?8!:?B2F734?>!(13454340D!
U+#'.-! U>430@!+734?>D!J050F?B60>3!'2>@!G?8!<?60>!

#! !

!
&01234561!+37789:!!
!

%C0! 67>@730! ?G! 3C0! )?664DD4?>! ?G! #>X2489! 4>3?! :?D3O.F0134?>! ;4?F0>10! ])#:.;^!
H7D! 3?! 4>50D34A730! 3C0! G713D! 7>@! 148126D37>10D! D288?2>@4>A! 3C0! 54?F0>10P! 3C0!
1?>@213! ?G! D3730! D0128439! 7A0>140D! 4>! 3C048! C7>@F4>A! ?G! 43P! 7>@! 3?! 67W0!
801?660>@734?>D!1?>108>4>A!3C0D0!7>@!?3C08!673308DL!!

%C0! *0B?83! 1?6B84D0D! b! :783DL! :783! #! ?G! 3C0! *0B?83! 4D! 7>! #>38?@2134?>! HC41C!
@4D12DD0D! 3C0! C4D3?8417F! 1?>30/3! ?G! 3C0! 54?F0>10c! :783! ##! 4D! 7! >788734?>! ?G! 3C0!
54?F0>10! B8?54>10! E9! B8?54>10L! :783! ###! @07FD! H43C! G?28! 18?DD! 12334>A! 4DD20DM!
D0/27F! 54?F0>10P! 4>308>7FF9! @4DBF710@! B08D?>DP! 3C0! 60@47! 7>@! 3C0! >73280! 7>@!
46B713! ?G! 3C0! 54?F0>10L! :783! #;! @07FD! H43C! 713D! 7>@! ?64DD4?>D! ?G! D3730! D0128439!
7A0>140D!7>@!46B2>439c!7>@!:783!;!1?>374>D!801?660>@734?>D!67@0!H43C!7!540H!
3?!3C0!B8050>34?>!?G!G23280!80?112880>10!?G!F78A0!D17F0!54?F0>10c!3C0!4>50D34A734?>!
?G! 7FF0A0@! B08B03873?8Dc! 7>@! C?H! 3?! 371WF0! 3C0! 12F3280! ?G! 46B2>439! 3C73! C7D!
E01?60!3C0!C7FF678W!?G!54?F0>10!7>@!?3C08!18460D!4>!3C0!1?2>389L!

$7@F9P! 54?F0>10! C7D! E00>! 7! B783! ?G! Y0>97[D! 0F013?87F! B8?10DD0D! D4>10! 3C0!
80D3?8734?>! ?G! 62F34! B7839! B?F4341D! 4>! deedL! =?H0508P! 3C0! 54?F0>10! 3C73! DC??W!
Y0>97! 7G308! 3C0! QRRS! A0>087F! 0F0134?>D! H7D! 2>B8010@0>30@L! #3! H7D! E9! G78! 3C0!
6?D3!@07@F9!7>@!3C0!6?D3! @0D38213450!54?F0>10!0508!0/B0840>10@! 4>!Y0>97L!(FD?P!
2>F4W0! B8054?2D! 191F0D! ?G! 0F0134?>! 80F730@! 54?F0>10P! 621C! ?G! 43! G?FF?H0@P! 873C08!
3C7>! B8010@0@! 0F0134?>DL! %C0! QRRSOQRRf! B?D3O0F0134?>! 54?F0>10! H7D! 7FD?! 6?80!
H4@0DB807@!3C7>!4>!3C0!B7D3L!#3!7GG0130@!7FF!E23!Q!B8?54>10D!7>@!H7D!G0F3!4>!E?3C!
28E7>!7>@!8287F!B783D!?G!3C0!1?2>389L!:8054?2DF9!54?F0>10!78?2>@!0F0134?>!B084?@D!
1?>10>38730@!4>!7!D67FF08!>26E08!?G!@4D38413D!674>F9!4>!*4G3!;7FF09P!<0D308>P!7>@!
)?7D3!:8?54>10DL!!

(D! 80A78@D! 3C0! 1?>@213! ?G! D3730! D0128439! 7A0>140DP! 3C09! G74F0@! 4>D343234?>7FF9! 3?!
7>3414B730P! B80B780! G?8P! 7>@! 1?>374>! 3C0! 54?F0>10L! &G30>! 4>@454@27F! 606E08D! ?G!
3C0! D3730! D0128439! 7A0>140D! H080! 7FD?! A24F39! ?G! 713D! ?G! 54?F0>10! 7>@! A8?DD!
54?F734?>D!?G!3C0!C267>!84AC3D!?G!3C0!1434V0>DL!!

#!! !

!
#>! D?60! H79D! 3C0! B?D3O0F0134?>! 54?F0>10! 80D06EF0@! 3C0! 03C>41! 1F7DC0D! ?G! 3C0!
deeRD! 7>@! H7D! E23! 7>! 0B4D?@0! 4>! 7! 380>@! ?G! 4>D343234?>7F4V734?>! ?G! 54?F0>10! 4>!
Y0>97!?508!3C0!9078DL!%C0!G713!3C73!7860@!64F4347DP!6?D3!?G!HC?6!@050F?B0@!7D!7!
80D2F3!?G!3C0!deeRD!03C>41!1F7DC0DP!H080!>0508!@0O6?E4F4V0@!F0@!3?!3C0!07D0!H43C!
HC41C!B?F43417F!7>@!E2D4>0DD!F07@08D!8071345730@!3C06!G?8!3C0!QRRS!B?D3O0F0134?>!
54?F0>10L! $01?>@F9P! 3C0! 4>1807D4>A! B08D?>7F4V734?>! ?G! B?H08! 78?2>@! 3C0!
B80D4@0>19!1?>34>20D!3?!E0!7!G713?8!4>!G714F43734>A!0F0134?>!80F730@!54?F0>10L!!

%C0! H4@0DB807@! E0F40G! 3C73! 3C0! B80D4@0>19! E84>AD! 7@57>37A0D! G?8! 3C0! :80D4@0>3[D!
03C>41! A8?2B! 67W0D! 1?662>4340D! H4FF4>A! 3?! 0/083! 54?F0>10! 3?! 73374>! 7>@! W00B!
B?H08L! #>0X27F4340D! 7>@! 01?>?641! 678A4>7F4V734?>P! ?G30>! 540H0@! 4>! 03C>?O
A0?A87BC41! 3086DP! H080! 7FD?! 5089! 621C! 73! BF79! 4>! 3C0! B?D3O0F0134?>! 54?F0>10! 4>!
BF710D!F4W0!3C0!DF26!7807D!?G!+748?E4L!

&>0! ?G! 3C0! 674>! G4>@4>AD! ?G! 3C0! )?664DD4?>[D! 4>50D34A734?>D! 4D! 3C73! 3C0! B?D3O
0F0134?>! 54?F0>10! H7D! DB?>37>0?2D! 4>! D?60! A0?A87BC41! 7807D! 7>@! 7! 80D2F3! ?G!
BF7>>4>A! 7>@! ?8A7>4V734?>! 4>! ?3C08! 7807DP! ?G30>! H43C! 3C0! 4>5?F5060>3! ?G!
B?F434147>D!7>@!E2D4>0DD!F07@08DL!$?60!7807D!H43>0DD0@!7!1?6E4>734?>!?G!3C0!3H?!
G?86D! ?G! 54?F0>10P! HC080! HC73! D37830@! 7D! 7! DB?>37>0?2D! 54?F0>3! 807134?>! 3?! 3C0!
B0810450@! 84AA4>A! ?G! 0F0134?>D! F7308! 05?F50@! 4>3?! H0FF! ?8A7>4V0@! 7>@! 1??8@4>730@!
73371WD!?>!606E08D!?G!03C>41!A8?2BD!7DD?14730@!H43C!3C0!4>126E0>3!B80D4@0>3!?8!
3C0!:+U!B7839L!%C4D!C7BB0>0@!HC080!3C080!H7D!7>!0/B013734?>!3C73!54?F0>10!H7D!
4>05437EF0!HC730508!3C0!80D2F3D!?G!3C0!0F0134?>DL!

%C0! 80B?83! 1?>1F2@0D! 3C73! 3C0! B?D3O0F0134?>! 54?F0>10! H7D! 6?80! 3C7>! 7! 6080!
\2/37B?D434?>! ?G! 1434V0>DO3?O1434V0>D! ?BB?832>4D341! 7DD72F3DL! %C0D0! H080!
D9D3067341! 73371WD! ?>! Y0>97>D! E7D0@! ?>! 3C048! 03C>41439! 7>@! 3C048! B?F43417F!
F07>4>ADL! (3371W08D! ?8A7>4V0@! 7F?>A! 03C>41! F4>0DP! 7DD06EF0@! 1?>D4@087EF0!
F?A4D3417F! 607>D! 7>@! 38750F0@! F?>A! @4D37>10D! 3?! E28>! C?2D0DP! 6746P! W4FF! 7>@!
D0/27FF9!7DD72F3!3C048!?112B7>3D!E0172D0!3C0D0!H080!?G!B783412F78!03C>41!A8?2BD!
7>@! B?F43417F! B08D27D4?>L! I24F39! E9! 7DD?14734?>! H7D! 3C0! A24@4>A! G?810! E0C4>@!
@07@F9!`8050>A0a!73371WDP!H43C!541346D!E04>A!4@0>34G40@!>?3!G?8!HC73!3C09!@4@!E23!
G?8! 3C048! 03C>41! 7DD?14734?>! 3?! ?3C08! B08B03873?8DL! %C4D! G800OG?8O7FF! H7D! 67@0!

#!!! !

!
B?DD4EF0! E9! 3C0! F7HF0DD>0DD! D30664>A! G8?6! 7>! 7BB780>3! 1?FF7BD0! ?G! D3730!
4>D343234?>D!7>@!D0128439!G?810DL!

#>!A0>087FP!3C0!B?F410!H080!?508HC0F60@!E9!3C0!67DD450!>26E08D!?G!3C0!73371W08D!
7>@!3C0!80F73450F9!0GG013450!1??8@4>734?>!?G!3C0!73371WDL!=?H0508P!4>!6?D3!B783D!?G!
3C0!1?2>389!7GG0130@!E9!3C0!54?F0>10P!G74F280!?>!3C0!B783!?G!3C0!Y0>97!:?F410!7>@!
3C0!:8?54>147F!(@64>4D38734?>!3?!713!?>!4>30FF4A0>10!7>@!?3C08!078F9!H78>4>A!D4A>D!
1?>384E230@!3?!3C0!0D17F734?>!?G!3C0!54?F0>10L!!

%C0!B?D3O0F0134?>! 54?F0>10!4D!7FD?! 3C0! D3?89! ?G! F71W! ?G! B80B780@>0DD! ?GP! 7>@!B??8!
1??8@4>734?>! 76?>AP! @4GG080>3! D3730! D0128439! 7A0>140DL! <C4F0! 3C0! +734?>7F!
$0128439! #>30FF4A0>10! $085410! D0060@! 3?! B?DD0DD! 7134?>7EF0! 4>30FF4A0>10! ?>! 3C0!
F4W0F4C??@!?G!54?F0>10!4>!67>9!B783D!?G!3C0!1?2>389P!43!H7D!>?3!1F078!HC03C08!7>@!
3C8?2AC! HC41C! 1C7>>0F! D21C! 4>30FF4A0>10! H7D! DC780@! H43C! ?B08734?>7F! D0128439!
7A0>140DL! %C0! 0GG013450>0DD! ?G! 3C0! Y0>97! :?F410! $085410! 7>@! 3C0! (@64>4D38734?>!
:?F410! H7D! 7FD?! >0A73450F9! 7GG0130@! E9! 3C0! F71W! ?G! 1F078! B?F414>A! ?B08734?>7F!
B8?10@280D! 7>@! E9! B?F43417F! 0/B0@40>19[D! 7@508D0! 46B713! ?>! 3C048! B?F414>A!
B84?84340DL!!

%C0! 80B?83! 801?660>@D! 1?>18030! 607D280D! 3?! 46B8?50! B08G?867>10! 7>@!


711?2>37E4F439! ?G! D3730! D0128439! 7A0>140D! 7>@! 1??8@4>734?>! H43C4>! 3C0! D3730!
D0128439! 601C7>4D6P! 4>1F2@4>A! D380>A3C0>4>A! \?4>3! ?B08734?>7F! B80B780@>0DD!
7887>A060>3Dc! @050F?B4>A! 1?6B80C0>D450!?B08734?>7F! 80540H! B8?10DD0Dc! 608A4>A!
3C0! 3H?! B?F410! 7A0>140Dc! 7>@! 0D37EF4DC4>A! 7>! #>@0B0>@0>3! :?F410! )?6BF74>3D!
(23C?8439L!

%?!E807W!3C0!191F0!?G!46B2>439!HC41C!4D!73!3C0!C0783!?G!3C0!B?D3O0F0134?>!54?F0>10P!
3C0! 80B?83! 801?660>@D! 3C0! 180734?>! ?G! 7! DB0147F! 384E2>7F! H43C! 3C0! 67>@730! 3?!
B8?D01230! 18460D! 1?664330@! 7D! 7! 80D2F3! ?G! B?D3O0F0134?>! 54?F0>10L! %C0! 384E2>7F!
H4FF!C750!7>!4>308>734?>7F!1?6B?>0>3!4>!3C0!G?86!?G!3C0!B80D0>10!?G!>?>OY0>97>D!
?>!3C0!D0>4?8!4>50D34A734?>D!7>@!B8?D01234?>!D37GGL!

!. !

!
!
!
!
;#-"!,!
!
'<&-<,&=!
)>#;"&-!'*&!
,?49@A3245@?!!
!

%C0! )?664DD4?>! ?G! #>X2489! 4>3?! 3C0! :?D3! .F0134?>! ;4?F0>10! ])#:.;^! E0A7>! ?>!
Qg8@! -79! QRRS! H43C! 7>! 7>>?2>1060>3! B2EF4DC0@! 4>! 3C0! Y0>97! I7V0330! +?3410!
+?LhhSg! 5?FL! 1/O>?LhL! %C0! 606E08D! ?G! 3C0! )?664DD4?>! 7D! 7BB?4>30@! H080! 43D!
)C748P! -8L! _2D3410! :C4F4B! <7W4P! 7! \2@A0! ?G! Y0>97[D! )?283! ?G! (BB07F! 7>@! 3H?!
)?664DD4?>08DP! -8L! I754>! -1'7@90>! 7>@! -8L! :7D17F! Y76E7F0! 80DB013450F9!
>734?>7FD! ?G! +0H! i07F7>@! 7>@! 3C0! J06?187341! *0B2EF41! ?G! )?>A?! 80DB013450F9L!
%H?! Y0>97>DP! -8L! J754@! -7\7>\7! 7>@! -8L! I0?8A0! Y0A?8?P! H080! 7BB?4>30@! 3C0!
)?2>D0F!(DD4D34>A!3C0!)?664DD4?>!7>@!)?664DD4?>!$01803789L!

%C0!4>308>734?>7F! 606E08D!?G! 3C0! )?664DD4?>! 788450@! 4>! +748?E4! H43C4>! 7! H00W!


?G!3C0!B2EF41734?>!?G!3C0!I7V0330!>?3410L!(D!80X2480@!E9!F7HP!3C0!)?664DD4?>!3??W!
7>!?73C!?G!?GG410!E0G?80!3C0!)C40G!_2D3410!?>!g8@!_2>0!QRRfL!%C0!)?664DD4?>!C0F@!
43D!G48D3!B80DD!1?>G080>10!3C0!D760!@79L!

K?3C! 3C0! I?508>60>3! ?G! Y0>97! ]I&Y^! 7>@! 3C0! 62F34! @?>?8! %82D3! '2>@! G?8!
+734?>7F! J47F?A20! 7>@! *01?>14F4734?>P! 67>7A0@! E9! 3C0! U>430@! +734?>D!
J050F?B60>3! :8?A87660! ]U+J:^P! G2>@0@! 3C0! )?664DD4?>[D! H?8WL! %C0! G?8608!
B8?54@0@! 3C0! )?664DD4?>! H43C! ?GG410! DB710P! D0128439P! 7>@! 387>DB?83P! HC4F0! 3C0!
F73308! B74@! 3C0! )?664DD4?>[D! 0/B0>D0DP! 4>1F2@4>A! D37GG! 1?D3DL! ! %C0! I&Y! 7FD?!
7DD4D30@! 3C0! )?664DD4?>! @284>A! G40F@! 54D43D! 7>@! C0784>ADL! #>! 7@@434?>P! 3C0!
)?664DD4?>! 8010450@! D2BB?83! G8?6! 3C0!+7W282P! .F@?803P! Y4D262! 7>@! -?6E7D7!
F?17F! 723C?84340D! 7D! H0FF! 7D! G8?6! D05087F! 80F4A4?2D! ?8A7>4V734?>D! @284>A! 43D! G40F@!
54D43DL!(DD4D37>10!4>1F2@0@!5784?2D!39B0D!?G!G714F43734?>!G8?6!3C0!(>AF417>!)C281C!
?G! Y0>97[D! +7457DC7! J4?10D0! 7>@! 3C0! )73C?F41! J4?10D0D! 4>! +7W282P! Y4D262P!
.F@?803!7>@!-?6E7D7L!!!

+1445?B!3C!4D1!)@775EE5@?!

#>4347FF9! 3C0! )?664DD4?>! 7330>@0@! 3?! 7! >26E08! ?G! F?A4D3417F! 7>@! 7@64>4D3873450!
673308D! E0G?80! E0A4>>4>A! 43D! D2ED37>3450! H?8WL! %C0D0! 4>1F2@0@! ?E374>4>A! ?GG410!
$ !

!
DB710P! C484>A! D37GGP! 7>@! 1?FF0134>A! E71WA8?2>@! @?1260>3DL! &>0! 3460! 1?>D264>A!
673308! 3C73! W0B3! 3C0! )?664DD4?>! G8?6! 4660@4730F9! 7@@80DD4>A! 43D! D2ED37>3450!
H?8W! H7D! 3C0! F71W! ?G! ?GG410! DB710L! %C4D! H7D! D?603C4>A! 3C0! )?664DD4?>! @4@! >?3!
7>@! 1?2F@! >?3! C750! 7>3414B730@L! %C0! :7>0F! ?G! .64>0>3! (G8417>! :08D?>7F4340D!
W4>@F9! 7DD4D30@! H43C! 306B?8789! X278308D! 050>! 3C?2AC! 3C09! H080! >?3! G?867FF9!
80DB?>D4EF0! G?8! 3C0! )?664DD4?>L! =?H0508P! 43! 3??W! 3C800! H00WD! ?G! @4D12DD4?>D!
H43C! 3C0! :7>0F! 7>@! 5784?2D! A?508>60>3! ?GG4147FD! 2>34F! 3C0! )?664DD4?>! H7D!
B8?B08F9!D033F0@!7>@!H7D!7EF0!3?!1F784G9!HC41C!0>34340D!H?2F@!B8?54@0!3C0!F?A4D3417F!
D2BB?83!>00@0@!3?!6?50!G?8H78@L!!

J284>A! 3C4D! B084?@P! 3C0! )?664DD4?>! 7DD06EF0@! E71WA8?2>@! @?1260>3D! 7>@!


?3C08! >010DD789! 6730847FL! ! %C0! )?664DD4?>! 7FD?! 4@0>34G40@P! 4>308540H0@! 7>@!
1?6BF030@! D37GG! 801824360>3L! ! (! G2FF! F4D3! ?G! )?664DD4?>! D37GG! 4D! 7>>0/0@L! ! %?!
0>D280! 3C0! 4>@0B0>@0>10! ?G! 43D! 4>50D34A73?8DP! 3C0! )?664DD4?>! 7@50834D0@! F?17FF9!
7>@! 4>308>734?>7FF9! G?8! 3C0D0! B?D434?>DL! '?8! 3C0! D760! 807D?>P! 3C0! )?664DD4?>!
@014@0@! 3C73! 3C0! C07@! ?G! 43D! 3076! ?G! 4>50D34A73?8D! DC?2F@! E0! 7>! 4>308>734?>7F!
873C08! 3C7>! 7! F?17FL! ! %C0! )?664DD4?>! 80182430@! 7! )7>7@47>P! *?E083! I84>D307@P!
G?8! 3C4D! B?D3L! "7308P! 3C0! )?664DD4?>! 7FD?! 80182430@! 7>! 4>308>734?>7F! 1?>D2F37>3P!
J8L!$2V7>>0!-20FF08P!7!B?F43417F!D140>34D3L!

(B783! G8?6! 3C0! 7E?50P! 43! H7D! 7A800@! 3C73! E0172D0! B783! ?G! 3C0! )?664DD4?>[D!
67>@730! H7D! 3?! 4>50D34A730! 3C0! 8?F0! 7>@! 1?>@213! ?G! 3C0! D0128439! G?810D! 4>! 3C0!
B?D3! 0F0134?>! 54?F0>10P! >?>0! ?G! 3C048! D0854>A! 606E08D! H?2F@! E0!0F4A4EF0! 3?!7BBF9!
G?8!B?D434?>D!H43C!3C0!)?664DD4?>L!!#>!7@@434?>P!3C0!)?664DD4?>!7FD?!801?A>4V0@!
3C0! >00@! G?8! DB0147F4D3D! HC?! 1?2F@! 4>50D34A730! D0/27F! 54?F0>10L! %C4D! H7D! 7>!
46B?837>3! B783! ?G! 3C0! B?D3! 0F0134?>! 54?F0>10! 7>@! D?603C4>A! 3C0! )?664DD4?>!
H7>30@! 3?! B8?E0! 1?6B80C0>D450F9! 7D! 7>! 4>30A87F! B783! ?G! 43D! 67>@730L! %C0!
)?664DD4?>P! 3C080G?80P! 80182430@! 3H?! G067F0! 4>50D34A73?8D! 3?! 0/764>0! D0/27F!
54?F0>10M! ?>0! 4>308>734?>7FP! -DL! -0F4>@7! *4/! ?G! +0H! i07F7>@P! 7>@! 7>?3C08! -DL!
IF7@9D!-H78484P!7!Y0>97>L!%C0!)?664DD4?>!7FD?!C7@!3C0!7DD4D37>10!?G!7!G2FF!3460!
BD91C?F?A4D3! 1?2>D0FF?8P! -D! +97H487! Y2847L! %C0! )?664DD4?>! 7FD?! 8010450@!
7DD4D37>10!G8?6!5784?2D!U+P!A?508>60>3!7A0>140DP!7>@!+I&D!DB0147F4V4>A!4>!3C4D!
7807P!D?603C4>A!@4D12DD0@!4>!@0374F!4>!3C0!G2FF!80B?83!E0F?HL!

+ !

!
%C0! )?664DD4?>! G4>7FF9! 71X2480@! ?GG410! DB710! ?>! dS3C! _2>0! QRRfL! K9! Qb! _2>0!
QRRfP! 6?D3! ?G! 3C0! D37GG! H7D! ?>! E?78@! 7>@! 3C0! )?664DD4?>! H7D! 7EF0! 3?! E0A4>!
D2ED37>3450! H?8WL! #>4347FF9P! 3C0! )?664DD4?>! 1?>D2F30@! 4>G?867FF9! H43C! 7! 5784039!
?G!A8?2BD!7>@!C0F@!7!>26E08!?G!1?>D2F373450!60034>ADL!

%C0! )?664DD4?>! 1?>1F2@0@! 078F9! 4>! 43D! 30>280! 3C73! 43! H?2F@! >?3! C750! 0>?2AC!
3460!3?!54D43!7FF!7807D!3C73!C7@!E00>!C0754F9!7GG0130@!E9!3C0!B?D3!0F0134?>!54?F0>10L!
%C0! F4G0! ?G! 3C0! )?664DD4?>P! 7D! B8?54@0@!4>! 3C0! I7V0330P! H7D! ?>F9! 3C800! 6?>3CD!
7>@!D03!3?!0/B480!?>!QQ!(2A2D3!QRRfL!=0>10P!3C0!)?664DD4?>!4660@4730F9!H8?30!
3?! =4D! ./10FF0>19! 3C0! :80D4@0>3! ?G! Y0>97! 7>@! 3?! 3C0! :7>0F! ?G! .64>0>3! (G8417>!
:08D?>7F4340D!7DW4>A!G?8!7!jR!@79!0/30>D4?>!D?!3C73!43!1?2F@!BF7>!7C07@L!!!<C4F0!
3C0!:7>0F!D2BB?830@!3C0!80X20D3P!3C0!+734?>7F!J47F?A20!7>@!*01?>14F4734?>!3076P!
HC41C! H7D! 3C0! G4>7F! @014D4?>! 67W08P! @4@! >?3L! #>D307@! 3C0! )?664DD4?>! H7D!
A87>30@! ?>F9! 7! gR! @79! 0/30>D4?>P! B2EF4DC0@! 4>! 3C0! I7V0330! +?3410! >?L! SQff!;?FL!
1/!T!>?L!jS!@730@!dQ3C!(2A2D3!QRRfL!

%C0! )?664DD4?>! 1?>@2130@! C0784>AD! 4>! B2EF41! 4>! 3C0! G?FF?H4>A! 7807DM! +748?E4!
E03H00>!e!7>@!Qb!_2F9!QRRf!7>@!7A74>!G8?6!de!3?!QS!(2A2D3!QRRfP!+7457DC7!?>!
Qf! 7>@! Qe! _2F9P! +7W282! G8?6! gR! _2F9! 3?! d! (2A2D3! QRRfP! .F@?803! G8?6! b! 3?! S!
(2A2D3!QRRfP!Y4D262!G8?6!dd!3?!dg!(2A2D3!QRRfP!K?87E2!?>!dh!7>@!db!(2A2D3!
7>@!-?6E7D7!?>!d!7>@!Q!$0B306E08!QRRfL!K0172D0!?G!3C0!G74F280!3?!?E374>!7!jR!
@79! 0/30>D4?>! ?G! 3460! 3C0! )?664DD4?>! 7E7>@?>0@! 43D! ?84A4>7F! BF7>D! 3?! 1?>@213!
B2EF41! C0784>AD! 7>@! 4>50D34A734?>D! 4>! Y7W760A7P! K2D47P! Y0841C?P! K2>A?67P!
"74W4B47P! %C4W7! 7>@! "46282L! .50>327FF9P! 3C0! )?664DD4?>! 8010450@! 7>?3C08! 3H?O
H00W! 0/30>D4?>! G?8! 3C0! B28B?D0! ?G! B80B784>A! 3C4D! 80B?83! 3C8?2AC! I7V0330! +?3410!
+?L! fjjd! 4>! ;?F! )Z! T! Sh! @730@! dQ3C! $0B306E08! QRRfL! %C0! @4GG412F39! ?G! 8010454>A!
F46430@! 0/30>D4?>D! B4010607F! 873C08! 3C7>! 7FF! 73! ?>10! @464>4DC0@! 3C0! 17B71439! 3?!
0>A7A0!4>!G?8H78@!BF7>>4>AL!

&E48FG5ED5?B!8!2@773?52845@?!E49841B:!

%C0! B2EF41! F0A4346730F9! 0/B0130@! 3C0! )?664DD4?>! 3?! H?8W! 387>DB780>3F9! 7>@! 3?!
W00B! 3C0! B2EF41! 4>G?860@L! ! K?3C! 3?! 67>7A0! B2EF41! 0/B013734?>D! 1?>108>4>A!
% !

!
4>G?86734?>! 7>@! 3?! @050F?B! 7! 8014B8?17F! 80F734?>DC4B! H43C! 3C0! 60@47P! 3C0!
)?664DD4?>! 7BB?4>30@! -D! -4F@80@! +A0D7P! 7>! 0/B0840>10@! \?28>7F4D3P! 7D! 60@47!
80F734?>D!?GG4108L!

#>! 7@@434?>P! 3C0! )?664DD4?>! @0D4A>0@! 7>@! 0D37EF4DC0@! 7! H0ED430!HHHL14B05L?8A!


3?!G714F43730!B2EF41!7110DD!3?!4>G?86734?>!7E?23!?28!67>@730!7>@!?28!H?8WL!%C0!
)?664DD4?>! 7FD?! D03! 2B! 7! D01280! 0674F! 7@@80DDP! 4>G?k14B05L?8A! G?8! 8010454>A!
1?>G4@0>347F! 4>G?86734?>! 7>@! 1?880DB?>@0>10L! ! &>10! 3C0! )?664DD4?>! E0A7>!
C0784>ADP!3C0!508E7346!801?8@!?G!B2EF41!B8?100@4>AD!H7D!B?D30@!?>!3C0!H0ED430L!!

(D4@0! G8?6! 3C0! 7E?50P! 3C0! )?664DD4?>! 1?>@2130@! B084?@41! 60@47! E840G4>AD! 3?!
4>G?86! 3C0! B2EF41! ?G! 43D! H?8WL! %C0! 3C800! )?664DD4?>08D! 7BB0780@! 3?A03C08! ?>!
30F054D4?>! 4>308540HD! 4>! 3C0! 4>4347F! BC7D0! 7G308! HC41C! 3C0! )C748! 4DD20@! B80DD!
80F07D0D!7>@!0>A7A0@!H43C!3C0!60@47!4>!?3C08!H79DL!

;3FG52845@?!@H!-3G1E!8?A!;9@21A391!

%C0!)?664DD4?>!7FD?!2D0@!43D!4>4347F!B084?@!3?!@050F?B!7>@!B2EF4DC!43D!?H>!82F0D!
7>@!B8?10@280L!%C0!17B71439!3?!67W0!82F0D!4D!A87>30@!2>@08!3C0!)?664DD4?>D!?G!
#>X2489! (13! 7>@! 7FD?! 2>@08! 3C0! 3086D! ?G! 80G080>10! G?8! 3C0! )?664DD4?>L! %C0D0!
82F0DP!?3C08!3C7>!B8?54@4>A!A24@0F4>0D!3?!7DD4D3!3C0!)?664DD4?>!4>!43D!H?8W!H080!
@0D4A>0@! 3?! 7FF?H! B783>08DC4BD! E03H00>! 3C0! )?664DD4?>! 7>@! 7D! 67>9! 4>3080D3!
A8?2BD!7D!B?DD4EF0L!%C0!82F0D!7>@!B8?10@280!G?8!3C0!)?664DD4?>!H080!B2EF4DC0@!
4>!3C0!I7V0330!7D!+?3410!+?L!heQg!?>!dg!_2>0!QRRf!7D!H0FF!7D!3C0!>0HDB7B08D!?>!
Qh!_2>0!QRRfL!

)@?E3G4845@?E!I54D!J@619?71?4!K1C89471?4E!8?A!'4D19E!

(D! B783! ?G! 43D! B80B7873?89! H?8WP! 3C0! )?664DD4?>! 1?>D2F30@! H43C! ?GG4147FD! 7>@!
@0B78360>3D! ?G! 3C0! A?508>60>3! 1?>108>0@! H43CP! ?8! HC?D0! G2>134?>D! G0FF! H43C4>!
3C0! D1?B0! ?G! 3C0! 4>50D34A734?>DL! %C0! B28B?D0! ?G! 3C0D0! 1?>D2F3734?>D! H7DP! G48D3F9P!
3?! E24F@! 7! F050F! ?G! 382D3! H43C! 3C0D0! 4>D343234?>D! 3C73! H?2F@! G714F43730! 3C0!

& !

!
)?664DD4?>[D! 4>50D34A734?>DL! $01?>@F9P! 3C0! )?664DD4?>! D?2AC3! 3?! 0/BF?80! H43C!
3C0! 1?>108>0@! ?GG4147FD! 3C0! 5784?2D! B8713417F! 7887>A060>3D! >010DD789! 3?! 0>7EF0!
4>50D34A734?>DL! ! %C0! 4>4347F! 60034>AD! H43C! ?GG4147FD! H080! C0F@! 4>! B845730L! ! %C0!
?GG4147FD! H43C! HC?6! 3C0! )?664DD4?>! 603! 73! 3C4D! D37A0! 4>1F2@0@! 3C0!
)?664DD4?>08! ?G! :?F410P! 3C0! )?664DD4?>08! ?G! :84D?>DP! 3C0! )?667>@7>3! ?G! 3C0!
(@64>4D38734?>! :?F410P! 3C0! )C40G! ?G! 3C0! I0>087F! $37GGP! 3C0! (33?8>09! I0>087FP! 3C0!
)C74867>!?G!3C0!.F013?87F!)?664DD4?>!?G!Y0>97!].)Y^!]80B80D0>30@!E9!606E08D!
?G! C4D! )?664DD4?>^P! 3C0! J48013?8! I0>087F! ?G! 3C0! +734?>7F! $0128439! #>30FF4A0>10!
$085410P! 3C0! :0867>0>3! $01803789! 3?! 3C0! -4>4D389! ?G! _2D3410P! +734?>7F! )?C0D4?>!
7>@! )?>D343234?>7F! (GG748DP! 7>@! 3C0! :0867>0>3! $01803789! 4>! 3C0! &GG410! ?G! 3C0!
:80D4@0>3! 4>! 1C78A0! ?G! #>308>7F! $0128439! 7>@! :8?54>147F! (@64>4D38734?>L! ! %C4D!
)?664DD4?>! 7BB8014730D! 3C0! F050F! ?G! 1?O?B08734?>! 8010450@! G8?6! 3C0! 5784?2D!
A?508>60>3!@0B78360>3D!3C8?2AC?23!43D!H?8WL!

%C0!)?664DD4?>!7FD?!D?2AC3!72@40>10!H43C!3C0!B?F43417F!F07@08DC4B!7>@!67>7A0@!
3?! 4>308540H! 3C0! ;410O:80D4@0>3P! 3C0! :8460! -4>4D308! 7>@! ?>0! J0B239! :8460!
-4>4D308L!(>!7BB?4>360>3!D?2AC3!H43C!3C0!:80D4@0>3!@4@!>?3!6730847F4V0!HC4F0!3C0!
G?8608!:80D4@0>3!@01F4>0@!3?!6003!H43C!3C0!)?664DD4?>08DL!

#>4347FF9P!3C0!)?664DD4?>!7FD?!54D430@!7!>26E08!?G!7807D!H43C4>!+748?E4!3C73!C7@!
E00>! D05080F9! 7GG0130@! E9! 3C0! B?D3! 0F0134?>! 54?F0>10P! 4>1F2@4>A! Y4E087L! %C4D!
0>7EF0@! 606E08D! 3?! 4>308713! H43C! F?17F! 1?662>4340DP! ?E374>! G00@E71W! G8?6!
3C06P!7>@!7FD?!7FF?H0@!3C0!4>308>734?>7F!606E08D!?G!3C0!)?664DD4?>!3?!71X2480!
7!G00F!G?8!3C0!4DD20D!3C09!H?2F@!0>1?2>308!0FD0HC080L!!!

-@G1!@H!)565G!+@2514:!
%C0! )?664DD4?>! @0F4E08730F9! @014@0@! 3?! H?8W! 1F?D0F9! H43C! Y0>97>! 1454F! D?14039!
?8A7>4V734?>D!7>@!D00W!3C048!7DD4D37>10!H43C!4>G?86734?>P!1?>3713DP!7>@!0/B0834D0!
4>! 7807D! 80F730@! 3?! B?D3O0F0134?>! 54?F0>10L! (! >26E08! ?G! 3C0D0! ?8A7>4V734?>D!
7330>@0@! 3C0! )?664DD4?>[D! C0784>AD! 3C8?2AC! F7H908D! HC?! 80B80D0>30@! 541346D!
7>@!1?662>4340D!7>@!B8?54@0@!2D0G2F!G00@E71W!3?!606E08D!?G!3C0!B2EF41!?>!3C0!
)?664DD4?>[D! H?8WL! %C0D0! 4>1F2@0@! Y0>97>D! G?8! :0710! H43C! %823C! 7>@! _2D3410!

' !

!
]Y:%_^P! 3C0! #>308O*0F4A4?2D! '?826P! 3C0! Y0>97>! $0134?>! ?G! 3C0! #>308>734?>7F!
)?664DD4?>! ?G! _284D3DP! ]#)_OY^P! 3C0! Y0>97! =267>! *4AC3D! )?664DD4?>! ]Y=*)^P!
3C0!Y0>97!+734?>7F!)?664DD4?>!?G!=267>!*4AC3D!]Y+)=*^P!@4GG080>3!1C7B308D!?G!
3C0! )73C?F41! :0710! 7>@! _2D3410! )?664DD4?>P! 7>@! 5784?2D! 80F4A4?2D! 7>@! G743C!
E7D0@!?8A7>4V734?>DL!
!
)454F! D?14039! 7>@! C267>! 84AC3D! ?8A7>4V734?>D! A8073F9! 1?>384E230@! 3?! 3C0!
)?664DD4?>[D!H?8W!E9M!
! :8?54@4>A! E71WA8?2>@! 6730847F! 7>@! 80B?83D! 1?>108>4>A! 3C0! C4D3?89! 7>@!
B73308>D!?G!C267>!84AC3D!54?F734?>D!4>!Y0>97L!%C4D!C0FB0@!3C0!)?664DD4?>!
0D37EF4DC!!7!G?2>@734?>!G8?6!HC41C!3?!B8?100@c!
! I454>A! 7110DD! 3?! 3C048! 801?8@DP! ?G30>! 4>1F2@4>A! D373060>3D! G8?6! H43>0DD0D!
3C09!C7@!4>308540H0@!7>@!C0FB4>A!!67B!?23!A0?A87BC41!80A4?>D!3C73!DC?2F@!
E0!3C0!G?12D!?G!4>50D34A734?>Dc!
! :8?54@4>A! 1?>3713D! H43C! F?17F! 1?662>439! F07@08DP! 4>@454@27F! 541346DP! 7>@!
?3C08! W09! 1?>3713D! 4>! 1?662>4340D! HC080! 3C09! C7@! 0D37EF4DC0@! 382D3! 7>@!
180@4E4F439c!
! (DD4D34>A! ! 7>@! B8?54@4>A! ! 541346D! 3C0! )?664DD4?>! 4>308540H0@! 4>! B2EF41!
7>@! 4>! B845730! H43C! 06?34?>7F! D2BB?83P! E7D0@! ?>! F?>A! 0D37EF4DC0@!
80F734?>DC4BD!H43C!3C06c!7>@!
! &GG084>A!5784?2D!39B0D!?G!7DD4D37>10!3?!541346DP!4>1F2@4>A!60@417F!D085410DP!
1?2>D0FF4>AP!7>@!5784?2D!39B0D!?G!1?662>439!D2BB?83L!
!

+48?A5?B!$1H@91!4D1!)@775EE5@?!

%C0! )?664DD4?>! 7@@80DD0@! 3C0! X20D34?>! ?G! F0A7F! D37>@4>A! G8?6! B08D?>D! HC?!
H4DC0@! 3?! B783414B730! 4>! 43D! B8?100@4>ADL! %C0! G?FF?H4>A! A?508>60>3! @0B78360>3D!
H080! 1?5080@! E9! 43D! 67>@730! 7>@! C0>10! H080! 7FF?H0@! 3?! B783414B730! 4>! 3C0!
C0784>ADM! 3C0! Y0>97! :?F410! $085410P! 3C0! (@64>4D38734?>! :?F410P! 3C0! :8?54>147F!
(@64>4D38734?>P! 3C0! .F013?87F! )?664DD4?>! ?G! Y0>97P! 3C0! +734?>7F! $0128439!
#>30FF4A0>10!$085410P!3C0!Y0>97!:84D?>D!$085410!7>@!3C0!(860@!'?810DL!

!
( !

!
I8?2BD! ?G! 1434V0>D! 7>@! 1454F! D?14039! ?8A7>4V734?>D! 7FD?! 7BBF40@! 3?! B783414B730! 4>!
3C0! B8?100@4>ADL! ! %C09! 4>1F2@0@! 541346D[! 80B80D0>373450DP! 0/B083D! ?>! DB014G41!
7DB013D!?G!3C0!)?664DD4?>[D!H?8WP!7>@!?8A7>4V734?>D!3C73! C7@!E00>!4>5?F50@!4>!
7@@80DD4>A! 3C0! B?D3O0F0134?>! 54?F0>10! 43D0FGL! (FF! C7@! 2D0G2F! 4>G?86734?>! G?8! 3C0!
)?664DD4?>L!

%C0! )?664DD4?>! 1?>D4@080@! 3C73! 3C0! X27F439! ?G! B8?100@4>AD! H?2F@! E0>0G43! G8?6!
7FF?H4>A! 7D! 67>9! 4>3080D3! A8?2BD! 7D! B?DD4EF0! 3?! B783414B730L! #>! 3C0! 0>@P! 3C0!
)?664DD4?>!A750!F0A7F!D37>@4>A!3?!3C0!'0@08734?>!?G!<?60>!"7H908D!]'#J(^!7>@!
3C0! )0>380! G?8! 3C0! (@57>1060>3! ?G! <?60>! 7>@! )C4F@80>P! E?3C! ?G! HC41C! H080!
7FF?H0@! 3?! 80B80D0>3! 3C0! 4>3080D3D! ?G! H?60>! 4>! 3C0! 1?>30/3! ?G! 3C0! B?D3! 0F0134?>!
54?F0>10L! %C0! )?664DD4?>! 7FD?! A87>30@! 3C0! Y0>97>D! G?8! :0710! H43C! %823C! 7>@!
_2D3410P! 3C0! *4G3! ;7FF09! #>308>7FF9! J4DBF710@! :08D?>D! (DD?14734?>P! 3C0! )0>380! G?8!
_2D3410! 7>@! )8460D! 7A74>D3! =267>439P! 7>@! 3C0! %0AF7! "?82B0! '?2>@734?>!
D37>@4>A!7D!4>30850>08DL!!&23D4@0!+748?E4P!3C0!)?664DD4?>!A87>30@!80A4?>7F!F7H!
D?140340D!D37>@4>A!4>!43D!B8?100@4>ADL!%C0D0!4>1F2@0@!3C0!*4G3!;7FF09!"7H!$?14039!
4>! +7W282P! 3C0! +?83C! *4G3! "7H! $?14039! 4>! .F@?803P! 7>@! 3C0! <0D3! Y0>97! "7H!
$?14039! 4>! Y4D262P! 7>@! 3C0! "7H! $?14039! ?G! Y0>97! ]$?23C! *4G3! K87>1C^! 050>!
3C?2AC!3C0!)?664DD4?>!@4@!>?3!C?F@!B8?100@4>AD!4>!Y0841C?P!HC080!3C0!D?14039!4D!
E7D0@L!!

%C0! )?664DD4?>! @01F4>0@! 80X20D3D! G?8! D37>@4>A! E9! Y0>97[D! 3H?! 674>! B?F43417F!
B78340DP!3C0!&87>A0!J06?187341!-?5060>3!]&J-^!7>@!3C0!:7839!?G!+734?>7F!U>439!
]:+U^!E0172D0!43!@4@!>?3!3C4>W!3C048!B783414B734?>!H7D!>010DD789L!=?H0508P!071C!
?G!3C06!30D34G40@!3C8?2AC!3C048!$018037840D!I0>087FL!!

(FF! A8?2BD! B783414B734>A! 4>! 3C0! B8?100@4>AD! H080! 7DW0@! 3?! G28>4DC! 3C0!
)?664DD4?>! H43C! F4D3D! ?G! 3C048! H43>0DD0D! 7>@! D373060>3D! G8?6! 3C0! H43>0DD0DL! (!
D4A>4G417>3! >26E08! ?G! 3C0! H43>0DD0D! HC?! 30D34G40@! E0G?80! 3C0! )?664DD4?>! H080!
4@0>34G40@! 7>@! B8?10DD0@! E9! F7H908D! 7134>A! ?>! E0C7FG! ?G! 5784?2D! 1454F! D?14039!
?8A7>4D734?>DL!%?!674>374>!1?>38?F!?508!43D!B8?100@4>AD!3C0!)?664DD4?>!4>D4D30@!
3C73!D21C!H43>0DD0D!1?64>A!4>!C7@!3?!E0!B8?10DD0@!H43C!3C0!G2FF!B783414B734?>!?G!
)?2>D0F! (DD4D34>A! 3C0! )?664DD4?>L! %C4D! 0>D280@! 3C73! 80F057>3! 7>@! 180@4EF0!
054@0>10! H7D! B80D0>30@L! ! <C0>0508! >010DD789! 3?! 75?4@! A87>@D37>@4>AP! 3C0!
, !

!
)?664DD4?>! 4>30850>0@! 3?! F4643! X20D34?>D! G8?6! F7H908DL! ! %C0! )?664DD4?>[D!
0/B0840>10!H7D!3C73!7FF?H4>A!3C0!@4508D0!4>3080D3D!D00W4>A!80B80D0>3734?>!A8073F9!
4>1807D0@!3C0!X27F439!?G!3C0!4>X2489L!%C0!F7H908D!G?8!3C0!5784?2D!B78340D!E8?2AC3!
2D0G2F! B08DB013450D! E0G?80! 3C0! )?664DD4?>! 3C73! 64AC3! C750! E00>! 64DD0@!
7F3?A03C08P! 4G! 3C09! C7@! E00>! 0/1F2@0@L! #>! 7@@434?>P! 3C0! B783414B734?>! ?G! 3C0D0!
D760!F7H908D!0>7EF0@!3C0!)?664DD4?>!3?!8071C!?23!3?!H43>0DD0D!HC?!64AC3!>?3!
?3C08H4D0! C750! 1?60! G?8H78@L! %C4D! E8?7@0>0@! B783414B734?>! 7>@! 0>841C0@!
2>@08D37>@4>AL! '283C086?80P! 7! >26E08! ?G! 3C0! F7H908D! 7@64330@! 4>3?! ?28!
B8?100@4>AD! C7@! DC78BF9! ?BB?D4>A! B?4>3D! ?G! 540HL! %C4D! 4>1807D0@! 3C0! ?E\01345439!
7>@!3C0!180@4E4F439!?G!3C0!30D34G40@!8010450@L!

/14D@A@G@B528G!,EE31E!

:2EF41!4>50D34A73450!4>X24840D!80B80D0>3!7!603C?@?F?A417F!1C7FF0>A0M!3C09!780!>?3!
1?283D! ?G! F7H! E23! 780! 4>GF20>10@! E9! Y0>97[D! 1?66?>! F7H! 387@434?>L! #>! @014@4>A!
C?H! 3?! B8?100@P! H0! 7@?B30@! 7! 64/! ?G! 1C?D0! 7! C7FG! H79! C?2D0! 3C73! 64/0@! E?3C!
7@508D7847F! 7>@! 4>X24D43?847F! 603C?@DL! %C0! 82F0D! 7>@! B8?10@280D! 80GF0130@! 3C4D!
1C?410L! %C0! )?664DD4?>! 7FD?! G0F3! 3C4D! H7D! 3C0! ?B3467F! 607>D! 3?! 2>1?508! 3C0!
3823C!1?>108>4>A!B?D3!0F0134?>!54?F0>10!7>@!46B2>439!4>!Y0>97L!(3!3C0!D760!3460P!
3C0!)?664DD4?>!H0>3!3?!A8073!F0>A3CD! 3?!0>D280!3C73!7FF!H43>0DD0D!H080!380730@!
G748F9!7>@!@050F?B0@!82F0D!3?!B8?3013!3C06!G8?6!2>G748!7112D734?>DL!

%C0! )?664DD4?>! C7@! 3?! 7@@80DD! 7! >26E08! ?G! ?3C08! 4DD20DL! &>0! H7D! C?H! 3?!
234F4V0! 3C0! 80B?83D! 7>@! ?3C08! 6730847F! 8010450@! G8?6! 5784?2D! ?8A7>4V734?>DP! 7D!
B8?54@0@!E9!B787A87BC!Q]7^!]44^!?G!43D!3086D!?G!80G080>10L!%C0!)?664DD4?>!380730@!
3C4D! 4>G?86734?>! 7D! 43! @4@! 7>9! ?3C08M! 30D34>A! 7>@! 057F2734>A! 43! 4>@0B0>@0>3F9! 3?!
1?6BF060>3!43D!?H>!G4>@4>ADL!

(F3C?2AC!3C0!)?664DD4?>!H?2F@!C750!B80G0880@!3?!C?F@!7FF!43D!C0784>AD!4>!B2EF41P!
B787A87BC! Q]G^! ?G! 43D! 3086D! ?G! 80G080>10! 7FF?H0@! 3C0! C?F@4>A! ?G! B845730! C0784>AD!
HC0>! >010DD789! 3?! 4>D34F! 1?>G4@0>10! 4>! H43>0DD0D! 7>@! 3?! 7FF79! 3C048! G078D! ?G!
80B84D7FDL!%C0!)?664DD4?>!234F4V0@!E?3C!603C?@DL!:2EF41!?GG4147FD!674>F9!30D34G40@!
?B0>F9P!2>F0DD!3C080!H080!A??@!807D?>D!3?!@?!?3C08H4D0L!(!>26E08!?G!541346D!7FD?!
) !

!
30D34G40@!4>!B2EF41L!=?H0508P!67>9!?3C08D!1C?D0!3?!DB07W!4>!B845730!E0172D0!3C09!
G0780@!80B84D7FD!?8!H080!3??!38726734V0@!3?!1?60!G?83C!4>!B2EF41L!%C0!)?664DD4?>!
3??W! A8073! 1780! 3?! B8?3013! 3C0! B845719! ?G! H43>0DD0D! HC?! 30D34G40@! 4>! 176087L!
=?H0508P! H0! @4@! >?3! C750! 7! 80F47EF0! H43>0DD! B8?30134?>! B8?A876! HC41C! 64AC3!
C750! A450>! A807308! D?F710! 3?! ?3C08D! HC?! 75?4@0@! DB07W4>A! 3?! 2DL! &>0! ?G! 3C0!
A80730D3! 1C7FF0>A0D!H7D! 3?! G4>@! 541346D!7>@! 1?>54>10! 3C06!3?! 30D34G9P! D?603C4>A!
3C0!)?664DD4?>!H0>3!3?!A8073!F0>A3CD!3?!@?!4>!DB430!?G!43D!1?>D3874>3DP!4>1F2@4>A!
3460L!%C0!4>50D34A734?>!3076!?G!3C0!)?664DD4?>!H7D!7EF0!3?!1?60!3?!3?H>D!?>F9!
3H?! 3?! 3C800! @79D! E0G?80! 3C0! )?664DD4?>L! =0>10P! 3C09! C7@! 5089! F46430@! 3460! 3?!
G4>@!7>@!B80B780!H43>0DD0DP!D?603C4>A!3C73!0F41430@!@4D7BB?4>360>3P!B783412F78F9!
HC0>! 3C0! )?664DD4?>! H7D! 2>7EF0! 3?! D379! F?>A! 0>?2AC! 3?! C078! 05089?>0! HC?!
H7>30@! 3?! 30D34G9L! +05083C0F0DDP! 3C080! H7D! 7! A0>087F! 807F4V734?>! 3C73! 3C0!
)?664DD4?>! B8?54@0@! 7! 2>4X20! ?BB?832>439! 7>@! 50>20! G?8! 4>@454@27FD! HC?! C7@!
D2GG080@! C?884EF9! 3?! 1?60! 7>@! 30FF! 3C048! D3?840DL! %C0! )?664DD4?>! @4@! HC730508!
B?DD4EF0!3?!711?66?@730!H43>0DD0DP!4>!D?60!17D0D!C?F@4>A!0/30>@0@!C0784>AD!2B!
3?! dh! C?28D! 7! @79L! %C0! )?664DD4?>! 7BB8014730D! 5089! H0FF! 3C73! 4>! 3C0! G4>7F!
7>7F9D4D! ?>F9! 7! 64>4D12F0! D76BF0! ?G! 3C0! 75?4@7EF0! D2GG084>A! 4>GF4130@! 2B?>!
4>>?10>3!Y0>97>D!H7D!C078@L!!

%C0! )?664DD4?>! 7FD?! G710@! 1843414D6! 3C73! 43! 80F40@! C0754F9! ?>! 3C0! 30D346?>9! ?G!
B2EF41!?GG4147FD!4>!43D!C0784>ADL!!%C0!)?664DD4?>!540H0@!7D!43!@239!7>@!H43C4>!43D!
3086D! ?G! 80G080>10! 3?! 17FF! 2B?>! B2EF41! ?GG4147FD! 3?! 711?2>3! G?8! 3C048! 7134?>DL! ! #3!
H7D!G?8!3C4D!807D?>!3C73!G?8!3C0!G48D3!3460!Y0>97>D!H080!7EF0!3?!C078!7>@!D00!C4AC!
87>W4>A!?GG4108D!30D34G9!4>!B2EF41!7>@!E0!D2E\0130@!3?!X20D34?>D!7E?23!3C048!8?F0DL!!
#>!7@@434?>P!3C0!B?F43417F!B78340D!73!3C0!10>380!?G!3C0!B?F43417F!@4DB230!3C73!F0@!3?!
0D37EF4DC60>3!?G!3C4D!)?664DD4?>!1843414V0@!3C0!)?664DD4?>!G?8!B0864334>A!3C06!
?>F9! ?>0! 7G308>??>! 3?! B80D0>3! 3C048! D4@0! ?G! 3C0! D3?89L! %C0! )?664DD4?>! C7@! 3?!
E7F7>10! 3C048! @0D480! G?8! 7>! ?B0>O0>@0@! G?826P! HC41C! 7F807@9! 0/4D3D! 4>!
:78F4760>3P!H43C!?8@4>789! 1434V0>D!HC?!C7@!G78!6?80!F46430@!?BB?832>4340D!3?!E0!
C078@L!

- !

!
:2EF41! C0784>AD! H080! 3?! E0! 67>7A0@! 3?! 0>D280! 7! A??@! 80B80D0>3734?>! ?G!
4>@454@27FD!7>@!4DD20DP!HC4F0!B8?54@4>A!7!G?86!?G!?238071C!G?8!?8@4>789!1434V0>D!3?!
C078!G8?6!3C?D0!0>382D30@!H43C!3C048!D7G039!7>@!3C?D0!HC?!D2GG080@!G8?6!3C0!B?D3!
0F0134?>! 54?F0>10L! (D! 7! 1?>D0X20>10P! 3C0! C0784>AD! 0F41430@! 7>! ?508HC0F64>A!
80DB?>D0!E9!606E08D!?G!3C0!B2EF41!HC?!1760!3?!F4D30>!3?!3C0!?B0>!B8?100@4>ADL!
#>! D?60! 17D0DP! 3C0! B8064D0D! 4>! HC41C! 3C0! )?664DD4?>! C0F@! 43D! C0784>AD! H080!
B71W0@!3?!17B71439!7>@!?3C08D!D?603460D!87>!?23!?G!DB710L!#>3080D34>AF9P!43!H7D!
?>F9! 7G308! 3C0! )?664DD4?>! C7@! C0F@! 43D! C0784>AD! 3C73! 606E08D! ?G! 3C0! B2EF41!
1760!G?8H78@!3?!3C0!4>50D34A73?8D!D00W4>A!3?!30D34G9L!

"D1!)@775EE5@?LE!/14D@A@G@B:!F:!;9@65?21!!

I450>! 3C0! 3460! 1?>D3874>3D! 7@50830@! 3?! 7E?50! 3C0! )?664DD4?>! H7D! >?3! 7EF0! 3?!
54D43! 071C! B8?54>10! 7>@! 3C080G?80! 3C0! 603C?@?F?A9! HC41C! 3C0! )?664DD4?>!
7@?B30@! G?8! A73C084>A! 054@0>10! 57840@! 3?! D?60! 0/30>3! E03H00>! 3C0! 5784?2D!
B8?54>10DL!!
!

&5087FFP! 3C0! )?664DD4?>! 80F40@! ?>! E71WA8?2>@! 6730847F! 7>@! 80B?83D! G8?6!
A?508>60>3P! >?>A?508>60>37FP! 7>@! 1?662>439! E7D0@! ?8A7>4V734?>D! ]+I&D! 7>@!
)K&D^!7>@!4>@454@27FDc!801?8@0@!D373060>3D!?G!541346D!37W0>!E9!?28!4>50D34A73?8D!
7>@!3C0!DH?8>!30D346?>9P!D373060>3D!7>@!0/C4E43D!?G!H43>0DD0D!HC?!1760!E0G?80!
2DL!

<43C!80A78@!3?!3C0!*4G3!;7FF09!B8?54>10P!3C0!)?664DD4?>!C078@!H43>0DD!30D346?>9!
G8?6! gR! 4>@454@27FDM! Qb! 4>! .F@?803! 7>@! b! 4>! +748?E4L! ! %C0D0! 4>1F2@0@! ?GG4147FD!
G8?6! 3C0! B8?54>147F! 7@64>4D38734?>! ]h^P! 3C0! B?F410! ]d^P! 3C0! +$#$! ]d^P! 60@417F!
?GG4108D!?G!C07F3C!]b^P!C?DB437F!06BF?900D!]Q^P!7>@!db!541346D!7>@!H43>0DD0DP!7FF!?G!
HC?6! 1760! E0G?80! 2D! 4>! 176087L! #>! 7@@434?>! ?28! 4>50D34A73?8D! 3??W! D4A>0@!
D373060>3D!4>!B845730!G8?6!Qh!4>@454@27FDP!dS!?G!HC?6!@4@!>?3!30D34G9!E0G?80!3C0!
)?664DD4?>L! <0! 7FD?! 67@0! D430! 54D43D! 3?! 8?7@D! 3C73! H080! EF?1W0@! H43C! C2A0!
E?2F@08DP! 3?! 3C0! Y476E77! 1C281CP! HC080! 4>@454@27FD! H080! E28>0@! 7F450! E9!
67872@4>A!9?23C!7>@!3?!3C0!-?4!%071C4>A!7>@!*0G0887F!=?DB437FL!!

!
$* !

!
+I&DP! 1C281C! A8?2BD! 7>@! ?3C08! F?17F! ?8A7>4V734?>D! G?2>@! 7>@! B80B780@!
H43>0DD0D!3?!6003!3C0!)?664DD4?>L!%C09!7FD?!7FF?H0@!3C048!B8064D0D!3?!E0!2D0@!
7D! D7G0! C750>D! G?8! 4>@454@27FD! HC?! H7>30@! 3?! 30D34G9! 4>! 176087L! #>! .F@?803P! 3C0!
)?664DD4?>! G710@! 3H?! 674>! @87HE71WDL! '48D3P! 7D! 4>! 7FF! BF710D! 3C0! )?664DD4?>!
54D430@P!3C080!H080!3460!1?>D3874>3DL!I450>!3C73!D?60!B783D!?G!3C0!+?83C!*4G3!H080!
67\?8! F?12D! ?G! 3C0! 54?F0>10P! 3C0! )?664DD4?>! 1?2F@! C750! E0>0G430@! G8?6! 6?80!
3C7>!3C0!3C800!@79D!43!C7@L!$01?>@P!7>@!6?D3!46B?837>3F9P!3C080!H7D!7!B0857D450!
1F46730! ?G! G078! G714>A! 541346D! 4>! 3C0! .F@?803! 7807L! $?60! H43>0DD0D! HC?! H080!
H?8840@!7E?23!3C048!D7G039!H080!>?3!B80B780@!3?!30D34G9!4>!.F@?803L!(!G0H!1760!3?!
+748?E4!3?!B8?3013!3C048!7>?>96439L!#3!4D!B?DD4EF0!D?60!H43>0DD0D!HC?!H?2F@!C750!
F4W0@!3?!C750!30D34G40@!3?!3C0!)?664DD4?>P!@4@!>?3!C750!3C0!1?287A0!3?!@?!D?!7>@!
1?2F@!>?3!7GG?8@!3?!38750F!3?!6003!2D!0FD0HC080L!#3!H7D!?28!0/B013734?>!3C73!3C?D0!
7A74>D3! HC?6! 7FF0A734?>D! C7@! E00>! 67@0P! 0DB0147FF9! 3C0! D?O17FF0@! `Y7F0>\4>!
9?23Ca! H?2F@! E0! 7574F7EF0! 3?! 30D34G9! E0G?80! 2D! ?8! 73! F07D3! 801?8@! D373060>3DL!
=?H0508P! >?>0! ?G! 3C06! 1760! G?8H78@! 7>@! 3C080G?80! H0! @4@! >?3! C750! 3C0!
?BB?832>439!3?!F4D30>!3?!7>!711?2>3!?G!3C0!54?F0>10!G8?6!3C0!B08DB013450!?G!3C?D0!
4>!3C0!+?83C!*4G3!7A74>D3!HC?6!7FF0A734?>D!780!67@0L!

&H4>A! 3?! 1?>D3874>3D! ?G! 3460P! 3C0! )?664DD4?>! @4@! >?3! C?F@! G?867F! D4334>AD! 4>!
)0>387F! *4G3P! E23! H7D! 7EF0! 3?! 67W0! 7! 54D43! 3?! Y280D?4! 7>@! +\?8?! 7807D! HC080!
4>G?867F!D0DD4?>D!H080!C0F@!H43C! F?17F!7@64>4D3873?8DP! 3C0!B?F410!7>@!7!>26E08!
?G! 541346DL! J284>A! 43D! D4334>AD! 4>! +7W282P! 3C0! )?664DD4?>! 8010450@! DH?8>!
30D346?>9! G8?6! 5784?2D! H43>0DD0D! HC?! C7@! 7! A??@! ?508540H! ?G! 3C0! @4D38413P!
4>1F2@4>A!3C0!*4G3!;7FF09!:8?54>147F!)?664DD4?>08!]:)^L!!

%C0! G?8608! -?F?! J4D38413! )?664DD4?>08! A750! 054@0>10! 4>! +7W282! %?H>L! ! #>!
7@@434?>P! 3C0! )?664DD4?>! 80F40@! 3?! 7! F78A0! 0/30>3! ?>! 3C0! -4>230D! ?G! 3C0! -?F?!
J4D38413!$0128439!7>@!#>30FF4A0>10!)?6643300!]J$#)^!]7FD?!D2BBF060>30@!E9!J$#)!
-4>230D!G8?6!3C0!>04ACE?284>A!K28034!J4D38413!>?34>A!3C73!3C0D0!Q!1?6643300D!?>!
?117D4?>! C0F@! \?4>3! 60034>ADP! +$#$! 4>30FF4A0>10! 80B?83D! 7>@! 3C0! 80B?83! E9! 3C0!
Y+)=*P! >2608?2D! D373060>3D! 37W0>! @?H>! E9! )#:.;! 4>50D34A73?8D! E23! HC?! G?8!
807D?>D!?G!3460!H080!>0508!17FF0@!3?!30D34G9!7>@!2D0@!3C4D!B846789!7>@!D01?>@789!
054@0>10! 3?! 801?>D38213! 3C0! D3?89! ?G! 54?F0>10! 4>! -?F?! J4D38413L! $?60! @0A800! ?G!

$$ !

!
80F47>10! H7D! 7FD?! BF710@! ?>! 80B?83D! E9! +I&D! 7>@! ?3C08! 1454F! D?14039! 7>@! G743C!
E7D0@!A8?2BD!7>@!?8A7>4V734?>DL!

%C0! )?664DD4?>! 8010450@! 054@0>10! ?>! 54?F0>10! 4>! Y?4E730W! 3C8?2AC! @4D38413!
A?508>60>3! ?GG4147FD! HC?! 30D34G40@! 4>! .F@?803! 7D! H0FF! 7D! 3C8?2AC! D373060>3D! E9!
541346D!7>@!090!H43>0DD0D!HC?!37FW0@!H43C!)?664DD4?>!4>50D34A73?8DL!+?!G?867F!
D4334>AD!H080!C0F@!4>!3C0!@4D38413!3C?2AC!3C0!J)!A750!DH?8>!30D346?>9!4>!.F@?803!
HC4F0!7>?3C08!H43>0DD!7FD?!30D34G40@!4>!+7457DC7!?>!E0C7FG!?G!#J:D!80A78@4>A!3C0!
54?F0>10! 4>! 3C0! @4D38413L! '283C08P! H0! 8010450@! 054@0>10! 4>! B845730! G8?6! 541346D! ?G!
D0/27F! 54?F0>10! 7>@! ?3C08! G?86D! ?G! BC9D417F! C786L! <0! 3C0>! 2D0@!J$#)! 64>230D!
G28>4DC0@! E9! 3C0! *4G3! ;7FF09! :8?54>10! :)! 7>@! +$#$! 80B?83D! 3?! D2BBF060>3!
7574F7EF0!4>G?86734?>L!'4>7FF9P!3C0!)?664DD4?>!80F40@!?>!D373060>3D!B8?54@0@!3?!
)?664DD4?>!#>50D34A73?8D!E23!HC?!G?8!1?>D3874>3D!?G!3460!1?2F@!>?3!E0!17FF0@!3?!
30D34G9L!

%C0! )?664DD4?>! 7FD?! 8010450@! DH?8>! 30D346?>9! G8?6! 7! 541346! ?G! 3C0! 54?F0>10! 4>!
+78?WL! #>! 7@@434?>P! H0! 80F40@! ?>! J$#)! 64>230D! G?8! +78?W! $?23C! J4D38413P! +$#$!
4>30FF4A0>10! 80B?83D! 7>@! 3C0! Y+)=*! 80B?83L! <0! 7FD?! BF710@! 7! C4AC! B806426! ?>!
3C0! (W4H264! *0B?83! 4>! @0D184E4>A! 3C0! C4D3?8417F! 1?>30/3! ?G! 54?F0>10! 4>! 3C4D!
@4D38413L!

%C0!)?664DD4?>!@4@!>?3!1?>@213!7>9!C0784>AD!4>!<0D308>!:8?54>10!@20!3?!3460!
1?>D3874>3DL! #>! 3C0! 148126D37>10DP! 43! H7D! 7887>A0@! 3C73! 054@0>10! G8?6! <0D308>!
:8?54>10!H?2F@!E0!37W0>!HC0>!3C0!)?664DD4?>!H7D!D4334>A!4>!Y4D262!G8?6!dd!3?!
dg!(2A2D3!QRRfL!#>!Y4D262P!3C0!)?664DD4?>!H7D!?>F9!7EF0!3?!37W0!3C0!054@0>10!
?G! 3C0! G?FF?H4>A! 3C800! ?GG4147FD! G8?6! <0D308>! :8?54>10M! 3C0! :8?54>147F!
)?664DD4?>08P! 3C0! :8?54>147F! )8464>7F! #>50D34A734?>D! &GG4108! 7>@! 3C0! :8?54>147F!
-0@417F!&GG4108L!!!

K0172D0!43!@4@!>?3!DB0>@!3460!G?8!C0784>A!4>!<0D308>!:8?54>10P!3C0!)?664DD4?>!
7>@! 43D! 4>50D34A73?8D! @4@! >?3! 4>308713! 7BB80147EF9! H43C! 3C0! H43>0DD0D! 3?! 7! F050F!
HC080!43!H?2F@!E0!D734DG40@!3C73!3C0!054@0>10!B80D0>30@!80GF0130@!3C0!G2FF!87>A0!?G!
4>G?86734?>! 7574F7EF0! 4>! <0D308>! :8?54>10L! ! '283C08P! 2>F4W0! ?3C08! B783D! ?G! 3C0!
1?2>389P! 3C0! )?664DD4?>! 8010450@! F433F0! ?8! >?! 7DD4D37>10! 4>! 3C0! 6?E4F4D734?>! ?G!

$+ !

!
H43>0DD0D! 7>@! 4>@454@27FD! HC?! 1?2F@! 30D34G9! G8?6! ?8A7>4V0@! A8?2BD! H43C4>! 3C0!
80A4?>L! ! )?880DB?>@0>10! 3?! 3C0! F?17F! E87>1C! ?G! 3C0! "7H! $?14039! ?G! Y0>97P! G?8!
0/76BF0P!80674>0@!2>7>DH080@Ld!%C0!80D2F3!4D!3C73!HC0>!3C0!)?664DD4?>!H0>3!
3?!Y4D262P!3C080!H080!>?!H43>0DD0DP!?3C08!3C7>!3C0!?GG4147FDP!HC?!1760!3?!30D34G9!
?>!673308D!80F734>A!3?!54?F0>10!4>!3C0!:8?54>10L!

%C0! )?664DD4?>! C?H0508! 67@0! 7! E840G! 54D43! 3?! Y7W760A7! 3?H>! ?>! e3C! (2A2D3!
QRRf!7>@!3?280@!3C0!3?H>!HC080!43!D7H!B8?B08340D!3C73!C7@!E00>!@0D38?90@!7>@!
@767A0@! @284>A! 3C0! :.;L! %C0! )?664DD4?>! 7FD?! 54D430@! 3C0! Y7W760A7! :?F410!
$3734?>! #J:! 176BL! ! #>! H8434>A! 3C4D! 1C7B308! 3C0! )?664DD4?>! 80F40@! ?>! 3C0!
30D346?>9!?G!3C0!3C800!?GG4147FDP!43D!?ED085734?>D!@284>A!3C0!54D43!3?!Y7W760A7!7>@!
D2E64DD4?>D! 67@0! ?>! E0C7FG! ?G! D?60! 80D4@0>3D! 4>! Y7W760A7! 7>@! ?3C08!
D01?>@789!054@0>10L!

%C0! )?664DD4?>! C0F@! G?867F! D4334>AD! G?8! g! @79D! 4>! Y4D262! 3C?2AC! B783! ?G! 3C4D!
H7D! @05?30@! 3?! <0D308>! :8?54>10L! $0>4?8!B8?54>147F! 7@64>4D38734?>! ?GG4147FD! 7>@!
B?F410! ?GG4108D! 30D34G40@! 3?! A03! 3C0! B08DB013450! ?G! 3C0! 54?F0>10! G8?6! I?508>60>3!
?GG4147FDL!%C4D!H7D!3C0>!\2/37B?D0@!G8?6!3C0!DH?8>!30D346?>9!?G!541346D!3C73!H7D!
D2BBF060>30@! E9! 4>G?86734?>! G8?6! 3C0! -4>4D389! ?G! -0@417F! $085410D! 37W4>A! 4>3?!
711?2>3! 3C73! 3C0! B73308>! ?G! 54?F0>10! 4>! +97>V7! H7D! 39B4G40@! E9! DC??34>AD!
73384E230@! 3?! :?F410L! %C0! )?664DD4?>! 7FD?! 80F40@! C0754F9! ?>! B8?G0DD4?>7F!
7DD?14734?>D! F4W0! 3C0! "7H! $?14039! ?G! Y0>97P! <0D308>! )C7B308! HC41C! G28>4DC0@!
@0374F0@! @0B?D434?>D! G8?6! 541346DL! &H4>A! 3?! 3C0! 87>A0! ?G! H43>0DD0D! 3C73! H080!
80X2480@!3?!B8?54@0!3C0!)?664DD4?>!H43C!3C0!E8?7@!87>A0!?G!4DD20D!43!C7@!3?!@07F!
H43CP!G?12D!H7D!@480130@!3?!3C0!C78@0D3!C43!80A4?>D!>760F9!Y4D262!%?H>P!=?67!
K79! J4D38413! 7>@! -4A?84l*?>A?! J4D38413D! G8?6! HC41C! 6?D3! ?G! 3C0! I?508>60>3!
H43>0DD0D!H080!@87H>!G8?6L!

%C0!)?664DD4?>!C0F@!>?!G?867F!C0784>AD!3?!8010450!054@0>10!7>@!30D346?>9!H43C!
80A78@!3?!3C0!54?F0>10!4>!+748?E4L!$0>4?8!?GG4147FD!73!3C0!C4AC0D3!F050FD!?G!5784?2D!
D0128439! 7A0>140D! 7>@! 7FD?! 80B80D0>373450D! G8?6! B?F43417F! B78340D! @4@! 30D34G9! 4>!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$
!/01102!13!140!56105!$-14!7898:1!+**)!13!140!/6;!<3=!01>!3?!@0A>6B!C0:102A!@0A>6!D26A=4"!

$% !

!
+748?E4! E23! H43C! 7! 540H! 3?! D0334>A! 3C0! >734?>7F! 1?>30/3! 7>@! >?3! 3C0! 54?F0>10! 4>!
+748?E4! B08! D0L! %C0! )?664DD4?>! H7D! 7EF0! 3?! 67W0! 7! D430! 54D43! 4>! Y4E087! 4>! _2F9!
QRRf!HC080!43!DB?W0!3?!D?60!F?17F!F07@08DP!7!>26E08!?G!7@64>4D3873?8D!7>@!7FD?!
3C0! B?F410L! '283C08P! DH?8>! 30D346?>40D! G8?6! 541346D! ?G! D0/27F! 54?F0>10! H080!
8010450@! 4>! 176087L! %7W4>A! 4>3?! 711?2>3! 3C4D! B721439! ?G! 4>G?86734?>P! 3C0!
)?664DD4?>! 80F40@! C0754F9! ?>! +$#$! #>30FF4A0>10! 7>@! D432734?>! 80B?83DP! 3C0!
Y+)=*!80B?83!7>@!80B?83D!E9!5784?2D!1454F!D?14039!?8A7>4V734?>DL!#>!B2334>A!G?83C!
3C0!E71WA8?2>@!G?8!+748?E4!J4D38413P!3C0!)?664DD4?>!7FD?!80F40@!?>!@0DW!80D0781C!
3?!0/BF74>!3C0!A0>0D4D!?G!D?60!?G!DF26!E7D0@!54?F0>10!3C73!3??W!3C0!1C7871308!?G!
80>3!@4DB230D!H43C!7>!03C>41!7>AF0L!

(F3C?2AC! 3C0! )?664DD4?>! H7D! >?3! 7EF0! 3?! 54D43! )0>387F! B8?54>10! @20! 3?!
1?>D3874>3D!?G!3460P!43!>05083C0F0DD!H7D!7EF0!3?!D?F4143!711?2>3D!?G!HC73!C7BB0>0@!
4>!3C73!:8?54>10!@284>A!3C0!B084?@L!%C0!)?664DD4?>!@4@!>?3!C750!?BB?832>439!3?!
4>308540H! H43>0DD0D! 7>@! 4>@454@27FD! 7GG0130@! E9! 54?F0>10L! #3P! 3C080G?80P! 7887>A0@!
G?8! ?GG4147FD! G8?6! 3C0! :8?54>10! 3?! B8?54@0! D373060>3D! ?>! 673308D! 4>! 80F734?>! 3?!
HC41C! 43! H7D! 1?>@2134>A! 3C0! 4>X2489L! $2E64DD4?>D! H080! 8010450@! G8?6! 3C0!
:8?54>147F! )?664DD4?>08P! )0>387F! B8?54>10P! 3C0! J4D38413! )?664DD4?>08D! ?G!!
Y476E2!.7D3!7>@!!Y476E2!<0D3L!

%C0! )?664DD4?>! 7FD?! 8010450@! 7>@! 1?>D4@080@! 3C0! -4>230D! ?G! 3C0! :8?54>147F!
$0128439! 7>@! #>30FF4A0>10! )?6643300! 7>@! J4D38413! $0128439! 7>@! #>30FF4A0>10!
)?6643300! 60034>AD! G?8! 3C0! B084?@! E0G?80! 7>@! 7G308! 3C0! 0F0134?>D! 3?! 0>7EF0! 43!
7BB8014730!3C0!148126D37>10D!?G!B?D3O0F0134?>!54?F0>10!4>!)0>387F!:8?54>10L!

%C0!)?664DD4?>!7FD?!7>>?2>10@!3C8?2AC!3C0!60@47P!4>!43D!B2EF41!C0784>ADP!7>@!
0FD0HC080!3C73!Y0>97>D!H080!0>1?287A0@!3?!D2E643!?8!D0>@!H84330>!D2E64DD4?>D!
3?! 3C0! )?664DD4?>L! =?H0508P! 5089! F433F0! 4>G?86734?>! H7D! 8010450@! G8?6! )0>387F!
:8?54>10!4>!B28D27>10!?G!3C4DL!

%C0! 711?2>3! ?>! 3C0! B?D3! 0F0134?>! 54?F0>10! 4>! 3C0! )0>387F! :8?54>10! 3C080G?80! 4D!
E7D0@! ?>! 3C0! 6730847F! 8010450@! G8?6! 3C0! ?GG4147FD! 4@0>34G40@! 7E?50P! 7>@! G8?6! 7!
1?>D4@08734?>! ?G! 5784?2D! 80B?83DP! 4>1F2@4>A! 3C0! -4>230D! ?G! 3C0! :$#)P! 3C0! J$#)!

$& !

!
7>@! 3C0! 80B?83D! ?G! ?3C08! ?8A7>4V734?>D! 3C73! C750! @?1260>30@! 3C0! B?D3! 0F0134?>!
54?F0>10!4>!3C0!:8?54>10L!

-21C! ?G! 3C0! 3H?! @79D! ?G! G?867F! C0784>AD! C0F@! 73! 3C0! )?7D3! H7D! @05?30@! 3?!
C0784>A!3C0!B8?54>147F!7@64>4D38734?>!7>@!3C0!B?F410P!7>@!G?12D0@!?>!3C0!54?F0>10!
H43C4>!-?6E7D7!)439!7>@!43D!0>548?>DL!$2ED37>347F!054@0>10!H7D!7FD?!?E374>0@!4>!
B845730! G8?6! W09! 4>G?867>3D! HC?! C7@! 7! A??@! ?508540H! ?G! 3C0! 1?>GF413! 7>@! H080!
H0FF! BF710@! 3?! DB07W! 723C?84373450F9! ?>! 3C0! 54?F0>10L! #>! 7@@434?>P! 30D346?>9! H7D!
8010450@!G8?6!541346D!7>@!+I&D!713450!4>!3C0!80A4?>!3?!B4010!3?A03C08!3C0!C4D3?89!
?G!54?F0>10!7D!43!C7BB0>0@!4>!3C0!)?7D3!:8?54>10L!

#GG1B1A!;19C14984@9EM!"@!*871!@9!*@4!"@!*871N!

<0!807F4V0!3C73!Y0>97>D!7>@!3C0!4>308>734?>7F!1?662>439!C750!E00>!C?B4>A!!3C0!
)?664DD4?>[D!80B?83!H4FF!!4@0>34G9!3C0!4>@454@27FD!E0C4>@!3C0!QRRS!B?D3!0F0134?>!
54?F0>10L!!!!!(G308!7FFP!!3C0!)?664DD4?>[D!G48D3!3086!?G!80G080>10Q!4D!3?!4>50D34A730!
3C0! G713D! 80F734>A! 3?! 3C0! B?D3O0F0134?>! 54?F0>10L! (>! 46B?837>3! B783! ?G! 3C73!
4>50D34A734?>! 4D! 3?! 4@0>34G9! HC?! BF7>>0@P! ?8A7>4D0@P! G714F43730@P! 7>@! 1?664330@!
0A80A4?2D!C267>!84AC3D!54?F734?>DL!!!!

#>!178894>A!?23!43D!%&*P!3C0!)?664DD4?>!C7@!3?!67W0!7!182147F!@014D4?>M!HC03C08!
?8! >?3! 3?! >760! >760DL! %C0! 4DD20! 4D! HC03C08P! 4>! >788734>A! 3C0! G713D! 7>@!
148126D37>10D! 80F734>A! 3?! 3C0! B?D3O0F0134?>! 54?F0>10P! 3C0! )?664DD4?>! DC?2F@!
B2EF41F9! @4D1F?D0! 3C0! >760D! ?G! 3C?D0! B08D?>D! 7FF0A0@! E9! ! 5784?2D! H43>0DD0D! 3?!
C750! B08B038730@! 54?F0>10! 73! D?60! F050FL! ! #3! 4D! 7! 1C?410! 3C0! )?664DD4?>! G?2>@!
B783412F78F9!50/4>AL!!%C080G?80P!43!0/B0>@0@!1?>D4@087EF0!3460!4>!80D0781C4>A!7>@!
@4D12DD4>A!3C4D!673308!E0G?80!67W4>A!43D!\2@A60>3L!!

&>0!B?DD4EF0!1C?410!G?8!3C0!)?664DD4?>!!H7D!3?!>760!3C0!B08B03873?8D!B2EF41F9!
A450>!3C0!!!1F078!7@57>37A0!4>!@?4>A!D?L!!Y0>97!C7D!7>!0/38060F9!38?2EF0@!B7D3L!
#3D!C4D3?89!?G!03C>41!54?F0>10!!C7D!E00>!!B7B080@!?508!!G?8!9078D!2>34F!43!0/BF?@0@!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+
!!$E6F!3?!140!G02H:!3?!I0?020A=0"!

$' !

!
4>! C?88?8! ! @284>A! 7>@! 7G308! 3C0! QRRS! 0F0134?>DL! ! %C0! 172D0D! ?G! 3C4D! D?83! ?G!
54?F0>10P! HC41C! E0A7>! 4>! deeQ! H43C! 3C0!G48D3! 62F34! B7839! 0F0134?>DP! C750! 7FH79D!
E00>! W>?H>! G8?6! ?GG4147F! 80B?83D! ?G! B7D3! 1?664DD4?>D! ?G! 4>X2489L! #3! 4D4>! 3C0D0!
*0B?83D!3C73!D?60!4>@454@27FD!C750!E00>!4@0>34G40@!B2EF41F9!7D!E04>A!80DB?>D4EF0!
G?8! 3C0! 54?F0>10L! ! =?H0508P! 3C080! C7D! E00>! >?! D084?2D! 0GG?83! 67@0! E9! 7>9!!
A?508>60>3! ! 3?! B2>4DC! B08B03873?8D! ?G! 54?F0>10! ?8! 3?! 7@@80DD! 3C0! BF4AC3! ?G! 3C048!!
541346DL!!#>!D26P!46B2>439!C7D!E01?60!3C0!?8@08!?G!3C0!@79!4>!Y0>97L!!&>0!H79!
?G!7@@80DD4>A!!46B2>439!4D!3?!B2EF41F9!2>67DW!7>@!DC760!3C?D0!HC?!C750!E00>!
E0C4>@!3C0!1C7?DL!(!D1C??F!?G!3C?2AC3!4D!3C73!3C4D!DC?2F@!E0!@?>0!050>!4G!7FF!3C73!
4D! 7574F7EF0! 7D! B8??G! 4D! 3C0! 541346[D! 508D4?>! ?G! 050>3D! HC41C! D006D! B8?E7EF0L!!
<C080! 3C080! 4D! 6?80! 3C7>! \2D3! ! 3C0! 541346D[! 711?2>3! 7574F7EF0P! 3C080! 4D! 050>! 7!!
6?80! 1?6B0FF4>A! 807D?>! 3?! >760! 7FF0A0@! B08B03873?8DL! ! "0A7F! 7>@! B8?10@287F!
>410340DP!3C0!B08D?>7F!D7G039!7>@!80B23734?>!?G!3C0!B08D?>!>760@P!H?2F@!4>!3C73!
17D0! E0! D2E\2A730@! 3?! E9! 3C0! >734?>7F! 46B0873450! ?G! G4AC34>A! 46B2>439L! ! %C0!
>760@! 4>@454@27FDP! 4>! 7>9! 050>3P! H?2F@! C750! 801?28D0! 3?! 3C0! 1?283D! 3?! D00W!
80@80DD!7>@!3C0!60@47!3?!0/B80DD!3C048!B2EF41!80E2337FDP!4G!7>9L!

(>!7F308>73450!4D!3?!E0!G743CG2F!3?!108374>!F0A7F!G2>@760>37FD!B84?8!3?!3C0!>764>A!
?G! 7FF0A0@! B08B03873?8D! 4>! B2EF41L! %C4D! )?664DD4?>! H7D! 7BB?4>30@! 2>@08! 3C0!
)?664DD4?>D!?G!#>X2489!(13!])7B!dRQ^!"7HD!?G!Y0>97!HC080!!43D!!)?664DD4?>08D!
780! 80X2480@! 2>@08! D0134?>! S! ]4^! 3?! 67W0! 7! `G2FFP! G743CG2F! 7>@! 46B78347F! 4>X2489aL!!
%C0! )?664DD4?>! 0DB?2D0D! 3C0! 82F0! ?G! F7H! 7>@! 4D! A24@0@! 711?8@4>AF9! 4>! 3C0!
@4D1C78A0! ?G! 43D! 67>@730L! ! &>0! ?G! 3C0! G2>@760>37F! B84>14BF0D! ?G! F7H! 4D! 3C0!
7BBF41734?>! ?G! 3C0! 82F0D! ?G! >73287F! \2D3410! 4>! 3C0! 7@\2@41734?>! ?G! @4DB230DL! %C0!
?3C08!4D!3C0!B80D26B34?>!?G!4>>?10>10L!!(>@!?>0!?G!3C0!82F0D! ?G!>73287F!\2D3410P!
HC41C! 3C0! )?664DD4?>! \07F?2DF9! A278@DP! 4D! 3C73! >?! ?>0! DC?2F@! E0! 1?>@06>0@!
H43C?23!A454>A!3C06!7>!?BB?832>439!3?!E0!C078@L!!:28D27>3!3?!3C4D!B84>14BF0P!3C0!
)?664DD4?>! C?B0@! 3C73! 43! H?2F@! C750! 7>! ?BB?832>439! 3?! D0850! 7FF! 4>@454@27FD!
7@508D0F9!60>34?>0@!@284>A!43D!4>X2489!H43C!>?3410D!?G!D21C!60>34?>D!7>@!A87>3!
3C06! 7>! ?BB?832>439! 3?! 801?8@! 3C048! 054@0>10! H43C! 3C0! )?664DD4?>L! ! '?8! 3C4D!
)?664DD4?>! 3C73! ?BB?832>439! >0508! 78?D0! G?8! 7! F78A0! >26E08! ?G! 7@508D0F9!
60>34?>0@!B08D?>D!0/10B3!G?8!7!G0H!HC?!1760!E0G?80!2DL!!.50>!4>!3C0D0!17D0DP!43!
H?2F@! D34FF! E0! >010DD789! G?8! 3C0! )?664DD4?>! 3?! 17889! ?23! G283C08! 4>50D34A734?>D!
$( !

!
E0G?80!>764>A!>760D!3?!5084G9!7FF!3C0!6730847F!G713DL!!%C0!674>!807D?>!HC9!3C4D!
3C80DC?F@!H7D!>?3!603!4D!3C73!3C0!3460!7FF?1730@!3?!3C0!)?664DD4?>!3?!1?6BF030!
43D! 37DW! H7D! 0/38060F9! ! F46430@c! 43! H7D! 4>! G713! G78! 3??! DC?83! 3?! 1?>3713! 7>@! C078!
3C0!D4@0!?G!7FF!3C?D0!HC?!C7@!E00>!7@508D0F9!60>34?>0@!@284>A!3C0!)?664DD4?>[D!
C0784>ADL!(FD?P!4>!D?60!17D0DP!3C0!1?>3713D!7>@!7@@80DD0D!?G!3C0!>760@!B08D?>D!
H080!2>7574F7EF0L!

%C0!D01?>@!G2>@760>37F!4DD20!G?8!3C0!)?664DD4?>!4D!>05083C0F0DD!3?!0>D280!3C73!
3C0! B08B03873?8D! ?G! 3C0! B?D3! 0F0134?>! 54?F0>10! 780! E8?2AC3! 3?! ! ! 711?2>3! G?8! 3C048!
@00@D!7>@!3C73!3C0!4DD20!?G!46B2>439!4D!7@@80DD0@L!!'?8!3C4D!3?!E0!D2110DDG2FP!3C0!
4>30A8439! ?G! 3C0! 054@0>10! A73C080@! E9! 3C0! )?664DD4?>! H?2F@! C750! 3?! E0!
D7G0A278@0@L! %C0! 054@0>10! 3C0! )?664DD4?>! C7D! A73C080@! D?! G78! 4D! >?3P! 4>! ?28!
7DD0DD60>3P! D2GG4140>3! 3?! 6003! 3C0! 3C80DC?F@! ?G! B8??G! 80X2480@! G?8! 18464>7F!
673308D! 4>! 3C4D! 1?2>389M! 3C73! 43! E0!"#$%&'(! )$*+&'*#,$! (&-#./L! ! #3! 679! 050>! G7FF!
DC?83! ?G! 3C0! B8??G! 80X2480@! G?8! 4>308>734?>7F! 18460D! 7A74>D3! C267>439L! ! <0!
E0F4050P! C?H0508P! 3C73! 3C0! )?664DD4?>[D! 054@0>10! G?86D! 7! G486! E7D4D! G?8! G283C08!
4>50D34A734?>D!?G!7FF0A0@!!!B08B03873?8DP!0DB0147FF9!1?>108>4>A!3C?D0!HC?!E?80!3C0!
A80730D3!80DB?>D4E4F439!G?8!3C0!B?D3!0F0134?>!54?F0>10L!!#>!3C0!>73280!?G!3C4>ADP!3C0!
B80673280! @4D1F?D280! ?G! D21C! 054@0>10! 7>@! 3C?D0! 43! 80F730D! 3?! 0/B?D0D! 43! 3?!
B?DD4EF0!D7E?37A0!?8!?3C08!7@2F308734?>!E0G?80!4>50D34A73?8D!C750!7>!?BB?832>439!
3?! 7DD0DD! 43L! %C0! )?664DD4?>! C7D! 4>! B?DD0DD4?>! 3C0! >760D! ?G! B?H08G2F!
4>@454@27FD! 4>! B?F4341DP! A?508>60>3P! E2D4>0DDP! 3C0! B?F410! 7>@! 0FD0HC080! HC?D0!
17B71439! G?8! 4>308G080>10! H43C! 43D! 054@0>10! 17>! >043C08! E0! 7DD260@! >?8!
@4D64DD0@L!

'283C086?80! 3C0! 8010>3F9! 0>7130@! <43>0DD! :8?30134?>! (13! QRRf! HC41C! E01760!
?B08734?>7F! ?>! Q>@! $0B306E08P! QRRf! C7D! >?3! E00>! 30D30@L! ! #3! 4D! ?28!
801?660>@734?>!3C73!3C0!(13!E0!G2FF9!?B08734?>7F4D0@!3?!7BBF9!3?!3C0!H43>0DD0D!3?!
0>D280! 3C048! 7E4F439! 3?! 30D34G9! 7A74>D3! B?H08G2F! 4>@454@27FD! H43C?23! G078! ?G!
80384E234?>L!!!

$, !

!
%C0! )?664DD4?>! C7D! 1780G2FF9! H04AC0@! 3C0! 1C?410D! 7574F7EF0! 3?! 43! 7>@! C7D!
@014@0@! 7A74>D3! B2EF4DC4>A! 3C0! >760D! ?G! 7FF0A0@! B08B03873?8D! 4>! 43D! 80B?83L!!
#>D307@P! 3C0D0! >760D! H4FF! E0! BF710@! 4>! 7! D07F0@! 0>50F?B0P! 3?A03C08! H43C! 43D!
D2BB?834>A! 054@0>10L! K?3C! H4FF! E0! W0B3! 4>! 3C0! 12D3?@9! ?G! 3C0! :7>0F! ?G! (G8417>!
.64>0>3! :08D?>7F4340D! B0>@4>A! 3C0! 0D37EF4DC60>3! ?G! 7! DB0147F! 384E2>7F! 3?! E0!D03!
2B!4>!711?8@7>10!H43C!?28!801?660>@734?>DL!!

#>!@0G72F3!?G!D0334>A!2B!3C0!%84E2>7FP!1?>D4@08734?>!H4FF!E0!A450>!E9!3C0!:7>0F!3?!
G?8H78@4>A! 3C0! >760D! ?G! 7FF0A0@! B08B03873?8D! 3?! 3C0! DB0147F! B8?D0123?8! ?G! 3C0!
#>308>734?>7F!)8464>7F!)?283!]#))^!4>!3C0!=7A20!3?!1?>@213!G283C08!4>50D34A734?>D!
4>!711?8@7>10!H43C!3C0!#))!D373230DL!!%C4D!4D!7!67\?8!801?660>@734?>!67@0!E9!
3C0!)?664DD4?>L!

$8E5E!H@9!-12@771?A845@?E!

U>@08!43D!%086D!?G!*0G080>10!3C0!)?664DD4?>!H7D!17FF0@!2B?>!3?!67W0!DB014G41!
801?660>@734?>D!?>!DB014G41!607D280DL!%C8?2AC?23!3C0!C0784>AD!7>@!4>!H84330>!
D2E64DD4?>DP! 3C0! )?664DD4?>! 8010450@! 7! H4@0! 78879! ?G! 801?660>@734?>D!
1?5084>A! 7! HC?F0! 87>A0! ?G! 4DD20DP! H43C4>! 7>@! ?23D4@0! ?G! 3C0! )?664DD4?>[D!
67>@730L! ! ! $?60! ?G! 3C0D0! 801?660>@734?>D! H080! A0>087F! 7>@! ?3C08D! DB014G41!
HC4F0! ?3C08D! 80F730@! 3?! 3C0! >?867F! G2>134?>D! ?G! A?508>60>3L! ! ! -7>9! 0/B80DD0@!
D10B3414D6!3C73!HC730508!801?660>@734?>D!3C0!)?664DD4?>!67W0D!H?2F@!>0508!
E0! 46BF060>30@! 7>@! 7D! D21C! 3C4D! 1?664DD4?>! H7D! 7! H7D30! ?G! 3460! 7>@! B2EF41!
80D?2810DL! ! '?8! 3C?D0! 807D?>D! 3C0! )?664DD4?>! 67@0! 7! \2@A60>3! ?>! HC73! H7D!
80F057>3!7>@!46B?837>3!G?8!801?660>@734?>!E7D0@!?>!3C0!G?FF?H4>A!G713?8Dc!!

dL %C0!801?660>@734?>D!DC?2F@!E0!@0F4E08730F9!DB014G41!3?!7FF?H!>?!D1?B0!
G?8!75?4@7>10!?G!80DB?>D4E4F439!4>!46BF060>3734?>L!
QL (! G0H! 801?660>@734?>D! 780! 07D408! 3?! 46BF060>3! 7>@! B80D0>3! 7! F0DD08!
E28@0>P!G4>7>147F!?8!?3C08H4D0P!?>!3C?D0!37DW0@!3?!46BF060>3!3C06L!
gL #3! 4D! 46B?837>3! 3?! 4@0>34G9! DC?83! 3086! 7>@! F?>A! 3086! 801?660>@734?>D!
7>@!B8?B?D0!7!3460!G8760!G?8!46BF060>3734?>L!
hL &508! 3C0! F7D3! G450! 9078D! ?8! D?! 3C080! C750! D00>! 0>?86?2D! 80G?86!
4>43473450D!4>!3C0!F0A7F!7>@!B2EF41!D013?8D!7>@!43!4D!3C080G?80!!>010DD789!

$) !

!
3?! 804>G?810! 3C0! ?>A?4>A! 80G?86! B8?10DD! 7>@! 7A0>@7! H43C! 3C0! 746! ?G!
06B?H084>A!Y0>97>!4>D343234?>D!3?!0GG013!1C7>A0L!
bL %C0! )?664DD4?>! DC?2F@! 7FD?! 1F078F9! D03! ?23! 711?2>37E4F4340D! 7>@!
80DB?>D4E4F4340D! G?8! 0GG0134>A! 801?660>@734?>D! 7>@! 6?>43?84>A! 3C0!
46BF060>3734?>!B8?10DDL!
<0! E0F4050! 3C0! 801?660>@734?>D! ?G! 3C4D! )?664DD4?>! 780! 17B7EF0! ?G!!!
46BF060>3734?>! 7>@! 6?>43?84>A! 7>@! 3C73! HC080! 3C080! 4D! G74F280! 3?! 46BF060>3P!
711?2>37E4F439! 7>@! 80DB?>D4E4F439! 17>! E0! 7DD4A>0@! 3?! 7! DB014G41! B08D?>! ?8!
4>D343234?>L!

+3CC@945?B!K@2371?4845@?!

%C0! 508E7346! 801?8@4>A! ?G! 3C0! )?664DD4?>[D! B8?100@4>ADP! D373060>3DP!


D2E64DD4?>D!7>@!?3C08!054@0>10!?>!3C0!E7D4D!?G!HC41C!3C4D!80B?83!4D!@08450@!C750!
E00>! 1?6B4F0@! 7>@! C7>@0@! ?508! 3?! 3C0! :80D4@0>3! ?G! 3C0! *0B2EF41! ?G! Y0>97! H43C!
3C0!80X20D3!3C73!43!E0!BF710@!4>!3C0!+734?>7F!(81C450D!G?8!B2EF41!80G080>10L!(D!C7D!
E00>!0/BF74>0@P! 6730847F! 3C73! H7D! 8010450@! 4>! 176087! 7>@! HC41C! 30>@D! 3?!DC?H!
12FB7E4F439! ?G! 108374>! 4>@454@27FD! C7D! E00>! G?8H78@0@! 3?! 3C0! :7>0F! ?G! .64>0>3!
(G8417>! :08D?>7F4340D! 3?! @07F! H43C! 3C0! D760! 4>! 711?8@7>10! H43C! ?28!
801?660>@734?>DL!

$- !

!
!
!
!
!
!
;#-"!,,!
!
">&!(#)"+!#*K!+O--'O*K,*J!),-)O/+"#*)&+!
-&%#",*J!"'!">&!;'+"!&%&)",'*!<,'%&*)&

+* !

!
)>#;"&-!"='!!
;@E4P&G1245@?!<5@G1?21Q!RSST!U!>@I!K11C!#91!4D1!-@@4ENV!!
,?49@A3245@?!

%C0! 674>! E?@9! ?G! 3C4D! *0B?83! 0/764>0D! 3C0! B?D3OQRRS! 0F0134?>D! 54?F0>10! 4>!
Y0>97L!%C4D!4>1F2@0DM!!

! 3C0! G713D! 7>@! 148126D37>10D! 80F730@! 3?! 3C0! 713D! ?G! 54?F0>10! G?FF?H4>A! 3C0!
QRRS!B80D4@0>347F!0F0134?>Dc!

! 3C0!7134?>D!?8!?64DD4?>D!?G!$3730!D0128439!7A0>140D!@284>A!3C0!1?28D0!?G!3C0!
54?F0>10c!7>@!!

! D03D! ?G! 801?660>@734?>D! 1?>108>4>A! 607D280D! 3?! E0! 37W0>! 3?! B8050>3P!
1?>38?FP!7>@!087@41730!D464F78!54?F0>10!4>!3C0!G23280c!E84>A!3?!\2D3410!3C?D0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%
!G4!:!=46J102!!:!526;A!?23H!6!:>A140:!:!3?!!::80:!5!:=8::05!K>!@0A>6A!0.J021:!!!A!6!=3A:8L161!#0!9238J!H001!A9!;!14!
140!M3HH!::!3A!3A!+(!7898:1!+**)!6A5!?23H!140!?3LL3;!A9!:382=0:!!A=L85!A9!621!=L0:!!A!05!105!=3LL0=1!3A:N!I0J8KL!=!
3?! @0A>6! O! PQR7SB! 7RITN! M38A12>! I0#!0;! I0J321! 3?! 140! I0J8KL!=! 3?! @0A>6! ET6>! +**(FU! 7?2!=6! C61=4B! S!#!50! 6A5!
I8L0N!<1610"<J3A:3205!Q14A!=!V!3L0A=0!!A!@0A>6"!P0;!W32XN!Y8H6A!I!941:!C61=4B!$--+U!I0J8KL!=!3?!@0A>6B!I0J321!3?!
140! Z85!=!6L! M3HH!::!3A! 7JJ3!A105! 13! [A\8!20! [A13! G2!K6L! ML6:40:! !A! @0A>6! E40206?102! 20?02205! 13! 6:! 140! ]7X!;8H!!
I0J321^FB! P6!23K!N! _3#02AH0A1! R2!A102B! %$! Z8L>! $---U! I0J8KL!=! 3?! @0A>6"! I0J321! 3?! 140! R62L!6H0A162>! <0L0=1!
M3HH!1100! 13! [A#0:1!9610! Q14A!=! ML6:40:! !A! C0:102A! 6A5! 31402! R621:! 3?! @0A>6B! P6!23K!N! _3#02AH0A1! R2!A102B!
<0J10HK02!$--+U!!<8:6AA0!S"!T80LL02B!]G40!R3L!1!=6L!Q=3A3H>!3?!@0A>6`:!M2!:!:B^!Z382A6L!3?!Q6:102A!7?2!=6A!<185!0:B!
V3L"!+B!P3"!+B!Z8L>!+**)B!JJ"!$)'"+$*U!T"!@618H6A96B!]7!M!1>!aA502!<!090N!D6A5!12>!6A5!T350:!3?!7==8H8L61!3A!!A!
P6!23K!B! $--$"+**&B^! I0#!0;! 3?! 7?2!=6A! R3L!1!=6L! Q=3A3H>B! A3"! $*(B! +**'B! JJ"! '*'"+*U! R0102! T"! @69;6Ab6B! ]c6=!A9!
T38A1!@0A>6!32!c6=!A9!T0==6dN!G40!T8A9!X!!Q14A!=!V!3L0A=0!6A5!140!R3L!1!=:!3?!140!T3!!<8==0::!3AB^!$*+B!A3"!&*(B!
Z6A862>! +**%B! JJ"! +'"&-U! S6#!5! 7A502:3AB! ]V!9!L6A10:B! V!3L0A=0B! 6A5! 140! R3L!1!=:! 3?! R8KL!=! e2502! !A! @0A>6B^! 7?2!=6A!
7??6!2:! $*$B! A3"! &*'B! +**+B! JJ"! '%$"''U! ! V62!38:! 621!=L0:! !A=L8505! !A! 140! 05!105! ;32X:! 3?! _35;!A! T828A96! 6A5!
<46526=X!P6:3A9`3B!05:"B!!@0A>6N!G40!<12899L0!?32!S0H3=26=>B!/3A53A!6A5!P0;!W32XN!+**,U!3?!C6L102!e"!e>89!B!R"!
C6A>6A50B!6A5!M"!e54!6HK3!TK6!B!05:"B!G40!R3L!1!=:!3?!G26A:!1!3A!!A!@0A>6N!c23H!@7Pa!13!P7IMB!P6!23K!N!Y0!A2!=4!
D3LL! c38A561!3AB! +**%U! 6A5! 3?! T62=0L! I8110AB! 7"! T6f28!! 6A5! c"! _2!9A3AB! 05:"B! e81! ?32! 140! M38A1N! $--,! _0A026L!
QL0=1!3A:! 6A5! R23:J0=1:! ?32! S0H3=26=>! !A! @0A>6B! @6HJ6L6N! c38A16!A! R8KL!:402:B! +**$U! S6#!5! G4238JB! ]G40!
M3A:128=1!3A! 6A5! S0=3A:128=1!3A! 3?! 140! @0A>6116! <1610B^! !A! G40! R3L!1!=6L! Q=3A3H>! 3?! @0A>6B! 05!105! K>! T!=460L!
<=461fK029"!P0;!W32XN!R260902B!$-,)B!JJ"!%%",&U!<8:6AA0!S"!T80LL02B!]_3#02AH0A1!6A5!eJJ3:!1!3A!!A!@0A>6B!$-$-"
$-(-B^!Z382A6L!3?!T3502A!7?2!=6A!<185!0:B!#3L"!++B!A3"!%B!$-)&B!JJ"!%--"&+,U!S6A!0L!D26A=4!6A5!P!=!M400:0H6AB!]G40!
R3L!1!=:!3?!M3A123L!!A!@0A>6N!aA502:16A5!A9!140!D82068=261!=!Q.0=81!#0!<1610!!A!@0A>6B!$-'+",)B^!I0#!0;!3?!7?2!=6A!
R3L!1!=6L!Q=3A3H>B!$*,B!+**'B!JJ"!%+'"%(U!![A102A61!3A6L!M2!:!:!_238JB!@0A>6!!A!M2!:!:B!![A102A61!3A6L!M2!:!:!_238JB!+$!
c0K2862>! +**)U! @!LL!A9! 140! V310N! <1610! <J3A:3205! V!3L0A=0! 6A5! cL6;05! QL0=1!3A:! !A! @0A>6B! P6!23K!N! @0A>6! Y8H6A!
I!941:!M3HH!::!3AB!$--)!E<8KH!1105!13!140!M3HH!::!3A!6:!Q.4!K!1!+$DFU!D046#!A9!D65L>N!S0=0J1!3AB!M468#!A!:H!6A5!
C6:10! S82!A9! 140! I0?020A58H! M6HJ6!9A"! P6!23K!N! @0A>6! Y8H6A! I!941:! M3HH!::!3AB! A"5"! E<8KH!1105! 13! 140!
M3HH!::!3A!6:!Q.4!K!1!+$!MFU!Y8H6A!I!941:!C61=4B!]D6LL31:!13!D8LL01:N!e296A!f05!R3L!1!=6L!V!3L0A=0!6A5!@0A>6`:!M2!:!:!
3?!_3#02A6A=0B^!V3L"!+*B!P3"!$!E7FB!T62=4!+**)!E<8KH!1105!13!140!M3HH!::!3A!6:!0.4!K!1!+$TFU!@0A>6!Y8H6A!I!941:!
M3HH!::!3AB! ]QL0=1!3A:! 6A5! Y8H6A! I!941:! D8LL01!A! P3"! $B! +**,! E! <8KH!1105! 13! 140! M3HH!::!3A! 6:! 0.4!K!1! +$_FU!
@0A>6A:! ?32! R06=0! ;!14! G2814! 6A5! Z8:1!=0B! ]R3:1! QL0=1!3A! V!3L0A=0! !A! @0A>6B^! +**)! E! :8KH!1105! 13! M3HH!::!3A! 6:!
Q.4!K!1!+$YF"!
+$ !

!
80DB?>D4EF0! G?8! 18464>7F! 713Dc! 087@41730! 46B2>439! 7>@! B8?6?30! >734?>7F!
801?>14F4734?>c!!46B8?50!3C0!G2>134?>4>A!?G!D0128439!7A0>140Dc!@07F!H43C!7>9!
?3C08!F0A7FP!B?F43417F!7>@!7@64>4D3873450!673308D!@0060@!>010DD789c!7>@!

! 67W0! D21C! D2AA0D34?>D! 3?! 3C0! %823CP! _2D3410P! 7>@! *01?>14F4734?>!


)?664DD4?>! 7D! 3C0! )?664DD4?>! 3?! #>50D34A730! :?D3O.F0134?>! ;4?F0>10!
])#:.;^!@006D!>010DD789L!

%C0D0!780!3C0!E7D41!3086D!?G!80G080>10!?G!3C0!)?664DD4?>L!

%C4D! 1C7B308! 0/764>0D! 3C0! 8??3D! ?G! 3C0! B?D3OQRRS! 0F0134?>D! 54?F0>10! 4>! Y0>97P!
HC4F0! 3C0! -74>! *0B?83! 1?>374>D! 3C0! >78873450P! G4>@4>ADP! 7>@! 801?660>@734?>DL!!
%C4D! )C7B308! @87HD! 3C0! 540HD! 0/B80DD0@! 73! 7! 1?>D2F373450! 60034>A! HC41C! 3C0!
)?664DD4?>! C0F@! H43C! 7! A8?2B! ?G! Y0>97>! 0/B083D! ?>! Qj! (2A2D3! QRRf! 7>@! 7FD?!
G8?6!?3C08!D32@40D!7>@!80B?83D!?>!3C0!D2E\013L!$B014G417FF9P!43!73306B3D!3?!4D?F730!
G713?8D! 3C73! 0/BF74>! 3C0! 172D0D! ?G! 3C0! 54?F0>10! 7>@! HC9! 43! 0D17F730@! ! 7D! 43! @4@L!
%C0D0!G713?8D!@06?>D38730!7FD?!C?H!7>@!HC9!54?F0>10!C7D!E01?60!7!H79!?G!F4G0!4>!
Y0>97P! 7! 1?2>389! ?>10! W>?H>! G?8! B0710P! B8?DB08439P! 7>@! 43D! B?30>347F! G?8!
@050F?B60>3L!!

<0!0>2608730!3C0D0!G713?8D!E0F?HL!!

%C0!G48D3!4D!3C0!A8?H4>A!B?F43414V734?>!7>@!B8?F4G08734?>!?G!54?F0>10!4>!Y0>97!?508!
3C0!9078DP!DB014G417FF9!3C0!4>D343234?>7F4V734?>!?G!54?F0>10!G?FF?H4>A!3C0!F0A7F4V734?>!
?G! 62F34OB7839! @06?18719! 4>! deedL! &508! 3460P! 3C4D! @0F4E08730! 2D0! ?G! 54?F0>10! E9!
B?F434147>D!3?!?E374>!B?H08!D4>10!3C0!078F9!deeRDP!BF2D!3C0!@014D4?>!>?3!3?!B2>4DC!
B08B03873?8D! C7D! F0@! 3?! 7! 12F3280! ?G! 46B2>439! 7>@! 7! 1?>D37>3! 0D17F734?>! ?G!
54?F0>10L!%C4DP!4>!328>P!C7D!172D0@!7!G283C08!@4GG2D4?>!?G!54?F0>10!4>!3C0!1?2>389P!
HC41C!>?H!4D!F78A0F9!?23D4@0!?G!3C0!1?>38?F!?G!3C0!$3730!7>@!43D!D0128439!7A0>140DL!
%C2DP! 54?F0>10! C7D! E01?60! 7! G713?8! >?3! \2D3! ?G! 0F0134?>D! E23! 4>! 05089@79! F4G0L!
<C73!3C4D!607>D!4>!B8713410!4D!3C73!54?F0>10!4D!H4@0DB807@!7>@!17>!E0!37BB0@!G?8!
7!5784039!?G!807D?>DP!4>1F2@4>A!E23!>?3!0/1F2D450F9!3?!H4>!0F0134?>DL!

++ !

!
$01?>@! 4D! 3C0! A8?H4>A! B?H08! 7>@! B08D?>7F4V734?>! ?G! B?H08! 78?2>@! 3C0!
:80D4@0>19L! %C4D! C7D! C7@! 7! 3H?G?F@! 46B713L! '48D3P! 43! C7D! A450>! 84D0! 3?! 3C0! 540H!
76?>A!B?F434147>D!7>@!3C0!A0>087F!B2EF41!3C73!43!4D!0DD0>347F!G?8!3C0!03C>41!A8?2B!
G8?6! HC41C! 3C09! 1?60! 3?! H4>! 3C0! :80D4@0>19! 4>! ?8@08! 3?! 0>D280! 7110DD! 3?! D3730!
80D?2810D! 7>@! A??@DL! $01?>@! 43! 7FD?! C7D! F0@! 3?! 7! @0F4E08730! @0>2@734?>! ?G! 3C0!
723C?8439!7>@!F0A4346719!?G!?3C08!?508D4AC3!4>D343234?>D!3C73!1?2F@!1C01W!7E2D0D!
?G!B?H08!7>@!1?882B34?>!7>@!B8?54@0!D?60!711?2>37E4F439P!7>@!73!3C0!D760!3460!
E0! D00>! E9! 3C0! B2EF41! 7D! >02387F! 78E4308D! H43C! 80DB013! 3?! 1?>30>34?2D! 4DD20DP!
D21C! 7D! @4DB230@! 0F0134?>D! 80D2F3DL! (D! 7! 80D2F3P! 4>! 67>9! 80DB013D! 3C0! D3730!
7A0>140D!780!>?3!D00>!7D!F0A4346730L!

%C48@P! 4D! 7! G00F4>A! 76?>A! 108374>! 03C>41! A8?2BD! ?G! C4D3?8417F! 678A4>7F4V734?>P!
784D4>A! G8?6! B0810450@! 4>0X24340D! 1?>108>4>A! 3C0! 7FF?1734?>! ?G! F7>@! 7>@! ?3C08!
>734?>7F! 80D?2810D! 7D! H0FF! 7D! 7110DD! 3?! B2EF41! A??@D! 7>@! D085410DL! %C4D! G00F4>A!
C7D!E00>!37BB0@!E9!B?F434147>D!3?!783412F730!A84057>10D!7E?23!C4D3?8417F!4>\2D3410D!
HC41C! 80D?>730! H43C! 108374>! D0134?>D! ?G! 3C0! B2EF41L! %C4D! C7D! 180730@! 7>!
2>@08F94>A!1F46730!?G!30>D4?>!7>@!C730P!7>@!3C0!B?30>347F!G?8!54?F0>10P!H7434>A!3?!
E0!4A>430@!7>@!3?!0/BF?@0L!

'?283C! 4D! 3C0! 4>1807D4>A! B8?EF06! ?G! 7!A8?H4>A! B?B2F734?>! ?G! B??8P! 2>06BF?90@!
7>@! 9?23CP! 0@21730@! 7>@! 2>0@21730@P! HC?! 7A800! 3?! \?4>! 64F4347D! 7>@! ?8A7>4V0@!
A7>ADL!%C0D0!A7>AD!C750!E00>!7FF0A0@!3?!4>308D013!H43C!B783D!?G!3C0!I?508>60>3!
7>@! 3C0! D0128439! G?810DL! %C0D0! A8?2BD! >?H! C750! E01?60! `DC7@?H! A?508>60>3Da!
4>! 3C0! DF26D! 7>@! 050>! 4>! ?3C08! B783D! ?G! 3C0! 1?2>389! 7>@! C750! E00>! 2D0@! E9!
B?F434147>D! 3?! 73371W! 3C048! ?BB?>0>3Dc! 3?! D01280! 3C048! ?H>! D0128439P! 7>@! 3?! A74>!
B?H08L! '283C086?80P! 3C0D0! B8?F4G08734>A! 64F4347D! 7FD?! 780! D74@! D?603460D! 3?!
@?50374F!H43C!3C0!$3730!7>@!43D!D0128439!7BB78732D!3C080E9!>?3!?>F9!80@214>A!3C0!
$3730[D! 17B71439! 3?! 1?>38?F! 3C0! 54?F0>10! E23! 7FD?! 4>1807D4>AF9! 3C80730>4>A! 3C0!
4>30A8439! ?G! 3C0! $3730! 7>@! 3C0! >734?>L! %C4D! 2>@08F94>A! 0>@0641! D432734?>! C7D!
180730@! 7! 1F46730! HC080! 54?F0>10! 4D! 4>1807D4>AF9! F4W0F9! 3?! E0! 2D0@! 7>@! HC080! 43D!
2D0!4D!4>1807D4>AF9!2>F4W0F9!3?!E0!1C01W0@L!

+% !

!
"D1!OE1!@H!;@G54528G!<5@G1?21!

;4?F0>10! H7D! B783! 7>@! B7810F! ?G! 3C0! 1?F?>47F! D3730P! HC41C! 2D0@! 43! 3?! 0>D280!
1?>38?FL!(G308!4>@0B0>@0>10P!:80D4@0>3!_?6?!Y0>97337!2D0@!E?3C! 3C0!1788?3!7>@!
3C0!D341W!3?!674>374>!B?H08P!H43C!3C0!2D0!?G!54?F0>10!674>F9!1?>10>38730@!4>!3C0!
C7>@D! ?G! 3C0! $3730P! 873C08! 3C7>! ?23D4@0!?G! 43L! &BB?D434?>! B78340D! H080! D2E\0130@!
3?!B?F43417F!C787DD60>3!7>@!3C?D0!4>@454@27FD!HC?!80G2D0@!3?!D2BB?83!3C0!D3732D!
X2?! 0/B0840>10@! 5784?2D! 39B0D! ?G! 80B80DD4?>! 7>@! 050>! @030>34?>! H43C?23! 3847FL!
*7FF40DP! E9! D32@0>3D! 7>@! ?3C08DP! H080! @4DB08D0@! E9! 3C0! I$U! 2D4>A! G?810L! %C0!
I?508>60>3! 4D! E0F4050@! 050>! 3?! C750! E00>! 80DB?>D4EF0! G?8! 3C0! 628@08! ?G! 3C800!
B?F43417F!G4A280DP!:4?!I7667!:4>3?P!%?6!-E?97P!7>@!_L-L!Y7842W4P!3C0!F7D3!3H?!?G!
HC?6! H080! 540H0@! 7D! 3C8073D! 3?! 3C0! 3C0>! 80A460! 7>@! B?30>347F! 1?>30>@08D! G?8!
B?F43417F! B?H08L! (3! 3C0! D760! 3460P! 4>@454@27F! 606E08D! ?G! 3C0! ?BB?D434?>! H080!
H07>0@! E71W! 3?! 3C0! G?F@! 3C8?2AC! 7BB?4>360>3D! 3?! I?508>60>3! B?D434?>DP! 7>@!
7FF?1734?>D!?G!F7>@!7D!H0FF!7D!B8?54D4?>!?G!?3C08!B08WDL!

'?8!7!5784039!?G!807D?>DP!80B80DD4?>!2>@08!Y0>97[D!D01?>@!:80D4@0>3P!J7>40F!787B!
-?4P! E01760! 6?80! @871?>47>L! '48D3! C0! @4@! >?3! D3783! ?GG! H43C! 3C0! D760! 78879! ?G!
80D?2810D! ]0LAL! F7>@P! 1454F! D085410! \?EDP! 7>@! 7! E2?97>3! 1?GG00! E??6^! 7574F7EF0! 3?!
Y0>97337! 3?! 80H78@! C4D! D2BB?8308D! 7>@! 3C0! A0>087F! B2EF41L! $01?>@P! 4>! defQP! C0!
0/B0840>10@! 7>! 73306B30@! 1?2B! 7A74>D3! C46L! %C4D! G?FF?H0@! 7>! 2>D2110DDG2F!
73306B3!E9!B783D!?G!3C0!Y476E2!Y4W292!0F430!4>!deSf!3?!W00B!C46!G8?6!E01?64>A!
3C0! :80D4@0>3L! '?8! E?3C! 807D?>D! 7>@! B08C7BD! G?8! ?3C08DP! 54?F0>10P! 4>1F2@4>A!
@030>34?>D!H43C?23!3847F!7>@!3C0!8?234>0!3?83280!?G!B0810450@!7>@!807F!@4DD0>308DP!
E01760! 4>D343234?>7F4V0@! 078F9! ?>! 2>@08! -?4[D! 82F0L! %C4D! 4>! 328>! A0>08730@! 7!
A8?2>@DH0FF! ?G! @4DD0>3! 7A74>D3! C4D! 82F0! E9! 7! A8?H4>A! ?BB?D434?>! 6?5060>3P!
4>1F2@4>A!B?F434147>DP!F7H908DP!D32@0>3DP!7>@!?3C08D!G8?6!7FF!B783D!?G!3C0!1?2>389P!
7D!H0FF!7D!606E08D!?G!3C0!Y4W292!G8?6!)0>387F!:8?54>10!!HC?D0!01?>?641!B?H08!
C0! 3840@! 7>@! B78347FF9! D21100@0@! 4>! @0146734>AL! :80D4@0>3! -?4[D! 7134?>D! H080!
@0D4A>0@! 3?! @0D38?9! 3C0! 01?>?641! E7D0!?G! C4D! ?BB?>0>3D! 7>@! 3?! E?FD308! C4D!?H>!

+& !

!
B?D434?>! 7>@! 3C73! ?G! C4D! D2BB?8308DP! HC?! H080! 674>F9! @87H>! G8?6! C4D!!
Y(-(%U$(h!7FF40D!G8?6!3C0!678A4>7F!7807DL!

#>!3C0!B084?@!F07@4>A!2B!3?!4>@0B0>@0>10!7>@!3C8?2AC!3?!dejh!HC0>!Y(JU!H7D!
@4DD?F50@! 7>@! 43D! 606E08D! \?4>0@! Y(+UP! Y(JU! C7@! 176B74A>0@! G?8! 7! G0@087F!
D9D306! ?G! A?508>60>3! W>?H>! E9! 3C0! $H7C4F4! >760! ?G! `67\46E?aP! 4>! B783! 3?!
B8?3013!3C0!606E08D!?G!3C0!D67FF08!384E0D!G8?6!3C0!>2608417F!B?H08!?G!3C0!F78A08!
03C>41! A8?2BD! D21C! 7D! 3C0! Y4W292! 7>@! "2?L! %?! 1?>D?F4@730! C4D! E7D0! 7G308!
E01?64>A!3C0!:80D4@0>3P!-?4!80H78@0@!C4D!D2BB?8308DP!B783412F78F9!3C0!Y7F0>\4>P!
3C8?2AC!7BB?4>360>3D!3?!B?F43417F!?GG410D!7>@!H43C!\?ED!4>!3C0!B2EF41!D085410!7>@!
3C0! 64F43789L! *4AC3F9! ?8! H8?>AF9P! 3C0D0! 4>@454@27FD! A450>! 3C0D0! H080! 540H0@! E9!
:80D4@0>3!-?4[D!?BB?>0>3D!7D!>?3!X27F4G40@!?8!1?6B030>3L!

(D! 3C0! ?BB?D434?>! 3?! -?4[D! F07@08DC4B! A80H! ?508! 3C0! 9078DP! 1454F! D?14039! E01760!
4>1807D4>AF9!5?17F!7>@!@?>?8D!4>1807D0@!B80DD280!?>!C46P!4>1F2@4>A!3C8?2AC!3C0!
2D0! ?G! G4>7>147F! D7>134?>DP! 3?! @06?18734V0L! #>! 3C0! 0>@P! :80D4@0>3! -?4! 5089!
80F2137>3F9!7A800@!3?!7FF?H!62F34OB7839!@06?18719!4>!deed!7>@!C0!B80D4@0@!?508!
3H?! 62F34OB7839! 0F0134?>D! @284>A! C4D! 82F0P! ?>0! 4>! deeQ! 7>@! 7>?3C08! 4>! deeSL!
(F3C?2AC! C0! 7A800@! 3?! 62F34OB7839! @06?18719P! :80D4@0>3! -?4! @4@! >?3! 7110B3!3C0!
4@07!3C73!3C8?2AC!3C4D!C0!64AC3!F?D0!3C0!B80D4@0>19L!%C2DP!43!H7D!4>!3C4D!B084?@!
4>! 3C0! deeRD! 3C73! 54?F0>10! E01760! 4>D343234?>7F4V0@! @284>A! B80D4@0>347F! 7>@!
B78F4760>3789!0F0134?>DL!U>@08!3C0!760>@0@!)?>D343234?>P!3?!H4>!3C0!B80D4@0>19P!
:80D4@0>3! -?4! >00@0@! 3?! H4>! C4D! B78F4760>3789! D073P! ?E374>! 7! 67\?8439! ?G! 3C0!
5?30D!17D3!4>!3C0!1?2>389P!7>@!8010450!Qbm!?G!3C0!5?30D!17D3!4>!G450!B8?54>10DL!#>!
E?3C! 3C0! B80D4@0>347F! 7>@! B78F4760>3789! 0F0134?>DP! 3C0! ?BB?D434?>! 3?! :80D4@0>3!
-?4! 7>@! 3?! 3C0! 3C0>! 82F4>A! B7839P! Y(+UP! 1?>D4D30@! 674>F9! ?G! >?>OY(-(%U$(!
5?308DL! ;784?2D! 80B?83D! 1?5084>A! 0F0134?>D! C0F@! @284>A! 3C4D! B084?@! 7FF0A0@! 3C73!
C4AC!87>W4>A!B?F43417F!G4A280DP!1454F!D0857>3DP!7>@!?3C08D!1F?D0!3?!3C0!C0783!?G!3C0!
I?508>60>3! ?8A7>4V0@! 7>@! 2D0@! 54?F0>3! A7>AD! 3?! 4>3464@730! B0?BF0! 4>! ! 7807D! ?G!
B?30>347F! ?BB?D434?>! D2BB?83P! 6?D3! ?G! HC?6! H080! Y4W292P! "2?P! "2C97P! Y76E7P!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&
!7=23A>H!?32!@6L0Ab!AB!T66:6!B!G82X6A6!6A5!<6HK828!

+' !

!
7>@!?3C08!A8?2BDL! b!%C0!D38730A9!H7D!3?!W00B!?BB?D434?>!D2BB?8308D!G8?6!5?34>A!
7>@! 3C0! 607>D! 2D0@! H7D! 3?! C480! A7>AD! 4>! 3C0! *4G3! ;7FF09! 7>@! 0FD0HC080! 3?! W4FF!
B0?BF0! 7>@! @4DBF710! 4>@454@27FD! G8?6! 3C048! C?60! 7807D! D?! 3C73! Y(-(%U$(!
17>@4@730D! 1?2F@! H4>! 7>@! :80D4@0>3! -?4! 1?2F@! E0! 7DD280@! ?G! ?E374>4>A! Qbm! ?G!
3C0!5?30!4>!G450!B8?54>10DP!3C0!67\?8439!?G!3C0!5?30D!17D3!G?8!3C0!:80D4@0>3P!7>@!3C0!
67\?8439!?G!0F0130@!-06E08D!?G!:78F4760>3L!#>!DC?83P!54?F0>10!E01760!7!607>D!?G!
D01284>A!B?F43417F!B?H08!7>@!H4>>4>A!0F0134?>DL!

.F0134?>D!80F730@!54?F0>10!?112880@!>?3!\2D3!4>!deeQ!E23!7FD?!4>!deeSL!#>!DB430!?G!
3C0! @073C! 7>@! @0D382134?>! 3C73! 3C0D0! 603C?@D! 172D0@! 7>@! 3C0! 80B?83D! G8?6!
+I&D!D21C!7D!3C0!Y0>97!=267>!*4AC3D!)?664DD4?>P!=267>!*4AC3D!<731CP!7>@!
3H?! I?508>60>3! #>X24840D! O! 3C0! Y4F4W2! :78F4760>3789! )?6643300! 7>@!!
(W4H262! )?664DD4?>! O! >?! ?>0! H7D! 0508! B2>4DC0@! G?8! 3C4D! H7>3?>! W4FF4>A! 7>@!
@0D382134?>! 050>! 3C?2AC! >760D! ?G! B08B03873?8D! 3?! E0! 4>50D34A730@! 7>@! 3C?D0!
`7@508D0F9! 60>34?>0@a! H080! 1?>374>0@! 4>! 3C0! 80B?83D! ?G! E?3C! )?664DD4?>DL! %C0!
(W4H264!*0B?83!H7D!>?3!67@0!B2EF41!2>34F!QRRQP!050>!3C?2AC!43!H7D!B2EF4DC0@!
4>!deeeL!!

%C4D! F0@! 3?! 7! 12F3280! ?G! 46B2>439! HC080E9! 3C?D0! HC?! 67460@! 7>@! W4FF0@! G?8!
B?F43417F! 0>@D! H080! >0508! E8?2AC3! 3?! \2D3410L! %C4D! 1C7>A0@! Y0>97[D! B?F43417F!
F7>@D17B0!H43C!80A78@!3?!0F0134?>DP!7!B?4>3!>?30@!E9!=267>!*4AC3D!<731CL!.71C!
?G! 3C0D0! 80B?83D! 46BF41730@! B?F434147>D! 7D! 3C0! ?8A7>4V08D! ?G! 3C0! 54?F0>10! 7>@!
W4FF4>A! G?8! B?F43417F! 0>@DP! 7>@! >?30@! 3C73! 3C0! H7884?8D! 7>@! A7>AD! ?G! 9?23C! HC?!
3??W!7134?>!H080!E?3C!B74@!7>@!B80DD0@!4>3?!D085410L!(D4@0!G8?6!3C4D!9?23CD!H080!
D?603460D! B8?64D0@!F7>@!7>@!\?ED!7G308!054134>A! 2B!1?2>389! @H0FF08DL!=?H0508P!
G8?6!30D346?>9!4>!3C0!(W4H264!*0B?83P!43!4D!>?3!1F078!4G!3C09!A?3!043C08L!(!B73308>!
C7@!E00>!0D37EF4DC0@!?G!G?864>A!A8?2BD!7>@!2D4>A!0/387OD3730!54?F0>10!3?!?E374>!
B?F43417F!B?H08!7>@!?G!>?3!E04>A!B2>4DC0@!G?8!43L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
'
! ! <00! PMM@B! G40! M82:05! 7223;N! e296A!f05! V!3L0A=0! 796!A:1! S0H3=26=>! !A! @0A>6B! 7J2!L! $--+U! ! I0J8KL!=! 3?! @0A>6B!
I0J321!3?!140!R62L!6H0A162>!<0L0=1!M3HH!1100!13!!A#0:1!9610!140!Q14A!=!ML6:40:!!A!C0:102A!6A5!e1402!R621:!3?!@0A>6!!
E!G40!@!L!X8!I0J321FB!<0J10HK02!$--+B!<00!JJ"!$-B!%*"%%B!%-"&*B!'+"'%BJJ"($"(+B!,&",(U!Y8H6A!I!941:!C61=4B!S!#!50!
6A5!I8L0N!<1610!<J3A:3205!Q14A!=!V!3L0A=0!!A!@0A>6B!$--%B!JJ"!+)"%+U!I0J321!3?!140!Z85!=!6L!M3HH!::!3A!7JJ3!A105!13!
[A\8!20!!A13!G2!K6L!ML6:40:!!A!@0A>6!E!G40!7X!;8H!!I0J321FB!$---B!<00!JJ"+)("-*!?32!6!L!:1!3?!!A5!#!586L:!20=3HH0A505!
13!K0!!A#0:1!96105!?821402!6:!;0LL!6:!6!5!:=8::!3A!3?!140!2!23L0!!A!140!014A!=!=L6:40:!3?!140!$--*:!!!A!#62!38:!J621:!3?!
140!20J321"!
+( !

!
!

$?60!?G!3C0!@4DBF710@!4>@454@27FDP!4>1F2@4>A!9?23C!G8?6!"74W4B47!J4D38413P!6?50@!
3?! +748?E4! 7>@! E01760! 606E08D! ?G! -2>A4W4P! HC41C! 2B! 3C8?2AC! 3C0! defRD! C7@!
E00>! F78A0F9! 7! 12F3287F! 126! 80F4A4?2D! 12F3! 4>! 3C0! Y4W292! 4>C7E430@! B783D! ?G! 3C0!
*4G3! ;7FF09L! "7308! 43! 60376?8BC?D0@! 4>3?! 7! -7G4?D?! D39F0! A7>A! 3C73! A80H! 7>@!
050>327FF9!E01760!7!DC7@?H!A?508>60>3!4>!3C0!DF26D!?G!+748?E4!7>@!4>!B783D!?G!
)0>387F! :8?54>10L! #>4347FF9P! 3C0! -2>A4W4! H080! D00>! 7D! D2ED343234>A! G?8! 7! F71W! ?G!
B2EF41! D085410D! 4>! 3C0! DF26DL! "7308! 43! D37830@! E2FF94>A! 4>@454@27FD! 7>@!
E2D4>0DD0DP!4>1F2@4>A!673732D!7>@!?H>08D!?G!807F!0D3730P!4>3?!67W4>A!B7960>3D!
G?8!D085410D!HC41C!43!H?2F@!B8?54@0P!4>1F2@4>A!1?>>0134>A!0F013841439P!B8?54@4>A!B43!
F7384>0DP! 7>@! 6034>A! ?23! \2D3410L! -2>A4W4! 7>@! ?3C08! A7>AD! 718?DD! 3C0! 1?2>389!
]0LAL! %7F4E7>P! )C4>W?8?8?P! Y76\0DC4P! K7AC@7@! K?9D! 7>@! 67>9! ?3C08D^! A80H!7>@!
62F34BF40@! H43C4>! 3C0! 1?>30/3!?G! 7! B?F43417F! 12F3280! 3C73! E?3C! 2D0@! 7>@! 3?F08730@!
0/387!D3730!54?F0>10L!!

I7>AD! 7>@! 64F4347D! 1?>34>20@! 3?! B8?F4G08730! 7FF! ?508! 3C0! 1?2>389P! 3C080E9!
4>1807D4>A!3C0!B80D0>10!?G!4>D343234?>7F4V0@!0/387OD3730!54?F0>10!E?3C!@284>A!7>@!
7G308! 0F0134?>DP! 7! B73308>! 3C73! 1?>34>20@! 3?! 4>1807D0! 2B! 3C8?2AC! 3C0! QRRS!
0F0134?>DP!050>!7G308!:80D4@0>3!-H74!Y4E7W4!3??W!?508!B?H08!4>!QRRQL!UB!3C8?2AC!
3?! 3C0! F7D3! 0F0134?>DP! -2>A4W4! 7>@! ?3C08! B?F43417F! A7>AD! 1?>34>20@! 3?! D0FF! 3C048!
D085410D! ?G! 54?F0>10! ?>! 7! H4FF4>A! E2908! H4FF4>A! D0FF08! E7D4DL! (D! F730! 7D! QRRS! F?>A!
7G308! 3C0! I?508>60>3! C7@! E7>>0@! 7! >26E08! ?G! A7>AD! 4>1F2@4>A! -2>A4W4P! 3C09!
1?>34>20@! 3?! ?B08730! H43C! 3C048! F07@08! -74>7! +\0>A7! 30FF4>A! C4D! G?FF?H08D! 3?!
0>A7A0! 4>! 6?80! 8?EE0840D! 3?! 1?6B0>D730! G?8! 3C0! @01807D0! 4>! 8050>20! G8?6! 3C048!
387@434?>7F! 673732! DC7W0@?H>! ?B08734?>D! 3C73! C7@! ?112880@! 7D! 7! 80D2F3! ?G! 3C0!
1871W@?H>!E9!3C0!I?508>60>3L!

(D! 0/387! D3730! 54?F0>3! A7>AD! E0A7>! 3?! B8?F4G08730! 7>@! 1?>34>20@! 3?! E0! 2D0@! E9!
B?F434147>DP! 3C0! B?F43417F! 308874>! H7D! 387>DG?860@L! ;4?F0>10! 3841WF0@! @?H>! 4>3?!
@74F9!F4G0!7>@!3C0!$3730!>?!F?>A08!1?667>@0@!3C0!6?>?B?F9!?G!G?810!43!?>10!C7@!
4>! 7! B8054?2D! 087L! (D! D21C! @4GG2D0@! 0/387! D3730! 54?F0>10! 0/4D30@! 7FF! ?508! 3C0!
1?2>389P! HC080! 43! 1?2F@! E0! 17FF0@! 2B! 7>@! 37BB0@! 73! 7>9! 3460P! 4>1F2@4>A! E04>A!
2D0@!3?!78E438730!?508!0F0134?>D!7D!43!C7D!E00>!@?4>A!D4>10!3C0!078F9!deeRDL!&>10!
+, !

!
3C0! I?508>60>3! 43D0FG! 2D0@! E?3C! 43D! ?H>! 7>@! 0/387! D3730! 54?F0>10! G?8! B7834D7>!
B?F43417F! 0>@DP! 43! F?D3! 43D! F0A4346719P! H7D! >?3! D00>! 7D! @4DB7DD4?>730P! 7>@!
1?>D0X20>3F9!C7D!E00>!2>7EF0!043C08!3?!674>374>!B0710!7>@!D0128439!?8!3?!80G?86!
43D0FGL!!

"D1!;19E@?8G5W845@?!@H!;91E5A1?458G!;@I19!8?A!4D1!K1G5F19841!=18X1?5?B!@H!!
;3FG52!,?E454345@?E!

:?H08!C7D!E00>!B08D?>7F4V0@!78?2>@!3C0!B80D4@0>19!7>@!3C4D!C7D!E00>!4>1807D0@!
E9!1C7>A0D!4>!3C0!)?>D343234?>!2>@08!071C!:80D4@0>3!D4>10!4>@0B0>@0>10L!"7HD!
780! 8?234>0F9! B7DD0@! 3?! 4>1807D0! 0/0123450! 723C?8439P! 7>@! 3C?D0! F7HD! D00>! 7D!
E04>A! 4>! 3C0! H79! 780! ?G30>! 1C7>A0@! ?8! 050>! 4A>?80@L! K9! deedP! 3C0! )?>D343234?>!
C7@!E00>!760>@0@!7E?23!gQ!3460DL!(6?>A!3C0!760>@60>3D!H7D!3C0!4>D0834?>!?G!
$0134?>!Q(P!HC41C!67@0!Y0>97!7!@0!\280!?>0!B7839!D3730!2>34F!3C73!B8?54D4?>!H7D!
80B07F0@! 4>! deedL! .50>! G?FF?H4>A! 3C0! 0F0134?>! ?G! Y4E7W4! 4>! QRRQ! D34FF! 82F0D! H080!
4A>?80@! H43C4>! -4>4D3840D! F07@4>A! 3?! G4>7>147F! D17>@7FD! D21C! 7D! (>AF?! "07D4>A!
7>@!?3C08D!2>@08D1?84>A!3C0!?>10!7A74>!3C0!G713!3C73! 3C0!B08D?>7F!B?H08!?G!3C0!
:80D4@0>3! 7>@! C4D! 1F?D0! 7DD?14730D! 3826B0@! 3C0! F7HL! =0>10P! 7D! >?30@! 4>! 3C0!
(W4H264! *0B?83! 7>@! 4>! 7! >26E08! ?G! 78341F0D! ?>! Y0>97! B?F4341DP! 3C0! 1C01WD! 7>@!
E7F7>10D!>?867FF9!7DD?14730@!H43C!@06?187140D!780!5089!H07W!4>!Y0>97!7>@!780!
@0F4E08730F9! D?L! #>@454@27FD! 4>! 5784?2D! B783D! ?G! I?508>60>3! HC03C08! 4>! 3C0! 1454F!
D085410P! 3C0! \2@414789P! 7>@! 050>! 4>! :78F4760>3P! 2>@08D37>@! 3C73P! 4880DB013450! ?G!
3C0!F7HDP!3C0!0/0123450!786!?G!A?508>60>3!@030864>0D!HC73!C7BB0>DL!=0>10P!3C0!
$3730!4D!>?3!D00>!7D!>02387F!E23!7D!3C0!B80D0850!?G!3C?D0!4>!B?H08L!!

%C0!7E?50!D9>@8?60!C7D!C7@!5784?2D!1?>D0X20>10DL!

%C0! G48D3! 4D! 7! D0>D0! ?G! F7HF0DD>0DD! 3C73!C7D! F0@! 3?! I?508>60>3! 4>D343234?>D! 7>@!
?GG4147FD! E04>A! D00>! 7D! F71W4>A! 4>! 4>30A8439! 7>@! 723?>?69L! &>0! 80D2F3! ?G! 3C4D! 4>!
3C0!QRRS!0F0134?>!H7D!3C0!B0810B34?>!E9!D0134?>D!?G!3C0!B2EF41!3C73!I?508>60>3!
4>D343234?>DP! 7>@! ?GG4147FDP! 4>1F2@4>A! 3C0! \2@414789P! H080! >?3! 4>@0B0>@0>3! ?G! 3C0!
B80D4@0>19P! H080! >?3! 46B78347F! 7>@! F71W0@! 4>30A8439L! =0>10P! 3C09! H080! B0810450@!
7D! >?3! 7EF0! 3?! 1?>@213! 3C0! 0F0134?>! G748F9L! %C73! B2EF41! D013?8! 4>D343234?>D! H080!
+) !

!
D00>!7D!E47D0@!7>@!2>F4W0F9!3?!G?FF?H!3C0!82F0D!4>1807D0@!3C0!30>@0>19!3?!54?F0>10!
76?>A! 606E08D! ?G! 3C0! B2EF41L! '283C086?80P! 7D! 3C0! (W4H264! *0B?83! 7>@! ?3C08!
D?2810D! @06?>D38730@P!606E08D!?G!3C0!B8?54>147F!7@64>4D38734?>!7>@!3C0!B?F410!
7FD?!2>@08D3??@! 3C73!43!H7D!D?603460D!4>!3C0!4>3080D3! ?G!3C048!B08D?>7F!D285457F!
3?! G?FF?H! HC73! 3C09! 2>@08D3??@! 3?! E0! 3C0! @48013450D! ?8! 4>1F4>734?>D! ?G! 043C08! 3C0!
:80D4@0>3!?8!-:D!4>!3C048!7807D!873C08!3C7>!3?!2BC?F@!3C0!F7HL!%C4D!F0@!3?!D?60!
?GG4147FD! >?3! G?FF?H4>A! 3C0! F7H! 3C06D0F50DP! 7>@! D0134?>D! ?G! 3C0! B8?54>147F!
7@64>4D38734?>!7>@!D0128439!G?810D!050>!0>A7A4>A!4>!713D!?G!54?F0>10!3C06D0F50DL!!

%C0!D01?>@!4D!3C0!B0810B34?>!?>!3C0!B783!?G!3C0!B2EF41!3C73!A450>!3C0!B?H08!?G!3C0!
:80D4@0>3! 7>@! 3C0! B?F43417F! 1F7DD! 050893C4>A! GF?HD! >?3! G8?6! F7HD! E23! G8?6! 3C0!
:80D4@0>3[D!B?H08!7>@!B08D?>7F!@014D4?>DL!%C4D!7FD?!C7D!F0@!3C0!B2EF41!3?!E0F4050!
7!B08D?>!G8?6!3C048!?H>!384E0!62D3!E0!4>!B?H08P!E?3C!3?!D01280!G?8!3C06!E0>0G43D!
7>@!7D!7!@0G0>D450!D38730A9!3?!W00B!?3C08!03C>41!A8?2BDP!DC?2F@!3C0D0!37W0!?508!
B?H08P!G8?6!37W4>A!\?EDP!F7>@!7>@!0>343F060>3DL!(FF!?G!3C4D!C7D!F0@!3?!71X24D434?>!
?G!B80D4@0>347F!B?H08!E04>A!D00>!E?3C!E9!B?F434147>D!7>@!3C0!B2EF41!7D!7!V08?!D26!
A760P!4>!HC41C!F?D4>A!4D!D00>!7D!C2A0F9!1?D3F9!7>@!4D!>?3!7110B30@L!=0>10P!3C080!
4D!30>@0>19! ?>! 3C0! B783! ?G! 7! 5784039! ?G! B?F43417F! 713?8D! 3?! @?! 7>93C4>AP! 4>1F2@4>A!
0>A7A4>A! 4>! 54?F0>10! 3?! ?E374>! ?8! 80374>! B?F43417F! B?H08P! F07@4>A! 3?! HC73! ?>0!
DB0147F4D3!C7D!17FF0@!7!8710!3?!3C0!E?33?6!E0172D0!?G!7!G078!?G!E04>A!@?64>730@!E9!
?3C08!03C>41!A8?2BD!7>@!E04>A!D2E\0130@!3?!3C0!7DD?14730@!1?>D0X20>10D!?G!3C73L!
%C4D!C7D!180730@!7!1F46730!?G!G078!7>@!D2DB414?>D!HC41C!B?F434147>D!07D4F9!0/BF?43!
7>@!2D0!3?!6?E4F4V0!54?F0>10L!!!!!!!!!!!!!

!%C0!73306B3!3?!80@210!3C0!B08D?>7F!B?H08!3C73!C7@!E00>!711262F730@!E9!G?8608!
:80D4@0>3!-?4!4>4347FF9!H7D!3C0!807D?>!?BB?D434?>!G?810D!D?2AC3!3?!4>38?@210!3C0!
B?D3! ?G! :8460! -4>4D308L! %C4D! 12F64>730@! 4>! 7>! 4>G?867F! -06?87>@26! ?G!
U>@08D37>@4>A! ]-?U^! E0G?80! 3C0! QRRQ! 0F0134?>! E03H00>! 3C0! 3C0>! ?BB?D434?>!
1?7F434?>! 2>@08! HC41C! 3C0! 1?7F434?>! 7A800@! 3?! 4>38?@210! 3C0! B?D3! ?G! :8460!
-4>4D308! 7G308! 3C0! 0F0134?>L! &>10! 0F0130@P! C?H0508P! :80D4@0>3! Y4E7W4! 80>0A0@! ?>!
3C0! -?UL! J4D12DD4?>D! 1?>34>20@! 1?>108>4>A! 1?>D343234?>7F! 1C7>A0! 7>@! 3C0!
@05?F234?>! ?G! B?H08L! %C0! Y4E7W4! I?508>60>3! 3C0>! 1760! 2B! H43C! 7! @87G3!
)?>D343234?>!B23!G?8H78@!E9!(33?8>09!I0>087FP!(6?D!<7W?!H73084>A!@?H>!D?60!

+- !

!
?G! 3C0! B8?54D4?>D! 4>! 3C0! @87G3! 7A800@! 3?! @284>A! 3C0! `K?67Da! @4D12DD4?>DL! %C0!
<7W?!@87G3!H7D!B23!3?!3C0!B2EF41!73!7!80G080>@26!4>!QRRbP!HC080!5?308D!80\0130@!
43L!(D!D??>!7D!3C0!-?U!H7D!D1233F0@P!7!A8?2B!F0@!E9!*74F7!&@4>A7!F0G3!3C0!+(*)!
1?7F434?>! I?508>60>3L! :80D4@0>3[D! Y4E7W4! I?508>60>3! H7D! B0810450@! 7D! E04>A!
2>H4FF4>A! 3?! 7E4@0! E9! 43D! B80O0F0134?>! 7A80060>3! H43C! 43D! B783>08D! 7>@! 7D!
80380734>A!4>3?!7>!03C>41!0>1F750L!%C4D!H7D!1843414V0@!E9!3C0!B2EF41!7>@!H7D!D00>!
7D! 7>! 73306B3! E9! 3C0! D?O17FF0@! `-?2>3! Y0>97! -7G47a! 3?! W00B! B?H08! 3?! 43D0FG!
873C08! 3C7>! DC780! 43L! ! .50>! 3C?2AC! 3C0! -?U! H7D! >?3! 7! F0A7F! 7A80060>3P! 3C0!
Y4E7W4! I?508>60>3[D! 328>4>A! 7H79! G8?6! 43! 7>@! 806?54>A! G8?6! A?508>60>3! 3C0!
A8?2B! ?G! -4>4D308D! 7DD?14730@! 3?! &@4>A7! C7@! 3C0! 0GG013! ?G! 4>1807D4>A! 3C0!
B?F784V734?>!?G!B?F4341D!7F?>A!03C>41!F4>0DL!.50>!3C?2AC!3C0!QRRb!80G080>@26!H7D!
B0710G2F! 7>@! 3C0! 80D2F3D! H080! 7110B30@! 873C08! 3C7>! 1?>30D30@P! 3C0! B78760308D!
H080!>05083C0F0DD!@87H>L!<43C!3C0!03C>41!B?F43417F!G72F3!F4>0D!1F078F9!@87H>!7G308!
QRRbP!7>@!3C0!>00@!3?!H4>!3C0!B80D4@0>19!D00>!7D!B7876?2>3P!30>D4?>D!E0A7>!3?!
6?2>3L!

%C0! B?D3! 0F0134?>! 54?F0>10! 3C080G?80! 4DP!4>! B783P! 7! 1?>D0X20>10! ?G! 3C0! G74F280! ?G!
:80D4@0>3! Y4E7W4! 7>@! C4D! G48D3! I?508>60>3! 3?! 0/083! B?F43417F! 1?>38?F! ?508! 3C0!
1?2>389! ?8! 3?! 674>374>! D2GG4140>3! F0A4346719! 7D! H?2F@! C750! 7FF?H0@! 7! 1454F4V0@!
1?>30D3! H43C! C46! 73! 3C0! B?FFD! 3?! E0! B?DD4EF0L! Y4E7W4[D! 80A460! G74F0@! 3?! 2>430! 3C0!
1?2>389P! 7>@! 7FF?H0@! G00F4>AD! ?G! 678A4>7F4V734?>! 3?! G0D308! 4>3?! HC73! E01760! 3C0!
B?D3! 0F0134?>! 54?F0>10L! ! =0! 7>@! C4D! 3C0>! I?508>60>3! H080! 1?6BF710>3! 4>! 3C0!
D2BB?83! 3C09! 1?>D4@080@! 3C09! H?2F@! 8010450! 4>! 7>9! 0F0134?>! G8?6! 3C0! 67\?8439!
Y4W292!1?662>439!7>@!G74F0@!3?!C00@!3C0!540HD!?G!3C0!F0A4346730!F07@08D!?G!?3C08!
1?662>4340DL!!

%8?A!8?A!,?1Y38G54:!

Y0>97! 1?>D4D3D! ?G! hQ! 03C>41! A8?2BD! HC?! F450! 4>! 04AC3! B8?54>10DL! -7>9! 7807D!
?23D4@0! 3C0! 67\?8! 14340D! 7>@! 3?H>D! 780! 80F73450F9! C?6?A0>0?2D! 03C>417FF9L!
:8?EF06D! ?G! 4>0X27F439! 7>@! 678A4>7F4V734?>! 3C2D! 780! ?G30>! 540H0@! 4>! 03C>?!
A0?A87BC41! 3086D! 050>! 3C?2AC! 3C0! 4>0X27F4340D! E03H00>! 4>@454@27FD! ?G! 3C0! D760!

%* !

!
03C>41! A8?2B! 780! D?603460D! 6?80! B8?>?2>10@! 3C7>! 3C?D0! E03H00>! @4GG080>3!
03C>41!A8?2BD!7>@!A0?A87BC41!7807DL!$32@40D!@?>0!0FD0HC080!C750!>?3!G?2>@!3C73!
3C0! B80D0>10! ?G! 7! F78A0! >26E08! ?G! 03C>41! A8?2BD! ?8! 4>0X27F439! B08! D0! 0/BF74>D!
F78A0! D17F0! 54?F0>10! 050>! 3C?2AC! 6?D3! ?G! 3C0! 54?F0>10! 4>! 3C0! *4G3! ;7FF09! C7D!
?112880@! 674>F9! 4>! 03C>417FF9! 64/0@! D033F060>3! D1C060DL! (B783! G8?6! 3C4DP!
1434V0>D! 05089BF710! 780! 1?>108>0@! 3C73! 80D?2810DP! 4>1F2@4>A! F7>@P! 7>@! D085410D!
780!@4D384E230@!0X2437EF9!7>@!780!X241W!3?!B?4>3!?23!4>0X24340DL!!!

)?>D343234?>7FF9P!4>@454@27FD!679!?H>!F7>@!4>!7>9!BF710!4>!Y0>97!7>@!4>!F7H!>?!
B783!?G!3C0!1?2>389!E0F?>AD!3?!7>!03C>41!A8?2BL!+05083C0F0DDP!3C4D!BC0>?60>?>!4D!
@0! G713?! 7! 1C78713084D341! ?G! 67>9! 7807DP! B783412F78F9! 7D! 67>9! ?G! 3C0! >0HF9!
180730@!@4D38413D!D4>10!3C0!>4>0300>!>4>0340D!C750!E00>!03C>?ODB014G41P!F07@4>A!3?!
3C0! 180734?>! ?G! 03C>417FF9! C?6?A0>?2D! 0GG013450! `>73450! 80D0850DaL! %C4D! 4>! 328>!
C7D! 180730@! 3C0! >?34?>! ?G! `4>D4@08DaP! HC?! 780! >73450! 3?! 7! BF710! 7>@! `?23D4@08Da!
HC?!C750!64A8730@!3C080P!7!>?34?>!3C73!C7D!E00>!37BB0@!E9!7DB484>A!B?F434147>DL!
%C4D!874D0D!3C0!X20D34?>!?G!3C0!E7F7>10!E03H00>!A8?2B!4>3080D3D!7>@!3C0!84AC3D!?G!
4>@454@27FD!7D!0>380>1C0@!4>!3C0!)?>D343234?>P!7!B8?EF06!3C73!7FD?!C7D!180B3!4>3?!
DF26D! D21C! 7D! Y4E087! 7>@! -73C780! HC41C! 780! >?H! 4>G?867FF9! @454@0@! 4>3?!
03C>417FF9!C?6?A0>0?2D!V?>0DL!!

(B783! G8?6! 3C0! 7E?50P! A8?DD! 1?882B34?>! 4>! 3C0! 71X24D434?>P! 80A4D38734?>P! 7>@!
7@64>4D38734?>!?G!F7>@!673308D!C7D!E00>!7!67\?8!B8?EF06!4>!Y0>97L!%C0!+@2>A2!
*0B?83!>?30@!3C73!3C8?2AC?23!3C0!defRD!7>@!deeRD!B2EF41!F7>@!H7D!4FF0A7FF9!7>@!
4880A2F78F9! 7FF?1730@! `4>! 3?37F! @4D80A78@! ?G! 3C0! B2EF41! 4>3080D3! 7>@! 4>!
148126D37>10D! 3C73! GF9! 4>! 3C0! G710! ?G! 3C0! F7HajL! `"7>@! A87EE4>Aa! 7>@! 3C0!
7FF?1734?>!?G!B2EF41!F7>@!7D!B?F43417F!B738?>7A0!H080!B783!?G!3C0!A8?DD!1?882B34?>!
?G!3C4D!B084?@L!%C?D0!4>5?F50@!4>!3C4D!7FF?1734?>!H080!D0>4?8!B2EF41!D0857>3DP!E23!
7FD?!F?17F!F7>@!E?78@DP!3C0!1?283DP!7>@!7!87>A0!?G!?GG4147FD!4>1F2@4>A!606E08D!?G!
3C0! B8?54>147F! 7@64>4D38734?>P! B?F434147>DP! 7>@! ?3C08DL! "7>@! 7FF?1734?>D! H080!
3C080G?80! 2D0@! 3?! 80H78@! `B?F43417FF9! 1?88013! 4>@454@27FDaSP! 7>@! E01760! C0754F9!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
(
! I0J8KL!=! 3?! @0A>6B! I0J321! 3?! 140! M3HH!::!3A! 3?! [A\8!2>! !A13! 140! [LL096Lg! [22098L62! 7LL3=61!3A! 3?! R8K!=! /6A5! EG40!
P58A98!I0J321FB!P6!23K!N!_3#02AH0A1!R2!A102B!Z8A0!+**&B!J"!)"!
,
!6K3#0BJ"!$&"!
%$ !

!
B?F43414V0@L! I450>! 3C73! 3C0! 801?660>@734?>D! ?G! 3C0! +@2>A2! 80B?83! H080! >0508!
46BF060>30@P! 3C4D! C7D! 4>1807D0@! 3C0! D0>D0! ?G! G82D38734?>! 4>! 73306B34>A! 3?! @07F!
H43C!F7>@!30>280!@4DB230DL!%C0!G713!3C73!4>D343234?>D!HC41C!1?2F@!C750!E00>!2D0@!
3?! 80D?F50! F7>@! @4DB230D! C750! >?3! E00>!46B78347F! C7D! 0>1?287A0@! 4>@454@27FD! 3?!
37W0! 673308D! 4>3?! 3C048! ?H>! C7>@D! 7>@! 3?! 2D0! 54?F0>10! 3?! 80D?F50! 3C06L!
'283C086?80P!7D!F7>@!4D!7>!06?3450!4DD20P!B?F434147>D!C750!17B437F4V0@!?>!4DD20D!
D288?2>@4>A!43P!4>1F2@4>A!0>1?287A4>A!54?F0>10!@284>A!0F0134?>DL!

#>! @4D12DD4?>D! ?G! B?D3O0F0134?>! 54?F0>10P! 67>9! Y7F0>\4>D! 78A20! 3C73! 43! 4D! 7!
B8?@213! ?G! F?>AD37>@4>A! 7>A08! ?508! F7>@! @4D384E234?>! G?FF?H4>A! 4>@0B0>@0>10L!
%C09!78A20!3C73!F7>@!H7D!7F40>730@!E9!3C0!1?F?>47F!A?508>60>3!7>@!3C0>!2>G748F9!
B7810FF0@! ?23! 3?! Y4W292D! 7>@! ?3C08! A8?2BD! HC?6! 3C09! 540H! 7D! ?23D4@08DL! -7>9!
Y7F0>\4>D! E0F4050! 3C73! 4DD20D! 80F734>A! 3?! F7>@! H080! 3C0! 807D?>! G?8! E?3C! 3C0! B80O
0F013?87F!54?F0>10!4>!3C0!deeRD!7>@!3C0!B?D3!0F0134?>!54?F0>10!7G308!3C0!J0106E08!
QRRS!0F0134?>DfL!&3C08DP!4>1F2@4>A!3C0!(W4H264!*0B?83!@4D64DD!3C4D!0/BF7>734?>!
B?4>34>A! ?23! 3C73! 4>@454@27FD! G8?6! @4GG080>3! A8?2BD! F450@! D4@0! E9! D4@0! G?8! 67>9!
9078D! 2>34F! 3C0! 7@50>3! ?G! 62F34! B7839! @06?18719! HC0>! 54?F0>10! H7D! 2D0@! 3?! W4FF!
7>@!@4DBF710!?BB?D434?>!B7839!5?308D!3?!W00B!3C06!G8?6!5?34>AL!=0>10P!3C0!*0B?83!
78A20D! 3C73! 050>! 3C?2AC! 3C0! B8?64D0! ?G! A0334>A! F7>@! G8?6! 3C?D0! HC?! H080!
@4DBF710@! H7D! 2D0@! 3?! 0>3410! 9?23C! 4>3?! 54?F0>10P! 3C0! @0D480! G?8! B?F43417F! B?H08!
7>@!>?3!F7>@!C2>A08!H7D!3C0!172D7F!G713?8L!!

+?3H43CD37>@4>A! 3C0D0! 540HDP! 3C0! +@2>A2! *0B?83! >?30@! 3C73! 3C080! C7D! E00>!
1?882B34?>! 4>! 3C0! 64D7FF?1734?>! ?G! F7>@! E?3C! 4>! D033F060>3! D1C060D! 4>! 3C0!
1?2>389D4@0!7>@!4>!3C0!28E7>!7807DL!=0>10!3C080!4D!7!F7>@!4DD20!HC41C!>00@D!3?!
E0! 7@@80DD0@P! B783412F78F9! 4>! B783D! ?G! 3C0! 1?2>389! HC41C! 780! >?3! 03C>417FF9!
C?6?A0>0?2DL!.50>!>?HP!3C4D!60>37F439!7>@!3C0!G078!3C73!711?6B7>40D!43!C7D!F0@!
3?! 7! 39B0! ?G! X27D4! 80D4@0>347F! 7B783C04@! 7D! Y0>97>D! 6?50! 4>3?! 6?80! 03C>417FF9!
C?6?A0>0?2D!7807D!050>!H43C4>!28E7>!10>308D!7>@!3?H>DL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
)
!<00!140!:1610H0A1:!3?!1;3!MC!A3"!,)!6A5!,-!6A5!Q.4!K!1!P3"!,)!J20J6205!K>!140!QTe!c38A561!3A"!
%+ !

!
K09?>@! 3C0! 7E?50P! 7>?3C08! 4DD20! 3C73! F??6D! ?>! 3C0! C?84V?>! 4D! 3C73! D?60!
1?662>4340D!C750!@?>0!E03308!3C7>!?3C08D!HC41C!780!B??808P!F0DD!H0FF!@050F?B0@P!
7>@!6?80!678A4>7F4V0@!G8?6!3C0!674>D38076L!%C4D!4>!328>!C7D!A0>08730@!G00F4>AD!
?G!80D0>360>3!7>@!B?H08F0DD>0DDP!D0>3460>3D!3C73!17>!7>@!C750!E00>!6?E4F4V0@!
54?F0>3F9L! '283C086?80P! 3C080! 4D! 7! F78A0! 7>@! A8?H4>A! 2>@081F7DD! ?G! 28E7>! B??8!
HC?! 780! >?3! F7>@?H>08D! 7>@! 780! 2>F4W0F9! 0508! 3?! E0! F7>@?H>08DL! %C0! 30>@0>19!
C7D!E00>!3?!3C4>W!?G!Y0>97!7F6?D3!0/1F2D450F9!7D!7A87847>!7>@!?G!F7>@!4DD20D!7D!
B7876?2>3! 050>! 3C?2AC! 3C0! >26E08! ?G! Y0>97>D! F454>A! 4>! 28E7>! 7807D! 4D!
4>1807D4>AP!7!30>@0>19!F4W0F9!3?!1?>34>20L!

O?17CG@:1A!.@34D!

(F3C?2AC! Y0>97[D! B?B2F734?>! A8?H3C! 8730! C7D! E00>! 80@210@! 7>@! 4D! >?H!
80B?830@F9! @?H>! 3?! gmP! 43! D34FF! C7D! 7>! 0D346730@! 3H?! 64FF4?>! 9?23C! HC?! 780!
2>06BF?90@L! '283C086?80P! E03H00>! deeQ! 7>@! deejP! 3C0! >26E08! ?G! D38003!
1C4F@80>! 4>1807D0@! gRRm! 4>! \2D3! G?28! 9078DL! -7>9! ?G! 3C0D0! 4>4347FF9! 8??3F0DD!
1C4F@80>!HC?!780!>?H!7@2F3D!780!3C0!B8?@213!?G!@4DBF71060>3!E9!03C>41!54?F0>10L!
%C09!C750!A8?H>!2B!?>!3C0!D38003D!7>@!780!4>280@!3?!54?F0>10P!D?603C4>A!3C73!4D!
1F078F9! 5089! @7>A08?2DL! #>! 7@@434?>P! 7F3C?2AC! 67>9! 9?23C! DB07W! .>AF4DCP!
D?603C4>A!3C73!C7D!874D0@!3C048!0/B013734?>DP!3C09!C750!>?!C?B0!?G!G?867F!D013?8!
06BF?960>3L!%C0!1?6E4>734?>!?G!E04>A!8??3F0DDP!C754>A!D285450@!764@D3!54?F0>10P!
BF2D! 3C048! >00@! G?8! 7>! 4@0>3439! 7>@! 7! F450F4C??@! 67W0D! 3C06! 807@9! 8018243D! G?8!
54?F0>3! A7>ADP! HC41C! 0/4D3! 7FF! ?508! Y0>97! 7>@! 780! 37BB0@! E9! B?F434147>DP!
B783412F78F9!E23!>?3!0/1F2D450F9!@284>A!0F0134?>DL!!

%C0! A7>AD! 780! @05?4@! ?G! 4@0?F?A9! 7>@! ?B08730! ?>! 7! H4FF4>A! E2908! H4FF4>A! D0FF08!
E7D4DL!I450>!3C0!C408781C417F!>73280!?G!A7>AD!7>@!3C0!2BH78@F9!6?E4F0!C?B0D!?G!
3C048!606E08D!3?!E01?60!7D!H0FF!?GG!7D!3C048!F07@08DP!9?23C!17>!E0!6?E4F4V0@!G?8!
7! 5784039! ?G! 807D?>DP! >?3! \2D3! 3?! 6003! 3C048! @74F9! >00@DL! %C4DP! 4>! 43D0FG! 4D! 7! 5089!
@7>A08?2D!D432734?>P!C0FB4>A!3?!0/BF74>!HC9!D4>10!3C0!deeRD!54?F0>3!A7>AD!C750!
B8?F4G08730@!7FF!?508!Y0>97L!!

!
%% !

!
(@@434?>7FF9P!3C080!4D!7FD?!7!A8?H4>A!B8?EF06!?G!2>06BF?960>3!76?>A!9?23C!HC?!
780! 2>4508D439! 0@21730@P! 0D346730@! 3?! E0! 78?2>@! hRPRRR! 7! 9078P! A450>! 3C73! ?>F9!
dbRPRRR!G?867F!D013?8!\?ED!C750!E00>!180730@!D4>10!QRRgP!874D4>A!3C0!DB01380!?G!
HC03C08!3C0D0!4>@454@27FD!H4FF!7FD?!E0!807@9!3?!0>A7A0!4>!54?F0>10!7D!H0FF!4G!3C09!
780!2>7EF0!3?!G4>@!H?8WeL!

;4?F0>3!A7>ADP!1?>D4D34>A!674>F9!?G!2>06BF?90@!9?23C!C750!E00>!6?E4F4V0@!4>3?!
A7>AD! 7F?>A! 03C>41! F4>0DL! %C048! B?H08P! 3?! 3C0! B?4>3! ?G! C754>A! E01?60! DC7@?H!
A?508>60>3D!4>!67>9!7807DP!D306D!G8?6!3H?!D?2810DL!!'48D3!7D!3C0!674>! 746!?G!
I?508>60>3!4>!3C0!deeRD!H7D!3?!6?E4F4V0!B?F43417F!D2BB?83!3?!A74>!7>@!674>374>!
B?F43417F! B?H08P! 7! A??@! @07F! ?G! 8050>20! H7D! DB0>3! ?>! B738?>7A0! 873C08! 3C7>! ?>!
674>374>4>A! 4>G87D38213280! 7>@! B8?54@4>A! D?147F! D085410DL! %C4D! 607>3! 3C73! 3C0!
1?2>389! D37830@! 3?! 1826EF0P! 54D27FF9! 054@0>3! 4>! 3C0! @0179! ?G! 8?7@D! 7>@! 3C0!
B8?F4G08734?>! ?G! 2>1?FF0130@! A78E7A0P! 050>! 4>! 3C0! 17B437F! 1439! ?G! +748?E4P! HC41C!
?>10!C7@!E00>!17FF0@!3C0!`1439!4>!3C0!D2>aL!%C4D!1826EF4>A!7D!H0FF!7D!7!@01F4>0!4>!
D?147F!D085410D!7>@!D0128439!7FD?!B750@!3C0!H79!G?8!54?F0>3!A7>AD!HC41C!B8?54@0@!
3C06L! %C4D! A750! 2>06BF?90@! 9?23C! H?8WP! 7FE043! H43C4>! A7>ADP! 7>@! 67@0! 3C0!
F73308!0/38060F9!B?H08G2FL!&508!3460!3C0D0!A7>AD!?B08730@!7D!-7G4?D?!DC7W0@?H>!
A7>ADP!H43C!54?F0>10!7>@!46B2>439P!7D!3C09!1?>34>20!3?!@?L!#>1807D4>AF9P!1434V0>D!
E0A7>!3?!7DW!HC?!H7D!4>!1C78A0!?G!Y0>97P!A7>AD!?8!3C0!I?508>60>3L!

<C4F0!?>0!64AC3!C750!0/B0130@!3C73!3C0!B?F410!1?2F@!C750!@07F3!H43C!3C0!4>1807D0!
4>! 54?F0>3! A7>AD! ?B08734>A! 7D! 548327F! DC7@?H! D3730D! 4>! D?! 67>9! B783D! ?G! 3C0!
1?2>389P! 3C0! I?508>60>3! C7D! E00>! 4>0GG013450! 4>! @07F4>A! H43C! 3C06! G?8! D05087F!
807D?>DL! '48D3P! 67>9! B?F434147>D! 3C06D0F50D! C750! 2D0@! 3C0D0! 54?F0>3! A7>AD! 3?!
@0146730! 3C048! ?BB?>0>3DP! 3?! B8?3013! 3C06D0F50D! G8?6! 7! @41373?847F! D3730! 4>! 3C0!
deeRDP! 7>@! 3?! A74>! B?H08! 3C0>! 7>@! >?HL! %C4D! C7D! 43D0FG! A450>! A7>AD! D21C! 7D!
-2>A4W4P! 3C0! %7F4E7>P! )C4>W?8?8?! 7>@! ?3C08D! 7! F4G0! 7>@! 3C0! 7E4F439! 3?! ?B08730!
H43C?23!G078!?G!E04>A!172AC3L!$01?>@P!E9!3C0!3460!A?508>60>3!H7D!D084?2D!7E?23!
E7>>4>A! 3C0! A8?2BDP! 3C09! H080! F78A0P! 1?>38?FF0@! 7! >26E08! ?G! 7807DP! 7>@!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
-
!G40!A8HK02:!=3H0!?23H!6A!0.J021`:!5!:=8::!3A!!A!140!=3A:8L161!#0!H001!A9:!;!14!140!M3HH!::!3A!3A!+(!7898:1!
+**)"!!c32!31402!5!:=8::!3A:!3?!>3814!:00!C43!!:!_8!L1>N!W3814!R02:J0=1!#0:!3A!140!+**,!R20"R3LL:!QL0=1326L!V!3L0A=0!
!A!@0A>6"!P6!23K!N!G40!W3814!790A56B!A"5"U!R0102!T"!@69;6Ab6B!]hR3;02!13!a4828`N!W3814B![50A1!1>B!6A5!_0A0261!3A6L!
V!3L0A=0!!A!@0A>6`:!+**+!QL0=1!3A:B^!7?2!=6A!7??6!2:B!!$*'B!A3"!&$)B!Z6A862>!+**%B!JJ"!+'"&-"!
%& !

!
1?>34>20@!3?!?B08730!4>!DB430!?G!3C0!E7>DL!%C48@P!D0128439!G?810D!4>1F2@4>A!B?F410!
?G30>!H080!541346D!?G!3C0D0!A7>AD!3C06D0F50D!7>@!2D0@!@871?>47>!E23!4>0GG013450!
G?810!7A74>D3!3C06L!!

'283C086?80P!3C0!G713!3C73!E?3C!3C0!B?F410!7>@!64F43789!780!B0810450@!C4D3?8417FF9!
3?!C750!E00>!80182430@!7F?>A!03C>41!F4>0D!3?!B8?3013!3C0!B783412F78!A?508>60>3!?G!
3C0!@79!C7D!4>1807D0@!3C0!F4W0F4C??@!?G!3C048!E807W4>A!@?H>!7F?>A!03C>41!F4>0D!4>!
7! 184D4D! 7>@! E04>A! 043C08! 2>7EF0! ?8! 2>H4FF4>A! 3?! 674>374>! F7H! 7>@! ?8@08!
46B78347FF9L!%C4D!607>3!3C73!B?D3!0F0134?>!54?F0>10!B8?F4G08730@!7>@!4>30>D4G40@!G?8!
7! >26E08! ?G! 6?>3CD! 7>@! 3C73! B?F434147>D! 7>@! E2D4>0DD60>! 7FF0A0@F9! 1C?D0! 3?!
C480! A7>AD! ?G! 9?23C! 3?! G4AC3! 3C048! 73371W08D! 873C08! 3C7>! 17FF! 4>! G?810D! HC?D0!
F?97F340D!1?2F@!>?3!>010DD784F9!E0!1?2>30@!?>L!

%C0! B?D3! 0F0134?>! B084?@! 4>G2D0@! A7>AD! ?G! 2>06BF?90@! 9?23C! H43C! 6?80! B?H08!
3C7>! E0G?80! 7>@! C7D! A450>! 3C06! 7>! 7@@0@! 12880>19L! <C4F0! 1F078F9! 3C080! 4D! 7!
B8?EF06!?G!9?23C!HC?!A8?H!2B!4>!DF26D!7>@!67W0!3C048!F454>A!E9!\?4>4>A!A7>AD!
E0172D0!?G!7!F71W!?G!A??@!7F308>73450D!7>@!3C0!B8?DB013D!?G!2BH78@!6?E4F439P!3C0!
4DD20! 4D! >?3! ?>0! ?G! B?50839! 7F?>0L! #>D307@! 3C4D! D432734?>! 4>308D013D! H43C! ?3C08!
BC0>?60>7P! 4>1F2@4>A! 3C73! ?G! H07W! 4>D343234?>DP! 03C>41! B?F784V734?>P! 7>@! 3C0!
H4FF4>A>0DD! ?G! 3C0! B?F43417F! 1F7DD! 3?! C480! A7>AD! 3?! 0>A7A0! 4>! 54?F0>10! 3?! ?E374>!
B?F43417F! B?H08L! '283C086?80P! 3C0! B?H08! ?G! 3C0D0! A7>AD! DC?2F@! >?3! E0!
2>@088730@P! 4>1F2@4>A! 3C048! 7E4F439! 3?! G?810! ?3C08! B??8! 2>H4FF4>A! 9?23C! 3?! \?4>!
3C06!7D!3C09!80674>!2>1C01W0@P!A8?HP!7>@!7F?>A!H43C!?3C08!G?810D!3C80730>!3C0!
4>30A8439! ?G! D3730! 7>@! >734?>L! #>! 3C4D! D0>D0P! 9?23C! 780! E?3C! E04>A! 0/BF?430@! 7>@!
C750!E01?60!0/BF?4308D!3C06D0F50DL!

)@?2G3E5@?!

(FF!?G!3C0!7E?50!G713?8D!C750!@?50374F0@!3?!67W0!54?F0>10!3C0!603C?@!?G!1C?410!3?!
80D?F50! 7! 87>A0! ?G! B?F43417F! @4GG080>10D! 7>@! 3?! ?E374>! B?F43417F! B?H08L!
'283C086?80P! E0172D0! 3C0! 54?F0>10! D288?2>@4>A! 0F0134?>D! C7D! E00>! 03C>417FF9!
@480130@P! 3C4D! C7D! 4>1807D0@! @4D382D3! 76?>A! @4GG080>3! A8?2BD! 7>@! 57D3F9! 08?@0@!
7>9! D0>D0! ?G! >734?>7F! 4@0>3439L! =0>10P! 03C>41439! C7D! >?H! 37W0>! ?>! 7! @7>A08?2D!
%' !

!
7>@!>0A73450!1?>>?3734?>L!%C0!E7D41!4DD20!G714>A!3C0!>734?>!4D!C?H!3?!@07F!H43C!
3C0D0! 4DD20DL! (3306B3D! C750! E00>! 67@0! 3?! 1871W! @?H>! ?>! A7>AD! 7>@! C7FG!
C07830@F9! 3?! 80G?86! 4>D343234?>DL! +043C08! C7D! E00>! D2110DDG2FP! 4>! B783! E0172D0!
3C0! I?508>60>3! C7D! >?3! E00>! D084?2DP! C7D! >?3! E00>! H4FF4>A! 3?! 7@@80DD! A0>0841!
4DD20D!?8!2>@08F94>A!172D0D!?G!54?F0>10L!!

'283C086?80P! 3C0! 674>! B08B03873?8D! ?G! D9D30641! 54?F0>10! C750! >0508! E00>!
B8?D01230@L!)2880>3F9!Y0>97!4D!73!7!1843417F!\2>13280L!;4?F0>10!4D!0>@0641P!?23!?G!
1?>38?FP!4D!2D0@!8?234>0F9!3?!80D?F50!B?F43417F!@4GG080>10DP!7>@!3C80730>D!3C0!G23280!
?G! 3C0! >734?>L! K0172D0! ?G! 3C0! 03C>41! >73280! ?G! 3C0! B?D3O0F0134?>! 54?F0>10P! 03C>41!
G078D!7>@!C7380@!C750!E00>!0F05730@!4>!46B?837>10!7>@!1?2F@!328>!54?F0>3!7A74>!
050>!6?80!07D4F9!3C7>!C7D!C7BB0>0@!4>!3C0!B7D3L!<C73!4D!80X2480@!3?!7@@80DD!3C0!
B?4>3D! @4D12DD0@! 7E?50! 4D! B?F43417F! H4FF!7>@! D?60! E7D41! @014D4?>D! 3?! 1C7>A0! 3C0!
H79!B?F4341D!4D!1?>@2130@P!7D!H0FF!7D!3?!7@@80DD!43D!4>308D0134?>!H43C!?3C08!4DD20D!
80F730@!3?!F7>@P!678A4>7F4V734?>!7>@!4>0X27F439P!7>@!9?23CL!$C?83!?G!3C73P!54?F0>10!
4>1F2@4>A!3C73!80F730@!3?!0F0134?>D!H4FF!1?>34>20!3?!7BB078!7>@!H4FF!E0!4A>430@!0508!
6?80!807@4F9L! Y0>97! >00@D! 3?! @014@0! 4G! 43! H4DC0D! 3?! F03! 54?F0>10P! 1?882B34?>P!7>@!
B?H08F0DD! 4>D343234?>D! B80574F! ?8! 3?! 4>38?@210! G2>@760>37F! 1C7>A0L! $46BF9! B23P!
3C0! 4>@454@27FD! 7>@! 4>D343234?>D! HC?! C750! E0>0G430@! 4>! 3C0! DC?83! 3086! G8?6! 3C0!
1C7?D!7>@!54?F0>10!>00@!3?!A450!2B!3C0!603C?@D!3C09!C750!2D0@!?8!Y0>97!1?2F@!
E01?60! 7! G74F0@! D3730L! %C0! 80B?83! HC41C! G?FF?HD! 4D! @0@41730@! 3?! @4D12DD4>A! 3C0!
)?664DD4?>[D! G4>@4>AD! ?>! 3C0! B?D3! QRRS! 0F0134?>D! 54?F0>10! 7>@! 67W4>A!
801?660>@734?>D!?>!387>DG?864>A!3C0!12880>3!D432734?>L!

%( !

!
!

)>#;"&-!">-&&!
<5@G1?21!5?!-5H4!<8GG1:!;9@65?21!
!

"D1!*@94D!-5H4!-1B5@?!

,?49@A3245@?!

%C0!+?83C!*4G3!80A4?>!1?6B84D0D!3C0!@4D38413D!?G!U7D4>!I4DC2P!%87>D!+V?47!<0D3P!
%87>D! +V?47! .7D3P! +7>@4! +?83CP! +7>@4! $?23CP! -787WH03P! Y049?P! K784>A?! +?83C!
7>@!K784>A?!$?23CL!!%C0!054@0>10!67@0!7574F7EF0!3?!3C0!)?664DD4?>!4>!80F734?>!
3?!3C?D0!@4D38413D!4D!0/764>0@!E0F?HP!E23!6?80!D?P!4>!80F734?>!3?!U7D4>!I4DC2!7>@!
%87>D!+V?47!HC41C!0/B0840>10@!3C0!0B410>380!?G!3C0!B?D3!0F0134?>!54?F0>10!4>!3C73!
80A4?>L!!

%C0! U7D4>! I4DC2! J4D38413! 1?508D! 7>! 7807! ?G! gQdf! DX2780! W4F?60380DL! #3! E?8@08D!
"2A784! @4D38413! ?G! <0D308>! :8?54>10! 3?! 3C0! H0D3L! %?! 3C0! 07D3P! 43! E?8@08D! Y049?P!
-787WH03!7>@!Y?4E730WL!&>!3C0!D?23C08>!D4@0P!43!E?8@08D!+7>@4!+?83C!7>@!+7>@4!
$?23C!@4D38413DL!%C0!%87>D!+V?47!@4D38413D!?G!.7D3!7>@!<0D3!780!4>!3C0!>?83CL!!#3!
DC780D!7!D67FF!E?2>@789!H43C!Y4BW0F4?>!73!43D! D?23C!07D308F9!34BL!%C0!@4D38413!4D!
@454@0@! 4>3?! D4/! 7@64>4D3873450! @454D4?>D! >760F9! %28E?P! $?9P! -?4E0>P! (4>7EW?4P!
Y0DD0D! 7>@! Y7BD7803L! :?F43417FF9P! 43! C7D! g! 1?>D34320>140D! >760F9! .F@?803! +?83CP!
.F@?803! .7D3! 7>@! .F@?803! $?23CL! ! #3! C7D! 3C800! F?17F! 723C?84340D! >760F9M! ! 3C0!
-2>414B7F! )?2>14F! ?G! .F@?803P! 3C0! )?2>39! )?2>14F! ?G! <780>A! 7>@! 3C0! %?H>!
)?2>14F!?G!K28>3!'?80D3L!!

(3!7>!7>>27F!A8?H3C!8730!?G!7E?23!hmP!3C0!B?B2F734?>!?G!U7D4>!I4DC2P!0D346730@!
73!ShhPRfg!4>!deeeP!4D!12880>3F9!1F?D0!3?!?>0!64FF4?>!B0?BF0!7>@!7!G748!64/!?G!7FF!
Y0>97>! 1?662>4340DL! %C0! @4D38413[D! 01?>?69! 4D! 7A8412F3287F! E7D0@L! %C080! 780! 7!
G0H!4>@2D3840D!4>!.F@?803P!HC41C!4D!3C0!@4D38413!C07@X278308DL!.F@?803!3?H>!4D!3C0!
1?6608147F! C2E! ?G! 3C0! +?83C! *4G3! 80A4?>L! ! #3! 4D! H0FF! F4>W0@! 3?! 3C0! 80D3! ?G! 3C0!

%, !

!
1?2>389! E9! 874FP! 748! 7>@! 8?7@! >03H?8WDL! #3! C7D! 67>9! 4>D343234?>D! ?G! C4AC08!
F078>4>AP! 7! 80G0887F! C?DB437F! 7>@! ?3C08! 5437F! 4>D37FF734?>! D21C! 7D! 3C0! Y0>97!
:4B0F4>0!&4F!J0B?3!HC41C!D0850D!D?60!?G!3C0!>04ACE?284>A!1?2>3840DL!

-?80! 3C7>! 4>! 7>9! ?3C08! B783! ?G! 3C0! 1?2>389P! H43C! 3C0! 0/10B34?>! ?G! 3C0! -?F?!
@4D38413!4>!)0>387F!*4G3P!54?F0>10!4>!+?83C!*4G3!E?80!80D06EF7>10!3?!B8054?2D!191F0D!
?G! 0F0134?>! 80F730@! 03C>41! 54?F0>10L! #3! 4D! H?83C! >?34>A! 3C73! 3C0! (W4H264! *0B?83!
7>@! 3C0! X20D34?>! 80F730@! 3?! 7134>A! 2B?>! 43D! 801?660>@734?>! H080! 6?D3!
@4D12DD0@! 4>! ?28! C0784>AD! ?>! 3C0! +?83C! *4G3L! %C0! )?664DD4?>! 3C080G?80! G0F3!
>010DD789! 3?! 0/764>0! 3C0! B73308>P! 713?8D! 7>@! 1?>D0X20>10D! ?G! 3C0! QRRS! B?D3!
0F0134?>! 54?F0>10! 4>! 3C4D! 80A4?>! 4>! 3C0! A0>087F! 1?>30/3! ?G! 3C0! F0A719! ?G! 03C>41!
1F7DC0D!0/B0840>10@!@284>A!B8054?2D!0F0134?>!B084?@DL!

;91P&G1245@?!;195@A!8?A!4D1!%1B82:!@H!4D1!Z[[SE!+4841!+C@?E@91A!<5@G1?21!

:8054?2DF9P! 3C0! +?83C! *4G3! C7@! 0/B0840>10@! D084?2D! 54?F0>10! E0G?80! 3C0!
B80D4@0>347F! 7>@! B78F4760>3789! 0F0134?>D! ?G! deeQ! 7>@! deeSL! #>! QRRSP! 3C0! 674>!
@4GG080>10!H7D!3C73!3C0!54?F0>10!H7D!6?80!4>30>D0P!6?80!H4@0DB807@P!H7D!28E7>!
7D! H0FF! 7D! 8287FP! F7D30@! F?>A08P! 7>@! ?112880@! 7G308! 873C08! 3C7>! E0G?80! 3C0!
0F0134?>DL!!

%C0! +?83C! *4G3! 4D! ?>0! ?G! 3C0! 80A4?>D! HC41C! H7D! 4>50D34A730@! 7>@! 0/30>D450F9!
1?5080@!4>!3C0!(W4H264!*0B?83LdR!(11?8@4>A!3?!3C73!*0B?83P!3C0!1F7DC0D!E8?W0!?23!
4>!%4>@0803!J454D4?>P!4>!+7>@4!J4D38413P!?>!Qe!&13?E08!deed!E0G?80!DB807@4>A!?23!
3?!?3C08!B783D!?G!3C0!*4G3!;7FF09L!:787A87BCD!eR!7>@!ed!?G!3C0!*0B?83!D266784V0!
3C0!A0>087F!>73280!?G!3C0!54?F0>10!7>@!780!80B8?@210@!E0F?HM!

"012!3'!$*45!4,*+5!*)$*6!'&'78*,$'9:'!&)!'&'7;**+*:6!*+!.5$!4*+$!<*%!
#$6! =$)$! +-(($',%! *..*4>$(6! .5$:)!5&-+$+! +$.! &'! ?:)$6! .5$:)! @)&@$).:$+!
,&&.$(! *'(! :'! 4$).*:'! :'+.*'4$+6! +&<$! &?! .5$<! =$)$! $:.5$)! >:,,$(! &)!
+$A$)$,%! :'9-)$(! =:.5! .)*(:.:&'*,! =$*@&'+! ,:>$! #&=+! *'(! *))&=+6!
+@$*)+6! @*'B*+6! +=&)(+! *'(! 4,-#+2! C5$! )*:($)+! =$)$! =$,,! &)B*':D$(!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$*
!Q.4!K!1!$%&!E6F!R9"!'-!O!$)-"!

%) !

!
*'(! 4&7&)(:'*.$(2! C5$:)! *..*4>+! =$)$! B$'$)*,,%! -'($)! .5$! 4&A$)! &?!
(*)>'$++6! *'(! =5$)$! .5$! *..*4>$)+! =$)$! :'! #)&*(! (*%,:B5.6! .5$!
)*:($)+! =&-,(! +<$*)! .5$:)! ?*4$+! =:.5! 4,*%! .&! 4&'4$*,! .5$:)! :($'.:.:$+2!
C5$! *..*4>$)+! .*)B$.$(! <*:',%! .5$! 8:>-%-6! #-.! *,+&! .5$! 8:+::6! .5$!
E-5%*6!*'(!.5$!E-&6!&.5$)!'&'78*,$'9:'!*'(!'&'7;**+*:!4&<<-':.:$+!
=$)$! '&.! +@*)$(2! ! C5$! *..*4>+! =$)$! #*)#*):46! 4*,,&-+! *'(! 4*,4-,*.$(!
.&! ():A$! &-.! .5$! .*)B$.$(! B)&-@+! ?)&<! .5$:)! ?*)<+6! .&! 4):@@,$! .5$<!
$4&'&<:4*,,%! *'(! .&! @+%45&,&B:4*,,%! .)*-<*.:D$! .5$<2! ! ;*'%! &?! .5$!
A:4.:<+! =$)$! ?&)4$(! .&! 4*<@! :'! +45&&,+6! 45-)45! 4&<@&-'(+! *'(!
+5&@@:'B! 4$'.)$+2! C5$)$! .5$%! ,:A$(! :'! <*>$+5:?.! +.)-4.-)$+! &?!
@&,%.5$'$! +5$$.+6! 4*)(#&*)(! *'(! +:<:,*)! <*.$):*,+2! ! C5$%! 5*(! ,:..,$!
?&&(! *'(! #$,&'B:'B+! =:.5! .5$<! *'(! ,:A$(! :'! @&&)! +*':.*)%! 4&'(:.:&'+!
=:.5!.5$:)!45:,()$'!=5&!4&-,(!'&!,&'B$)!B&!.&!+45&&,2!C5$)$!=*+!*,+&!*!
B$'$)*,!,*4>!&?!4&'4$)'!#%!.5$!F)&A:'4:*,!*(<:':+.)*.:&'!*'(!.5$!F&,:4$!
G&)4$!?&)!.5$:)!+$4-):.%!*'(!B$'$)*,!=$,?*)$2!

0H2! 3'!B$'$)*,6!.5$!4,*+5$+!+.*).$(!*'(!$'($(!+-(($',%6!*'(!,$?.!*!
.)*:,!&?!($+.)-4.:&'!+-??$):'B!*'(!(:+)-@.:&'!&?!,:?$!5:.5$).&!-'>'&='!:'!
.5:+! 4&-'.)%2! C5$! 4*-+$+! &?! .5$! 4,*+5$+! 5*A$! #$$'! B:A$'! *+! 4&'?,:4.!
&A$)! ,*'(6! 4*..,$! )-+.,:'B6! @&,:.:4*,! (:??$)$'4$+! *'(! $4&,&B:4*,! )$*+&'+!
*<&'B!&.5$)+2!I+!+.*.$(!$,+$=5$)$!:'!.5:+!J$@&).6!.5$+$!)$*+&'+!=$)$!
@)&??$)$(!.&!4&'4$*,!.5$!)$*,!<&.:A$!&)!)$*+&'!?&)!.5$!4,*+5$+2/!

%C0! (W4H264! )?664DD4?>! 1760! 3?! 3C0! 1?>1F2D4?>! 3C73! 3C080! H080! 3C800!
2>@08F94>A!807D?>D!G?8!3C0!1F7DC0DM!

HK "I<#:.:&'+! #%! 8*,$'9:'+! &?! )$4&A$):'B! =5*.! .5$%! .5:'>! .5$%!


,&+.! =5$'! .5$! L-)&@$*'+! ?&)4:#,%! *4M-:)$(! .5$:)! *'4$+.)*,!
,*'(2!
NK C5$!($+:)$!.&!)$<&A$!"?&)$:B'$)+/6!($)&B*.&):,%!)$?$))$(!.&!*+!
"<*(&*(&*/! &)! "+@&.+/! ?)&<! .5$:)! <:(+.2! C5$! )$?$)$'4$! =*+!
<*:',%! .&=*)(+! .5$! 8:>-%-6! 8:+::6! E-&! *'(! &.5$)!
4&<<-':.:$+!=5&!5*(!?&-'(!@$)<*'$'.!)$+:($'4$!:'!.5$!J:?.!
O*,,$%2!
PK F&,:.:4*,!*'(!$.5':4!,&%*,.%2/!
!

%C0! (W4H264! )?664DD4?>! 7FD?! 1760! 3?! 3C0! 1?>1F2D4?>! 3C73! 3C0! D0128439! G?810D!
7>@!3C0!:8?54>147F!(@64>4D38734?>!H080!>0AF4A0>3!7>@!2>H4FF4>A!3?!37W0!G486!7>@!
@87D341! 7134?>! 3?! B8050>3! 3C0! 1F7DC0D! G8?6! 082B34>A! ?8! ?>10! 3C0D0! 082B30@P! 3?!

%- !

!
E84>A!7!X241W!0>@!3?!3C06L!%84E7F!F07@08D!7>@!B?F434147>D!H080!7FD?!G?2>@!3?!C750!
4>D34A730@!3C0!1F7DC0DLdd!

*01?660>@734?>D! H080! 67@0! 3?! B8050>3! 3C0! G23280! 8012880>10! ?G! 54?F0>10!
4>1F2@4>A! 801?660>@734?>D! G?8! 3C0! 4>50D34A734?>D! ?G! >760@! 4>@454@27FD!
D2DB0130@! 3?! C750! C7@! 7! C7>@! 4>! 3C0! 54?F0>10L! K23! 3C0! G4>@4>AD! 7>@!
801?660>@734?>D!?G!3C73!)?664DD4?>P!7D!80F730@!3?!3C0!*4G3!;7FF09P!H080!80\0130@!
E9! D0134?>D! ?G! 3C0! I?508>60>3! ?G! 3C0! @79! 7>@! 3C080! G?FF?H0@! >?! G283C08! 54D4EF0!
7134?>!?>!3C0!*0B?83dQL!

$35GA!3C!@H!"1?E5@?!!

(F3C?2AC! D05087F! I?508>60>3! ?GG4147FD! 30D34G40@! 3C73! 3C0! F07@! 2B! 3?! 3C0! 0F0134?>D!
H7D! B0710G2F! 7>@! @4@! >?3! 0/B0840>10! 7>9! 54?F0>10P! 3C080! H7D! 7FD?! 054@0>10! 3C73!
4>! 3C0! F07@! 2B! 3?! 3C0! 0F0134?>D! 7FF! H7D! >?3! H0FFL! '?8! 0/76BF0P! 3C0! J)! G?8! U7D4>!
I4DC2!K08>78@!Y4>927P!D37830@!E9!D794>A!3C73!4>!C4D!@4D38413!`B?FF4>A!H7D!D6??3CP!
5089! D6??3CP! 4>@00@! 3C0! D6??3C0D3! #! C750! 0508! D00>aL! =?H0508P! HC0>! DB014G41!
4>14@0>3D! H080! B23! 3?! C46P! C0! 71W>?HF0@A0@! 3C73! 3C080! H080! 54?F0>3! DW4864DC0D!
E0G?80! 3C0! 0F0134?>D! 7>@! 3C0D0! 1?>384E230@! 3?! 7>! 736?DBC080! ?G! 0508O0D17F734>A!
30>D4?>L!!

%C0D0! 4>14@0>3D! 4>1F2@0@! 3C0! E28>4>A! 4>! .F@?803! ?G! 7! 50C41F0! E0F?>A4>A! 3?! 3C0!
K8??WD4@0!'713?89!?>!Qj3C!J0106E08P!?>!D2DB414?>DP!F7308!@4DB8?50@P!3C73!D32GG0@!
E7FF?3D! H080! D3?80@! 4>! 3C0! B8064D0D! ?G! 3C0! )?6B7>9P! 3C0! 73306B3D! 3?! E28>!
7>?3C08!50C41F0!E0F?>A4>A!3?!7!E2D!1?6B7>9P!-?F?F4>0P!?>!3C0!D760!@79!7>@!G?8!
3C0! D760! 807D?>! 7>@! 3C0! D2DB0>D4?>P! 3H?! @79D! 078F408P! ?G! 3C0! 387>DB?83734?>! ?G!
B0?BF0! 3?! 7>@! G8?6! .F@?803P! E9! E2D! ?B0873?8D! HC?! G0780@! G?8! 3C0! D7G039! ?G! 3C048!
50C41F0DL!<43>0DD0D!30D34G40@!3C73!0F0134?>0084>A!1?>34>20@!3C8?2AC?23!3C0!B084?@!
7G308! 3C0! 1?>1F2D4?>! ?G! 3C0! 80G080>@26! 0/0814D0! ?>! 3C0! B8?B?D0@! >0H!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$$
!Q.4!K!1!!$%&!J626926J4!'+&!
$+
!Q.4!K!1!$%&!EKF!

&* !

!
)?>D343234?>! 4>! QRRbP! 7>@! 3C73P! ?>! 7FF! D4@0D! ?G! 3C0! B?F43417F! @454@0P! 4>1430G2F!
233087>10D!H080!67@0!E9!B?F434147>D!7>@!3C048!18?>40D!7D!B783!?G!3C0!176B74A>DL!
(11?8@4>A! $30BC0>! #W27P! 3C0! Y?4E730W! J)P! 3C0! Y7F0>\4>! B0?BF0! H080! 67@0! 3?!
E0F4050!3C73!3C09!C7@!E00>!678A4>7F4V0@!E9!3C0!I?508>60>3!7>@!3C73!3C048!B0?BF0!
C7@! E00>! 806?50@! G8?6! I?508>60>3! B?D434?>D! 2>G748F9L! %C0! +$#$! @4D38413! 1?O
?8@4>73?8! G?8! U7D4>! I4DC2! 4>G?860@! 3C0! )?664DD4?>! 3C73! @284>A! 3C0! QRRb!
80G080>@26P! 3C0! Y7F0>\4>! 540H0@! 3C0! Y4W292! 7D! 788?A7>3! 7>@! 7FD?! G0F3! 3C73! 3C0!
Y4W292!F??W0@!@?H>!2B?>!3C06P!>?3H43CD37>@4>A!3C0!G713!3C73!3C0!Y7F0>\4>!H080!
C?D3! 3?! 7! F78A0! >26E08! ?G! Y4W292! B0?BF0L! %C0! J)! G?8! Y?4E730WP! 1?>G4860@! 3C0!
0/30>D4?>!?G!176B74A>D!E09?>@!3C0!80G080>@26!B084?@!7>@!7FD?!3C73!3C080!H7D!7!
E24F@! 2B! ?G! 30>D4?>! 80D2F34>A! G8?6! 3C0! 60DD7A0D! 3C73! H080! @0F45080@! 7D! B783! ?G!
3C0! 176B74A>4>AL! (F3C?2AC! C0! H7D! >?3! 7EF0! 3?! G28>4DC! 3C0! )?664DD4?>! H43C! 7!
D4>AF0! 0/76BF0! 3?! 5084G9! C4D! 1F746DP! C0! 7@@0@! 3C73! @284>A! 3C0! 176B74A>DP!
508>712F78!87@4?!D3734?>D!H080!4>5?F50@!4>!3C0!4>143060>3!?G!B0?BF0!7F?>A!03C>41!
F4>0DL! %C0! "<*9:<#&/! @0E730! H7D! B783412F78F9! @454D450! 7D! 43! E8?2AC3! E71W! 3C0!
4DD20D!?G!801?5089!?G!7>10D387F!F7>@!E9!3C0!Y7F0>\4>D!7>@!806?57F!?G!`G?804A>08Da!
]<*(&*(&*^! G8?6! 3C0! F7>@P! 7FF! 2>@08F94>A! 807D?>D! G?8! 3C0! deeRD! 1F7DC0DL!
(11?8@4>A! 3?! 3C0! U7D4>! I4DC2! J)P! K08>78@! Y4>927P! 80G080>10D! 3?! 67@?7@?7!
`H080! 2D0@! G80X20>3F9! 050>! 4>! >?867F! @4D1?28D0! H43C4>! 3C0! @4D38413aL! (D! 3C0!
B?F43417F!306B0873280!8?D0P!D?!@4@!4>14@0>3D!?G!54?F0>3!1?>G8?>3734?>D!E03H00>!3C0!
B?F43417F! 713?8D! E0G?80!0F0134?>! @79L! ! (D!@4D12DD0@!F7308P! 4>! 7FF! 3C?D0! B80O0F0134?>!
4>14@0>3D! ?G! 54?F0>10P! >?! ?>0! H7D! 7880D30@! 7>@! 3C?D0! HC?! H080P! H080! 80F07D0@!
H43C?23!7>9!1C78A0D!?8!B8?D01234?>L!

(F3C?2AC!43!H7D!3C0!46B80DD4?>!?G!67>9!H43>0DD0D!3C73!54?F0>10!4>!3C0!+?83C!*4G3!
E0A7>! ?>! gR! J0106E08! QRRS! 4660@4730F9! 7G308! 3C0! .F013?87F! )?664DD4?>! ?G!
Y0>97!].)Y^!7>>?2>10@!3C0!B80D4@0>347F!80D2F3D!?G!3C0!QS!J0106E08!B?FFDP!3C080!
H7D! 054@0>10! 3C73! 54?F0>10! C7@! E0A7>! 050>! E0G?80! 3C0! 0F0134?>! 80D2F3D! H080!
7>>?2>10@L!'?8!0/76BF0!3C0!J)!G?8!+7>@4!$?23CP!-7E097!-?A7W7P!30D34G40@!3C73!
54?F0>10! 4>! C4D! @4D38413! C7@! E0A2>! ?>! Qe3C! J0106E08L! %C0! @0F79! 4>! 3C0!
7>>?2>1060>3! ?G! 3C0! 80D2F3D! ?G! 3C0! B80D4@0>347F! 0F0134?>DP! 7FF0A734?>D! ?G!
B8?EF06D!4>!3C0!1?>@213!?G!3C0!0F0134?>!E9!E?3C!F?17F!7>@!G?804A>!?ED08508DP!3C0!
540H!3C73!7>9!&J-!F?DD!H?2F@!E0!3C0!80D2F3!?G!84AA4>A!7>@!C0>10!4FF0A4346730P!7D!
&$ !

!
H0FF! 7D! 4>10>@4789! 80678WD! 7>@! C730! DB001C! E9! B?F434147>DP! '-! F?17F! 60@47!
D3734?>DP! 7>@! 3C0! B2EF41! C7@! E24F3! 2B! >?34107EF0! 30>D4?>D! 4>! 67>9! B783D! ?G! 3C0!
1?2>389L!!

%C0!)?664DD4?>!0D37EF4DC0@!3C73!3C4D!H7D!D?!7FD?!4>!U7D4>!I4DC2!J4D38413P!HC41C!
H7D!3C0!0B410>308!?G!3C0!54?F0>10L!

*84391!8?A!1041?4!@H!65@G1?21!

;784?2D! 7@64>4D3873450! ?GG4147FD! 7>@! D0>4?8! B?F410! ?GG4108D! 4>! 3C0! +?83C! *4G3! HC?!
30D34G40@!E0G?80!2D!80B?830@!3C73!67DD450!54?F0>10!7FF!718?DD!U7D4>!I4DC2!J4D38413!
4>! B783412F78P! 7D! H0FF! 7D! 4>! 5784?2D! B783D! ?G! +7>@4P! 7>@! 0FD0HC080! 082B30@!
D2@@0>F9! 4660@4730F9! 7G308! 3C0! .)Y! 7>>?2>10@! 3C0! B80D4@0>347F! 80D2F3D! ?>! gR!
J0106E08L! #>! U7D4>! I4DC2P! 3C0! 54?F0>10! 0>374F0@! F78A0! 67872@4>A! A7>AD! ?G!
dPRRROQPRRR!Y7F0>\4>!9?23CP!E87>@4DC4>A!671C030DP!E?HD!7>@!B?4D?>?2D!788?HDP!
?117D4?>7F! G480786DP! 6731C0D! 7>@! B8?\0134F0D! G4FF0@! H43C! B038?FL! %C0D0! 60>714>A!
A7>AD!EF?1W0@!7>@!67>>0@!7!5784039!?G!8?7@D!H43C!3800D!382>WD!7>@!C2A0!8?1WDP!
D?60! ?G! HC41C! H080! 387>DB?830@! E9! 38713?8DP! 3C8?2AC?23! 3C0! @4D38413L! %C09! 7FD?!
E28>0@! 50C41F0D! 7>@! 3980D! HC4F0! 80G2D4>A! 3?! 7FF?H! 7>9?>0! 3?! B7DD! 7D! H0FF! 7D!
0>A7A4>A!4>!W4FF4>AP!84?34>AP!7>@!F??34>ALdg!%C4D!4>1F2@0@!>2608?2D!D462F37>0?2D!
73371WD! 7>@! 12334>A! ?GG! 7FF! G450! 0>387>10D! 3?! .F@?803! 3?H>P! ?3C08! 8?7@D! 7>@!
C4ACH79DP! 7D! H0FF! 7D! 3C0! 674>! 783089! 3?! Y4D262! 7>@! UA7>@7P! 7>@! E09?>@!G8?6!
%46E?8?7!3?!%28E?L!!

%C0! J48013?8! ?G! -?4! %071C4>A! 7>@! *0G0887F! =?DB437FP! :8?GL! =782>! -0>A01CP!
60>34?>0@!3C73!D?60!8?7@!EF?1WD!H080!0D37EF4DC0@!7D!078F9!7D!Qe!J0106E08L!%C0!
54?F0>10! H7D! D?! ?508HC0F64>A! 3C73! G?8! D?60! 3460P! F?>A! 3086! 387@0! H7D! 73! 7!
D37>@D34FF! H43C! >?! D2BBF40D! A?4>A! 4>! ?8! ?23! ?G! UA7>@7! 7>@! .7D308>! )?>A?L! %C0!
:8?54>147F! $0128439! 7>@! #>30FF4A0>10! )?6643300! ]:$#)^! G4>7FF9! @014@0@! 3?! 17FF! 4>!
3C0! 64F43789! 3?! 1F078! 3C0! EF?1W0@! C4ACH79D! 7>@! ?3C08! G00@08! 8?7@DP! 4>1F2@4>A!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$%
!c23H!10:1!H3A!0:!3?!MC!'-B!(*B!(,B!,&B!)$B!)+B!)%B!)&B!)'B!)(U!6L:3!0.4!K!1!$+'B!JJ($"(-U!10:1!H3A>!?23H!A8H0238:!
31402!0>0!;!1A0::0:!!A102#!0;05!K>!M3HH!::!3A!!A#0:1!96132:"!

&+ !

!
0D1?834>A!B2EF41!D085410!50C41F0D!]:$;D^!7>@!37>W08D!G8?6!3C0!.F@?803!:4B0F4>0!3?!
3C0! Y0>97! UA7>@7! E?8@08L! $0128439! B08D?>>0F! @0BF?90@! E9! 3C0! &):J! 7FD?!
7DD4D30@! 4>! B8?30134>A! F4G0! 7>@! B8?B0839P! A278@4>A! #J:! 176BDP! 7>@! 387>DG0884>A!
3C06!G8?6!3C0!4>3084?8!3?!D7G08!F?1734?>D!4>!3C0!10>380L!

%C0!E788417@0D!4>!3?H>!H080!D?!D05080!3C73P!711?8@4>A!3?!:8?GL!-0>A01C!C0!3840@!
2>D2110DDG2FF9! 3H410! 3?! A03! 3?! C4D! C?DB437F! ?>! gR! J0106E08P! G48D3! 3C8?2AC! 3C0!
-?4[D! K84@A0l-732>@7! 8?230! 7>@! 3C0>! 3C8?2AC! 3C0! i4H7! 8?230L! #>! 071C! 17D0!C0!
0>1?2>3080@! 9?23CDP! 0D346730@! 3?! E0! E03H00>! dbOQR! 9078D! ?F@P! HC?! H080!
EF?1W4>A!3C0!8?7@D!7>@!HC?!H78>0@!C46!C0!64AC3!>?3!67W0!43!3?!3C0!C?DB437FL!#3!
3??W!2>34F!Q!_7>2789!QRRf!G?8!:8?GL!-0>A01C!3?!8071C!3C0!C?DB437F!7>@!3C0>!?>F9!
HC0>!3C0!J)!7>@!3C0!B?F410!A750!C46!7>!7860@!0D1?83L!

<43C4>! .F@?803! 3?H>P! 3C0! F0DD! H0FF! ?GG! 7807D! ?G! -2>97W7P! $4F7DP! 7>@! "7>A7D!
0D3730D! 0/B0840>10@! C0759! 54?F0>10! H43C! 7! G?8608! 4>308>734?>7F! 73CF030P! "217D!
$7>A! W4FF0@L! (11?8@4>A! 3?! 054@0>10! B80D0>30@! E9! 3C0! Y+)=*P! ,7626E4P! 7! G786!
7807!>078!3?!.F@?803!H7D!7FD?!D084?2DF9!7GG0130@L!Y7F0>\4>!874@08D!3?81C0@!C?2D0D!
?H>0@! E9! Y4W292D! 3C080L! %H?! @073CD! 0>D20@P! H43C! ?>0! B08D?>! @94>A! 4>! 3C0!
B80D0>10!?G!3H?!B?F410!?GG4108D!HC?!C7@!4>57@0@!3C0!541346[D!C?60L!(11?8@4>A!3?!
3C0!054@0>10P!3C0!Y7F0>\4>!A7>AD!80B?830@F9!1760!G8?6!3C0!8287F!7807D!3?!73371W!
Y4W292!80D4@0>3D!4>!.F@?803!3?H>Ldh!

%C0! G?8608! &):J! G?8! .F@?803! J454D4?>P! (>A0F2D! Y78282P! 3?F@! 3C0! )?664DD4?>!
3C73!?>!gR!J0106E08P!C4D!?GG410!E0A7>!8010454>A!80B?83D!G8?6!7FF!?508!3C0!@4D38413!
?G! 78D?>P! 3C0G3P! 3C0! @0D382134?>! 7>@! F??34>A! ?G! B8?B0839P! 7>@! 3C0! 37W4>A! ?G!
F450D3?1WL!&23D4@0!?G!3?H>P!A7>AD!H43C!182@0!H07B?>D!7FD?!E788417@0@!7110DD!3?!
5784?2D! D430DP! 4>1F2@4>A! G7864>A! 1?662>4340D! 4>! 3C0! F78A0F9! Y4W292! 4>C7E430@!
D033F060>3! D1C060DL! =080P! 6?D3F9! 2>D2DB0134>A! 7>@! 30884G40@! 541346D! H080!
D2@@0>F9!?508HC0F60@!E9!F78A0!>26E08D!?G!Y7F0>\4>!9?23C!HC?!D03! G480!3?!3C048!
1?6B?2>@DP! E28>0@! 7>@! D3?F0! 3C048! B?DD0DD4?>DP! 7D! H0FF! 7D! 67464>AP! A7>A!
87B4>AP! 7>@! C71W4>A! 3?! @073C! F78A0! >26E08D! ?G! @0G0>D0F0DD! G764F40DP! 6?D3! ?G!
HC?6! H080! Y4W292L! %C0! J)! D74@! 3C73! 3C0! 674>! 7807D! 7GG0130@! H080! Y476E77P!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$&
!Q.4!K!1!$+'!
&% !

!
*284A4P! *2W24>4P! Y47626E4P! -?4E0>! J454D4?>P! -732>@7! 4>! $?4! J454D4?>P! 7>@! 3C0!
7807!78?2>@!%28E?L!

%C0!>73280!?G!54?F0>10!H7D!E0D3!80>@080@!4>!B08D?>7F!D3?840D!3C0!541346D!7>@!090!
H43>0DD0D!3?F@!3C0!)?664DD4?>L!(D!?>0!4>G?867>3!3?F@!)?664DD4?>!4>50D34A73?8DP!!

`I.! *#&-.! <:(':B5.! &'! Q$4$<#$)! P1R3! =*+! *=&>$'! #%! +4)$*<+2!
S5$'!3! =$'.!&-.!&?!.5$!5&-+$!3!+*=! .5*.!'$:B5#&)T+!5&<$+!#$,&'B:'B!
.&!8:>-%-!=$)$!&'!?:)$2!3!)$<*:'$(!&-.!-@!.&!<&)':'B2!3!=$'.!.&!45$4>!
=5*.! =*+! 5*@@$':'B2! 3! +*=! 5&-+$+! #-)':'B! *.! .5$! #&-'(*)%! &?!
E*'B*+!*'(!8*@+$)$./2!

(>?3C08!H43>0DD!80>@080@!903!7>?3C08!C0783!H80>1C4>A!37F0!7D!G?FF?HDM!!

"U&<$!V*'(:!=$)$!)-'':'B!*?.$)!@$&@,$!&'!.5$!)&*(2!3!)*'!*=*%!=:.5!
<%!45:,()$'2!3!+*=!*!<*'!#$:'B!>:,,$(!#%!4-..:'B!=:.5!*!@*'B*!*'(!5:.!
#%!4,-#+!=5$'!3!=*+!)-'':'B2!3!?$,,!'$*)!*!+$*+&'*,!):A$)!:'!8:@>$'(-:!
@):<*)%!+45&&,!=5:,$!)-'':'B!*=*%2!;%!,*+.!#&)'!45:,(!?$,,!*!(:+.*'4$!
*=*%! ?)&<! <%! *)<6! =*+! 5-).6! *'(! =*+! 4)%:'B2! U&<$! @$&@,$! =$)$!
)-'':'B! *?.$)! <$! *'(! =5$'! 3! ?$,,6! .=&! <$'! 4*-B5.! <$2! C5$%! .&)$! <%!
@*'.:$+!*'(!.5$%!#&.5!)*@$(!<$!:'!.-)'2/HW!

#>! D?60! 17D0DP! 541346D! H080! 73371W0@! 7>@! W4FF0@! E9! 2>W>?H>! 7DD74F7>3DP! 4>!
?3C08D!3C0!B08B03873?8D!H080!B0?BF0!3C09!W>0HP!4>1F2@4>A!>04ACE?8D2!&>0!G78608!
G8?6!)C0A7497!D2EOF?1734?>!4>!Y0DD0D!"?1734?>!30D34G40@!3?!3C0!)?664DD4?>!7E?23!
C754>A! H731C0@!D050>!606E08D!?G!C4D!4660@4730!G764F9!E04>A!C71W0@!3?!@073CP!
4>1F2@4>A! C4D! H4G0P! HC?! H7D! C43! ?>! C08! C07@! H43C! 7! 82>A2! 7>@! C7@! C08! 3C8?73!
`DF43! H43C! 7! B7>A7aL! =0! W>0H! 67>9! ?G! 3C0! 73371W08DP! D?60! ?G! HC?6! H080! C4D!
>04ACE?8D! 7>@! 4@0>34G40@! 3C06! E9! >760! 3?! 3C0! )?664DD4?>P! 7D! H0FF! 7D! 3C0!
>26E08D! 7>@! ?H>08D! ?G! 3C0! 50C41F0D! HC41C! `H080! 2D0@! 3?! 387>DB?83! 3C0! 7860@!
9?23C!G8?6!-0304304/2!(!D266789!?G!C4D!30D346?>9!4D!4>!3C0!E0F?HL!

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

$'![SR!;!1A0::!L!#!A9!!A!QL53201!:43;9238A5!!A102#!0;05!K>!M[RQV!!A#0:1!96132:!
&& !

!
#?!&GA19!=842D1E!8E!>5E!(875G:!5E!#4482X1A!

X1! %$*)! &,(! ;D$$! Y&+$@5! ;=*'B:! ;*45*):*! Z8*)&#$K! =*.45$(! *+! +$A$'! <$<#$)+! &?! 5:+!
?*<:,%! =$)$! 5*4>$(! .&! ($*.5! [! 5:+! =:?$6! .5)$$! +&'+! Z*B$(! P\6! PP! *'(! NPK6! &'$! (*-B5.$)!
Z*B$(!NWK6!*!B)*'(+&'!Z*B$(!\K!*'(!*!B)*'((*-B5.$)!Z*B$(!\K2!!]$!'*))*.$(!5:+!&)($*,!*+!
?&,,&=+^!

&>! gdD3!J0106E08P!QRRS! 73!7E?23! b! BL6LP! C0!C7@!7! G764F9! A03O3?A03C08!4>!C4D!C?2D0!73!


)C7A7497! 54FF7A0! 4>! Y0DD0D! F?1734?>P! HC0>! 7! A8?2B! ?G! 7E?23! G?839! 9?2>A! B0?BF0P! 76?>A!
3C06! C4D! >04ACE?28DP! D3821WL! %C09! D74@! 3C09! H7>30@! G450! C07@D! G8?6! 3C73! C?2D0! T! C4D!
7>@!C4D!G?28!D?>D[L!
(D! C0! BF07@0@! G?8! 60819! ?>0! ?G! 3C06! D3821W! C4D! D?>! ?>! 3C0! 1C0D3! H43C! 7! 1F2E! 7>@!
7>?3C08!DC?3!C46!H43C!7>!788?H!7D!C0!3840@!3?!0D17B0L!(>?3C08!D?>!H7D!B40810@!H43C!7!
DB078!7>@!C4D!3C8?73!H7D!123L!%C0!80D3!?G!3C0!G764F9!3840@!3?!C4@0!4>D4@0!3C0!C?2D0!E23!43!
H7D!E8?W0>!@?H>!7>@!3C09!H080!B2FF0@!?23L!!=4D!@72AC308!7>@!C08!1C4F@!H080!B2FF0@!?23!
7>@! 3C048! 3C8?73D! H080! DF43L! $?! H7D! C4D! H4G0[D! 3C8?73L! %C73! 4D! HC0>! -V00! -71C7847!
0D17B0@!4>3?!7!>078E9!E2DC!7>@!H731C0@!7D!C4D!C?2D0!H7D!D03!?>!G480L!!=0!D3790@!4>!3C0!
E2DC!2>34F!3C0!G?FF?H4>A!6?8>4>AL!
#>! 3C0! 6?8>4>A! C0! H0>3! 3?! 7! >078E9! (:! 176B! HC080! C0! 1?FF7BD0@! 7>@! E01760!
2>1?>D14?2DL! %C800! @79D! F7308! C0! H7D! 7DD4D30@! E9! 3C0! (:D! 7>@! >04ACE?28D! 3?! @4A! 7!
DC7FF?H! A8750! HC080! C0! E2840@! C4D! G764F9! E0G?80! 6?54>A! 3?! 7>! #J:! 176B! 4>! "46282L!!
%C09!H080!?>F9!0/C260@!?>!Qf3C!(B84FP!QRRf!7>@!A450>!7!@010>3!E2847FL!
-V00! -71C7847! W>0H! 73! F07D3! dh! ?G! 3C0! 7DD74F7>3D! 7>@! 801?A>4V0@! 3C06! @284>A! 3C0!
73371WL!
!
#>!7!G0H!17D0D!606E08D!?G!3C0!Y4W292!1?662>439!H080!7EF0!3?!80D4D3!3C0!73371WD!
7>@!050>!C43!E71W!73!3C048!73371W08DL!#>!-732>@7!)0>380P!G?8!0/76BF0P!D?60!dh!T!
Qb! 9?2>A! Y7F0>\4>! 60>! H080! C71W0@! 3?! @073C! 7G308! 3C09! 4>57@0@! 3C0! 7807! 4>!
_7>2789! QRRf! 3?! 874@! E2D4>0DD0D! 73! 3C0!10>380L! ! %C09! H080! ?508B?H080@! E9! 3C0!
F?17F! 80D4@0>3D! HC?! W4FF0@! 7FF! ?G! 3C06L! #>! 7>?3C08! 4>14@0>3P! 7>! 090H43>0DD! 3?F@!
)?664DD4?>!4>50D34A73?8D!3C0!G?FF?H4>AM!

"_'!.5$!PH+.!Q$4$<#$)!3!+*=!8*,$'9:'!=*)):&)+!#$:'B!?$)):$(!#%!,&)):$+!
?)&<! .5$! `:=*! *)$*2! C5$%! =$)$! *)<$(! =:.5! *))&=+! *'(! #&=+2!
3<<$(:*.$,%! *?.$)! *,:B5.:'B! ?)&<! .5$! ,&)):$+! .5$%! <$.! =:.5! *! ):A*,!
B)&-@!&?!8:>-%-!%&-.5!?)&<!;-'%*>*2!S$!5*(!#$$'!.&,(!.5*.!*!B)&-@!
&?! 8:>-%-! %&-.5! =$)$! 4&<:'B! ?)&<! .5$)$! .&! ($?$'(! -+! *B*:'+.! .5$!
8*,$'9:'! *..*4>$)+2! C5$%! =$)$! *)<$(! =:.5! @*'B*+! Z<*45$.$+K! *'(!
)-'B-+! Z4,-#+K2! C5$'! *! 4&'?)&'.*.:&'! $'+-$(! #$.=$$'! .5$! 8:>-%-!
%&-.5! *'(! .5$! 8*,$'9:'! %&-.52! C5$! 8*,$'9:'! =&-,(! +5&-.! *.! .5$!
8:>-%-+! =5&! =&-,(! :'! .-)'! )$+@&'(! #%! 45*)B:'B! *.! .5$<! =:.5! .5$!

&' !

!
4,-#+! *'(! <*45$.$+2! U5&).,%! .5$)$*?.$)6! @&,:4$! *)):A$(! &'! .5$! +4$'$!
*'(! (:+@$)+$(! .5$! 4&<#*.*'.+2! C5$! 8*,$'9:'+! )$.)$*.$(! .&=*)(+! .5$!
#-+5$+!:'! .5$!Y-'4.:&'! *)$*! *'(! .5$!8:>-%-!)$.)$*.$(! .&!a$.*! G*)<2!
C5$!8*,$'9:'+!+$.!5&-+$+!&'!?:)$!*+!.5$%!)$.)$*.$(2/!

&5087FFP! 3C?2ACP! E?3C! 3C0! B?F410! 7>@! 606E08D! ?G! 1?662>4340D! B0810450@! 3?! E0!
E?3C! G?804A>08D! 7>@! :+U! D96B73C4V08D! ]Y4W292! 7>@! Y4D44! 4>! B783412F78^! H080!
?508HC0F60@!E9!3C0!67A>432@0!?G!3C0!54?F0>10!7>@!3C0!>26E08!?G!3C0!73371W08DL!
%C?D0! HC?! 0D17B0@! @073C! 87>! 3?! D00W! 80G2A0! 4>! BF710D! 3C09! 3C?2AC3! H?2F@! E0!
D7G0! 4>1F2@4>A! 1C281C0DP! B?F410! D3734?>DP! D1C??FDP! 7>@! 6?DX20DL! (6?>A! 3C0D0!
67>9! 387A41! D3?840DP! 3C0! 4>14@0>3! HC41C!17B3280@! 3C0! 7330>34?>! ?G! E?3C! Y0>97>D!
7>@! 3C0! H?8F@! H7D! 3C0! @0F4E08730! E28>4>A! 7F450! ?G! 6?D3F9! Y4W292! H?60>! 7>@!
1C4F@80>!C2@@F0@!3?A03C08!4>!7!1C281C!4>!Y476E77!?>!d!_7>2789!QRRfL!%C09!C7@!
D?2AC3! 80G2A0! 4>! 3C0! 1C281C! G?FF?H4>A! 7! gR! J0106E08! 73371W! ?>! 3C048! 54FF7A0! ?G!
Y46284P! E?8@084>A! Y476E77L! (11?8@4>A! 3?! 80B?83DP! 4>1F2@4>A! H43>0DD! 30D346?>9P!
673380DD0D!7>@!EF7>W03D!H080!D03!7EF7V0!H43C!B038?F!7>@!3C8?H>!4>3?!3C0!E24F@4>A!
HC4F0!6?3C08D!7>@!E7E40D!HC?!H080!3894>A!3?!GF00!3C0!4>G08>?!H080!B2DC0@!E71W!
4>3?!3C0!1C281C2!Y4W292!60>!73306B34>A!3?!@0G0>@!3C048!1C281C!7>@!F?50@!?>0D!
H080! C71W0@! 3?! @073C! H43C! 671C030DP! DC?3! H43C! 788?HDP! ?8! B28D20@! 7>@! W4FF0@L!
%C0! @073C! 3?FF! G?8! 3C4D! C?884G41! 4>14@0>3! H7D! dS! E28>0@! 7F450! 4>! 3C0! 1C281CP! dd!
@94>A!4>!?8!?>!3C0!H79!3?!3C0!-?4!%071C4>A!7>@!*0G0887F!=?DB437FP!7>@!bh!?3C08D!
4>\280@! HC?! H080! 380730@! 7>@! @4D1C78A0@L! &>0! H?67>! HC?! F?D3! C08! 6?3C08! 4>!
3C0! 4>G08>?! 17B3280@! 3C0! C?88?8! ?G! HC73! C7BB0>0@! HC0>! DC0! 3?F@! ?28!
4>50D34A73?8D!3C73M!

`_'!.5$!H+.!&?!Y*'-*)%!N11b!*.!*)&-'(!H1!*2<26!3!5$*)(!@$&@,$!%$,,:'B!
.5*.! +&<$! )*:($)+! =$)$! 4&<:'B2! 3! +*=! +<&>$! 4&<:'B! ?)&<! +&<$!
5&-+$+! :'! &-)! A:,,*B$! *'(! .5$! 5&-+$+! =$)$! #-)':'B2! LA$)%&'$! :'! .5$!
A:,,*B$! +.*).$(! )-'':'B! *=*%! .&! .5$! 45-)45! Z8IcK2! ;%! <&.5$)! =5&!
=*+! 01! %$*)+! &,(! =*+! =:.5! <$! *.! .5$! .:<$2! 3! ($4:($(! .&! .*>$! <%!
<&.5$)! :'.&! .5$! 45-)45! ?&)! +*?$.%2! I?.$)! *! ?$=! <:'-.$+6! 3! +*=! <&)$!
)*:($)+! 4&<:'B! .&=*)(+! .5$! 45-)45R2S$! .5&-B5.! .5$! )*:($)+! =&-,(!
'&.!*..*4>!.5$!45-)452!;*'%!@$&@,$!=$)$!#$:'B!@-+5$(!:'.&!.5$!45-)45!

&( !

!
#%! .5$! )*:($)+2! C5$! )*:($)+! .5)$=! +&<$! <*..)$++! :'.&! .5$! )&&?! &?! .5$!
45-)45! *'(! .5)$=! <&)$! :'.&! .5$! 45-)452! C5$%! =$)$! *,+&! @&-):'B! ?-$,!
Z@$.)&,K! &'.&! .5$! <*..)$++$+2! I,,! &?! *! +-(($'! 3! +*=! ?:)$! #)$*>! &-.2! 3!
.&&>!<%!<&.5$)!.&=*)(!.&!d.5$e!<*:'!(&&)!.&!B$.!5$)!&-.+:($6!#-.!.5$)$!
=$)$! <*'%! &.5$)+! +4)*<#,:'B! .&=*)(! .5$! (&&)! *+! =$,,2! S$! #&.5! ?$,,!
&'.&! .5$! ?,&&)2! 3! =*'.$(! .&! +*A$! <%! <&.5$)! ?)&<! .5$! #-)':'B! 45-)456!
#-.!&'$!&?!.5$!)*:($)+!@)$A$'.$(!<$2!3!+*=!.5$!?:)$!5*(!)$*45$(!=5$)$!
<%! <&.5$)! =*+2! 3! 5$*)(! 5$)! 4)%! ?&)! 5$,@! *+! .5$! ?:)$! #-)'.! 5$)6! #-.! 3!
4&-,(!'&.!5$,@La!!

(>! ?GG4147F! ?G! 3C0! Y476E77! )??B0873450! '786P! HC?! 30D34G40@! 4>! 176087P! 7FD?!
1?>G4860@! 3C0! 7E?50! 711?2>3P! >?34>A! 3C73! 3C?D0! HC?! C7@! 37W0>! 80G2A0! 4>! 3C0!
1C281C!H080!D288?2>@0@!?>!7FF!D4@0D!7>@!7@@4>A!3C73!HC0>!3C0!`874@08Da!8071C0@!
3C0!1C281CM!!

`.5$%! +.*).$(! .5)&=:'B! +.&'$+6! *))&=+! *'(! ?&)4:'B! 45:,()$'6! =&<$'6!


*'(!&,(!&'$+!:'!.5$!45-)452!C5$%!.&&>!*,,!<*..)$++$+!@&-):'B!@$.)&,!&'!
*'(!,*%:'B!+&<$!*.!.5$!)&&?R6!*B*:'+.!.5$!=*,,!*'(!*.!.5$!(&&)+!*'(!
+$.! *#,*D$! +&! *,,! <$'! .)%:'B! .&! 4&<$! &-.+:($! =*+! >:,,$(2! _.5$)+!
$+4*@$(! d*'(e! +-)A:A$(! =:.5! <*9&)! 4-.+! *'(! :'+:($! =$)$! +&! <*'%!
($*(! *'(! &.5$)+! #-)'$(! #$%&'(! )$4&B':.:&'! *'(! +&<$! $+4*@$(!
+$A$)$,%! #-)'$(R23! +*=! <*'%! .5*.! 3! >'&=! .5$<!?&)! <*'%! %$*)+! #-.!
.5$! 4&'+.:.-.:&'! &?! .5:+! 4&-'.)%! =*+! <*($! ?&)! 8*,$'9:'! #$4*-+$! .5$%!
*)$!*#,$!.&!>:,,6!#-)'!5&-+$+!*'(!*,+&!.&!,&&.!,:A$+.&4>!*'(!.5$)$!:+!'&!
,*=!.&!@)&+$4-.$!.5$</2H\!

(F3C?2AC!67>9!73306B3D!H080!67@0!3?!X20FF!3C0!54?F0>10!4>!U7D4>!I4DC2!J4D38413P!
3C0! 30D346?>9! ?G! I?508>60>3! ?GG4147FD! 3?! 3C0! )?664DD4?>! 4D! 3C73! 43! 1?>34>20@!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

$(!G40!M3HH!::!3A!;6:!!A?32H05!1461!14!:!J621!=8L62!!A=!50A1!!:!A3;!140!:8Kb0=1!3?!6!=3821!12!6L!EP6X828!Y!94!M3821!
M2!H!A6L!M6:0!P3"!%&!3?!+**)!iI0J8KL!=!#"!<10J40A!/01!A9!6A5!%!31402:jF!6A5!&!J02:3A:!46#0!K00A!=462905!;!14!)!
=38A1:!3?!H82502"!
&, !

!
7F6?D3! 2>8064334>AF9P! H43C! 4>1807D4>A! >26E08D! ?G! #J:D! B?284>A! 4>3?! 176BDL!
(11?8@4>A!3?!?GG4147FDP!54?F0>10!@4@!>?3!7E730!2>34F!3C0!B0710!711?8@!E03H00>!3C0!
3H?! B?F43417F! 7DB487>3D! G?8! 3C0! B80D4@0>19P! -H74! Y4E7W4! 7>@! *74F7! &@4>A7P! H7D!
D4A>0@!4>!+748?E4P!E23!050>!7G308!3C4DP!711?8@4>A!3?!3C0!J)!K08>78@!Y4>927P!3C09!
D34FF!1?>34>20@!3?!0/B0840>10!7FF!D?83D!?G!4>14@0>3DL!

%C0! )?664DD4?>! 7FD?! 8010450@! 054@0>10! ?>!3C0! >73280! 7>@! 0/30>3! ?G! 54?F0>10! 4>!
3C0! 7807D! 1?>34A2?2D! 3?! U7D4>! I4DC2P! 4>1F2@4>A! +7>@4! +?83C! 7>@! +7>@4! $?23C!
J4D38413DL! #>! C4D! DH?8>! 30D346?>9P! 3C0! G?8608! JL)L! G?8! +7>@4! +?83CP! -7E097!
-?A7W7P! 3?F@! 3C0! )?664DD4?>! 3C73! 3C080! C7@! E00>! 30>D4?>! 4>! 3C0! @4D38413! G?8!
D?60! 3460! 4>! B783! 3C0! 80D2F3! ?G! "2C97D! C754>A! E?2AC3! F7>@! 4>! Y7BW7>A7>4P!
Y4BW780>P!7>@!)C0BW2647P!7D!H0FF!7D!3H?!"2C97!17>@4@730D!C754>A!E00>!1F0780@!
3?!1?>30D3!7!B78F4760>3789!D073P!D?603C4>A!3C73!H7D!>?3!7110B30@!E9!B8?64>0>3!
+7>@4! B08D?>7F4340D! 4>! 3C0! @4D38413L! =0! 7FD?! >?30@! 3C73! 3C0! 7@64>4D38734?>! C7@!
0/B0130@!38?2EF0!4>1F2@4>A!54?F0>10!4G!043C08!"2C97!17>@4@730!H?>!3C0!0F0134?>L!!

(11?8@4>A!3?!3C0!JL)LP!54?F0>10!082B30@!4660@4730F9!7G308!3C0!B80D4@0>347F!80D2F3D!
H080! 7>>?2>10@! ?>! gR! J0106E08P! E23! C7@! 7F807@9! D37830@! E0G?80! 3C0>! ?>! Qe!
J0106E08L!&5087FF!3C0!54?F0>10!F0@!3?!dPhSb!C?60D!E04>A!E28>0@!7>@!@0D38?90@!
7>@!SPfRR!B0?BF0!E04>A!@4DBF710@L!.50>!3C?2AC!?>0!B08D?>!@40@!4>!3C0!0>@!?>F9!
dQ! 4>@454@27FD! H080! 7880D30@! @0DB430! 7FF! 3C0! 54?F0>10! 7>@! @0D382134?>L! ;4?F0>10!
H7D! @480130@! 73! :+U! D2BB?8308DP! A?508>60>3! @0B78360>3D! 7>@! C?2D0DP! 7>@! 3C0!
03C>417FF9! 64/0@! K7873?>! U>4508D439P! H43C! 3C0! H?8D3! @0D382134?>! ?112884>A! 7G308!
3C0!>0HF9!0F0130@!-:!G?8!(4>76?4!H7D!DC?3!@07@!?>!gd!_7>2789!QRRfL!!

%C0! )?664DD4?>! H7D! 7FD?! 3?F@! 3C73! 73! 3C0!C04AC3! ?G! 3C0! 54?F0>10P! 3C0! B8?54>147F!
7@64>4D38734?>!7FF?H0@!7!@06?>D38734?>!?G!SRPRRR!4>@454@27FD!G8?6!+7>@4!+?83C!
7>@!$?23C!3?!37W0!BF710!4>!Y7BD7E03P!7G308!C754>A!0>A7A0@!H43C!dQ!+7>@4!0F@08D!
3?! 0>D280! 3C73! 43! H7D! B0710G2FL! %C0! 6080! 4@07! ?G! 7! F78A0! @06?>D38734?>! H7D!
3C80730>4>A! 0>?2AC! 3?! 3C0! @4DBF710@! 3?! 67W0! 67>9! ?G! 3C06! 6?50! 3?! 3C0! B?F410!
D3734?>! G?8! D7G039P! HC4F0! >2608?2D! Y4W292! 7>@! Y4D44! 7DW0@! G?8! 7DD4D37>10! 3?!
F0750P!D?603C4>A!H0!H080!3?F@!3C0!@4D38413!7@64>4D38734?>!C0FB0@!3C06!@?L!fPRRR!

&) !

!
#J:D! HC?! C7@! 37W0>! 80G2A0! 4>! 3C0! Y7BD7E03! B?F410! D3734?>! 7>@! ?3C08! 4>! 3C0!
Y7E4903!B?F410!D3734?>!H080!7FD?!E04>A!3C80730>0@!7>@!3C080G?80!H080!6?50@LdS!

,7C824!@H!4D1!<5@G1?21!
(11?8@4>A!3?!J4D38413!)?664DD4?>08!Y4>927!7>@!$$:!Y78282P!QRb!B0?BF0!@40@!4>!
3C0! B?D3O0F0134?>! 54?F0>10! 4>! 3C0! U7D4>! I4DC2! @4D38413L! djS! ?G! 3C06! C750! E00>!
4@0>34G40@!HC4F0!gf!80674>!2>4@0>34G40@!4>!3C0!6?832789L!!(6?>A!3C?D0!HC?!@40@!
H080!7>!(@64>4D38734?>!:?F410!&GG4108P!.H7G2F7!<7WC2>A2!7>@!7!J4D38413!&GG4108!
]J&^L!K?3C!H080!W4FF0@!4>!)C0B34803!>078!3C0!)C0E44!:846789!$1C??F!7D!3C09!H080!
73306B34>A!3?!X20FF!54?F0>10!73!7>!4FF0A7F!8?7@!EF?1W!?>!d!_7>2789!QRRfL!

'8?6! ?3C08! H43>0DD! 30D346?>9P! 6?832789! 801?8@D! 7>@! ?3C08! D?2810DP! 4>1F2@4>A!
3C0! 054@0>10! ?G! 3C0! J48013?8! ?G! -?4! %071C4>A! 7>@! *0G0887F! =?DB437F! :8?GL! =782>!
-0>A01CP!3C0!)?664DD4?>!H7D!C?H0508!7EF0!3?!@030864>0!3C73!QSQ!B08D?>D!@40@!
4>!3C0!B?D3!0F0134?>!54?F0>10!4>!U7D4>!I4DC2!J4D38413L!%C0!)7D27F39!$0134?>!?G!3C0!
C?DB437F! 801?8@0@! bQd! 541346D! ?G! B?D3O0F0134?>! 54?F0>10L! bRm! H080! Y4W292P! QQm!
Y7F0>\4>P! hm! "2?P! em! Y4D44! 7>@! "2C97! 7>@! dRm! ?3C08! 384E0DL! %C0! 67\?8439! ?G!
3C0D0!H080!9?2>A!B0?BF0L!djd!?G!3C0D0!H080!7@64330@!HC4F0!3C0!80D3!H080!380730@!
7>@! @4D1C78A0@L! &G! 3C?D0! 7@64330@! gj! @40@! G8?6! 3C048! 4>\2840DL! %C0! B?F410!
E8?2AC3! 7>?3C08! dRS! E?@40D! 4>3?! 3C0! C?DB437F[D! 6?832789P! HC4F0! 3C0! Y0>97! *0@!
)8?DD! E8?2AC3! QRL! %C0! 3?37F! >26E08! ?G! @073CD! 801?8@0@! 73! 3C0! C?DB437F! H7D!
3C080G?80!djgL!

&23!?G!3C0!dQS!E?@40D!8010450@!G8?6!?23D4@0!3C0!C?DB437FP!"7>A7D!C7@!3C0!C4AC0D3!
>26E08!?G!@073CD!G?FF?H0@!E9!Y476E77L!%C0!@4D384E234?>!H7D!7D!G?FF?HDM!O!"7>A7D!
gRP! Y476E77! QRP! =28267! dhP! =7H797! dRP! -7F460! fP! %787WH7! SP! -2>97W7! SP!
Y46262! jP! )C0B34803! bP! Y7BD?97! h! 7>@! ?3C08D! dj! 3?37FF4>A! 3?! dQSL! %C4839! 3C800!
]gg^!E?@40D!80674>!2>4@0>34G40@!4>!3C0!=?DB437F!6?832789L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$,
!MC!(,!

&- !

!
%C0!172D0D!?G!@073C!711?8@4>A!3?!3C0!B?D3!6?8306D!178840@!?23!DC?H0@!3C73!3C0!
67\?8439! ?G! 3C0! @073CD! H080! @20! 3?! DC78BlB?4>30@! ?E\013D! ]ggm^P! G?FF?H0@! E9!
E28>D! ]QQm^P! EF2>3! ?E\013D! ]dhm^P! A2>! DC?3D! ]dhm^P! 788?H! H?2>@D! jm! 7>@!
E8?W0>!E?>0DP!gm!7>@!?3C08D!!4>!3C73!?8@08L!!

&G!3C0!djg!@0107D0@P!3C0!67\?8439!H080!E03H00>!3C0!7A0D!?G!Qd!7>@!gR!]QSm^P!3C0!
7A0D! hd! T! bR! ]dfm^P! 7A0D! gd! T! hR! ]dbm^L! %C0! B?DD4E4F439! 3C73! 3C080! H080! @07@!
B0?BF0! HC?! H080! >?3! E8?2AC3! 3?! 3C0! C?DB437F! H7D! >?3! 82F0@! ?23L! ! %C0! B084?@!
1?5080@! 4>! 3C0! D3734D341D! H7D! E03H00>! gR3C! J0106E08P! QRRS! 2B! 3?! j3C! '0E82789P!
QRRfL!!

:8?B0839! H7D! 7FD?! @0D38?90@! @284>A! 3C0! 73371WDL! (11?8@4>A! 3?! B?F410! 801?8@DP!
bQPjdd! C?2D0D! H080! E28>3c! bf! 6?3?8! 50C41F0D! E0F?>A4>A! 3?! 1454F47>D! 7>@! Q!
A?508>60>3!50C41F0D!H080!7FD?!E28>3L!!

(! 3?37F! ?G! QdPShe! B0?BF0! H080! @4DBF710@! G8?6! 3C048! C?60DP! ?3C08! BF710D! ?G!
80D4@0>10!7>@!E2D4>0DD0D!7>@!3C09!H080!711?66?@730@!4>!#J:!)76BDL!!dgPhdS!
C750!D4>10!E00>!80B?830@F9!80D033F0@!F0754>A!beQ!D34FF!4>!#J:!)76BDL!

'8?6! gR! J0106E08! QRRS! 3?! j! '0E82789! QRRfP! 3C0! -?4! %071C4>A! 7>@! *0G0887F!
=?DB437F! 4>! .F@?803! 8010450@! bQd! B7340>3DL! #3! H7D! 7DD4D30@! H43C! 1?F@! D3?87A0!
G714F4340D! 7>@! D2BBF40D! E9! 3C0! #>308>734?>7F! )?6643300! ?G! 3C0! *0@! )8?DD! ]#)*)^!
A450>! 3C73! 43D! ?H>! 6?832789! 1?2F@! 37W0! ?>F9! hf! E?@40DL! (11?8@4>A! 3?! 3C0!
C?DB437F[D! J48013?8P! 7E?23! C7FG! ?G! 3C0! 541346D! 8010450@! 73! 3C0! C?DB437F! H080!
Y4W292P! 7E?23! 7! G4G3C! Y7F0>\4>! H43C! ?3C08D! E04>A! "2C97P! Y4D44P! %28W7>7P! 7>@!
-2DF46L! -?D3! ?G! 3C0! @0107D0@! H080! 2>@08! G?839! H43C! 7! 1?>10>38734?>! ?G!
4>@454@27FD!H43C!7F6?D3!gRm!E04>A!E03H00>!Qd!7>@!gRL!%C0!87>A0!4>!7A0!?G!3C?D0!
HC?! H080! 4>\280@! 7>@! @40@! H7D! E03H00>! g! 3?! fbL! %C0! >26E08D! 4>1F2@0! 3C?D0!
G8?6!C?DB437FD! ?23D4@0! 3C0! @4D38413! 7D! 3C0! -?4! %071C4>A! 7>@! *0G0887F!=?DB437F!4D!
3C0! ?>F9! ?>0! H43C! 7! 6?832789! 7>@! C0>10! HC0>! E?@40D! H080! G?2>@! 3C09! H080!
E8?2AC3! 3C080L! .50>! 3C0>P! D?60! 541346D! ?G! 3C0! 54?F0>10! >0508! 67@0! 43! 3?! 7>9!
C?DB437FP! HC41C! 711?2>3D! G?8! 3C0! C4AC08! >26E08D! ?G! QRb! @07@! 4>! J4D38413! 4>! 3C0!
B?F410!80A4D389!60>34?>0@!E9!3C0!J)!G?8!U7D4>!I4DC2L!!
!

'* !

!
%C0! )?664DD4?>! 7FD?! C078@! 30D346?>9! 7E?23! 3C0! 46B713! ?G! 3C0! B?D3! 0F0134?>!
54?F0>10! 4>! ?3C08! B783D! ?G! 3C0! +?83C! *4G3P! 6?D3F9! G8?6! @4D38413D! E?8@084>A! U7D4>!
I4DC2! J4D38413L! %C4DP! 7>@! ?3C08! 4>G?86734?>! 8010450@! @06?>D38730D! 3C0! 0/30>3!?G!
3C0! B?D3O0F0134?>! 54?F0>10! 7>@! 3C0! @4DF?1734?>D! 3C8?2AC?23! 3C0! 80A4?>P! D?60! ?G!
HC41C! C7@! DB4FF0@! ?508! G8?6! U7D4>! I4DC2P! 7>@! D?60! G8?6! 3C0! -?2>3! .FA?>!
80A4?>!4>!<0D308>!:8?54>10L!!
!
J8L! $7669! &D?80P! H43>0DD! >?L! jd! 7>@! 12880>3F9! 3C0! J4D38413! -0@417F! &GG4108! G?8!
<0D3! :?W?3P! H7D! B8054?2DF9! 3C0! J4D38413! -0@417F! &GG4108! G?8! -787WH03! J4D38413P!
HC41C! E?8@08D! ?>! U7D4>! I4DC2! J4D38413L! =0! 1?>G4860@! 3C73! C4D! C?DB437F! @4@! >?3!
8010450@! B7340>3D! H43C! 4>\2840D! G8?6! B?D3O0F0134?>! 54?F0>10L! =?H0508P! C0! >?30@!
3C73! 3C09! B8?54@0@! @82AD! 7>@! 60@417F! D2BBF40D! 3?! 7>! #J:! 176B! 73! Y7B1C?8?B!
J454D4?>P! E?8@084>A! %87>D! +V?47P! HC080! 3C080! C7@! E00>! 7! F?3! ?G! 54?F0>10L! %C0!
176B!1?>374>0@!dhR!7@2F3D!7>@!SR!1C4F@80>!HC?!3??W!80G2A0!3C080!E0172D0!3C048!
F450D! H080! 0>@7>A080@L! #3! H7D! @4D67>3F0@! 7>@! 1?>D?F4@730@! H43C! ?>0! 4>!
Y71C4E?87!4>!%87>D!+V?47L!=0!7FD?!60>34?>0@!3C73!G?28!?G!C4D!D37GGP!4>1F2@4>A!3H?!
HC?! F450@! 4>! )C0E90643! -78W03! 4>! -787WH03! J4D38413! C7@! 3C048! C?2D0D! E8?W0>!
4>3?! HC4F0! 3C09! H080! 5?34>A! 7>@! 3H?! ?3C08D! H080! @4DBF710@! E23! >043C08! H7D!
C7860@!?8!4>\280@L!
!
J8L!$30BC0>!Y7497P!3C0!J4D38413!-0@417F!&GG4108!G?8!+7>@4!$?23C!30D34G40@!3C73!C4D!
J4D38413!=?DB437F!4>!+7>@4!=4FFD!8010450@!djR!B7340>3DM!dQh!?23B7340>3D!7>@!gj!4>!
B7340>3DP! @20! 3?! 3C0! B?D3! 0F0134?>! 54?F0>10L! %C0! 67\?8439! ?G! 3C0! ?23B7340>3! 17D0D!
C7@! D?G3! 34DD20! 4>\2840D! ]hf^! 7>@! 123! H?2>@D! ]ge^P! 7F?>A! H43C! 3C800! 87B0D! 7>@!
?3C08!B8?EF06DL!&G!3C?D0!7@64330@P!3C080!H080!dd!H43C!A2>DC?3!H?2>@DP!j!H43C!
E28>DP! f! H43C! 123DP! 7>@! ?3C08! 4>\2840DP! H43C! >?! 801?8@0@! @073CDL! -?D3! ?G! 3C?D0!
HC?! 1760! 3?! C4D! G714F439! H080! G8?6! H43C4>! 3C0! @4D38413P! E23! C0! 7FD?! C7@! D?60!
B7340>3D!HC?!1760!G8?6!+97>@?!J4D38413!HC41C!E?8@08D!+7>@4!$?23C!7>@!?3C08D!
G8?6!7D!G78!7H79!7D!K28>3!'?80D3L!
!
%C0! J4D38413! -0@417F! &GG4108! G?8! +7>@4! +?83CP! J8L! $C7@871W! Y0464P! 30D34G40@! 3C73!
3C0!J4D38413!C?DB437F!4>!Y7BD7E03!-2>414B7F439!4D!E03H00>!U7D4>!I4DC2!7>@!+7>@4!

'$ !

!
+?83CP!HC4F0!3C0!D2EO!@4D38413!C?DB437F!4D!4>!)C0B1C0823L!(F3C?2AC!3C080!H080!>?!
G737F4340D!3C080P!3C0!@4D38413!7D!7!HC?F0!801?8@0@!D050>!17D27F340DL!=0!7FD?!30D34G40@!
3C73! gb! ?G! C4D! C07F3C! 1780! H?8W08D! 4>! 5784?2D! G714F4340D! 4>! 3C0! J4D38413! H080!
3C80730>0@P!H43C!D?60!C754>A!C7@!3C048!B8?B0839!@0D38?90@!7>@!E01?64>A!#J:DP!
HC4F0! 7>?3C08! C7@! 3?! F0750! G?8! `384E7F! 807D?>Da! 80D2F34>A! 4>! 3C0! 1F?D280! ?G! 3C0!
Y7B30>97F?4! J4DB0>D789L! %C0! J4D38413! =?DB437F! 8010450@! QQf! B7340>3DM! dbd! H43C!
H?2>@D!G8?6!123D!]?508!C7FG!?G!HC41C!H080!H?60>^P!jR!G8?6!EF2>3!?E\013DP!e!H43C!
G8713280DP!7>@!Q!G8?6!A2>DC?3DP!7D!H0FF!7D!H0FF!7D!D?60!H43C!?3C08!4>\2840DL!%C0!
-?D?84?3! C07F3C! 10>308! 4>! 3C0! >?83C08>! B783! ?G! +7>@4! +?83CP! E?8@084>A! U7D4>!
I4DC2P!8010450@!dQR!541346D! ?G!B?D3!0F0134?>!54?F0>10L!dRg!C7@! 123! H?2>@D!H43C!
?508! C7FG! 7FD?! D2GG084>A! G8?6! EF2>3! ?E\013! 4>\2840DP! 7>@! D050>! G8?6! A2>DC?3DP!!
HC4F0! 3C0! Y7BW7>A7>4! 10>308! E?8@084>A! +7>@4! +?83C! 7>@! <0D308>! :8?54>10! D7H!!
Qg!B7340>3D!P!QQ!?G!HC?6!C7@!123!H?2>@D!7D!H0FF!7D!?>0!G8?6!7>!788?H!DC?3Ldf!
%C0!J4D38413!-0@417F!&GG4108!G8?6!%87>D!+V?47!J4D38413P!J8L!:C4F?60>!%??P!H43>0DD!
>?L!jhP!4D!E7D0@!4>!3C0!Y437F0!=?DB437F!HC41C!1?508D!E?3C!3C0!07D308>!7>@!H0D308>!
B783D!?G! 3C0! J4D38413L! #>! %87>D! +V?47! <0D3! 3C0! 6?D3! D05080F9! 7GG0130@! 7807D!H080!
4>! I43276E7P! %46E?87! "?1734?>! 4>! $7E?34! J454D4?>! 7>@! <7264>4! >078! Y437F0!
3?H>P!HC4F0!4>!%87>D!+V?47!.7D3P!I037!'786!$7F767P!Y7F77!7807P!7>@!-7W237>?!
H080!3C0!C78@0D3!C43L!'450!C2>@80@!7>@!04AC3!B7340>3D!8010450@!3807360>3!73!3C0!
Y437F0! J4D38413! =?DB437F! G8?6! 4>\2840D! D30664>A! G8?6! B?D3O0F0134?>! 54?F0>10P!
4>1F2@4>A! dde! A0>@08! E7D0@! 17D0D! G8?6! 87B0! ?8! @0G4F060>3P! HC4F0! 3C0! B?F410!
801?5080@!dRb!E?@40DP!>?3!7FF!?G!HC41C!H080!80384050@!G8?6!3C0!1?>GF413!7807DL!%C0!
4>\2840D! 8010450@! 4>1F2@0@! dgS! G8?6! DC78B! ?8! B?4>30@! ?E\013DP! gQe! @20! 3?! EF2>3!
?E\013DP! gj! G8?6! E28>DP! 7>@! e! G8?6! A2>DC?3DL! &>0! C2>@80@! 7>@! G450! B7340>3D!
@40@P!4>1F2@4>A!dS!G8?6!A2>DC?3!H?2>@DL!%C0!@4DF?1734?>!G8?6!3C0!54?F0>10!H7D!
D?!0/30>D450!3C73!b!#J:!176BD!H080!D03!2B!4>!%87>D!+V?47!<0D3!7>@!h!4>!%87>D!
+V?47!.7D3L!!
!
K?3C!J)D!G?8!%87>D!+V?47!<0D3!7>@!.7D3P!'87>14D!-2340!7>@!$04G!-73737!D74@!3C0!
54?F0>10! 4>! 3C048! @4D38413DP! 4>1F2@4>A! 3C0! 3?81C4>A! ?G! I43276E7! 3?H>! 7>@! 3C0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$)
!M3HH!::!3A!C!1A0::!(%!

'+ !

!
54?F0>10! 4>! .>@0EE0DP! HC41C! H7D! 4>5?F50@! 4>! 3C0! 03C>41! 1F7DC0D! 4>! deeQ! 7>@!
deeSP! D30660@! G8?6! 7! DB4FF?508! G8?6! 3C0! 1?>GF413! 4>! -?2>3! .FA?>! 7>@!
1?>D0X20>3!73371WD!E9!$J"'!64F4347L!
!
-1EC@?E1!F:!;@G521!8?A!;9@65?258G!#A75?5E49845@?!
#>!711?8@7>10!H43C!?28!%086D!?G!*0G080>10P!?>0!?G!3C0!674>!7807D!?G!?28!4>X2489!
H7D! 3?! G4>@! ?23! HC03C08! 7>@!3?! HC73! 0/30>3! 3C0! F?17F! 7@64>4D38734?>! 7>@! B?F410!
H080!B80B780@!G?8!3C0!54?F0>10!3C73!082B30@P!7>@!C?H!3C09!2F346730F9!80DB?>@0@!
3?!43L!<0!DC7FF!>?H!@4D12DD!3C0!054@0>10!B80D0>30@!E0G?80!2D!4>!3C4D!7807P!HC41C!
4>@41730D! 3C73! 3C0! B?F410! 7>@! 3C0! F?17F! 7@64>4D38734?>! H080! 172AC3! 3?37FF9!
2>B80B780@!E9!3C0!54?F0>10L!<0!DC7FF!0/764>0!3C0!B?F410!80DB?>D0!4>!F4AC3!?G!3C0!
7574F7E4F439! ?G! 4>30FF4A0>10! 4>G?86734?>! 4>@41734>A! 3C0! C4AC! F4W0F4C??@! ?G! 54?F0>10L!
<0!DC7FF!1?>1F2@0!3C4D!D0134?>!E9!@4D12DD4>A!HC03C08!54?F0>10!4>!+?83C!*4G3!H7D!
BF7>>0@! ?8! DB?>37>0?2D! H43C! >?! B84?8! BF7>>4>AP! 7D! H7D! 3C0! 30D346?>9! ?G! F?17F!
7@64>4D38734?>!?GG4147FDL!
!
"D1!;9@65?258G!#A75?5E49845@?!8?A!+123954:!(@921E!
%C4D! 4DD20! 4D! @4D12DD0@! 4>! 6?80! @0374F! 0FD0HC080! 4>! 3C4D! *0B?83L! <0! DC7FF! F4643!
?28D0F50D!3?!7DB013D!B783412F78!3?!713D!7>@!?64DD4?>D!73384E230@!3?!3C0!B?F410!7>@!
3C0!7@64>4D38734?>!4>!3C0!+?83C!*4G3L!
!
(11?8@4>A! 3?! K08>78@! Y4>9276! U7D4>! I4DC2[D! J4D38413! )?664DD4?>08! 7>@! 3C0!
&):J! ?G! Y049?! J454D4?>! ]B8054?2DF9! &):J! ?G! .F@?803! J454D4?>^! (>A0F2D! Y78282[D!
30D346?>40D! E0G?80! 2DP! 3C0! J$#)! H7D! B80B780@! G?8! 3C0! B?DD4E4F439! ?G! B80O0F0134?>!
54?F0>10P! 4>1F2@4>A! 3C0! F4W0F4C??@! ?G! D?60! 10F0E873?89! 54?F0>10! 7G308! 3C0! 0F0134?>!
4>! U7D4>! I4DC2L! =?H0508P! 3C09! @4@! >?3! 7>3414B730! H4@0DB807@! B?D3O0F0134?>!
54?F0>10P!C7@!>?3!@050F?B0@!1?>34>A0>19!BF7>D!G?8!43P!7>@!C7@!>?3!E00G0@!2B!3C048!
0/4D34>A! G?810! ?G! jRR! B?F410! ?GG4108DLde! %C048! 30D346?>9! 3?! 3C0! )?664DD4?>! H7D!
>05083C0F0DD! 3C73! 3C09! H080! 807@9! 050>! 3C?2AC! HC0>! 3C0! 54?F0>10! 082B30@! 3C09!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$-
!G40!SM!65H!1105!!A!4!:!10:1!H3A>!1461!140!261!3!3?!140!5!:12!=1`:!J3L!=0!13!J3J8L61!3A!;6:!A31!8J!13!!A102A61!3A6L!
:16A5625:"!

'% !

!
H080! G?810@! 3?! 17FF! 4>! 804>G?81060>3D!G8?6! K784>A?P! <0D3! :?W?3! 7>@! +748?E4! G?8!
1?>34>A0>3D! ?G! I$UP! 3C0! (>34O$3?1W! U>43P! 3C0! (@64>4D3873450! :?F410! ](:^P! 7>@!
D?60!64F43789!B08D?>>0FL!!
!
(! 80D4@0>3! ?G! "7>A7D! 0D3730! 4>! .F@?803! 3?F@! )?664DD4?>! 4>50D34A73?8D! 3C73! 3C0!
B?F410!3C080!H080!A0>087FF9!4>0GG013450!7>@!2>7EF0!3?!1?>38?F!8?54>A!A7>AD!HC41C!
D288?2>@0@! 3C0! 0D3730! 2>34F! 3C0! :?F410!)?664DD4?>08! 788450@! E9! C0F41?B308! H43C!
I$U!804>G?81060>3DLQR!%C73!540H!C7D!3C0!D2BB?83!?G!7!F?17F!80F4A4?2D!F07@08!HC?!
7DD0830@! 3C73! 3C0! D0128439! G?810D! H080! B?H08F0DD! 7A74>D3! 3C0! 54?F0>10! 7>@!
G283C086?80! 3C080! H080! 03C>41! @454D4?>D! 76?>AD3! 3C06LQd! &>10! 804>G?810@P! 3C0!
@4D38413!2D0@!43D!G?810D!3?!2>EF?1W!3C0!674>!7830840D!7>@!3?!@4DB08D0!3C0!A7>AD!?G!
9?2>A! Y7F0>\4>! 73371W08D! 4>! 3?H>! 7>@! 0FD0HC080L! #>! 1?>\2>134?>! H43C! 3C0! J)[D!
?GG410! 3C09! 7FD?! 7DD4D30@! 541346D! E9! E84>A4>A! 3C06! 3?! #J:! 176BD! HC41C! 4>4347FF9!
H080! 0D37EF4DC0@! 4>! 3C0! 7807! 73! 3C0! ($Y! $C?HA8?2>@! 4>! .F@?803P! 73! f! 176BD! 4>!
3C0!-72!'?80D3P!7>@!4>!-73C780L!"7308!3C09!3??W!3C0!4>43473450!3?!6?50!3C06!?23!
?G!C?D34F0!8287F!7807D!HC0>!3C09!8010450@!4>30FF4A0>10!3C73!Y7F0>\4>!H7884?8D!H080!
BF7>>4>A!3?!73371W!7>@!05413!#J:D!G8?6!3C0!176BD!3C06D0F50DL!!
!
%C0!)?664DD4?>!H7D!A450>!054@0>10!3C73!3C0!B?F410!H080!?E54?2DF9!?508HC0F60@!
E9! 18464>7F! A7>AD! HC?! B8?100@0@! 4>! F78A0! >26E08D! 7>@! 7BB0780@! 3?! BF7>! 3C048!
73371WDL!*?7@EF?1WD!H080!67>>0@!7>@!D0128439!G?810D!7>@!C07F3C!1780!B8?54@08D!
@0>40@! G800! 6?5060>3L! %C4D! C76B080@! 3C0! B?F410! 7E4F439! 3?! 80D120! @4D380DD0@!
541346D!?G!3C0!73371WDL!%C0!G48D3!3460!@4D38413!?GG4147FD!C078@!?G!BF7>D!E9!Y7F0>\4>!
9?23C!3?!73371W!3C0!Y476E77!G786P!G?8!4>D37>10P!H7D!@284>A!7!J$#)!60034>A!?>!
gd! J0106E08! QRRSL! (11?8@4>A! 3?! 3C0! &):JP! C4D! ?GG410! 4660@4730F9! @4DB731C0@!
?GG4108D!3?!3C0!7807L!=?H0508P!E0172D0!3C0!7110DD!8?7@!H7D!C0754F9!EF?1W0@!H43C!
8?1WD! 7>@! ?F@! 38713?8D! 73! 3C0! 328>?GG! 3?! Y476E77! ?>! 3C0! +7W282! .F@?803! *?7@P!
3C09! 1?2F@! >?3! B8?100@L! K9! 3C0! 3460! 3C09! 788450@! 3C0! 1C281C! 73! Y476E77! C7@!
E00>!E28>0@!3?!3C0!A8?2>@!H43C!3C0!1C7880@!80674>D!?G!3C0!541346D!D34FF!4>D4@0L!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+*
!M3HH!::!3A!!A#0:1!961!3A!b3K!:4001!
+$
!MC!,&B!!A!=6H026"!

'& !

!
#>! D?60! 17D0DP! B?F410! ?>! 80D120! 64DD4?>D! G710@! >?3! \2D3! 8?7@! EF?1WD! E23! 7FD?!
73371WD! E9! C?D34F0! A7>AD! ?G! Y7F0>\4>! 9?23CDL! %C0! )?664DD4?>! C078@! 7E?23! 7>!
4>14@0>3! 4>! HC41C! G450! B?F41060>! 4>! 7! F7>@! 8?508! ?>! 7! 64DD4?>! 3?! 7DD4D3! 7>! ?F@!
Y4W292!67>!73!$?4P!0>1?2>3080@!C0759!8?7@!EF?1WD!G8?6!=28267!3?!%28E?!7>@!
G8?6! =28267! 2B! 3?! Y437F0L! %C09! H080! 80B0FF0@! E9! A7>AD! ?G! 9?23C! 7860@! H43C!
E?HD! 7>@! 788?HDP! 7>@! C7@! 3?! 80328>! F7308! 3?! 80D120! C46L! (! D464F78! D432734?>!
0>D20@! 73! -74F2! +>0! ?>! gd! J0106E08! QRRSL! #>! D34FF! ?3C08! 17D0DP! 3C0! B?F410!
3C06D0F50D!H080!?508HC0F60@P!73371W0@P!7>@!050>!W4FF0@L!
!
K09?>@!3C4D!3C0!B?F410!3??W!3H?!B80O06B3450!607D280D!HC41C!679!C750!C0FB0@!3?!
64>464V0!3C0!54?F0>10L!'48D3P!3C0!&:)J!G?8!U7D4>!I4DC2P!(>A0F2D!Y78282P!7DW0@!
7FF! G450! B038?F! D3734?>D! 4>! 3?H>! 3?! D3?B! D0FF4>A! D67FF! 76?2>3D! ?G! B038?F! 3?!
4>@454@27FD!7D!?BB?D0@!3?!F0A4346730!6?3?84D3DL!=0!H7D!7134>A!?>!4>30FF4A0>10!3C73!
B038?F! 64AC3! C750! E00>! 2D0@! 3?! D03! Y4W292! 7>@! Y4D44! C?2D0D! ?>! G480L! $01?>@P!
2B?>! 8010454>A! 4>30FF4A0>10! ?G! B?DD4EF0! 73371WD! ?>! #J:! 176BD! 3C73! C7@! E00>! D03!
2B!4>!7807D!HC080!3C080!C7@!E00>!54?F0>10P!7FD?!60>34?>0@!4>!+$#$[D!4>30FF4A0>10!
80B?83DP! C0! 4660@4730F9! @0BF?90@! G?810D! 7>@! 50C41F0D! 3?! C750! 3C06! 6?50@! 3?!
D7G039! 4>! 3?H>! 7D! @4@! D?60! ?GG4147FD! 4>! 3C0! B8?54>147F! 7@64>4D38734?>! 4>! ?3C08!
B783D! ?G! 3C0! +?83C! *4G3L! (D! H43>0DD! >26E08! fj! G8?6! )C0A7497! D2E! F?1734?>! HC?!
C7@!F?D3!7FF!C4D!G764F9!606E08D!7>@!HC?!30D34G40@!E0G?80!3C0!)?664DD4?>!>?30@M!
`S$! )$<*:'$(! :'! .5$! I(<:':+.)*.:&'! F&,:4$! 4*<@! ?&)! ?&-)! (*%+2!!
C5$! *..*4>$)+! 4&'.:'-$(! .&! *..*4>! -+! $A$'! :'! .5$! 4*<@2! C5$! 8*,$'9:'!
&??:4$)+! :'! .5$! 4*<@! 9&:'$(! .5$:)! >:'+<$'! :'! .5$! *..*4>+! *'(! .5$!
8:>-%-!I(<:':+.)*.:&'!F&,:4$!&??:4$)!5*(!.&!.*>$!):?,$+!?)&<!.5$<2/!!
!
&>!3C0!?3C08!C7>@P!3C080!H080!>2608?2D!80B?83D!?G!3C0!B?F410!7>@!?3C08!D0128439!
G?810D! E04>A! C0759! C7>@0@! 7>@! 050>! H?8D0L! J284>A! 3C0! 54?F0>10! 3C09! 1C7D0@! 7!
A8?2B! ?G! @06?>D3873?8D! >078! 3C0! -?4! *0G0887F! =?DB437F! 4>! .F@?803! 7>@! 4>! 3C0!
B8?10DD! F?EE0@! E?3C! 3078! A7D! 7>@! G480@! E2FF03D! 4>3?! 3C0! C?DB437FL! %C0! JL)L! G?8!
U7D4>! I4DC2! 30D34G94>A! E0G?80! 3C0! )?664DD4?>! @0>40@! 3C73! 3C4D! C7@! C7BB0>0@!
D794>A!3C73!3C0!3078!A7D!62D3!C750!E00>!7!E9OB8?@213!?G!HC73!H7D!2D0@!?23D4@0!
3C0! C?DB437FL! =?H0508! E?3C! 3C0! C07@! ?G! 3C0! =?DB437F! 7>@! 43D! A278@D! 3?F@! 3C0!

'' !

!
)?664DD4?>! 3C73! 3C0! B?F410! 3840@! 3?! 0>308! 3C0! =?DB437F! E9! G?810L! )8?DD!
0/764>734?>! 80507F0@! 3C73! E?3C! 17>4D308D! 7>@! E2FF03! 17D4>AD! H080! G?2>@! 4>D4@0!
3C0! =?DB437FP! 3C0! &:)J! 7@64334>A! 4>! C4D! 30D346?>9! 3C73! 43! H7D! B?DD4EF0! 3C73! 4>!
G713!3078!A7D!7>@!E2FF03D!H080!G480@!4>3?!3C0!C?DB437FL!
!!
%C0! )?664DD4?>! 7FD?! 8010450@! 054@0>10! ?G! >2608?2D! ?3C08! 4>D37>10D! ?G! B?F410!
E8237F439L! <43>0DD0D! DB?W0! 2>@08! ?73C! ?G!C?884G94>A! 37F0D! ?G! B?F410! E8237F439! 7>@!
4>@4GG080>10L!%C4D!4>1F2@0@!B?F410!D37>@4>A!E9P!@?4>A!>?3C4>A!7>@!>?3!1?64>A!3?!
3C0! 7DD4D37>10! ?G! 4>@454@27FD! 7>@! 1?662>4340D! 2>@08! 73371WP! \?4>4>A! 4>! 3C0!
73371WDP! 4>1F2@4>A! 87B4>A! 7F807@9! 52F>087EF0! 541346DP! 7>@! 372>34>A! Y4W292!
541346D! H43C! ?>0! ?G! Y4E7W4[D! 176B74A>! DF?A7>DP! `>*D:! :$'($,$$/! ]F03! 3C0! H?8W!
1?>34>20^! 7D! 3C09! D3??@! E9! H731C4>A! C0FBF0DD! 541346D! E04>A! 73371W0@L! #>! ?3C08!
17D0D! 3C080! H080! 80B?83D! ?G! 541346D! 2>@08! 73371W! D00W4>A! B?F410! C0FB! 7>@! E04>A!
328>0@!7H79L!(6?>A!67>9!17D0DP!3C0!)?664DD4?>!H7D!7EF0!3?!@030864>0!3C73!7!
D0>4?8!B?F410!?GG4108!4>!.F@?803!H7D!80DB?>D4EF0!G?8!B08D?>7FF9!DC??34>A!7!>26E08!
?G! 4>@454@27FDL! %C0! )?664DD4?>! 54D430@! ?>0! D21C! 541346! 73! 7! C?DB437F! HC080! C0!
C7@! E00>! 7@64330@! H43C! H?2>@D! D2D374>0@! G8?6! A2>! G480L! $464F78! 7FF0A734?>D!
H080!67@0!4>!3C0!054@0>10!B8?@210@!E9!3C0!Y+)=*L!!
!
%C0! )?664DD4?>! H7D! 3?F@! 3C73! D?60! 1C40GD! 043C08! B7DD450F9! ?8! 713450F9!
1?FF7E?8730@! H43C! 3C0! 73371W08DL! (3! F07D3! 3C48300>! ?G! 3C06! H080! F7308! 4>308@4130@!
7G308! 80B?83D! 7A74>D3! 3C06! H080! 67@0L! #>! C4D! DH?8>! 30D346?>9P! 3C0! J4D38413!
)?664DD4?>08! ?G! U7D4>! I4DC2P! K08>78@! Y4>927P! 7@64330@! 3?! C754>A! `8010450@!
D?60! 4>G?86734?>! 3C73! 3C0! 1C40GD! H080! >?3! C0FBG2Fa! 7>@! `H080! >?3! 3C080! G?8! 3C0!
B0?BF0aP! 7F3C?2AC! C0! 1F7460@! 3C73! C0! C7@! >?! 4>G?86734?>! 3C73! 1C40GD! H080!
4>5?F50@!4>!3C0!54?F0>106!>?8!H080!7>9!>760D!A450>!4>!3C0!4>30FF4A0>10!80B?83D!C0!
8010450@LQQ!
!
=?H0508P! 054@0>10! 8010450@! E9! 3C0! )?664DD4?>! 30FFD! @4D328E4>A! D3?840D! ?G! 1C40GD!
043C08! D37>@4>A! E9! HC4F0! 54?F0>10! H7D! E04>A! 1?664330@P! ?8! 050>! 713450F9! 37W4>A!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
++
!M!C!(*!

'( !

!
B783! 4>! 3C0! 1?664DD4?>! ?G! 54?F0>3! 713DL!(! Y4W292! B7D3?8! G8?6! K28>3! '?80D3! C7@!
3C4D!3?!D79M!
`C5$! %&-'B! 8*,$'9:'! <$'! +.*).$(! *..*4>:'B! *'(! +5&-.:'B! .5*.! '&'7
8*,$'9:'!5*(!.&!B&2!S$!.):$(!.$,$@5&':'B!.5$!_fU!a-)'.!G&)$+.!+.*.:&'!
*'(!.5$!f5:$?!4&-'.,$++!.:<$+2!V&.5:'B!5*@@$'$(2!8:>-%-!%&-'B!<$'!
+.*).$(! .)%:'B! .&! ($?$'(! .5$<+$,A$+2! C5$)$! =*+! '&! )$+@&'+$2! C5$!
f5:$?!*)):A$(!=:.5!5:+!.=&!@&,:4$!&??:4$)+!=5&!=$)$!#&.5!8*,$'9:'2!C5$!
IF!&??:4$)+!+.*).$(!@-+5:'B!.5$!8:>-%-!<$'!#*4>!*+!.5$!8*,$'9:'!<$'!
#-)'.!5&-+$+!#$5:'(!.5$<2!LA$)%&'$!=*+!@-+5$(!.&!.5$!4$'.)$!&?!.5$!
8:>-%-!?*)</2NP!!
!
-?80?508P! 7! 80D4@0>3! ?G! Y476E77! HC?! 30D34G40@! 3?! 3C0! )?664DD4?>! 4>! B845730!
D2E64330@! 7D! 7>! 0/C4E43! 7! 606?87>@26! G8?6! `80D4@0>3D! ?G! U7D4>! I4DC2aP!
4@0>34G94>A!E9!>760!04AC3!1C40GD!G8?6!`?>0!03C>41!A8?2BaP!HC?6!3C09!1F746!C7@!
G20FF0@!384E7F!1F7DC0D!4>!deeQ!7>@!deeSP!HC?!C7@!E00>!3C80730>4>A!`B0?BF0!G8?6!
?3C08! 1?662>4340D! H43C! 054134?>! @284>A! 3C0! 80G080>@26! 4>! QRRbaP! 7>@! H080!
`G82D38734>A/! 3C0! 80328>! ?G! 3C?D0! HC?! H080! 054130@! G8?6! K28>3! '?80D3! 7>@!
(4>7EW?4L!!
!
#>! DC?83P! HC4F0! >?3! @0>94>A! 67>9! 4>D37>10D! HC080! B?F410! 6?E4F4V0@! X241WF9! 3?!
7DD4D3! 541346D! 3?! X20FF! 3C0! 54?F0>10! ?8! HC080! 3C09! H080! ?508HC0F60@P! 3C0!
)?664DD4?>!7FD?!C7D!054@0>10!3C73!4>!D?60!?3C08!17D0D!541346D!?G!B?D3!0F0134?>!
54?F0>10!G?2>@!3C0!5089!B0?BF0!3C09!3C?2AC3!H?2F@!C0FB!7>@!@0G0>@!3C06!7D!3C09!
H080!2>@08!73371W!B783414B734>A!4>!3C0!54?F0>10!3C06D0F50D!?8!4>@4GG080>3!3?!3C048!
BF4AC3L!
!
U>@08! 3C0D0! 148126D37>10DP! 43! 4D! >?3! D?! D28B84D4>A! 3C73! 67>9! 541346D! ?G! B?D3!
0F0134?>! 54?F0>10! 1C?D0! >?3! 3?! 67W0! 80B?83D! 3?! 3C0! B?F410L! %C4D! 4>! 43D0FG! H7D!
7>?3C08!B783!?G!3C0!387A41!E807W@?H>!?G!F7H!7>@!?8@08!7>@!4>@4173450!?G!3C0!F71W!
?G!4>30A8439!?G!W09!A?508>60>3!4>D343234?>D!4>1F2@4>A!3C0!D0128439!G?810D!7>@!B783D!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+%
!<1610H0A1!20=32505!K>!M3HH!::!3A!!A#0:1!96132:!

', !

!
?G! 3C0! B8?54>147F! 7@64>4D38734?>L! #3! 4D! 7FD?! 7! B73308>! 3C73! D2BB?83D! B8054?2D!
G4>@4>AD!G8?6!3C0!(W4H264!*0B?83L!
!
,?41GG5B1?21!)@?219?5?B!;@E4P&G1245@?!<5@G1?21!8?A!,4E!OE1!
!
%C0! +734?>7F! $0128439! #>30FF4A0>10! $085410! ]+$#$^P! 3C0! :8?54>147F! $0128439! 7>@!
#>30FF4A0>10! )?6643300! ]:$#)^P! 7>@! 3C0! J4D38413! $0128439! 7>@! #>30FF4A0>10!
)?6643300!]J$#)^!071C!1?>384E230@!4>30FF4A0>10!4>G?86734?>!1?>108>4>A!D0128439!
4>! Y0>97! E0G?80P! @284>AP! 7>@! 7G308! 3C0! 0F0134?>L! K0G?80! 3C0! 0F0134?>P! 3C0! +$#$!
1?88013F9!7>7F9V0@!3C0!G?810D!73!H?8W!4>!3C0!1?2>389!7>@!D74@!3C73!4>!3C0!17D0!?G!
043C08! 7! Y4E7W4! ?8! &@4>A7! F?DD! 3C080! H7D! 7! D38?>A! B?DD4E4F439! ?G! B?D3! 0F0134?>!
54?F0>10P!3C0!H?8D3!17D0!D10>784?!E04>A!4G!3C0!&J-!17>@4@730!F?D3LQh!$?60!?G!3C0!
B80O0F0134?>! 4>30FF4A0>10! 8010450@! E9! 3C0! )?664DD4?>! G8?6! 3C0! 3C800! 7A0>140D!
B80@4130@!3C0!B?D3O0F0134?>!54?F0>10!HC41C!0>A2FG0@!3C0!+?83C!*4G3P!B783412F78F9!4>!
U7D4>!I4DC2!J4D38413L!
!
%C0! +$#$[D! $432734?>! 7>@! =?3! $B?3! 7>7F9D4D! G8?6! _2>0! QRRS! 2>34F! '0E82789!
QRRfP! A450>! 3?! 3C0! )?664DD4?>PQb! 6?D3F9! 1?>10>38730D! ?>! 387@434?>7F! 1?>GF413!
7807D!D21C!7D!%87>D!+V?47P!-?F?P!7>@!?3C08!B783D!?G!3C0!*4G3!7>@!?>!A7>AD!D21C!
7D! -2>A4W4! ?B08734>A! 3C080! 7>@! 0FD0HC080L! (D! 078F9! 7D! 3C800! 6?>3CD! E0G?80! 3C0!
0F0134?>DP!3C0!+$#$!H78>0@!4>!43D!$432734?>!*0B?83!?G!Qb!$0B306E08!QRRSP!3C73!`4>!
B783D!?G! U7D4>! I4DC2P! 30>D4?>! 4D! E80H4>A! E03H00>! 3C0! Y7F0>\4>P! 3C0! Y4W292!7>@!
3C0! Y4D44! G?FF?H4>A! 3C0! -2A487>A?! DW4864DC0D! H43C! D?60! Y7F0>\4>! 384E0D60>!
30864>A! 3C0! 3H?! 1?662>4340D! 3C048! B?F43417F! 0>0640D! 7>@! 3C80730>4>A! 3?! 05413!
3C06L! #3! 7@@0@! C?H0508! H43C! D?60! B806?>434?>! 3C73! `54?F0>10! 1?2F@! 0>A2FG!
@4GG080>3!B783D!?G!3C0!1?2>389!4G!17D0D!?G!4>143060>3!780!>?3!F0A7FF9!7@@80DD0@!7D!
3C09!0608A0La!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+&
!Q.4!K!1!$-7B!:8KH!1105!13!140!M3HH!::!3A!K>!140!P<[<"!
+'
!e?!;4!=4!620!H!::!A9!]:!1861!3A!6A6L>:!:!20J321:^!?23H!+'!S0=0HK02!+**,!13!+!Z6A862>!+**)!6A5!
]?L6:4J3!A1:g431:J31:!6A6L>:!:^!?23H!+&!S0=0HK02!+**,!13!$$!c0K2862>!+**)!

') !

!
#>!43D!`=?3!$B?3l'F7DC!:?4>3a!*0B?83!?G!de!&13?E08!QRRSP!3C0!+$#$!>?30@!3C73!3C0!
@0E730! 78?2>@! ;*9:<#&! H7D! 7F807@9! E04>A! 2D0@! E9! D?60! B?F434147>D! 4>! +748?E4P!
*4G3! ;7FF09! 7>@! )?7D3! B8?54>10D! D1C064>A! 7>@! ?8A7>4V4>A! F?17F! 9?23C! 3?! 73371W!
B0810450@!?23D4@08D!4>!?8@08!3?!@4D0>G87>1C4D0!3C06!7>@!G4>7FF9!C750!3C0!4>14@0>3!
EF760@! ?>! -7\46E?! 176B74A>DL! +$#$! 7@@0@! 3C73! `A0>087FF9P! 3C0! @0E730! C7D!
0F41430@! 7! D38?>A! 7>34OY4W292! D0>3460>3! @20! 3?! 3C0! G713! 3C73! 3C0! 1?662>439! 4D!
7FD?!8?E2D3F9!?BB?D0@!3?!3C0!D9D306La!%C0!D760!E840G4>A!2>@08!3C0!C07@4>A!`UD0!
?G! )8464>7F! I7>ADa! >?30@! 3C73! 7D! 3C0! 176B74A>D! 4>30>D4G9P! 3C0! B?DD4E4F439! ?G!
5784?2D! F07@08DlB?F434147>D! 80D?834>A! 3?! 8071345734?>! 7>@! 2D0! ?G! D21C! A7>AD! H7D!
F4W0F9!4>!+748?E4P!+7W282P!U7D4>!I4DC2P!%87>D!+V?47P!I2D44F7>@P!Y2847!7>@!B783D!
?G!)0>387F!:8?54>10L!
!
&>! Qg! +?506E08! QRRSP! +$#$! >?30@! 3C73! 4>! U7D4>! I4DC2! J4D38413P! `30>D4?>! 4D!
F??64>A!E03H00>!3C0!Y7F0>\4>!7>@!3C0!Y4W292!H43C4>!%46E?8?7!(807!G?FF?H4>A!3C0!
7880D3! ?G! 3H?! 606E08D! ?G! 3C0! Y4W292! 1?662>439! G?8! 14812F734>A! 7>34! &J-!
F07GF03DLa!(>@!?>!S!J0106E08!QRRSP!+$#$!H78>0@!3C73!4>!+7>@4!+?83CP!3C0!+7>@4!
7>@! "2C97! 1?2F@! 1F7DC! 73! &DO*?>A74! 7807! 4>! %28E?! J454D4?>! HC080! +7>@4!
384E0D60>! 3?81C0@! C?2D0D! E0F?>A4>A! 3?! "2C97! 3?! 750>A0! 3C0! W4FF4>A! ?G! 7! +7>@4!
?508!7FF0A0@!3C0G3!?G!B8?B0839L!
!
#3!4D!2>1F078!G8?6!HC73!3C0!)?664DD4?>!C7D!8010450@!7>@!G8?6!43D!0/764>734?>!?G!
3C0! 4>30FF4A0>10! 80B?83D! G8?6! U7D4>! I4DC2! J4D38413! HC03C08! 3C0! +$#$[D! 7>7F9D4DP!
7>@! 4>! B783412F78! 43D! 3H?! 17D0! D10>784?! H7D! 1?662>41730@! @?H>H78@! 3?! 3C0!
B8?54>10D! 7>@! 3C0! @4D38413D! ?8! >?3P! 7>@! HC9! 4G! 3C0! 54?F0>10! H7D! BF7>>0@! 7>@!
?8A7>4V0@P!3C0!+$#$!043C08!@4@!>?3!C750!3C4D!4>G?86734?>!?8!@4@!>?3!387>D643!43!3?!
3C0! G40F@L! K?3C! 3C0! JL)L! 7>@! 3C0! &):J! G?8! U7D4>! I4DC2! 30D34G40@! 3?! 3C0!
)?664DD4?>! 3C73! 3C09! @4@! >?3! 8010450! 7>9! 4>G?86734?>! 7E?23! +$#$[D! 3H?!
D10>784?D!?8!B?30>347F!B8?EF06D!4G!&J-!@4@!>?3!H4>L!
!
=?H0508P! 3C0! +$#$! U7D4>! I4DC2! J4D38413! )?O?8@4>73?8! HC?! 30D34G40@! 4>! 176087!
B7DD0@!?>!D?60!4>30FF4A0>10!4>G?86734?>!3?!3C0!J$#)!7E?23!3C0!B?DD4E4F439!?G!B80O
0F0134?>! 54?F0>10! 4>! Y0DD0D! 7D! 078F9! 7D! gR! &13?E08! QRRSL! '283C086?80P! C0! 7FD?!

'- !

!
A0>08730@!7!D0128439!E840G!?>!Qe!J0106E08!QRRS!HC41C!H0>3!3?!3C0!J$#)!D3734>A!
3C73! `30>D4?>! H7D! C4AC! H43C4>! U7D4>! I4DC2! @4D38413! 7>@! 3C73! 3C080! H7D! 7!
F4W0F4C??@!?G!54?F0>10!378A034>A!3C0!Y4W292!1?662>439!4>!7!>26E08!?G!DB014G417FF9!
@0D4A>730@!DB?3D!4>!3C0!G?FF?H4>A!@454D4?>DM!$?9P!Y0DD0DP!%28E?P!Y7BD7803P!.F@?803!
%?H>P!7>@!(4>7EW?4LaQj!
!
+05083C0F0DDP! 6?D3! ?GG4147FD! G8?6! 3C0! +?83C! *4G3P! 4>1F2@4>A! 3C0! JL)L! G?8! U7D4>!
I4DC2! HC?! 1C7480@! 3C0! 7E?50! Qe! J0106E08! J$#)! 60034>A! 7D! H0FF! 7D! 3C0! &):J!
G?8!.F@?803P!7>@!?3C08!?GG4147FD!30D34G94>A!E0G?80!3C0!)?664DD4?>!D74@!3C09!@4@!>?3!
7>3414B730! B?D3O0F0134?>! 54?F0>10L! %C0! )?664DD4?>! G4>@D! 43! D28B84D4>A! 3C73!
B8?54>147F! 7@64>4D38734?>! ?GG4147FD! H?2F@! >?3! 7>3414B730! D?60! F050F! ?G! B?D3O
0F0134?>! 54?F0>10! HC4F0! 3C09! H080! 780! 3C73! 3C0! B80O0F0134?>! B084?@! C7@! E00>!
0/38060F9! 30>D0P! G4FF0@! H43C! 4>10>@4789! F7>A27A0P! C730! DB001CP! 4>>20>@?0D!
1?>108>4>A! 67\46E?4D6! 7>@! 3C0! B?DD4E4F439! ?G! 054134>A! ?23D4@08DP! B76BCF03D!
3C80730>4>A! H78P! 7>@! D1733080@! 80G080>10D! 3?! B?F434147>D! 0>1?287A4>A! 3C048!
D2BB?8308D!3?!`54?F730!3C0!F7HLa!
!
=754>A! D285450@! 3C0! QRRb! 80G080>@26! ?>! 3C0! 1?>D343234?>! H43C?23! 4>14@0>3! 7>@!
C754>A! 1?6BF030@! HC73! 328>0@! ?23! 3?! E0! 7! B0710G2F! J0106E08! QRRS! 0F0134?>P!
4>1F2@4>A! 3C0! 7>>?2>1060>3! ?G! 3C0! B78F4760>3789! 80D2F3D! ?>! QS! 7>@! Qf!
J0106E08P! ?GG4147FD! @4@! >?3! 3C4>W! 3C080! H?2F@! E0! D084?2D! B8?EF06D! 7G308! 3C0!
0F0134?>P! F0750! 7F?>0! 7>3414B730! 3C0! @0E71F0! 3C73! 0>A2FG0@! 3C0! 1?2>389L! (D!
K08>78@! Y4>927P! U7D4>! I4DC2! J4D38413! )?664DD4?>08! >?30@P! C0! C7@! E00>!
0/38060F9! 54A4F7>3! 7>@! C7@! 4>30>D4G40@! B738?FD! E0G?80! 3C0! 0F0134?>! 4>! 7807D! 3C73!
C7@!0/B0840>10@!B80O0F0134?>!54?F0>10!4>!3C0!B7D3!D21C!7D!,7626E4P!%28E?P!7>@!
K28>3! '?80D3P! E23! C0! @4@! >?3! 7>3414B730! 3C73! 54?F0>10! 1?2F@! E0! ?>! 3C0! D17F0! ?>!
HC41C! 43! C7BB0>0@L! =0! 0/BF74>0@! 4>! C4D! 30D346?>9! 3?! 3C0! )?664DD4?>! 3C73!
B8054?2DF9!>?3C4>A!F4W0!3C4D!0508!C7BB0>0@P!7@@4>A!3C73!4>!3C0!B7D3P!4660@4730F9!
7G308!0F0134?>D!H080!?508P!B0?BF0!H?2F@!D033F0!@?H>!3?!n3C048o!@74F9!E2D4>0DDP!E23!
3C4D! 3460! 43! H7D! 3C0! 80508D0L! =0! D74@! C0! C7@! 1?5080@! 3C0! @4D38413! B8?B08F9! 7>@!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+(
!G4!:!!A?32H61!3A!!:!=3A16!A05!!A!0.4!K!1:!((7!6A5!((D"!

(* !

!
3C?2AC3!C0!1?2F@!C7>@F0!7>9!D432734?>P!7@@4>AP!C?H0508P!3C73!4>!3C4D!17D0!43!H7D!
"0>?86?2DaP!`>?3C4>A!F4W0!HC73!H0!0/B0130@Pa!7>@!`DB?>37>0?2DLa!!
!
+05083C0F0DDP!C0!7@64330@!3C73!E0172D0!?G!3C0!233087>10D!?G!D?60!B?F434147>DP!C0!
H7D!7H780!3C73!3C080!H7D!7>!0/B013734?>!?G!7>!&J-!H4>!7>@!3C73!3C080!64AC3!E0!
7! 80G2D7F! 3?! 7110B3! 7>93C4>A! 0FD0L! =?H0508P! C0! D74@! C0! @4@! >?3! 8010450! 7>9!
4>G?86734?>!G8?6!3C0!+$#$!?8!?3C08!7A0>140D!?G!2>B8010@0>30@!2BC0757FD!4G!&J-!
@4@! >?3! H4>L! %C4D! B783F9! 1?>387@413D! 3C0! 4>30FF4A0>10! 4>G?86734?>! D74@! 3?! C750!
E00>!80F790@!3?!3C0!J$#)!?>!Qe!J0106E08!QRRSL!
!
+?3H43CD37>@4>A!3C4D!807F439!7>@!D464F78!D0>3460>3D!1?>5090@!G8?6!?3C08!?GG4147FD!
E?3C! 4>! U7D4>! I4DC2! J4D38413! 7>@! 4>! ?3C08! B783D! ?G! 3C0! +?83C! *4G3! 3C080! H080!
80B?83D!?G!54?F0>10!4>!3C0!82>!2B!3?!3C0!0F0134?>!4>@4173450!?G!C04AC30>0@!30>D4?>DP!
7D!H0FF!7D!4D?F730@!73371WD!?>!E2D4>0DD0D!7>@!E28>4>A!?G!C?2D0D!?>!G786D!050>!
E0G?80! 3C0! .)Y! 7>>?2>10@! 3C0! B80D4@0>347F! 80D2F3D! ?>! gR! J0106E08L! %C4D!
4>1F2@0@!3C800!C?2D0D!7FF0A0@F9!C754>A!E00>!E28>0@!4>!"0F6?8?W!G786!4>!Y0DD0D!
?>!Qe!J0106E08P!7>!4>14@0>3!7E?23!HC41C!3C0!&):J!D74@!C0!H7D!>?3!7H780P!E23!
HC41C!7!80D4@0>3!HC?!C7@!E00>!054130@!G?28!3460D!B8054?2DF9P!1?>G4860@!HC0>!C0!
30D34G40@!3?!3C0!)?664DD4?>!4>!176087P!7FD?!>764>A!D?60!?G!3C?D0!C0!7FF0A0@!3?!
E0!3C0!73371W08DLQS!!
!
'283C086?80P!7!G?8608!80D4@0>3!?G!&23DB7>!.D3730!4>!.F@?803P!D74@!3C73!3C0!1C7?D!
3C080! E0A7>! 7D! 078F9! 7D! QS3C! J0106E08P! 172D4>A! C08! 3?! 37W0! 80G2A0! 4>! 7! 1C281C!
@284>A!3C0!050>4>AL!#>!C08!D373060>3!3?!3C0!)?664DD4?>!DC0!D74@!3C73!`Y7F0>\4>D!
D37830@! E28>4>A! C?2D0D! E0F?>A4>A! 3?! 3C0! Y4W292D! ?>! Qf! J0106E08La! &>! Qe!
J0106E08P!HC4F0!1C01W4>A!?>!C08!B8?B0839P!DC0!H7D!3C0>!711?D30@!7>@!87B0@!E9!
3C800!60>LQf!.54@0>10!D2E64330@!3?!3C0!)?664DD4?>!E9!Y+=)*!7FD?!674>374>0@!
3C73!D?60!Y4W292!E2840@!3C048!B?DD0DD4?>D!E0G?80!3C0!0F0134?>!4>!7>3414B734?>!?G!
73371WDQe! HC4F0! 18?DD! 0/764>734?>! ?G! ?GG4147FD! G8?6! .F@?803! D2AA0D30@! 3C73! D?60!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+,
!MC"!)'!
+)
!MC!)+!
+-
!Q.4!K!1!$+'"!
($ !

!
Y4W292D!C7@!7F807@9!F0G3!!3C0!7807!E03H00>!QS3C!7>@!!Qe3C!!J0106E08!3?!0>D280!
3C048! D7G039L! #>! 7@@434?>P! 3C0! JL)L! ?G! U7D4>! I4DC2! 7>@! 3C0! &):J! ?G! .F@?803!
J454D4?>!>?30@!3C73!D?60!B2EF41!D085410!50C41F0D!D3?BB0@!1?64>A!3?!3?H>!7D!078F9!
7D!Qh3C!!J0106E08!E0172D0!?G!7FF0A734?>D!3C73!3C09!H080!G08894>A!678W0@!E7FF?3DL!
%C080!H080!7FD?!H4@0DB807@!7FF0A734?>D!?G!84AA4>AL!!
!
#>!DB430! ?G! 3C0D0! 4>14@0>3DP! 43! 4D! >?3! 7BB780>3! 3C73! 043C08! 7@64>4D3873450! ?GG4147FD!
?8! B?F410! 80G4>0@! 3C048! 4>30FF4A0>10! 7D! 7! 80D2F3P! >?8! 7BB780>3F9! H7D! 3C080! 7>9!
D0>D0! ?G! 3C0! 2>0/B0130@! 46B0>@4>A! @4D7D308! 3?! G?FF?HL! '283C086?80P! 7! H43>0DD!
G8?6! +7>@4! =4FFD! 3?F@! 3C0! )?664DD4?>! 3C73! `n3oC080! H080! 7F807@9! 3980D! E04>A!
E28>0@!?>!3C0!8?7@!G8?6!+7>@4!=4FFD!3?!Y4D262/!7D!?G!Qj3C!J0106E08LgR!!
!
(>A0F2D! Y78282P! &:)J! G?8! .F@?803! J454D4?>! @284>A! 3C0! 0F0134?>! 3?F@! 3C0!
)?664DD4?>! 3C080! H080! G?28! 4>14@0>3D! E0G?80! 3C0! 0F0134?>! HC41C! C0! C7@!
0GG013450F9! 1?>374>0@P! D?603C4>A! 3C73! A750! C46! 1?>G4@0>10! 7E?23! C7>@F4>A!
HC730508! 64AC3! 1?60! 2B! @284>A! 7>@! 7G308! 3C0! 0F0134?>L! %C080! H7D! 7! DC??34>A!
4>14@0>3! ?>! dS3C! +?506E08! QRRS! 73! )C0B34803! $01?>@789! $1C??F! @284>A! 3C0!
&J-[D!B78F4760>3789!7>@!14541!>?64>734?>D!HC0>!QRR!?G!3C0!B7839[D!D2BB?8308D!
EF?1W0@!3C0!C4ACH79!3?!3C0!37FF94>A!10>380P!2D4>A!F?ADP!E4A!D3?>0DP!7>@!3C048!?H>!
6?3?8! 50C41F0DL! %C0! D01?>@! H7D! 73! i4H7! $484WH7! %87@4>A! )0>308! ?>! QS3C!!
+?506E08!QRRS!HC0>!dRR!&J-!9?23C!@4D82B30@!7!:+U!B?F43417F!87FF9L!%C0!3C48@!
H7D! ?>! Qj3C! ! J0106E08! QRRS! HC0>! F?17F! B?F434147>D! 7>@! G?804A>! B80DD! D3?860@!
3C0!@454D4?>7F!C07@X278308D!3?!4>DB013!7!-?F?!"4>0!)?6B7>9!64>4E2D!HC41C!H7D!
7FF0A0@! G7FD0F9P! 43! 328>0@! ?23P! 3?! C750! E8?2AC3! 7@64>4D38734?>! B?F410! 7>@! E7FF?3!
E?/0D!3?!E0!2D0@!3?!84A!3C0!0F0134?>L!'4>7FF9P!?>!3C0!D760!@79!4>!3C0!078F9!050>4>A!
73! Y049?! :038?F! $3734?>P! 9?23CD! E28>0@! 7! B41W2B! 3821W! 387>DG0884>A! E7FF?3D! G8?6!
Y049?! J454D4?>! 3?! Y7B32E04! B?FF4>A! 10>308P! E23! 3C0! B?F410! 6?50@! 4>! DH4G3F9! 3?!
80D120! 3C0! E7FF?3DL! %C09! 7FD?! 1?>374>0@! 3C0! ?3C08! 4>14@0>3DP! E23! >?! ?>0! H7D!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%*
!MC!A3"!)&!!A!=6H026"!
(+ !

!
7880D30@P! 7! B?4>3! 3C73! H7D! 1843414V0@! 2>@08! 18?DD! 0/764>734?>! 7D! C754>A!
1?>384E230@!3?!7!12F3280!?G!46B2>439Lgd!
!
(B783! G8?6! 3C0! F71W! ?G! 7>3414B734?>! ?G! HC73! 64AC3! G?FF?HP! 3C0! 30D346?>9! E9! 3C0!
JL)L!G?8!U7D4>!I4DC2!7>@!3C0!&):J!G?8!.F@?803!D2AA0D3D!3C73!>043C08!G?FF?H0@!2B!
?>! F?17F! 4>30FF4A0>10! 7>@! 4>G?86734?>! 3C09! W>0H! 7E?23L! =7@! 3C09! 37W0>! 3C0!
4>43473450!3?!@?!D?P!3C09!64AC3!C750!B80O06B30@!D?60!?G!3C0!B?D3O0F0134?>!54?F0>10!
HC41C!H7D!0/B0840>10@L!#3!4D!>?3!1F078!3?!3C0!)?664DD4?>!4G!3C4D!H7D!E0172D0!?G!
3C0!F71W!?G!17B71439!?8!3C0!80D2F3!?G!>?3!H7>34>A!3?!3807@!?>!3C0!3?0D!?G!B?H08G2F!
B?F43417F!B08D?>7F4340D!4>!3C0!@4D38413!G?8!G078!?G!80384E234?>P!D?603C4>A!HC41C!C7@!
E00>!>?30@!4>!3C0!(W4H264!*0B?83L!!
!
+043C08! 3C0! B8?54>147F! 7@64>4D38734?>! >?8! 3C0! B?F410! 4>50D34A730@! 1F746D! ?G!
4>143060>3!E9!B?F434147>D!?8!60@47!D3734?>DL!%C09!1F7460@!3C09!@4@!>?3!W>?H!3C0!
>760D! ?G! 3C0! 3H?! B8?64>0>3! 73CF030D! HC?! H080! W4FF0@! @284>A! 3C0! B?D3! 0F0134?>!
54?F0>10L! %C09! 7BB0780@! 2>H4FF4>A! 3?! @4D12DD! 3C0! 03C>41439! ?G! 3C048! D37GGL! %C09!
D74@!3C09!@4@!>?3!W>?H!?8!G?FF?H!2B!?>!80B?83D!1?>108>4>A!B?F434147>D!0>A7A0@!4>!
C?D34F0! 713D! ?8! DB001CL! %C09! 1F7460@! 3C09! @4@! >?3! C750! 7>9! 4>G?86734?>! ?>! 7>9!
1C40GD! ?8! B?F410! 7D! C754>A! E00>! 4>5?F50@! 4>! 3C0! 54?F0>10L! %C09! @4@! >?3! F??W! 4>3?!
3C0! D?2810! ?G! C?D34F0! F07GF03D! E04>A! @4D384E230@L! %C09! D74@! 3C09! @4@! >?3! C750!
80B?83D! 7E?23! HC41C! B?F434147>D! H080! 2D4>A! 3C0! 3086D! `<*(&*(&*a! 7>@!
`<*>=$>=$a! 050>! 3C?2AC! 3C09! C7@! `C078@! 7E?23! 3C4D! A0>087FF9aL! %C09! C7@! >?!
4>G?86734?>!3C73!9?23CD!H080!E04>A!3874>0@!3?!0>A7A0!4>!54?F0>10L!
!
#>! 1?>387D3P! 7! H43>0DD! 3?F@! 3C0! )?664DD4?>! 3C73! 3C0! G?FF?H4>A! `3C80730>4>A!
3086D/! H080! 8?234>0F9! 2D0@! 7A74>D3! Y4W292M! <*(&*(&*! ]DB?3D^P! <*5*)*B=$!
]E07>^P! #-'%&.! ]0>069^P! +*'B*)*! ]H4F@! A87DD^! H43C! 3C0! 7@@434?>7F! >?3734?>! 3C73!
3C09!DC?2F@!E0!`2B8??30@aLgQ!
<C0>! 7DW0@! 4G! C0! C7@! G?FF?H0@! 2B! ?>! D?60! DB014G41! 4>G?86734?>! 3C0! &):J! D74@!
C0!C7@!>?3L!=0!78A20@!3C73!43!H7D!>?3!3C0!G2>134?>!?G!3C0!B?F410!3?!G?FF?H!2B!?>!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%$
!G0:1!H3A>!3?!7A90L8:!@62828B!MC!,'!!
%+
!<00!?32!0.6HJL0B!10:1!H3A>!3?!MC!)'!!
(% !

!
A0>087F!4>G?86734?>!7D!?BB?D0@!3?!G?867F!80B?83DL!%C0!&):J!D74@!3C73!C0!`1?2F@!
>?3!82F0!?23!3C73!3C0!54?F0>10!H7D!BF7>>0@Pa!E23!@4@!>?3!C750!7>9!4>G?86734?>!3?!
3C4D!0GG013L!)?>108>4>A!4>143060>3!7>@!C730!DB001C!C0!3?F@!3C0!)?664DD4?>!3C73!
C0! @4@! >?3! 4>50D34A730! "826?28Da! 7>@! 3C73! `9?2! ?>F9! 4>50D34A730! HC73! C7D! E00>!
80B?830@aP!>?34>A!3C73!`>?!?>0!1760!G?8H78@!3?!80B?83!7>@!D79!(K)J!D74@!Z,iaL!
<C0>!7DW0@!HC73!C0!@4@!7E?23!7FF0A734?>D!3C73!D?60!73CF030D!B783414B730@!4>!3C0!
B?D3!0F0134?>!54?F0>10P!C0!D74@!C0!C7@!C078@!7E?23!43!E23!`>?!?>0!D74@!D?!7>@!D?!
H7D!@?4>A!(K)JaP!7!BC87D0!3C73!H7D!80B0730@!D05087F!3460D!G?FF?H4>A!X20D34?>D!
@480130@! 73! C46! HC0>! C0! 30D34G40@! 3?! 3C0! )?664DD4?>L! =0! 7FD?! @4@! >?3! G?867FF9!
4>50D34A730! 3C0! 4>14@0>3! HC080! 3C0! -?4! %071C4>A! 7>@! *0G0887F! =?DB437F! H7D!
4>57@0@!7>@!3078!A7DD0@!E9!B?F410P!7>!4>14@0>3!1?>G4860@!3?!3C0!)?664DD4?>!E9!
_?>73C?>!YL!K78>?P!C07@!?G!3C0!$0128439!J0B78360>3!?G!3C0!=?DB437F!7>@!_2F42D!
YL! )C0F46?P! 3C0! $0128439! $2B0854D?8! 73! 3C0! C?DB437FP! HC?! C7@! 3840@! 3?! @4DD27@0!
3C0!I$U!?GG4108!4>!1C78A0!7>@!HC?!@0D184E0@!3C0!E0C754?8!?G!B?F410!?GG4108D!73!3C0!
C?DB437F!7D!`60814F0DDLa!
!
%C4D!733432@0! ?G! 3C0! &):J! 4D! B783412F78F9! 38?2EF4>AP! E23! 679! >?3! E0! D?! 2>2D27F!
A450>! 3C0! 30D346?>9! ?G! 7! D0>4?8! B8?54>147F! D0128439! ?GG4108! 3C73! 4>50D34A734>A! 3C0!
B?D3O0F0134?>! 54?F0>10! H7D! 0/38060F9! @4GG412F3! A450>! 3C73! H43>0DD0D! H080! 5089!
80F2137>3!3?!1?60!G?8H78@!3?!A450!054@0>10!G?8!G078!?G!80B84D7FDPgg!D?603C4>A!7FD?!
804308730@!E9!7!80D4@0>3!?G!+7>@4!=4FFDLgh!!
!
#3!4D!7FD?!B?DD4EF0!3C73!?GG4147FD!3C06D0F50D!@4@!>?3!H7>3!3?!@0F50!3??!@00BF9!4>3?!
673308D!3C73!64AC3!1?60!H43C!3C0!>760D!?G!B8?64>0>3P!A450>!3C73P!7D!7>!.F@?803!
80D4@0>3!>?30@M!`n#o>! 3C0!DW4864DC0D!4>!n3C0o!*4G3!;7FF09!>?!F07@08D!G8?6!3C0!7807!
1?>@06>0@! 3C0! 54?F0>10aL! (D! 7! Y4W292! G8?6! "0826?82W! G786! 4>! +7>@4! =4FFD!
0/BF74>0@! 4>! 3894>A! 3?! A03! 3C0! )?664DD4?>! 3?! 2>@08D37>@! HC9! 050>! 3C0! 62F34O
03C>41!1?6B?D434?>!?G!3C0!@4D38413!7@64>4D38734?>!H7D!>?3!7!D?2810!?G!1?6G?83!3?!
C46!7>@!?3C08DM!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%%
!MC!)*B!!A!=6H026"!
%&
!MC!)&B!!A!=6H026!
(& !

!
`.5$!Q_!:+!9-+.!.=&!>:,&<$.)$+!?)&<!.5$!?*)<!#-.!*'%.5:'B!4*'!#$!+*:(6!
*'%.5:'B! 4*'! #$! (&'$! =:.5! &)! =:.5&-.! 5:<! .5$)$2! S$! 5*A$! A$)%!
@&=$)?-,! @$&@,$! :'! .5:+! Q:+.):4.2! C5$! @&,:.:4:*'+! 5$)$!n4>! U7D4>! I4DC2!
J4D38413o!($4:($!=5*.!:+!.&!#$!(&'$2!3.!(&$+'T.!<*..$)!=5*.!%&-!+*%R/2!
!
'283C086?80P! 711?8@4>A! 3?! 3C0! B8?54>147F! 18464>7F! 4>50D34A734?>! ?GG4108! ]:)#&^P!
050>! B0?BF0! F4W0! C46! C750! @4GG412F39! @07F4>A! H43C! 3C0! `E4A! G4DCaL! (D! C0! >?30@! 4>!
30D346?>9!3?!3C0!)?664DD4?>M!!
`;%!E&)(R=5$'!%&-!*))$+.!.5$!+&74*,,$(!@&,:.:4:*'+6!@$&@,$!(&'T.!,&&>!
:'.&!.5$!4):<$2!C5$%!+*%!.5$!@&,:4$!5*A$!*))$+.0@!&'$!&?!&-)!&='2!S$!
*))$+.$(! +&<$! 4&-'4:,,&)+! :'! a-)$.! *'(! .5$! 4&-'4:,! =*+! +&! )&=(%2!
C5$%!+.&)<$(!.5$!=5&,$!a-)$.!F&,:4$!U.*.:&'!+&!<-45!+&!.5*.!=$!=$)$!
4&<@$,,$(!.&!)$,$*+$!.5&+$!4&-'4:,,&)+2/PW!
!
#>!3C0!)?664DD4?>[D!540H!3C0!F71W!?G!8?E2D3!7134?>!E9!3C0!7@64>4D38734?>!?GG4108D!
7>@! 3C0! B?F410! 3?! B80O06B3! 3C0! B?DD4E4F439! ?G! B?D3O0F0134?>! 54?F0>10! 17>! E0! B23!
@?H>!3?!D05087F!G713?8DM!1?6BF710>19!7G308!B0710G2F!B?FF4>A!A450>!B7D3!C4D3?89!?G!
B80O! 873C08! 3C7>! B?D3O0F0134?>! 54?F0>10c! G734A20! E0172D0! D?! 67>9! ?GG4147FD! G8?6!
E?3C!3C0!B8?54>147F!7@64>4D38734?>!C7@!E00>!2B!G?8!@79D!043C08!67>>4>A!B?FFD!?8!
1?2>34>A! 5?30Dc! F71W! ?G! 1?662>41734?>! G8?6! 3C0! +$#$! 3?! 3C0! G40F@c! 7>!
2>H4FF4>A>0DD!3?!713!?>!3C0!?G!4>30FF4A0>10!8010450@P!7@64330@F9!E0F730@F9P!E9!3C0!
J$#)! ?>! Qe3C! J0106E08c! 7>@! 7! `BF79! 43! D7G0a! 733432@0! ?>! 3C0! B783! ?G! @4D38413!
?GG4147FD! HC?! @4@! >?3! H7>3! 3?! 8?1W! 3C0! E?73P! B783412F78F9! A450>! 3C0! 30>@0>19! ?G!
B?H08G2F! B?F434147>D! 3?! 17FF! 3C0! DC?3D! 73! 3C0! F?17F! F050F! 7>@! 0/713! 80384E234?>P!
B8?EF06D!30>@0>140D!80B?830@!078F408!4>!3C0!(W4H264!*0B?83L!!
!
!
!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%'
!I!?1!V6LL0>!RM[e!T346H05!7H6A!MC!)*"!!G40!M3HH!::!3A!;6:!!A?32H05!1461!!A!?6=1!140!M38A=!LL32:!;020!
J2310:1!A9!140!:4331!A9!3?!1;3!=!#!L!6A:!K>!140!J3L!=0!;40A!140>!;020!6220:105"!

(' !

!
=8E!4D1!65@G1?21!CG8??1A!@9!EC@?48?1@3EN!
!
%C0!X20D34?>!HC03C08!54?F0>10!4>!+?83C!*4G3!H7D!BF7>>0@!?8!DB?>37>0?2D!C7D!7D!
67>9!7>DH08D!7D!3C080!780!80DB?>@0>3D!@0B0>@4>A!?>!3C0!80DB?>@0>3[D!03C>41!?8!
B?F43417F! 4>1F4>734?>DL! %C080! H7D! 7FD?! 3C0! 540H! ?G! 3C0! B8?54>147F! 7@64>4D38734?>P!
3C73! 3C0! B?D3! 0F0134?>! 54?F0>10! 4>! U7D4>! I4DC2P! 4>@00@! 4>! 3C0! +?83C! *4G3! 4>!
A0>087FP! H7D! DB?>37>0?2DP! H7D! >?3! BF7>>0@L! %C2D! 3C0! )?664DD4?>! C078@!
30D346?>9!4>!G75?28!?G!E?3C!3C0!540H!3C73!3C0!54?F0>10!H7D!BF7>>0@!7>@!?8A7>4V0@!!
7D!H0FF!7D!3C0!540H!3C73!43!H7D!DB?>37>0?2DL!
!
%C?D0! HC?! C?F@! 3C0! 540H! 3C73! 3C0! 54?F0>10! H7D! BF7>>0@! E0F4050! 3C73! 43! H7D! 7!
1?>34>A0>19! BF7>! ?>! 3C0! B783! ?G! &J-! B?F434147>D! 7>@! D2BB?8308D! DC?2F@! 3C0!
0F0134?>!80D2F3D!A?!4>!G75?28!?G!3C0!:+UL!!
!
%C?D0! C?F@4>A! 3C0! 540H! 3C73! 3C0! 54?F0>10! H7D! BF7>>0@! 7>@! ?8A7>4V0@! 1430! G?28!
G713?8D!4>!D2BB?83!?G!3C048!540HM!]4^!30D346?>9!3C73!4>G?86734?>!C7@!DB807@!H43C4>!
1?662>4340D! B84?8! 3?! 3C0! 54?F0>10! 3C73! 3C0! Y7F0>\4>! H?2F@! 73306B3! 73371WDc! ]44^!
3C0! 30D346?>9! ?G! H43>0DD0D! HC?! D79! 3C09! 7330>@0@! 60034>AD! ?8! W>0H! ?G!
4>@454@27FD! HC?! H080! ?8A7>4V4>A! 54?F0>10! E?3C! E0G?80! 7>@! 7G308! 3C0!
7>>?2>1060>3!?G!3C0!B80D4@0>347F!80D2F3Dc!]444^!4>G?86734?>!G8?6!+$#$!4>30FF4A0>10!
80B?83D! HC41C! C750! >760@! W09! 4>@454@27FD! 7>@! B?F434147>D! 7D! C754>A! E00>!
4>5?F50@c! 7>@! ]45^! 148126D37>347F! 054@0>10! B?4>34>A! 4>! 3C0! D760! @480134?>L! ! <0!
DC7FF!>?H!0/764>0!3C0D0!G?28!D?2810D!4>!F4AC3!?G!054@0>10!H0!8010450@L!!
!
#A68?21!=89?5?B!@H!<5@G1?21!)@?61:1A!4@!)@773?5451E!
!
%C0!)?664DD4?>!C078@!>2608?2D!30D346?>40D!4>@41734>A!3C73!7@57>10!H78>4>AD!
H080! A450>! 3?! B0?BF0! 4>! 7>3414B734?>! ?G! 3C0! 54?F0>10L! ! #>! 6?D3! 17D0DP! 7@57>10!
H78>4>AD! 780! D74@! 3?! C750! E00>! A450>! 3?! 606E08D! ?G! 3C0! Y4W292! 1?662>439! E9!
3C048! Y7F0>\4>! G840>@DP! 30>7>3DP! E2D4>0DD! B783>08DP! ?8! 80F73450D! 4>! 4>308O03C>41!
678847A0DL!#>!?3C08!17D0DP!Y7F0>\4>!0F@08D!?8!1C281C!F07@08D!HC?!@4D7BB8?50@!?G!
BF7>D!3?!73371W! Y4W292!780!D74@! 3?! C750! D0>3!7@57>10!H78>4>AD!3?! 3C048!Y4W292!

(( !

!
>04ACE?8DP! 1?>A80A734?>! 1?FF07A20D! 7>@! G840>@DL! $373060>3D! 1?FF0130@! E9! 3C0!
)?664DD4?>! 4>50D34A73?8D! 780! 4FF2D3873450! ?G! D?60! ?G! 3C0! H78>4>AD! C750! E00>!
A450>!3?!4>@454@27FD!4>!7@57>10!?G!gR3C!!J0106E08P!4>1F2@4>A!3C0!G?FF?H4>AM!
7"3! =:+5!.&!+.*.$!.5*.!*?.$)!.5$!B$'$)*,!$,$4.:&'6!3!)$4$:A$(!:'?&)<*.:&'!
?)&<!8*,$'9:'!?):$'(+!.5*.!.5$)$!=$)$!+&<$!8*,$'9:'!@$&@,$!=5&!=$)$!
5&,(:'B! *! <$$.:'B! *'(! @)$@*):'B! .&! #-)'! <%! #-+:'$++2! _'! N0!
Q$4$<#$)! N11X6! 3! =*+! =*)'$(! .&! #$! 4*)$?-,! #%! <%! .$'*'.+2! I'&.5$)!
?):$'(!&?!<:'$!4*,,$(!<$!&'!.5$!@5&'$!*'(!5$!:'?&)<$(!<$!.5*.!.5$)$!
=$)$! +&<$! @$&@,$! =5&! 5*(! #$$'! +$'.! =:.5! @$.)&,! .&! 4&<$! *'(! #-)'!
.5$!#-:,(:'B!(&='2/!]K2D4>0DD67>!G8?6!%76E71C!%87@4>A!)0>308!4>!
Y049?!+?83C!4>308540H0@!E9!)#:.;!4>50D34A73?8D^L!
!
`_'! Q$4$<#$)! N0.56! 3! )$4$:A$(! *! .$,$@5&'$! 4*,,! ?)&<! .5$! =:?$! &?! .5$!
F*+.&)! *.! .5$! I3f! f5-)45! *'(! +5$! .&,(! <$! .5*.! %&-'B! 8*,$'9:'! =$)$!
@,*'':'B! .&! *..*4>! .5$! 8*<-%-! ?*)<2! _'! Q$4$<#$)! P16! N11b!
:<<$(:*.$,%! *?.$)! .5$! *''&-'4$<$'.! &?! .5$! $,$4.:&'! )$+-,.6! 5&<$+!
#$B*'! #-)':'B! *)&-'(! 8*<-%-2! C5$! %&-'B! 8*,$'9:'! <$'! +.*).$(!
*..*4>:'B!*'(!+5&-.:'B!.5*.!'&'78*,$'9:'!5*(!.&!B&2!3.!*,,!5*@@$'$(!*.!
.5$!+*<$!.:<$!:'!*,,!.5$!*)$*+!:'!8*<-%-aL!]:7D3?8!G8?6!K28>3!'?80D3!
4>308540H0@!E9!)#:.;!4>50D34A73?8D^L!
!
`I! ?$=! (*%+! Z#$?&)$K! .5$! $,$4.:&'! 8IUU! G;! *''&-'4$(! .5*.! .5$)$!
=&-,(! #$! ):BB:'B! *'(! :'! +&<$! &?! .5$:)! &@$'! ?&)-<+! .5$%! $'4&-)*B$(!
@$&@,$! .&! -+$! .5$! )*(:&! .&! :'4:.$! @$&@,$! =5&! B*A$! .5$:)! A:$=+2! ;&+.!
@$&@,$!-+$(!.5$!)*(:&!.&!+*%!.5*.!=5$.5$)!FVg!&)!_Q;!d=&'e6!8:>-%-!
=&-,(! #$! $h@$,,$(! ?)&<! J:?.! O*,,$%2! U&! .5$)$! =*+! A$)%! 5:B5! .$'+:&'La!
]+(*)! 713454D3! G8?6! Y7BD0803! "?1734?>P! U7D4>! I4DC2! J4D38413P!
4>308540H0@!E9!)#:.;!4>50D34A73?8D^L!
!
'283C086?80P! 7! 80D4@0>3! ?G! .F@?803! 3?H>! HC?! 30D34G40@! 4>! 176087! 3?! 3C0!
)?664DD4?>! 4>! +748?E4! >?30@! 3C73! `nGo8?6! QS! J0106E08! 7FF! 69! G840>@D! G8?6! 3C0!
F?17F!1?662>439!@4D7BB0780@!G8?6!3?H>!H43C!3C048!G764F40DP!D?603C4>A!3C73!C7D!

(, !

!
>0508! C7BB0>0@L! &>! 3C0! 050! ?G! n3C0o! 7>>?2>1060>3! ?G! :80D4@0>347F! .F0134?>!
*0D2F3DP!3C0!W4FF4>AD!C7@!7F807@9!E0A2>!4>!D21C!?23F94>A!7807D!D21C!7D!-?4E0>aL!
!
,?254171?4!4@!8?A!4D1!'9B8?5W845@?!@H!<5@G1?21!
%C0! )?664DD4?>! C078@! G8?6! 7! >26E08! ?G! H43>0DD0D! HC?! 1F7460@! 3?! C750! G48D3!
C7>@! 4>G?86734?>! 1?>108>4>A! 3C0! 4>143060>3! 3?! 7>@! 3C0! ?8A7>4V734?>! ?G! 3C0!
54?F0>10!4>!+?83C!*4G3L!$?60!?G!3C0!H43>0DD0D!H080!Y7F0>\4>!7>@!C7@!B783414B730@!
4>! 60034>AD! 3C09! 1F7460@! H080! 17FF0@! H43C! 3C0! 540H! 3?! ?8A7>4V0! 3C0! 54?F0>10L!
&3C08D! H080! 4>D4@08D! H43C! 4>G?86734?>! ?>! BF7>>4>A! ?G! 3C0! 73371WDL! -7>9! H080!
Y7F0>\4>D! HC?! D74@! 3C09! H080! 3C80730>0@! 3C06D0F50D! ?8! 050>! 73371W0@! G?8! >?3!
\?4>4>A!?8!?BB?D4>A!3C0!73371WD!?>!Y4W292L!,03!?3C08D!H080!Y7F0>\4>D!H?8W4>A!7D!
176B74A>!?8A7>4V08D!G?8!:+U!7>@!3C2D!B0810450@!7D!38743?8D!3?!3C0!172D0!?G!3C0!
Y7F0>\4>! 1?662>439L! %C0! )?664DD4?>! 7FD?! C078@! G8?6! H43>0DD0D! 4>G0884>A!
054@0>10! ?G! BF7>>4>A! ?8! ?8A7>4V734?>! G8?6! 3C048! ?H>! ?ED085734?>! ?8! B08D?>7F!
0/B0840>10!?G!3C0!B?D3O0F0134?>!54?F0>10L!
!
(! 80D4@0>3! ?G! .F@?803! 3?H>gj! 674>374>0@! 3C73! 3C0! 73371WD! ?>! 80D4@0>3D! ?G! 3C0!
?23F94>A! 80D4@0>347F! 7807D! ?G! .F@?803! D21C! 7D! #F2F7P! )C0BW?4F0FP! -2>97W7P!
Y476E77P! Y76E4! 97! -26E4P! 7>@! %28E?! H080! B783! ?G! `7! 1??8@4>730@! 73371W/2! #>!
@0G0>D0!?G!3C4D!540H!C0!>?30D!3C73!3C0!8?7@!EF?1WD!H080!080130@!E9!9?2>A!B0?BF0!
2>@08! 3C0! 1?667>@! ?G! D?60! D0>4?8! 7>@! ?F@08! B0?BF0L! =0! D74@! 3C73! 8?7@! EF?1WD!
H080! 080130@! H43C4>! G450! 64>230D! ?G! 3C0! 7>>?2>1060>3! ?G! 3C0! B80D4@0>347F!
0F0134?>! 80D2F3DP! 67W4>A! 43! 46B?DD4EF0! G?8! C4D! G764F9! 7>@! ?3C08D! 3?! GF00! 3?! D7G08!
BF710D! F4W0! B?F410! D3734?>D! 7>@! 3C0! )73C?F41! )C281CL! &>! 3C0! E7D4D! ?G! C4D! ?H>!
?ED085734?>DP! C0! G0F3! 3C080! C7@! 3?! E0! `F?3D! ?G! D084?2D! 1??8@4>734?>! 7>@! F?A4D341D!
B23!4>!BF710!G?8!3C0!H7884?8D!3?!7BB8?71C!.F@?803!3?H>!G8?6!7FF!@480134?>D!73!3C0!
D760! 3460aP! >?34>A! 3C73! 4>! C4D! 7807! C0! ?ED0850@! ?508! bPRRR! 4>! ?>0! A?! 7>@! 3C73!
3C09! D60780@! 3C06D0F50D! H43C! 3C0! EF??@! ?G! 3C0! 541346D! 3C09! C7@! W4FF0@L! =0! D74@!
3C73! G840>@D! HC?! H080! 2>@08! 73371W! 7>@! 17FF0@! C46! G8?6! ?3C08! 7807D! ?ED0850@!
F78A0! E7>@D! ?G! E03H00>! bPRRRO! SPRRR! 9?23CD! 7BB8?71C4>A! G8?6! K28>3! '?80D3P!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%(
!MC!$%*"!

() !

!
Y7B3787WH7P!Y0DD0DP!+7>@4!=4FFDP!Y7BD7E03!7>@!%28E?P!H?>@084>A!3?!C46D0FG!C?H!
3C09!1?2F@!C750!"38750FF0@!p!C2>@80@D!?G!64F0D!4>!G450!64>230D/2!=0!7FD?!3C?2AC3!
3C73! 3C0! 67\?8439! ?G! 3C?D0! 4>5?F50@! H080! G8?6! 3C0! `Y46>90>A04! 7A0! A8?2Ba! HC?!
C7@!E00>!B783!?G!7!67DD450!?73C4>A!10806?>9!4>!(2A2D3!QRRS!HC41C!3??W!BF710!
D01803F9! 4>! Y4BW2F04! G?80D3L! %C4D! C?H0508! C7@! E00>! @4DB230@! 078F408! E9!
80B80D0>373450D!?G!3C0!Y7F0>\4>!)?662>439P!4>1F2@4>A!7>!.-&!?GG4147FP!K4FF!*23?P!
7>@!7!Y7F0>\4>!0F@08P!_?C>!Y4BF7A73!(87B!Y?01CP!E?3C!?G!HC?6!4>D4D30@!3C4D!H7D!
>?3C4>A!6?80!3C7>!7!>?867F!14812614D4?>!10806?>9L!%C4D!540H!H7D!@4DB230@!E9!
3C0!H43>0DD!HC?!1F7460@!3?!C750!E00>!3?F@!E9!D?60!?G!C4D!G840>@D!HC?!80G2D0@!3?!
37W0! 3C0! ?73C! 3C73! 43D! B28B?D0! H7D! 3?! "1?>@213! 7! 1F07>2B! ?B08734?>/! 3?! "05413!
G?804A>!1?662>4340D!H43C4>!3C048!7807D/2!!
!
(>?3C08! H43>0DDP! 7! Y7F0>\4>! 80D4@0>3! ?G! +7>@4! +?83C! 7>@! A87DD8??3D! 1?662>439!
713454D3PgS! 30D34G40@! E0G?80! 3C0! )?664DD4?>! 7>@! D74@! 3C73! 3C0! 54?F0>10! H7D! >?3!
DB?>37>0?2DP! 7! 540H! HC41C! 1?>387D30@! H43C! 3C0! 540HD! ?G! 6?D3! A?508>60>3!
?GG4147FD! 4>308540H0@! E9! 3C0! )?664DD4?>L! =0! G0F3! 3C0! 54?F0>10! H7D! E?3C! H0FF!
1??8@4>730@! 7>@! 3C0! 7134?>D! H0FF! ?8A7>4V0@L! =0! D2E64330@! 54@0?D! ?G!7! 176B74A>!
87FF9!?>!b!J0106E08!QRRS!3?!3C0!)?664DD4?>!3?!4FF2D38730!HC73!C0!@0D184E0@!7D!7!
`D9D3067341! 7>@! @0F4E08730! 0GG?83! E9! E?3C! 3C0! B?F434147>D! 7>@! 3C0! 60@47! 3?! HC4B!
06?34?>D! E?3C! E0G?80! 3C0! 0F0134?>! 7>@! 7G308nH78@DoaP! 7FD?! 1434>A! Y($$! '-! 7D! 7!
B08B03873?8L! =0! 7FD?! 674>374>0@! 3C73! 3C0! 4>143060>3! E9! B?F434147>D! 7A74>D3! 3C0!
Y4W292!0/BF74>0@!3C0! 4>30>D439!?G!3C0! B?D3O0F0134?>!54?F0>10L!=0! 78A20@!3C73!3C0!
B?F434147>D!C7@!B80B780@!3C0!67DD0D!3?!8037F4730!4G!0F0134?>D!@4@!>?3!A?!3C048!H79P!
60>34?>4>A!E9!>760!3H?!D4334>A!-:DP!G?8608!7>@!D4334>A!1?2>14FF?8D!7>@!B?F43417F!
713454D3DL!=0!7FD?!>?30@!3C73!7D!7!80D2F3!?G!3C0D0!4>@454@27FD[!E0C754?8P!43!H7D!`>?3!
D28B84D4>Ap! 3C73! 3C0! 0/BF?D4?>D! 4>! 3C0! *4G3! ;7FF09! 7>@! B783412F78! H43C4>! 3C0!
Y7F0>\4>! )?662>439! C7BB0>0@! 7F6?D3! 1?>12880>3F9! 7>@! 4>! 3C0! D760! 67>>08[L!
=0! 1F7460@! 3C73! `n3oC0D0! 713454340D! H080! 1??8@4>730@! 2D4>A! 10FF! BC?>0DP! 673732!
@84508D! 7>@! 3?23Da! 7>@! 3C73! n9o?23CD! HC?! 780! 1?>D4@080@! 3?! E0! 4@F0! H080! 7FD?!
F78A0F9!2D0@La!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%,
!MC!)%!
(- !

!
!
(>?3C08!H43>0DDP!7!Y7F0>\4>!80D4@0>3!?G!$?9!J454D4?>!4>!.F@?803!+?83C!J454D4?>!4>!
U7D4>! I4DC2gf! 3?F@! 3C0! )?664DD4?>! 3C73! 050>! B84?8! 3?! 3C0! 0F0134?>! 3C080! H7D! 7!
1?>10830@!176B74A>!3?!05413!3C0!Y4W292!G8?6!3C0!*4G3!;7FF09!D37834>A!7D!078F9!7D!
dD3!J0106E08!QRRSL!=0!60>34?>0@!7!60034>A!C0F@!?>!dD3!J0106E08!4>!.F@?803!F0@!
E9!7!F7H908P!HC41C!D38730A4V0@!?>!C?H!3?!@07F!H43C!3C0!Y4W292c!7!60034>A!C0F@!E9!
7!B8?64>0>3!B?F434147>!HC?D0!>760!C0!60>34?>0@!?>!g8@!(2A2D3!QRRS!@0D184E4>A!
7>9?>0!HC?!5?30@!G?8!:+U!7D!67@c!7>@!3C0!@0D382134?>!?G!04AC3!C?2D0D!E0F?>A4>A!
3?! :+U! D2BB?8308D! HC41C! H080! E28>3! 7G308! C0! C7@! 54D430@! 3C0! 7807! ?>! dS3C!
J0106E08!QRRSL!=0!7FD?!1F7460@!3C73!?>!Qg8@!J0106E08!7!60034>A!E03H00>!D?60!
73CF030D! 7>@! 7! B8?64>0>3! B?F434147>P! HC?D0! >760! C0! 60>34?>0@! H7D! C0F@! `3?!
B80B780! 3C0! 9?23C! G?8! H78a! ?>10! 3C09! W>0H! :80D4@0>3! Y4E7W4! H7D! H4>>4>AL! =0!
D74@! 3C73! 7G308! 3C4D! 60034>A! 7>! 0F@08! 4>G?860@! 3C06! C0! H7D! A?4>A! 3?! A03! A2>D!
G8?6!7!G840>@!4>!-3L!.FA?>!7>@!3C73!7!803480@!B?F41067>!H?2F@!7DD4D3!H43C!2D4>A!
3C0!A2>D!7>@!3C73!D?60E?@9!G8?6!-787WH03!@4D38413!H7D!D0>3!3?!B281C7D0!E?HD!
7>@! 788?HD! G8?6! 3C080L! =0! 7FD?! 7FF0A0@! 3C73! ?>! Qf3C! J0106E08! QRRS! 7G308! 3C0!
0F0134?>!7>!0F@08!HC?!H7D!7!B?4>3!67>!G?8!7!B8?64>0>3!B?F434147>!`pH0>3!78?2>@!
.F@?803!+?83C!H43C!D?60!73CF030D!7>@!?3C08!B8?64>0>3!B0?BF0!17FF4>A!?>!9?23CD!
30FF4>A! 3C06! 3?! E0! 807@9! G?8! H78P! B8?64D4>A! 3C06! D2BB?83! G8?6! 3C0! -L:pa! %C0!
H43>0DD! 7FD?! 30D34G40@! 3C73! ?>! QS3C! _7>2789! QRRfP! 3C0! -:! C0F@! 1F?D0@! @??8!
60034>AD!73!C4D!C?2D0P!B8?64D4>A!3?!A?!?>!H43C!3C0!54?F0>10P!7G308!HC41C!3C0!8?7@!
3?!.F@?803!3?H>!H7D!EF?1W0@!7>@!3C0!54?F0>10!H0>3!?>L!=0!D74@!C0!H7D!H4FF4>A!3?!
60>34?>! 3C0! >760D! ?G! B08D?>D! C0! H7D! 80G0884>A! 3?! 7>@! 4>G?86734?>! 1?>108>4>A!
3C0!50C41F0D!3C73!H080!2D0@!3?!387>DB?83!3C0!9?23CL!
!
'283C086?80P!4>!7!D373060>3!37W0>!E9!)?664DD4?>!4>50D34A73?8DP!7!E2D4>0DD67>!
73! 3C0! %76E71C! %87@4>A! )0>308! 4>! Y049?! +?83C! 7FF0A0@! 3C73! 3H?! 4>@454@27FDP!
HC?6! C0! >760@P! G2>@0@! 3C0! 54?F0>10! 4>! 3C4D! 7807L! (>?3C08! H43>0DD! 4>308540H0@!
E9!)#:.;[D!4>50D34A73?8D!1F7460@!3C73!`64F4347D!H080!G08840@!4>!F?8840D!?H>0@!E9!7!
F?17F! B?F434147>! B8?64>0>3P! 3C0! 73371WD! ?>! 3C0! Y476E77! 1C281C! H7D! 172D0@! E9!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%)
!MC!$+)!
,* !

!
D?60! 1?2>14FF?8D! HC?! DB807@! B8?B7A7>@7! 3C73! 3C0! 1C281C! C0F@! -2>A4W4!
7@C080>3D! G8?6! )0>387F! :8?54>10! HC?! H080! 807@9! 3?! 73371W! 3C0! F?17F! +7>@4!
1?662>439L!!
!
,?H@97845@?!)@?485?1A!5?!*+,+!,?41GG5B1?21!-1C@94E!
(>!+$#$!?GG4147F!A750!7!D373060>3!3?!3C0!)?664DD4?>!7>@!7FD?!D2E64330@!D05087F!
+$#$! `$0128439! K840GDa! HC41C! 7FD?! C7@! E00>! 8010450@! E9! 3C0! J$#)! 73! 3C0! 3460Lge!
(D!078F9!7D!gR!&13?E08!QRRSP!3C080!H7D!7!E840G!3?!3C0!0GG013!3C73!7!H00W!078F408!7!
G?8608! -06E08! G?8! :78F4760>3! G?8! .F@?803! $?23CP! HC?D0! 1?>D34320>3D! H080!
3C80730>4>A!3?!2>D073!C46P!3?280@!3C0!Y0DD0D!7807!7>@!3?F@!3C06!3C09!DC?2F@!A03!
84@!?G!`67@?7@?7aL!#3!H7D!3C0!7DD0DD60>3!?G!3C0!+$#$!3C73!3C0!G?8608!-:!F4W0F9!3?!
2D0!3C0!%7F4E7>!3C2AD!3?!4>3464@730!C4D!?BB?>0>3D!@284>A!3C0!176B74A>L!'283C08P!
?>!Qe!J0106E08!QRRSP!3C0!+$#$!4@0>34G40@!3C0!7807D!F4W0F9!3?!E0!7GG0130@!E9!B?D3O
0F0134?>!54?F0>10!4>!U7D4>!I4DC2!J4D38413!4G!Y4E7W4!H7D!@01F780@!3C0!H4>>08L!
!
&>! Q>@! _7>2789! QRRf! 3C0! +$#$! D74@! 3C73! 3C0!54?F0>10! 3C80730>0@! 3?! @0A0>08730!
4>3?!7>781C9L!'8?6!3C0>!3C8?2AC!'0E82789!3C09!C7@!4>30FF4A0>10!1?>108>4>A!3C0!
B80D0>10!?G!A7>AD!?G!Y7F0>\4>!7>@!+7>@4!9?23C! BF7>>4>A!3?!73371W! Y4W292D!7>@!
Y4D44D! D00W4>A! 80G2A0! 4>! U7D4>! I4DC2! J4D38413! 7>@! ?G! 9?23C! BF7>>4>A! 3?! E28>!
C?2D0D!4>!.F@?803!3?H>!E0F?>A4>A!3?!0/!-:D!7>@!?3C08DL!%C09!7FD?!>?30@!078F9!4>!
_7>2789! 3C73! D?60! &J-! D2BB?8308D! 4>30>@0@! 3?! 874@! 3C0! +A7>?! G713?89! 4>!
.F@?803! 3?! D307F! 62>434?>D! 7>@! H080! BF7>>4>A! 3?! D00W! 3C0! 7DD4D37>10! ?G! 64F43789!
B08D?>>0F! A278@4>A! 3C0! G713?89! HC?! H080! D96B73C0341! 3?! &J-L! "7308! ?>! h!
_7>2789!3C09!4@0>34G40@!7>!06BF?900!?G!3C0!E2FF03!G713?89!4>!.F@?803!7D!3C0!F07@08!
?G!9?23C!A8?2BD!4>5?F50@!4>!3C0!54?F0>10!3C080P!G283C08!1F7464>A!3C73!3C09!DC780@!
7!B7DDH?8@!3?!E0!2D0@!3?!6?E4F4V0!3C06!G?8!73371WL!&>!f!_7>2789!QRRfP!3C0!+$#$!
D432734?>!80B?83!4@0>34G40@!7>!06BF?900!?G!3C0!.F@?803!K2FF03!'713?89!7D!7!3874>08!
?G!3C0!9?23C!4>!3C0!C7>@F4>A!?G!G480786DP!2D0!?G!A80>7@0DP!7>@!3C0!@0D382134?>!?G!
E24F@4>ADP!>764>A!D?60!?G!3C0!3874>4>A!D430D!7D!E04>A!4>!3C0!$4A?H03!'?80D3!7>@!
Y084?! ;7FF09L! %C0! *0B?83! 7FD?! D74@! 3C73! &J-! F07@08D! 7FF0A0@F9! A750! 6?>09! 3?!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%-
!MC!((B!!A!=6H026"!

,$ !

!
Y7F0>\4>!9?23C!4>!.F@?803!?>!Q>@!_7>2789!QRRf!3?!73371W!Y4W292!73!3C0!Y4BW780>!
7807!4>!.F@?803!3?H>L!!
!
#>! 7! 80B?83! ?G! f3C! _7>2789! QRRfP! 3C0! +#$#$! D74@! 3C73! `D?60! D0>4?8! Y7F0>\4>!
B08D?>7F4340D! H080! 80B?830@! 3?! E0! G2>@4>A! &J-! 713454D3D! 3?! ?8A7>4V0! 9?23C! G?8!
54?F0>10aL!%C0!+$#$!D79!G283C08!3C73!?>!dd3C!_7>2789P!3C09!8010450@!4>G?86734?>!
3C73! B8?64>0>3! 2>>760@! E2D4>0DD60>! 7>@! B8?G0DD4?>7FD! H080! G4>7>14>A! 3C0!
71X24D434?>! ?G! G480786D! 7>@! 3C73! Y7F0>\4>! 9?23C! G8?6! D?60! @454D4?>D! 4>! +7>@4!
+?83C!J4D38413!7>@!3C73!3C09!C7@!7F807@9!C7@!71X2480@!D?60!G8?6!-3L!.FA?>!7>@!
-787WH03! J4D38413D! HC41C! 3C09! BF7>>0@! 3?! 2D0! 3?! 05413! Y4W292! G8?6! 3C0! *4G3!
;7FF09L! +$#$! $432734?>! *0B?83D! ?G! Qb! _7>2789! 674>374>! 3C73! `Y7F0>\4>! H7884?8Da!
H080!80B?830@F9!E04>A!3874>0@!?>!C?H!3?!C7>@F0!G480786D!H43C4>!3C0!$0A?43!7807!4>!
-?4E0>!J454D4?>D!?G!U7D4>!I4DC2!J4D38413L!%C0!H7884?8D!H080!7FF0A0@F9!A?4>A!3?!E0!
2D0@! 3?! B8050>3! 4>308>7FF9! @4DBF710@! 4>@454@27FD! G8?6! 80328>4>A! 3?! 3C048! G786D!
7>@! 3?! 874D0! G2>@D! 3?! B281C7D0! F7>@! 73! `3C8?H7H79! B8410DLa! %C0! +$#$! 80B?83D!
3C8?2AC?23!_7>2789!7FD?!H78>0@!?G!Y7F0>\4>!9?23C!G8?6!$467!J454D4?>!4>!+7>@4!
+?83C!80A8?2B4>A!3?!73371W!#J:D!4>!.F@?803P!4>!K28>3!'?80D3P!7>@!0FD0HC080L!!
!
#>! 7@@434?>! 3?! 3C0! 7E?50P! 3C0! +$#$[D! 80B?83! ?G! f! '0E82789! QRRfP! 1?>374>0@! 4>!
0/C4E43! >?L! de(! 3?! 3C0! )?664DD4?>! D3730@! 3C73! 108374>! 2>>760@! Y7F0>\4>!
384E0D60>! H080! 17234?>4>A! 606E08D! ?G! 3C0! 1?662>439! 7A74>D3! @4D1F?D4>A! ?8!
5?F2>30084>A! 4>G?86734?>! ?>! 3C0! B?D3! 0F0134?>! B?F43417F! 54?F0>10! 3?! 7>9! A8?2B!
4>50D34A734>A!3C0!1F7DC0DLhR!
!
#3! 17>! E0! 78A20@! 3C73! 3C0D0! +$#$! 80B?83D! B?4>3! 3?! 3C0! B?DD4E4F439! 3C73! 3C0! B?D3!
0F0134?>! 54?F0>10! H7D! 1?>10830@! 7>@! 7! B8?@213! ?G! ?8A7>4V734?>! 7>@! BF7>>4>AP!
7F3C?2AC! 3C4D! @?0D! >?3! B801F2@0! 3C0! B?DD4E4F439! 3C73! D?60! ?G! 3C0! 54?F0>10! H7D!
DB?>37>0?2D!7D!H0FFL!!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&*
!G40!M3HH!::!3A!L!:10A05!13!20=32505!16J0:!3?!@6::!cT!J23926H:!6A5!;6:!6KL0!13!=3A?!2H!1461!:8=4!H0::690:!;020!
!A5005!K2365=6:1!3A!@6::!cT!3A!$)!c0K2862>!+**)"!

,+ !

!
)59237E48?458G!&65A1?21!
-?D3!80B?83D!G8?6!H43>0DD0D!7>@!?3C08D!@0D184E0!F78A0!A8?2BD!?G!Y7F0>\4>!9?23C!
EF?1W4>A!8?7@D!H43C!G0FF0@!3800DP!F78A0!E?2F@08DP!38713?8DP!7>@!3C0!2D0!?G!B038?F!3?!
E28>! @H0FF4>AD! 7>@! G786D! 4>! >2608?2D! >?>O1?>34A2?2D! 7807DL! '?8! 3C4D! 3?! C750!
?112880@P!3C0!4>57@08D!>00@0@!3?!C750!123! @?H>! 3800DP!6?50@!C0759!8?1WDP!7>@!
?E374>0@! B038?FP! 7FF! G713?8D! HC41C! 17>! E0! 78A20@! 3?! B?4>3! 3?! D?60! F050F! ?G!
?8A7>4V734?>!7>@!BF7>>4>AL!%C0!0/30>3!?G!3C4D!@0B0>@D!4>!B783!?>!3C0!76?2>3!?G!
B038?F! 2D0@P! HC080! 7>@! C?H! 43! H7D! ?E374>0@P! HC03C08! ?8! >?3! 1C74>D7HD! H080!
>010DD789!3?!G0FF!3800DP!7>@!HC73!D?83!?G!0X24B60>3!H7D!2D0@!3?!6?50!E?2F@08D!3?!
180730!E788417@0D!4>!5784?2D!B783D!?G!3C0!+?83C!*4G3L!
#>!D?60!?3C08!17D0DP!80B?83D!@0D184E0!HC73!7BB078!3?!C750!E00>!D462F37>0?2DF9!
1??8@4>730@! 73371WD! G8?6! @4GG080>3! B?4>3D! 7>@! 3C0! >00@! G?8! 387>DB?83! 3?! C750!
E8?2AC3! 73371W08D! G8?6! 64F0D! 7H79! 3?! A73C084>A! B?4>3DL! (F3C?2AC! 3C0! Y7F0>\4>!
9?23C! 0>A7A4>A! 4>! 3C0D0! 713D! C7@! 7! A??@! @07F! ?G! C4D3?89! 3?! @87H! ?>! A450>! 3C0!
54?F0>10!?G!3C0!deeRDP!3C0!711?2>3D!?G!3C0!54?F0>10!@?!>?3!D2AA0D3!7!E807W@?H>!
?G!F7H!7>@!?8@08!784D4>A!D?F0F9!G8?6!DB?>37>0?2D!84?34>AL!!
!
=8E!4D1!65@G1?21!EC@?48?1@3EN!
(! >26E08! ?G! A?508>60>3! ?GG4147FD! 30D34G94>A! 3?! 3C0! )?664DD4?>! @0D184E0@! 3C0!
54?F0>10! 7D! DB?>37>0?2DL! (! D0>4?8! B8?54>147F! A?508>60>3! D0128439! ?GG4108! HC?!
30D34G40@!4>!176087P!3?F@!3C0!)?664DD4?>!3C73!`n3oC4D!H7D!>?3!?8A7>4V0@!18460pn4o3!
H7D! 7! DB?>37>0?2D! 807134?>/2! #>! 80DB?>D0! 3?! D2AA0D34?>D! 3C73! ?GG4147FD! H080!
80F2137>3!3?!4>50D34A730!"3C0!E4A!A29D/!3C0!D760!?GG4108!D74@!3C09!C7@!G?FF?H0@!2BP!
E23!G?2>@!3C080!H7D!>?!1?>18030!054@0>10L!=0!>05083C0F0DD!7@@0@!3C73!`8010>3F9!
H0!A?3!4>G?86734?>!p7>@!69!?GG4108D!?B0>0@!2B!4>50D34A734?>Da!4>3?!3C800!67\?8!
B?F43417F! G4A280D! HC?6! H43>0DD0D! >760@! 7D! C754>A! E00>! 4>5?F50@! 4>! 3C0!
?8A7>4V734?>!7>@!3874>4>A!?G!9?23CLhd!
!
(>?3C08! D0>4?8! B?F410! ?GG4108P! 3C0! G?8608! *4G3! ;7FF09! ::&! .508033! <7D4W0P! 7G308!
D2AA0D34>A! 3C73! Y7F0>\4>! @?>[3! >00@! B80B78734?>P! 60>34?>0@! 3C73! G8?6! 3C0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&$
!I!?1!V6LL0>!RM[eB!MC!)*"!
,% !

!
B73308>!?G!73371WD!3C080!62D3!C750!E00>!?8A7>4V0@!D2BB?83!G?8!73371W08D!4>!G?86!
?G! 387>DB?83734?>P! B8?54D4?>! ?G! G??@P! 031L! .54@0>10! ?G! D21C! ?8A7>4V734?>! 7>@!
D2BB?83!7BB0780@!1F078!3?!C46!HC0>!C0!0/BF74>0@!3C73!`npo?G!1?28D0!3?!82>!G8?6!
?>0!J4D38413!3?!7>?3C08!E28>4>A!7>@!F??34>AP!3C080!n62D3!E0o!D2B0854D?8DPa!7>@!43!
H?2F@! E0! @4GG412F3! 3?! A?! 78?2>@! `E28>4>A! C?2D0DP! W4FF4>A! B0?BF0! H43C?23! 0734>A!
D?603C4>AP!H43C?23!3C0!D2BB?83pa!=0!7FD?!3?F@!2D!7E?23!7!60034>A!73!3C0!+748?E4!
B?F410! C07@X278308D! 4>! HC41C! B?F434147>D! 7>@! ?3C08! Y7F0>\4>! F07@08D! H080! 17FF0@!
7>@!3?F@!`H0!C750!4>G?86734?>!3C73!9?2!B0?BF0!780!4>1434>A!9?28!606E08D!7A74>D3!
?3C08!B0?BF0LahQ!%C0!H43>0DD!@4@!>?3!30FF!2D!HC03C08!3C080!H7D!7>9!80DB?>D0!G8?6!
3C0!B?F434147>DL!
!
$?60!?G!3C?D0!HC?!C?F@!3C0!540H!3C73!3C0!54?F0>10!H7D!DB?>37>0?2D!C750!D?2AC3!
3?! 0/BF74>! 43D! D17F0! ?>! 3C0! E7D4D! ?G! HC73! 17>! E0! @0D184E0@! 7D! Y7F0>\4>! 12F3287F!
@4DB?D434?>!3?H78@D!H78L!#>!30D346?>40D!B80D0>30@!3?!3C0!)?664DD4?>P!7!>26E08!
?G!Y7F0>\4>!H43>0DD0D!7>@!0/B083D!2D0@!3C0!4@07!?G!3C0!D?O17FF0@!Y7F0>\4>!12F3280!
3?!78A20!3C0!54?F0>10!1?2F@!73374>!3C0!F050F!?G!67A>432@0!43!@4@!4>!+?83C!*4G3!7>@!
D34FF! E0! DB?>37>0?2Dc! >?3! BF7>>0@! ?8! ?8A7>4V0@L! ;7847>10D! ?G! 3C0! `Y7F0>\4>!
12F3280a! 3C0?89! 7460@! 3?! 0/BF74>4>A! D?60! 12F3287F! B80@4F0134?>! ?G! Y7F0>\4>D! 3?!
0>A7A0!4>!H78G780!H080!?GG080@!E9!7!G?8608!*4G3!;7FF09!::&!HC0>P!7>DH084>A!3C0!
X20D34?>!HC03C08!54?F0>10!4>!+?83C!*4G3!H7D!DB?>37>0?2D!?8!BF7>>0@L!=0!3?F@!3C0!
)?664DD4?>!3C73!3C0!54?F0>10!H7D!B8?E7EF9!DB?>37>0?2D!E0172D0!"3C0!Y7F0>\4>D!
80X2480!\2D3!7!LLL!%C09!@?>[3!>00@!3?!BF7>L!,?2!4>\280!
!
_?C>!Y4BF7>A73!(87B!Y?01CP!7!Y7F0>\4>!G8?6!%4>@0803P!+7>@4!$?23C!J4D38413P!HC?!
4>38?@210@!C46D0FG!7D!7!`)2F3287F!:8713434?>08!7>@!"7>@!J4DB230!%84E2>7F!0F@08a!
7>@!`12880>3F9!4>5?F50@!4>!178894>A!?23!80D0781C!?>!3C0!?84A4>!7>@!12D3?6D!?G!3C0!
Y7F0>\4>aP! 7FD?! 80D?830@! 3?! 0F060>3D! ?G! 3C0! Y7F0>\4>! 12F3280! 3?! 0/BF74>! 3C0!
54?F0>10!4>!+?83C!*4G3L!=0!06BC73417FF9!D3730@!3C73!54?F0>10!H7D!DB?>37>0?2D!7>@!
D38?>AF9! 1C7FF0>A0@! 7>@! @4D64DD0@! 7D!"G7FD0! 7>@! 67F414?2Dp3C0! >?34?>! 3C73! 3C0!
54?F0>10! H7D! BF7>>0@P! G2>@0@! 7>@! ?8A7>4V0@2/! =0! 0/BF74>0@! 3C73! "A450>! 3C0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&+
!I!?1!V6LL0>!RReB!!MC!',"!!
,& !

!
>73280! ?G! 3C0! Y7F0>\4>! D03! 2B! 7>@! 12F3287F! 4>12F1734?>P! HC0>! 54?F0>10! @050F?BD!
4>3?!7! D432734?>! 7W4>! 3?! H78! 3C0>! 3C0! 0>3480! 1?662>439! 84D0D! 3?! @0G0>@! 43D0FG2/hg!
K4FF! *23?P! 7! H84308! E9! B8?G0DD4?>P! D74@M! "%C0! Y7F0>\4>D! \2D3! F4W0! 67>9! ?3C08!
B7D3?87F4D3! 1?662>4340D! 30>@! 3?! E0! 64F43784F9! ?8A7>4V0@! 7>@! 17>! 80DB?>@! 3?!
B0810450@! 3C8073D! 4>! 7>! ?8A7>4V0@! 67>>08L! %C4D! 87B4@! 7>@! ?8A7>4V0@! 807134?>! 4D!
HC73!6?D3!B0?BF0!C750!1?>G2D0@!G?8!B80OBF7>>4>A!?G!54?F0>102/!
!
K23!3C0!`Y7F0>\4>!12F3280a!3C0?89!7D!7>!0/BF7>734?>!G?8!3C0!54?F0>10!4>!+?83C!*4G3!
H7D! D38?>AF9! 1C7FF0>A0@! E9! 7! >26E08! ?G! Y7F0>\4>! F79! 606E08D! 7>@! 1?662>439!
F07@08DL! (! Y7F0>\4>! 80F4A4?2D! F07@08! @4D64DD0@! 3C0! 3C0?89! 7>@! 4>D307@! 7112D0@!
B?F43417F!F07@08D!HC?!1?60!2B!7>@!2D0!3C0!03C>41!E71WA8?2>@!7>@!3C0!2>439!3C09!
G?2>@!3?!4>D34F!54?F0>10P!7>@!D2AA0D30@!3C73!3?!0>@!3C0!191F0D!?G!54?F0>10!H0!C750!
3?!E807W! 3C732! =0! 7@@0@! 3C73!"3C0! D760! 7BBF40D!3?! 3C0! -77D74! E0172D0! 3C09!780!
7FF!3C0!+4F?341!A8?2BL!$?!43!4D!3C0!693CD!3C73!17>!E0!1C7>A0@!E23!43!4D!3C4D!2>439!
3C0!B?F434147>D!780!0/BF?434>Ap/ii!!
!
#>! C4D! 30D346?>9! 3?! 3C0! )?664DD4?>P! =?>L! <4FF476! *23?! 7FD?! @4D64DD0@! 3C0!
Y7F0>\4>!12F3280!3C0?89P!80678W4>A!`3C080!4D!>?!J+(!G?8!B0?BF0!3?!G4AC3La!#>D307@P!
C0!EF760@!3C0!Y7F0>\4>!73371WD!?>!Y4W292!@284>A!3C0!B?D3O0F0134?>!54?F0>10!?>!`7!
1?6E4>734?>! ?G! G713?8DaP! 4>1F2@4>A! 3C0! C4D3?89! ?G! 54?F0>10! D4>10! deeQ! H43C!
`G84134?>!nC754>A!E00>o!C4AC08!4>!U7D4>!I4DC2!3C7>!7>9!?3C08!7807a!E0172D0!?G!3C0!
1?D6?B?F437>!67W02B!?G!3C0!@4D38413L!=0!@4D64DD0@!3C0!F7>@!4DD20!7D!7!G713?8!4>!
3C0!QRRS!54?F0>10L!=0!3?F@!3C0!)?664DD4?>P!`%C0!4DD20!?G!3C0!:.;!4D!>?3!F7>@P!F03!
>?E?@9!1C073!9?2L!Y4W292D!7FH79D!D43!?>!3C0!F7>@!7>@!3C0!?>F9!B8?EF06!4D!73!3C0!
0>@!?G!b!9078DL!#3!4D!7FF!B?F4341DL!"7>@!4D!\2D3!7>!0/12D0La!=0!7FD?!>?30@!3C73!`?28!
B?F4341D! 71X2480D! 03C>41! @460>D4?>Da! 7>@! 1?662>4340D! D2BB?83! B78340D! HC080!
`3C048!F07@08D!70!73!3C0!G8?>3!7>@!3C73!4D!?>0!3C4>A!H0!C750!3?!1C7>A0La!=0!G4>7FF9!
80678W0@! 3C73! 3C0! QRRS! 0F0134?>! H7D! 5089! B?F784V0@! 7>@! `3C0! B0?BF0! 4>! 3C0! *4G3!
;7FF09!E0F4050@!3C73!Y4E7W4!?BB80DD0@!3C06!4>!3C0!F7D3!b!9078DL!%C09!5?30@!6?80!
7A74>D3!Y4E7W4[D!B80D4@0>19!3C7>!G?8!*74F7[D!B80D4@0>19La!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&%
!Q#02011!C6:!X0B!?32H02!I!?1!V6LL0>!RRe"!!
&&
!Q.4!K!1!,-B!Q#!50A=0!:8KH!1105!K>!Z34A!@!JL6A961!626J!@30=4"!
,' !

!
(!Y7F0>\4>!E2D4>0DD67>!1?>12880@!H43C!3C0!80F4A4?2D!F07@08P!>?34>AM!!`%C0!4DD20!
?G! Y7F0>\4>! H7884?8D! @?0D! >?3! 784D0! C080L! %?! 60P! 3C?D0! 780! Y7F0>\4>! 9?2>A! 60>!
HC?! 4@F0! 78?2>@! 7>@! 7>9?>0! 17>! 37W0! 7@57>37A0! ?G! 3C06! 3?! E0! H7884?8DL! %C0!
H?8@! `H7884?8Da! 4>! 3C0! Y7F0>\4>! 387@434?>! 4D! 7! 80DB0137EF0! 3086L! K23! >?H7@79D!
3C080! 780! >?! H7884?8DL! %C09! C750! \2D3! 1F7DD4G40@! 3C0D0! 9?2>A! 60>! 7D! H7884?8DL!
%C09! 780! >?3! H7884?8D2/! =0! 7FD?! 7@@0@P! `:0?BF0! C4@0! E0C4>@! 12F3280pL%C4D! n3C0!
B?D3!0F0134?>!54?F0>10o!4D!>?3C4>A!3?!@?!H43C!12F3280Pa!4>D4D34>A!7D!H0FF!3C73!`F7>@!
H7D>[3!7>!4DD20!043C08/6!7@@4>A!3C73!43!H7D!\2D3!2D0@!3?!`1?508!HC73!C7BB0>0@aLhb!
(D! 3?! 3C0! 807F! 172D0! ?G! 54?F0>10P! 7! Y7F0>\4>! 80D4@0>3! ?G! .F@?803! ?GG080@! 3C73!".C0!
54?F0>10! H7D! 6?345730@! E9! \07F?2D9/! 7A74>D3! Y4W292! HC?! C7@! `D21100@0@! 4>!
E2D4>0DDa! 7D! ?BB?D0@! 3?! "2C97! 7>@! I2D44! HC?! 7FD?! ?H>0@! F7>@P! H43C! 3C0! B?D3O
0F0134?>!54?F0>10!E04>A!`B280F9!B?F43417FF9!6?345730@L!!
!
!
(5?A5?BE!
#>! QRRSP! 4>! 1?>387D3! 3?! 3C0! deeRD! 3C0! E2FW! ?G! 3C0! 54?F0>10! 4>! 3C0! +?83C! *4G3!
G?FF?H0@! 873C08! 3C7>! B8010@0@! 3C0! 0F0134?>DL! ./BF7>734?>D! ?GG080@! G?8! 3C0! 3464>A!
7>@!D17F0!?G!3C0!QRRS!B?D3O0F0134?>!54?F0>10!4>1F2@0M!A0>087F!DB?>37>0?2D!7>A08!
E9!&J-[D!Y7F0>\4>!17>@4@730D! 7>@!5?308D!73!3C0!7>>?2>1060>3! ?G!7!Y4E7W4!H4>!
764@D3! 7FF0A734?>D! ?G! 84AA4>Ac! F7>@! C2>A08! 7>@! 7! @0D480! 3?! 05413! D?O17FF0@!
?23D4@08D!HC730508!3C0!?231?60!?G! 3C0!0F0134?>Dc!7>@!7!@0D480!E9!Y7F0>\4>!&J-!
17>@4@730D!3?!?508328>!3C0!B80D4@0>347F!0F0134?>!7>@!7DD260!B?H08L!
!
#3! 4D! ?28! G4>@4>A! 3C73! 54?F0>10! 4>! +?83C! *4G3! 172AC3! 3C0! B?F410! 7>@! F?17F!
7@64>4D38734?>!?GG4147FD!3?37FF9!2>B80B780@L!<0!G?2>@!3C4D!B783412F78F9!@4D328E4>A!
A450>!3C0!G713!3C73!4>30FF4A0>10!H7D!67@0!]?8!DC?2F@!C750!E00>!67@0^!7574F7EF0!3?!
F?17F!7@64>4D38734?>!7>@!B?F410!4>@41734>A!3C0!C4AC!F4W0F4C??@!?G!54?F0>10!4>!043C08!
17D0!?G!3C0!0F013?87F!?231?60!T!E23!C4AC08!4>!3C0!17D0!?G!7!Y4E7W4!H4>L!!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&'
!MC!,&!
,( !

!
(D! 7! 1?>D0X20>10P! B?F410! 807134?>! 3?! 3C0!54?F0>10! H7D! 1C7?341P! 3?! D79! 3C0! F07D3L!
$?60!B?F410!?GG4108D!\?4>0@!3C0!73371W08D!7>@!B783414B730@!4>!3C0!54?F0>10L!&3C08D!
H080!7EF0!3?!@4DBF79!713D!?G!B08D?>7F!1?287A0!3C73!D750@!F450DL!#>!67>9!17D0D!3C0!
@0G72F3! F4>0! H7D! 03C>41P! 7F?>A! HC41C! 3C0! B?F410! G?810! H7D! @454@0@L! #>! A0>087FP!
3C?2ACP! 3C0! B?F410! H080! ?508HC0F60@! E9! 3C0! 67DD450! >26E08D! ?G! 73371W08D! 7>@!
HC73!7BB0780@!3?!E0!7!G748F9!C4AC!F050F!?G!?8A7>4V734?>!?G!3C0!73371WDL!
!

,, !

!
)1?498G!-5H4!-1B5@?!
)0>387F! *4G3! ;7FF09! 4D! 3?! 7! F78A0! 0/30>3!@?64>730@! E9! 3C0! F78A08! +7W282! J4D38413!
HC?D0!Y4W292!67\?8439!874D0@!7!G00F4>A!?G!2>07D0!7>@!D2DB414?>!76?>A!Y7F0>\4>!
B?F434147>D!G?FF?H4>A!3C0!0>@!?G!3C0!?>0!B7839!D9D306!4>!deeQL!%C09!G0F3!3C73!3C0!
B?D434?>! ?G! J7>40F! (87B! -?4! 7D! :80D4@0>3! H7D! 2>@08! 3C8073! E9! 3C0! Y4W292! HC?!
H080! 73! 3C0! G?80G8?>3! ?G! 3C0! 1F76?28! G?8! 62F34OB7839! @06?18719Lhj! %C2D! 4>! 3C4D!
B084?@P!3C0!)0>387F!*4G3!0/B0840>10@!7!B73308>!?G!1F7DC0D!HC080!3C0!>?>!Y7F0>\4>!
7>@! >?>O-77D74! 384E0D! H080! 73371W0@P! 3C048! C?2D0D! D03! ?>! G480! 7>@! 67>9! W4FF0@!
H43C! 7! 540H! 3?! @8454>A! 3C06! ?23! ?G! 3C0! 80A4?>! D4>10! 3C09! H080! B0810450@! >?3! 3?!
D2BB?83! 3C0! 3C0>! 82F4>A! B7839! Y(+UL! +78?W! H7D! ?>0! ?G! 3C0! 3C800! BF710D! 4>! 3C0!
*4G3! ;7FF09! HC080! 3C0! B8?O?>0! B7839! ! 87FF40D! H080! C0F@! 4>! deed! 7>@! 3C0! W09!
60DD7A0! 067>734>A! G8?6! 3C0D0! B?F43417F! 60034>AD! H7D! 3C73! 54?F0>10! H?2F@! E0!
2D0@!3?!80D4D3!62F34!B7839!B?F4341DL!(!W09!781C43013!?G!3C4D!D1C??F!?G!3C?2AC3!H7D!
<4FF476!&F0!+346767P!3C0!-:!G?8!+78?W!+?83C!HC?!D3730@!3C73!Y(+U!F07@08D!C7@!
80D?F50@! 3?! G4AC3! 3?A03C08! 7>@! G?FF?H! :80D4@0>3! -?4! 4>! 3C0! 1F76?28! 3?! 0>@! 3C0!
@0E730!G?8!62F34!B7839!B?F4341D!E9!2D0!?G!67\46E?!7D!3C0!7>34@?30!7A74>D3!3C0!80O
4>38?@2134?>!?G!BF287F!B?F4341DhSL!!

%C0!F78A08!+7W282!@4D38413!@20!3?!43D!C4AC!Y4W292!B?B2F734?>!H7D!3C0!C78@0D3!C43!
E9! 3C0! 384E7F! 1F7DC0D! 3C73! 1760! 3?! E0! 7DD?14730@! H43C! 3C0! 80A4?>! G8?6! deed! 3?!
deefL! &G! >?30! 4D! 3C73! 3C0! F78A08! +7W282! J4D38413! H7D! F7308! DBF43! 3?! 180730! -?F?P!
+7457DC7P!*?>A74!7>@!$2E2W47!J4D38413DL!

'?8!B28B?D0D!?G!3C4D!*0B?83P!3C0!)0>387F!*4G3!;7FF09!1?508D!3C0!G?FF?H4>A!@4D38413Dc!
+78?WP! -?F?P! Y?4E730WP! +7W282P! *?>A74! 7>@! +7457DC7! @4D38413DL! <C4F0! +7W282P!
-?F?! 7>@! +7457DC7! J4D38413D! C750! 7! 1F078! Y4W292! 67\?8439P! +78?W! 4D!
B80@?64>7>3F9! -77D74P! HC4F0!Y?4E730W! C7D! 7! 1F078! Y7F0>\4>! 67\?8439L! #>! *?>A74P!
3C0!B?B2F734?>!E03H00>!Y7F0>\4>!7>@!Y4W292!4D!7F6?D3!050>!H43C!7!DF4AC3!678A4>!
4>!G75?28!?G!3C0!Y7F0>\4>L!%C0!8734?>7F0!G?8!@07F4>A!H43C!3C0!80A4?>!D0B78730F9!H7D!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&(
!7X!;8H!!I0J321!61!J626926J4!+$+!3A!J690!$$)!
&,
!7K3#0B!!J690!$$,!

,) !

!
4>G?860@!E9!3C0!G713!3C73!43!C7D!E00>!7!3C07380!?G!4>308>014>0!03C>41!1?>GF413!3C73!
G48D3!082B30@!4>!deed!7G308!3C0!80O4>38?@2134?>!?G!62F34!B7839!B?F4341DL!'283C08P!43!
4D! 7! 1?D6?B?F437>! 7>@! D38730A41! 80A4?>! HC41C! C7D! 73387130@! C0759! G?12D! G8?6!
@4GG080>3! B?F43417F! B78340D! D00W4>A! 3?! C?F@! DH79L! ! +7W282! %?H>P! 7! C4ACF9! 62F34O
03C>41!3?H>!4D!Y0>97[D!G?283C!F78A0D3!3?H>!7>@!3C0!7@64>4D3873450!17B437F!?G!3C0!
0>3480!*4G3!;7FF09!:8?54>10L!!

%C0!B?F4341D!?G!3C0!80A4?>!C750!E00>!0/38060F9!1?6B0343450!7>@!5?F734F0P!>?!@?2E3!
4>G?860@!E9!3C0!G713!3C73!3C4D!V?>0!C754>A!?>10!G?860@!B783!?G!3C0!G?8608!HC430!
C4ACF7>@D! D7H! @4GG080>3! 03C>41! 1?662>4340D! B281C7D0! F7>@! 2>@08! 5784?2D!
D033F060>3!D1C060D!D?60!?G!HC41C!H080!D03!2B!B84?8!3?!#>@0B0>@0>10L!(D!>?30@!
4>!3C0!(W4H264!*0B?83P!"3C0!@4GG080>3!384E0D!4>!3C4D!7807!?>F9!3?F08730@!071C!?3C08!
7D!3C080!H080!@00B!D0730@!03C>41!76E434?>D!7>@!B80\2@410D!HC41C!H080!71345730@!
E9! B?F43417F! 050>3D! B8010@4>A! 3C0! deeQ! I0>087F! .F0134?>D/L! <C4F0! B?F43417F! 80O
7F4A>60>3D!C7@!DC4G30@!4>!QRRSO3C0!Y7F0>\4>!7>@!-77D74!0/B80DD4>A!D2BB?83!3C4D!
3460!8?2>@!G?8!3C0!&J-!7>@!>?3!Y(+UP!>05083C0F0DD!3C0!B73308>D!?G!54?F0>10!4>!
QRRS! 1F?D0F9! 01C?0@! HC73! C7@! 387>DB480@! B8054?2DF9! H43C! DF4AC3! @4GG080>10D! 4L0L!
3C0!2D0!?G!18464>7F!A7>AD!D2DB0130@!3?!E0!-2>A4W4!E9!3C0!Y4W292!4>!+7W282!7>@!
+7457DC7!?D30>D4EF9!3?!B8?3013!3C0!Y4W292!1?662>439!7>@!F78A0F9!Y7F0>\4>!A7>AD!
4>!328>!B80B784>A!3?!73371W!3C0!Y4W292!4>!+7W282P!E23!3C4D!3460!H43C?23!3C0!37143!
D2BB?83! ?G! 3C0! D3730! D0128439! 671C4>089! 3C73! C7@! C43C083?! 74@0@! 3C048! 172D0! 4>!
3C0!deeRDL!

/@G@!K5E49524!!
<0!8010450@!054@0>10!?>!54?F0>10!4>!-?F?!J4D38413!@284>A!?28!C0784>AD!4>!+7W282!
7>@!.F@?803L!<0!7FD?!67@0!D430!54D43D!3?!+\?8?!7>@!Y280D?4!7>@!4>3087130@!H43C!7!
>26E08! ?G! ?GG4147FD!G8?6! 3C0! F?17F! B?F410P! B8?54>147F! 7@64>4D38734?>! 7>@! 1434V0>DL!
%C0!54D43!B8?54@0@!7!2>4X20!?BB?832>439!G?8!3C0!)?664DD4?>!3?!H43>0DD!G48D3!C7>@!
D?60!?G!3C0!D10>0D!7GG0130@!E9!54?F0>10!7>@!C078!7@@434?>7F!0/BF7>734?>!G8?6!090!
H43>0DD0DL! )?664DD4?>! 4>50D34A73?8D! 7FD?! 801?8@0@! D373060>3D! 7>@! @0B?D434?>D!
G8?6!@4DBF710@!B08D?>D!G8?6!-?F?!7>@!Y280D?4!7>@!3C0D0!711?2>3D!C750!E00>!4>!
328>! 76BF9! D2BB?830@! E9! J4D38413! $0128439! #>30FF4A0>10! )?6643300! 64>230D! 7>@!
,- !

!
7FD?! B2EF4DC0@! 80B?83D! E9! ?3C08! 0>34340D! 4>1F2@4>A! B2EF41! E?@40DL! %C0! 3?37F439! ?G!
D21C!4>G?86734?>!B4010D!3?A03C08!3C0!D3?89!?G!-?F?!7>@!Y280D?4L!

$82XB9@3?AM!#!>5E4@9:!@H!&4D?52!)@?HG524!

-?F?!J4D38413!E?8@08D!3C0!-72!'?80D3!HC41C!4D!?>0!?G!Y0>97qD!F78A0D3!G?80D3!7807D!
1?6B84D4>A! 7E?23! gjm! ?G! 3C0! 3?37F! G?80D3! 1?508! 4>! 3C0! 1?2>389L! %C0! 80A4?>! 4D!
D432730@! 7F?>A! 3C0! -72! .D178B60>3! 7>@! 4D! ?>0! ?G! 3C0! 6?D3! G0834F0! G786F7>@D! 4>!
3C0! 1?2>389! G76?2D! G?8! A8?H4>A! B9803C826P! B?373?0D! 7>@! ?3C08! 7A8412F3287F!
18?BD!@20!3?!43D!1??F!1F46730L!

%C0!J4D38413P!?>!3C0!?3C08!C7>@P!C7D!7FD?!E00>!7!3C07380!?G!03C>41!E7D0@!1?>GF413!
D4>10!3C0!80328>!?G!62F34!B7839!B?F4341D!4>!deedL!%C0!(W4H264!)?664DD4?>!>?30@!
3C73!4>! 3C0!3C0>! +7W282!J4D38413P!-?F?!7>@!&F0>A282?>0!J454D4?>D! ]B783D!?G!3C0!
12880>3!-?F?!J4D38413^!H080!3C0!6?D3!7GG0130@!E9!deeQOdeeg!1F7DC0D!7>@!3C73!3C0!
-?F?!J454D4?>!H7D!76?>A!3C0!G0H!7807D!@01F780@!D0128439!?B08734?>!V?>0D!2>@08!
3C0! :80D085734?>! ?G! :2EF41! $0128439! (13Lhf! %C0! @4D38413! C7D! 3H?! 1?>D34320>140DO!
Y280D?4! ]H43C! 7! Y7F0>\4>! 67\?8439P! 7! D4V07EF0! >26E08! ?G! Y4W292! 7>@! 7! Y4D44!
64>?8439^! 7>@! -?F?! ]H43C! 7! F78A0F9! Y4W292! 67\?8439! 7>@! Y7F0>\4>! 7>@! Y4D44!
64>?8439^L!K?3C!1?>D34320>140D!7FD?!C?D3!7!>26E08!?G!?3C08!1?662>4340D!674>F9!
3C0! &A40W! ]7>! 4>@4A0>?2D! C2>308lA73C0808! 1?662>439^P! "2C97! 7>@! "2?!
1?662>4340DL! %C0! (W4H264! 80B?83G283C08! >?30@! 4>! 43D! G4>@4>AD! 3C73! 3C4D! 03C>41!
@4508D439!C7@!E00>!7!D?2810!?G!30>D4?>!7>@!03C>41!1?>GF413!B4334>A!3C0!Y7F0>\4>!?>!
3C0! ?>0! C7>@! 7>@! 3C0! Y4W292! 7>@! Y4D44! ?>! 3C0! ?3C08L! .54@0>10! 30>@080@! E9! 3C0!
Y+)=*! 7FD?! >?30D! 3C73! 3C0! 7807! 0/B0840>10@! 03C>41! 54?F0>10! 4>! deeQ! 7>@! deeS!
HC080!3C0!B73308>!?G!73371WD!H7D!Y7F0>\4>!874@08D!73371W4>A!7>@!W4FF4>A!606E08D!
?G! 3C0! Y4W292! 1?662>439! 7>@! E28>4>A! 3C048! C?2D0D! 7>@! 4>! 328>! 3C0! Y4W292!
1?662>439!?8A7>4V4>A!3C06D0F50D!3?!F72>1C!1?2>308!73371WD!4>!HC41C!3C09!W4FF0@!
3C0!Y7F0>\4>!7>@!7FD?!E28>3!3C048!C?60DL!

!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
48
7X!;8H!!I0J321B!J626!+&+"

)* !

!
(! H43>0DD! 30D34G40@! 3C73! Y280D?4! )?>D34320>19! H7D! 17850@! ?23! ?G! 3C0! ?F@! -?F?!
1?>D34320>19! 4>! D21C! 7! H79! 3C73! 3C0! 67\?8439! ?G! 3C0! B0?BF0! 4>! Y280D?4! H080!
Y7F0>\4>L! %C0! H43>0DD! 1F7460@! 3C73! 3C4D! H7D! 4>GF20>10@! E9! 803480@! :80D4@0>3!
J7>40F! (87B! -?4! 3?! 0>D280! 3C73! 3C0! Y7F0>\4>! 4>! 3C73! 1?>D34320>19! 1?2F@! A03! 7!
80B80D0>373450! 4>! :78F4760>3! E0172D0! 7!Y7F0>\4>! 17>@4@730! 1?2F@! >?3! H4>! 4>!3C0!
E4AA08!-?F?!@20!3?!3C0!F78A0!Y4W292!67\?8439Lhe!

%C4D!C4D3?89!?G!03C>41!30>D4?>D!4>!-?F?!J4D38413!H7D!1?>G4860@!E9!3C0!*4G3!;7FF09!
:)! =7DD7>! +??8! =7DD7>! HC?! D3730@! 3C73! D4>10! deeQP! 0F0134?>D! C7@! E00>! 3C0!
0/12D0! 873C08! 3C7>! 3C0! 172D0! G?8! 3C0! 54?F0>10! ?508! F7>@L! &3C08! H43>0DD0D!
C?H0508P! B8?54@0@! 7! E8?7@08! B08DB013450! ?G! 3C0! 807D?>D! G?8! 03C>41! 4>G4AC34>A!
>?37EF9! I?8@?>! &A?FF7! )C74867>! ?G! 3C0! *4G3! ;7FF09! )C7B308! ?G! 3C0! "7H! $?14039!
HC?! A750! 7! >26E08! ?G! 172D0Dc! G48D3F9! 3C73! 54?F0>10! H7D! >?3! ?508! F7>@! 7D! D21CP!
E23!873C08!@20!3?!7!G00F4>A!76?>A!3C0!Y7F0>\4>!3C73!@284>A!0F0134?>DP!3C0!Y4W292!
7>@!?3C08!1?662>4340D!?B30@!>?3!3?!5?30!711?8@4>A!3?!3C0!H4DC0D!?G!3C0!Y7F0>\4>!
7>@! 4>D307@! G?FF?H0@! 3C0! 5?34>A! B73308>D! ?G! 3C048! W4>D60>! 0FD0HC080! HC41C!
A0>087F! G00F4>A! F0@! 3?! 7>46?D439! E03H00>! 3C0! 1?662>4340D! 7>@! D01?>@F9! 4>! 3C0!
7807D! ?G! +0D243P! -721C0! 7>@! D?60! BF710D! 78?2>@! +\?8?P! 3C0! E4AA0D3! B8?EF06!
7BB0780@!3?!E0!10>3080@P!>?3!?>!B?F4341DP!E23!?>!7FF?1734?>!?G!3C0!-72!'?80D3!4>!
3C0! deeRD! 3?! D0>4?8! I?508>60>3! ?GG4147FD! 7>@! H0FF! 1?>>0130@! 4>@454@27FD! HC41C!
0>87A0@!3C0!&A40W!1?662>439!HC?!1?>D4@08!3C0!<0D308>!-72!'?80D3!3?!E0!3C048!
7>10D387F!C?60L!

J284>A!18?DD!0/764>734?>!?G!-8L!&A?FF7!?>!3C0!4DD20!?G!3C0!@06?187341!84AC3D!?G!
1434V0>D!3?!5?30!7D!3C09!H4DC0@P!C0!D3730@!3C73!3C0!4DD20!?G!5?34>A!B73308>D!4>!3C0!
*4G3! ;7FF09! HC080! 3C080! H080! 64/0@! 1?662>4340DOY4W292DP! Y4D44DP! "2C97DP! "2?D!
7>@!3C0!Y7F0>\4>O0F41430@!G00F4>AD!76?>A!Y7F0>\4>!3C73!>?>OY7F0>\4>!1?662>4340D!
30>@0@! 3?! G?FF?H! 3C0! B?F43417F! 380>@D! G8?6! 3C048! 7>10D387F! 7807D! ?G! +97>V7P!
<0D308>! 7>@! )0>387F! :8?54>10D! HC41C! C7@! 7>37A?>4V0@! 3C0! Y7F0>\4>! D4>10! 3C0!
80328>!?G!62F34!B7839!B?F4341D!C0>10!7!G00F4>A!3C73!4G!>?>OY7F0>\4>D!H4DC0@!3?!F450!
C786?>4?2DF9! 76?>A! 3C0! Y7F0>\4>P! 3C0>! 3C0! Y7F0>\4>! 0/B0130@! 3C06! 3?! 5?30!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&-
!MC!$%%"!

)$ !

!
3?A03C08! H43C! 3C06! 7>@! >?3! H43C! 3C0! 80A4?>D! HC080! 3C09! H080! @0060@! 3?! C750!
1?60!G8?6L!=0!@4@!C?H0508!1?>10@0! 3C73!HC4F0!D21C!7!B8?B?D434?>!H7D!B730>3F9!
2>@06?187341P! 43! >05083C0F0DD! C7@! 3C0! B?30>347F! 3?! 807F4V0! 4>308O! 03C>41!
1?0/4D30>10! 4>! 3C0! B8?54>10L! +?3! D28B84D4>AF9P! -8L! &A?FF7! H7D! ?G! 3C0! 540H! 3C73!
G74F280! 3?! C00@! 3C0! 801?660>@734?>D! G8?6! 3C0! (W4H264P! Y4F4W2! 7>@! +@2>A[2!
*0B?83D! C7@! 1?>384E230@! 3?! 3C0! 54?F0>10! D4>10! 3C0! 2>@08F94>A! A84057>10D!
80674>0@!2>80D?F50@L!!

"D1!;91P&G1245@?!<5@G1?21!

%C0! )?664DD4?>! 0D37EF4DC0@! 3C73! E0G?80! 3C0! QRRS! .F0134?>DP! Y280D?4! 7>@! -?F?!
1?>D34320>140D!H080!0/B0840>14>A!54?F0>10!E03H00>!3C0!Y7F0>\4>!?>!?>0!D4@0!7>@!
Y4W292! 7>@! Y4D44! ?>! 3C0! ?3C08L! %C0! )?664DD4?>! H7D! 3?F@! 3C73! 3C0! B8?EF06! 4>!
-?F?!J4D38413!4>!A0>087F!7>@!Y280D?4!4>!B783412F78!H7D!B080>>47F!4>!>73280!C754>A!
D37830@! 4>! deeQ! HC0>! 3C0! Y4W292! H080! G?814EF9! 054130@! G8?6! )C0B7W2>@4! 4>!
&F0>A282?>0!@454D4?>L!%C0!H43>0DD!1F7460@!3C73!3C4D!H7D!540H0@!E9!3C0!Y7F0>\4>!
7D!7!D2110DD!E0172D0!3C0!I?508>60>3!80D033F0@!3C0!@4DBF710@!Y4W292!73!Y7BD437!
>078!-?F?! 3?H>L! %C2DP! 711?8@4>A! 3?! 3C0! H43>0DDP! 3C080! H7D! 7! G00F4>A! 76?>A! 3C0!
Y7F0>\4>! D37834>A! G8?6! 3C0! 7G308673C! ?G! 3C0! QRRb! *0G080>@26! 3C73! 3C0!
&F0>A282?>0! B8010@0>3! DC?2F@! E0! 80BF41730@! 0FD0HC080! 4>! 3C0! J4D38413! D4>10!
&F0>A282?>0! H7D! 3C0! ?>F9! @454D4?>! 3C73! C7@! 67>7A0@! 3?! E84>A! 7E?23! 3C0!
1?6BF030! 806?57F! ?G! <*(&*(&*+! 3C8?2AC! 54?F0>10! 7>@! 3C73! 4G! 3C4D! H7D! 80B0730@!
0FD0HC080!4>!3C0!J4D38413P!3C0!I?508>60>3!H?2F@!D464F78F9!80D033F0!3C0!@4DBF710@!
Y4W292! 7D! C7@! C7BB0>0@! H43C! 3C?D0! G8?6! )C0B7W2>@4L! %C0! H43>0DD! H7D!
3C080G?80!?G!3C0!540H!3C73!3C0!B80O0F0134?>!54?F0>10!?G!QRRS!C7@!D?60!1?>>01345439!
4>!?>0!H79!?8!7>?3C08!3?!3C0!54?F0>10!4>!deeQL!

J284>A! C0784>AD! 4>! .F@?803P! 3C0! )?664DD4?>! H7D! 3?F@! E9! 3C0! Y4BW0F4?>! J)! 3C73!
Y4BW0F4?>! J4D38413! C7@! 0/B0840>10@! 3C0! DB4FF! ?508! 0GG013D! ?G! 3C0! 54?F0>10! 4>! -?F?!
7>@!Y280D?4!B84?8!3?!0F0134?>D!7D!7!80D2F3!?G!HC41C!03C>41!7>46?D439!E24F3!2B!?>!
711?2>3! ?G! @4DBF710@! B08D?>D! GF004>A! 3?! Y4BW0F4?>! G8?6! Y280D?4L! %C4D! H7D!
1?88?E?8730@! E9! 3C0! +$#$! D0128439! E840G4>A! G?8! 3C0! H00W! 0>@4>A! g8@! J0106E08!

)+ !

!
QRRS! HC41C! >?30@! 3C73! 3C0! 7>46?D439! 4>! -?F?! C7@! DB4FF0@! ?508! 3?! K0FA23! 7>@!
(4>76?4! J454D4?>D! HC080! Y4BD4A4D! 9?23CD! 3?81C0@! W4?DWD! E0F?>A4>A! 3?! Y4W292!
E2D4>0DD60>L!

-8L! -?C760@! $7F46! 3C0! J)! G?8! -?F?! 4>G?860@! 3C0! )?664DD4?>! 3C73! C?D34F4340D!
E0A7>! ?>! $0B306E08! Qb3C! QRRSP! 3C?2AC! 7D! H0! DC7FF! D00! F7308P! 54?F0>10! C7@!
7F807@9! E00>! 80B?830@! 7D! 078F9! 7D! QRRjL! #>! G713P! 054@0>10! B8?@210@! E9! 3C0!
]Y+)=*^! >?30@! 3C73! 1F7DC0D! E8?W0! ?23! 4>! Y280D?4! 7G308! 3C0! 80G080>@26! C0F@! 4>!
+?506E08!QRRb!B4334>A!3C0!Y4W292D!HC?!H080!F78A0F9!4>!D2BB?83!?G!3C0!B8?B?D0@!
@87G3! )?>D343234?>! 7>@! 3C0! Y7F0>\4>D! HC?! C7@! D2BB?830@! 3C0! &87>A0! -?5060>3!
3C73! ?BB?D0@! 3C0! @87G3! )?>D343234?>! 7>@! 3C73! 3C0D0! 1F7DC0D! 4>5?F50@! 3C0!
0/B2FD4?>! ?G! Y4W292! 7>@! Y4D44! G8?6! Y280D?4L! %C8?2AC?23! QRRj! 7>@! QRRSP! 3C080!
H080!73371WD!?>!7!F?H!D17F0!4>!Y280D?4!E9!3C0!Y7F0>\4>!7A74>D3!3C?D0!3C09!@0060@!
>?3! 3?! C750! D2BB?830@! 3C0! &87>A0! -?5060>3! HC41C! 73371WD! 4>30>D4G40@! 3?H78@D!
+?506E08! QRRS! 7>@! 8?D0! 3?! 3C048! B07W! ?>! gR3C! J0106E08! QRRSL! %C0! J$#)!
-4>230D!G?8!-?F?!J4D38413!@730@!QR3C!J0106E08!QRRS!1?88?E?8730!3C4D!1C8?>?F?A9!
4>!>?34>A!3C73!E03H00>!QQ>@!+?506E08!7>@!h3C!J0106E08!QRRSP!03C>41!C?D34F4340D!
8071C0@! G0508! B431C! 7>@! 3C73! 7D! 7! 80D2F3P! @073CDP! 4>\2840DP! @4DBF71060>3! 7>@!
@0D382134?>! ?G! B8?B0839! 3C8?2AC! 78D?>! C7@! ?112880@! B8?6B34>A! 3C0! :)! 3?! 54D43!
3C0!7807!?>!h3C!J0106E08!QRRSL!

%C0!)?664DD4?>!H7D!3?F@!3C73!54?F0>10!4>!Y280D?4!C7@!082B30@!4>!-79!QRRS!73!7!
BF710! 17FF0@! )C0BW4>?9?! HC080! 3H?! 1C4F@80>! H080! E28>3! 7>@! D05087F! C?2D0D!
@0D38?90@! 3C8?2AC! 78D?>L! %C4D! D2ED4@0@! 2B! 34FF! $0B306E08! QRRS! HC0>! Y7F0>\4>!
73371W08D!G8?6!+@?4>03!'?80D3!874@0@!Y76H7287!7>@!W4FF0@!Q!B0?BF0L!%C080!H080!
D2ED0X20>3! 73371WD! 4>! I73C484A7! $033F060>3! $1C060P! 7>@! 3C0>! %037A4W! $1C060!
HC080!606E08D!?G!3C0!Y4W292!E28>3!Y7F0>\4>!C?2D0D!B8?6B34>A!3C0!Y7F0>\4>!3?!
73371W!Y78484W7>47P!7!G786!?112B40@!E9!G?8608!G800@?6!G4AC308D!HC080!3C0!Y4W292!
B23! 2B! D34GG! 80D4D37>10P! W4FF4>A! Q! Y7F0>\4>! 874@08D! bRL! K9! 3C0! 3460! ?G! A?4>A! 3?!
0F0134?>DP!3C0!)?664DD4?>!C078@P!3C080!H080!7F807@9!#J:!176BD!4>!7!>26E08!?G!
1C281C0D!4>!Y280D?4L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
'*
!MC!$%%!
)% !

!
!

%C0!-?F?!J$#)!>?30@!3C73!?>!QR3C!&13?E08!QRRS!4>!)C0B37A26!'786!4>!Y084>A03P!
7! C?2D0! ?H>0@! E9! ?>0! <76E24! _?C>! H7D!3?81C0@! E9! 2>W>?H>! 78D?>4D3D! 4>! 7>!
4>14@0>3! HC?D0! 6?3450! 3C0! J$#)! E0F4050@! 3?! E0! 8050>A0! G?8! 7! Y7F0>\4>! 67>! HC?!
C7@!E00>!W4FF0@!4>!64@!(2A2D3!QRRS!@284>A!7!D2DB0130@!8?EE089!73!%0E080!7807L!
'283C08P! ?>! Qj3C! &13?E08! QRRSP! 3C0! J$#)! 80B?830@! 3C73! 7>! 2>W>?H>! >26E08!?G!
874@08D!E0F4050@!3?!E0!Y7F0>\4>!C7@!W4FF0@!?>0!K0>D?>!+\2A2>7P!7!Y4W292P!4>\280@!
G?28! B0?BF0! 7>@! D3?F0>! F450D3?1W! 73! I73C484A7! %87@4>A! )0>308! 4>! )C067>08!
"?1734?>! ?G! Y084>A03L! J284>A! 3C4D! B084?@P! 4>14@0>3D! ?G! H4@0DB807@! F??34>A! 7>@!
57>@7F4D6!?G!@0D0830@!C?60D307@D!H080!80B?830@!E9!3C0!J$#)!4>!Y280D?4L!#3!H7D!
?ED0850@! 3C73! 18464>7FD! 3??W! 7@57>37A0! ?G! 3C0! H7>3?>! F7HF0DD>0DD! 3?! F??3!
C?2D0C?F@! A??@DP! 7>@! D3?F0! G??@! 18?BD! G8?6! 7E7>@?>0@! G786DP! 874D4>A! G078D! ?G!
G??@!DC?837A0D!4>!QRRfL!K03H00>!Qb3C!&13?E08!7>@!h3C!J0106E08!QRRSP!3C0!-?F?!
J)! D3730@! 3C73! dj! B0?BF0! H080! W4FF0@P! jS! C?2D0D! 3?81C0@! 7>@! gRR! G764F40D! F0G3!
C?60F0DD!7G308!3C048!C?2D0D!H080!3?81C0@bdL!!

#>@00@P!D464F78!711?2>3D!H080!B8?54@0@!4>!@0374F!3?!)?664DD4?>!4>50D34A73?8D!E9!
7! >26E08! ?G! H43>0DD0D! HC?! >788730@! C?H! 3C0! B80O0F0134?>! 176B74A>D! H080!
1C78713084V0@!E9!30>D4?>!H43C!3C0!Y7F0>\4>!D794>A!3C73!?>!0F0134?>!@79P!3C09!@4@!
>?3! H7>3! 3?! D00! "<*(&*(&*/L! %C4D! 4>G?86734?>! H7D! 1?88?E?8730@! E9! 3C0!
30D346?>9! ?G! 3C0! )C40G! G?8! $71C7>AH7>9! "?1734?>! HC41C! H0! DC7FF! 805083! 3?!
DC?83F9L!!

%C0! )?664DD4?>! G283C08! B082D0@! 80B?83D! G8?6! 3C0! +$#$! D3734>A! 3C73! 4>! &13?E08!
QRRS!7! >26E08! ?G!&J-! F07@08D! G8?6! 3C0! Y7F0>\4>! 1?662>439! H080!BF7>>4>A!3?!
4>D34A730! W4FF4>AD! 4>! Y280D?4P! &F0>A282?>0! 7>@! -?F?! 378A034>A! 3C0! Y4W292!
1?662>439!@?6414F0@!4>!3C0!7807!G?8!DC?H4>A!D2BB?83!G?8!:80D4@0>3!Y4E7W4L!

-07>HC4F0! 4>! Y280D?4P! )?664DD4?>! 4>50D34A73?8D! 8010450@! 7! >26E08! ?G!


D373060>3D! D3734>A! 3C73! F07GF03D! H78>4>A! >?>OY7F0>\4>D! 3?! F0750! 3C0! 7807! C7@!
E00>! 14812F730@! 7D! 078F9! 7D! QRRjL! %C0! @0B?>0>3D! 7FF0A0@! 3C73! 7! G?8608!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
'$
!<1610H0A1!3?!140A!T3L3!SM!T2"!T346H05!<6L!HB!Q.4!K!1!'("!
)& !

!
B?F434147>bQ! C7@! E00>! E0C4>@! 3C0! 54?F0>10! ?G! 3C0! B8054?2D! 9078D! 7>@! 3C73! ?>10!
12880>3!-:!i7W79?!)C08249?3bg!1760!3?!3C0!D10>0!B8?64D4>A!3?!0>@!3C0!54?F0>10!
4G!3C0!Y4W292!5?30@!G?8!C46P!3C0!!D2BB?8308D!?G!3C0!B?F434147>!H0>3!7C07@!3?!E073!
7>@! 05413! 3C0! Y4W292L! %C0! )?664DD4?>! G?2>@! 3C4D! 4>G?86734?>! 180@4EF0! D4>10! 43!
H7D!1?88?E?8730@! E9! 3C0! -4>230D! ?G! 3C0! J$#)! 60034>A! G?8! -?F?! J4D38413! C0F@!?>!
QQ>@! +?506E08! QRRS! HC41C! >?30@! 3C73! 4>30FF4A0>10! C7@! E00>! 8010450@! 3C73!
D2BB?8308D!?G!3C0!GB?F434147>!H080!`B?4D0@!3?!172D0!1F7DC0D!3?!D1780!>?>OY7F0>\4>D!
7H79!G8?6!Y280D?4!G?8!D2BB?83!G?8!i7W79?!)C08249?3aL!+$#$!7FD?!D3730@!3C73!3C0!
B?F434147>! 7>@! 7! 14541! 17>@4@730! H080! 80DB?>D4EF0! G?8! ?8A7>4V4>A! 7>@! G4>7>14>A!
Y7F0>\4>! 9?23C! HC?! H080! 80B?830@F9! B74@! YDCD! dPRRRlO! G?8! 05089! C?2D0! 87V0@!
@?H>!E0F?>A4>A!3?!3C0!Y4D44!7>@!Y4W292!4>!Y280D?4L!

'8?6!801?8@D!67@0!7574F7EF0!3?!3C0!)?664DD4?>P!43!4D!1F078!3C73!3C0!@4D38413!H7D!
30>D0L! '?8! 4>D37>10P! ?>! dD3! J0106E08! QRRSP! 3C0! J$#)! 80B?830@! 3C73! 7!
B78F4760>3789!17>@4@730!G?8!-?F?!1?>D34320>19!C7@!F0@!7!@06?>D38734?>!?G!7E?23!
gPRRR!9?23CD!4>!-?F?!%?H>!3?!B80DD!G?8!3C0!80F07D0!?G!be!Y4W292!7>@!Y4D44!9?23C!
7880D30@! ?>! gR3C! +?506E08! QRRS! G?8! 080134>A! 7>! 4FF0A7F! 8?7@! EF?1W! 73! -21C?8H0!
H43C! 7! 540H! 3?! 73371W4>A! Y7F0>\4>! 6?3?84D3D! 7>@! B7DD0>A08DL! J284>A! 3C4D!
@06?>D38734?>P!F??34>A!?G!E2D4>0DD0D!E9!3C0!@06?>D3873?8D!H7D!80B?830@!4>!-?F?!
%?H>L! '?8! 3C0! 7E?50! 807D?>DP! 3C0! 054@0>10! ?G! -8L! =7DD7>! +??8! =7DD7>P! *4G3!
;7FF09! :8?54>147F! )?664DD4?>08P! 3C73! 3C0! B8?54>147F! 7@64>4D38734?>! @4@! >?3!
7>3414B730!3C0!54?F0>10!4>!-?F?!J4D38413!D2AA0D3D!3C73!3C0!7@64>4D38734?>!H7D!>?3!
B82@0>3!3?!4A>?80!1F078!H78>4>A!D4A>DL!!

"D1!;@E4!&G1245@?!<5@G1?21!

_2D3! 7D! 4>! ?3C08! B783D! ?G! 3C0! *4G3! ;7FF09P! 3C0! )?664DD4?>! C078@! G8?6! =7DD7>!
+??8! =7DD7>! 3C0! :)! G?8! *4G3! ;7FF09! 3C73! 54?F0>10! 082B30@! 4>! -?F?! 7>@! Y280D?4!
4660@4730F9! 7G308! 3C0! 0F0134?>! 80D2F3D! H080! 7>>?2>10@! ?>! gR3C! J0106E08! QRRS!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
'+
!G40!P<[<!?82A!:405!!A?32H61!3A!;4!=4!=3A16!A:!140!A6H0:!3?!:0#026L!J02:3A:"!!
'%
! Q\86LL>B! P<[<! 465! !A10LL!90A=0! 1461! :8JJ32102:! 3?! 6! J62L!6H0A162>! 6:J!26A1! ;020! 162901!A9! ?32! 50:128=1!3A! 140!
@!J169!=4!G06!c6=132>"!!
)' !

!
4>5?F54>A! 73371WD! ?>! 674>F9! Y4W292! 7>@! Y4D44! 67>9! ?G! HC?6! H080! W4FF0@! 7>@!
4>\280@P!3C048!C?60D!H080!E28>3P!7>467FD!D3?F0>!HC4F0!8?7@D!H080!E788417@0@L!(D!
H0! @4D12DD! 0FD0HC080! 4>! 3C4D! 80B?83Pbh! 3C0! :)! 30D34G40@! 3C73! 3C0! :8?54>147F!
(@64>4D38734?>! C7@! >?! B84?8!>?3410! ?G! 3C0! 73371WD! 7>@! @4@! >?3! 0/B013! 73371WD!?G!
3C73!67A>432@0!4>!-?F?!7>@!Y280D?4L!!

.54@0>10! 8010450@! G8?6! 3C0! +$#$! C?H0508! D006D! 3?! 4>@41730! 3C0! 1?>38789L! '?8!
0/76BF0P! 7>! +$#$! $0128439! E840G4>A! G?8! 3C0! H00W! 0>@4>A! Qg! +?506E08! QRRS!
4>@41730@! 3C73! Y7F0>\4>! 9?23C! H080! 7F807@9! C78E?284>A! BF7>D! 3?! 73371W! 3C0!
Y4W292!7>@!Y4D44!4>!-284>@2W?P!K?1C0A0P!Y7BF0F71CP!-21C?8H0P!Y280D?4!%87@4>A!
)0>308P! I43C467P! -H787A7>47P! -H7C0! '786P! $?>@2! *4508P! %0629?37! 7>@!
YH7H487! '786D! 3?! @4D0>G87>1C4D0! 3C0! 3H?! 1?662>4340D! G?8! D2BB?834>A! 108374>!
B?F434147>DL! %C0! +$#$! D0128439! E840G4>A! G?8! 3C0! H00W! 0>@4>A! g8@! J0106E08! QRRS!
C7@!>?30@!3C73!B78F4760>3789!7DB487>3D! 7>@! 3C048! D2BB?8308D!H080!D2DB0130@!?G!
G7>>4>A!3C0!C?D34F4340D!G?8!B?F43417F!0/B0@40>19L!&>0!?G! 3C0!7DB487>3D! H7D!7FF0A0@!
3?! E0! E0C4>@! 3C0! C787DD60>3! ?G! Y4W292! 7>@! Y4D44! 7>@! 3?! C750! E00>! 80H78@4>A!
9?23C!`711?8@4>A!3?!3C0!C?2D0D!3C09!E28>aL!%C0!)?664DD4?>!H7D!3?F@!3C73!+$#$!
$0128439!E840G4>A!80B?83D!H080!B8?54@0@!3?!3C0!-4>4D308!G?8!#>308>7F!$0128439!7>@!
:8?54>147F!(@64>4D38734?>L!

.50>!H43C?23!3C0!E0>0G43!?G!D21C!+$#$!80B?83DP!43!4D!3C0!)?664DD4?>[D!540H!3C73!
3C0!-?F?!J$#)!H7D!4>!B?DD0DD4?>!?G!0>?2AC!4>30FF4A0>10!G8?6!3C0!A8?2>@!3?!713!
6?80! DH4G3F9! 7>@! 6?80! @014D450F9! 3C7>! 3C09! @4@L! '?8! 0/76BF0P! 7! -?F?! J4D38413!
$0128439! #>30FF4A0>10! )?6643300! 60034>A! C0F@! ?>! QR! J0106E08! QRRS! C7@!
4>@41730@!3C73!3C080!H7D!7!F4W0F4C??@!?G!@4D82B34?>!?G!5?34>A!7>@!3C73!3C0!6?87F0!
?G!B?F410!?GG4108D!H7D!>?30@!3?!E0!F?H!@20!3?!@4D7GG0134?>!H43C!7!B7F389!B79!84D0!?G!
dRmL!%C4D!H7D!7!1F078!078F9!H78>4>A!D4A>7F!?G!7!B?30>347F!D0128439!E8071CL!J284>A!
3C0!D760!J$#)!60034>A!43!H7D!C4ACF4AC30@!3C73!@20!3?!3C0!?>A?4>A!4>D0128439!7>@!
B80O0F0134?>! 54?F0>10P! 6?E4F0! B?FF4>A! D3734?>D! C7@! E00>! D03! 2B! E9! 3C0! 0F013?87F!
)?664DD4?>!?G!Y0>97!4>!5784?2D!BF710DP!4>1F2@4>A!-?F?!:846789!$1C??F!4>!-?F?!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
'&
!<00!=46J102!3A!#!3L0A=0!!A!P6X828!S!:12!=1!6A5!20?02!13!140!10:1!H3A>!3?!I!?1!V6LL0>!RMB!T2"!Y6::6A!P332!Y6::6AB!
MC!&%"!

)( !

!
%?H>P! )C0D0>A080! :846789! $1C??F! 4>! -21C?8H0P! Y76H7287! =07F3C! )0>308P!
Y0>\?A0339! 4>! -2>A03C?! %87@4>A! )0>308P! '2FF! I?DB0F! )C281C! -21C?8H0P!
Y46W7D47!:846789!$1C??F!4>!+9?37!7>@!Y280D?4!=07F3C!)0>308L!

(11?8@4>A!3?! 3C0!)C40G!?G!$71C7>AH7>9!"?1734?>!.57>D! -7A03?!Y0E487P!54?F0>10!


4>! $71C7>AH7>9! 082B30@! 4660@4730F9! 80D2F3D! ?G! 3C0! B80D4@0>347F! 0F0134?>D! H080!
7>>?2>10@!?>!gR3C!J0106E08!QRRS!HC080!Y7F0>\4>!9?23CD!E28>0@!C?2D0D!?H>0@!
E9! Y4D44! 7>@! Y4W292! B8?6B34>A! C46! 3?! 17FF! 7! 60034>A! 73! -2W4>974! ?>! gdD3!
J0106E08L! %C0! H43>0DD! D3730@! 3C73! @284>A! 3C4D! 60034>AP! 1?662>439! F07@08D!
7112D0@! 7! F?17F! B?F434147>P! HC?! H7D! B80D0>3P! ?G! C754>A! E00>! E0C4>@! 3C0!
54?F0>10Lbb! '?FF?H4>A! 3C4D! 60034>AP! 3C080! H7D! 7! B084?@! ?G! 17F6! E23! 54?F0>10!
082B30@!7G308!3C0!W4FF4>A!?G!_?D0BC73!Y4>97>\24P!7>!0F@08!4>!3C0!7807P!7FF0A0@F9!E9!
3C0! Y7F0>\4>! 711?8@4>A! 3?! D373060>3D! B8?54@0@! 3?! )?664DD4?>! 4>50D34A73?8D! E9!
D05087F!H43>0DD0DL!!

%C080! 4D! 1?>D0>D2D! G8?6! )?664DD4?>! H43>0DD0D! 3C73! 7! >0H! H750! ?G! 54?F0>10!
082B30@! 4>! -?F?! ?>! gR! J0106E08! QRRSL! )?664DD4?>! #>50D34A73?8D! 8010450@! 7!
>26E08! ?G! D373060>3D! 1?>G4864>A! 3C73! Y7F0>\4>! 874@08D! D37830@! 73371W4>A! 7>@!
E28>4>A! Y4W292! C?60D! ?>! 3C0! >4AC3! ?G! gR3C! J0106E08! QRRS! 7>@! 3C73! 3C0!
73371W08D!8010450@!D2BB?83!G8?6!D?60!B8?64>0>3!Y7F0>\4>D!4>!3C0!7807L!.54@0>10!
B8?@210@! E9! Y+)=*! 1?88?E?8730D! 3C4D! 4>G?86734?>! 4>! D3734>A! 3C73! 3C080! H080!
80B?83D!?G!Y7F0>\4>!9?23C!C754>A!E00>!387>DB?830@!G8?6!?23D4@0!3C0!@4D38413!7>@!
C?2D0@!7>@!G0@!4>!3C0!C?60D!?G!H0FF!W>?H>!Y7F0>\4>!B08D?>7F4340DL!Y+)=*!7FD?!
D3730@! 3C73! 3C0! Y4W292! 7>@! Y4D44! ?8A7>4V0@! 1?2>308! 73371WD! 4>! -?F?! HC080! 3C09!
H080! 7! 67\?8439! 7>@! 4>! 80DB?>D0P! Y7F0>\4>! B?F434147>D! 7>@! H07F3C9! Y7F0>\4>!
E2D4>0DD60>!B8?54@0@!387>DB?83!3?!E84>A!4>!73371W08D!G8?6!?23D4@0!3C0!@4D38413!3?!
E23380DD! 3C0! F?17F! Y7F0>\4>! B?B2F734?>L! %C4D! 4>G?86734?>! H7D! 1?88?E?8730@! E9!
054@0>10! 8010450@! E9! )?664DD4?>! 4>50D34A73?8DP! 4>1F2@4>A! G8?6! Y7F0>\4>D! 7>@!
?3C08!D?2810DP!3C73!A7>AD!?G!Y7F0>\4>!H080!387>DB?830@!3?!-?F?!G8?6!Y0841C?!7>@!
+@?4>03!7807DL!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
''
!G0:1!H3A>!;6:!20=0!#05!6A5!6L:3!:1610H0A1:!20=32505!K>!M3HH!::!3A!!A#0:1!96132:!!A!;4!=4!140!L3=6L!J3L!1!=!6A!!:!
20J06105L>!A6H05!6:!46#!A9!JL6AA05!140!#!3L0A=0!6A!6LL0961!3A!;4!=4!40!!:!20J32105!13!46#0!50A!05!582!A9!6!J8KL!=!
K626f6!40L5!61!<6=46A9;6A>!S!:J0A:62>!_238A5:!3A!$&14!S0=0HK02!+**,"!

), !

!
!

&>!Qg!_7>2789!QRRfP!3C0!)?664DD4?>!C078@!3C73!_?A??!)0>308!4>!-72!$26643!
H7D!87V0@!3?!3C0!A8?2>@!4>!7>!4>14@0>3!HC080!B?F410!DC?3!@07@!Q!B0?BF0!D74@!3?!
E0! E0C4>@! 3C0! 73371WL! %C0! )?664DD4?>! C078@! 3C73! 606E08D! ?G! 3C0! Y7F0>\4>!
1?662>439! C0F@! -8L! .57>D! -7A03?! Y0E487P! )C40G! ?G! $71C7>AH7>9! "?1734?>P!
80DB?>D4EF0! G?8! C754>A! 17FF0@! 3C0! B?F410! HC?! DC?3! @07@! 3C0! Q! B0?BF0P! HC41C!
B8?6B30@!7E?23!QRR!Y7F0>\4>!9?23C!3?!73371W!C4D!C?60D307@!73!Y467>94!'786!?>!
Qh! _7>2789! QRRfP! E28>! @?H>! 7FF! C4D! C?2D0D! 7>@! 0D17B0! H43C! C4D! dR! 1733F0! 7>@!
gR!DC00B!HC41C!3C09!3??W!3?!3C0!>04ACE?284>A!)C0D?4>!'786L!(3!3C0!3460!?G!C4D!
30D346?>9P!-8L!Y0E487!D3730@!3C73!C0!H7D!@4D1C78A4>A!C4D!@2340D!7D!7807!)C40G!?G!
$71C7>AH7>9! "?1734?>! G8?6! -2W4>974! '786! D4>10! C0! C7@! E00>! @01F780@!
`@$)+&'*!'&'!B)*.*/!E9!3C0!Y7F0>\4>!4>!C4D!F?1734?>L!!

%C0! )?664DD4?>! 8010450@! 054@0>10! G8?6! -?C760@! (67>bjP! *4G3! ;7FF09! :)#&P!
4>@41734>A!3C73!?>!Qh!_7>2789!QRRfP!7E?23!hRR!Y4W292!9?23CD!G8?6!-?F?!%?H>P!
4>10>D0@! E9! 3C0! G80X20>3! W4FF4>AD! 6030@!7A74>D3! 3C048! 384E0D60>! E9! 606E08D! ?G!
3C0! Y7F0>\4>! 1?662>439P! A7>A0@! 2B! 7>@! B8?100@0@! 3?! $484WH7! G786! H43C4>!
Y7F0>\4>! B?B2F730@! Y280D?4! 1?>D34320>19! ?>! 7! 8050>A0! 73371W! 64DD4?>P! 7860@!
H43C! B7>A7D! 7>@! ?3C08! 182@0! H07B?>DL! =?H0508P! 3C0! Y7F0>\4>! A?3! H4>@! ?G! 3C0!
46B0>@4>A!73371W!7>@!76E2DC0@!3C06!\2D3!E0G?80!$484WH7!G786L!(D!7!80D2F3P!dg!
Y4W292! H080! W4FF0@! 7>@! D05087F! ?3C08D! 0D17B0@! H43C! 788?HD! F?@A0@! 4>! 3C048!
E?@40DL!

.54@0>10! H7D! 30>@080@! E9! 7! H43>0DD! HC?! D74@! C0! C7@! 7330>@0@! 7! 60034>A! ?G!
Y7F0>\4>D! C0F@! 4>! 3C0! 7807! ?>! Qf3C! '0E82789! QRRf! @284>A! HC41C! F?17F! Y7F0>\4>!
F07@08D!@4D12DD0@!C?H!3?!B281C7D0!Y4W292!G786D!1C07BF9!G8?6!3C0!Y4W292!HC?!
C7@!F0G3L!

%C0! )?664DD4?>! 7FD?! 8010450@! 54@0?! 1?5087A0! ?G! 7! @06?>D38734?>! ?>! dj3C!
_7>2789! QRRf! 4>! Y467F7>A! 54FF7A0P! Y084>A03! J454D4?>! ?G! Y280D?4! HC080! D?60!
Y7F0>\4>! 9?23CD! 7860@! H43C! E?HD! 7>@! 788?HD! H080! D01803F9! G4F60@! HC4F0! 3C09!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
'(
!MC!)*"!

)) !

!
D60780@! 62@! ?>! 3C048! G710D! 3?! 176?2GF7A0! 3C06D0F50D! 7D! 3C09! B80B780@! G?8!
73371WDL!<C0>!3C0!H43>0DD!H7D!DB?330@!E9!3C0!9?23CD!C0!7F6?D3!F?D3!C4D!F4G0!E23!
G?8!3C0!4>30850>34?>!?G!7!-06E08!?G!:78F4760>3L!!

(! 3?37F! ?G! dbR! B0?BF0! H080! W4FF0@! 4>! 3C0! J4D38413P! 7>?3C08! dSR! 4>\280@P! dPbjh!
C?2D0D!E28>3!7>@!jjPRRR!B0?BF0!@4DBF710@!E9!3C0!1?>GF413bS!

-1EC@?E1!F:!;@G521!8?A!;9@65?258G!#A75?5E49845@?!

(FF0A734?>D! ?G! B7834D7>DC4B! 76?>A! 3C0! B?F410! 7>@! B8?54>147F! 7@64>4D38734?>! 4>!
80DB?>@4>A!3?!3C0!54?F0>10!H080!67@0!E0G?80!3C0!)?664DD4?>L!#>!$71C7>AH7>9P!
G?8! 0/76BF0P! B?F410! DC?3! 4>! 3C0! 748! ?>! j3C! _7>2789! QRRf! 3?! @4DB08D0! 7! A8?2B! ?G!
Y4W292!HC?!3840@!3?!B23!?23!7!G480!3C73!H7D!1?>D264>A!_7>03!-2F4>A7[D!+28D089!
$1C??F!HC41C!C7@!E00>!D03!7EF7V0!E9!Y7F0>\4>!9?23CLbf!!

#>! ?3C08! 4>D37>10DP! 3C0! )?664DD4?>! 0D37EF4DC0@! 3C73! B?F410! H080! D46BF9!
?508HC0F60@!E9!3C0!>26E08D!?G!Y7F0>\4>!73371W08DL!#>!?>0!D21C!4>D37>10P!3C080!
H080!?>F9! b! B?F410! ?GG4108D! 1?>G8?>34>A! 7!6?E! ?G!Y7F0>\4>! 73371W08D!0D346730@!73!
?508! QPRRRL! #>! Y280D?4P! 7FF0A734?>D! H080! 67@0! 7A74>D3! 3C0! F?17F! &)$! 3C73! C0!
80G2D0@! 3?! 4>30850>0! 3?! D3?B! Y7F0>\4>! 874@08D! @2EE4>A! C46D0FG! `&J-! @762a! ]7>!
&J-! G?FF?H08^! 7>@! 3C73! C0! 4>! G713! H731C0@! 7D! C?2D0D! H080! E28>3! @?H>! 73!
-H787A7>47!>0/3!3?!C4D!B?F410!D3734?>Lbe!

%C080! 4D! D2BB?83! G?8! 3C4D! 7FF0A734?>! G8?6! 3C0! 80B?83! B8?@210@! E9! Y+)=*! HC41C!
7112D0@! 3C0! B?F410! ?G! 1?6BF710>19! 7>@! 73! 3460D! 1?6BF41439! 4>! 3C0! 54?F0>10! 7>@!
3C73!D?60! B?F410! ?GG4108D! H080! >?3! ?>F9!D00>! 4>! 3C0! 1?6B7>9! ?G! Y7F0>\4>! 874@08D!
E23! 3C73! D?60! ?GG4108D! @084@0@! Y4D44! 7>@!Y4W292! 541346D! `3C73! 3C09! H080! B794>A!
3C0! B8410! G?8! 5?34>A!">*D:! :$'($,$$/! ]F03! 3C0! H?8W! 1?>34>20^a! HC41C! H7D! 3C0! :+U!
DF?A7>LjR!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
',
!Q.4!K!1!'(!
')
!<1610H0A1!16X0A!K>!M3HH!::!3A!!A#0:1!96132:!?23H!L3=6L!126502:"!
'-
!Q.4!K!1!$+'B!J626926J4!%'%!
(*
!Q.4!K!1!$+'"!140!M3HH!::!3A!465!6==0::!13!140!26;!5616!;4!=4!!A?32H05!140!@PMYI!20J321"!
)- !

!
'283C08P! 7FF0A734?>D! ?G! F7/439! 7>@! G74F280! 3?! 7BB80C0>@! 73371W08D! 172AC3! 4>! 3C0!
713! H080! 67@0! HC41C! D2AA0D30@! 3?! Y+)=*! 3C73! B?F410! H080! `?508HC0F60@P! @4@!
>?3! H7>3! 3?! D3?B! 3C0! 54?F0>10! ?8! H080! 2>@08! ?8@08D! >?3! 3?! @?! D?La! %C0! Y+)=*!
*0B?83! ?B4>0D! 3C73! 3C0! 874@4>A! A7>AD! 62D3! 7FD?! C750! C7@! B84?8! 807DD287>10! 4>!
3C4D! 80A78@! ?8! C754>A! ?ED0850@! 3C73! 3C0! B?F410! H080! D46BF9! DC??34>A! 4>! 3C0! 748P!
178840@!?>!3C048!73371WD!2>@030880@La!!

<0!G4>@!3C0D0!7DD0834?>D!180@4EF0!?>!3C048!?H>!E23!3C09!G4>@!G283C08!D2BB?83!G8?6!
054@0>10! B8?@210@! E9! I?508>60>3! ?GG4147FD! G8?6! 3C0! 7807L! %C0! -?F?! J4D38413!
$0128439! 7>@! #>30FF4A0>10! )?6643300! 60034>A! ?G! h3C! '0E82789! QRRf! >?30@! 3C73!
`@4D14BF4>0!?G!2>4G?860@!G?810D!C7@!@03084?8730@!7!F?3a!7>@!17D0D!?G!B?F410!?GG4108D!
@84>W4>A!7>@!G4AC34>A!C7@!E00>!80B?830@!HC41C!B8?6B30@!3C0!J$#)!3?!@48013!3C0!
7807! &):J! 3?! 0>D280! D38413! D2B0854D4?>! D?! 3C73! 7FF! ?GG4108D! H?8W0@! 7D! 80X2480@L!
(FF! 3C0! 7E?50! D2BB?83D! 3C0! 1?>1F2D4?>! 3C73! B?F410! G?810! H7D! D?! D2E?8>0@! E9!
0/308>7F! G713?8DP! 4>1F2@4>A! F71W! ?G! D2GG4140>3! 80D?2810DP! 3C73! 43! H7D! 4>17B7EF0! ?G!
0>G?814>A!3C0!F7H!0GG013450F9L!!

&>0! 8012884>A! G073280! 4>! 3C0! J$#)! -4>230D! H7D! 3C0! F760>3734?>! 3C73! B?F410!
E?2>@7840D!4>!-?F?! @4@!>?3!6731C! 3C0!7@64>4D3873450!E?2>@7840D!HC41C!4>!328>!
7GG0130@! D085410! @0F45089L! %C4D! C7@! E00>! >?30@! 7D! 078F9! 7D! QQ>@! +?506E08! QRRS!
HC0>! 3C0! J$#)! 801?660>@0@! 3C0! C786?>4V734?>! ?G! -?F?! :?F410! J454D4?>[D!
E?2>@7840D!3?!1?4>14@0!H43C!3C0!7@64>4D3873450!E?2>@7840D!4>!?8@08!3?!10>387F4V0!
?B08734?>DL! %C0! D760! ?ED085734?>! H7D! 80B0730@! 4>! 3C0! J$#)! 60034>A! ?G! QR3C!
J0106E08! QRRS! HC41C! H7D! ?G! 3C0! 540H! 3C73! C786?>4V734?>! ?G! 3C0! B?F410!
E?2>@7840D! H7D! 7! 673308! ?G! C4AC! B84?8439L! ! %C080! C7@! E00>! >?! 80DB?>D0! 3?! 3C4D!
BF07! E9! 3C0! 3460! 4>30>D0! 54?F0>10! E8?W0! ?23! 30>! @79D! F7308L! #3! E0AD! 3C0! X20D34?>!
HC03C08! 3C0! G74F280! 3?! 46BF060>3! 3C0! 801?660>@734?>! 7GG0130@! B?F410! 80DB?>D0!
7>@!D085410!@0F45089!3?!B8050>3!3C0!F?DD!?G!F4G0!7>@!B8?B0839!3C73!?112880@L!

%C0! 54?F0>10! D084?2DF9! 7GG0130@! I?508>60>3! D085410! @0F45089! 4>! 3C0! J4D38413!
=07@X278308D! ?G! -?F?L! %C0! B?D3! ?GG410! H7D! 1?6BF030F9! 1F?D0@! 7G308! G450! Y7F0>\4>!
606E08D! ?G! D37GG! 87>! 7H79! F0754>A! ?>F9! 3C0! Y4W292! B?D3! 67D308P! HC4F0! 4>! -?F?!
J4D38413!=?DB437FP!?B08734?>D!4>!D?60!@0B78360>3D!H080!D3?BB0@!7FF!3?A03C08!7G308!
QR! Y7F0>\4>! 606E08D! ?G! D37GG! GF0@L! $464F78F9P! 3C0! -?F?! "7H! )?283D! 7>@! 3C0!
-* !

!
J4D38413! )?664DD4?>08[D! ?GG410! H080! 7FD?! 7GG0130@L! <43C! 3C0! &F0>A282?>0O-?F?O
+\?8?! *?7@! EF?1W0@P! Y7F0>\4>! G8?6! &F0>A282?>0! 1?2F@! >?3! 7110DD! 5437F! D085410D!
F4W0!60@41734?>P!7110DD!3?!678W03D!7>@!DC?BD!0DB0147FF9!4>!-?F?P!7>@!.FE28A?>P!
7>@! 1?>508D0F9! 3C0! Y4W292! 1?2F@! >?3! 7110DD! 3C048! G786D! 4>! -21C?8H0P! $3?80!
-E4F4P! Y4E2>\7P! -732674>4P! Y280D?4P! K787W7! '786P! $484WH7P! %?6E?P! +A0>47P!
Y476E484847!7>@!I71C787A0jdL!'283C08P!3C0!-?F?!J$#)!60034>A!?>!dd3C!'0E82789!
QRRf! 7FF2@0@! 3?! 3C0! G713! 3C73! 4>30FF4A0>10! C7@! E00>! 8010450@! ?G! D?60! )C40GD!
C754>A! E00>! 80DB?>D4EF0! G?8! 4>143060>3! 7>@! 801?660>@0@! 3C048! 4>50D34A734?>L!
%C0!D760!-4>230D!7FD?!4>@41730!3C73!3C0!J$#)!H?2F@!D00W!3C0!C0FB!?G!3C0!(869!
4>!80D3?84>A!F7H!7>@!?8@08P!7!G283C08!1?>G486734?>!3C73!3C0!B?F410!H080!4>17B7EF0!
?G!@?4>A!D?!?>!3C048!?H>L!

\@5F841X!K5E49524M!#4417C41A!&4D?52!)G18?E5?B!!!
Y?4E730W! J4D38413! H7D! 17850@! ?23! G8?6! K784>A?! J4D38413! 7>@! 1?6B84D0D! ?G! 3H?!
0F013?87F! 1?>D34320>140DP! .F@767! *754>0! 7>@! -?A?34?L! <0! 8010450@! 054@0>10! ?>!
54?F0>10!4>!Y?4E730W!3C8?2AC!@4D38413!A?508>60>3!?GG4147FD!HC?!30D34G40@!4>!.F@?803!
7D! H0FF! 7D! 3C8?2AC! D373060>3D! E9! 541346D! 7>@! 090! H43>0DD0D! HC?! 37FW0@! H43C!
)?664DD4?>!4>50D34A73?8DL!%C0!B73308>!4G!54?F0>10!4>!Y?4E730W!4D!@4D34>A24DC7EF0!
G8?6!3C73!4>!?3C08!B783D!?G!3C0!)0>387F!*4G3!;7FF09!:8?54>10!4>!3C73!43!4D!3C0!?>F9!
@4D38413! 4>! HC41C! 54?F0>10! H7D! 1?664330@! 6?D3F9! E9! 606E08D! ?G! 3C0! Y7F0>\4>!
1?662>439! 7A74>D3! 606E08D! ?G! 3C0! Y4W292! 7>@! Y4D44! 1?662>4340DP! H43C?23!
621C!8037F4734?>L!
%C0! J)! G?8! Y?4E730W! -8L! $30BC0>! #W27! D3730@! 3C73! 3C0! B?D3! 0F0134?>! 54?F0>10! 4>!
3C0! J4D38413! 1F7460@! 3C0! F450D! ?G! gd! B0?BF0P! F0G3! dPQdb! C?2D0D! E28>3! 7>@! 78?2>@!
hbPRRR! B0?BF0! @4DBF710@! G8?6! 3C048! C?60DL! =0! 38710@! 3C0! 172D0D! 3?! 3C0! QRRb!
80G080>@26! 3C73! H4@0>0@! 3C0! B?F43417F! A2FG! E03H00>! 3C0! 67\?8439! Y7F0>\4>! 7>@!
64>?8439! Y4W292! 1?662>4340D! F454>A! 4>! 3C0! 7807L! #>! C4D! 540HP! 3C0! @454D4?>D! H080!
0/7108E730@!@284>A!3C0!B?F43417F!176B74A>!B084?@!E9!3C0!@0E730!?>!-7\46E?!H43C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
($
!G40!T3L3!S<[M!!A!!1:!H001!A9!3?!+'14!Z6A862>!+**)!3K:02#05!140!A005!13!J2310=1!<6L966!H62X01!6L3A9!140!P6X828"
T3L3!4!94;6>!6A5!;6:!6JJ2040A:!#0!1461!140!=6LH!!A!@6H626!6A5!@02!A901!6206:!=38L5!46#0!K00A!6A!!A5!=61!3A!1461!
:3H014!A9!;6:!K0!A9!JL6AA05"!

-$ !

!
D?60! B?F434147>D! >?3! ?>F9! @01F784>A! 3C0! 7807! 7>! &J-! V?>0! E23! 7FD?! 7DW4>A!
80D4@0>3D! 3?! 5?30! 7D! 7! EF?1W! G?8! &J-L! (! D373060>3! 801?8@0@! E9! )?664DD4?>!
4>50D34A73?8D! G8?6! _?D0BC! -71C7847! +97A7P! :+U! ?8A7>4V4>A! D01803789! G?8!
Y?4E730W! @4D38413P! 7FF0A0@! 3C73! ?>! j3C! (2A2D3! QRRSP! &J-! C0F@! 7! 60034>A! HC41C!
3C0! H43>0DD! 7330>@0@! 4>! .F@767! *754>0! %?H>! @284>A! HC41C! *74F7! &@4>A7P!
<4FF476!*23?P!&340>?!Y7\H7>AP!-7834>!$C4W2W2!7>@!+7\4E!K7F7F7!DB?W0!4>!G75?28!
?G!67\46E?L!=0!1F7460@!3C73!?>0!?G!3C0!DB07W08D!7DW0@!3C0!%2A0>!1?662>439!3?!
806?50!7FF!`<*(&*(&*/!G8?6!*4G3!;7FF09!7>@!`3?!E0!1?664330@!4>!5?34>A!D?!7D!3?!
806?50!Y4E7W4!G8?6!B?H08!7>@!Y4W292D!G8?6!*4G3!;7FF09La!
!
%C0!D760!H43>0DD!1F7460@!3C73!1C40GD!G8?6!3C0!7807!C7@!?8A7>4V0@!60034>AD!7G308!
3C0! 80G080>@26! @284>A! HC41C! D0>3460>3D! H080! 0/B80DD0@! 3?! 3C0! 0GG013! 3C73!
Y4W292D! H?2F@! C750! 3?! F0750! 7>@! A?! E71W! 3?! )0>387F! :8?54>10L! %C4D! D373060>3!
D2AA0D3D!3C73!F?17F!7@64>4D38734?>!4>!Y?4E730W!H7D!>?3!7EF0!3?!674>374>!7!F050F!?G!
B?F43417F!>02387F439!@284>A!3C0!176B74A>!B084?@P!7!B8?B?D434?>!D464F78F9!?ED0850@!
E9! @4D38413! 7@64>4D38734?>! 7>@! 801?8@0@! 4>! 3C0! -4>230D! ?G! 3C0! J$#)! ?>! de!
'0E82789!QRRf!HC41C!>?30@!3C73!D?60!1C40GD!H080!B7834D7>L!
!
-8L! +97A7[D! D373060>3! G283C08! 7FF0A0@! 3C73! 7D! 078F9! 7D! j3C! (2A2D3! QRRSP! 3C080!
H7D! 7F807@9! 37FW! E9! B?F434147>D! ?>! 3C0! 176B74A>! 3874F! ?G! EF??@DC0@! 7>@!
@4DB?DD0DD4?>! ?G! F7>@! G8?6! Y4W292! HC41C! H?2F@! E0! A450>! 3?! 3C0! 9?2>A! Y7F0>\4>!
60>!4G!3C0!0F0134?>!H7D!84AA0@L!)80@0>10!3?!D21C!7FF0A734?>!7BB0780@!3?!E0!A450>!
4>! 3C0! J$#)! -4>230D! ?G! dg3C! '0E82789! QRRf! D3734>A! 3C73! Y7F0>\4>! 4>! .F@767!
*754>0! C7@! 7FF0A0@F9! 5?H0@! >?3! 3?! 7FF?H! @4DBF710@! Y4W292! E71W! E23! H?2F@!
4>D307@! E29! 3C048! F7>@! 73! 7! 104F4>A! B8410!?G! YDCD! dRPRRRlO! B08! 7180! 7>@! H78>0@!
3C73!4G!7>9!Y7F0>\4>!B74@!7!B8410!E09?>@!3C4D!D26P!3C048!C?2D0D!H?2F@!E0!E28>3L!
!
%C0!B73308>!?G!54?F0>10!4>!3C0!@4D38413!6488?80@!3C73!0/B0840>10@!4>!?3C08!7807D!?G!
3C0! *4G3! ;7FF09! B?B2F730@! E9! 3C0! Y7F0>\4>P! HC080! 4660@4730F9! 7G308!
7>>?2>1060>3! ?G! 3C0! 0F0134?>! 80D2F3D! ?>! gR3C! J0106E08! QRRSP! Y7F0>\4>! 9?23C!
0DB0147FF9!H43C4>!3C0!678W03!10>308D!D37830@!E28>4>A!B8?B08340D!?H>0@!E9!Y4W292!

-+ !

!
7>@! Y4D44P! EF?1W0@! 8?7@D! 7>@! 4DD20@! 3C8073D! 3?! 7>9! Y7F0>\4>! @0060@! 3?! C750!
D2BB?830@!:+UjQL!
!
%C0!)?664DD4?>!H7D!3?F@!@284>A!43D!B2EF41!C0784>AD!4>!.F@?803!3C73!3C0!G713!3C73!
G?8608!:80D4@0>3!-?4!@01F780@!D2BB?83!G?8!4>126E0>3!:80D4@0>3!-H74!Y4E7W4!@4@!
>?3!A?!@?H>!H0FF!H43C!3C0!Y7F0>\4>!7>@!-?4!B74@!3C0!B8410!G?8!3C4D!D37>@!7D!C4D!
B8?B0839! H7D! ?>0! ?G! 3C?D0! 3C73! H080! E28>0@! @284>A! 3C0! 54?F0>10L! <0! H080!
B8?54@0@!H43C!054@0>10!3C73!Y7F0>\4>D!4>!Y?4E730W!H080!G?810@!E9!3C048!W4>D60>!
3?! \?4>! 4>! 3C0! 73371WD! 7A74>D3! Y4W292! 7>@! 3C73! 3C?D0! HC?! @4@! >?3P! ?8! H080!
B0810450@! 3?! E0! D96B73C0341! 3?! :+U! ?8! 3?! Y4W292! H080! 73371W0@! E9! 3C048! G0FF?H!
Y7F0>\4>DL! -?80?508P! 3C0! Y?4E730W! J4D38413! )?664DD4?>08! 3?F@! 2D! 3C73!
I?508>60>3!?GG4147FD!H080!D464F78F9!>?3!DB780@M!7!D?>!?G!7!)C40G!G8?6!-7\4!-7V284!
HC?! H7D! 540H0@! 7D! 7! :+U! D96B73C4V08! H7D! W4FF0@! 7>@! 4>! 7>?3C08! 4>14@0>3P! 7!
B?F410!?GG4108!H7D!D084?2DF9!4>\280@!HC0>!80DB?>@4>A!3?!7!@4D380DD!17FFL!!

&>0!4>14@0>3!4>!3C0!@4D38413!4>5?F50@!3C0!W4FF4>A!?G!7!B?F410!?GG4108!?>!0D1?83!@239L!
%C0! )?664DD4?>! C078@! 3C73! 3C0! ?GG4108P! HC?! H7D! Y7F0>\4>P! H7D! 76?>A! D0128439!
?GG4108D!HC?!H080!37W4>A!1C78A0!?G!3C0!0X24B60>3!?G!3C0!)C4>7!*?7@!7>@!K84@A0D!
)?>D382134?>! )?6B7>9! "3@! HC41C! H7D! 80O1?>D382134>A! 3C0! .F@?803l+7W282!
*?7@L! &>! 3C0! 6730847F! @79! HC4F0! 0D1?834>A! 7! F?889! 3?! 3C0! D430P! 3C09! 603! D?60!
Y7F0>\4>! 9?23CD! HC?! H080! 7E?23! 3?! E28>! 7! F?889L! %C0! ?GG4108! 7F4AC30@! G8?6! 3C0!
50C41F0! 7>@! 3840@! 3?! @4DD27@0! 3C06! 4>! Y7F0>\4>! F7>A27A0! E23! 3C09! H?2F@! >?3!
F4D30>! 3?! C46L! ! #>D307@P! 3C0! 9?23C! E073! C46! 2BP! 123! C46! 2B! H43C! 671C030D! 7>@!
3??W!C4D! A2>! HC41C!3C09! E8?W0L! %C09! 7FD?! 3??W! 3C0! 67A7V4>0! G8?6! C4D! A2>!H43C!
QR! 8?2>@D! ?G! 7662>434?>L! ! %C0! ?GG4108P! 711?8@4>A! 3?! 3C0! 054@0>10P! >0508! 050>!
DC?3!4>!3C0!748L!%C0!4>14@0>3P!4>!?28!540HP!C4ACF4AC3D!3C0!C0FBF0DD>0DD!?G!?8@4>789!
1454F47>D! G714>A! 67872@4>A! A7>AD! HC0>! 7860@! D0128439! G?810D! 3C06D0F50D! H080!
@0G0>D0F0DDL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
62
T!A810:!3?!140!I!?1!V6LL0>!R<[M!H001!A9!40L5!3A!%25!Z6A862>!+**)!20=325!142061:!13!0#!=1!@!X8>8!?23H!G!HK3236!6A5!
T6X816A3!

-% !

!
-?D3! ?G! 3C0! 54?F0>10! 4>! Y?4E730W! H7D! 1?>10>38730@! ?>! 3C0! E?8@08! H43C! U7D4>!
I4DC2P! Y0841C?P! Y4BW0F4?>! 7>@! -?F?! HC080! >?>! Y7F0>\4>D! H080! 73371W0@! 7>@!
W4FF0@P! 3C048! B8?B08340D! E28>0@! 7>@l! ?8! 3C09! H080! G?810G2FF9! 054130@L! &>! Qj3C!
_7>2789! QRRfP! ! 7! 173C?F41! B840D3! '73C08! :0308! Y7672P! 7! Y4WF292P! HC?! H7D!
1?64>A! G8?6! +7>@4! A?4>A! 3?! +7W282! H7D! D3?BB0@! 73! -2D0801C4! %87@4>A! 10>380!
HC080!7!A7>A!?G!9?23C!W4FF0@!C46P!4>!7>!4>14@0>3!3C73!H7D!H4@0F9!80B?830@!E9!3C0!
674>D38076!60@47L!!
!
!
+D1!,E!-8C1A!=D5G1!>3EF8?A!,E!$15?B!\5GG1A!
_'! H! Y*'-*)%! N11b6! P\! %$*)+! &,(! L,:D*#$.5! S2! *'(! 5$)! 5-+#*'(! =$)$! *..*4>$(! :'! .5$:)!
5&-+$!:'!L,(*<*!J*A:'$!#%!*!B)&-@!&?!8*,$'9:'6!+&<$!&?!=5&<!+5$!>'$=2!U5$!=*+!B*'B!
)*@$(!=5:,$!5$)!5-+#*'(!=*+!#$:'B!5*4>$(!.&!($*.5!*'(!5$)!+5&@!,&&.$(2!G&,,&=:'B!:+!*'!
$h.)*4.!&?!5$)!.$+.:<&'%^!
!

&>!d!_7>2789!QRRf!H0!H080!D34FF!G078G2FL!<0!@4@>[3!?B0>!?28!E2D4>0DDL!#!H?8W0@!
73! 3C0! .F@767! *754>0! DC?BB4>A! 10>380! 73! -767! '743C[D! $C?BL! <0! ?H>0@! 3C0! DC?BL! #3!
H7D! \2D3! >0/3! 3?! 69! C?2D0! T! 3C09! 780! \?4>0@! 3?A03C08L! K23! #! D3790@! 73! C?60! 3C73! @79!
E0172D0!#!H7D!D1780@L!<0!F0G3!3C0!DC?B!F?1W0@!2BL!
(3!7E?23!gB6!3C73!@79P!B0?BF0!1760!3?!69!C?60L!(3!3C0!3460!3C080!H7D!?>F9!69!
C2DE7>@! 7>@! 60! 73! C?60L! -9! 1C4F@80>! C7@! A?>0! 3?! 54D43! 3C048! A87>@B780>3D! 4>!
+97>@7827L!%C080!H080!6?80!3C7>!30>!B0?BF0!HC?!1760L!%C09!H080!7FF!60>L!%C09!H080!
@80DD0@!4>!1?73D! 7>@!3C09!C7@!D60780@!62@!?>!3C048!G710D!D?!9?2!1?2F@! >?3!801?A>4V0!
3C06L! %C0! 62@! H7D! @4GG080>3! 1?F?8D! ?>! 3C048! G710D! T! HC430! E71W! 7>@! 80@! 4>! DB?3D! OO!
B731C0D!7FF!?508!3C048!G710DL!%C09!H080!7860@L!%C09!C7@!788?HDP!B7>A7D!7>@!82>A2DL!
%C0! G48D3! #! W>0H! 3C09! H080! 3C080! H7D! HC0>! #! C078@! 37FW4>A! 7>@! >?4D0D! ?23D4@0L!
%C09!H080!DB07W4>A!4>!Y7F0>\4>L!%C09!D74@!`H0!C750!1?60!3?!G4>4DC!9?2aL!%C0!@??8!H7D!
>?3! F?1W0@! D?! 3C09! \2D3! 1760! 4>D4@0L! -9! C2DE7>@! 7>@! #! H080! 4>! 3C0! D4334>A! 8??6L! <0!
H080!D4334>A!@?H>!E23!D3??@!2B!HC0>!3C0!60>!1760!4>L!
<C0>! 3C09! 1760! 4>! #! D37830@! BF07@4>A! H43C! 3C06! E0172D0! ?G! HC73! #! C7@! C078@!
3C06!D794>A!?23D4@0L!#!3?F@!3C06!HC9!H080!3C09!@?4>A!3C4D!HC0>!H0!C7@!F450@!H43C!3C06L!
%C09! ?8@080@! 60! 3?! DC23! 2B! 7>@! D74@! 3C73! 3C0! Y4W292! C7@! 64A8730@! 3?! 3C0! 7807! 7>@!
37W0>!2B!3C048!]3C0!Y7F0>\4>[D^!B8?B0839L!%C09!D74@!#!DC?2F@!W00B!X2403!?8!3C09!H080!A?4>A!
3?!W4FF!60L!$?!#!\2D3!W0B3!X2403!3C0>L!

-& !

!
%C73! 4D! HC0>! 3C09! D37830@! 73371W4>A! 69! C2DE7>@L! %C09! H080! 12334>A! C46! H43C!
B7>A7D!7>@!B40814>A!C46!H43C!788?HDL!%C09!H080!D382AAF4>A!H43C!69!C2DE7>@!7>@!3894>A!
3?!A03!C46!3?!3C0!A8?2>@L!%C0!60>!H080!18?H@4>A!?>!C46!T!43!64AC3!C750!E00>!6?D3!?G!
3C06! 73371W4>A! 69! C2DE7>@L! #! H7D! D1780@L! %C09! 123! 69! C2DE7>@! ?>! 3C0! >01W! H43C! 7!
B7>A7!7>@!3C73!67@0!C46!G7FF!3?!3C0!A8?2>@L!#3!H7D!7!D084?2D!EF?HL!(G308!3C73!3C09!H080!
12334>A!05089!B783!?G!C4D!E?@9L!
(G308!69!C2DE7>@!H7D!123P!E23!E0G?80!C0!@40@P!?>0!?G!3C0!60>!1760!3?H78@D!60!
7>@!7DW0@!60!HC73!#!H7>30@!3?!E0!@?>0!3?!60L!#!7DW0@!3C06!>?3!3?!W4FF!60L!&>0!D74@!H0!
>00@!3?!W>?H!HC73!DC0!4D!F4W0P!>?H!3C73!DC0!>0508!37FWD!3?!2DL!
%C080! H7D! 7>?3C08! A8?2B! ?G! 60>! HC?! H080! F??34>A! 69! DC?BL! #! 1?2F@! D00! 3C06!
G8?6!3C0!@??8!T!43!H7D!D34FF!?B0>L!%C09!H080!A?4>A!B7D3!178894>A!B8?B0839!G8?6!69!DC?BP!
D21C!7D!D2A78P!1??W4>A!G73!7>@!?3C08!A??@DL!
#! H7D! H0784>A! 38?2D08D! H43C! E233?>D! 73! 3C0! H74D3L! %C0! 60>! 3?80! 73! 69! 38?2D08D!
3894>A!3?!A03!3C06!?B0>!7>@!3C0!E233?>D!1760!?GGL!%C080!H080!7E?23!G?28!?G!3C06!3C080!
@?4>A!3C4D!3?!60!73!3C73!3460L!%C09!F4G30@!60!2B!7>@!B23!60!?>!3C0!A8?2>@L!%C09!H080!
78A24>A! 76?>A! 3C06D0F50D! HC?! H7D! A?4>A! 3?! E0! G48D3L! %C0>! ?>0! D74@! 3C73! 4G! #! 0D17B0@!
G8?6! 3C0! W>4G0! 7>@! 788?HDP! #! H?2F@! @40! ?G! (#J$L! $?60! ?G! 3C06! C0F@! 69! F0AD! 7>@! D?60!
C0F@!69!C7>@D!HC4F0!3C09!87B0@!60L!<C0>!3C4D!H7D!C7BB0>4>A!69!C2DE7>@!7>@!#!H080!
E?3C!D34FF!4>!3C0!D4334>A!8??6P!E23!E9!>?H!#!H7D!>?3!H731C4>A!69!C2DE7>@!E23!BF07@4>A!
69!?H>!17D0L!%C0!F7D3!3460!#!C7@!F??W0@P!43!H7D!F4W0!C0!H7D!@07@L!=0!H7D>[3!6?54>AL!
&>0! 67>! 87B0@! 60! 7>@! 3C0>! 3C0! D01?>@! ?>0! 7>@! 3C0! 3C48@L! %C09! B23! 3C048!
B0>4D0D!4>!69!57A4>7L!#3!H7D!043C08!3C0!D01?>@!?8!3C0!3C48@!67>!HC?!D74@!3C09!H080!>?3!
7EF0! 3?! A03! 4>! 60!B8?B08F9!D?! 3C09!123! 60L! #! 3C4>W!43! H7D! 3C0!B7>A7! 3C09!H080!178894>A!
3C73!3C09!2D0@L!%C09!123!69!57A4>7L!<C0>!#!C7@!69!1C4F@80>P!3C0!J?13?8!3?F@!60!#!C7@!7!
>788?H!?B0>4>AL!K?3C!69!1C4F@80>!H080!E?8>!E9!170D7807>L!
%C09! 1?>34>20@! 87B4>A! 60L! #3! H7D! HC0>! 3C0! G?283C! 67>! H7D! 87B4>A! 60! 3C73! #!
H0>3! 2>1?>D14?2Dp#! >0/3! 80606E08! T! 7>@! 43! 4D! 57A20! T! 3C73! 7! Y7F0>\4>! G840>@! ?G! ?28D!
17FF0@!_?D0BC!H7D!3C080!7>@!C0!H7D!BF07@4>A!H43C!3C0!60>L!=0!H7D!7DW4>A!3C06!G?8!C46!
3?!E0!7FF?H0@!3?!37W0!3C0!E?@9!?G!69!C2DE7>@!7>@!37W0!60!3?!C?DB437FL!%C0!60>!D37830@!
X27880FF4>A!H43C!C46!7>@!3?F@!C46!3C73!C0!H7D!4>!B783>08DC4B!H43C!2DL!%C09!3C80730>0@!
3?!W4FF!C46Lnpo!
!
-1EC@?E1!F:!;@G521!8?A!;9@65?258G!#A75?5E49845@?!
%C0! +$#$! C7@! 4>! 3C048! 0F0134?>! $0128439! $432734?>! B7B08! >?30@! 3C73! 3C0! 8734?! ?G!
3C0! B?F410! ?GG4108D! 3?! 3C0! B?B2F734?>! HC41C! H7D! 7F807@9! 4>7@0X2730! >734?>7FF9!
-' !

!
H?2F@! B?D0! B?30>347F! B8?EF06D! D4>10! 3C0! B?F410! H?2F@! E0! ?508OD38031C0@! E9!
0F0134?>!80F730@!@2340D!D21C!7D!0D1?83!7>@!A278@4>A!?G!B?FF4>A!D3734?>DL!<43C!D21C!
@067>@D!E04>A!0/0830@!?>!3C0!B?F410P!+$#$!H7D!?G!3C0!540H!3C73!4G!3C080!H080!3?!
E0! 7>! ?23E807W! ?G! 54?F0>10! D21C! 7D!C7@! E00>! H43>0DD0@! 4>! deeQ! 7>@! deeSP! 3C0!
B?F410!H?2F@!E0!2>7EF0!3?!1?B0!4>!80DB?>@4>A!3?!D21C!0608A0>140DLjg!
!
#3!4D!3C080G?80!>?3!D28B84D4>A!3C73!54?F0>10!1?>34>20@!4>!3C0!@4D38413!2>34F!78?2>@!
db3C! '0E82789! QRRf! E0G?80! 3C0! B8?54>147F! 7@64>4D38734?>! H7D! 7EF0! 3?! 7DD06EF0!
D?60!?G!3C0!7807!F07@08D!3?!@4D12DD!H43C!3C06!3C0!>00@!G?8!3C0!54?F0>10!3?!D3?BL!
%C4D! G4>@4>A! 4D! D2BB?830@! E9! 3C0! J$#)! -4>230D! @730@! e3C! '0E82789! QRRf! HC41C!
>?30@! 3C73! 54?F0>10! H7D! G78! G8?6! 0>@4>A! 7>@! 3C73! Q! B0?BF0! H080! W4FF0@! H43C!
788?HD!73!-7W237>?L!%C0!J$#)!?ED0850@!3C73!3C0!Y7F0>\4>!7BB0780@!@030864>0@!
3?! @4DBF710! 3C0! Y4W292! G8?6! 3C048! G786D! 7>@! 3C73! E?3C! 1?662>4340D! 80B?830@F9!
H080!7864>A!X2403F9L!
!
+?3H43CD37>@4>A! 3C73! 3C0! :$#)! C7@! 6?E4F4V0@! 7FF! D0854107EF0! B2EF41! 50C41F0D!
HC41C!H080!C7>@0@!?508!3?!3C0!&):J!3?!G714F43730!@0BF?960>3!?G!D0128439!?GG4108D!
3?! 3C0! 7GG0130@! 7807D! 7>@! 7FD?! 7F?>A! 3C0! C4ACH79! 3?! 0>D280! 3C0! D6??3C! GF?H! ?G!
387GG41P! H0! G?2>@! 3C0! 71W>?HF0@A060>3! E9! 3C0! J$#)! 3C73! D?60! 1C40GDP! D0128439!
B08D?>>0F! 7>@! ?3C08! B2EF41! D0857>3D! H080! E47D0@! 3?! E0! 7! 673308! ?G! D084?2D!
1?>108>L!(!Y4W292!F7@9!801?8@0@!7!D373060>3!H43C!3C0!)?664DD4?>!D3734>A!3C73!
DC0!H7D!7DD72F30@!E9!3H?!Y7F0>\4>!73371W08D!?>!gdD3!J0106E08!QRRS!4>!%46E?8?7!
%87@4>A!)0>308!D2D374>4>A!D084?2D!C07@!4>\2840D!G8?6!HC41C!DC0!G0FF!2>1?>D14?2D!
7>@! H7D! 37W0>! E9! A??@! $7678437>D! 3?! %46E?8?7! J4DB0>D789L! $C0! H7D! 3C0>!
80G0880@! 3?! .F@767! *754>0! =?DB437F! ?>! 711?2>3! ?G! 3C0! D084?2D>0DD! ?G! 3C?D0!
4>\2840D!E23P!DC0!D79DP!3C0!Y7F0>\4>!D37GG!73!*754>0!=?DB437F!80G2D0@!3?!7330>@!3?!
C08!E0172D0!DC0!H7D!Y4W292!7>@!DC0!C7@!3?!E0!37W0>!3?!3C0!+7W282!:8?54>147F!
I0>087F! =?DB437F! 4>! 1843417F! 1?>@434?>!HC080! DC0!H7D! ?B08730@! ?>! 7>@! 80674>0@!
4>!C?DB437F!G?8!g!6?>3CDL!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
(%
!Q.4!K!1!$-7!

-( !

!
$464F78F9! 7! D373060>3! E9! -8L! +97A7! D3730@! 3C73! C0! 80B?830@! 3C0! 3C0G3! ?G! A??@D!
G8?6!C4D!C?2D0!3?!.F@767!*754>0!:?F410!$3734?>!E23!3C0!?GG4108D!80G2D0@!3?!C0FB!
C46!4>!38714>A!C4D!B8?B0839L!=0!G283C08!D3730@!H43C?23!B8?54@4>A!3C0!D?2810!?G!C4D!
4>G?86734?>! 3C73! ?23! ?G! dQj! (@64>4D38734?>! :?F410! &GG4108DP! ?>F9! g! H080! Y4W292L!
'283C08! 054@0>10! ?G! B7834D7>DC4B! 7>@! 18464>7F! 1?>@213! E9! 3C0! B?F410! H7D!
B8?54@0@! E9! _?C>! -H7>A4! HC?! 30D34G40@! 4>! +7457DC7! D3734>A! 3C73! C0! 7>@! C4D!
G764F9! C7@! E00>! @4DBF710@! G8?6! %46E?8?7! 7G308! E04>A! 73371W0@! E9! 7! A8?2B! ?G!
7E?23! jRR! Y7F0>\4>! H7884?8DOHC?! C7@! D60780@! 3C048! G710D! H43C! 62@! 7>@! H080!
7860@! H43C! E?HDP! 788?HDP! DB078D! 7>@! B7>A7DL! %C0! 73371W08D! 7BB0780@!
1??8@4>730@! 7>@! 1?662>41730@! 3C8?2AC! D4A>7FD! D0>3! E9! EF?H4>A! 7! C?8>! 7>@!
178840@! B038?F! 4>! D67FF! E?33F0D! HC41C! 3C09! 2D0@! 3?! 3?81C! C?2D0D! E0F?>A4>A! 3?!
Y4W292!G764F40DL!=0!7FF0A0@!3C73!3C09!H080!7DD4D30@!E9!7!B?F410!?GG4108!HC?!H7D!4>!
1C78A0! ?G! %46E?8?7! :?F410! $3734?>! HC?D0! >760! 3C0! H43>0DD! H7D! 2>7EF0! 3?!
B8?54@0L!
!
%C2D! 43! H?2F@! 7BB078! 3C73! B7834D7>DC4B! ?>! 3C0! B783! ?G! B2EF41! D085410! 7>@! F7H!
0>G?81060>3! 7A0>140D! D3874>0@! 1??8@4>734?>! 0GG?83DLjh! #>@00@P! 3C0! B8?54>147F!
7@64>4D38734?>! 801?660>@0@! 7>! 0GG?83! 3?! E7F7>10! 3C0! 03C>41! 1?6B?D434?>! ?G!
D0128439!B08D?>>0FL!
!
*8X393!K5E49524M!'9B8?5W1A!#4482XE!8?A!)@3?419P#4482XE!

,?49@A3245@?!
+7W282! J4D38413! 4D! 7>! 7A8412F3287F! 80A4?>! E0D3! W>?H>! G?8! "7W0! +7W282P! G76?2D!
G?8! 64FF4?>D! ?G! GF764>A?0D! 3C73! >0D3! 7F?>A! 43D! DC?80DL! K0G?80! 3C0! F78A08! +7W282!
J4D38413! H7D! DBF43P! 43! H7D! ?>0! ?G! 3C0! E4AA0D3! @4D38413D! 4>! Y0>97! H43C! D4/!
1?>D34320>140DO+7W282! %?H>P! +7457DC7P! -?F?P! Y280D?4P! *?>A74! 7>@! $2E2W47L!
+7W282!J4D38413!C7D!E00>!D9>?>96?2D!H43C!03C>41!7>@!B?F43417F!1?>GF413!7>@!H7D!
7GG0130@!4>!deeQ!7>@!deeS!B84?8!3?!3C0!I0>087F!.F0134?>D!C0F@!4>!3C?D0!9078DL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
64
@3!K610X!S<[M!T!A810:!56105!$-14!c0K2862>!+**)"

-, !

!
%C0! (W4H264! *0B?83! >?30@! 3C73! 3C0! A0>0D4D! ?G! 3C0! 03C>41! 54?F0>10! 805?F50@!
78?2>@! 3C0! 80O4>38?@2134?>! ?G! 62F34! B7839! B?F4341D! 4>! deedL! +?>OY7F0>\4>!
1?662>4340D!0DB0147FF9!3C0!Y4W292P!Y4D44P!"2C97!7>@!"2?!D2BB?830@!3C0!80328>!?G!
BF287F!B?F4341D!E23!3C0!Y7F0>\4>!7>@!-77D74!1?662>4340DP!3C0>!D2BB?8308D!?G!3C0!
82F4>A! Y0>97! (G8417>! +734?>7F! U>4?>! ]Y(+U^! H080! ?BB?D0@! 3?! 7>9! 1C7FF0>A0! ?>!
Y(+U[D!6?>?B?F9!?G!Y0>97!B?F4341DL!!

%C0! B28B?D0! ?G! 3C0! 1F7DC0D! 4>! deeQ! 7>@! deeS! H7D! 3?! 05413! 3C0! D?! 17FF0@! >?>O
4>@4A0>?2D! 1?662>4340D! HC?! H080! B0810450@! 3?! E0! 2>D2BB?83450! ?G! Y(+UL! %C0!
@4D38413! C?H0508! D34FF! 80674>D! ?>0! ?G! Y0>97[D! 6?D3! 1?D6?B?F437>! HC080! 6?D3! ?G!
Y0>97[D!03C>41!1?662>4340D!780!G?2>@!3C?2AC!3C0!@?64>7>3!?>0D!780!3C0!Y4W292!
7>@!Y7F0>\4>!H43C!D2ED37>347F!>26E08D!?G!Y4D44P!"2?!7>@!"2C97L!

&G1245@?!-1G841A!<5@G1?21!
(D! H7D! 3C0! 17D0! 4>! ?3C08! D430D! ?G! 54?F0>10! 54D430@! E9! 3C0! )?664DD4?>P! 3C0!
B80574F4>A! 736?DBC080! 4>! +7W282! @4D38413! B84?8! 3?! 3C0! 082B34?>! ?G! 54?F0>10! H7D!
@0D184E0@! @4GG080>3F9! E9! @4GG080>3! H43>0DD0D! HC?! 7BB0780@! E0G?80! 2DL! .50>!
I?508>60>3!?GG4108D!HC?!30D34G40@!A750!@4GG080>3!508D4?>D!?>!7F6?D3!05089!7DB013!
?G! 3C0! 54?F0>10P! 4>1F2@4>A! 3C0! @730! 3C0! 54?F0>10! 71327FF9! 082B30@! 4>! +7W282!
@4D38413P! 3C0! B80574F4>A! 736?DBC080! 4>! 3C0! B8010@4>A! H00WDP! 7>@! 3C0! 172D0D! ?G!
54?F0>10L!!
!
(11?8@4>A! 3?! *4G3! ;7FF09! :8?54>147F! )?664DD4?>08P! =7DD7>! +??8! =7DD7>P! HC?!
30D34G40@!E0G?80!2DP!54?F0>10!4>!+7W282!@4@!>?3!082B3!2>34F!%C28D@79P!Qh!_7>2789!
QRRf! 7>@! H7D! 172D0@! E9! `3C0! 788457F! ?G! 3C?2D7>@D! ?G! #J:D! 4>! +7W282a! HC41C!
`0F41430@! D38?>A! 06?34?>D! 7>@! C04AC30>0@! 30>D4?>! 4>! 7>! ?3C08H4D0! B0710G2F! 7>@!
1?D6?B?F437>!3?H>aP!7>@!E9!`30>D4?>DP!D2DB414?>D!7>@!713D!?G!D0FG!B80D085734?>Da!
G20FF0@!E9!`826?28D!?G!BF7>>0@!7>@!46B0>@4>A!73371WD!7>@!054134?>D!?G!606E08D!
?G! D?60! 1?662>4340D! npoa! &>! 3C0! ?3C08! C7>@P! <4FD?>! <7>97>A7P! 3C0! +7W282!
J4D38413!)?664DD4?>08P!3?F@!2D!3C73!43!H7D!3C0!80F07D0!?G!3C0!:80D4@0>347F!0F0134?>!
80D2F3D!?>!gR3C!J0106E08!QRRS!3C73!`678W0@!7!328>4>A!B?4>3!4>!3086D!?G!D0128439!
4>! B783D! ?G! 3C0! J4D38413a! 7>@! 3C73! 1F7DC0D! 082B30@! ?>! 3C0! 050>4>A! ?G! gR3C!
-) !

!
J0106E08! QRRS! 4>! 7807D! ?G! +7W282! E?8@084>A! Y?4E730W! @4D38413L! =0! G283C08!
30D34G40@! 3C73! 3C0! 1F7DC0D! 1?2F@! E0! 73384E230@! 3?! 0/4D34>A! 03C>41! 30>D4?>D! 7>@!
80B0730@!7FF0A734?>D!?G!84AA4>A!E9!B?F434147>D!7D!H0FF!7D!1?5087A0!E9!3C0!60@47L!!
%C0! )?664DD4?>! 0D37EF4DC0@! 3C73! 54?F0>10! 4>! +7W282! @4D38413! ?112880@! 4>! 3H?!
BC7D0DL! %C0! G48D3! H750! ?G! 54?F0>10! D37830@! ?>! gR! J0106E08! QRRSP! G?FF?H4>A! 3C0!
7>>?2>1060>3! ?G! 3C0! 80D2F3D! ?G! 3C0! B80D4@0>347F! 0F0134?>P! 7>@! H7D! F78A0F9!
384AA080@!E9!DB?>37>0?2DP!0F0134?>!80F730@!4>14@0>3DL!%C0!D01?>@!H750!?G!54?F0>10!
D37830@! ?>! Qh! _7>2789! QRRf! 7>@! 3??W! 7! 6?80! BF7>>0@! 7>@! D9D3067341! >73280P!
B4334>A!H0FF!?8A7>4V0@!03C>41!E7D0@!18464>7F!A7>AD!7A74>D3!071C!?3C08L!
!
%C0! )?664DD4?>! H7D! 7EF0! 3?! 0D37EF4DC! 3C73! 621C! ?G! 3C0! 54?F0>10! 4>! +7W282! 4>!
F730! J0106E08! QRRS! 7>@! 078F9! _7>2789! QRRf! H7D! 3C0! 12F64>734?>! ?G! 03C>41!
30>D4?>D! E24F3! 2B! @284>A! 3C0! 0F013?87F! 176B74A>! 7>@! 7! 807134?>! 3?! B0810450@!
73306B3D! 3?! 84A! 0F0134?>DL! )?664DD4?>! H43>0DD0D! H080! 2>7>46?2D! 4>!
71W>?HF0@A4>A! 3C73! 30>D4?>! D37830@! E24F@4>A! 2B! 4>! +7W282! 3?H>! H0FF! E0G?80! 3C0!
0F0134?>DP!7>@!3C73!3C0!7>>?2>1060>3!?G!3C0!80D2F3D!G?8!3C0!B80D4@0>347F!0F0134?>D!
H7D!B8010@0@!E9!7!F?3!?G!7>/4039!76?>A!606E08D!?G!3C0!B2EF41L!(!D2110DD4?>!?G!
4D?F730@! 18464>7F! 4>14@0>10D! E0G?80! 7>@! 7G308! 3C0! 0F0134?>DP! 7>@! 3C0! 4>7@0X2730!
B?F410! 80DB?>D0! 3?! 3C0D0! 4>14@0>3D! 1?>384E230@! 3?! 3C0! 4>1807D4>A! 30>D4?>! H43C4>!
3C0! @4D38413L! #>! ?>0! D21C! 4>14@0>3P! ?>! Qf3C! +?506E08! QRRS! B8?54>147F! D0128439!
7A0>140D!H080!7F0830@!E9!606E08D!?G!3C0!B2EF41!3C73!3H?!4>@454@27FD!D2DB0130@!3?!
E0! (@64>4D38734?>! :?F410! ?GG4108D! H080! ?>! E?78@! 7! 50C41F0! C07@4>A! 3?H78@D!
.F@?803! G8?6! Y7E78>03P! 178894>A! 7>@! @4D384E234>A! 7>34O&J-! F07GF03DL! %C0! 50C41F0!
H7D! G?FF?H0@! E9! 7>/4?2D! 606E08D! ?G! 3C0! B2EF41! 7>@! H7D! 4>30810B30@! 4>! Y049?!
HC080! 3C0! 3H?! ?GG4108D! H080! 1?>G8?>30@! E9! 7! 6?E! HC?! H080! 7E?23! 3?! E28>! 3C0!
50C41F0! HC0>! 3C0! Y049?! J4D38413! )8464>7F! #>50D34A734?>! &GG4108! ]J)#&^! 7BB0780@!
7>@! D750@! 3C048! F450D! G8?6! 3C0! 6?EL! %C0! 3H?! ?GG4108D! H080! F7308! E8?2AC3! 3?! 3C0!
B8?54>147F!B?F410!C07@X278308D!4>!+7W282!HC080!3C09!H080!80F07D0@!4>!69D3084?2D!
148126D37>10D!H43C?23!E04>A!1C78A0@Ljb!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
('
!Q#02011!C6:!X0B!RRe!EA3;!201!205F!3?!I!?1!V6LL0>!MC&,U!/<@!M46!2H6A!3?!I!?1!V6LL0>!M46J102!_3253A!e93L6B!MC!',!

-- !

!
!

(D! 7! 1?>D0X20>10! ?G! 3C0D0! 4>14@0>3D! 7>@! 3C0! B0810450@! 2>H4FF4>A>0DD! ?G! 3C0!
B?F410! B8?B08F9! 3?! 80DB?>@! 3?! 3C06P! 30>D4?>! H7D! C04AC30>0@! 4>! +7W282! @4D38413P!
76?>A!&J-!D2BB?8308DP!F78A0F9!1?>D4D34>A!?G!606E08D!?G!3C0!Y7F0>\4>P!"2?!7>@!
"2C97! 1?662>4340DP! 7D! H0FF! 7D! 76?>A! 606E08D! ?G! 3C0! Y4W292! 1?662>439P!
E0F4050@! 3?! E0! F78A0F9! D96B73C0341! 3?! :+UL! &J-! D2BB?8308D! 7>@! 606E08D! ?G!
03C>41!A8?2BD!D96B73C0341!3?!&J-!G0F3!3C73!0F0134?>D!H080!E04>A!84AA0@!4>!G75?28!
?G! 3C0! 4>126E0>3! :80D4@0>3! Y4E7W4Ljj! <43C4>! 3C0! Y4W292! 1?662>439P! 826?28D!
D37830@! 14812F734>A! 3C73! 7860@! :?W?3! H7884?8D! 7>@! 3874>0@! Y7F0>\4>! 9?23C!
BF7>>0@! 3?! GF2DC! ?23! 3C0! #J:D! G8?6! +7W282! 7>@! B2DC! 3C06! E09?>@! +7457DC7!
D4>10! +7W282! H7D! @0060@! 3?! E0! 7! Y7F0>\4>! 308843?89L! (FF! 384E0D! HC?! C7@! >?3!
D2BB?830@! &J-! H?2F@! 7FD?! E0! B2DC0@! 3?H78@D! +7457DC7L! '078D! ?G! 7! Y7F0>\4>!
73371W! ?>! Y4W292D! 4>30>D4G40@! ?>! gd! J0106E08! QRRS! HC0>! Y4W292! #J:D! D37830@!
788454>A! 4>! F78A0! >26E08D! 4>! +7W282! G8?6! .F@?803P! K28>3! '?80D3P! Y0841C?P!
<0D308>!Y0>97!7>@!+97>V7LjS!(3!3C0!D760!3460P!826?28D!H080!84G0!3C73!Y4W292D!
H080! 80182434>A! 9?23CD! 4>! +7457DC7P! "74W4B47! 7>@! J7>@?87! 3?! 1?60! 7>@! B8?3013!
+7W282!3?H>L!
!
#3! 4D! H?83C! >?34>A! 3C73P! 3?! 1?>38789! 3?! B8054?2D! 0F0134?>! 80F730@! 03C>41! 1F7DC0D!
HC41C! H080! 674>F9! 1?>G4>0@! 8287F! 7807DP! 3C0! J0106E08! QRRS! 54?F0>10! 7GG0130@!
28E7>!7D!H0FF!7D!8287F!7807D!?G!+7W282!@4D38413L!%C0!J)P!<4FD?>!<7>97>A7P!3?F@!
3C0!)?664DD4?>!3C73!?>!Qf!J0106E08!QRRSP!7!@79!7G308!3C0!0F0134?>DP!4>14@0>3D!
?G!54?F0>10!4>5?F54>A!054134?>!?G!Y4W292!7>@!Y4D44!G78608D!H080!80B?830@!G8?6!3C0!
*?>A74!@454D4?>P!B783412F78F9!4>!3C0!7807D!?G!Y76E4!97!-?3?!7>@!*?>A74!F?1734?>P!
B8?6B34>A!3C0!J$#)!3?!17FF!7>!0608A0>19!60034>A!?>!Qe!J0106E08!QRRSL!&>!3C0!
050>4>A! ?G! Qe! J0106E08! QRRSP! Y7F0>\4>D! D37830@! E28>4>A! C?2D0D! E0F?>A4>A! 3?!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
((
!MC!&,"!
(,
! G40! M3HH!::!3A! 40625! ?23H! 6! 20J20:0A161!#0! 3?! 140! [SR:! !A! P6X828! T2"! R0102! @62!8X!! ;43! ;6:! 5!:JL6=05! ?23H!
M40J:!3A!!A!@!JX0L!3A!S!:12!=1!1461!140![SR!M6HJ!61!140!P6X828!:43;!9238A5!465!J23=0::05!3#02!$**B***![SR:!;43!
J6::05! 1423894! 140! =6HJ! 3A! 140!2! ;6>! 13! 31402! =6HJ:! 32! 31402! JL6=0:! 13! :16>! ;!14! 20L61!#0:! !A! 31402! J621:! 3?! 140!
=38A12>"!!71!140!1!H0!140!M3HH!::!3A!#!:!105!140!M6HJ!3A!%*14!Z8L>!+**)B!14020!;020!$*B+**![SR:"!
$** !

!
Y4W292D! 7>@! Y4D44D! 7>@! 1C7D4>A! 7H79! 606E08D! ?G! 3C0! 3H?! 1?662>4340DL! $?60!
Y4W292D!7>@!Y4D44D!F0G3!3C048!C?2D0D!?23!?G!G078!E0G?80!3C09!H080!E28>3L!jf!!
!
#>! 28E7>! 7807DP! 607>HC4F0P! 3C0! )?664DD4?>! H7D! 3?F@! 3C73! &J-! D2BB?8308D!
D3?860@!3C0!+7W282!%?H>!=7FF!?>!Qf3C!J0106E08!QRRS!@067>@4>A!3C0!80F07D0!?G!
:80D4@0>347F! 80D2F3D! 7>@! ?>! Qe3C! J0106E08P! "2?! 9?23CD! 3??W! 3?! 3C0! D38003D! ?G!
:?>@767F4! .D3730! HC080! 3C09! H080! \?4>0@! E9! 7! F?D4>A! :78F4760>3789! 17>@4@730!
HC?!F0>3!C4D!D2BB?83!3?!3C0!B8?30D3DL!K2D4>0DD0D!7>@!50C41F0D!?H>0@!E9!Y4W292!
H080! 73371W0@! B8?6B34>A! 7! 54?F0>3! 80DB?>D0! E9! 3C0! Y4W292! G8?6! "7>A7! "7>A7!
0D3730L!!

%C0!B?F410!C7@!3?!4>30850>0!7>@!180730!7!E2GG08!V?>0!E03H00>!3C0!3H?!0D3730DL!&>!
gR3C! J0106E08P! 54?F0>10! 082B30@! 7A74>! 4>! 3C0! 3?H>! 80D2F34>A! 4>! 3C0! @073CD! ?G! S!
B08D?>DL!)F2E!"2F0[DP!7!80D37287>3!7F?>A!Y(+U!$38003!?H>0@!E9!+7C7DC?>!"2F0P!
7! "2?! 7>@! G?8608! B8?G0DD4?>7F! G??3E7FF! BF7908P! H7D! E28>3! E9! D?60! Y4W292!
78D?>4D3D! 7>@! 3C0! G480! DB807@! 3?! 3C0! 7@\?4>4>A! $26608F7>@! )F2EP! 7>?3C08!
80D37287>3L!%C4D!B8014B43730@!3C0!Y7F0>\4>!3?!E28>!C?2D0D!7>@!E2D4>0DD0D!?H>0@!
E9!3C0!Y4W292!4>!Y7B306EH7Lje!!

&>! _7>2789! h3C! QRRfP! 7! 606E08! ?G! 3C0! Y7F0>\4>! 1?662>439! HC?! C7@! E8?2AC3!
D?60! 1C781?7F! 3?! +7W282! G?8! D7F0! H7D! W4FF0@! E9! 606E08D! ?G! 3C0! Y4W292!
1?662>439! 73! 3C0! +7W282! K2D! :78W! >078! &A4FAF09! E78L! %C0! G?FF?H4>A! @79P!
606E08D! ?G! 3C0! Y4W292! 1?662>439! 806?50@! B0?BF0! G8?6! 6?3?8! 50C41F0D! 7>@!
4>D4D30@! 3C73! 3C09! 4@0>34G9! 3C048! 03C>41439L! %C4D! B8?6B30@! >?>OY4W292D! 3?! D3783!
F0754>A!3C0!3?H>!7>@!3C080!H7D!?B0>!30>D4?>!E03H00>!Y4W292D!?>!3C0!?>0!C7>@!
7>@!3C0!Y7F0>\4>DP!"2?P!"2C97!7>@!-77D74!?>!3C0!?3C08L!!

!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
()
!<;32A!0#!50A=0!3?!MC!&&"!
(-
!Q.4!K!1!$+'U!H!A810:!3?!I!?1!V6LL0>!R<[M!H001!A9!3A!%$!S0=0HK02!+**,"!

$*$ !

!
'9B8?5W1A!84482XE!

%C0!)?664DD4?>!H7D!3?F@!3C73!7!F050F!?G!17F6!80328>0@!3?!+7W282!3?H>!2>34F!3C0!
0>@! ?G! _7>2789! QRRf! HC0>! 3C0! @4D38413! 7>@! 3?H>! 0/B0840>10@! 3C0! H?8D3! 713D! ?G!
54?F0>10L! -06E08D! ?G! 3C0! Y4W292! 1?662>439! H080! 0>87A0@! E9! D3?840D! ?G! GF004>A!
Y4W292! #J:D! 7>@! 4>GF20>347F! Y4W292! E2D4>0DD! B0?BF0! 7FF0A0@F9! C0F@! 60034>AD! 3?!
874D0! G2>@D! G?8! 73371WD! 7A74>D3! 3C0! "2?P! "2C97! 7>@! Y7F0>\4>! 1?662>4340DL!
J284>A! 3C4D! B084?@! ?G! 7! 30>D0! 7>@! 2>07D9! 17F6P! 7! 606E08! ?G! 3C0! Y7F0>\4>!
1?662>439!H7D!W4FF0@!7>@!3?!750>A0!C4D!@073CP!Y7F0>\4>!9?23CD!G8?6!Y7B306EH7!
7>@! YH7! *?>@7! 7807D! 73371W0@! I43C467! .D3730O674>F9! 4>C7E430@! E9! Y4W292! ?>!
Qh3C!_7>2789!QRRfP!3?81C0@!3C048!C?2D0D!7>@!D3?F0!B8?B0839L!

!Y4W292!64F4347D!D2BB?830@!E9!606E08D!?G!3C0!?23F7H0@!-2>A4W4!D013!7>@!7>A89!
@4DBF710@!Y4W292!9?23C!7860@!H43C!>0H!B7>A7DP!W>450D!7>@!B038?F!E?6ED!H080!
7DD06EF0@! 7>@! @0BF?90@! 3?! 5784?2D! 0D3730DOY7B306EH7P! YH78C?@7P! -H784W4P!
'800!(807!7>@!Y434!3?!GF2DC!?23!r0>069[!1?662>4340DL!%C09!8?2>@0@!2B!"2?!60>!
HC?!H080!G?810G2FF9!14812614D0@!2D4>A!B7>A7D!7>@!E8?W0>!E?33F0D!7>@!3C?D0!HC?!
80D4D30@! H080! E0C07@0@L! %C0! :8?54>147F! -0@417F! &GG4108! ?G! =07F3C! G?8! *4G3! ;7FF09!
1?>G4860@! 3C73! 3C0! +7W282! :8?54>147F! I0>087F! =?DB437F! 7330>@0@! 3?! h! 17D0D! ?G!
"2?! 60>! HC?! C7@! E00>! G?810G2FF9! 14812614D0@! HC4F0! 7>?3C08! "2?! 67>! C7@! C4D!
B0>4D!76B23730@!E9!C4D!73371W08D!?>!Qb!_7>2789!QRRfL!%C0!Y7F0>\4>!1?662>439!
F454>A! 78?2>@! +7W282P! HC?! C7@! 7F807@9! E00>! 6?E4F4V0@! 7>@! 80B?830@F9! B74@! 3?!
G4AC3! 3C0! Y4W292SRP! 8037F4730@! 4660@4730F9! E9! 73371W4>A! 3C0! Y4W292! @?64>730@!
7807D! ?G! Y7B306EH7P! -H784W4! 7>@! I43C467! HC080! 3C09! E28>3! C?2D0DP! E2D4>0DD!
B8064D0D! 7>@! 7FD?! W4FF0@! 7! >26E08! ?G! B0?BF0L! (11?8@4>A! 3?! )?664DD4?>!
H43>0DD0DP! 3C0! 0D3730D! ?G! Y7B306EH7P! '800! (807P! Y434! 7>@! I43C467! H080! 3C0!
C78@0D3! C43! E9! 3C4D! 54?F0>10! HC41C! F7D30@! G8?6! 3C0! Qh3C! 3?! QS3C! _7>2789! QRRf!
HC4F0!Y4762>94!7!64@@F0!7>@!2BB08!4>1?60!>04ACE?28C??@!H7D!2>7GG0130@L!%C0!
)?664DD4?>!C078@!3C73!4>!?>0!>4AC3!7F?>0P!3C0!Qj!_7>2789!QRRfP!hf!B0?BF0!H080!
W4FF0@!4>!3C0!7G?8060>34?>0@!0D3730D!?G!+7W282L!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
,*
!Q.4!K!1!$+'!!

$*+ !

!
!

;G8??5?B!@H!4D1!65@G1?21!5?!*8X393!!

(11?8@4>A!3?!B8?54>147F!7>@!@4D38413!A?508>60>3!?GG4147FDP!3C0!_7>2789!73371WD!4>!
+7W282! H080! >043C08! ?8A7>4V0@! >?8! BF7>>0@L! %C0! *4G3! ;7FF09! :8?54>147F!
)?664DD4?>08! =7DD7>! +??8! =7DD7>! H7D! ?G! 3C0! 540H! 3C73! D4>10! deeQP! 0F0134?>D!
H080! 3C0! 0/12D0! 873C08! 3C7>! 3C0! 172D0! ?G! 03C>41! G4AC34>A! 7>@! 3C73! 7! D46BF0!
4>14@0>3! D21C! 7D! 7! G4AC3! 4>! 7! E78! E03H00>! 606E08D! ?G! @4GG080>3! 1?662>4340D!
1?2F@!DB78W!D084?2D!54?F0>10L!%C0!803480@!*4G3!;7FF09!::&!H7D!?G!3C0!?B4>4?>!3C73!
3C0! 54?F0>10! H7D! >?3! 0>3480F9! 2>G?80D007EF0L! ! .6?34?>D! C7@! E00>! 874D0@! E9! 3C0!
C4AC! >26E08D! ?G! GF004>A! #J:D! 788454>A! 4>!3C0! 3?H>! 7>@! 3C4D! 67@0! 43! F?A417F! 3C73!
8037F473?89!54?F0>10!H7D!E?2>@!3?!?1128L!!=?H0508P!3C0!)?664DD4?>!H7D!7EF0!3?!
@030864>0! G8?6! 1?6B0FF4>A! 30D346?>40D! 7>@! 054@0>10! 3C73! 3C0! _7>2789! QRRf!
54?F0>10! 4>! +7W282! H7D! H0FF! BF7>>0@! 7>@! ?8A7>4V0@! E9! E?3C! Y4W292! A7>AD!
E0F4050@!3?!E0!-2>A4W4!606E08D!7>@!Y7F0>\4>!7>@!"2?!A7>ADP!7>@!3C73!D0128439!
7A0>140D!W>0H!4>!7@57>10!7E?23!3C0!BF7>>4>A!7>@!?8A7>4V08D!?G!3C0!73371WDL!%C0!
)?664DD4?>!0D37EF4DC0@!3C73!BF7>>4>A!G?8!7>@!7>3414B734?>!?G!54?F0>10!4>!+7W282!
E9!E?3C!D4@0D!?G!3C0!03C>41!7>@!B?F43417F!@454@0!E0A7>!4>!3C0!H00WD!F07@4>A!3?!3C0!
0F0134?>D!7>@!4>30>D4G40@!4660@4730F9!7G308!0F0134?>DP!4>!3C0!G48D3!H00W!?G!_7>2789!
QRRfL! %C4D! 540H! C7D! 76BF0! D2BB?83! G8?6! 054@0>10! B8?@210@! E9! +$#$! 7>@! E9!
?3C08!H43>0DD0D!HC?!30D34G40@!E0G?80!3C0!)?664DD4?>L!!
!

*+,+!&65A1?21!

.54@0>10! B80D0>30@! 3?! 3C0! )?664DD4?>! E9! +$#$! 4>@41730@! 3C73! @79D! 7>@! H00WD!
B84?8!3?!3C0D0!73371WDP!3C4D!D0128439!7A0>19!C7@!E00>!1F?D0F9!6?>43?84>A!@0374FD!?G!
BF7>>4>A! G?8! 7>@! ?8A7>4V734?>! ?G! 73371WD! 4>! +7W282! E9! A7>AD! 7GG4F4730@! 3?! E?3C!
D4@0D!?G!3C0!03C>41!7>@!B?F43417F!@454@0L!<43C!80A78@!3?!3C0!-2>A4W4lY4W292!D4@0P!
7>!+$#$!80B?83!@730@!df! J0106E08!QRRS!>?30@!3C73! 3H?!-2>A4W4!F07@08D! ?G!3C0!
+7W282! 1C7B308! H080! 0>A7A4>A! 4>! 7! 801824360>3! @8450! 7464>A! 73! 80182434>A! gRR!
>0H! 606E08D! G8?6! 3C0! +7W282! 7807LSd! #3! H7D! G283C08! +$#$! 054@0>10! 3C73! 4>!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
,$
!G40!1;3!L06502:!;020!=!105!K>!P<[<!"!
$*% !

!
$71C7>AH7>! 387@4>A! 10>308! 7F?>A! 3C0! D38031C! ?G! C4ACH79! E03H00>! +7W282! 7>@!
-?F?P!Y4W292!7>@!Y7F0>\4>!1?662>4340D!H080!BF7>>4>A!3?!73371W!071C!?3C08L!&>!
e!_7>2789! QRRfP! +$#$! >?30@! C04AC30>4>A! ?G! 30>D4?>! 76?>A! 3C0! Y7F0>\4>P! "2C97!
7>@! "2?! 1?662>4340D! 80D4@4>A! 4>! $C7E7E! 7>@! "7>A7F7>A7! 0D3730D! 4>! +7W282!
G?FF?H4>A!DB012F734?>D!3C73!-2>A4W4!606E08D!H?2F@!73371W!3C06!E03H00>!3C0!e3C!
7>@!3C0!dd3C!_7>2789!QRRfL!

!&>!db!_7>2789!QRRfP!7!H00W!E0G?80!3C0!6?D3!E8237F!73371WD!082B30@!4>!+7W282P!
+$#$! H7D! 7EF0! 3?! 0D37EF4DC! 3C73! D?60! -2>A4W4! 606E08D! H080! BF7>>4>A! 3?!
@4D180@43! 3C0! A?508>60>3! E9! 4>D34A734>A! 1C7?D! 4>! +7W282P! 76?>A! ?3C08! BF710DL!
(G308!>?34>A!3C0!C04AC30>4>A!?G!30>D4?>!4>!3C0!K7C734!@454D4?>!?G!+7W282!E03H00>!
3C0! "2?! 7>@! Y7F0>\4>! ?>! ?>0! D4@0! 7>@! 3C0! Y4W292! ?>! 3C0! ?3C08! G?FF?H4>A! 3C0!
054134?>!?G!bR!"2?D!G8?6!80>37F!C?2D0D!E0F?>A4>A!3?!3C0!Y4W292P!+$#$!1?>1F2@0@!
?>! df! _7>2789! QRRf! 3C73! `1?>G8?>3734?>D! 780! F4W0F9La! '4>7FF9P! ?>! Qg! _7>2789!
QRRfP! +$#$! C7@! 4>G?86734?>! 3C73! 7! G?8608! +7W282! -:! H7D! ?8A7>4V4>A! -2>A4W4!
606E08D!3?!73371W!>?>OY4W292!B0?BF0!80D4@4>A!H43C4>!+7W282!3?H>!7>@!3C73!3C0!
4>30>@0@! 378A03D! ?G! 3C0! -2>A4W4! 4>1F2@0@! G?8608! +7W282! B78F4760>3789!!
17>@4@730!7>@!?3C08!&J-!B8?54>147F!7>@!@4D38413!F07@08DL!'4>7FF9P!+$#$!8010450@!
4>G?86734?>!?>!Qb!_7>2789!QRRf!3C73!3C0!-2>A4W4!1?O?8@4>73?8!G?8!+7W282!C7@!
7@54D0@! Y4W292! E2D4>0DD60>! 4>! +7W282! %?H>! 3?! 1F?D0! @?H>! 3C048! E2D4>0DD0D!
7>@! \?4>! 3C0! D013! 606E08D! 4>! 73371W4>A! >?>OY4W292! 3?! 8050>A0! 73371WD! ?>!
Y4W292D!4>!+?83C!*4G3LSQ!

&>!3C0!Y7F0>\4>!7>@!"2?!D4@0P!+$#$!H7D!4>G?860@!?>!Q>@!_7>2789!QRRf!?G!7!BF7>!
E9! 7! A8?2B! ?G! "2?! 7>@! Y7F0>\4>! 9?23C! G8?6! 3C0! Y7B306EH7! 7807! ?G! +7W282! 3?!
73371W! 3C0! Y4W292! 7>@! A?508>60>3! D2BB?8308D! 7>@! 3?! D03! 7EF7V0! 3C048! E2D4>0DD!
B8064D0DL!(11?8@4>A!3?!+$#$P!-2>A4W4!H7D!4>G?860@!?G!3C4D!BF7>!7>@!H7D!7EF0!3?!
@0BF?9! 43D! 606E08D! 4>! 3C0! 7GG0130@! 7807D! H43C! 7! 540H! 3?! 1?2>308! 3C0! 4>30>@0@!
73371WL! +$#$! 4>G?86734?>! ?>! S! _7>2789! QRRf! H7D! 3C73! 7! Y7F0>\4>! 1C40G! H7D!
F07@4>A!7!A8?2B!?G!F?17F!0F@08D!4>!6?E4F4V4>A!9?23CD!G8?6!3C0!Y7F0>\4>!1?662>439!
3?! 05413! 3C0! Y4W292D! F454>A! 4>! 3C0! 7807P! H43C! 3C0! 746! ?G! D0FF4>A! 3C0! Y4W292!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
,+
!Q.4!K!1!$-7!EP<[<!:!1861!3A!20J321:F!

$*& !

!
7E7>@?>0@!G786D!3?!Y7F0>\4>DL!%C0!D760!@79!+$#$!F078>0@!3C73!D05087F!Y7F0>\4>!
9?23CD! H080! 8010454>A! 1?6E73! 3874>4>A! H43C4>! 3C0! G786! ?G! 7! B?F434147>! H43C4>!
&F0>A282?>0! G?8! 3C0! B28B?D0! ?G! E04>A! @0BF?90@! 3?! 73371W! 3C0! Y4W292! 7>@! Y4D44!
80D4@4>A! 4>! >04ACE?84>A! -?F?! J4D38413L! !&>! Qh! _7>2789! QRRfP! +$#$! F078>0@! 3C73!
G?FF?H4>A!7>!73306B3!E9!3C0!Y4W292!3?!D03!7EF7V0!7!C?2D0!?G!7!G?8608!)?2>14FF?8!
73!-21C?8H0!7807P!7!G?8608!1?2>14FF?8!4>!+7W282!H7D!6?E4F4V4>A!Y7F0>\4>!9?23C!
3?! 73371W! 3C0! Y4W292! 80D4@4>A! 73! -21C?8H0! 7>@! +97W4>927! H43C4>! 3C0! $484WH7!
F?1734?>! ?G!+7W282!@4D38413L!#>! 7@@434?>P!+$#$!H7D!4>G?860@!3C73!?>! Qb!_7>2789!
QRRf! 7E?23! QRR! Y7F0>\4>! 9?23C! G8?6! 3C0! A807308! Y0841C?! J4D38413! 788450@! 4>!
+7W282!HC080!3C09!H080!80A8?2B4>A!73!$0H7F0!4>!-H784W4!K!7>@!73!3C0!80D4@0>10!
?G!7!G?8608!-06E08!?G!:78F4760>3LSg!

'4D19!)@775EE5@?!=54?1EE!41E457@?:!

%C0! )?664DD4?>! H7D! A450>! 054@0>10! 7>@! 30D346?>9! 3C73! 1?88?E?8730@! +$#$!
4>G?86734?>!?>!BF7>>4>A!?G!54?F0>10!4>!+7W282L!%C0!)C74867>!?G!3C0!"7H!$?14039!
?G!Y0>97P!*4G3!;7FF09!)C7B308P!3?F@!3C0!)?664DD4?>!3C73!D?603460!E0G?80!3C0!Qh3C!
_7>2789! QRRf! C7@! 8010450@! 7! 17FF! G8?6!7>! -:! 4>G?864>A! C46! 3C73! 73371WD! H080!
BF7>>0@!4>!+7W282!G?8!3C0!Qb3C!7>@!Qj3C!_7>2789!QRRf!7>@!3C73P!3C8?2AC!7!3C48@!
B08D?>P!C0!B7DD0@!3C4D!4>G?86734?>!?>!3?!3C0!:8?54>147F!:?F410!&GG4108!]::&^LSh!%C0!
3C0>! ::&P! .508033! <7D4W0P! 1?>G4860@! C754>A! 8010450@! 3C4D! 4>G?86734?>! 7>@!
B7DD0@! 43! ?>! 3?! +7457DC7! 7>@! +7W282! &):JDLSb! #3! 4D! >?3! 1F078! HC73! 2D0! H7D!
67@0! ?G! 3C73! 4>G?86734?>! E0G?80! 3C0! 73371WD! ?>! Qb! _7>2789L! (! DB0147F! :$#)!
60034>A!C0F@!?>!j!'0E82789!QRRf!@480130@!3C0!+7W282!7>@!3C0!+7457DC7!J$#)D!
`3?!D266?>! 3C?D0!E0F4050@!3?!E0!G2>@4>A!3C0!4FF0A7F!D013D!]-2>A4W4^!713454340D!3?!
3C048! 80DB013450! J$#)D! G?8! @4D12DD4?>lH78>4>A! ?>! 3C0! D760La! )?664DD4?>!
H43>0DD0DP! 4>1F2@4>A! @4D38413! 7>@! B8?54>147F! A?508>60>3! ?GG4147FDP! 3?F@! 3C0!
)?664DD4?>! 3C73! D?60! ?G! 3C0! B0?BF0! HC?! G2>@0@! 7>@! ?8A7>4V0@! 3C0! 73371WD! 4>!
+7W282!3?H>!4>1F2@0@!D05087F!+7W282!E2D4>0DD60>L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
,%
!Q.4!K!1!$-D!
,&
!MC!!&,"!
,'
!MC!!'",!
$*' !

!
.54@0>10! B80D0>30@! E9! 3C0! Y+)=*! H7D! 3C73! F?17F! F07@08D! 4>! +7W282! 7>@!
4>GF20>347F!Y4W292!E2D4>0DD!B0?BF0!C7@!C0F@!60034>AD!3?!874D0!G2>@D!G?8!8050>A0!
73371WD!7A74>D3!3C0!"2?P!"2C97!7>@!Y7F0>\4>L!%C0!803480@!::&!A750!3C0!>760D!C0!
8010450@!7D!E04>A!E0C4>@!3C0!8037F473?89!73371WD!4>!+7457DC7!7>@!+7W282LSj!
!!
%C0!4>5?F5060>3!?G!-2>A4W4!A7>A!606E08D!4>!3C0!54?F0>10!4>!+7W282!F0@!3?!3C0!
1?>34>24>A!6?>43?84>A!?G!3C4D!A7>A[D!713454340D!4>!+7W282!E9!E?3C!3C0!*4G3!;7FF09!
:$#)!7>@!3C0!+7W282!J$#)!606E08D!G8?6!+?506E08!QRRS!3C8?2AC!-781C!QRRfL!
(!!J$#)!60034>A!C0F@!?>!QR3C!+?506E08!QRRS!>?30@!`H43C!1?>108>!3C0!B80D0>10!
?G! -2>A4W4! 7@C080>3D! H43C4>! +7W282! 3?H>a! 7>@! 801?660>@0@! 3C73! 4>30FF4A0>10!
80B?83D!?>!-2>A4W4!`E0!7574F0@!3?!J$#)!B8?6B3F9!G?8!4660@4730!7134?>!4>D307@!?G!
C754>A!43!D0>3!3?!+748?E4P!E71W!3?!3C0!:$#)!7>@!3C0>!3?!3C06La!(3!3C0!B8?54>147F!
F050FP!3C0!-2>A4W4!60>710!4>!+7W282!7>@!+7457DC7!1?>34>20@!3?!E0!@4D12DD0@!4>!
:$#)! 60034>ADP! 4>1F2@4>A! 60034>AD! ?>! b3CP! S3C! 7>@! f3C! '0E82789! QRRfL! ! &>!
'0E82789!dD3P!QRRf!3C0!:$#)!8010450@!4>G?86734?>!?G!7>?3C08!4664>0>3!-2>A4W4!
73371W!?>!3C0!YH7!*C?>@7!7807!7>@!7DW0@!3C0!+7W282!J$#)!3?!7887>A0!G?8!B80O
06B3450!874@D!4>!3C0!7807LSS!

*84391!8?A!1041?4!@H!4D1!65@G1?21!

%C0! 54?F0>10! 4>! +7W282! J4D38413! 3??W! 3C0! G?86! ?G! 03C>417FF9! 378A030@! W4FF4>ADP!
67464>AP! G?810@! 054134?>P! E28>4>A! ?G! C?2D0D! 7>@! E2D4>0DD! B8064D0DL! *01?8@D!
G8?6! C07F3C! 4>D343234?>D! 7>@! 3C0! +7W282! 6?832789! B8?@210@! E0G?80! 3C0!
)?664DD4?>!4>@41730!3C73!E03H00>!gd!J0106E08!QRRS!7>@!g8@!-781C!QRRfP!Qdh!
B08D?>D! @40@! 7D! 7! 80D2F3! ?G! B?D3! 0F0134?>! 54?F0>10P! 4>1F2@4>A! QRb! 67F0D! 7>@! e!
G067F0DL!(11?8@4>A! 3?! B?D3O6?8306D! @?>0!?>! 3C0! E?@40DP! dhf! ?G! 3C0! Qdh! @40@!?G!
4>\2840D!80D2F34>A!G8?6!DC78BlB?4>30@!?E\013Dc!hb!@40@!?G!4>\2840D!80D2F34>A!G8?6!
EF2>3! ?E\013Dc! Qg! @40@! ?G! A2>! DC?3! H?2>@Dc! dR! @40@! ?G! E28>Dc! 7>@! d! @40@! ?G!
D2GG?1734?>L! '8?6! 3C0! 801?8@D! 67@0! 7574F7EF0! 3?! 3C0! )?664DD4?>! 73! F07D3! Sh! ?G!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
,(
!Q.4!K!1!$+'!
,,
!T!A810:!3?!I!?1!V6LL0>!R<[M!6A5!P6X828!S<[M!H001!A9:!J2358=05!K0?320!140!M3HH!::!3A!

$*( !

!
3C0D0! B0?BF0! @40@! E0G?80! Qg8@! _7>2789! QRRf! @284>A! 3C0! G48D3! H750! ?G! 54?F0>10!
HC4F0! 7>?3C08! ddQ! H080! W4FF0@! 7G308! Qg8@! _7>! @284>A! 3C0! D01?>@! H750L! <0! H080!
C?H0508!2>7EF0!3?!@030864>0!G8?6!3C0!801?8@D!7574F7EF0!3C0!@730D!HC0>!3C0!?3C08!
Qf!801?8@0@!@073CD!1?2F@!C750!?112880@L!!

%87267341!]?8!G?810@^!14812614D4?>P!7!B783412F78F9!E78E7841!G?86!?G!54?F0>10P!H7D!
4>GF4130@! ?>! 674>F9! 67F0! 541346D! HC?! H080! "2?L! S! B08D?>D!H080! 7@64330@! 73! 3C0!
:8?54>147F! I0>087F! =?DB437FP! +7W282P! HC080! 3C09! H080! 380730@! G?8! 387267341!
14812614D4?>! 7>@! B0>4F0! 76B23734?>L! b! ?23! ?G! 3C0! S! 387267341! 14812614D4?>D!
?112880@! ?>! Qb! _7>2789! QRRfLSf! Qe! 87B0! 17D0D! H080! 67>7A0@! 73! 3C0! :8?54>147F!
I0>087F! =?DB437FP! +7W282L! %C0! )?664DD4?>! H7D! A450>! 7! 1?6BF030! 37E2F734?>! ?G!
B?D3! 0F0134?>! 80F730@! @073CD! 7>@! C?DB437F! 7@64DD4?>! 17D0DP! 7D! H0FF! 7D! B?D3O
6?8306!80G080>10D!7>@!@0374FDLSe!

%C0!67\?8439!?G!3C0!@073CD!H080!043C08!7D!7!80D2F3!?G!788?H!7>@!671C030!H?2>@D!
]DC78BlB?4>30@! ?E\013D^! ?8! 4>GF4130@! E9! EF2>3! ?E\013DP! HC41C! 4D! 7! B?4>308! 3?! 3C0!
D757A089! ?G! 3C0! 54?F0>10! 7>@! E78E78439! ?G! 3C0! H7884>A! A7>ADL! #>! DB430! ?G! ! 7!
+734?>7F! )??8@4>734>A! )?6643300! 0D37EF4DC0@! E9! 3C0! -4>4D389! ?G! =07F3C! 3?!
80DB?>@!3?!3C0!0608A0>19P!D21C!7!C4AC!>26E08!?G!17D27F340D!4>!7!@4D38413!D21C!7D!
+7W282!D38031C0@!60@417F!G714F4340D!7>@! 0DB0147FF9!3C0! *4G3! ;7FF09!:8?54>147F!7>@!
I0>087F!=?DB437F!3?!3C0!F4643LfR!!

<0! D7F230! 3C0! 1?660>@7EF0! 0GG?83D! ?G! +7W282! 60@417F! B08D?>>0F! HC?P! HC4F0!
G714>A!A8073!?@@DP!67>7A0@!3?!674>374>!7>!7110B37EF0!D37>@78@!?G!C07F3C!H43C4>!
3C0! #J:! 176BD! 4>! +7W282! 4>1F2@4>A! 3C0! @0BF?960>3! ?G! 1F4>417F! ?GG4108D! 3?! 3C0D0!
176BD! 7>@! 0D37EF4DC60>3! ?G! 6?E4F0! 1F4>41D! 3?! D0850! 3C0! #J:! 176BD! HC080!3C?D0!
@4DBF710@! H080! 2>7EF0! 3?! 8071C! 7574F7EF0! C07F3C! 1780! G714F4340DL! <0! G283C08!
1?660>@!3C0!D308F4>A!0GG?83D!?G!7860@!G?810D!C07F3C!B08D?>>0F!HC?!C7@!3?!1?60!
4>! 3?! C0FB! 4>! 67>7A4>A! 3C0! 541346D! D4>10! C07F3C! H?8W08D! H080! ?508HC0F60@!
@0DB430! H?8W4>A! ?5083460L! (D! H43C! ?3C08! C?DB437FD! 4>! 1?>GF413! V?>0DP! 3C0! *4G3!
;7FF09!:8?54>147F!s!I0>087F!=?DB437F!H7D!G710@!H43C!7>!?508HC0F64>A!>26E08!?G!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
,)
!P6X828!TeYB!0.4!K!1!&(!
,-
!P6X828!TeYB!Q.4!K!1:!&(B!&(7B!&(D!
)*!S2"!Y0f23A!P>6A9!13B!R02H6A0A1!<0=20162>!T!A!:12>!3?!T05!=6L!<02#!=0:!
$*, !

!
D28545?8D!HC41C!H7D!G283C08!0/7108E730@!E9!@4DBF71060>3!?G!D37GG! 606E08D!7>@!
80X20D3D!G?8!387>DG08D!E9!D37GG!HC?!C7@!8010450@!3C8073D!?>!3C0!E7D4D!?G!3C048!384E0!
F07@4>A!3?!DC?837A0!?G!D37GGL! %C0!)?664DD4?>!G283C08!C078@!3C73! 3C0!EF?1W7A0!?G!
8?7@D! 4>! 67>9! BF710D! 4>! 3C0! 4>3084?8! C4>@080@! D28545?8D! G8?6! 7110DD4>A! 3C0!
G714F439!7G308!E04>A!80G0880@!G8?6!3C0!C07F3C!10>308D!?G!G48D3!17FFL!'4>7FF9P!7!B8?EF06!
3C73! H7D! >?3! 2>4X20! 3?! 3C0! *4G3! ;7FF09! :8?54>147F! I0>087F! =?DB437F! H7D! 3C0!
4>7@0X2730!6?832789!17B71439!HC41C!67@0!43!@4GG412F3!3?!B80D0850!E?@40DL!#>!D?60!
7807DP!3C0!Y0>97!*0@!)8?DD!1760!4>!C7>@9!7>@!B8?54@0@!80G84A08730@!1?>374>08DP!
E23!4>!+7W282!3C0!2>1F7460@!E?@40D!H080!@4DB?D0@!?GL!

-1EC@?E1!F:!;@G521!8?A!;9@65?258G!#A75?5E49845@?!

%C0! )?664DD4?>! 0D37EF4DC0@! 3C73! B?F410! 7>@! A?508>60>3! 723C?84340D! 73!


B8?54>147F! 7>@! @4D38413! F050FD! H080! 4>G?860@! ?G! 3C0! BF7>>0@! 73371WD! 4>! +7W282!
D2GG4140>3F9!4>!7@57>10!3?!E0!7EF0!3?!BF7>!G?8!7@0X2730!80DB?>D0L!%C0!*4G3!;7FF09!
:8?54>147F!:?F410!&GG4108P!.508033!<7D4W0P!7@64330@!C754>A!8010450@!4>G?86734?>!?G!
BF7>>0@!73371WD!E9!Y4W292!A7>AD!E0G?80!3C09!H080!1?664330@!7>@P!7D!@4D12DD0@!
078F408P! +$#$! C7@! D464F78! 4>G?86734?>! HC41C! H?2F@! ?8@4>784F9! E0! B7DD0@! ?>! 3?!
B?F410! 7>@! 3C0! @4D38413! 723C?84340DL! %C0! )?664DD4?>! 3C080G?80! G?2>@! 30D346?>40D!
E9!B?F410!?GG4147FD!7>@!@4D38413!723C?84340D!3?!3C0!0GG013!3C73!3C0!54?F0>10!4>!+7W282!
4>!_7>2789!3??W!3C06!E9!D28B84D0!2>1?>54>14>AL!

%C0! )?664DD4?>! H7D! A450>! 054@0>10! 3C73! 3C0! B?F410! H080! 5089! DF?H! 3?! 80DB?>@!
7>@!D?60!D46BF9!80G2D0@!3?!0>G?810!3C0!F7HL!(F3C?2AC!30>D4?>!C7@!711262F730@!
7>@! 4>30FF4A0>10! 80B?83D! H080! 1F078F9! 4>@41734>A! 7! E24F@! 2B! 3?! 73371WD! E9! E?3C!
D4@0DP!43!H7D!>?3!2>34F!54?F0>10!E8?W0!?23!7>@!>00@F0DDF9!F0@!3?!3C0!@073CD!?G!hf!
4>>?10>3! B0?BF0! ?>! Qj3C! ?G! _7>2789! QRRf! 3C73! 3C0! :8?54>147F! $0128439! 7>@!
#>30FF4A0>10! )?6643300! 3C8?2AC! 3C0! *4G3! ;7FF09! :)! 46B?D0@! 7! 80D384134?>! ?G!
6?5060>3!]128G0H^!4>!+7W282!7>@!I4FA4F!3C0!G?FF?H4>A!@79P!QS3C!_7>2789L!#3!H7D!
1F078!3?!3C0!)?664DD4?>!3C73!E9!3C4D!3460!3C0!D432734?>!C7@!A?>0!1?6BF030F9!?23!
?G! 1?>38?F! 7>@! B08C7BD! 4G! 3C0! D?O17FF0@! `128G0Ha! C7@! E00>! 46B?D0@! E0G?80! 3C0!
5?F734F0!D3730!?G!7GG748D!2>8750FF0@P!6?80!F450D!H?2F@!C750!E00>!D750@L!%C080!H080!

$*) !

!
1?6BF74>3D! G8?6! 606E08D! ?G! 3C0! +7W282! E2D4>0DD! 1?662>439! 3C73! 3C0!
80D384134?>!?G!6?5060>3!C7@!D05080F9!7GG0130@!E2D4>0DD0D!H43C4>!3C0!3?H>!F07@4>A!
3?!C2A0!F?DD0DL!K23!B80D0854>A!F4G0!H7D!108374>F9!7!621C!C4AC08!B84?8439P!7>@!G8?6!
2>1?>38?50830@!)?664DD4?>!30D346?>40DP!3C0!128G0H!D006D!3?!C750!D750@!F450D!4>!
+7W282Lfd! ,03P! 050>! E0G?80! 3C0! 128G0H! 46B?D434?>P! 3C0! 723C?84340D! H080! 7F807@9!
7H780! 3C73! 384E7F! A7>AD! C7@! E00>! 6?E4F4V0@! 3?! 73371W! 108374>! G786Dc! 80D4@0>3D!
7>@! 38750FF08D! H080! 7F807@9! E04>A! W4FF0@! E9! 8457F! A7>AD! ?>! 7>! 03C>41! E7D4DL! <0!
H080! 7FD?! 3?F@! 3C73! 4>! 67>9! 17D0D! B?F410! ?GG4108D! H080! @0F4E08730F9! 80G2D4>A! 3?!
4>30850>0! 7>@! 3C048! 0>G?81060>3! ?G! 3C0! F7H! H7D! 2>E7F7>10@! 7>@! 03C>417FF9!
E47D0@LfQ!

'74F280! 3?! BF7>! G?8! 7@0X2730! @0BF?960>3! ?G! B08D?>>0F! 80D2F30@! 4>! B??8! B?F410!
80DB?>D0! 3?! 3C0! 54?F0>10! 4>! +7W282! @4D38413L! #660@4730F9! G?FF?H4>A! 3C0!
7>>?2>1060>3!?G!3C0!B80D4@0>347F!0F0134?>D!80D2F3DP!43!H7D!?E54?2D!3?!*4G3!;7FF09!
B8?54>147F! D0128439! 7A0>3D! 3C73! B?F410! ?GG4108D! ?>! 3C0! A8?2>@! H080! ?508HC0F60@!
E9! 3C0! 54?F0>10! 3C73! 082B30@! 718?DD! 3C0! B8?54>10L! (! :$#)! 60034>A! C0F@! ?>! gd!
J0106E08!QRRS!@014@0@!3?!17FF!G?8!D2BB?83!G8?6!3C0!64F43789L!#>!+7W282!J4D38413P!
711?8@4>A! 3?! 3C0>! ::&! <7D4W0P! 3C0! DC008! >26E08D! ?G! 3C0! 67872@4>A! A7>AD!
C0754F9!?23>26E080@!3C0!B?F410!7>@!3C0!(869!H7D!17FF0@!4>!3?!7DD4D3!4>!B?F414>AL!
%C0! )?664DD4?>! C078@! 3C73! 3C080! H080! 5089! G0H! B?F410! ?GG4108D! 4>! 3C0! 38?2EF0@!
7807D! ?G! Y76E78784P! Y7B306EH7P! -4F467! 7>@! Y434P! 7>@! 3C73! 3C?D0! HC?! D?2AC3!
C0FB! G8?6! B?F410! D3734?>D! H080! 3?F@! 3?! 80D?83! 3?! D0FG! C0FBL! %C0! )?664DD4?>! H7D!
G283C08!3?F@!3C73!3C080!H080!6?80!3C7>!dRR!4@F0!B?F410!?GG4108D!4>!3C048!80D4@0>347F!
C?2D0D!H43C4>!3C0!3?H>!73!Y7D787>4!7>@!3C0807G308!3C09!H?2F@!E0!C480@!B845730F9!
73!7!A?4>A!8730!?G!E03H00>!YDCL!dPRRR!3?!YDCL!QPRRR!B08!?GG4108!3?!7DD4D3!H43C!3C0!
80D120! ?G! E0D40A0@! B0?BF0! 3?! D7G08! 7807DL! %C0! 4>7@0X2730! >26E08! ?G! B?F410!
?GG4108D! 80D2F30@! 4>! 4>@454@27FD! 0>A7A0@! 4>! 18464>7F! 713454340D! >?3! G0784>A! 3?! E0!
172AC3! E9! B?F410! ?8! 050>! @4D?E094>A! B?F410! ?8@08D! 3?! D3?B! 3C?D0! 18464>7F!
713454340DL!#>!$7FA77!7807P!dR!7860@!3C2AD!D03!7!C?2D0!?>!G480!7>@!80G2D0@!3?!D3?B!

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

)$!7:X05!13!5!:=8::!140!L096L!1>!6A5!0??0=1!3?!140!=82?0;B!T2"!e93LL6B!=46!2H6A!3?!140!/6;!<3=!01>!I!?1!V6LL0>!M46J102B!
:16105B!]i4j65!1461!=82?0;!A31!K00A!!HJ3:05B![!14!AX!P6X828!;38L5!K0!A3!H320^"!
)+!M[RQV![A#0:1!96132:!Z3K!<4001!
$*- !

!
HC0>! 1?>G8?>30@! E9! D0128439! B08D?>>0F! HC?! ?B0>0@! G480! 80D2F34>A! 4>! b! ?G! 3C0!
3C2AD!E04>A!7880D30@!7>@!3C0!80D3!0D17B4>A!H43C!E2FF03!H?2>@DLfg!!

<0!H080!3?F@!3C73!4>!540H!?G!3C0!G74F280!?G!B?F410P!7!>26E08!?G!B845730!4>D343234?>DP!
4>1F2@4>A! 3C0! "7H! $?14039! ?G! Y0>97! *4G3! ;7FF09! )C7B308P! H080! 7EF0! 3?! 6?2>3!
1?660>@7EF0!7>@!84DW9!?B08734?>D!3?!80D120!4>@454@27FD!7>@!G764F40D!HC?!H080!
73! 84DW! ?G! E04>A! 73371W0@L! K03H00>! 3C0! Qb3CP! Qj3C! 7>@! QS3C! _7>2789P! 3C0! "7H!
$?14039!*4G3!;7FF09!)C7B308!80D120@!7BB8?/46730F9!gRR!3?!hRR!B0?BF0!G8?6!:?>@7!
-7F4P! Y7B306EH7P! I43C467! 7>@! -H784W4! 7807D! HC?! H080! 37W0>! 3?! (G87C7!
$37@426! 7>@! 3?! 3C0! +7W282! ($Y! $C?H! I8?2>@L! %C0! )C74867>! ?G! 3C0! "7H!
$?14039! *4G3! ;7FF09! )C7B308P! -8L! &A?FF7P! HC?! 0/30>D450F9! 4>3087130@! H43C! 3C0!
B?F410!@284>A!3C0!73371WD!4>!+7W282P!30D34G40@!3C73!3C0!B?F410!H080!@454@0@!7F?>A!
03C>41! F4>0D! H43C! 071C! A8?2B! C0FB4>A! 3C048! ?H>! 7>@! 73! 3C73! 3C0D0! @454D4?>D!
0D17F730@!3?!3C0!B?4>3!HC080!3C0!?GG4108D!H080!?>!3C0!508A0!?G!328>4>A!7A74>D3!?>0!
7>?3C08L! =0! G283C08! D3730@! 3C73! C0! C7@! F078>3! 3C73! 7! D0>4?8! ?GG4108! HC?! H7D! 4>!
1C78A0! ?G! ?B08734?>D! 73! 3C0! Y0>97! :?F410! :8?54>147F! C07@X278308D! H7D! ?>F9!
@0BF?94>A!Y4W292!?GG4108D!HC41C!F0G3!7!C2A0!>26E08!?G!B?F410!?GG4108D!4@F0!H43C4>!
3C048!80D4@0>347F!@H0FF4>A!BF710!?G!Y7D787>4L!

#>!67>9!4>D37>10D!3C0!B?F410!7>@!B8?54>147F!7>@!@4D38413!723C?84340D!F03!18464>7F!
?8! B?30>347F! 18464>7F! 713454340D! A?! 2>B2>4DC0@P! 3C4>W4>A! 3C73! @07F4>A! B8?6B3F9!
H43C! 3C06! H?2F@! H?8D0>! 3C0! 5?F734F0! D432734?>L! %C0! )?664DD4?>! C078@! 3C73! ?>!
Qh3C! ?8! Qb3C! _7>2789! QRRfP! 7! 6?3?8! 50C41F0! 178894>A! G?28! 1454F47>D! 7860@! H43C!
(YhS!84GF0D!H7D!1430@!4>!Y(+U!$38003!7>@!3C0!B?F410!H080!7F0830@L!%C0!:?F410!A750!
1C7D0! 7>@! 67>7A0@! 3?! D3?B! 3C4D! 50C41F0! 4>! "7>A7! "7>A7! .D3730! 2B?>! HC41C! 43!
H7D! 46B?2>@0@! E23! 80F07D0@! 7G308! 3H?! @79D! ?>! 4>D382134?>D! ?G! 3C0! D760! C4AC!
87>W4>A! B?F410! ?GG4108L! '283C08P! 3C0! )?664DD4?>! C078@! G8?6! 3C0! :)#&! -?C760@!
(64>P! 3C73! HC4F0! ?>! B738?F! H43C4>! -7C4A7! 7807! ?>! Qf! _7>2789! QRRfP!
(@64>4D38734?>!:?F410!?GG4108D!DB?330@!D?60!B0?BF0!E28>4>A!C?2D0D!7>@!67>7A0@!
3?!7880D3!?>0!78D?>4D3!HC?6!3C09!H080!0D1?834>A!3?!Y76B4!97!-?3?!)C40G[D!176B!
HC0>! 3C09! 603! 04AC3! 60>P! 76?>A! 3C06! 3C0! 7807! 1C40GL! %C0! )C40G! ?8@080@! 3C0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
)%
!<J0=!6L!R<[M!H001!A9B!&!c0K!+**)!

$$* !

!
?GG4108D! 3?! 80F07D0! 3C0! D2DB013D! ?3C08H4D0! C0! H?2F@! 4>1430! C4D! B0?BF0! 3?! 73371W!
3C06! H43C! E?HD! 7>@! 788?HD! 7D! 3C09! H080! C787DD4>A! C4D! 1?662>439! 606E08DL!
%C0!?GG4108D!7880D30@!3C0!1C40G!7>@!C4D!60>!7>@!0D1?830@!3C06!3?!+7W282!B?F410!
D3734?>!HC080!3C09!H080!BF710@!4>!10FFD!G?8!4>3088?A734?>L!%C0!)?664DD4?>!C078@!
3C73!3C0!G?FF?H4>A!@79P!3C0!1C40G!H7D!80F07D0@!2>@08!4>D382134?>!?G!3C0!3C0>!&)$!
+7W282!-?C760@!K7W2F4P!H43C!>?!1?>D4@08734?>P!3?!3C0!>73280!7>@!A875439!?G!3C0!
?GG0>10!1?664330@!E9!3C0!D2DB013L!%C0!&)$!H7D!C46D0FG!F7308!BF710@!4>!10FFD!G?8!
4>3088?A734?>P! ?>F9! 3?! E0! 80F07D0@! 3C0! G?FF?H4>A! @79P! gR! _7>2789! QRRf! H43C! >?!
G283C08!0/BF7>734?>Lfh!

#3!4D!3C0!)?664DD4?>[D!540H!3C73!3C0!B??8!C7>@F4>A!?G!3C0D0!18464>7F!713454340D!E9!
3C0! B?F410! 1?>384E230@! 3?! 804>G?814>A! 3C0! 736?DBC080! ?G! F7HF0DD>0DD! 4>! +7W282!
@4D38413L!'74F280!3?!B8?B08F9!4>50D34A730!7>@!B8?D01230!B?F410!?GG4108D!7>@!B?F43417F!
F07@08D! 4>5?F50@! 4>! 3C0D0! 4>14@0>3D! H4@0>0@! 3C0! A7B! E03H00>! F7H! 0>G?81060>3!
7A0>140D! 7>@! 606E08D! ?G! 3C0! B2EF41! 7>@! B8?6?30@! 46B2>439L! %C?D0! HC?!
0DB?2D0@! &J-[D! 7DD0834?>! 3C73! 0F0134?>D! H080! 84AA0@! H43C! 3C0! C0FB! ?G! Y0>97>!
D0128439!7A0>140D!7>@!F?17F!7@64>4D38734?>!723C?84340D!H080!X241W!3?!4@0>34G9!3C0!
64DC7>@F4>A! ?G! 0>G?81060>3! ?G! \2D3410! 7D! 054@0>10! ?G! 7! B?F43417FF9! E47D0@! D3730!
D0128439! 671C4>089L! &>! 3C0! ?3C08! C7>@P! 3C0! D3730! 4>7E4F439! ?8! 2>H4FF4>A>0DD! 3?!
B8?6B3F9! @07F! H43C! B?D3! 0F0134?>! 18464>7F! 713454340D! 80D?>730@! H43C! 3C0! 7BB07FD!
G?8!8050>A0!73371WD!G8?6!Y4W292D!7>@!?3C08!:+U!7GG4F4730@!D0134?>D!?G!3C0!B2EF41L!
(D! 4>14@0>3D! ?G! 64DC7>@F4>A! ?G! B?D3! 0F0134?>! ?GG0>10D! 711262F730@P! 3C0!
1?>D0X20>3!H4@0>4>A!A7B!E03H00>!F7H!0>G?81060>3!7A0>140D!7>@!606E08D!?G!3C0!
B2EF41! E01760! 7>! 4>1807D4>A! D0128439! 1?>108>P! B8?6B34>A! 7! :$#)! 60034>A! ?>! h!
'0E82789!QRRf!3?!4DD20!7!D38?>A!@4D7BB8?57F!`?G!3C0!H79!3C0!+7W282!J$#&!?GG410!
C7>@F0@! 3C0! 17D0! ?G! 3C0! D2DB013! 4>! 3C0! DC??34>A! ?G! 3C0! F730! -:! G?8! (4>76?4La! #>!
3C0!:$#)!H?8@DP!`n3oC0!G713!3C73!3C0!(33?8>09!I0>087F[D!&GG410!+7W282!@0F790@!3C0!
17D0!G8?6!E04>A!37W0>!3?!1?283!2>@08!GF46D9!807D?>D!F0750D!7!F?3!3?!E0!@0D480@Lafb!

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

)&!Q.4!K!1!)*B!J690!'-"!T2"!C6:!X0!:16105!1461!140!6220:105!T2"!D6X8L!!465!=6LL05!4!H!!A?32H!A9!40!465!K00A!JL6=05!
8A502!6220:1!6A5!;6:!:00X!A9!C6:!X0`:!!A102#0A1!3A!3A!4!:!K046L?"!
!
)'
!T!A810:!3?!<J0=!6L!R<[M!T001!A9!Y0L5!3A!&14!c0K2862>B!+**)!
$$$ !

!
#>! 7@@434?>P! 3C0! )?664DD4?>! 8010450@! 054@0>10! 3C73! B?F410! 7>@! ?3C08! D0128439!
B08D?>>0F! H080! 4>5?F50@! H43C! 3C0! 5089! 18464>7F! A7>AD! HC?! H080! 3C0! 723C?8D! ?G!
54?F0>10! 4>! +7W282L! $?60! B?F410! ?GG4108D! 713450F9! D4@0@! H43C! Y4W292l-2>A4W4!
A7>AD!HC4F0!?3C08!?GG4108D!H080!74@4>A!7>@!7E0334>A!Y7F0>\4>!73371W08DL!.54@0>10!
B80D0>30@! 3?! 3C0! )?664DD4?>! E9! +$#$! H7D! 3C73! @284>A! 3C0! 73371WDP! 7860@!
-2>A4W4! D013! 606E08D! H0784>A! (@64>4D38734?>! :?F410! 2>4G?86D! H080! 6?54>A!
G8?6!C?2D0!3?!C?2D0!4>!+7W282!B?D4>A!7D!B?F410!?GG4108D!4>!D0781C!?G!606E08D!?G!
>?>OY4W292! 1?662>4340D! 3?! 73371W! 7>@! W4FF! 3C06Lfj! (FF0A734?>D! H080! 7FD?! 67@0!
3?! 3C0! )?664DD4?>! 3C73! 7>! ?GG4108! 4>! 1C78A0! ?G! DB0147F! ?B08734?>D! 73! :?F410!
:8?54>147F! C07@X278308D! H7D! 4>! G713! 3C0! D01803789! ?G! -2>A4W4! 4>! +7W282LfS!+$#$!
7FD?! F078>0@! 3C73! D0128439! B08D?>>0F! @0BF?90@! H43C4>! *?>A74! `nH080o! D2BB?834>A!
Y7F0>\4>! 874@08D! 7>@! 3C73! H07B?>D! 2D0@! E9! 3C0! 874@08D! nH080o! E04>A! W0B3! 73! 7!
F?17F!)?2>14FF?8[D!!C?60D307@!H43C!3C048!nD0128439!B08D?>>0F[Do!W>?HF0@A0Laff!

(5?A5?BE!8?A!-12@771?A845@?E!

'8?6!3C0!7574F7EF0!054@0>10!BF710@!E0G?80!2DP!H0!780!1?>54>10@!3C73!4>G?86734?>!
?>!3C0!46B0>@4>A!H750!?G!54?F0>10!H7D!7574F7EF0!3?!3C0!80F057>3!723C?84340D!078F9!
0>?2AC! 3?! B8050>3! 3C0! G4AC34>A! 3C73! G?FF?H0@L! '283C086?80P! 3C0! G713! 3C73! 3C0!
54?F0>10! 082B30@! 4>! 3C0! 67>>08! B80@4130@P! 0DB0147FF9! E9! 3C0! +$#$P! @4D1F?D0D! 7!
G74F280! ?>! 3C0! B783! ?G! 3C0! B?F410! 7>@! B8?54>147F! 7@64>4D38734?>! HC?! DC?H0@! >?!
D4A>D!?G!E04>A!B8?O713450L!#>D307@!3C09!1C?D0!3?!G480!G4AC3!HC0>!3C0!B82@0>3!7134?>!
@413730@! B80O06B3450! 607D280D! 7A74>D3! 3C0! ?8A7>4V08DP! BF7>>08D! 7>@! 4>D34A73?8D!
HC?P!7D!H0!C750!D00>P!H080!46BF41730@!7>@!D2GG4140>3F9!4@0>34G40@L!!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
)(
!Q.4!K!1!$-D!
),
!MC!&,!
))
!Q.4!K!1!$-D!
$$+ !

!
*8568ED8!K5E49524M!;G8??1A!)9575?8G!#4482XE!F:!/3?B5X5!8?A!
\5X3:3!C@G545258?E!

,?49@A3245@?!

+7457DC7! 4D! 7! DB87HF4>A! 3?H>! 4>! *4G3! ;7FF09! :8?54>10! F?1730@! ?>! 3C0! DC?80D! ?G!
"7W0!+7457DC7! 3C73! 4D! C?60! 3?! 7! 5784039! ?G! H4F@F4G0! 7>@! 7! D4V07EF0! B?B2F734?>!?G!
C4BB?DL!%C0!F7W0[D!>760!@08450D!G8?6!3C0!-77D74!>760!V*:j@&+5*!]8?2AC!H7308^!
E0172D0!?G!3C0!D2@@0>!D3?86D!HC41C!17>!784D0!?508!3C0!F7W0L!K03H00>!degS!7>@!
debR! 3C0! F7W0! H7D! 2D0@! 7D! 7! F7>@4>A! BF710! G?8! GF94>A! E?73D! ?>! 3C0! #6B0847F!
(48H79D!B7DD0>A08!7>@!674F!8?230!G8?6!$?23C76B3?>!4>!K84374>!3?!$?23C!(G8417L!

%C0! 7807! 4D! H0FF! W>?H>! G?8! 43D! B?B2F734?>! ?G! .28?B07>! 4664A87>3D! 7>@! D033F08D!
7>@! 4D! 7! B?B2F78! 3?284D3! 80D?83! 7>@! 7FD?! 7! H00W0>@! C72>3! G?8! +748?E4! 80D4@0>3D!
@20!3?!43D!B8?/46439!3?!=0FF[D!I730!+734?>7F!:78WP!"?>A?>?3!+734?>7F!:78W!7>@!3C0!
>078E9!-?2>3!"?>A?>?3L!!%C0!674>!4>@2D389!4D!7A8412F3280P!0DB0147FF9!GF?8412F3280!
78?2>@! 3C0! F7W0! B8?54@4>A! 7! D?2810! ?G! 06BF?960>3! 7>@! 4>1?60! G?8! 3C0! F?17F!
B?B2F734?>! 7>@! )<! gg! 3?F@! 2D! 3C73! 3C080! H080! 7E?23! G4G39! 3H?! GF?H08! G786D! 4>!
+7457DC7! 7807! HC41C! 711?2>30@! G?8! 7F6?D3! Shm! ?G! 7FF! 3C0! GF?H08! G786D! 4>! 3C0!
1?2>389L!!

+7457DC7!J4D38413!G283C08!C?D3D!Y0>97[D!A0?3C0867F!BF7>3!73!>078E9!&FOY7847!7>@!
4D! 3C080G?80! ?G! D38730A41! >734?>7F! 46B?837>10! D4>10! 7! D4A>4G417>3! 1?6B?>0>3! ?G!
Y0>97[D! 0F013841439! A0>08734?>! 4D! F?1730@! C080! 7>@! 3C0! 7807! 3C2D! 80B80D0>3D! 3C0!
G23280! ?G! 3C0! A0?3C0867F! 4>@2D389! 4>! Y0>97L! %C0! 67\?8439! ?G! 3C0! B?B2F734?>! 4D!
Y4W292!H43C!D2ED37>347F!4664A87>3!H?8W08D!?>!3C0!GF?H08!G786D!HC?!780!674>F9!
"2?! 7>@! "2C97L! '?8608F9! 7! B783! ?G! +7W282! J4D38413! E0G?80! 43! H7D! C450@! ?GG! 7D! 7!
D0B78730! @4D38413P! 3C0! 7807! 0/B0840>10@!D?60! 03C>41! 54?F0>10! 4>! deeQ! B4334>A! 3C0!
Y4W292! ?>! ?>0! C7>@! 7>@! -77D74! ?>! 3C0! ?3C08! 7D! 0/BF74>0@! 4>! B7A0! dQS! ?G! 3C0!
(W4H264!*0B?83L!

%C0!)?664DD4?>!C078@!G8?6!D05087F!H43>0DD0D!3C73!3C080!H7D!>?!67\?8!54?F0>10!
4>! +7457DC7! E0G?80! 7>@! 4660@4730F9! 7G308! 3C0! QRRS! A0>087F! 0F0134?>DL! (11?8@4>A!
3?!3C0!J4D38413!)?664DD4?>08!Y7300!"217D!-H7>V7P!3C0!@4D38413!C7D!>?!C4D3?89!?G!

$$% !

!
03C>41! 54?F0>10P! H43C! 3C0! 0/10B34?>! ?G! 3C0! -7C4! -7C42! 7807! E?8@084>A! +78?W!
J4D38413P! HC080! 3C080! C7@! E00>! 03C>41! 7>@! F7>@! 80F730@! 1?>GF413D! E03H00>!
606E08D!?G!3C0!-77D74!7>@!Y4W292!1?662>4340DLfe!(!+7457DC7!J4D38413!$0128439!
7>@! #>30FF4A0>10! )?6643300! ]J$#)^! 60034>A! C0F@! ?>! j! J0106E08! QRRS! 3?! 80540H!
D0128439!BF7>!7C07@! ?G!3C0!A0>087F!0F0134?>D!>?30@!3C73!4>!3C0!B7D3P!B783D!?G!3C0!
@4D38413!3C73!C7@!0/B0840>10@!1F7DC0D!@284>A!A0>087F!0F0134?>D!4>1F2@0@!3C0!7807D!
?G!-70FF7P!-74!-7C42P!&F\7874P!"?>A?>?3!7>@!-?4!+@7E4L!+7457DC7!3?H>!H7D!>?3!
60>34?>0@L! #>@00@P! D05087F! H43>0DD0D! HC?! 7BB0780@! E0G?80! 3C0! )?664DD4?>!
C4ACF4AC30@! 3C0! C4D3?89! ?G! B0710G2F! 1?O0/4D30>10! E03H00>! 03C>41! A8?2BD! F454>A! 4>!
+7457DC7! %?H>L! :0308! &340>?P! 7! 80D4@0>3! ?G! +7457DC7! G?8! df! 9078D! 7>@! F07@08!?G!
3C0! Y0>97! :F7>3734?>! 7>@! (A8412F3287F! <?8W08D! U>4?>! 80B80D0>34>A! GF?H08!
BF7>3734?>!H?8W08DP!3?F@!2D!3C73P!!
!
"V*:A*+5*! 5*(! #$$'! @$*4$?-,! -'.:,! .5$! N11X! B$'$)*,! $,$4.:&'+2! S:.5!
.5$! <*'%! .):#$+! :'! V*:A*+5*6! .5$%! 5*(! #$$'! 4&7$h:+.:'B! *'(! (&:'B!
#-+:'$++! .&B$.5$)! *'(! .5$%! 5*(! #$$'! 4&7$h:+.:'B! =:.5&-.! *'%!
@)&#,$<2/01!
!
(>?3C08!H43>0DD! HC?!A750!C08!30D346?>9!4>!B845730!@0D184E0@!C08!80F734?>D!H43C!
C08!"2?P!"2C97!7>@!Y4W292!>04ACE?8D!7D!G?FF?HDM!
!
""#!!]&=!=$)$!%&-!,:A:'B!=:.5!%&-)!'$:B5#&-)+!#$?&)$!%&-!A&.$(k!

$%&'())#! ! S$! -+$(! .&! ,:A$! A$)%! =$,,! =:.5! <%! '$:B5#&-)+2! ! S$! $A$'!
-+$(!.&!#&))&=!Z+:4K!*'(!5$,@!$*45!&.5$)2/0H!

%C0! )?664DD4?>! H7D! 3?F@! 3C73! 4>14@0>3D! ?G! 54?F0>10! 80A4D3080@! E0G?80! 3C0!
0F0134?>D! H080! ?G! B?F43417FP! 873C08! 3C7>! 03C>41! >73280P! 7>@! 3C09! ?112880@! 4>! 3C0!
1?>30/3! ?G! 7! C4ACF9! 1C78A0@! B?F43417F! 8457F89! @284>A! 3C0! 176B74A>! B084?@L!
(BB0784>A! E0G?80! 2D! 4>! B845730P! 7! G?8608! +7457DC7! )?2>14FF?8! HC?! H?8W0@! 7D!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
)-
!MC!%%!
-*
!<;32A!10:1!H3A>!3?!R0102!e1!0A3!eHK8A50B!MC!&*!
-$
!MC!%(!
$$& !

!
0F0134?>!6?>43?8!G?8!3C0!QRRS!0F0134?>D!7>DH080@!7D!G?FF?HD!3?!7!X20D34?>!7E?23!
B?F43417F!30>D4?>!@284>A!3C0!0F013?87F!176B74A>M!
!
*"#!!3!*+>$(!%&-!=5*.!%&-)!*++$++<$'.!=*+!&A$)*,,!:'!.$)<+!&?6!=$)$!.5$)$!
@&,:.:4*,!.$'+:&'+!.5$)$!&)!=*+!.5$)$!*'!$'A:)&'<$'.!=5:45!=*+!+-:.*#,$!?&)!
+-45!.$'+:&'+k!

$%&'())#! ! l$+6! .5$)$! =*+! *! 4,$*)! (:??$)$'4$! #$.=$$'! _Q;! +-@@&).$)+! *'(!
*,+&! FVg! +-@@&).$)+6! #-.! .5$)$! =*+! '&! *4.-*,! A:&,$'4$2! ! a-.! &'! NN'(! &?!
Q$4$<#$)! _Q;! @$&@,$! =$)$! *..*4>$(! &'! .5$:)! =*%! .&! U-+=*6! .5$%! =$)$!
*..*4>$(! :'! ;*:! ;*5:-! *'(! +&<$! &?! .5$! @$&@,$! :'! .5$! .$*<! =$)$! #*(,%!
#$*.$'!-@m!*'(!&'$!$A$'.-*,,%!+-44-<#$(!.&!.5$!:'9-):$+!dRe/0N!
!
(D! H7D! 3C0! 17D0! 4>! 3C0! 80D3! ?G! 3C0! 1?2>389P! C?H0508P! 3C0! B?F43417F! 8457F89! @284>A!
3C0!176B74A>!D??>!3??W!7!1F078!03C>41!@460>D4?>!7>@!30>D4?>!D37830@!3?!E24F@!2B!
4>! +7457DC7! E03H00>! 606E08D! ?G! 3C0! 67\?8439! Y4W292! 1?662>439! 7>@! 3C?D0!
G8?6!3C0!"2?P!Y7F0>\4>!7>@!"2C97!1?662>4340DP!6?D3!?G!HC?6!H?8W0@!7D!H7A0!
078>08D! 4>!3C0!F?17F!GF?H08!G786DL!(11?8@4>A!3?!7!H43>0DDP!`<0!H080!@454@0@P!3C0!
Y4W292D!H080!4>!:+U!7>@!60!H43C!69!?3C08!"2?!1?FF07A20D!H080!4>!&J-Laeg!
!
%C4D! B?F4341?O03C>41! 30>D4?>! C04AC30>0@! 4660@4730F9! 7G308! 3C0! 80D2F3D! ?G! 3C0!
B80D4@0>347F!0F0134?>!H080!7>>?2>10@!?>!gR!J0106E08!QRRSL!(D!606E08D!?G!3C0!
B2EF41P!6?D3F9!G8?6!3C0!Y4W292!1?662>439P!H080!10F0E8734>A!3C0!Y4E7W4!H4>!3C09!
H080! 7FD?! 3C80730>4>A! 606E08D! ?G! ?3C08! 1?662>4340DL! %C0! "2?D! 4>! B783412F78!
H080! 3C80730>0@! H43C! 054134?>P! G?FF?H4>A! D3?840D! 7E?23! 3C0! B80O0F0134?>!
0/B013734?>!?G!"2?!30>7>3D!>?3!3?!B79!7>96?80!80>3!4G!*74F7!&@4>A7!C7@!H?>!3C0!
0F0134?>DL!(11?8@4>A!3?!2>4?>!F07@08!:0308!&340>?P!
"_'! P1.5! =5$'! .5$! )$+-,.+! =$)$! *''&-'4$(! <*'%! @$&@,$! @&-)$(! &'!
.5$!+.)$$.+!4$,$#)*.:'B!.5$!)$+-,.+!*'(!.5$!4$,$#)*.:&'!4&'.:'-$(!-@!.&!
,*.$! :'! .5$! ':B5.2! dRe! *+! @$&@,$! =$)$! 4$,$#)*.:'B! *<&'B! .5$<! .5$%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
-+
!MC!%-!
-%
!MC!%(!
$$' !

!
=$)$! -..$):'B! =&)(+! *B*:'+.! &.5$)! .):#$+! =5:45! =*+! +4*):'B! &.5$)!
.):#$+! *=*%! ?)&<! 4$,$#)*.:'B2! dRe! U&<$! =$)$! -..$):'B! .5*.! .5$! E-&+!
+5&-,(!#$!4:)4-<4:+$(6!<%!E&)(+2!C5&+$!=$)$!.5$!=&)(+!4&<:'B!?)&<!
.5$!4)&=(2/!
!
&3C08!DH?8>!054@0>10!G8?6!7!"2?!80D4@0>3!H7D!7D!G?FF?HDM!
"I?.$)! 8:#*>:! =*+! ($4,*)$(! =:''$)6! @$&@,$! :'! <%! *)$*! +.*).$(!
45$$):'B!*'(!+*%:'B!.5*.!.5&+$!E-&+!=5&!.5&-B5.!.5$%!=&-,(!'&.!@*%!
5&-+$! )$'.! &'4$! J*:,*! =*+! ($4,*)$(! =:''$)! +5&-,(! #$! @)$@*)$(! .&!
,$*A$! [! nH7\7F2?! H7\4B7>A0T2! C5$)$! =*+! .$'+:&'! +&&'! *?.$)! .5$!
*''&-'4$<$'.2!_-)!,*'(,&)(!-+$(!*B$'.+!:'!.5$!5&-+$!=5$)$!=$!-+$(!
.&!,:A$!.&!4&,,$4.!)$'.2!U5$!&)($)$(!.5$!*B$'.+!.&!$A:4.!*,,!E-&+!?)&<!5$)!
@)&@$).%!#$4*-+$!.5$)$!=$)$!)-<&-)+!.5*.!5&-+$+!5&+.:'B!E-&+!=&-,(!
#$!#-)'.!(&='2/0i!
!
Y7E734!0D3730!4>!+7457DC7!3?H>!H7D!6?D3!7GG0130@!E9!3C0!054134?>!?G!"2?!30>7>3DP!
D?60! ?G! HC?6! D37830@! D00W4>A! 80G2A0! 4>! 3C0! 1?6B?2>@! ?G! 3C0! +7457DC7!
-7/4626! $0128439! :84D?>L! J2>17>! &A?80P! 3C0>! ?GG4108! 4>! 1C78A0! ?G! 3C0! B84D?>P!
3?F@!3C0!)?664DD4?>!3C73!3C0!G48D3!A8?2B!?G!6?D3F9!H?60>!7>@!1C4F@80>!G8?6!3C0!
>078E9! Y7E734! 0D3730! 788450@! 3?! 3C0! B84D?>! 4>! 3C0! 050>4>A! ?G! gR! J0106E08! QRRS!
7>@!E9!g!_7>2789!QRRfP!3C0!>26E08!?G!@4DBF710@!B08D?>D!4>!3C0!+7457DC7!B84D?>!
C7@!8071C0@!ddQP!4>1F2@4>A!jf!1C4F@80>!7>@!hh!7@2F3DLeb!
!
"D1!&93C45@?!@H!<5@G1?21!
K9!078F9! _7>2789! QRRf! 3C0! 67\?8439! ?G! @4D38413D! 4>! 3C0! *4G3! ;7FF09! B8?54>10!H080!
3C07380D! ?G! F78A0! D17F0! 54?F0>10L! +7457DC7! J4D38413P! C?H0508P! @4@! >?3! 0/B0840>10!
54?F0>10! ?G! D464F78! 67A>432@0! 2>34F! 3C0! 0>@! ?G! _7>2789! QRRfL! %C0! )?664DD4?>!
H7D!3?F@! 3C73! 3C0!54?F0>10!3C73!E8?W0!?23!?>!QS! _7>2789!QRRf!4>!+7457DC7!H7D!
7D! 7! 80D2F3! ?G! 7! A8?H4>A! E43308>0DD! 172D0@! E9! 3C0! 67DD450! 4>GF2/! ?G! #J:D! G8?6!
?3C08! @4D38413D! ?G! 3C0! +?83C! *4G3! :8?54>10L! %C0! J4D38413! )?664DD4?>08! 4>G?860@!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
-&
!Q.4!K!1!%(!
-'!Q.4!K!1:!%+7!6A5!%+D!
$$( !

!
3C0! )?664DD4?>! 3C73! +7457DC7! %?H>! C7@! D37830@! 8010454>A! Y4W292! #J:D! G8?6!
?3C08!B783D!?G!3C0!*4G3!;7FF09!7G308!7>>?2>1060>3!?G!3C0!0F0134?>!80D2F3D!7>@!3C73!
73! 43D! B07W3C0! 3?H>! 711?66?@730@! 2BH78@D! ?G! QQPRRR! #J:D! @4DBF710@! G8?6!
.F@?803P! Y4D262P! Y0841C?P! Y4BW0F4?>P! Y437F0P! %87>D! +V?47! J4D38413P! +78?W! 7>@!
-?F?! J4D38413L! %C0! #J:DP! HC?! H080! 674>F9! Y4W292DP! E8?2AC3! B74>G2F! B08D?>7F!
D3?840D! ?G! ?8@07FD! 0/B0840>10@! 4>! BF710D! G8?6! HC080! 3C09! C7@! GF0@! 7>@! B?4>30@!
7112D4>A! G4>A08! 73! 606E08D! ?G! D21C! 1?662>4340D! 7D! 3C0! Y7F0>\4>P! "2?! 7>@!
"2C97L! %C4DP! 1?6E4>0@! H43C! 3C0! 711262F734?>! ?G! 64>?8! 4>14@0>3D! 3C8?2AC?23!
J0106E08! QRRS! 7>@! 3C0! G48D3! C7FG! ?G! _7>2789! QRRfP! F0@! 3?! 7>! 0/38060F9! 5?F734F0!
D432734?>! 7>@! F74@! 3C0! A8?2>@! G?8! 3C0! 8050>A0! 73371WD! ?>! >?>OY4W292D! 4>!
+7457DC7!E03H00>!QS!7>@!gR!_7>2789!QRRfL!
!
)?>D4D30>3!H43>0DD!30D346?>9!7>@!054@0>10!30>@080@!3?!3C0!)?664DD4?>!D2AA0D3!
3C73!3C0!73371WD!?>! 606E08D!?G!3C0!"2?P!Y7F0>\4>!7>@!"2C97!1?662>4340D!3C73!
D37830@! ?>! QS! _7>2789! QRRf! H080! 0/01230@! 4>! 7>! ?8@08F9! 7>@! H0FF! BF7>>0@!
67>>08! E9! 7! 1??8@4>730@! A8?2BL! %C0! )?664DD4?>! H7D! 7EF0! 3?! 801?>D38213! 3C0!
050>3D!?G!QS!_7>2789!QRRf!7D!G?FF?HDMej!!
!
#>! 3C0! 6?8>4>A! ?G! $2>@79! QS! _7>2789! QRRfP! F78A0! A8?2BD! ?G! @06?>D3873?8D!
D37830@! 1?>A80A734>A! 4>! @4GG080>3! BF710D! 4>! +7457DC7P! ?D30>D4EF9! 3?! B8?30D3! 3C0!
W4FF4>A! ?G! Y4W292D! 4>! ?3C08! B783D! ?G! 3C0! B8?54>10P! @06?>D38730! 7A74>D3! 3C0!
80D384134?>!?G!6?5060>3!]`128G0Ha^!078F408!46B?D0@!E9!3C0!J$#)P!7>@!@067>@!3C73!
B84D?>! H78@08D! E0! H43C@87H>! G8?6! 3C0! \?4>3! D0128439! B738?FD! 4>! 3C0! D38003D! ?G!
+7457DC7L! %C0! J4D38413! )?664DD4?>08! 7110@0@! 3?! 3C0! @067>@! G?8! H43C@87H7F! ?G!
B84D?>!?GG4108D!7>@!7!A8?2B!?G! B84D?>!H78@08D!HC?!H080!B8?100@4>A!3?H78@D!3C0!
&):J[D! ?GG410! 3?! 1?660>10! D0128439! B738?FD! H7D! 17FF0@! E71W! 3?! 3C0! B84D?>L! =0!
3?F@! 7>?3C08! A8?2B! ?G! 1C0084>A! B8?30D3?8D! 3C73! 3C0! 128G0H! H?2F@! E0! F4G30@! 7>@!
7DW0@!3C06!3?!@4DE7>@L!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
-(
!G4!:!!:!6!:8HH62>!3?!:;32A!0#!50A=0!6A5!31402!10:1!H3A>B!?23H!!A5!#!586L:!6A5!93#02AH0A1!3??!=!6L:"!T3:1!3?!!1!
;6:!16X0A!h!"!#$%&'$`!!A!P6!#6:46"!
$$, !

!
-74>!8?7@D!H43C4>!7>@!3C8?2AC!+7457DC7!H080!E788417@0@!E9!3C0!@06?>D3873?8DP!!
4>1F2@4>A! 3C0! +7W282O+748?E4! 7>@! 3C0! I4FA4FO-74! -7C42! C4ACH79DL! %C0!
@06?>D38734?>D! 73387130@! E4A! 18?H@D! 7>@! C7BB0>0@! D462F37>0?2DF9! 4>! @4GG080>3!
BF710D! ?G! 3C0! 3?H>P! HC41C! 80D2F30@! 4>! D0128439! G?810D! 7>@! F?17F! 7@64>4D38734?>!
723C?84340D! DB807@4>A! 7FF! ?508! 4>! 73306B3D! 3?! 80DB?>@! 3?! 3C0! D432734?>! E9!
7@@80DD4>A!3C0!@06?>D3873?8DP!@4DB08D4>A!3C0!18?H@D!7>@!1F0784>A!8?7@EF?1WDLeS!
%C0! D760! 6?8>4>AP! 73! 78?2>@! dRMRR76P! 3C0! Y4W292! A7>AD! 73371W0@! "2?! 7>@!
?3C08! >?>OY4W292! G764F40D! 7>@! E28>3! 3C048! C?2D0D! 4>! @4GG080>3! 0D3730D! ?G!
+7457DC7L!%C0!C78@0D3!C43!7807D!H080!3C0!0D3730D!?G!Y4C?3?P!Y7E734P!$430P!)?2>14F!
]8*'9&^!.D3730!7>@!Y787A437L!
!
#3! F7308! E01760! 1F078! 3C73! 3C0! 73371W08D! H080! ?8A7>4V0@! D?! 3C73! A8?2BD! ?G!
`@06?>D3873?8Da! H?2F@! W00B! B?F410! 7>@! 7@64>4D38734?>! 723C?84340D! E2D9! ?>! 3C0!
D38003D! HC4F0! ?3C08! A8?2BD! H080! 1C7D4>A! "2?D! 7>@! ?3C08! >?>OY4W292D! 4>! 3C0!
0D3730DP!W4FF4>A!3C06!7>@!E28>4>A!3C048!C?2D0DL!(D!3C0!J)!3?F@!2DM!
"R.5$!.:<$!=5$)$!=$!=$)$!.)%:'B!.&!M-$,,!.5$+$!4,*+5$+!=$!.5&-B5.!
&?! -+:'B! &-)! '&)<*,! <$.5&(! &?! *(()$++:'B! @$&@,$! :'! @-#,:4!E787V7D!
*'(! <$$.:'B! *'(! =5$'! =$! )$*,:D$(! .5*.! .5$)$! *@@$*)$(! .&! 5*A$!
#$$'!*'!&)B*':D$(!B*'B!*+!=$!*(()$++$(!@$&@,$!5$)$!*'&.5$)!B*'B!
=*+!+&<$=5$)$!4&<<:..:'B!*!<&)$!+$):&-+!&??$'4$R/0b!
!
#>! 73! F07D3! ?>0! 17D0P! 3C0! D760! 18?H@! 3C73! 3C0! J)! H7D! 7@@80DD4>A! 73! Y7842W4!
)C?3787! *?7@! H0>3! ?>! 7! F??34>A! 7>@! E28>4>A! 876B7A0! 378A034>A! "2?! 7>@!
Y7F0>\4>!DC?BD!7D!D??>!7D!3C0!J)!7>@!3C0!B?F410!F0G3!3?!A?!7>@!7@@80DD!7>?3C08!
A8?2BL!
!
%C0!)?664DD4?>!C078@!3C73!4>!3C0!0>D24>A!54?F0>10!3C0!Y4W292!A7>AD!W4FF0@!G?839!
B0?BF0!4>!?>0!@79L!%C4D!4>1F2@0@!>4>0300>!606E08D!?G!?>0!"2?!G764F9!HC?!@40@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
-,
!eA!1461!56>B!140!S"M"!T2"!@6100!T;6Af6!:16105!141!40!65520::05!?382!2!3138:!H3K:!!A!5!??020A1!J621:!3?!140!13;AU!
%!3?!140!9238J:!;020!=3HJ2!:05!3?!H6!AL>!@!X8>8!=3HJL6!A!A9!1461!140!2!J03JL0!;020!K0!A9!X!LL05!6A5!5!:JL6=05!?23H!
0L:0;4020!!A!140!=38A12>!;4!L0!6!?38214!9238JB!H650!8J!3?!H6!AL>!/83B!/84>6!6A5!6!?0;!@!:!!!;32X02:!!A!140!?L3;02!
?62H:!1461!531!140!6206U!=3HJL6!A05!1461!140>!;020!K0!A9!6116=X05!6A5!;020!148:!50H6A5!A9!:6?0!J6::690!?23H!
P6!#6:46"!
-)
!MC!%+B!P6!#6:46!+-!Z8L>!+**)!
$$) !

!
?>!3C0!7G308>??>!?G!3C0!QS3C!HC0>!3C048!Y7E734!C?2D0!H7D!D03!?>!G480!HC4F0!3C09!
H080! F?1W0@! 4>D4@0L! I7>AD! ?G! 9?2>A! Y4W292! 60>! 7860@! H43C! 671C030D! H0>3!
8?2>@! 3C0! 3?H>P! G?814>A! ?3C08! Y4W292! 3?! \?4>! 3C06P! 4>! D0781C! ?G! "2?DP! "2C97D!
7>@! Y7F0>\4>DL! %C0! A7>AD! EF?1W0@! 8?7@D! 7>@! B2EF41! 387>DB?83! 7>@! D0781C0@!
50C41F0D! G?814>A! B7DD0>A08D! G?810@! 3?! 4@0>34G9! 3C048! 03C>41! A8?2BDL! (! )73C?F41!
D?147F!5?F2>3008!HC?!4>5?F50@!C08D0FG!4>3?!80D120!?B08734?>D!4>!3C0!6?8>4>A!?G!QS!
_7>2789! D74@! DC0! D7H! `9?2>A! 60>pGF7AA4>A! @?H>! 3C0! 50C41F0D! 7>@! DC?234>AM!
`W2>7! 6\7F2?! WH7! C44! A784tt! C-'*.*>*! =*9*,-&taee! #>! 3C0! 050>4>A! ?G! QS! _7>2789!
?>0!"2?!H?67>!H7D!>078F9!172AC3!73!?>0!D21C!8?7@!EF?1W!HC4F0!?>!C08!H79!E71W!
G8?6!3C0!GF?H08!G786!HC080!DC0!H?8W0@L!$C0!3?F@!2DM!
"3!=&)>$(!.:,,!i^11@<!=5$'!:.!=*+!.:<$!.&!B&!5&<$2!I.!.5$!+.*B$!:'+:($!
&-)!@,*4$!&?!=&)>6!.5$!4&<@*'%!():A$)+!:'?&)<$(!-+!.5*.!.5$%!5*(!9-+.!
,$?.! .&='! *'(! .5$)$! =*+! 45*&+6! .5*.! )&*(! #,&4>+! =$)$! #$:'B! <&-'.$(2!
C5$! ():A$)+! *(A:+$(! E-&+! *B*:'+.! #&*)(:'B! .5$! A$5:4,$+2! 3! ($4:($(! .&!
#&*)(2!3!)$M-$+.$(!<%!?):$'(+!.&!#&*)(!=:.5!<$!+&!.5*.!:'!4*+$!=$!*)$!
>:,,$(! =$! 4&-,(! *,,! (:$! .&B$.5$)2! _'! )$*45:'B! n+*'4.-*)%T! =$! ?&-'(! *!
4&'A&%! &?! A$5:4,$+! ,:'$(! -@2! C5$! A$5:4,$+! =$)$! '&.! #$:'B! *,,&=$(! .&!
@*++2!S$!?&-'(!*)<$(!8:>-%-+!*)<$(!Z+:4K!=:.5!@*'B*+2!C5$!4&<@*'%!
A$5:4,$+! (:(! '&.! .*>$! -+! .&! .5$! +.*B$2! 3.! ()&@@$(! -+! *.! .5$! ?:$,(! 4*,,$(!
>:=*'9*! '(&B&2! C5$! 8:>-%-+! =$)$! =*:.:'B! ?&)! E-&+! .&! *,:B5.! ?)&<! .5$!
4&<@*'%!A$5:4,$+!+&!.5*.!.5$%!4&-,(!)-'!*?.$)!.5$<!*'(!>:,,!.5$<2/H11!
!
(! Y4W292! H?67>! HC?! 4>3087130@! H43C! 3C0! 73371W08D! HC4F0! 80D124>A! C08! "2?!
G840>@D!@0D184E0@!3C0!2>G?F@4>A!?G!54?F0>10!7D!G?FF?HDM!
"l&-'B! <$'! =$)$! =*,>:'B! :'! B)&-@+2! ! V&.! &',%! %&-'B! <$'! #$4*-+$! :.!
=*+!$A$)%#&(%!:'!.5$!+&4:$.%2!C5$%!=$)$!*,,!=*,>:'B!:'!B)&-@+6!+5&A:'B!
@$&@,$! -@! *'(! (&='2! 3'! ?*4.6! .5$%! =$)$! 45*+:'B! .5$! '&'78:>-%-+! ,:>$!
)*##:.+!*'(!.5$'!=5$'!&'$!:+!4*@.-)$(!9-+.!5*4>$(!.&!($*.52!C5$%!=$)$!
#-)':'B! @)&@$).:$+! *'(! .5$! ,&4*,! =&<$'! =$)$! ?&,,&=:'B! .5$<6!
,&&.:'B2/H1H!
!
%C0! 73371WD! H080! 378A030@! 7A74>D3! 674>F9! 606E08D! ?G! 3C0! "2?! 1?662>439P!
3C?2AC! "2C97D! 7>@! Y7F0>\4>D! H080! 7FD?! 378A030@! 7>@! 76?>A! 3C0! G?86D! ?G!
54?F0>10! B08B038730@! E9! 3C0! 6?ED! H7D! G?810@! 14812614D4?>! ?>! G?28! 606E08D! ?G!
3C0!"2?!1?662>439L!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
--
!][:!14020!6!/83!!A!14!:!=62d!C0!;6A1!140!/83:k^B!!Q.4!K!1!%)7B!J"+!
$**
!Q.4!K!1!%(B!J'!
$*$
!MC!%-"!
$$- !

!
!
%C0! -4>4D389! ?G! -0@417F! $085410D! 3C8?2AC! 3C0! J4D38413! -0@417F! &GG4108! ?G! =07F3C!
A750!7!G4A280!?G!hf!@073CD!H080!801?8@0@!E03H00>!QS3C!_7>2789!7>@!gdD3!_7>2789L!
:?D3O6?8306D!178840@!?23!73!3C0!+7457DC7!J4D38413!=?DB437F!DC?H0@!3C0!172D0D!?G!
:.;!@073CD!3?!E0!E28>D!]QQ^P!DC78B!?E\013!4>\2840D!]de^!7>@!A2>DC?3!4>\2840D!]j^L!
#>!7@@434?>P!4>!Q!17D0D!3C0!172D0!?G!@073C!H7D!`2>W>?H>a!HC4F0!?>0!B08D?>!@40@!
?G!4>\2840D!G8?6!788?H!DC?3L!&G!3C0!bR!@073CDP!dd!H080!G067F0!7>@!gQ!H080!"2?DP!
7>!4>@41734?>!3C73!606E08D!?G!3C0!"2?!1?662>439!H080!B783412F78F9!378A030@L!!
!
%C0! 73371WD! 80D2F30@! 4>! 7! D084?2D! C267>437847>! 184D4D! HC0>! "2?P! "2C97! 7>@!
Y7F0>\4>!80D4@0>3D!?G!3C0!3?H>!3??W!80G2A0!73!3C0!)0>387F!:?F410!$3734?>O+7457DC7!
HC41C!H7D!>?3!0X24BB0@!H43C!D7>43734?>!G714F4340D!3?!C7>@F0!D21C!C2A0!>26E08DP!
0D346730@! 73! fPRRR! #J:DL! '283C08P! 3C0! >26E08! ?G! >?>OY4W292! #J:D! D00W4>A!
80G2A0!73!3C0!+7457DC7!:84D?>!050>327FF9!8?D0!3?!dRPRRR!E9!g8@!?G!'0E82789!QRRf!
7>@!E9!@0G72F3!3C0!+7457DC7!:84D?>!328>0@!4>3?!7!176B!G?8!#J:DL!
!
"D1!\5GG5?B!@H!&952!'378!':51X@M!#?!#22@3?4!F:!>5E!+5E419!

npo!&>!-?>@79!nQf!_7>2789!QRRfoP!#!H?W0!2B!7>@!D37830@!3C4>W4>A!?G!69!E2D4>0DD!3C73!#!
D03! 2B! 7G308! ?E374>4>A! 7! F?7>! 73! 69! BF710! ?G! H?8WL! .50>! E0G?80! #! H0>3! 3?! H?8WP! 7!
H?8W6730!?G!64>0P!7!"2C97P!1760!3?!60p!=0!3?F@!60!3C73!69!E8?3C08!C7@!E00>!W4FF0@!
HC4F0!37W4>A!307L!-9!E8?3C08[D!>760!H7D!.841!&267!&940W?L!#!3?F@!3C0!H?8W6730!3C73!43!
1?2F@!>?3!C750!E00>!69!E8?3C08!E0172D0!HC0>!H0!H080!GF004>A!#!B7DD0@!E9!69!E8?3C08[D!
C?2D0!7>@!#!G?2>@!7!B7@F?1WL!#!W>0H!C0!C7@!7FD?!GF0@L!-9!E8?3C08!2D0@!3?!F450!>078!60!
4>!3C0!>0/3!E24F@4>A!W>?H>!7D!r67W7?!97!767>4L[!!

(3! 7E?23! dRMRR76! D?603C4>A! 3?F@! 60! 3C73! #! DC?2F@! A?! 7>@! 1C01W! ?>! C46L! #! E?78@0@! 7!
$012841?8!178!7>@!B74@!$CDL!bRL!%C09!H080!3C0!?>F9!50C41F0D!?B08734>AL!#!F0G3!3?!D00!69!
E8?3C08L! &>! 788454>A! 3C080! #! G?2>@! 7! 18?H@! ?G! B0?BF0! 4>1F2@4>A! B?F41060>! HC?! H080!
D37>@4>A!>078E9!E23!73!7!@4D37>10!G8?6!3C0!?3C08!B0?BF0L!%C09!@4@!>?3!F??W!E?3C080@L!#!
G?2>@! 3C73! C4D! ]69! E8?3C08[D^! B0>4D! C7@! E00>! 123! 7>@! BF710@! 4>! C4D! 6?23Cc! C4D! 30D34D!
H080!1C?BB0@!?GG!7>@!BF710@!4>!C4D!C7>@L!#!G?2>@!EF??@!H7D!D34FF!B?284>A!?23!?G!C4D!E?@9!
7>@! C0! H7D! W41W4>A! 7D! C0! H7D! @94>AL! #! 37FW0@! 3?! 3C0! B?F41060>! 78?2>@! 7>@! 80X20D30@!
3C06! 3?! 37W0! 69! E8?3C08! 3?! 3C0! C?DB437F! D?! 3C73! 050>! 4G! C0! @40@P! C0! H?2F@! @40! 73! 3C0!
C?DB437FL!%C0!B?F410!3?F@!60!3?!A03!7H79!G8?6!3C06P!3C73!#!DC?2F@!>?3!@4D328E!3C06P!3C73!
4G!#!4>D4D30@!#!H?2F@!0>@!2B!F4W0!69!E8?3C08!7>@!3C73!43!H7D!>?3!3C048!H?8WL!

#!@4@>[3!C750!7>93C4>A!3?!@?L!#!@014@0@!3?!A?!E71W!3?!$C08!HC080!H0!H080!D00W4>A!80G2A0L!
#! H7FW0@! 3?! $C08! E0172D0! #! @4@! >?3! C750! E2D! G780! H43C! 60L! #! F0G3! W787W37! 73! 7E?23!
ddMRR76!E23!A?3!3?!$C08!73!hMRRB6L!#!3??W!7!F?3!?G!3460!H7FW4>A!7>@!D4334>A!@?H>L!#!C7@!
$+* !

!
7!F?3!?G!3C?2AC3!?>!69!64>@L!K9!3C73!3460!69!E8?3C08!C7@!@40@L!#!3?21C0@!C46!7>@!C0!
H7D!>?!F?>A08!6?54>AL!=0!H7D!@07@L!#!4>G?860@!69!C2DE7>@!3C73!69!E8?3C08!H7D!@07@L!
=0!7DW0@!60!4G!#!C7@!37W0>!69!E8?3C08!3?!3C0!6?832789!7>@!#!3?F@!C46!#!C7@>[3!D4>10!#!
@4@!>?3!A03!7>9!7DD4D37>10!G8?6!3C0!B?F410L!%C0!G?FF?H4>A!@79P!7>?3C08!H?8W6730!?G!64>0!
4>G?860@!60!3C73!69!E8?3C08!C7@!>?3!E00>!6?50@!3?!3C0!6?832789!7>@!H7D!D34FF!F94>A!?>!
3C0! 8?7@P! 3C73! C4D! C07@! C7@! E00>! 1C?BB0@! ?GG! 7>@! 3C73! @?AD! H080! 0734>A! C4D! B845730!
B783DL!-9!E8?3C08!H7D!1F?EE080@!3?!@073C!E0G?80!C0!H7D!6234F730@L!%C0!B0?BF0!HC?!@4@!
3C73! 3?! C46! H080! 2D4>A! DB4W0@!1F2EDL! %C09! C7@! G4/0@! >74FD! ?>! 3C0! 1F2E! 7>@! 7D! 3C09! C43!
C4D!G710!3C0!>74FD!H?2F@!BF21W!GF0DC!G8?6!C4D!E?@9L!

#! H7D! >?3! 7EF0! 3?! A?! 3?! H?8W! 3C73! @79L! #! \2D3! D73! ?>! 3C0! 8?7@L! #3! H7D! 3C0>! 3C73! #! D7H! 7!
F7>@! 8?508! G2FF! ?G! B?F410! 60>L! %C0! @84508! H7D! 7! Y7F0>\4>! E0172D0! C0! H7D! DB07W4>A! 4>!
Y7F0>\4>L!#!37FW0@!3?!C46!7>@!4>G?860@!C46!3C73!69!E8?3C08!C7@!E00>!W4FF0@!4>!Y787W37!
7>@!3C73!C4D!E?@9! H7D!>?3!1?FF0130@L!#!E?78@0@!3C048!50C41F0!7>@!H0!H0>3!H43C!3C06! 3?!
HC080! 69!E8?3C08[D!E?@9! H7DL!#! G?2>@! 3C73!3C0! @?AD! C7@! 0730>!C46!\2D3! 7D! #! C7@! E00>!
4>G?860@L!<0!B41W0@!C46!7>@!3??W!C46!3?!3C0!6?832789L!K9!3C0>!C0!H7D!D60FF4>A!E7@F9!
7>@!C0!C7@!D37830@!8?334>A!E0172D0!C4D!E?@9!C7@!DB0>3!3H?!@79D!?>!3C0!D2>!E0G?80!E04>A!
1?FF0130@L!=4D!E?@9!C7@!4>D013D!3C73!C7@!D37830@!3?!073!C46!@20!3?!8?334>Ap!

#! F078>0@! 3C73! ?>! 3C73! -?>@79! 69! E8?3C08! H7D! 37W4>A! 307! G8?6! C4D! C?2D0! HC0>! D?60!
Y4W292!3?F@!C46!3C73!#!7>@!69!C2DE7>@!C7@!E00>!W4FF0@L!=0!F0G3!3C0!307!7>@!1760!3?!?28!
DC?B!3?!F??W!G?8!2DL!=0!B00B0@!3C8?2AC!3C0!AF7DD!H4>@?H!HC0>!D?60!B0?BF0!D74@P!r3C080!
C0! 4D[L! %C09! H080! 71327FF9! F??W4>A! G?8! 69! C2DE7>@! 7>@! HC0>! 3C09! 1?2F@! >?3! G4>@! C46!
3C09!W4FF0@!69!E8?3C08L!

-9! F730! E8?3C08! H7D! 678840@! 3?! -4F@80@! (1C40>AL! %C09! C7@! 3C800! 1C4F@80>P! &1C40>A! ]b!
9078D^P!(676!]du!9078D^!7>@!"4>03!]h!9078D^L!&1C40>A!H7D!B80D0>3!HC0>!C4D!G73C08!H7D!
E04>A! 1F?EE080@! 7>@! 6234F730@L! =0! C7D! D4>10! A?>0! 67@L! =0! W00BD! ?>! D794>AP! "#*#*!
=*'*>*.*! >:45=*! %*>&6! =*'*! >*.*! >:.-! 45*>&RQ*(! .5$%! *)$! 45&@@:'B! &??! %&-)! 5$*(6!
.5$%!*)$!45&@@:'B!&??!%&-)!.5:'B!Z@$':+K2/npo!

Lh.)*4.+!?)&<!Lh5:#:.!P\6!+.*.$<$'.!#%!Y-(:.5!I2!_26!N0!%$*)+!&,(6!.*>$'!#%!f&<<:++:&'!
:'A$+.:B*.&)+!&'!NW!Y-,%!N11b6!V*:A*+5*6!*'(!+-#<:..$(!:'!$A:($'4$2!

!
;G8??5?B!@H!<5@G1?21!5?!*8568ED8M!;@G54528G!%18A19E!8?A!/3?B5X5!
%C0! )?664DD4?>! 8010450@! 180@4EF0! 054@0>10! 3?! 3C0! 0GG013! 3C73! 3C0! 54?F0>10! 4>!
+7457DC7! E03H00>! 3C0! QS3C! 7>@! 3C0! gR3C! _7>2789! QRRf! H7D! B80OBF7>>0@! 7>@!
0/01230@! E9! -2>A4W4! 606E08D! HC?! 8010450@! 3C0! D2BB?83! ?G! +7457DC7! B?F43417F!
7>@! E2D4>0DD! F07@08DL! %C0! )?664DD4?>! C7D! 7FD?! 054@0>10! 3C73! A?508>60>3! 7>@!
B?F43417F! F07@08D! 4>! +748?E4P! 4>1F2@4>A! W09! ?GG410! C?F@08D! 73! 3C0! C4AC0D3! F050F! ?G!
A?508>60>3! 679! C750! @48013F9! B783414B730@! 4>! 3C0! B80B78734?>! ?G! 3C0! 73371WDL!
)0>387F! 3?! 3C73! BF7>>4>A! H080! 3H?! 60034>AD! C0F@! 4>! $3730! =?2D0! 7>@! +748?E4!

$+$ !

!
$7G784!)F2E!4>!3C0!82>!2B!3?!3C0!0F0134?>!H43C!3C0!4>5?F5060>3!D0>4?8!606E08D!?G!
3C0!I?508>60>3!7>@!?3C08!B8?64>0>3!Y4W292!B08D?>7F4340DL!!
!
.54@0>10!B8?@210@!E9!+$#$!D2AA0D3D!3C73!3C4D!7A0>19!H7D!1?FF0134>A!4>G?86734?>!
?>!3C0!BF7>>4>A!?G!54?F0>10!4>!+7457DC7!E9!-2>A4W4!606E08D!7>@!B?F434147>DP!73!
E?3C! F?17F! 7>@! >734?>7F! F050FLdRQ! (D! 078F9! 7D! g! _7>2789! QRRfP! +$#$! C7@!
4>G?86734?>! 3C73! 3H?! G?8608! -:D! ?G! 3C0! Y4W292! 1?662>439! H080! `D74@! 3?! E0!
>0A?34734>A!H43C!3C0!?23F7H0@!-2>A4W4!H43C!7!540H!3?!C750!D013!606E08D!7DD4D3!
3C0! 1?662>439! 3?! 1?2>308! 3C048! 73371W08Da! 7>@! 3C73! -2>A4W4! 606E08D! H080!
60034>A! `4>! 7>! 2>@4D1F?D0@! F?1734?>! 4>! +748?E4! H43C! 7! 540H! 3?! 178894>A! 8050>A0!
73371WD! ?>! "2?DlY7F0>\4>D! 38750FF4>A! 7F?>A! +748?E4O+7457DC7! C4ACH79! ?>!
2>@4D1F?D0@!@730La!
!
&>! db! _7>2789P! +$#$! H7D! 4>G?860@! 3C73! -2>A4W4! 606E08D! H080! BF7>>4>A! 3?!
@4D180@43! 3C0! I?508>60>3! E9! 4>D34A734>A! 1C7?D! 4>! +748?E4! 7>@! +7W282! `HC4F0!
?3C08D! H?2F@! 874@! Y76434! 7>@! +7457DC7!:84D?>D! 3?! 80D120! 3C048! 1?FF07A20D! C0F@!
3C080!76?>A!3C06!n-74>7o!+\0>A7La!%C4D!D2BB?830@!4>G?86734?>!B80D0>30@!3?!2D!
4>!176087!E9!7!D0>4?8!B?F410!?GG4108!4>!+7457DC7!HC?!C7@! F078>0@!?>!e!_7>2789!
3C73! `3C080! H7D! 7! F4W0F4C??@! ?G! 3C0! D?O17FF0@! <-'B:>:! 67W4>A! 7! H79! 4>3?! B84D?>!
H43C! 3C0! 4>30>34?>! ?G! HC4DW4>A! 7H79! 3C0! 1C74867>! n-8L! -74>7! +\0>A7o! HC?! 4D!
12880>3F9!C0F@!4>!3C73!B783412F78!B84D?>LadRg!
!
'?FF?H4>A!2B!?>!3C4D!4>G?86734?>P!3C0!+7457DC7!J4D38413!$0128439!7>@!#>30FF4A0>10!
)?6643300!]J$#)^!1C7480@!E9!3C0!J4D38413!)?664DD4?>08!@014@0@!?>!e3C!_7>2789!
QRRf! 3?! 4>1807D0! B738?FD! H43C4>! 3C0! 3?H>! 7>@! 7@@434?>7F! ?GG4108D! H080! D?2AC3!
G8?6! 3C0! +7457DC7! :84D?>D! 3?! 7DD4D3! 3C0! B?F410L! %C0! +7457DC7! :84D?>D!
)?667>@7>3P! J2>17>! &A?80P! 1?>G4860@! C754>A! 8010450@! D21C! 80X20D3! G?8!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$*+
!7LL!P<[<!0#!50A=0!5!:=8::05!4020!;6:!J2358=05!6:!Q.4!K!1:!$-!6A5!$-7!
$*%
!G0:1!H3A>!J2358=05!!A!=6H026B!P6!#6:46!+-!Z8L>!+**)!

$++ !

!
7DD4D37>10!7>@!C754>A!G28>4DC0@!D?60!B84D?>!H78@08D!3?!3C0!&):J!+7457DC7!3?!
C0FB!4>!B738?FF4>A!3C0!3?H>!2B!3?!QS3C!_7>2789!QRRfLdRh!
!
&>! Qd! _7>2789! +$#$! 8010450@! B8014D0! 4>G?86734?>! ?>! B783! ?G! 3C0! BF7>>0@!
?B08734?>! ?G! 54?F0>10! 4>! +7457DC7P! 3?! 3C0! 0GG013! 3C73! Y4W292! 9?23C! 4>! +7457DC7!
`BF7>!3?!EF?1W!+7W282O+7457DC7!7>@!I4FA4FO-74!-7C42!8?7@DP!3?!EF?1Wl4>30810B3!
50C41F0D!G8?6!<0D308>!7>@!+97>V7!80A4?>D!3?!G4DC!?23!3C0!378A030@!1?662>4340DPa!
HC41C!4D!0/713F9!HC73!C7BB0>0@!?>!QS!_7>2789L!
!
(11?8@4>A! 3?! 054@0>10! B80D0>30@! E9! 3C0! Y+)=*P! F?17F! B?F434147>D! 8010450@!
D2BB?83!G8?6!Y4W292!0F430!G8?6!?23D4@0!+7457DC7!3?!6?E4F4V0!F?17F!\?EF0DD!9?23C!
HC?! H080! E?FD3080@! E9! -2>A4W4! G?FF?H08D! G8?6! +748?E4! 7>@! )0>387F! :8?54>10L!
Y+)=*!C7@!054@0>10!?G!3H?!BF7>>4>A!60034>AD!C0F@!?>!Qg8@!7>@!Qj3C!_7>2789!73!
7!F?17F!C?30F!HC080!4>GF20>347F!+7457DC7!E2D4>0DD!B0?BF0!BF?330@!3C0!54?F0>10!7>@!
B74@! E03H00>! YDCD! dRROQRR! 3?! 3C0! 9?23C! HC?! H?2F@! B783414B730! 4>! 3C0! 73371WD!
378A034>A! 674>F9! 606E08D! ?G! 3C0! "2?! 1?662>439LdRb! #>G?86734?>! ?G! 3C0D0!
BF7>>4>A! 60034>AD! 7>@! B783414B7>3D! H7D! 1?88?E?8730@! E9! 4>@454@27F! H43>0DD0DP!
4>1F2@4>A!3H?!+7457DC7!D?147F!H?8W08D!7>@!713454D3DL!
!
(11?8@4>A! 3?! H43>0DD0DP! 054@0>10! 3C73! -2>A4W4! H080! 4>5?F50@! 4>! 54?F0>10! 4>!
+7457DC7! 4>1F2@0D! 7! C4AC! F050F! ?G! 1??8@4>734?>! ?G! 3C0! 73371W08DP! 67>9! ?G! HC?6!
H080!>?3!+7457DC7!80D4@0>3DP!7D!H0FF!7D!4>D4@0!4>30FF4A0>10!?E374>0@!G8?6!-2>A4W4!
606E08D! 4>5?F50@! 4>! 3C0! 54?F0>10L! (! Y4W292! B?F43417F! 713454D3! HC?! 30D34G40@! 4>!
176087! 3?F@! 2D! 3C73! DC0! F078>0@! G8?6! 7>! 74@0! 3?! +@287! <7824>A0P! -2>A4W4!
>734?>7F! )??8@4>73?8P! 3C73! -2>A4W4! H7D! >?3! 80DB?>D4EF0! G?8! 7FF! 3C0! 54?F0>10! 4>!
+7457DC7P!7>@!3C73!?>0!`1?2F@!@4GG080>34730!3C0!-2>A4W4!G8?6!3C0!F?17FDP!E0172D0!
HC080! -2>A4W4! H0>3! 3C09! H080! >?3! F??34>A! 3C09! H080! \2D3! @0D38?94>A! B8?B08340DL!!
K23! H43C! 3C0! F?17FD! 3C09! H080! F??34>ALa! $C0! G283C08! 30D34G40@! 3C73! 3C0! 73371WD!
C7BB0>0@! 73! 3C0! D760! 3460P! 78?2>@! eMRR76P! 4>! 3C0! 0D3730D! ?G! Y79?F0P! Y7E734P!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$*&
!MC!%+"!
$*'
!Q.4!K!1!$+'!

$+% !

!
Y4C??3?!7>@!Y787A437P!7>@!D?!DC0!3C?2AC3!3C0!73371W08D!`H080!@8?BB0@!73!3C?D0!
7807D! 7>@! 3C09! C7@! ?8@08D! n3?o! D3783! 73! eMRR76aP! HC41C! DC0! 1C78713084V0@! `7D!
C754>A!3C0!-2>A4W4!39B0!?G!?8A7>4V734?>La!
!
(134>A! 043C08! ?>! +$#$! ?8! ?>! 43D! ?H>! 4>30FF4A0>10P! 3C0! +7457DC7! J$#)! A73C080@!
D464F78! 4>G?86734?>! H43C! 80A78@! 3?! 7! >26E08! ?G! B?F434147>D! 7>@! E2D4>0DD60>!
HC?6! 43! D2DB0130@! ?G! G4>7>14>A! 7>@! ?8A7>4V4>A! 3C0! A7>AD! 3C09! E0F4050@! 3?! E0!
-2>A4W4P!HC41C!H080!80DB?>D4EF0!G?8!3C0!+7457DC7!54?F0>10L!%C?D0!HC?!3C0!J$#)!
801?660>@0@! G?8! 7880D3! G?8! G4>7>14>A! 7>@! ?8A7>4V4>A! 3C0! 54?F0>10! 4>1F2@0@! 7!
G?8608!-:!?G!3C0!Y4W292!1?662>439!7>@!?3C08!B8?64>0>3!Y4W292!B08D?>7F4340DP!
HC?D0! >760D! H080! B8?54@0@! 3?! 3C0! )?664DD4?>L! '283C08! 4>G?86734?>! 4>!
B?DD0DD4?>!?G!3C0!J$#)!H7D!3C73!B84?8!3?!3C0!73371WDP!7!>26E08!?G!60034>AD!H080!
C0F@! 73! 7! C?30F! 4>P! +7457DC7! HC?D0! ?H>08! H7D! 7FF0A0@F9! 7FD?! 4>5?F50@! 4>! 3C0!
BF7>>4>A!7>@!3C73!7!G?8608!-:!G8?6!3C0!7807!3C0!67D308!64>@L!%C0!>760D!?G!3C0!
4>@454@27FD!HC?!>?3!?>F9!B281C7D0@!3C0!B7>A7D!G8?6!7!F?17F!D2B08678W03!G?8!2D0!
E9! 3C0! 73371W08D! HC?! C7@! E00>! 387>DB?830@! G8?6! ?23D4@0! +7457DC7! E23! 7FD?!
@480130@!3C0!73371WD!?>!3C0!A8?2>@!H080!7FD?!67@0!7574F7EF0!3?!3C0!)?664DD4?>L!!
!
-1EC@?E1!F:!;@G521!8?A!;9@65?258G!#A75?5E49845@?!
%C0! )?664DD4?>! 0D37EF4DC0@! 3C73! 80DB?>D0! 3?! 3C0! :.;! 4>! +7457DC7! E9! D0128439!
7A0>140D!7>@!@4D38413!7@64>4D38734?>!80GF0130@!3C0!D760!B??8!BF7>>4>A!7>@!F71W!?G!
B8?G0DD4?>7F4D6! 7>@! 4>@0B0>@0>10! 7D! H7D! 054@0>3! 4>! ?3C08! B783D! ?G! 3C0! *4G3!
;7FF09!:8?54>10L!%C0!B?F410!H080!?E54?2DF9!?508HC0F60@!E9!3C0!67A>432@0!?G!3C0!
54?F0>10P! E23! E807WD! 4>! 3C0! 1C74>! ?G! 1?667>@! 7>@! B787FF0F! 03C>41! 1?667>@!
D38213280D!H43C4>!3C0!B?F410!607>3!3C73!050>!H43C!3C0!E0D3!?G!BF7>>4>A!3C0!B?F410!
H080! 3??! H07W! 7D! 7>! 4>D343234?>! 7@0X2730F9! 3?! 80DB?>@! 3?! 3C0! 54?F0>10! 4>!
+7457DC7L!
!
%C0! )?664DD4?>! 7FD?! 8010450@! 76BF0! 054@0>10! 3?! 3C0! 0GG013! 3C73! B?F410! 7>@!
7@64>4D38734?>! 723C?84340D! H080! ?508HC0F60@! E9! 3C0! 67A>432@0! ?G! 3C0! 54?F0>10L!!
%C0! +7457DC7! J)! 7>@! &):J! 30D34G40@! 3C73! 4>! 3C0! 6?8>4>A! ?G! QS! _7>2789! 3C09!
C7@! 3?! @07F! H43C! Q! 3?! g! A8?2BD! ?G! @06?>D3873?8D! 071C! 7>@! 3C73! 3C09! DB0>3! 3??!

$+& !

!
621C! 3460! 7>@! 0>08A9! 4>! 7@@80DD4>A! 071C! A8?2B! 73! 7! 3460! HC4F0! 3894>A! 3?!
@4DB08D0! 3C0! 18?H@D! 7>@! 1F078! 8?7@! EF?1DP! E0G?80! 6?54>A! 3?! 3C0! >0/3! A8?2B! ?G!
@06?>D3873?8DL!(!1?662>439!F07@08!HC?!7BB0780@!E0G?80!2D!4>!176087!7>@!C7@!
E00>! B08D?>7FF9! 4>5?F50@! H43C! 3C0! B?F410! 4>! C0FB4>A! 80D120! B08D?>D! 4>! @7>A08P!
30D34G40@!7D!G?FF?HDM!
""+#! !V&=6! <*%! #$! %&-!'$$(! .&! B&! #*4>! .&! .5$!(*.$! &?! NX.52!!S5*.! 4*'! %&-!
)$4*,,!*#&-.!.5*.!(*.$!.5*.!:+!+:B':?:4*'.!?&)!f&<<:++:&'$)+k!

$%&'())#!!C5$)$!=*+!*!,&.!&?!A:&,$'4$!*'(!3!4*'!+*%6!:.!:+!,:>$!.5$!F&,:4$!=$)$!
&A$)=5$,<$(! *'(! .5$)$! =*+! '&! ,*=! :'! V*:A*+5*! &'! .5*.! (*%! *'(! *,+&! &'!
N0.52! C5$! F&,:4$! =$)$! 9-+.! &A$)=5$,<$(2! E:>$! =5$'! 3! =$'.! .&! .5$! F&,:4$!
U.*.:&'!.)%:'B!.&!B$.!*'%!F&,:4$!_??:4$)!$A$'!.&!.*,>6!=5$'!3!B&.!.5$)$!3!.*,>$(!
.&!.5$!_fFQ!*'(!.5$'!5$!+.*).$(!B$..:'B!4*,,+2!3!.):$(!.&!&)B*':D$!.5$!@$&@,$!
+&<$5&=!*'(!=$!.):$(!.&!4*,,!&.5$)+2!3!.&,(!.5$<!.&!4*,,!.5$:)!?):$'(+!.&!>'&=!
:?!.5$%!=$)$!*,,!+*?$2!U&!=$!+.*).$(!<*>:'B!4*,,+!*'(!=$!?&-'(!@$&@,$!=5&!
=$)$!.)*@@$(!:'!.5$:)!5&-+$+2!C5$%!4&-,('T.!4&<$!.&!.5$!F&,:4$!U.*.:&'!&)!B&!
.&! .5$! c8! F):+&'2! 3! +.*).$(! 4&&)(:'*.:'B! =:.5! .5$! F&,:4$! &'! 5&=! .&! B&! *'(!
$A*4-*.$!.5&+$!@$&@,$!=5&!=$)$!.)*@@$(!*'(!+&<$.:<$+!:.!=*+!9-+.!(:??:4-,.!
#$4*-+$!.5$!F&,:4$!A$5:4,$+!=$)$!'&.!$'&-B52!3.!=*+!9-+.!45*&.:42!!U&<$.:<$+!
=$!=$)$!B$..:'B!A$)%!($+@$)*.$2/!

(6?>A!3C0!172D0D!?G!B?F410!G74F280!3?!7@0X2730F9!80DB?>@!3?!3C0!54?F0>10!H7D!3C0!
E8071C!4>!3C0!1C74>!?G!1?667>@!H43C4>!3C0!G?810L!%C0!)?664DD4?>!H7D!B8?54@0@!
H43C! 7E2>@7>3! 0/76BF0D! ?G! \2>4?8! ?GG4108D! 80G2D4>A! 3?! 37W0! ?8@08D! G8?6! 3C048!
D2B084?8D! 7>@! BF714>A! 03C>41! F?97F39! E0G?80! B8?G0DD4?>7F! 03C417F! 1?>@213L! %C0!
1?662>439! F07@08! 4>5?F50@! 4>! 3C0! B?F410! ?B08734?>D! 73! 3C0! 3460! 30D34G40@! 7D!
G?FF?HDM!!

""+#!!Q:(!%&-!B$.!.5$!+$'+$!.5$!@&,:4$!=5&!=$)$!(&:'B!.5$!#$+.!.5$%!4&-,(!
#-.! =$)$! &A$)=5$,<$(! &)! =*+! .5$)$! :'4&<@$.$'4$! *<&'B+.! .5$! @&,:4$!
&??:4$)+!&)!&.5$)!+$4-):.%!*B$'4:$+k!

$%&'())#! ! _'! .5$! ?:)+.! (*%6! .5*.! =*+! &'! NX.56! 3! .5&-B5.! .5*.! .5$! @&,:4$!
=$)$! #$:'B! &A$)=5$,<$(2! a-.! (-):'B! .5*.! =$$>! =5$'! =$! +.*%$(! *.! .5$!

$+' !

!
F&,:4$! U.*.:&'! 4*<@6! #$4*-+$! .5$! ,*+.! @$)+&'! =$! $A*4-*.$(! =*+! &'!
C5-)+(*%! *'(! 3! 4&-,(! .$,,! .5*.! .5$)$! =*+! +&<$! ($?:*'4$2! C5$! 9-':&)!
&??:4$)+! @*).:4-,*),%! ?)&<! .5$! 8:>-%-! .):#$! =$)$! '&.! )$*(%! .&! .*>$!
:'+.)-4.:&'+! ?)&<! .5$:)! +-@$):&)+m! *'(! 3! 4*'! +*%6! ?&)! $h*<@,$! .5$)$! :+! *!
.:<$! =$! =$'.! .&! $A*4-*.$! *! .$)<:'*,,%! :,,! ,*(%! =5&! =*+! .)*@@$(! :'+:($!
*'! $+.*.$! *'(! B$..:'B! .5$! &??:4$)+! .&! 4&<$6! .5$%! =$)$! 9-+.! ($?:*'.6! .5$%!
=$)$!9-+.!)-'':'B!*'(!+*%:'B!.5*.!:.!:+!.5$!Q$@-.%!_fFQ6!#$4*-+$!:.!=*+!
.5$!Q$@-.%!_fFQ6!c)*4$!8*>*:!=5&!=*+!B:A:'B!.5$<!.5&+$!:'+.)-4.:&'+2!
C5$%!=$)$!+*%:'B!.5*.!+5$!:+!9-+.!#$:'B!#&++%2/!

<0! H080! B80D0>30@! H43C! 76BF0! 054@0>10! D2AA0D34>A! 3C73! 3C0! D760! 03C>41! G72F3!
F4>0! 3C73! @454@0@! 3C0! 1?662>439! 4>! +7457DC7! 7FD?! 7GG0130@! D0128439! 7A0>140DL!
<C03C08! G?8! F0A4346730! 807D?>D! ?8! >?3PdRj! 606E08D! ?G! 3C0! Y4W292! 1?662>439!
H080! A0>087FF9! @00BF9! @4D382D3G2F! ?G! ?GG4108D! ?G! 3C0! Y0>97! :84D?>! J0B78360>3!
HC?D0! 1?667>@08D! H080! E0F4050@! 3?! E0! Y7F0>\4>! 7>@! "2?! &J-! D2BB?8308DL! &>!
3C048!B783P!"2?!541346D!3?F@!D3?840D!7E?23!3C0!4>@4GG080>10!?G!Y4W292!B?F410!?GG4108D!
3?! 3C048! D2GG084>AL! (! "2?! H?67>! 3?F@! 2D! 3C73! B?F410! G74F0@! 3?! 1?FF013! 3C0! E?@9! ?G!
C08!80F73450!7>@!3C73!DC0!H7D!>?3!7EF0!3?!C750!3C0!E?@9!E8?2AC3!3?!3C0!6?832789!
2>34F!7!Y7F0>\4>!?GG4108!1760!3?!C08!80D120!3H?!@79D!F7308LdRS!
!
#>!B08C7BD!3C0!6?D3!D084?2D!D0128439!F7BD0P!B?F410!7>@!7@64>4D38734?>!723C?84340D!
H080! 3??! B80?112B40@! H43C! 7! G7FD0! >?34?>! ?G! B0710! 7>@! 387>X24FF439! 3C73! 3C09!
1?6BF030F9! G74F0@! 3?! B8?6B3F9! @07F! H43C! 3C0! 807F! 3C8073D! 3?! D0128439L! #3! 4D! 3C0!
)?664DD4?>[D! 540H! 3C73! ?>! QS! _7>2789! 3??! 621C! G?12D! H7D! ?>! 1F0784>A! 8?7@D!
7>@!@4DB08D4>A! 18?H@DP!HC41C!F0G3! 3C0!B?F410!7>@!7@64>4D38734?>!?GG4147FD!DB807@!
3??! 3C4>! 3?! @0BF?9! 4>! 0D3730D! HC080! B08D?>D[! F450D! H080! E04>A! B23! 4>! @7>A08!7>@!
HC080! B?F410! B80D0>10! H7D! 6?D3! >00@0@L! #>! C4D! @0D480! 3?! D46BF9! X20FF! 3C0!
@06?>D38734?>D!7>@!1F078!8?7@!EF?1WDP!3C0!J)!2>@2F9!A750!4>!3?!@067>@D!?G!3C0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$*(
!G40!M3HH!::!3A!;6:!A31!6KL0!13!=610932!=6LL>!0:16KL!:4!;401402!=3HJL6!A1:!?23H!H0HK02:!3?!140!J8KL!=B!
J621!=8L62L>!@!X8>8:B!696!A:1!J2!:3A!3??!=02:!;020!90A8!A0!6A5!20:8L105!?23H!6K8:0:!K>!J2!:3A!3??!=02:B!32!;020!6!H020!
20?L0=1!3A!3?!140!J02=0J1!3A!1461!140!H6b32!1>!3?!J2!:3A!3??!=02:!;020!?23H!140!/83!6A5!@6L0Ab!A!=3HH8A!1!0:"!
$*,
!<00!0.126=1!3?!402!10:1!H3A>!!A!K3.!6K3#0"!

$+( !

!
674>F9!Y4W292!18?H@!3C73!B84D?>!H78@08D!E0!17FF0@!?GG!3C0!D38003!?>!3C0!5089!@79!
3C09! H080! 6?D3! >00@0@! 4>! 3C0! &):J[D! 0D346734?>L! '?8! 3C0! D760! 807D?>! 7>@! ?>!
C4D!?H>!7@64DD4?>P!C0!7FD?!7A800@!3?!F4G3!3C0!B78347F!E7>!?>!6?5060>3!]`128G0Ha^P!
7! A0D3280! 4660@4730F9! B0810450@! E9! 3C0! @06?>D3873?8D! 7D! 7>! 0>1?287A060>3! 3?!
17889! ?>! H43C! 3C048! BF7>>0@! 73371WDL! (>! 090! H43>0DD! 801?2>30@! 3C0! 4660@4730!
1?>D0X20>10!?G!3C0!F4G3!7D!G?FF?HDM!
""+#!!dRel&-!+*:(!.5$!<$$.:'B!=*+!#$:'B!@$.:.:&'$(!#%!.5$+$!@$&@,$6!+&!
.5*.!5$!4&-,(!,:?.!.5$!#*'2!

$%&'())#!!l$+6!&'!.5$!4-)?$=2!

"+#!!C5$!4-)?$=!'$$(+!.&!#$!,:?.$(2!!S5*.!=*+!.5$!QfT+!)$*4.:&'k!

$%&'())#! ]$! *B)$$(! .&! ,:?.! .5$! #*'! *'(! @$&@,$! 4,*@@$(! *'(! @$&@,$!
(:+@$)+$(! *'(! =5$'! .5$%! (:+@$)+$(! 5$! =$'.! =:.5! 5:+! &??:4$)+! *'(!
:<<$(:*.$,%!.5$!@&,:4$!,$?.!.5*.!8*):->:!f5&.*)*!J&*(6!.5*.!:+!=5$'!&'$!
&?!.5$!f5$<:+.+6!:.!:+!:'! .5$!f$'.)$!&?!.5$!.&='!:.!#$,&'B+! .&!*!8*,$'9:'!
=*+!,&&.$(!*'(!=5*.!.5$%!4&-,(!'&.!,&&.!=*+!#-)'$(!&-.+:($!.5$!+5&@6!
:<<$(:*.$,%!.5$!Qf!,$?.!=:.5!.5$!@&,:4$2!

"+#!!I#&-.!=5*.!.:<$!&?!.5$!(*%!=*+!.5:+k!

$%&'())#!!3.!=*+!#$.=$$'!H12P1!*'(!HH211!*2<26!;%!E&)(+2/H1b!

J0DB430!3C0!A0>087F!1C7?341!80DB?>D0!3?!:.;P!4>@454@27F!B?F410!?GG4108D!H080!7EF0!
3?!C08?417FF9!84D0!3?!3C0!?117D4?>!7>@!D750!F450DL!:0308!&340>?P!7!"2?!7>@!7!2>4?>!
F07@08P!3?F@!2D!C?H!?>0!-232W2P!7!B?F410!?GG4108P!1760!3?!C4D!G764F9[D!80D120!E9!
G484>A!4>!3C0!748!3?!D1780!?GG!7!A8?2B!?G!Y4W292D!HC?!H080!7E?23!3?!E807W!4>3?!C4D!
C?2D0!7>@!W4FF!C46!7>@!C4D!G764F9LdRe!
!
%C0! )?664DD4?>! 7FD?! C078@! 3C73! 3C0! D0128439! G?810D! T! 3C0! Y0>97! :?F410P! 3C0!
(@64>4D38734?>!:?F410!7>@!3C0!(>34O$3?1W!%C0G3!U>43!T!8010450@!1?>D4@087EF0!C0FB!
G8?6! 3C0! -4F43789! HC?! >?3! ?>F9! 1F0780@! 3C0! 8?7@D! 7FF?H4>A! B?F410! ?GG4108D! G800!
6?5060>3! 3?! C7>@F0! 3C0! 71327F! 18?H@D! E23! ?>! Qf3C! _7>2789! QRRf! ?508! GF0H!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$*)
!MC!%-"!
$*-
!MC!&*"!
$+, !

!
Y787A437! 3?H>DC4B! 4>! 7! C0F41?B308! A2>DC4B!G484>A! G8?6! 3C0! 748! 7>@! 4>! 3C0! 748! ! 3?!
@06?>D38730!B?H08P!HC41C!C0FB0@!3?!1F078!3C0!A73C080@!6?EDL!
!

*89@X!K5E49524!

$82XB9@3?A!

+78?W! J4D38413! C7D! E00>! DBF43! 4>3?! 3H?P! +78?W! +?83C! 7>@! +78?W! $?23C! @4D38413DL!
%C0! 7@64>4D3873450! @454D4?>D! 780! )0>387FP! "?437P! -787P! -72P! -2F?3P! &FW283?P!
&F?F2>A27!7>@!&D2B2W?L!(11?8@4>A!3?!3C0!(W4H264!*0B?83P!3C0!7807!0/B0840>10@!
03C>41! G4AC34>A! 4>! deeQ! E03H00>! 3C0! -77D74! 7>@! Y4W292! HC080! 3C0! -77D74!
1?6BF74>0@! 3C73! 3C0! Y4W292! F454>A! 2BD38076! ?G! 7807D! D21C! 7D! 3C0! .>??D2B2W47!
H7308! 1731C60>3! 7807! H080! @450834>A! H7308! B8050>34>A! 43! G8?6! 8071C4>A!
@?H>D38076!3?!3C0!-77D74LddR!

%C0! 7807! C7D! 0/B0840>10@! 03C>41! 80F730@! 54?F0>10! 4>! 3C0! B7D3P! B783412F78F9!
E03H00>!3C0!Y4W292!7>@!3C0!-77D74L!%C0!(W4H264!*0B?83!>?30D!73!B7A0!djS!3C73!
<4FF476!&F0!+346767P!3C0!7807!-:!D4>10!deffP!73!3C73!3460!H78>0@!>?>O-77D74D!
3C73!3C09!H?2F@!E0!054130@!G8?6!.>??D2B2W47!D4>10!3C09!H080!80D4@4>A!4>!7!H7308!
1731C60>3! 7807! 7>@! 3C0! 4>3080D3D! ?G! D?! 17FF0@! >?>O4>@4A0>?2D! 1?662>4340D!
]674>F9!Y4W292^!H080!D2E?8@4>730!3?!3C?D0!?G!3C0!4>@4A0>?2D!-77D74!1?662>439L!
(3! 3C0! 3460P! +346767! H7D! 7! B?H08G2F! I?508>60>3! -4>4D308! 4>! 3C0! 82F4>A! B7839!
Y(+U! 7>@! 3C0! (W4H264! 80B?83! H0>3! ?>! 3?! >?30! 3C73! 4>! &13?E08! deegP! -77D74D!
7860@! H43C! E?HD! 7>@! 788?HD! C7@! D37830@! 73371WD! 2B?>! Y4W292! 7>@! 3C73! 3C080!
H7D! >?! 4>308G080>10! G8?6! 3C0! B?F410! 7>@! 3C0! B8?54>147F! 7@64>4D38734?>P! 7>@!
>043C08! @4@! 3C0! B?F410! 67W0! 7880D3D! >?8! @4D7EF0! 3C0! -77D74! G8?6! 73371W4>A! 3C0!
Y4W292!050>!HC0>!3C09!C7@!?BB?832>4340D!3?!@?!D?L!

%C0! 67\?8! 172D0D! ?G! B8054?2D! 54?F0>10! 4>! 3C0! 7807! H080! 1F746D! ?G! Y4W292!
0>18?71C60>3! ?G! -77D74! F7>@P! Y4W292! @?64>734?>! ?G! 80374F! 7>@! 387>DB?83!
E2D4>0DD!4>!3C0!7807!7D!H0FF!7D!3C0!1C?410!E9!Y4W292!>?3!3?!D2BB?83!3C0!B?F43417F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$$*
!7X!;8H!!I0J321"!
$+) !

!
B78340D! 0>\?94>A! D2BB?83! G8?6! 3C0! 4>@4A0>?2D! 1?662>4340DL! K23! 054@0>10! H7D!
A450>! E9! Y+)=*! 3C73! 3C0! B?D3! 0F0134?>! 54?F0>10! ?G! QRRS! H7D! 2>F4W0! B8054?2D!
0B4D?@0D!?G!54?F0>10!HC080!3C0!-77D74!A7>A0@!2B!H43C!Y7F0>\4>!3?!73371W!Y4W292L!
%C4D!3460!8?2>@!54?F0>10!G4VVF0@!?23!X241WF9!7G308!-77D74!0F@08D!B80574F0@!?>!3C0!
9?23C!3?!D3?B!3C0!54?F0>10!4>!DB430!?G!4>143060>3!E9!B?F434147>D!7>@!F?17F!0F430DL!!

"D1!;91P&G1245@?!&?659@?71?4!

%C0! +$#$! C7@! 4>@41730@! 4>! 7! D0128439! E840G4>A! @730@! QS3C! $0B306E08! QRRS! 3C73!
+78?W!H7D!?>0!?G!3C0!BF710D!43!1?>D4@080@!7!B?30>347F!GF7DC!B?4>3!F4W0F9!3?!H43>0DD!
0F0134?>!80F730@!54?F0>10!@20!3?!4>143060>3!E9!B?F434147>D!43!@4@!>?3!>760L!'283C08!
30D346?>9! H7D! B8?54@0@! E9! +7457DC7! J)! -8L! Y7300! "217D! -H7>V7! ]F7308!
387>DG0880@! 3?! -?F?^! 3C73! 38?2EF0! H7D! 0/B0130@! E03H00>! 3C0! -77D74! 7>@! Y4W292!
1?662>439! ?>! 3C0! E?8@08! ?G! +78?W! 7>@! +7457DC7! J4D38413D! ?508! 3C0! @4DB230@!
+A734! '78608D! )??B0873450! $?14039! 7>@! 3C0! D760! 054@0>10! H7D! 1?88?E?8730@! E9!
3C0! +$#$L! (3! 3C0! +78?W! $?23C! J4D38413! $0128439! 7>@! #>30FF4A0>10! )?6643300!
]J$#)^! 60034>A! C0F@! ?>! Qd! J0106E08! QRRS! 43! H7D! >?30@! 3C73! B?F43417F!
306B0873280!4>!3C0!J4D38413!H7D!C4AC!7>@!3C73!B?F434147>D!C7@!80D?830@!3?!C?F@4>A!
>4AC3!60034>AD!1?>38789!3?!3C0!.F013?87F!)?@0!?G!)?>@213!HC4F0!7FD?!0>A7A4>A!4>!
@??8!3?!@??8!176B74A>DL!

.54@0>10!H7D!B8?54@0@!E9!3C0!Y+)=*!3C73!4660@4730F9!B84?8!3?!3C0!0F0134?>D!7>@!
6?80!DB014G417FF9!?>!Qh!J0106E08!QRRSP!7!F?17F!B?F434147>!C7@!C0F@!7!60034>A!4>!
+78?W!%?H>!@284>A!HC41C!C0!3C80730>0@!3C0!Y4W292!7>@!Y4D44!1?662>4340D!3C73!
3C09! H?2F@! E0! 054130@! 4G! 3C09! @4@! >?3! 5?30! G?8! C46P! 8064>@4>A! 3C06! 3C73! +78?W!
H7D!>?3!3C048!C?60L!

"D1!;@E4!&G1245@?!<5@G1?21!5?!*89@X!

$084?2D! 54?F0>10! B4334>A! 3C0! -77D74! ?>! ?>0! D4@0! 7>@! Y4W292! 7>@! Y4D44! ?>! 3C0!
?3C08! 082B30@! ?>! g! _7>2789! QRRf! 4>! $?A??P! %0>@H03P! Y46?A?8P! +W?B0>P!
&F60W0>92! )0>308P! &F0DC7B7>4P! -0F0F0?! 7>@! &F?F2>A27! J454D4?>! HC4F0! 30>D4?>!

$+- !

!
H7D!80B?830@!E9!3C0!J$#)!3?!E0!C4AC!4>!-787!J454D4?>!7>@!+A?DH7>4!4>!&D2B2W?!
E03H00>!-77D74!7>@!>?>O-77D74L!!

(!H43>0DDP!#D771!-?4B0F4P!30D34G40@!4>!+7457DC7!3C73!C0!H7D!@4DBF710@!G8?6!+78?W!
%?H>L!=0!4>G?860@!3C0!)?664DD4?>!3C73!C0!C7@!H43>0DD0@!7>!?117D4?>!HC080!7!
B8?64>0>3! B?F434147>! C7@! 7@@80DD0@! 7! B2EF41! 60034>A! 7E?23! 7! 6?>3C! E0G?80! 3C0!
0F0134?>D! 7>@! 4>1430@! 3C0! -77D74! E9! 7DW4>A! 3C06! 3?! 2B8??3! 606E08D! ?G! 3C0!
Y4W292! 1?662>439! G8?6! 3C0! 7807L! %C4D! 4D! 1?88?E?8730@! 4>! 054@0>10! E9! Y+)=*!
711?8@4>A!3?!HC41CP!7FF0A0@F9!3C0!B?F434147>!!?8A7>4V0@!7>@!B74@!-77D74!9?23CD!3?!
2>F07DC!54?F0>10!4>!+78?W!%?H>!7>@!43D!0>548?>DLddd!(G308!7>>?2>1060>3!?G!3C0!
80D2F3D! ?G! 3C0! B80D4@0>347F! 0F0134?>P! 3C0! H43>0DD! D79D! 3C0! B?F434147>! H0>3! 78?2>@!
+78?W! %?H>! 7>@! 7DW0@! 3C73! 606E08D! ?G! 3C0! Y4W292! 1?662>439! E0! 054130@L!
'283C08P!3C0!)?664DD4?>!H7D!4>G?860@!E9!G?8608!*4G3!;7FF09!::&!.508033!<7D4W0!
3C73! 3C0! B?F434147>[D! >760! H7D! ?>0! ?G! 3C?D0! 80B0730@F9! A450>! 3?! B?F410! 7D! E04>A!
E0C4>@!3C0!54?F0>10!7>@!H0!C078@!3C73!7!G4F0!H7D!?B0>0@!7A74>D3!C46!?>!1C78A0D!
?G! B?F43417F! 4>143060>3! 7>@! 7! H7887>3! ?G! 7880D3! H7D! B8?1280@! E23! C0! H7D! >?3!
37W0>!3?!1?283L!

%C0! J$#)! >?30@! 3C73! ?508! dPRRR! C?2D0D! E0F?>A4>A! 3?! Y4D44D! 7>@! Y4W292D! H080!
3?81C0@P!Q!B08D?>D!W4FF0@P!jR!?3C08D!D084?2DF9!4>\280@!7>@!7E?23!gPRRR!@4DBF710@!
@284>A! 3C0! 54?F0>10L! &>! h! _7>2789! 73! &F0874! 7807! ?G! -2F?3! J454D4?>P! '87>WF4>!
K033P! 3C0! >0HF9! 0F0130@! &J-! -:! G?8! K2803P! 7>@! #D771! *23?P! &J-! -:! G?8!
)C0B7F2>A2P! 7@@80DD0@! 7E?23! dRR! Y4BD4A4D! 7DW4>A! 3C06! 3?! ?B0>! 3C0! 8?7@! 7>@!
1?0/4D3! H43C! 3C0! Y4D44! HC?! C7@! D2BB?830@! &J-! E23! 3?! W00B! B80DD284>A! G?8!
:80D4@0>3! Y4E7W4[D! 806?57F! 7>@! 17FF4>A! G?8! 7! 80O37FF94>A! 7>@! l?8! 801?2>3! ?G! 3C0!
5?30D!7FF0A4>A!3C73!&J-!C7@!E00>!8?EE0@!?G!5413?89L!

.54@0>10! H7D! 8010450@! G8?6! 3C0! +78?W! $?23C! J$#)! 3C73! ?>! b! _7>2789! QRRf! 73!
-2F?3! :?F410! $3734?>P! 3C0! F730! *41C78@! Y4BW7F97! Y?>0D! ]&J-! -:! G?8! K?603^P!
&340>?! Y7\H7>A! ]&J-! -:! G?8! -E437^! 7>@! &64>A?! -7A787! ]&J-! -:! G?8! <0D3!
-2A487>A?^!7DW0@!3C0!F?17F!1?662>439!>?3!3?!73371W!3C0!Y4D44L!K23!3C09!17FF0@!?>!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$$$
!Q.4!K!1!$+'7!

$%* !

!
80D4@0>3D! 1F?D0! 3?! 3C0! Y0>97O%7>V7>47! 7>@! Y0>97OUA7>@7! E?8@08D! 3?! 1F?D0! 3C0!
8?7@D! D?! 3C73! %7>V7>47! 7>@!UA7>@7! H?2F@! 80DB013450F9! 1?6BF74>! ?G! F71W! ?G! G20F!
D2BBF9! 3C8?2AC! Y0>97! 3C2D! E84>A4>A! B80DD280! 3?! E078! ?>! :80D4@0>3! Y4E7W4! 3?!
80D4A>L!!

&>!f!_7>2789!QRRf!E?3C! 3C0!J$#)!7>@!+$#$!80B?830@!3C73!C7>@H84330>!F07GF03D!
C7@!E00>!G?2>@!E9!606E08D!?G!3C0!B2EF41!73! &F?F2F2>A7!%87@4>A!)0>308!]+78?W!
$?23C^! H78>4>A! :+U! G840>@F9! 1?662>4340D! ?B08734>A! E2D4>0DD0D! 7F?>A! 3C0!
+78?WO&F2F2>A7! *?7@! 3?! 1F?D0! 3C048! E2D4>0DD0D! 7>@! 571730! 3C0! 7807L! %C0! +$#$!
80B?830@! 3C73! ?>! dj! '0E82789! QRRfP! 6?80! F07GF03D! 7460@! 73! HC4BB4>A! 2B! 7>34O
Y4W292!D0>3460>3D!H080!@8?BB0@!4>!+78?W!807@4>AP!

"S$! 4*''&.! +5*)$! .5$! +*<$! +@*4$! *'%! ,&'B$)! =:.5! .5:$A$+! =5&! +.&,$!
&-)!A&.$+!*'(!):B5.+2!S$!+5*,,!?:B5.!?&)!&-)!):B5.+!.&!.5$!,*+.2!V&!F$*4$/!

'8?6!3C0!054@0>10!67@0!7574F7EF0!E9!+$#$P!43!H?2F@!7BB078!3C73!4>!+78?W!$?23CP!
3C0! 1?>GF413! E03H00>! 3C0! Y4BD4A4D! 7>@! Y4D44! G8?6! >04ACE?284>A! $?34W! DB4FF0@! ?508!
4>3?!3C0!7807L!'?8!4>D37>10!?>!dj!'0E82789!QRRfP!3C0!+78?W!$?23C!J$#)!80B?830@!
3C73!3C080!C7@!E00>!E28>4>A!?G!Y4D44!C?2D0D!E9!3C0!Y4BD4A4D!7>@!3C73!3C0!Y4BD4A4D!
7FD?!D37830@!A87V4>A!3C048!F450D3?1W!?>!Y4D44!G786DL!(11?8@4>A!3?!+$#$P!3C0!Y4BD4A4D!
D3730@!3C09!H080!2>H4FF4>A!3?!F03!7>9!?G!3C0!Y4D44!80328>!3?!3C048!G786D!7>@!H?2F@!
1?>34>20! 3?! 172D0! C75?1! 4G! 3C09! 73306B30@! 3?! 80328>L! '283C08P! 3C0! 1?>GF413! 4>!
>04ACE?284>A! %87>D6787! J4D38413! ]Y4FA?84D! )?>D34320>19^ddQ! E03H00>! 3C0! -77D74!
7>@! Y4BD4A4D! 3C80730>0@! 3?! DB4FF! ?508! 4>3?! +78?W! $?23C! J4D38413! HC080! Y4BD4A4D!
9?23CD! ?>! dS! '0E82789! QRRf! 73! +\4BDC4B! G?810G2FF9! A87V0@! 3C048! 1733F0! ?>! F7>@!
?H>0@! E9! 3C0! -77D74L! &>! QdD3! '0E82789! QRRfP! C7>@! H84330>! F07GF03D! H080!
14812F730@!73!-0F0F0?!H78>4>A!-77D74!?G!8050>A0!73371WD!E9!Y4BD4A4D!3?!750>A0!3C0!
W4FF4>A!?G!Y4BD4A4D!4>!%87>D6787L!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$$+
!G40!P<[<!465!20J32105!3A!10A:!3A!K01;00A!140!T3!16A!X!6A5!a6:!A!_!:48!=L6A:!!A!eL6L8!!/3=61!3A!3?!G26A:H626!6:!
062L>!6:!++A5!Z8A0!+**,!J!11!A9!140!T66:6!:!696!A:1!140!@!J:!9!:!?3LL3;!A9!6!50=L6261!3A!K>!Z346A6! P90A3!6!@!J:!9!:!
1461!40!;38L5!:00X!140!@!L932!:!R62L!6H0A162>!:061"!G40!T66:6!!;020!3?!140!#!0;!1461!140!@!J:!9!:!;020!381:!502:!;43!
:438L5!A31!:00X!L06502:4!J!J3:!1!3A:!!A!T66:6!!1022!132>B!6==325!A9!13!140!20J321"!

$%$ !

!
;@G521!8?A!;9@65?258G!#A75?5E49845@?!-1EC@?E1!

%C0! +78?W! $?23C! J$#)! 71W>?HF0@A0@! 3C73! 3C080! H7D! 7>! 71230! DC?837A0! ?G!
(@64>4D38734?>!7>@!*0A2F78!:?F410!7>@!3C73!3C4D!H7D!1?6B?2>@0@!E9!7!DC?837A0!
?G! G480786D! 7>@! 7662>434?>L! '283C08P! 3C0! J$#)! ?ED0850@! 3C0! >00@! G?8!
80BF0>4DC60>3! 3?! 0>7EF0! D0128439! ?GG4108D! 0GG013450F9! 80D3?80! F7H! 7>@! ?8@08! 7>@!
B8?3013!3C0!F450D!?G!@4DBF710@!B08D?>DL!<C4F0!43!4D!1?>10457EF0!3C73!3C0!B?F410!7>@!
B8?54>147F!7@64>4D38734?>!C7@!3?!67W0!@4GG412F3!D38730A41!1C?410D!3?!1?>374>!621C!
6?80!D084?2D!D432734?>D!3C73!H080!2>@08H79!4>!?3C08!BF710DP!?>0!17>>?3!C0FB!E23!
H?>@08! HC73! H?2F@! C750! C7BB0>0@! 4G! 3C0! D432734?>! 4>! +78?W! C7@! A?3! ?23! ?G!
1?>38?FN!!

'283C08P!054@0>10!H7D!8010450@!3C73!4>!?8@08!3?!7BB07D0!A7>AD!3C73!H080!E0>3!?>!
54?F734>A! 3C0! F7HP! 3C0! 723C?84340D! D21126E0@! 3?! B2EF41! B80DD280! 7>@! EF71W674F!
HC080!3C0!J$#)!2>7>46?2DF9!D38?>AF9!801?660>@0@!3C73!3C0!&)$!G?8!-2F?3!E0!
387>DG0880@! G?8! C4D! B08D?>7F! D7G039! 7G308! C0! 8010450@! @073C! 3C8073D! G8?6! 3C0!
-77D74!1?662>439!G?8!172D4>A!3C0!@073C!?G!7!B08D?>!

"D1!+@34D!-5H4!8?A!\5E55!-1B5@?!!
,?49@A3245@?!

(! D4A>4G417>3! 76?2>3! ?G! 3C0! B?D3! 0F0134?>! 54?F0>10! 3??W! BF710! H43C4>! 3C0! F78A08!
Y0841C?! @4D38413L! &>0! D387>@! ?G! 3C0! 54?F0>10! 4>! 3C4D! 7807! 4>5?F50@! 3C0!
>04ACE?284>A! 1?662>4340D! ?G! 3C0! Y4BD4A4D! HC?! F450! 4>! D?23C! *4G3! ;7FF09! 7>@! 3C0!
Y4D44!B0?BF0!]7FD?!W>?H>!7D!(E7A2D44^!HC?!F450!4>!D?23C!+97>V7L!!%C0!387@434?>7F!
C?60F7>@!?G!3C0!Y4BD4A4D!B0?BF0P!3C0!F78A0D3!D2EO384E0!?G!3C0!Y7F0>\4>!1?662>439P!
4D! 3C0! ?84A4>7F! Y0841C?! @4D38413L! (! D2E@454D4?>! ?G! 3C0! @4D38413! C7D! 940F@0@! G450!
D67FF08! @4D38413DM! $?34WP! K2803P! Y4BW0F4?>P! K?603! 7>@! Y0841C?L! %C0! 7>10D387F!
C?60F7>@! G?8! 3C0! Y4D44! B0?BF0! 4D! Y4D44! @4D38413P! HC41C! G?86D! 7! B783! ?G! +97>V7!
B8?54>10L! ! %C0! ?84A4>7F! Y4D44! @4D38413P! 7G308! D2E@454D4?>P! 940F@0@! $?23C! Y4D44P!
)0>387F!Y4D44P!+?83C!Y4D44P!K?87E2!7>@!-7D7E7!@4D38413DL!!
!

$%+ !

!
'?FF?H4>A! 3C0! D2E@454D4?>DP! $?34W! @4D38413P! 180730@! ?23! ?G! 3C0! ?84A4>7F! Y0841C?!
@4D38413P! E?8@08D! K2803! @4D38413! 3?! 3C0! >?83CP! K?603! 3?! 3C0! 07D3P! K?87E2! 3?! 3C0!
D?23C!7>@!%87>D6787!3?!3C0!H0D3L!!K?87E2P!?>!3C0!?3C08!C7>@P!E?8@08D!-7D7E7P!
+976487P!$?34WP!K2803!7>@!%87>D!-787!@4D38413DL!
!
(>?3C08!@460>D4?>!?G!3C0!54?F0>10!4>!3C0!F78A08!Y0841C?!@4D38413!3??W!BF710!H43C4>!
7>@!78?2>@!Y4BW0F4?>!7807P!HC41C!4D!>?H!7!@4D38413!?>!43D!?H>L!Y4BW0F4?>!@4D38413!
4D!F78A0F9!7!D033F060>3!D1C060!1?6B84D4>A!606E08D!G8?6!3C0!03C>41!1?662>4340D!
?G!3C0!Y4BD4A4DP!HC?!780!3C0!67\?8439P!Y4W292P!Y4D44P!"2?P!Y76E7P!7>@!"2C97L!%C0!
Y4BD4A4D! ?112B9! 3C800! 7@64>4D3873450! @454D4?>DP! )C4F1C4F7! ]G?8608F9! '?83! %08>7>^P!
"?>@47>4!7>@!Y4BW0F4?>L!!
!
%C0!@4D12DD4?>!?G!3C0!B?D3!0F0134?>!54?F0>10!4>!3C0!$?23C!*4G3!80F730D!3?!3C0!050>3D!
3C73! ?112880@! 4>! 3C0! Y0841C?! 7807P! HC41C! 4>! 3C4D! 17D0! 2D0@! 3?! 0>1?6B7DD! 3C0!
?84A4>7F!Y0841C?!@4D38413P!2>F0DD!3C0!4>30>34?>!3?!3C0!1?>38789!4D!1F078F9!D3730@L!(D!
3C0! 7>10D387F! C?60D! ?G! 3C0! Y4BD4A4D! 7>@! 3C0! Y4D44! 780! 1?>34A2?2DP! 7>@! 7D! 3C0!
54?F0>10! 4>! 3C4D! 80A4?>! 7FD?! 4>5?F50@! 3C0! 3H?! 1?662>4340D! E?3C! 7F?>A! 3C0!
K?87E2l$?34W!1?66?>!E?8@08!7D!H0FF!7D!H43C4>!Y0841C?!@4D38413P!43!4D!1?>50>40>3!
3?!@4D12DD!3C0!54?F0>10!7D!7!D9D30641!HC?F0L!
!
"D1!$35GA!3C!4@I89AE!<5@G1?21!84!4D1!+@45X]$@98F3!$@9A19!
(11?8@4>A! 3?! D05087F! H43>0DD0DP! 7>! 46B?837>3! 0/BF7>734?>! G?8! 3C0! B?D3! 0F0134?>!
1?>GF413!E03H00>!3C0!Y4BD4A4D!7>@!Y4D44!1?662>4340D!F40D!4>!7>!4>14@0>3!3C73!C7@!
?112880@!73!+9767876E0!7807P!H43C4>!3C0!?84A4>7F!Y4D44!@4D38413!?>!QQ!$0B306E08!
QRRSP!E780F9!3C800!6?>3CD!E0G?80!3C0!A0>087F!0F0134?>DL!!%C0!4>14@0>3!4>5?F50@!7!
H0FFOB2EF414V0@!7DD72F3!?>!F07@4>A!B08D?>7F4340D!4>!3C0!674>!?BB?D434?>!B7839P!3C0!
&87>A0! J06?187341! -?5060>3L! %C0! 7DD72F3! H7D! 7FF0A0@! 3?! C750! E00>!
?81C0D38730@! E9! $460?>! +971C70P! 7! B8?64>0>3! Y4D44! B?F434147>! HC?! H7D! 73! 3C0!
3460!7!)7E4>03!-4>4D308!4>!3C0!Y4E7W4!A?508>60>3P!7>@!HC?!H7D!540H0@!7D!?>0!?G!
3C0!:80D4@0>3[D!1F?D0!1?>G4@7>30DL!
!

$%% !

!
J284>A! 3C0! 4>14@0>3P! <4FF476! *23?P! 7! Y7F0>\4>P! &64>A?! -7A787P! 7! Y4D44P! E?3C!
>734?>7F! ?GG410! C?F@08D! 4>! &J-P! 7D! H0FF! 7D! )C84D! K41C7A0P! 7! Y4D44! B78F4760>3789!
17>@4@730! 4>! 3C0! &J-! B7839P! H080! 73371W0@! BC9D417FF9! E9! 9?23CD! 7330>@4>A! 7!
B2EF41! 87FF9! HC41C! +971C70! C7@! 1?>50>0@! 4>! +9767876E0L! ! K41C7A0P! HC?! H7D!
D05080F9!E0730>P!>00@0@!C?DB437F4V734?>L!(11?8@4>A!3?!I8710!Y74>@4P!HC?!H7D!3C0!
:8?54>147F! :?F410! &GG4108! G?8! +97>V7! 73! 3C0! 3460! ?G! 4>14@0>3P! 3C0! 73371W! ?>! 3C0!
3C800! H7D! 17B3280@! ?>! 30F054D4?>! 7>@! E01760! 3C0! D2E\013! ?G! 1?>D4@087EF0!
>734?>7F!?2387A0L!
!
(>?3C08! H43>0DDP! $7620F! &6H084P! 4>G?860@! 3C0! )?664DD4?>! 3C73! 3C0! 73371W! ?>!
*23?P!540H0@!7D!7>!7GG8?>3!E9!3C0!Y4D44!?>!3C0!Y7F0>\4>!B0?BF0P!384AA080@!8050>A0!
73371WD!E9!606E08D!?G!3C0!Y4BD4A4D!1?662>439!?>!Y4D44!B0?BF0!HC?!C7@!E?2AC3!
F7>@! 4>! 3C0! $?>@2! 7807P! HC41C! G?86D! 7! B783! ?G! 3C0! Y4BD4A4D! C?60F7>@L! ! %C4D!
054@0>10! H7D! 1?>G4860@! E9! 3C0! Y0841C?! J4D38413! )?664DD4?>08P! <4FD?>! +\0>A7P!
HC?! 4>G?860@! 3C0! )?664DD4?>! 3C73! 3C0! 54?F0>10! 4>! $?>@2! F0@! 3?! 3C0! @073C! ?G!
3C800! B0?BF0! 7>@! 3C0! 4>\289! 7>@! @4DBF71060>3! ?G! D05087F! ?3C08DL! ! (11?8@4>A! 3?!
&6H084P! 606E08D! ?G! 3C0! Y4D44! 1?662>439! HC?! C7@! E?2AC3! F7>@! 4>! Y4BD4A4D!
308843?89! 4>! $?>@2! 7807P! HC080! 3C09! C7@! F450@! G?8! 2B! 3?! gR! 9078D! H080! G?814EF9!
054130@! E9! 3C048! Y4BD4A4D! C?D3DP! 7>A89! ?508! 3C0! 73371W! ?>! *23?L! (3! 3C0! 3460! 3C0!
)?664DD4?>!C078@!3C4D!054@0>10P!3C0D0!B0?BF0!C7@!>?3!80328>0@!7D!903!3?!HC080!
3C09!H080!@4DBF710@!G8?6L!
!
%C0!)?664DD4?>!D?2AC3!3?!W>?H!G8?6!Y74>@4!HC73!7134?>P!4G!7>9P!C7@!E00>!37W0>!
?508!3C0!H0FFOB2EF414V0@!4>14@0>3!4>!+9767876E0L!$C0!4>G?860@!3C0!)?664DD4?>!
3C73! 7FF! 3C0! B08D?>D! HC?! B783414B730@! 4>! 3C0! 73371W! C7@! E00>! 4@0>34G40@! 7>@!
7880D30@!7>@!H080!3C0>!BF710@!4>!12D3?@9!73!Y4D44!:?F410!$3734?>!G?8!3H?!?8!3C800!
@79DP!7D!3C0!B?F410!G4>7F4V0@!7887>A060>3D!3?!1C78A0!3C06!4>!1?283L!=?H0508P!?>!
3C0!?8@08D!?G!3C0!)?664DD4?>08!?G!:?F410P!3C09!H080!80F07D0@!2>1?>@434?>7FF9L!!&>!
3C4D!4>14@0>3!Y74>@4!30D34G40@!7D!G?FF?HDM!
!
"l&-! ?:'(! .5*.! 3! B$.! 4*,,+! ?)&<! V*:)&#:6! <%! #&++! +*%+6! "Q:(! %&-! *))$+.!
.5$+$!@$&@,$k/!!3!+*%6!"l$+6!?&)!.5:+!*'(!.5*./2!C5$'!5$!+*%+6!"S$,,6!=*)'!
.5$<!*'(!,$.!.5$<!B&!5&<$/2!!3!4&<@,%2/!
$%& !

!
!
&3C08! 3C7>! 3C0! +9767876E0! 4>14@0>3P! 3C0! 0F0134?>0084>A! B8?10DD! 7FD?! B8?54@0@!
?BB?832>439!G?8!3C0!E24F@4>A!?G!30>D4?>D!4>!3C0!D?23C!*4G3!7807L!(11?8@4>A!3?!3C0!
4>G?86734?>! B80D0>30@! 3?! 3C0! )?664DD4?>P! D05087F! 4>@454@27F! ?112880>10D!
1?>384E230@!3?!3C0!0D17F734?>!3?H78@D!050>327F!54?F0>10!E03H00>!3C0!Y4BD4A4D!7>@!
Y4D44! B0?BF0L! &>0! ?G! 3C06! H7D! 3C0! 7BB0787>10! 4>! Y0841C?! 3?H>! 7807! ?G!
4>GF76673?89! F07GF03D! 7A74>D3! 606E08D! ?G! 3C0! Y4D44! 7>@! Y4W292! 1?662>4340DP!
E?3C! B0810450@! 3?! E0! D2BB?8308D! ?G! :+UL! ! (11?8@4>A! 3?P! 3C0! Y0841C?! J)P! 3C0!
F07GF03D! 1?>374>0@! D21C! 60DD7A0D! 7D! f]_;I! 838glg! f]_;Im! U]I;aI! ;FlI!
3CIFIC38IVIm!*'(!V_C3fL^!GIfC_Jl!JL;I3V!IU]LUL!!
!
$05087F! H43>0DD0D! 4>G?860@! 3C0! )?664DD4?>! 3C73! 3C080! H7D! 621C! 4>10>@4789!
DB001C!E9!B?F43417F!F07@08DP!4>!3C0!1?>30/3!?G!176B74A>D!G?8!3C0!B80D4@0>347F!7>@!
B78F4760>3789! 0F0134?>DL! .90! H43>0DD0D! HC?! 7330>@0@! 7! >26E08! ?G! 87FF40D!
7BB0780@! E0G?80! 3C0! )?664DD4?>! 7>@! A750! 7>! 711?2>3! ?G! D?60! ?G! 3C0! 4>1434>A!
D373060>3D! 3C73! G?860@! B783! ?G! 3C0D0! 176B74A>DL! ! '?8! 0/76BF0P! 7! H43>0DD!
30D34G40@! 3C73! C0! 7330>@0@! 7! 87FF9! 73! UC282! I78@0>! 4>! Y0841C?! 4>! (2A2D3! QRRS!
7@@80DD0@! E9! 3H?! F07@4>A! &J-! B?F434147>DL! ! %C0! H43>0DD! 1F7460@! 3C73! 3C0!
B?F434147>D! 0/C?830@! Y4BD4A4D! B0?BF0! >?3! 3?! D0FF! F7>@! 3?! 3C0! Y4D44! B0?BF0! HC?D0!
>26E08P! C0! 1?6BF74>0@P! H7D! 7F807@9! 3??! F78A0! 4>! 3C0! 3?H>L! ! (11?8@4>A! 3?! 3C0!
H43>0DDP! 3C0! B?F434147>! D74@! 3C73! `73! 3C0! 0>@! ?G! 3C0! @79P! 3C0! 3?H>! H4FF! 80674>!
?H>0@! E9! ?>F9! 3H?! 384E0DP! Y4D44D! 7>@! Y4W292DLa! (>?3C08! H43>0DD! 30D34G40@! 3C73!
7F3C?2AC! D?60! ?G! 3C0! DB001C0D! 4>! 87FF40D! 3C73! 3??W! BF710! 4>! 1?D6?B?F437>! 7807D!
H080!@0F45080@!4>!Y4DH7C4F4P!7!F7>A27A0!2>@08D37>@7EF0!3?!6?D3!?G!3C0!72@40>10P!
3C0! @0F45089! ?G! 4>10>@4789! 60DD7A0D! H?2F@! ?G30>! E0! @?>0! 4>! Y4BD4A4DP! 3?! 123! ?GG!
?3C08!1?662>4340D!B80D0>3!73!D21C!87FF40DL!!
!
=?H0508P!B?F43417F!4>143060>3!H7D!>?3!1?>G4>0@!3?!87FF40D!C0F@!4>!3C0!Y0841C?!7807L!!
(3! 7>! &J-! 87FF9! C0F@! ?>! j! J0106E08! QRRS! 73! -7>A7! 4>! K?87E2! @4D38413P! Y4D44!
B0?BF0! H080! 4>G?860@! 3C73! 3C0! F7>@! 1?>D343234>A! K?87E2! @4D38413! H7D! ?84A4>7FF9!

$%' !

!
B783! ?G! 3C0! C?60F7>@! ?G! 3C0! Y7F0>\4>Lddg! (11?8@4>A! 3?! &6H084P! 3C0! 1?66?>!
2>@08D37>@4>A! E9! B0?BF0! H43C4>! 3C0! K?87E2! 7807! H7D! 3C73! Y4D44! B0?BF0! ! H080!
0/B0130@!3?!5?30!4>!7!B783412F78!67>>08!G?8!3C0!1?>34>20@!G75?28!?G!E04>A!7FF?H0@!
3?! ?112B9! K?87E2! @4D38413P! HC41C! 64AC3! ?3C08H4D0! C750! 3?! E0! A450>! 2B! G?8! 3C0!
Y4BD4A4DL!
!
(3! 7>?3C08! 87FF9! 4>! +?506E08! 4>! Y0841C?P! Y4BD4A4D! B?F434147>D! 7A74>! 1?6BF74>0@!
3C73!`9?2!17>>?3!050>!DB07W!E0172D0!Y4D44D!E?2AC3!3C0!F7>@!7>@!E24F3aLddh!(3!903!
7>?3C08! 87FF9! 73! Y7BW7303P! HC41C! 7! H43>0DDddb! 1F7460@! H7D! 7@@80DD0@! E9! ?3C08!
B8?64>0>3! &J-! B?F434147>DP! 3C0! )?664DD4?>! C078@! 3C73! 3C0! F07@08D!8C03?8417FF9!
7DW0@! HC03C08! 7>9! Y4BD4A4D! ?H>0@! F7>@! 4>! Y4D44! 7807P! 3?! HC41C! 3C0! 18?H@!
7>DH080@!`+&aL!!%C09!3C0>!H?>@080@!HC9!Y4D44!B0?BF0!DC?2F@!E0!7FF?H0@!3?!?H>!
F7>@!76?>A!3C0!Y4BD4A4DL!!
!
(11?8@4>A!3?!H43>0DD0DP!3C080!H7D!7>!0/B013734?>!?G!3C0!054134?>!?G!>?>OY7F0>\4>!
B0?BF0!G8?6!$?23C!*4G3!F?>A!E0G?80!3C0!0F0134?>D!H080!C0F@P!7>@!3C4D!7@@0@!3?!3C0!
30>D4?>!4>!3C0!7807L!%C0!054@0>10!?>!3C4D!4D!B8?54@0@!E9!4>G?86734?>!A73C080@!E9!
H43>0DD0D!4>!3C0!1?28D0!?G!@74F9!4>3087134?>D!H43C!?8@4>789!Y4BD4A4D!B0?BF0!E0G?80!
3C0!0F0134?>DL! ! '?8! 0/76BF0P! 7! Y4D44! H?67>! HC?! C7D! E00>!678840@! 3?! 7! Y7F0>\4>!
67>! G?8! 6?80! 3C7>! QR! 9078DP! 7>@! HC?D0! 678847A0! D285450@! D05080! B80DD280!
46B?D0@! E9! 3C0! B?D3! 0F0134?>! 54?F0>10P! 4>G?860@! 3C0! )?664DD4?>! 3C73! 3C8?2AC!
05089O@79! 4>3087134?>! H43C! Y7F0>\4>! B0?BF0P! 43! E01760! 1F078! 3?! C08! 3C73! 3C09!
0/B0130@! 3C73P! 7D! 7! 80D2F3! ?G! 3C0! 0>G?81060>3! ?G! <*9:<#&P! ?3C08! 1?662>4340D!
H?2F@! C750! 3?! F0750! 3C0! *4G3! ;7FF09P! 7>@! 3C73! 3C4D! 4>1F2@0@! B0?BF0! F4W0! C08P!HC?!
H080! >?>OY4BD4A4D! 678840@! 3?! 3C0! Y4BD4A4DL! ! (11?8@4>A! 3?! 3C0! H43>0DD! `3C09! H080!
D794>A!>?E?@9!DC?2F@!E0!F0G3!3C080!HC?!4D!>?3!E?8>!4>3?!3C0!Y7F0>\4>aL!!%C4D!H7D!
7FD?!30D34G40@!3?!E9!7>?3C08!H43>0DDP!7!Y4D44!H?67>!HC?!C7@!D033F0@!?>!3C0!$?34W!
D4@0! ?G! 3C0! E?8@08! G?8! 6?80! 3C7>! gR! 9078DL! ! $C0! D74@P! `<0! D7H! C?2D0D! E28>4>A!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$$%
!MC!$$("!
$$&
!Q.4!K!1!P3"!$++"!
$$'
!MC!$$)"!
$%( !

!
7>@! B0?BF0! C7@! E00>! D794>AP! 9?2! W>?H! 3C0! >04ACE?28DP! r,?2! @?>[3! E0F?>A! C080L!!
%C4D!4D!?28!G786La!!
!
%C0! G?FF?H4>A! 711?2>3! E9! 7! H43>0DD! F0>@D! G283C08! 180@0>10! 3?! 3C0! 540H! 3C73!!!!!!!!!!!!
3C080! H7D! H4@0DB807@! 0/B013734?>! ?>! 3C0! B783! ?G! ?8@4>789! B0?BF0! 3C73!<*9:<#&!
H?2F@!80D2F3!4>!3C0!B0867>0>3!054134?>!?G!108374>!B0?BF0!G8?6!3C0!*4G3!;7FF09M!
";$*'=5:,$!.5$!8*,$'9:'!=$)$!&-.+:($!.5$!5&-+$2!C5$%!.*-'.$(!-+!*'(!
.&,(! -+! B&&(#%$2! C5$%! .&,(! -+! .5*.! &-)! <*B':?:4$'.! 5&-+$! =*+! .5$:)+!
'&=!*+!:.!+.*'(+!&'!.5$:)!+&:,2!3!)$4&B':D$(!+&<$!&?!.5$<!*+!.5$!+&'+!&?!
&-)!'$:B5#&-)2/HH\!
!
%C0!G4>7F!B084?@!E0G?80!3C0!?23E807W!?G!54?F0>10!H7D!678W0@!E9!30>D4?>!?508!3C0!
?231?60!?G!3C0!0F0134?>!80D2F3DL!%C0!)?664DD4?>!C078@!3C73!3C080!H080!826?28D!
?G!3C0!BF7>>0@!84AA4>A!?G!3C0!0F0134?>D!4>!G75?28!?G!:+U[D!Y4E7W4L!!#>!Y0841C?P!3C0!
826?28D!H080!D38?>A!0>?2AC!3?!172D0!7!18?H@!?G!F?17F!B0?BF0!3?!6781C!?>3?!3C0!
B8064D0D!?G!7!F?17F!1C281CP!(E2>@7>3!I8710!)C281CP!HC41C!3C09!D2DB0130@!H7D!
C?F@4>A!D32GG0@!E7FF?3!B7B08D!G?8!3C0!:+U!B80D4@0>347F!17>@4@730L!%C4D!1?6B0FF0@!
7!B?F410!D0781C!?>!3C0!B8064D0DL!%C0!D0781CP!C?H0508P!940F@0@!>?3C4>ALddS!
!
%C0! )?664DD4?>! H7D! 4>G?860@! 3C73! 3C0! 3C0G3! ?G! F450D3?1W! G8?6! 3C0! K?87E2! 7807!
4>3?! 3C0! $?34W! @4D38413! 4>! 3C0! C04AC3! ?G! 3C0! 30>D4?>! E03H00>! 3C0! 1?662>4340D!
0/7108E730@! 3C0! 30>D4?>! 7>@P! 711?8@4>A! 3?! K?87E2! J4D38413! )?664DD4?>08P! (DC7!
Y457P!H7D!3C0!0GG013450!384AA08!G?8!3C0!54?F0>10L!%C0!J)!30D34G40@!3C73!18?DD!E?8@08!
3C0G3! ?G! F450D3?1W! H7D! 7! 1?66?>! ?112880>10! 4>! 3C0! 7807! E23! E0172D0! ?G! 3C0!
B80574F4>A! 30>D4?>P! 3C4D! B783412F78! 4>14@0>3! H7D! 1?>D4@080@! 6?80! 7AA875734>A!
3C7>!H?2F@!C750!2D27FF9!E00>!3C0!17D0L!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$$(
!Q.4!K!1!P3"!$$-"!
$$,
!<1610H0A1!K>!C"_"!Pb096B!S!:12!=1!M3HH!::!3A02!@02!=43"!!

$%, !

!
$35GA!3C!4@I89AE!<5@G1?21!5?!\5CX1G5@?!
Y4BW0F4?>! @4D38413! E?8@08D! 3C0! @4D38413D! ?G! -?F?! ]73! Y280D?4^P! Y?4E730WP! +7>@4!
$?23CP!7>@!U7D4>!I4DC2L!%C4D!4D!7!5?F734F0!80A4?>P!HC41C!C7D!E?8>0!3C0!E82>3!?G!
1F7DC0D! 4>! 8010>3! 3460DL! %C0! J4D38413! )?664DD4?>08! G?8! Y4BW0F4?>P! (@0>! I0@?HP!
])?664DD4?>! <43>0DD! +?L! jf^P! 30D34G40@! 3C73! 7F3C?2AC! 3C0! 7807! H7D! F78A0F9!
B0710G2F! 4>! 3C0! 82>! 2B! 3?! 3C0! QRRS! A0>087F! 0F0134?>DP! 3C080! H7D! 1?>D4@087EF0!
30>D4?>! 80D2F34>A! G8?6! 3C0! DB4FFO?508! 0GG013D! ?G! 3C0! E?8@084>A! Y280D?4P! HC41C!
0/B0840>10@!1?>D4@087EF0!54?F0>10!E0G?80!3C0!0F0134?>DL!'283C08P!3C0!050>3D!4>!3C0!
>04ACE?284>A!-?F?!@4D38413P!HC080!@4DBF710@!B08D?>D!7>@!541346D!?G!F7>@!1F7DC0D!
C7@! D?2AC3! 80G2A0P! C7@! 7! DB4FFO?508! 0GG013P! 7>@! 0F41430@! 03C>41! B7DD4?>! 4>!
Y4BW0F4?>!7>@!3C0!@0D480!3?!8037F4730P!7@@4>A!3?!3C0!30>D4?>L!
!
J$#)! 80B?83D! 4>@41730! 3C73! B84?8! 3?! 3C0! 0F0134?>DP! F07GF03D! H78>4>A! Y4W292D! 7>@!
Y4D44D!3?!571730!Y4BW0F4?>!H080!14812F730@!73!'?83!%08>7>!H43C4>!)C4F1C4F7!@454D4?>!
7>@!Y7DC00>L!<C0>!F07GF03D!7BB0780@P!3C0!J&D!?G!3C0!7807D!4>!HC41C!3C0D0!H080!
G?2>@!C0F@!B0710!60034>AD!4>5?F54>A!7FF!3C0!1?662>4340D!4>!3C048!7807DL!=?H0508P!
711?8@4>A! 3?! I0@?H! >?! B?F434147>! C7@! 67@0! 4>GF76673?89! DB001C0D! @284>A! 3C0!
176B74A>!B084?@P!7!G713!C0!73384E230@!3?!3C0!C?6?A0>0?2D!>73280!?G!3C0!03C>41439!
?G!3C0!17>@4@730D!3C73!H080!1?>30D34>A!0F013450!?GG410L!!
!
*+,+!&65A1?21!@?!4D1!$35GA!3C!4@I89AE!<5@G1?21!
%C0! =?3DB?3l'F7DCB?4>3! 80B?83! 4DD20@! E9! 3C0! +$#$! G?8! 3C0! H00W! 0>@4>A! Qf!
$0B306E08! QRRS! B80@4130@! 3C73! 0F0134?>! 80F730@! 54?F0>10! 64AC3! 0/7108E730!
64D2>@08D37>@4>A!E03H00>!3C0!387@434?>7F!C?3DB?3!7807D!4>P!76?>A!?3C08!BF710DP!
3C0! *4G3! ;7FF09L! $B014G417FF9P! 43! H7D! 80B?830@! 3C73! 3C0! `7807! E?8@084>A! 3C0! Y4D44!
@4D38413D! 7>@! *?>A?P! *71C2?>9?P! K?603P! Y0841C?P! 7>@! %87>D! -787! H?2F@!
1?>34>20!0/B0840>14>A!C?D34F4340D!G?FF?H4>A!3C0!8010>3!+9767876E0!DW4864DC0DLa!!
%C0! 80B?83D! ?G! 3C0! +$#$! G?8! 3C0! H00W! 0>@4>A! de3C! &13?E08! QRRSP! 80B?830@! 7>!
0D17F734?>!?G!3C0!D432734?>!>?30@!4>!3C0!B8054?2D!80B?83!HC0>!43!>?30@!3C73!`7F?>A!
3C0! Y0841C?P! +97>@?! E?8@08P! 30>D4?>! B08D4D3D! E03H00>! Y4BD4A4D! 7>@! (E7A2D44!
1?662>4340D!H43C4>!$?>@2!7807!3C73!C7D!F0@!3?!D05087F!C?2D0D!E04>A!D03!7EF7V0!
E9!67872@4>A!Y4BD4A4D!9?23C!7860@!H43C!E?HD!7>@!788?HDL!%C4D!G?FF?HD!B?F43417F!

$%) !

!
4>143060>3!E9!D?60!Y4BD4A4D!F07@08D!1?2BF0@!H43C!3C0!B0810B34?>!E9!606E08D!?G!
3C0! D760! 1?662>439! 3C73! 3C0! Y4D44! H080! >?3! 8014B8?1734>A! 3?! 3C048! C?DB437F439!
@0DB430! D033F4>A! 4>! 3C048! 7807L! %C0! 0>D24>A! 1F7DC0D! C750! F0G3! D05087F! B0?BF0!
4>\280@P! D00>! 7>! 0/?@2D! ?G! "2?! 7>@! Y4D44! W4>D60>! G8?6! 3C0! 7807! G?8! G078! ?G!
G283C08!Y4BD4A4D!874@08Dpa!
!
%C0!+$#$!G?83>4AC3F9!4>30FF4A0>10!80B?83!G?8!3C0!B084?@!0>@4>A!gR3C!&13?E08!QRRS!
>788730@!3C73!`3C0!Y4BD4A4DOY4D44!71846?>9!80674>D!0/BF?D450!G?FF?H4>A!233087>10D!
E9! D?60! B?F43417F! F07@08D! 4>! $4A?H03! @454D4?>! ?G! Y0841C?! @4D38413! 3C73! I2D44! E0!
8??30@!?23!?G!3C0!@454D4?>La!
!
%C0! 80B?83! G?8! 3C0! H00W! 0>@4>A! ?>! Qg8@! +?506E08! QRRfP! 3C0! F7D3! E0G?80! 3C0!
0F0134?>DP!DB?W0!?G!7!G283C08!4>1807D0!4>!30>D4?>!4>!3C0!$?>@2!7807!7D!7!80D2F3!?G!
3C8073D!?G!73371WD!E9!Y4BD4A4D!B0?BF0!?>!Y4D44!B0?BF0!HC?!C7@!80328>0@!3?!$?>@2!
G?FF?H4>A!3C0!078F408!054134?>L!
!
!
"19954@958G!K5EC341E!8E!8!283E1!@H!4D1!"1?E5@?!8?A!OG457841G:!4D1!<5@G1?21!
%C0! )?664DD4?>! F078>3! 3C73! 3C0! B?D3O0F0134?>! 54?F0>10! 73! 3C0! K?87E2l$?34W!
E?8@08!H7D!4>!B783!3C0!80D2F3!?G!1?>GF4134>A!308843?847F!1F746D!E9!3C0!Y4BD4A4D!7>@!
3C0! Y4D44DL! <43>0DD0D! 30D34G40@! 3C73! 3C0! Y4BD4A4D! 1?>D4@08! 3C0! F7>@! 1?6B84D4>A!
K?87E2! @4D38413! 3?! E0! B783! ?G! 3C048! 7>10D387F! F7>@! 7>@! 3C0! 1?88013! E?2>@789!
E03H00>! 3C048! @4D38413! 7>@! Y4D44! 3?! E0! D?60! H79! 4>3?! 3C0! Y4D44! D4@0P! 73! 7! BF710!
17FF0@!-037679H7L!
!
<0! C078@! G8?6! $7620F! &6H084P! 7! 1?662>439! F07@08! 7>@! 7! G?8608! -06E08! ?G!
:78F4760>3P! 3C73! 3C0! Y4D44! B0?BF0! 80G230! 3C0! 1F746! E9! 3C048! Y4BD4A4D! >04ACE?28D!
7>@! C750! 7! 308843?847F! 1F746! ?G! 3C048! ?H>! 7A74>D3! 3C0! Y4BD4A4DL! (11?8@4>A! 3?! -8L!
&6H084P!3C0!Y4D44!1F746!3C73!3C09!?112B40@!>?3!?>F9!K?87E2!E23!7FD?!7FF!3C0!7807!
2B!3?!7!BF710!17FF0@!Y7E47>A7P!HC41C!4D!>?H!7!B783!?G!Y0841C?!@4D38413L!%C09!1F746!
3C73!Y7E47>A7!4DP!4>!G713P!7!Y4D44!>760!7>@!3C73!3C0!>760!4D!054@0>10!?G!3C0!G713!

$%- !

!
3C73! 3C0! Y4D44! H080! 3C0! G48D3! ?112B7>3D! ?G! 3C0! 7807Lddf! %C0! Y4D44! 7DD083! 3C73! 3C09!
F450@! ?>! 3C0! F7>@! 2B! 3?! 3C0! 84508D! $?>@2! 7>@! &97>4! 3?! 3C0! D?23C! 7>@! 3C73! 3C09!
H080! 054130@! G8?6! 3C0D0! 7807D! 4>! dehj! 3?! 67W0! 8??6! G?8! 3C0! D033F060>3! ?G!
D?F@408D!80328>4>A!G8?6!3C0!$01?>@!<?8F@!<78!4>!.3C4?B47!7>@!3C0!U7D4>!I4DC2!
-77D74! HC?! C7@! E00>! 6?50@! G8?6! %87>D! +V?47Ldde! (D! 7! 80D2F3! ?G! E04>A! B2DC0@!
?23!?G!3C048!C?60F7>@DP!3C0!Y4D44!G?2>@!3C06D0F50D!E04>A!7@64>4D3080@!7D!B783!?G!
HC73!H7D! 17FF0@! $?34W! H0D3! @284>A! 3C0! 1?F?>47F! B084?@L! J284>A! 7FF! 3C4D! 3460P!3C0!
Y4BD4A4D! 7>@! 3C0! Y4D44! H080! B783! ?G! +97>V7! B8?54>10L! =?H0508P! 3C0! K?2>@789!
J0F4643734?>! )?664DD4?>! 7110@0@! 3?! 7! 80X20D3! E9! 3C0! Y4BD4A4D! 3?! \?4>! H43C!
+7>@4D! 3?! G?86! 3C0! `Y7F0>\4>! (FF47>10a! 4>! 3C0! *4G3! ;7FF09! ]3C0! 7807D! 1?5080@! E9!
$?34W! <0D3P! Y4BW0F4?>! 7>@! "?>@47>4^P! HC4F0! 3C0! Y4D44! 80674>0@! H43C! 3C0! "2?D! 7D!
1?>D34320>3!03C>41!1?662>4340D!G?864>A!+97>V7!:8?54>10LdQR!
!
%C0! G?8608! J)! G?8! K?87E2P! (DC7! Y73C084! Y457P! 3?F@! 3C0! )?664DD4?>! 3C73! 3C0!
Y4BD4A4D! C?B0@! 3C73! 3C8?2AC! 3C0! B?D3! 0F0134?>! 54?F0>10P! 3C09! H?2F@! @8450! 3C048!
Y4D44! >04ACE?28D! ?23! ?G! K?87E2! 7>@! 0D37EF4DC! HC73! 3C09! 1?>D4@08! 3?! E0! 3C0!
1?88013!E?2>@789!E03H00>!3C0!3H?!1?662>4340DL!%C0!)?664DD4?>!C078@!3C73!3C4D!
H7D! >?3! 3C0! G48D3! 3460! 3C73! 3C0! Y4BD4A4D! C7@! 54?F0>3F9! 7DD0830@! 3C048! 308843?847F!
1F746! 7A74>D3! 3C0! Y4D44L! %C09! @4@! D?! 3C8?2AC?23! 3C0! 078F9! 9078D! G?FF?H4>A! 3C0!
0D37EF4DC60>3! ?G! 3C0! D033F060>3! D1C060D! G?8! 3C0! Y4D44! 4>! 3C0! dejRD! 7>@! 3C73! 7D!
B783!?G!3C4D!3C080!H7D!G4AC34>A!E03H00>!3C0!3H?!1?662>4340D!4>!dejh!7>@!7A74>!
4>! dejeL! -?80! 8010>3F9P! 3C080! H7D! 0F0134?>O80F730@! 54?F0>10! 4>! deeQP! deeSP! 7>@!
QRRQ!7FD?!B8?54@0@!?117D4?>!G?8!3C0!54?F0>3!7DD0834?>!?G!3C4D!308843?847F!1F746L!
%C0!)?664DD4?>!H7D!G283C08!4>G?860@!E9!-D!Y457!3C73!8457F89P!HC41C!G8?6!3460!
3?! 3460! E8?W0! 4>3?! H78P! E03H00>! 3C0! Y4BD4A4D! 7>@! 3C0! Y4D44! 4D! 7>! 7>140>3!
BC0>?60>?>P! B80@734>A! 3C0! 0D37EF4DC60>3! ?G! 3C0! 1?F?>47F! D3730! 3C73P! ?>! E?3C!
D4@0DP! 3C4D! 8457F89! C7D! E00>! B7DD0@! @?H>! 3C8?2AC! G?FWF?80! G8?6! A0>08734?>! 3?!
A0>08734?>P!?>!E?3C!D4@0DL!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$$)
!Q.4!K!1!P3"!$$(!
$$-
!7K3#0"!
$+*
!7K3#0(!
$&* !

!
%C0! Y4F4W2! )?6643300! 38710@! 3C0! 1?>GF413! E03H00>! 3C0! Y4BD4A4DP! 3C0! -77D74! 7>@!
3C0! Y4D44! 3?! 3C0! B?D3! 1?F?>47F! 7887>A060>3D! 4>! 80F734?>! 3?! F7>@L! ! %C0! DBF4334>A! ?G!
3C0!1?2>389!4>3?!HC430!C4ACF7>@D!7>@!>73450!80D0850D!H7D!?>0!?G!3C0!B8713410D!?G!
3C0! 1?F?>47F! D3730L! (3! 4>@0B0>@0>10P! 3C0! HC430! C4ACF7>@D! B783F9! G?864>A! 3C0!
B80D0>3!E?8@08!7807!E03H00>!3C0!Y4BD4A4D!7>@!Y4D44!H080!7BB?834?>0@!E03H00>!3C0!
-77D74P! Y4BD4A4D! 7>@! Y4D44! 1?662>4340D! 7>@P! 2>@08! 3C0! G714F43734?>! ?G! 3C0!
$033F060>3!'2>@!%82D300DP!606E08D!?G!3C0!3C800!1?662>4340D!E?2AC3!F7>@!3C73!
H7D!G?8608F9!?H>0@!E9!3C0!@0B7834>A!D033F08DL!!-06E08D!?G!3C0!Y4D44!1?662>439!
HC?!C7@!7!C4AC08!B?B2F734?>!@0>D439!D033F0@!4>!F78A08!>26E08D!4>!3C0!7807!3C7>!
3C0! Y4BD4A4D! 7>@! 3C0! -77D74L! %C0! )?6643300! >?30@! 3C73! 3C0! Y4D44! C7@! 4>4347FF9!
6?50@! 4>3?! 3C0! 7807! 3C8?2AC! D033F060>3! D1C060D! E23! F730F9! 3C09! C7@! @?>0! D?!
3C8?2AC! @48013! B281C7D0D! 7>@! F07D0DL! %C0D0! G713?8D! 0/BF74>! 3C0! D4A>4G417>3!
B80D0>10!?G!3C0!Y4D44!4>!K?603!7>@!+78?W!@4D38413DLdQd!
!
#>! Y4BW0F4?>P! 711?8@4>A! 3?! 3C0! Y4BW0F4?>! J$#)! ]Y4BW0F4?>! J4D38413! $0128439! 7>@!
#>30FF4A0>10! (BB8014734?>! +?L! dlQRRf! =0F@! ?>! df3C! _7>2789P! QRRf^! *0B?83DP! 3C0!
1F7DC0D! 2>@08F40! 7! C4D3?89! ?G! 03C>41! 7>46?D439! 7>@! C7380@! 172D0@! E9! @4DB230D!
?508! F7>@! HC41C! 3C0! Y4BD4A4D! 1F746! 3?! E0! 3C048! 7>10D387F! F7>@P! E23! HC41C! H7D!
7BB8?B84730@!E9!3C0!.28?B07>!D033F08D!4>!3C0!B80O4>@0B0>@0>10!3460DP!7>@!F7308!
D?F@! 3?! 606E08D! ?G! ?3C08! 03C>41! A8?2BDL! %C0! +7>@4D! 7FD?! 1F746! 3C73! *4508!
Y4B1C?847>P!HC41C!387508D0D!3C0!@4D38413P!4D!3C048!3820!E?2>@789!H43C!3C0!Y4BD4A4D!
7>@! 4D! B783! ?G! %4>@0803L! %C0! B8?EF06! 67>4G0D3D! 43D0FG! 4>! 7>! 03C>417FF9! B?F784V0@!
0>548?>60>3! 7>@! 3C0! F7>@! 4DD20! C754>A! E00>! B?F43414V0@L! %C4D! 0/BF74>D! HC9!
C04AC30>0@! 1F7DC0D! C750! 7F6?D3! 7FH79D! 1?4>14@0@! H43C! 0F0134?>0084>A! B084?@DP!
H43C! 3C0! X20D34?>! ?G! @4DBF71060>3! ?G! 3C0! `4>@4A0>?2Da! Y4BD4A4D! E04>A! 3C0! 807D?>!
G?8!621C!B?F43417F!7A43734?>L!
!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$+$
@!L!X8!I0J321!61!J"''B!J626:!'"+"&!6A5!'"+"'"!

$&$ !

!
&012345@?!@H!4D1!<5@G1?21M!
^8_!,?!+@45X]$@98F3!
%C0!$?34W!J4D38413!)?664DD4?>08P!=26BC809!+7W43780!4>G?860@!3C0!)?664DD4?>!
3C73! 54?F0>10! 4>! C4D! @4D38413! E0A7>! ?>! Qf! J0106E08! QRRSL! ! (3! 3C4D! B?4>3P! 3C0!
54?F0>10! H7D! 1?>G4>0@! 3?! 3C0! @4D38413! 7>@! C7@! >?3! DB807@! 3?! 3C0! E?8@08! 7807L! ! #3!
3??W!3C0!G?86!?G!EF?1W7A0!?G!8?7@D!7>@P!711?8@4>A!3?!+7W43780P!`DB?87@41!84?34>A!
7FF! ?508! 3C0! @4D38413aL! ! #3! H7D! 3C0! ?B4>4?>! ?G! 3C0! J4D38413! )?664DD4?>08! 3C73! 3C0!
172D0! ?G! 3C0! 54?F0>10! H7D! `@0F79! 4>! 7>>?2>14>A! 3C0! B80D4@0>347F! 0F0134?>D!
80D2F3DLa!!!
!
%C0! 054@0>10! ?G! +7W43780! H7D! 3C73! 3C0! 713?8D! 4>! 3C0D0! DW4864DC0D! H080! 7860@!
9?23C! G8?6! 3C0! Y4BD4A4D! 1?662>439L! )?>GF413! D37830@! ?>! 3C0! Qf3C! ?G! J0106E08!
QRRSP! H43C! 67872@4>A! 9?23C! E788417@4>A! 8?7@D! 2D4>A! D3?>0D! 7>@! 3800D! 7>@!
F4AC34>A! E?>G480DL! &>! 3C0! G?FF?H4>A! @79! 3C080! H7D! 7>! 2BD28A0! ?G! 54?F0>10! H43C!
621C!7134?>!378A034>A!B08D?>D!?G!>?>OY7F0>\4>!?84A4>!B0810450@!3?!E0!D2BB?834>A!
3C0! :+UL! :8?B0839! H7D! @0D38?90@! 7>@! B0?BF0! C71W0@! H43C! 182@0! H07B?>DL! &>!
gR3C! J0106E08P! 3C0! 9?23CD! 80D?830@! 3?! 67DD450! 78D?>! 73371WD! 4>! 28E7>! 10>308DP!
7>@!6?80!DB014G417FF9P!$?34WP!Y7BF?>A!7>@!)C0E4F73L!
!
.50>327FF9!3C0!54?F0>10!6?50@!3?!3C0!E?8@08!7807!E03H00>!K?87E2!7>@!$?34W!7>@!
>?H!4>5?F50@!606E08D!?G!3C0!Y4BD4A4D!7>@!Y4D44!1?662>4340D!G4AC34>A!73!5784?2D!
B?4>3D! ?>! @4GG080>3! @79D! ?>! 3C0! F?>A! 1?66?>! E?8@08L! %C0! $?34W! J)! H7D! 7DW0@!
3C0! X20D34?>! 7D! 3?! HC?! E03H00>! 3C0! 3H?! 1?662>4340D! D37830@! 3C0! 4>308O03C>41!
G4AC34>A! 7>@! C0! 7>DH080@! 3C73! 43! H7D! 3C0! Y4BD4A4D! HC?! G48D3! 73371W0@! 3C0! Y4D44L!
(11?8@4>A! 3?! (DC7! Y457P! 3C0! K?87E2! J)P! 3C0! G48D3! C?2D0! H7D! E28>3! E9! Y4BD4A4D!
874@08D!73!7!BF710!17FF0@!.D4D0P!4>!.W082E?!F?1734?>P!H43C4>!C08!@4D38413L!!%C4D!H7D!
?>! f3C! _7>2789L! ! K0G?80! 3C0>P! 3C080! C7@! E00>! >?! 54?F0>10! ?>! 3C0! K?87E2! D4@0P!
7F3C?2AC! 3C0! Y4D44lY0841C?! 8?7@P! HC41C! B7DD0D! 3C8?2AC! $?34WP! C7@! 80674>0@!
E788417@0@L! ! Y457! 7>@! 606E08D! ?G! C08! J$#)! 54D430@! 3C0! BF710! HC080! 3C0! C?2D0!
C7@! E00>! E28>3! 7>@! 1?>50>0@! 7! 60034>A! 4>! 3C0! 7GG0130@! 7807! HC080P! DC0! D74@P!
3C080!H7D!7!F?3!?G!30>D4?>L!.50>!7D!3C0!60034>A!H0>3!?>P!6?80!C?2D0D!H080!E04>A!
E28>3L!!%C0807G308P!3C0!54?F0>10!3??W!3C0!G?86!?G!DB?3!3?81C4>A!?G!C?2D0D!?G!Y4D44D!

$&+ !

!
F454>A!?>!3C0!*4G3!;7FF09!D4@0!?G!3C0!E?8@08P!7D!H0FF!7D!DB?87@41!G4AC34>A!E03H00>!
9?23CD!?>!3C0!E?8@08L!
!
%C0!)?664DD4?>!H7D!4>G?860@!E9!H43>0DD!>26E08!dQg!3C73!4>!3C0!1?28D0!?G!3C0!
54?F0>10P! 7! B0710! 60034>A! H7D! C0F@! 4>! $?34W! 7807! 7>@! 7@@80DD0@! E9! 3C0! F07@4>A!
606E08D!?G!3C0!&J-!4>1F2@4>A!&64>A?!-7A787P!7!Y4D44P!7>@!Y4BW7F97!Y?>0DP!7!
Y4BD4A4DL! (11?8@4>A!3?! 3C0!054@0>10P!DB07W4>A!4>!Y4DH7C4F4P!-7A787!46BF?80@!3C0!
Y4BD4A4D! B0?BF0! 3?! D3?B! 3C0! G4AC34>A! H43C! 3C0! Y4D44! B0?BF0L! #>! Y4DH7C4F4P! Y?>0D!
80B0730@! 3C0! D760! 60DD7A0! E0G?80! C0! DH431C0@! 3?! DB07W! 4>! Y4BD4A4DL! #>! 3C73!
F7>A27A0P!3C0!H43>0DD!7FF0A0DP!C0!3?F@!3C0!Y4BD4A4D!3?!1?>34>20!H43C!3C0!G4AC34>AL!!
%C0!)?664DD4?>!54D430@!*4E7437!:846789!$1C??F!?>!3C0!$?34WlK?87E2!E?8@08!7>@!
H7D!4>G?860@!3C73!3C0!D1C??F!C7@!E00>!E28>3!E9!3C0!Y4BD4A4D!@284>A!3C0!E?8@08!
G4AC34>A!E03H00>!3C0!Y4BD4A4D!7>@!Y4D44L!$05087F!?3C08!D1C??FD!7F?>A!3C0!1?66?>!
E?8@08P! 4>1F2@4>A! #D?A0P! *47>9706?P! $74A7O+A497P! -062D4P! -7A?6E?P! Y0E2D0P!
*7434A?!$01?>@789!7>@!I?>V7A?V7!D2GG080@!57894>A!F050FD!?G!@0D382134?>L!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#>!Y0841C?P!43!H7D!3C0!30D346?>9!?G!<4FD?>!+\0A7P!3C0!F?17F!J4D38413!)?664DD4?>08!
3C73! 54?F0>10! E8?W0! ?23! ?>! gR3C! J0106E08P! 7G308! 3C0! 7>>?2>1060>3! ?G! 3C0!
B80D4@0>347F! 0F0134?>! 80D2F3DL! %C0! G?FF?H4>A! @79P! 7! F78A0! 18?H@! ?G! B0?BF0! 7860@!
H43C! 46B8?54D0@! H07B?>D! 6781C0@! ?>! Y0841C?! 3?H>! G8?6! 7FF! @480134?>DL! %C09!
4>57@0@!3C0!B8064D0D!?G!3C0!)?O?B0873450!K7>W!7>@!.X2439!K7>W!7D!H0FF!7D!$37A0!
-783! $2B08678W03P! 7>@! A74>0@! 7110DD! 7G308! DC733084>A! H4>@?HD! 7>@! E807W4>A!
@?H>! @??8DL! ! %C09! C0FB0@! 3C06D0F50D! 3?! HC730508! ?G! 57F20! 3C09! 1?2F@! F79! 3C048!
C7>@D! ?>! 7>@P! 711?8@4>A! 3?! 3C0! F?17F! &):J! (F4H7P! D?60! B0?BF0! 73306B30@! 3?!
7110DD! 17DC! 4>! 3C0! 723?67341! 30FF08! 671C4>0D! 4>! 3C0! E7>WDL! (F4H7! 7@@0@! 3C73! 7!
>26E08!?G!3C06!HC?!H080!7860@!H43C!E?HD!7>@!788?HD!73371W0@!3C0!B?F410!H43C!
788?HDL!*0DB?>@4>A!H43C!G480P!B?F410!W4FF0@!D4/!B0?BF0!7>@!80B2FD0@!3C0!84?308DL!
(11?8@4>A! 3?! (F4H7P! 3C0! D05080D3! 54?F0>10! 4>! Y0841C?! H7D! ?>! gR3C! 7>@! gdD3!
J0106E08P!QRRS!7>@!dD3!_7>2789P!QRRfL!!%C0807G308P!3C0!54?F0>10!1C7>A0@!G?86L!!
<C0807DP! 4>! 3C0! G48D3! 3C800! @79D! ?8! D?P! 84?308D! 1?>G8?>30@! 3C0! B?F410! ?B0>F9! 4>!
Y0841C?! 3?H>P! 3C0! 54?F0>10! F7308! 6?50@! 7H79! 4>3?! 3C0! 307! 0D3730D! 7>@! 3C0! 8287F!
7807DL! '283C08P! D?60! ?G! 3C0! 54?F0>10! H7D! >?H! 178840@! ?23! 73! >4AC3L! ! J)! _0>A7!

$&% !

!
0D346730@! 3C73! 3C0! 54?F0>10! F7D30@! G8?6! gR3C! J0106E08P! QRRS! 7>@! G?8! 3C0! >0/3!
3H?!H00WD!?8!D?!3C080!H7D!4>30864330>3!G4AC34>A!7F3C?2ACP!711?8@4>A!3?!C46P!3C4D!
C7@!E00>!1?>374>0@L!
!
(11?8@4>A!3?!(F4H7P!HC0807D!3C0!4>4347F!54?F0>10! H7D!1?664330@!E9!7860@!9?23C!
4>! 3C0! 4660@4719! ?G! 3C048! >04ACE?28C??@DP! 3C0! D2ED0X20>3! 54?F0>10! E0A7>! 3?!
@4DBF79! 380>@D! ?G! 874@08D! 38750FF4>A! F?>A! @4D37>10D! 3?! 1?6643! 713D! ?G! 54?F0>10!
?23D4@0!3C048!C?60!7807DL!'?8!0/76BF0P!3C0!73371WD!4>!Y4BW0F4?>!H080!178840@!?23!
E9! 874@08D! 1?64>A! G8?6! ?3C08! @4D38413DL! %C0! 73371W! 4>! -23787A?>! 7>@! -2>4D389!
H080! 178840@! ?23! E9! 874@08D! G8?6! ?23D4@0! 3C0D0! 7807DL! #>! 3C0! B783412F78! 17D0! ?G!
-23787A?>! 3C0! 874@08D! 1760! G8?6! +7>@4! @4D38413L! ! #>! 3C0! 17D0! ?G! 3C0! 73371WD! 4>!
Y0841C?P! D?60! H080! 178840@! ?23! E9! B0?BF0! G8?6! 3C0! >04ACE?284>A! K2803! @4D38413L!!
'283C08P!73371W08D!7FD?!1760!G8?6!K?603!3?!73371W!307!0D3730D!HC41C!>04ACE?28!
3C0!@4D38413L!
!
%C0! $?34W! J)P! +7W43780P! 1?>G4860@! 3C0! 0/4D30>10! ?G! 3C4D! 380>@! HC0>! C0! 3?F@! 3C0!
)?664DD4?>!3C73P!4>!3C0!17D0!?G!$?34WP!73371W08D!1760!G8?6!7D!G78!7D!:?W?3L!!
%C0!054@0>10!?G!1?O?8@4>734?>!?G!3C0!54?F0>10!4D!G283C08!D2BB?830@!E9!3C0!*0B?83!
?G!3C0!Y0>97!+734?>7F!)?664DD4?>!?>!=267>!*4AC3D!HC41C!80F730@!3C0!?8A7>4V0@!
67>>08!4>!HC41C!3C09!H080!178840@!?23L!!(11?8@4>A!3?!3C73!*0B?83P!4>!7807D!F4W0!
Y4BW0F4?>P! 4>! 7@57>10! ?G! 1?>306BF730@! 73371WDP! Y7F0>\4>! 73371W08D! H?2F@! BF710!
@4D34>13450! 678WD! 4>! G8?>3! ?G! 7FF! @H0FF4>AD! 3C73! E0F?>A0@! 3?! 606E08D! ?G! 3C048!
1?662>439!7D!7!D4A>!3?! 3C0!874@08D!7D!3?!HC41C! C?2D0D!3?!B7DD! ?508!HC0>!3C09!
178840@! ?23! 3C0! 73371WDL! %87@434?>7F! 17F7E7DC0D! H080! 60>34?>0@! 7D! ?>0! G?86! ?G!
D21C! @4D34>13450! 678WDL! %C0! 80B?83! G283C08! D3730@! 3C73! 4>! 3C0! D2ED0X20>3! @79DP!
73371WD!?>!D033F060>3D!H080!@?>0!G8?6!7FF!@480134?>D!7>@!73!3C0!D760!3460!H43C!
1F078!@480134?>P!4>!7!67>>08!4>@4173450!?G!BF7>>4>AL!!
!
(>?3C08!8?2>@!?G!D084?2D!54?F0>10!E8?W0!?23!?>!gdD3!_7>2789!QRRfP!384AA080@!E9!
3C0!W4FF4>A!4>!.F@?803!?G!3C0!-06E08!?G!:78F4760>3!G?8!(4>76?4P!J754@!%??L!&>0!?G!
3C0! ?23D37>@4>A! 4>14@0>3D! 4>! 3C4D! 54?F0>10! H7D! 3C0! 73371W! E9! 7! 6?E! ?>! 3C0!
(4>76?4! J&[D! ?GG410! @284>A! HC41C! 7>! (@64>4D38734?>! :?F410! 1?>D37EF0P! &678!

$&& !

!
(C60@!J7@?P!H7D!W4FF0@!E9!3C0!6?E!7>@!C4D!1?FF07A20!D2D374>0@!7>!788?H!DC?3!
H?2>@L!(F4H7!@0D184E0@!3C0!4>14@0>3!7D!G?FF?HDM!
"S5$'!.5$!<$++*B$!=*+!)$4$:A$(6!*!B)&-@!&?!%&-.5+!*..*4>$(!I:'*<&:!
Q_T+!&??:4$!=5$)$!Ff!_<*)!Q*(&!=*+!+.*.:&'$(2!]$!5*(!*!?:)$*)<2!]$!
.):$(! 5:+! #$+.! .&! +5&&.! :'! .5$! *:)! .&! +4*)$! .5$<! #-.! .5$%! 45*+$(! 5:<2!
S5$)$! 5$! =$'.! .&! 5:($6! .5$%! #-)'$(! .5*.! 5&-+$! -'.:,! 5$! =*+! ()*BB$(!
&-.6!>:,,$(!*'(!#-)'$(!&'!.5$!)&*(2!C5$%!=$'.!?-).5$)!*'(!+5&.!*'&.5$)!
I(<:':+.)*.:&'!F&,:4$!_??:4$)!=:.5!*'!*))&=!&'!.5$!5$*(6!.5$%!+'*.45$(!
5:+! ?:)$*)<! *'(! .5$%! )&##$(! *,,! .5$! #-:,(:'B+R! ZC5$)$*?.$)K! .5$!
4):<:'*,+! =5&! +.&,$! .5$! ?:)$*)<+! +'$*>$(! .5$<! :'! .5$! 45-)45! =5$)$!
.5$%!=$)$!)$4&A$)$(2/!

#!"18!;52X19!,E!<5@G1?4G:!#4482X1A!F:!\5CE5B5E!

_'$!&?!.5$!+*(($+.!@$)+&'*,!+.&):$+!.5*.!4*<$!&-.!&?!.5$!U&.:>oa&)*#-!A:&,$'4$!:+!.5*.!&?!
U:<$&'! I.*'(:! ;&'%*'45*6! =5&! +@&>$! .&! .5$! f&<<:++:&'! :'! a&)*#-2! ;&'%*'45*! =*+!
=&)>:'B! ?&)! .5$! U&.:>! C$*! ]:B5,*'(! f&<@*'%! *+! *! .$*! @:4>$)2! _'! H! G$#)-*)%6! =5:,$!
@:4>:'B! .$*6!5$! =*+! *..*4>$(! *'(!#&.5!5:+!5*'(+! =$)$! *<@-.*.$(2!]:+!+.&)%! *+!B:A$'!.&!
.5$!f&<<:++:&'!:+!.&,(!#$,&=^!

#! 2D0@! 3?! E0! 7! 307! B41W08! 73! $?34W! %07! 2>34F! dD3! '0E82789! QRRf! HC0>! #! H7D! 73371W0@! E9!
Y4BD4A4D!874@08D!HC?!H080!73371W4>A!7>@!E28>4>A!B8?B0839!E0F?>A4>A!3?!3C0!Y4D44DL!

&>!3C4D!@79P!#!H7D!4>!3C0!307!0D3730!B41W4>A!307L!(3!78?2>@!eLRR!7L6L!3C0!C07@!E?9!-8L!
J7>40F! Y46033?P! 3?F@! 2D! 3C73! 3C080! H7D! 54?F0>10! 7FF! ?508! 7>@! 7@54D0@! 2D! 3?! A?! 3?! ?28!
C?2D0D! 3?! C4@0L! #! H0>3! 3?! 69! C?2D0L! #! F450@! 4>! )76B! '450! HC41C! 1?>D4D30@! ?G! 67>9!
Y4BD4A4DL! #! C078@! 3C06! D794>A! 3C73! Y4D44D! 62D3! 6?50! ?23! ?G! )76B! '450! 7>@! \?4>! G0FF?H!
Y4D44D!73!)76B!-7\0>A?L!

(G308! D01284>A! 7! C?2D0! 73! )76B! -7\0>A?P! #! B71W0@! 69! C?2D0C?F@! 4306D! 3?A03C08! H43C!
69! 1F?3C0D! 7>@! E0A7>! 3?! A?! 3?! 3C0! )76B!-7\0>A?pL! #! D7H! D4/! 7860@! 9?2>A! 60>! H43C!
B7>A7DP!E?HD!7>@!788?HDL!%C09!7460@!73!60!H43C!3C0!788?HDL!#!BF07@0@!H43C!3C06!>?3!3?!
DC??3!60L!%C09!B23!3C0!788?HD!@?H>!7>@!D37830@!7DD72F34>A!60!H43C!3C0!B7>A7DL!#!3840@!
3?!EF?1W!3C0!B7>A7D!2D4>A!E?3C!69!C7>@D!3?!B8?3013!69!C07@L!#!D7H!69!F0G3!C7>@!E04>A!
123! 3C800! 3460DL! %C0>! 3C09! 123! 69! C07@! ?>! 3C0! F0G3! C7>@! D4@0L! KF??@! DB4F3! 7FF! ?508! 69!
G710!7>@!#!1?2F@!>?3!D00!HC73!H7D!C7BB0>4>AL!#!F?D3!1?>D14?2D>0DDL!

<C0>!#!A74>0@!1?>D14?2D>0DDP!#!G?2>@!69D0FG!4>!"4304>!=?DB437F!G00F4>A!7!F?3!?G!B74>!7>@!
E?3C!69!C7>@!C7@!E00>!76B23730@L!

#3!4D!@284>A!3C0!D01?>@!H750!?G!54?F0>10!3C73!)C0E4F73P!7!E?8@08!DC?BB4>A!10>380!
E03H00>!$?34W!7>@!K?87E2!H7D!E28>3!0/30>D450F9L!(!Y4D44!H?67>!HC?D0!F4G0!3460!
$&' !

!
4>50D360>3D! 4>! 7! D1C??FP! F?1730@! ?>! 3C0! $?34W! D4@0P! H7D! 0/30>D450F9! F??30@!
30D34G40@! 3C73! 3C080! H080! 80X20D3D! E9! C08! Y4BD4A4D! >04ACE?28D! 3C73! DC0! DC?2F@!
801?>D4@08!C08!@014D4?>!3?!GF00!3?!3C0!Y4D44!D4@0P!\2D3!E0G?80!C08!D1C??F!H7D!E28>3P!
7D! 3C09! G0780@! 3C73! C08! GF4AC3! H?2F@! 4>D4AC3! 3C0! Y4D44! 1?662>439! 7>@! 7338713!
8037F473?89! 73371WD! ?>! 3C06L! #>! 3C0! 0>@P! C?H0508P! DC0! C7@! 3?! 6?50! 3?! 3C0! Y4D44!
D4@0!E0172D0!?G!G078!G?8!C08!D7G039!HC0>!7!A7>A!?G!73371W08D!788450@!4>!C08!D1C??FP!
7>@!3C0!F?17F!B0?BF0!H080!2>7EF0!3?!A450!C08!B8?30134?>L!#>!C08!540HP!D?60!?G!3C0!
73371WD! H080! 178840@! ?23! E9! B0?BF0! G8?6! 3C0! 4>F7>@! 7>@! H43C?23! 80A78@! 3?! 3C0!
540HD! ?G! 3C0! F?17F! 80D4@0>3D! 73! 3C0! E?8@08! 7807L! %C0! 73371W08D! ?>! C08! D1C??F! F0G3!
G?8! C08! 7! 60DD7A0! ?>! ?>0! ?G! 3C0! H8434>A! E?78@D! 4>! 3C0! 1F7DD8??6D! HC41C! H0FF!
D26D!2B!3C0!G00F4>AD!3C73!@8?50!3C0!54?F0>10L!&>!3C0!E?78@!3C09!H8?30M!!
"83U33U!IVQ!8IELVY3VU!S3EE!VLOLJ!E3OL!C_cLC]LJ/!
!
^F_!,?!\5CX1G5@?!
(11?8@4>A!3?!I0@?HP!3C0!Y4BW0F4?>!J)P!54?F0>10!082B30@!?>!gR3C!J0106E08!QRRSP!
H43C!3C0!7>>?2>1060>3!?G!3C0!G4>7F!37FF9!4>!3C0!B80D4@0>347F!0F0134?>!80D2F3DL!%C0!
7>>?2>1060>3! H7D! 4660@4730F9! G?FF?H0@! E9! H4@0DB807@! 4>14@0>3D! ?G! 78D?>L!
$?60! 7807D! H43C4>! 3C0! @4D38413P! 4>! B783412F78! 3C0! 7807D! ?G! -?F?P! $?A03! 7>@!
Y76734>DP! C7@! 4>30>D0! DW4864DC0DL! #>4347FF9P! 3C080! H7D! 7>! 03C>41! 7>AF0! 3?! 3C0!
78D?>! 73371WD! E23! 3C4D! F7308! DB4F3! ?508! 3?! 7FF! 1?662>4340D! F454>A! 4>! 3C0! @4D38413L!
#FF0A7F! 8?7@EF?1WD! H080! 6?2>30@! E9! 9?23C! 73! 5784?2D! DB?3D! 7F?>A! 3C0! C4ACH79P!
>?37EF9!73!Y7BD?43L!
!
%C0! 54?F0>10! 7FD?! 378A030@! 5784?2D! A?508>60>3! 4>D37FF734?>D! 7>@! 80D2F30@! 4>! 3C0!
E28>4>A! ?G! 7>@! 57>@7F4D6! ?>! D?60! E24F@4>AD! 7>@! 50C41F0DL! %C0! ?GG410D! ?G! 3C800!
1C40GDP!fR!D1C??FDP!Q!V?>7F!?GG410D!7>@!S!@4DB0>D7840D!H080!57>@7F4V0@L!&>0!G?80D3!
A278@!H7D!W4FF0@!7>@!3C080!H7D!4FF0A7F!F?AA4>A!?G!G?80D3DL!!
!
%C0!)?664DD4?>!1?>@2130@! 7>!0/30>D450! 3?28!?G!3C0! $?23C! *4G3! ;7FF09!7807!7>@!
H7D! D3821W! E9! 3C0! H4@0DB807@! >73280! ?G! 78D?>! ?>! C?60D! ?G! B08D?>D! >?3!
1?>D4@080@!3?!E0!4>@4A0>?2D!3?!3C0!7807L!
!

$&( !

!
%C080! H7D! 054@0>10! ?G! D?60! F050F! ?G! 3874>4>A! 4>! B80B78734?>! 3?! 1?6643! 54?F0>10L!
%C0! )?664DD4?>! 8010450@! 054@0>10! 4>! 3C0! G?86! ?G! 7! @4A437F! 54@0?! @4DW! ]J;J^!
801?8@4>A! 3C73! H7D! 17B3280@! 4>! Y280D?4P! HC41C! E?8@08D! Y4BW0F4?>L! %C0! 54@0?!
DC?H0@!73371W08D!E04>A!3874>0@!73!Y46787>97!54FF7A0!4>!Y084>A03L!%C0!054@0>10!7D!
3?! 3874>4>A! 4D! D2BB?830@! E9! 3C0! 054@0>10! ?G! 3C0! Y0>97! +734?>7F! )?664DD4?>! ?>!
=267>! *4AC3DP! HC41C! 7DD0830@! 3C73! 3874>4>A! 7>@! ?73CO37W4>A! 3??W! BF710! 4>!
176BD!4>!B80B78734?>!G?8!3C0!73371WDL!!%C0!80B?83!D74@M!
"C5$!.)*:':'B!)$@&).$(,%!.&&>!@,*4$!:'!.5$!?*)<+!&?!+$':&)!,$*($)+!:'!.5$!
*)$*!&)!:'!.5$!)$B:&'T+!?&)$+.+2!_'$!@&,:4$!4&'+.*#,$6!)$@&).$(,%!.)*:'$(!
*..*4>$)+! :'! 8$):45&! C&='2! C5$! *..*4>$)+! =$)$! =$,,! $M-:@@$(! =:.5!
=$*@&'+!*'(! <*.$):*,+! .5*.! .5$%! =&-,(!'$$(!.&!4&'(-4.!+&<$!&?!.5$:)!
*4.:A:.:$+6! +-45! *+! @&=$)! +*=+! -+$(! :'! 4-..:'B! (&='! 5-B$! .)$$+! .5*.!
=$)$!-+$(!.&!#,&4>!.5$!)&*(+2/!
!
(11?8@4>A! 3?! 3C0! Y+=)*! *0B?83! 3C0! 73371W08D! 4>! Y0841C?P! K28034! 7>@! "?>@47>4P!
3C0! F73308! ?G! HC41C! 4D! 4>! Y4BW0F4?>P! 80B?830@F9! D0>3! H78>4>AD! 3?! 3C048! 541346D! ?G!
3C0! 46B0>@4>A! 73371WP! E0G?80! 3C0! 73371WD! H080! 71327FF9! 178840@! ?23L! $21C!
H78>4>AD! H080! @0F45080@! E9! 30F0BC?>0L! %C0! *0B?83! 1?>1F2@0D! 3C73! ?>! 3C73!
B8064D0P! 3C080! H7D! 7! B8060@43730@! 4>30>3! 3?! G?814EF9! 05413! 3C0! 541346D! G8?6! 3C0!
80A4?>L!
!
'283C08!1F746D!80A78@4>A!3C0!54?F0>10!H7D!B8?54@0@!E9!3C0!30D346?>9!?G!7!Y4BD4A4D!
G78608! 73! $71C7>AH7>! F?1734?>P! -?F?! @4D38413L! %C0! G78608! 30D34G40@! 80A78@4>A! 7!
80540H! 60034>AP! 3?! 7DD0D! HC03C08! 3C0! 54?F0>10! C7@! 603! 43D! ?E\013DP! C0F@! 4>! C4D!
7807! 73! 3C0! 0>@! ?G! 3C0! G4AC34>AL! %C0! H43>0DD! 4>G?860@! 3C0! )?664DD4?>! 3C73! ?>!
Qf3C! '0E82789P! QRRfP! 7! 60034>A! H7D! 1?>50>0@! E9! 3C0! Y7F0>\4>D! 73! K7C784>4! 3?!
@4D12DD!3C0!7G308673C!?G!3C0!B?D3!0F0134?>!54?F0>10L!%C0!60034>A!H7D!1C7480@!E9!7!
803480@!(DD4D37>3!)C40GP!7>@!7330>@0@!E9P!76?>A!?3C08!F?17F!F07@08DL!(11?8@4>A!3?!
3C0! H43>0DDP! 3C0! E71WA8?2>@! 3?! 3C4D! 60034>A! H7D! 3C73! >?>OY7F0>\4>! C?60D! C7@!
E00>! E28>3! @?H>! 7>@! 3C0! ?H>08D! C754>A! GF0@! 3C0! 7807P! 3C0! 60034>A! D?2AC3! 3?!
@4D12DD! 607D280D! G?8! 0>D284>A! 3C0! 84327F! 1F07>D4>A! ?G! 3C0! 7807! 9?23CP! HC?! C7@!
B783414B730@! 4>! 3C0! E28>4>A! ?G! >?>OY7F0>\4>! C?60D! @284>A! 3C0! B?D3! 0F0134?>!

$&, !

!
54?F0>10P! 7D! 3C0! E28>4>A! ?G! 80D4@0>10D! 4D! 1?>D4@080@! 7>! 7E?64>734?>! 2>@08!
Y7F0>\4>!57F20DL!=0!30D34G40@!3C73!4>!?8@08!3?!71C4050!3C0!1F07>D4>A!?G!F?17F!9?23CD!
HC?! C7@! B783414B730@! 4>! 3C0! E28>4>A! ?G! C?60DP! 3C0! 60034>A! 7A800@! 3C73! 7! A?73!
H?2F@!E0!DF72AC3080@!G?8!2D0!4>!1?>@2134>A!3C0!1F07>D4>AL!$01?>@F9P!3C0!60034>A!
H7D!3C0!?117D4?>!G?8!@4D12DD4>A!C?H!G786D!G?8608F9!?112B40@!E9!3C?D0!HC?!C7@!
GF0@P! H?2F@! E0! B281C7D0@! ?8! C480@! ?23! 7GG?8@7EF9L! (3! 3C0! 60034>AP! 3C0! H43>0DD!
D74@! C0! @4D7A800@! H43C! 3C0! 4@07! ?G! DC784>A! ?23! 3C0! B8?B0839! ?G! >04ACE?28D! HC?!
C7@! GF0@! G8?6! 3C0! 7807! 3?! 0D17B0! 3C0! 54?F0>10L! (D! 7! 80D2F3! ?G! C4D! ?BB?D434?>P! C0!
H7D!540H0@!7D!7!38743?8P!7>@!?>!dS3C!-781C!QRRfP!C4D!C?2D0!H7D!87V0@!@?H>!E9!
G0FF?H!Y7F0>\4>DP!6?D3!?G!HC?6!C0!4@0>34G40@L!!
!
'?FF?H4>A! 3C0! W4FF4>A! ?G! 3C0! 7807! F0A4DF73?8! %??P! 3C080! H7D! 7>! 0D17F734?>! 4>! 3C0!
F050F!?G! 54?F0>10! 4>! 3C0! 7807L! (11?8@4>A! 3?! B?F410! 80B?83D! 30>@080@! E9! I0@?HP!hS!
B0?BF0!@40@P!QS!?G!3C06!?G!788?H!DC?3DP!S!?G!4>\2840D!2D4>A!182@0!H07B?>DP!dd!?G!
A2>! DC?3! H?2>@D! 7>@! 3H?! ?G! E28>4>AL! ! :8?B0839! H7D! 7FD?! @0D38?90@P! H43C! gbjf!
E24F@4>AD! 3?37FF9! 87V0@! @?H>P! Qg! E24F@4>AD! B78347FF9! E28>3! 7>@! dbhQ! E24F@4>AD!
57>@7F4V0@L!(11?8@4>A!3?!I0@?HP!7!F78A0!>26E08!?G!B08D?>D!B783414B730@!4>!713D!
?G! 78D?>! 7>@! 7F6?D3! 071C! ?G! 3C06! 178840@! 7! 1?>374>08! ?G! B038?F! G?8! 2D0! 4>! 3C0!
E28>4>AL! %C0! )?664DD4?>! C078@! 3C73! 3C0! 674>! 603C?@! ?G! E28>4>A! H7D! E9!
BF714>A! 7110F087>3D! ?>! D341WD! HC41C! H?2F@! 3C0>! E0! B8?B0FF0@! E9! C7>@! ?>3?! 3C0!
378A030@!E24F@4>ADL!&3C08D!H?2F@!\2D3!3?81C!3C0!C?2D0D!@48013F9L!!
!
!
;@G521!8?A!;9@65?258G!#A75?5E49845@?!-1EC@?E1!
(FF! 3C0! @4D38413! 1?664DD4?>08D! 7>@! 606E08D! ?G! 3C0! B?F410! G?810! 3C73! 3C0!
)?664DD4?>!4>308540H0@!B8?>?2>10@!3C06D0F50D!D734DG40@!H43C!3C048!80DB?>D0!3?!
3C0! B?D3! 0F0134?>! 54?F0>10L! =?H0508! 3C0! )?664DD4?>! H7D! 1?>108>0@! 7E?23! 7!
>26E08! ?G! DB014G41! 4DD20D! 874D0@! E9! 3C0! 054@0>10! 4>! 80F734?>! 3?! 3C048! 80DB?>D0L!
%C0D0!780!@4D12DD0@!E0F?HL!
!
%C0!711?2>3!E9!A?508>60>3!?GG4147FD!4>!Y0841C?!H7D!3C09!H080!2>7H780!3C0!3C080!
H?2F@!E0!B?D3!0F0134?>!54?F0>10!7>@!3C080G?80!@4@!3?!B8?54@0!G?8!43L!%C0!H?8D3!17D0!

$&) !

!
D10>784?! G?8! 3C06! H7D! 3C0! B?DD4E4F439! ?G! 54?F0>10! 4>! 3C0! F07@! 2B! 3?! 3C0! 0F0134?>D!
0DB0147FF9! 4>! 3C0! 7807D! 3C73! 3C09! 1?>D4@080@! 3?! E0! B8?>0! 3?! 54?F0>10! D21C! 7D!
+97A71C?!7>@!-73?E?!4>!Y0841C?!3?H>L!%C080!H080!>?!1?>34>A0>19!7887>A060>3D!
4>! 80F734?>! 3?! 3C0! 54?F0>10! 3C73! 0>@0@! 2B! 0>A2FG4>A! 3C0! 62F34>734?>7F! 0D3730D! 4>!
Y0841C?!7>@P!3C080G?80P!>?!B8?54D4?>!3?!@07F!H43C!3C0!54?F0>10L!
!
%C0!80DB?>D0!E9!3C0!723C?84340D!4>!Y0841C?!3?!3C0!54?F0>10!3C73!3C09!3C?2AC3!679!
C7BB0>! H7D! 3?! 6?2>3! B0710! 1?6643300! 60034>AD! 4>! 3C048! 7807DL! (64@! 3C0! C730!
60DD7A0D! 3C73! C750! E00>! 80G0880@! 3?! 4>! 3C0! 054@0>10P! 3C0! F?17F! 7@64>4D38734?>!
178840@!?>!H43C!3C0!0D37EF4DC60>3!?G!B0710!1?6643300D!7>@!3C0!1?>50>4>A!D05087F!
60034>AD! 4>! 3C0! 7GG0130@! 7807DL! (FF! 3C0! ?GG4147FD! 3C73! 3C0! )?664DD4?>! DB?W0! 3?!
B783414B730@! 4>! ?8! G714F43730@! 3C0D0! 60034>ADP! HC41C! H080! ?8A7>4V0@! E9! 3C0!
.F013?87F! )?664DD4?>! ?G! Y0>97L! %C4D! H7D! 43D! B80G0880@! 4>30850>34?>! 4>! @07F4>A!
H43C!3C0!B?DD4E4F439!?G!0F013?87F!54?F0>10L!!
!
%C0! .)Y! 7>@! ?3C08! A?508>60>3! ?GG4147FD! HC?! 1760! E0G?80! 3C0! )?664DD4?>!
7BB0780@! 3?! @08450! 621C! D734DG7134?>! G8?6! 3C0! G713! 3C73! 3C0D0! B0710! 60034>AD!
C7@!37W0>!BF710!3C8?2AC?23!3C0!1?2>389!E0G?80!3C0!0F0134?>DL!%C09!7FF!D0060@!3?!
80A78@! 3C0! ?8A7>4V734?>! ?G! D21C! 60034>AD! 7D! D2GG4140>3! 7>@! 0/?>08730@!
3C06D0F50D! G8?6! EF760! G?8! F71W! ?G! B80B78734?>! 4>! 80A78@! 3?! 3C0! 54?F0>10! 3C73!
050>327FF9!?112880@!4>!3C0!1?2>389L!&GG4147FD!D0060@!3?!7DW!3C4D!X20D34?>M!`HC73!
0FD0!H080!H0!D2BB?D0@!3?!@?!4GP!7A74>D3!?28!7@5410P!B0?BF0!1C?D0!3?!G4AC3Na!<43C!
3C0!E0>0G43! ?G!HC73! 4D!>?H!W>?H>P!3C080!62D3! E0!7DW0@!D084?2D!X20D34?>D!7D!3?!
3C0! HC03C08! 3C0! B0710! 60034>AD! 3C73! H080! 1?>50>0@! E9! 3C0! .)Y! C7@! 0>@284>A!
57F20!?8!HC03C08!3C09!B8?54@0@!3C0!07D9!?B34?>!G?8!B2EF41!?GG4147FD!G710@!H43C!3C0!
C730!60DD7A0D!3C73!7E?2>@0@!4>!3C0!B084?@!E0G?80!3C0!B?D3!0F0134?>D!7>@!HC41CP!
4>!3C0!540H!?G!3C0!)?664DD4?>P!BF790@!7!E4A!8?F0!4>!3C0!B?D3!0F0134?>!54?F0>10L!
<C0>! 54?F0>10! E8?W0! ?23! 4>! Y0841C?! 3?H>P! HC41C! H7D! 4>57@0@! E9! 62F3432@0D! ?G!
84?308DP!3C0!B?F410!H080!2>B80B780@!3?!@07F!H43C!43L!%C09!80DB?>@0@!H43C!0/38060!
G?810P!W4FF4>A!D4/!B0?BF0!HC?!3C09!1F746!H080!76?>A!3C0!84?308D!3C73!C7@!4>57@0@!
3C0! )?O?B0873450! 7>@! .X2439! K7>WD! 4>! 3C0! 3?H>L! %C0! 7807! &):JP! <7F308! (F4H7P!
73306B30@! 3?! \2D34G9! 3C0! W4FF4>A! E9! 7DD0834>A! 3C73! 3C0! 84?308D! 73306B30@! 3?! DC??3!

$&- !

!
3C0!B?F410!H43C!788?HD!E23!3C080!4D!>?!054@0>10!HC73D?0508!3?!D2BB?83!3C4D!1F746L!
&>!3C0!1?>38789P!(F4H7[D!054@0>10!3C73!3C0!B?F410!DC?3!3C0!84?308D!E0172D0!`3C0D0!
H080! 8?EE08D! HC?! H080! E807W4>A! E7>WDa!4D! >?3! 3C0! 807F! 807D?>! HC9! B?F410! DC?3!
4>3?! 3C0! 18?H@L! #>! 3C0! 540H! ?G! 3C0! )?664DD4?>P! 3C4D! DC??34>A! 1?>D343230D! 7>!
2>H7887>30@!2D0!?G!G?810!E9!3C0!B?F410!7>@!62D3!E0!4>50D34A730@L!#>!K?87E2P!3C0!
)?664DD4?>! H7D! 3?F@! 3C73! 7! B?F41067>! 4>! BF74>1F?3C0D! DC?3! 7! 67>P! _?DC27!
+9782>@7L! :?F410! F7308! 1F7460@! 3C73! 3C0! DC??34>A! H7D! 7114@0>37FP! E23! >?! 7134?>!
H7D!37W0>!7A74>D3!3C0!B?F410!?GG4108!4>5?F50@L!!
!
%C0!D2@@0>!?>D03!?G!84?3D!4>!3C0!D?23C!*4G3!80X2480@!B?F410!80DB?>D0!3?!62F34BF0!
D432734?>D! 73! 3C0! D760! 3460L! (3! 3C0! E0A4>>4>A! ?G! 3C0! 54?F0>10P! 3C0! D380>A3C! ?G!
B08D?>>0F! 4>! Y4BW0F4?>! 7>@! Y0841C?! @4D38413D! H7D! gbRP! ?G! HC?6! dRR! H080! (:DL!
%C0! &):J! C7@! 3?! 80X20D3! G?8! 7@@434?>7F! B08D?>>0F! G8?6! ?23D4@0! 3C0! @4D38413L!!
%C0D0! 1760! G8?6! 3C0! (@64>4D38734?>! :?F410P! (>34O$3?1W! %C0G3! U>43! 7>@! 3C0!
I0>087F! $085410! U>43P! 7>@! 788450@! ?>! dD3! _7>2789! QRRf! ?8! D??>! 3C0807G308L! ! #>!
$?34WP! 3C0! J)#&! D?2AC3! G?834G41734?>! E?3C! G8?6! 3C0! *4G3! ;7FF09! 7>@! +97>V7!
:8?54>10DP!7>@!4>!7FFP!7>!7@@434?>7F!QRR!B?F410!?GG4108D!1760!4>!7D!804>G?81060>3L!
=7@!3C080!E00>!B84?8!BF7>>4>A!7>@!7BB8014734?>!?G!3C0!B?DD4EF0!050>327F4340DP!3C0!
804>G?81060>3!H?2F@!C750!E00>!7574F7EF0!621C!078F408!7>@!64AC3!C750!B8050>30@!
621C!?G!3C0!4>4347F!54?F0>10L!(>!0/76BF0!?G!3C0!4>7E4F439!E9!3C0!D0128439!7A0>140D!
3?! 67W0! 1?>34>A0>19! 7887>A060>3D! H7D! B8?54@0@! E9! (F4H7! C46D0FG! HC0>! C0!
30D34G40@!3C73!C0!80G2D0@!3?!050>!1?>306BF730!3C73!&J-!C7@!7!1C7>10!?G!H4>>4>A!
3C0!0F0134?>D!7>@!3C080G?80!@4@!>?3!B8?54@0!G?8!3C0!B?DD4EF0!1?>D0X20>10D!?G!D21C!
7>!?231?60L!!
!
&3C08! 3C7>! 3C0! 0/10DD450! 2D0! ?G! G?810! E9! B?F410P! 7D! 0/06BF4G40@! E9! 3C0! Y0841C?!
3?H>! 4>14@0>3P! 3C0! )?664DD4?>! 8010450@! 4>G?86734?>! 3C73! B?F410! 80DB?>D0! 3?!
80D120! B0?BF0! 2>@08! 73371W! H7D! DF?H! ?8! 7F3?A03C08! 7ED0>3P! 7F3C?2AC! 4>! D?60!
4>D37>10D!3C09!G710@!807F!?ED371F0DL!!#>!?>0!4>14@0>3!4>!$?34W!7807P!3C0!C?2D0!?G!7!
803480@! 1?2BF0! H7D! D288?2>@0@! E9! 874@08D! G?8! >4>0! C?28D! E0G?80! 3C09! H080!
80D120@L!%C0!H4G0!801?2>30@!3?!3C0!)?664DD4?>!3C048!?8@07F!7D!G?FF?HDM!

$'* !

!
"_'! W.5! G$#)-*)%6! $*),%! :'! .5$! <&)':'B! <%! 5-+#*'(! =&>$! -@! *'(!
=$'.! .&! .:,,! .5$! ?*)<2! ! U5&).,%! *?.$)! 5$! =$'.! &-.! 5$! 4*<$! )-'':'B!
#*4>! .&! .5$! 5&-+$2! ! ]$! &)($)$(! -+! .&! 4,&+$! *,,! .5$! (&&)+! *'(!
=:'(&=+2!!]$!.&,(!-+!.5*.!5$!+*=!*!B)&-@!&?!8*,$'9:'!%&-.5!4&<:'B!
.&=*)(+! &-)! 5&-+$2! ! I! ?$=! <:'-.$+! ,*.$)! =$! 5$*)(! .5$:)! A&:4$+!
&-.+:($2! C5$%! =$)$! 4*,,:'B! -+! #%! &-)! '*<$+! *'(! .5$%! *+>$(! -+! .&!
4&<$! &-.2! ! S$! )$4&B':D$(! .5$:)! A&:4$+2! ! _'$! &?! .5$<! =*+! &-)!
'$:B5#&-)2!!
!
I.! *)&-'(! 0211! *2<2! .5$%! +.*).$(! #)$*>:'B! .5$! (&&)+! *'(! .5$!
=:'(&=+!&?!.5$!5&-+$2!C5$%!4&-,(!'&.!#)$*>!:'.&!.5$!5&-+$!#$4*-+$!
&?!.5$!B):,,!)$:'?&)4$<$'.2!3!4*,,$(!.5$!f5:$?!.&!4&<$!*'(!5$,@!-+2!]$!
+$'.! *! A$5:4,$! *'(! *(<:':+.)*.:&'! @&,:4$<$'2! C5$%! 4&-,(! '&.! )$*45!
-+! :<<$(:*.$,%! #$4*-+$! *,,! .5$! )&*(+! ,$*(:'B! .&! f5$@:,*.! =$)$!
#*)):4*($(!#%!8*,$'9:'!=*)):&)+2!C5$%!4*<$!.&!-+!*)&-'(!\!@2<2!*'(!
.5$%!$+4&).$(!-+!&-.!&?!.5$!5&-+$2/!
!
(>?3C08! H43>0DD! HC?! D2D374>0@! 7>! 4>\289! HC0>! C4D! C?60! H7D! D288?2>@0@! 7>@!
73371W0@!E9!874@08D!801?2>30@!3C0!G?FF?H4>AM!
"S5$'!3!.-)'$(!3!?&-'(!.5*.!3!5*(!#$$'!+@$*)$(!&'!.5$!,$?.6!=5$)$!3!
*<!+5&=:'B!%&-2!I.! .5*.!@&:'.6! 3!4*,,$(! .5$!f5:$?6!.5$!f5:$?! .&,(! <$!
.5*.! .5$)$! :+! '&! =*%! 5$! 4&-,(! *++:+.! <$2! C5$! f5:$?! *(A:+$(! <$! .&!
,&&>!?&)!&.5$)!<$*'+!&?!*++:+.:'B!<%+$,?2/!
!
'?832>730F9!G?8!3C4D!H43>0DDP!B?F410!?>!B738?F!788450@!HC080!C0!C7@!E00>!73371W0@!
7>@!3??W!C46!3?!C?DB437FL!
!
:?F410!80DB?>D0!3?!B0?BF0!4>!@4D380DD!H7D!C4>@080@!>?3!?>F9!E9!3C0!4>7@0X2719!?G!
B08D?>>0F! ?>! 3C0! B783! ?G! 3C0! D0128439! G?810DP! HC?! H080! D46BF9! ?508HC0F60@! E9!
3C0! @067>@D! ?>! 3C06! 7>@! H080P! 2>7EF0! 3?! 1?B0! H43C! 3C0! D432734?>D! 180730@! E9!
3C0! 54?F0>10! E23! 7FD?! E0172D0! 3C?D0! 2>@08! 73371W! H080! DB807@! ?508! F?>A!
@4D37>10D!4>!7!8287F!D0334>AL!-?80?508P!3C0!0F013?87F!B8?10DDP!3?!HC41C!3C0!B?F410!

$'$ !

!
C7@! B8?54@0@! 5437F! D2BB?83! C7@! C78@F9! E00>! 1?>1F2@0@! E9! 3C0! 3460! 3C09! H080!
17FF0@! 2B?>! 3?! @07F! H43C! 3C0! B?D3! 0F0134?>! 54?F0>10L! (! F78A0! >26E08! ?G! B?F410!
?GG4108D! H080! D34FF! ?>! 3C0! H79! E71W! 3?! 3C048! @239! D3734?>D! HC0>! 3C0! 54?F0>10!
082B30@L! '283C08P! 7>@! 7D! 3C0! B?F410! 7>@! ?3C08! H43>0DD0D! 3?F@! 3C0! )?664DD4?>P!
3C0! 0608A0>10! ?G! 4FF0A7F! 8?7@EF?1WD! C4>@080@! B?F410! 6?5060>3P! ?8! 7F3?A03C08!
EF?1W0@!?GG!7110DD!3?!D?60!?G!3C?D0!4>!>00@L!!
!
%?!@07F!H43C!3C0!B8?EF06!?G!EF?1W0@!8?7@DP!3C0!J$#)!B23!4>!BF710!7!BF7>!3?!1F078!
3C0! C4ACH79L! %C0! B?F410! @0BF?90@! B08D?>>0F! ?>! 3C0! 67\?8! C4ACH79D! 3?! 6?>43?8!
DB?3D!?>!3C0!C4ACH79!B8?>0!3?!EF?1W7A0D!7>@P!A0>087FF9P!1?>@213!6?E4F0!B738?FD!
4>!3C0!B?30>347FF9!5?F734F0!7807DL!!
'283C08P! 3C0! )?664DD4?>! 8010450@! 054@0>10! 3C73! B?F410! D?603460D! D3??@!
B7DD450F9! 7D! B8?B0839! H7D! @767A0@! 7>@! @4@! >?3C4>A! 3?! 80D3874>! 3C0! 54?F0>10! ?8!
7880D3!3C0!B08B03873?8DL!'?8!0/76BF0! 3C0!)?664DD4?>!C078@!3C73P!`)C0E4F73!H7D!
>?3! E28>3! 4>! ?>0! @79L! #3! H7D! E28>3! G?8! 7F6?D3! 3C800! H00WDL! %C080! H080!
@0D382134?>D!4>!G8?>3!?G!3C0!?GG4108DaL!
!
%C0! )?664DD4?>! 8010450@! 80B?83D! 3C73P! @20! 3?! E47D! E7D0@! ?>! 03C>41439P! D?60!
?GG4108D! H080! 80F2137>3! 3?! B8050>3! 3C0! 54?F0>10! ?8! 3?! B8?54@0! B8?30134?>! 3?! 3C0!
7GG0130@!B08D?>DL!(D!B783!?G!D21C!E47DP!3C080!H080!80B?83D!3C73!7!"2?!B?F410!?GG4108!
H7D! 7112D0@! ?G! EF?1W4>A! 3C0! Y4BD4A4D! G8?6! 8071C4>A! 3C0! 8?7@! 4>! 3C048! E4@! 3?!
0D17B0!7>@!4>D307@!80@480134>A!3C06!3?!3C048!C?60D!?>F9!G?8!3C06!3?!E0!73371W0@!
E9!3C0!Y4W292DL!'283C08P!Y4W292!?GG4108D!D3??@!7D4@0!7D!Y7F0>\4>D!G710@!54?F0>10!
7>@!5410!508D7L!
!
#>! D?60! D432734?>D! B?F410! G74F0@! 3?! 80DB?>@! 3?! D432734?>D! ?G! @4D380DD! 050>! HC080!
078F9! H78>4>A! 7>@! BF07D! C7@! E00>! 1?662>41730@! 3?! 3C06L! %C0! Y+)=*! *0B?83!
D3730D!3C73!7!C?2D0!H7D!E28>3!7!G0H!60380D!G8?6!3C0!"?>@47>4!:?F410!$3734?>!4>!
DB430!?G!B84?8!>?34G41734?>!?G!3C0!B?F410!?G!7>!46B0>@4>A!73371WL!<C080!3C080!H7D!
B?F410!4>30850>34?>P!@4DB8?B?834?>730!G?810!H7D!D?603460D!7BBF40@L!'?8!4>D37>10P!
3C0! Y+)=*! *0B?83! 46BF41730DP! 7! D0>4?8! B?F410! ?GG4108P! 4>! 3C0! W4FF4>A! ?G! D05087F!
1454F47>D! 4>! D432734?>D! 3C73! 76?2>30@! 3?! 0/10DD450! 2D0! ?G! G?810L! %C0! *0B?83!

$'+ !

!
G283C08!D3730D!3C73!7>!&)$!711?6B7>40@!E9!?3C08!?GG4108D!DC?3!7E?23!dS!1454F47>D!
4>!"?>@47>4!7>@!Y0841C?!@284>A!7!84?3L!!
!
(G308! 3C0! @073C! ?G! -:! %??! HC41C! F0@! 3?! 7>! 2BD28A0! 4>! 54?F0>10P! 3C0! J$#)!
804>G?810@! 3C0! 7574F7EF0! D0128439! B08D?>>0F! H43C! 7@@434?>7F! ?GG4108D! @87H>! G8?6!
3C0!I0>087F!$085410!U>43P!*0A2F78!:?F410P!(@64>4D38734?>!:?F410!7>@!3C0!)8464>7F!
#>50D34A734?>D!J0B78360>3L!'283C08P!gR!606E08D!?G!3C0! *7B4@!J0BF?960>3!U>43!
?G!3C0!(@64>4D38734?>!:?F410!J0B78360>3!H080!D0>3!4>!3?!804>G?810!?B08734?>DL!!!
(3! 3C0! Y4BW0F4?>! J$#)! 60034>A! C0F@! ?>! dQ3C! '0E82789P! QRRfP! 3C0! J)#&! 3?F@! 3C0!
60034>A! 3C73! C0! C7@! 4>D382130@! B08D?>>0F! 3?! D0781C! 5784?2D! B8064D0D! HC41C! C0!
E0F4050@!H080!HC080!3C0!C730!F07GF03D!H080!E04>A!B84>30@L!!
!
-1EC@?E1!4@!,K;E!
&>0!?G!3C0!4DD20D!723C?84340D!4>!3C0!$?23C!*4G3!C7@!3?!@07F!H43CP!7D!7!80D2F3!?G!3C0!
B?D3! 0F0134?>! 54?F0>10P! H7D! 3C0!0608A0>10!?G! 4>308>7FF9! @4DBF710@! B08D?>DL!!Y4D44!
3?H>!E01760!?>0!?G!3C0!F78A0D3!8010B34?>!10>380D!G?8!#J:D!4>!3C0!<0D308>!B783!?G!
Y0>97L! (11?8@4>A! 3?! F?17F! J)! (2A2D34>0! +3C4A7P! 3C0! @4D38413! 8010450@! #J:D! G8?6!
UBB08!-4A?84P!*71C2?>9?P!Y0841C?P!$4797P!=?67!K79P!K?>@?P!+7>@4P!K28034!7>@!
Y7W760A7L!!(3!?>0!B?4>3P!3C080!H080!QgP!RRR!#J:D!4>!Y4D44!3?H>L!
!
#>!$?34WP!3C0!J)!D74@!3C080!H080!fbRR!B0?BF0!@4DBF710@!G8?6!3C0!@4D38413L!-?D3!?G!
3C0D0!H080!Y4D44!7>@! Y4W292L! %C0! Y4BD4A4D!80328>00D!H080!7ED?8E0@!E9!3C0!F?17F!
1?662>439! 7>@! @4@! >?3! A?! 3?! @4DBF71060>3! 176BDL! (! 306B?8789! 176B! H7D!
0D37EF4DC0@! 73! 3C0! $?34W! :?F410! $3734?>L! ! %C0D0! #J:D! H080! 3C0807G308! 37W0>! 3?!
BF710D! ?G! D7G039L! ! %C0! Y4W292! H080! 37W0>! 3?! +7W282! 7>@! -?F?! 7>@! BF710D! 4>!
)0>387F! :8?54>10L! ! %C0! Y4D44D! H080! 37W0>! 3?! .W080>9?P! 7! 176B! 0D37EF4DC0@! 4>!
+?83C!Y4D44!@4D38413L!!(F3C?2AC!Y457P!3C0!J)!4>!K?87E2P!3?F@!3C0!)?664DD4?>!3C73!
3C?D0!@4DBF710@!E9!3C0!G4AC34>A!7F?>A!3C0!E?8@08!H080!7ED?8E0@!4>F7>@!7>@!3C73!
7D! 7! 80D2F3P! >?! 176BD! H080! D03! 2B! 4>! C08! @4D38413P! 3C0! )?664DD4?>! 8010450@!
054@0>10! 3C73! #J:D! @4DBF710@! G8?6! 7F?>A! 3C0! E?8@08! H080! G714>A! 7! F4G0! ?G! >0AF013!
G8?6! 3C0! 723C?84340DP! 4>1F2@4>A! 3C0! J)! C08D0FGP! HC?! C7@! 80G2D0@! 3?! 050>!
71W>?HF0@A0!3C0!0/4D30>10!?G!3C0!#J:DL!

$'% !

!
!
%C0! Y0841C?! &):J! 3?F@! 3C0! )?664DD4?>! 3C73! 3C73! 3C0! >26E08! ?G! #J:D! G8?6!
76?>A!307!BF7>3734?>!H?8W08D!D3??@!73!ePRRRL!&G!3C0D0!jPfRf!C7@!E00>!80328>0@!
3?! 3C048! BF710D! ?G! H?8W! E9! 3C0! 3460! C0! 30D34G40@! E0G?80! 3C0! )?664DD4?>L! QRRR!
E2D4>0DD!B0?BF0!C7@!E00>!@4DBF710@!7D!7!80D2F3!?G!3C0!54?F0>10!?23!?G!HC?6!dQje!
C7@!80328>0@!3?!3C048!E2D4>0DD0D!73!3C0!3460!?G!C4D!30D346?>9L!%C0!F7D3!1730A?89!
?G! #J:D! H080! B08D?>D! HC?! ?H>0@! F7>@! 4>! Y0841C?! E0G?80! 3C0! 54?F0>10L! %C0!
>26E08!D3??@!73!QbRP!?G!HC?6!?>F9!bR!C7@!80328>0@!3?!3C048!F7>@L!!
!
#>! 80F734?>! 3?! Y4BW0F4?>P! 3C0! )?664DD4?>! 8010450@! 054@0>10! 3C73! 3C0! @4D38413!
8010450@!#J:D!7D!078F9!7D!+?506E08P!QRRS!HC?!C7@!0D17B0@!3C0!G4AC34>A!4>!-?F?!
7>@! Y280D?4L! ! %C0D0! H080! 8010450@! 4>! )C0BD4?>! 7>@! "?>@47>4L! ! %C0! J4D38413!
)?664DD4?>08!7887>A0@!G?8!60034>AD!H43C!3C06!7>@!3C09!H080!80328>0@!3?!HC080!
3C09!C7@!GF0@!G8?6L!
!
%C0! 1?>GF413! 4>! Y4BW0F4?>! F0@! 3?! 3C0! 0D37EF4DC60>3! ?G! dS! #J:! 176BDP! H43C! ?>0!
C?D34>A! 3C?D0! ?G! Y7F0>\4>! @0D10>3! 7>@! 3C0! ?3C08! ?G! 64/0@! 03C>41! 1?6B?D434?>L!
%C080! H080! 7FD?! C04AC30>0@! 80F?1734?>D! ?G! B0?BF0! 6?54>A! 3?! 03C>417FF9!
C?6?A0>0?2D! F?1734?>DP! HC41C! 3C09! 1?>D4@080@! D7G0L! %C080! H080! 1?>5?9D! 3?!
$4797P!Y4D44P!+976487P!+7W282P!-?F?P!+97C28282P!+9084!7>@!%C4W7L!
I0@?H! 7@64330@! 3C73! 4>4347FF9P! 3C0! I?508>60>3! @4@! >?3! G714F43730! 3C0D0!
6?5060>3DP! ?D30>D4EF9! E0172D0! `43! H7D! >?3! 3C0! 4>30>34?>! ?G! 3C0! A?508>60>3! 3?!
6?50! B0?BF0! G8?6! 3C048! C?60DLa! =0! 3?F@! 3C0! )?664DD4?>! 3C73! HC73! 3C09! B23! 4>!
BF710!H080!607D280D!3?!B8?3013!F4G0!7>@!B8?B0839!7>@!>?3!6?80L!!
!
-1C@94! @H! 4D1! %8I! +@2514:! @H! \1?:8! ^+@34D! -5H4! <8GG1:! $98?2D_! @?! ;@G521!
/5E2@?A324!5?!\1952D@!A5E49524!
!
%C0!2>@08D37>@4>A!E9!3C0!)?664DD4?>!?G!3C0!>73280!?G!54?F0>10!3C73!3??W!BF710!
4>!Y0841C?!@4D38413!H7D!A8073F9!0>C7>10@!E9!3C0!D2E64DD4?>!E9!3C0!"7H!$?14039!?G!
Y0>97P! $?23C! *4G3! K87>1CP! G?8! HC41C! 3C0! )?664DD4?>! 4D! A8730G2FL! ! %C8?2AC! 43D!
$01803789P! I4@0?>! -2374P! 3C0! $?14039! D2E64330@! 3?! 3C0! )?664DD4?>! 3C0!
@0B?D434?>D! 67@0! 2>@08! ?73C! ?G! G?839! 3H?! @4GG080>3! H43>0DD0DP! 30D34G94>A! 3?!

$'& !

!
4>14@0>3D! ?G! 54?F0>10! 4>! 3C0! @4D38413P! HC41C! 043C08! 4>5?F50@! 3C06! B08D?>7FF9P!
606E08D! ?G! 3C048! G764F40DP! B08D?>D! W>?H>! 3?! 3C06P! ?8! ?112880>10D! HC41C! 3C09!
C7@!B08D?>7FF9!H43>0DD0@L!%C0!G48D3!4DD20!3?!E0!7@@80DD0@!4D!3C0!180@4E4F439!?G!3C0!
4>G?86734?>!B8?54@0@!E9!3C0!"7H!$?14039L!&23!?G!3C0!ge!17D0D!?G!DC??34>A!3C73!3C0!
054@0>10! @07F3! H43CP! 43! 4>@41730@! 3C73! Qg! B0?BF0! H080! DC?3! @07@! HC4F0! 3C0! 80D3!
D2D374>0@! D05080! 4>\2840D! HC?D0! 1?>D0X20>10D! 57840@! A8073F9L! %C0! )?664DD4?>!
1?6B780@! 3C0! F4D3! ?G! 3C0! @0107D0@! B08D?>D! B8?54@0@! E9! 3C0! "7H! $?14039! 7>@!
1?>G4860@!3C73!3C0D0!780!7F807@9!B783!?G!3C0!F4D3!?G!@0107D0@!B08D?>D!4>!Y0841C?!
HC41C! H7D! B8?54@0@! E9! 3C0! -&=! G?8! 3C0! 7807P! J8L! (6E8?D0! *?341CL! %C0!
4>G?86734?>! B8?54@0@! E9! 3C0! "7H! $?14039! 4DP! 3C080G?80P! C4ACF9! 180@4EF0! 7D! 43!
6730847FF9! 1?88?E?8730D! 3C0! 054@0>10! G8?6! C?DB437F! D?2810D! HC41C! 3C0!
)?664DD4?>! A0>087FF9! 1?>D4@08D! 3?! E0! 180@4EF0L! (! >26E08! ?G! E8?7@! 673308D! 780!
@4D1F?D0@!E9!3C0!054@0>10!1?FF0130@!E9!3C0!"7H!$?14039P!$?23C!*4G3!K87>1CP!HC41C!
A8073F9! D2BBF060>3D! G?8! 3C0! 4>7E4F439! ?G! 3C0!)?664DD4?>! 3?! C?F@! C0784>AD! 4>!3C0!
7807L!%C0D0!780!@4D12DD0@!E0F?HL!
!
&23! ?G! 3C0! 17D0D! ?G! hQ! B0?BF0! 1?5080@! E9! 3C0! 054@0>10! ?G! 3C0! $?14039P! 43! 4D!
4>@41730@! 3C73! B?F410! DC?3! gj! ?G! 3C06L! %H?! ?G! 3C0! 80674>4>A! D4/! B08D?>D! H080!
Y7F0>\4>! 60>! D05080F9! 7DD72F30@! E9! B?F410L! (D! 3H?! ?3C08D! H080! DC?3! E9! @07@! E9!
`2>W>?H>!7DD74F7>3DaP!3C080!4D!>?!054@0>10!3C73!3C0D0!H080!3C0!B?F410L!!%C0!F7D3!
?>0!H7D!7!Y7F0>\4>!67>!DC?3!H43C!7>!788?H!4>!)C0E4F73!E9!2>W>?H>!B0?BF0L!!
!
(! 80540H! ?G! 3C0! 17D0D! 1?5080@! E9! 3C0! 054@0>10! ?G! 3C0! "7H! $?14039! 4>@41730D! 3C73!
3C0!0B410>380D!?G!3C0!54?F0>10!4>!Y0841C?!@4D38413!4>1F2@0@!Y0841C?!3?H>P!(4>76?4!
DC?BB4>A! 10>380P! 3C0! "?>@47>4! \2>134?>P! 7>@! )C0E4F73! 10>380P! HC41C! E03H00>!
3C06P! 711?2>30@! G?8! dh! ?G! 7FF! 17D0D! 1?5080@L! ! %C0! 80D3! ?G! 3C0! 17D0D! H080! H4@0F9!
@4DB08D0@! 3C8?2AC! 3C0! @4D38413P! 7>@! ?112880@! 4>! D21C! BF710D! 7D! )C0D4>0>@0!
10>380P! Y7BD2D08! 10>380! 7>@! )C0F46?! 0D3730L! ! #>! 3C4D! 80A78@P! 3C0! 054@0>10!
1?>G486D! ?3C08! 7574F7EF0! 054@0>10! HC41C! 4>@41730D! Y0841C?! 3?H>! 7>@! (4>76?4!3?!
C750! 0/B0840>10@! 3C0! A80730D3! ?G! 3C0! 54?F0>10! 4>! Y0841C?! @4D38413L! %C0! D05080D3!
54?F0>10!4>!(4>76?4!1?4>14@0@!H43C!3C0!@073C!?G!3C0!F?17F!-06E08!?G!:78F4760>3P!
HC41C!C7D!5784?2DF9!E00>!@4D12DD0@L!

$'' !

!
!
%C0!054@0>10!?G!3C0!$?14039!E84>AD!>0H!4>D4AC3D!4>3?!HC73!C7BB0>0@!4>!(4>76?4P!
G?FF?H4>A!3C0!@073C!?G!3C0!-L:L!#3!4D!7FF0A0@!3C73!3C0!@073C!?G!3C0!-:!80D2F30@!4>!7!
F78A0!18?H@!?G!F?17F!80D4@0>3D!6781C4>A!?>!3C0!(4>76?4!J&[D!?GG410P!7BB780>3F9!3?!
0/B80DD! 3C048! 7>A08L! #3! 4D! 4>@41730@! 3C73! 3C0D0! H080! 603! E9! B?F410! ?GG4108D! HC?!
DC?3!4>!3C0!748!7D!7!H79!?G!@4DD27@4>A!3C06!G8?6!1?64>A!>078!3C0!?GG410L!#3!4D!G78!
G8?6! 1F078! C?H! 67>9! B?F41060>! H080! B80D0>3! E23! 3C0D0! 1?2F@! >?3! C750! E00>!
67>9L!!%C0!054@0>10!60>34?>D!3C0!>760!?G!3C0!4FFOG730@!&678!J7@?!7>@!7>?3C08!
B?F41067>P!:72F!)C26P!7D!C754>A!E00>!4>5?F50@!4>!3C0!2>G?F@4>A!D37>@O?GGL!#3!4D!
7FF0A0@!3C73!7!B?F41067>!DC?3!7!B08D?>!7D!C0!E0>3!?508!3C0!E?@9!?G!C4D!E8?3C08P!
HC?!C7@!\2D3!E00>!W4FF0@!E9!3C0!B?F410!7>@!3C73!J7@?!3C0>!A750!1C7D0!?G!3C0!DC?3!
B08D?>P!HC?!H7D!F7308!7880D30@L!(>!7FF0A734?>!G8?6!3C0!(4>76?4!4>14@0>3!4D!3C73!
G450!54FF7A08D!HC?!H080!7@64330@!4>!C?DB437F!7D!7!80D2F3!?G!A2>DC?3!H?2>@D!H080!
D2ED0X20>3F9! 1C78A0@! 4>! 1?283! H43C! 3C0! 2>E74F7EF0! ?GG0>10! ?G! 8?EE089! H43C!
54?F0>10!7>@!H080P!73!3C0!3460!3C73!3C0!"7H!$?14039!801?8@0@!3C048!054@0>10P!D34FF!
8067>@0@! 4>! 12D3?@9L! (11?8@4>A! 3?! ?>0! ?G! 3C06P! '87>14D! Y4B>A[0>?P! 3C0! D?F0!
607>D! E9! HC41C! 3C09! H080! 4@0>34G40@! H7D! 3C0! G713! 3C73! 3C09! D2D374>0@! A2>DC?3!
H?2>@DL! Y4B>A[0>?! D74@P! `#! W>?H! 3C73! 3C0! E7D4D! G?8! 69! 7880D3! 4D! E0172D0! #! C7@!
A2>DC?3! H?2>@D! 7D! 7FF! ?G! 2D! HC?! H080!73! (4>76?4! H080! 7880D30@! 7>@! 1C78A0@aL!
'283C08P! 3C0! G713D! 1?>D343234>A! 3C0! ?GG0>10! 3C73! 3C09! G710! 4>! 1?283! 7BB078! 3?!
805?F50! 78?2>@! 3C0! 54?F0>10! 3C73! 3??W! BF710! 4>! (4>76?4L! <43C4>! 3C0! 3460!
7574F7EF0P! 43! H7D! >?3! 67@0! 1F078! 3?! 3C0! )?664DD4?>! C?H! 7>! ?GG0>10! ?G! 8?EE089!
1?2F@!E0!D2D374>0@!7A74>D3!3C0!3H?!2>@08!3C0!148126D37>10D!@0D184E0@P!E23!3C0!
673308P! H0! 780! 3?F@P! 4D! E0G?80! 3C0! 1?283L! %C0! 80A80337EF0! 54?F0>10! 4>! (4>76?4!
H?2F@! >00@! 3?! E0! G2FF9! 4>50D34A730@! 7>@! 7BB8?B84730! 7134?>P! 7D! 3C0! 054@0>10!H4FF!
H7887>3P!H4FF!3C0>!>00@!3?!E0!37W0>L!!!!
!
%C0!054@0>10!?G!3C0!"7H!$?14039!7@@D!3?!3C0!7F807@9!1F078!B413280!?G!78E438789!?8!
C4ACOC7>@0@! 1?>@213! ?>! 3C0! B783! ?G! 3C0! B?F410L! #>! ?>0! 17D0P! 7! 67>! H7D! E0730>!
7>@!4>\280@!D084?2DF9!E9!B?F410!HC?!4>57@0@!7!801?>14F4734?>!60034>A!E03H00>!3C0!
Y4D44! 7>@! Y4BD4A4D! 73! )C0E4F73! ?>! b! '0E82789! QRRfL! =0! H7D! 3C0>! 7880D30@! 7>@!
7E7>@?>0@! ?>! 3C0! 8?7@D4@0! H43C4>! Y4D44! 7807P! 4>! HC73! 62D3! C750! E00>! 7>!

$'( !

!
0/B?D280! 3?! 1?>D4@087EF0! 84DWP! A450>! 3C0! 0/4D34>A! 03C>41! 7>46?D439! 73! 3C0! 3460L!!
=4D! 4>\2840D! 62D3! C750! E00>! D08?2D! 7D! C0! H7D! C?DB437F4V0@! 73! Y7BF?>A! -4DD4?>!
=?DB437F!G?8!G?28!@79DL!%C0!054@0>10!7FD?!80F730D!3C0!D3?89!?G!7!67>!!G8?6!Y7BD?43!
10>380!HC?!1F746D!3C73!C4D!BF710!?G!H?8WP!7!E231C089P!H7D!4>57@0@!E9!B?F41060>!
]I$U^P! HC?! C71W0@! 7>@! D084?2DF9! 4>\280@! C46! ?>! 3C0! C7>@P! 2D4>A! 3C0!
46BF060>3D!G?8!12334>A!6073!3C73!H080!H43C4>!3C0!B8064D0DL!!%C0!B?F41060>!3C0>!
8?EE0@! C46! ?G! YDCDLbdPRRRP! E0F?>A4>A! 3?! 3C0! E2D4>0DDP! 7>@! DC?83F9! 3C0807G308!
DC?3! 7>?3C08! 67>! 7D! C0! GF0@! G8?6! 3C0! D10>0P! C754>A! H43>0DD0@! 3C0! C71W4>A!
4>14@0>3L! %C0! 67>! HC?! H7D! DC?3! 1?88?E?8730@! 3C0! C71W4>A! 4>14@0>3! 7D! H0FF! 7D!
30D34G94>A!3?!C4D!E04>A!DC?3L!
!
#3! 7BB078D! 3C73! HC080! B?F410! 2D0@! 7662>434?>! ?>! 3C0! 18?H@P! 3C09! @4@! D?!
4>@4D18464>730F9!7>@!4>!67>9!?G!3C0!D432734?>DP!3C0!DC??34>A!H7D!>?3!B8010@0@!E9!
7>9! G?86! ?G! H78>4>AL! %C4D! 1?>1F2D4?>! 4D! D2BB?830@! E9! 3C0! 054@0>10! ?G! 7!
D4A>4G417>3! >26E08! ?G! 3C0! H43>0DD0D! HC?!801?2>30@! 3C73! `D2@@0>F9! 3C0! B?F410LLL!
D37830@!DC??34>A!73!3C0!18?H@aP!?8!`B?F410!D2@@0>F9!788450@!7>@!D37830@!DC??34>A!
73!2DLa!%C0!4>@4D18464>730!>73280!?G!3C0!DC??34>A!4D!G283C08!@06?>D38730@!E9!3C0!
B8?G4F0! ?G! 3C0! 541346D! ?G! 3C0! DC??34>AP! 7>@! 3C0! 148126D37>10D! D288?2>@4>A! 3C0!
DC??34>AL! &>0! ?G! 3C0D0! H7D! 7! 300>7A0@! A48F! DC?3! HC4F0! 1?64>A! G8?6! 3C0! @&+5&!
64FFP!HC080!DC0!C7@!A?>0!3?!A84>@!674V0!607F!G?8!3C0!G764F9L!%H?!?G!3C0!541346D!
1F746!3C73!3C09!H080!DC?3!4>!3C0!5414>439!?G!C?DB437FDP!HC080!3C09!C7@!A?>0!3?!D00!
B7340>3DP! 7>@! 3H?! ?3C08D! 1F746! 3C73! 3C09! 172AC3! 4>! 7! 18?DD! G480! E03H00>! B?F410!
7>@!84?308DL!
!
#>! 071C! ?G! 3C0! 17D0D! B8?54@0@! E9! 3C0! "7H! $?14039P! 5089! D084?2D! 7FF0A734?>D! 780!
67@0! 7A74>D3! 3C0! B?F410! HC41CP! 4G! 3820P! H?2F@! 1?>D343230! A8750! ?GG0>10D! ?>! 3C0!
B783!?G!3C0!B?F410L!!%C0D0!17D0D!H?2F@!>00@!3?!E0!4>50D34A730@!4>@0B0>@0>3F9P!7D!
4D!@4D12DD0@!0FD0HC080!4>!3C4D!80B?83L!
!
&65A1?21!@H!'9B8?5W845@?!@H!4D1!<5@G1?21!5?!\5CX1G5@?!
%C0!$?34W! J)P! 4>! HC?D0! @4D38413! 54?F0>10! E0A7>! ?>! Qf3C! J0106E08P! 4>G?860@!3C0!
)?664DD4?>!3C73!3C0!807D?>!G?8!3C0!54?F0>10!H7D!3C0!@0F79!4>!3C0!7>>?2>1060>3!

$', !

!
?G!3C0!0F0134?>!80D2F3DL! %C0!)?664DD4?>!G?2>@!3C4D!@4GG412F3! 3?!E0F4050P!7D! 5?34>A!
C7@!37W0>!BF710!?>F9!3C0!B8054?2D!@79L! %C0!1?660>1060>3!?G!54?F0>10!4>!$?34W!
D?! 078F9! 7>@! 73! 7>9! 8730! E0G?80! 3C0! @4DB230@! 0F0134?>! 80D2F3D! C7@! E01?60! 7>!
4DD20P!4D!4>@4173450!?G!3C0!G713!3C73!3C080!H080!807D?>D!G?8!3C0!54?F0>10!?3C08!3C7>!
3C0! @0F79! 4>! 7>>?2>14>A! 3C0! 0F0134?>! 80D2F3DP! ?8! 3C0! 7>>?2>1060>3! ?G! 7>!
?231?60!3C73!67>9!B0?BF0!4>!3C0!D?23C!*4G3!E0F4050@!3?!E0!4>1?88013!7>@!2>\2D3L!
%C0! )?664DD4?>! 1?>D4@080@! 3C0! 054@0>10! HC41C! D2AA0D30@! 3C73! 3C0! 73371WD! 4>!
3C0! Y4BW0F4?>! 7807! H080! 1?>@2130@! 4>! 7! C4ACF9! 1?O?8@4>730! 67>>08L! (D! B783! ?G!
3C4DP!3C0!X20D34?>!?G!3C0!D?2810!?G!3C0!B038?F!3C73!H7D!2D0@!3?!E28>!B8?B0839!4>!
Y4BW0F4?>! H7D! ?G! D?60! 4>3080D3! 3?! 3C0! )?664DD4?>L! (11?8@4>A! 3?! I0@?HP!
7FF0A734?>D! 3C73! 7! W>?H>! B08D?>! C7@! 387>DB?830@! B038?F! 3C73! H7D! 2D0@! 3?!
1?>@213! 78D?>! H080! @4D1?2>30@! E9! 3C0! 4>50D34A734?>D! 178840@! ?23! E9! 3C0! B?F410L!
=0P! C?H0508P! 7@64330@! 3C73! B038?F! H7D! 2D0@! E23! 1?2F@! >?3! 38710! 3C0! B783412F78!
D3734?>! HC080! 43! H7D! E?2AC3P! B783F9! @20! 3?! 3C0! F78A0! >26E08! ?G! B08D?>D! HC?!
B783414B730@!4>!3C0!E28>4>AL!%C0!J)!7@@0@!3C73!3C0!B?DD0DD4?>!?G!B038?F!73!3C73!
3460! ?G! 3C0! 9078! ]J0106E08! dR3C! OQg8@^! H?2F@! B7DD! 7D! >?867F! 7D! 3C080! H7D! 7!
B?DD4E4F439!?G!D3?1W4>A!?G!G20F!E9!B0?BF0!G?8!G078!?G!B?DD4EF0!DC?837A0L!!
!
=?H0508P!3C0!)?664DD4?>! G4>@D!43!@4GG412F3! 3?!E0F4050!3C73! 1?66?>!B0?BF0P!6?D3!
?G! HC?6! ?8@4>784F9! C750! >?! 2D0! G?8! B038?FP! H?2F@! >00@! 3?! D3?1WB4F0! 3C0!
1?66?@439! 7D! 7! 1?>34>A0>19! 7A74>D3! B?DD4EF0! DC?837A0D! 4>! 3C0! 0F0134?>0084>A!
B084?@L! %C0! )?664DD4?>! H?>@08D! HC03C08! 3C0! H4@0DB807@! 7574F7E4F439! ?G! B038?FP!
HC41C!H7D!3C0>!2D0@!4>!3C0!E28>4>A!?G!B8?B0839!4>!3C0!7807P!1?2F@!E0!7!B?4>308!3?!
B84?8!B80B78734?>L!!!
!
(D! 3?! 3C0! B?DD4E4F439! ?G! 3C0! 54?F0>10! C754>A! E00>! BF7>>0@P! 3C0! J)! @0>40@!
W>?HF0@A0!E9!3C0!J4D38413!#>30FF4A0>10!)?6643300!?G!46B0>@4>A!54?F0>10P!7>@!3C73!
4>! 7>9! 050>3P! 3C73! H7D! C4ACF9! 2>F4W0F9! 7D! 43! H7D! F78A0F9! 7! >04ACE?28O7A74>D3O
>04ACE?28!1?>GF413L!!
!
(11?8@4>A!3?!I0@?HP!>?!054@0>10!C7@!1?60!3?!3C0!W>?HF0@A0!?G!3C0!J$#)!?G!7>9!
?73CO37W4>A!E0G?80!7>@!7G308!3C0!0F0134?>DL!=?H0508P!3C0!B?D434?>!?G!3C0!B8?54>147F!

$') !

!
7@64>4D38734?>! 3C73! 3C0! 54?F0>10! H7D! >?3! BF7>>0@! 62D3! E0! 1?>D4@080@! 4>! 3C0!
1?>30/3! ?G! 7! >26E08! ?G! ?3C08! G713?8D! 3C73! 1760! 3?! 3C0! 7330>34?>! ?G! 3C0!
)?664DD4?>L!
!
'48D3P! 7D! @4D12DD0@P! 3C0! 30D346?>9! 80G0880@! 3?! 078F408! 3C73! 3C080! H7D! H78>4>A! 3?!
541346D!E9!B08B03873?8D!?G!3C0!54?F0>10!E0G?80!3C4D!H7D!71327FF9!178840@!?23L!%C4D!
G713! 4D! 4>1?>D4D30>3! H43C! DB?>37>0?2D! 54?F0>10! 7>@! 1?>D4D30>3! H43C! BF7>>4>AL!
$01?>@P!7!F78A0!>26E08!?G!B0?BF0!H?2F@!7BB078!3?!C750!W>?H>!3C73!3C080!H?2F@!
E0! 54?F0>10! F?>A! E0G?80! 3C4D! C7BB0>0@P! 7D! 3C0! )?664DD4?>! H7D! 3?F@! E9! K?87E2!
80D4@0>3DL!%C48@P!43!4D!3C0!540H!?G!3C0!)?664DD4?>!3C73!3C0!D17F0!7>@!0/30>3!?G!3C0!
54?F0>10!4D!43D0FG!D2AA0D3450!?G!BF7>>4>AL!'?283CP!3C080!4D!054@0>10!?G!D?60!G?86!?G!
3874>4>A! C754>A! 37W0>! BF710! 4>! B80B78734?>! G?8! 54?F0>10L! '4G3CP! 7F3C?2AC! 3C0!
)?664DD4?>! H7D! >?3! 7EF0! 3?! 0D37EF4DC! 3C0! 57F4@439! ?G! 3C0! 1F746P! 3C080! H080!
7FF0A734?>D! 3C73! D?60! G?86! ?G! ?73CO37W4>A! 7FD?! 3??W! BF710!4>! B80B78734?>! G?8!3C0!
54?F0>10L!!$4/3CP!3C080!4D!054@0>10!?G!73!F07D3!?>0!60034>A!3?!80540H!3C0!D432734?>!
7G308!3C0!54?F0>10!C7@!D2ED4@0@L!!
!
!
)@?2G3E5@?E!
#3!4D!3C0!540H!?G!3C0!)?664DD4?>P!3C0!Y4BD4A4D!H080!2>C7BB9!H43C!3C0!B80D0>10!?G!
3C0! Y4W292! 7>@! 3C0! Y4D44! 4>! 3C048! C?60F7>@! 4>! F78A0! >26E08DL! %C0! 30>D4?>D!
E03H00>!3C0!Y4BD4A4DP!?>!3C0!?>0!C7>@P!7>@!3C0!Y4D44D!7>@!Y4W292DP!?>!3C0!?3C08P!
@284>A! 3C0! 0F0134?>0084>A! B084?@! 80D2F30@! G8?6! 3C4DL! #3! 4D! 3C0! 540H! ?G! 3C0!
)?664DD4?>! 3C73! 7>! 7DB013! ?G! 3C0! 54?F0>10! H7D! DB?>37>0?2DP! 7>@! 3C73! 3C0!
@4D7GG0134?>!H43C!3C0!0F0134?>!80D2F3D! ?8!3C0!B0810450@!4FF0A4346719!?G!3C0!B8?10DD!
1?2F@! C750! E00>! 7D! 3C0! 172D0! ?G! 3C0! 54?F0>10L! %C0! 378A034>A! ?G! 3C0! Y4W292! 7>@!
3C0!Y4D44! @284>A! 3C4D! 4>4347F! 54?F0>10! H7D!>?3! ?>F9! 7! E71WF7DC! E9! 3C0! Y4BD4A4D!G?8!
3C0!2>\2D34G40@!F?DD!3C73!3C09!G0F3!C7@!E00>!4>GF4130@!?>!3C06P!E23!7FD?!7>!73306B3!
3?! 0/713! 80384E234?>! 7A74>D3! 3C?D0! 4>! 3C048! >04ACE?28C??@! HC?! 3C09! G0F3!
1?>384E230@!3?!3C73!F?DD!E9!5?34>A!4>!7!67>>08!4>1?>D4D30>3!H43C!3C048!?H>!5?34>A!
B73308>DL!'283C08P!3C0!54?F0>10!H7D!7!G?86!?G!541784?2D!50>A07>10!7A74>D3!3C?D0!
B80D4@4>A!?508!7!B?F43417F!7!D9D306!G0F3!3?!C750!8?EE0@!3C0!Y4BD4A4D!?G!7>!0F013?87F!

$'- !

!
5413?89L! (D! D2BB?8308D! ?G! 7! B?F43417F! D9D306! 3C73! 3C09! E0F4050@! C7@! @00BF9!
H8?>A0@! 3C06P! 3C0! Y4D44! 7>@! Y4W292! H080! 378A030@! 4>! 3C0! 54?F0>10! 3C73! 3C0!
Y4BD4A4D! 2>F07DC0@! G?FF?H4>A! 3C0! 7>>?2>1060>3! ?G! 3C0! 0F0134?>! 80D2F3DL! %C0!
378A034>A!?G!A?508>60>3!B8?B0839!7>@!E2D4>0DD0D!?H>0@!E9!Y4W292!7>@!Y4D44!H7D!
1?>D4D30>3! H43C! 3C4D! G00F4>AL! %C4D! BC7D0! ?G! 3C0! 54?F0>10! H7D! DB?>37>0?2DP! E8?W0!
?23! 4660@4730F9! 7G308! 3C0! 7>>?2>1060>3! ?G! 3C0! 80D2F3DP! H7D! 674>F9!
?BB?832>4D341!4>!>73280P!7>@!G?2>@!43D!A80730D3!0/B80DD4?>!4>!28E7>!7807DL!!
!
=?H0508P! 43! H?2F@! E0! 7>! ?508D46BF4G41734?>! ?G! 3C0! B8?EF06! 3?! D79! 3C73! 3C0! B?D3!
0F0134?>! 54?F0>10! 4>! 3C0! D?23C! *4G3! H7D! D?F0F9! 172D0@! E9! @4DD734DG7134?>! ?508! 3C0!
B80D4@0>347F! 80D2F3DP! 621C! 7D! 3C4D! H7D! 7>! 46B?837>3! B8?EF06L! )F078F9P! ?3C08!
G713?8D! H080! 73! H?8W! 7D! H0FFL! (D! 4>@41730@! E9! 7! @4D12DD4?>! ?G! 3C0! 054@0>10! 3C0!
54?F0>10P! 4>4347FF9! DB?>37>0?2DP! 4>1807D4>AF9! DC?H0@! D4A>D! ?G! ?8A7>4D734?>P! 3C0!
F?>A08!43!H0>3!?>L!!
!
'283C08P!4>!B783D!?G!3C0!*4G3!;7FF09P!54?F0>10!E0A7>!?>!Qe3C!J0106E08P!E0G?80!3C0!
0F0134?>!80D2F3D!H080!7>>?2>10@L!%C0!)?664DD4?>!17>>?3!3C080G?80!82F0!?23!3C73!
D?60! ?G! 3C0! 54?F0>10! H7D! BF7>>0@L! %C0! 807D?>D! G?8! 3C4D! H?2F@! >?3! C750! E00>!
@4DD734DG7134?>! ?508! 3C0! 0F0134?>! 80D2F3DL! #3! C7@! 3?! @?! H43C! 3C0! 4>308B803734?>! ?G!
3C0! `67\46E?! D9D306a! 3C73! D?60! 606E08D! ?G! 3C0! Y7F0>\4>! 1?662>439P! 3C0! C?D3!
1?662>439!3?!7!F78A0!>26E08!?G!?3C08!03C>41!1?662>4340DP!C7@P!HC41C!H7D!3C73!
3C0D0! ?3C08! 1?662>4340D! H?2F@! E0! 67@0! 3?! F0750! 3C0! *4G3! ;7FF09! ?>10! 3C0!
67\46E?!D9D306!H7D!B23!4>!BF710L!*4D4>A!2B!4>!786DP!4>!3C0!1?>30/3!?G!3C0!B?D3!
0F0134?>! 54?F0>10P! 3C080G?80! H7D! 7! D0FGO@8450>! 46B?D434?>! ?G! 3C4D! 508D4?>! ?G!
67\46E?P! 3C8?2AC! 3C0! G?810G2F! 806?57F! ?G! B0?BF0! G8?6! BF710D! 3C73! H080! >?3!
1?>D4@080@!3?!E0!3C048!C?60F7>@L!!
!
(D! @4D12DD0@! 0FD0HC080! 4>! 3C4D! 80B?83P! 3C0! )?664DD4?>! G4>@D! 3C73! 3C080! H7D!
@0BF?87EF0! E0C754?28! ?>! 3C0! B783! ?G! 3C0! B?F410! 4>! 3C0! 1?2>389P! 4>1F2@4>A! 4>! 3C0!
*4G3! ;7FF09P! E23! 3C0! B8?EF06D! ?G! 3C0! Y7F0>\4>O@?64>730@! B783D! ?G! 3C0! *4G3! ;7FF09!
H080! >?3! F46430@! 3?! B?F410! 64D1?>@213L! %C0D0! 0/30>@0@! 3?! 1434V0>O?>O1434V0>!

$(* !

!
54?F0>10P!HC41C!711?2>30@!G?8!3C0!E2FW!?G!3C0!W4FF4>AD!3C73!C7BB0>0@!4>!3C73!B783!
?G!3C0!1?2>389L!!
!
&>0!?G!3C0!0/BF7>734?>D!3?!3C0!1?>GF413!4>!3C0!D?23C!*4G3!4D!3C0!1?6B034>A!1F746D!
?508! 03C>41! 308843?89! E03H00>! 3C0! Y4BD4A4D! 7>@! Y4D44L! %C0! 1?4>14@0>10! ?G! 3C4D!
1?>GF413! H43C! 3C0! 0F0134?>0084>A! B8?10DDP! C?H0508P! D2AA0D3DP! 3C73! HC730508! 3C0!
60843D!?G!3C0!@4DB230P!43!4D!67>4B2F730@!4>3?!E01?64>A!7>!0F013?87F!4DD20P!7>@!7>!
0/12D0! G?8! 54?F0>10L! %C0! )?664DD4?>! @4@! >?3! 8010450! D2GG4140>3! 4>G?86734?>! 3?!
@030864>0! 3C0! 80F73450! 60843D! ?G! 3C0D0! C4D3?8417F! 1F746DL! =?H0508P! 3C0!
)?664DD4?>!H7D!D3821W!E9!3C0!F71W!?G!7!G?867F4D0@!783412F734?>!?G!3C4D!@4DB230!4>!
7>9! G?86! ?3C08! 3C7>! 3C8?2AC! 54?F0>10L! '?8! 0/76BF0P! 3C0! )?664DD4?>! @4@! >?3!
8010450! 054@0>10! 3C73! 3C080! C7D! E00>! 7! B8?10DD! ?G! B?F43417F! 0>A7A060>3! E9! 3C0!
F07@08D!?G!3C0!3H?!1?662>4340D!3C73!H7D!7460@!73!@4D12DD4>A!3C0!0/4D30>10!?G!7!
E?8@08! @4DB230! 7>@! 43D! B?DD4EF0! 80D?F234?>L! #>! 3C0! 148126D37>10DP! 3C0! E?8@08!
@4DB230! 4D! 7>! ?117D4?>7F! B8?EF06P! 67>4G0D34>A! 43D0FG! HC0>! 3C0! 3H?! 1?662>4340D!
C750!@4GG080>3!B?4>3D!?G!540H!?>!7!673308!3C73!4D!46B?837>3!3?!3C06!F4W0!0F0134?>D!
7>@!3C0>!57>4DC4>A!2>34F!3C0!>0/3!D07D?>!?G!@4D7A80060>3L!%C0!)?664DD4?>!@?0D!
>?3! C750! 3C0! 1?>G4@0>10! 3?! 67W0! 7! G4>@4>A! 3C73! 7! F0A4346730! E?8@08! A84057>10!
0/4D3D!E03H00>!3C0!3H?!1?662>4340DL!
!
!

$($ !

!
)>#;"&-!('O-!
<5@G1?21!5?!=1E419?!8?A!*:8?W8!;9@65?21E!
=1E419?!;9@65?21!

,?49@A3245@?!!

<0D308>!:8?54>10!E?8@08D!UA7>@7!3?!3C0!<0D3P!+97>V7!:8?54>10!3?!3C0!$?23C!7>@!
*4G3!;7FF09!3?!3C0!.7D3L!%C0!B8?54>10!4D!C?60!3?!3C0!"2C97!03C>41!A8?2B!HC?!780!
@454@0@! 4>3?! 5784?2D! D2EOA8?2BDL! %C?2AC! 3C0! 8287F! B783D! 780! F78A0F9!
C?6?A0>0?2DP! 3C080! 780! B783D! ?G! 3C0! B8?54>10! HC41C! C750! D033F060>3! D1C060D!
4>C7E430@! E9! B0?BF0! G8?6! @4508D0! 03C>41! ?84A4>DL! %C0! 28E7>! 10>380D! 780! 7FD?!
03C>417FF9!64/0@L!

%C0! :8?54>10! 1?6B84D0D! de! @4D38413DP! >760F9P! K2>A?67! .7D3P! K2>A?67! <0D3P!
K2>A?67! +?83CP! K2>A?67! $?23CP! K2D47P! $7647P! K2>97F7P! K23080P! -2647DP!
Y7W760A7!$?23CP!Y7W760A7!+?83CP!Y7W760A7!.7D3P!Y7W760A7!)0>387FP!"2A784P!
-3L!.FA?>P!%0D?P!;4C4A7P!=764D4!7>@!.62C797L!

<0D308>!:8?54>10!4D!C?60!3?!3C0!6?2>374>?2D!7>@!7A8412F3287FF9O841C!-3L!.FA?>!
@4D38413P! HC41C! 4D! 73! 3C0! 10>380! ?G! 7! F?>A! D37>@4>A! @4DB230! ?508! F7>@! 7>@! 1733F0!
82D3F4>A!E03H00>!3C0!$7E7?3!7>@!?3C08!03C>41!1?662>4340D!T!K2W2D2P!+@?8?E?P!
%0D?P! Y4W292! 7>@! 3C0! "2?L! %C0! @4DB230! C7D! B4330@! D0128439! G?810D! ?G! 3C0!
I?508>60>3! ?G! Y0>97! 7A74>D3! 7! B8?D184E0@! 64F4347! A8?2BP! 3C0! $7E7?3! "7>@!
J0G0>10!'?810!]$"J'^L!!

K0172D0! 3C0! B8?EF06D! 7DD?14730@! H43C! 54?F0>10! 4>! -3L! .FA?>! B80@730@! 3C0!
0F0134?>DP! 3C0! )?664DD4?>! H7D! 2>7EF0! 3?! 0D37EF4DC! 7>9! F4>W! H43C! 3C0! QRRS! :.;!
7>@!3C080G?80!@4@!>?3!4>30A8730!43!4>3?!4>50D34A734?>!?G!:.;!4>!3C0!80A4?>L!!#3!H7D!
3C0!054@0>10!?G!I0>087F!-234>@7!Y47>A7P!3C0!)C40G!?G!I0>087F!$37GG!?G!3C0!Y0>97!
(860@!'?810DP!3C73!3C0!1?>GF413!4>!-3L!.FA?>!D37830@!F?>A!E0G?80!3C0!0F0134?>D!7>@!
1?>34>20@! 050>! 7G308! 3C0! B?D3O0F0134?>! 54?F0>10L! <0! H080! ?G! 3C0! 540H! 3C73! 3C0!
4DD20D!1?>108>4>A!-3L!.FA?>!H080!?G!D21C!67A>432@0!3C73!3C0!)?664DD4?>!1?2F@!
>?3!@0F50!4>3?!3C06P!A450>!43D!F46430@!67>@730P!3460!7>@!80D?2810DL!

$(+ !

!
!

<0D308>! :8?54>10! C7D! >?3! E00>! DB780@! ?G! 3C0! D1?28A0! ?G! B8054?2D! 4>14@0>3D! ?G!
384E7F! 1F7DC0D! ?112884>A! B783412F78F9! 4>! deeQ! 7>@! deeSL! %C0! 8:,:>-! J$@&).! 7>@!
I>:=-<:! J$@&).! 4@0>34G40@! D?60! ?G! 3C0! 7807D! 3C73! H080! 3C0! D2E\013! ?G! B8054?2D!
1F7DC0D!4>!3C0!:8?54>10L!

#>! 3C0! 8:,:>-! J$@&).P! 3C0! 3C0>! -3L! .FA?>! D2EO@4D38413! 4>! K2>A?67! H7D! 1430@! 7D!
C754>A! E00>! 8?1W0@! E9! 03C>41! 1F7DC0DL! %C0! *0B?83! 73384E230@! 3C0! 1F7DC0D! 3?! 7!
>26E08!?G!G713?8D!4>1F2@4>A!C2>A08!G?8!F7>@!E9!3C0!$7E7?3!HC?!G0F3!>0AF0130@!E9!
3C0!I?508>60>3!4>!3C73!3C09!C7@!>?3P!7D!7!384E0P!E00>!1?>D4@080@!G?8!D033F060>3!
D1C060D! F4W0! ?3C08! 1?662>4340DL! %C0! 80A4?>! 7GG0130@! E9! 3C0! 1F7DC0D! @284>A! 3C0!
B084?@! 1?5080@! E9! 3C0! *0B?83! >?H! F40D! 4>! -3L! .FA?>! J4D38413P! HC41CP! G?8! 3C0!
807D?>D!D3730@!7E?50!4D!>?3!H43C4>!3C0!76E43!?G!3C4D!*0B?83LdQQ!!

%C0!I>:=-<:!J$@&).! 4>@41730@!3C73! 3C0!1F7DC0D!4>!<0D308>!:8?54>10!?112880@!4>!


3C0! ?F@! K2>A?67! J4D38413P! 7>@! 3?! 7! 5089! F78A0! 0/30>3! 4>! 3C0! ?F@! Y7W760A7!
J4D38413P! 7F?>A! 3C0! +7>@4! .D178B60>3! HC41C! 1?>D343230D! 3C0! E?2>@789! E03H00>!
Y7W760A7! 7>@! +7>@4! J4D38413DL! %C0! 172D0D! 1?6B84D0@! 3C0! 4>10DD7>3! @4DB230D!
?508! F7>@P! HC41C! H7D! 3C0>! 0/BF?430@! E9! B?F434147>D! 73! 3C0! 4>38?@2134?>! ?G!
62F34B7839!B?F4341D!4>!Y0>97L!%C080!H7D!7FD?!54?F0>10!7D!7!80D2F3!?G!3C0!DB4FFO?508!
0GG013D! ?G! 3C0! >04ACE?284>A! 1?>GF413OB8?>0! %87>D! +V?47! J4D38413! 4>! 3C0! *4G3!
;7FF09LdQg!

#>G?86734?>! B80D0>30@! 3?! 3C0! )?664DD4?>! 80507F0@! 7! F?>AD37>@4>A! C4D3?89! ?G!


80D0>360>3! 7A74>D3! 3C0! Y4W292! ?D30>D4EF9! E0172D0! ?G! 3C048! B0810450@! C0A06?>9!
4>!B?F43417F!7>@!01?>?641!7807D!73!3C0!0/B0>D0!?G!3C0!4>@4A0>?2D!1?662>4340DLdQh!
<C0>!7!C0759!@0BF?960>3!?G!D0128439!?GG4108DP!HC?!H080!B0810450@!3?!E0!7A0>3D!?G!
3C0!:+U!B7839P!H7D!>?3410@!4>!3C0!:8?54>10!7C07@!?G!3C0!0F0134?>DP!43!?>F9!D0850@!
3?!7110>32730!3C0!826?28D!3C73!3C0!:+U!B7839!H7D!BF7>>4>A!3?!84A!3C0!0F0134?>DP!
H43C! 3C0! C0FB! ?G! 3C0! $3730! 7BB78732DL! %C0! @0F790@! 80F07D0! ?G! 3C0! B80D4@0>347F!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$++
!@!L!X8!I0J321B!=46J102!%B!J690:!++!13!&*!
$+%
!7X!;8H!!I0J321B!=46J102!+B!J690:!$-$!O!!$--!
$+&
!<00!140!0#!50A=0!3?!MC!P3"!$+*!5!:=8::05!0L:0;4020!!A!14!:!:0=1!3A"!
$(% !

!
80D2F3D!H7D!3C080G?80!D00>!7A74>D3!3C4D!F4AC3!7>@!F7308P!7A74>D3!3C73!?G!3C0!050>3D!
?112884>A!73!3C0!0F0134?>!37FF94>A!10>380!73!3C0!Y0>97337!#>308>734?>7F!)?>G080>10!
)0>380P!HC41C!D0850@!3?!C04AC30>!30>D4?>DL!

;84419?E!@H!;@E4P1G1245@?!<5@G1?21!5?!=1E419?!;9@65?21!

%C0! B084?@! E0G?80! 3C0! 0F0134?>D! H7D! A0>087FF9! 1?>D4@080@! B0710G2F! 7B783! G8?6!
4>14@0>10D! 80F734>A! 3?! B?F43417F! 8457F89! E03H00>! 17>@4@730D! 7>@! 3C048!
D2BB?8308DLdQb'8?6! 3C0! 054@0>10! B80D0>30@! 3C0D0! 4>14@0>3D! H080! H43C4>! 3C0!
1?6B030>10! ?G! 3C0! D0128439! G?810D! 3?! 1?>38?F! 7>@! H080! @07F3! H43C! 711?8@4>AF9L!
.54@0>10! H7D! D2E64330@! 3?! 3C0! 0GG013! 3C73! 3C0! 54?F0>10! 4>! <0D308>! B8?54>10!
B80@730@!3C0!A0>087F!0F0134?>DL!

&>!df!J0106E08!QRRS!73!=7876E00!678W03P!.7D3!Y7E87D!"?1734?>!4>!Y7W760A7!
J4D38413P! 176B74A>! 50C41F0D! E0F?>A4>A! 3?! -7F757! &J-! B78F4760>3789! 17>@4@730!
-2D754>4! +76EH7! H080! E28>3! @?H>! HC0>! C4D! 1?>5?9! H7D! 76E2DC0@! 73! 7!
8?7@EF?1W! 180730@! E9! 9?23C! 7FF0A0@F9! 7FF40@! 3?! +0H! '?8@! Y0>97LdQj! %C0! 7>A89!
9?23C! 7FD?! D03! 7EF7V0! 7! D2A78! BF7>3734?>! 4>! D0781C! ?G! +76EH7! HC?6! 3C09!
E0F4050@!C7@!37W0>!80G2A0!4>!43LdQS!!!

&>! Qg8@! J0106E08P! QRRSP! 9?23CD! DC?234>A! :+U! DF?A7>D! D3?>0@! 50C41F0D! ?>! 3C0!
.F@?803OK2>A?67!C4ACH79!7D!3C09!3840@!3?!EF?1W!&J-!D2BB?8308D!G8?6!38750FF4>A!
G8?6! K2>A?67! 3?! <0E290L! %C4D! B8?6B30@! 4>30850>34?>! E9! B?F410! ?GG4108D! 7>@!
82>>4>A!E733F0D!0>D20@L!

:?D3!0F0134?>!54?F0>10!4>!<0D308>!B8?54>10!H7D!1C78713084D0@!E9!E28>4>AP!F??34>A!
7>@! 57>@7F4D4>A! ?G! B8?B0839! E0F?>A4>A! 3?! 3C0! Y4W292! 1?662>439! 7>@! E9! 3C?D0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$+'
!eA0!:8=4!!A=!50A1!;6:!!A!@4;!:023!M3A:1!180A=>!;4020!:8JJ32102:!3?!T2"!D8L!H3!3?!eST!R621>!6A5!Y3A"!Z8L!8:!
7X626A96! EP7IMF! =L6:405! 582!A9! 6A! eST! J3L!1!=6L! 26LL>"! <00! T!A810:! 3?! D81020! S!:12!=1! <0=82!1>! 6A5! [A10LL!90A=0!
M3HH!1100!<8HH62>!P3"!*,g+**,!?32!140!R02!35!D01;00A!$&14!P3#0HK02!6A5!+&14!S0=0HK02!+**,"!!
$+(
!Q.4!K!1!$%(!E=F!E%F"!
$+,
!7K3#0(!

$(& !

!
B0810450@! 3?! E0! D96B73C0341! 3?! :+UL! %C0! 6?D3! 7GG0130@! 3?H>D! H080! Y7W760A7P!
-2647DP! K2>A?67P! -E7F0P! "2A784P! K2D47! 7>@! ;4C4A7L! %C0! :8?54>147F!
)?664DD4?>08P!-8!(E@2F!YC7FG7>!-H7D087PdQf!>?30@!4>!C4D!054@0>10!3C73!@284>A!
B80O0F0134?>! BF7>>4>A! C4D! 3076! H7D! 674>F9! 1?>108>0@! 7E?23! 3C0! 54?F0>10!
082B34>A! 4>! 3C0! 28E7>! 10>380D! ?G! K2D47P! -2647D! 7>@! Y7W760A7! 7D! 3C080! C7@!
E00>!B80O0F0134?>!30>D4?>L!

%C0! :)! 30D34G40@! 3C73! B?D3O0F0134?>! 54?F0>10! D37830@! 4>! -2647D! J4D38413! ?>! QS3C!
J0106E08P! QRRf! G?FF?H4>A! D2DB414?>! ?G! E7FF?3! E?/0D! C754>A! E00>! C4@@0>! 4>! 3C0!
C?2D0!?G!_?D0BC!-E714?!%C482P!7!E2D4>0DD67>!4>!-2647D!3?H>LdQe!!!-06E08D!?G!
3C0! B2EF41! B8?100@0@! 3?! C4D! B8064D0DP! D0781C0@! 3C0! C?2D0! E23! G?2>@! >?3C4>AL!!
%C0! B2EF41P! 1?6B?D0@! ?G! 8?H@9P! D3?>0! H40F@4>A! 9?23CDP! 1C7>34>A! 7>34! :+U!
DF?A7>DP!E0A7>!F??34>A!3C0!C?2D0!7>@!4>!>?!3460!3C0!84?308D!@767A0@!C4D!B41WO2B!
178!7>@!E28>3!@?H>!7>?3C08!?>0!7>@!D03!7EF7V0!C4D!C?2D0!7G308!06B394>A!43!?G!43D!
1?>30>3DLdgR!!(11?8@4>A!3?!3C0!:)P!3C0!B?F410!67>7A0@!3?!X20FF!3C0!@4D?8@08L!

%0>D4?>! 7>@! 7>/4039! A80H! 7D! 3C0! 0F0134?>! 80D2F3D! 1?>34>20@! 3?! 3841WF0! 4>L! %C0!
:8?54>147F! )8464>7F! #>50D34A734?>D! &GG4108P! :73841W! -2A?! -2C2>4dgd! 3?F@! 3C0!
)?664DD4?>!3C73!?>!Qf!J0106E08!QRRS!9?23CD!7DD06EF0@!4>3?!A8?2BD!7>@!82>!
7F?>A! 3C0! D38003D! ?G! Y7W760A7! 3?H>! DC?234>A! &J-! B7839! DF?A7>D! 7>@! B874D4>A!
3C0! &J-! B7839! :80D4@0>347F! 17>@4@730P! 05089! 3460! 3C0! 30F054D4?>! D3734?>D!
7>>?2>10@!80D2F3D!4>!HC41C!3C048!:7839!?8!17>@4@730!C7@!0608A0@!5413?84?2DL!

%C0! )?664DD4?>! H7D! 3?F@! 3C73! 3C0! 54?F0>10! 4>! K2@7F7>A4P! K2D47! J4D38413P!!!
082B30@! ?>! Qe! J0106E08! QRRS! HC080! 43! 4D! 7FF0A0@! 3C73! 7860@! D2BB?8308D! ?G! 3C0!
:+U! 17>@4@730! *7BC70F! <7>\7F7! DC?3! ?>0! 1454F47>! 4>! 3C0! 7807! @07@L! %C4D! H7D!
G?FF?H0@! E9! 7! 8037F473?89! 73371W! E9! D2BB?8308D! ?G! 3C0! 8457F! 17>@4@730P! (E7E2!
+76H76E7P! E23! B?F410! 67>7A0@! 3?! 1?>38?F! 3C0! F73308[D! D2BB?8308D! 7>@! 80D3?80!
?8@08L! =?H0508P! 3C0! B73308>D! DC4G30@! ?>! gR3C! J0106E08! HC0>! 43! E01760! ?E54?2D!
3C73!3C0!54?F0>10!>?H!378A030@!3C0!B8?B0839!?G!3C0!Y4W292!B?B2F734?>P!F07@4>A!3?!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$+)
!MC!P3"!),"!
$+-
!G4!:!!A=!50A1!!:!=3223K326105!K>!@PYMI!I0J321B!Q.4!K!1!61!J"!$*%!R626!&+(""!
$%*
!<00!6L:3!<1610H0A1!K>!Ze<QRY!TD7M[e!GY[IaBM<!&("!
$%$
!MC!P3"!)-"!
$(' !

!
67DD!054134?>DL!(3!$430!7>@!$085410!$1C060!:F?3!+?L!dRRP!4>!-2647DP!7!A8?2B!?G!
8?H@9! 9?23CD! 4>57@0@! 3C0! C?60! ?G! _?0F! +A[7>A[7! <748480P! 7>@! E28>3! 3H?! ?G!
50C41F0D! E0G?80! F??34>A! C4D! C?2D0! 7>@! D0334>A! 43! 7EF7V0L! %C09! 7FD?! A2330@! 7!
D2B08678W03! C0! ?H>0@! 73! $C4E7F0! 678W03P! 7>@! C7@! C4D! gb! 7180D! ?G! D2A7817>0!
7>@!b!7180D!?G!0217F9B32D!3800D!D6?3C080@LdgQ!

%C0!8?7@!4>G87D38213280!4>!3C0!B8?54>10!H7D!7GG0130@!7D!B8?30D308D!E28>3!3980D!?>!
3C0! 8?7@D! 7>@! 6?2>30@! 4FF0A7F! 8?7@EF?1WDL! %C0! 67\?8! 8?7@D! 7GG0130@! H080!
Y4D262OY7W760A7c!Y7W760A7O-2647Dc!Y7W760A7O.F@?803L!%C0!8?7@!@0D34>0@!3?!
UA7>@7!H7D!7FD?!A8073F9!7GG0130@L!%C0!7807D!F?1730@!>078!3C0!"2A784lU7D4>!I4DC2!
E?8@08! H080! A8073F9! 7>@! @48013F9! 7GG0130@! E9! 3C0! 54?F0>10! ?112884>A! 4>! U7D4>!
I4DC2P! C0>10! ! HC0>! ?>! gR3C! J0106E08P! QRRSP! B2EF41! 387>DB?83! 73! Y7W760A7O
%28E?! C4ACH79! A?3! B787F9D0@! H43C! 7! F78A0! 380>1C! @2A! 73! _27! Y7F4! 4>! %28E?P! 3C0!
46B713!H7D!G0F3!4>!"2A784L!

<0! H080! 4>G?860@! 3C73! +76E7F0! 801?8@0@! 43D! G48D3! 4>14@0>3! ?G! 54?F0>10! ?>! QS!
J0106E08! QRRSL! +(*)! 17>@4@730P! 7! -8L!_?C>! K2>97D4! ]HC?! H7D! F7308! 7880D30@^!
H7D! G?2>@! H43C! 182@0! H07B?>D! 4>! C4D! 178! 73! 7! B?FF4>A! D3734?>L! .78F408! ?>P!
D2BB?8308D! ?G! K2>97D4! 7>@! 3C?D0! ?G! C4D! &J-! 8457F! 1F7DC0@! 4>! +76E7F0[D! U8E7>!
:846789!$1C??F!B?FF4>A!10>380P!73!HC41C!D05087F!B0?BF0!H080!4>\280@Ldgg!

&>!3C0!QS3C!J0106E08!QRRSP!7!B41WO2B!50C41F0!E0F?>A4>A!3?!7!-8L!%77E2!_?4>A?!
H7D! E28>3! 4>! K2@7F7>A4! )?>D34320>19! 7>@! B2DC0@! 4>3?! *4508! +V?47! G?FF?H4>A! 7!
64/O2B! ?G! K2@7F7>A4! B78F4760>3789! E7FF?3! B7B08D! H43C! 3C?D0! ?G! K287! 4>! %7>7!
*4508!J4D38413L!%C0!50C41F0!H7D!C07@4>A!3?H78@D!K267@097!:846789!$1C??F!HC0>!
3C0!@84508!87>!4>3?!7!18?H@!D2BB?834>A!3C0!674>!B78340DLdgh!

#>!Y7W760A7! +?83CP! 7! 67>! H7D! W4FF0@! 7>@! 7>?3C08! D084?2DF9! 4>\280@! HC0>!+0H!
'?8@!Y0>97!D2BB?8308D!7>@!3C?D0!?G!&J-!1F7DC0@!@284>A!7!874@!?>!3C0!C?60!?G!
7>!&J-!D2BB?8308Ldgb!!(11?8@4>A!3?!4>G?86734?>!B80D0>30@!3?!3C0!)?664DD4?>!E9!
.@H78@! -71C7847! -2W?87P! 7! 541346! ?G! 3C0! 54?F0>10! 7>@! 7! 80D4@0>3! ?G! -2647D!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$%+
!M<!&("!
$%%
!Q.4!K!1!$%(E=F!E%F"!
$%&
!Q.4!K!1!$%(E=F!E%F"!
$%'
!7K3#0"!
$(( !

!
%?H>DC4B!E0G?80!7>@!@284>A!3C0!B084?@!?G!3C0!B?D3O0F0134?>!54?F0>10P!C4D!B8?B0839!
H7D! F??30@! 7>@! 57>@7F4V0@L! $37>F09! +A[7>A[7! I73C48H7P! 7! 80D4@0>3! ?G! -2647D!
%?H>DC4B! 7>@! 7! 541346! ?G! 3C0! DW4864DC0DP! 7FD?! D3730@! 3C73! 3C0! B?F410! @4@! 5089!
F433F0! 3?! 80D120! 7>@! B8?3013! C4D! B8?B0839P! HC41C! H7D! E8?W0>! 4>3?! 7>@! F??30@L! &>!
gdD3! J0106E08P! QRRS! HC0>! C4D! B8?B0839! H7D! E04>A! 1?>D260@! 4>! GF760DP! 3C0!
B?F410!\2D3!D3??@!E9!7>@!H731C0@!7D!3C0!78D?>4D3D!H0>3!?>L!

%C0! 54?F0>10! 4>! "2A784! 3??W! 7! @4GG080>3! 1C7871308! 4>! 43D! ?8A7>4D734?>! 7>@! 378A03L!
"2A784!4D!A0>087FF9!7!D033F0@!7807!?112B40@!E9!D05087F!03C>41!A8?2BD!76?>A!3C06!
3C0!"2C97P!Y7F0>\4>!7>@!Y4W292L!;4?F0>10!4>!"2A784!H7D!7GG0130@!E9!050>3D!4>!3C0!
>04ACE?284>A! U7D4>! I4DC2! J4D38413! HC080! 3C0! 73371W08D! 378A030@! 7>@! E28>3!
B8?B0839! ?G! B08D?>D! E0F?>A4>A! 3?! 3C0! Y4W292! 1?662>439L! #3! 4D! 7FF0A0@! 3C73! 3C0!
73371W08D!H080!7860@!H43C!B7>A7D!7>@!788?HD!7>@!2D0@!6731C0D!3?!E28>!A87DDO
3C731C0@!C?2D0!!

(11?8@4>A!3?!3C0!:)!3C0!54?F0>10!3C73!0>A2FG0@!<0D308>!:8?54>10P!"D37830@!?>!QS3C!
nJ0106E08! QRRSo! 4>! -2647D! 7>@! 3C0>! 8071C0@! 43D! 1F467/! ?>! gdD3! nJ0106E08!
QRRSo!7>@!3C73!H7D!3C0!0>@!?G!?28!54?F0>10L!%C0!1F467/!?G!3C4D!54?F0>10!DB807@!7FF!
?508!3C0!B8?54>10P!6?D3!B783D!?G!3C0!B8?54>10!0/10B3!K2>A?67!+?83CP!K2>A?67!
<0D3!7>@!K2>A?67!.7D3L/!

%C0! )?664DD4?>! 8010450@! 054@0>10! ?G! ?BB?832>4D341! 73371WD! E9! 3C0! 9?23C! HC?!
0>A7A0@! 4>! H7>3?>! F??34>A! 7>@! @0D382134?>! ?G! B8?B0839L! &>0! 541346! 3?F@! 2D! 3C73!
9?23CD! 3??W! 7@57>37A0! ?G! 3C0! D432734?>L! $C0! 30D34G40@! 3C73! E0G?80! 3C0! 0F0134?>DP!
DC0!3?A03C08!H43C!C08!B780>3D!2D0@!3?!F450!4>!Y0G4>1?!.D3730!4>!Y7W760A7!3?H>L!
%C09! C7@! 8010450@! 054134?>! >?3410D! 3C8?2AC! 7>?>96?2D! 17FFD! 7>@! 80B?830@! 3C0!
4>14@0>3D! 3?! 3C0! B?F410L! =?H0508P! DC0! H7D! 3?F@! 3C73! @20! 3?! 4>D2GG4140>19! ?G!
B08D?>>0FP! DC0! 1?2F@! >?3! A03! 7>9! B8?30134?>P! 7>@! H7D! 7@54D0@! 3?! D00W! 80G2A0! 73!
3C0! B8064D0D! >078! -767! <73?3?! $2B08678W03P! ?H>0@! E9! 7! -8L! %C787?L! &>! Qf!
J0106E08! QRRSP! 73! 78?2>@! j! BL6L! 7! A8?2B! ?G! 9?2>A! 60>! >26E084>A! 7E?23!
3H0>39!G?810@!3C06D0F50D!4>3?!3C048!1?6B?2>@!7>@!@067>@0@!W09D!3?!3C0!C?2D0P!
1F7464>A! 3?! C750! 37W0>! B?DD0DD4?>! ?G! 43L! $C0! H7D! ?8@080@! 3?! F0750! 7D! ?3C08D!
DC?230@!C08!G73C08[D!>760L!$C0!87>!7>@!3??W!80G2A0!73!7!C?2D0!HC080!F?17F!E80H!
H7D!E04>A!D?F@!7>@!?508C078@!7!A8?2B!?G!B738?>D!BF?334>A!7!874@!?>!3C048!C?2D0P!
$(, !

!
?D30>D4EF9! ?>! 3C0! B8030/3! 3C73! Y4W292D! C7@! 2>G748F9! 71X2480@! H07F3C! 73! 3C0!
0/B0>D0! ?G! 3C0! 606E08D! ?G! 3C0! "2C97! 1?662>439L! (G308! 3C0! @0B783280! ?G! 3C0!
B738?>DP! 3C0! F7@9! C?D3! 17FF0@! 3C0! H43>0DD[D! 6?3C08P! HC?! C08D0FG! H7D! C4@4>A! 4>! 7!
G840>@[D!DC?BL!-?3C08!7>@!@72AC308!B8?100@0@!3?!37W0!80G2A0!4>!7!C?D30FL!&>!Qf!
J0106E08!QRRSP!3C0!C?D30F!H7D!874@0@!7>@!3C09!GF0@!3?!7!C?60!7@\710>3!3?!3C048D!
7>@!?H>0@!E9!7!B08D?>!17FF0@!_080647CL!K0G?80!3C09!8071C0@P!3C09!H080!C?H0508!
4@0>34G40@!E9!!3H?!60>L!%C09!67>7A0@!3?!A03!4>3?!3C0!C?2D0P!E23!D??>!3C0807G308P!
_080647C[D! C?2D0! H7D! 7FD?! 3C0! D2E\013! ?G! 73371W! G?8! 3C0! 807D?>! 3C73! C0! C7@!
C?D30@!2>H7>30@!B0?BF0L!

(@@434?>7FF9P! 3C0! )?664DD4?>! H7D! 3?F@! 3C73! 3C0! 54?F0>10! 4>! ?3C08! B783D! ?G! 3C0!
1?2>389!C7@!7!@48013!46B713!?>!3C0!0>3480!80A4?>L!&>!gd!_7>2789!QRRf!7!A8?2B!?G!
9?23CD! EF?1W7@0@! 3C0! C4ACH79! E03H00>! %46E?8?7! 7>@! %28E?! %87@4>A! )0>380P! 7!
A0>087F! DC?837A0! ?G! 1?66?@4340D! H7D! G0F3! 4>! 3C0! B8?54>10! 7D! D2BBF9! F4>0D! C7@!
E00>!123Ldgj!

,?419?8GG:!K5ECG821A!;19E@?E!

-?D3!?G!3C0!#J:D!H080!606E08D!?G!3C0!Y4W292!1?662>439!7>@!3C?D0!D96B73C0341!
3?! :+U! 7>@! 43D! 7GG4F4730! B78340DL! (>! 0D346730@! bbP! fjQ! B0?BF0! H080! @4DBF710@! 4>!
<0D308>! :8?54>10L! %C09! D?2AC3! 80G2A0! 4>! B?F410! D3734?>DP! D1C??FDP! 1C281C0DP!
@4D38413! 1?664DD4?>! ?GG410DP! @4D38413! ?GG4108D[! ?GG410DP! 1C40G[D! ?GG410D! 7>@!
7@64>4D38734?>! B?F410! 176BDL! #>4347FF9P! 3C0! #J:D! H080! C?D30@! 4>! gQ! 306B?8789!
176BD! @4D384E230@! 76?>A! 7GG0130@! J4D38413DOY7W760A7! +?83CP! Y7W760A7! $?23CP!
K23080P! "2A784P! K2>A?67! $?23CP! %0D?P! =764D4P! .62C797P! ;4C4A7P! -2647D! 7>@!
K2D47L!

%C0!-2647D!$B0147F!J4D38413!$0128439!#>30FF4A0>10!$266789!+?L!ddl!QRRf!G?8!3C0!
B084?@! E03H00>! QhldQlQRRS! 7>@! QldlQRRf! 4>@41730@! 3C73! B08D?>D! H4FF4>A! 3?!
80F?1730!3?!D7G08!@0D34>734?>D!H080!0D1?830@L!%C0!80B?83!7FD?!0/B80DD0@!1?>108>D!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$%(
! T!A810:! 3?! <J0=!6L! S<[M! T001!A9! 40L5! 3A! %$:1Z6A862>B! +**)! !A! 140! S!:12!=1! M3HH!::!3A02`:! e??!=0B! a6:!A! _!:48!
S!:12!=1B!T!A!+*g+**)"!

$() !

!
?G! 807F! 3C8073! ?G! 73371W! ?>! #J:$! 73! 3C0! B?F410! D3734?>DP! 7>@! 801?660>@0@!
@0BF?960>3!?G!D0128439!B08D?>>0F!73!3C0!D3734?>D!3?!E00G!2B!D0128439L!!

dPedj! Y0>97>D! 18?DD0@! 3C0! E?8@08! 7>@! D?2AC3! 80G2A0! 4>! UA7>@7P! bRR! ?G! HC?6!
H080! 1C4F@80>L! (D! 73! 3C0! 3460! ?G! 8010454>A! C4D! 30D346?>9P! ghQ! 80G2A00D! HC?! C7@!
E00>!176B4>A!73!-2F7>@7!7>@!Y4897>@?A?!C7@!1?60!E71W!3?!Y0>97L!!

J4DBF71060>3! ?G! B08D?>D! 39B417FF9! GF?H0@! 7D! 7! 1?>D0X20>10! ?G! 3C0! B?D3O0F0134?>!
54?F0>10P! 7>@! H7D! 1C78713084D0@! E9! 6?5060>3! ?G! B0?BF0! 3?! 03C>417FF9!
C?6?A0>0?2D!7807D!3?!HC41C!3C09!H080!F4>W0@!043C08!E0172D0!?G!3C048!1?662>439!
F4>07A0! ?8! 3C048! 7>10D387F! C?60F7>@DL! %C0! 80A4?>! 7FD?! H43>0DD0@! 3C0! 4>GF2/! ?G!
80328>00D! G8?6! ?3C08! B783D! ?G! 3C0! 1?2>389P! 6?D3! >?37EF9P! Y0841C?P! +7W282! 7>@!
+7457DC7L! -?D3! ?G! 3C0D0! 80328>00D! H080! 7ED?8E0@! E71W! 4>3?! 3C0! G764F40D! ?G! 3C0!
F?17FD! ?8! 3C048! W4>L! (B783! G8?6! G714F43734?>! ?G! 3C048! 387>DB?83! 3?! 3C048! 7>10D387F!
C?60DP! H0! H080! >?3! 4>G?860@! ?G! 7>9! 4>30850>34?>! G8?6! 3C0! I?508>60>3! ?8! G8?6!
7>9!?G!3C0!7A0>140D!3C73!H080!1?>108>0@!H43C!3C0! H0FG780!?G!3C0!80328>00DP!D750!
G?8! 3C0! 30D346?>9! ?G! :)! HC?! 4>G?860@! 2D! 3C73! 3C0! I?508>60>3! C7@! E00>!
@4D384E234>A!80F40G!D2BBF40D!3?!3C?D0!#J:D!HC?!C7@!7DD06EF0@!73!3C0!#J:!176BDL!!

-1EC@?E1!F:!;@G521!8?A!;9@65?258G!#A75?5E49845@?!

%C0!:8?54>147F!)?664DD4?>08!30D34G40@!3C73!3C0!D0128439!7A0>3D!80DB?>@0@!7A74>D3!
1C78A0@! 6?ED! H43C! 80D3874>3! 4>! 7! E4@! 3?! 80@210! 3C0! >26E08! ?G! 17D27F340DL! =0!
801?2>30@! C?H! 73! $4A7F7A7F7! 4>! Y7W760A7! $?23C! 7>@! "23?>94! 4>! Y7W760A7!
)0>387F! 3C0! D0128439! ?GG4108D! 2D0@! 1454F47>! 50C41F0D! 3?! 7880D3! 9?23CD! HC?! H080!
C787DD4>A!6?3?84D3D!?>!3C0!C4ACH79L!!

=?H0508P!3C080!H7D!76BF0!054@0>10!G8?6!3C0!@737!A73C080@!73!C?DB437FD!7>@!G8?6!
3C0! B?F410! 3?! D2AA0D3! 3C73! 3C0! ! B?F410! 2D0@! 0/10DD450! G?810P! 7>@! 4>! B783412F78P!
G480786DP! 4>! @07F4>A! H43C! 3C0! @06?>D38734?>D! 3?! 1?>38?F! 18?H@D! HC41CP! 4>! D?60!
17D0DP! C7@! 328>0@! 54?F0>3L! #>G?86734?>! ?>! 17D27F340D! 7>@! @073CD! D2E64330@! E9!
J8L! )7F0E! &F7>A[?! &>2@4P! 3C0! :8?54>147F! -0@417F! &GG4108P! B8?54@0D! D2GG4140>3!
A8?2>@! G?8! 7>! 4>G080>10! 3C73! @073CD! 4>! Y7W760A7P! K2D47! 7>@! -2647D! ?112880@!

$(- !

!
7D!7!80D2F3!?G!4>\2840D!D01?>@789!3?!A2>DC?3DP!?8!3C?D0!7D!7!80D2F3!?G!7DD72F3!E9!
3C0!B?F410L!!

%C0! 801?8@D! HC41C! H080! 1?FF0130@! 7>@! 1?FF730@! G8?6! e! 67\?8! C?DB437FD! 4>! 3C0!
:8?54>10! 7>@! C786?>4V0@! H43C! 3C0! G4A280D! G8?6! 3C0! B?F410! 4>@41730@! 3C73! 3C080!
H080!ef!@40@!7D!7!80D2F3!?G!:.;!4>!3C0!:8?54>10!7D!G?FF?HDc!

! Y7W760A7!!gd!@073CDc!!
! <0E290P!Qdc!!
! ;4C4A7P!dfc!
! -2647DP!dQc!!
! K2D47P!ec!
! K2>A?67!SL!
:?D3O6?8306D! 178840@! ?23! ?>! 3C0! ef! E?@40D! 80507F0@! 3C73! Sh! ?G! 3C06! @40@! ?G!
A2>DC?3DL!%C2D!A2>DC?3!1?6B84D0@!Sgm!?G!7FF!G737F4340D!4>!3C0!B8?54>10L!!<0!H080!
4>G?860@! 3C73! 4>X20D3! G4F0D! 4>! 3C0D0! 673308D! C750! E00>! ?B0>0@! E23! >?! G283C08!
D30BD! C750! E00>! 37W0>! 3?! 4>50D34A730! 3C0! W4FF4>ADL! ! <0! G4>@! 3C4D! D3730! ?G! 7GG748D!
HC?FF9!2>D734DG713?89L!

(11?8@4>A!3?!3C0!<0D308>!:)#&!:73841W!-2A?!-2C2>4P!7D!078F9!7D!&13?E08!QRRSP!
:8?54>147F! :?F410! =07@X278308D! C7@! G?860@! 7! )?6643300! 3?! 6?>43?8! 7FF! 0F0134?>O
80F730@!050>3DL!%C0!1?6643300!H7D!0/B0130@!3?!1?FF013!4>G?86734?>!G8?6!3C0!04AC3!
B?F410!@454D4?>D!7>@!80B?83!3?!3C0!:8?54>147F!:?F410!&GG4108!7>@!?3C08!D0>4?8!B?F410!
?GG4147FDP! HC?! H?2F@! 3C0>! 057F2730! 7>@! 7>7F9D0! 3C0! 4>G?86734?>! E0G?80! @480134>A!
?>! 3C0! 84AC3! 172D0! ?G! 7134?>L! %C0! D0128439! ?GG4108D! 4>! 3C0! :8?54>10! C7@! E00>!
4>D382130@!3?!E0!?>!C4AC!7F083!G?8!7>9!B?DD4EF0!@4D?8@08!@284>A!3C0!0F0134?>0084>A!
B084?@L! (FF! 3C0! 04AC3! &GG4108D!)?667>@4>A! :?F410! J454D4?>D! 4>! 3C0! :8?54>10!H080!
3?! 1?>@213! 80C078D7FD! ?>! 1?>38?F! ?G! 84?3D! 7>@! A0>087FF9P! 4>! 674>374>4>A! F7H! 7>@!
?8@08! @284>A! 3C0! B084?@L! <C4F0! 3C0! 1?>30>3! ?G! 3C4D! 3874>4>A! H7D! >?3! 80507F0@! 3?!
3C0! )?664DD4?>P! 3C0! 0/B013734?>! H7D! 3C73! 43! ?2AC3! 3?! C750! 80GF0130@! 4>! 3C0!
67>>08!4>!HC41C!3C0!B?F410!C7>@F0@!3C0!84?308DL!

$,* !

!
%C0! 3?37F439! ?G! 054@0>10! D2AA0D3D! 3C73! 3C0! B?F410! H080! ?508HC0F60@! 7>@!
2>807D?>7EF9! 80D?830@! 3?! 3C0! 2D0! ?G! G480786DL! #3! G283C08! 80507FD! 4>D2GG4140>3!
67>B?H08! 7>@! G714F4340D! 7574F7EF0! 3?! 3C0! B?F410! 3?! 1?2>308! 3C0! 67A>432@0! ?G!
@06?>D38734?>D!H43>0DD0@!4>!3C0!B084?@!7G308!3C0!0F0134?>DL!#>G?86734?>!G8?6!3C0!
64>230D! ?G! K23080! J4D38413! $0128439! 7>@! #>30FF4A0>10! )?6643300! $266789! +?L!
RSlQRRS!G?8!3C0!B084?@!E03H00>!dh!+?506E08!7>@!Qh!J0106E08!QRRS!4>@41730@!
3C73!7@0X2730!D0128439!607D280D!C7@!E00>!B23!4>!BF710!7>@!3C0!B?FF4>A!D3734?>D!
D2GG4140>3F9! B?F410@L! =?H0508P! ?G! 1?>108>! H7D! 3C73! H43C! ?>F9! 7! G0H! @79D! 3?! 3C0!
0F0134?>D! 7>@! 4>! 3C0! F4AC3! ?G! 3C0! 7>/4039! 3C73! C7@! A84BB0@! 3C0! 80A4?>P! 1?>18030!
BF7>D!H080!903!3?!E0!G4>7F4V0@!H43C!80A78@!3?!G20FF4>A!7>@!D085414>A!?G!3C0!50C41F0D!
3?! E0! 2D0@L! %C4D! B?4>30@! 3?! 3C0! 4>D2GG4140>19! ?G! 50C41F0D! 3?! 80DB?>@! 3?! 7>9!
@4D380DD! 17FF! @284>A! 3C73! B084?@P! C0>10! 67W4>A! 43! 07D9! 3?! 1?>@213!
@06?>D38734?>DP!F??34>A!7>@!@0D382134?>!?G!B8?B0839L!

%C0! :)! 30D34G40@! 3C73! 3C0! B0710! E24F@4>A! 7>@! 801?>14F4734?>! 176B74A>D!
DB078C07@0@! E9! 3C0! :8?54>147F! (@64>4D38734?>! 4>! 3C0! B8?54>10! 940F@0@! X241W!
80D2F3DL! (D! 7! 80D2F3! ?G! 3C0! 801?>14F4734?>! 0GG?83D! ?G! 3C0! :$#)! 7>@! J$#)DP! QjPfjd!
C?2D0C?F@D!6?50@!?23!?G!3C0!306B?8789!#J:!176BDP!H43C!D?60!80328>4>A!3?!3C048!
G786D!7>@!?3C08D!?B34>A!3?!D379!H43C!80F73450D!7>@!G840>@DL!

(@@434?>7FF9P! :0710! 7>@! *01?>14F4734?>! )?6643300D! H080! D03! 2B! 4>! 7FF! @4D38413D!
1?6B84D4>A! 0F@08D! G8?6! 3C0! 5784?2D! 1?662>4340DP! 80F4A4?2D! F07@08D! 7>@! 1454F!
D0857>3D! 4>! ;4C4A7P! K2D47P! %0D?! 7>@! Y7W760A7! )0>387F! J4D38413DL! <?8WDC?BD!
H080!7FD?!C0F@!?>!@4508D0!@730D!3?!7@@80DD!3C0!4DD20D!?G!C?D34F4340D!73!3C0!?>D03!?G!
3C0!1?>GF413L!

%C0!:8?54>147F!(@64>4D38734?>!7FD?!0D37EF4DC0@!D4/!306B?8789!(:!B?D3D!4>!"2A784!
3?!7DD4D3!4>!3C0!80D033F060>3!0/0814D0L!

;G8??5?B!8?A!'9B8?5E845@?!

'8?6! 3C0! 054@0>10P! 43! 7BB0780@! 3C73! 3C0! 54?F0>10! 4>! <0D308>! :8?54>10! H7D!
DB?>37>0?2DP! D750! G?8! "2A784P! HC41C! E?80! 3C0! C7FF678W! ?G! 7! BF7>>0@! 7>@!
1780G2FF9! ?8A7>4D0@! ?>DF72AC3! 7A74>D3! 3C048! 541346D! 7>@! 3C048! B8?B0839L! %C0!
)?664DD4?>! 8010450@! >?! 054@0>10! 3?! D2AA0D3! B84?8! B80B78734?>! G?8! 3C0! 54?F0>10!
$,$ !

!
3C73!8?1W0@!K2D47P!K2>A?67!7>@!-2647D!7>@!37W0D!3C0!540H!3C73!3C0!54?F0>10!4>!
3C0D0! 7807D! H7D! 7! @48013! 80D2F3! ?G! @4D7GG0134?>! H43C! 3C0! G4>7F! 37FF9! ?G! 3C0!
:80D4@0>347F!0F0134?>!80D2F3DL!

#>!3C0!17D0!?G!"2A784P!7>!4>G080>10!?G!BF7>>4>A!4D!E23380DD0@!E9!3C0!054@0>10!3C73!
3C0! 73371W08D! H080! 2>@08! 7! 10>387F! 1?667>@L! (@@434?>7FF9P! 3C0! 73371WD! 1760!
G8?6! ?>0! @480134?>P! ?GG! 3C0! >04ACE?284>A! U7D4>! I4DC2! J4D38413L! %C080! H7D! 7FD?!
D?60!2>4G?86439!4>!3C0!?23G43!?G!3C0!7331W08D!7>@!3C0!6?@0!?G!73371WDL!%C0!9?23CD!
H080! 1F7@! 4>! EF71W! E7F71F757D! 7>@! C7@!3C048! G710D! B74>30@! 4>! HC430! 7>@! @454@0@!
3C06D0F50D! 4>3?! D67FF08! A8?2BD! ?>10! 3C09! 0>3080@! 7! 378A030@! 7807L! =?H0508!
E09?>@!3C4DP!H0!@4@!>?3!8010450!7>9!180@4EF0!054@0>10!B?4>34>A!3?!3C0!12FB7E4F439!
?G!7>9!4>@454@27F!?8!A8?2B!7>@!H0!3C080G?80!801?660>@!G283C08!4>50D34A734?>D!E0!
1?>@2130@!3?!0D37EF4DC!HC?!3C0!B08B03873?8D!7>@!0/0123?8D!?G!3C0!54?F0>10!H080L!

)@?2G3E5@?!

%C0! )?664DD4?>! 0D37EF4DC0@! 3C73! 3C0! 54?F0>10! 0/B0840>10@! 4>! <0D308>! :8?54>10!
H7D!@4D34>13!G8?6!3C73!0/B0840>10@!4>!?3C08!B783D!?G!3C0!1?2>389!4>!3C0!D0>D0!3C73!
43!H7D!7!@48013!1?>D0X20>10!?G!B?F43417F!@4GG080>10DL!!!%C0D0!@4GG080>10D!F0@!3?!84?3D!
HC41C! H080! X20FF0@! E9! 3C0! F7H! 0>G?81060>3! 7A0>140D! 3C2D! 80D2F34>A! 4>! 7! C4AC!
>26E08!?G!@073CDL!!'8?6!3C0!3?37F439!?G!3C0!054@0>10!8010450@!E9!3C0!)?664DD4?>P!
3C0! H750! ?G! 54?F0>10P! 7B783! G8?6! "2A784P! H7D! DB?>37>0?2D! 7>@! @48013F9! GF?H0@!
G8?6!@4D7GG0134?>!H43C!3C0!G4>7F!37FF9!?G!3C0!B80D4@0>347F!80D2F3DL!!

%C0! 054@0>10! 3C0! )?664DD4?>! 8010450@! 807D?>7EF9! D2BB?83D! 7>! 4>G080>10! ?G!
BF7>>4>A! 4>! 3C0! 17D0! ?G! "2A784! =?H0508P! 3C0! BF?3308DP! G4>7>1408D! 7>@!4>@454@27FD!
0>A7A0@!4>!HC730508!D37A0!?G!3C0!BF7>>4>A!7>@!0/01234?>!B8?10DD!7>@!HC080!3C0!
73371W08D! H080! 3874>0@P! 1?2F@! >?3! E0! 4@0>34G40@! G8?6! 43P! 7>@! 80674>! ?ED1280P!
C0>10!3C0!>00@!G?8!G283C08!4>50D34A734?>L!!

$,+ !

!
!*:8?W8!;9@65?21!!

,?49@A3245@?!!

`"2?! +97>V7aP! 7D! 43! 4D! B?B2F78F9! W>?H>P! >04ACE?28D! "7W0! ;413?847P! ?>0! ?G! 3C0!
I8073!"7W0D!?G!(G8417c!3C0!1?>34>0>3[D!F78A0D3!F7W0P!3C0!F78A0D3!38?B417F!F7W0!4>!3C0!
H?8F@P!7>@!3C0!D01?>@!H4@0D3!G80DC!H7308!F7W0!4>!3C0!H?8F@L!#3!4D!3C0!D?2810!?G!3C0!
F?>A0D3!E87>1C!?G!3C0!*4508!+4F0!7>@!4D!7!E4?F?A417F!C?3DB?3!H43C!A8073!E4?@4508D439!
HC41C! BF79D! 7! 5437F! 8?F0! 4>! D2BB?834>A! 3C0! 64FF4?>D! ?G! B0?BF0! F454>A! 78?2>@! 43D!
DC?80DL!<C4F0!+97>V7!:8?54>10!4D!4>C7E430@!B80@?64>7>3F9!E9!3C0!"2?P!3C080!780!
K7>32! DB07W4>A! 384E0D! 4>1F2@4>A! 3C0! Y4D44P! Y2847! 7>@! 7! G0H! "2C97! F454>A! 4>! 3C0!
B8?54>10L! %C0! :8?54>10! @08450D! 43D! >760! G8?6! 3C0! $2W267P! 7! K7>32ODB07W4>A!
384E0!F454>A!?>!3C0!%7>V7>47>!D4@0!3?!HC?6!3C0!H?8@!V%*'D*!607>D!7!F78A0!67DD!
?G!H7308L!%C0!B8?54>147F!17B437F!4D!Y4D262P!Y0>97[D!3C48@!F78A0D3!1439L!%C0!1F46730!
4>!3C0!7807!4D!38?B417F!7>@!C264@L!

+97>V7!:8?54>10!1?>D4D3D!?G!Qd!J4D38413D!?G!HC41C!dd!780!B80@?64>7>3F9!"2?!7>@!
HC41C!780!3C0!D2E\013!?G!3C4D!B783!?G!3C0!80B?83L!%C0!674>!01?>?641!713454340D!4>!
3C0! 80A4?>! 780! 18?B! G7864>A! G?12D4>A! 674>F9! ?>! D2A7817>0P! 307P! 1?GG00! 7>@!
E7>7>7DP!7>467F!C2DE7>@89!7>@!G4DC4>AL!"2?!+97>V7!C7D!E00>!B?F43417FF9!713450!
D4>10! B80O4>@0B0>@0>10! 3460D! 7>@! 30>@D! 3?! 5?30! 7D! 7! EF?1W! G?8! 43D! 17>@4@730! ?G!
1C?410P!0DB0147FF9!D4>10!3C0!80O4>38?@2134?>!?G!62F34B7839!B?F4341D!4>!deedL!

!!

*74F7! &@4>A7P! 7! B80D4@0>347F! 17>@4@730! @284>A! 3C0! QRRS! .F0134?>! 3C?2AC! 7!


B78F4760>37847>! 80B80D0>34>A! +748?E4[D! "7>A737! 1?>D34320>19P! ! C7D! C4D! 8??3D! 4>!
K?>@?!J4D38413!7>@!4D!3C0!D?>!?G!3C0!F730!_7876?A4!&A4>A7!&@4>A7L!%C0!G713!3C73!
*74F7!&@4>A7!H7D!3C0!B80G0880@!17>@4@730!4>!3C0!80A4?>!7>@!3C73!3C0!5?308D!4>!3C0!
80A4?>! E0F4050@! 3C73! 3C0! 80D2F3D! ?G! 3C0! B80D4@0>347F! 0F0134?>D! C7@! E00>! 84AA0@!
7A74>D3!C46!7FD?!1?>384E230@!A8073F9!3?!3C0!H750!?G!54?F0>10!4>!"2?!+97>V7!3C73!
H0! DC7FF! DC?83F9! 0/BF?80L! (D! H0! DC7FF! D00P! "2?! +97>V7! 8?D0! 2B! 3?! B8?30D3! HC73!
H7D!D00>!7D!7!84AA0@!B80D4@0>347F!0F0134?>L!:8?30D3?8D!3C2D!D2GG080@!3C0!E82>3!?G!
B?F410!W4FF4>ADL!U>F4W0!4>!?3C08!B783D!?G!3C0!1?2>389!3C73!H080!8757A0@!E9!54?F0>10!

$,% !

!
4>! 3C0! B?D3! 0F0134?>! B084?@P! 3C0! 67\?8439! ?G! 3C0! @073CD! 801?8@0@! 4>! "2?! +97>V7!
H080!7D!7!80D2F3!?G!DC??34>AD!73384E230@!3?!B?F410L!

,771A5841!;91P&G1245@?!8?A!&G1245@?!;195@A!

+97>V7! :8?54>10! C7@! E00>! A0>087FF9! B0710G2F! @284>A! 3C0! 0F013?87F! B084?@P!
7F3C?2AC! 3C0!&J-!>?64>734?>D!H080!1C78713084V0@!E9!H4@0DB807@!54?F0>10L!%C0!
)?664DD4?>! H7D! 4>G?860@! E9! I8710! Y74>@4P! G?8608! +97>V7! :8?54>147F! :?F410!
&GG4108! 3C73! 7D! 078F9! 7D! (2A2D3! QRRSP! 80B?83D! ?G! 03C>41! 30>D4?>! E03H00>! 3C0!
674>F9! "2?! 80D4@0>3DP! HC?! `2>7>46?2DF9a! D2BB?830@! &J-P! 7>@! >?>! "2?!
80D4@0>3DP!HC?!H080!B0810450@!3?!E0!D96B73C0341!3?!:+UP!C7@!E0A7>!G4F3084>A!4>!3?!
3C0! 723C?84340DL! %C09! H080! DB78W0@! E9! 7>! 4>14@0>3! 4>! Y78734>7! 4>! )0>387F!
:8?54>10!HC080!3C0!&J-!B80D4@0>347F!17>@4@730!*74F7!&@4>A7!7>@!C4D!0>3?287A0!
C7@! E00>! 2>10806?>4?2DF9! 3C8?H>! ?23! ?G! 3C0! Y78734>7! %?284D3! "?@A0! ]7>!
0D37EF4DC60>3! ?H>0@! 7>@! 82>! E9! 7>! 4>OF7H! ?G! :80D4@0>3! Y4E7W4^! 4>! 7>! 4>14@0>3!
3C73! H7D! H4@0F9! 80B?830@! 4>! 3C0! 60@47L! #>! 80DB?>D0P! 4>30FF4A0>10! D?2810D!
4>@41730@!3C73!30>D4?>!H7D!E24F@4>A!2B!4>!*7>AH0P!$4797!7>@!-4A?84!HC080!&J-!
D2BB?8308D! 5?H0@! 3C73! B?F434147>D! 7GG4F4730@! 3?! +(*)OY! ]:+U! H7D! 903! 3?! E0!
G?860@^! ?8! 7>9! ?3C08! B7839! 7F4A>0@! 3?! 4>126E0>3! :80D4@0>3! -H74! Y4E7W4! ! H?2F@!
G710! C?D34F4340D! 4G! 3C09! @780@! 176B74A>! 4>! 3C0! &J-! D38?>AC?F@D! ?G! "2?! +97>V7L!
&>0! D21C! 80B?83! 4>@41730@! 3C73! 7! F?17F! &J-! ?GG4147F! C7@! 3C80730>0@! 3?! 6?E4F4V0!
=?67!K79!80D4@0>3D!3?!05413! 3C0!Y4W292! G8?6!3C0!7807!DC?2F@!D21C!7>!4>14@0>3!
80128dgSL!

%C0!+97>V7! :8?54>147F! )?664DD4?>08! 4>G?860@! 3C0! )?664DD4?>! 3C73! 176B74A>D!


4>!"2?!+97>V7!H080!4>30>D0!7>@!3C0!@?64>7>3!&J-!B7839!H7D!>?3!W00>!3?!7FF?H!
606E08D!G8?6!?3C08!B?F43417F!B78340D!3?!176B74A>!4>!3C0!80A4?>L!%C0!)?664DD4?>!
H7D! 3?F@! 3C73! G8?6! 3C0! 6?>3C! ?G! &13?E08! QRRSP! 30>D4?>! H7D! C04AC30>0@! @20! 3?!
D6078! 176B74A>D! 2>@0837W0>! E9! 8457F! B?F434147>D! 7>@! 3C73! G?8! 4>D37>10! 4>! *7>A!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$%,
!Q.4!K!1!-,7!

$,& !

!
-781CP! 7F?>A! 3C0! Y4D44l*?>A?! E?8@08P! D?60! 9?23C! 3?81C0@! D05087F! D2A7817>0!
BF7>3734?>D!E0F?>A4>A!3?!E?3C!Y4D44!7>@!"2?!G78608DL!(11?8@4>A!3?!-DLY74>@4P!!
`! *+! .5$! @&,,:'B! (*%! *@@)&*45$(6! =$! 4&'.:'-$(! .&! )$4$:A$! :'.$,,:B$'4$!
)$@&).+! .&! .5$!$??$4.! .5*.! +&<$!E-&!%&-.5+!:'! 8:+-<-! 5*(! .5)$*.$'$(!
.&! .*>$! -'+@$4:?:$(! *4.:&'! *B*:'+.! .5$! 8:>-%-! =5&! 5*(! )$B:+.$)$(! *+!
A&.$)+! :'! .5$! *)$*! +5&-,(! .5$%! $h5:#:.! *'%! ?&)<! &?! +-@@&).! ?&)! &)!
*..$<@.!.&!A&.$!*B*:'+.!_Q;!4*'(:(*.$+/2!!
!
&>!C4D!B783P!$46?>!Y487A2P!3C0!Y4D262!&):JP!D3730@!3C73!C0!@4@!>?3!>?3410!7>9!
30>D4?>!7>@!3C080G?80!7BB780>3F9!67@0!>?!B80B78734?>!4>!7>3414B734?>!?G!54?F0>10M!!

"S$! $h@$):$'4$(! '&! @)&#,$<+! (-):'B! .5$! 4*<@*:B'+2! S$! (:(! '&.!
*'.:4:@*.$! *'%! @)&#,$<+! *?.$)! .5$! B$'$)*,! $,$4.:&'+2! 3.! .&&>! -+! #%!
+-)@):+$! =5$'! &'! dN0.5e! Q$4$<#$)! N11X! *! ):&.&-+! <&#! +.&)<$(! .5$!
@)&A:'4:*,! =&)>+! &??:4$+! *'(! #-)'.! .5$! <*:'! &??:4$! #,&4>! *'(! ':'$!
c&A$)'<$'.!&?!8$'%*!O$5:4,$+2!I'&.5$)!):&.&-+!<&#!+.&)<$(!.5$!8af!
&??:4$!*'(!#-)'.!?:A$!<&.&)!A$5:4,$+2!a%!.5$'!.5$!@&,:.:4*,!.$<@$)*.-)$+!
=$)$! A$)%! 5:B56! @$&@,$! ($<*'(:'B! ?&)! :<<$(:*.$! )$,$*+$! &?! .5$!
@)$+:($'.:*,!$,$4.:&'!)$+-,.+!#%!.5$!45*:)<*'!&?!.5$!Lf8HPb/!

%C0! +97>V7! :8?54>147F! )?664DD4?>08P! -8L! :72F! :?F7>@! &F7>@?P! D3730@! 3C73! 3C0!
:8?54>147F! (@64>4D38734?>! C7@! B23! 4>! BF710! 601C7>4D6D! 3?! 0>D280! B0710G2F!
176B74A>D!7>@!3C8?2AC!3C0!B?F410!C7@!!

`<*($! @)$@*)*.:&'+! ?&)! $??$4.:A$! <*'*B$<$'.! &?! .5$! 4*<@*:B'!


4*,$'(*)! ! -@! .&! 9-+.! #$?&)$! @&,,:'B! (*%! *'(! &'! Ni.5! &?! Q$4! N11X6! .5$!
F)&A:'4:*,! +$4-):.%! .$*<! <$.! -'($)! <%! f5*:)<*'+5:@! .&! <*>$! +-)$!
.5*.!@,*'+!=$)$!4&<@,$.$!?&)!$??$4.:A$!<*'*B$<$'.!&?!.5$!@&,,:'B!(*%!
*'(!.5$)$*?.$)!.5$!Q:+.):4.!f&<<*'($)+!=$)$!$M-*,,%!:'+.)-4.$(!.&!(&!
.5$!+*<$/2!

<0! C078@! 3C73! 3C0! 0F0134?>D! 4>! 3C0! B8?54>10! 4>1F2@4>A! 7>>?2>1060>3! ?G!
B78F4760>3789! 80D2F3D! 7>@! B80D4@0>347F! 37FF40D! H080! 1?>@2130@! 4>! 7! A0>087FF9!
B0710G2F! 67>>08! 7>@! 3C73! HC0>! 3C0! :8?54>147F! $0128439! 7>@! #>30FF4A0>10!
)?6643300!]:$#)^!3076!603!2>@08!3C0!:)[D!1C74867>DC4B!?>!Qf!J0106E08!QRRSP!
3C09! H080! D734DG40@! 3C73! B?FF4>A! C7@! E00>! D2110DDG2FdgeL! <C4F0! 5?34>A! H7D!
B0710G2FP! 3C0! :)! D3730@! 3C73! 3C0! :$#)! 8010450@! 4>30FF4A0>10! G8?6! +$#$! ?>! Qf3C!
J0106E08! QRRS! B80@4134>A! 3C73! 3C080! 1?2F@! E0! C4AC! F050FD! ?G! 0/143060>3! 4G! 3C0!
80D2F3D! H080! 4>! G75?28! ?G! &J-! ?8! B8?30D3D! 4G! 3C0! 80D2F3D! H080! >?3! G75?287EF0L!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$%)
!Q.4!K!1!-'7!
$%-
!MC-*!
$,' !

!
%C0! +$#$! C7@! G?8H78@0@! 3C0! 4>G?86734?>! 3?! 3C0! 723C8?340D! G?8!":'?&)<*.:&'! *'(!
'$4$++*)%! *4.:&'a! 7>@! 3C0! :$#)! 711?8@4>AF9! 4>D382130@! 7FF! :8?54>147F! :?F410!
?GG4108D!3?!6?E4F4V0!3C0!B?F410!3?!E0!7F083!7>@!7FD?!67@0!7887>A060>3D!3?!0>D280!
F7H!7>@!?8@08!H7D!674>374>0@L!
!
&93C45@?!@H!<5@G1?21!

%C0! )?664DD4?>! C078@! @476038417FF9! ?BB?D4>A! 540HD! 7D! 3?! 3C0! 1737F9D3! ?G! 3C0!
54?F0>10! 4>! "2?! +97>V7L! %C0! 30D346?>9! ?G! 6?D3! I?508>60>3! H43>0DD0D! 17>! E0!
D2660@!2B!3C2DP!3C73!3C0!723C?84340D!H080!D2@@0>F9!1?>G8?>30@!E9!?G!876B7A4>A!
18?H@D!7>@!3C09!C7@!3?!80D3?80!F7H!7>@!?8@08!2D4>A!7FF!7574F7EF0!607>D!73!3C048!
@4DB?D7FL! &>! 3C0! ?3C08! C7>@!7! )73C?F41! B840D3! HC?! 30D34G40@! E0G?80! 2D! 0/B80DD0@!
3C0! 540H! 3C73! "3C080! H080! >?! 4>@41734?>D! ?G! 54?F0>10L! (D! 0F0134?>D! 7BB8?71C0@P!
6?80! :?F410! 7>@! D0128439! G?810D! H080! @0BF?90@a! 7>@! 3C73! 3C0! A0>087F! G00F4>A!
76?>A!3C0!80D4@0>3D!H7D!3C73!3C09!C7@!17D3!3C048!5?30D!B0710G2FF9!7>@!@0D0850@!
7>! ?231?60! 760>7EF0! 3?! 3C048! 807D?>7EF0! 0/B013734?>D! >760F9! 7! *74F7! &@4>A7!
H4>L! %C0! B0810450@! @0F79! 3?! 80F07D0! 3C0! B80D4@0>347F! 80D2F3D! H7D! 3C080G?80!!
4>308B8030@! 7D! 7! B?4>308! 3?H78@D! 84AA4>A! 7>@! 3C0! "2?! 1?662>439! 3C2D! 7130@! 3?!
B80O06B3! 84AA4>A! E23! 3C0! B?F410! 7>@! 3C0! D3730! 671C4>089! 6?50@! H43C!
801WF0DD>0DD! 7>@! @4D80A78@! 3?! 3C048! F450D! 4>! D2BB80DD4>A! 3C048! G800@?6! ?G!
0/B80DD4?>! @284>A! HC41C! D084?2D! 18460D! H080! B08B038730@! 7A74>D3! 3C0! B0?BF0!
G4AC34>A!G?8!801?A>434?>!?G!3C048!@06?187341!84AC3DL!

%C0D0! 3H?! @4D1?8@7>3! 540HD! H080! ! 80B0730@F9! 0>2>14730@! E9! 3C0! 723C?84340D! ?>!
?>0!C7>@!7>@!3C0!1434V0>89!?>!3C0!?3C08L!%C0!B840D3!3?F@!2D!3C73!4>!C4D!540HP!3C0!
@06?>D38734?>D!4>!+97>V7!H080!B0710G2F!E23!3C0!B?F410!@4D82B30@!3C06!F07@4>A!3?!
2>>010DD789! 54?F0>10L! (11?8@4>A! 3?! C46P! B0?BF0! H0>3! 3?! 3C0! D38003D! 3?!
@06?>D38730! H43C?23! 54?F0>10! ?8! D3?>0! 3C8?H4>A! E23! 3C73! B?F410! DC??34>AD!
B8?5?W0@! 3C0! 80D4@0>3D! HC?! 3C0>! 328>0@! 54?F0>3! 7D! 7! H79! ?G! 0/B80DD4>A! 3C048!
@4DBF07D280!H43C!3C0!B?F410!G?8!2D4>A!F450!7662>434?>L!%C8?2AC?23!?28!C0784>AD!
4>!Y4D262P!H0!H080!1?>G8?>30@!E9!3C0D0!@4508A0>3!540HD!7>@!H0!DC7FF!0>@075?28!
3?!@4D34F!3C0!3823C!G8?6!3C?D0!3H?!0/38060!508D4?>D!?G!050>3DL!
$,( !

!
%C0! )?664DD4?>! C078@! 3C73! 3C0! 54?F0>10! 4>! +97>V7! ?112880@! 4>! g! @4D34>13!
BC7D0DL! %C0! G48D3! H7D! @48013F9! 80F730@! 3?!3C0! 1?>30/3! ?G! 0F0134?>D! 7>@! 3??W! BF710!
E03H00>! Qe! 7>@! gd! J0106E08! QRRSL! #3! H7D! 1C78713084V0@! E9! @06?>D38734?>DP!
84?3DP!71846?>9!7>@!@4D1?>30>3L!%C0!D01?>@!BC7D0!?112880@!4>!3C0!+0H!,078!7>@!
H7D!807134?>789!7BB780>3F9!4>!B8?30D3!7A74>D3!HC73!H7D!540H0@!7D!0/10DD450!2D0!
?G! G?810! E9! B?F410! 7>@! 7FD?! 4>! 80DB?>D0! 3?! 17FFD! G?8! 67DD! 7134?>! E9! 3C0! &J-!
F07@08DC4B!HC41C!F7D30@!2>34F!64@!_7>2789!QRRfL!%C0!3C48@!BC7D0!H7D!7DD?14730@!
H43C!3H?!2>80F730@!050>3DP!G48D3!3C0!378A034>A!?G!"2?!E9!Y4W292!A7>AD!4>!+7W282!
7>@! +7457DC7! F07@4>A! 3?! 7>! 4>GF2/! ?G! "2?! #J:D! G8?6! ?23D4@0! +97>V7! 7>@! 3C0!
628@08DP!3?H78@D!3C0!0>@!?G!_7>2789!QRRfP!?G!3H?!&J-!B?F434147>DP!-8L!-2A7E0!
<080P!-:!G?8!.6E7W7D4!7>@!-8L!J754@!Y462374!%??L!$464F78!054@0>10!H7D!4>!G713!
30>@080@!E9!3C0!Y+)=*!4>!3C048!80B?83L!!

%C0! :8?54>147F! )?664DD4?>08! D3730@! 3C73! HC4F0! 54?F0>10! E0A7>! ?>! Qe! J0106E08!
4>! Y4D262! 3?H>P! 80B?83D! ?G! 54?F0>10! H080! 7FD?! 8010450@! E9! 3C0! :$#)! G8?6!
*71C2?>9?P! -4A?84P! $4797P! 7>@! +97>@?! @4D38413DL! =0! 4>G?860@! 2D! 3C73! 6?D3! ?G!
3C4D! 54?F0>10! H7D! B783412F78F9! 28E7>! E7D0@! 7>@! 7FD?! 1?>10>38730@! 7F?>A! 3C0!
C4ACH79D!4>!3C0!:8?54>10L!%C0!:)!7@@0@!3C73!3C080!H7D!7!B0810B34?>!76?>A!3C0!
"2?! 1?662>439! 3C73! 3C0! 7>>?2>1060>3! ?G! 3C0! B80D4@0>347F! 80D2F3D! C7@! E00>!
@0F790@P! HC41C! 874D0@! D2DB414?>! 3C73! 3C0! @0F79! 1?2F@! F07@! 3?! 64/4>A! 2B! 7>@!
84AA4>A!?G!3C0!80D2F3DL!!

%C0! :$#)! 3C080G?80! 4>D382130@! 3C0! B8?54>147F! B?F410! ?GG4108D! 3?! 6?E4F4V0! 3C0!
D0128439!B08D?>>0F!3?!E0!?>!3C0!807@9P!3?!0>D280!3C73!?GG4108D!HC?!C7@!E00>!2D0@!
?>! 3C0! B?FF4>A! @79! H080! 7574F7EF0! 7>@! 3C73! 3C?D0! HC?! C7@! E00>! ?>! F0750! H080!
8017FF0@L! :0834>0>3F9P! 3C0! :)! D3730@! 3C73! 43! H7D! >?3! B?DD4EF0! 3?! 0>A7A0! B?F43417F!
F07@08D!D4>10!73!3C0!3460!3C09!H080!>?3!?>!3C0!A8?2>@L!K9!gR!J0106E08!QRRSP!H0!
C078@! 3C73! 67>9! E2D4>0DD! B0?BF0! 7>@! G764F40D! C7@! 6?50@! ?23! ?G! +97>V7! 7>@!
548327FF9! 3C0! HC?F0! ?G! "2?! +97>V7! H7D! 0>A2FG0@! 4>! 54?F0>10! 7>@! D0128439!
B08D?>>0F!C7@!E00>!@0BF?90@!05089HC080L!-8L!&F7>@?!G283C08!3?F@!2DP!
!"I,,! B&A$)'<$'.! &??:4$+! =$)$! 4,&+$(6! 4&<<-':4*.:&'! 45*''$,+! =$)$!
'&.!?-'4.:&':'B6!)&*(+! =$)$!#,&4>$(6! .$,$@5&'$!,:'$+6!,*'(!,:'$+! =$)$!

$,, !

!
(:+<*'.,$(2!!3.!=*+!9-+.!@)*4.:4*,,%!:<@&++:#,$!.&!*++$<#,$!*'%!@$&@,$!
?&)! *'%! >:'(! &?! (:+4-++:&'! *'(! *+! *! +$4-):.%! 4&<<:..$$m! =$! =$)$!
4&'4$)'$(!=:.5!#):'B:'B!(&='!.5$!+:.-*.:&'!#$4*-+$!%&-!'$$(!.&!#):'B!
(&='!.5$!+:.-*.:&'!#$?&)$!%&-!4*'!B&!:'.&!(:+4-++:&'+222/!
!
&>0! ?G! 3C0! 674>! 378A03D! ?G! 3C0! 54?F0>10! H7D! 3C0! I?508>60>3! ?>! 3C0! B0810B34?>!
3C73!3C0!B?FFD!C7@!E00>!84AA0@!E9!I?508>60>3!7A0>3D!7>@!3C0!G00F4>A!7A74>D3!3C0!
4>D343234?>!?G!A?508>60>3P!A?508>60>3!G714F4340DP!7>@!I?508>60>3!B08D?>>0F!H7D!
0/38060F9! 4>30>D0! 7>@! C?D34F0L! (11?8@4>A! 3?! 3C0! :)P! 43! E01760! @4GG412F3! G?8!
I?508>60>3!?GG4147FD!3?!@4D1C78A0!3C048!@239M!!
";%!E&)(6!*.!.5*.!.:<$!:.!=*+!@)*4.:4*,,%!(:??:4-,.!.&!$'B*B$!.5$!@$&@,$!
:'!.5:+!F)&A:'4$!*#&-.!.5$:)!@$)4$@.:&'!#$4*-+$!?:)+.!&?!*,,6!*44$++:#:,:.%!
=*+! (:??:4-,.2! ! _-)! <*:'! <&($! &?! 4&'(-4.! =:.5! .5$! @$&@,$! =5:45! :+!
@-#,:4! #*)*D*+! =*+! '&.! @&++:#,$6! =*+! '&.! ?-'4.:&':'B6! .5$! @$&@,$!
4&-,(!'&.!.-)'!-@!*'(!+&!:.!=&-,(!5*A$!#$$'!(:??:4-,.!*.!.5*.!@&:'.6!;%!
E&)(6! .5$! )$+-,.+! 5*A$! 9-+.! #$$'! *''&-'4$(6! @$&@,$! *)$! .*>:'B! B)$*.!
$h4$@.:&'RC5$!,$*($)+!*)$!'&.!.5$)$6!%&-!=*'.!.&!#):'B!.5$<!.&B$.5$)!
*'(!*44&)(:'B!.&!.5$<6!%&-!*)$!.5$!@$)+&':?:4*.:&'!&?!.5$!c&A$)'<$'.!
:'!.5$!*)$*6!;%!E&)(6!:.!=*+!(:??:4-,.2/!
!
<C4F0!3C0!:)!80A80330@!3C0!F?DD!?G!F4G0!7>@!B8?B0839!0DB0147FF9!4>!Y4D262P!H0!H080!
D28B84D0@! HC0>! C0! 3?F@! 2D! 3C73! 3C080! C7@! E00>! >?! 4>@41734?>! 3C080! H?2F@! E0!
54?F0>10! ?G! 3C0! 67A>432@0! 3C73! 78?D0! 7G308! Qe! J0106E08! QRRSL! %C080! H7D!
4>30FF4A0>10!HC41C!C0!71W>?HF0@A0@!3?!C750!8010450@!G8?6!3C0!+$#$!C7@!7F807@9!
E00>!67@0!7574F7EF0!3?!C46!4>@41734>A!3C0!B?DD4E4F439!?G!7>!0/BF?D4?>!?G!54?F0>10L!
.54@0>10!H7D!8010450@!3C73!3C0!+97>V7!:$#)!D?2AC3!804>G?81060>3D!E0172D0!3C0!
67A>432@0!?G!3C0!54?F0>10!7>@!3C0!3460!43!H7D!37W4>A!3?!D2BB80DD!43!C7@!0/0830@!
G734A20! ?>! B?F410! ?GG4108DL! '283C08P! 7D! 7! 80D2F3! ?G! 3C0! 54?F0>10! 67>9! 4@F0! 9?23C!
80D?830@!3?!18464>7F!713454340D!7>@!73!?>0!B?4>3!4>!3460P!3C0!84?308D!7>@!C??F4A7>D!
?508HC0F60@!3C0!D0128439!?GG4108DL!!
!
#>! DB430! ?G! 3C0! D0128439! G?810D! E04>A! D38031C0@P! 3C0! :)! 06BC73417FF9! D3730@! 3C73!
3C080!H080!>?!G?804A>!D?F@408D!17FF0@!4>!3?!7DD4D3!7>@!3C73!4>@00@!3C080!>0508!H7D!
>00@!3?!E84>A!4>!G?804A>!7DD4D37>10!3?!+97>V7L!%C4D!H7D!1?>G4860@!E9!3C0!Y4D262!
&):JP! -8L! $46?>! Y487A2L! %C0! B0810B34?>! ?G! 3C080! E04>A! G?804A>! D?F@408D!
711?8@4>A! 3?! 3C0! :)! 7>@! &):J! 80D2F30@! G8?6! 3C0! @0BF?960>3! ?G! 3C0! *7B4@!
J0BF?960>3! U>43! ]*JU^P! 7! 2>43! H43C4>! 3C0! (@64>4D38734?>! :?F410! HC?D0! 2>4X20!
$,) !

!
2>4G?86D!7>@!A078!]80@!C0F603D!H43C!7>!2BB08!A800>!1?73D!E?3C!E71W!7>@!G8?>3^!
3C0! 7807! 80D4@0>3D! H080! >?3! 7112D3?60@! 3?P! @?2E34>A! 4>D307@! 3C73! 3C0D0! H080!
4>@00@! Y0>97>! B?F410! ?GG4108DL! <0! 0D37EF4DC0@! 3C73! 3C0! 826?28D! 7E?23! 3C0!
B80D0>10! ?G! G?804A>! D?F@408D! 4>! 3C0! 1?2>389! H080! 2>G?2>@0@c! 4>D307@! 43! H7D! 3C0!
7BB0787>10! ?G! 3C0! *7B4@! J0BF?960>3! U>43! ?G! 3C0! (:! HC?D0! 2>4G?86! 3C0! F?17F!
B?B2F734?>! C7@! >?3! C43C083?! D00>! 7>@! 3C2D! H8?>AF9! 34?>7FF9! 7DD260@! 3?! E0!
@0371C60>3D!?G!UA7>@7[D!:0?BF0!J0G0>D0!'?810!]U:J'^L!
!!
%C0! :)! H7D! ?G! 3C0! 540H! 3C73! 3C0! 67A>432@0! ?G! 54?F0>10! 3C73! 082B30@! 7G308! 3C0!
@4DB230@!0F0134?>D!B?4>30@!3?!3C0!>00@!G?8!I?508>60>3!3?!1?>D4@08!B80B780@>0DD!
G?8!F78A0!@4D7D308D!3C73!679!?1128!4>!G23280L!
!

\5E373!

-8L!$46?>!Y487A2P!3C0!Y4D262!&):J!3?F@!3C0!)?664DD4?>!3C73!?>!Qe!J0106E08!
QRRS!7! 6?E! D3?860@! 3C0! :2EF41! <?8WD! ?GG410P! E28>4>A! 3C0! 674>! EF?1W! 7>@!>4>0!
IY!50C41F0DL!(>?3C08!A8?2B!73371W0@!3C0!Y0>97!K8?7@17D34>A!)??B08734?>!]YK)^!
?GG410! 7>@! E28>3! G450! 6?3?8! 50C41F0D! 7D! 30>D4?>D! 8?D0! ?508! 7H7430@! B80D4@0>347F!
0F0134?>! 80D2F3D! B8?6B34>A! 3C0! B?F410! 3?!6?50! 4>! 7>@! @4DB08D0! 3C0! 18?H@D! 2D4>A!
3078A7DL!#>!3C0!1?28D0!?G!3C4D!54?F0>10P!3C0!I87>@!Y46H7!=?30F!H7D!73371W0@L!%C0!
>0/3!@79P!?>!J0106E08!gR3CP!54?F0>10!082B30@!7A74>!4>!3C0!0>3480!1439!?G!Y4D262L!
-?80! 3C7>! hPRRR! B0?BF0! 1?>508A0@! 73! Y?>@0F0! 678W03! 7D! 078F9! 7D! fLRR! 7L6!
@067>@4>A! 3C0! 4660@4730! 80F07D0! ?G! >734?>7F! B80D4@0>347F! 80D2F3D! HC4F0!
@4D328E7>10D! 7FD?! 082B30@! 4>! ?3C08! B783D! ?G! 3C0! 3?H>! H43C! 84?3?2D! 6?ED!
57>@7F4V4>A!7>@!F??34>A!G8?6!DC?BD!B0810450@!3?!E0F?>A!3?!B0?BF0!HC?!H080!`>?>O
4>@4A0>?2DaL! -8L! Y487A2! 4>G?860@! 3C0! )?664DD4?>! 3C73! 84?3D! 3C0>! DB807@! 3?!
Y?>@0F0P! +97F0>@7P! &3?>A?F?P! +9767D7847! 7>@! -7>97337L! %C0! 84?308D! H080!
4>4347FF9! @4DB08D0@! E23! 3C09! 80A8?2B0@! 7>@! 54?F0>3F9! D3?860@! 4>3?! 3C0! 10>308! ?G!
3C0!1439!HC080!3C09!0>A7A0@!4>!57>@7F4D6!7>@!F??34>A! ?G!B8?B0839L!&>! 3C0!D760!
@79!S!B0?BF0!H080!E28>3!3?!@073C!4>D4@0!-4>?W4!K24F@4>A!HC0>!3C080!H7D!67DD450!
F??34>A!H43C4>!3C0!3?H>L!
!

$,- !

!
-8L! Y487A2[D! 054@0>10! 1?>128D! H43C! 3C0! :)[D! 30D346?>9! 3C73! G8?6! gR! J0106E08!
QRRSP!54?F0>10!H?2F@!D3783!@284>A!3C0!@79!7>@!3C0!84?34>A!6?ED!H?2F@!8038073!73!
>4AC3! 7>@! 7DD06EF0! 3C0! G?FF?H4>A! @79! 3?! D3783! 7A74>L! ! (11?8@4>A! 3?! 3C0! :)P!
Y4D262!)439!H7D!378A030@!G8?6!3C800!@480134?>D!HC080!3C0!84?34>A!6?ED!EF?1W0@!
3C0! 674>! 0>389! B?4>3D! 3?! 3C0! 1439M! Y4D262O+748?E4! C4ACH79! 73! Y78?W4c! Y4D262O
Y7W760A7! 73! Y?>@0F0c! 7>@! Y4D262OK2D47! 73! 3C0! 874FH79! \2>134?>L! ;4?F0>10!H7D!
3C0>!@480130@!3?!Y?>@0F0!7807!7>@!3C0!?3C08!?23DW483D!?G!Y4D262L!!
!

%C0! 54?F0>10! 3C0>! 7DD260@! 7>! 03C>41! @460>D4?>! HC080! 43! H7D! 378A030@! 73!
80D4@0>347F! E24F@4>ADP! 1?6608147F! E24F@4>ADP! E2D4>0DD! 10>380D! 7>@! 0>308B84D0D!
B783412F78F9! E0F?>A4>A! 3?! 3C0! Y4W292! 7>@! -082! 7>@! F7308! 3C0! Y76E7! 7>@! Y4D44!
1?662>4340DL! $464F78! 054@0>10! H7D! 7FD?! A450>! E9! Y+)=*L! %C0! E28>4>A! 7>@!
F??34>A! ?G! E2D4>0DD! B8064D0D! E0F?>A4>A! 3?! D?60! >?>O"2?! 4>@454@27FD! 7>@! 7FD?!
1?6B7>40D! 3C73! H080! @0060@! 7D! G?804A>! 7GG0130@! )87308! (23?! -?3?8DP! -4>?W4!
=?2D0P! *76AC7847! $4>AC! *7EC7P! UWH7F7! $2B08678W03P! #67>4! )91F0! =78@H780P!
K737!DC?0!DC?BDP!(FBC7!=?2D0P!I76?87A08!$4>AC!$08508P!#67>4!)91F0!=78@H780P!
.7D3! (G8417>! )7EF0D! $3?1W4D3P! +\784! .>308B84D0DP! (FFW?C?FDP! K8?>30/! =?2D0! 7>@!
3C0!A8?2>@!GF??8!?G!$H7>!)0>308LdhR!

K9! gR! J0106E08! QRRSP! H43C! B80D4@0>347F! 80D2F3D! 903! 3?! E0! 7>>?2>10@! 3C0!
I?508>60>3P! 711?8@4>A! 3?! '73C08! )C78F0D! &F??! Y[! &1C40F! ?G! 3C0! )73C?F41! :0710!
7>@!_2D3410!)?664DD4?>P!E01760!7!378A03!G?8!50>34F734?>!?G!B2EF41!7>A08!D4>10!!

`!.5$!@$&@,$!?$,.!.5*.!.5$!&',%!,*'B-*B$!.5*.!.5$%!4&-,(!+@$*>!!=*+!#%!
*4.:'B!*B*:'+.!.5$!+%+.$<!.5*.!(:(!'&.!*(()$++!.5$:)!@,:B5.6!.5$:)!>:'(!
&?!+-??$):'B6!.5$:)!>:'(!&?!@*:'!*'(! 3! =&-,(!+*%!.5*.!:.!:+!'&.!.5*.! .5$!
@$&@,$! =$)$! @)$@*)$(! .&! ($+.)&%! *'%! c&A$)'<$'.! :'+.:.-.:&'+! #-.! 3!
.5:'>!.5$%!=$)$!)$*4.:'B!.&!.5$!$h4$++:A$!?&)4$!-+$(!#%!.5$!@&,:4$!*'(!
.5$!cUg/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$&*
!Q.4!K!1!-'D!

$)* !

!
%C080!H080!73306B3D!3?!466?E4F4V0!I?508>60>3!?B08734?>D!3C8?2AC!3C0!@4AA4>A!?G!
380>1C0D! 7>@! E788417@4>A! ?G! 8?7@DP! E28>4>A! 7>@! ?508328>4>A! ?G! I?508>60>3!
50C41F0DL!%C0!)?664DD4?>!C078@!3C73!84?308D!4>57@0@!3C0!H7308!1?6B7>9[D!?GG410D!
HC080! 3C09! F??30@P! D03! 7EF7V0! 3C0! 674>! ?GG410! 7>@! E28>3! dS! 6?3?8! 50C41F0D! 7>@!
?>0!6?3?8!191F0L!:?F410!67>7A0@!3?!@4DB08D0!3C0!84?308D!E0G?80!3C09!1?2F@!D03!3C0!
0>3480!E24F@4>A!?>!G480L!!

%C0! )?664DD4?>! C078@! 3C73! 3C0! B?F410! W0B3! 1C7D4>A! 3C0! 18?H@D! 7>@! 2D4>A! 3078!
A7D!2>34F!3C09!050>327FF9!807F4V0@!3C09!1?2F@!>?3!1?>374>!3C06!H43C?23!2D4>A!F450!
G480P!7>@!-8L!Y487A2!3??W!3C0!@014D4?>!3C73!F450!7662>434?>!H7D!3?!E0!2D0@M!!

"C5:+! :+! .5$! .:<$! =$! '&=! ($4:($(! .&! -+$! ,:A$! ?:)$! .&! $'+-)$! .5*.!
#-:,(:'B+! (&! '&.! 4&'.:'-$! #$:'B! #-)'.! *'(! #%! +&! (&:'B6! =$! <*'*B$(!
.&! 45*+$! .5$! ):&.$)+! &-.! &?! .5$! .&='! *'(! .5$%! )$.)$*.$(! .&! .5$!
$+.*.$+R/!

%C0! :)! D3730@! 3C73! 4>D382134?>D! 3?! 3C0! (@64>4D38734?>! :?F410! H080! 1C7>>0FF0@!
G8?6!+748?E4!3C8?2AC!C46!7>@!4>!3C0!1?28D0!?G!gR!J0106E08P!7!I$U!BF73??>P!bR!
80A2F78! B?F410! 7>@! bR! ?GG4108D! G8?6! 3C0! *7B4@! J0BF?960>3! U>43! ]*JU^! ?G! 3C0!
(@64>4D38734?>!:?F410!H080!\?4>3F9!@0BF?90@!2>@08!3C0!1?667>@!?G!3C0!&):J!-8L!
$46?>!Y487A2P!E84>A4>A!C4D!3?37F!67>B?H08!3?!6?80!3C7>!gRR!D0128439!B08D?>>0F!
D2BB?830@! E9! 30>! 50C41F0DL! %C0! *JU! 7>@! I$U! H080! 7DD4A>0@! DB014G41! D013?8D! 3?!
1?508! 7>@! H?8W0@! 4>@0B0>@0>3F9! HC4F0! 3C0! (@64>4D38734?>! :?F410! ?GG4108D! H080!
B23! 3?A03C08! H43C! 3C0! 80A2F78! B?F410L! (G308! 3C0! F0DD?>D! ?G! 3C0! B8054?2D! @79[D!
82>>4>A! E733F0D! 7>@! 3C0! @4GG412F39! ?G! 1?>38?FF4>A! 3C0! C2A0! 18?H@DP! 3C0! &):J!
06E78W0@! ?>! 7! @0BF?960>3! B73308>! HC41C! H?2F@! F?1W! 3C0! B0?BF0! G8?6! 0>3084>A!
3C0! 674>! 1439! 7>@! 1?>374>4>A! 3C06! H43C4>! 3C0! DF26! 0D3730D! ?G! +97F0>@7P!
-7>97337P!+9767D7847P!Y?>@0F0P!-76E?F0?P!&3?>A?F?P!K7>@7>4!7>@!Y7>97W2?8L!
!
#>! ?8@08! 3?! 0>D280! 3C73! 3C0! 18?H@D! @4@! >?3! 0>308! 3C0! 10>387F! E2D4>0DD! @4D38413P!!
3C0!&):J!BF710@!`F?1WO2BDa!3?!B8050>3!B0?BF0!G8?6!B7DD4>A!7>@!A?4>A!?>!4>3?!3C0!
3?H>!10>308!73!5784?2D!0>389!B?4>3DP!4>1F2@4>A!&E2>A7!>0/3!3?!Y0>97!K80H0840D!
@0B?3P! K2D47! 8?7@! 73! 3C0! 874FH79! 18?DD4>A! 3?! 1?>374>! 3C0! B0?BF0! G8?6! K7>@7>4!
7>@! &3?>A?F?! 7>@! 73! 3C0! *74FH79! D3734?>L! &3C08! F?1W2BD! H080! BF710@! 73! $H7>!
$)$ !

!
10>380! ]HC41C! H7D! 378A030@! 7>@! E28>3! E9! 84?34>A! 6?ED! ?>! J0106E08! Qe3C^P!
Y767D4P! -7W7D06E?!*?7@P! -082P!3C0! 674>!E2D!D3?BP! Y7DC?W!_2>134?>P! %2DW9D!
$2B08678W03P! Y4E290! 7>@! 73! Y?>@0F0! 1439! 1F?1WL! (11?8@4>A! 3?! 3C0! &):JP! 30>!
50C41F0D! D2BB?830@! 3C0! F?1W2BD! 7>@! B738?FF0@! 3C0! 8?7@D! H43C4>! 3C0! 0D3730D! 3?!
6?>43?8!3C0!D432734?>L!
!

#>! 3C0! 607>3460P! 3C0! 8?7@D! C07@4>A! 3?! Y7W760A7P! K2D47! 7>@! +748?E4! H080!
C0754F9!E788417@0@!E9!84?308D!HC?!2D0@!E4A!8?1WDP!B?D3D!7>@!E28>4>A!3980D!HC41C!
67@0! 43! @4GG412F3! G?8! 7>9E?@9! 3?! B7DD! 3C8?2AC! 2>F0DD! 2>@08! B?F410! 0D1?83L! -8L!
Y487A2!D3730@!3C73!3C0!?8@08D!?>!3C0!2D0!?G!F03C7F!G?810!80674>0@!7BBF417EF0L!&>!
gR! J0106E08P! -8L! Y487A2! 4>G?860@! 3C0! )?664DD4?>! 3C73! ?508! dPRRR! 84?308D!
7860@! H43C! B7>A7D! 7>@! 82>A2D! G?810@! 3C048! H79! 4>3?! 3C0! "7W0! K7D4>! (23C?8439!
?GG410D!H43C4>! -4A?D4!7807!>078!Y?>@0F0!HC080!3C09!D3?F0!2>W>?H>!X27>34340D!?G!
8410P!E07>D!7>@!674V0L!!:?F410!H080!G?810@!3?!2D0!F450!7662>434?>!D?!3C73!3C0D0!
D3?80D!1?2F@!E0!B8?30130@!G8?6!E04>A!E28>0@!7>@!g!84?308D!H080!DC?3!@07@L!!!
!

"7308P!6?80!3C7>!gPRRR!84?308D!73306B30@!3?!D3?86!-0A7!)439!$2B08678W03!HC080!
3C09! E28>3! 7! Y0>?F! B038?F! D3734?>! F?1730@! 7F?>A! +748?E4! *?7@! HC4F0! 7FD?!
73306B34>A! 3?! D3?86! 3C0! ?GG410D! ?G! 3C0! H7308! 1?6B7>9! E23! H080! @4DB08D0@! E9!
?GG4108D! 2>@08! 3C0! &):J[D! 1?667>@! 2D4>A! F450! 7662>434?>! 7>@! 3C?2AC! >?>0!
@40@!73!3C0!D10>0!D05087F!H080!E0F4050@!3?!C750!E00>!H?2>@0@!E9!3C0!E2FF03DL!-8L!
Y487A2! G283C08! D3730@! 3C73! D?60! 541346D! ?G! 3C0! 7E?50! DC??34>AD! H080! DC?3!
7114@0>37FF9! E9! D3879! E2FF03D! 7>@! W4FF0@! HC4F0! 4>! 3C0! D7G039! ?G! 3C048! C?2D0DL!
Y4D262! )0>387F! :?F410! $3734?>! 801?8@0@! gf! 17D0D! ?G! DC??34>AP! Y?>@0F0! :?F410!
$3734?>!QR!HC4F0!j!17D0D!H080!G8?6!?23D4@0!Y4D262!62>414B7F439L!$05087F!?G!3C0!
541346D! C7@! 62F34BF0! A2>DC?3! H?2>@DL! %C0! 7BB8?B84730>0DD! ?8! ?3C08H4D0! ?G! 3C0!
B?F410!371341D!780!@07F3!H43C!73!F0>A3C!4>!5?F260!Q!?G!3C4D!80B?83L!

(11?8@4>A!3?!-8L!Y487A2P!Y4D262!0/B0840>10@!3C0!H?8D3!54?F0>10!?>!gd!J0106E08!
QRRS!HC41C!H7D!?G!0/38060F9!C4AC!67A>432@0!7>@!Qb!84?308D!H080!1?>D0X20>3F9!
DC?3!@07@!E9!B?F410L!%C0!H43>0DD!@0D184E0@!3C0!6?ED!7D!E04>A!`5089!7AA80DD450aP!
1C78A4>A! 3?H78@D! B?F410! ?GG4108D! 7>@! D3?>4>A! B?F410! 50C41F0D! 7>@! B?F410! ?GG4108DL!

$)+ !

!
%C4DP!C0!D74@P!B8?6B30@!3C0!B?F410!3?!2D0!F450!7662>434?>!3?!@4DB08D0!3C0!84?308D!
7>@!3?!67W0!D280!3C73!3C0!8?7@D!H080!B7DD7EF0M!!
"C5:+!:'4,-($(!$'+-):'B!.5*.!.5$!?-$,!<$*'.!?&)!gB*'(*R5*(!.&!@*++!
.5)&-B5! .5$! a-+:*! )&*(! =5:45! =*+! 5$*A:,%! #*)):4*($(! =:.5! #-)':'B!
.%)$+6! @&+.+! *'(! $A$'! +&<$.:<$+! +5$,,+! &?! <&.&)! A$5:4,$+2! C5$!
c&A$)'<$'.! &?! 8$'%*! =*+! *,+&! -'($)! @)$++-)$! .&! $'+-)$! .5*.! ?-$,!
<$*'.!?&)!gB*'(*!)$*45$+!.5$!($+.:'*.:&'!+*?$,%R:.!=*+!A$)%!(:??:4-,.!
?&)!-+2/!
!

:783!?G!3C0!Y0>97!UA7>@7!874FH79!H43C4>!3C0!3?H>!H7D!7FD?!2B8??30@L!-8L!Y487A2!
D3730@! 3C73! 73! 3C0! 3460! 7>@! HC4F0! 3C0! B?F410! C7@! 7>3414B730@! 7! D10>784?! ?G!
10F0E8734?>! HC41C! 1?2F@! C750! 328>0@! 54?F0>3P! 3C0! 18?H@D! HC41C! 0>A7A0@! 3C0!
B?F410!4>!82>>4>A!E733F0D!G8?6!D38003!3?!D38003!H080!D?!C2A0!D21C!3C73!3C0!B?F410!
H080!?508HC0F60@L!#3!H7D!3C0!&):J[D!30D346?>9!3C73!3C0!D432734?>!@4@!>?3!07D0!
7>@! 84?3D! 1?>34>20@! ?>! 7! @74F9! E7D4D! G8?6! gd! J0106E08! H43C! 6?ED! 80380734>A!
071C! 050>4>A! 7>@! 80O1?>508A4>A! ?>! 3C0! G?FF?H4>A! @79! HC41C! E01760! 7! @74F9!
8?234>0! ?>F9! 0EE4>A! ?>! Qd! _7>2789! QRRf! HC0>! 7>! .1260>417F! B87908! 60034>A!
H7D!C0F@!4>!Y4D262! 1439!D37@426!HC080!80F4A4?2D!7>@!B?F43417F! F07@08D!7BB07F0@!
G?8! B0710L! <43C! 3C0! 60@4734?>! 37FWD! B8?100@4>A! 4>! +748?E4P! 17F6! H7D! DF?HF9!
80328>4>A! 3?! Y4D262! 7>@! 3C0! D432734?>! ?>F9! D2ED4@0@! 7G308! 3C0! +734?>7F! (11?8@!
H7D!D4A>0@L!#>!3?37FP!B?F410!71W>?HF0@A0@!C754>A!DC?3!@07@!hf!B0?BF0!4>!Y4D262!
3C?2AC! '73C08! Y[! &1C40F! 3??W! 3C0! 540H! 3C73! 3C0! >26E08! ?G! 7FF0A0@! B?F410!
DC??34>AD! H080! 2>@08O80B?830@L! <0! 7A800! H43C! 3C73! 7DD0DD60>3! D4>10! 3C0!
)?664DD4?>! 8010450@! 80B?83D! 7>@! B?D3! 6?8306D! 1?>G4864>A! 3C73! 73! F07D3! je!
B0?BF0! H080! DC?3! @07@! 4>! Y4D262! 4>! 3C4D! B084?@L! -8L! Y487A2! 4>G?860@! 3C0!
)?664DD4?>!3C73!B?F410!C7@!7880D30@!7>@!1C78A0@!7!3?37F!?G!ef!D2DB013DL!

>@78!$8:!

-8L! _4669! -2>0>0! 7! $0>4?8! $2B084>30>@0>3! ?G! B?F410! 4>! 1C78A0! ?G! =?67! K79!
@454D4?>7F! B?F410! C07@X278308D! D3730@! 3C73! B84?8! 3?! 0F0134?>Dc! C0! C7@! 8010450@! 7!
3?37F!?G!bR!>0H!?GG4108D!G8?6!7!3?37F!?G! SfL!=0!D3730@!3C73!54?F0>10!4>!=?67!K79!
1?660>10@! ?>! Qe3C! J0106E08P! QRRS! 73! jLRR! BL6L! 7>@! 3??W! 3C0! B?F410! E9!
D28B84D0L!%C0!1?>G8?>3734?>!E03H00>!3C0!84?308D!7>@!3C0!B?F410!HC41C!678W0@!3C0!
$)% !

!
?>D03! ?G! 1?>GF413! 3C73! H7D! 3?! 8?1W! 3C4D! B783! ?G! "2?! +97>V7! F7D30@! 6?80! 3C7>! 7!
6?>3CL! &>! 3C4D! @79P! 3C0! B8?30D308D! H080! @4DB08D0@! 2D4>A! 3078! A7D! 3C?2AC! 3C0!
&):J! 7@64330@! 8010454>A! 4>G?86734?>! 3C73! ?>0! B08D?>P! $7620F! &340>?! &W2>A2P!
H7D!DC?3!@07@!E9!B?F410!73!$C7284!-?9?!.D3730dhdL!!
!
%C0! &):J! D3730@! 3C73! ?>! gR3C! J0106E08P! QRRS! C0! @0BF?90@! 7FF! C4D! 7574F7EF0!
?GG4108D! 3?! 7FF! 5437F! BF710DO! 3C0! K7>WP! =?DB437FDP! )0807F! K?78@P! <7308! $0134?>DP!
B038?F! D3734?>D! 7>@! 3H?! D2B08678W03D! H43C4>! 3C0! 3?H>L! %C73! >?3H43CD37>@4>AP!
54?F0>10! 082B30@! 4>! 7FF! 1?8>08D! ?G! 3C0! 3?H>P! H43C! 7! 18?H@! ?G! 6?80! 3C7>! bPRRR!
B0?BF0! E788417@4>A! 8?7@DP! F??34>A! 7>@! 57>@7F4V4>A! E2D4>0DD! B8064D0D! ?H>0@! E9!
Y4W292P! Y4D44! 7>@! Y76E7L! ! (G308! 7>>?2>1060>3! ?G! 3C0! B80D4@0>347F! 0F0134?>!
80D2F3P!84?308D!D3?860@!3C0!J454D4?>7F!?GG410D!7>@!E28>0@!3C0!674>!?GG410!EF?1WP!g!
IY!50C41F0D!7>@!7!6?3?8!191F0L!(>?3C08!6?E!D3?860@!3C0!G4DC0840D[!?GG410D!HC080!
3C09! E28>0@! 3C800! 50C41F0D! 7>@! 3C0! 674>! ?GG410! 7>@! ?>0! B08D?>! H7D! 80B?830@F9!
W4FF0@L!
!
(FF! 7574F7EF0! gRR! 80A2F78! B?F410! ?GG4108D! 7FD?! @87H>! G8?6! 3C0! 8287F! 7807D! 7>@!
B84D?>! H78@08D! G8?6! =?67! K79! :84D?>! H080! @0BF?90@! H43C4>! 3C0! 3?H>! 10>380!
HC080! 54?F0>10! H7D! 1?>10>38730@! H43C! 7! 540H! 3?! D01284>A! 3C0! 674>! 3?H>! G8?6!
3?37F!@0D382134?>L!%C0!)?664DD4?>!H7D!3?F@!3C73!54?F0>10!1?>34>20@!4>!3C0!3?H>!
548327FF9! 071C! 7>@! 05089! @79! 2>34F! 3C0! +734?>7F! (11?8@! H7D! D4A>0@! 4>! F730!
'0E82789!QRRfL!!
!

%C0!H43>0DD!G283C08!D3730@!3C73!C0!C7@!4>D382130@!7FF!3C0!?GG4108D!>?3!3?!2D0!F450!
7662>434?>! 7>@! 73! G48D3! ?>F9! 3078! A7D! H7D! 2D0@! E23! ?>10! 3C0! D432734?>!
@03084?8730@P!B?F410!H080!G?810@!3?!2D0!F450!7662>434?>!3?!D1780!3C0!6?ED!3C?2AC!
3C0!4>D382134?>D!80674>0@!3C73!3C0!?GG4108D!H080!>?3!3?!DC??3!73!B0?BF0!E23!4>!3C0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$&$
! eA!140!:6H0!56>!140!eMRS!6=XA3;L05905!46#!A9!20=0!#05!:!H!L62!20J321:!1461!3A0!@0AA05>!e1!0A3!e53>3!465!
6L:3!K00A!:431!61!140!J0L#!=!6206!6A5!465!5!05!61!<4682!!W6X3!0:1610!;4!L0!C>=L!??0!e=4!0A9!eL0L6!;6:!?38A5!L>!A9!
5065!6L3A9!140!I6A9;0!O!e>89!:!2365!;!14!98A!:431!;38A5:!!A!140!6K53H0A"!
!

$)& !

!
748L!#>!DB430!?G!3C0D0!4>D382134?>D!g!@073CD!H080!80B?830@!7D!7!80D2F3!?G!A2>DC?3!
H?2>@D!7>@!-8L!-2>0>0!7A800@!3C73!C4D!?8@08D!H080!@4D?E090@L!!
!

/5B@95!]!-@?B@!

&>! C4D! B783P! -8L! .@H78@! -H76E284! 3C0! $0>4?8! $2B084>30>@0>3! ?G! :?F410! 4>!
1C78A0! ?G! -4A?84! T! *?>A?! B?F410! @454D4?>D! D3730@! 3C73! C0! H7D! 4>5?F50@! 4>! B80!
0F0134?>! D0128439! 7887>A060>3D! G8?6! (2A2D3! QRRSL! ! =0! D74@! C0! H7D! 80X2480@! 3?!
B8?54@0!Q!B?F410!?GG4108D!071C!3?!7!3?37F!?G!D?60!dPQgf!B?FF4>A!D3734?>D!H43C4>!C4D!
@454D4?>! G?8! 3C0! B?FF4>A! @79! ?>! QS3C! J0106E08! QRRSL! $4>10! C0! ?>F9! C7@! 73! C4D!
@4DB?D7F! dSh! B?F410! ?GG4108DP! C0! 80X20D30@! G?8! 7@@434?>7F! 804>G?81060>3D! 7>@!
8010450@! D?60! hRR! +734?>7F! ,?23C! $085410! 60>! 7>@! H?60>! G8?6! +748?E4P! QRh!
(@64>4D38734?>! B?F41060>!G8?6!-4A?84! 7>@!*?>A?!J4D38413DP! dQQ!:84D?>!<78@08D!
G8?6! -4A?84! IY! :84D?>! 7>@! f! G?80D3! A278@D! G8?6! 3C0! J4D38413! '?80D3! &GG410! HC?!
H080!7FF!7BB?4>30@!DB0147F!B?F410!?GG4108D!4>!711?8@7>10!H43C!3C0!B?H08D!1?>G0880@!
?>!3C0!)?664DD4?>08!?G!:?F410c!HC41C!A750!C46!7!3?37F!?G!dPQSh!B?F410!?GG4108DL!
#3! H7D! C4D! 30D346?>9! 3C73! C0! C7@! B80B780@! 7>! ?B08734?>! ?8@08! H43C! 80A78@! 3?!
D?60! B8017234?>789! 607D280D! 4>! 7>3414B734?>! ?G! HC73! 1?2F@! C7BB0>! 7G308! 3C0!
0F0134?>D! 674>F9! 4>5?F54>A! A278@4>A! ?G! 5437F! 4>D37FF734?>D! D21C! 7D! =?DB437FDP!
K7>WD! 7>@! )?6608147F! 2>@0837W4>AD! H43C4>! -4A?84! J4D38413L! (G308! B0710G2F!
B?FF4>A!7>@!80104B3!?G!80D2F3DP!C0!D3730@!3C73!3C0!Qe3C!?G!J0106E08!QRRS!E8?2AC3!
7! 82@0! DC?1W! H43C! 7! C2A0! 18?H@! ?G! B0?BF0! @0D10>@4>A! G48D3! ?>! 3C0! -4A?84O
#D0E7>47OY4D44! =4ACH79! 7>@! 3C0>! ?>! -4A?84! %?H>DC4B! 1C7>34>A! &J-! DF?A7>DL!
%C0! )?664DD4?>! C078@! 3C73! 3C4D! 18?H@! DH0FF0@! H43C4>! 7! DC?83! 3460! 7>@! D37830@!
F??34>A!H43C4>!3C0!DC?BB4>A!10>308L!%C0!B?F410!3840@!3?!2D0!3078A7D!E23!3C0!18?H@D!
H?2F@! >?3! 80F0>3! 7>@! 3C73! 78?2>@! 3C0! D760! 3460P! D464F78! 050>3D! H080! 37W4>A!
BF710! 4>! (H0>@?! 7>@! *?>A?! J4D38413DL! $4>10! 3078! A7D! H7D! >?3! 0GG013450P! -8L!
-H76E284!D3730@!3C73!C0!4DD20@!7>!?8@08!G?8!3C0!?GG4108D!3?!2D0!G480786DdhQL!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$&+
!The Operation order directed that first, officers were to use teargas and if that was not effective, then they were to
switch on to the rubber balls and later on if there was real danger to loss of property and life, then would proceed to
use firearms.

!
$)' !

!
!

<C4F0! 3C0! &):J! C7@! 7>3414B730@! @07F4>A! H43C! F7HG2F! @06?>D38734?>D! C0! H7D!
DC?1W0@! ?>10! 3C0! 4>4347FF9! B0710G2F! @06?>D3873?8D! >26E084>A! 7E?23! hPRRR!
73306B30@!3?!6?50!3?!3C0!-4A?84!:84D?>L!$?60!4>!3C0!18?H@!H080!178894>A!D341WDP!
B7>A7D!7>@!D3?>0D!7>@!-8L!-H76E284!@014@0@!C0!H?2F@!>?3!F03!3C06!8071C!3C0!
IY! :84D?>! 4>! -4A?84! 2B?>! HC41C! C0! 4>30850>0@L! (D! 3C0! 54?F0>10! B8?A80DD0@P! C0!
D3730@!3C73!C0!G?2>@!43!7ED?F230F9!>010DD789!3?!2D0!F450!7662>434?>!3?!G480!4>!3C0!
748!4G!?>F9!3?!D1780!3C0!@06?>D3873?8D!HC?D0!67A>432@0!3C80730>0@!3?!?508HC0F6!
3C0!gRR!?GG4108D!73!C4D!@4DB?D7FL!#>!C4D!540HP!3C0!D432734?>!H7D!D?!2>2D27F!3C73!7!
E73?>! 1C78A0! H7D! 4>7BBF417EF0! D4>10! 3C0! 18?H@! H7D! 7F6?D3! ?508HC0F64>A! 3C0!
B?F410!7>@!D?60!G737F4340D!050>327FF9!80D2F30@!HC0>!F450!G480!H7D!2D0@L!!

%C0! )?664DD4?>! C078@! 3C73! 3C4D! G48D3! @06?>D38734?>! 384AA080@! ?GG! 7! D0840D! ?G!
@06?>D38734?>D! G8?6! Qe! J0106E08! ?>H78@D! 4>1F2@4>A! 3C0! E788417@4>A! ?G! 3C0!
-4A?84l(H0>@?l*?>A?lY4D44!=4ACH79!HC41C!4D!7!67\?8!A730H79!3?!3C0!%7>V7>47>!
E?8@08!3?H>!?G!#D0E7>47L!(11?8@4>A!3?!3C0!&):JP!!

";%! E&)(+6! .5$%! >$@.! &'! B&:'B! $A$)%! (*%! *'(! #*)):4*(:'B! .5$! )&*(!
$A$)%(*%!*'(! =5$'$A$)! =$!<*($!+&<$!<&A$+!.&!)$<&A$! .5$!+.&'$+6!
.5$! @,*4$! .5*.! =$! 5*(! 4,$*)$(6! =5$'! =$! B&! .&! .5$! &.5$)! (:)$4.:&'! &'!
4&<:'B! #*4>! .5&+$! +.&'$+! =$)$! #*4>! :'! @,*4$! :?! '&.! <&)$! .5*'! .5$!
:':.:*,!&'$+!.5*.!=$)$!@,*4$(!&'!.5$!)&*(+/!

-8L! -H76E284! 4>G?860@! 3C0! )?664DD4?>! 3C73! dd! B0?BF0! H080! W4FF0@dhg! 4>! 3C0!
B8?10DD! ?G! X20FF4>A! 3C0D0! 84?3DL! (! 3?37F! ?G! jdQ! #J:DP! 67\?8439! ?G! 3C06! E2D4>0DD!
B0?BF0!4>!3C0!7807P!176B4>A!4>!B?F410!D3734?>D!H080!3C80730>0@!H43C!73371W!E9!3C0!
F?17FD!7>@!7! @014D4?>!3?!6?50!3C06!3?! +7W282! H7D!37W0>!7G308!6?ED!73306B30@!
3?!4>57@0!Y767A76E?!:?F410!$3734?>!H43C!3C4D!4>30>34?>L!%C0!)?664DD4?>!C078@!
3C73!7!B?F410!?GG4108!H7D!W4FF0@!73!$?84!4>!Y78?>A?!@454D4?>!E9!6?ED!HC?!B0810450@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$&%
!7==325!A9!13!T2"!T;6HK82!B!:3H0!3?!140!K35!0:!;020!=3LL0=105!?23H!140!43:J!16L!6A5!K82!05!K>!20L61!#0:!:0=201L>!
;!14381!A31!=0"!

$)( !

!
C46! 3?! E0! G8?6! 7! B783412F78! 384E0L! (! 3?37F! ?G! jQ! B0?BF0P! 674>F9! 9?23CP! H080!
7880D30@!E23!6?D3!H080!80F07D0@!0/10B3!G?8!df!HC?!H080!78874A>0@!4>!)?283L!!

&>!g!_7>2789!QRRfP!73!$3L!)764FF7[D!B738?F!E7D0P!@06?>D3873?8D!73371W0@!B?F410!
?GG4108D! 7>@! D>731C0@! 7! Ig! 84GF0! G8?6! ?>0! ?G! 3C0! ?GG4108D! HC?! H7D! 4>\280@L! %C0!
G480786!H7D!801?5080@!b!@79D!7G308H78@D!H43C?23!3C0!7662>434?>L!'283C08P!G?28!
B?F410!?GG4108D!H080!4>\280@!@284>A!3C0!B084?@!?G!3C0!54?F0>10L!-8L!-H76E284!3?F@!
2D!3C73!C0!H7D!387>DG0880@!3?!7>?3C08!D3734?>!?>!h3C!'0E82789!QRRfL!!

,7C824!@H!4D1!<5@G1?21!

<0! C078@! G8?6! 3C0! +97>V7! :)! 3C73! E9! dd3C! '0E82789! QRRfP! dRQ! B0?BF0! H080!
80B?830@! @07@! 7>@! jfb! B0?BF0! 4>\280@! 4>! 3C0! B8?54>10! HC4F0! hRPRRR! >?>O"2?D!
C7@! 0/430@! 3C0! B8?54>10L! e! A?508>60>3! ?GG410DP! Sg! E2D4>0DD! B8064D0D! 7>@! hdb!
80D4@0>347F! C?2D0D! H080! F??30@! ?8! E28>3! 718?DD! 3C0! :8?54>10L! bR! A?508>60>3!
50C41F0D!H080!@0D38?90@P!dj!B2EF41!D085410!50C41F0D!@767A0@!674>F9!?>!3C0!8?7@D!
?8!HC080!3C09!C7@!E00>!B78W0@!7>@!7>?3C08!dj!50C41F0D!H080!@767A0@dhhL!QPffj!
B0?BF0! D?2AC3! 80G2A0! 7D! #J:D! H43C4>! 3C0! 3?H>L! %C0! )?664DD4?>! C078@! 3C73! 3C0!
B8?54>10!8010450@!dQjPfQd!80328>00D!G8?6!?23D4@0!+97>V7!E0172D0!3C09!C7@!E00>!
0\0130@! G8?6! ?3C08! B8?54>10D! ?8! 3C09! G0780@! 1?>34>24>A! 3?! D379! 4>! 3C?D0! BF710D!
6?D3!?G!HC?!H080!37W0>!4>!E9!G840>@D!7>@!80F73450D!?8!C480@!BF710D!3?!D379!H43C4>!
3C0!B8?54>10L!
!
%C0! :)! @4@! >?3! @4DB230! 3C0! G713! 3C73! 7! F78A0! B0810>37A0! ?G! 3C0! B0?BF0! HC?! F?D3!
3C048!F450D!@4@!D?!3C8?2AC!A2>!DC?3D!7>@l!?8!E2FF03!H?2>@D!HC41C!H7D!1?>G4860@!
E9!3C0!:8?54>147F!-0@417F!&GG4108!?G!=07F3C!J8L!_71WD?>!Y4?W?!HC?!A750!054@0>10!
3C73! eRm! ?G! 3C0! @073CD! 4>! +0H! +97>V7! I0>087F! =?DB437F! H080! G8?6! A2>! DC?3DL!!
<0! G283C08! C078@! 3C73! 3C800! D0128439! B08D?>>0F! H080! W4FF0@! 4>! 3C0! 1?28D0! ?G!
D2BB80DD4>A!3C0!54?F0>10L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$&&
!G40!H6b32!1>!3?!140:0!#04!=L0:!;020!50:123>05!!A!@!:8H8B!I6=483A>3B!T!932!!6A5!Y3H6!D6>!S!:12!=1:.!!!

$), !

!
!

J8L!_71WD?>!Y4?W?!D3730@!3C73!3C?2AC!3C0!:8?54>10!C7@!B23!4>!BF710!D9D306D!4>!
3C0!C07F3C!G714F4340D!G?8!@4D7D308!B80B780@>0DDP!3C09!C7@!>?3!7>3414B730@!54?F0>10!
?G! 3C0! 67A>432@0! 3C73! ?112880@! 4>! 3C0! B?D3O0F0134?>! B084?@L! =0! 7FD?! B8?54@0@! 7!
E807W@?H>!?G!17D27F340D!G8?6!3C0!5784?2D!@4D38413DdhbL!(11?8@4>A!3?!C46P!3C0!3?37F!
>26E08! ?G! @073CD! 801?8@0@! 73! 3C0! +0H! +97>V7! :8?54>147F! I0>087F! =?DB437F! H7D!
jh!HC4F0!7>?3C08!bg!E?@40D!H080!E8?2AC3!4>!G8?6!?23D4@0!3C0!C?DB437FL!=0!G283C08!
D3730@!3C73!dQe!B0?BF0!E0784>A!A2>DC?3!H?2>@D!H080!E8?2AC3!4>L!=?H0508P!4>!3C0!
-7D7E7!K?87E2!7807P!C0!D3730@!3C73!6?D3!?G!3C0!17D27F340D!8010450@!E?80!F?@A0@!
788?H! C07@D! 7>@! H080! 80G0880@! 3?! Y4D44L! J?13?8! Y4?W?! 3C080G?80! 71W>?HF0@A0@!
3C73! 60@417F! G714F4340D! 4>! +97>V7! H080! ?508D38031C0@! 7>@! ?508HC0F60@! @284>A!
3C4D!B084?@!7>@!3C0!>26E08!?G!17D0D!3C73!>00@0@!7330>34?>!H7D!D21C!3C73!3C080!
H7D! >?3! D2GG4140>3! C267>! 80D?2810D! 3?! 7330>@! 3?! 3C0! 17D0D! G?814>A! D28A0?>D! 3?!
DB0>@! C?28D! ?>! 0>@! 4>! 3C07380DP! "E0172D0! 4>! D?60! D432734?>D! H0! C7@! ?>F9! ?>0!
3C07380!7>@!?>0!?B08734?>!H7D!37W4>A!1F?D0!3?!3H0F50!C?28DR/!
!
=0! G283C08! B80D0>30@! D3734D341D! 1?>374>4>A! @737! G8?6! gg! B2EF41! C07F3C!
4>D343234?>D!4>!3C0!B8?54>10!E23!@4@!>?3!4>1F2@0!@737!G8?6!?508!QRR!B845730!C07F3C!
G714F4340D! 4>! 3C0! B8?54>10! 1F784G94>A! 3C73! C4D! 801?8@D! 679! >?3! C750! E00>! 5089!
80F47EF0! @284>A! 3C0! B084?@! ?G! B?D3! 0F0134?>! 54?F0>10! 7D! 801?8@! W00B4>A! 4>! B2EF41!
C07F3C! 4>D343234?>D! H7D! >?3! 1?>1F2D450! 7>@! 7D! D21C! D3734D341D! A450>! 3?! 3C0!
)?664DD4?>! 679! >?3! 80B80D0>3! 3C0! 1?6BF030! B413280L! <0! 17>! >05083C0F0DD!
D266784V0!C4D!B80D0>3734?>!7D!G?FF?HDc!

K5E49524!>@EC548G! )8E38G451E! J3?ED@4! *@!@H!


9121561A! ,?`3951E! K184DE!
I21C7! S! Q! !
=?67!K79! QS! gb! j!
*?>A?! Qd! g! O!
+976487! Qe! ! O!
+97>@?! bb! gR! g!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$&'
!G40!S3=132!:16105!1461!@!:!!!_0A026L!Y3:J!16L!1206105!J61!0A1:!K238941!!A!?23H!A0!94K382!A9!5!:12!=1:!;4!L0!T!932!!
S!:12!=1!Y3:J!16L!20=32505!6!1316L!3?!$-!50614:!6A5!+)!98A!:431!#!=1!H:!

$)) !

!
K5E49524!>@EC548G! )8E38G451E! J3?ED@4! *@!@H!
9121561A! ,?`3951E! K184DE!
Y4D262! hS! O! !
$4797! O! j! dR!
*71C2?>9?! df! g! O!
Y4D44! bf! dQ! j!
K?>@?! dQ! e! O!
-7D7E7OK?87E2! jg! ! j!
$2E7! j! j! d!
:8?54>147F!I0>L!=?DB437FOY4D262! Qbj! Sd! jh!
-4A?84! hS! Qf! d!
!

%C0! )?664DD4?>! H7D! 3?F@! E9! J8L! -78A7803! &@2?8P! 7! B73C?F?A4D3! E7D0@! 73! 3C0!
Y4D262! :8?54>147F! 7>@! I0>087F! =?DB437FP!3C73! bj! E?@40D!7>@! f! E?@9! B783D!H080!
37W0>! 3?! 3C0! +97>V7! :8?54>147F! I0>087F! =?DB437F! ?23! ?G! HC41C! bR! E?@40D! C7@!
4>@41734?>D! ?>! 3C0! 172D0! ?G! @073C! 7D! A2>DC?3! H?2>@DL! bg! ?23! ?G! 3C0! bj! E?@40D!
H080!67F0P!g!H080!G067F0!HC4F0!g!H080!?G!1C4F@80>!7A0@!F0DD!3C7>!dh!9078DL!&23!?G!
3C0! bj! E?@40DP! bR! H080! "2?L! (11?8@4>A! 3?! J8L! &@2?8! bgLj! m! ?G! 3C0! A2>DC?3!
17D27F340D!C7@!E00>!DC?3!G8?6!3C0!E71W!B?4>34>A!3?!3C0!4>G080>10!3C73!B?F410!DC?3!
B0?BF0! HC?! H080! 7F807@9! 4>! GF4AC3! 7>@! >?3! H43C! 7>! 746! 3?! 466?E4F4V0! E23! G?8!
B28B?D0D! ?G! W4FF4>A! 7>@! 67464>AL! (G308! 0/764>4>A! 3C0! E?@40D! DC0! H7D! 7EF0! 3?!
801?508!b!E2FF03DL!!

-8L!#D771!&W08?P!7!80B80D0>373450!?G!3C0!<0D3!Y0>97!"7H!$?14039P!D3730@!3C73!C4D!
?8A7>4D734?>!H7D!A7F57>4V0@!4>3?!7134?>!D?603460!4>!64@!_7>2789!QRRf!G?FF?H4>A!
3C0!W4FF4>A!?G!?>0!I0?8A0!<4FF476!&>97>A?!HC?D0!DC??34>A!H7D!E8?7@17D3!?>!3C0!
Y%+! >0HDL! ! '?FF?H4>A! 3C73! 050>3! 7>@! 3C0! B?F410! 807134?>! 3C8?2AC! :?F410!
DB?W0D67>! .841! Y48743C0! D2AA0D34>A! 3C73! 3C4D! 4>14@0>3! H7D! 7! 1?>1?134?>P! 3C09!
1?>37130@!3C0!@0107D0@!G764F9!606E08D[!7>@!G714F43730@!60@47!7110DD!3?!C4ACF4AC3!
3C73!3C4D!4>14@0>3!H7D!>?3!7!r6?540[!7D!7FF0A0@!E9!B?F410L!!!
!
%C0!$?14039!G28>4DC0@!054@0>10!1?6B84D4>A!?G!@0B?D434?>D!G8?6!7GG0130@!606E08D!
7>@! 4>G?860@! 2D! 3C73! 3C080! H7D! 7! 678W0@! 80F2137>10! G8?6! 541346D! 3?! 1?60!
G?8H78@! 7>@! 30FF! 3C048! D3?840DL! %C09! 73384E230@! 3C4D! 3?! 7! 5089! D38?>A! D2DB414?>!
7A74>D3! F7H! 0>G?81060>3! 7A0>140D! 7>@! 3C0! \2D3410! D9D306L! %C0! $?14039! G283C08!

$)- !

!
>?30@! 7B73C9! G8?6! 67>9! 541346D! HC?! @4@! >?3! G00F! 1?>G4@0>3! 3C73! 801?8@4>A!
D373060>3D! H?2F@! 80D2F3! 4>! 7>9! \2D3410L! ! '283C08P! 541346D! 0DB0147FF9! ?G! D0/27F!
54?F0>10!H080!3??!G078G2F!3?!D00W!3C0!C0FB!?G!3C0!B?F410!E0172D0!>?3!?>F9!H080!3C0!
B?F410!?3C08H4D0!0>A7A0@!E23!7FD?!@20!3?!7!G00F4>A!?G!@4D1?6G?83!G4F4>A!1?6BF74>3D!
H43C! 3C0! 4>D343234?>D! 3C73! 3C09! G0F3! H080! 7DD?14730@! H43C! 3C0! B08B03873?8D! ?G! 3C0!
54?F0>10L!!
!

(6?>A! 3C0! @0B?D434?>D! B80D0>30@! E9! 3C0! $?14039! H080! D?60! C4ACF4AC34>A! 3C0!
18460D! B08B038730@! E9! A7>AD! ?G! 9?23CD! HC?! H080! 37W4>A! 7@57>37A0! ?G! 3C0!
F7HF0DD>0DD!3C73!B80574F0@L!&3C08!@0B?D434?>D!80F730@!3?!73371WD!1C78713084V0@!E9!
03C>41! 4@0>34G41734?>! ?G! 3C0! 541346D! 4>! 5784?2D! F?17F0D! 4>! )0>387F! 7>@! *4G3! ;7FF09!
B8?54>10DL!-8L!&W08?!4>@4130@!I?508>60>3!4>D343234?>D!1C78A0@!H43C!674>374>4>A!
4>308>7F!D0128439!G?8!3C0!G74F280!3?!1?>374>!3C0!B?D3O0F0134?>!54?F0>10!4>!Y4D262P!
"<0FFP! 6?80!#! 3C4>W!1?2F@!C750!E00>!@?>0!3?!7880D3!3C0! 0D17F734?>!?G!54?F0>10!73!
3C73!3460L!!%C080!D0060@!3?!C750!E00>!?3C08!B84?84340D!3C73!3C09!D0060@!W00>!3?!
E0!0>A7A0@!873C08!3C7>!3?!D3?B!3C0!54?F0>10!7>@!3?!B8?3013!3C?D0!HC?!780!0/B?D0@!
3?!54?F0>10/2!
!

+?3H43CD37>@4>A!3C0!B?F410!508D4?>!?G!050>3D!3C73!3C09!H080!1?>G8?>30@!E9!54?F0>3!
6?ED! B8?6B34>A! 3C06! 3?! 2D0! F450! G480P! I80A?89! &>928?! +A?1C0! 30D34G40@! 3C73! C0!
H7D!DC?3!?23D4@0!C4D!C?60!7>@!3C73!HC0>!C0!H0>3!3?!80B?83!3C0!4DD20P!3C0!B?F410!
?GG4108! ?>! @239! @01F4>0@! 3?! 801?8@! 3C0! 4>14@0>3! 73! G48D3! ?>! 711?2>3! ?G! 3C0!
1?6BF74>3!E04>A!7!A2>DC?3!H?2>@L!(!D0>4?8!B?F410!?GG4108!C?H0508!4>30850>0@!7>@!
723C?84V0@! 3C0! ?GG4108! ?>! @239! 73! 3C0! 80B?83! @0DW! 3?! 37W0! 7>@! 801?8@! 3C73!
4>G?86734?>L! $464F78F9P! (F410! (340>?P! 7! G?8608! D0128439! A278@P! H7D! DC?3! 4>! 3C0!
C07@!7G308!788454>A!C?60!G8?6!C08!BF710!?G!H?8WL!$C0!C7@!7D!7!80D2F3!F?D3!C0784>A!
7>@!D4AC3!?>!3C0!F0G3!D4@0!7>@!H7D!2>7EF0!3?!073!D750!G?8!F4X24@DdhjL!!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$&(
![A!:J!10!3?!6!JL0590!K>!_3#02AH0A1!1461!6LL!J3:1!0L0=1!3A!#!3L0A=0!20L6105!=6:0:!;38L5!20=0!#0!?200!H05!=6L!
6110A1!3AB!14!:!;!1A0::!:16105!1461!:40!465!K00A!8A6KL0!13!6==0::!12061H0A1!61!@0A>6116!P61!3A6L!Y3:J!16L!580!13!140!
=3:1!!A#3L#05!6A5!;4!=4!:40!;6:!A31!6KL0!13!6??325"!
!
$-* !

!
#3!H?2F@!7BB078!3?!2D!3C73!3C0!4>@4D18464>730!2D0!?G!F450!7662>434?>!E9!B?F410!E9!
@0D4A>! ?8! @0G72F3! 378A030@! 5437F! ?8A7>DP! G?8! 4>D37>10! _?C>! &B49?! &>@40W! 7!
D0128439! ?GG4108! H43C! 3C0! Y4D262! -2>414B7F! )?2>14F! 73! Y4E290! -78W03! 4>G?860@!
3C0! )?664DD4?>! 3C73! C0! H7D! DC?3! E9! B?F410! G8?6! E0C4>@! 73! C4D! BF710! ?G! H?8W!
D2D374>4>A! 4>\2840D! ?>! C4D! B845730! B783DL! #3! H?2F@! 7FD?! 7BB078! 3C73! F433F0! ?8! >?!
0GG?83!H7D!67@0!73!7FF!3?!2D0!>?>!F03C7F!607>D!4>!84?3!1?>38?FL!"450!7662>434?>!
H7D! 2D0@! 4>@4D18464>730F9! 3?! @4DB08D0! B0710G2F! 18?H@D! 7>@! l?8! @06?>D3873?8D!
7860@!?>F9!H43C!182@0!H07B?>DL!(D!@0D184E0@!E9!'73C08!Y[&1C40FP!!
"C5$! +:.-*.:&'! =*+! .$)):#,$2! S5:45$A$)! @,*4$! 3! @*++$(! .5)&-B5! .5$)$!
=$)$! #&(:$+! *'(! %&-! 4&-,(! +$$! .5$! @&,:4$! $A$)%=5$)$! *'(! *! ,&.! &?!
@$&@,$! *'(! 45*+:'B! &?! @$&@,$! #%! @&,:4$6! +5&&.:'B! .5$)$! =*+! ,&&.:'B!
B&:'B!&'2HiX/!
!
-DL! I8710! Y74>@4! 3C0! G?8608! +97>V7! ::&! D3730@! 3C73! 3C0! D0128439! G?810D! H080!
?508HC0F60@! 7>@! 3C73! 4D! HC9! 3C09! D?2AC3! 804>G?81060>3DL! %C?2AC! 67>9!
I?508>60>3! H43>0DD0D! @4@! >?3! 60>34?>! 3C0! 2D0! ?G! F450! 7662>434?>! 7>@! HC080!
3C09! @4@! 3C09! B?4>30@! ?23! 3C73! A2>G480! H7D! 2D0@! H43C! 3C0! 4>30>34?>! ?G! D1784>A!
8?H@9!6?ED!E0>3!?>!F??34>AP!3C0!1737D38?BC41!C267>437847>!0GG013D!?G!3C4D!39B0!?G!
18?H@! @4DB08D7F! 371341D! DB07WD! 5?F260D! G?8! 43D0FG! 7>@! 4D! 7! B?4>308! 3?! 3C0!
@9DG2>134?>!H43C4>!3C0!B?F410L!!

-1EC@?E1!F:!;@G521!8?A!;9@65?258G!#A75?5E49845@?!!

%C0! +97>V7! :)! 4>G?860@! 2D! 3C73! ?>10! 3C0! 54?F0>10! 082B30@P! 3C0! :$#)! 4DD20@!
4>D382134?>D! 3?! J4D38413! 1?667>@08D! 3?! D3?B! 3C0! 54?F0>10! E23! 3C0! A24@0F4>0D! ?>!
C?H! 3C4D! H7D! 3?! E0! 71C4050@! H7D! F0G3! 3?! 3C0! 4>@454@27F! 1?667>@08D! 3?! 67>7A0!
3C0! D0128439! D432734?>L! %?! D26! 2B! 3C0! 540H! ?G! 3C0! B?F410! 7>@! B8?54>147F!
7@64>4D38734?>P!3C09!H080!2>@08!7!@239!3?!674>374>!F7H!7>@!?8@08!7>@!3?!B8?3013!
F4G0! 7>@! B8?B0839! 7>@! 7D! D21CP! 3C0! 84?34>A! 6?ED! C7@! 3?! E0! W0B3! 73! E79! 7>@! 3C0!
57>@7F4D6! 3C09! ?81C0D38730@! G8?6! 3C0! Qe3C! J0106E08! QRRS! C7@! 3?! E0! 1?>374>0@!
2D4>A!7FF!F0A7F!607>D!7574F7EF0L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$&,
!Q.4!K!1!$*$!7!
$-$ !

!
<C0>! 3C0! Y4D262! &):J! H7D! 7DW0@! HC03C08! C0! C7@! 4DD20@! H78>4>AD! E0G?80!
2D4>A! F450! 7662>434?>P! C0! 7>DH080@! 3C73! 3C0! D432734?>! H7D! D?! 1C7?341! 7>@! 3C0!
148126D37>10D!1?2F@!>?3!7FF?H!D21C!7!B8?10@280!7>@!G283C08P!3C0!D432734?>!H7D!
>043C08! 1?>@21450! 3?! 4DD24>A! 7>9! H78>4>AD! >043C08! H?2F@! 7>9E?@9! 4>! C4D! 540H!
C750!7E4@0@!E9!D21C!B8?1F76734?>DL!#>!D21C!148126D37>10DP! C0!1?>D4@080@!3C73!
3C0!F7H!7FF?H0@!B?F410!3?!?E54730!3C0!>00@!G?8!4DD24>A!7!B8?1F76734?>!7>@!B8?100@!
3?!2D0!F03C7F!G?810!H43C?23!050>!73306B34>A!7!E73?>!1C78A0!HC41C!C0!@0060@!3?!
E0!46B?DD4EF0M!!
"F$&@,$! :'! .5&-+*'(+! .)&&@$(! :'! .5$! .&='! :'! .5$! <&)':'B! $'B*B$(! :'!
,&&.:'B6! #)$*>:'B! @$&@,$T+! @)$<:+$+R=$! =$)$! .)%:'B! .&! 45*+$! .5$<!
-+:'B! .$*)! B*+! -'.:,! =5$'! .5$%! #$4*<$! 45*&.:4! *'(! +.*).$(! #-)':'B!
#-:,(:'B+6!.5*.! :+! .5$! .:<$! =$! ($4:($(! .5*.! =$! +5&-,(!-+$!*'%!,$.5*,!
?:)$R/!
!
(FF0A734?>D! H080! 67@0! E0G?80! 3C0! )?664DD4?>! 3C73! 3C0! B?F410! C7@! E00>!
80DB?>D4EF0! G?8! E28>4>A! D?60! ?G! 3C0! E24F@4>AD! 801?8@0@! 3?! C750! E00>! E28>3!
3C8?2AC!3C0!4>@4D18464>730!2D0!?G!F450!7662>434?>!7>@!3078!A7D!3C73!1?2F@!C750!
1?60!4>3?!1?>3713!H43C!4>GF7667EF0!6730847F!4>!D?60!?G!3C0D0!E24F@4>ADL!K23!3C4D!
H7D! @0>40@! E9! 3C0! &):J! Y4D262! HC?! H7D! 1730A?8417F! 3C73! >043C08! 3C0! 2D0! ?G!
3078! A7D! >?8! F450! 7662>434?>! 1?2F@! C750! E00>! 7! B?DD4EF0! 172D0! ?G! 7! G480! 4>! 3C0!
050>3! 3C73! 3C09! F7>@0@! ?>! 4>GF7667EF0! 673308L! =0! @4@P! C?H0508P! 1?>10@0! 3C73!
3C080! H080! 4>GF7667EF0! D2ED37>10D! 4>! UWH7F7! $2B08678W03! HC41C! H080!
0/BF?@4>A!HC0>!3C0!E24F@4>A!H7D!E28>4>AL!!

%C0!)?664DD4?>!>?30@!3C73!6?D3!B?F410!?GG4108D!C7@!3?!H?8W!dROdQOC?28!DC4G3D!4>!
B783412F78F9! 5089! @4GG412F3! 148126D37>10D! HC41C! 30D30@! 3C048! X27F439P! 3874>4>AP!
@4D14BF4>0P! 0/B0840>10! 7>@! 7E4F439! 4>! HC73! H080! 1F078F9! 5089! @4GG412F3! ?B08734?>DL!!
%C?2AC!-8!Y487A2!7A800@!3C73!HC080!3C080!H7D!>?!3C8073!3?!F4G0O043C08!?G!1434V0>D!
?8! B?F410! ?GG4108D! E9! 84?34>A! 6?EDO?8! 7! 3C8073! 3?! B8?B0839P! 3C0>! 3C080! H7D! >?!
\2D34G41734?>! G?8! 2D4>A! G480786DP! 43! 4D! @4GG412F3! 3?! 0/BF74>! HC9! ?508! C7FG! ?G! 3C0!
A2>DC?3! 17D27F340D! C7@! H?2>@D! G8?6! 3C0! E71W! HC41C! D2AA0D3D! 3?! 2D! 3C73! 3C09!
H080! 4>! GF4AC3! 7>@! 1?2F@! >?3! 4>! D21C! 148126D37>10D! E0! 1?>D3820@! 7D! B80D0>34>A!
7>9!37>A4EF0!3C8073L!

$-+ !

!
)>#;"&-!(,<&!

<5@G1?21!5?!*859@F5Q!)1?498G!8?A!)@8E4!;9@65?21E!
*859@F5!

,?49@A3245@?!!

%C0! )439! ?G! +748?E4! C7D! 3C8?2AC! 3C0! 9078D! B8?54@0@! 3C0! E78?60308! G?8! Y0>97[D!
5?F734F0!B?F4341D!G8?6!1?F?>47F!3460D!3?!3C0!B80D0>3L!#3!E0A7>!7D!7!306B?8789!176B!
73! 3C0! 328>! ?G! 3C0! 3H0>3403C! 10>3289! 2B?>! 7! 1C7>10! @014D4?>! E9! I0?8A0!
<C430C?2D0! 3C0! 0>A4>008! 4>! 1C78A0! ?G! 1?>D382134?>! ?G! 3C0! UA7>@7! *74FH79! HC?!
1C?D0!3C4D!F?1734?>!7D!3C0!DB84>AE?78@!G?8!06E78W4>A!?>!3C0!1C7FF0>A4>A!BC7D0!?G!
F794>A! 3C0! 874FH79! 3871WD! 718?DD! 3C0! *4G3! ;7FF09L! %C4D! 306B?8789! 176BO3C0! 6?D3!
2>F4W0F9! ?G! F?1734?>DO! E9! @0G72F3! E01760! Y0>97[D! 17B437F! 1439! 7>@! 7! 1?6608147F!
C2E!G?8!3C0!.7D3!7>@!=?8>!?G!(G8417!80A4?>L!!

%C0! 1439! HC41C! 12880>3F9! 1?508D! jfh! DX2780! W4F?60380D! 4D! @454@0@! 4>3?! G?28!
@4D38413DO! +748?E4! +?83CP! +748?E4! <0D3P! +748?E4! $?23C! 7>@! +748?E4! .7D3! H43C! 3C0!
674>! 7@64>4D3873450! @454D4?>D! E04>A! )0>387FP! J7A?80334P! .6E7W7D4P! Y7D787>4P!
Y4E087P! -7W7@787P! :26H7>4! 7>@! <0D3F7>@DL! +078F9! Q! 64FF4?>! ?G! +748?E4[D!
80D4@0>3D! ]0D346730D! B23! +748?E4[D! B?B2F734?>! 73! D?60HC080! E03H00>! hOj!
64FF4?>dhf^! F450! 4>! F?H! 4>1?60! 80D4@0>347F! >04ACE?28C??@D! 7>@! 4>G?867F!
D033F060>3D! F4W0! Y4E087P! -73C780P! J7>@?87P! =28267P! Y?8?A?1C?P! Y784?E7>A4P!!
Y7>A064! 7>@! -2W282! HC080! 18460! 7>@! @74F9! 54?F0>10O! 4>1F2@4>A! 0/3?834?>P!
628@08P! 4FF0A7F! 37/734?>! 7>@! 87B0O! C7D!E01?60! D?603C4>A! 3C73! ?8@4>789! 1434V0>D!
F454>A!C080!C750!C7@!3?!F450!H43CL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$&)
!G40!1316L!A8HK02!3?!209!:10205!#3102:!!A!P6!23K!`:!)!=3A:1!180A=!0:!582!A9!140!+**,!QL0=1!3A:!;6:!$B+,'B*+$!
E<382=0!!:!QL0=1326L!M3HH!::!3A!3?!@0A>6!#3102!209!:1261!3A!?!9820:F!

$-% !

!
%C0! 7E?50! 7807D! HC41C! G073280! 0/38060F9! C4AC! B?B2F734?>! @0>D4340D! 7>@! 903!
?112B9!F0DD!3C7>!?>0!G4G3C!?G!+748?E4[D!A0?A87BC41!7807!780!?G!A8073!D4A>4G417>10!3?!
3C0! 1439[D! B?F4341D! 7>@! 7D! H0! DC7FF! D00P! 3C0! 03C>41! @4GG080>34734?>! 4>! 5784?2D!
X278308D!H?2F@!E01?60!7!@0G4>4>A!G073280!?G!3C0!1C7871308!?G!54?F0>10!4>!3C0!B?D3!
0F0134?>! B084?@L! J20! 3?! 3C0! >0AF013! ?G! 6?D3! ?G! 3C0D0! 7807D! E9! 3C0! )0>387F!
I?508>60>3! 7>@! 3C0! +748?E4! )439! )?2>14FP! ?8A7>4V0@! 18464>7F! A7>AD! C750! 1?60!
4>!3?!G4FF!3C0!5?4@!F0G3!E9!3C0!7ED0>10!?G!3C0!$3730!7>@!7330>@7>3!D085410DL!.F0134?>!
1?>30D3D! 780! 3?! 7! F78A0! 0/30>3! 4>GF20>10@! E9! 3C0D0! ?23G43D! HC?D0! 606E08D! 780!
7574F7EF0! G?8! C480! E9! B?H08G2F! B?F43417F! 713?8D! 7D! 4>D38260>3D! ?G! 4>3464@734?>!
7A74>D3! ?BB?>0>3DL! #3! 4D! >?3! D28B84D4>A! 3C080G?80! 3C73! 3C0! +$#$! 4>! 43D! D0128439!
E840G4>A!?G!Qh3C!J0106E08!QRRS!>?30@!3C73!7FF!?G!+748?E4[D!f!1?>D34320>140D!H080!
B?30>347F! GF7DCB?4>3D! @20! 3?! 3C0! G713! 3C73! 3C0! D37W0D! 4>! 3C0! QRRS! I0>087F!
.F0134?>D! H080! 0/38060F9! C4AC! 7>@! D?60! B?F434147>D! C7@! 1?>D0X20>3F9! 0>F4D30@!
3C0!D2BB?83!?G!62F34BF0!A7>AD!F4W0!-2>A4W4!3?!4>3464@730!?BB?>0>3DLdhe!!

-2>A4W4! ]7! F78A0F9! Y4W292! A7>A! 713450! 4>! 7F6?D3! 7FF! ?G! +748?E4[D! 4>G?867F!
D033F060>3D^P! $47G2P! K2WC2>A2! 7>@! _0DC4! F7! J787\7>4! ]713450! 4>! 5784?2D!
>04ACE?28C??@D! ?G! Y4E087^! 7>@! 3C0! %7F0E7>! ]7! "2?! A7>A! E7D0@! 4>! -73C780^! C7@!
E0G?80! 3C0! 0F0134?>DP! A87@27FF9! 37W0>! ?508! 7>@! H080! 7@64>4D3084>A! B783D! ?G! 3C0!
1439[D!4>G?867F!D033F060>3D!HC080!3C09!180730@!0/38060!G078L!%C09!78A20!3C73!3C09!
674>374>! D0128439! HC080! 3C0! $3730! C7D! G74F0@! 7>@! 4>! 3C4D! H79! F059! G00D! 3C2D!
@?64>734>A!3C0!B?B2F734?>!3C8?2AC!3C0!4>30>34?>7F!2D0!?G!3088?8!7D!7!607>D!7>@!
D38730A9! 3?! 4>D34FF! G078! 4>! 3C0! D?14039P! 1?>38?F! 673732! ]B2EF41! 387>DB?83^! 8?230DP!
1C7>A7[7! ]7>! 4FF4143! 7F1?C?F41! E05087A0^! E80H4>AP! D7>43734?>! G714F4340DP! H7308! 7>@!
0F013841439! D2BBF9P! 0/38713! B8?30134?>! 6?>09! G8?6! E2D4>0DD0D! 7>@! ?3C08!
0/3?834?>4D3!713454340DLdbR!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$&-
!c32!0.6HJL0B!!A!6!K2!0?!A9!56105!'14!c0K2862>!+**)!P<[<!465!3K:02#05!1461!:3H0!J62L!6H0A162>!L3:02:!!A!P6!23K!!
465!6LL0905L>!?8A505!T8A9!X!!13!0L!H!A610!J62L!6H0A162!6A:"!
$'*
!]C43!720!G40!T8A9!X!d^B!J20:0A161!3A!13!140!M3HH!::!3AB!Q.4!K!1!+,7!

$-& !

!
(D! >?30@! 4>! 054@0>10! B8?@210@! E9! 3C0! Y+)=*P! 3C0! 7E?50! @9>7641DP! 384E7F!
F?97F340D!7>@!3C0!03C>41!64/!?G!B?F4341D!4>!3C0!1439[D!B??8!>04ACE?28C??@D!D38?>AF9!
1?>384E230@!3?!3C0!B73308>!?G!54?F0>10!3C73!+748?E4!H43>0DD0@L!!

%C0! 80>3! @4DB230D! E03H00>! 6?D3F9! Y4W292! F7>@F?8@D! 7>@! F78A0F9! >?>OY4W292!
30>7>3D!780!76?>A!3C0!6?D3!D084?2D!2>@08F94>A!172D0D!?G!03C>41!1?>GF413D!4>!3C0!
B??8!>04ACE?28C??@D!?G!+748?E4L!!

"D1!,771A5841!;91P&G1245@?!&?659@?71?4!

%C0! D432734?>! 80B?83! @730@! de3C! &13?E08! QRRS! DC?H0@! 3C73! Y4W292! F7>@F?8@D! 4>!
-73C780!7>@!Y79?F0!C7@!4DD20@!054134?>!>?3410D!3?!"2?!30>7>3D!2>@08!3C0!B8030/3!
?G! 80>?5734>A! 3C048! C?2D0DL! (11?8@4>A! 3?! +$#$P! 3C0! F7>@F?8@D! G0780@! 3C73! 3C0!
30>7>3D! 1?2F@! E01?60! 2>1??B0873450! 4G! 3C0! &J-! B80D4@0>347F! 7DB487>3! *74F7!
&@4>A7!H?>!D4>10!C0!C7@!80B?830@F9!B8?64D0@!3C73!7>!&J-!I?508>60>3!H?2F@!
80A2F730! C?2D0! 80>3DL! +$#$! 1?88013F9! B?4>30@! ?23! 3C73! 3C4D! 4DD20! H7D! F4W0F9! 3?!
G?60>3! 03C>41! 30>D4?>! 4>! 3C0! 7807! 7>@! 2>@0864>0! D0128439! 4>! 3C0! B?D3O0F0134?>!
B084?@L! %C4D! 7F?>0! DC?2F@! C750! G?80H78>0@! B?F410! 3?! 67W0! 7887>A060>3D! 3?!
B8050>3!1?664DD4?>!?G!18460D!7>@!674>374>!F7H!7>@!?8@08!4>!-73C780P!HC41C!7D!
H0!DC7FF!D00!F7308!H7D!>0508!@?>0L!

$464F78! D2DB414?>! 7>@! 71846?>9! 76?>A! Y4W292! F7>@F?8@D! ?>! 3C0! ?>0! C7>@! 7>@!
"2?!7>@! "2C97! 30>7>3D! ?>! 3C0! ?3C08!H7D! 7FD?! 80B?830@! 4>! Y4E087P! Y7H7>AH780P!
J7>@?87! 7>@! :4B0F4>0! .D3730! 4>! .6E7W7D4! HC080! 30>7>3D! H080! F4W0H4D0! 4DD20@!
H43C!X243!>?3410D!?23!?G!G078!G8?6!3C0!F7>@F?8@D!3C73!3C0!30>7>3D!H?2F@!A7>A!2B!
7>@!80G2D0!3?!B79!80>3dbdL!'283C08P!37FWD! ?G!B?DD4EF0!BF7>D!3?!84A!3C0!?231?60!?G!
3C0! 0F0134?>! 4>! "7>A737! 1?>D34320>19! 7A74>D3! *74F7! &@4>A7P! 3C0! 7807! -:P! C7@!
180730@! 7>/4039! 7>@! +$#$! 7@54D0@! 3C73! 3C0! DF4AC30D3! D2DB414?>! 3?H78@D! 3C73! 0>@!
H?2F@!384AA08!2>B787FF0F0@!54?F0>10L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$'$
!P<[<!:0=82!1>!K2!0?!A9!?32!140!;00X!0A5!A9!%25!S0=0HK02!+**,!

$-' !

!
"D1!;@E4!&G1245@?!<5@G1?21!5?!*859@F5!

<43>0DD0D! HC?! DB?W0! 3?! )?664DD4?>! 4>50D34A73?8D! >788730@! C?H! 3C0! 54?F0>10!
D37830@! 4>! Y4E087P! -73C780P! J7>@?87P! Y784?E7>A4! 7>@! Y7H7>AH780! 2B?>!
7>>?2>1060>3! ?G! 3C0! :80D4@0>347F! 80D2F3D! 7>@! 3C0! D2ED0X20>3! DH0784>A! 4>! ?G!
:80D4@0>3!Y4E7W4!?>!gR3C!J0106E08!QRRSL!'8?6!4>G?86734?>!A73C080@P!54?F0>10!4>!
+748?E4! ?112880@! 4>! g! 67\?8! BC7D0Dc! 3C0! G48D3! 4660@4730F9! 7G308! 3C0!
7>>?2>1060>3! ?G! 3C0! :80D4@0>347F! 0F0134?>! 80D2F3D! ?>! gR3C! J0106E08! HC41C!
1?>34>20@!4>3?!3C0!+0H!,078!7D!B?F410!B8050>30@!&J-!D2BB?8308D!G8?6!C?F@4>A!7!
`64FF4?>!B0?BF0a!6781C!3?!UC282!:78W!H43C4>!+748?E4[D!)0>387F!K2D4>0DD!J4D38413!
3?! B8?30D3! HC73! &J-! 7>@! 43D! D2BB?8308D! E0F4050@! H7D! 7! D3?F0>! 0F0134?>! 5413?89c!
3C0! D01?>@! H750! ?G! 54?F0>10! G?FF?H0@! 3C0! 7>>?2>1060>3! ?G! 7! B78347F! 17E4>03! E9!
:80D4@0>3! Y4E7W4! 7>@! 7BB?4>360>3! ?G! 3C0! &J-OY0>97! B80D4@0>347F! 17>@4@730!
=?>L! Y7F?>V?! -2D9?W7! 7D! ;410! :80D4@0>3! ?>! ! e! _7>2789! QRRf! ! 7>@! 3C0! 3C48@!
BC7D0! ?112880@! 2B?>! 3C0! W4FF4>A! ?G! 3C0!F730! .6E7W7D4! -:O=?>! -0F432D! -2A7E0!
<080!?>!Qe3C!_7>2789!QRRf!4>!+748?E4[D!<??@F09!.D3730L!

%C0! )?664DD4?>! 8010450@! 054@0>10! G8?6! 67>9! H43>0DD0D! HC?! D2GG080@! 30884EF9!
@284>A! 3C0! 54?F0>10! E?3C! 4>! 3086D! ?G! 3C048! ?H>! ?8@07FD! 7>@! 4>! @07F4>A! H43C! 3C0!
@057D3734>A!1?>D0X20>10D!0DB0147FF9!3C0!@073CD!?G!G764F9!606E08DP!387267P!7>@!
D380DD! G?8! G764F40DP! @4DBF71060>3! G8?6! 3C048! C?60DP! 3C0! F?DD! ?G! 4>1?60P!
E2D4>0DD0D! 7>@! B8?B0839! 7D! H0FF! 7D! 1?64>A! 3?! 3086D! H43C! F454>A! H43C4>! #J:!
176BDL!$0/27F!7>@!?3C08!G?86D!?G!A0>@08OE7D0@!54?F0>10!]$IK;^!0>1?6B7DD4>A!7!
H4@0! 87>A0! ?G! C267>! 84AC3D! 54?F734?>D! 4>! 3C0! 1C7?D! ?G! 3C0! B?D3! 0F0134?>! B084?@!
8071C0@! 0B4@0641! B8?B?834?>D! 4>! +748?E4! 7>@! 3C4D! 7807! B8?50@! 3C0! 6?D3!
B8?EF067341! 4>! 3086D! ?G! @030864>4>A! 3C0! 0/30>3! ?G! 54?F734?>DL! %C0D0! 4DD20D! 780!
@4D12DD0@! 73! F0>A3C! 0FD0HC080! 4>! 3C4D! 80B?83L! #3! 4D! 0>?2AC! G?8! >?H! 3?! >?30! C080!
3C73!3C0!D0/27F!54?F0>10!0/B0840>10@!@067>@D!4660@4730!80DB?>D0D!3C8?2AC!3C0!
B8?54D4?>!?G!6?80!0GG013450!BC9D417F!B8?30134?>!0DB0147FF9!4>!3C0!B??808!0>548?>D!?G!
+748?E4!HC080!H?60>!7>@!1C4F@80>!H080!7>@!1?>34>20!3?!E0!6?D3!73!84DWL!!

$-( !

!
(!1?66?>!3C807@!4>!67>9!?G!3C0!711?2>3D!?G!3C0!B?D3!0F0134?>!54?F0>10!3C73!H0!
C078@!4D!3C0!H7>3?>!@0D382134?>!?G!B8?B0839!7>@!3C0!D05080!0GG013!78D?>!C7D!C7@!
?>! B0?BF0[D! F450DL! '?8! 4>D37>10P! 7! H43>0DD! >788730@! 3?! 3C0! )?664DD4?>!
4>50D34A73?8D! C?H! DC0! H7D! G?810@! 3?! 6?50! G8?6! C08! C?2D0! 4>! -73C780! h(! E9! 7!
A7>A!?G!"2?!60>!HC?!H080!054134>A!Y4W292!?>!3C0!>4AC3!?G!gR3C!J0106E08!QRRS!
7>@!DC0!H7D!G?810@!3?!37W0!80G2A0!73!3C0!-73C780l=28267[D!)C40G[D!)76BL!<C0>!
DC0! H0>3! 3?! 1C01W! ?>! C08! B8?B0839! 3C0! >0/3! @79P! DC0! G?2>@! 3C73! 7FF! C08!
E0F?>A4>AD!C7@!E00>!D3?F0>!7>@!7>?3C08!B08D?>!C7@!7F807@9!?112B40@!C08!C?2D0!
HC41C! DC0! C7@! ?E374>0@! 3C8?2AC! 3C0! (67>4! =?2D4>A! %82D3! -73C780! h(!
J050F?B60>3! :8?A876L! (>?3C08! H43>0DD! 4>G?860@! 3C0! )?664DD4?>! 4>50D34A73?8D!
3C73! ?>! Qe3C! J0106E08! QRRSP! A7>AD! ?G! "2?! 9?23C! H0>3! 78?2>@! 3C0! -73C780! h(!
7807! 90FF4>A! 3C73! Y4W292! 62D3! F0750! 7>@! G0784>A! G?8! C08! ?H>! 7>@! C08! G764F9[D!
D7G039! 3C09! GF0@! 3C0! >0/3! 6?8>4>A! F0754>A! 7FF! B?DD0DD4?>D! E0C4>@! @284>A! HC41C!
67>9!C?2D0D!H080!D03!7EF7V0L!$C0!D?2AC3!80G2A0!73!3C0!.7D3F04AC!(48!'?810!K7D0!
7>@! HC0>! DC0! H0>3! E71W! 3?! C08! C?2D0! ?>! g8@! _7>2789! QRRfP! DC0! G?2>@! 3C73! 43!
C7@!E00>!87V0@!3?!3C0!A8?2>@L!

(!9?>A!67>!G8?6!-73C780!h(!3?F@!?28!4>50D34A73?8D!C?H!3H?!?G!C4D!80F73450D!H080!
W4FF0@! ?>! gR3C! J0106E08! QRRS! 4>! J7>@?87! E9! A7>AD! ?G! Y4W292! ]-2>A4W4^! 9?23C!
HC?! H080! 6?54>A! G8?6! @??8! 3?! @??8! GF2DC4>A! ?23! 7>@! W4FF4>A! >?>OY4W292L! =0!
D3730@! 3C73! 4>! =28267! HC080! C0! 6?50@!3?P! 8457F! V?>0D! H080! 180730@! HC080! ?>0!
V?>0! @2EE0@! &3C797! C7@! B8?O:+U! Y4W292D! HC4F0! 3H?! ?3C08! V?>0D! C?2D0@! B8?!
&J-!"2?!7>@!"2C97D!H43C!071C!7807!E04>A!7!>?!A?!V?>0!G?8!3C0!?BB?D4>A!384E0DL!

#>G?86734?>! 67@0! 7574F7EF0! 3?! 3C0! )?664DD4?>! 4>@41730D! 3C73! 4>4347F! 54?F0>10! 4>!
+748?E4!7BB0780@!3?!378A03! 3C0!Y4W292!4>!7807D!HC080!3C09!H080!7!64>?8439!7>@!
3C09! 4>! 328>! ?8A7>4V0@! 73371WD! 4>! 7807D! HC080! 3C09! H080! 7! 67\?8439L! <0! >?30@!
?>0! 4>D4@4?2D! G?86! ?G! 54?F0>10! 3C73! H7D! 54D430@! ?>! 606E08D! ?G! 3C0! "2?!
1?662>439P! 3C0! G?810@! 14812614D4?>! 80B?830@F9! 73384E230@! 3?! 606E08D! ?G! 3C0!
-2>A4W4! $013L! J8! _?3C76! -41C0>4! 1?>G4860@! 3C73! Y0>97337! +734?>7F! =?DB437F!
7330>@0@! 3?! Q! D21C! 17D0D! ?G! G?810@! ?8! 387267341! 14812614D4?>L! .54@0>10! H7D!
8010450@!G8?6!7!"2?!F7@9!HC?!H7D!87B0@!4>!=28267!E9!7!A7>A!?G!dR!60>!?>!Qe!
J0106E08!QRRS!HC?!3?F@!C08!3C09!H080!F??W4>A!G?8!&J-!B0?BF0!HC?!H080!A454>A!

$-, !

!
3C0! I?508>60>3! 38?2EF0! 7>@! 3C73! 3C09! H7>30@! 3?! 14812614D0! 3C06L! (G308! E04>A!
54?F730@!DC0!H7D!G?810@!3?!H731C!7D!3C0!C??@0@!60>!123!?GG!C08!C2DE7>@[D!B0>4D!
H43C! 7! B7>A7! ]D00! 1C7B308! j! ?>! A0>@08! 7>@! D0/27F! 54?F0>10^L! (11?8@4>A! 3?!
054@0>10! G8?6! Y+)=*P! ?>! d! _7>2789! QRRf! 7! db! 9078! ?F@! "2?! E?9! H7D! G?814EF9!
14812614D0@! @284>A! G4AC34>A! 73! Y47674W?L! &>! Qd! _7>2789! QRRfP! 04AC3! "2?! 60>!
C7@!3C048!A0>437FD!1C?BB0@!?GG!7>@!050>!9?2>A!E?9DP!D?60!7D!9?2>A!7D!dd!7>@!b!
9078DP!C7@!3C048!A0>437F47!123!H43C!EF2>3!?E\013D!D21C!7D!E8?W0>!AF7DDLdbQ!

(D! H0! C750! D00>! 73! 3C0! E0A4>>4>A! ?G! 3C4D! 1C7B308P! +748?E4[D! 4>G?867F! D033F060>3!
7807D! 780! E7FW7>4V0@! F78A0F9! 7F?>A! 384E7F! F4>0D! 7>@! DB014G41! 03C>41! A8?2BD! 780!
@?64>7>3! 4>! DB014G41! 7807D! H43C4>! 3C0! DF26DL! <0! 8010450@! 4>G?86734?>! G8?6!
Y+)=*! 3C73! 4>! Y4E087! G?8! 4>D37>10P! 3C0! "2?! 780! 3C0! 67\?8439! 4>! Y47>@7P! *74F7!
54FF7A0P! I73H4W487! 7>@! Y4D262! +@?A?! 7807Dc! -7W4>7! 4D! 674>F9! B?B2F730@! E9!
+2E47>D! HC4F0! "74>4! $7E7! 7>@! $?H03?! 780! @?64>730@! E9! Y4W292DL! "2C97D!
@?64>730!4>!-7DC46?>4!7>@!"4>@4!7807DL!<0!H080!7EF0!3?!0D37EF4DC!D?60!?G!3C0D0!
G713D!@284>A!?28!D430!54D43!3?!Y4E087!?>!dd3C!_2F9!QRRfL!

&>10!3C0!54?F0>10!E8?W0!?23P!F??34>AP!@0D382134?>!?G!B8?B0839!7>@!78D?>!E01760!
876B7>3!G?814>A!B0?BF0!3?!6?50!3?!3C0!`03C>41!0>1F750Da!3C09!B0810450@!7D!D7G0!7D!
384E7FF9!7F4A>0@!A7>AD!3??W!?508!7>@!0/0814D0@!3?37F!1?>38?FL!%?4!-78W03!4>!-7W4>7!
7807! ! HC41C! B84?8! 3?! 0F0134?>D! C7@! C?2D0@! ?508! gPRRR! 387@08D! H7D! E28>3! @?H>L!
J284>A! ?28! D430! 54D43! 3?! Y4E087! H0! H080! 4>G?860@! E9! F?17F! 80D4@0>3D! 7>@!
1?662>439! ?8A7>4V08D! 3C73! 3C4D! 678W03! B8?54@0@! 06BF?960>3! 3?! B08C7BD! 7!
D464F78! >26E08! ?G! B0?BF0! HC4F0! 3C?2D7>@D! ?G! D2BBF408D! @0B0>@0@! ?>! 43! G?8!
F450F4C??@!>?3!3?!60>34?>!3C0!30>D!?G!3C?2D7>@!?G!12D3?608D!43!D0850@L!!

%C0!54?F0>10!H7D!7FD?!1C78713084V0@!E9!G?810G2F!@4DBF71060>3!7>@!054134?>D!HC4F0!
7807D! D21C! 7D! J7>@?87! 7>@! -73C780! +?83C! D7H! @00B! D0730@! 80>3! @4DB230D!
0D17F734>A!3?!54?F0>10L!(D!078F408!0/BF74>0@P!3C080!H7D!7!B0810B34?>!3C73!F7>@F?8@D!
]674>F9!Y4W292^!?508O1C78A0@!4>!80>3!7>@!@4D18464>730@!30>7>19!?>!03C>41!F4>0D!
HC41C!E8?2AC3!7>!0/B013734?>!76?>A!&J-!D2BB?8308D!?G!80>3!80@2134?>!4G!&J-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$'+
!Q.4!K!1!$+'B!J626926J4!$+)!

$-) !

!
H?>L!$?60!30>7>3D!3C080G?80!3??W!3C0!?BB?832>439!B8?54@0@!E9!3C0!17301C4D6!?G!
B?D3!0F0134?>!1C7?D!3?!05413!F7>@F?8@D!7>@!D37830@!1C78A4>A!80@210@!80>3D!HC4F0!7!
>0H! 8?2>@! ?G! 54?F0>10! 0>D20@! HC0>! 3C0! ?H>08D! C480@! A7>AD! 3?! 801F746! 3C048!
B8?B0839dbgL!!

#>G?86734?>!H7D!B8?54@0@!E9!3C0!+$#$!D0128439!E840G4>A!@730@!QdD3!'0E82789!QRRf!
3C73! 30>D4?>! H7D! C4AC! E03H00>! 3C0! Y4W292! 7>@! 3C0! "2?! 80D4@4>A! 4>! -73C780!
G?FF?H4>A! 7! B?F410! ?B08734?>! 3?! 05413! B0?BF0! HC?! C7@! 4FF0A7FF9! ?112B40@! ?3C08!
B0?BF0D[!C?2D0DL!%C0!E840G4>A!H0>3!?>!3?!D3730!3C73!"2?!9?23C!H080!B80B784>A!3?!
80D4D3!G23280!73306B3D!3?!05413!3C06!7>@!3C80730>0@!3?!EF?H!2B!D21C!E24F@4>ADL!#>!
3C4D! D3730! ?G! 7GG748DP! 3C0! +$#$! >?30@! 3C73! 3C0! -2>A4W4! C7@! `37W0>! 7@57>37A0! 3?!
D033F0!3C048!@4GG080>10D!H43C!3C0!%7F4E7>!F78A0F9!1?6B?D0@!?G!"2?!7>@!3C2D!54?F0>3!
1?>G8?>3734?>D!H080!B80@4130@!3?!1?>34>20!H43C!@057D3734>A!0GG013DaL!+$#$!G283C08!
>?30@! 3C73! -2>A4W4! 7@C080>3D! H080! 7DD06EF4>A! 73! "21W9! $26608! v27889P!
I43276E7P! I43780! -784A?! 7>@! J7>@?87! J26BD430! 4>! B80B78734?>! 3?! 73371W!
80D4@0>3D!?G!K7E7@?A?P!IF20!)?FF78P!Y7847@2@2P!-2A280!7>@!Y7D7E2>4!7807DLdbh!
&3C08!7807D!3C73!+$#$!8010450@!4>30FF4A0>10!7D!E04>A!378A03D!G?8!-2>A4W4!73371WD!
H080!-73C780!+?83CP!Y7847@2@2!7>@!+A?6?>A?!HC080!3C0!?E\013450!H7D!3?!05413!
3C?D0!HC?!C7@!G?810G2FF9!?112B40@!C?2D0D!7>@!80G2D0@!3?!B79!80>3L!#>14@0>37FF9P!
7>!+$#$!E840G4>A!7G308!3C0!54?F0>10!E8?W0!?23!B?4>3D!?23!3C73!\74F0@!-2>A4W4!D013!
F07@08! -74>7! +\0>A7! H78>0@! -2>A4W4! 606E08D! 7A74>D3! E04>A! 64D2D0@! E9!
B?F434147>D! 4>! 80DB?>D0! 3?! 3C048! E04>A! C480@! 4>! -73C780P! Y784?E7>A4P! Y4E087! 7>@!
=28267!3?!172D0!3088?8dbb!

+?34>A! 3C73! +$#$! C7@! G?80H78>0@! ?>! 3C0! B?30>347F! 1?>GF413! 3C73! H7D! D03! 3?! E0!
DB78W0@!E9!3C0!80>3!@4DB230D!B84?8!3?!0F0134?>DP!H0!G74F!3?!D00!HC9!3C0!B?F410!@4@!
>?3!37W0!607D280D!3?!B8050>3!3C4D!G8?6!C7BB0>4>AL!%C0!1C7?D!4>!3C0D0!4>G?867F!
D033F060>3D! 1?2F@! C750! E00>! 75?4@0@! 4G! 3C0! B?F410! C7@! 37W0>! 1?>34>A0>19!
607D280D! 7D! 7@54D0@! E9! +$#$! 7>@! 3C4D! 733432@0! ?G! 4>@4GG080>10! 3?! 3C0! BF4AC3! ?G!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$'%
!Q.4!K!1!$+'!
!
$'& A5
!P<[<!<0=82!1>!K2!0?!A9!?32!++ !c0K2862>!+**)!
!
$''
!P<[<!:0=82!1>!K2!0?!A9!56105!+'14!Z6A862>!+**)!
$-- !

!
3C?D0! 3C0! B?F410! H080! 607>3! 3?! B8?3013! @0B413D! 7! G?810! 3C73! H7D! B08C7BD!
4>1?A>4D7>3!3C73!3C048!6?33?!4D!`23264DC4!WH7!H?30a!]D085410!3?!7FF^L!#>D307@P!3C0!
B?F410! 1C?D0! 3?! @0BF?9! 67DD450F9P! >?3! HC080! 3C09! H080! 6?D3! >00@0@P! E23!
1?>10>38730@!73!UC282!:78W!3?!B8050>3!3C0!&J-!87FF40DL!#>!3C4D!80DB013P!H0!7A800!
H43C!3C0!1?>1F2D4?>!E9!3C0!Y0>97!=267>!*4AC3D!)?664DD4?>!]Y=*)^!./0123450!
J48013?8! -DL! -23C?>4! <7>90W4! HC?! 3?F@! 2D! 3C73! `#3[D! ?28! D266734?>! 3C73!
B84?8434V734?>! DC?2F@! C750! E00>! 6?80! 4>! F4>0! 3?! 3C0! 80DB?>D4E4F439! 3?! B8?3013aL!
#DD20D!80F730@!3?!B?F414>A!B84?84340D!7>@!D38730A9!@284>A!3C0!B?D3!0F0134?>!54?F0>10!
780! @4D12DD0@! 4>! 6?80! @0374FD! 0FD0HC080! 4>! 3C4D! *0B?83L! #3! H4FF! E0! 0>?2AC! 3?!
?ED0850!C080!3C73!43!H?2F@!7BB078!3C73P!E7D0@!?>!7574F7EF0!4>30FF4A0>10!HC41C!H7D!
7F807@9!4>!B?DD0DD4?>!?G!3C0!)?664DD4?>08!?G!:?F410P!3C0!?E54?2D!1C?410!?2AC3!3?!
C750! E00>! X241W! 1?>374>60>3! ?G! 3C0! 54?F0>10! 4>! 3C0! DF26D! G?8! B8?30134?>! ?G! F4G0!
7>@!F46E!7>@!G8004>A!6?80!B?F410!?GG4108D!G?8!@0BF?960>3!3?!3C0!*4G3!;7FF09!HC080!
178>7A0! ?G! 0/38060! 1820F39! H7D! 2>G?F@4>A! H43C! 3C0! B?F410! >26E08D! 2>7EF0! 3?!
1?>374>!3C0!D432734?>L!

#>! 64@! _7>2789! QRRfP! +$#$! 80B?830@! 3C73! >?>OY4W292! 80D4@0>3D! ?G! -73C780!
DF26D! H080! 7F7860@! E9! 3C0! 64A8734?>! ?G! 3C0! Y4W292! 1?662>439! G8?6! 3C0! 7807!
HC41C! 67@0! 3C06! 7BB80C0>D450! 3C73! 3C4D! 6?5060>3! ?23! ?G! -73C780! 1?2F@! E0! 7!
B80128D?8! ?G! 73371W! E9! -2>A4W4! 606E08DdbjL! #>! 3C0! 607>3460P! 7D! 3C0! Y0>97!
+734?>7F! J47F?A20! 7>@! *01?>14F4734?>! :8?10DD! H0>3! ?>P! 30>D4?>! 80674>0@! C4AC!
7>@! +$#$! >?30@! 3C73! &J-! 1?2>14FF?8D! H080! 6?E4F4V4>A! G?8! 67DD! 7134?>! 4>! 17D0!
3C0!Y?G4!(>>7>!F0@!37FWD!1?FF7BD0@dbS!

J8! _?3C76! -41C0>4! 3C0! J48013?8! ?G! Y0>97337! +734?>7F! =?DB437F! 3?F@! 3C0!
)?664DD4?>! 3C73! 3C09! C7@! >?3! 7>3414B730@! 3C0! W4>@! ?G! 54?F0>10! 3C73! A84BB0@!
+748?E4! 7>@! 3C0! 1?2>389L! %C?2AC! 3C09! H080! B80B780@! G?8! D?60! 0F060>3! ?G!
54?F0>10P!3C0!D17F0!7>@!G?86!43!3??W!H7D!2>0/B0130@!HC41C!H7D!1?6B?2>@0@!E9!
3C0! G713! 3C73! 7! A??@! >26E08! ?G! D37GG! C7@! 38750FF0@! 2B1?2>389! 3?! 5?30! 7>@! 3C?D0!
HC?!C7@!38750FF0@!3?!3C0!H0D308>!B783!?G!3C0!1?2>389!H080!2>7EF0!3?!1?60!E71W!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$'( 14
!P<[<!K2!0?!A9!56105!$' !Z6A862>!+**)!
!
$',
!P<[<!<0=82!1>!D2!0?!A9!?32!+(14!c0K2862>!+**)!
+** !

!
G?8! 7! HC?F0! 6?>3C! @20! 3?! EF?1W7A0! ?G! 8?7@DL! -?80?508P! D?60! D37GG! 606E08D!
E01760! #J:D! 7>@! 4>! A0>087F! 3C0! C?DB437F! D37GG! H7D! >?3! 4662>0! G8?6! HC73! H7D!
C7BB0>4>A!3?!?3C08!606E08D!?G!B2EF41L!!

<C4F0!43!H7D!3C0!:?F410!)?664DD4?>08[D!30D346?>9!3C73!Qf!B0?BF0!@40@!4>!+748?E4!
G8?6!0F0134?>!80F730@!54?F0>10P!3C0!D3734D341D!3C0!)?664DD4?>!H7D!7EF0!3?!1?6B4F0!
30FF! 7! @4GG080>3! D3?89L! #3! 4D! 4>1?6B80C0>D4EF0! 3C73! 3C0! )?664DD4?>08! ?G! :?F410!
DC?2F@!D3730!H43C!G4>7F439!3C73!3C0!B?F410!H080!3C0!?>F9!D?2810!?G!G713D!4>!3086D!?G!
71128730!G4A280D!HC0>!C0!B8?@210@!D3734D341D!3C73!B28B?830@!3?!E0!3C0!@0G4>43450!
G4A280D! ?G! @073CDL! %C0! G4A280D! H080! 1?>387@4130@! E9! ?3C08! G4A280D! ?E374>0@! G8?6!
I?508>60>3!D?2810DL!'?8!0/76BF0P!J8L!J7>40F!-2FH7!+A2W2!C07@!?G!3C0!+748?E4!
)439!-?832789dbf!B8?54@0@!4>G?86734?>!DC?H4>A!3C73!E03H00>!gR!J0106E08!QRRS!
7>@! gR! _7>2789! QRRf! 7! 3?37F! ?G! ddd! E?@40D! H080! E??W0@! 4>! E9! B?F410! HC?!
1730A?84D0@!3C06!7D!`:?D3!.F0134?>!;4?F0>10!K?@40DLa!!(D!H0!@4D12DD!0FD0HC080!4>!
3C4D! 80B?83P! H0! G4>@! 43! B8?EF067341! 3C73! 43! 4D! 3C0! B?F410! 3C06D0F50D! HC?!
@030864>0@!3C73!D?60!@073CD!H080!@20!3?!3C0!0F0134?>!54?F0>10!H43C?23!7!G?867F!
7>>?2>1060>3!3?!3C4D!0GG013!?3C08!3C7>!3C0!7@5410!G8?6!3C0!?GG4108!HC?!E??W0@!4>!
7! E?@9L! #>14@0>37FF9P! >?! E?@9! E8?2AC3! 4>! E9! 3C0! B?F410! 7G308! gR3C! _7>2789! H7D!
@0D4A>730@!7D!C754>A!@40@!G8?6!B?D3!0F0134?>!54?F0>10!7>@!>?!807D?>!H7D!A450>!

!!!

-1EC@?E1!F:!;@G521!

<43C! &J-! 17FF4>A! G?8! 1?2>389H4@0! 67DD! 7134?>! 3?! B8?30D3! HC73! 3C09! @0060@! 7D!
3C0G3! ?G! 3C048! 0F0134?>! 5413?89P! B?F410! H080! @0BF?90@! 3?! 1?8@?>! ?GG! UC282! :78W! 3?!
B8050>3! 3C0! &J-! 7>@! 43D! F07@08! *74F7! &@4>A7! G8?6! C?F@4>A! 43D! 60034>A! 3C080L!
%C4D! 0GG?83! 3?! B8050>3! &J-[D! 60034>A! 3??W! 7! D05080! 3?FF! ?>! 3C0! B?F410! 7>@! C7@!
@057D3734>A!1?>D0X20>10D!?>!F7H!0>G?81060>3!7>@!674>30>7>10!?G!F7H!7>@!?8@08!
0FD0HC080!4>!3C0!1439L!%C0!+$#$!80B?830@!3C73!B?F410!?GG4108D!@0BF?90@!?>!D0128439!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$')
! !G40!?6=!L!1>!46:!6!=6J6=!1>!13!:1320!+'*!K35!0:!143894!H3:1!1!H0!!1!43L5:!H320!146A!14200!1!H0:!14!:!A8HK02B!!A!
140!;325:!3?!S2!P98X8B!!]e82:!!:!6!?6=!L!1>!;4!=4l=6AA31!6??325!13!:6>!!1!!:!?8LL^!

+*$ !

!
@2340D! 73! UC282! :78W! 1?6BF74>0@! ?G! E04>A! ?508H?8W0@P! @0F79! 4>! B7960>3! ?G!
7FF?H7>10D! 7>@! E04>A! 2>7EF0! 3?! E73C0! ?8! 1C7>A0! 2>4G?86D! 7>@! 3C2D! +$#$!
801?660>@0@! 3C73! B?F410! H0FG780! E0! 7@@80DD0@! 4>! 7BB8014734?>! ?G! 3C048! 8?F0! 4>!
674>374>4>A!F7H!7>@!?8@08L!

<0!8010450@!054@0>10!3C73!B?F410!7134?>!4>!5784?2D!F?17F0D!7BB0780@!2>050>!7>@!
@4D\?4>30@L!(D!078F9!7D!dg3C!J0106E08!QRRSP!+$#$!C7@!H78>0@!3C73!B?F410!?GG4108D!
BF7>>0@! 7! A?! DF?H! ?>! 5?34>A! @79! 3?! B8?30D3! 3C0! I?508>60>3[D! G74F280! 3?! 7H78@!
3C06!D7F789!7>@!7FF?H7>10D!4>18060>3DL!%C4D!D0128439!E840G4>A!G283C08!>?30@!3C73!
B?F410! BF7>>0@! 3?! 80B?83! 3?! 7DD4A>0@! B?FF4>A! D3734?>D! 7>@! @?! >?3C4>A! 6?80! 7>@!
3C2D!3C0!+$#$!H78>0@!3C73!D21C!7134?>!H7D!F4W0F9!3?!1?6B8?64D0!D0128439!@284>A!
3C0!0F0134?>!B084?@L!#3!4D!>?3!2>@08D37>@7EF0!HC9!3C4D!4>G?86734?>!H7D!>?3!7130@!
2B?>! 7>@! 43! 4D! >?3! D28B84D4>A! 3C080G?80! 3C73! 7! >26E08! ?G! 541346D! B0810450@! 3C0!
B?F410!7D!043C08!4>@4GG080>3!?8!64DD4>A!4>!7134?>!HC0>!3C09!H080!6?D3!>00@0@L!'?8!
4>D37>10P!7!E2D4>0DD67>!4>!=28267!3?F@!?28!4>50D34A73?8D!3C73!

"C5$)$! =*+!'&!@&,:4$!@)$+$'4$!:'! .5$!$+.*.$+RC5$!8:>-%-!.):#$! <&+.!


&?! =5&<! &='$(! #-+:'$++$+! +.*).$(! &)B*':D:'B! .5$<+$,A$+! .&! ($?$'(!
.5$:)!#-+:'$++$+2!C5$)$!=$)$!8:>-%-!D&'$+!*'(!E-&!D&'$+!*'(!'&!&'$!
=*+!*,,&=$(!.&!A$'.-)$!:'.&!&.5$)+!".$)):.&)%/RC5$!8:>-%-!$A$'.-*,,%!
A*4*.$(! .5$:)! ! @)$<:+$+! *'(! ,$?.! .5$! 5&-+$+! .&! .5$! E-&! =5&! +.*).$(!
)$'.:'B! &-.! .5$! 5&-+$+! ?&)! *+! ,:..,$! *+! 8+5+! W11o72! U&<$! &?! .5$<! *)$!
+.:,,!&44-@%:'B!.5$!5&-+$+!.&!(*.$2!;&+.!&?!.5&+$! =5&!@$)@$.)*.$(!.5$!
A:&,$'4$!=$)$!B*'B+!=5&!.&&>!*(A*'.*B$!&?!.5$!+:.-*.:&'/!

&>! 3C0! ?3C08! C7>@! HC080! 3C0! B?F410! H080! B80D0>3P! H0! 8010450@! 054@0>10! 3C73!
1434V0>D!A?4>A!7E?23!3C048!E2D4>0DD!D2GG080@!\2D3!7D!621C!73!3C0!C7>@D!?G!B?F410L!
(! B7D3?8! 4>! Y4E087! ]J787\7>4l-7W4>7^! D3730@! C?H! ?>! dS3C! _7>2789! QRRS! H43C4>!
Y4E087P!C0!C7@!H43>0DD0@!7!B?F410!?GG4108!W41W4>A!D?60!A??@D!F0G3!E0C4>@!E9!D?60!
H?60>!?>0!?G!HC?6!H7D!78A24>A!H43C!3C0!?GG4108!7DW4>A!C46!3?!D3?B!@0D38?94>A!
C08!H780DL!=0!0/BF74>0@M!

"I+! .5$! *)B-<$'.! $'+-$(6! 3! +*=! .5$! @&,:4$<*'! #$*.:'B! .5$! =&<*'!
=:.5! .5$! #-..! &?! 5:+! B-'2! C5$! =&<*'! ?$,,! (&='! *'(! .5$! @&,:4$<*'!
+.$@@$(! &'! 5$)! '$4>! *'(! +.*).$(! ?:):'B! 5:+! B-'! -@=*)(+R+:'4$! 3!
>'$=!5$)!3!)-+5$(!&-.!.&=*)(+!.5$</!!

<C0>!C0!3840@!3?!4>30850>0P!3C0!B?F410!?GG4108!`7DW0@!HC03C08!#!H7D!3C0!60DD47C!
HC?!1760!3?!D750a!7>@!3C0!B7D3?8!H7D!H78>0@!3C73!C0!H?2F@!E0!DC?3L!%C0!B7D3?8!
+*+ !

!
3840@!3?!C0FB!3C0!G7FF0>!H?67>!E23!7FF!?G!7!D2@@0>!G0FF!@?H>!7>@!H?W0!2B!3?!G4>@!
C46D0FG!4>!C?DB437F!HC080!C0!H7D!3?F@!C0!C7D!E00>!DC?3!7>@!C7@!E00>!4>!7!1?67!
G?8! Q! @79DL! %C4D! D3?89! H7D! 1?88?E?8730@! E9! 3C0! 541346! HC?! >788730@! C?H! 3C4D!
B783412F78! B?F410! ?GG4108! C43! C08! H43C! 3C0! E233! ?G! C4D! A2>! HC0>! DC0! H0>3! 3?! 7DW!
C46!>?3!3?!@0D38?9!C08!A??@DP!!

"3.! =*+! *! A$)%! 5*)(! #,&=2! 3.! <*($! <$! ?*,,! (&='R3! =*+! A$)%!
?):B5.$'$(! *'(! +5&4>$(2! S5$'! 3! =*+! &'! .5$! B)&-'(6! .5:+! @&,:4$<*'!
+.$@@$(!&'!<%!'$4>2!]$!=*+!=$*):'B!#&&.+2!]$!5*(!5:+!=$:B5.!(&='!
&'!<$R3!+*=!.5$!@*+.&)!4&<:'B!.&=*)(+!<$2!3!>'&=!.5:+!<*'RLA$'!
.5&-B5! 3! =*+! %$,,:'B! *'(! #$BB:'B! .5$! @&,:4$<*'! '&.! .&! >:,,! <$6! 5$!
(:('T.!+.&@! =:.5! .5$!#&&.!5*)(!&'! <%!'$4>R3!4&-,(!5$*)!5:<!d@*+.&)e!
4*,,:'B! &-.! *+! 5$! 4*<$7*+>:'B! .5$! @&,:4$<*'! =5%! 5$! =*+! ($+.)&%:'B!
d<%e!.5:'B+R! 3!,&+.!4&'+4:&-+'$++!.5$'R!V$h.! 3!)$<$<#$)!*!d=&<*'e!
=*+! .)%:'B! .&! @:4>! <$! &??! .5$! B)&-'(R3! ,&&>$(! *'(! +*=! .5$! @*+.&)!
,%:'B!&'!.5$!B)&-'(RC5$!d=&<*'e!.&,(!<$!.5$!@*+.&)!5*(!#$$'!+5&./!!

"4W0H4D0P! 7! 80D4@0>3! ?G! Y4E087! D3730@! 3C73! DC0! H7D! 4>! C08! C?2D0! 4>! Y4E087! "74>4!
$7E7!?>!-?>@79!gdD3!?G!J0106E08!QRRS!HC0>!DC0!G0F3!D?603C4>A!C43!C08!?>!3C0!
F0G3!E807D3!7>@!DC0!G0FF!@?H>!EF00@4>AL!#3!H7D!?>F9!3C0>!3C73!DC0!807F4V0@!DC0!C7@!
E00>!DC?3L!$C0!D3730@!3C73!A??@!$7678437>D!H080!2>7EF0!3?!37W0!C08!3?!C?DB437F!
4660@4730F9!D4>10!3C080!H080!A2>DC?3D!05089HC080!E23!DC0!H7D!050>327FF9!37W0>!
3?! -E7A73C4! =?DB437F! 7>@! 80G0880@! 3?! Y0>97337! +734?>7F! =?DB437F! HC080! DC0!
80674>0@!G?8!7!H00W!7G308!C754>A!E00>!?B08730@!?>!3?!806?50!3C0!E2FF03!F?@A0@!4>!
C08!E807D3L!UB?>!@4D1C78A0!G8?6!C?DB437FP!DC0!G?2>@!C08!C?2D0!C7@!E00>!F??30@L!

%C0! J48013?8! ?G! Y0>97337! +734?>7F! =?DB437F! 3?F@! 3C0! )?664DD4?>! 3C73! jd! B0?BF0!
H080!380730@!G?8!A2>!DC?3!H?2>@D!73!3C0!G714F439P!7@@4>AM!

"=5*.! 3!4*'!+*%! :+! .5*.! *!,&.!&?!B-'+5&.! =&-'(+!4*<$!?)&<! 8:#$)*R!


;*.5*)$6! 8*):&#*'B:! *'(! Q*'(&)*2! C5&+$! *)$! .5$! *)$*+! .5*.! 5*(! *!
B)$*.! '-<#$)! &?! @*.:$'.+2! a-.! *+! 3! +*:(6! \H! @*.:$'.+! &-.! &?! i\N!
4&'.):#-.$(!.&!*!@$)4$'.*B$!.5*.!=*+!HPp2/!

<0! 3C080G?80! G4>@! 3C73! @284>A! 3C0! B?D3! 0F0134?>! 54?F0>10P! 3C0! E82>3! ?G! 3C0!
D2GG084>A! 4>! +748?E4! H7D! E?8>0! E9! B??8! B0?BF0! F454>A! 4>! F?H! 4>1?60!
>04ACE?28C??@DL! #3! 4D! 3C0! ?EF4A734?>! ?G! 3C0! $3730! 3?! 0>D280! 3C73! 7FF! 43D! 1434V0>DP!
4880DB013450!?G!D?147F!D3732DP!C750!7!84AC3!3?!F450!4>!7!HC?F0D?60!0>548?>60>3!G800!

+*% !

!
G8?6!3C0! G078! ?G! 18460! 7>@! 43! 4D! 3C0! @239! ?G! 3C0! I?508>60>3! 3?! 0>D280! 3C73! 3C4D!
84AC3! 4D! >?3! 4>G84>A0@! E9! $3730! >0AF013! ?8! 713D! ?G! 0/38060! 1820F39! B08B038730@! E9!
43D! 7A0>3D! ?>! 7! D0A60>3! ?G! D?14039L! %C0! 1434V0>D! ?G! D?60! ?G! +748?E4[D! B??80D3!
>04ACE?28C??@D!G?2>@!3C06D0F50D!4>!7!X27>@789!D4>10!3C?D0!HC?!H080!0>382D30@!
3?! B8?3013! 3C06! H080! 043C08! >?3! B80D0>3P! @4@! >?3! D006! 3?! 1780! 7>@! 4>! 3C0! 17D0D!
HC080! 3C09! H080! B80D0>3P! 3C09! H080! \2D3! 7D! E8237F! 7D! 3C0! 67872@4>A! A7>AD!
172D4>A!3C0!54?F0>10L!%C4D!4D!B783412F78F9!H?8894>A!D4>10!3C0!:?F410!)?664DD4?>08!
HC0>! 7DW0@! 4GP! H43C! H4D@?6! ?G! C4>@D4AC3P! 3C080! H7D! 7>93C4>A! C0! H?2F@! C750!
C7>@F0@!@4GG080>3F9P!C0!803?830@!H43C?23!C0D43734?>!?8!7>9!4?37!?G!06E7887DD60>3!
?8!80A803!3C73P!!

"3?!+:<:,*)!+:.-*.:&'+!&44-))$(!.&(*%6!3!=&-,(!(&!$h*4.,%!=5*.!3!(:(2!
3! =&-,(! '&.! 45*'B$! *! .5:'B! <%! E&)(+! .5*.! :+! .5$! 5&'$+.! .)-.5!
#$4*-+$! :'! .5$! $'?&)4$<$'.! &?! ,*=! *'(! $'+-):'B! .5*.! ,*=! *'(!
&)($)! :+! #)&-B5.! *#&-.! :'! .5$! @)&.$4.:&'! &?! ,:A$+! *'(! @)&@$).:$+6!
.5$)$!:+!'&.5:'B!.5*.!=$!+5&-,('T.!(&!.&!$'+-)$!.5*.!&-)!@$&@,$!*)$!
+*?$2! C5*.! :+! .5$! :'4:($'4$+! *+! .&! =5%! .5$)$! :+! @&,:4$! :'! .5$! ?:)+.!
@,*4$2!I'(!:'!(&:'B!+&!<%!E&)(!=$!.*>$!@):($!:'!$'+-):'B!.5*.!=$!
5*A$! @)&.$4.$(! ,:A$+! *'(! .*>$'! *,,! <$*+-)$+! '$4$++*)%! .&! $'+-)$!
.5*.! @$&@,$! *)$! +*?$2! 3?! *'%.5:'B! =*+! .&! 5*@@$'! ,:>$! :.! (:(! ,*+.!
.:<$6!=$!=&-,(!(&!:.!$h*4.,%!.5$!+*<$!=*%/2!

(!"2?!67>!HC?!87>!7>!0F0138?>41!E2D4>0DD!4>!Y4\4\4!1C7!)C0H7!]7!B80@?64>7>3F9!
Y4W292!D033F060>3^P!3?F@!2D!3C73!?>!Qe3C!J0106E08!QRRSP!3C0!&)$!-23C74A7!C7@!
B?D30@!Q!F?889!F?7@D!?G!B?F410!3?!A278@!3C0!7807M!!

"#-.! .5$! %&-.5! =$)$! +&! <*'%! .5$%! &A$)@&=$)$(! .5$! @&,:4$! =5&! )*'!
*=*%! ?)&<! .5$! +4$'$2! I?.$)! .5$! $,$4.:&'! =*+! *''&-'4$(! _Q;! %&-.5!
&A$)@&=$)$(!FVg!%&-.5!*'(!.5$!@&,:4$RC5$%!4*<$!=:.5!@*)*??:'!*'(!
d+$.! ?:)$! .&e! .5$! =5&,$! $+.*.$222C5$! $+.*.$! =*+! #-)'.! #%! :(,$! %&-.5! :'!
.5$! $+.*.$R3! =*+! .*)B$.$(! #%! .5$! l&-.5! #$4*-+$! 3! =*+! .)%:'B! .&!
)$+.)*:'!.5$<!?)&<!(&:'B!#*(!.5:'B+!,:>$!,&&.:'B!*'(!+.):@@:'B!=&<$'!
'*>$(R3! ,&+.! #-+:'$++! =&).5! 8+5! X16111o7R3! )$@&).$(!$A$)%.5:'B! .&!
.5$!@&,:4$!*.!;-.5*:B*!F&,:4$!U.*.:&'6!*?.$)!)$4&B':D:'B!.5$!l&-.5!d#-.e!
'&.5:'B! =*+! (&'$2! C5$!@&,:4$!+*:(! .5$%! =$)$!#-+%! =:.5! @&+.!$,$4.:&'!
=&)>!*'(!.&!(*.$!'&.5:'B!5*+!#$$'!(&'$/!

+?3! ?>F9! @4@! 3C0! B?F410! 7BB078! ?508HC0F60@P! E23! H0! H080! A450>! 054@0>10! 3C73!
B?F410! H080! @454@0@! 7F?>A! 03C>41! F4>0D! 7>@! 541346D! 1?>G0DD0@! 3?! C754>A! 8010450@!
7DD4D37>10! G8?6! B?F410! ?GG4108D! G8?6! 3C048! 03C>41! A8?2BD! HC4F0! G714>A! C?D34F439!
G8?6!?GG4108D!HC?!H080!>?3!G8?6!3C048!384E0L!(11?8@4>A!3?!3C0!Y+)=*M!
+*& !

!
"U&<$!&??:4$)+!?)&<!.5$!8*,$'9:'!*'(!E-&!4&<<-':.:$+!=5$'!*+>$(!.&!
+.&@! .5$! ,&&.:'B! *)$! )$@&).$(! .&! 5*A$! .&,(! .5$! A:4.:<+! n=*45*! >*D:!
:$'($,$$T!Z,$.! =&)>!B&!&'6!()*=:'B!?)&<! .5$!FVg!+,&B*'K2!U&<$!@&,:4$!
&??:4$)+!*,+&!.&&>!*(A*'.*B$!&?!.5$!+:.-*.:&'!.&!45*)B$!A:4.:<+!?&)!+*?$!
@*++*B$2! C5:+! =*+! ?*:),%! =:($+@)$*(! :'! Q*'(&)*! F5*+$! i6! ;*.5*)$!
*'(!c5$..&2!F&,:4$!&??:4$)+!($<*'($(!<&'$%!?)&<!@$&@,$!=5&!=*'.$(!
.&!$+4*@$!5&+.:,$!$'A:)&'<$'.+!&)!=5&!5*(!?,$(!*'(!=$)$!)$.-)':'B!.&!
)$.):$A$!@)&@$).%R/!!

#>! C0784>AD! E0G?80! 3C0! )?664DD4?>P! 3C0! B?F410! 7@?B30@! 7>! 2>@2F9! @0G0>D450!
733432@0!HC41C!4>!?28!540H!1F?2@0@!7>9!?E\01345439!0/B0130@!?G!3C06!4>!7DD4D34>A!
3C0! )?664DD4?>! 4>! 43D! 4>50D34A734>A! B2EF41! 4>X2489L! '8?6! 3C0! 3?37F439! ?G! 3C0!
054@0>10! 30>@080@! E0G?80! 2DP! H0! G4>@! ?>! 7! E7F7>10! ?G! B8?E7E4F439! 3C73! 3C0!
4>D343234?>!?G!3C0!B?F410!G74F0@!3C0!1434V0>D!?G!+748?E4!73!F78A0!7>@!3C0!80D4@0>3D!?G!
3C0!F0DD!B8454F0A0@!>04ACE?28C??@D!4>!B783412F78L!

<C4F0!3C080!H4FF!E0!>?!@?2E3!B8?30D3D!3C73!H0!C7@!>?!84AC3!3?!1?>@06>!3C0!B?F410!
H43C?23! 1?>@2134>A! 3847FD! @284>A! HC41C! 3C0! B?F410! 1?2F@! @0G0>@! 3C06D0F50D! 4>!
@0374F! 7A74>D3! 7FF! 1C78A0D! 67@0P! 43! 4D! ?28! 1?>D4@080@! 540H! 3C73! G2FF! @20! B8?10DD!
B8?30134?>D!?G!3C0!39B0!3C73!780!80X2480@!4>!18464>7F!3847FD!H080!>?3!>010DD789!G?8!
3C0!B28B?D0!?G!D3734>A!HC03C08!?8!>?3!3C0!B?F410!7D!7!B2EF41!4>D343234?>!B08G?860@!
3?!3C0!0/B013734?>!?G!Y0>97>D!4>!3C048!C?28!?G!>00@L!#>!+748?E4P!43!4D!?28!540H!3C73!
3C09!@4@!>?3L!

)1?498G!;9@65?21!

,?49@A3245@?!!

)0>387F! :8?54>10! 4D! F?1730@! 4>! )0>387F! Y0>97P! E?8@084>A! *4G3! ;7FF09! :8?54>10! 3?!
3C0!+?83C!<0D3P!+748?E4!B8?54>10!3?!3C0!$?23C!7>@!.7D308>!:8?54>10!3?!3C0!<0D3L!
#3! 1?508D! 7>! 7807! ?G! 7E?23! dgPQQR! DXL! W6DL! 7>@! C7D! 7! B?B2F734?>! ?G!
7BB8?/46730F9! hPQQjPbdb! B08D?>D! 7>@! 7! B?B2F734?>! @0>D439! ?G! gQR! B08D?>DlDXL!
W6L!!

+*' !

!
%C0!B8?54>10!1?6B84D0D!dd!@4D38413DM!+9084!$?23CP!+9084!+?83CP!+97>@7827!+?83CP!
Y484>97A7P!%C4W7P!-287>A7!+?83CP!-287>A7!$?23CP!Y476E2!<0D3P!Y476E2!.7D3P!
+97>@7827!$?23C!7>@!I732>@2L!!

)0>387F!:8?54>10!4D!3C0!7>10D387F!C?60!3?!3C0!Y4W292!1?662>439!7>@!C7D!4>!3C0!
B7D3! >?3! 0/B0840>10@! 3C0! 8757A0D! ?G! 0F0134?>O80F730@! 54?F0>10! ?H4>A! 3?! 43D!
03C>417FF9! C?6?A0>0?2D! 1?6B?D434?>L! %C0! 28E7>! 7807DP! B783412F78F9! 3C?D0! 1F?D0!
3?!+748?E4P!307P!1?GG00!7>@!D4D7F!0D3730D!4>!3C0!F78A08!Y476E2!7>@!%C4W7!J4D38413D!
C750!7! F78A0! >26E08! ?G! >?>OY4W292L! %C0! B8?54>10! 5?30@! ?508HC0F64>AF9! G?8!3C0!
:+U!17>@4@730!7>@!4>126E0>3!B80D4@0>3P!-H74!Y4E7W4P!@284>A!3C0!QRRS!I0>087F!
0F0134?>DLdbe!

$35GA!3C!4@!4D1!<5@G1?21!

#>G?86734?>! D2E64330@! E9! 3C0! :8?54>147F! )?664DD4?>08P! _7BC03C! *2A23PdjR!


80507FD!3C73!3C0!B084?@!F07@4>A!3?! 3C0!0F0134?>D!H7D!B0710G2F!E23!C4ACF9!1C78A0@!
E?3C!73!B78F4760>3789!7>@!14541!F050FDP!H43C!3C0!67\?8439!?5083F9!4>!D2BB?83!?G!3C0!
:+U!7>@! 43D! 7GG4F4730! B78340DL! )7>@4@730D!G8?6! 3C0! ?3C08! B78340D! 1?>@2130@!3C048!
176B74A>D!4>!7!>?>O1?>G8?>3734?>7F!7>@!B0710G2F!0>548?>60>3L!!

%C080!H080!4>14@0>3D!?G!54?F0>10!!80B?830@!3?!C750!37W0>!BF710!4>!B084?@!F07@4>A!
3?! 3C0! 0F0134?>DL! ! &>0! D21C! 17D0! 4D! 7>! 4>14@0>3! 3??W! BF710! ?>! Qh3C! +?506E08P!
QRRS!73!78?2>@!jLRRBL6!HC0>!D2BB?8308D!?G!.BC8746!-74>7!-H7>A4!7>@!3C?D0!
?G! _760D! +@08432! I71C7A27P! E?3C! ?G! HC?6! H080! 1?>30D34>A! 3C0! -73C487!
)?>D34320>19!D073P!1F7DC0@!73!-2E0803C4!7807L!-7>9!B0?BF0!H080!4>\280@!7>@!?>0!
B08D?>! @40@! 7D! 7! 80D2F3Ldjd! ! #>! 903! 7>?3C08! 4>14@0>3! HC41C! ?112880@! ?>! dR3C!
J0106E08! QRRSP! D2BB?8308D!?G! _760D! +@08432! I71C7A27! 7FF0A0@F9! 73371W0@! 7>@!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$'-
!Q.4!K!1!P3"!$+'B!J626!&))"!
$(*
!<00!6L:3!J20:0A161!3A!K>!T2"!/"P"!/0A6>6J6B!S!:12!=1!M3HH!::!3A02B!@!6HK8!Q6:1!13!140!M3HH!::!3A!3?![A\8!2>!!A13!
R3:1!QL0=1!3A!V!3L0A=0"!
$($
! QM@! <8KH!::!3A:! 13! 140! M3HH!::!3A! 3?! [A\8!2>! !A13! R3:1"0L0=1!3A! V!3L0A=0B! QM@! R20J6205A0::! 6A5! 140! <0=82!1>!
7226A90H0A1:!582!A9!140!+**,!_0A026L!QL0=1!3A:"!!!G4!:!;6:!140!:8Kb0=1!3?!!!J23=005!A9:!K0?320!140!QM@"!

+*( !

!
4>\280@! ?>0! ?G! 3C0! D2BB?8308D! ?G! :0308! +A4E24>4! Y2A282P! 7>! 7DB487>3! G?8! 3C0!
-73C487!B78F4760>3789!D073LdjQ!&3C08!80B?83D!80507F!4>14@0>10D!?G!C787DD60>3!?G!
B08D?>D!D96B73C0341!3?!*74F7!&@4>A7!7>@!3C0!&J-!B7839Ldjg!

;84419?E!@H!;@E4!&G1245@?!<5@G1?21!5?!)1?498G!;9@65?21!

%C0! :8?54>147F! )?664DD4?>08! A750! 054@0>10! 3?! 3C0! 0GG013! 3C73! 3C0! >0HD! ?G! 3C0!
G4>7F!37FF9!?G!3C0!B80D4@0>347F!80D2F3DP!HC41C!@01F780@!:+U!17>@4@730!-H74!Y4E7W4!
3C0! H4>>08P! H7D! 8010450@! H43C! \2E4F734?>! 7>@! G7>G780L! =?H0508P! D??>! 3C0807G308P!
3C4D!H7D!80BF710@!H43C!AF??6!7D!4>G?86734?>!D37830@!3841WF4>A!4>!3?!3C0!0GG013!3C73!
54?F0>10! C7@! 082B30@! 4>! ?3C08! B783D! ?G! 3C0! 1?2>389! 7>@! 606E08D! ?G! 3C0! Y4W292!
1?662>439! C7@! E00>! 378A030@L! %C4D! >0HD! H7D! A450>! 7! C267>! G710! HC0>! 3C0!
B8?54>10!D37830@!8010454>A!#J:D!G8?6!?3C08!B783D!?G!3C0!1?2>389!7>@!G8?6!H43C4>L!
%C4839! B0?BF0P! 67\?8439! ?G! HC?6! H080! ?G! "2C97! 7>@! "2?! @0D10>3! C7@! B431C0@!
176B! 73! Y78284! :?F410! $3734?>! 4>! Y476E77! J454D4?>L! (D! 3C0! H750! ?G! 54?F0>10! 4>!
?3C08! B783D! ?G! 3C0! 1?2>389! E4FF?H0@P! Y476E77! @454D4?>! C?D30@! 7! 3?37F! ?G! fRRR!
#J:DL! Y476E2! -2>414B7F439! J454D4?>! 8010450@! 7! 3?37F! ?G! dhgb! #J:D! HC4F0!
I43C2>A284!J454D4?>!C?D30@!QdRR!#J:DL!!

%C0! :8?54>147F! )?664DD4?>08! 4>G?860@! 2D! 3C73! @284>A! 3C0! G48D3! 3C800! H00WD! ?G!
_7>2789!QRRfP!3C080!H7D!7!D3730!?G!7>/4039P!2>108374>39!7>@!H?889!4>!3C0!0>3480!
B8?54>10L! %C4D! D3730! ?G! 7GG748D! C7@! E00>! 172D0@! E9P! "80B?83D! 3C73! 3C4>AD! H080!
6?54>A! G8?6! E7@! 3?! H?8D02/djh! ! %C0! :)! 801?2>30@! C?H! 78?2>@! df3C! _7>2789!
QRRfP! 826?28D! D37830@! 14812F734>A! 3C73! E9! -?>@79P! QdD3! _7>2789! QRRfP!
"606E08D!?G!?3C08!1?662>4340D!80D4@0>3!4>!)0>387F!:8?54>10!H?2F@!E0!73371W0@!!
3?! 750>A0! 3C0! 738?14340D! 6030@! ?23! ?>! Y4W292D! 4>! +97>V7P! *4G3! ;7FF09! 7>@!
<0D308>! :8?54>10D2/H\W! %C0D0! 826?28D! H080! 0/7108E730@! E9! 3C0! C788?H4>A! 37F0D!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$(+
!7K3#0(!
$(%
!Q.4!K!1!$+'"!
$(&
!R20:0A161!3A!K>!T2"!Z6J4014!@"!I8981B!140!R23#!A=!6L!M3HH!::!3A02B!M0A126L!R23#!A=0!13!140!M3HH!::!3A!3?![A\8!2>!
!A13!R3:1!QL0=1!3A!V!3L0A=0B!J"'"!
$('
!)*(J"("!

+*, !

!
>788730@! E9! 3C0! #J:DP! HC?! C7@! GF0@! G8?6! 3C?D0! 80A4?>D! 7>@! C7@! 788450@! 4>! 3C0!
:8?54>10Ldjj!

#3! 4D! 4>! 3C0D0! 148126D37>10DP! 3C0! )?664DD4?>! H7D! 3?F@P! 3C73! 3C0! F?17F! Y4W292!
1?662>439!D37830@!3C80730>4>A!B0?BF0!G8?6!?3C08!1?662>4340DL!%C0D0!B8?6B30@!
606E08D! ?G! 3C?D0! 1?662>4340DP! 674>F9! "2?DP! "2C97DP! Y7F0>\4>D! 7>@! Y4D44D! 3?!
571730!3C048!C?2D0D!7>@!176B!4>!3C0!5784?2D!B?F410!D3734?>DL!

&>!g8@!_7>2789!QRRfP!84?34>A!6?ED!EF?1W7@0@!3C0!+748?E4O+7W282!=4ACH79P!E23!
3C0! E788417@0D! H080! 806?50@! 7G308! 3C0! 4>30850>34?>! E9! 3C0! "46282! J&P! HC?!
1?>50>0@!7>@!7@@80DD0@!7!B2EF41!60034>A!73!+A78784A7LdjS!

&>! h3C_7>2789P! QRRf! 73! I7W02! ;4FF7A0P! Y48467! D2EOF?1734?>P! +97>@7827! +?83C!
J4D38413P! dQ! C?2D0D! E0F?>A4>A! 3?! B08D?>D! G8?6! 3C0! Y7F0>\4>! 1?662>439! H080!
3?81C0@L!%C0!B?F410!7880D30@!D050>!D2DB013D!7>@!1C78A0@!3C06!H43C!3C0!?GG0>10!?G!
78D?>Ldjf!&>!3C0!D760!>4AC3P!B08D?>D!?G!Y4W292!@0D10>3!@4DBF710@!G8?6!3C0!*4G3!
;7FF09P!>?37EF9!-?F?!7>@!+7W282P!D37830@!788454>A!4>!"46282!%?H>!7>@!3C0!JL&L!
078678W0@! Y4873C46?! *0@! )8?DD! )0>380! 7D! 7! 176B! HC080! 3C09! H?2F@! E0!
711?66?@730@L!

#>! D?60! 17D0DP! 3C0! 10>380D! C?F@4>A! #J:D! G8?6! ?3C08! 1?662>4340D! H080!
3C80730>0@! H43C! E28>4>A! E9! 606E08D!?G! 3C0! Y4W292! 1?662>439! HC?! @067>@0@!
3C73!3C0!176BD!DC?2F@!E0!E8?W0>!2B!7>@!3C?D0!4>!3C0!176BD!DC?2F@!F0750!7>@!A?!
3?!3C048!C?60F7>@L!&>!b3C!_7>2789!QRRfP!G8717D!D37830@!4>!"46282!3?H>!?23D4@0!
K737! $C?0! )?6B7>9! A730! 7>@! ?23D4@0! Y4873C46?! *0@! )8?DD! )0>380! HC41C! H7D!
711?66?@734>A! 3C0! #J:DL! $0128439! B08D?>>0F! @4DB08D0@! 3C0! 84?3?2D! 6?ED! HC?!
H080! 7>A080@! E9! 3C0! B80D0>10! ?G! 3C0! #J:DL! #3! H7D! 3C0! 4>30>34?>! ?G! 3C0! 6?E! 3?!
73371W!3C0!K737!H?8W08DP!67\?8439!?G!HC?!H080!B08D?>D!?G!>?>OY4W292!?84A4>Ldje!!

!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$((
!G40!:1610H0A1!K>!140!S!:12!=1!M3HH!::!3A02B!@!6HK8!C0:1!S!:12!=1B!R0102!/0L0>B!!A5!=6105!1461!!A!4!:!S!:12!=1B!140!
14
?!2:1!9238J!3?!$&![SR:!3?!@!X8>8!32!9!A!6A5!140!2!?6H!L!0:!622!#05!!A!/!H828!G3;A!3A!& !Z6A862>B!46#!A9!126#0L05!?23H!
5!??020A1!J621:!3?!140!I!?1!V6LL0>!J23#!A=0!L!X0!P6X828!6A5!T3L3!;4020!J3:1!0L0=1!3A!#!3L0A=0!465!:162105"!!
$(,
!7K3#0B!!J"&"!
$()
!P>6482828!/6;!M3821:!?!L0!&(g*)!M2"!+&+g(g*)"!
$(-
!<00!<1610H0A1!K>!R0102!/0L0>B!SMB!@!6HK8!C0:1!S!:12!=1"!!
+*) !

!
%C0!73371W!?>!b3C!_7>2789!QRRf!4>D34FF0@!G078!?>!B0?BF0!?G!>?>OY4W292!@0D10>3P!
B8?6B34>A! 3C06! 3?! 176B! 73! 3C0! *74FH79D! I?OJ?H>P! ?BB?D430! 3C0! K737! $C?0!
)?6B7>9L! %C0! >0/3! @79P! G8717D! 082B30@! 7G308! 9?23CD! 1F7DC0@! H43C! 3C0! B08D?>D!
37W4>A! 80G2A0! 73! 3C0! *74FH79! $3734?>L! &>10! 7A74>! 43! 3??W! 3C0! 4>30850>34?>! ?G! 3C0!
J&! 7>@! 3C0! &)$! %4A?>4! :?F410! $3734?>! 3?! X20FF! 3C0! 54?F0>10L! =?H0508P! 3C0! J)!
7DD0DD0@! 3C0! A875439! ?G! 3C0! D432734?>! 7>@! @480130@! 3C06! 3?! 05712730! 7FF! >?>O
Y4W292D!3?!%4A?>4!:?F410!$3734?>L!

#>G?86734?>! G8?6! 3C0! J$#)! 80B?83D! 4>@41730D! 3C73! 4>! "46282! %?H>P! 7E?23! G4G39!
8?H@9!9?23CD!7860@!H43C!182@0!H07B?>D!D03!7EF7V0!E2D4>0DD!B8064D0D!?H>0@!E9!
+0FD?>!&F2?1C!&H0A4P!3C0!"46282!&J-!1??8@4>73?8L!"7308!3C0!9?23CD!73306B30@!
3?! 73371W! 606E08D! ?G! 3C0! "2?! 1?662>439! HC?! C7@! GF0@! 3C048! C?60D! 7>@! H080!
176B4>A!73!3C0!%4A?>4!:?F410!$3734?>P!E23!H080!80B2FD0@!E9!B?F410L!

%C080! H080! 17D0D! HC080! E2D4>0DD! 0>308B84D0D! E0F?>A4>A! 3?! >?>OY4W292D! H080!
378A030@! G?8! F??34>A! 7>@! @0D382134?>L! #>! Y476E2! <0D3! J4D38413P! 7! 1?6608147F!
E24F@4>A!0D346730@!3?!E0!H?83C!YDCDL!fRRPRRR!7>@!HC?D0!30>7>3!H7D!&@C476E?!
&F2?1CP!3C0!&J-!)C748P!"46282P!H7D!A2330@!?>!dj3C!?G!_7>2789!QRRfL!

&>! QQ>@! _7>2789P! QRRf! 4>! 3C0! D760! @4D38413PdSR! 7! A8?2B! ?G! 2>W>?H>! 78D?>4D3D!
87V0@!@?H>!g!C?2D0D!E0F?>A4>A!3?!606E08D!?G!3C0!Y7F0>\4>!1?662>439!7>@!?>0!
E0F?>A4>A! 3?! 7! %28W7>7L! %C0! 17D0P! H0! H080! 4>G?860@P! H7D! D34FF! B0>@4>A! 2>@08!
4>50D34A734?>D!73!&F!Y7F?2!:?F410!$3734?>!E9!3C0!3460!?G!3C0!30D346?>9L!

&>!Qg8@!_7>2789P!QRRfP!:)!_?D0BC!Y4BF7>A73!?G!%4A?>4!:?F410!$3734?>!H7D!DC?3!E9!
7>!2>W>?H>!A2>67>!G8?6!7!8??G!3?BL!=0!E8?W0!C4D!F0A!7>@!H7D!37W0>!3?!Y476E2!
J4D38413! =?DB437FL! (3! 78?2>@! S! BL6L! ?>! 3C0! D760! @79P! 3C800! 60>! H080! DC?3! E9!
B?F410!HC4F0!4>!3C0!713!?G!F??34>A!3C0!"46282!K737!$C?0!)?6B7>9!@4DBF79!DC?BLdSd!

&>! Qg8@! _7>2789P! QRRf! 9?23CD! 7DD06EF0@! ?23D4@0! K737! $C?0! )?6B7>9!
@067>@4>A! 3C73! 3C0! >?>OY4W292D! E04>A! 711?66?@730@! E9! 3C0! )?6B7>9! E0!
7DW0@!3?!F0750L!%C09!H080!7@@80DD0@!E9!3C0!D0128439!B08D?>>0F!E23!3C09!80G2D0@!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$,*
!G40!<1610H0A1!5!5!A31!!A5!=610!140!0.6=1!JL6=0!3?!140!!A=!50A1"!
$,$
!G40!H61102!;6:!:1!LL!8A502!!A#0:1!961!3A!61!140!1!H0!3?!140!10:1!H3A>!6A5!6A!!A\80:1!?!L0!46:!:!A=0!K00A!3J0A05!
E[A\80:1!P3"!+g+**)F"!
+*- !

!
3?! E2@A0L! %C0! 4>30850>34?>! ?G! 3C0! -:O0F013! @4@! >?3! E078! G8243D! 7D! 3C0! 9?23CDP!
7860@! H43C! 182@0! H07B?>D! 7>@! >26E084>A! 7E?23! QPRRR! ! B?D434?>0@! 3C06D0F50D!
?>!7!GF9O?508!P!?>!3?B!?G!E24F@4>AD!!7>@!4>!3C0!7807!?23D4@0!3C0!G713?89L!(E?23!jR!
D0128439!?GG4108D!0D37EF4DC0@!7!E2GG08!V?>0!E03H00>!3C0!)?6B7>9[D!B8064D0D!!7>@!
3C0!9?23CDL!!

(3! D?60! B?4>3P! 3C0! D28A4>A! 9?23CD! D03! 7EF7V0! 3C0! D0128439! A278@D[! ?GG410! 7>@!
E8?W0!4>3?!3C0!K737!$C?0!'713?89!DC?BP!F??34>A!3C0!DC?0D!4>D4@0L!(!D12GGF0!0>D20@!
7>@! D050>! B?F410! ?GG4108D! D2D374>0@! 64>?8! 4>\2840D! 7>@! H080! 380730@! 73! %4A?>4!
D2EO@4D38413! C?DB437F! 7>@! @4D1C78A0@L! #>! 3C0! B8?10DD! ?G! 3894>A! 3?! 1?>38?F! 3C0!
18?H@P!3C800!B0?BF0!@40@L!

&>! Qh3C_7>2789P! QRRfP! ?>0! :0308! &@C476E?P! 7! 606E08! ?G! 3C0! "2?! 1?662>439!
G8?6!K?>@?!H7D!G?2>@!DF7DC0@!3?!@073C!7F?>A!7!G??3!B73C!H43C4>!Y787>\4F4!7807P!
"46282LdSQ!&>!3C0!D760!@79P!Q!B0?BF0!H080!G?810G2FF9!14812614D0@!2D4>A!7!EF2>3!
3??FP!7>@!H080!37W0>!3?!%4A?>4!$2EOJ4D38413!=?DB437F!HC080!3C09!H080!380730@!7>@!
@4D1C78A0@L!

&>! gR3C! _7>2789P! QRRfP! 7! A8?2B! ?G! 9?23CD! >26E084>A! 7E?23! dRR! G8?6! 3C0!
=?F@4>A! .D3730P! Y476E2! .7D3P! 7860@! H43C! 182@0! H07B?>D! E788417@0@! 3C0! 8?7@D!
3?!3C0!.D3730!4>30>@4>A!3?!73371W!B08D?>D!E0F?>A4>A!3?!?3C08!1?662>4340DL!%C09!
H080!C?H0508!@4DB08D0@!E9!(@64>4D38734?>!:?F410!B08D?>>0FLdSg!!

:8054?2DF9! ?>! Qf3C_7>2789! QRRfP! H43C4>! +97>@7827! $?23C! J4D38413P! 7! A8?2B! ?G!
B08D?>D! D03! ?>! G480! dRh! C?2D0DP! d! 38713?8P! d! C788?HP! dR! DC00B! 7>@! j! 1?HD!
E0F?>A4>A! 3?! B08D?>D! G8?6! 3C0! Y7F0>\4>! 1?662>439L! &>! 3C0! D760! @79P! 7! 6?E!
F9>1C0@! "2W7D! -73030P! 7! "2C97! 17D27F! F7E?2808! 3?! @073CL! #>G?86734?>! G8?6! 3C0!
J$#)!80B?83D!4>@41730D!3C73!4>!Y476E77!7>@!+@084!7807D!7!A8?2BP!6?D3F9!?G!9?23C!
D37A0@! 7! @06?>D38734?>! 3?! 3C0! J&[D! ?GG410! 4>! Y4W292! 3?H>P! @067>@4>A! 76?>A!
?3C08!3C4>ADP!3C0!4660@4730!D3?BB7A0!?G!3C0!*4G3!;7FF09!W4FF4>AD!7>@!054134?>D!7>@!
@0D382134?>D! 378A034>A! 3C048! B0?BF0c! 3C0! 4660@4730! 05712734?>! ?G! 3C0! Y4W292!
B0?BF0!3?!D7G0!BF710D!E9!3C0!A?508>60>3!7>@!A2787>300!?G!3C048!D0128439!HC080508!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$,+
!G40!H61102!!:!:1!LL!140!:8Kb0=1!3?!!A#0:1!961!3A!!A![A\80:1!c!L0!P3"!%g+**)!61!/!H828!R3L!=0!<161!3A"!
$,%
!<00!R20:0A161!3A!K>!/"P"!/0A6>6J6B!J"&"!
+$* !

!
3C09!H080L!%C0!@06?>D3873?8D!7FD?!@067>@0@!3C73!3C0!I?508>60>3!4DD20D!3C06!
H43C!50C41F0D! 3?! 387>DB?83! 3C048! W4>! E71W!3?! 3C0! )0>387F! :8?54>10! 7H79! G8?6!3C0!
1?>GF413!7807DL!

&>! S3C! '0E82789P! QRRfP! 9?23CD! E788417@0@! 3C0! +748?E4O+7W282! C4ACH79P! E23! 43!
H7D!?B0>0@!E9!7!\?4>3!?B08734?>!E9!3C0!80A2F78!B?F410!7>@!(@64>4D38734?>!:?F410L!
%C800! B0?BF0! H080! 4>\280@! E9! 3C0! 6?E! E23! H080! 82DC0@! E9! A??@! $7678437>D! 3?!
%C?A?3?! =?DB437F! HC080! 3C09! H080! 380730@! 7>@! @4D1C78A0@L! ! &>! f3C! '0E82789!
QRRfP! 3H?! D064OB0867>0>3! C?2D0D! H080! E28>3! 4>! +@084P! Y476E2! <0D3! 7>@! 3C0!
G0>10!D288?2>@4>A!3C0!1?6B?2>@!?G!$300F!*?FF4>A!-4FFD!B78347FF9!@0D38?90@L!!

(11?8@4>A!3?!3C0!Y+)=*!80B?83!B8?@210@!3?!3C0!)?664DD4?>!7D!054@0>10P!3C080!
H080! 3C8073D! 7>@! 71327F! 054134?>D! ?G! >?>OY4W292! B0?BF0! 4>! +9084! 4>! 078F9!
'0E82789L!%C0!80B?83!D3730D!3C73!2>D4A>0@!>?3410D!H080!14812F730@!4>!+9084!3?H>!
4>! 0D3730D! ?112B40@! E9! >?>OY4W292! D21C! 7D! -7\0>A?P! ?8@084>A! >?>OY4W292!
B0?BF0! 3?! F0750L! %C4D! F0@! 3?! 3C0! 0/?@2D! ?G! >?>OY4W292! B0?BF0! ?23! ?G! +9084P!
0DB0147FF9! HC0>! 6?80! F07GF03D! D37830@! 14812F734>AL! &>0! ?G! 3C0! F07GF03D! 807@M! `V&!
<&)$! 4,*+5$+! #-.! =*)2! E-&6! E-5%*6! V*'(:6! =$! B:A$! %&-! Ni! 5)+! %&-! @*4>! *'(! B&6!
?*:,-)$!.&!.5*.!=$!'$$(!N11!5$*(+!#$?&)$!@$*4$!5&,(+!&'4$!<&)$2/!

,?419?8GG:!K5ECG821A!;19E@?E!

%C0! )?664DD4?>! H7D! 4>G?860@! 3C73! 3C0! 4>GF?H! ?G! 3C0! #J:D! H7D! 8010450@! H43C!
64/0@! 807134?>DP! H43C! D?60! 80D4@0>3D! 06B73C4D4>A! H43C! 3C0! 4>1?608D! 7>@!
B8?54@4>A! G??@! 7>@! DC0F308L! #>! 7807D! D21C! 7D! Y4W292! 3?H>DC4BP! 3C0! 4>1?64>A!
B08D?>D!H?2F@!E0!7ED?8E0@!4>3?!3C0!D?14039!E9!3C0!F?17F!80D4@0>3DL!%C4D!0/BF74>D!
3C0!7ED0>10!?G!67\?8!176BD!4>!3C0!Y4W292!3?H>DC4B!7807!7>@!?3C08!7807D!?G!3C0!
B8?54>10!D21C!7D!-287>A7!+?83CL!!#>!?3C08!BF710DP!3C09!H?2F@!E0!F0G3!3?!G0>@!G?8!
3C06D0F50D!?8!D033F0!4>!3C0!176BDP!G?8!0/76BF0P!4>!*284>A2P!+9084L!,03!D34FFP!3C080!
H080! 4>@454@27FD! HC?! C?D30@! 3C06L! #>! ?>0! D21C! 17D0! H4@0F9! 80B?830@! 4>! 3C0!

+$$ !

!
60@47! 7! H?67>! C?D30@! 78?2>@! eR! #J:D! 4>! C08! 3H?OE0@8??60@! C?2D0! 4>!
&3C797LdSh!

'283C08P! 3C080! H080! 4>D37>10D! HC0>! 9?23CD! H43C4>! )0>387F! :8?54>10! 3??W!
7@57>37A0! ?G! 3C0! 2>80D3! 3?! 0>A7A0! 4>! 2>F7HG2F! 713454340DL! %C080! H080! 4>D37>10D!
HC0>! >?>OY4W292! 06BF?900D! H?8W4>A! 4>! 5784?2D! 1?6B7>40D! H080! 378A030@! G?8!
73371WD!7>@!054134?>!D?!7D!3?!180730!06BF?960>3!?BB?832>4340D!G?8!3C06D0F50D!4>!
3C?D0!1?6B7>40DL!$21C!1?6B7>40D!4>1F2@0@!U>4508D7F!)?8B?8734?>!"46430@!]U)"^!
7>@! $300F! *?FF4>A! -4FFDP! E?3C! 4>! Y4W292c! Y(*#! 7>@! Y.'*#! 7>@! ?3C08! 80D0781C!
4>D343234?>D! 7FD?! D432730! 4>! Y4W292c! %07! .D3730D! 7>@! K737! $C?0! )?6B7>9! 4>!
"46282c!K#J)&!7>@!?3C08!4>@2D3840D!4>!%C4W7c!GF?H08!G786D!4>!&F!Y7F?2LdSb!

+9084! :?F410! D3734?>! C?D30@! eRR! #J:Dc! %4A?>4! :?F410! $3734?>P! bPgeRc! *2482! :?F410!
$3734?>P!jQRc!_2\7!:?F410!$3734?>P!jRRc!%C4W7!:?F410!$3734?>!bbQc!-787A27!:?F410!
$3734?>! jfc! Y4>7>A?B! :?F410! $3734?>P! jjc! Y78734>7! :?F410! $3734?>P! degc! 7>@P!
Y4W292! :?F410! $3734?>P! bRRL! %C0! 1262F73450! 3?37F! H7D! fPffeL! ! %C?D0! B08D?>D!
H4FF4>A!3?!F0750!H080!G714F43730@!E9!3C0!Y0>97!*0@!)8?DD!3?!3C048!7>10D387F!C?60D!
HC41C! 3C09! 1?>D4@080@! D7G08P! 7F3C?2AC! 67>9! ?3C08D! H080! F0G3! 3?! G0>@! G?8!
3C06D0F50D!7>@!8010450@!>?!7DD4D37>10!?8!?3C08!D2BB?83L!!

-07>HC4F0! 3C0! >26E08! ?G! #J:D! 0\0130@! G8?6! *4G3! ;7FF09P! +97>V7! :8?54>10D!
4>1807D0@P! H43C! 3C0! G4A280! ?G! dfPhRj! 801?8@0@! ?>! _7>2789! gdD3P! QRRf! 84D4>A! 3?!
fjPgdh! E9! 3C0! b3C! @79! ?G! -781CP! QeefL! %C0! :)! 7FD?! 30>@080@! G4A280D! 4>@41734>A!
3C0!>26E08!?G!#J:D!C?D30@!E9!071C!?G!3C0!@4D38413D!4>!3C0!:8?54>10P!Y476E2!<0D3!
C?D30@!dePRej!#J:Dc!%C4W7!bPhgScY476E2!.7D3PfPdjhc!+9084!$?23CP!QPQgjc!+9084!
+?83CP! gPfSQc! -287>A[7! $?23CP! QPbRgc!-287>A[7! +?83CP! QPedRc! I732>@2P! gPhbQc!
+97>@7827!$?23CP!djPfRRc!+97>@7827!+?83CP!dePjRbc!7>@!Y484>97A7P!dheL!

#3! H7D! 3C0! :)[D! 054@0>10! 3C73! 3C0! 67\?8439! ?G! 3C0! #J:D! 80674>0@! H43C4>! 3C0!
:8?54>10!2>34F!3C0!30>D4?>!D2ED4@0@!?>!78?2>@!'0E82789!QeP!QRRfL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$,&
!Q.4!K!1!$+'B!J626:!&-+!6A5!'*$"!
$,'
!7K3#0"!

+$+ !

!
!

-1EC@?E1!F:!;@G521!8?A!;9@65?258G!#A75?5E49845@?!!

%C0! C04AC30>0@! 30>D4?>D! 73! 3C0! 3460! 7>@! 0B4D?@41! 54?F0>10! E0G?80! 3C0! 0F0134?>D!
80B?830@! B?4>30@! 3?! 3C0! B?30>347F! 082B34?>! ?G! 54?F0>10! 4>! 4D?F730@! B783D! ?G! 3C0!
:8?54>10L!%C0!0/B013734?>!3C080G?80!H7D!3C73!3C0!B?F410!7>@!B8?54>147F!723C?84340D!
H?2F@!B23!4>!BF710!7@0X2730!D0128439!607D280D!3?!B80O06B3!7>9!E8071C!?G!B0710!
7>@! ?8@08L! =?H0508P! 43! 4D! ?28! 7DD0DD60>3! 3C73! 3C09! H080! 4FF! B80B780@! 3?!
D734DG713?84F9! C7>@F0! 3C0! ?508HC0F64>A! 4>GF2/! ?G! #J:DL! ! %C0! D0128439!
7887>A060>3D! D0060@! 3?! E0! 3874>0@! ?>! 0F0134?>D! 7>@! 6?80L! %C0! :)! 3?F@! 3C0!
)?664DD4?>!3C73!4>!3C0!F4AC3!?G!3C0!84D4>A!30>D4?>D!4>!3C0!:8?54>10P!7>@!4>!540H!?G!
3C0! >00@! 3?! B8050>3! 3C0! 082B34?>! ?G! 54?F0>10P! C0! 6?E4F4D0@! 7FF! D0128439! 7A0>140D!
7>@!F?17F!F07@08D!4>!3C0!@4D38413!3?!E0!?>!C4AC!7F083L!'8?6!3C0!D0128439!4>30FF4A0>10!
80B?83DP! 3C0! J$#)! C7@! BF7>>0@! 1?5087A0! ?G! 0F0134?>! 176B74A>D! 7D! 078F9! 7D!
$0B306E08!7>@!7330>@0@!071C!7>@!05089!B?F43417F!87FF9!H43C4>!3C0!@4D38413L!

%C0!:)!30D34G40@!3C73!C0!7FD?!1?>50>0@!D05087F!60034>AD!4>!3C0!@4D38413D!H43C!3C0!
606E08D! ?G! 3C0! B2EF41! H43C! 7! 540H! 3?! B8?6?34>A! B0710G2F! 1?0/4D30>10! 7>@!
7BB07F4>A! 7A74>D3! 8037F4734?>L! =0! C0F@! 60034>AD! ?>! Qb3C! _7>2789! QRRf! 4>!
+97>@7827! +?83CP! &F! Y7F?2P! +A?84W7! 7>@! "46282L! &>! dD3! '0E82789P! QRRf! C0!
7330>@0@! 7! B0710! 60034>A! 4>! +9084! $?23C! 7>@! ?>! b3C! '0E82789P! C0! 1?>50>0@! 7!
D464F78!60034>A!4>!Y476E2!<0D3L!!

%C080! H080! B0710! 60034>AD! 1?>50>0@! E9! 3C0! J$#)! ?>! dD3! '0E82789! QRRf! 4>!
"46282! 3?H>! 7>@! <7>A4A0! 3?H>! ?G! Y4W292! @454D4?>P! 7>@! ! 7330>@0@! E9! D05087F!
-:D!4>1F2@4>A!'80@!I26?!]<0D3F7>@D^P!UC282!Y0>97337!]I732>@2!$?23C^P!"0H4D!
+A2974! ]Y4W292^P! :0308! -H73C4! ]"46282^P! .F47D! -E72! ]-787AH7^P! _?C>D3?>0!
-23C767! ]Y7>A2>@?^P! .2A0>0! <767FH7! ]$7E?34^P! 7>@! -?6?467! &>9?>W7!
]Y43232! )C71C0^L! %C4D! 679! C750! B714G40@! 3C0! D432734?>L! #>! 3?37FP! 3C0! :)! D74@! gS!
B0710!7>@!801?>14F4734?>!60034>AD!H080!C0F@!718?DD!3C0!:8?54>10L!

(11?8@4>A! 3?! C46P! 3C0D0! 60034>AD! @?H>OD17F0@! 3C0! C?D34F4340D! 3?H78@D! ?3C08!
1?662>4340DL! ! (D! 7! 80D2F3P! 7! D4A>4G417>3! >26E08! ?G! 3C06! H080! 7EF0! 3?! 80B?83! 3?!
3C048!BF710D!?G!H?8W!4>!3C0!@79!7>@!A03!E71W!3?!3C0!176BD!4>!3C0!050>4>AL!
+$% !

!
!

,?254171?4!

<43>0DD0D! 4>G?860@! 3C0! )?664DD4?>! 3C73! 3C080! C7@! E00>! D05087F! BF7>>4>A!
60034>AD!3C73!C7@!E00>!1?>50>0@!4>!3C0!Y4W292O@?64>730@!B783D!?G!3C0!)0>387F!
:8?54>10l*4G3! ;7FF09! :8?54>10! E?8@08L! %C0D0! 60034>AD! C7@! E00>! 2D0@! 3?! 8018243!
G4AC308DP! 3?! 1??8@4>730! 1?662>7F! 54?F0>10! 7>@! 3?! ?8A7>4V0! G2>@4>AL! %C080! C750!
E00>!80B?83D!3C73!7!B7D3?8P!7!G?8608!-:!7>@!D4334>A!?>0!28A0@!B0?BF0!3?!37W0!2B!
786D!4>!D0FGO@0G0>D0!4>!3C0!"46282!7807LdSj%C0!7FF0A734?>!4D!1?88?E?8730@!E9!3C0!
4>30FF4A0>10! 80B?83D! 1?5084>A! 3C0! B084?@! E03H00>! db3C! _7>2789! 3?! db3C! '0E82789P!
QRRfP! 4>! 7! 6766?3C! 87FF9! 7330>@0@! E9! D?60! Y4W292! -:D! 7>@! B?F434147>DL! %C09!!
EF760@! 3C0! W4FF4>A! ?G! 9?23CD! ?>! B?F410! ?GG4108D! C74F4>A! G8?6! *4G3! ;7FF09! 7>@!
+97>V7!7>@!17FF0@!G?8!3C048!387>DG08!G8?6!3C0!7807L!%C0!80B?83!D3730D!3C2DM!`&>0!
B?F434147>!!17FF0@!?>!3C0!Y4W292!1?662>439!3?!E0!807@9!3?!@0G0>@!3C06D0F50D!7>@!
28A0@!3C0!841C!3?!1?>384E230!6?>09!3?H78@D!3C0!172D0L!(>?3C08!B?F434147>!!7FF0A0@!
3C73! &J-! H7D! E04>A! E71W0@! E9! <0D308>! 1?2>3840D! 3?! @0D37E4F4V0! 3C0!
I?508>60>3LadSS!!

%C080! H080! 1F746D! ?G! B84?8! BF7>>4>A! ?G! 3C0! 54?F0>10! 4>! D?60! B783D! ?G! )0>387F!
:8?54>10L! %C0! )?664DD4?>! 8010450@! 80B?83D! 7FF0A4>A! 3C73! 7! A8?2B! ?G! E2D4>0DD!
B08D?>D!603!?>!Qj3C!_7>2789!QRRf!73!Y4W292!)?2>389!)F2E!3?!G2>@874D0!G?8!3C0!
054134?>!?G!>?>OY4W292!80D4@0>3DL!<07B?>D!3?!E0!2D0@!4>!874@D!H080!D2BBF40@!E9!
B08D?>D!HC?D0!>760D!H080!67@0!7574F7EF0!3?!3C0!)?664DD4?>L!$67FF!E2D4>0DD0D!
7FF!4>!Y4W292P!D2BBF40@!H07B?>D!D21C!7D!671C030DLdSf!!

%C0!807134?>!G8?6!3C0!D0128439!7A0>140D!3?!3C0!184D4D!C7@!E00>!*(!5&4!7>@!F71W4>A!
4>! @480134?>L! '8?6! 3C0! 80B?83DP! 43! 1?2F@! E0! @4D108>0@! 3C73! 3C0! J$#)! @4@! >?3! D00!
7>9!>00@!3?!G?FF?H!2B!?>!HC73!7BB0780@!3?!E0!7>!?5083!17FF!3?!786DP!7>@!4>D307@!
D2E\013450F9! @4D64DD0@! 3C06! 7D! ?23E28D3D! ?G! 7>A08L! %C0! 80B?83! D79D! 3C2DM! `%C0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$,(
!Q.4!K!1!+$ZB!<J0=!6L!D2!0?N!M!#!L!<3=!01>!I0:J3A:0:!13!140!@0A>6A!M2!:!:B!@0A>6!Y8H6A!I!941:![A:1!1810B!!!J"&"!
$,,
! M0A126L!R23#!A=0!<0=82!1>![A10LL!90A=0!M3HH!1100!I0J321!?32!140!R02!35!K01;00A!$'14!!Z6A862>!!13!$&14!c0K2862>B!
+**)B!J"%!
!
$,)
!Q.4!K!1!$+'"!
+$& !

!
F07@08D!H080!807134>A!?23!?G!7>A08!G?FF?H4>A!3C0!W4FF4>A!?G!3C800!9?23CD!HC?!H080!
B8?30D34>A!3C0!@4DBF71060>3!?G!3C048!W4>D60>!G8?6!*4G3!;7FF09/2HX0!

%C0! )0>387F! :8?54>10! $0128439! 7>@! #>30FF4A0>10! )?6643300! (BB8014734?>! G?8! 3C0!
B084?@!E03H00>!db3C!_7>2789!3?!dh3C!'0E82789P!QRRfP!80B?83D!3C73!3C080!H7D!C730!
674F!14812F730@!E9!2>W>?H>!B08D?>D!?>!3C0!Y0>97!:?H08!7>@!"4AC34>A!)?6B7>9!
"46430@! H0E! 674F! 4>! +9084P! 17FF4>A! 2B?>! 3C0! Y7F0>\4>D! 3?! 84D0! 7>@! @0G0>@! 3C048!
7>10D387F!F7>@P!7>@!3?!@0F4508!3C06!G8?6!3C0!Y4W292!@?64>7>10L!!

"D1!-1E39B1?21!@H!/3?B5X5!!

%C0! 80D28A0>10! ?G! 3C0! -2>A4W4! 1?2F@! E0! D00>! 7D! 7! G?86! ?G! 0>1?287A060>3! 3?!
8037F473?89! 73371WD! ?8P! 4>! 3C0! 7F308>73450P! 7! 80DB?>D0! 3?! 3C0! 17FF! 3?! 786D! E9! 3C0!
B?F434147>D!3?!@0G0>@!3C0!Y4W292!1?662>439!7A74>D3!7AA80DD4?>!E9!>?>OY4W292DL!
'283C08P!@0DB430!>?34>A!3C0!80D28A0>10!?G!3C0!?23F7H0@!64F4347!A8?2B4>AP!-2>A4W4P!
3C080! 4D! F433F0! 0FD0! 4>! 3C0! 7BB8014734?>! E9! 3C0! )0>387F! :8?54>10! $0128439! 7>@!
#>30FF4A0>10! )?6643300! 4>@41734>A! 7! @014D450! 80DB?>D0! 3?! 3C0! 3C8073! 3?! D0128439!
B?D0@!E9!3C0!B8?D184E0@!D013LdfR!!

C5$!8:>-%-!4&<<-':.%!+$$<+!.&!#$!+,&=,%!*44$@.:'B!.5$!;-'B:>:!+$4.!
?&,,&=:'B!*+@$)+:&'+!.5*.!.5$!B&A$)'<$'.! =*+!-'*#,$!.&!@)&.$4.!.5$<!
*B*:'+.! 5&+.:,$! 4&<<-':.:$+! (-):'B! .5$! @&+.! $,$4.:&'! A:&,$'4$2! C5:+!
4&-,(!@&+$!*!45*,,$'B$!.&!+$4-):.%!*B$'4:$+6!5$'4$!4*,,+!?&)!4&'4$).$(!
$??&).+!.&!+.$<!.5$!+*<$2HbH!

%C0!80D28A0>10!4D!1?>D4D30>3!H43C!3C0!1F746!7D!3?!3C0!B?F43414V734?>!?G!64F4347!7D!7!
50C41F0!3C8?2AC!HC41C!03C>41!C7380@!7>@!7>46?D439!1?2F@!E0!@8450>L!-7>9!?G!3C0!
713D!?G!54?F0>10!B08B038730@!E9!3C4D!64F4347!?23G43!73!3C0!3460!679!E0!0/BF74>0@!7D!
80384E23450! 54?F0>10! 3C73! H7D! DB014G417FF9! 378A030@! 73! 606E08D! ?G! 03C>41!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$,-
!7K3#0B!J"&"!
$)*
!M0A126L!R23#!A=0!<0=82!1>!6A5![A10LL!90A=0!M3HH!1100!7JJ20=!61!3A!?32!140!R02!35!K01;00A!$'14!Z6A862>B!+**)!13!
$&14!c0K2862>B!+**)"!
$)$
!M0A126L!R23#!A=0!6A5![A10LL!90A=0!M3HH!1100!7JJ20=!61!3AB!]aJ:8290!3?!T8A9!X!!7=1!#!1!0:!P3105^B!T[P!++g+**)"!
G40!I0J321!J23=005:!13!!50A1!?>!:J0=!?!=!6206:!3?!!A=206:05!6=1!#!1>"!c32!0.6HJL0B!!1!:6>:B!])"!+,$"*$'-$.!/0&!1-"2!3!!
45!'!/-$6!6&$*&'!0$4!*!'&#/&*!4&#/!%&%7&'4!/8!'&#'-!/!/&"!/08-4$"*!9:;.;;;<!"&=!%&%7&'4!/8!*&>&"*!?!3-,-!!"!/0&!@!>/!
A$66&,(! B8"4&C-&"/6,.! D((! /0&E&#/! @&#'-!/%&"/! F>>!#&'.! 0$4! '&#'-!/&*! 8"&! 0-"*'&*! $"*! /0!'/,! 9:G;<! ,8-/04! >'8%!
H-"*8'!!$"*!F6!?$68-I!
+$' !

!
1?662>4340D! B0810450@! 3?! E0! D2BB?83450! ?G! 3C0! &J-! :7839P! 7>@! 7A74>D3! HC?6!
7112D734?>D!C7@!E00>!67@0!G?8!378A034>A!606E08D!?G!3C0!Y4W292!1?662>439!4>!
?3C08!B783D!?G!3C0!1?2>389L!!!

$?60! ?G! 3C0! 0>1?287A060>3! 3?! 73371WD! 7FD?! C7@! 7! 1?081450! 7DB013! 3?! 3C06L! (!
80B?83! 343F0@! $B0147F! K840G! ?>! )454F! $?14039! *0DB?>D0! 7>@! D2E64330@! 3?! 3C0!
)?664DD4?>!7D!./C4E43!Qd_!1430D!7!H43>0DD!7D!D794>A!3C73P!

.5$)$! d+:4e! 5*A$! *,+&! #$$'! )$@&).+! &?! :'.)*7$.5':4! A:&,$'4$! :'! .5$!
S*'B:B$! *)$*! &?! 8:*<#-! Q:+.):4.! =5$)$! 8:>-%-! <$'! 5*A$! #$$'!
*..*4>$(!#%!B*'B+!?&)!"?*:,:'B/!.&!"($?$'(/!.5$:)!&='!4&<<-':.%!?)&<!
"*BB)$++&)+/2!E&4*,!5-<*'!):B5.+!($?$'($)+!*)$!#$:'B!"+4)$$'$(/!*'(!
.5$!+$4-):.%!*'(!+*?$.%!&?!.5&+$!&?!8:>-%-!&):B:'!*)$!*.!):+>2/dfQ!

!%C080! H080! 80B?83D! 3C73! F7>@F?8@D! 7FD?! E01760! 378A03D! ?G! 3C0! 73371W08DL! %C09!
H080!G?810@!3?!A450!>?3410D!3?!3C048!>?>OY4W292!30>7>3D!3?!571730Ldfg!

>841!+C112D!

%C080!H080!80B?83D!?G!3C0!14812F734?>!?G!67F414?2D!10FFOBC?>0!30/3!60DD7A0D!3C73!
B8?B7A730@!C730!DB001C!7>@!7F7864>A!826?28DL!%C4D!C7@!3C0!0GG013!?G!B?4D?>4>A!
7>! 7F807@9! 30>D0! B?F43417F! 0>548?>60>3L! %C0! D373060>3D! 805?F50@! 78?2>@! 3C0!
@0>4A8734?>! ?G! 4>@454@27F! B?F43417F! 713?8D! 7>@! 3C048! 7GG4F4730! B?F43417F! B78340DL!
./76BF0D! 780! 3C0! C730! F07GF03D! ?>! *74F7! &@4>A7! G?2>@! 73! +@787A27P! +97>@7827!
+?83C! J4D38413L! %C0! F07GF03D! 807@M! "J*:,*! :+! @,*'':'B! *! )$A&,-.:&'! 45):+.$'$(!
Q$4$<#$)! Nb! _)*'B$! J$A&,-.:&'a! H43C! 3C0! 7DD4D37>10! ?G! J41W! -?884D! 7>@! :8?GL!
I0?8A0!(943309!?G!IC7>7La!$464F78!F07GF03D!G?2>@!73!Y7C28?!4>!-287>A7P!7112D0@!
*74F7! ?G! E04>A! 7! 3088?84D3P! @054F! H?8DC4BB08P! 1?662>4D3P! 0/B083! 4>! ?5083C8?H4>A!
A?508>60>3DP! 384E7F4D3P! 7>@! @010B3450P! @4DC?>0D3P! B87134D4>A! H431C187G3! 3?! H4>!
B80D4@0>19Ldfh!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$)+
!Q.4!K!1!+$ZB!J"&"!
$)%
Q.4!K!1!$+'!
$)&
!S<[M!I0J321:!T!A!-&g+**)"!
+$( !

!
(@@434?>7FF9P!3C080!H080!7FD?!80B?83D!?G!@0607>4>A!80G080>10D!E9!3C0!Y4W292D!3?!
B08D?>D!?G!?3C08!384E0D!7D!'(-):):!]7>!46B084?2D!80G080>10!H43C4>!! 3C0!1?>30/3!?G!
3C0!DB001C!3?!B0?BF0!?G!>?>OY4W292!@0D10>3^!!7>@!DB014G41!80G080>10D!3?!3C0!&J-!
B80D4@0>347F! 17>@4@730! 7>@! 3C0! "2?D! 7D! >:5::! ]F??D0F9! 387>DF730@! 7D! 7>!
2>14812614D0@!67>!4>!3C0!Y4W292!F7>A27A0^L!%C0!Y+)=*!80B?83D!?>0!B8?64>0>3!
Y4W292!B?F434147>!7>@!G?8608!-:!7D!C754>A!D74@!3C73!3C0!Y4W292D!17>>?3!E0!F0@!
E9!7!>:5::2HbW!!

%C0!)?664DD4?>!7FD?!8010450@! 4>G?86734?>! 3?! 3C0!0GG013! 3C73!80F4A4?2D! F07@08D!4>!


7807D!D21C!7D!"46282!7>@!+9084!2D0@!3C0!B2FB43!3?!1?>509!60DD7A0D!76?2>34>A!
3?! C730! DB001C! 7A74>D3! >?>OY4W292! 1?662>4340DP! &J-! 7>@! A0>087FF9! HC4BB4>A!
2B! Y4W292! 03C>?O>734?>7F4D3! B7DD4?>L! %C0! F07@08D! 233080@! BC87D0D! D21C! 7D!
`4:*:B*'*! ':! 4:*:B*'*a! ]0>?2AC! 4D! 0>?2AC^P! D2AA0D34>A! 3C73! 3C0! Y4W292!
1?662>439! DC?2F@! >?! F?>A08! D46BF9! D37>@! E9! HC4F0! 73371WD! 7A74>D3! 3C06!
1?>34>20@L! %C0! 80B?83! 1?>34>20DP! `#>! Y4873C46?! #J:! )76B! 4>! "46282P! HC41C!
C?D30@! 80328>00D! G8?6! ?3C08! B8?54>10DP! ?>0! 80F4A4?2D! F07@08! 28A0@! 3C0! B0?BF0!
3C73P!"C5$!8:>-%-!+5&-,(!#$!*)<$(!.5$!=*%! 3! *<!*)<$(!=:.5!.5$!a:#,$2/!!I?DB0F!
7834D30D! B08G?860@! 4>! "46282! 73! 87FF40D! 7330>@0@! E9! 3C0! F?17F! 1?662>439! HC080!
C730!60DD7A0D!H080!@4DD064>730@Ladfj!

Y+=)*!80B?830@!7D!G?FF?HD!?>!C730!DB001CM!

E&4*,! ,*'B-*B$! <$(:*! *,+&! (:++$<:'*.$(! 5*.$! +@$$45! .&! 8:>-%-!


*-(:$'4$+! :'! f$'.)*,! F)&A:'4$! *'(! :'! .5$! (:*+@&)*2! f*,,7:'! +5&=+! &'!
)*(:&! +.*.:&'+! $'*#,$(! :'(:A:(-*,+! .&! <*>$! -')$B-,*.$(! 5*.$?-,!
+.*.$<$'.+2! 3'&&)&! G;! @-.! &'! *:)! 5:B5,%! $<&.:&'*,! *'(! (:+.)*-B5.!
A:4.:<+!&?!A:&,$'4$6!*!?*4.&)!.5*.!.$'($(!.&!=5:@!-@!.5$!$<&.:&'+!&?!:.+!
*-(:$'4$2! ;-+:4! :'! .5$! 8:>-%-! ,*'B-*B$! @,*%$(! &'! 8*<$<$! *'(!
3'&&)&! )*(:&! +.*.:&'+! *,+&! $'B$'($)$(! &)! )*:+$(! $.5':4! .$'+:&'+2! _'$!
+-45! +&'B! A*):&-+,%! @,*%$(! #%! 3'&&)&! G;6! ,%):4:+$(! *#&-.! J*:,*!
_(:'B*!*'(!.5$!E-&!4&<<-':.%!:'!A$)%!'$B*.:A$!.$)<+2dfS!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$)'
!Q.4!K!1!$+'B!R626!'*+"!
$)(
!Q.4!K!1!$+'B!J626!'$+"!
$),
!7K3#0B!!R626!'$%!
+$, !

!
(5?A5?BE!

%C0!3?37F439!?G!054@0>10!8010450@!E9!3C0!)?664DD4?>!D2AA0D3D!3C73!3C0!54?F0>10!4>!
)0>387F! :8?54>10! H7D! 674>F9! 378A030@! 7A74>D3! B08D?>D! B0810450@! 3?! E0!
2>D96B73C0341! 3?! 3C0! :+U! B80D4@0>347F! 17>@4@730P! -H74! Y4E7W4P! 7>@! 3C080G?80!
80DB?>D4EF0! G?8! 3C0! 054134?>D! ?G! >?>OY4W292! G8?6! 1?>GF413OD3841W0>! 7807D! 718?DD!
3C0!1?2>389L!!

%C0!80O0608A0>10!?G!-2>A4W4!7>@!7DD?14730@!18464>7F!A7>AD!G?FF?H0@!3C0!W4FF4>AD!
7>@! 054134?>D! Y4W292D! 4>! &J-! B7839! D38?>AC?F@D! 4>! H0D308>! Y0>97L! ! %C0!
328E2F0>10P! 4>! ?28! 540HP! B8?54@0@! 7! B08G013! ?BB?832>439! G?8! 3C0D0! B8?D184E0@!
64F4347!3?!804>50>3!7>@!B71W7A0!3C06D0F50D!7D!4>D38260>3D!G?8!3C0!7@57>1060>3!
?G!B?F43417F!7>@!03C>417FF9!6?345730@!54?F0>10L!

%C0!)?664DD4?>!7FD?!>?30D!3C0!@4D34>13!>73280!?G!3C0!B?D3O0F0134?>!54?F0>10!H43C!
80DB013! 3?! )0>387F! :8?54>10L! #>! 3C0! B7D3! 03C>41! 1F7DC0DP! 3C0! 67\?8! B8?37A?>4D3D!
H080!3C0!Y4W292D!7>@!?3C08!3C0!?3C08!384E0D!?>!3C0!?>0!D4@0!7>@!3C0!Y7F0>\4>!?>!
3C0! ?3C08L! %C4D! H7D! 7! 80GF0134?>! ?G! 3C0! B?F43417F! 7F4A>60>3D! ?G! 3C0! @79! HC0>! 3C0!
Y7F0>\4>! HC?! 0>\?90@! 3C0! B738?>7A0! ?G! 3C0! 80A460! ?G! 3C0! 3460L! $2ED0X20>3!
B?F43417F! 050>3D! D7H! 3C0! Y4W292! 1?662>439! 4D?F730@! E9! 3C0! ?3C08! 03C>41! A8?2BD!
C0>10! HC0>! B?D3! QRRS! 0F0134?>D! 54?F0>10! 082B30@! 4>! )0>387F! :8?54>10P! 3C0!
1?662>4340D! G8?6! ?3C08! B783D! ?G! 3C0! 1?2>389! E?80! 3C0! E82>3! ?G! 54?F0>10! 4>! 3C0!
:8?54>10L!

)@8E4!;9@65?21!!

,?49@A3245@?!

)?7D3!:8?54>10!1?>D4D3D!?G!dg!J4D38413D!7>@!Qd!)?>D34320>140D!H43C!7!B?B2F734?>!
?G! DF4AC3F9! ?508! g! 64FF4?>! B0?BF0! 711?8@4>A! 3?! 3C0! Y0>97! K28072! ?G! $3734D341D!
B8?\0134?>D!?G!QRRSL!%C0!674>!03C>41!A8?2BD!780!3C0!-4\4W0>@7!1?6B84D0@!?G!>4>0!
12F3287FF9! 7>@! F4>A24D3417FF9! 4>308! 80F730@! D2E! A8?2BD! 76?>A! 3C06! 3C0! *7E74P!
)C?>94P! I484767P! -\4E7>7P! Y7267P! Y76E0P! J4A?! 7>@! J28267L! -?D3! ?G! 3C06!
B8?G0DD! 3C0! )C84D347>! G743C! D750! G?8! 3C0!J4A?! HC?! 780! 674>F9! -2DF46DL! %C0! >?>!
+$) !

!
-4\4W0>@7! 4>! 3C0! B8?54>10! 780! 3C0! %7437! T! %75037P! &867P! :?W?6?P! -2>9?9797P!
-7F?W?30P!K7\2>4P!$H7C4F4!7>@!B0?BF0!?G!(87E!@0D10>3c!3C0!F7D3!g!?G!HC?6!674>F9!
4>C7E43! 3C0! )?7D37F! 3?H>DL! #>! 3?37F! 3C080! 780! db! )?7D37F! 03C>41! A8?2BD! 7>@!
606E08D!?G!)7217D47>!1?662>4340D!F454>A!4>!3C0!:8?54>10L!!

=?H0508P!?508!3C0!9078D!3C080!C7D!E00>!7!D4A>4G417>3!64A8734?>!?G!Y0>97>!1434V0>D!
G8?6! 2B1?2>389! 80A4?>D! @87H>! 3?! 3C0! )?7D3! 4>! D0781C! ?G! E03308! 01?>?641!
B8?DB013DL! %C0! 80A4?>! C7D! 3C080G?80! E01?60! 7! 6?D741! ?G! 5784?2D! 4@0>34340DL! %C4D!
C7D!C7@!7!B8?G?2>@!E0784>A!?>!3C0!D?14?O01?>?641!7>@!B?F43417F!80F734?>D!H43C4>!
3C0!:8?54>10L!$?60!03C>41!A8?2BD!C750!E00>!1F7DD4G40@!7D!r4>D4@08D[!?8!4>@4A0>?2D!
1?662>4340DP! HC4F0! ?3C08! 1?662>4340D! 780! 8?234>0F9! 80G0880@! 3?! 7D! r?23D4@08D[L!
%C0D0! 780! 3C0! Y76E7P! Y4W292P! "2?! 7>@! ?3C08! 2B1?2>389! B0?BF0! 80D4@0>3! 73! 3C0!
)?7D3L!

-?6E7D7! 3?H>! 4D! 3C0! 17B437F! ?G! 3C0! B8?54>10! HC?D0! 674>D379! 4D! 3?284D6! 7>@!
80F730@! 713454340DL! '4DC4>A! 7>@! 7A8412F3280! 7FD?! ?GG08! F450F4C??@D! 3?! 7! D2ED37>347F!
B783!?G!3C0!80D4@0>3DL!&508!3C0!9078D!3C0!4>@4A0>?2D!1?662>4340D!80D4@4>A!4>!3C0!
)?7D3! C750! 1?>D4D30>3F9! 1?6BF74>0@! ?G! 0/1F2D4?>! G8?6! 3C0! C4>308F7>@! 7>@!
0/BF?43734?>!?G!3C048!80D?2810D!H43C?23!80H78@!HC41C!4DD20D!0/BF74>!D?60!?G!3C0!
B?F43417F! @9>7641DL! %C0! B08D4D30>3! 1F746D! 7>@! 7FF0A734?>D! ?G! 0/BF?43734?>! 7>@!
0/1F2D4?>! 780! EF760@! ?>! 3C0! D?! 17FF0@! >?>! 4>@4A0>?2D! 1?662>4340D! 1?66?>F9!
80G0880@!3?!4>!3C0!:8?54>10!7D!n=*.&>*!#*)*T!?8!=*#*)*L!$4>10!3C0!80O4>38?@2134?>!
?G!62F34!T!B7839!B?F4341D!4>!deedP!3C0!B?F4341D!4>!3C0!80A4?>!C7D!E01?60!B?F784V0@!
7F?>A! 384E7F! F4>0D! 7>@! B?F434147>D! C750! 0/BF?430@! 3C0! 0/4D34>A! F730>3! 384E7F!
7>46?D439!3?!4>3464@730!108374>!1?662>4340D!A454>A!84D0!3?!54?F0>10!7A74>D3!?3C08!
1?662>4340D! @0B0>@4>A! ?>! 3C0! B80574F4>A! B?F43417F! 1F46730L! ! '?8! 0/76BF0P! 3C0!
"4W?>4! 7>@! YH7F0! 54?F0>10! ?G! deeS! H7D! B8064D0@! ?>! 3C0! D3080?39B4>A! ?G!
2B1?2>389! B0?BF0! 7D! C754>A! 7BB8?B84730@! 3?! 3C06D0F50D! F?17F! 80D?2810D! 7>@!
C754>A! E0>0G430@! 2>G748F9! 73! 3C0! 0/B0>D0! ?G! 3C0! 4>@4A0>?2D! 80D4@0>3D! 7>@! 3C09!
H080! 3C2D! 378A030@! 4>! 3C0! 54?F0>10! HC?D0! D?F0! 746! H7D! 3?! @8450! 3C06! G8?6! 3C0!
80A4?>!7>@!71C4050!7>!4>30>@0@!B?FF!80D2F3dffL!%C0!B?F784340D!7>@!30>D4?>D!180730@!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$))
!c32!?821402!2065!A9B!:00!140!7X!;8H!!I0J321!61!+%%!O!+,)"!

+$- !

!
E9! 3C4D! 0B4D?@0! 80674>! 054@0>3! E03H00>! 3C0! D?! 17FF0@! F?17F! r4>D4@08D[! 7>@!
2B1?2>389!r?23D4@08D[L!!

(D! H0! DC7FF! D00P! 3C0D0! B78760308D! D28G710@! 4>! QRRS! ?>F9! 3C73! 3C4D! 3460! 8?2>@P!
3C0! 4>@4A0>?2D! 1?662>4340D! \?4>0@! C7>@D! H43C! D?60! 2B1?2>389! 1?662>4340D!
F4W0! 3C0! "2?! ]3C06D0F50D! 378A03D! ?G! 3C0! deeS! 54?F0>10^! 3?! 378A03! 3C0! D?O17FF0@!
I.-(! 1?662>4340D! T! 1?6B?D0@! ?G! 3C0! Y4W292P! .6E2P! -082L! %C0! Y76E7! HC?!
C750! 7! D4A>4G417>3! B80D0>10! 4>! 3C0! B8?54>10! H080! 7FD?! 378A030@L! -7>9! I.-(!
1?662>439!606E08D!3C2D!D2GG080@!7!@?2EF0!EF?H!D4>10!3C09!C7@!E00>!541346D!?G!
0F0134?>! 54?F0>10! 4>!deeS! 7>@! C7@! E780F9! 801?5080@! G8?6! 3C048! F?DD0D! HC0>!3C09!
H080!7A74>!378A030@!7>@!73371W0@!4>!3C0!QRRSL!

"?17F! 1?662>4340D! C750! G?8! 9078D! @01840@! 3C0! B0810450@! 678A4>7F4V734?>! 7>@!
2>@08! @050F?B60>3! ?G! 3C0! 80A4?>! H43C?23! 37>A4EF0! 7134?>! E04>A! 37W0>! E9!
D2110DD450! I?508>60>3D! D4>10! 4>@0B0>@0>10! 3?! @07F! H43C! 3C0D0! @00B! 8??30@!
G00F4>ADL!%C0! 4DD20! ?G!F7>@!73! 3C0!)?7D3!C7D!DB0147FF9!E00>!B8?EF067341!7>@!C7D!
E00>!@0D184E0@!7D!7!341W4>A!3460!E?6EL!-?80!8010>3F9!?3C08!G713?8D!F4W0!B0810450@!
64D3807360>3! ?G! 80D4@0>3D! 73! 3C0! C7>@D! ?G! B?F410! 4>! 3C0! >760! ?G! G4AC34>A!
3088?84D6P! B??8! 0@21734?>! F050FD! 7>@! E7@! 4>G87D38213280! C750! 7FF! D0850@! 3?! G20F!
G00F4>AD!3C73!D2110DD450!I?508>60>3D!@?!>?3!1780!7E?23!3C0!80A4?>L!!!

<C4F0! 3C0! B0810450@! 67>4B2F734?>! ?G! 3C0! B80D4@0>347F! 80D2F3D! H7D! 3C0! 384AA08! G?8!
3C0! QRRS! 54?F0>10! 4>! 3C0! :8?54>10P! 43! 4D! 1F078! 3C73! 3C080! 4D! @00B! 2>@08F94>A!
80D0>360>3! HC41C! C7D! >0508! E00>! 7@@80DD0@! E9! 3C0! $3730! ?508! 3C0! 9078DL! %C0!
D432734?>! 4D! G283C08! 1?6BF41730@! E9! 01?>?641! 1?6B03434?>! G?8! 80D?2810D! H43C!
64A87>3! 2B1?2>389! 1?662>4340D! D00>! 7D! E0>0G434>A! 73! 3C0! 0/B0>D0! ?G! 3C0!
4>@4A0>?2D! B0?BF0! 7>@! 3C4D! E71WA8?2>@! 0/BF74>D! 3C0! D7F40>3! 4DD20DP! 172D0D! 7>@!
67>4G0D3734?>! ?G! 3C0! 54?F0>10! 4>! 3C0! 80A4?>! 7D! H4FF! E0! 0/B?2>@0@! 4>! @0374F!
C0804>7G308L!(D!>?30@!E9!Y4>Aq?84!-H7>A4!)?7D3!::&P!!

";%!E&)(+6!&-)!*++$++<$'.!&?!.5$!f&*+.!F)&A:'4$!=*+!.5*.!.5$)$!=*+!
*! @&.$'.:*,! A:&,$'4$! <-45! 5:B5$)! .5*'! *'%! &.5$)! @*).! &?! .5$! 4&-'.)%!
#$4*-+$! &?! .5$! -'($),%:'B! :++-$+! &?! @&A$).%6! .5$:)! @&,:.:4*,! ?$$,:'B! &?!
#$:'B! $h4,-($(! *'(! *! ,&.! &?! -'$<@,&%<$'.2! I,,! .5$+$! B&:'B! #%! .5$!

++* !

!
5:+.&)%!&?!.5$!f&*+.R!=$!?$,.!.5$!:++-$+!5$)$6!.5$!.5)$*.+!=$)$!5:B5$)!
.5*'!&.5$)!@*).+!&?!.5$!4&-'.)%/2Hb0!!

;91P&G1245@?!;195@A!

%C0!)?664DD4?>!C078@!G8?6!5784?2D!H43>0DD0D!3C73!)?7D3!:8?54>10!H7D!A0>087FF9!
B0710G2F!4>!3C0!82>!2B!3?!3C0!0F0134?>D!7>@!80D4@0>3D!07A08F9!H7430@!3?!17D3!3C048!
5?30DL!-7>9!788450@!73!3C048!80DB013450!B?FF4>A!D3734?>D!7D!078F9!7D!hLRR76!?>!3C0!
6?8>4>A! ?G! QS! J0106E08! QRRSL! %C0! ?>F9! C431C! 80B?830@! E9! 5?308D! H7D! 3C0!
@4D1?5089!73!3C0!F7D3!64>230!3C73!5?308!80A4D308D!C7@!E00>!DBF43!7FBC7E03417FF9!7>@!
3C4D! 2>7>>?2>10@! 1C7>A0! 180730@! 7! F?3! ?G! 1?>G2D4?>! 7>@! @0F79DL! $28B84D4>AF9P!
7>@! 7FD?! 1?660>@7EF9P! 3C4D! @4@! >?3! F07@! 3?! 7>9! 54?F0>10L! ! #>! I78D0>!
1?>D34320>19! ?G! %7>7! *4508! J4D38413! 3C0! )?664DD4?>! H7D! 3?F@! ?G! D?60! F?H! F050F!
54?F0>10! ?>! QS3C! J0106E08! 7G308! 5?34>A! HC41C! H7D! 1?>G4860@! E9! -8L! <4FG80@!
-E43C4P!():L!#>!3C73!4>14@0>3P!7!B?F410!C0F41?B308!C7@!E8?2AC3!4>!E7FF?3!B7B08D!G?8!
37FF94>A! B28B?D0D! DB78W4>A! 826?28D! 3C73! 3C0! 4>126E0>3! -:! =?>L! J7>D?>!
-2>A737>7!?G!:+U!C7@!GF?H>!4>!G?804A>!E7FF?3!E?/0D!H43C!678W0@!E7FF?3!B7B08DL!

%C080!H7D!1F078!054@0>10!?G!7!C4AC!F050F!?G!1?6B03434?>!E03H00>!3C0!3H?!F07@4>A!
B80D4@0>347F!17>@4@730DP!-H74!Y4E7W4!7>@!*74F7!&@4>A7!7>@!3C080G?80!7!B7FB7EF0!
@454@0! E03H00>! :+U! 7>@! &J-! D2BB?8308D! 4>! 3C0! )?7D3L! <43>0DD! 30D34G40@! 3C73!!
3C0! B80O0F0134?>! B084?@! C7@! E00>! 1C78713084V0@! E9! 7! B?F43417F! 0>548?>60>3! 3C73!
H7D! A8073F9! B?F784V0@! D4>10! 3C0! )?>D343234?>7F! *0G080>@26! ?G! +?506E08! QRRbL!
<0! C078@! 3C73! 3C0! *0G080>@26! C7@! 180730@! 5089! C4AC! 0/B013734?>D! 7>@! 3C0!
67\?8439! ?G! 3C0! )?7D37F! B0?BF0! D7H! 807F! C?B0! G?8! B?D43450! 1C7>A0! 4>! 3C0! &J-!
B7839! 7>@! 43D! B80D4@0>347F! 17>@4@730! *74F7! &@4>A7! HC?! H7D! H4@0F9! 0/B0130@! 3?!
H4>!3C0! B80D4@0>347F! B?FFL! %C0! 1?66?>! E0F40G! 4>! 3C0! 80A4?>!H7D! 3C73! *74F7!1?2F@!
?>F9!F?D0!4G!3C0!B?FF!H7D!84AA0@L!!

#>! 3C0! 607>3460P! 3C0! +$#$! H7D! 7BB80C0>D450! 7>@! 540H0@! 3C0! )?7D37F! 7807! 7D! 7!
B?30>347F! GF7DCB?4>3! HC080! B?F43417F! B7839! D2B806719P! 80F4A4?>! 7>@! 8710! C7@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$)-
!MC!$&$"!

++$ !

!
4A>430@!54?F0>10!4>!3C0!B7D3deRL!(>?3C08!G078!1430@!E9!+$#$!H7D!3C0!F7>@!B8?EF06!
E03H00>! DX273308D! 7>@! F7>@F?8@D! HC080! D0>3460>3D! H080! C4AC! 3C73! 3C0! )?7D37F!
B0?BF0! C7@! E00>! 678A4>7F4V0@! E9! ?23D4@08DL! %7>7! *4508! J4D38413! G073280@!
1?>D4D30>3F9!4>!#>30FF4A0>10!80B?83D!HC080!3C080!H7D!7>!?>A?4>A!1?>GF413!E03H00>!
3C0! &867! 7>@! <78@04! 1?662>4340D! H43C4>! K287! 7>@! I7F?F0! J454D4?>D! 7>@! 7FD?!
E03H00>!3C0!:?W?6?!7>@!$?67F4!?508!7!@4DB230@!gO64F0!D384B!7F?>A!3C0!E7>WD!?G!
*4508!%7>7L!'4>7FF9P!4>30FF4A0>10!H7D!G28>4DC0@!E9!+$#$!80A78@4>A!3C0!713454340D!?G!
7>! ?23G43! E9! 3C0! >760! *05?F234?>789! *0B2EF417>! )?2>14F! ]**)^! 3C73! H7D!
80B?830@F9! 3874>4>A! 43D! 64F4347! H43C4>! -H7A2F2! '?80D3! ?G! YH7F0! J4D38413! H43C! 3C0!
C0FB! ?G! 0/O64F43789! D08541060>! 7FF0A0@F9! H43C! 3C0! 746! 3?! "@4D0>G87>1C4D0!
2B1?2>389!B0?BF0!7>@!F7308!801F746!F7>@!?H>0@!E9!B0810450@!?23D4@08D/L!!

#3!H7D!>?30@!4>!#>30FF4A0>10!80B?83D!3C73!3C0!**)!C7@!4@0>34G40@!7!3874>4>A!A8?2>@!
G?8! J4A?P! J28267P! %7437! 7>@! %75037! 1?662>4340D! 4>! Y4F4E7D4! 7807! ?G! Y4>7>A?!
J454D4?>P! YH7F0! J4D38413L! #>@00@! 3C0! )?7D3! ::&! @4@! 1?>G486! 3C0! 0/4D30>10! ?G! 3C0!
**)! HC41C! C0! D3730@P! "4,*:<+! .5*.! .5$%! =&-,(! ,:>$! .&! 5*A$! .5$! f&*+.! F)&A:'4$!
($4,*)$(!*+!*!)$@-#,:46!:'($@$'($'.!?)&<!.5$!)$+.!&?!8$'%*R=$!(:(!4&'+:($)!.5$<!
.&!#$!*!.5)$*.!.&!&-)!+$4-):.%!&@$)*.:&'!*'(!=$!5*(!.*>$'!<$*+-)$+!.&!<*>$!+-)$!
.5*.! .5$%! (:(! '&.! (:+)-@.! .5$! $,$4.:&'! &)! =*B$! A:&,$'4$! *B*:'+.! &.5$)! @$&@,$! *?.$)!
.5$!$,$4.:&'6!<%!E&)(+2/!(11?8@4>AF9!3C0!723C?84340D!C7@!>02387F4V0@!3C0!A8?2B!E9!
3C0!3460!?G!0F0134?>DL!!!

+$#$!7FD?!>?30@!3C73!3C080!H080!3C8073D!?G!054134?>!?G!2B1?2>389!B0?BF0!0DB0147FF9!
Y4W292P! "2?! 7>@! Y76E7! 80D4@4>A! H43C4>! Y4B4>4! $033F060>3! $1C060! 4>! -7F4>@4!
J4D38413L!+$#$!80B?830@!3C73!3C0!<*9:<#&!@0E730!C7@!0F41430@!7!D38?>A!7>34OY4W292!
D0>3460>3!4>!)?7D3!:8?54>10!7>@!3C73!D?60!2>>760@!B?F434147>D!BF7>>0@!3?!2D0!
67\46E?4D6! 7D! 7>!0/12D0! 3?! 6?E4F4V0! F?17F! 9?23C! 3?! 73371W! B0810450@! ?23D4@08DL!
)?>D0X20>3F9P! 3C0! Y4W292! 1?662>439! 4>D4@0! 7>@! ?23D4@0! 3C0! B8?54>10! 8?E2D3F9!
?BB?D0@!3C0!B8?B?D0@!67\46E?!D9D306dedL!(D!3C0!:)!B23!43M!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$-*
!P<[<!!0#!50A=0B!Q.4!K!1!+*!
$-$
!Q.4!K!1!+*!

+++ !

!
"3'! .5$! =*%! :.! =*+! #$:'B! @-.! =*+! .5*.! ;*9:<#&! =&-,(! $'+-)$! .5*.!
,&4*,! @$&@,$! =&-,(! #$'$?:.! ?)&<! .5$! )$+&-)4$+! *44)-$(! ?)&<! ,&4*,!
$'.$)@):+$+!.5$!)$A$'-$!B$'$)*.$(!:'!f&*+.!@)&A:'4$!=&-,(!#$!?&)!.5$!
#$'$?:.!&?!f&*+.*,+2!3!.5:'>!.5:+!:+!5&=!.5$%!=$)$!,&&>:'B!*.!;*9:<#&2!
C5*.! >$%! @&+:.:&'+6! )$A$'-$! *44)-$(! ?)&<! .&-):+<6! ?)&<! .5$! @&).+6!
=&-,(! #$7! =:,,! )$<*:'! *.! .5$! f&*+.! 5$)$! *'(! #$'$?:.! .5$! f&*+.*,!
@$&@,$/!

I450>! 3C0! #>30FF4A0>10! 3C73! H7D! 7574F7EF0P! H0! @4D108>! 3C73! 3C080! H7D! 807D?>! 3?!
B8?6B3!3C0!723C?84340D!3?!67W0!D2GG4140>3!D0128439!7887>A060>3D!078F9!0>?2AC!3?!
7@@80DD! 3C0D0! D0128439! 1?>108>D! 7>@! B08C7BD! 3C4D! H7D! @?>0! HC41C! 4D! HC9! 3C0!
)?7D37F! 80A4?>! 80674>0@! B0710G2F! @284>A! 3C0! 176B74A>! B084?@L! %C4D! H7D! 7FD?!
7FF2@0@! 3?! E9! 3C0! )?7D3! :8?54>147F! )?664DD4?>08! .8>0D3! -2>94! HC0>! C0! D3730@!
3C73! @20! 3?! 3C0! C4AC! F050F! ?G! 1?6B03434?>! @284>A! 3C0! 176B74A>! B084?@P! C0! C7@!
G?2>@! 43! "B8?B08! 7>@! 46B0873450! 3?! B23! 4>! BF710! B8017234?>789! 607D280D! \2D3! 3?!
0>D280!3C73!C4D!?GG410!1?2F@!E0!4>!E03308!1?>38?F!?G!3C0!D432734?>!4>!3C0!:8?54>10!4>!
3C0! 050>3! ?G! 7>9! 54?F0>10/L! %C0! :)! G283C08! D3730@! 3C73! 4>! 67W4>A! 3C0D0!
7887>A060>3DP! C0! C7@! 80F40@! ?>! +$#$! D0128439! 80B?83D! HC41C! 4>G?86734?>! H7D!
D2BB?830@! E9! 3C0! )?7D3! ::&! Y4>A?84! -H7>A4! 7>@! <4FG80@! -E43C4! 3C0! -?6E7D7!
U8E7>!&):JL!!!

(G308!3C0!1?6BF034?>!?G!5?34>AP!3C0!)?664DD4?>!C078@!3C73!B0?BF0!4>!3C0!B8?54>10!
W00>F9! G?FF?H0@! 3C0! 5?30! 1?2>34>A! B0710G2FF9! G8?6! 5784?2D! BF710D! 3C8?2AC!
30F054D4?>! 7>@! 87@4?! E8?7@17D3DL! ./C4E43! dhe! H7D! 30>@080@! 1?>374>4>A!
4>G?86734?>! DC?H4>A! 3C73! 4>4347F! 37FF40D! 4>@41730@! *74F7! &@4>A7! 4>! 7! 1F078! 7>@!
H4@0>4>A! F07@! ?508! -H74! Y4E7W4! E0G?80! gR! J0106E08! QRRSL! #3! H7D! 0/B0130@!
3C080G?80! 3C73! 3C4D! 380>@! H?2F@! 1?>34>20! 7>@! &J-! D2BB?8308D! HC?! H080! 3C0!
67\?8439! 4>! 3C0! 80A4?>! D37830@! 078F9! 10F0E8734?>! G?8! 3C0! 0/B0130@! 5413?89! ?G! 3C048!
17>@4@730L!

"D1!&G1245@?!-1E3G4E!"95BB19!

%C0! )?664DD4?>! H7D! 3C0>! 3?F@! 3C73! 30>D4?>P! 7>/4039! 7>@! G078! D37830@! A84BB4>A!
3C0!80A4?>!7>@!B783412F78F9!-?6E7D7!?>!3C0!Qf3C!7>@!Qe3C!J0106E08!QRRS!HC0>!
37FF94>A! ?G! 3C0! G4>7F! 80D2F3D! C7@! >?3! E00>! 1?6BF030@! 7>@! HC0>! *74F7! &@4>A7[D!

++% !

!
678A4>! ?508! -H74! Y4E7W4! H7D! D2@@0>F9! @87D3417FF9! 80@210@L! '8?6! 3C0! 5784?2D!
H43>0DD0DP!H0!H080!7EF0!3?!0D37EF4DC!3C73!3C0!384AA08!G?8!3C0!1C7?D!3C73!8?1W0@!3C0!
80A4?>!H7D!3C0!@01F78734?>!?G!:80D4@0>3!-H74!Y4E7W4!7D!3C0!H4>>08!1?2BF0@!H43C!
3C0! D2DB414?2D! 67>>08! 4>! HC41C! 3C0! .F013?87F! )?664DD4?>! C7>@F0@! 3C0!
D432734?>L! #>@00@! 3C080! H080! 078F9! D4A>D! ?G! 38?2EF0! HC0>! ?>! 3C0! Qe3C! J0106E08!
QRRS!A8?2BD!?G!9?2>A!60>!A73C080@!G8?6!gLRR!B6!7F?>A!Y0>97337!(50>20P!(E@2F!
+7DD48! 8?7@! 7>@! J4A?! 8?7@! 8?2>@7E?23D! 1C7>34>A! DF?A7>D! 7>@! 0/B80DD4>A!
@4DX2403L! %C4D! 078F9! 38?2EF0! 7BB0780@! 4>30>@0@! 3?! DC780! 3C048! G00F4>AD! ?>! 3C0!
B80574F4>A!B?F43417F!D432734?>!7D!43!3C0>!H7DL!!

#>!3C0!607>3460P!3C080!H7D!7!F?3!?G!30>D4?>!4>!67>9!?3C08!BF710D!73!3C0!)?7D3!7D!
B0?BF0! H7430@! B0710G2FF9! G?8! 3C0! G4>7F! B80D4@0>347F! 37FF9! 80D2F3DL! '?8! 4>D37>10P! 4>!
Y4D72>4P!30>D4?>!H7D!80B?830@!3?!E0!5089!C4AC!H43C!3C0!9?23CD!1?>306BF734>A!3?!
C?F@! 7! B2EF41! B8?30D3! ?>! Qe3C! J0106E08! QRRS! 7A74>D3! 3C0! @0F79! E9! .)Y! 4>!
80F07D4>A! 3C0! B80D4@0>347F! B?FF! 80D2F3L! <0! C078@! 3C73! 67>9! 9?23C! A73C080@! 4>!
5784?2D!DB?3D!07A08F9!7H7434>A!3C0!7>>?2>1060>3!?G!3C0!B80D4@0>347F!80D2F3D!7>@!
D?60! 4>! 3C048! 1?>508D734?>D! 3840@! 3?! 0>54D7A0! HC73! 7! *74F7! &@4>A7! H4>! H?2F@!
B?830>@!7>@!C?H!C4D!I?508>60>3!H?2F@!E0L!!

=2DD04>! YC7F4@P! :8?A87660D! )??8@4>73?8! G?8! 7! -?6E7D7! E7D0@! +I&! -2DF46D!


G?8! =267>! *4AC3D! ]-U=U*#^P! 30D34G40@! 3C73! 54?F0>10! 4>! 3C0! 80A4?>! H7D! 384AA080@!
E9! 3C0! 7>>?2>1060>3! ?G! 3C0! B80D4@0>347F! 80D2F3D! 7A74>D3! 7! E71WA8?2>@! ?G! F?>A!
D37>@4>A!2>@08F94>A!4DD20D!HC41C!C7@!>?3!E00>!7@@80DD0@!?508!3C0!9078D!7>@!E9!
3C0!1?>54134?>!?G!67>9!B0?BF0!73!3C0!)?7D3!HC?!C7BB0>0@!3?!E0!&J-!D2BB?8308D!
3C73!3C09!C7@!E00>!8?EE0@!?G!5413?89L!(G308!.)Y!7>>?2>10@!Y4E7W4!7D!3C0!H4>>08P!
0/38060F9! @4D7BB?4>30@P! 7>A89! 7>@! G82D38730@! 9?23C! H080! B8460@! G?8! 54?F0>10!
D4>10!3C0!A0>087F!G00F4>A!H7D!3C73!*74F7!&@4>A7!C7@!E00>!8?EE0@!?G!7!5413?89!7>@!
3C4D! E43308>0DD! H7D! 0/B80DD0@! 4>! DF?A7>D! D21C! 7DP! ! `]*:=$D$>*':/! ! ]! 43! 4D! >?3!
B?DD4EF0!^P!`]*>:!l$.-/!]?28!84AC3!^P!`+?!*74F7!+?!:0710aP!`C-.*<*,:D*!=*4>%/!]!<0!
DC7FF! G4>4DC! 3C0! Y4W292D^P! `;*:+5*! a&)*/! ]K03308! "4G0^P! `S*>:>-%-! ':! =*:D:/!
]Y4W292D!780!3C4050D^c!7D!750>20D!3?!0/B80DD!7>A08!HC4F0!7FD?!D4>A4>A!4>!B874D0!?G!
3C048!G75?28430!17>@4@730!*74F7!&@4>A7!7>@!&J-L!

++& !

!
(! 80F4A4?2D! F07@08! C?H0508! 3?F@! 3C0! )?664DD4?>! 3C73! 3C0! 54?F0>10! 7BB0780@! 3?!
C750! E00>! BF7>>0@! B84?8! 3?! 0F0134?>DL! =0! A750! 807D?>D! G?8! C4D! E0F40G! 3C73! 7!
-06E08!?G!:78F4760>3!G8?6!3C0!)?7D3!:8?54>10!H7D!80DB?>D4EF0!G?8!?8A7>4V734?>!
?G!3C0!54?F0>10!3C73!8?1W0@!3C0!7807L!%C4D!D0>3460>3!H7D!G283C08!01C?0@!E9!?3C08!
H43>0DD0Dc!G?8!4>D37>10P!7!H43>0DD!3?F@!2DM!!

"3!=:.'$++$(!.5$!A:&,$'4$!.5*.!=*+!B&:'B!&'!*.!.5*.!.:<$!=:.5:'!a&>&,$2!
I.! *! +5&@! =$! 4*,,! U*?*):4&<! a-:,(:'B! &='$(! #%! *! 8*<#*! >'&='! *+!
F5:,:@!8:,->&6!3!?&-'(!*!B)&-@!&?!%&-.5+!.)%:'B!.&!#)$*>!:'2!C5$%!=$)$!
*,,!?&)<$)!+$4-):.%!B-*)(+!?&)!*!@&,:.:4:*'!(-):'B!.5$!4*<@*:B'!@$):&(2!
3! .*,>$(! .&! .5$<2! 3!$'M-:)$(!?)&<! .5$'!=5%! .5$%!=$)$!(&:'B! .5*.! *'(!
&'$! &?! .5$<! .&,(! <$! .5*.! $*45! &?! .5$<! 5*(! #$$'! @*:(! 8+5+! P11o7! .&!
4*-+$!.5$!<*%5$<!.&!$h@)$++!(:+B-+.!*.!.5$!$,$4.:&'!)$+-,.+!*'(!.5*.!
$A$'!:?!_Q;!4&-,(!5*A$!#$$'!($4,*)$(!.5$!=:''$)6!.5$!A:&,$'4$!=&-,(!
+.:,,!5*A$!Z5*@@$'$(KR3!<$.!*!?):$'(!&?!<:'$!*'(!5$!.&,(!<$!.5*.!+:'4$!
5$! 5*(! +$$'! <$! (-):'B! .5$! _Q;! '&<:'*.:&'6! =$! +5&-,(! B&! .&! .5$!
@&,:.:4:*'T+!5&<$!=:.5!5:<!*.!;:>:'(*':!.&!B$.!?-'(+!?&)!.5$!A:&,$'4$222/!
L!!

(>?3C08!H43>0DDP!7BB0780@!3?!F0>@!180@0>10!3?!3C?D0!7112D734?>DL!=0!D3730@M!!

"3! =*+! .&,(! .5*.! .5$! ;F! ?-'($(! .5$! %&-.5! .&! ,&&.! *'(! #-)'! *,,!
#-+:'$++$+! #$,&'B:'B! .&! '&'! _Q;! <$<#$)+! +&! .5*.! .5$%! )$<*:'! *+!
@&&)!*+!.5$<+$,A$+2!_'$!.:<$!(-):'B!.5$!A:&,$'4$6!3!*44&<@*':$(!+&<$!
.&! .5$! ;FT+! 5&<$! R! 5$! *(()$++$(! -+! *'(! .&,(! -+! .5*.! 5$! :+! 5*@@%!
=:.5! &-)! *4.:&'+! <$*':'B! .5$! A:&,$'4$! *'(! ?-).5$)! .&,(! -+! .5*.! :.!
+5&-,(! 4&'.:'-$! -'.:,! F)$+:($'.! 8:#*>:! )$,:'M-:+5$+! .5$! @)$+:($'4%2!
C5$)$?&)$6!3!#$,:$A$!.5$!;F!?-,,%!+-@@&).$(!.5$!%&-.5T+!*4.:&'/!

%C0! G?80A?4>A! 780! 46B?837>3! F07@D! 3?! G283C08! 4>50D34A734?>D! 4>3?! 3C0! 8?F0! BF790@!
E9! 7! F?17F! B?F434147>! 4>! 3C0! B?D3O0F0134?>! 54?F0>10! 1?>D4@084>A! 3C73! 3C080! H080!
4>30FF4A0>10!80B?83D!G8?6!+$#$!7E?23!3C0!B?30>347F!?G!54?F0>10!4>!3C0!7807L!

(11?8@4>A! 3?! =2DD04>! YC7F4@P! D?60! ?G! 3C0! 54?F0>10! 73! 3C0! )?7D3! H7D! 71327FF9!
172D0@!E9!3C0!B?F410L!=0!B8?@210@!0/C4E43!dhe!D3734>A!3C73!!

".5$)$!=$)$!:'+.*'4$+!=5$)$!=$!?$,.!+&<$!&?!.5$!+>:)<:+5$+!.5*.!=$)$!
=:.'$++$(!4&-,(!5*A$!#$$'!*A&:($(6!?&)!:'+.*'4$!5*(!.5$!@&,:4$!*4.$(!
:'!*!<&)$!4:A:,!<*''$)6!=5$)$!.5$%!(:+@$)+$(!<$$.:'B+!&)!@)&4$++:&'+!
.5*.!=$)$!,$B*,,%!&)B*':D$(6!=5$)$!'&.:4$+!5*(!#$$'!:++-$(!*'(!.5$%!
5*(! .&! 4&<$! :'! .&! (:+)-@.! @$*4$?-,! @)&4$++:&'+2! S$! *,+&! ?$,.! .5*.! *!
'-<#$)! &?! :++-$+! .5*.! 4*<$! .&! .5$! ?&)$! =$)$! $.5':4! :'! '*.-)$2! C5$)$!
=$)$! @$&@,$! &)! *! 4$).*:'! 4&<<-':.%! .5*.! =$)$! #$:'B! .*)B$.$(! #%!
&.5$)+!*'(!.5*.!A$)%!,:..,$!=*+!(&'$!&)!.5$%!=$)$!(:+9&:'.$(!$??&).+!#%!

++' !

!
.5$! c&A$)'<$'.2! C5$! F)&A:'4:*,! I(<:':+.)*.:&'! =*+! 4*,,:'B! <$$.:'B+!
.&!(:+4-++!*'(!($,:#$)*.$!:++-$+!=:.5!,&4*,!,$*($)+6!=&<$'!,$*($)+6!:.!
=*+! *!#:.!(:+*@@&:'.:'B!.&! *4.-*,,%!'&.$!.5*.! .5$!@&,:4$! =$)$!*4.-*,,%!
&-.! +5&&.:'B! @$&@,$6! >:,,:'B6! +&<$.:<$+! :'9-):'B! :'(:A:(-*,+! .&! .5$!
$h.$'.!&?!$A$'!5*A:'B!.5$<!*(<:..$(!.&!.5$!5&+@:.*,/2!!

=4D! 054@0>10! H7D! 30D30@! 4>! 18?DD! 0/764>734?>P! 7>@! C0! 674>374>0@! 3C73! 54?F0>10!
E8?W0! ?23! ?>! gR3C! J0106E08! QRRS! 73! 5784?2D! B?4>3D! 4>! 3C0! :8?54>10!
D462F37>0?2DF9! 7>@! 3C73! 7! B783412F78! 1?662>439! H7D! 378A030@! 3C?2ACP! 4>! C4D!
540HP! 3C080! H7D! >?! BF7>>4>AL! :0?BF0! D46BF9! 17B3280@! 3C0! 6?60>3! 7>@! @014@0@!
3C080! 7>@! 3C0>! HC73! 3?! @?! H43C! 7ED?F230F9! >?! B84?8! 7887>A060>3DL! %C4D!
1?>387@4130@! HC73! 3C0! :)! .78>0D3! -2>94! 3?F@! 3C0! )?664DD4?>P! 3C73! @284>A! 3C0!
54?F0>10!F07GF03D!H080!14812F730@!D794>A!3C73!qC5$!8:>-%-!4&<<-':.%!+5&-,(!,$*A$!
.5$:)!@)&@$).:$+!*'(!.5$:)!,*'(+!*'(!B&!#*4>!.&!=5$)$!.5$%!4*<$!?)&<q2!#3!H7D!3C2D!
3C0!:)[D!540H!3C73!!

".5$)$!=*+!*'!$,$<$'.!&?!?$$,:'BR!.5*.!.5:+!4&-,(!5*A$!#$$'!@,*''$(2!
a$4*-+$!&'!PH+.!ZQ$4$<#$)!N11XK!*.!$h*4.,%!HH!:'!.5$!<&)':'B!!B)&-@+!
&?! @$&@,$! =$)$! 4&'A$)B:'B! +:<-,.*'$&-+,%! *.! .5*.! @*).:4-,*)! .:<$! :'!
8:+*-':6! f5*'B*<=$! ! *'(! =$)$! .)%:'B! *,+&! .&! 4)&++! ?)&<! .5$! E:>&':!
+:($! &?! .5$! ?$))%! .)%:'B! .&! 4&<$! .&! 3+,*'(! R+&! .5*.! >:'(! &?! +:.-*.:&'!
&'$!4*'!4&'4,-($!.5*.!.5$)$!=*+!+&<$!$,$<$'.!&?!@,*'':'B/2!!!

*84391!8?A!&041?4!@H!<5@G1?21!

(D!H0!C750!D00>P!3C0!54?F0>10!4>!-?6E7D7!%?H>!082B30@!?>!gR3C!J0106E08!QRRS!
7>@! 1?>34>20@! 2>7E730@! G?8! g! @79DL! <0! H080! 3?F@! 3C73! C2A0! A8?2BD! ?G! 9?23C!
7860@! H43C! 182@0! H07B?>D! 0>A7A0@! 3C0! B?F410! 4>! 82>>4>A! E733F0D! 4>1F2@4>A!
D3?>4>A! B?F410! 4>! -4DC?6?8?>4! 7>@! )C7>A76H0[D! K7>AF7@0DC! 7807L! %C0! 674>!
C4ACH79!3?!+748?E4!H7D!EF?1W0@!73!-4W4>@7>4!7>@!3C0! &):J!80B?830@!3C73!84?3D!
7FD?! E8?W0! ?23! 4>! )C77>4P! K?W?F0P! -7A?>A?! -H4DC?! 7>@! -48434>4L! #>! 3C0!
607>3460P!3C0!HC?F0!?G!"4W?>4!H7D!0>A2FG0@!4>!54?F0>10L!

(11?8@4>A! 3?! 3C0! :?F410P! Qb! @073CD! ?112880@! 3C?2AC! J8L! (>@08D?>! Y7C4>@4! 3C0!
:8?54>147F!J48013?8!?G!-0@417F!$085410D!A750!7!G4A280!?G!gQ!B0?BF0!7D!C754>A!E00>!

++( !

!
W4FF0@deQL! &G! 3C0D0! ?>0! @40@! ?G! 788?H! H?2>@DP! b! G8?6! A2>DC?3DP! dd! @40@! 4>! 7!
C?2D0! G480P! 7>?3C08! dd! C7@! 62F34BF0! 4>\2840DP! Q! H080! 4>@41730@! 3?! C750! E00>!
F9>1C0@!E9!7!6?E!HC4F0!43!H7D!>?3!B?DD4EF0!3?!7D108374>!3C0!172D0!?G!@073C!4>!Q!
17D0DL!!

'283C08P! H0! C078@! G8?6! 3C0! &):J! 3C73! Qh! 50C41F0D! H080! E28>3P! Qe! 80D4@0>347F!
C?2D0D! @0D38?90@! 7>@! QhR! 1?6608147F! E24F@4>ADP! 4>1F2@4>A! W4?DWD! 7>@! ?3C08!
306B?8789! D38213280D! H080! @0D38?90@L! %C0! 9?23C! 378A030@! B8?B0839! E0F?>A4>A! 3?!
3C0! Y4W292! 1?662>439! 7D! 7>! 0/B80DD4?>! ?G! 7>A08! 7A74>D3! 3C06! G?8! 7FF0A0@F9!
D2BB?834>A!-H74!Y4E7W4L!#>!?8@08!3?!0D17B0!3C0!?>DF72AC3P!67>9!80D4@0>3D!G?2>@!
43! B82@0>3! 3?! B74>3! 3C0! F03308D! r&J-[! ?>! 3C048! B8?B0839! 7>@! 6?3?8! 50C41F0D! 7D! 7!
607D280!3?!75?4@!E04>A!73371W0@deg!L!!

<0! H080! 4>G?860@! E9! D05087F! H43>0DD0D! 3C73! 6?D3! ?G! 3C0! 9?23CD! 7BB0780@! 3?! E0!
4>3?/41730@Ldeh! %C0! :)! ?ED0850@! 3C73! 3C0! )?7D3! C7@! 7! @82A! B8?EF06! 0DB0147FF9!
76?>A!3C0!9?23C!7>@!43!H7D!B8?E7EF0P!3C080G?80P!3C73!@82AD!H080!E?2AC3!G?8!3C0!
9?23C!3?!0>A7A0!4>!54?F0>10L!%C0!G283C08!B80D26B34?>!4D!3C73!3C0!9?23C!C7@!3C0!
E0>0G43!?G!F07@08DC4B!7>@!1??8@4>734?>L!!

%C0! )?664DD4?>! H7D! 3?F@! 3C73! @06?>D3873?8D! G48D3! 50>30@! 3C048! 7>A08! B2FF4>A!
@?H>! 2>?112B40@! D38213280D! 3C0>! F43! E?>G480D! 7>@! 3980D! 7>@! 3C0>! E788417@0@!
8?7@D! 3C080E9! B787F9V4>A! 387>DB?83! 7>@! F07@4>A! 3?! 6?D3! B0?BF0! D3794>A! 4>@??8DL!
<C73!C7@!D37830@!7D!B8?30D3!@06?>D38734?>D!?508!3C0!B80D4@0>347F!?231?60!3??W!
7>! 03C>41! 3H4D3! H43C! @06?>D3873?8D! 378A034>A! G?8! @0D382134?>! B8?B0839! E0F?>A4>A!
3?! 3C0! I.-(! 1?662>4340DP! 0DB0147FF9! 3C0! Y4W292D! HC?6! 3C09! G0F3! C7@!
1?>384E230@!3?!3C048!678A4>7F4V734?>L!!

K9! -?>@79! gdD3! J0106E08! QRRS! 7E?23! QR! DC?BD! C7@! E00>! E8?W0>! 4>3?! 7>@! h!
C?2D0D! C7@! E00>! E28>3! 4>! )C7>A76H0L! -?D3! ?G! 3C06! E0F?>A0@! 3?! 606E08D! ?G!
3C0! Y4W292! 7>@! 3C0! -082! 1?662>4340D! HC?! E9! 3C4D! 3460! H080! GF004>A! 3?! D7G039!
7>@! D00W4>A! 80G2A0! 73! 3C0! -?4! #>308>734?>7F! (48B?83P! -?6E7D7L! %C4D! A750! 7>!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$-+
!Q.4!K!1!$&%!
$-%
!Q.4!K!1!$'*!
$-&
!G0:1!H3A>!3?!RM!Q2A0:1!T8A>!B!MC!$&*"!
++, !

!
?BB?832>439! 3?! 18464>7FD! 3?! 0>A7A0! 4>! 7>! ?8A9! ?G! F??34>A! 7>@! @0D382134?>L! <0!
C078@!3C73!18?H@D!DC?234>A!DF?A7>D!?G!`;*:+5*!a&)*/!]K03308!"4G0^!7>@!+?!`*74F7!
+?! :0710a! 4>57@0@! E2D4>0DD! B8064D0D! E0F?>A4>A! 3C0! Y4W292! 7>@! -082!
1?662>4340D!HC080!3C09!F??30@!7FF!3C0!D3?1WL!%C0!0/30>3!?G!3C0!54?F0>10!H7D!7FD?!
G0F3!7D!G78!7D!3C0!-?6E7D7!674>F7>@!DC?BB4>A!10>380!7>@!$?H03?!HC080!h!B2EF41!
-?3?8!;0C41F0D!H080!E28>3!7>@!E78D!H080!F??30@L!%C0!?8A9!?G!F??34>A!H7D!@2EE0@!
`&J-!DC?BB4>AaL!

"4W?>4P! 7! F78A0F9! B084O28E7>! 7807! E?8@084>A! YH7F0! J4D38413! 7>@! 4>C7E430@!


B80@?64>7>3F9! E9! 3C0! J4A?! 7>@! ?3C08! -4\4W0>@7! 1?662>4340D! 7>@! 7! D67FF!
>26E08!?G!2B1?2>389!I.-(!80D4@0>3D!H7D!>?3!DB780@L!%0D346?>9!H7D!G28>4DC0@!
3C73!Q!B038?F!D3734?>D!H080!E28>3!@?H>!HC4F0!-3L!$4>74!:846789!$1C??F!7>@!D?60!
E2D4>0DD0D!?H>0@!E9!Y4W292!H080!@0D38?90@L!#>!3C4D!7807P!3C0!+A?6E0>4!)C40G[D!
176B!H7D!73371W0@!7>@!87V0@!@?H>!?>!b!_7>2789!QRRf!05?W4>A!606?840D!?G!3C0!
deeS! B80O0F0134?>! 54?F0>10! HC080! 3C0! "4W?>4! :?F410! D3734?>! C7@! D464F78F9! E00>!
4>57@0@Ldeb!%C0!Y0>97!'0889!D085410D!E2D4>0DD!D37FFD!H080!57>@7F4V0@!7>@!F??30@!
7>@!G?8!g!@79D!3C0!$?23C!)?7D3!H7D!123!?GG!G8?6!-?6E7D7!3?H>!HC41C!4D!F4>W0@!
E9! 3C0! G0889! D085410! 3C73! H7D! 80>@080@! 2>O?B08734?>7F! @20! 3?! 3C0! B80574F4>A!
679C06L!

#>! Y4D72>4P! 3C0! )?664DD4?>! C078@! 3C73! 3C080! H7D! F?H! F050F! 54?F0>10! ?>! gR3C!
J0106E08! QRRS! HC080! 9?23CD! E28>3! 3980D!73! 3C0! 8?7@D4@0! 73! -F7F0?! 7>@! I.-(!
1?662>439! 606E08D! D37830@! 3?! 6?50! ?23L! <0! H080! G283C08! 3?F@! 3C73! 3C0! B?F410!
@4@! 7ED?F230F9! >?3C4>A! 3?! 1?>374>! 3C0! D432734?>! 7>@! 3C0D0! B8?30D3D! 1?>34>20@! 4>!
-F7F0?P! -3?B7>A7! 7>@! 4>! K76E284! -H4DC?L! K03H00>! gR3C! 7>@! gdD3! J0106E08!
QRRSP! -DC?6?8?>4P! Y7@?A?P! -3?B7>A7P! K?6E?F2F2P! -H7>@?>4P! Y406E0>4P!
K76E284P! -3?>AH0P! $C4W77@7E2P! -48434>4P! K?62! 7>@! -4A7@4>4! 7807D! 80674>0@!
>?! A?! V?>0DL! &>! gdD3! J0106E08! QRRS! 7>@! D2ED0X20>3! @79DP! 3C080! H7D! 67DD450!
@0D382134?>! ?G! B8?B0839! 0DB0147FF9! 3C?D0! E0F?>A4>A! 3?! 606E08D! ?G! 3C0! Y4W292!
1?662>439L! '28>43280! DC?BDP! D2B08678W03D! 7>@! D0F013! E78D! H080! 73371W0@! 7>@!
F??30@! H43C! 3C0! 54?F0>10! DB807@4>A! 3?! -DC?6?8?>4! 7>@! 050>! +97F4! H0D3L! &>! dD3!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$-'
!<00!140!7X!;8H!!I0J321!6:!6K3#0!A310!$))"!

++) !

!
_7>2789! QRRf! 4>! -DC?6?8?>4P! )C7>A76H0P! "4W?>4! 7>@! Y4D72>4! 3C080! H7D!
67DD450! @0D382134?>! ?G! B8?B0839P! F??34>A! 7>@! E28>4>A! ?G! C?2D0D! 7>@! W4?DWDL! QR!
DC?BD!H080!80B?830@!F??30@!4>!)C7>A76H0P!G?28!C?2D0D!E28>3!7>@!7!9?2>A!E?9!
80B?830@F9!DC?3!E9!7!rD3879[!E2FF03L!

$464F78F9P!D?60!54?F0>10!H7D!0/B0840>10@!4>!%7437!7>@!%75037!@4D38413D!HC080!?>!
Q>@!_7>2789!QRRfP! &J-!9?23CD!7>A080@!E9! 3C0!B80D4@0>347F!B?FF!80D2F3!H0>3!?>!
876B7A0! 4>! %75037P! -H73730! 7>@! ;?4! 3?H>DL! #>! %75037P! db! DC?BD! H080! E8?W0>!
4>3?P!A??@D!D3?F0>!7>@!?8!F??30@!7>@!D?60!?G!3C0D0!DC?BD!E28>3!76?>AD3!3C06!7!
B?B2F78! 0D37EF4DC60>3! W>?H>! 7D! r-7W234[L! $05087F! B0?BF0! H080! 4>\280@! 4>! 3C0!
DW4864DC0D!7>@!?>0!B08D?>!H7D!W4FF0@L!!

$?60! )?7D37F! 7807D! @4@! >?3! 0/B0840>10! 7>9! F050F! ?G! 54?F0>10! 4>! DB430! ?G! 078F408!
+$#$! G078DL! '?8! 4>D37>10P! 3C?2AC! -7F4>@4! J4D38413! 80674>0@! 30>D0! G?FF?H4>A!
7>>?2>1060>3! ?G! 3C0! B80D4@0>347F! B?FF! 80D2F3P! >?! 4>14@0>3D! ?G! 54?F0>10! H080!
80B?830@! 73! 7FFL! #>! "762! @4D38413P! H0! 8010450@! 054@0>10! 3C73! B0?BF0! 6080F9!
0/B80DD0@!3C048!7>A08!7>@!@4D7BB?4>360>3!3C8?2AC!@4D12DD4?>D!7>@!>?!54?F0>10!
H7D!0/B0840>10@L!!!

<C4F0! I?508>60>3! H43>0DD0D! D3730@! 3C73! 54?F0>10! C7@! E00>! E8?2AC3! 2>@08!
1?>38?F! E9! d! _7>2789! QRRfP! H0! @4@! C078! 30D346?>9! 3C73! 3C0! D432734?>! ?>F9!
E01760! 1?>38?FF0@! D?603460! 4>! 64@! _7>2789! QRRfLdej! '?8! 4>D37>10P! H0! C078@!
3C73! ?>! g! _7>2789! QRRf! 54?F0>10! H7D! 80B?830@! 4>! Y4D72>4P! -7H0>4P! K?6E?F2F2!
7>@! )C7>A76H0! 7807D! HC080! W4?DWD! H080! @0D38?90@! 7>@! 2D0@! 3?! EF?1W! 8?7@DL!
%C0! @06?>D3873?8D! H080! @4DB08D0@! E9! B?F410! 2D4>A! 3078! A7D! 7>@! DC??34>A! 4>! 3C0!
748L!#>!3C4D!4>14@0>3P!?>0!67>!H7D!80B?830@F9!DC?3!4>!3C0!C07@!7>@!67>9!?3C08D!
H080! D084?2DF9! 4>\280@L! &>! b! _7>2789!QRRf! 9?23C! F07@08D! 4>! -5437! ?8A7>4V0@! 7!
@06?>D38734?>! HC41C! @4D82B30@! DC?BDP! 678W03D! 7>@! 673732! 387>DB?83L! %C0!
)?664DD4?>!G283C08!C078@!3C73!4>!UW2>@7P!DC?BD!H080!E28>3!HC4F0!?3C08D!H080!
678W0@!H43C!7>!r/[!7D!7!D4A>!3C73!3C09!H?2F@!E0!73371W0@!7>@!Q!I0867>!3?284D3D!
H080!W4FF0@!4>!J47>4L!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$-(
!Q.4!K!1!$&-!

++- !

!
&>! dR3C! _7>2789! QRRf! 4>! -5437P! @06?>D38734?>D! H080! 17FF0@! 7G308! 3C0! '84@79!
B87908D! F07@4>A! 3?! 3C0! 1F?D280! ?G! DC?BD! 7D! B?F410! @4DB08D0@! 3C0! @06?>D3873?8D!
HC?!3C0>!80D?830@!3?!82>>4>A!E733F0D!H43C!3C0!B?F410L!%C4D!H7D!80B0730@!7A74>!?>!
df3C! _7>2789! QRRf! 7>@! H0! C078@! 3C73! ?8A7>4V0@! @06?>D38734?>D! E9! 9?23C! 7>@!
D?60! 1454F! D?14039! ?8A7>4V734?>D! E01760! 3C0! ?8@08! ?G! 3C0! @79L! &>0! 9?23C! H7D!
80B?830@!3?!C750!E00>!DC?3!@07@!4>!3C4D!679C06!7>@!67>9!B0?BF0!H080!4>\280@P!
DC?BD! 80674>0@! 1F?D0@! HC4F0! B?F410! G480@! 4>! 3C0! 748! 7>@! 06BF?90@! 3078! A7D! 3?!
@4DB08D0!3C0!@06?>D3873?8DL!!&5087FFP!H0!C078@!3C73!7!607D280!?G!17F6!80328>0@!
3?! -?6E7D7! E9! Qb3C! _7>2789! QRRf! 7D! 3C0! Y?GG4! (>>7>! 60@4734?>! B8?10DD! A750!
67>9!B0?BF0!C?B0!?G!F7D34>A!B0710L!

%C0!B?D3!0F0134?>!54?F0>10!F0G3!gRg!G764F40D!C?60F0DD!4>!Y4D72>4P!)C7>A76H0!7>@!
"4W?>4L! j! B0?BF0! H080! E28>3! 3?! @073C! 4>! 7! C?2D0! 4>! -48434>4! 7>@! J8L! (>@08D?>!
Y7C4>@4!)<!dhg!4>G?860@!2D!3C73!3C0!)?7D3!:8?54>147F!I0>087F!C?DB437F!C7>@F0@!
dRe!17D27F340D!HC4F0!_?1C76!=?DB437F!7330>@0@!3?!dj!17D0DL!b!B0?BF0!@40@!?G!3C0!
E2FF03!H?2>@D!4>!3C0!B8?54>10L!

-1EC@?E1!F:!;@G521!8?A!;9@65?258G!#A75?5E49845@?!!

%C0!:)!D3730@!3C73!D0128439!G?810D!HC?!H080!@0BF?90@!3?!X20FF!3C0!DW4864DC0D!@4@!
3C048!F050F!E0D3!7>@!3C73!C0!H7D!"+*.:+?:$(!#$4*-+$!.5$!A:&,$'4$!=*+!M-:.$!:'.$'+$!
:'! .5$! .=&! (*%+! *'(! $+@$4:*,,%! .5$! +$4&'(! (*%! *'(! =$)$! :.! '&.! #$4*-+$! &?! .5$!
@)$+$'4$! &?! +$4-):.%! @$)+&''$,6! .5$'! .5$! A:&,$'4$! 4&-,(! '&.! 5*A$! #$$'! 4&'.)&,,$(!
=:.5:'!.5*.!,:<:.$(!@$):&(!&?!.:<$2/!<C4F0!H0!DC7FF!DC?83F9!805083!3?!3C4D!4DD20P!H0!
1?660>@!3C0!:)[D!@014D4?>!3?!17FF!7!60034>A!?G!F?17F!F07@08D!HC?!7BB07F0@!3?!3C0!
B2EF41! 3C8?2AC! 3C0! b! '-! D3734?>D! 4>! -?6E7D7! 3?! C0FB! E84>A! B0710! E71W! 3?!
-?6E7D7!7>@!Y4F4>@4>4L!%C4D!7134?>!67@0!7!E4A!1?>384E234?>!4>!E84>A4>A!B0710!4>!
-?6E7D7! 7>@! )?7D3! :8?54>10! 4>! A0>087FL! %C4D! H7D! 1?>G4860@! E9! 3C0! ::&! HC?!

+%* !

!
7@@0@!3C73!3C0!5?410!?G!7!E4DC?B!7>@!B783412F78F9!3C73!?G!3C0!)C40G!Y7@C4deS!H7D!
5089!46B?837>3!4>!7BB07F4>A!3?!B0?BF0!3?!674>374>!B0710L!!

%C0!::&!G0F3!3C73! 3C0!B?F410! C7@!@07F3!H43C! 3C0!D432734?>! 3?! C4D!D734DG7134?>!7>@!


3C73! E9! dD3! _7>2789! QRRf! 3C0! 54?F0>10! C7@! F78A0F9! E00>! 1?>374>0@L! =0! 7FD?!
71W>?HF0@A0@! 3C73! C0! C7@! 8010450@! 7! F?3!?G! 1?6BF74>3D! G8?6! 1434V0>D! F760>34>A!
3C73! "&-)! &??:4$)+! =$)$! '&.! @)&.$4.:'B! .5$:)! @)$<:+$+! *($M-*.$,%! $'&-B5/2! =0!
0/BF74>0@! 3C73! 4>! 80DB?>D0! 3?! 3C0! F??34>AP! 3C0! B?F410! C7@! 80D?830@! 3?! 3C0! 2D0! ?G!
I,#*(:):P! HC41C!4>!F?17F!3086D!4D!"B:A:'B!@$&@,$! *!'-<#$)!&?!(*%+! .&!)$.-)'! =5*.!
.5$%!5*(!.*>$'!*'(!.5$%!=:,,!'&.!#$!@)&+$4-.$(m!*!,&.!&?!@)&@$).%!=*+!)$.-)'$(2/!!

<0!C078@!3C73!7F6?D3!dRPRRR!B0?BF0!H080!@4DBF710@!?>!3C0!G48D3!>4AC3!?G!54?F0>10!
7>@!D?2AC3!80G2A0!4>!5784?2D!B?F410!D3734?>DL!+?3!D28B84D4>AF9P!3C0!B?F410!3C8?2AC!
3C0!::&!7>@!3C0!&):J!<4FD?>!-E43C4!3?F@!2D!3C73!3C?2AC!3C09!0/B0130@!0F0134?>!
80F730@!B8?EF06D!73!3C0!)?7D3! 3C09!C7@!>?3!467A4>0@!54?F0>10!?G!3C0!67A>432@0!
3C73! ?112880@L! #3! 4D! ?28! G4>@4>A! 3C73! D084?2D! 0GG?83D! H080! B23! 3?! D01284>A! 5437F!
B2EF41!4>D37FF734?>D!D21C!7D!3C0!Y0>97!B4B0F4>0!@0B?3DP!3C0!B?83!?G!-?6E7D7P!3C0!
Y0>97! :038?F026! *0G4>089! 7>@! G20F! @0B?3D! 4>! $C467>V4! HC41C! 607>3! 3C73! H43C!
3C0! 7574F7EF0! D0128439! B08D?>>0FP! 43! H7D! >?3! B?DD4EF0! 3?! B8?54@0! 807D?>7EF0!
B8?30134?>!3?!?3C08D[!B8?B0839L!%C4D!4D!E?8>0!E9!18?DDO0/764>734?>!?G!3C0!&):JP!

abM! KH7>7! &):JP! 9?2q80! 7F6?D3! 30FF4>A! 3C4D! )?664DD4?>! 3C73! 3C0!
B?F410! H4FF! E0! 3C080! 3?! B8?3013! 3C0! E4AA08! 7DD03DP! 3C0! E4AA08!
4>D37FF734?>D! 7>@! 3C73! 4D! HC9! 3C0! B4B0F4>0! O! >?E?@9! O! #! 607>! 3C0! ?4F!
@0B?3DP! 3C0! B?83DP! 3C0! E7>WD! H080! >?3! 3?21C0@P! K23! <=*'*'45:j+!
W4?DW!3C048!DC?BD!H080!E8?W0>!4>3?L!(>@!9?2!0/BF74>!3C0!F?A41!E0C4>@!
A278@4>A!3C73!7>@!>?3!3C0!6H7>7>1C4qD!W4?DWL!

=54?1EEM! -9! "?8@D! H43C?23! A454>A! 7>9! ?3C08! @0374FDP! 43! H7D! >?3!
B?DD4EF0! G?8! 3C0! B?F410! 3?! B8?54@0! D0128439! 3?! 05089! 4>@454@27FqD!
E2D4>0DD!B8064D0DL!

<C4F0!?E54?2DF9!7BB8014734>A!3C73!B?F410!1?2F@!>?3!E0!05089HC080!7FF!3C0!3460P!H0!
H080! 80B0730@F9! 3?F@! 3C73! B?F410! 3??W! 3??! F?>A! 3?! 1?60! 3?! 3C0! 80D120! ?G! 1434V0>D!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$-,
!G40!RRe!?821402!:16105!1461!3A!6!A!941!;40A!J03JL0!465!=3H0!381!;!14!5$"2$4B!40!465!16LX05!13!140!M4!0?!@654!!
;43! ;0A1! 3A! 6!2! 3A! 140! 265!3! :161!3A! I65!3! I64H6! 6A5! K>! 16LX!A9! 13! 140! J03JL0! 40! ;6:! 6KL0! 13! =33L! 53;A! 140!
:!1861!3A!;!14381!6A>!#!3L0A=0"!

+%$ !

!
7>@!B8?B0839!2>@08!3C8073!7>@!D?603460D!@4@!>?3!7BB078!73!7FFP!4>!DB430!?G!A454>A!
7DD287>10D! 3C73! 050893C4>A! H7D! 2>@08! 1?>38?FL! '?8! 0/76BF0P! 7! H43>0DD! 30D34G40@!
3C73M!
"C5$! +*<$! (*%! &'! .5$! PH+.! Q$4$<#$)! :'! .5$! $A$':'B! *)&-'(! \! @2<6! 3!
=*+!4*,,$(!*B*:'!#%!'$:B5#&-)+!:'!E:>&':6! =5&!.&,(!<$!.5*.!+5&@+!&?!
8:>-%-+! =$)$! #$:'B! #)&>$'! :'.&! *'(! .5:'B+! =$)$! #$:'B! ,&&.$(2! 3! *,+&!
4*,,$(! .5$! @&,:4$! .5$)$! *'(! .5$%! *++-)$(! <$! .5:'B+! *)$! &>*%! .5$)$!
Z*)$K! '&! @)&#,$<+! #-.! =:.5:'! *! +5&).! =5:,$! 3! =*+! .&,(! .5$! +5&@! =*+!
#)&>$'!:'.&!#-.!.5$%!=$)$!$A$'!-'*#,$!.&!&@$'!.5$!(&&)+!+&!.5$%!5*(!
.&! #)$*>! .5$! 4&'4)$.$2! C5$! +.$$,! (&&)! .5$%! =$)$! -'*#,$! .&! &@$'! :.! +&!
.5$%!#)&>$!.5$!=*,,+2/!!

<C0>! C0! 8010450@! >0HD! 3C73! 7>?3C08! ?G! C4D! DC?BD! H7D! 2>@08! 73371WP! C0! 17FF0@!
"3C0! +97F4! B?F410! $3734?>! 7>@! 3C09! 3?F@! 60! 050893C4>A! H7D! ?W79! E23! H43C4>!
64>230D!3C0!DC?B!H7D!E8?W0>!4>3?!7>@!050893C4>A!37W0>!7H79L/!=0!F?D3!B8?B0839!
7>@! A??@D! 0D346730@! 73! YDCD! g! 64FF4?>L! %C0! H43>0DD! G28>4DC0@! 3C0! )?664DD4?>!
H43C! 54@0?! G??37A0! 17B3284>A! 3C0! F??34>A! ?G! ?>0! ?G! C4D! DC?BD! HC41C! 054@0>10! C0!
7FD?! D3730@! C0! C7@! B23! 4>! 3C0! C7>@D! ?G! 3C0! B?F410! 3?A03C08! H43C! B?D308D! HC41C!
1F078F9!@0B4130@!3C0!G710D!?G!B0?BF0!HC?!H080!F??34>A!C4D!DC?BDLdef!K9!3C0!3460!C0!
7BB0780@!E0G?80!2D!?>!d!$0B306E08!QRRfP!C0!D74@!>?!7134?>!C7@!E00>!37W0>!E9!
B?F410! 7A74>D3! 3C0! B08B03873?8DP! D?60! ?G! HC?6! 1?2F@! 1F078F9! E0! 4@0>34G40@! G8?6!
3C0!G??37A0!7>@!B?D308DL!!

%C0! F03C78A9! 7>@! 4>1?6B030>10! 0/B0840>10@! E9! 3C0! H43>0DD! 7>@! ?3C08D! @0B413!
7>?3C08! C7FF678W! ?G! B??8! B?F414>A! 4>! 7@@434?>! 3?! ?3C08! >0A73450! 7FF0A734?>D!
4>1F2@4>A!37W4>A!B783!4>!3C0!54?F0>10!7>@!050>!H?8D0P!?G!C754>A!37W0>!D4@0DL!%C0!
054@0>10! B?4>3D! 3?! 7! D084?2D! @0A800! ?G! 4>0GG4140>19! 7>@! @9DG2>134?>! H43C4>! 3C0!
B?F410P! 7>@! H0! 17>>?3! 3C080G?80! 4>! D21C! 148126D37>10D! C0FB! E23! 1?60! 3?! 3C0!
1?>1F2D4?>! 3C73! 043C08! 3C0! B?F410! @4@! >?3! E?3C08! 3?! B8050>3! 3C0! 1?664DD4?>! ?G!
18460D! 4>! 3C4D! 80A4?>! ?8! 4G! 3C09! H080! H4FF4>A! 3?P! 3C0>! 3C09! H080! ?E54?2DF9!
?508HC0F60@!E9!3C0!67A>432@0!?G!3C0!2>G?F@4>A!1C7?DL!$28B84D4>AF9!3C080!H7D!>?!
1?>10DD4?>!E9!3C0!B?F410!3C73!3C080!H080!7>9!F7BD0D!4>!3C048!B?F414>A!@2340DL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$-)
!Q.4!K!1!$&&!E6F!

+%+ !

!
'283C08P! H0! C078@! G8?6! 3H?! H43>0DD0D! 3C73! B84?8! 3?! 0F0134?>DP! 43! H7D! ?B0>F9!
@4D12DD0@! 76?>AD3! 3C0! )?7D37F! B0?BF0! 3C73! 3C09! H?2F@! 73371W! Y4W292! 7>@!
Y76E7! E2D4>0DD! B8064D0D! 4G! 3C0! 0F0134?>! 80D2F3D! H080! GF7H0@L! &>0! H?2F@!
3C080G?80! C750! 0/B0130@! 3C73! 3C0! 7@64>4D3873450! 786! ?G! 3C0! I?508>60>3! 4>!
1?FF7E?8734?>! H43C! 3C0! B?F410! 7>@! ?3C08! D0128439! 7A0>140D! H?2F@! C750! 5084G40@!
D21C! H78>4>A! D4A>D! 7>@! 6?50@! 5089! DH4G3F9! 3?! B23! 4>! BF710! D?60! 607D280D! 3?!
0>D280! 3C73! D21C! 050>327F439! @4@! >?3! ?1128L! &G! 1?28D0! >?! B8017234?>789!
607D280D!H080!B23!4>!BF710!@0DB430!3C0!71W>?HF0@A060>3!3C73!D?60!7807D!H080!
@2EE0@! 7D! C?3! DB?3DL! %C0! 4>G?86734?>! B8?@210@! 4>! ./C4E43! dbR! 4D! 3C080G?80!
180@4EF0! 3C73! D0128439! G?810D! @4@! >?3! 67W0! 7>9! B80B78734?>D! 3?! 7@@80DD! 3C0!
7>3414B730@!54?F0>10P!3?!G?80D37FF!F??34>AP!@0D382134?>!7>@!?3C08!G?86D!?G!1C7?DL!!

<0!H080!1?>108>0@!E9!054@0>10!30>@080@!E0G?80!2D!3C73!3C080!H7D!7!E4A!B80D0>10!
?G!I$U!?GG4108D!4>!"4W?>4!E23!3C73!3C09!H080!?>F9!54D4EF0!7>@!>?3!713450L!%C4D!A750!
3C0! 46B80DD4?>! 3?! 3C0! 80D4@0>3D! 3C73! 3C0D0! B783412F78! ?GG4108D! H080! 3C080! H43C!
DB014G41!4>D382134?>D!3?!B8?3013!3?284D3D!7F?>A!3C0!674>!8?230D!E23!C7@!>?!E840G!3?!
X20FF!3C0!54?F0>10!7>@!D?!3C09!\2D3!H731C0@!7D!3C0!387A0@9!2>G?F@0@L!=?H0508!7D!
D3730@! E9! =2DD04>! YC7F4@P! 3C0! :8?54>147F! (@64>4D38734?>! F0@! E9! 3C0! :)! .8>0D3!
-2>94! 67@0! 7>! 0GG?83! 73! D?60! B?4>3! 3?! 6003! 3C0! F?17F! F07@08D! H43C! 7! 540H! 3?!
G4>@4>A!7!D?F234?>!3?!3C0!D432734?>!4G!?>F9!3?!75?4@!3C0!0D17F734?>!?G!54?F0>10L!%C73!
7D4@0! A450>! 3C0! 733432@0! ?G! 3C0! D0128439! G?810D! 73! 3C4D! B?4>3! 4>! 3460! H0! 780! >?3!
D28B84D0@! 3C73! 7! G748F9! 67>7A07EF0! D432734?>! 0D17F730@! 4>3?! G2FF! EF?H>! 54?F0>10!
3C73! 3??W! 7>! 03C>41! 7>AF0! 7>@! 3C73! >?3! ?>F9! H080! D0128439! G?810D! 172AC3!
2>7H780D! E23! 3C09! H080! 1?6BF030F9! ?508HC0F60@L! '283C08P! 43! 0608A0@! 3C73! 3C0!
84?3! @84FF! B76BCF03! B8?54@4>A! A24@0F4>0D! 3?! 3C0! D2BB80DD4?>! ?G! 84?3D! "H7D! F7D3!
4DD20@!4>!&13?E08!dejQ!7>@!4G!3C080!4D!7>9!?>0!3C73!1760!7G308!3C4D!?>0!#!679!>?3!
E0!7H780!7E?23!43!69!"?8@H00aL!!

%C0!&):J!D74@!43!H7D^!
"9-+.! *! +5&=! &?! ?&)4$! <$*':'B! .5*.! %&-)! @)$+$'4$! *.! *! +4$'$! &?!
(:+.-)#*'4$! :+! *++-<$(! .&! #$! $'&-B5! .&! <*>$! .5$! ):&.$)+! (:+@$)+$6!
.5*.!:+!.5$!?:)+.!&'$2!V-<#$)!.=&6!:?!.5$%!(&'j.!(:+@$)+$!*?.$)!+5&=!&?!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$--
!G0:1!H3A>!3?!MC!$&%!
+%% !

!
?&)4$! .5$'! %&-! *)$! )$M-:)$(! .&! -+$! .5$! .$*)B*+2! C5$! .5:)(! &'$! :?! .5$%!
=&-,(!'&.!(:+@$)+$!*?.$)!%&-!.5)&=!.$*)B*+!.&!.5$<!.5$'!.5$!@*<@5,$.!
*,,&=+!.5$!-+$!&?!.5$!#-..&'6!.5$!.)-'45$&'!'&=2!I'(!?:'*,,%!:?!.5$%!(&!
'&.! &#,:B$! *'(! .5$! +:.-*.:&'! :+! +&! #*(! .5*.! :+! .5$! &',%! .:<$! %&-! 4*'!
)$+&).!.&!.5$!-+$!&?!?:)$*)<+!<%!E&)(/2!

(>?3C08! 38?2EF4>A! 7DB013! 80A78@D! 3C0! 054@0>10! H0! 8010450@! 3C73! 4>! >2608?2D!
4>D37>10D! HC080! 3C0! B?F410! 788450@! ?>! 3460P! "3C09! 7FF?H0@! 3C0D0! B0?BF0! 3?! F??3!
4306D!E23!46BF?80@!3C06!>?3!3?!172D0!7>9!E?@4F9!C786!3?!?3C08!B08D?>DaQRRL!!%C0!
:)P!3C0!::&!7>@!3C0!-?6E7D7!U8E7>!&):J!1730A?8417FF9!@0>40@!E04>A!7H780!?G!
7! rF??3! E23! >?3! W4FF[! ?8@08L! %C09! 7FD?! 80\0130@! 3C0! D2AA0D34?>! 3C73! 3C09! H080!
?508HC0F60@!G?8!F71W!?G!7@0X2730!B80B78734?>P!HC41C!H?2F@!\2D34G9!3C06!D00W4>A!
3?! 7BB07D0! 3C0! 6?ED! E9! 7FF0A0@F9! 30FF4>A! 3C06! 3?! F??3! E23! >?3! 3?! W4FFL! =?H0508P!
30D346?>9! H7D! 1?>D4D30>3! G8?6! 7! >26E08! ?G! H43>0DD0D! 3C73! B?F410! HC?! H080!
B738?FF4>A!4>!"7>@!*?508D!A750!3C0!B8?30D34>A!18?H@D!7!A?!7C07@!3?!F??3!E23!>?3!
3?!C786!?8!W4FF!7>9?>0L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+**
!G0:1!H3A>!3?!Y8::0!A!@46L!5!MC!$&-!
+%& !

!
+%' !

!
;#-"!,,,!
!
&041?4!8?A!,7C824!@H!;@E4!&G1245@?!<5@G1?21!
%C4D!B783!?G!3C0!*0B?83!@07FD!H43C!18?DD!12334>A!4DD20D!784D4>A!?23!?G!3C0!54?F0>10!
HC41C!3C0!)?664DD4?>!1760!718?DD!4>!3C0!1?28D0!?G!43D!4>50D34A734?>DL!%C0D0!780M!
! $0/27F!;4?F0>10c!
! #>308>7FF9!J4DBF710@!:08D?>D!
! %C0!-0@47!7>@!3C0!:?D3!.F0134?>!;4?F0>10!
! ./30>3!7>@!)?>D0X20>10D!?G!:.;M!'4A280D!?>!J073CDP!#>\2840D!7>@!
@767A0!3?!B8?B0839!

+%( !

!
!
)>#;"&-!+,c!
+1038G!<5@G1?21!
,?49@A3245@?!

&>0! ?G! 3C0! H0FF! W>?H>! 7>@! 80A80337EF0! 387A0@40D! ?G! 67\?8! 1?>GF413D! 7>@!
E807W@?H>D!?G!F7H!7>@!?8@08!4D!D0/27F!54?F0>10L!%C4D!C7D!C7BB0>0@!78?2>@!3C0!
H?8F@L! $7@F9! 0>?2ACP! 43! 7FD?! H7D! 7! 1?>D0X20>10! ?G! 3C0! QRRS! B?D3! 0F0134?>!
54?F0>10! 4>! Y0>97L! "4W0! ?3C08D! HC?! 043C08! F450@! 3C8?2AC! ?8! G?FF?H0@! 3C4D! 30884EF0!
B084?@!?G!Y0>97[D!C4D3?89P!3C0!)?664DD4?>!C078@!7>01@?37FF9!7>@!G8?6!3C0!60@47!
7E?23! D0/27F! 54?F0>10! 7A74>D3! E?3C! H?60>! 7>@! 60>L! %C0D0! 80B?83DP! 7@64330@F9!
4>G?867FP! 4>1F2@0@! C0783! H80>1C4>A! 37F0D! ?G! 87B0P! A7>A! 87B0P! D0/27F! 6234F734?>P!
F?DD! ?G! E?@9! B783DP! 7>@! C4@0?2D! @073CDL! #>! 7@@434?>P! 3C0! )?664DD4?>! 7FD?!
A87@27FF9! F078>0@! 3C73! 3C0! 5784?2D! G?86D! ?G! A0>437F! 54?F0>10! 7A74>D3! 4>>?10>3!
541346D! H080! >?3! \2D3! ?>0O?GG! 387A0@40D! E23! 67\?8! F4G0O1C7>A4>A! 050>3DL! (6?>A!
?3C08DP!3C0!)?664DD4?>!C078@!37F0D!?G!G764F9!606E08D!E04>A!G?810@!3?!D37>@!E9!
7>@! H43>0DD! 3C048! 6?3C08DP! G73C08DP! D4D308DP! E8?3C08DP! 7>@! F433F0! 1C4F@80>! E04>A!
87B0@P! W4FF0@P! 7>@! 67460@M! 4>>?10>3! 541346D! 1?>387134>A! =#;! (#J$! 7G308! E04>A!
D0/27FF9! 7DD72F30@! E0172D0! 3C0! E807W@?H>! ?G! F7H! 7>@! ?8@08! 7>@! 3C0!
@03084?8734>A! D0128439! D432734?>! W0B3! 3C06! G8?6! 7110DD4>A! 60@417F! 1780! D??>!
0>?2AC! 3?! B8050>3! 43M! C2DE7>@D! 7E7>@?>4>A! 3C048! H450D! HC?! C7@! E00>! @0G4F0@P!
7>@!3C0!4>05437EF0!BD91C?F?A417F!E28@0>!?G!B?H08F0DD>0DD!7>@!C?B0F0DD>0DD!3C73!
F0G3!4>@454@27FD!HC?!C7@!0/B0840>10@!D0/27F!54?F0>10!G00F4>A!7F?>0P!4D?F730@P!7>@!
2>7EF0!3?!1?B0P!>?3!\2D3!G?8!?>0!6?60>3!4>!3460P!E23!B?DD4EF9!G?80508L!<?8D0!D34FFP!
3C0!)?664DD4?>!7FD?!C078@!3C73!D?60!4>@454@27FD!HC?!C7@!F?D3!G764F9!606E08D!
7>@! B8?B0839P! 7>@! HC?! C7@! E00>! 1C7D0@! 7H79! G8?6! 3C0! ?>F9! C?60D! 3C09! C7@!
0508!W>?H>P!7FD?!C7@!0/B0840>10@!62F34BF0!G?86D!?G!54?F0>10!3C73!4>1F2@0@!D0/27F!
54?F0>10L!
!
=0784>A! E43D! 7>@! B4010D! ?G! 3C0D0! F4G0! DC733084>A! 0/B0840>10D! 7F0830@! 3C0!
)?664DD4?>! 3?! 3C0! >00@! 3?! 67W0! 43D! 4>X24840D! 4>3?! 3C0! D0/27F! 54?F0>10! 3C73!
?112880@!G?FF?H4>A!3C0!QRRS!0F0134?>!7!10>387F!G?12D!?G!43D!4>50D34A734?>!4>3?!B?D3!

+%, !

!
0F0134?>! 54?F0>10L! (3! 3C0! 5089! F07D3! 3C0! )?664DD4?>! 3C?2AC3! 43! H?2F@! E0!
7BB8?B84730! 3?! F??W! 4>! @0B3C! 4>3?! 3C0! D0/27F! 54?F0>10! 3C73! C7@! ?112880@L! #3D!
807D?>4>A! H7D! 3H?G?F@L! '48D3P! D0/27F! 54?F0>10! 4D! 7! G?86! ?G! 54?F0>10! 7>@! 7D! 3C0!
)?664DD4?>!H7D!7E?23!54?F0>10P!43!G0F3!D38?>AF9!3C73!3C080!DC?2F@!E0!7!G?12D!?>!43!
4>! 3C0! )?664DD4?>[D! 4>50D34A734?>DL! $01?>@F9P! E04>A! ?8@4>789! F79! B0?BF0! G8?6!
5784?2D! H7FWD! ?G! F4G0P! 3C0! 606E08D! ?G! 3C0! )?664DD4?>! 7FD?! H080! B08D?>7FF9!
C?884G40@!E9!3C0!D3?840D!?G!D0/27F!54?F0>10!3C73!1760!3?!?28!7330>34?>L!"4W0!?3C08DP!
606E08D!?G!3C0!)?664DD4?>!3??!G0F3!1?6B7DD4?>!G?8!3C0!541346D!?G!B?D3!0F0134?>!
D0/27F! 54?F0>10! 7>@! H7>30@! 3?! F078>! 7>@! 0/B?D0! HC73! C7@! C7BB0>0@L! %C0!
)?664DD4?>!7FD?!G0F3!3C73!43!!DC?2F@!@?!D?603C4>A!3?!67W0!D280!3C73!3C0!D1?28A0!
?G!D0/27F!54?F0>10!3C73!C7BB0>0@!7G308!3C0!0F0134?>!@4@!>?3!E01?60!7>!0>@0641!4>!
Y0>97>!F4G0!3C73P!1?2F@!E0!!?>0!@79!1?2F@!80128!4>!3C0!F450D!?G!?8@4>789!B0?BF0L!
!
%C0! )?664DD4?>! G0F3! 43! >00@0@! 3?! 0/BF?80! 3C0! D432734?>! A450>! 3C73! F4W0! ?3C08D! 43!
?>F9!C078@!4D?F730@!D3?840D!7>@!@4@!>?3!W>?H!7>93C4>A!1?>18030!7E?23!3C0!D0/27F!
54?F0>10! 3C73! C7BB0>0@L! %C0! )?664DD4?>! D?2AC3! 3?! 3C0! E0D3! ?G! 43D! 7E4F439! 3?!
7>DH08! G?28! E7D41! X20D34?>D! 3?! G2FG4F! 43D! 67>@730! 3?! 0/BF?80! 3C0! G2FF! 0/30>3! ?G!
54?F0>10! 3C73! Y0>97! C7@! 0/B0840>10@P! 4>1F2@4>A! D0/27F! 54?F0>10L! '48D3P! 3C0!
)?664DD4?>! H7>30@! 3?! W>?H! HC03C08! D0/27F! 54?F0>10! 71327FF9! C7@! 37W0>! BF710L!
$01?>@F9P! 3C0! )?664DD4?>! H7>30@! 3?! W>?H! 0/713F9! HC73! C7@! ?112880@P! C?H! 43!
67>4G0D30@P! 7>@! 43D! 0/30>3L! %C48@P! 3C0! )?664DD4?>! H7>30@! 3?! 2>@08D37>@P! C?H!
7>@!HC9!43!C7BB0>0@P!7>@!G?283C!HC73!054@0>10!3C080!H7D!G?8!7FF!?G!3C0!7E?50L!
!
K04>A! F79! B0?BF0! 873C08! 3C7>! DB0147F4D3D! 4>! 3C0! D2E\013! ?G! D0/27F! 54?F0>10P!
606E08D! ?G! 3C0! )?664DD4?>! 2>@08D3??@! 3C73! >?3! ?>F9! @4@! 3C09! >?3! C750! 3C0!
7>DH08D!3?!3C0!7E?50!X20D34?>DP!E23!3C73!3C09!7FD?!@4@!>?3!W>?H!C?H!3?!A?!7E?23!
A0334>A! 3C06L! %C0! )?664DD4?>! 807F4V0@! 3C73! HC4F0! 7860@! H43C! 807D?>7EF0!
X20D34?>D! 7>@! A??@! 4>30>34?>DP! 43! 1?2F@! >?3! 06E78W! ?>! 3C4D! 4>X2489! 7F?>0L! %C0!
)?664DD4?>! >00@0@! 7DD4D37>10! G8?6! DB0147F4D3D! HC?! W>0H! Y0>97[D! D?147F! 7>@!
B?F43417F! F7>@D17B0P! H080! G764F478! H43C!3C0! C4D3?89P! 172D0D! 7>@! >73280! ?G! D0/27F!
54?F0>10! 4>! A0>087FP! 7>@! HC?! C7@! H?8W0@! H43C! 541346D! ?G! D21C! 54?F0>10L! %C0!
)?664DD4?>! W>0H! 3C73! HC4F0! H?60>! >?867FF9! 780! 3C0! 674>! 541346D! ?G! D0/27F!

+%) !

!
54?F0>10! HC0>! ?8@08! E807WD! @?H>P! 60>! 3??! C7@! 0/B0840>10@! C?884@! 39B0D! ?G!
D0/27F! 54?F0>10! 7G308! 3C0! Y0>97>! 0F0134?>L! %C0D0! 4>1F2@0@! D?@?69P! G?810@!
14812614D4?>P! 7>@! 050>! 6234F734?>! ?G! 3C048! B0>4D0DL! K03H00>! C0784>A! ?G! H?60>!
HC?! C7@! E00>! A7>A! 87B0@! 7>@! 6234F730@P! 3C0! 711?2>3D! ?G! 03C>417FF9! @8450>!
D0/27F! 54?F0>10! 7A74>D3! 108374>! 60>! H7D! 7FD?! C?884G94>AL! '283C086?80P! 3C0!
)?664DD4?>! 7FD?! 2>@08D3??@! 3C73! 7>9! 4>X24840D! 43! 64AC3! 67W0! 4>3?! D0/27F!
54?F0>10! H?2F@! 7FD?! 4>5?F50! 4>3087134>A! H43C! 541346DL! %C0! )?664DD4?>!
7BB8014730@! 7FF! 3C0! D0>D43454340D! 7DD?14730@! H43C! @?4>A! D?P! 4>1F2@4>A! 3C0! 2D27F!
B8?EF06! ?G! G4>@4>A! 541346D! HC?! H?2F@! 7A800! 3?! @4D12DD! HC73! C7@! C7BB0>0@! 3?!
3C06L!
!
%C0! )?664DD4?>! H7>30@! 3?! 67W0! 43D! 4>X24840D! 4>3?! D0/27F! 54?F0>10! B783! 7>@!
B7810F! ?G! 7FF! ?G! 43D! 4>50D34A734?>D! 4>3?! 3C0! B?D3! 0F0134?>! 54?F0>10! 3C73! 0>A2FG0@!
Y0>97! 7G308! 3C0! QRRS! 0F0134?>L! %C0! )?664DD4?>! W>0HP! C?H0508P! 3C73! 3?! @?!D?!43!
H?2F@! >00@! 3C0! C0FB! ?G! 0/B083DL! '?832>730F9P! 3C080! 780! 7! >26E08! ?G! A8?2BD! 4>!
Y0>97!HC?!H?8W!78?2>@!3C0!3C060!?G!D0/27F!54?F0>10L!%C0D0!7A800@!3?!7DD4D3!4>!
7FF!B783D!?G!3C0!)?664DD4?>[D!H?8WP!E?3C!E0G?80!3C0!)?664DD4?>!3??W!054@0>10!4>!
+748?E4! 7>@! HC4F0! A73C084>A! 30D346?>9! 4>! 3C0! 1?2>389D4@0L! #>! +748?E4P! 3C0!
)?664DD4?>! C0F@! 3C800! BF7>>4>A! 60034>AD! H43C! 1454F! D?14039! ?8A7>4V734?>D! 3C73!
7@@80DD!D0/27F!54?F0>10P!4>1F2@4>A!3C?D0!HC?!C7@!H?8W0@!?>!3C0D0!673308D!7G308!
3C0! 0F0134?>D! 4>! Y0>97L! #>! 3C0! 64@@F0! ?G! 3C0! 184D4DP! G?839! ?8A7>4V734?>D! 4>! Y0>97!
1760! 3?A03C08! 3?! 8071C! ?23! 3?! H?60>! 7>@! ?3C08D! HC?! C7@! 0/B0840>10@! D0/27F!
54?F0>10! G?FF?H4>A! 3C0! QRRS! 0F0134?>DL! %C09! A73C080@! 2>@08! 3C0! 72DB410D! ?G! 3C0!
#>308O(A0>19! I0>@08! K7D0@! ;4?F0>10! D2EO1F2D308! 1?O1C7480@! E9! 3C0! U>430@!
+734?>D!'2>@!G?8!:?B2F734?>!(13454340D!]U+':(^!7>@!3C0!+734?>7F!)?664DD4?>!?>!
I0>@08! 7>@! J050F?B60>3L! %C4D! 26E80FF7! A8?2B! 4>1F2@0@! 7! 5784039! ?G! @4GG080>3!
A8?2BD! G8?6! @0B78360>3D! 4>! 3C0! 64>4D3840D! ?G! A0>@08! 7>@! ! C07F3CP! 7>@! 3C0!
\2@414789P! ! 5784?2D! U+! 7A0>140D! ]0LAL! U+':(P! 3C0! U>430@! +734?>D! J050F?B60>3!
'2>@! G?8! <?60>! ]U+#'.-^^P! ! 3C0! *0@!)8?DD! 7>@! *0@! )80D10>3! -?5060>3P! 7>@!
G8?6! 5784?2D! F?17F! 7>@! 4>308>734?>7F! >?>OA?508>60>37F! ?8A7>4V734?>D! ]+I&$^L!
.50>!E0G?80!3C0!)?664DD4?>!E0A7>!43D!D0DD4?>DP!3C0!D2EO1F2D308!C7@!80DB?>@0@!
3?! 3C0! B?D3O0F0134?>! D0/27F! 54?F0>10P! B783412F78F9! 7A74>D3! H?60>P! 4>1F2@4>A!

+%- !

!
B8?54@4>A! 541346D! H43C! 60@417FP! BD91C?OD?147F! 7>@! ?3C08! 1?2>D0FF4>A! D085410DL!
=0>10!3C0!D2EO1F2D308!H7D!4>!7!2>4X20!B?D434?>!3?!C0FB!3C0!)?664DD4?>!H43C!43D!
H?8W!7>@!@4@!D?L!
!
J284>A! 1?>D2F3734?>D! H43C! 3C0! $IK;! D2EO1F2D308P! 3C0! )?664DD4?>! H7D! 7EF0! 3?!
7DW! 3C06! X20D34?>D! 7E?23! C?H! D0/27F! 54?F0>10! 67>4G0D30@P! HC080! 3C0!
)?664DD4?>!64AC3!G4>@!054@0>10!?G!43P!7>@!C?H!43!DC?2F@!A?!7E?23!1?FF0134>A!3C4D!
054@0>10L!%C0!)?664DD4?>!7FD?!@014@0@!4>308>7FF9!3C73!673308D!80F734>A!3?!D0/27F!
54?F0>10! H?2F@! E0! 7>! 4>30A87F! B783! ?G! 43D! 4>X2489! 4>3?! 3C0! B?D3O0F0134?>! 54?F0>10L!
(D!_2D3410!:C4F4B!<7W4P!3C0!)C74867>!?G!3C0!)?664DD4?>!>?30@!?>!3C0!G48D3!@79!
?G!3C0!)?664DD4?>[D!C0784>ADP!D0/27F!54?F0>10!4D!`D4F0>3a!7>@!`B8094>Aa!!E0172D0!
43! 4D! `2>@0880B?830@P! 2>@08O4>50D34A730@! 7>@! p4>D2GG4140>3F9! 7@@80DD0@aP! 7FD?!
7@@4>A! 3C73! 3C0! )?664DD4?>! H?2F@! G?12D! ?>!43! 4>! 7FF! B783D! ?G! ?28! 4>50D34A734?>P!
@01F784>A!?28D0F50D!?B0>!3?!`8010450!7>9!180@4EF0!4>G?86734?>!7>@!054@0>10!G8?6!
D28545?8DaLQRd!!
!
%C0! )?664DD4?>! 807F4V0@! 3C73! 43! B8?E7EF9! H?2F@! E0! 07D408! 3?! G4>@! ?23! HC73! C7@!
C7BB0>0@!4>!+748?E4!3C7>!4>!3C0!1?2>389D4@0P!HC080!F71W!?G!7>?>96439!7>@!G078!
?G!DB07W4>A!3?!3C0!)?664DD4?>!64AC3!E0!7!A807308!B8?EF06L!%C0!)?664DD4?>!7FD?!
2>@08D3??@! 3C73! 4G! 7FF! 30D346?>9! G8?6! 541346D! ?G! B?D3O0F013?87F! D0/27F! 54?F0>10!
H7D! 37W0>! 4>! B845730! 873C08! 3C7>! 4>! B2EF41P! 3C0! 4DD20! ?G! D0/27F! 54?F0>10! 7A74>D3!
H?60>! 4>! 3C0! B?D3O0F0134?>! B084?@! 64AC3! A03! F?D3! 7>@! >0508! E0! @4D12DD0@! ?8!
GF7AA0@! 3?! 3C0! A0>087F! B2EF41L! %?! B80O06B3! 3C0D0! 7>@! ?3C08! B?30>347F! B8?EF06DP!
3C0!)?664DD4?>!3??W!G450!67\?8!D30BDL!'48D3P!3?!C0FB!F?1730!7>@!DB07W!3?!541346D!
?G! B?D3O0F0134?>! D0/27F! 54?F0>10! 4>! 5784?2D! B783D! ?G! Y0>97P! 3C0! )?664DD4?>!
0>F4D30@! 7DD4D37>10! G8?6! U+':(! 7>@! U+#'.-! 7D! H0FF! 7D! G8?6! G?28! D2EO1F2D308!
606E08DL! %C09! 4>1F2@0@! )(*.! Y0>97P! '#J(! Y0>97P! 3C0! Y0>97! <?60>!
.6B?H0860>3!"4>WP!7>@!3C0!)73C?F41!J4?10D0!?G!+7W282L!(D!7!B783!?G!3C4D!0GG?83P!
)(*.! @4@! 7! D32@9! 4>! 3C0! DF26D! ?G! Y4E087! 7>@! -73C780P! HC4F0! 3C0! )0>380! G?8!
*4AC3D! .@21734?>! 7>@! (H780>0DD! ])*.(<^! @4@! 7>?3C08! 7>@! 7FD?! B8?@210@! 7!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+*$
!M[RQV!Y6A:625B!V3L"!$B!JJ"!$B!+%)"!

+&* !

!
@?1260>3789! 7E?23! D0/27F! 54?F0>10! 4>! 3C0! *4G3! ;7FF09L! )(*.! Y0>97! 7FD?! C0F@! 7!
H?8WDC?B! G?8! 541346D! ?G! D0/27F! 54?F0>10! 3?! 0/BF74>! HC73! 3C0! )?664DD4?>! H7D!
@?4>A!7>@!3?!G4>@!?23!HC?!76?>A!3C06!64AC3!E0!H4FF4>A!3?!30D34G9!E0G?80L!'283C08P!
3C09!B8?54@0@!1?2>D0FF4>A!D085410D!3?!H?60>!7>@!B80B780@!3C06!3?!30D34G9!E0G?80!
3C0!)?664DD4?>!4>!7@@434?>!3?!A454>A!3C0!)?664DD4?>!D?60!801?660>@734?>D!3?!
E0! G?FF?H0@! HC0>! 541346DP! 6?D3! ?G! HC?6! H080! H?60>P! 7BB0780@! E0G?80! 3C0!
)?664DD4?>L!$01?>@F9P!3?!0>D280!3C73!3C0!H?8W!?>!D0/27F!54?F0>10!H7D!12F3287FF9!
D0>D43450!7>@!3?!7FF?H!3C0!)?664DD4?>!3?!1?>3713!DB0147F4D3D!7D!>00@0@P!3C0!$2EO
)F2D308!D03!2B!7!1?6643300P!4>1F2@4>A!7!80D4@0>3!A0>@08!0/B083!G8?6!U+#'.-P!3?!
H?8W! H43C! 3C0! )?664DD4?>[D! 4>50D34A73?8DP! 7>@! 3?! 4@0>34G9! 7>@! B80B780! 541346D!
HC?!H7>30@!3?!30D34G9!3?!3C0!)?664DD4?>L!!
!
%C48@F9P!3?!0>1?287A0!541346D!?G!D0/27F!54?F0>10!3?!1?60!E0G?80!3C0!)?664DD4?>!
7>@! 3?! 67W0! 43! F0DD! B74>G2F! G?8! 3C06! 3?! DB07W! 3?! 4>50D34A73?8D! 7>@! 3?! 3C0!
)?664DD4?>P!3C0!)?664DD4?>!C480@!3H?!G067F0!4>50D34A73?8D!HC?!C7@!0/B0840>10!
4>! @07F4>A! H43C! D0/27F! 54?F0>10! 7A74>D3!H?60>! 4>! B783412F78L! %C09! 4>1F2@0@! ?>0!
4>308>734?>7F! B?F410! 4>50D34A73?8! 7>@! ?>0! Y0>97>! F7H908L! '?283CF9P! 3C0!
)?664DD4?>!67@0!43!7!B?4>3!3?!7FF?H!3H?!F7H908D!3?!37W0!B783!4>!43D!B8?100@4>ADP!
HC?! C7@! 0/B0840>10! 4>! @07F4>A! H43C! A0>@08! 4DD20DP! 3C0! '0@08734?>! ?G! <?60>!
"7H908D!]'#J(^!7>@!3C0!)0>380!G?8!(@57>1060>3!?G!<?60>!7>@!)C4F@80>QRQL!%C09!
C7@! ?BB?832>439! 3?! 0/764>0! 05089! H43>0DD! 7BB0784>A! E0G?80! 3C0! )?664DD4?>P!
4>1F2@4>A! A?508>60>3! ?GG4147FDP! 3C0! B?F410P! 541346DP! 7>@! ?3C08! 4>3080D30@! B78340DP!
3C8?2AC?23! ?28! 60034>AD! 7FF! ?508! 3C0! 1?2>389L! %C048! X20D34?>D! 7@@0@! 7>?3C08!
@460>D4?>!3?!3C0!)?664DD4?>[D!2>@08D37>@4>A!?G!HC73!C7@!C7BB0>0@!3?!H?60>!
7>@!?3C08!541346D!?G!D0/27F!54?F0>10!7>@!3C0!0/30>3!3?!HC41C!3C0!A?508>60>3!7>@!
?3C08D!C7@!7DD4D30@!?8!G74F0@!3?!7DD4D3!3C?D0!4>!>00@L!'4G3CF9P!G2FF9!1?A>4V7>3!?G!3C0!
B?30>347F!1C7FF0>A0!?G!!!7DW4>A!D?60?>0!HC?!C7@!0/B0840>10@!D0/27F!54?F0>10!3?!
80F450! 43! E9! 30D34G94>A! E0G?80! 3C0! )?664DD4?>! @014@0@! 3?! C480! 7! G2FF! 3460!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+*+
!!G40!M3HH!::!3A!926A105!c[S7!6!L!H!105!:16A5!A9!6:!6A!!A102#0A02!3A!$'!Z8L>!+**)!6A5!140!M0A120!?32!140!
75#6A=0H0A1!3?!C3H0A!6A5!M4!L520A!3A!+-!Z8L>!+**)"!G40!2!102H:!620!5!:=8::05!!A!M[RQVB!Y6A:625B!#3L!$B!-"+'!Z8L>!
+**)B!J"++)!6A5!#3L"!+B!P6!#6:46B!+)"+-!Z8L>!+**)B!J"$$+)"!

+&$ !

!
BD91C?F?A4D3! 3?! 4>308713! H43C! 7>@! 7DD4D3! 541346D! E?3C! E0G?80P! @284>AP! 7>@! 7G308!
3C09!30D34G40@!3?!3C0!)?664DD4?>L!!
!
)@GG1245?B!&65A1?21!
%C4D!)?664DD4?>!4D!3C0!G48D3!4>50D34A734?>!?G!0F013?87F!54?F0>10!3?!G?12D!?>!D0/27F!
54?F0>10L! %C4D! 1?>387D3D! H43C! 3C0! Y4F4W2! 7>@! (W4H264! )?664DD4?>D! HC41C! @4@!
>?3!7@@80DD!43L!(D!D21CP!3C0!)?664DD4?>!H7D!4>!2>1C7830@!308843?89L!+?3!?>F9!@4@!
43! D00W! 7@5410! 7D! >?30@! 7E?50P! E23! 7FD?! 3840@! 3?! 37W0! 711?2>3! ?G! 3C0! @4GG412F39!
541346D! G710@! 4>! 1?64>A! G?8H78@L! $?60! 3?F@! 3C0! 1F2D308! A8?2B! ?8! 4>50D34A73?8D!
3C73! 3C09! H080! 7DC760@! ?G! HC73! C7@! C7BB0>0@! 3?! 3C06! 7>@! @4@! >?3! H7>3! 3?!
@4D12DD! 3C048! 0/B0840>10D! 4>! B2EF41P! G0784>A! G283C08! C264F4734?>L! &3C08D! H?8840@!
3C73!4G!3C09!30D34G40@!4>!3C0!?B0>P!3C048!73371W08D!64AC3!8037F4730!7A74>D3!3C06P!7D!
3C4D!4>1807D0@!3C0!B?DD4E4F439!?G!3C06!E04>A!4@0>34G40@L!
!
U>@08D37>@4>A! 3C73! B?30>347F! H43>0DD0D! C7@! D2GG080@! 4>17F12F7EF0! BC9D417F! 7>@!
BD91C?F?A417F! C?88?8D! G8?6! HC41C! 3C09! 64AC3! >0508! 801?508P! 3C0! )?664DD4?>!
7887>A0@! G?8! B845730! C0784>ADP! HC41C! 7FD?! 7FF?H0@! 541346D! 3?! @0D184E0! HC73! C7@!
C7BB0>0@! 3?! 3C06! 7>@! 0>7EF0@! 3C06! 3?! ?B0>! 2BP! 4>! D?60! 17D0D! 3?! 3C0! B?4>3! ?G!
>764>A! 3C048! 73371W08DL! #>! DC?83P! 3C0! )?664DD4?>! 7>@! 3C0! Y0>97>! 541346D! ?G!
D0/27F!54?F0>10!0>1?2>3080@!4DD20D!D464F78!3?!3C?D0!G710@!0FD0HC080!4>!3C0!H?8F@!
HC0>! @07F4>A! H43C! 43D! 7G308673CL! .50>! 3C0>P! H43C! 7FF! ?G! 3C0! 0GG?83D! 3?! D0>D434V0!
606E08D! ?G! 3C0! )?664DD4?>! 7>@! B8?54@0! 7! D7G0! 0>548?>60>3! 4>! HC41C! 541346D!
1?2F@!30D34G9P!43!H7D!D34FF!@4GG412F3!G?8!541346D!3?!D300F!3C06D0F50D!7>@!1?60!G?83C!3?!
6003! H43C! 3C0! )?664DD4?>L! %C4D! 711?2>3D! G?8! 3C0! 80F73450F9! D67FF! >26E08! ?G!
541346DP!gd!4>!7FFP!HC?!30D34G40@!E0G?80!3C0!)?664DD4?>!?8!D2E64330@!D373060>3DP!
D?603C4>A!3C0!)?664DD4?>!2>@08D3??@!7>@!7BB8014730@P!E23!>05083C0F0DD!80A803!
A450>! 3C0! D38?>A! E0F40G! E9! 3C0! )?664DD4?>! ! 3C73! 3C0! B8?EF06! ?G! D0/27F! 7>@!
A0>@08! E7D0@! 54?F0>10! 4>! 3C0! B?D3! 0F0134?>! B084?@! 608430@! 6?80! 3460! 4>! 3C0!
)?664DD4?>! C0784>ADL! %C4D! >?3! D?! 2>2D27F! B8?EF06! 679! 7FD?! C750! E00>!
7110>32730@!E9!3C0!D7@!C4D3?89!?G!Y0>97[D!B7D3!0F013?87F!54?F0>10!7>@!3C0!807F439!
3C73!B08B03873?8D!C750!>?3!?>F9!A?>0!2>B2>4DC0@P!E23!C750!1?>34>20@!7G308H78@D!
7D! B?H08G2F! B?F43417F! G4A280DL! %C73! D?E084>A! 807F439! 7D! H0FF! 7D! 3C0! 80F73450!

+&+ !

!
B?H08F0DD>0DD!?G!Y0>97>!H?60>!4>!67>9!7807D!?G!F4G0!679!C750!67@0!B?30>347F!
H43>0DD0D! DC9! 7H79! 7G308! 1?>D4@084>A! 3C73! 3C0! B?30>347F! 1?D3! ?G! 3C048! 30D346?>9!
G78!?23H04AC0@!7>9!B0810450@!0/B013734?>D!3C73!3C09!679!C750!C7@!G?8!?E374>4>A!
\2D3410L!!
!
'283C086?80P!D?60!17D0D!?G!D0/27F!54?F0>10!7A74>D3!60>!3C73!3??W!BF710!7G308!3C0!
QRRS! 0F0134?>D! H080! C43C083?! 2>C078@! ?G! 7>@! >0H! 3?! 3C0! )?664DD4?>! 7>@! 3?!
Y0>97L! %C0! 387A41! >?50F39! ?G! 3C4D! 0/B0840>10! 607>3! 3C73! 3C080! H080! 050>! G0H08!
D2BB?83!A8?2BD!7574F7EF0!3?!60>!3C7>!3?!H?60>L!%C73P!7@@0@!3?!3C0!C264F4734?>!
?G! 3C0! 54?F734?>D! 607>3! 3C73! >?! 67F0! 541346D! 1760! G?8H78@! 3?! 30D34G9! 3?! 3C0!
)?664DD4?>P! D?603C4>A! 3C0! )?664DD4?>! 2>@08D3??@P! E23! >05083C0F0DD! G?2>@!
80A80337EF0L!
%C0! )?664DD4?>! C078@! G8?6! H43>0DD0DP! D?60! ?G! HC?6! H080! DB0147F4D3D! ?8! C7@!
380730@! 541346D! ?G! D0/27F! 54?F0>10P! 7>@! ?3C08D! HC?! H080! 541346DL! %C0! G?8608!
30D34G40@! 4>! B2EF41! 7E?23! 3C0! 1C7871308P! 67A>432@0P! 7>@! 0/30>3! ?G! 3C0! 54?F0>10L!
%C4D! B0864330@! 3C0! )?664DD4?>! 3?! F078>! 621C! 7E?23! HC73! C7@! C7BB0>0@P!
7BB8?/46730F9! C?H! 67>9! B0?BF0! H080! 7GG0130@P! 7>@! C?H! 5784?2D! ?8A7>4V734?>D!
C7@!80DB?>@0@!4>!3C0!G710!?G!3C4D!184D4DL!&3C08DP!674>F9!541346DP!30D34G40@!6?D3F9!
4>! B845730L! %C0! B845730! C0784>AD! E0A7>! 4>! +748?E4! 7G308! HC41C! 3C0! )?664DD4?>!
C078@!G8?6!541346D!?G!D0/27F!54?F0>10!4>!+7457DC7P!+7W282P!.F@?803P!Y4D262P!7>@!
-?6E7D7P!E23!>?3!4>!Y4D44!HC080!>?!541346D!1760!G?83CL!
!
;3FG52!"1E457@?:!F:!&0C194!=54?1EE1E!
%C0! )?664DD4?>! 8010450@! 30D346?>9! G8?6! 3C800! DB0147F4D3D! ?>! D0/27FF9! E7D0@!
54?F0>10P!6?D3!?G!HC?D0!H?8W!C7D!E00>!H43C!G067F0!541346DL!%C0D0!H080M!-4FF410>3!
&E7D?PQRg! 7! $0/27F! 7>@! I0>@08! K7D0@! ;4?F0>10! (@54D?8! G?8! )(*.! #>308>734?>7F!
HC?!7FD?!4D!7>!=#;l(#J$!(@54D?8!G?8!.7D3!7>@!)0>387F!(G8417c!_7>0!&>97>A?P!3C0!
./0123450! J48013?8! ?G! '#J(! Y0>97c! 7>@! J8L! $76! %C0>97P! 7>! ?ED30384147>!
A9>701?F?A4D3P!7>@!)C40G!./0123450!&GG4108!?G!3C0!+748?E4!<?60>[D!=?DB437F!HC41C!
0D37EF4DC0@!7!I0>@08!;4?F0>10!*01?5089!)0>380!]);*)^!4>!QRRd!3C73!C7D!E00>!7!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+*%
!MC!$*!

+&% !

!
-0117! G?8! H?60>L! %C09! @4D12DD0@! 3C0! B?D3! 0F0134?>! D0/27F! 54?F0>10! 4>! Y0>97!
E03H00>!J0106E08!QRRS!7>@!-781C!QRRf!7>@!3C048!0>1?2>308D!H43C!43L!%C09!3?F@!
3C0!)?664DD4?>!3C73!D0/27F!54?F0>10!H7D!876B7>3!@284>A!3C4D!B084?@!1?>D4D34>A!
674>F9! ?G! 87B0! 7>@! A7>A! 87B0P! @0G4F060>3P! A0>437F! 6234F734?>P! D?@?69P! G?810@!
14812614D4?>P!7>@!D0/27F!0/BF?43734?>L!
!
-4FF410>3! &E7D?[D! 30D346?>9! @4D12DD0@! 3C0! C?884G41! 0/B0840>10D! ?G! H?60>! 4>!
Y4E087!7>@!-73C780!HC080!C08!?8A7>4V734?>!C7@!H?8W0@L!%C080!C08!?8A7>4V734?>!
1?FF0130@!4>G?86734?>!G8?6!hR!541346DP!7>@!7>7F9D0@!4>!@0B3C!3C0!17D0D!?G!dg!?G!
3C0D0!541346DL!$C0!3C0!)?664DD4?>!3C73!6?D3!541346D!H080!B??8!H?60>!HC?!C7@!
E00>!87B0@!4>!3C048!?H>!C?60D!E9!9?23CP!A7>AD!?G!2B!3?!QR!60>P!I$U!!B08D?>>0F!
P7>@!D?60!B?F410!?GG4108DL!!%C0!541346D!!87>A0@!4>!7A0!G8?6!QbOjf!H43C!?508!jQm!
E04>A! 678840@P! H4@?H0@! ?8! @45?810@P! 7>@! gfm! ! D4>AF0L! $F4AC3F9! ?508! jdm! C7@!
7330>@0@! B846789! D1C??FP! db! m! D01?>@789! D1C??FP! 7>@! Qgm! C7@! >0508! E00>! 3?!
D1C??F! 73! 7FFL! -?D3! H080! D34FF! C?60F0DD! ?8! F454>A! 4>! #J:! 176BDP! C754>A! F?D3! 3C048!
B?DD0DD4?>DP! F450F4C??@DP! 7>@! C?60DL!-DL! &E7D?! 801?2>30@! D05087F! 30884EF0!37F0D!
G8?6! 541346D! ?G! D0/27F! 54?F0>10! HC41C!>?3! ?>F9! C43! H?60>! H?8D3! E23! HC41C! DC0!
3?F@! 3C0! )?664DD4?>P! H7D! 3C0! @48013! 1?>D0X20>10! ?G! 0/4D34>A! 4>0X27F4340D!
E03H00>! 60>! 7>@! H?60>! 4>! Y0>97P! 7>@! D?603C4>A! 3C73! 7GG0130@! 3C0! H79! 4>!
HC41C! C2DE7>@D! 80DB?>@0@! 3?! 3C0! 87B0D! ?G! 3C048! H450D! 7>@! @72AC308DL! $C0!
0/BF74>0@!3C73! ?508! Sbm! ?G! 3C0! 4>@454@27FD! C08! A8?2B! 4>308540H0@! D74@! 3C09!C7@!
E00>!87B0@!73!C?60!4>!G8?>3!?G!3C048!DB?2D0D!7>@!1C4F@80>P!172D4>A!7!A8073!@07F!
?G! D380DD! 3C73! 80D2F30@! 4>! 3C048! E04>A! 7E7>@?>0@! E9! 3C048! C2DE7>@DL! (D! DC0!
0/BF74>0@P! ".5$! <*'! 4*<$6! .5$! ?*.5$)! &?! .5$! 5&-+$! *'(! =5$'! 5$! ?&-'(! .5*.! 5:+!
=:?$! 5*(! #$$'! )*@$(! *'(! .5$! +*<$! <*'! )*@$(! 5:+! (*-B5.$)! *'(! )*@$+! 5:+!
(*-B5.$)7:'! ,*=6! 5$! +*:(! 3! *<! ?:':+5$(! =:.5! d.5:+em! 3! 4*''&.! ($*,! =:.5! .5:+2! 3! *<!
B&:'B! .&! ?:'(! <%+$,?! *'&.5$)! =&<*'6! d#e$4*-+$! .5:+! :+! .5$! #:BB$+.! .*#&&! :'! <%!
5&<$!*'(!3!4*''&.!$A$'!#$!4,$*'+$(!*'(!=5&!*)$!.5$!@$)@$.)*.&)+/N1i!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+*&
!MC!$*B!;!14!140!20H6!A502!3?!14!:!;!1A0::0:!5!:=8::!3A!6A5!\83161!3A:!526;A!?23H!JJ"!+%%"&+!

+&& !

!
%C0! H43>0DD! 3?F@! 3C0! )?664DD4?>! 3C73! 7E7>@?>60>3! 7G308! E04>A! 87B0@P!
D?603460D!E9!2B!3?!QR!60>P!H7D!\2D3!3C0!E0A4>>4>A!?G!3C0!C?88?8!54D430@!?>!3C0D0!
H?60>L!-?D3!HC?!H080!F0G3!C7@!>?!BF710!3?!A?P!3C0!67\?8439!@4@!>?3!80B?83!HC73!
C7@! C7BB0>0@! H43C! 3C0! B?F410! ?8! 3C048! 1C40GDP! 7>@! HC0>! 3C09! @4@! 67>9! H080!
8010450@!H43C!C?D34F439!?8!328>0@!7H79L!$?60!1?>387130@!=#;!(#JD!E0172D0!3C09!
1?2F@! >?3! A03! 3?! C?DB437F! 4>! 3460! 3?! 8010450! B?D3O0/B?D280! B8?BC9F7/4D! ]:.:^P! 7!
@82A!HC41C!3C0!)?664DD4?>!H7D!4>G?860@!B8050>3D!=#;!4>G0134?>!4G!7@64>4D3080@!
4>! 3460P! HC4F0! ?3C08D! HC?! H080! 7F807@9! 4>G0130@! H43C! =#;l(#J$! H080! 2>7EF0! 3?!
A03! 3C048! @74F9! @?D0D! ?G! 7>34O8038?5487F! @82AD! ](*;$^! 3?! 67>7A0! 3C0! @4D07D0P!
?3C08D! E01760! B80A>7>3! 7D! 7! 80D2F3! ?G! 3C0! 54?F734?>DL! '283C086?80P! 3C0! H43>0DD!
3?F@!3C0!)?664DD4?>!3C73!D?60!H?60>!H080!@4D7EF0@!7>@!HC0>!3C09!H080!E04>A!
4>308540H0@!3C09!1?2F@!>?3!H7FW!B8?B08F9!HC4F0!?3C08D!HC?!@4@!>?3!8010450!B8?B08!
3807360>3P! D34FF! C7@! EF??@! D380764>A! @?H>! 3C048! F0AD! HC41C! H7D! 54D4EF0! 3?! 3C048!
1C4F@80>L!
!
-DL! &E7D?! 3?F@! 3C0! )?664DD4?>! 3C73! DC0! G0F3! 3C0D0! 30884EF0! 54?F734?>D! 7A74>D3!
H?60>!>00@0@!3?!E0!37W0>!5089!D084?2DF9!7>@!67@0!801?660>@734?>D!!4>1F2@4>A!
46BF060>34>A! 3C0! $0/27F! &GG0>10D! (13P! @050F?B4>A! A24@0F4>0D! G?8! B?F410P!
1?6B0>D734>A!H?60>P!B8?54@4>A!BD91C?D?147F!D2BB?83!3?!3C06!7>@!3C048!G764F40DP!
`,&&>:'B!*.!.5$+$!=&<$'!*+!5-<*'!#$:'B+!=5:,$222?:'(:'B!.5$:)!@$)@$.)*.&)+aP!7>@!
B7DD4>A! ?>! 3C0! 0/B0840>10D! ! ?G! HC73! C7BB0>0@! 3?! H?60>! 3?! 3C0! %823C! 7>@!
*01?>14F4734?>!)?664DD4?>L!
!
_7>0! &>97>A?QRbP! 30D34G40@! 7E?23! 3C0! H?8W! ?G! '#J(! 4>! #J:! 176BD! 4>! +748?E4P!
+7W282P! .F@?803P! -?6E7D7P! 7>@! Y4D262! Y0>97! 3C73! 4>1F2@0@! F0A7F! 74@P!
1?2>D0FF4>A! 7>@! C267>437847>! D085410D! HC41C! 3C09! B8?54@0@! 3?! H?60>! 7>@!
1C4F@80>! F454>A! 4>! 5089! B??8P! 1?>A0D30@! 7>@! 4>D01280! 1?>@434?>DL! $C0! 3?F@! 3C0!
)?664DD4?>! 3C73! 3C0D0! 1?>@434?>D! 0>1?287A0@! G283C08! D0/27F! 54?F0>10L! $C0!
804308730@!D464F78!0/B0840>10D!7D!3C?D0!801?2>30@!E9!-D!&E7D?M!A7>A!87B0DP!G078!
?G! 80B?834>A! 3?! 3C0! )?664DD4?>! 043C08! 4>! B845730! ?8! B2EF41P! 4>7E4F439! 3?! 7110DD!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+*'
!MC!$$!

+&' !

!
B?F410! D3734?>DP! F?DD! ?G! B8?B0839P! C?60DP! F0A7F! @?1260>3D! 7>@! B?DD0DD4?>DP! 7>@!
7E7>@?>60>3!E9!3C048!C2DE7>@DL!&>0!H?67>!4>!-73C780P!HC?!!H7D!7F807@9!=#;!
B?D43450P!HC?!C7@!80328>0@!C?60!3?!D379!D7G0!7G308!E04>A!1C7D0@!E9!7!A7>AP!DC0!!
0/B0840>10@! 3C0! 3088?8! ?G! C08! C?2D0! E04>A! W>?1W0@! @?H>! E9! 7>?3C08! 6?E! HC?!
B8?100@0@! 3?! A7>A! 87B0@! C08! E0G?80! DC0! B7DD0@! ?23L! #>! 7>?3C08! 17D0P! 7! "2C97!
H?67>! 678840@! 3?! 7! Y4W292! H7D! 7E7>@?>0@! E9! C08! C2DE7>@! ?>! gR! J0106E08L!
=0!80328>0@!3H?!@79D!F7308!7>@!3C80730>0@!3?!W4FF!C08P!7>@!D?@?64V0!C08P!D794>A!
C0!80A80330@!678894>A!7!"2C97P!C0!3C80H!C08!E0F?>A4>AD!?23!?G!3C048!C?2D0P!7>@!
80G2D0@!3?!F03!C08!D00!C08!1C4F@80>L!-DL!&>97>A?!7FD?!3?F@!3C0!)?664DD4?>!3C73!
H?60>! 780! 387@434?>7FF9! ! D00>! 7D! F0DD08! C267>! E04>AD! ! D?603C4>A! 3C73! B8?B0FD!
D0/27F!54?F0>10!7>@!3C0!4>D0>D43450!80DB?>D0!?G!3C0!B?F410!HC41C!F07@D!3?!541346D[!
G078D! ?G! 80B?834>AP! E0F4054>A! 3C09! 1?2F@! E0! 328>0@! 7H79! ?8! 050>! W4FF0@! G?8! @?4>A!
D?L!
!
%C0! )?664DD4?>! 7FD?! 8010450@! 30D346?>9! G8?6! J8L! *0A4>7! Y780A7QRjP! 3C0!
1C748H?67>! ?G! Y0>97[D! +734?>7F! )?664DD4?>! ?>! I0>@08! 7>@! J050F?B60>3P!
HC41C! 1760! 4>3?! 0/4D30>10! 4>! QRRhL! $C0! 67@0! 7! >26E08! ?G! D2AA0D34?>D! 7E?23!
607D280D! HC41C! DC0! G0F3! H?2F@! 4>1807D0! 3C0! F4W0F4C??@! ?G! B08B03873?8D! ?G! D0/27F!
54?F0>10!E04>A!1C78A0@L!%C0D0!4>1F2@0@!C754>A!6?E4F0!1?283D!7>@!4>1807D4>A!3C0!
>26E08!?G!10>380D!G?8!541346D!?G!1?>GF413!E?3C!3?!7DD4D3!7>@!B8?3013!3C06L!-41C70F!
I71C7>\7! <71C487QRSP! ! 7! B8?A876! ?GG4108! H43C! 3C0! )0>380! G?8! *4AC3DP! .@21734?>P!
7>@! (H780>0DD! ])*.(<^! B80D0>30@! 7! J;J! ?G! H?60>! 4>! 3C0! *4G3! ;7FF09! HC?!
5?410@! 3C048! 0/B0840>10D! 1?>108>4>A! D0/27F! 54?F0>10! 7G308! 3C0! QRRS! 0F0134?>L! =0!
7FD?! A750! 3C0! )?664DD4?>! 7! B80D0>3734?>! E7D0@! ?>! 7>! 4>! @0B3C! D32@9!
2>@0837W0>! 4>! +748?E4P! +7W282P! K28>3! '?80D3! 7>@! .F@?803! G8?6! 3C0! 0>@! ?G!
_7>2789! 3C8?2AC! Qb! (B84F! QRRfL! ! %C0! )?664DD4?>! H7D! 4>3080D30@! 3?! F078>! 3C73!
fQm! ?G! 3C0! 541346D! @4@! >?3! G?867FF9! 80B?83! 3C048! 0/B0840>10D! ?G! D0/27F! 54?F0>10P!
0DB0147FF9! 3?! 3C0! B?F410L! %C0! )?664DD4?>! H7D! 3?F@! 3C73! 3C0! 807D?>D! G?8! >?>O
80B?834>A! 87>A0@! G8?6! C754>A! E00>! 73371W0@! E9! 3C0! B?F410! ]gQm^P! G078! ?G! E04>A!
73371W0@!7A74>!]Qhm^P!3C4>W4>A!>?3C4>A!H?2F@!E0!@?>0!]hbm^P!7>@!>?3!E04>A!7EF0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+*(
!MC$+!
+*,
!MC$%!
+&( !

!
3?! 4@0>34G9! 3C0! 87B4D3! ]gdm^L! &3C08DP! 3C0! )?664DD4?>! H7D! 3?F@P! @4@! >?3! W>?H!
HC080!3?!80B?83!3C0!4>14@0>3P!C7@!E00>!7DW0@!>?3!3?!80B?83!3C0!673308!]ghm^P!?8!
@4@! >?3! W>?H! C?H! 3?! @?! D?! ]QSm^L! %C0!H43>0DD! 3?F@! 3C0! )?664DD4?>! 3C73! D?60!
80DB?>@0>3DP! 0DB0147FF9! 3C?D0! 87B0@! E9! B?H08G2F! G4A280D! 4>! 723C?8439P! 4>1F2@4>A!
B?F410P! HC?! C7@! D0/27FF9! 7DD72F30@! H?60>P! H080! 0GG013450F9! 2>3?21C7EF0L! %C4D!
G4>@4>A! 6488?80@! ?3C08! 30D346?>9! A450>! 3?! 3C0! )?664DD4?>! 1?>108>4>A! 3C0!
80DB?>D0! E?3C! E9! A?508>60>3! 7>@! D0128439! B08D?>>0F! 3?! ?3C08! 39B0D! ?G! B?D3O
0F0134?>!54?F0>10L!%C0!5089!4>@454@27FD!HC?!64AC3!C750!C0FB0@!3C06!H080!B0?BF0!
3?! HC?6! 3C09! 1?2F@! >?3! A?! G?8! C0FBM! B08B03873?8D! 73! 3C0! H?8D0! 7>@! ?3C08H4D0!
?G30>!4>@4GG080>3!E9D37>@08D!3?!3C0!BF4AC3!?G!?8@4>789!1434V0>D!HC?6!3C09!DC?2F@!
C750! 7DD4D30@L! %C0! H43>0DD! 7FD?! 30D34G40@! 3C73! D?60! H?60>! 4>! #J:! 176BD! 4>!
+7457DC7! H080! 80@210@! 3?! 387@4>A! D0/! G?8! 6?>09! 3?! E29! G??@! G?8! 3C048! G764F40D!
HC4F0!?3C08D!H080!87B0@!E9!4>@454@27FD!HC?!4>57@0@!#J:!176BD!7D!H7D!3C0!17D0!
4>!+7W282P!?8!@4@!>?3!C750!7110DD!3?!60@417F!D085410DLQRf!
!
J8L! $76! %C0>97QReP! 3C0! ).&! ?G! 3C0! +748?E4! <?60>[D! =?DB437FP! HC41C! B8?54@0D!
G800! D085410D! 3?! G067F0! 7>@! 67F0! 541346D! ?G! D0/27F! 54?F0>10P! 0/BF74>0@! 3?! 3C0!
)?664DD4?>! 3C73! C4D! C?DB437F! ?GG08D! 1?6B80C0>D450! 3807360>3! 3?! D28545?8D! ?G!
D0/27F! 54?F0>10P! 4>1F2@4>A! 7@64>4D3084>A! 7! @82AP! W>?H>! 7D! :?D3! ./B?D280!
:8?BC9F7/0D!]:.:^!60@41734?>!HC41C!4G!A450>!H43C4>!SQ!C?28D!?G!87B0!80@210D!3C0!
1C7>10D! ?G! 3C0! 541346! E04>A! 4>G0130@! H43C! =#;(#J$! 7>@! ?3C08! D0/27FF9!
387>D64330@!@4D07D0D!]$%JD^L!=0!7FD?!80F790@!3?!3C0!)?664DD4?>!3C0!?3C08!39B0D!
?G!D085410D!?GG080@!E9!C4D!C?DB437F!4>1F2@4>A!BD91C?F?A417F!7>@!60>37F!C07F3C!7>@!
?3C08!D085410DL!
!
J8L! $76! %C0>97! 3?F@! 3C0! )?664DD4?>! 3C73! C4D! C?DB437F! H7D! 4>2>@730@! H43C!
B7340>3D! @284>A! 3C0! B?D3! 0F0134?>! B084?@L! #3! 380730@! jbg! 4>@454@27FD! 3?! HC?6! 43!
H7D! 7EF0! 3?! ?GG08! 1?6B80C0>D450! D085410DP! 4>1F2@4>A! 3C0! 7@64>4D38734?>! ?G! :.:L!
%C4D!>26E08!0/1F2@0D!?3C08D!HC?!1760!3?!3C0!C?DB437F!7G308!3C0!SQ!C?28!B084?@!
HC0>! :.:! 4D! 4>! 0GG013450! 7D! 3C0! C?DB437F[D! D3734D341D! 4>1F2@0! ?>F9! 3C?D0! HC?!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+*)
!Q.4!K!1!$+!D"!
+*-
!MC!$&!
+&, !

!
8010450! 43D! `1?6B80C0>D450! D085410DaP! 3C080G?80! 3?! D?60! 0/30>3! >?3! G2FF9! 37W4>A!
711?2>3!?G!3C0!3?37F!>26E08!?G!4>@454@27FD!HC?!1760!3?!3C0!C?DB437F!3?!E0!380730@!
G?8! D0/27F! 54?F0>10L! (@@4>A! 4>! 3C?D0! 380730@! 73! ?3C08! C?DB437FD! 4>! ?3C08! B783D! ?G!
3C0!1?2>389!H43C!HC?6!C0!B783>08DP!J8L!%C0>97!30D34G40@!3?!2D!3C73!73!F07D3!eRR!
4>@454@27FD! H080! 380730@P! >?34>A! 3C4D! H7D!3C0! \2D3! 3C0! `34B! ?G! 3C0! 410E08AaL! -7>9!
6?80!541346D!?G!D0/27F!54?F0>10!1?2F@!>?3!A03!3?!C4D!?8!?3C08!C?DB437FD!3?!?E374>!
3807360>3!A450>!3C0!F71W!?G!D0128439!7>@!607>D!?G!387>DB?83!HC0>!F7H!7>@!?8@08!
E8?W0! @?H>L! %C4D! H7D! 7>! 7@@434?>7F! 387A0@9! J8L! %C0>97! 80F790@! 3?! 3C0!
)?664DD4?>P! 7@@4>A! 3?! 3C0! )?664DD4?>[D! 2>@08D37>@4>A! ?G! 3C0! H79D! 4>! HC41C!
D0/27F!54?F0>10!7>@!3C0!80D2F3D!?G!B?D3!0F0134?>!54?F0>10!4>308D0130@L!'?8!3C?D0!?>!
HC?6! J8L! %C0>97! C7@! 1?FF0130@! @737P! bQh! ?8! fRm! ! D2GG080@! G8?6! 87B0! 7>@!
@0G4F060>3P! jb! ?8! dRm! G8?6! @?60D341! 54?F0>10! H43C! 3C0! 80674>4>A! dRm! ! G8?6!
?3C08! 39B0D! ?G! BC9D417F! 7>@! D0/27F! 7DD72F3L! %C0! 67\?8439! ?G! 3C0! B7340>3D! H080!
H?60>P!050>!3C?2AC!3C0!C?DB437F!380730@!7!D67FF!>26E08!?G!67F0D!HC?!C7@!E00>!
D?@?64V0@!7>@!D2E\0130@!3?!?3C08!G?86!?G!D0/27F!E8237F4V734?>L!(E?23!C7FG!?G!3C0!
bQh! H080! 7@2F3D! 7>@! 3C0! ?3C08! C7FG! H080! 1C4F@80>! H43C! QRS! W>?H4>A! 3C048!
73371W08DL!%C0!67\?8439!?G!3C0!73371W08D!H080!W>?H>!E23!>?3!>760@P!G?FF?H0@!E9!
>04ACE?8DP!80F73450DP!7>@!G840>@DL!&G!3C0!B7340>3D!1?64>A!3?!3C0!+748?E4!<?60>[D!
=?DB437FP! bfm! H080! G8?6! +748?E4P! H43C! 3C0! 80D3! 1?64>A! G8?6! Y476E2P! +7W282P!
+7457DC7P!.F@?803P!-7W20>4P!-71C7W?DP!7>@!&>A737!*?>A74LQdR!
!
J8L! -78A7803! -7W7>90>A?P! 7! )?>D2F37>3! :D91C47384D3! 7>@! =07@! ?G! 3C0!
J0B78360>3!?G!-0>37F!=07F3C!$085410D!7>@!3C0!I0>@08!K7D0@!;4?F0>10!*01?5089!
)0>380!]IK;*)^P!Qdd7FD?!30D34G40@!7>@!D74@!3C73!3C048!IK;*)!7130@!7D!7!`?>0!D3?B!
DC?Ba! ?GG084>A! BD91C?F?A417F! 7>@! 60>37F! C07F3C! D085410D! 3?! 541346D! ?G! D0/27F!
54?F0>10L!'8?6!J0106E08!QRRS!3?!_2>0!QRRf!3C09!801?8@0@!dfh!17D0D!?G!D0/27F!
54?F0>10P!fRm!?G!HC41C!D30660@!G8?6!3C0!B?D3!0F0134?>!D432734?>L!#8?>417FF9P!3C0!
)?664DD4?>!C078@!3C73!4>!_7>2789!7>@!'0E82789P!73! 3C0!C04AC3!?G!3C0! 54?F0>10P!
3C0! >26E08D! ?G! B7340>3D! 3C09! D7H! 71327FF9! @4BB0@P! D?603C4>A! 3C0! H43>0DD!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+$*
!G40!?!9820:!=3H0!?23H!S2"!G40A>6`:!10:1!H3A>!6A5!?23H!Q.4!K!1:!$&!7"M!
+$$
!MC!+%!
+&) !

!
73384E230@!3?!3C0!F71W!?G!387>DB?83!7>@!3C0!A0>087F!F050F!?G!4>D0128439!4>!3C0!1439L!
=080!DC0!01C?0@!3C0!D373060>3D!?G!?3C08!H43>0DD0DL!
!
+?3H43CD37>@4>A! 3C0! 7E2>@7>10! ?G! 4>G?86734?>! 3C0! )?664DD4?>! 8010450@! 7E?23!
3C0! >73280P! >26E08DP! 7>@! 67>4G0D3734?>D! ?G! B?D3! 0F0134?>! D0/27F! 54?F0>10! G8?6!
3C0! 7E?50! ?8A7>4V734?>D! 7>@! G8?6! ?3C08! H43>0DD0DP! 3C0! )?664DD4?>08! ?G! :?F410P!
-7\?8! I0>087F! =7DD7>! (F4QdQ! ! C7@! 3?F@! 3C0! )?664DD4?>! 3C0! B?F410! C7@! >?3!
1?FF0130@! 7>9! 4>G?86734?>! ?8! D3734D341D! ?>! 18460D! D21C! 7D! 87B0DLQdg! I450>! 3C0!
054@0>10! 7@@210@! ! E9! 3C0! H43>0DD0D! 7E?50! 7>@! 3C0! ! 541346D! ?G! D0/27F! 54?F0>10!
7A74>D3! 3C0! B?F410P! 3C0! )?664DD4?>! H7D! 1?>108>0@! ?508! 3C0! 7BB780>3! F71W! ?G!
4>3080D3!?G!!3C0!B?F410!4>!D0/27F!54?F0>10!4>!A0>087F!7>@!B783412F78F9!4>!>?3!37W4>A!
7134?>!7A74>D3!3C048!?H>!?GG4108D!HC?!B08B038730@!3C0!18460DL!!!
!
"1E457@?:!H9@7!<52457E!
%C0!)?664DD4?>!8010450@!30D346?>9!G8?6!541346D!?G!D0/27F!54?F0>10!4>!B2EF41P!4>!
B845730P!G8?6!D373060>3D!1?FF0130@!E9!4>50D34A73?8DP!4>1F2@4>A!3C?D0!G8?6!541346D!
HC?!@4@!>?3!H4DC!3?!7BB078!E0G?80!3C0!)?664DD4?>!E23!>05083C0F0DD!H7>30@!3C048!
D3?840D!C078@L!%C0!)?664DD4?>!7FD?!?E374>0@!801?8@D!?G!4>308540HD!A450>!3?!?3C08!
?8A7>4V734?>D! 4>1F2@4>A! 3C?D0! C07@0@! E9! 3C0! DB0147F4D3D! 7E?50P! HC?! 30D34G40@!
E0G?80!3C0!)?664DD4?>L!%C4D!4>1F2@0@!054@0>10!G8?6!H?60>P!60>P!A48FD!7>@!E?9D!
HC?! H080! 87B0@P! D?@?64V0@P! 7>@! C7@! 3C048! A0>437FD! 6234F730@L! #3! 4D! >?30@! 3C73!
H?60>!7>@!A48FD!H080!3C0!67\?8439!?G!3C?D0!7GG0130@L!
!
%C0!)?664DD4?>!7>@!43D!4>50D34A73?8D!1?FF0130@!30D346?>40D!7>@!D373060>3D!G8?6!
67>9!@4GG080>3!B783D!?G!Y0>97!050>!3C?2AC!H7D!@4GG412F3!3?!7110DD!541346D!4>!#J:!
176BDP!B783412F78F9!?>10!3C0!A?508>60>3!E0A7>!43D!B8?A876!?G!3?!80D033F0!#J:DP!
`&B08734?>!*2@4!+926E7>4a!HC41C!67@0!!43!6?80!@4GG412F3!G?8!3C0!)?664DD4?>!3?!
38710P!8071CP!?8!?E374>!4>G?86734?>!G8?6!541346DL!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+$+
!MC!$!
+$%
!MC!$!
+&- !

!
%C0! B0?BF0! HC?6! 3C0! )?664DD4?>! C078@! G8?6! 4>! @48013! 054@0>10! 7>@! G8?6!
D373060>3D!3?!4>50D34A73?8D!780!807F!B0?BF0!H43C! 807F!F450DL!%C0!1?6E4>0@!C?88?8!
?G! B?D3! 0F0134?>! 7>@! D0/27F! 54?F0>10! 3C09! 0/B0840>10! C7D! @0D38?90@! 3C048! F450DL!
<C73! E0A7>! 7D! ?>0! C?88?8! 7>@! ?>0! F?DD! H7D! X241WF9! 1?6B?2>@0@! 4>3?! 67>9L!
%C0D0! 0/B0840>10D! 1?>34>20! 3?! ?508HC0F6! 3C?D0! HC?! C078@! 3C06P! 4>1F2@4>A!3C0!
)?664DD4?>L! -7DD! 54?F0>10! 17>! 07D4F9! E0! 80@210@! 3?! 7>?641! >26E08DL! <C4F0!
>26E08D! 780! >010DD789! 3?! B8?G4F0! 3C0! D0/27F! 54?F0>10! 3C73! ?112880@! 7G308! 3C0!
QRRS!0F0134?>P!3C09!7FD?!17>!328>!387A41!C4D3?840D!?G!>?867F!B0?BF0!4>3?!7!D07!?G!
G710F0DD!7>?>96439!4G!540H0@!4>!4D?F734?>L!%?!75?4@!3C4D!7>@!3?!80374>!3C0!C267>!
G710! ?G! 3C0! B?D3! 0F0134?>! D0/27F! 54?F0>10! 0/B0840>10@! E9! 43D! 541346DP! 3C0!
)?664D4D?>!@4@!43D!E0D3!3?!0>1?287A0!541346D!?G!D0/27F!54?F0>10!3?!1?60!7>@!30FF!
7E?23!3C048!0/B0840>10DL!
!
=0>10P!G?FF?H4>A!3C0!B80D0>3734?>!?G!G4A280D!1?6B4F0@!E9!3C0!)?664DD4?>!3?!C0FB!
4>! D9>3C0D4V4>A! HC73! C7BB0>0@P! 3C0! 80D3! ?G! 3C4D! 1C7B308! 30FFD! 3C0! D3?89! ?G! B?D3!
0F0134?>! 54?F0>10! 3C8?2AC! 3C0! 090D! ?G! 3C0! 541346D! HC?! 30D34G40@! 3?! ! 3C0!
)?664DD4?>P!6?D3F9!4>!176087L!%C0!1C7B308!1?>D4D3D!4>!043C08!D266784V4>A!HC73!
3C09! 3?F@! 3C0! )?664DD4?>! ?8! 2D4>A! @48013! X2?30D! G8?6! 3C048! 30D346?>40D! 7>@!
D373060>3D!3?!3C0!)?664DD4?>!3?!4FF2D38730!E8?7@08!B?4>3DL!
!
!
=D@!=191!4D1!<52457E!@H!+1038G!<5@G1?21N!
%C0! @06?A87BC41! 1C78713084D341D! ?G! 3C0! 541346D! ?G! B?D3O0F0134?>! D0/27F! 54?F0>10!
HC?! 30D34G40@! 7>@! HC?6! 3C0! )?664DD4?>[D! 4>50D34A73?8D! 4>308540H0@! 780! 7D!
G?FF?HDLQdh! %C0! )?664DD4?>! 8010450@! D373060>3D! G8?6! 7! 3?37F! ?G! gd! H?60>!
87>A4>A! 4>! 7A0! G8?6! dSObb! 9078D! ?F@P! D?60! ?G! HC?6! 30D34G40@! 4>! B845730! 7>@!
?3C08D!?G!HC?6!\2D3!A750!D373060>3D!3C0!)?664DD4?>[D!4>50D34A73?8DP!E23!@4@!>?3!
7BB078! E0G?80! 3C0! )?664DD4?>L! -7>9! H080! 541346D! ?G! ?3C08! 7DB013D! ?G! B?D3!
0F0134?>! 54?F0>10! 4>1F2@4>A! E04>A! G?810@! 3?! GF00! G8?6! 3C048! C?60DP! C754>A! 3C048!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+$&
!G40!?!9820:!4020!;020!=3HJ!L05!?23H!5616!=3LL0=105!K>!6!M3HH!::!3A!!A#0:1!96132!;32X!A9!3A!:0.86L!6A5!90A502!
K6:05!#!3L0A=0"!

+'* !

!
B8?B0839!@0D38?90@P!F?D4>A!3C048!G764F9!606E08DP!7>@!D2GG084>A!G8?6!?3C08!39B0D!
?G!54?F0>10L!%H0F50!?G!3C0!3C4839!1760!G8?6!+748?E4P!3H?!G8?6!+7457DC7P!D4/!G8?6!
+7W282P!G?28!G8?6!.F@?803P!D4/!G8?6!Y4D262P!?>0!G8?6!-?6E7D7P!E23!>?>0!G8?6!
Y4D44P! 050>! 3C?2AC! D0/27F! 54?F0>10! ?112880@! 3C080! 3??L! <C4F0! 3C0! )?664DD4?>!
G00FD! 3C73! 621C! ?G! HC73! 43! C078@! H7D! E8?7@F9! 4>@4173450! ?G! HC73! C7BB0>0@P! 43D!
7DD0DD60>3! 1?60D! G8?6! 7! D67FF! A8?2B! ?G! B0?BF0! HC?! @?! >?3! 1?>D343230! 7!
D3734D3417FF9! 80B80D0>373450! D76BF0L! '?8! 807D?>D! >?30@! 078F408P! 541346D! ?G! D0/27F!
54?F0>10!780!?G30>!80F2137>3!3?!30D34G9L!!
!
%C0! )?664DD4?>! H7D! 7EF0! 3?! G4>@! 3C4839!H?60>! HC?! 7A800@! 3?! 30D34G9L! =?H0508P!
HC4F0! 60>! 7>@! 67F0! 1C4F@80>! H080! 7FD?! 378A03D! ?G! D0/27F! 54?F0>10P! >?>0! H080!
H4FF4>A! 3?! E0! 4>308540H0@! E9! 3C0! )?664DD4?>[D! 4>50D34A73?8D! ?8! 3?! 30D34G9! E0G?80!
3C0! )?664DD4?>L! %C4D! H7D! 3C0! D432734?>! 4>! +7457DC7! HC080! 3C080! H080! 67>9!
G?810@!67F0!14812614D4?>DP!4>1F2@4>A!?>!7!300>7A0@!E?9!HC?!H7D!>078!HC080!3C0!
)?664DD4?>[D! 4>50D34A73?8D! H080! 37W4>A!D373060>3DP! E23! H7D! 3??! 38726734V0@!3?!
801?8@!C4D!D3?89L!!
!
&G! 3C?D0! 30D34G94>A! 3?! 3C0! )?664DD4?>! ?8! HC?D0! D373060>3D! H080! 801?8@0@P! 3C0!
67\?8439! H080! >?3! H0FF! ?GGP! 4G! >?3! B??8L! K0G?80! 3C0! B?D3! 0F0134?>! 54?F0>10! 67>9!
H080! 0>A7A0@! 4>! D67FF! E2D4>0DD! 713454340DL! %C0D0! 4>1F2@0@! D0FF4>A! 10807FDP!
50A037EF0DP! 7>@! D01?>@OC7>@! 1F?3C0DP! H?8W4>A! 4>! E07239! DC?BD! 7>@! E78DP!
0>A7A4>A! 4>! D2ED4D30>10! G7864>AP! 7>@! H?8W4>A! 7D! 17D27F! F7E?2808D! ?>! G786D! ?8!
7D!C?2D0! 674@DL! #>! +748?E4P! 7FF! 3C?D0! 4>308540H0@! F450@! 4>! 3C0! DF26D! ?G! -73C780!
7>@! Y4E087P! HC4F0! 3C0! 541346D! 4>! +7W282P! +7457DC7P! .F@?803P! Y4D262P! 7>@!
-?6E7D7! F450@! ?>! 3C0! ?23DW483D! ?G! 3C0! 3?H>D! ?8! 4>! 3C0! 8287F! 7807DL! .4AC300>! ?G!
3C0! H?60>! 4>308540H0@! H080! 73371W0@! 4>! 3C048! C?60DP! D050>! HC4F0! GF004>A! G8?6!!
54?F0>10P!3C800!HC4F0!F??W4>A!G?8!G??@!?8!1C4F@80>!F?D3!7D!7!80D2F3!?G!3C0!B80574F4>A!
679C06! 4>! 3C048! >04ACE?28C??@DP! ?>0! HC4F0! E04>A! @87AA0@! ?23! ?G! C08! C?2D0!E9!
D?60?>0!DC0!W>0HP!H43C!3C0!80674>4>A!D2GG084>A!?3C08!0/B0840>10DL!%H0>39!G?28!
?G! 3C0! 3C4839! 541346D! HC?! A750! D373060>3D! 3?! 3C0! )?664DD4?>! ?8! 3?! 43D!
4>50D34A73?8D! H080! A7>A! 87B0@L! $050>300>! 87B0D! H080! 1?664330@! E9! 1454F47>D!
4>5?F54>A! Q! 3?! dQ! 4>@454@27FD! HC4F0! S! H080! 1?664330@! E9! D3730! D0128439! 7A0>3D!

+'$ !

!
4>5?F54>A! 3C0! h! E9! 3C0! I$UP! Q! E9! (@64>4D3873450! :?F410P! 7>@! ?>0! E9! 3C0! Y0>97!
B?F410L!%C0!A7>A!87B0D!B08B038730@!E9!3C0!I$U!4>5?F50@!Q!3?!h!?GG4108DP!g!3?!S!4>!
3C0!17D0!?G!3C0!(@64>4D3873450!:?F410!](:^!7>@!Q!4>!3C0!17D0D!?G!3C0!Y0>97!:?F410L!
$4/! ?3C08! 17D0D! ?G! 87B0! H080! 1?664330@! E9! 4>@454@27FD! 873C08! 3C7>! A7>ADP! H43C!
G?28!17D0D!4>5?F54>A!1454F47>D!7>@!7>?3C08!3H?!?GG4108D!G8?6!3C0!I$U!7>@!?>0!HC?!
H7D! 7>! (:L! &>F9! ?>0! 17D0! 4>5?F50@! G?810@! 14812614D4?>L! #>! +748?E4P! D4/! ?G! 3C0!
3H0F50!17D0D!?G!D0/27F!54?F0>10!H080!=#;!B?D43450!E0G?80!E04>A!73371W0@P!3H?!H080!
4>G0130@!7G308!E04>A!87B0@P!?>0!H7D!4>G0130@!H43C!7>!$%J!@284>A!3C0!73371WP!HC4F0!
3C0!80674>4>A!3C800!C7@!>?3!E00>!30D30@!7>@!@4@!>?3!W>?H!3C048!D3732DL!$050>!?G!
3C0D0! D760! 4>@454@27FD! C7@! E00>! A7>A! 87B0@P! G450! ?G! HC41C! H080! 1?664330@! E9!
I$U! ?GG4108DL! (D! 60>34?>0@! 078F408P! 3C0! )?664DD4?>! 7FD?! C078@! G8?6! Y0>97>!
0/B083D!3C73! 3C0!67\?8439!?G!3C0!541346D!?G!D0/27F!54?F0>10!H080!043C08!2>7EF0!3?!
?8!@4@!>?3!D00W!?23!60@417F!1780L!
!
=D@!=191!4D1!;19C14984@9EN!
'8?6! 30D346?>9! H43>0DD0D! A750! 3?! 3C0! )?664DD4?>! 7>@! 3C73! 8010450@! G8?6!
DB0147F4D3D!HC?!H?8W0@!H43C!541346D!?G!D0/27F!54?F0>10P!3C0!)?664DD4?>!F078>0@!
3C73!3C0!B08B03873?8D!?G!3C0!B?D3!0F0134?>!D0/27F!54?F0>10!4>1F2@0@!3C0!G?FF?H4>AM!
D3730!D0128439! 7A0>3D! ]0LAL! 7@64>4D3873450! B?F410P!80A2F78! B?F410P! 7>@!606E08D!?G!
3C0! I0>087F! $085410! U>43! ]I$U^^P! 606E08D! ?G! ?8A7>4V0@! A7>AD! ]0LAL! -2>A4W4P!
Y7F0>\4>! H7884?8DP! 7>@! ?3C08D^P! >04ACE?8DP! 80F73450DP! D2BB?D0@! G840>@DP! 7>@!
4>@454@27FD!H?8W4>A!4>!#J:!176BDL!
!
#3! 4D! 7FH79D! 46B?DD4EF0! 3?! A03! 4>3?! 3C0! 64>@D! ?G! B08B03873?8D! ?G! 54?F0>10!
B783412F78F9! 3C?D0! 0>A7A0@! 4>! D0/27F! 54?F0>10L! =?H0508P! 3C0! 30D346?>9! A450>! 3?!
3C0! )?664DD4?>! D2AA0D3D! 108374>! 2>@08F94>A! 3C060DP! C?H0508! 488734?>7F! 3C09!
679! D006! 3?! ?23D4@08D! ?8! 3?! 541346D! 3C06D0F50DL! #3! 7BB078D! 3?! 3C0! )?664DD4?>!
@4GG080>3!B08B03873?8D!7130@!G?8!@4GG080>3!807D?>DL!#>!D?60!7807DP!D0/27F!54?F0>10!
H7D! 7! 607>D! 2D0@! 3?! B80DD280! B0?BF0! 3?! F0750! 3C048! C?60DP! 3?! 8037F4730! 7A74>D3!
3C06! G?8! C754>A! 5?30@! G?8! 3C0! H8?>A! 17>@4@730P! 384E0P! ?8! B7839! 7>@! 4>! 37>@06!
H43C!3C73!3?!@?64>730P!C264F4730!7>@!@0A87@0!3C06!7>@!3C048!1?662>4340D!4>3?!7!
B43!?G!B?H08F0DD>0DDL!=080!43!@?50374F0@!H43C!3C0!?5087FF!B?D3O0F013?87F!54?F0>10L!#>!

+'+ !

!
?3C08! 7807DP! D0/27F! 54?F0>10! H7D! 7>! ?BB?832>4D341! 713! BF790@! ?23! 7A74>D3! 7!
E71WA8?2>@! ?G! F7HF0DD>0DD! 7>@! 7! 571226! ?G! B?H08! 3C73! 180730@! @4D?8@08!
E?8@084>A! ?>! 7>781C9L! #>! ?3C08! 17D0DP! D0/27F! 54?F0>10! H7D! 2D0@! 3?! 1?0810! 7>@!
1?>38?F! C0FBF0DD! #J:D! HC?! 387@0@! D0/! 2>H4FF4>AF9! G?8! E7D41! >00@D! H43C! 3C0!
B08B03873?8D! E04>A! 4>@454@27FD! 4>! 3C0! 176BP! 4>@454@27FD! G8?6! D288?2>@4>A!
1?662>4340D! ]0LAL! HC0>! H?60>! H0>3! ?23! 3?! 1?FF013! G??@! 7>@! H7308^P! ?8! D0128439!
B08D?>>0FP! 7>@!C267>437847>!H?8W08D!4>!3C0!176BD!071C!?G!HC?6!B8090@!2B?>!
C0FBF0DD!H?60>!4>!@4GG080>3!6717E80!H79DL!
!
+123954:!(@921E!
#>!@4D12DD4>A!3C048!73371W08DP!541346D!?G!D0/27F!54?F0>10!D4>AF0@!?23!606E08D!?G!
5784?2D! D0128439! G?810D! HC?! H080! 607>3! 3?! C750! B8?30130@! 3C06L! %H?! 541346DP!7!
bR! 9078! ?F@! H4@?HPQdb! 80D4@0>3! ?G! Y4E087! HC?! C7@! F450@! 3C080! G?8! 30>! 9078D! 7>@!
HC?! C7@! ! 1C4F@80>! 7>@! Qdj7! hj! 9078! ?F@! 678840@! H?67>! H43C! 30>! 1C4F@80>P! HC?!
87>! 7! DC?B! D0FF4>A! 50A037EF0D! 7>@! 1C781?7F! @0D184E0@! 3C048! 0/B0840>10D! ?G! E04>A!
A7>A! 87B0@! E9! I$U! ?GG4108D! 3?! 3C0! )?664DD4?>L! %C09! 3?F@! 3C0! )?664DD4?>! 3C0!
?GG4108D! 0>3080@! 3C048! C?2D0D! 2>@08! 3C0! B8030/3! ?G! F??W4>A! G?8! 3C0! H07B?>D! 7>@!
9?2>A!60>!3C73!H080! E788417@4>A!8?7@D!7>@!3C0!874FH79!F4>0!4>!Y4E087L!(>?3C08!
bb!9078!?F@!H?67>!G8?6!Y4E087!"74>4!$7E7!4>308540H0@!E9!4>50D34A73?8D!8017FF0@!
7! D464F78! C?880>@?2D! 0/B0840>10L! #>! C08! D373060>3! DC0! 3?F@! ?G! F??W4>A! ?23D4@0P!
D004>A! 3C73! 3C080! H080! D0128439! ?GG4108DP! 7>@! 3C080G?80! >?3! E?3C084>A! 3?! F?1W! C08!
C?2D0L! <?8D0! D34FFP! 7D! 3C09! H080! D0128439! ?GG4108DP! DC0! F03! 3C06! 4>! 7G308! HC41CP!
3C09!87>D71W0@!C08!C?2D0!HC4F0!B8030>@4>A!3?!F??W!G?8!3C0!606E08D!?G!3C0!4FF0A7F!
A8?2BP! -2>A4W4P! 7>@! A7>A! 87B0@! C08! HC0>! 3C09! 1?2F@! >?3! G4>@! 3C0! A8?2B! 3C09!
H080!H?8W4>A!G?8!L!$C0!>788730@!C08!F4G0!7F3084>A!D3?89!7D!G?FF?HDM!
`3!=$'.!.&!<%!5&-+$2!C5$!cUg!?&,,&=$(!<$!*'(!+*:(!.5$%!=$)$!,&&>:'B!
?&)!%&-'B!<$'! =5&!=$)$!:'A&,A$(!:'!.5$!A:&,$'4$2!C5$%! =$)$!PZ.5)$$K!
c2U2g! <$'! =5&! B&.! :'.&! <%! 5&-+$2! 3! 5*(! '&.! ,&4>$(! <%! 5&-+$! *'(!
=5$'!.5$%!4*<$!:'!3!(:(!'&.!#&.5$)!.&!,&4>!#$4*-+$!.5$%!=$)$!+$4-):.%!
<$'!=5&!=$)$!+-@@&+$(!.&!4*)$!?&)!-+2!_'$!&?!.5$!c2U2g!&??:4$)+!+.&&(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+$'
!MC!$,!
+$(
!MC!$)"!
+'% !

!
*.!.5$!(&&)6!.5$!&.5$)!.=&!B&.!:'2!C5$%!.&,(!<$!.5$%!=$)$!B&:'B!(&&)!.&!
(&&)! ,&&>:'B! ?&)! .5$! %&-'B! <$'! =5&! =$)$! :'A&,A$(! :'! .5$! A:&,$'4$2! 3!
.&,(!.5$<!.5*.!.5$%!=&-,(!45$4>!+:'4$!3!=*+!'&.!5:(:'B!*'%&'$2!3!.&,(!
.5$<! .5*.! 3! =*+! *,&'$2! a%! .5*.! .:<$! 3! =*+! *,&'$! :'! .5$! 5&-+$2! C5$%!
.&,(! <$! .5*.! =$6! =&<$'6! =$)$! .5$! &'$+! $'4&-)*B:'B! .5$! %&-'B! <$'!
#$4*-+$! =$! =$)$! @)$@*):'B! ?&&(! ?&)! .5$! ";-'B:>:/2! C5$%! =$)$! -+:'B!
U=*5:,:! ,*'B-*B$2! ! 3! :'+:+.$(! 3! =*+! *,&'$! *'(! 3! 5*A$! '$A$)! +$$'!
;-'B:>:2! C5$%! .&,(! <$! .5*.! :?! .5$%! 4&-,(! '&.! ?:'(! ;-'B:>:! *.! ,$*+.! 3!
=*+!*A*:,*#,$2!3! *+>$(!.5$<!"=5*.!5*A$!3!(&'$2/!_'$!c2U2g!B)*##$(!
<$!*'(!+*:(!"=$!4*'T.!,$*A$!%&-!*,&'$2/!]$!.5$'!.5)$=!<$!&'!.5$!#$(!
*'(! 5:.! <$! &'! .5$! ?*4$2! ]$! .&)$! <%! :''$)! @*'.+! *'(! .5$'! )*@$(! <$2!
C5$'!.5$!+$4&'(!&'$!)*@$(!<$2222/NHX!!
!
(>?3C08! gh! 9078! ?F@! H?67>P! 7FD?! G8?6! Y4E087! "74>4! $7E7! C7@! 7! D464F78!
0/B0840>10! HC41C! H7D! 17B3280@! 4>! 7! D373060>3! DC0! A750! 3?! 3C0! )?664DD4?>[D!
4>50D34A73?8DL!$C0!@0D184E0@!3C0!C?88?8D!54D430@!2B?>!C08!7D!G?FF?HDM!
"C5$!*)<%!<$'!+.*).$(!)-'':'B!*?.$)!.5$!%&-'B!<$'!=5&!=$)$!+*:(!.&!
#$! ";-'B:>:/! *'(! 5*(! >:,,$(! &.5$)! @$&@,$! *,&'B! .5$! )*:,=*%! ,:'$2!
]*A:'B! +$$'! .5*.! .5$%! =$)$! *)<%! <$'6! 3! 9-+.! =$'.! .&! <%! 5&-+$! *'(!
,&4>$(!.5$!5&-+$2!3!5*(!B&'$!&-.!&?!<%!5&-+$!9-+.!.&!>'&=!=5*.!=*+!
5*@@$':'B2! C5$! *)<%! <$'! .5$'! 4*<$! *'(! ?&-'(! <$! :'! <%! 5&-+$2!
C5$%!=$)$!.5)$$!ZPK!<$'2!3.!=*+!W^11@<2!C5$%!*+>$(!<$!n<*<*!=*@:!
<D$$7<&.5$)! =5$)$! :+! %&-)! 5-+#*'(T! 3! .&,(! .5$<! 3! (&'T.! 5*A$! *!
5-+#*'(2!3!&',%!5*A$!&'$!45:,(!*'(!3!5*A$!.*>$'!5$)222!.&!<%!@*)$'.T+!
5&<$! :'! ;$)-2! C5$%! .&,(! <$! .&! B:A$! .5$<! <%! :($'.:.%! 4*)(! *'(! n.5$!
=$*@&'! .5*.! <%! 5-+#*'(! -+$+T2! 3! :'+:+.$(! .5*.! 3! (&'T.! 5*A$! *!
5-+#*'(2! C5$%! +*=! *! FVg! 4*,$'(*)! 5*'B:'B! &'! <%! =*,,2! C5$%! .5$'!
.&,(!<$!n'%:'%:!'(:&!=*,$!=*.-!.-,:>-=*!.->:.*?-.*7%&-!*)$!.5$!@$&@,$!
=$!=$)$!,&&>:'B!?&)2T!_'$!&?!.5$!*)<%!<$'!&)($)$(!<$!.&!4,:<#!&'!.5$!
#$(6! .5$! &.5$)! =*+! +.*'(:'B! &'! .5$! (&&)! *'(! .5$! &.5$)! =*+!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+$,
!M[RQV![A#0:1!96132:!Z3K:4001B!P6!23K!B!$*!Z8L>!+**)"!
+'& !

!
)*'+*4>:'B!.5$!5&-+$!,&&>:'B!?&)!=$*@&'+!&)!.5$!@$&@,$!5:(:'B!:'!<%!
5&-+$2! _'$! &?! .5$! *)<%! <$'! .&,(! <$! n4,:<#! &'! .5$! #$(! *'(! )$<&A$!
%&-)! :''$)! @*'.+T! 3! B&.! +5&4>$(! 5:<! #$:'B! *! +$4-):.%! &??:4$)2! ]$!
@-+5$(! <$! &'! .5$! #$(! *'(! +.*).$(! )*@:'B! <$2! C5$! *)<%! <*'! =5&!
=*+! )*'+*4>:'B! .5$! 5&-+$! =*+! .5$! +$4&'(! &'$! .&! )*@$! <$! *'(! .5$!
*)<%!<*'!B-*)(:'B!.5$!(&&)!=*+!.5$!.5:)(!.&!)*@$!<$/2NHb!!
!
(!bR!9078!?F@!H?67>!7>@!7!80D4@0>3!?G!Y4E087!30D34G40@!4>!176087!3?!3C0!
)?664DD4?>!801?2>34>A!3?!3C0!)?664DD4?>!HC73!C7@!C7BB0>0@!3?!C08!4>!3C0!
G?FF?H4>A!D373060>3M!
"R22dIe.! *)&-'(! \^P1! @<! .=&! ZNK! <&.&)! A$5:4,$+! 4*<$! =:.5! cUg!
@&,:4$<$'! :'! -':?&)<6! B)$$'! Z=:.5! @*.45$+K! *'(! .5$%! 5*(! *! 4*@! .5$!
+*<$! 4&,&-)2! C5:'>:'B! .5*.! .5$%! =$)$! 4&<:'B! .&! *++:+.! -+6! =$! =$)$!
A$)%! 5*@@%! #-.! .5*.! =*+! '&.! .5$! 4*+$2! C5$%! 5:.! *! 9:>&! .5*.! 5*(! ?:)$!
*'(! :.! ?$,,! &'! <%! (*-B5.$)! Y-,:*'*! *'(! +5$! B&.! #-)'.! &'! 5$)!
?$$.RR&'$!@&,:4$<*'!5:.!<%!$%$+2!3!?$,,!(&='!*'(!<%!#,&&(!@)$++-)$!
)&+$2!]$!.&)$!<%!4,&.5$+2!]$!)*@$(!<$!3!B&.!-'4&'+4:&-+!*+!.5$!&.5$)!
)*'+*4>$(! .5$! 5&-+$2! C5$! +*<$! <*'! )*@$(! <%! (*-B5.$)! Y2! U5$!
#$4*<$!@)$B'*'.!.5&-B5!&'!WoXo1b6!+5$!5*(!*!<:+4*)):*B$/NH02!!!
!
#>! D?60! 17D0DP! 3C0! D0128439! 7A0>3D! 73371W0@! 4>@454@27FDP! 4>1F2@4>A! 300>7A08DP!
@284>A! GF4AC3L! (11?8@4>A! 3?! 3C0! D373060>3! ?G! 7! dS! 9078D! ?F@! A48F! G8?6! .F@?803!
12880>3F9! F454>A! 4>! 7! 1C4F@80>[D! C?60! 4>! +7W282P! DC0! H7D! 73371W0@! E9! S!
(@64>4D3873450!:?F410!&GG4108D!HC?!A7>A!87B0@!C08L!(3!3C0!3460!?G!3C0!73371WP!DC0!
H7D! 82>>4>A! 7H79! G8?6! C08! D4D308[D! C?2D0! HC41C! C7@! E00>! 73371W0@! E9! D?60!
874@08D!@284>A!3C0!B?D3!0F0134?>!54?F0>10LQQR!
!
+?3! ?>F9! @4@! 3C0! )?664DD4?>! C078! ?G! 1?664DD4?>D! E9! D0128439! ?GG4108DP! HC?!
DC?2F@! C750! C0FB0@! 3?! B8050>3! D0/27F! 54?F0>10! 873C08! 3C7>! 0>A7A4>A! 4>! 43!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+$)
!M[RQV![A#0:1!96132:!Z3K:4001B!!P6!23K!B!$*!Z8L>!+**)"!
+$-
!MC!$,B!<1610H0A1B!Q.4!K!1!$,7!
++*
!M[RQV![A#0:1!96132:!Z3K:4001B!P6X828B!%*!Z8L>!+**)"!
+'' !

!
3C06D0F50DP! E23! 7FD?! ?G! @0F4E08730! ?64DD4?>D! ?>! 3C048! B783L! %C0! )?664DD4?>!
8010450@!4>G?86734?>!3C73!D?60!D0128439!?GG4108D!80G2D0@!3?!801?8@!17D0D!C754>A!3?!
@?! H43C! D0/27F! 54?F0>10L! ! (11?8@4>A! 3?! 7! 678840@! H?67>! F454>A! 4>! -73C780P!
QQdHC?!H7D!7EF0!3?!4@0>34G9!D?60!?G!C08!73371W08D!E9!>760P!DC0!H0>3!3?!:7>A7>4!

:?F410! $3734?>! 7>@! 3C0! B?F410! `.&,(! <$! .5*.! .5$%! (&! '&.! =*'.! .&! ,:+.$'! .&! 4*+$+!
*#&-.!)*@$2!3?!:.!:+!*#&-.!)&##$)%!3!+5&-,(!)$@&).!*'(!3!)$@&).$(!*'(!.5$%!B*A$!<$!
*'!_a!'-<#$)La!#>!7@@434?>P!HC0>!7!678840@!G067F0!80D4@0>3!?G!Y4E087!HC?!C7@!
E00>!A7>A!87B0@P!)<!dfP!H0>3!3?!80B?83!73!3C0!Y4F467>4!:?F410!$3734?>P!DC0!H7D!
3?F@! `.&! 45&&+$! #$.=$$'! .5$! .=&6! $:.5$)! .5$! :++-$! &?! .5$! 5&-+$! #$:'B! #-)'$(! &)!
#$:'B!)*@$(2/NNN!!
!
%C0! H?67>! 0/BF74>0@! 3?! 3C0! )?664DD4?>! 3C73! 7F3C?2AC! DC0! C7@! 4@0>34G40@! 3C0!
60>! HC?! A7>A! @! 87B0@! C08! 7>@! F??30@! C08! B8?B0839c! 3C0! B?F410! 73! 3C0! :7>A7>4!
:?F410!$3734?>!80F07D0@!3C0!B08B03873?8D!H43C?23!?GG084>A!C08!7>!0/BF7>734?>L!%C0!
B?F410!?>F9!D74@!3C73!`.5:+!d=*+e!*#&-.!@&,:.:4+!*'(!.5*.!d+5$e!+5&-,(!,$*A$/L!!(!-8L!
-7A787P!7!B?F410!?GG4108!73!3C0!:7>A7>4!:?F410!$3734?>!050>!H0>3!3?!3C0!0/30>3!?G!
7DW4>A!G?8!7!E84E0L!=0!7DW0@!3C0!H?67>!3?!B79!C46!"+5+2\6111!#$?&)$!5$!.*>$+!-@!
.5$!4*+$!*'(!d+5$e!.&,(!5:<!d+5$e4&-,(!'&.!*??&)(!.5*.2/!
!
(F3C?2AC!D0128439!7A0>3D!780!0/B0130@!3?!E0!>02387F!4>!3C0!1?28D0!?G!3C048!H?8WP!
3C0! )?664DD4?>! 8010450@! 4>G?86734?>! G8?6! H43>0DD0D! 3C73! D?60! ?G! D0128439!
7A0>3D! H080! 03C>417FF9! E47D0@P! 4G! >?3! C?D34F0P! 3?! 4>@454@27FD! >?3! G8?6! 3C048! ?H>!
03C>41! A8?2BD! ?8! ?3C08D! 3C73! ! 3C09! B0810450@! 3?! E0F?>A! 3?! B?F43417F! B78340D! 3C73!
3C09! 3C06D0F50D! @4@! >?3! D2BB?83P! (11?8@4>A! 3?! 7! Qe! 9078! ?F@! 678840@! 6?3C08! ?G!
3H?P! 7! "2?! G8?6! +7457DC7P! HC?! H?8W0@! G?8! 7! GF?H08! 1?6B7>9QQgP3C0! B?F410!
?GG4108DP!HC?!H080!G8?6!7>?3C08!03C>41!A8?2BP!G74F0@!3?!C0FB!C08!37W0!C08!4>\280@!
E8?3C08!3?!C?DB437F!7>@!HC0>!C0!@40@P!3C09!80G2D0@!3?!1?FF013!C4D!E?@9!7>@!37W0!43!
3?!3C0!6?832789L!(!Y4W292!A7>A!C7@!E00>!F??W4>A!G?8!3C0!H?67>[D!C2DE7>@!7>@!
HC0>!3C09!1?2F@!>?3!G4>@!C46P!3C09!D03!2B?>!C08!E8?3C08P!12334>A!?GG!C4D!30D341F0D!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
++$
!MC!$'!
+++
!c23H!10:1!H3A>!6A5!Q.4!K!1:!A3"!$'!6A5!$)"!
!
++%
!MC!%(!
+'( !

!
7>@! C4D! B0>4DL! +?3! ?>F9! @4@! 3C09! 80G2D0P! E23! 3C09! H78>0@! C4D! H4G0! 3C73! 4G! DC0!
4>D4D30@P!DC0!`=&-,(!$'(!-@!,:>$!d5$)!#)&.5$)e!*'(!.5*.!:.!=*+!'&.!.5$:)!=&)>/2!%C0!
E?@9! 3C2D! 80674>0@! 2>1?FF0130@! G?8! 3H?!@79DP! D37830@! 8?334>A! 7>@! H7D! 0730>! E9!
@?ADL! ! #3! H7D! ?>F9! F7308! 3C73! DC0! A?3! C0FB! G8?6! ?3C08! B?F410! ?GG4108D! HC?! H080!
Y7F0>\4>L!!
!
#3!4D!3C0! )?664DD4?>[D! 540H! 3C73! 3C0! 4>5?F5060>3! ?G! D3730! D0128439! 7A0>3D! 4>!3C0!
B08B038734?>! ?G! D0/27F! 54?F0>10! 7>@! 3C0! G078! ?G! 4>18464>734>A! 3C06D0F50D! 679!
B783F9!0/BF74>!HC9!3C0!B?F410!?64330@!@737!?>!D0/27F!54?F0>10!4>!3C0!80B?83D!3C09!
B80D0>30@!3?!3C0!)?664DD4?>L!%C0!)?664DD4?>!7FD?!G0F3!3C73!43!H7D!2>G?832>730!
3C73! 3C0! )?664DD4?>08! ?G! :?F410! 30D34G40@! 3C73! C0! 1?2F@! >?3! @030864>0! HC03C08!
D0/27F! 54?F0>10! H7D! G43! 3?! E0! 80B?830@! 7>@! H7D! 2>7H780! 3C73! 7>9?>0! C7@! E00>!
7880D30@! 7>@! 1C78A0@! G?8! 1?664DD4?>! ?G! D21C! 18460DLQQh! '283C086?80P! 3C0!
C?880>@?2D! 0/B0840>10D! ?G! 3C0! H?60>! HC?! 30D34G40@! E0G?80! 3C0! )?664DD4?>!
4FF2D38730@! 3C0! D760! E8?7@! 1?>108>D! H43C! 3C0! D0128439! G?810DL! %C0! )?664DD4?>!
7FD?! F078>3! 7E?23! 3C4D! G8?6! ?3C08! H43>0DD0D! DB07W4>A! 7E?23! 3C0! B?D3! 0F0134?>!
54?F0>10!4>!Y0>97L!%C0D0!4>1F2@0@!3C?D0!HC?!H080!D2BB?D0@!3?!E0!W00B4>A!?8@08!
7>@! B8?30134>A! 1434V0>D! E23! H080! 873C08! ! B08B03873?8D! 3C06D0F50DP! 7! 80G2D7F! 3?!
C0FB! 1434V0>D! HC?! 1760! @48013F9! 3?! ?GG4108D! G?8! C0FB! ?8! 3?! 80B?83! 18460DP! 7!
E807W@?H>! 7F?>A! 03C>41! F4>0D! 6488?84>A! 3C0! H79! 4>! HC41C! 54?F0>10! 7D! 7! HC?F0!!
67>4G0D30@!7G308!3C0!0F0134?>P!7>@!7!17FF?2D!4>@4GG080>10!4G!>?3!?2384AC3!C?D34F439!3?!
541346D!HC?!?G30>!C7@!0/B0840>10@!62F34BF0!387A0@40D!7>@!C7@!3C048!F450D!328>0@!
2BD4@0!@?H>P!D?603460D!4>!64>230D!7>@!D?603460D!4>!@79DL!!
!
'283C086?80P! HC73! 3C0! )?664DD4?>! C078@! G8?6! 3C0D0! H43>0DD0D! ?>10! 7A74>!
8064>@0@!3C0!)?664DD4?>!7E?23!3C0!B801784?2D>0DD!?G!E?3C!D3730!7>@!D?14039!4>!
Y0>97L! %C0! 30D346?>9! 3C0! )?664DD4?>! 8010450@! E8?2AC3! 3C0! 807F4V734?>! ?>10!
7A74>! 3C73! 4G! 3C0! 12880>3! D3730! ?G! 46B2>439! 7>@! 3C0! E0F40G! 3C73! 4>@454@27FD! 4>!
723C?8439!7>@!3C048!G?FF?H08D!C750!7!F410>D0!3?!6746!7>@!W4FF!H43C?23!E04>A!C0F@!
711?2>37EF0! 1?>34>20DP! E?3C! D0/27F! 54?F0>10! 7>@! ?3C08! G?86D! ?G! B?D3! 0F0134?>!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
++&
!MC!$B!<00!Y6A:625B!V3L"!$B!J"!&,!
+', !

!
54?F0>10!H?2F@!07D4F9!C7BB0>!7A74>L!#>!DC?83P!HC4F0!@4GG080>3!4>!D?60!80DB013DP!4>!
?3C08D!3C0!D0/27F!54?F0>10!7G308!3C0!0F0134?>!7FD?!6488?80@!67>9!G7103D!?G!3C0!B?D3!
0F0134?>!54?F0>10!4>!A0>087FL!!!
!
'9B8?5W1A!J8?BE!
(11?8@4>A! 3?! D373060>3D! 8010450@! E9! 3C0! )?664DD4?>P! 3C0! 541346D! ?G! D0/27F!
54?F0>10! G8?6! D?60! 7807D! 3?F@! 2D! 3C73! 3C09! H080! 73371W0@! E9! 606E08D! ?G!
?8A7>4V0@! A7>ADL! #>! +748?E4P! +7457DC7! 7>@! +7W282P! 3C080! H080! 1F746D! 3C73!
-2>A4W4!H7D!4>5?F50@P!H43C!3C048!606E08D!378A034>A!60>!7D!?BB?D0@!3?!H?60>L!
%C4D! 64AC3! 0/BF74>! HC9! 3C080! H080! >?! 80B?830@! 17D0D! ?G! 87B0! 7>@! @0G4F060>3! 4>!
+7457DC7P!E23!4>D307@!3C080!H080!17D0D!?G!60>!E04>A!378A030@!7>@!E04>A!G?814EF9!
14812614D0@L!
!
J8! Y7842W4! I41C2W4P! 3C0! 12880>3! -0@417F! &GG4108! ?G! =07F3C! G?8!
+7W282QQb1?>G4860@! C754>A! 8010450@! j! 17D0D! ?G! G?810@! 14812614D4?>! HC41C! C0!
@0D184E0@! 7D! ! r.)*-<*.:4! 4:)4-<4:+:&'R2#$4*-+$! -+-*,,%! 4:)4-<4:+:&'6! $:.5$)! %&-!
*)$! :'! .5$! 5&+@:.*,! &)! :'! *! .)*(:.:&'*,! +$..:'B! .5*.! :+! 4,$*'! *'(! #&-'(*)%! >:'(! &?!
+-)B:4*,! @)&4$(-)$! #-.! .5:+! &'$! =*+! *! #:.! 4)-($! *'(! '&.! &)($),%TL! ! %C0! @?13?8!
G283C08! 80G0880@! 3?! 3C0! 17D0D! 7D! ?>0D! ?G! r@:,*)%! *<@-.*.:&'T! *'(! $h@,*:'$(! .5*.!
n-+-*,,%6!4:)4-<4:+:&'!:+!.5$!+-)B:4*,!)$<&A*,!&?!?&)$+>:'!#-.!:'!d*!@*).:4-,*)!4*+$e!*!
NN!%$*)!&,(!<*,$!d5*(!5:+e!=5&,$!@$':+!*4.-*,,%!4-.T2!
!
#>! 7@@434?>! 3?! @0D38?94>A! B8?B0839P! W4FF4>A! 7>@! 67464>AP! 3C0! 606E08D! ?G! 3C0!
-2>A4W4!A7>A!H080!D74@!3?!378A03!60>!G8?6!DB014G41!1?662>4340D!E0F4050@!>?3!3?!
B8713410!14812614D4?>!7>@!7FD?!E0F4050@!3?!E0!4>!D2BB?83!?G!7!B783412F78!B?F43417F!
B7839! H43C! 7! 540H! 3?! 14812614D4>A! 3C06L!%C0! 1820F39! ?G! HC73! 387>DB480@! @4GG080@!
G8?6! 541346! 3?! 541346L! (! 678840@! "2?! H?67>! H43C! 3H?! 1C4F@80>P! ?84A4>7FF9! G8?6!
=28267!0D3730!4>!+748?E4!E23!@4DBF710@!3?!7>!#J:!176BQQj!30D34G40@!4>!176087!7D!
G?FF?HDM!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
++'
!MC!&(!
++(
!MC!$(B!
+') !

!
"R3!5$*)(!<*'%!@$&@,$!&-.+:($!+*%:'B!.5*.!"$A$'!5$)$!.5$)$!*)$!+&<$!
_Q;! @$&@,$! =$! =*'.! .&! 4:)4-<4:+$/2! R2T.5$%! =$)$! <*'%! *'(! =$)$!
<*>:'B!*!,&.!&?!'&:+$2!C5$%!@-+5$(!.5$!(&&)!+*%:'B!.5*.!n8:5::7>:>-%-!
?&)! -'4:)4-<4:+$(! <*'T! %&-! *)$! .5$! &'$+! .)&-#,:'B! -+RR3! +*=! <%!
5-+#*'(!,%:'BR!(&='2!C5$%!&@$'$(!5:+!D:@6!,:?.$(!5:+!@$':+!*'(!4-.!:.!
=:.5! *! @*'B*R2! 3! <*'*B$(! .&! +,:@! *=*%! *'(! &'$! *,$).$(! .5$<! *'(!
.5$%!+*:(!:.!:+!&>*%!3!=&-,(!B&!*=*%!*'(!.5*.!:.!:+!<%!5-+#*'(!.5$%!
=*'.$(!.&!.$*45!*!,$++&'!*'(!4:)4-<4:+$2/NNX!!!
!
(D!7!80D2F3!?G!3C4D!73371W!C08!C2DE7>@!@40@!@20!3?!3C0!4>\2840D!D2D374>0@!@284>A!
3C4D!C4@0?2D!4>14@0>3L!
#>! 0/BF74>4>A! 3C0! 0/30>3! 3?! HC41C! D?60! 541346D! D2GG080@! 4>! 3C0! C7>@D! ?G! D21C!
A7>ADP! 7! H?67>P! HC?D0! 30D346?>9! C7D! E00>! 80G0880@! 3?! B8054?2DF9! 4>! 176087!
3C73P!
"3!?&-'(!.5*.!5:+!d<%!#)&.5$)T+e!@$':+!5*(!#$$'!4-.!*'(!@,*4$(!&'!5:+!
<&-.56! 5:+! .$+.:+! =$)$! 45&@@$(! &??! *'(! @,*4$(! &'! 5:+! 5*'(2! 3! ?&-'(!
.5*.!#,&&(!=*+!+.:,,!@&-):'B!&-.!&?!5:+!#&(%!*'(!5$!=*+!>:4>:'B!*+!5$!
=*+! (%:'BR22.5$! ?&,,&=:'B! (*%6! *'&.5$)! =&)><*.$! &?! <:'$! :'?&)<$(!
<$! .5*.! 5:+! d<%! #)&.5$)T+e! 5$*(! 5*(! #$$'! 45&@@$(! &?! *'(! .5*.! (&B+!
=$)$! $*.:'B! 5:+! @):A*.$! @*).+2! ;%! #)&.5$)! =*+! 4,&##$)$(! #$?&)$! 5$!
=*+! <-.:,*.$(2! C5$! @$&@,$! =5&! (:(! .5*.! .&! 5:<! =$)$! -+:'B! +@:>$(!
4,-#+2! C5$%! 5*(! ?:h$(! '*:,+! &'! .5$! 4,-#! *'(! *+! .5$%! 5:.! 5:+! ?*4$6! .5$!
'*:,+!=&-,(!@,-4>!?,$+5!?)&<!5:+!#&(%/2NNb!!
!
*15BDF@39E!8?A!'4D19E!5?A565A38G!)9575?8GE!
%C0! )?664DD4?>! 7FD?! C078@! G8?6! H43>0DD0D! 3C73! 4>! D?60! 7807DP! 3C0! 541346D! ?G!
D0/27F! 54?F0>10! H080! 73371W0@! E9! 3C048! ?H>! >04ACE?28D! ?8! E9! 4>@454@27FD! G8?6!
>04ACE?284>A! 54FF7A0DL! =0>10P! 6?D3! ?G! 3C0D0! 541346D! H080! 7EF0! 3?! 4@0>34G9! 3C048!
7DD74F7>3DL!#>!3C0!17D0D!HC080!D0/27F!54?F0>10!H7D!B08B038730@!E9!1454F47>DP!3C4D!
H7D!?G30>!711?6B7>40@!E9!?3C08!18460D!D21C!7D!3C0G3P!78D?>!7>@!?3C08!39B0D!?G!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
++,
!MC!$(B!Q.4!K!1!$(!D"!
++)
!MC!$(B!Q.4!K!1!$(DB!<1610H0A1!
+'- !

!
54?F0>10L! (D! 7! hR! 9078! ?F@! 678840@! Y4W292! H?67>! G8?6! -?6E7D7QQeP! 3?F@! 3C0!
)?664DD4?>! DC0! H7D! 7EF0! 3?! 4@0>34G9! ?>0! ?G! C08! 7DD74F7>3D! HC4F0! E04>A! A7>A!
87B0@! E0172D0! C0! C7@! H?8W0@! 73! 3C0! D760! BF710L! (6?>A! C08! 73371W08DP! HC?!
D180760@!`&J-P!&J-a!7D! 3C09!D3?>0@!7>@!0>3080@!3C0!1?2BF0[D!C?2D0!DC0!H7D!
7EF0!3?!4@0>34G9!D?60!4>@454@27FD!HC?!7FD?!D3?F0!E?3C!C08!C?2D0C?F@!7>@!E2D4>0DD!
B8?B08340DP!3?81C0@!7!D4334>A!DC7@0!LLP!E28>3!E0@@4>ADP!7>@!DF72AC3080@!C08!3C800!
A?73DL!$C0!D2ED0X20>3F9!67@0!7!B?F410!80B?83L!+?>0!?G!3C0!F??308D!H080!7880D30@!
7>@!3C0!87B4D3!H7D!`+$.!?)$$!+5&).,%!.5$)$*?.$)2/NP1!
!
>378?548958?!=@9X19E!8?A!,K;!+196521!;9@65A19E!!
%C0! )?664DD4?>! H7D! 3?F@! E9! 0/B083D! 3C73! D?60! H?60>! H080! 0/B?D0@! 3?! D0/27F!
0/BF?43734?>! @284>A! 3C048! D379! 73! #J:! 176BDL! J0DB08730! 7>@! 52F>087EF0! H?60>!
H080! G?810@! 4>3?! B8?D343234?>! 3?! G2FG4F! 3C0! >00@! 3?! G00@! 3C048! 1C4F@80>P! @?4>A!
HC730508! H7D! >010DD789! 3?! @?! D?L! %C0! 30D346?>9! ?G! -4FF410>3! &E7D?P! 60>34?>0@!
078F408P! 3?F@! 3C0! )?664DD4?>! 3C73! 3C73! D?60! H?60>! H080! D2E\0130@! 3?! D0/27F!
0/BF?43734?>!E9!D?60!B08D?>D!67>7A4>A!3C0!#J:! 176BD!4>!?8@08!3?!7110DD!E7D41!
1?66?@4340D! D21C! 7D! G??@P! 30>3DP! 60@414>0D! 7>@! E0@@4>ADL! $C0! 30D34G40@!
)?664DD4?>!3C73M!
"U$h-*,! $h@,&:.*.:&'! R:+! )$*,,%6! -+:'B! @&=$)! *'(! *-.5&):.%! &A$)!
A-,'$)*#,$!@$&@,$!?&)!+$h-*,!?*A&-)+!:'!$h45*'B$!?&)!+$)A:4$+2!]$)$!:'!
8$'%*6!=$!+*=!*!,&.!&?!.5*.!:'!.$)<+!&?!?&&(!(:+.):#-.:&'2!d3.!:+!*!?&)<!
&?e! ?&)4$(! @)&+.:.-.:&'! &?! 4&-)+$! =5$'! =&<$'! *)$! A-,'$)*#,$6! =5$'!
.5$%! 5*A$! .&! ?$$(! .5$:)! 45:,()$'2! U&! :?! *! <*'! *+>+! .5$<! .&! 5*A$! +$h!
$A$'!.5&-B5!.5$%!<*%!'&.!=*'.!.&6!.5$%!=:,,!+*%!%$+!.&!B$.!.5$!<&'$%!
*'(!?$$(!.5$:)!45:,()$'/2NPH!!
!
#3!4D!2>G?832>730!3C73!3C0!)?664DD4?>!@4@!>?3!C078!30D346?>40D!?G!3C0!541346D!?G!
D21C!39B0D!?G!D0/27F!54?F0>10L!%C4D!1?2F@!E0!0/BF74>0@!E9!5784?2D!G713?8DL!%C080!
4D! 7! B?DD4E4F439! 3C73! D21C! H43>0DD0D! G0780@! 3C73! B8?54@4>A! D21C! 054@0>10! 3?! 3C0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
++-
!MC!$'%!
+%*
!MC!$'%B!!
+%$
!MC!$*B!!
+(* !

!
)?664DD4?>!H?2F@!\0?B78@4V0!3C048!D432734?>!G283C08L!#>!7@@434?>P!E9!3C0!3460!3C0!
)?664DD4?>!H7D!73!3C0!C0783!?G!43D!C0784>ADP!67>9!?G!3C0!541346D!80D4@4>A!73!3C0!
176BD!7>@!HC?!H?2F@!C750!C7@!054@0>10!3?!3C73!0GG013P!679!C750!E00>!80F?1730@!
3?!?3C08!7807D!2>@08!3C0!A?508>60>3!B8?A87660!r&B08734?>!*2@4!+926E7>4[L!
!
O?5?41?A1A!+1038G!)@?E1Y31?21E!@H!J1?198G!<5@G1?21!
%C0! )?664DD4?>! ?E374>0@! 054@0>10! G8?6! 3H?! 60>P! E?3C! 80D4@0>3D! ?G! Y4D262P!
HC?!H080!541346D!?G!B?F410!DC??34>AL!(F3C?2AC!3C0D0!@4@! >?3!B80D0>3! 3C06D0F50D!
7D!541346D!?G!D0/27F!54?F0>10P!3C0!A0>087F!54?F0>10!?G!HC41C!3C09!H080!541346D!C7@!
4>14@0>37F! D0/27F! 0GG013DL! #>! ?>0! 17D0P! I80A?89! +A?1C0QgQ! 30D34G40@! 3C73! C0! H7D!
DC?3! E9! 3C0! B?F410! HC4F0! 80D34>A! 4>! C4D! C?60! H43C! 606E08D! ?G! C4D! G764F9! 4>!
Y4D262L!=0!D2D374>0@!4>\2840D!?>!C4D!F0A!7>@!H7D!C?DB437F4V0@!G?8!D05087F!@79DL!
(D! 7! 80D2F3! ?G! 3C0! DC??34>AP! C0! D2GG080@! 7! D0/27F! @9DG2>134?>L! (>?3C08! H43>0DDP!
_?C>! (B49?PQgg! 30D34G40@! 3C73! C0! H?8W0@! 7D! 7>! 7DW784! 4>! Y4D262! 7>@! H7D! DC?3!
G8?6! E0C4>@! E9! 7! D3879! B?F410! E2FF03! 7D! 3C09! 3840@! 3?! @07F! H43C! 7! 84?3! H43C4>! C4D!
BF710!?G!H?8WL!=0!D2D374>0@!7>!4>\289!?>!C4D!30D341F0D!G8?6!3C0!DC??34>A!7>@!>?H!
C7D!7!D0/27F!@9DG2>134?>L!
!
,7C824!@H!4D1!<52457EL!>18G4D!8?A!+@25@P&2@?@752!)@?A545@?E!!
;41346D!?G!3C0!B?D3!0F0134?>!D0/27F!54?F0>10!0/B0840>10@!7!>26E08!?G!2>4>30>@0@!
1?>D0X20>10D! 4>! 3C0! 7G308673C! ?G! E04>A! 73371W0@! HC41C! 3C0! )?664DD4?>! C078@!
7E?23!G8?6!H43>0DD0D!HC?!30D34G40@!7>@!G8?6!3C?D0!HC?!@4@!>?3!E23!>05083C0F0DD!
A750!D373060>3D!3?!43D!4>50D34A73?8DL!%C0D0!1?>D0X20>10D!4>1F2@0@!4>G0134?>!H43C!
=#;l(4@DP! BC9D417F! 4>\289! 7>@! BD91C?F?A417F! ! 387267P! ! @0D0834?>! E9! 3C048!
DB?2D0DP! ! 2>H7>30@! B80A>7>19P! 7>@! F?DD! ?G! 382D3! 3C73! 3C09! 64AC3! C750! C7@!
B8054?2DF9!4>!D3730!D0128439!7A0>140DL!!!
$?60!541346D!?G!D0/27F!54?F0>10!7F807@9!C7@!=#;l!(#JD!7>@!?3C08D!1?>387130@!43!
7D!7!80D2F3!?G!E04>A!87B0@!7>@!E04>A!2>7EF0!3?!7110DD!60@417F!D085410D!4>!3460!3?!
80@210! 3C0! 1C7>10D! ?G! ?8! B8050>3! 4>G0134?>L! #>! 7@@434?>P! H43>0DD0D! 3?F@! 3C0!
)?664DD4?>! 3C73! 050>! HC0>! 3C09! 7@54D0@! 3C048! B08B03873?8D! ?G! 3C048! =#;! (#J$!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+%+
!MC!$*&!
+%%
!MC!-%!
+($ !

!
D3732D! 7>@! DC?H0@! 3C06! 3C048! 60@41734?>P! 3C048! 73371W08D! H0>3! ?>! 3?! 87B0! ?8!
A7>A! 87B0! 3C06P! 3C080E9! B08508D0F9! 1C??D4>A! 3?! 84DW! E01?64>A! 4>G0130@!
3C06D0F50DL!(D!-4FF410>3!&E7D?P!?G!)780!Y0>97!0/BF74>0@P!
"U&<$!&?! .5$! =&<$'!($4,*)$(!.&! .5$!@$)@$.)*.&)+! .5*.! .5$%!=$)$!]3O!
@&+:.:A$6! #-.! .5$! <$'! :B'&)$(! *'(! =$'.! *5$*(! *'(! )*@$(! .5$<2! ;%!
E&)(6! .5:+! :+! A$)%! (*'B$)&-+! #$4*-+$! <&+.! &?! .5$! @$)@$.)*.&)+6! .5$!
%&-.5! B*'B6! =$)$! #$.=$$'! N1! *'(! NW! %$*)+2! C5$%! 5*A$! +@&-+$+! &)!
.5$%!*)$!@,*'':'B!.&!<*))%!&)!5*A$!=:A$+!*'(!.5$%!<*%!#$!+@)$*(:'B!
.5:+! A:)-+6! #-.! =5&! >'&=+6! <*%#$! +&<$! &?! .5$+$! @$)@$.)*.&)+!
.5$<+$,A$+! =$)$! ]3Or! *'(! .5$%! *,+&! :'?$4.$(! .5$! =&<$'! .5$%! )*@$(!
=5&! =$)$! '&.! ]3Or2! 3! =&-,(! -)B$! <%! ,&)(! .5*.! %&-! <&':.&)! .5$!
]3OoI3QU!@)$A*,$'4$!:'!;*.5*)$!*'(!8:#$)*!&A$)!.5$!'$h.!&'$!%$*)!&)!
.=&!%$*)+!.&!+$$!.&!=5*.!$h.$'.!.5$!@)$A*,$'4$!:+!B&:'B!-@aL!NPi!
!
%C4D!D760!B?4>3!H7D!804>G?810@!E9!J8L!$7620F!%C0>97P!HC?!0/BF74>0@!3C73!3C080!!
"*)$! .5&+$! =5&! *)$! &'!]3O! .)$*.<$'.! &)! =5&!d=$)$e!]3O!@&+:.:A$! *'(!
.5$%! =$)$! +$h-*,,%! *++*-,.$(2! V&=! 4*,,! :.! @&$.:4! 9-+.:4$! &)! =5*.! %&-!
<*%6!#-.!:.!<$*'+!.5*.!.5$!@$)+&'!=5&!*++*-,.$(!.5$<!.5$'!5*+!*,+&!
#$$'! $h@&+$(! .&! ]3OoI3QU2! I'(! &?! 4&-)+$! .5$! @$)@$.)*.&)+! (:(! '&.!
4&<$! .&! -+2! U&! %&-! C750! *! B)&-@! &?! @$&@,$! &-.! .5$)$! =5&! *++*-,.$(!
&.5$)+! =5&! *)$! ]3O! @&+:.:A$! *'(! .5$)$?&)$! 5*A$! #$$'! :'?$4.$(! =:.5!
]3OoI3QU/2NPW!!
!
-7>9!541346D!?G!D0/27F!54?F0>10!H080!4>\280@!0/30>D450F9!7>@!D2GG080@!0>?86?2D!
BD91C?F?A417F!387267L!!(!-73C780!80D4@0>3!3?F@!3C0!)?664DD4?>!3C73!3C?D0!HC?!
14812614D0@!C08!7FD?!123!C08!57A4>7!3?!3C0!0/30>3!3C73!3C0!7330>@4>A!@?13?8D!3?F@!
C08!43!H7D!46B?DD4EF0!3?!D3431C!C08!7>@!4>D307@!A750!C08!7!@82AL!(!gj!9078!?F@!
H?67>!G8?6!.F@767!*754>0!3?F@!3C0!)?664DD4?>!3C73!HC0>!DC0!H7D!A7>A!87B0@M!!
`:.! =*+!$:.5$)! .5$! +$4&'(!&)! .5$! .5:)(! <*'! =5&!+*:(! .5*.!5$! =*+!'&.!
*#,$! .&!B$.! :'.&! <$! @)&@$),%!+&! .5$%!4-.! <$2! 3! .5:'>!:.! =*+! .5$!@*'B*!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+%&
!MC!$*!
+%'
!MC!$&+!
+(+ !

!
.5$%! =$)$! 4*))%:'B! .5*.! .5$%! -+$(2! C5$%! 4-.! <%! A*B:'*2/NP\#>!
0/BF74>4>A! 3C0! 0/30>3! ?G! 3C0! 4>\2840D! DC0! D2D374>0@! 7G308! E04>A! A7>A!
87B0@! E9!I$U! ?GG4108DP! 3?F@! 3C0! )?664DD4?>QgSP!"222.5$+$!@$&@,$!5-).!
<$! #$4*-+$! *.! <%! *B$! 3! 5*(! +.&@@$(! B$..:'B! <&'.5,%! @$):&(+2! C5$+$!
(*%+!3!#,$$(!*!,&.2!3!5*A$!*!+<$,,%!=*.$)%!(:+45*)B$!*'(!3!5*A$!5$*A%!
#,$$(:'B! *'(! 5*A$! +&)$+! *)&-'(! <%! @):A*.$! @*).+22222223! ?$$,! *! ,&.! &?!
@*:'! :'! <%! @):A*.$! @*).+! $+@$4:*,,%! =5$'! 3! *<! 5*A:'B! @$):&(+! *'(! 3!
+.&@@$(! 5*A:'B! @$):&(+2! C5:+! =*+! 4*-+$(! #%! .5$! <$'! =5&! *..*4>$(!
<$2222/NPb!
!
#>!@0D184E4>A! 3C0! BD91C?F?A417F! 8! 0GG013D! ?G! D0/27F!54?F0>10P! -D! &E7D?! 0/BF74>0@!
3C0! 0>1?2>308D! ?G! ?3C08! H?60>! HC?! @4@! >?3! 7BB078! E0G?80! 3C0! )?664DD4?>!
E0172D0!?G!G078!7>@!C264F4734?>P!7D!G?FF?HDM!!
`C5:+! d+$h-*,! A:&,$'4$e! 5*@@$'$(! .&! <*'%2! U&<$! =&<$'! =$)$!
+$):&-+,%!A:&,*.$(2!C5$%!5*(!#&..,$+!@-+5$(!-@!.5$:)!@):A*.$!@*).+!*'(!
&.5$)+! 5*(! +.:4>+! @-+5$(! -@! :'.&! .5$:)! @):A*.$! @*).+/NP0! (G308!
H43>0DD4>A! 3C0! 0/30>3! ?G! 3C0! 4>\289! 3C73! C08! E8?3C08! D2D374>0@P! C4D!
D2ED0X20>3! @073C! 7>@! 3C0! G713! 3C73! C4D! 80674>D! C7@! E00>! 0730>! E9!
@?AD! QhR3?F@! 3C0! )?664DD4?>P! `3! *<! .)*-<*.:+$(2! 3!-+-*,,%!5*A$!#*(!
()$*<+2!3!>$$@!+$$:'B!5&=!<%!#)&.5$)!(:$(!:'!<%!()$*<+2!LA$'!*+!3!
+@$*>6! 3! ?$*)! B$..:'B! ':B5.<*)$+2! 3! B$.! .5$<! $A$)%! .:<$! 3! '*))*.$! .5$!
+.&)%2!R.5$!(*%!<%!#)&.5$)!=*+!>:,,$(6!3!=:+5$(!3!4&-,(!(:$2!3!=*,>$(!
&'!.5$!)&*(!*'(!3!=*+!*,<&+.!>'&4>$(!#%!*!4*)aL!!
!
%C0!H43>0DD!7FD?!4>@41730@!3C73!C08!>0BC0H!]3C0!F730!E8?3C08[D!D?>^P!?>0!r_45:$'B!
=*+! @)$+$'.! =5$'! 5:+! ?*.5$)! =*+! #$:'B! 4,&##$)$(! *'(! <-.:,*.$(2! ]$! 5*+! +:'4$!
B&'$! <*(2! ]$! >$$@+! &'! +*%:'B! n(*(! .5$%! *)$! 45&@@:'B! &??! %&-)! .5:'B! d.&! <$*'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+%(
!MC!%,"!
+%,
!MC"!$,!
+%)
!MC!$,"!
+%-
!MC!$,"!
+&*
B!MC!%(!
+(% !

!
@$':+o[aLQhd$?60! 541346D! ?G! D0/27F! 54?F0>10! H080! 87B0@! 4>! 3C0! B80D0>10! ?G! 3C048!
G764F9! 606E08D! 7! D432734?>! 3C73! 38726734D0@! 3C06! 7D! H0FF! 7D! 3C0! 606E08D! ?G!
3C048! G764F40D! B80D0>3! @284>A! 3C0! ?8@07FL! (G308! E?3C! DC0! 7>@! C08! @72AC308! H080!
A7>A! 87B0@! H43C! C08! @72AC308! E01?64>A! B80A>7>3! 7>@! F7308! C754>A! 7!
64D178847A0P! 7! H43>0DD! 3?F@! 3C0! )?664DD4?>! 3C73! "d5$)e! 45:,()$'! =$)$!
.)*-<*.:D$(Pa! D?603C4>A! HC41C! 3C0! )?664DD4?>! 80540H0@! 7D! 7! C2A0!
2>@08D373060>3! A450>! 3C0! @0B3C! ?G! 3C0! 62F34BF0! 387A0@40D! 54D430@! ?>! 541346D! ?G!
Y0>97[D!B?D3!0F0134?>!D0/27F!54?F0>10L!
!
(>?3C08!C?88?8!7H7434>A!541346D!H7D!3C0!G078!?G!7>@!71327F!7E7>@?>60>3!?G!87B0!
541346D! E9! 3C048! C2DE7>@D! 7>@! 050>! ?3C08! G764F9! 606E08D! HC41C! ?117D4?>0@! 7!
E807W@?H>!?G!G764F40D!73!7!3460!HC0>!3C0!5089!F07D3!7!541346!>00@0@!G8?6!3C?D0!
1F?D0! 3?! C08! H7D! 1?6G?83! 4>D307@! ?G! 17D34A734?>! 7>@! 7@@434?>7F! F?DDL! (! H43>0DD!
G8?6!.F@?803!HC?!801?8@0@!7!D373060>3!H43C!4>50D34A73?8D!4>!.F@?803!?>!j!(2A2D3!
QRRfP! @4@! >?3! 80B?83! ?8! D00W! 60@417F! 7330>34?>! 7G308! E04>A! A7>A! 87B0@! G?8! G078!
3C73! C08! C2DE7>@! H?2F@! E073! 7>@! 7E7>@?>! C08P! HC41C! C0! @4@! 7>9H79L! &3C08!
H43>0DD0D! HC?! 30D34G40@! 80B?830@! E04>A! W41W0@! ?23! ?G! 3C048! C?60D! ?8! 7E7>@?>0@!
HC0>! 3C048! DB?2D0D! C078@! 3C09! C7@! E00>! 87B0@LQhQP! '283C086?80P! HC0>! 3C0!
B780>3D! ?G! 7! gj! 9078! ?F@! 678840@! Y4W292! H?67>! ?84A4>7FF9! G8?6! .F@767! *754>0!
H43C!G?28!1C4F@80>P!HC?!C7@!E00>!87B0@!E9!3C0!Y7F0>\4>!60>!HC?!7FD?!W4FF0@!C08!
C2DE7>@P!C078@!DC0!C7@!E00>!A7>A!87B0@!7>@!C7@!1?>387130@!=#;!(#JDP!DC0!3?F@!
3C0! )?664DD4?>! 4>! 30D346?>9! 7>@! 4>! C08! D373060>3! 3C73! C08! 4660@4730! G764F9P!
`R! +.*).$(! +$@*)*.:'B! .5$<+$,A$+! ?)&<! <$6! ">-9:.$'B*/2! ;%! @*)$'.+! =&-,(! '&.!
$A$'!-+$!.5$!+*<$!-.$'+:,+!.5*.!3!-+$(2!dC5$%e!$h.$'($(!.5$!+*<$!+&).!&?!.)$*.<$'.!
.&! <%! 45:,()$'Rd;e%! #)&.5$)6! d'*<$! =:.55$,(e! $A$'! +5*)@$'$(! *! >':?$! *'(!
.5)$*.$'$(! .&! >:,,! <$! *'(! <%! 45:,()$'! #$4*-+$! =$! Z<%! 45:,()$'! *'(! 3K! =$)$!
+-??$):'B!?)&<!I3QUTR22!n*?.$)!3!B&.!+$@*)*.$(!?)&<!<%!?*<:,%!<$<#$)+!3!5*(!#$$'!
A$)%! ,&'$,%2! 3! ($4:($(! .&! B$.! <%+$,?! *! @*).'$)6! *!@$)+&'!&?!+:<:,*)! Z]3OK! +.*.-+! +&!
.5*.!=$!4&-,(!5$,@!$*45!&.5$)/LQhg!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+&$
!!MC!%(B!<1610H0A1B!Q.4!K!1!%("!
+&+
!7:!140!=3HH!::!3A!;6:!13L5!K>!MC!$'!6A5$,!
+&%
!MC!%,B!<1610H0A1B!Q.4!K!1!%,!7"!
+(& !

!
#>! 7@@434?>P! 3C0! )?664DD4?>! C078@! G8?6! ?3C08! H43>0DD0D! 7E?23! 2>H7>30@!
B80A>7>140DP! 4>1F2@4>A! 3C0! 17D0D! ?G! 3H?!dh! 7>@! dj! 9078! ?F@! A48FD! HC?! C7@! E00>!
87B0@!7G308!HC41C!3C09!G?2>@!3C06D0F50D!@?2EF9!E28@0>0@LQhh!
!
%C0D0!780!7!\2D3!7!G0H!0/76BF0D!?G!3C0!2>E0787EF0!7>@!F4>A084>A!1?>D0X20>10D!?G!
3C0! B?D3! 0F0134?>! D0/27F! 54?F0>10! 3C73! H43>0DD0D! H080! 1?287A0?2D! 0>?2AC! 3?!
801?2>3! 7>@! 0/BF74>! 3?! 3C0! )?664DD4?>L! %C0D0! D760! 541346D! ?G! A7>A! 87B0DP!
6234F734?>P! =#;l(#JDP! 7E7>@?>60>3P! BD91C?F?A417F! 387267P! C?60F0DD>0DDP! F?DD!
?G! B8?B0839P! 7>@! 54?F0>10O4>@210@! B?50839!780! 4>! 7! D3730! ?G! 23308! 64D089P! G00F4>A!
4D?F730@! 7>@! F?>0F9L! $?60! D34FF! 780! 4>! 1?>D37>3! 1?>3713! H43C! 3C4D! )?664DD4?>[D!
BD91C?F?A417F!1?2>D0FF?8!HC?!7DD4D30@!3C06!HC0>!3C09!DB?W0!3?!43D!4>50D34A73?8D!
7>@!30D34G40@!E0G?80!3C0!)?664DD4?>L!'283C086?80P!7!12F3280!?G!@4D382D3!4>!D3730!
D0128439! 7A0>140D! C7D! E00>! C04AC30>0@! >?H! 3C73! 3C048! 8?F0! 7D! B08B03873?8D! 4D!
6?80!H4@0F9!W>?H>L!%C4D!7FD?!C7D!1?>384E230@!3?!3C0!E8?7@08!12F3280!?G!46B2>439!
D288?2>@4>A!0F0134?>!80F730@!54?F0>10!4>!Y0>97!D4>10!3C0!deeRDL!'283C086?80P!43!
607>D!3C73!541346D!?G!D0/27F!54?F0>10!780!>?H!B8?E7EF9!050>!F0DD!F4W0F9!3?!80B?83!
3C0! 18460D! 7A74>D3! 3C06! A450>! 3C0! 80DB?>D0! 3C09! 8010450@! G8?6! D?60! ?G! 3C0!
D0128439!7A0>140D!HC41C!H080!D2BB?D0@!3?!C0FB!3C06!873C08!3C7>!73371W!?8!7E2D0!
3C06L!
!
,?E454345@?8G!8?A!%1B8G!)D8GG1?B1E!4@!-1EC@?A5?B!4@!+1038G!<5@G1?21!
&3C08!673308D!7GG0130@!3C0!B8?F4G08734?>!?G!D0/27F!54?F0>10!7G308!3C0!QRRS!0F0134?>P!
1?2BF0@! H43C! 3C0! D0064>AF9! 0>@F0DD! DB807@! ?G! B?D3! 0F0134?>! 54?F0>10! 4>! A0>087FP!
3C080E9!1?>384E234>A!3?!7!F78A0!!7>@!2>>010DD789!>26E08!?G!@073CD!7>@!4>\2840DP!
4>1F2@4>A!4>\2840D!80D2F34>A!G8?6!D0/27F!54?F0>10L!
!
(D!60>34?>0@!0FD0HC080!4>!3C0!)?664DD4?>[D!80B?83P!3C0!@0F79!E9!A?508>60>3!4>!
80DB?>@4>A! 3?! 3C0! 54?F0>10! HC0>! 43! E0A7>P! 3C0! G74F280! 3?! 7>3414B730! 43P! 3C0!
7@64DD4?>! E9! ?GG4108D! 4>! 3C0! B2EF41! 7@64>4D38734?>! 7>@! D0128439! G?810D! ?G! E04>A!
?508HC0F60@P! 7>@! 3C048! F71W! ?G! 1??8@4>734?>! 4>! @07F4>A! H43C! 3C0! 54?F0>10P! 7FF!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+&&
!<00!140!10:1!H3A!0:!6A5!:1610H0A1:!3?!MC!$*B!MC!$,B!6A5!140!:1610H0A1!16X0A!K>!140!M[RQV!!A#0:1!96132:!3A!%*!
Z8L>!+**)!;43!50=!505!:40!5!5!A31!;6A1!13!K0!J621!3?!140!4062!A9:"!
+(' !

!
607>3! 3C73! F7H! 7>@! ?8@08! 4>1807D4>AF9! E8?W0! @?H>P! 3C080E9! 4>5434>A! 7! G283C08!
DB807@!?G!54?F0>10P!4>1F2@4>A!D0/27F!54?F0>10L!(D!3C0!B8?B8403?8!?G!3C0!:0BB08!%800!
*0D37287>3! 4>! +7457DC7! >?30@P! 54?F0>10! 64AC3! C750! E00>! 1?>38?FF0@! 4G! D0128439!
C7@! E00>! 0>C7>10@! 7D! 43! H7D! 4>! I4FA4F! 3?H>! HC080! 3C080! H7D! 7! C0759! 7869!
B80D0>10L!%C4D!1?>387D30@!H43C!>04ACE?284>A!+7457DC7!7>@!+7W282P!HC080!3C080!
H7D! >?! 4>30850>34?>! ?G! D0128439! 7A0>3D! F07@4>A! 3?! 7! 80D2F34>A! G800OG?8O7FF! ?G!
2>1?>38?FF0@!54?F0>10L!%C0!1?>D0X20>3!DB4FF?508!?G!3C0!F71W!?G!A?508>60>3!1?>38?F!
67>4G0D30@! 4>P! 8?7@EF?1WDP! F71W! ?G! D0128439P! 7>@! F71W! ?G! 387>DB?83P! 7FF! ?G! HC41C!
W0B3! 541346D! ?G! D0/27F! 54?F0>10! G8?6! A0334>A! 3460F9! 60@417F! 1780L! '283C086?80P!
3C4D! C7@! 7! DB4FF?508! 0GG013! 4>! 3C73! 67>9! 60@417F! D37GG! B08D?>>0F! H080! 2>7EF0! 3?!
A03! 3?! H?8WP! 3C080! H080! >?3! 0>?2AC! 3874>0@! 4>@454@27FD! 3?! 7DD4D3! 541346DP! 7>@!
@82AD!?G30>!H080!4>!DC?83!D2BBF9L!!
!
#>! 7@@434?>P! 3C0! F71W! ?G! 7! 1??8@4>730@! A?508>60>3! B?F419P! HC03C08! 7A8004>A! 3?!
W00B!D9D3067341!G4A280D!1?>108>4>A!17D27F340D!7>@!4>14@0>10D!?G!D0/27F!54?F0>10!
873C08! 3C7>! 4A>?84>A! 43P! 7D! H0FF! 7D! >?3!1?662>41734>A! 4>D382134?>D! 3?! C?DB437FD!
7>@! 1434V0>D! 3C73! 60@417F! G00D! C7@! E00>! H7450@P! 607>3! 3C73! D?60! 541346D! ?G!
D0/27F!54?F0>10!HC?!1?2F@!C750!8010450@!60@417F!7330>34?>!@4@!>?3!@?!D?!E0172D0!
3C09!3C?2AC3!3C09!H?2F@!C750!3?!B79!H43C!6?>09!3C09!@4@!>?3!C750L!
!
#>! DB430! ?G! 3C0! 7E?50P! 67>9! 4>D343234?>D! HC?! C7@! >?! ?GG4147F! 80DB?>D4E4F439! 3?!
7DD4D3! 541346D! ?G! B?D3O0F0134?>! D0/27F! 54?F0>10! ?GG080@! 4>57F27EF0! C267>437847>!
7DD4D37>10L! %C0! )?664DD4?>! 8010450@! 054@0>10! ?G! 3C0! 80678W7EF0! H?8W! ?G! 3C0!
Y0>97! *0@! )8?DD! $?14039P! -w@014>D! $7>D! '8?>34x80DP! 3C0! +748?E4! <?60>[D!
=?DB437FP! 7! >26E08! ?G! 1C281C0DP! ?8A7>4V734?>D! HC?! 1760! 3?! 30D34G9! 7>@! ?3C08D!
7E?23!HC41C!3C0!)?664DD4?>!D34FF!679!E0!2>7H780L!$?60!?G!3C0D0!A8?2BD!D21C!
7D! 3C0! Y0>97! *0@! )8?DD! B8?54@0@! G48D3! 74@P! 30>3DP! G??@P! 1F?3C4>A! 7>@! C0FB0@!
D28545?8D!802>430!H43C!3C048!G764F40DP!HC4F0!?3C08DP!D21C!7D!3C0!+748?E4!<?60>[D!
=?DB437F!D0850@!7D!7!G8?>3!F4>0!G714F439P!HC41C!A750!60@417F!1780!7>@!BD91C?F?A417F!
D2BB?83! 3?! 541346D! ?G! D0/27F! 54?F0>10! 7>@! 0>A7A0@! 4>! G2>@874D4>A! D?! 3C73! 3C09!
1?2F@!?GG08!3C048!D085410D!3?!541346D!G?8!G800L!

+(( !

!
(D4@0!G8?6!3C0!7E?50!7>@!3C0!)?664DD4?>[D!@0D480!3?!@4A!@00B!4>3?!3C0!C?884G94>A!
7>@! F4G0! 7F3084>A! D0/27F! 54?F0>10! 3C73! 7GG0130@! Y0>97>! H?60>! 7D! H0FF! 7D! D?60!
60>P!3C0!)?664DD4?>! 43D0FG! H7D! 1C7FF0>A0@! D39640@! E9! 7! >26E08!?G! G713?8DL!K9!
@0G4>434?>P! 43D! H?8W! @0B0>@0@! ?>! 3C0! 4>G?86734?>! 3C73! 541346D! 7>@! 4>D343234?>D!
H080!H4FF4>A!3?!DC780L!=?H0508P!G?8!3C0!807D?>D!60>34?>0@!078F408P!67>9!H?60>!
7>@! 60>! @4@! >?3! H7>3! 3?! DB07W! 7E?23! HC73! C7@! C7BB0>0@! 3?! 3C06! 043C08! 4>!
B2EF41! ?8! B845730! HC03C08! E0172D0! ?G! DC760P! G078P! @4D382D3! ?G! 723C?84340D!
4>1F2@4>A! 2DP! 3C048! 4>7E4F439! 3?! 4@0>34G9! B08B03873?8DP! ?8! 4>! 1?>387D3! E0172D0! ?G!
B?DD4EF0! 8037F4734?>! E9! 3C?D0! HC?! C7@! 73371W0@! 3C06P! 4>1F2@4>A! B0?BF0! HC?6!
3C09! W>0HL! &3C08D! HC?! C7@! >0508! 8010450@! 60@417F! 3807360>3! ?8! 1?2>D0FF4>A!
H?8840@! 7E?23! E04>A! 38726734V0@! 7A74>! 4G! 3C09! DB?W0! ?G! HC73! C7@! C7BB0>0@! 3?!
3C06L! .50>! D?60! 4>@454@27FDP! HC?! H080! 1?287A0?2D! 0>?2AC! 3?! 1?60! G?83CP!
D?603460D! E8?W0! @?H>! 4>! 3C0! 1?28D0! ?G! 30D34G94>AL! $34FF! ?3C08D! @4@! >?3! H7>3! 3?!
A450! 054@0>10! E0172D0! ?G! 12F3287F! D0>D43454340D! 3C73! 4>1F2@0@! @4D12DD4>A! 87B0! 4>!
B2EF41L! ! (! 17D0! 4>! B?4>3! 4D! -?6E7D7P! HC080! 541346D! G0780@! 3C73! 3C09! 1?2F@! E0!
DC2>>0@! 7>@! ?D38714V0@! E9! 3C048! 1?662>4340D! G?8! C754>A! F?D3! 3C048! 548A4>439!
E0G?80! 678847A0L! ! %C0! )?664DD4?>! 7FD?! G710@! F?A4D3417F! B8?EF06D! 4>! G4>@4>A!
541346D! 0DB0147FF9! 3C?D0! HC?! C7@! GF0@! 3?! ?3C08! 7807D! ?8! C7@! F0G3! G?8! 2>W>?H>!
BF710D!7G308!D?60!#J:!176BD!H080!1F?D0@!HC0>!A?508>60>3!E0A7>!43D!`&B08734?>!
*2@4! +926E7>4a! 80D033F060>3! B8?A876L! '283C086?80P! A450>! 3C0! F46430@! 3460! H0!
C7@!3?!1?FF013!054@0>10!7E?23!D0/27F!54?F0>10!G8?6!541346DP!3C0!)?664DD4?>!@4@!
>?3!C750!0>?2AC!3460!3?!5084G9!HC03C08!D?60!?G!HC73!H7D!C078@!H7D!DB014G417FF9!
80F730@!3?!B?D3O0F0134?>!54?F0>10!?8!B783!?G!?3C08!18460D!?23D4@0!3C0!)?664DD4?>[D!
67>@730P! 7>! 4DD20! 3C73! H7D! 1?6B?2>@0@! E0172D0! 6?D3! 541346D! @4@! >?3! 80B?83!
7E?23! 3C0!D0/27F!54?F734?>D! 3C73! 3C09!D2GG080@!7>@!6?D3!@4@! >?3!8010450!60@417F!
3807360>3P! *0B?83D! ! H?2F@! C750! E00>! 7! 607>D! ?G! 5084G94>A! 3C048! 054@0>10L! (!
G283C08!4DD20!H7D!3C73!6?D3!H?60>!C7@!F433F0!?8!>?!4>G?86734?>!7E?23!HC73!3?!@?!
?8!HC080!3?!A?!3?!80B?83!54?F734?>D!7A74>D3!3C06P!D?603C4>A!1?6B?2>@0@!E9!3C0!
80DB?>D0!?G!3C0!B?F410!7>@!4>@4GG080>10!4G!>?3!C?D34F439!3?!541346D!E9!1?662>4340D!
3C06D0F50DL!
!

+(, !

!
"0A7F! 4DD20D! 784D4>A! G8?6! D0/27F! 54?F0>10! 4>! 1?>GF413! D432734?>D! 7FD?! B80D0>3!
7>?3C08!D03!?G!1C7FF0>A0D!4>!3086D!?G!7BB8?B84730!80DB?>D0D!E9!A?508>60>3!7>@!
?3C08DL! %C080! 4D! 7! A0>087F! 7A80060>3! 3C73! D0/27F! 54?F0>10! C7D! E00>! 2D0@! 7D! 7!
H07B?>!?G!H78!4>!6?D3!1?>GF413!D432734?>DL!<C4F0!Y0>97!C7D!8734G40@!7!>26E08!?G!
3807340D!B8?C4E434>A!54?F0>10!7A74>D3!H?60>P!43!043C08!C7D!>?3!4>1?8B?8730@!3C06!
4>3?! 43D! F7HD! ?8! 7130@! ?>! 3C?D0! B783D! ?G! 3C0! F7H! 3C73! 80GF013! 3C06! 4>1F2@4>A!
)C7B308!;!?G!3C0!)?>D343234?>!?8!3C0!$0/27F!&GG0>10D!(13!?G!QRRjL!&3C08D!DB07W!
7E?23! ?3C08! 7807D! HC080! 3C080! 4D! 7>! 7FF0A0@! F0A7F! F712>7! 1?>108>4>A! (#J$! 7>@!
G764F9! B8?30134?>P! 7807D! HC080! E4FFD! B0>@4>A! E0G?80! :78F4760>3! 679! 7DD4D3L!
=?H0508P! 3C0! )?664DD4?>! 4D! >?3! ?G! 3C0! ?B4>4?>! 3C73! D0/27F! 54?F0>10! D30664>A!
G8?6!3C0!B?D3!0F0134?>!E807W@?H>!?112880@!E0172D0!?G!2>80D?F50@!F0A7F!673308DL!
*73C08! 43! 4D! 3C0! 80D2F3P! 4>! B783P! ?G! 3C0! G74F280! 3?! 0>G?810! F7HD! 3C73! C750! 7F807@9!
E00>!B7DD0@!E9!:78F4760>3L!
!
!
-12@771?A845@?E!
(D!7!80D2F3!?G!3C0!)?664DD4?>[D!G?12D!?>!3C0!D0/27F!54?F0>10!D30664>A!G8?6!3C0!
B?D3!0F013?87F!54?F0>10!G?FF?H4>A!3C0!QRRS!0F0134?>P!43!801?660>@D!3C0!G?FF?H4>AM!
#>! 3C0! 1?28D0! ?G! 43D! 4>X24840DP! 3C0! )?664DD4?>! G?2>@! 3C73P! 7F3C?2AC! 3C0!
A?508>60>3! C?DB437FD! C7@! 0D37EF4DC0@! I0>@08! ;4?F0>10! *01?5089! )0>308D!
]I;*)D^! ?GG084>A! G800! 60@417F! D085410D! 3?! 541346D! ?G! D0/27F! 54?F0>10P! 541346D! ?G!
D0/27F! 54?F0>10! 6?D3F9! @4@! >?3! W>?H! 3C09! 0/4D30@L! =0>10P! 73! 3C0! 64>4626! 3C0!
)?664DD4?>! 37W0D! 3C0! 540H! 3C73! 1434V0>D! DC?2F@! E0! 4>G?860@! 7E?23! 3C06! 4>!
7H780>0DD! 176B74A>DP! D?603C4>A! 3C73! 4D! A?4>A! ?>! 7F807@9! 4>! BF710D! F4W0!
-?6E7D7!7>@!HC41C!H4FF!>00@!3?!E0!80BF41730@!4>!?3C08!B783D!?G!3C0!1?2>389L!!
%C0!)?664DD4?>! 7FD?! E0F4050D! 3C080! 7!>00@! 3?! 0D37EF4DC! I;*)D! 7D! @0B78360>3D!
4>!05089!B2EF41!C?DB437F!H43C!3C048!?H>!D37GGP!G714F4340DP!7>@!E2@A03L!)2880>3F9P!3C0!
I;*)D! G7FF! 2>@08! ?3C08! @0B78360>3D! 7>@! 80F9! ?>! 3C06! G?8! G2>@4>A! 7D! H0FF! 7D!
B08D?>>0FP! D?603C4>A! 3C73! C7D! 80@210@! 3C048! B8?64>0>10! 7>@! 7E4F439! 3?! B8?54@0!
D085410DL!
!

+() !

!
#>! 7@@434?>P! H43C! D?60! 80D085734?>DP! 3C0! )?664DD4?>! B8?B?D0D! 3C0! 180734?>! ?G!
A0>@08!2>43lD0134?>D!H43C4>!05089!B?F410!D3734?>!HC080!541346D!?G!D0/27F!54?F0>10!
17>! E0! 380730@! H43C! D0>D4345439! 7>@! HC080! 3C048! 17D0D! H4FF! E0! B8?B08F9! 801?8@0@!
7>@! 4>50D34A730@L! )2880>3F9!3C0! 0/4D34>A! 2>43D! 780! F46430@! 7>@! @?! >?3! 0>374F! 7>9!
6?80!3C7>!C754>A!7!G067F0!?GG4108!7574F7EF0!3?!@07F!H43C!G067F0!541346DL!=?H0508P!
G?8! 7>9! D21C! 2>43! 3?! E0! 0GG013450! H?2F@! 80X2480! 7! 1?6BF030! 1C7>A0! 4>! 733432@0!
H43C4>! 3C0! D0128439! G?810D! 3C06D0F50DP! 4>1F2@4>A! 3C0! B?F410L! %874>4>A! 3C0! B?F410!
C?H! 3?! C7>@F0! 17D0D! ?G! D0/27F! 54?F0>10! 7>@! 4>! G48D3! 74@! H?2F@! E0! ?G! 2D0! ?>F9! 4G!
601C7>4D6D! G?8! 711?2>37E4F439! H43C4>! 3C0! D0128439! G?810D! 3C06D0F50D! 780!
0D37EF4DC0@! 7>@! 7130@! 2B?>L! (3! 3C0! 5089! F07D3P! 3C4D! H?2F@! 4>1F2@0! B?F410! 7>@!
?3C08! D0128439! B08D?>>0F! E04>A! D05080F9! B2>4DC0@! G?8! B08B038734>A! 18460D! ?G!
D0/27F! 54?F0>10! 7>@! E04>A! @4D64DD0@! 4G! 3C09! 64DC7>@F0@! 541346D! ?G! D0/27F!
54?F0>10L! #>! DC?83P! >0H! 2>43D! H43C?23! >0H! B73308>D! ?G! E0C754?28! 7>@! >0H!
D7>134?>D!H?2F@!E0!23308F9!2D0F0DDL!
!
%C0! )?664DD4?>! 7FD?! 0>1?287A0! +?>OI?508>60>37F! &8A7>4V734?>D! ]+I&D^!
H?8W4>A! 4>! 3C0! C07F3C! D013?8! 3?! B783>08! H43C! 60@417F! 4>D343234?>D! 7>@! DC780!
4>G?86734?>!3?!0>D280!7!DH4G308!7>@!46B8?50@!80DB?>D0!3?!D0/27F!54?F0>10L!!
%C0!)?664DD4?>!1?>D4@08D!3C080!4D!F?H!F050F!?G!7H780>0DD!7E?23!3C0!B?DD4E4F439!?G!
C0FB! 3C73! 541346D! ?G! D0/27F! 54?F0>10! 17>! 8010450L! '283C08P! 3C080! >?! B80DD280! ?>!
3C0! B783! ?G! F7H! 0>G?81060>3! 3?! @?! 3C0! 84AC3! 3C4>A! HC0>! @07F4>A! H43C! 17D0D! ?G!
D0/27F! 54?F0>10L! %C0! )?664DD4?>P! 3C080G?80P! 801?660>@D! 3C0! 0D37EF4DC60>3P!
2>@08! Y0>97>! F7HP! ?G! 3C0! ?GG410! ?G! 87BB?83028! ?>! D0/27F! 54?F0>10L! %C0!
80DB?>D4E4F439! ?G! 3C0! 87BB?83028! H4FF! E0! 3?! C4ACF4AC3P! ?>! 7! 1?>34>2?2D! E7D4DP! 3C0!
G713! 3C73! D0/27F! 54?F0>10! 4D! 7! D084?2D! 18460! 7>@! >00@D! 7>! 0X27FF9! D084?2D!
80DB?>D0!?>!3C0!B783!?G!F7H!0>G?81060>3!723C?84340DL!%C0!87BB?83208!DC?2F@!C750!
7>!7BB8?B84730!D37GG!3?!7DD4D3!4>!3C0!@4D1C78A0!?G!3C0!G2>134?>D!?G!3C0!?GG410L!%C0!
87BB?83208!DC?2F@!E0!80X2480@!7>@!06B?H080@!3?!H?8W!H43C!0/4D34>A!A?508>60>3!
4>D343234?>D! 3C73! 7@@80DD! D0/27F! 54?F0>10P! 4>1F2@4>A! 3C0! 1?283DP! 3C0! B?F410P! 7>@!
3C0! +734?>7F! )?664DD4?>! ?>! I0>@08L! %C0! 87BB?83028! DC?2F@! E0! 80X2480@! 3?!
B80D0>3P!?>!7>!7>>27F!E7D4DP!7!80B?83!3?!3C0!+734?>7F!(DD06EF9P!?23F4>4>A!7!540H!
?>!C?HP!@284>A!3C0!9078P!17D0D!?G!D0/27F!54?F0>10!H080!C7>@F0@L!!

+(- !

!
%C73!D74@P!4>!7FF!D?140340D!D0/27F!54?F0>10!7>@!C?H!43!4D!C7>@F0@!4D!80GF013450!?G!3C0!
E8?7@08! D?147F! 7>@! B?F43417F! 12F3280L! #>! Y0>97P! 3C0! 4DD20! C7D! E00>! 67A>4G40@!
E0172D0! ?G! 3C0! @4GG2D4?>! ?G! 0F013?87F! 54?F0>10! D4>10! 3C0! deeRDL! =0>10P! ?8@4>789!
1434V0>DP!4>1F2@4>A!H?60>!E23!7FD?!60>!C750!E00>!541346D!?G!3C0!17>>?>!G?@@08!
?G! 54?F0>10! B08B038730@! E9! B?F434147>DL! ;4?F0>10! 7D! 7! HC?F0! 1?>D0X20>3F9! C7D!
A8?H>! 2>1C01W0@P! C7D! E01?60! 4>1807D4>AF9! @4DB08D0@P! 7>@! 4D! 7! B8?@213! ?G! 7!
F78A08! E807W@?H>! ?G! ?8@08! 7>@! F7HF0DD>0DD! 3C73! 1760! 3?! 7! C07@! 7G308! 3C0! QRRS!
0F0134?>L!#>!3C4D!1?>30/3P!3C0!)?664DD4?>!H7D!@4D6790@!7>@!DC?1W0@!3?!C078!4>!
A87BC41! @0374F! 7E?23! 3C0! 2>DB07W7EF0! C?88?8D! ?G! D0/27F! 54?F0>10! 54D430@! ?>! 3C0!
H43>0DD0D!HC?!DB?W0!3?!43!7D!H0FF!7D!3C0!67>9!H?60>!7>@!A48FD!7>@!3C0!60>!7>@!
E?9D!HC?!@4@!>?3L!K23P!4>!3C0!0>@!3C0!)?664DD4?>!H7D!7FD?!>?3!D28B84D0@!7D!3C0!
D0/27F! 54?F0>10! 7G308! 3C0! 0F0134?>! H7D! \2D3! ?>0! 6?80! 2>DB07W7EF0! 7DB013! ?G! 3C0!
54?F0>10! 3C73! 0>A2FG0@! Y0>97! G?FF?H4>A! 3C0! QRRS! 0F0134?>! 7>@! 1?2F@! @?! D?! 7A74>!
2>F0DD!1C01W0@!4660@4730F9L!!
!

+,* !

!
)>#;"&-!+&<&*!
,?419?8GG:!K5ECG821A!;19E@?E!
,?49@A3245@?!
%C0!B?4>3!?G!@4D12DD4>A!3C0!BF4AC3!?G!#>308>7FF9!J4DBF710@!:08D?>D!]#J:D^!C080!4D!
3?!67W0!801?660>@734?>D!3?!B8?6?30!7>@!0>C7>10!3C048!G23280!B8?30134?>L!#J:D!
C750! E00>! @0G4>0@! 7DP! `@$)+&'+! &)! B)&-@+! &?! @$)+&'+! =5&! 5*A$! #$$'! ?&)4$(! &)!
&#,:B$(!.&!?,$$!&)!,$*A$!.5$:)!5&<$+!&)!@,*4$+!&?!5*#:.-*,!)$+:($'4$6!:'!@*).:4-,*)!*+!
*! )$+-,.! &?! &)! :'! &)($)! .&! *A&:(! .5$! $??$4.+! &?! *)<$(! 4&'?,:4.6! +:.-*.:&'+! &?!
B$'$)*,:+$(!A:&,$'4$6!A:&,*.:&'!&?!5-<*'!):B5.+!&)!'*.-)*,!&)!5-<*'7<*($!(:+*+.$)6!
*'(!=5&!5*A$!'&.!4)&++$(!*'!:'.$)'*.:&'*,,%!)$4&B':+$(!+.*.$!#&)($)NiW/!!
#J:D!780!3C0!C267>!G710!?G!3C0!B8?EF06!172D0@!E9!:.;L!!%C0!0/30>3!3?!HC41C!3C0!
B8?EF06! 4D! ?8! 4D! >?3! 7@@80DD0@! H4FF! E0! 3C0! E78?60308! E9! HC41C! 3C0! A?508>60>3!
H4FF! E0! \2@A0@! 4>! 7@@80DD4>A! B8?EF06D! 7>@! 0GG013D! ?G! :.;L! ! ! =0>10P! HC080!
B?DD4EF0!3C0!)?664DD4?>!54D430@!#J:!176BD!7>@!37FW0@!3?!#J:D!DB014G417FF9!7E?23!
3C048! B8?EF06D! 7>@! 0/B0840>10DL! ! ! -?80?508P! 6?D3! ?G! 3C0! H43>0DD0D! HC?!
4>3087130@!H43C!3C0!)?664DD4?>!C7@!D?60!0/B0840>10!H43C!D?60!G?86!?8!?3C08!?G!
@4DBF71060>3! C0>10! 3C0! 46B?837>10! ?G! 7@@80DD4>A! 3C0! 4DD20L! ! ! %C0! )?664DD4?>!
H0>3!?23!?G!43D!H79!3?!C078!3C0!054@0>10!G8?6!80D4@0>3D!?G!#J:!176BD!7>@!?3C08D!
HC?! H080! @4DBF710@L! =?H0508P! A450>! 3C0! 67>@730! ?G! 3C0! )?664DD4?>P! 43D! D1?B0!
H7D!F46430@!3?!#J:D!G8?6!3C0!:.;L!
!
%C0! )?664DD4?>! H7D! 67@0! 7H780! ?G! 3C0! G713! 3C73! 4>308>7F! @4DBF71060>3! C7D!
E00>! 7! B0867>0>3! G073280! ?G! Y0>97! C4D3?89! G8?6! 1?F?>47F! 3460D! ?>H78@DL!!
$37834>A! H43C! 3C0! 054134?>! ?G! >73450D! G8?6! 3C048! 7>10D387F! F7>@! 3?! 67W0! H79! G?8!
D033F08D! 4>! 1?F?>47F! Y0>97! 3?! 8010>3! 54?F0>3! 054134?>D! 711?6B7>94>A! 3C0! deeQP!
deeS! 7>@! QRRQ! 0F0134?>P! #J:D! C750! E00>! 7! 1?>D37>3! G073280! ?G! 3C0! 1?2>389[D!
B?F43417F!F7>@D17B0L!!.50>!E0G?80!3C0!QRRS!I0>087F!.F0134?>D!3C080!H7D!7F807@9!7!
B8?EF06!?G!B?B2F734?>!@4DBF71060>3!7D!7!80D2F3!?G!3C0!G?FF?H4>A!G713?8D!76?>AD3!
?3C08DM!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+&'
!c26A=!:!S0A9B!G40!_8!5!A9!R2!A=!JL0:!3A![A102A6L!S!:JL6=0H0A1:U!QgMP"&g$--)g'%g7SS"!$B!c0K2862>!$$"!P0;!W32XB!
PWU!aA!105!P61!3A:B!P0;!W32XB!aA!105!P61!3A:!!

+,$ !

!
]7^ ! :80O0F0134?>!54?F0>10!4>!-?F?!@4D38413LQhj!
!
]E^ K?8@08! 7>@! F7>@! @4DB230D! 4>! BF710D! F4W0! 3C0! $?>@2! HC41C! 4D! 3C0!
1?>GF20>10! ?G! 3C800! @4D38413Dc! +976487P! +97>@?! 7>@! Y0841C?!
?112B40@!E9!3C0!Y4D44P!"2?!7>@!Y4BD4A4D!80DB013450F9LQhS!
!
]1^ )733F0! 82D3F4>A! 7>@! E7>@4389! 4>! 3C0! :?W?3l%87>D>V?47P!
%87>D>V?47l-787WH03!J4D38413!E?8@08L!
!
]@^ +73287F!@4D7D308D!D21C!7D!@8?2AC3!4>!F78A0!B783D!?G!+?83C08>!Y0>97!
3C73! ?G30>! F07@! 3?! 1?>GF413D! ?508! >73287F! 80D?2810D! F4W0! H7308!
F07@4>A!3?!@4DBF71060>3LQhf!
%C0D0! 62F34BF0! 172D0D! ?G! @4DBF71060>3! 67W0! 43! 5089! @4GG412F3! 3?! 1?60! 2B! H43C!
71128730! D3734D341D! 1?>108>4>A! 172DD! ?G! @4DBF71060>3P! A0>@08P! 7A0P! D?147F! 7>@!
01?>?641! D37>@4>AL! %C4D! 67W0D! 43! @4GG412F3! G?8! E?3C! 3C0! A?508>60>3! 3?! @054D0!
1?6B80C0>D450! B?F4140D! 7>@! 4>30850>34?>D! 3?! @07F! 0GG013450F9! H43C! #J:DL!!!
(11?8@4>A!3?!3C0!A?508>60>3!3C080!H080!gbRPRRR!B08D?>D!@4DBF710@!7D!7!80D2F3!?G!
:.;!7G308!3C0!QRRS!0F0134?>DLQhe!
$?60! ?G! 3C0D0! 7F807@9! 0/4D34>A! 172D0D! ?G! B?B2F734?>! @4DBF71060>3! H080!
0/7108E730@!E9!3C0!:.;L!!(!B783412F78F9!@4D328E4>A!G073280!?G!3C0!:.;!E8?2AC3!3?!
?28!7330>34?>!4D!3C73!D?60!?G!3C0!#J:D!C750!D2GG080@!D2110DD450!@4DBF71060>3D!7D!
7!80D2F3!?G!B8054?2D!0F0134?>!80F730@!54?F0>10L!$05087F!H43>0DD0D!30D34G40@!3C73!3C09!
C7@!D2GG080@!62F34BF0!054134?>D!4>!deeQP!deeSP!QRRQ!7>@!QRRSL!
!
&041?4!@H!K5ECG82171?4!-1E3G45?B!(9@7!4D1!RSST!&G1245@?!-1G841A!<5@G1?21!!
%C0! )?664DD4?>! 3?280@! 5784?2D! C?3DB?3D! ?G! 54?F0>10! 7>@! #J:! 176BD! 3?! A03! 7!
G48D3C7>@! 540H! ?G! 3C0! 0/30>3! ?G! @4DBF71060>3! 7D! H0FF! 3?! C078! G8?6! 3C0! #J:D!
3C06D0F50DL! ! <0! C078@! 30D346?>9! ?G! 7DB013D! ?G! GF4AC3! 7>@! @0B783280! 7>@! 3C0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+&(
!Q#!50A=0!3?!I!?1!V6LL0>!RMB!T346HH05!P332"!G4020!;020!:X!2H!:405!20J32105!!A!@820:3!!S!#!:!3A!3?!T3L3!S!:12!=1!
!A!7898:1!+**,"!
+&,
!C!L:3A!Pb096B!SM!@02!=43"!
+&)
!G0:1!H3A>!3?!T346HH05!P332"!!!!
+&-
!c26A=!:!@!H0H!6B!R02H6A0A1!<0=20162>!!A!=46290!3?!R23#!A=!6L!75H!A!:1261!3A!6A5![A102A6L!<0=82!1>B!e??!=0!3?!140!
R20:!50A1B!Q.4!K!1!&7"!!
+,+ !

!
D382AAF0D! 0>@280@! 73! 3C0! 176BDL! ! #3! H7D! D7@F9! 1F078! 3?! 3C0! )?664DD4?>! 3C73!
4>308>7F!@4DBF71060>3!7D!7!G?86!?G!54?F0>10!C7D!E00>!7!B0867>0>3!G073280!?G!3C0!
1?>GF413D!4>!Y0>97!3C73!C750!711?6B7>40@!3C0!387>D434?>!G8?6!7!D4>AF0!B7839!3?!7!
62F34!B7839!D9D306L!!!
!
%C0!0F0134?>!80F730@!deeQ!7>@!deeS!`03C>41a!1F7DC0D!80D2F30@!4>!@4DBF71060>3!?G!
3C?2D7>@D!?G!B0?BF0L!!(11?8@4>A!3?!3C0!Y4F4W2!*0B?83P!7>!0D346730@!bhPRRR!B0?BF0!
H080! @4DBF710@! 4>! 3C0! deeQ! 1F7DC0DLQbR! ! %C0! _2D3410! (W4H264! F0@! )?664DD4?>P!
HC41C! H7D! 7BB?4>30@! 4>! deef! 3?! 4>X2480! 4>3?! 3C0! 384E7F! 1F7DC0D! 3C73! 8?1W0@! 3C0!
1?2>389! D4>10! deed! @4@! >?3! 67W0! 7>9! G4>@4>AD! 7D! 3?! 3C0! >26E08! ?G! B08D?>D!
@4DBF710@!7D!7!80D2F3!?G!3C0!1F7DC0D!043C08!4>!deeQ!?8!deeSLQbd!
!
%C0! 4>308>7F! @4DBF71060>3D! G?FF?H4>A! 3C0! H4@0DB807@! 54?F0>10! 3C73! C43! 3C0!
1?2>389! 7G308! 3C0! 7>>?2>1060>3! ?G! 3C0! QRRS! B80D4@0>347F! 0F0134?>! 80D2F3D! H080P!
C?H0508P! 2>B8010@0>30@! 4>! 3086D! ?G! 3C0! >26E08! ?G! 541346D! 7>@! 3C0! H4@0DB807@!
>73280! ?G! 3C0! BC0>?60>?>L! <C4F0! B8054?2D! 1?>GF413D! F0@! 3?! 4>308>7F!
@4DBF71060>3D! 1?>10>38730@! 4>! 3C0! 62F34! 03C>41! 80A4?>D! ?G! <0D308>P! *4G3! ;7FF09!
7>@!)?7D3P!3C0!QRRS!:.;!80D2F30@!4>!67DD450!1?2>389!H4@0!G?810@!@4DBF71060>3DP!
HC41C!H080!28E7>!7D!H0FF!7D!8287F!4>!1?>387D3!3?!3C0!B7D3L!!!
!
;4?F0>3!7>@!D2@@0>!@4DBF71060>3!G8?6!7!BF710!?>0!1?>D4@08D!3C048!C?60!4D!?G30>!
3C0! H?8D3! G?86! ?G! F?DD! 0>374F4>AP! 7D! 43! @?0DP! 7! D0>D0! ?G! F?DD! ?G! D0FGL! ! -?D3! ?G! 3C0!
#J:D!3C0!)?664DD4?>08D!4>3087130@!H43C!C7@!>?!?3C08!C?60!7B783!G8?6!3C0!BF710!
3C09!H080!054130@L!!J4DBF71060>3!607>3!>?3!?>F9! 3C0!F?DD!?G!7!C?60!E23! F?DD!?G!
G840>@DC4BD! 7>@! ?3C08! 80F734?>DC4BDP! 01?>?641! 7>@! B08D?>7FP! E24F3! ?508! 67>9!
9078DP! @4DB08D7F! ?G! 80F73450DP! 7! F?DD! ?G! 606?840D! 3C73! 1?>D343230@! ?>0[D! E04>AL!!
%C73! 6?D3! ?G! 3C0! @4DBF71060>3! H7D! 54?F0>3! 4>! >73280! 7AA875730@! 3C0! F?DDL!!
<C730508! 4>30850>34?>D! 3C4D! )?664DD4?>! B28B?D0D! 3?! 7FF054730! 3C0! D2GG084>A! ?G!
#J:DP! 43! 80A80337EF9! 17>>?3! 67W0! 2B! G?8! 3C0! 60>37F! 7>@! BD91C?F?A417F! 387267!
7DD?14730@!H43C!@4DBF71060>3L!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+'*
@!L!X8!I0J321B!B!Q.4!K!1!$%(7"!!G4!:!?!9820!5!5!A31!!A=L850!6LL!140!5!:12!=1:!1461!;020!6??0=105!K>!140!#!3L0A=0"!
+'$
7X!;8H!!I0J321B"!!Q.4!K!1!$%&7"!!
+,% !

!
!
%C0!D2@@0>!@0B783280!7>@!GF4AC3!E9!#J:D!H7D!>010DD789!3?!B8?3013!F450DL!#>!5089!
0/10B34?>7F! E23! 4D?F730@! 17D0D! #J:D! D21100@0@! 4>! D7F57A4>A! B8?B0839! ?8! ?3C08!
57F27EF0! B?DD0DD4?>DL! ! #J:D! H080! D2E\0130@! 3?! 54?F0>10! 7>@! 4>! 0/38060! 17D0D!
606E08D!?G!G764F40D!H080!DBF43!2B!7>@!050>!7!6?3C08!F?D3!C08!1C4F@!@284>A!GF4AC3L!!!
"Ia!=*+!*!i\!%$*)!&,(!<*)):$(!=&<*'!=:.5!0!45:,()$'2!!C5$%!
=$)$!*B$(!H0!%$*)+!&,(!.&!N!s!%$*)+!&,(2!!!U5$!&):B:'*,,%!,:A$(!
:'!8:@>*)$'!*'(!=*+!*!#-+:'$++=&<*'!:'!L,(&)$.!.&='!=5:,$!
5$)! 5-+#*'(! =*+! :'! .5$! <*.*.-! #-+:'$++2! ! ! 3'! H00N6! *+! *!
)$+-,.!&?!.5$!4,*+5$+6!5$)!5&-+$!=*+!#-)'.!*'(!+5$!,&+.!*,,!5$)!
<$)45*'(:+$! *'(! #$,&'B:'B+2! ! Q$+@:.$! .5:+6! +5$! <*'*B$(! .&!
)$4&A$)! ?&)<! .5$! &)($*,! *'(! )$#-:,.! 5$)! ,:?$! &'4$! *B*:'2! ! ! 3'!
N11N! +5$! =*+! *..*4>$(! *B*:'! *'(! -'?&).-'*.$,%! 5$)! ):B5.!
5*'(!*'(!#)$*+.!=$)$!#-)'.2!!!!3'!N11X6!5$)!?*<:,%!=*+!&'4$!
*B*:'!*..*4>$(2!!!]$)!5-+#*'(!*'(!&,($)!45:,()$'!<*'*B$(!.&!
?,$$! &'4$! .5$! A:&,$'4$! #$B*'! &'! Nb.5! Q$4$<#$)! N11X2! ! U5$!
+.*%$(! #$5:'(! =:.5! 5$)! +:h!%&-'B$)!45:,()$'2!! !I.!':B5.! +&<$!
<$'!#)&>$!:'.&!5$)!5&-+$6!)*@$(!5$)! *'(!#$*.! 5$)2!!U5$! =*+!
&'4$!*B*:'!#-)'.!=5$'!.5$!)*:($)+!@&-)$(!&'!5$)!.5$!?&&(!+5$!
=*+! 4&&>:'B2! C5$! ?&,,&=:'B! (*%6! +5$! ,$?.! 5$)! 5&-+$! =:.5! 5$)!
+:h!45:,()$'!#-.!&'$!B&.!,&+.!:'!.5$!&)($*,2!!U5$!5*(!.&!=*,>!-@!
L,(&)$.! .&='! =5$)$! +5$! =*+! )$7-':.$(! =:.5! 5$)! .5)$$! $,($)!
45:,()$'2!!U5$!:+!'&=!)$+:(:'B!*.!.5$!L,(&)$.!U5&=B)&-'(!3QF!
f*<@2!
S5$'! *+>$(! =5*.! )$4&<<$'(*.:&'+! +5$! 5*(! ?&)! .5$!
B&A$)'<$'.6!Ia!+*:(m!! "S$! =&-,(!@,$*(! .&!.5$!B&A$)'<$'.! .&!
*++:+.! -+! #$4*-+$! ):B5.! '&=! =$! 5*A$! '&=5$)$! $,+$! .&! B&6! =$!
5*A$! '&.5:'B2! ! ! 3! (&'T.! 5*A$! ,*'(m! 3! (&'T.! 5*A$! *'%! <&'$%! .&!
+.*).!*!#-+:'$++2!!3!4*''&.!+-@@&).!<%+$,?!:'!*'%!=*%2!!!3!5*A$!
'&! (:)$4.:&'6! +&<$.:<$+! 3! =:+5! 3! 4&-,(! 9-+.! (:$! #-.! 3! )$<$<#$)!
.5*.!3!5*A$!45:,()$'!*'(!:?!3!(:$!3!(&!'&.!>'&=!=5&!3!=&-,(!,$*A$!
<%! 45:,()$'! =:.52! ! ;%! 45:,()$'! *)$! .5$! &'$! =5&! B:A$! <$!

+,& !

!
+.)$'B.56!.5$%!*)$!.5$!&'$!=5&!<*>$!<$!,:A$!:'!.5:+!$*).52!!!3?!3!
=*+!*,&'$!):B5.!'&=6!3!=&-,(!#$!($*(!#%!'&=2/!
!
#>! D?60! ?3C08! 17D0D! 3C0! @0B783280! ?G! 4>@454@27FD! D30660@! G8?6! 3C8073D! ?8! 3C0!
7>3414B734?>! ?G! 54?F0>10L! =?H0508P! 4>! 6?D3! 17D0D! #J:D! H080! G?810G2FF9! 054130@!
BC9D417FF9!3C8?2AC!54?F0>10!7A74>D3!3C06!7>@!3C0!@0D382134?>!?G!3C048!B8?B0839L!
!
-?D3!#J:D!F0G3!3C048!C?60D!2>@08!0608A0>19!1?>@434?>D!>?3!W>?H4>A!HC080!3?!A?!
?8!3C048!2F346730!@0D34>734?>L!#>!108374>!148126D37>10D!3C0!#J:D!F0G3!HC4F0!2>@08!
73371W! G8?6! 67872@4>A! A7>AD! ?G! 9?23CL! %C0! 6?D3! 1?66?>! @0D34>734?>! H7D! 7!
B?F410!D3734?>!?8!7@64>4D38734?>!B?F410!?8!1C40G[D!176BP!1C281C!?8!387@4>A!10>380!
HC41C!H080!1?>D4@080@!D01280L!!!&3C08!B08D?>D!4>!@4D380DD!C4@!4>!3C0!E2DC0D!7>@!
G?80D3D!2>34F!3C09!G0F3!43!H7D!D7G0!3?!B8?100@!3?!7!BF710!?G!80F73450!D7G039L!
!
%C0! )?664DD4?>! H7D! 7FD?! 3?F@! ?G! 4>D37>10D! HC080! 3C0! A0>087F! B2EF41! 7>@! 3C0!
B?F410!H080!G2FF9!4>5?F50@!4>!3C0!05712734?>!7>@!B8?30134?>!?G!#J:DL!!!#>@454@27FD!
7>@!4>D343234?>D!4>5?F50@!4>!B8?30134>A!#J:D!DC?2F@!3?!E0!1?660>@0@!D4>10!3C4D!
H7D!G872AC3!H43C!84DW!B783412F78F9!@284>A!3C0!3460!?G!4>30>D0!54?F0>10L!!(11?8@4>A!
3?!K4DC?B!)?8>0F42D!Y?848P!3C0!)73C?F41!K4DC?B!?G!.F@?803!J4?10D0c!
!222222! d3e! *+>$(! .5$! =*.45<*'! Z&?! .5$! 45-)45! 4&<@&-'(K! .&! &@$'! .5$!

(&&)! :'! 4*+$! +&<$#&(%! '$$(+! .&! #$! )$+4-$(! +&! =$! &@$'$(! .5$! (&&)!
*'(! .5$! @$&@,$! +.*).$(! 4&<:'B! :'2! 3! (:(! '&.! >'&=! .5$)$! =*+! ?:)$! *,,!
&A$)! .5$! @,*4$! +&! #%! $A$':'B! .5$)$! =*+! '&! +@*4$! 5$)$2! C5$! 45-)45!
=*+! @*4>$(! .5$%! +,$@.! :'+:($! =$! 5*(! .5$! 4,&+:'B! @)*%$)! &'! PH+.!
$A$':'B! =5:45! :+! H1! &T4,&4>! .&! <:(':B5.2! C5$)$! =*+! '&! +@*4$! ?&)! -+!
#-.! =$! +*:(! .5$! @)*%$)+! :'+:($2! C5$)$! =*+! '&! ?:B5.:'B! &-.+:($2! 2222222!
a%! H+.! dY*'-*)%e! <&)$! @$&@,$! =$)$! 4&<:'B6! N'(! .5$)$! =*+! '&! +@*4$!
5$)$!$A$'!&-.+:($2!LA$'!=5$)$!=$!=$)$!@*++:'B!.5$)$!=*+!'&!+@*4$2!
F$&@,$!>$@.!&'!4&<:'B! *'(!:.! =*+! .&-B5!#-.!:.! :+! '&=!_Q;! *'(!FVg!
222222222! dSe$! =$)$! B$..:'B! :'?&)<*.:&'6! @$&@,$! 5*(! #$$'! .)*@@$(! +&! =$!
(:(! *! ,&.!&?! $A*4-*.:&'2!S$! =$)$! $A*4-*.:'B!@$&@,$!-+:'B!&-)!,&)):$+2!
C5$! B&&('$++! :+! .5*.! .5$! $,($)+! =$)$! ,&&>:'B! *?.$)! .5$! @$&@,$!

+,' !

!
$+@$4:*,,%! *?.$)! .5:+! 45-)45! =*+! #-)'.! =:.5! @$&@,$! :'+:($2! U&! &?! .5$!
@$&@,$! 5*(! B&'$! :'! &-)! 45-)45$+! :'! .5$! :'.$):&)! @*).+! *'(! .5$! $,($)+!
4&-,(! ,&&>! *?.$)! .5$<6! ?$$(! .5$<! *'(! .5$)$! =*+! *! ?:B5.! #$.=$$'! .5$!
%&-.5+! *'(! $,($)+2! C5$! %&-.5! =*'.! .&! ?:':+5! .5$! &.5$)! B)&-@2! U&! .5$!
8*,$'9:'!$,($)+!5*(!.&!,&&>!*?.$)!.5$<2!C5$%!=$)$!)$*,,%!5*)+5!+&!=$!
5*(! .&! (&! $A*4-*.:&'! *+! ?*)! *+! F,*.$*-6! ?*)! :'! *'(! =$! =$)$! -+:'B!
&-)+$,A$+!*'(!.5$!8$'%*!J$(!f)&++!*'(!.5$!c&A$)'<$'.2! !

!
J2>17>!&W?80P!HC?!H7D!3C0!&GG4108!4>!)C78A0!?G!3C0!+7457DC7!-7/4626!:84D?>P!
4>D382130@! C4D! ?GG4108D! 3?! ?B0>! 3C0! @??8D! ?G! 3C0! B84D?>! 1?6B?2>@! ?>! gdD3!
J0106E08! QRRSP! 3?! H?60>! 7>@! 1C4F@80>! G8?6! +7457DC7! 3?H>! HC?! 1760! 7D! 7!
80D2F3!?G!3C8073D!?G!54?F0>10!8010450@L!#3!4D!46B?837>3!3?!>?30!3C73!73!3C4D!D37A0!>?!
4>14@0>3D! ?G! 54?F0>10! C7@! E00>! 80B?830@! 4>! +7457DC7! %?H>L! ! (11?8@4>A! 3?! 3C0!
H43>0DDP!3C080!H080!>?!7887>A060>3D!67@0!3?!8010450!#J:D!E23!@0DB430!3C4DP!3C0!
?84A4>7F! hR! 3?! bR! #J:DP! 6?D3F9! H?60>! 7>@! 1C4F@80>P! H080! @2F9! 711?66?@730@!
H43C4>! 3C0! B84D?>! D37GG! 17>300>! 7>@! 1C281CL! '8?6! 3C0! QS3C! _7>2789! QRRfP! 3C0!
B84D?>!E0A7>!3?!8010450!6?80!#J:$!HC?D0!>26E08!B07W0@!3?!7E?23!dRPRRR!?>!Q>@!
'0E82789! QRRfL! ! $2ED0X20>3F9P! 3C0! Y0>97! *0@! )8?DD! $?14039P! 3C0! )73C?F41!
)C281CP!-0@414>!$7>D!'8?>3408DP!<?8F@!;4D4?>!1760!3?!67W0!7>!7DD0DD60>3!7>@!
B8?54@0@!C267>437847>!7DD4D37>10L!
!
#J:D!C7@!3?!G4>@!7!D7G0!607>D!?G!387>DB?83!7D!H0FF!7D!D7G0!B7DD7A0!3?!3C0!176BDL!!
&>10!7A74>!?8@4>789!4>@454@27FD!7>@!B2EF41!?GG4108D!7130@!7@6487EF9!4>!B8?54@4>A!
D7G0!B7DD7A0!G?8!#J:DL!!&G!DB0147F!60>34?>!4D!3C0!8?F0!?G!3C0!Y0>97!(860@!'?810DP!
HC?!4>!3C048!D37323?89!@239!?G!r74@!3?!1454F47>!723C?8439aQbQ!B8?54@0@!D7G0!B7DD7A0!
E9!1F0784>A!8?7@DP!B8?54@4>A!D0128439!7>@!G08894>A!#J:D!3?!D7G0!7>@!D01280!BF710DL!
!
+144G171?4!)@?A545@?E!5?!,K;!)87CE!
%C0! #J:D! GF0@! 3?! 3C0! >0780D3! BF710D! HC41C! 3C09! 1?>D4@080@! D7G0L! %C0D0! H080!
674>F9!F?1730@!4>!1C281C0DP!387@4>A!10>380DP!1C40G[D!176BDP!7@64>4D38734?>!B?F410!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+'+
!!G0:1!H3A>!3?!_0A026L!@!6A96B!M4!0?!3?!_0A026L!<16??B!@0A>6!72H05!c32=0:B!MC!,"!

+,( !

!
176BD!7>@!B?F410!D3734?>DL!#>!67>9!7807D!3C0!176BD!4>!HC41C!3C0!#J:D!4>4347FF9!
D033F0@! H080! 3C0! D2E\013! ?G! 73371W! ?8! 3C8073D! ?G! 73371W! E9! 18464>7F! A7>AD! 7>@!
67872@4>A! 9?23CL! %C4D! BC0>?60>?>! H7D! B783412F78F9! 054@0>3! 4>! 3C0! +?83C! *4G3!
;7FF09!7>@!4>!+7W282L!!!
!
(! G283C08! 1C78713084D341! ?G! 3C0D0! 176BD! H7D! 3C73! 3C09! H080! 03C>417FF9! @454@0@!
80GF0134>A!3C0!03C>41!@454D4?>D!73!3C0!3460L!#>!+7W282P!HC0>!3C0!54?F0>10!082B30@P!
3C0!#J:D! H080!4>4347FF9!37W0>!3?! 3C0!B?F410! X278308D!73!Y7D787>4!7>@!3C0!)0>387F!
:?F410!$3734?>!7>@!3C0807G308!80F?1730@!3?!?>0!?G!3H?!176BDL!%C0!J)!30D34G40@!3C73!
HC0>! 3C0! >?>! Y4W292! #J:D! H080! 37W0>! 3?! 3C0! +7W282! ($Y! $C?HA8?2>@! )76BP!
3C09!H080!80\0130@!E9!3C0!#J:D!3C080!7>@!C7@!3?!E0!6?50@L!!J0B0>@4>A!?>!3C048!
03C>41439P!#J:D!?B30@!3?!A?!3?!?>0!?G!3H?!176BDL!%C0!"2?DP!"2C97DP!Y4D44D!7>@!7!
G0H! Y7F0>\4>! H080! 711?66?@730@! 73! 3C0! (G87C7! $37@426! #J:! 176B! HC4F0! 3C0!
6?D3F9! Y4W292! #J:D! 1C?D0! 3?! B8?100@! 3?!3C0! +7W282! ($Y! A8?2>@DL! ! &>F9! Y4D44D!
0>@0@! 2B! 4>! E?3C! 176BDL! %C0! G?8608! 176B! 1?6B84D0@! 674>F9! +7W282! 3?H>!
80D4@0>3D! HC4F0! 4>! 3C0! F73308! #J:D! 1760! 4>! G8?6! ?3C08! B783D! ?G! 3C0! *4G3! ;7FF09L!!
)?4>14@0>37FF9P!3C4D!D432734?>!6488?80@!3C0!B80574F4>A!B?F43417F!D432734?>LQbg!
!
#>! +7457DC7P! 3C0! 3H?! 674>! 176BD! 0D37EF4DC0@! H080! 7FD?! 03C>417FF9! @454@0@L! %C0!
Y0@?>A!176B!1?>D4D30@!674>F9!?G!"2?DP!"2C97D!7>@!Y7F0>\4>D!HC?!H080!674>F9!
@4DBF710@!GF?H08!G786!H?8W08D!H?8W4>A!4>!+7457DC7!HC4F0!3C0!+7457DC7!$37@426!
176B!1?>D4D30@!?G!Y4W292[D!@4DBF710@!G8?6!?3C08!B783D!?G!*4G3!;7FF09LQbh!!
!

+123954:!

#>4347FF9P! #J:! 176BD! H080! D03! 2B! ?>! 7>!*(! 5&4! E7D4D! H43C?23! 7>9! BF7>>4>AL! %C0!
G48D3! B?83! ?G! 17FF! H7D! 4>! 7807D! HC41C! H080! 1?>D4@080@! D01280! G?8! D033F060>3L!!
%C0D0! 4>1F2@0@! B?F410! D3734?>DP! 7@64>4D38734?>! 176BDP! 387@4>A! 10>380D! 7>@!
1C281C0DL! =?H0508P! E0172D0! 3C0D0! 176BD! H080! D03! 2B! 4>! 7>! *(! 5&4! G7DC4?>!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+'%
!G0:1!H3A>!3?!_3253A!e93LL6B!M46!2H6A!/6;!<3=!01>B!P6X828!M3HH!::!3A!C!1A0::!P3"!&,"!7L:3!10:1!H3A>!3?!C!L:3A!
C6A>6A96B!SM!P6X828B!MC!&&"!
+'&
Q#!50A=0!3?!/8X6:!T"!@6100BB!MC!P3"!%%!6A5!6L:3!C!LL>!/898:6B!eMRS!P6!#6:46B!MC!%&"!
+,, !

!
D0128439!D??>!E01760!7!67\?8!1?>108>P!H43C!>2608?2D!3C8073D!?G!73371W!1?64>A!
G8?6! 3C0! ?23D4@0LQbb! #FF2D3873450! ?G! 3C4D! D432734?>! 4D! 3C0! 30D346?>9! ?G! (>A0F2D!
Y78282P!3C0!&GG4108!)?667>@4>A!:?F410!J454D4?>!]&):J^!?G!.F@?803c!
"22222!(-):'B!.5$!+>:)<:+5$+!=$!=$)$!?$))%:'B!@$&@,$!?)&<!.5$!:'.$):&)!.&!
A*):&-+!F&,:4$!U.*.:&'+!*'(!45-)45$+2!!!C5$)$!=$)$!A*):&-+!3QF!f*<@+!
*.!.5$!.:<$6!=$!5*(!&'$!*.!.5$!Q:A:+:&'*,!5$*(M-*).$)+!=5:45!:+!*.!.5$!
F&,:4$! U.*.:&'6! ]&,%! ?*<:,%! f*.5&,:4! f5-)45! =$! 5*(! *'&.5$)! &'$6! U&:!
F&,:4$! U.*.:&'! .5$)$! =*+! *,+&! *'&.5$)! &'$6! 8:@>*#-+! .5$)$! =*+!
*'&.5$)! &'$! *'(! *,+&! *.! 3.$'! F&,:4$! U.*.:&'2! ! S5$'! =$! )$*,:D$(! .5*.!
.5$+$! @$&@,$! =$)$! *,<&+.! #$:'B! *..*4>$(! :'! .5$+$! 4*<@+6! .5$%!
)$M-$+.$(! .&! #$! <&A$(! .&! *! +*?$)! @,*4$! *'(! .5*.! :+! =5$'! =$! +.*).$(!
<&A:'B!.5$<!.&!&'$!4$'.)*,!@,*4$!?&)!$*+$!&?!@)&.$4.:&'2/!
!
%C0! G?8608! *4G3! ;7FF09! :8?54>147F! :?F410! &GG4108! 3?F@! 2DP! 3C0! F?17FD! 78?2>@!
Y7B37A73! H7>30@! 3?! 73371W! 3C0! #J:D! HC?! C7@! D?2AC3! D7G039! 73! Y7B37A73! :?F410!
$3734?>L!!!%C0!&)$!E8?W0!7FF!B8?3?1?F!7>@!17FF0@!3C0!::&!@48013F9!7>@!3?F@!C46P!
"I?*'($6!+$'(!<$!)$:'?&)4$<$'.6!.5$+$!@$&@,$!*)$!B&:'B!.&!>:,,!-+!5$)$2/!!!%C0!&)$!
67>7A0@! 3?! >0A?34730! H43C! 3C0! A7>AD! D288?2>@4>A! 3C0! D3734?>! HC?! 7FF?H0@! 3C0!
&)$!3?!A450!D7G0!B7DD7A0!3?!3C0!#J:D!176B0@!73!3C0!D3734?>L!
!
#J:D! 4>! 6?D3! 176BD! ?8A7>4D0@! 3C06D0F50D! 4>3?! 80B80D0>373450! 1?6643300D! 3?!
7110DD!D085410DP!D0128439!7>@!?3C08!673308DL!!!,?2>A!60>!H080!6?E4F4D0@!4>!HC73!
4D! 1?66?>F9! 80G0880@! 3?! 7D! 54A4F7>30! A8?2BD! 3?! B8?54@0! D0128439! H43C4>! 3C0!
176BDLQbj!!!(>?3C08!D0128439!B8?EF06!H7D!3C73!4>@454@27FD!HC?!C7@!3?!D00W!G??@P!
H7308!?8!?3C08!D085410D!?23D4@0!3C0!176BDL!!=080P!H0!8010450@!80B?83D!3C73!D?60!
H?60>! H080! 541346D! ?G! 54?F0>10! HC0>! 3C09! D?2AC3! G??@! ?8! H7308! ?23D4@0! 3C0!
176BLQbS!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+''
!c32!0.6HJL0B!142061!3?!6116=X:!K>!96A9:!3?!>3814!13![SR<!61!T3931!3!R3L!=0!<161!3A!6:!J02!10:1!H3A>!3?!T2!<10J40A!
[X86B!SM!T3931!3"!
+'(
!G40!M3HH!::!3A!#!:!105!140!P6X828!7<@!9238A5!=6HJ!6A5!140!P6!#6:46!G3;A![SR!M6HJ!;4!=4!465!=3A:1!18105!
=3HH!1100:"!
+',
!_03290!C6=4!26BB!M3HH!::!3A!C!1A0::!P3"!$%"!!Q.4!K!1!+%D!1!1L05B!]C3H0A!J6>!A9!140!R2!=0N!!<0.86L!6A5!_0A502!
K6:05!V!3L0A=0!582!A9!140!+**,!J3:1"0L0=1!3A!=3A?L!=1!!A!@0A>6^!!
+,) !

!
+396568G!8?A!+3E41?8?21!

(D! D3730@! 078F408P! 6?D3! #J:D! C7@! 3?! F0750! 3C048! C?60! H43C! >?3C4>A! 0/10B3! 3C0!
1F?3C0D! ?>! 3C048! E71WL! ! ! %C0! D432734?>! H7D! 7AA875730@! @284>A! 3C0! C04AC3! ?G! 3C0!
54?F0>10! HC0>! E7D41! D085410D! H080! >?3! 7574F7EF0! 7>@! 3C0! D2BBF9! F4>0D! H080!
EF?1W0@L!!!%C0!#J:D!@0B0>@0@!674>F9!?>!80F40G!G??@!7>@!E7D417FF9!C7@!>?!H79!?G!
078>4>A!7!F454>AL!!
!
J284>A! 3C0! 4>4347F! D37A0D! ?G! 3C0! 54?F0>10P! 3C080! H080! 1?>10830@! 0GG?83D! E9! E?3C!
F?17F!7>@!4>308>734?>7F!+I&[D!7>@!H0FF!H4DC08D!3?!B8?54@0!G??@P!H7308!7>@!?3C08!
E7D41! >00@D! 3?! 3C0! 80D4@0>3D! 4>! #J:! 176BDL! =?H0508P! 7D! 3C0! 54?F0>10! D2ED4@0@P!
3C0! E28@0>! ?G! B8?54@4>A! D2D30>7>10! 3?! 3C0! #J:D! H7D! F0G3! 674>F9! 3?! 3C0!
I?508>60>3!7>@!3C0!*0@!)8?DDL!%C0!#J:D!1?6BF74>0@!3C73!3C0!G??@!8734?>D!H080!
@87D3417FF9!80@210@LQbf!!
!
#221EE!4@!@4D19!H825G5451E!
.54@0>10! B80D0>30@! 4>@41730@! 3C73! 7110DD! 3?! E7D41! G714F4340D! D21C! 7D!
60@417FlC07F3C!D085410DP!0@21734?>P!D?147F!7>@!01?>?641!D085410DP!H7D!A0>087FF9!
6?80! @4GG412F3! G?8! #J:D! 7>@! 3C048! G764F40D! 3C7>! 43! H7D! 4>! A0>087F! ! @20! 3?! 3C0!
54?F0>10!E04>A!0/B0840>10@!73!3C0!3460L!(!F?3!?G!87B0!541346D!7>@!3C?D0!HC?!H080!
=#;y!@4@!>?3!C750!7110DD!3?!0DD0>347F!60@417F!D085410DL!!
!
#>4347FF9P! #J:D! C7@! 3?! D033F0! 73! :?F410! $3734?>DP! J&D! ?GG410D! 7>@! (@64>4D38734?>!
:?F410! 7>@! )C40G[D! 176BD! HC41CP! HC4F0! D01280P! H080! 4FF! D2430@! 4>! ?3C08! H79DL! ! (!
H43>0DD! @0D184E0@! 3C0! D432734?>! 73! 3C0! +7457DC7! :?F410! $3734?>! ?>! Qe3C! _7>2789!
QRRfP!4>!3C0!G?FF?H4>A!3086Dc!
"S5$'! =$! *)):A$(! *.! .5$! @&,:4$! +.*.:&'6! =5*.! 3! +*=! =*+! *! +$*! &?!
@$&@,$2!3.!=*+!@*4>$(!=:.5!+&!<*'%!@$&@,$!&'!*)):A*,!$A$)%#&(%!=*+!
4*,,:'B! <$6!"!U:+.$)6!=$! *)$! 5$)$6! =$!5*A$! #$$'! 5$)$!?&)! .5$! ,*+.! .=&!
(*%+!=:.5&-.!?&&(6!.5$!45:,()$'!*)$!4&,(6!4*'!%&-!B$.!-+!5$,@/k!C5$)$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+')
!!G0:1!H3A>!3?!R0102!@62!8X!B!M46!2!3?!140!P6X828![SR!M3HH!1100!

+,- !

!
=*+!*!4)%!?)&<!*,,!&A$)2!l&-!4*'!:<*B:'$!.5$!4)&=(!*'(!$A$)%#&(%!:+!
.)%:'B! .&! +.*.$! .5$:)! '$$(+2! 3! *,+&! ($4:($(! .&! *,+&! .*,>! .&! .5$! Q$@-.%!
_fU! *'(! .5$! ?:)+.! .5:'B! =5:45! 3! +*=! =*+! 45:,()$'! =5&! =$)$! +&!
($5%()*.$(! *'(! 3! ,$*)'.! .5*.! .5$)$! =*+! '&! =*.$)! #$4*-+$! .5$! .*'>!
=5:45! =*+! .5$)$! =*+! $<@.%2! 3! (&'T.! >'&=! =5$'! =*.$)! 5*(! #$$'!
#)&-B5.!.&!.5$!4*<@2!
U&6! .5$! ?:)+.! .5:'B! =*+! .&! .)%! .&! ?:'(! &-.! =5&! &='$(! .5*.! +&! .5*.! =$!
4*'! <&#:,:D$! .&! B$.! =*.$)2! 3! =*+! .&,(! :.! #$,&'B$(! .&! _+$):*'! G,&=$)!
G*)<!=5:45!:+!*)&-'(!.5$!,*>$!*'(!3!B&.!+&<$!4&'.*4.+!.&!4*,,2!E*.$)!3!
B&.!*!():A$)!*'(!.5$!@&,:4$!@)&<:+$(!<$!+$4-):.%!+&!.5*.!=$!4*'!#!*#,$!
.&! B$.! =*.$)2! U&6! 3! *+>$(! .5$! @*):+5! =5$.5$)! .5$%! 4*'! *,,&=! -+! .&!
()*=! =*.$)! ?)&<! .5$! #&)$5&,$! .&! #):'B! .&! .5$! @&,:4$! +.*.:&'! #$4*-+$!
=5*.!3!+*=!=*+!+&!@*.5$.:42!U&6!.5*.!:+!=5*.!=$!(:(6!3!B&.!+$4-):.%!.&!
$+4&).!.5$!.)-4>!*'(!.5$'!.5$!():A$)!*)):A$(!.&!B&!*'(!#):'B!-+!=*.$)2!
3!*,+&!4*,,$(!.5$!Qf!.5*.!+*<$!<&)':'B!*'(!*+>$(!?&)!*!<$$.:'B!=:.5!
5:<!#$4*-+$! 3! =*'.$(!.&!?:'(!&-.! =5&!=$)$!.5$!*4.&)+!&'!.5$!B)&-'(!
.)%:'B!.&!#):'B!5-<*':.*):*'!+$)A:4$+!*'(!5&=!4*'!=$!4&<$!:'!*'(!:?!
.5$)$!=*+!*'%.5:'B!=$!4&-,(!(&!.&!$*+$!.5$!+-??$):'B!&?!.5&+$!@$&@,$2!
U&6! =5$'! =$! <$.! =:.5!5:<! 5$!+*:(! .5*.! .5$! J$(! f)&++! =$)$! *,)$*(%!
&'!.5$!B)&-'(2!S$!.&,(!5:<!.5*.!=$!=$)$!4&'4$)'$(!*#&-.!.5$!=&<$'!
*'(! 45:,()$'! *'(! =$! 5*A$! *! 5*,,! :'! .5$! @*):+5! *'(! :?! =$! 4&-,(!
$A*4-*.$! .5$! =&<$'! *'(! 45:,()$'! .&! .5$! f*.5&,:4! F*):+5! ]*,,! =5$)$!
.5$)$! :+! =*.$)! *'(! +*':.*.:&'! #$4*-+$! .5$! +:.-*.:&'! *.! .5$! @&,:4$!
+.*.:&'! =*+! ($@,&)*#,$2! I.! .5*.! @&:'.! .5$)$! =$)$! '&! .&:,$.+! *'(! %&-!
4*'!:<*B:'$!=:.5!+&!<*'%!@$&@,$/2!!
!
(3!3C0!176B!10>380DP!*(!5&4!D1C??FD!H080!D03!2B!G?8!@4DBF710@!1C4F@80>!E23!3C09!
H080! C78@F9! 0X24BB0@! 3?! C7>@F0! D32@0>3DL! ! -?D3! 176BD! C7@! 0@21734?>! G714F4340D!
G?8! 9?2>A! 1C4F@80>! E23! 3C0! ?F@08! B846789! 7>@! D01?>@789! D1C??F! 1C4F@80>!
B80D0>30@! 7! A807308! 1C7FF0>A0LQbe! J20! 3?! 3C0! 0/4D30>10! ?G! G800! B846789! D1C??F!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+'-
!G0:1!H3A>!3?!R0102!@62!8X!"!MC!&-"!
+)* !

!
0@21734?>P! 43! H7D! 07D408! 3?! C750! 1C4F@80>! 7@64330@! 3?! 3C0! >0780D3! B846789!
D1C??FDL!=0>10P!G?8!0/76BF0P!1C4F@80>!G8?6!3C0!+7W282!($Y!A8?2>@D!H080!807@4F9!
7@64330@!3?!3C0!>04ACE?284>A!"0>7>7P!-?4!7>@!:84D?>!B846789!D1C??FDLQjR!!!
!
;@G521!-1EC@?E1!
(D! 3C0! 4>GF2/! ?G! #J:D! H7D! >043C08! 7>3414B730@! >?8! G?80D00>P! 3C080! H080! 5089! G0H!
?GG4108DP!B?F410! ?8!7@64>4D3873450P!3?!A278@!3C0!#J:DL! =0>10P! @014D4?>D!C7@!3?!E0!
67@0! 3?! 6?50! 3C0! #J:D! 3?! F78A08! 6?80! D01280! 176BD! 4>! 28E7>! 7807DL! ! #>! 7>9!
050>3P!43!4D!2>@08D37>@7EF0!3C73!@284>A!3C0!3460!6?D3!D0128439!?GG4108D!C7@!E00>!
4>5?F50@!4>!0F0134?>!7>@!80F730@!@2340D!7D!?>0!H43>0DD!D3730Dc!!
"_-)! &??:4$)+! =$)$! *! #:.! .:)$(!#$4*-+$! .5$!4*<@*:B'!@$):&(! 5*(!#$$'!
,&'B! *'(! .5$%! =$)$! 4&A$):'B! *'(! *B*:'! .5$)$! =*+! *! 5&,:(*%! :'!
#$.=$$'! =5:45! .5$%! =$)$! *,$).! $+@$4:*,,%! .5$! f5):+.<*+! *'(! #&h:'B!
(*%! *'(! .5$%! =$)$! *,+&!4&A$):'B! .5$!$,$4.:&'!(*%! *.! @&,,:'B!+.*.:&'+6!
.5$%! =$)$! .5$)$! *.! .5$! 4&-'.:'B! *'(! .*,,%:'B! &?! @*),:*<$'.*)%! *'(!
@)$+:($'.:*,! A&.$+! :'! *,,! @&,,:'B! +.*.:&'+! =:.5:'! .5$! (:+.):4.! *'(! .5$:)!
$??&).+! =$)$! <*:',%! (:A$).$(! .&=*)(+! $A*4-*.:&'! *'(! +*A:'B! ,:A$(!
:<<$(:*.$,%!*?.$)!.5$!:'4:($'./2N\H!
!
v2430! 7B783! G8?6! 3C0! F71W! ?G! D0128439! 3?! B8?3013! 1?>5?9D! ?G! #J:DP! 3C0! 4>4347F!
6?5060>3!?G!#J:D!H7D!C4>@080@!E9!EF?1W7A0!?G!8?7@DP!E9!60>714>A!A7>AD!7>@!7!
F71W!?G!7@0X2730!607>D!387>DB?83L!!
!
(D! H0! C750! >?30@! 078F408P! 4>4347F! #J:! 176BD! H080! D03! 2B! H43C4>! :?F410! $3734?>D!
HC41C!H080!HC?FF9!2>D2430@!G?8!C?F@4>A!F78A0!A8?2BD!?G!B0?BF0LQjQ!!$2ED0X20>3F9P!
6?80!G?867F!176BD!H080!D03!2B!7D!3C0!54?F0>10!D37E4F4D0@L!!:08460308!G0>10D!7>@!
D0128439! F4AC3D! H080! B8?54@0@! 4>! 6?D3! ?G! 3C0! 176BD! H43C! 7! >26E08! ?G! B?F410!
?GG4108D! 7FD?! B738?FF4>A! 3C0! 176BD! 0DB0147FF9! 73! >4AC3L! =?H0508P! 3C0! A0>087F!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+(*
!Q.4!K!1!&-7"!
+($
!756A!_053;B!SM!@!JX0L!3A!S!:12!=1B!MC!()"!
+(+
!<00!6L:3!140!0#!50A=0!7898:1!A0!P14!96B!eMRSB!@!:!!!M0A126LB!MC!$$*"!!G4020!;6:A`1!0A3894!:J6=0!61!@!:!!!R3L!=0!
<161!3A!13!6==3HH35610!622!#!A9![SR:"!
+)$ !

!
1?6BF74>3!H7D!3C73!3C080!H080!7>!4>7@0X2730!>26E08!?G!B?F410!?GG4108D!3?!B8?54@0!
D2GG4140>3!D0128439!3?!3C0!#J:D!4>!176BDLQjg!!
!
J@619?71?4!'9B8?5E845@?!

&>!h3C!'0E82789!QRRfP!3C0!Y0>97!+734?>7F!J47F?A20!7>@!*01?>14F4734?>!60@4730@!
E9! =L! .! Y?G4! (>>7>! H43C! 3C0! :7>0F! ?G! .64>0>3! (G8417>! :08D?>7F4340D! 4DD20@! 7!
D373060>3!HC41C!D03!?23P!76?>AD3!?3C08DP!4660@4730!607D280D!3?!@07F!H43C!3C0!
C267>437847>!184D4D!A84BB4>A!3C0!1?2>389L!!%C0!D373060>3!D03!?23!3C0!G8760H?8W!
G?8!@07F4>A!H43C!@4DBF710@!B08D?>D!4>!3C0!G?FF?H4>A!3086Dc!
%C0!G4>7F!A?7F!?G!3C0!+734?>7F!J47F?A20!7>@!*01?>14F4734?>!4D!3?!71C4050!
D2D374>7EF0! B0710P! D37E4F439! 7>@! \2D3410! 4>! Y0>97! 3C8?2AC! 3C0! 82F0! ?G!
F7H!7>@!80DB013!G?8!C267>!84AC3DL!
!
dL! =54D! -1EC124! 4@! ,771A5841! /18E391E! 4@! #AA91EE! 4D1!
>378?548958?!)95E5EM!
7^! (DD4D3! 7>@! 0>1?287A0! @4DBF710@! B08D?>D! 3?! A?! E71W! 3?! 3C048!
C?60D! ?8! ?3C08! 7807D! 7>@! 3?! C750! D7G0! B7DD7A0! 7>@! D0128439!
3C8?2AC?23!
E^!! :8?54@0! 7@0X2730! D0128439! 7>@! B8?30134?>P! B783412F78F9! G?8!
52F>087EF0!A8?2BDP!4>1F2@4>A!H?60>!7>@!1C4F@80>!4>!3C0!176BDL!
1^!! :8?54D4?>!?G!E7D41!D085410D!G?8!B0?BF0!4>!@4DBF710@!176BDM!
! .>D280!3C73!3C080!4D!7@0X2730!G??@P!H7308P!D7>43734?>!7>@!
DC0F308! H43C4>! 3C0! 7GG0130@! 1?662>4340D! T! E?3C! 3C?D0! 4>!
@4DBF710@! 176BD! 7>@! 3C?D0! 80674>4>A! 4>! 3C048!
1?662>4340DL!
! :8?54@0! 60@417F! 7DD4D37>10! H43C! 7! DB0147F! G?12D! G?8!
H?60>P! 1C4F@80>P! B0?BF0! F454>A! H43C! =#;! 7>@! (#J$! 7>@!
3C0!@4D7EF0@P!12880>3F9!4>!@4DBF710@!176BDL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+(%
!Q.4!K!1!$%D"!

+)+ !

!
! .>D280! 7FF! 1C4F@80>! C750! 7110DD! 3?! 0@21734?>L! %C4D! H4FF!
4>5?F50! 801?>D382134?>! ?G! D1C??FDc! 0>1?287A4>A! 80328>! ?G!
3071C4>A! D37GG! 7>@! B8?54D4?>! ?G! 3071C4>A! 6730847FDP! 7>@!
7DD4D37>10! G?8! 1C4F@80>! 3?! 80328>! 3?! 3C048! F078>4>A!
4>D343234?>DL!
@^!! :8?54@0! 4>G?86734?>! 10>380D! HC080! 3C0! 7GG0130@! 17>! A03! 07D9!
7110DD!3?!4>G?86734?>!80A78@4>A!3C0!7DD4D37>10!3C73!4D!7574F7EF0!
3?! 3C06! 7>@! C?H! 3?! 7110DD! 43P! G?8! 0/76BF0P! D2BB?83! G?8!
801?>D382134?>!?G!F450F4C??@DP!?8!38714>A!?G!G764F9!606E08DL!
0^!! &B08734?>7F4D0!3C0!=267>437847>!'2>@!G?8!-434A734?>!?G! .GG013D!
7>@! *0D033F060>3! ?G! ;41346D! ?G! :?D3! QRRS! .F0134?>! ;4?F0>10!
0/B0@434?2DF9!E9!0D37EF4DC4>A!7!E4B7834D7>P!62F34OD013?87F!K?78@!
H43C!D38076F4>0@!B8?10@280D!3?!@4DE28D0!G2>@D!87B4@F9L!
G^!! %C0! '2>@! 4D! ?B0>! 3?! B2EF41! 1?>384E234?>D! 7>@! 7FF! 1434V0>D! 7>@!
G840>@F9! 1?2>3840DP! A?508>60>3D! 7>@! 4>308>734?>7F! 4>D343234?>D!
3?!@?>730!A0>08?2DF9L!
A^!! .>D280! 1F?D0! F4>W7A0D! H43C! 3C0! ?>A?4>A! >734?>7F! 7>@!
4>308>734?>7F!7DD4D37>10!3?!0>C7>10!3C0!0GG013450>0DD!?G!@0F45089L!
C^!! .>D280!3C73!541346D!?G!54?F0>10!4>!28E7>!7807D!780!>?3!>0AF0130@!
4>!3C0!46BF060>3734?>!?G!3C0!7E?50L!
4^!! #>! ?8@08! 3?! B8?6?30! G??@! D0128439P! @4DBF710@! G78608D! DC?2F@! E0!
7DD4D30@! 3?! 80328>! 3?! 3C048! G786DL! (FF! G78608D! 7GG0130@! E9! 3C0!
184D4D!DC?2F@!E0!7DD4D30@!7>@!0>1?287A0@!3?!D7G0F9!80D260!3C048!
G7864>A!713454340DL!
!
%C0!1??8@4>734>A!7A0>19!G?8!673308D!1?>108>4>A!#J:D!4>!Y0>97!4D!3C0!-4>4D389!?G!
$3730! G?8! :8?54>147F! (@64>4D38734?>! 7>@! #>308>7F! $0128439! 3C8?2AC! 3C0! J4D7D308!
7>@!.608A0>19! *0DB?>D0! )?O?8@4>734?>! J0B78360>3L! %C080! 4D! 7FD?! 3C0! -4>4D389!
?G!$3730!G?8!$B0147F!:8?A87660D!]-$:^LQjh!!<C4F0!Y0>97!C7D!DB014G41!B?F4140D!7>@!
4>30850>34?>D! 3?! @07F! H43C! 3C0! B8?EF06D! ?G! #J:DP! 43! F71WD! 7! F0A7F! G8760H?8W!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+(&
!I0J321!3A!140!I3L0!3?!140!T!A!:12>!!A!I0L61!3A!13!140!R3:1!QL0=1!3A!V!3L0A=0!?32;62505!13!140!M3HH!::!3A!L01102!
56105!+*14!7898:1!+**)EI0?N!eRg<R"%g''g+7F"!
+)% !

!
A?508>4>A!3C0!4DD20!?G!#J:DL!!=0>10P!7!>26E08!?G!4DD20D!780!@07F3!H43C!4>!7>!*(!
5&4!67>>08L!

#>! _7>2789! QRRfP! 3C0! -4>4D389! G?8! $B0147F! :8?A87660D! 0D37EF4DC0@! 3C0!
-434A734?>D! 7>@! *0D033F060>3! J0B78360>3L! %C0! @0B78360>3! 7DD4D3D! #J:D! 4>!
80D033F4>A! 7>@! 80328>! 3?! 3C048! G?8608! F450F4C??@DL! %C4D! 4>5?F50D! 76?>AD3! ?3C08DP!
3C0! G?FF?H4>A! 713454340Dc! 801?>D382134?>D! 7>@! 80C7E4F43734?>! ?G! @0D38?90@! C?60DP!
B8?G4F4>AP! B8?54D4?>! ?G! 387>DB?83734?>P! 1?>D382134?>! ?G! D?147F! 760>4340DP! 7>@!
B8?54D4?>!?G!G??@L!

%C0!=267>437847>!'2>@!G?8!-434A734?>!?G!.GG013D!7>@!*0D033F060>3!?G!;41346D!?G!
:?D3OQRRS! .F0134?>! ;4?F0>10Qjb! 4D! 7FD?! 67>7A0@! E9! 3C0! -$:L! %C0! A?508>60>3!
G?860@! 3C0! 7@54D?89! K?78@! G?8! 3C0! +734?>7F! =267>437847>! '2>@! G?8! 3C0!
-434A734?>! ?G! .GG013D! 7>@! *0D033F060>3! ?G! ;41346D! ?G! :?D3! OQRRS! .F0134?>!
;4?F0>10LQjj!%C0!A?508>60>3!4>\0130@!7>!4>4347F!76?2>3!?G!YDCD!d!E4FF4?>!4>!3?!3C0!
G2>@!7>@!4D!0/B0130@!3?!874D0!6?>09!G8?6!?3C08!@?>?8DL!%C0!B28B?D0!?G!3C0!G2>@!
4D!3?P!76?>A!?3C08!3C4>ADP!B8?54@0!$h7B)*.:*!G2>@4>A!G?8MO!

dL (D! B783! ?G! 43D! H?8WP! 3C0! *0D033F060>3! ?G! B08D?>D! @4DBF710@! 7D! 7! 80D2F3! ?G!
B?D3OQRRS!0F0134?>!54?F0>10c!
QL %C0! 80BF71060>3! ?G! E7D41!C?2D0C?F@! 0GG013D! @0D38?90@! 7D! 7! 80D2F3! ?G! QRRS!
:.;L!
gL .>7EF4>A!3C0!541346D!?G!3C0!B?D3!QRRS!0F0134?>!54?F0>10!80OD3783!3C048!E7D41!
F450F4C??@L!
hL %C0!801?>D382134?>!?G!E7D41!C?2D4>AP!80C7E4F43734?>!?G!1?662>4340D!234F4340D!
7>@!4>D343234?>D!@0D38?90@!7D!7!80D2F3!?G!3C0!QRRS!:.;L!
!
-$:!@87G30@!3C0!+734?>7F!J4D7D308!-7>7A060>3!:?F419!4>!(B84F!QRRSL!%C0!B?F419!
@07FD!H43C!7!69847@!?G!@4D7D308D!7>@!4D!>?3!DB014G417FF9!G?12D0@!?>!3C0!B8?EF06D!
?G!#J:DL!%C080!4D!12880>3F9!7!+734?>7F!J4D7D308!&B08734?>D!)0>380!HC?D0!8?F0!4D!3?!
1?O?8@4>730!@4D7D308!67>7A060>3LQjS!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+(' 14
!/096L!P31!=0!A3"!$$!3?!+**)!56105!%* !Z6A862>!+**)"!
+(( 14
!_6f0110!P31!=0!A3"!$*%)!3?!$' !c0K2862>!+**)"!
+(,
!G0:1!H3A>!3?!S2!Y0f23A!P>6A9!13B!R<!T!A!:12>!3?!T05!=6L!<02#!=0:"!MC!+)"!
+)& !

!
!
J8! $76! %C0>97P! 3C0! J48013?8! ?G! +748?E4! <?60>[D! =?DB437FP! DB07W4>A! ?G! C4D!
4>3087134?>!H43C!3C0!10>380!D3730@!7D!G?FF?HDc!
"S:.5&-.! B:A:'B! $h4-+$+6! .5$! @&+.! $,$4.:&'! A:&,$'4$! 4*-B5.! -+! *,,!
-'*=*)$+6! #-.! .5$! B$'$)*,! )$+@&'+$! =*+! .5*.! =5$'! =$! 4*,,$(! &'! .5$!
V*.:&'*,! Q:+*+.$)! ;*'*B$<$'.! f&<<:..$$! &)! =5*.$A$)! .5$%! *)$! 4*,,$(!
R22! .5$%! *+>$(! -+! =5*.! (:(! =$! $h@$4.! .5$<! .&! (&! *'(! <%!
-'($)+.*'(:'B!=&-,(!#$!.5$%!=&-,(!#$!.$,,:'B!-+!=5*.!.&!(&/L!
!
%C0! ?E54?2D! 1?>1F2D4?>! G8?6! 3C73! 4>3087134?>! 4D! 3C73! 3C080! 0/4D3D! 7! A7B! 4>! 3C0!
F050F! ?G! 80DB?>D0! 3?! @4D7D308D! 4>1F2@4>A! ?>0! 3C73! 67W0D! DB014G41! 80G080>10! 3?!
B8?EF06D!80F730@!3?!#J:DL!!
!
(3! 3C0! @4D38413! F050FP! H0! G?2>@! 3C73! 6?D3! 7807D! C7@! 7! J4D7D308! -7>7A060>3!
)?6643300! 1?>D343230@! 3?! @07F! H43C! 3C0! C267>437847>! 4DD20D! 80F730@! 3?! :.;L!!
<C4F0!4>4347F!7887>A060>3D!H080!2D27FF9!67@0!E9!3C0!J)!7>@!3C0!J$)#P!3C09!7FD?!
D03! 2B! 1?6643300D! 3?! @07F! H43C! #J:D! E23! 3C0! 606E08DC4B! ?G! 3C?D0! 1?6643300D!
H7D! GF24@! 7>@! 57840@! G8?6! @4D38413! 3?! @4D38413L! ! (2A2D34>0! Y467>34840! +3C4A7P! 3C0!
&):J!Y4D44!)0>387F!J4D38413!A750!7>!711?2>3!?G!C?H!7887>A060>3D!H080!67@0c!
"S5$'!=$!+.*).$(!)$4$:A:'B!3QF+6!.5$!QU3f!<$.!*'(! =$!(:+4&A$)$(!=$!
'$$($(! .&! 5*A$! .5$! @$&@,$! 4,&+$! )*'>+! :'! 8:+::2! U&! =$! 4*,,$(! .5$!
#-+:'$++<$'6! .5$! <$(:4*,! @)*4.:.:&'$)+! *'(! .5$! (:+*+.$)! <*'*B$<$'.!
4&<<:..$$2! S$! *,+&! 4*,,$(! 45-)45! $,($)+! ?&)! .5&+$! =5&! 4&-,(! 5*A$!
>'&=,$(B$!&?!4&-'+$,,:'B!#$4*-+$!.5&+$!=5&!=$)$!*)):A:'B!=$)$!B:A:'B!
(:??$)$'.! +.&):$+! *'(! =$! ?$,.! .5*.! .5$%! )$M-:)$(! 4&-'+$,,:'B2! ! ! U&! =$!
4*,,$(!*'(!?&)<$(!,&.+!&?!4&<<:..$$+6!*,+&!+-#74&<<:..$$+!.&!?$$(!3QF+!
=5&!=$)$!*)):A:'B!=:.5!'&.5:'B/2!!
!
#>!+7W282P!3C0!J4D38413!)?664DD4?>08!A750!054@0>10!3C73!3C0!J4D7D308!)?6643300!
H7D! 1?6B?D0@! ?G! A?508>60>3! ?GG4147FDP! 3C0! +7W282! K2D4>0DD! (DD?14734?>!
606E08DC4BP!F?17F!7>@!4>308>734?>7F!+I&D!F0@!E9!3C0!Y0>97!*0@!)8?DD!$?14039P!
7>@!3C0!1C281C0DL!

+)' !

!
!
$B0147F!60>34?>!62D3!E0!67@0!?G!3C0!Y0>97!*0@!)8?DD!$?14039L!!%C0!Y0>97!*0@!
)8?DD! $?14039! H7D! 3C0! F07@! 1?O?8@4>734>A! 7A0>19! G?8! 80F40G! 7>@! C267>437847>!
0GG?83D! 3C8?2AC?23! 3C0! :.;! B084?@L! $03! 2B! E9! 7>! (13! ?G! :78F4760>3P! 43!
>05083C0F0DD!?B08730D!4>@0B0>@0>3F9!7>@!4>!1?>G?86439!H43C!3C0!B84>14BF0D!?G!3C0!
*0@! )8?DD! -?5060>3LQjf! ! %C048! 0GG?83D! 7>@! 3C?D0! ?G! 3C048! 5?F2>3008D! 62D3! E0!
801?A>4D0@! 7>@! 1?660>@0@L! ! <0! 7FD?! H4DC! 3?! 1?660>@! 3C0! 0GG?83D! ?G! 5784?2D!
4>308>734?>7F! 7>@! F?17F! +I&D! HC?! D30BB0@! 2B! 3?! 3C0! 17FF! 3?! 7DD4D3! Y0>97>D! 4>!
@4D380DDL!
!
J@619?71?4!-1EC@?E1!4@!,K;!)95E5E!
%C0!4>30>D439!?G!3C0!:.;P!1?>G8?>30@!3C0!A?508>60>3!H43C!7!8780!@4F0667!7E?23!
C?H! 3?! 7BB8?71C! 3C0! @4DBF71060>3D! 3C73! H080! ?112884>AL! %C080! H080! 80B?83DP!
0/C4E43D! 7>@! 30D346?>40D! G8?6! 723C?84340D! ?>! 3C0! A?508>60>3[D! F71W! ?G!
B80B780@>0DD! 3?! @07F! H43C! 3C0! 4>4347F! #J:! 184D4DL! ! %C0! A0>087F! 1?>D0>D2D! 76?>A!
A?508>60>3! ?GG4147FD! H7D! 3C73! HC0807D! 54?F0>10! 7G308! 3C0! A0>087F! 0F0134?>! H7D!
7>3414B730@P!3C0!67A>432@0!?G!3C0!54?F0>10!H7D!>?3!7>@!H7D!?508HC0F64>AL!!%C4D!
B8?EF06!>?3H43CD37>@4>AP!3C0!A?508>60>3!D2110DD!?8!G74F280!3?!@07F!H43C!3C0!:.;!
184D4D!H4FF!E0!\2@A0@!E9!3C0!>26E08!?G!#J:!176BD!D37>@4>AL!!!
!
J284>A! 3C0! )?664DD4?>[D! 1?>D2F3734?>D! 7>@! C0784>ADP! 3H?! A8?2BD! ?G! #J:D! H43C!
1?6B034>A! ?8! @4508A0>3! 4>3080D3D! 0608A0@c! 3C?D0! 4>! 176BD! 7>@! 3C?D0! HC?! C7@!
E00>! 804>30A8730@! H43C4>! 5784?2D! 1?662>4340DL! ! K0172D0! ?G! 3C048! 54D4E4F439P! 3C0!
B8?EF06D! ?G! 3C?D0! 4>! 176BD! 1?2F@! 07D4F9! E0! 4@0>34G40@! 7>@! @07F3! H43CL! '283C08P!
6?E4F4D734?>! 76?>A! 3C?D0! 4>! 176BD! H7D! 621C! 07D408! 7D! 054@0>10@! E9! 3C0! G713!
3C73!6?D3!176BD!H0!54D430@!C7@!1?>D343230@!80B80D0>373450!A8?2BDL!&>!3C0!?3C08!
C7>@P!3C0!80O4>30A8730@!#J:D!H080!@4DB08D0@P!>?3!07D4F9!4@0>34G47EF0!7>@!E0172D0!
?G!3C048!@4DB08D7FP!3C09!1?2F@!>?3!07D4F9!E0!G?2>@!3?!B80D0>3!3C048!A84057>10DL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+()
!M46J102!+'(!3?!140!/6;:!3?!@0A>6"!!S82!A9!140!RQV!J02!35!140!@0A>6!I05!M23::!<3=!01>!!::805!J02!35!=6L!K8LL01!A:!
3A!140!J20#6!L!A9!48H6A!162!6A!:!1861!3A"!!G40:0!620!6#6!L6KL0!61!;;;"X0A>6205=23::"329"!

+)( !

!
!
%C0! A?508>60>3! 7DD0830@! 3C0! 1?>D343234?>7F! 84AC3! ?G! 05089! Y0>97>! 3?! 71X2480!
B8?B0839!7>@!F450!4>!7>9!B783!?G!3C0!1?2>389L!=0>10!43D!B?F419!?>!80D033F060>3!H7D!
F78A0F9! A?508>0@! E9! 3C4D! B84>14BF0L! '?8! 0/76BF0P! 3C0! J)! ?G! Y4BW0F4?>! 30D34G40@!
3C73P!":.!=*+!'&.!.5$!:'.$'.:&'!&?!.5$!B&A$)'<$'.!.&!<&A$!@$&@,$!?)&<!.5$:)!5&<$+!
&)!?)&<!.5$:)!?*)<+2/N\0!!(!1F07808!D373060>3!?G!3C0!A?508>60>3!B?F419!1760!G8?6!
3C0!J)!?G!+7457DC7P!-8!Y7300L!#>!3C0!G?FF?H4>A!508E7346!0/1C7>A0c!
,-! ./0%1! ,/2/'2/#! ! ! 222222222222! C5$)$! =*+! :'?&)<*.:&'! .5*.! :.! :+! '&!
B&A$)'<$'.!@&,:4%!.&!.)*'+@&).!@$&@,$!#*4>!.&!.5$:)!*'4$+.)*,!5&<$+2!!3+!
.5*.!.5$!@&+:.:&'k!
!
,-! 3/&((! ,4/'5/^! l$+6! <%! E&)(6! *.! ,$*+.! *.! .5$! .:<$! *,.5&-B5! .5$!
.)*'+@&).!=*+!'&.! .5$)$2!!S$!=$)$!+*%:'B! .5*.! *+!c&A$)'<$'.! =$! =:,,!
,&&>! ,:>$! =$! 5*A$! #$$'! ($?$*.$(! #%! .5$! +:.-*.:&'6! #%! +*%:'B! I! +*%+!
<&A$! &-.6! .5$'! =$! *++:+.! @$)+&'! a! .&! <&A$! &-.2! ! ! S$! *)$! +*%:'B! *+! *!
c&A$)'<$'.! =$! *)$! *B)$$:'B! =:.5! =5*.! .5$! I! +*%+2! ! U&! :'! .5:+! =$!
=&-,(!5*A$!,&&>$(!A$)%!#*(!*'(!=$!+.*).!'&=!.)*'+@&).:'B!@$&@,$!?)&<!
&-.+:($!V*:A*+5*!=5:,$!.5$+$!@$&@,$6!<%!E&)(6!%&-!>'&=!+&<$!&?!.5$<!
5*A$! #$$'! 5$)$! ?&)! <&)$! .5*'! N16! P1! %$*)+2! ! C5$%! 5*A$! #$$'! =&)>:'B!
5$)$!.5$%!$*)'!.5$:)!,:A$,:5&&(2!!V&!.&!>:4>!.5$+$!@$&@,$!&-.!.&!.*>$!.5$<!
.&! *! )-)*,! *)$*! =5$)$! .5$)$! :+! '&! +&-)4$! &?! ,:A$,:5&&(6! .5$'! %&-! *)$!
@-+5:'B!.5$<!:'.&!*!B)*A$!=:.5&-.!*'%!*,.$)'*.:A$2!
,-!./0%1!,/2/'2/#! U&! :.! :+! .5$! c&A$)'<$'.! @&,:4%! .&! .*>$! .5$<!
#*4>!=5$)$!.5$%!=$)$!)$<&A$(2!
!
,-!3/&((!,4/'5/#! 3.! :+! .5$! c&A$)'<$'.! @&,:4%! .&! .*>$! .5$<! #*4>!
=5$)$! .5$%! =$)$! )$<&A$(2! 3'($$(! .5*.! :+! =5%! <%! E&)(6! 3! )$M-$+.$(!
8$(&'B! J*'45! =5:45! :+! *! @):A*.$! &)B*':+*.:&'! .&! B:A$! -+! @*).! &?! .5$:)!
,*'(! +&! .5*.! =$! 4&-,(! 4&'+.)-4.! .5$! .$'.+! ?&)! &-)! @$&@,$2! ! S$! >'$=!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+(-
!756A!_053;B!SM!@!JX0L!3A"!

+), !

!
.5$+$!@$&@,$!@)&A:($(!,*#&-)!?&)!.5$!?,&=$)!?*)<+2!!C5$%!*,+&!$*)'!+&<$!
)$A$'-$2!!V&=!.&!.*>$!.5$<!.&!8:+-<-6!=&-,(!<$*'!.5$!$'(!&?!.5$!)&*(2!
!
%C0!A0>087F!B0810B34?>!76?>AD3!3C0!#J:D!H7D!3C73!3C0!A?508>60>3!H7D!W00>!3?!
80D033F0!3C?D0!HC?!C7@!F7>@!C0>10!3C080!H7D!7!A8073!0/B013734?>!3C73!#J:D!H?2F@!
E0! 80D033F0@! E9! E04>A! A450>! F7>@L! %C4D! 4D! 17B3280@! E9! 3C0! D0>3460>3D! ?G! 3C0!
+7W282! ($Y! #J:D! HC?! 801?660>@0@! 3C73P! n.5$! B&A$)'<$'.! ?:)+.,%! )$,&4*.$+! .5$!
3QF+! .&! +&<$! +*?$! *)$*! -'.:,! *! ,*+.:'B! +&,-.:&'! :+! ?&-'(2! C5$! B&A$)'<$'.! +5&-,(!
-+$! .5$!8+52!H16111!:.!:+!&??$):'B! .&! 3QF+! .&!@-)45*+$! *!@:$4$!&?!,*'(!?&)!.5$<! *+!
+.&@!B*@!<$*+-)$2/NX1!!
!
%C0! 674>! 1C7FF0>A0! G?8! 80OD033F060>3! 4D! 3?! A2787>300! D0128439! 4>! 7807D! G8?6!
HC41C!#J:D!H080!@4DBF710@!7>@!C0FB!3C06!801?>D38213!?G!3C048!F450DL!&>0!H43>0DD!
D3730@! 3C73! 3C73! 3C0! 807D?>D! #J:D!@?! >?3! H7>3! 3?! A?! E71W! 4D! 3C73P!":?! .5$%! =$'.!
#*4>6! .5$:)!'$:B5#&-)+! *)$! .5$!+*<$!@$&@,$! =5&!>:,,$(!.5$<2!C5$%!4*''&.!B&!*'(!
+.*%! :'! *! .$'.! #$4*-+$! *'! *))&=! 4*'! @$'$.)*.$! .5$! .$'.2/NXH! %C0! D2110DD! ?G! 3C4D!
0GG?83!H?2F@!F78A0F9!@0B0>@!?>!B0710!7>@!801?>14F4734?>!0GG?83DL!!!
!
'?8!3C0!#J:D!HC?!80674>!4>!176BDP!3C0!B8?EF06!?G!80OD033F060>3!1?>34>20D!050>!
2B3?! >?HL! (11?8@4>A! 3?! 7! H43>0DDP! -8! :0308! Y7842W4P! HC?! H7D! 73! 3C0! 6730847F!
3460! 3C0! 1C74867>! ?G! ($Y! I8?2>@! +7W282! #J:! 176BP! 3C0! 176B! C7@! 7E?23!
dRPQRR!B0?BF0!1?6B84D4>A!3C0!G?FF?H4>Ac!dRm!H080!F7>@!?H>08DP!jRm!H080!30>7>3!
G78608Dc! Qbm! E2D4>0DD60>! 7>@! H?60>! 7>@! bm! DX273308DLQSQ! ! ! &E54?2DF9P! 43!
H?2F@!E0!07D9!3?!4@0>34G9!7>@!7DD4D3!4>@454@27FD!>00@4>A!3?!E0!80D033F0@!?>!3C048!
?H>! B8?B0839! ?>10! 7! F050F! ?G! D0128439! H7D! A2787>300@L! ! =?H0508P! G4>@4>A!
D?F234?>D! G?8! 3C0! 80674>4>A! eRm! 4D! 6?80! @4GG412F3L! &3C08! 3C7>! B794>A! 3C06!
?2384AC3P! 3C0! A?508>60>3! H?2F@! >00@! 3?! G4>@! H79D! 3?! 7DD4D3! 3C06! 4>1F2@4>A!
B8?54@4>A!D3783!2B!17B437F!?>!1?>10DD4?>789!3086DL!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+,*
!Q.4!K!1!&-7"!
+,$
!Z34A!T;6A9!B!MC!&$"!
+,+
!Q.4!K!1!P3"!&-7"!
+)) !

!
%C0! 804>30A8730@! #J:D! 7FD?! G710! B8?EF06D! 7D! 4FF2D38730@! E9! 3C0! 054@0>10! ?G! ! ! -D!
(DC7! Y73C084! Y457PQSg! HC?! H7D! 3C0! K?87E2! J4D38413! )?664DD4?>08! \2D3! 7G308! 3C0!
0F0134?>L! $C0! 30D34G40@! C08! @4D38413P! D432730@! 7F?>A! 3C0! 5?F734F0! Y4D44O$?34W! E?8@08!
8010450@! 7! G0H! #J:D! HC?! H0>3! 3?! 176BD! 4>! Y08?W7L! ! =?H0508P! 43! H7D! 1F078! G8?6!
D2ED0X20>3! H43>0DD0D! 3C73! 6?D3! #J:D! G8?6! 3C0! $?34W! D4@0! ?G! 3C0! E?8@08P! HC?!
H080! B80@?64>7>3F9! Y4D44P! H080! 07D4F9! 711?66?@730@! E9! G764F9! 7>@! G840>@DLQSh!
%C09! H080! 4>4347FF9! A450>! G??@! 8734?>D! E9! 3C0! A?508>60>3! HC0>! 3C0! 54?F0>10!
D37830@!E23!>?!G283C08!4>30850>34?>D!H080!67@0!@0DB430!5784?2D!0>3807340D!3?!3C0!
A?508>60>3!3?!F??W!4>3?!3C048!BF4AC3L!$464F78F9P!3C0!6?D3!?G!3C0!Y4BD4A4D!@4DBF710@!
@284>A! 3C0! DW4864DC0D! 7F?>A! 3C0! $?34WOK?87E2! E?8@08! @4@!>?3! B8?100@! 3?! 176BD!
E23!H080!C?2D0@!E9!3C048!>04ACE?28D!7>@!80F73450DLQSb!!!
!
(3!3C0!B07W!?G!3C0!:.;P!+97>V7!B8?54>10!8010450@!dQePfQd!#J:DL!!%C0!:8?54>147F!
)?664DD4?>08!3?F@!3C0!2D!3C73P!"!.5$%!=$)$!@&@-,*),%!>'&='!*+!)$.-)'$$+6!.5*.!:+6!
@$&@,$! ?)&<! V%*'D*! F)&A:'4$! =5&! =$)$! 4&<:'B! #*4>! .&! V%*'D*! @)$+-<*#,%!
#$4*-+$! .5$%! 5*(! #$$'! $9$4.$(! ?)&<! &.5$)! @)&A:'4$+! &)! .5$%! ?$*)$(! .&! 4&'.:'-$!
+.*%:'B! :'! &.5$)! @)&A:'4$+2! C5$%! *)$! '&.! :'! 4*<@+m! .5$%! *)$! ,:A:'B! =:.5! .5$:)!
)$,*.:A$+! *'(! ?):$'(+2! ! U&<$! 5*A$! 5:)$(! @,*4$+! .&! +.*%! :'! .5$! @)&A:'4$2/! !%C0! :)!
A750!30D346?>9!3C73!3?!7DD4D3!3C0D0!80328>00D!C0!C7@!3?!A450!EF7>W03!?8@08D!3C73!
3C048!1C4F@80>!E0!7@64330@!3?!D1C??F!4660@4730F9L!
!
#>! (B84F! QRRfP! 3C0! A?508>60>3! 0>A7A0@! 4>! &@$)*.:&'! )-(:! '%-<#*':! ]?B08734?>!
80328>! C?60^L! %C0! 746! ?G! 3C0! ?B08734?>! H7D! 3?! 0>1?287A0! 3C0! #J:D! 3?! 80328>! 3?!
3C048!C?60DL!(D!B783!?G!&@$)*.:&'!)-(:!'%-<#*':!3C0!G?FF?H4>A!4>30850>34?>D!H080!
67@0cQSj!
! :7960>3!?G!YDCDL!dRPRRRLRR!3?!B08D?>D!F0754>A!3C0!176BL!
! :8?54D4?>!?G!387>DB?83!3?!C?60!7807DL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+,%
!M3HH!::!3A!C!1A0::!P3"!$$%"!
+,&
!R2!#610!C!1A0::!EM3HH!::!3A!C!1A0::!P3"!$++F"!!7==325!A9!13!140!;!1A0::B!140:0![SR<B!A8HK02!A9!6K381!&**!!A!
P>6A:!3A93!465!?32H05!6A!6::3=!61!3A!13!J82:80!140!2!!A1020:1:"!
+,'
!T2!Y8HJ420>!P6X!1620B!M3HH!::!3A!C!1A0::!P3"!$$+"!
+,(
!Q.4!K!1!&7"!

+)- !

!
! *0F?1734?>! 3?! 387>D434?>7F! 176BD! >07808! G786D! 7>@! 7807D! ?G! @4DBF71060>3!
HC4F0!7H7434>A!B8?54D4?>!?G!B8?B08!C?2D4>AL!
! :8?54D4?>!?G!E24F@4>A!6730847FDL!
! :8?54D4?>!?G!D00@P!G0834F4V08!7>@!BF?2AC4>A!D085410DL!
!
%C0! )?664DD4?>08D! 54D430@! +?83C! Y4D44! G786! 4>! I037! $2E! D2EOF?1734?>! ?G!
)C080>A7>9! J454D4?>! ?G! %87>D! +V?47! .7D3! J4D38413LQSS! (11?8@4>A! 3?! 054@0>10!
8010450@P!?>!Q>@!_7>2789!QRRfP!C2>@80@D!?G!7860@!9?23C!4>57@0@!3C0!G786!7>@!
E28>3!?508!dRR!C?2D0DL! !%H?!B0?BF0!H080!7FD?!DC?3!@07@!H43C!B?4D?>0@!788?HDL!!!
%C0! G786! 80D4@0>3D! 7E7>@?>0@! 3C048! C?60D! G?8! 306B?8789! 0>176B60>3! 73! 3C0!
>04ACE?284>A!387@4>A!10>380LQSf!K9!3C0!3460!3C0!)?664DD4?>08D!54D430@!3C0!G786P!
6?D3! ?G! 3C0! 80D4@0>3D! C7@! E00>! 80D033F0@! E9! 3C0! A?508>60>3! HC41C! B8?54@0@!
1?>D382134?>! 6730847FDP! BF?2AC4>A! G714F4340DP! G0834F4V08D! 7>@!D00@L! ! %C09! 80D4@0>3D!
H080! 0/B0134>A! 3C0! D26! ?G! YDCDL! dRPRRRLRR! 3?! E0! B74@! DC?83F9! 3C0807G308L! ! %C0!
80D4@0>3D! ?G! 3C73! G786! H080! ?>! 3C0! HC?FF9! D734DG40@! H43C! 3C0! 607D280D! 37W0>! E9!
3C0!A?508>60>3!3?!@07F!H43C!3C048!BF4AC3L!
!
(11?8@4>A! 3?! 3C0! A?508>60>3P! 7D! 73! f3C! _2F9! QRRfP! QdRPbeh! #J:D! C7@! E00>!
80D033F0@! F0754>A! QdPhgd! 4>! 176BDL! %C0! 80D033F060>3! B8?A87660! 1?D3! 3C0!
A?508>60>3!7>!0D346730@!YDCDL!gR!E4FF4?>L!
!
K0172D0! ?G! 3460! F4643734?>DP! H0! H080! 2>7EF0! 3?! 7DD0DD! 3C0! ?5087FF! D2110DDP!
0GG41719!7>@!?3C08!673308D!80F730@!3?!_@$)*.:&'!J-(:!V%-<#*':L!=?H0508P!108374>!
1?6BF74>3D! D37>@! ?23L! ! '48D3F9P! 3C0! D26!?G! YDCDL! dRPRRR! A450>! B08! G764F9! 4D! 3??!
F433F0! A450>! 3C0! F?DD0D! D2GG080@! E9! 3C0! #J:DL! <0! 7FD?! 8010450@! 80B?83D! G8?6! #J:D!
3C73! 3C09! C7@! >?! 1C?410! E23! 7110B3! 3C0! 80D033F060>3L! %C09! 7FD?! 4>@41730@! 3C73!
3C4D!H7D!2D0@!7D!7!607>D!?G!A0334>A!3C0!#J:D!3?!F0750!3C0!176BDL!%C4D!3??W!3C0!
G?86!?G!7!1?4>14@0>10!E03H00>!3C0!F72>1C!?G!3C0!B8?A876!7>@!7!DC?837A0!4>!E7D41!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+,, 14
!G40!M3HH!::!3A02:!#!:!105!_016!c62H!3A!- !7898:1!+**)""!!!G40!M3HH!::!3A02:!6L:3!#!:!105!QA50K0::![SR!M6HJ"!
+,)
!Q.4!K!1!,%"!
+-* !

!
760>4340D!D21C!7D!H7308!7>@!3C0!4>30>34?>!7>@!D1C0@2F0@!1F?D280!?G!176BD!C750!
F0G3!#J:D!>?!1C?410!E23!7110B3!3C0!A?508>60>3!C7>@?23DLQSe!!!
!
)@?2G3E5@?!8?A!-12@771?A845@?E!

(D! H0! C750! D3730@! B8054?2DF9P! 3C0! D2E\013! ?G! #J:D! 4D! >?3! 7! >0H! BC0>?60>?>! 4>!
Y0>97P! 43! 4D! >?3! ?>0! 3C73! >043C08! F71WD! B?F43417F! 801?A>434?>! >?8! B80D184E0@!
D?F234?>DL!#>@00@!3C0!(G8417>!:008!*0540H!-01C7>4D6!^#;-/_M!)@3?49:!-1C@94!
@H!4D1!-1C3FG52!@H!\1?:8QfR!B80B780@!4>!-79!QRRj!801?A>4D0@!3C0!B8?EF06L!<0!
X2?30!3C0!80F057>3!B787A87BCD!?G!3C0!80B?83M!

#;-/M!)@3?49:!-1651I!-1C@94!@H!4D1!-1C3FG52!@H!\1?:8!!
nLLLLLo!!
VbZb[b!'$d&)",<&![M!"'!;-'/'"&!#*K!;-'"&)"!">&!-,J>"+!
'(! <O%*&-#$%&! J-'O;+Q! ,*)%OK,*J! ,*"&-*#%%.!
K,+;%#)&K!;&-+'*+Q!-&(OJ&&+!#*K!K,+#$%&K!;&-+'*+!!
!!!
!!!
5b!+37789:!@H!4D1!)@3?49:!+1GHP#EE1EE71?4!-1C@94!^)+#-_!!
!!!
,?419?8GG:!K5ECG821A!;19E@?E!!
*0A78@4>A!3C0!4>308>7FF9!@4DBF710@!B08D?>D!HC?!780!G?810@!3?!64A8730!
G8?6! 3C048! >73287F! F?1734?>D! @20! 3?!1F7DC0DP! 3C0! 80B?83! 80507FD! 3C73P!
4>! 1?>387D3! 3?! 80G2A00DP! 3C09! F71W! 7@0X2730! 80F40G! D2BB?83! 7>@!
D0128439P! 7>@! ?>F9! 8010450! ?117D4?>7F! G??@! 7>@! EF7>W03D! G8?6!
B?F434147>D! H43C?23! 7>9! G?FF?H! 2BL! #>! 7@@434?>P! 3C080! 4D! >?!
80D033F060>3!?8!01?>?641!B8?A87660D!3?!74@!3C06L!!
!!!
;2F>087EF0!A8?2BD!4>!3C0!80B?83!H080!1C78713084V0@!7D!3C?D0!A8?2BD!
678A4>7F4D0@! G8?6! 3C0! 674>D38076! D?14039! 7>@P! @20! 3?! 9078D! ?G!
>0AF013P!@?!>?3!G43!4>3?!D?14039!73!7!B?F43417FP!01?>?641!?8!D?147F!F050FL!
%C0! 80B?83! 7DD083D! 3C73! 3C4D! A8?2B! 4D! >2608417FF9! 7! 64>?8439P! 7>@!
4@0>34G40D!3C0!,77W2P!I7F\00FP!&A40W! 7>@!.>@?84D! 4>!3C4D!80A78@L!%C0!
,7W2D! H080! 054130@! G8?6! 3C0! G?80D3! HC080! 3C09! C7@! E00>! E03308!
B8?30130@L! J284>A! 3C0! D1800>4>A! ?G! $?67F4DP! 3C0! I7F\00F! C7@! 3C048!
4@0>3439!178@D!1?>G4D1730@P!H080!7DW0@!E9!B?F410!3?!F0750!G?8!$?67F47!
P!7>@P!7D!3C0!80B?83!4>@41730DP!H080! 7FD?!73371W0@!E9!D0128439!G?810D!
4>! (2A2D3! QRRbL! %C0! &A40W! C750! F?@A0@! 7! F7HD243! 3?! 80D4D3! 3C0!
I?508>60>3[D!@014D4?>!3?!05413!3C06!G8?6!3C048!7>10D387F!C?60DL!%C0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+,-
!V!:!1!13!P6!#6:46!<43;!_238A5![SR!=6HJ!6A5!P6X828!7<@![SR!M6HJ"!!G0:1!H3A>!3?!R0102!@62!8X!B!M3HH!::!3A!
C!1A0::!P3"!&-"!7L:3!10:1!H3A>!3?!M3HH!::!3A!C!1A0::!P3"!$'+"!
+)*
!71!J690!$$$!"$$,"!7L:3!6#6!L6KL0!61!411JNgg;;;"A0J65"329g+**'g?!L0:g6J2Hg7RIT@0A>620J321"J5?!!
+-$ !

!
80B?83! D3730D! 3C73! F433F0! B8?30134?>! ?8! DB0147F! B?F410D! C750! E00>!
@0D4A>0@!3?!7@@80DD!3C0!>00@D!?G!3C0D0!52F>087EF0!A8?2BDL!!
npo!!
!!!
55b!(5?A5?BE!@H!4D1!)@3?49:!-1651I!/12D8?5E7!^)-/_!!
efg!!
,?419?8GG:!K5ECG821A!;19E@?E!^,K;E_!!
%C0!)*-!54D43!3?!+9084!:8?54>147F!=07@X278308D!1?>G4860@!3C73!#J:$!
H080! D1733080@! 4>! 3C0! *4G3! ;7FF09! @4D38413D! ?G! Y484>97A7P! %C4W7! 7>@!
-287>A7! 7>@! 80D4@0@! 4>! 3C0! DF26DL! +?! A?508>60>3! 80D033F060>3!
B?F419! ?8! @050F?B60>3! B8?A87660D! C7@! E00>! B23! 4>! BF710! 73!
:8?54>147F! F050FP! 7>@! 7G308! 3C0! 1F7DC0DP! 3C0! @4D38413! F07@08D! C7@!
0>1?287A0@!3C0!#J:DP!4>!3C0!7ED0>10!?G!7>9!80D033F060>3!607D280DP!
3?! A?! E71W! 3?! 3C048! G?8608! @H0FF4>ADL! %C0! 4>7134?>! @4DBF790@! E9! 3C0!
@4D38413! F07@08DC4B! 4>! 4>30A8734>A! 3C0! #J:D! 4>3?! 3C0! 674>D38076!
D?14039!C7D!46BF41734?>D!G?8!F?>AO3086!801?>14F4734?>!?G!03C>41!A8?2BD!
4>! Y0>97P! 7>@! B?D0D! 7! 1C7FF0>A0! G?8! 2>439! 7>@! >734?>! E24F@4>AL! %C0!
F71W! ?G! 1?>10830@! 10>387F! I?508>60>3! B?F4140D! 7>@! 4>30850>34?>D! 3?!
7FF054730!3C0!BF4AC3!?G!108374>!D0A60>3D!?G!D?14039!G?FF?H4>A!1?>GF413!4D!
F4W0F9!3?!E0!37W0>!7@57>37A0!?G!73! 3C0!F?17F!F050F!3?! 3C0!@038460>3! ?G!
52F>087EF0!A8?2BD!F4W0!#J:DL!!
!!!
555b!-12@771?A845@?E!!
%C0!:7>0F!801?660>@D!3C0!G?FF?H4>AM!!
z!%C0!I?508>60>3!?G!Y0>97!3?!0>713!7>@!46BF060>3!7!1F078!B?F419!?>!
80G2A00D!7>@!4>308>7FF9!@4DBF710@!B08D?>D!nI?508>60>3!?G!Y0>97oL!!
npo!
!

(!G283C08!80540H!?G!3C0!46BF060>3734?>!?G!3C0!(:*-!G?8!3C0!B084?@!_2>0!QRRj!T!
_2>0!QRRfPQfd!4>!80DB013!?G!B8?6?34?>!7>@!B8?30134?>!?G!3C0!84AC3D!?G!52F>087EF0!
A8?2BD!4>1F2@4>A!4>308>7FF9!@4DBF710!B08D?>D!7>@!80G2A00D!7@@80DD0@!3C0!4DD20!7D!
G?FF?HDc!!!

6+++7!

8+9:!;<2(=&%0(!>%'(#!?-@A@&%@'!/'1!?-@&(=&%@'!@B!&C(!D%EC&)!@B!!!FGH'(-/<H(!I-@GJ)!
K'=HG1%'E!K'&(-'/HHL!.%)JH/=(1!?(-)@')!/'1!D(BGE(()!

C5$!c&A$)'<$'.6! .5)&-B5!A*):&-+!@&A$).%!)$(-4.:&'!@)&B)*<<$+!+-45!*+!]3OoI3QU6!IUIE!
@)&B)*<<$+!*'(!$(-4*.:&'*,!#-)+*)%!?-'(+!5*+!?&4-+$(!&'!<*:'+.)$*<:'B!.5$!A-,'$)*#,$!
B)&-@+!Z:'4,-(:'B!&)@5*'+!&?!]3OoI3QU6!.5$!%&-.56!=&<$'6!.5$!@5%+:4*,,%!45*,,$'B$(6!&,($)!
@$)+&'+!*'(!.5$!*B$:'BK!.&!@*).:4:@*.$!?-,,%!:'!'*.:&'*,!($A$,&@<$'.!*B$'(*2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+)$
!!@0A>6!R23920::!I0J321!3A!140![HJL0H0A161!3A!3?!140!7?2!=6A!R002!I0#!0;!T0=46A!:H!E7RITF!P61!3A6L!
R23926HH05!3?!7=1!3AB!Z8A0!+**(!O!Z8A0!+**)"!

+-+ !

!
C5:+!&#9$4.:A$!4*,,$(!?&)!<$45*':+<+!.&!@)&.$4.!.5$!):B5.+!&?!.5$!A-,'$)*#,$!B)&-@+!.5)&-B5^!

:2 L'*4.<$'.! *'(! :<@,$<$'.*.:&'! &?! @&,:4:$+! *'(! @)&B)*<<$+! *:<$(! *.!


$<@&=$):'B!*'(!@)&.$4.:'B!.5$!):B5.+!&?!A-,'$)*#,$!B)&-@+m!
::2 U.$@@:'B! -@! +$4-):.%! *'(! +.)$'B.5$':'B! )$+@&'+$! 4*@*4:.%! &?! ,*=!
$'?&)4$<$'.!*B$'4:$+!:'!4&'?,:4.!@)&'$!*)$*+m!
:::2 U.)$*<,:':'B! :<<:B)*.:&'6! +4)$$':'B! @)&4$(-)$+! *'(! $,:<:'*.:'B!
(:+4):<:'*.&)%!+4)$$':'B!@)*4.:+$+2!

C5$!c&A$)'<$'.!5*+!*,+&!*45:$A$(!.5$!?&,,&=:'B^!

! 3.!5*+!:'.)&(-4$(!Q$A$,&@<$'.!3'.$)A$'.:&'+!F)&B)*<<$!:'!.5$!V&).5!J:?.!(:+.):4.+!.&!
4&<@,:<$'.!.5$!(:+*)<*<$'.!@)&B)*<<$!(-):'B!.5$!%$*)!N11\o1X!
! 3.! 5*+! @)&<-,B*.$(! .5$! J$?-B$$+! I4.6! N11\! :'.&! ,*=! &'! P1.5! Q$4$<#$)6! N11\2! C5:+!
@)&A:($+! ?&)! .5$! )$4&B':.:&'6! @)&.$4.:&'! *'(! <*'*B$<$'.! &?! )$?-B$$+! =:.5:'! .5$!
4&-'.)%!
! 3.! 5*+! B:A$'! .5$! 4&'4$)'! *#&-.! .5$! @)&#,$<! &?! +M-*..$)+! *'(! :'.$)'*,,%! (:+@,*4$(!
@$)+&'+6! *'(!*+! *!?&,,&=7-@!&?! .5$!@,*'':'B! :'!.5$!@$):&(!N11\o1Xm!8+5!H2P!#:,,:&'!
5*+!#$$'!+$.!*+:($!:'!.5$!N11Xo1b!?:+4*,!%$*)!.&!*4M-:)$!,*'(!?&)!+$..,:'B!.5$<2!S:.5!
*,,&4*.:&'! &?! ,*'(! @*)4$,+6! .5&+$! *??$4.$(! *)$! $h@$4.$(! .&! :<@)&A$! .5$:)! ,:A:'B!
+.*'(*)(+6!:'4)$*+$!?&&(!+*?$.%!*'(!#$!*#,$!.&!+5*)$!:'!.5$!B)&=.5!&?!.5$!4&-'.)%2!

G&,,&=:'B!.5$!@&+.!$,$4.:&'!4):+:+6!8$'%*!?&-'(!:.+$,?!=:.5!*'!-'@)$4$($'.$(!'-<#$)!&?!3QF+!
:'4,-(:'B!45:,()$'6!=&<$'!*'(!@$&@,$!=:.5!(:+*#:,:.:$+2!C5$!c&A$)'<$'.!:'!)$+@&'+$!.&!.5:+!
$+.*#,:+5$(! HbH! 3QF! 4*<@+! ,&4*.$(! :'! A*):&-+! @*).+! &?! .5$! 4&-'.)%! .&! *44&<<&(*.$! .5$!
PW16111!(:+@,*4$(!@$)+&'+2!

C5$!?&,,&=:'B!<$*+-)$+!5*A$!#$$'!-'($).*>$'!:'!)$+@$4.!.&!.5$!@&+.7$,$4.:&'!3QF+^!

! S:.5! .5$! 5$,@! &?! .5$! J$(! f)&++6! .5$! c&A$)'<$'.! @)&A:($(! ?&&(6! ()-B+! :'4,-(:'B!
IJO+6!4,&.5:'B6!#,*'>$.+!*'(!&.5$)!)$M-:)$<$'.+!.&!.5$!3QF+2!
! C5$!F)$+:($'.6!.5$!F):<$!;:':+.$)!*'(!<$<#$)+!&?!.5$!4*#:'$.!A:+:.$(!.5$!3QF+!
! J$+.&)*.:&'!&?!+$4-):.%!:'!.5$!*??$4.$(!*)$*+!
! J$+$..,$<$'.!&?!H1\6\WH!&?!3QF+!#%!<:(!;*%!N11b!
! C5$!c&A$)'<$'.!5*+!)*:+$(!8+5+!iWX!;:,,:&'!&-.! &?! .5$!)$M-:)$(!8+5!PH!a:,,:&'!?&)!
.5$!)$+$..,$<$'.!&?!3QF+! *+!@)&@&+$(!:'! .5$!V*.:&'*,!J$4&'4:,:*.:&'! *'(!L<$)B$'4%!
U&4:*,!*'(!L4&'&<:4!J$4&A$)%!ZVJLULJK!F,*'2!
! C5$!c&A$)'<$'.!5*+!-)B$(!<$<#$)+!&?!@*),:*<$'.!*'(!,&4*,!,$*($)+!.&!@)$*45!*'(!
@)&<&.$!@$*4$!*<&'B!*??$4.$(!4&<<-':.:$+!

'8?6! 3C0! 054@0>10! H0! C750! A73C080@! D?! G78P! 3C080! 0/4D3D! D2GG4140>3! E7D4D! G?8!
0>7134>A! 7! 1F078! B?F419! 7>@! F0A7F! G8760H?8W! G?8! @07F4>A! H43C! 3C0! #J:DLQfQ!!
-?80?508P!3C0!U+! I24@4>A!:84>14BF0D!?>!#J:D!B8?54@0!3C0!>010DD789!B78760308D!
G?8!D21C!B?F419!7>@!F0A4DF73450!4>30850>34?>DL!%C0!A24@0F4>0D!?EF4A0!D3730!B78340D!3?!
0>D280!B8?30134?>!?G!7>@!7DD4D37>10!3?!#J:D!4>!7FF!BC7D0D!?G!@4DBF71060>3L!<C4F0!
3C080! 780! 1??8@4>734>A! ?8A7>D! G?8! @07F4>A! H43C! 0608A0>19! D432734?>DP! 43! 4D! >?H!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+)+
!!I0J321!?23H!e??!=0!3?!140!Y!94!M3HH!::!3A02!?32!Y8H6A!I!941:!c6=1!O?!A5!A9!T!::!3A!13!@0A>6B!(!"+)!+**)B!!
I0=3HH0A561!3A!P3"!,!61!J"$)"!!Q.4!K!1!P3"!+$P"!

+-% !

!
46B0873450!3?!B23!3C0!B8?EF06!?G!#J:D!?>!7!D?2>@!D37323?89!G??34>A!HC080!F4>0D!?G!
723C?8439! 7>@! 80DB?>D4E4F4340D! 780! 7DD4A>0@L! ! %C080! 4D! >?! 807D?>! HC9! D21C! 7>!
0>71360>3! 17>>?3! E0! B23! 4>! BF710! H43C4>! 3C0! >0/3! G?28! 6?>3CDP! 7>@! H0! D?!
801?660>@L!!!

$01?>@F9P! H0! 3C4>W! 3C73! 3C0! D373060>3! 4DD20@! E9! 3C0! Y0>97! J47F?A20! 7>@!
*01?>14F4734?>! ?>! h3C! (B84F! QRRf! B8?54@0D! 7! D2GG4140>3! E7D4D! G?8! B8?54@4>A! 7!
E0>1C678W!G?8!3C0!>00@D!?G!3C?D0!@4DBF710@!E9!:.;L!(>!28A0>3!057F2734?>!>00@D!
3?!E0!178840@!?23!3?!7DD0DD!3C0!0GG013450>0DD!?G!3C0!12880>3!B8?A876D!4>!BF710!3?!
7@@80DD! 3C0! BF4AC3! ?G! #J:DL! $21C! 7! B8?10DD! >00@D! 3?! E0! 178840@! ?23! 4>! 7>! ?B0>!
7>@! 387>DB780>3! 67>>08! 4>5?F54>A! 7FF! 3C0! D37W0C?F@08DL! <0! 801?660>@! 3C0!
B8?10DD!1?660>10D!4660@4730F9L!

(D!3C0! B8?EF06! ?G! #J:D! C7D! E00>! H43C! 2D! G?8! 7A0D! 7>@! 4D! >?3! A?4>A! 3?! E0! H4B0@!
?23! H43C! 7! 67A41! H7>@P! H0! 801?660>@! 3C73! 3C0! 4DD20! E0! D2E64330@! 3?! 3C0!
_2D3410!7>@!*01?>14F4734?>!)?664DD4?>!G?8!G?FF?H!2BL!

"7D3F9P! H0! 1?>1F2@0! 3C73! 3C0! D2110DDG2F! 80328>! ?G! #J:D! H4FF! E0! E7D0@! ?>! 3C800!
?231?60D! >760F9! 3C0! D7G039! ?G! 80328>00DP! 80D343234?>! 7>@! 80328>! ?G! B8?B0839! 3?!
3C0!@4DBF710@!7>@!3C0!180734?>!?G!7>!01?>?641P!D?147F!7>@!B?F43417F!0>548?>60>3!
3C73! D2D374>D! 3C06L! ! ! %C080! 4D! 1F078F9! 7! 1?>D0>D2D! 3C73! 2>F0DD! 3C0! 8??3! 172D0D!
3C73!F0@! 3?!4>308>7F!@4DBF71060>3!780!80D?F50@P!3C0!B8?EF06!?G!@4DBF71060>3!H4FF!
1?>34>20!3?!C72>3!2D!G?8!7!F?>A!3460L!!(>@!3C73!4D!3C0!@239!?G!05089!Y0>97>L!

+-& !

!
)>#;"&-!&,J>"!

"D1!/1A58!8?A!4D1!;@E4!&G1245@?!<5@G1?21!
K0G?80P!@284>AP!7>@!7G308!3C0!0F0134?>DP!B?F434147>DP!A?508>60>3P!+I&DP!606E08D!
?G!3C0!60@47!43D0FGP!7>@!B783D!?G!3C0!B2EF41P!7FF!C7@!540HD!7E?23!HC03C08!7>@!C?H!
3C0! DB807@! ?G! 4>G?86734?>! 3C8?2AC! 3C0! B84>3! 7>@! E8?7@17D3! 60@47! C7@!
1?>384E230@!3?!3C0!QRRS!B?D3!0F0134?>!54?F0>10L!%C0!)?664DD4?>!7DW0@!7!>26E08!
?G! 4>@454@27FD! 3?! 30D34G9! E0G?80! 43! 1?>108>4>A! 3C0! 8?F0! ?G! 3C0! 60@47! 4>! 3C0! B?D3O
0F0134?>!54?F0>10L!!
!
%C0!)?664DD4?>!3C080G?80!4>5430@!3C0!:0867>0>3!$01803789!G8?6!3C0!-4>4D389!?G!
#>G?86734?>! 7>@! )?662>41734?>DP! 3C0! (33?8>09! I0>087FP! 7>@! 3C0! )C748! ?G! 3C0!
.@43?8D[! I24F@P! HC?! 7FD?! 4D! 3C0! -7>7A4>A! .@43?8! ?G! 3C0! +734?>! I8?2BP! 3?! 30D34G9!
E0G?80!43!3?!D?F4143!3C048!540HDL!'283C086?80P!7!>26E08!?G!606E08D!?G!3C0!B2EF41!
HC?! H080! 541346D! ?8! H43>0DD0D! 3?! 3C0! B?D3O0F0134?>! 54?F0>10! ?23F4>0@! 3C048!
0/B0840>10D!3?!3C0!)?664DD4?>!E?3C!4>!G?867F!30D346?>9!7>@!4>!?3C08!D373060>3D!
3?!43D!4>50D34A73?8DL!!
!
-7>9!8017FF0@!H43C!C?88?8P!G078P!7>@!@4DA2D3!3C0!>0A73450!7>@!4>GF76673?89!8?F0!
?G! 508>712F78! 87@4?! D3734?>D! 4>! 3C048! 30D346?>9! 7>@! D373060>3D! 3?! 3C0!
)?664DD4?>L!#>!B783412F78P!3C09!D4>AF0@!?23!Y($$!'-!7D!C754>A!1?>384E230@!3?!7!
1F46730!?G!C730P!>0A73450!03C>41439P!7>@!C754>A!4>1430@!54?F0>10!4>!3C0!*4G3!;7FF09L!
=?H0508! 3C080! H080! 7FD?! D464F78! 1?6BF74>3D! 4>! ?3C08! B783D! ?G! 3C0! 1?2>389! 050>!
3C?2AC! 3C09! @4@! >?3! 1?60! @48013F9! 3?! 3C0! 7330>34?>! ?G! 3C0! )?664DD4?>L! %C0D0!
4>1F2@0@! 3C0! 508>712F78! 62D41! 7>@! >0A73450! 03C>41439! 7FF0A0@F9! 1?64>A! G8?6!
Y4W292! '-! D3734?>D! 4>1F2@4>A! Y76060P! #>??8?P! )?8?P! 7>@! ?3C08D! 4>! ?3C08!
@4GG080>3!B783D!?G!3C0!1?2>389L!%C4D!H7D!60>34?>0@!1843417FF9!4>!5784?2D!D0134?>D!?G!
./C4E43!>?L!dQbP!3C0!Y+)=*[D!80B?83!?>!Y0>97[D!B?D3!QRRS!0F0134?>!54?F0>10L!
J8L!K437>A0!+@06?P!3C0!:0867>0>3!$01803789!?G!3C0!-4>4D389!?G!#>G?86734?>!7>@!
)?662>41734?>D!30D34G40@!E0G?80!2DL!=0!3?F@!3C0!)?664DD4?>!3C73!3C0!60@47!C7@!
E00>! 1?>38?FF0@! E9! 3C0! D3730! G?867FF9!G8?6! 3C0! degRD! 2>34F! 3C0! 64@O! deeRDL! =0!
0/BF74>0@! 3C73! 7D! Y(+U! D34FF! H7D! 4>! B?H08! 2B! 3?! QRRQP! 3C0! 0/B7>@4>A! 60@47!

+-' !

!
1?>34>20@! 3?! E0! D2E\013! 3?! C787DD60>3P! 3?83280P! 46B84D?>60>3P! 7>@! G4>0D! G?8!
0/B80DD4>A! 3C048! 540HDL! )0>D?8DC4B! 7>@! D0FG! 10>D?8DC4B! 7FD?! 0>D20@P! D30664>A!
G8?6!G078!?G!80B84D7FD!E9!3C0!D3730L!!J8L!+@06?!3?F@!2D!3C73!5784?2D!60@47!?23F03D!
1?>34>20@!3?!5?410!3C0!540HD!?G!3C0!82F4>A!B7839!Y(+U!7D!F730!7D!3C0!deeRD!050>!
G?FF?H4>A! 3C0! deed! 80B07F! ?G! D0134?>! Q(! ?G! 3C0! 1?>D343234?>! 7>@! 3C0! 80328>! 3?!
62F34! B7839! @06?18719! 4>! Y0>97L! %C0! H43>0DD! >?30@! 3C73! ?>F9! 7G308! 3C0! QRRQ!
0F0134?>!@4@!3C0!I?508>60>3!0>A7A0!4>!7!B8?10DD!?G!F4E087F4V734?>L!%C4D!4>1F2@0@!
F410>D4>A! 67>9! >0H! D3734?>DP! D?603C4>A! C0! 3?F@! 2D! 3C73! B?D43450F9! 7GG0130@! 7FF!
B783D!?G!3C0!60@47L!!
!
=?H0508P!3C0!H43>0DD!60>34?>0@!3C73!3C0D0!1C7>A0D!3??W!BF710!4>!3C0!7ED0>10!?G!
7! >0H! 80A2F73?89! 7>@! F0A4DF73450! G8760H?8WP! F07@4>A! 3?! D?603C4>A! ?G! 7>!
2>1?>38?FF0@!G800!G?8!7FFL!#>!J8L!+@06?[D!540H!D?60!60@47!3??W!7@57>37A0!?G!3C4D!
F712>7!7>@!E0A7>!3?!`?B08730!G800F9!7>@!D?603460D!801WF0DDF9!7>@!4880DB?>D4EF9a!
4>1F2@4>A!2D4>A!4>@454@27FD!HC?!H080!>?3!3874>0@!\?28>7F4D3DP!HC?!H080!B7834D7>P!
7>@! D?603460D! H080! B?F43417FF9! E47D0@L! #>! C4D! D373060>3! 3?! 2D! C0! 78A20@! 3C73!
60@47! C?2D0D! 3??W! D4@0D! 4>! 3C0! 82>! 2B! 3?! 3C0! QRRS! 0F0134?>P! 3C73! 3C080! H080!
1?6BF74>3D! 3C73! `6?D3! 0@43?8D! C7@! E00>! 1?6B8?64D0@aP! 7>@! 3C73! `D?60! 60@47!
C?2D0D! E01760! D0>D734?>7F! 7>@! 2>>010DD784F9! 7F7860@! 3C048! 72@40>10D! 7>@!
4>GF760@!3C048!B7DD4?>DaL!=0!3?F@!3C0!)?664DD4?>!3C73!3C0!F450!E8?7@17D3!?G!5?30!
37FF94>A! ?G! 3C0! QRRS! 0F0134?>! 80D2F3D! 73! 3C0! Y#))! 7>@! 3C0! 54D4EF0! 71846?>9! ?G!
B?F43417F! F07@08D! 4>GF760@! 30>D4?>DP! E84>A4>A! `3C0! 1?2>389! 3?! 3C0! E84>WaL! '710@!
H43C! 7>! 2>B8010@0>30@! ?23E807W! ?G! 54?F0>10! G?FF?H4>A! 3C0! 7>>?2>1060>3! ?G! 3C0!
B80D4@0>347F! 80D2F3D! 7>@! 3C8073D! ?G! 6?80!54?F0>10P! 3C0! H43>0DD! D74@! 3C0! -4>4D389!
7DW0@! 3C0! 60@47! C?2D0D! 3?! @0D4D3! G8?6! F450! E8?7@17D3D! 1?>108>4>A! B?F4341D! 050>!
3C?2AC! 3C0! -4>4D389! 43D0FG! C7@! >?! H79! ?G! G2FF9! 0>G?814>A! 43D! @067>@! F0A7FF9L!
#>D307@P! 4>! 3C0! 0>@P! 43! H7D! 3C0! -4>4D389! ?G! #>308>7F! $0128439! HC41C! 3?F@! 3C0!
-4>4D389! ?G! #>G?86734?>! 43! H7>30@! 3?! 4>5?W0! $0134?>! ff! ?G! 3C0! Y0>97>!
)?662>41734?>D! (13P! 3?! HC41C! 3C0! F73308! 1?6BF40@L! #>! C4D! 30D346?>9! 3?! 3C0!
)?664DD4?>P! (6?D! <7W?P! Y0>97[D! (33?8>09! I0>087F! D3730@! 06BC73417FF9! 3C73!
`3C0! E7>! H7D! >?3! B8?B08aP! H7D! 2>1?>D343234?>7FP! 7>@! `@0G4>430F9! 4FF0A7FaP! 7>!
?B4>4?>!C0!1?>5090@!4>!H8434>A!3?!3C0!7E?50!64>4D3840DL!

+-( !

!
%C0! )?664DD4?>! 7FD?! C078@! G8?6! 3C0! :$! ?G! 3C0! -4>4D389! ?G! #>G?86734?>! 7>@!
)?662>41734?>D!3C73!43!`G?2>@!43D0FG!1?>D3874>0@!3?!1?>38?F!'-!60@47!1?>30>3!73!
3C0! C04AC3! ?G! 3C0! B?D3O0F0134?>! 54?F0>10a! 7D! 80B237EF0! 60@47! ?23F03D! 78?2>@! 3C0!
H?8F@! 2D0@! C07@F4>0D! F4W0! `=730! 87@4?! DB807@D! >0H! H750! ?G! 54?F0>10! 4>! Y0>97aL!
(G308!E7>>4>A!F450!B?F43417F!E8?7@17D3D!E9!3C0!60@47a!?>!gd!J0106E08!QRRSP!3C0!
:$!3?F@!3C0!)?664DD4?>!3C09!H080!1843414V0@!7>@!80D4D30@!E9!3C0!>0HDB7B08DL!%C0!
H43>0DD!0/BF74>0@!3?!3C0!)?664DD4?>!3C73!3C0!-4>4D389!G0F3!43!H7D!E04>A!1843414V0@!
2>G748F9!?>!7FF!D4@0DM!4>4347FF9!G?8!>?3!C754>A!@?>0!7>93C4>A!3?!`128E!7FF!3C0!C730!
87@4?a!]F7308!7@64334>A!3C0!-4>4D389!C7D!3C0!`B?H08!3?!F410>D0!7>@!17>10F!3C06a^!
050>! 3C?2AC! 3C0! -4>4D389! C7@! 80B8467>@0@! `D?60! ?G! 3C0! H?8D3! ?GG0>@08DaP! 7>@!
3C0>!F7308!G?8!E7>>4>A!F450!B?F43417F!E8?7@17D3DP!HC41C!3C0!-4>4D389!7FD?!G0F3!H7D!
G20FF4>A!54?F0>10L!!
J8L! +@06?! 3?F@! 3C0! )?664DD4?>! 3C73! C0! E0F4050@! 3C0! 7134?>D! 37W0>! E9! C4D!
-4>4D389!H080!4>!`A??@!G743Ca!7>@!H43C!3C0!`?50884@4>A!>734?>7F!4>3080D3!4>!64>@La!
=0! 7FD?! D74@! 3C73! 3C080! H7D! `7! >00@! G?8! 7! F0A4DF73450! G8760H?8W! A?508>4>A! 3C0!
60@47p2>@08D1?80@! E9! 60@47! 64D1?>@213! @284>A! 3C0! B?D3O0F0134?>! 54?F0>10aL!
+05083C0F0DDP!C0!>?30@!3C73!3C0!-4>4D389!C7D!1?>34>20@!3?!H?8W!H43C!3C0!0/4D34>A!
-0@47! )?2>14F! 0D37EF4DC0@! 2>@08! 3C0! -0@47! (13! 7>@! 7FD?! C7D! 7! 5784039! ?G!
4>G?867F!G?826D!3C8?2AC!HC41C!43!4>308713D!H43C!3C0!60@47L!
#>! 7@@434?>P! 3C0! )?664DD4?>! C078@! 30D346?>9! G8?6! -71C7847! I743C?P! )C74867>!
?G!3C0!Y0>97!.@43?8D[!I24F@L!=0!3?F@!2D!3C73!HC4F0!3C0!60@47!C7@!E00>!`7112D0@!
?G!BF794>A!7!B783!4>!G7>>4>A!3C0!nB?D3!0F0134?>o!54?F0>10a!3C0!7112D734?>D!H080!>?3!
DB014G41! 7>@! 4>! C4D! ?B4>4?>! 1760! G8?6! 5784?2D! D4@0D! ?G! 3C0! B?F43417F! DB013826!
HC41C!H080!7AA84050@!E0172D0!3C09!G0F3!3C09!H080!>?3!D2BB?830@!E9!3C0!60@47L!=0!
@4D7A800@! H43C! J8L! +@06?! 1?>108>4>A! 3C0! 7FF0A0@! B7834D7>DC4B! ?G! 3C0! 60@47P!
1F7464>A!43!H7D!5089!@4508D0P!7FD?!D3734>A!3C73!3C080!H7D!>?3C4>A!H8?>A!4>!37W4>A!
D4@0D!?8!B?D434?>D!7D!F?>A!7D!3C73!H7D!67@0!1F078!3?!3C0!807@08L!)?>38789!3?!3C0!
:$P!C0!3C?2AC3!3C0!`60@47!nC7@o!BF790@!7!5089!1843417F!8?F0!4>!F0DD0>4>A!30>D4?>DaL!
#>! G713P! C0! 3?F@! 2D! 3C73! 4>! C4D! ?B4>4?>! 3C0! 60@47! C7@! 7130@! 5089! 80DB?>D4EF9! E9!
>?3! 7484>A! 3C0! 67>9! 4>GF76673?89! D373060>3D! 67@0! E9! B?F434147>D! @0D4A>0@! 3?!
4>1430!B0?BF0L!"7308P!C0!0/BF74>0@!3C73!43!64AC3!C750!E00>!E03308!4G!3C0!60@47!C7@!

+-, !

!
7480@! 6?80! 873C08! 3C7>! G0H08! 4>GF76673?89! D373060>3D! E9! B?F434147>D! HC?! 3C0>!
H?2F@!C750!E00>!0/B?D0@!3?!3C0!B2EF41!G?8!HC?!3C09!H080L!
-8L! I743C?! 7FD?! 8064>@0@! 2D! 3C73! 3C0! 60@47! C7@! 2D0@! @4D18034?>! 4>! HC73! 43!
B84>30@! 7>@! 7FD?! >?30@! 3C73! 3C0! E7>P! 7@5?1730@! E9! 3C0! :$! ?G! #>G?86734?>! 7>@!
)?662>41734?>D!7A74>D3!3C0!60@47!H7D!050>327FF9!@01F780@!4FF0A7FP!>?34>AM!
`F$&@,$!=$)$!.*,>:'B!*#&-.!B&:'B!.&!=*)6!@$&@,$!=$)$!.*,>:'B!&@$':'B!
*#&-.!)$+:+.:'B!*'(!*!4:A:,!=*)!*'(!*,,!.5&+$!>:'(+!&?!.5:'B+2!U&<$!&?!
.5&+$!+.*.$<$'.+!?)&<! A$)%!+$':&)!@&,:.:4*,!,$*($)+! <*%!5*A$!+,:@@$(!
.5&-B5.! #-.! 3! =&-,(! +*%! 01p! &?! .5$<! =$)$! 4*-B5.! #$?&)$! .5$%! =$)$!
*:)$(! &)! @-#,:+5$(R2S$! *)$! +$$:'B! *! +:.-*.:&'! =5$)$! @&,:.:4:*'+!
4)$*.$! *! @)&#,$<6! @&,:.:4:*'+! @)&<&.$! A:&,$'4$6! @&,:.:4:*'+! :'4:.$! .5$!
@$&@,$!*'(!.5$'!=5$'!.5:'B+!(&!'&.!B&!.5$:)!=*%!.5$%!+.*).!.&!#,*<$!
.5$! <$(:*2! C5*.! #*'! *+! =$! *,,! >'&=! =*+! -'4&'+.:.-.:&'*,6! :.! =*+!
:,,$B*,m!.5$!L(:.&)T+!c-:,(!9&:'$(!-@!=:.5!.5$!;$(:*!3'+.:.-.$!*'(!=$'.!
.&! 4&-).! *'(! 9-+.! #$?&)$! .5$! 5$*):'B! .5$! I..&)'$%! c$'$)*,6! .5$!
B&A$)'<$'.6!)$A&>$(! .5$!#*'! *'(! =$! =$'.! #*4>! .&!,:A$!#)&*(4*+.:'B!
*'(! =5*.! =*+! '&.! *4>'&=,$(B$(! (-):'B! .5*.! @$):&(! :+! .5$! )&,$6! A$)%!
@&+:.:A$!)&,$!.5$!<$(:*!@,*%$(!:'!4*,<:'B!.$'+:&'+2/!!
#>! 1?>387D3! 3?! 3C0! :$! ?G! #>G?86734?>! 7>@! )?662>41734?>DP! -8L! I743C?! 78A20@!
3C73! 12334>A! ?GG! F450! E8?7@17D3D! G8?6! 3C0! Y#))! 1?>108>4>A! 3C0! 80D2F3D! ?G! 3C0!
0F0134?>! `1?>384E230@! 621C! 6?80! 3?! 874D4>A! 30>D4?>! 3C7>! 1?>34>24>A! 3C?D0!
E8?7@17D3DP! E0172D0! 3C0>! B0?BF0! D37830@! H?>@084>A! HC73! 4D! C7BB0>4>AaL! %C0!
H43>0DD! 0/BF74>0@! 3?! 3C0! )?664DD4?>! 3C73! 3C0! .@43?8D[! I24F@! 7FD?! D2BB?830@!
F0A4DF734?>! 7A74>D3! C730! DB001C! 7F3C?2AC! C0! H7D! >?3! 4>! G75?8! ?G! 1F76B4>A! @?H>!
3?37FF9!7A74>D3!'-!D3734?>DL!
%C0! )?664DD4?>! 8010450@! 30D346?>9! 7>@! ?3C08! D373060>3D! G8?6! 7! >26E08! ?G!
4>@454@27FD! HC?! 4>1F2@0@! A?508>60>3! ?GG4147FDP! 541346D! ?G! 3C0! 54?F0>10P! 7>@!
H43>0DD0D!3?!43L!#>!B783412F78P!3C09!D4>AF0@!?23!Y($$!'-P!7!Y7F0>\4>!F7>A27A0!G6!
D3734?>P! G?8! 0D17F734>A! 3C0! 1F46730! ?G! C730! 7>@! 4>1434>A! 54?F0>10P! 7! BC0>?60>?>!
3C73!7BB780>3F9!?112880@!?>!?3C08!'-!D3734?>D!4>!?3C08!B783D!?G!3C0!1?2>389!3??L!
<43>0DD0D! 67@0! DB014G41! 80G080>10! 3?! Y($$! '-L! %C09! 1F7460@! Y($$! '-! 4>!
1?>\2>134?>!H43C!B?F434147>D!2D0@!@08?A73?89!F7>A27A0!7A74>D3!Y4W292DP!6?23C0@!

+-) !

!
C730! DB001CP! 7>@! 8?234>0F9! 17FF0@! G?8! 3C048! 054134?>P! 3C080E9! C0FB4>A! 3?! E24F@! 2B!
30>D4?>D!3C73!050>327FF9!0/BF?@0@!4>!54?F0>10L!!
J8L!K437>A0!+@06?!D2E64330@!3?!3C0!)?664DD4?>!?G!F03308D!7>@!4>308>7F!606?D!
C4D!-4>4D389!C7@!8010450@!G8?6!3H?!B7D3?8DP!?>0!5?414>A!1?>108>!7E?23!3C0!Y($$!
'-! E807WG7D3! DC?H! `"00! +00! .6003a! ?>! de! '0E82789! QRRS7>@! 7>?3C08! ?>! Qe!
+?506E08!QRRSP!1?6BF74>4>A!7E?23!5784?2D!7DB013D!?G!Y4DD!'-P!)F7DD41!'-P!7>@!
.7D9!'-P! 4>1F2@4>A! 3C048! B8?6?34?>! ?G! `03C>41! 30>D4?>aL!&>! Qj! +?506E08! QRRSP!
J8L!+@06?!H8?30!E71W!3?!3C0!G48D3!F03308!H84308!H43C!7!1l1!3?!3C0!-0@47!)?2>14F!?G!
Y0>97P!D3734>A!3C73!`S$! *)$!$M-*,,%! *@@*,,$(!#%!.5$!@)$+$'.*.:&'+!:'!A*):&-+!G;!
+.*.:&'+!*'(!*+!@$)!.5$!,*=!=$!4*'!&',%!4&<@,*:'!.&!.5$!;$(:*!f&-'4:,2!S$!5*A$!
.5$)$?&)$!?&)=*)($(!%&-)!,$..$)!.&!.5$!;$(:*!f&-'4:,/2!"7308!?>!dQ!'0E82789!QRRfP!
3C0!-0@47!-?>43?84>A!U>43!4>!3C0!-4>4D389!7F0830@!C46!`.5*.!+&<$!:'(:A:(-*,+!*)$!
4:)4-,*.:'B! $7! <*:,! <$++*B$+! =5:45! *)$! *! .5)$*.! .&! ,*=! *'(! &)($)! *+! =$,,! *+!
@$*4$?-,! 4&7$h:+.$'4$!#$.=$$'! 8*,$'9:'+! *'(! 8:>-%-+aL! %C0! 0674F! ?G! df! _7>2789!
QRRfP! 73371C0@! 3?! 3C0! 606?! 17FF0@! 3C0!F7H! HC41C! 7FF?HD! 7FF! Y0>97>D! 3?! F450! 4>!
7>9!B783!?G!3C0!1?2>389!7!`,$B*,!$))&)!:'!&-)!d.5$!8*,$'9:'T+e!5:+.&)%aL!#3!7FD?!78A20@!
3C73! Y7F0>\4>! C750! E00>! D9D30673417FF9! 678A4>7F4V0@! 4>! 3086D! ?G! 0@21734?>P! 3C0!
@4D384E234?>! ?G! D?147F! D085410D! 7>@! 4>G87D38213280P! 2>06BF?960>3! 7>@! 17FF0@! G?8!
3C0! 1?662>439! 3?! `($?$'(! &-)+$,A$+! .&! .5$! #:..$)! $'(/! "-)Bd:'Be! &-)! @$&@,$! .&!
$'+-)$!.5*.!$A$)%!?*<:,%!:+!?-,,%!$M-:@@$(!=:.5!&-)!'&)<*,!.&&,+m!:?!=$!4*'!*??&)(6!
?$))%!.=&!=*)):&)+!?)&<!-@4&-'.)%!?-,,%!*)<$(!*'(!5&-+$!.5$<!-'.:,!=$!5*A$!.5:+!
.5:'B!+&).$(!&-./2!!
!
)?880DB?>@0>10! D2E64330@! 3?! 3C0! )?664DD4?>! E9! 3C0! -4>4D389! ?G! #>G?86734?>!
7>@! K8?7@17D34>A! G8?6! -79O(2A2D3! QRRfP!1?>374>4>A! 7! G0H! F03308D! E03H00>! 3C0!
-4>4D389! 7>@! 3C0! -0@47! )?2>14FP! 4>308>7F! 606?D! H43C4>! 3C0! -4>4D389! 7>@!
E03H00>! 3C0! -4>4D389! 7>@! 3C0! +734?>7F! :0710! '?826! ! B84>14B7FF9! G?12D0D! ?>!
Y($$!'-P!E23!7FD?! 60>34?>!7!"2?!D3734?>!>760@!+76!"?FH0! 7>@!7!Y4W292!'-!
508>712F78! 87@4?! D3734?>P! #>??8?! '-P! HC41C! 3C0! -4>4D389! 3C?2AC3! 1?2F@! `$'.:4$!
<&)$!%&-.5!.&!9&:'!.5$!+$4.!d;-'B:>:e!.5*.!4&'.:'-$+!.&!@&+$!+$4-):.%!45*,,$'B$+!.&!
.5$! 4&-'.)%aL! <43C! 80DB013! 3?! Y($$! '-! 3C0! -4>4D389! G?2>@! 3C0! 4>308>734?>7F!
387>D184B3! G8?6! Q! -79! QRRf! `H7D! 4>1434>A! 3C0! B2EF41! 3?! 54?F0>10a! 7>@!

+-- !

!
1?662>41730@! 43D! 540HD! 3?! 3C0! -0@47! )?2>14FL! #>! (2A2D3P! 7G308! C754>A! 2D0@! 7!
G486P! 7FD?! C480@! E9! U+J:! 078F408! 3?! 6?>43?8! Y($$! '-! 4>! 3C0! 82>! 2B! 3?! 3C0!
J0106E08! QSP! QRRS! 0F0134?>P! 3C0! -0@47! )?2>14F! @014@0@! 3C73! Y7DD! '-! H7D!
4>>?10>3! ?G! 3C0! 1C78A0D! ?G! 7484>A! 7>@! 4>1434>A! 7>@! 4>GF76673?89! F450! E8?7@17D3D!
?>! gd! -79! 7>@! dj! _2>0! QRRfP! E23! H7D! G?2>@! 3?! E0! `>0AF4A0>3a! 4>! 3C0! H79! 43!
C7>@F0@!43D!@4D12DD4?>D!H43C!43D!17FF08DaL!%C0!(33?8>09!I0>087F!H8?30!3?!3C0!:$!4>!
3C0!-4>4D389!?G!#>G?86734?>!7>@!:F7>>4>A!?>!dS!_2F9!D794>A!3C73!43!E0F4050@!Y($$!
'-!C7@!`E8071C0@!3C0!B8?54D4?>D!?G!3C0!-0@47!(13!QRRS!7>@!DB014G417FF9!1F72D0!##!
$0134?>!]7^!?G!3C0!$01?>@!$1C0@2F0/2!
!
(3! 3C0! F?17F! F050FP! 3C0! J4D38413! )?664DD4?>08! G?8! Y?4E730W! 4>! 3C0! )0>387F! *4G3!
;7FF09!30D34G40@!3?!3C0!)?664DD4?>!3C73!`3C0!508>712F78!87@4?!D3734?>D!@4@!>?3!@?!
7! D085410! 3?! 3C4D! 1?2>389/! 7>@! D74@! `#! C750! >?3! C078@! 7>9! 508>712F78! D3734?>!
1?>@06>4>A! 3C0! 54?F0>10! H0! C7@! 4>! 3C4D! 1?2>3892! =0! 3?F@! 2D! C0! W>0H! 3C0!
`60DD7A0! H7D! >?3! 5089! A??@aP! E23! "7@64330@! >?3! C754>A! 6?>43?80@! 3C0! 87@4?!
D3734?>D!3?!G4>@!?23!HC73!3C09!H080!71327FF9!D794>Aa!D4>10!C0!@4@!>?3!2>@08D37>@!
Y7F0>\4>L! =0! 7@64330@! 3C73! C0! @4@! >?3! C750! DB014G41! 0/76BF0D! ?G! HC73! 71327FF9!
H7D! D74@! 043C08! E9! Y($$! '-! ?8! E9! )C7>A09! '-P! 3C0! 3H?! 508>712F78! D3734?>D! 4>!
C4D! 7807P! >05083C0F0DD! 7@@4>A! 3C73! `43! 4D! 1?66?>! W>?HF0@A0! 3C73! 3C4D! 4D! HC73!
C7BB0>0@/6! 80G0884>A! 3?! 3C0! C730! 7>@! 4>143060>3! 7FF0A0@F9! B8?B7A730@! E9! Y7DD!
'-L!#>!?28!540H!3C0!JL)L[D!G74F280!3?!6?>43?8!3C0!D3734?>D!7>@!?E374>!387>D184B3D!
G8?6!3C06!3?!D2ED37>34730!7FF0A734?>D!67@0!1?>108>4>A!HC73!3C09!D74@!7>@!HC73!
713454340D! 3C09! H080! 0>A7A0@! 4>! 607>3! 3C73! H0! H080! 2>7EF0! 3?! D2ED37>34730! C4D!
540HDL!
!
K08>78@!Y4>927P! 3C0! JL)L! G?8! U7D4>! I4DC2! 4>! 3C0! +?83C! *4G3! @0D184E0@! 7! D464F78!
D10>784?L! <C0>! 7DW0@! 2>@08! 18?DD! 0/764>734?>! HC03C08! 7>9! 4>14308D! H080!
7880D30@P!7>9!1?6BF74>3D!H080!67@0P!?8!7>9!7134?>!37W0>!?>10!C0!E01760!7H780!
?G! 3C0! B8?EF06P! C0! 3?F@! 2DP!"#! 3C4>W! 3C0! 4>14308D! H080! 67>9L! <0! C7@! 3C0! 60@47P!
87@4?D! 7>@! D21C! 780! >?3! 4>D343234?>D! 3C73! H0! H080! 4>! 7! B?D434?>! 3?! @07F! H43C6/!
7@@4>A! "<0! @4@! >?3! 1?6BF74>! 7E?23! 3C0! 60@47P! H0! @4@! >?3! 1?6BF74>! 7E?23! 3C0!

%** !

!
A0>087F!4>143060>3!3C73!H7D!3C080!E0172D0!43!H7D!?E54?2DP!43!H7D!5089!1F078!3C73!
3C080!H080!?23E28D3D!E9!B?F434147>D!@284>A!176B74A>DLa!!!
!
%?!1?6B0>D730!G?8!3C0!7E?50!F71W!?G!C78@!@737P!3C0!)?664DD4?>!43D0FG!73306B30@!
3?! ?E374>! 37B0D! ?G! D?60! '-! 87@4?! D3734?>D! G8?6! 7! 5784039! ?G! D?2810D! E0A4>>4>A!
H43C! 3C0! -4>4D389! ?G! #>G?86734?>! 7>@! )?662>41734?>DL! #>! C4D! 30D346?>9! 3?! 3C0!
)?664DD4?>P!J8L!+@06?!D74@!C0!H?2F@!B8?54@0!3C0!)?664DD4?>!H43C!37B0D!G8?6!
3C0! -4>4D389[D! 6?>43?84>A! G8?6! Y($$! '-! G8?6! &13?E08! QRRS! 2>34F! -781C! QRRfL!!
%C0! )?664DD4?>! @4@! 8010450! D?60! D0F0130@! 37B0D! G8?6! 3C0! -4>4D389P! E23! ?>F9!
D37834>A!G8?6!df!'0E82789!QRRfL!&28!5784?2D!73306B3D!3?!?E374>!37B0D!G8?6!?3C08!
D?2810D! H080! 7FD?! 2>D2110DDG2FL! %C0D0! 4>1F2@0@! 2>603! 80X20D3D! G?8! 37B0D! ?8!
387>D184B3D! G8?6! '-! 508>712F78! D3734?>D! 3?! $38730A41! *0F734?>D! 7>@! *0D0781C!
"46430@P! 7! G486! 1?>387130@! E9! 3C0! U+J:! 3?! 6?>43?8! 3C0! 60@47! @284>A! 3C0! QRRS!
0F0134?>P! 3C0! )?662>41734?>[D! )?2>14F! ?G! Y0>97! ]))Y^P! 7>@! 3C0! Y+)=*L! %C0!
80D2F3!4D!!3C73!3C0!)?664DD4?>!H7D!2>7EF0!3?!71X2480!7>9!37B0D!?8!387>D184B3D!E9!
Y($$! '-! ?8! ?3C08! '-! 508>712F78! D3734?>D! G8?6! E0G?80P! @284>AP! ?8! 4660@4730F9!
7G308!3C0!QRRS!0F0134?>L!=0>10P!3?!D?60!0/30>3!3C0!)?664DD4?>[D!D432734?>!4D!>?3!
@4DD464F78!3?!3C73!?G!3C0!J)!G?8!Y?4E730WM!43!C078@!67>9!7FF0A734?>D!?G!HC73!H7D!
D74@P!E23!43!@?0D!>?3!C750!3C0!71327F!387>D184B3D!?G!HC?!D74@!0/713F9!HC73!@284>A!
3C4D!5089!1843417F!B084?@L!
!
K09?>@! 3C4DP! ?>0! 387>D184B3! 3C0! )?664DD4?>! 8010450@! G8?6! 3C0! -4>4D389! ?G!
#>G?86734?>! 7>@! )?662>41734?>! Y($$! '-[D! K8?7@17D3! ?>! df! '0E82789! QRRfP!
D74@!5784?2D!?8A7>4V734?>D!H080!7F807@9!1?>@2134>A!4>50D34A734?>D!4>3?!3C0!B?D3O
0F0134?>!54?F0>10L!!#3!0/C?830@!F4D30>08D!3?!E0!17234?2D!3?!HC?6!3C09!DB?W0!7E?23!
3C0D0! 673308DL! #3! D2AA0D30@! 3C73! \2D3! DB07W4>A! 3?! 7>9?>0! H43C?23! W>?H4>A! HC?!
3C09! 780! 64AC3! 172D0! 3C06! B8?EF06D! ?8! E0! 4>18464>734>A! 7>@! 3C73! 43! 64AC3! E0!
E03308! G?8! 3C06! 3?! 30FF! 3C?D0! HC?! H7>30@! 4>G?86734?>! 3?! D00! 3C0! 1C40G! ?8! D?60!
?3C08! ?B4>4?>! F07@08! 873C08! 3C7>! 7>DH084>A! X20D34?>D! 3C06D0F50DL! (D! 43! >?30@P!
`,?2! 679! 7>DH08! n7o! X20D34?>! HC?D0! 7>DH08! H4FF! 4>! G23280! DB0FF! @??6! G?8! 9?2a!
`K0!5089!1780G2F!7>@!80G08!3C0!4>50D34A73?8D!3?!B?F43417F!F07@08DP!1C40GD!?8!1C281C!
F07@08D!3?!7>DH08!3C0!X20D34?>DL/!!(FD?P!43!3?F@!C4D!F4D30>08D!`,?2!679!E0!7DW0@!3?!

%*$ !

!
0/BF74>!C?H!7!>04ACE?28!?G!9?28D!F0G3!C4D!G786!?8!B8?B0839!7>@!3C0>!9?2!7>DH08!
4>! 7! 67>>08! 3C73! H4FF! F7308! BF710! 9?2! 4>! 7>! 7HWH78@! B?D434?>L! #! 76! >?3! D794>A!
9?2!1?>107F!3C0!3823CP!E23!30FF!3C0!3823C!4G!9?2!C750!E00>!7BB?4>30@!3?!2>@0837W0!
3C73! B783412F78! @239! E0172D0! >?3! 05089E?@9! DC?2F@! 37FWa! "$?60! ?G! 9?2! 679! E0!
?GG080@! 6?>09! G?8! 4>G?86734?>! 7>@! 3C0>! 3?6?88?H! 9?2! 780! 4>! 7! 5089! @4GG412F3!
D432734?>/2! 3.! 7@@0@! 3C73! A450>! `3C0! H79! 3C0! 1?2>389! 4D! >?HP! >?E?@9! F4W0D! 9?2aP!
BF07@4>A! H43C! F4D30>08D! 3?! `E0! 1780G2FaP! >?34>A! 3C73! `>?3! 05089E?@9! HC?! 4D!
4>50D34A734>A!4D!@?4>A!D?!4>!A??@!G743CP!D?60!H4FF!E0!@?4>A!D?!3?!4>18464>730!D?60!
B783412F78!B0?BF0!?8!1?662>439!4>!3C0p54?F0>10/2!!
!
%C0!-0@47!-?>43?84>A!U>43!4>!3C0!-4>4D389!?G!#>G?86734?>!7>@!)?662>41734?>!4>!
7!606?!43!B7DD0@!?>!3?!3C0!)?664DD4?>!801?660>@0@!3C73!`Y7DD!'-!DC?2F@!E0!
C0F@!3?!0/BF74>!HC9!3C09!780!E7884>A!606E08D!?G!3C0!1?662>439!G8?6!@4D1F?D4>A!
HC730508!3C09!W>?H!7E?23!3C0!B?D3!0F0134?>!54?F0>10La!%C09!7FD?!>?30@!3C73!`%C0!
%823C!7>@!*01?>14F4734?>!)?664DD4?>!7>@!?3C08!7A0>140D!4>3080D30@!4>!W>?H4>A!
3C0!3823C!?>!HC73!C7BB0>0@!4>!3C0!82>O2B!3?!3C0!J0106E08!A0>087F!0F0134?>!7>@!
3C0!80D2F37>3!B?D3!0F0134?>D!54?F0>10!H4FF!>?3!8010450!1?O?B08734?>!?G!3C0!606E08D!
?G!3C0!1?662>439!73!7FF/!7@@4>AP!"$?!HC73!4D!3C0!D3734?>!C4@4>AaL!!
!
$?60! G0H! 0/10B34?>D! 3?! 3C0! 7E?50! A0>087F4V734?>! ?G! >?! 1?>18030! 4>G?86734?>! 780!
3H?! 0/76BF0D! ?G! '-! C730! DB001C! 3C0! )?664DD4?>! 8010450@L! &>0! G8?6! K7C7DC7!
'-! 4>! +7W282! P! 801?8@0@! 73! f! 7L6L! ?>! gR! _7>2789! QRRf! 7>@! 8010450@! E9! 3C0!
Y+)=*! >?30DP! `Y4W292! 780! F4W0! 6?>A??D0! HC41C! 4D! 807@9! 3?! 073! 1C41W0>DL! (FF!
?3C08!384E0DP!4L0L!"2?P!Y4D44P!"2C97D!780!7FF!7>467FD!4>!3C0!G?80D3L!%C09!17>>?3!E0!
7EF0! 3?! F07@! 3C4D! 1?2>389! F4W0! Y4W292DaL! $01?>@P! +76! "?FH0! $3734?>! 4>! Y4D262!
E8?7@17D3! 3C0! G?FF?H4>A! G8?6! 7>! 7>?>96?2D! 17FF08! `&28! B0?BF0! 780! @94>A! 4>!
+7457DC7!7>@!+7W282!7>@!D?60!?3C08!384E0D!780!F454>A!H43C!2DL!%C09!DC?2F@!E0!
GF7DC0@!]D41^!?23!3C?D0!HC?!@?>[3!E0F?>A!3?!3C4D!3?H>La!
!
%C0! )?664DD4?>! H?2F@! C750! F4W0@! 3?! C750! 3C?8?2ACF9! 7>7F9V0@! 7! G2FF! E?@9! ?G!
387>D184B3D! G8?6! Y0>97[D! 508>712F78! '-! D3734?>D! A450>! 3C0! 7FF0A734?>D! 7A74>D3!
3C06!67@0!E9!7!>26E08!?G!3C0!)?664DD4?>[D!H43>0DD0DL!!

%*+ !

!
#>! C4D! 30D346?>9! 3?! 3C0! )?664DD4?>P! Y0>97[D! (33?8>09! I0>087FP! (6?D! <7W?!
D3730@! 3C73! 4>! C4D! ?B4>4?>! `3C0! 8010>3! B?D3O! 0F0134?>! 54?F0>10a! `Hn7Do1?64>A! 5089!
1F?D0! 3?p18460D! 7A74>D3! C267>439aP! 7! B?4>3! C0! 3?F@! 2D! C0! 67@0! 0FD0HC080! 7D!
078F9! 7D! g! _7>2789! QRRfL! %C0! Y+)=*! A?0D! ?>0! D30B! G283C08! 3C7>! 3C0! (33?8>09!
I0>087FP! 78A24>A! 3C73! `3C0! 54?F0>10! G?FF?H4>A! 3C0! QRRS! I0>087F! .F0134?>! 6003D!
3C0!18430847!?G!18460D!7A74>D3!C267>439!2>@08!)2D3?6789!#>308>734?>7F!"7H!4>!D?!
G78! 7D! 43! 4>5?F50@! 1?>@213! 4>1F2@4>A! 3C0! 62F34BF0! 1?664DD4?>! ?G! 713D! ?G!
4>C267>439! 7A74>D3! 1454F47>! B?B2F734?>DP! B28D27>3! 3?! ?8! 4>! G283C087>10! ?G! 7>!
?8A7>4V734?>7F!B?F419!3?!1?6643!D21C!73371WD!4>!3C0!3C07380D!?G!54?F0>10L/NbP!
!
%C73! D74@P! 7>@! H43C! 3C0! G2FF! 801?A>434?>! ?G! C?H! 1F?D0! 3?! 3C0! 0@A0! Y0>97! 1760!
@284>A!3C0!QRRS!B?D3!0F0134?>!54?F0>10P!3C0!)?664DD4?>!H?2F@!>?3!801?660>@!7!
G800! G?8! 7FF! 6?>43?84>A! ?G! 3C0! B80DD! 7>@! ?3C08! 60@47L! %C4D! H?2F@! C750! 3C0!
>0A73450! B?30>347F! ?G! 37W4>A! 3C0! 1?2>389! E71W! 3?! 3C0! @871?>47>! @79D! ?G! 7! D3730!
1?>38?FF0@!60@47P!G8?6!HC41C!43!C7D!D?!8010>3F9!\2D3!E780F9!0D17B0@L!=?H0508P!3C0!
)?664DD4?>! @?0D! E0F4050! 3C73! DB001C! 4>!3C0! 60@47P! 4>1F2@4>A! 4>! 508>712F78! '-!
87@4?! D3734?>DP! 7464>A! 3?! G?60>3! 03C>41! C7380@! 7>@l?8! 4>1430P! ?8A7>4V0P! ?8! BF7>!
G?8!54?F0>10!DC?2F@!E0!4>50D34A730@!3C?8?2ACF9!4>!7!3460F9!G7DC4?>!HC0>!43!?1128DL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+)%
!Q.4!K!1!A3"!$+'B!J"!$&-!6A5!JJ"!$&&"'*"!

%*% !

!
)>#;"&-!*,*&!

&041?4!8?A!)@?E1Y31?21E!@H!4D1!;@E4P&G1245@?!<5@G1?21M!

K184DEQ!,?`3951E!8?A!K1E493245@?!@H!;9@C194:!

K184DE!8?A!,?`3951E!

"?DD!?G!F4G0!3C8?2AC!1?>GF413!4D!7!607D280!?G!3C0!D17F0!?G!1?>GF413!C0>10!3C0!>00@!3?!
7D108374>! 3C0! >26E08! 7>@! 172D0D! ?G! @073CL! '283C08P! 43! 4D! 7! 801?A>434?>! 3C73!
1?>GF413!4D!E7D417FF9!7E?23!C267>!F4G0!7>@!7FF!0FD0!4D!D01?>@789L!!%C0!)?664DD4?>!
7FD?!2>@08D3??@!43D!3086D!?G!80G080>10!7D!80X2484>A!43!3?!`0D37EF4DC!3C0!G713D!7>@!
148126D37>10D!D288?2>@4>A!3C0!B?D3!0F0134?>!54?F0>10aL!%C4D!607>D!3C73!H0!C7@!
3?! 0D37EF4DC! 3C0! >26E08! ?G! B08D?>D! HC?! @40@! 7>@! 3C?D0! HC?! H080! 4>\280@! 7D! 7!
80D2F3!?G!3C0!B?D3!0F0134?>!54?F0>10L!

%C0! (W4H264! )?664DD4?>P! HC41C! 4>50D34A730@! 3C0! 384E7F! 1F7DC0D! ?112884>A! 4>!
1?2>389!D4>10!deedP!@4@!>?3!7AA80A730!@737!4>!80DB013!?G!3C0!1F7DC0DL!%C0!Y4F4W2!
*0B?83! HC41C! 7FD?! 4>50D34A730@! 03C>41! 1F7DC0D! 4>! deeQ! @?1260>30@! SSe! @073CD!
7>@!jbh!4>\2840D!4>!3C0!@4D38413D!3C73!H080!3C0!D2E\013!?G!3C0!4>X2489LQfh!

J8L! =0V8?>! +97>A43?P! :0867>0>3! $01803789! ?G! 3C0! -4>4D389! ?G! -0@417F! $085410DP!!
A750! 054@0>10! 3?! 3C0! 0GG013! 3C73! C4D! -4>4D389! 0D37EF4DC0@! D05087F! 1?6643300D! 3?!
@07F! H43CP! 76?>A! ?3C08! 4DD20DP! 3C0! B80D085734?>! 7>@! @4DB?D7F! ?G! E?@40D! 7>@! 3?!
0>D280! 3C73! 3C73! B?D3! 6?8306D! H080! 178840@! ?23L! ! =0! 06BC7D4V0@! 3C73P!":'! .5$!
4*+$!&?!@&+.!$,$4.:&'!A:&,$'4$6!=$!B*A$!:'+.)-4.:&'+!.5*.!=$!5*A$!.&!)$4&)(!:.2!!C5:+!
:+! #$4*-+0! =$! *@@)$4:*.$(! .5$! ?*4.! .5*.! .5$! A:&,$'4$! &?! .5:+! '*.-)$! *'(! .5$)$?&)$!
=$! 5*(! .&! (&! *,,! =$! 4&-,(! .&! (&4-<$'.! .5&+$! =5&+$! :'(:4*.:&'+! =$)$! A:4.:<+! &?!
@&+.!$,$4.:&'!A:&,$'4$2/!!-?D3!?G!3C0!60@417F!?GG4108D!HC?!30D34G40@!1?>G4860@!3C73!
3C4D!H7D!3C0!B?D434?>L!-?80?508P!H0!H080!3C0!)?664DD4?>!H7D!!4>G?860@!3C73!43!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+)&
!Q.4!K!1!$%(7!61!R690!,)"!

%*& !

!
H7D! >?867F! B8713410! 3?! 37W0! 3C0! C4D3?89! ?G! 3C0! 541346P! C4D! ?8! C08! 80F73450D! 3?!
@030864>0! 3C0! 148126D37>10D! ?G! @073C! 7>@! 3C080G?80! @030864>0! HC03C08! 3C0!
@073C!?8!4>\289!H7D!7D!7!80D2F3!?G!:.;L!

%C0!62F34BF0O172D0O?GO@073C!4>G?86734?>!G8?6!dPdgg!@073CD!H7D!4>!80DB013!?G!3C0!
B084?@!E03H00>!QS3C!J0106E08!QRRS!7>@!Qe3C!'0E82789!QRRf!HC41C!4D!3C0!B084?@!
3C73!3C0!)?664DD4?>!C7D!1?>D4@080@!1?5084>A!80GF0130@!3C0!B?D3!0F0134?>!54?F0>10L!
%C0!B084?@!H7D!6080F9!4>@4173450!?G!3C0!B084?@!HC0>!3C0!:.;!E0A7>!7>@!0>@0@L!!
#>! D00W4>A! 3C4D! 054@0>10P! 3C0! )?664DD4?>! 80F40@! 2B?>! 4>G?86734?>! B8?54@0@! E9!
80DB013450! C?DB437FD! 4>! 3C0! G450! B8?54>10D! 2>@08! 4>X2489L! %C0D0! H080M! <0D308>P!
*4G3!;7FF09P!+97>V7P!+748?E4!7>@!)?7D3L!

%C0! 3H0>39! >4>0! @4D38413D! 1?5080@! 780! K?603P! K2>A?67P! K28034P! K2D47P!
.F@7678754>0P! =?67E79P! Y7W760A7P! Y0841C?P! Y476E2! <0D3P! Y4BW0F4?>P! Y4D44P!
Y4D262P! "4304>P! -4A?84l*?>A?P! -?6E7D7P! -2647DP! +748?E4P! +7457DC7P! +7W282P!
+7>@4! +?83C! +78?WP! +97>@7827! $?23CP! $4797P! $?34WP! $2E7P! %87>D! +V?47P! U7D4>!
I4DC2P!;4C4A7!7>@!<0E290L!

#>! 7>7F9V4>A! 3C0! @073CDP! 3C0! )?664DD4?>! 80F40@! ?>! DB014G41! D?2810D! ?G! @737P!
4>1F2@4>AM!!

! -0@417F!7>@!B?D3O6?8306!80B?83D!D2E64330@!3?!3C0!)?664DD4?>!E9!5784?2D!
60@417F! ?GG4108D! 7>@! A?508>60>3! @?13?8D! 7>@! 3C0! -4>4D389! ?G! -0@417F!
$085410DL!
! ;784?2D! B?F410! 80328>DP! 80B?83D! 7>@! D373060>3D! D2E64330@! E9! &GG4108D!
)?667>@4>A!:?F410!J454D4?>D!]&):JD^L!
! *0B?83D!8010450@!G8?6!B845730!C?DB437FD!7>@!4>D343234?>DL!
! ;784?2D!H43>0DD!D373060>3DP!@0B?D434?>D!7>@!?87F!30D346?>9L!

#>!?8@08!3?!1?6B4F0!3C4D!80B?83P!62F34BF0O172D0!801?8@D!1430@!7E?50!H080!80540H0@!
7>@! 3C0>! F4>W0@! H43C! 5784?2D! ?3C08! 801?8@D! ?>! 3C0! 1?880DB?>@4>A! 4>@454@27F!
@073C! 801?8@DL! %C2DP! @737! ?>! 7A0! 73! @073CP! D0/! 7>@! ?3C08! 57847EF0DP! HC080!
7574F7EF0P!H080!7@@0@!3?!071C!801?8@!?>!3C0!62F34BF0O172D0!G4F0L!

%*' !

!
%C0! :?F410P! 711?8@4>A! 3?! )?664DD4?>08! ?G! :?F410P! -7\L! I0>L! =2DD04>! (F4P!
@?1260>30@!jdj!@073CD!7D!C754>A!?112880@!@284>A!B?D3O!0F0134?>!54?F0>10!B084?@!
73! 3C0! @730! ?G! C4D! 054@0>10LLQfb! %C0! )?664DD4?>08! ?G! :?F410! H7D! 06BC7341! 3C73!
?>F9!3C0!B?F410!1?2F@!A450!723C?84373450!G4A280D!G?8!3C?D0!HC?!@40@!7D!7!80D2F3!?G!
:.;LQfj!

<C4F0! )?664DD4?>! C7D! 3840@! 3?! 0D37EF4DC! 3C0! 3820! 0/30>3! ?G! @073CD! 7>@! 4>\2840D!
H0!801?A>4V0!3C73!G?8!5784?2D!807D?>D!>?3!7FF!@073CD!3C73!?112880@!7D!7!80D2F3!?G!
3C0!B?D3!0F0134?>!54?F0>10!679!C750!E00>!17B3280@!G?8!5784?2D!807D?>DL!!!$?60!?G!
3C0!3C0D0!807D?>D!4>1F2@0!3C0!G?FF?H4>AM!

a) $?60! @073CD! 679! >?3! C750! E00>! 80B?830@! 3?! 3C0! C?DB437FD! ?8! 3?! B?F410!
D3734?>D!@20!3?!3C0!B80574F4>A!D0128439!1?>108>D!D432734?>!73!3C0!3460L!
b) #>!67>9!17D0D!3C?D0!HC?!H080!4>\280@!@4@!>?3!80B?83!3?!C?DB437F!?8!C07F3C!
10>380D!G?8!G078!?G!3C048!D7G039!?8!E0172D0!4>!3C0!?8@4>789!D1C060!?G!3C4>AD!
3C0! 4>\2840D! H080! 1?>D4@080@! 64>?8! 1?6B780@! 3?! ?3C08! B8?EF06D! E04>A!
0/B0840>10@!73!3C0!3460c!
c) #>!D?60!17D0D!4>\2840D!H080!>?3!B8?B08F9!@?1260>30@!@20!3?!3C0!G713!3C73!
C?DB437FD! H080! 2>@08D37GG0@! 7>@! D2BBF9! ?G! @82AD! 7>@! ?3C08! 60@417F!
D2BBF40D!H080!@4D82B30@LQfS!
d) #>!D?60!4>D37>10DP!B7340>3!80G0887FD!H080!B8?EF067341!7D!D?60!8?7@D!H080!
EF?1W0@!B787F9V4>A!0GG4140>19!4>!@?1260>3734?>!?G!4>\2840DL!7>@!54?F0>10L!Qff!
e) #>\280@! B08D?>D! 679! C750! D?2AC3! 7F308>73450! 60@417F! 7330>34?>P! G?8!
0/76BF0P!3C8?2AC!387@434?>7F!C07F08D!?8!2>F410>D0@!B8713434?>08DL!

(G308!1?>D4@084>A!7FF!3C0!7574F7EF0!054@0>10!E0G?80!2D!7D!7!HC?F0P!3C0!)?664DD4?>!
1?>1F2@0D! 3C73! 43! 4D! 2>F4W0F9! 3C73! 3C080! H?2F@! E0! 7>9! 6?80! ?8! F0DD! @073CD! 3C7>!
3C?D0!80B?830@!3?!3C0!)?664DD4?>L!#3!4D!2>F4W0F9!3C73!A450>!3C0!B2EF41439!A450>!3?!
3C4D! )?664DD4?>P! 0/4D34>A! 054@0>10! 7>@! 4>G?86734?>! ?G! 2>@?1260>30@! @073CD!
H?2F@!>?3!C750!E00>!E8?2AC3!3?!?28!7330>34?>L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+)'
!MC!$B!!Q.4!K!1!$!!
!
!!
+))
!MC!(%B!<1610H0A1B!Q.4!K!1!(%!
%*( !

!
K0172D0! ?G! 3C0! F71W! ?G! 2>4G?86! 80B?834>A! 80X248060>3DP! D?60! ?G! 3C0!
@?1260>3734?>! 3C0! )?664DD4?>! 0/764>0@! F71W0@! 7FF! 3C0! @0374FD! 80F734>A! 3?! 3C0!
B08D?>! 4>\280@! ?8! @0107D0@L! '?8! 0/76BF0P! 3C0! 7A0! ?G! 3C0! B08D?>! H?2F@! E0!
64DD4>AP! ?8! E0172D0! ?G! 3C0! D432734?>! B80574F4>A! 73! 3C0! 3460P! 3C0! B8014D0! @730! ?8!
3460! ?8! BF710! ?G! @073C! 1?2F@! >?3! E0! 7D108374>0@L! ! ! #>! D?60! 17D0DP! ?>F9! 7!
B80F464>789!172D0!?G!@073C!1?2F@!?>F9!E0!@030864>0@!H43C?23!3C0!1?>G486734?>!?G!
7!B8?B08F9! 1?>@2130@! B?D3! 6?8306L! ! '?8! 0/76BF0P! 4>! -4A?84! 80F73450D!?G! B08D?>D!
HC?!H080!DC?3!@284>A!3C0!DW4864DC0D!@4@!>?3!H7>3!B?D3!6?8306D!178840@!?23LQfe!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+)-
!MC!-&B!Q5;625!T;6HK82!B!eMRS!T!932!"!
%*, !

!
K5E49524!F918XA@I?!@H!A184DE!

!! K5E49524! *@b!@H!A184DE!
d! K?603!! h!
Q! K2>A?67! S!
g! K28034! Qh!
h! K2D47! e!
b! .F@7678754>0! Qg!
j! =?67E79! S!
S! Y7W760A7! gd!
f! Y0841C?! hQ!
e! Y476E2!<0D3! h!
dR! Y4BW0F4?>! Qg!
dd! Y4D44! e!
dQ! Y4D262! fd!
dg! -4A?84l*?>A?! Qj!
dh! -?6E7D7! QS!
db! -2647D! dQ!
dj! +748?E4! dQb!
dS! +7457DC7! bR!
df! +7W282! Qdg!
de! +7>@4!+?83C! S!
QR! +78?W! de!
Qd! +97>@7827!$?23C! d!
QQ! $4797! dR!
Qg! $?34W! b!
Qh! $2E7! d!
Qb! %87>D!+V?47! dRh!
Qj! U7D4>!I4DC2! QgR!
QS! ;4C4A7!! df!
Qf! <0E290! Qd!
!! "'"#%! ZQZVV!
!
+O//#-.!'(!K&#">+!;&-!
;-'<,*)&!
*4G3!;7FF09! Shh!
+97>V7! dgh!
)0>387F! b!
<0D308>! ef!
)?7D3! QS!
+748?E4! dQb!
"'"#%! ZQZVV!

%*) !

!
!

&G!3C0!3?37F!@073CDP!3C080!H080!dd!1C4F@80>P!Sh!G067F0D!7>@!dPRhf!67F0D!W4FF0@L!
%C0!@4D384E234?>!?G!@?1260>30@!G067F0D!7>@!1C4F@80>!HC?!@40@!7D!7!80D2F3!?G!:.;!
4D!4>@41730@!4>!3C0!37EF0!E0F?HL!!

=@71?!8?A!)D5GA91?!K184DE!ID@!A51A!8E!8!-1E3G4!@H!;&<!

,417! K5E49524! (178G1! )D5GA91?!


d! +7457DC7! dd! R!
Q! +7W282! f! R!
g! %87>D!+V?47! dh! R!
h! U7D4>!I4DC2! e! dR!
b! Y0841C?! d! R!
j! K28034! d! d!
S! Y4BW0F4?>! d! R!
f! Y7W760A7! g! R!

%*- !

!
e! -2647D! d! R!
dR! <0E290! S! R!
dd! =?67E79! d! R!
dQ! Y4D262! b! R!
dg! -4A?84l*?>A?! d! R!
dh! -?6E7D7! S! R!
db! +748?E4! h! R!
"@48G! ! Th! ZZ!

%C0!37EF0!E0F?H!D266784V0D!3C0!@073CD!3C73!H080!801?8@0@!4>!D?60!@4D38413D!7D!
2>W>?H>! B08D?>DL! ! $?60! E?@40D! H080! 3??! @01?6B?D0@! G?8! 7>9! 807D?>7EF0!
4@0>34G41734?>!3?!E0!@?>0!HC4F0!?3C08D!H080!1?FF0130@!?>!3C0!D38003D!E9!B?F410!HC?!
1?2F@! >?3! B?D43450F9! 4@0>34G9! 3C06L! %C080! H080! 17D0D! HC080! E?@40D! H080! E28>3!
E09?>@!801?A>434?>L!!

+37789:!@H!O?5A1?45H51A!F@A51E!C19!K5E49524!

,417! K5E49524! O?5A1?45H51A!


$@A51E!
d! +7W282! Qb!
Q! +7>@4!+?83C! d!
g! %87>D!+V?47! df!
h! U7D4>!I4DC2! gg!
b! .F@767!*754>0! d!
j! K28034! d!
S! $?34W! d!
f! +78?W! Q!
e! Y7W760A7! d!
dR! K2>A?67! d!
dd! ;4C4A7! f!
dQ! Y4D262! S!
dg! $4797! d!

%$* !

!
dh! -4A?84l*?>A?! b!
db! Y4D44! Q!
dj! -?6E7D7! Q!
dS! +748?E4! dR!
"@48G! ! ZZ[!

<0!H080!3C0!)?664DD4?>!H7D!4>G?860@!E9!3C0!J48013?8!?G!-0@417F!$085410DP!3C73!
3C0!I?508>60>3[D!J+(!671C4>0!C7@!E8?W0>!@?H>!7>@!H7D!E04>A!80B7480@!C0>10!
3C0!4@0>34G41734?>!?G!E?@40D!H7D!4>!3C0!B8?10DD!?G!E04>A!@?>0!4>!1?>\2>134?>!H43C!
3C0!Y0>97!*0@!)8?DD!$?14039L!

)83E1E!@H!A184D!

%C0! 172D0D! ?G! @073CD! 7D! @?1260>30@! H080! E28>DP! 788?H! DC?3DP! 6?EO! 4>\2D3410P!
EF2>3! ?E\013P! D05080! H?2>@DP! DC78B! B?4>30@! ?E\013P! 7DD72F3P! @8?H>4>AP!
C9B?3C08647P! D2GG?1734?>! 4>\289P! D3?>4>AP! DC?1WP! C7>A4>AP! A2>DC?3D! 7>@!
2>W>?H>!172D0DL!

#>! 17D0D! HC080! A2>! DC?3! H?2>@D! H080! 3C0! 2>@08F94>A! 172D0! ?G! @073CP! 3C0! 3?37F!
>26E08! ?G! B0?BF0! W4FF0@! 7D! 7! 80D2F3! ?G! 3C4D! H7D! hRbP! @4D384E230@! 4>! 7FF! 3C0!
@4D38413DL!%C4D!80B80D0>30@!gbLSm!?G!3C0!3?37F!@073CD!7>@!D3??@!73!hRb!?23!?G!3C0!
3?37F! dPdgg! @073CDL! #3! H7D! G?FF?H0@! H43C!@073CD! 3C8?2AC! 4>\2840D! D2D374>0@! 7D! 7!
80D2F3! ?G! DC78B! B?4>30@! ?E\013D! 73! QfLQmL! %C0! 3C48@! 1730A?89! H080! 3C0! W4FF4>AD!
3C8?2AC! E28>D! HC41C! 801?8@0@! fb! @073CD! 80B80D0>34>A! SLbm! ?G! 3C0! @073CDL!
U>W>?H>! 172D0D! 172D0@! Sb! @073CD! 80B80D0>34>A! jLjm! HC4F0! bm! ?G! 3C0! @073CD!
H080! 7D! 7! 80D2F3! ?G! 4>\2840D! D2D374>0@!3C8?2AC! EF2>3! ?E\013D! HC41C! D3??@! 73! bSL!
%C0! ?3C08! 172D0D! ?G! @073CD! H080! @4D384E230@! 76?>AD3! @4GG080>3! 172D0D! 7D!
4>@41730@!4>!3C0!@737!E0F?HL!

%$$ !

!
%$+ !

!
! !"#$%&'&!()!*#+&,&!()!-,#./!0,1!-'&.1'2.! ! ! ! ! ! ! ! !! !!
!! S!:12!=1! 7! D! M! S! Q! c! _! Y! [! Z! @! /! T! P! e! R! G316L!
$" D3H01!! !! !! !! !! !! +! !! !! !! !! !! !! !! !! +! !! &!
+" D8A93H6! !! !! !! !! !! !! !! !! !! !! !! !! !! !! ,! !! ,!
%" D8201!! !! !$! !! !$! (! !! $! !! !! !! !! +! !! !! $$! +! +&!
&" D8:!6! !! !! $! !! !! !! !! !! !! !! !! !! !! !! )! !! -!
'" QL56H626#!A0! !! %! $! !! ,! !! !! !! !! !! %! !! !! !! ,! +! +%!
(" Y3H6K6>! !! !! !! !! !! !! !! !! !! !! $! !! !! !! (! !! ,!
," @6X6H096! !! !! !! !! !! !! %! !! !! !! +! !! !! !! +(! !! %$!
)" @02!=43! +! !! !! !! !! +! !! !! !! !! !! $! !! !! %%! &! &+!
-" @!6HK8!C0:1! !! !! !! !! !! !! !! !! !! !! !! !! !! !! %! $! &!
$*" @!JX0L!3A! !! $,! !! !! !! +! !! !! !! !! !! !! !! !! &! !! +%!
$$" @!:!!! !! $! !! !! !! !! !! !! !! !! $! !! !! !! &! %! -!
$+" @!:8H8! ,! $! !! '! +! !! !! !! !! !! $! !! $! !! (&! !! )$!
$%" T!932!gI3A93! !! !! !! !! !! !! !! !! !! !! $! !! !! !! +&! $! +(!
$&" T3HK6:6! )! $! %! !! &! !! !! $! !! $! &! !! !! !! &! $! +,!
$'" T8H!6:! !! !! $! !! !! !! !! !! !! !! !! !! !! !! $$! !! $+!
$(" P6!23K!! !! !! +$ -! !! +-! !! !! !! !! !! !! $! !! +%! &+ $+'!
$," P6!#6:46! ++! $! !! !! !! $! !! !! !! !! $, !! !! !! ,! +! '*!
$)" P6X828! $*! !! !! +& !! $&) !! !! !! $! !! !! !! !! ++! )! +$%!
$-" P6A5!!P3214! $! $! $! !! !! $! +! !! !! !! !! !! !! !! $! !! ,!
+*" P623X! !! !! !! !! !! $)! !! !! !! !! !! !! !! !! $! !! $-!
+$" <8K6! !! !! !! !! !! $! !! !! !! !! !! !! !! !! !! !! $!
++" <!6>6! !! !! !! !! !! !! !! !! !! !! !! !! !! !! -! $! $*!
+%" <31!X! !! $! !! !! !! $! !! !! !! !! !! !! !! !! $! +! '!
+&" P>6A56286!<3814! !! !! !! !! !! !! !! !! !! !! !! !! !! !! !! $! $!
+'" G26A:!Pf3!6! %! !! !! $! !! +$! !! !! !! !! !! !! !! !! ,,! +! $*&!
+(" a6:!A!_!:48! %+! &! !! $( &+ -+! !! !! $! $! $$ !! !! !! +)! %! +%*!
+," V!4!96!! !! !! !! $! !! $! !! $! !! !! !! !! !! !! $'! !! $)!
+)" C0K8>0! !! !! !! !! !! $! +! !! !! !! !! !! !! $$! ,! !! +$!
!! GeG7/! )'! %$! +) ', ($ %+* )! +! $! %! &$ %! +! $$! &*'! ,' !!!!$B$%%!
! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
!! @QW! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
"! #$%&'! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
#! "%%()!'*(+! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
,! -(./!0&1$'+234! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
5! #6$&+!7.143+! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
8! 94:4%4!;($&<'! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
=! 9*>%?!@(2&+4<!7.143+! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
A! "''>$6+! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
B! 5%()&2&C! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
0! BD?(+*4%E2>! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
F! 9$GG(3>+2(&! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
H! 0&1$%D! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
I! 9+(&2&C! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
-! 9*(3J! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
K! B>&C2&C! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
7! A$&'*(+! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
@! L&J&()&! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! !!
!
!

!
%$% !

!
G40!=68:0:!3?!50614!6:!20J32105!!A!06=4!5!:12!=1!!LL8:126105!!A!5!??020A1!=4621:!620!6:!?3LL3;:N!

%$& !

!
!

%$' !

!
!

%C0! 172D0D! ?G! @073CD! 7D! @?1260>30@! H080! E28>DP! 788?H! DC?3DP! 6?EO! \2D3410P!
EF2>3! ?E\013P! D05080! H?2>@DP! DC78B! B?4>30@! ?E\013P! 7DD72F3P! @8?H>4>AP!
C9B?3C08647P! D2GG?1734?>! 4>\289P! D3?>4>AP! DC?1WP! C7>A4>AP! A2>DC?3D! 7>@!
2>W>?H>!172D0DL!

#>! 17D0D! HC080! A2>DC?3! H?2>@D! H080! 3C0! 2>@08F94>A! 172D0! ?G! @073CP! 3C0! 3?37F!
>26E08! ?G! B0?BF0! W4FF0@! 7D! 7! 80D2F3! ?G! 3C4D! H7D! hRbP! @4D384E230@! 4>! 7FF! 3C0!
@4D38413DL!

%C4D!80B80D0>30@!gbLSm!?G!3C0!3?37F!@073CD!?23!?G!3C0!3?37F!dPdgg!@073CDL!#3!H7D!
G?FF?H0@! E9! @073CD! 3C8?2AC! 4>\2840D! D2D374>0@! 7D! 7! 80D2F3! ?G! DC78B! B?4>30@!
?E\013D! 73! QfLQmL! %C0! 3C48@! 1730A?89! H080! 3C0! W4FF4>AD! 3C8?2AC! E28>D! HC41C!
801?8@0@! fb! @073CD! 80B80D0>34>A! SLbm! ?G! 3C0! @073CDP! 2>W>?H>! 172D0D! 80D2F30@!
4>! Sb! @073CD! 80B80D0>34>A! jLjm! HC4F0! bm! ?G! 3C0! @073CD! H080! 7D! 7! 80D2F3! ?G!
4>\2840D! D2D374>0@! ! 3C8?2AC! EF2>3! ?E\013D! HC41C! D3??@! 73! bSL! %C0! ?3C08! @073CD!
H080!@4D384E230@!76?>AD3!@4GG080>3!172D0D!7D!4>@41730@!4>!3C0!@737!E0F?HL!

;9@65?258G!8?A!A5E49524!F918XA@I?!H@9!283E1E!@H!A184D!

K5E49524! #! $! )! K! &! (! J! >! ,! d! \! %! /! *! '! ;! "@48G!


-5H4!<8GG1:! !! !! !! !! !! !! !! !! !! !! !! !! !! !! !! !! !!
K?603!! !! !! !! !! !! Q! !! !! !! !! !! !! !! !! Q! !! h!
K28034! !! d! !! d! j! !! d! !! !! !! !! Q! !! !! dd! Q! Rh!
.F@7678754>0! !! g! d! !! S! !! !! !! !! !! g! !! !! !! S! Q! RV!
Y0841C?! Q! !! !! !! !! Q! !! !! !! !! !! d! !! !! gg! h! hR!
Y4BW0F4?>! !! dS! !! !! !! Q! !! !! !! !! !! !! !! !! h! !! RV!
+7457DC7! QQ! d! !! !! !! d! !! !! !! !! dS! !! !! !! S! Q! iS!
+7W282! dR! !! !! Qh! !! dhf! !! !! !! d! !! !! !! !! QQ! f! RZV!
+7>@4!+?83C! d! d! d! !! !! d! Q! !! !! !! !! !! !! !! d! !! T!
+78?W! !! !! !! !! !! df! !! !! !! !! !! !! !! !! d! !! Z[!
$?34W! !! d! !! !! !! d! !! !! !! !! !! !! !! !! d! Q! i!
%87>D!+V?47! g! !! !! d! !! Qd! !! !! !! !! !! !! !! !! SS! Q! ZSh!
U7D4>!I4DC2! gQ! h! !! dj! hQ! eQ! !! !! d! d! dd! !! !! !! Qf! g! RVS!
+3F!"@48G! TS! Rj! R! hR! ii! Rjj! V! S! Z! R! VZ! V! S! S! Z[h! Ri! Thh!
=1E419?!! !! !! !! !! !! !! !! !! !! !! !! !! !! !! !! !! !
K2D47! !! !! d! !! !! !! !! !! !! !! !! !! !! !! f! !! [!
Y7W760A7! !! !! !! !! !! !! g! !! !! !! Q! !! !! !! Qj! !! VZ!

%$( !

!
K5E49524! #! $! )! K! &! (! J! >! ,! d! \! %! /! *! '! ;! "@48G!
K2>A?67! !! !! !! !! !! !! !! !! !! !! !! !! !! !! S! !! T!
-2647D! !! !! d! !! !! !! !! !! !! !! !! !! !! !! dd! !! ZR!
;4C4A7!! !! !! !! d! !! d! !! d! !! !! !! !! !! !! db! !! Zj!
<0E290! !! !! !! !! !! d! Q! !! !! !! !! !! !! dd! S! !! RZ!
+3F!"@48G! S! S! R! Z! S! R! i! Z! S! S! R! S! S! ZZ! Th! S! [j!
*:8?W8! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
$2E7! !! !! !! !! !! d! !! !! !! !! !! !! !! !! !! !! Z!
$4797! !! !! !! !! !! !! !! !! !! !! !! !! !! !! e! d! ZS!
Y4D44! !! d! !! !! !! !! !! !! !! !! d! !! !! !! h! g! [!
Y4D262! S! d! !! b! Q! !! !! !! !! !! d! !! d! !! jh! !! jZ!
-4A?84l*?>A?! !! !! !! !! !! !! !! !! !! !! d! !! !! !! Qh! d! Rk!
=?67E79! !! !! !! !! !! !! !! !! !! !! d! !! !! !! j! !! T!
+3F!"@48G! T! R! S! i! R! Z! S! S! S! S! h! S! Z! S! ZST! i! ZVh!
)1?498G! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
Y476E2!<0D3! !! !! !! !! !! !! !! !! !! !! !! !! !! !! g! d! h!
+97>@7827!
!! !! !! !! !! !! !! !! !! !! !! !! !! !! !! d!
$?23C! Z!
+3F!"@48G! S! S! S! S! S! S! S! S! S! S! S! S! S! S! V! R! i!
)@8E4! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
-?6E7D7! f! d! g! !! h! !! !! d! !! d! h! !! !! !! h! d! RT!
+748?E4! !! !! Qd! e! !! Qe! !! !! !! !! !! !! d!
ZRi!!! Qg! hQ!
!!
ji! VZ! Rj! iT! kZ! VRS! j! R! Z! V! hZ! V! R! ZZ! hSi! Ti!
"'"#%! ZQZVV!!
!!
! \&.!
(! K28>D!
K! (88?H!DC?3!
)! -?EO!#>\2D3410!
J! KF2>3!&E\013!
.! $05080!<?2>@D!

'! $C78B!:?4>30@!&E\013!
I! (DD72F3!
=! J8?H>4>A!
#! =9B?3C08647!
_! $2GG?1734?>!
Y! #>\289!
"! $3?>4>A!
-! $C?1W!
+! =7>A4>A!
&! I2>DC?3!
:! U>W>?H>!
!
%$, !

!
)72D0D!?G!@073C!7D!80B?830@!4>!071C!@4D38413!4FF2D38730@!4>!@4GG080>3!1C783D!780!7D!
G?FF?HDM!

!
!

%$) !

!
!

%$- !

!
!

%+* !

!
!

%+$ !

!
!

!
!

%++ !

!
!

%+% !

!
!

%+& !

!
!

%+' !

!
!

%+( !

!
!

%+, !

!
!

%+) !

!
!

%+- !

!
!

!
!

%%* !

!
\1:!,?A5284@9E!

! %C0!A2>!DC?3!H?2>@D!80B80D0>30@!gbLSm!?G!3C0!3?37F!@073CD!3C73!D3??@!73!
hRb!?23!?G!3C0!3?37F!dPdgg!@073CDL!!
! -?D3! DC??34>AD! 3??W! BF710! 4>! %87>DO+V?47! @4D38413! 801?8@4>A! SS! @073CDP!
G?FF?H0@!E9!Y4D262!H43C!jh!@073CD!7>@!Y0841C?!H43C!gg!@073CDL!
! +7W282! 801?8@0@! 3C0! C4AC0D3! >26E08! ?G! 541346D! HC?! @40@! ?G! 4>\2840D!
4>GF4130@!E9!DC78B!B?4>30@!?E\013D!H43C! 3C0!>26E08! D37>@4>A!73!dhf!HC4F0!
U7D4>!I4DC2!801?8@0@!eQ!@073CDL!
! -?D3! E28>D! H080! @?1260>30@! 4>! U7D4>! I4DC2! @4D38413! H43C! gQ! @073CD!
G?FF?H0@!E9!+7457DC7!H43C!QQ!@073CDL!
! U7D4>! I4DC2! 801?8@0@! 3C0! C4AC0D3! >26E08! ?G! @073CD! 7D! 7! 80D2F3! ?G! G737F!
4>\2840D! HC41C! 17D0@! hQ! @073CDP! HC4F0!EF2>3! ?E\013D! 172D0@! Qh! @073CD! 4>!
+7W282! G?FF?H0@! E9! U7D4>! I4DC2! 73! djL! '737F! 788?H! H?2>@D! H080! 6?D3F9!
2D0@!4>!Y4BW0F4?>!D37>@4>A!73!dSL!!
! <0E290!@4D38413!801?8@0@!dd!@073CD!7D!7!80D2F3!?G!C7>A4>AL!

(11?8@4>A! 3?! 3C0! D3734D341DP! 6?D3! @073CD! 4>! 071C! A450>! @4D38413! 3??W! 7>! 03C>41!
@460>D4?>!4>!HC41CP!7B783!G8?6!W4FF4>AD!E9!3C0!B?F410P!6?D3!?G!3C?D0!W4FF0@!@4@!>?3!
E0F?>A! 3?! 3C0! 03C>41! 384E0! 4>! 3C0! @4D38413L! (B783! G8?6! 3C0! hRb! W4FF4>AD! @48013F9!
F4>W0@!3?!3C0!B?F410P!3C0!80674>4>A!SgQ!@073CD!H080!7D!7!80D2F3!?G!1434V0>D!W4FF4>A!
G0FF?H!1434V0>D!@20!3?!3C0!B?F43417F!D37>@O?GG!73!3C0!3460!?G!3C0!W4FF4>AD!?8!G?8!?3C08!
2>W>?H>!807D?>DL!!

,?`3951E!

%C0! 37EF0! E0F?H! 4FF2D38730D! 7>! ?508540H! 7>@! 4D! 7! D266789! ?G! 4>\2840D! D2D374>0@!
E9! 5784?2D! 4>@454@27FD! 4>! gQ! @4D38413DL! %C0D0! 4>\2840D! @4@! >?3! 80D2F3! 4>! @073CL!
#>@454@27FD! HC?! D2D374>0@! D21C! 4>\2840D! 80B?830@! 3?! 5784?2D! C?DB437FD! 7>@!
D?2AC3! 3807360>3L! ! #>! 3C0! 3460! 7574F7EF0P! @0374FD! 7D! 3?! 3C0! @0A800! 7>@! 0GG013D! ?G!
4>\289!H080!>?3!67@0!7574F7EF0!3?!3C0!)?664DD4?>L!#3!4D!B?DD4EF0!3C73!HC4F0!D?60!
?G!3C0!4>\2840D!679!C750!E00>!DF4AC3P!7!>26E08!?G!3C06!H080!D084?2DP!B?DD4EF9!F4G0!
1C7>A4>A!0/B0840>10DL!

%%$ !

!
;9@65?258G!F918XA@I?!@H!91C@941A!5?`3951E!

/@FP! "98378452! +D89C! E@H4!


#99@I! $G3?4! >18A! J3?ED
!! K5E49524! $39?E! ,?`3E45 )59237P ;@5?41A! #EE83G4! (9824391! 45EE31! "@48G!
ED@4! 'F`124! 5?`39:! @4!
21! 25E5@?! 'F`124! 5?`39:!

Z! K?>@?! !R! !R! !R! b! !R! b! !R! !R! !R! d! e! RS!

R! K2>A?67! !R! !R! !R! !R! !R! h! !R! g! d! d! b! Zh!

V! *71C2?>9?! !R! !R! !R! !R! !R! !R! f! !R! d! d! g! ZV!

h! K2D47! !R! !R! !R! !R! !R! dd! dj! d! j! dh! h! iR!

i! +97>@?! !R! !R! !R! dj! !R! e! !R! !R! !R! !R! gR! ii!

k! =?67!K79! !R! !R! !R! S! !R! dR! !R! !R! !R! !R! gb! iR!

T! Y7W760A7! !R! !R! !R! !R! !R! !R! g! g! !R! d! db! RR!

Y0841C?l!
j!
Y4BW0F4?>!
d! S! !R! b! !R! dS! !R! !!R! !R! b! dR! hi!

[! I21C7! !R! !R! !R! !R! !R! !R! !R! !R! !R! !R! Q! R!

ZS! $4797! !R! !R! !R! !R! !R! !R! !R! !R! !R! !R! j! k!

ZZ! Y4D44! !R! Qg! !R! d! !R! h! !R! !R! !R! df! dQ! ij!

ZR! Y4D262! f! !R! !R! dRd! !R! dRg! !R! !R! !R! jR! Sd! VhV!

-7D7E7lK?87
ZV!
E2!
!R! !R! !R! !R! !R! bj! !R! !R! !R! !R! S! kV!

Zh! dR! !R! !R! S! !R! de! !R! !R! !R! dd! gd! Tj!
-4A?84l!

%%+ !

!
/@FP! "98378452! +D89C! E@H4!
#99@I! $G3?4! >18A! J3?ED
!! K5E49524! $39?E! ,?`3E45 )59237P ;@5?41A! #EE83G4! (9824391! 45EE31! "@48G!
ED@4! 'F`124! 5?`39:! @4!
21! 25E5@?! 'F`124! 5?`39:!

*?>A?!

Zi! -?6E7D7! dg! Q! !R! Q! !R! eh! !R! !R! !R! dQ! dR! ZVV!

Zk! -2647D! !R! !R! !R! !R! !R! !R! !R! !R! !R! !R! Qg! RV!

ZT! +748?E4! b! b! !R! !R! Q! dQQ! !R! hd! jh! hQ! jd! VhR!

Zj! +7457DC7! d! !R! !R! !R! h! gS! !R! !R! !R! !R! dd! iV!

Z[! +7W282! !! djg! !! he! !! dgd! !! !! !! !! dj! Vi[!

RS! +7>@4!+?83C! !R! !R! !R! jR! !R! dbd! !R! e! !R! !R! f! RRj!

RZ! U7D4>!I4DC2! Sg! Qe! !R! !R! !R! dSg! !R! dh! Qf! ddS! Sd! iSi!

RR! Y2847! !R! !R! !R! S! !R! !R! !R! !R! !R! !R! !R! T!

RV! +976487! dd! g! !R! S! !R! QR! Q! !R! !R! d! !R! hh!

Rh! +7>@4!D?23C! j! !R! !R! !R! !R! jj! djS! d! Q! bR! hb! VVT!

Ri! %87>D!+V?47! gj! !R! !R! gQe! !R! dgS! !R! !R! !R! !R! e! iZZ!

Rk! $2E7! !R! !R! !R! !R! !R! !R! !R! !R! !R! !R! j! k!

RT! ;4C4A7!! !R! !R! !R! !R! !R! !R! !R! !R! !R! !R! df! Zj!

Rj! <0E290! !R! !R! !R! !R! !R! d! !R! !R! !R! e! S! ZT!

R[! Y?4E730W! !R! !R! !R! h! !R! Qh! !R! !R! Q! !R! g! VV!

%%% !

!
/@FP! "98378452! +D89C! E@H4!
#99@I! $G3?4! >18A! J3?ED
!! K5E49524! $39?E! ,?`3E45 )59237P ;@5?41A! #EE83G4! (9824391! 45EE31! "@48G!
ED@4! 'F`124! 5?`39:! @4!
21! 25E5@?! 'F`124! 5?`39:!

.F@767!
VS!
*754>0!
!R! S! !R! !R! !R! f! !R! Q! !R! dd! !R! Rj!

VZ! K28034! !R! dR! !R! !R! !R! dR! !R! !R! !R! j! Qb! iZ!

VR! +78?W!+?83C!! !R! df! !R! h! !R! dS! !R! !R! !R! !R! h! hV!

!
!! "'"#%! Zkh! RkT! S! kSh! k! ZRR[! Z[k! Th! ZSh! VkS! iiT!
VQikZ!!

(D! 4>@41730@! B8054?2DF9P! 3C0! 4>\2840D! @?1260>30@! C080! 4>! 80DB013! ?G! B08D?>D! HC?! H080! 7330>@0@! 3?! 4>! C?DB437FD! 7>@!
?3C08!0D37EF4DC0@!4>D343234?>DL!%C2DP!3C4D!4D!?>F9!7>!4>@41734?>!?G!3C0!B08D?>D!HC?!H080!4>\280@!@284>A!3C0!:.;L!

>5BDG5BD4E!

+O//#-.!'(!,*dO-,&+!
;&-!;-'<,*)&!
+97>V7! ShS!
<0D308>! dhj!
*4G3!;7FF09! Qdeg!
-?6E7D7! dgg!
+748?E4!! ghQ!
!!!!!!!!!!!!!!!!!!!!!
"'"#%! VQikZ!!

!
%%& !

!
!

\1:!,?A5284@9E!

! %C0! 3?37F! 4>\2840D! @?1260>30@! @284>A! 3C0! B?D3O0F0134?>! 54?F0>10! H080!


gPbjdP! ?G! HC41CP! 67\?8439! ?G! 3C0! 4>\2840D! ?112880@! 7D! 7! 80D2F3! ?G! DC78B!
B?4>30@!?E\013DL!%C0D0!4>\2840D!H080!801?8@0@!4>!6?D3!?G!3C0!@4D38413D!7B783!
G8?6! ;4C4A7P! $2E7P! Y2847P! $4797P! I21C7P! Y7W760A7! 7>@! *71C2?>9?L!!
U7D4>!I4DC2!@4D38413!801?8@0@!3C0!C4AC0D3!>26E08!?G!4>\2840D!73!dSgP!+7>@4!
+?83C! dbdP! %87>DO+V?47! dgS!HC4F0! +7W282! 801?8@0@! dPghd! 4>\2840D! 4>!3C4D!
1730A?89L!

"! #>\2840D!D2D374>0@!7D!7!80D2F3!?G!2D0!?G!5784?2D!EF2>3!?E\013D!1760!D01?>@!
?5087FF!H43C!jRhL!#>!3C4D!1730A?89P!%87>DO+V?47!@4D38413!801?8@0@!3C0!C4AC0D3!
>26E08! ?G! 17D27F340D! H43C! gQe! 4>\2840DP! Y4D262! dRd! 4>\2840D! HC4F0! +7>@4!
+?83C!@4D38413!1760!3C48@!H43C!jR!4>\2840D!4>!3C4D!1730A?89L!
"! I2>DC?3! 4>\2840D! 3C73! H080! >?3! F03C7F! 3?! F4G0L! ! Y4D262! 7>@! U7D4>! I4DC2!
@4D38413D! 801?8@0@! 3C0! C4AC0D3! A2>! DC?3! 4>\2840D! 73! Sd! 4>\2840D! 071CL!!
+748?E4!73!jdP!+7>@4!$?23C!hbP!=?67E79!gb!HC4F0!-4A?84l!*?>A?!@4D38413D!
73!gdL!

%%' !

!
"! %87267341! 14812614D4?>D! HC41C! 780! 1?66?>F9! 80G0880@! 3?! 7D! G?810@!
14812614D4?>D!H080!7FD?!801?8@0@L!!Q!17D0D!H080!801?8@0@!4>!+748?E4!HC4F0!
+7457DC7!801?8@0@!h!D464F78!17D0DL!
"! -?D3! 788?H! DC?3! 4>\2840D! ?112880@! 4>! +7W282! H43C! djg! DC?3D! G?FF?H0@! E9!
U7D4>!I4DC2!73!Qe!7>@!Y4D44!73!QgL!
"! U7D4>!I4DC2!801?8@0@!3C0!C4AC0D3!>26E08!?G!4>\2840D!7D!7!80D2F3!?G!E28>D!
73!Sg!G?FF?H0@!E9!%87>DO+V?47!73!gj!E28>DL!!

&5087FFP!4>\2840D!D2D374>0@!E9!1434V0>D!7A74>D3!G0FF?H!1434V0>D!H080!3C0!C4AC0D3!73!
gPRRh! HC4F0! 3C?D0! 172D0@! E9! D3730! 7A0>3DO! 4L0! 3C0! B?F410! D3??@! 73! bbSL! #>!
7>7F9V4>A! 3C0! 4>\2840DP! 3C0! )?664DD4?>! F??W0@! 73! 3C0! 054@0>10! D2E64330@! 3?! 43!
G8?6!5784?2D!60@417F!?GG4108DP!Y0>97337!+734?>7F!=?DB437F!D3734D341DP!-?4!*0G0887F!
=?DB437F!D3734D341D!7>@!3C0!-4>4D389!?G!=07F3C!D3734D341DL!

;956841!8?A!J@619?71?4!;9@C19451E!K1E49@:1A!

%C0!37EF0!E0F?H!4FF2D38730D!3H?!67\?8!1730A?840D!?G!B8?B0839!@0D38?90@!E9!1454F47>D!
@284>A!B?D3O0F0134?>!54?F0>10!B084?@L!%C0!D?2810!?G!3C4D!4>G?86734?>!4D!G8?6!B?F410!
7>@! 7@64>4D38734?>! 801?8@DL! %C0! 4>G?86734?>! 4D! 3C080G?80! 1F7DD4G40@! 4>3?! 3H?!
1730A?840Dc!B845730!B8?B0839!7>@!I?508>60>3!B8?B0839L!

:845730! B8?B08340D! @0D38?90@P!H0! ?B4>0!3C73!3C0! >26E08! ?G!B845730! B8?B0839!679!


?>F9!E0!4>!80DB013!?G!HC73!H7D!80B?830@!7>@!@?1260>30@!E9!3C0!?GG4147F!D?2810DL!
%C0! 4>G?86734?>! 4D! 3C080G?80! 1F7DD4G40@! 4>3?! 3H?! 1730A?840Dc! B845730! B8?B0839! 7>@!
I?508>60>3!B8?B0839L!

;956841!;9@C19451E!A1E49@:1A!

%C080! H7D! @0D382134?>! ?G! 6?3?8! 50C41F0D! 80B?830@! 4>! +97>@7827P! =?67! K79P!
Y4BW0F4?>P! U7D4>! I4DC2P! +7>@4! +?83CP! %87>D! +V?47! <0D3P! %87>D! +V?47! .7D3! 7>@!
Y0841C?!J4D38413DL!(!3?37F!?G!djR!50C41F0D!H080!80B?830@!@0D38?90@!7D!G?FF?HDM!dQf!
D7F??>!178DP!f!E2D0DP!j!38713?8D!db!3821WD!7>@!g!:$;!673732DL!Y4BW0F4?>!@4D38413!
801?8@0@! 3C0! C4AC0D3! >26E08! ?G! @0D38?90@! 6?3?8! 50C41F0D! 73! hh! G?FF?H0@! E9!
Y0841C?! 73! ge! 50C41F0D! @0D38?90@L! U7D4>!I4DC2! C7@! 7! 3?37F! ?G! bj! 6?3?8! 50C41F0D!
%%( !

!
@0D38?90@P! Y?4E730W! SP! +7>@4! +?83C! hP! %87>D! +V?47! <0D3! gP! =?67! K79! g! 7>@!
+97>@7827!dL!

J0D382134?>! ?G! B8?B08340D! 4>! <0D308>! :8?54>10! H7D! 801?8@0@! 4>! K2D47P! ;4C4A7P!
Y7W760A7P! "2A784P! -2647DP! K23080! 7>@! -3L! .FA?>! @4D38413DL! #>! 6?D3! ?G! 3C0D0!
@4D38413DP! E?3C! 80D4@0>347F! 7>@! 1?6608147F! E24F@4>AD! H080! @0D38?90@L! (! 3?37F! ?G!
dPRjR! D21C! B8?B08340D! H080! @0D38?90@L! Y7W760A7! 801?8@0@! 3C0! C4AC0D3! 4>!
<0D308>!B8?54>10!H43C!hhh!@0D38?90@!B8?B08340DP!"2A784!hgdP!K2D47!jjP!-2647D!
hdP!K23080!gfP!-?2>3!.FA?>!gb!HC4F0!;4C4A7!@?1260>30@!bL!

%C080! H7D! H4@0DB807@! @0D382134?>! ?G! 80D4@0>347F! C?60! 4>! 3C0! G?FF?H4>A! @4D38413DM!
+97>@7827P!-4A?84P!Y4D262P!Y4BW0F4?>P!-?F?P!U7D4>!I4DC2P!Y?4E730WP!-787WH03P!
-?6E7D7P! %87>D! +V?47! <0D3P! %87>D! +V?47! .7D3P! K?87E2! 7>@! $?34WL! (! 3?37F! ?G!
jhPfgQ!C?2D0D!H080!@0D38?90@L!U7D4>!I4DC2!801?8@0@!3C0!C4AC0D3!@0D382134?>!73!
bQPjddP! Y4BW0F4?>! 73! jPjhQ! HC4F0! %87>D! +V?47! 801?8@0@! fjRL! %C0! ?3C08! @4D38413D!
801?8@0@! D4A>4G417>3! @0D382134?>D! @0D382134?>! 7D! 4FF2D38730@! 4>! 3C0! 37EF0! E0F?HL!
Y4D262P! +7>@4! +?83CP! -?6E7D7! 7>@! Y0841C?! 801?8@0@! 3C0! @0D382134?>! ?G!
1?6608147F! E24F@4>ADL! Y4D262! C7@! bRP! +7>@4! +?83C! ggbP! -?6E7D7! QhR! HC4F0!
Y0841C?! 801?8@0@! 3C0! C4AC0D3! @0D382134?>! H43C! dPejRL! %C0! 3?37F! >26E08! ?G!
1?6608147F! E24F@4>AD! @0D38?90@! D3??@! 73! QPQbjL! ! #>! K?87E2! @4D38413P! d! B2EF41!
D1C??F! 7>@! dR! G786! 671C4>0840D! H080! @0D38?90@L! jR! W4?DWD! 7>@! gR! DC?BD! H080!
E28>!4>!$?34W!@4D38413L!

J0D382134?>!?G!F450D3?1W!H7D!>?3!H4@0DB807@L!#3!H7D!801?8@0@!4>!+97>@7827!7>@!
Y0841C?L! #>! Y0841C?P! fb! F450D3?1W! H080! W4FF0@! HC4F0! dR! A?73D! 7>@! j! 1?HD! H080!
W4FF0@! 4>! +97>@7827L! Y4BW0F4?>! H7D! 3C0! ?>F9! @4D38413! 3C73! 801?8@0@! 67DD450!
@0D382134?>! ?G! 18?BDL! gjP! bjj! E7AD! ?G! 674V0P! fPdRR! E7AD! ?G! E07>DP! fRR! E7AD! ?G!
#84DC! B?373?0DP! hR! 3?>0D! ?G! 17EE7A0DP! gR! 3?>>0D! ?G! W7F0DP! QR! C013780D! ?G! D2A78!
17>0!7>@!gPQde!BF7>3D!?G!1?GG00!H080!@0D38?90@L!

J@619?71?4!;9@C19451E!K1E49@:1A!

%C080!H7D!E28>4>A!?G!I?508>60>3!50C41F0D!4>!=?67!K79P!U7D4>!I4DC2!7>@!+7>@4!
+?83CL! (! 3?37F! ?G! dQ! 50C41F0D!H080! E28>3! 67@0! 2B! 7D! G?FF?HDP! =?67! K79! @4D38413!
801?8@4>A!3C0!C4AC0D3!73!eP!U7D4>!I4DC2!73!Q!HC4F0!+7>@4!+?83C!801?8@0@!dL!
%%, !

!
%C080!H7D!H4@0DB807@!@0D382134?>!?G!A?508>60>3!?GG410D!4>! =?67! K79P!Y4D262P!
Y4BW0F4?>!7>@!+7>@4!+?83CL!#>!=?67!K79P!?GG410D!7>@!0X24B60>3!0D346730@!73!dR!
64FF4?>!DC4FF4>AD!H7D!@0D38?90@!4>1F2@4>A!3C0!J4D38413!<?8WD!?GG410!7>@!'4DC0840D!
@0B78360>3! ?GG410DL! #>! Y4D262! 3C0! H7308! 1?6B7>9! ?GG410DP! :8?54>147F! :2EF41!
<?8WD!?GG410DP!Y?>@0FF0!)C40G[D!?GG410P!7>@!gQ!A?508>60>3!?GG410D!H080!@0D38?90@L!!
%H?!V?>7F!0@21734?>!?GG410D!H080!@0D38?90@!4>!Y4BW0F4?>!7>@!3C0!1C40G[D!?GG410!7>@!
Y46?>@4!G?80D3!?GG410D!4>!+7>@4!+?83C!H080!7FD?!@0D38?90@L!#>!-4A?84P!QR!+734?>7F!
)0807FD! :8?@210! K?78@! E24F@4>AD! H080! @0D38?90@P! d! Y0>97! K8?7@17D34>A!
)?8B?8734?>!E24F@4>A!H7D!@0D38?90@!4>!Y4D262c!Q!(@64>4D38734?>!:?F410!B?D3D!4>!
Y4BW0F4?>c! g! A?508>60>3! E24F@4>AD! 4>! +7>@4! +?83Cc! dj! A?508>60>3! E24F@4>AD! 4>!
%87>D!+V?47!.7D3c!7>@!g!A?508>60>3!C?2D0D!4>!$?34W!@4D38413L!

%C080! H7D! 57>@7F4D6! 801?8@0@! 4>! Y4BW0F4?>! @4D38413! HC080! f! @4DB0>D7840D! 7>@! g!
G?80D3! D3734?>D! H080! 3?37FF9! 57>@7F4V0@L!'?80D3D! 7>@! BF7>3734?>D! H080! >?3! DB780@!
043C08L! gjS! 3800D! H080! 123! 4>! Y4BW0F4?>P! 3C0! +979?! %07! i?>0! +28D089! H7D!
@0D38?90@!7>@!Y46?>@4!'?80D3!BF7>3734?>!H7D!@0D38?90@!4>!+7>@4!+?83C!@4D38413L!
(! 3?37F! ?G! f! I?508>60>3! D1C??FD! H080! @0D38?90@! 4>! Y4BW0F4?>! @4D38413! HC4F0!
K280>@0!:846789!$1C??F!H7D!@0D38?90@!4>!+7>@4!+?83C!@4D38413L!!!

;9@C19451E!A1E49@:1A!C19!K5E49524!A395?B!;&<!C195@A!

K5E49524! ;956841!C9@C19451E! J@619?71?4!;9@C19451E!


Qg!B0867>0>3!
C?2D0D!
dRh!$064!:0867>0>3!
+97>@7827! C?2D0D! !+4F!
d!38713?8!
j!1?HD!
dR!A?73D!
"#! $%!&'()*+'+,!-./0'0! 1"2!
345!6')"!7'()*+'+,!
""#! -./0'0! !!
"""#! 3!,(*8,.(! !!
"9#! :!8.;0! !!
9#! 34!<.*,0! !!
;4C4A7! b!B8?B08340D! d!B8?B0839!
K2D47! jj!B8?B08340D! +4F!
Y7W760A7! hhhB8?B08340D! +4F!
"2A784! hgd!B8?B08340D! +4F!
-2647D! hd!B8?B08340D! +4F!
%%) !

!
K23080! gf!B8?B08340D! +4F!
-3!.FA?>! gb!B8?B08340D! +4F!

'4DC0840D!@0B78360>3!
?GG410Dc!J4D38413!H?8WD!
!! ?GG410c!d!?GG410c!f!
d!38713?8c!d!D7F??>! I?508>60>3!50C41F0Dc!d!
=?67!K79! 178c!d!F?889! 6?3?8191F0c!?GG410!7>@!
!! !! 0X24B60>3!H?83C!YDCL!dR!
!! !! 64FF4?>c!!!
"#! 3!,(*8,.(! ="0,("8,!;.(>0!.??"8'!
""#! 3!0*2..+!8*(! 3!.??"8'!
"""#! 3!2.((@! A!B.9'(+)'+,!9'-"82'0!
!! !! 3!).,.(8@82'!
.??"8'!*+C!'D/"&)'+,!
!! !! ;.(,-!E0-F!34!)"22".+!
-4A?84! dg!C?2D0D! QR!+):K!

bR!)?6608147F!
E24F@4>AD! YK)!E24F@4>A!
Y4D262! QRR!80D4@0>347F! $?23C!"7W0!<7308!&GG410D!
!! C?2D0D! :8?54>147F!B2EF41!H?8WD!
!! !! ?GG410D!
!! !! Y?>@0FF0!1C40GD!?GG410!
!! !! gQ!I?508>60>3!?GG410D!
6./,-!G*>'!H*,'(!I??"8'0g!
)C40GD!?GG410D!
Q!(@64>4D38734?>!:?D3!
:?D3D!
$44!('0"C'+,"*2jjhQ! S!J4DB0>D7840D!
C?2D0D!E28>3! 57>@7F4V0@!
Y4BW0F4?>! hh!50C41F0D!E28>3! d!J4DB0>D789!D37GG!C?2D0!
!! gjbjj!E7AD!?G!674V0!! @0D38?90@!
!! fdRR!E7AD!?G!E07>D! Q!i?>7F!0@21734?>!?GG410!
!! fRR!E7AD!?G!#84DC! @0D38?90@!
!! B?373?0D! g!'?80D3!D3734?>D!
!! hR!3?>0D!?G!17EE7A0D! 57>@7F4V0@!
!! gR!3?>0D!?G!W7F0D! f!$1C??FD!@0D38?90@!
!! QR!C7!?G!D2A7817>0! gjS!%800D!123!
!! gQde!BF7>3!?G!1?GG00! !!
7(.9"+8"*2!&/J2"8!;.(>0!
!! !! .??"8'0!
!! !! E.+C'22'!8-"'?0!.??"8'!
!! !! %$!B.9'(+)'+,!.??"8'0!
E"&>'2".+! ::5$!-./0'0!J/(+,! %!K-"'?0!.??"8'0!
$!LC)"+"0,(*,".+!7.0,!
!! 55!9'-"82'0!J/(+,! 7.0,0!
%:M::!J*<0!.?!)*"N'!
!! C'0! O!="0&'+0*("'0!9*+C*2"N'C!
3!="0&'+0*(@!0,*??!-./0'!
!! A344!J*<0!.?!J'*+0! C'0,(.@'C!
!! A44!J*<0!.?!P("0-! $!N.+*2!'C/8*,".+!.??"8'!

%%- !

!
&.,*,.'0! C'0,(.@'C!
%!Q.('0,!0,*,".+0!
!! 54!,.+'0!.?!8*JJ*<'0! 9*+C*2"N'C!
!! %4!,.+'0!.?!>*2'0! A!68-..20!C'0,(.@'C!
!! $4!-*!.?!0/<*(8*+'! %:O!R(''0!8/,!
!! %$3S!&2*+,!.?!8.??''! !!
dbjh!=?2D0D!
-?F?! 3?81C0@! +4F!
U7D4>!I4DC2! bQjdd!C?2D0D! Q!IY!50C41F0D!
!! bj!1454F47>!50C41F0D! !+4F!
Y?4E730W! dQdb!C?2D0D!3?81C0@! !!
!! S!50C41F0D!E28>3! +4F!!
Oj!1?6608147F! !g!I?508>60>3!E24F@4>AD!
+7>@4!+?83C! E24F@4>AD! d!I&Y!50C41F0D!
!! gQe!B845730!E24F@4>AD! J&!*0D4@0>10!Y?D4874!
!! h!50C41F0D!J/(+,! )C40GqD!?GG410!
!! !! +979?!307!V?>0D!>28D089!
!! !! K280>@0!B846789!D1C??F!
!! !! Y46?>@4!G?80D3!?GG410!
!! !! Y46?>@4!G?80D3!
!! !! BF7>3734?>D!
:!8.))'(8"*2!
J/"2C"+<0hRd!C?60D!
-787WH03! 3?81C0@! %!B.9'(+)'+,!J/"2C"+<0!
%$S!&("9*,'!
J/"2C"+<0Qe!
80D4@0>347F!C?2D0D!
-?6E7D7! QhR!1?6608147F! 3!BIE!9'-"82'0!
!! E24F@4>A! !

%87>D!+V?47!<0D3! 5gbR!C?2D0D!3?81C0@!
!! g!50C41F0D!E28>0@! =I!T'0"C'+8'!E.0"(*"!

K-"'?U0!.??"8'dj!
I?508>60>3!E24F@4>A!
%87>D!+V?47!.7D3! !fjR!C?2D0D!E28>3! @0D38?90@!
!! g!50C41F0D!E28>0@! !!
!dejR!)?6608147F!
E24F@4>A!!
Y0841C?! fb!"450D3?1W! 1@*@.!,'*!N.+'0!+/(0'(@!!
!! j!.7D9!1?71C!E2D0D! !!
!! dh!_760D!'4>F09! !!
!! 3821WD! !!
!! Q!(W76E7!E2D0D! !!+4F!
!! h!U>W>?H>!38713?8D! !!
!! dR!B845730! !!
!! g!:$;!-73732D! !!

!gdR!C?2D0D!3?81C0@!
K?87E2! d!B2EF41!D1C??F! V/('+C'!&(")*(@!08-..2!!
!! @0D38?90@! !+4F!
!! !! E").+C"!?.('0,!.??"8'!
%&* !

!
!! !! E").+C"!?.('0,!&2*+,*,".+0!
W*(*>;',! 543!-.)'0!,.(8-'C! 1PG!
W.)J*00*! $S!('0"C'+,"*2!-./0'0! 1PG!
$54!8.))'(8"*2!
!! J/"2C"+<! 1PG!
R(*+0!1N."*!H'0,! %M4!-./0'0!,.(8-'C! 1PG!
!! %!9'-"82'0!J/(+'C! 1PG!
3:!B.9'(+)'+,!J/"2C"+<!
R(*+0!1N."*!X*0,! A:4!-./0'0!J/(+,! C'0,(.@'C!
!! %!9'-"82'0!J/(+'C! !!
3S:4!K.))'(8"*2!
E'("8-.! J/"2C"+<!! !!
!! AM!G"9'0,.8>! !!
!! :!X*0@!8.*8-!J/0'0! !!
!! 35!Y*)'0!Q"+2'@!,(/8>0! !!
!! $!L>*)J*!J/0'0! !!
!! 5!Z+>+.;+!,(*8,.(0! !!
!! 34!&("9*,'! !!
!! %!76[!W*,*,/0! !!
V.(*J/! %34!-./0'0!,.(8-'C! !!
3!&/J2"8!08-..2!
!! C'0,(.@'C! !!
dR!G786!671C4>0D!
!! @0D38?90@! !!
fe!*0D4@0>347F!
C?2D0D!E28>3!
jR!W4?DWD!E28>3!
gR!DC?BD!E28>3!
$?34W! g!A?508>60>3! !!
!! C?2D0D!E28>3! !!
!! QR!80D4@0>347F! !!+4F!
!! C?2D0D!E8?2AC3! !!
!! @?H>! !!
!! :4!>".0>0!J/(+,! !!
!!

)@?2G3E5@?!

%C0! 4>G?86734?>! ?>! 3C0! @073CD! 3C73! ?112880@! @284>A! 3C0! B?D3! 0F0134?>! 54?F0>10!
30FFD!7!>26E08!?G!D3?840DL!!%C0!*4G3!;7FF09!:8?54>10!711?2>30@!G?8!Shh!@073CD!3C73!
4DP!jjm!?G!7FF!3C0!@073CD!3C73!?112880@!@284>A!3C0!B?D3!0F0134?>!54?F0>10!B084?@L!!
%C0! )?664DD4?>[D! 1?>1F2D4?>! 4D! 3C73! *4G3! ;7FF09! H7D! 3C0! 0B410>380! ?G! 3C0! B?D3!
0F0134?>! 54?F0>10L! +97>V7! H43C! dgh! @073CDP! 1?>D343230@! dQm! ?G! 3C0! @073CD!!
0/B0840>10@P!HC4F0!+748?E4!H43C!dQb!@073CD!1?>D343230@!ddm!?G!7FF!3C0!@073CDP!3C0!
3C48@!F78A0D3!>26E08!?G!@073CDL!

%&$ !

!
%C0!172D0D!?G!@073C!4>!3C0!B8?54>10D!F07@!3?!7!>26E08!?G!E8?7@!1?>1F2D4?>DL!#>!
<0D308>! B8?54>10P! A2>DC?3D! 711?2>30@! G?8! Sh! @073CD! ?23! ?G! 7! 3?37F! ?G! ef!
80B80D0>34>A!SQLbm!?G!7FF!3C0!@073CD!4>!3C73!B8?54>10L!!#>!+97>V7!dRS!@073CD!?23!
?G!dgh!?8!SeLem!H080!3C0!80D2F3!?G!A2>!DC?3DL!!#>!+748?E4!Qg!?23!?G!dQb!@073CD!?8!
dfLhm! H080! 3C0! 80D2F3! ?G! A2>! DC?3D! 7>@! 4>! *4G3! ;7FF09! A2>! DC?3D! 711?2>30@! G?8!
deh! ?23! ?G! Shh! ?8! Qjm! ?G! 3C?D0! W4FF0@L! )?7D3! :8?54>10! 801?8@0@! h! ?23! ?G! QS!
@073CD!?8!dhm!7D!7!80D2F3!?G!A2>!DC??34>A!7>@!4>!)0>387F!g!?23!?G!b!@073CD!H080!
80B?830@!80B80D0>34>A!jRm!?G!3C0!3?37F!A2>DC?3!@073CDL!

!
+37789:!@H!K184DE!H9@7!J3?ED@4E!
;9@65?21! *@b!@H!A184DE! ;1921?48B1!!
!<0D308>!! Sh! SQLbm!
!+97>V7! dRS! SeLem!
*4G3!;7FF09! deh! Qjm!
+748?E4! Qg! dfLhm!
)?7D3! h! dhm!
)0>387F! g! jRm!
"'"#%! hSi! !

Summary of Deaths as % of deaths in provinces

100
79.9
80 72.5
Percentage

60
60

40 26
18.4 14
20

0
Western Nyanza Rift Valley Nairobi Coast Central
Province
!

#3!4D!3C0!540H!?G!3C0!)?664DD4?>!3C73!D4>10!>?!054@0>10!3?!3C0!1?>38789!H7D!0508!
DC?H>P! B?F410! H080! 80DB?>D4EF0! G?8! 7FF! 17D0D! ?G! DC??34>AL! %C0! )?664DD4?>!
%&+ !

!
1?>1F2@0D!3C73!3C0!@4DB78439!4>!B0810>37A0!3086D!?G!3C0!>26E08!?G!3C?D0!DC?3P!7D!
7! G87134?>! ?G! 3C0! 3?37F! @073CD! 4>! 071C! B8?54>10P! 679! C750! 7! 1?880F734?>! H43C! 3C0!
B80B780@>0DD!3C0!B?F410!C7@!3?!2D0!7662>434?>!?>!B0?BF0L!.54@0>3F9P!3C4D!57840@!
G8?6!B8?54>10!3?!B8?54>10P!H43C!<0D308>!B8?54>10!0/C4E434>A!3C0!6?D3!8?E2D3!2D0!
?G!7662>434?>P!G?FF?H0@!E9!+97>V7L!#3!7BB078D!3C73!B?F410!4>!@4GG080>3!B8?54>10D!
@4@!>?3!80DB?>@!2>4G?86F9!H43C!80A78@!3?!3C0!2D0!?G!G?810P!050>!HC0>!G710@!H43C!
D464F78!D432734?>DL!

'283C08P! 43! 4D! 3C0! 540H! ?G! 3C0! )?664DD4?>! 3C73! 7FF! @073CD! ?3C08! 3C7>! 3C?D0! E9!
A2>DC?3! H080! 172D0@! E9! 1454F47>DL! %C0! >26E08! ?G! @073CD! 4>! 3C0! *4G3! ;7FF09!7D!7!
80D2F3! ?G! 788?H! DC?3D! 7>@! DC78B! ?E\013D! 4D! 5089! C4ACL! %C0! B413280! 3C73! 0608A0D!
G8?6! 3C0D0! G4A280D! 4D! 3C73! 3C0! *4G3! ;7FF09! G710@! 7>! 0/387?8@4>789! 76?2>3! ?G!
54?F0>10!E03H00>!?8@4>789!1434V0>DL!K?HD!7>@!788?HD!7D!H0FF!7D!671C030D!BF790@!
7!@0G4>4>A!8?F0!4>!3C73!54?F0>10L!!'?8!3C0D0!46B8?54D0@!H07B?>D!3?!C750!71C4050@!
D21C!7!F78A0!>26E08!?G!G737F4340D!@06?>D38730D!3C0!1?>10>38734?>!?G!3C0!54?F0>10P!
7>@!4D!1?>D4D30>3!H43C!3C0!30D346?>40D!8010450@!E9!3C0!)?664DD4?>L!

%C0! 054@0>10! 8010450@! E9! 3C0! )?664DD4?>! H7D! 3C73! 4>! +97>V7! 7>@! <0D308>!
:8?54>10DP! 3C080! H080! 80F73450F9! F?H! F050FD! ?G! G737F439! 80D2F34>A! G8?6! 1434V0>O?>O
1434V0>! 54?F0>10L! #G! 43! 4D! 7DD260@! 3C73! A2>DC?3! @073CD! 4>! 3C0D0! B8?54>10D! H080!
172D0@! E9! B?F410! 7>@! 3C73! >?>OA2>DC?3! @073CD! 80B80D0>3! 1454F47>O?>O1454F47>!
54?F0>10P! 3C0! 80F73450F9! F?H! G4A280D! ?G! QS! @073CD! 80B80D0>34>A! QRm! ?G! 3C0! 3?37F!
@073CD!4>!+97>V7!B8?54>10!HC4F0!4>!<0D308>!Qh!@073CD!80B80D0>34>A!QhLbm!?G!3C0!
ef!@073CD!1?88?E?8730!3C0!30D346?>9L!#3!G?FF?HDP!3C0>!3C73!B?F410!DC?3!7>@!W4FF0@!7!
F78A0! >26E08! ?G! B0?BF0! 4>! 3C0D0! 3H?! B8?54>10DL! #G! D?! 3C4D! 4D! 4>0/12D7EF0! 7>@!
C4ACF9!80A80337EF0L!

%C0! )?664DD4?>! 7FD?! 0/764>0@! 3C0! 03C>41439! ?G! 3C?D0! HC?! @40@! HC080! D21C!
4>G?86734?>!H7D!7574F7EF0!G8?6!3C0!054@0>10!B80D0>30@L!%C0!)?664DD4?>!@014@0@!
3?! @4D7AA80A730! 4>G?86734?>! ?>! 3C0! 03C>41! 4@0>34340D! ?G! 3C?D0! W4FF0@! 4>! 3C0! B?D3!
0F0134?>!54?F0>10!G?8!3C0!807D?>!3C73!43!@06?>D38730D!3C73!7FF!03C>41!1?662>4340D!
3C73! H080! 4>5?F50@! 4>! 3C0! 54?F0>10! D2D374>0@! F?DD0D! ?G! F4G0L! %C4D! 1?>1F2D4?>!
1?2>308713D! 3C0! >?34?>! HC41C! 7FF! 3C0! 03C>41! 1?662>4340D! 3C73! H080! 4>5?F50@! 4>!
3C0!B?D3!0F0134?>!54?F0>10!H080!G?2>@!3?!C78E?28!3C73!606E08D!?G!3C048!B783412F78!
%&% !

!
1?662>439!H080!3C0!D?F0!541346DL!%C0!4>G?86734?>!DC?HD!3C73!7FF!D4@0D!D2D374>0@!
D4A>4G417>3!F?DD0DL!

*37F19!@H!A184DE!A395?B!;&<!A5E495F341A!C19!495F1!

"95F1! *37F19!
Y7F0>\4>! dbf!
Y76E7! dd!
Y4W292! Qjf!
Y4D44! bS!
Y2847! Q!
"2C97! djg!
"2?! QSf!
-77D74! S!
-082! d!
:?W?3! d!
%7437! Q!
%7>V7>47>! Q!
%0D?! h!
%28W7>7! j!
UW>?H>! djb!
&3C08D! f!
"'"#%! ZQZVV!

%&& !

!
)>#;"&-!"&*!!

(5?A5?BE!!

%C0! G4>@4>AD! H0! 67W0! 4>! 3C4D! )C7B308! 780! @08450@! G8?6! 3C0! G713D! 1?FF730@! 7>@!
7>7F9D0@!G8?6!?87F!7>@!@?1260>3789!054@0>10!D2E64330@!E0G?80!3C0!)?664DD4?>L!!
%C080!780!hSSg!B7A0D!?G!801?8@0@!DH?8>!30D346?>9!G8?6!dbj!H43>0DD0D!7>@!dhh!
?3C08! H43>0DD0D! HC?! D2E64330@! @0B?D434?>D! 7>@! 801?8@0@! D373060>3DL! %C080! 780!
>4>0!5?F260D!?G!0/C4E43D!82>>4>A!4>3?!6?80!3C7>!gbRR!B7A0D!7>@!H0!C7@!73!?28!
@4DB?D7FP! 4>! 3086D! ?G! ?28! 3086D! ?G! 80G080>10P! ?GG4147F! 80B?83D! ?G! B8054?2D!
4>50D34A734?>DP! 4>50D34A734?>D! G8?6! ?3C08! 4>D343234?>D! ?8! ?8A7>4V734?>D! 7>@!
80D0781C! 6730847F! G8?6! ?28! ?H>! 80D0781C08D! 7>@! 4>50D34A73?8DL! #3! 62D3! E0! D74@!
3C73! 3C0! )?664DD4?>! C7@! ?>F9! 7! F46430@! B084?@! 3?! 17889! ?23! 0/C72D3450!
4>50D34A734?>D!7>@!H0!@?!>?3!@?2E3!3C080G?80!3C73!3C080!679!E0!4>G?86734?>!?23!
3C080!HC41C!@4@!>?3!8071C!3C0!)?664DD4?>L!<0!H080!>05083C0F0DD!0>1?287A0@!E9!
3C0!0>3C2D47D341! D2BB?83! 7>@! 80DB?>D0! H0! 8010450@! G8?6! 606E08D!?G! 3C0! B2EF41!
7>@!H0!E0F4050!3C0!4>G?86734?>!A73C080@!0>7EF0D!2D!3?!D3730!H43C!1?>G4@0>10!3C73!
?28!G4>@4>AD!780!67@0!G748F9!7>@!G2FF9L!

%C0!B8010@4>A!1C7B308D!67W0!5784?2D!G4>@4>AD!4>!80F734?>!3?!3C0!3?B41D!@4D12DD0@!
7>@! 3C?D0! G4>@4>AD! 80674>! 57F4@L! ! <C73! G?FF?HD! 4D! 7! D266789! ?G! 3C0! E8?7@!
G4>@4>AD! 7D! @4D34FF0@! E9! 3C0! )?664DD4?>L! ! &>! 3C0! E7D4D! ?G! 3C?D0! G4>@4>AD! 3C0!
)?664DD4?>! C7D! 67@0! 43D! 801?660>@734?>D! 7D! 80X2480@! 4>! 3C0! 3086D! ?G!
80G080>10L!

(5?A5?BE!5?!-1G845@?!4@!4D1!&041?4!@H!<5@G1?21!

"#! (!3?37F!?G!dPdgg!B0?BF0!@40@!7D!7!1?>D0X20>10!?G!3C0!B?D3O0F0134?>!54?F0>10L!
%C0! A0?A87BC417F! @4D384E234?>! ?G! 3C0! @073CD! H7D! 2>0X27FP! H43C! 6?D3! ?G! 3C0!
B?D3O0F0134?>! 54?F0>10! 80F730@! @073CD! 1?>10>38730@! 4>! 3C0! B8?54>10D! ?G! *4G3!
;7FF09! ]Shh^P! +97>V7! ]dgh^! 7>@! +748?E4! ]dQb^L! %C0! @4D38413D! ?G! U7D4>! I4DC2!
]QgR^P! +7W282! ]Qdg^! 7>@! %87>D! +V?47! ]dRh^! 4>! 3C0! *4G3! ;7FF09! :8?54>10!
80A4D3080@!3C0!C4AC0D3!>26E08!?G!@073CD!80F730@!3?!B?D3O0F0134?>!54?F0>10L!!!
%&' !

!
!

$#! (!3?37F!?G!gPbjd!B0?BF0!D2GG080@!4>\2840D!4>GF4130@!E9!?8!80D2F34>A!G8?6!!DC78B!
B?4>30@!?E\013D!O!dQQeP!EF2>3!?E\013D!OjRhP!$?G3!34DD20!4>\289!O!gjRP!I2>DC?3!
O!bbSP!(88?H!DC?3D!O!QjSP!K28>D!OdjhP!(DD72F3!O!dejP!031L!
!

%#! (! 3?37F! ?G! ddSPQdj! B845730! B8?B08340D! ]4>1F2@4>A! 80D4@0>347F! C?2D0DP!


1?6608147F! B8064D0DP! 50C41F0DP! G786! B8?@210^! H080! @0D38?90@P! HC4F0! hed!
I?508>60>3!?H>0@!B8?B08340D!]?GG410DP!50C41F0DP!C07F3C!10>380DP!D1C??FD!7>@!
3800D^!H080!@0D38?90@L!
!

&#! I2>DC?3D! 711?2>30@! G?8! ejQ! 17D27F340D! ?23! ?G! HC?6! hRb! @40@L! %C4D!
80B80D0>30@! gbLSm! ?G! 3C0! 3?37F! @073CDP! 67W4>A! A2>DC?3! 3C0! D4>AF0! 6?D3!
G80X20>3! 172D0! ?G! @073CD! @284>A! B?D3O0F0134?>! 54?F0>10L! #3! H7D! G?FF?H0@! E9!
@073CD! 172D0@! 3C8?2AC! 4>\2840D! D2D374>0@! 7D! 7! 80D2F3! ?G! DC78B! B?4>30@!
?E\013D!73!QfLQmL!%C0!)?664DD4?>!C7D!8010450@!>?!054@0>10!3?!D2AA0D3!3C73!
HC080!A2>DC?3!H7D!801?8@0@!7D!3C0!172D0!?G!@073C!?8!4>\289P!43!H7D!G8?6!7!
D?2810! ?3C08! 3C7>! 3C0! B?F410L! %C4D! 17FFD! 4>3?! X20D34?>! 3C0! 1?>30>34?>! 3C73!
B?D3O0F0134?>! 54?F0>10! H7D! 7! 1434V0>O3?O1434V0>! 54?F0>10P! 7>@! 43! 57F4@730D! 3C0!
540H! 3C73! B?F410! 7134?>! 711?2>30@! G?8! 7! A??@! B783! ?G! 3C0! B?D3O0F0134?>!
54?F0>10L!
!

(5?A5?BE! ,?! -1G845@?! 4@! 4D1! )83E1E! 8?A! ;84419?E! @H! 4D1! ;@E4P
&G1245@?!<5@G1?21!

dL! #>! 1?>387D3! 3?! 3C0! B80O0F0134?>! 54?F0>10P! HC41C! H7D! 674>F9! E03H00>!
17>@4@730D!7>@!3C048!D2BB?8308DP!3C0!B?D3O0F0134?>!54?F0>10!C7@!7!@4D34>13!03C>41!
@460>D4?>L!

QL! #>4347FF9P! 3C0! 54?F0>10! H43>0DD0@! H7D! DB?>37>0?2D! 7>@! H7D! 4>! B783! 7!
807134?>!3?!3C0!B0810450@!84AA4>A!?G!0F0134?>DL!#>!7807D!F4W0!3C0!*4G3!;7FF09!7>@!3C0!
)?7D3P!43!378A030@!606E08D!?G!3C0!Y4W292!7>@!Y4D44!1?662>4340D!B0810450@!3?!E0!

%&( !

!
7DD?14730@! H43C! 3C0!:+U! B7839! 7>@! H43C! :80D4@0>3! Y4E7W4! HC?! H080!D00>! 7D!3C0!
E0>0G4147840D! ?G! 3C0! `84AA0@a! 0F0134?>P! HC4F0! 4>! +97>V7! 7>@! <0D308>P! 3C0!
DB?>37>0?2D! 54?F0>10! H7D! 6?D3F9! @480130@! 3?H78@D! A?508>60>3! G714F4340D! 7>@!
A87@27FF9! 3??W! 3C0! G?86! ?G! F??34>A! 7>@! @0D382134?>P! 7>@! HC4F0! 43! 7FD?! 378A030@!
Y4W292D!7>@!Y4D44DP!3C0!4>30>34?>!7BB0780@!3?!E0!>?3!3?!W4FF!3C06!E23!873C08!3?!E0!
0/B0F!3C06!7>@!@0D38?9!3C048!B8?B0839L!

gL! $2ED0X20>3F9!3C0!B73308>!?G!54?F0>10!DC?H0@!BF7>>4>A!7>@!?8A7>4V734?>!E9!
B?F434147>DP!E2D4>0DD60>!7>@!?3C08D!HC?!0>F4D30@!18464>7F!A7>AD!3?!0/01230!3C0!
54?F0>10L!%C73!H7D!3C0!17D0!B783412F78F9!4>!*4G3!;7FF09!7>@!+748?E4L!#>!BF710D!F4W0!
+7457DC7P! +7W282! 7>@! 3C0! DF26! 7807D! ?G! +748?E4P! Y4W292! A7>AD! H080! 6?E4F4D0@!
7>@! 2D0@! 3?! 2>F07DC! 54?F0>10! 7A74>D3! "2?DP! "2C97D! 7>@! Y7F0>\4>D! 7>@! 3?! 0/B0F!
3C06! G8?6! 3C048! 80>30@! 80D4@0>10D! 7>@P! D464F78F9P! ?8A7>4D0@! Y7F0>\4>! 9?23C!
B783412F78F9!4>!3C0!+?83C!*4G3!73371W0@!7>@!@8?50!?23!Y4W292D!F454>A!3C080L!

hL! $?60!?G!3C0!B?4>308D!3?!3C0!?8A7>4D734?>!4>1F2@0!3C0!G713!3C73M!

! #>!4>D37>10DP!H78>4>AD!H080!4DD20@!3?!3C0!541346D!E0G?80!3C0!73371WDc!!
! %C0! 54?F0>10! 4>5?F50@! ! F78A0! >26E08D! ?G! 73371W08DP! ?G30>! 6?E4F4V0@! G8?6!
7807D!?23D4@0!3C0!F?1734?>!?G!3C0!54?F0>10c!
! :038?F! 7>@! H07B?>D! H080! 2D0@! 4>! 5784?2D! BF710D! 3?! 17889! ?23! 3C0! 73371WD!
7>@! @0D382134?>P! HC41C! 80X2480@! 7887>A060>3D! 7D! 80A78@D! 71X24D434?>P!
1?>107F60>3!7>@!387>DB?83c!7>@!!
! $?603460D! 3C0! 73371WD! DB014G417FF9! 378A030@! ?>F9! 606E08D! ?G! A450>! 03C>41!
A8?2BD!3?!3C0!0/1F2D4?>!?G!?3C08DL!
!

bL! $?60! 80DB?>D4E4F439! G?8! 3C0! 54?F0>10! 62D3! 7FD?! E0! F74@! 73! 3C0! G003! ?G! 3C0!
1?2>389[D! B?F434147>D! HC?! B8014B43730@! 3C0! 54?F0>10! E9! 76?>A! ?3C08! 7134?>D!
7>@!?64DD4?>DM!
]4^ )?>@2134>A! 3C0! 0F0134?>! 176B74A>D! 4>! 7! D384@0>3! 7>@!
1?>G8?>3734?>7F! 67>>08P! 3C080E9! 180734>A! 7>! 736?DBC080! ?G!
30>D4?>c!
%&, !

!
]44^ '?8! B7839! B?F43417F! 0>@DP! 17D34>A! 3C0! <*9:<#&! @0E730! 4>!
03C>417FF9!@454D450!3086Dc!!7>@!
]444^ '74F4>A!3?!180730!1?>G4@0>10!76?>A!5?308D!78?2>@!3C0!0F013?87F!
B8?10DD0D!7>@!4>D343234?>DL!
!

jL!! %C0! 7@64>4D3873450! 723C?84340DP! 4>1F2@4>A! 3C0! B?F410P! 3C0! D0128439! G?810D!
7>@! 3C0! B8?54>147F! 7@64>4D38734?>P! 62D3! 7FD?! 37W0! 80DB?>D4E4F439! G?8! 5784?2D!
?64DD4?>D!7>@!1?664DD4?>D!4>!80A78@!3?!3C0!54?F0>10!784D4>A!G8?6M!

! '74F280!3?!713!?>!4>30FF4A0>10!80A78@4>A!3C0!B?DD4E4F439!?G!54?F0>10!G?FF?H4>A!
3C0!0F0134?>Dc!
! '74F280! B8?B08F9! 3?! 80DB?>@! 7BB8?B84730F9! 7>@! 7@0X2730F9! 3?! 3C0! 54?F0>10!
7>@!43D!0GG013DP!3C080E9!7AA875734>A!3C0!D2GG084>A!?G!3C0!541346Dc!
! #>! 3C0! 17D0! ?G! 3C0! D0128439! 7A0>3D! 7>@! 3C0! B?F410P! 80D?834>A! 3?! 7>!
2>\2D34G40@!2D0!?G!G?810!7>@!172D4>A!@073C!7>@!4>\289!2>>010DD784F9c!7>@!
! '74F280!3?!713!H43C!@4D14BF4>0!7>@!46B78347F439!7>@!73!3460D!@0D10>@4>A!4>3?!
713D!?G!D084?2D!18460!7A74>D3!1454F47>DL!
!

(5?A5?BE!,?!-1G845@?!4@!+1038G!<5@G1?21!

J1?198G!

SL! K0172D0! ?G! 3C0! 1?>30/3! 4>! HC41C! 43! 3??W! BF710P! 3C0! D0/27F! 54?F0>10!
0/B0840>10@! 3??W! 3C0! G?86! ?G! A7>A! 7>@! 4>@454@27F! 87B0DP! 67>9! ?G! HC41C! H080!
03C>417FF9! @8450>P! 7D! H0FF! 7D! C?880>@?2D! G067F0! 7>@! 67F0! A0>437F! 6234F734?>L!
<?60>! 7>@! 1C4F@80>[D! F7E47! 7>@! 57A4>7D! H080! 123! 2D4>A! DC78B! ?E\013D! 7>@!
E?33F0D!H080!D32GG0@!4>3?!3C06L!-0>!7>@!E?9DP!4>!328>P!C7@!3C048!B0>4D0D!123!?GG!
7>@! H080! 3872673417FF9! 14812614D0@P! 4>! D?60! 17D0D! 2D4>A! 123! AF7DDL!
'283C086?80P!0>3480!G764F40DP!4>1F2@4>A!1C4F@80>!?G30>!H080!G?810@!3?!H731C!3C048!
B780>3DP!E8?3C08D!7>@!D4D308D!E04>A!D0/27FF9!54?F730@L!

fL! (D4@0! G8?6! 3C0! 7E?50! F4G0! DC733084>A! 050>3DP! 67>9! 541346D! ?G! D0/27F!
54?F0>10!0/B0840>10@!?3C08!4>\2840DP!F?D3!G764F9!606E08DP!3C048!C?2D0DP!B8?B0839P!
%&) !

!
C7@!>?!BF710!3?!A?!?8!3?!328>!G?8!C0FBP!!7>@!C750!0>@0@!2B!7F?>0!?8!4>!#J:!176BD!
H43C?23!7!607>D!?G!078>4>A!7!F454>AL!

;19C14984@9E!

eL! %C0! )?664DD4?>! G?2>@! 3C73! B08B03873?8D! ?G! D0/27F! 54?F0>10! H080! >?3! \2D3!
?8@4>789!1434V0>DP!>04ACE?28DP!7>@!A7>A!606E08DP!E23!7FD?!D4A>4G417>3!>26E08D!
?G!D0128439!G?810DL!%C0D0!4>1F2@0@!606E08D!?G!3C0!I0>087F!$085410!U>43!]I$U^!7D!
H0FF! 7D! 80A2F78! 7>@! 7@64>4D38734?>! B?F410L! -7>9! 541346D! F03! 606E08D! ?G! 3C0!
D0128439!G?810D!4>3?! 3C048!C?2D0D!7DD264>A! 3C09!H?2F@!C0FB!3C06L!#>D307@P!3C09!
G?2>@! 3C06D0F50D! E04>A! 73371W0@! E9! 3C?D0! 3C09! 3C?2AC3! H?2F@! C0FB! 3C06L! %C4D!
0>374F0@!7!A8?DD!E038797F!?G!382D3L!

dRL! -06E08D!?G!3C0!D0128439!G?810D!7FD?!B783414B730@!4>!A7>A!87B0DL!#>!7@@434?>P!
3C09! 1?FF2@0@! H43C! 071C! ?3C08P! 4>1F2@4>A! C754>A! D?60! ?G! 3C048! ?H>! D37>@4>A!
A278@! ?23D4@0! 541346D[! C?2D0D! HC4F0! 3C09! 87B0@! 7>@! 6234F730@! 4>D4@0! 541346D[!
@H0FF4>ADL!!

ddL! .50>! HC0>! 541346D! 3?F@! B08B03873?8D! ]HC03C08! 606E08D! ?G! 3C0! D0128439!
G?810DP! A7>AD! ?8! 4>@454@27FD^! 3C73! 3C09! H080! =#;! B?D43450P! B08B03873?8D! 1C?D0! 3?!
87B0L!%C4D!4D!F4W0F9!3?!80D2F3!4>!7>!4>1807D0!4>!=#;!(#JD!4>!Y0>97L!

dQL! :08B03873?8D!?G30>!3?F@!541346D!3C0!D0/27F!54?F0>10!4>GF4130@!2B?>!3C06!H7D!
B2>4DC60>3! G?8! E0F?>A4>A! 3?! 7! DB014G41! 03C>41! A8?2B! ?8! B28B?830@F9! C754>A!
D2BB?830@!7!B783412F78!B?F43417F!B7839L!

<52457E!

dgL! '?8! 7! 5784039! ?G! 807D?>DP! 67>9! 541346D! H080! >?3! 7EF0! 3?! 7110DD! 3460F9!
60@417F!1780P!4>1F2@4>A!?E374>4>A!3C0!@82A!:.:P!HC41C!4G!37W0>!H43C4>!SQ!C?28DP!
B8050>3D! =#;! (#J$! 7>@! D0/27FF9! 387>D64330@! 4>G0134?>DL! %C0! 807D?>D! G?8! >?3!
?E374>4>A! 60@417F! 1780! 4>1F2@0@! 3C0! G?FF?H4>AM! 7! E807W@?H>! 4>! D0128439! 7>@! 3C0!
G078! ?G! F0754>A! C?60P! F71W! ?G! 387>DB?83P! 4A>?87>10! 7E?23! :.:! 7>@! >?3! W>?H4>A!
3C09! H?2F@! >?3! C750! 3?! B79! 7>@! 1?2F@! 8010450! G800! 60@417F! 1780P! G078! ?G! E04>A!
D34A6734V0@!4G!43!H080!W>?H>!3C09!C7@!E00>!87B0@P!7>@!7>!?50884@4>A!1?>108>!3?!

%&- !

!
B8?3013P! G00@P! 7>@! DC0F308! 3C048! 1C4F@80>! 7>@! G764F9! 606E08D! 73! 3C048! ?H>!
0/B0>D0L!

-1EC@?E1!F:!#34D@95451E!

dhL! (23C?84340D! 4>! A0>087F! H080! 3?37FF9! 2>B80B780@! 3?! 80DB?>@! 3?! D0/27F!
54?F0>10L! (F3C?2AC! 3C0! B?F410! 3??W! 67>9! 541346D! ?G! D0/27F! 54?F0>10! 3?! C?DB437FDP!
3C0! )?664DD4?>! 7FD?! 8010450@! 054@0>10! 3C73! 4>! ?3C08! 4>D37>10D! 3C09! H080!
2>B80B780@!043C08!3?!801?8@!?8!4>50D34A730!18464>7F!1?6BF74>3D!?G!D0/27F!54?F0>10L!
%C4D! H7D! 0/06BF4G40@! E9! 3C0! )?664DD4?>08! ?G! :?F410P! =2DD04>! (F4[D! 30D346?>9! 3?!
3C0!)?664DD4?>P!HC080!C0!D3730@!`<0!H4FF!@030864>0!HC03C08!3C?D0!18460D!780!G43!
7>@!HC03C08!3C0!B0?BF0!C750!E00>!7880D30@!7>@!1C78A0@aL!

dbL! %C0! 5?4@! 180730@! E9! 3C0! F71W! ?G! ?GG4147F! 80DB?>D0! 3?! D0/27F! 54?F0>10! H7D!
B783F9! G4FF0@! E9! B845730! C?DB437FDP! 4>1F2@4>A! 3C0! +748?E4! <?60>[D! =?DB437FP! D?60!
A?508>60>3!G714F4340DP!7>@!7!>26E08!?G!+I&DP!4>1F2@4>A!3C0!Y0>97!*0@!)8?DDL!

&HH124E!

djL! &3C08!3C7>!3C0!0/387?8@4>789!BC9D417F!7>@!BD91C?F?A417F!387267!D30664>A!
G8?6! E04>A! 7! 541346! ?G! D0/27F! 54?F0>10P! 541346D! 7FD?! D2GG080@! 71230! 4>\2840DP!
B0867>0>3! @4D7E4F4340DP! 1?>387134>A! 4>1287EF0! @4D07D0D! F4W0! =#;! (#JD! 7>@!
C0B73434D! KP! ?D38714D6P! 7E7>@?>60>3! E9! 3C048! C2DE7>@D! 7>@! B780>3DP! F?DD! ?G!
7E?@0!7>@!4>1?60P!7D!H0FF!7D!0/38060!G00F4>AD!?G!C264F4734?>L!

dSL! %C0! )?664DD4?>! F078>0@! G8?6! 43D! ?H>! BD91C?F?A4D3! 3C73! 67>9! G067F0!
541346D! D34FF! 780! 7F?>0P! 2>7EF0! 3?! 1?B0! H43C! 3C0! 7E?50! 387267D! 7>@! 4>! >00@! ?G!
C0FB! HC41C! 4D! >?3! 7574F7EF0! 3?! 3C06L! (! >26E08! ?G! 541346D! HC?! C7@! >?3! 8010450@!
60@417F!7330>34?>!E9!3C0!3460!3C09!1760!E0G?80!3C0!)?664DD4?>!?>F9!67>7A0@!3?!
@?!D?!7D!7!80D2F3!?G!3C0!)?664DD4?>[D!4>30850>34?>L!

%'* !

!
(5?A5?BE!,?!91G845@?!4@!,?419?8GG:!K5ECG821A!;19E@?E!

dfL! (D!7!80D2F3!?G!3C0!:.;!7BB8?/46730F9!gbRPRRR!B08D?>D!H080!@4DBF710@!G8?6!
3C048! >?867F! 7E?@0D! ?G! 80D4@0>10! 7>@! ?8! E2D4>0DDL! #J:D! H080! 1?>10>38730@! 4>!
<0D308>P! +97>V7P! *4G3! ;7FF09P! )0>387FP!+748?E4! 7>@! )?7D3! :8?54>10L! (E?23! dPedj!
Y0>97>D!D?2AC3!80G2A0!4>!UA7>@7L!

deL! :0?BF0!H080!@4DBF710@!7D!7!80D2F3!?G!54?F0>10!7>@!3C8073D!?G!54?F0>10L!%C09!
6?50@!G8?6!3C048!BF710D!?G!80D4@0>10!7>@!E2D4>0DD!3?!BF710D!1?>D4@080@!D7G0!F4W0!
B?F410! D3734?>DP! 7@64>4D3873450! B?D3DP! 1C281C0D! 7>@! 387@4>A! 10>380DL! ! QRL
! %C0807G308! 3C09! 6?50@! 3?! G?867F! 176BD! ?8! H080! 4>30A8730@! H43C! 3C048!
80F73450D!7>@!G840>@D!4>!28E7>!10>380D!?8!3C048!7>10D387F!C?60DL!!!

QdL! )?>@434?>D! 4>! 3C0! #J:! 176BD! H080! F0DD! 3C7>! D734DG713?89L! <0! G?2>@! 3C73!
D0128439! H7D! H7>34>A! 7D! #J:D! H080! 7FH79D! D2E\0130@! 3?! 3C8073D! E9! 18464>7F!
A7>ADL! ! <0! 7FD?! G?2>@! 1?6BF74>3D! 7E?23! 3C0! 4>7@0X2719! ?G! G??@P! DC0F308! 7>@!
D7>43734?>L!-?D3!?G!3C0!4>C7E437>3D!?G!#J:!176BD!H080!H?60>!7>@!1C4F@80>L!

QQL! I?508>60>3! 7>@! 7@64>4D3873450! 80DB?>D0! 3?! 3C0! B8?EF06D! ?G! #J:$! H7D!
4>4347FF9! DF?H! 7>@! *(! 5&4L! %C0! Y0>97! *0@! )8?DD! $?14039P! F?17F! 7>@! 4>308>734?>7F!
+I&D! 7>@! )$&DP! G743C! E7D0@! A8?2BD! 7>@! 4>@454@27F! 5?F2>3008D! BF790@! 7>!
46B?837>3!8?F0!4>!7FF054734>A!3C0!D2GG084>A!?G!#J:D!E9!?GG084>A!80G2A0P!G??@P!DC0F308P!
D0128439P!0@21734?>P!60@414>0P!1?2>D0FF4>A!7>@!?3C08!>00@DL!

QgL! %C0!I?508>60>3!4>434730@!"_@$)*.:&'!J-(:!V%-<#*':/!4>!(B84F!QRRf!7460@!
73! 806?54>A! #J:D! G8?6! 176BD! 7>@! HC080! B?DD4EF0! 80D033F4>A! 3C06! E71W! 3?! 3C048!
C?60DL!J20!3?!1?>D3874>3D!?G!3460!7>@!80D?2810DP!3C0!)?664DD4?>!1?2F@!>?3!G2FF9!
67W0! 7>! 7DD0DD60>3! ?G! 3C0! 0GG41719! ?G! 3C4D! B8?A87660! E23! G?2>@! 3C0! G?FF?H4>A!
4>7@0X27140Dc!

]4^ %C0! D26! ?G! YDCDL! dRPRRRLRR! H7D! 1?>D4@080@! 4>7@0X2730! E9! 3C0!
#J:D!3?!6003!3C048!>00@!?>10!3C09!F0G3!3C0!176BDL!
]44^ %C0! D?! 17FF0@! `4>30A8730@a! #J:D! ]4L0L! 80328>00D! HC?! H0>3! 3?! F450!
H43C4>!3C0!1?662>439^!G0F3!>0AF0130@!7D!3C0!B8?A876!1?>10>38730@!
6?D3F9!?>!3C?D0!HC?!H080!D033F0@!4>!176BDL!

%'$ !

!
]444^ $0128439!G?8!3C?D0!HC?!H4DC!3?!80328>!3?!3C048!G786D!7>@!C?60DP!
B783412F78F9!4>!3C0!*4G3!;7FF09P!4D!>?3!G2FF9!7DD280@!7>@!4D!3C080G?80!
7!C4>@87>10!3?!80D033F060>3L!
QhL!!%C0! #J:! B8?EF06! 4D! F4W0F9! 3?! B08D4D3! BC0>?60>?>! 2>34F! 3C0! I?508>60>3!
7>@! B0?BF0! ?G! Y0>97! 7@@80DD! 3C0! B?F43417F! B8?EF06D! 3C73! F0@! 3?! 054134?>! ?G!
60>P! H?60>! 7>@! 1C4F@80>! G8?6! 3C048! C?60D! 7>@! E2D4>0DD0DL

%'+ !

!
%'% !

!
!

;#-"!,<!
!
!
#24E!8?A!'75EE5@?E!@H!+4841!+123954:!#B1?251E!8?A!
,7C3?54:!!

%'& !

!
)>#;"&-!&%&<&*!!

+4841!+123954:!#B1?251E!

,?49@A3245@?!
!

%C0! )?664DD4?>! H7D! A450>! 7! DB0147F! 8?F0! 4>! 80F734?>! 3?! 3C0! $3730! $0128439!
(A0>140D!]$$(D^!7>@!3C048!4>5?F5060>3!4>!3C0!:?D3!.F0134?>!;4?F0>10L!!(83412F730@!
1F078F9! 4>! 3C0! %086D! ?G! *0G080>10! ]%?*D^! 43! H7D! 67>@730@! 3?! ":'A$+.:B*.$! .5$!
*4.:&'+! &)! &<:++:&'+! &?! U.*.$! +$4-):.%! *B$'4:$+! (-):'B! .5$! 4&-)+$! &?! .5$! A:&,$'4$6!
*'(! <*>$! )$4&<<$'(*.:&'+! *+! '$4$++*)%2/! ! (! E8?7@! 4>308B803734?>! ?G! 3C4D! 37DW!
H7D!7BBF40@!3?!4>1F2@0!3C0!7134?>D!?G!3C0D0!7A0>140D!4>!3C0!F07@!2B!3?!B?FF4>A!@79!
H7D! 7! >010DD789! D30B! 3?! 37W0! 4>! @030864>4>A! 3C0! F050F! ?G! B80B78734?>! 7>@!
BF7>>4>A!2>@0837W0>L!!(FD?!4>@454@27F!606E08DP!?GG4108D!7>@!06BF?900D!?G!3C0D0!
7A0>140D!H080!1?>D4@080@!3?!E0!H43C4>!3C0!D1?B0!?G!3C0!4>50D34A734?>L!

%C0! 4>50D34A734?>! @80H! G8?6! 7! 87>A0! ?G! 80B?83D! G8?6! 4>308>734?>7F! ?8A7>4D734?>D!
7>@! Y0>97>! 1454F! D?14039P! 4>@0B0>@0>3! H43>0DD0D! 7>@! 80B80D0>373450D! ?G! 3C0!
7A0>140D!3C06D0F50D!4>!@030864>4>A!\2D3!HC73!3C0D0!0>34340D!@4@!?8!@4@!>?3!@?!4>!
@4D1C78A4>A! 3C048! 5784?2D! 67>@730D! 4>! 3C0! 6?>3CD! B8010@4>A! 3C0! 0F0134?>DP!
@284>A! 3C0! 0F0134?>! B8?10DDP! 7>@! ?G! 1?28D0! @284>A! 3C0! 3460! ?G! :?D3! .F0134?>!
;4?F0>10!]:.;^L!

#>! @4D1C78A4>A! 43D! 67>@730! 3C4D! )?664DD4?>! C7D! E00>! 7EF0! 3?! ?B0>! @??8D!
B8054?2DF9!1F?D0@!7>@!3?!C078!G8?6!3C0!6?D3!D0>4?8!A?508>60>3!?GG4147FD!E?3C!4>!
B2EF41!7>@!4>!176087L!!-7>9!Y0>97>D!H080!C0784>A!G8?6!3C0D0!?GG410!C?F@08D!G?8!
3C0!G48D3!3460!7>@!3C0!>73280!?G!3C048!H?8W!H?2F@!C750!E00>!7!8050F734?>!3?!67>9L!

Y09! H43>0DD0D! HC?! 7BB0780@! 4>1F2@0@! 3C0! )C40G! ?G! I0>087F! $37GG! ?G! 3C0! Y0>97>!
(860@! '?810DQeRP! 3C0! )?664DD4?>08! ?G! 3C0! Y0>97! :?F410! $085410QedP! 3C0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+-*
!MC!*,B!_0A026L!Z020H!64!T81!A56!@!6A96!
+-$
!MC!*$B!T6b32!_0A026L!Y8::0!A!7L!!
%'' !

!
)?667>@7>3! ?G! 3C0! (@64>4D38734?>! :?F410QeQP! 3C0! J48013?8! I0>087F! ?G! 3C0!
+734?>7F! $0128439! #>30FF4A0>10! $085410QegP! 3C0! :0867>0>3! $01803789! G?8! 3C0!
-4>4D389! ?G! $3730! G?8! :8?54>147F! (@64>4D38734?>! 7>@! #>308>7F! $0128439QehP! 3C0!
)?664DD4?>08! ?G! :84D?>DQebP! 7! >26E08! ?G!:8?54>147F! 7>@! J4D38413! (@64>4D38734?>!
?GG4108D! 7>@! ?3C08! :?F410! B08D?>>0FL! ! %C0! 30D346?>9! ?G! 3C0D0! H43>0DD0D! C7D!E00>!
1?6BF060>30@!E9!3C73!?G!4>@0B0>@0>3!1434V0>D!7>@!1454F!D?14039!?8A7>4D734?>DL!

%C4D! 7BB8?71C! C7D! 0>7EF0@! 3C0! )?664DD4?>! 3?! 0/764>0! 7>@! 67W0! G4>@4>AD! ?>!
67>9! 7DB013D! ?G! $$([D! H?8W! 3C73! H4FF! 0GG013450F9! 17850! ?23! >0H! 308843?89! G?8! 3C0!
*0B2EF41L! ! #>@00@! 3C0! G4>@4>A! 80F734>A! 3?! B80B7873?89! 7887>A060>3D! H7D! 7D!
4>D4AC3G2F! 7D! 3C?D0! 80F734>A! 3?! 3C0! 7134?>! 7>@! 807134?>! ?G! 3C0D0! 7A0>140D! 3?! 3C0!
54?F0>10!HC0>!43!@4@!?1128L!!

%C4D! 5?F260! ?G! 3C0! )?664DD4?>[D! 80B?83! 4D! @454@0@! 4>3?! 3C800! 1C7B308D! @07F4>A!
H43C! :80B78734?>P! *0DB?>D0D! 7>@! 3C0! 7G308673C! 7>@! 7! *734?>7F0! G?8!
*01?660>@0@!(134?>!]4>1F2@4>A!67\?8!801?660>@734?>D^L!

,A1?45H:5?B!4D1!X1:!5EE31E!

%C0! 4>50D34A734?>! G?12D0@! ?>! 3C800! 674>! 3460G8760DL! ! %C0! B80O0F0134?>! B084?@!
B846784F9! F??WD! 73! 3C0! B80B780@>0DD! ?G! $$(DP! 3C0! B084?@! ?G! 3C0! B?D3! 0F0134?>!
54?F0>10!43D0FG!3?!D00!\2D3!C?H!7A0>140D!80DB?>@0@!]E03H00>!QS3C!J0106E08!QRRS!
HC0>! 3C0! B80D4@0>347F! 80D2F3D! H080! 7>>?2>10@! 7>@! 3C0! Qe3C! ?G! '0E82789! QRRf^!
7>@!3C0!3460!D4>10!3C0>!4>!3086D!?G!C?H!3C09!C750!@07F3!H43C!3C0!7G308673CL!

%C0! 0/764>734?>! ?G! 3C0D0! 673308D! H7D! A24@0@! E9! 7! >26E08! ?G! W09! 0F060>3D!
80A78@0@! 7D! E04>A! 64>4626! 80X248060>3D! G?8! @07F4>A! H43C! 050>3D! ?G! 3C4D! 39B0!
7>@!67A>432@0L!!%C0D0!4>1F2@0M!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+-+
!MC!*)B!@!A814!6!TK8986!
+-%
!MC!$-B!T6b32!_0A026L!T!=460L!_!=46A9!!
+-&
!MC!*&B!c26A=!:!G"!@!H0H!6!
+-'
!MC!*-B!_!LK021!T!148A0!eH3A5!!
%'( !

!
! #>G?86734?>! 7>@! 4>30FF4A0>10! T! 3C0! 603C?@?F?A9! ?G! 4>G?86734?>!
A73C084>AP! 7>7F9D4D! 7>@! @4DD064>734?>! H43C4>! 7A0>140D! 7>@! 718?DD!
3C0!D0128439!D013?8L!
! &B08734?>7F! BF7>>4>A! T! %C0! 1?6B80C0>D450>0DD! ?G! B80B78734?>!
4>1F2@4>A! 3C0! 2D0! ?G! 4>30FF4A0>10P! 84DW! 7>7F9D4DP! D10>784?!
@050F?B60>3P!@0DW!3?B!0/0814D0DP!1?>34>A0>19!E24F@4>AP!3C0!3464>A!?G!
?5087FF! B80B78734?>! 7>@! 1?662>41734?>L! ! %C0! 0/01234?>! ?G! BF7>>4>A!
7887>A060>3D! 4>1F2@4>A! DB0147F4D3! 3874>4>A! 7>@! @84FFDP! 7>@! ?8@08D!
A8?2BDL!!!
! )?667>@! 7>@! 1?>38?F! D38213280D! T! 3C0! @050F?B60>3! ?G! DB014G41!
7887>A060>3D! 3?! 37W0! 711?2>3! ?G! 3C0! DB0147F! >73280! ?G! 3C0! QRRS!
0F0134?>D! ?B08734?>! 7>@! 3C0! 1F78439! 7>@! @014D450>0DD! ?G! F4>0D! ?G!
1?667>@! 7>@! 1?662>41734?>! 0>D284>A! ?GG4108D! 7>@! D37GG!
2>@08D37>@!7>@!71W>?HF0@A0!3C048!8?F0D!4>!3C0!0/0814D0L!
! UD0! ?G! G?810! T! 3C0! 7BB8?B84730>0DD!?G! 80DB?>D0! 371341D! 4>1F2@4>A!3C0!
2D0! ?G! F03C7F! G?810P! 3078! A7D! 7>@! ?3C08! 603C?@D! ?G! @07F4>A! H43C!
18?H@D!
! J07F4>A! H43C! 1?6BF74>3D! T! 4>1F2@4>A! 3C0! D9D306D! 234F4D0@! 3?! 8010450!
7>@! 80DB?>@! 3?! 17FFD! G?8! D085410! 7>@! D0>D4345439! 4>! @07F4>A! H43C!
38726734D0@!1434V0>D!
! #>50D34A734?>D! T! 3C0! 17B7E4F439! ?G! B?F410! 4>50D34A734?>D! ! 4>1F2@4>A!
4DD20D!?G!@07F4>A!H43C!3C0!E0C754?28!?G!B?F410!?GG4108D!
! *0D?2814>A! T! 3C0! F050F! ?G! 80D?2810D! 71X2480@! 7>@! 7BBF40@! 3?! 3C0!
?B08734?>P!C?H!80D?2810!67>7A060>3!H7D!C7>@F0@!@284>A!3C0!184D4D!
! %C0! 234F439! ?G! :?F410! $373230DP! '?810! $37>@4>A! &8@08DP! D37>@78@!
?B08734>A!B8?10@280D!]$&:D^!7>@!?3C08!A24@0F4>0D!!
! %C0! 80540H! B8?10DD0DP! 4>1F2@4>A! @0OE840G4>AD! 7>@! 7! 1?6B80C0>D450!
H84330>!7>7F9D4D!7>@!80540H!?G!3C0!?5087FF!?B08734?>L!

!
%', !

!
>@I!;91C891A!I191!4D1!#B1?251EN!
!

&28!7DD0DD60>3!?G!3C4D!7DB013!?G!3C0!$3730!$0128439!(A0>140D!713454340D!G7FFD!4>3?!
3H?! B84>14B7F! 1730A?840DL! ! '48D3F9! 3C0! 713454340DP! D085410D! 7>@! ?23328>! ?G! 3C0!
4>30FF4A0>10!671C4>089!H080!0/764>0@!4>1F2@4>A!>734?>7FP!B8?54>147F!7>@!@4D38413!
1?6B?>0>3DL!!$01?>@F9!3C0!807@4>0DD!?G!?B08734?>7F!7A0>140D!H7D!4>50D34A730@!4>!
3086D!?G!3C048!?H>!D3730!?G!B80B780@>0DDL!

\1?:8!+123954:!,?41GG5B1?21!/82D5?19:!^\+,/_R[k!

%C0!Y$#-!1?>D4D3D!?G!7!>26E08!?G!1?6643300D!3C73!780!@0D4A>0@!3?!W00B!D0128439!
4DD20D! 4>! G8?>3! ?G! 3C?D0! HC?! 67W0! 3C0! @014D4?>D! 73! 3C0! 3?B! F050F! 3C8?2AC! 3?!
G80X20>3! 4>3087134?>! E03H00>! @0F45089! 7A0>140D! ?>! 3C0! A8?2>@! 73! 3C0! B8?54>147F!
7>@!@4D38413!F050FL!!%C0!671C4>089!4D!67@0!2B!?G!3C0!)7E4>03!$0128439!)?6643300!
])$)^P! 3C0! +734?>7F! $0128439! (@54D?89! )?6643300! ]+$()^P! 3C0! _?4>3! $0128439!
#>30FF4A0>10!$0180378473!]_$#$^P!3C0!:8?54>147F!$0128439!7>@!#>30FF4A0>10!)?6643300!
]:$#)^! 7>@! 3C0! J4D38413! $0128439! 7>@! #>30FF4A0>10! )?6643300! ]J$#)^L! ! %C0!
80DB013450!8?F0D!7>@!711?2>37E4F4340D!780!80B8?@210@!4>!7BB0>@4/!`KaL!

%C0!Y$#-!F78A0F9!@4D1C78A0D!43D!8?F0!4>!0>D284>A!3C0!@050F?B60>3!7>@!@0F45089!?G!
4>30FF4A0>10!3?!4>G?86!7>!7BB8014734?>!7>@!2>@08D37>@4>A!?G!3C0!84DWD!3?!4>308>7F!
D0128439! 76?>AD3! ?3C08! 8?F0DL! ! (3! 3C0! >734?>7F! F050F! 3C0! W09! 1?6643300! 4D! 3C0!
+$()L! ! )?>D4D34>A! ?G! D0>4?8! ?GG4147FD! G8?6! 3C0! D0128439! D085410D! 7>@! D?60!
64>4D3840D! 43D! 674>! 8?F0! 4D! 3?! 7@54D0! 3C0!)$)! ?>! 4>308>7F! D0128439! 4DD20D! 7>@! 3?!
B8?54@0! @480134?>! 7>@! 4>30FF4A0>10! 3?! 3C0! B8?54>147F! 7>@! @4D38413! 4>30FF4A0>10!
1?6643300DL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+-(
!G40!S!20=132!_0A026L!P<[<!EMC$-FB!J20:0A161!3A!!A!J8KL!=!$,!Z8L>!+**)!E3296A!:61!3A!=4621!20J2358=05!!A!6JJ0A5!.!
]7^F!

%') !

!
(3! 3C0! ?23D03! 3C0! )?664DD4?>! F078>0@! 3C73! 3C080! 4D! >?! 0D37EF4DC0@! +734?>7F!
$0128439!:?F419!3?!A24@0!3C0!@050F?B60>3!?G!?B08734?>7F!D38730A40D!7>@!371341D!3?!
B8050>3!?8!73!F07D3!B80B780!7@0X2730F9!G?8!D21C!050>3D!7D!3C0!:.;LQeS!

J0DB430!3C0!F71W!?G!7!>734?>7F!B?F419!E7D0!?8!7!C4AC!F050F!D38730A41!G8760H?8W!3C0!
)?664DD4?>! C078@! 054@0>10! 3C73! 3C0! Y$#-P! 0DB0147FF9! 3C0! +$()P! C7@! 4>! 43D!
B?DD0DD4?>!7!H07F3C!?G!W>?HF0@A0!7>@!4>30FF4A0>10!78?2>@!3C0!A8073!B?30>347F!G?8!
D4A>4G417>3!54?F0>10!4>!7>@!78?2>@!3C0!QRRS!I0>087F!.F0134?>D!7>@!3C73!3C8?2AC!
43D!8?F0!3C4D!W>?HF0@A0!H7D!DC780@!E03H00>!D0128439!7A0>140DL!

%C0! )?664DD4?>! 7FD?! 8010450@! >?! 054@0>10! 7D! 3?! 3C0! 2D0! 67@0! ?G! 3C0! 6730847F!
180730@! 7>@! D2BBF40@! 3?! 3C0! 606E08D! ?G! 3C0! +$()L! ! #3! 1?2F@! >?3! E0!0D37EF4DC0@!
3C73! 3C4D! 4>30FF4A0>10! H7D! DC780@! 4>! 7! 3460F9! ?8! 7BB8?B84730! H79! H43C! 3C0!
A?508>60>3!3C8?2AC!3C0!)$)!?8!4G!43!H7DP!HC03C08!43!4>GF20>10@!@014D4?>!67W4>A!
73! 3C73! F050FL! ! +?8! 1?2F@! 43! E0! 0D37EF4DC0@! HC03C08! 3C0! +$()! @4DD064>730@! 3C0!
4>30FF4A0>10!3?!3C0!B8?54>147F!7>@!@4D38413!1?6643300DL!!!

<C4FD3!43!4D!1F078!3C73!3C0!)?664DD4?>08!?G!:?F410!H7D!B8459!3?!3C4D!4>G?86734?>!43!
4D!F0DD!1F078!C?H!G2FF!7>@!@0374F0@!4>30FF4A0>10!80B?83D!H080!?8!DC?2F@!C750!E00>!
B8?54@0@!3?!3C0!B8?54>147F!7>@!@4D38413!1?6643300DL!!%C0!)?664DD4?>!H7D!7EF0!3?!
0D37EF4DC!3C73!1?662>41734?>D!4>!3C0!G?86!?G!G71D464F0D!H080!G?8H78@0@!G8?6!3C0!
:?F410!)?664DD4?>08[D!?GG410!3?!:8?54>147F!:?F410!&GG4108D!G8?6!3460!3?!3460!4>!3C0!
F07@!2B!3?!7>@!7G308!3C0!A0>087F!0F0134?>DL!!%C0D0!1?662>41734?>DP!D0>3!E03H00>!
(2A2D3! QRRSP! 7>@! 3C0! 0>@! ?G! _7>2789! QRRf! 1?>374>0@! 7! 64/! ?G! 4>G?86734?>!
80F734>A!3?!B?30>347F!D0128439!4DD20DL!

-7>9! :8?54>147F! (@64>4D38734?>! ?GG4108D! 7>@! B?F410! ?GG4108DP! C?H0508P! D3730@! 3?!
3C0!)?664DD4?>!3C73!3C09!C7@!>?3P!G?8!0/76BF0P!8010450@!DB0147F!A24@0F4>0D!7>@!
@480134?>D!?>!3C0!:.;!D10>784?D!@87H>!2B!E9!3C0!+$#$LQef!

!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+-,
!G40!50#0L3JH0A1!3?!6!P61!3A6L!<0=82!1>!R3L!=>!!:!!A=L8505!!A!140!692005!;32X!J23926HH0!6:!692005!1423894!140!
@0A>6!P61!3A6L!S!6L3980!6A5!I0=3A=!L!61!3A!!
+-)
![A=L85!A9!MC!&'B!?32H02!eMRS!P6X828!%*!Z8L>!+**)!

%'- !

!
<C4FD3!3C0!D38213280P!8?F0D!7>@!67>@730!?G!3C0!Y$#-!4D!D?2>@!?B08734?>7F4D4>A!43!
4>! 3460D! ?G! A8073! >00@! 4D! 3C0! 30D3! ?G! 43D! 8?E2D3>0DD! 7>@! 4>! 3C0! 17D0! ?G! 3C0! QRRS!
0F0134?>D!3C080!H7D!7!@0G4>430!E807W@?H>!4>!43D!?B08734?>!4>!3086D!?G!7!3?B!@?H>!
@0F45089!?G!4>30FF4A0>10!80B?83DL!!!

#>! 3C0! 3460! 43! C7@P! 3C0! )?664DD4?>! H7D! 7EF0! 3?! 80540H! 3C0! @4D12DD4?>D! 7>@!
64>230D! ?G! D?60! J4D38413! $0128439! 7>@! #>30FF4A0>10! )?6643300D! ]J$#)^! 7>@!
:8?54>147F! $0128439! 7>@! #>30FF4A0>10! )?6643300D! ]:$#)^L! ! %C0D0! X2430! 1F078F9!
@06?>D38730@! W>?HF0@A0! 7>@! 2>@08D37>@4>A! ?G! 3C0! D0128439! D432734?>! 3C73! H7D!
@050F?B4>A! 4>! 3C048! 7807D! ?G! 80DB?>D4E4F439L! ! #>! %87>DO+V?47! .7D3! 7>@! <0D3! 3C0!
1?6643300! 60034>A! ?G! 3C0! gR3C! J0106E08! >?30@! 7! H?8894>A! D0128439! D432734?>! 4>!
3C0! 3H?! J4D38413D! HC080! Y4W292D! H080! DB014G417FF9! E04>A! 378A030@! 7>@! 7>!
?ED085734?>!3C73P!`HC41C0508!H79! 3C0!]:80D4@0>347F^!80D2F3D!A?! Y7F0>\4>D!]:?W?3DP!
+7>@4DP! Y4BD4A4D! 7>@! $7E7?3D^! 780! BF7>>4>A! 3?! 73371W! Y4W292D! 7>@! 4>57@0! 3C048!
G786DLa!!%C0!D760!1?6643300!1?662>41730@!3?!3C0!:$#)!3C73!@20!3?!3C0!G713!3C73!
D0128439!?GG4108D!C7@!E00>!@0BF?90@!G8?6!3C048!7807!3?!D2BB?83!-?F?P!+748?E4!7>@!
0FD0HC080!G?8!D0128439!@2340DP!F?17F!D0128439!H7D!D?80F9!1?6B8?64D0@L!

%C0!-?F?!J$#)!@030864>0@!4>!43D!60034>A!?G!3C0!QQ!+?506E08!QRRf!3C73!@20!3?!
AF784>A! 4880A2F784340D! 4>! 3C0! B7839! >?64>734?>! B8?10DD! 7>@! `#,*.*'.! ):BB:'Ba! 3C0!
B?F43417F! 736?DBC080! E01760! 1C78A0@! F07@4>A! 3?! @0G0134?>D! 7>@! 71846?>9L! ! #3!
1?660>30@! 3C73! 3C080! H7D! 7! D38?>A! >00@! 3?! D380>A3C0>! D0128439! ?B08734?>D!
B8010@4>A! 3C0! 0F0134?>D! 7>@! 801?660>@0@! 3C73! G450! B?F410! B?D3D! E0! 0D37EF4DC0@!
7>@! 7@@434?>7F! G2>@4>A! E0! 7FF?1730@! 3?! D2BB?83! B738?FD! 7>@! 87B4@! @0BF?960>3!
?B08734?>DL!!%C080!4D!>?!801?8@!?G!3C0D0!4>43473450D!E04>A!G?FF?H0@!3C8?2ACL!!!

-4>230D!?G!3C0!QR3C!J0106E08!60034>A!?G!3C0!-?F?!J$#)!801?8@0@!3C73!G?FF?H4>A!
3C0! B084?@! QQ! +?506E08! 3?! h! J0106E08! HC0>! 03C>41! C?D34F4340D! 8071C0@! `?$A$)!
@:.45a! 80D2F34>A! 4>! 1F7DC0D! 172D4>A! @073CP! 4>\2840D! 7>@! @0D382134?>! ?G! B8?B0839P!
3C0! 0>3480! :$#)! F0@! E9! :)! =7DD7>! +??8! =7DD7>! 54D430@! 3C0! 7807! 3?! 7DD0DD! 3C0!
D0128439!D432734?>L!!(BB07F4>A!G?8!B0710G2F!1?O0/4D30>10!E03H00>!3C0!1?662>4340D!
7! 60034>A! E03H00>! 80F4A4?2D! F07@08DP! B?F434147>D! 7>@! 3C0! :)! H7D! C0F@! ?>! b!
J0106E08!HC080!B0710G2F!80D?F234?>D!H080!7A800@!2B?>!7>@!7!@?1260>3!D4A>0@!
?GGL! ! %C0! D760! 64>230DP! C?H0508P! 801?8@0@! D?60! H07W>0DD0D! 4>! 3C0! 0/4D34>A!
%(* !

!
D0128439! 7887>A060>3D! >?34>A! 7! >00@! 3?! 8018243! 180@4EF0! 7>@! 80F47EF0! 4>G?8608DP!
6?80! 387>DB?83P! 7! 80X248060>3! 3?! B8?B08F9! 503! ?GG4108D! D0>3! 3?! 3C0! @4D38413! 3?!
0>D280!80F47E4F439!7>@!7!D380>A3C0>4>A!?G!3C0!?B08734?>7F!1?667>@!D38213280!7>@!
1?662>41734?>D!7887>A060>3DL!

%C080! 80674>D! 7! X20D34?>! 3C0>! 78?2>@! 3C0! 234F439! ?G! 3C0! 671C4>089! 4>! 43D!
67>@730@! 8?F0! 4>! 3086D! ?G! BF7>>4>A! 7>@! B80B784>A! @0F45089! 7A0>140D! G?8! W09!
D0128439! 37DWDL! ! <C4FD3! 3C080! 4D! 054@0>10! ?G! A??@! 4>G?86734?>! A73C084>AP!
4>30FF4A0>10!B80B78734?>!7>@!2>@08D37>@4>A!?G!3C0!D0128439!4DD20D!E?3C!>734?>7FF9!
7>@!73!7!F?17F!F050FP!3C080!4D!7!D4A>4G417>3!H07W>0DD!4>!387>DF734>A!3C4D!4>3?!1F078P!
@06?>D387EF0!7>@!2D0G2F!?B08734?>7F!4>30850>34?>DL!

#3! 7BB078D! 3C73! 3C0! 0>3480! D0128439! G?810D[! 7BB8?71C! 3?! @07F4>A! H43C! D0128439!
4DD20D! 80F40D! 7F6?D3! 0/1F2D450F9! 2B?>! 3C0! Y$#-L! ! %C4D! D46BF9! H4FF! >?3! 71C4050!
7>93C4>A! ?>! 43D! ?H>L! ! %C4D! 4>G?86734?>! 7>@! 4>30FF4A0>10P! 7DD264>A! 3C0! D6??3C!
?B08734?>! ?G! 3C0! 671C4>089P! ?>F9! D0850D! 3?! 4>G?86! 7>@! 7@54D0! ?>! HC73! @0F45089!
7A0>140D! >00@! 3?! @?L! ! %C0! )?664DD4?>! 8010450@! >?! 054@0>10P! G?8! 0/76BF0P! 3C73!
3C080! H080! 7>9! \?4>3! BF7>>4>A! 7>@l?8! ?B08734?>7F! 7887>A060>3D! E03H00>!
7A0>140DL! ! '283C08P! >?! 054@0>10! H7D! B8?54@0@! 80A78@4>A! 3C0! 2D0! ?G! @0DW3?B!
D10>784?DP! D462F730@! 0608A0>140D! 7>@! G2FF! \?4>3! 0/0814D0D! 3?! 0>D280! 3C73! 071C!
?8A7>!4D!7EF0!3?!BF79!43D!8?F0!HC0>!807F!0608A0>140D!D21C!7D!3C0!:.;!?1128L!

#3!H?2F@!E0!0/B0130@!3C73!D21C!7887>A060>3D!H?2F@!E0!4>!BF710!7>@!G?86!B783!?G!
3C0!2D27F!E2D4>0DD!?G!$$(DL!!$B014G41!BF7>>4>A!713454340D!G?8!3C0!A0>087F!0F0134?>D!
H?2F@!C750!E00>!0/B0130@!3?!1?660>10!D?60!1?>D4@087EF0!3460!E0G?80!3C09!H080!
3?! E0! C0F@! 7>@! 73! F07D3! ?>0! 3?! 3H?! 9078D! 4>! 3C0! 17D0! ?G! 3C0! F78A0D3! W>?H>!
8012884>A!D0128439!050>3!4>!Y0>97L!!!!

*845@?8G!+123954:!,?41GG5B1?21!+196521!^*+,+_!

&G! 7FF! 3C0! $3730! $0128439! (A0>140D! 3C0! +$#$! H7DP! 43! D006DP! H43C! 3C0! B?DD4EF0!
0/10B34?>!?G!3C0!-4F43789P!E0D3!B80B780@L!!.54@0>10!H7D!8010450@!3?!3C0!0GG013!3C73!
>?3! ?>F9! @4@! 3C0! $085410! A73C08! 4>G?86734?>! 7>@! @737! 7E?23! HC73! 1?2F@!
B?30>347FF9!?1128!78?2>@!3C0!QRRS!0F0134?>D!4>!3086D!?G!54?F0>10!E23!@050F?B0@!7!
%($ !

!
87>A0!?G!80B?83D!C4ACF4AC34>A!3C0!4DD20D!7>@!B8?54@0@!3C06!3?!D0>4?8!A?508>60>3!
?GG4147FD!7D!H0FF!7D!3C0!:?F410P!-4F43789P!:84D?>DP!7>@!?3C08!7A0>140DL!

%C0! +$#$! B8?@210@! E?3C! 80A2F78! 7>@! DB0147F! 80B?83D! 4>1F2@4>A! =?3DB?3Dl'F7DC!
:?4>3D! UBO@730DP! $432734?>! *0B?83DP! H00WF9! 7>@! G?83>4AC3F9! 80B?83D! 7>@! E840GDP!
D0128439!E840GD!73!7!B8?54>147F!7>@!@4D38413!F050F!7D!H0FF!7D!+$()!80B?83D!80A2F78F9!
3C8?2AC?23! 3C0! 6?>3CD! F07@4>A! 2B! 3?! 3C0! I0>087F! .F0134?>DQeeL! ! (D! 078F9! 7D!
$0B306E08! QRRS! 3C0D0! 80B?83D! H78>0@! ?G! 46B0>@4>A! 0F0134?>! 80F730@! 54?F0>10! 4>!
1F078F9!DB014G40@!7807D!7>@!B8?54@0@!7!1?>34>24>A!7F083!B8?10DD!3C8?2AC!2B@730@!
7DD0DD60>3D!?G!B?30>347F!:.;L!

#>! 67>9! 4>D37>10D! 3C0D0! @?1260>3D! 4@0>34G40@! 5784?2D! 4>@454@27FD! D2DB0130@! ?G!
E04>A! 4>5?F50@! 4>! D21C! 713454340D! 7D! 4>1434>AP! BF7>>4>A! @4D82B34?>! 7>@! 54?F0>10P!
3C80730>4>A!E0C754?28!7>@!?3C08!?GG0>10DL!

%C0! $085410! H0>3! 7D! G78! 7D! 801?660>@4>A! 3C73! ?B08734?>7F! 7A0>140D! B80B780!
DB014G41!1?>34>A0>19!BF7>DP!37W0!DB0147F!7>@!@014D450!7134?>!7A74>D3!4>14308D!7>@!
G4>7>1408D! ?G! 18464>7F! A7>AD! 7>@! 0>D280!D37GG! 80G874>0@! G8?6! 0/0814D4>A! B7834D7>!
E0C754?28L!!!

%C0! )?664DD4?>! C078@! 7>@! H7D! B8?54@0@! H43C! D2BB?834>A! 054@0>10! 3C73! 3C0!
$085410! H7D! 4>! G713! 2>17>>4F9! 71128730! 4>! 43D! G?8017D34>A! ?G! \2D3! HC73! D10>784?D!
H080! F4W0F9! 3?! 050>32730! DC?2F@! 043C08! &@4>A7! ?8! Y4E7W4! H4>! 3C0! :80D4@0>347F!
0F0134?>DL! ! %C0! D10>784?D! B80@4134>A! B?DD4EF0! QRRS! 0F0134?>! ?231?60D! 7>@!
1?>D0X20>10D! D?2>@0@! 7! 1F078! H78>4>A! 3C73! D0128439! ?8A7>D! 679! H0FF! E0!
?508HC0F60@! E9! 3C0! C4AC! 4>30>D439! 7>@! H4@0DB807@! >73280! ?G! 0>D24>A!
F7HF0DD>0DDgRRL!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
+--
!c32!0.6HJL0!6!20J321!0A1!1L05!cL6:4J3!A1:gY31:J31:!;00X!0A5!A9!*)"*("*,!;6:!?32;62505!8A502!L01102!13!T2!M>28:!
G"!_!186!B!R<!R23#!A=!6L!75H!A!:1261!3A!6A5![A102A6L!<0=82!1>!6A5!=3J!05!13!T6b"!_0A"!T346HH05!Y8::0!A!7L!B!
M3HH!::!3A02!3?!R3L!=0!
%**
!S!20=132!_0A026L!P<[<B!!T6b32!_0A026L!_!=46A9!B!MC!$-B!P6!23K!!$,!Z8L>!+**)!E<00!6JJ0A5!.!]M^F!

%(+ !

!
(!DB0147F!80B?83!0>343F0@!)843417F!J730D!7>@!.50>3D!T!I0>087F!.F0134?>D!QRRSP!H7D!
G?8H78@0@! ?>! j! J0106E08! 3?! -8L! $7620F! -L! Y452432P! )C74867>! ?G! .)Y! 3C0!
1?>30>3D! ?G! HC41C! C7@! E00>! B80D0>30@! 3?! 3C0! +$()L! ! #3P! 76?>AD3! ?3C08! 3C4>ADP!
H78>0@! ?G! `:'4)$*+$(! @&,:.:4*,! *4.:A:.%! *'(! *..$'(*'.! ,*=,$++'$++! *)$! ,:>$,%! .&!
&A$)=5$,<!.5$!+$4-):.%!&)B*'+LagRd!!(!G283C08!80B?83!@730@!S!J0106E08!7@@80DD0@!
3?!3C0!D760!B08D?>!7>@!1?B40@!3?!(6EL!'87>14D!YL!-23C7287P!:$!3?!3C0!)7E4>03!
7>@!=07@!?G!3C0!:2EF41!$085410!7>@!3C0!)?664DD4?>08!?G!:?F410!H78>0@!G283C08!?G!
4DD20D!F4W0F9!3?!4>GF760!7>!7F807@9!5?F734F0!D432734?>!4>1F2@4>AP!`@$)+:+.:'B!4,*:<+!
&?! $,$4.:&'! :))$B-,*):.:$+222?&)<*.:&'! &?! *'.:7):BB:'B! +M-*(+! #%! @*).:$+6! *'(! 5:):'B!
*'(! -+$! &?! 4):<:'*,! B*'B+! *B*:'+.! &@@&'$'.+! *'(! @$)+:+.:'B! $.5':4!
4,*+5$+o*':<&+:.:$+! :'! +&<$! @*).+! &?! .5$! 4&-'.)%! (-$! .&! :'?,*<<*.&)%! @&,:.:4*,!
-..$)*'4$+LLa!gRQ!

I450>! 3C0! 0/30>D450>0DD! ?G! 3C0! 4>30FF4A0>10! @050F?B0@! 7>@! @4D384E230@! E9! 3C0!
D085410! 43! H7D! @4D328E4>A! 3?! >?30! 3C73! 4>! 3C0! 0>@! 3C080! H7D! 7>! 7F6?D3! G737F4D341!
807F4D734?>!3C73!>?!?8!4>D2GG4140>3!B8050>3450!7134?>!H?2F@!E0!37W0>!3?!760F4?8730!
3C0!679C06L!!#>!7@@434?>!G?8!67>9!3C080!4D!7!17D0!G?8!E0F4054>A!3C73!050>!H43C!7>!
&@4>A7! H4>! D?60! 7807D! ?G! 3C0! 1?2>389P! 0DB0147FF9! +?83C! 84G3P! 679! H0FF! C750! D34FF!
D00>! C4AC! F050FD! ?G! 54?F0>10! @20! 3?! 3C0! 7FF0A0@! F050F! ?G! Y7F0>\4>! ?8A7>4D734?>P!
17B7E4F439!7>@!76E434?>D!3?!@8450!D?O17FF0@!?23D4@08D!?23!?G!3C0!7807!80A78@F0DD!?G!
3C0!80D2F3DL!

(!X20D34?>!80674>D!7E?23!3C0!234F439!?G!D?60!?G!3C0!+$#$[D!D9D306DL!!-7>9!73!3C0!
:8?54>147FP! J4D38413P! 7>@! J454D4?>! F050F! H080! 06BC7341! 3C73! 3C09! @4@! >?3! W>?H! ?G!
3C0!F4W0F9!67A>432@0! ?G!3C0!54?F0>10!3C73!2F346730F9!0>D20@L!%C4D!D006D!D387>A0!
D4>10!43!4D!3C?D0!5089!7807D!H43C4>!HC41C!3C0!+$#$!?B0873450D!H?8W!7>@!3C080G?80!
HC080!W>?HF0@A0!?G!3C0!46B0>@4>A!184D4D!DC?2F@!C750!?84A4>730@L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%*$
!S!20=132!_0A026L!P<[<B!T6b32!_0A026L!_!=46A9!B!MC!$-B!P6!23K!!+$!Z8L>!+**)!!
%*+
!S!20=132!_0A026L!P<[<B!T6b32!_0A026L!_!=46A9!B!MC!$-B!P6!23K!!+$!Z8L>!+**)!

%(% !

!
#3!17>!?>F9!E0!7DD260@!3C73!4G!3C4D!4D!3C0!17D0!3C0>!3C0!4>G?86734?>!?E374>0@!H7D!
>?3! DC780@! H43C! 3C0! :$#)D! ?8! J$#)D! ?>! 3C0! H79! 2B! 3C0! 1C74>L! ! :08C7BD! 3C0!
D9D306!3C73!3C0!$085410!234F4D0D!@?0D!>?3!7FF?H!G?8!3C4D!7>@!4>D4D3D!3C73!?>F9!H0FF!
@050F?B0@! 4>30FF4A0>10! 3C8?2AC! 3C0! 4>D38260>37F439! ?G! 7! G?867F! 80B?83! H4FF! E0!
DC780@! H43C! G0FF?H! $$(DL! ! -7>9! J4D38413D!80B?830@! 3C73! 3C09! C7@! >?! 4@07! ?G! 3C0!
>73280! ?G! 3C0! 0/30>3! ?G! 54?F0>10! 3?! 1?60! 7>@! @4@! >?3! 4>! G713! 8010450! G2FF! 80B?83D!
G8?6!3C048!D2B084?8DL!!!

#G!3C4D!4D!3820!3C0>!3C0!G74F280!3?!G2FF9!1?6B80C0>@!3C0!D432734?>!1?2F@!F40!4>!E?3C!
3C0! G74F280! 3?! 234F4D0! W09! 4>G?86734?>! 73! D?2810! 7>@! 4>! 7! G74F280! ?G! 7A0>140D!
]0DB0147FF9!3C0!:?F410^!3?!0>D280!3C73!3C0!G?867F!4>30FF4A0>10!80B?83D!?G!HC73!H7D!
C7BB0>4>A!?>!3C0!A8?2>@!8071C0@!3C?D0!HC?!1?2F@!@?!D?603C4>A!7E?23!43L!

%C0!+$#$! 7FD?!H78>0@!?G!"22$<$)B:'B! *,,$B*.:&'+!.5*.! .5$!B&A$)'<$'.! :+!@,*'':'B!


.&!-+$!+&<$!+$4.:&'+!&?!B&A$)'<$'.!&)B*'+!:'4,-(:'B!.5$!@)&A:'4:*,!I(<:':+.)*.:&'!
*'(! .5$! I(<:':+.)*.:&'! F&,:4$! ZIF+K! .&! ):B! .5$! ?&).54&<:'B! $,$4.:&'+2LagRg! ! (!
B783412F78F9! @4D328E4>A! 7FF0A734?>! 1?>D4@084>A! 3C73! 3C0! D760! 80B?83! ]@730@! Qb!
J0106E08! QRRS^! 4@0>34G40@! 4>@4173?8D! ?G! 3C0! 7FF0A0@! 84AA4>A! D1C060D! 4>1F2@4>AP!
`C5$!)$A$,*.:&'!.5*.!IF+!*)$!:'A&,A$(!:'!<*)>:'B!#*,,&.!@*@$)+!:'!*(A*'4$!*'(!.5*.!
+&<$!&?!.5$<!=:,,!#$!($@,&%$(!:'!@&,,:'B!+.*.:&'+!.&!(:+)-@.!$,$4.:&'+!*'(!:'.)&(-4$!
?*>$!#*,,&.!@*@$)+6!@*).:4-,*),%!:'!E*'BT*.*La!

'283C08P! 3C0! 4>30FF4A0>10! 7A0>19! 4>! H78>4>A! ?G! 3C0! 807F! B?30>347F! G?8! D0128439!
?8A7>D!3?!E0!?508HC0F60@!E9!`=:($+@)$*(!,*=,$++'$++a!B?4>30@!3?!3C0!G?FF?H4>A!
1C7FF0>A0Dc!

! I'!&A$)+.)$.45$(!Z4*@*4:.%K!*'(!@*).,%!($<&)*,:+$(!@&,:4$!?&)4$!
! E->$=*)<! =&)>:'B! )$,*.:&'+5:@+! #$.=$$'! .5$! )$B-,*)! *'(!
*(<:':+.)*.:&'! @&,:4$! *+! *! )$+-,.! &?! @$)4$@.:&'! .5*.! .5$! ,*..$)! :+!
@&,:.:4:+$(!*'(!?*A&-)$(!#%!.5$!B&A$)'<$'.2!
! I!@*).:+*'!@-#,:4!+$)A:4$!*+!=$,,!*+!.5$!<:,:.*)%!
! I!F)&A:'4:*,!I(<:':+.)*.:&'!@$)4$:A$(!.&!#$!:'A&,A$(!:'!4*<@*:B'+2gRh!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%*%
!MC$-B!0.4!J2358=05!$,14!Z8L>!+**)!
%*&
!MC$-B!0.4!EK2!0?!56105!$,!S0=0HK02!+**,F!J2358=05!3A!$,14!Z8L>!+**)!
%(& !

!
%C0! )?664DD4?>! @4@P! C?H0508P! C750! A8750! 80D085734?>D! 7E?23! 3C0! 4>5?F5060>3P!
7>@! 73306B30@! 4>5?F5060>3P! ?G! 3C0! +$#$! 4>! 3C0! 0F0134?>D! B8?10DDL! ! %C4D!
4>5?F5060>3!H7D!67>4G0D30@!4>!3C800!DB014G41!4>D37>10DL! !%C0!G48D3!1?>108>0@!7>!
73306B3! E9! 3C0! +$#$! *0A4?>7F! #>30FF4A0>10! )??8@4>73?8! ]*#)^P! +748?E4! *0A4?>! 3?!
D01280! .)Y! 71180@43734?>! E7@A0DL! ! %C0! *#)! H8?30! 3?! 3C0! )C74867>! ?G! .)YP! -8L!
$7620F!Y452432!4>!7!F03308!@730@!dg!J0106E08!QRRSP!80X20D34>A!3C0!4DD24>A!?G!>?!
F0DD! 3C7>! bR! 71180@43734?>! E7@A0D! 3?! E0! 4DD20@! 3?! +$#$! ?GG4108D! G?8! 3C0!
0F0134?>DLgRb!

-8L!Y452432!80DB?>@0@!4>!H8434>A!3C0!5089!>0/3!@79P!80G2D4>A!3C0!80X20D3!?2384AC3L!!
#>! @?4>A! D?! C0! >?30@P! `3.! :+! .5$! ?:)+.! .:<$! +-45! *! )$M-$+.! =*+! $A$)! <*($! #%! *'!
:'.$,,:B$'4$!*B$'4%2/!!=0!7FD?!B?4>30@!?23P!`C5$!*44$@.*'4$!&?!%&-)!)$M-$+.!=&-,(!
4&'.)*A$'$! *,,! >'&='! *'(! =$,,! $+.*#,:+5$(! :'.$)'*.:&'*,! '&)<+! &'! $,$4.:&'+222!
.5$)$! 4*'! #$! '&! #*+:+! ?&)! +@%:'B! &'! :.+! ZLf8K! $,$4.&)*,! (-.:$+222! ?&)! '&=! %&-)!
*@@,:4*.:&'!:+!:<@&++:#,$!.&!*44$@.2/!

%C4D! 4DD20! 7FD?! 78?D0! @284>A! 3C0! 0/764>734?>! ?G! 3C0! .)Y! )C74867>gRj! HC0>! C0!
80DB?>@0@!3?!7!X20D34?>!7E?23!3C0!673308c!

M/-G'! >1G<%#! 3! +$$2! V&=6! 3j<! *+>:'B! .5*.! .&! )$?,$4.! #*4>! &'! .5$!
M-$+.:&'! &?! VU3U2! Q:(! .5$%! *,+&! *+>! %&-! :'! *'%! &?! .5&+$!
4&))$+@&'($'4$+! .&!*,,&=! .5$:)!&??:4$)+!$:.5$)! .&!(:+B-:+$!&)!.&!)$4$:A$!
#*(B$+!*+!&??:4$)+!&)!&#+$)A$)+!&?!.5$!Lf8k!

N/AG(H! 3%0G%&G#! C5$%! *@@,:$(! 7! '&=! .5:+! (:(! '&.! 4&<$! ?)&<! .5$!
5$*(M-*).$)+2! C5:+! 4*<$! ?)&<! .5$! V*:)&#:! &??:4$2! C5$%! *@@,:$(! .&!
#$4&<$!&#+$)A$)+6!$,$4.:&'!&#+$)A$)+!*'(!3!=)&.$!#*4>!*'(!3!+*:(!.5$%!
*)$!'&.!M-*,:?:$(2!C5$%!4*''&.!#$!$,$4.:&'!&#+$)A$)+! *'(!:?!.5$%! =$)$!
.&!#$!.*>$'!:.!=&-,(!#$!&'$!&?!.5$!#:BB$+.!#,&=+!.&!.5$!*(<:':+.)*.:&'!
&?!$,$4.:&'+2!

(!D01?>@!4DD20!1?>108>0@!HC73!3C0!+$#$!@0D184E0@!7D!7!`U&4:&7L4&'&<:4!F&,:.:4*,!
a*)&<$.$)!?:$,(! +.-(%!)$@&).! Q$4$<#$)!N11Xa! 3C73! 43! 1?>@2130@! ]?8! 172D0@!3?!E0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%*'
!eAL>!1;3!J690:!3?!140!14200!J690!L01102!;020!20=0!#05!K>!140!M3HH!::!3A"!!!!
%*(
!MC!$%'B!!+'14!<0J10HK02B!P6!23K!!!
%(' !

!
1?>@2130@^!E03H00>!Qj3C!+?506E08!7>@!Q>@!J0106E08!QRRSLgRS!!#>!7!F03308!@730@!
Qh3C! J0106E08! QRRSP! I0>087F! I41C7>A4! B8?54@0@! D28509! 80D2F3D! 4>@41734>A! 3C0!
80F73450! B?D434?>! ?G! 3C0! g! B80D4@0>347F! 17>@4@730D! 4>! 3C0! B?FFDL! ! =0! 7FD?! 4>1F2@0@!
7>!7DD0DD60>3!7D!3?!3C0!G4>7F!80D2F3D!?>!QS3C!J0106E08!QRRSL!!!

#>! 7@@434?>P! 1?880DB?>@0>10! 7E?23! 3C0! D28509! 7BB0780@! 3?! E0! 7887>A0@! ?23D4@0!
3C0! Y$#-! G8760H?8WL! ! %C0! )?664DD4?>! 1?2F@! G4>@! >?! 80G080>10! 3?! 3C4D! H?8W! 4>!
7>9!?3C08!@?1260>3!7>@!3C0!F03308!H7D!7@@80DD0@!3?!(6EL!-23C7287!4>!C4D!8?F0!
7D!$01803789!3?!3C0!17E4>03!7>@!=07@!?G!:2EF41!$085410!7>@!>?3!4>!C4D!17B71439!7D!
)C748!?G!3C0!+$()L!!!

%C0!1?>D4D30>3!60DD7A0P!G80X20>3F9!1?662>41730@!E9!3C0!+$#$P!78?2>@!3C0!>00@!
G?8! D3730! ?8A7>D! 7>@! 3C048! ?GG4108D! 3?! E0! >02387F! @284>A! 3C0! 0F0134?>D! D0060@!
G781417F!4>!3C0!G710!?G!3C0D0!8050F734?>DL!

%C0! 3C48@! 7807! ?G! 1?>108>! G?8! 3C0! )?664DD4?>! 7FD?! 80F730@! 3?! 7! H84330>!
1?662>41734?>L!!J730@!j3C!J0106E08!QRRSP!3C4D!F03308!G8?6!3C0!J48013?8!I0>087F!
3?! 3C0! )C74867>! ?G! 3C0! .)Y! H7D! C07@0@! `f):.:4*,! (*.$+! *'(! LA$'.+! [! c$'$)*,!
L,$4.:&'+!N11XaLgRf!%C0!F03308!B28B?830@!3?!E0!?>!E0C7FG!?G!3C0!+$()!7F3C?2AC!43!
H7D! >?3! G?8H78@0@! E9! 3C0! +$()! )C748L! ! (6?>AD3! ?3C08! 3C4>AD! 3C0!
1?662>41734?>!4@0>34G40@!1?2>34>AP!7>>?2>1060>3!7>@!DH0784>A!4>!0F060>3D!?G!
3C0! .)Y[D! H?8W! 3C73! 3C0! +$#$! G0F3! >010DD789! 3?! 1?660>3! 2B?>L! ! %C4D! 7@5410!
4>1F2@0@! C?H! 10834G41730D! DC?2F@! E0! @07F3! H43C! E9! 7A0>3D! 7>@! 3C73! .)Y! DC?2F@!
6003! H43C! 60@47! C?2D0! ?H>08D! 7>@! 0@43?8D! 7>@! 3C0! 17>@4@730D! `=:.5! *! A:$=! .&!
+.):>:'B! *! ($*,! &'! .5$! <&(*,:.:$+! &?! .)*'+<:++:&'! *'(! *''&-'4$<$'.! &?! )$+-,.+La!!
%C0! )?664DD4?>! @4D1?5080@! 3C73! 3C4D! 39B0! ?G! 7@5410! C7@! E00>! B8?54@0@! E9! 3C0!
+$#$!@284>A!3C0!80G080>@26!?G!QRRb!7>@!H7D!4>!G713!H0F1?60@!E9!3C0!.)Y!3C0>!
7>@! @284>A! 3C0! QRRS! 0F0134?>DL! J0DB430! 3C4D! 3C0! )?664DD4?>! G4>@D! 3C73! DB014G41!
7@5410!?G!3C4D!>73280!067>734>A!G8?6!7>!4>30FF4A0>10!7A0>19!4D!2>H4D0!7>@!F4W0F9!
3?!E0!?23D4@0!43D!D3730@!67>@730L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%*,
!Q#!50A=0!:8JJL!05!K>!140!P<[<!!A!140!?32H!3?!6!L01102!?23H!140!S!20=132!_0A026L!13!7HK"!c26A=!:!@"!T8146826B!R<!
<0=20162>!13!140!M6K!A01!6A5!Y065!3?!R8KL!=!<02#!=0"!
%*)
!MC$-B!J621!3?!4!:!J20:0A161!3A!!A!J8KL!=!3A!+$!Z8L>!+**)B!P6!23K!!!
%(( !

!
!

'283C08P! 3C4D! 1?880DB?>@0>10! 4>1F2@0@! 7! 17234?>! ?>! 3C0! 1?>@213! ?G! F7H!
0>G?81060>3! 7>@! ?3C08! 7A0>140D! 4>! 7>@! 78?2>@! 3C0! 0F0134?>D! B8?10DD0DP! `C5$!
:'A&,A$<$'.! &?! B&A$)'<$'.! &??:4:*,+! *'(! .5$! -+$! &?! @-#,:4! )$+&-)4$+! ?&)! 4*<@*:B'!
@-)@&+$+!4&-,(!,$*(!.&!*44-+*.:&'+!&?!):BB:'B!*'(!@)&A:($!B)&-'(+!?&)!A:&,$'4$!*'(!
+-#+$M-$'.!@$.:.:&'+La!!)F078F9!3C0!J48013?8!I0>087F!7>@!C4D!?GG4108D!G74F0@!3?!C00@!
3C048!?H>!H78>4>ADL!

"D1!/5G5489:!

%0D346?>9!H7D!30>@080@!E9!3C0!)C40G!?G!I0>087F!$37GG!?G!3C0!Y0>97!(860@!'?810DP!
I0>087F!_080647C!Y47>A7gRe!3?!3C0!0GG013!3C73!3C0!-4F43789!H080!H0FF!B80B780@!G?8!
3C0! :.;L! ! K9! 7FF! 711?2>3D! 3C09! >?3! ?>F9! 3??W! C00@! ?G! 3C0! +$#$! 80B?83D! E23!
1?>@2130@! 3C048! ?H>! 7DD0DD60>3DP! D17>>4>A! 7>@! BF7>>4>A! 7887>A060>3D! E7D0@!
2B?>!3C048!540H!3C73!3C0!QRRS!0F0134?>D!H?2F@!D00!7!F050F!?G!54?F0>10!?1128!3?!73!
F07D3!F050FD!D00>!73!B8054?2D!0F0134?>DL!!!

%C0!64F43789!B80B780@!1?>34>A0>19!BF7>DP!7>3414B73?89!?8@08DP!3874>0@!38??BD!7>@!
80C078D0@! 4>! ?8@08! 3?! 80DB?>@! 7BB8?B84730F9! 3?! F4W0F9! D10>784?DP! 1?>@2130@!
E787V7D! H43C! D37GG! 78?2>@! 3C048! >00@! 3?! 80674>! 7B?F43417F! 4>! 711?8@7>10! H43C!
64F43789! 57F20DP! 7>@! ?3C08! H?8W! 3?! 0>D280! 3C73! DC?2F@! 3C0! >00@! 784D0! 64F43789!
D2BB?83!1?2F@!E0!B8?54@0@!X241WF9!7>@!0GG013450F9L!

%C0! ?GG4147F! 601C7>4D6D! 7>@! G?867F! B8?10@280D! 234F4D0@! G?8! 17FF4>A! G?8! -4F43789!
7DD4D37>10!4>!74@!?G!3C0!1454F!B?H08!H080P!C?H0508P!F0DD!1F078L!!$0134?>!g!]Q^!?G!3C0!
(860@!'?810D!(13!])C7B308!dee!?G!3C0!"7HD!?G!Y0>97^!B8?54@0DM!O!

"C5$! 8$'%*! I)<%6! C5$! 8$'%*! I:)! ?&)4$! *'(! .5$! 8$'%*! V*A%! *)$! 45*)B$(!
=:.5! .5$! ($?$'4$! &?! .5$! J$@-#,:4!/'1! &C(! )GJJ@-&! @B! &C(! =%0%H! J@4(-! %'!
&C(!A/%'&('/'=(!@B!@-1(-6!*'(!=:.5!+-45!&.5$)!(-.:$+!*+!<*%!?)&<!.:<$!.&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%*-
!MC!*'B!P6!23K!!$&!Z8L>!+**)!!
%(, !

!
.:<$!#$!*++:B'$(!.&!.5$<!#%!.5$!;:':+.$)!*?.$)!4&'+-,.*.:&'!=:.5!.5$!Q$?$'4$!
f&-'4:,2/!

%C0!:?F410!)?664DD4?>08gdR!30D34G40@!3C73P!!

"3'!.5$!4&'.$h.!&?!.5$!$A$'.+!*?.$)!.5$!NX.5!Q$4$<#$)!N11X!$,$4.:&'+6!<:,:.*)%!
)$+&-)4$+! =$)$! ($@,&%$(! ?&)! .5$! ,:<:.$(! @-)@&+$! &?! +-@@&).:'B! @&,:4$! :'! .5$!
)$+.&)*.:&'!&?!.)*'+@&).!:'?)*+.)-4.-)$2!C5$!)&,$!&?!.5$!<:,:.*)%!(:(!'&.!:'4,-($!
M-$,,:'B!&?!):&.+2/!

%C4D! H7D! 71W>?HF0@A0@! E9! I0>087F! Y47>A7P! 3C0! )C40G! ?G! I0>087F! $37GG! ?G! 3C0!
Y0>97!(860@!'?810DPgdd!4>!C4D!D373060>3!HC080!C0!D3730@!3C73!3C0!B846789!8?F0!?G!
3C0! (860@! '?810D! 4D! 3C0! @0G0>10! ?G! 3C0! *0B2EF41! ?G! Y0>97! 7A74>D3! 7>9! 0/308>7F!
3C8073! 7>@! 3C0! D01?>@789! 8?F0! 4D! 3C0! D2BB?83! ?G! )454F! :?H08! 4>! 674>30>7>10! ?G!
?8@08LgdQ!

#3!4D!>?37EF0! 3C73! 3C0! :?F410!)?664DD4?>08! 7>@!3C0! )C40G!?G! I0>087F! $37GG! ?G!3C0!


Y0>97! (860@! '?810D! @4@! >?3! 80G08! 3?! 7>9! ?3C08! E7D4D! G?8! 64F43789! 74@! 3?! 1454F!
723C?8439!?8!0F7E?8730!?>!\2D3!HC73!B8?10DD0D!H080!2D0@L!

%C0!)?664DD4?>!H7D!B8?54@0@!H43C!7!1?B9!?G!7!I?508>60>3!?G!Y0>97!@?1260>3!
0>343F0@!`#>D382134?>D!?>!3C0!UD0!?G!(860@!'?810!4>!1454F!@4D328E7>10Da!4DD20@!E9!
3C0!-4>4D389!?G!J0G0>10!4>!dejQLgdg!!%C4D! H7D!7FD?!80G0880@!3?!E9!7!D0>4?8!B?F410!
H43>0DD! HC?! 80G0880@! 3?! 7! >26E08! ?G! B2EF41734?>D! 3C73! A24@0! B?F414>A!
7887>A060>3DLgdh!!%C4D!@?1260>3!DB0FFD!?23!3C73!D21C!80X20D3D!DC?2F@!067>730!
G8?6! 3C0! :8?54>147F! )?664DD4?>08! ?8! J4D38413! )?664DD4?>08! 4>! 7>9! `D2@@0>! ?8!
28A0>3! 0608A0>19a! 7G308! 1?>D2F3734?>! H43C! 3C0! F?17F! B?F410! 1?667>@08L! ! $?60!
:$#)!7>@!J$#)!64>230D!80G08!3?!3C0D0!80X20D3D!C754>A!37W0>!BF710L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%$*
!MC!*$!
%$$
!MC!*,!
%$+
!Q.4!K!1!,7!
%$%
!Q.4!K!1!-,M!
%$&
!MC$&+!
%() !

!
"D1!;@G521!

%C0!Y0>97!:?F410!$085410!7>@!3C0!(@64>4D38734?>!:?F410!780!A0>087FF9!80G0880@!3?!
7D!3C0!:?F410!4>!3C4D!@4D12DD4?>!0/10B3!HC080!4DD20D!3?21C!DB014G417FF9!2B?>!3C048!
4>@454@27F!67>@730!7>@l?8!80DB?>D4E4F439L!

#>! 3086D! ?G! B80B780@>0DD! G?8! @07F4>A! H43C! 3C0! :?D3! .F0134?>! ;4?F0>10P! 3C0! :?F410!
H080!D46BF9!3??!G78!?GG!3C0!678WL!!%C080!H7DP!7>@!D34FF!4DP!7!F71W!?G!2>@08D37>@4>A!
7>@! 80F2137>10! 3?! 7110B3! 3C73! 7! 1?6B80C0>D450! 0/0814D0! 4>! BF7>>4>A! 7>@!
B80B78734?>! G?8! 3C0! 0F0134?>D! H080! >?3! ?>F9! 80X2480@! E23! 1?>D343230! 7! E7D41!
80DB?>D4E4F439!G?8!3C0!:?F410L!!%C4D!H7D!80GF0130@!078F9!4>!3C0!B8?100@4>ADL!!!

%C0! )?664DD4?>08! ?G! :?F410P! =2DD04>! (F4P! D3730@! 3?! 3C0! )?664DD4?>! 3C73! 3C0!
54?F0>10! H7D! 2>B8010@0>30@! 7>@! 4>@41730@! 3C73! 43! 1?2F@! >?3! C750! E00>!
G?80D00>gdbL!!%C0!)?664DD4?>08!H7D!7DW0@!E9!3C0!)?664DD4?>!3?!B8?54@0!1?B40D!
?G!@?1260>3D!B80B780@!E9!3C0!:?F410!G?8!B?F414>A!3C0!QRRS!I0>087F!.F0134?>D!7>@!
2>@083??W! 3?! @?! D?L! ! K9! 3C0! 3460! 3C4D! 80B?83! H7D! H84330>! ?>F9! 3H?! BF7>>4>A!
@?1260>3D! H080! 8010450@L! ! %C0! G48D3! H7D! 7>! ?B08734?>! BF7>! G8?6! 3C0! )?7D3!
:8?54>10! 4>! 3C0! G?86! ?G! 7>! 2>@730@! B80D0>3734?>P! 7>@! 3C0! D01?>@! H7D! 7! BF7>!
0>343F0@! `&B08734?>! U1C7A2V4a! G8?6! $$:! -H76E284! G?8608! &):J! -4A?84l*?>A?!
J4D38413DLgdj!!

#>! 7DD0DD4>A! 3C0! :?F410! B80B780@>0DD! ?5087FF! 3C0! )?664DD4?>! @030864>0@! 3C73!
BF7>>4>A!7>@!B80B78734?>!H7D!D17>3P!1?660>10@!G78!3??!1F?D0!3?!3C0!050>3P!G74F0@!
3?! 37W0! 711?2>3! ?G! 3C0! 4>30FF4A0>10! 8010450@! 7>@! 4>G?86734?>! 7574F7EF0! ?>! 3C0!
A8?2>@P! 7>@! @4@! >?3! 0>1?6B7DD! B8050>3450!713454340D! @0D4A>0@! 3?! 80@210! 7>@l?8!
760F4?8730!3C0!46B713!?G!54?F0>10!78?2>@!3C0!QRRS!I0>087F!.F0134?>DL!!%C080!H7D!
7FD?! >?! 054@0>10! B8?54@0@! 3C73! 4>@41730@! 3C0! B?F410! H080! 234F4D4>A! 3C048! ?H>!
4>30FF4A0>10!D?2810D!7>@!D9D306D!3C73!DC?2F@!C750!4>G?860@!BF7>>4>A!7D!H0FF!7D!
80DB?>D0DL! ! %C0D0! G2>@760>37F! G74F280D! D03! 3C0! D10>0! G?8! B?F410! B80B780@>0DDP!
7>@!80DB?>D0P!>734?>H4@0L!!!

!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%$'
!MC!*$B!0.4!K!1!$K!J2358=05!*-!Z8L>!+**)!P6!23K!!
%$(
!MC-&!
%(- !

!
%C0!)?664DD4?>!D0>D0@!3C73! 3C0!B?F410! 7BB8?71C!3?! 43D! 37DW!E0G?80P!@284>A!7>@!
7G308!3C0!QRRS!0F0134?>D!80GF0130@!7!64DBF710@!788?A7>10!3C73!3C09!H?2F@!7FH79D!
E0!7EF0!3?!1?>38?F!HC73!1760!2BL!!(D!H0!H4FF!D00!>?3!?>F9!@?0D!3C4D!7BB8?71C!G74F!
3?! A87DB! 3C0! G2>@760>37F! B?F414>A! 30>03! 3C73! B8050>34>A! 54?F0>10! 7>@! 18464>7F!
71345439! 4D! 3C0! E0D3! 607>D! ?G! B8?30134>A! 1434V0>D! 7>@! B8?B0839P! E23! G283C08!
2>@08D1?80D!3C0!A8750!2>@080D346734?>!?G!HC73!H7D!3?!!2F346730F9!?1128L!

.54@0>10! H7D! 30>@080@! 3?! 3C0! 0GG013! 3C73! 4>@00@! D?60! BF7>>4>A! @4@! 37W0! BF710L!!
%C0!)?664DD4?>!H7D!3?F@!3C73!7!B8?10DD!H7D!4>!BF710!HC080E9!:8?54>147F!:?F410!
&GG4108D! ]::&D^! BF7>>0@! G?8! D085410! @0F45089! 4>! 3C048! B8?54>10D! G?8! 3C0! 0F0134?>D!
7>@! 3C0D0! BF7>D! H080! 30D30@! 73! >734?>7F! F050FP! 80540H0@! 7>@! 2F346730F9!
46BF060>30@LgdS!!!=?H0508P!F433F0!054@0>10!?G!BF7>>4>A!H7D!C078@!G8?6!64@OF050F!
B?F410!1?667>@08DL!!!

%C0!)?664DD4?>!C078@!G8?6!7!>26E08!?G!?GG4147FD!4>1F2@4>A!3C0!G?8608!::&!HC?!
H7D! 4>! 1C78A0! ?G! B?F410! ?B08734?>D! G?8! 3C0! 0>3480! *4G3! ;7FF09! :8?54>10! 2>34F! QS!
_7>2789! QRRfLgdf! ! =0! D3730@! 3C73! @20! 3?! C4D! 7DD0DD60>3! ?G! 3C0! 4DD20DP! C0!
B80B780@! `@0374F0@! ?B08734?>! BF7>Da! 7F3C?2AC! 3C0! 054@0>10! D2AA0D3D! 3C73! 4>! G713!
3C080!H080P!`7@0X2730!D0128439!7887>A060>3D!67@0a!3C8?2AC!3C0!4>D38260>37F439!
?G! `@0374F0@! ?B08734?>! ?8@08DLa! ! %C0D0! ?8@08D! 7BB078! 3?! 1?>D4D3! 6080F9! ?G! 3C0!
7BBF41734?>!?G!?GG4108D!3?!7807D!HC080!6?80!54?F0>10!H7D!0/B0130@!3C7>!?3C08DLgde!!
%C080! H7D! >?! 4>@41734?>! ?G! 4>43473450D! 7>@!D38730A40D! @0D4A>0@! 3?! 80@210! 7>@l?8!
760F4?8730!3C0!B?DD4E4F439!?G!54?F0>10L!!!

:F7>>4>A! C080! 7FD?! D006D! 3?! E0! B80@41730@! ?>! 3C0! >00@! 3?! D2BBF9! 73! F07D3! 3H?!
?GG4108D! 3?! 071C! B?FF4>A! D3734?>! @284>A! 3C0! 0F0134?>! B8?10DDL! ! #>! G713! 43! 1?2F@! E0!
D74@!3C73!3C0!:?F410!BF7>>0@!G?8!@07F4>A!H43C!3C0!0F0134?>D!B8?10DD!7>@!F433F0!0FD0L!!
#3!DC?2F@!E0!>?30@!3C73!3C0!.)Y!1?2>D0F!67@0!621C!?G!3C0!D4A>4G417>3!4>1807D0!
4>! B?FF4>A! D3734?>D! G?8! 3C0! QRRS! 0F0134?>DL! ! #>! 3C0! 050>3! D?60! QSPbbb! B?FF4>A!
D3734?>D! H080! 234F4D0@! 607>4>A! 3C0! 46B713! ?>! B?F414>A! H7D! 73! F07D3! bbPddR!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%$,
!MC!',B!P6X828!$!7898:1!+**)!!
%$)
!MC!',B!P6X828!$!7898:1!+**)!
%$-
!G40!;!1A0::!13L5!140!M3HH!::!3A!1461!32502:!465!K00A!J20J6205!=3HJL010!;!14!5016!L05!20:382=!A9!20\8!20H0A1:"!!
G40:0!465!K00A!J81!!A13!6!J20:0A161!3A!?32H!6A5!5!:=8::05!!A!P6!23K!!;!14!140!M3HH!::!3A02!6A5!31402!RRe:!;!14!6!
#!0;!13!0A:82!A9!650\8610!J3L!=!A9!3#026LL!582!A9!140!0L0=1!3A:"!!!
%,* !

!
?GG4108D!7DD4A>0@!3?!3C0D0!@2340DP!7FE043!67>9!H080!D01?>@0@!G8?6!?3C08!D085410DP!
73!7!3460!HC0>!3C080!H7D!F433F0!54?F0>10!78?2>@!3C0!71327F!B?FF4>AL!!%C0!46B713!?G!
3C4D!7>@!?3C08!80X248060>3D!780!@4D12DD0@!4>!@0374F!4>!7!G?FF?H4>A!D0134?>L!

#>! G713! ?>0! B8?54>147F! )#J! &GG4108! :73841W! -2C2>4P! Y7W760A7gQRP! <0D308>!
:8?54>10!H7D! ?>0! ?G! 3C0! G0H! B?F410! ?GG4108D! 3?! D3730! 3C73! C0! 71327FF9! C7@! 7!BF7>L!!
(F3C?2AC!>?3!H84330>P!3C0!BF7>!@4@!1?>D4D3!?G!D?60!713454340D!@0D4A>0@!3?!80@210!
3C0! 0GG013! ?G! B80O0F0134?>! 54?F0>10! 7>@! @07F! H43C! 3C0! 0F0134?>! B8?10DD! 43D0FGL! ! #>!
7@@434?>! 3C0! H?8W! 4>5?F50@! G?12DD0@! 7F6?D3! 0/1F2D450F9! 2B?>! B80B78734?>D! G?8!
@07F4>A!H43C!54?F0>10!H43C!F433F0!06BC7D4D!?>!B8050>34?>L!

=0!3?F@!3C0!)?664DD4?>!3C73!`3'!.5$!<&'.5!&?!_4.&#$)!N11X6!.5$!@)&A:'4:*,!F&,:4$!
]$*(M-*).$)+!(:)$4.$(o*(A:+$(! .5$!$:B5.! Q:A:+:&'*,! F&,:4$! _??:4$)+!Z_fFQ+K! :'! .5$!
@)&A:'4$!.&!+.*).!@)$@*):'B!*'(!4-)#!*'%!-',*=?-,!*4.:A:.:$+!#$?&)$!*'(!(-):'B!.5$!
$,$4.:&'$$):'B!@$):&(!Z.5*.!:+!.5$!@)$7$,$4.:&'!*'(!@&+.!$,$4.:&'!@$):&(K2/!!!

=0! G283C08! D74@! `C5$! @)$@*)*.:&'! =&-,(! :'A&,A$! .5$! #$$?:'B! -@! &?! +$4-):.%6!
($@,&%<$'.! &?! @&,:4$! &'! @*.)&,! *'(! #$*.! (-.:$+6! )$5$*)+:'B! @&,:4$! &??:4$)+! &'! .5$!
4&'.)&,! &?! ):&.6! ,$4.-)$+! &'! @)&A:(:'B! +$4-):.%! .&! @)$+:(:'B! &??:4$)+! *'(! 4,$)>+6!
<*'':'B!&?!.5$!@&,,:'B!4$'.)$+6!+.*.:&'+!*'(!.*,,%:'B!4$'.)$+L/gQd!!

-7>9!C?H0508!7@54D0@!3C73!3C048!BF7>D!H080!>?3!H84330>!7>@!67>9!D0060@!3?!E0!
4>!3C0!>73280!?G!7>!7134?>!?8!807134?>!3?!050>3D!7D!3C09!2>G?F@0@!?>!3C0!A8?2>@L!!!

%C0!:)P!)?7D3!:8?54>10!-8!.8>0D3!I!-2>94!3?F@!3C0!)?664DD4?>!3C73!`*($M-*.$!
<$*+-)$+!=$)$!@-.!:'!@,*4$!(-):'B!.5$!@&,:.:4*,!4*<@*:B'+!@)$4$(:'B!.5$!$,$4.:&'+!
*'(!(-):'B!.5$!$,$4.:&'!:.+$,?LagQQ!!%C0!)?7D3!::&P!J0B239!)?664DD4?>08!Y4>A[?84!
-H7>A4!D74@!3C73P!`3'!N11X!*+!@*).!&?!<%!=&)>6!3!(:)$4.$(!*,,!_fFQ+!:'!.5$!f&*+.!
@)&A:'4$! .&! @)$@*)$! &@$)*.:&'! @,*'+! 4&A$):'B! .5$! #-:,(! -@! .&! .5$! B$'$)*,!
L,$4.:&'+LagQg!!=0!7FD?!71W>?HF0@A0@!3C73!3C0!A0>087F!0F0134?>D!1?>D343230@!?>0!?G!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%+*
!MC!)-B!@!:8H8!$$!7898:1!+**)!
%+$
!MC!)-!
%++
!MC!$&*B!T3HK6:6!$!<0J10HK02!+**)!
%+%
!MC!$&$B!T3HK6:6!$!<0J10HK02!+**)!
%,$ !

!
3C0! E4AA0D3! D0128439! ?B08734?>D! 3C73! 3C0! :?F410! @07F! H43C! 73! 7>9! ?>0! 3460! 4>!
Y0>97LgQh!

%C0! G?8608! &):J! -?6E7D7! <4FG80@! -E43C4P! >?H! (DD4D37>3! )?664DD4?>08!


&B08734?>D! +748?E4! 30D34G40@! 3C73P! `a$?&)$! .5$! $,$4.:&'+6! =$! @)$@*)$(!
*($M-*.$,%222*'(!.&!&-)!4*@*4:.%LagQb!!=0!71W>?HF0@A0@!3C73!?>!3C0!5089!G48D3!@79!
54?F0>10!082B30@!?>!3C0!)?7D3!C0!17FF0@!G?8!804>G?81060>3DP!7>@!7FD?!D3730@!3C73!
>?!80540H!?G!3C0!B?F410!QRRS!0F0134?>D!?B08734?>D!C7@!0508!E00>!1?6BF030@L!!!

J0DB430! 7DD287>10D! 78?2>@! B80B780@>0DD! 3C0! :?F410! 7A0>140D! C750! 043C08! >?3!
E00>! 7EF0! 3?! B8?54@0! 1?B40D! ?G! 3C048! BF7>>4>A! @?1260>3DgQjP! D3730! 1F078F9! HC0>!
BF7>>4>A! 1?660>10@! ?8! B8?54@0! 054@0>10! 3C73! 3C09! 1?>@2130@! 7! G2FF! @0OE840G4>A!
7>@!80540H!B8?10DD!B?D3!3C0!QRRS!?B08734?>LgQS!%C0D0!G2>@760>37F!G74F280D!H080!
4>@00@!80BF41730@!7FF!?508!Y0>97L!

%C080! H080! 7FD?! D4A>4G417>3! 5784734?>D! 4>! 3C0! 2>@08D37>@4>A! ?G! D0>4?8! 7>@! 64@!
87>A0! B?F410! 7D! 3?! 3C048! F050F! ?G! 17B7E4F439! 4>! @07F4>A! H43C! 3C0! 54?F0>10! 3C73!
?112880@L! ! #>! D?60! 17D0D! 3C0! )?664DD4?>! H7D! 3?F@! 3C73! 3C0! $$(D! H080! X2430!
D46BF9! ?508HC0F60@! ]050>! HC0>! C0754F9! 804>G?810@^P! 4>! ?3C08D! 540HD! H080!
0/B80DD0@! 3C73! 3C0! B?F410! H080! 7FH79D! 7EF0! 3?! 1?>38?F! 050>3D! 7>@! 4>! G713! @4@! D?!
]@0DB430! 3C0! G713! 3C73! 67>9! @79D! 7>@! H00WD! H080! 37W0>! 3?! 80@210! 3C0! 54?F0>10!
7>@!C0759!371341D!H080!2D0@^L!

%C0! )?664DD4?>! 37W0D! 3C0! 540H! 3C73! 3C0! :?F410! 4>! G713! H080! B??8F9! B80B780@! 3?!
@07F! H43C! 3C0! :.;L! ! .50>! H43C! 3C0! 4>30FF4A0>10! B8?54@0@! E9! 3C0! +$#$! 7>@! 3C0!
C4D3?8417F!>73280!?G!0F0134?>D!4>!3C4D!1?2>389P!B?F410!7A0>140D!X2430!D46BF9!G74F0@P!
7>@!G74F0@!E7@F9P!4>!3C4D!G2>@760>37F!80X248060>3!?G!3C048!67>@730L!

(5?A5?BE! 5?! 91G845@?! 4@! CG8??5?B! 8?A! C91C895?B! H@9! 4D1! RSST! J1?198G!
&G1245@?E!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%+&
!MC!$&$B!T3HK6:6!$!<0J10HK02!+**)!
%+'
!MC!$&+B!T3HK6:6!$!<0J10HK02!+**)!
%+(
!Q.=0J1!?32!140!M36:1!RRe!6A5!?32H02!eMRS!T!932!gI3A93!S!:12!=1:!
%+,
!7LL!J3L!=0!;!1A0::0:!!A=L85!A9!M3HH!::!3A02!7L!!:16105!1461!A3!?32H6L!20#!0;!J23=0::!46:!K00A!=3HJL0105!
%,+ !

!
%C0!)?664DD4?>!1?2F@!G4>@!F433F0!?8!>?!054@0>10!3?!4>@41730!3C73!3C0!I?508>60>3P!
043C08! 7D! 7>! 0>3439P! ?8! 3C8?2AC! 4>@454@27F! B?F434147>D! 6?50@! 3?! B8050>3! ?8!
760F4?8730! 3C0! 30>D4?>D! F07@4>A! 2B! 3?! 3C0! 0F0134?>DL! ! #>! G713! 3C080! 4D! D38?>A!
054@0>10! 3C73! 4>@00@! 3C0! 7134?>D! ?G! D?60! D0>4?8! @239! E07808D! 0/7108E730@!
30>D4?>D!7>@!54?F0>10!3C8?2AC!3C0!64D2D0!?G!0/0123450!B?H08!7>@!723C?8439L!!%C0!
@014D4?>! 3?! @0BF?9! C2>@80@D! ?G! 7@64>4D38734?>! B?F410! ?GG4108D! 4>! 7BB780>3F9!
1F7>@0D34>0! 148126D37>10D! 3?! +97>V7! \2D3! E0G?80! 3C0! B?FF4>A! @79! 1?>G4860@! G?8!
67>9!3C73!3C0!0F0134?>D!B8?10DD0D!H080!4>@00@!D2DB013L!

%C080!4D!1F078!054@0>10!3C73!Y0>97!C7D!7!D38?>A!1?FF013450!7BB8?71C!3?!A73C084>AP!
B8?10DD4>A!7>@!@4DD064>734>A!4>G?86734?>!7>@!4>30FF4A0>10!@07F4>A!H43C!D0128439!
4DD20D! 3C73! 4D! B84>14B7FF9! @06?>D38730@!3C8?2AC! 3C0! Y0>97! $0128439! #>30FF4A0>10!
-71C4>089! ]Y$#-^L! ! %C0! E0>0G43D! ?G! D21C! 7! D9D306! H080! @06?>D38730@! 3C8?2AC!
3C0!B80B780@>0DD!?G!3C0!+$#$!7>@!-4F43789!4>!2>@08D37>@4>A!3C048!8?F0DP!BF7>>4>A!
G?8! 3C0! QRRS! 0F0134?>D! 7>@! 0/01234>A! 3C048! 67>@730D! 4>! 3086D! ?G! B80B780@>0DD!
7>@!D085410!@0F45089!?>!3C0!A8?2>@L!

<07W>0DD0D! 0/B?D0@! E9! 3C0! 5089! >73280! ?G! 3C0! :?D3! .F0134?>! ;4?F0>10! C?H0508!
6434A730@!3C0D0!B?D43450DL!!Y09!76?>AD3!3C0D0!H7D!3C0!F71W!?G!F07@08DC4B!B8?54@0@!
E9!3C0!)7E4>03!$0128439!)?6643300!7>@!43D!1?O?B30@!606E08DL!!%C4D!1?6643300!4D!
3C0! C4AC0D3! F050F! 1?6B?>0>3! ?G! Y0>97[D! $0128439! #>30FF4A0>10! -71C4>089! 903! 3C0!
)?664DD4?>!1?2F@!G4>@!>?!054@0>10!3C73!43!?B08730@!73!7FF!F03!7F?>0!0GG013450F9!4>!
3C0!F07@!2B!3?!7>@!@284>A!3C0!0F0134?>DL!#3!4D!0/B0130@!3C73!3C0D0!D0>4?8!606E08D!
?G!3C0!A?508>60>3!H?2F@!@06?>D38730!F07@08DC4B!7>@!@014D450>0DD!4>!7@@80DD4>A!
3C0!4DD20D!3C09!62D3!C750!E00>!7H780!?G!@284>A!3C0!E24F@!2B!3?!3C0!QRRS!A0>087F!
0F0134?>DL! ! %C0! )?664DD4?>! 17>! ?>F9! DB012F730! 3C73! 4>@454@27F! 606E08D! H080!
6?80!1?>108>0@!7E?23!3C048!B08D?>7F!B?F43417F!D432734?>!@284>A!3C0!176B74A>4>A!
7>@!B?FF4>A!B084?@DL!

%C0! )?664DD4?>! G?2>@! 7! >26E08! ?G! 0/76BF0D! ?G! 713454340D! 2>@0837W0>! E9! 3C0!
+$#$!7D!0/387?8@4>784F9!B??8!\2@A060>3P!1?>D343230!B7834D7>DC4B!?>!3C0!B783!?G!7!
D3730! D0128439! ?8A7>! 7>@! 780! 0/76BF0D! ?G! 713454340D! 3C73! 1F078F9! G7FF! ?23D4@0! 3C0!

%,% !

!
67>@730!?G!3C0!7A0>19L!!%C0D0!4>1F2@0@!73306B3D!3?!D01280!.)Y!71180@43734?>!G?8!
+$#$!?GG4108D!3?!E0!B783!?G!3C0!0F0134?>D!B8?10DDP!7!+$#$!DB?>D?80@!D28509!?G!C?H!
3C0! g! B80D4@0>347F! 17>@4@730D! H080! B?FF4>A! B84?8! 3?! 3C0! 0F0134?>D! 7>@!
1?662>41734>A! 3C4D! 4>G?86734?>! 3?! 3C0! $01803789! 3?! 3C0! )7E4>03! 7>@! =07@! ?G!
:2EF41!$085410P!7>@!7@54D4>A!3C0!.)Y!?>!0F013?87F!B8?10DD0DL!

&64DD4?>D!H080!7FD?!G?2>@!4>!D2EO?B3467F!@014D4?>!67W4>AP!3C0!7ED0>10!?G!\?4>3!
?B08734?>7F! 7887>A060>3D! 7>@! 3C0! G74F280! 3?! 387>DF730! A??@! 4>30FF4A0>10! 4>3?!
@06?>D387EF0! ?B08734?>7F! @0F45089L! ! #>! 3C0! 050>3! 621C! ?G! 3C0! 4>G?86734?>! 7>@!
4>30FF4A0>10! 3C73! 3C0! +$#$! @050F?B0@! 7>@! G?8H78@0@! 3?! 3C0! ?3C08! 7A0>140DP!
4>1F2@4>A!B?F410P!D46BF9!@4@!>?3!A03!3?!3C?D0!HC?!1?2F@!C750!2D0@!43!6?D3L!

%C0!)?664DD4?>!1?2F@!G4>@!F433F0!054@0>10!3C73!@0F45089!7A0>140D!H080!4>5?F50@!4>!
\?4>3!BF7>>4>A!7>@!B80B78734?>!F07@4>A!2B!3?!3C0!QRRS!0F0134?>DL!!%C4D!1760!7D!7!
D28B84D0! A450>! 3C0! C4D3?89! ?G! 0F0134?>D! 54?F0>10! 4>! Y0>97P! 7>@! 3C0! H04AC3! ?G!
W>?HF0@A0! 7A0>140D! C7@! 7E?23! 3C0! F4W0F4C??@! ?G! D4A>4G417>3! 54?F0>10! E04>A! 7!
G073280! 4>! QRRSlfL! ! I450>! 3C73! A0>087F! 0F0134?>D! 1?>D343230! 3C0! 6?D3! D084?2D!
W>?H>! D0128439! 7>@! D7G039! 4DD20! 4>! Y0>97! 7>@! 3C73! 43! 80128D! 05089! G450! 9078DP!
?B08734?>7F!BF7>>4>A!>00@D!3?!E0A4>!7!64>4626!?G!df!6?>3CD!7C07@!?G!7>9!@730!
D03!G?8!3C0!>0/3!A0>087F!0F0134?>L!

%C080! H7D! 7FD?! >?! 054@0>10! 3C73! 801?A>4D0@! B80B7873?89! 7887>A060>3D! D21C! 7D!
3C0! 2D0! ?G! @0DW! 3?B! D10>784?DP! D462F730@! 0608A0>140D! 7>@! G2FF! \?4>3! ?B08734?>7F!
0/0814D0D! 780! 7! B783! ?G! 3C0! $$(D[! 80B083?480L! ! %C0D0! 713454340D! 780! 7! D37>@78@!
?B08734>A! 0F060>3! ?G! 67>9! D464F78! \284D@4134?>DP! 234F4D4>A! B008! 80540H! D38730A40D!
HC080!D0128439!DB0147F4D3D!G8?6!D464F78!7A0>140D!713!7D!80540H08D!7>@!26B480D!3?!
4>@0B0>@0>3F9! 7DD0DD! 12880>3! D380>A3CD! 7>@! H07W>0DD0D! 4>! 3C0! B80B780@>0DD!
7>@!17B7E4F439!?G!$$(DL!

&3C08!4DD20D!3C73!D0850@!3?!H07W0>!3C0!?BB?832>439!3?!80@210!7>@l?8!760F4?8730!
3C0! 54?F0>10! H080! 3C0! F71W! ?G! 7! >734?>7F! D0128439! B?F419! 7>@! D0128439! BF7>P! 3C0!
G74F280! 3?! 801?A>4D0! 3C0! 46B?837>10! ?G! 234F4D4>A! 0608A0>19! 67>7A060>3!

%,& !

!
1?6B?>0>3D!]4>1F2@4>A!7!>734?>7F!BF7>^P!7>@!G2FF!801?A>434?>!?G!3C0!8?F0!3C73!3C0!
64F43789!17>!BF79!4>!@07F4>A!H43C!3C0D0!050>3DL!

&>0! ?G! 3C0! D38?>A08! G4>@4>AD! ?G! 7>! ?64DD4?>! ?>! 3C0! B783! ?G! $3730! $0128439!
(A0>140D! E0G?80! 3C0! 0F0134?>D! H7D! 3C0! G74F280! ?G! 3C0! :?F410! 3?! 0>A7A0! 4>!
B8?G0DD4?>7FP!3460F9!7>@!X27F439!BF7>>4>A!7>@!B80B78734?>!G?8!3C0!0F0134?>D!050>3L!!
#3!H7D!7BB780>3!3?!3C0!)?664DD4?>!3C73!3C080!H7D!7!`H0!H4FF!E0!7FF!84AC3!?>!3C0!
@79a! 60>37F439! 067>734>A! G8?6! 3C0! 3?B! 3?! 3C0! E?33?6! ?G! 3C0! ?8A7>4D734?>L!!
:F7>>4>A! 7>@! B80B78734?>! 7BB0780@! 3?! E0! D?603C4>A! 3C73! 4D! @?>0! 1F?D0! 3?! 3C0!
050>3! 7>@! ?>! 3C4D! ?117D4?>! G?12DD0@! ?>! 3C0! H8?>A! 3C4>ADL! ! :F7>D! D0060@! 3?!
1?>D4D3! ?GP! HC080! 3C080! H7D! 054@0>10! ?G! D?603C4>A! H84330>P! D46BF9! 7>! ?8@08D!
A8?2B!G?12DD4>A!?>!3C0!B?FF4>A!7887>A060>3DL!

./76BF0D! ?>! 3C0! A8?2>@! ?G! 3C0! F71W! ?G! BF7>>4>A! 7>@! B80B78734?>! E9! B?F410!
7E?2>@L! ! %C4D! @0DB430! D38?>A! 054@0>10! D2AA0D34>A! 3C080! H7D! 73! 7>! 0F060>3! ?G!
BF7>>4>A! 7>@! 108374>F9! ?8A7>4D734?>! 7>@! G714F43734?>! 4>! 80F734?>! 3?! 621C! ?G! 3C0!
54?F0>10!0/B0840>10@!@284>A!3C0!B?D3!0F0134?>!B084?@P!0DB0147FF9!4>!3C0!*4G3!;7FF09!
:8?54>10L!

-7>9! 1434V0>D! D0060@! 3?! C750! W>?H>! 73! F07D3! 7! G0H! @79D! 4>! 7@57>10! 3C73! 3C080!
H?2F@! E0! 378A034>A! E9! 384E7F! 7>@l?8! B?F43417F! 7GG4F4734?>! 7F3C?2AC! 3C0! B?F410!
D0060@! 043C08! 2>7H780! ?8! 1C?D0! >?3! 3?! 37W0! 3C0! 4>G?86734?>! D084?2DF9L! #>! 7>9!
050>3!3C0!:?F410!H080!2>B80B780@!7>@!G74F0@!3?!37W0!3C0!>010DD789!B8?713450!D30BD!
3?!80@210!3C0!?BB?832>439!G?8!54?F0>10!3?!050>32730L!!

%C4D! 7BB8?71C! G74FD! 3?! 37W0! 711?2>3! ?G! ?>0! ?G! 3C0! 6?D3! 46B?837>3! 8?F0D! ?G! 3C0!
:?F410! 7>@! 3C73! 4D! 3C0! B8?30134?>! ?G! F4G0! 7>@! B8?B0839P! 3C0! B8050>34?>! ?G! ?GG0>10D!
7>@! 18460D! 7>@! W00B4>A! 3C0! B0710L! ! K0D3! B8713410! 4>! 3C4D! 7807! @067>@D! 3C73!
X27F439P! 0/30>D450! 7>@! DB0147F4D0@! BF7>>4>A! 7887>A060>3D! DC?2F@! E0A4>! 67>9!
6?>3CD!4G!>?3!9078D!E0G?80!D21C!7>!050>3L!!

$0>4?8!B08D?>>0FP!G8?6!3C0!)?664DD4?>08!7>@!C4D!W09!7@54D08D!3?!B8?54>147F!7>@!
@4D38413! 1?667>@08DP! 62D3! 37W0! G2FF! 80DB?>D4E4F439! G?8! 3C4D! G74F280! 3?! B08G?86! 4>!

%,' !

!
HC73!4D! 7! 1843417F! 7>@! G2>@760>37F! 0F060>3! ?G! B?F414>AL! ! (D! 7! 80D2F3! 67>9!6?80!
B0?BF0! F?D3! 3C048! F450DP! H080! 4>\280@P! H080! @4DBF710@P! 3C048! C?60D! 7>@! B08D?>7F!
B8?B0839! @0D38?90@! 7>@! 7E4F439! 3?! 1?>34>20! 3C048! F450F4C??@D! D05080@! 3C7>! H?2F@!
?3C08H4D0!C750!E00>!3C0!17D0L!

%C0D0! G713?8D! 1?6E4>0! 3?! 4@0>34G9! 7! G283C08! ?64DD4?>! ?>! 3C0! B783! ?G! 3C0! B?F410L!!
"433F0! ?8! >?! 054@0>10! H7D! 7@@210@! D2BB?834>A! 3C0! 0/4D30>10! ?G! 7! B?F410!
4>30FF4A0>10!17B7E4F439L!!#3!4D!7110B30@!3C73! 3C0!4>30FF4A0>10!1?6643300D!B8?54@0!7!
2D0G2F! 601C7>4D6! 3?! 1?FF013450F9! 7DD0DD! 4>30FF4A0>10! 7>@! 234F4D0! 43! G?8! @014D4?>!
67W4>AP! C?H0508! :?F410! ?8A7>4D734?>D! DC?2F@! 7>@! 62D3! C750! 3C048! ?H>! C4ACF9!
@050F?B0@! 4>G?86734?>! A73C084>A! 7>@! 4>30FF4A0>10! D9D306DL! ! =7@! 3C0D0! D9D306D!
E00>! 4>! BF710! 7>@! ?B08734>A! 0GG013450F9! 7>@! 3C0! 4>30FF4A0>10! A74>0@! E00>! 7130@!
2B?>! 4>! 7! 3460F9! 7>@! 0GG013450! H79! 3C0>! B08C7BD! 6?80! B8050>3450! 7134?>! H?2F@!
C750!E00>!37W0>L!!

>@I!K5A!+4841!+123954:!#B1?251E!^++#E_!-1EC@?A!4@!4D1!;&<N!
%C0! ?B08734?>7F! @0F45089! G?8! $$(D! B846784F9! 80D3D! H43C! 3C0! :?F410! ]Y0>97! :?F410!
$085410! 7>@! (@64>4D38734?>! :?F410^P! 3C0! B8?54>147F! 7>@! @4D38413! D0128439! 7>@!
4>30FF4A0>10! 1?6643300DP! 3C0! Y0>97! :84D?>D! $085410P! 3C0! :8?54>147F! 7>@! J4D38413!
(@64>4D38734?>!7>@!G8?6!3460!3?!3460!?3C08!D085410D!4>1F2@4>A!3C0!Y0>97!<4F@F4G0!
$085410P!3C0!+734?>7F!,?23C!$085410P!7>@!3C0!Y0>97!'?80D3!I278@DL!!!

%C0!+734?>7F!$0128439!#>30FF4A0>10!D085410!]+$#$^!@?0D!>?3! C750!7!67>@730@!8?F0!
3?!@0F4508!D085410D!?3C08!3C7>!3?!7@54D0!D0128439!7A0>140DL!!%C0!-4F43789!B8?54@0D!
D2BB?83!3?!3C0!1454F!723C?8439!HC0>!80X2480@!3?!@?!D?L!

%C4D! 1C7B308! 7DD0DD0D! 3C0! ?5087FF! 80DB?>D0! E9! $$(D! H43C! 7! DB014G41! G?12D! 2B?>c!
4>30850>34?>D! 4>1F2@4>A! 2D0! ?G! G?810c! 3C0! 8?F0! BF790@! E9! 5784?2D! $$(DP! 3C0!
4@0>34G41734?>!?G!D?60!W09!4>14@0>3D!7>@!4DD20D!784D4>A!G8?6!3C06c!7>@!1C8?>41F0D!
D?60! A??@! H?8W! 1?6BF030@! E9! 4>@454@27FD! 7>@! 7A0>140D! 3C73! 4D! H?83C9! ?G!
B783412F78!60>34?>L!

%,( !

!
*0DB?>D0D!E9!$$(D!3?!3C0!:?D3!.F0134?>!;4?F0>10!B8?50@!3?!E0!4>1?>D4D30>3L!!%C09!
57840@! 1?>D4@087EF9L! ! %C080! H080! 4>D37>10D! HC080! 4>@454@27FDP! 7>@! 7A0>140D!
B08G?860@! H0FFP! 67>9! @?4>A! 3C048! 5089! E0D3! 3?! B8?54@0! D7G039! 7>@! D0128439!
D085410D!3?!1434V0>DL!!%C080!H080!7FD?!67>9!4>D37>10D!HC080!7A0>140D!1?2F@!C750!
@?>0!621C!E03308!7D!H0FF!7D!1F078!17D0D!?G!>0AF013!?G!@239P!18464>7F!?GG0>@4>A!7>@!
3C0!2D0!?G!?508HC0F64>A!7>@!F03C7F!G?810!?>!67>9!@0G0>10F0DD!1434V0>DL!!!

\+,/!

(3!7!>734?>7F!F050F!7>@!4>!3C0!3460!7574F7EF0!3C0!)?664DD4?>!H7D!2>7EF0!3?!G486F9!
0D37EF4DC!\2D3!C?H!H0FF!3C0!)$)!7>@!+$()!?B08730@L!!#3!H?2F@!E0!0/B0130@!3C73!43!
4D!78?2>@!050>3D!D21C!7D!3C0!184D4D!3C73!@050F?B0@!7G308!3C0!B80D4@0>347F!0F0134?>!
80D2F3D! H080! 7>>?2>10@! 3C73! 3C0D0! 46B?837>3P! C4AC! F050F! 1?6B?>0>3D! ?G! 3C0!
$0128439!-71C4>089!DC?2F@!?B08730!E0D3L!!#3!4D!2>@08D3??@!3C73!4>!G713!3C0!+$()!
@4@!>?3!71327FF9!6003!@284>A!3C0!184D4D!B084?@!7>@!1?662>41730@!E9!?3C08!607>D!
7>@! 43! 17>! ?>F9! E0! 7DD260@! 3C73! 3C0! )$)! H7D! >?3! G2>134?>7F! @284>A! 3C4D!
46B?837>3!B084?@L!

(! DB0147F! +97>V7! :$#)! 60034>A! C0F@! ?>! 3C0! h3C! '0E82789! QRRf! DB014G417FF9!
80G0880@! 3?! +$()! @48013450D! 3C73! H080! 4DD20@! 7>@! >?30@! G?8! >010DD789! 7134?>LgQf!!
%C0!+$()!@?1260>3D!H080!@0D184E0@!73!@48013450D!3?!3C0!:$#)!1?>374>0@!4>!3H?!
F03308D! G8?6! 3C0! :0867>0>3! $01803789! @730@! S3C! 7>@! Qf3C! _7>2789! QRRf! H43C!
@480134?>D!3C73M!`:$#)!7>@!J$#)!DC?2F@!7880D3!7FF!18464>7FD!0>A7A0@!4>!BF7>>4>A!
7>@! 0/01234?>! ?G! W4FF4>AD! 7>@! @0D382134?>! ?G! B8?B0839c! :$#)! 7>@! J$#)! DC?2F@!
B8?54@0! D0128439! 3?! 378A030@! 4>@454@27FD! HC?! D2BB?830@! 3C0! I?508>60>3! 7>@!
:+Uc! :$#)! 7>@! J$#)D! DC?2F@! G?83CH43C! 0>D280! 3C73! 7FF! 67\?8! G00@08! 8?7@D! 780!
G800! ?G! 4FF0A7F! E788408Dc! %C0! 1?667>@! 7>@! 1??8@4>734?>! 80F734?>DC4BD! E03H00>!
$0128439! )?6643300D! 7>@! $0128439! (A0>3D! HC4F0! ?>! $0128439! &B08734?>D! DC?2F@!
E0! D38076F4>0@L! ! %C0! :8?54>147F! )?664DD4?>08! 7>@! J4D38413! )?664DD4?>08D! H4FF!
0/0814D0! 3C048! G2>134?>D! ?G! A454>A! ?5087FF! 7>@! A0>087F! @480134?>D! 7D! 1C74860>! ?G!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%+)
!Q.4!K!1!-,D"!

%,, !

!
3C0! :$#)! 7>@! J$#)D! 80DB013450F9! HC4F0! 3C0! :8?54>147F! :?F410! &GG4108! 7>@! &GG4108!
)?667>@4>A! :?F410! J454D4?>D! 80674>! &B08734?>7F! )?667>@08D! 3?! 0/01230!
1?6643300!@014D4?>DLa!

%C0!B08G?867>10!?G!3C0!:8?54>147F!7>@!J4D38413!#>30FF4A0>10!)?6643300D!7BB0780@!
64/0@L!!(>!0/764>734?>!?G!3C0!*4G3!;7FF09!:$#)!64>230D!G?8!0/76BF0!@4D1F?D0@!7!
G2>134?>4>A! A8?2B! @06?>D38734>A! D?60! F07@08DC4B! 7>@! @014D4?>O67W4>A!
3C8?2AC?23! 3C0! 184D4DL! ! (! DB0147F! 60034>A! C0F@! ?>! gd! J0106E08! QRRS! 80540H0@!
3C0! D432734?>! 7FF! ?508! 3C0! B8?54>10P! 4@0>34G40@! 713454340D! G?8! B84?8439! 7134?>! 7>@!
7A800@!3C73!?GG4108D!DC?2F@!0/0814D0!80D3874>3!`*+!>:,,:'B!=*+!'&.!.5$!*'+=$)La!%C0!
1?6643300! 80D?F50@! 3?! 6003! G80X20>3F9! @284>A! 3C4D! B084?@! 60034>A! ?>! G?28!
?117D4?>D!@284>A!_7>2789!QRRf!7>@!7!>26E08!?G!3460D!4>!'0E82789L!

#>! 1?>387D3! 3C0! +748?E4! :8?54>147F! #>30FF4A0>10! )?6643300! 7BB078D! 3?! C750! 603!
F0DD! G80X20>3F9! ]711?8@4>A! 3?! 3C0! 64>230D! B8?54@0@^! 7>@! >?3! 73! 7FF! @284>A!
J0106E08! QRRSP! _7>2789! ?8! '0E82789! QRRfL! ! %C0! +748?E4! +?83C! J4D38413!
)?6643300! 603! 3C800! 3460DP! @284>A! 3C4D! B084?@P! +748?E4! <0D3! >?3! 73! 7FFP! 7>@!
+748?E4!.7D3!603!?>!dg3C!J0106E08!7>@!>?3!7A74>!2>34F!dg3C!'0E82789!QRRfL!

%C080!H7D!7FD?!054@0>10!?G!1F078!7>@!1?>14D0!@014D4?>!67W4>A!E9!)?6643300DL!!(!
DB0147F! :$#)! 60034>A! C0F@! 73! Y7W760A7! 4>! <0D308>! :8?54>10! ?>! QQ>@! _7>2789!
QRRf!80B?830@!7>!7A80060>3!3?!7FF?H!BF7>>0@!B0710G2F!@06?>D38734?>D!E9!&J-!
G?8!Qh3C!_7>2789!QRRfLgQe!

!!

*+,+!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%+-
!R23#!A=!6L!M3HH!::!3A02!7K58L!T;6:026!EMC!),F!

%,) !

!
.54@0>10! 8010450@! E9! 3C0! )?664DD4?>! 4>@41730@! 3C73! 3C0! +$#$! @4@! 1?>34>20! 3C0!
B8?10DD! ?G! 4>G?86734?>! 1?FF0134?>! 7>@! 4>30FF4A0>10! A73C084>A! @284>A! 3C0! :.;!
B084?@L! ! J74F9! D432734?>! 80B?83DggR! H080! B80B780@! ?23F4>4>A! W09! 7807D! ?G! 1?>108>!
4>1F2@4>AP! 4>! D?60! 17D0DP! 3C0! 4@0>34G41734?>! ?G! DB014G41! B0?BF0! 7>@! 050>3D! ?G!
4>3080D3L! ! (D! D3730@! 078F408! 43! 4D! >?3! 1F078P! C?H0508P! 3C0! 0/30>3! 3?! HC41C! 3C0D0!
80B?83D!H080!@4DD064>730@!3?!W09!0>G?81060>3!7A0>140D!7>@!?3C08!8014B40>3DL!

(F3C?2AC! D?60! ?G! HC73! 64AC3! E0! @0D184E0@! 7D! D37>@78@! 80B?83D! H080!
@4D1?>34>20@! B783F9! 4>! J0106E08! QRRSP! 3C8?2AC?23! _7>2789! 7>@! B783D! ?G!
'0E82789!QRRf!3C4D!4D! >?3!D28B84D4>A!A450>!3C0!>73280!?G! 3C0!050>3D!1?>G8?>34>A!
7A0>140D! 3C8?2AC?23! 3C0! *0B2EF41L! ! U>G?832>730F9! 050>! 3C0! @74F9! D432734?>!
80B?83D!H080!>?3!B8?@210@!@284>A!3C0!1843417F!B084?@!?G!Qh3C!J0106E08!QRRS!7>@!
Q>@! _7>2789! QRRfL! ! %C0! )?664DD4?>! E0F4050D! C?H0508! 3C73! 4>! G713! 3C0D0! 050>3D!
B8?54@0@! 7>! ?BB?832>439! G?8! 3C0! $085410!3?! @050F?B! 7>@! 14812F730! DB0147F! 80B?83D!
G?12DD4>A! ?>! B08B03873?8DP! BF7>>08D! 7>@! ?8A7>4D08D! ?G! 54?F0>10! 7>@! B?DD4EF0!
371341D! 7>@! D38730A40D! 3?! 80@210! 3C048! 0GG013L! ! %C0! +$#$! @4@! >?3! 37W0! 3C4D!
?BB?832>439!E23!DC?2F@!@?!D?!4>!3C0!G23280L!!

!!

/5G5489:!

%C0!)?664DD4?>!C7D!E00>!2>7EF0!3?!0D37EF4DC!3C0!0/713!3464>A!7>@!601C7>4D6!
3C73! 384AA080@! 3C0! 4>5?F5060>3! ?G! 3C0! -4F43789! 4>! 3C0! :?D3! .F0134?>! ;4?F0>10L!!
(F3C?2ACP! G?8! 0/76BF0P! 3C0! )?664DD4?>! H7D! 4>G?860@! 3C73! 3C048! D2BB?83! E0A7>!
?>!QS!J0106E08!QRRS!7!D1C0@2F0!?G!7134?>!37W0>!1?508D!3C0!B084?@!j!_7>2789!3?!
Qf!'0E82789!QRRfLggd!!!

#>!3C0!050>3!3C0!64F43789!H080!4>5?F50@!4>!7!>26E08!?G!D2BB?834>A!713454340D!84AC3!
718?DD!3C0!1?2>389L!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%%*
!M3HH!::!3A!0.4!K!1!+7!
%%$
!M3HH!::!3A!0.4!K!1!*,D!

%,- !

!
%C0D0!713454340D!4>1F2@0@ggQc!

! %87>DB?834>A!#J:D!G8?6!GF7DC!B?4>3D!3?!D7G0!7807Dc!
! I278@4>A!#J:!176BDc!
! )F0784>A!7>@!D01284>A!EF?1W0@!8?7@Dc!
! $01284>A!3C0!874F!F4>0c!
! J4D384E234>A!G??@!7>@!60@417F!D2BBF40D!3?!#J:Dc!
! .D1?834>A! 3821WD! G8?6! -?6E7D7! @0D34>0@! G?8! *4G3! 57FF09P! <0D308>!
Y0>97!7>@!>04ACE?284>A!1?2>3840Dc!
! .D1?834>A!B7DD0>A08!50C41F0D!3C8?2AC!2>D7G0!4>D01280!7807D!E03H00>!
+748?E4!7>@!<0D308>!Y0>97!

(B783!G8?6!7!@06?>D38734?>!?G!G?810!E?3C!?>!3C0!A8?2>@!7>@!G8?6!7!C0F41?B308!4>!
+7457DC7! 3C080! H7D! >0508! 7! 80X248060>3! G?8! 3C0! 64F43789! 3?! 2D0! G?810! 7>@! >?>0!
H7D! 2D0@L! ! `-9! F?8@DP! 90D! H0! G480@! 4>! 3C0! 748! 3C73! 4D! 7! @06?>D38734?>! ?G! G?810L!!
%C080! H080! ?>0! ?8! 3H?! ?117D4?>D! HC0>! H0! G480@! 4>3?! 3C0! 748! 3?! @06?>D38730!
G?810Laggg!

%C0! )?664DD4?>[D! 540H! 4D! 3C73! 3C0! -4F43789! B08G?860@! 43D! @239! H0FFP! 7! B?D434?>!
3C73!7BB0780@!3?!E0!DC780@!H43C!67>9!1?660>373?8DL!!<C73!4D!D28B84D4>A!4D!3C73!
6?80! 64F43789! D2BB?83! H7D! >?3! 4>434730@! 7D! 3C0! 148126D37>10D! ?G! 3C0! D432734?>!
@413730@!3C73!6?80!80D?2810D!?G!3C4D!>73280!7BBF40@!X241WF9!7>@!\2@414?2DF9P!679!
C750!80@210@!3C0!46B713P!0/30>3!7>@!@28734?>!?G!3C0!:.;L!

;95E@?!+196521!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%%+
!MC!*,B!$&!7898:1!+**)!
%%%
!MC!*,B!$&!7898:1!+**)!

%)* !

!
%C0! 8?F0! ?G! B84D?>! ?GG4108D! @284>A! 3C0! :.;! B084?@! E7D417FF9! G0FF! 4>3?! 3C800!
1730A?840DL! ! '48D3F9! 5089! 67>9! ?GG4108D! H080! @0D4A>730@! 7D! B?F410! ?GG4108D!
B84>14B7FF9!G?8!@2340D!4>!7>@!78?2>@!3C0!B?FF4>A!D3734?>DLggh!!!

$01?>@F9!7!>26E08!?G!?GG4108D!H080!1?O?B30@!3?!D2BB?83!3C0!:?F410!4>!7!>26E08!?G!
0>G?81060>3! 8?F0DP!0GG013450F9!7D! 804>G?81060>3DP! 7>@! 178840@! ?23! @2340D! D21C!7D!
B738?FF4>ALggb! ! #>! D?60! 17D0DP! D21C! 7D! 4>! +7457DC7P! 3C0! )?664DD4?>! C078@! ?G!
7FF0A734?>D! ?G! 46B8?B08! 1?>@213! ?>! 3C0! B783! ?G! D?60! ?GG4108DL! ! #>! 3C4D! B783412F78!
17D0! 43! 4D! 7FF0A0@! 3C73! @20! 3?! B80DD280!G8?6! 3C0! B2EF41P! ?GG4108D! H080! H43C@87H>!
G8?6!D085410!?>!QS!_7>2789!QRRfL!!U>G?832>730F9!3C4D!?112880@!73!3C0!5089!3460!
:?F410!H080!2>@08!D05080!B80DD280!@20!3?!3C0!8037F473?89!73371WD!3C73!?112880@!4>!
3C0!3?H>!?>!3C0!D760!@79P!7!1284?2D!1?4>14@0>10L!

'283C08! 054@0>10! H7D! 8010450@! E9! 3C0! )?664DD4?>! 3?! 3C0! 0GG013! 3C73! B84D?>!
?GG4108D!@4@!1?>384E230!H0FF!3?!3C0!B8?54D4?>!?G!7!D7G0!C750>!G?8!#J:DL!!#>!+7457DC7!
3C0!(DD4D37>3! )?664DD4?>08! ?G! :84D?>DP! J2>17>! &W?80ggj! 7FF?H0@! 541346D! ?G!3C0!
54?F0>10! 3?! D379! 4>! 3C0! ?2308! 7807! ?G! 3C0! B84D?>! HC4FD3! 6?80! 7BB8?B84730!
7887>A060>3D! H080! 67@0L! ! #>! 3C0! 050>3P! G8?6! 7! 3841WF0! ?G! H?60>! 7>@! 1C4F@80>!
788454>A! ?>! gR3C! J0106E08! QRRS! 3C0! >26E08! ?G! #J:D! 8?D0! 3?! 78?2>@! dRPRRR! ?>!
g8@!'0E82789!QRRfL!!K9!f3C!'0E82789!QRRf!7FF!E23!QR!#J:D!80674>0@L!!%C0D0!#J:D!
H080! 674>F9! H?60>! 7>@! 1C4F@80>! 7>@! H080! 711?66?@730@P! D2BB?830@! 7>@!
B8?30130@!E9!B84D?>!?GG4108D!2>34F!3C0!*0@!)8?DD!7>@!?3C08!7A0>140D!788450@LggS!

;@G521!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%%&
!Q.4!K!1!*-M!E_6f0110!P31!=0!$+%+'!6JJ3!A1!A9!J2!:3A!3??!=02:!13!16X0!8J!140:0!581!0:!K01;00A!+&14!6A5!%$:1!
S0=0HK02!+**,F"!
%%'
!MC!%+B!+)!Z8L>!+**)!P6!#6:46!!
%%(
!MC!%+B!+)!Z8L>!+**)!P6!#6:46!
%%,
!Q.4!K!1!%+D!
%)$ !

!
%C0! )?664DD4?>! C078@! 3C73! 3C0! :?F410! H080! 4>! G713! ?508HC0F60@! E9! 3C0! D1?B0!
7>@! >73280! ?G! 3C0! :.;L! ! &>0! J$#)! 60034>A! C0F@! ?>! 3C0! dD3! ?G! _7>2789! QRRf!
80GF0130@! 3C73! ":'! +&<$! 4*+$+! $+@$4:*,,%! :'! f5$)*'B*'%! *'(! U*#&.:! Q:A:+:&'+!
+$4-):.%!?&)4$+!=$)$!&A$)=5$,<$(!#%!.5$!5-B$!'-<#$)+!&?!<*)*-(:'B!B*'B+!5$'4$!
.5$)$! :+! A$)%! +$):&-+! '$$(! ?&)! .5$! ?&)4$+! :'! .5$! .=&! Q:+.):4.+! .&! #$! )$:'?&)4$(2/!!
'283C08! ?>! dj3C! _7>2789! QRRf! 3C0! D760! 1?6643300! 801?8@0@! 7>! 7BB07F! 3?! 3C0!
:$#)! 3?! 28A0>3F9! G714F43730! 804>G?81060>3D! ?G! 3H?! DB0147F! @0371C60>3D! ?G! *JUggf!
?8!I$Ugge!7>@!3H?!BF73??>D!?G!Y0>97!(869!B08D?>>0FL!

#3! 4D! @4GG412F3! 3?! D00! C?H! 3C0! :?F410! 1?2F@! C750! 1?B0@! H43C?23! 4>434734>A! 7>@!
46BF060>34>A!B8050>3450!607D280D!4>!3C0!G48D3!BF710!3C73!679!H0FF!C750!80D2F30@!
4>P! H43C! 6?80! D2BB?83! G8?6! 3C0! 64F43789P! G78! G0H08! @073CDP! 4>\2840D! 7>@!
@0D382134?>!?G!B8?B0839L!!$46BF9!B23!3C0!4>14@0>3D!B?F410!H080!17FF0@!2B?>!3?!@07F!
H43C!H080!7FF!3??!621CP!3??!?G30>!7>@!3??!H4@0DB807@L!!%C0D0!050>3D!D?80F9!30D30@!
B?F410! ?B08734>A! 7887>A060>3DP! D9D306DP! 3C0! 3874>4>AP! 7E4F439! 7>@! 17F4E80! ?G!
?GG4108DP! 0X24B60>3! 7>@! @014D4?>! 67W4>AL! %C0! F71W! ?G! BF7>>4>A! 80D2F30@! 4>!
0GG013450F9!@0OF46434>A!7574F7EF0!3713417F!?B34?>DL!!-21C!H7D!G?2>@!H7>34>AL!

;@G52:!,EE31E!

%C080! H080! 7! >26E08! ?G! >734?>7FF9! 4>434730@! @01800D! 7>@! ?8@08D! 3C73! 679! C750!
C7@!7>!0GG013!?>!3C0!H79!4>!HC41C!?B08734?>D!H080!67>7A0@L!!%C0!)?664DD4?>08!
?8@080@! 7! >734?>H4@0! E7>! ?>! B?F43417F! A73C084>AD! ?G! 7>9! @0D184B34?>LghR! ! ! -7>9!
G0F3!3C4D!H7D!7!54?F734?>!?G!3C0!)?>D343234?>!7>@!1?>38789!3?!F7HL!!&3C08D!D21C!7D!
&J-! G0F3! 43! H7D! 7! @48013! 73371W! ?>! 3C06! 7>@! 3C048! 606E08D! 7>@! D2BB?8308DL!!
(F3C?2AC!3C080!679!C750!E00>!D?60!?B08734?>7F!234F439!4>!3C0!6?50!4>!D00W4>A!3?!
0>D280!3C0!B?F410!1?2F@!1?>38?F!F78A0P!6?E4F0!B?B2F734?>DP!43!H4FF!7FH79D!E0!F4>W0@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%%)
!I6J!5!S0JL3>H0A1!aA!1!3?!140!75H!A!:1261!3A!R3L!=0!
%%-
!_0A026L!<02#!=0!aA!1!3?!140!@0A>6!R3L!=0!<02#!=0!
%&*
!Q.4!K!1!$M!:=4058L0!+!8A56105!J20::!20L06:0!!A!@!:;64!L!!1461!6JJ062:!13!46#0!K00A!20L06:05!6K381!$!;00X!K0?320!
0L0=1!3A!56>!E+,14!S0=0HK02!+**,F!
%)+ !

!
3?! 3C0! 371341! ?G! 80D3874>4>A! B0?BF0! G8?6! 6?54>A! ?23! ?G! 3C0! F78A0! 4>G?867F!
D033F060>3D!3C73!0/4D3!4>!7>@!78?2>@!3C0!67\?8!3?H>D!7>@!14340DL!

%C080! H080! 7FD?! 826?28DP! 7! 807F439! 3?! 67>9P! 3C73! 3C0! :?F410! C7@! 7! DC??3! 3?! W4FF!
B?F419ghdL!!%C4D!826?28!H7D!C04AC30>0@!HC0>!43!E01760!7BB780>3!3C73!3C0!:?F410!
H080! G484>A! F450! E2FF03D! 73! 1434V0>D! 7>@! 3C0! 807F439! D03! 4>! 3C73! 67>9! H080! E04>A!
W4FF0@L! ! <C4FD3! 3H?! H43>0DD0DghQ! 30D34G40@! 3C73! 3C080!H7D! >?! D21C! B?F419! 7>@!3C73!
3C080! H7D! >?! E7D4D! 4>! F7H! G?8! 3C080! 3?! E0! ?>0P! @?2E3F0DD! 67>9! H4FF! G4>@! 3C4D!
B?D434?>!@4GG412F3!3?!7110B3L!!

(!E7>!?>!F450!60@47!E8?7@17D3D! 679!H0FF!C750!C7@!>0A73450!2>4>30>@0@!80D2F3D!
4>!3086D!?G!D0128439!4DD20DghgL!!-7>9!1434V0>D!@030864>0@!3C4D!713!76?2>30@!3?!7!
G283C08! 4>G84>A060>3! ?G! 3C048! 84AC3DP! 4>@41730@! 3C73! 3C0! A?508>60>3! C7@!
D?603C4>A!3?!C4@0!7>@!7D!7!80D2F3!C04AC30>0@!30>D4?>D!3C73!H080!7F807@9!82>>4>A!
73!5089!C4AC!F050FDL!!%C0!(33?8>09!I0>087F!4>!G713!30D34G40@!3C73!4>!C4D!540H!3C0!E7>!
H7D!>?3!F0A7FL!ghh!

"D1!'C19845@?8G!&?659@?71?4!

%C0! :?F410! G710@! 0/387?8@4>789! ?B08734?>7F! 4DD20D! 718?DD! 621C! ?G! Y0>97L!!
*7>A4>A!G8?6!4>@454@27FD!4>1434>A!7>@!7A43734>A!G?8!54?F0>10!3?!?1128P!A8?2BD!7>@!
A7>AD! 8754DC4>A! 1?662>4340DP! F78A0! >26E08D! ?G! 9?23C! 7>@! ?3C08! 1434V0>D!
@767A4>A! B8?B0839! 7>@! 4>! D?60! 17D0D! 84?34>AP! 3?! 73306B3D! 73! ?8A7>4D4>A! 7>@!
1?>@2134>A! @06?>D38734?>DP! 3C0D0! 050>3D! D?80F9! D38031C0@! 7>@! 30D30@! 3C0! B?F410!
17B7E4F439! 7>@! 80DB?>D0DL! ! UF346730F9! ddgg! B0?BF0! H080! W4FF0@P! 5089! 67>9! 6?80!
4>\280@P! 3C?2D7>@D! ?G! B845730! 7>@! B2EF41! B8?B08340D! @0D38?90@P! 50C41F0D! 7>@!
0X24B60>3!824>0@!7>@!B845730!B?DD0DD4?>D!D3?F0>L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%&$
!R23?!7A>6A9!P>3A93`!EMC$%)FB!+,!7898:1!+**)"!!Q.4!K!1!$%)D!
%&+
!M3HH!::!3A02!7L!!EMC*$F!6A5!71132A0>!_0A026L!C6X3!EMC$%&F!
%&%
!]R82:86A1!13!:0=1!3A!))!140!@0A>6!M3HH8A!=61!3A:!7=1!B$-))B![!6H!5!20=105!K>!140!T!A!:102!3?![A102A6L!<0=82!1>B!
Y3A"!Z34A!T!=48X!B!1461!!A!140!!A1020:1!!3?!J8KL!=!:6?01>!6A5!126A\8!L!1>B!1461![!32502!140!!HH05!610!:8:J0A:!3A!3?!L!#0!
K2365=6:1! ! 8A1!L! ?821402! A31!=0^! 7! :1610H0A1! :!9A05! K>! D!16A90! P50H3B! 140! [A?32H61!3A! 6A5! D2365=6:1!A9! R<"! G40!
<16A5625B!T3A56>!S0=0HK02!%$!+**)!
!
%&&
!MC!$%&B!+'!7898:1!+**)!P6!23K!!
%)% !

!
!

%C080! H080! D4A>4G417>3! @4GG080>10D! 4>! 3C0! 4DD20D! G710@! E9! 3C0! B?F410! 78?2>@! 3C0!
1?2>389L! ! '?8! 0/76BF0! 3C?D0! 4DD20D! G714>A! $3730! $0128439! (A0>140D! 4>! 3C0! *4G3!
;7FF09!:8?54>10!H080!X2430!@4GG080>3!G8?6!?3C08!7807D!4>!Y0>97L!!;4?F0>10!D37830@!
4>! @4GG080>3! 7807D! 73! @4GG080>3! 3460Dc! Y280D?4! ?>! h3C! J0106E08P! .F@?803! ?>! gR3C!
J0106E08P!+7W282!?>!Qh3C!_7>2789!7>@!+7457DC7!?>!QS3C!_7>2789!7>@!54?F0>10!
1?>34>20@! 4>! ?>0! G?86! ?8! 7>?3C08! 2>34F! 3C0! D4A>4>A! ?G! 3C0! 711?8@! ?>! Qf3C!
'0E82789!QRRfL!!!

%C080! H080! 7FD?! 7! >26E08! ?G! @4GG080>3!7DB013D! 3?! 3C0! 54?F0>10! 87>A4>A! G8?6! 3C0!
746! ?G! 0/B0FF4>A! 108374>! 1?662>4340D! G8?6! 7807D! 4>1F2@4>A! U7D4>! I4DC2! 3?! 3C0!
D?O17FF0@! `8050>A0! 73371WDa! 73! +7W282! 7>@! +7457DC7! 3?! 050>! 2B! 3C0! D1?80L! ! #3!
DC?2F@! E0! D74@! ?>! 3C4D! B?4>3! 3C73! 3C0D0! 73371WD! H080! >?3! ?>F9! 2>F7HG2F! 7>@!
18464>7F!713D!?>!@0G0>10F0DD!60>P!H?60>!7>@!1C4F@80>P!E23!3C09!@4@!>?3!4>!G713!
378A03!3C0!71327F!B08B03873?8D!?G!3C0!?84A4>7F!54?F0>10L!

#3! DC?2F@! 7FD?! E0! 80606E080@! 3C73! 7! >26E08! ?G! B?F410! ?GG4108D! 7>@! B8?54>147F!
7@64>4D3873?8D! F?D3! 3C048! F450D! @284>A! 3C4D! B084?@! D?60! 4>! 3C0! B8?10DD! ?G! D754>A!
F450D!7>@l?8!W00B4>A!3C0!B0710ghbL!!!

#3!4D!7A74>D3!3C4D!E71W@8?B!3C73!3C0!G?FF?H4>A!7>7F9D4D!H7D!67@0L!

OE1!@H!(@921!

&5087FF! 3C0! )?664DD4?>! @030864>0@! 3C73! 7! 3?37F! ?G! ddgg! B0?BF0! @40@!@284>A!3C0!
:.;! B084?@! ?G! HC?6! dRhf! H080! 67F0P! Sh! G067F0P! dd! 1C4F@80>c! dde! 80674>!
2>4@0>34G40@L! ! &G! 3C0D0! hRb! @40@! G8?6! A2>DC?3! H?2>@DL! ! #>! 7@@434?>! gPbjd!
1434V0>D!D?2AC3!60@417F!3807360>3!]67>9!7@64330@!3?!C?DB437FD^!7>@!?G!3C0D0!bbS!
H080!380730@!G?8!A2>DC?3!H?2>@DL!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%&'
!%!@0A>6!R3L!=0!:02#!=0!3??!=02:B!%!75H!A!:1261!3A!R3L!=0!3??!=02:!6A5!$!S!:12!=1!e??!=02!

%)& !

!
<C4FD3! 3C0! )?664DD4?>! 71W>?HF0@A0D! 3C0! B?DD4E4F439! 3C73! D?60! ?G! 3C?D0! W4FF0@!
7>@! H?2>@0@! E9! A2>DC?3D! 679! C750! E00>! 3C0! 541346D! ?G! B0?BF0! ?3C08! 3C7>! 3C0!
:?F410P!>?!054@0>10!3?!3C4D!0GG013!H7D!8010450@L!!

#3!4D!7FD?!7110B30@!3C73!4>!G713!3C0D0!G4A280D!679!>?3!G2FF9!80GF013!3?37FD!?G!B0?BF0!
W4FF0@! ]D?60! 679! C750! E00>! E2840@! H43C?23! 3C0! W>?HF0@A0! ?G! ?GG4147FD^! 7>@! 3C0!
)?664DD4?>!C078@!G8?6!67>9!H43>0DD0D!3C73!@20!3?!3C0!:.;!43D0FG!]8?7@!EF?1WDP!
>?!7574F7EF0! 387>DB?83! 7>@! 3??! @7>A08?2D^!3C73! 67>9! B0?BF0! 1?2F@! >?3! 38750F! 3?!
60@417F!G714F4340D!G?8!3807360>3L!

K?3C! B0710G2F! @06?>D38734?>D! 7>@! 2>1?>38?FF0@! 84?3D! H080! D4A>4G417>3! 050>3D!


3C8?2AC?23!3C0!1?2>389!7>@!780!80F057>3!3?!3C0!)?664DD4?>[D!H?8W!G?8!7!>26E08!
?G!807D?>DL!%C09!7@@80DD!3C0!4DD20D!?G!3C0!F7HG2F!84AC3D!?G!4>@454@27FD!3?!B8?30D3!
7>@!3C0!B?F410!4>3087134?>!H43C!B0710G2F!@06?>D3873?8D!7>@!3C048!2D0!?G!G?810L!#3!
7FD?! 7@@80DD0D! 3C0! 4DD20! ?G! B?F410! 80D?2810D! 7>@! 3C048! 4>7E4F439! 3?! B8?3013! 3C0!
B2EF41L!!

%C0! )?664DD4?>! 4>50D34A734?>D! 4>1F2@0@! 7>! 0/764>734?>! ?G! D05087F! 17D0D!


4>5?F54>A!E?3C!B?F410!80F730@!DC??34>A!7>@!17D0D!4>5?F54>A!1434V0>!7A74>D3!1434V0>L!!!
#3! 7FD?! 0/764>0@! 3C0! 4DD20! ?G! 3C0! 4>@4D18464>730! G484>A! ?G! F450! 8?2>@D! ?G!
7662>434?>!4>3?!B0710G2F!18?H@D!7>@!4>!84?3!D432734?>DL!!!

&>!67>9!?117D4?>D!HC0>!3C0!B?F410!4>30850>0@P!3C09!80D?830@!3?!F?EE4>A!3078!A7D!
7>@!DC??34>A!4>3?!3C0!748L!:?F410!3C06D0F50D!62D3!C750!?ED0850@!3C73!3C4D!2D0!?G!
G?810! D7H! F46430@! D2110DDL! -7>9! H43>0DD0D!3?! 3C0D0! 050>3D! C750! 1?>G4860@! 3C73!
3C0! B?F410! 7134?>D! ?>F9! @4DB08D0@! 18?H@D! 6?60>3784F9L! %C0! 9?23C! H?2F@! D46BF9!
80A8?2B! 7>@! 73371W! ?3C08D! H43C! 46B2>439L! $?60! H43>0DD0D! @0D184E0@! 3C4D! B?F410!
371341!7D!7!A760!?G!C4@0!7>@!D00W!E03H00>!3C0!B?F410!7>@!3C0!A7>ADL!

%C0! 054@0>10! 8010450@! 4>1F2@0@! 17D0D! HC080! 3C080! H080! A??@! H43>0DD! 711?2>3D!
7>@!HC080!B?F410!2>43D!?8!D0>4?8!?GG4108D!4>5?F50@!1?2F@!E0!4@0>34G40@L!!&>!67>9!
?117D4?>D! C?H0508! G283C08! 4>50D34A734?>D! H4FF! E0! >010DD789! 3?! 4@0>34G9! ?GG4108D!
234F4D4>A!0/10DD!G?810!7>@!@07F!H43C!3C06!7BB8?B84730F9L!!!!

%)' !

!
&G! 7FF! 3C0! 4>14@0>3D! ?G! D3730! 7A0>19! 80DB?>D0D! >?>0! H7D! 6?80! 80B?830@! 2B?>! ?8!
8?2>@F9! 1?>@06>0@! E9! 1?660>373?8D! 7>@! ?ED08508D! 7F4W0! 3C7>! 3C73! HC41C!
?112880@! 4>! Y4D262Lghj! ! J0DB430! 054@0>10! E04>A! B8?54@0@! E9! 3C0! G?8608! ::&! 3?!
3C0! 1?>38789ghS! 3C0! &):J! Y4D262P! $$:! Y487A2! D3730@! 3C73! 3C0! 54?F0>10! D37834>A!
?>! Qf! J0106E08! QRRS! 1760! 7D! 7! 1?6BF030! D28B84D0! 3?! 3C0! B?F410Lghf! ! &>! 3C4D!
?117D4?>! B?F410! 2D0@! 3078! A7D! 3?! @4DB08D0! 7! F78A0! 18?H@! HC?! C7@! D3?860@! 3C0!
:8?54>147F!<?8WD!&GG410DP!@0D38?94>A!621C!B8?B0839L!

=?H0508! 7G308! 2>D2110DDG2FF9! 73306B34>A! 3?! @4DB08D0! 050>! F78A08! 18?H@D! 3C0!
G?FF?H4>A! @79! 4>! 3C0! B8?10DD! ?G! 6?80! D4A>4G417>3! 713D! ?G! F??34>A! 7>@! B8?B0839!
@0D382134?>P!7!@014D4?>!H7D!37W0>!3?!2D0!F450!7662>434?>Lghe!!*04>G?810@!E9!E?3C!
3C0!I$U!7>@!(@64>4D38734?>!:?F410!]*7B4@!J0BF?960>3!U>43^!G283C08!B?F410!7134?>!
7460@! 73! B8?30134>A! 3C0! )KJ! H7D! 37W0>! ?>! gR! J0106E08L! ! J284>A! 3C73! @79! Qb!
84?308D!H080!DC?3!@07@!E9!B?F410L!

'283C08!54?F0>10!1?>34>20@!3C8?2AC?23!2>34F!078F9!'0E82789!QRRf!7>@!HC0>!3C0!
54?F0>10!G4>7FF9! D2ED4@0@! :?F410!80B?830@!W4FF4>A!7!3?37F!?G!hf!B0?BF0!3C8?2AC!3C0!
2D0! ?G! G480786DL! ! %C4D! G4A280! H7D! 8054D0@! E9! 3C0! C?DB437F! B73C?F?A4D3! HC?D0!
054@0>10!H7D!3C73!3C080!H080!4>!G713!bR!B0?BF0!HC?!@40@!?G!A2>DC?3!H?2>@D!?23!
?G!7!3?37F!?G!bj!E?@40D!0/764>0@L!

%C0! )?664DD4?>! H7D! B8?54@0@! H43C! 786?289! 801?8@D! 80F734>A! 3?! 3C0! 4DD20! ?G!
G480786D! 7>@! 7662>434?>! 3?! B?F410! ?GG4108D! 4>! +97>V7! @284>A! 3C4D! B084?@L! ! (>!
7>7F9D4D! ?G! 3C0D0! 801?8@D! DC?H0@! 3C73! D4A>4G417>3! 76?2>3D! ?G! 7662>434?>! 7>@!
3078! A7D! H080! 0/B0>@0@P! D?60! ?GG4108D! 2D0@! G78! 6?80! 7662>434?>! 3C7>! ?3C08DP!
?>F9! ?>0! D03! ?G! 801?8@D! 801?8@0@! 3C0! 4DD20! 7>@! 2D0! ?G! EF7>WD! ]7F3C?2AC! 3C0D0!
B783412F78! 801?8@D! 7BB0780@! 3?! E0! 7! 80B8?@2134?>! HC080! 7FF! 0>3840D! H080! H84330>!
E9! 3C0! D760! B08D?>^P! 7>@! 4>! 5089! 67>9! 17D0D! 3C080! 4D! >?! 801?8@! 73! 7FF! ?G!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%&(
!I0?02!13!YI!C61=4B![M_!6A5!@PMYI!20J321:!3A!140!QL0=1!3A!V!3L0A=0!
%&,
!MC!-,B!$+!7898:1!@!:8H8!+**)!E!A!=6H026F!
%&)
!MC!-'B!$+!7898:1!+**)!@!:8H8!
%&-
!MC!-'B!$+!7898:1!+**)!@!:8H8B!0.4!K!1!-'7!
%)( !

!
7662>434?>!0/B0>@0@L!!%C0D0!801?8@DP!7>@!?3C08DP!H4FF!G?86!3C0!E7D4D!?G!G283C08!
4>50D34A734?>D!4>3?!3C0!2D0!?G!G?810!E9!$$(DLgbR!

%C0!)?664DD4?>!C078@!G8?6!3C0!-4>4D389!?G!-0@417F!$085410D!3C73!7!3?37F!?G!ddd!
B0?BF0!@40@!4>!+97>V7!@284>A!3C0!:.;!B084?@L!!-7@0!2B!?G!dRd!67F0DP!e!G067F0D!
7>@! ?>0! 2>4@0>34G40@! B08D?>! 3C0! 30FF4>A! G713?8! 4>! 172D0D! ?G! @073C! H080! 3C0! fe!
]fRm^! HC?! @40@! G8?6! A2>DC?3! H?2>@DL! ! #>! 7@@434?>! 7! 3?37F! ?G! Qdh! B0?BF0! H080!
7@64330@!3?!5784?2D!C?DB437FD!3C8?2AC?23!3C0!B8?54>10P!?G!HC?6!hf!C7@!A2>DC?3!
H?2>@DL!

&>0!?G!3C0!B8460!@4GG412F340D!3C0!B?F410!C7@!4>!@0G0>@4>A!3C048!2D0!?G!F03C7F!G?810!
4>! 3C0D0! 148126D37>10D! E01760! 054@0>3! 3C8?2AC! X20D34?>D! 7DW0@! E9! 3C0!
)?664DD4?>08DL! ! #>! 80DB?>D0! 3?! DB014G41! X20D34?>DP! 3C0! &):J! Y4D262! 1F078F9!
D3730@!3C73!2>F0DD!3C080!H7D!7!1F078!7>@!B80D0>3!@7>A08!3?!F4G0!7>@l?8!B8?B0839P!
3C0>!3C0! 2D0! ?G! F03C7F! G?810!H7D! >?3! \2D34G40@gbdL! ! =0! G283C08! 30D34G40@! 3C73! B?F410!
DC?2F@! >?3! 2D0! 3078A7D! ?8! G480786D! HC0>! 1434V0>D! H080! 82>>4>A! 7H79! G8?6! 3C0!
B?F410L!!`V&!<%!,&)(+5:@6!&'4$!.5$%!5*A$!)-'!*=*%!=$!5*A$!*45:$A$(!.5$!&#9$4.:A$!
&?!(:+@$)+:'B!.5$<2a!!

%C4D!E04>A!3C0!17D0!43!4D!@4GG412F3!3?!8734?>7F4D0!3C0!2D0!?G!F450!E2FF03D!]?8!3078!A7D^!
?>!80380734>A!18?H@DL!!!

.54@0>10!G8?6!3C0!B73C?F?A4D3!J8!&@?28gbQ!80507F0@!3C73!?G!3C0!bR!B0?BF0!DC?3!E9!
B?F410! 4>! Y4D262! gR! H080! DC?3! G8?6! E0C4>@! 7>@! 7! G283C08! e! G8?6! 3C0! D4@0L! ! #>!
7@@434?>!g!?G!3C0!@0107D0@!H080!2>@08!3C0!7A0!?G!dh!9078D!]?>0!7!dR!9078!?F@!A48F^!
7>@!g!H080!G067F0L!!&>0!?G!3C0!1C4F@80>P!7!dQ!9078!?F@!E?9P!H7D!DC?3!3H410!4>!3C0!
E71WL!!'283C08!7!hb!9078!?F@!H?67>!H7D!DC?3!7>@!W4FF0@!HC4FD3!4>!C08!C?60!\2D3!
?23D4@0!3C0!)KJL!

%C0! )?664DD4?>! 1?2F@! G4>@! >?! F0A7F! ?8! ?B08734?>7F! E7D4D! G?8! \2D34G94>A! 3C0!
DC??34>A!?G!1454F47>D!G8?6!E0C4>@!73!7>9!3460!A450>!3C0!148126D37>10D!B80D0>30@!
3?! 43L! ! %C0D0! G4A280D! 780! 1?6BF060>30@! E9! ?3C08! H43>0DD0D! HC?! 3?F@! ?G!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%'*
!M3HH!::!3A!6A6L>:!:!!:!=3A16!A05!!A!140!6116=405!6AA0.820!
%'$
!MC!-'B!$+!7898:1!@!:8H8!!
%'+
!MC!-(B!@!:8H8!$+!7898:1!+**)!E<00!M3HH!::!3A!6A6L>:!:!?32!1316L!A8HK02:!3?!#!=1!H:!;43!;020!:431F!
%), !

!
148126D37>10D!4>@41734>A!G283C08!4>@4D18464>730!2D0! ?G!G480786D!E9! 3C0!B?F410!4>!
3086D!?G!B0?BF0!HC?!H080!DC?3!7>@!4>\280@L!

&>0! H43>0DD! -8! I80A?89! +A?1C0gbgP! 7! bg! 9078! ?F@! 5?F2>3008! D?147F! H?8W08! H7D!
D4334>A! 73! C4D! C?60! 4>! Y4D262! 73! 7E?23! e76! ?>! dS! _7>2789! QRRf! H43C! C4D!
6?3C08! 7>@! 1C4F@80>L! ! =0! C078@! DC?234>A! 7>@! D7H! 9?23CD! 3C8?H4>A! D3?>0D! 73!
B?F410L!!%C0!B?F410!H080!2D4>A!E2FF03D!7>@!C0!H7D!C43!E9!HC73!4D!3C?2AC3!3?!E0!7!
D3879!E2FF03!4>!3C0!F?H08! D3?671C! 7>@! C0!H7D!C?DB437F4D0@!G?8! D05087F!@79DL!!=0!
D74@! 3C73! 3C080! H080! E2FF03D! GF94>A! 05089HC080! 7>@! 050>! C4334>A! 3C0! 3800DL! ! -8!
+A?1C0P!HC?!H7D!B787F9D0@!4>!3C0!84AC3!F0A!73!7!9?2>A!7A0P!H7D!6?80!3C7>!QRR!
60380D! G8?6! 3C0! B?F410! HC0>! C0! H7D! C43! 7>@! >?H! D2GG08D! G8?6! D0/27F!
@9DG2>134?>L!!=0!7>@!C4D!G764F9!80674>!G078G2F!F454>A!4>!3C048!>04ACE?28C??@!7D!7!
80D2F3!?G!3C0!B?F410!71345439L!

(! G283C08! H43>0DD! -D! (F410! (340>?gbhP! 7! G?8608! D0128439! ?GG4108! 788450@! C?60! 4>!
-7>97337! .D3730P! Y4D262! 3?H>! 73! 7E?23! jB6! ?>! Qf! J0106E08! QRRS! G8?6! C08!
H?8WL! ! ! =08! D4/! 9078! ?F@! D?>! H7D! BF794>A! ?23D4@0! >078E9! HC0>! DC0! D7H! 9?23CD!
E807W4>A! 4>3?! 7! >078E9! DC?BL! ! &>! C0784>A! A2>G480! DC0! A73C080@! 2B!C08! D?>!7>@!
7D! 3C09! >0780@! 3C048! C?2D0! DC0! H7D! DC?3! 3C8?2AC! 3C0! E71W! ?G! 3C0! C07@L! ! %C0!
H43>0DD! 80A74>0@! 1?>D14?2D>0DD! >078F9! 3H?! H00WD! F7308! 4>! C?DB437FL! ! $C0! 4D!
2>7EF0!3?!073!D?F4@!G??@P!17>>?3!>?H!H?8WP!?8!7GG?8@!3?!B79!G?8!7>!?B08734?>!3C73!
H?2F@!8060@9!621C!?G!C08!@4D7E4F439L!

-8! _?C>! (B49?gbb! 7>! (DW784! G?8! 3C0! Y4D262! -2>414B7F! )?2>14F! 30D34G40@! 3C73!
HC4FD3! H?8W4>A! 73! 3C0! Y4E290! HC?F0D7F0! 678W03! 73! 7E?23! dd76! ?>! j! _7>2789!
QRRf!D?60!B0?BF0!@014@0@!3?!3?81C!7!E24F@4>A!>078!C4D!@239!D3734?>L!!(!F?889!G2FF!
?G!7860@!I$U!?GG4108D!788450@!7>@!3C09!87>!3?H78@D!3C0!D37FF!?H>08D!HC?!H7>30@!
3?!3?81C!3C0!E24F@4>AL!!(D!3C0!I$U!87>!B7D3!C4D!@239!D3734?>!G484>A!3C048!A2>D!3C09!
3?F@!C46!3?P!`f,&+$!.5*.!B*.$!M-:4>,%a!E23!HC4F0!C0!H7D!1?6BF94>A!C0!H7D!DC?3!4>!
3C0! E71W! ?G! 3C0! F0AD! 7>@! C4D! B845730! B783D! H080! @767A0@L! ! =0! H7D! 7@64330@! 3?!
+97>V7!I0>087F!=?DB437FL!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%'%
!MC!$*&B!@!:8H8!$%!7898:1!+**)!
%'&
!MC!$*'B!@!:8H8!$%!7898:1!+**)!
%''
!MC!$*(B!@!:8H8!$%!7898:1!+**)!
%)) !

!
%C0! &):J! ?G! =?67! K79P! _4669! _L! ->0>0!@01F780@! 3C73! 4>! C4D! @454D4?>! 84?34>A!
3??W!BF710!G8?6!Qe3C!J0106E08!QRRS!7>@!F7D30@!7!G0H!@79DLgbj!!=?H0508!@0DB430!
30FF4>A! 3C0! )?664DD4?>! 3C73! C0P! `5*(! .&! )$+.)*:'! <%! &??:4$)+! ?)&<! +5&&.:'B! *.!
@$&@,$2LLa!7>@!`#):$?$(!.5$!+.*??!&'!$*45!&44*+:&'!'&.!.&!-+$!,:A$!*<<-':.:&'6!.&!-+$!
.$*)! B*+Pa! 3C0! ?>F9! g! @073CD! 801?8@0@! 4>! 3C0! 7807! @40@! 7D! 7! 80D2F3! ?G! A2>DC?3!
H?2>@DL! ! =0! 7FD?! 3?F@! 3C0! )?664DD4?>! 3C73! C4D! D37GG! H080! ?>F9! 4DD20@! H43C! F450!
8?2>@D!7>@!>?3!EF7>WD!?8!82EE08!E2FF03DL!

%C0! G?8608! &)$! ?G! 3C0! 1?6E4>0@! -4A?84l*?>A?! B?F410! @454D4?>DP! .@H78@!
-7AC7>A7!-H76E284gbS!3?F@!3C0!)?664DD4?>!3C73!C0!@4@!>?3!7>3414B730!54?F0>10!
?G! 3C0! >73280! 3C73! 2>G?F@0@! 7F3C?2AC! C0! B80B780@! ?GG4108D! 4>! 84?3! 3874>4>A! 7>@!
2D0@!H84330>!6730847FD!4>!3874>4>A!713454340DL!!!

#>! B80B78734?>! C0! @0BF?90@! D37341! A278@D! 73! 5437F! 4>D37FF734?>D! 7>@! C7@! D37>@E9!
84?3! B78340D! 73! 071C! ?G! 3C0! B?F410! D3734?>DL! =0! G283C08! D74@! 4>! 7@@434?>! 3?! 3C0! dd!
1454F47>D! HC?! H080!DC?3! E9! B?F410! @284>A! 3C0! :.;P! 7! bh! 9078! ?F@! (:)! H7D! W4FF0@!
?>! @239! 7>@! G?28! ?3C08D! 4>\280@L! ! #3! 4D! >?3! W>?H>! 4G! B?D3! 6?8306D! H080!
1?>@2130@! ?>! 7FF! 3C0! @0107D0@! 7D! C0! 4>@41730@! 3C73! 6?D3! ?G! 3C0! E?@40D! H080!
1?FF0130@!G8?6!3C0!6?8327840D!7>@!E2840@!H43C?23!3C0!W>?HF0@A0!?G!3C0!:?F410L!

%C0!)?664DD4?>!G?2>@!3C73!<0D308>!:8?54>10!H7D!548327FF9!G?8A?330>!4>!3086D!?G!
Y0>97>D[! 2>@08D37>@4>A! ?G! 3C0! F050F! ?G! 54?F0>10! 3C73! ?112880@L! ! (F3C?2AC! 3C080!
H080!>?!80B?83D!?G!87B0P!D?@?69!?8!G?810@!14812614D4?>!G8?6!3C0!C07F3C!G714F4340DP!
7807D! 3C73! E?80! 3C0! E82>3! ?G! 3C0! 54?F0>10! 4>1F2@0@! -2647DP! ;4C4A7P! Y7W760A7!
7>@!<0E290L!!%C0!)?664DD4?>!F078>0@!3C73!>?!DB014G41!4>50D34A734?>D!C7@!E00>!
1?660>10@!4>3?!B?F410!7134?>L!

.50>3D!2>G?F@4>A!4>!7>@!78?2>@!3C0!A0>087F!0F0134?>D!?G!QRRS!D7H!3C0!67\?8439!?G!
17D27F340D!172D0@!E9!3C0! :?F410L!!<43C! :.;!D37834>A!4>!-2647D!J4D38413!?>!QS3C!
J0106E08!QRRS!12F64>734>A!4>!"2A784!J454D4?>!?>!gdD3!_7>2789!QRRf!7!3?37F!?G!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%'(
!MC!-%B!$$!7898:1!61!@!:8H8!
%',
!MC!-&B!$$!7898:1!61!@!:8H8!
%)- !

!
ef!B0?BF0!F?D3!3C048!F450D!H43C!7!G283C08!dQe!B0?BF0!E04>A!380730@!4>!C?DB437FD!7>@!
60@417F!10>380DL!

&G!3C?D0!HC?!H080!W4FF0@!>?!F0DD!3C7>!3C800!X278308D!]Sh^!H080!G?2>@!3?!C750!@40@!
7D! 7! 80D2F3! ?G! A2>DC?3! H?2>@DL! ! J8! &>2@4P! J0B239! J48013?8! ?G! -0@417F! D085410D!
7>@! :8?54>147F! -0@417F! &GG4108P! <0D308>! :8?54>10! B8?54@0@! @737! DC?H4>A! 3C73! 4>!
D?60!G714F4340DP!3C0!@07@!H080!7F6?D3!0/1F2D450F9!3C0!80D2F3!?G!A2>DC?3DLgbf!

#>!Y7W760A7!Qj!?G!gdP!-2647D!7FF!dd!?G!dQP!K2D47!f!?G!eP!K2>A?67!7FF!SP!;4C4A7!
db! ?G! df! @073CD! ?112880@! 7D! 7! 80D2F3! ?G! A2>DC?3DL! ! &>F9! 3C0! <0E290! @4D38413!
C?DB437F!80B?830@!7!@4GG080>3!80D2F3!H43C!S!?G!Qd!@073CD!@20!3?!3C4D!172D0L!

#>! 7@@434?>! 67>9! 541346D! ?G! A2>DC?3D! H080! 380730@! 4>! 60@417F! G714F4340DL! ! %C0!
B73308>! ?G! 4>\2840D! 7>@! 3C048! 172D0D! H080! D464F78! 4>! 3C73! 548327FF9! 7FF! 4>\2840D! 4>!
Y7W760A7P!-2647D!7>@!;4C4A7!H080!172D0@!E9!A2>DC?3DL!!

<C4FD3! 3C0D0! B?D3! 6?8306! 80D2F3D! H080! >?3! 0/764>0@! E9! )?664DD4?>!
4>50D34A73?8D! 3?! @030864>0! C?H! 3C0D0! 541346D! H080! DC?3! 43! 4D! 4>1?>10457EF0! 3C73!
3C080!H?2F@!E0!D2GG4140>3!\2D34G41734?>!G?8!B?F410!3?!DC??3!@07@!D?!67>9!B0?BF0L!

%C0!)?664DD4?>!8010450@!7AA80A730@!@737!G8?6!3C0!:$!?G!3C0!-4>4D389!?G!-0@417F!
$085410DP!J8L!=0V8?>!&L!+97>A43?!4>!64@!(2A2D3!QRRfL!!=0!D3730@!3C73!4>!3C0!*4G3!
;7FF09! 7! 3?37F! ?G! SSegbe! B0?BF0! @40@! ?G! HC41C! dSR! H080! 7D! 7! 80D2F3! ?G! A2>DC?3!
H?2>@DL!!%C0!A2>DC?3!@073CD!76?2>30@!3?!7!D37AA084>A!gdm!?G!3C0!3?37F!@073CD!
3C73! ?112880@! 7>@! 7! 1780G2F! 7>7F9D4D! ?G! 3C0! 67>>08! 4>! HC41C! 3C0D0! B0?BF0! @40@!
>00@D! 3?! E0! 2>@0837W0>L! ! %C0! 80B?83! 7FD?! 4>@41730@! 3C73! `.5$! ,$*(:'B! 4*-+$+! &?!
:'9-)%m! 7! =$)$! B-'+5&.+2LLa! ! #>! 3C0! *4G3! ;7FF09! 3C4D! 76?2>30@! 3?! dfe! ?G! 7! 3?37F! ?G!
dgQh! T! D?60! dhLgmL! ! (! 1F?D08! 7>7F9D4D! ?G! 3C?D0! 7@64330@! 7>@l?8! 380730@! 73!
60@417F! G714F4340D! 7FD?! >00@D! 3?! E0! 2>@0837W0>! D?! 3C73! 7! 1?6BF030! B413280! ?G!
DC??34>A!541346D!4D!G?83C1?64>AL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%')
!MC!))B!@!:8H8!$$!7898:1!+**)!
%'-
![1!!:!!A1020:1!A9!13!A310!1461!3?!140:0!&+!20H6!A!8A!50A1!?!05"!![A!?6=1!M3HH!::!3A!6A6L>:!:!!A5!=610:!1461!6!1316L!3?!
$$-!K35!0:!20H6!A!8A!50A1!?!05!6A5!14!:!H6>!6==38A1!?32!:3H0!3?!140!8A:8K:16A1!6105!28H382:!3?!H6A>!J03JL0!K0!A9!
8A6==38A105!?32"!
%-* !

!
#3! 4D! 1F078! 3C73! >?3! 7FF! @073CD! 7>@! 4>\289! B73308>D! H080! 3C0! D760! 718?DD! 3C0!
:8?54>10L! ! '?8! 0/76BF0! 4>! %87>D! +V?47! <0D3l.7D3P! J8! :Y! %??PgjR! 3C0! J4D38413!
-0@417F! &GG4108! ?G! =07F3C! %87>D! +V?47! <0D3! J4D38413! A750! 054@0>10! 3?! 3C0! 0GG013!
3C73!7!3?37F!?G!dRb!B0?BF0!H080!W4FF0@!4>!3C0!3H?!@4D38413DL!!&G!3C0D0!7!3?37F!?G!fg!
@40@!?G!A2>DC?3!H?2>@D!T!7F6?D3!fRmL!!<C4FD3!3C0D0!541346D!H080!F?1730@!7FF!?508!
3C0! 7807! D?60! BF710D! D2GG080@! 621C! 6?80! 3C7>! ?3C08D! 4>1F2@4>Ac! -732>@7P!
)C087>A7>9P!I43H76E7P!Y7F77!7>@!-2>97W7L!!

(D! H43C! ?3C08! 7807D! HC080! 67>9! B0?BF0! H080! DC?3! 3?! @073CP! 1F?D08! 7>@! 6?80!
0/C72D3450!4>50D34A734?>D!780!80X2480@!3?!@030864>0!3C0!807D?>!7>@!0D37EF4DC!3C0!
?B08734?>7F! 234F439! ?G! DC??34>A! 541346D! E9! B?F410! 7>@l?8! 12FB7E4F439! HC080! 3C4D! 4D!
0D37EF4DC0@!E9!3C0!G713DL!

.F@?803! H7D! 7FD?! 3C0! D430! ?G! 3C0! :?F410! I$U! 7134?>! 73! 3C0! -?4! %071C4>A! 7>@!
*0G0887F! =?DB437F! 3C73! 80D2F30@! 4>! 4>\2840D! 3?! D?60! C?DB437F! 06BF?900D! 7>@!
60@417F! D37GGL! %C4D! 4FF2D38730D! 3C0! H79! 4>! HC41C! B?F410! 2D0@! 4>@4D18464>730! 7>@!
0/10DD450!G?810!7A74>D3!4>>?10>3!1434V0>DL!'8?6!3C0!054@0>10!?G!3C0!)C40G!$0128439!
&GG4108! 7>@! ?>0! ?G! C4D! D0128439! D2B0854D?8Dgjd! 43! H7D! 80B?830@! 3C73! 3C0! B?F410!
HC080! r1C7D4>A[! 7! A7>A! ?G! 9?23C! 3C8?2AC! 3C0! D38003D! HC?! C07@0@! 4>! 3C0! A0>087F!
@480134?>!?G!3C0!C?DB437FL!J0DB430!7DD287>10D!E9!C?DB437F!D0128439!D37GG!3C73!>?>0!
?G! 3C0! 9?23CD! C7@! 0>3080@! 3C0! 1?6B?2>@P! B?F410! 80D?830@! 3?! 3C0! 2D0! ?G! F450!
8?2>@D! 7>@! 3078! A7D! 4>! HC73! H7D! 7! C0754F9! B?B2F730@! ?B08734?>7F! C?DB437F!
0>548?>60>3L! %C4D! 76?2>30@! 3?! 7! D084?2D! 17D0! ?G! 80DB?>@4>A! @7>A08?2DF9!
H43C?23! D2GG4140>3! 1?>D4@08734?>! G?8! 3C0! D7G039! ?G! C?DB437F! D37GGP! B7340>3D! 7>@!
?3C08D!4>!3C0!4660@4730!7807L!!!!

%C0! 54?F0>10! 4>! 3C0! )?7D3! 082B30@! ?>! 3C0! 050>4>A! ?G! gR3C! J0106E08! QRRS! 7>@!
1?>34>20@! 2>34F! 3C0! d! _7>2789! QRRfL! ! J284>A! 3C4D! 3460! b! B0?BF0! H080! DC?3! 7>@!
W4FF0@L! ! <C4FD3! 3C080! 4D! D?60! @4DB230! HC03C08! 3C0! B?F410! W4FF0@! 7FF! b! ?8! \2D3! h!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%(*
!MC!(&B!'!7898:1!+**)!QL53201!!
%($
!MC!(-!6A5!MC!,*B!*(!7898:1!QL53201!

%-$ !

!
1434V0>D! )?664DD4?>! 4>50D34A734?>D! >05083C0F0DD! 2>1?5080@! D?60! @4D328E4>A!
054@0>10L!

J8L!(>@08D?>!Y7C4>@4P!:8?54>147F!J48013?8!?G!:2EF41!=07F3C!7>@!J0B239!J48013?8!
?G! -0@417F! $085410Dl)?7D3P! B8?@210@! 054@0>10! 3?! 3C0! 0GG013! 3C73! ?23! ?G! 3C0! b!
B0?BF0! DC?3! @07@! @284>A! 3C4D! B084?@! G?28P! 4>1F2@4>A! 7! H?67>P! H080! DC?3! 4>! 3C0!
E71WL!!#>!7@@434?>!3?!3C4D!4>G?86734?>!C0!7FD?!30>@080@!054@0>10!3?!3C0!0GG013!3C73!
?G! 3C0! QQ! B7340>3D! 7@64330@! 3?! C?DB437F! @284>A! 3C0! B084?@! HC080! :.;! H7D!
?112884>AP!dQ!D2GG080@!A2>DC?3!H?2>@DLgjQ!

%C0! )?664DD4?>! C078@! G8?6! 3C0! B?F410! 3C73! 4>! 80DB013! ?G! 3C0D0! 17D27F340DP!
4>X20D3!G4F0D!H080!?B0>0@!4>!80DB013!?G!3C0!G450!@073CDP!7D!H0FF!7D!QR!?3C08DP!E23!
3C080!4D!>?!7BB780>3!G?FF?H!2B!7134?>!E04>A!37W0>!4>!80DB013!?G!3C?D0!H?2>@0@!E9!
A2>DC?3DL!

%C0! )?664DD4?>! C078@! G8?6! 3H?! G283C08! H43>0DD0D! 4>! 80DB013! ?G! 3C0! DC??34>ADL!!
%C0!G48D3P!bj!9078!?F@!*?D0!I73C?>4!-73C0>A0!3?F@!3C0!)?664DD4?>!3C73!7G308!3C0!
0F0134?>! 80D2F3D! H080! 7>>?2>10@! ?>! gR! J0106E08! QRRS! DC0! 7>@! C08! C2DE7>@!
H080! 73! C?60! HC0>! 3C09! D7H! B0?BF0! B7DD4>A! >078E9! H43C! F??30@! A??@DL! ! =08!
C2DE7>@!F0G3!3C0!C?2D0!73!7E?23!fB6!7>@!HC0>!DC0!1?2F@!>?3!874D0!C46!?>!3C0!
6?E4F0!BC?>0!7!DC?83!3460!F7308!H0>3!?23!3?!F??W!G?8!C46L!!$?60?>0!7>DH080@!C4D!
BC?>0!HC0>!DC0!17FF0@!D794>A!C0!C7@!E00>!DC?3!E9!3C0!B?F410L!!=0!H7D!F94>A!@07@!
7!DC?83!@4D37>10!7H79!H43C!E2FF03!H?2>@DLgjg!!%C0!H43>0DD!3?F@!3C0!)?664DD4?>!
3C73P! `V&! &'$! $,+$! =*+! +5&.! (-):'B! .5*.! @$):&(Pa! 7>@! `C5$! F&,:4$! *(<:..$(! ,*.$)!
.5*.!.5$%!+5&.!5:<!*+!5$!=*+!,&&.:'BLagjh!!$C0!D74@!3C73!3C4D!H?2F@!>?3!E0!B?DD4EF0!
@20!3?!3C0!DC?83!3460!C0!H7D!7H79!7>@!3C080!H7D!>?!054@0>10!?G!F??34>A!>078!3C0!
E?@9L!

%C0!D01?>@!H43>0DDP!(F4D3748!-D2D7!-E?30F7gjbP!3?F@!3C0!)?664DD4?>!3C73!C0!H7D!
73! C?60! H43C! C4D! H4G0! 7>@! 3H?! 1C4F@80>! ?>! 3C0! >4AC3! ?G! gd! J0106E08! QRRSL!!
=0784>A!B0?BF0!67W4>A!7!1?66?34?>P!C0!7>@!C4D!H4G0!H0>3!3?!3C048!G0>10!7>@!D7H!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%(+
!MC!$&%B!*$!<0J10HK02!+**)!T3HK6:6!!
%(%
!<46K6A!Z6A3L!T;6A9!!ET3:0:F!5!05!6:!6!20:8L1!3?!6!98A:431!;38A5!13!140!K6=X!ERT!0.6H!A61!3AF!
%(&
!MC!$&,B!*+!<0J10HK02!+**)!T3HK6:6!
%('
!MC!$&)B!*+!<0J10HK02!+**)!T3HK6:6!
%-+ !

!
B0?BF0!82>>4>A!7H79!G8?6!-F7!"0?!H43C!F??30@!4306DL!!%C09!H080!82>>4>A!4>!3C0!
@480134?>! ?G! C4D! C?2D0! 7>@! 7H79! G8?6! 3C0! B?F410! D?! 3C09! 328>0@! 3?! A?! E71W! 4>3?!
3C0!C?2D0L!!=0!G283C08!D74@P!`<0!C078@!7!A2>DC?3!7>@!7D!H0!328>0@!3?!A?!3?!3C0!
674>!@??8!?G!?28!C?2D0!69!H4G0!D74@!3C73!DC0!C7@!E00>!C283!7>@!DC0!3C0>!3??W!
3H?! D30BD! 7>@! G0FF! ?>! 3C0! GF??8! 7D! #! H7D!C?F@4>A! C08L! ! #! D7H! EF??@! ?>! 69! C7>@D!
7>@! D37830@! 17FF4>A! G?8! C0FBLa! ! `<0! 3??W! C08! 3?! _?1C76! =?DB437F! E23! DC0! H7D!
B8?>?2>10@!@07@!?>!788457FLagjj!!!

%C0! H43>0DD! 80B?830@! 3C0! 673308! 3?! 3C0! B?F410! 7>@! 67@0! D05087F! G?FF?H! 2B!
0>X24840DL! ! =0! 3?F@! 3C0! )?664DD4?>P! `%C0! 733432@0! ?G! 3C0! :?F410! C7D! E00>! 6?D3!
@4D380DD4>AL! ! %C080! C7D! E00>! F433F0! ?8! >?! B8?A80DD! 4>! 3C0! 73306B3! 3?! 4@0>34G9! 69!
H4G0[D!W4FF08!7>@!E84>A!3C06!3?!E??WLa!

:?F410!7134?>D!4>!80DB013!?G!3C0!2D0!?G!F03C7F!G?810!4>!-?6E7D7!80BF41730!3C?D0!4>!
?3C08! B783D! ?G! 3C0! 1?2>389L! ! $464F784340D! 4>1F2@4>A! 541346D! DC?3! G8?6! E0C4>@P!
541346D! DC?3! HC4FD3! 4>! 7>@! 78?2>@! 3C048! ?H>! C?60D! 7>@! 3C0! 8734?>7F0! G?8! 2D4>A!
F03C7F!G?810!73!7FF!4>!3C0!148126D37>10D!80X2480!7!1F?D0!7>@!3C?8?2AC!4>50D34A734?>!
E9!DB0147F4D3D!HC?!780!4>@0B0>@0>3!?G!3C0!B?F410L!!

#>!+748?E4!3C0!)?664DD4?>!F078>0@!3C73!3C080!H080!7!3?37F!?G!dQb!HC?!F?D3!3C048!
F450D!@284>A!3C0!1F7DC0D!Qg!?G!HC?6!@40@!G8?6!A2>DC?3!H?2>@DL!!(!G283C08!ghQ!
541346D!H080!7@64330@!3?!C?DB437F!@284>A!3C0!B084?@P!jd!H43C!A2>DC?3!H?2>@DLgjS!

#>! 7@@434?>! 67>9! @0>4A8730@! 3C0! 7BB780>3! C0759! C7>@0@! 7BB8?71C! 3C0! :?F410!
3??W! 3?! @07F4>A! H43C! @06?>D38734?>D! 7>@! HC73! 3C0! B?F410! 17FF0@! 84?3DP! 0DB0147FF9!
4>!3C0!4>G?867F!C?2D4>A!7807D!]DF26D^!D21C!7D!Y4E087!7>@!-73C780Lgjf!

)?664DD4?>! 4>50D34A734?>D! 4@0>34G40@! 3C0! 0/30>D450! 2D0! ?G! 3078! A7D! 7>@! G480786D!
4>!D2BB?83!?G!HC73!7BB0780@!3?!E0!7!371341!3?!W00B!1434V0>D!4>D4@0!3C0D0!4>G?867F!
D033F060>3!7807DL!!#3!7FD?!D0850@!3?!0>D280!3C73!3C080!H080!>?!@06?>D38734?>D!?G!
7>9!W4>@!067>734>A!G8?6!3C0D0!7>@!?3C08!7807D!4>!7>@!78?2>@!+748?E4L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%((
!T2:!Q#6L!A0!/8K!6!5!05!6:!6!20:8L1!3?!6!98A:431!;38A5!13!140!K6=X!ERT!0.6H!A61!3AF!
%(,
!M3HH!::!3A!6A6L>:!:!3?!5616!20=0!#05!
%()
!R23?!7A>6A9!P>3A9`3!MC!$%)!eST!J20:0A161!3A!13!140!M3HH!::!3AB!+,!7898:1!+**)!P6!23K!B!6A5!!S2!cL320A=0!
Z63X3!MC!$+'!@PMYI!J20:0A161!3A!13!140!M3HH!::!3A!$-!7898:1!+**)!
%-% !

!
!

,?61E45B84561!)8C8F5G54:!
%C0! )?664DD4?>! H7D! B783412F78F9! @4D7BB?4>30@! H43C! 3C0! F71W! ?G! 4>50D34A73450!
H?8W! E9! 3C0! B?F410! 050>! HC0>! B8?54@0@! H43C! D38?>A! 054@0>10! 4@0>34G94>A!
?GG0>@08DL!!<43>0DD0D!3?F@!3C0!)?664DD4?>!3C73P!`67>9!]1?6BF74>7>3D^!4@0>34G40@!
3C0! F??308D! E9! >760! 7>@! 7@@80DD! 7>@! A750! @0G4>43450! 4>G?86734?>! 3?! 3C0! B?F410!
7E?23! 3C0! HC0807E?23D! ?G! 3C048! B8?B0839L! ! #>! D?60! 17D0D! B?F410! \2D3! 3?F@!
1?6BF74>7>3D! 3C73! 3C09! DC?2F@! E0! A8730G2F! 3C73! 3C09! 780! 7F450! 7>@! G?8A03! HC73!
C7BB0>0@Lagje!

%C0D0!D0>3460>3D!H080!80B0730@!3?!3C0!)?664DD4?>!7>@!43D!4>50D34A73?8D!7FF!?508!
3C0!1?2>389L!!!

.50>!4>!7110B34>A!3C0!B80DD280D!G714>A!3C0!:?F410!@284>A!3C4D!B084?@P!3C0!X27F439!
?G! 4>50D34A73450! H?8W! 7D! H0FF! 7D! 3C0! X27>3439! ?G! 43! F0G3! 621C! 3?! E0! @0D480@L! ! %C0!
)?664DD4?>! C078@! ?>! 7! >26E08! ?G! ?117D4?>D! 3C73! >?! 4>50D34A734?>! H?2F@! E0!
2>@0837W0>!2>F0DD!3C080!H7D!7!1?6BF74>3L!!%C4D!4D!B783412F78F9!3820!4>!80F734?>!3?!
B8?B0839!?GG0>10D!7>@!@073CD!E9!DC??34>AL!!.50>!HC080!3C080!H7D!1F078!054@0>10!
3C73! 7! D084?2D! 18460! C7@! 37W0>! BF710! ]7D! 4>! 3C0! 17D0! ?G! 7! E24F@4>A! E04>A! E28>3!
@?H>^!?8!HC080!3C0!148126D37>10D!@067>@!7!X27F439!4>50D34A73450!0GG?83!]7D!4>!3C0!
17D0!?G!7!1C4F@!E04>A!DC?3!3H410!4>!3C0!E71W^!F433F0!?8!>?!G?FF?H!2B!H7D!054@0>3L!

(>! 0/764>734?>! ?G! D?60! 4>X20D3! G4F0D! 80507F0@! 3C73! 73! E0D3! 7! D2B08G4147F!
4>50D34A73450! 0GG?83! H7D! 2>@0837W0>LgSR! ! $37>@78@! 4>50D34A73450! H?8W! D21C! 7D! 7!
3460F9!D10>0!0/764>734?>P!A73C084>A!7>@!D2E64334>A!054@0>10!D01280@!@284>A!3C0!
0/764>734?>P! 4>308540H4>A! B?30>347F! H43>0DD0D! G8?6! 3C0! 7807! 7>@! B28D24>A! F4>0D!
?G! 4>X2489! 3?! 4@0>34G9! D?60! ?G! 3C0! F4W0F9! D2DB013D! ]67872@4>A! 9?23C^! H080! >?3!
1?6BF030@LgSd!!&>!73!F07D3!?>0!?117D4?>!3C0!4>50D34A734?>!G4F0!H7D!80328>0@!3?!3C0!
B?F410!G8?6!3C0!?GG410!?G!3C0!J::!G?8!G283C08!H?8W!3?!E0!1?6BF030@L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%(-
!MC$'*!m!MC$'$!40625!K>!140!M3HH!::!3A!]!A!=6H026^!+!<0J10HK02B!T3HK6:6!
%,*
![A\80:1!?!L0:!?32!P6!#6:46!!
%,$
!Q#!50A=0!961402!A9!;6:!=3HJL0105!H6A>!56>:!6?102!140!0#0A1!

%-& !

!
&3C08! 0/76BF0D! @06?>D38734>A! 3C0! >00@! 3?! D380>A3C0>! 4>50D34A734?>D! H?8W!H080!
B8?54@0@!E9!541346D!3C06D0F50DL!!%C0!3H?!17D0!D32@40D!80B?830@!4>!7BB0>@410D!`)a!
7>@!`Ja!1F078F9!4>@41730!80F2137>10!3?!G?FF?HO2B!?>!C4AC!F050F!18464>7F!?GG0>@4>A!
3?!3C0!D37>@78@!0/B0130@!?G!7!G2>134?>4>A!B?F410!7A0>19L!

%C0! )?664DD4?>! 7FD?! F078>0@! 3C73! 3C0! 4>50D34A734?>! G4F0D! 80F734>A! 3?! C?6414@0D!
@?2EF0! 7D! 7>! 4>X20D3! G4F0L! ! %C080! 4D! >?!D0B78734?>! ?G! 8?F0! 7>@! 711?2>37E4F439! G?8!
@07F4>A!H43C!HC73!780!X2430!@4GG080>3!7DB013D!?G!3C0D0!4>14@0>3DL!!#>!@07F4>A!H43C!
7887>A060>3D! 80F734>A! 3?! 3C0! 71327F! @073C! 7D! H0FF! 7D! 7! C4AC! F050F! 4>50D34A734?>!
7>@!3C0!>00@!3?!H?8W!1F?D0F9!H43C!3C0!J::!4>!0D37EF4DC4>A!054@0>347F!3C80DC?F@DP!
3C0!:?F410!C750!G?2>@!3C06D0F50D!67>7A4>A!7!1C7FF0>A4>A!0>548?>60>3!3C73!679!
H0FF!C750!3C0!0GG013!?G!@0387134>A!G8?6!3C048!674>!G?12DL!

$?60! ?G! 3C0! 4DD20D! 80F734>A! 3?! 4>50D34A73450! 17B7E4F439! H080! C4ACF4AC30@! E9! 3C0!
(33?8>09! I0>087FP! -8! (6?D! <7W?gSQ! HC?! 30D34G40@! 3C73P! "_'! NH+.! Y-'$! N11b6! 3!
*@@&:'.$(!*!9&:'.!.$*<!&?!+$':&)!&??:4$)+!?)&<!.5$!($@*).<$'.!&?!F-#,:4!F)&+$4-.:&'+!
:'!.5$!U.*.$!E*=!_??:4$!*'(!.5$!F&,:4$!Q$@*).<$'.!.&!)$A:$=!*,,!4*+$+!&'!*!4*+$!#%!
4*+$! #*+:+! )$,*.$(! .&! @&+.7$,$4.:&'! A:&,$'4$! :'4,-(:'B! .5$! ?&,,&=:'B! 4*.$B&):$+m!!
f*+$+! &?! @$)+&'+! 45*)B$(! *'(! *)$! :'! )$<*'(m! 4*+$+! &?! @$)+&'+! 45*)B$(! #-.! *)$!
&-.! &'! #*:,6! 4*+$+! @$'(:'B! *))$+.! &?! >'&='! @$)+&'+6! 4*+$+! &?! @$)+&'+! :'! @&,:4$!
4-+.&(%! #-.! *)$! '&.! %$.! 45*)B$(2! ! C5$! 9&:'.! .$*<! :+! .&! ($.$)<:'$! *'(! <*>$!
)$4&<<$'(*.:&'+! .&! .5$! I..&)'$%! c$'$)*,! .5)&-B5! .5$! Q:)$4.&)! &?! F-#,:4!
F)&+$4-.:&'+! &'! .5$! #*+:+! &?! +-??:4:$'4%! &?! $A:($'4$! =5$.5$)! .5$! 4*+$! +5&-,(!
@)&4$$(! .&! ?-,,! .):*,6! #$! =:.5()*='! &)! &.5$)=:+$! .$)<:'*.$(2! C5$! .$*<! :+! %$.! .&!
4&<@,$.$!:.+!.*+>2/!

%C0! )?664DD4?>! C7D! D4>10! >?30@! 80B?83D! 4>! 3C0! 60@47! 3C73! D?60! 7FF0A0@!
?GG0>@08D!H080!80F07D0@!7D!7!80D2F3!?G!3C4D!0/764>734?>!7>@!@480134?>L!

%C0! (33?8>09! I0>087F! 7FD?! 7FF2@0@! 3?! D?60! 4DD20D! G714>A! 4>50D34A73?8D! 3C73!
6434A730!X27F439!4>50D34A73450!H?8WL!!=0!D74@!4>!80F734?>!3?!3C0!:.;P!`;&+.!&?! .5$!
=&-,(7#$!=:.'$++$+!=$)$!(:+@,*4$(!?&,,&=:'B!.5$!A:&,$'4$!*'(!4&-,(!'&.!#$!$*+:,%!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%,+
!MC!$%&B!+'!7898:1!P6!23K!!!

%-' !

!
,&4*.$(! ?&)! )$4&)(:'B! &?! .5$:)! +.*.$<$'.+! d*'(! .5*.e! +&<$! &?! .5&+$! ,&4*.$(! 5*A$!
#$$'! )$,-4.*'.! .&! )$4&)(! +.*.$<$'.+6! )$,-4.*'.! .&! @*).:4:@*.$! :'! :($'.:?:4*.:&'!
@*)*($+6!-'=:,,:'B!.&!*@@$*)!:'!4&-).!*'(!B:A$!$A:($'4$!?&)!?$*)!&?!)$@):+*,+La!!!!

*0F734>A!3?!4>50D34A734?>D!4>3?!7!G?8608!)?664DD4?>[D!801?660>@734?>DgSg!
C0! 1?660>30@! 3C73! 3C080! H080P! A0>24>0! @4GG412F340D! 4>! 4>50D34A734>A! 7>@!
A0334>A!H43>0DD0D!E0172D0!?G!3C048!G078!?G!80B84D7FD!H43C4>!3C0!1?>30/3!?G!3C0!
03C>41! 1F7DC0DP! 7! F71W! ?G! 17B71439! 7>@! 80D?2810D! ?>! 3C0! B783! ?G! 3C0!
4>50D34A734>A! 723C?84340D! 7>@! D0FG! 10>D?8DC4BD! ?8! G078! ?>! 3C0! B783! ?G! 3C0!
4>50D34A73?8D!HC?!780!D2D10B34EF0!3?!B80DD280!7>@!67>4B2F734?>L!

%C0D0!4DD20D!H080!7FD?!874D0@! 4>@0B0>@0>3F9!E9!3H?!?3C08!D0>4?8!B2EF41!?GG4147FD!
0DB0147FF9! 4>! 80DB013! ?G! 4>50D34A734>A! 4>@454@27FD! HC?! 1?2F@! 4>GF20>10! 7>!
4>50D34A73?8[D!H?8W!B8?DB013D!?8!B?D0!7!B08D?>7F!3C8073LgSh!

%C0! (33?8>09! I0>087F! 7FD?! 3?F@! 3C0! )?664DD4?>P! `I+! &?! '&=! =$! *)$! *=*:.:'B!
:'A$+.:B*.:&'+2!I+!&?!'&=!=$!*)$!*=*:.:'B!.5$!)$+-,.+!&?!.5$!f&<<:++:&'!&?!3'M-:)%!
:'.&! *,,! .5$+$! :++-$+! #$4*-+$! :.! 4&<$+! =:.5:'! .5$! <*'(*.$! &?! .5:+! f&<<:++:&'! &?!
3'M-:)%! .&! :($'.:?%! .5$! @$)@$.)*.&)+2! a-.! =5*.! %&-! 4*'! )$+.! *++-)$(! .5*.! *+! .5$!
I..&)'$%!c$'$)*,!=$!+5*,,!.*>$!.5$!)$4&<<$'(*.:&'+!&?!.5:+!f&<<:++:&'!&?!3'M-:)%!
.&B$.5$)! =:.5! *'%! &.5$)! :'A$+.:B*.:&'+! .5*.! 5*A$! #$$'! 4*)):$(! &-.! A$)%! +$):&-+,%!
*'(! :?6! <%! @&+:.:&'! :+! .5*.! :?! .5$! &??$'4$+! *)$! (:+4,&+$(! *B*:'+.! *'%! @$)+&'6! 3j,,!
@)&+$4-.$2/!!

)9575?8G!)@?A324!^F:!C@G521_!5?2G3A5?B!X5GG5?BE!8?A!+J$<!

#>! 7@@434?>! 3?! 3C0! 4>D37>10D! ?G! 0/10DD450! G?810! 2D0@! E9! 3C0! :?F410P! 3C080! H7D!
180@4EF0!054@0>10!?G!18464>7F!E0C754?28L!!#>D37>10D!87>A0@!G8?6!628@08!3?!A7>A!
87B0!7>@!F??34>AL!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%,% :1
!I0J321!3?!140!Z85!=!6L!M3HH!::!3A!7JJ3!A105!13![A\8!20!!A13!G2!K6L!ML6:40:!!A!@0A>6!%$ !Z8L>B!$---!EG40!7X!;8H!!
20J321F!
%,&
!MC!$%&!6A5!MC!)*!ED314!40625!!A!=6H026F!
%-( !

!
)?664DD4?>! 4>50D34A73?8D! ?E374>0@! 4>G?86734?>! 3C73! ?>0! B?F410! ?GG4108! ]G8?6! 3C0!
*4G3! ;7FF09! :8?54>10^! H7D! 80DB?>D4EF0! G?8! G737FF9! DC??34>A! 1434V0>DP! D74@! 3?! E0! 73!
F07D3!G450!7>@!B?DD4EF9!6?80P!@284>A!3C0!2>80D3!G?FF?H4>A!3C0!0F0134?>!73!3C0!0>@!
?G! QRRSLgSb! ! '283C08! 4>G?86734?>! H7D! 8010450@! E9! 3C0! )?664DD4?>! 3?! 3C0! 0GG013!
3C73! 7>?3C08! 4>>?10>3! 1434V0>! H7D! DC?3! 4>! 3C0! E71W! 7>@! 4D! >?H! B787F9D0@! 7D! 7!
80D2F3L!!'?FF?H4>A!4>G?86734?>!8010450@!G8?6!r-[!7E?50!4>50D34A73?8D!DB?W0!3?!?>0!
?G! 3C0! 541346D! HC?! 1?>G4860@! 3C0! 4>G?86734?>! ?23F4>0@LgSj! ! ! %0D346?>9! 7FD?! H7D!
8010450@! E9! 3C0! )?664DD4?>! 4>! 80F734?>! 3?! 3C4D! 050>3! G8?6! :8?G0DD?8! (>97>A[!
+9?>A[?LgSS!!

$464F78! 4>G?86734?>! H7D! ?E374>0@! E9! )?664DD4?>! 4>50D34A73?8D! 80F734>A! 3?! 7>!
(@64>4D38734?>! :?F410! ?GG4108! 4>! +748?E4L! ! %C4D! ?GG4108P! HC?! 4D! W>?H>! 3?! 67>9!
H43>0DD0DP! 7FF0A0@F9! DC?3! 7! >26E08! ?G! 1434V0>D! ?>! gR3C! 7>@! gdD3! J0106E08! QRRS!
67>9!?G!HC?6!H080!W4FF0@L!!-?80!0/76BF0D!H080!80F730@!3?!4>50D34A73?8DL!

#>!3C0!1?28D0!?G!4>50D34A734?>DP!7FF0A734?>D!H080!C078@!3C73!:?F410!1?664330@!713D!
?G! D0/27F! 54?F0>10L! ! %C0! )?664DD4?>[D! 4>50D34A73?8D! 4>308540H0@! 04AC3! H?60>!
HC?D0!054@0>10!H7D!3C73!3C09!H080!87B0@!E9!:?F410gSfL!!<43C!?>0!0/10B34?>P!3C0D0!
H080!A7>A!87B0DP!H43C!H?60>!D794>A!3C09!H080!87B0@!E9!2B!3?!D050>!60>L!!#>!3C0!
?>0! 4>D37>10! HC080! 7! 541346! H7D! 87B0@! E9! ?>F9! ?>0! ?GG4108P! 3C080! H7D! 7! D01?>@!
?GG4108!B80D0>3L!!!

&G! 3C0! 04AC3! H?60>P! G450! H080! 73371W0@! 4>! 3C048! C?60DP! 3H?! H43C4>! 3C048!
>04ACE?28C??@D!?8!F?17F!0>548?>D!7>@!?>0!HC4FD3!4>!GF4AC3!G8?6!3C0!54?F0>10L!!%C0!
H?60>! DB?W0>! 3?! H080! 73371W0@! 4>! +748?E4P! .F@?803! 7>@! Y4D262L! ! &GG4108D!H080!
5784?2DF9!@0D184E0@!7D!E04>A!I$UP!Y0>97!:?F410!7>@!(@64>4D38734?>!:?F410L!!!

$?603460D! 3C0! 541346DP! ?>! D004>A! 3C0! 7BB8?71C! ?G! D3730! D0128439! 7A0>3DP!
0/B80DD0@! 4>4347F! 80F40G! 73! 3C0! 788457F! ?G! :?F410! HC?! 1?2F@! 7GG?8@! 3C06! C0FB! 7>@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%,'
![A?32H6A1!hT`!!A102#!0;05!(!7898:1B!QL53201"!
%,(
![A102#!0;!-!7898:1!+**)!
%,,
!MC!$%)!
%,)
![A=L85!A9!MC:!$,B!$)B!-)!6A5!--!
%-, !

!
B8?30134?>P!?>F9!3?!E0!?508OB?H080@!7>@!A7>AO87B0@!E9!3C06L!!(3!F07D3!?>0!73371W!
E9!:?F410!H7D!711?6B7>40@!E9!3C0G3!G8?6!3C0!C?2D0!?G!3C0!541346!])<dS^LgSe!!

$?60! ?G! 3C0! ?GG4108D! 0/B80DD0@! 384E7FlB?F43417F! 6?345734?>! E0C4>@! 3C0! 73371WDLgfR!!
%C080! H7D! >?! 73306B3! E9! 3C0! ?GG4108D! 3?! @4DA24D0! 3C048! 4@0>34340D! 7>@! 3C048!
E0C754?28! 46BF40@! 7! @4D328E4>A! 1?>G4@0>10! 4>! 3C048! 46B2>439! G?8! 3C0D0! D084?2D!
18464>7F! 713DL! ! :08C7BD! 3C4D! 4>! B783! 78?D0! G8?6! 3C0! G713! 3C73! 3C0D0! ?GG4108D! H080!
>?3! F?17F! 60>P! E23! 43! >05083C0F0DD! B?83879D! 7>! 7F7864>A! 733432@0! ?>! 3C0! B783! ?G!
3C0D0!?GG4108DL!!!!!!!!!!!!!

%H?! G067F0! H43>0DD0D! 30D34G40@! 3?! 5784?2D! 4>14@0>3D! ?G! E04>A! 87B0@! E9! B?F410!
?GG4108D!])<D!ef!7>@!ee^gfdL!!!&>0P!7!Qd!9078!?F@!H43C!h!1C4F@80>P!80B?830@!E04>A!
87B0@!E9!2B!3?!j!B?F410!?GG4108D!73!78?2>@!dR76!?>!dR!'0E82789!QRRf!>078!3C0!
&>@40W!=4ACH79L!!%C0!?3C08P!7!gQ!9078!?F@!1784>A!G?8!b!1C4F@80>P!80B?830@!E04>A!
87B0@! 7>@! D0/27FF9! 7DD72F30@! E9! Q! B?F410! ?GG4108D! 73! 7E?23! eB6! ?>! h! _7>2789!
QRRf!>078!U$(#J!0D3730L!!=08!G840>@!H7D!7FD?!87B0@!E9!Q!?3C08!B?F410!?GG4108D!73!
3C0!D760!3460!7>@!H7D!F7308!G?2>@!@07@!7!W4F?60380!?8!3H?!G8?6!3C0!D10>0L!

%C0! )?664DD4?>! 8010450@! @0B?D434?>D! G8?6! 7! >26E08! ?G! 1434V0>D! HC?! 80F730@!
050>3D! 1?>108>4>A! 3C0! 18464>7F! 713D! ?G! B?F410! ?GG4108DL! ! %H?! ?G! 3C0D0! @0B?>0>3D!
801?2>30@!7>! 4>14@0>3!73! Y7ED?43!)0>380! ?>!dD3!'0E82789!QRRf!HC0>!D?60!I$U!
?GG4108D! 7FF0A0@F9! C71W0@! 7! 67>[D! C7>@! 7>@! 3C0>! 8?EE0@! C46! ?G! 7! 3?37F! ?G! YDCL!
bdPRRRL!

'283C08! 054@0>10! H7D! 8010450@! 4>! D373060>3! G?86gfQ! 3?! 3C0! 0GG013! 3C73! B?F410!
?GG4108D! G74F0@! 3?! D3?B! F??34>A! 73! 3C0! UWH7F7! '?8673! K87>1C! D2B08678W03! 7>@!
?3C08D! D3730@! 3C09! H?2F@! ?>F9! B8?3013! 3C0! UWH7F7! Y0>DC?B! K87>1C! 4G! 3C09! H080!
A450>!Y$=dRPRRR!071CL!

'75EE5@?E!8?A!/5E2@?A324!^F:!C@G521_!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%,-
!Y0625!K>!140!M3HH!::!3A!]!A!=6H026^!3A!$(!Z8L>!+**)!
%)*
!<1610H0A1!3?!Z@B!$*g*,g*)B!M[RQV![A#0:1!96132!_L65>:!T;62!2!!
%)$
!Y0625!K>!140!M3HH!::!3A!]!A!=6H026^!3A!$+!7898:1!+**)!
%)+
!<1610H0A1!16X0A!K>!M3HH!::!3A![A#0:1!96132:!61!@!:8H8!

%-) !

!
%C0!)?664DD4?>!C078@!7!87>A0!?G!0/76BF0D!?G!B?F410!E0C754?28!3C73!G0FF!4>3?!3C0!
A0>087F!1730A?89!?G!2>B8?G0DD4?>7F!E0C754?28!?8!64D1?>@213L!!%C0D0!87>A0@!G8?6!
@080F4134?>!?G!@239P!4>1?>D4D30>3!?8!4>D0>D43450!D2BB?83!7887>A060>3D!G?8!541346D!
3?!G74F4>A!3?!B8050>3!?GG0>@4>A!0DB0147FF9!B8?B0839!?GG0>10DL!

$0/27F!54?F0>10!7BB0780@!>?3!3?!E0!7!C4AC!B84?8439!G?8!:?F410!@284>A!3C0!:.;!7>@!
78A27EF9!3C4D!4D!7FD?!3C0!17D0!@284>A!6?80!B0710G2F!3460DL!!!

!!

%C0! 30D346?>9! ?G! 67>9! D0>4?8! :?F410! HC?! A750! 054@0>10! 73! 3C0! )?664DD4?>[D!
C0784>AD! H7D! 7D! 4>3080D34>A! 4>!HC73! H7D! >?3! D74@P! 7D! 3?! HC73! =*+! D74@L! ! $?60!
C7@!>?3!4>1F2@0@!G4A280D!80F734>A!3?!D0/27F!54?F0>10!4>!3C048!D3734D341DP!7BB780>3F9!
>?3! @0064>A! 43! 46B?837>3L! ! -7>9P! HC0>! 7DW0@P! 4>@41730@! 3C73! 3C09! C7@! >?3!
8010450@! 7>9! ]?8! 67>9^! G?867F! 80B?83D! ?G! $0/27F! 54?F0>10M! ! %C0! :8?54>147F!
)?664DD4?>08P!*4G3!;7FF09!3?F@!3C0!)?664DD4?>M!!`S$!5*A$!'&.!)$4$:A$(!*'%!4*+$+!
&?!+$h-*,!*++*-,.!.5)&-B5&-.!.5$!&'$!*'(!5*,?!<&'.5+!&?!A:&,$'4$!:'!J:?.!O*,,$%aL!gfg!!

=?H0508!43!H?2F@!C750!E00>!W>?H>!3?!7>9?>0!F454>A!4>!Y0>97!73!3C0!3460!?G!3C0!
:.;!3C73!3C080!H080!67>9!7FF0A734?>D!?G!D0/27F!54?F0>10!3C8?2AC?23!3C0!1?2>389P!
4>1F2@4>A! 7FF0A734?>D! ?G! :?F410! ?GG4108D! E04>A! ?GG0>@08DL! ! $?! 3?! 6080F9! ?643! 3C4D!
1730A?89!?G!?GG0>10DP!?8!3?!1F746!>?!G?867F!80B?83D!?G!D21CP!D006D!7W4>!3?!E2894>A!
?>0D!C07@!4>!3C0!D7>@P!7>@!@?0D!>?3!DB07W!3?!7!D38?>A!H4FF!3?!2BC?F@!3C0!F7H!7D!
43!80F730D!3?!D0/27F!?GG0>@4>AL!

#3!4D!7!2>4508D7F!380>@!3C73!:?F410!G4A280D!4>!80DB013!?G!D0/27F!54?F0>10!780!F?H08!
3C7>! C?DB437F! G4A280DL! ! #>! D?60! BF710D! 3C0! )?664DD4?>! H0>3P! :?F410! 80B?830@!
C754>A!8010450@!>?!D21C!17D0DP!7>@!903!C?DB437FD!7>@!+I&D!H080!E2D9!7330>@4>A!
3?!541346D!?G!D0/27F!7DD72F3D!7>@!87B0DL!

+748?E4! <?60>[D! =?DB437F! ]+<=^! C7D! D2E64330@! 43D! 80B?83DP! 4>1F2@4>A! D3734D341D!
?>!D0/27F!7DD72F3P!3?!:?F410!05089!9078!G?8!3C0!F7D3!jOS!9078DL!!+<=[D!).&!>?30@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%)%
!RM!Y6::6A!P332!Y6::6AB!MC!&%B!%*!Z8L>!P6X828!

%-- !

!
3C73! 3C0! :?F410! )?664DD4?>08! C7D! >0508! X20D34?>0@! 3C0! C?DB437F! 7@64>4D3873?8D!
7E?23!3C048!G4A280D!?8!3C0!57D3!@4D180B7>19!E03H00>!3C0!3H?!D03D!?G!>26E08DLgfh!!!

%C080! H7D! 7! 57847EF0! 80DB?>D0! 3?! D0/27F! 54?F0>10! E9! :?F410! 7>@! 4>50D34A734?>D!
4>@41730@! 43! H7D! A0>087FF9! H0FF! E0F?H! 3C0! D37>@78@! ?G! HC73! 17>! 807D?>7EF9! E0!
0/B0130@L!

(! >26E08! ?G! 541346D! @0D184E0@! 7! @4D64DD450! 80DB?>D0! HC0>! 3C09! 80B?830@! 3?!
:?F410L! ! $?60! 541346D! H080! 603! H43C! HC73! 1?2F@! E0! @0D184E0@! 7D! 7>!
4>0GG01327Fl2>80DB?>D450!B?F414>A!0GG?83!]7!-73C780!541346!?G!87B0!HC?!80B?830@!3?!
:?F410! D05087F! H00WD! F7308! @4@! >?3! C750! C08! 1?6BF74>3! 7110B30@P! H43C! 3C0! ?GG4108!
30FF4>A! C08! O! C?H! H7D! C0! 3?! W>?H! 4G! C08! 7FF0A734?>! H7D! 3820P! A450>! DC0! C7@! >?3!
7330>@0@!7!C?DB437F!?>!711?2>3!?G!C08!87B0^L!gfb!!

$34FF!?3C08!80DB?>D0D!1?2F@!E0!1C78713084V0@!7D!1820F!7>@!4>@4173450!?G!7!17FF?2D!
@4D80A78@! G?8! C267>! D7G039! ]7! -73C780! 541346! ?G! A7>A! 87B0! HC?! B80D0>30@!
EF00@4>A!7>@!80X20D34>A!C0FB!G?8!C08!1843417FF9!4>\280@!C2DE7>@!H7D!H750@!7H79!
E9!:?F410!HC?!D46BF9!3?F@!C08!3?!82>!G?8!C08!F4G0^Lgfj!!!!!!

'8?6!541346D!DB?W0>!3?!HC?!C7@!80B?830@P!?8!73306B30@!3?!80B?83!3?!:?F410P!43!H7D!
>?30@!3C73!67>9!H080!78E438784F9!@4D1?287A0@!?8!@4D64DD0@!E9!:?F410!4G!3C0!541346!
1?2F@!>?3!4660@4730F9!4@0>34G9!#%!'*<$!3C0!B08B03873?8L!

#>!7!>26E08!?G!17D0DP!541346D!HC?!C7@!A?>0!3?!:?F410!3?!67W0!D373060>3D!7E?23!
D084?2D!18460D!H080!328>0@!7H79!H43C?23!D?!621C!7D!7>!&K!]&112880>10!K??W^!
>26E08L!!%C0!541346[D!7E4F439!3?!>760!3C0!?GG0>@08!DC?2F@!>0508!E0!7!B8080X24D430!
3?!3C0!80B?834>A!7>@!801?8@4>A!?G!7!18460L!!#3!17FFD!4>3?!X20D34?>!67>9!7DB013D!?G!
3C0! :?F410! ?B08734?>P! 4>1F2@4>A! 3C0! 3874>4>A! ?G! G8?>3F4>0! ?GG4108DP! 3C0! X27F439! 7>@!
17B71439!?G!18464>7F!4>50D34A734?>P!1?664360>3!3?!7@@80DD4>A!D0/27F!54?F0>10!7>@!
3C0!57F20!3C73!4D!BF710@!?>!18464>7F!4>30FF4A0>10L!!!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%)&
!S2!<6H80L!G40A>6B!MC!$&B!$'!Z8L>!P6!23K!!!
%)'
!<1610H0A1!3?!ZCB!$*g*,g*)B!M[RQV![A#0:1!96132!_L65>:!T;62!2!!
%)(
!<1610H0A1!3?!IeB!$*g*,g*)B!M[RQV![A#0:1!96132!T0L!A56!I!.!
&** !

!
-7>9! ?G! 3C0D0! 80DB?>D0D! H080! A450>! 4>! 3C0! 64@D3! ?G! 3C0! H?8D3! ?G! 3C0! 1C7?D! 7>@!
?112880@!73!7! 3460!HC0>!:?F410!H080!D382AAF4>A!3?!1?>38?F! 7>!7>781C41!D432734?>!
H43C! 62F34BF0! 3C8073D! 3?! F4G0! 7>@! B8?B0839L! ! =?H0508! 3C0! )?664DD4?>[D!
4>50D34A73?8D! 780! >?3! 7H780! ?G! 7>9! D4A>4G417>3! 73306B3D! E9! :?F410! 4>! 3C0!
4>30850>4>AP! 6?80! B0710G2F! B084?@! 3?! G?FF?H! 2B! 7>@! 4>50D34A730! 3C0! D084?2D!
?GG0>10D! ! HC41C! 3C09! 62D3! D280F9! W>?H! 3??W! BF710! 7>@! 3?! HC41C! 3C048! 4>4347F!
80DB?>D0!H7D!4>7@0X2730L!!!!!

#3!H7D!B80@4137EF0P!7>@!E?8>0!?23!E9!3C0!H?8W!?G!3C0!)?664DD4?>[D!4>50D34A73?8DP!
3C73!HC0>! H?60>! D2GG080@! D0/27F! 54?F0>10! 7>@! E8237F439! 73! 3C0! C7>@D! ?G! :?F410P!
3C09!H080!2>F4W0F9!3?!A?!3?!3C73!D760!4>D343234?>!3?!F79!1?6BF74>3DL!!=?H0508P!?>0!
@4@!73306B3!3?!67W0!7!80B?83!3?!Y4F467>4!:?F410!?G!E04>A!87B0@!E9!7>!?GG4108M!!

!`3!.&,(!.5$<!.5*.!<%!5&-+$!5*(!#$$'!#-)'$(!(&='!*'(!*!@&,:4$<*'!5*(!
)*@$(!<$2!!C5$%!*+>$(!<$!=5$.5$)!3!>'$=!.5$!@&,:4$!=5&!5*(!)*@$(!<$2!!
3!.&,(!.5$<!3!(:(!'&.2!!C5$%!.&,(!<$!.&!45&&+$!#$.=$$'!.5$!.=&!$:.5$)!.5$!
:++-$!&?!<%!5&-+$!#$:'B!#-)'$(!&)!#$:'B!)*@$(/!

"!3!=$'.!#*4>!5&<$!*'(!,*.$)!=$'.!#*4>6!3!)$@&).$(!*'(!=)&.$!+.*.$<$'.!
.5*.! <%! 5&-+$! 5*(! #$$'! #-)'$(! #-.! 3! ,$?.! &-.! .5*.! 3! 5*(! #$$'! )*@$(2222!
C5$%!.&,(!<$!3!=*+!.&!#,*<$!?&)!.5$!)*@$!*'(!3!+5&-,(!,&&>!:'.&!.5$!:++-$!
*#&-.!5&-+$2/!])<df^!PbX!

=?H0508! G?867FP! G48D3OC7>@! 1?6BF74>3D! 3?! :?F410! 780! >?3! 3C0! ?>F9! H79! 4>! HC41C!
3C0! 1?664DD4?>! ?G! 18460! 1?60D! 3?! 3C0! >?3410! ?G! :?F410L! ! <C0>! :?F410! E01760!
7H780!?G!7FF0A734?>D!?G!3C0D0!18460DP!43!H?2F@!E0!0/B0130@!3C73!3C09!H?2F@!H7>3!
3?! D?F4143! 3C0D0! 1?6BF74>3D! 7>@! 3C?8?2ACF9! 4>50D34A730! 3C06L! ! :?F410! H?2F@! C750!
E00>!7H780!?G!3C0!7FF0A734?>D!73!3C0!3460!?G!3C0!:.;!3C8?2AC!3C0!H?8W!?G!+I&D!
7>@! 60@47L! ! #>! 3C0! 1?28D0! ?G! 3C4D! )?664DD4?>P! 3C0! 7FF0A734?>D! H080! ?>10! 7A74>!
B23!E0G?80!3C0!B2EF41!7>@!:?F410L!!!

#G! :?F410! @?! >?3! 713! @014D450F9! 4>! 3C0! G710! ?G! 7FF0A734?>D! 7A74>D3! 3C048! ?H>P! 3C0>!
7>9! B8?A80DD! ?8! 180@4E4F439! 3C09! C750! 67>7A0@! 3?! 71C4050! 4>! 3C4D! 7807! ?G! D0/27F!
54?F0>10! 4D! A8073F9! 2>@0864>0@L! ! ! '283C086?80P! 3C080! 17>! E0! >?! 1?>G4@0>10!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%),
!Y0625!K>!140!M3HH!::!3A!]!A!=6H026^B!$(!Z8L>!P6!23K!!!!

&*$ !

!
@050F?B0@!4>!3C0!:?F410!HC0>!3C048!?H>!B0?BF0!D37>@!7112D0@!?G!D21C!3C4>AD!7>@!
3C0!673308D!780!>?3!4>50D34A730@!1?6B80C0>D450F9!7>@!387>DB780>3F9L!!!!!!!!!

%C080!H7D!7!80B?83!?G!H?60>!541346D!E04>A!37W0>!4>3?!7!:?F410!D3734?>!7>@!1780@!
G?8!E9!3C0!G067F0!:?F410!?GG4108DL!!=?H0508!@0DB430!3C4D!1?6B7DD4?>730!80DB?>D0!3?!
3C0! BF4AC3! ?G! 3C0! H?60>P! >?! D373060>3! H7D! 37W0>! G8?6! 3C0! 541346D! ?8!
4>50D34A734?>!1?660>10@Lgff!!!!!!!!

%C080! H080! 4>@41734?>D! 3C73P! 73! F07D3! 4>! D?60! BF710DP! 46B8?5060>3D! C7@! E00>!
67@0!3?!3C0!67>>08!4>!HC41C!1?6BF74>3D!?G!D0/27F!54?F0>10!H080!8010450@L!!$?60!
?G! 3C4D! @08450@! G8?6! 3C?D0! B846789! 7A0>140D! ]?G30>! 60@417F^! 6?D3! ?G30>! @07F4>A!
H43C! 541346D! 06E78W4>A! ?>! D?60! F474D?>l3874>4>A! H43C! :?F410L! ! +748?E4! <?60>[D!
=?DB437F! H7D! ?>0! 7A0>19! HC41C! 80B?830@! D21C! @050F?B60>3DLgfe! ! ! &>! 7>?3C08!
B?D43450!>?30P!+748?E4! <?60>[D!=?DB437F!).&!J8! %C0>97!B?4>30@!?23!3C73!67>9!
?G!3C0!541346D!]?508!dRR^!H080!71327FF9!E8?2AC3!3?!3C0!C?DB437F!E9!:?F410L!!!

=?H0508! 43! D0060@! 3C73! 43! H7D! ?>F9! 4>! 3C0! H00W! ?8! 3H?! B84?8! 3?! J8! %C0>97[D!
30D346?>9!E0G?80!3C0!)?664DD4?>!?>!db3C!_2F9!QRRf!3C73!:?F410!C7@!7330>@0@!3C0!
C?DB437F! D00W4>A! 60@417F! 801?8@DL! ! %C4D! 874D0D! X20D34?>D! 4>! 80A78@! 3?! 3C0! :?F410!
80DB?>D0!3?!3C0!67>9!17D0D!?G!D0/27F!54?F0>10!HC41C!3C09!>'$=6!G8?6!G48D3OC7>@!
4>5?F5060>3P!C7@!37W0>!BF710P!7>@!903!7BB0780@!3?!37W0!F433F0!4>3080D3!4>!G?FF?H4>A!
2BL! ! '8?6! 054@0>10! A450>! 73! 3C0! B2EF41! C0784>ADP! 3C0! >26E08! ?G! 713450! ?8!
1?6BF030@lD2110DDG2F!B8?D01234?>D!4>!80DB013!?G!D0/27F!18460D!4D!G0HL!!

!$?60!:?F410!D3734?>D!C750!0D37EF4DC0@!A0>@08!@0DWD!73!HC41C!D0/27F!18460D!17>!
E0! 80B?830@L! ! <C4F0! 3C4D! 4D! 7! D30B! 4>! 3C0! 84AC3! @480134?>P! 3C0! 0GG?83! >00@D! 3?! E0!
0/30>@0@! D?! 3C73! *,,! :?F410! ?GG4108D! ]>?3! \2D3! 3C?D0! 67>>4>A! 3C0! A0>@08! @0DW^!
DC?2F@! E0! 7H780! ?G! 3C0! B783412F78! >00@D! 7>@! 84AC3D! ?G! 541346D! 73! 3C0! 3460! 3C09!
B80D0>3!3?!:?F410L!!!!!!

(>@!3C0!B80D0>10!?G!7!A0>@08!@0DW!73!7!:?F410!D3734?>!4D!4>!43D0FG!>?!A2787>300!?G!
7>!7BB8?B84730!:?F410!80DB?>D0L!!(!D0>4?8!67>7A08!73!7!A0>@08!54?F0>10!801?5089!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%))
!<1610H0A1!3?!Q7B!$$g*)g*)B!M[RQV![A#0:1!96132!T0L!A56!I!.!
%)-
!S2!<6H80L!G40A>6B!MC!$&!
&*+ !

!
10>380!@0D184E0@!4>14@0>10D!HC080!H?60>!B80D0>30@!3?!:?F410!D3734?>D!H43C!3C048!
60@417F!80B?83!4>!?8@08!3?!67W0!7!1?6BF74>3P!?>F9!3?!C750!7!:?F410!?GG4108!B082D0!
3C0! 80B?83! 7>@! B8?>?2>10! 3C73! 3C080! H7D! >?! 054@0>10! ?G! 87B0! 7>@! 3C080E9!
@4D64DD!3C0!1?6BF74>3D!7D!E7D0F0DDL!!!

)?66?>! 3C060D! D0060@! 3?! E0! 4G! 3C0! 80B?83! 1?>374>0@! 054@0>10! 3C73! 3C0! D0/27F!
?GG0>10! @4@! >?3! 1?6B84D0! 3C0! G48D3! D0/27F! 0/B0840>10! G?8! 3C0! 541346! T! ?8! 4G! 3C080!
H080!>?!F7108734?>D!]3?!3C0!A0>437F!7807^!T!?8!3C080!H7D!>?!054@0>10!?G!B80D0>10!?G!
DB086!80B?830@!]G8?6!DH7ED!37W0>!G8?6!3C0!541346^LgeR!!)F078F9!3C0!60@417F!80B?83!
4D!E23!?>0!B4010!?G!054@0>10!3?!E0!1?>D4@080@!7>@! 3?! @4D64DD!541346D! 4>!3C0!H79!
@0D184E0@!80B80D0>3D!B??8!B?F410!B8713410!7>@!4D!2>7110B37EF0L!!!!

(FD?P! ?G! 1?28D0P! 80B?834>A! ?G! D0/27F! 54?F0>10! 4D! ?>F9! ?>0! D30B! ?G! 3C0! B8?10DDL!!
%C080! >00@D! 3?! E0! 7! D38?>A! 4>50D34A73450! 80DB?>D0! HC41C! G?FF?HD! 7>@! 3C080! H7D!
F433F0!054@0>10!?G!3C4D!7BB8?71C!E04>A!37W0>!@284>A!3C0!:.;L!

&>0! +I&! 7DD4D34>A! 541346D! ?G! D0/27F! 54?F0>10! 3?F@! 3C0! )?664DD4?>P! `C5$!
+-)A:A&)+!?$,.!.5*.!.5$!@&,:4$!&??:4$)+!*#(:4*.$(!.5$:)!)&,$!#%!.*>:'B!+:($+!(-):'B!.5$!
@&+.! $,$4.:&'! A:&,$'4$! *'(! ?*:,$(! .&! @)&.$4.! .5$<! &)! )$4&)(! .5$:)! +.*.$<$'.+! =5$'!
.5$%!)$@&).$(!.5$!<*..$)+Laged!

#3! H?2F@! C750! E00>! 4@07F! G?8! 3C0! :?F410! 3?! 0>A7A0! 4>! D?60! B8?713450! D38730A40D!
7460@! 73! 3C0! 7H780>0DD! 7>@! B8050>34?>! ?G! D0/27F! 54?F0>10! 7>@! 3?! 4>1807D0! 3C0!
0GG41719! ?G! 3C048! 80DB?>D0! 3?! 43L! ! %?! @?! 3C4D! B84?8! 3?! 3C0! 54?F0>10! E807W4>A! ?23!
H?2F@! C750! 80X2480@! 7! @0A800! ?G! G?80D4AC3P! 80104B3! ?G! 18464>7F! 4>30FF4A0>10! 7>@!
BF7>>4>AL!!=?H0508!HC0>!3C0!G48D3!54?F0>10!E8?W0!?23!4>!D?60!7807D!DC?83F9!7G308!
3C0! 0F0134?>DP! 3C080! 679! C750! E00>! 3C0! ?BB?832>439! 3?! E0! B8?713450! 4>! ?3C08!
7807DP! H43C! 3C0! 3C?2AC3! 3C73! B0?BF0! 4>! 3C?D0! 7807D! 679! G710! D464F78! 84DWDL! ! #3!
1?2F@! 7FD?! C750! E00>! 7BB80C0>@0@! 3C73! 7D! #J:! 176BD! H080! 0D37EF4DC0@P! 3C080!
H?2F@! E0! 7! 84DW! ?G! $IK;! 4>! 3C?D0! BF710D! 7>@! A0>@08OD0>D43450! :?F410! B?D3D! 7>@!
?3C08! D38730A40D! 0D37EF4DC0@! 3C080! 679! C750! D0850@! E?3C! B8?713450! 7>@! 80713450!
G2>134?>D!G?8!3C0!#J:DL!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%-*
!M3HH!::!3A!Z3K!:4001!]P6!23K!!C3H0A`:!Y3:J!16L^!*)g*,g*)B![A#0:1!96132!T0L!A56!I!.!
%-$
!T:!QLL>b3>!@62!H!!@!14620B!MC!$*%B!$%!7898:1!+**)!@!:8H8!
&*% !

!
!

(D! F?>A! 7D! 7! D2ED37>347F! B0810>37A0! ?G!D0/27F! 54?F0>10! 80674>D! 2>@08A8?2>@P! 43!
H4FF! E0! 7! 18460! HC41C! 4D! >?3! B8?B08F9! 7@@80DD0@! 7>@! 43D! 4>14@0>10! 17>>?3! E0!
0/B0130@! 3?! @01807D0L! ! ! %C0! C4AC08! 3C0! 1?>G4@0>10! 3C0! B2EF41! C7D! 4>! 3C0! :?F410P!
3C0! 6?80! F4W0F9! 43! H4FF! E0! 3C73! 3C0D0! 18460D! H4FF! E0! 80B?830@! 7>@! @07F3! H43C!
0GG013450F9L!!!

-7>9! ?G! 3C0! 4DD20D! 4@0>34G40@! 7E?50! H080! >?3! 80B?830@! 3?! 3C0! B?F410! 7>@! 541346D!
5784?2DF9!@0D184E0@!3C048!807D?>D!7D!G078!?G!3C0!B?F410P!0DB0147FF9!7D!3C09!H080!3C0!
B08B03873?8DP!7>@!7!D0>D0!3C73!>?3C4>A!H?2F@!E0!@?>0!4>!7>9!050>3L!

%C080! 7BB078D! 3?! E0! A??@! 807D?>D! G?8! 541346D! C?F@4>A! 3C0D0! G078DL! ! :?F410!
4>G?860@! 3C0! )?664DD4?>! 3C73! 7B783! G8?6! 3C0! 2E4X243?2D! 4>X20D3! G4F0DP! >?!
4>308>7F!4>50D34A734?>D!4>3?!3C0!1?>@213!?G!B?F410!?GG4108D!H080!E04>A!2>@0837W0>!
?8! 1?>306BF730@LgeQ! ! #>! 7@@434?>! >?! 1?6BF74>3D! ?G! 87B0! H080! 801?8@0@! E9! 3C0!
B?F410!@284>A!3C0!B084?@L!

)?664DD4?>!H43>0DD0D!A750!054@0>10!3?!3C0!0GG013!3C73!3C0!:?F410!4>!7>@!78?2>@!
-?6E7D7!@4@!>?3!37W0!B8050>3450!?8!8060@47F!7134?>!7A74>D3!3C4050D!7>@!F??308DL!!
&>0! H43>0DDP! %432D! %?669! I41C7>A4! "217DgegP! 7! E2D4>0DD67>! 3?F@! ?G! C4D! 3C800!
E2D4>0DD0D! E04>A! F??30@! E03H00>! 3C0! gR3C! J0106E08! QRRS! 7>@! dD3! ?G! _7>2789!
QRRfL! ! #>G?860@! E9! >04ACE?28D! 7E?23! 3C0! E28AF7840D! 7>@! F??34>AP! 3C0! H43>0DD!
17FF0@!)C7>A76H0P!+97F4!7>@!"4W?>4!:?F410!80DB013450F9!80B?834>A!3C0!18460DL!!=0!
H7D! 5784?2DF9! 4>G?860@! 3C73! 3C0! B?F410P! `7F807@9! D0>3! B?F410! ?GG4108D! 3?! 3C0! 7807!
7>@! 3C73! 3C080! H7D! >?3C4>A! 3?! H?889! 7E?23La! ! `LLLL.5$:)! &??:4$)+! =$)$! &'! .5$!
B)&-'(2/!I'(!"2222.5*.!*,,!&??:4$)+!=$)$!&-.!M-$,,:'B!):&.+La!

=?H0508!7FF!3C0!H43>0DD[D!B8?B0839!H7D!F??30@!7>@!@0DB430!B8?54@4>A!B?F410!H43C!7!
54@0?!7>@!BC?3?A87BCD!1F078F9!DC?H4>A!>2608?2D!?GG0>@08D!F??34>AP!?>F9!?>0!C7D!
E00>!E8?2AC3!E0G?80!3C0!1?283L!

!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%-+
!7J621!?23H!140!3A0!H82502!!A#0:1!961!3A!
%-%
!MC!$&&B!+!<0J10HK02!+**)!T3HK6:6!
&*& !

!
)?664DD4?>! H43>0DD0D! C078@! 4>! 176087! D2BB?830@! 3C0! B8064D0! 3C73! 3C0! B?F410!
G74F0@!4>!3C048!@239!3?!B8?3013!B8?B0839!])<!dbR!s!)<!dbd^gehL!!%C09!4>G?860@!3C0!
)?664DD4?>! 3C73! 3C0! :?F410! `H080! 4>@4GG080>3! 3?! 3C0! F?DD! ?G! B8?B0839! 7>@!
H07F3CLLL7D!3C09!3?F@!F??308D!3?!37W0!HC73!3C09!H7>30@!E23!>?3!3?!C786!7>9E?@9La!!
%C09! D74@! 3C73! 3C4D! 60DD7A0! H7D! 7! 1?>D4D30>3! 3C060! 7FF! ?508! -?6E7D7! 3?! 3C0!
0/30>3!3C73!43!62D3!C750!E00>!7!B?F410!D38730A9!4>!@07F4>A!H43C!3C0!54?F0>10L!!!

U>G?832>730F9! 3C4D! 7BB8?71C! C7@! 2>4>30>@0@! 1?>D0X20>10D! 7DP! `.5$! ?*:,-)$! &?!
@&,:4$! .&! .*>$! +$):&-+! *4.:&'!&',%!,$(! .&! ,*)B$)!'-<#$)+! .*>:'B!@*).! :'! .5$!,&&.:'B2!!
S&)(! &#A:&-+,%! +@)$*(! .5*.! .5$! @&,:4$! 5*(! .*>$'! *'! :'(:??$)$'.! *@@)&*45! .&! .5$!
45*&+2! ! S$! &-)+$,A$+! =:.'$++$(! =&<$'! +.$*,:'B! 5&-+$5&,(! B&&(+! ?)&<! .5$:)!
'$:B5#&-)+T! 5&<$+! :'! ;:>:'(*':! *+! .5$! @&,:4$! +.&&(! #%! *'(! 9&>$(! *#&-.! :.2/! ! "3.!
=*+!&',%!&'!Y*'-*)%!N'(!=:.5!.5$!*)):A*,!&?!.5$!cUg!.5*.!.5$!,&&.:'B!+-#+:($(6!#-.!
#%!.5$'!*,,!&?!.5$!@)&@$).:$+!&?!8:>-%-+!*'(!8*<#*+!5*(!#$$'!,&&.$(Lageb!

)?662>4340D! 2D0@! 3C048! ?H>! D38730A40D! 3?! B8050>3! G283C08! F??34>A! 7>@! 54?F0>10!
4>1F2@4>A!180734>A!54A4F7>30!A8?2BD!7>@!DB807@4>A!3C0!826?28!3C73P!`-2>A4W4!C7@!
788450@!4>!3?H>!?>!7!8050>A0!64DD4?>La!

'34E5A1!5?HG31?21!@?!C@G521!A125E5@?E!

%C0! )?664DD4?>! 8010450@! 054@0>10! 3C73! ?>! 7! >26E08! ?G! ?117D4?>D! 3C0! @014D4?>!
67W4>A!7>@!E0C754?28!?G!D0>4?8!B?F410!?GG4108D!H7D!4>GF20>10@!E9!G713?8D!?23D4@0!
3C0!G?867F!?B08734>A!7887>A060>3DP!1C74>!?G!1?667>@!7>@!4>!@48013!1?>GF413!H43C!
67>@730@!@2340DL!!!

:08C7BD! 3C0! 6?D3! A87BC41! 0/76BF0! H7D! @0B4130@! 4>! 054@0>10! A74>0@! E9!
)?664DD4?>! 4>50D34A734?>D! ?G! 7134?>D! 37W0>! E9! 3C0! (@64>4D38734?>! :?F410! 7! G0H!
@79D! E0G?80! B?FF4>A! @79L! ! %C0! 054@0>10! 4D! 3C73! 78?2>@! 3C0! Qg8@! ?G! J0106E08! 7!
F78A0! >26E08! ?G! ?GG4108DP! ! 7E?23! djRRP! H080! 7DD06EF0@! 73! 3C0! (@64>4D38734?>!
:?F410!%874>4>A!)?FF0A0!73!.6E7W7D4!3?!2>@0837W0!3874>4>A!3?!713!7D!7A0>3D!G?8!7!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%-&
!Y0625!K>!140!M3HH!::!3A!]!A!=6H026^!+!<0J10HK02!T3HK6:6!
%-'
!MC!$'*!6A5!MC!$'$!
&*' !

!
B?F43417F! B7839! @284>A! 0F0134?>D! B?FF4>AL! %C0! 3874>4>A! H7D! 1?>@2130@! E9! 7! D0>4?8!
717@0641P! 7>@! C4AC! 87>W4>A! A?508>60>3! ?GG4147FD! 4>1F2@4>A! 3C0! C408781C9! ?G! 3C0!
(@64>4D38734?>!:?F410L!!%C0D0!?GG4108D!H080!@0BF?90@!?>!3C0!Qh3C!J0106E08!QRRf!
3?!"2?O+97>V7L!! &D30>D4EF9!3C048!8?F0!H7D!3?!@4D82B3!B?FF4>A!7>@!HC080!B?DD4EF0!
0>D280! 3C73! A?508>60>3! D2BB?8308D! 76?>AD3! 3C0! 17>@4@730D! 7>@! 5?308D!
B80574F0@Lgej!!!

(FF!?GG4108D!@0BF?90@!H080!@80DD0@!4>!BF74>!1F?3C0DP!07D4F9!4@0>34G40@!7D!3C09!H080!
>?3! G8?6! 3C0! F?17F! 1?662>439! 7>@! 38750FF0@! 4>! F78A0! A8?2BD! E9! 6?80! 3C7>! gR!
1C783080@!E2D0DLgeS!!#>!7@@434?>!3C09!8010450@!YDCDL!QdPRRR!071C!G?8!3C048!@2340DL!

%C0!0>3480!0/0814D0!H7D!17FF0@!?GG!7!@79!?8!D?!F7308!7G308!D?60!?GG4108D!H080!W4FF0@!
7>@! 67>9! 6?80! 4>\280@! E9! 1434V0>DLgef! ! $?60! D0>4?8! ?GG4108D! G8?6! 3C0! @4D38413D!
17FF0@! 2B?>! 3C0! D0>4?8! 1?667>@! ?G! (@64>4D38734?>! :?F410! 3?! 17>10F! 3C0!
0>308B84D0!7D!3C09!1?2F@!D00!3C080!E04>A!6?80!D084?2D!F?DD!?G!F4G0!4G!43!H7D!7FF?H0@!
3?!1?>34>20L!!!

(6EL!'87>14D!YL!-23C7287P!:$!$01803789!3?!3C0!)7E4>03!7>@!=07@!?G!3C0!:2EF41!
$085410P! 3?F@! 3C0! )?664DD4?>! 3C73! 3C4D! @0BF?960>3! H7D! 7BB8?50@! E9! 3C0!
I?508>60>3!7>@!H7D!1?664DD4?>0@!G?8!D0128439!807D?>DLgee!!=0!7FD?!D3730@!3C73P!
`%C0!)$*+&'!?&)!+$'(:'B!.5&+$!@$&@,$!-'($)!@,*:'4,&.5$+!:+!.5*.!.5$!*)$*!=*+!A$)%!
-'?):$'(,%La! %C0! 0/BF7>734?>! G74F0@! 3?! 80D?>730! H43C! )?664DD4?>08D! A450>! 3C73!
3C080!H7D!F433F0!?8!>?!D0128439!4DD20!4>!+97>V7!73!3C0!3460!]?8!108374>F9!>?!H?8D0!
3C7>! 7>9HC080! 0FD0^P! 3C0! 0/0814D0! H7D! 1F7>@0D34>0! 4>! 7BB0787>10! 7>@! 0/01234?>!
7>@! G0FF! ?23D4@0! 3C0! ?5087FF! 0F0134?>D! D0128439! 1?667>@! 7>@! 1?>38?F!
7887>A060>3D!F0@!E9!3C0!)?664DD4?>08!?G!:?F410L!

(! G283C08! 1?>108>! 3?! 3C0! )?664DD4?>! H080! 80B?83D! ?G! 4>D382134?>D! G8?6! 7D! C4AC!
7>! ?GG410! 7D! 3C0! )?664DD4?>08! ?G! :?F410!80F734>A! 3?! 3C0! 80F07D0! ?G! B84D?>08D! ])<!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
%-(
!G40!M3HH!::!3A!A3105!1461!!A5005!14!:!6=1!#!1>!K>!140!75H!A!:1261!3A!R3L!=0!;6:!!50A1!?!05!K>!140!P<[<!6A5!
!A=L8505!!A!140!2!+'14!S0=0HK02!+**,!K2!0?!A9!53=8H0A1"!
!
%-,
!C!1A0::!!A102#!0;05!!A!=6H026!582!A9!e=13K02"!!G40!0.02=!:0!;6:!6L:3!=6J18205!K>!140!H05!6!6A5!K2365=6:1!61!140!
1!H0"!
%-)
!G40!M3HH!::!3A!;6:!8A6KL0!13!0:16KL!:4!6==82610!A8HK02:"!
%--
![A102#!0;!=3A58=105!3A!140!-14!e=13K02!+**)B!P6!23K!!!
&*( !

!
eS^LhRR! ! %C0D0! 4>D382134?>D! 78?D0! ?>! 73! F07D3! 3H?! ?117D4?>D! 4>! +97>V7! B8?54>10L!!
&>0!80F730@!3?!3C0!7880D3D!?G!18464>7F!A7>A!606E08D!4>1F2@4>A!)C4>W?8?8?P!7>@!
$2>A2D2>A2!HC?!H080!4>3464@734>A!1434V0>D!HC?!4>30>@0@!3?!5?30!G?8!7!B783412F78!
17>@4@730! ?8! >?3! 3?! 5?30! 73! 7FFL! (G308! D?60! 7880D3D! 3C0! )?664DD4?>08! ?G! :?F410!
A750!4>D382134?>D!G?8!3C06!3?!E0!80F07D0@L!!#3!4D!7DD260@!3C73!3C4D!@48013450!H7D!
@20! 3?! 3C0! G713! 3C73! 7! D0>4?8! B?F434147>! H7D! B28B?830@! 3?! E0! E0C4>@! 3C0!
)C4>W?8?8?L!

&>! 7>?3C08! ?117D4?>! \2D3! 7G308! 3C0! 54?F0>10! E8?W0! ?23! 4>! Y4D262! 3C0! =?>L!
$C7W00F! $C7E48! 7>@! 3C0! =?>L! &F7A?! (F2?1C! H080! F07@4>A! 7! B8?10DD4?>! 78?2>@!
Y?>@0F0!H43C?23!D0854>A!7>9!>?3410!3?!3C0!723C?84340D!7>@!3C09!H080!7880D30@!7>@!
37W0>! 3?! 3C0! )0>387F! :?F410! D3734?>L! ! %C0! )?664DD4?>08! ?G! :?F410! H7D! 4>G?860@!
E23! 7G308! 3H?! C?28D! C0! 4>D382130@! 3C0! F?17F! B?F410! 3?! 80F07D0! 3C0! B?F434147>D! 7>@!
3C0!4>14@0>3!H7D!>?3!B28D20@!G283C08L!

'283C08!0/76BF0D!?G!4>308G080>10!E9!D0>4?8!B?F410!H080!B8?54@0@!E9!7!H43>0DD!])<!
fR^!HC?!B8?54@0@!H84330>!30D346?>9!@0D184E4>A!3H?!D084?2D!4>14@0>3DLhRd!

,?25A1?4!lZ!

_'!Nb.5!V&A$<#$)6!N11X!.5$!_2f2U2!C*<#*45!F&,:4$!U.*.:&'!f23!F*-,!8*)*':!
)$4$:A$(! :'?&)<*.:&'! ?)&<! <$<#$)+! &?! .5$! @-#,:4! .5*.! .5$)$! =*+! *! <&.&)!
A$5:4,$! J$B2! V&28It! P\Ht! C&%&.*! JOi! =5:45! =*+! (:+.):#-.:'B! 5*.$!
4*<@*:B'! ,:.$)*.-)$! *,&'B! 3.$'78*#*)'$.! )&*(2! ! C5$! _2f2U2! <&#:,:D$(! 5:+!
&??:4$)+! =5&! ,*.$)! <*'*B$(! .&! :'.$)4$@.! .5$! <&.&)! =5:45! 5*(! .5$! ?&,,&=:'B!
&44-@*'.+^7!

! V&2! 0X11\011P! IF! f@,2! F*.):4>! V(*.5&! &?! ]*)*<#$$! ]&-+$! V*:)&#:!
=5&! *,+&! 5*(! =:.5! 5:<! *! 4$+>*! @:+.&,! UoV&2! W0\1b! =:.5! .=$,A$! )&-'(+! &?!
*<<-':.:&'2!
! V&2! N11H11WHW1! F2f2! 8:'%-*! ;-):$.5:! *,+&! &?! ]*)*<#$$! ]&-+$!
V*:)&#:! =5&! 5*(! *! 4$+>*! @:+.&,! UoV&2! 0PPb! =:.5! .=$,A$! )&-'(+! &?!
*<<-':.:&'2!
! Q-'4*'!V9*B:!V(=:B*!&?!4$,,!@5&'$!V&2!1XNN7bbWbX\![!a-+:'$++<*'!
8*+*)*':2!
! 3)-'B-!!c:,D-!&?!<&#:,$!V&2!1XNP71PiHHH!V*:)&#:2!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&**
!Y0625!K>!140!M3HH!::!3A!h!A!=6H026^!3A!$+!7898:1!+**)!
&*$
!Y0625!K>!140!M3HH!::!3A!]!A!=6H026^!3A!*,!7898:1!+**)!

&*, !

!
C5$! ($.*:'$(! <&.&)! A$5:4,$! =*+! +-#+$M-$'.,%! +$*)45$(! *'(! .5$! &??:4$)+!
<*'*B$(!.&!)$4&A$)!+$A$)*,!#-'(,$+!&?!5*.$!,:.$)*.-)$!:'!.5$!?&)<!&?!@&+.$)+2!
C5$! @&+.$)+! +5&=$(! ()*=:'B+! &?! ]&'2! J*:,*! *)<$(! =:.5! *! @:+.&,! *'(!
5*'B:'B!)$.:)$(!F)$+:($'.!Q*':$,!C&)&:.:45!I)*@!;&:2!V$h.!&'!.5$!5*'B:'B!,:'$!
=$)$! J-.&6! F5:,:@6! f5$+$)$<6! 8&+B$:6! c$(:&'6! 8-,$:6! U-<#$:%&6! a:=&..! *'(!
;*)>!C&&2!C5$!@&+.$)+!5*(!*,+&!.5$!?&,,&=:'B!:'?&)<*.:&'!=):..$'!&'!.5$<!:'!
#&.5!8*,$'9:'!*'(!L'B,:+5!,*'B-*B$+2!

! "!C$.-.:$.!S$&!'$#&!I)*@!;:#$:!Z!J*:,*K!$'!a::>!*.!8-../!
! "8%&9:,:,!8$'%:.!*#!.&<&'=&>!+:+:.!*>!*$'B!Z!H0bNK6!)*:':!>&>$'*<*>!
! "_'! W.5! U$@.$<#$)6! N11X6! J*:,*! _(:'B*! 5$,(! *! <$$.:'B! &'! .5$! HX.5!
?,&&)! &?! .5$! Y2! L(B*)! ]&&A$)! #-:,(:'B6! 0PW! F$''+%,A*':*! IA$'-$2! VS6!
S*+5:'B.&'! Qf2! 3'! .5$! <$$.:'B6! =5:45! =*+! .*@$(! #%! .5$! Ga36! J*:,*! .&,(!
I<$):4*'!_??:4$)+!.5*.!5$!=&-,(!?:':+5!?&)<$)!F)$+:($'.!;&:6!J-.&!*'(!&.5$)!
8*,$'9:'+! =5&! 5*(! )-:'$(! 8$'%*! *+! +&&'! *+! 5$! #$4&<$+! F)$+:($'.2! C5$!
.*@$+!*)$!*A*:,*#,$2!
!

3'!A:$=!&?!.5$!+$):&-+'$++!&?!.5$!<*..$)!*'(!.5$!@-#,:4!*'h:$.%!:.!B$'$)*.$(6!
.5$!.5$'!F2F2_2!J:?.!O*,,$%!;)2!LA$)$..!S*+:B$!(:)$4.$(!.5*.!.5$!<&.&)!A$5:4,$!
*'(! *,,! :.+! &44-@*'.+! #$! :<<$(:*.$,%! .)*'+?$))$(! .&! 5:+! F)&A:'4:*,!
]$*(M-*).$)+!V*>-)-!?&)!?-).5$)!:'A$+.:B*.:&'+2!

#>!80DB?>D0!3?!7!80X20D3!G?8!4>G?86734?>!80F734>A!3?!3C4D!4>14@0>3!3C0!)?664DD4?>!
8010450@! H84330>! 7@5410! G8?6! $$:! 'L-L! -H04! ?G! 3C0! (@64>4D38734?>! :?F410! ?>! dd!
$0B306E08! QRRf! D794>AP! `C5$! Q$@*).<$'.! :+! '&.! *=*)$! &?! .5$! IF+! *))$+.$(! :'!
4&''$4.:&'! =:.5! .5$! *,,$B$(! *4.! +*:(! .&! 5*A$! #$$'! 4&<<:..$(! :'! V&A$<#$)! ,*+.!
%$*)La!

%C4D! 80DB?>D0! 1?6E4>0@! H43C! 3C0! 30D346?>9! 8010450@! G8?6! 7! G283C08! H43>0DD!
30>@0@! 3?! 1?>G486! 3C4D! 4>308G080>10LhRQ! ! %C4D! H43>0DD! D3730@! 3C73! 3C0D0! 3H?!
4>14@0>3D! ]{d! 7>@! {Q^! H080! E?3C! 80B?830@!3?! 3C0! )?664DD4?>08! 7>@! 3C73! 050>! 4G!
3C0! ?GG0>@08D! H080! 80F07D0@! 73! 3C0! 3460! @20! 3?! 3C0! 5?F734F439! ?G! 3C0! D432734?>P!
4>50D34A734?>D! DC?2F@! D34FF! C750! 1?>34>20@L! ! %C0! )?664DD4?>! H7D! >?3! B8?54@0@!
H43C!D21C!4>G?86734?>L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&*+
!MC!',!

&*) !

!
,?25A1?4!lR!

_'! .5$! NN'(! (*%! &?! V&A$<#$)6! N11b! @&,:4$! &??:4$)+! ?)&<! V*:A*+5*! F&,:4$!
U.*.:&'! =$)$! <*'':'B! V*:A*+5*! )&*(! #,&4>! *.! 8*)*:! =5$'! .5$%! )$4$:A$(!
:'?&)<*.:&'!.5*.!.5$)$!=*+!<&.&)!A$5:4,$!J$B2!V&2!c8!IWiW]!=5:.$!:'!4&,&-)!
@,%:'B! ?)&<! V*:)&#:! .&! S$+.$)'! 8$'%*! *'(! +-+@$4.$(! .&! #$! ?$))%:'B! +&<$!
4)-($!=$*@&'+2!I.!*)&-'(!\2HW!*2<6!.5$!+*:(!A$5:4,$!*@@$*)$(!?)&<!V*:)&#:!
(:)$4.:&'! *'(! =*+! +-#+$M-$'.,%! +.&@@$(! #%! .5$! &??:4$)+2! C5$! A$5:4,$! 5*(!
.5)$$!&44-@*'.+!=5&!:($'.:?:$(!.5$<+$,A$+!*+!ZHK!Q:4>!V%*B*!8:A-.:6!*!():A$)!
=:.5! .5$! ;:':+.)%! &?! S*.$)! *'(! 3)):B*.:&'6! ZNK! E:A:'B+.&'$! C**#-! S$)$6! *'!
&??:4:*,! ():A$)! .&! ?&)<$)! I++:+.*'.! ;:':+.$)! &?! S*.$)! *'(! 3)):B*.:&'! ]&'!
J*@5*$,! S*'9*,*! *'(! ZPK! G)$():4>! LB$+*! S*+:>$! *! @$)+&'*,! ():A$)! &?! .5$!
I++:+.*'.! ;:':+.$)2!C5$!O$5:4,$! :.+$,?!#$,&'B$(! .&! .5$!;:':+.)%!&?!S*.$)! *'(!
3)):B*.:&'!*'(!=*+!.5$!&??:4:*,!A$5:4,$!?&)!.5$!I++:+.*'.!;:':+.$)2!

C5$!@&,:4$!&??:4$)+!4&'(-4.$(!*!+$*)45!:'!.5$!<&.&)!A$5:4,$!*'(!<*'*B$(!.&!
)$4&A$)!.5$!?&,,&=:'B!4)-($!=$*@&'+m!

! U:h.%!Z\1K!@:$4$+!&?!<**+*:!)-'B-+!
! G&).%!Zi1K!@:$4$+!&?!I))&=+!
! C5)$$!ZPK!@:$4$+!&?!#&=+!
! C=&!ZNK!@:$4$+!&?!*))&=!+5$*.5!
! G:?.%!':'$!ZW0K!@:$4$+!&?!<**+*:!+=&)(+!
! L:B5.!ZbK!@:$4$+!&?!+<*,,!<**+*:!+=&)(+!
! C=&!5-'()$(!*'(!+$A$'!ZN1XK!@:$4$+!&?!=5:@+!ZV%*5-'%&K!
!

C5$!A$5:4,$!*'(!.5$!$h5:#:.+!.&B$.5$)!=:.5!.5$!&44-@*'.+!=$)$!,*.$)!$+4&).$(!
.&! V*:A*+5*! F&,:4$! U.*.:&'! ?&)! ?-).5$)! :'A$+.:B*.:&'+2! ;)2! ;*-):4$! I<*..*! *!
UoIfF!&?!f3Q!]$*(M-*).$)+!V*:)&#:!,*.$)!.&&>!&A$)!.5$!4&'(-4.!&?!<*..$)2!

(! G283C08! 1284?2D! D432734?>! 80F734>A! 3?! 3C0! :?F410! 7>@! 3C0! 0F0134?>! B8?10DD! H7D!
@4D1?5080@! E9! 3C0! )?664DD4?>! HC0>! 43! 0/764>0@! 3C0! )?7D3! :8?54>10! BF7>! G?8!
B?F414>A! 3C0! 0F0134?>DL! ! .>343F0@! `F)$+$'.*.:&'! &'! .5$! N11X! c$'$)*,! L,$4.:&'!
_@$)*.:&'! =:.5:'! f&*+.! F)&A:'4$a! 3C0! @?1260>3! 4>1F2@0@! 3C0! G?FF?H4>A! DB0147F!
37DW4>AM!!

!,-+!M%HH/-L!O%-E('!PE+!N?!

! S:,,!($@,&%!H!3F6!\!4&'+.*#,$+!*.!F)&A:'4:*,!J*(:&!J&&<2!

&*- !

!
! C*+>! [! .&! )$4$:A$! )$+-,.+! &?! F)$+:($'.:*,! @*),:*<$'.*)%! *'(! 4:A:4!
4*'(:(*.$+! ?)&<! *,,! (:+.):4.+! *'(! 4&<@:,$! .5$<! *'(! ?&)=*)(! .5$<! .&!
F&,:4$!]$*(M-*).$)+2!
! E:<:.!&?!$h@,&:.*.:&'![!=:.5:'!.5$!*)$*!&?!($@,&%<$'.2!
! J$7&)B*':D*.:&'![!*.!F)&A:'4:*,!5$*(M-*).$)+L!

#3! 4D! >?3! 1F078! 3?! 3C0! )?664DD4?>! HC9! 3C0! B?F410! H080! 8010454>A! B?FF4>A! @737!
80F734>A! 3?! B80D4@0>347FP! B78F4760>3789! 7>@! 14541! 80D2F3DL! ! &>! 3C0! G710! ?G! 43! 3C0!
6730847F! 7BB078D! 3?! @4D1F?D0! 71345439! 3C73! 4D! 1F078F9! >?3! H43C4>! 3C0! 8?F0! ?8!
80DB?>D4E4F439!?G!3C0!:?F410!7>@!C7D!@4D328E4>A!1?>>?3734?>DL!

+4841!+123954:!#B1?251E!8?A!+:E417E!(85G391E!!!

#3!DC?2F@!E0!D74@!3C73!711?2>34>A!G?8!3C0!0/713!>26E08D!?G!B0?BF0!HC?!@40@!7>@!
H080! 4>\280@! @284>A! 3C0! :.;! C7D! E00>! B8?EF067341L! ! (6?>AD3! 3C0! 807D?>D! G?8!
3C4D! 4>1F2@0c! 7>34X2730@! 7>@! B7B08OE7D0@! D9D306D! ?G! 801?8@4>Ac! F??D0!
7887>A060>3D! G?8! 3C0! 80104B3P! 801?8@4>A! 7>@! @4DB?D7F! ?G! E?@40Dc! 603C?@D! ?G!
73384E234>A! 172D0! ?G! @073C! 3?! :.;c! B8713417F! @4GG412F340D! 4>! A0334>A! 3?! 60@417F!
G714F4340D!@284>A!3C0!C?D34F4340Dc!7>@!3C0!73306B3D!?G!D?60!3?!0>D280!3C73!73!F07D3!
D?60!1?>G2D4?>!0/4D30@!4>!3C0!D9D306DL!!%C4D!4D!B783412F78F9!3820!?G!3C0!*4G3!;7FF09!
HC080! 54?F0>10! ?112880@! ?508! 7! A807308! 7807P! 4>1F2@0@! 3C0! 6?D3! D4A>4G417>3!
4>14@0>10! ?G! 1434V0>! 3?! 1434V0>! 1?>G8?>3734?>P! 7>@! HC080! 3C0! G714F4340D! H080! >?3!
7134>A!7D!7!1??8@4>730@!HC?F0L!

./76BF0D! ?G! 3C0D0! 4DD20D! 7E?2>@! E23! 3C080! H7D! >?! 6?80! AF784>A! 4>D37>10! 3C7>!
3C0! 4DD20! ?G! @030864>4>A! 71128730! G4A280D! 80F734>A! 3?! @073CDP! 4>\2840D! 7>@!
4>D37>10D! ?G! $IK;! 80D2F34>A! G8?6! :.;L! ! %C0! )?664DD4?>08! ?G! :?F410! 3?F@! 3C0!
)?664DD4?>! 3C73! 3C0! Y0>97! :?F410! D085410! H080! 3C0! 12D3?@47>! ?G! 3C0! G713DL! ! =0!
G283C08! D3730@! 3C73! >?! ?3C08! B08D?>! ?8! 4>D343234?>! H?2F@! C750! 3C0! G713DhRgL! ! %C0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&*%
!Y0!;6:!:8JJ32105!!A!14!:!6::021!3A!K>!T"!c26A=!:!@!H0H!6!EMC!*&F!
&$* !

!
0GG41719! ?G! 3C0D0! D373060>3D! C7D! E00>! D?2>@F9! E8?2AC3! 4>3?! X20D34?>! 7D! G?8!
0/76BF0!3C0!)?664DD4?>!C7D!0D37EF4DC0@!3C73!7!3?37F!?G!ddgg!B0?BF0!H080!W4FF0@!
@284>A! 3C0! :.;! HC0>! 3C0! )?664DD4?>08! 30D34G40@! 3C73! 3C080! H080! jdjhRhL! ! %C0!
G713! 3C73! 3C0! :?F410! 1?2F@! ?>F9! 0D37EF4DC! 3C73! 78?2>@! C7FG! ?G! 3C0! 71327F! >26E08!
HC?! H080! W4FF0@! D4A>4G40D! 7! 67\?8! B8?EF06! 4>! C?H! 4>14@0>3D! 780! 801?8@0@! 7>@!
B2EF4DC0@L!!!

'283C08! 3C0! )?664DD4?>08! B8?54@0@! 7! 37EF0! @0B4134>A! 3C0! >26E08! ?G! 18460D!
1?664330@! @284>A! 3C0! :.;L! ! <C0>! B80DD0@! 2>@08! 18?DD! 0/764>734?>! 7D! 3?! HC9!
3C080!H7D!>?!C07@4>A!@0B4134>A!D0/27F!54?F0>10!C0!D3730@! 3C73!>?! D21C!4>14@0>3!
H7D!80B?830@!3?!3C0!:?F410L!!I450>!3C0!30D346?>9!?G!67>9!541346D!HC?!D3730@!3C73!
3C09! 4>! G713! 3840@! 3?! 80B?83! 4>14@0>3D! E23! H080! @4D1?287A0@! 7>@! 4>@41734?>D! G?8!
60@417F! G714F4340D! 3?! 3C0! 0GG013! 3C73! 3C080! H080! 73! F07D3! fRROeRR! 541346D! 380730@!
@06?>D38730D! 7! 1?6BF030! F71W! ?G! F07@08DC4B! 7>@! 4>3080D3! 4>! 3C4D! 4>D4@4?2D! 18460!
7D!H0FF!7D!5089!B??8!D9D306D!4>@00@L!

%C0! :?F410! H080! 7FD?! 7DW0@! ?>! 7! >26E08! ?G! ?117D4?>D! E9! 3C0! )?664DD4?>! 3?!
B8?@210! G4A280D! 80F734>A! 3?! 3C0! :.;! 4>1F2@4>A! 7>>27F! 18460! D3734D341DP! 1?B40D! ?G!
BF7>>4>A! @?1260>3734?>P! 80D?2810! 7FF?1734?>! 7887>A060>3DP! B08D?>>0F! 801?8@D!
DC?H4>A! 387>DG08D! 7>@! 3C0! 807D?>D! G?8! 3C06P! 3?37F! 0D37EF4DC60>3! 7D! H0FF! 7D!
71327F! >26E08D! ?G! B?F410! 7574F7EF0! G?8! D085410L! ! ;48327FF9! >?>0! ?G! 3C0D0! 801?8@D!
H080! B8?@210@L! ! %C0! )?664DD4?>! 2>@08D37>@D! 3C73! 3C0! :?F410! @?! >?3! 4>! G713!
@050F?B!D?60!?G!3C0D0!@?1260>3D!4>!3C0!G48D3!BF710!7>@!3C080!780!>?!D9D306D!4>!
BF710!3?!80384050!?3C08!@737L!!!

(!G283C08!0/76BF0!?G!3C0!4>7@0X2719!?G!D?60!D9D306D!80F730D!3?!3C0!80B?834>A!?G!
D0/27F!54?F0>10L!!)?664DD4?>!4>50D34A73?8D!F078>0@!3C73!4>!+748?E4P!3C080!4D!?>F9!
?>0! :?F410! @?13?8! HC?! C7D! 3C0! 723C?8439! 3?! D4A>! 3C0! :g! G?86! >010DD789! G?8! 3C0!
80B?834>A! 3?! :?F410! ?G! 7! D0/27F! 7DD72F3L! ! %C4D! B783412F78! G2>134?>! 4D! ?>0! ?G! 67>9!
HC41C! 3C4D! @?13?8! 62D3! B08G?86! T! 7>@! D?! 43! 4D! >?! D46BF0! 673308! G?8! 7! 541346! 3?!
C750!3C0!>010DD789!B7B08H?8W!1?6BF030@!T!050>!4G!DC0!C7D!3C0!H4FF!3?!80B?83!7>@!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&*&
!Y0!;6:!:8JJ32105!K>!140!R<!T!A!:12>!3?!<1610!?32!R23#!A=!6L!75H!A!:1261!3A!6A5![A102A6L!<0=82!1>!EMC*&F!;43!:6!5!
]/0&!&J$#/!"-%7&'4!=0!#0!#$"!8"6,!7&!5'8K!*&*!7,!/0&!?&",$!L86!#&"^!
&$$ !

!
3C0!7E4F439!3?!38750F!3?!3C0!C?DB437FL!!$C0!679!E0!?>0!?G!bR!541346D!H7434>A!4>!F4>0!
G?8!3C0!@?13?8!3?!7330>@!3C0!F?1734?>!7>@!D4A>!C08!G?86P!?>F9!3?!G4>@P!7G308!H7434>A!
67>9! C?28DP! 3C73! 7D! 3C0! he3C! 541346! C7D! C08! G?86! D4A>0@P! 3C0! @?13?8[D! H?8W4>A!
@79!4D!?508!7>@!DC0!4D!328>0@!7H79!T!043C08!3?!80328>!7>@!E0A4>!3C0!B8?10DD!7A74>!
3C0!>0/3!@79!T!?8!D46BF9!A450!2BL!!!

'8?6! 0>X24840D! B08G?860@! 73! C07F3C! G714F4340D! 718?DD! 3C0! 1?2>389! 3C080! @4@! >?3!
D006! 3?! E0! 7! 1?>D4D30>3! 7BB8?71C! 3?! 3C0! 1?FF0134?>P! D3?87A0! 7>@! 7>7F9D4D! ?G!
G?80>D41!D76BF0D!G8?6!541346DL!!#3!4D!7FD?!>?3!2D27F!B8713410!3?!37W0!D76BF0D!G?8!
J+(! 7>7F9D4D! ]7>@! J+(! 7>7F9D4D! 4D! 0/B0>D450! 7>@! 43D! 7574F7E4F439! 4>! Y0>97! 4D!
F46430@^L!!!%C0D0!673308D!?E54?2DF9!C750!3C0!B?30>347F!3?!46B713!?>!3C0!D2110DD!?G!
7>9!B8?D01234?>L!!!!!!!!

$?603460DP!541346D!G?2>@!3C080!H7D!7!G00!1C78A0@!4>!?8@08!3?!?E374>!7!1?6BF030@!
:g!G?86!HC41C!3C09!>00@0@!3?!67W0!7!1?6BF74>3!3?!:?F410hRbL!!#>!D?60!17D0D!3C4D!
1?D3! H7D! B8?C4E43450L! ! %H?! ?G! 3C0! B?DD4EF0! 1?>1F2D4?>D! HC41C! 1?2F@! E0! @87H>!
G8?6!3C0!G713!3C73!:?F410!7BB0780@!3?!37W0!F433F0!?8!>?!4>3080D3!4>!D0/27F!54?F0>10!
780! 3C73! 3C09! @4@! >?3! 80A78@! 43! 7D! D084?2D! 18460! 7>@! 3C73! 3C09! BF710@! F433F0!
46B?837>10!?>!18464>7F!4>30FF4A0>10L!!!

J014D4?>O67W4>A! 7>@! D9D306D! 80F734>A! 3?! 3C0! 7BB?4>360>3! 7>@! 387>DG08! ?G! D37GGP!
0DB0147FF9! D0>4?8! D37GGP! 4>! 7>@! 78?2>@! 3C4D! B084?@! H080! 7FD?! E8?2AC3! 4>3?!
X20D34?>L! ! #>! 3C0! 3460! 7574F7EF0! 3?! 43! 3C0! )?664DD4?>! F078>0@! 3C73! 73! F07D3! G?28!
D0>4?8!B?F410!?GG4108D!H080!387>DG0880@!?8!803480@!G8?6!3C048!7807!?G!80DB?>D4E4F439!
@284>A!3C0!54?F0>10!7>@!73!3C0!C04AC3!?G!?B08734?>DLhRj!!(F3C?2AC!3C080!679!H0FF!
C750!E00>!7>!?B08734?>7F!?8!?8A7>4D734?>7F!46B0873450!G?8!3C0D0!D37GG!6?5060>3D!
43!4D!@4GG412F3!3?!D00!3C048!0GG41719!A450>!3C0!3464>AL!

%0D346?>9! H7D! 7FD?! 8010450@! G8?6! :8?G0DD?8! (>97>A! +9?>A?[! 3?! 3C0! 0GG013! 3C73!
`3C080!H080!67DD450!387>DG08D!?G!:?F410!7>@!(:DP!3?!0DB0147FF9!&J-!D38?>AC?F@DP!
?G!D0F013!4>@454@27FD!?8!B0?BF0!G8?6!)0>387F!Y0>97!3?!7DD4D3!4>!7GG0134>A!3C0!5?30!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&*'
!MC!$'!
&*(
!S016!L:!620!!A=L8505!!A!6JJ0A5!.!]_^!
&$+ !

!
67>4B2F734?>D! 7>@! 3?! 54?F0>3F9! D2BB80DD! 7>@! 7330>@7>3! B8?30D3DLahRS! ! %C0!
)?664DD4?>! H7D! >?3P! C?H0508P! B8?54@0@! H43C! 7>9! D2BB?834>A! 054@0>10! E9! 3C4D!
H43>0DD!>?8!@4@!43D!?H>!4>50D34A734?>D!80507F!054@0>10!?G!D21C!387>DG08DL!

%C0! B80DD280! ?>! :?F410! 80D?2810D! H7D! >?3! C0FB0@! E9! 3C0! 80X248060>3! ]3C0!
)?664DD4?>!H7D!2>7EF0!3?!0D37EF4DC!E9!HC?6^!3C73!73!F07D3!3H?!B?F410!?GG4108D!E0!
D3734?>0@! 73! 071C! B?FF4>A! D3734?>L! ! %C0! )?664DD4?>! F078>0@! 3C73! 4>@00@! 67>9!
6?80! ?GG4108D! H080! D?! @0BF?90@! BF714>A! 050>! 6?80! B80DD280! ?>! 3713417F! ?B34?>D!
7574F7EF0!3?!3C0!:?F410!@284>A!3C0!:.;LhRf!

<C4F0! 3C0! @28734?>! ?G! 3C4D! @0BF?960>3! H7D! 2>1F078! @?2E3F0DD! 43! 1?>384E230@! 3?!
@4GG412F340D! 4>! 3C0! X241W! 387>DG08! ?G! D37GG! 3?! B80DD280! B?4>3D! ]0DB0147FF9! 4>! 3C0!
7ED0>10! ?G! 1?>34>A0>19! BF7>D^! H43C! 3C0! 80D2F3! 3C73! 67>9! ?GG4108D! DB0>3! F?>A!
C?28D! ?>! @239! 4>! D?60! 7807DL! ! +$#$! 80B?83D! 4>@41730@! 3C73! 4>! +748?E4! D?60!
?GG4108D!H080!@?H>!?>!6?87F0!@20!3?!F71W!?G!80BF71060>3DL!

.54@0>10!H7D!7@@210@!3?!3C0!0GG013!3C73!3C0!Y0>97!:?F410!$085410!C7D!3C0!?5087FF!
80DB?>D4E4F439! 7>@! 711?2>37E4F439! G?8! @07F4>A! H43C! 7FF! @073CD! ?112884>A! G8?6!
D2@@0>P! 54?F0>3! ?8! 2>>73287F! 172D0D! G8?6! D3783! 3?! G4>4DCL! ! %C0! 6?8327840DP!
B73C?F?A4D3DP! 3C0! -4>4D389! ?G! =07F3C! $085410D! 7>@! ?3C08! 7A0>140D! 6080F9! B8?54@0!
7DD4D37>10!3C8?2AC?23!3C0!B8?10DDL!!%C0!:?F410!@030864>0!4>30846!172D0!?G!@073CP!
@0F45089! E?@40D! 3?! 3C0! 6?832789P! D4A>! 3C0! E?@9! 4>P! 4>434730! 3C0! 4>X20D3! B8?10DDP!
7>@!4>50D34A730!3C0!148126D37>10D!?G!3C0!@073CL!

%C4D!B8?10DD!17>!E0!B8?EF067341!G?8!3H?!674>!807D?>DL!!'48D3F9P!3C0!7ED0>10!?G!7!
G2FF9! 4>@0B0>@0>3! B8?10DD! 46B713D! 2B?>! 3C0! 387>DB780>19! 7>@! B8?G0DD4?>7F4D6!
3C73! 4D! 80X2480@! 4>! G4>@4>A! >?3! ?>F9! 3C0! 172D0D! ?G! D21C! @073CD! E23! 7FD?! H79D! 3?!
80@210! ?8! 760F4?8730! 3C06L! ! $01?>@! 3C0! 0D37EF4DC60>3! ?G! 7>! 4>@0B0>@0>3!
)?8?>47F! D085410! H?2F@! G800! 2B! B?F410! 80D?2810D! 7>@! 80@210! 3C0! E28@0>! ?G! 7>!
46B?837>3!7807!?G!711?2>37E4F439L!

;@E54561!-1EC@?E1E!F:!+4841!+123954:!#B1?251E!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&*,
!MC$%)!
&*)
!eA!H6A>!3==6:!3A:!8J!13!?382!3??!=02:!E!A=L85!A9!:0=3A505!:16??F!;020!50JL3>05!13!J3LL!A9!:161!3A:!6==325!A9!13!
140!M36:1!J23#!A=0!+**,!_0A026L!QL0=1!3A!eJ0261!3A!JL6A!6A5!:J0=!6L!I!?1!V6LL0>!R<[M!H001!A9!+*14!P3#0HK02!+**,!
&$% !

!
<43C! 4>50D34A734?>D! ?G! 3C4D! >73280! HC080! 80540H4>A! 71345439! 7>@! E0C754?28D!
80507FD!H07W>0DD0D!4>!67>9!D9D306D!7>@!B08D?>7F!12FB7E4F439!4>!D?60!17D0D!43!4D!
07D9!3?!?508F??W!7>@l?8!@4D64DD!4>30850>34?>D!3C73!H080!B?D43450L!

%C0!)?664DD4?>!8010450@!054@0>10!7>@!C078@!?G!67>9!4>D37>10D!HC080!D0128439!
7A0>140D! 7>@! 4>@454@27F! ?GG4108D! 80DB?>@0@! H0FF! 3?! 1434V0>D! 4>! >00@L! ! %C0D0!
80DB?>D0D! 4>1F2@0@! ]E23! H080! >?3! 80D384130@! 3?^! B08G?864>A! 80D120! ?B08734?>D!
HC080! G764F40D! 7>@! 4>@454@27FD! H080! 4>! @7>A08! ?G! B08D?>7F! C786P! B8?54@4>A! 7!
306B?8789!80G2A0!4>l>078!B?F410!D3734?>D!7>@!7@64>4D38734?>!B8064D0DP!B8?54@4>A!
D0128439! G?8! #J:D! 7>@! ?3C08DP! @06?>D38734>A! F07@08DC4B! 4>! 73306B34>A! 3?! X20FF!
54?F0>10!7>@!4>!D?60!17D0DP!A454>A!3C048!F450D!G?8!?3C08DL!

%C0!)?664DD4?>!8010450@!30D346?>9hRe!3C73!?>!3C0!6?8>4>A!?G!3C0!gR3C!J0106E08!
QRRS! 7G308! 3C800! C?2D0D! C7@! E00>! D03! 7EF7V0! 73! "0F6?F?W! G786! 4>! 3C0! Y0DD0D!
J454D4?>! 3C0! J4D38413! &GG4108P! -8L! K0>0@413! &@C476E?! &6?FF?P! `5$,(! *! <$$.:'B!
=:.5!,&4*,!4&<<-':.:$+!:'!*!$??&).!.&!#):'B!.5$!.$'+:&'!(&='2!!]$!@)&@&+$(!?&)!.5$!
8:>-%-!4&<<-':.%!.&!$,$4.!H1!$,($)+!*'(!.5$!8*,$'9:'!4&<<-':.%!.&!*,+&!$,$4.!.5$!
+*<$! '-<#$)6! =5&! =&-,(! =&)>! .&B$.5$)! .&! 5$,@! )$4&'4:,$! .5$! 4&<<-':.:$+2! ! C5$!
@)&@&+$(! <$$.:'B! =*+! .&! .*>$! @,*4$! .5$! ?&,,&=:'B! (*%! *.! .5$! 8$++$+! Q_T+! &??:4$2!
C5:+!=*+!'$A$)!.&!#$!#$4*-+$!*.!*)&-'(!\@<!&'!.5$!P1.5!Q$4$<#$)!N11X6!8*,$'9:'!
%&-.5+! *..*4>$(! 8:>-%-! 5&<$+.$*(+6! ,&&.$(! *'(! #-)'.! .5$! 5&-+$+La! ! '?FF?H4>A!
3C0D0! 73371WD! 7D! 67>9! 7D! dQRR! B0?BF0! D?2AC3! 80G2A0! 73! 3C0! J&[D! ?GG410!
1?6B?2>@!HC080!D0128439!H7D!B8?54@0@L!!U>G?832>730F9!J&!&6?FF?!H7D!W4FF0@!?>!
3C0! 7G308>??>! ?G! dD3! _7>2789! QRRf! HC4F0! ?>! B738?F! H43C! ?3C08! ?GG4108DLhdR! ! %C4D!
?112880@!4>!3C0!)C0B34803!7807!HC0>!3C0!B738?F!1760!718?DD!7>!4FF0A7F!8?7@EF?1W!
HC080! 43! H7D! 73371W0@! E9! 9?23CD! 2D4>A! B?4D?>0@! 788?HDP! B7>A7DP! 7/0D! 7>@!
D3?>0DL! ! %C0! J&! 7>@! (:! )L#L! .F47D! <7G2F7! <7WC2>A2! @40@! HC4FD3! ?3C08D! ?>! 3C0!
B738?F!H080!4>\280@L!!J0DB430!3C4D!D432734?>P!3C0!#J:D!73!3C0!J&[D!1?6B?2>@P!HC?!
H080! 1?>34>27FF9! 3C80730>0@! 7>@! ?G30>! D288?2>@0@! E9! Y7F0>\4>! 9?23CP! H080!
7GG?8@0@!D0128439!7>@!3C0!>26E08D!?G!?GG4108D!H080!804>G?810@!?>!3C0!e3C!_7>2789!
QRRfL!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&*-
!MC!)'!

&$& !

!
!%C0! :8?54>147F! )?664DD4?>08P! )?7D3! :8?54>10! 3?F@! 3C0! )?664DD4?>! 3C73! 7!
F07@08D[! 60034>A! H7D! C0F@! 73! 3C0! :8?54>147F! =07@X278308D! K?78@! 8??6! 3?! @0D4A>!
B0710! 7>@! 801?>14F4734?>! 607D280DL! ! %C0! 7330>@00D! 4>1F2@0@! 3C0! ::&P! )C40G!
Y7@C4P!K4DC?B!?G!3C0!(>AF417>!)C281CP!)C74867>!?G!3C0!=4>@2!)?2>14FP!7>@!:)L!!
(6?>AD3!?3C08!3C4>AD!3C09!2D0@!G450!F?17F!'-!87@4?!D3734?>D!7BB07F4>A!G?8!17F6P!
7>@! C0F@! 7! D0840D! ?G! B0710! 60034>AD! ?>! 67>9! 0D3730DL! ! I450>! 3C73! 3C0! 60034>A!
H7D! ?>F9! C0F@! ?>! 3C0! Q>@! _7>2789! QRRf! 3C0! )?664DD4?>! 1?>D4@080@! 3C73!
7F3C?2AC! 3C4D! H7D! 7! A??@! 4>43473450! D21C! 4>30850>34?>D! H?2F@! C750! E00>! 6?80!
0GG013450! C7@! 3C09! E00>! 4>38?@210@! H0FF! E0G?80! 3C0! 0F0134?>DL! ! %C4D! H7D!
71W>?HF0@A0@!E9!3C0!::&Lhdd!

&>0! C?DB437F! 1F4>4147>! G8?6! +97>V7! 80B?830@! 7! A??@! H?8W4>A! 80F734?>DC4B! H43C!
3C0! F?17F! :?F410! D3734?>! HC080E9! DC0! H?8W0@! 4>! 1?>1083! H43C! :?F410! ?GG4108D!
HC03C08! 17D0D! H080! 80B?830@! @48013F9! 3?! 3C0! C?DB437F! ?8! 4>4347FF9! 3?! B?F410L! ! $C0!
>?30@!3C73!HC0>!G067F0!:?F410!?GG4108D!G8?6!3C0!F?17F!D3734?>!H080!>?3!7574F7EF0!3?!
@07F! H43C! H?60>! 541346DP! ?GG4108D! 73! 3C0! D3734?>! H?2F@! 67W0! 0GG?83D! 3?! A03! 7!
:?F410H?67>! G8?6! 3C0! 10>387F! :?F410! D3734?>! 3?! 7DD4D3LhdQ! ! .GG013450! 80DB?>D0D! 3?!
D0/27F! 54?F0>10! 80X2480! F474D?>! E03H00>! :?F410P! 60@417F! 7>@! \2@4147F! D085410D! T!
E?3C! `?>! 3C0! A8?2>@a! 7>@! 73! 3C0! C4AC0D3!F050F! 3?! 0D37EF4DC! 0GG41714?2D! B8?10DD0D!
HC41C!780!1?>D4D30>3F9!7BBF40@!718?DD!3C0!1?2>389L!!!!!

-1651I5?B!C19H@978?21!

J284>A! 3C0! D050>! 6?>3CD! D4>10! C?D34F4340D! 107D0@P! $$(D! C750! 4>! 3C0!674>P!E00>!
DF?H! 7>@l?8! 80D4D37>3! 3?! 80540H4>A! 3C048! B08G?867>10L! ! %C0! 30D346?>9! ?G! 3C0!
)?664DD4?>08! ?G! :?F410hdg! G?8! 0/76BF0! 1F078F9! 4>@41730@! 3C73! 7>! ?B08734?>7F!
80540H! ?G! 3C0! :?F410! C7@! 903! 3?! E0! 1?6BF030@P! `90D! 43! 4D! D34FF! A?4>A! ?>! 69! "?8@L!!
,?2!62D3!E078!4>!64>@!3C73!HC73!?112880@P!?112880@!8010>3F9P!7!G0H!6?>3CD!7A?P!
7>@!H0!7D!D0128439!D085410DP!H0!780!>?3!3??!X241W!3?!1F?D0!1C7B308DLa!!'283C08P!3C0!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&$*
!MC!,'!
&$$
!MC!$&$!
&$+
!M[RQV!Z3K!:4001B!]R6H0L6!eL!L3^B!*)g*)g*)B![A#0:1!96132!_L65>:!T;62!2!!
&$%
!MC*$!
&$' !

!
054@0>10! G8?6! 3C0! :$! ?G! 3C0! -4>4D389! ?G! $3730! G?8! :8?54>147F! (@64>4D38734?>! 7>@!
#>308>7F!$0128439hdh!H7D!3C73!C0!80F40@!?>!C4D!B08D?>7F!?508D4AC3!D794>AP!`3!4&-,(!
+$$!=5*.!=*+!5*@@$':'BaP!7>@!`3!=*+!*#,$!.&!<*>$!.5*.!&#+$)A*.:&'La!!!!

%C0!)?664DD4?>!H7D!7FD?!5784?2DF9!7@54D0@!E9! 67>9!D0>4?8!?GG4108D!4>! 3C0!G40F@!


3C73!80540HD!H080!>?3!7!G?867F!]?8!>?867F^!B783!?G!E2D4>0DDL!

'?867FP! H84330>! @0! E840G4>A! 7>@! ?B08734?>7F! 80540HD! 780! 7! 1843417F! B783! ?G! ?5087FF!
B08G?867>10! 67>7A060>3! 7>@! @050F?B4>A! >0H! 7>@! 46B8?50@! H79D! ?G! B8?54@4>A!
D085410DL!!%C0D0!B8?10DD0D!DC?2F@!E0!7!67>@730@!B783!?G!05089!D0128439!7A0>19[D!
8?F0P!0DB0147FF9!G?FF?H4>A!D4A>4G417>3!?B08734?>7F!050>3D!D21C!7D!3C0!:.;L!!

%C4D!64>@D03!H7D!054@0>3!4>!6?D3!?GG4108D!H43C4>!3C0!$$(D!H43C!3C0!-4F43789!7>@!
+$#$!E04>A!3C0!0/10B34?>L!!J?2E3F0DD!3C4D!D3730!?G!7GG748D!2>@08B4>D!3C0!807D?>D!
HC9! 67>9! ?G! 3C0! BF7>>4>A! 7887>A060>3DP! ?B08734>A! A24@0F4>0DP! D37>@78@!
?B08734>A!B8?10@280D!7>@!D37>@4>A!?8@08D!G7FF!DC?83!?G!3C0!D37>@78@!80X2480@!G?8!
6?@08>!D0128439!?8A7>DL!

(5?A5?BE!@?!-1EC@?E1E!4@!4D1!;@E4!&G1245@?!<5@G1?21!

#>! @030864>4>A! 43D! G4>@4>AD! 78?2>@! 3C0! 5784?2D! 80DB?>D0D! E9! $$(D! 3C0!
)?664DD4?>! G?12DD0@! B846784F9! 2B?>! 3C0! @0F45089! ?G! D085410D! E9! 3C0! :?F410L!!
I450>! 3C73! 43! 4D! 3C4D! ?8A7>! ?G! 3C0! D3730! 3C73! C7D! B846719! ?508! 3C0! @0F45089! ?G!
D0128439!D085410D!H43C4>!Y0>97!43!4D!>?3!D28B84D4>A!3C73!43!4D!C080!3C73!621C!?G!3C0!
7>7F9D4D!7>@!7DD0DD60>3!4D!67@0L!!'4>@4>AD!80F73450!3?!3C0!B08G?867>10!?G!?3C08!
7A0>140D!780!7FD?!4>1F2@0@L!!

"D1!;@G521!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&$&
!MC*&!
&$( !

!
#3!4D!1F078!3C73!3C0!:?F410!4>!Y0>97!G710!2>4X20!1C7FF0>A0D!4>!80F734?>!3?!B?F414>A!
F78A0! @06?>D38734?>D! 7>@! B8?30D3DL! %C0! B?D3! 0F0134?>! B084?@! D7H! >2608?2D!
4>D37>10D! ?G! E?3C! DB?>37>0?2D! 7>@! ?8A7>4D0@! B8?30D3D! HC41C! 4>! D?60! 17D0D!
@050F?B0@! 4>3?! 84?3DL! $?60! ?G! 3C0D0! @06?>D38734?>D! 7>@! B8?30D3D! ?112880@! 4>!
8287F!3?H>D!7>@!54FF7A0D!HC4F0!?3C08D!?112880@!4>!D?60!?G!(G8417[D!F78A0D3!28E7>!
DF26DL!.71C!D432734?>!H7D!2>4X20!7>@!80X2480@!7!@4GG080>3!B?F414>A!80DB?>D0L!!

$9D306DP! G2>134?>7F439P! ?B08734?>7F! 7>@! 3713417F! ?B34?>! 37W4>AP! 1?667>@! 7>@!


1?>38?FP! 1?662>41734?>DP! 1?6BF74>3! 37W4>A! B8?10DD0DP! 4>50D34A734?>! 17B7E4F439P!
7>@!3C0!X27F439!?G!3C0!?GG4108D!7>@!3C048!3874>4>A!780!7FF!D?80F9!30D30@!4>!D432734?>D!
F4W0!3C?D0!G714>A!3C0!B?F410!E03H00>!J0106E08!QRRS!7>@!-781C!QRRfL!

J284>A! 3C4D! 3460! C?H0508! 43! 4D! 1F078! 3C73! 3C0! :?F410! 80DB?>D0! 87>A0@! 718?DD! 3C0!
G2FF! A7623c! G8?6! 0/76BF0D! ?G! C08?4D6! 3?! 7E\013! G74F280! 4>! @4D1C78A4>A! 050>! 3C0!
6?D3!E7D41!?G!43D!67>@730@!8?F0DL!!!

(5?A5?BE!@?!4D1!3E1!@H!(@921!

%C0! )?664DD4?>! @030864>0@! 3C73! 3C0! :?F410! 80DB?>D0! 4>! 80F734?>! 3?! 3C0!
67>7A060>3! ?G! B8?30D3D! 7>@! 18?H@! 1?>38?F! H7D! 4>1?>D4D30>3! 4>! 43D! 7BBF41734?>P!
\0?B78@4V0@!3C0!F450D!?G!1434V0>D!7>@!H7D!4>!67>9!17D0D!7!A8?DDF9!2>\2D34G40@!2D0!
?G! @07@F9! G?810L! %C048! 7134?>D! 80D2F30@! 4>! 3C0! D0>D0F0DD! @073C! ?G! D1?80D! ?G!
4>>?10>3! 1434V0>D! HC41C! 4D! 4>! @48013! 1?>38750>34?>! ?G! 3C0! )?>D343234?>! ?G! Y0>97!
7>@!3C0!67>@730!?G!3C0!:?F410!$085410!E?3C!?G!HC41C!1F078F9!80X2480D!3C0!B?F410!3?!
B80D0850!3C0!B0710!7>@!B8?3013!F4G0L!!

%C0!)?664DD4?>!G?2>@!3C73!3C080!H7D!7!C0759OC7>@0@!:?F410!80DB?>D0!HC080E9!
F78A0! >26E08D! ?G! 1434V0>D! H080! DC?3! T! hRb! G737FF9hdb! T! E9! :?F410! 4>! Y4D262P!
Y7W760A7P! %87>D! +V?47P! U7D4>! I4DC2P! Y0841C?P! +7W282P! +748?E4P! 7>@! ?3C08!
BF710DL! (6?>A! 3C0! 541346D! H080! D?60! HC?! H080! ?D30>D4EF9! A?4>A! 7E?23! 3C048!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&$'
!G40!M3HH!::!3A!20=0!#05!A3!0#!50A=0!1461!6A>!?616L!1>!;6:!580!13!K0!A9!:431!K>!J02:3A:!31402!146A!140!R3L!=0!

&$, !

!
F7HG2F! E2D4>0DD! HC0>! 3C09! H080! C43! E9! E2FF03D! 7>@! 67>9! 6?80! HC?D0! H?2>@D!
1?>G4860@!3C73!3C09!C7@!E00>!DC?3!G8?6!E0C4>@L!!!

)?664DD4?>! 4>50D34A734?>D! 7FD?! @030864>0@! 3C73! 4>! 7FF! 3C0! 148126D37>10D! 43! 4D!
C4ACF9!F4W0F9!3C73!5089!67>9!1434V0>D!H080!2>F7HG2FF9!W4FF0@!E9!B?F410!?GG4108DL!!(>!
7>7F9D4D! ?G! B?D3! 6?8306! 0/764>734?>D! B8?54@0@!3?! 3C0! )?664DD4?>! 80507F0@!3??!
67>9! 4>D37>10D! ?G! 1434V0>D! E04>A! DC?3! G8?6! E0C4>@P! 7! >26E08! ?G! 4>D37>10D! ?G!
1C4F@80>! E04>A! DC?3! ]D?60! 7FD?! G8?6! E0C4>@^P! 7>@! 7! G283C08! >26E08! ?G! 1434V0>D!
E04>A!DC?3!HC4F0!DC0F3084>A!4>!7>@!78?2>@!3C048!?H>!C?60DLhdj!

%C0! )?664DD4?>! G?2>@! 3C73! :?F410! 2D0@! 7!5784039! ?G! 3713417F! ?B34?>D! @284>A! 3C0!
:.;L! %713417F! ?B34?>D! 4>1F2@0@! E23! H080! >?3! F46430@! 3?c! 3C0! 2D0! ?G! 3078! A7DP! 3C0!
2D0! ?G! EF7>W! 7662>434?>P! 3C0! 2D0! ?G! 82EE08! E2FF03D! 7>@! G4>7FF9! 3C0! 2D0! ?G! F450!
7662>434?>L!!&>!67>9!?117D4?>D!B?F410!DC?3!F450!7662>434?>!4>3?!3C0!748!4>!7>!
73306B3! 3?! @4DB08D0! B8?3013?8D! 7>@! 3C080E9! B8?3013! F4G0! 7>@! B8?B0839L! ! #>! ?3C08!
17D0DP!B?F410!?GG4108D!DC?3!@48013F9!4>3?!A8?2BD!?G!B8?30D3?8D!7>@!18?H@D!?G!B0?BF0!
3C?2AC3! 3?! E0! 4>5?F50@! 4>! F??34>A! ?8! B8?B0839! @0D382134?>! 7>@! D1?80D! H080!
D084?2DF9!4>\280@!?8!W4FF0@!7D!7!80D2F3L!!

#>! 3C0! 57D3! 67\?8439! ?G! 17D0DP! 3C0! G?810! 2D0@! E9! B?F410! ?112880@! @284>A! F7HG2F!
0>G?81060>3!@2340D!3?!B8?3013!F4G0!7>@!B8?B0839L!%C4D!@?0D!>?3!C?H0508!607>!3C73!
3C0!G?810!2D0@!H7D!F7HG2FP!807D?>7EF0!?8!@0D487EF0L!!#>!3C0!7ED0>10!?G!054@0>10!3?!
3C0!1?>38789!3C0!)?664DD4?>!@030864>0@!3C73!4>!7FF!B8?E7E4F439!7FF!B08D?>D!W4FF0@!
E9!G480786D!@284>A!3C0!B?D3!0F0134?>!54?F0>10!H080!3C0!541346D!?G!B?F410!DC??34>ADL!!

%C4D! 1?6BF030! F71W! ?G! 1?>D4D30>19! 4>! 3C0! H79! 4>! HC41C! B?F410! ?GG4108D! 2D0! G?810!
1?>D343230D! 7>! 4660@4730! >00@! 3?! 0D37EF4DC! 7! 807D?>7EF0P! E7F7>10@! 7>@!
1?>D4D30>3! >734?>7F! rUD0! ?G! '?810[! B?F419L! ! %C4D! F71W! ?G! 1?>D4D30>19! 7>@! 73! 3460D!
1?>G2D4?>! ?>! 3C0! B783! ?G! B?F410! ?GG4108D! 4D! >?3! 7DD4D30@! E9! 3C0! G713! 3C73! D?60! ?G!
3C0! D37>@78@! ?B08734>A! B8?10@280D! 234F4D0@! 7>@! F7HD! A24@4>A! ?B08734?>D! H080!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&$(
!S016!L:!?23H!140!6A6L>:!:!3?!R3:1!T3210H:!6A5!M3HH!::!3A!C!1A0::0:!

&$) !

!
B8?62FA730@! @284>A! 3C0! 1?F?>47F! 3460DL! ! '?8! 0/76BF0! ?>0! ?G! 3C0! A24@0F4>0D! 4D!
@730@!dejQ!HC4FD3!7>?3C08!]2>@730@^!7BB078D!3?!067>730!G8?6!3C0!D760!087LhdS!

%C080! 4D! 7! @06?>D38730@! >00@! G?8! B?F410! 3?! 057F2730! 7FF! ?G! 3C048! 3713417F! ?B34?>D!
7>@! 3C0! 0GG013450>0DD! ?G! 071C! ?B34?>L! (! 3713417F! ?B34?>D! B?F419! ?8! G8760H?8W!
H?2F@! 713! 7D! 7! @014D4?>! D2BB?83! 3??F! 3?! 7DD4D3! G8?>3! F4>0! :?F410! 606E08D! 4>!
67W4>A! @014D4?>D! 80F734>A! 3?! 3713417F! ?B34?>D! 7>@! 2D0! ?G! G?810! 4DD20DL! (!
G8760H?8W! H?2F@! 1F078F9! @0G4>0! 3C0! F0A7F! 3086D! )$*+&'*#,$P! @)&@&).:&'*.$! 7>@!
'$4$++*)%L! #3! H?2F@! 80X2480! ?GG4108D! 3?! 1?>34>2?2DF9! 7DD0DD! 7! D432734?>! 7>@!
DC?2F@!G?810!E0!80X2480@P!43!H?2F@!06BC7D4V0!3C73!3C0!G?810!DC?2F@!E0!)$*+&'*#,$!
*'(!'$4$++*)%!4>!3C0!148126D37>10DL!%C0!@0D4A>!7>@!D2ED0X20>3!46BF060>3734?>!
?G! 7! >734?>7F! rUD0! ?G! '?810[! D38730A9! H?2F@! C750! 3?! E0! 4>1?8B?8730@! 4>3?! 3C0!
0/4D34>A!B?F410!3874>4>A!80A460L!!

%C4D! 17>! E0! 71C4050@! 3C8?2AC! 3C0! 1?6BF030! ?508C72F! ?G! :?F410! $37>@4>A! &8@08D!
7>@! 67>27FD! ?G! K0D3! :8713410! 4>! 80F734?>!3?! 3C0! B?F414>A! ?G! @06?>D38734?>D! 7>@!
B8?30D3DL! %C080! 780! D?60! E7D41! B84>14BF0D! 3?! 7BBF9! 4>! 3C0! B?F414>A! ?G!
@06?>D38734?>DL! :?F410! 62D3! E7F7>10! 3C0! >00@! 3?! 674>374>! ?8@08! 7A74>D3! 3C0!
84AC3D! ?G! 1434V0>DL! (6?>A! 3C?D0! 84AC3D! 780c! G800@?6! ?G! DB001CP! 3C0! 84AC3! 3?!
B0710G2FF9! @06?>D38730P! 3C0! 84AC3! 3?! F4G0! 7>@! B8?B0839! 7>@! 3C0! G800@?6! G8?6!
4>3464@734?>! ?8! 4>308G080>10L! ! %C0D0! 84AC3D! 780! 0/B80DDF9! B8?30130@! 2>@08! 3C0!
)?>D343234?>L!

%C0! )?664DD4?>! 7FD?! G?2>@! 3C73! 3C0! 12880>3! )?>D343234?>! B8?54@0D! G?8! 3C0!
723C?84D734?>!7>@!\2D34G41734?>!G?8!2D4>A!786D!7A74>D3!1434V0>D!4>!148126D37>10D!
?3C08! 3C7>! HC0>! F4G0! 4D! 4>! \0?B78@9L! ! %C0! B8?54D4?>! G?8! D21C! G?810! 3?! E0! 2D0@! 4>!
3C0!@0G0>10!?G!B8?B0839!C7D!F433F0!7BBF41734?>!4>!7!1?>306B?8789!D?14039!7>@!D21C!
607D280D! >00@! 3?! E0! 7@@80DD0@! 4>! 3C0! @050F?B60>3! ?G! 7! >0H! )?>D343234?>! 7>@!
80540H!?G!3C0!:?F410!(13!7>@!3C0!(@64>4D38734?>!:?F410!(13L!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&$,
!Q.4!K!1:!-,M!ED33XL01!3?!!A:128=1!3A:!3?!140!8:0!3?!62H05!?32=0!!A!=!#!L!5!:182K6A=0:F!6A5!-,S!EI!31!S2!LL!G26!A!A9!
K33XL01!?32!140!R3L!=0!c32=0F!

&$- !

!
!

%C0! )?664DD4?>! @030864>0@! 3C73! G2FFP! B8?G0DD4?>7F! 7>@! 4>@0B0>@0>3!


4>50D34A734?>D! 4>3?! 3C0! 2D0! ?G! G?810! E9! B?F410! ?GG4108D! 62D3! E0! 1?660>10@!
4660@4730F9L!

(5?A5?BE!5?!91G845@?!4@!,?61E45B845@?E!

%C0! :?F410! $085410! C7D! 7! G2>@760>37F! B8?EF06! H43C! 43D! 4>50D34A73450! 17B7E4F439!
7>@! 17B71439L! ! %C0! )?664DD4?>[D! ?H>! 4>50D34A734?>D! G?2>@! 3C73! 3C080! H7D! 7>!
4>7E4F439! ?8! 80F2137>10! 3?! 0GG013450F9! 4>50D34A730! D084?2D! 18460D! 7>@! 3C048!
B08B03873?8D! 050>! HC0>! D38?>A! 054@0>10! 0/4D30@L! ! &G! 7! 3?37F! ?G! ddgg! @073CD! 3C0!
B?F410!C750!4>434730@!B8?D01234?>D!G?8!6080F9!de!C?6414@0DLhdf!

%C0! )?664DD4?>! G?2>@! 3C73! G?8! 67>9! ?3C08! 18460DP! G48D3! C7>@! 054@0>10! F4>W4>A!
7>!?GG0>@08!?8!?GG0>@08D!3?!3C0!18460!0/4D30@!7>@!D34FF!0/4D3DL!=?H0508!G?8!807D?>D!
W>?H>! ?>F9! 3?! 3C06! 3C0! :?F410! G74F0@! 3?! G2FF9! @4D1C78A0! 3C048! @2340D! 4>! 3C4D!
80DB013L! ! :?F410! 7BB0780@! 2>H4FF4>A! ?8! 4>17B7EF0! ?G! 4>50D34A734>A! 7>@! 7880D34>A!
B?F43417FF9! B?H08G2F! 4>@454@27FD! 46BF41730@! 4>! 3C0! :.;! 4>D307@! 1?>10>38734>A! ?>!
3C0!F?H08!F050F!B08B03873?8DLhde!

%C0!)?664DD4?>! 7FD?! 0D37EF4DC0@! 3C73! 3C0! :?F410! D085410! C7D! H07W! D9D306D!7>@!
7BB8?71C0D!3?!4>50D34A734>A!4>14@0>3D!HC080!B?F410!?GG4108D!780!4>5?F50@L!!*7>A4>A!
G8?6!3C0! 2D0! ?G! F03C7F! G?810!3?! 3C0! @0F4E08730! W4FF4>A! ?G! 4>>?10>3! 1434V0>D! F43087FF9!
C2>@80@D! ?G! 4>14@0>3D! 780! >?3! E04>A! 4>50D34A730@! H43C! 3C0! 3C?8?2AC>0DD! >00@0@!
?8! 3?! 3C0! D37>@78@D! 80X2480@L! %C080! 4D! >?! B8?G0DD4?>7F! D37>@78@D! 17B7E4F439!
H43C4>! 3C0! :?F410! D38213280! >?8! 7>! 4>308>7F! 4>50D34A734?>D! A8?2B! 37DW0@! H43C!
3C0D0!8?F0DL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&$)
!MC!*$B!J20:0A161!3A!13!140!M3HH!::!3A!
&$-
!7!J3:!1!3A!=3A?!2H05!K>!1;3!:0A!32!3??!=!6L:!h!A!=6H026^!6A5!20?L0=105!!A!140!7X!;8H!!I0J321!J690!&%!
&+* !

!
!

(5?A5?BE!91G845?B!4@!29575?8G!@HH1?A5?B!F:!C@G521!@HH5219E!

)80@4EF0! 054@0>10! D38?>AF9! F4>W0@! 7! >26E08! ?G! B?F410! ?GG4108D! H43C! D084?2D!
18464>7F! ?GG0>@4>AL! ! %C0! ?GG0>@4>A! 87>A0@! G8?6! 628@08! 7>@! 87B0! 3?! 3C0G3! 7>@!
E84E089L!

%C0! 0/30>3! ?G! ?GG0>@4>A! H7D! H?884D?60! 0DB0147FF9! 1?>D4@084>A! 3C0! F71W! ?G!
80B?834>A! ?>! 3C0! B783! ?G! 541346D! ]67>9! @030864>0@! 3C73! 43! H?2F@! E0! 7! H7D30! ?G!
3460! 1?>D4@084>A! B?F410! ?GG4108D! H080! 3C0!B08B03873?8D^P! 3C0! F71W! ?G! 801?8@4>A! ?>!
3C0! B783! ?G! 3C0! B?F410! ]050>! HC0>! 541346D! @4@! A?! 3?! 3C0! B?F410! 3C09! H080! ?G30>!
713450F9! @4D1?287A0@^! 7>@! 3C0! 7BB780>3! F71W! ?G! 1?>108>! ?>! 3C0! B783! ?G! D0>4?8!
?GG4108DL!

%?! 7@@80DD! 4DD20D! ?G! 46B2>439P! E84>A4>A! 3?! \2D3410! B08B03873?8D! ?G! 54?F0>10! 7>@!
80D3?84>A! 1?>G4@0>10! 4>! 3C0! :?F410P! 3C0D0! ?GG4108D! 62D3! E0! 3C?8?2ACF9! 7>@!
B8?G0DD4?>7FF9!4>50D34A730@!7>@!@07F3!H43C!2>@08!3C0!F7HL!

(5?A5?BE!91G845?B!4@!C89458G54:!

-21C!054@0>10!H7D!8010450@!E9!3C0!)?664DD4?>!80F734>A!3?!3C0!713454340D!?G!B?F410!
?GG4108D!E04>A!@8450>!E9!3C048!03C>41439P!B?F43417F!F07>4>AD!?8!E?3CL!

#>! D?60! 7807DP! 0DB0147FF9! 4>! 3C0! *4G3! ;7FF09! :8?54>10! 3C0! )?664DD4?>! D7H!
054@0>10!?G!7>!03C>41!@454@0!H43C4>!3C0!B?F410!HC?!H080!80B?830@!3?!E0!B846784F9!
Y7F0>\4>L! $?60! H43>0DD0D! B8?54@0@! D373060>3D! D794>A! 3C73! B?F410! D3??@! E9! 7>@!
H731C0@! 7D! C?60D! ?G! 3C0! >?>OY7F0>\4>! H080! E04>A! E28>0@! 7>@! F??30@L! #>! D?60!
17D0D!43!H?2F@!7BB078!3C0!B?F410!606E08D!H731C0@!7D!4>@454@27FD!H080!W4FF0@!4>!
3C048! B80D0>10L! ! #>! +7457DC7! ?>0! H43>0DD! D3730@! 3C73! 3C0! Y4W292! 606E08D! ?G!
B?F410!H080!80F2137>3!3?!7DD4D3!7>@!3C080!H7D!054@0>10!?G!?B0>!@0G47>10!E9!D?60!
?GG4108D!4>!80F734?>!3?!3C048!D0>4?8DL!!

&+$ !

!
(5?A5?BE!91G845?B!4@!8!G82X!@H!5?A1C1?A1?21!

#>D37>10D! ?G! 4>7BB8?B84730! @014D4?>! 67W4>A! @20! 3?! ?23D4@0! 4>308G080>10! 7>@!
4>GF20>10!H080!@4D1?5080@!E9!3C0!)?664DD4?>L!!%C0D0!4>1F2@0@!4>D382134?>D!G8?6!
3C0!)?664DD4?>08!?G!:?F410!3?!80F07D0!7880D30@!B84D?>08DP!3C0!G74F280!3?!1?>34>20!
H43C! 7>@! G4>7F4D0! 17D0D! ?G! B?F410! ?GG4108D! 7>@! A?508>60>3! 06BF?900D! HC?! H080!
@4D1?5080@! 1?664334>A! ?GG0>10DP! 7>@! 3C0! EF737>3! 2D0! ?G! 7@64>4D38734?>! B?F410!
?GG4108D!4>!0F0134?>0084>A!713454340DL!

%C0!678DC7FF4>A!7>@!@0BF?960>3!?G!2B!3?!djRR!(@64>4D38734?>!:?F410!?GG4108DP!4>!
BF74>!1F?3C0DP!3?!713!7D!7A0>3D!?G!3C0!A?508>60>3!4>!@4D82B34>A!?8!?3C08H4D0!E04>A!
4>5?F50@!4>!3C0!0F0134?>D!B8?10DD0DP!76?2>3D!3?!7!A8?DD!7E2D0!?G!B?H08!E9!3C?D0!
HC?! 4>434730@! 3C0! 0/0814D0L! ! %C4D! 71345439! 17>! C750! >?! F0A4346730! 0/BF7>734?>! ?8!
F0A7F!E7D4D!7>@!4>!7FF!B8?E7E4F439!H7D!2>F7HG2FL!

%C0! DB0147F! 7DD4A>60>3! ?G! 7! A8?2B! ?G! Y:$! ?GG4108D! @284>A! 3C0! 0F0134?>! 4>! 3C0!
)?7D3! :8?54>10! 4>! 1?FF734>A! 80D2F3D! 7>@! G?8H78@4>A! 3C0D0! 3?! B?F410! C07@X278308D!
801?8@0@!4>!3C0!?B08734?>!?8@08D!D084?2DF9!1?>108>0@!3C0!)?664DD4?>P!17>!C750!
>?!F0A4346730!?B08734?>7F!234F439P!7>@!80X2480D!4>50D34A734?>!7>@!0/BF7>734?>L!!

&3C08! 4DD20D! D288?2>@4>A! 3C0! >73287F! 30>D4?>D! E03H00>! 3C0! 8?F0! ?G! B8?54>147F!
7@64>4D3873?8D! 7>@! B?F410! D28G710@! @284>A! 3C0! )?664DD4?>[D! 4>50D34A734?>L!!
(@64>4D38734?>! :?F410! &GG4108D! 780! D2E\0130@P! H43C4>! 12880>3! D38213280D! 7>@!
?B08734>A!7887>A060>3DP!3?!62F34BF0!F4>0D!?G!1?667>@!7>@!1?>38?FL!!'?8!0/76BF0!
3C0! (@64>4D38734?>! :?F410! (13! 80X2480DP! 76?>AD3! ?3C08! 3C4>AD! 3C73! 05089! ?GG4108!
DC7FF!7DD4D3!1C40GD!7>@!D2EO1C40GD!HC0>!17FF0@!2B?>P!2>@08A?!3874>4>A!HC0>!3C0!
J4D38413! )?664DD4?>08! D?! ?8@08DP! 7>@! 713! 7D! 7! 60DD0>A08! 4>! 673308D! ?G!
7@64>4D38734?>!?8!3C0!B2EF41!D085410LhQR!!(:!?GG4108D!780!7FD?!80X2480@!3?!E0!2>@08!
3C0! 1?667>@! ?G! 3C048! )?667>@7>3! HC?! 4D! 3C0! ?GG4108! 4>! 1C78A0! ?G! 3C0!
(@64>4D38734?>! :?F410L! ! #>! 7@@434?>! (:! ?GG4108D! 17>! E0! D01?>@0@! 3?! 3C0! Y:$! 7>@!
713!2>@08!3C73!1?667>@!D38213280!HC0>!80X2480@!3?!@?!D?L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&+*
!<00!R3;02:!6A5!S81!0:!3?!7R:!!A!6JJ0A5!.!EDF!

&++ !

!
%C0!)?664DD4?>!G4>@D!3C4D!D432734?>! 2>30>7EF0!7>@!1?>D343230D!7!G8713280@!7>@!
1?>G2D0@!1?667>@!7>@!1?>38?F!D38213280!3C73!4D!>?3!1?>@21450!3?!0>D284>A!1F078!
711?2>37E4F439!G?8!B?F414>A!D085410!@0F45089L!!%C4D!D432734?>P!4G!7FF?H0@!3?!1?>34>20P!
H4FF!1?>D4D30>3F9!804>G?810!3C0!B0810B34?>!]7>@!?G30>!807F439^!3C73!3C0!(:D!780!>?3!
46B78347F! @20! 3?! 3C0! 1F?D0! 1?>38?F! ?508! 3C06! 3C73! 3C0! :8?54>147F! (@64>4D38734?>!
D9D306!C7DLhQd!

(5?A5?BE!91G845?B!4@!E12912:!

%C0!)?664DD4?>!G?2>@!3C73!3C0!:?F410!(A0>140D!7BB0780@!3?!2>>010DD784F9!7@?B3!
7!@0G0>D450!B?D434?>!X2?34>A!3C0!>00@!G?8!D018019!7D!7!8734?>7F0!G?8!>?3!B8?54@4>A!
D?60! 80X20D30@! 6730847FL! ! %C4D! D432734?>! 4D! 0/387?8@4>789! A450>! 3C0! G2FF!
@4D1F?D280D!67@0!E9!?3C08!7A0>140D!3C73!780!3C0!80B?D43?89!?G!G78!6?80!D0>D43450!
4>G?86734?>L!!!

#>! G74F4>A! 3?! B8?54@0! 3C0! )?664DD4?>! H43C! E7D41! 4>G?86734?>! D21C! 7D! 3C0!
0D37EF4DC60>3! 7>@! 71327F! >26E08D! ?G! ?GG4108D! 7574F7EF0! G?8! D085410P! 1?B40D! ?G!
>734?>7F! BF7>>4>A! @?1260>3DP! 7>@! ?3C08! @737! 4>1F2@4>A! D2110DD! 8730D! 4>!
4>50D34A734?>DP! 3C0! :?F410! 2>@08D1?80@! 7>! 4>D2F78P! 4>38?DB013450! 7>@!
2>1??B0873450!D37>10!8064>4D10>3!?G!7!E9A?>0!087L!

#>! 3C0! G4>7F! 7>7F9D4D! 43! 7BB0780@! 3?! 3C0! )?664DD4?>! 3C73! 3C0! :?F410! 7A0>140D!
80A78@0@!3C0!3086!D0128439!7D!D9>?>96?2D!H43C!D018019L!!%C09!G74F0@!3?!A87DB!3C0!
1?>10B3! 7@?B30@! E9! 6?D3! 1?>306B?8789! F7H! 0>G?81060>3! 7A0>140D! 3C73! E04>A!
?B0>! 7>@! 4>308713450! H43C! 1?662>4340D! 4D! >?3! ?>F9! 3C0! 84AC3! ?G! 1434V0>D! E23!
G2>@760>37F! 3?! 0>D284>A! 1?662>439! D2BB?83! 7>@! 4>! @050F?B4>A! 3C048! 382D3! 7>@!
1?>G4@0>10L! ! %C0! B8?54D4?>! ?G! 4>G?86734?>! DC?2F@! E0! 7! 3H?OH79! D38003! H43C!
Y0>97>D!8010454>A!3460F9!7>@!80F057>3!4>G?86734?>!?>!D7G039!7>@!D0128439!4DD20D!
G8?6!B?F410!7E?23!HC73!4D!C7BB0>4>A!4>!3C048!1?662>4340DL!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&+$
!7!:!H!L62!?!A5!A9!;6:!621!=8L6105!!A!140!7X!;8H!!I0J321!J!+)(!

&+% !

!
(5?A5?BE!91G845?B!4@!H85G391!4@!91EC@?A!

-7>9! B0?BF0! 30D34G40@! 7>@! 0/B80DD0@! 1?>108>! 3C73! 4>! >2608?2D! 17D0D! B?F410!
?GG4108D! G74F0@! 3?! 713! 3?! B8?3013! B8?B0839! 7>@! D750! F450DL! ! .54@0>10! H7D! 1?FF0130@!
D2AA0D34>A!3C73!?>!7!>26E08!?G!?117D4?>D!3C0!B?F410!D46BF9!H731C0@!7D!B8?B0839!
H7D!E04>A!@0D38?90@!7>@!F??34>A!?112880@L!!

#>!)?7D3! :8?54>10! 4>! B783412F78! 3C080!H7D! 621C! 1?>108>!?508! 3C0! G74F280! ?>!3C0!
B783! ?G! 3C0! B?F410! 3?! 4>30850>0! HC0>! 3C09! H080! 1F078F9! 7574F7EF0! 7>@! B80D0>3L! (!
>26E08! ?G! 541346D! 7>@! H43>0DD0D! 0/B80DD0@! 3C0! E0F40G! 3C73! 3C0! B?F410! H080!
1?>@?>4>A!3C0!F??34>A!7>@!B8?B0839!@0D382134?>L!!%C080!7BB0780@!3?!E0!7!rF??3!E23!
@?>[3!W4FF[!B?F419L!%C4D!D7H!3C0!0608A0>10!?G!1434V0>D!G8?6!3C0!Y4W292!7>@!Y76E7!
1?662>4340D! E7>@4>A! 3?A03C08! 3?! B8?3013! 3C048! ?H>! B8?B0839! 7D! 3C080! H7D! >?!
1?>G4@0>10!3C09!H?2F@!8010450!B8?30134?>!G8?6!3C0!B?F410L!!!!!

#>! 67>9! 4>D37>10D! C?H0508! B?F410! @4@! D00W! 3?! 80DB?>@! 4>! 3C0! E0D3! H79! B?DD4EF0!
E23!H080!>?3! 7FH79D! D2110DDG2FL! ! %C0! U7D4>! I4DC2! J4D38413! G?8! 0/76BF0! H7D!3C0!
D430!?G!3C0!8:*<#**!1C281C!E28>4>A!3C73!80D2F30@!4>!3C0!F?DD!?G!67>9!F450DL!:?F410!
73306B3D! 3?! 80D120! 3C0! D432734?>! H080! 3CH7830@! 3C8?2AC! 7! 1?6E4>734?>! ?G! 7>!
4>7E4F439! 3?! 80DB?>@! X241WF9! 0>?2AC! 7>@! 0>1?2>3084>A! @0F79D! 3C8?2AC! 2>F7HG2F!
8?7@EF?1WDL!

(5?A5?BE!5?!91G845@?!4@!C@G5251EQ!E:E417E!8?A!C9@21EE1E!

%C0! )?664DD4?>! G?2>@! 3C73! D?60! D9D306D! 7>@! B?F4140DP! B783412F78F9! 80F734>A! 3?!
@0BF?960>3D! 7>@! 7BB?4>360>3DP! BF7>>4>A! 7>@! 80540HP! @07F4>A! H43C! @073CDP!
?B08734?>7F!B?F419!7>@!!B8?10@280D!780!?23@730@!7>@!4>!>00@!?G!28A0>3!80540HL!

&G! B783412F78! 1?>108>! H7D! 3C73! ?B08734?>7F! BF7>>4>A! 7887>A060>3DP! ?B08734>A!


A24@0F4>0DP! D37>@78@! ?B08734>A! B8?10@280D!7>@! D37>@4>A! ?8@08D! G7FF! DC?83! ?G! 3C0!
D37>@78@D! 80X2480@! G?8! 6?@08>! D0128439! ?8A7>DL! ! (! G2FF! 80540H! ?G! 3C0D0!
7887>A060>3D!>00@D!3?!E0!1?>@2130@!7D!7!673308!?G!28A0>19L!

&+& !

!
<C4F0! 43! 4D! 71W>?HF0@A0@! 3C73! D?60! B8?A80DD! C7D! E00>! 67@0! 4>! 80F734?>! 3?!
@07F4>A!H43C!541346D!?G!D0/27F!54?F0>10!]D21C!7D!D0334>A!2B!A0>@08!@0DWD!4>!B?F410!
D3734?>D^P!3C0!050>3D!?G!3C0!:.;!B084?@!1F078F9!@06?>D38730@!3C73!3C080!4D!7!5089!
F?>A!H79!3?!A?L!!!

%C0! B08D?>7F! 733432@0D! ?G! ?GG4108DP! 7D! H0FF! 7D! D9D306D! 3?! @07F! H43C! 3C0! 541346DP!
>00@!3?!@87673417FF9!46B8?50!7D!7!673308!?G!28A0>19L!

(5?A5?BE!5?!91G845@?!4@!A18G5?B!I54D!2@7CG85?4E!

%C0! )?664DD4?>! G0F3! 3C73! 3C0! E0D3! 0/76BF0! ?G! C?H! B?F410! ?GG4108D! @07F! H43C!
1?6BF74>3D!4D!E0D3!4FF2D38730@!E9!3C0!7BB8?71C0D!37W0>!4>!80F734?>!3?!3C0!541346D!
?G! D0/27F! ?GG0>@4>AL! ! %C080! H080! 5089! 67>9! 4>D37>10D! ?G! 541346D! 73306B34>A! 3?!
80B?83!3C048!17D0D!3?!3C0!B?F410!E23!E04>A!3CH7830@!G?8!7!5784039!?G!807D?>DL!!I450>!
3C0! 148126D37>10DP! D17F0! ?G! ?GG0>@4>AP! 3C0! DC?831?64>AD! HC41C! D006! 3?! C750!
B80574F0@! 4>! 80A78@! 3?! 3C0! 4>50D34A734?>!?G! 3C0D0! 18460D! 7>@! 7FD?! 3C0! 7FF0A734?>D!
7A74>D3! :?F410P! 43! 4D! F4W0F9! 3C73! 7! D0B78730! 0>3439! H?2F@! E0! E0D3! BF710@! 3?!
4>50D34A730!3C0D0!673308DL!

<43C! 3C73! 2>@08H79P! H?8W! 17>! E0A4>! ?>! E24F@4>A! D38730A40D! HC41C! H4FF! 71C4050P!
4>3?!3C0!G23280P!3C0!673308D!D03!?23!4>!3C0!67>@730L!!)0>387F!3?!3C0D0!D38730A40D!
H4FF! E0! 7>! 0@21734?>l7H780>0DD! 1?6B?>0>3! HC41C! H4FF! DB7>! B2EF41P! 60@417FP!
:?F410!7>@!F0A7F!@?674>DL!!%C0!7BB8?71C!62D3!E0!1??8@4>730@!7>@!1?>D4D30>3!D?!
3C080! 4D! 7! 1?66?>! 2>@08D37>@4>A! ?G! 3C0! E0D3! 80DB?>D0DP! G8?6! 7FF! B78340DP! 3?!
D0/27F!54?F0>10L!!!!!

(FF! B78340DP! 4>1F2@4>A! :?F410! >00@! 3?! 2>@08D37>@! 3C048! 84AC3D! 7>@! 3C048!
80DB?>D4E4F4340D! H43C! 80A78@! 3?! D0/27F! ?GG0>@4>AL! ! %C4D! E7D0! 3C0>! >00@D! 3?! E0!
1?6BF060>30@! E9! 3C0! 3874>4>AP! F?A4D341DP! 7>@! 80D?2810D! 3C8?2AC! HC41C! 541346D!
17>!E0!380730@!7>@!D2BB?830@!7>@!C750!3C?D0!HC?!?GG0>@!7A74>D3!3C06!@07F3!H43C!
0GG013450F9!7>@!4>!7!3460F9!G7DC4?>!711?8@4>A!3?!3C0!F7HL!

$0/27F! 54?F0>10! >00@D! 3?! E0! 71W>?HF0@A0@! E9! :?F410! 7D! 7! D084?2D! 18460! 7>@!
80DB?>@0@! 3?! 711?8@4>AF9L! ! ;41346D! DC?2F@! E0! 7EF0! 3?! 80B?83! 18460D! 4>! 7>!
&+' !

!
0>548?>60>3!HC41C!4D!D01280!7>@!B845730!7>@!4>!7!D432734?>!4>!HC41C!3C048!@4A>439!
4D!674>374>0@L!!:?F410!DC?2F@!80DB?>@!4>!7!H79!3C73!4D!>?>OB7834D7>L!!*0B?83D!?G!
3C4D!39B0!?G!?GG0>@4>A!DC?2F@!*,=*%+!E0!801?8@0@!7>@!B8?B08F9!4>50D34A730@L!!!!

%C4D!4>50D34A734?>!679!4>1F2@0P!76?>A!?3C08!BC7D0DP!3C0!0/764>734?>!?G!D10>0]D^!
7>@! 3C0! B8?B08! 1?FF0134?>P! D3?87A0P! 7>7F9D4D! 7>@! 057F2734?>! ?G! 054@0>10L! ! %C0!
4>50D34A734?>! 62D3! E0! 178840@! ?23! E9! :?F410! ?GG4108D! HC?! 780! 7@0X2730F9! 3874>0@!
7>@! 1?6B030>3! 73! 4>50D34A734>A! D084?2D! 18460L! ! *0B?83D! ?G! D0/27F! 18460D! DC?2F@!
G?86! B783! ?G! 7! 18464>7F! 4>30FF4A0>10! B8?10DDL! ! ! )?>D4@08734?>! >00@D! 7FD?! 3?! E0!
A450>!3?!3C0!D7G039!?G!3C0!541346!HC0>!1?>D4@084>A!HC03C08!3C0!7112D0@!B08D?>!4D!
80F07D0@! 4>3?! 3C0! 1?662>439! B0>@4>A! 3C0! 1?6BF034?>! ?G! 3C0! :?F410l\2@4147F!
B8?10DDL!!

(5?A5?BE!5?!91G845@?!4@!91E@3925?B!

%C0!)?664DD4?>!H7D!G82D38730@!4>!43D!73306B3D!3?!G2FF9!7DD0DD!80D?2814>A!4DD20DL!!
'80X20>3! 2D0! H7D! 67@0! ?G! 87H! >26E08D! D21C! 7D! 3C0! 8734?! ?G! B?F410! ?GG4108D! 3?!
B?B2F734?>hQQL! ! I450>! 3C73! 3C0! :?F410! 7A0>140D! 3C06D0F50D! G74F0@! 3?! B8?54@0! 3C0!
)?664DD4?>!H43C!3C0!71327F!>26E08D!?G!?GG4108D!?8!3C0!0D37EF4DC60>3!G4A280!7>9!
D21C!8734?!B8?54@0@!4D!DB012F73450L!

#3!4D!1F078!3C73!3C0!B?F410!H080!4>!G713!?508HC0F60@!E9!3C0!0/30>3!7>@!4>30>D439!?G!
3C0! 54?F0>10L! ! &>0! +$#$! 80B?83! 1?660>30@! ?>! 3C0! G713! 3C73! ?GG4108D! 4>! +748?E4!
H080! G734A20@! 7G308! E04>A! ?>! 1?>34>2?2D! @239! G?8! D05087F! @79DL! ! =?H0508! 3C4D!
7DB013! ?>F9! B80D0>3D! B783! ?G! 3C0! B413280L! ! )?>384E234>A! G713?8D! 3?! 3C4D! D432734?>!
4>1F2@0! 3C0! 80X248060>3! 3?! B8?54@0! 6?80! 3C7>! bhPRRR! ?GG4108D! 3?! E0! B80D0>3! 73!
B?FF4>A!D3734?>DP!3C0!G74F280!3?!BF7>!B8?B08F9!7>@!3C0!F?H!F050F!4>5?F5060>3!?G!3C0!
64F43789L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&++
!T2"!c26A=!:!@!H0H!6!EMC!*&F!13L5!140!M3HH!::!3A!1461!140!=8220A1!261!3!;6:!$N)'*!;4!L0!140!20=3HH0A505!261!3A!
!:!$N&'*!

&+( !

!
-080F9! G?12DD4>A! ?>! 3C0! 3?37F! >26E08D! ?G! B?F410! ?GG4108D! 4D! B8?EF067341L! ! <C4FD3!
3C080! 679! E0! 7! 17D0! G?8! 7>! 4>1807D0! 4>! B?F410! >26E08DP! D?60! E7D41! 46B0873450D!
62D3!B80O0/4D3L!!%C0D0!4>1F2@0c!80182434>A!7>@!3874>4>A!3C0!84AC3!B0?BF0P!0>D284>A!
3C0! 0/4D34>A! B?F410! 12F3280! 4D! 1?>@21450! 3?! 06E8714>A! 80G?86P! D9D306D! 7>@!
B8?10DD0D!62D3!E0!?G!7!C4AC!D37>@78@P!7>@!?8A7>4D734?>7F!F07@08DC4B!62D3!E0!?G!
3C0!C4AC0D3!X27F439L!!

&3C08!G713?8D!1760!3?!3C0!)?664DD4?>[D!7330>34?>!@284>A!43D!0/764>734?>!?G!3C4D!
7807L! ! %C0! 1?>@434?>D! 3C73! :?F410! ?GG4108D! H?8W! 2>@08! 80X2480! 1F?D0! 7330>34?>L!!
*7>A4>A! G8?6! B??8! 8062>08734?>! 3?! ?G30>! D2ED37>@78@! F454>A! 1?>@434?>D! 3C0D0!
4DD20D! 1?6E4>0! 3?! 46B713! >0A73450F9! ?>! 3C0! 6?87F! 7>@! 4>10>3450D! 3C73! 46B713!
B08D?>7F!B08G?867>10L!!#3!4D!0/B0130@!3C73!7>9!80G?86!B8?10DD!H4FF!F??W!1780G2FF9!
73!3C0D0!4DD20DL!

(5?A5?BE!5?!91G845@?!4@!91651I!8?A!57C9@6171?4!8998?B171?4E!

(! W09! 7DB013! ?G! 3C0! BF7>>4>A! 191F0! G?2>@! 3?! E0! 7ED0>3! H7D! 7>9! G?86! ?G! G?867F!
H84330>!@0OE840G4>A!7>@!?B08734?>7F!80540H!B8?10DDL!!%C0!)?664DD4?>08!?G!:?F410!
3?F@!3C0!)?664DD4?>!3C73!?>0!C7@!>?3!903!E00>!1?6BF030@!7FE043!D05087F!6?>3CD!
7G308! 3C0! 54?F0>10! D3?BB0@LhQg! ! &3C08! D0>4?8! B?F410! ?GG4108D! 804>G?810@! 3C4D!
7BB8?71C!E9!7FD?!1?>G4864>A!3C0!7ED0>10!?G!7!G?867FP!1?6B80C0>D450!7>@!H84330>!
80540H!B8?10DDL!

<C4FD3! 3C0! )?664DD4?>! ?ED0850@! 3C8?2AC?23! 43D! H?8W! 3C73! 3C0! :?F410! H080! >?3!
7@0X2730F9! 80D?2810@! 3C4D! @?0D! >?3! @038713! G8?6! 7! G4>@4>A! 3C73! 3C0! 7ED0>10! ?G!
3C0D0!B8?10DD0D!76?2>3D!3?!7!D084?2D!G74F280!?>!3C048!B783L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&+%
!MC!*$B!P6!23K!!-!Z8L>!+**)!

&+, !

!
(5?A5?BE!5?!91G845@?!4@!@4D19!+123954:!#B1?251E!

%C080! H7D! F433F0P! 4G! 7>9P! F07@08DC4B! @4DBF790@! E9! A?508>60>3! 4>! @07F4>A! H43C! 3C0!
54?F0>10!HC0>!43!]4>05437EF9^!E8?W0!?23L!!(F3C?2AC!D?60!054@0>10!H7D!B8?54@0@!3?!
3C0! )?664DD4?>! 3C73! 7! C7D34F9! G?860@! )7E4>03! $0128439! )?6643300! ])$)^! 603!
078F9! 4>! _7>2789! 7>@! 3C0! +$()! B8?54@0@! 43! 7! H84330>! E840G4>A! ]@730@! dS3C!
_7>2789^P! 3C080! H7D! 6?80! 0GG?83! 7DD4A>0@! 3?! @07F4>A! H43C! 3C0! ?231?60D! ?G! 3C0!
54?F0>10!873C08!3C7>!7>9!807F!0GG?83!3?!D3?B!?8!80@210!43L!!

;7847EF0! B08G?867>10D! 0/C4E430@! E9! 3C0! Y$#-! H080! 7FD?! 054@0>3! 4>1F2@4>A! 7>!
7BB780>3!7ED0>10!?G!F07@08DC4B!7>@!G2>134?>7F439!73!3C0!0/0123450!F050F!0/C4E430@!
E9!3C0!)$)L!!!!

%H?!?G!3C0!@48013450D!1?662>41730@!E9!3C0!+$()!2>@08!3C0!D4A>73280!?G!3C0!3C0>!
:$P! -4>4D389! ?G! $3730! G?8! :8?54>147F! (@64>4D38734?>! 7>@! #>308>7F! $0128439!
1?>108>0@! 3C0! )?664DD4?>LhQh! %C0! 4>D382134?>! 3C73! `FU3f! *'(! QU3f! +5&-,(!
@)&A:($!+$4-):.%!.&!.*)B$.$(!:'(:A:(-*,+!=5&!+-@@&).$(!.5$!c&A$)'<$'.!*'(!FVga!
7BB078D!3?!4>@41730!7!E47D!78?2>@!\2D3!HC?!3?!B8?3013L!!(!G283C08!1?>108>!G?8!3C0!
)?664DD4?>!H7D!3C0!7@5410!3C73!`4&<<*'(!*'(!4&&)(:'*.:&'!)$,*.:&'+5:@+!+5&-,(!
#$! +.)$*<,:'$(La! ! I450>! 3C73! 3C0D0! 1?662>41734?>D! H080! D0>3! ?>! S3C! 7>@! Qf3C!
_7>2789! QRRf! 43! 17>! ?>F9! E0! 7DD260@! 3C73! 3C0D0! 46B?837>3! G2>134?>D! 7>@!
D38213280D!H080!>?3!4>!A??@!?B08734>A!?8@08!B84?8!3?!3C0!0F0134?>D!?G!QRRSL!!

%C0!B08G?867>10!?G!:8?54>147F!7>@!J4D38413!$0128439!7>@!#>30FF4A0>10!)?6643300D!
7FD?! 57840@! G8?6! H0FF! ?8A7>4D0@! 0>34340D! 3C73! 603! ?G30>! @284>A! 3C0! 184D4DP!
@030864>0@!B84?8439!7134?>!7>@!67@0!W09!@014D4?>DP!3?!?3C08D!3C73!@4@!>?3!0>A7A0!
73!7FF!HC0>!78A27EF9!3C09!H080!>00@0@!6?D3!

%C0! )?664DD4?>! 4D! D734DG40@! 3C73! 3C0! -4F43789! 7F?>A! H43C! D2BB?834>A! 7A0>140D!
D21C!7D!3C0!Y0>97!<4F@F4G0!$085410!80DB?>@0@!7BB8?B84730F9!@284>A!3C0!184D4DL!!#>!
@4D1C78A4>A!3C048!8?F0!4>!E71W4>A!2B!3C0!B8460!D0128439!7A0>140D!3C0!)?664DD4?>!
C078@!>?3C4>A!E23!B?D43450!1?660>3789!?>!3C0D0!?8A7>DL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&+&
!G40:0!=3HH8A!=61!3A:!;020!20?02205!13!!A!140!P>6Af6!RS[M!H!A810:"!![1!!:!A31!XA3;A!!?!140>!;020!:0A1!13!6LL!R<[M:"!

&+) !

!
#>!6?D3!17D0D!3C0!Y0>97!:84D?>D!$085410!7FD?!80DB?>@0@!H0FF!7>@!4>!3C0!17D0!?G!
3C0! +7457DC7! :84D?>! ?B30@! 3?! 8010450! 541346D! ?G! 3C0! 184D4D! ?>! 3C048! B8?B0839! 7>@!
B8?54@0!E7D41!>010DD4340D!]4>1F2@4>A!D0128439^!G?8!7!DC?83!B084?@!E0G?80!80F?1734?>L!!
(F3C?2AC! 3C080! H7D! 60>34?>! ?G! 4>7BB8?B84730! E0C754?28! ?>! 3C0! B783! ?G! D?60!
B84D?>!?GG4108D!4>!+7457DC7!>?!G486!D2BB?834>A!054@0>10!H7D!B8?54@0@L!

%C0! +$#$! 7FD?! @4D1C78A0@! 43D! 8?F0! 807D?>7EF9! H0FF! 4>! 3C73! 3C0! @74F9! D432734?>!
80B?83DP!7B783!G8?6!7!B084?@!?G!04AC3!@79DP!1?>34>20@!3?!E0!@050F?B0@!3C8?2AC?23!
_7>2789!7>@!'0E82789!QRRfL!!=?H0508!3C0!)?664DD4?>!G0F3!3C73!3C0!+$#$!1?2F@!
C750! 0/0814D0@! 6?80! 4>GF20>10! ?>! 3C0! D432734?>! 0DB0147FF9! 4>! 3C0! 7807! ?G!
@050F?B4>A! DB0147FP! G?12D0@! 80B?83D! 7460@!73! 7DD4D34>A! 3C0! B?F410! 7>@! ?3C08D! A03!
3?!3C0!C0783!?G!3C0!54?F0>10L!!!

-845@?8G1!H@9!-12@771?A1A!#245@?!-1B89A5?B!4D1!;@G521!

%C4D!B783! 801?A>4D0D!3C73P!4>! 3086D!?G!3C0! :?F410P! 7!80G?86!B8?A87660!C7D!E00>!


1?660>10@! 7>@! 7A74>D3! 3C73! E71W@8?B! 4@0>34G40D! 7! >26E08! ?G! W09! 7807D! 3C73!
80X2480! 4660@4730! 7134?>L! ! %C0D0! DC?2F@! E0! 7BB8?71C0@! 4>! 7! BF7>>0@P!
1??8@4>730@!7>@!4>30A8730@!H79!3?!0>D280!3C73!3C0!5089!E0D3!57F20!4D!A74>0@!G8?6!
3C0!80D2F34>A!4>D343234?>7F!D380>A3C0>4>AL!

$82XB9@3?A!

"4W0! 7FF! F78A0! 4>D343234?>DP! 3C0! Y0>97! :?F410! $085410! 4D! 1?>G8?>30@! H43C! 7! C?D3! ?G!
1C7FF0>A0D! D30664>A! G8?6! 7! @9>7641! 7>@! @067>@4>A! 0>548?>60>3L! ! (3! 3460DP!
G2>@760>37F! 1C7>A0! 62D3! E0! 67@0! 3?! 7@@80DD! >0H! 1C7FF0>A0D! 7>@! 80DB?>@! 3?!
3C0!05?F54>A!7>@!1C7>A4>A!>00@D!?G!Y0>97>!D?14039L!

K24F3! ?508! 9078D! ?G! 387@434?>! 7>@! A8073F9! 4>GF20>10@! E9! K8434DC! 1?F?>47F!
1?>50>34?>P! 3C0! 0>380>1C0@! 67>@730P! B84>14B7FD! 7>@! G2>134?>D! ?G! 3C0! Y0>97!
:?F410!1?>34>20!3?!4>GF20>10!43D!@0F45089!?G!D085410!7>@!4>3087134?>D!H43C! Y0>97>!
D?14039L!

&+- !

!
%C0! 0/B0840>10! ?G! 3C4D! )?664DD4?>! C7D! DC?H>! 3C73! 3C0! Y0>97>! :?F410! 780! >?3!
7FH79D! 4>! 7! B?D434?>! 3?! 4@0>34G9! 7>@! 7@@80DD! B8?EF06D! 80A78@4>A! 3C048! D085410!
@0F45089L!%C4D!4D!HC9!7>!4>@0B0>@0>3!0/764>734?>!?G!B?F414>A!B?F410!4D!1843417F!7>@!
62D3!E0!2>@0837W0>!H43C!D?60!28A0>19L!

#>!DB430!?G!3C0!@050F?B60>3!7>@!B8?@2134?>!?G!7!D38730A41! BF7>!3C0! Y0>97!B?F410!


C750! E00>! DF?H! 3?! 7110B3! 3C73! B?F410! 80G?86! 4D! >010DD789! 7>@! 780! 80F2137>3! 3?!
7110B3! 3C73! 3C0! B2EF41! 7>@! ?3C08D! ?23D4@0! 3C0! B?F410! C750! 7! 8?F0! 3?! BF79! 4>!
DC7B4>A! B?F410! B?F419! 7>@! 80G?86DL! ! (3! 3C0! C0783! ?G! 3C0! @0E730! 4D! @014@4>A! HC73!
BC4F?D?BC9!?G!B?F414>A!3C0!Y0>97!:?F410!7>@!3C0!B2EF41!@0D480L!!

%C0! )?664DD4?>! C7D! E00>! 4>! 3C0! 2>4X20! B?D434?>! ?G! C754>A! C078@! G8?6! 67>9!
606E08D! ?G! 3C0! B2EF41P! A?508>60>3! ?GG4147FDP! 7>@! G8?6! 3C0! B?F410! 3C06D0F50DL! #3!
3C080G?80! E84>AD! 7! 621C! >00@0@! B08DB013450! 3?! 3C0! B2EF41! @0E730! 7E?23! 3C0!
12880>3!D3732D!?G!3C0!Y0>97!B?F410!7>@!3C0!4DD20D!7>@!1C7FF0>A0D!43!G710D!>?3!?>F9!
4>!80F734?>!3?!B?D3!0F0134?>!54?F0>10!E23!43D!?5087FF!D38213280!7>@!7E4F439!3?!@0F4508!
@79!3?!@79!B?F414>A!D085410D!3?!Y0>97L!

"D1!)3991?4!-1H@97!;9@B98771!!

#>!@030864>4>A!W09!801?660>@734?>D!3C0!)?664DD4?>!3??W!711?2>3!?G!7!>26E08!
?G!W09!B4010D!?G!H?8W!D4A>7FF0@!E9!3C0!I?508>60>3!7D!7!B84?8439!G?8!7134?>!4>!3C0!
60@426! 7>@! F?>A! 3086L! ! Y09! 76?>AD3! 3C0D0! 4D! 3C0! $373060>3! ?G! :84>14BF0D! ?>!
"?>AO3086!4DD20D!7>@!D?F234?>D!@050F?B0@!3C8?2AC!3C0!Y0>97!+734?>7F!J47F?A20!
7>@!*01?>14F4734?>!60@4730@!E9!=L.L!Y?G4!(>>7>P!)C748!?G!3C0!:7>0F!?G!.64>0>3!
(G8417>!:08D?>7F4340D!?>!Qf3C!'0E82789!QRRfL!!!

$B014G417FF9!4@0>34G40@!4DD20D!G?8!3C0!:?F410!4>!7A0>@7!4306!h!2>@08!)?>D343234?>7F!
7>@!#>D343234?>7F!80G?86!780M!

! )?>D343234?>7F!80540H!3?!0D37EF4DC!7>!4>@0B0>@0>3!B?F410!1?664DD4?>!
]dQ!6?>3CD^!
! *0540H! 7>@! @0G4>434?>! ?G! 3C0! 8?F0! ?G! 3C0! (@64>4D38734?>! :?F410! ]j!
6?>3CD^!
&%* !

!
! *0540H! F7HD! 7>@! 4DD20D! 80F730@! 3?! D0128439! 7>@! B?F414>A! ]4>1F2@4>A!
3C0! 4>@0B0>@0>3! 1?6BF74>3D! 1?664DD4?>P! 1434V0>! ?508D4AC3! ?G! B?F410!
D085410DP! 0>C7>10@! 4>G?86734?>! @4D1F?D280DP! C267>! 80D?2810!
67>7A060>3! 7>@! 17B71439! E24F@4>A^! 3?! 67W0! 3C06! 1?>D4D30>3! H43C!
6?@08>!@06?187341!>?86D!]j!6?>3CD^!
! '4>7F4D734?>!7>@!8?FF?23!?G!3C0!+734?>7F!$0128439!:?F419!3?!0>7EF0!3C0!
80F057>3!D013?8D!3?!@050F?B!3C048!D013?87F!B?F4140D!
! *018243! 7>@! 3874>! 6?80! B?F410! ?GG4108D! 3?! 874D0! 3C0! B?F410! T! 3?!
B?B2F734?>!8734?!3?!U+!D37>@78@!]E9!QRdQ^!

%C080! 780! 7FD?! @0G4>43450! 80G?86D! ?G! 3C0! $3730! $0128439! (A0>140D! 0>1?6B7DD0@!
H43C4>!3C0!Y0>97!QRgR!BF7>!7>@!DB014G41!378A03D!783412F730@!4>!3C0!'48D3!-0@426!
%086! :F7>! QRRfOQRdQhQb! 7D! H0FF! 7D! 3C0! 8010>3F9! 7>>?2>10@! 1454F47>! ?508D4AC3!
E?78@LhQj!!!

#>G?864>A! 3C0D0! B8?10DD0D! H4FF! E0! 3C0! ?5087FF! 1?>D343234?>7F! 80G?86! 3C73! C7D! 3C0!
@87G3!1?>D343234?>!]K?67D!7>@!<7W?!@87G3D^!7D!43D!E7D0LhQS!

%C0!)?664DD4?>!7FD?!801?A>4D0@!73306B3D!3?!4>434730!80G?86D!E9!3C0!Y0>97!:?F410!
$085410L!!#>!3C048!D38730A41!BF7>!W09!DC?831?64>AD!80F734>A!3?!D085410!@0F45089P!3C0!
7ED0>10! ?G! D38?>A! 4>D343234?>7F! 601C7>4D6D! G?8! C?F@4>A! B?F410! 711?2>37EF0! 3?!
1434V0>D!7>@!3C0!F7HP!7>@!3C0!?508F7BB4>A!G2>134?>D!?G!C754>A!3H?!B?F410!7A0>140D!
780!4@0>34G40@!7D!4DD20D!G?8!80D?F234?>L!!!

K18G5?B!I54D!C19C14984@9E!!

#DD20D! 7>@! 7DB013D! 80F734>A! 3?! @07F4>A! H43C! 46B2>439! 780! G2FF9! 17>57DD0@! 4>!
1C7B308! 3H?L! ! #3! 4DP! C?H0508P! B82@0>3! 3C73! D?60! G?12D! 4D! 7BBF40@! 3?! 3C4D! D2E\013!
C080!0DB0147FF9!80F734>A!3?!3C0!7134?>D!?G!B?F410!?GG4108D!@284>A!3C0!:.;L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&+'
!@0A>6!V!:!3A!+*%*!
&+(
!c32H05!K>!;6>!3?!<J0=!6L![::80!G40!@0A>6!_6f0110!P31!=0!P3!)$&&B!&!<0J10HK02!+**)!
&+,
!G40!R23J3:05!P0;!M3A:1!181!3A!3?!@0A>6B!i@0A>6!_6f0110!<8JJL0H0A1B!+**'j!56105!P6!23K!!7898:1!+**'!

&%$ !

!
I450>! 3C73! 6?80! 3C7>! >4>0! 6?>3CD! C750! B7DD0@! D4>10! 3C0! D3783! ?G! 3C0! 54?F0>10!
78?2>@! 3C0! QRRS! A0>087F! 0F0134?>D! 43! 4D! 2>F4W0F9! 3C73! 67>9! 6?80P! 4G! 7>9P!
B08B03873?8D! H4FF! E0! C0F@! 3?! 711?2>3! G?8! 3C048! 7134?>D! 3C7>! C750! 7F807@9! E00>!
@07F3! H43C! E9! 3C0! 723C?84340DL! ! ;089! 67>9! 541346D! ?G! 3C0D0! 7134?>D! 7>@! 050>3D!
C750!>?3! E00>! B8?B08F9! C078@! 7>@! 67>9! 6?80! >?3! C078@! G8?6! 73! 7FFL! ! $?60!780!
1?>D37>3F9!E04>A!80O5413464D0@!7D!3C09!80OF450!3C048!0/B0840>10D!05089!@79!3C8?2AC!
D004>A! 3C048! B08B03873?8D! F454>A! 7>@! B8?DB084>A! H43C4>! 3C048! 1?662>4340D! 7>@!
D?60!HC?!C750!050>!?112B40@!541346D[!F7>@L!

"78A0! >26E08D! ?G! 3C0D0! B08B03873?8D! 780! W>?H>P! 1?>D4@087EF0! 054@0>10! 4D!
7574F7EF0! 3?! 2D0! 7D! 7! D38?>A! 4>50D34A73450! E7D0! 7>@! 903! 7>9! D21C! 71345439! ?>! 3C0!
B783!?G!3C0!723C?84340D!C7D!107D0@L!!#3!4D!2>F4W0F9!3C73!D3730!723C?84340D!C750!3C0!
17B7E4F439!?8!3C0!H4FF!3?!84A?8?2DF9!B28D20!?GG0>@4>A!B78340DL!

.54@0>10! ?G! ?GG0>@4>A! E9! B?F410! ?GG4108D! 4D! >?3! E04>A! 713450F9! B28D20@L! ! %C0!
)?664DD4?>! E0F4050D! 3C73! DB0147F! 7887>A060>3D! 780! 80X2480@! 3?! @07F! H43C! 3C0D0!
?GG4108D!7D!H0FF!7D!3?!4>@0B0>@0>3F9!4>50D34A730!80B?830@!0/10DD0D!?G!G?810!E9!3C0!
:?F410L!!#3!4D!3C4D!H79!3C73!541346D!7>@!H43>0DD0D!7F4W0!H4FF!C750!3C0!1?>G4@0>10!3?!
1?60!G?8H78@!3?!B8?54@0!3C048!054@0>10!3?!7>!4>@0B0>@0>3!4>50D34A73450!0>3439L!

OE5?B!8!-1H@97!)848G:E4!

%C0! )?664DD4?>! C7D! @030864>0@! 3C73! 3C080! 4D! 7! @06?>D38730@! >00@! G?8! 67\?8!
B?F410! 80G?86! 3C73! 37W0D! 4>3?! 711?2>3! 4>308>734?>7F! E0D3! B8713410D! HC4F0!
801?A>4D4>A!3C73!B?F414>A!4>!Y0>97!4>5?F50D!D?60!2>4X20!1C7FF0>A0DL!!#>!?8@08!3?!
B23! 4>! BF710! 3C0! 39B0! ?G! 80G?86D! 1?>D4@080@! >010DD789! 3C0! )?664DD4?>! E0F4050D!
3C73!3C0!4660@4730!0D37EF4DC60>3!?G!DB0147F4D0@!7>@!4>@0B0>@0>3!:?F410!*0G?86!
I8?2B!]:*I^!4D!17FF0@!G?8L!!)?>D4D34>A!?G!E?3C!>734?>7F!7>@!4>308>734?>7F!B?F414>A!
0/B083DP! 3C4D! 0>3439! DC?2F@! E0! 180730@! 7>@! E0A4>! 43D! H?8W! 4660@4730F9L! ! #3! 4D!
@4GG412F3! 3?! D00! D21C! >010DD789! 7>@! G78! 8071C4>A! 80G?86! E04>A! 46BF060>30@!
?3C08H4D0L!!

&%+ !

!
&>0! 1?>D4D30>3! 7>@! 2>G?832>730! 3C060! 3C73! 0608A0@! G8?6! 3C0! )?664DD4?>[D!
H?8W! H7D! 3C73! 67>9! Y0>97>D! D46BF9! @?! >?3! C750! 382D3! 7>@! 1?>G4@0>10! 4>! 3C048!
:?F410L! ! %C4D! H7D! E?8>0! ?23! E9! 3C0! >26E08! ?G! 541346D! ?G! 54?F0>10P! 4>1F2@4>A!
D0/27F! ?GG0>@4>AP! HC?! D46BF9! G0F3! 3C09! 1?2F@! >?3! 80B?83! 3C048! D432734?>! 3?! B?F410!
?GG4108DL! ! (! 5784039! ?G! 0/BF7>734?>D! H080! G?83C1?64>A! 87>A4>A! G8?6! 3C0! >00@! ?>!
D?60!?117D4?>D! 3?! B79! G?8! 3C4D! D085410P! 7! A0>087F! D2DB414?>! ?G! 723C?84340D! 3?!3C0!
G713!3C73!B?F410!?GG4108D!H080!D?603460D!3C0!B08B03873?8DL!

#3! 4D! 3C0! 540H! ?G! 3C0! )?664DD4?>! 3C73! B?F414>A! 17>! 4>! G713! 1?>384E230! 3?! 1?>GF413!
D432734?>D!D21C!7D!3C73!0/B0840>10@!4>!3C0!:.;L!!#>!67>9!17D0D!B?F410!H080!D00>!
7D! B7834D7>! 4>! 80B80D0>34>A! ?8! G75?284>A! \2D3! ?>0! 1?662>439! 7>@! 4>! D?60!
4>D37>10D!D2BB?834>A!?>0!B?F43417F!D4@0!?508!3C0!?3C08L!

#>308>734?>7F! E0D3! B8713410! 801?A>4V0D! 3C73! D2110DDG2F! B?F414>A! 4D! E7D0@! 2B?>! 7!
>26E08!?G!E8?7@!B84>14BF0DL!!%C?D0!B84>14BF0D!H4FF!@?2E3F0DD!A24@0!3C0!H?8W!?G!7!
:*I! 4>! @030864>4>A! B84?84340DP! B8?10DD0D! 7>@! 7! 346037EF0! G?8! W09! 7DB013D! ?G!
80G?86!3?!E0!4@0>34G40@!7>@!7@@80DD0@!4>!3C0!1?64>A!6?>3CDL!!%C0!G450!B84>14BF0D!
7A800@!2B?>!E9!3C4D!)?664DD4?>!780!E840GF9!?23F4>0@!C080L!! !

"D1! ;@G521! ED@3GA! F1! 91C91E1?484561M! ! %C080! 4D! 621C! 57F20! 4>! B794>A! 1F?D0!
7330>34?>! 3?! 3C0! 03C>41! 67W02B! ?G! ?GG4108D! 4>! 3C0! J4D38413D! 7>@! @?H>! 3?! @454D4?>!
7>@! D3734?>! F050FL! ! <C4F0! 43! 4D! 7! 82F0! ?G! 3C26E! 3C73! 3C0! B?F410! DC?2F@! 80GF013! 3C0!
1?662>439!43!D0850DP!Y0>97[D!62F34!03C>41!67W02B!80X2480D!1780G2F!67>7A060>3!
?G!3C0D0!7887>A060>3DL!!!!

"D1!C@G521!ED@3GA!F1!57C89458GM!!%?!71C4050!3C0!G?8608P!3C0!Y0>97!:?F410!>00@!
3?! 0/C4E43! 46B78347F439! 4>! 7FF! 7DB013D! ?G! 3C048! H?8WL! ! #>! G713! 46B78347F439! 4D! 7!
80X248060>3! 4>! 71C4054>A! 7! 80B80D0>373450! B?F410! D085410L! ! &G! 7DD4D37>10! 3?! 3C4D!
B8?10DD! H?2F@! E0! 607D280D! 4>! 12F3287F! D0>D4345439! 3874>4>AP! 7! 1?66?>! ?73C! ?G!
?GG410!HC080!?GG4108D!DH078!3?!80DB013!7FF!12F3287F!@4GG080>10D!7>@!7!84A?8?2D!1?@0!
?G!1?>@213!D380DD4>A!3C0!>00@!G?8!0X27F!3807360>3!?G!7FF!Y0>97>DL!!!

&%% !

!
;@G525?B! ED@3GA! F1! A121?498G5W1AM! ! )2880>3F9! B?F414>A! 4>! Y0>97! D2GG08D! G8?6!
46B8014D0! D38213287F! 7887>A060>3D! E?8>0! ?23! ?G! 7>! 7>34X2730@! B?F414>A! 6?@0F!
E7D0@! ?>! 1?F?>47F! 3460DL! ! )?2BF0@! H43C! 1?>G2D0@! ?B08734?>7F! 7>@! 0/0123450!
1?667>@! 718?DD! 3H?! B?F410! 7A0>140D! 7>@! 7! B8?54>147F! 7@64>4D38734?>! D38213280!
3C4D! 6?@0F! 67>4G0D3D! H07W>0DD0D! 4>! E04>A! D0>D43450! 3?! 3C0! >00@D! ?G! F?17F!
1?662>4340DL! ! ! (! D4>AF0! 4>30A8730@! 1?667>@! 6?@0F! E7D0@! 2B?>! 1?662>439!
B?F414>A!0F060>3D!1?2F@!B?30>347FF9!G?86!3C0!E7D4D!G?8!?5087FF!B?F414>A!80G?86L!!!

;@G525?B!ED@3GA!F1!F8E1A!@?!91EC124!H@9!D378?!95BD4EM!!%C0!E7D41!30>03!C080!4D!
3C73! B?F410! >00@! 3?! 38073! 05089?>0! 0X27FF9! 7>@! H43C! 80DB013L! ! =0759! C7>@0@!
7BB8?71C0D! 3?! @07F4>A! H43C! @06?>D38734?>D! 7>@! 3C0! F4E087F! 7BBF41734?>! ?G! G?810!
]621C!?G!43!F03C7F^!12880>3F9!7BBF40@!H4FF!80X2480!G283C08!7>@!1780G2F!7DD0DD60>3!
4>!@030864>4>A!3C0!H79!7C07@L!!!

"D1! C@G521! ED@3GA! F1! G1B8GG:! 8?A! C@G54528GG:! 822@3?48FG1M! ! ! %C0! @050F?B60>3!
7>@! 7BBF41734?>! ?G! 711?2>37E4F439! 601C7>4D6D! H?2F@! D006! 3?! E0! 7>! 4660@4730!
B84?8439! G?8! 7134?>L! ! %C0! 12880>3! 5?4@! 1?2F@! E0! G4FF0@! E9! 7! >26E08! ?G! 80G?86D!
4>1F2@4>A! 3C0! 0D37EF4DC60>3! ?G! 7! :?F410! $085410! )?664DD4?>! 7>@! 3C0!
0D37EF4DC60>3! ?G! 7>! #>@0B0>@0>3! :?F410! )?6BF74>3D! (23C?8439! ]#:)(^hQf! 3?! @07F!
H43C!1?6BF74>3D!7A74>D3!B?F410!1?>@213L!

,?41B9845@?!@H!4D1!\1?:8!;@G521!+196521!8?A!#A75?5E49845@?!;@G521!

%C0! )?664DD4?>! E0F4050D! 3C73! @050F?B4>A!7! H?8F@! 1F7DD! B?F410! D085410! G?8! Y0>97!
H?2F@! E0! E0D3! 71C4050@! 3C8?2AC! 3C0! 180734?>! ?G! 7! D4>AF0! B?F410! 7A0>19L! ! %C4D!
607>D! 4>30A8734>A! 3C0! 12880>3! 3H?! B?F410! ?8A7>DL! ! I450>! 3C0! 8050F734?>D! 78?2>@!
3C0! 2>F7HG2F! 2D0! ?G! (@64>4D38734?>! :?F410! ](:D^! 78?2>@! 3C0! 0F0134?>DP! 3C0! G713!
3C73!3C0!12880>3!D38213280!4D!4>0/38417EF9!F4>W0@!3?!3C0!B8?54>147F!7@64>4D38734?>!
D9D306P! 7>@! 67>9! ?G! 3C0! D0>4?8! ?GG4108D! 780! >?3! B?F410! B8?G0DD4?>7FD! 4>30A8734>A!
3C0!(:D!4>3?!3C0!Y0>97!:?F410!$085410!4D!7!B84?8439!71345439L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&+)
!D314!!A!1!61!#0:!620!?8LL>!5!:=8::05!K0L3;!

&%& !

!
#3! 4D! 801?A>4D0@! 3C73! 3C080! 780! @4GG412F340D! 4>! 1?6BF034>A! 3C4D! 46B?837>3! H?8W!
]608A4>A! 3H?! 12F3280DP! 4@07FDP! D9D306D! 7>@! 7BB8?71C0D^! E23! 3C0! E0>0G43D! H4FF!
A8073F9!?23H04AC!3C0D0!306B?8789!?ED371F0DL!

#>30A8734?>! H4FF! B8?54@0! 711?2>37E4F439P! 80D?2814>AP! D085410! @0F45089! 7>@!


B08G?867>10!E0>0G43D!67>9!?G!HC41C!780!F4D30@!C080L!!K0>0G43D!4>1F2@0!E23!780!>?3!
F46430@!3?c!

! %?37F!4>@0B0>@0>10!G8?6!3C0!B8?54>147F!7@64>4D38734?>!D38213280!7>@!
D0B78734?>!G8?6!>734?>7F!A?508>60>3!?508D4AC3!
! U>4G40@!1?667>@!7>@!1?>38?F!
! (18?DD!3C0!E?78@!1?>D4D30>19!7>@!2>4G?86439!4>!7FF!G7103D!?G!B?F414>A!
4>1F2@4>Ac!D37>@78@4D0@!B?F414>A!D085410!@0F45089P!D37>@78@!?B08734>A!
B8?10@280D! ]$&:D^P! 46B8?50@! 4>50D34A734?>D! 17B7E4F439! 7>@!
4>30FF4A0>10!A73C084>A!7>@!@4DD064>734?>!
! #>1807D0@!382D3!7>@!1?>G4@0>10!4>!3C0!:?F410!7>@!B?F414>A!
! (! D4>AF0! 7>@! 2>4G40@! :?F410! $085410D! K?78@P! ?>0! C07@! ?G! :?F410!
])?664DD4?>08^P! ?>0! D38730A41! BF7>! 7>@! 7! D4>AF0! 4>30A8730@! 7>@! H0FF!
2>@08D3??@!D085410!@0F45089!?GG084>A!
! (! D4>AF0! B4010! ?G! 0>7EF4>A! F0A4DF734?>P! '?810! $37>@4>A! &8@08DP!
A24@0F4>0DP!B8713410!7>@!?B08734?>7F!7887>A060>3D!
! $37>@78@!D9D306D!?G!801824360>3!?B34?>DP!0>389!D37>@78@D!4>1F2@4>A!
F73087F! 0>389! ?B34?>DP! E7D41! 7>@! DB0147F4D0@! 3874>4>AP! 1?>@434?>D! ?G!
D085410! 4>1F2@4>A! F454>A! 1?>@434?>D! 7>@! 8062>08734?>P! C267>!
80D?2810! 67>7A060>3! 7887>A060>3DP! B8?6?34?>! 7>@! 7@57>1060>3P!
7>@!F07@08DC4B!@050F?B60>3!4>1F2@4>A!1?667>@!7>@!1?>38?F!!
! $4A>4G417>3!0GG4140>19!A74>D!G8?6!E2@A034>AP!B281C7D4>AP!7>@!234F439!?G!
80D?2810D!]17B437FP!0X24B60>3!7>@!B0?BF0^!
! %C0! 0F464>734?>! ?G! 4>308O7A0>19! 30>D4?>! 7>@! 1?>GF413D! 3C73! 46B713!
>0A73450F9!?>!D085410!@0F45089!
!

&%' !

!
;@G521!#24!!

./4D34>A! F0A4DF734?>! ?>! 3C0! B8?54D4?>! ?G! B?F414>A! D085410DP! 7>@! 4>! B783412F78! 3C0!
A?508>7>10P!?8A7>4D734?>!7>@!7@64>4D38734?>!?G!3C0!Y0>97>!:?F410P!4D!4>7@0X2730L!
$?60! ?G! 3C0! W09! H07W>0DD0D! ?G! 3C0! B80D0>3! :?F410! (13! dejR! ]8054D0@! QRRQ^! 7>@!
3C0!:?F410!$37>@4>A!&8@08D!dejQ!]8054D0@!QRRd^!4>1F2@0!T!

! U>1F078!80DB?>D4E4F4340D!7>@!1?>G2D0@!F4>0D!?G!711?2>37E4F439M!
! )?>D3874>3D! 78?2>@! 3C0! 7E4F439! 3?! BF710! 3C0! 84AC3! B0?BF0! 4>! 3C0! 84AC3!
\?EDM!
! (>!4>7@0X2730!D9D306!G?8!67>7A4>A!D37GG!B08G?867>10!7>@!@4D14BF4>0!
4DD20DM!
! "433F0! A24@7>10! 3?! H?8W! H43C! B783>08! 7A0>140DP! @?60D3417FF9! ?8!
4>308>734?>7FF9M!
! '0H!D2BB?83D!3?!0>7EF0!3C0!2D0!?G!6?@08>!B?F414>A!371341D!
!

+0H!F0A4DF734?>!4D!>00@0@!3?!?5081?60!3C0D0!4>7@0X27140Dc!806?54>A!1?>D3874>3D!
3?! 3C0! @0F45089! ?G! E03308! B?F414>A! D085410D! 3?! 3C0! 1?662>439P! 7>@! D0334>A! 7!
BF73G?86!G?8!6?80!0GG013450!B?F414>A!4>!3C0!G23280L!!

:?F410! (13! 80G?86! H?2F@! 0X24B! 3C0! Y0>97>! :?F410! 3?! B8?54@0! 3C0! E0D3! B?F414>A!
D085410D!G?8!Y0>97>DL!#>!E8?7@!3086DP!80G?86!H?2F@!E0!2>@0837W0>!3?!71C4050!3H?!
G2>@760>37F! 37DWDM! G48D3P! 3?! 1?>G486! 7>@! D380>A3C0>! :?F410! A?508>7>10P!
711?2>37E4F439!7>@!?8A7>4D734?>7F!7887>A060>3D!4>!7!H79!HC41C!4D!D2437EF0!G?8!7!
1?>306B?8789! 7A0c! 7>@! D01?>@P! 3?! 46B8?50! 3C0! :?F410[D! 0GG013450>0DDP! 7>@!
0D37EF4DC!7!1F078!G8760H?8W!G?8!3C0!0/0814D0!?G!B?F414>A!B?H08DL!

;@G521!+196521!)@775EE5@?!

%C0! :?F410! DC?2F@! E0! B?F43417FF9! 711?2>37EF0! 3?! 7! :?F410! $085410! )?664DD4?>L!!
&84A4>7FF9! D4A>7FF0@! 4>! 3C0! QRRb! J87G3! )?>D343234?>! ]3C0! <7W?! @87G3^! 3C4D!
D38213280! H?2F@! E0! D?60HC73! @4GG080>3! 4>! 3C73! 43! H?2F@! 1?508! 7! D4>AF0!
]767FA76730@^! :?F410! 7A0>19L! ! #3! 1?2F@! 7FD?! ?508D00! 3C0! 767FA76734?>! B8?10DD!

&%( !

!
7>@! E0! 67@0! 2B! ?G! 80B80D0>373450D! G8?6! 0F0130@! B?F43417F! B78340DP! 1454F! D?14039P!
E2D4>0DD! 4>3080D3D! 7>@! +I&D! ]3C080! 4D! >?! DC?837A0! ?G! B8010@0>3D! G8?6! ?3C08!
4>308>734?>7F! \284D@4134?>D^L! ! #3! 4D! 0>54D7A0@! 3C73! 3C0! )?664DD4?>! H?2F@! BF79! 7!
8?F0!4>!D0334>A!B?F414>A!A?7FDP!E2@A03D!7>@!7BB?4>34>A!3C0!)?664DD4?>08L!

#!7@A19?!)@A1!@H!)@?A324!

%C0!12880>3!Y0>97>!:?F410!@4D14BF4>789!82F0D!7>@!B8?10DD0D!780!1?>374>0@!H43C4>!
)C7B308!QR!?G!3C0!Y0>97>!:?F410!$37>@4>A!&8@08D!7>@!780!4>7@0X2730L!%C0!6?50!
3?!7!>0H! 7>@! 6?@08>! )?@0! ?G! )?>@213! H?2F@! D00! 7! 387>D434?>! G8?6! 3C0! 12880>3!
:787O64F43789! D39F0! ?G! 67>7A4>A! E0C754?287F! 4DD20D! 4>! :?F410! 3?! 7! 6?80!
674>D38076!06BF?960>3!B8713410L!#3!H?2F@!0D37EF4DC!3C0!D37>@78@D!G?8!E0C754?28!
718?DD!3C0!Y0>97>!:?F410!D085410!7>@!0>D280!1?>D4D30>3!E0C754?28L!(!>0H!)?@0!?G!
)?>@213! H?2F@! C750! 3?! E0! 1?>D4@080@! 4>! 1?>\2>134?>! H43C! 8054D0@! `$37>@4>A!
&8@08DaP!*0A2F734?>D!?8!K0D3!:8713410D!-7>27FDL!!

%C0! D46BF0! 3823C! 4D! 3C4DM! ?>0! ?G! 3C0! 0DD0>347F! 1?6B?>0>3D! ?G! 7! H0FFOG2>134?>4>A!
1454F! D?14039! 4D! 7>! 0GG013450P! H0FFO@4D14BF4>0@! B?F410! D085410P! 4>! HC41C! 3C0! 1434V0>D!
C750!46BF4143!382D3L!

%C0!B28B?D0!?G!7!6?@08>!:?F410!)?@0!?G!)?>@213!4D!3?!0D37EF4DC!3C0!D37>@78@D!?G!
E0C754?28!0/B0130@!?G!7FF!Y0>97>!:?F410!06BF?900D! >?3!\2D3! 43D! DH?8>! 606E08DL!
%?!E0!D2110DDG2FP!7!B?F414>A!D085410!62D3!C750!3C0!382D3!80DB013!?G!3C0!1434V0>D!43!
D0850DL!%C0!Y0>97>!:?F410!H4FF!E0!\2@A0@!E9!3C0!H79!43D!06BF?900D!80B80D0>3!43L!!#3!
4D! 3C080G?80! >010DD789! 3?! 674>374>! 7! C4AC! D37>@78@! ?G! B8?G0DD4?>7F! 1?>@213L! (FF!
Y0>97>! B?F410! B08D?>>0F! DH?8>! 7>@! >?>ODH?8>P! B0867>0>3P! 306B?8789! 7>@!
17D27F!06BF?900D!DC?2F@!E0!1?5080@!E9!3C0!)?@0!?G!)?>@213L!!

%C0! 1?8>08D3?>0! ?G! 7! 6?@08>! )?@0! ?G! )?>@213! 4D! 3C73! 7FF! 06BF?900D! ?G! 3C0!
Y0>97>! :?F410! H?8W! 3?! 3C0! C4AC0D3! 03C417F! D37>@78@L! (! )?@0! ?G! )?>@213! DC?2F@!
801?A>4D0! 7>@! 4>1F2@0! 3C0! G?FF?H4>A! E7D41! B84>14BF0DM! C?>0D39! 7>@! 4>30A8439P!
B8?G0DD4?>7F4D6P!G748>0DD!7>@!46B78347F439P!80DB013!G?8!B0?BF0!7>@!1?>G4@0>347F439L!

!
&%, !

!
+491?B4D1?5?B!,?61E45B845@?E!!

%C080!H7D!7!A0>087F!1?>D0>D2D!3C73!4>50D34A734?>D!B08!D0!80X2480!D380>A3C0>4>AL!!
%C0! )?664DD4?>! D2BB?83D! 3C0! >?34?>! 3C73! X27F439! 4>50D34A734?>D! 780! 3C0!
1?8>08D3?>0! ?G! 3C0! \2D3410! D9D306! 7D! G78! 7D! E84>A4>A! B08B03873?8D! 3?! \2D3410! 4D!
1?>108>0@L!!(>!?B34?>!3?!7@@80DD!12880>3!4DD20D!H7D!?GG080@!E9!(33?8>09!I0>087F!
<7W?hQe!H7D!3C73!`3C0!J48013?8730!?G!)8464>7F!#>50D34A734?>D!E0!180730@!E9!7>!(13!
?G!:78F4760>3!7D!7>!4>@0B0>@0>3!7>@!723?>?6?2D!723C?8439La!!!

#>!7@@434?>!3?!3C0!@050F?B60>3!?G!H?8W7EF0!7>@!G2>134?>4>A!4>@0B0>@0>3!1454F47>!
?508D4AC3!7887>A060>3DhgRP!3C080!DC?2F@!D34FF!E0!B8?54D4?>D!G?8!D?60!,$++!+$):&-+!
7FF0A734?>D! 3?! E0! 4>50D34A730@! 7>@! 80D?F50@! E9! B?F410! 3C06D0F50DL! ! <C0>! 7>!
(23C?8439! 7110B3D! 7! 1?6BF74>3! G?8! 4>50D34A734?>! 43! DC?2F@! @014@0! ?>! 3C0! 39B0! ?G!
4>50D34A734?>! 3?! E0! 7@?B30@L! %C0! 673308! 679! E0! 7BB8?B84730! G?8! 7! :?F410!
4>50D34A734?>! 7>@! 80D?F234?>L! %C4D! 607>D! 43! H?2F@! E0! 4>50D34A730@! 2>@08! 3C0!
D2B0854D4?>! ?G! 7! D0>4?8! :?F410! )?667>@08! 4>! 3C0! 7807! HC080! 3C0! 673308! 78?D0!
7>@!3C4D!H?2F@!80D2F3!4>!7!DB00@408!80D?F234?>!?G!3C0!1?6BF74>3L!(3!3C0!1?>1F2D4?>!
?G! 3C0! 4>50D34A734?>P! 3C0! B?F410! DC?2F@! 7@54D0! 3C0! (23C?8439! ?G! 3C0! 80D2F3D! ?G! 3C0!
4>50D34A734?>! 7>@! 3C0! @014D4?>! 8071C0@L! #G! 7G308! 7! 80540H! ?G! 3C0! B?F410! G4F0P! 3C0!
673308!C7D!>?3!E00>!80D?F50@!3?!3C0!D734DG7134?>!?G!3C0!(23C?8439P!3C080!DC?2F@!E0!
B8?54D4?>D!G?8!3C0!(23C?8439!3?!4>434730!43D!?H>!4>50D34A734?>!?G!3C0!673308L!

%C0!)?664DD4?>!E0F4050D!3C73!D38213287F!1C7>A0D!7F?>0!17>!7>@!H4FF!>?3!7@@80DD!
4@0>34G40@!4DD20DL!!#>50D34A734?>D!17B71439!7>@!17B7E4F439!780!E0D3!7@@80DD0@!4>!7!
1?6B80C0>D450! 80540H! ]7D! 801?660>@0@^! 7F?>AD4@0! ?3C08! B?F414>A! 7>@! \2D3410!
80F730@!1?6B?>0>3D!3?!0>D280!3C0!E0D3!D?F234?>D!780!4@0>34G40@L!!

)565G58?!'619E5BD4!@H!;@G521!^;@G521!)@?A324_!

%C0! )?664DD4?>! 4D! ?G! 3C0! 540H! 3C73! 3C0! C7D39! 7>@! B80D26B3450! 180734?>! ?G! 7!
:?F410! &508D4AC3! K?78@! ]Y0>97! I7V0330! +?3410! fdhh^! ?>! 3C0! h3C! $0B306E08! QRRf!
7C07@!?G!3C0!B80D0>3734?>!?G!43D!80B?83!H7D!2>G?832>730L!!(>!?BB?832>439!3?!A03!43!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&+-
!MC!$%&!
&%*
!<00!K0L3;!
&%) !

!
84AC3! C7D! E00>! 64DD0@L! ! %C0! >0H! 0>3439! C7D! G0HP! 4G! 7>9P! ?G! 3C0! W09! G?2>@734?>!
1?6B?>0>3D!?8!B8?B08F9!G2>134?>4>A!7887>A060>3D!>010DD789!G?8!3C0!B8?54D4?>!?G!
X27F439!1454F47>!?508D4AC3!?G!3C0!B?F410L!

%C4D! )?664DD4?>! 1780G2FF9! 1?>D4@080@! 3C0! 713D! 7>@! ?64DD4?>D! ?G! D3730! D0128439!
7A0>140D! 4>! 3C0! 1?>30/3! ?G! 3C0! :.;! 7>@! @030864>0@! 3C73! 3C0! 0D37EF4DC60>3! ?G! 7!
H0FF! 80D0781C0@P! F0A7FF9! E7D0@P! B8?G0DD4?>7F! 7>@! 4>@0B0>@0>3! :?F410! )?>@213!
(23C?8439!H?2F@!D0850!Y0>97>D!E0D3L!

%C8?2AC?23! E?3C! 3C0! B2EF41! 7>@! B845730! r4>! 176087[! C0784>ADP! 3C4D! )?664DD4?>!
H7D! B80D0>30@! H43C! 1F078! 054@0>10! 3C73! 3C0! B?F410!-+$! &?! ?&)4$! @284>A! 3C0! B?D3!
0F0134?>! 54?F0>10! B084?@! 80D2F30@! 4>! D084?2D! 4>\289! 7>@! @073C! 3?! 67>9! Y0>97>!
1434V0>DL! $?60! ?G! 3C0D0! 7134?>D! 679! H0FF!C750! E00>! 4>! 1?6BF47>10! H43C! 0/4D34>A!
F7HL! ! %C080! 4D! 7FD?! 7! 1F078! 4>@41734?>! 3C73! B?F410! 2D0@! 0/10DD450! G?810! 4>! 67>9!
4>D37>10D! 7>@! 3C0! 7134?>D! ?G! D?60! 4>@454@27F! ?GG4108D! 679! C750! 8071C0@! 3C0!
3C80DC?F@!?G!18464>7F!1?>@213L!

U>@08! 12880>3! F0A4DF734?>! 7>@! 1?>50>34?>P!3C0! B?F410! 780! 3C0! ?>F9! D3730! D0128439!
7A0>19! H43C! 3C0! F0A7F! 67>@730! 7>@! 723C?8439! 3?! 4>50D34A730! 3C0! 1?>@213! ?G! 43D!
?H>! ?GG4108D! 7>@! G?8! 3C73! 673308! 3C0! 1?>@213! ?G! 3C048! D085410! 7D! 7>!
?8A7>4V734?>Lhgd!!

<C03C08! \2D34G40@! ?8! >?3P! 3C080! 4D! 7! B0810B34?>! 4>! 3C0! 1?662>439! 3C73!
4>50D34A734?>! E9! 3C0! B?F410! ?G! 1?6BF74>3D! 7A74>D3! 3C0! B?F410! 4D! >043C08!
4>@0B0>@0>3!>?8!7BB8?B84730L!!

%C0! 054@0>10! E0G?80! 3C4D! )?664DD4?>! ?G! #>X2489! C7D! 4@0>34G40@! 7! 807F! >00@! G?8!
B?F410! ?508D4AC3! E9! 7>! 4>@0B0>@0>3! E?@9P!?23D4@0! 3C0! B?F410P! H43C! 3C0! F0A4DF73450!
B?H08! 7>@! 723C?8439! 3?! 4>50D34A730! 1?6BF74>3D! 7A74>D3! 3C0! B?F410! 7>@! B?F410!
1?>@213L!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&%$
!S0:J!10!140!20=0A1!!A12358=1!3A!3?!6!=!#!L!6A!3#02:!941!K3625!

&%- !

!
(F3C?2AC!G8?6!3460!3?!3460!3C080!780!1?6BF74>3D!7E?23!3C0!7134?>D!?G!3C0!B?F410!
7>@!1?>108>D!7D!3?!3C0!4>50D34A734?>!?G!D21C!1?6BF74>3DP!3C0!67\?8439!?G!Y0>97>!
1434V0>D!C750!>?3!E00>!@48013F9!4>5?F50@!?8!E00>!0/B?D0@!3?!3C0!B8?10DDL!!

%C0! 7134?>D! ?G! B?F410! G?FF?H4>A! 3C0! J0106E08! 0F0134?>! C750! 4>30>D4G40@! 3C0!
B2EF41[D!1?>108>!7E?23!B?F410!1?>@213!7>@!804>G?810@!3C0!E0F40G!3C73!3C080!780!>?!
D9D306D!4>!BF710!G?8!B?F410!711?2>37E4F439L!

Y0>97>!D?14039!4D!D21C!3C73!3C0!E2FW!?G!3C0!F7HO7E4@4>A!1434V0>D!@?!>?3!1?60!4>3?!
7>9! ?B0>! 1?>GF413! H43C! 606E08D! ?G! 3C0! B?F410L! %C0! B?D3! 0F0134?>! 54?F0>10! B084?@!
1C7>A0@! 3C73! 1?6BF030F9L! '?8!3C0! G48D3! 3460! 80DB0130@! 606E08D! ?G! D?14039! G?2>@!
3C06D0F50D! 4>! @48013! ?BB?D434?>! 3?! 3C0! B?F410L! %C0! B?F410! H080! G710@! H43C! 3C0!
0/38060F9!@4GG412F3!37DW!?G!60034>A!3C048!?EF4A734?>!3?!2BC?F@!3C0!F7H!7>@!?8@08!4>!
3C0! G710! ?G! ?508HC0F64>A! ?@@D! 7>@! 4>! 7>! 0>548?>60>3! HC080! 4>>?10>3! F7H!
7E4@4>A!B0?BF0!H080!r4>!3C0!64/[!7>@!3C080G?80!52F>087EF0!3?!3C0!B?F410!80DB?>D0!
7>@!-+$!&?!?&)4$L!!!

#>! 7@@434?>P! 3C0! 03C>41! 7>@! 384E7F! 30>D4?>D! 4>1807D0@! @284>A! 3C0! B80! 7>@! B?D3!
0F0134?>!B084?@DL!%C0D0!384E7F!F?97F340D!7>@!7FF47>10D!H080!3?!E0!G?2>@!H43C4>!3C0!
Y0>97>!:?F410!43D0FG!7>@!3C080!4D!054@0>10!3C73!3C0!B?F410!H080!D00>!7D!7A0>3D!?G!
B?F43417F! B78340D!7>@!7A0>@7D!7>@!H080!3C080G?80!E47D0@P!1?6BF710>3!?8!?2384AC3!
C?D34F0!3?!108374>!D0134?>D!?G!3C0!1?662>439L!

%C0!7134?>D!HC41C!C750!?112880@!@284>A!3C0!B?D3!0F0134?>!54?F0>10!780!D?!D084?2D!
3C73!7>!4660@4730!8060@9!4D!0DD0>347FL!!

#3! H4FF! E0! 0DD0>347F! 3C73! 7>9! 4>@0B0>@0>3! (23C?8439! 3?! HC41C! 1?6BF74>3D! 17>! E0!
67@0!7>@!HC41C!17>!E0!@07F3!H43C!E0!?23D4@0!3C0!B?F410!D085410!43D0FGL!!

%C080! 780! 7@57>37A0D! 3?! 3C0! B?F410! 4>! 7@?B34>A! 7>! 4>@0B0>@0>3! 4>50D34A73450!
B8?10@280L! %C0! B?F410! H?2F@! >?! F?>A08! E0! D2E\013! 3?! 3C0! D760! 1843414D6DP! E23!
6?80!46B?837>3F9P!3C09!H?2F@!E0!F0DD!F4W0F9!3?!E0!7GG0130@!E9!@?2E3G2F!1?6BF74>3D!
E8?2AC3!E9!D2DB0130@!18464>7FDP!G?8!2F3084?8!6?3450DL!%C09!H?2F@!7FD?!E0!80F4050@!
?G!3C0!2>1?6G?837EF0!?EF4A734?>!3?!4>50D34A730!B8?G0DD4?>7F!1?FF07A20DL!!

&&* !

!
<C0>! 3C0! B2EF41! 1?6BF74>3! B8?10@280! G?8! 7! B?F414>A! D085410! 4D! @4D12DD0@P! 3C080!
780! @4508D0! 4>3080D3D! 3C73! 62D3! E0! 71W>?HF0@A0@! 7>@! 37W0>! 4>3?! 711?2>3L! (!
B2EF41! 1?6BF74>3! B8?10@280! 3C73! G75?28D! 3C0! 4>3080D3! ?G! 7! 1?6BF74>7>3! 73! 3C0!
0/B0>D0! ?G! 3C0! 606E08! ?G! 3C0! D085410! 4D! >?! 6?80! F4W0F9! 3?! B8?54@0! D734DG7134?>!
3C7>!7!B8?10@280!HC41C!@?0D!3C0!80508D0L!%C0!4>3080D3!?G!3C0!A0>087F!B2EF41!7>@!
3C0!:?F410!D085410!4>5?F50@!62D3!E0!711?8@0@!@20!1?>D4@08734?>L!!

%C4D! 4D! E7D0@! ?>! 3C0! B8064D0! 3C73! 7! D9D306! HC080E9! 3C0! :?F410! 4>50D34A730!
1?6BF74>3D! 7A74>D3! B?F410! 606E08D! 4D! G2>@760>37FF9! GF7H0@! E0172D0! ?G! 3C0!
D2DB414?>! 3C73! 4>05437EF9! 80674>D! 4>! 3C0! 64>@D! ?G! 1?6BF74>7>3DL! (! 1?6BF74>3D!
B8?10@280! A0>087FF9! 71W>?HF0@A0@! 3?! E0! G748! 7>@! 46B78347F! 3?! 3C0! B2EF41! 7>@! 3?!
3C0!B?F410!4D!0DD0>347F!4G!3C0!B?F410!780!3?!0>\?9!3C0!@0A800!?G!B2EF41!D2BB?83!3C09!
>00@0@!4>!?8@08!3?!@4D1C78A0!3C048!?H>!84DW9!7>@!>010DD789!37DWDL!!

,?419?845@?8G!;@G521!'619E5BD4!&?45451E!

-7>9! 4>308>734?>7F! \284D@4134?>D! C750! 4>38?@210@! B?F410! ?508D4AC3! 7887>A060>3D!


3?! 0>D280! 3C0! 4>@0B0>@0>3! 6?>43?84>A! 7>@! D18234>9! ?G! B?F410! ?8A7>4D734?>D! 7>@!
3C0! 7134?>D! ?G! ?GG4108DL! ! -?80?508P! 7! >26E08! ?G! 1?66?>H07F3C! 1?2>3840D! C750!
06E8710@! 3C0! 1?>10B3! 4>1F2@4>A! $?23C! (G8417P! +0H! i07F7>@P! (2D387F47P! %84>4@7@!
7>@!%?E7A?P!)7>7@7P!7>@!3C0!U>430@!Y4>A@?6L!!

(F3C?2AC!67>9!?G!3C0D0!4>D343234?>D!780!@4GG080>3F9!1?>D343230@P!3C0!G2>@760>37F!
2>@08B4>>4>AD!780P!4>!3C0!674>P!D464F78LhgQ!!%C0D0!4>1F2@0M!

! (! F0A4DF73450! E7D4D! DB014G41! 3?! 3C0! 0>3439[D! 0D37EF4DC60>3P! G2>134?>D!!


7>@!B?H08D!
! %C0!?B08734?>7F!4>@0B0>@0>10!G8?6!3C0!:?F410!!
! '800@?6!G8?6!B?F43417F!4>308G080>10!
! %C0!B?H08!3?!1?>@213!43D!?H>!4>50D34A734?>D!
! %87>DB780>3!?B08734>A!7>@!80B?834>A!7887>A060>3D!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&%+
!c32!0.6HJL0!140![A50J0A50A1!M3HJL6!A1:!S!20=132610!!A!<3814!7?2!=6!!:!=3A:1!18105!8A502!140!<3814!7?2!=6A!R3L!=0!
<02#!=0!7=1B!;4!L:1!!A!P0;!n06L6A5!140![A50J0A50A1!R3L!=0!M3HJL6!A1:!781432!1>!!:!=3A:1!18105!8A502!!1:!3;A!
0A6=1H0A1"!

&&$ !

!
%C0! )?664DD4?>! >?30@! 3C73! 3C0! #>@0B0>@0>3! )?6BF74>3D! J48013?8730! ]#)J^! 4>!
$?23C! (G8417! H7D! 0D37EF4DC0@! 7D! 7! 80D2F3! ?G! 3C0! H?8W! ?G! 3C0! %823C! 7>@!
*01?>14F4734?>!)?664DD4?>!HC?!801?660>@0@!3C73c!

! %C0! #>@0B0>@0>3! )?6BF74>3D! J48013?8730! ]#)J^! E0! A?508>0@! E9! >0H!


F0A4DF734?>P!4>@0B0>@0>3!?G!A0>087F!B?F410!F0A4DF734?>L!!
! %C0! #)J! E0! A0>24>0F9! 4>@0B0>@0>3! ?G! 3C0! -4>4D389! G?8! $7G039! 7>@!
$0128439L!
! %C0!#)J!C750!B?H08D!3?!1?6B0F!3C0!$(:$!7>@!?3C08D!3?!1?6BF9!H43C!
43D!80X20D3D!80F730@!3?!1?>@2134>A!7>!4>50D34A734?>P!4>1F2@4>A!B?H08D!
?G!D0781C!7>@!D04V280L!
! %C0! #)J! E0! A450>! 3C0! 723C?8439! 3?! E84>A! 3?! 3C0! 7330>34?>! ?G! 80F057>3!
?GG4147FD! 7>9! G74F280! ?>! 3C0! B783! ?G! 3C0! $(:$! 3?! 80DB?>@! 3?! #)J!
801?660>@734?>D!3?!37W0!@4D14BF4>789!?8!F0A7F!7134?>L!
! %C0! #)J! E0! 67>@730@! 3?! 4>50D34A730! 1?882B34?>! H43C4>! 3C0! $(:$P!
873C08!3C7>!3C4D!37DW!E04>A!7FF?1730@!3?!7!2>43!H43C4>!3C0!$(:$L!
! %C0! #)J! E0! A450>! 3C0! 17B71439P! 80D?2810D! 7>@! 723C?8439! 3?! 1?>@213!
B8?713450! 4>50D34A734?>D! 7>@! 057F2734?>D! ?G! ?5087FF! B?F414>A! B?F4140D!
7>@!B8713410P!7D!H0FF!7D!3?!80DB?>@!3?!1?6BF74>3DL!
!

./76BF0D! ?G! 0>7EF4>A! F0A4DF734?>P! G8?6!E?3C! $?23C! (G8417! 7>@! +0H! i07F7>@P! 780!
4>1F2@0@!4>!7BB0>@4/!`'aL!

&&+ !

!
)>#;"&-!"=&%<&!

,7C3?54:!!
!

K1H5?545@?!@H!,7C3?54:!

,7C3?54:! 607>D! `$h$<@.:&'! ?)&<! @-':+5<$'.! &)! ,&++aLhgg! ! #>! 3C0! 4>308>734?>7F!
F7H!?G!C267>!84AC3DP!43!80G08D!3?!3C0!G74F280!3?!E84>A!B08B03873?8D!?G!C267>!84AC3D!
54?F734?>!3?!\2D3410!7>@P!7D!D21CP!43D0FG!1?>D343230D!7!@0>47F!?G!3C0!541346D[!84AC3!3?!
\2D3410! 7>@! 80@80DDL! ! #6B2>439! 4D! 0DB0147FF9! 1?66?>! 4>! 1?2>3840D! 3C73! F71W! 7!
387@434?>! ?G! 3C0! 82F0! ?G! F7HP! D2GG08! G8?6! 1?882B34?>! ?8! 3C73! C750! 0>380>1C0@!
D9D306D!?G!B738?>7A0P!?8!HC080!3C0!\2@414789!4D!H07W!?8!606E08D!?G!3C0!D0128439!
G?810D! 780! B8?30130@! E9! DB0147F! \284D@4134?>! ?8! 4662>4340DL! ! %C0! 760>@0@! $03! ?G!
:84>14BF0D!G?8!3C0!:8?30134?>!7>@!:8?6?34?>!?G!=267>!*4AC3D!%C8?2AC!(134?>!3?!
1?6E73! #6B2>439P! D2E64330@! 3?! 3C0! U>430@! +734?>D! )?664DD4?>! ?>! =267>!
*4AC3D!?>!f!'0E82789!QRRbP!@0G4>0D!46B2>439!7DM!

".5$! :<@&++:#:,:.%6! ($! 9-)$! &)! ($! ?*4.&6! &?! #):'B:'B! .5$! @$)@$.)*.&)+! &?!
A:&,*.:&'+! .&! *44&-'.! [! =5$.5$)! :'! 4):<:'*,6! 4:A:,6! *(<:':+.)*.:A$! &)!
(:+4:@,:'*)%! @)&4$$(:'B+! [! +:'4$! .5$%! *)$! '&.! +-#9$4.! .&! *'%! :'M-:)%!
.5*.! <:B5.! ,$*(! .&! .5$:)! #$:'B! *44-+$(6! *))$+.$(6! .):$(! *'(6! :?! ?&-'(!
B-:,.%6!+$'.$'4$(!.&!*@@)&@):*.$!@$'*,.:$+6!*'(!.&!<*>:'B!)$@*)*.:&'+!
.&!.5$:)!A:4.:<+2/!

%C0!'48D3!:84>14BF0!?G!3C73!D760!@?1260>3!D3730D!3C73M!

"3<@-':.%! *):+$+! ?)&<! *! ?*:,-)$! #%! U.*.$+! .&! <$$.! .5$:)! &#,:B*.:&'+! .&!
:'A$+.:B*.$! A:&,*.:&'+m! .&! .*>$! *@@)&@):*.$! <$*+-)$+! :'! )$+@$4.! &?! .5$!
@$)@$.)*.&)+6!@*).:4-,*),%!:'!.5$!*)$*!&?!9-+.:4$6!#%!$'+-):'B!.5*.!.5&+$!
+-+@$4.$(! &?! 4):<:'*,! )$+@&'+:#:,:.%! *)$! @)&+$4-.$(6! .):$(! *'(! (-,%!
@-':+5$(m! .&! @)&A:($! A:4.:<+! =:.5! $??$4.:A$! )$<$(:$+! *'(! .&! $'+-)$!
.5*.! .5$%! )$4$:A$! )$@*)*.:&'! ?&)! .5$! :'9-):$+! +-??$)$(m! .&! $'+-)$! .5$!
:'*,:$'*#,$!):B5.!.&!>'&=!.5$!.)-.5!*#&-.!A:&,*.:&'+m!*'(!3?!37W0!?3C08!
>010DD789!D30BD!3?!B8050>3!7!8012880>10!?G!54?F734?>DLa!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&%%
!<00!DL6=X`:!/6;!S!=1!3A62>B!E)14!Q5F"!

&&% !

!
!

$82XB9@3?A!

(11?8@4>A!3?!43D!3086D!?G!80G080>10P!3C4D!)?664DD4?>!4D!80X2480@!3?!801?660>@!T!!

! -07D280D! 3?! E0! 37W0>! 3?! B8050>3P! 1?>38?F! 7>@! 087@41730! 3C0!!
?112880>10!?G!D464F78!@00@D!4>!G23280c!
! -07D280D! H43C! 80A78@! 3?! E84>A4>A! 3?! \2D3410! 3C?D0! B08D?>D!
80DB?>D4EF0!G?8!18464>7F!713Dc!
! -07D280D! 3?! 087@41730! 46B2>439! 7>@! B8?6?30! >734?>7F!
801?>14F4734?>L!

#>!67W4>A!D21C!80X248060>3DP!H0!3C4>WP!3C0!G87608D!?G!?28!%&*D!801?A>4V0@!3C73!
46B2>439! F40D! 73! 3C0! C0783! ?G! B8050>34>A! 3C0! W4>@! ?G! 54?F0>10! 3C73! C7D! E00>!
H43>0DD0@!4>!3C4D!1?2>389!3460!7>@!3460!7A74>L!!%C0!087@41734?>!?G!46B2>439!H4FF!
3C080G?80P!>?3!?>F9!EF?H!?GG!3C0!1?508!G?8!B08D?>D!HC?!E807W!3C0!F7H!?G!3C0!F7>@!
E23! 7FD?! @0308! ?3C08D! HC?! 679! 1?>306BF730! D464F78! @00@D! 4>! G23280L! ! (! G486!
G?2>@734?>!4>!3C0!82F0!?G!F7H!H?2F@!7FD?!B8?6?30!>734?>7F!801?>14F4734?>L!

%C0! 0F060>3D! ?G! D9D30641! 7>@! 4>D343234?>7F! @0G4140>140DP! 1?882B34?>P! 7>@!


0>380>1C0@! >0A73450! D?14?! T! B?F43417F! 12F3280! C750P! 4>! ?28! 540HP! 172D0@! 7>@!
B8?6?30@! 46B2>439! 4>! 3C4D! 1?2>389L! ! .F0134?>! 80F730@! 54?F0>10! B8?54@0D! 3C0! E0D3!
4FF2D38734?>!?G!3C0!67F7@9!HC080P!4>!G450O9078!191F0D!D4>10!deeQ!HC0>!62F34B7839!
B?F4341D!H7D!4>38?@210@P!B80O!7>@!B?D3O0F0134?>!54?F0>10!C7D!8?1W0@!5784?2D!B783D!
?G!3C0!1?2>389!@0DB430!?GG4147F!4>X24840D!7>@!4@0>34G41734?>!?G!3C0!8??3!172D0D!E04>A!
67@0L! ! <0! DC7FF! 0/764>0! 3C0! 4DD20D! ?G! 4>50D34A734?>P! B8?D01234?>! 7>@!
7@\2@41734?>! ?G! 18460D! 4>! 7>! 0GG?83! 3?! 2>@08D37>@! HC9! 46B2>439! 3C8450D! 4>! 3C4D!
1?2>389L!

&&& !

!
,?61E45B845@?Q!;9@E12345@?!8?A!#A`3A52845@?!@H!J35G4!

%C0! 4DD20! ?G! 46B2>439! 4D! @48013F9! 80F730@! 3?! 3C0! 7E4F439! ?G! 3C0! D3730! 3?! B8?D01230!
B08D?>D! G?8! 18464>7F! ?GG0>10DL! ! ! #3! 4D! ?28! 540H! 3C73! 3C0! &GG410! ?G! 3C0! (33?8>09!
I0>087F!?112B40D!7>!46B?837>3!7>@!D38730A41!B?D434?>!4>!@07F4>A!H43C!3C0!4DD20!?G!
46B2>439L!!<43C!7!540H!3?!DC0@@4>A!6?80!F4AC3!?>!3C73!?GG410P!H0!4>5430@!3C0!=?>L!
3C0!(33?8>09!I0>087F!?G!3C0!*0B2EF41!?G!Y0>97P!-8L!(6?D!$43DH4F7!<7W?P!HC?!C7D!
E00>!4>!?GG410!G?8!3C0!F7D3!dS!9078DP!3?!30D34G9!E0G?80!3C0!)?664DD4?>L!!

%C0!B?H08!3?!2>@0837W0!18464>7F!B8?D01234?>D!4>!Y0>97!4D!80B?D0@!4>!3C0!&GG410!
?G! 3C0! (33?8>09! I0>087F! 2>@08! D0134?>! Qj! ?G! 3C0! )?>D343234?>P! HC41C! B8?54@0D!
3C73! 3C0! (33?8>09! I0>087F! C7D! 3C0! B?H08! 3?! 4>D343230! 7>@! 2>@0837W0! 18464>7F!
B8?100@4>AD! 7A74>D3! 7>9! B08D?>c! 37W0! ?508! 7>@! 1?>34>20! 7>9! B8?D01234?>!
1?660>10@! E9! 7>9! ?3C08! B08D?>c! ! 7>@! 7FD?! 37W0?508! 7>@! @4D1?>34>20!
B8?100@4>AD!73!7>9!D37A0!E0G?80!\2@A60>3!4D!@0F45080@L!!#>!B8713410P!3C0!B?H08!3?!
B8?D01230!D?60!17D0D!4D!@0F0A730@!3?!?3C08!7A0>140D!?G!D3730!F4W0!3C0!Y0>97!:?F410!
7>@! 050>! HC080! 3C4D! @?>0P! 43! 4D! @?>0! 2>@08! 3C0! D2B0854D?89! 723C?8439! ?G! 3C0!
(33?8>09!I0>087FL!!!U>@08!D0134?>!Qj]h^!?G!3C0!)?>D343234?>P!3C0!(33?8>09!I0>087F!
7FD?! C7D! 3C0! B?H08! 3?! 80X2480! 3C0! )?664DD4?>08! ?G! :?F410! 3?! 4>50D34A730! 7>9!
673308!HC41C!80F730D!3?!7>9!?GG0>10!7FF0A0@!?8!D2DB0130@L!!#3!4D!67>@73?89P!?>10!
3C0! 80X20D3! 4D! 67@0P! 3C73! 3C0! )?664DD4?>08! ?G! :?F410! DC7FF! 1?6BF9! H43C! 3C0!
80X20D3L!

-8L!<7W?Phgh!30D34G40@!E0G?80!2D!7>@!0>2608730@!D?60!73306B3D!67@0!E9!5784?2D!
4>D343234?>D!3?!4>50D34A730!0F0134?>!80F730@!54?F0>10!76?>A!3C06M!O!

! %C0! +734?>7F! (DD06EF9! HC41C! D03! 2B! 7! $0F013! )?6643300! 3?!


#>50D34A730! .3C>41! )F7DC0D! 4>! <0D308>! 7>@! &3C08! :783D! ?G! Y0>97!
deeQP!?3C08H4D0!W>?H>!7D!".5$!8:,:>-!f&<<:..$$/2iPW!
! %C0! $37>@4>A! )?6643300! ?>! =267>! *4AC3D! ]Y0>97^P! 7! A?508>60>3!
7BB?4>30@!1?6643300!3?!7@54D0!!?>! C267>! 84AC3D! 54?F734?>DL! ! %C0!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&%&
!MC$%&!
&%'
!Q.4!K!1!$%(7"!

&&' !

!
$37>@4>A! )?6643300! 4>50D34A730@! DW4864DC0D! ?112884>A! 73! 3C0!
)?7D37F! 80A4?>! 4>! deef! 7>@! 80F07D0@! 7! 80B?83! 343F0@P! "J$4$'.!
Q:+.-)#*'4$+!*.!.5$!f&*+.!@)&A:'4$^!G)&<!HP.5!I-B-+.!.&!(*.$2/!
! %C0!"7H!$?14039!?G!Y0>97P!4>!0/0814D0!?G!43D!67>@730!2>@08!3C0!"7H!
$?14039!?G!Y0>97!(13!4>50D34A730@!7>@!67@0!7!80B?83!?>!3C0!;4?F0>10!
4>! )?7D3! :8?54>10! 80F730@! 3?! 3C0! 73371W! ?>! "4W?>4! :?F410! $3734?>! ?>!
dg3C!(2A2D3!deefL!
! %C0! _2@4147F! )?664DD4?>! ?G! #>X2489! ?>! 3C0! %84E7F! )F7DC0D! 3C73!
?112880@! 4>! 5784?2D! B783D! ?G! Y0>97! D4>10! deed! ?3C08H4D0! W>?H>! 7D!
3C0!"I>:=-<:!f&<<:++:&'2/!!
!

;784?2D! 801?660>@734?>D! H080! 67@0! 4>! 3C?D0! 4>X24840DP! E23! 3C0! (W4H264!
1?664DD4?>P! HC41C! 1?>D4@080@! 3C0! 078F408! 80B?83D! ?>! 03C>41! 54?F0>10P! H7D! 6?80!
1?6B80C0>D450L!!=?H!@4@!3C0!A?508>60>3!@07F!H43C!3C0!80B?83N!

"D1!#X5I375!)@775EE5@?!@H!,?Y359:!

%C0! (W4H264! )?664DD4?>! H7D! 7BB?4>30@! ?>! dD3! _2F9! deef! 7>@! 43D! F4G0! H7D!
5784?2DF9! 0/30>@0@! 2B! 3?! gdD3! _2F9P! deee! HC0>! 43! 1?6BF030@! 43D! 80B?83! 7>@!
D2E64330@! 43! 3?! :80D4@0>3! J7>40F! 787B! -?4! ?>! de3C! (2A2D3! deeeL! ! #3D! 3086D! ?G!
80G080>10P!HC41C!H080!>?3!@4DD464F78!3?!3C?D0!?G!3C4D!1?664DD4?>P!H080!7D!G?FF?HDc!

IK C&!:'A$+.:B*.$!.5$!.):#*,!4,*+5$+!.5*.!5*A$!&44-))$(!:'!A*):&-+!@*).+!&?!8$'%*!
+:'4$!H00H6!=:.5!A:$=!&?!$+.*#,:+5:'B!*'(o&)!($.$)<:':'B7!
!
:2 C5$! &):B:'6! .5$! @)&#*#,$6! .5$! :<<$(:*.$! *'(! .5$! -'($),%:'B! 4*-+$+! &?! +-45!
4,*+5$+m!
::2 C5$! *4.:&'! .*>$'! #%! .5$! @&,:4$! *'(! &.5$)! ,*=! $'?&)4$<$'.! *B$'4:$+! =:.5!
)$+@$4.!.&!*'%!:'4:($'.+!&?!4):<$!*):+:'B!&-.!&?!&)!4&<<:..$(!:'!.5$!4&-)+$!&?!
.5$! +*:(! .):#*,! 4,*+5$+! *'(! =5$)$! +-45! *4.:&'! =*+! :'*($M-*.$! &)!
:'+-??:4:$'.6!.5$!)$*+&'+!.5$)$!?&)m!
:::2 !C5$! ,$A$,! &?! @)$@*)$('$++! *'(! .5$! $??$4.:A$'$++! &?! ,*=! $'?&)4$<$'.!
*B$'4:$+! :'! 4&'.)&,,:'B! .5$! +*:(! .):#*,! 4,*+5$+! *'(! :'! @)$A$'.:'B! .5$!
&44-))$'4$!&?!+-45!.):#*,!4,*+5$+!:'!?-.-)$m!
!
aK C&!)$4&<<$'(!
&&( !

!
:2 F)&+$4-.:&'! &)! ?-).5$)! 4):<:'*,! :'A$+.:B*.:&'+! *B*:'+.! *'%! @$)+&'+! &)!
@$)+&'+!=5&!<*%!5*A$!4&<<:..$(!&??$'4$+!)$,*.$(!.&!+-45!.):#*,!4,*+5$+m!
::2 S*%+6! <$*'+! *'(! <$*+-)$+! .5*.! <-+.! #$! .*>$'! .&! @)$A$'.6! 4&'.)&,6! &)!
$)*(:4*.$!+-45!4,*+5$+!:'!?-.-)$m!
444L C&!(&6!:'M-:)$!:'.&!&)!:'A$+.:B*.$!*'%!&.5$)!<*..$)!.5*.!:+!:'4:($'.*,!.&!&)!
4&''$4.$(!=:.5!.5$!?&)$B&:'B!!
!

'?8!3C800!9078DP!C?H0508P!3C0!1?>30>3D!?G!3C0!80B?83!H080!>?3!67@0!B2EF41!2>34F!
1?>D4@087EF0!B2EF41!B80DD280!H7D!E8?2AC3!3?!E078!?>!3C0!I?508>60>3!7>@!43!H7D!
80F07D0@! 3?! 3C0! B2EF41! 4>! &13?E08! QRRQP! E23! >?3! H43C?23! 80D085734?>DL! ! %C0!
I?508>60>3! 80\0130@! B783! ?G! 3C0! 80B?83! 3C73! 80F730@! 3?! 3C0! *4G3! ;7FF09! 7>@!
0DB0147FF9P! 3C0! Y7F0>\4>! 7>@! -77D74! 1?662>4340DP! 7>@! 4>! D2BB?83! ?G! 3C73!
7DD0834?>! 43! B8?@210@! 7! gd! B7A0! 2>@730@! @?1260>3! HC41C! C7@! >?! 723C?8! ?8!
D4A>73?89P!0>343F0@!mQ@AA('&)!@'!Q@AA%))%@'!@B!K'RG%-L!D(J@-&SLhgj!!:80DD0@!
3?! 4@0>34G9! 3C0! 723C?8P! 3C0! (33?8>09! I0>087F! D74@! 43! H7D! 723C?80@! E9! ".5$!
c&A$)'<$'./P! B80D267EF9! 3C0! :80D4@0>3! 73! 3C0! 3460P! 73! HC?D0! 4>D37>10! 3C0!
)?664DD4?>!C7@!E00>!D03!2B!7>@!3?!HC?6!3C0!80B?83!C7@!E00>!D2E64330@L!!%C0!
807D?>D!7@57>10@!G?8!3C0!B78347F!80\0134?>!H7D!3C73!".5$!)$@&).!=*+!'&.!&#9$4.:A$6!
:.! .&&>! $h.)*'$&-+! <*..$)+! :'.&! *44&-'.6! :B'&)$(! +&<$! $A:($'4$6! (:(! '&.! B:A$! (-$!
=$:B5.! .&! +&<$! $A:($'4$! *'(! B*A$! *! ,&.! &?! =$:B5.! .&! +&<$! $A:($'4$! <&)$! .5*'!
=*))*'.$(2!!3.+!?:'(:'B+!*'(!)$4&<<$'(*.:&'+!=$)$!#:*+$(!*'(!@)$9-(:4$(2/!

%C0!1?660>3789P!HC41C!3C0!"c&A$)'<$'./!@480130@!DC?2F@!E0!807@!3?A03C08!H43C!
3C0!(W4H264!*0B?83!1?>1F2@0@M!

"R22! .5$! +*(! 45*@.$)! &?! .5$! 4,*+5$+! :'! .5$! 4&-'.)%T+! 5:+.&)%!
+5&-,(!#$!#)&-B5.!.&!*'!$'(!.&!B:A$!8$'%*'+! *!45*'4$!.&!+.*).!
*?)$+5!*+!#)&.5$)+!*'(!+:+.$)+!:'!.5:+!<-,.:@*).%!$)*R22!

I44&)(:'B,%6! :'! .5$! *#+$'4$! &?! $A:($'4$! .&! ?&)<! .5$! #*+:+! ?&)!
@)&+$4-.:&'! .&! )$4&<<$'(! 45*)B$+! &)! @)&+$4-.:&'! *B*:'+.! *'%!
@$)+&'6!Z+:4K!#-.!=5$)$!.5$)$!:+!$A:($'4$!.&!+5&=!*!,*@+$!:'!.5$!
@$)?&)<*'4$! &?! *(<:':+.)*.:A$! (-.:$+! &)! <:+4&'(-4.6!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&%(
!Q.4!K!1!$%&D"!

&&, !

!
)$4&<<$'(*.:&'+!4*'!#$!<*($!?&)!&.5$)!?&)<+!&?!4&'($<'*.:&'!
:'4,-(:'B^!

Z:KZ*K '*<:'B!*'(!
Z::KZ#K *(<&':+5:'B2/!!
!

J0DB430! 3C0! B?D434?>! 37W0>! E9! ".5$! c&A$)'<$'./P! 3C0! (33?8>09! I0>087F! 30D34G40@!
3C73!C0!C7@P!4>!0/0814D0!?G!C4D!4>@0B0>@0>3!1?>D343234?>7F!67>@730P!7130@!?>!3C0!
80B?83!3H?!9078D!078F408L!!<0!X2?30!3C0!80F057>3!B783!?G!C4D!B80DD!80F07D0!@730@!dD3!
&13?E08P!QRRQc!

"C5$!I..&)'$%!c$'$)*,!#%!,$..$)!(*.$(!Hi.5!;*)456!N1116!:'!$h$)4:+$!&?!
.5$! 4&'+.:.-.:&'*,! @&=$)+! -'($)! U2N\ZiK! &?! .5$! f&'+.:.-.:&'6! (:)$4.$(!
.5*.!$h@$(:.:&-+6!(:,:B$'.!*'(!$h@$(:.:&-+!:'A$+.:B*.:&'+!#$!4*)):$(!&-.!
*B*:'+.! *,,! @$)+&'+! =5&<! .5$! f&<<:++:&'! 5*(! )$4&<<$'($(! .5*.!
.5$%! #$! :'A$+.:B*.$(! )$B*)(:'B! .5$:)! )&,$! :'! .):#*,! 4,*+5$+! [! *'(! :'!
@*).:4-,*)! .5&+$! <$'.:&'$(! :'! @*)*B)*@5+! WN\6! WNX! *'(! WNb! &?! .5$!
I>:=-<:!)$@&).2!

C5$! Q:)$4.&)! &?! f):<:'*,! 3'A$+.:B*.:&'+! #%! 5:+! ,$..$)! (*.$(! H0.5!
G$#)-*)%6! N11H! ?&)=*)($(! .&! .5$! I..&)'$%! c$'$)*,! .5$! )$,$A*'.!
(-@,:4*.$! :'M-:)%! ?:,$+! X1! :'! '-<#$)! ?&)! <%! @$)-+*,! *'(! '$4$++*)%!
*4.:&'2! ! _?! .5&+$! X1! ?:,$+6! .5$! I..&)'$%! c$'$)*,! &)($)$(! ?-).5$)!
:'A$+.:B*.:&'+! :'! i1! 4*+$+2! ! _?! .5$+$! i1! ?:,$+6! Hb! :'A$+.:B*.:&'+! ?:,$+!
=$)$! )$.-)'$(! .&! .5$! I..&)'$%! c$'$)*,! &'! H+.! _4.&#$)6! N11H! *?.$)!
?-).5$)! :'A$+.:B*.:&'+2! ! C5$! I..&)'$%! c$'$)*,! *?.$)! ?-).5$)! @$)-+*,!
&)($)$(!?-).5$)!:'A$+.:B*.:&'+!:'!*!'-<#$)!&?!.5$!4*+$+2!

C5$!:'A$+.:B*.:&'+!*)$!.5$)$?&)$!+.:,,!4&'.:'-:'B!:'!*!'-<#$)!&?!4*+$+2!!
3!*++-)$!.5$!@-#,:4!.5*.!=5$'!3!B$.!*'!:'A$+.:B*.:&'!?:,$!=:.5!+-??:4:$'.!
$A:($'4$6!@)&A*#,$!:'!*!4&-).!&?!,*=!=5:45!4*'!$+.*#,:+5!*!@):<*!?*4:$!
4*+$!@)&+$4-.:&'!=:,,!$'+-$!*+!*!<*..$)!&?!4&-)+$2/iPX!

<C73!E01760!?G!3C?D0!4>50D34A734?>DN!(A74>!H0!DC7FF!X2?30!3C0!(33?8>09!I0>087F!
A$)#*.:<!4>!C4D!DH?8>!30D346?>9!E0G?80!3C0!)?664DD4?>!?>!Qb3C!(2A2D3P!QRRfM!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&%,
!Q.4!K!1!$%&M"!

&&) !

!
"3'!+&<$!4*+$+!:'A$+.:B*.:&'+!=$)$!4*)):$(!&-.!*'(!?:,$+!+-#<:..$(!.&!
<$! =:.5! ?:'(:'B+! .5*.! '&! $A:($'4$! =*+! (:+4,&+$(! *B*:'+.! '*<$(!
@$)+&'+!*'(!=:.5!)$4&<<$'(*.:&'+!.5*.!.5$!:'M-:)%!?:,$!.&!#$!4,&+$(2!

3'! &.5$)! 4*+$+! .5$! ?:,$+! +-#<:..$(! .&! <$! =$)$! ?&-'(! .&! #$! :'4&<@,$.$!
*'(! ($?:4:$'.! :'! 4):.:4*,! *+@$4.+2! ! 3'! *,,! +-45! 4*+$+! :'4,-(:'B! +&<$! &?!
.5$!4*+$+!=5$)$!4,&+-)$!=*+!)$4&<<$'($(6!.5$!:'M-:)%!?:,$+!=&-,(!#$!
)$.-)'$(! #*4>! .&! .5$! @&,:4$! &'! <%! #$5*,?! #%! .5$! Q:)$4.&)! &?! F-#,:4!
F)&+$4-.:&'+!=:.5!(:)$4.:A$+!.&!4*))%!&-.!?-).5$)!:'A$+.:B*.:&'+2!!U&<$!
&?! .5&+$! ?:,$+! =&-,(! *B*:'! #$! )$7+-#<:..$(! .&! <$! &?.$'! .:<$+! *?.$)!
:'&)(:'*.$!,&'B!@$):&(+! *'(!=:.5&-.!+:B':?:4*'.!$A:($'4$!5*A:'B!#$$'!
B*.5$)$(2! ! ;*'%! &?! .5$! )$.-)'$(! ?:,$+! =&-,(! '$A$)! #$! )$+-#<:..$(!
*B*:'2!!;*'%!)$*+&'+!4&-,(!#$!*..):#-.$(!?&)!.5:+!-'+*.:+?*4.&)%!+.*.$!
&?!*??*:)+!:'4,-(:'B^!7!

^5_
J1?35?1! A5HH523G451E! 5?! 5?61E45B845?B! 8?A!
B1445?B! I54?1EE1E! F1283E1! @H! 4D159! H189! @H!
91C95E8GE!I54D5?!! 4D1! 2@?4104! @H! 4D1!
14D?52!2G8ED1Eb!
^55_ %82X! @H! 28C8254:! 8?A! 91E@3921E! @?! 4D1! C894!
@H!4D1!5?61E45B845?B!834D@95451Eb!
^555_ +1GH! 21?E@9ED5CE! @9! H189! @?! 4D1! C894! @H! 4D1!
5?61E45B84@9E! ID@! 891! E3E21C45FG1! 4@!
C91EE391!8?A!78?5C3G845@?b!
3.! +5&-,(! #$! '&.$(! .5*.! *,.5&-B5! .5$! I..&)'$%! c$'$)*,! 5*+! @&=$)! .&!
)$M-$+.!:'A$+.:B*.:&'+!.&!#$!4*)):$(!&-.!#%!.5$!f&<<:++:&'$)!&?!F&,:4$!
5$! 5*+! '&! $'?&)4$<$'.! <$45*':+<! .&! $'+-)$! 4&<@,:*'4$2!!
G-).5$)<&)$6! .5$! F&,:4$! :'A$+.:B*.&)+! *)$! +-#9$4.! .&! (:+4:@,:'$! *'(!
4&'.)&,!'&.!#%!.5$!I..&)'$%!c$'$)*,!#-.!.5$!f&<<:++:&'$)!&?!F&,:4$2/!

#>! B7DD4>AP! H0! 0/B80DD! ?28! @?2E3D! 7E?23! 3C0! 46B?30>10! 0/B80DD0@! E9! 3C0!
(33?8>09!I0>087F!4>!0>G?814>A!3C0!@48013450D!A450>!3?!3C0!)?664DD4?>08!?G!:?F410L!!
(D!D3730@!078F408P!3C0!)?>D343234?>!67W0D!43!67>@73?89!G?8!3C0!)?664DD4?>08!3?!
1?6BF9P!7>@!3C0!1?>D0X20>10D!?G!E8071C!DC?2F@!E0!?E54?2DL!

(3! 3C0! 80X20D3! ?G! 3C4D! )?664DD4?>P! 3C0! (33?8>09! I0>087F! G?8H78@0@! G283C08!
1?880DB?>@0>10! 3?! 1?>G486! G283C08! G?FF?H! 2B! ?G! 4>50D34A734?>D! 7>@! 7! E2>@F0! ?G!
@?1260>3D! H7D! BF710@! E0G?80! 2DLhgf! ! ! ! (6?>A! 3C06! H7D! 3C0! F03308! @730@! dh3C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&%)
!/01102!I0?N!7_gMePcg(gSg$+$g!Ve/!$!56105!+'14!7898:1!+**)"!

&&- !

!
-781CP!QRRR!HC0>!3C0!(33?8>09!I0>087F!H8?30!3?!3C0!)?664DD4?>08!?G!:?F410!4>!
3C0!G?FF?H4>A!3086Dc!

Icof_VGo\oQo\0! ! ! ! Hi.5!;*)45!N111!

;)2!F5:,$<&'!I#&'B&!
f&<<:++:&'$)!&?!F&,:4$!
F&,:4$!]$*(M-*).$)+!
V*:)&#:!
!
Q$*)!
!
JL^!JLF_JC!_G!C]L!YgQ3f3IE!f_;;3UU3_V!IFF_3VCLQ!C_!3Vug3JL!3VC_!
CJ3aIE!fEIU]LU!3V!8LVlI!

a%! c*D$..$! V&.:4$! V&2! PPHN! &?! H+.! Y-,%6! H00b! ]2L2! .5$! F)$+:($'.! *@@&:'.$(!
.5$! *#&A$! <$'.:&'$(! f&<<:++:&'! -'($)! .5$! 45*:)<*'+5:@! &?! .5$! ]&'2! ;)2!
Y-+.:4$!I2;2!I>:=-<:!.&!:'M-:)$!:'.&!.5$!.):#*,!4,*+5$+!.5*.!5*A$!&44-))$(!:'!
A*):&-+! @*).+! &?! 8$'%*! +:'4$! H00H2! C5$! f&<<:++:&'! @)$+$'.$(! :.+! )$@&).! .&!
.5$!F)$+:($'.!:'!I-B-+.!H0002!

3'! f]IFCLJ! G3OL! &?! .5$! +*:(! )$@&).6! .5$! f&<<:++:&'! 5*+! <*($! :.+!
JLf_;;LVQIC3_VU2! 3! )$?$)! %&-! @*).:4-,*),%! .&! @*)*B)*@5+! WN\6WNX! *'(!
WNb! =5$)$! .5$! f&<<:++:&'! 5*+! )$4&<<$'($(! .5*.! 4$).*:'! @$)+&'+! #$!
:'A$+.:B*.$(!)$B*)(:'B!.5$:)!)&,$!:'!.5$!.):#*,!4,*+5$+!*+!)$4&<<$'($(!:'!.5$!
J$@&).2!

3'!.$)<+!&?!U2N\!ZiK!&?!.5$!f&'+.:.-.:&'!&?!8$'%*!.5:+!:+!.&!)$M-:)$!%&-!.&!4*))%!
&-.! 4&<@)$5$'+:A$! :'A$+.:B*.:&'+! &'! *,,! @$)+&'+! *+! )$4&<<$'($(! :'! .5$!
J$@&).2! I+! *'(! =5$'! %&-! 4&<@,$.$! :'A$+.:B*.:&'+! &'! *'%! @$)+&'+6! ,$.! <$!
5*A$! .5$! )$@&).2! C5$! :'A$+.:B*.:&'+! +5&-,(! #$! 4*)):$(! &-.! (:,:B$'.,%! *'(!
$h@$(:.:&-+,%2!

l&-!*)$!)$M-$+.$(!.&!<*>$!*))*'B$<$'.+!.&!4&<$!*'(!4&,,$4.!.5$!)$@&).!*'(!
.5$!A&,-<:'&-+!*..*45$(!(&4-<$'.+2!

S:.5!#$+.!)$B*)(+2!

l&-)+!

U2I<&+!S*>&6!Lc]6!LaU6!;F!

ICC_JVLl!cLVLJIE!

f42!;)2!G)*'4:+!U*'B!

!!!!!Q:)$4.&)!&?!f):<:'*,!3'A$+.:B*.:&'+!

!!!!!V*:)&#:!

(F6?D3! 7! 9078! F7308! 3C0! J48013?8! ?G! )8464>7F! #>50D34A734?>D! J0B78360>3!


80DB?>@0@!7D!G?FF?HDc!

&'* !

!
f3QoULfoNoNoHNoH1oO_E2HHHobX! ! H0.5!G$#)-*)%6N11H!
U2I<&+!S*>&!Lc]6!LaU6!;F6!
]&'2!I..&)'$%!c$'$)*,6!
U5$):*!]&-+$6!
F2_2a&h!i1HHN6!
VI3J_a32!
!
Q$*)!I<&+6!
!

3VOLUC3cIC3_V! 3VC_! CJ3aIE! fEIU]LU! 3V! 8LVlI! IU! JLf_;;LVQLQ! al!


I83Sg;3!YgQ3f3IE!f_;;3UU3_V!

3! *4>'&=,$(B$! )$4$:@.! &?! 4&@%! &?! %&-)! ,$..$)! Icof_VGo\oQo\0! (*.$(! Hi.5!
;*)456! N111! =5$)$! %&-! 5*(6! -'($)! .5$! @&=$)+! 4&'?$))$(! .&! %&-! #%! +$4.:&'!
N\ZiK!&?!.5$!4&'+.:.-.:&'6!(:)$4.$(!?&)!$h@$(:.:&-+!*'(!(:,:B$'.2!3'A$+.:B*.:&'+!.&!
#$! 4*)):$(! &-.! *B*:'+.! .5$! @$)+&'+! '*<$(! :'! @*)*! WN\6WNX! *'(! WNb6! &?! .5$!
I>:=-<:! f&<<:++:&'+! J$@&).2! I+! *! )$+-,.! &?! .5$! :'+.)-4.:&'6! 3! *@@&:'.$(!
3'A$+.:B*.:'B! _??:4$)! =5&! A:+:.$(! .5$! *??$4.$(! (:+.):4.+! :'! J:?.! O*,,$%6! S$+.$)'6!
V%*'D*!*'(!f&*+.!F)&A:'4$6!+4&)$+!&?!@$&@,$!<$'.:&'$(!:'!.5$!I>:=-<:!J$@&).!
=$)$! .)*4$(! *+! 5$)$-'($)2! J$,$A*'.! (-@,:4*.$! :'M-:)%! ?:,$+! X1! :'! '-<#$)! *)$!
*..*45$(!5$)$=:.5!?&)!%&-)!@$)-+*,!*'(!'$4$++*)%!*4.:&'6!@,$*+$2!

d%C0! H84308! 3C0>! 7>7F9D0@! 3C0! 7FF0A734?>D! 67@0P! 3C0! 054@0>10! 7A74>D3! 3C0!
>760@!B08D?>D!7>@!C4D!G4>@4>AD!?>!071CP!7>@!1?>34>20@o!

cLVLJIE!_aULJOIC3_V!

C5$! :'A$+.:B*.:&'! .$*<! :'! .5$! 4&-)+$! &?! :.+! :'A$+.:B*.:&'+! .&-)$(! .5$! *)$*+!
*??$4.$(! #%! .):#*,! 4,*+5$+6! *'(! 5*A:'B! B&'$! .5)&-B5! .5$! @*)*@5$)'*,:*! &?!
B*.5$):'B!$A:($'4$!'&.$(!.5$!?&,,&=:'B^!

'(! C5$! .:<$! ,*@+$! ?)&<! .5$! <&<$'.! +&<$! &?! .5$! :'4:($'4$+! &?! .5$! .):#*,! 4,*+5$+!
&44-))$(! *'(! .5$! .:<$! .5$! :'M-:)%! =*+! 4&'(-4.$(6! )$+-,.$(! :'.&! +&<$!
=:.'$++$+!'&.!#$:'B! .)*4$(6! =5:,+.! +&<$! .)*4$(!&'$+! =$)$!-'*#,$! .&!4&))$4.,%!
)$<$<#$)! .5$! +$M-$'4$! &?! $A$'.+! &?! .5$! 4,*+5$+6! 5$'4$! ,*4>! &?! 4&))&#&)*.:&'2!
_'! .5$! &.5$)! 5*'(! +4&)$+! &?! =:.'$++$+6! =5&! A&,-'.$$)$(! .5$:)! +.*.$<$'.+6!
=$)$! &+.$'+:#,%! -@+$.! =:.5! .5$! )$74&,,$4.:&'! &?! =5*.! 5*@@$'$(! *'(! .5$)$?&)$!
$'($(!-@!B:A:'B!A:'(:4.:A$!+.*.$<$'.+!&-.!&?!#:..$)'$++2!
)(! I!+-)A$%!&'!.5$!,:+.!&?!=:.'$++$+!:'!.5$!f&<<:++:&'T+!)$@&).!+5&=!.5*.6!<&+.!:?!
'&.! *,,! &?! .5$<6! *)$! @-#,:4! +$)A*'.+6! @&,:.:4:*'+! *'(! ,*=%$)+2! C5$+$! #%! *,,!
+.*'(*)(+! *)$! *(<:':+.)*.:A$! =:.'$++$+! =5&! =$)$! '$:.5$)! *.! .5$! +4$'$! &?!
4,*+5$+! '&)! A:4.:<+! &?! .5$! 4,*+5$+! *'(! 4&-,(! '&.! .5$)$?&)$! *((-4$! (:)$4.!
$A:($'4$!:'!)$,*.:&'!.&!.5$!4,*+5$+2!
*(! I! <&)$! 4):.:4*,! B,*'4$! *.! .5$! ,:+.! &?! @$)+&'+! )$4&<<$'($(! #%! .5$! I>:=-<:!
f&<<:++:&'!.&!#$!:'A$+.:B*.$(6!)$A$*,$(!.5*.! .5$%!=$)$!.5$!+*<$!@$&@,$!=5&!
.$+.:?:$(! #$?&)$! .5$! A$)%! f&<<:++:&'! *+! =:.'$++$+6! #-.! &'! )$*,:D:'B! .5*.! .5$:)!
.$+.:<&'%! #$?&)$! .5$! I>:=-<:! f&<<:++:&'! 5*(! +.*).$(! :<@:'B:'B! '$B*.:A$,%!
&'! .5$:)! =$,,! #$:'B6! ($4:($(! .&! *++-<$! ($?$'+:A$! +.*'(! :'! )$4&)(:'B! &?! .5$:)!
+.*.$<$'.! =:.5! .5$! F&,:4$6! *! +:.-*.:&'! =5:45! B*A$! ):+$! .&! .5$! 4&'4$*,<$'.! &?!
A:.*,!4,*+5!)$,*.$(!:'?&)<*.:&'2!
+(! ;&+.!&?!.5$!@&,:.:4:*'+!=5&!)$4&<<$'($(!.&!#$!:'A$+.:B*.$(!=*+!*+!*!)$+-,.!&?!
.5$:)! (:A$)B$'.! *'(! :'?,*<<*.&)%! @&,:.:4*,! A:$=+! *+! )$@&).$(! :'! E&4*,!
V$=+@*@$)+!@)&(-4$(!*+!$h5:#:.+!#$?&)$!.5$!I>:=-<:!f&<<:++:&'!&?!3'M-:)%2!
]&=$A$)6! .5$! $A:($'4$! .&! +-@@&).! .5$! A$)*4:.%! &?! +-45! @&,:.:4*,! A:$=+! =$)$!
&#A:&-+,%! ,*4>:'B6! *+! .5$! =5&,$! <:,,! &?! *,,$B*.:&'+! =*+! &',%! *'45&)$(! &'!

&'$ !

!
:'?&)<*.:&'! 4*@.-)$(! #%! E&4*,! V$=+@*@$)+! =:.5&-.! *'%! ?&).:?:4*.:&'! #%! .5$!
$A:($'4$!&?!3'($@$'($'.!S:.'$++$+2!
!
F,$*+$!*(A:4$2!

l&-)+!

ZG282I2!UIVcK!faU!

Q3JLfC_J!_G!fJ3;3VIE!3VOLUC3cIC3_VU!

L'4+2!!ZX1!Q-@,:4*.$!3'M-:)%!G:,$+K!

f4^!

F5:,$<&'!I2!I#&'BT&!;c]!;aU!
f&<<:++:&'$)!&?!F&,:4$!
F&,:4$!]$*(M-*).$)+!
F2_2a&h!P11bP!
VI3J_a32!

%C73! H7D! D050>! 9078D! 7A?! 7>@! 3C0! F730D3!80B?83! G8?6! 3C0! )8464>7F! #>50D34A734?>!
J0B78360>3! @730@! QdD3! 72A2D3P! QRRfP! DC?HD! 3C73! gS! ?23! ?G! 3C0! SR! G4F0D! H080!
1F?D0@c! e! G4F0D! 780! H43C! 3C0! J::! C754>A! E00>! 80OD2E64330@! 7G308! G283C08!
4>50D34A734?>Dc! 7>@! Qh! 780! H43C! 3C0! B?F410! G?8! G283C08! 4>50D34A734?>DL! ! %C0!
80G080>10! 67@0! E9! 3C0! (33?8>09! I0>087F! 4>! 3C0! B80DD! D373060>3! 4DD20@! ?>! dD3!
&13?E08P!QRRQ!3C73!dgQh!B08D?>D!C7@!E00>!1C78A0@!G?8!5784?2D!?GG0>10D!87>A4>A!
G8?6! 628@08P! 4>1434>A! 54?F0>10! 7>@! 37W4>A! B783! 4>! 84?3D! 80F734>A! 3?! 3C0! 1F7DC0D!
HC41C! ?112880@! E03H00>! &13?E08! deed! 7>@! J0106E08! deeQP! H7D! >?3! 80F730@! 3?!
3C0!G4>@4>AD!?G!3C0!(W4H264!80B?83L!!%C0!G4A280D!H080!B80D0>30@!3?!:78F4760>3!?>!
QS3C!(B84FP!deeg!4>!80DB?>D0!3?!7!X20D34?>!E9!-06E08!?G!:78F4760>3!G?8!I41C2A2P!
-DL!Y7827L!!

%C0!D760!B8?10DD!?G!4>50D34A734?>!4>!80DB013!?G!3C0!Y4F4W2!*0B?83!7>@!3C0!80B?83!
B80B780@! E9! 3C0! $37>@4>A! )?6643300! H7D! >?! @4GG080>3L! ! ! %C0! (33?8>09! I0>087F!
H?2F@! 67W0! 3C0! 80X20D3! 2>@08! DL! Qj! ?G! 3C0! )?>D343234?>! 7>@! 3C0! :?F410!
4>50D34A73?8D! H?2F@! @234G2FF9! 80B?83! ?>! 3C0! F71W! ?G! 054@0>10! 7>@! @4GG412F340D!
7DD?14730@! H43C! 1?FF0134?>! ?G! 43L! ! ! #>! 3C0! 0>@P! 3C0! (33?8>09! I0>087F! 30D34G40@! 3C73!
C0! C7@! @?>0! 7FF! C0! 1?2F@! H43C4>! C4D! B?H08D! 3?! G4AC3! 46B2>439L! %?! X2?30! C46!
508E7346!4>!18?DD!0/764>734?>M!O!

&'+ !

!
*PCA(1'/))%-^! ! ! ! V&=! =$TA$! +$$'! .5*.! :<@-':.%! :+! *! @)&#,$<6!
?&)! .5$! #$'$?:.! &?! .5:+! 4&<<:++:&'! 4*'! %&-! 5:B5,:B5.! %&-)!
*45:$A$<$'.+! &?! %&-)! HX! %$*)! .$'-)$! :'! %&-)! ?:B5.! *B*:'+.!
:<@-':.%k!!!S5*.!5*A$!%&-!(&'$!.&!?:B5.!:<@-':.%!?&)!HX!%$*)+k!

6T++7!

PA@)!$/U@^! V&6! =:.5:'! <%! 4&'+.:.-.:&'*,! <*'(*.$6! =5*.!


3TA$!(&'$!:+!.&!(&!=5*.!3!&-B5.!.&!5*A$!(&'$!*'(!.5*.!:+!.&!(:)$4.!
.5$! f&<<:++:&'$)!&?! F&,:4$! .&! :'A$+.:B*.$2! !I'(! .5*.! 3! 5*A$!(&'$!
$A$'!:'!4*+$+!=5$)$!@&,:.:4*,,%!3!+5&-,(!'&.!5*A$!(&'$2!!E:>$!.5$!
I>:=-<:!J$@&).6!:?!%&-!)$*(!.5$!I>:=-<:!)$@&).!*'(!.5$!)$#-..*,6!
*! =$*>! I..&)'$%! c$'$)*,! =&-,(! '&.! 5*A$! (:)$4.$(! .5$!
f&<<:++:&'$)! &?! F&,:4$! .&! :'A$+.:B*.$! *,,! .5$! @$&@,$! <$'.:&'$(!
.5$)$2! ! ]$! =&-,(! 5*A$! +*:(! .5$+$! *)$! @&,:.:4*,,%! 4&))$4.! 3! =&-,(!
'&.! :'A$+.:B*.$! .5$<6! '&)! (:)$4.! :'A$+.:B*.:&'! &?! .5$<! *'(! +&! &'2!!
a-.! 3!(:(!(:)$4.!$A$'!:?!.5&+$!@$&@,$! =$)$!)$B*)($(! *+!@&,:.:4*,,%!
4&))$4.6!3!(:(!(:)$4.!:'A$+.:B*.:&'+2/!

#>! 540H! ?G! 3C0! F71W! ?G! 7>9! 54D4EF0! B8?D01234?>! 7A74>D3! B08B03873?8D! ?G! B?F43417FF9!
80F730@!54?F0>10P!3C0!B0810B34?>!C7D!B0857@0@!G?8!D?603460!>?H!3C73!3C0!(33?8>09!
I0>087F!17>>?3!713!0GG013450F9!?8!73!7FF!3?!@07F!H43C!D21C!B08B03873?8D!7>@!3C4DP!4>!
?28!540HP!C7D!B8?6?30@!3C0!D0>D0!?G!46B2>439!7>@!06E?F@0>0@!3C?D0!HC?!B0@@F0!
3C048!387@0!?G!54?F0>10!@284>A!3C0!0F0134?>!B084?@DP!3?!1?>34>20!@?4>A!D?L!

%C0! (33?8>09! I0>087F! 807@4F9! 71W>?HF0@A0@! 3C73! 3C080! H7D! 7! A84@F?1W! 4>! 3C0!
18464>7F! \2D3410! D9D306! 7>@! B783412F78F9! 73! 3C0! 4>50D34A73450! F050FL! ! =0! B8?B?D0@!
3C0! 0D37EF4DC60>3! ?G! 7>! 4>@0B0>@0>3! 4>50D34A73450! 786! ?G! I?508>60>3P! 3C8?2AC!
7>! (13! ?G! :78F4760>3P! G?8! 7! J48013?8730! ?G! )8464>7F! #>50D34A734?>D! 3?! 6731C! 3C0!
12880>3F9!4>@0B0>@0>3!B8?D01234?>!7>@!\2@4147F!G2>134?>D!?G!3C0!)8464>7F!_2D3410!
$9D306L! ! ! )284?2DF9P! H0! >?30! 3C73! 73! 3C0! 3460! 3C0! (33?8>09! I0>087F! 67@0! 7!
80X20D3! 3?! 3C0! )?664DD4?>08! ?G! :?F410! 3?! 4>50D34A730! 3C0! B08D?>D! >760@! 4>! 3C0!
(W4H264! *0B?83P! 3C0! J0B78360>3! ?G! )8464>7F! #>50D34A734?>D! H7D! @48013F9! 2>@08!
3C0! &GG410! ?G! 3C0! :80D4@0>3L! ! #3! G?FF?HDP!7>@! H0! 17>! D7G0F9! 1?>1F2@0P! 3C73! 43! H7D!
4>@00@! 5089! @4GG412F3! G?8! 3C0! ?GG4108D! H?8W4>A! @48013F9! 2>@08! 3C0! D760! :80D4@0>3!
HC?!C7@!67@0!D38?>A!80D085734?>D!7E?23!3C0!80B?83P!3?!1?60!3?!7!@4GG080>3!540H!

&'% !

!
G8?6! 3C0! :80D4@0>3[DL! ! ! %C0! (33?8>09! I0>087F! C46D0FG! 17>@4@F9! 7110B30@! 3C4D!
807F439c!

"dR22e! ! ! 3! .5:'>! :.! :+! @)$4:+$,%! ?&)! .5:+! )$*+&'! .5*.! (-):'B! .5$!
.$'-)$! &?! .5$! ?:)+.! I..&)'$%! c$'$)*,! :'! :'($@$'($'.! 8$'%*6! .5$!
4):<:'*,!:'A$+.:B*.:&'!*)<!&?!.5$!@&,:4$!=*+!-'($)!.5$!I..&)'$%!
c$'$)*,!*'(!'&.!-'($)!.5$!F&,:4$!f&<<:++:&'$)2!!C5:+!<*($!.5$!
F&,:4$! :'A$+.:B*.&)+! *'+=$)*#,$! .&! .5$! I..&)'$%! c$'$)*,! *'(!
$h$4-.:&'! &?! .5$! I..&)'$%! c$'$)*,T+! B$'$)*,! (:)$4.:A$+! =*+!
.5$)$?&)$!@)&<@.6!$??$4.:A$!*'(!$??:4:$'.6!!!C5:+!*))*'B$<$'.!*,+&!
:'+-,*.$(!.5$!f3Q!&??:4$)+!?)&<!:'.$)?$)$'4$!*'(!<*':@-,*.:&'2/!

(!GF7H0@!4>50D34A73450!B8?10DD!4D!3C0!5089!7>343C0D4D!?G!7!D2110DDG2F!B8?D01234?>L!!
#>! ?3C08! H?8@DP! 3C0! X27F439! ?G! 4>50D34A734?>! 7GG013D! 3C0! ?231?60! ?G! E?3C! 3C0!
B8?D01234?>! 7>@! 7@\2@41734?>! ?G! 3C0! 673308L! (>@! HC080! 3C080! 780! >?! D2110DDG2F!
B8?D01234?>D!3C0!12F3280!?G!46B2>439!1800BD!4>!7D!B0?BF0!1?6643!18460D!H43C!3C0!
W>?HF0@A0!3C73!43!4D!2>F4W0F9!3C73!7!B8?B08!4>50D34A734?>!H4FF!E0!178840@!?23L!

%C0!D?889!D3730!?G!3C0!18464>7F!\2D3410!D9D306!1?>34>20@!3?!BF79!43D0FG!?23!050>!7D!
3C4D! )?664DD4?>! H7D! 4>! 3C0! 64@@F0! ?G! 43D! C0784>ADL! ! &>! QdD3! _2>0P! QRRfP! 3C0!
(33?8>09! I0>087F! 7BB?4>30@! 7! \?4>3! 3076! ?G! C4D! ?GG4108D! 7>@! B?F410! ?GG4108D! 3?!
80540H! 7FF! 17D0D! 80F730@! 3?! B?D3O0F0134?>! 54?F0>10! 4>1F2@4>AM! 17D0D! ?G! B08D?>D!
1C78A0@!7>@!780!4>!8067>@P!17D0D!?G!B08D?>D!1C78A0@!E23!780!?23!?>!E74FP!17D0D!
B0>@4>A!7880D3!?G!W>?H>!B08D?>DP!17D0D!?G!B08D?>D!4>!B?F410!12D3?@9!E23!780!>?3!
903! 1C78A0@L! ! +?! 80D2F3D! ?G! D21C! 0/0814D0! H080! G28>4DC0@! 3?! 3C0! )?664DD4?>P!
@0DB430!80X20D3D!7>@!B8?64D0DP!2B!3?!3C0!3460!?G!H8434>A!?28!80B?83L!

'4D19!8EC124E!@H!4D1!)9575?8G!d3E4521!+:E417!

%C0!?3C08!H07W>0DD!4>!3C0!18464>7F!\2D3410!D9D306!7D!B?4>30@!?23!E9!3C0!(33?8>09!
I0>087F! 4D! 3C0! F71W! ?G! B8?G0DD4?>7F! 67>B?H08! 4>! 3C0! @0B78360>3! ?G! :2EF41!
:8?D01234?>D! HC080! ?>F9! jh! $3730! )?2>D0F! D0850! 3C0! 0>3480! 1?2>389! 7A74>D3! 7>!
0D37EF4DC60>3! ?G! ehL! ! %C0! 4@07F! 1?6BF460>3! H?2F@! E0! hbR! 3?! 80BF710! gjb! B?F410!
B8?D0123?8D!12880>3F9!2>@0837W4>A!3C73!5437F!G2>134?>L!!!

!
&'& !

!
#3! H7D! >010DD789P! 4>! 3C0! (33?8>09! I0>087F[D! 801?660>@734?>P! 3?! 06B?H08! 3C0!
B8?D01234?>! @0B78360>3! E9! A87>34>A! D0128439! ?G! 30>280! 3?! 3C0! J48013?8! ?G! :2EF41!
:8?D01234?>D! 7>@! 46B8?54>A! 3C0! 3086D! 7>@! 1?>@434?>D! G?8! C484>A! 7>@! 80374>4>A!
D37GGL! ! #3! 4D! 7FD?! >010DD789! 3?! 80576B! 3C0! 17B71439! ?G! 3C0! \2@4147F! G2>134?>!
1?660>D28730F9! 3?! 1?6BF030! 7! G2FF9! 4>@0B0>@0>3! 7>@! 0GG4140>3! 1C74>! ?G!
7@64>4D38734?>!?G!18464>7F!\2D3410L!

'FE482G1E!4@!,?61E45B845@?!@H!;@E4!&G1245@?!<5@G1?21!^;&<_!

%C4D! 1?664DD4?>! 801?A>4V0D! 3C73! 3C080! 780! 807F! 7>@! A0>24>0! @4GG412F340D! 4>!
4>50D34A734>A!54?F0>10!?G!D21C!67A>432@0!7D!3??W!BF710!7G308!3C0!QRRS!0F0134?>DL!!!
$?60!?G!3C0D0!@4GG412F340D!C750!E00>!0/B0840>10@!E9!3C4D!1?664DD4?>!4>!43D!H?8W!
7>@! H0! @?! >?3! @?2E3! 3C73! 7>9! 4>50D34A734>A! 7A0>19! H4FF! 0/B0840>10! D?60!
@4GG412F39L!$?60!?G!3C0!B8713417F!B8?EF06D!7>9!4>50D34A73450!7A0>19!H?2F@!G710!4>!
4>50D34A734>A!:.;!4>1F2@0!3C0!G?FF?H4>Ac!

! -?D3! ?G! 3C0! 1?6BF74>7>3D! 7>@! H43>0DD0D! H080! 541346D! ?G! @4DBF71060>3!
C0>10! 43! 679! E0! @4GG412F3! 38710! 3C06! 3?! 17889! ?23! G2FF! 7>@! B8?B08!
4>50D34A734?>DL!
! %C0! >73280! ?G! 54?F0>10! 4D! ?>0! 3C73! 4>5430D! 0/B013734?>! ?G! 80384E234?>! 4G! 7!
B08D?>! A450D! 054@0>10! 7A74>D3! 7! B08B03873?8L! ! #>! 6?D3! 17D0D! 3C0!
B08B03873?8D! H080! B08D?>D! W>?H>! 3?! 3C0! 541346! C0>10! 3C0! G078! G?8!
80384E234?>!4D!807FL!
! <C080! 3C0! B08B03873?8! ?G! 54?F0>10! 4D! 7>! 7A0>3! ?G! D3730! ?8! B0810450@! 3?! E0!
7DD?14730@! H43C! 7>! 7A0>19! ?G! D3730P! 3C080! 4D! 80F2137>10! 3?! 1?O?B08730!H43C!
?8!A450!054@0>10!3?!3C0!D3730L!
%C0!(33?8>09!I0>087FP!4>!C4D!30D346?>9P!F760>30@!3C0!F71W!?G!7!H43>0DD!B8?30134?>!
B8?A87660! 7D! B783! ?G! 3C0! G82D38734?>D! G710@! E9! 4>50D34A73?8DL! ! <C4F0! 43! H7D!
@4GG412F3! 0>?2AC! 3?! 38710! H?2F@! E0! H43>0DD0D! HC?! H080! @4DBF710@! G?FF?H4>A! 3C0!
54?F0>10P! 3C?D0! HC?! H080! 387107EF0! H080! 80F2137>3! 3?! 801?8@! D373060>3D! 7>@!
713450F9!B783414B730!4>!4@0>34G41734?>!B787@0DP!?8!7BB078!4>!1?283!3?!30D34G9P!G?8!G078!
?G!80B84D7FDL!!'283C086?80P!3C0!<43>0DD!:8?30134?>!(13!HC41C!E01760!?B08734?>7F!

&'' !

!
?>! Q>@! $0B306E08P! QRRfP! 80674>D! 2>30D30@! 7>@! C7D! 8010450@! 7! E2@A03789!
7FF?1734?>!?G!?>F9!YDCLQR!64FF4?>!3C4D!G4>7>147F!9078L!

%82X!@H!C@G54528G!I5GG!8?A!H189!@H!4D1!C@G54528G!1E48FG5ED71?4!

%C0! (W4H264! *0B?83! 7>@! 3C0! 711?6B7>94>A! `)?660>3D! E9! 3C0! I?508>60>3a!
H080!80F07D0@!4>!QRRQL!!!(D!3C4D!1?>D343230@!7>!?GG4147F!4>X2489!4>3?!3C0!0>@0641!
B8?EF06! ?G! 03C>41! 1F7DC0DP! ?>0! H?2F@! C750! 3C?2AC3! 3C73! 3C0! 1?>30>3D! ?G! 3C0!
80B?83! H?2F@! 67W0! 1?6B2FD?89! 807@4>A! G?8! 7FF! A?508>60>3! 7@64>4D3873?8D!
B783412F78F9! 3C?D0! H?8W4>A! 4>! 1F7DC! B8?>0! 7807DL! ! ! <0! H080! DC?1W0@P! C?H0508P!
3C73!D21C!7>!0>@075?28!HC41C!H7D!G2>@0@!G8?6!3C0!B2EF41!B28D0P!H?2F@!B8?54@0!
>?! F0DD?>D! G?8! 3C?D0! 4>! B?D434?>D! ?G! F07@08DC4BL! %C0! :0867>0>3! $01803789! 4>!
)C78A0! ?G! :8?54>147F! (@64>4D38734?>! 7>@! #>308>7F! $0128439hge! 1?>G4860@! 3C73! C0!
C7@! >?3! 807@! 3C0! (W4H264! )?664DD4?>! *0B?83! 7>@! 3?! 2D! 43! @4@! >?3! 1?60! 7D! 7!
673308! ?G! D28B84D0! 043C08! 3C73! C4D! D2E?8@4>730DP! 3C0! :)D! 7>@! J)DP! C7@! >?!
W>?HF0@A0!?G!3C0!80B?83!F03!7F?>0!3C0!4DD20D!874D0@!3C0804>L!!'?8!0/76BF0P!3C0!J)!
-?F?P!HC?!30D34G40@!E0G?80!2DP!1?>G4860@!3C73!C0!C7@!>?3!807@!3C0!(W4H264!7>@!
Y4F4W2! *0B?83D! 903! C4D! @4D38413! H7D! 73! 3C0! 0B410>380! ?G! 03C>41! 7>@! F7>@! 1F7DC0DL!!
=0! D3730@! 3C73! C0! C7@P! ":'.$,,:B$'4$! )$@&).+! :'! <%! &??:4$! *'(! .5$+$! =$)$!
+-??:4:$'.2/ii1!

&28! 540H! 4D! 3C73! 3C0! F71W7@74D417F! 67>>08! 4>! HC41C! 3C0! A?508>60>3! @07F3! H43C!
3C0! (W4H264! *0B?83! ?>F9! A?0D! 3?! 4FF2D38730! 3C73! 3C0! D3730! H7D! >?3! B783412F78F9!
4>3080D30@! 4>! 80D?F54>A! ?>10! 7>@! G?8! 7FF!3C0! 4DD20!?G!03C>41! 54?F0>10L! !%C?D0!HC?!
E0>0G430@!G8?6!43!H080!D01280!4>!3C0!W>?HF0@A0!3C73!3C0!80B?83P!>?3H43CD37>@4>A!
43D! @0G4140>140DP! H?2F@! 1?>34>20! 3?! A73C08! @2D3! 7>@! 3C0! 4DD20! ?G! 03C>41! 54?F0>10!
H?2F@!E0!?>!3C0!E71W!E28>08!3?!E0!80D2880130@!HC0>!3C0!>0/3!0F0134?>!1760L!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&%-
!MC!&"!
&&*
!MC!'("!
&'( !

!
J284>A! 3C0! C0784>ADP! 3C0! )?664DD4?>! 0/BF?80@! HC9! 7! 1?>10830@! 0GG?83! C7@! >?3!
E00>!67@0!E9! 3C0!A?508>60>3! 3?!7880D3!7>@!B8?D01230!3C?D0!HC?!780!7FF0A0@!3?!
C750! 4>1430@P! G2>@0@! 7>@! B8?6?30@! 54?F0>10! 4>D307@! ?G! 1?>10>38734>A! ?>! 64>?8!
713?8D! 4>! 3C0! 679C06L! -?D3! 7@64>4D3873?8D! DB?W0! ?G! G078! ?G! 3C0! A0>087F!
B?B2F734?>!7>@!7FD?!G078!?G!3C0!B?F43417F!F07@08DC4BL!!)?664DD4?>!<43>0DD!+?L!fR!
A750! 3C0! 0/76BF0! ?G! 3C800! 1?2>14FF?8D! HC?! H080! 7880D30@! 4>! "4304>! 4>! K28034!
J4D38413!?>!711?2>3!?G!4>1434>A!54?F0>10L!!=0!D3730@chhd!

"RR!=5$'!%&-!*))$+.!.5$!+&74*,,$(!@&,:.:4:*'+!@$&@,$!(&'T.!,&&>!
:'.&! .5$! 4):<$2! ! C5$%! +*%! .5*.! .5$! @&,:4$! 5*A$! *))$+.$(! &'$! &?!
.5$:)! &='2! ! ! S$! *))$+.$(! +&<$! 4&-'4:,,&)+! :'! a-)$.! *'(! .5$!
4)&=(! =*+! +&! )&=(%2! ! C5$%! +.&)<$(! .5$! =5&,$! a-)$.! F&,:4$!
U.*.:&'! +&! <-45! +&! .5*.! =$! =$)$! 4&<@$,,$(! .&! )$,$*+$! .5&+$!
4&-'4:,,&)+2/!

%C080! 4D! ?G! 1?28D0P! 7! D96E4?341! 80F734?>DC4B! E03H00>! 3C0! B?F434147>D! 7>@! 3C048!
D2BB?8308D! HC41C! 1?>34>20D! 3?! G20F! 46B2>439L! ! ! :?F434147>D! 80F9! ?>! 3C048!
D2BB?8308D! 3?! 0>G?810! 4662>439! HC4F0! 3C048! D2BB?8308DP! HC?! 780! 3C0! C7>@!
674@0>D! ?G! 3C0! 54?F0>10P! A03! B8?30134?>! G8?6! 3C0! B?F43417F! A?@! G73C08DL! ! %C4D!
4>308G080>10! >?867FF9! 1?60D! 4>! 3C0! G?86! ?G!"&)($)+! ?)&<! *#&A$2/! (! D0>4?8! B?F410!
?GG4108!30D34G40@!3?!3C4DLhhQ!

"M!S$!5*A$!*,+&!'&.$(!.5*.!.5$)$!=*+!.$'+:&'!:'!8:+::oE-&!#&)($)2!3.!:+!
*!4&<<&'!@5$'&<$'*,k!

P#!;%!,&)(6!.5:+!3!?&-'(!.&!#$!4&<<&'!*'(!=5$'!3!?&,,&=$(!.5$!B$'$+:+!
&?! .5:+! @)&#,$<6! $A$'! :'! N11N! *'(! H00X6! .5*.! :+! .5$! *)$*! =5$)$! .5$!
E-&+! =$)$! ?:B5.:'B! .5$! 8:+::2! U&! :.! =*+! @&.$'.:*,,%! 45*)B$(! *)$*6! ;%!
E&)(2! a-.! =5*.! =$! =$)$! +$$:'B! :+! .5*.! .5$! @&,:.:4:*'+! =$)$! '&=!
=&)>:'B!-@! .5$! %&-.56!+&! .5*.! .5$! .=&! +:($+6! .5$! E-&!?)&<! .5$!J&'B&!
*'(!8:+::!U&-.5!Q:+.):4.6!4&-,(!'&=!#$!*.!,&BB$)5$*(+2!

"#! Q:(! %&-! <*'*B$! .&! ?:'(! .5$+$! @$&@,$! :'4:.:'B! *'(! &)B*':D:'B! .5$!
%&-.5+k!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&&$
!MC!-,"!!C0!;020!!A?32H05!1461!!A!?6=1!140!=38A=!LL32:!;020!50H3A:1261!A9!696!A:1!140!6LL0905!J3L!=0!:4331!A9!3?!
1;3!106=402:"!
&&+
!MC!-,!
&', !

!
P#!S$,,6!=$!=$)$!*#,$2!S$!(:('T.!)$*,,%!*))$+.!.5$<!#$4*-+$!=$!(:('T.!
=*'.! .&! 4)$*.$! <&)$! .$'+:&'! .5*'! #$?&)$2! U&! =5*.! =$! =$)$! (&:'B! :+!
.5*.6!=$!-+$(!.&!4*,,!.5$!@&,:.:4:*'+!*'(!.*,>!.&!.5$<!*'(!+*%!=$!>'&=!
=5*.!%&-!*)$!-@!.&!*'(!<&+.!&?!.5$<6!&'4$!.5$%!>'&=!=$!>'&=6!.5$%!
+&).!&?!(:$!(&='2!U&6!*4.-*,,%!.5$)$!=*+!'&!?:B5.:'B!*.!.5*.!#&)($)2!

"#! I'(! %&-! .*,>$(! *#&-.! +&<$! 4):<:'*,! B*'B+! 4*,,$(! f5:>&)&)&2! Q:(!
%&-!<&':.&)!.5:+!B*'Bk!

P#! S$! <&':.&)$(! f5:>&)&)&! *'(! ;%! E&)(+6! :'4:($'.*,,%! :'! .5*.! *)$*6!
.5$!4):<:'*,!B*'B+!*)$!A$)%!<*'%!.5$)$2!l&-!?:'(!.5$!V45:>&)&)&6!%&-!
?:'(! U-'B-+-'B-6! *'(! %&-! ?:'(! I<*45-<*2! C5:+! :+! *,,! :'! .5*.! *)$*!
*'(!_45&)&)&!*)$*2!C5$+$!*)$!B)&-@+!=5:45!*)$!#*+:4*,,%!*44&)(:'B!.&!
&-)! :'A$+.:B*.:&'+! =$! ?&-'(! .5*.! .5$+$! *)$! <$'! *'(! '&.! )$*,,%! #&%+6!
;%! E&)(! =5&! *)$! -+$(! +@$4:?:4*,,%! =5$'! .5$! $,$4.:&'+! *)$! '$*)6! .&!
+4*)$! *=*%! @&.$'.:*,! A&.$)+! =5&! *)$! *B*:'+.! *! @*).:4-,*)! 4*'(:(*.$2!
U&!.5$%!*)$!-+$(!$A$)%!.:<$!.5$)$!:+!*'!$,$4.:&'2!

"#!I'(!%&-!(&!*'%.5:'B!*#&-.!.5*.k!

P#!S$!+&).!&?!*))$+.$(!<&+.!&?!.5$<6!#$4*-+$!<&+.!&?!.5$<!*)$!>'&='2!
S$! *))$+.$(! <&+.! &?! .5$! V45:>&)&)&! *'(! U-'B-+-'B-m! *'(! =$! 5*(! *!
,&.!&?!@)&#,$<+2!

"#!l&-!5*(!=5*.k!

P#! I! ,&.! &?! @)&#,$<+6! #$4*-+$! .5$)$! =*+! *! ,&.! &?! .$'+:&'2! S$! *))$+.6!
@)$++-)$!:+!@-.6!3!)$,$*+$!.5$<2!C5*.!.5$%!+5&-,(!*.!,$*+.!#$!)$,$*+$(2!

"#!S5$'!%&-!.*,>!*#&-.!@)$++-)$6!=5*.!>:'(!&?!@)$++-)$!=*+!:.k!

P#!l&-!?:'(!.5*.!3!B$.!4*,,+!?)&<!V*:)&#:6!<%!#&++!+*%+6!(:(!%&-!*))$+.!
.5$+$! @$&@,$k! 3! +*%6! %$+! ?&)! .5:+! *'(! .5*.2! C5$'! 5$! +*%+6! =$,,6! =*)'!
.5$<6!,$.!.5$<!B&!5&<$2!3!4&<@,%2!

"#!I'(!%&-!+*:(!%&-)!#&++!:+!.5$!F&,:4$!f&<<:++:&'$)2!

P#!;%!E&)(+6!<%!#&++!:+!.5$!f&<<:++:&'$)!&?!F&,:4$2!

"#!U&!.5$%!=&-,(!B$.!*))$+.$(!*'(!%&-!5*A$!.&!)$,$*+$!.5$<2!

P#!l$+6!=$!)$,$*+$!.5$<2!

"#! I'(! =5$'! %&-! *))$+.$(! .5$<6! .5$)$! =&-,(! #$! .$'+:&'! :'! *,,! .5&+$!
*)$*+6!#$4*-+$!%&-!5*A$!*))$+.$(!.5$<!&?!4&-)+$k!

&') !

!
P#!l$+6!;%!E&)(+6!.5*.!:+!=5*.!=$!=$)$!'&.:4:'B!.5*.!'&=!.5$)$!=:,,!#$!
*!,&.!&?!.$'+:&'!$A$'!.5*'!#$?&)$2!U&!.5*.!:+!=5%!3!*<!+*%:'B!.5$+$!*)$!
9-+.! :<*B:'*.:&'+! .&! @,*%! .&! .5$! @+%45&,&B%! &?! @$&@,$! &)! -+6! #$4*-+$!
.5$%!>'&=!.5*.!&'4$!=$!*))$+.!.5$<6!.5$%!:'(:4*.$!$A$)%#&(%!$,+$!+&!
.5*.!'&=!=$!4*'T.!$A$'!<&)$!&)!&@$)*.$2!

"#!Q:(!%&-!?:'(!*'%!@&,:.:4:*'+!=5&!=$)$!$:.5$)!&)B*':D:'B!&)!:'4:.:'B!
.5$+$!@*).:4-,*)!%&-.5+k!

P#!;%!E&)(+6!?&)!.5:+!@*).:4-,*)!f5:'>&)&)&!]&'2!V%*45*$!=*+!#$5:'(2!

"#!I'(!=5$'!%&-!+*%!#$5:'(6!=5*.!$h*4.,%!(&!%&-!<$*'k!

P#! ]$! :+! .5$! &'$! =5&! &)B*':D$6! ?:'*'4$(2! C5$%! =$)$! >'&='! *+! 5:+!
@$&@,$2!

"#! I'(! (:(! %&-! ?:'(! *'%! .*'B:#,$! $A:($'4$! &?! .5:+! &)B*':D*.:&'! &?!
?:'*'4:'Bk!

P#! C5*.! :+! =5$)$! .5$! @)&#,$<! :+6! ;%! E&)(+6! #$4*-+$! .&! B$.! .*'B:#,$!
$A:($'4$! =*+! A$)%! (:??:4-,.2! a-.! *+! =$! B&! *,&'B! :'A$+.:B*.:'B6! %&-!
4&<$! *4)&++! +&<$! $A:($'4$! .5*.! +&! *'(! +&! =$! 5*A$! *))$+.$(! .5*.!
@$)+&'6! .5*.!@$)+&'!:+! *,:B'$(!.&!+&! *'(!+&2!U&!%&-!+$$! *!@*..$)'2!_?!
.5:+!B)&-@!%&-!*))$+.6!%&-!+$$!=5:45!B)&-@!'&=!.-)'+!-@6!<*>:'B!*!,&.!
&?! '&:+$! &)! $A$'! 4*,,:'B! <%! #&++! &)! =5*.$A$)2! ! a-.! .&! B$.! .*'B:#,$!
$A:($'4$6!%&-!+*%!%$+6!5$!@*:(!.5$<!<&'$%2!

"#! Q&! %&-! >'&=! .5*.! =5&$A$)! =*+! &)B*':D:'B! .5$<! 5*+! (:)$4.!
4&''$4.:&'+!.&!%&-)!+-@$):&)+6!*.!,$*+.k!

P#!V&6!<%!E&)(+6!'&.!(:)$4.!4&''$4.:&'2!3!=&'T.!4*,,!:.!(:)$4.!4&''$4.:&'6!
;%!E&)(+2!

"#!_)!5*(!4&''$4.:&'!.&!,$A$,!*#&A$!%&-2!

P#!S5*.!.5$%!=$)$!(&:'B!*44&)(:'B!.&!<$!:+!.5*.6!&'4$!=$!*))$+.6!.5$%!
4&-,('T.! 4*,,! <$! (:)$4.6! 5$)$! :'! 8:+-<-2! a-.! .5$)$! :+! *! =*%! &?!
4:)4-<A$'.:'B! 3! (&'T.! >'&=! =5&! *'(! .5$'! .5$%! B$.! <%! #&++2! U&! :.!
=&-,(!4&<$!?)&<!<%!#&++!=5$'!3!)$@&).6!#$4*-+$!=$!>$@.!&'!.*,>:'B!
<*'%! .:<$+! :'! .5$!4*-+$!&?! .5$! (*%2! 3'! .5$! <&)':'B!5&-)+! &)!$A$'! :'!
.5$!$A$':'B!#):$?+2!3!=:,,!:'?&)<!5:<!3!5*A$!*,,!.5$+$!@$&@,$!*))$+.$(6!3!
5*A$!($.*:'$(!.5$<!:'!.5:+!F&,:4$!+.*.:&'6!<*%!#$! *?.$)! *!(*%!5$! =:,,!
4*,,!<$!*'(!+*%6!%&-!)$<$<#$)!.5&+$!@$&@,$!%&-!*))$+.$(6!B:A$!.5$<!
-'4&'(:.:&'*,!)$,$*+$!*'(!3!=:,,!4&<@,%!*'(!@$&@,$!=:,,!B&2!

&'- !

!
"#! C5$! :++-$! 3! *<! @-..:'B! .&! %&-! &#A:&-+,%! .5$+$! @$&@,$! %&-! =$)$!
*))$+.:'B! 5*A$! (:)$4.! 4&''$4.:&'+! .&! @$)+&'+! =5&! *)$! 5:B5$)! -@6! =5&!
*)$!*#,$!.&!.*,>!&)!?:'(!.5$:)!=*%!.&!.5$!f&<<:++:&'$)!&#A:&-+,%6!$A$'!
:?! .5$%! =$)$! '&.! ?:'*'4:'B2! I.! ,$*+.! %&-! 4*'! +*%! .5$%! 5*(! +&<$!
:'?,-$'.:*,!4&''$4.:&'+!+&<$=5$)$2!

P#!l$+6!;%!E&)(6!3!4*'!+*%!.5*.2/!!!

%C4D!D96E4?341!80F734?>DC4B!E03H00>!3C0!B?F434147>D!7>@!3C048!D2BB?8308D!180730D!
7! 807F! 7>@! A0>24>0! G078! 76?>A! 3C?D0! HC?! 0>G?810! 3C0! F7HL! ! ! &>0! :8?54>147F!
)?664DD4?>08! 30D34G40@! 3C73! C0! G0780@! 3?! ?8@08! 3C0! 7880D3! ?G! D0>4?8! B?F434147>D!
4>5?F50@!4>!3C0!4>143060>3!?G!54?F0>10!E0172D0!C4D!\?E!H?2F@!E0!73!D37W0L!!%C0!:)!
01C?0@!3C0!H?8@D!?G!C4D!B?F410!1?2>308B783P!'87>14D!I41C2W4P!67@0!dR!9078D!7A?!
E0G?80!3C0!(W4H264!)?664DD4?>M!

";%!E&)(+6!:'!*!@&,:.:4*,!c&A$)'<$'.6!=$!5*A$!.&!#$!4*-.:&-+2!!C5:+!
:+!*!@&,:.:4*,!c&A$)'<$'.2/iiP!

%C080!62D3!E0!7>!0>@!3?! 3C4D! 1?H78@410!7>@!B4?2D!D0>D0!?G!D0FG! B80D085734?>!4>!


B2EF41!D085410!4G!46B2>439!H4FF!E0!087@41730@!4>!3C4D!1?2>389t!

"D1!d3A5258G!(3?245@?!

#>!?8@08!3?!D00W!G283C08!1F784G41734?>!?>!7>@!G4>@!D?F234?>D!3?!3C0!A84@F?1W!4>!3C0!
18464>7F! \2D3410! D9D306P! H0! 7FD?! 4>5430@! 3C0! *0A4D3878! ?G! 3C0! =4AC! 1?283! 3?! DC0@!
D?60! F4AC3! ?>! 3C0! 607D280D! 3C0! _2@414789! C7D! 37W0>! 3?! 7@@80DD! 3C0! D432734?>L!!
%C0! *0A4D3878! H7D! 2>7EF0! 3?! 30D34G9! 4>! B08D?>! E23! G?8H78@0@! 7! D373060>3! @730@!
Qf3C!(2A2D3P!QRRfL!

'?8!7!F?>A!3460!>?HP!3C0!\2@414789!C7D!E00>!54F4G40@!G?8!G74F280!3?!BF79!43D!B45?37F!
8?F0! 4>! 3C0! @06?187341! A?508>7>10! ?G! 3C4D! 1?2>389L! ! &G! 3C0! 3C800! 786D! ?G!
I?508>60>3P!43!4D!3C0!F07D3!2>@08D3??@!7>@!C7D!3C080G?80!71X2480@!3C0!>?3?84039!
?G! F?D4>A! 3C0! 1?>G4@0>10! 7>@! 382D3! ?G! 3C?D0! 43! 62D3! D0850! E0172D0! ?G! 3C0!
B0810B34?>! 3C73! 43! 4D! >?3! 4>@0B0>@0>3! 7D!7>! 4>D343234?>! 050>! 4G! D?60! 4>@454@27F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&&%
!7X!;8H!!I0J321B!R9"!+)&B!J626!'+%"!

&(* !

!
606E08D! ?G! 43! H080L! ! %C73! 4D! HC9P! G?8! 0/76BF0P! 3C0! F07@08DC4B! 7>@! 606E08D! ?G!
3C0!&J-!80G2D0@!3?!D2E643!3?!3C0!\284D@4134?>!?G!3C0!1?283D!3?!80D?F50!3C0!@4DB230!
3C73!78?D0!7G308!3C0!QRRS!A0>087F!0F0134?>D!4>!80F734?>!3?!3C0!:80D4@0>347F!80D2F3DL!!
%C0!4>D343234?>! C7D! 7FD?! E00>! 7112D0@! ?G!@0F79D! 4>! 3C0! 7@64>4D38734?>! ?G! \2D3410!
7>@!G?8!>?>O387>DB780>19!4>!43D!G2>134?>DL!

#>!80DB?>D0!3?!3C?D0!7112D734?>D!3C0!*0A4D3878!D3730@!3C73!3C080!C7D!E00>!67\?8!
80G?86! 4>43473450D! 67@0! E9! 3C0! \2@414789! D?! G78P! 7>@! 3C09! 1?>34>20! 3?! E0! 67@0L!!
$?60! 4>30850>34?>D! G?8! DB00@9! @0F45089! ?G! \2D3410! 0GG0130@! D?! G78! 4>1F2@0M!!
801824360>3!?G!6?80!67A4D38730D!7>@!0/B7>D4?>!?G!3C0!17B71439!3?!7BB?4>3!6?80!
_2@A0DP! 0D37EF4DC60>3! ?G! )?283! UD08D! )?6643300D! HC080! 7FF! 713?8D! 4>! 3C0!
18464>7F! \2D3410! D9D306! 6003! 7>@! 80D?F50!?B08734?>7F! @4GG412F340Dc! 12D3?608! 1780!
@0DWD! 3?! 7@@80DD! B2EF41! 1?>108>Dc! 6?E4F0!1?283D! G?8! 806?30! 7807Dc! 1?>D382134?>!
?G!>0H!1?283D!78?2>@!3C0!1?2>389c!7>>27F!?B0>!@79!D0DD4?>D!G?8!4>3087134?>!H43C!
1?>D2608D! ?G! \2D3410c! B2EF414V4>A! \2@4147F! D085410! 1C78308! G?8! 0@21734?>! ?G! 3C0!
B2EF41c! 4>38?@2134?>! ?G! 1?>34>2?2D! F0A7F! 0@21734?>! G?8! \2@4147F! ?GG4108D! 3C8?2AC!
3C0!_2@4147F!%874>4>A!#>D343230c!1?6B80C0>D450!80540H!7>@!D46BF4G41734?>!?G!*2F0D!
?G! :8?10@280P! E?3C! 1454F! 7>@! 18464>7Fc! 7>@! 3C0! 0D37EF4DC60>3! ?G! 3C0! ./B0@434?2D!
J4DB?D7F!?G!)7D0D!)?6643300!HC41C!C7D!@054D0@!6?@7F4340D!G?8!80@214>A!E71WF?A!
?G!17D0DL!

#>! ?28! 540HP! HC4F0! 3C0! 7@64>4D3873450! 80G?86! 4>43473450D! D?! G78! 2>@0837W0>! 780!
1?660>@7EF0P!>?3C4>A!DC?83!?G!1?6B80C0>D450!1?>D343234?>7F!80G?86D!H4FF!80D3?80!
3C0! @0D480@! 1?>G4@0>10! 7>@! 382D3! 4>! 3C0! \2@414789L! ! %C0! >?>O1?>30>34?2D!
B8?54D4?>D!4>!3C0!@87G3!>0H!1?>D343234?>!B8?54@0@!7!>0H!C?B0!4>!3C0!4>D343234?>P!
E23! 3C080! 4D! >?! 108374>39! 7D! 3?! HC0>! 43! H4FF! E01?60! F7HL! ! :8?B?D7FD! G?8! 3C0!
0>71360>3! ?G! 3C0! _2@4147F! $085410! K4FF! HC41C! H?2F@! A2787>300! G4>7>147F! 7>@!
?B08734?>7F! 4>@0B0>@0>10c! 7BB?4>360>3P! @4D14BF4>0! 7>@! 806?57F! ?G! \2@4147F!
?GG4108DP! 4>@0B0>@0>10! 7>@! 723?>?69! ?G! 3C0! _2@4147F! D085410! )?664DD4?>P!
76?>AD3!?3C08!B8?54D4?>DP!780!903!3?!E0!1?>D4@080@!E9!:78F4760>3L!

&($ !

!
#>! 3C0! 1?>30/3! ?G! 3C0! B?D3O0F0134?>! 54?F0>10! 3C0! B?F410! 7880D30@! >2608?2D!
D2DB0130@! ?GG0>@08D! 4>! 6?80! 3C7>! dgPRRR! 4>14@0>3D! 7>@! dggS! 17D0D! H080! 37W0>!
3?! 1?283L! ! %C0! *0A4D3878! H7D! 2>7EF0! 3?!1?>G486! 3C0! B8?A80DD! 4>! 3C0! C0784>A! 7>@!
7@\2@41734?>! ?G! 3C?D0! 17D0DL! ! -7>9! 6?80! 780! B0>@4>A! 2>@08! 4>50D34A734?>Dc!
?3C08D!780!B0>@4>A!7880D3!?G!W>?H>!B08D?>DL!!%C0!4>GF2/!?G!B?D3O0F0134?>!54?F0>10!
17D0DP!4>!?28!540HP!B?D0D!7!E4A!1C7FF0>A0!3?!3C0!\2@414789!1?>D4@084>A!3C0!DB0147F!
>73280!?G!3C?D0!17D0DP!7>@!@0D487E4F439!?G!0/B0@434?2D!@4DB?D7FL!

#7?1E4:!!
/18?5?B!

<0!2>@083??W!4>!?28!5784?2D!E840GD!3?!7@@80DD!3C0!D?O17FF0@!`76>0D39!@0E730a!4>!
?28!G4>7F!80B?83L!!#3!4D!`D?O17FF0@a!E0172D0!E?3C!D4@0D! ?G!3C0!@0E730!C750!57894>A!
@0G4>434?>D!G?8!`76>0D39a!7>@!1?>D0X20>3F9!C?H!43!17>!E0!7BBF40@!4>!3C0!1?>30/3!
?G! B?D3O0F0134?>! 54?F0>10L! ! %C0! @4GG412F39! 4D! >?3! 64DBF710@! 7D! 4>@00@! 1?>38?508D9!
C7D!@?AA0@! 3C0! 3086! D4>10! 3C0! I800WD! A750! 43! 3?! 3C0! H?8F@! G8?6! `*<'$+.:*aP! 3C0!
D760! 8??3! H?8@! G?8! `76>0D47aL! ! #>! 1?66?>! B78F7>10P! 76>0D39! 4D! 3C0! 713! ?G! 7>!
723C?8439!]0LAL!B78F4760>3!?8!A?508>60>3^!E9!HC41C!3C0!$3730!80D3?80D!3C?D0!HC?!
679! C750! E00>! A24F39! ?G! 7>! ?GG0>10! 7A74>D3! 43! 3?! 3C0! B?D434?>D! ?G! 4>>?10>3!
B08D?>DL! ! #3! 4>1F2@0D! 6?80! 3C7>! B78@?>P! 4>! 7D! 621C! 7D! 43! ?EF4308730D! 7FF! F0A7F!
80606E87>10! ?G! 3C0! ?GG0>10Lhhh! %C0! @4134?>789! 607>4>A! 4D! "*! B$'$)*,! @*)(&'6!
$+@$4:*,,%!?&)!@&,:.:4*,!&??$'4$+2/hhb!!

(6>0D39!679!E0!0/30>@0@!HC0>!3C0!723C?8439!@014@0D!3C73!E84>A4>A!1434V0>D!4>3?!
1?6BF47>10! H43C! 3C0! F7H! 4D! 6?80! 46B?837>3! 3C7>! B2>4DC4>A! 3C06! G?8! B7D3!
?GG0>10DL! ! $?60! 7@57>37A0D! 1430@! G?8! 2D4>A! 76>0D39! 4>1F2@0! 75?4@4>A! 0/B0>D450!
B8?D01234?>DP! 0DB0147FF9! HC0>! 67DD450! >26E08D! ?G! 54?F73?8D! 780! 4>5?F50@c!
B8?6B34>A! 54?F73?8D! 3?! 1?60! G?8H78@! HC?! 64AC3! ?3C08H4D0! C750! 0F2@0@!
723C?84340Dc! 7>@! B8?6?34>A! 801?>14F4734?>! E03H00>! ?GG0>@08D! 7>@! D?14039L! ! %C0!
7BBF41734?>!?G!76>0D39!>05083C0F0DD!874D0D!4DD20D!?G!\2D3410L!!#3!46BF40D!46B2>439P!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&&&
!I0:062=4!8A502!GeI!+!E6F!E!!!F!
&&'
!G40!M3A=!:0!e.?325!S!=1!3A62>"!
&(+ !

!
3C73! B0?BF0! 17>! 1?6643! 738?14340D! 7>@! D79! 3C73! 3C09! H4FF! ?>F9! D3?B! 43! 4G! 3C09! 780!
A450>!76>0D39Lhhj!

"D1!A1F841!

$46BF9! B23P! 3C0! B8?B?>0>3D! ?G! 76>0D39! 1?>30>@P! 7>@! B7DD4?>730F9! D?P! 3C73! 3C0!
3C?2D7>@D!?G!9?23C!HC?!H080!7880D30@!7>@!@0374>0@!4>!3C0!B?D3O0F0134?>!54?F0>10!
H080! 0/0814D4>A! 3C048! @06?187341! 84AC3! 3?! @06?>D38730! 7A74>D3! 7! D3?F0>! 0F0134?>!
7>@! 3C080G?80! 1?664330@! >?! ?GG0>10L! ! #3! H7D! 3C0! 807134?>! ?G! 3C0! B?F410! 3?! 3C0!
B0710G2F! @06?>D3873?8D! HC41C! 172D0@! 54?F0>10L! ! #>@00@P! 4G! 43! H7D! >?3! G?8! 3C0!
9?23CP! 3C080! H?2F@! E0! >?! 1?7F434?>! I?508>60>3L! ! %C0! 80F07D0! ?G! 7880D30@! 9?23C!
C7D! 7FD?! E00>! 340@! 2B! H43C! 80D033F060>3! ?G! #J:D! 7D! 7!M-:(! @)&! M-&L! <0! 37W0! 43!
G8?6!3C0!$01803789!I0>087F!?G!&J-!B7839P!:8?GL!(>97>A[!+9?>A[?!hhS!3C2DM!

"C5$! %&-.5! =5&! =$)$! *))$+.$(! +5&-,(! #$! +$.! ?)$$! *+! .5$%! =$)$!
$h$)4:+:'B! .5$:)! ($<&4)*.:4! ):B5.! .&! $h@)$++! .5$<+$,A$+! =5$'! @&,:4$!
@)&4-)$(!A:&,$'4$2/!

&>! 3C0! ?3C08! C7>@P! 3C0! ?BB?>0>3D! 1?>30>@P! 0X27FF9! B7DD4?>730F9P! 3C73! C267>!
84AC3D!54?F734?>D!7>@!18460D!?G!2>B8010@0>30@!A875439!H43C!D084?2D!8764G41734?>D!
G?8! 3C0! G23280! ?G! 3C4D! 1?2>389! H080! 1?664330@! 7>@! 3C0! B08B03873?8D! 73! 7FF! F050FD!
62D3!G710!3C0!G2FF!G?810!?G!3C0!F7HL!!(6>0D39!H?2F@!0>1?287A0!46B2>439L!

"D1!?37F19E!

#>3083H4>0@!H43C!3C0!4DD20!?G!76>0D39!4>!B84>14BF0P!H7D!3C0!4DD20!?G!3C0!>26E08!
?G! `9?23CDa! 7880D30@! 7>@! @0374>0@! 4>! B?F410! 12D3?@9! 7>@! ?>10! 7A74>! 3C0! B78340D!
?>!E?3C!D4@0D!?G!3C0!@0E730!H080!2>C0FBG2FL!!#>!?28!0GG?83!3?!0D37EF4DC!3C0!0/713!
>26E08!7>@!4@0>34340D!?G!3C?D0!HC?!H080!7880D30@!7>@!H080!D34FF!4>!B?F410!12D3?@9!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&&(
!<8KH!::!3A:!?23H!M!#!L!<3=!01>!6A5!20:062=4!8A502!GeI!+!E6FE!!!F!
&&,
!MC!$%)!

&(% !

!
H0!4>5430@!D05087F!H43>0DD0D!3?!DC0@!D?60!F4AC3!?>!43L!!&>0!H7D!:8?GL!+9?>A[?!HC?!
D3730@M!

ma#RRR2%&-! <*($! *'! *,,$B*.:&'! .5*.! .5$)$! *)$! %&-.5+! +.:,,! #$:'B! 5$,(! :'! @&,:4$!
4-+.&(%6! ?:)+.! *'(! ?&)$<&+.! =5&! *)$! .5$+$! %&-.5+6! 5&=! <*'%! *)$! .5$%! *'(! =&-,(!
%&-!>'&=!=5$)$!.5$%!*)$!#$:'B!5$,(!:'!@&,:4$!4-+.&(%k!

#?:8?BL!*:@?BL@M!!;)2!f5*:)<*'6!.5$!I..&)'$%!c$'$)*,!5*+!($.*:,+!&'!.5$+$!%&-.5+!
*'(!:'($$(!3!(&!#$,:$A$!.5*.!5$!5*+!<*($!@)$+$'.*.:&'+!.&!.5$!f&<<:++:&'6!#-.!;)2!
f5*:)<*'! :?! %&-! =*'.! <&)$! ($.*:,+! =$! *)$! M-:.$! @)$@*)$(! .&! (&! +&! #-.! 3! (&! >'&=!
.5*.!.5$!I..&)'$%!c$'$)*,!5*+!<*($!@)$+$'.*.:&'+!.&!.5:+!f&<<:++:&'!*'(!*,.5&-B5!
+&<$! &?! 5:+! ?:B-)$+! 4*'! #$! (&-#.$(2! ! a-.! 3! .5:'>! .5*.! :+!?&)!?-).5$)! $h*<:'*.:&'! #%!
.5$!f&<<:++:&'!.&!@)&A$!5&=!<*'%!%&-.5+!*)$!+.:,,!:'!4-+.&(%2!

)D85978?M!!g'?&).-'*.$,%6! .5$!I..&)'$%!c$'$)*,!(:(!'&.!B:A$!-+! *'%.5:'Bm!5$! +*%+!


.5$! @&,:4$! 5*A$! .5$! :'?&)<*.:&'2! ! U&! :?! %&-! 5*A$! .5$! :'?&)<*.:&'! =$! =&-,(! ,:>$! .&!
5*A$!:.2!

#?:8?BL! *:@?BL@M! ! _>*%6! f5*:)<*'6! 3! 4&-,(! (&! +&m! '&.! '&=6! #-.! 3! >'&=! .5*.! .5$!
$A:($'4$!$h:+.+2!

)D85978?M!!C5*.T+!*,):B5.2!!3?!%&-!-'($).*>$!.&!@)&(-4$!:.6!=$!=:,,!#$!5*@@%!.&!5*A$!
:.2!!C5*'>!%&-2/!

J0DB430!3C0!B8?64D0!3?!DC?80!2B!3C0!1F746P!>?! G283C08!4>G?86734?>!H7D!8010450@!
E9! 3C0! 3460! H0! 67@0! ?28! 80B?83L! ! %C0! ?3C08! 0/76BF0! H7D! 3C0! )C74867>! ?G! 3C0!
"2?!)?2>14F!?G!.F@08DP!Y08!*47A7!&A7FF?P!HC?!80DB?>@0@!3C2DM!

`;9@48EM!!l$+2!!_'!.5$!:++-$!&?!.5$!E-&!l&-.5!=5&!5*A$!#$$'!*))$+.$(!*+!*!
4&'+$M-$'4$!&?!.5$!A:&,$'4$!.5*.!$)-@.$(!:'!8:+-<-6!3!=*+! =&'($):'B!:?!.5$!
E-&!f&-'4:,!&?!L,($)+!&)!*'%!&.5$)!:'+.:.-.:&'!&?!.5$!E-&!4&<<-':.%!.5*.!%&-!
*)$!*=*)$!&?6!:?!.5$)$!*)$!*'%!>$$@:'B!&?!*'%!)$4&)(+!>$@.!+&<$=5$)$6!$:.5$)!
=:.5!%&-)!&)B*':D*.:&'!.5$!E-&!f&-'4:,!&?!L,($)+!&)!*'%!&.5$)!E-&!&)!8:+-<-7
#*+$(!4&<<-':.%!&)B*':D*.:&'!.5*.!%&-!>'&=!&?!.5*.!5*A$!>$@.!)$4&)(+6!.5$!
'-<#$)! *'(! .5$! '*<$+6! :?! @&++:#,$! &?! *,,! .5$! %&-.5! =5&! =$)$! *))$+.$(! *.!
.5*.!.:<$2!

-58B8!'B8GG@M!!C5$6!3!.5:'>!$A$'!F&,:4$!f&<<:++:&'$)6!:++-$!.5&+$!=5&!=$)$!
*))$+.$(!:'!8:+-<-m!.5$%!:++-$!.5$<2!!3!.5:'>!:?!%&-!=$)$!5$)$!*'(!%&-)+$,?!:?!
%&-! =$)$! *#,$! .&! ,:+.$'! .&! )*(:&+! *'(! @*@$)+6! .5$%! :++-$! .5$<! [! '&.! .5$:)!
'*<$6!#-.!.5$!'-<#$)2!!C5&-B5!.5$!'-<#$)!=*+!+<*,,!#-.! .5&+$!=5&! =$)$!
*))$+.$(! =$)$! #:BB$)! .5*'! .5$! '-<#$)! =5:45! =*+! B:A$'! &-.! #%! .5$! @&,:4$!
+@&>$+<*'2!!I'(! .5&+$! =5&! =$)$!>:,,$(! =$)$! *,+&6! .5$!'-<#$)!@&,:4$!B*A$!
&-.! =$)$! +<*,,6! #-.! .5&+$! =5&! $A$'! 8:+-<-! ;&).-*)%! =$)$! ?-,,! &?! .5&+$!
@$&@,$! =5&! =$)$! >:,,$(! #%! [! .5$%! =$)$! &A$)! i\! @$&@,$! *'(! .5$%! +*%! HW!
@$&@,$2!
&(& !

!
!

;9@48EM!!l$+6!.5*.T+!.5$!)$*+&'!=5%!3!=*+!5&@:'B!.5*.!<*%!#$!+&-)4$+!&.5$)!
.5*'!@&,:4$! *'(! 3! =*+!5&@:'B! .5*.! <*%!#$! .5$!E-&!f&-'4:,!&?!L,($)+!&)! *'%!
&.5$)! 4&<<-':.%7#*+$(! &)B*':D*.:&'! 4&-,(! 5*A$! >$@.! +&<$! '&'7&??:4:*,!
)$4&)(+! &?! .5$+$! *))$+.+! *'(! .5$! )$*+&'! :+! #$4*-+$! %&-! *,,-($! .&6! %&-!
&#A:&-+,%! +-@@&).! .5$:)! )$,$*+$! *'(! %&-! <-+.! #$! *=*)$! &?! .5$! ($#*.$! .5*.!
+-))&-'(+!.5:+!:++-$!=5$)$#%!+&<$!:'!B&A$)'<$'.! *'(!$,+$=5$)$!*)B-$!*+!
%&-!(&!.5*.!.5$+$!%&-.5+!+5&-,(!#$!,$?.!?)$$!*'(!&.5$)+!&@@&+$!.5:+2!!I'(!*!
)$,*.$(!:++-$!&'!.5*.!($#*.$!4&'4$)'+!.5$!'-<#$)!&?!.5$+$!%&-.5+!*))$+.$(2!!
U&<$!@$&@,$!@-.!.5$!'-<#$)!?:B-)$!.&!.5&-+*'(+!*'(!$A$'!<&)$6!*'(!3!.5:'>!
.5$!'-<#$)!.5*.!@&,:4$![!.5$!@&,:4$!5*A$!B:A$'!5*+!#$$'!+.)&'B,%!(:+@-.$(!#%!
+&<$!@$&@,$!:'4,-(:'B!+&<$!:'!.5$!B&A$)'<$'.2!

U&! .5$)$! :+! &#A:&-+,%! *! @)&#,$<! =:.5! '-<#$)6! =:.5! '-<#$)! &?! %&-.5+! =5&!
=$)$! *))$+.$(! *'(! 3! =*+! 5&@:'B! .5*.! <*%! #$! =$! 4&-,(! 5*A$! :'! *((:.:&'! .&!
?:B-)$+!.5*.!5*A$!#$$'!@)&A:($(!.&!-+!#%!@&,:4$6!3! =*+!5&@:'B!.5*.!%&-!<*%!
#$!*=*)$!&?!+&<$!&.5$)!+&-)4$+!=5$)$!=$!4&-,(!B$.!&.5$)!?:B-)$+2!

-58B8!'B8GG@M!!l&-!>'&=! .5:+! .5:'B! =5$'!:.!5*@@$'$(6!@&,:4$! =$)$! *,,!&A$)!


V%*'D*2! ! 3'! $A$)%! (:+.):4.6! .5$%! =$)$! .5$)$! *'(! ($<&'+.)*.:&'+! =$)$! #$:'B!
4*)):$(!&-.!*,,!&A$)2!!3V!<%!*)$*6!&)!:'!_%-B:+6!:'!?)&'.!&?!<%!5&<$!.5$%!>:,,$(!
&'$!#&%!=5$'!3!*<!+$$:'B!,:>$!.5:+!&'$2!!3!*<!+$$:'B!,:>$!.5:+!*'(!.5$'!.5$%!
+5&.! *.! 5:<! *'(! :'! .5$! .&='! &?! _%-B:+! *,&'$! &A$)! H11! #&%+! =$)$! B-''$(!
(&='! *'(! .5&+$! =5&! =$)$! *))$+.$(6! #$4*-+$! @&,:4$! 4$,,+! =$)$! ?-,,6! =:.5!
.5&+$!@$&@,$!=5&!=$)$!*))$+.$(2!!S$!4&-,(!'&.!>'&=!.5$!'-<#$)6!#-.!=5*.!
=$!>'&=6!.5$%!=$)$!*))$+.$(2/!

%C0!Y08!1?>34>20@M!

`)D85978?M! p! *'(! .5*.! :+! =5%! =$! *)$! .*,>:'B! *#&-.! .5$! *<'$+.%! ($#*.$6!
#$4*-+$! :.! :+! *'! :<@&).*'.! *+@$4.! &?! &-)! :'A$+.:B*.:&'+! =5:45! =$! <-+.!
*(()$++m! *)$! .5$)$! %&-.5+! =5&! =$)$! *))$+.$(6! ! 3?! +&6! 5&=! <*'%m! *)$! .5$)$!
%&-.5+! =5&! =$)$! 45*)B$(! :'!4&-).+6! :?! +&6! 5&=! <*'%m! *)$! .5$)$!+.:,,! %&-.5+!
=5&! =$)$! ($.*:'$(! :'! +&<$! @,*4$! *'(! '&#&(%! >'&=+! 5&=! <*'%! .5$%! *)$m!
*)$!.5$)$!+&<$!=5&!=$)$!>:,,$(m!*)$!.5$)$!+&<$!=5&!(:+*@@$*)$(k!!I'(!=$!
=&-,(!+-+@$4.!.5*.!%&-)!f&-'4:,!=&-,(!5*A$!:'?&)<*.:&'!&?!.5*.!'*.-)$!.5:+!
:+! =5%! 3! )$A$).! .&! .5$! M-$+.:&'! <%! #)&.5$)! *+>$(2! ! l&-! (&'T.! 5*A$! .5*.!
:'?&)<*.:&'!*+!*!f&-'4:,k!

-58B8!'B8GG@M!!V&2!!S$!(&'T.!5*A$!.5$!'-<#$)!#-.!.5$!:'?&)<*.:&'!=$T)$!+.:,,!
5*A:'B!.5$)$!*)$!+&<$!%&-.5+!=5&!@*).:4:@*.$(!:'!.5:+!$,$4.:&'!A:&,$'4$!=5&!
5*A$!'&.!#$$'!+$$'!:'!.5$:)!)$+@$4.:A$!*)$*+2!!C5&-B5!+&<$!=$)$!>:,,$(!*'(!
.5&+$!=5&!=$)$!>:,,$(6!.5$:)!?*<:,:$+!.&&>!.5$<!?&)!#-):*,6!+&!.5$%!>'$=!.5*.!
+&7*'(7+&! :+! >:,,$(! *'(! .5&+$! =5&! (:+*@@$*)$(! .5$%! =$)$! .5$)$! .5$%! =$)$!
*))$+.$(!-'.:,!'&=!.5$%!5*A$!'&.!#$$'!4*@.-)$(!=5$)$!.5$%!*)$2!

)D85978?M!!.5*.!:+!.5$!M-$+.:&'2!
&(' !

!
-58B8!'B8GG@M!!S$T)$!+.:,,!*,+&!*+>:'B!.5*.!M-$+.:&'L!

)D85978?M! ! C5*.! :+! .5$! M-$+.:&'6! #$4*-+$! :?! <%! ?*<:,%! =*+! *??$4.$(!
*++-<:'B! .5*.! 3! =*+! :'! E-&! V%*'D*! *'(! <%! ?*<:,%! =*+! *??$4.$(! <%! +&'!
=*+![!=$'.!&-.!.5*.!(*%!=$!+-+@$4.!5$!B&.!:'A&,A$(6!=$!'$A$)!?&-'(!5:<!:'!
.5$!<&).-*)%6!5$!=*+!'&=5$)$!:'!*'%!5&+@:.*,6!=$!5*A$!'$A$)!?&-'(!5:<!?&)!
.5$! ,*+.! +:h! <&'.5+! 3! =&-,(! 4&<$! .&! .5$! f&-'4:,! &?! L,($)+! .&! *++:+.! <$! :?! 3!
=*+!5$,@,$++2!!I)$!%&-!+*%:'B!'&!&'$!5*+!$A$)!4&<$!.&!4&<@,*:'.!*#&-.!*'%!
<:++:'B!@$)+&'k!

-58B8!'B8GG@M!!V&6!'&6!'&6!+:)2!

QC/%-A/'#!!I'%!64DD4>A!9?2>A!B08D?>N!

-58B8!'B8GG@M!!l&-)!5&'&-)!+:)6!'&!.5$%!5*A$!4&<$2!!S5$'!=$!*,+&!B&!.&!.5$!
@&,:4$! +.*.:&'! .5$%! .&,(! -+! .5*.! =$! (&'T.! 5*A$! .5$<! %&-! >'&=! =5$)$! .5$%!
*)$2!!C5*.!:+!.5$!*'+=$)!=$T)$!B$..:'B!?)&<!@&,:4$2!

)D85978?M!!l$+6!.5*.!:+!+&!#-.!%&-!5*A$!.5$!,:+.!&?!.5&+$!=5&!*)$!<:++:'Bk!

-58B8!'B8GG@M!!V&!.5$!,:+.!=$!5*A$!'&.!4&<@:,$(!%$.2!

)D85978?M! ! 3+! :.! @&++:#,$! .&! 4&<@:,$! .5*.! ,:+.! +&! .5*.! =$! 4*'! *(()$++! .5*.!
:++-$! :'+.$*(! &?! 5$*):'B! .5$)$! *)$! %&-'B! @$&@,$! =5&! *)$! <:++:'Bk!!
U&<$#&(%! 5*+! .5*.! ,:+.! &)! 4*'! 4&<@:,$! &'$! *'(! '&#&(%! :+! B:A:'B! :.! .&!
*'%#&(%!.5*.!=$T,,!'$A$)!?:'(!*'%!+&,-.:&'!-',$++!=$!*(()$++!.5*.!:++-$2!

-58B8! 'B8GG@M! ! V&! #-.! .5:+! .:<$! *.! .5$! <&<$'.6! 3! 4*''&.! 4&<<:.! .5*.! &'$!
#$4*-+$!3!(&'T.!5*A$!?-'(+!?&)!B&:'B!)&-'(!#$4*-+$!:.!:+!*!=:($!*)$*2!!S5$'!
3! 4&<<:.! <%+$,?! 3! =:,,! *A*:,! .5$! ,:+.2! ! V&=! .5*.6! 3! 4*''&.! (&! .5*.! &'$6! %&-!
5&'&-)2/!

(D! G?8! 3C0! @0G4>434?>! ?G! `9?23Ca! Y08! &A7FF?! D74@! "S5$'! 3! )$?$)! .&! %&-.5+m! .5$+$!
%&-'B!@$&@,$! =5&!+.:,,!5*A$![!5&.! .$<@$)$(!@$&@,$!R.5$+$!%&-'B!@$&@,$!?)&<!P1!
4&<:'B! .&! Hb6! .5$%! *)$! 5:B5! .$<@$)$(! @$&@,$2! ! C&! 4&'.)&,! .5$<! :+! #$4&<:'B! *!
@)&#,$<!=5$'!+&<$.5:'B!4&<$+!*#)-@.,%2/!!#3!@4@!>?3!673308!HC03C08!3C09!H080!4>!
D1C??FP!H?8WP!E2D4>0DD!?8!\2D3!4@F0L!

%C0!GF4BD4@0!H7D!3C0!B?F410!508D4?>!7>@!3C0!)?664DD4?>08!?G!:?F410!1730A?8417FF9!
@0>40@!3C0!7112D734?>!3C73!3C0!B?F410!C7@!7880D30@!7>9!9?23CDP!HC?!H080!D34FF!4>!
3C048!12D3?@9!7D!73!3C0!3460!C0!30D34G40@!?>!e3C!_2F9P!QRRfL!!%C0!B?F410P!C0!D74@P!
C7@! 8010450@! 1?6BF74>3D! ?>! dgPhdj! 17D0D! HC41C! 3C09! H080! 4>50D34A734>AL! ! %C09!
C7@!37W0>!7FF!3C0!B0?BF0!7880D30@!3?!1?283!4>!711?8@7>10!H43C!3C0!F7H!7>@!3C048!

&(( !

!
80F07D0! H7D! >?! F?>A08! 4>! 3C0! C7>@D! ?G! 3C0! B?F410L! ! <C0>! 3C0! (33?8>09! I0>087F!
30D34G40@!E0G?80!3C0!)?664DD4?>!?>!QdD3!(2A2D3P!QRRfP!C0!7FF2@0@!3?!7>!72@43!?G!
7FF! 17D0D! E0G?80! 3C0! 1?283D! E23! @4@! >?3! @4D1F?D0! 7>9! G4A280D! 7D! 3C0! 673308! H7D!
E0G?80!3C0!)7E4>03L!!=0!D74@!4>!B783M!

"3! <*%! 5$)$! <$'.:&'! .5*.! 3! )$4$:A$(! A$)%! <*'%! 4&<@,*:'.+! .5*.! .5$)$!
*)$! +&<$! @$&@,$! =5&! *)$! #$:'B! 45*)B$(! &)! =5&! *)$! :'! 4-+.&(%! *'(!
.5$)$!:+!'&!+-??:4:$'.!$A:($'4$2!!U&<$!5*A$!'&.!$A$'!#$$'!45*)B$(!*'(!
+&! &'! *,.5&-B5! .5$%! *)$! :'! )$<*'(2! ! I4.-*,,%! A$)%! <*'%! 4&<@,*:'.+!
?)&<! *,,! &A$)! .5$! 4&-'.)%2! ! U&! 3! +$.! -@! :'! [! .&=*)(+! .5$! $'(! &?! Y-'$6!
#$B:'':'B! &?! Y-,%6! *! 9&:'.! .$*<! &?! .=&! +$':&)! &??:4$)+! ?)&<! <%! &??:4$!
*'(! ?)&<! .5$! @&,:4$! .&! 4*))%! &-.! *'! *-(:.! &?! .5&+$! 4*+$+! =5:45! *)$!
#$?&)$! .5$! 4&-).! *'(! ,&&>! *.! .5$! ?:,$+! *'(! .&! +$$! =5$)$! .5$)$! :+!
$A:($'4$6!.&!)$4&<<$'(!4&'.:'-*.:&'!*'(!=5$)$!.5$+$!:+!'&!$A:($'4$6!
.$)<:'*.:&'2!

a-.!@-)$,%!?)&<!.5$!@&:'.!&?!A:$=!&?!$A:($'4$!&)!'&!$A:($'4$2!!U&!.5*.!
.5:+!*,,$B*.:&'!.5*.!.5$)$!*)$!+&<$!@$&@,$!=5&!*)$!#$:'B!45*)B$(6!=5&!
=$)$! 45*)B$(6! .5$)$! :+! '&! $A:($'4$6! *'(! .5$! U.*.$! :+! ($,:#$)*.$,%!
($,*%:'B! .5$! 5$*):'B! &?! .5&+$! 4*+$+! ?&)! *! ,&'B! .:<$! +&! *+! .&! ($,*%!
.5&+$!@$&@,$!:'!4-+.&(%!:+!'&.!.5$)$2!!U&!.5$)$!:+!*!.$*<!'&=!=5:45!:+!
4*))%:'B!&-.!=5*.!3!=&-,(!4*,,!*'!*-(:.!&?!.5$!4*+$+!=5:45!*)$!#$?&)$!
.5$!4&-).2/!

#>! D26P! 3C080! H7D! >?! 054@0>10! E0G?80! 2D! HC41C! H0! 1?2F@! 057F2730! 3?! @030864>0!
3C0!>26E08!?G!9?23CDP!4G!7>9P!7880D30@!7>@!D34FF!E04>A!@0374>0@!E9!B?F410L!

"D1!G8I!

#3!H?2F@!E0!7A74>D3!3C0!)?>D343234?>!3?!7880D3!7>@!C?F@!7>9!B08D?>!D2DB0130@!?G!
1?664334>A! 7! 18460! G?8! 6?80! 3C7>! Qh! C?28D! ?8! dh! @79D! 4G! 3C0! ?GG0>10! 4D!
B2>4DC7EF0!E9!@073CLhhf!!%C0!76>0D39!@0E730! H?2F@!3C080G?80!E0!64DBF710@!4G!43!
67W0D! 80G080>10! 3?! B08D?>D! 7880D30@! 7>@! @0374>0@! E09?>@! D21C! B084?@D! D4>10!
3C09! H?2F@! >?3! E0! F7HG2FF9! C0F@L! %C080! 4D! G283C08! B8?30134?>! ?G! 3C0! F7H! 2>@08!
E1245@?!TT!?G!3C0!)?>D343234?>L!!%C0!B?H08!3?!B8?D01230!7>9!?GG0>10!?8!>?3!7FD?!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&&)
!<0=1!3A!,+!E%F!EKF!3?!140!M3A:1!181!3A"!

&(, !

!
F40D! 0/1F2D450F9! 4>! 3C0! ?GG410! ?G! 3C0! (33?8>09! I0>087F! 2>@08! E1245@?! Rk! ?G! 3C0!
)?>D343234?>!7D!@4D12DD0@!078F408L!!<C0>!3C0!76>0D39!@0E730!H7D!B23!3?!C46P!3C0!
=?>L!3C0!(33?8>09!I0>087F!D3730@M!!

`;8E28G!\87F8G1M!!C5$)$!:+!.5:+! :++-$! *#&-.!.5$!+&!4*,,$(! *<'$+.%!($#*.$2!!


I'(!=5*.!=$!-'($)+.*'(!:+!.5*.!.5:+!:+!#$:'B!(:+4-++$(!=:.5:'!.5$!f*#:'$.!
*'(! %&-! &#A:&-+,%! *)$! *! <$<#$)! &?! .5$! B&A$)'<$'.2! ! S5*.! 4*'! %&-! .$,,! -+!
*#&-.!=5$)$!.5:+!($#*.$!:+!'&=k!

#44@9?1:!J1?198GM!!3!4*''&.!&?!4&-)+$!<$'.:&'!*'%.5:'B!.5*.!:+!(:+4-++$(!:'!
4*#:'$.2!!3!5*A$!@)$+4):#$(!.&!*!4&'+.:.-.:&'*,!&*.5!&?!+$4)$4%2!!3'!?*4.!.5*.T+!*!
.&@!+$4)$.!%&-!+$$6!+&!3!4*''&.!$A$'!<$'.:&'!=5*.!:+!.5$)$2!!a-.!=5*.!3!4*'!
.$,,! %&-! :+! .5$! @&+:.:&'! &?! .5$! I..&)'$%! c$'$)*,! '&=! :+! .5*.! *,,! 4*+$+! =5$)$!
.5$)$!:+!$A:($'4$!<-+.!#$!@)&+$4-.$(!.&!.5$!,&B:4*,!$'(6!*'(!*,,!4*+$+!=5$)$!
.5$)$!:+!'&!+-??:4:$'.!$A:($'4$!+5&-,(!#$!.$)<:'*.$(2!!C5*.!:+!.5$!@&+:.:&'!&?!
.5$! I..&)'$%! c$'$)*,2! ! C5$)$! *)$! +&<$! @$&@,$! =5&! =:,,! +*%! .5*.! &5! '&!
$A$)%.5:'B!+5&-,(!#$2!!C5$!($#*.$!:+!B&:'B!&'6!:.!:+!:'!.5$!@-#,:4!(&<*:'6!3!*<!
'&.!@*).!&?!.5*.!($#*.$2/!

%C0!F7H!7FD?!B8?54@0D!4>!E1245@?!RT!?G!3C0!)?>D343234?>!3C73!3C0!:80D4@0>3!
C7D!3C0!B808?A73450!?G!60819!?>!5784?2D!1730A?840D!?G!B08D?>D!F4D30@!2>@08!
3C73!D0134?>L!!=0!7FD?!C7D!3C0!F4E0839!3?!1?>D2F3!H43C!7>!7@54D?89!1?6643300!
D03!2B!2>@08!3C0!D760!1?>D343234?>!4>!E1245@?E!Rj!7>@!R[L!

(B783! G8?6! 80F057>3! F0A7F! B8?54D4?>D! 4>! 62>414B7F! F7HP! H0! 780! 7FD?! A24@0@!
E9!#>308>734?>7F!)8464>7F!"7H!HC41C!@?0D!>?3!801?A>4D0!76>0D39!G?8!A8?DD!
C267>!84AC3D!54?F73?8DL!

)@?2G3E5@?!

'8?6! ?28! ?H>! 7>7F9D4D! ?G! 3C0! 76>0D39! @0E730! H0! 3C4>W! 43! C7D! E00>! 2>@2F9!
B?F43414V0@! ?>! E?3C! D4@0DL! ! #3! 4D! 46B0873450! 3?! A278@! 7A74>D3! G283C08!
0>1?287A060>3!?G!3C0!12F3280!?G!46B2>439!E9!A87>34>A!EF7>W03!76>0D39!3?!7FF!7>@!
D2>@89! 4>! 3C0! B?D3O0F0134?>! 679C06L! ! %C080! H080! ?E54?2D! 7>@! D084?2D! 18464>7F!
?GG0>10D!1?664330@!2>@08!3C0!F7HD!?G!3C4D!1?2>389!7D!H0FF!7D!E8071C0D!?G!C267>!
84AC3D! 2>@08! 4>308>734?>7F! F7HL! ! %C0! 541346D! ?G! 3C0! 54?F0>10! 7>@! 4>308>734?>7F!

&() !

!
C267>!84AC3D!@0G0>@08D!H?2F@!E0!@057D3730@!4G!D21C!76>0D39!H7D!A87>30@L!!#3!4D!
4>126E0>3! ?>! 3C0! (33?8>09! I0>087F! 3C080G?80! 3?! 7BBF9! 3C0! F7H! G486F9! 7>@!
0X2437EF9! G?8! 7D! F?>A! 7D! 43! 37W0D! 3?! E84>A! 3?! \2D3410! 3C?D0! B08D?>D! HC?! H080!
12FB7EF0L!!!

=754>A!D74@!3C73P!H0!807F4V0P!7>@!H0!C750!D3730@!43!7E?50P!3C73!3C080!780!DB0147F!
1C7FF0>A0D! 4>! 3086D! ?G! 4>50D34A734?>D! 7>@! B8?D01234?>! ?G! B?D3O0F0134?>! 54?F0>10!
?GG0>10DL! ! #3! 679! E0! >010DD789! 3?! 1?>D4@08! 7>! ?GG08! ?G! 76>0D39! 3?! D?60! 64>?8!
?GG0>@08D! 4>! 0/1C7>A0! G?8! 3823CG2F! 1?>G0DD4?>! 7>@! 7DD4D37>10! 4>! 3C0! 7880D3! 7>@!
B8?D01234?>! ?G! 3C0! BF7>>08DP! ?8A7>4V08DP! G4>7>1408D! 7>@P! 4>! 3C0! 17D0! ?G! D0128439!
7A0>140DP!3C0!B08B03873?8D!?G!3C0!B?D3O0F0134?>!54?F0>10L!!&3C08!18073450!4>43473450D!
62D3! 7FD?! E0! @054D0@! 3?! 74@! 4>! 4>50D34A734?>D! 7>@! B8?D01234?>! ?G! 3C0! ?GG0>@08DL!!
-?D3!46B?837>3F9!3C0!B8?54D4?>D!?G!3C0!>0H!<43>0DD!:8?30134?>!(13!QRRf!DC?2F@!
E0!G2FF9!234F4V0@!4>!74@!?G!:.;!80F730@!4>50D34A734?>D!7>@!B8?D01234?>DL!

(5?A5?BE!!

<0!G4>@!4>!?28!7DD0DD60>3!3C73!3C0!1C74>!?G!18464>7F!\2D3410!D9D306!4D!A0>087FF9!
H07W! 7>@! 3C0! H07W0D3! F4>W! 4D! 3C0! 4>50D34A73450! G2>134?>L! ! %C0! H07W>0DD! 4>! 3C0!
D9D306! 46B713D! ?>! 3C0! 82F0! ?G! F7H! 7>@! 3C080G?80! B8?6?30D! 46B2>439L! ! U8A0>3!
1?88013450!607D280D!62D3!3C080G?80!E0!37W0>L!

&(- !

!
!

;#-"!<!

-12@771?A845@?E

&,* !

!
&,$ !

!
!
)>#;"&-!">,-"&&*!

-12@771?A845@?E!
!

%C4D! 1C7B308! 1?>374>D! 3C0! )?664DD4?>[D! 801?660>@734?>D! 3C73! 80F730! 3?! 3C0!
$3730!$0128439!(A0>140D!7>@!3?!4DD20D!?G!46B2>439L!!%C0!@4D12DD4?>P!G4>@4>AD!7>@!
1?>1F2D4?>D! 3C73! 3C0! 801?660>@734?>D! 780!E7D0@! 2B?>! 780! G2FF9! F74@! ?23! 4>! 3C0!
B8010@4>A!1C7B308DL!

#>! 711?8@7>10! H43C! 3C0! 0D37EF4DC0@! %086D! ?G! *0G080>10! 80A78@4>A!


801?660>@734?>D! G?8! 607D280D! 3?! 087@41730! 46B2>439P! F0A7F! 7>@! 7@64>4D3873450!
607D280D! 7>@! G?FF?H4>A! 7>! 4>50D34A734?>! 4>3?! 3C0! 7134?>D! 7>@! ?64DD4?>D! ?G! 3C0!
$3730! $0128439! (A0>140DP! 3C0! )?664DD4?>! 67W0D! 3C0! 801?660>@D! 7BB0784>A!
E0F?HL! %C0D0! 801?660>@734?>D! DC?2F@! E0! 46BF060>30@! 2>@08! 3C0! 72DB410D! ?G!
3C0! :7>0F! ?G! .64>0>3! (G8417>! :08D?>7F4340D! 7134>A! 4>! 1?>D2F3734?>! H43C! 3C0!
:80D4@0>3! 7>@! 3C0! :8460! -4>4D308! ?G! Y0>97P! H43C! 3C0! G2FF! 1?O?B08734?>! ?G!
:78F4760>3P! 3C0! _2@414789! 7>@! 3C0! ?GG410! ?G! 3C0! (33?8>09! I0>087F! 7D! 6?80!
DB014G417FF9!@0D184E0@!E0F?HL!

dL (! DB0147F!384E2>7FP! 3?!E0!W>?H>!7D!3C0!$B0147F!%84E2>7F!G?8!Y0>97!! E0!D03!


2B!7D!7!1?283!3C73!H4FF!D43!H43C4>!3C0!308843?847F!E?2>@7840D!?G!3C0!*0B2EF41!
?G! Y0>97! 7>@! D00W! 711?2>37E4F439! 7A74>D3! B08D?>D! E0784>A! 3C0! A80730D3!
80DB?>D4E4F439!G?8!18460DP!B783412F78F9!18460D!7A74>D3!C267>439P!80F734>A!3?!
3C0! QRRS! I0>087F! .F0134?>D! 4>! Y0>97L! %C0! $B0147F! %84E2>7F! DC7FF! 71C4050!
3C4D! 3C8?2AC! 3C0! 4>50D34A734?>P! B8?D01234?>! 7>@! 7@\2@41734?>! ?G! D21C!
18460DL!!
!
QL %C0! $B0147F! %84E2>7F! DC7FF! 7BBF9! Y0>97>! F7H! 7>@! 7FD?! 3C0! #>308>734?>7F!
)8460D!K4FFP!?>10!3C4D!4D!0>7130@P!7>@!DC7FF!C750!Y0>97>!7>@!4>308>734?>7F!
\2@A0DP! 7D! H0FF! 7D! Y0>97>! 7>@! 4>308>734?>7F! D37GG! 3?! E0! 7BB?4>30@! 7D!
B8?54@0@!C0802>@08L!

&,+ !

!
!
gL #>!?8@08!3?!G2FF9!A450!0GG013!3?!3C0!0D37EF4DC60>3!?G!3C0!$B0147F!%84E2>7FP!7>!
7A80060>3! G?8! 43D! 0D37EF4DC60>3! DC7FF! E0! D4A>0@! E9! 80B80D0>373450D! ?G! 3C0!
B78340D!3?!3C0!(A80060>3!?>!+734?>7F!(11?8@!7>@!*01?>14F4734?>!H43C4>!jR!
@79D! ?G! 3C0! B80D0>3734?>! ?G! 3C0! *0B?83! ?G! 3C0! )?664DD4?>! ?G! #>X2489! 4>3?!
3C0!:?D3O.F0134?>!;4?F0>10!3?!3C0!:7>0F!?G!.64>0>3!(G8417>!:08D?>7F4340DP!?8!
3C0! :7>0F[D! 80B80D0>373450L! (! D373230! ]3?! E0! W>?H>! 7D! `3C0! $373230! G?8! 3C0!
$B0147F! %84E2>7Fa^! DC7FF! E0! 0>7130@! 4>3?! F7H! 7>@! 1?60! 4>3?! G?810! H43C4>! 7!
G283C08!hb!@79D!7G308!3C0!D4A>4>A!?G!3C0!7A80060>3L!!
!
hL %C0!@730!?G!1?660>1060>3!?G!3C0!G2>134?>4>A!?G!3C0!$B0147F!%84E2>7F!DC7FF!
E0! @030864>0@! E9! 3C0! :80D4@0>3P! 4>! 1?>D2F3734?>! H43C! 3C0! :8460! -4>4D308P!
3C0! )C40G! _2D3410P! 3C0! -4>4D308! G?8! _2D3410P! +734?>7F! )?C0D4?>! 7>@!
)?>D343234?>7F! (GG748D! 7>@! 3C0! (33?8>09OI0>087FP! H43C4>! gR! @79D! 7G308! 3C0!
A454>A!?G!:80D4@0>347F!(DD0>3!3?!3C0!K4FF!0>7134>A!3C0!$373230L!
!
bL #G!043C08!7>!7A80060>3!G?8!3C0!0D37EF4DC60>3!?G!3C0!$B0147F!%84E2>7F!4D!>?3!
D4A>0@P! ?8! 3C0! $373230! G?8! 3C0! $B0147F! %84E2>7F! G74FD! 3?! E0! 0>7130@P! ?8! 3C0!
$B0147F!%84E2>7F!G74FD!3?!1?660>10!G2>134?>4>A!7D!1?>306BF730@!7E?50P!?8!
C754>A!1?660>10@!?B08734>A!43D!B28B?D0D!780!D2E50830@P!7!F4D3!!1?>374>4>A!
>760D!?G!7>@!80F057>3!4>G?86734?>!?>!3C?D0!D2DB0130@!3?!E078!3C0!A80730D3!
80DB?>D4E4F439! G?8! 18460D! G7FF4>A! H43C4>! 3C0! \284D@4134?>! ?G! 3C0! B8?B?D0@!
$B0147F! %84E2>7F! DC7FF! E0! G?8H78@0@! 3?! 3C0! $B0147F! :8?D0123?8! ?G! 3C0!
#>308>734?>7F!)8464>7F!)?283L!%C0!$B0147F!:8?D0123?8!DC7FF!E0!80X20D30@!3?!
7>7F9V0! 3C0! D084?2D>0DD! ?G! 3C0! 4>G?86734?>! 8010450@! H43C! 7! 540H! 3?!
B8?100@4>A!H43C!7>!4>50D34A734?>!7>@!B8?D01234>A!D21C!D2DB0130@!B08D?>DL!!
!
jL %C0! K4FF! 0D37EF4DC4>A! 3C0! $B0147F! %84E2>7F! DC7FF! 0>D280! 3C73! 3C0! $B0147F!
%84E2>7F! 4D! 4>D2F730@! 7A74>D3! ?E\0134?>D! ?>! 1?>D343234?>7F439! 7>@! 3?! 3C73!
0>@P!43!DC7FF!E0!7>1C?80@!4>!3C0!)?>D343234?>!?G!Y0>97L!
!

&,% !

!
SL %C0! K4FF! 0D37EF4DC4>A! 3C0! $B0147F! %84E2>7F! DC7FF! B8?54@0! 3C73! 3C0! $B0147F!
%84E2>7F!DC7FF!1?>D4D3!?G!G?28!?8A7>DM!3C0!)C76E08D!]4>1F2@4>A!7>!(BB07FD!
)C76E08^! 7>@! 3C0! :8?D0123?8P! HC41C! DC7FF! E0! 4>@0B0>@0>3! ?G! 071C! ?3C08P!
3C0!*0A4D389P!7>@!3C0!J0G0>10!&GG410L!
!
fL %C0! K4FF! 0D37EF4DC4>A! 3C0! %84E2>7F! DC7FF! B8?54@0! 3C73! )C76E08D! DC7FF! E0!
1?6B?D0@!?G!j!4>@0B0>@0>3!\2@A0DP!3C800!4>!3C0!%847F!)C76E08P!7>@!3C800!
4>!3C0!(BB07FD!)C76E08L!%C0!:80D4@4>A!_2@A0!?G!071C!)C76E08!DC7FF!E0!7!
Y0>97>!HC4F0!3C0!?3C08!3H?!\2@A0D!4>!071C!1C76E08!DC7FF!E0!>?>OY0>97>!
7>@!@87H>!G8?6!606E08!D3730D!?G!3C0!)?66?>H07F3CL!
!
eL %C0! K4FF! 0D37EF4DC4>A! 3C0! $B0147F! %84E2>7F! DC7FF! B8?54@0! G?8! 3C0! G?FF?H4>A!
B8?10@280! G?8! 3C0! 7BB?4>360>3! ?G! 3C0! \2@A0D! G?8! 071C! 1C76E08! 7>@! 3C0!
:8?D0123?8!?G!3C0!$B0147F!%84E2>7FM!
!
4L %C0! :80D4@0>3! DC7FF! 7BB?4>3! 3C0! )C748! ?G! 3C0! %847F! )C76E08! 4>!
1?>D2F3734?>! H43C! 3C0! :8460! -4>4D308P! E?3C! 7134>A! ?>! 3C0! 7@5410! ?G!
3C0! )C40G! _2D3410P! G8?6! 76?>A! B08D?>D! X27F4G40@! 3?! E0! 7BB?4>30@!
\2@A0!?G!3C0!=4AC!)?283!?G!Y0>97L!
44L %C0! :7>0F! ?G! .64>0>3! (G8417>! :08D?>7F4340D! DC7FF! 4@0>34G9! 3C0! ?3C08!
3H?! 606E08D! HC?! H4FF! E0! 7BB?4>30@! E9! 3C0! :80D4@0>3P! 4>!
1?>D2F3734?>!H43C!3C0!:8460!-4>4D308P!G8?6!76?>A!B08D?>D!X27F4G40@!
3?! D0850! 7D! \2@A0! ?G! 7! D2B084?8! 1?283! ?G! 801?8@! 4>! 7>9! B783! ?G! 3C0!
)?66?>H07F3CL!
444L %C0! D760! B8?10@280! DC7FF! E0! 7BBF40@! G?8! 3C0! 7BB?4>360>3! ?G! 3C0!
)C748!7>@!606E08D!?G!3C0!(BB07FD!)C76E08L!
45L %C0! :8?D0123?8! ?G! 3C0! %84E2>7F! DC7FF! E0! 7BB?4>30@! E9! 3C0! :80D4@0>3!
4>! 1?>D2F3734?>! H43C! 3C0! :8460! -4>4D308! G8?6! 76?>A! B08D?>D!
X27F4G40@!3?!D0850!7D!\2@A0!4>!7!D2B084?8!1?283!?G!801?8@!4>!7>9!B783!?G!
3C0! )?66?>H07F3CP! G8?6! 7! F4D3! B8?54@0@! E9! 3C0! :7>0F! ?G! .64>0>3!
(G8417>!:08D?>7F4340DL!
!

&,& !

!
dRL %C0!K4FF!0D37EF4DC4>A!3C0!$B0147F!%84E2>7F!DC7FF!G283C08!B8?54@0!G?8M!
4L %C0!\284D@4134?>!?G! 3C0!%84E2>7F! HC41C!DC7FF!4>1F2@0!3C0!\284D@4134?>!
3?! 7@\2@41730! ?508! 3C0! 18464>7F! 17D0D! E8?2AC3! 7A74>D3! B08D?>D!
E0784>A!A80730D3!80DB?>D4E4F439!G?8!D084?2D!18460DP!B783412F78F9!18460D!
7A74>D3!C267>439P!80F730@!3?!3C0!QRRS!B?D3!0F0134?>!54?F0>10L!!
44L %C0! 84AC3! ?G! 7BB07F! G8?6! 3C0! @014D4?>D! ?G! 3C0! %847F! )C76E08! 3?! 3C0!
(BB07FD!)C76E08!?G!3C0!$B0147F!%84E2>7FL!
444L %C0!?2D308!?G!3C0!_284D@4134?>!?G!?8@4>789!1?283D!G8?6!3C0!4>!80F734?>!
3?!3C0!B8?100@4>AD!?G!3C0!$B0147F!%84E2>7FL!!
!
dQL!! %C0!K4FF!0D37EF4DC4>A!3C0!%84E2>7F!DC7FF!B8?54@0!G?8!D2GG4140>3!723C?8439!7>@!
4>@0B0>@0>10! 3?! 3C0! $B0147F! %84E2>7F!3?! 1?>@213! 4>50D34A734?>D! 7>@! DC7FF!
4>!B783412F78!B8?54@0!3C73M!
!
! %C0! $B0147F! %84E2>7F! DC7FF! C750! 723C?8439! 3?! 8018243! ! 7>@!
1?>38?F! 43D! ?H>! D37GGP! 4>1F2@4>A! D21C! D37GGP! H?8W4>A! 2>@08!
3C0! :8?D0123?8P! 7D! H4FF! E0! >010DD789! 3?! 1?>@213!
B8?D01234?>Dc!
!
! %C0! C07@! ?G! 4>50D34A734?>D! 7>@! >?3! F0DD! 3C7>! 3C800! ?3C08!
606E08D!?G!3C0!4>50D34A734?>!3076!DC7FF!E0!>?>OY0>97>!D?!
7D!3?!B8?54@0!7>!4>@0B0>@0>3!7BB8?71C!3?!3C0!4>50D34A734?>!
G2>134?>!?G!3C0!%84E2>7FL!
!
! %C0!4>50D34A734?>D!3076!DC7FF!80B?83!3?!7>@!H?8W!2>@08!3C0!
A0>087F!@480134?>!?G!3C0!:8?D0123?8L!
!
dgL! %C0! $B0147F! %84E2>7F! DC7FF! 37W0! 12D3?@9! ?G! 7FF! 4>50D34A73450! 6730847F! 7>@!
H43>0DD! D373060>3D! 7>@! 30D346?>9! 1?FF0130@! 7>@! 801?8@0@! E9! 3C4D!
)?664DD4?>L!!
!
!

&,' !

!
'4D19!-12@771?A845@?E!!
!
%C0!)?664DD4?>!67W0D!3C0!G?FF?H4>A!G283C08!801?660>@734?>DM!
!
dL!! %C0! #>308>734?>7F! )8460D! K4FF! QRRf! E0! G7D3O3871W0@! G?8! 0>71360>3! E9!
:78F4760>3! 3?! G714F43730! 4>50D34A734?>! 7>@! B8?D01234?>! ?G! 18460D! 7A74>D3!
C267>439L!
QL!! %C0! <43>0DD! :8?30134?>! (13! QRRf! E0! G2FF9! 234F4V0@! 4>! 3C0! B8?30134?>! ?G! 7FF!
H43>0DD0D! HC?! H4FF! >00@! D21C! B8?30134?>! 4>! 3C0! 1?28D0! ?G! 4>50D34A734?>P!
B8?D01234?>!7>@!7@\2@41734?>!?G!:.;!17D0DL!
!
gL!! %C0! '800@?6! ?G! #>G?86734?>! K4FF! E0! 0>7130@! G?83CH43C! 3?! 0>7EF0! D3730! 7>@!
>?>OD3730! 713?8D! 3?! C750! G2FF! 7110DD! 3?! 4>G?86734?>! HC41C! 679! F07@! 3?!
7880D3P! @030>34?>! 7>@! B8?D01234?>! ?G! B08D?>D! 80DB?>D4EF0! G?8! A8?DD!
54?F734?>DL!
!
hL!! (FF!B08D?>D!C?F@4>A!B2EF41!?GG410!7>@!B2EF41!D0857>3D!1C78A0@!H43C!18464>7F!
?GG0>10D!80F730@!3?!B?D3O0F0134?>!54?F0>10!E0!D2DB0>@0@!G8?6!@239!2>34F!3C0!
673308!4D!G2FF9!7@\2@41730@!2B?>L!
!
bL!! UB?>!1?>54134?>!?G!7>9!B08D?>!1C78A0@!H43C!B?D3O0F0134?>!54?F0>10!?GG0>10D!
?G!7>9!>73280P!D21C!B08D?>D!DC7FF!E0!E7880@!G8?6!C?F@4>A!7>9!B2EF41!?GG410!
?8!1?>30D34>A!7>9!0F013?87F!B?D434?>L!

,?! 91G845@?! 4@! @6198GG! @C19845@?8G! 8?A! E196521! A1G5619:! 5EE31E! 178?845?B!
H9@7!4D1!RSST!1G1245@?E!C195@A!5?!\1?:8b!

%C0! @050F?B60>3! 7>@! 7BBF41734?>! ?G! 3C0! +734?>7F! $0128439! :?F419P! 7D! 783412F730@!
4>!3C0! Y0>97!+734?>7F!J47F?A20!7>@!*01?>14F4734?>!(A0>@7!#306!h! 7>@!3C0!'48D3!
-0@426!%086!:F7>!]QRRfOQRdQ^P!E0!G4>7F4D0@!7D!7!673308!?G!28A0>19P!7>@!

%C0!)?>GF413!7>@!J4D7D308!.78F9!<78>4>A!7>@!*0DB?>D0!D9D306DP!!783412F730@!4>!
3C0! '48D3! -0@426! %086! :F7>! ]QRRfOQRdQ^P! 780! @050F?B0@! 7>@! 46BF060>30@! 7D! 7!
673308!?G!B84?8439P!7>@!
&,( !

!
%C0! $3730! $0128439! (A0>140D! @050F?BP! 2>@08! 3C0! ?508D4AC3! ?G! 3C0! +$()P! ! \?4>3!
?B08734?>7F!B80B780@>0DD!7887>A060>3D!]3?!E0!1?>@2130@!73!F07D3!?>10!05089!3H?!
9078D^! 4>1F2@4>A! @0DW! 3?B! D10>784?D! 7>@! G2FF! ?B08734?>7F! 0/0814D0D! 3?! 7DD4D3! 4>!
3C048! 807@4>0DD! G?8! @07F4>A! H43C! C4AC! F050F! D0128439! 7>@! 0608A0>19! D432734?>DP!
7>@!

%C0! \?4>3! D0128439! ?B08734?>7F! B80B780@>0DD! 7887>A060>3D! 1?6B84D0! 7FF! W09!


B783414B7>3D!4>1F2@4>AP!!4>!3C0!17D0!?G!0F0134?>DP!3C0!.)YP!!3C0!-4>4D389!?G!=07F3CP!
7>@!3C0!-4>4D389!?G!$3730!G?8!$B0147F!:8?A87660D!]J4D7D308!-7>7A060>3^P!!7>@!

%C0! +$()! 37W0! 7! A807308! F07@08DC4B! 8?F0! 4>! @030864>4>A! D0128439! B84?84340DP!
G?12D4>A! ?>! B8050>3450! D38730A40D! 7>@! 7134?>DP! 7>@! B8?54@4>A! 1F078! @480134?>! 3?!
$3730!$0128439!(A0>140DP!7>@!

%C0! +$()! @050F?B! 7>@! 46BF060>3! D0128439! 80540H! 7887>A060>3D! 3?! 0>D280! 3C73!
7A0>140D[!B08G?867>10!4>!D0128439!050>3D!D21C!7D!3C0!:.;!780!7DD0DD0@P!F0DD?>D!
F078>0@!7>@!7BB8?B84730!46B8?5060>3D!7>@! 6?@4G41734?>D! 3?!D37>@78@!?B08734>A!
B8?10@280D!780!1?6BF030@P!!7>@!

%C0! +$()! 4660@4730F9! 1?>@213! 7! G2FF! 80540H! ?G! 3C0! G2>134?>7F439! ?G! 3C0!
1?6643300D! 3C73! 67W0! 2B! 3C0! Y$#-! 3?! @030864>0! 3C048! 80F73450! B08G?867>10!
@284>A!3C0!:?D3!.F0134?>!;4?F0>10P!7>@!

<C080!46B8?5060>3D!780!4@0>34G40@!3C09!780!46BF060>30@!4660@4730F9P!7>@!

%C0!80D2F3D!?G!3C0!80540H!780!67@0!B2EF41!H43C4>!dh!@79D!?G!1?6BF034?>P!7>@!

#660@4730! D30BD! 780! 37W0>! 3?! B23! 4>! BF710! 4>@0B0>@0>3! ?508D4AC3! 7887>A060>3D!
?G!3C0!?B08734?>!?G!3C0!+$#$P!7>@!

%C0! +$#$! DC7FF! E0! 80X2480@! 3?! 80B?83! 7>>27FF9! 3?! B78F4760>3! 7>@! 3C0! 7>>27F!
80B?83!3?!E0!67@0!B2EF41L!!

&,, !

!
+C125H52!-12@771?A845@?E!H@9!4D1!;@G521!
Zb #! 2@7C91D1?E561! 91H@97! @H! 4D1! \1?:8! ;@G521! +196521! 8?A!
#A75?5E49845@?! ;@G521! F1! 3?A1948X1?b! "D5E! 91H@97! ED8GG! F1!
5?545841A!5771A5841G:!8?A!ED8GGM!

7L #>5?F50! 7! 1?6BF030! 72@43! ?G! 3C0! 12880>3! B?F410! 67>7A060>3P!


D38213280DP!B?F4140DP!B8713410D!7>@!B8?10@280DL!
EL #>1F2@0!0/30>D450!1?>D2F3734?>!H43C!7!H4@0!5784039!?G!>734?>7F!7>@!
4>308>734?>7F!D37W0C?F@08DL!
1L U>@0837W0!0/30>D450!7>@!1?6B80C0>D450!B2EF41!1?>D2F3734?>D!!
@L #>1F2@0! 7>! 0/764>734?>! 7>@! 1?>D4@08734?>! ?G! 7BBF417EF0!
4>308>734?>7F!F7H!7>@!E0D3!B8713410D!
0L #>1F2@0!7!3C?8?2AC!0/764>734?>P!80540H!7>@!8054D4?>!?G!7FF!371341DP!
H07B?>D!7>@!rUD0!?G!'?810[!06BF?90@!E9!3C0!Y0>97>!:?F410L!
GL ./BF?80!4>308>734?>7F!17B71439!E24F@4>A!B?DD4E4F4340D!G?8!B?F414>A!4>!
A0>087F! H43C! 7! DB014G41! G?12D! ?>! 18464>7F! 4>50D34A734?>DP!
1?662>439! E7D0@! B?F414>A! 7>@! 4>G?86734?>! 1?FF0134?>! 7>7F9D4D!
7>@!@4DD064>734?>L!!
AL #>1F2@0!3C0!180734?>!?G!!7!6?@08>!)?@0!?G!)?>@213!
CL #>1F2@0!7!1?6BF030!8054D4?>!?G!3C0!:?F410!(13!
4L #>1?8B?8730! 7! 80540H! ?G! 4DD20D! 80F734>A! 3?! 3C0! 03C>41! 7>@! 384E7F!
E7F7>10!7>@!@0BF?960>3!H43C4>!3C0!Y0>97!:?F410!$085410L!
\L #>1F2@0! 7>! 0/764>734?>! ?G! 3C0! D38213280D! ?G! 3C0! B?F410! 4>1F2@4>A!
3C0!$0>4?8!./0123450!
WL #>1F2@0!3C0!0D37EF4DC60>3!?G!7!:?F410!$085410D!)?664DD4?>!G?8!3C0!
Y0>97!:?F410L!
FL #>50D34A730! 7>@! 67W0! 801?660>@734?>D! 80F734>A! 3?! 7>9! ?3C08!
7807D! ?G! B?F414>A! 7>@! F7H! 0>G?81060>3! 3C73! 780P! 4>! 3C0! ?B4>4?>!?G!
3C0! :?F410! *0G?86! I8?2B! ]:*I^P! 80F057>3! 3?! 3C0! 46B8?5060>3! ?G!
B?F414>A!D085410D!4>!Y0>97L!
!
!
!

&,) !

!
Rb #?! n,?A1C1?A1?4! ;@G521! )@?A324! #34D@954:L! 5E! 1E48FG5ED1A! I54D!
4D1!G1B5EG84561!C@I19E!8?A!834D@954:!4@!5?61E45B841!C@G521!2@?A324!
8?A!C9@65A1!2565G58?!@619E5BD4b!!&E48FG5ED71?4!I5GG!F1!3?A1948X1?!
5?!4D1!H@GG@I5?B!I8:M!

7L .>71360>3!?G!7>!#>@0B0>@0>3!:?F410!)?>@213!(23C?8439!(13!!
EL #>5?F50! 7! 1?6BF030! 80540H! ?G! 3C0! 12880>3! B?F410! 1?6BF74>3D! 7>@!
@4D14BF4>789!B8?10DD0D!H43C4>!3C0!Y0>97!:?F410!$085410L!!!!
1L #>1F2@0! 7>! 0/764>734?>! 7>@! 1?>D4@08734?>! ?G! 7BBF417EF0!
4>308>734?>7F!F7H!7>@!E0D3!B8713410D!
@L *0B?83!@48013F9!3?!B78F4760>3!3C8?2AC!3C0!-4>4D308!80DB?>D4EF0!
0L <?8W! 2>@08! 3C0! 723C?8439! ?G! 43D! ?H>! (13! 7>@! C750! D2GG4140>3!
B?H08D!3?!B8?B08F9!4>50D34A730!7FF!B?F410!1?>@213!4DD20DL!
GL %C0!r(23C?8439[!4D!3?!E0!7!B08D?>!X27F4G40@!3?!E0!7!\2@A0!?G!3C0!=4AC!
)?283!Y0>97!
AL %C0! r(23C?8439[! 4D! 3?! C750! 3C0! B?H08! 3?! 4>50D34A730! B2EF41!
1?6BF74>3D!7A74>D3!B?F410!7>@!r?H>!6?34?>[!1?>@213!4DD20DL!
CL "0A4DF734?>! H4FF! 80X2480! 3C73! D?60P! 6?80! D084?2D! B?F414>A! 7134?>D!
r62D3[! E0! 80B?830@! 3?! 3C0! (23C?8439! 4L0L! 7FF0A734?>D! ?G! 1?882B34?>P!
@073CD!4>!12D3?@9P!D084?2D!4>\289!7>@!B?F410!80F730@!DC??34>ADL!
4L =750! 3C0! F0A4DF73450! B?H08! 3?! 67W0! 801?660>@734?>D! G?8! 1C7>A0!
3?!B?F414>A!B?F419P!B8713410D!7>@!B8?10@280DL!
\L %C0! r(23C?8439[! 4D! 3?! C750! 8038?DB013450! B?H08D! 3?! @07F! H43C!
C4D3?8417F!D084?2D!64D1?>@213L!
!

Vb "D1! #A75?5E49845@?! ;@G521! 5E! 5?41B9841A! 5?4@! 4D1! \1?:8! ;@G521!


+196521!291845?B!8!E5?BG1!C@G521!1?454:b!!"D1!5?41B9845@?!ED8GGM!

7L )?660>10! H43C! 3C0! 1?667>@P! 80DB?>D4E4F439! 7>@! 711?2>37E4F439!


G?8! 05089! 7DB013! ?G! 3C0! (@64>4D38734?>! :?F410! 387>DG0884>A! 3?! 3C0!
)?664DD4?>08!?G!:?F410!H43C!4660@4730!0GG013L!
EL .GG013450F9! 2>1?2BF0! B?F414>A! G8?6! 3C0! :8?54>147F! (@64>4D38734?>!
D38213280L!

&,- !

!
1L .>7EF0!7!1?6E4>0@!B?F410!?8A7>!3?!G2>134?>!4>!7>!2>0>126E080@!
G7DC4?>! 0/0814D4>A! 1?>D37E2F789! 4>@0B0>@0>10! 4>! B08G?864>A! 43D!
G2>134?>DL!!
@L .>D280! 3C73! 7FF! B?F410! D085410D! 7@?B3! 7>! ?B08734?>7F! 8?F0!
4>@0B0>@0>3!?G!0/0123450!4>GF20>10L!!
0L .>D280! 3C73! 7! >0H! 7>@! 1?>306B?8789! B?F410! 0>3439! 4D! F0@! E9!
B8?G0DD4?>7F!B?F410!?GG4108DL!
!

hb #GG! @H! 4D1! 91H@97E! 894523G841A! 5?! 4D1! 912@771?A845@?E!


5771A5841G:!8F@61!91G845?B!4@!4D1!;@G521!F1!5?545841A!5771A5841G:!
8?A!ED8GGM!!

7L K0! 2>@0837W0>! 7>@! 1?6BF030@! E9! 7! B7>0F! ?G! B?F414>A! 0/B083D!


]:?F414>A! *0G?86! I8?2B! O! :*I^! HC?! H4FF! H?8W! 1?6BF030F9!
4>@0B0>@0>3! ?G! E23! 7F?>AD4@0! 3C0! Y0>97! :?F410! $085410! 7>@!
(@64>4D38734?>!:?F410L!
EL K0! 1?6B84D0@! ?G! 7! 3076! ?G! G?28! 0/B083D! 4>1F2@4>A! Y0>97>! 7>@!
4>308>734?>7F! DB0147F4D3D! 4>! 387>DG?86734?>7F! 1C7>A0P! D38730A41!
72@434>A!7>@!B?F414>AL!
1L $?2810! 3C0! 4>308>734?>7F! 0/B083D! G8?6! F4W064>@0@! 1?66?>! F7H!
1?2>3840DL!
@L =750!3C0!:*I!0D37EF4DC0@!7>@!E0A4>!3C048!H?8W!4660@4730F9!H43C!
7!67>@730@!@28734?>!?G!j!6?>3CDL!
0L =750!3C0!:*I!80B?83!@48013F9!3?!3C0!-4>4D308!?G!_2D3410!!
GL '28>4DC! B8?A80DD! 80B?83D! 3?! 3C0! I?508>60>3! ?G! Y0>97! 7>@! 3C0!
(G8417>!U>4?>P!80A78@4>A!3C0!1?>@213!7>@!G4>@4>AD!?G!3C0!:*I!7>@!
3?! B8?54@0! 7! G4>7F! 80B?83! H43C4>! 3H?! ]Q^! 6?>3CD! ?G! 3C0! 0>@! ?G! 3C0!
67>@730@!B084?@P!2>F0DD!?3C08H4D0!7A800@L!!
AL .>D280! 3C73! 3C0! :*I! 4@0>34G9P! 078F9! 4>! 3C0! B8?10DDP! 7BB8?B84730!
r64F0D3?>0D[! ?8! r1C01W! B?4>3D[P! 73! HC41C! 3460! 607>4>AG2F! 4>30846!
80B?83D!679!7FD?!E0!A0>08730@L!

&)* !

!
CL :8?54@0! 3C73! 3C0! :*I! E0! 7EF0! 3?! 67W0! 4>30846! 7>@! 4660@4730!
801?660>@734?>D! G?8! 80G?86! 7>@! 1C7>A0! 73! 7>9! D37A0! @284>A!3C0!
D4/!6?>3CD!B8?10DDL !
!

&)$ !

!
!
!
!
!
!
!
#;;&*K,c&+!
!

&)+ !

!
#CC1?A50!m#o!

&)% !

!
#CC1?A50!m$o!

-@G1E!8?A!(3?245@?E!@H!++#E!

#>!0/764>4>A!3C0!5784?2D!7DB013D!?G!C?H!$$(D!B08G?860@!@284>A!3C0!:.;!B084?@!
3C0! )?664DD4?>! G?2>@! 43! >010DD789! 3?! G764F4784D0! 43D0FG! H43C! 3C0! 8?F0D! 7>@!
711?2>37E4F4340D! ?G! 3C0! W09! 7A0>140D! 4>5?F50@! H43C4>! 3C0! ?5087FF! D0128439!
D38213280L!

*+#)!

&GG4147FD!73!3C0!C4AC0D3!F050F!B783414B730!H43C4>!3C0!+$()L!!)C7480@!E9!3C0!=07@!?G!
3C0!:2EF41!$085410!7>@!$01803789!3?!3C0!)7E4>03!7>@!60034>A!6?>3CF9!?8!?>!7>!7@!
C?1!E7D4D!43D!8?F0!4>1F2@0DM!!

! -?>43?84>A! 7>@! 7@54D4>A! 3C0! )7E4>03! $0128439! )?6643300! 7>@! 3C0!


:80D4@0>3!
! Y00B4>A!3C8073D!3?!D0128439!2>@08!1?>D37>3!80540H!
! J0D4A>4>A! 7>@! B80B784>A! 7! >734?>7F! D0128439! D38730A9! 7>@!
1?>34>A0>19!BF7>D!
! I24@4>A! 7>@! @480134>A! :$#)D! 7>@! J$#)D! 4>! @07F4>A! H43C! 4DD20D!
B?D4>A!3C8073D!3?!F7H!7>@!?8@08!
! *0540H4>A!3C0!0GG013450>0DD!?G!D0128439!7A0>140D!4>!1?>D2F3734?>!H43C!
0/4D34>A!671C4>089!

d+,+!

)C7480@!E9!J48013?8!(s:!]+$#$^P!6003D!?>10!7!6?>3C!7>@!4D!80DB?>D4EF0!G?8M!

! )?FF734>A! 7>@! @0F4E08734>A! ?>! ?B08734?>7F! 80B?83D! G8?6! D0128439!


7A0>140D!7>@!0D37EF4DC0@!?B08734?>7F!7>@!1?662>41734?>!10>308DL!
! :80B784>A!7>@!14812F734>A!80B?83D!7>@!7A0>@7!G?8!+$()!60034>ADL!
&)& !

!
! '?FF?H4>A!2B!46BF060>3734?>!?G!+$()!@014D4?>DL!
!

;+,)!

)C7480@!E9!3C0!:8?54>147F!)?664DD4?>08!7>@!6003D!6?>3CF9!?8!?>!7@!C?1!E7D4D!
7>@!4D!80DB?>D4EF0!G?8!

! )??8@4>734>A! 7>@! @480134>A! D0128439! 4>30FF4A0>10! 673308DP! 4>1F2@4>A!


0GG?83D!7A74>D3!3088?84D6!7>@!D084?2D!18460DL!
! *0540H4>A!3C0!4>308>7F!D0128439!D432734?>!4>!3C0!:8?54>10!
! J480134>A! 7>@! 4>434734>A! 7134?>D! ?>! 4DD20D! C4ACF4AC30@! 4>! J$#)!
64>230D!
K+,)!

)C7480@!E9!3C0!J4D38413!)?664DD4?>08P!6003D!6?>3CF9!?8!?>!7@!C?1!E7D4D!7>@!4D!
80DB?>D4EF0!G?8M!

! *0540H4>A!3C0!4>308>7F!D0128439!D432734?>!4>!3C0!@4D38413L!
! "474D4>A! H43C! 80F057>3! @0B78360>3D! ?>! 4DD20D! ?G! D0128439! 7>@!
4>30FF4A0>10!4>3080D3!!
*+,+!

%C0!$085410[D!67>@730!4D!DB0F3!?23!4>!3C0!+$#$!(13!7D!G?FF?HDM!!

)?FF013P!7>7F9V0!7>@!@4DD064>730!4>G?86734?>!G?8!3C0!B28B?D0D!?GM!

! J030134>A! 7>@! 4@0>34G94>A! 7>9! 3C8073! ?8! B?30>347F! 3C8073! 3?! 3C0!
D0128439!?G!Y0>97c!
! (@54D4>A! 3C0! :80D4@0>3! 7>@! 3C0! I?508>60>3! ?G! 7>9! 3C8073! ?8!
B?30>347F!3C8073!3?!3C0!D0128439!?G!Y0>97c!
! %7W4>A! D30BD! 3?! B8?3013! 3C0! >734?>7F! D0128439! 4>3080D3D! ?G! Y0>97!
HC03C08!B?F43417FP!64F43789!?8!01?>?641L!
!

&)' !

!
!

I73C08! -4>4D30847F! #>30FF4A0>10! 73! 3C0! 80X20D3! ?G! 7>9! I?508>60>3! -4>4D389! ?8!
J0B78360>3P!057F2730!7>@!387>D643!7D!7BB8?B84730!!

)??8@4>730!4>!1??B08734?>!H43C!?3C08!I?508>60>3!@0B78360>3D!7!! D307@9!GF?H!?G!
4>30FF4A0>10!!

)7889!?23!D0128439!50334>A!

-7W0!801?660>@734?>D!3?!3C0!I?508>60>3!4>!1?>>0134?>!H43CMO!

! :?F4140D!1?>108>4>A!D0128439!4>30FF4A0>10!

! $0128439!4>30FF4A0>10!B84?84340D!

! $0128439! 607D280D! 4>! I?508>60>3! -4>4D3840DP! J0B78360>3D! ?8!


(A0>140D!

:08G?86!D21C!?3C08!G2>134?>D!7D!679!E0!@030864>0@!E9!3C0!:80D4@0>3!3?!E0!4>!3C0!
>734?>7F!4>3080D3!

/5G5489:!

#>!80F734?>!3?!3C0!D432734?>!78?2>@!3C0!:.;!3C0!-4F43789!B8?54@0D!D2BB?83!3?!3C0!
1454F!723C?8439!HC0>!17FF0@!2B?>!3?!@?!D?L!

$0134?>! g! ]Q^! ?G! 3C0! (860@! '?810D! (13! ])C7B308! dee! ?G! 3C0! "7HD! ?G! Y0>97^!
B8?54@0DM!O!

"C5$! 8$'%*! I)<%6! C5$! 8$'%*! I:)! ?&)4$! *'(! .5$! 8$'%*! V*A%! *)$! 45*)B$(!
=:.5! .5$! ($?$'4$! &?! .5$! J$@-#,:4!/'1! &C(! )GJJ@-&! @B! &C(! =%0%H! J@4(-! %'!
&C(!A/%'&('/'=(!@B!@-1(-6!*'(!=:.5!+-45!&.5$)!(-.:$+!*+!<*%!?)&<!.:<$!.&!
.:<$!#$!*++:B'$(!.&!.5$<!#%!.5$!;:':+.$)!*?.$)!4&'+-,.*.:&'!=:.5!.5$!Q$?$'4$!
f&-'4:,2/!

&)( !

!
!

%C0!(860@!'?810D!(13!3C080G?80!7FF?HD!G?8!64F43789!74@!3?!1454F!723C?8439!F46430@!3?!
3C0! 674>30>7>10! ?G! ?8@08L! =?H0508! 43! 7FD?! B8?54@0D! 3C73! ?3C08! @2340D! 679! E0!
7DD4A>0@!E9!3C0!-4>4D308!7G308!1?>D2F3734?>!H43C!3C0!J0G0>10!)?2>14FL!

;@G521!

%C4D!7BBF40D!3?!3C0!80A2F78!B?F410!7>@!DB0147F!2>43D!D21C!7D!3C0!I0>087F!$085410!
U>43!]I$U^!7>@!(>34!D3?1W!3C0G3!U>43!]($%U^L!

$0134?>!dh]d^!?G!3C0!:?F410!(13!D03D!?23!3C0!G2>134?>D!?G!3C0!Y0>97!:?F410!7DM!O!

! -74>30>7>10!?G!"7H!7>@!&8@08!
! %C0!B80D085734?>!?G!B0710!
! %C0!B8?30134?>!?G!F4G0!7>@!B8?B0839!
! %C0!B8050>34?>!7>@!@030134?>!?G!18460!
! %C0!7BB80C0>D4?>!?G!?GG0>@08D!
! %C0!0>G?81060>3!?G!7FF!F7HD!7>@!80A2F734?>D!H43C!HC41C!43!4D!1C78A0@L!

%C0! @2340D! ?G! 7! B?F410! ?GG4108! 780! D03! ?23! 2>@08! D0134?>! db! ?G! 3C0! :?F410! (13! 7>@!
3C09!4>1F2@0MO!

! &E0@40>10!?G!7FF!F7HG2F!?8@08D!G8?6!C4D!D2B084?8DL!
! &E0@40>10!?G!7FF!?8@08D!7>@!H7887>3D!4DD20@!3?!C46L!
! )?FF013!7>@!1?662>41730!4>30FF4A0>10!7GG0134>A!"7H!7>@!&8@08!
! %7W0! 7FF! D30BD! >010DD789! 3?! B8050>3! 3C0! 1?664DD4?>! ?G! ?GG0>10D!7>@!
B2EF41!>24D7>10L!
! J03013!?GG0>@08D!7>@!E84>A!3C06!3?!\2D3410!
! %?!7BB80C0>@!7FF!B08D?>D!HC?!C0!4D!F0A7FF9!723C?84D0@!3?!7BB80C0>@!
7>@!G?8!HC?D0!7BB80C0>D4?>!D2GG4140>3!A8?2>@!0/4D3DL!

&), !

!
#A75?5E49845@?!;@G521!

%C0!(@64>4D38734?>!:?F410!'?810!4D!0D37EF4DC0@!2>@08!3C0!B8?54D4?>D!?G!D0134?>!g!
3C0! (@64>4D38734?>! :?F410! (13P! )C7B308! fb! ?G! 3C0! "7HD! ?G! Y0>97! 2>@08! 3C0!
1?667>@!?G!3C0!)?667>@7>3!7BB?4>30@!2>@08!3C0!B8?54D4?>D!?G!3C73!(13L!

%C0! (@64>4D38734?>! :?F410! (13! H7D! 0>7130@! 3?! 1?660>10! ?>! QR3C! _2>0! debfL!
;784?2D! D0134?>D! ?G! 3C0! (13! C750! D4>10! E00>! 760>@0@! ?508! 3C0! 9078D! 7>@! 7!
8054D0@! 0@434?>! H7D! B2EF4DC0@! 4>! defjL! %C0! F730D3! 760>@60>3D! 3?! D?60! ?G! 3C0!
D0134?>D!H080!@?>0!4>!QRRRL!!

:?H08D!7>@!J2340D!]:783!###!f^!

! .5089!?GG4108!DC7FF!T!!
<C0>! 17FF0@! 2B?>! E9! 7>9! 1C40G! ?8! D2EO1C40G! 7DD4D3! C46! 4>! 3C0!
0/0814D0!?G!C4D!F7HG2F!@2340Dc!

&E09! 7>@! 0/01230! B8?6B3F9! 7FF! ?8@08D! 7>@! H7887>3D! F7HG2FF9! 4DD20@!
3?!C46!E9!7>9!1?6B030>3!723C?8439c!

:80D0850! 3C0! B2EF41! B0710P! B8050>3! 3C0! 1?664DD4?>! ?G! ?GG0>10D! 7>@!
7BB80C0>@!7FF!B08D?>D!4>!80DB013!?G!HC?6!C0!C?F@D!7!57F4@!H7887>3!?G!
7880D3c!

U>@08A?! D21C! 3874>4>A! 7D! 679! E0! ?8@080@! E9! 3C0! J4D38413!
)?664DD4?>08c!

(13!7D!60DD0>A08!4>!7>9!673308!1?>>0130@!H43C!3C0!7@64>4D38734?>!?8!
3C0!B2EF41!D085410L!

! ! !

!
&)) !

!
!

'4D19!&?H@92171?4!#B1?251E!

U>@08!3C0!B8?54D4?>D!?G!$0134?>!hf!?G!3C0!Y0>97!:?F410!(13P!3C0!)?664DD4?>08!?G!
:?F410! 4D! 06B?H080@! 3?! 1?O?B3! 606E08D! 4>3?! 3C0! B?F410! G?810P! 4>! 3C0! 17B71439! ?G!
DB0147F!B?F410!?GG4108DL!%C0!D0134?>!B8?54@0DM!O!

"C5$!f&<<:++:&'$)!<*%!*.!*'%!.:<$6!:?!:.!*@@$*)+!.&!5:<!.&!#$!$h@$(:$'.!:'!
.5$! :'.$)$+.+! &?! @-#,:4! &)($)! *'(! +*?$.%! +&! .&! (&6! *@@&:'.! @$)+&'+! .&! #$!
+@$4:*,! @&,:4$! &??:4$)+! ?&)! +-45! @$):&(! *'(! =:.5:'! +-45! *)$*! *+! 5$! <*%!
4&'+:($)! '$4$++*)%6! *'(! $A$)%! +-45! &??:4$)! +5*,,! (-):'B! .5$! @$):&(! &?! 5:+!
+$)A:4$!*+!*!+@$4:*,!@&,:4$!&??:4$)!#$!($$<$(!.&!#$!*!@&,:4$!&??:4$)2/!

U>@08! 3C?D0! B8?54D4?>D! 3C0! 5784?2D! 1?O?B30@! ?GG4108D! G?86! B783! ?G! 3C0! C267>!
80D?2810!7574F7EF0!3?!3C0!Y0>97>!:?F410!4>!0/01234?>!?G!43D!67>@730L!#>!B8713410P!
606E08D! ?G! ?3C08! @4D14BF4>0@! G?810D! ! ! 7>@! ?3C08! A?508>60>3! 7A0>140D! 17>! 7>@!
C750!4>!3C0!B7D3!E00>!1?O?B30@!4>3?! 3C0!B?F410!G?810!2>@08!3C0!B8?54D4?>D!?G!3C0!
Y0>97!:?F410!(13!4>1F2@4>AM!O!

! Y0>97!:84D?>D!$085410!&GG4108D!
! Y0>97!<4F@F4G0!$085410!:08D?>>0F!
! Y0>97!'?80D3D!I278@D!B08D?>>0F!
! +734?>7F!,?23C!$085410!

%C4D! 7DB013! 4D! 46B?837>3! 4>! 3C73! 3C0! 3460! HC0>! 6?D3! ?G! 3C0D0! ?GG4108D! 780! 1?O
?B30@!7D!B?F410!?GG4108D!@284>A!3C0!A0>087F!0F0134?>DL!!-7>9!780!D46BF9!7FF?1730@!
@2340D!73!B?FF4>A!D3734?>DP!?G!HC41C!3C080!H7D!7!D4A>4G417>3!4>1807D0!4>!3C0!QRRS!
0F0134?>DP! HC4FD3! ?3C08D! ]D21C! 7D! B84D?>!?GG4108D^! 17>! E0! @0BF?90@! H43C! G480786D!
7>@!?112B9!B?D434?>D!2D27FF9!3C0!B80D0850!?G!B?F410!?GG4108DLhhe!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&&-
!MC!%&B!<8J!C!LL>!/898:6B!eMRS!P6!#6:46!+-!Z8L>!+**)!

&)- !

!
#CC1?A50!m)o!

;@EE5FG1!RSST!;91E5A1?458G!&G1245@?!'342@71E!8?A!)@?E1Y31?21E!

+21?895@!ZM!#!\5F8X5!I5?!

(!1?6E4>0@!&BB?D434?>!F4W0F9!3?!@4DB230!3C0!80D2F3DP!F07@4>A!3?c!

! *0D?834>A! 3?! F0A7F! 80@80DD! 7>@! B?DD4EF0! 73306B3D! 3?! G?86! 7! B787FF0F!
A?508>60>3P!
! #>143060>3! ?G! 3C048! D2BB?8308D! 3?! 54?F0>10! 0DB0147FF9! 4>! 67\?8! 3?H>D! D21C!
7D! +748?E4P! -?6E7D7P! Y4D262P! .F@?803! 7>@! ! Y7W760A7! 7>@! ?3C08! 28E7>!
7807D!HC080!18464>7F!0F060>3D!1?2F@!17B437F4V0!?>!3C0!DC7W9!0>548?>60>3!
3?!B08B032730!18460L!!
! $B?>37>0?2D! 0/BF?D4?>l4>30>D439! ?G! 03C>41! 1F7DC0D! 6?D3F9! 4>! 387@434?>7F!
C?3DB?3! 7807D! 7>@! C04AC30>0@! 713454340D! E9! 18464>7F! A7>AD! F4W0! -2>A4W4P!
%7F4E7>P!Y76\0DCP!)C4>W?8?8?P!$"J'!7>@!**)L!
!

+21?895@!RM!#!-85G8!I5?!

! U>F4W0F9! 3?! A0>08730! 3C0! W4>@! ?G! 54?F0>10! 7DD?14730@! H43C! 7>! &J-! F?DDP!
6?80!D?!4G!:+U!1?>10@0D!@0G073L!
! &508V07F?2D!&J-!D2BB?8308D!679!0>A7A0!4>!10F0E8734?>!80F730@!54?F0>10!4>!
+748?E4P!"2?!+97>V7!7>@!4>!?3C08!67\?8!28E7>!10>308D!!
! KF760! A760! 7>@! 71846?>9! H43C4>! :+U! 7>@! 43D! 7GG4F4730! B78340DP! F07@4>A! 3?!
B?DD4EF0!@4D4>30A8734?>!?G!3C0!B7839!
! Y4E7W4! @40C78@!D2BB?8308D!80\013!80D2F3P!B2334>A! 3C0!:80D4@0>3!2>@08!D40A0!
>?3!3?!C7>@!?508!B?H08L!%C4D!679!F07@!3?!1454F!D384G0L!

&-* !

!
#CC1?A50!mKo!
!

)8E1!+43A:!lZhiS!

%C0! H43>0DD! 4D! 7! he! 9078! ?F@! G78608! 7>@! 6?3C08! ?G! dQ! 1C4F@80>! ?G! HC?6! D050>!
80674>! 7F450L! ! $C0! F450D! 4>! Y4D262L! ! %C4D! D32@9! @06?>D38730D! 3C0! @0DB08730!
B08D?>7F!D432734?>!3C73!D?60!541346D!C750!G?2>@!3C06D0F50D!4>!7D!7!80D2F3!?G!3C0!
:.;L!!%C080!7FD?!D006D!F433F0!G?FF?HO2B!?8!1?>3713!H43C!3C0!541346!?>!3C0!B783!?G!
723C?84340DL! #@0>34G94>A! 6730847F! C7D! E00>! 806?50@! G8?6! 3C0! ?84A4>7F! D373060>3L!!
$C0!3?F@!3C0!)?664DD4?>!3C73P!

"3! 5*A$! ,:A$(! .5$)$! .5)&-B5&-.! <%! <*)):$(! ,:?$2! ;%! '$:B5#&-)+! =$)$! E-&+! *'(!
8:+::+6! .5$! <*9&):.%! &?! .5$<! #$:'B! .5$! E-&+2! ! a$?&)$! .5$! A:&,$'4$6! =$! -+$(! .&! ,:A$!
=$,,!=:.5!&-)!8:+::!'$:B5#&-)+2!S$!=$)$!B&&(!?):$'(+2!!C5:'B+!45*'B$(!(-):'B!.5$!
A&.:'B2!C5$!E-&+!=&-,(!+*%!.5*.!*,,!8:+::+!=:,,!,$*A$!&-)!8:+-<-2!!_'!N0!Q$4$<#$)!
N11X6!E-&+!=$)$!+4)$*<:'B!*'(!5$*(:'B!.&!.&='2!

_'!H1!Y*'-*)%6!N11b6!*.!*)&-'(!b!*<!:'!.5$!<&)':'B6!<%!5-+#*'(!*'(!3!=$'.!.&!
&-)!+5*<#*6!:'!V%*<.5&:2!!3!=*'.$(!.&!B$.!+&<$!A$B$.*#,$+!?&)!.5$!?*<:,%!*'(!<%!
5-+#*'(! 5*(! *44&<@*':$(! <$! .5$)$2! ! I.! *)&-'(! H! @<6! <%! +&'! 4*<$! )-'':'B! .&!
=5$)$!=$!=$)$2!!3!*+>$(!5$)!=5*.!5$!=*'.$(2!]$!.&,(!<$!.5*.!&-)!5&-+$!=*+!&'!
?:)$2!;%!5-+#*'(!#&*)($(!5:+!#:4%4,$!*'(!,$?.!.&!45$4>2!;%!+&'!*'(!3!=*,>$(!5&<$!
&'!?&&.2! _'! *)):A:'B! *.! <%! 5&-+$6! 3!?&-'(! .5*.! $A$)%.5:'B! 5*(! #$$'!#-)'.! #-.! .5$!
5&-+$!=*+!+.:,,!&'!?:)$2!C5$!?:)$!#$B*'!*.!.5$!#$()&&<!*)$*2!3!?&-'(!@$&@,$!.)%:'B!.&!
@-.!.5$!?:)$!&-.!-+:'B!=*.$)2!C5$!?:)$!=*+!.5$'!*.!.5$!)&&?!*'(!5*(!+.*).$(!#-)':'B!
.5$!:)&'!+5$$.2!!3!(&!'&.!>'&=!=5&!#-)'.!<%!5&-+$!*'(!=5%2!!

3!(&!'&.!.5:'>!:+!5*(!*'%.5:'B!.&!(&!=:.5!@&,:.:4+!#$4*-+$!'&'$!&?!<%!45:,()$'!=$)$!
A%:'B! ?&)! .5$! 4:A:4! +$*.+2! ! 3! (:(! '&.! )$@&).! .&! .5$! @&,:4$! .5$'! #$4*-+$! @$&@,$! =$)$!
($<&'+.)*.:'B!:'!.&='!*'(!.5$!@&,:4$!=$)$!+5&&.:'B!)$B*)(,$++!=5$.5$)!&)!'&.!%&-!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&'*
!M3HH!::!3A!C!1A0::!$**!40625!K>!140!M3HH!::!3A!]!A!=6H026^!$+!7898:1!+**)!

&-$ !

!
=$)$!&'!.5$!=)&'B2!C5$!)&*(+!.&=*)(!.&='!=$)$!:<@*++*#,$2!3!5&=$A$)!=*+!*#,$!
.&! )$@&).! X! Y-'$! N11b2! C5$%! @&,:4$! &??:4$)+! B*A$! <$! *'! _a! '-<#$)2! 3! *,+&!
)$B:+.$)$(! .5$!'-<#$)!&?! .5:'B+!#-)'.! :'! <%!5&-+$2!C5$!@&,:4$!5*A$!(&'$!'&.5:'B!
?)&<!.5$!(*.$!=5$'!3!)$@&).$(!.:,,!'&=2!

_'!HW!Y*'-*)%6!N11b6!3!=$'.!.&!.5$!+*<$!+5*<#*6!#-.!.5:+!.:<$!3!=*+!*,&'$2!
3! =$'.! .5$)$! .&! B$.! A$B$.*#,$+! ?&)! .5$! ?*<:,%2! 3.! =*+! *#&-.! HH! *<! :'! .5$!
<&)':'B2! I+! +&&'! *+! 3! +.*).$(! @,-4>:'B! .5$! A$B$.*#,$+6! &'! .-)':'B! 3! +*=! W!
<$'! 4&<:'B! .&=*)(+! <$2! C5$%! =$)$! %&-'B! <$'6! ()$++$(! :'! .)&-+$)+! *'(!
A$+.+2! C5$! 4&'+@:4-&-+! .5:'B! *#&-.! .5$<! :+! .5*.! .5$%! 5*(! n)*+.*+7!
()$*(,&4>+2T! ! C5$%! +*:(! .&! <$! n_&5! =$=$! '(:&! -'*+:>:*! <D-):6! -'*45-'*!
<#&B*! '*! +:+:! .-'*+:>:*! <#*%*R+*+*! .-<$@*.*7! &5! %&-! *)$! .5$! @$)+&'!
?$$,:'B! B&&(R%&-! *)$! +.:,,! @,-4>:'B! A$B$.*#,$+! =5$'! =$! *)$! ?$$,:'B!
#*(22'&=! =$! 5*A$! ?&-'(! %&-2! C5$%! =$)$! +@$*>:'B! :'! 8:+=*5:,:2! 3! =*+! '&.!
*#,$!.&!.$,,!.5$:)!.):#$+!#$4*-+$!.5$%!=$)$!*,,!+@$*>:'B!:'!8:+=*5:,:!*'(!.5$%!
*,,!5*(!()$*(,&4>+2!

_'$! &?! .5$! <$'! 5$,(! <$! &'! .5$! =*:+.6! ,:?.$(! <$! *'(! .5)$=! <$! &'! .5$! B)&-'(2!
I'&.5$)!<*'!.&)$!<%!@*'.:$+!*'(!.5$%!+.*).$(!)*@:'B2!_'$!5$,(!<%!<&-.5!+&!.5*.!
3!(&!'&.!+4)$*<2!3!=*+!.)%:'B!.&!>$$@!<%!,$B+!.&B$.5$)!#-.!&'$!<*'!5$,(!&'$!&?!<%!
,$B+! =5:,$! *'&.5$)! 5$,(! <%! &.5$)! ,$B! *'(! >$@.! <%! ,$B+! *@*).2! C5$)$! =$)$! '&!
5&-+$+! '$*)#%2! C5$%! )*@$(! <$! :'! .-)'+2! I,,! .5$! <$'! )*@$(! <$2! ! _'4$! .5$%! =$)$!
(&'$! =:.5! <$6! .5$%! 5$*($(! .&! *! #-+5! .5*.! &'! .5$! =*%! .&! V%*,$'(*2! C5$! #-+5$+!
*)$!'$*)!*!):A$)6!V%*<*+*):*2!

3!=*+!'&.!$A$'!*#,$!.&!@,-4>!.5$!A$B$.*#,$+!.5*.!3!5*(!B&'$!.&!4-.2!3!9-+.!@:4>$(!<%!
#*+>$.! *'(! 5$*($(! 5&<$2! 3! =*+! =*,>:'B! +,&=,%2! 3! =*+! -'($)! *! ,&.! &?! @*:'m! <%!
5:@+! =$)$! @*:':'B! A$)%! <-452! 3! B&.! .&! <%! 5&-+$! *.! *)&-'(! i! @<2! 3! .&,(! <%!
5-+#*'(6!=5&!=*+!*.!5&<$!#%!.5$'6!&?!=5*.!5*(!5*@@$'$(!.&!<$2!3!(:(!'&.!B&!.&!
.5$! 5&+@:.*,! .5$'! #$4*-+$! *+! 3! 5*(! +.*).$(6! .5$! )&*(+! =$)$! :<@*++*#,$2! 3! +.:,,!
5*A$'T.!B&'$!.&!.5$!5&+@:.*,!.&!+$$>!<$(:4*,!*(A:4$2!3!?$*)!.5*.!+:'4$!3!5*A$!.*>$'!
,&'B!#$?&)$!B&:'B!.&!.5$!5&+@:.*,6!.5$!@$&@,$!*.!.5$!5&+@:.*,!<*%!'$A$)!-'($)+.*'(!
<%!@)$(:4*<$'.2!3!*,+&!(:(!'&.!)$@&).!.5:+!.&!.5$!@&,:4$2!!

&-+ !

!
!

3! +.:,,!,:A$!:'! <%!#-)'.!5&-+$!*'(! 3!?$*)! .5*.! +5&-,(!:.!#$!A$)%! =:'(%6!.5$! =:'(!:+!


B&:'B! .&! #,&=! &??! .5$! )&&?2! 3! 5*A$! '&.! #$$'! *#,$! .&! )$@*:)! <%! 5&-+$! *'(! =5$'! :.!
)*:'6!=*.$)!B$.!:'.&!<%!5&-+$2!

!;%! 5-+#*'(! @*++$(! &'! NP! G$#)-*)%! N11b! *.! 5:+! @,*4$! &?! =&)>! =5$)$! 5$! 5*(!
#$$'! $<@,&%$(! *+! *! =*.45<*'2! ]$! =*+! $<@,&%$(! *.! .5$! S*'(:$B$! F):<*)%!
U45&&,2! _'! .5$! ':B5.! &?! NP! G$#)-*)%6! N11b6! <%! 5-+#*'(! =*+! *..*4>$(! #%!
-'>'&='! @$&@,$6! >:,,$(! *'(! @,*4$(! ! :'! *! 4,*++)&&<2! ]:+! #&(%! =*+! @:4>$(! #%! .5$!
@&,:4$!&??:4$)+!?)&<!8&'($,$!F&,:4$!+.*.:&'!&'!Ni!G$#)-*)%!N11b2!C5$%!+.:,,!5*A$!'&.!
(&'$!*'%!:'A$+.:B*.:&'!.&!*+4$).*:'!=5&!>:,,$(!<%!5-+#*'(2!!

3! 5*A$! #$$'! *??$4.$(! #%! @&+.! $,$4.:&'! A:&,$'4$2! ;%! ,:?$! 5*+! 45*'B$(! +:'4$! 3! =*+!
)*@$(6! <%! 5&-+$! =*+! #-)'.! *'(! .5$! ($*.5! &?! <%! 5-+#*'(2! 3! (&! '&.! 5*A$! *!
,:A$,:5&&(2! ;%! 5-+#*'(! :+! ($*(! *'(! .5$)$! :+! '&! :'4&<$2! 3! (&! '&.! $A$'! >'&=! =5&!
=:,,! )$#-:,(! <%! 5&-+$2! ! 3! )$,%! &'! @$&@,$! .&! 5$,@! <$2! C5$! 4,&.5$+! .5*.! <%! 45:,()$'!
=$*)6! .5&+$! .5*.! 3! =$*)6! #$((:'B+! 5*A$! *,,! 4&<$! ?)&<! @$&@,$2! G&&(! 5*+! #$$'! *!
@)&#,$<2!3!5*A$!.&!+$,,!+&<$!A$B$.*#,$+!.&!B$.!+&<$!?,&-)2/!

&-% !

!
#CC1?A50!m&o!
!

)8E1!+43A:!lR!

%C4D! 67F0! H43>0DD! 4D! 7! SR! 9078! ?F@! HC?! A750! 054@0>10! ?G! 62F34BF0! 628@0808D!
W4FF4>A!D050>!606E08D!?G!C4D!G764F9P!E04>A!054130@!G8?6!C4D!C?60P!E04>A!12880>3F9!
7>! #J:! 7>@! 3C73! 73! F07D3! ?>0! ?G! 3C0! ?84A4>7F! B08B03873?8D! 4D! >?H! ?112B94>A! C4D!
F7>@Lhbd!!!

=0!80B?830@!7!G2FF!711?2>3!3?!3C0!:?F410!E23!3C080!C7D!?>F9!E00>!B78347F!G?FF?HO2BL!!
#3! 7BB078D! 3C73! 4>! DB430! ?G! 1?6B0FF4>A! 054@0>10! ?>F9! ?>0! B08B03873?8! C7D! E00>!
1C78A0@! H43C! 628@08L! ! #@0>34G94>A! 6730847F! C7D! E00>! 806?50@! G8?6! 3C0! ?84A4>7F!
D373060>3L!

%C0!H43>0DD0D!801?2>30@!3C73P!

"Q-):'B! .5$! )$?$)$'(-<! 4*<@*:B'+! &?! N11W6! 3! =*+! *+>$(! #%! <%! 8*,$'9:'!
'$:B5#&-)+6! =5$)$! 3! =&-,(! B&! :?! .5$! _)*'B$oV&! A&.$! 4*)):$(! .5$! (*%6! #$4*-+$!
;*9:<#&! =&-,(! #$! :<@,$<$'.$(! *'(! 3! *<! '&.! &?! .5$:)! 9:<#&2! ! 3! *,+&! *+>$(! .5$<!
=5$)$!.5$%!=&-,(!B&6!#$4*-+$!.5$%!*)$!8$:%&!*'(!=$!=$)$!:'!g*+:'!c:+5-2!

I! 4&-'4:,,&)6! =5:,$! 4*<@*:B':'B! ?&)! .5$! V&! A&.$6! -+$(! .&! +.*.$! .5*.! =5$.5$)!
a*'*'*o%$+!A&.$!&)!_)*'B$oV&!A&.$!=&'6!*,,!8:>-%-+!<-+.!A*4*.$!.5$!*)$*2!

]*A:'B!,:A$(!:'!.5$!*)$*!+:'4$!H0X16!.5$!,&4*,!4&<<-':.%!-+$(!.&!:'A:.$!<$!.&!.5$:)!
B$.7.&B$.5$)+2! ! F)$A:&-+,%6! 3! =*+! *! +$':&)! 5$*(<*'2! ! G)&<! H0bN6! 3! =*+! *! A:,,*B$!
$,($)!&?!*!+-#7,&4*.:&'6!=5$)$!*!<*9&):.%!&?!.5$!)$+:($'.+!*)$!8*,$'9:'+!?&,,&=$(!#%!
8:>-%-+!*'(!8:+::+2!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
&'$
!M3HH!::!3A!C!1A0::!)(!40625!K>!140!M3HH!::!3A!]!A!=6H026^!,!7898:1!+**)!

&-& !

!
Q-):'B!.5$!N11X!4*<@*:B'+6!.5$!8*,$'9:'!@&,:.:4:*'+!-+$(!.&!<*>$!-..$)*'4$+!.5*.6!
"R2%&-! n>:<:):&T! &)! n#-'%&.T! Z#&.5! <$*':'B! $'$<%K! <-+.! ,$*A$! .5$! *)$*! =5$.5$)!
8:#*>:!=:'+!&)!,&+$+!:'!.5$!c$'$)*,!$,$4.:&'+2/!!!

_'!.5$!NX.5!&?!Q$4$<#$)6!N11X6!3!*'(!<%!?*<:,%!<$<#$)+!=&>$!-@!A$)%!$*),%!.&!B&!
*'(!A&.$2!!C5$!8*,$'9:'!FVg!*B$'.+!5*(!#$$'!($':$(!$'.)%!:'.&!.5$!@&,,:'B!+.*.:&'!
*'(!=$)$!'&.!$A$'!*,,&=$(!.&!A&.$6!.5&-B5!.5$!_Q;!*B$'.+!=$)$!*,,&=$(!:'.&!.5$!
@&,,:'B!+.*.:&'+2!

I.!*#&-.!\!*<6!.5$!8*,$'9:'+!+.*).$(!A&.:'B!*'(!.5:+!=*+!&'!-'.:,!*#&-.!0!@2<2!!C5$!
8*,$'9:'+! =$)$! *,,&=$(! .&! A&.$! -@! .&! +:h! .:<$+2! ! O&.$! 4&-'.:'B! .5$'! 4&'.:'-$(!
.5)&-B5&-.!.5$!$A$':'B6!-'.:,!.5$!<&)':'B!&?!Nb.5!Q$4$<#$)6!N11X2!!C$'+:&'!+.*).$(!
#-:,(:'B! -@! ?)&<! .5$! Nb.5! *'(! .5$! N0.56! *'(! =5$'! *! 4$).*:'! f&-'4:,,&)! =&'6! :.!
$h*4$)#*.$(2!

_'!.5$!P1.5!&?!Q$4$<#$)6!*?.$)!*!45-)45!+$)A:4$!=:.5:'!<%!4&<@&-'(6!3!'&.:4$(!.5*.!
=5$)$*+! &)(:'*):,%! *?.$)! .5$! +$)A:4$! .5$! 8*,$'9:'+! =&-,(! 9&:'! -+! :'! <%! 5&<$6! &'!
.5:+!(*%6!.5$%!($4,:'$(2!!S$!?$,.!.5*.!*,,!=*+!'&.!=$,,2!

_'!.5$!PH+.!&?!Q$4$<#$)6!3!=*+!:'!<%!5&<$!=:.5!<%!=:?$6!?&-)!+&'+6!(*-B5.$)!*'(!
.=&! B)*'(45:,()$'2!! I.! *#&-.! W!@2<26! =5:,$! =$! =$)$! (:+4-++:'B! ?*<:,%! <*..$)+! :'!
.5$! 4&<@&-'(6! <%! '$:B5#&-)! A:+:.$(! -+! *'(! .&,(! <$! .5*.! +&<$! %&-.5! =*'.$(! .&!
4*-+$!A:&,$'4$6!#-.!.5*.!.5$!$,($)+!=$)$!*B*:'+.!:.2!!]$!*++-)$(!<$!.5*.!.5$!$,($)+!
=&-,(!'&.!*,,&=!.5$!A:&,$'4$!.&!.*>$!@,*4$!*'(!3!=*+!4&'+&,$(2!!!

3!=$'.!*'(!B&.!45*)4&*,!?)&<!*!'$:B5#&-)!*'(!.5$'!*'(!5$*($(!.&=*)(!<%!5&-+$2!!
S5$'! 3! B&.! .5$)$6! <%! =:?$! :'?&)<$(! <$! .5*.! .5$)$! 4&-,(! #$! .)&-#,$6! *'(! ?-).5$)6!
.5*.!.=&!@$&@,$!5*(!A:+:.$(!-+!*'(!.&,(!5$)!.5*.!:+!.5$!%&-.5!!!:'.$'(:'B!.&!4*-+$!
A:&,$'4$! 4*<$! .&! &-)! 4&<@&-'(6! +5$! +5&-,(! +4)$*<! *'(! .5$%! =&-,(! 4&<$! .&! &-)!
)$+4-$2!!I.!.5$!.:<$6!<%!+&'+!=$)$!:'!.5$!<$'T+!5&-+$2!

S5$'! 3! =$'.! &-.+:($6! 3! +*=! *#&-.! i1! *)<$(! %&-.5+! *.! .5$! $'(! &?! <%! ?*)<2! ! C5$!
+*:(!*)<$(!%&-.5!=$)$!.*,>:'B!=:.5!.=&!'$:B5#&-)+!+&!3!*,$).$(!<%!=:?$!.5*.!.5$)$!
=*+!.)&-#,$2!

!
&-' !

!
C5$!+*:(!*)<$(!%&-.5+!)*'!:'.&! <%!4&<@&-'(!+4)$*<:'B!*'(!<%!+&'+!B&.!&-.!&?!
.5$:)!5&-+$+2!! 3! *+>$(!&'$!&?!.5$! *..*4>:'B!%&-.56! =5%! .5$%! =$)$! *..*4>:'B!-+2!! 3!
.&,(!5:<!.5*.!:+!:.!=*+!,*'(!.5$%!=*'.$(6!.5$%!+5&-,(!9-+.!,$.!<%!?*<:,%!,$*A$2!!I,,!
.5:+!.:<$6!.5$%!=$)$!+5&&.:'B!*))&=+!*.!-+!*'(!.5)&=:'B!+.&'$+6!=5:,$!.5$%!<*($!
+&-'(+! ,:>$! (&B+2! ! ]$! .5$'! )$@,:$(! .5*.! .5$%! =*'.$(! ?:A$! 5$*(+! ?)&<! <%!
4&<@&-'(2!

;%!+&'+! *+>$(! <$! .&!B$.!#*4>!:'.&! .5$!5&-+$! *'(!<%! =:?$! *'(! 3!)$.)$*.$(! .&! .5$!
#$()&&<6!=5$)$!3!4&'.:'-$(!@,$*(:'B!=:.5!.5$!*..*4>$)+!.5)&-B5!.5$!=:'(&=2!!C5$!
*..*4>$)+!5*(!.&)45$(!*,,!.5$!5&-+$+2!!S5:,$!3!=*+!+.:,,!*.!.5$!=:'(&=6!3!+*=!&'$!&?!
<%!+&'+!#$:'B!5:.!=:.5!*!4,-#!&'!.5$!45$+.!*'(!5$!+4)$*<$(2!!3!4*,,$(!.&!5:<!.&!B$.!
:'.&! .5$! 5&-+$2! ! 3! B&.! -'($)! *! #$(! =:.5! <%! B)*'(+&'2! ! ;%! =:?$! *,+&! B&.! -'($)!
*'&.5$)!.5$!#$(6!#-.!&'!.5$!+:($!?*4:'B!.5$!(&&)2!!C5$!*..*4>$)+!B*:'$(!$'.)%!:'.&!
.5$! 5&-+$! #%! ?&)4:'B! .5$! (&&)! &@$'2! ! C5$%! B&.! 5&,(! &?! <%! B)*'(+&'+! =5&<! .5$%!
.5)$=! &-.! &?! .5$! (&&)! =5$)$! .5$%! =$)$! <-)($)$(2! ! ;%! =:?$! +4)$*<$(! *'(! .5$!
*..*4>$)+! @-,,$(! 5$)! &-.! ?)&<! -'($)! .5$! #$(! *'(! 5:.! 5$)! &'! .5$! 5$*(! =:.5! *! 4,-#!
#$?&)$!.5$%!+,:.!5$)!.5)&*.!=:.5!*!>':?$2!!a$?&)$!.5$%!>:,,$(!5$)6!+5$!=*+!+4)$*<:'B6!
"#)&.5$)6! =5%! *)$! %&-! *..*4>:'B! -+kT! ! ]$! )$@,:$(! .$,,:'B! 5$)! .5*.! .5$! .:<$! ?&)!
#)&.5$)5&&(!=*+!&A$)!*'(!+5$!5*(!#$..$)!@)*%2!

S5:,$!3!=*+!*.!.5$!=:'(&=!@,$*(:'B!=:.5!.5$<!.&!*,,&=!-+!+*?$!@*++*B$!&-.!&?!.5$!
A:,,*B$6! 3! )$4&B':D$(! Hi! @$&@,$! =5&! 3! >'$=! .&! #$! *<&'B+.! .5$! *..*4>$)+2! ! G&-)! &?!
.5$<!>:,,$(!<$<#$)+!&?!<%!?*<:,%!:'4,-(:'B!<%!=:?$6!.5)$$!+&'+6!<%!(*-B5.$)!*'(!
.=&!B)*'(45:,()$'2!!_'$!4*)):$(!@$.)&,6!&'$!=*+!*'(!$,($)6!&'$!=*+!.5$!,$*($)!*'(!
4*)):$(! *! B-'6! &'$! =*+! *! .$*45$)! *'(! .5$)$! =$)$! &.5$)+2! ! _',%! &'$! 5*+! #$$'!
*))$+.$(2!

_'$!+&'!$+4*@$(!.5)&-B5!.5$!=:'(&=!*'(!=*+!@-)+-$(!#%!.5$!*..*4>$)+!?&)!&A$)!
.=&!>:,&<$.)$+2!!;%!(*-B5.$)7:'7,*=!=5&!=*+!*,+&!5:(:'B!-'($)!.5$!#$(!=:.5!5$)!
(*-B5.$)!*'(!*'&.5$)!B)*'((*-B5.$)6!$+4*@$(!*?.$)!.5$!*..*4>$)+!@-)+-$(!<%!+&'!
*'(!5:(!-'($)!+&<$!#-+5$+!'$*)!.5$!?$'4$2!

&-( !

!
3!*,+&!)*'!&-.!&?!.5$!#-)':'B!5&-+$!*'(!5:(!-'($)!+&<$!#-+5$+2!!I.!*#&-.!H1!@2<26!
3! 5$*)(! =*:,:'B! *+! &?! *! 45:,(6! *'(! &'! B&:'B! .&! :'A$+.:B*.$6! 3! ?&-'(! *! B)*'(+&'! &?!
<:'$!Z!N!%$*)+K6!:'9-)$(!#-.!+.:,,!*,:A$2!!3!.&&>!5:<!*'(!=$!=$'.!.&!5:($!:'!.5$!#-+52!!
S$!+.*%$(!:'!.5$!#-+5!-'.:,!.5$!<&)':'B!&?!H+.!Y*'-*)%6!N11b6!=5$'!3!=$'.!.&!.5$!
I(<:':+.)*.:&'! F&,:4$! F&+.2! ! C5$)$! =$)$! *! ,&.! &?! @$&@,$! 4*<@:'B! .5$)$! *,)$*(%2!!
g@&'! *)):A*,! *.! .5$! 4*<@6! 3! ?*:'.$(2! ! 3! 4*<$! .&! .5)$$! 5&-)+! .5$)$*?.$)2! ! I'!
I(<:':+.)*.:&'! F&,:4$! _??:4$)! .&&>! <%! B)*'(+&'! *'(! 4,$*'$(! *'(! #*'(*B$(! 5:+!
=&-'(+2!

;%! '$:B5#&-)! ,$(! &.5$)! '$:B5#&-)+! :'! #-)%:'B! <%! ?*<:,%! :'! *! +5*,,&=! B)*A$6! P!
(*%+!*?.$)!.5$!*..*4>6!=:.5!.5$!*++:+.*'4$!&?!.5$!IF!&??:4$)!B:A:'B!B-*)(!+$)A:4$+2!

C5$!IF!&??:4$)!*(A:+$(!.5*.!&-)!+$4-):.%!=*+!'&.!B&&(!*'(!.5*.!=$!+5&-,(!<&A$!.&!
U.2!;-B$!U$4&'(*)%!U45&&,!:'!U-#->:*6!=5$)$!=$!<&A$(!.&6!&'!&)!*#&-.!.5$!i.5!&?!
Y*'-*)%6!N11b2!

3! >'&=! .5$! ($.*:,+! &?! .5$! <&.&)! A$5:4,$+! .5*.! =$)$! -+$(! .&! .)*'+@&).! .5$! *)<$(!
%&-.5!?)&<!.&!<%!A:,,*B$2!!C5$%!*)$!&='$(!#%!*!A:,,*B$!)$+:($'.2!!

_'!.5$!X.5!&?!Y*'-*)%6!<%!+&'7:'7,*=!4*<$!*'(!@:4>$(!<$!-@!?)&<!.5$!4*<@!*'(!
.&&>!<$!5&<$!.&!V9*<#:':2!

_'! .5$! Nb.5! &?! I@):,6! N11b6! .5$! #&(:$+! &?! <%! ?*<:,%! =$)$! $h5-<$(! *'(! =$! B*A$!
.5$<!*!($4$'.!#-):*,2!

3.!:+!<%!@)*%$)!.5*.!.5$!@$)@$.)*.&)+!&?!.5$+$!5$:'&-+!4):<$+!*)$!#)&-B5.!.&!#&&>2!!3!
5*A$! #$$'! :'?&)<$(! .5*.! &'$! &?! .5$! @$)@$.)*.&)+! 5*+! +.*).$(! #-:,(:'B! *! 5&-+$! &'!
<%!@*)4$,!&?!,*'(2!

C5*.!:+!*,,!3!=:+5!.&!+*%2/!

&-, !

!
#CC1?A50!m(a!
!

)565G58?!@619E5BD4!@H!C@G521!!

^;@G521!)@?A324_!!

!!

+@34D!#H9528?!;@G521!+196521!#24Q!*@b!kj!@H!Z[[i!
!
)>#;"&-!ZS!
,*K&;&*K&*"!)'/;%#,*"+!K,-&)"'-#"&!

iSb!&E48FG5ED71?4!8?A!5?A1C1?A1?21!

bRLd!!

7L %C0!4>@0B0>@0>3!)?6BF74>3!J48013?8730P!HC41C!DC7FF!E0!D38213280@!73!E?3C!
>734?>7F!7>@!B8?54>147F!F050FDP!4D!C080E9!0D37EF4DC0@L!
EL %C0! @730! ?>! HC41C! 3C0! B8?54>147F! D38213280D! ?G! 3C0! @48013?8730! H4FF! 1?60!
4>3?! ?B08734?>P! DC7FF! E0! @030864>0@! E9! 3C0! ./0123450! J48013?8! 4>!
1?>D2F3734?>!H43C!3C0!-4>D308L!

bRLQ!!
%C0!@48013?8730!DC7FF!G2>134?>!4>@0B0>@0>3F9!G8?6!3C0!D085410L!

bRLg!!

7L +?!?8A7>!?G!D3730!7>@!>?!606E08!?8!06BF?900!?G!7>!?8A7>!?G!D3730!>?8!7>9!
?3C08!B08D?>!DC7FF!4>308G080!H43C!3C0!./0123450!J48013?8!?8!7!606E08!?G!3C0!
B08D?>>0F! ?G! 3C0! @48013?8730! 4>! 3C0! 0/0814D0! 7>@! B08G?867>10! ?G! C4D! ?G!
B?H08!7>@!G2>134?>DL!
EL (>9! B08D?>! HC?! H4FG2FF9! 4>308G080D! H43C! 3C0! ./0123450! J48013?8! ?8! 7!
606E08!?G!3C0!B08D?>>0F!?G!3C0!@48013?8730!4>!3C0!0/0814D0!?8!B08G?867>10!
?G!C4D!?8!C08!B?H08D!?8!G2>134?>D!DC7FF!E0!A24F39!?G!7>!?GG0>10!7>@!F47EF0!?>!
1?>54134?>! 3?! 7! G4>0! ?8! 3?! 46B84D?>60>3! G?8! 7! B084?@! >?3! 0/100@4>A! 3H?!
9078DL!

bRLh!
(FF! ?8A7>D! ?G! D3730! DC7FF! 711?8@! D21C! 7DD4D37>10! 7D! 679! E0! 807D?>7EF9! 80X2480@!
G?8! 3C0! B8?30134?>! ?G! 3C0! 4>@0B0>@0>10P! 46B78347F439P! @4A>439! 7>@! 0GG013450>0DD!?G!
3C0!@48013?8730!4>!3C0!0/0814D0!7>@!B08G?867>10!?G!43D!B?H08D!7>@!G2>134?>DL!

&-) !

!
iZb!#CC@5?471?4!@H!&01234561!K59124@9!U!!

bdLd!!
%C0! -4>4D308! DC7FF! >?64>730! 7! D2437EF9! X27F4G40@! B08D?>! G?8! 7BB?4>360>3! 3?! 3C0!
?GG410! ?G! ./0123450! J48013?8! 3?! C07@! 3C0! @48013?8730! 4>! 711?8@7>10! H43C! 7!
B8?10@280! 3?! E0! @030864>0@! E9! 3C0! -4>D308! 4>! 1?>D2F3734?>! H43C! 3C0!
:78F4760>3789!)?6643300DL!

bdLQ!!
%C0! :78F4760>3789! )?6643300D! DC7FFP! H43C4>! 7! B084?@! ?G! gR! B78F4760>3789!
H?8W4>A!@79D!?G!3C0!>?64>734?>!4>!3086D!?G!D2EOD0134?>!]d^!1?>G486!?8!80\013!D21C!
>?64>734?>L!

bdLg!!
#>!3C0!050>3!?G!3C0!>?64>734?>!E04>A!1?>G4860@!!

7L $21C! B08D?>! DC7FF! E0! 7BB?4>360>3! 3?! 3C0! ?GG410! ?G! ./0123450! J48013?8!
D2E\013! 3?! 3C0! F7HD! A?508>4>A! 3C0! B2EF41! D085410! H43C! 0GG013! G8?6! 7! @730!
7A800@!2B?>!E9!D21C!B08D?>!7>@!3C0!-4>4D308c!7>@!!
EL $21C!7BB?4>360>3!DC7FF!E0!G?8!7!B084?@!>?3!0/100@4>A!G450!9078DM!:8?54@0@!
3C73! D21C! B08D?>! DC7FF! E0! 0F4A4EF0! G?8! 1?>D0123450! 7BB?4>360>3! 4>!
711?8@7>10!H43C!3C4D!D0134?>L!

bdLh!!
%C0! ./0123450! J48013?8! 679! E0! 806?50@! G8?6! C4D! ?8! C08! ?GG410! 2>@08! 3C0!
148126D37>10D! 7>@! 4>! 3C0! 67>>08! B80D184E0@! E9! 3C0! -4>4D308! 4>! 1?>D2F3734?>!
H43C!3C0!:78F4760>3789!)?6643300DL!

iRb!;19E@??1G!8?A!10C1?A54391!

bQLd!!
%C0! B08D?>>0F! ?G! 3C0! @48013?8730D! DC7FF! 1?>D4D3! ?G! B08D?>D! 7BB?4>30@! E9! 3C0!
./0123450! J48013?8! 4>! 1?>D2F3734?>! H43C! 3C0! -4>4D308! D2E\013! 3?! 3C0! F7HD!
A?508>4>A! 3C0! B2EF41! D085410! 7>@! D21C! ?3C08! B08D?>D! 7D! 679! E0! D01?>@0@! ?8!
387>DG0880@!3?!3C0!@48013?8730L!

bQLQ!!
%C0! 3086D! 7>@! 1?>@434?>D! ?G! D085410! ?G! 3C0! B08D?>>0F! ?G! 3C0! @48013?8730! DC7FF! E0!
@030864>0@! E9! 3C0! -4>4D308! 4>! 1?>D2F3734?>! H43C! 3C0! ./0123450! J48013?8! 7>@! 3C0!
:2EF41!$085410!)?664DD4?>L!

bQLg!!
%C0! G2>134?>D! ?G! 3C0! @48013?8730! DC7FF! E0! G2>@0@! E9! 6?>09! 7BB8?B84730@! E9!
:78F4760>3!G?8!3C73!B28B?D0L!
&-- !

!
bQLh!!
%C0!./0123450!J48013?8!DC7FFP!D2E\013!3?!3C0!./1C0X208!(13L!deeS!](13! +?L!jj!?G!
deSh^!!

7L E0!3C0!711?2>34>A!?GG4108!1C78A0@!H43C!3C0!80DB?>D4E4F439!?G!711?2>34>A!G?8!
7FF! 6?>09! 7BB8?B84730@! E9! :78F4760>3! G?8! 3C0! B28B?D0! ?G!3C0! B08G?867>10!
?G!3C0!G2>134?>D!?G!3C0!@48013?8730!7>@!3C0!234F4D734?>!3C080?Gc!7>@!
EL 172D0!3C0!>010DD789!711?2>34>A!7>@!?3C08!80F730@!801?8@D!3?!E0!W0B3L!!

iVb!(3?245@?!@H!A59124@9841!

bgLd!!

7L %C0! B84>14B7F! G2>134?>! ?G! 3C0! @48013?8730! DC7FF! E0! 3C0! 71C405060>3! ?G! 3C0!
?E\013!1?>306BF730@!4>!D0134?>!QQQ!?G!3C0!)?>D343234?>L!
EL %C0!./0123450!J48013?8!DC7FF!E0!80DB?>D4EF0!G?8!T!

7L4L 3C0!B08G?867>10!?G!3C0!G2>134?>D!?G!3C0!@48013?8730c!7>@!!
EL44L 3C0!67>7A060>3!7>@!7@64>4D38734?>!?G!3C0!@48013?8730L!!

bgLQ!#>!?8@08!3?!71C4050!43D!?E\013DP!3C0!@48013?8730!T!!

7L 679!<$)&!<&.-!?8!2B?>!80104B3!?G!7!1?6BF74>3P!4>50D34A730!7>9!64D1?>@213!
?8! ?GG0>10! 7FF0A0@F9! 1?664330@! E9! 7>9! 606E08P! 7>@! 679P! HC080!
7BB8?B84730P!80G08!D21C!4>50D34A734?>!3?!3C0!B?F410!7134?>c!7>@!
EL DC7FF! 608?! 6?32! ?8! 2B?>! 80104B3! ?G! 7! 1?6BF74>3P! 4>50D34A730! 7>9! @073C! 4>!
B?F410!12D3?@9!?8!7D!7!80D2F3!?G!B?F410!7134?>c!7>@!!
1L 679! 4>50D34A730! 7>9! 673308! 80G0880@! 3?! 3C0! @48013?8730! E9! 3C0! -4>4D308! ?8!
3C0!606E08!?G!3C0!./0123450!)?2>14FL!

bQLg!!

7L %C0!-4>4D308!679P!2B?>!3C0!80X20D3!?G!7>@!4>!1?>D2F3734?>!H43C!./0123450!
J48013?8P! 723C?84D0! 3C?D0! 606E08D! ?G! 3C0! B08D?>>0F! ?G! 3C0! @48013?8730!
4@0>34G40@!E9!3C0!./0123450!J48013?8P!3?!0/0814D0!3C?D0!B?H08D!7>@!B08G?86!
3C?D0!@2340D!1?>G0880@!?>!?8!7DD4A>0@!3?!7>9!606E08!E9!?8!2>@08!3C4D!(13!
?8!7>9!?3C08!F7HL!!
EL %C0!606E08D!?G!3C0!B08D?>>0F!80G0880@!3?!4>!B787A87BC!]7^!DC7FF!C750!D21C!
4662>4340D!7>@!B8454F0A0D!7D!679!E0!1?>G0880@!E9!3C0!F7H!?>!7!606E08!4>!
?8@08!3?!0>D280!3C0!4>@0B0>@0>3!7>@!0GG013450!0/0814D0!7>@!B08G?867>10!4G!
3C048!B?H08D!7>@!@2340DL!

bQLh!
(!@?1260>3P!4>!3C0!B80D184E0@!G?86P!10834G94>A!3C73!7!B08D?>!4D!7!606E08!?G!3C0!
B08D?>>0F!?G!3C0!@48013?8730!7>@!C7D!E00>!723C?84D0@!3?!0/0814D0!3C0!B?H08D!7>@!

'** !

!
B08G?86! 3C0! @2340D! ?G! 7! 606E08P! DC7FF! E0! B8467! G7140! B8??G! 3C73! D21C! 606E08!
C7D!E00>!723C?84D0@!7D!1?>306BF730@!4>!D2ED0134?>!]g^L!

bQLb!!
(>9! 606E08! ?G! 3C0! B08D?>>0F! ?G! 3C0! @48013?8730! HC?! H4FG2FF9! @4D1F?D0D! 7>9!
4>G?86734?>!4>!148126D37>10D!4>!HC41C!C0!?8!DC0!W>?HD!?8!1?2F@!807D?>7EF9!E0!
0/B0130@! 3?! W>?H! 3C73! D21C! @4D1F?D280! H?2F@! ?8! 679! B80\2@4147FF9! 7GG013! 3C0!
B08G?867>10! E9! 3C0! @48013?8730! ?8! 3C0! $085410! ?G! 43D! G2>134?>DP! DC7FF! E0! A24F39!?G!
7>!?GG0>10!7>@!F47EF0!?>!1?>54134?>!3?!7!G4>0!?8!3?!46B84D?>60>3!G?8!7!B084?@D!>?3!
0/100@4>A!3H?!9078DL!!

bQLj!%C0!./0123450!J48013?8!679!T!!

7L 73!7>9!3460!H43C@87H!7>9!80G0887F!67@0!2>@08!D2ED0134?>!]Q^!]7^c!
EL 80X20D3!7>@!?E374>!4>G?86734?>!G8?6!7>9!)?664DD4?>08!?8!B?F410!?GG4147F!7D!
679!E0!>010DD789!G?8!1?>@2134>A!7>9!4>50D34A734?>M!
1L !!

@L4L 6?>43?8!3C0!B8?A80DD!?Gc!
0L44L D03!A24@0F4>0D!80A78@4>A!c!7>@!
GL444L 80X20D3!7>@!?E374>!4>G?86734?>!80A78@4>A!7>!4>50D34A734?>!80G0880@!3?!
7!)?664DD4?>08!2>@08!D2ED0134?>!]Q^!]7^c!

@L 80X20D3! 7>@! ?E374>! 3C0! 1?O?B08734?>! ?G! 7>9! 606E08! 7D! 679! E0! >010DD789!
3?!71C4050!3C0!?E\013!?G!3C0!@48013?8730c!
0L 1?660>10!7>!4>50D34A734?>!?>!7>9!673308!>?3H43CD37>@4>A!3C0!G713!3C73!7>!
4>50D34A734?>! 80A78@4>A! 3C0! D760! 673308! C7D! E00>! 80G0880@! 2>@08!
D2ED0134?>!]Q^!7!B0>@4>A!?8!C7D!E00>!1F?D0@!E9!3C0!$085410P!?8!3C0!@?1W03!
80A78@4>A! 3C0! 673308! C7D! E00>! D2E64330@! 3?! 3C0! 733?8>09OA0>087F! G?8!
@014D4?>c!:8?54@0@!3C73!4>!3C0!17D0!?G!7!T!

GL4L 80G0880@! ?8! B0>@4>A! 4>50D34A734?>P! @48013?8730! DC7FF! 713! 7G308!


1?>D2F3734?>!H43C!3C0!606E08!C07@4>A!3C0!4>50D34A734?>c!?8!!
AL44L @?1W03! 80A78@4>A! 7! 673308! C754>A! E00>! D2E64330@! 3?! 3C0! 733?8>09O
A0>087F! G?8! @014D4?>P! 3C0! @48013?8730! DC7FF! 713! 4>! 1?>D2F3734?>! H43C!
3C0!733?8>09!T!A0>087Fc!!

GL 80X20D3!7>@!?E374>!4>G?86734?>!G8?6!3C0!733?8>09!T!A0>087F[D!?GG410!4>!D?!7D!
43! 679! E0! >010DD789! G?8! 3C0! @48013?8730! 3?! 1?>@213! 7>! 4>50D34A734?>M!
:8?54@0@!3C73!3C0!733?8>09!T!A0>087F!679!?>!807D?>7EF0!A8?2>@D!80G2D0!3?!
7110@0!3?!D21C!80X20D3c!
AL D2E643! 3C0! 80D2F3D! ?G! 7>! 4>50D34A734?>! 3?! 3C0! 733?8>09! T! A0>087F! G?8! C4D! ?8!
C08!@014D4?>c!
CL 4>!1?>D2F3734?>!H43C!3C0!-4>4D308!7>@!H43C!3C0!1?>12880>10!?G!3C0!-4>4D308!
?G! '4>7>10P! ?E374>! 3C0! >010DD789! 80D?2810D! 7>@! F?A4D3417F! D2BB?83! ?8!
0>A7A0! 3C0! D085410D! ?G! 0/B083DP! ?8! ?3C08! D2437EF0! B08D?>D! 3?! 0>7EF0! 3C0!
@48013?8730!3?!71C4050!43D!?E\013c!
'*$ !

!
4L 67W0!801?660>@734?>D!3?!3C0!)?664DD4?>08!1?>108>0@c!
\L 67W0! 7>9! 801?660>@734?>! 3?! 3C0! -4>4D308! ?8! 7! 606E08! ?G! 3C0! ./0123450!
)?2>14F! HC41C! C0! ?8! DC0! @006D! >010DD789! 80A78@4>A! 7>9! 673308!
4>50D34A730@! E9! 3C0! @48013?8730! ?8! 80F734>A! 3?! 3C0! B08G?867>10! ?G! 3C0!
@48013?8730[D! G2>134?>DM! :8?54@0@! 3C73! 4>! 3C0! 050>3! ?G! 7! 801?660>@734?>!
67@0! 3?! 7! 606E08! ?G! 3C0! ./0123450! )?2>14FP! 7! 1?B9! 3C080?G! DC7FF! E0!
G?8H78@0@!3?!3C0!-4>4D308c!7>@!
WL D2E\013!3?!3C0!./1C0X208!(13P!deSb!](13!>?!jj!?G!deSb^P!@0F0A730!7>9!?G!C4D!
?8!C08!B?H08D!3?!7>9!606E08!?G!3C0!B08D?>>0F!?G!3C0!@48013?8730L!

bQLS!!
%C0! ./0123450! J48013?8! DC7FFP! 4>! 1?>D2F3734?>! H43C! 3C0! -4>4D308P! 4DD20!
4>D382134?>D!3?!E0!1?6BF40@!H43C!E9!3C0!@48013?8730!HC41C!DC7FF!:'.$)!*,:*!4>1F2@0!
4>D382134?>D!80A78@4>A!T!!

7L 3C0!F?@A4>AP!8010454>A!7>@!B8?10DD4>A!?G!1?6BF74>3Dc!!
EL 801?8@4>A!7>@!D7G0OA278@4>A!?G!4>G?86734?>!7>@!054@0>10c!!
1L @4D1F?D280!?G!4>G?86734?>c!!
@L 3C0!67W4>A!?G!G4>@4>AD!7>@!801?660>@734?>Dc!7>@!!
0L 7FF!673308D!4>14@0>37F!3?!3C0!673308D!80G0880@!3?!4>!B787A87BCD!]7^!3?!]1^!!

bQLf!!
%C0!+734?>7F!?8!:8?54>147F!)?664DD4?>08!DC7FF!>?34G9!3C0!@48013?8730!?G!7FF!17D0D!
?G!@073C!4>!B?F410!12D3?@9!?8!7D!7!80D2F3!?G!B?F410!7134?>L!

bQLe!!
%C0!-4>4D308!679!B80D184E0!B8?10@280D!80A78@4>A!T!!

7L B8?30134>A!3C0!4@0>34G9!7>@!4>30A8439!?G!1?6BF74>3Dc!7>@!!
EL H43>0DD!B8?30134?>!B8?A87660DL!!

ihb!-1C@945?Bb!U!%C0!./0123450!J48013?8!DC7FF!T!!

7L H43C4>! 3C800! 6?>3CD! 7G308! 3C0! 0>@! ?G! 071C! G4>7>147F! 9078P! D2E643! 3?! 3C0!
-4>4D308! 7! H84330>! 80B?83! ?>! 713454340D! ?G! 3C0! @48013?8730! @284>A! 3C73!
G4>7>147F! 9078P! HC41C! 80B?83! DC7FF! E0! 37EF0@! 4>! :78F4760>3! E9! 3C0! -4>4D308!
H43C4>dh!@79D!7G308!80104B3!3C080?G!?8!4G!:78F4760>3!4D!>?3!3C0>!4>!D0DD4?>P!
H43C4>!dh!@79D!7G308!3C0!1?660>1060>3!?G!3C0!>0/3!0>D24>A!D0DD4?>c!7>@!
EL 73! 7>9! 3460! HC0>! 80X20D30@! 3?! @?! D?! E9! 3C0! -4>4D308! ?8! 043C08! 3C0!
:78F4760>3789! )?6643300DP! D2E643! 7! 80B?83! ?>! 3C0! 713454340D! ?G! 3C0!
J48013?8730!3?!3C0!-4>4D308!?8!3C73!)?6643300L!

'*+ !

!
!

!"D1!,?A1C1?A1?4!;@G521!)@7CG85?4E!#34D@954:!#24!^*1I!p18G8?A_!

!
ZRb!(3?245@?E!@H!#34D@954:!

]d^!%C0!G2>134?>D!?G!3C0!(23C?8439!DC7FF!E0M!!

]7^!%?!8010450!1?6BF74>3D!

]4^!(FF0A4>A!7>9!64D1?>@213!?8!>0AF013!?G!@239!E9!7>9!606E08!?G!3C0!:?F410c!?8!!

]44^! )?>108>4>A! 7>9! B8713410P! B?F419P! ?8! B8?10@280! ?G! 3C0! :?F410! 7GG0134>A! 3C0!
B08D?>!?8!E?@9!?G!B08D?>D!67W4>A!3C0!1?6BF74>3!4>!7!B08D?>7F!17B71439M!!

]E^!%?!4>50D34A730!?G!43D!?H>!6?34?>P!HC080!43!4D!D734DG40@!3C73!3C080!780!807D?>7EF0!
A8?2>@D! 3?! 17889! ?23! 7>! 4>50D34A734?>! 4>! 3C0! B2EF41! 4>3080D3P! 7>9! 4>14@0>3!
4>5?F54>A! @073C! ?8! D084?2D! E?@4F9! C786! >?34G40@! 3?! 3C0! (23C?8439! E9! 3C0!
)?664DD4?>08!2>@08!D0134?>!dg!?G!3C4D!(13M!!

]1^!%?!37W0!D21C!7134?>!4>!80DB013!?G!1?6BF74>3DP!4>14@0>3DP!7>@!?3C08!673308D!7D!
4D!1?>306BF730@!E9!3C4D!(13L!!

]Q^!#>!3C0!1?28D0!?G!37W4>A!7134?>!4>!80DB013!?G!7>9!1?6BF74>3!3C0!(23C?8439!679!
4>50D34A730! 7>9! 7BB780>3! 64D1?>@213! ?8! >0AF013! ?G! @239! E9! 7! 606E08! ?G! 3C0!
:?F410P! ?8! 7>9! :?F410! B8713410P! B?F419P! ?8! B8?10@280P! HC41C! 7BB078D! 3?! 3C0!
(23C?8439! 3?! 80F730! 3?! 3C0! 1?6BF74>3P! >?3H43CD37>@4>A! 3C73! 3C0! 1?6BF74>3! 43D0FG!
@?0D!>?3!80G08!3?!3C73!64D1?>@213P!>0AF013P!B8713410P!B?F419P!?8!B8?10@280L!!

+?3C4>A! 4>! D2ED0134?>! ]d^! ?G! 3C4D! D0134?>! DC7FF! 723C?84V0! 3C0! (23C?8439! 3?!
4>50D34A730! 7>9! 673308! 80F734>A! 3?! 3C0! 3086D! 7>@! 1?>@434?>D! ?G! D085410! ?G! 7>9!
B08D?>!7D!7!606E08!?G!3C0!:?F410L!!

ZTb!#245@?!3C@?!91215C4!@H!2@7CG85?4!

]d^! &>! 8010454>A! ?8! E04>A! >?34G40@! ?G! 7! 1?6BF74>3! 2>@08! 3C4D! (13P! 3C0! (23C?8439!
679!@?!7FF!?8!7>9!?G!3C0!G?FF?H4>AM!!

'*% !

!
]7^!#>50D34A730!3C0!1?6BF74>3!43D0FGP!HC03C08!?8!>?3!3C0!:?F410!C750!1?660>10@!7!
:?F410!4>50D34A734?>M!!

]E^!J0G08! 7134?>! 2>34F! 3C0! 80104B3! ?G! 7! 80B?83! G8?6! 3C0! )?664DD4?>08! ?>! 7! :?F410!
4>50D34A734?>!?G!3C0!1?6BF74>3M!!

]1^!&508D00!7!:?F410!4>50D34A734?>!?G!3C0!1?6BF74>3M!!

]@^! J014@0P! 4>! 711?8@7>10! H43C! D0134?>! df! ?G! 3C4D! (13P! 3?! 37W0! >?! 7134?>! ?>! 3C0!
1?6BF74>3L!!

n]Q^! $2E\013! 3?! D2ED0134?>! ]Q(^! ?G! 3C4D! D0134?>P! 3C0! (23C?8439! DC7FFP! 7D! D??>! 7D!
B8713417EF0P! 7@54D0! 3C0! )?664DD4?>08! 7>@! 3C0! 1?6BF74>7>3! ?G! 3C0! B8?10@280! 43!
B8?B?D0D!3?!7@?B3!2>@08!D2ED0134?>!]d^!?G!3C4D!D0134?>L!

n]Q(^!<C080|!

]7^!(!1?6BF74>3!4D!67@0!3?!3C0!:?F410c!7>@!!

]E^!%C0!(23C?8439!@014@0D!3?!7@?B3!3C0!B8?10@280!B8?54@0@!G?8!4>!B787A87BC!]7^!?8!
B787A87BC!]E^!?8!B787A87BC!]1^!?G!D2ED0134?>!]d^!?G!3C4D!D0134?>c!7>@!!

]1^! %C0! (23C?8439! 4D! D734DG40@! 3C73! 3C0! :?F410! H4FF! 4>G?86! 3C0! 1?6BF74>7>3! ?G! 3C0!
B8?10@280! 3?! E0! G?FF?H0@P!
3C0! (23C?8439! 4D! >?3! 80X2480@! 3?! 4>G?86! 3C0! 1?6BF74>7>3! 4>! 711?8@7>10! H43C!
D2ED0134?>!]Q^!?G!3C4D!D0134?>!?G!3C0!B8?10@280!43!B8?B?D0D!3?!G?FF?HLo!!

<C080! 7>9! 1?6BF74>3! 7BB078D! 3?! 3C0! (23C?8439! 3?! E0! 17B7EF0! ?G! 80D?F234?>! E9!
1?>14F4734?>! 4>! 711?8@7>10! H43C! 7>9! 1?>14F4734?>! B8?10@280! 0D37EF4DC0@! E9! ?8!
2>@08!3C0!:?F410!(13!debfP!43!679!4>@41730!3C73!540H!3?!3C0!)?664DD4?>08L!!

%C0!(23C?8439!679!@014@0!3?!37W0!>?!G283C08!7134?>!4>!108374>!148126D37>10DL!!

Z[b!+3FE1Y31?4!C@I19E!5?!91G845@?!4@!2@7CG85?4!

%C0!(23C?8439!679!73!7>9!3460!!

]7^!*0540H!7!:?F410!4>50D34A734?>!?G!7!1?6BF74>3M!!

]E^!J014@0!3?!4>50D34A730!7!1?6BF74>3!43D0FGM!!
'*& !

!
]1^! <C080! 43! ?508D00D! 7! :?F410! 4>50D34A734?>P! A450! D21C! @480134?>D! 3?! 3C0! :?F410!
1?>108>4>A!3C0!4>50D34A734?>!7D!43!3C4>WD!G43M!

]@^! J48013! 3C0! :?F410! 3?! 80O?B0>! 7>! 4>50D34A734?>P! 7>@! 3C0807G308! ?508D00! 3C0!
4>50D34A734?>M!!

]0^!J48013!3C0!:?F410!3?!801?>D4@08!3C048!B8?B?D7FD!G?8!7134?>!?>!7!1?6BF74>3M!!

]G^!J014@0P!4>!711?8@7>10!H43C!D0134?>!df!?G!3C4D!(13P!3?!37W0!>?!G283C08!7134?>!?>!
3C0!1?6BF74>3M!!

]A^! J014@0! 3C73! >?! 7134?>! E9! 3C0! (23C?8439! 4D! 80X2480@! ?>! 3C0! A8?2>@! 3C73! 43!
1?>D4@08D!3C73!3C0!?231?60!?G!7!:?F410!4>50D34A734?>!4D!D734DG713?89L!!

RSb!K34:!@H!)@775EE5@?19!4@!91C@94!4@!#34D@954:!@?!;@G521!5?61E45B845@?!@H!
2@7CG85?4q!!

]d^!%C0! )?664DD4?>08! DC7FF!7D! D??>! 7D! B8713417EF0P! 7>@! 4>! >?! 17D0! F7308! 3C7>!Q!
6?>3CDP! 7G308! 3C0! 1?6BF034?>! ?G! 7! :?F410! 4>50D34A734?>! ?G! 7! 1?6BF74>3P! 80B?83! 3?!
3C0!(23C?8439|!!

]7^! <C03C08! 3C0! 1?6BF74>3! C7D! E00>! 2BC0F@! 7>@P! 4G! D?P! HC73! 7134?>! C7D! E00>!
37W0>!?8!4D!B8?B?D0@!3?!E0!37W0>!3?!80134G9!3C0!673308M!!

]E^!<C03C08!3C0!1?6BF74>3!C7D!E00>!D033F0@!E9!1?>14F4734?>L!!

]Q^! <C0>! 80B?834>A! 3?! 3C0! (23C?8439! 2>@08! 3C4D! D0134?>P! 3C0! )?664DD4?>08! DC7FF!
D2BBF9!3?!3C0!(23C?8439!711?6B7>94>A!6730847F!D2GG4140>3!3?!0>7EF0!3C0!(23C?8439!
3?!7DD0DD!3C0!7@0X2719!?G!3C0!:?F410!4>50D34A734?>L!!

%C0!)?664DD4?>08!679!1?>D2F3!3C0!(23C?8439!?>!7>9!:?F410!B8?B?D7FD!G?8!7134?>!
?>!7!1?6BF74>3!E0G?80!80B?834>A!3?!3C0!(23C?8439!2>@08!3C4D!D0134?>L!!

RZb! )@775EE5@?19! 4@! C9@65A1! 5?H@97845@?! 8?A! 8EE5E48?21! 84! 91Y31E4! @H!
#34D@954:q!!

]d^!%C0! )?664DD4?>08! DC7FFP!HC0>0508! 3C0!(23C?8439! D?! 80X20D3DP! B8?54@0! 3?!3C0!


(23C?8439! 7FF! D21C! 4>G?86734?>! 7>@! 7DD4D37>10! 7D! 4D! >010DD789! G?8! 3C0! B8?B08!

'*' !

!
B08G?867>10! E9! 3C0! (23C?8439! ?G! 43D! G2>134?>D! 4>! 80F734?>! 3?! 43D! 4>50D34A734?>! ?G!
7>9!1?6BF74>3P!4>14@0>3P!?8!?3C08!673308!2>@08!3C4D!(13L!!

]Q^! <C080! 3C0! (23C?8439! ?508D00D! 7! :?F410! 4>50D34A734?>! ?G! 7! 1?6BF74>3P! 3C0!
)?664DD4?>08! DC7FFP! HC0>0508! 3C0! (23C?8439! D?! 80X20D3DP! B8?54@0! 3?! 3C0!
(23C?8439|!!

]7^!(>9!?8!7FF!4>G?86734?>!4>!3C0!B?DD0DD4?>!?8!2>@08!3C0!1?>38?F!?G!3C0!:?F410!3C73!
4D!80F057>3!3?!3C0!1?6BF74>3M!!

]E^!(!80B?83!?>!3C0!B8?A80DD!?G!3C0!4>50D34A734?>L!!

RVb!;9@211A5?BE!@H!#34D@954:q!!

]d^!K0G?80!B8?100@4>A!3?!4>50D34A730!7>9!673308!2>@08!3C4D!(13!3C0!(23C?8439!DC7FF!
4>G?86! 3C0! )?664DD4?>08P! 3C0! 1?6BF74>7>3!]4G! 7>9^P! 7>@P! 2>F0DD! 3C0! 4>3080D3D!?G!
\2D3410! ?3C08H4D0! 80X2480P! 7>9! B08D?>! 7FF0A0@! 3?! E0! 7AA84050@! ]4G! >?3! 3C0!
1?6BF74>7>3^!?G!43D!4>30>34?>D!3?!67W0!3C0!4>50D34A734?>L!!

]Q^! .5089! 4>50D34A734?>! E9! 3C0! (23C?8439! 2>@08! 3C4D! (13! DC7FF! E0! 1?>@2130@! 4>!
B845730L!!

]g^!$2E\013!3?!D0134?>!gd!?G!3C4D!(13P|!!

]7^!%C0!(23C?8439!679!C078!?8!?E374>!4>G?86734?>!G8?6!D21C!B08D?>D!7D!43!3C4>WD!
G43P!4>1F2@4>AP!HC080!43!1?>D4@08D!3C73!12F3287F!673308D!780!7!G713?8!80F057>3!3?!7!
1?6BF74>3! ?8! 4>50D34A734?>P! 4>G?86734?>! G8?6! D21C! B08D?>D! 7D! 3C0! (23C?8439!
3C4>WD!C750!W>?HF0@A0!?8!0/B0840>10!4>!3C?D0!673308DM!!

]E^!#3!DC7FF!>?3!E0!>010DD789!G?8!3C0!(23C?8439!3?!C?F@!7>9!C0784>AM!!

]1^!+?!B08D?>!DC7FF!E0!0>343F0@!7D!?G!84AC3!3?!E0!C078@!E9!3C0!(23C?8439L!!

n]h^! $2E\013! 3?! 3C0! B8?54D4?>D! ?G! 3C4D! (13P! 3C0! (23C?8439! 679! 80A2F730! 43D!
B8?10@280!4>!D21C!67>>08!7D!43!3C4>WD!G43Lo!!

'*( !

!
Rhb!;@I19E!@H!#34D@954:!5?!91G845@?!4@!5?61E45B845@?Eq!!

]d^! %C0! (23C?8439! 679! 80X2480! 7>9! B08D?>! HC?! 4>! 43D! ?B4>4?>! 4D! 7EF0! 3?! A450!
4>G?86734?>! 80F734>A! 3?! 7>9! 673308! 2>@08! 4>50D34A734?>! E9! 3C0! (23C?8439! 3?!
G28>4DC! D21C! 4>G?86734?>P! 7>@! 3?! B8?@210! D21C! @?1260>3D! ?8! 3C4>AD! 4>! 3C0!
B?DD0DD4?>!?8!2>@08!3C0!1?>38?F!?G!3C73!B08D?>P!7D!4>!3C0!?B4>4?>!?G!3C0!(23C?8439!
780!80F057>3!3?!3C0!D2E\013O673308!?G!3C0!4>50D34A734?>L!!

]Q^!%C0!(23C?8439!679!D266?>!E0G?80!43!7>@!0/764>0!?>!?73C!7>9!B08D?>!HC?!4>!
43D! ?B4>4?>! 4D! 7EF0! 3?! A450! 7>9! 4>G?86734?>! 80F734>A! 3?! 3C0! 673308! 2>@08!
4>50D34A734?>P! 7>@! 679! G?8! 3C0! B28B?D0! 7@64>4D308! 7>! ?73C! 3?! 7>9! B08D?>! D?!
D266?>0@L! .5089! D21C! 0/764>734?>! E9! 3C0! (23C?8439! DC7FF! E0! @0060@! 3?! E0! 7!
\2@4147F! B8?100@4>A! H43C4>! 3C0! 607>4>A! ?G! D0134?>! dRf! ?G! 3C0! )8460D! (13! dejd!
]HC41C!80F730D!3?!B08\289^L!!

R[b!,7CG171?4845@?!@H!912@771?A845@?E!@H!#34D@954:q!!

]d^!%C0!)?664DD4?>08!DC7FFP!7D!D??>!7D!807D?>7EF9!B8713417EF0!7G308!8010454>A!7>9!
801?660>@734?>! ?G! 3C0! (23C?8439! 2>@08! D0134?>! QS]Q^! ?8! D0134?>! Qf]Q^! ?G! 3C4D!
(13P|!!

]7^!+?34G9!3C0!(23C?8439!?G!3C0!7134?>!]4G!7>9^!B8?B?D0@!3?!E0!37W0>!3?!A450!0GG013!3?!
3C0!801?660>@734?>c!7>@!!

]E^!I450!807D?>D!G?8!7>9!B8?B?D7F!3?!@0B783!G8?6P!?8!>?3!3?!46BF060>3P!7>9!D21C!
801?660>@734?>L!!

]Q^! #GP! H43C4>! 7! 807D?>7EF0! 3460! 7G308! 7! 801?660>@734?>! 4D! 67@0P! >?! 7134?>! 4D!
37W0>! HC41C! D006D! 3?! 3C0! (23C?8439! 3?! E0! 7@0X2730! 7>@! 7BB8?B84730P! 3C0!
(23C?8439!679P!7G308!1?>D4@084>A!7>9!1?660>3D!67@0!E9!3C0!)?664DD4?>08P|!!

]7^!$0>@!7!1?B9!?G!43D!?B4>4?>!7>@!801?660>@734?>D!?>!3C0!673308P!3?A03C08!H43C!
3C0!1?660>3D!?G!3C0!)?664DD4?>08P!3?!3C0!(33?8>09OI0>087F!7>@!3C0!-4>4D308!?G!
:?F410c!7>@!!

]E^!<C080!43!1?>D4@08D!43!7BB8?B84730P!387>D643!3?!3C0!(33?8>09OI0>087F!G?8!37EF4>A!
4>!3C0!=?2D0!?G!*0B80D0>373450D!D21C!80B?83!?>!3C0!673308!7D!43!3C4>WD!G43L!!
'*, !

!
%C0!(33?8>09OI0>087F!DC7FFP!7D!D??>!7D!B8713417EF0!7G308!8010454>A!7!80B?83!2>@08!
D2ED0134?>! ]Q^! ]E^! ?G! 3C4D! D0134?>P! F79! 3C0! 80B?83! E0G?80! 3C0! =?2D0! ?G!
*0B80D0>373450DL!

'*) !

!
#;;&*K,c!J!

+&*,'-!;'%,)&!'((,)&-+!/'<&K!KO-,*J!'-!,//&K,#"&%.!#("&-!;'+"!&%&)",'*!<,'%&*)&!

*'b! *#/&! ;'+",*J!,*! )O--&*"! ;'+",*J!#*K!"-#*+(&-! '">&-!*'"&+]!)'//&*"+!


d#*O#-.! ;'+",*J!! K#"&+!

dL! (+I."U$! &):J! &):J!#%.+! :?D30@!3?!.F@?803!?>!df3C! %C0!387>DG08!H7D!4>!3C0!64@@F0!?G!


Y(*U*U! ."J&*.%! +?506E08!QRRj!2>34F!dS3C! 3C0!B?D3!0F0134?>!54?F0>10!
_7>2789!QRRf!HC0>!C0!H7D!
387>DG0880@!3?!Y049?!J454D4?>L!

QL! $%.:=.+! &):J! $%(''#+I! :?D30@!3?!+7W282!?>!dj3C!(B84F! %C0!387>DG08!H7D!4>!3C0!64@@F0!?G!


-U+IU%#! +(YU*U! &''#).*!(%! QRRS!2>34F!Qb3C!_7>2789!QRRf! 3C0!B?D3!0F0134?>!54?F0>10L!
:&"#).! HC0>!C0!H7D!387>DG0880@!3?!
=.(JvU(*%.*$! :?F410!C07@X278308DL!

gL! .;.*.%%!<($#I.! ::&! *.%#*.J! :?D30@!3?!*4G3!;7FF09!?>!db3C! =0!H7D!>?3!@20!G?8!80348060>3!


+(YU*Ul*# +?506E08!QRRb!2>34F!QS3C! 2>34F!Qg8@!'0E82789!QRRfL!=0!H7D!
'%!;("".,! _7>2789!QRRf!HC0>!C0!H7D! 17FF0@!3?!+748?E4!?>!QS3C!_7>2789!
803480@L! QRRf!E9!3C0!)?664DD4?>08!?G!
:?F410!7>@!3?F@!3C73!C0!H?2F@!E0!
803480@!7!6?>3C!078F408!3C7>!
D1C0@2F0@L!

hL! I*().!Y(#+J#! ::&!+,(+i(! J#*.)%&*!&'! :?D30@!3?!+97>V7!?>!df3C!(B84F! %C0!387>DG08!H7D!4>!3C0!64@@F0!?G!


)&-:"(#+%$!(+J! QRRj!2>34F!Qf3C!_7>2789!QRRf! 3C0!B?D3!0F0134?>!54?F0>10L!
)U$%&-.*!)(*.! HC0>!DC0!H7D!387>DG0880@!3?!
(%!:&"#).! :?F410!=07@X278308DL!
=.(JvU(*%.*$!

!'*-

!
!
#;;&*K,c!>!
!
*.#*p#!;-'<,*)&!
+#/;%&!#*#%.+,+!'(!#-/+!/'<&/&*"!-&J,+"&-+!+>'=,*J!O+#J&!'(!#-/+!
#*K!#//O*,",'*!('-!">&!;&-,'K!$&"=&&*!RT]ZR]RSST!#*K!ZT]SZ]RSSj!
!
!
dL Y#$U-U!:&"#).!$%(%#&+!
!
+&%.M!O!!
7^ %C0!786?289!801?8@D!G?8!3C0!B084?@!E03H00>!Qf3C!J0106E08!7>@!gR3C!
J0106E08!QRRS!H080!>?3!B8?54@0@L!
E^ %C0!786?289!801?8@D!G?8!3C0!?3C08!@730D!@?!>?3!DC?H!7>9!2D7A0!7B783!G8?6!
3C0!3H?!7BB0784>A!E0F?HL!
!
!
*'! K#"&!'(! *#/&!'(! =&#;'*! #//O*,",'*! #//O*,",'*! #*.!'">&-!
,++O&! '((,)&-! ,++O&K! ,++O&K! O+&K! )'//&*"+!
#*K!-#*\!
dL! QSldQlQRRS! .L!-&+I.*.! ! QR%.(*!I($! (""!QR!%.(*! !
)=#.'! )(++#$%.*$! I($!
#+$:.)%&*! )(++#$%.*$!
QL! QeldlQRRf! -(&$(! (YhS! QR!*&U+J$! +#+.!]e^! !
#+$:.)%&*! &'!SLjQ!$:! *&U+J$!
!
!
QL Y#$U-U!J#;#$#&+("!*.I#$%*,!
!
*'b! K#"&!'(! *#/&!'(! =&#;'*! #//O*,",'*! #//O*,",'*! #*.!'">&-!
,++O&! '((,)&-!#*K! ,++O&K! ,++O&K! O+&K! )'//&*"+!
-#*\!
dL! QeldQlQRRS! <#+$%&+! Ig! QR!*&U+J$! $#Z!]j^! !
$=#Y&*#! &'! *&U+J$!
:&"#).! SLjQ-!
)&+$%(K".!
QL! QeldQlQRRS! *&$.!-<(+_.! Ig! QR!*&U+J$! %<.";.!]dQ^! !
)&*:&*("! &'!SLjQ!$:! *&U+J$!
gL! QeldQlQRRS! _&=+!-KU*U! Ig! QR!*&U+J$! %<&!]Q^! !
:&"#).! *&U+J$!
)&+$%(K".!
hL! QeldQlQRRS! %L!&"(K#*&! Ig! QR!*&U+J$! $.;.+!]S^! !
:&"#).! *&U+J$!
)&+$%(K".!
bL! QeldQlQRRS! "L!-U+I(#! Ig! QR!*&U+J$! $.;.+!]S^! !
:&"#).! &'!SLjQ! *&U+J$!
)&+$%(K".!
jL! QeldQlQRRS! JL!"#%=(+J(! '+! QR!*&U+J$! %<.+%,!]QR^! !
:&"#).! &'!SLjQ! *&U+J$!
)&+$%(K".!
SL! QeldQlQRRS! 'L!(-UIU+.! '+! QR!*&U+J$! $.;.+!]S^! !
$.*I.(+%!! &'!SLjQ! *&U+J$!
fL! QeldQlQRRS! -()=&Y(! '+! QR!*&U+J$! $#Z!]j^! !
:&"#).! &'!SLjQ! *&U+J$!
)&+$%(K".!
eL! QeldQlQRRS! .+&)=!($(+J.! '+! QR!*&U+J$! $#Z!]j^! !
)&*:&*("! &'!SLjQ--! *&U+J$!
dRL! QeldQlQRRS! J(;#J!"(+I(%! -:$! e--! %=#*%,!]gR^! !
)&*:&*("! *&U+J$!
!'$*

!
ddL! QeldQlQRRS! "UY(!KU+I.#! (Y!hS! eR!*&U+J$! %<.+%,!&+.! %=.!*.)&*J!
:&"#).! &'!SLjQ--! ]Qd^*&U+J$! (::.(*$!%&!
)&+$%(K".! =(;.!K..+!
("%.*.J!
$.;.*("!
%#-.$!
dQL! gRldQlQRRS! (L!(KJ#! <.$%.* jh!*&U+J$! &+.!]d^! !
$.+#&*! +! &'!e--! *&U+J!
$.*I.(+%!
dgL! gRldQlQRRS! KL!Y(K#%#! Ig! hR!*&U+J$! %<.+%,!]QR^! !
:&"#).! &'!SLjQ--! *&U+J$!
)&+$%(K".!
dhL! gRldQlQRRS! _L!*&%#)=! -:! jh!*&U+J$! %=#*%..+!]dg^! !
:&"#).! &'!e--! *&U+J$!
)&+$%(K".!
!
!
%C0!G?FF?H4>A!0>3840D!G8?6!3C0!@454D4?>7F!80A4D389!780!4>1?6BF030!4>!3C73!3C09!@?!>?3!C750!
7>9!0>3840D!?>!3C0!80678WD!7D!3?!HC03C08!7>9!8?2>@D!H080!2D0@!?8!>?3!
!
*'! K#"&!'(! *#/&!'(! =&#;'*! #//O*,",'*! #//O*,",' #*.!'">&-!
,++O&! '((,)&-!#*K! ,++O&K! ,++O&K! *!O+&K! )'//&*"+!
-#*\!
dL! QeldQlQRRS! #L!!(L!+&&*! '+! QR!*&U+J$!&'! +&!.+%*,! !
:&"#).! SLjQ-!
)&+$%(K".!
QL! QeldQlQRRS! #L!K.%%! +&! g!*&U+J$!&'! +&!.+%*,! !
:&"#).! .+%*,! SLjQ$:!
)&+$%(K".!
gL! gRldQlQRRS! J(;#J!"(+I(%! +&! j!*&U+J$!&'! +&!.+%*,! !
)&*:&*("! .+%*,! e--!
hL! gRldQlQRRS! .L!($(+J.! +&! j!*&U+J$!&'! +&!.+%*,! !
)&*:&*("! .+%*,! SLjQ--!
bL! gRldQlQRS! .L!+(%#,<(! +&! hR!*&U+J$! +&!.+%*,! !
.+%*,!
jL! gdldQlQRRS! $L!-K&I&! +&! dRR!*&U+J$!&'! +&!.+%*,! %=.!&''#).*!
)&*:&*("! .+%*,! e--! :#)Y.J!(!%&%("!
&'!dPQRR!
*&U+J$!&+!
%=.!$(-.!J(,!
($!%=.!
'&""&<#+I!
%<&!.+%*#.$!
*."(%.!!%&!=#-!
(+J!%=.*.!<($!
+&!())&U+%!
'&*!(""!
.+%*#.$!
SL! gdldQlQRR $L!-K&I&! +&! dRR!*&U+J$! +&! !
S! )&*:&*("! .+%*,! &'!SLjQ$:! .+%*,!
fL! gdldQlQRR $L!-K&I&! +&! dRRR! +&! !
S! )&*:&*("! .+%*,! *&U+J$!&'! .+%*,!
SLjQ$:!
eL! gdldQlQRR "UY(! +&! dg!*&U+J$! +&! !
S! KU+I.#! .+%*,! &'!SLjQ$:! .+%*,!
:&"#).!
)&+$%(K".!
dR gdldQlQRR (L!"#=(+J(! +&! QR!*&U+J$! +&! !
L! S! :&"#).! .+%*,! &'!SLjQ! .+%*,!
)&+$%(K".!
!'$$

!
dd gdldQlQRR "UY(! ).$Y(! jR!*&U+J$! +&! !
L! S! KU+I.#! &'!SLjQ$:! .+%*,!
:&"#).!
)&+$%(K".!
!
!
!
gL =&-(!K(,!:&"#).!$%(%#&+!!
%C0!0>3840D!4>!3C0!786D!6?5060>3!80A4D308!DC?H!3C73!>?!7662>434?>!H7D!2D0@!4>!3C0!
B084?@!E03H00>!Qf3C!J0106E08!QRRS!7>@!Qf3C!'0E82789!QRRfL!
>@I1619!711?8@4>A!3?!7!F03308!@730@!Qh3C!_2>0!QRRf!G8?6!=?67E79!:?F410!J454D4?>7F!
=07@X278308D!3C0!&)$!=?67E79!:?F410!$3734?>!4D!A450>!723C?8439!3?!D384W0!?GG!
7662>434?>!2D0@!E03H00>!3C0!@730D!Qe3C!J0106E08!QRRS!7>@!db3C!_7>2789!QRRfL!%C0!
7662>434?>!4D!F4D30@!4>!3C0!7BBF41734?>!7D!G?FF?HDM!O!
!
7^ eeg!8?2>@D!?G!SLjQ/bd66!
E^ gRg!8?2>@D!?G!SLjQ!/!bd66!EF7>WD!
1^ Qgd!8?2>@D!?G!SLjQ/ge66!
@^ ded!8?2>@D!?G!e/de66!
0^ Sj!8?2>@D!?G!!Lgf!DB0147F!
G^ Qhb!8?2>@D!3078!A7D!17>4D308D!
A^ dfQ!E?80!1783?21C0!B8?B2FD450!
!
!
!
!
!
!

!'$+

!
!
hL Y#$U-U!.($%!J#$%*#)%!$%(%#&+!
!
+&%.M!O!
dL7^ -?D3!?G!3C0!?GG4108D!4DD20@!H43C!786D!7>@!7662>434?>!G8?6!3C4D!D3734?>!780!
7@64>4D38734?>!B?F410!?GG4108DL!
QLE^ %C4D!4D!3C0!?>F9!801?8@!540H0@!E9!3C0!)?664DD4?>!3C73!DC?HD!4DD20!7>@!2D0!?G!
EF7>W!7662>434?>L!
gL1^ %C0!801?8@D!7BB078!3?!C750!E00>!801?>D382130@!G8?6!3C0!?84A4>7F!801?8@D!]3C09!
7BB078!3?!C750!E00>!C7>@!H84330>!E9!3C0!D760!B08D?>L!
!
*'! K#"&!'(! *#/&!'(! =&#;'*! #//O*,",'*! #//O*,",'*! #*.!'">&-!
,++O&! '((,)&-!#*K! ,++O&K! ,++O&K! O+&K! )'//&*"+!
-#*\!
dL! QfldQlQRRS! (U$%#+.!&+#%#! Ig! QR!*&U+J$! %=*..!]g^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
QL! QeldQlQRRS! _()&K!.Y.%(! Ig! hR!"#;.! $#Z!]j^! %=.*.!#$!+&!
(J-#+#$%*(%#&+! *&U+J$! *&U+J$! #+J#)(%#&+!
:&"#).! QR!K"(+Y! <=.%=.*!
)&+$%(K".! *&U+J$! %=.!
*&U+J$!
U$.J!<.*.!
"#;.!&*!
K"(+Y$!
gL! QeldQlQRRS! $,:*#(+&!$U+(! Ig! QR!K"(+Y! %=*..!]g^! !
(J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
hL! QeldQlQRRS! -#)(=!Y#%.%U! $-I! hR!*&U+J$! &+.!]d^! !
(J-#+!:&"#).! *&U+J!
)&+$%(K".!
bL! QeldQlQRRS! _&%=(-!&_U-K&! Ig! QR!*&U+J$! '&U*%..+! !
(J-#+!:&"#).! ]dh^!*&U+J$!
)&+$%(K".!
jL! QeldQlQRRS! _()&K!&$(+&! Ig! QR!*&U+J$! %.+!]dR^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
SL! QeldQlQRRS! :.%.*! Ig! hR!*&U+J$! %<.+%,!]QR^! !
+,(-<(+I.! *&U+J$!
(J-#+!:&"#).!
)&+$%(K".!
fL! QeldQlQRRS! $(-U."!+J&"&! Ig! jR!*&U+J$! %=#*%..+!]dg^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
eL! QeldQlQRRS! "(-.)Y! K*&<+# QR!K"(+Y! .#I=%!]f^! !
-()=(*#(=! +I! *&U+J$! *&U+J$!
(J-#+!:&"#).!
)&+$%(K".!
dRL! QeldQlQRRS! _&=+!-&=.*(_! Ig! hR!*&U+J$! %<.+%,!]QR^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
ddL! QeldQlQRRS! J(+#."!%&&! Ig! QR!K"(+Y! '#'%..+!]db^! !
)&*:&*("! *&U+J$! *&U+J$!
dQL! QeldQlQRRS! <.""#+I%&+! Ig! QR!K"(+Y! $#Z%..+!]dj^! !
&J=#(-K&! *&U+J$! *&U+J$!
)&*:&*("!
dgL! QeldQlQRRS! *&+("J!-(%(Y(! Ig! QR!K"(+Y! '&U*!]h^! !
)&*:&*("! *&U+J$! *&U+J$!
dhL! QeldQlQRRS! &K.J#!-#$(%#! Ig! hR!*&U+J$! &+.!]d^! !
$.+#&*! *&U+J!
$.*I.(+%!

!'$%

!
*'! K#"&!'(! *#/&!'(! =&#;'*! #//O*,",'*! #//O*,",'*! #*.!'">&-!
,++O&! '((,)&-!#*K! ,++O&K! ,++O&K! O+&K! )'//&*"+!
-#*\!
dbL! QeldQlQRRS! _&=+!+I&)=&! Ig! hR!K"(+Y! +#+.%..+!]de^! !
(J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
djL! QeldQlQRRS! Y#K.%!+,(+I<.#! Ig! hR!K"(+Y! %.+!]dR^! !
(J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
dSL! QeldQlQRRS! -($(#!YL!*&+&! Ig! QR!K"(+Y! &+.!]d^! !
(J-#+!:&"#).! *&U+J$! *&U+J!
)&+$%(K".!
dfL! QeldQlQRRS! K.+$&+!$(<.! Ig! jR!*&U+J$! $#Z!]j^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
deL! QeldQlQRRS! %=&-($!%&*#.K.! Ig! QR!*&U+J$! &+.!]d^! !
(J-#+!:&"#).! *&U+J!
)&+$%(K".!
QRL! QeldQlQRRS! -(*%#+!*#&+I&! Ig! hR!K"(+Y! $#Z!]j^! !
(J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
QdL! QeldQlQRRS! -&=(--.J! Ig! QR!K"(+Y! %=#*%..+!]dg^! !
=($$(+! *&U+J$! *&U+J$!
(J-#+!:&"#).!
)&+$%(K".!
QQL! QeldQlQRRS! -(U*#).!&%#.+&! Ig! hR!K"(+Y! .#I=%!]f^! !
)&*:&*("! *&U+J$! *&U+J$!
QgL! QeldQlQRRS! +.=.-U."! $-I! QR!*&U+J$! '#;.!]b^! !
+,(+I(U! *&U+J$!
$.*I.(+%!
QhL! QeldQlQRRS! $%(+".,! Ig! jR!*&U+J$! $#Z%..+!]dj^! !
)=.*&%#)=! *&U+J$!
(J-#+!:&"#).!
)&+$%(K".!
QbL! QeldQlQRRS! "&)=#(+! Ig! hR!*&U+J$! %=*..!]g^! !
)=.:)=&#! *&U+J$!
$.+#&*!
$.*I.(+%!
QjL! QeldQlQRRS! :(U"!(%&%&! Ig! QR!K"(+Y! $#Z!]j^! !
(J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
QSL! QeldQlQRRS! )"#$%U$! Ig! he!K"(+Y! '#;.!]b^! !
<(+,(-(! *&U+J$! *&U+J$!
)&*:&*("!
QfL! QeldQlQRRS! K.+(*J!&)=&""(! Ig! hR!*&U+J$! .#I=%..+!]df^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
QeL! QeldQlQRRS! ;#+).+%!$(-KU! Ig! jR!K"(+Y! %<.+%,!]QR^! !
(J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
gRL! QeldQlQRRS! +#)=&"($! Ig! hR!K"(+Y! %<&!]Q^! !
-($<(#! *&U+J$! *&U+J$!
(J-#+!:&"#).!
)&+$%(K".!
gdL! QeldQlQRRS! :=#"#:!&KU&"(! Ig! hR!K"(+Y! %<.+%,!]QR^! !
(J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
gQL! QeldQlQRRS! :(U"!-(IU%! Ig! hR!K"(+Y! .#I=%!]f^! !
(J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
ggL! QeldQlQRRS! -(U*#).!&+JU%&! Ig! hR!K"(+Y! %=*..!]g^! !
(J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!

!'$&

!
*'! K#"&!'(! *#/&!'(! =&#;'*! #//O*,",'*! #//O*,",'*! #*.!'">&-!
,++O&! '((,)&-!#*K! ,++O&K! ,++O&K! O+&K! )'//&*"+!
-#*\!
ghL! QeldQlQRRS! =(*J$&+! Ig! QR!K"(+Y! %<.+%,!]QR^! !
&+U&+I(! *&U+J$! *&U+J$!
(J-#+!:&"#).!
)&+$%(K".!
gbL! QeldQlQRRS! <.""#+I%&+! Ig! hR!K"(+Y! &+.!]d^! !
&J=#(-K&! *&U+J$! *&U+J!
(J-#+!:&"#).!
)&+$%(K".!
gjL! QeldQlQRRS! _()&K!&$(+&! Ig! Sd!*&U+J$! %<.+%,!$#Z! !
(J-#+!:&"#).! ]Qj^!*&U+J$!
)&+$%(K".!
gSL! QeldQlQRRS! J(+#."!%&&! Ig! QR!K"(+Y! +#+.!]e^! !
(J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
gfL! QeldQlQRRS! _&%=(-!&_U-K&! Ig! hR!K"(+Y! '&*%,!]hR^! !
(J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
geL! QeldQlQRRS! _&=+!+I&)=&! Ig! hR!K"(+Y! +#+.!]e^! !
(J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
hRL! QeldQlQRRS! -(U*#).!&%#.+&! Ig! hR!K"(+Y! $#Z!]j^! !
)&*:&*("! *&U+J$! *&U+J$!
hdL! QeldQlQRRS! J(+#."!&+JU*&! Ig! hR!K"(+Y! %<&!]Q^! !
)&*:&*("! *&U+J$! *&U+J$!
hQL! gRldQlQRRS! -(U*#).!&+JU%&! Ig! hR!K"(+Y! '#;.!]b^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
hgL! gRldQlQRRS! $%.:=.+!-KU;#! Ig! hR!K"(+Y! $.;.+!]S^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
hhL! gRldQlQRRS! _&."!&+J#.Y! Ig! hR!K"(+Y! $#Z!]j^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
hbL! gRldQlQRRS! _&($=!+,(K.*#! Ig! hR!K"(+Y! &+.!]d^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$! *&U+J!
)&+$%(K".!
hjL! gRldQlQRRS! _&$.:=(%! Ig! jR!K"(+Y! .".;.+!]dd^! !
J(,!%#-.! &Y.%)=! *&U+J$! *&U+J$!
(J-#+!:&"#).!
)&+$%(K".!
hSL! gRldQlQRRS! :#U$!Y#-(#,&! Ig! hR!K"(+Y! +#+.%..+!]de^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
bRL! gRldQlQRRS! _&$.:=(%!*&+&! Ig! hR!*&U+J$! %<.+%,!]QR^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$!
)&+$%(K".!
bdL! gRldQlQRRS! &+.$-U$!&JU&*! Ig! QR!K"(+Y! %<&!]Q^! !
J(,!%#-.! )&*:&*("! *&U+J$! *&U+J$!
bQL! gRldQlQRRS! #$-(."!Y#*U#! Ig! QR!K"(+Y! .#I=%!]f^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
bgL! gRldQlQRRS! +#)=&"($!Y&&-.! Ig! QR!K"(+Y! %=*..!]g^! !
J(,!%#-.! )&*:&*("! *&U+J$! *&U+J$!
bhL! gRldQlQRRS! _(;(+! Ig! jR!K"(+Y! %.+!]dR^! !
J(,!%#-.! )=.-(+I(*#! *&U+J$! *&U+J$!
)&*:&*("!
bbL! gdldQlQRRS! $%(+".,!;&,.I(! Ig! hR!*&U+J$! %=*..!]g^! !
J(,!%#-.! )&*:&*("! *&U+J$!
bjL! gdldQlQRRS! JU+)(+!Y(;U&! Ig! hR!K"(+Y! %<.+%,!]QR^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$! *&U+J$!

!'$'

!
*'! K#"&!'(! *#/&!'(! =&#;'*! #//O*,",'*! #//O*,",'*! #*.!'">&-!
,++O&! '((,)&-!#*K! ,++O&K! ,++O&K! O+&K! )'//&*"+!
-#*\!
)&+$%(K".!
bSL! gdldQlQRRS! J(;#J!<('U"(! Ig! hR!K"(+Y! $#Z!]j^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$! *&U+J$!
)&+$%(K".!
bfL! gdldQlQRRS! )=*#$%#+.! Ig! QR!*&U+J$! %.+!]dR^! !
J(,!%#-.! &+,(+I&! *&U+J$!
(J-#+!:&"#).!
)&+$%(K".!
beL! gdldQlQRRS! <#"'*.J!-(I(%#! Ig! hR!*&U+J$! %=*..!]g^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$!
)&+$%(K".!
jRL! gdldQlQRRS! (UIU$%#+.! Ig! hR!*&U+J$! .#I=%!]f^! !!
J(,!%#-.!! %.*.*! *&U+J$!
(J-#+!:&"#).!
)&+$%(K".!
jdL! QlRdlQRRf! Y&K#(!K(*#U! Ig! hR!K"(+Y! %<.+%,!]QR^! %=.!
J(,!%#-.! #+$:.)%&*! *&U+J$! *&U+J$! =.(J#+I!
'&*!%=#$!
J(,!
.**&+.&U$
",!*.(J$!
Q+J!
J.).-K.*!
QRRS!
jQL! glRdlQRRf! :=#"#:!&KU&"(! Ig! QR!*&U+J$! %<.+%,!]QR^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$!
)&+$%(K".!
jgL! glRdlQRRf! .;(+$!&%(+J&! Ig! QR!*&U+J$! %.+!]dR^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$!
)&+$%(K".!
jhL! glRdlQRRf! :(U"!-(I&%! Ig! hR!*&U+J$! '#;.!]b^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$!
)&+$%(K".!
jbL! glRdlQRRf! <#"'*.J!-(I(%#! Ig! hR!*&U+J$! '#;.!]b^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$!
)&+$%(K".!
jjL! glRdlQRRf! Y#K.%!+,(+IU$.#! Ig! hR!*&U+J$! $.;.+!]S^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$!
)&+$%(K".!
jSL! glRdlQRRf! _&%=(-!&_U-K&! Ig! hR!*&U+J$! $#Z%..+!]dj^! !
J(,!%#-.! (J-#+!:&"#).! *&U+J$!
)&+$%(K".!
jfL! glRdlQRRf! (UIU$%#+.! Ig! hR!*&U+J$! .#I=%!]f^! !
%.*.*! *&U+J$!
(J-#+!:&"#).!
)&+$%(K".!
je! glRdlQRRf! Y&K#(!K(*#U! Ig! hR!*&U+J$! %.+!]dR^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
SRL! glRdlQRRf! %=&-($!-(Y&*#! Ig! hR!*&U+J$! %=*..!]g^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
SdL! glRdlQRRf! K.+(*J!&"&&! Ig! QR!*&U+J$! %<&!]Q^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
SQL! glRdlQRRf! J(+#."!%&&! K*&<+# j!*&U+J$! $#Z!]j^! !
)&*:&*("! +I! *&U+J$!
SgL! glRdlQRRf! I.&*I.!-(I.%&! Ig! hR!*&U+J$! %=#*%..+!]dg^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!

!'$(

!
*'! K#"&!'(! *#/&!'(! =&#;'*! #//O*,",'*! #//O*,",'*! #*.!'">&-!
,++O&! '((,)&-!#*K! ,++O&K! ,++O&K! O+&K! )'//&*"+!
-#*\!
ShL! RhlRdlQRRf! :=#"#:!&KU&"(! Ig! hR!*&U+J$! $.;.+!]S^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
SbL! RhlRdlQRRf! Y#K.%!+,(+I&$.! Ig! hR!*&U+J$! '&U*!]h^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
SjL! RhlRdlQRRf! <#"'*.J!-(I(%#! Ig! hR!*&U+J$! %=*..!]g^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
SSL! RhlRdlQRRf! :(U"!-(I&%! Ig! hR!*&U+J$! %=*..!]g^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
SfL! RhlRdlQRRf! -($(#!YL!*&+&! Ig! hR!*&U+J$! &+.!]d^! !
(J-#+!:&"#).! *&U+J!
)&+$%(K".!
SeL! RhlRdlQRRf! K.+(*J!&)=&""(! Ig! hR!*&U+J$! '&U*%..+! !
(J-#+!:&"#).! ]dh^!*&U+J$!
)&+$%(K".!
fRL! RhlRdlQRRf! )=*#$:#+.! Ig! QR!*&U+J$! &+.!]d^! !
&)=#.+I! *&U+J!
(J-#+!:&"#).!
)&+$%(K".!
fdL! RhlRdlQRRf! -($(#!YL!*&+&! Ig! hR!*&U+J$! %.+!]dR^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
fQL! dblRdlQRRf! :=#"#:!&KU&*(! Ig! QR!*&U+J$! %<&!]Q^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
fgL! djlRdlQRRf! _(:=.%=! Ig! jR!*&U+J$! $#Z!]j^! !
-U%U+I(! *&U+J$!
)&*:&*("!
fhL! djlRdlQRRf! +(;#I(%&*! Ig! jR!*&U+J$! '&U*!]h^! !
(K.*.! *&U+J$!
(J-#+!:&"#).!
)&+$%(K".!
fbL! djlRdlQRRf! .;(+$!&"(+J&! Ig! hR!*&U+J$! %<&!]Q^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
fjL! djlRdlQRRf! Y#K.%!+,(+IU$.#! Ig! QR!*&U+J$! $#Z!]j^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
fSL! djlRdlQRRf! '*(+)#$! Ig! QR!*&U+J$! '&U*!]h^! !
+,()=#*&! *&U+J$!
(J-#+!:&"#).!
)&+$%(K".!
ffL! djlRdlQRRf! .'',!;#J&"&! Ig! QR!*&U+J$! %<&]Q^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
feL! djlRdlQRRf! JU+)(+!Y(U;&! Ig! hR!*&U+J$! '#;.!]b^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
eRL! djlRdlQRRf! _&=+!-(=.*(#! Ig! hR!*&U+J$! '#;.!]b^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
edL! djlRdlQRRf! Y&K#(!K(*#U! Ig! hR!*&U+J$! %<.";.!]dQ^! !
(J-#+!:&"#).! *&U+J$!
)&+$%(K".!
eQL! djlRdlQRRf! _(:=.%=! Ig! hR!*&U+J$! '&U*!]h^! !
-U%U+I(! *&U+J$!
)&*:&*("!

!'$,

!
*'! K#"&!'(! *#/&!'(! =&#;'*! #//O*,",'*! #//O*,",'*! #*.!'">&-!
,++O&! '((,)&-!#*K! ,++O&K! ,++O&K! O+&K! )'//&*"+!
-#*\!
egL! djlRdlQRRf! I.&*I.!-(I.%&! Ig! jR!*&U+J$! $#Z!]j^! !
*&U+J$!
ehL! djlRdlQRRf! +(;#I(%&*! Ig! QR!*&U+J$! '&U*!]h^! !
(K.*.! *&U+J$!
(J-#+!:&"#).!
)&+$%(K".!
ebL! dSlRdlQRRf! '*(+)#$! Ig! QR!*&U+J$! %<.";.!]dQ^! !
+,()=#*&! *&U+J$!
(J-#+!:&"#).!
)&+$%(K".!
!
!
1^bL -#I&*#!:&"#).!$%(%#&+!
%C080!780!>?!0>3840D!G8?6!3C4D!D3734?>!G?8!3C0!B084?@!E03H00>!g8@!J0106E08!QRRS!7>@!g8@!
_7>2789!QRRf!
'?8!3C0!0>3840D!7574F7EF0!3C080!H7D!>?!2D7A0!?G!786D!?8!7662>434?>DL!
!
!
!

!'$)

You might also like