!

"#$%&%'()*
+,-!()*.
INTERNATIONAL
! /0!(102(0(''(

345,678",9!:8!,8";,9!:<=>!8?4!=@:A?488"!
!
,3A:9"B:8",9!+;,9$49=4$.!
!
!"#$%&'$(%)'$%*+(*'+(,%-.%% "#! $%&'! $(#)! *#! *#+#! ,%-.,! $%! $/0#! /&&! #1-2$-.,! '#3/+$)#.$2! /*/45!
/+0%10%23+4'5%6378,%'$%'%-'$#$% 6%7%'4!8%9&'!(-'#!/.4)%+#!/2!#:#+4$(-.,!*%9&'!7#!%9$!-.!$(#!%3#.5!
93+% &8'$$% ,#$&7$$#35% +':"(+% :"'5% "#!*%9&'!7#!/7&#!$%!&%%0!/$!*(/$!$(#4!*#+#!'%-.,;!/.'!$(#4!8%9&'!2##!

:3% #887$:+':(% (#:"(+% (99(&:#;(% 3+%
#5(99(&:#;(% "'5,8#54% 39% '%
-7$#5($$% $#:7':#350% % 1($('+&"%
<$$3&#':(% 2#&"'(8% =:'593+,>%
?2/>%'5,%1($('+&"%@99#&(>%A':(%
B8'&CD35>% E35,35% B7$#5($$%
=&"338>% &35:+#-7:(,% :3% :"(%
,(;(83*D(5:%39%:"#$%&'$(0%
?:% )'$% ,(;(83*(,% )#:"#5% :"(%
+($('+&"% $&3*(% 39% 2'579'&F
t
:7+#54% GHHH>% '% ,(;(83*D(5:%
No
py
*(/$!*#!*#+#!'%-.,5!<(-2!*/2!/!2(%80!$%!/!&%$!%=!3#%3&#5!<(#4!/20#';!
>?%*!/+#!*#!,%-.,!$%!8%3#!*-$(!$(-2@!"(#+#!/+#!*#!,%-.,!$%!2-$@!A2!
#:#+47%'4!,%-.,!$%!&%%0!/$!92!/&&!$(#!$-)#@!"(/$!/7%9$!3#%3&#!&-0#!)#!
*(%! /+#! )/./,#+2;! (%*! /+#! *#! 2933%2#'! $%! $/&0! $%! %9+! #)3&%4##2!
3+-:/$#&4@!B.'!*(#+#@>!
!
Co
<%+7#.!C+%$(;!=%+)#+!)-''&#!)/./,#+!/$!$(#!>%&'>!D$-8%.!!
!
!
6#:#+! )-.'! $(/$! E66;! FFE! /.'! %$(#+! -.$#+./$-%./&! .#*2!
79+#/92!*#+#!+92(-.,!$%!D$-8%.!BGH;!$(#!I/.-2(!)/.9=/8$9+#+!%=!
(-,(JK9/&-$4! (#/+-.,! /-'2! -.! ?#&&#+93;! I#.)/+05! <(#! +#/&! 2$%+4!

*+3I(&:% &35,7&:(,% )#:"% 483-'8% */2!.%$!%.&4!$(#!-..%:/$-:#!.#*!2$+98$9+#!/$!D$-8%.;!79$!/&2%!$(#!

D'579'&:7+#54%(5:(+*+#$($0% +#:%&9$-%./+4! .#*! /229)3$-%.2! %=! *(/$! -$! )#/.$! $%! *%+0! /.'!
(%*!%.#!*%+0#'5!B$!D$-8%.;!)/./,#)#.$!(/'!,-:#.!#)3&%4##2!
1(;387:#35% ':% @:#&35% <J=% K<L% $(#!3%*#+!$%!'+-:#!8(/.,#!/.'!$(#!%33%+$9.-$-#2!=%+!8#/2#&#22&4!
'5,% KBL% +(&(#;(,% :"(%!"#$% &''(% 39+29-.,! .#*! 8(/&&#.,#25! L)3&%4##2! *%9&'! 7#! $(#! %.#2!
)*+,-!./% 0.1!% 2+343/5% +#23%.2-7&#! =%+! 2#$$-.,! $(#! 3/8#! =%+! 8(/.,#5! <(#! K9#2$-%.! */2JJ
Do

0,#-!4343,/% 67.+$% 93+% B($:% *%9&'!-$!*%+0@!!

@;(+'88% M'$(N% OP&(88(5&(% #5%
2'5'4(D(5:>%$*35$3+(,%-.%?B2%
?5:(+5':#35'8% O,7&':#35% M(5:+(>%
B(84#7D>% % '5,% 93+% B($:% #5% :"(%
&':(43+.N% ?553;':#35$% % #5% @+4'F
5#$':#35'8% =:+7&:7+($>% % =.$:(D$>%
'5,% Q+3&($$($>% $*35$3+(,% -.%
M(5:+(% 93+% @+4'5#$':#35'8%
=:7,#($>%B'+&(835'>%=*'#50%%
M/+2! N%&-.';! D$-8%.O2! .#*! ELD;! */2! 8%.:-.8#'! $(/$! $(#! 7#2$!
2$+/$#,4! =%+! /8(-#:-.,! &%.,J$#+)! 8%)3#$-$-:#! /':/.$/,#! *%9&'!
7#!$%!8+#/$#!/!*%+0!#.:-+%.)#.$!$(/$!9.&#/2(#'!-.'-:-'9/&!/7-&-$4!
/.'! $%! '#2-,.! /! 8%)3/.4! 3+%=-8-#.$! -.! $(#! )/./,#)#.$! %=!
8(/.,#5! B*/+#! %=! $(#! ,/)7&#;! (#! (/'! 3#+2%./&&4! -.:#2$#'! %:#+!
INN!PQ!)-&&-%.!-.!$(-2!2$+/$#,45%

M3*.+#4":% R% STTU% -.% :"(% ?5:(+5':#35'8% ?5$:#:7:(% 93+% 2'5'4(D(5:%

! /(;(83*D(5:% K?2/L>% E'7$'55(>% =)#:V(+8'5,0% W3:% :3% -(% 7$(,% 3+% +(*+3,7&(,%
)#:"37:%)+#::(5%*(+D#$$#35%,#+(&:8.%9+3D%?2/0!

!
I-2$+-79$#'!74!<(#!L9+%3#/.!E/2#!E&#/+-.,!?%92#;!L.,&/.'!/.'!RHB5!
6%+$(!B)#+-8/;!3(%.#S!TU!VWU!PXY!ZWW[;!=/1S!TU!VWU!PXY!ZWWZ;!#J)/-&S!LEE?F/72%.\/%&58%)5!
]#2$!%=!$(#!"%+&';!3(%.#S!T[[!^_`UPX[!VZ_Y_X;!=/1S!T[[!^_`UPX[!VZUUPZ;!#J)/-&S!LEE?\8+/.=-#&'5/85905!
B&&!+-,($2!+#2#+:#'5!a+-.$#'!-.!RN!/.'!RHB5!"#7!H-$#S!($$3SGG***5#88(58+/.=-#&'5/85905!
!
!
!
 INTERNATIONAL
! J!P!J! AbIJ[J_PXZ!

D$-8%.! BGH! */2! /! .-8(#! 8%)3/.4! *-$(! 3+%'98$! &-.#2! '#:%$#'! #18&92-:#&4! $%!
242$#)2!=%+!$(#!-)3+%:#)#.$!%=!(#/+-.,5!R.&-0#!2#:#+/&!%=!-$2!8(-#=!8%)3#$-$%+2JJ
(9,#;! '-:#+2-=-#'! )9&$-./$-%./&! 8%)3/.-#2JJ-$! )/.9=/8$9+#'! /.'! '-2$+-79$#'! %.&4!
$(+##!)/-.!3+%'98$!&-.#2S!

U5! 8!93/$:49!:!.+%;8<)=!(#/+-.,!/-'2;!*(-8(!*#+#!3+%'98#'!-.!&/+,#!2#+-#2!/2!
2$/.'/+'! 3+%'98$2! /.'! 92#'! 3+-)/+-&4! 74! 3#%3&#! *-$(! +#&/$-:#&4! 2#:#+#!
(#/+-.,!&%22c!

P5! >/:49!:!.+% ;><)=! (#/+-.,! /-'2;! *(-8(! *#+#! 3+%'98#'! =%+! -.'-:-'9/&! 92#+2;!
3+-)/+-&4!3#%3&#!*-$(!)-&'!%+!)%'#+/$#!(#/+-.,!&%22c!/.'!

X5! ?@14!#1%793A9%!.1!$%A,##*/3A.43,/!/$!(%)#;!*%+0!/.'!-.!:/+-%92!397&-8!
2-$9/$-%.2;! -.8&9'-.,! &%9'23#/0#+! 242$#)2! /.'! &%%3! /)3&-=-#+2! =%+! 28(%%&2;!
8(9+8(#2;!#$85!

py
,CDEFG!?FHIDGJ!:<=!

D$-8%.! ?%&'-.,! BGH;! *(-8(! (/'! 3+#:-%92&4! 2#+:#'! #18&92-:#&4! /2! /! =-./.8-/&!
Co
=9.8$-%.;! */2! +#2$+98$9+#'! -.! UYY_! -.$%! /! C+%93! b/./,#)#.$! 8%)3/.4! $%! ,/-.!
)%+#! %3$-)/&! 792-.#22! %33%+$9.-$-#2;! -.8&9'-.,! 3%22-7&#! /8K9-2-$-%.2! -.! /.!
-.'92$+4! 9.'#+,%-.,! +/3-'! 8%.2%&-'/$-%.5! K1(9(+% :3% )B93C34% &0L! <(#! 8(/.,#!
3+%:-'#'! D$-8%.! BGH! *-$(! /! 2$+%.,#+! )/+0#$! =%892! 74! ,-:-.,! $(#! 2972-'-/+-#2!
,+#/$#+!:-2-7-&-$4!/.'!2933%+$-.,!'-2$+-79$%+2!=%+!-$2!(#/+-.,!/-'2!/.'!/88#22%+-#2!-.!
d92$!%:#+!U__!8%9.$+-#25!D$-8%.!(/'!2/&#2!8%)3/.-#2!-.!UX!8%9.$+-#2!*(%2#!)/-.!
$/20!*/2!$%!79-&'!/.'!)/-.$/-.!8&%2#!8%%3#+/$-%.!*-$(!$(#!3+%=#22-%./&!(#/+-.,!/-'!
t
'#/&#+2c! D$-8%.! L13%+$! BGH! 2#+:#'! $(-2! 2/)#! =9.8$-%.! $(+%9,(! #5,(*(5,(5:!
No

'-2$+-79$%+2! -.! $(#! +#)/-.-.,! WZ! 8%9.$+-#25! <(#! )/-.! =9.8$-%.2JJ+#2#/+8(;!

'#:#&%3)#.$;!)/+0#$-.,;!39+8(/2-.,;!/.'!3+%'98$-%.JJ*#+#!+#/&-,.#'!$%!)##$!$(#!
.#*!)/+0#$!=%8925!!

<9!%D!.+3/5%63$%>/$*14+@&%
Do

8KL!#MNOLC!

<(#! )/-.! 8%)3%.#.$! %=! $(#! *%+&'*-'#! /9'-%&%,4! )/+0#$! */2! $(#! )/.9=/8$9+#!
/.'!2/&#2!%=!(#/+-.,!/-'2!/88%9.$-.,!=%+!WY5We!%=!$(#!fU5UX!7-&&-%.!$%$/&!/9'-%&%,4!
)/+0#$! -.! UYYX;! /.'! */2! 3+%d#8$#'! $%! +-2#! $%! Y_5[e! 74! UYYW5! <(#! )/+0#$! */2!
)/$9+#;!*-$(!8%)3%9.'!/..9/&!,+%*$(!3+%d#8$-%.2!=+%)!UYY_!$%!UYYW!#2$-)/$#'!/$!
Ze!3#+!/..9)!K+(9(+%:3%)B93C34%ELc!2%)#!#13#+$2;!(%*#:#+;!#2$-)/$#'!,+%*$(!/2!
(-,(! /2! Q5We! 3#+! /..9)5! A.'92$+4! #13#+$2! /.$-8-3/$#'! $(/$! $(#! -.'92$+4! 2$+98$9+#!
*%9&'!+#)/-.!2$/7&#;!*-$(!/!(%2$!%=!#2$/7&-2(#'!8%)3/.-#2!3/+$-8-3/$-.,5!B2!*#&&;!
/! 8%.2-'#+/7&#! .9)7#+! %=! )#+,#+2! /.'! d%-.$! :#.$9+#! /8$-:-$-#2! *#+#! #13#8$#'! $%!
$/0#!3&/8#!-.!/.!#==%+$!$%!#13/.'!3+%'98$!&-.#2!/.'!$#8(.%&%,45!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
S
2'+C(:%,':'%9+3D%2'+C(:%?5:(88#4(5&(%1($('+&"%M3D*'5.>%STTX0%

!
 INTERNATIONAL
! J!X!J! AbIJ[J_PXZ!

<(#!RH!(-2$%+-8/&&4!(/'!7##.!$(#!'%)-./.$!)/+0#$!=%+!/9'-%&%,4;!*-$(!L9+%3#!/.'!
$(#! a/8-=-8! ]-)! 8%)3+-2-.,! $(#! 2#8%.'! /.'! $(-+'! &/+,#2$! )/+0#$2;! +#23#8$-:#&45!
K1(9(+%:3%)B93C34%E0L!A.'92$+4!#13#+$2!7#&-#:#'!$(/$!$(-2!)/+0#$!2$+98$9+#!*%9&'!.%$!
8(/.,#!)98(;!$(%9,(!(-,(#+!,+%*$(!+/$#2!*#+#!&-0#&4!$%!%889+!-.!L/2$#+.!L9+%3#;!
B2-/!/.'!#23#8-/&&4!E(-./c!$(#!RH!)/+0#$!*/2!#13#8$#'!$%!+#)/-.!=&/$!$(+%9,(!$(#!
#.'! %=! $(#! 8#.$9+45! "(-&#! *%+&'! +#:#.9#2! ,+#*! 74! Y5Ye! -.! UYWV;! $(#4! =#&&! 74!
X5Xe!-.!UYWWJJ8(-#=&4!7#8/92#!%=!$(#!'#8&-.#!-.!2/&#2!%=!892$%)!(#/+-.,!/-'2!-.!$(#!
(9,#!RH!)/+0#$5!D$-8%.!#2$-)/$#'!$(/$!2/&#2!=-,9+#2!=%+!UYYX!*%9&'!2(%*!/!Ve!
'#8&-.#!-.!$(#!RH!)/+0#$5P!

L13#+$2! 3+%d#8$#'! $(/$! 3+-8#2! *%9&'! +#)/-.! 2$#/'4! /.'! 3+-8#! 8%)3#$-$-%.! *%9&'!
8%.$-.9#!$%!7#!/.!-)3%+$/.$!'4./)-8!-.!$(#!)/+0#$5!I-==#+#.$-/$-%.!%=!$(#!3+%'98$;!
%+! $(#! /''-$-%.! %=! :/&9#J/''#'! =#/$9+#2;! *#+#! /)%.,! $(#! 2$+/$#,-#2! /:/-&/7&#! $%!
)/.9=/8$9+#+2!-.!$(-2!)/$9+#!)/+0#$5!H/&#2!8%++#&/$#'!'-+#8$&4!*-$(!)/.9=/8$9+#+2O!
#==%+$2!$%!#'98/$#!#.'!92#+2!/.'!$%!3+%:-'#!$#8(.-8/&!2933%+$!$%!'-23#.2#+25!!

py
8LEKGFHFJDEMH!$L/LHFPQLGC!

<(#!)/d%+!=9.8$-%.!%=!/!(#/+-.,!/-'!*/2!$%!-.8+#/2#!$(#!:%&9)#!%=!2%9.'!(#/+'!74!
$(#!*#/+#+!$(+%9,(!/)3&-=-8/$-%.!%=!2%9.'5!b-.-/$9+-g/$-%.!%=!(#/+-.,!/-'2!)/'#!
Co
3%22-7&#! $(#! '#:#&%3)#.$! %=! $(#! =-+2$! 7#(-.'J$(#J#/+! (#/+-.,! /-'2;! +#3&/8-.,!
$#8(.%&%,4! =+%)! $(#! UYZ_25! ]#8#.$! $#8(.%&%,-8/&! /':/.8#2! -.8&9'#'! +#)%$#!
:%&9)#! 8%.$+%&! '#:-8#2;! 2%3(-2$-8/$#'! 2%9.'! =-&$#+-.,;! /.'! )9&$-J8(/..#&! '-,-$/&!
3+%,+/))-.,! =%+! '-==#+#.$! &#:#&2! %=! (#/+-.,! &%22! /.'! :/+-/$-%.2! -.! (#/+-.,!
#.:-+%.)#.$25!!

"-$(! $(#! -.$+%'98$-%.! %=! '-,-$/&&4! 3+%,+/))/7&#! (#/+-.,! /-'2;! $(#! -.'92$+4! */2!
t
,+#/$&4! $+/.2=%+)#'! %:#+.-,($5! a+%,+/))/7&#! 242$#)2! /&&%*#'! $(#! '-23#.2#+! $%!
No

892$%)-g#! $(#! (#/+-.,! /-'! /.'! $%! /'d92$! -$! /2! $(#! 92#+O2! (#/+-.,! :/&9#2! 8(/.,#'5!
b9&$-J8(/..#&! (#/+-.,! /-'2! $+#/$#'! &%*;! )#'-9)! /.'! (-,(J=+#K9#.84! 2%9.'2!
'-==#+#.$&4;!92-.,!.%.J&-.#/+!/)3&-=-8/$-%.5!

?#/+-.,! /-'! $#8(.%&%,4! */2! )%:-.,! $%*/+'! $(#! 8+#/$-%.! %=! /! 2-.,&#! (#/+-.,! /-'!
*(-8(! 8%9&'! 7#! /'d92$#'! $%! )/.4! $43#2! %=! (#/+-.,! &%22! $(+%9,(! 3+%,+/))-.,;!
Do

8/92-.,! )/.4! 89++#.$! 3+%'98$2! $%! 7#8%)#! %72%&#$#5! D$-8%.! */2! /$! $(#! &#/'-.,!
#',#! %=! '#:#&%3-.,! (#/+-.,! /-'2! *-$(! .%.J&-.#/+! /)3&-=-8/$-%.;! /.'! 2%9,($! $%!
7#8%)#!/!&#/'#+!-.!3+%,+/))/7&#;!=9&&4J'-,-$-g#'!(#/+-.,!/-'25!

,CDEFGRS!@NFITEC!6DGL!

<(#!(#/+-.,!/-'!)/+0#$!*/2!2#,)#.$#'!-.$%!7#(-.'J$(#J#/+!^F<L`!/.'!-.J$(#J#/+!
^A<L`!(#/+-.,!/-'25!F<L!(#/+-.,!/-'2;!92#'!=%+!+#&/$-:#&4!2#:#+#!(#/+-.,!&%22;!*#+#!
)%+#!2$/.'/+'-g#'5!<(#4!*#+#!=-$$#'!$%!$(#!8%.$%9+!%=!$(#!%9$#+!#/+!/.'!$(#.!*%+.!
7#(-.'!$(#!#/+!2%!$(/$!/!+#&/$-:#&4!2)/&&!.9)7#+!%=!2-g#2!*#+#!+#K9-+#'!$%!=-$!)%2$!
3#%3&#5! A<L! (#/+-.,! /-'2;! =%+! )-&'! $%! )%'#+/$#! (#/+-.,! &%22;! *#+#! -.'-:-'9/&&4!
'#2-,.#'! 74! $/0-.,! /.! -)3+#22-%.! %=! $(#! 8&-#.$O2! #/+! /.'! $(#.! =/7+-8/$-.,! /!
892$%)-g#'!2(#&&5!<(#!)/+0#$!=%+!F<L!(#/+-.,!/-'2!*/2!2$/,./.$;!*(-&#!$(#!)/+0#$!
=%+!A<L!(#/+-.,!/-'2!*/2!8%.2-'#+#'!$(#!(-,(#+J,+%*$(!2#,)#.$5!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
G
Q(+$35'8%&3++($*35,(5&(%)#:"%E(#9%=3+(5$(5%

!
 INTERNATIONAL
! J![!J! AbIJ[J_PXZ!

A.! UYYU;! D$-8%.! -.$+%'98#'! b9&$-h%892;! $(#! *%+&'O2!=-+2$!=9&&4!/9$%)/$-8!(#/+-.,!

/-'! *-$(! .%! 92#+! 8%.$+%&25! <(-2! '#:-8#;! *(-8(! 8%9&'! $+#/$! V_e! %=! 3#%3&#! *-$(!
(#/+-.,!&%22;!#18##'#'!2/&#2!3+%d#8$-%.2!74!)%+#!$(/.!U__e5!<(#!a#+H%.-8!2#+-#2!
*/2! /! +/.,#! %=! 2-1! .#*! F<L! (#/+-.,! /-'25! B2! $#8(.%&%,4! )%:#'! $%*/+'! '-,-$/&!
2-,./&!3+%8#22-.,;!D$-8%.!/''#'!/.!-.$#,+/$#'!8-+89-$!'#:#&%3)#.$!$#/);!-.!%.#!%=!
$(#! &/+,#2$! '#2-,.! 8#.$#+2! -.! I#.)/+0;! $%! '#:#&%3! .#*! 8(-3! $#8(.%&%,45! <(#!
8+#/$-%.!%=!.#*!3+%'98$2!(/'!2(%+$#+!/.'!2(%+$#+!&-=#J848&#2!^89++#.$&4![JV!4#/+2`;!
79$! )%2$! %=! $(#)! *#+#! 93,+/'-.,! #1-2$-.,! D$-8%.! 3+%'98$2! +/$(#+! $(/.! 8+#/$-.,!
.#*!)/+0#$!2#,)#.$25!

;FQPLCDCDFG!

H-#)#.2! B9'-%&%,-28(#! <#8(.-0! ^L+&/.,#.;! C#+)/.4`;! /! '-:-2-%.! %=! H-#)#.2!

B5C5;!/.'!H$/+0#4!^b-..#/3%&-2;!RHB`!*#+#!$(#!*%+&'O2!$*%!&#/'-.,!(#/+-.,!/-'!
)/.9=/8$9+#+2;! -.! 7%$(! :%&9)#! /.'! )/+0#$! 2(/+#5! H$/+0#4! */2! $(#! &#/'#+! -.! A<L!
(#/+-.,! /-'25! D$-8%.! BGH! */2! $(#! $(-+'! &/+,#2$! (#/+-.,! /-'! )/.9=/8$9+#+! -.! $(#!

py
*%+&'5!D$-8%.!(/'!8%%3#+/$#'!=%+!)/.4!4#/+2!*-$(!$(#!%$(#+!$*%!I/.-2(!(#/+-.,!
/-'!)/.9=/8$9+#+2;!C6!I/./:%1;!/.'!"-'#1!BGH;!%.!$#8(.-8/&!)/$$#+2JJ#23#8-/&&4!
8%.8#+.-.,! -229#2! %.! 2$/.'/+'-g/$-%.5! D$-8%.! #13%+$#'! Y_e! %=! $(#-+! 3+%'98$-%.5!
D$(#+!8%)3#$-$%+2!-.8&9'#'!a(-&&-32!?#/+-.,!A.2$+9)#.$2;!I/(&7#+,;!/.'!a(%./05!
Co
<(#! (#/+-.,! /-'! -.'92$+4! */2! 7#8%)-.,! )%+#! 8%)3#$-$-:#;! *-$(! %:#+! U__!
8%)3/.-#2! -.! $(#! )/+0#$5! D$-8%.! */2! $/+,#$-.,! $(#! (-,(J3+-8#'! 2#,)#.$! %=! $(#!
)/+0#$;! *(#+#! /9'-%&%,4! #13#+$-2#! /.'! +#39$/$-%.! '-==#+#.$-/$#'! $(#)! =+%)! &%*J
8%2$! )/.9=/8$9+#+25! M/+2! N%&-.'! 2%9,($! $%! #.(/.8#! D$-8%.O2! )/+0#$! =%892! 74!
,-:-.,! ,+#/$#+! /$$#.$-%.! $%! D$-8%.O2! 892$%)#+2;! *(%! *#+#! $(#! .#/+&4! Z;___! 0#4!
(#/+-.,! /-'! '-23#.2#+2! /.'! (#/+-.,! 8&-.-82! )%2$! 8%))-$$#'! $%! #.'J92#+!
t
2/$-2=/8$-%.5! <(#! -.'92$+4! 3+/8$-8#! %=! 8&%2#! 8%&&/7%+/$-%.! *-$(! 3(42-8-/.2! /.'!
No

)#'-8/&!=/8-&-$-#2!*%9&'!8%.$-.9#;!79$!/,/-.!%.&4!*-$(!$(%2#!)%+#!3+%=#22-%./&&4J
=%892#'5!

$DSCNDUTCDFG!!
Do

?#/+-.,!-)3/-+)#.$!(/'!$%!7#!'-/,.%2#'!74!/!3+%=#22-%./&!/9'-%&%,-2$5!<(#.;!$(#!
(#/+-.,! /-'! '#:-8#! *%9&'! 7#! 39+8(/2#'! =+%)! /! '-23#.2#+JJ-5#5! $(#! /9'-%&%,-2$;! /!
3(42-8-/.;! %+! /! &-8#.2#'! -.'#3#.'#.$! (#/+-.,! /-'! =-$$#+JJ*(%! *%9&'! 794! '-+#8$&4!
=+%)!$(#!)/.9=/8$9+#+5!A.8+#/2-.,&4;!+#$/-&!%9$&#$2!*#+#!/&2%!23+-.,-.,!93!^2-)-&/+!
$%! $(%2#! =%+! :-2-%.! *#/+`;! )/0-.,! -$! )%+#! '-==-89&$! =%+! 2)/&&! -.'#3#.'#.$!
'-23#.2#+2! $%! 8%)3#$#! *-$(! &/+,#! 8(/-.25! 6#:#+$(#&#22;! $(#! .9)7#+! %=!
-.'#3#.'#.$2!8%.$-.9#'!$%!,+%*;!*-$(!/!.#/+!$#.=%&'!-.8+#/2#!%=!/9'-%&%,-2$2!-.!$(#!
RH!/&%.#!%:#+!$(#!&/2$!'#8/'#5!

B88#22! $%! '-2$+-79$-%.! .#$*%+02! */2! /&2%! )/'#! $(+%9,(! /8K9-2-$-%.25! F/928(! i!
M%)7;! =%+! #1/)3&#;! (/'! +#8#.$&4! 39+8(/2#'! I/(&7#+,;! $(#! )/.9=/8$9+#+! %=!
>b-+/8&#!L/+;>!/!(#/+-.,!/-'!*-$(!(-,(!7+/.'J./)#!+#8%,.-$-%.!-.!$(#!RH;!=%+!-$2!
.#$*%+0!%=!W__!=+/.8(-2#2!/.'!P__!H#/+2!]%#7980!b-+/8&#!L/+!(#/+-.,!/-'!%9$&#$25!
D$-8%.! 2-)-&/+&4! 2%&'! $%! 8(/-.2! %=! (#/+-.,! /-'! '#/&#+2! *(%! *#+#! +#23%.2-7&#! =%+!
-.8+#/2-.,!:%&9)#!-.!L9+%3#;!$(#!RH!/.'!$(#!h/+!L/2$5!E&97!?#/+-.,!A.2$+9)#.$2!
BGH;!/!3+%d#8$!(#/'#'!74!H%+#.!?%&2$;!*/2!&/9.8(#'!-.!UYYP!$%!2#+:-8#!$(#!'#/&#+!
8(/-.25!<(#2#!8(/-.2!(/'!$(#-+!%*.!2#+:-8#!'#3/+$)#.$2;!)/+0#$-.,;!2$%80!8%.$+%&!
/.'! '-2$+-79$-%.! 242$#)2;! #&-)-./$-.,! $(#! .##'! =%+! $(#! (#/+-.,! /-'! 2933&-#+! $%!
3#+=%+)!$(%2#!=9.8$-%.25!

!
 INTERNATIONAL
! J!Z!J! AbIJ[J_PXZ!

F43A,/G1%D314,+@H%6%?4!.$@%0,*+1!%
D$-8%.!*/2!=%9.'#'!-.!UY_[!74!?/.2!I#)/.$;!*(%2#!*-=#!*/2!(#/+-.,J-)3/-+#'5!
"(#.! (#! +#$9+.#'! =+%)! /! :-2-$! $%! $(#! RH;! (#! 7+%9,($! (-2! *-=#! %.#! %=! $(#! =-+2$!
#&#8$+%.-8! (#/+-.,! /-'2;! /.'! 2%%.! %$(#+2! *#+#! /20-.,! =%+! $(-2! .#*! 3+%'98$5! b+5!
I#)/.$!2$/+$#'!-)3%+$-.,!(#/+-.,!/-'2!=%+!2/&#!-.!L9+%3#;!%3#+/$-.,!/2!#22#.$-/&&4!
/!$+/'-.,!8%)3/.45!!

D$-8%.!7#,/.!-$2!%*.!3+%'98$-%.!%=!(#/+-.,!/-'2!'9+-.,!"%+&'!"/+!AA;!+#)/-.-.,!
/! =/)-&4J%*.#'! 792-.#22! 9.$-&! $(#! )-'J=-=$-#2! *(#.! .#*! )/./,#)#.$! $%%0! $(#!
8%)3/.4!-.$%!)/22!3+%'98$-%.5!R.'#+!$(-2!2/)#!)/./,#)#.$;!$(#!8%)3/.4!+%2#!
$%!$(#!.9)7#+!%.#!3%2-$-%.!-.!$(#!*%+&'!)/+0#$!74!$(#!#.'!%=!$(#!OV_25!"-$(!UZe!
%=!$(#!*%+&'!)/+0#$;!/.'!2/&#2!-.!%:#+!U__!8%9.$+-#2;!D$-8%.!(/'!#2$/7&-2(#'!-$2#&=!
/2!/!&#/'#+!-.!)-.-/$9+-g/$-%.;!$(#!$#8(.%&%,4!92#'!-.!)/22!3+%'98$-%.!%=!7#(-.'J
$(#J#/+!(#/+-.,!/-'25!>"(/$!8%9.$#'!$(#.!*/2!)-.-/$9+-g/$-%.;!/.'!*#!*#+#!:#+4!
,%%'!/$!$(/$;>!2/-'!M/+2!N%&-.'!-.!&%%0-.,!7/80!/$!D$-8%.O2!>,%&'#.!/,#5>!

py
B&$(%9,(!D$-8%.O2!2#8%.'!)/./,#)#.$!(/'!3+%:#.!-$2!#==#8$-:#.#22!74!7#8%)-.,!
.9)7#+!%.#!-.!$(#!(#/+-.,!/-'!)/+0#$;!$(#!8%)3/.4!*/2!>8%.2#+:/$-:#>!&-0#!)/.4!
%$(#+2! %=! -$2! #+/5! <(#! =9.8$-%./&! '#3/+$)#.$2JJ)/+0#$-.,! /.'! 2/&#2;! =-./.8#;!
)/.9=/8$9+-.,!/.'!%3#+/$-%.2JJ*#+#!(#/'#'!93!74!'-+#8$%+2!*(%;!-.!$9+.;!)/'#!93!
Co
$(#!$%3!#1#89$-:#!,+%93!+#23%.2-7&#!=%+!/&&!2$+/$#,-8!'#8-2-%.25!>F/2-8/&&4;!D$-8%.!
(/'! 7##.! /.! #1$+#)#&4! 8%.2#+:/$-:#! 8%)3/.4! =%+! )/.4! 4#/+2! /.'! */2! 2$-&&! $(#!
2/)#!*(#.!A!d%-.#'!-.!UYW[5!"#!(/'!&%$2!%=!'#3/+$)#.$2;>!+#3%+$#'!<%+7#.!C+%$(;!
*(%!(/'!7##.!/!)-''&#!)/./,#+!-.!$(%2#!'/425!<(#!(-#+/+8(-8/&!2$+98$9+#!*%+0#'!
*#&&!=%+!$(#!)/22!3+%'98$-%.!%=!(#/+-.,!/-'2;!3+%:-'-.,!$(#!.#8#22/+4!8%%+'-./$-%.!
/.'!8%.$+%&!=%+!/!)/.9=/8$9+-.,!8%)3/.45!!
t
No

;NDSDS!MC!,CDEFG!!

>"(/$!*#!'-'.O$!0.%*!*/2!$(/$!(#/+-.,!/-'2!*%9&'!)%:#!$*%!8#.$-)#$#+2;!=+%)!
7#(-.'!$(#!#/+!$%!+-,($!-.$%!$(#!#/+;!/.'!$(/$O2!/!:#+4!&%.,!'-2$/.8#;>!+#8/&&#'!M/+2!
N%&-.'5! "-$(! $(#! /':#.$! %=! -.J$(#J#/+! ^A<L`! 3+%'98$2;! D$-8%.! */2! =/8#'! *-$(! /!
+/3-'&4! '#8&-.-.,! )/+0#$! 2(/+#! /2! 8%)3#$-$%+2! +#/3#'! $(#! 7#.#=-$2! %=! $(#!
Do

$#8(.%&%,-8/&! 7+#/0$(+%9,(! /.';! *-$(! .%! A<L! 3+%'98$! %=! -$2! %*.! $%! %==#+! -.! $(-2!
8(/.,-.,!)/+0#$;!D$-8%.!*/2!.%$!/!3&/4#+!/$!$(/$!$-)#5!F4!UYWV;!-.J$(#J#/+!^A<L`!
(#/+-.,! /-'2! /&+#/'4! /88%9.$#'! =%+! d92$! 9.'#+! Z_e! %=! $(#! *%+&'! )/+0#$;! *(-&#!
7#(-.'J$(#J#/+!^F<L`!+#3+#2#.$#'!%.&4!2&-,($&4!)%+#!$(/.!Z_e5!!

D$-8%.O2! $+%97&#2! (/'! /8$9/&&4! 7#,9.! -.! UYVY;! 79$! $(#! =/:%+/7&#! #18(/.,#! +/$#!
7#$*##.!RH!'%&&/+2;!$(#!2%9+8#!%=!)%2$!%=!D$-8%.O2!-.8%)#;!/.'!I/.-2(!8+%*.2;!
*(#+#! -$2! )/d%+! 8%2$2! *#+#! -.89++#';! #./7&#'! $(#! 8%)3/.4! $%! 8%.$-.9/&&4! 2(%*!
-)3+%:#'! =-./.8-/&! 3#+=%+)/.8#! $(+%9,(! UYWZ5! A.! +#/&-$4;! '9+-.,! $(#! 3#+-%'!
UYVYJUYWZ;! D$-8%.! &%2$! /! $+#)#.'%92! /)%9.$! %=! 8%)3#$-$-:#! 3%*#+5! F4! UYWZ;! /!
+#:#+2/&!%=!$(#!=/:%+/7&#!#18(/.,#!+/$#JJ$(#!'#8&-.-.,!:/&9#!%=!$(#!'%&&/+!/,/-.2$!
)%2$! L9+%3#/.! 89++#.8-#2;! 8%93&#'! *-$(! 8%)3#$-$%+2O! -.$+%'98$-%.! %=! $(#! A<L!
3+%'98$2! 39$! D$-8%.! -.! /! (-,(&4! $(+#/$#.#'! 3%2-$-%.5! D$-8%.O2! )/+0#$! 2(/+#!
$9)7&#'!=+%)!UZe!$%!Vec!$(#!*%+&'!8(/)3-%.!&%2$!-$2!3%2-$-%.!/2!)/+0#$!&#/'#+!
/.'! =#&&! $%! $(-+'! 3&/8#5! H%)#! -.'92$+4! */$8(#+2! 2#+-%92&4! K9#2$-%.#'! *(#$(#+!
D$-8%.! 8%9&'! #:#.! 29+:-:#! $(-2! '-2/2$+%92! '#:#&%3)#.$5! h%&&%*-.,! &%22#2! %=!
INN![!)-&&-%.!-.!UYWQ!/.'!INN![U!)-&&-%.!-.!UYWV;!D$-8%.O2!h%9.'/$-%.!F%/+'!
'#8-'#'!$(/$!.#*!)/./,#)#.$!*/2!.##'#'!$%!%:#+8%)#!$(#!8+-2-25!

!
 INTERNATIONAL
! J!Q!J! AbIJ[J_PXZ!

,CDEFGRS!8KDNI!#MGMJLQLGC!

M/+2! N%&-.'! */2! /.! 9.#13#8$#'! 8(%-8#! =%+! ELD! /2! (#! (/'! (/'! .%! 3+#:-%92!
#13#+-#.8#! -.! $(#! -.'92$+45! ?#! (/';! (%*#:#+;! 8%)#! =+%)! /! 8%)3/.4! 3+%'98-.,!
28-#.$-=-8! -.2$+9)#.$2! ^]/'-%)#$#+`! $(/$! (/'! ,/-.#'! =-+2$! 3&/8#! -.! /.%$(#+! .-8(#!
)/+0#$5! h9+$(#+)%+#;! (-2! :/&9#2! 8%++#23%.'#'! $%! $(%2#! %=! $(#! h%9.'/$-%.! F%/+'!
)#)7#+2! =%+! $(#! )%2$! 3/+$5! <(92;! M/+2! N%&-.'! /.'! (-2! $#/)! *#+#! %.&4! $(#! $(-+'!
)/./,#)#.$!%=!D$-8%.!2-.8#!-$2!=%9.'-.,!-.!UY_[5!!

<(#! 3+#:-%92! )/./,#)#.$;! (%*#:#+;! +#)/-.#'! =9&&4! -.:%&:#'! -.! D$-8%.O2!

%3#+/$-%.25! <(#! =%+)#+! ELD;! F#.$! H-)%.2#.;! /229)#'! /! 2#/$! %.! D$-8%.O2!
h%9.'/$-%.!F%/+'5!<%+7#.!6-#&2#.;!$(#!=%+)#+!$#8(.-8/&!'-+#8$%+;!$%%0!/!3%2-$-%.!
-.!)/.9=/8$9+-.,!%3#+/$-%.25!<(#!3+#:-%92!2/&#2!/.'!)/+0#$-.,!'-+#8$%+;!?#..-.,!
b%.2$#'!H%+#.2#.;!*#.$!$%!a/+-2!/2!C#.#+/&!b/./,#+!%=!$(#!D$-8%.!2972-'-/+4!-.!
h+/.8#5! <(#! 3+#:-%92! =-./.8#! '-+#8$%+;! F#.,$! I/.-#&2#.;! +#$-+#'5! <(+%9,(%9$!
D$-8%.O2! (-2$%+4;! )/./,#)#.$! 8%.$-.9-$4! (/'! 7##.! /! 8%.2$/.$;! /.'! $(#! /++-:/&! %=!
M/+2!N%&-.'!*%9&'!'%!&-$$&#!$%!8(/.,#!$(/$!$+/'-$-%.5!!

py
;NDSDS!#MGMJLQLGC!
Co
M/+2! N%&-.'! -))#'-/$#&4! -.$+%'98#'! '+/2$-8! 8%2$J2/:-.,! )#/29+#2! /.'! +#=%892#'!
$(#!792-.#22!%.!23#8-=-8!0#4!2#,)#.$25!?#!)%:#'!K9-80&4!/.'!)#+8-&#22&4!$%!7+-.,!
'%*.!%:#+(#/'!8%2$2!/.'!$%!89$!9.3+%=-$/7&#!3+%'98$!&-.#25!H%)#!U_JUZe!%=!$(#!
#)3&%4##2! /$! (#/'K9/+$#+2! &%2$! $(#-+! d%725! <(#! $9+./+%9.'! */2! '+/)/$-85! "-$(-.!
2-1!)%.$(2;!D$-8%.!+#$9+.#'!$%!3+%=-$/7-&-$4;!'#23-$#!(#/:4!&%22#2!-.!$(#!=-+2$!$*%!
K9/+$#+2!%=!UYWW5!F4!UYWY;!D$-8%.!+#3%+$#'!/!3+%=-$!%=!INN!PP!)-&&-%.5%K1(9(+%:3%
)B93C34%I0L!!
t
No

M/+2!N%&-.'!-))#'-/$#&4!2/*!$(#!.##'!$%!8(/.,#!$(#!)/+0#$!=%8925!H-.8#!K9/&-$4!
(/'!7#8%)#!/!+#K9-+#)#.$!=%+!3/+$-8-3/$-%.;!.#/+&4!/&&!8%)3#$-$%+2!*#+#!)##$-.,!
K9/&-$4! 2$/.'/+'25! <(92;! 7#-.,! /! (-,(JK9/&-$4;! (-,(J8%2$! 3+%'98#+! .%! &%.,#+!
/229+#'!D$-8%.!/!8%)3#$-$-:#!/':/.$/,#5!M/+2!N%&-.'!'#8-'#'!$(/$!D$-8%.!2(%9&'!
7#8%)#! $(#! 3+#=#++#'! 3/+$.#+! *-$(! $(#! )%2$! 3+%=#22-%./&! (#/+-.,! 8&-.-82! /.'!
(#/+-.,!/-'!'#/&#+2!-.!$(#!*%+&'5!
Do

M/+2!N%&-.'!3+%)%$#'!2#:#+/&!4%9.,#+!)/./,#+2!*(%!(/'!7##.!)-''&#!)/./,#+2!
7#=%+#! $(#! 8(/.,#! $%! (-,(#+! &#:#&2;! *(#+#! $(#4! *%9&'! /229)#! +#23%.2-7-&-$4! =%+!
)/0-.,!$(#!.#8#22/+4!8(/.,#2!=%+!29+:-:/&5!F9$;!/&$(%9,(!$(#!=-./.8-/&!$9+./+%9.'!
*/2!2988#22=9&;!$(#!=##&-.,!+#)/-.#'!$(/$!.%$(-.,!(/'!+#/&&4!8(/.,#'5!M/+2!N%&-.'!
8%))#.$#';! >A! '-'.O$! $(-.0! $(/$! A! (/'! )/./,#'! $%! #2$/7&-2(! /! &%.,J$#+)! 2$/7&#!
8(/.,#! /$! /! 2-,.-=-8/.$&4! 7#$$#+! &#:#&5! B&$(%9,(! A! (/'! 89$! 8%2$2! /.'! &%22J)/0-.,!
3+%'98$!&-.#2!/.'!/8$-:-$-#2;!A!'-'.O$!7#&-#:#!$(/$!*%9&'!2-,.-=-8/.$&4!-)3+%:#!%9+!
8%)3#$-$-:#!3%2-$-%.!-.!$(#!&%.,!$#+)5!

0,534.4!%>/A,5/34.H%<93/J%49!%K/493/J.CL!%
j%9!/+#!.%$!/&%.#!*(#.!4%9!=-,($;!$(#+#!/+#!3#%3&#!*(%!*/.$!$%!*%+0!$%,#$(#+!*-$(!4%95!
F9$!A!2/*!$(/$!8#+$/-.!)/d%+!8%)3#$-$%+2!*#+#!'+-:-.,!.#*!$#8(.%&%,-#2!/.'!*#+#!)%:-.,!
=/2$5! A! */2! 8%.8#+.#'! $(/$! *#! (/'! .%$! #2$/7&-2(#'! /! 2%&-'! 7/2#! =%+! $(#! &%.,! $#+)5! B.';! A!
+#/&-g#'!$(/$!$(-2!8%.8#+.!*/2!.%$!,#.#+/&&4!/88#3$#'!/$!/&&!-.2-'#!$(#!8%)3/.45!A!*/2!+#/&&4!
/&%.#! -.! */.$-.,! $%! $/0#! $(#! 8%)3/.4! 2-,.-=-8/.$&4! =9+$(#+5! A)/,-.#! )4! 2-$9/$-%.5!
L:#+47%'4! =+%)! %9$2-'#;! -.8&9'-.,! $(#! F%/+';! */2! 2/4-.,! $(/$! *#! (/'! /! +#/&&4! =/.$/2$-8!

!
 INTERNATIONAL
! J!V!J! AbIJ[J_PXZ!

)/./,#)#.$5!<(#4!*#+#!2/$-2=-#'!/.'!*/.$#'!$%!&#/:#!$(-.,2!$(#!*/4!$(#4!*#+#5!A!=#&$!)%+#!
/&%.#!$(/.!A!(/'!#:#+!7##.5!

!!!M/+2!N%&-.'!

D.! 6#*! j#/+O2! I/4;! k/.9/+4! U;! UYY_;! N%&-.'! *+%$#! /! [J3/,#! )#)%! *(#+#! (#!
'#28+-7#'! (-2! '+#/)! =%+! $(#! 0-.'! %=! %+,/.-g/$-%.! (#! 7#&-#:#'! *%9&'! /8(-#:#! /!
292$/-./7&#!8%)3#$-$-:#!/':/.$/,#!=%+!$(#!=9$9+#S!/.!%+,/.-g/$-%.!$(/$!*%9&'!&#/'!
-.!8+#/$-:-$4;!-..%:/$-%.!/.'!=&#1-7-&-$45!M/+2!N%&-.'!/20#'!/&&!D$-8%.!#)3&%4##2!
$%! >$(-.0! $(#! 9.$(-.0/7&#5>! <%22-.,! %9$! /&&! /229)3$-%.2! /7%9$! *%+0! /.'!
*%+03&/8#2;!N%&-.'!8(/&&#.,#'!(-2!)/./,#+2!$%!7#,-.!/,/-.!*-$(!/!8&#/.!2&/$#5!B&&!
3/3#+! *%9&'! ,%5! B&&! d%72! *%9&'! ,%5! B&&! */&&2! *%9&'! ,%5! <(#! =%9.'/$-%.! 93%.!
*(-8(! D$-8%.! *%9&'! 79-&'! -$2! =9$9+#! *%9&'! +#2$! %.! $*-.! 8%.8#3$2S! '-/&%,9#! /.'!
/8$-%.5!L:#+4$(-.,!/$!D$-8%.!*%9&'!7#!'#2-,.#'!$%!2933%+$!$(#2#!$*%!-'#/2!/2!$(#!
)#/.2! =%+! )/0-.,! 7+#/0$(+%9,(! /88%)3&-2()#.$2! -.! 8+#/$-:-$4;! 23##'! /.'!
3+%'98$-:-$45! >"#! +#/&&4! */.$#'! $%! 7#! -..%:/$%+2! -.! $(-2! -.'92$+4;>! 2/-'! N%&-.';!
>79$! *#! *#+#! 0.%*.! =%+! 7#-.,! #1/8$&4! $(#! %33%2-$#5! "#! */.$#'! $%! 8%)7-.#!

py
-..%:/$-%.!*-$(!.#*!+#8%+'2!-.!3+%'98$-:-$4!&#:#&25>!N%&-.'!2#$!/)7-$-%92!,%/&2S!/!
X_e!-.8+#/2#!-.!3+%'98$-:-$4!-.!$(+##!4#/+2;!/.!%7d#8$-:#!*(-8(!7#8/)#!0.%*.!/2!
>a+%d#8$!XX_>5!!

6MNS!VFHDGIRS!5DSDFG!
Co
"(/$! M/+2! N%&-.'! (/'! -.! )-.'! */2! /! 8%)3&#$#&4! '-==#+#.$! 0-.'! %=! 8%)3/.4c! -$!
*%9&'! (/:#! d92$! %.#! $#/)JJ%=! UZ_! #)3&%4##2! /$! (#/'K9/+$#+2JJ/&&! 8%.$-.9%92&4!
'#:#&%3-.,5!<(-2!8%)3/.4;!$(#!.#*!D$-8%.;!*%9&'!.%$!d92$!+9.!=/2$#+;!79$!7#$$#+5!!
t
M/+2!N%&-.'!/20#'!#/8(!#)3&%4##!$%!#1/)-.#!(-2!%*.!d%7!/.'!=%892!%.!*(/$!(#!
No

'-'! *#&&5! L/8(! #)3&%4##! 2(%9&'! 7#! /7&#! $%! '%! 2#:#+/&! $/202S! $(%2#! (#! '-'! :#+4!
*#&&;!/.'!$(%2#!*(#+#!.#*!20-&&2!8%9&'!7#!&#/+.#'5!M/+2!N%&-.'!8/&&#'!%.!#:#+4%.#!
$%! /229)#! 2#:#+/&! d%72! $%! )/1-)-g#! -.'-:-'9/&! 8%.$+-79$-%.25! ?#! */2! 2$+%.,&4!
8%.:-.8#'! $(/$! 3/3#+! (-.'#+#'! #==-8-#.845! A=! 3#%3&#! *#+#! #13#8$#'! $%! *%+0! *-$(!
%$(#+! #)3&%4##2! %.! 2#:#+/&! 3+%d#8$2;! $(#.! #/8(! 3#+2%.! 2(%9&'! 7#! /7&#! $%! )%:#!
/7%9$!=+##&45!a/3#+!-.(-7-$#'!$(/$!8/3/7-&-$45!<(#!%$(#+!7/++-#+!$%!*%+0-.,!$%,#$(#+;!
Do

-.!M/+2!N%&-.'O2!%3-.-%.;!*/2!/!3(42-8/&!%.#S!*/&&25!A=!3#%3&#!*#+#!$%!7#8%)#!%.#!
7-,!$#/);!$(#.!$(#!*/&&2!(/'!$%!,%5!M/+2!/+,9#'!-.!(-2!)#)%S!

"#!.##'!/.!%3#.!*%+0!#.:-+%.)#.$;!%.#!$(/$!-2!-.$#+#2$-.,!/.'!#18-$-.,;*(#+#!#)3&%4##2!
7#8%)#! 3/+$! %=! /! 7-,,#+! #.$-$4! /.'! 8/.! )%+#! #/2-&4! 9.'#+2$/.'! (%*! $(#-+! d%7! +#&/$#2! $%!
D$-8%.O2! 2$+/$#,-#2! /.'! ,%/&25! <(#! $-)#! .##'#'! =%+! $(#! )/.4! 8%.$+%&2! -.! /! $+/'-$-%./&!
%+,/.-g/$-%.!8%9&'!7#!'#:%$#'!-.2$#/'!$%!2#+:-.,!8&-#.$2!7#$$#+5!

WDNSC!3LMECDFGS!

<(#!)#)%+/.'9)!*/2!)#/.$!$%!-.-$-/$#!/!'-/&%,9#!=%+!/!.#*!*/4!%=!'%-.,!$(-.,25!
F9$;! 74! h#7+9/+4! UYY_;! M/+2! N%&-.'! (/'! (/'! #.%9,(! '-28922-%.2! *-$(! (-2!
)/./,#)#.$! $%! 0.%*! $(/$! $(#! %&'#+;! )%+#! $+/'-$-%./&! )/./,#+2! *#+#! /,/-.2$! (-2!
3+%3%2/&5!<%+7#.!C+%$(!+#8/&&#'!$(/$!2%)#!)/./,#+2!*#+#!.%$!%.&4!7#*-&'#+#'!74!
$(#! 8%.8#3$;! $(#4! *#+#! 2$+%.,&4! %33%2#'! $%! -$5! b/.4! %=! $(#! 4%9.,#+! 3#%3&#;!
(%*#:#+;!/,+##'!$(/$!$(#!8%)3/.4!.##'#'!$(#!:#+4!8(/.,#2!$(/$!M/+2!N%&-.'!*/2!
3+#28+-7-.,5! M%4/&$4! (/'! /&*/42! 7##.! /! 2$+%.,! :/&9#! /$! D$-8%.! /.';! *(#.! M/+2!
-.'-8/$#'! (-2! 8%))-$)#.$! $%! $(-2! .#*! */4! %=! *%+0-.,;! #:#+4%.#! #1$#.'#'! $(#-+!

!
 INTERNATIONAL
! J!W!J! AbIJ[J_PXZ!

2933%+$JJ/$! &#/2$! %.! $(#! 29+=/8#5! <(#! '%89)#.$! ><(-.0! $(#! R.$(-.0/7&#>! */2!
'+/=$#'!=%+!3+#2#.$/$-%.!$%!$(#!2$/==!/.'!$(#!h%9.'/$-%.!F%/+'5!!

<(#+#! (/'! 7##.! &-$$&#! +#2-2$/.8#! *(#.! M/+2! N%&-.'! =-+2$! 3+#2#.$#'! (-2! :-2-%.;! 79$!
/&2%! .%$! )98(! 8%.=-'#.8#! $(/$! -$! *%9&'! #:#+! )/$#+-/&-g#5! ?%*#:#+;! )%)#.$9)!
3-80#'! 93! K9-80&4! *(#.! '-28922-%.2! 7#,/.! -.! #/+.#2$! /7%9$! +#&%8/$-.,! D$-8%.O2!
(#/'K9/+$#+2!/.'!$(#!.#*!0-.'!%=!%+,/.-g/$-%.!M/+2!(/'!-.!)-.'5!!

<9!%09./5!%M+,A!11%

#LNJDGJ!8XF!;THCTNLS!

M/+2! N%&-.'! =#&$! (#! (/'! $%! 7#! 7%&'! *(#.! 8%.2-'#+-.,! $(#! 3+%7&#)! %=! *(#+#! $%!
&%8/$#!D$-8%.O2!.#*!(#/'K9/+$#+25!a+#:-%92&4!&%8/$#'!-.!$*%!2-$#2JJ)/+0#$-.,!/.'!

py
3+%'98$! '#:#&%3)#.$! /$! %.#! 2-$#;! 8%+3%+/$#! )/./,#)#.$;! /')-.2$+/$-%.! /.'!
'-2$+-79$-%.! /$! $(#! %$(#+JJ$*%! '-2$-.8$! /.'! -.8%)3/$-7&#! 89&$9+#2! (/'! #)#+,#'5!
b%:-.,! %.#! $%! $(#! %$(#+! )-,($! -.:-$#! '-2/2$#+5! A.2$#/';! $(%9,($! M/+2;! *(4! .%$!
8+#/$#!/!.#*!:"#+,!89&$9+#!/.'!)%:#!$(#)!7%$(!-.$%!$(/$@!D$-8%.!*/2!-.!/!2$+%.,!
Co
3%2-$-%.!=-./.8-/&&4!/=$#+!*#/$(#+-.,!$(#!8+-2-25!F9$;!D$-8%.!*/2!2$-&&!/!(-,(J8%2$;!
(-,(! %:#+(#/'! 8%)3/.4;! '#23-$#! $(#! )/.4! 2-,.-=-8/.$! +#'98$-%.25! <(-2! 2-$9/$-%.;!
$%,#$(#+! *-$(! /! (%92#! '-:-'#'! *-$(-.! -$2#&=;! &#'! M/+2! N%&-.'! $%! 8%.2-'#+! +/'-8/&!
2%&9$-%.25!

h+%)! b/+8(! UYY_JJ*(#.! ><(-.0! $(#! R.$(-.0/7&#>! */2! =-+2$! -.$+%'98#'JJ$(+%9,(!

$(#! +#)/-.'#+! %=! $(#! 4#/+;! M/+2! N%&-.'! '#:%$#'! (-)2#&=! $%! 3+#3/+-.,! D$-8%.O2!
t
#)3&%4##2! =%+! $(#! )%:#! $%! $(#! .#*! (#/'K9/+$#+25! A.! 6%:#)7#+! UYY_;! (#! (-+#'!
No

H$#.! I/:-'2#.!$%!)/./,#!$(#!8(/.,#! 3+%8#225!I/:-'2#.!8/)#!=+%)!I#.!I/.20#!

F/.0;! *(#+#! (#! (/'! 7##.! *%+0-.,! %.! /! 7/.0! )#+,#+! 3+%d#8$5! I/:-'2#.! =-+2$!
3+#3/+#'!/!%.#J3/,#!>)/3>!%=!$(#!8(/.,#!3+%8#22!K+(9(+%:3%)B93C34%(L;!2%!$(/$!/&&!
#)3&%4##2! *%9&'! 7#! -.=%+)#'! /7%9$! (%*! $(#4! =-$! -.$%! $(#! 3&/.5! B! 2$/$#)#.$! %=!
8%+3%+/$#!:/&9#2!*/2!'+/=$#'!/.'!8-+89&/$#'!^+(9(+%:3%)B93C34%N`5!
Do

H)/&&! *%+0-.,! ,+%932! *#+#! =%+)#'! $%! 8/++4! %9$! $(#! /8$9/&! $/202! +#&/$#'! $%! $(#!
%+,/.-g/$-%.! 8(/.,#25! D.#! ,+%93! *%+0#'! '-+#8$&4! *-$(! $(#! /+8(-$#8$2! /.'!
#.,-.##+2!/2!$(#4!'#2-,.#'!$(#!.#*!(#/'K9/+$#+2!79-&'-.,5!B.%$(#+!,+%93!#'-$#'!
/.'!397&-2(#'!YQ+3I(&:%XXH>Y!$(#!.#*2&#$$#+!$(/$!0#3$!/&&!#)3&%4##2!93J$%J'/$#!%.!
3+%,+#225! B! ,+%93! %=! UX! 3#%3&#! 8/&&#'! >H93#+92#+2>! */2! 8+#/$#'! $%! $+/-.! 3#%3&#!
(%*!$%!92#!$(#!2%=$*/+#!=%+!$(#!.#*!-.=%+)/$-%.!242$#)5!>"#!,%$!/!&%$!%=!3#%3&#!
-.:%&:#'! -.! $(#! 3+%8#22JJ/2! )/.4! /2! 3%22-7&#JJ/.'! ,/:#! $(#)! /! =+##! (/.'! -.!
'#8-'-.,!=%+!$(#)2#&:#2!*(/$!+#23%.2-7-&-$-#2!$(#4!(/'!-.!$(#-+!/+#/;>!+#)#)7#+#'!
6-#&2!k%+,#.!<%1:/#+'5!

b%.$(&4! )##$-.,2! *#+#! (#&';! /.'! /! .9)7#+! %=! /8/'#)-82! /.'! 8%.29&$/.$2! *#+#!
-.:-$#'!$%!3+#2#.$!$(#!&/$#2$!$(-.0-.,!%.!%+,/.-g/$-%.!'#2-,.;!8%))9.-8/$-%.;!/.'!
$#/)! *%+05! M/+2! N%&-.'O2! .#*! )/./,#)#.$! ,+%93! */2! 2-)-&/+&4! -.:%&:#'! -.!
+#J#1/)-.-.,! 2%)#! %=! D$-8%.O2! =9.'/)#.$/&! 792-.#22! /229)3$-%.2;! +#.#*-.,!
3+%'98$!&-.#2;!+#:-#*-.,!$(#!8%)3/.4O2!2$+/$#,4!+#,/+'-.,!)/+0#$2;!3+%'98$2!/.'!
8%)3#$-$-:#!)%:#25!!

!
 INTERNATIONAL
! J!Y!J! AbIJ[J_PXZ!

3LSDSCMGEL!-LEFQLS!3L/FHC!

B2! $(#! 8(/.,#! 3+%8#22! 3+%,+#22#';!/.'!-$!7#8/)#!/33/+#.$!$(/$!M/+2!N%&-.'!*/2!

-.$#.$! %.! -)3&#)#.$-.,! (-2! :-2-%.;! +#2-2$/.8#! /)%.,! D$-8%.O2! )/./,#)#.$!
-.$#.2-=-#'5! D3#.! +#2-2$/.8#! =-./&&4! #)#+,#'! *(#.! 8%.2-'#+-.,! /! +#&%8/$-%.! $%!
<(-2$#'! -.! k9$&/.';! /! +#)%$#! 3/+$! %=! *#2$#+.! I#.)/+0! *(#+#! D$-8%.O2!
)/.9=/8$9+-.,! 2-$#! */2! &%8/$#'5! b/./,#+2! *(%! (/'! 7##.! 8%:#+$&4! +#2-2$-.,!
7#8/)#! 8%)3&#$#&4! %3#.! -.! $(#-+! %33%2-$-%.! $%! $(#! )%:#c! $(#4! 7#,/.! $%! *%+0!
/8$-:#&4!/,/-.2$!M/+2!N%&-.'5!I#23-$#!/&&!%=!M/+2O!#==%+$2!$%!3+#3/+#!#:#+4%.#!=%+!
$(#!)%:#!$%!$(#!3+%3%2#'!.#*!(#/'K9/+$#+2!-.!k9$&/.';!(#!*/2!29''#.&4!=/8-.,!/!
=9&&J28/&#!+#:%&$5!H(%9&'!(#!3+%8##'!*-$(!(-2!:-2-%.@!?/'!(#!3#+(/32!/&+#/'4!,%.#!
=/+! #.%9,(@! "/2! -$! 3%22-7&#! $(/$! D$-8%.! (/'! -.'##'! /8(-#:#'! 29==-8-#.$! =-28/&!
(#/&$(! /.'! $(/$! 298(! +/'-8/&! +#2$+98$9+-.,! */2! .%! &%.,#+! +#/&&4! .#8#22/+4@! M/+2!
N%&-.'!+#8/&&#'S!

A! 0.#*! *(/$! A! */.$#'! $%! '%! /.'! =#&$! 3%*#+=9&! #.%9,(! $%! (/.'&#! $(#! %33%2-$-%.5! <(#4!
(%.#2$&4! =#&$! $(/$! A! */2! %.! $(#! *+%.,! $+/805! <(#4! 7#&-#:#'! $(/$! +#2-2$/.8#! */2! $(#-+! %.&4!

py
*/4! $%! 3+#:#.$! )#! =+%)! +9-.-.,! $(#! *(%&#! 8%)3/.4c! $(#+#=%+#;! $(#4! %3#.&4! $+-#'! $%!
%72$+98$!*(/$!A!*/2!'%-.,5!A!7#&-#:#!$(#4!2(%*#'!&%4/&$4!$%!$(#!8%)3/.4!$(/$!A!$(-.0!%.#!
2(%9&'! +#23#8$5! A=! $(#!7%22!-2!)/0-.,!$(#!)-2$/0#!%=!$(#!8#.$9+4;!$(#.!-$O2!+-,($!$%!$+4!/.'!
2$%3!-$5! Co
6FSDGJ!CF!YDG!

M/+2!N%&-.'!/7/.'%.#'!(-2!'#8-2-%.!$%!)%:#!$%!k9$&/.'!:#+4!+#&98$/.$&45!?#!(/';!
-.!=/8$;!/&+#/'4!39+29/'#'!$(#!F%/+'!$(/$!)%:-.,!$(#!(#/'K9/+$#+2!$%!k9$&/.'!*/2!
$(#!+-,($!$(-.,!$%!'%;!79$!(#!(/'!0.%*.!$(/$!,#$$-.,!$(#!#)3&%4##2!$%!/,+##!*%9&'!
t
7#! '-==-89&$5! <%! (#&3! 3#+29/'#! $(#);! M/+2! (/'! '#28+-7#'! /)7-$-%92! 3&/.2! =%+!
No

8+#/$-.,!/33#/&-.,!*%+0-.,!8%.'-$-%.2!/.'!/.!/$$+/8$-:#!#.:-+%.)#.$5!F9$;!*(#.!
D$-8%.O2!#)3&%4##2!#)3(/$-8/&&4!$9+.#'!(-2!3+%3%2/&!'%*.;!M/+2!N%&-.'!+#&#.$#'5!
<(#+#!*/2!.%!*/4!$(/$!M/+2!8%9&'!0.%*!$(/$!(#!(/';!-.!=/8$;!,/-.#'!,+%9.'S!!

A! ,/-.#'! $(#-+! 2933%+$! 74! 2$#33-.,! 7/80! /.'! 2/4-.,;! >D0/4;! 4%9! *%.! $(/$! %.#5! A! +#23#8$!
4%95>! <(#+#! */2! .#:#+! /! .#,/$-:#! *%+'! =+%)! )#5! A! /88#3$#'! $(#! '#8-2-%.;! $(/$! */2! -$5! A!
Do

'#8-'#'!$%!=%+,#$!/7%9$!$(#!3/2$!/.'!&%%0;!-.2$#/';!$%*/+'!$(#!=9$9+#5!h+%)!%.#!*##0!$%!$(#!
.#1$;!$(#+#!*/2!/!8%)3&#$#!8(/.,#5!

6MNS!VFHDGIRS!;FQQDCQLGC!CF!CKL!WTCTNL!

M/+2!N%&-.'!3#+2-2$#'!9.+#&#.$-.,&4!-.!%+'#+!$%!#.29+#!$(/$!(-2!:-2-%.!%=!$(#!=9$9+#!
*%9&'!7#!+#/&-g#'5!>A!,/:#!-.!%.!*(#+#!D$-8%.!-2!,%-.,!$%!+#&%8/$#;!79$!A!-.2-2$#'!
%.! 8/++4-.,! $(+%9,(! *-$(! $(-2! +#%+,/.-g/$-%.! 3&/.5! A! '#8-'#'! $(/$! */2! $(#! */4! -$!
(/'!$%!7#5!h9&&!2$%35>!<(#!'/4!%=!$(#!)%:#;!-.!B9,92$!UYYU;!*/2!/!*/$#+2(#'!#:#.$!
=%+! D$-8%.! #)3&%4##25! "-$(-.! $(#! =-+2$! *##0;! /! 8%)3&#$#! 8(/.,#! -.! 3#+8#3$-%.!
7#,/.! ! $%! #)#+,#5! <(#! $(-.,2! $(/$! $(#4! (/'! '-28922#';! /.'! 8%9&'! $(#.! %.&4!
-)/,-.#;!(/'!7#8%)#!/!+#/&-$45!K1(9(+%:3%)B93C34%O0L!"(/$!$(#4!*#+#!#13#+-#.8-.,!
7%+#!&-$$&#!+#2#)7&/.8#!$%!$(#!%&'!D$-8%.;!79$!$(#4!#.8%9.$#+#'!:#+4!=#*!29+3+-2#2c!
/=$#+!/&&;!$(#4!(/'!3&/4#'!/!8#.$+/&!/.'!8+-$-8/&!+%&#!-.!'#2-,.-.,!$(#!.#*!D$-8%.5!!

!
 INTERNATIONAL
! J!U_!J! AbIJ[J_PXZ!

;FGCDGTDCZ!MGI!;KMGJL>!6LM/DGJ!CKL!@MSC!-LKDGI!

]#$9+.-.,! $%! $(#! 3/2$! */2! .#:#+! /.! %3$-%.! =%+! D$-8%.! #)3&%4##2c! $(#! 3/2$! */2!
=-.-2(#'!/.'!$(#+#!*/2!.%!*/4!7/805!M/+2!N%&-.'!/')-$$#'!$(/$!$(-2!2$+/$#,4!(/'!
7##.!'#&-7#+/$#!/.'!8/+#=9&&4!$(%9,($!%9$S!%.8#!D$-8%.!#)3&%4##2!*#+#!2#$$&#'!-.!
$(#-+! .#*! (#/'K9/+$#+2! -.! ?#&&#+93;! M/+2! -.:-$#'! $(#! 3+#22! $%! *-$.#22! $(#!
+#:%&9$-%.! /$! D$-8%.5! <(#+#! */2! #1$#.2-:#! 3+#22! 8%:#+/,#JJ$#&#:-2-%.;! +/'-%;!
.#*23/3#+2! /.'! )/,/g-.#2JJ/2! $(#! )/./,#)#.$! #13#+-)#.$! +/3-'&4! 8/9,($! $(#!
-)/,-./$-%.! %=! $(#! 792-.#22! 3+#225! k%9+./&-2$2! *#+#! ,-:#.! 8%)3&#$#! =+##'%)! $%!
*/&0! /+%9.'! 9./88%)3/.-#';! 2%! $(/$! $(#! #)3&%4##2! 7#8/)#! $(#! 23%0#2)#.! =%+!
$(-2!+/'-8/&&4!.#*!*/4!%=!*%+0-.,5!M/+2!N%&-.'!+#8/&&#'S!

A! )/'#! .%! 2#8+#$! %=! $(#! =/8$! $(/$! A! */2! 92-.,! $(#! 3+#22! 8%:#+/,#! /2! /! $%%&;! /2! /! */4! %=!
79+.-.,!$(#!7+-',#2!7#(-.'!92!2%!$(/$!-$!*/2!%7:-%92!$%!#:#+47%'4!$(/$!$(#+#!*/2!.%!+#$9+.5!
a#%3&#O2!3#+8#3$-%.!%=!*(/$!$(#4!/+#!'%-.,!'#3#.'2!:#+4!2$+%.,&4!%.!$(#-+!/&$#+./$-:#2!/.';!
-=!$(#+#!/+#!.%!/&$#+./$-:#2;!$(#4!/+#!&#22!&-0#&4!$%!8/++4!%.!/7%9$!>(%*!*%.'#+=9&!-$!*/2!-.!
$(#!%&'!'/425>!

py
,G!;FGCDGTDCZ>!,CDEFGRS!=CNMCLJZ!MGI!;FQPLCLGELS!
Co
B&$(%9,(!M/+2!N%&-.'O2!-.$#.$!*/2!$%!)/+0#$!$(#!+#:%&9$-%.!/2!/!2-,.-=-8/.$!8(/.,#!
=+%)! $(#! 3/2$;! $(#! =9.'/)#.$/&! 792-.#22! 2$+/$#,4! +#)/-.#'! &/+,#&4! -.$/8$5! D$-8%.!
*%9&'!2(-=$!-$2!)/+0#$!=%892!$%!$(%2#!'-23#.2#+2!*(%!*#+#!)%2$!8%.8#+.#'!/7%9$!
#.'J92#+!2/$-2=/8$-%.5!<(-2!)%:#!$%*/+'2!$(#!)%+#!3+%=#22-%./&!'-23#.2#+2!*%9&'!
7#! /88%)3/.-#'! 74! /! .#*! 3+%'98$! 2$+/$#,4S! $%! 3+%:-'#! $(#! '-23#.2#+! *-$(! /! =9&&!
^8%)3&#$#`!&-.#!%=!(#/+-.,!/-'25!
t
D$-8%.!*%9&'!)/-.$/-.!-$2!3/2$!2$/.'/+'2;!=%892-.,!%.!(-,(!K9/&-$4!/.'!$#8(.-8/&!
No

#18#&&#.8#;! /.'! *%9&'! +#)/-.! /$! $(#! (-,(J3+-8#! #.'! %=! $(#! )/+0#$5! B$! $(#! 2/)#!
$-)#;! $(#! +#&/$#'! 8%.8#+.2! %=! #==-8-#.84;! 8%%+'-./$-%.! /.'! 8%.$+%&! *%9&'! .##'!
/$$#.$-%.5!M/+2!N%&-.'!7#&-#:#'!$(/$!$(#2#!(-,(!%7d#8$-:#2!8%9&'!7#!/8(-#:#'!/=$#+!
$(#!$+/.2=%+)/$-%.;!79$!(#!/&2%!0.#*!$(#!+-202!-.:%&:#'5!
Do

<9!%?-.59!443%F+5./3P.43,/%
"#! 92#'! $%! (/:#! $(#2#! )/+:#&&%92! %==-8#2! =%+! )/./,#)#.$! %.! $(#! $(-+'! =&%%+! %=! $(#! %&'!
79-&'-.,;! /2! *#&&! /2! k/,9/+2! -.! $(#! ,/+/,#5! F9$;! *#! +#/&-g#'! $(/$! %9+! 8%)3/.4! =9.8$-%.#'!
.%$!7#8/92#!%=!%9+!%+,/.-g/$-%.;!79$!-.!23-$#!%=!-$5!<(-2!8&#/+&4!(/'!$%!8(/.,#;!/.'!A!2/*!.%!
%$(#+!2%&9$-%.S!#18#3$!$%!'-28%.$-.9#!$(#!8%.8#3$!%=!/!=%+)/&!%+,/.-g/$-%.5!H%;!*#!$(+#*!-$!
/&&! /*/4;! /.'! *#! -.$+%'98#'! 2%)#$(-.,! .#*JJ*(-8(! (/2! 7##.! ./)#'! >$(#! 23/,(#$$-!
%+,/.-g/$-%.5>!

!!!!M/+2!N%&-.'!

<(#!23/,(#$$-!%+,/.-g/$-%.!*/2!.%$!/!)/$+-1!%+,/.-g/$-%.5!<(#!%.&4!2$+98$9+#!*/2!
3+%:-'#'!74!$(#!3+%d#8$2;!*-$(!$(#!/''-$-%./&!'-)#.2-%.!$(/$!$(#!2$/==!*#+#!)9&$-J
20-&&#'5! A.! /! )/$+-1! %+,/.-g/$-%.;! /! 8(-3! '#2-,.#+! *%9&'! *%+0! %.! 8(-3! '#2-,.JJ
3%22-7&4! %.;! 2/4;! $(+##! 3+%d#8$2! 2-)9&$/.#%92&4;! 79$! /$! D$-8%.! (#! *%9&'! /&2%! 7#!
'%-.,!)/+0#$-.,!%+!=-./.8#!%.!/.%$(#+!3+%d#8$5!<(#!.#*!%+,/.-g/$-%.!8%9&'!/&2%!
7#! 8/&&#'! /! >8(/%2>! %+,/.-g/$-%.;! -5#5;! %.#! $(/$! */2! )%2$! #)3(/$-8/&&4!
9.(-#+/+8(-8/&;!8(/%$-8;!/&*/42!8(/.,-.,;!/.'!*-$(!.%!%+,/.-g/$-%.!'-/,+/)5!

!
 INTERNATIONAL
! J!UU!J! AbIJ[J_PXZ!

WDGIDGJ!M![FU!DGSDIL!CKL!9LX!,CDEFG!

"(#.!#)3&%4##2!*/&0#'!-.$%!D$-8%.O2!.#*!(#/'K9/+$#+2!%.!B9,92$!W;!UYYU;!$(#4!
.%!&%.,#+!(/'!$(#-+!%&'!d%72;!79$!$(#4!*#+#!#13#8$#'!$%!8+#/$#!.#*!%.#25!<%+7#.!
C+%$(!#13&/-.#'S!

j%9! (/'! $%! 3%2-$-%.! 4%9+2#&=! -.! $(#! .#*! %+,/.-g/$-%.;! 8+#/$-.,! 4%9+! %*.! d%7! -.! /! .#*!
8%.$#1$;! *-$(! .#*! +#&/$-%.2(-325! b-''&#! )/./,#+2! *%9&'! 7#8%)#! .#/+&4! %72%&#$#! /2! $(#!
8%)3/.4!8(/.,#'!=+%)!/!)/./,#)#.$J'+-:#.!$%!/!3+%d#8$J'+-:#.!%+,/.-g/$-%.;!-5#5!:"(%:'$C!
*%9&'! 7#! $(#! '+-:-.,! =%+8#;! .%$! $(%2#! )/./,-.,! $(#! $/2025! H%)#! )/./,#+2! =#&$! &%2$! =%+! /!
$-)#!/2!.%7%'4!/$$#)3$#'!$%!$#&&!$(#)!*(/$!$(#-+!d%7!*%9&'!7#JJ$(/$!*/2!3/+$!%=!$(#!3+%8#225!
M/+2!39+3%2#&4!&#=$!92!/&%.#JJ$%!2%+$!%9$!*(%!*/2!8/3/7&#!%=!*%+0-.,!-.!$(-2!.#*!=&#1-7&#!
/.'!'4./)-8!#.:-+%.)#.$5!

M/+2! N%&-.'! '#8-'#'! $(/$! $+/'-$-%./&! d%7! '#28+-3$-%.2! /.'! =%+)/&! 3%2-$-%.2! *#+#!
-.(-7-$-.,5!<43-8/&!D$-8%.!#)3&%4##2!(/'!/!+/.,#!%=!8/3/7-&-$-#2;!/.'!$(92!.%!%.#!
#:#+! =-$! /! d%7! 3+%=-&#! #1/8$&45! H%! *(4! .%$! '#2-,.! #/8(! d%7! $%! /88%))%'/$#! $(#!

py
3/+$-89&/+!3#+2%.@!F9$;!/2!-$!*/2!.%$!929/&&4!3%22-7&#!$%!(/:#!/!9.-K9#!3%2-$-%.!=%+!
#/8(!#)3&%4##;!*(4!.%$!)/0#!7#$$#+!92#!%=!3#%3&#!74!#./7&-.,!$(#)!$%!/33&4!$(#-+!
20-&&2!-.!2#:#+/&!'-==#+#.$!3%2-$-%.2@!M/+2!N%&-.'!+#8/&&#'S!
Co
"#!K9-80&4!/,+##'!$(/$!/&&!#)3&%4##2!*%9&'!(/:#!/!3%+$=%&-%!%=!d%72;!/.'!*#!*#+#!$%9,(c!
*#! 2/-'! /$! &#/2$! $(+##! d%72;! *-$(! $(#! )/-.! %.#! -.! $(#-+! 3+%=#22-%.! %+! 92-.,! $(#-+! ,+#/$#2$!
8%)3#$#.8#! /.'! $(#! %$(#+! $*%! -.! %9$2-'#! /+#/25! <(-2! 8%.8#3$! +#/&&4! #13/.'2! /.!
%+,/.-g/$-%.O2! +#2%9+8#2S! #.,-.##+2! /+#! '%-.,! )/+0#$-.,;! )/+0#$-.,! 3#%3&#! )/./,#!
'#:#&%3)#.$!3+%d#8$2;!/.'!=-./.8-/&!3#%3&#!(#&3!*-$(!3+%'98$!'#:#&%3)#.$5!!
t
,CDEFGRS!9FG%,\\DELS!
No

D$-8%.! .%$! %.&4! #&-)-./$#'! $(#! %+,/.-g/$-%.! 8(/+$;! -$2! #)3&%4##2! /&2%! .%! &%.,#+!
(/'! >$+/'-$-%./&>! %==-8#2;! -5#5;! $(#+#! *#+#! .%! */&&25! M/+2! N%&-.'! '#8-'#'! $%! (/:#!
/72%&9$#! $+/.23/+#.84! -.! $(#! *%+0! #.:-+%.)#.$;! *(#+#! >-.$#.$-%./&! '-2$9+7/.8#>!
*/2!$/0#.!=%+!,+/.$#'5!L:#+47%'4!(/'!/!'#20!/.'!/!8%)39$#+;!79$!$(/$!'#20!8%9&'!
7#! )%:#'JJ-'#/&&4! *-$(-.! =-:#! )-.9$#25! <(#+#! *#+#! .%! =-&#2;! d92$! /! 8/''4! *(#+#!
Do

8#+$/-.!#22#.$-/&!3/3#+!-.=%+)/$-%.!*/2!0#3$5!6%!3/+$-$-%.2JJ-5#5!.%!%==-8#25!!

a+%d#8$! $#/)2! *%9&'! 3(42-8/&&4! 2-$! $%,#$(#+;! $(92! #./7&-.,! '#8-2-%.2! $%! 7#! $/0#.!
-.2$/.$&4! +/$(#+! $(/.! */-$-.,! =%+! /! )##$-.,! $%! 7#! /++/.,#'5! b/+0#$-.,! 3#%3&#!
*%9&'! 7#! /*/+#! %=! *(/$! /':#+$-2-.,! */2! '%-.,! .#1$! '%%+5! E%==##! 7/+2! *#+#!
2$+/$#,-8/&&4! &%8/$#'! $%! 2$-)9&/$#! /.'! #.8%9+/,#! '-28922-%.5! L&#:/$%+2! *#+#!
+#3&/8#'! 74! /! 8#.$+/&! 23-+/&! 2$/-+8/2#! $(/$! */2! *-'#! #.%9,(! $%! 3#+)-$! 8(/.8#!
#.8%9.$#+2!/.'!'-/&%,9#5!!

;FQQTGDEMCDFG!

N%&-.'!/&2%!7#&-#:#'!-.!$(#!/':/.$/,#2!%=!/!3/3#+&#22!%==-8#5!?#!#13&/-.#';!>"#!
2(-=$#'!=+%)!=%+)/&!8%))9.-8/$-%.!$%!'-/&%,9#!/.'!/8$-%.5!<%!(/:#!$(-2!0-.'!%=!
=&#1-7&#!*%+03&/8#;!*#!%7:-%92&4!(/'!$%!,#$!+-'!%=!$(#!3/3#+5!!

M/+2! /20#'! <%+7#.! a#$#+2#.;! (-+#'! -.! $(#! 23+-.,! %=! UYY_;! $%! 2#$! 93! /.! #&#8$+%.-8!
-.=%+)/$-%.! $#8(.%&%,4! 242$#)! $(/$! *%9&'! 2933%+$! -.=%+)/&! 8%))9.-8/$-%.5!
a#$#+2#.!+#)#)7#+#'!$(#!3+%8#22S!

!
 INTERNATIONAL
! J!UP!J! AbIJ[J_PXZ!

A! -.-$-/&&4! &%%0#'! =%+! */42! $%! ,/-.! #==-8-#.84! $(+%9,(! $(#! #&-)-./$-%.! %=! 3/3#+;! 79$! $(#!
*(%&#! #)3(/2-2! 8(/.,#'! /! 7-$! -.! $(#! 3+%8#225! A$! 7#8/)#! )%+#! /.'! )%+#! 8&#/+! $(/$! $(#+#!
*#+#! $*%! $(-.,2! $%! 7#! /8(-#:#'S! =&#1-7-&-$4! /.'! 2(/+-.,! 0.%*&#',#5! h&#1-7-&-$4! */2!
.#8#22/+4! 2%! $(/$! '#20! 2$/$-%.2! 8%9&'! )%:#! /+%9.'! #/2-&4JJ*-$(%9$! )%9.$/-.2! %=! 3/3#+5!
"%+0-.,!%.!)9&$-3&#!3+%d#8$2!+#K9-+#'!$(/$!$(#!$#/)!)#)7#+2!7#!/7&#!$%!/88#22!-.=%+)/$-%.!
K9-80&4!*-$(%9$!(/:-.,!$%!=-.'!/&&!$(#!'%89)#.$25!

<%+7#.! a#$#+2#.! '#2-,.#'! /! +#$+-#:/&! /.'! /+8(-:#! 242$#)! *(#+#! /&&! '%89)#.$2;!
+#3%+$2;!)#)%2;!&#$$#+2;!#$85!8%9&'!7#!/88#22#'!#/2-&45!L:#+4%.#!+#8#-:#'!$(-2!.#*!
#&#8$+%.-8!/+8(-:#2!/.'!LJ)/-&!242$#);!/2!*#&&!/2!$(#!2%=$*/+#!=%+!*%+'!3+%8#22-.,!
/.'!=-./.8-/&!23+#/'2(##$25!D$(#+!)/$#+-/&;!298(!/2!-.=%+)/$-%.!/7%9$!8%)3#$-$%+2!
/.'!+#&#:/.$!d%9+./&!/+$-8&#2;!*#+#!/&2%!/:/-&/7&#!%.!$(#!242$#)5!

B&&!-.8%)-.,!)/-&!*/2!28/..#'!-.$%!$(#!242$#)!/.'!8%9&'!7#!+#/'!74!#:#+47%'45!
B=$#+! 7#-.,! 28/..#';! -$! */2! -))#'-/$#&4! '#2$+%4#'! 74! /! 3/3#+! 2(+#''#+! ^#18#3$!
&#,/&! '%89)#.$2;! %=! 8%9+2#`! /.'! $(#.! '-28/+'#'! $(+%9,(! /! $+/.23/+#.$! 8(9$#! $(/$!
*/2!:-2-7&#!-.!$(#!8%)3/.4!'-.-.,!/+#/5!F#-.,!/7&#!$%!&-$#+/&&4!*/$8(!$(#!)%+.-.,!

py
)/-&!'-2/33#/+!8%.=-+)#'!$(#!3+%8#22!=%+!#:#+4%.#!-.!/!9.-K9#&4!#.$#+$/-.-.,!*/45!!

<(#! 242$#)! */2! '#2-,.#'! $%! #./7&#! 8%))9.-8/$-%.! *-$(-.! /.'! /8+%22! 3+%d#8$2;!
$(#+#74!2933%+$-.,!*%+0!3+%8#22#25!a#$#+2#.!%72#+:#'S!
Co
H988#22=9&&4! 8+#/$-.,! /! =+/)#*%+0! =%+! /! 8+%22J%+,/.-g/$-%./&! 8%+3%+/$-%.! */2! +#/&&4! $(#!
)%2$! -)3%+$/.$! /88%)3&-2()#.$5! <(#! '-==#+#.8#! 7#$*##.! .%*! /.'! 7#=%+#! -2! -.! $(#! */4!
3#%3&#!-.$#+/8$JJ$(#4!2%&:#!3+%7&#)2!'-==#+#.$&45!L:#+4%.#!-.!$(#!8%)3/.4;!.%$!d92$!-.!$(#!
2/)#!'#3/+$)#.$;!-2!/!3%$#.$-/&!8%J*%+0#+5!"(/$!4%9!.%$-8#!)%2$!-2!$(/$!$(#!'-==#+#.$!20-&&!
&#:#&2!-.!$(#!%+,/.-g/$-%.!/+#!7#8%)-.,!)%+#!/.'!)%+#!-.:-2-7&#5!
t
No

Q./.53/5%49!%?-.59!443%F+5./3P.43,/I%
<(#! 8(/.,#2! *#! *-&&! 7#! )/0-.,! =+%)! UYYU! $%! UYYQ! /+#! /2! +/'-8/&! /2! $(#! 29)! %=! /&&! $(#!
8(/.,#2!*#!)/'#!=+%)!UY_[!$%!UYYU5!
Do

!!!!M/+2!N%&-.'!

B! b/./,#)#.$! E%))-$$##! )/'#! 93! %=! $(#! >=9.8$-%./&>! '-+#8$%+2! (/.'&#'! /&&!
'#8-2-%.2! +#&/$-.,! $%! $(#! 2$+/$#,-8! '-+#8$-%.! %=! $(#! 8%)3/.4;! 2-)-&/+! $%! D$-8%.O2!
$+/'-$-%./&!/33+%/8(5!B!2978%))-$$##!%=!$(-2!b/./,#)#.$!E%))-$$##!'#/&$!*-$(!
.#*! 3+%d#8$2! 7#-.,! 3+%3%2#';! *(-&#! $(#! >%*.#+>! %=! /! 3/+$-89&/+! 3+%d#8$JJ/&2%! /!
)#)7#+!%=!$(#!8%))-$$##JJ*/2!+#K9-+#'!$%!=-.'!/.'!+#8+9-$!/!3+%d#8$!&#/'#+5!<(#!
3+%d#8$! &#/'#+;! -.! $9+.;! */2! +#23%.2-7&#! =%+! /22#)7&-.,! (-2! $#/)! 92-.,! /:/-&/7&#!
#)3&%4##2!/.'!=%+!=-.'-.,!$(#!.#8#22/+4!+#2%9+8#2!$%!2933%+$!$(#)5!A.!+#8+9-$-.,!
$#/)!)#)7#+2;!3#+29/2-%.!/.'!'-+#8$!.#,%$-/$-%.!*#+#!$(#!%.&4!)/./,#)#.$!$%%&2!
92#'5!!

A.! $(#! 23/,(#$$-! %+,/.-g/$-%.;! )#)7#+2! +%$/$#'! =+%)! 3+%d#8$! $%! 3+%d#8$;! /&)%2$!
/&*/42! *%+0-.,! %.! $*%! %+! )%+#! 3+%d#8$2! 2-)9&$/.#%92&45! B! 2%3(-2$-8/$#'!
8%)39$#+! 3+%,+/)! 0#3$! $+/80! %=! /&&! 89++#.$! 8%))-$)#.$2c! $(92! /! 3+%d#8$! &#/'#+!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
X
<**(5,#P%<%4#;($%'%$7DD'+.%39%&+#:#&'8%(;(5:$%':%@:#&35%9+3D%STTHFSTTX0%

!
 INTERNATIONAL
! J!UX!J! AbIJ[J_PXZ!

8%9&'!K9-80&4!28/.!$(#!&-2$!/.'!&#/+.!*(%!*/2!/:/-&/7&#5!a#%3&#!2%%.!'-28%:#+#'!
*(%! )/'#! )/.4! 8%))-$)#.$2! 79$! .#:#+! =%&&%*#'! $(+%9,(;! /2! *#&&! /2! *(%2#!
8%.$+-79$-%.! */2! 2972$/.$-/&! /.'! 8+-$-8/&! $%! $(#! $#/)O2! 2988#225! H98(! 0.%*&#',#!
*%9&'! -.#:-$/7&4! -.=&9#.8#! /! 3#+2%.O2! =9$9+#! '#)/.'5! H-)-&/+! 3#+=%+)/.8#!
>)#/29+#)#.$2>! *#+#! )/'#! =%+! 3+%d#8$! &#/'#+2;! -5#5;! /! ,%%'! +#39$/$-%.! *%9&'!
/$$+/8$!$/&#.$#'!$#/)!)#)7#+25!!

<(#! 3/8#! %=! $#8(.%&%,-8/&! 8(/.,#! )/'#! -$! .#8#22/+4! $%! )/-.$/-.! 0.%*&#',#! /.'!
8%)3#$#.8#!$%!+#)/-.!8%)3#$-$-:#5!E-+89-$+4!'#2-,.!/.'!'-,-$/&!2-,./&!3+%8#22-.,!
*#+#!%.&4!$*%!+#8#.$!#1/)3&#25!?%*#:#+;!/!3+%d#8$J)/./,#'!%+,/.-g/$-%.!$#.'#'!
$%! %:#+&%%0! 3+%=#22-%./&! '#:#&%3)#.$;! /.'! +-20#'! $(#! 3%22-7-&-$4! $(/$! :/&9/7&#!
,/-.2! -.! 0.%*&#',#! *%9&'! 7#! &%2$! %+! .%$! 2(/+#'5! D$-8%.! $(#+#=%+#! /33%-.$#'!
8%%+'-./$%+2! /2! >,9/+'-/.2>;! =+#K9#.$&4! 3/2$! =9.8$-%./&! )/./,#+2;! $%! %:#+2##! $(#!
3+%=#22-%./&! '#:#&%3)#.$! %=! =9.8$-%./&! 20-&&2JJ-5#5;! )/+0#$-.,;! =-./.8#;!
$#8(.%&%,4;! #$85! <(#2#! 8%%+'-./$%+2! *#+#! #13#8$#'! $%! #.29+#! $(/$! D$-8%.O2!
8%)3#$#.8#2!)#$!2$+/$#,-8!+#K9-+#)#.$2!-.!#/8(!=9.8$-%./&!/+#/5!H0-&&!8%%+'-./$%+2!
*#+#!,-:#.!$(#-+!%*.!79',#$2!$%!=-./.8#!/''-$-%./&!$+/-.-.,!/.'!%$(#+!.##'2!$(/$!

py
*#+#! .%$! 8%:#+#'! 74! $(#! 3+%d#8$! 79',#$25! <(#4! *#+#! /&2%! +#23%.2-7&#! =%+!
8%.'98$-.,! 2/&/+4! /.'! 3#+2%./&! '#:#&%3)#.$! +#:-#*2;! /.'! =%+! +#8+9-$-.,! .#*!
3#%3&#!*-$(!3%$#.$-/&!,+%*$(!-.!/+#/2!%9$2-'#!$(#-+!%+-,-./&!/+#/!%=!#13#+$-2#5!L/8(!
(#/'K9/+$#+2!#)3&%4##!+#3%+$#'!$%!7%$(!/!20-&&!)/./,#+!/.'!%.#!%+!)%+#!3+%d#8$!
Co
&#/'#+25!

D.#! 3#+:/2-:#! 3+%7&#)! /$! $(#! .#*! D$-8%.! */2! =-.'-.,! /! :-2-7&#! )#/.2! =%+!
+#*/+'-.,! 3#%3&#! /2! $(#4! '#:#&%3#'5! F4! /7%&-2(-.,! $(#! 8%.8#3$! %=! >8/+##+>;!
3+%=#22-%./&!'#:#&%3)#.$!8%9&'!.%$!7#!+#*/+'#'!74!3+%)%$-%.!$%!/!(-,(#+!&#:#&JJ
$%!/.!%==-8#!%+!/!$-$&#5!!
t
No

@NFITEC!$L/LHFPQLGC!;ZEHLS!

E%)3#$-$%+2O! /':/.8#2! -.! $#8(.%&%,-8/&! '#:#&%3)#.$! (/'! 2#+-%92&4! /==#8$#'!

D$-8%.O2! 3+%'98$! '#:#&%3)#.$! 3+%8#225! <(#! '#:#&%3)#.$! %=! )-.-/$9+-g/$-%.!
$#8(.%&%,4! (/'! &#'! $%! $(#! -.$+%'98$-%.! %=! ^A<L`! (#/+-.,! /-'2;! *(#+#! D$-8%.! (/'!
7##.! &#=$! 7#(-.';! /.'! 2972#K9#.$! '#:#&%3)#.$2! -.! 3+%,+/))/7&#! (#/+-.,! /-'2!
Do

*#+#! $+/.2=%+)-.,! $(#! -.'92$+4! %:#+.-,($5! <(#! +/8#! $%! ,#$! .#*;! $#8(.%&%,-8/&&4J
2%3(-2$-8/$#'!3+%'98$2!$%!)/+0#$!=-+2$!*/2!=/2$!7#8%)-.,!$(#!8%)3#$-$-:#!8+-$#+-%.!
=%+!2988#225!

A.!6%:#)7#+!UYY_;!<%+7#.!C+%$(;!)/./,#+!%=!$#8(.%&%,-8/&!'#:#&%3)#.$;!8+#/$#'!
D$-8%.O2!=-+2$!-.$#,+/$#'!8-+89-$!'#2-,.!8#.$#+5!I-,-$/&&4!3+%,+/))/7&#!(#/+-.,!/-'2!
/&2%! +#K9-+#'! ,+#/$#+! 2%3(-2$-8/$-%.! -.! 2%=$*/+#! '#2-,.5! b%+#! -)3%+$/.$&4;! $(#2#!
$#8(.%&%,-8/&! '#:#&%3)#.$2! *#+#! /&2%! $+/.2=%+)-.,! (%*! '-23#.2#+2! 2#+:#'! $(#-+!
892$%)#+25! "-$(! $(#! .#*! 3+%,+/))/7&#! (#/+-.,! /-';! D$-8%.! (/'! $%! 8%.2-'#+!
2933&4-.,! -$2! '-23#.2#+2! .%$! %.&4! *-$(! $(#! .#*! 2%=$*/+#! /.'! 3#+(/32! $(#! aE2! $%!
+9.! $(/$! 2%=$*/+#;! 79$! /&2%! $(#! $+/-.-.,! .##'#'! 74! $(#! '-23#.2#+2! $%! 92#! -$5! <(#!
2-$9/$-%.!/.'!$(#!3+/8$-8#2!=%+!$(#!'-23#.2#+2!*/2!&-0#*-2#!+/'-8/&&4!/&$#+#'5!

a+%'98$! '#:#&%3)#.$! /$! D$-8%.! +#K9-+#'! /! :#+4! 2%3(-2$-8/$#'! 3&/..-.,! 242$#)5!

F#8/92#!$#/)!)#)7#+2!*%+0#'!%.!)9&$-3&#!3+%d#8$2;!$(#!/8$-:-$-#2!%=!$(#!3+%d#8$2!
*#+#! $-,($&4! &-.0#'5! H&-33/,#! %+! +#/22-,.-.,! +#2%9+8#2! %.! %.#! 3+%d#8$;! $(#.;!
-.#:-$/7&4! (/'! /.! -)3/8$! %.! /&&! %$(#+! 3+%d#8$25! L==-8-#.84! 29==#+#'! *(#.! 298(!
2&-33/,#! %889++#'5! ?-+-.,! /''-$-%./&! 3#%3&#;! (%*#:#+;! -.! %+'#+! $%! #.29+#! $(/$!
+#2%9+8#2!*#+#!/&*/42!/:/-&/7&#!*/2!/&2%!-.#==-8-#.$5!!

!
 INTERNATIONAL
! J!U[!J! AbIJ[J_PXZ!

<-)#! $%! )/+0#$! *-$(! .#*! 3+%'98$2! */2! #2$-)/$#'! $%! $/0#! /! &-$$&#! &%.,#+! $(/.!
3+#:-%92&4;!/88%+'-.,!$%!%.#!2#.-%+!)/./,#+!/$!D$-8%.5!?#!/$$+-79$#'!$(#!-.8+#/2#!
$%! +#2%9+8#! 8%.2$+/-.$2;! $(#! /''-$-%./&! $-)#! +#K9-+#'! $%! >2#&&>! %+! .#,%$-/$#! -.2-'#!
D$-8%.;! /.'! $(#! &/80! %=! /! =%+)/&! 8%%+'-./$-.,! =9.8$-%.! /8+%22! 3+%d#8$25! M/+2!
N%&-.'!'-2/,+##'S!

<-)#!$%!)/+0#$!-2!:#+4!'-==-89&$!$%!)#/29+#!7#8/92#!-$!'#3#.'2!%.!(%*!)98(!-..%:/$-%.!-2!
-.:%&:#'5!<(#!&#:#&!%=!-..%:/$-%.!$%'/4!8/..%$!7#!8%)3/+#'!*-$(!X!$%!Z!4#/+2!/,%JJ$(#+#!
*/2!)98(!&#22!-..%:/$-%.!$(#.;!%.&4!)-.%+!8(/.,#25!b4!#2$-)/$#!-2!$(/$!$-)#!$%!)/+0#$!=%+!
8%)3/+/7&#! 3+%'98$2! (/2! 7##.! 89$! -.! (/&=;! %+! #:#.! )%+#! $(/.! $(/$5! H%)#! )/d%+! 3+%'98$2!
$(/$!*-&&!7#!-.$+%'98#'!-.!$(#!.#1$!=#*!4#/+2!*-&&!(/:#!7##.!9.'#+!'#:#&%3)#.$!=%+!X!$%!Z!
4#/+2JJ$(/$! -2;! =%+! -..%:/$-%.2! 298(! /2! ,%-.,! =+%)! /! =9&&4! /./&%,! $%! /! =9&&4! '-,-$/&! 2-,./&!
3+%8#22-.,!(#/+-.,!/-'5!

B2!$%!8%%+'-./$-%.;!A!7#&-#:#!$(#+#!-2!/!:#+4!(-,(!&#:#&!%=!8%%+'-./$-%.!$/0-.,!3&/8#!7#8/92#!
2%!)/.4!3#%3&#!0.%*!*(/$!%$(#+!3#%3&#!/+#!'%-.,5!A!/)!/*/+#!%=!2%)#!8+-$-8-2)!$(/$!%9+!
=%+)/&!8%%+'-./$-%.!-2!=/-+&4!*#/0;!79$!A!(%.#2$&4!'%.O$!8/+#5!F#8/92#!A!7#&-#:#!$(/$!$(#+#!-2!

py
.%!7#$$#+!8%%+'-./$-%.!$(/.!#593+D'8!/8$-%.5!

Co
<9!%?-.59!443%F+5./3P.43,/%.4%2,+J%
A.! $(#! 23/,(#$$-! %+,/.-g/$-%.;! 3+%'98$! '#:#&%3)#.$! /.'! )/.9=/8$9+-.,! 3+/8$-8#2!
*#+#!,+#/$&4!$+/.2=%+)#'!^+#=#+!$%!6--!/$3A!1%8%./$%0`5!j#/+2!#/+&-#+;!M/+2!N-+0!
(/'! -.-$-/$#'! $(#! .#*! 3(-&%2%3(4! /$! D$-8%.O2! )/.9=/8$9+-.,! 2-$#2;! 79-&'-.,!
8%)3#$#.8#2! /)%.,! (-2! 3#%3&#! /8+%22! /&&! 3+%'98$! &-.#2! /.'! #.,/,-.,! $(#)! -.!
'-+#8$! 3+%7&#)J2%&:-.,! %.! $(#! &-.#5! h%+)#+! 293#+:-2%+2! #-$(#+! &#=$! %+! $%%0! %.!
t
2972$/.$-/&&4!'-==#+#.$!+%&#25!a#$#+!h-..#+93!(/'!23#/+(#/'#'!$(#!'#:#&%3)#.$!%=!/!
No

.#*! 3+%'98$! 74! 8+#/$-.,! /! 2$+/$#,-8! /&&-/.8#! *-$(! $(+##! %=! D$-8%.O2! 8%)3#$-$%+2;!
$(92! 8+#/$-.,! &#22! :-2-7&#! 3(42-8/&! 7%9.'/+-#2! =%+! D$-8%.! /2! /.! %+,/.-g/$-%.! /2!
*#&&5!!

<(#! '#:#&%3)#.$! %=! b9&$-Jh%892! */2! /.%$(#+! #1/)3&#! %=! *(#+#! .#*! *%+0!
)#$(%'2!*#+#!92#'!$%!7+-.,!/!.#*!3+%'98$!$%!)/+0#$5!<(#!b9&$-Jh%892!(#/+-.,!/-'!
Do

3+%:-'#'! 293#+-%+! 3#+=%+)/.8#! 74! /9$%)/$-8/&&4! /'d92$-.,! $(#! (#/+-.,! /-'O2!

/)3&-=-8/$-%.! $%! $(#! -))#'-/$#! #.:-+%.)#.$5! <(-2! #&-)-./$#'! $(#! .##'! =%+! /!
+#)%$#! 8%.$+%&! '#:-8#JJ$(#! )%2$! +#8#.$! -..%:/$-%.JJ/.'! #.29+#'! /! :#+4! (-,(!
K9/&-$4! %=! 2%9.'! +#3+%'98$-%.5! b9&$-h%892JJ$(#! +#29&$! %=! UP! 4#/+2! %=! ]iI! /$!
D$-8%.O2! L+-02(%&)! +#2#/+8(! 8#.$+#! &%8/$#'! .#/+! L&2-.%+#JJ*/2! /! 7-,! 2988#22;!
#18##'-.,! 2/&#2! 3+%d#8$-%.2! 74! U__e5! a#+(/32! .%! %$(#+! '#:#&%3)#.$! /$! D$-8%.!
(/'! 8%.$+-79$#'! 2%! ,+#/$&4! $%! -)3+%:#'! =-./.8-/&! 3#+=%+)/.8#5! b%+#%:#+;! $(+##!
.#*! 3+%'98$! #1$#.2-%.2! %=! b9&$-h%892! *%9&'! 7#! -.$+%'98#'! *-$(-.! /! 2-)-&/+!
UWJ)%.$(!3#+-%';!.#/+&4!(/&=!$(#!$-)#!+#K9-+#'!=%+!#/+&-#+!3+%'98$!-.$+%'98$-%.25!

:ECDFG!F\!M!$D\\LNLGC!VDGI>!8KL!;NDCDEMH!=TEELSS!WMECFNS!

<(#+#! -2! /72%&9$#&4! .%! */4! $(/$! *%+02! 7#$$#+! $(/.! (/:-.,! $+/.23/+#.84! /.'! =%2$#+-.,!
'-/&%,9#5! b/47#! A! )/0#! -$! 2%9.'! &-0#! /! 0-.'! %=! +#&-,-%.! *-$(! )#;!79$!A!/)!/!:#+4!2$+%.,!
7#&-#:#+!-.!$(#!:/&9#!%=!$+/.23/+#.845!

!!!!M/+2!N%&-.'!

!
 INTERNATIONAL
! J!UZ!J! AbIJ[J_PXZ!

B8$-:-$4! /$! D$-8%.! (/'! +#/8(#'! #:#+J(-,(#+! &#:#&2;! 3#+(/32! $(#! )%2$! )#/.-.,=9&!
2-.,&#! -.'-8/$%+! $(/$! D$-8%.O2! #)3&%4##2! *#+#! +#/&-g-.,! ,+#/$#+! 3%$#.$-/&5! <(#2#!
/8$-:-$-#2!*#+#!.%$!'+-:#.!74!/!7%22;!79$!74!/.!%+,/.-g/$-%.!=9&&4!#.,/,#'!-.!'%-.,!
-$2!792-.#225!<(#!0-.'2!%=!/8$-:-$-#2!(/'!/&2%!8(/.,#'S!-.2$#/'!%=!+#/'-.,!)#)%2;!
28(#'9&-.,!/.'!(%&'-.,!)##$-.,2;!D$-8%.O2!#)3&%4##2!*#+#!$/0-.,!/8$-%.;!/.'!$(#!
+#29&$2! *#+#! #:-'#.$! -.! $(#! .#*! &#:#&! %=! 8%))9.-8/$-%.! /$! D$-8%.5! F#-.,! /!
)/./,#+!)#/.$!*%+0-.,!-.!/.!#.$-+#&4!'-==#+#.$!*/45!H%+#.!?%&2$!%72#+:#';!><(#!
3+%d#8$2! (/:#! 7#8%)#! $(#! '+-:-.,! =%+8#! =%+! +#2%9+8#2! /.'! '-+#8$-%.! .%*5! D9+!
)#22/,#!$%!$(#!3#%3&#!-2!O'%!.%$!'%!/2!4%9!*-2(;!'%!/2!$(#!$/20!+#K9-+#2O5>!

6-#&2Jk%+,#.!<%1:/#+'!/''#'S!

<(#!/8$9/&!)/./,#)#.$!$/20!-2!'-==#+#.$!.%*!=+%)!*(/$!-$!92#'!$%!7#!*(#.!4%9!92#'!4%9+!
3%*#+! $%! 392(! $(-.,2! $(+%9,(! -.2$#/'! %=! .#,%$-/$-.,! $(-.,25! F#=%+#;! 4%9! 8%9&'! ,#$! $(-.,2!
'%.#!74!92-.,!/!8#+$/-.!,+%93!%=!3#%3&#;!.%*!4%9!(/:#!$%!'%!-$!-.!/!'-==#+#.$!*/45!A!7#&-#:#!
$(/$!%9+!/7-&-$4!$%!+#/8$!$%!.#*!3+%7&#)2;!$%!.#*!%33%+$9.-$-#2;!-2!)98(!=/2$#+!.%*!$(/.!-$!
*/2!7#=%+#5>!

py
b/+0#$-.,!/.'!]iI!&-.0/,#2!(/'!7##.!2$+#.,$(#.#'5!H%+#.!?%&2$!#13&/-.#'S!

A$O2! /! 8(/-.! *(-8(! 2$/+$2! /$! $(#! /9'-%&%,-8/&! +#2#/+8(! 8#.$#+! -.! L+-02(%&)5! ]#)%:-.,! /.'!
Co
&%*#+-.,! )/.4! -.$#+./&! 7/++-#+2;! /2! *#&&! /2! $(%2#! 7#$*##.! D$-8%.! /.'! -$2! 892$%)#+2;! (/2!
-)3+%:#'! $(#! *(%&#! 3+%8#225! "#! (/:#! &#/+.#'! $%! /'d92$! %9+! 2$+/$#,4! $%! 2933%+$! $(#! .#*!
3+%'98$2!/.'!3+%8#22#25!!

A.,#!E(+-2$%==#+2#.!/&2%!8%))#.$#'S!

<(#!=/8$!$(/$!$(#!3+%8#22!*/2!9.3+#'-8$/7&#!)/'#!-$!2%!#:#+4%.#!-.:%&:#'!*%9&'!7#!/7&#!$%!
t
-.=&9#.8#!$(#!8(/.,#25!L:#.!M/+2!'-'.O$!0.%*!*(#+#!-$!*%9&'!#.'5!<(#!+#29&$!*%9&'!7#!/!
No

8%)7-./$-%.!%=!$(#!#.'#/:%+2!%=!$(#!#.$-+#!8%)3/.45!"#!*#+#!/7&#!$%!-.=&9#.8#!$(#!3+%d#8$!
/.'!$(#!#.'!+#29&$5!

;KMGJDGJ!YFNO!@NMECDELS!
Do

<(#!2$/==!=%9.'!$(/$;!*(-&#!)/.4!%=!$(#-+!:'$C$!+#)/-.#'!$(#!2/)#;!$(#4!,/-.#'!/!
7+%/'#+! 0.%*&#',#! %=! *(/$! */2! (/33#.-.,! -.! $(#! %+,/.-g/$-%.! /.'! (%*! $(#-+!
3/+$-89&/+! 8%.$+-79$-%.! =-$! -.$%! $(#! %:#+/&&! 3-8$9+#5! F#-.,! /7&#! $%! %72#+:#! *(/$!
%$(#+2! *#+#! '%-.,! )/'#! 3#%3&#! /*/+#! $(/$! $(#-+! 8%&&#/,9#2! *#+#! /&2%! 79245! <(#!
2#.2#! %=! 7#-.,! /! >$#/)>! 3+%:-'#'! ,+#/$#+! 8%.=-'#.8#JJ/! *-&&-.,.#22! $%! /20!
K9#2$-%.2! *(#.! .#8#22/+4! /.'! $%! 7#! &#22! /=+/-'! %=! )/0-.,! )-2$/0#25! A'/! ]/9.!
a#$#+2#.!+#=&#8$#';!>!<(#!.#*!D$-8%.!'#:#&%32!4%9+!2#.2#!%=!2#&=;!-=!4%9!*%+0!(#+#!
=%+! /! *(-&#5>! ?#&&#! <(%+93J"-$$! 2$/$#';! >"#! =##&! $(/$! #:#+4%.#! -2! #K9/&&4!
-)3%+$/.$!5!F#8/92#!*#!/+#!/&&!8%.$+-79$-.,5!B2!*#!,/-.!-.!8%)3#$#.8#;!*#!/&2%!
=##&! 7#$$#+! /7%9$! %9+2#&:#25! A.! $(#! 3/2$;! 4%9+! -)3%+$/.8#! */2! +#&/$#'! $%! 4%9+!
3%2-$-%.;!.%*!-$!8%)#2!=+%)!4%9+!8%.$+-79$-%.5>!

?4*#CL3/5%4,7.+$%?*AA!11%
B=$#+! $(#! .#*! D$-8%.! */2! -.$+%'98#'! -.! B9,92$! UYYU;! $(#! 8%)3/.4! 29==#+#'!
)-&&-%.2! %=! INN! -.! &%22#2! -.! $(+##! K9/+$#+2JJ=+%)! $(#! 2#8%.'! K9/+$#+! %=! UYYU!
$(+%9,(! $(#! =-+2$! K9/+$#+! %=! UYYP5! a+%=-$/7-&-$4! +#29)#'! /$! $(#! 7#,-..-.,! %=! $(#!

!
 INTERNATIONAL
! J!UQ!J! AbIJ[J_PXZ!

2#8%.'! K9/+$#+! %=! UYYP;! 79$! '/+0! '/42! 3#+2-2$#'! =%+! 2%)#! $-)#5! k92$! *(#.!
-.:#2$)#.$2!-.!$(#!.#*!D$-8%.!(#/'K9/+$#+2!79-&'-.,!*#+#!7#-.,!)/'#;!/!3+%'98$!
-.$+%'98$-%.! -.! $(#! RH! =/-&#'! 8%)3&#$#&45! <(#.;! .#,/$-:#! 8/2(! =&%*! =+%)! $(#!
-.:#2$)#.$2! -.! $(#! .#*! %+,/.-g/$-%.! -.8+#/2#';! *(-8(! 3+%)3$#'! $(#! F%/+'! $%!
/88#&#+/$#!$(#!2#/+8(!=%+!/!=-./.8-/&!'-+#8$%+!$%!8%)3&#)#.$!M/+2!N%&-.'5!

M/+2!N%&-.'!/.'!$(#!F%/+'!(/'!7##.!3&/..-.,!$%!(-+#!/!=-./.8-/&!'-+#8$%+!/=$#+!$(#!
8(/.,#! 3+%8#22! */2! 8%)3&#$#'! 2%)#$-)#! -.! UYYP5! ?%*#:#+;! 74! &/$#! UYYU;! $(#4!
/,+##'! $(/$! M/+2! 2(%9&'! 2$/+$! 2#/+8(-.,! -))#'-/$#&4! -.! %+'#+! $%! ,#$! /! =-./.8-/&!
'-+#8$%+!%.!7%/+'!/2!2%%.!/2!3%22-7&#5!

A.! k/.9/+4! UYYP;! 6-#&2! k/8%72#.! */2! /33%-.$#'! L1#89$-:#! l-8#! a+#2-'#.$! %=!
D$-8%.5!?#!/.'!M/+2!/,+##'!.%$!$%!'-:-'#!$(#!=9.8$-%./&!+#23%.2-7-&-$-#2!=%+)/&&45!
A.#:-$/7&4;! (%*#:#+;! $(#-+! +#23#8$-:#! +%&#2! '-'! #:%&:#S! M/+2! N%&-.'! /229)#'!
+#23%.2-7-&-$4! =%+! %:#+/&&! )/./,#)#.$;! /.'! $(#! +#2#/+8(;! '#:#&%3)#.$;! 2/&#2! /.'!
)/+0#$-.,;!*(-&#!6-#&2!k/8%72#.!=%892#'!%.!'/4J$%J'/4!%3#+/$-%./&!-229#25!6-#&2;!
*(%! */2! /! :#+4! $+/'-$-%./&! 0-.'! %=! )/./,#+;! -.$+%'98#'! $(#! 8%.$+%&2! /.'! 8%2$!

py
)#/29+#2! .##'#'! $%! 7/&/.8#! $(#! 8+#/$-:#;! =&#1-7&#! .#*! %+,/.-g/$-%.5! M/+2!
+#)#)7#+#';!>?#!*/2!/!,+#/$!(#&3!-.!)/./,-.,!$(#!792-.#22!)%+#!#==#8$-:#&4;!79$!
-$!*/2!.%$!#/245!?/:-.,!d92$!&%%2#.#'!#:#+4$(-.,!/!&%$;!-$!*/2!'-==-89&$!$%!$-,($#.!
93!/,/-.5!H$#.!I/:-'2#.!%72#+:#'S! Co
?#! &-0#'! )/.9/&2! /.'! =%&&%*-.,! 3+%8#'9+#25! ?#! */2! 8%.2$/.$&4! +#)-.'-.,! 92! /7%9$! $(#!
7%$$%)! &-.#;! /.';! (#! *%9&'.O$! /88#3$! /.4! %9$3/4)#.$JJ/&&! -.:#2$)#.$2! *#.$! $(+%9,(! (-2!
(/.'25! h-./.8-/&! 242$#)2! *#+#! -.2$/&&#';! .%$! %.&4! =%+! /88%9.$-.,! 39+3%2#2;! 79$! /&2%! =%+!
-.:#.$%+4!/.'!=%+!3&/..-.,!-.!3+%'98$-%.5!<(#.;!(#!-.$#,+/$#'!$(#)c!7#=%+#;!$(#4!(/'!7##.!
2#3/+/$#!242$#)25!?#!(/'!$(#!'#$#+)-./$-%.!/.'!)%$-:/$-%.!$%!39$!#:#+4$(-.,!$%,#$(#+5!!
t
M/+2!N%&-.'!/.'!6-#&2!k/8%72#.!7%$(!+#/&-g#'!$(#!.##'!=%+!8%.2$/.$!'-/&%,9#!/.'!
No

=%+! (/:-.,! d%-.$! +#23%.2-7-&-$4! =%+! )/./,-.,! $(#! 8%)3/.45! D$(#+*-2#;! $(#! .#*!
=&#1-7&#!%+,/.-g/$-%.!8%9&'!(/:#!7##.!d#%3/+'-g#'!74!/!+#,+#22-%.!$%!$(#!3+#:-%92!
$+/'-$-%./&! 2$+98$9+#! 7#8/92#! %=! $(#! 8%.8#+.! /7%9$! 2(%+$J$#+)! 8/2(! =&%*! /.'!
3+%=-$25!
Do

@LN\FNQMGEL>!3LSTHCS!

F#=%+#! $(#! UYYU! 8+-2-2;! D$-8%.! $43-8/&&4! (/'! +9.! /$! /! 3+%=-$! &#:#&! %=! INN!UW!
)-&&-%.!/!4#/+;!%+!/33+%1-)/$#&4!INN!Y!)-&&-%.!#/8(!2-1!)%.$(25!h%&&%*-.,!$(#!
-.$+%'98$-%.!%=!$(#!.#*!2$+98$9+#;!D$-8%.!K9-80&4!7#,/.!$%!+#8%:#+5!F4!$(#!2#8%.'!
(/&=! %=! UYYP;! D$-8%.O2! 3+%=-$2! *#+#! .#/+&4! INN!UW! )-&&-%.! =%+! $(/$! 3#+-%'! /&%.#!
/.';! 74! $(#! =-+2$! (/&=! %=! UYYX;! *#+#! %:#+! INN!XQ! )-&&-%.5! "-$(-.! /! $*%J4#/+!
3#+-%';!D$-8%.O2!3+%=-$/7-&-$4!&#:#&!(/'!K9/'+93&#'5!<9+.%:#+!(/'!/&2%!3+#:-%92&4!
7##.! 2$/,./$#;! /$! /7%9$! /! Pe! 3#+! 4#/+! /..9/&! ,+%*$(! +/$#5! F9$;! 74! UYYP;! D$-8%.!
#.d%4#'! /! ,+%*$(! %=! UXe! -.! /! :#+4! =&/$! )/+0#$! /.'! -.8+#/2#'! /.%$(#+! PXe! -.!
UYYX5!^1(9(+%:3%6--!/$3B%65`!

?*14.3/3/5%09./5!%
M/+2! N%&-.'O2! :-2-%.! (/'! 7##.! +#/&-g#'S! D$-8%.! (/'! )/./,#'! $%! /8(-#:#! /!
7+#/0$(+%9,(!-.!8+#/$-:-$4JJ$%!7#8%)#!/!$+#.'2#$$#+5!?#!#&/7%+/$#'S!!

!
 INTERNATIONAL
! J!UV!J! AbIJ[J_PXZ!

F4! $/0-.,! 3#%3&#! %9$! %=! $(#-+! $+/'-$-%./&! */4! %=! $(-.0-.,;! *#! ,%$! $(#)! $%! *%+0! $%,#$(#+!
2988#22=9&&45! "#! *#+#! /7&#! $%! +#'98#! %9+! 3+%'98$! '#:#&%3)#.$! 848&#;! /.'! %9+! $-)#! $%!
)/+0#$!74!Z_e5!D9+!7#2$!8%)3#$-$%+!+#K9-+#2!/!8%93&#!%=!4#/+2!$%!3+%'98#!/!.#*!3+%'98$;!
79$!*#!8/.!'%!-$!-.!&#22!$(/.!UP!)%.$(25!D9+!.#*!/33+%/8(JJ7#-.,!=&#1-7&#;!(/:-.,!)9&$-J
d%72;!92-.,!0.%*J(%*!-.$#&&-,#.$&4;!/.'!7#-.,!%3#.!/.'!$+/.23/+#.$JJ*/2!*(/$!#./7&#'!%9+!
%+,/.-g/$-%.!$%!(/:#!/!292$/-./7&#!8%)3#$-$-:#!/':/.$/,#5!A2!-$!292$/-./7&#@!A=!.%$;!$(#.!*#!
*-&&!-.:#.$!2%)#$(-.,!#&2#5!F9$;!A!$(-.0!-$!AH!292$/-./7&#!7#8/92#!-$!-2!:#+4;!:#+4!'-==-89&$!$%!
8(/.,#!=+%)!/!$+/'-$-%./&!(-#+/+8(-8/&;!'#3/+$)#.$/&;!2&%*J)%:-.,!%+,/.-g/$-%.!$%!*(/$!*#!
(/:#!.%*5!

A$!2##)#'!-.8+#/2-.,&4!8&#/+!$(/$!M/+2!N%&-.'O2!:-2-%.!*/2!$(#!+-,($!%.#!=%+!D$-8%.5!
A.!/.4!8/2#;!%.#!$(-.,!*/2!8#+$/-.S!$(#+#!8%9&'!7#!.%!$9+.-.,!7/805!6%$!%.&4!'-'!
M/+2! N%&-.'! (/:#! (-2! %*.! 3#+2%./&! =9.'2! 2$/0#'! %.! $(#! =9$9+#;! 79$! )/.4! %=!
D$-8%.O2!#)3&%4##2!(/'!/&2%!7%9,($!8%)3/.4!2(/+#25!M/+2!7#&-#:#'!$(/$!$(#4!*#+#!
.%$! )#+#&4! >&9804>c! (#! */2! 8%.:-.8#'! $(/$! $(#4! (/'! $+9&4! =%9.'! /! 2$+/$#,-8!
/':/.$/,#!$(/$!8%)3#$-$%+2!*%9&'!=-.'!'-==-89&$!$%!+#3&-8/$#5!

py
A.,#!E(+-2$%==#+2#.!2(/+#'!(#+!$(%9,($2!/7%9$!D$-8%.O2!=9$9+#S!

D$-8%.!*-&&!(/:#!8(/.,#'!/,/-.!-.!=-:#!4#/+2;!79$!*#!/+#!92#'!$%!8(/.,#!3+%8#22#2!.%*5!A!
$(-.0!$(/$!8%)3/.-#2!$%'/4!*-&&!(/:#!$%!=-.'!*/42!$%!8(/.,#!:#+4!K9-80&4!/.'!7#!*-&&-.,!$%!
Co
/'/3$5! b4! /':-8#! $%! 8%)3/.-#2! $(/$! */.$! $%! 0.%*! (%*! $%! ,/-.! 8%)3#$#.8#! -.! )/0-.,!
8(/.,#2!-2S!j%9!(/:#!$%!/7/.'%.!4%9+!929/&!*/4!%=!$(-.0-.,;!=%+,#$!%&'!(/7-$2;!/.'!&#/:#!/!
&%$!%=!$+/'-$-%./&!$(%9,($2!7#(-.'5!

"-&&!$(#4!7#!/7&#!$%!'%!-$@!A=!.%$;!$(#.!@:#&35Z$%&3D*(:#:3+$>%-()'+([%!
t
No
Do

!
 INTERNATIONAL
! !"#$"!" %&'!(!)*+,!

"#$%&%'!(!
)$*!+'%,-.!/0-12!
"
"
-.//.01"'210345"6"785498"
%:0";1./.25"<=3:"
'.2"-.//.01"" @4.A=3"<=83:04.=3"
'21034!F4.G483H" >?2"@4.A=3"<=83:04.=3" C2D"E20/03:
FD.4I29/03: '23109B

@4=J=K"FLML" !"#$%&'(%)*#&+',-."
FD.4I29/03: '23109B

py
@4.A=3"FLML" @4.A=3""
FA?D2.I C2D"E20/03:"N>'"
Co C2D"E20/03:

@4.A=3"OL1LPL7L" @4.A=3"MRF"
O29103Q C=9D0Q

@4.A=3";KS=94"MRF" \)[ @4.A=3";5S030"FLML"

t
'23109B FS0.3
No

#,[

+,[ %"M"&""T4QL"N4:L" @4.A=3"MU"

M85490/.0 FD2:23
Do

@4.A=3"NQ:5Q542129"MRF" @4.A=3"C2:29/03:"ULVL"
'23109B 7=//03:

@4.A=3"<903A2"FLML" @4.A=3"WLWL"
<903A2 X0S03

@4.A=3"MRF" @4.A=3"N.1.42:"
'23109B O9204"U9.40.3

@4.A=3"%40/.0"FL9L/L" @4.A=3"%CYL"
%40/Q ZLFLML

Y/8P"7209.3H"
%3549812345"MRF"
'23109B
"

"
 INTERNATIONAL
! J!UY!J! AbIJ[J_PXZ!

4]KDUDC!(!
YFNHIXDIL!:TIDFHFJDEMH!#MNOLC>!!3L/LGTL!^!WFNLEMSC!UZ!@NFITEC!8ZPL&!
!
!
! <%$/&! ]#:#.9#! e!]#:#.9#! ! ! ! !!
! ]#:#.9#2! C+%*$(!! ?#/+-.,! ! a/8-=-8! ]#2$!%=!
! ^f!)-&&-%.`! ]/$#! B-'2!! RH!! L9+%3#! ]-)! "%+&'!

UYWW! WYX5PP! JJ! WY5_! [U5W! XX5Z! UP5W! UU5Y!

UYWY! YXQ5_[! [5W! WY5P! [U5V! XX5Q! UP5Y! UU5W!

UYY_! YWU5XX! [5W! WY5[! [U5Q! XX5W! UP5Y! UU5W!

UYYU! U;_PY5ZZ! [5Y! WY5Z! [U5[! XX5Y! UX5_! UU5V!

UYYP! U;_W_5P_! [5Y! WY5V! [U5X! X[5_! UX5U! UU5Q!

py
UYYX! U;UXX5VU! Z5_! WY5W! [U5P! X[5U! UX5P! UU5Z!

UYY[! U;UY_5PV! Z5_! Y_5_!

Co [U5P! X[5P! UX5P! UU5[!

UYYZ! U;PZ_5_Z! Z5_! Y_5U! [U5U! X[5X! UX5X! UU5X!

UYYQ! U;XUX5XQ! Z5U! Y_5P! [U5U! X[5[! UX5X! UU5P!

UYYV! U;XW_5PQ! Z5U! Y_5X! [U5U! X[5Z! UX5[! UU5U!

t
UYYW! U;[ZU5UY! Z5U! Y_5[! [U5U! X[5Z! UX5[! UU5_!
No

=MHLS!UZ!3LJDFG!

! UYY_! UYYU! UYYP! UYYX!

Do

!
H8/.'-./:-/! UZe! UZe! UZe! UZe! !
"#2$#+.!L9+%3#! XZe! XQe! [_e! XWe!
6%+$(!B)#+-8/! PZe! PXe! PUe! UYe!
B2-/! UZe! UZe! UXe! UQe!
]#2$!%=!"%+&'! U_e! UUe! UUe! UPe!
!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
U
\+3D% 2'+C(:% ?5:(88#4(5&(>% @&:3-(+>% XH>% STTG0% % Y]3+8,% <7,#3834.% Q+3,7&:$% 2'+C(:N% % 2'+C(:%
=#V(J\3+(&'$:$%-.%1(4#35Y%

!
 INTERNATIONAL
! J!P_!J! AbIJ[J_PXZ!

4]KDUDC!)!
,CDEFG!WDGMGEDMH!@LN\FNQMGEL>!2_``%2__)!
,CDEFG!?FHIDGJ!ANFTP!+$VV!2a'''.!

@NDGEDPMH! ! ! ! ! ! ! [TGL!)'a!
WDJTNLS! 2_``! 2_`_! 2__'! 2__2! 2__(! 2__)! 2__&! !

6#$!<9+.%:#+! [XP;VZQ! [[Y;Q_U! [ZZ;YXU! [VQ;ZXU! ZXW;WUQ! QQU;PW[! XQP;U__!

!
C+%22!a+%=-$! UYV;UPZ! PUP;YU_! UYZ;_QY! PU[;PQ[! PZV;WYU! XPP;_V[! 6B!
!
]!i!I! UU;ZX[! UX;VWP! UZ;WPP! X_;[PP! XY;ZPW! [[;_QW! 6B!
!
a+%=-$!%.!a+-)/+4!
D3#+/$-%.2! Q;WYX! XQ;U_Z! UQ;WV_! W;VXU! XU;P[Y! WZ;ZXW! QX;Z__!

py
!
a+%=-$!7#=%+#!</1! J[W! PP;PYW! UX;UPV! Z;[QZ! UW;UZ[! WX;VXW! QP;[__!
!
6#$!3+%=-$!=%+!$(#! Co
j#/+! JZ;UU_! UQ;Y[[! U_;[PZ! JPWV! W;WPP! QP;X_Z! XY;[__!
!
6#$!E/2(!h&%*! U_;WXQ! JUY;_UZ! V_;XYP! JVX;Y_Y! ZP;XYX! Y[;XXY! XZ;Z__!
!
H(/+#(%&'#+2O!
#K9-$4! UP[;_XX! UXV;XYY! UVP;QY[! UZZ;W_Z! U[Q;_P_! UYU;[Y_! PX[;Z__!
!
t
<%$/&!B22#$2;!!
No

j#/+JL.'! XZX;XZV! XVW;[VY! XV_;WZX! [UU;U_W! XYZ;V[Y! [YU;XZZ! [YW;___!

!
69)7#+!%=!
L)3&%4##2! U;_Q[! U;_WV! U;_[Y! U;_WQ! U;_QY! U;_VX! U;UXW!
!
!
Do

VLZ!WDJTNLS!
!
]#$9+.!%.!LK9-$4! JX5Ye! UX5_e! Q5Ve! J_5Pe! Z5We! XQ5Ye! PUe!
!
H(/+#!E/3-$/&!! Z_;___! Z_;___! QZ;___! QQ;YZV! QQ;YZV! QQ;YZV! QW;XZW!
!
F%%0!l/&9#G!
U__!INN!2(/+#! P[W! PVZ! PQQ! PXX! PUW! PWQ! XZP!

!
 INTERNATIONAL
! !"#$"!" %&'!(!)#*+!

"#$%&%'!(!
)*+,!-%.,/'*0,/!
"
"

O454"2-;"?0<4":-.4"-3"7?-:4"
.8H4:7-14:"2-;"N8HH">8:6-<45":?-57H2" ,-./012",-13454164
E?41"01>"N?454""
2-;"N8HH"F1-N"H0745 %13-5.078-1"92:74.",-;5:4

py
&-<81=

%175->;678-1""
7-"7?4"%13-5.078-1"92:74.
Co
@5=018:078-1"-3"7?4"&-<81=

A;5187;54B"476C
t
No

D1>"-3"E-5F"&44781=:

D:70GH8:?.417"
-3"@5=018I078-1"JH01
Do

,-./;745"K5501=4.417

L8:87"7-"7?4"M4N"O40>"@33864

%13-5.078-1"&44781=

"
"

"
 INTERNATIONAL
! J!PP!J! AbIJ[J_PXZ!

4]KDUDC!*!
=CMCLQLGC!F\!5MHTLS!MC!,CDEFG!!
UZ!6MNS!VFHDGI!
!
!

U5! B&&!(9)/.!7#-.,2!&-0#!$%!$/0#!+#23%.2-7-&-$4!-=!$(#4!/+#!,-:#.!+#23%.2-7-&-$45!

P5! <(#!3#%3&#!*#!/+#!*-&&-.,!$%!$+92$!*-&&!+#$9+.!$(/$!$+92$5!

X5! a#%3&#!-../$#&4!*-2(!$%!'#:#&%3!/.'!)/0#!3+%,+#225!a#%3&#;!$(#.;!3+#=#+!$%!
7#!8(/&&#.,#'!/.';!*(-&#!$(#4!)/4!7#!/=+/-'!%=!8(/.,#;!'%.O$!&-0#!$(-.,2!$%!
7#!/&*/42!$(#!2/)#5!

[5! a#%3&#!*/.$!/!8&#/+!9.'#+2$/.'-.,!%=!$(#!2$+98$9+#!/.'!%:#+/&&!%7d#8$-:#2!%=!
$(#-+!*%+0!#.:-+%.)#.$;!79$!/&2%!&-0#!$(#!=+##'%)!$%!=9&=-&&!$(#2#!%7d#8$-:#25!
a#%3&#!&-0#!$%!(/:#!-.=&9#.8#!%:#+!$(#-+!'/-&4!*%+0!2-$9/$-%.5!

py
Z5! a#%3&#!*-2(!$%!7#!3/-'!/88%+'-.,!$%!$(#-+!3#+=%+)/.8#!/.'!$(#-+!+#29&$2!-.!/!
*/4!$(/$!-2!=/-+!/.'!d92$-=-#'5!
Co
Q5! a#%3&#!3+#=#+!$%!7#!3/+$.#+2!-.!$(#-+!8%)3/.-#2;!-.!7%$(!,%%'!/.'!7/'!$-)#25!

V5! k%7!2#89+-$4!-2!7#2$!/8(-#:#'!$(+%9,(!'#:#&%3-.,!-.'-:-'9/&!8%)3#$#.8#;!2%!
$(/$!8%)3#$-$%+2!*-&&!8%)3#$#!=%+!4%9+!2#+:-8#25!

W5! L:#+4! 3#+2%.! 2(%9&'! 7#! $+#/$#'! /2! /.! -.'-:-'9/&! /.'! /22-2$#'! -.! (-2! 8/+##+!
t
'#:#&%3)#.$5!
No

Y5!a#%3&#!/+#!-.$#+#2$#'!-.!0.%*-.,!(%*!$(#-+!*%+0!+#&/$#2!$%!$(#!2$+/$#,4!/.'!
,%/&2!%=!$(#!8%)3/.4;!/.'!*-2(!$%!=9&&4!9.'#+2$/.'!$(#!8%)3/.4O2!,#.#+/&!
2-$9/$-%.!/.'!'#:#&%3)#.$5!

!
Do

!
 INTERNATIONAL
! !"#$"!" %&'!(!)#$*!

"#$%&%'!(!
"
"

+,-"=400--"=45;9-7> +,-"./01
9,-"34=:/2"8--9:;< /234"53-6"047
?2/=-"4;"-@-7A"02447 8--9:;<3"/;6

py
34=:/2"</9,-7:;<3

Co
+,-"7-=-?9:4;
/7-/"C:9,"9,-"
39/:7=/3-""! 9,-"
@:9/2";-7@-
t
40"9,-",453-
No

&--9:;<"

B?-;"/7-/"047
Do

?74D-=9"<745?3

+,-"B9:=4;"0/=947A":;"+,:39-6

"

"
 INTERNATIONAL
! J!P[!J!
!
!
! !
2__'!
!
a+%=-$!7#=%+#!$/1!=#&&!=+%)!
INN!PP!)-&&-%.!$%!INN!UX!
)-&&-%.!'9#!$%!/!'#8+#/2-.,!
,+%22!3+%=-$!)/+,-.5!
]#$9+.!%.!#K9-$4!*/2!Q5Ve5!
H/&#2!:%&9)#!+#)/-.#'!=&/$!
-.!UYY_;!$(#+#=%+#!
3+%'98$-%.!2$/==!*#+#!
+#'98#'5!
H933%+$!=9.8$-%.2!=%+!/&&!
'-2$+-79$%+2!*#+#!,/$(#+#'!
9.'#+!%.#!=9.8$-%.;!
I-2$+-79$%+!H933%+$;!
)/./,#'!74!l-8#!a+#2-'#.$!
6-#&2Jk%+,#.!<%1:/#+'5!
6#*!=/8$%+4!2#8$-%.!*/2!
No
79-&$!-.!<(-2$#'!-.!
3+#3/+/$-%.!=%+!$(#!
3+%'98$-%.!%=!'-,-$/&!/.'!
'-,-$/&&4!3+%,+/))/7&#!
(#/+-.,!/-'25!
Do
I#2-,.!8#.$#+!*/2!
#2$/7&-2(#'!=%+!$(#!
'#:#&%3)#.$!%=!-.$#,+/$#'!
8-+89-$25!
D$-8%.O2!+#2#/+8(!/.'!
'#:#&%3)#.$!8%2$2!
-.8+#/2#'!74!XVe!%:#+!$(#!
&/2$!$*%!4#/+25!
D$-8%.!BGH!7#,/.!*%+0!%.!
AHD!Y__U!K9/&-$4!
8#+$-=-8/$-%.5!
!
!
:PPLGID]!:!
,CDEFG!?FHIDGJ!ANFTP!!
VLZ!4/LGCS!MGI!3LSTHCS!2__'!c!2__)!
2__2!
H/&#2!-.8+#/2#'!74!Ze!/.'!
,+%22!3+%=-$!74!U_e5!
<(#!.#*!3+%'98$!
-.$+%'98$-%.!-.!$(#!RH!*/2!
.%$!2988#22=9&!/.';!8%93&#'!
*-$(!/!'%97&-.,!%=!+#2#/+8(!
/.'!'#:#&%3)#.$!8%2$2;!$(#!
3+%=-$!7#=%+#!$/1!=#&&!=+%)!
INN!UX!)-&&-%.!$%!INN!Z!
)-&&-%.5!
Co
D$-8%.O2!(#/'!%==-8#!*/2!
+#&%8/$#'!=+%)!$*%!2#3/+/$#!
79-&'-.,2!-.$%!%.#!79-&'-.,!
-.!E%3#.(/,#.;!-.8&9'-.,!/!
$%$/&!8(/.,#!%=!%+,/.-g/$-%.!
/.'!*%+0!)#$(%'2!2##0-.,!
,+#/$#+!=&#1-7-&-$4;!
t
8+#/$-:-$4;!23##'!/.'!
3+%'98$-:-$45!
<(#!.#*!=/8$%+4!-.!)-2$#'!
*/2!8%.2$+98$#';!/&%.,!*-$(!
$(#!.#*!D$-8%.!"%+&'!
I-2$+-79$-%.!E#.$+#;!/.'!/&&!
D$-8%.!&%8/$-%.2!*#+#!
&-.0#'!%.!/!./$-%.*-'#!
.#$*%+0!=%+!'/$/!/.'!
$#&#3(%.#!8%))9.-8/$-%.25!
<(#!b9&$-=%892!(#/+-.,!/-';!
$(#!=-+2$!/9$%)/$-8/&&4!
/'d92$/7&#!(#/+-.,!/-';!*/2!
-.$+%'98#'!-.!D8$%7#+5!
! !
2__(!
H/&#2!,+#*!74!UXe!-.!/!
2$/,./.$!)/+0#$5!
a+#J$/1!3+%=-$2!d9)3#'!=+%)!
INN!Z!)-&&-%.!$%!INN!UW!
)-&&-%.5!
D3#+/$-.,!3+%=-$2!2%/+#'!
py
=+%)!INN!Y!)-&&-%.!$%!
INN!XU!)-&&-%.;!93!WZe!
%:#+!UYY_5!
C+%22!3+%=-$2!-.8+#/2#'!74!
INN![[!)-&&-%.;!=+%)![Ze!
$%![We!%=!2/&#2;!93!P_e!
%:#+!$(#!UYYU!&#:#&5!
<9+79&#.$!89++#.84!
#18(/.,#!+/$#2!7+%9,($!
/7%9$!2(/+3!-.8+#/2#2!-.!
=-./.8-/&!#13#.2#2;!=+%)!
INN!V!)-&&-%.!$%!INN!UP!
)-&&-%.5!H#:#+#!89$7/802!
/)%.,!./$-%./&!(#/&$(!
2#+:-8#2!%.!$(#!8%2$2!%=!
(#/&$(!2#+:-8#;!/.'!
=&98$9/$-.,!#18(/.,#!+/$#2!
=%+8#'!=9+$(#+!8%.2%&-'/$-%.!
-.!$(#!-.'92$+4;!*-$(!$*%!
8%)3/.-#2!)#+,-.,;!/.%$(#+!
8&%2-.,;!/.'!/!$(-+'!
/8K9-+#'5!
]#2#/+8(!/.'!'#:#&%3)#.$!
8%2$2!-.8+#/2#'!/.%$(#+!
X_e;!/=$#+!'%97&-.,!
7#$*##.!UYY_!/.'!UYYU;!
AbIJ[J_PXZ!
2__)!
D$-8%.!#.d%4#'!-$2!7#2$!
=-./.8-/&!4#/+!#:#+5!
!" 6#$!2/&#2!-.8+#/2#'!74!
PXe!-.!/!8%.$-.9%92&4!
2$/,./$-.,!)/+0#$5!
!" a+-)/+4!%3#+/$-.,!
+#29&$2!-.8+#/2#'!=+%)!
INN!XU!)-&&-%.!$%!
INN!WQ!)-&&-%.;!%+!
UXe!%=!.#$!$9+.%:#+5!
!" a+%=-$2!7#=%+#!$/1!
-.8+#/2#'!=+%)!INN!
UW!)-&&-%.!$%!INN!W[!
)-&&-%.!INN5!
!" ]#$9+.!%.!#K9-$4!+%2#!
$%!XVe5!
D$-8%.!#.$#+#'!-.$%!/!
2$+/$#,-8!/&&-/.8#!*-$(!
a(%.-8!L/+;!/.!B)#+-8/.!
E%)3/.4!'#:#&%3-.,!/.'!
3+%'98-.,!*-+#&#22!
8%))9.-8/$-%.!#K9-3)#.$!
=%+!3%22-7&#!92#!/2!/!
2933&#)#.$!$%!D$-8%.O2!
(#/+-.,!/-'2!=%+!#'98/$-%./&!
39+3%2#25!
A.!k9.#!UYYX;!D$-8%.!BGH!
+#8#-:#'!AHD!Y__U!
8#+$-=-8/$-%.;!8%.=-+)-.,!-$2!
K9/&-$4!/229+/.8#!242$#)!
*/2!%=!$(#!(-,(#2$!
-.$#+./$-%./&!2$/.'/+'5!
 INTERNATIONAL
! J!PZ!J! AbIJ[J_PXZ!

:PPLGID]!:!
,CDEFG!?FHIDGJ!ANFTP!!
VLZ!4/LGCS!MGI!3LSTHCS!2__'!c!2__)!
+EFGCDGTLI.!
!
! ! ! !
2__'! 2__2! 2__(! 2__)!
!

M/+2!N%&-.'O2!.#*!:-2-%.! EMRF!?#/+-.,!A.2$+9)#.$2! /.'!$+-3&-.,JJ=+%)!INN!UP! D$-8%.!#2$/7&-2(#'!&-8#.8#'!

/.'!D$-8%.!a+%d#8$!XX_!*/2!
-.$+%'98#'5!
H-.8#!UYWV;!D$-8%.!
)/-.$/-.#'!2972$/.$-/&!
,+%*$(!-.!23-$#!%=!/!
8%.$+/8$-.,!)/+0#$;!
BGH!*/2!8+#/$#'!$%!2#+:#!/!
:#+4!./++%*!892$%)#+!
2#,)#.$S!&/+,#!(#/+-.,!/-'!
'-23#.2-.,!8(/-.2!%3#+/$-.,!
-.!L9+%3#;!$(#!RH!/.'!$(#!
h/+!L/2$5!F#8/92#!$(#2#!
8(/-.2!(/'!$(#-+!%*.!2#+:-8#!
)-&&-%.!$%!INN![_!
)-&&-%.J2-.8#!UYWW5!]iI!
8%2$2!/88%9.$#'!=%+!Ve!%=!
$%$/&!C+%93!2/&#2;!/.'!U!&!e!
%=!D$-8%.!BGHO2!2/&#25!
<(#!a#+H%.-8!2#+-#2JJ2-1!
3+%'98$-%.!-.!E(-./5!
D$-8%.!?%&'-.,!BGH!
/8K9-+#'!D$-8%.!6#*!
m#/&/.'!M$'5;!/2!/!*(%&&4!
%*.#'!2972-'-/+45!

$(#+#=%+#!+#8#-:#'!$(#!N-.,!
h+#'#+-0!AoO2!B*/+'!=%+!
L18#&&#.8#!-.!L13%+$5!
B!8%)3&#$#!2#+-#2!%=!892$%)!
-.J$(#J#/+!(#/+-.,!/-'2!*#+#!
-.$+%'98#'!%.!$(#!B)#+-8/.!
)/+0#$5!
D$-8%.!(#&'!U_e!%=!$(#!
*%+&'!)/+0#$!=%+!(#/+-.,!
t
/-'25!
No
'#3/+$)#.$2;!/&%.,!*-$(!
)/+0#$-.,;!'-2$+-79$-%.;!#$85;!
D$-8%.!3+%'98$2!*#+#!
%==#+#'!/$!/!3+-8#!=+##!=+%)!
$(#2#!%:#+(#/'25!
Co
A.!6%:#)7#+;!UY;ZQZ!2(/+#2!
*#+#!39+8(/2#'!74!D$-8%.!
#)3&%4##2;!7+-.,-.,!$(#!
$*%J4#/+!UYYUJUYYP!$%$/&!$%!
[X;QPY!#)3&%4##!2(/+#25!
py
.#*!(#/+-.,!/-'2!*(-8(;!
$%,#$(#+;!8%:#+#'!Y_e!%=!/&&!
(#/+-.,!&%22#2JJ*/2!
-.$+%'98#'5!
<(#!.#*!b9&$-h%892;!/.'!
%$(#+!0.%*&#',#J7/2#'!
3+%'98$2;!#./7&#'!$(#!
8%)3/.4!$%!3#.#$+/$#!$(#!
)%2$!'#:#&%3#'!)/+0#$2!-.!
"#2$#+.!L9+%3#!/.'!k/3/.5!
D$-8%.!?%&'-.,!BGH!
/8K9-+#'!$(#!(#/+-.,!8/+#!
'-:-2-%.!/.'!d%-.$!:#.$9+#!
3+%'98$-%.!8%)3/.4!=+%)!
$(#-+!3+#:-%92!'-2$+-79$%+!-.!
B92$+/&-/5!<(#2#!/8$-:-$-#2!
*-&&!7#!8/++-#'!%9$!74!$(#!
.#*&4!#2$/7&-2(#'!D$-8%.!
B92$+/&-/!a$45!M$'5!

<(#!)/+0#$!=%+!(#/+-.,! h9+$(#+!3+%'98$-%.!2$/==!
-.2$+9)#.$2!#13/.'#'!%.&4! +#'98$-%.2!*#+#!)/'#!-.!
2&-,($&45! 2/&/+-#'!3+%'98$-%.!/.'!
(#/'!%==-8#!2$/==5!

!
!
Do

!
!

!
 INTERNATIONAL
! J!PQ!J! AbIJ[J_PXZ!

:PPLGID]!-!
8KL!9,:?!@NFdLEC!
!
!

a#$#+!h-..#+93!(/'!&#=$!D$-8%.!-.!UYWZ!/=$#+!*%+0-.,!$#.!4#/+2!=%+!$(#!8%)3/.45!
?#! +#$9+.#'! -.! UYYU! /$! $(#! 23#8-=-8! +#K9#2$! %=! M/+2! N%&-.';! *(%! :/&9#'! a#$#+O2!
#13#+$-2#! -.! 2%=$*/+#5! a#$#+! (/'! 7##.! /$! D$-8%.! *(#.! -$! (#&'! $(#! .9)7#+! %.#!
)/+0#$!3%2-$-%.c!/!3%2-$-%.!$(#!8%)3/.4!&%2$!*(#.!$(#!-.J$(#J#/+!^A<L`!(#/+-.,!/-'!
*/2!-.$+%'98#'!74!-$2!)/d%+!8%)3#$-$%+;!H$/+0#45!<(#!A<L!+#K9-+#'!/.!-)3+#22-%.!
%=! $(#! 8&-#.$O2! #/+! =+%)! *(-8(! /! 892$%)-g#'! 2(#&&! */2! =/7+-8/$#'c! D$-8%.! 2-)3&4!
&/80#'!$(#!%+,/.-g/$-%./&!2#$J935!h9+$(#+;!D$-8%.!-,.%+#'!$(#!A<L!3+%'98$!7#8/92#!
-$2! /8%92$-8/&! 3#+=%+)/.8#! */2! -.=#+-%+! $%! -$2! F<L! 3+%'98$5! <(#! 892$%)#+;!
(%*#:#+;! +#23%.'#'! '-==#+#.$&45! H$/+0#4! 3+%'98#'! $*-8#! $(#! :%&9)#! %=! A<L!
(#/+-.,!/-'2!$(/.!D$-8%.O2!3+%'98$-%.!%=!/&&!$43#2!%=!(#/+-.,!/-'25!>H%)#%.#!*/2!
2&##3-.,!3+%=%9.'&4!'9+-.,!$(%2#!4#/+2;>!+#=&#8$#'!a#$#+5!!

py
F#$*##.!UYWZ!/.'!UYYU;!a#$#+!(/'!7##.!/.!]iI!)/./,#+!=%+!/!&/+,#!#&#8$+%.-82!
8%)3/.4;! $(#.! (/'! &#=$! $%! 7#8%)#! /! 3/+$.#+! -.! /! 2%=$*/+#! 8%.29&$-.,! 8%)3/.45!
"(#.!M/+2!N%&-.'!/33+%/8(#'!a#$#+!/7%9$!+#$9+.-.,!$%!D$-8%.;!(#!*/2!20#3$-8/&5!
F9$;! /=$#+! UZ! )-.9$#2! %=! $/&0-.,! *-$(! M/+2;! a#$#+! +#/&-g#'! $(/$! >$(#+#! */2!
Co
2%)#$(-.,!#1$+#)#&4!#18-$-.,!(/33#.-.,!/.'!-$!*/2!:#+4!'-==#+#.$!=+%)!*(/$!A!(/'!
2##.! 7#=%+#S! (#+#! */2! /! .#*! 8%)3/.4;! /! .#*! #+/;! 3%22-7-&-$-#2! =%+! #)3&%4##2! $%!
'#:#&%3!$(#)2#&:#2;!$%!8+#/$#!4%9+!%*.!d%7;!2#$!4%9+!%*.!7%+'#+2;!.%!7%22#2;!.%!
&-)-$2;! 4%9! 8%9&'! '#=-.#! 4%9+! d%75! A$! */2! &-0#! 7#-.,! 4%9+! %*.! 7%22! -.! 4%9+! %*.!
8%)3/.45>! <(#! .#*! D$-8%.! */2! #1/8$&4! $(#! 0-.'! %=! *%+0! #.:-+%.)#.$! a#$#+!
h-..#+93!2%9,($5!!
t
M/+2!N%&-.'!#23#8-/&&4!*/.$#'!a#$#+!$%!+#$9+.!$%!D$-8%.!7#8/92#!%=!(-2!#13#+-#.8#!
No

-.! 2%=$*/+#! '#:#&%3)#.$5! B.'! (#! ,/:#! a#$#+! /! =+##! (/.'! -.! /8(-#:-.,! (-2! ,%/&25!
a#$#+! =%+)#'! (-2! %*.! '#:#&%3)#.$! ,+%93! *-$(! /! )-1! %=! 20-&&2S! )/+0#$-.,;!
/9'-%&%,-8/&! #13#+$2;! /.'! 2%=$*/+#! 3+%,+/))#+25! E92$%)#+2! *#+#! -.:-$#'! -.! $%!
,-:#! $(#-+! :-#*2! /.'! %3-.-%.2! /7%9$! $(#! 3+%'98$2! 7#-.,! 3&/..#'5! <(#! 892$%)#+2!
-'#.$-=-#'!$(#!=9.8$-%./&-$4!$(#4!2%9,($!-.!$(#!3+%'98$;!/.'!$(#2#!29,,#2$-%.2!*#+#!
$/0#.!-.$%!8%.2-'#+/$-%.!74!$(#!'#:#&%3)#.$!,+%935!
Do

E%)3#$-$%+2!(/'!-.$+%'98#'!'-,-$/&&4!3+%,+/))/7&#!(#/+-.,!/-'2;!*(-8(!+#K9-+#'!
8%)39$#+2!$%!,/$(#+!/.'!$(#.!3+%,+/)!'/$/!/7%9$!$(#!8&-#.$!-.$%!$(#!(#/+-.,!/-'5!
L.'! 92#+2! *#+#! $(92! /7&#! $%! (/:#! /! '#:-8#! $(/$! */2! 892$%)-g#'! $%! )##$! $(#-+!
23#8-=-8! (#/+-.,! .##'2! *-$(%9$! (/:-.,!$%!)/0#!3(42-8/&!/'d92$)#.$2!$(#)2#&:#25!
F9$;! 8%)3#$-$%+2! 92#'! '-==#+#.$! 3+%,+/))-.,! 7%1#2! /.';! *-$(! .%! 2$/.'/+'2!
'#$#+)-.#';! #/8(! .#*! 7+/.'! 92#'! /! .#*! >7%15>! B! 8%))%.! 7%1;! $(#! ?Aa]D!
^(#/+-.,!-.2$+9)#.$!3+%,+/))#+`!.##'#'!$%!7#!'#=-.#'!/.'!'#:#&%3#';!2%!$(/$!$(#!
'-23#.2-.,! /9'-%&%,-2$! *%9&'! .%$! (/:#! $%! 23#8-=4! '-==#+#.$! '/$/! =%+! #/8(! 3/$-#.$!
=%+!#/8(!7+/.'5!!

!
 INTERNATIONAL
! J!PV!J! AbIJ[J_PXZ!

:PPLGID]!-!
8KL!9,:?!@NFdLEC!
+EFGCDGTLI.!
!
!

<%,#$(#+!*-$(!$*%!%$(#+!I/.-2(!8%)3/.-#2;!I/./:%1!/.'!"-'#1;!D$-8%.!=%+)#'!
/! 3+%d#8$! 8/&&#'! 6DB?! >7#8/92#! #:#+4%.#! */2! -.! $(#! 2/)#! 7%/$;>! #13&/-.#'!
a#$#+5Z!<(#!,%/&!*%9&'!7#!$%!'#:#&%3!/!8%))%.!2%=$*/+#!-.$#+=/8#!7#$*##.!#/8(!
)/.9=/8$9+#+O2!3/+$-89&/+!=-$$-.,!3+%,+/);!92-.,!$(#!2/)#!/9'-%&%,-8/&!-.=%+)/$-%.!
/.'!/!2$/.'/+'-g#'!?Aa]D!7%15!!

<(#! /&&-/.8#! */2! /33+%:#'! -.! I#8#)7#+! UYYP5! a#$#+! /.'! /! )/+0#$-.,! 8%&&#/,9#!
h+/.0!?#.+-8(2#.!3+#2#.$#'!$(#!/&&-/.8#!$%!M/+2!N%&-.'!/2!/!>=/-$!/88%)3&-5>!M/+2!
=#&$!$(/$!$(#4!*#+#!)%:-.,!3#+(/32!/!7-$!$%%!=/2$!=%+!D$-8%.;!$(/$!.%+)/&&4!)%+#!
'-28922-%.!*%9&'!7#!+#K9-+#';!79$!(#!.#:#+$(#&#22!,/:#!$(#!'#:#&%3)#.$!,+%93!$(#!
=9&&!>,%!/(#/'5>!M/$#+;!a#$#+!8%))#.$#'!%.!M/+2!N%&-.'O2!$+92$!-.!(-)!/2!/!3+%d#8$!

py
&#/'#+S!

M/+2!N%&-.'!&#$2!4%9!7#!-.'#3#.'#.$!/.'!,+%*;!$%!7#!/!2988#22!%+!/!=/-&9+#5!?#!-2!*-&&-.,!$%!
,-:#!4%9!/!,+#/$!'#/&!%=!&##*/45!?#!+#/&-g#2!$(/$!-$!-2!/!,%%'!2$+/$#,4;!/=$#+!2#$$-.,!/!8#+$/-.!
Co
$/+,#$!=%+!/!,+%93;!$%!&-=$!$(/$!,+%93!%9$!%=!$(#!#.:-+%.)#.$!-.!*(-8(!$(#4!=9.8$-%.;!-2%&/$#!
$(#)! /.'! $#&&! $(#)! $%! 8%)#! 93! *-$(! 298(! /.'!298(!/!3+%'98$5!"#!(/:#!2##.!$(#!3%2-$-:#!
#==#8$2!%=!$(-2!/33+%/8(!-.2-'#!D$-8%.;!*(#+#!*#!8/.!*%+0!/&)%2$!2#3/+/$#&4;!4#$!(/:#!/.!
-.$#+/8$-%.!*-$(!$(#!8%)3/.4!/$!$(#!2/)#!$-)#5!<(#+#!-2!.%!'#3/+$)#.$/&!7/++-#+!$(/$!2&%*2!
92!'%*.5!!

F#-.,! /! 3+%d#8$! &#/'#+! -2! /! :#+$-8/&&4! -.$#,+/$#'! d%7! *(#+#! 4%9! $/0#! #:#+4$(-.,! =+%)! $(#!
t
7%$$%)!/.'!7+-.,!-$!93*/+';!/2!*#&&!/2!=+%)!/7%:#!'%*.5!j%9!*+-$#!#:#+4$(-.,!4%9+2#&=5!A.!
No

$(#!%&'!242$#);!)-&#2$%.#2!*#+#!/88%)3&-2(#'!2#K9#.$-/&&4;!=+%)!B!$%!F;!$(#.!F!$%!E5!6%*;!
4%9!(/:#!$(#!=+##'%)!$%!,%!=+%)!3%-.$!F!$%!3%-.$!E5!j%9!8/.!/20;!>"(4!/)!A!'%-.,!$(-2@!
E/.O$!*#!'%!-$!2%)#!%$(#+!*/4@!"(4!'%.O$!*#!'%!-$!$(-2!*/4!-.2$#/'@>!

a#$#+!h-..#+93!29))#'!93!(-2!=##&-.,2!/7%9$!$(-2!.#*!3+%'98$!/.'!.#*!)/+0#$!-.!
/!XJ*%+'!2$/$#)#.$S!>A$O2!#1$+#)#&4!#18-$-.,5>!
Do

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
^
!"(% W@<_% 4+37*% &7++(5:8.% &35$#$:$% 39% 9#;(% 8(',#54% D'579'&:7+(+$% 39% "('+#54% '#,$% )3+8,)#,(N%
=:'+C(.>% Q"35'C>% ]#,(P>% /'5';3P% '5,% @:#&350% 2'579'&:7+(+$% 39% '7,#3834#&'8% $.$:(D$% '5,%
,#$*(5$(+F3+#(5:(,%399#&(%$.$:(D$%'+(%`7(7#54%7*%:3%*'+:#&#*':(%'$%)(880%

!
 INTERNATIONAL
! J!PW!J! AbIJ[J_PXZ!

:PPLGID]!;!
#MGT\MECTNDGJ!
!
!

b/.9=/8$9+-.,! %=! 8%)3%.#.$2! */2! '%.#! -.! E%3#.(/,#.;! /.'! 3+%'98$-%.;!

/22#)7&4!/.'!K9/&-$4!8%.$+%&!$%%0!3&/8#!-.!<(-2$#';!k9$&/.'5!]#2#/+8(!*/2!&%8/$#'!
-.! L+-02(%&)! -.! L&2-.%+#! ^*(#+#! ?/)&#$O2! 8/2$&#! */2! &%8/$#'`5! A.! UYYU;! M/+2!
N%&-.'! /20#'! M/+2! N-+0! $%! /229)#! +#23%.2-7-&-$4! =%+! 3+%'98$-%.! -.! 7%$(!
E%3#.(/,#.!/.'!<(-2$#';!7#8/92#!%=!$(#!+/'-8/&!.#*!'#:#&%3)#.$2!$(/$!M/+2!N-+0!
(/'!9.'#+$/0#.!/$!<(-2$#'5!M/+2!N-+0!+#8/&&#'S!!

H%)#! 4#/+2! 7#=%+#! M/+2! N%&-.'! /++-:#';! *#! (/'! $(#! =##&-.,! $(/$! 3+%'98$-%.! 2(%9&'! 7#!
%+,/.-g#'! '-==#+#.$&45! b/0-.,! 92#! %=! (9)/.! +#2%9+8#2! -.! 3+%'98$-%.! */2! &-)-$#';! *(-8(!
*/2! $43-8/&! /$! $(/$! $-)#5! j#$! *#! 0.#*! $(/$! $(#+#! */2! /! &%$! %=! 3%*#+! %9$! $(#+#;! /! &%$! %=!
0.%*&#',#!$(/$!*/2!.%$!7#-.,!92#'5!

py
M/+2!N-+0!7#,/.!74!2#.'-.,!3#%3&#!$%!/!2-)9&/$-%.!#1#+8-2#!8/&&#'!>$(#!3+%'98$-%.!
,/)#>! $(/$! ,/:#! $(#)! /! 2-)3&#! 79$! >3#+=#8$>! 9.'#+2$/.'-.,! %=! (%*! /! =/8$%+4!
%3#+/$#25! "-$(-.! $*%! 4#/+2;! .#/+&4! #:#+4%.#! /$! <(-2$#'! (/'! /$$#.'#'! $(-2! =-+2$!
8%9+2#5!D$(#+!8%9+2#2!=%&&%*#'S!-.!K9/&-$4;!3+%7&#)J2%&:-.,!/.'!8%))9.-8/$-%.5!!
Co
F9$;!M/+2!N-+0!2$-&&!=#&$!$(/$!$(#-+!%3#+/$-%.2!*#+#!.%$!%+,/.-g#'!*#&&5!<(#+#!*#+#!
2#:#+/&!'#3/+$)#.$2;!$43-8/&&4!X_JZ_!3#%3&#!-.!#/8(!%.#;!7+%0#.!'%*.!-.$%!,+%932!
%=!WJY!3#%3&#5!"/&&2!2#3/+/$#'!$(#!'-==#+#.$!,+%9325!<(#!*/4!$(#!3+%8#22!*%+0#';!
$(#! 3+%'98$! 2$/+$#'JJ-.! 2#+-/&! =/2(-%.JJ/$! %.#! #.';! )%:-.,! =+%)! ,+%93! $%! ,+%93!
9.$-&!-$!+#/8(#'!$(#!%$(#+!#.'5!L/8(!3#+2%.!(/.'&#'!%.#!%+!$*%!%3#+/$-%.25!B&%.,!
$(#!*/4;!8%)3&/-.$2!/7%9$!$(#!%$(#+!,+%932!8%9&'!7#!(#/+'!%:#+!$(#!*/&&2;!*(-8(!
t
*/2!932#$$-.,!>7#8/92#!#:#+4%.#!8%9&'!(#/+!$(#)!79$!.%!%.#!8%9&'!2##!*(%!*/2!
No

23#/0-.,5>! A=! 2%)#$(-.,! *+%.,! */2! '-28%:#+#'! 74! 2%)#%.#! =+%)! %.#! ,+%93;! (#!
(/'!$%!+#3%+$!-$!-.!$(#!=%+#)/.O2!%==-8#c!$(#!=%+#)/.!(/'!$%!,%!$%!$(#!,+%93!*(#+#!
$(#!3+%7&#)!(/'!%889++#'!/.'!$(#.!7/80!$%!$(#!=-+2$!,+%935!H98(!-.8-'#.$2!*/2$#'!
/!&%$!%=!$-)#!/.'!8/3/8-$45!

<%! +#'98#! $(-2! 3+%7&#);! M/+2! N-+0! 89$! 7-,! (%&#2! -.! $(#! */&&2! 2%! $(/$;! *(#.!
Do

8%)3&/-.$2! *#+#! :%-8#';! -$! */2! 3%22-7&#! $%! 2##! *(%! */2! )/0-.,! $(#)5! B2! *#&&;!
3#%3&#! 7#,/.! $/&0-.,! $%! #/8(! %$(#+5! <(#! .#1$! 2$#3! */2! $%! -.-$-/$#! 8+%22J$+/-.-.,S!
=-+2$;! *-$(-.! #/8(! ,+%93! 2%! $(/$;! %.#! 4#/+! &/$#+;! #/8(! 3#+2%.! 8%9&'! '%! /&&! $(#!
%3#+/$-%.2!*-$(-.!(-2!%*.!,+%93c!/.'!$(#.!7#$*##.!,+%932;!2%!$(/$!#:#+4%.#!0.#*!
*(/$!(/33#.#'!7#=%+#!/.'!/=$#+!$(#!3+%'98$!+#/8(#'!(-2!3/+$-89&/+!,+%935!!

A.! $(-2! */4;! 2#+-/&! 3+%'98$-%.! */2! +#3&/8#'! 74! 3/+/&&#&! 3+%'98$-%.5! A.! %.#!
'#3/+$)#.$;! /! 3+%'98$! =/)-&4! *%9&'! $43-8/&&4! 7#! )/'#! 93! %=;! 2/4;! =-:#! '-==#+#.$!
3+%'98$2;!#/8(!%=!*(-8(!8%9&'!(/:#!U_JUZ!%3$-%.2JJ-5#5;!8%&%+2!%+!2*-$8(#25!A.!#/8(!
'#3/+$)#.$;! #:#+4! ,+%93! *%9&'! )/0#! /&&! $(#! 3+%'98$2;! *-$(! #:#+4%.#! -.! #/8(!
,+%93! 3#+=%+)-.,! WJY! %3#+/$-%.25! <(#! =-:#! '-==#+#.$! 3+%'98$2! *%9&'! 2$-&&! 7#!
/22#)7&#'! 2#K9#.$-/&&4S! a+%'98$! B! *%9&'! 3/22! =+%)! 2%)#%.#! -.! C+%93! U! $%! $(#!
3#+2%.!-.!C+%93!P!+#23%.2-7&#!=%+!$(/$!3+%'98$5!F9$;!/&&!=-:#!3+%'98$2!*%9&'!7#!-.!
3+%'98$-%.! 2-)9&$/.#%92&4;! *-$(! %.&4! [JZ! 3#%3&#! *%+0-.,! %.! #/8(! 3+%'98$!
8%)3/+#'!$%!2%)#!PZ!3#%3&#!9.'#+!$(#!2#+-/&!3+%'98$-%.!242$#)5!!

!
 INTERNATIONAL
! J!PY!J! AbIJ[J_PXZ!

:PPLGID]!;!
#MGT\MECTNDGJ!
+EFGCDGTLI.!
!
!

a+%'98$-%.! )##$-.,2! 92#'! $%! $/0#! 3&/8#! #:#+4! 2#8%.'! *##0! $%! '-28922! 3+%7&#)2!
$(/$!(/'!%889++#'!'9+-.,!$(#!3+#:-%92!$*%!*##025!M/+2!N-+0!/7%&-2(#'!$(#)5!><(#!
=%+#)/.!*%9&'!/&*/42!8&/-)!$(/$!.#1$!$-)#!$(-.,2!*%9&'!7#!'%.#!'-==#+#.$&4;!$(#.!
$*%! *##02! *%9&'! #&/32#! *-$(! .%! 8(/.,#;>! M/+2! +#8/&&#'5! <(#+#=%+#;! /! .#*!
3+%'98$-%.! )%.-$%+-.,! 242$#)! */2! -.2$/&&#'S! /.! #&#8$+%.-8! 7/+! 8%'#! 242$#)! $(/$!
8%9&'!&%8/$#!/$!/.4!)%)#.$!*(#+#!#/8(!8%)3%.#.$!*/2!-.!$(#!3+%'98$-%.!3+%8#225!
>"#! ,/:#! $(#)! :#+4! ,%%'! $%%&2;! 2%! $(/$! $(#4! 8%9&'! 8/&89&/$#! (%*! )/.4! 3#%3&#!
*#+#!.##'#'!=%+!#/8(!,+%93!/2!*#&&!/2!=%+!$(#!8%)3&#$#!'#3/+$)#.$;>!(#!/''#'5!

M/+2! N-+0! 7#,/.! )%:-.,! 3#%3&#! 7#$*##.! '#3/+$)#.$25! B$! =-+2$;! 3#%3&#! *#+#!
2(-=$#'!%.8#!/!)%.$(!7#8/92#!3+%'98$-%.!*/2!%.!/!%.#J)%.$(!28(#'9&#5!F9$;!/=$#+!

py
#:#+4%.#! (/'! +#8#-:#'! $(#! 8+%22J$+/-.-.,;! $(#4! 8%9&'! 7#! 2(-=$#'! #:#+4! *##0! %+!
#:#.!#:#+4!'/45!

A.!UYY_;!M/+2!N-+0!8&%2#'!$(#!=/8$%+4!=%+!%.#!'/4!/.'!$%%0!$(#!#.$-+#!3+%'98$-%.!
Co
2$/==!$%!/!(%&-'/4!8/)3!$%!'-28922!2$+/$#,-#2!/.'!,%/&25!?#!/20#'!3#%3&#!$%!29,,#2$!
-)3+%:#)#.$2! =%+! $(#-+! 3/+$-89&/+! *%+0! 2-$9/$-%.5! <(#4! 8/)#! 93! *-$(! )%+#! $(/.!
U__!-'#/25!L/8(!'#3/+$)#.$!*/2!$(#.!7+%0#.!'%*.!-.$%!2)/&&!,+%932!/.'!/20#'!$%!
'-28922JJ*-$(%9$! /.4! )/./,#)#.$! -.:%&:#)#.$JJ(%*! $(#4! 8%9&'! )/0#! $(#!
'#3/+$)#.$!=9.8$-%.!7#$$#+5!M/+2!N-+0!+#8/&&#'!)/./,#)#.$O2!$+#3-'/$-%.S!!

D=! 8%9+2#;! )/./,#)#.$! */2! *%++-#'5! B&$(%9,(! -$! )/4! 2##)! '-==-89&$! $%! $/0#! %.!
t
+#23%.2-7-&-$4!/.'!)%+#!3%*#+;!-$!-2!#:#.!(/+'#+!$%!4#;(%#:%')'.5!A!*/2!/=+/-';!/2!/!)/./,#+;!
No

$(/$!3#%3&#!)-,($!+9.!%:#+!)#5!

h%+! .#/+&4! /! 4#/+;! )-''&#! )/./,#)#.$! +#)/-.#'!+#8/&8-$+/.$5!><43-8/&&4!-.!$(#-+!

)-'JZ_2;!$(#4!(/'!/&*/42!(/'!$(#!+-,($!$%!'#8-'#!#:#+4$(-.,;!/.'!$(#4!8%9&'!.%$!
/88#3$! $(/$! 3#%3&#! 7#&%*! $(#)! *#+#! .%*! /7&#! $%! '#8-'#! $(-.,2! =%+! $(#)2#&:#2;!
*#+#!$/0-.,!+#23%.2-7-&-$4;>!M/+2!N-+0!8%))#.$#'5!><(#!)/./,#+2!*(%!(%.#2$&4!
Do

7#&-#:#'!-.!$(#!-'#/!*#+#!K9-80&4!+#:#/&#';!/2!*#&&!/2!$(%2#!*(%!'-'.O$5!<(#!%.#2!
*(%!8%9&'.O$!/88#3$!-$!(/'!$%!&#/:#5!<(#+#!*/2!.%!*/4!7/805>!B.';!/$!$(-2!3%-.$;!
$(-.,2!+#/&&4!7#,/.!$%!(/33#.5!!

A=!2%)#%.#!(/'!/!-'#/;!-$!*/2!(-2!+#23%.2-7-&-$4!$%!,%!$%!$(#!3#%3&#!*(%!*%9&'!7#!
/==#8$#'c!-=!$(#!-'#/!-.:%&:#'!3&/..-.,;!$(#.!3&/..-.,!3#%3&#!(/'!$%!7#!8%.29&$#'c!
-=! 7/$8(! 2-g#2;! $(#.! $(#! =%+#)/.! 2(%9&'! 7#! -.:%&:#'5! F9$;! #/8(! 3#+2%.! */2!
#13#8$#'!$%!$/0#!-.-$-/$-:#2!/.'!$(#.!-)3&#)#.$!(-2!%*.!+#8%))#.'#'!2%&9$-%.25!
><(-2! 3%&-84! /33&-#'! $%! $(#! #.$-+#! =/8$%+4! %=! PW_! 3#%3&#JJ#:#+4%.#! */2! $%! $/0#!
'-+#8$!/8$-%.!%.!(-2!+#8%))#.'/$-%.2!74!,%-.,!-.!3#+2%.!$%!$(#!3&/4#+2!-.:%&:#'5>!
<(-2!-'#/!$%%0!%==!&-0#!/!$+/d#8$%+4;!(/2!7##.!(#/'-.,!204*/+'!#:#+!2-.8#!/.'!(/2!
4#$!$%!&#:#&!%==5!

h+%)!UYWW!$%!UYYX;!)/./,#)#.$!'#8+#/2#'!=+%)!UUe!$%![5Ze!%=!$(#!*%+0!=%+8#;!
*(-&#!3#%3&#!#/+.-.,!(%9+&4!*/,#2!-.8+#/2#'!=+%)!P__!$%!PW_5!>A!7#&-#:#!$(/$;!-.!
$(+##! 4#/+2;! *#! *-&&! (/:#! (/&=! /,/-.! /2! )/.4! )/./,#+2;>! M/+2! N-+0! 3+#'-8$#'5!
L)3&%4##!$9+.%:#+!'+%33#'!=+%)!UUe!$%!Qe!%:#+!$(/$!$(+##J4#/+!3#+-%';!7#8/92#!

!
 INTERNATIONAL
! J!X_!J! AbIJ[J_PXZ!

:PPLGID]!;!
#MGT\MECTNDGJ!
+EFGCDGTLI.!
!

(%9+&4!*%+0#+2!*#+#!.%!&%.,#+!&#/:-.,5!a+%'98$-:-$4!=+%)!UYWW!$%!UYYP!-.8+#/2#'!
74! UWe5! ?%9+2! 23#.$! %.! +#*%+0! '+%33#'! =+%)! Z5Qe! -.! UYY_! $%! X5Ze5! ]#d#8$#'!
7/$8(#2!'+%33#'!=+%)![e!$%!Ue5!B.'!)/$#+-/&!92/,#!'+%33#'!=+%)!UQ!)-&&-%.!-.!
UYWW!$%![5Z!)-&&-%.5!M/+2!N-+0!#&/7%+/$#'S!

h&#1-7-&-$4! -2! $(#! 8(-#=! ,/-.5! "#! 2$/+$#'! /! .#*! 3+%'98$! $(+##! *##02! /,%;! $(#! .#*!
b9&$-h%892!E%)3/8$5!D.&4!$(+##!*##02!/,%;!3+%'98$-%.!*/2!g#+%5!6%*;!.#1$!*##0;!*#!/+#!
)/0-.,!U;X__!3#+!*##0;!#K9/&!$%!Q;___!/!)%.$(5!"#!8/.!)%:#!3#%3&#!/+%9.'!-.!&#22!$(/.!
%.#! (%9+;! /.'! $(#4! (/:#! .#/+&4! $(#! 2/)#! #==-8-#.84! -.! %$(#+! '#3/+$)#.$2! /2! -.! $(#! %.#!
*(#+#!$(#4!*%+0!+#,9&/+&45!D9+!/7-&-$4!$%!2933&4!3+%'98$!-2!.#/+&4!U__e!*-$(-.!$(#!.%+)/&!
28(#'9&#! $-)#5! 6#1$;! $(#! 8%)39$#+2! =%+! $(#! 3+%'98$-%.! 8%.$+%&! 242$#)! *-&&! &#/:#! $(#!
=%+#)/.O2! %==-8#! /.'! *-&&! 7#! -.2$/&&#'! +-,($! -.2-'#! $(#! 3+%'98$-%.! '#3/+$)#.$2;! 2%! $(/$!

py
3#%3&#!*-&&!7#!/7&#!$%!/.2*#+!$(#-+!%*.!K9#2$-%.25!

<(#! .#*! 7%.92! 242$#)! +#=&#8$2! (%*! -.-$-/$-:#! -2! +#*/+'#'S! /&&! $(#! )#)7#+2! %=! $(#! ,+%93!
+#8#-:#!/!7%.92;!.%$!/!23#8-=-8!-.'-:-'9/&5!A=!2%)#%.#!8(/.,#2!,+%932;!(#!*-&&!2$-&&!+#8#-:#!
Co
$(#! 7%.92! ,-:#.! $%! $(#! >(%)#>! ,+%935! 6%! ,+%93! -2! #-$(#+! 39.-2(#'! %+! 9.'9&4! +#*/+'#'!
7#8/92#!%=!$(#!3#+=%+)/.8#!%=!%.#!-.'-:-'9/&5!"#!*/.$!$%!79-&'!93!+#23#8$!7/2#'!%.!*(/$!
*#!/+#!'%-.,!+/$(#+!$(/.!%.!3%*#+5!"(#.!3#%3&#!/+#!*%+0-.,!/.'!2##!2%)#$(-.,!-2!*+%.,;!
$(#4!*-&&!7#!*-&&-.,!$%!(/.'&#!-$!-=!$(#4!0.%*!$(#4!8/.!#13&/-.!$(#!3+%7&#);!'-28922!-$!*-$(!
.%!=#/+!%=!7#-.,!&%%0#'!'%*.!93%.5!!

<(#! ,+#/$#2$! 2988#22@! M/+2! N-+0! */2! ,%.#! =%+! $(+##! )%.$(2! $%! /.! #'98/$-%.!
t
3+%,+/)!-.!k/3/.5!D.!(-2!+#$9+.!(#!=%9.'!$(/$!$(#!3&/.$2!(/'!+9.!$(#)2#&:#2!:#+4!
No

*#&&!-.!(-2!/72#.8#5!B2!*#&&;!(#!+#/&-g#'!(#!8%9&'!7#,-.!$%!9.'#+$/0#!%$(#+!$/202!
7#2-'#2!$(%2#!%=!$(#!3+%'98$-%.!)/./,#+5!?#!*#.$!$%!M/+2!N%&-.'!*-$(!/!+#K9#2$!
=%+!/''-$-%./&!+#23%.2-7-&-$-#2!/.'!*/2!3&/8#'!%.!/!3+%'98$!$#/)5!
Do