You are on page 1of 116

!

! "!
!

#! !
!%&'()*+&,,&!-./0.1233.!
!!4&!1526671!87192325.2!

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

!:4+;+<(=!7>.6!?/ 0.!
!"!-'#&,+&!?<(;$',;,&!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%&''#!*75.6!
!
!
!
!
!
!
!
!
!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"!#$%&%'()!*+,-!./01,!2344! !!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!,-50!673893:;78672!
!
!

! $!
!
!
!
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
(#11'-%)222222222222222222222222222222222222222222222222222222222222222222222222222!

*,)*'+&! ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,&!
.(;,<4-+;+<( ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.!
7/&,;+==&$&(;!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,""!
0&=!4+/&,=&=!'#+0+$+&=! ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,"(! !
3&=!/<+&=!&1;),+&-,&=! ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,"%!
3&=!+<-,'(;=!,<=++,-++&(=!&;!0&,$);+=;&=! ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,#&!
2,4,&=!'+;-&#=!'3'(;!-(!,'44<,;!'/&+!-(&!<-!4#-=+&-,=!/<+&=!
'#+0+$+5-&=,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,$6!
3&=!7,+'('!7,+'(<,-$!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,('!
*,)++=+<(=!=-,!#&=!,+;&=!4&!?&$40+=!&;!?+=,'7$! ,,,,,,,,,,,,,,,,,,,,,,,,,,(%!
!
-(<=;+5-&=!&;!5<=&!8!1,<+1!&(!1<,=&"!-(&!4&,$'(&(+&!4&!
#'!9,'4+;+<(,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!(.!
/(!2,4,&!$3=;),+&-1"!#&=!:,;,&=!7+()=!4&!#'!5<=&!8!1,<+1,,,,,,,,,!&%! !
-,''#!&;!7#+0+$+&!<-!#&=!/<+&=!4)/&#<44)&=!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,6'!
3'!0<+;,+(&!4-!+<,4=!+$$<,;&#!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,6#!
3'!/<+&!4&=!=<(=! ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, %'!
3'!/<+&!=&+,;;&!<-!#&!,)&#!7,;!+0+$+5-&!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, %(!
.<+=!)!++(5-+;$&!4,<4<=+;+<(!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,%.!!!
3='+4&!4&=!0+&-1!<-!4&=!7(>&=!4&!3-$+;,&!4'(=!#'!5-?;&!,,,,,,,,,,,!(!!
:=<;),+=$&"!9,'4+;+<(!&;!:,'(+)?'@<((&,+&! ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, !6!
!
-(<=;+++=$&!&;!+(+;+';+<(,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,."!
:=<;),+=$&"!4'>'(+=$&!&;!,&#+>+<(=! ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.(!
3&=!*&$$&="!)=<;),+=$&!&;!+0&/'#&,+&"!0+=;<+,&!4=-(!*'-1!
4,<<#;$&!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,"''!
1<(+#-=+<(!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,"'$!
!
744&(4++&=A!!

"!)!9+=;<+,&!=&+,;;&!4-!*3;0'><,+=$& ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,"'!!
#!)!-+-#+'(<!B,&$$&,C!&;!#'!D?3,+'$!E! ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,""'!
$!)!3'!/<+&!'#+0+$+5-&!*)$+(+(&!4'(=!#&!9'<7=$&!&(!
10+(&!,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,""#!

(! !
!
!

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

!
!
!
"#$%&'&()))! *+,(-./+&0)))! 1(20! 324#&5&$46&5,! 76/+&6('(86! #&7,! 9! #:%&,6+&/(!
;/41&6&+88(##(! 1(! #:%2'48&67)! <&! #:+/&=&8(! 12! >/('&(/! /('+86(! 9! #4! >#2,!
%426(! 486&32&67! =/($+-7=?>6&(88(! (6! #2&! (,6! $(/64&8('(86! 4867/&(2/( ! #(!
,($+81! (,6! 1:7'(/=(8$(! /(#46&!('(86! /7$(86(! "&(8! 32:&#! 4,,+$&(! 1(20!
,?'"+#(,!/(>/7,(8646&5,!1(!;/41&6&+8,!>#2,!32(!'&##784&/(,)!
#(,!$/1/(,!32& !,+2,!#(!!+$4"#(!*+,(!%!./+&0 !4>>4/2/(86!(8!$$$&1(86!
42!&'((!,&)$#( !%7/&6&(/,!1(!5&#&46&+8,!>/(,6&=&(2,(,*+, !176(84&(86!#(,!$#(5,!
1(!#:"/6!*+?4#)!"&8,& !1(>2&,!$(66(!7>+32( !#:%&,6+&/(!1(!#:4#$%&'&(!6(81!9!,(!
$+85+81/( ! 12! '+&8,! 148,! ,(,! '48&5(,646&+8,! #(,! >#2,! (067/&(2/(, ! 4!($!
$(##(!1(!#4!*+,(-./+&0)!-4#%(2/(2,('(86!1(>2&,!#4!17'+$/46&,46&+8!(6!#4!
!"#$%&'()*'"&+ >(/8&$&(2,(! 1(! #4! ,+$&767 ! 32&! 54&6! 6+26! >+2/! 4"/26&/!
#:&81&!&12 ! 1&#2486! ,+8! >(2! 1(! $+8,$&(8$(! 148,! #:4!+&/! 32486&646&5 ! 1(!
8+'"/(2,(,!,>7$2#46&+8, !5/2&6,!1(,!7$%($,!/7>767,!1(!$%(/$%(2/,!17.2, !
,(!,+86!=/(557(,!,2/!$(!$+2/486)!/4$(!9!$(!!(/"&4=(!$%4+6&32( !32&!/(#)!(!
>#2,! 1:28(! #+=+//%7(! '(864#(! 32(! 12! 17,&/! 1:&867=/(/! 28(! $+884&,,48$(!
;/41&6&+88(##( !#(,!$+##)=(,!*%.!,:+$$2#6)/(86 !,(!$4$%486!>4/5+&,!148,!#(,!
,6/2$62/(,!&8&6&46&32(,!32(!8+2,!$+884&,,+8,!420+2/1:%2&)!
;+64#('(86! 4,,(/!&! >4/! #4! '46&)/( ! ,+2'&,! 9! ,(,! &##2,&+8, ! (6! $/+?486!
7$%4>>(/! 9! $(6! (,$#4!4=(! >(,486 ! #:%2'4&8! (8! !&86! '1'(! 9! &8!(86(/! #(,!
6%7+/&(,!52'(2,(,!1(!#:4#$%&'&(!1&6(!(,'%'*-$..$/+-4&,!1(!,+#!(!(8!$+4=2#4!
4",6/4&6,! (6! '+/&"+81, ! &#! 8(! 5&6! 32(! 5#466(/! (6! /(85+/$(/! ,+8! (=+ !
,:7#+&=8486!(8$+/(!28!>(2!>#2,!12!"26!32:&#!,:764&6!5&07)))!
!
2222222222222222!

+)!-&$%(#!-4&(/!>/7$&,4!148,!,+8!<&#(86&2'!>+,6!$#4'4/(8,!32(!#(,!*+,(-./+&0!764&(86!
#(,! ,2$$(,,(2/,! 1(,! .+##)=(,! 3/4%'48(,! '81+2, ! 1(,! 4=?>6&(8, ! 1(,! 52'+#>&1(,!
1:5#(2,&, !1(,!-4=(,!1(!6(/,( !1(,!7?'8+,+>%&6(,!1:46%&+>&( !1(,!6?6%4=+/&$&(8,!(6!1(,!
"/4"(,)!
!

! &!
8(2/(2,('(86 !$(!#&!/(!>/7,(86(!#(!67'+&=84=(!1:28!.+##)=(!176(86(2/!
1(,! "/$48(,! -40(2/, ! 8+8! >4,! 32:&#! ,(! ,+2$&(! 1(,! +>&8&+8,! %2'4&8(,!
1+86!&#!8:4!32(!54&/( !'4&,!>4/$(!32(!#(!'+81(!(,6!>4/!(82!9!28!6(#!>+&86!
1(! $+852,&+8! 32(! >(2! 1(! $%(/$%(2/,! ,&8$)/(,! >+2!4&(86! (,>7/(/! (8$+/(!
4>>/7%(81(/! 28! 1(,! 5&#,! 1(! #4! ;+&,+8! 1:$/)! #4! 9216(! (,6! ,255&,4''(86!
4/12(! (8! (##(-'1'(! >+2/! 8(! >4,! 4!+&/! 9! ,(! 17"466/(! 4!($! #(,!
&86(/>/7646&+8,! 17/&,+&/(,! 1(,! >%&#+#+=2(,! 1(! #:4,+67/&,'(! 32& ! ,2/6+26!
,:&#,! 8:+86! >4,! #(,! $+'>76(8$(,! 87$(,,4&/(, ! ,:('>#+&(86! 9! 764#(/! ,2/! #(!
>4>&(/! #(2/! >/+>/(! $+852,&+8 ! 40+26486! #(2/! 17,4//+&! 9! $(#2&! 12! #($6(2/)!
<+?+8,! 1+8$! /($+884&,,486! 9! -)! :(48-6&(//(! 7';<'.5##'! 1(! .*5<<".!
3".85#5*'5!32& !4?486!&'>76/7!#4!>#2>4/6!1(,!5&#&46&+8,!02,6(,!(6!!/4&(,=!
(6! >+,,71486! 6+26(,! #(,! 324#&5&$46&+8,! 87$(,,4&/(, ! 4! "&(8! !+2#2! >/7$&,(/!
&$&! 32(#32(,! >+&86,! (,,(86&(#,! 1(! #4! 9216(! 4#$%&'&32(! (6! (86/(">&##(/!
$(/64&8(,!>+/6(,)!
<48,! $(66(! 7621( ! #(! #($6(2/! 6/+2!(/4! "(42$+2>! 1:&81&$46&+8,! 26&#(, !
6/+>! '1'(! /(>/+$%(/+86! $(/64&8,! ("-00.$-%(+ 4/=2486! 12! ,($/(6! (6! 12! 54&6!
32:&#,!+86!$%(/$%7!>(81486!1(!#+8=2(,!4887(, !(6!>4/5+&,!4!($!,2$$), !#(,!
$#(5,!32(!#:426(2/!1+88(!&$&)!-4&,!$:(,6!+2"#&(/!32(!#(,!&'>7/46&5,!#&7,!9!#4!
$+83216(! %7/+?32(! 1(! #:"/"/(! 1(! (&(! ,+86! 6(##('(86! 7#+&=87,! 1(,!
>/7+$$2>46&+8,!1(! #:%2'4&8!'+?(8!32(!>+2/!"(42$+2>!#(! 1$%2-!+ &$+ ($+
0$%)+,)(+34)'%/+58!(55(6 !#(!>/&0!9!>4?(/!(,6!"&(8!,+2!(86!#+2/1 !#(!3216(2/!
$/+?486!6+26!>(/1/( !'4&,!(8!54&6!$(!8(!,+86!32(!,(,!>/+>/(,!5486@'(,!32&!
,(! 1&,,+#!(86! 148,! #:28&67! /(6/+2!7()! "2-1(#9! 1(! #:(=+! &#! 8:?! 4! /&(8! 9!
>(/1/(A)!
#4! 9216(! $+''(8$(! #9! +B! #4! !+#+867! (,6! ,255&,4''(86! 5+/6(! >+2/!
32&66(/! #(! $+2/486! !2#=4&/( ! '4&,! >2&,,486 ! 1(! #:&1(86&5&$46&+8! (6! 1(! #4!
,+2'&,,&+8! 420! 17,&/,! (6! &8,6&8$6, ! =/481,! 17!+/(2/,! 1(! ,2",648$(,!
5&8(,)!'#!5426!1+8$!,:7!(/62(/!9!,(!/4>>/+$%(/!1(!#:"0(!!(/6&$4#!45&8!32(!#(!C!
<&(2! ,2"6&#! D! 32&! /7,&1(! (8! 8+2,! >2&,,(! ,(! 54&/(! (86(81/( ! $4/! #(,! #+&,!
+$$2#6(,!7$%4>>(86!9!#4!#+=&32(!$+''28(!12!'(864#!484#?6&32()!
<7!(#+>>486! #:40&+'(! 4#$%&'&32(! ,(#+8! #(32(#! .)+ 5)*-%$+ $(*+ 6)'&3-$+
,)%+ .)+ 5)*-%$.7+ $(! #&!/(! (,6! 4!486! 6+26! #(! #&!/(! 1(,! ,2",648$(,! $4/! #4!
/71('>6&+8!1+&6!,(!54&/(!>4/!#4!'46&)/(!32&!(,6!<&(2!,(!'48&5(,6486)!

88888888888888!

9/+1%)'$(+$:(,6-9-1&/(!:;$..$(7+4?486!17>4,,7(,!#(,!$+86&8=(8$(,!%2'4&8(,)!

A)!#:(=+!>(26!16/(!$+8,&17/7!$+''(!28!$+'>#(0(!'+2!486!1(!>(6&6,!C'+&D!32&!
84&,,(86!(6!'(2/(86!42!=/7!1(,!7!78('(86,!
(067/&(2/, !$(!8:(,6!32(!#4!>(/,&,648$(!'7'+/&(##(!(6!#4!/4>&1&67!1(,!$%48=('(86,!32&!
1+88(!#:&##2,&+8!1:28!'+&!,64"#(!(6!28&32()!
!
E)!/(/'&$2,!1&,4&6!F!C!#4!G462/(!,(!/70+2&6!148,!#4!G462/( !#4!G462/(!$+832&(/6!#4!
G462/( !#4!G462/(!1+'&8(!#4!G462/()!D!

6! !
#:426(2/!/(81!4&8,&!9!#:4#$%&'&(!,4!,&=8&5&$46&+8!+/&=&8(##( !(8!/4>>(##(!#(,!
1(20!4,>($6, !H+2(&!;48!(6!G(&!;48!F&G! !(6!>/7$&,(!#(2/!$+'>#7'(864/&67!F!
#(! 6/4!4&#! ,2/! #4! '46&)/(! (067/&(2/(! 9! #:%+''(! 8:(,6! >4,! 28(! 5&8! (8! ,+&!
'4&,! 28(! 764>(! 1(! #:4#$%&'&(! &86(/8(! 12! .+/>,! 1(! 7#+&/(! IJK! )! #:"/6! *+?4#!
>(/'(6! 1+8$! 1(! 17$#(8$%(/! (6! '4L6/&,(/! #(! >/+$(,,2,! $/746(2/! 1(,! ,2",-
648$(,! 32&! 5+/'(86! $(! .+/>,! <+#4&/(! (6! .%/&,6&32( ! 32(! M*5--5*N!
175&8&,,4&6!$+''(!28!>/&8$&>(!&86(##($6&5!>4/6&$&>486!9!#4!!&(!28&!(/,(##(*O,)!
#(!1(/8&(/!'7/&6(!1(!$(!#&!/( !(6!8+8!#(!'+&81/( !(,6!1(!/4>>(#(/!32(!#4!
;/41&6&+8!(,6!;8(!(6!32(!$(!,+86!#(,!%+''(,!(6!#(,!$&/$+8,648$(,!32&!,+86!
'2#6&>#(,)! #:4#$%&'&(! 4! 1(! 6+2,! 6('>,! /7>4812! ,+8! '(,,4=(! 28&!(/,(# !
32&!5&6!1&/(!9!6";#!148,!,+8!7>L6/(!420!4>%7,&(8,!*P-+E,!F!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!<6$'..$=*"'7+*"'+>-'+#"%(7+
? 6$=*"'+#!$&*%$+.$(+!"%*(+
$*+(-%+*"'+.-'%)+.$+34%'(*"+
+
.(! '(,,4=(! (,6! >4/54&6('(86! &##2,6/7! >4/! #4! #7=(81(! /4>>+/67(! >4/!
N$N'-5!F!C!.(/64&8,!"8=(,!,:76486!7>/&,!1(!5(''(,!6/4%&/(86!#(,!,($/(6,!
1(! #4! G462/(! (8! 4>>/(8486! 420! %+''(,! #(,! ,&=8(,! '4=&32(, ! #(,!
>/+>/&767,! 1(,! /4$&8(, ! 1(,! '76420 ! 1(,! 4/"/(,)! D! ;5*;;##'5G!
'(86&+884! 42,,&! 32(! #(,! "8=(,! (8,(&=8)/(86! 420! %+''(,! C! #:4/6! 1(!
6(&81/(! #(,! ;+&,+8,! D)! -)! 7';<'.5##'! 1(! .*5<<".! 3".85#5*'5! 8+2,!
/4>>(##( !>4/!4&##(2/, !32(!#(,!!+&(,!1(!#:4#$%&'&(!&86(/8(!8(!,+86!%;6;.;$(+
32:9! $(#2&! 32&! 4! ,255&,4''(86! 17!(#+>>7! #:8(/'),! (8! ,+& ! $(! 32&! 1+88(!
6+26(!,4!,&=8&5&$46&+8!9!$(66(!#7=(81()!
58!(55(6 !$:(,6!"&(8!#:"8=(-=4/1&(8!*+2!8(/'),,!32&!(8,(&=8(!9!#:%+''(!
#(,! ,($/(6,! 1(! #:4#$%&'&()! <(! $(66(! 28&+8! *#:4$$+2>#('(86! 1(! #:"8=(-
8(/'),!4!($!#4!/(''(-G462/(,!84L6/4!#4!/4$(!1(,!;&648, !1(,!87/+,!1+86!
&#!(,6!1&6!32:&#,!,+86!#(,!<(&=8(2/,!1(,!%+''(,!(6!1(,!<&(20)!
#(! .+/>2,! 8(/'(6&$2'! >/7$&,(! *&-=E,! F! C! 3&(8! >#2,! 8(! $/4&=8+8,! >4,!
1(! 1&/(! #4! !7/&67 ! #:%+''(! !7/&64"#(! (,6! 42! 1(,,2,! 1(,! <&(20! +2! 6+26! 42!
'+&8,! 7=4#! 9! (20)! D! #(! 87/+,! (,6! $(#2&! 32&! 4! 17>4,,7! #4! G462/(! (6! 32&!
4>>4/4L6! 148,! 28! .+/>,! 1(! #2'&)/( ! 7$%4>>486! 9! #4! 5464#&67 ! #&"/(! 1(!
#:(,$#4!4=( ! 1(! #:&##2,&+8! (6! 1(! #:&1(86&5&$46&+8! F! C! '#,! 8:+86! >#2,! "(,+&8! 1(!
8+2//&62/( !8(!,+255/(86!>#2,!1(!,+&5 !7$%4>>(86!9!#4!>(/$(>6&+8!D!*5G$.8!
&( !=,)!
22222222222222!
P)!H+2(&!;48!Q!"#$%&'&(!(06(/8( !G(&!648!Q!"#$%&'&(!&86(/8()!
J)! <:4&##(2/,! (8! '81(! #(! -(/$2/(! *28(! 1(,! '46&)/(,! 1(! #:+(2!/(! (06(/8(,! (,6! 4>>(##7! F!
$(#2&-32&-$+85)/(-#(->4,,4=(-148,-#:426/(-'+81()!
O)!7)!M/(''(/R!C!'86/+12$6&+8!9!#4!<$&(8$(!8(/'76&32(!D !41)!"0&,!-281&)!
S)! .(66(! 28&!(/,4#&67! 1(! #4! ;/41&6&+8! 32&! 4! 6+20+2/,! ,2! C! $%(!42$%(/! #(! ;&=/(! D! ,(!
/(6/+2!(! 42,,&! 1:28(! '48&)/(! ,4&,&,,486(! $%(R! #(! <+25&! '"8! <4":&8! 32&! $+8,&17/4&6!
C8(/'),!*Q!'1/&,,!$+''(!#(!>/('&(/!>%&#+,+>%(!,>&/&624#&,6( !32&!4!17'+86/7!32(!#:>'(!
764&6! 28(! (-2(*)&3$+ )-*"&"!$7+ &817>(81486(! 12! #&(2 ! (8! #4! 54&,486! ,+/6&/! %+/,! 1(! ,+8!
$+/>,!12/486!,4!!&(!F!#+/,!1(!,+8!4,$(8,&+8!*/45, !=/>$(!9!,+8!4,$),(!D!*&8!C!#4!/7!7#46&+8!
1:8(/'),!;/&,'7=&,6(!D !41)!1(,!3(##(,!#(66/(,,)!

! %!
!
5($#"! 7$/&!&6! 9! $(! ,20(6! F! C! <(#+8! #:(8,(&=8('(86! &8&6&46&32( ! #:7646!
,2>/1'(!(,6!42!$+86/4&/(!42-1(#9!,+&6!1(!#:16/(!,+&6!12!8+8-16/(!T!148,!#(!
'?6%(! $+,'&32(! 1(,! $?$#(, ! 148,! $(6! 7646! &81&557/(8$&7! &1(86&32(! 9! #4!
6/48,$(8148$(! 4",+#2( ! '1'(! #(! <&(2! >(/,+88(#! (6! 6+2,! #(,! $&(20! ,+86!
/7,+/"7,!42!'+'(86!1(!#4!!"#$%&'%())*+,-(*$'.*,'($/&$%(&'/*)0(1,&23'#:(06/)'(!
>(/5($6&+8!1(!#:+(2!/( !/74#&,7(!#+/,32(!#4!;(//(!4!767!(86&)/('(86!1&,,+26(!
(6!32:+8!,:(,6!28&!42!1$&'&7+,&=8&5&(!4!+&/!466(&86!$(66(!#&'&6(!(06/1'(!6+26!
(8! /(,6486! 4$6&5,)! "#+/,! &#!8:?!4! >#2,! 1(!%;("%,*'"&+ ,"(('2.$/+ #:&8&6&7! /+?4# !
!162! 1(! *+2=( ! (,6! 28! !&!486! 32&! 12/(! (6! (,6! 42,,&! #9 ! +2! 42,,&! 32481 !
148,! #(! '?6%(! $?$#&32(! -! #(,! '+81(, ! #(,! %+''(,! (6! #(,! 1&(20!
1&,>4/4&,,(86U)!D!
'#! 8(! 8+2,! /(,6(! >#2,! 32:9! $+8,(&##(/! 42! #($6(2/! 1(! #&/(! (6! /(#&/(! $(6!
+2!/4=(! (6! ,2/6+26! 1:(0>7/&'(86(/! #(,! !+&(,! 32&! ,+86! &81&327(,! $4/! C!
#:(0>7/&(8$(!(,6!#4!=/481(!-4L6/(,,( !>4/$(!32(!,2/!#4!"4,(!1(,!/7,2#646,!
>/+2!7, ! (##(! (8,(&=8(! 9! $(#2&! 32&! $+'>/(81 ! $(! 32&! >(26! '&(20! #(!
$+812&/(!42!"26!D!*N$N'-5,)!<48,!#:;8&!(/,!&#!8:?!4!>4,!1:7$%($, !&#!8:?!4!
32(!1(,!(0>7/&(8$(,)!
-&$%(#!-$G5*5";!
!
!
!
!
!
!
!
!

U)!:2#&2,!4!+#4!F!C!#4!;/41&6&+8!8(/'76&32(!D !41&6&+8,!;/41&6&+88(##(,)!

!! !
!
!
!
!
*+,"-./&,0-+((((((((((((((((((((((((((((((((((((((((((((((((((((((())))
)
)
)
)
)
)
<48,! 28(! 7>+32(! 1(! $+852,&+8 ! 6(##(! 32(! $(##(! 32(! 8+2,! !&!+8, !
$+81(8,7! 12! M4#&! V2=4! 148,! ,(,! 1(/8&(/,! ,+2"/(,426, ! 4>>4/4&,,(86!
8748'+&8,! >#2,&(2/,! ,&=8(,! $#4&/,! 1:28(! /(>/&,(! 12! 17,&/! 1(! .$GG"'<-
<"G.5)!
.+''(! &#! 4//&!(! 6+20+2/, ! 9! #4! $%4/8&)/(! 1(! 1(20! 7>+32(, ! 28(! 32&!
6+2$%(! 9! ,4! 5&8! (6! #:426/(! 32&! ,:488+8$( ! &#! ,(! >/+12&6! 28! >2##2#('(86!
17/7=#7! 1:+/=48&,46&+8,! 32&! ,:426+175&8&,,(86! 6/41&6&+88(##(,! (6!
&8&6&46&32(, !6481&,!32:(##(,!$+85+81(86!#4!;/41&6&+8!4!($!#(,!$+262'(,!(6!
1+$6/&8(,! /7$(''(86! 4>>4/2(,! (6! #:'8&6&46&+8! 4!($! 32(#32(,! $7/7'+8&(,!
,$78+=/4>%&32(,!1(!/7$(>6&+8)!
62&,32(!#(!17,+/1/(!(6!#4!$+852,&+8!>),(86 !&#!,(/4!87$(,,4&/(!1(!54&/(!
#(! >+&86 ! 1(! ,:4,,2/(/! 1(,! 1+$6/&8(,! (6! #&=8(,! 426%(86&32('(86!
6/41&6&+88(##(,! (6 ! (8! '1'(! 6('>, ! 1(! 6/4&6(/! $+''(! (##(,! #(! '7/&6(86 !
6+26(,! #(,! +/=48&,46&+8,! 87+-,>&/&624#&,6(,! (6! '+1(/8(,! 4&8,&! 32(! $(##(,!
32&! 52/(86! 9! 28! '+'(86! 6/41&6&+88(##(,! (6! ,+86! '4&86(8486! 178462/7(,!
>4/!#(,!/75+/'(, !(6!6+'"7(,!148,!#4!"484#&67)!
<(!$(66(!87$(,,&67!1:7$#4&/$&,,('(86!84L6!$(!#&!/( !32&!(,6!#(!5/2&6!1:28(!
/($%(/$%(!,7/&(2,( !5&1)#(!(6!(8=4=7( !32&!7$#4&/$&6 !>+2/!$(20!32&!!(2#(86!
4!($!28!$+(2/!>2/ !(86/(>/(81/(!#4!!+&(!12!/7!(&#!1(!#4!<&!&8&67!32&!1+/6!
148,!#(,!>/+5+81(2/,!1(!#:%+''( !#&=8(,!(6!!+&(,!1(!#4!;/41&6&+8!32(!#(,!
7/481,!-4L6/(,!12!>4,,7!8+2,!+86!6/48,'&,!1(>2&,!#4!82&6!1(,!6('>,)!
#4!;/41&6&+8 !'1'(!,&!1&!(/,&5&7(!148,!#(,!5+/'2#46&+8,!1(,!1&557/(86,!
>(2>#(,! (,6! ;G5! (6! <4$/7( ! (6! >(/,+88(! 8(! >(26! ,(! >(/'(66/(! 1(! #4!
'+1&5&(/!,48,!$+''(66/(!28!,4$/&#)=(!(6!(8$+/(!'+&8,!1(!#:&8!(86(/!,(#+8!
,+8!"+8!>#4&,&/)!5##(!8+2,!4!767!1+887(!(6!8(!>(26!16/(!$%48=7()!
.(! #&!/( ! 148,! #(32(#! :(48-6&(//(! 7';<'.5##'! 1(! .*5<<".!
3".85#5*'5! 4! 6/48,'&,! ,+8! 17,&/! 4/1(86! 1(! $#4/67! 148,! 28! 1+'4&8(!
42,,&!&'>+/6486 !7!+32( !(8!(0>+,486!#(2/,!1+$6/&8(, !#(,!=/481,!(,>/&6,!
=2&1(,!1(!#:%2'48&67!T!#(,32(#,!,+86!6+20+2/,!>/7,(86,!>+2/!7$#4&/(/!4!($!
#(2/,!,4$/&5&$(,!#(!1&55&$&#(!$%('&8!1(!#:'8&6&46&+8)!
.(! #&!/(! 42/4! $(/64&8('(86! #4! 5+/628(! 32:&#! '7/&6( ! '4&,! >#2,! (8$+/(!
1(! 5+/628(! 42/+86! $(20! 32&! #(! /(8$+86/(/+86! ,2/! #(2/! $%('&8! (6! #(!
'71&6(/+86!4!($!28!$+(2/!>2/)!
!

! .!
<("4,6&48+!."*"..'$#$!AAW!UXX!UOW!<F:F!'FF!'!
<+2!(/4&8!7/481!8&7/+>%486(!7787/4#!1(!#:"86&32(!(6!
6/&'&6&5!*&6(!$/&(864#!1(!-&,/4?'!(6!-('>%&,!
!

!
!
!
#-$"-%#!4-'7+)-$"-%#!4-'7+)-$"-%#!4-'7+
%$+("&*+.$(+&"3$(+#-+%"'+&+
''+*-+$(+&;+,"-%+(+,%$&#%$+,)%*+
<.-+,)%+)'$-+,"-%+.)+$"'$7+
1)+6$%(+.)+!"&*)*&$+
+-'+,"%*$+*%"'(+*$!,.$(/+
%$,$&#)&*+,%$&#(+*)%#$+,+*"'7+
-.)!'&$=*"'+*"'=!/!$+
''+*-+&$+*$(+,)(+,-%'0';+)(('#0!$&*7+
?$(+&"3$(+*$+0$%"&*+#"!!)*$/+
1).4$-%+,+3$.-'+>-'+*)%#$+
-*+!).4$-%+,+3$.-'+
)"&*+.!$(,%'*+!)&>-$+#$+,"'#(/+
<6$G<;<!(6!<6$G<"!*#(!/&48$7!(6!#4!
/&48$7(,)!

''+.$+,)-6%$+*$&%$+4-!)'&+
1"-.)'*+&$+,)(+($+%;6".*$%7+
2.+%$3$6%)'*+2$)-3"-,+#$+2'$&(+
)-&$+6;%'*)2.$+! %$+&+
1)'(+%$0-()&*+#!"2;'%7+
2.+%$(*$+)6$3+($(+("-3'(7+
-*+#$!$-%$+,%'("&&'$%/+
!
C!#(,!G+$(,!.%?'&32(,!1(!.%/&,6&48!*+,(!%!./+&0!D!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1(!(4#(86&8!"G<*5"5!
!
!
!
!

"'! !
!
2.+&!$(*+%'$&+#"&*+.!4"!!$+&$+("'*+)-(('+0$%!$!$&*+3"&6)'&3-+
>-$+#!/*%$+;6$'..;7+$&+%;).'*;+'.+
$(*+3),*'0+#!-&+0'.$*+#$+("!!$'.+$*+#$+%/6$+>-!'.+)+
3"&0$3*'"&&;+.-'=!/!$/+
72,64!(!-5V*'G.M!C!#(!(&,4=(!((/6D!
!
!
!
12'",033'4'+,(((((((((((((((((((((((((((((((((((((((((((((((((((((((()

G+2,!4!+8,!7$/&6!$(!#&!/(!>+2/!32(#32(,!#($6(2/,!$4>4"#(,!1(!,(!#&!/(/!9!
28(! /($%(/$%(! ,7/&(2,(! ,2/! #(,! 6/41&6&+8,! #(,! >#2,! 5(/'7(,)! "&8,&! 4!(/6&,!
148,! 28(! 7>+32(! 1(! $+852,&+8 ! &#,! >+2//+86! >(26-16/(! 17$+2!/&/! 28! 1(,!
5&#+8,!32:&#,!>/(,,(864&(86)!#(,!$(/$#(,!&8&6&46&32(, !+/1/(,!1&!(/,!,+86!5+/6!
8+'"/(20 ! #(,! 5&#&46&+8,! 6/41&6&+88(##(,! ,+86! >4/! $+86/(! /4/(, ! 5(/'7(, !
>4/5+&,! (,$4'+67(,! 1(//&)/(! 6+26! 28! 4,,('"#4=(! 1(! ,6/2$62/(,! 1&!(/,(,)!
'8,4&,&,,4"#(,!%&,6+/&32('(86 !(##(,!$+884&,,(86!#(,!426/(, !'4&,!8(!,+86!
>4,! $+882(,! 8&! '1'(! ,+2>.+887(, ! 32&! 4! 4,,(R! 1:85*-Y<! (8! ,+&! #(,!
/(8$+86/(! +2! #(,! /(6/+2!( ! '4#=/7! #(! >/&0! 9! >4?(/)! #(2/,! ,($/(6,! 8(!
6&(88(86! >4,! 1(! #4! 04#+2,&(! 1(! $4,6( ! $+''(! #(! >(8,(86! 32(#32(,! >(6&6,!
$2/&(20! >#2,! >/+$%(,! 148,! #(2/! (,>/&6! 1(,! &832&,&6(2/,! 32(! 1(,! &"2.$(+
6"()*$-%(/+
G+2,! 42/&+8,! >2! 1+88(/! "&(8! >#2,! 1:&81&$46&+8, ! (6! 42,,&! 17/48=(/!
1&!(/,! $(/$#(,! +2! 426(2/,! 764"#&,)))! ;(#! 8:764&6! >4,! 8+6/(! "26! $4/! 6+26! $(!
32&!$+8!(/=(!!(/,!#4!/($%(/$%(!#&"/(!(6!8+8!,($64&/(!8+2,!$+8!(84&6)!
#(! >/+"#)'(! 1(,! 5&#&46&+8,! 8:(,6! >4,! /7(##('(86! &'>+/6486! (6! 8(!
$+8$(/8(! $%432(! 5+&,! 32(! 1(,! ,($/(6,! 6(/'&8420 ! #4! >#2>4/6! 1(,! +/1/(,!
&8&6&46&32(,! 8(! ,:(8! >/7+$$2>(86! >4, ! (6! (8! 54&6 ! 148,! #:(0+67/&32(! +2! #(!
'7,+67/&32(! >(2!(86! 4!+&/! (8$+/(! >#2,! 1:(55&$4$&67! 32(! 1:426/(,! $(/$#(,!
(067/&(2/,! 7'48486! 1(! 5&#&46&+8,! &81&,$264"#(, ! '4&,! >(2! 414>67(,! 9! 1(,!
(067/&+/&,46&+8,)!7&2#&48+!M*5--5*N!(8!'64#&( !32&!6(864!1(!!2#=4/&,(/!#4!
!+&(! %(/'76&32(! (,6! 28! (0('>#( ! #4! -V*'"-! 526! 4&8,&! 28(! ,+2/$(! 1(!
6/+2"#(,)! #4! !+&(! 7,+67/&32(! 76486! (0>7/&'(864#( ! (##(! 8:4! 8&! !7/&67,! >/7-
764"#&(, !8&!1+='(,)!
92486! 420! 5&#&46&+8,! #(,! >#2,! &86(/8(, ! (##(,! 8:+86! 04'4&,! (2! 1(!
>/+"#)'(,! >+2/! ,(! >(/>762(/)))! #(,! 6/432(2/, ! #(,! 4,,+&557,! 1(,! 3216(,!
/21(,!(6!6+64#(,!5&8&,,(86!>4/!#(,!17$+2!/&/ !(6!,+2!(86!?!'(66(86!#(!>/&0 !
#(,! '4L6/(,! 1(! $(,! 5&#&46&+8,! 8:4?486! >4,! #4! '48&(! 1(,! 17"+/1('(86,!
455($6&5,! (6! 1(,! /7$(>6&+8,! '+814&8(,! (6! $+2/6+&,(,! 32(! $(/64&8,!
466(81(86)!5##(,!$+8$(/8(86!1(,!'76%+1(,!>/7$&,(, !28(!>/40&,!&8&6&46&32(!
/&=+2/(2,( ! #&7(! 9! 28! +2! >#2,&(2/,! ,($/(6,! 8+8! (067/&+/&,4"#(,! >4/$(! 32(!

! ""!
148=(/(20!,:&#,!764&(86!'&,!(86/(!6+26(,!#(,!'4&8,)!
<48,! $(,! !+&(, ! $+''(! 148,! $(##(! 12! 3$:"! V$7" ! .)+ 3"&&)'(()&3$+
()&(+.)+ ,-'(()&3$+ &!$(*+>-$+ ,.)'()&*$%'$/+ G+8!>4,!#(!>+2!+&/!(8!6486!32(!
"26 ! '4&,! (8! 6486! 32(! '+?(8! 1(! !7/&5&$46&+8)! -76%+1(! 1:4,$),(! 32&! #$+
0)3*"+8(!>+2!4&6!16/(!/7,(/!7(!32:9!$(20!32&!8(!$%(/$%(86!>#2,!#(!>+2!+&/ !
+2! 32&! 8:(8! +86! 32(! 54&/( ! (6! &#,! ,+86! /4/(,! Z! .:(,6! >+2/32+&! (##(! 764&6!
/7,(/!7(!420!>/&8$(,!+2!9!32(#32(,!/4/(,!4,$)6(, !5&8,!1(!/4$( !32&!4?486!
6+26!(2!(6!(0>7/&'(867 !>+2!4&(86!,:(06/4&/(!1(,!&867/16,!>+2/!$(!'+81( !
>+2!+&/! 6('>+/(# ! 4/=(86! (6! ,(0( ! 8:4?486! >#2,! 1:&'>+/648$(! '?6%&32(!
>+2/!(20)!
6"*".5#<5! 7$/&!&6! F! C! #(,! !+?4=(,! 32(! 0:4&! 4$$+'>#&,! 02,32:9!
'4&86(8486!':+86!/7!7#7!"&(8!1(,!$+884&,,48$(, !$4/!>(/,+88(!8(!6/+2!(!
'4L6/(!9!#4!'4&,+8!(6!>(/,+88(!8:4!,+8!>/7$(>6(2/!1(//&)/(!#(!>+1#()!#(,!
4/6,!8(!,+86!>4,!6+2,!(85(/'7,!(8!28(!,(2#(!>46/&( !&#,!,+86!/7>4812,!9!
6/4!(/,! #(! '+81(! (86&(/)! '#,! 8(! ,+86! >+&86! (8! 28! ,(2#! %+''(! 8&! (8! 28!
,(2#! (81/+&6)))! .%432(! %+''(! 32&! !(26! !+&/! (6! 4>>/(81/(! 1+&6! 4##(/! 9! #4!
/($%(/$%()))!-4&,!0(!,+26&(8,!32(!0:4&!(2!02,32:9!'4&86(8486!/4&,+8!148,!
'(,!!+?4=(,)!D!
.(#4!>+2/!17'+86(/!#(,!4>@6/(,!"746,!1(!#4!1(!&,(! .$+!)3*%$+6'$&*+>-)&#+
.$+ #'(3',.$+ $(*+ ,%/*///+ .+''(! ,&! #(,! '4L6/(,! 764&(86! 9! #4! 1&,>+,&6&+8 ! 6(#! #(!
'71($&8!9!1+'&$&#( !1(!6+2,!#(,!+&,&5,!/1!(2/,)!.:(,6!>+2/32+&!8+2,!5(/+8,!
8@6/(!#4!1(!&,(!12!6/&8$(!."5;"G'!F!%)6$+%)&$!///+*6/(81,!=4/1(!42!$%&(8!
Z,!(6!,(,!>/&8$&>(,!4/&,6+$/46&32(, !42!,(8,!76?'+#+=&32(!(6!>#46+8&$&(8!12!
6(/'()!
.(! #&!/(! (,6! 42,,&! 28(! '&,(! 42! >+&86! 1:28! $+##)=(! 17>+,&64&/(! 1(!
5&#&46&+8,! '2#6&-'&##784&/(,! 148,! #(2/! (,,(8$( ! '1'(! ,&! #(,! 5+/'(,!
(067/&(2/(,!/(,6(86!484$%/+8&32(,!+2!17>4,,7(,!148,!$(/64&8,!$4, !8+2,!
4!+8,!6(82!9!8(!>4/#(/!32(!1(!$(!32(!8+2,!4!+8,!(0>7/&'(867!(6!$+8,6467!
4>/),!6/(86(!4887(,!1(!/($%(/$%(,!(6!1(!3216(!&8$+81&6&+88(##()!#4!5+/'(!
(067/&(2/(! $+'>6(! >(2 ! #(! >/&8$(! +2! #(! '(81&486! ,(#+8! #(,! $4,! ,+86! #(,!
17>+,&64&/(,! T! $%432(! 5+&,! &#! 5421/4! 28(! ,6/467=&(! 1&557/(86( ! '4&,! $(66(!
1(/8&)/(!54&6!>4/6&(!1(!#4!3216( !(6!#(!$%(!4#&(/!8(!02=(!>4,!#(!>/&8$(!>+2/!
#(32(#! &#! ,(! "46 ! 8+6&+8! 1:76%&32(! 7#7'(864&/( ! ,&! &8$+'>/&,(! 9! 8+6/(!
7>+32()!
#(,! $/&6)/(,! 6/41&6&+88(#,! /(,6(/+86! 6+20+2/,! #(,! '1'(,! (8! $(! 32&!
$+8$(/8(! #(,! 4#$%&'&(, ! &#! (,6! &'>+,,&"#(! 1:(8! $%48=(/! $4/! #4! >+/6(! (,6!
+2!(/6(!9!#:&'>+,62/( !42!!(/"&4=(!(6!420!&'>/(,,&+8,!52'(2,(,)!'#,!,+86!
1+2"#(,!(6!&''24"#(,)!
<2/! #4! !+&(! $.*;%'$-%$7+ #4! >&(//(! 42! /+2=(! 6/48,'2646+&/(! (,6! #(! ,(2#!
'+?(8!1(!!7/&5&$46&+8!32:28!41(>6(!>2&,,(!4!+&/ !+8!8(!>(26!/(86/(/!148,!
#(!>/+$(,,2,!1(,!1&!4=46&+8,!1&!(/,(,!,2/6+26!$/77(,!426+2/!1:28(!!+&(!+B!
+8! >4/#(! 1:42/+/(! "+/74#(! >/+!+327(! >4/! .!$.,."('"&+ #$+ .!4-07+ (6! 6+26(! 28(!
,7/&(!1:426/(,!54&6,!1(,!>#2,!1&,$264"#(, !6/),!(8!!+=2(!9!#:%(2/(!4$62(##(!
+B!#:4"(//46&+8!'(864#(!,:4'>#&5&()!.(66(!>&(//(!>+2!486!16/(!54&6(!9!>4/6&/!
1(! 1&!(/,! '76420! ,(#+8! #(,! 7$+#(, ! 76486! (86(812! 32(! #4! !+&(! #4! >#2,!

"#! !
,&'>#(!(6!#4!'+&8,!+87/(2,(!(,6!#4!>#2,!&867/(,,486()!
<2/!#4!!+&(!&86(/8( !#4!$/746&+8!648=&"#(!1:28!$+/>,!1(!=#+&/( !$+/>,!1(!
$+8,$&(8$(! 3")*-.;$7+32&!>(/'(6!9!#:41(>6(!1(! !"&*$%+)-+3'$.+1(!,+8!!&!486 !
#2&! 1+88(! 4&8,&! #4! $(/6&621(! 1(! ,+8! &''+/64#&67)! #(! 64+?,'( ! 148,! #(,!
7$/&6,! 1(! $(/64&8,! '4L6/(, ! >/7$&,(! 32:&#! ?! 4! 1&!(/,! 1(=/7,! 1:&''+/64#&67 !
$(/64&8,!4##486!02,32:9!#4!'4L6/&,(!12!$+/>,!>%?,&32()!-4&,!8+6/(!>/+>+,!
8:(,6! >4,! 1:4"+/1(/! 1(,! 32(,6&+8,! 32&! 8(! $+8$(/8(86! 32(! 1(,! 41(>6(,!
6(/'&8420 !#(,32(#,!8:+86!>#2,!/&(8!9!!+&/!4!($!#:4#$%&'&,6(!%4"&62(# !6486!
#(,!1&!(/,!$+8,646,!1(!#4!>/46&32(!>/+!+32(86!28(!$+8,$&(8$(!1(!>#2,!(8!
>#2,!/7(##(!(6!1+8$!1&557/(86(!1(!$(##(!1(!#:%2'4&8)!
'#!(,6!4&8,&!&81&,>(8,4"#(!1(!>/7$&,(/!32(!$(,!7646,!1(!$+8,$&(8$(!,+86!
42,,&! >/7$&,! 32(! #(! /(,6(! 1(! #4! !+&( ! &#,! 8:+86! /&(8! 9! !+&/! 4!($! 1(,! 7646,!
1:464/40&(!'(864#( !+2!7'+6&+88(#, !&#,!,+86!#&7,!42!$+86/@#(!1(!#4!>(8,7( !
(6! $+8$(/8(86! #(! /(=4/1! $3:5.;'/ ! $+8,$&(8$(! 8+8! >4/4,&67(! >4/! #(,!
>/+12$6&+8,! 1(! #:57$)! .+8,$&(8$(! /(=4/1486(! (6! 8+8! $+=&6486( ! !(/6&$4#(!
(6!8+8!%+/&R+864#( !6*4<5G;5!(6!8+8!+,$&##486!(86/(!#(!5262/!(6!#(!>4,,7 !
"/(5! $+8,$&(8$(! 6+64#(! 1(! #:8'.! 5;! G;G.! *&$&! (6! '4&86(8486,)! *&(8! 1(!
$+''28! 1+8$! 4!($! #(! '+81(! 1(,! &'>/(,,&+8, ! 1(! #:9->(2->/),! ,&! (8!
!+=2(! 148,! #(,! '&#&(20! ,>&/&624#&,6(,! $+86('>+/4&8, ! 1&6,! *%)#'*'"&&$.(7+
>#2,+ 4'46(2/,! 1(! !(/"&4=(! (6! 1:&857+146&+8! 420! 1+$6/&8(,! 4%2/&,,486(,!
4$62(##(, !32(!1(!/($%(/$%(!!7/&64"#( !%+8816( !#2$&1( !,2/!28!,(86&(/!1709!
1&55&$&#(!,48,!#(,!+",64$#(,!1(,!6%7+/&(,)!
'#! 8+2,! /(,6(! 9! ,+2%4&6(/! 32(! #4! !7/&64"#(! /4$(! 1(,! ,(&=8(2/, ! 76(/8(#,!
/("(##(, ! 4'+2/(20! 5+2,! 1:28! '+81(! ;G ! >2&,,(! 6+20+2/,! 7!(&##(/! #(,!
7#7'(86,! 324#&5&7,! 1(,! 0(28(,! =787/46&+8,! 45&8! 32:&#,! >(/>762(86! 9! #(2/!
6+2/!#4!!+&(!1(!#:4;*5)!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

! "$!
!
!
!
!
!
5'3).02'"3'3)%6&7040'3(((((((((((((((((((((((((((((((((((((((((((((((()

#(,!1&!(/,(,!175&8&6&+8,!1(!#:4#$%&'&(!(6!#(2/!484#?,(!8+2,!$+812&/4&(86!
9!1(,!,>7$2#46&+8,!&826&#(,)!#:&86(86&+8!1(!$(!#&!/(!8:(,6!>4,!1(!1+88(/!28!
4>(/.2! 1(! >#2,! ,2/! #:"*;! *$V"# ! '4&,! 1:7$#4&/(/! #(! #($6(2/! ,2/! #4!
,&6246&+8! 4$62(##(! 1(! $(/64&8,! 5&#+8,! 6/41&6&+88(#, ! 1:(04'&8(/! $(/64&8,!
>/+"#)'(, ! (6! ,2/6+26! 1:&81&32(/! 28! $%('&8 ! 8+8! >4/! 1(,! /7!7#46&+8, !
'4&,!>4/!#:&81&$46&+8!1:+>>+/628&67,!%(/'76&32(,!32:&#!1(!/4!(0>#+/(/!>4/!
#2&-'1'( ! 8+8! >4/! $2/&+,&67 ! '4&,! 4!($! 28! 17,&/! >/+5+81! 1(! $+884&,-
,48$()!
3(42$+2>! 1:426(2/,! 4$62(#,! 8:4//&!(86! >4,! 9! $+'>/(81/(! 32(!
#:8(/'76&,'(! (,6! >4/! 175&8&6&+8)))! 4$%!;*'>-$+ 5+ <&+ 28! $/1/(! 6/41&6&+88(#!
>+2!4&6!16/(!$(/87!>4/!28!%&,6+/&(8 !&#!8(!,(/4&6!>#2,!7,+67/&32( !,2/6+26!9!
28(!7>+32(!+B!#(!,($/(6!(,6!"&(8!>#2,!1&55&$&#(!9!>/+67=(/)!
.:(,6! #"GN"! <5#! ("<;$! 32&! 4! #(! '&(20! 175&8&! #4! ,&6246&+8! 4$62(##(!
32481! &#! 7$/&6! F! C! #4! $+802/46&+8! 1(,! &'"7$&#(, ! 1(,! $%4/#4648,! (6! 1(,!
<4=(,!4!>4/54&6('(86!/72,,&)!
.(66(!$+802/46&+8!4!4&6!>+2/!+"0(6!1(!$4$%(/!#4!!7/&67)!
#(,!28,!(6!#(,!426/(,!+86!,(/!&!$(66(!=/481(!$42,( !$%4$28!,(#+8!,(,!
'+?(8,!F!#(,!&'"7$&#(,!>4/!#(!'+?(8!1(!#:&=8+/48$( !#(,!$%4/#4648,!>4/!#(!
'+?(8!12!'(8,+8=( !#(,!<4=(,!>4/!#(!'+?(8!12!,($/(6)!
#(,! &'"7$&#(,! 8(! !(2#(86! >4,! 32:+8! 17$+2!/(! #4! !7/&67)! '#,!
,+2>.+88(86!1:&8,6&8$6!32:(##(!#(,!17/48=(/4&6)!<&!+8!#4!#(2/!'+86/4&6 !&#,!
176+2/8(/4&(86! #(,! ?(20! T! ,&! +8! #4! #(2/! '(664&6! 148,! #4! '4&8 ! &#,! #4!
#4&,,(/4&(86! 6+'"(/)))! <&! +8! #(,! 5+/.4&6! 42! 54$(! 9! 54$( ! &#,! %2/#(/4&(86!
1:%+//(2/!(6!$+2//4&(86!,(!$4$%(/!,+2,!6(//()!
#(,! $%4/#4648,! 8(! !(2#(86! >4,! 32:+8! 17$+2!/(! #4! !7/&67! $4/! (##(!
/2&8(/4&6!#(2/,!4/6&5&$(, !('>1$%(/4&6!#(2/!>/+5&6 !764#(/4&6!#(2/!%+86()!
#(,!<4=(,!32&!>+,,)1(86!#4!!7/&67!8(!!(2#(86!>4,!32:+8!#4!17$+2!/()!
'#,!#:+86!6(82(!$4$%7(!>+2/!3246/(!/4&,+8,!
?)+,%$!' %$7+3!$(*+>-!'.(+()6$&*+>-$+')6"'%+3!$(*+6"-6"'%7+$*+6$-.$&*+$&+;3)%*$%+
.$(+'&#'*&$(/+.4/!#(!<4!+&/!$%(R!#:&81&=8(!1(!&(86!'4#&$( !#(!6+2!+&/!148=(/!
>2"#&$!(6!5#742)!.:(,6!>+2/32+&!#(,!/7,(/!(,!1(!$+884&,,48$(!4$$2'2#7(,!
>(81486! 1(,! '&##784&/(,! 148,! #(,! 6('>#(,! 1:4=?>6(! 1('(2/4&(86!
&84$$(,,&"#(,! 9! $(#2&! 32&! 8:764&6! >4,! >4,,7! >4/! 6+2,! #(,! 1(=/7,! 1(,!
>2/&5&$46&+8,! (6! 1(,! 7>/(2!(,)! 6#2,! 64/1 ! #(,! >%&#+,+>%(,! &8$+882, ! #(,!
8+"#(,!!+?4=(2/, !#(,!4#$%&'&,6(, !,(!,+86!#7=27,!#(,!/(,6(,!12!'?,67/&(20!
%7/&64=(! 1(! #4! '1'(! '48&)/( ! $:(,6-9-1&/(! 1(! "+2$%(! 9! +/(&##( ! +2! >#26@6!

"(! !
>4/!#4!>/7,(8$(!(6!>4/!#:(0('>#( !(8!,?'"+#(,!(6!(8!78&='(, !(6!6+20+2/,!
,+2,! #(! ,$(42! 12! ,($/(6)! <:&#,! +86! !7$2! 148,! #:&86&'&67! 1(,! 5+/'&14"#(,!
>2&,,48$(,! 1(! #4! 8462/( ! &#,! ,(! ,+86! "&(8! =4/17,! 1:(8! 54&/(! >4/6! 420!
76+2/1&,)))I+K)!D!
#(! 6(/'(! "#[&'&4! 4>>4/26! 42! 0'''(! ,&)$#(! ,+2,! ,4! 5+/'(! #46&8()! '#! (,6!
>/+"4"#(!32(!#(!'+6! 34'!'$+!&(88(!12!=/($! 34$-!)+32&!17,&=8(!6+26!$(!32&!
>(26!16/(!5+812)!-4&,!32:(##(!,+&6!#4!$%&'&(!1(!#4!6(//(!8+&/(!F!"#M85-'"!
*$%('&4! 17,&=8486! #4! 6(//(! 8+&/(, ! +2! #:4#$%&'&(! 1(! <&(2! "#! M'-'" ! 32(!
1(,! #&*$(+#:4&(86!$+''28&327(!420!%2'4&8, !+2!32(!$(,!1(/8&(/,!#:4&(86!
>/+=/(,,&!('(86! 17$+2!(/6(! 9! 28(! 7>+32(! +B! #(2/! $+8,$&(8$(! 764&6!
8+/'4#( ! $:(,6-9-1&/(! '+&8,! >46%+#+=&32('(86! 484#?6&32(! 32:4$62(##(-
'(86 !8(!$%48=(!/&(8!9!#4!32(,6&+8)!
#(!$+8,646!#(!>#2,!(067/&(2/!32(!#:+8!>2&,,(!54&/(!(,6!32(!$(6!"/6!764&6!
$+882! 1(! 1&!(/,(,! $&!&#&,46&+8, ! 4!($! >4/6&$2#&)/('(86! 1(20! "(/$(420!
&'>+/6486,!F!#:4=?>6(!(6!#4!.%&8(!T!'4&,!#(!6(/'(!"(/$(42!8(!,(/4&6-&#!>4,!
>#2,! %(2/(2,('(86! /('>#4$7! >4/! /(#4&,! +2! 40( ! $4/! #:%&,6+&/(! (,6! #:7621(!
1:28! >%78+')8( ! 9! 6/4!(/,! #(! >(2! 32(! #:+8! ,4&6 ! (6! (8$+/(! 6/),!
(067/&(2/('(86)!
#:4#$%&'&(!(,6!(8!6+26!$4,!#4!!+&(!1(!#4!6/48,'2646&+8 !$:(,6-9-1&/(!1:28!
>/+$(,,2,! 1:4$$7#7/46&+8! (6! 1(! '2646&+8! +2! '+1&5&$46&+8! 1:28(! ,&6246&+8!
1+887( !32(#!32:(8!,+&6!#(!/)=8()!
.+''(!#(!1&6!#(!-4L6/(!#58"8'"8!148,!,4!>/754$(!9!C!'86/+12$6&+8!9!
#4! <$&(8$(! 8(/'76&32(! D! 1(! 7&2#&48+! M*5--5*N! I=K! F! C! '#! (0&,6(! (6! &#! 4!
6+20+2/,!(0&,67!28!,($/(6!&8&6&46&32(!32&!>(26!1+88(/!9!#:%+''(!#4!$#(5!1(!
,+8!(,,(8$( !17$%&/(/!#(!!+&#(!1(!,+8!\6/(!+$$2#6(!(6!#2&!17!+&#(/!#4!,$&(8$(!
1(!#4!!/4&(!7!+#26&+8)!58!>+,,(,,&+8!1:28!6(#!,($/(6 !#:%+''(!1(!48$(!#(,!
6(/'(,! 8462/(#,! 1(! ,+8! 4,$(8,&+8! (6! (8! /(#46&+8! 4!($! #(! !2#=4&/(! -!
&86(##($62(#! +2! 8+8! -! 1(! ,+8! ,&)$#( ! &#! >(26! 4>>4/4L6/(! $+''(! 28! 1('&-
1&(2)! .(! ,($/(6! 4! 6+20+2/,! 767! 04#+2,('(86! =4/17! >4/! #(,! 48$&(88(,!
;%7+$/46&(,)))!D!
.(#4!(0>#&32(!"&(8!(86(812!#4!/(,>+8,4"&#&67!#&7(!9!28!6(#!,($/(6!F!6+26(!
!)*' %$+ 8:(,6! >4,! >/+>/(! 9! ,2"&/! 28! >/+$(,,2,! 1:4$$7#7/46&+8! (6! 6+26!
%2'4&8!32&!8:42/4&6!>4,!#(,!>-).'0'3)*'"&(+/(32&,(,!1(!/4&6!16/(!7$4/67!1(!#4!
>/40&,!&8&6&46&32()!
6+2/!$(!32&!$+8$(/8(!#:$$$&1(86 !#:4#$%&'&(!(,6!1:+/&=&8(!7=?>6&(88()!#(,!
426/(,! 4#$%&'&(,! +$$&1(864#(,! ,+86! 1(,! 17/&!7, ! (8! >4/6&$2#&(/! #:4#$%&'&(!
%7"/4?32(! 32(! -$]<5 ! $+''(! #(! /4>>+/6(! 68'#$G! #5! :;'/ ! 7621&4! (8!
4=?>6()!*-$]<5!76486!>/+"4"#('(86!28!4=?>6&(8 !$4/!.#4-5G;!<:"#5&-
"G<*'5! >/7$&,(! 32(! #(,! >/16/(,! 7=?>6&(8,! 8:(8,(&=84&(86! $(66(! ,$&(8$(!
32:420!(85486,!1(,!/+&,!+2!9!#(2/,!>/+>/(,!(85486,IAK),!!
!
2222222222222222222!
+)!506/4&6!1(!#4!>/754$(!1(!#48R4!<(#!(4,6+!42!#&!/(!1(!#+2&,!.466&420!C!#(!-(,,4=(!
*(6/+2!7!D !71&67!>4/!#(,!4'&,!1(!#+2&,!.466&420!*3/20(##(,,)!.(66(!>/754$(!8(!>(26!16/(!
1+887(!(8!(86&(/!12!54&6!1(!,4!#+8=2(2/ !'4&,!&#!764&6!&81&,>(8,4"#(!1(!#4!$&6(/!>4/6&(##(-
'(86)!
=)!C!'86/+12$6&+8!9!#4!<$&(8$(!8(/'76&32(!D!1(!7&2#&48+!M/(''(/R !41&6&+8,!"0&,!-281&)!

! "&!
!
C#:4/6! ,4$/7! 1(,! 4=?>6&(8,! (6! #4! >2&,,48$(! 1(! #:+/! 32&! (8! /7,2#6( ! 7$/&6!
N$<'-5 ! 8:+86! 767! /7!7#7,! 32:420! 02&5, ! >4/! 5/421( ! (6! $(20-$&! #:+86! 54&6!
$+884L6/(!42!/(,6(!12!'+81(!IEK)!D!
;+26(5+&, ! "&(8! 32(! #(,! >/(2!(,! %&,6+/&32(,! '4832(86 ! +8! 8(! >(26!
87=#&=(/! #:(0&,6(8$(! >/+"4"#(! 1:28(! 4#$%&'&(! 1(,! ;/+&,! *)=8(,! 4!($!
-4=&,6)/(,! &86(/8(,! $+''(! #(! /4>>+/6(86! $(/64&8,! 1/2&1(,)! #4! 6/41&6&+8!
1/2&1&32(!1(! .!7--0+#$+ '$%,$&*+/(85(/'( !$+''(!#(!>/7$&,(!<"($*5; !28!
1(,!,($/(6,!'40(2/,!12!<48$624&/( !'4&,!$(6!(8,(&=8('(86!(,6!/(,67!6/),!
5(/'7! (6! #4! >#2>4/6! 1(,! <+$&767,! .(#6&32(,! 4$62(##(,! 8:(8! ,+86! >#2,!
17>+,&64&/(, !$4/!&#!$+8$(/8(!,2/6+26!28(!4#$%&'&(!&86(/8()!
!

!!
!
64/4##)#('(86! 9! #:4#$%&'&(! 7=?>6&(88( ! ,(! >/46&324&6! (8! .%&8(! 28(!
4#$%&'&(!1+86!#(,!1&!(/,(,!!+&(,!52/(86!'&(20!(0>#&327(,)!
<),! #(! 17"26! 1(! #:%&,6+&/(! 1(! #:"/6! 4#$%&'&32( ! +8! ,&=84#(! 32:&#! (0&,6(!
1(20! $+8$(>6&+8, ! $(/64&8,! 41(>6(,! 6/4!4&##486! ,2/! #4! 6&(//(! (6! /74#&,486!
6/48,'2646&+8,! (6! 7#&0&/, ! 1:426/(,! 6/4!4&##486! 42! $+86/4&/(! ,2/! #(2/!
>/+>/(! $+/>,! >%?,&32(! (6! ,:4664$%486! 9! #4! /74#&,46&+8! 1:28! 3"%,(+
#!'!!"%*).'*;/+
6+2/!>#2,!1(!$#4/67!8+2,!4##+8,!41+>6(/!#4!$#4,,&5&$46&+8!$%&8+&,( !32&!
1&,6&8=2(! #(! H+2(&-648! *!+&(! 12! $&84"/(! (067/&(2/(, ! 32&! $+8,&,6(! 9!
6/4!4&##(/! ,2/! 28(! '46&)/(! (067/&(2/(! 9! #:%+''(! *&$&! #(! ,2#52/(! 1(!
'(/$2/(, ! (6! #(! G(&648! +2! 4#$%&'&(! &867/&(2/(! 148,! #432(##(! #:41(>6(! ,(!
,(/6! 1(! ,+8! >/+>/(! $+/>, ! 6486! >+2/! #(,! &8=/71&(86,! 32(! $+''(!
#4"+/46+&/()! '#! (,6! 7!&1(86! 32(! #4! >&(//(! 42! /+2=(! 6/48,'2646+&/(! (6! #(,!
7#&0&/,! ,+86! &,,2,! 1(! #4! >/46&32(! 1(! #4! !+&(! (067/&(2/( ! 4#+/,! 32(! #4!
$+8,6&626&+8!12!$+/>,!1(!=#+&/(!+2!$+/>,!1:&''+/64#&67 !8(!>(26!,:+"6(8&/!
32(!>4/!#(,!>/46&32(,!&86(/8(,)!
.+''(! 1(! 8+,! 0+2/, ! &#! ?! (^6! 6/),! 6@6! 6/+&,! 7$+#(, ! #:28(! >/46&32486! #(!
H+2(&-648 ! #:426/(! 28&32('(86! #(! G(&-648 ! (85&8! 32(#32(,! 41(>6(,! 1(! #4!
!&(&##(!;/41&6&+8!4##&486!#(,!1(20)!
!
22222222222222!
A)!.#7'(86!1:"#(0481/&( !<6/+'46(, !( O)!
E)!C!#(!>/('&(/!#&!/(!1(!#:4$$+'>#&,,('(86!D!1(!N+R&'(!#(!;%7"4&8)!

"6! !
!
!
!
!
8'3)2-0'3)'9,#"0'/"3((((((((((((((((((((((((((((((((((((((((((((((((()
)
)
)
)
)
!
G+2,!4##+8,!4"+/1(/!#(,!C!!+&(,!(067/&(2/(,!D !32&!26&#&,(86!28!>/+12&6!!
(067/&(2/!9!#:16/(!%2'4&8 !'764#!+2!>#486( !$(!32&!8(!,&=8&5&(!>4,!32(!1(!
"+88(,!1&,>+,&6&+8,!&867/&(2/(,!8(!,+&(86!87$(,,4&/(,)!
!
<48,!#(!;/4&67!1:"#$%&'&(!(6!1(!6%?,&+#+=&(!;4+?,6(!1(!N8"$!3'.85G!
I+K !.46%(/&8(!<5<65;&!7$/&6!F!C!#(!$&84"/( !+2!,2#52/(!1(!'(/$2/( !,+2,!
#4!5+/'(!1:28(!>&(//(!/+2=( !(,6!(8!4#$%&'&(!$%&8+&,(!#4!'46&)/(!>/('&)/(!
1(!#4!6&(//(!6%&#+,+>%4#()!58!1:426/(,!6(/'(, !#(!$&84"/(!(,6!#(!'467/&42!
1(! "4,(! 1(! #:7#4"+/46&+8! 1(! #:+/! (8! 4#$%&'&(! (06(/8( ! 1(! #4! 1/+=2(!
1:&''+/64#&67!(8!4#$%&'&(!&867/&(2/()))!!
!
#(! 6(/'(! 34)!,+ #$+ 3'&)2%$7+ 32&! 17,&=8(! 28(! >4/6&(! 12! $+/>, ! 4>>4/4L6!
>#2,!64/1&!('(86!T!>+2/!$&6(/!(8$+/(!#(!'1'(!426(2/!F!C!.(!8:(,6!32(!!(/,!
#(!'''(-'((!,&)$#(!32(!#:+8!!+&6!4>>4/4L6/(!6/+&,!$%4'>,!1(!$&84"/(!1&,6&8$6,!
764=7,!148,!#(!$+/>,)!.(!,+86!F!#(!$%4'>!1(!$&84"/(!&857/&(2/!#+$4#&,7!42-
1(,,+2,!12!8+'"/&# !#(!$%4'>!1(!$&84"/(!'71&48!42!8&!(42!12!$+(2/ !#(!
$%4'>!1(!$&84"/(!,2>7/&(2/!148,!#4!616(!D)!
!
'#! (,6! $(/64&8! 32(! 1:426/(,! >/7$&,&+8,! >+2//4&(86! 16/(! 4>>+/67(,! ,2/! #4!
!+&(! 12! $&84"/(! '>#(! +2! V48! 648! *!+&(! 12! $&84"/(! (067/&(2/, ! (6! ,4!
1&557/(8$(!4!($!$(!32&!4!767!324#&5&7!1(!!+&(!12!$&84"/(!5('(##(!+2!V&8!648!
+B! #:+8! 26&#&,(! 1(,! ,2",648$(,! !7=764#(,! (8! 4",+/>6&+8 ! (8! $+'"&84&,+8!
4!($!1(,!>/46&32(,!&86(/8(,!,2/6+26!"4,7(,!,2/!#4!/(,>&/46&+8)!
!
<(! '1'( ! 9! #:&867/&(2/! 1:28(! !+&(! (0&,6(86! 1(,! 1&!(/=(8$(,)! <&! #:+8!
>/(81!>4/!(0('>#(!#4!$#4,,&5&$46&+8!1(!M$!.8"G7!M5G7 !8+2,!>+2!+8,!
1&,6&8=2(/!6/+&,!'76%+1(,!>+2/!#:4#$%&'&(!7,+67/&32(!&86(/8(!
!
_!<48,!#4!>/('&)/( !#(!$+/>,!(,6!#(!>#+'" !#(!$+(2/!#(!'(/$2/()!<48,!$(!
$4, ! #4! '71&646&+8! (,6! #(! #&32&1(! 87$(,,4&/(! *#:(42, ! #(,! #2(2/,! 1(!
#:&86(##&=(8$(!#(!5(2)!
!
_!<48,!#4!,($+81( !#4!/(,>&/46&+8!5+2/8&6!#(!>#+'"!(6!#:>'(!#(!5(2)!'#!!
22222222222222!
+)! N%4+! 3&$%(8! C! ;/4&67! 1:"#$%&'&(! (6! 1(! >%?,&+#+=&(! ;4+?,6(! D)! '86/+12$6&+8 !
6/412$6&+8!(6!8+6(,!1(!.46%(/&8(!<(,>(20 !41)!#(,!<(20!$$748,!*64/&,,)!

! "%!
,:4=&6! #9! 1:7646,! >,?$%&32(, ! +2! 1(! /74$6&+8,! 7'+6&+88(##(,! 32&!
>/+12&,(86!(##(,-'1'(,!1(,!,2",648$(,)!
_!<48,!#4!6/+&,&)'( !#(!,>(/'(!(,6!#(!>#+'" !(6!#(!,48=!#(!'(/$2/()!'$&!
#(,!/(&8,!5+2/8&,,(86!#:7#7'(86!(42 !(6!#:(,>/&6!#(!'(/$2/()!
#4! >/('&)/(! (,6! $+8,&17/7(! $+''(! >+2!486! 16/(! 6/),! /4>&1( !
/('>#4.486!1&0!'+&,!1(!=(,646&+8!>4/!28!"466('(86!1(!>42>&)/(,)!
!
58!4=?>6( !#4!!+&(!12!'(/$2/(!(,6!,+2!(86!7!+327()!<'$<.$*'<5!32&!
7621&4!9!"#(0481/&(!>/7$&,(!F!C!<:42$28,!455&/'(86!32(!#(!'(/$2/(!(,6!28!
$+8,6&62486!1(,!'76420)!D!56!,&!46'.;Y;5!1&6F!C!#(!>+2!+&/!12!!/4&!">6+8!
1:8(/'),! /7,&1(! 148,! #(! 54&6! 32:&#! $%48=(! (8! +/! 6+26! $(! 32:&#! 6+2$%(! D ! &#!
,4&6!32:&#!,:4=&6!12!'(/$2/()!
!
#(!$%4L8+8!#(!>#2,!48$&(8!(86/(!#:4#$%&'&(!=/($32(!(6!#:4#$%&'&(!4/4"( !
#(!#&!/(!1(!./46(, !$+86&(86!6/+&,!,+8=(,)!<48,!#(!1(20&)'(!+8!>/7$&,(!32(!
148,! #(! ,48$624&/(! 1(! 6%64! ,(! 6/+2!(! 28(! &1+#(! 1(! (782,! 32&! 6&(86! (8!
'4&8! 28! !4,(! 1232(#! $+2#(! 1(! #:4/=(86! #&32&1()))! '#! ,:4=&6! #9! 12! >/('&(/!
'(/$2/(! +2! !&5-4/=(86)! <48,! #4! ,2&6(! 12! '1'(! ,+8=( ! 32481! #(! /1!(2/!
!+&6! 28(! 5(''(! 1:28(! =/481(! "(4267! 32&! /(,,('"#(! 9! #:&1+#(! 1(! (782, !
32&! 1764$%(! ,4! $(&862/(! 1:+/! &8$/2,67(! 1(! 1(20! >&(//(, ! #:28(! "#48$%(!
#:426/(! /+2=( ! +8! ,+2#&=8(! 32(! ,2/! $(,! 1(20! >&(//(,! ,+86! ,(/6&,! 1(20!
'+/$(420! 1(! ,+25/()! "&8,&! ,+86! 175&8&,! #(,! $+8,6&62486,! 1(! #4! -46&)/(!
6/('&)/(!1(!#:$52!/(!(6!,+8!4"+26&,,('(86!F!#4!6&(//(!42!"#48$!(6!$(##(!42!
/+2=()!
!
.(/64&8,! 426(2/,! +$$&1(86420! /(0+&=8(86! $(66(! $+8$(>6&+8)! <48,! #(! C!
#&!/(!1(!#4!6%&#+,+>%&(!1(,!-76420!D !#5!;*4('<"G!7$/&6!F!C!-4&,!#(!,+25/(!
(6!!&5-4/=(86!,+86!4>>(#7,!#4!>/+>/(!(6!>/('&)/(!'46&)/(!1(,!'76420)!D!
!
.+''(!#(!>/7$&,(!H&#%('!7"GN5G-;##5*I=KF!C!#4!6%7+/&(!12!'(/$2/(!
,&'>#(! 54&6! ,+8! 4>>4/&6&+8! 148,! #4! 8+2!(##(! >&(//(! >/7$&(2,(! 1(! 65;*;<!
3$G;<! *+AAX,)! #4! ,7>4/46&+8! (86/(! #(,! 1(20! 6%7+/&(,! ,(! 54&6! 0+2/! 148,!
1&557/(86(,!+(2!/(,!12!&'((!,&)$#(!T!4&8,& !#(!`<(!'4=8&!#4>&1&,!.+'>+,&-
6&+8(`! (0>+,(! (8! >/&8$&>(! 32(! #(! $+'>+,486! +/&=&8(#! 1(! 6+2,! #(,! '76420!
(,6!5+/'7!1:28!#&32&1(!,($!4>>(#7!!&5-4/=(86!(6!1:28!(,>/&6!4>>(#7!,+25/()!'#!
/(8!+&(!>+2/!>#2,!1(!1764&#,!42!'((!,&)$#(!1(!#4!-767+/+#+=&(!1:"*'<;$;5 !
42! #&!/(! 1:"#35*;! #5! 7*"G<! ,2/! #(,! -&87/420! (6! 9! #4! <+''(! 1(!
7535*)! .(! 1(/8&(/! 1&6! 32(! #(! >/&8$&>(! (,,(86&(#! 1(,! '76420! (,6! 28(!
!4>(2/!6/),!5&8(!1(!!&5-4/=(86!(6!1(!,+25/(!32& !>4/!8+6/(!"/6 !84L6!1(!$(,!
1(20!$+/>,)! 3(42$+2>!1(! >%&#+,+>%(,!>/76(81(86! 32:+8! >(26!$/7(/! $(66(!
52'7(!,48,!#:4&1(!12!,+25/( !'4&,!$(#4!/(!&(86!42!'1'( !$4/!#(!!&5-4/=(86!
$+86&(86 !>4/!,4!8462/( !#(!/+2=(!,+25/()!D!
!
222222222222!
=)!H)!748R(8'2##(/!F!C!#:"#$%&'&(!42!-+?(8!"=(!D !41)!"2"&(/!*64/&,!+U+X,)!

"!! !
!
"2!,20(6!1(!$(66(! 1)*$%')+6%'!)+>+2/!#4!!+&(!'764##&32(!+2!(067/&(2/( !&#!
(0&,6(! 28(! 32(/(##(! &826&#()! <&! "(42$+2>! 1(! !+&(,! (0>/&'7(,! *;4+?,6( !
4=?>6&(88( !'81&(88(,!>4/6(86!12!'(/$2/(A!+2!12!$&84"/( !&#!/(,6(!7!&1(86!
32(! 1:426/(,! ,2#52/(,! *,2#52/(! 1:486&'+&8( ! 1(! >#+'" ! (6$),! >(2!(86!
$+812&/(! 9! #4! 6&(//(! 42! *+2=()! 34,&#(! ("#5G;'G! 8(! >/7$&,(-6-&#! >4,! 32(!
#:486&'+&8(!(,6!#(!C!#+2>!7/&,!1(,!6%&#+,+>%(,!D)!'#!5426!8+6(/!$(>(81486!9!
$(!,20(6!32(!>+2/!"*;568';< !#:486&'+&8(!(,6!C!8+6/(!!&84&=/(!D !1(!'1'(!
32(! <$-! 65*G5;V! 7$/&6! 32(! C! $:(,6! #:(42! $7#(,6(! 32&! 8(66+&( ! >2/&5&(! (6!
#4!(!D)!
!
$8!$+8,646(!1:(86/7(!32:&#!8:(,6!>4,!1&55&$&#(!1(!17'+86/(/!28(!$%+,(!(6!
,+8!$+86/4&/(!,(#+8!#(,!>4/6&,48,!1:28(!!+&(!+2!1:28(!426/()!6+2/!$&6(/!28!
(0('>#(!>/7$&,!F!32481!28!426(2/!7$/&6!F!-4/,!466432(!#(!#+2>!7/&, !28!
4#$%&'&,6(!1(!#4!!+&(!1(!#:486&'+&8(!1&/4!32(!$(#4!,&=8&5&(!32(!#(!5(/!*-4/,,!
466432(! #:486&'+&8(! *#+2>! 7/&,, ! 1+8$! 32:&#! 5426! 1:28(! $(/64&8(! '48&)/(!
26&#&,(/! 12! 5(/! (6! 1(! #:486&'+&8()! <:426/(,! $+''(! 8+2,! #:4!+8,! !2!
>/7$71(''(86 ! >+2/! #(,32(#,! #:486&'+&8(! (,6! .$-%+ $)-7+ $+8,&17/(/+86! 32(!
#(!#+2>!7/&,!(,6!#(!'(/$2/( !(6!-4/,!#(!,+25/(!/+2=(!32&!!4!1+8$!466432(/!
#(! '(/$2/(! (6! >/+!+32(/! #4! '+81&5&$46&+8! >4/! #:4$6&+8! 1(! #:(42! $7#(,6()!
.(66(!&8$+'>/7%(8,&+8!4>>4/4L6!1:426486!>#2,!=/481(!32(!$(/64&8,!6(06(,!
$+8$(/8(86!1(,!!+&(,!&86(/8(, !$+''(!8+2,!#(!'+86/(/+8,!148,!1:426/(,!
$%4>&6/(,)!
!
'#! (0&,6(! 28(! !+&(! 1(! #4! ,6&"&8(! *,2#52/(! 1:486&'+&8(, ! #&7(! 9! 28! !&(20!
$+2/486! 32&! 5^6! >#2,! 4$$(8627! 42! &&(! ,&)$#(! 4!($! #(,! 6/4!420! 1(!
."G<5#'5;! (6! 1(! 6+26(!28(! 7$+#(! 32&! /(,6(! ,2/! ,(,! >+,&6&+8, ! #(,32(##(,!
,+86! >4/54&6('(86! #7=&6&'(,! ,&! +8! $+8,&1)/(! $(/64&8,! 6(06(,! 6/41&6&+88(#,!
$+''(! $(20! 12! <&(2/! 1(! 7*'-"#<' ! '71($&8! 12! /+&! 1(! <4/14&=8( ! 32&!
1+88(! 148,! 28! #20(! 1(! 1764&#,! #4! !+&(! 12! #+2>! 7/&,)! .(! 32&! 8:('>1$%(!
>4,!$(66(!!+&(!6/),!$+'>#(0(!32&!>4/6!12!54'(20!*7=2#( !(6!32&!1('481(!
5+/$(! $%4#(2/! (6! 1(! 8+'"/(20! &8=/71&(86, ! 1:16/(! &867/(,,486(! >4/!
#:466(86&+8!32:(##(!>+/6(!,+.!$(,%'*+-&'6$%($.+(6!9!#4!'48&)/(!1(!#(!$4>62/(/)!
!
;8(!7621(!4>>/+5+81&(!1(,!6(06(,!(6!28(!#+8=2(!>/46&32(!4!($!$+8,646!
1(,! /7,2#646, ! 1&,$2,,&+8,! 4!($! 1(! 8+'"/(20! 41(>6(, ! 8+2,! #4! 5+86!
$+8,&17/(/!$+''(!28(!1(!>#2,!$+'>#(0(, !(6!$+''(!,2>>+/6!1:28!426/(!+
22222222222222!
A)!.(/64&8,!>/76(81(86!32(!#(,!4#$%&'&,6(, !>4/!,+25/(-,(#-'(/$2/( !>4/#(86!1(,!6/+&,!
>/&8$&>(, ! $(! 32&! (,6! (04$6! $4/! 64/4$(#,(! >/7$&,(! 148,! ,+8! C! ;/4&67! 1(,! ;/+&,! 5,,(8$(,!
6/('&)/(,!D!F!-!C!#:28!(,6!28(!#&32(2/ !$:(,6!#(!-(/$2/(!!
!!!!!!!!!!!!!!!!-!#:426/(!(,6!28(!+#7&67 !$:(,6!#(!<+25/(!
!!!!!!!!!!!!!!!!!!!!-!#(!6/+&,&)'(!(,6!28!"#[4#& !$:(,6!#(!<(#)!D!
.%432(!17$+2!(/6(!(0>7/&'(864#(!1+884!#&(2!42!$+2/,!1(!#:%&,6+&/(!9!1(,!(06(8,&+8,!,2/!
1(,! $+/>,! 484#+=2(,)! -4&,! #4! !+&(! 12! C! ,4"#(! /+2=(! D! (6! 12! '(/$2/(! '764##&32(! (,6!
7!+327(!,48,!4'"&=2?67!9!28!'+'(86!1(!#:%&,6+&/(!4#$%&'&32(!T!#(,!!+?4=(,!1(!$(/64&8,!
>/&8$(,!9!#4!/($%(/$%(!1(!#:&''+/64#&67!,+86!/7!7#46(2/,)!

! ".!
(8,(&=8('(86!(6!1:28(!426/(!!+&(!>#2,!,($/)6(!32&!8:4>>4/4L6!>4,!(8$+/(!9!
$(/64&8,! 1(,!41(>6(,!4$62(#, ! 6/+>! )4-%'(+ >4/! 1(! ,+&-1&,486! !)3*%$(/+ .+'-
'(! 8+2,! 8(! #(! /7>76(/+8,! 04'4&,! 4,,(R ! ,2/! #4! !+&(! (067/&(2/(! #(! ,(2#!
$/&6)/(!(,6!#4!6&(//(!42!*+2=(!6/48,'2646+&/( !(6!8+8!>4,!32(#32(,!!4=2(,!
6/48,'2646&+8,!(07$267(,!9!32(#,!5/4&,!4!($!#4!'76%+1(!12!>4/6&$2#&(/!ZIEK!
!
<2/! #(,! !+&(,! (067/&(2/(,! 8+2,! 8(! $&6(/+8,! >4,! #(,! 426/(,! 4,>($6, !
>4/6&$2#&)/('(86!$(20!1(!#4!!+&(!12!>#+'"!7!+327(!>4/!28!!&(20!,&04&8F!
!
'#!(,6!28(!>4/6&(!148,!#:%+''(!!
<+86!#(!8+'!,&0!#(66/(,!$+8,+''()!!
<&!62!?!!4,!28!6!40+26486!!
62&,!#:<!(8!-!>(/'26486!!
;2!6/+2!(/4!,48,!82#!4'"4=(!!
#(!!/4&!8+'!12!,2"0($6!1(,!<4=(,)!
!
34,&#(! ("#5G;'G! 148,! C! #(! <(/8&(/! ;(,64'(86! D! >/7$&,(! #:&'>+/648$(!
1(! <462/8(! F! C! 6/(8(R! 1(! #4! $7/2,(! "#48$%(! +2! 12! '&8&2'! /+2=(! +2! 12!
>#+'"!0428( !$:(,6-9-1&/(!1(!#4!#&6%4/=()!D!
!
G+2,! 8(! 6/4&6(/+8,! >4,! 1(,! !+&(,! 26&#&,486! #(! >%+,>%+/( ! '4&,! &#! (,6!
$(/64&8!32:+8!8(!>(26!87=#&=(/!#(,!!+&(,!6+20+2/,!(067/&(2/(, !#&7(,!9!28(!
,2",648$(! 28&!(/,(##(! 32&! (,6! *%"-6;$+ $&+ *"-(+ .'$-.7+ $&+ *"-(+ *$!,(+ $*+ 34$8+
*"-*$+ ,$%("&&$7+ 1(! #432(##(! +8! >(26! (06/4&/(! 28! 4/$%72, ! 1:28! &867/16!
'40(2/ !9!$+81&6&+8!32(!$(66(!'46&)/(!,+&6!&,,2(!1(!#:28&+8!12!$&(#!(6!1(!
#4! 6(//( ! $:(,6-9-1&/(! /&$%(! (8! 8&6/()! <48,! 1:426/(,! !+&(,! $(66(! -46&)/(!
6/('&)/(!0+2(!28!426/(!/@#( !1(!(8486!28!1(,!,(#, !+2!148,!1:426/(,!$4,!
28! $+8,6&62486! 4$6&5! 1(! .!$)-+ >-'+ &$+ !"-'..$+ ,)(+ .$(+ !)'&(7+ 148,! 28(! !+&(!
&86(/8(! 6/),! ,($/)6(! (##(! (,6! $(>(81486! -";5*'"! 6*'-")! #4! ,7>4/46&+8!
32:(8! 5+86! $(/64&8,! 4#$%&'&,6(,! (8! 3246/(! 7#7'(86,! /(#)!(! $(>(81486! 1(!
17$&,&+8,! =/462&6(,! 6+20+2/,! #&7(,! 9! 28! '(864#! 484#?6&32( ! (8$+/(! 32:&#,!
,+&(86! ,2/!28(! >&,6(! &867/(,,486()! #4! !+&(! 1(!#:(42!*,+2,! 5+/'(!1(! 8(&=(!
+2! 1(! /+,7(! $4/! (##(! 1+&6! 16/(! /&$%(! (8! 8&6/(,! >(26! ,(/!&/! >+2/! #(,! !+&(,!
&86(/8(,!$+''(!$(##(!12!'(/$2/(!*32:&#!,+&6!6/4&67!9!6/4!(/,!#(!$&84"/(!+2!
,(2# !9!#:4&1(!1(!>#486(,,)!$8!/(6/+2!(!$2/&(2,('(86!$(66(!,&6246&+8!1:28!
,(#! 32&! >(26! 1(!(8&/! -46&)/(! 6/('&)/( ! 148,! 1:426/(,! !+&(, ! $4,! 1(! #4!
,4#&!(!%2'4&8(!>4/!(0('>#()!
"&8,&! 8+2,! 5(/+8,! 8@6/(, ! (8! $+8$#2,&+8 ! #(,! 455&/'46&+8,! 1(! 6/+&,!
4#$%&'&,6(,! 4!(/6&, ! <VG5<';< ! "*;568';< ! (6! G&$+#4,! /#"-5#)! .(!
1(/8&(/!7$/&6!F!C!#(,!>%&#+,+>%(,!8:+86!$+2$%7!,2/!#(!>4>&(/!#(2/,!$+8$(>-!
2222222222222!
!E)! '#! ,:4=&6! 1(! >/+$717,! >4/4##)#(,! 9! #4! !+&(! 4#$%&'&32(! >+2/! +"6(8&/! $(,!
6/48,'2646&+8, ! (8! =787/4#! +8! >4/#(! 12! >4/6&$2#&(/! 9! >/+>+,! 1(! 3#4&,(! 1(! (&=(8(/( !
426(2/!12!C!;/4&67!12!/(2!(6!12!<(#!D !64/&,!+J+S)!

#'! !
6&+8,!32(!>+2/!$(20!32&!(8!$+884&,,4&(86!1709!#(,!>/&8$&>(, !#(,32(#,!8(!
,(! 6/+2!(86! 148,! 42$28! #&!/(! $4/! &#,! 4>>4/6&(88(86! 9! <'5; ! 32&! ,(2#! #(!
/7!)#(!9!32&!"+8!#2&!,('"#( !+2!"&(8!#(,!54&6!(8,(&=8(/!>4/!#4!"+2$%(!1:28!
-4L6/(! ,(#+8! #4! 6/41&6&+8)! D! #:4#$%&'&,6(! <VG5<';< ! 4>/),! 4!+&/! /7>767!
32(!#(,!>%&#+,+>%(,!>4/#(86!1(!'48&)/(!9!8:16/(!$+'>/&,!32(!1(!$(20!32&!
>+,,)1(86! #4! ,4=(,,( ! 1&6! 4#+/,! F! C! '#,! +86! 6+26(5+&,! &81&327! 148,! #(2/,!
+(2!/(,! 28(! $(/64&8(! !+&(! (6! >/(,$/&6! $(/64&8(,! /)=#(,! =/>$(! 42032(##(,!
28!<4=(!>(26!$+'>/(81/(!$(!32:&#,!+86!7$/&6!+$$2#6('(86!(6!>4/!(8&/!42!
"26! 32:&#! ,(! >/+>+,( ! '1'(! ,:&#! ,:(,6! 5+2/!+?7! 148,! 32(#32:(//(2/! 4&8,&!
32(!$(#4!':(,6!>(/,+88(##('(86!4//&!7)!!
!
"*;8568';<! $+85&/'(! $(,! >+&86,! 1(! !2(! F! C! 5,6-$(! 32:+8! &=8+/(! 32(!
8+6/(! "/6! (,6! 28! "/6! $4""4#&,6&32(! a! .:(,6-9-1&/(! 9! 8(! 6/48,'(66/(!
32:+/4#('(86 ! (6! 32&! (,6! >#(&8! 1(! '?,6)/(,! a! 642!/(! &'"7$&#(! Z! <(/4,-62!
4,,(R! &8=782! >+2/! $/+&/(! 32(! 8+2,! 6:(8,(&=8+8,! +2!(/6('(86! (6!
$#4&/('(86! #(! >#2,! =/481! 1(,! ,($/(6,! a! :(! 6:4,,2/(! 32(! $(#2&! 32&! !+21/4!
(0>#&32(/! 4!($! #(! ,(8,! +/1&84&/(! (6! #&667/4#! 1(,! '+6, ! $(! 32(! #(,!
>%&#+,+>%(,!7$/&!(86 !,(!6/+2!(/4!>/&,!148,!#(,!'7481/(,!1:28!#4"?/&86%(!
1232(#!&#!8(!>+2//4!,:7$%4>>(/!>4/$(!32:&#!8:42/4!>4,!#(!5&#!1:"/&48(!32&!#(!
=2&1(/4!>+2/!(8!,+/6&/)!D!
!
'#!(0&,6(!$(>(81486!1(,!$+8,6486(,!32&!$+8$(/8(86!#:(8,('"#(!1(,!!+&(,!
(067/&(2/(,!
!
+,! #4! 1)*$%')+ 6%'!)7+ $(/64&8,! 1&/+86! >#2,! (04$6('(86! 28(! -46&)/(!
6/('&)/()! <&! +8! $+8,&1)/(! 32(! #4! 1)*$%')+ 6%'!)+ (,6! #4! ,2",648$(! 8+&/(!
28&!(/,(##(! 32&! >(/'&6! #4! '48&5(,646&+8 ! '<'< ! .)+ 1'$%*$+ 5"'%$7+ (,6! #(!
,?'"+#(!1(!$(66(!,2",648$(!6/),!1(8,(!>4/!/4>>+/6!9!#4!'46&)/(!1(!8+6/(!
28&!(/,!32&!(,6!28!!7/&64"#(!*%"-/+
+
=,!#(,!,(#,!+2!28!,(#!,(#+8!#(,!!+&(,)!
!
A,! #(,! 764>(,! 1(! #:$52!/(! *,7>4/46&+8 ! ,+#!( ! $+4=2#4! "#48$ ! $+4=2#4!
/+2=( !'2#6&>#&$46&+8 !6/48,'2646&+8,!>+2/!#4!!+&(!12!$&84"/()!
!
E,!#4!6&(//(!>%&#+,+>%4#(!32&!(,6!/+2=( !32(##(,!32:(8!,+&(86!#(,!
!4/&486(, !(6!52,&"#()!
!
-4&,!32(#,!,+86!#(,!7#7'(86,!$#(5,!1(!#4!!+&(!12!$&84"/(!a!
!!!!6+2/!#(,!+/&(86420 !&#!,:4=&6!12!$&84"/(!(067/&(2/ !H+2(&!648F!
!
+,! 6/7>4/(/ ! 9! #:4&1(! 1(! $(! 32(! 8+2,! 5+2#+8,! 420! >&(1, ! 8+6/(! ,(# ! (8!
>/(8486! "&(8! ,+&8! 32(! 8+6/(! !7=764#! ,+&6! "&(8! 48$&(8 ! $4/! #(! $%4+,! (,6!
'2#6&>#( ! (6! >/7$&,7! ,48,! 732&!+32(! >4/! 7535* ! :5"G! &&''! (6! 6"*"-

! #"!
.5#<5)!
!
=,!<7>4/(/!#(,!$+8,6&62486,!1(!#4!-46&)/(!6/('&)/(!,48,!5(2!!2#=4&/( !
'4&,!4!($!#(!5(2!,($/(6 !(,6!#:28!1(,!4,>($6,!'40(2/,!1(!#4!'48&>2#46&+8!
$&/$2#4&/(!+2!>7/&>%7/&32()!
!
A,! 5864'(/! #:$52!/(! 42! G+&/ ! 9! $(! ,20(6! "(42$+2>! 1(! !+&(,! 12! -(/-
$2/(!$+''(8$(86!1&/($6('(86!>4/!$(!,641( !#(,!41(>6(,!,4!(86!>+2/32+&)!
-4&,! #(! >/+"#)'(! /7,&1(! 148,! #4! !&(! 12! ,+25/(! (6! 12! '(/$2/(! 32&! 8(!
1+&!(86! >4,! 16/(! "/^#7,! >4/! #(! 5(2! !2#=4&/( ! 26&#&,7! ,(2#('(86! 148,!
$(/64&8(,!!+&(,!(067/&(2/(,!>#2,!/7$(86(,!148,!#:%&,6+&/()!
!
#(,! '46&)/(,! $+8,6&62486(,! 1(! #:$52!/(! 1+&!(86! $/7(/! #(,! '+81(,! >4/!
#(! '+2!('(86! 57'&8&8! %+/&R+864#! $&/$2#4&/(! (6! '4,$2#&8! 40&4#! !(/6&$4# !
>2&,!8+&/$&/!,+2,!#:4$6&+8!1(,!1&!(/,!5(20 !,48,!+2"#&(/!#(!9$-+%;.$(*$/+
!
92481! #4! %"-%"&&$+ #-+ ')3%'0'3$+ 4>>4/4L6 ! 4##(/! 9! #4! >1$%(! 42! 5&#(6! (6!
$+2>(/!#4!616(!12!.+/"(42)!64/5+&,!$(/64&8,!&8!(/,(86)!
!
E,!;/4!4&##(/!.+4=2#4!(8!,4&,+8!,)$%()!
!
P,!6/+$71(/!9!#:"#"&5&$46&+8!,48,!+'(66/(!#4!34/"(!1(!#:46(/8(#)!
!
J,!.+''(8$(/!+:$52!/(!(8!*+2=(!>/+=/(,,&!('(86!(8!8(!>+2,,486!#(!
5(2!32(!!(/,!#4!5&8)!!
!
O,!-2#6&>#&(/!6/+&,!5+&, !6/48,'26(/!(6!>/7>4/(/!#(,!7#&0&/,)!
!
!S,!'8=7/(/ !420!732&8+0(,!(6!,+#,6&$(, !#:4#&0&/!1(!#+8=2(!!&( !'48=(/!(6!
54&/(! 1(,! +>7/46&+8,! 1(! #4! !+&(! &86(/8(! 9! #:4&1(! 1:+"0(6,! (8! +/! 1(! 6/48,-
'2646&+8)!
!
!U,! ;6&#&,(/! #4! 6&(//(! 148,! #:$52!/(! &86(/8(! *4#$%&'&(! 12! G(&! 648, ! 8+8!
,(2#('(86! $+''(! /7=787/46(2/! '4&,! 148,! ,+8! /@#(! (55&$4$(! >+2/! #4!
'$,)%)*'"7+ ,7>4/46&+8! 12! $+/>,! ('"/?+884&/( ! $(! >+2/32+&! (##(! 764&6! 54&6(!
/7(##('(86 ! $4/! #(! 54&6! 1(! >/+'(8(/! 12! !$%3-%$+ ,-%'0';+ ,2/! .!3$'.+ #$+ .)+ !)'&+
*$(86/(!1(!#4!>42'(, !>/+12&6!$(66(!($,)%)*'"/+
+
#(! '(/$2/(! (,6! 4&8,&! 28! ,"&*+ 148,! #:;8&!(/,)! <&! +8! /($%(/$%(! 28(!
/(#46&+8! (86/(! #(! '&87/4#! (6! #:48&'4# ! (##(! >+2//4&6! >4,,(/! >4/! $(66(!
,2",648$( ! &#! 8(! 5426! >4,! +2"#&(/! 32(! 148,! $(/64&8(,! 4#$%&'&(,! ,($/)6(,!
12! .4$%('&/( ! #:4#$%&'&,6(! (06/4&6! ,+8! ,>(/'(! 32:&#! /('>#4$(! >4/! 12!
'(/$2/(!'764##&32(!>2/&5&7)!
!
<(,! 4#$%&'&,6(,! 1(! #4! !+&(! (067/&(2/(! +86! >2! $+8,646(/! #(! /@#(! 1(! ,"&*+

##! !
12! '(/$2/(! 42! 8&!(42! >%?,&32( ! (6! #4! >+,,&"&#&67! 1:&86(/57/(8$(! 4!($!
1:426/(,! 1&'(8,&+8,! 1:28(! ,&6246&+8! >%78+'784#()! /426-&#! 54&/(! 28!
/4>>/+$%('(86!4!($!#(!54&6!32(!#(,!1'!)&)+,+':)(*(;)+<=>+,+86!>/+>2#,7,!42!
'(/$2/( !1:4>/),!#(,!48$&(8,!6(06(,!&81&(8,!a!
!
'#!,:4=&6!#9!1(!>/+$(,,2,!#&7,!9!28(!4#$%&'&(!$#4,,&32( !&#!(,6!7!&1(86!32(!
#(,! '46&)/(,! 1(! +:$52!/(! >(2!(86!16/(! 6/4&67(,!1:28(!426/(! '48&)/()!64/!
(0('>#(!148,!#(!$4,!12!'(/$2/( !&#!(,6!>+,,&"#(!1:26&#&,(/!1:426/(,!,+25/(,!
(6! '+?(8,! 1(! >2/&5&$46&+8! IJK)! #(,! >#486(,! 0+2(86!1:4&##(2/,!28! =/481!/@#(!
148,!#:4#$%&'&(!&81&(88(!+B!#(!'(/$2/(!(,6!6/4!4&##7!02,32:42!+S!,4',[4/ !
&#! 1(!&(86! >/+=/(,,&!('(86! 6&(//(! *+2=()! .(! '1'(! >/+$(,,2,! >(26! ,(!
/(8$+86/(/!4!($!#(,!426/(,!'46&)/(,!*486&'+&8( !>#+'",!'4&,!>#2,!1&55&$&-
#('(86! $4/! #(! '(/$2/(! 4! #:4!4864=(! >(2! $+''28! 1:16/(! (8! 52,&+8! 9! #4!
6('>7/462/(! +/1&84&/(! 32&! (,6! $(##(! 1(! #4! !&(! !7=764#(! +2! 48&'4#(! ,2/!
6(//( ! $:(,6! 28! >+&86! 1(! 1764&#! 32&! 7$%4>>(! 6/+>! ,+2!(86! 9! $(/64&8,!
4#$%&'&,6(,!1(,!!+&(,!(067/&(2/(,!IOK)!
!
'#! 5421/4&6! 42,,&! ,(! >+,(/! 1:426/(,! 32(,6&+8,! (,,(86&(##(,! 32486! 9! #4!
1&557/(8$(!1(,!>&(//(,!6/48,'2646+&/(, !,(#+8!32(!#:+8!>4/6!12!'(/$2/(!+2!
12!>#+'" !8+8!>4,!,2/!28(!6/48,'2646&+8!'4&,!,2/!#(,!$+/>,!,2"6&#,!(6!#(!
$+/>,!%2'4&8)!'#!8(!5426!>4,!+2"#&(/!32(!#(!'(/$2/(!(,6!148,!#4!6/41&6&+8!
&81&(88(! #(! (,$%!$+ #$+ '%?21#7+ (6! 32:28! ,2"#&'7! 1(! (-.0-%$+ #$+ !$%3-%$+
>(26! 16/(! "7875&32(! >+2/! #:+/=48&,'( ! 4#+/,! 32:28! ,2"#&'7! 1(! (-.0-%$+ #$+
,."!2+ >(26! 4!+&/! 28! 6+26! 426/(! (55(6)! 585&8! #(,! 4#$%&'&,6(,! &81&(8,! (6!
6%&"764&8,!$+884&,,(86!#(!/@#(!&'>+/6486!1(!$(!'764#!,2/!#4!!+&(!&86(/8( !
>4/6&$2#&)/('(86!148,!#4!($,)%)*'"/+
!
!
!
!
!
!
!
!
!
!
!
!
!
!
22222222222222!
P)!(4&,,(420!47/&(8,!1(,!C!1&(20!D!+2!1(!#4!/4$(!1(,!=7486,)!
J)!"&8,& !#4!!+&(!12!.&84"/(!>(26!,(!54&/(!1:28(!6+26(!426/(!'48&)/(!(8!>4/6486!1:28!
8&6/(!32(!#:+8!6/+2!(!42!"+/1!1(,!#4$,!+2!32(!#:+8!1+&6!/($2(&##&/!148,!$(/64&8(,!(420)!
O)!"!$(!>/+>+, !64/4$(#,(!1+88(!"&(8!1(,!>/7$&,&+8,!,2/!#4!!+&(!12!$&84"/(!148,!C!#(!!
;/7,+/!1(,!;/7,+/,!D!F!C!6/(81,!12!$&84"/(!'&87/4#)))!D!
!

! #$!
!!
!

#(! !
!
!
!
!
8'3)&-/"%+,3)"-30&"/&0'+3)',)7'"4#,03,'3((((((((((((((((((((((((((((()
)
)
)
)
)
)
)
#(,! $+2/486,! /+,&$/2$&(8,! #&7,! 9! #4! !+&(! 4#$%&'&32( ! >#2,! +2! '+&8,!
1&/($6('(86 ! ,(! '48&5(,6)/(86! 6+26! 42! #+8=! 1(! #:%&,6+&/(! (6! 1:4"+/1! 148,!
#(,! 4$+#(,! 1(! -?,6)/(, ! #(,32(##(,! 52/(86! 487486&(,! +2! >(/,7$267(,! >4/!
#:4=#&,(! $%/76&(88()! #'3"G';<! 17$/&!&6! #(,! +>7/46&+8,! 1(! 1(,6/2$6&+8! 1(,!
6('>#(,!>4?(8,!$+812&6(,!>4/!1(,!54846&32(,!C!#(,!%+''(,!!162,!1(!8+&/ !
>+/6486! 1(,! '+/$(420! 1(! "+&, ! 1(,! >&(//(,! (6! 12! 5(2! T! 32(#32(,-28,! ,(!
$+86(86(86!1(!#(2/,!'4&8,!(6!1(!#(2/,!>&(1,)))!"#+/,!#(,!6+&6,!,+86!4"4662, !
#(,!,6462(,!/(8!(/,7(, !#(,!426(#,!176/2&6,!1(!5+81!(8!$+'"#()!92486!420!
>/16/(, !&#,!+86!#(!$%+&0!(86/(!#(!,&#(8$(!+2!#4!'+/6I+K)D!
)
.:(,6!9!$(!'+'(86!32(!#(,!41(>6(,!$+''(8$)/(86!9! 34$6)-34$%+.$+*'*%$7+
$:(,6-9-1&/(! 9! 414>6(/! #(,! 5+/$(,! 4%2/&,,486(,! (6! #(2/! 1+88(/! 28! ,(8,!
,+2!(86! 6/41&6&+88(#)! #(,! $(/$#(,! 1:41(>6(,! ,(! /752=&4&(86! 148,! $(/64&8(,!
54'&##(, ! >2&,! 148,! $(/64&8,! +/1/(,! %(/'76&32(, ! >+2/! 4//&!(/! 9! 28(!
7>+32(!32(!8+2,!$+884&,,+8,!"&(8 !#(!-+?(8!"=()!.:(,6!42!&('''(!,&)$#( !
(6! >#2,! >4/6&$2#&)/('(86! 148,! #(,! >4?,! +B! #:426+/&67! $(86/4#(! 764&6! 54&"#( !
32(!#(,!<+$&767,!<($/)6(,!>/+#&57/)/(86)!
!
;8! >4,,4=(! ,:(55($624! 1(,! 1&!(/,! /(#4&,! &8&6&46&32(, ! >+2/! 4"+26&/! 9!
#:"##('4=8( ! >4,,486! >4/! ((8&,( ! >+/6(! +2!(/6(! 9! #:&85#2(8$(! +/&(864#()!
.:(,6!4&8,&!32(!8+2,!,4!+8,!32(!#(,!!48!1(8!*5.M !1+86!#4!,+(2/!5#'<"!
526! #4! 1(/8&)/(! 6/&8$(,,(! 1(! .$;*#"G<5 ! (6! "(42$+2>! 1(! 54'&##(,!
4/&,6+$/46&32(,! ,:&86&62#4&(86! :"($+ @+ %%"'.+ &+ #(! ,&)=(! 1(! #(2/! =/+2>(! 764&6!
,&627! 9! /(R! +B! ,(! 1+884&(86! #(,! 1(/8&)/(,! 1&/($6&!(,! (6! +B! ,(! $+8,(/!(!
(8$+/(! 28(! ,6)#(! 1(,! :"($+ @+ %%"'.+ 4!($! 28(! #&,6(! 1(,! '('"/(,! 1(! $(66(!
7>+32()! #(! "26! 1(! $(66(! +/=48&,46&+8! 764&6! #:&''+/64#&67! &81&!&12(##(!
+"6(82(!,2/!;(//(!(8!$+85+/'&67!4!($!#(,!6/41&6&+8,!7=?>6&(88(!(6!64+?,6()!
;8! 426/(! '('"/(! 1(! $(66(! +/=48&,46&+8 ! #(! .+8,(&##(/! *21+#5! :+%488!
//&(1/&$%! <.8-'<; ! '+/6! (8! +OJ+! 9! 84'"+2/= ! 4>>4/^6! 9! 1&!(/,(,!
>(/,+88(,!"&(8!4>/),!,4!'+/6!148,!28!3"%,(+*."%'0';/+
+
+
8888888888+
+)!#&"48&2,!C!<&,$+2/,!>+2/!#(,!6('>#(,!D)!

! #&!
+
!.(6! +/1/(! 6/),! ,($/(6! (6! $+'>+,7! 1(! '('"/(,! %4264&8, ! >2&,32:&#,!
$+8,(/!4&(86! 28! '7>/&,! $(/64&8! >+2/! ."7#'$<;*$ ! 8(! 1+&6! >4,! 16/(!
$+85+812!4!($!$(/64&8,!+/1/(,!/+,&$/2$&(8,!1(!#:7>+32( !>4/6&$2#&)/('(86!
#(,! #A:2+ (6! :7'2%:A%2-5'+ 32&! 4"+26&/(86! >/+=/(,,&!('(86! 9! 8(25!
=/41(,)! .(! $/&6)/(! 1(,! 8(25! 1(=/7, ! $+86/4&/('(86! 9! $(! 32(! >2"#&(86!
$(/64&8,! 426(2/,! '+1(/8(, ! 8:(,6! >4,! 28! $/&6)/(! 1:426%(86&$&67 ! >+2/! #4!
,&'>#(! /4&,+8! 32(! 8+2,! $+884&,,+8,! #(,! 764>(,! ,2$$(,,&!(,! 32&!
$+812&,&/(86!9!#:41+>6&+8!1(!$(66(!%&7/4/$%&()!
!

!
!
%"!!$+"&+,$-*+.$+6"'%+(-%+3$**$+0'*-%$+$.*%)'*$+#!-&+!)&-(3%'*+%"('3%-3'$&7+
.$(+)#$,*$(+"&*+*"-$"-%(+(-+B34$6)-34$%+.$+*'*%$C+$*+)#),*$%+.$+((!2".'(!$+
%$.'*'$-.+,+.$-%+$&($'*&$!$&*/+

#6! !
+
62&,! !&86! #4! /75+/'(! $+8,7$26&!(! 42! 17$/(6! &'>7/&4#! 32&! $%4,,4&6! #(,!
*+,(!%!./+&0!1(!#:5'>&/(!426/&$%&(8!(8!+OJJ)!
+
.(66(!/75+/'(!32&!,(!5&6!(8!1(20!6('>,!1:4&##(2/, !4"+26&6!9!#:+"#&=46&+8!1(!
#4! '4L6/&,(! '4.+88&32(! >+2/ ! $+''(! #(! >/7$&,(! #(! #&!/(! 1(! /5<<#5* ! C!
*+R(8[/(2R(/(?! D ! C! ,:4,,2/(/! >#2,! 54$&#('(86! 1(! #4! !+#+867! 1(! $+884&,-
,48$(!$%(R!#(,!%+''(,!D)!G+2,!4!+8,!$&67!$(!$+2/486!$4/!&#!(,6!9!#:+/&=&8(!
1:28(!/($%(/$%(!(6!1:28(!6/48,'&,,&+8!&'>+/6486(!(8!'46&)/(!1:4#$%&'&()!
'#! 5421/4&6! >/7$&,(/! #(,! 6&6/(,! 1:426(2/,! 1(! #4! *+,(! %! ./+&0 ! 1+86! #(! C!
;(,64'(862'!;%(,42/+/2'!4!//46(/8&646(!*+,4(!(6!"2/(4(!./2$&,!D !$&67!
>4/! .%/&,6+>%(/! -".! 'G;$<8! 148,! ,+8! /('4/324"#(! #&!/(! C! #4! *+,(! %!
./+&0!17!+&#7(!D!I=K!(6!32&!6/4&6(!1(!#4!54"/&$46&+8!1(!#:5#&0&/!1(!(&(!9!>4/6&/!
1(,!5#2&1(,!12!$+/>,)!.(!'1'(!6/4&67!4>>+/6(!1(,!>/7$&,&+8,!,2/!#4!,2(2/!
(6!#4!,4#&!( !$(66(!1(/8&)/(!6/4&67(!$+''(!'46&)/(!1(!#:$52!/()!;/4&67!32&!
/(0+&86!28!1(,!>#2,!"(420!$%(5,-1:+(2!/(!1(!#4!#&667/462/(!4#$%&'&32(!F!C!
#:"2/(4!.46(84!8+'(/&!D !7$/&6!>4/!28(!*+,(!%!./+&0!1:;6/($%6!!(/,!+JPE!
(6! >2"#&7! >+2/! #4! >/('&)/(! 5+&,! (8! +O=A)! '#! 526! >2"#&7! 9! 64/&,! (8! 1(20!
!+#2'(,! >/+"4"#('(86! >+2/! #4! 12$%(,,(! 1:;*/5 ! 41(>6(! 1(! #4! ,$&(8$(!
%(/'76&32(! ,+2,! #(! 6&6/(! F! C! #4! G462/(! 17!+&#7(! D ! (6! 6/4&6(! 1(,! 1&!(/,!
4,>($6,! 1(! #4! !+&(! 4#$%&'&32(! 6(#,! 32(! C! $>7/46&+8! ,2/! #:(42! 1(! >#2?(!
4!($!#432(##(!+8!54&6!#(,!6/+&,!/)=8(, )))!#:%+''( !#4!!&=8(!(6!#:+/!,+86!#(,!
6/+&,!$#(5,!1(,!6/+&,!/)=8(, !1(,$/&>6&+8!1(!#:"#[4(,6)))!D!IAK)!
!
'#! 5421/4&6! $&6(/! 42,,&! #(! #&!/(! 1(! M5##G5*! C! $55&$&84! .%?'&$+!
-(64##&$4! .2/&+,4! D ! ,+/6&! (8! +O=A ! 32&! (8,(&=8(! 1:28(! 54.+8! 3.)'%$+ $*+
0)3'.$+#(!'+?(8!1(!6/48,5+/'(/!#(!>#+'"!(8!+/!(6!4/=(86)))!
!
!
22222222222!
=)! C#4! *+,(-./+&0! 17!+&#7(! D! 1(! .%/&,6+>%(/! -4$! '86+,% ! 41&6&+8,! <(/!? ! 64/&,)!
#:426(2/!>/7$&,(!32(!#(!;(,64'(862'!4!//46(/8&646(!*+,4(!(6!"2/(4(!./2$&,!*;(,64'(86!
1(! #4! //46(/8&67! 1(! #4! *%.! 1:$/ ! 3&"#&+6%)32(! 846&+84#(! 1:"26/&$%( ! (&(88(,! 17$/&6! #(,!
/)=#(,! 1(! #:$/1/(! (6! >/7,(86(! 32(#32(,! >/+$(,,2,! 4#$%&'&32(,! >(/'(66486! 1(! /74#&,(/!
#:7#&0&/!1(!!&(!9!>4/6&/!1(!$(/64&8(,!,($/76&+8,!%2'+/4#(,!12!$+/>,!*,48= !2/&8(!(6!,4#&!(,)!
.(,! >/+$(,,2,! ,+86! 9! /4>>/+$%(/! 1(! $(20! 1(! #4! ;/41&6&+8! ;4+?,6(! 32& ! 8+2,! #(! /4>>(##(!
.46%(/&8(!<(,>(20!*C!N%4+!3&$%(8!D!41)!<(/!?, !4664$%(!42,,&!"(42$+2>!1:&'>+/648$(!9!
$(/64&8(,!%2'(2/,!12!$+/>,!F!,4#&!( !#4/'(, !/%&8+/7( !,('(8)))!
!
!!A)!#:C!"2/(4!.46(84!8+'(/&!D !#4!.%4L8(!1:+/!1:8+')/( !+2!"882#2,!6#46+8&, !>4/5+&,!
,+2,-6&6/7!<2>(/&2,!(6!'85(/&2,!8(/'(6&, !526!>2"#&7!(8!"##('4=8(!>+2/!#4!>/('&)/(!5+&,!
(8! +O=A! (6! $+8826! 42! '+&8,! +=! 71&6&+8,)! #(! 6&6/(! (,6! 6&/7! 1(! #:'#&41(! *(''' ! +O-=J,! (6!
,&=8&5&(!32(!#(!-+81(!(,6!;8)!77/4/1!8(?'!>/7$&,(!*/(!2(!"'"&0 !+UAO,!32(!#:71&6&+8!#4!
>#2,!&867/(,,486(!(,6!$(##(!1(!+OS+!$4/!(##(!(,6!#4/=('(86!$+''(867(!>4/!#(,!'('"/(,!
1(!#4!1(/8&)/(!,+$&767!>48,+>%&32(!4##('481( !,+$&767,!32&!4!4&(86!#(2/!+/&=&8(!148,!#4!
/#+/(8$(! 1(! /&$&8+! (6! .+,&'+! 1(! -(1&$&)! .(! 6/4&67! (26 ! >4/! 4&##(2/, ! 6/+&,! 6/412$6&+8, !
#:28(! #46&8( ! #(,! 1(20! 426/(,! 5/48.4&,(, ! $(##(! 1(! <&6481/(! /(,67(! '482,$/&6( ! $(##(! 1(!
<25+2/8(#! 32&! (,6! >#2,! 28(! 414>646&+8! 32:28(! 6/412$6&+8 ! &'>/&'7(! (8! +OO=)! '#! 8:(,6!
>4,! &826&#(! 1(! /(>/+12&/(! &$&! 28! >4,,4=(! 1(! $(66(! $(2!/(! 32&! $+85&/'(! $(/64&8(,!
&85+/'46&+8,!1+887(,!>/7$71(''(86!32486!9!#4!-46(/&4!6/&'4!1(!#:$52!/(!4#$%&'&32(!
F!C!#:48&'4#!(,6!5+/'7!1:28!,>(/'( !,2",648$(!432(2,( !(6!6+26!,+8!+/=48&,'(!17>(81!
1:28!732&#&"/(!1(,!%2'(2/,!4$32(2,(,)!#:(42!(,6!7#7'(86!$4>&64#!1(!6+26!$+/>,!!&!486)!D!
!

! #%!
6#2,! >/),! 1(! 8+2, ! #(,! *+,(! %! ./+&0! 1:$/! $+86&82(86! ,2/! $(,! '1'(,!
!+&(,! 1+86! #(! <+$6(2/! 3(/84/1! :+,(>%! <.8#5'<<! !+8! #$H5G/5#<!
*+OA+-+SXX,! 526! 28! 1(,! >/&8$&>420! /(,>+8,4"#(,)! '#! ,:4>>2?4&6! ,2/! #(,!
+(2!/(,!1(!.%/&,6&48!MG$**!!+8!*$<5G*$;8!*+JAJ-+JSU,!(6!//48.+&,!
-(/$2/(! !48! 85#-$G;! *+J+S-+JUU,! IEK)! 64/'&! #(,! +(2!/(,! &'>+/6486(,!
1(! #4! *+,(! %! ./+&0! 1:$/ ! &#! 5426! $&6(/! #:C! $>2,! -4=+-$4"4#&,6&$2'! (6!
;%7+#+=&$2'!D!1(!7/(=+/&2,!"8=#2,!<"##H'7; !32&!6/4&6(!1(,!6/+&,!,2",-
648$(,! F! ,(# ! ,+25/( ! '(/$2/()! #:$/1/(! 7!+#24! >/+=/(,,&!('(86! >+2/! 8(!
/($/26(/! 32:42! 8&!(42! 1(! -4L6/(--4.+8! !(/,! #4! 5&8! 12! &('''(! ,&)$#()! '#!
$+'>/(84&6!U!1(=/7,!4&8,&!1&,6/&"27,!F!
!
+!-!:28&+/!
=!-!;%(+/(6&$2,!
A!-!6/4$6&$2,!
E!-!6%&#+,+>%2,!
P!-!-&8+/!
J!-!-40+/!
O!-!"1(>62,!50('>62,!
S!-!-4=&,6(/!
U!b!-4=2,!
!
#:41'&,,&+8! 42! 1(/8&(/!$?$#(! $+^64&6! UU! '4/[,-+/)! #(! #&(2!1(! /728&+8!
764&6!6+2,!#(,!1&0!48,!9!<'?/8()!#(2/,!>+2!+&/,!,('"#4&(86!'&/4$2#(20)!
!
58! #&4&,+8! 4!($! #(,! *+,(! %! ./+&0! 1:$/! (0&,64&6! 28(! ,+$&767! ,($/)6(! 6/),!
5(/'7(! F! ?$(+ 9% %$(+ 2&'*';(+ #$+ .!#('$+ "-+ %4$6).'$%(+ $*+ 9% %$(+ #$+ ')'&*+ D$)&+
.!<6)&*;.'(*$+ 6$&-(+ #+ #('$+ $&+ --%",$7+ 1+86! 28! 1(,! 7/481,! -4L6/(,! 526! #(!
>/&8$(! .%4/#(,! 1(! 85<<5-."<<5# ! 5+/'7! >4/! #(! $+'6(! 848,-8(&8/&$%!
!+8! 5.M5*! 281! 5.M8$//5G ! $+8,(&##(/! >/&!7! 12! /+&! 1(! 6+#+=8()! #(,!
5/)/(,! 1(!4&(86! 42,,&! 16/(! -4L6/(,! -4.+8,! IPK)! #:+/1/(! $+''28&324&6! 28(!
1+$6/&8()! #4! $/+?48$(! (8! #4! /+646&+8! 1(,! >'(, ! 6(82(! ,($/)6(! 148,!
$(/64&8(,! 7$+#(,! %(/'76&32(, ! 764&6! >/+5(,,7( ! (##(! 1(!&86! >#2,! 64/1! #4!
1+$6/&8(! 1(! #4! /7&8$4/846&+8 ! 32&! 8:(,6! >4,! 42,,&! /7$(86(! 32(! #(! >/76(81!
*(87! 7;5G$G! IJK ! >2&,32(! #(! 34/1+! ;%+1+#! ?! 54&6! 4##2,&+8! 4&8,&! 32(! #(!
#&!/(!&!1(!C!#4!*7>2"#&32(!D!1(!6#";$G)!6V;8"7$*5!#2&-'1'(!/($+8826!
,(,! 4/'(,! 1:28(! !&(! 4867/&(2/()! #(! 6/&8$(! 1(! 85<<5! 7$/&6! (8! +S=+F!C! #(!
<(&=8(2/!32&!':(8,(&=84!(8,2&6(!6+2,!#(,!$+/>,!>4/!+B!0:4&!>4,,7)))!D!
2222222222!
E)!M8+//!(+8!*+,(8/+6%!(6!-(/$2/(!(48!8(#'+86!5/732(86)/(86!4,,&1^'(86!#4!$+2/!
12!<2$%7!1(!<2#R"4$%!*8426-64#46&846, !&'>+/6486!$(86/(!7,+67/&32(!42!&(''(!,&)$#()!.(!
12$%7!,(/4!42!&('''(!,&)$#(!28!1(,!>/&8$&>420!$(86/(,!1(!#4!*%.!1:+/)!
P)! G+6+8,! $(>(81486! 32(! #:(//(2/! $+8,&,6486! 9! 54&/(! 426+'46&32('(86! 1:28! *+,(! %!
./+&0! 28! //48$--4.+8! (,6! ,+2!(86! $+''&,(! >4/! $(20! 32&! 4>>/7%(81(86! '4#! $(,!
32(,6&+8,)!'#!(,6!8+8!'+&8,!!/4&!32(!#:4>>4/6(848$(!420!1(20!,+$&767,!(,6!>+,,&"#()!
J)!72(8+8 !/('4/324"#(!148,!$(/64&8,!7$/&6,!>%&#+,+>%&32(, !8:(8!(,6!>4,!9!32(#32(,!
455&/'46&+8,!=/462&6(,)!

#!! !
!
.(/64&8(,!$/+?48$(,!1(,!//)/(,!'8&6&7,!1(!#:",&(!/4>>(##(86!#4!8+6&+8!1(!
3+11%&,466!4,)! #:+/&=&8(! +/&(864#(! 4,&46&32(! 526! 6+20+2/,! 466(,67(! >4/! #(,!
'('"/(,!1(!#:$/1/(!'4&,!42,,&!#4![4""4#(!(6!#:4#$%&'&(!?!0+24&(86!28!/@#(!
&'>+/6486)!#:$/1/(!764&6!'7>/&,486!>+2/!#(,!426/(,!+/1/(,!/+,&$/2$&(8,!(6!
#(,!%426,!=/41(,!1(!#4!-4.+88(/&(!#:4'2,4&(86)!#(,!1&=8&64&/(,!>+/64&(86!
1(,! 8+',! %7"/4?32(,! [4""4#&,6&32(,)! #(! .+##)=(! <2>7/&(2/! 5+/'4&6! #(!
<?8(1/&+8!4!($!O=!'('"/(,)!
!
G+2,! 8(! $&6(/&+8,! >4,! $(6! +/1/(! ,:&#! 8:4!4&6! (2! #4! $#(5! ,&'2#6487(! 1(,!
1(20! 4#$%&'&(,)! #(,! 1(20! >/('&(/,! =/41(,! 764&(86! >/+"46+&/(,)! '#,! ,(!
8+''4&(86!>/('&)/('(86!$%(/$%(2/, !(6!1(20&)'('(86!,+255/486,)!
!
'#!?!4!4&6!(8,2&6(!6/+&,!764>(,!,2>7/&(2/(,!F!
!
-!#(,!.%(!4#&(/,!(6!//)/(,!1(!<4&86!:(48!#:4!48=7#&,6(!!(82,!1:",&(!(8!
52/+>()!
!
-!#(,!<4=(,!-4L6/(,)!
!
-!#(,!6/16/(,!*+&, !!7/&64"#(,!*+,(!%!./+&0!28&,!9!-(#$%&,71($%)!
!
"2!6/+&,&)'(!=/41(!(0&,64&6!#4!>/46&32(!1(!#4!6&(//(!42!*+2=()!#:764>(!
,2&!486(! 764&6! /7,(/!7(! 9! $(20! 32&! >+2!4&(86! ,(! #&"7/(/! 1(,! ,$&34)&*(+
'&0;%'$-%(/+ 5##(! 4"+/14&6! #4! $+8,6&626&+8! 1:28! 3"%,(+ #$+ .-!' %$+ ;*$%&$./+ $8!
/(6/+2!(! #9! (04$6('(86! #(,! 764>(,! 1(! #4! 3216(! 64+?,6(! &86(/8(! 32&!
/728&,,4&6! #(,! !+&(,! 4#$%&'&32(,)! #(,! &8&6&7,! ,2>7/&(2/,! 1(! #:$/1/(!
,:4>>(#4&(86! ?$(+ 6 %$(+ $*+ 9% %$(+ #$(+ '$,*+ <*.'($(+ '&3"&&-$(+ #!#('$/+ G+6+8,!
42,,&! 32(! #4! ,$&(8$(! >?6%4=+/&$&(88(! 1(,! 8+'"/(,! (6! 1(,! ,+8,! 764&6!
26&#&,7()! #:(8,('"#(! 1(,! $+884&,,48$(,! 1(! $(6! +/1/(! 764&6! 4,,(R! /4/(! 9!
$(66(!7>+32()!
<7>4/7'(86!+2!>4/4##)#('(86 !>4/5+&,!$+80+&86!42!$+2/486!:"($+@+%%"'.7+
,.-(+ >4/6&$2#&)/('(86! 1(! .!#-%)$+ %%-3'(7+ ,(! >(/>762(! 28! !&(20! 5&#+8!
%(/'76&32(!1+86!#(,!6/4$(,!%&,6+/&32(,!,+86!,48,!732&!+32(,)!G+2,!4!+8,!
>2! $+'>2#,(/! #(,! 1+$2'(86,! 1(! #4! 7/481(! #+=(! 1:41&'"+2/= ! 32(#32(,!
(2/+>7(8,! #(,! >+,,)1(86! (8! >%+6+$+>&(, ! $(/64&8,! 426/(,! +/1/(,! 4$62(#,!
/7,(/!(86! $(66(! %&,6+&/(! 9! #(2/,! 41%7/(86, ! (8$+/(! 32(! $+''(! #:455&/'4&6!
28!/(,>+8,4"#(!4$62(#!"(#=(!&#!8:?!4&6!/&(8!1(!,($/(6!148,!$(66(!%&,6+&/( !(6!
32:+8!>(26!(8!6/+2!(/!6+2,!#(,!7#7'(86,!4&,7'(86)!
.(! 5&#+8 ! /(,$4>7! 1(,! 4$+#(,! 1(! -?,6)/(,! 148,! 1(,! >7/&+1(,! >#2,!
#+&864&8(,! *#(,! 9%)*$..'+ 7(3-%'7+ (6$),! 1(!&(86! >#2,! 4>>4/(86! 42! -+?(8! "=( !
>4/6&$2#&)/('(86! 148,! #:"$417'&(! *+'4&8(! 426+/&,7(! >4/! <'&;5! '(! (8!
+EO+ ! 148,! #(,! "4832(6,! >#46+8&$&(8,! +/=48&,7,! (8! +EOE! >4/! -4/$&#(!
/'.'G)! #(! $4/1&84#! 35-3$! 526! '('"/(! 1(! #:"$417'&(! 1(! /(//4/(! T! $:(,6!
#2&!!32&!!>(/'&6!!#4!!/7$2>7/46&+8!!(6!!#(,!!7621(,!1(!!#4!!64"#(!!1:'<'< !28!1(,!!

! #.!
!
!
&'!+'3&)!/0-(-(!

#4!64"#(!1:',&,!1&6(!12!.4/1&84#!35-3$+!(,6!28(!1(,!/4/(,!&##2,6/46&+8,!$+'>#)6(,!1(!
#4! !+&(! 12! .+/>,! 1:'''+/64#&67 ! 5+/'(! 1:4#$%&'&(! &86(/8( ! 4>>(#7(! 42,,&! C!+&(! 1(,!
<2",648$(,D)!<48,!/(86/(/!148,!#(,!"/$48(,!1(!$(66(!!+&( !&#!5426!8748'+&8,!/('4/32(/!
+,!#(,!1+,4=(,!,2==7/7,!9!1&!(/,(,!/(>/&,(,!T!
=,!#(,!,2",648$(,!/7!7#7(,!>+2/!32&!>(26!#(,!>(/$(!+&/!T!
A,! #(,! /7,2#6486(,! *7!+#26&+8! >/+=/(,,&!( ! ,(#+8! #(! 1(=/7! 1(,! '4=&,6)/(, ! 12! $+/>,!
1:&''+/64#&67,!32&!,(!6/+2!(86!>/7$&,7(,!>4/!#(,!$+2/+88(,!1(,!5&=2/486, !>#2,!+2!'+&8,!
,+>%&,6&327(,!,(#+8!#(,!764>(,)!
.(/64&8(,!5&=2/(,!1+88(86!1(,!>/7$&,&+8,!(8!411&6&5,!>+2/!32&!8(!$+'>/(81/4&6!>4,!#4!
>&,6(!1(!#4!5+/'46&+8!1(!#:'"&, !,2==7/7(!>4/!#(,!176(86(2/,!1(,!"/$484!"/$48+/2')!
'#! 8:(,6! >4,! 76+88486! 32(! #(! .4/1&84#! 35-3$! 4&6! 54&6! >4/6&(! 1(! #:"$417'&(! >#46+8&-
$&(88(!1(!/(//4/()!

+)! #(! .4/1&84#! 3('"+! *+EOX-+PEO,! 526! #(! ,($/764&/(! 12! 64>(! #7+8! &)! .7#)"/(! 486&324&/(! (6!
%&,6+/&(8! 1(! #4! *7>2"#&32(! 1(! ((8&,( ! &#! 4$%(64! $(66(! 64"#(! 1(! "/+8R(! (6! 1:4/=(86! 4>/),! #(! ,4$! 1(!
*+'(!(8!+P=O)!
!

$'! !
!

! $"!
>/&8$&>420! 1+$2'(86,! 1(! #4! !+&(! 4#$%&'&32(! &86(/8()! <+8! 4'&! #(! >4>(!
#4$G! &! #:4&14 ! &#! #2&! 7$/&!&6! 1:4&##(2/,! 28(! #(66/(! 32&! 1('481(/4&6! 28(!
7621(! 4>>/+5+81&(! ,2/! ,4! ,&=8&5&$46&+8 ! 148,! #432(##(! &#! 455&/'(F! B+ 5-.+ &$+
()'*+ 3"!2'$&+ .)+ 0)2.$+ #$+ D;(-(=%4%'(*+ &"-(+ )+ ;*;+ ,%"0'*)2.$/+ C+ 5##(! >(26! #4&,,(/!
>(8,(/! 32(! "(42$+2>! 1:41(>6(,! 34$6)-34)'$&*+ .$+ *'*%$7+ $:(,6-9-1&/(! 32:&#,!
0+24&(86! #(,! $4/6(,! 87$(,,4&/(,! 9! #4! ,42!(=4/1(! 12! 17>@6! 7,+67/&32( ! #(!
'(&##(2/! '+?(8! 1:7!&6(/! #4! /7>/(,,&+8! 76486! 1:16/(! 148,! #4! %&7/4/$%&(!
($$#7,&4#()! 64/! #4! ,2&6( ! $(! 5&#+8! ,:+$$2#64! 4>/),! #(,! >(/,7$26&+8,! >4>4#(,!
(6! $(##(,! 1(! 68'#'665! '' ! /+&! 1:5,>4=8(! (6! 1(! G4>#(, ! >+2/! ,(! /7>481/(!
148,! #(,! L#(,! "/&6488&32(, ! >4/6&$2#&)/('(86! 9! 6/4!(/,! #4! ,+$&767!
34$+8&(88()!!
!
.:(,6!9!#4!,2&6(!1(!#:&86(/1&$6&+8!>4/!.8"*#5<!''!(8!+JJU!$+8$(/8486!
#(,! ,+$&767,! ,($/)6(,! 32(! ;%+'4,! <;"G#5V*+J=P-+JOS,! 6/48,5+/'4! #(,!
64!(/8(,! (8! $#2",! 1(! >/&,(2/,! *,8255-;4[(/,, ! (6! +>64! >+2/! 28(! 4##7=+/&(!
1(! #4! $2#62/(! 12! 64"4$)! 64/4##)#('(86 ! $(! 5&#+8! =/>$(! 9! H&##&4'! 65GG !
,:&'>#486(!9!6%&#41(#>%&( !,:76(81!(8!"'7/&32(!(6!/(6+2/8(!(8!//48$(!(8!
+OOS!+B!&#!>/(81/4!#(!8+'!1:$/1/(!1(,!G&$+6&8&432(,)!
!
G+2,! 4!+8,! #(,! >/(2!(,! %&,6+/&32(, ! $(>(81486 ! 1:426/(,! $+2/486,!
>4/4##)#(,! 9! #4! '1'(! 7>+32(! ?! $+'>/&,! 148,! #(! '+81(! 5/48$+>%+8()! 58!
+OSX!8+2,!#(!6/+2!+8,!148,!#(,!<2"#&'(,!-4L6/(,!1(!#:"88(42!#2'&8(20 !
/&6(! 7>%7')/(! 32&! 1(!&86! #(! +=(! 1(=/7! 12! *&6(! 4$+,,4&,! 6%&#+,+>%&32(IOK !
.:(,6! #(! >#486! 1(! 64"4$! /+2=(! *-$##V,! $+882! >4/! #(,! 7/($,! 32&! 764&6! #4!
>#486(! ,?'"+#&32()! #4! %&7/4/$%&(! 764&6! 42,,&! >?6%4=+/&$&(88(! $4/! ,&! #(,!
$(/$#(,! 1(! #:$/1/(! ,+86! 1(,! !)&-0)3*-%$(7+ .$+ (787/4"#(! -4L6/(! (,6! 28!
#'#)(3).$/+ :(48--4/&(! *"7$G! 1(! 35;;'7G'5< ! 1+86! 8+2,! >/7$&,(/+8,!
148,!28!426/(!$%4>&6/(!#(!/@#(!&'>+/6486!148,!#(!$+2/486!%(/'76&32( !(6!
3(/84/1! *4?'+81! /"3*5! 6"#"6*";! *+OOP-+SAS, ! 5+8146(2/! 1(,! G7+-
;('>#&(/, !4!4&(86!767!/(.2,!148,!$(6!+/1/(!%(/'76&32()!
!
/426-&#! $+8$(!+&/! #4! 5&#&46&+8! 1(! #:$/1/(! <+2!(/4&8! (6! -&#&64&/(! 12!
;('>#(! 1(! :7/2,4#(' ! (0>/(,,&+8! 4$62(##(! 1(,! G7+-;('>#&(/, ! $+''(!
4?486!767!#(!$(/$#(!(067/&(2/!1:28!+/1/(!>#2,!5(/'7a!'#!8(!5426!>4,!+2"#&(/!
32(! #(! <>/! 65#"<"G! (8! 526! =/481! -4L6/(! *+SU=,)! $/ ! +8! ,4&6! 32:&#! 526!
17>+,&64&/(! 1:28(! $(/64&8(! 5&#&46&+8! /+,&$/2$&(88(! (6! %(/'76&32(! ,2/!
#432(##(! 8+2,! /(!&(81/+8,)! '#! ,('"#(! 32(! $(#4! ,+&6!#(! 17>4/6! 1(! $(6! +/1/(!
1&6!1(!($!'+3"-6$%*-%$/+
+
.:(,6! #:466&621(! 1(! #:('>(/(2/! 32&! !4! 16/(! #4! >#2,! /7!7#46/&$()! (4#(86&8!
4*'7YG5!7$/&6,ISK!F!C!58!+SXS !#:('>(/(2/!1+884!#:426+/&,46&+8!9!/"3*5!
6"#"6*";!(8!6486!32(!/7=(86!1(!#:$/1/(!,($/(6!1(,!;('>#&(/, !1:+/=48&,(/!
28(!,+'>62(2,(!$7/7'+8&(!$+''7'+/46&!(!9!#:+$$4,&+8!1(!#:488&!(/,4&/(!!
222222222!
O)!(+&/!">>(81&$(!+!F!C!8&,6+&/(!1(!#4!1+$6/&8(!>?6%4=+/&$&(88(!D!!
S)!(4#(86&8!4/&=)8(!F!C!G4>+#7+8!(6!#(,!<+$&767,!,($/)6(,!D !41)!.%486(#+2>)!

$#! !
!
1(!#4!'+/6!1(!:4$32(,!1(!-$#"V !1(/8&(/!=/481!!-4L6/(!12!;('>#( !"/^#7!
!&5! 9! 64/&,! (8! #:48! +A+E)! #:7!78('(86! ,(! 17/+2#4! (8! =/481(! >+'>(! 42!
-4/4&, !#(!++!'4/, !(8!#:7=#&,(!<4&86-642#-<4&86-#+2&, !/2(!<4&86-"86+&8()!
<(,!67'+&8, !1+86!-+8,&(2/!1(!-$G;"7G". !/(#46)/(86!32(!$(!526!28(!
/(>/7,(8646&+8! 1:28! =/481! 54,6( ! $+'>4/4"#(! 42! ,4$/(! 1(! #:('>(/(2/)!
G4>+#7+8 !8+8!,(2#('(86!1+884!#:426+/&,46&+8!>+2/!#(!17/+2#('(86!1:28!
6(#!7!78('(86 !'4&,!'&(20!(8$+/( !&#!+/1+884!32:28!/7=&'(86!1:&85486(/&(!
,:?!/(81L6!45&8!1(!$+8,6&62(/!28(!%4&(!1:%+88(2/)))!D!
!
-+8,(&=8(2/! '!48! 1(! #4! ;8'3";<5*'5 ! 148,! C! 4=#&,(,! (6! 4!132(,!
.46%+#&32(,!8+8!*+'4&8,!D!>/7$&,(!C!"2!17"26!12!,&)$#(!1(/8&(/ !#:$/1/(!
12! ;('>#(! 0+2&,,4&6! (8! //48$(! 1(! #4! '(&##(2/(! (,6&'(! (6! $+'>64&6! >4/'&!
,(,!'('"/(,!1(,!>(/,+884=(,!5+/6!1&,6&8=27,!F!#(!$+'6(!1(!#"G:;'G"'< !
>4&/! 1(! //48$( ! #(! 12$! 1(! -$G;-$*5G.V ! #:4'&/4#! /*5V<<'G5; ! #(!
"4/+8! /*5;5";! 1(! 65GV ! >4&/! 1(! //48$( ! $+8,(&##(/! 9! #4! .+2/! 1(!
.4,,46&+8 !#(!$+'6(!1(!3*".M !+55&$&(/!=787/4#!42!,(/!&$(!1(!#4!//48$( !#(!
$+'6(!1(!#".565<5 !5''482(#!1(!#"<!."<5< !#:4'&/4#!<&18(?!<-';8 !
#(! >+)6(! ;5GGV<$G ! #(! $+8,(&##(/! /;"#<5< ! #(! '4=&,6/46! 1(! ."-6$< !
<&/! #"-3;$G ! #+/1! <;*8"- ! G4>+#7+8! 1(! -$G;535##$ ! .%4/#(,! 1(!
-$*G"; !52=)8(!G5V !#(!$+'6(!1(!.8$'<5;#-<;"'G('##5 !(6$)!D!.:(,6!
4&8,&! 32(! 8+2,! 4>>/(8+8,! 32:42! ,(&8! 1(! #:+/1/(! (0&,6(! 42,,&! 28(!
%&7/4/$%&(!/(#&=&(2,( !(6!32(!-+8,(&=8(2/!7;'##";-5!$+8,4$/4!#(!=/481!
-4L6/(!/"3*5!6"#"6*";!#(!=X!02&##(6!+S+X)!#(!'1'(!0+2/!&#!/($+8,4$/4!
,2"$+81&6&+887! :(48! -".8";#;! 7!132(! 0+%488&6( ! $+41026(2/! =787/4#)!
'#! #(2/! 1+884! 4&8,&! >+2!+&/! 1(! 6/48,'(66/(! #(,! +/1/(,)! #:4=#&,(! 0+%488&6(!
!4! $+884L6/(! 28(! (0>48,&+8! 32&! $2#'&84! (86/(! +SA+)! (6! +SAA! 4!($!
#:41'&,,&+8!12!>2"#&$!9!#4!'(,,(!0+%488&6()!G+2,!8(!/(!&(81/+8,!>4,!,2/!
#(! >/+"#)'(! 1(,! >/(2!(,! %&,6+/&32(,! (6! ,2/! $(/64&8,! 5420! 1(! /"3*5!
6"#"6*"; !32&!4!>2!$/7(/!28(!3"-6$%*-%$/+
+
#4! /74#&67! 32&! ,(! $4$%(! 1(//&)/(! #(! >%78+')8(! %&,6+/&32(! >(26! 8(! >4,!
4>>4/4L6/()! <&! 8+2,! 6+'"+8,! 148,! #:%&,6+/&$&,'( ! 6+26(,! #(,! 5&#&46&+8,!
4$62(##(, !'4.+88&32( !/+,&$/2$&(88(!+2!'4/6&8&,6( !,+86!1(,!$/746&+8,!$.+
&'4'."/+ ;8! (04'(8! 466(86&5! 1(,! 6(06(,! 1(! $(/64&8,! /&62(#, ! $+8!(86, ! (6$) !
(,6! ,255&,486! >+2/! ,:(8! /(81/(! $+'>6()!<48,! >4/#(/!1(,!$+8!(86&$2#(,!6(#!
$(#2&!1(!#4!/;<$<' !32&!1(!&(81/4&(86!$.,."('0(7!,:&#,+764&(86!(067/&+/&,7,)!
!
6+2/! (8! /(!(8&/! 9! #:$/1/(! G&$+6&8&432( ! "(42$+2>! 1(! 5/)/(,! 764&(86!
'('"/(,! 1(,! 1(/8&(/,! 1(=/7,! 12! *&6(! 1(! -&,/4?')! '#! ,:4=&6! "&(8! (86(812!
12! /7=&'(! 1(! G4>#(, ! "*."G"! "*."G$*;- ! 32&! $+'>+/64&6! 42,,&!
3246/(! 1(=/7,)! 6/7$71(''(86 ! $+''(! 4$62(##('(86! 1:4&##(2/, ! #(!
3246/&)'(!1(=/7!1(!#:$/1/(!8(/'76&32(!$+//(,>+81!9!#:7$%(##(!1(!G4>#(, !
9!6(#!>+&86!32:28!'('"/(! 12! 1(=/7! ,4$(/1+64#! (,6! $+8,&17/7! $+''(!UX(!
1(!-&,/4?')!
!

! $$!
#4! 5&#&46&+8! 1(! $(! /&6( ! ,2/! $(,! 1(20! #&=8(,! *%(/'76&32(! (6! "2/4(!
./2$&,, ! >4/6&$2#&)/('(86! 9! 6/4!(/,! #(,! 5/)/(,! 65#"<"G ! (6! !&4! <>/!
8'5*$GV-;<IUK !,(!>/+#+8=(!02,32:9!8+,!0+2/,)!G+2,!/(!&(81/+8,!,2/!#4!
,&6246&+8!4$62(##(!148,!28!426/(!$%4>&6/()!
!
'#! 8:(,6! >4,! >+,,&"#(! 1(! >4/#(/! 1:%(/'76&,'(! ,48,! 7!+32(/! #4! 5&#&46&+8!
1/2&1&32( ! 8+8! >4,! 42! 8&!(42! 1:28! 32(#$+832(! ,4$(/1+$( ! '4&,! >+2/! #4!
6/48,'&,,&+8!1(!,($/(6,!&8&6&46&32(,!/7(#,)!#(!6&6/(!8(!,&=8&5&486!>4,!=/481!
$%+,( ! "81/7! <"($*5;! ?! 54&6! 4##2,&+8! 32486! &#! 7$/&6! C! .(/64&8,! ,($/(6,!
8:764&(86! $+85&7,! 8&! 420! 1/2&1(,! ,$%&,'46&32(, ! 8&! '1'(! 9! 6+2,! #(,!
426/(, !&81&,6&8$6('(86)!D!'#!8+6(!>4/!4&##(2/,!32(!#:%&,6+&/(!/4>>+/67(!>4/!
6#'G5 ! 32486! 9! #4! $+8,6&626&+8! 1:28! +(25! 54&6! 4!($! #4! "4!(! 1(! ,(/>(86, !
/(85(/'(! 28! 1(,! ,($/(6,! '40(2/,! 12! ,48$624&/()! '#! 5426! 40+26(/! 32(!
#:%&,6+&/(!>/7$&,(!32(!C!#:+(25!1+&6!16/(!>/+0(67!(8!#:4&/!>4/!#(,!,&55#('(86, !
32:&#! 5426! #(! /($(!+&/! 148,! 28! ,4?+8! ,48,! 32:&#! 6+2$%(! #(! ,+# ! (6! 32(! #(!
/4!&,,(2/! 1+&6! ,:(852&/! 9! $%(!4# ! >+2/,2&!&! >4/! #(,! +>%&1&(8,! 02,32:9! $(!
32:28(! /&!&)/(! ,:&86(/>+,(! (86/(! (20! (6! #2&)! .+''(! #(,! '4=(,! ,+86!
&8=78&(20! 9! 5/421(/ ! &#,! >/76(81(86! 32:28(! $(/64&8(! #28(! (,6! 9! $%+&,&/!
>+2/!,(!>/+$2/(/!$(6!+(25 !$+''(!,:&#!17>(814&6!1(!#4!!+#+867!%2'4&8(!1(!
54&/(!$+?8$&1(/!#:+>7/46&+8!1(,!,(/>(86,!4!($!#:7>+32(!$%+&,&(!I+XKD!
!
;+2,!#(,!7#7'(86,!1(!#4!$+8,6&626&+8!12!$+/>,!1:&''+/64#&67!,('"#(86!
4&8,&! /728&,! (6! 1+887,! ,48,! 732&!+32(! >+2/! $(20! 32&! $+884&,,(86! #(,!
4,>($6,! >/46&32(,! 1(! #4! !+&(! &86(/8( ! 1&6(! 42,,&! 3246/&)'(! !+&( ! +2! !+&(!
1(,! ,2",648$(,)! G+2,! /(!&(81/+8,! 2#67/&(2/('(86! ,2/! #4! 32(,6&+8! 1(,!
,&55#('(86,! 87$(,,4&/(,! 9! #4! ,7>4/46&+8 ! 1(! '1'(! 32(! ,2/! #4! 8+6&+8! 1(!
!"&*$%+ ,+ 34$6).7+ $:(,6-9-1&/(! 1(! ,4!+&/! '4L6/&,(/! ,+8! !7%&$2#(! >,?$%&32(!
*,2>>+/6! #(! >#2,! (067/&(2/! 12! $+/>,! 1(! =#+&/(, ! (85&8! 1(! ,)(($%+ .!$)-+ ,48,!
(8$+'"/( ! $4/! &#! 5426! ,4!+&/! 54&/(! #(! !+?4=(! 4!486! #4! '+/6! 8462/(##( !
$+''(!#(!!+2#4&(86!#(,!7$+#(,!,7/&(2,(,!1(,!'?,6)/(, !1+86!#4!>#2>4/6!1(,!
,+&-1&,486! "%#%$(+ &8&6&46&32(,! 4$62(#,! 8(! ,+86! >#2,! 32(! 1(,! >4/+1&(,)! #(!
1(=/7! 1(! '4L6/(! '4.+8! *4!($! ,4! #7=(81(! 1:8&/4', ! $(#2&! 1(! #:$/1/(!
8(/'76&32(!*4!($!#4!#7=(81(!1:$,&/&,!(6!1(,!7#7'(86,!"&(8!>#2,!+/&=&8420!
32(!$(20!1(!#4!'4.+88(/&(, !7!+32(86!$(66(!>%4,()!!
!
#(,! ,($/(6,! $(#6&32(,! 52/(86! ,+2!(86! $4$%7,! 148,! #4! $%4/"+88(/&( !
$%4>(4267(! >4/! 1(,! $(/$#(,! +2! +/1/(,! >#2,! 5(/'7,I++K)! <48,! 1+26(! 5426-&#!
$+8,&17/(/! #:$/1/(! 8(/'76&32(! 1(! #:8(/'&8(! 1:"/=(86! $+''(! #:28! 1(,!
>#2,! ,7/&(20 ! '1'(! ,&! ,4! ,&6246&+8! 4$62(##( ! ,2/! #432(##(! 8+2,! /(!&(8-
1/+8, ! 8+2,! ,('"#(! >#2,! >/+$%(! 1(! #:40(! &''+"&#(! 32(! 1(! #4!
'48&5(,646&+8)!
2222222222!
U)!<>/!8&(/+8?'2,!F!4'&#(!<486&88(!*+UcXEc+SSE-=+cXPc+UJU,)!
+X)!"81/7!<4!+/(6!F!C!<($/(6,!12!</2&1&,'(!D !41)!<(/!?)!
++)! '#! (,6! &867/(,,486! 1(! /4>>/+$%(/! 8+,! C! .4/"+84/&! D! 1(! #:4$+#(! 1(/!&$%(! 1(,!
.%4/"+88&(/, ! ,2/6+26! ,&! #:+8! ,4&6! 32(! #(! 6(/'(! C! /(%'! D! ,&=8&5&(! (8! "/4"(! 42,,&! "&(8!

$(! !
G+&/! 32(! .+884&,,48$()! #(,! 6/+&,! >/&8$&>420! 1(=/7,! 1:&8&6&46&+8! ,+25&(! $+'>+/6(86!
#:(0>#+&646&+8!12!6%)'(!1(!#4!'+/6!F!-+/6!3#48$%( !-+/6!((/6( !-+/6!G+&/( !,2&!&(!1:28(!
/(84&,,48$()!
!

! $&!
)

:"."'3)%&,/'63)%;%+,)/+)"%<<-",)%2'&)/+')-/)<6/30'/"3)2-0'3)
%6&7040=/'3((((((((((((((((((((((((((((((((((((((((((((((((((((((((()

G+2,!8:4##+8,!>4,!1+88(/!1(,!>/7$&,&+8,!,2/!#(!6?>(!1(!!+&(!4#$%&'&32(!
32(! $(/64&8,! +/1/(,! 176&(88(86 ! 148,! $(/64&8,! $4,)! G+2,! (0$#2+8,! 1(!
54$6+! $(20! 32&! ,:4664$%(86! 9! 175&8&/! 1(,! !+&(,! 1&6(,! (,'%'*-$..$(7+ +2! 1(!
!(/"&4=(! (8! !(/"&4=( ! 4!($! #(! '+6(2/! 1(! #:(,>7/48$( ! ,&! (,,(86&(#! *(6! ,&!
(0>#+&67,! 9! #:16/(! %2'4&8 ! +8! >/76(81! $+812&/(! 28! 7#)!(! !(/,! #4! #2'&)/( !
(8!#2&!#4&,,486!(,>7/(/!>#2,!148,!#(,!>/+$%4&8(,!!&(,d!

!;+26! 1:4"+/1! &#! 8+2,! 5426! >4/#(/! 1(,! 5&#&46&+8,! 12! $+2/486! 1&6! :"($+ @+
%%"'.++2!/+,&$/2$&(8!4!($!,(,!'2#6&>#(,!54$(66(,)!
!
#(,! "/48$%(,! #&7(,! 9! #:48$&(88(! *$<"5! .*;.'< ! >#2,! >/7$&,7'(86!
#:48$&(88(! *+,(! %! ./+&0! 1:$/ ! ,(! >(/>762(86! (8$+/(! 420+2/1:%2& ! 4!($!
>4/5+&,! 1(,! 7'(/=(8$(, ! #(,32(##(,! 8(! 1+&!(86! >4,! 16/(! $+85+812(,! 4!($!
#:$*" ! $/1/(! 1(! *+,(! ./+&0! 1:$/! 32&! 5^6! 28! '+'(86! 17>(81486! 1(! <>/!
8'5*$GV-;< ! 8&! '1'(! 4!($! #(,! *+,(! %! ./+&0! 1:+/! 1(! 84/#(' ! 32&! ,+86!
28(!(0>/(,,&+8!12!#($6+/&2'!*+,&$/2$&482'!5+817!420!64?,!34,!>4/!!48!
*':.M5G3$*78 ! '+2!('(86! $%/76&(8! =8+,6&32( ! 32&! ,:&867/(,,(! >(2! 9!
#4! '46&)/( ! +2! (8! 6+26! $4,! >4,! $+''(! '+?(8! 1(! /71('>6&+8 ! ,(#+8! #(,!
!2(,!12!'48&$%7&,'()!
<48,! 28(! (0>/(,,&+8! >#2,! +2!(/6( ! #4! *+,(! %! ./+&0! 1:$/! ,(! /(6/+2!(!
148,! #(,! $(/$#(,! &86(/8(,! #&7,! 9! #4! 5&#&46&+8! 8'5*$GV-;<! (6! 5#7'-I+K!!
*>#2,!+2!(/6(!>4/!/4>>+/6!420!5&#&46&+8,!&86(/8(,!F!(8!54&6!$(,!$(/$#(,!,+86!
(8$+/(! 4,,(R! 5(/'7,! 4$62(##('(86 ! (6! $:(,6! '&(20! 4&8,&,)! .(,! +/1/(,! 8(!
/($/26(86!>4, !&#,!,(!'4&86&(88(86!>4/!$++>646&+8!148,!1:426/(,!=/+2>(,!
+2!148,!#4!//48$--4.+88(/&(I=K)!
2222222222!
+)!-4L6/(!:(48!-4##&8=(/)!

$6! !
!
!
<>/! 8'5*$GV-;<! 4!4&6! 4'4#=4'7! 1&!(/,(,! 5&#&46&+8,! 9! ,(8,&"&#&67!
>4/5+&,! +>>+,7(,)! '#! (,6! ,2/6+26! $+882! 148,! #(! $41/(! 1(! #:$/1/(! 1(! #4!
*+,(! %! ./+&0! ;8&!(/,&64&/(! 32&! 4! 8(25! 1(=/7,! *N(#46+/ ! ;%(+/(6&$2, !
6/4$6&$2, !6%&#+,+>%2, !"1(>62,!-&8+/ !"1(>62,!-40+/ !"1(>62,!50('>-
62, !-4=&,6(/!;('>#& !-4=2,,!(6!$+812&,4&6!9!#4!C!*+,(!%!./+&0!'867/&(2/( !
9! 3246/(! 1(=/7,! *4$2?(/ ! .%(!4#&(/ ! .+''481(2/ ! ''>(/46+/,)! .(!
$+2/486! 9! ,(8,&"&#&67! $%/76&(88(! 4!4&6! 767! 1&,,+$&7! 1(! ,+8! (0>/(,,&+8!
>4?(88(!%(/'76&32( !/7+/=48&,7(!>4/!//48.+&,!<$5;5H5V!*<>/!<;.;<, !
$(!32&!8(!,&=8&5&4&6!>4,!32(!$(,!+/1/(,!764&(86!(8!$+85#&6)!'#!5426!>/7$&,(/!
$(>(81486!32(!#4!5&#&46&+8!%(/'76&32(!764&6!#4!>#2,!$+'>#)6(!42!8&!(42!1(!
#4! 5&#&46&+8! &86(/8( ! (##(! >(/>7624&6! #(! !&(20! $+2/486! 1(,! "*."G"! "*."-
G$*;-!1+86!8+2,!42/+8,!9!/(>4/#(/)!
!
#:$/1/(!8(/'76&32(IAK!,(!>/7,(864&6 !(6!,(!>/7,(86(!(8$+/( !$+''(!28(!
5+/'(! 1(! -4.+88(/&(! >#2,! +$$2#6( ! >+2!486! 1+88(/! #:+/&(8646&+8! (04$6(!
420!426/(,!'4.+88(/&(, !(8!54&6!9!02,6(!/4&,+8 !$4/!#4!!&(&##(!5&#&46&+8!1(,!
"*."G" !(6!#(,!1(=/7,!32&!#(2/!,2$$)1(86!#7=&6&'4&(86!$(66(!>/76(86&+8)!
!
<:426/(!>4/6 !148,!#:$/1/(!8(/'76&32(!,(!$+86&824&6!6+20+2/,!#:";*"5!
.*;.'<)! <(! 8+,! 0+2/, ! ,&! #:4'"&6&+8! (,6! '+&81/( ! #(,! 5&#+8,! 8:+86! >4,!
$%48=7)! .2/&(2,('(86 ! &#! ,('"#(! 32(! $(! ,+&6! 28(! +/=48&,46&+8! 1(! #:(0-
/;<$<'! 32&! 4! >/+!+327! 28(! +$$2#646&+8! (8$+/(! >#2,! =/481(! 1(,! 426/(,!
5&#&46&+8,!F!&#!,:4=&6!1(!#:"-$*.!*"8$&(8!(6!-?,6&32(!$/1/(!*+,4(!./2$&,, !
32&! 4! 41+>67! 28(! '48&)/(! 4'7/&$4&8(! 1(! >2"#&$&67! *4$$(>67( ! &#! (,6! !/4&!
>4/! #4! /;<$<', ! >2&,! (8! 52/+>(! 28(! '76%+1(! 1(! $+2/,! >4/! $+//(,>+8-
148$(!*8+8!4$$(>67(!$(66(!5+&,,)!
!
<+8$ !$+86/4&/('(86!!9!!$(!32:!455&/'(86!!$(/64&8,!!426(2/, !!1:426/(,!!
2222222222!
=)!'#!8:(,6!>4,!>+,,&"#(!148,!#4! $+80+8$62/(!4$62(##( !(6!45&8!1:7!&6(/!#(,!1&!4=46&+8,!
1:426(2/,!(8!'4#!1(!,(8,46&+8, !1(!1+88(/!1(,!>/7$&,&+8,!,2/!$(/64&8,!$+2/486,!*!%!.!
6/),!5(/'7, !17>+,&64&/(,!(8$+/( !(86/(!426/(, !1(,!1(20!!+&(,!*(06(/8(!(6!&86(/8(,)!/426-
&#! >/7$&,(/! 32:&#! (0&,64&6! (8$+/(! 9! /#+/(8$(! 42! &(''(! ,&)$#(! 28! C! $/1/(! 1(,! -4=&$&(8,! D !
,$&,,&+8! 1(,! //)/(,! 1(! #4! *+,(! %! ./+&0 ! 42! &((! ,&)$#( ! 28! $/1/(! >#2,! &86(/8(! 32(! #:+8!
/(6/+2!(!9!#4!$#(5!1:7!78('(86,!148,!1:426/(,!>4?,)!
.:(,6!4$62(##('(86!#:"'7/&32(!32&!$+'>6(!#(!>#2,!1:"1(>6(,!1(!$(,!!+&(,!&86(/8(,)!
!!!!!!
!!!!A)!'#!5426!/(81/(!%+''4=(!42!/(,>+8,4"#(!4$62(#!1(!$(!5&#+8 !<>/!G("!;4!32&!4!,2!#(!
$+8,(/!(/! 148,! #4! #&=8(! (6! #:(,>/&6! !+2#2! >4/! <>/! <2$2,! (6! <>/! 5#=&' ! $:(,6-9-1&/(! 148,!
#:(,>/&6! 1(,! 4$+#(,! 1(! -?,6)/(,! 7=?>6+-=/($32(,! 32&! 8:+86! >4,! "(,+&8! 1(,! 40+26,!
2#67/&(2/,! [4""4#&,6&32(,! >2&,! $%/76&(8, ! >+2/! (0>/&'(/! #(! '(,,4=(! 1(! #2'&)/( ! (6!
>(/>762(/! 28(! ;%72/=&(! 4$6&!(! (8! /(#46&+8! 4!($! #(,! <&(20)! 3(42$+2>! 1:7,+67/&,6(,!
$+''(8$(86! 9! /74#&,(/! 32(! #(,! 4#>%4"(6,! 7=?>6&(8,! (6! =/($32(,! >(2!(86! 16/(! >#2,!
>4/#486, !(55&$&(86,!(6!"&(8!>#2,!$#4&/,!32486!9!#:(0>#&$46&+8!1(!#:;8&!(/,)!'#!(,6!/(=/(664"#(!
32(! #(,! 4$+#(,! 32&! 176&(88(86! #(2/! ,&=8&5&$46&+8! 8(! ,(! ,+&(86! >4,! '48&5(,67(,! (067-
/&(2/('(86)!

! $%!
+/1/(,!1(!#4!175286(!/;<$<'!,(!>(/>762(86 !$+8,(/!486!#(,!!&(&##(,!/)=#(,!
1(! $(66(! 9-)-:#E27+ A521-:'#?2'+ )2:2F-5'+ 7:)25-'+ '7%2-E#E-'+A-++
252E2#E2752'/+
+
"! $(! ,20(6 ! $(/64&8,! 1+$2'(86,! >#2,! &86(/8(, ! 1+86! 28! >/+$),! !(/"4#!
$+86/(,&=87!>4/!$(/64&8,!<>/,!*1+86!8+2,!8(!>+2!+8,!54&/(!7646!$4/!8+2,!
/&,32(/&+8,! 1(! 17$#(8$%(/! 1(,! $/&,(,! &826&#(,,! $+85&/'(86! $(! 32(! 8+2,!
,4!&+8,! 1(! #4! >#2>4/6! 1(,! 5&#&46&+8, ! 32&! 8(! ,+86! 32(! 1(,! $/746&+8,! $.+
&'4'."/+ '#!(,6!!/4&!32(!#:%2'4&8!4!"(,+&8!1(!/(52=(, !(6!32:28(!+/&(8646&+8!
$2#62/(##(! (6! 32(#32(,! (0(/$&$(,! >,?$%&32(,! #(! ,46&,5+86! >#(&8('(86 !
1:426486! >#2,! 32:&#! =4/1(! #:(,>+&/! 32(! #(! 1(=/7! ,2>7/&(2/! #2&! 1+88(/4! #(,!
$#(5,! 32:&#! 466(81)))! 64/! 4&##(2/,! &#! 5426! /($+884L6/(! 32(! $(/64&8,! 764&(86!
176(86(2/,! 1(,! "*."G"! "*."G$*;- ! $:(,6! >+2/32+&! 8+2,! 8+2,!
,+''(,!76(812,!,2/!$(!,20(6!$+86/+!(/,7)!
!
<:426/(,! 176(86(2/,! 1(! 5&#&46&+8,! *+2! ,+&! 1&,486))),! 4!4&(86! $%+&,&! 28!
426/(! $4'> ! $(#2&! 1(! *)! <e&8"2/8(! .#V-5* ! =/481! '4L6/(! 1(! #4!
5/46(/8&67!*+,4(!./2$&, !(6!(88('&!1(!8)!<>(8$(/!#5H'<!*!''>(/46+/!1(!#:!
"-$*.!,!F!&#!,:4=&6!(86/(!426/(,!1(!.+8,6486!.85('##$G !/(,>+8,4"#(!1(!
#:$/1/(! -4.+88&32(! 1(! -('>%&,! -&,/4?' ! 1(! #:$/1/(! -4/6&8&,6( ! 1(! #4!
*+,(! %! ./+&0!M4""4#&,6&32(!(6! 1(!#:4=#&,(!78+,6&32(! *! 5&#&46&+8! 3*'.";< !
17$717! (8! +UAE ! >2&,! 8(8/&! .%4/#(,! <;6$G; ! (6$),)! '#,! ,&=8)/(86! 28!
6/4&67! 32&! &8,6&624! #4! /;<$/<'! */717/46&+8! ;8&!(/,(##(! 1(,! $/1/(, !
<+$&767,!(6!//46(/8&67,!1(,!'8&6&7,,)!
!
"2! ,20(6! 12! /&6(! 1(! -('>%&,! -&,/4?' ! &#! 5426! 8+6(/! 32(! #4! /;<$<'!
4!4&6!42,,&!#(,!,&(8,!$4/!8+2,!/('4/32+8,!148,!#(,!+/1/(,!41'&,!(8!+UAE!

-!#:$/1/(!-4.+88&32(!$/&(864#!12!*&6(!48$&(8!(6!6/&'&6&5!1(!-('>%&,!
-&,/4?'! /(>/7,(867! >4/! #(,! 5/)/(,! 7*;;5*! *AA( ! UO(, ! (6! /';";! *AA( !
UP(,)!
-! #:$/1/(! -4.+88&32(! -&06(! 1(! -('>%&,! -&,/4?' ! /(>/7,(867! >4/! #(!
5/)/(!*4+2#!/*;.;;<!*AA( !US(, !(6!#(!5/)/(!<5<5.M!*AA( !JJ(,)!
!
#4! /;<$/<'! /(.26! 28! $+2>! 5464#! 4!($! #(! 17$),! 1(! .+8,6486!
.85('##$G !4,,4,,&87!>4/!#4!'&#&$(!(8!+UEE)!"!$(!,20(6 !&#!5426!>/7$&,(/!
32:28(! $(/64&8(! #&667/462/(! >(2! &85+/'7(! 4! ,+2!(86! 4,,&'&#7! #(!
'+2!('(86!,?84/$%&32(!1(!.85('##$G !&,,2!1(,!&17(,!1(!<"'G;!V(5<!
<:"#(5V<*5 !9!#4!,?84/$%&(!*,+/6(!1(!$(/$#(!1(!#4!%426(!5&848$(!32(!#(,!
$%/76&(8,! 1:(06/1'(! 1/+&6(! $+'"4664&(86,)! #4! '+/6! 1(! $(! 1&=8&64&/( !
1:4&##(2/,! $%/76&(8! #2&! 42,,& ! 526! $42,7(! >4/! $(66(! (//(2/! 1(! 02=('(86)! '#!
(,6! 9! ,+2%4&6(/! 32(! #(,! $+2/486,! 4/&,6+$/46&32(,! ,(! /4>>/+$%(86! >#2,! 1(!
#4!17'4/$%(!324#&646&!(!1(!#4!78+,( !32(!1(,!!+&(,!>#7"7&(88(,!1(!#4!5+&!Z!
.(#4! #(2/! 7!&6(/4&6! "&(8! 1(,! (//(2/,! 5464#(, ! (6! 1(,! +/&(8646&+8,! $+86/(!
8462/()!'#!(,6!4,,(R!,2/>/(8486!1(!8+,!0+2/,!1(!$+8,646(/!32(!1(,! )4-%'(+
$+86&82(86!9!1&552,(/!$(/64&8(,!$+852,&+8,)))!

$!! !
!
G+6/(! >/+>+,! 8:(,6! >4,! 1(! 1&,,(/6(/! ,2/! #(,! /)=#('(86,! 1(! $+'>6(,!
(86/(! 1(20! 1&=8&64&/(,! 1:+/1/(,! /+,&$/2$&(8,! 4'7/&$4&8, ! $+85#&6,! 32&!
4>>4/4&,,(86!"&(8!17/&,+&/(,!32481!+8!$+884L6!#(,!1+,,&(/,)!<+2%4&6+8,!
32(!#(!#&!/(!1(!<(/=(!."'##5;!C!<>/!8&(/+8?'2,!(6!#4!/;<$<'!D! IEK !4!($!
,4! /('4/324"#(! >/754$(! 1(! *+"(/6! "-"<$; ! ,+&6! /(>/&,! 28! 0+2/! 4!($!
1:426/(,!7#7'(86,!>#2,!,2",6486&(#,)))!
;+20+2/,!(8!/(,6486!,2/!#4!8+6&+8!1:+/1/(,!(6!8+8!1:4,,+$&46&+8,!*$(!32&!
8+2,!+"#&=(/4&6!9!6/4&6(/!1(!6/+>!1(!$(/$#(,!6(#,!32(!#(,!6%&#+,+>%(,!1(!#4!
G462/( !#:732&>(!1(!<$#"N"*5//!32&!4!42!'+&8,!#:4!4864=(!1:7=4?(/!28!
>(2! #(! '&$/+$+,'(! 4#$%&'&32(,! IPK ! &#! 5426! $&6(/! ,2/! #(,! '1'(,! $+2/486,!
1(20!$(/$#(,!(067/&(2/,!
!
-! #4! .+##7=&4#(! #?+ G212#+ 48&'7(! >4/! 28! =/+2>(! 1:41(>6(,! &,,2,! 1(!
#:(8,(&=8('(86!1(,!//)/(,!"&87,!1(!#4!*+,(!%!./+&0 !+/1/(!,2/!#(32(#!8+2,!
/(!&(81/+8, ! (6! 32&! (,6! 17>+,&64&/(! 1(! #4! !+&(! 12! $&84"/(! *&#! ,:4=&6! "&(8!
(86(812!12!H+2(&!;48,)!
!
-! #(,! 9#:+ @+ %7+ !&(20! $+##)=(! /7,(/!7! 9! 6/(86(-6/+&,! 5/)/(,! $%(!4#&(/, !
,(2#,!1(,!41(>6(,!?!,+86!$++>67,)!
!
G+2,! /(!&(81/+8,! 2#67/&(2/('(86! ,2/! #4! 32(,6&+8! 1(,! /"*! %! . ! $4/!
$:(,6!28(!1(,!/4/(,!+/=48&,46&+8,!9!4!+&/!1(!8+'"/(2,(,!4/$%&!(,!(6!28(!
%&,6+&/(! 7$/&6()! <(! '1'(! &#! 5426! 8+6(/! 32:(##(! (,6! #4! ,(2#(! 9! 67'+&=8(/!
1:28(!!&(&##(!>/46&32(!F!#4!!+&(!12!$&84"/()!'#!,:4=&6!#9!1:28!H+2(&!;48!*!+&(!
12! $&84"/(! (067/&(2/, ! (8$+/(! 32(! 8+2,! 4?+8,! #4! >/(2!(! 32(! $(/64&8,!
''>(/46+/,! $+884&,,4&(86! #:4,>($6! &86(/8( ! $:(,6! #(! $4,! >4/! (0('>#(! 1(!
#+/1! 3;#H5*! #V;;$GIJK)! '#! 8(! 5426! >4,! ,:76+88(/! ,&! +8! /(6/+2!(! >4/5+&,!
148,! #:%&,6+&/(! 1(,! '4L6/(,! 1:28(! +2! 1(! #:426/(! !+&(! (6! >#2,! /4/('(86! 1(!
1(20!+2!>#2,&(2/,!9!#4!5+&,)))!
!
58!54&6 !>(2!1(!>(/,+88(,!,2>>+/6(86!1:28(!>4/6!#4!1&!(/,&67!1(,!!+&(, !
(8,2&6(! +8! >(26! 16/(! 28! (0>(/6! 1:28(! #&=87(! (6! 16/(! $+'>#)6('(86!
/75/4$64&/(! 9! 28(! 426/()! 585&8! #:%2'4&8! (,6! $(! 32:&#! (,6! F! 54$&#('(86!
4%2/&,,4"#( ! 1+='46&32(! 87 ! &#! ,:('>4/(! 1(! #4! >/('&)/(! &17( ! (6! 8(! #4!
#>$%(!>#2,!)))!#9!!$+''(!!4&##(2/, !!#(!!$4,!!1(,!!4/6,!'4/6&420!(,6!6?>&32( !!
!
22222222!
E)!41&6&+8,!.4/&,$/&>6!*64/&, !+USJ,)!
P)! .&6+8,! 42,,&! #4! ,+$&767! C! <>4=?! G462/(! D! 32&! 48&'(! 1(,! ,64=(,! (6! 1&552,(! 28!
(8,(&=8('(86! 32&! >(26! '(8(/! 9! 28(! $+85/7/&(! F! #4! .8*! %! .8-)! #4! ,+$&767! C! <>4=?!
G462/(! D! (8,(&=8(! #4! ,>4=?/&(! (6! >(26! $+812&/(! 9! 28(! 4#$%&'&(! >/+$%(! 1(! #4! #&=8(!
.48,(#&(6)!
J)!<&/!51e4/1!7(+/=(!32#e(/!#?66+8!*+SXA-+SOA,!526!#(!P+(!''>(/46+/!1(,!/"*!%! .!
*+SEU-+SJP, ! '('"/(! 1(! #4! <+$&767! ;%2#7! (6! /(,>+8,4"#(! 12! -(6/+>+#&648! .+##(=(! (8!
+SO+)!-4&, !$+86/4&/('(86!9!$(!32&!(,6!,+2!(86!4!48$7 !&#!8(!5/732(864!>4,!#4!<*'")!

! $.!
$%4$28!4>>#&32(!,+8!>/+=/4''( !(6!>4/5+&,!%(2/(2,('(86)!-4&, !$+''(!
#:4!1&6!28!=/481!426(2/!C!.(#2&!32&!8:4!>#2,!#4!>+,,&"&#&67!1(!,:7'(/!(&##(/ !
$(#2&! #9! (,6! $+''(! ,:&#! 764&6! '+/6)! D! .:(,6! >+2/! $(20! 32&! 8(! !(2#(86! >4,!
'+2/&/!&1&+6,!32(!8+2,!4!+8,!7$/&6!$(!#&!/(!+B!&#!8:?!4!>4,!6+26 !'4&,!+B!&#!
?! 4! "(42$+2>! >+2/! $(20! 32&! !(2#(86! 1(!(8&/! 1(,! 6/432(2/,! +2! 1(,!
$%(!4#&(/,!!(/6,IOK)!58$+/(!28(!5+&,!8+2,!8(!#(!/7>76(/+8,!04'4&,!4,,(R !$(!
8(!,+86!>4,!#(,!!+&(,!32&!,+86!>(6&6(, !'4&,!#(,!%2'4&8,!32&!(8!,+86!#(,!
,2>>+/6,)! $8! 4! "&(8! 1:426/(,! >/(2!(,! 1(! 8+,! 0+2/,! 1(! #266(,! &1&+6(,! (6!
5&#&46&+8,! 1&6(,! +>>+,7(, ! 1+86! #(,! '4L6/(,! >4,,7,! 764&(86! (8! 76/+&6(!
/(#46&+8!4'&$4#()!
!
#4!5/46(/8&67!;%7/4>(26&32(!-4=&32(!1(!#4!-?/&4'ISK!/%;%-%- !!&(&##(!
5/46(/8&67! 1(! !"'&$(+ %"-*$(+ +/=48&,7(! 42! ,&)$#(! 1(/8&(/! >4/! 7&2#&48+!
M*5--5*N !764&6!#(!$(/$#(!(0+67/&32(!1:28!$+##)=(!1:"1(>6(, !#&7!9!#:$/1/(!
$,&/&(8)!*G+2,!>2"#&+8,!>4/!#4!,2&6(!28!6(06(!1:28!1(,!'4L6/(,!1(!#:$/1/( !
$+''(864&/(! 1(! #4! P(! >/+>+,&6&+8! 1(! #4! C! ;4"#(! 1:5'(/421(! D,)! #:$/1/(!
,:(,6! '&,! (8! ,+''(&#)! #(,! 41(>6(,! -! 1+86! ,('"#(-6-&#! 54&,4&6! >4/6&(! #(!
6/&8$(!."5;"G' !32&!>2"#&4!148,!#4!/(!2(!C!.+''(864/&2'!D!(8!+U++!28!
6(06(!&867/(,,486!/(>/+12&6!42,,&!>4/!#4!,2&6(!-!,(!/752=&)/(86!42!.48414 !
42! '+'(86! 12! .+8$+/146 ! 4>>/7$&486! ,48,! 1+26(! 5+/6! >(2! #(! '4/&4=(!
54,$&,'(-7=#&,()!#4!-V*'"- !32&!526!1+8$!$426&+887(!28!'+'(86!>4/! ?$+
F%)&#+ 7%#%$+ <*(,*'$&7+ 4! >(/12! ,4! #7=&6&'&67 ! >4/! /4>>+/6! 42! >?/4'&1&+8! T!
,&6246&+8!32(!8+2,!4##+8,!/(6/+2!(/!>+2/!#4!//48$--4.+88(/&(!12!/&6(!1(!
-('>%&,-&,/4?'!(8!$(!32&!$+8$(/8(!#(,!"*."G"!"*."G$*;-)!
!
!
8'3)1>?1 1)1>?1 :>!")
!
$8! 17,&=8(! 4&8,&! #(,! 3246/(! 1(=/7, ! >4/5+&,! 6/+&, ! +2! 28 ! 1:28!
(8,(&=8('(86! 6/),! ,($/(6! 32&! $+8,6&624&6! -! (6! 32&! $+8,6&62(! (8$+/(! -! #(!
>?/4'&1&+8!1(!$(/64&8,!$/1/(,)!64/'&!$(20-$&!#(!>#2,!$+882!526!#(!/&6(!1(!
-&,/4?' !1(!(82!148,!$(/64&8,!$4, !4,,+$&7!42!/&6(!1(!-('>%&,IUK !#(!/&6(!
1(!-('>%&,--&,/4?')!.(6!(8,(&=8('(86!$+8$(/8(!28(!;%72/=&( !$:(,6-9-!
1&/(! 28(! '&,(! (8! /(#46&+8! 4!($! 1(,! (+8,-=2&1(,! 32&! 1+&!(86! >/(81/(! #(!
/(#4&,!>+2/!!54&/(!$+'>/(81/(!28!!>/+$(,,2, !'4&,!!42,,&!!28(!!!+&(!4#$%&-!
22222222!
O)!$8!324#&5&(!4&8,&!$(20!32&!5+86!!+(20!1(!$%(!4#(/&(!(//486(!(6!41+>6(86!#4!$+2#(2/!
!(/6!5+8$7!>+2/!#4!!162/(!(6!#(,!4/'(, !9!#:&8,64/!12!$+'6(!"'717(!('!1(!<4!+&( !32&!526!
4>>(#7! C! #(! $+'6(! !(/6! D)! #(! $%(!4#&(/! !(/6! ,2"&6! 4&8,&! 28(! 7>/(2!(! >2/&5&$46/&$( ! 764>(!
5+814'(864#(!1(!#4!3216(!%(/'76&32()!
S)!(+&/!4>>(81&$(!=)!
!!!!U)!#(!/&6(!1(!-('>%&,!(26!(6!>(26!4!+&/!(8$+/(!148,!$(/64&8,!$4,!28!4,>($6!&86(/8()!
#(!SJ(!1(=/7!C!<2"#&'(!'4L6/(!1(!#:488(42!#2'&8(20!D!526!28(!(0>/(,,&+8!1(!#4!6/41&6&+8!
,($/)6(! 8&$+6&48&32(! 1(,! "/$484)! 64/! 4&##(2/,! #(,! ,(>6! 1(=/7,! 7=?>6&(8,! 1(! #4! #+=(! C!#(,!
1&,$&>#(,! 1(! -('>%&,! D! 1(! -+8642"48 ! $+86(84&(86! #(,! (8,(&=8('(86,! 1(! $(/64&8(,!
$+884&,,48$(,! /4'(87(,! 1:4=?>6(! >4/! 1(,! +55&$&(/,! 5/48.4&, ! 1:426/(! >4/6! &#,! 764&(86!
42,,&!#(,!%7/&6&(/,!1(,!6/+&,!1(=/7,!C!7=?>6&(8,D!1(!#:$/1/(!1(,!"/$%&6($6(,!"5/&$4&8,!$/77!!

('! !
!
'&32(! 6/),! 5(/'7( ! 32&! (,6! 28! 5$'+ *)&7+ $:(,6-9-1&/(! 28(! !+&(! &86(/8()! 58!
(55(6 !148,!#4!-4.+88(/&(!,(!$%(!42$%(86!#(,!1(20!4#$%&'&(, !(6!>+2/!32&!
$+884L6! $(/64&8,! $/1/(,! '86(/8(, ! +8! ,4&6! 4!($! >/7$&,&+8! 32481! $(,!
4#$%&'&(,! 52/(86! &86/+12&6(,! 148,! #4! -4.+88(/&( ! 6+26! (8! /(,6486! 42,,&!
148,!#(2/!$+86(06(!>/&'&6&5 !$(!32(!8(!,4!(86!>4,!#4!>#2>4/6!1(,!'4.+8,!
4$62(#, ! 52,,(86-&#,! AA(! +2! UP( ! #(,! 1(=/7,! /(>/7,(86(86! 28&32('(86! #(,!
$#(5,! ,?'"+#&32(,)! .:(,6! 4&8,&! 32:28(! >4/6&(! 1(! #4! -4.+88(/&(! ,2==)/(!
,48,! 732&!+32(! #4! !+&(! 12! $&84"/()! 64/! (0('>#(! 148,! #(! $4"&8(6! 1(!
/75#(0&+8! +B! ,(! 6/+2!(86! <(#-<+25/(--(/$2/( ! 148,! #(! >/('&(/! 1(=/7 ! +8!
>/7>4/(!#(!,(#!>4/!#(,!3246/(!7#7'(86, !>/7$&,7,!1:4&##(2/,!>4/!#4!5+/'2#(!
(';*'$#!12!$4"&8(6!1(!/75#(0&+8)!585&8!$:(,6!42!=/41(!1(!$%(!4#&(/!*+,(!%!
./+&0 ! 32&! 17!(#+>>(! 28! H+2(&! ;48! *!+&(! (067/&(2/(,! (6! 8+8! 28! G(&! ;48 !
32(!#:+(2!/(!(,6!>#2,!17!(#+>>7()!
!
58! (55(6 ! #(! +S(! 1(=/7! $+8$(/8(! #(,! 1(20! 764>(,! $#4,,&32(,! 1(! #4! !+&(!
(067/&(2/(!
!
-! #4! >/('&)/(! 764>( ! <$#(5 ! (,6! "&(8! 17$/&6(! F! C! #(! >/('&(/!
4>>4/6('(86! (,6! 6(812! 1(! 8+&/ ! $&(#! >4/,('7! 1:76+&#(, ! 824=(,! +",$2/$&,!
>4/!#(,!678)"/(,!>+2/!#(!64"#(42 !>&(//(!$2"&32(!,2486!,48=!(6!(42)))!D!
!
!-! #4! ,($+81(! 764>( ! .$"7;#" ! $+''(8$(! 4!($! #(! ,($+81!
4>>4/6('(86! C! 6(812! 1:28(! 64>&,,(/&(! #2'&8(2,()))! D! 148,! ,4! >%4,(!
"#48$%( ! >2&,! 148,! ,4! >%4,(! /+2=( ! 32(! 8+2,! 8:4##+8,! >4,! 17!(#+>>(/ !
'4&,! 32&! $+''(8$(! 148,! #(! ,($+81! 4>>4/6('(86! (6! ,(! 6(/'&8(! 148,! #(!
6/+&,&)'()!
!
64/!$+86/( !#4!!+&(!&86(/8(!(,6!,2==7/7(!,48,!732&!+32(!42!+=(!1(=/7 !
4>/),!32:&#!4&6!767!>/7$&,7!42!E( !9!6/4!(/,!#(!,?'"+#&,'(!1(!#4!$#(5 !32(!?$+
')'&*+#$(+')'&*(+$(*+$&+.!4"!!$/+"2! +=(!1(=/7 !C!7/481!-4L6/(!"/$%&6($6(!D !
#4!,2>/1'(!4'"&6&+8!1(,!7/481,!-4L6/(,!"/$%&6($6(,!(,6!1(! 0)'%$+6'6%$+$&+
$-.+.)+6;%'*;+(6!1(!!)&*$%+#-+0%-'*+#$+.!#%2%$+#$+.)+3"&&)'(()&3$7+#!/*%$+#$(+)'$-./+
$8!>/7$&,(!1:4&##(2/,!32(!$:(,6!28!$+'"46!1(!6+2,!#(,!&8,6486, !(6!$(#4!8(!
,:4>>#&32(! 32:420! '4L6/(, ! $:(,6-9-1&/(! 9! $(20! 32&! ,+86! (8! $%4'"/(! 12!
'&#&(2 !32&!+86!1+8$!466(&86!#(!$(86/( !#:7646!8'.!(6!G;G. !32(!$(!,+&6!42!
17"26!+2!9!#4!5&8!1(,!6/4!420)!#(!'4L6/(!(,6!9!'&1&!+2!9!'&82&6!6+20+2/,!
,2/!#:"0(!*/4>>(#!1(!#4!$+8,$&(8$(!1(!#4!!(/6&$4#(!>4/!#4!>/46&32(!$+8,6486(!
1(!#4!6%;($&3$+,)+<(!>#2,!!4'>#(,!(0>#&$46&+8,!,2/!$(66(!!+&( !(6!!,4!6/412$-!
6&+8!>%&#+,+>%&32( !,+86!1+887(,!148,!#(!=S(!1(=/7!C!.%(!4#&(/!12!<+#(&#!D!!!
22222222!
(8! "##('4=8(! !(/,! +OJS! 4!($! 6/+&,! =/41(,! F! ">>/(86&! 1(,! ,($/(6,! 7=?>6&(8, ! &8&6&7)))! (6!
-4L6/()!G+2,!4!+8,!(2!#4!>/(2!(!1(!$(66(!,2/!&!48$(!&8&6&46&32(!(8!4=?>6( !,48,!1+26(!
1(,! $+86&8246(2/,! 1(! #:48$&(8! 7/481! $/&(86! 1:4=?>6(! 1+86! #(! '4/32&,! :+,(>%! 1(!
3(42/(=4/1!764&6!#(!7)-)!(8!+SJJ)!.(#2&-$&!1(!&86!$%(5!,2>/1'(!12!*&6(!(8!+SJU)!.(66(!
#&=8( ! ,:426+/&,486! 1(! #4! ,2$$(,,&+8! 1&/($6( ! 8(! /($+8826! >4,! :+,(>%! 74/&"4#1&! $+''(!
7/481!8&7/+>%486(!'+81&4#)!

! ("!
+2! 6/&8$(! "1(>6()! 585&8 ! &#! 5426! /($+884L6/(! 32(! #4! $#(5! 6(/'&84#(!
+>7/46&!( !+2!1:4>>#&$46&+8!>/46&32( !764&6!(6!(,6!(8$+/(!#:7$%(##(!1(!G4>#(,!
*SO( ! SS( ! SU( ! UX(! 12! -&,/4?',! +2! "*."G"! "*."G$*;-)! "! $(! ,20(6!
$(/64&8,! 7/481,! 8&7/+>%486(,! 1(! -&,/4?'! +2! 1(! -('>%&,--&,/4?'! 8(!
,4!(86! >4,! 32(! #(,! "*."G"! "*."G$*;-! 8(! ,(! 6/+2!(86! >4,! 32(! 148,!
#(2/! $/1/( ! '4&,! (8! >#2,! $+'>#(6,! 148,! 1:426/(,! $(/$#(,! >#2,! 5(/'7,! (6!
'1'(!>4/5+&,!,2/!1(,!#&=8(,!>#2,!48$&(88(,!-!0(!54&,!4##2,&+8!9!#4!5&#&46&+8!
=/($32(! >+2/! #(,! (0>(/6,! - ! 32(! #:+8! >(26! #(,! 4!+&/! ,48,! /&(8! ?!
$+'>/(81/( !(85&8!&#!5426!>/7$&,(/!32(!$(/64&8,!7/481,!-4L6/(,!8(!#(,!+86!
>4,I+XK! Z!56!32:&#,!1+&!(86!16/(!4,,&,67,!1:28(!;*"<';'$G!$*"#5)!.+''(!
'(!#(!>/7$&,4&6!28!'4L6/(!/7(#!1(,!"*."G"!F!C!6(2!#(,!+86 !(8$+/(!'+&8,!
#(,! +86! $+'>/&, ! 6/),! /4/(,! ,+86! $(20! 32&! +86! #:426+/&,46&+8! 1(! #(,!
)(('(*$%I++K)+C!
'#! ,('"#(! 32(! $(66(! !&(&##(! ,6/2$62/(! &8&6&46&32(! 4&6! 54"/&327! #4!
$+2!(/62/(! '&,/4?'&32( ! (86/(! 426/(, ! 4,,(R! 64/1)! .(! 6?>(! 1:(8,(&=8(-
'(86!1+&6!>+2!+&/!,(!/(6/+2!(/!148,!1(,!+/1/(,!6/),!5(/'7, !1+86!8+2,!8(!
>+2!+8,! $&6(/! #(,! 8+', ! '4&,! #&7,! 9! $(/64&8(,! +/=48&,46&+8,! 12! '+81(!
48=#+-,40+8! (6! =(/'48&32()! '#! 8(! 5426! >4,! +2"#&(/! 32(! #(! -4L6/(! 1(!
M*5--5*N ! 'N"*! *64,324#(! 1(! <5*('<,! (6! 3;#H5*-#V;;$G!
4>>4/6&8/(86! 42! '1'(! $/1/(! 8(/'76&32()! #(! -(6/+>+#&648! .+##(=(! +2! #4!
<*'"!+86!>2!,(/!&/!1(!$+2!(/62/(!9!28!'+'(86 !32486!42!8+'!1(!#:$/1/(!
17>+,&64&/(!42!$+2/,!1(,!,&)$#(,!1(!#:(8,(&=8('(86!#(!>#2,!>/(,6&=&(20 !&#!
8(!1+&6!>4,!16/(!1+887!(6!1('(2/(!&8,4&,&,,4"#()!
!
!!!!58! '46&)/(! 1(! -4.+88(/&(! &8&6&46&32( ! ,&! +8! 6&(86! $+'>6(! 1(,! $/&6)/(,!
6/41&6&+88(#,!F!
-!,6/2$62/(,!4/&,6+$/46&32(,!*,+2,!#:426+/&67!12!7/481!8&7/+>%486(, !
-!,>7$&5&$&67!1(,!&8&6&46&+8,!'4,$2#&8(,!(6!57'&8&8(,!9!$(/64&8,!1(=/7,!
-! #7=&6&'46&+8! >4/! #(! >?/4'&1&+8 ! (8! #:+$$2//(8$(! #(,! "*."G"! "*."-!!!
G$*;-!(-%+-&$+.'*&$+3"&*'&-$+$*+()&(+$>-'6">-$7+
+
222222222!
+X)! #(! 7/481--4L6/(! 4$62(#! 12! *&6(! 1(! -('>%&,--&,/4?' ! 77/4/1! M#+>>(#!
*,2$$(,,(2/! 1(! *+"(/6! "'"(#4&8! 1(>2&,! HI"=J+ 8+2,! 4! >/7$&,7! 32(! #(,! "/$484!
"/$48+/2' ! $+86(82,! 148,! #(,! "K7+ ""7+ "I$+ (6! UX(! 1(=/7! 12! *&6( ! 4&8,&! 32(! #(,!
&8,6/2$6&+8,! ,($/)6(,! $+80+&86(,! 8(! ,+86! >4,! ,?,67'46&32('(86! 1+887(,! 420! //)/(,!
6&62#4&/(,!'1'(!12!UP(!1(=/7)!'#!(8!(,6!1(!'1'(!>+2/!#(!LL$+32&!8:(,6!6/48,'&,!32:420!
//))!4?486!28(!5&#&46&+8!=8+,6&32(!>4/4##)#(!!4#4"#( !1(!'1'(!#(!=X(!1(=/7 !C!.%(!4#&(/!12!
;('>#(! D! 42! ,(&8! 1232(#! (,6! 17>+,7! #4! 5&#&46&+8! ;('>#&)/()! "&8,& ! (8! 5+8$6&+8! 1(! #(2/!
1(=/7! 1:7!+#26&+8 ! #(,! //)))! /(.+&!(86! $(/64&8,! 1(=/7,!6/),!7,+67/&32(, ! '4&,! 32&! 1+&!(86!
16/(! 1+887,! (8! 1(%+/,! 1(! #4! 5! -)! $#4,,&32( ! '1'(! ,&! $(,! 1(=/7,! ,+86! /7,(/!7,! 9! 6/),!
>(2)))!
++)!.(,!(8,(&=8('(86,!1+&!(86!16/(!3"!,%'(+1:28(!>4/6 !(6!,2/6+26!,%)*'>-;(7+5426(!1(!
32+&! &#,! >(/1(86! #(2/! !4#(2/)! $/ ! 9! $(! ,20(6! &#! 5426! /($+884L6/(! 32:&#! 1('(2/(! >(2! 1(!
%&7/+>%486(,! +>7/46&5, ! ,2/6+26! ,2/! #(,! ,2>>+/6,! 1(,! ")")! -4.+88&32(,)! ;8(! 1(/8&)/(!
>/7$&,&+8!,:&'>+,()!58!(55(6 !"(42$+2>!1(!I=$+"-+IM$+8(!#(,!+86!>4,!/(.2, !,+&6!32(!$(20!
32&! #(2/! +86! 1+887! $(,! 1(=/7,! 8(! >+,,714&(86! >4,! #:(8,(&=8('(86! &86(/8( ! ,+&6! 32:&#,!
8:4&(86!>4,!02=7!"+8!1(!#(!#(2/!$+''28&32(/)!

(#! !
!
&#!5426!/($+884L6/(!32(!#(!7/481!<48$624&/(!"1/&46&32(!(,6!#:+"71&(8$(!
32&! 1(!/4&6! ,(/!&/! 1(! /757/(8$( ! ?! $+'>/&,! 42! ,+&-1&,486! //48$,! -4.+8,!
%;*-.'$%(/+ #(! #&!/(! /('4/324"#(! 12! $+'6(! 74,6+8! (5G;;*"! C! #(,! /&6(,!
'4.+88&32(,!1(!-&,/4?'!(6!-('>%&,!D!I+=K ! >+,(!"&(8!$(/64&8,!>/+"#)'()!
#(! 5/)/(! <7"4,6&48+! ."*"..'$#$ ! AA( ! UX( ! UO(! ! (,6! #(! 7/481!
8&7/+>%486(!4$62(# !(6!'4&86&(86!#:$/1/(!148,!#4!#&=8(!6/41&6&+88(##()!
!
.+86/4&/('(86! 9! $(! 32:7$/&6! #(! 5/)/(! 3*;G5##'! 148,! ,+8! #&!/(! F! C!
*&624#&! 1(&! =/41&! ,&'"+#&$&! 1(##4! '4,,+8(/&4! 1&! -('>%&,! '&,/4?'! D ! #4!
>/46&32(! 12! ,$*'*+ )%3)&$+ &)*-%$.+ 8:(,6! >4,! #:4>484=(! 12! /&6(! 7=?>6&(8! 1(!
.4=#&+,6/+ ! +2! 1(! #:$/1/(! 1:$,&/&,)! .+''(! #:426(2/! 8(! #(! ,4&6! >4,! #(,!
"*."G"!"*."G$*;-!+86!6+20+2/,!(0&,67!,2/!#4!#&=8(!>2/( !$:(,6-9-1&/(!
(0('>6(! 1(! 6+26! $4/4$6)/(! 0217+! $%/76&(8 ! 6486! 148,! #(! '+81(! 48=#+-
,40+8!32(!148,!#4!5/48$+>%+8&(!(6!,2/6+26!148,!#(2/,!>4?,!1:+/&=&8(!F!#4!
7/)$(! 32&! /($2(&##&6! #:%7/&64=(! 7=?>6&(8 ! $(,! 5&#+8,! ,+86! >#2,! $+'>#(6,! (6!
$(/64&8,! ,(! ,+86! '1'(! (0>/&'7,! 148,! $(/64&8,! $+8=/),! >?6%4=+/&$&(8, !
>/7$&,486! 32:&#! (0&,64&6! 28(! !+&(! ,($/)6(! >?6%4=+/&$&(88(! 1+88486! #4!
$(/6&621(! 1(! #:&''+/64#&67)! ."7#'$<;*$! $+''(! '4#%(2/(2,('(86!
M*5--5*N! >4/! #4! ,2&6( ! +86! )#),*;+ $(/64&8,! (8,(&=8('(86,! >/&,! 148,!
$(,! 7$+#(, ! 414>646&+8! 1:4&##(2/,! 1+86! +8! 4! >2! !+&/! #(! /7,2#646! (6! 32&!
%(2/(2,('(86!8(!/(>/7,(86(86!>4,!#:(,>/&6!1(,!+/1/(,!+/&=&8420 !#(,32(#,!
420+2/1:%2&! $+''(! 148,! #(! >4,,7! /72,,&/(86! 9! >4,,(/! &84>(/.2,)! .(,!
486&32(,! 5&#&46&+8,! ,+86! /(,67(,! %(2/(2,('(86! 6/),! 5(/'7(,! *$+''(! #4!
>#2>4/6! 1(,! $+2/486,! &86(/8(,,)! .(/64&8,! >4,,)/(86! (8! "'7/&32( ! (6! ?!
,+86!(8$+/()!
'#! (0&,6(! 42,,&! 28! $+2/486! (8! /4>>+/6! 4!($! 28(! !&(&##(! 4#$%&'&(! 1(!
/7&867=/46&+8 ! 5+/6! 148=(/(2,(! (8! M4#&! V2=4 ! #&7(! 42! $+2>#(! (6! $+8,(/!7(!
02,32:42! ,&)$#(! 1(/8&(/! 148,! $(/64&8(,! 54'&##(,! 32&! 4=/7'(864&(86! #(2/!
'4/&4=(!/(#&=&(20!(6!'+814&8!1:28!/&62(#!/7,(/!7!420!&86&'(, !148,!#(32(#!
#(!5&48$7!!162!1(!/+2=(!(6!#4!5&48$7(!!162(!1(!"#(2!6+2/84&(86!426+2/!1:28!
.412$7(! 6(82! >4/! -(/$2/(-8(/'),)! .:(,6! 4&8,&! 32(! 8+2,! (^'(,! #4!
>/('&)/(! /7!7#46&+8! 1:28! ,($/(6! &86(/8(! /7,(/!7! 9! $(/64&8(,! 1:(86/(! (##(,)!
#(!0+2/84#&,6(!32&!526!41'&,!9!#4!$7/7'+8&( !8(!5&6!32(!#4!/(#46(/!,48,!(8!
$+'>/(81/(! #(! ,(8,)! .(66(! 5&#&46&+8! ,(+ 6-.*)%'()7+ 6+'"4! (86/(! 1(,! '4&8,!
8+8! 324#&5&7(, ! ,+2,! 28(! 5+/'(! 4#67/7( ! $+''(! 1:426/(,! 1(/8&)/('(86)!
#:28(! 1(! $(,! "/48$%(,! (,6! 1&6(! #-+ 3"!*$+ #$+ %#E-5#2#+ *5/&',)! #(! $+'6(!
;'"(/6+! "'(1(4! "#"(/6&! 1&! .";5G"'" ! 1(! #4! 8+"#(,,(! 5#+/(86&8( ! 526! 28!
!4#(2/(20! +55&$&(/! 12/486! #4! >/('&)/(! =2(//(! '+81&4#()! '#! 6/48,'&6! 28!
(8,(&=8('(86! /7,(/!7! 420! $+2>#(,! 6/41&6&+88(#, ! $:(,6-9-1&/(! &81&,,+#2-
"#(, !!+&(!1:"'+2/!(6!1(!/74#&,46&+8!9!1(20 !'4&,!5+/6!148=(/(2,(!$4/!&$&!
#(!!$+2>#(!!1+&6!16/(!%;$.7++$(!32&!!(,6!!5+/6!/4/(!!(8!!$$$&1(86!*!;8!!+2!/4=(!!
2222222222!

+=)!41)!-4&,+88(2!(!(6!#4/+,(!*64/&,,)!

! ($!
(067/&(2/! 54&6! 4##2,&+8! 9! $(66(! !+&(! /7(##('(86! 4#$%&'&32(! F! C! '#! $+8,(=2&-
'(86+! $(#(,6&4#(! D! 1(! 5*'-I+AK! ,)! $8! #4! /(6/+2!(! (8! #&=8(! >#2,! (,,(86&(##(!
148,!#(,!$+2/486,!12!</4=+8!+2!12!<(/>(86!(6!1(!#4!-)/()!;8!1+$2'(86!
,2/!$(,!5&#&46&+8, !>#2,!&86(/8( !,(/4!>2"#&7!,48,!1+26(!>/+$%4&8('(86)!!
!
#(,!$+2/486,!+$$&1(86420 !>2/, !,+86!42,,&!17>+,&64&/(,!1(!#:4#$%&'&(!
1(! .!4-0+#-+($%,$&*7+9!#432(##(!8+2,!4!+8,!1709!54&6!4##2,&+8!9!>/+>+,!1(!#:C!
$/1/(! 8(/'76&32(! 1(! #:8(/'&8(! 1:"/=(86! D)! .(6! +/1/(! ,:(,6! +$$2#67! 4>/),!
#4! 1&,>4/&6&+8! 1(! ,+8! 1(/8&(/! 7/481! -4L6/( ! :+,(>%! .8"*65G;'5* !
17$717! (8! +UJO! 148,! ,+8! $%>6(42! 1(,! 3/+2,,(,! 1(! 3(##(!2( ! 9! <4&86-
-4/,!#4!:4&##( !$+''(!#(!>/7$&,(!#(!1/2&1(!M5*<"<;$<)!#:+/1/(!>/1$%4&6!
(8! ,($/(6! #(! /(6+2/! 42! /)=8(! 1(! #4! 8462/( ! $+8,&17/7(! $+''(! .$+ 6/*$!$&*+
!)$$(*-$-.7+,-%7+'..'!'*;7+#$+.!$(,%'*+#'6'&///+$8!$+'>/(81!32(!$+''(!>+2/!#(,!
426/(,! 5&#&46&+8,! ,($/)6(, ! &#! 8(! >+2!4&6! 32(! ,:+$$2#6(/! 6+64#('(86! (6!
(86(//(/!#(!C!7/&'+&/(!((/6!D !,+/6(!1(!$+'>(81&2'!7,+67/&32()!
!
'#! (0&,6(! 148,! 28(! $(/64&8(! 7=#&,(! $%/76&(88(! 6+20+2/,! (8! !&(! 4$62(#-
#('(86!*$%/&,6&48&,'(!7,+67/&32( !=8+,6&32(, !(6!1(!6/41&6&+8!1&/($6( !28(!
5&#&46&+8!1(!'1'(!8462/( !'4&,!(##(!8:4!/&(8!9!!+&/!4!($!#:4=#&,(!78+,6&32(!
1(!//48$(!32&!8:(,6!>4,!(8!>+,,(,,&+8!1(,!7#7'(86,!>/7$&,!(6!&86(/8(,!1(!
$(66(!5&#&46&+8)!
!
"! $(! >/+>+, ! 8&! #(,! -4/6&8&,6(, ! 1709! $&67, ! 8&! #(,! -4/6&87R&,6(, ! (6!
426/(,! +/1/(,! 6/),! (8! !+=2(! 1(! 8+,! 0+2/, ! 8:+86! 42$28(! 6/4$(! 1(! $(,!
(8,(&=8('(86,)! '#!(8! (,6! 1(!'1'(! >+2/! #(,!426/(,! $/746&+8,! $.+ &'4'."/+ .(!
32&! 8:(8#)!(! /&(8! 9! #4! !4#(2/! 1(! $(,! $(/$#(,! 1(! /($%(/$%(, ! "&(8! 42!
$+86/4&/( ! &#,! ,+86! 26&#(,! 148,! 28! >/('&(/! 6('>,)! .(/64&8(,! 5&=2/(,! 1(!
-4/6&8(R!1(!6"<9;"##V !64"#(420!1(,!+>7/46&+8,!4#2,!.+(8, !>/+2!(86!
$(>(81486! 32(! #:426(2/! $+884&,,4&6! #:"/$48()! '#! (8! (,6! 1(! '1'(! >+2/!
#+2&,.#421(!1(!<"'G;--"*;'G)!
!
#(,! 5&#&46&+8,! &86(/8(,! 1&6(,! 12! <(/>(86! +2! 12! </4=+8 ! ,+86! ,+&6!
/7,(/!7(,! 9! $(/64&8(,! 54'&##(,! 1(>2&,! 1(,! ,&)$#(, ! ,+&6! 9! $(/64&8(,!
4/&,6+$/46&(,! 1(! ,(8,&"&#&67! >#2,! ( 34$7+ 6(#,! 32(! #:$/1/(! 12! </4=+8+E ! #(,!
//)/(,!1(!#4!./+&0!#2'&8(2,()))!.(!$+2/486 !1&/+8,!8+2, !(,6!9!6(8148$(!
,+&6! .%4'48&32( ! ,+&6! 3+211%&,6( ! ,+&6! 8(/'76&32(! (6! ;486/&32( ! $(! 32&!
8:('>1$%(! >4,! #4! $+'>4,,&+8)! $26/(! 32(#32(,! 54'&##(,! $+882(, !
64/4$(#,(! #(,! 5/732(864 ! (6! >#2,! >/),! 1(! 8+2,! #(! >/&8$(! ."5;"G' ! 32&!
>/(81/4! #(! $+86/(->&(1! 1(! M*5--5*N! *(8! '46&)/(! 1:7,+67/&,'(,)! ;/),!
>(2!1:%2'4&8,!+86!4$$),!9!$(66(!5&#&46&+8 !(6!,48,!1+26(!#9!42,,&!&#!?!4!28(!!
2222222!
+A)!41)!N7>%&/!*'64#&(,)!
+E)! #:+/1/(! 12! </4=+8! F! #(! >/('&(/! $/1/(! 764&6! 17>+,&64&/(! 1(! #4! 5&#&46&+8!
%?>(/"+/7(88(! 1(! ;/48,?#!48&( ! !+&(! $%4'48&32(! (6! %(/'76&32(! /7,(/!7(! 42! *+& ! 9! #4!
*(&8(! (6! 9! !&8=6-1(20! '('"/(,! 1(! 54'&##(,! 4/&,6+$/46&32(, ! (0&#7,! 1(>2&,! #4! /7!+#26&+8!
'4/0&,6()!

((! !
!
,(2#(! '48&)/(! 1(! ,(! >/7,(86(/! 148,! #(! 6('>#(! (6! 1(! /(=4/1(/! $(20! 32&!
,+86! 1(!(82,! #$(+ '".$'.(+ #)&(+ ')*-%&$7+ +2+ 1(,! >+/6(2/,! 1(! #4! ./+&0!
#2'&8(2,()!(+&(!/7,(/!7(!28&32('(86!420!7!(&##7, !(##(!(,6!&8,4&,&,,4"#(!
9!#:%(2/(!4$62(##( !$4/!(##(!1('481(!>#2,&(2/,!324#&5&$46&+8,!,&'2#6487(, !
"&(8! 7#+&=87(,! 1(,! >/7+$$2>46&+8,! 1(! #:16/(! %2'4&8! '+1(/8( ! 526-&#!
7,+67/&,6()!
!
8(/'488! 1(! .'##5' ! '('"/(! $7#)"/(! 1(! #:$/1/(! 12! </4=+8 ! 7$/&!&6! F!
C(+6/(! .+/>,! &''+/6(#! (0&,6(! 1709)! /4&6(,! =/481&/! $(66(! 426/(! /74#&67! (8!
!+2, !#4&,,(R-!+2,! ,"((;#$%+>4/!$(!*7(#)!<+?(R!$(#2&! >-'+&$+#"%*+$)!)'(7+32&!
8(! ,2$$+'"(! >4,! 420! 426+'46&,'(, ! $(#2&! 32&! 8(! ,:+2"#&(! 04'4&,! 28(!
,($+81( !28!%+''(!!4&832(2/!12!$+'4 !6/&+'>%46(2/!1(!#4!'+/6)!(+6/(!
$+/>,!,2&!/4)!.+''(86!>+2//4&6-&#!,2"&/!#4!#+&!1(!#4!17$+'>+,&6&+8a!(+6/(!
(,>/&6!7!(&##7!/(6&(81/4!(86/(!(##(,!#(,!'+#7$2#(,!1(!$%4&/ !1),!#+/,!#(!$+/>,!
8(! >+2//4! >#2,! 6+'"(/)! .:(,6! #(! '4832(! 1(! !&64#&67 ! 1(! !+#+867 ! 32&! 54&6!
32(! #(! $+/>,! ,:(55+81/(! (8! >+2,,&)/( ! $+''(! 28(! '4&,+8! 1+86! +8!
/(6&/(/4&6! #(,! '+(##+8,)))! '#! 5426! 1:4"+/1! 4=&/! ,2/! #(! 1+2"#( ! #(! /(81/(!
426+8+'( ! #(! 5+/$(/! 9! ,+/6&/! 12! $+/>, ! 9! (//(/! 148,! #(! >#48! 4,6/4# ! #2&!
4>>/(81/(! 9!!&!/(!,48,!17>(81/(!12! $+/>,! (6! 1(! ,(,! %4"&621(,)!#+/,32(!
#(! 1+2"#(! (,6! >4/54&6('(86! '4L6/&,7 ! 4#+/,! #4! $+8,$&(8$(! >(26! 32&66(/! #(!
$+/>,! (6! !(8&/! %4"&6(/! $(! 1+2"#()! ">/),! #4! '+/6 ! #(! 1+2"#(! $+86&82(! 9!
(//(/ !!+2,!1(!(R!4#+/,!#(!8+2//&/!4!($!#4!!&64#&67!32&!(,6!$+86(82(!148,!#(!
,48=)))!D!
!
#(,!$(/$#(,!1:"6+2'+P!+86!=4/17!28!67'+&=84=(!3-.*-%$.+1(!$(!$+2/486)!
58!(55(6 !#4!'46&)/(!1(!#:+(2!/(!1(!8+,!0+2/,!(,6!1(!>#2,!(8!>#2,!>(/!(/6&( !
1:+B!#4!1&55&$2#67!1(!$(/64&8,!+/1/(,!6(#,!32(!#:$/1/(!<+2!(/4&8!'86(/8(!(6!
8(/'76&32(! 1:"6+2' ! (8! ,+''(&#! *(0>/(,,&+8! 1:28(! 5&#&46&+8! >#2,! 48-
$&(88(! 1+86!&#! 8:(,6! >4,! +>>+/628! 1(!$&6(/! #(!8+', ! >+2/! ,(! '4&86(8&/)!'#!
,('"#(! 32:9! #:%(2/(! 4$62(##(! ,(2#(,! #(,! 5&#&46&+8,! (,'%'*-$..$(+ $+8!&(88(86 !
(##(,!+86!1:4&##(2/,!28!=/481!,2$$), !>+2/6486!#4! !)*' %$+(,6!"&(8!#(!/(5#(6!
1(! <&(2 ! (6! &#! (,6! #2&-'1'(! (8! 76(/8(##(! =(,646&+8)! #4! '(66/(! 1(! $@67!
>%&#+,+>%&32('(86! (6! >/46&32('(86 ! (,6! 28(! >/(2!(! 1(! #:7!+#26&+8!
>46%+#+=&32(!(6!,2"!(/,&!(!12!'+81(!'+1(/8()!
!
#4! ;/41&6&+8! 8:(,6! 04'4&,! '+/6( ! $(/64&8,! >4?,! $+''(! #(,! '81(,!
1(!/4&(86! 16/(! #4! /757/(8$( ! 6(##('(86! #(,! $+2/486,! &,,2,! 1(! $(66(! 6(//(!
,+86! "&(8! >#2,! !/4&, ! (6! >/+5+81, ! 32(! #(,! 6/41&6&+8,! &,,2(,! 12! 0217+-
$%/&,6&48&,'()!;8!!426/(!!>4?, !#:4=?>6( !4!!767!!6/+>!!17$+8,&17/7 !&#!!5426!!
222222222!
+P)! #(,! .(/$#(,! "6+2'! ,+86! 28(! 1(,! (0>/(,,&+8,! (067/&(2/(,! 1(! #:$<'8"! *$/1/(!
<+2!(/4&8! '86(/8(! (6! 8(/'76&32(! 1:"6+2', ! (6! 67'+&=8(86! 1(! $(/64&8(,! 5&#&46&+8,!
&86(/8(,)! .(6! $/1/(! (,6! /7>4/6&! (8! 6/+&,! $#4,,(,! 1&,6&8$6(,! *8+&/( ! "#48$%( ! /+2=(,! (6!
&'>#&32(! #4! 87$(,,&67! 1(,! 6/+&,! 5&#&46&+8,! 1(! "4,(! *4/6&,484#( ! =2(//&)/( ! ,4$(/1+64#(,! 9!
#:(067/&(2/!>+2/!16/(!41'&,)!

! (&!
/(81/(! %+''4=(! 9! <.8H"##5*! 1(! #;3'.N! 1:4!+&/! ,2! ,&! "&(8!
6/48,'(66/(! #:(,>/&6! 1(! #4! 6/41&6&+8! 7=?>6&(88( ! 1+86! &#! 764&6! 17>+,&64&/(!
$+''(!8+2,!#(!,4!+8,!>4/!$(/64&8,!6(06(,)!.(66(!6/41&6&+8!8:(,6!>4,!#&7(!9!
28(! 32(#$+832(! >(/,+88(! +2! 9! 28! 32(#$+832(! +/1/( ! !+2#4&6-&#! 54&/(!
$/+&/(!32:&#!(,6! )-*"%'(;/+#(!,?'"+#&,'(!1(!#4!*+,(!./+&0!#2&-'1'(!(,6!6/),!
48$&(8 !$+''(!#(!17'+86/(86!#(,!6+'"(,!12!'+84,6)/(!1(!<48!:248!1(!
#4! 6(84 !+B!+8!/(6/+2!(! #(,! $/+&0! ,+&6! 4!($! #4!/+,(! $(86/4#( !,+&6!4!($! #(,!
3246/(! /+,(, ! $/+&0! 32&! 146(86! 12! &'(! ,&)$#( ! (6! 32&! 67'+&=8(86! 4!($!
#:$/1/(! 1(! <4&86-:(48! 1:28! 6(//4&8! 32&! 4>>(##(! #(,! 7'(/=(8$(,! >#2,!
64/1&!(,)!
!
!
!

!!
!

(6! !
)

!"#&030-+3)3/")6'3)>0,'3).')"#"!$*%)',).')"*%>1*"((((((((((((((((()

#4! ,&6246&+8! 4$62(##(! 1(! $(,! /&6(,! (,6! 6/),! $+852,( ! $(>(81486! +8! 8(!
>(26! >4,! >+2/! 426486! 41'(66/(! $(/64&8(,! 17!&46&+8,! 1+86! #(,! 426(2/,! ,(!
>/76(81486! UX(! (6! UP(! &=8+/(86! 02,32:42! 8+'! 1(,! "*."G"! "*."-
G$*;- ! 1:426/(,! #(,! $&6(86! ,48,! '1'(! ,4!+&/! 32:&#! ,:4=&6! 1:28(! $#4,,(!
+$$2#6(! 9! $+86(82! 1+$6/&84#! (6! >/46&32()! ;8(! >2"#&$46&+8! %&,6+/&32(!
$+8$(/8486! #4! 1+$6/&8(! 1(! $(,! /&6(, ! +B! #(,! /)=#(,! 1(! 6/48,'&,,&+8! ,+86!
(8$+/(! >#2,! ,7!)/(,! 32(! 148,! #(,! 426/(,! /&6(, ! /7,2'(/4! #4! ,&6246&+8!
4$62(##(+!! ! ! ! ! ! ! ! ! ! !
! ! ! ! ! ! ! ! ! ! ! !!!!!!!!!!!!!

! "!#:%(2/(!4$62(##( !,&!+8!(0$(>6(!#(,!#+=(,!1(!-('>%&,!(8$+/(!(0&,6486(,!
(8! 4=?>6(! *#&=8(! 12! '4/32&,! 1(! 35";*57"*<, ! +8! 1+&6! /($+884L6/(! 12!
>+&86!1(!!2(!1(,!"/$484!"/$48+/2'!(6!1(!#4!6/48,'&,,&+8!1(!8&7/+>%486(!
9! 8&7/+>%486(! 32(! #(,! 5&#+8,! ,2&!486,! ,+86! #(,! ,(2#,! 4$$(>64"#(,! F!!!!!!!!!!!!!!!!!!!!!!!!
!!
-! #(! 7/481! <48$624&/(! "1/&46&32( ! #4! >#2,! 6/41&6&+84#&,6(! 1(,! $"7-
1&(8$(,!32&!/(>/7,(86(!28(!/728&+8!1(,!/&6(,!12!-&,/4?'!(6!12!-('>%&,!
148,! #:(,>/&6! >/&'&6&5! 1(! $(! $+2/486)! #(! 7/481! 8&7/+>%486(! 4$62(#!
<("4,6&48+! ."*"..'$#$ ! ,2$$(,,(2/! 12! .+'6(! (5G;;*" ! #2&-'1'(!
,2$$(,,(2/! 12! .+'6(! $664!&+! N"<'$ ! 4! (2! #4! 6/48,'&,,&+8! 1(! #:4,>($6!
&86(/8(!1(,!"/$484!"/$48+/2')!
!
-! #:(8,('"#(! 1(,! #+=(,! 12! -&,/4?'! (6! 12! -('>%&,! */&6(,! ,7>4/7,, ! &#!
,:4=&6! #9! 1(! #+=(,! 1&6(,! 1(! #4! 5&#&46&+8! 6*$3<;! 3'*"35G ! 4!($! 1&!(/,!
7/481,! -4L6/(,! 846&+8420! (6! 28! 7/481! 8&7/+>%486(! *4$62(##('(86! #(!
//)/(! 3*;GG'G.M! 1(! 3(#=&32(! -! ,(2#! 176(86(2/! 1(,! ,$(420! 1(! #:$/1/(,)!
''>#4867(,!>4/!<;3$'<!(8!//48$(!(6!3*;G5##'!(8!'64#&( !$(,!#+=(,!8(!,(!
,+86! 04'4&,! $+'>#)6('(86! 5717/7(, ! $(! 32&! (,6! 17>#+/4"#(!42!8&!(42! 1(,!
$#4,,(,! ,($/)6(,! 32(! $(/64&8,! 7/481,! -4L6/(,! >/46&32(86! 1(! '48&)/(!
,$78+=/4>%&32(! $4/! &#,! 8:+86! /(.2! 8&! #(! $+86(82! 1+$6/&84# ! 8&! #4! >/40&,!
&8&6&46&32()! .(66(! #&=8(! (,6! 76/+&6('(86! #&7(,! 9! #:$/1/(! 8(/'76&32(!
*176(86(2/!1(,!"/$484!"/$48+/2',!1+86!3$74!1(!#4!7*5N5!526!1:4&##(2/,!
/(,>+8,4"#(!>+2/!#4!//48$()!
222222222!
+)!"!>4/4L6/(!420!51&6&+8,!"0&,!-281&!!

! (%!
!!!!-!#:$/1/(!1(!-('>%&,--&,/4?'!*7/481!8&7/+>%486(!77/4/1!M#$665# !
,2$$(,,(2/! 1(! *+"(/6! "-35#"'G,! 32& ! >4/! >/7$426&+8 ! 4! /7,(/!7! #(,!
$#4,,(,!+$$2#6(,!9!,(2#('(86!32(#32(,-28,!1(,!176(86(2/,!1(,!UX(!(6!UP(!
1(=/7, ! 1:+B! $(/64&8(,! $+852,&+8,)! 3(42$+2>! 1(! 5/)/(,! 8(! $+'>/(88(86!
>4,!#(,!/(#46&+8,!76/+&6(,!1(!$(6!+/1/(!4!($!1(,!+"71&(8$(,! ("3').$(+*7/481!
$/&(86))),)!
!
'#!(0&,6(!>4/!4&##(2/,!1(,!#+=(,!>/46&32486!#:28!+2!#:426/(!1(!$(,!/&6(,!(6!
,(! /4664$%486! 9! #:28(! 1(! $(,! 5&#&46&+8, ! >4/5+&,! 42,,&! 9! #4! 5&#&46&+8!
6#";$;G$// ! $(/64&8(,! 6/4!4&##486! >4/5+&,! 4!($! >#2,! 1(! ,7/&(20! 32(!
#(2/,! 176/4$6(2/,! 8(! #(! >(8,(86! *$4,! 1(,! #+=(,! 1(! #4! 7)#)')<),)! '#! (,6! !/4&!
32(! 02,32:42! AA(! 1(=/7! #(,! >/+"#)'(,! 8(! ,(! >+,(86! >4,! $4/ ! ,(#+8! #4!
6/41&6&+8!1(!$(,!/&6(, !28!AA(!12!*&6(!4$+,,4&,!"8$&(8!(6!"$$(>67!8(!>(26!
>/76(81/(! 32:9! #:732&!4#(8$(! 4!($! #(! OO(! 1(=/7! ,(#+8! #(,! >/7$&,&+8,! 1(!
*"7$G!1(!3*5;'7G'5< !+2!42!SO(!(8!6486!32(!/(,>+8,4"#(!1:28!=/+2>(!
1(! $/746&+8! 8+2!(##(! *$"71&(8$(! /7$(86( ! $4,! 1:28! 7/481! -4L6/(! 1:28!
>4?,, ! #(,! 6/+&,! 1(/8&(/,! =/41(,! /(,6486! C! !+&#7,! D! (6! 1(! 6+26(! '48&)/(!
17>(81(86! 12! 7/481! 8&7/+>%486()! .:(,6! >+2/32+&! $(/64&8,! 7/481,!
-4L6/(,!8(!#(,!+86!>4,!(6!8(!>(2!(86!>/76(81/(!9!#4!#7=&6&'&67)!
!
.+86/4&/('(86!9!$(!32(!>/76(81(86!$(/64&8,!(787/4"#(, !#(,!>/+"#)'(,!
1(,! 0'.')*'"&(+(,6!5+814'(864#!T!#(!,7/&(20!(8!#+=(!"#(2(!&'>#&32(!#(!'1'(!
,7/&(20!148,!#(,!46(#&(/,!,2>7/&(2/,!9!'+&8,!32:+8!8:4&6!/&(8!$+'>/&,!9!#4!
8+6&+8! 12! /&6( ! ,2/6+26! 32481! &#! (,6! 17>+,&64&/(! 1:28(! >/40&,! (6! 1:28!
$+/>2,! &8&6&46&32(! Z! "&8,& ! &#! /(,6(! 7!&1(86! 32(! #4! =/481(! '40+/&67! 1(,!
'('"/(,! 1(,! 46(#&(/,! 1&6,! ,2>7/&(2/, ! 8:+86! >4,! '1'(! 28(! &17(! 1(,!
>/+"#)'(,! 5+814'(86420! 1(! #:'8&6&46&+8 ! >4/6&$2#&)/('(86! 148,! $(/64&8(,!
+"71&(8$(, !+B!28(!7621(!,2/!#(,!C$+8=(#7,D!*$(!8:(,6!>4,!28!0(2!1(!'+6!Z,!
,255&/4!>+2/!4$$71(/!42!+S(!+2!42!AX( !'4#%(2/(2,('(86!+8!$+'>6(!>4/!
'&##&(/,!$(,!(0('>#(,!1:28(!!7/&64"#(!&'>+,62/()!
!
.+''(!#:4!&81&327!#(!7)-)!3*;G5##'!148,!,(,!/('4/324"#(,!+2!/4=(,!
,2/! #(,! /&6(,! 1(! -&,/4?'! (6! -('>%&, ! 1:426/(,! +/1/(,! ,2$$)1(86! 420!
"/$484! "/$48+/2')! -4&,! 8+2,! ,+/6+8,! &$&! 1(! #:4,>($6! '4.+88&32(! >+2/!
17$+2!/&/! 3246/(! +2! $&83! 426/(,! +/1/(,! *7/481! $/1/(! 4=?>6&(8 ! *&6(,!
4=?>6&(8,!4&8,&!32(!6/+&,!426/(,!32(!8+2,!8(!>+2!+8,!'(86&+88(/,)!
!
!
!
!
!
!
!
!
!
!

(!! !
!
!
!
!
&+-3,0=/'3)',)>-3')')?"-09)'+)?-"3'()/+')<'"4%+'+&').')6%)
,"%.0,0-+(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((()
)
)

"! 1&!(/,(,! /(>/&,(, ! $(/64&8(,! /7=&+8,! !7$2/(86! #(! ,+255#(! 1(! #4!
;*"<';'$G !>4/5+&,!/7#&7!9!28(!/("(##&+8!54$(!42!>+2!+&/)!<&!8+2,!$&6+8,!
#(! $4,! 1(! #4! .+/,( ! $:(,6! 32(! $(! >4?,! ,42!4=(! 1+86! #(,! %4"&6486,! 9!
'(864#&67! =2(//&)/( ! $+''(! #(! >/7$&,(! G'5;N<.85 ! 8(! >+2!4&(86!
,:4$$+''+1(/!1:28!>+2!+&/!(067/&(2/!#&7!420!!4#(2/,!'(/$486&#(,!12!6/+$!
(6! 8+8! 420! $+8$(>6&+8,! 4/&,6+$/46&32(,! (6! $+''284264/&,6(,)! "&8,&!
52/(86! $+8,(/!7(,! 6/),! ,($/)6(,! 1&!(/,(,! 6/41&6&+8, ! 42032(##(,! 8+2,! 8(!
5(/+8,! 32:4##2,&+8! (067/&(2/('(86 ! '4&,! (8! 8+2,! 4>>2?486! ,2/! $(/64&8,!
6(06(,! 32&! $(/8(86! ,255&,4''(86! #(! >/+"#)'(! (6! 32&! >/+2!(86! 32(! 148,!
#:%&,6+&/(! '+2!('(867(! 1(! $(! >4?, ! #:7,+67/&,'(! 0+24! 28! /@#(! 8+8!
87=#&=(4"#()!! ! ! ! ! ! ! ! ! !
! !
<&! #(,! 3)*4)%$(+ 3"%($(+ >/+,>7/)/(86! 12/486! 6+26(! 28(! >4/6&(! 12! &'((!
,&)$#( ! 4!($! 28(! 1+$6/&8(! (6! 28! "26! ,48,! 1+26(! 28! >(2! 1&557/(86! 1(,!
$46%4/(,! 1(! //48$( ! >2&,32:28! 1(! #(2/,! 176/4$6(2/,! /'#'6'G'! 455&/'(F! C!
>(26-16/(!!+2#4&(86-&#,!/(8+2!(#(/!$(6!>=(!1:$/!32(!#(,!5&$6&+8,!1(,!>+)6(,!
>#4$(86!148,!#(!6('>,!1(!<462/8(!D !(6!"&(8!32(!1&/&=7,!(55&$4$('(86!>4/!
6$#$! (6! 8(8/&! 1:";;"#"! 42! >+&86! 32(! $(! '1'(! 176/4$6(2/! 7$/&6! F! C! #4!
,($6(! ,(! '2#6&>#&(! "&(86@6! 1:28(! '48&)/(! 76+88486(! 8+8! ,(2#('(86! 148,!
#(! 1(#9! '4&,! 42,,&! 148,! #(! 1(.9! 1(,! '+86,! D ! &#,! 8:(8! 52/(86! >4,! '+&8,!
487486&,!4!($!28(!"/264#&67!,42!4=()))!56!$(!9!#4!,2&6(!1(!#4!/74$6&+8!12!
>4>(!'GG$.5G;!('!32&!17$#4/4!#(,!7&+!4884#&!*$:764&6!#(!8+'!1(!#4!,($6(,!
%7/76&32(,!(6!#(,!(0$+''28&4!4!486!1:+/=48&,(/!#4!/7>/(,,&+8)!
!
.(!$+2/486 !>#2,!>/+$%(!1(!#4!=8+,(!1(!."*6$.*";5!-!32:+8!1(!/4&6!
>#26@6! 4>>(#(/! #4! 78+,(! 1:46'68"G5 ! ,+8! 5&#, ! 32&! #2&! 1+884! #:4,>($6!
3"!!-&)-*)%'(*$+ =+32(!1(,!$46%4/(, !,2",&,64!02,32:9!8+,!0+2/, !$+''(!#(!
$+85&/'(!6'$33+)!
!
.(#2&-$&!!764&6!!#(!!$+'6(!6&(//(!('G.5G;'!!6'$33!*+SOE-+U+O, !(8!54&6 !!
22222222!
+)! "26(2/! 1(! C! #4! .#(5! ;8&!(/,(##(! 1(,! ,$&(8$(,! ,($/)6(,! D ! 41)! $'&8&2'! #&667/4&/( !
12! C! /+/'2#4&/(! 1(! 8426(! -4=&(! D ! 41)! <48=#(,! (6! 1(! C! (782, ! <7(,,(! '4=&32(! 1(! #4!
$%4&/D !41)!1:"20+2/1:%2&)!

! (.!
4!486!4"/7!&46&+8!('G.5G;'!14!6'$335;;")!58!+SUA!&#!5+814!28!7$%+!1(!
#4!.+/,(!9!"04$$&+)!'#!>2"#&4!#(!C!/+/'2#4&/(!1(!8426(!-4=&(!D!(8!+UXO !(8!
+UXS! 28(! 7621(! F! (782,)! 58! +UXU ! 28! 1(! ,(,! 4/6&$#(,! 54&6! ,(8,46&+8 ! &#!
,:4=&6!1(!C!#4!54"/&$46&+8!1(!#:+/!D !>2"#&7(!148,!C!#4!*(!2(!1(,!*(!2(,!D)!
"'&!1(!.%4/#(,!3"*#5; !&#!526!6/),!1&,$/(6!,2/!$(/64&8(,!5&#&46&+8,)!6+2/-
6486!&#!7$/&6!148,!,4!C!.#(5!;8&!(/,(##(!1(,!<$&(8$(,!<($/)6(,!D !1:4"+/1!,2/!
#:4#$%&'&(!F!C!.(!32:+8!4>>(##(!#:4/6!1:85*-Y<!17,&=8(!4#+/,!#:4#$%&'&( !#(!
'&8(/4&!1:85*-Y<!76486!#(!'764#!'(/$2/(!D !>2&,!,2/!28!4,>($6!&'>+/-
6486!1(!#4!78+,(!(8!/(#46&+8!4!($!#:%&,6+&/(!1(!#4!.+/,(!C!6#2,!>+,,&"#(!1(!
,(!6/+'>(/F!#4!3&"#(!>(26!16/(!#2(!(6!&86(/>/767(!$+'>#)6('(86 !$%/76&(8-
8('(86! 4!($! 5/2&6)! $8! 4! 4>>(#7! $(#4! .)+ F&"($7+ (6! +8! 4! $+814'87 !
>+2/,2&!& !'4/6?/&,7!'1'(!#(,!=8+,6&32(,)!.(/64&8, !&#!(,6!!/4& !!(/,4&(86!
148,! 1(,! (//(2/,! /7>/7%(8,&"#(,)! -4&,! 1:426/(,! 764&(86! ,&'>#('(86!
D"4)&&'*$(+$+8,(/!486!(8!,($/(6!#(,!(8,(&=8('(86,!1(!<4&86!:(48 !426(2/!
1(!#:">+$4#?>,()!D!'#!>/7$&,(!>#2,!#+&8!F!C!#(,!:+%488&6(, !32:(8!&64#&(8!+8!
1&,4&6! =&+!4884? ! +86! 767! >(/,7$267,! 42! &'((! ,&)$#()! 3(42$+2>! ,(!
/752=&)/(86!(8!.+/,()!'#,!?!52/(86!&'>&6+?4"#('(86!(06(/'&87,)!92(#32(,-
28,! >+2/6486! +86! 7$%4>>7! 42! '4,,4$/( ! (6! $:(,6! #9! 28! 54&6! &=8+/7)! '#! ?! 4!
148,! 28(! %426(! !4##7(! 1(! #:'#( ! 1+86! #(,! (420! $+2#(86! !(/,! #:5,6 ! (8! 28!
(81/+&6! ,&! &84$$(,,&"#(! 32:+8! 8(! >(26! #:466(&81/(! 32:9! >&(1 ! 6+26(! 28(!
54'&##(! 1(! 7&+!4884?! 32&! !&6! /(6&/7( ! >/(,32(! ,48,! /(#46&+8, ! 4!($!
>(/,+88(!1:4#(86+2/)!#(,!%+''(,!>+/6(86!1(,!>/78+',!"&R4//(, !6&/7,!12!
=/($! F! &#,! ,:4>>(##(86! .%&/+8 ! 7(/?+8 ! <$4'481/( ! 6/&4' ! #(,! 5(''(,!
6(/,7>%+8( ! ">%/+1&6( ! 64##4, ! 87$46()! '#,! ,(! '4/&(86! (86/(! (20)! -4&,! ,&!
>4/! %4,4/1 ! 32(#32(! 0+2!(8$(42! 6&(86! 9! 7>+2,(/! 28(! 0(28(! 5&##(! 1:28!
!&##4=(! !+&,&8 ! #(,! >4/(86,! 1(! #4! 5&48$7(! 8(! ,+86! >4,! 426+/&,7,! 9! 4,,&,6(/!
42! '4/&4=(! /(#&=&(20)! .(#2&-$&! 4! #&(2! 148,! 28(! $%4>(##(! "4,,(! +B! 04'4&,!
28! >/16/(! 8:4! +55&$&7 ! +2! >(/,+88(! 1:4&##(2/,! ,425! 28! :+%488&6(! 8:4!
>7876/7)! 56! >#2,! 64/1 ! #4! 0(28(! 76/48=)/(! 8(! /7!)#(! ,+2,! 42$28! >/76(06(!
#(,! /&6(,! 42032(#,! (##(! 4! 4,,&,67)! :(! 64&,! '+&-'1'(! #(! 8+'! 1(! $(66(!
"+2/=41(! >+2/! 7!&6(/! 9! $(,! "/4!(,! =(8,! #(,! (882&,! 32:&#,! /(1+26(86!
6+20+2/,)!D!=)!
!
'#! ,(/4&6! &867/(,,486! 1(! 54&/(! 28(! >4/(86%),(! >+2/! 4"+/1(/! $(/64&8,!
>/+"#)'(,! 1(! #4! '4=&(! $+/,( ! 8+8! >4,! 148,! ,(,! 4,>($6,! >+>2#4&/(,!
$+''(!#:4!54&6!28!/7$(86!+2!/4=( !'4&,!9!6/4!(/,!#:7621(!1(!5&#&46&+8,!>#2,!
5(/'7(,)! G+2,! 4!+8,! (2! #:+$$4,&+8! 1(! $+8,646(/! #(,! (55(6,! &81&,$264"#(,!
1:28(! $(/64&8(! 6%72/=&( ! "4,7(! ,2/! #:7!+$46&+8! 1(,! 48$16/(, ! 1&6(! 1(! C! #4!
$#(5! 1(,! '+/6,! D ! >#4$7(! >/74#4"#('(86! 1:28(! $(/64&8(! '48&)/(! 148,!
#:4!48=&#(! 1(! <4&86! :5"G ! (6! 1(! "&(8! 1:426/(,! 4,>($6,! 648=&"#(,A)! <(!
'1'(! 32(! 8+2,! >^'(,! $+8,646(/! $+'"&(8! #4! /(#46&+8! 4!($! $(/64&8,!
41(>6(,! 1(! #4! ,%;($&3$+ ,+ ("'=!/!$+ 764&6! 1&55&$&#( ! 6486! #(2/! 1(8,&67!
6/42'46&,4&6! #(,! 426/(,! ! >4?,48, ! ! 32481! ! &#,! ! /(6+2/84&(86! ! 42! ! !&##4=( !!
4>/),!!1(!#+8=2(,!!/(6/4&6(,)!G+2,!!>^'(,!42,,&!+",(/!(/!$+''(86!148,!!
22222222!
=)!'8!C!#4!$#(5!28&!(/,(##(!1(,!<$&(8$(,!,($/)6(,!D)!!

&'! !
!
28! 7646! 1(! $+8,$&(8$(! 1&557/(8$&7! (6! 1(! >4&0! &##2'&846/&$( ! 28! 1(,!
%+"(/(420! ! 54&,4&6! >4/6&$&>(/! #(,! +"0(6,! 12! $%>6(42! 9! #4! 516(! $+,'&32()!
.:(,6! 1:4&##(2/,! -4L6/(! .$#$GG"! 1:"G/*5"G'! 32&! 8+2,! 4!4&6!
/($+''4817! 1:7$/&/(! 28! 732&!4#(86! 1(! C! *(8$+86/(,! 4!($! 1(,! %+''(,!
/('4/324"#(,! D ! >+2/! '+86/(/! 32(! $(/64&8(,! 6(//(,! 1:52/+>(! 176(84&(86!
(8$+/(!1(,!17>+,&64&/(,!1(!#4!;/41&6&+8)!
!
!

!
!
!
))..)*$+ )&*'>-$+ #-+ ('*$+ #$+ 62#5E#:-??#+ NO-&'0)8'-=%"%($J/+ 7&+
%$!)%>-$%)+ .)+ ,%;($&3$+ #$+ 9+ ':)(*(;)(7+ #$+ .)+ :"($+ $*+ #$+ .)+ %%"'.+
(*(.'(;$(+>-'+*;!"'*&$&*+#$+.!)&*'>-$+,%;($&3$+#$+.)+E%)#'*'"&+(-%+.!2.$/+
+
+
+
+
A)!#4!/&#&46&+8!$+/,(!>+,,)1(!1(,!/&62(#,!,:4>>4/(86486!>4/!1(!8+'"/(20!4,>($6,!9!$(20!
12! C! <4$/4'(864&/(! 12! *+,(! %! ./+&0! D! **+"(/6! "'"(#4&8 ! 41)! <$&(86&5&32(, !
>4/6&$2#&)/('(86!42!8&!(42!1(,!C!<+/6,!1(!<4&86-:(48!D!+B!#:+8!/(6/+2!(!#:26&#&,46&+8!1(!#4!
.#(5!1(,!'+/6,)!-4&,!#:&8!+$46&+8!(,6!1&557/(86(!$4/!#4!/&#&46&+8!$+/,(!26&#&,(!1&/($6('(86!
#(!17"26!1(!#:4!48=&#(!1(!<4&86-:(48 !$(!32&!(,6!>#2,!/7(#!42!8&!(42!1(!#4!;/41&6&+8!32(!
#(,!>/&)/(,!$%/76&(88(,!'(86&+887(,!148,!#(!<4$/4'(864&/()!<(!>#2, !(##(!,(!"4,(!42,,&!
,2/!#:7!+$46&+8!1(,!48$16/(,!$(!32&!/(81!#(!*&62(#!6/),!>2&,,486)!

! &"!
.(! 526! 148,! $(,! '1'(,! $&/$+8,648$(,! 32:28! '('"/(! 1(! #:4/&,6+$/46&(!
$+/,(!'(!/('&6!28!!&(20!67'+&=84=(!,2/!#4!*+,(!%!./+&0E)!'#!8(!8+2,!(,6!
>4,! >+,,&"#(! 1(! $&6(/! 6+2,! #(,! 8+',! 1(! $(! $(/$#(! 1(! C! :$! D! $+/,(,P! (6!
1:426/(, !/("(##(,!1(!#4!'+864=8( !17>+,&64&/(,!1(!#:466&621(!#4!>#2,!02,6(!
32&! ,(! >2&,,(! $+8$(!+&/! >+2/! /($(!+&/! #4! $+2>(! 12! 7*""# ! '4&,! 32&! 8(!
>2/(86! "(42$+2>! $+''28&32(/ ! 5426(! 1:7#7'(86,! >-).'0';(+ >+2/! /($(!+&/!
28(! ,$&(8$(! 4!($! #4! $+8,$&(8$(! &81&,>(8,4"#()! .(#4! >+2/! /(!(8&/! 4>/),!
#:%&,6+&/(! 1(,! 7&+!4884#&! *+2! =&+!4884?,! 9! 28(! 1(20&)'(! /7"(##&+8 ! 6+2-
0+2/,!9!$4/4$6)/(!7,+67/&32()!
!
G+2,! $&6(/+8,! 28(! >%/4,(! (8! 4>>4/(8$(! 48+1&8( ! 32(! #(,! #($6(2/,!
>(2!(86! 6/+2!(/! 148,! 28(! C! ">+#+=&(! 1(! #4! *+,(! %! ./+&0! D! /(>/+12&6(! (8!
>4/6&(! 148,! 28(! 7621(! 1(! :)-)! *"7$G! >4/2(! !(/,! +SJXF! C! #:%&,6+&/(! 12!
34/+8! 1(! G5;8$//! *&#! ,:4=&6! 12! *+&! 1(! .+/,(, ! 8:(,6! 32(! #:%&,6+&/(! 1(!
#:764"#&,,('(86! 12! $%(5-#&(2! 1(! 8+6/(! $/1/(! 148,! #:L#()! D! .(66(! /7!7#46&+8!
(,6!1:28(!&'>+/648$(!'40(2/(!76486!1+887(!#4!8+6+/&767!1(!#:426(2/ !'4&,!
32&!(,6!$(6!%&,6+/&(8!1(!#4!//48$--4.+88(/&(!a!
!
:(48--4/&(!*"7$G!1(!35;;'7G'5<!*+OS+-+SJJ,!(0(/$(!,+2,!#:5'>&/(!
#(,!5+8$6&+8,!1(!$4&,,&(/!9!#4!/($(66(!=787/4#(!1(!3/2=(,!*3(#=&32(, !4#+/,!
17>4/6('(86! 5/48.4&,)! '#! (,6! &8&6&7! 148,! $(6! $/&(86! *$:(,6-9-1&/(! !&##(,! 9! #4!
#+=(!C!#(,!(/4&,!"'&,!D!32&!$+884L6!=/>$(!9!,4!>(/,+884#&67!28(!$(/64&8(!
8+6+/&767 !(6!(8!1(!&(86!#(!(787/4"#(!-4L6/()!'#!4>>4/6&(86!7=4#('(86!9!#4!
#+=(!C!6%+78&0!D!12!7/481!$/&(86!1(!//48$( !(6!42!*&6(!1(!-&,/4?')!585&8 !
&#! 48&'(! #:$/1/(! 12! ;('>#(! 1(! /"3*5-6"#"6*";)! #:+(2!/(! 1(! :)-)!
*"7$G! (,6! 6/),! &'>+/6486(! F! (##(! /7!)#(! 28(! =/481(! $+884&,,48$(! 12!
'+81(! 7,+67/&32()! "! 8+6(/! F! &#! 4! 71&67! C! 8(/'),! D ! >/('&)/(! /(!2(!
'4.+88&32(! 5/48.4&,()! *"7$G! 764&6! 17>+,&64&/(! 1(,! "*."G"! "*."G$-
*;-!**7=&'(!1(!G4>#(,,)!
!
:(48-34>6&,6(!G'.$#"'!7$/&6!9!>/+>+,!12!34/+8!1(!G5;8$//J!F!C!.:(,6!
"4/17! 1(! 6&6/(,! >+'>(20! 32(! #:+8! >/7,(86(! =787/4#('(86! ;%7+1+/(! F!
7/481! 1:5,>4=8( ! #+/1! 1:"8=#(6(//( ! 64&/! 1(! //48$()))! ''>/(,,&+88486! Z!
#(! /+&! 1(! .+/,( ! #2& ! 8:4! 04'4&,! '&,! (8! 4!486! $(,! 1&,6&8$6&+8,! 32&!
,('"#(86! 1:4&##(2/,! 54"/&327(,! 1(! 6+26(,! >&)$(,)! :4'4&,! >+2/6486! &#! 8(!
/7!7#(/4! 32:&#! (,6! '('"/(! 1(! #:$/1/(! 1(! <4&86(--4/&(! 1(,! "##('481, !
$:(,6-9-1&/(! .%(!4#&(/! ;(26+8&32()! ;8(! /('4/32(! ,:&'>+,(! F! 148,! $(66(!
>/('&)/(!'+&6&7!12!&('''(!,&)$#( !8:(,6!>4,!.%(!4#&(/!;(26+8&32(!32&!!(26!
Z!#4!!/)=#(!!1(!!$(6!!$/1/( !!87!!420!!4#(86+2/,!!1(!++=S!!(8!!;(//(!!<4&86( !!
22222222!
E)!;8(!5/46(/8&67!*+,(!%!./+&0!4!(55($6&!('(86!(0&,67!02,32:9!28!$(/64&8!'+'(86 !148,!
1(,! $&/$+8,648$(,! 6(##('(86! $2/&(2,(,! 32:&#! 8:(,6! >4,! >+,,&"#(! '1'(! 9! #:%(2/(! 4$62(##(!
*#(,!.+/,(,!32&!,+86!$+8$(/87,!,4!(86!>+2/32+&,!1(!1+88(/!1(,!>/7$&,&+8,)!6+2/6486!$(,!
67'+&=84=(,!648=&"#(,!(0&,6(86!6+20+2/,!(6!52/(86!(8/(=&,6/7,)!
P)! '#! 5426! /4>>/+$%(/! #(! :$! 12! +X! 32&! ,(! 6/+2!(! 1(!486! #(,! 8+',! 1:4/&,6+$/46(,! 1(!
;/48,?#!48&( !>4/(867!,2/>/(8486(!9!>#2,!1:28!6&6/(!Z!
J)!'8!C!(&!(!#(!*+&!1(!.+/,(!D!1(!:(48-34>6&,6(!G&$+#4? !41)!.?/8+,!(6!-71&6(//487()!
!

&#! !
,:4>>4/(86(!!9!!$(##(!!1(,!!;('>#&(/,)!'#!!(,6!!1&55&$&#( !!420+2/1:%2&!!(8$+/( !
1:&'4=&8(/! #4! >2&,,48$(! (6! #4! /&$%(,,(! 1(! $(66(! .%(!4#(/&(! 9! #4! 5+&,!
/(#&=&(2,(! (6! '&#&64&/(! 32&! 4! (86/(6(82! $(86! $&832486(! %@>&6420! (6! 32&!
>+,,714&6 !(8!6/2,,(!,(2#('(86 !3246/(-!&8=6-1&0!!&##(,!(6!$(86!!&##4=(,)!D!
!
#:78&='(! 1(! $(! "4/+8! >-'+ &!)+ $-+ >-!,+ ($+ 2)'(($%+ ,"-%+ %)!)(($%+ -&+ *%P&$7+
/(,6(! >+,7()! 6#2,! 1(! 1(20! ,&)$#(,! 4>/),! ,+8! (86/7(! 148,! #:%&,6+&/(! 1(! #4!
.+/,( !"&(8!1(,!'?,6)/(,!/(,6(86!9!7#2$&1(/)!6+2/!#(!$+'>6(!1(!32&!4!4=&!
;%7+1+/(! a! "-6-&#! !+2#2 ! ,2/! 28! $+2>! 1(! >+[(/! '4=&,6/4# ! ,:+$6/+?(/! 28!
6/@8(! >4/! >2/(! 4'"&6&+8! >(/,+88(##(! a! #(,! ,+$&767,! ,($/)6(,! 84&,,486(, !
&8&6&46/&$(,!1(,!#2'&)/(, !8:+86-(##(,!>4,!0+27!#4!$4/6(!.+/,(!>+2/!>/+2!(/!
9!#:52/+>(!(8!5&)!/(!#4!>+,,&"#(!$+8,6&626&+8!1:28!7646!1(!5/46(/8&67!a!!
!
#(! "4/+8! 1(! G5;8$//! (,6 ! 32(#32(! 6('>,! 4>/),! ,+8! 4//&!7( !
>/+$#4'7! /+&! 1(! .+/,()))! 56! >4/! 32& ! =/481,! <&(20! Z! 64/! 1(! 8+"#(,! (6!
=#+/&(20!>46/&+6(,!6(#,!32(!#+2&,!7'"//5*'!(6!8?4$&86%(!6"$#' !4=&,,486!
42! 8+'! 1(,! /("(##(,! &8,2#4&/(,! Z! '#! 8:(,6! >4,! &$&! 148,! 8+6/(! &86(86&+8! 1(!
6&/(/!'+/4#&67!1(!$(66(!'7$%486(!4554&/( !148,!#432(##(!+8!!+&6!#(!>(2>#(!#(!
>#2,! #&"/(! 12! '+81(! ,(! #&!/(/! >&(1,! (6! >+&8=,! #&7,! 420! $4>/&$(,! 1:28!
4!(862/&(/)! "&8,&! #(! =X! '4/,! +OAJ ! ;%7+1+/(! 17"4/32(! 9! "#7/&4)! "! >(&8(!
4-6-&#! '&,! #(! >&(1! ,2/! #4! 6(//(! 5(/'(! 32:&#! ,&=8(! 28(! 41/(,,(! )-.+
2..-(*%'(('!$(+'$'*&$-%(+1(!#:'#( !32& !(8!54&6 !,+86!#(,!$%(5,!1(,!&8,2#4&/(,!(8!
/7!+#6(!$+86/(!#:+$$2>486!=78+&,!F!C!-(!!+&$&!(85&8!(8!.+/,( !>/+$#4'(-6-&# !
+B! ':+86! 4>>(#7! 1(! #(2/,! >/&)/(,! 1(,! $+/,(, ! (6! #(,! 8+'"/(2,(,! #(66/(,!
32(!0:4&!/(.2(,!1:(20)))!D!
!
*(87!1(!H55.MO!/7!)#(!$+''(86!;%7+1+/(!(6!#(!$%48+&8(!"#35*;'G'!
1(!4&(86!,(!/($+884L6/(!#:28!(6!#:426/(!'('"/(,!1(!#4!*+,(!%!./+&0)!<(20!
0+2/,! 4>/),! 4!+&/! /74#&,7! #:4$$+/1! 1(,! $%(5,! $+/,(,! ,2/! ,4! >/+$#4'46&+8 !
;%7+1+/(!17$&1(!1(!>/(81/(!28!>(2!1(!/(>+,)!'#!$+8=71&(!6+26!#(!'+81( !9!
#:(0$(>6&+8! 1(! <+8! :+,(>%! "#35*;'G'! 32:&#! 54&6! 4,,(+&/! 9! ,+8! $%(!(6)! C!
;%7+1+/(!76(81&6!,4!'4&8!9!>#46!,2/!#4!$+2!(/62/( !/4$+86(!1(!H55.M !(6!
$+86('>#4!5&0('(86 !9!#:4882#4&/( !#(!$%>6+8!1:28(!"4=2()!#(,!/(=4/1,!12!
>/16/(! ,2&!&/(86! #(,! ,&(8,! (6! ,:4//16)/(86! ,2/! #(! '1'(! +"0(6)! .:764&6! 28(!
>&(//(! 12/( ! 8+&/( ! 1(! 5+/'(! $4//7( ! ,(/6&(! 148,! 1(! #:+/! 0428(! T! #:(864&##( !
6/),! 8(66( ! 5&=2/4&6! 28(! $/+&0! 1(! <4&86-:(48 ! +/87(! 420! 3246/(! 48=#(,! 1(!
/+,(,!7>48+2&(,)!<+2,!#(,!>48,!1(!,+8!/4"46 !#(!$%48+&8(!6&/4!28(!$%4L8(!
9!'714&##+8!+B!4>>4/4&,,4&6 !=/4!7(!>4/(&##('(86 !#4!'1'(!5&=2/()!
!
-!//)/( !1&6-&# !0(!6(!,4#2()!<48,!#(!,4!+&/ !$:(,6!#4!$42,(!1:28!5/)/(!32(!
0:4&!>#4&17(!#:426/(!0+2/!9!-46/4)!.+''(!0:4!4&,!/4&,+8!1(!#(2/!1&/( !9!$(,!
&=84/(, ! 32:28! %+''(! 1(! 64! ,+/6( ! 4"+/1486! ,2/! 8+,! /&!4=(,! 148,! #(,!
0+2/,! +B! #:7=#&,(! $7#)"/(! #:"88+8$&46&+8! 1(! #4! ;/),! <4&86(! (&(/=( ! #(2/!
4>>+/64&6!#4!17#&!/48$()!
22222222!
O)!'8!C!(&!(!#(!*+&!1(,!.+/,(,!D)!

! &$!
!
-!;2!8(!6:(,!>4,!6/+'>7 !5/)/( !/7>#&324!;%7+1+/()!D!
!
*(87!1(!H55.M !148,!28(!8+6(!>#4$7(!(8!5&8!1(!,+8!+2!/4=( !>/(81!
#4! >/7$426&+8! 1(! >/7$&,(/! 32(! 148,! ,+8! /7$&6! %'$&+ &!$(*+ '&6$&*;/+ '#+ /4>>(##(!
42,,&! $+''(86! #(! $%48+&8(! "#35*;'G'! ,+'"/4! 148,! #:48+8?'46)! ">/),!
4!+&/! $&67! 1(!486! #:+55&$&4#! >4/! #(,! 426+/&67,! ($$#7,&4,6&32(,! >+2/! ,(,!
6/4!420! 1(! [4""4#&,6(, ! <+8! :+,(>%! 5(/4! 4'(81(! %+8+/4"#()! "2$28(!
>(&8(!$48+8&32(!8(!#2&!,(/4!&85#&=7()!56!#(!"/&##486!6%7+#+=&(8!6(/'&8(/4!,4!
$4//&)/(! 6(//(,6/(! 9! 32$$2=8482 ! $+''(! ,&'>#(! $2/7! 1(! $(! '+1(,6(!
!&##4=(!1(!'+864=8()!
!
G'.$#"] !/4$+86(!28(!426/(!48(1+$6(!F!C!'#!5426!$/+&/(!32(!,2/!#(!>#48!
1(! #4! 5+& ! #(! *+,(-./+&0! ;%7+1+/(! (6! 64+#&! >4/#(86! #(! '1'(! #48=4=()! "2!
$+2/,!1:28!/(>4,!$(!1(/8&(/!>#4$(/4 !(86/(!426/(, !$(!6(/$(6 !9!#4!=#+&/(!12!
*+&!F!
`92:&#!':4,,&,6(!420+2/1:%2& !#(!<&(2!>#(&8!1(!!&=2(2/!Z!
56!32:&#!':4&1(!9!>#4$(/!#(!*+&!(6!,(,!'7/&6(,!
<48,!#(!!4,6(!,70+2/!1(!#:&''+/64#&67)))`!!
!
#(!/+&!1(!.+/,(!6(864!1:764"#&/!#4!6+26(!>2&,,48$(!1(!#:+/1/(!9!#:4&1(!1(!
1(20! $+2!(/62/(,! 4/&,6+$/46&32(,! 32&! '4#%(2/(2,('(86! 8(! 52/(86!
$+'>/&,(,! 32(! >4/! #(,! 176(86(2/,! 1(! $(/64&8(,! $#(5,! 7,+67/&32(,)! 6+2/!
+2!/&/! #4! (+&(! 9! 6+2,! #(,! 5&#,! 1(,! $+'6(,! (6! '4/32&,! 32:&#! $/7( ! &#! 5+81(!
#:$/1/(! 1(,! .%(!4#&(/,! 1(! #4! .#(5! 1:$/! 1+86! #(! ,?'"+#&,'(! (,6! 7!&1(86!
$+''(!#(!>/7$&,(!:(48-34>6&,6(!G'.$#"]!C!#4!$#(5!+2!/(!420!0(28(,!=(8,!
8+2!(##('(86!%+8+/7,!#4!!+&(!&8&6&46&32()!D!
!
#:+/1/(! 32&! !4! #2&! ,2$$71(/! %&7/4/$%&32('(86! ,(/4! #:$/1/(! 1(! #4!
<7#&!/48$( ! 1+86! #(,! ,64626,! ,(! $+'>+,(86! 1(! +J! 4/6&$#(,)! :(48-34>6&,6(!
G'.$#"]! ,(! #&!/(! 9! 28! 78+8$7! (6! 9! 1(,! 484#?,(,! 1+86! 8+2,! $&6(/+8,!
$(/64&8,!(06/4&6,!
!
-!#:4/6&$#(!''!&81&32(!32(!#(!/+&!,(/4!6+20+2/,!#(! F%)&#+1)3*%$/+.(!6&6/(!(6!
,4! 5+8$6&+8 ! +8! #(,! /(6/+2!(! 148,! 6+26(,! #(,! ,+$&767,! &8&6&46&32(,! (6! #(,!
+/1/(,!1(!.%(!4#(/&()!
!
"! #:4/6&$#(! ''' ! &#! (,6! 1&6! 32(! #(,! $%(!4#&(/,! >+/6(86! 28! 4)2'*+ 3;.$(*$/+ #(!
"#(2!3"-.$-%+,%"0"&#$+$*+'!!)*;%'$..$+ (,6!$+8,&17/7!>4/!#(,!4=?>6&(8,!$+''(!
.)+ 3"-.$-%+ #$+ .)+ 1;%'*;/+ :)-)! *"7$G! /4>>(##(! F! C! #4! !+^6(! 12! ;('>#(! (,6!
4R2/7(!(6!76+&#7(!$+''(!$(##(!1(,!$&(20 !>4/$(!32( !$+''(!(##( !(##(!4"/&6(!
6+2,!#(,!%+''(, !,48,!1&,6&8$6&+8!1(!/48= !8&!1(!$+2#(2/)!#4!-4.+88(/&(!
8:4! >4,! #:(0$#2,&!&67! 1(,! !+^6(,! 76+&#7(,! F! #(,! 6('>#(,! 1(! #:"86&32&67! 4&8,&!
32(!#(,!7=#&,(,!(8!764&(86!17$+/7(,)!D!
!
$8!>(26!(8!1712&/(!32(!#:+/1/( !"&(8!32(!$%/76&(8 !8(!>/46&32(!>4,!#4!

&(! !
$%4/&67!'4&,!42!$+86/4&/(!#4!,+#&14/&67)!
!
<(! >/&'(! 4"+/1 ! #:4/6&$#(! &'''! >(26! >4/4L6/(! $%+32486 ! 6+26! 42! '+&8,!
148,! ,4! >/('&)/(! >4/6&()! '#! (,6! 1&6! (8! (55(6! 32(! C! >(/,+88(! 8(! ,(/4! /(.2!
148,! #:+/1/(! 32(! #(! /+&! 8(! #(! 02=(! 4,,(R! /&$%(! (6! 32(! #:+8! 54,,(! !+&/! 32:&#!
1(,$(81!1(!>4/(86,!%+8816(,!02,32:9!#4!3246/&)'(!=787/46&+8!D)!.(/6(, !&#!
5421/4!466(81/(!#(!&'&(!,&)$#(!>+2/!32(!$(/64&8(,!,+$&767,!&8&6&46&32(,!,(!
17'+$/46&,(86)!
!
6#2,! $2/&(20! (,6! #:4/6&$#(! &'()! '#! 8+6(! 32(! C! $(20-#9! ,+86! 17$#4/7,!
&8$4>4"#(,!1:(86/(/!148,!#:+/1/(!32&!(0(/$(86!32(#32(,!'76&(/, !+2!1+86!#(!
>)/( !#:4?(2# !+2!#(!6/&,4?(2#!(8!42/+86!(0(/$7!28!D)!#4!,7#($6&+8!(,6!1/4$+-
8&(88()! #:$/1/(! 1(! #4! <7#&!/48$(! (,6! (,,(86&(##('(86! ,>7$2#46&5)! .(66(!
/(,6/&$6&+8! >(26! 7=4#('(86! ,:(0>#&32(/! >4/! #(! 54&6! 32(! ;%7+1+/(! !(26! 32(!
#(,! $%(!4#&(/,! ,+&(86! 28&32('(86! 1(,! %+''(,! 1(! =2(//()! 56! >#2,!
>/7$&,7'(86! C! 1(,! $4>&64&8(,! 1(! =4#)/(,! (6! 1(! !4&,,(420! 12! /+& !
$+''481486,!1(!5+/6,!(6!426/(,!>#4$(,!+B!&#!?!4!=4/8&,+8!D)!
!
585&8 ! 148,! #:4/6&$#(! &( ! +8! 17$+2!/(! #:28&!(/,4#&67! (6! #:(,>/&6! 1(!
6+#7/48$(! 1(! #:+/1/(! >2&,32:&#! (,6! 1&6! (0>/(,,7'(86! 32:+8! ?! C! /($(!/4! #(,!
76/48=(/,!1(!32(#32(!846&+8!+2!/(#&=&+8!32:&#,!,+&(86!D)!
!
6/7$&,&+8,! &'>+/6486(,! F! $%432(! $%(!4#&(/! 32&! (,6! +"#&=7! 1(! /7$&6(/!
$%432(!0+2/!1(20!>,42'(,!,+2,!>(&8(!1(!,48$6&+8 !1+&6!,(!,+2!(8&/!32(!
#:+/1/(!4232(#!&#!4>>4/6&(86!C!(,6!764"#&!(8!'7'+&/(!1(!#4!17#&!/48$(!1(!#4!
1+'&846&+8! 1(! 718(,! (6! 12! /764"#&,,('(86! 1(! #:48$&(88(! #&"(/67! 148,! #(!
/+?42'(!1(!.+/,(!D)!
!
#(,!/)=#(,!'' !'''!(6!'(!,+86!&8,>&/7(,!1(,!;('>#&(/, !(8!>4/6&()!
!
G+6+8,!32(!#(!/+&!6+2$%(!6/+&,!5+&,!#(!$%(!4#&(/!1(!,+8!7>7(!(6!32(!#(,!
>/7,(86,! #(! /(.+&!(86! (6! #:('"/4,,(86! $+''(! 28! 5/)/()! ;/+&, ! $%&55/(!
,?'"+#&32(!>4/!(0$(##(8$( !54&6!>4/6&(!1(>2&,!#4!>#2,!%426(!486&32&67!1(!#4!
6/41&6&+8!7,+67/&32()!92:&#!,:4=&,,(!1(!#4!<4&86(!;/&8&67!(8!>4,,486!>4/!#(,!
6/+&,!>+&86(,!12!6/&48=#(!+2!(8$+/(!12!E%',.$+D"()-+"+211%&32( !#(!6(/84&/(!
(,6!28(!,+2/$(!&87>2&,4"#(!1:&8,>&/46&+8)!
#4! 1(,$/&>6&+8! 12! "#4,+8! (6! 1(,! 4/'+&/&(,! 1(! #:+/1/(! >/7$&,(! F! C! #4!
./+&0! +2! 46+&#(! 1(! $(6! +/1/(! (,6! 28! $%4'>! 1(! ,&8+>#(! *#(! !(/6! 1(,!
%7/4#1&,6(,,!4!($!28!+2/#(6!1:4/=(86!+2!"#48$)!#(,!,(>6!>+&86(,!1(!#4!./+&0!
+2!46+&#( !#:488(42!>4/!#(32(#!(##(!(,6!4664$%7( !,+86!1:+/!+2!0428(!T!(6!#(,!
,(>6! 426/(,! >(6&6(,! >+&86(, ! 1(! ,4"#( ! (6! $%4/=7(,! 1(,! 4/'(,! 12! *+& !
"#48$%(,! +2! 1:4/=(86! T! (6! #(! /("+/1! 1(! #4! ./+&0! 0428(! +2! 1:+/)! <48,! #(!
'&#&(2! 1(! #4! ./+&0! (,6! #4! :2,6&$( ! $+2#(2/! 1(! $%4&/ ! /(>/7,(867(! >4/! 28(!
5(''(!32&!4!28(!$(&862/(!1:+B!>(81!28(!5(2&##(!1(!5&=2&(/!1:+/)!5##(!6&(86!
9! #4! '4&8! 1/+&6(! 28(! 7>7(! 1:4$&(/! (6! 1(! #4! =42$%(! 28(! "4#48$(! 148,! 28!

! &&!
1(,!"4,,&8,!6/&48=2#4&/(,!1(!#432(##(!(,6!28(!6>$%(!/+2=(!(6!148,!#:426/(!
28(! $+2#(2/! 1(! >#+'")! "2-1(,,+2,! 1(! #4! '4&8! 32&! 6&(86! #:7>7(! (,6! 28!
=#+"(! 1:+/ ! ,2/'+867! 1:28(! $/+&0! T! (6! 42-1(,,+2,! 1(! #4! '4&8! 32&! 6&(86! #4!
"4#48$(!(,6!28!6/&48=#(!1:+/!42!'&#&(2!1232(#!(,6!28!;)!D!
6+2/32+&! #(! /+&! 4-6-&#! $%+&,&! #:76+&#(! 9! ,(>6! "/48$%(,! a! $8! >+2//4&6!
#+8=2('(86! 7>&#+=2(/! (6! /4>>(#(/! 6+26! #(! ,?'"+#&,'(! ,(! /4664$%486! 42!
$%&55/(!,(>6!F!#(,!,(>6!1(=/7,!1(!#4!6(/5($6&+8 !#(,!,(>6!"/48$%(,!1(!#:4/"/(!
$+,'&32( !(6$)!-4&,!;%7+1+/(!(,6!4!486!6+26!*+,(!%!./+&0)!#:('"#1'(!1(!
$(6!+/1/(!'?,6&32(!(,6!28(!/+,(!9!,(>6!>764#(,!T!+8!$+884L6!28(!4##7=+/&(!
/+,&$/2$&(88(!1(,,&87(!9!//48$5+/6!(8!+J=J!32&!(,6!'4/327(!>/7$&,7'(86!!
>4/!28(!/+,(!9!,(>6!>764#(,)!
'#!,('"#(!42,,&!32(!#:$/1/(!;(26+8&32(!(6!#(,!"##('481,!4&(86!0+27!28!
/@#(! 148,! #4! /7,&,648$(! $+/,(! 54$(! 9! #:(8!4%&,,(2/! =78+&, ! $4/! #(! /+&! 1(!
.+/,(! 4>>4/(867! 420! >2&,,486(,! 54'&##(,! 4##('481(,! G'5G*$< !
G;.'G75G! (6! <*$<;! 4! (2! 28! +8$#(! 3(/84/1! 1(! <*$<; ! 7/481!
.+''481(2/! 1(! #:$/1/(! ;(26+8&32( ! 1+86! #(! 5&#,! 0+2(! 28! /@#(! 148,! #4!
/7,&,648$(! 420! =78+&,! (8! 6(//(! $+/,()! #4! /74$6&+8! 12! =787/4#! "4/+8! 1(!
H".8;5G<$G.M!32& !(8!+OA+ !17"4/324!148,!#:f#(!4!($!28(!6/+2>(!1(!
E!XXX!"##('481, !1:4"+/1!9!#4!,+#1(!1(!718(, !>2&,!17"26!+$6+"/(!+OEX!
4$$2(&##486! //717/&$! 1(! G5;8$// ! $%4,,7! 9! ,+8! 6+2/! 1(! .+/,( ! (,6!
/7!7#46/&$()!#(!/@#(!1(!$(!1(/8&(/!(,6!42,,&!&'>+/6486 !$4/!4>/),!#(!17>4/6!
12! /+&! (8! 8+!('"/(! +OAJ ! &#! $+86&82(! 9! 4=&6(/! #4! .+/,( ! 1&/&=(486! #4!
/7,&,648$()! #(! "4/+8! -466%&(2! 1(! <*$<; ! "&(8! 32:4//167! #(! >/('&(/! (6!
/7('"4/327! !(/,! #(! $+86&8(86 ! ,(! /(6/+2!(! (8$+/(! 148,! #:'#(! (8! +$6+"/(!
+OE+)!!!
92+&! 32:&#! (8! ,+&6 ! 4!($! #4! 1754&6(! 1(! #4! /7,&,648$(! .+/,( ! #(,! *+,(! %!
./+&0! !+86! (8$+/(! ,:+$$2#6(/ ! 6/48,'(66486! $+''(! #(,! 7&+!4884#&! #(2/,!
,($/(6,!(8!54'&##( !+2!148,!28!$#48!176(/'&87)!
!
!!!!58! 1(%+/,! 1(,! $+2/486,! (0>/&'7,! 148,! #(,! #&=8(,! >/7$71(86(,! &#! 5426!
1+88(/!32(#32(,!>/7$&,&+8,!,2/!$(/64&8,!$(/$#(,!6/),!5(/'7,!1(!$%4'48(,!
1(! #:f#()! '#! ,:4=&6! 1:28(! "/48$%(! 1(,! -4RR(/&! 32&! 4!4&(86! #4! '4L6/&,(! 12!
1+2"#( !&#,!4//&!4&(86!8+8!,(2#('(86!9!#2&!/(81/(!28(!$+8,&,648$(!!&,&"#(!
'4&,! $%4,,4&(86! 4&8,&! #4! 82&6! #(,! ,48=#&(/,! 32& ! >+2/$%4,,7,! >4/! 28(!
'(26(! 1(! $+/>,! !+#486, ! 764&(86! $+812&6,! 148,! 28(! $+2/,(! 5+##(! 9! ,(!
>/7$&>&6(/! 12! %426! 1:28! /+$%(/)! #(! #(81('4&8! &#! ,255&,4&6! 420! -4RR(/&!
1:4##(/! /7$2>7/(/! #(,! $+/>,)! #(,! 67'+&=84=(,! ,2/! $(66(! $+85/7/&(! ,+86!
5/732(86,!148,!#(!,21!1(!#:f#( !"&(8!1:426/(,!>+2!+&/,!764&(86!>/167,!9!$(,!
$(/$#(, !32&!,(!6(84&(86!9!#:7$4/6!1(!#4!!&(!/(#&=&(2,( !1+86!$(#2&!1(!5/4>>(/!
1(! '+/6! +2! 1:28(! '4#71&$6&+8! 1(! '48&)/(! &//7'71&4"#()! <&! #(,! 5&#&46&+8,!
/(#&=&(2,(,!,(!$+86&82(86!(8$+/(!6/),!!&!4$(, !&#!,('"#(!32(!#(,!$+85/7/&(,!
1(! -4RR(/&! ,(! ,+&(86! >/(,32(! $+'>#)6('(86! 76(&86(,! 148,! #(2/! "/48$%(!
$%4'48&32(!>2/()!

&6! !
)

!+)-"."')4;3,#"0'/9)))6*:"."').'3)+","'3)%-+#3).')6%)>-3')%!?"-09(((()

64/'&!#(,!+/1/(,!32&!,(!,+86!$.*;%'"%'(;(7+#(,!/"*!%!.!,+86!#(,!,(2#,!9!
4!+&/! 5+2/8&! 9! 32(#32(,! $%(/$%(2/,! 1(! 6/),! 8+'"/(20! 1+$2'(86, !
'4#%(2/(2,('(86!8+8!,+2'&,!9!28(!$+''&,,&+8 !$(!32&!4!>/+!+327!1(,!
02=('(86,! 6/),! /4>&1(,! 1:%&,6+/&(8,! 32&! ,(! ,+86! 7!(/627, ! >4/! 4&##(2/, ! 9!
#7=&6&'(/!*+2!6(86(/!1(!#(!54&/(,!1(,!5&#&46&+8,!"&(8!>#2,!$+86(,64"#(,)!-4&,!
#9! $+''(! 4&##(2/, ! #(! 6('>,! 4&1486 ! $(/64&8(,! !7/&67,! 7'(/=(/+86)!
#:''>(/46+/! 8:4?486! >4,! !+2#2! '+86/(/! 9! 6+26! !(8486! #(,! 6/),! 8+'"/(20!
7#7'(86,! 1:28(! 5&#&46&+8 ! (6! ,48,! 1+26(! 4-6-&#! (2! /4&,+8 ! $4/! &#,! ,('"#(86!
6/+>! >/+,4?32(, ! +2! 7!&1(86, ! 17'?,6&5&486! 4&8,&! #(! '?,6)/(! 1+86!
,:4#&'(86(!,&!"&(8!#:%2'4&8!>46%+#+=&32(!4$62(#)!64/!4&##(2/, !#(,!/"*!%!.!
8:4?486! (2! 148,! #(2/,! /48=,! 32(! 6/),! >(2! 1(! '('"/(, ! &#! 8:764&6! >4,!
87$(,,4&/(!1(!02,6&5&(/!#(2/!(0&,6(8$()!
.+''(! #(! >/7$&,(! #:''>(/46+/! 6&(//(! 68$53;<! C! #(,! /"*! %! .! 8(!
/('+86(86! >4,! 42! 6('>#(! 1(! <4#+'+8 ! 8&! 9! ;$;;-5<! ''' ! '4&,! #(2/!
>/7,(8$(!(,6!!&/62(##('(86!17'+86/7(!4!($!$(,!++P!>4/$%('&8,!'28&,!1(!
#(2/! ,$(#! 1:+/&=&8(! ,:764#486! 1(! +A+O! 9! 8+,! 0+2/,)! #4! $+86&82&67! (,6!
>4/54&6()!<2!/(,6( !,48,!16/(!28!,>7$&4#&,6(!(8!#4!'46&)/( !28!,(2#!/(=4/1!
,255&6! >+2/! ,:4>(/$(!+&/! 32(! $(,! 486&32(,! /(#&32(,! 12! >4,,7! ,+86!
426%(86&32(,)! 64/'&! $(##(,-$& ! 8:+2"#&+8,! >4,! 32:28! ,(2#! '482,$/&6 !
/(6/4.486!#(,!4$6(,!!7$2,!1(!+PXA!9!+O=A!(,6!28!&8-5+#&+!1(!=A!&!AE!&!S!
$+86(8486! +! =++! >4=(,)! $8! ?! /(#)!(! >#2,! 1(! 6/(86(! 7$/&62/(,! 1&557/(86(,)!
92(##(,! (0>#&$46&+8,! >+2//4&6-+8! 5+2/8&/! 42,,&! >+2/! #(,! AEX! >4=(,!
'482,$/&6(,!1(!-/!1(!3"<('##5!*E+(!''>(/46+/, !32&!6/4&6(86!1(!#:$/1/(!
1(!6+86!<4&86! 5,>/&6 ! 1(! -4#6(! (6! 1(,!$+'6(,! 1(!-$G;!/$*; ! (6$)! *146(!
+JUA,)! 585&8 ! 32(##(! 02,6&5&$46&+8! 1+88(/4&6-+8! 9! $(! /($2(&#! 1(! C<&,$+2/,!
54&6,!42!*+&!#$;'<!&'''!D!>4/!<4!&1!*'(";#;!*AX(!''>(/46+/, !(86&)/('(86!
7$/&6,! 9! #4! '4&8 ! 1+86! #4! "&"#&+6%)32(! 1(! #4!4#! >+,,)1(! #(! >/('&(/! 6+'(!
a)))! S+D!-4&,!>+2/!8+6/(!>4/6 !$(!8:(,6!>4,!9!28(!%&,6+&/(!32(!8+2,!4!+8,!
!+2#2!/(81/(!%+''4=( !'4&,! 9!28(! 1(,! /4/(,! 5&#&46&+8,! 32&!4! 1+887!1(,!
(0('>#(,!1(!,+8!,4!+&/ !>4/!#:+"6(86&+8!1(!#4!6&(//()!
!
22222222!
S)!<48,!C!#(=(814!1(,!/"*!%!.!D!1(!*+=(/!.4/+ !41)!>/&!7(!%+/,!$+''(/$()!

! &%!
!
!
#:%&,6+&/(!1(!#:+/1/(!>4/6!12!$+864$6!(86/(!32(#32(,!/4/(,!6('>#&(/,!*(6!
8+8!#(,!6('>#&(/,!>#2,! *-$%%'$%(+32(!3216(2/,!1(!,$&(8$(,!%(/'76&32(,,!(6!
1(,! 41(>6(,! #&7,! >4/6&$2#&)/('(86! 9! #:4$+#(! 1(! 34=141! C! 3(&6! (6! 8&['46! D!
$/77(! >4/! #(! M%4#&5(! "#! -"-$;G! (8! SAX)! #(,! $%/76&(8,! #:4>>(#)/(86!
1)'("&+#$+.)+')*$(($/+'#!8(!5426!>4,!87=#&=(/!8+8!>#2,!#(!/@#(!1(!#4!'+,327(!
1:5#-"R%4/ ! #&(2! 1(! /(8$+86/(! &'>+/6486! 1(! #:7>+32( ! +B! 28! '4L6/(! 1(!
#:28&!(/,&67!$4$%4&6!42,,&!>4/5+&,!28!%(/'76&,'()!
!

'(!2".$(+#$(+9#:+@+%+

585&8! &#! 5426! 42,,&! $&6(/! #(,! /(#46&+8,! (86/(! #(,! 6('>#&(/,! (6! #(,!
&,'4g#&(8, ! >+2/! ,(! /(81/(! $+'>6(! 32(! .)+ 3'%3-.)*'"&+ #$(+ ;.'*$(7+ ,&! $%)/(! 9!
6"*5;$ !(0&,64&6!,48,!1+26(!'&(20!9!$(66(!7>+32(!32(!1(!8+,!0+2/,)!
!

&!! !
<(#+8! #:%&,6+&/(! 1(! #:+/1/( ! (8! //48$( ! >/7!(82,! 9! 6('>,! >4/! #(!
$%4>(#4&8! 12! '48+&/! 1(! #4! 32R4/1&)/( ! >/),! 12! -48, ! ,(>6! 6('>#&(/, !
74,6+8! 1(! #4! 6&(//(! 68$53;< ! 72&1+8! 1(! -$G;"G$* ! 7(86&#&,! 1(!
/$#'7G$ ! 8(8/&! 1(! -$G;/$*; ! #+2&,! 1(! 7*'-$"*< ! 6&(//(! V+/&$[! 1(!
*'(";#;! (6! .7,4/! -'G('5##5 ! ,(! /(>#&)/(86! (8! 6+26(! %>6(! !(/,! <&84/1 !
>2&,! !(/,! <4&86--4#+! +B! &#,! 455/76)/(86! 1(! 82&6! 28(! "4/32(! 1(! >1$%(2/,!
32&! #(,! 17>+,4! ,2/! #(! ,+#! 1:"8=#(6(//()! #4! $+''481(/&(! 1(! #+81/(,! #(,!
/(.26! (6! #(,! %7"(/=(4)! "5&8! 1:7!&6(/! #(,! >(/,7$26&+8,! 12! /+&! 4<$;"*< !
32(#32(,! $%(!4#&(/,! 41(>6(,! ,:(852&/(86! 9! #:L#(! 1(! -2## ! &#,! /(6+2/8)/(86!
>#2,! 64/1! (8! //48$( ! +B! &#,! 1+88)/(86! 28! 8+'! 9! #:+/1/(! #(! =! 17$('"/(!
+A+JF! C! #(,! //)/(,! "L87,! 1(! #4! *+,(! %! ./+&0! D)! G+2,! 8:4##+8,! >4,! ,2&!/(!
#:+/1/(! 42! $+2/,! 1(,! ,&)$#(, ! '4&,! &#! 8+2,! ,('"#(! &'>+/6486! 1(! ,&=84#(/!
32(#32(,! 8+',! 1(,! 1(/8&(/,! ''>(/46+/ ! #(! P+(! 764&6! #+/1! 3;#H5*!
#V;;$G ! #&7! 76/+&6('(86! 9! 1&!(/,! $(/$#(,! 6/),! 5(/'7, ! #:4""7! #+2&,!
.$G<;"G;! *5#&>%4,! #5(',! #2&! ,2$$714 ! ,2&!&! >4/! H&##&4'! H?88!
H5<;.$;;!*'('"/(!1(!#4!<*'",)!64,,486!4&8,&!(86/(!#(,!'4&8,!1(!5/)/(,!
17>+,&64&/(,!1(!5&#&46&+8,!1&!(/,(, !#:+/1/(!!4!>4/!#4!,2&6(!/(6+2/8(/!9!,+8!
>4?,!1:+/&=&8(!F!#4!//48$( !+B!&#!'48&5(,6(/4!,4!>/7,(8$(!,+2,!#:&'>2#,&+8!
1(!6&(//(!68$53;< !54&,486!>2"#&(/!1(!8+'"/(20!#&!/(,!%+/,!$+''(/$()!
!
#(,! /"*! %! .! 76486! #&'&67,! 9! AA! '('"/(, ! &#,! 8(! >(2!(86! $++>6(/! 32(!
$%(R! 32(#32(,! 41(>6(,)! #:(06/1'(! >/21(8$(! 1(! #:''>(/46+/! 4! >(/'&,! 32(!
32(#32(,!5/)/(,!,(2#('(86!4$$)1(86!9!#4!$+884&,,48$(!+>7/46&!( !'4&,!&#!
,(!/(52,(!9!/(86/(/!148,!#4!8+6&+8!1(!'?6%(, !1(!/1!(,!,&!$%(/,!9!#:%2'4&8!
>#2,! 4!&1(! 1(! ,(8,46&+8,! (6! 1:7!4,&+8! 32(! 1(! /74#&67,)! #:+/1/(! 8(! ,(!
>/+>+,(!>4,!1(!/75+/'(/!#(!'+81( !&#!(,6!17>+,&64&/(!1:28(!;/41&6&+8)!
!
'#! (0&,6(! 28! 426/(! $/1/(! 1(,! /"*! %! .! /7,(/!7! 9! +=! '('"/(,! (6! 32&!
$+8$(/8(! 28(! 426/(! +>7/46&!&67! 4#$%&'&32(! &86(/8(! '4&, ! '4#=/7! ,+8!
48$&(88(67 ! 8+2,! >(8,+8,! 32(! #(,! 1(20! +/1/(,! 8:(8! $+8,6&624&(86! 32:28!
,(2#! 9! 28! '+'(86! 1(! #:%&,6+&/( ! +2! 32:&#,! 764&(86! &'"/&327,! #:28! 148,!
#:426/(! 1(! 6+26(! '48&)/()! .(6! +/1/(! &86(/8(! >/46&32(! #4! !+&(! 12! $+/>,!
1:&''+/64#&67!>4/!#4!'76%+1(!1(,!,2",648$(,)!
!
!
!
!
!
!
!
!
!
!
!
!
!

! &.!
!
!
!
!
&"%%6)',)%6&7040'()-.)6'3)2-0'3).#2'6-<<#'3(((((((((((((((((((((((((()
)

G+2,! 8(! !+2#+8,! >4,! 17!(#+>>(/! 28! 6%)'(! "&(8! 764"#& ! '4&,! $+''(!
#(,! !+&(,! ,+86! (86/('1#7(, ! #(! $%(/$%(2/! ,(! /(6/+2!(! #9! 42,,&! 148,! 28!
!7/&64"#(! #4"?/&86%()! $/! 6+26! ,:?! 6/+2!()! 585&8! &#! 5426! 42,,&! $&6(/! #(,!
/(#46&+8,!(86/(!#(,!6('>#&(/,! ! ! ! ! ! ! !
! !
<2/! #4! !+&(! $.*;%'$-%$+ #(! $%>6(42! 12! 7/44#! ,(! 8+''(! .$*35G'. ! $(!
32& ! ,&! #4! '46&)/(! 1(! #:$52!/(! 8:(,6! >4,! ,&! $#4&/('(86! 78+8$7(! 32( ! >4/!
(0('>#( ! 148,! #(,! $+86(,! 1:8$/-"GG ! 32&! ,(! 6(/'&8(86! >4/! .!4'(*"'%$+
4;%"Q>-$+ #-+ 3;. 2%$+ !'&'(*%$+ G?-25+ R#%?+ (-%&"!!;+ 3'&)2%$7+ &#! 8:(8! (,6!
>4,! '+&8,! !/4&! 32(! .$*35G'.! ,(! 17$+'>+,(! (8! .$*G'-35.! (6!
.'G53*$! 9! #:(8!(/, ! 17,&=8486! 42,,&! "&(8! #(!!4&,,(42! 32(!#4! '46&)/(! 1(!
#:$52!/()! G+2,! /(6/+2!+8,! $(#4! 148,! #(! 8+'! 12! >)/(! 1(! 65*.5("# !
3#'$."<*"G ! 32&! (8! 484=/4''(! 1+88(! .'G"3*$)! "&8,&! &#! 8:(,6! >4,!
"&(8!1&55&$&#(!1(!>/7$&,(/!#(,!&8=/71&(86,!(6!#(,!764>(,)!
!
#4! !+&(! '&*$%&$+ 4>>4/4L6! 12/486! #4! /(8$+86/(! 12! !(81/(1&! ,4&86! 4!($!
#:(/'&6()! .(/64&8,! #:+86! $+85+812(! 4!($! #:4#"&5&$46&+8 ! 764>(! 1(! #4! !+&(! 12!
$&84"/(!*$+4=2#4!"#48$,!32481!#:(/'&6(!>/7$&,(!32(!#(!%"'+ &!$(*+ &"-%%'+ >-$+
#!-&$+4"(*'$+$*+%'$&+#!)-*%$7+#432(##(!(,6!,(/!&(!148,!#(!7*""#)!'#!8(!,:4=&6!
>#2,! 1:4#"&5&$46&+8! '4&,! 1:28! '4=&,6)/(! &86(/8(! 1+887! $+''(! >4/!
#:(/'&6( ! 1(! "+2$%(! 9! +/(&##( ! (6! 32&! $+812&6! 42! 17!(#+>>('(86! 12! $+/>,!
$%/&,6&32(!+2!('"/?+8!1(!=#+&/(!(6!1:&''+/64#&67 !9!$+81&6&+8!32(!#:(/'&6( !
$+''(! 148,! #(,! 64/+6, ! $%4,,(! 4!($! >/21(8$(! #(! ,(/>(86! 1(! #:4,6/4#! 32&!
>+2//4&6! /7$2>7/(/! #(,! 78(/=&(,)! '#! 8(! 5426! >4,! +2"#&(/! 32(! #4! $+2>(! 12!
7*""#! (,6! !(/6(! (6! 32(! #(! ,48=! 12! .%/&,6 ! $+''(! ,:(8! /(81&6! $+'>6(! #(!
,+#146!#$G7'G';<!4!($!,4!#48$( !(,6!"#48$!$+''(!$(#2&!1:$<'*'<)!
!
#(!!(/6!(,6!&,,2!12!8+&/ !>/&'4!'46(/&4)!'#!526!#4!>/('&)/(!$+2#(2/ !$(##(!
1(! #4! !&()! <(! $(##(-#9 ! >4/! 1&,,+$&46&+8 ! 84&,,(86! 28(! $+2#(2/! #7=)/('(86!
V&8 !#(!"#(2 !(6!#7=)/('(86!V48= !#(!0428( !#(,!426/(,!$+2#(2/,!84&,,486!1(!
#:4$$(86246&+8 !+2!1(8,&5&$46&+8!1(!$(66(!>/('&)/(!<56"*";'$)!"&8,&!>4/!
(0('>#( ! #(! 0428(! 4$$(8627! 1+88(! #:+/48=(! >2&,! #(! /+2=(! *$+2#(2/! 6/),!
V48= ! 8+2,! /(6/+2!+8,! 148,! #:+(2!/(! $(66(! 17'+8,6/46&+8 ! #(! "#(2!

6'! !
4$$(8627! !4! 1+88(/! #:&81&=+! >2&,! #(! !&+#(6! 6/),! V&8,)! -4&,! #(! !(/6! ,&=8&5&(!
42,,&!1(!54$6+!#4!>2&,,48$(!1(!#4!!&()!<&!#4!64"#(!4#$%&'&32(!(,6!1&6(!64"#(!
1:7'(/421( !(6!,&!#4!$+2>(!12!7/44#!(,6!!(/6( !$:(,6!6+26!,&'>#('(86!32:+8!
4! !+2#2! &81&32(/! 28(! $#(5! 32&! 8:4>>4/4L6! ,48,! 1+26(! 32:4>/),! #(,!
>7/7=/&846&+8,!12!%4$6).'$%+1$%*7+148,!#4!,+#&621(!#4!>#2,!87$(,,4&/(!32&!
,+&6 !32481!85*-Y<--5*.;*5!,(!'48&5(,6( !,+&6!1&/($6('(86!,+&6!4!($!
#:4&1(!1(!#:5*-';5!+2!1(!-5*#'G)!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

! 6"!
!

8%).-&,"0+')./)&-"<3)044-",'6((((((((((((((((((((((((((((((((((((((()

<:&#! (0&,6(! 1(,! !+&(,! (067/&(2/(, ! (##(,! 1+&!(86! $+812&/(! #:41(>6(! 9! #4!
$+'>/7%(8,&+8!1(!#4!'46&)/( !>2&, !>4/!/(5#(6 !1(!#2&-'1'()!58,2&6(!&#!#2&!
5426!(86/(>/(81/(!.)+%;-&'"&+#$(+6"'$(+S+$+''(!#(!>/7$&,(!"&(8!#(!64+?,'( !
&#! 5426! >4,,(/! 12! H$;5'! ;"G! 42! G5'! ;"G)! '#! (,6! 87$(,,4&/(! 1(! /4>>(#(/!
32(! #:$/1/(! 1(,! //)/(,! ",&46&32(,! >/+>+,4&6! 9! ,(,! 41(>6(,! #4! '1'(!
>/+=/(,,&+8!6/41&6&+88(##( !>2&,32:4>/),!#4!>/46&32(!1(!#4!6'$%%$+)-+%"-*$7+
$(20! 32&! >+2!4&(86! ,(! #&"7/(/! 1(! #(2/,! >(8$%486,! %2'4&8,! >+2!4&(86!
6(86(/!#4!$/746&+8!12!3"%,(+#$+*."'%$+"-+3"%,(+#!'!!"%*).'*;/+
+
<48,! C! ;/! (6! M/2/+! D ! :2#&2,! 5($#"! (0>#&32(! #(! >+2/32+&! 1(! $(66(!
764>(!F!C!)))!#:&''+/64#&67 !#4!/7&8$4/846&+8 !8:(,6!>4,!28(!!7/&67!>+2/!6+2,!
#(,! %+''(,! '4&,! ,(2#('(86! >+2/! $(20! 32&! ,+86! >4/!(82,! 9! ,:4$$+'>#&/!
,(#+8! 28(! !+&( ! (8! 54&6 ! /41&$4#('(86! >(/>(81&$2#4&/(! 9! $(##(! 1(,! %+'-
'(,)))!#4!,)%-%$+#$+*."'%$++2!3"%,(+'!!"%*$.+1(,!6/41&6&+8,!=8+,6&32(, !(8!
/('>#4.486! .)+ *-$&'..$+ #!$(3.)6)*$7+ ,(/4&6! #:2#6&'(! $+8,7$/46&+8! 1(! $(#2&!
32& ! 4>/),! 4!+&/! 6/4!(/,7! !&$6+/&(2,('(86! $(66(! ,7/&(! 1:7>/(2!(, !
,:7'48$&>(/4&6! 4&8,&! 6+64#('(86! 1(! #4! ,>%)/(! 12! )$(*'&+ (6! 1(! #4!
1+'&846&+8!1(,!:;*$&*(+"-+#%34"&*$(/+C+
!
"! #:(8,(&=8('(86! 6/41&6&+88(#! $+8$(/8486! #:&''+/64#&67! $+//(,>+81! #4!
1+$6/&8(!12!*%',.$+3"%,(/+6/7$&,+8,!&''71&46('(86!32(!#(!6(/'(!3"%,(+(,6!
('>#+?7!&$&!1:28(!54.+8!484#+=&32(!>+2/!17,&=8(/!1(!8+2!(##(,!5+/'(,!1(!
$+8,$&(8$(! (6! 1:4$6&+8! 32(! #(! -+&! >(26! 54&/(! ,&(88(, ! (8! !(/62! 1(!
>+,,&"&#&67,! 32& ! 6+26(5+&, ! 17>4,,(86! #(! $+''28! 1(,! '+/6(#,)! <(! ,+/6(!
32(!#4!1+$6/&8(!(8!32(,6&+8!-!$+''(!6+26(!1+$6/&8(!7,+67/&32(!-!8(!>(26!
16/(! $+8,&17/7(! $+''(! !/4&(! 32(! 148,! #(! $41/(! >/+>/(! 9! #:4/&,6+$/46&(!
/(,6/(&86(!1(!$(20!32&!,+86!>4/!(82,!9!5+2#(/!#(!,(86&(/!1(!#:&8&6&46&+8)!58!
>4/#(/! 9! >/+>+,! 1(! #:%+''(! +/1&84&/(! 8:42/4&6! 42$28! ,(8,! F! >+2/! #2&!
8:(0&,6(86!8&!#(,!6/+&, !8&!#(,!,(>6 !8&!#(,!8(25!$+/>, !8&!6+2,!$(20!32(!#:+8!
>+2//4&6!,(!>#4&/(!9!&'4=&8(/)!

2222222222!

+)!41&6&+8,!"/$%7 !-&#48+)!

6#! !
!
#4! !&(! 4>/),! #4! '+/6! 4! >+2/! $+81&6&+8! 1(! >4/!(8&/! 9! #4! $4>4$&67! 1(!
'4&86(8&/! #4! $+8,$&(8$( ! 28(! 5+&,! $(##(-$&! >/&!7(! 1(! #:4>>2&! 12! $+/>,!
>%?,&32()!.(#2&!32&!4!466(&86!$(!,+''(6!(,6 !!&/62(##('(86 !4"%(+#$(+$)-.7+
(6!#(!54&6!32(!#:28&67!1(!#:+/=48&,'(!>%?,&32(!,(!1754,,(!8:4!>#2,!>+2/!#2&!
42$28(!&'>+/648$()!"!$(!>/+>+, !+8!4!7=4#('(86!7!+327!#4!>+,,&"&#&67!1(!
,)%*'%+,"-%+&$+,.-(+%$6$&'%/+#:455&/'46&+8!1(!#:(0&,6(8$(!*(=+!,2',!(,6!4#+/,!
/(,,(86&(! $+''(! 28(! (86/4!( ! $+''(! 28(! 87=46&+8! 1(! #:16/()! .(66(! !+&(!
$+8,&,6(! 1+8$!9! ,(!1754&/(!1(! 6+2,! #(,!176(/'&8&,'(, !/7(#,!(6! >+,,&"#(, !
1(!17>+2&##('(86!(8!17>+2&##('(86 !1(!'&,(!9!82!(8!'&,(!9!82 !02,32:9!
$(! 32(! -! 28(! 5+&,! 6+'"7(! #:(8!(#+>>(! >4/! 28(! &867=/46&+8! 4",+#2(! ,+
.!',(;'*;+=+#(!(-!+,(!1&,,+#!(!(6!,(!/7,+#!(!148,!.!$(*/+
+
-4&,!,&!#:&''+/64#&67!8(!1+&6!>4,!16/(!28&32('(86!#4!>/+#+8=46&+8!1(!#4!
>2/(! $+8,$&(8$( ! ,&! 42! $+86/4&/(! $(66(! $+8,$&(8$(! 1+&6! ,:4/6&$2#(/! (8!
5+/'(,! 1:4$6&+8! (6! 1:(0>/(,,&+8! >/+>/(,! 42! 8&!(42! 32&! (,6! #(! ,&(8 ! (6!
>2&,32(! #(,! 5+/'(,! $+/>+/(##(,! ,+86! &8%7/(86(,! 9! #4! $+8,$&(8$(! 1(,!
'+/6(#, !&#!5426!148,!$(,!$+81&6&+8,!32(!#4!324#&67!&81&!&12(##(!32(!$(##(-$&!
>+,,)1( ! ,:76(81(! 7=4#('(86! 420! 1&!(/,! 7#7'(86,! (6! !(/62,! $+8,6&626&!(,!
1(! #:4=/7=46! %2'4&8 ! >+2/! #(,! 54&/(! ,&(8, ! >+2/! #(,! 6(8&/! (8! #4&,,(! ,+2,!
28(!5+/'(!32&!>+/6(!>/7$&,7'(86!#(!,$(42!1(!#:&81&!&124#&67)!.:(,6!$(#4!#(!
$+/>,!'4=&32(!+2!$+/>,!1(!/7,2//($6&+8)!
!
#4! $+8,6&626&+8! 12! $+/>,! 1(! =#+&/(! >4,,(! >4/! #:4#$%&'&(! &86(/8(! 32(!
8+2,!4##+8,!175&8&/!9!#:4&1(!1:28!(06/4&6!1(,!C!6/+$717,!<($/(6,!12!:+?42!
-4=&32(! D ! 28! 6/4&67! 1:4#$%&'&(! 64+?,6(! 12! &'(! ,&)$#(! =! F! C! #:4#$%&'&(!
&867/&(2/(! (,6! 28! ,?,6)'(! ,?8$/76&,6(! 6/),! $+'>#(0(! 32&! >+2/,2&6! ,2/! #(!
>#48! 6%7+/&32(! #(! '1'(! &174#! 32(! #:4#$%&'&(! +>7/46+&/( ! 9! ,4!+&/!
#:7#4"+/46&+8! 1:28(! 1/+=2(! 1+86! #:4",+/>6&+8! (,6! $(8,7(! /(81/(! #:%+''(!
&''+/6(#!(6!#2&!>(/'(66/(!1(!!"&*$%+)-+3'$.+$&+,.$'&+$"-%/+-4&,!$:(,6!1(!,+8!
>/+>/(!$+/>,!32(!#:41(>6(!12!G(&!;48!54&6!,+8!#4"+/46+&/(!T!&#!?!6/+2!(!(8!
(55(6! 6+2,! #(,! &8=/71&(86,! (6! #(,! 2,6(8,&#(,! 1(! #:4#$%&'&(! 6/41&6&+88(##(! F!
5+2/8(42 ! $%421/+8 ! '(/$2/( ! $&84"/( ! >#+'"! (6! 426/(,! '&8(/4&,! T! (6!
$:(,6! (8! ,2&!486! 28! >/+$(,,2,! '(864#! (6! >%?,&+#+=&32(! 32:&#! &8,64##(! #(!
#4"+/46+&/( !4##2'(!#(!5(2!12!5+2/8(42 !(8!,2/!(&##(!#4!$%4#(2/ !>/+!+32(!
#(!'4/&4=(!1(,!&8=/71&(86,!148,!#(!$%421/+8!(6!/($+''(8$(!#(!>/+$(,,2,!
9!28!8&!(42!1&557/(86 !28(!5+&,!+"6(82!#(!/7,2#646!17,&/7)!D!
!
58! 1:426/(,! 6(/'(, ! #(,! 6(06(,! 1(! #:4#$%&'&(! &867/&(2/(! ('>/286(86! #(!
#48=4=(! 1(! #:4#$%&'&(! +>7/46+&/(! >+2/! 17$/&/(! #(2/,! >/+$(,,2,! 1(!
>2/&5&$46&+8!1(,6&87,! 9!28(! 6/48,5+/'46&+8!,>&/&62(##(! (6! $+/>+/(##()!-4&,!
+8! 8:4"+26&6! >4,! 42! $+/>,! 1:&''+/64#&67! >4/! 28(! ,&'>#(! /($(66()))! ;8(!
+>7/46&+8!!6/),!!#+8=2(!!(,6!!87$(,,4&/()!<(!!>#2, !1(,!!>&)=(,!!/(1+264"#(,!!
22222222!
=)!41&6&+8!1(,!<(20!$$748, !64/&,)!

! 6$!
>(2!(86! ,(! >/7,(86(/)! 5($#"! 7$/&6! (8$+/(! 9! $(! ,20(6A! F! C! #(,! 764>(,!
,2$$(,,&!(,!1(!$(!>/+$(,,2,!,+86!#(,!'1'(,!32(!#(,!1&!(/,(,!7>/(2!(,!(6!
764>(,! 1(! #:&8&6&46&+8 ! 148,! #4! '(,2/(! +B! $(##(,-$&! ,+86! #(! /7,2#646! 1(!
/4>>+/6,! 764"#&,! 4!($! #(,! 1&!(/,! 16/(, ! 1:4"+/1! >,?$%&32(,! (6! (8,2&6(!
8462/(#,!*1&(20,!32&!/)=8(86!(8!'4L6/(,!,2/!#(,!16/(,!%2'4&8,!(6!4=&,,(86!
42!6/4!(/,!1(!#(2/!$+/>,!(6!1(!#(2/!(,>/&6)!.:(,6!,2/!$(,!16/(,!32(!#(!'4=(!
1+&6 !148,!$(!1+'4&8(!+>7/46&5 !/7455&/'(/!,4!>/+>/(!426+8+'&( !(6!'1'(!
>#&(/! ,+2,! #4! #+&! #(,! 5+/$(,! 32&! 466(,64&(86! #4! >/7,(8$(! 1(! $(,! 16/(,! 9!
#:&867/&(2/!1(!,+8!+/=48&,'()!D!
!
#(! /7,2#646! >(26! 16/(! #4! 5&8! 1(,! $+/>+/&5&$46&+8,! *#(,! '+/6,! (6!
/7&8$4/846&+8,,!>+2/!$(#2&!32&!4 !$+''(!#(!1&6!'"8!:"3'* !3"!!-&'>-;+()+
0'.'*;+ )-+6".)*'.7+(6!<.8H"##5*!1(!#;3'.N!&81&32(!32(!C!#4!/(84&,,48$(!
175&8&6&!( ! +2! /7,2//($6&+8 ! (,6! #4! $+'>#7'(8646&+8! 4",+#2()! 3"! (,6! #(!
!+#46&# !#(!,2"6&# !(6!M"!(,6!#(!5&0(!78(/=76&32(!32&!(,6!#:4&'486!1(!3"!DE)!#(!
6(06(!&81&32(!32(!#(!3"!1+&6!/(6/+2!(/!#(!M" !$(!1(/8&(/!(8=(81/486!#(!5&#,)!
!
<48,!#4!6/41&6&+8!%7"/4?32(!#(!$+/>,!1(!=#+&/(!,(!,&62(!9!;&>%(/(6 !32&!
,2/! #:4/"/(! [4""4#&,6&32(! (,6! ,2/! #:40(! $(86/4#! 17#&'&67! >4/! M(6%(/! (6!
-4#[26 !4>>(#7(!42,,&!<%('(,$% !,>%)/(!12!,+#(&# !$(!'+6!,:7$/&!486!4!($!
1(20!<%&8!32&!(8$41/(86!28!-(' !+/!<%&8!,&=8&5&(!#(!5(2!12!$&(#!(6!-('!
#4!')/(!>/&'+/1&4#( !#:&86(/4$6&+8!57$+81486(!6(//(-(42!>/+12&,486!#:$/!+2!
.+/>,!1(!7#+&/()!
!
#(,!>%4,(,! 1(! #4!!+&(! 4#$%&'&32(! ,+86! 1+8$!$+'>#(0(, !(6! #:+"6(86&+8!
1(! #4! 6&(//(! 42! /+2=(! 8:(,6! 32:28(! 764>(! 1:28(! #+8=2(! 3216( !
6($%8&32('(86! >/7$&,()! $26/(! #(2/,! >+2!+&/,! /7=787/486,! (6! 6/48,-
'2646+&/(, ! #(,! >&(//(,! +86! 42,,&! 28! >+2!+&/! 1(! ,7>4/46&+8! (8! $(! 32&!
$+8$(/8(! #4! >4/6&(! $+8,$&(8$(! 1(! #:%+''(! 32&! >(26! 6".$%/+ '#! 8(! 5426! >4,!
+2"#&(/! 32(! 148,! #4! 6/41&6&+8! &81+2( ! #(! '(/$2/(-'764#! *6/4&67!
4#$%&'&32('(86,!(,6!#(!(,$%!$+#$+'34'6)/+58!$(#4 !&#!>+,,)1(!#:(,,(8$(!1(!
<&(2 ! (6! #4! >+,,&"&#&67! 1(! #:4$624#&,(/! 148,! #:%+''()! .:(,6! #4! /4&,+8! >+2/!
#432(##(! 8+2,! 4!+8,! &8,&,67! ,2/! #:4#$%&'&(! 12! '(/$2/( ! +2! >#26@6! 12!
,2#52/(! 1(! '(/$2/(! +2! $&84"/()! .(66(! !+&(! 12! '(/$2/(! >+2!486! "&(8!
(86(812! ,(! /74#&,(/! 42,,&! ,48,! 26&#&,(/! #(! $&84"/( ! >4/! 28! >/+$(,,2,! 1(!
>2/&5&$46&+8! >/+=/(,,&5! 12! '(/$2/(! 9! #:4&1(! 1(! >#486(, ! $4,! 1(! #:4#$%&'&(!
&81&(88(!32&!26&#&,(!#(,!>2/&5&$46&+8,!02,32:9!+S!,4',[4/)!
!
#:%+''(! 32&! 1+&6! /74#&,(/! #4! ,2&6(! 1(! #4! !+&(! ,(! 6/+2!(! $+85/+867! 9!
1&!(/,! >/+"#)'(, ! #(! >#2,! =/4!(! 76486! 1709! 1(! ,4!+&/! $(! 32&! !4! 16/(!
$/&,64##&,7 !148,!$(!32&!$+8,6&62(!#(,!4=/7=46,!>#2,!+2!'+&8,!&85+/'(#,!32&!
$+'>+,(86!!28!!$$++%2'4&8)!'#!!(,6!!$(/64&8!!32(!!#:4>>/+$%(!!1(!#4!!!+&(!!!4!!
!
222222222!
!!!!!A)!'8!C!;/!(6!M/2/!D !41)!"/$%7 !-&#48+)!
E)!*)")!<$%e4##(/!1(!#2"&$R!C!8(/!34$%!1&,$&>#(!D !41)!/#4''4/&+8 !64/&,)!

6(! !
!
!
>4,,(/!>4/!#4!!$+83216(!>/74#4"#(!!1:28!7646!!1(!$+8,$&(8$(!1&557/(8$&7 !+B!
#(! /(=4/1! >/(81! #(!>4,! 1(! >#2,! (8! >#2,! ,2/! #(! $$+ %2'4&8 ! 4!($! #(,! $/&,(,!
&8%7/(86(,! 9! $(66(! 7#&'&846&+8! >/+=/(,,&!(! 1(! #:5=+)! .(#2&-$& ! 4?486!
$+8,6&627!(6!,($/767!28!'+81(!148,!#(32(# !6(#!28!$+$+8 !&#!4!(85(/'7!#4!
$+8,$&(8$( !8(!!4!>4,!4$$(>6(/!$(66(!'+1&5&$46&+8)!
!
<:426/(!>4/6 !4!486!1(!,+/6&/!12!5&#(6!1(!,+''(&# !&#!5426!4!+&/!4,,(R!1(!
$+8,$&(8$(! ,($+81(! *#(! $%(8! 1(,! 64+?,6(,, ! >+2/! 6(86(/! #:4!(862/()! 585&8 !
#4! >#2>4/6! 1(,! %2'4&8,! 76486! 1(,! )*%;*)*(+ )%*'0'3'$.(7+ '.+ 8(! ,:4=&6! >4,! 1(!
$4,,(/!(8!(20!28!28&!(/,!,48,!#(32(#!&#,!8:(0&,6(/4&(86!>#2, !$4/!#:%2'4&8!
'+?(8!(,6!28!(8,('"#(!$+'>#(0( !>4,,486!1(!#:16/(!>4/6&$2#&(/!,2/!#(32(#!
&#! 4! >/+0(67! ,+8! 4'+2/! *(8! 54&6 ! ,4! 176/(,,())),! 9!#4! $+8,&17/46&+8! 32(! #(,!
)-*%$(++86!1(!#2& !9!,4!8+2//&62/( !9!,+8!17,&/!1(!,(!>/+0(6(/!148,!#(!5262/!
9! 6/4!(/,! #4! >/+$/746&+8 ! 42! >#4&,&/! 1(,! ,(8, ! (6! >4/5+&,! 9! ,(,! 426/(,!
",'-!(+ 32(! ,+86! ,(,! 3"&('#;%)*'"&(+ /(#&=&(2,(,! +2! >+#&6&32(, ! #(,32(##(,!
,+86!>4/5+&,!42,,&!5#2$62486(,!32(!#(,!%2'(2/,!12!'+'(86)!#(!,+/6&/!12!
'+81(!32:&#!,:(,6!$/77!(,6!,2&$&14&/( !(6!$+''(!#(!1&6!,&!"&(8!-5V*'G.M!F!
B+.)+6"'$+#$+.!;6$'.+$(*+$"&34;$+#$+3)#)6%$(/+C+"&8,&!$(,!!+&(,!,:41/(,,(86!9!
1(,!>(/,+88(,!32&!+86!'&,!5&8!420!'&*;%/*(+4-!)'&(+"-+(8!6+26!$4,!32&!#(,!
!+&(86!$+''(!(067/&(2/,!9!#(2/!/(=4/1!,2/!#(!'+81()!
#4! >/('&)/(! 764>(! 1(! #4! !+&(! &86(/8(! (,6! 1+8$! #:4$$(,,&+8! 9! #:7646! 1(!
$+8,$&(8$(! 42,,&! 4>>(#7! 4;";! $3:5.;'/ ! $:(,6-9-1&/(! 28! 7646! +B! #(,!
$%+,(,! ,+86! >(/.2(,! >+2/! $(! 32:(##(,! ,+86 ! (6! 8+8! >4,! $+8$(>624#&,7(,)!
.:(,6! 148,! 28! 6(#! 7646! 32(! #:%2'4&8! ,(! /(81! $+'>6(! 32:&#! 8:4!4&6! (8! 54&6!
04'4&,! !7$2 ! '4&,! 32:&#! 8:4!4&6! 54&6! 32(! 1+/'&/)! .(6! 7646! 1:16/( ! >4/5+&,!
4>>(#7!4(5'# !(,6!&8$+8,$&(''(86!/($%(/$%7!>4/!#(,!%2'4&8,)!'#,!,4!(86!
>#2,!+2!'+&8,!32(!/&(8!8(!#(,!,46&,54&6!/7(##('(86 !'4&,!&#,!$%(/$%(86!1(,!
,+#26&+8,! 148,! 1(,! /(')1(,! %+/&R+86420! #&7,! 42! '+81(! 1(! #:4!+&/ ! 1(!
#:4$32&, ! +2! 420! 6%7+/&(,! 484#?6&32(,! #&7(,! 420! 5414&,(,! 1(! #4!
>,?$%484#?,(!+2!1(!#4!>,?$%+#+=&(!'+1(/8(!1+86!+8!,(/4&6!"&(8!(8!>(&8(!
1(! 6&/(/! 32(#32(! $%+,(! 1:26&#( ! '1'(! ,&! $(/64&8,! C! >)/(,! D! $+''(! :;G7!
+86! 54&6! >/(2!(! 1(! "(42$+2>! 1:+2!(/62/(! 1:(,>/&6! (8! $(! 32&! $+8$(/8(! #(,!
,$&(8$(,!6/41&6&+88(##(,)!

.:(,6!1+8$!28!$+'"46!6+64#!>+2/!#4!3216(!1(!#:&8,6486!6*4<5G;!32&!!4!
$+8,6&62(/!#4!>/('&)/(!764>(!1(!#:4#$%&'&(!&86(/8( !28(!#266(!1&55&$&#( !54&6(!
1(! %426,! (6! 1(! "4, ! 1(! $/&,(, ! >4/5+&,! 1(! $+85#&6, ! 6486! 32(! #(! '+'(86!
02,6(!+2!#4!>#4$(!8(!,+86!>4,!6/+2!7,)!
#:4&1(! 1(! 5/)/(,! (067/&(2/,! >+2!486! 16/(! /(32&,( ! $(! 8(! ,+86! >4,! #(,!
5420! =+2/+2,! 32&! !+86! '4832(/! >+2/! 4>>+/6(/! #(2/! $+8$+2/, ! >(81486!
32(! #(! 3216(2/! !4! ,(! 546&=2(/! 148,! 28(! /($%(/$%(! &##2,+&/( ! +B! #(! 6('>,!
$+'>6( !(6!"(42$+2> !>+2/!$(20!32&!1+&!(86!6(/'&8(/!#:+(2!/()!92486!420!
!/4&,! !)3*%$(7+ $+8,$&(86,! 1(! $(! 32(! /(>/7,(86(! 28(! 6(##(! 3216( ! &#,! ,(!

! 6&!
$4$%(86! ,+&=8(2,('(86 ! (6! 8:4?486! >4,! 1(! 6('>,! 9! >(/1/( ! 8(! ,+86!
17$+2!(/6,!32(!>4/!#(,!!/4&,!6/432(2/, !1+86!#4!,4=4$&67!(6!#:85*-Y<!(8!
(20! -! >4/5+&,! 42,,&! 28(! #+8=2(! >/46&32(! - ! #(2/! >(/'(66(86! 1(! 6/+2!(/!
$(#2&! 32&! >(26! 4>>+/6(/! #(,! 7#7'(86,! '4832486,)! .(#9! 8+2,! $+812&6! 9!
28(!,($+81(!$+8,&17/46&+8!F!#4!87$(,,&67!1:4!+&/!28!85*-Y<!17!(#+>>7 !
$:(,6-9-1&/(!28!=2&1(!&867/&(2/!+2!28(!&862&6&+8!,^/(!>+2/!6/+2!(/!#4!!+&(!
02,6( ! #432(##(! >(26! ,(! $4$%(/! 148,! 1(,! 5+/'(,! 32&! 8(! #4! #4&,,(86! >4,!
>4/4L6/()! <48,! 6+'"(/! 148,! #(,! 4,>($6,! 6/),! 1&55&$&#(,! 1(! $(/64&8(,! !+&(,!
1&/($6(,!(6!1(!$(/64&8,!'4L6/(,!&'>&6+?4"#(, !7!+327,!>4/!(0('>#(!148,!#4!
!&(! 1(! :(6,28! -'#"*56" ! &#! (,6! $(/64&8! 32(! #(,! !7/&64"#(,! '4L6/(,! 8:+86!
>4,! #(! $%+&0! 1(,! '+?(8, ! (6! 32(! ,(2#,! 28! $(/64&8! 6?>(! 1(! 1&,$&>#(! 4! 1(,!
$%48$(,!1(!6/+2!(/!#(!6(/'&84#!1:28(!3216()!
.+8,732(8$(! 1(! $(,! $+8,&17/46&+8,! F! #4! 87$(,,&67! 1:4!+&/! 28! 6?>(! 1(!
!&(! >(2! $+85+/'(! 9!#4! !&(!'+1(/8( ! "&(8! 32(! >+2!486!,:?!4$$+''+1(/)))!
;+26!(,6!54&6!>+2/!4"/26&/!#:&81&!&12!(6!#(!>+2,,(/!9!$+8,+''(/)!92486!9!
$(20! 32&! 5+86! ,('"#486! 1(! #266(/! $+86/(! $(! ,?,6)'(! (8! ,(! $/+?486!
%;6".-*'"&&)'%$(7+ &#,! (85(/'(86! #4! >#2>4/6! 12! 6('>,! #:&81&!&12! 148,! 28!
,?,6)'(!7646&32(!/(1+264"#()!;/),!>(2!1(!>+#&6&32(,!>+,(86!#(,!>/+"#)'(,!
1(! #&"(/67! (6! 1(! 324#&67)! 92486! 9! #4! $2#62/(! (6! #:&85+/'46&+8 ! (##(,! ,+86!
414>67(,! 9! 28(! %2'48&67!1(! R+'"&(, ! ,+&=8(2,('(86!>4/327(!148,! 1(,!
34)!,(/+586(81+8,!>4/!#9!1(,!54.+8,!1(!>(8,(/!+2!1(!!+&/!)-*"%'(;$(/+'#!
(,6! $(/64&8 ! $+''(! #:4! '+86/7! 6#";$G ! 32(! #:4/&,6+$/46&(! !7/&64"#(! 8(!
>(26!,(!,(86&/!$+8$(/87(!>4/!$(66(!54/$( !(6!32:(##(!8:?!>4/6&$&>(!>4,)!
#4! 9216(! &'>#&32(! #4! $/746&+8! 1:28! 732&#&"/(! >,?$%+>%?,&+#+=&32(!
=/>$(!9!>#2,&(2/,!54$6(2/,!F!
!
-! ;8(! 4#&'(8646&+8! /712&6( ! >+8$627(! 1(! >7/&+1(,! 1(! 0(^8(! 4!($!
>2/&5&$46&+8!&81&,>(8,4"#(!1(!#:4>>4/(&#!1&=(,6&5)!#(,!/(>4,!1+&!(86!6(81/(!
9! ,(! $+'>+,(/! #(! >#2,! >+,,&"#(! 1(! >/+12&6,! 8+8! #&7,! 9! 28(! 4=/(,,&+8)! #(!
5(2!1&'&82(!$+8,&17/4"#('(86!#:4>>+/6!!&64#!1:28!4#&'(86 !$:(,6!>+2/32+&!
&#! 5426! 7!&6(/! #(,! 5/&62/(, ! '4&,! 42,,&! 1&'&82(/! #(,! $2&,,+8,)! <(! '1'(! &#!
5426! 54&/(! 1(,! $2/(,! /7=2#&)/(,! 1(! >/+12&6,! #&!/7,! 1&/($6('(86! >4/! #4!
8462/( ! $4,! 1(,! 5/2&6, ! 4#&'(86,! ,+#4&/(,! *?48=,! &81&,>(8,4"#(,)! ;8!
>+&/(42 ! 42! $+86/4&/( ! (,6! 4//4$%7! 9! #4! 6(//( ! &#! 4>>+/6(! 12! V&8)! '#! ,2"&6!
42,,&!28(!4=/(,,&+8)!<&!28!5/2&6!6+'"(!8462/(##('(86!148,!#4!'4&8 !&#!8(!
87$(,,&6(!42$28(!!&+#(8$(!>+2/!#(!/7$2>7/(/)!'#!(8!(,6!1(!'1'(!>+2/!#(,!
>/+12&6,! 48&'420 ! #(! #4&6! (6! #(,! 5/+'4=(, ! 32&! $+8,6&62(86! 28! 4>>+/6!
7#4"+/7! '4&,! 8462/(#)! #4! ,(8,46&+8! >/+=/(,,&!(! $+85&/'(/4! $(,! $/&6)/(,!
32&!4&1(86!42!17!(#+>>('(86!1(!#:85*-Y<!(8!8+2, !8+6/(!$+/>,!,+#4&/()!
!
-!G7$(,,&67!7=4#('(86!1(!#4!>/&,(!1(!$+8,$&(8$(!1(!>#2,!(8!>#2,!/7(##(!
1(! #:&8,6486! 6*4<5G; ! 1:4"+/1! #(! 0+2/ ! >2&,! 0+2/! (6! 82&6)! <+2!(86! 9! $(!
,641(! #4! >/7,(8$(! 1:28! (0>(/6! (,6! /(32&,( ! #4! ,+/6&(! 12! '+81(! 1(,!
&1(86&5&$46&+8,!1('481(!28!#4"(2/!>(2!$+''28)!

66! !
-!.+8,732(8$(!1(!#:"/6!1(!!&!/(!F!#(!$+86/@#(!1(!>#2,!(8!>#2,!$+'>#(6!
(6! 175&8&6&5! 1(! #:4$6(! ,(02(# ! >4/6&$2#&)/('(86! 42! 8&!(42! 1(! #4! 8+8-
17>(/1&6&+8! 1(! #4! ,('(8$()! ;8! $+2>#(! '4/&7! 32&! $+86/@#(! #(,! 7'&,,&+8,!
(,6!>#2,!34)(*$+32:28!'+&8(!+2!28!>/16/(!32& !,48,!,(!'4/&(/ !!&!(86!1(,!
17>(/1&6&+8,! *32:(##(,! ,+&(86! 8+$62/(,! 9! $42,(! 1(,! /1!(, ! +2! >+2/!
1:426/(,!/4&,+8,))),)!
!!!!!!!
!!!!!!-!6/46&32(!>#2,!&8&6&46&32(!1(!$(/64&8,!(0(/$&$(,!
4,!#&7,!9!#4!/(,>&/46&+8 !
",!"4,7,!,2/!$(/64&8,!'486/4,!*/7>76&6&+8!1:28!,+8,)!#(!R&[/P!1(,!,+2-
5&,!(8!(,6!28!(0('>#()!
.(,! $+8,(&#,! >/7$71(86,! >(/'(66(86! 1(! $/7(/! #(! ($,)%)*'"+ >/+=/(,-
,&!('(86!(8!#(!17"4//4,,486!1(!#:(=+!1:28(!>4/6 !(6!(8!#:426+8+'&,486!(6!
#(! 1(8,&5&486! 1:426/(! >4/6)! .(! 8:(,6! 32(! >4/! #4! ,2&6(! 32:28(! !+&(!
4#$%&'&32(! >/(81! ,+8! ,(8,)! 92&! !+21/4&6! 6/+'>(/! 28! '4L6/(! 8(!
6/+'>(/4&6!32(!#2&-'1'()!
!
-!"26/(!4,>($6!1(!#4!3216(!F!.!;,%$-6$+#-+!;*)./+;8!1&,$&>#(!1+&6!,4!+&/!
466(81/( ! >4/5+&,! 6/),! #+8=6('>, ! 28! /7,2#646 ! $+''(! #(! .%(!4#&(/! 12!
-+?(8!"=()!'#!,(!"46!,48,!&8!(,6&/!,2/!#(!5262/ !,48,!$+8,&17/(/!#(!>4,,7 !
(6!(8!$(#4!&#!>/+2!(!32:&#!(0&,6(!1:28(!>4/6 !32:&#!4!!4&8$2!(8!#2&!#4!8+6&+8!
'(/$486&#(! (6! >(2! &8&6&46&32(! 1(! .!'&*;%/*7+ 1:426/(! >4/6)! .(66(! >46&(8$(! (6!
$(66(! >(/,7!7/48$(! 5+/=(86! (8! #2&! 28(! 1&/($6&+8 ! $+''(! #(! 1&,4&6!
72&##42'(!1:$*"G75 !.,+"T+$.'(*$+-&$+6"."&*;7+$.'(*$+-&+34$!'&+&+('+/&(8!
8(!#:4!>(/62/"7!148,!,4!3216( !&#!(,6!#4!>/(2!(!32(!$(##(-#9!#2&!/(,,('"#()!
!
$8!>(26!40+26(/!32(!,(2#,!#(,!3216(2/,!4?486!54&6!#(2/,!>/(2!(,!148,!
#4!,+$&767!(8!4,,2'486!#(2/,!/(,>+8,4"&#&67,!>(2!(86!,2&!/(!28(!!+&(!$4/ !
$+''(! #:4! 1&6! M*5--5*N ! >-'+ &!)+ ,)(+ 0)'*+ #$+ .!"%+ ,+ .!$.*;%'$-%+ &!$&+ 0)'*+
,)(+$&+("'/+#(,!$+8,732(8$(,!1(!#4!>/46&32(!1(!$(,!/($6&5&$46&+8,!148,!#4!
!&(!1(!6+2,!#(,!0+2/,!>(2!(86!16/(!&'>+/6486(, !&#!(8!,(/4!1(!'1'(!>+2/!
$(20! 32&! >(/,7!)/(86! 148,! #4! 3216(! 32+1&6&(88(! 1(! #:466(86&+8! +2!
>/7,(8$()! '#! #(2/! 5426! ,+2!(86! 4"+26&/! 9! 1(,! ,+#26&+8,! 1+2#+2/(2,(,! (6!
>4,,(/! >4/! 1(,! $/&,(,! 32& ! >4/5+&, ! >(2!(86! $+812&/(! 9! #:4"481+8! 1(! #4!
3216()!.:(,6!4&8,&!32(!#(!17>4/6!1(!#4!!+&(!>4,,(!>4/!28!$+8,646!>2/('(86!
&86(##($62(#F! #(,! !4#(2/,! %4"&62(##(,! (6! ,+$&4#(,! 8(! >/7,(86(86! 42$28!
&867/16)!
!
#4! >/('&)/(! 764>(! 32&! $+8,&,6(! 9! /(=4/1(/! #(! D$+ %2'4&8! (,6! ,+2!(86!
176(/'&8486( ! 8+,! >/7+$$2>46&+8,! (6! &867/16,! 32+6&1&(8,! ,+86! 17/&,+&/(, !
#(,!!02,6&5&$46&+8,!!32(!8+2,!1+88+8,!9!!8+,!4$6(,!!,+86!#(!>#2,!,+2!(86!#(!!
!
22222222!
P)!#(!N%&/!+2!<%&[R!(,6!28!1(,!(0(/$&$(,!5+814'(86420!1(,!<+25&, !&#!>(/'(6 !>4/!#4!
/7>76&6&+8! 1:28! -486/4 ! #(! /4>>(#! 1(! <+&! (6! 28(! 7#&'&846&+8! >/+=/(,,&!(! 12! >4/4,&64=(!
12!'(864#)!

! 6%!
>2/! 5/2&6! 1(! #:%?>+$/&,&( ! 32486! 420! '+6&!46&+8,! /7(##(, ! '&(20! !426!
32:(##(,! 8:4>>4/4&,,(86! >4,! Z! "&8,&! ,(! $/7(! 28! '+81(! 1(! '4,32(,!
4'"2#486, !1:&'4=(,!32&!>4,,(86)))!
!
#4!>/46&32(!1(!#:466(86&+8!8+2,!'+86/(!42,,&!32(!8+2,!52?+8,!#(!*45#!
>/7,(86 !#(!'(864#!6+20+2/,!148,!#(!5262/!+2!#(!>4,,7!1+&6!16/(!/4'(87!9!
$(! 32&! (,6 ! 8'.! (6! G;G.! *'$&! (6! -4&86(8486,! T! 4#+/,! ,(! /($+8,6&62(! >(2! 9!
>(2!28(!$+8,$&(8$(!/(=4/1486(!32&!,:4'>#&5&486!1(!>#2,!(8!>#2,!8+2,!54&6!
!+&/! 8+,! >/+>/(,! /(#46&+8,! $+''(! 1(,! 8"!2'$(7+ !7/&64"#(,! (8,+''(&##7,!
'48=7,! >4/! #(2/,! $+8,&17/46&+8, ! >+2/! #(,32(#,! #4! 5&8! 32&! #(,! 466(81! (6!
#(2/!&8%2'46&+8!8:(,6!32:28(!5+/'4#&67 !$4/!(8!54&6!&#,!764&(86!1709!'+/6,!
>(2!4>/),!#(2/!84&,,48$()!
!
<48,! 28(! 6/+&,&)'(! 764>( ! 8+2,! 8+2,! /(81+8,! $+'>6(! 4>/),! 28!
6/4!4&#!&'>+/6486!,2/!#4!,(8,46&+8!>/7,(86(!32(!$(!32&!,(!>4,,(!(8!8+2,!
8(! 8+2,! $+8$(/8(! >4,! +2! >(2 ! U)+ ,)%.$7+ U)+ )*'*/+ G+2,+ >+2!+8,! !+&/! 8+,!
>(8,7(,! $+''(! 1(,! &'4=(,! (6! #(,! (86(81/(! $+''(! (067/&(2/(,! 9! ,+&)! #(!
'+81(! 8(! 8+2,! '48=(! >#2,! 426486 ! 9! $(! ,641(! &#! (,6! &'>+,,&"#(! 1(! ,(!
>/(81/(!420!1&!(/,!0(20!+2!D$/+
+
#4!3246/&)'(!764>( !4'>#&5&$46&+8!1(!#4!>/7$71(86( !8+2,!'+86/(!32(!
8+,!,(86&'(86,!,+86!6+26!42,,&!$&/$+8,648$&(#,!32(!8+,!&17(, !#(,!455&8&67,!
,+86! &867/(,,7(, ! (6! #(,! 4'+2/,! >4/6&$2#&)/(,! 8(! ,+86! 32(! >/+0($6&+8,! 1(!
8+,! 176/(,,(, ! #:%2'4&8! #&"7/7! 4&'(! #:;8&!(/,! ,+2,! 6+2,! ,(,! 4,>($6, !
#:426/(! (,6! 42,,&! #2&-'1'(! T! '4&,! '1'(! 9! $(! ,641(! 1(,! $+/1+8,!
+'"&#&$420 ! '4#=/7! 28! 7!(&#! $(/64&8 ! >(2!(86! 8+2,! =4/1(/! %+/,! 1(! #:7646!
$3:5.;'/ ! $:(,6! ,(2#('(86! 9! $(! '+'(86! 32(! #:4&1(! 1:28! /(,>+8,4"#(!
>(26!16/(!26&#()!.(/64&8,!,(/+86!"#+327,!>4/!1(,!$+8,&17/46&+8,!54'&#&4#(, !
'.(+ )'!$%"&*+ 6/+>! #(2/! 5&#,! +2! #(2/! ')/( ! +2! "&(8! #(2/,! %4"&621(,)! 585&8 !
>#2,! #7=&6&'('(86 ! &#,! $+8!&(81/+86! 32(! #(!&"&=;6$'.+1(! $(/64&8,! 1(!#(2/,!
>/+$%(,! (,6! 6/+>! =/481! (6! 32:&#,! !(2#(86! #(2/! 7!&6(/! 1(,! ,+255/48$(, ! (6! &#!
(,6!,&!!/4&!32(!#4!>#2>4/6!1(,!%2'4&8, !6(#,!1(,!48&'420!1+'(,6&32(,!(8!
176/(,,( ! 8(! !&!(86! 32:9! 6/4!(/,! 32(#32(,! $+8$(>6,! (6! 4$32&,! 1+86! +8!
1(!&8(! 32(! #4! *5-'<5! 5G! .";<5! ,(/4&6! >+2/! (20! #(! 17"26! 1(! #(2/!
487486&,,('(86 !,48,!32:+8!>2&,,(!#(,!/4'(8(/!9!#:"0(!1(!#4!.+8,$&(8$()!
!
;8(! $&832&)'(! 764>(! 32&! >(26! ,(! ,&62(/ ! ,+&6! 4>/), ! ,+&6! 4!486! #:7646!
$3:5.;'/ ! $+812&6! 42! $+8,646! 32(! 1:426/(,! >/7,(8$(,! 32(! #(,! %2'4&8,!
,+86!>4/'&!8+2,!4!($!426486!1(!1&!(/,&67!32(!#(,!/4$(,!%2'4&8(, !+26/(!
$(!'+81(!1:(86&67,!+2!1(!/4$(,!1&557/(86(, !,+2!(86!"&(8!>#2,!%4"&#(,!32(!
#:%2'4&8! (6! '1'(! #:26&#&,486! $+''(! "764&# ! 28! '+81(! 1(! ,>($6/(, !
,&'>#(,!>/+0($6&+8,!4'>#&5&7(,!1(!#:%2'4&8!>+6(86&4#&,7!>4/!#4!3216( !>(26!
,(!'48&5(,6(/)!.:(,6!148,!$(,!'+'(86,!32(!#:4$32&,!1(!#4!!+&(!1:7!(&#!(,6!
#(!>#2,!87$(,,4&/()!
!

6!! !
#(,! 426/(,! 764>(,! 8(! /(#)!(86! >4,! 1(! #:484#?,(! '(864#( ! #(! '+81(!
>+2!486! 9! $(! '+'(86! 16/(! >(/.2! $+''(! &##2,&+8! 6+64#(! '4&,! 42,,&!
(-2(*)&3$7+'.+1(!&(86!4&,7!1(!0+2(/!4!($ !+2!1:26&#&,(/!$(/64&8(,!!+&(,!>#2,!
,($/)6(,!$4/!4#+/,!#(,!$%+,(,!>/(88(86!28(!426/(!1&'(8,&+8 !#:%2'4&8!,(!
/(81486!$+'>6(!32:&#!(,6!>2/!7'4846&+8!12!;"$!+2!1(!<'5;!(6!32:&#!(8!4!
6+26(,! #(,! >+6(86&4#&67,! !&/62(##(,! '4&,! /74#&,4"#(,)! #4! >(2/! +2! #4! 0+&( !
#:4'+2/!1(!&(88(86!8+8!,(2#('(86!!&"/46&+8,!'4&,!,2",648$(,!26&#&,4"#(,!
$+''(!#(!,(/4&(86!#:(42!+2!#(!,48=)))!<(2#!$(#2&!32&!>4/!&(86!9!17$+2!/&/!
$(!,641(!(6!#(!,(8,!1(,!$%+,(,!>(26!#(2/!1+88(/!#4!1&/($6&+8!32:&#!(,6&'(!
>/757/4"#(! T! 9! $(! 1(=/7! #(! >%78+')8(! *7!78('(86! (067/&(2/,! #:455($6(! >(2!
+2! >4, ! &#! ,(! /(81! $+'>6(! 32:&#! (,6! /(,>+8,4"#(! 9! >4/6! (86&)/(! 1(! ,+8!
1(,6&8 !#:(8!&/+88('(86!76486!,&'>#('(86!28(!,6/2$62/(!1(!/7>+8,( !6+26!
$+''(! #:28&!(/,)! <48,! $(/64&8(,! 6/41&6&+8,! &81+2(, ! &#! (,6! >/7$&,7! 32(!
'1'(!#(![4/'4!(,6!,2",648$(!(6!32:&#!>(26!16/(!.)6;+/4>&1('(86)!
!
5,6-&#!87$(,,4&/(!1(!>/7$&,(/!32(!#(,!!$((')&'(!$(+1&!(/, !8:4>>4/4&,-
,(86! 4#+/,! 32(! $+''(! 1(,! &'>+,62/(,! =/4!(,! >+2/! 8+6/(! 28&!(/,)! .(,!
>%&#+,+>%&(,!#!)!"-%+1+86!+8!4!,(2#('(86!$+8,6467!#(!/7,2#646!F!#4!%4&8( !
,+&6!148,!#:&832&,&6&+8 !,+&6!148,!#(,!$/&'(,!1(,!/7=&'(,!6+64#&64&/(, !>+2/!
#(!2'$&+#-+,$-,.$7+,+86!28!1(,!>#2,!=/481,!>&)=(,!1(!#:%2'48&67!4$62(##()!
#:42='(8646&+8! 4!(2=#(! 1(! #4! >+>2#46&+8! 6(//(,6/( ! #4! >+##26&+8! 1(! 8+6/(!
')/(! 9! 6+2,! (6! #(! >&##4=(! 1(! ,(,! /&$%(,,(,! '&8&)/(,! ,+86! 1(,! >/+"#)'(,!
>#2,! =/4!(,! 32(! #(,! >4##&46&5,! 9! 6/+2!(/! 9! $(20! 32&! >/+$/7(86! ,48,! ,(!
,+2$&(/! 12! /7,2#646! 1(! #(2/,! 4$6(,! 8+8! ,(2#('(86! &8$+8,$&(86,! '4&,!
$/&'&8(#, !$4/!&#,!$+812&,(86!1(,!(85486,!9!#4!'&,)/(!(6!9!#4!,+255/48$(!Z!
!

! 6.!
!
)
)
)
)
8%)2-0').'3)3-+3(((((((((((((((((((((((((((((((((((((((((((((((((((((()
)
)
)
)
)
"2!17"26!764&6!#(!((/"()!#4!!+&(!12!((/"(!(,6!28!1(,!7#7'(86,!$#(5,!1(!
#:'8&6&46&+8 !(6!$+'>#)6(!%(2/(2,('(86!#(,!-4=&,6)/(,!4#$%&'&32(,)!<&!(/,!
4#$%&'&,6(,!+86!54&6!4##2,&+8!42!((/"(!./746(2/ !1+86!M"##'<!(8!+JJ= !(6!
6+26! 41(>6(! 4!(/6&! 1+&6! $+884L6/(! #4! ,&=8&5&$46&+8! (6! #:26&#&,46&+8! 1(,!
!+?(##(,)!<:4>/),!3'*.8!F!C!#4!78+,(!+2!#4!$+884&,,48$(!1(,!8+',!1&!&8,!
148,! #(2/! ,(8,! (067/&(2/! (6! #(2/! ,(8,! 7,+67/&32(! 764&6! (8! 54&6! #(! =/481!
'?,6)/(!/(#&=&(20!+2!#:&8&6&46&+8!$%(R!#(,!4=?>6&(8,)!D!<4-4;*';<!7$/&!4&6!
6/+&,! ,&)$#(,! 4!486! 8+6/(! )/(! F! C! 58! 4=?>6( ! #(,! >/16/(,! $%486(86! #(,!
#+248=(,! 1(,! <&(20! (8! ,(! ,(/!486! 1(,! ,(>6! !+?(##(,! 32:&#,! /7>)6(86!
,2$$(,,&!('(86 ! (6! #:4=/74"#(! (2>%+8&(! 12! ,+8! 1(! $(,! #(66/(,! >(26! 6(8&/!
#&(2!1(!5#^6(!(6!1(!$&6%4/()!D!
)
$8!,4&6!32(!#(,!;%72/=(,!&8!+324&(86!#4!<&!&8&67!4!($!1(,!,&55#('(86,!
,6/&1(86,! +2! /+2$+2#7, ! (6! 4!($! 1(,! ,+8,! ,48,! $+8,+88(, ! &84/6&$2#7,)!
G&$+'432(! 1(! 74*"<5 ! 1&,$&>#(! 1(! 6V;8"7$*5 ! 7$/&6! F! C! #(,! ,+8,! 1(!
$%4$28(!1(,!,(>6!,>%)/(,!>/+12&,(86!28!$(/64&8!"/2&6 !#4!>/('&)/(!/74#&-
,486! #(! >/('&(/! ,+8 ! (6! 9! $(,! ,+8,! #:+8! 4! 1+887! #(,! 8+',! 1(,! !+?(##(,)! D!
52,)"(!1(!.4<"*45!8+2,!4>>/(81)32( !,2&!486!#(,!+/4$#(,!1:">+##+8 !&#!
5426! ,(! $+8$&#&(/! #(,! <&(20! ! >4/! 1(,! &8!+$46&+8,! '2(66(,! 1+86! #(! >#2,!
=/481! 1(,! -4=(,! (,6! &8!(86(2/ ! #(! /+&! 1(,! ,(>6! ,+8,! 32(! 6+2,! $+884&,-
,(86D))
#(,!,(>6!!+?(##(,!,+86!#(,!,2&!486(,!>%+876&32('(86!
h!*@,!!
V!*2,!!
$!*+,!!
'!!!*&,!!
8!*1,!!
5!*7,!
"!*4,!
;6&#&,7(,!$+//($6('(86 !$(,!!+?(##(,!,+86!1(,!&8,6/2'(86,!1(!>2&,,48-
$( !$+''(!#(!>/7$&,(!51'+81!3"'##V! +FC!$8!,(/4&6!>+/67!9!8(!!+&/!148,!
#(,!!&8$48646&+8,!32(!1(!!,&'>#(,!!>/&)/(,!!5+/'2#7(,!!(8!!2(!!1:28(!28&+8!
!
22222222!!
!!!!!!+)!51'+81!34&##?!F!C#(!.%486!1(,!!+?(##(,!D !41)!3(##&,48( !G&$()!

%'! !
!
!
'?,6&32(!(86/(!#(,!$%+,(,!12!.&(#!(6!$(##(,!1(!#4!;(//( !$(!32&!54&6!#:+"0(6!
1(! 6+26(! >/46&32(! /(#&=&(2,(! >/+>/('(86! 1&6()! '#! ,:(8! 5426! 32:&#! (8! 4&6! 767!
6+20+2/,! 4&8,&! 148,! #:486&32(! 4=?>6(! +B! #(! >+,62#486! "/&=2( ! "&(8! >#26@6!
32:&#! 8:&'>#+/( ! #:&86(/!(86&+8! 1:58-8426)! '$&! $+''(! 4!($! #4! >#2,! =/481(!
>4/6&(! 1(,! 5+/'2#(,! (8,(&=87(,! >4/! #(,! 3/>%'48(, ! 8+2,! ,+''(,! (8!
>#(&8(! 6%72/=&(! T! (6! $(66(! $+''284267! 1(,! /&6(,! 7=?>6&(8,! 4!($! $(20! 1(!
#:'81(! 1+&6! 4//16(/! 8+6/(! 466(86&+8)! #:&8$48646&+8! 8:(,6! 1+8$! >4,! 28(!
>/&)/( ! '4&,! 28! +/1/(! 4232(#! #(,! <&(20! ,+86! $+86/4&86,! 1(! ,(! /(81/( ! ,&!
82##(!5426(!8(!,:(,6!=#&,,7(!148,!#:4$$+'>#&,,('(86!12!/&62(#!D)!
!
(4#(86&8!4*'7YG5!7$/&6!148,!C!,6)/(,!(6!6+2!+&/,!1(,!<+8,!42!;('>,!
1(,! 6%4/4+8,! D! =! F! C! 7787/4#('(86 ! +8! 41'(6! 32(! #(! $#(/=7! 1(! -('>%&,!
$%(/$%4! 9! 4##(/! >#2,! #+&8! 32(! ,(,! >/717$(,,(2/,! (6! 32:&#! ,:(55+/.4!
1:4>>+/6(/! 1(,! &17(,! 8+2!(##(,)! $8! >(8,(! 32:&#! $+''(8.4! >4/! +",(/!(/!
$+''(86! ,(! 17!(#+>>(! #(! >/+$(,,2,! 1(! #4! $+884&,,48$(! *<'",! (6! 1(! #4!
/74#&,46&+8!*8$;,)!'#!(,6!1:4&##(2/,!&867/(,,486!1(!8+6(/!32(!<'"!(6!8$;!*#4!
$+884&,,48$(!(6!#4!/74#&,46&+8,!52/(86!1&!&8&,7(,)))!D!
!
G+2,!8(!>+2!+8,!+2"#&(/!"&(8!,^/!32(!#:$525!1(!<(/>(86!32(!$/7(86!#(,!
</2&1(,! 4!($! #4! "4!(! 12! <(/>(86! 1+&6! ,(! '4&86(8&/! (8! #:4&/! 4!($! 1(,!
,&55#('(86,)!6+2/!"&(8!$+'>/(81/(!#4!8+6&+8!1(!!+?(##(,!&#!5426!(8!6/+2!(/!
#:(,,(8$()!
!
.+''(! #(! >/7$&,(! !+8! <53$;;5G<$*/AF! C! "*;8468';<! 8+2,!
(8,(&=8( ! 148,! ,+8! %.)6'(+ 1)$"%'(+ '),'$&*)$7+ #:4/6! 1(! 0)3$%$+ #$(3$&#$%$+
(,'%'*-!7+ (6! 1+88(! #(,! 5+/'2#(,! ,2&!486(,! 148,! #(,32(##(,! #:(,>/&6!
,:7>48$%(!!+#+86&(/,!F!'!(!&!$!>4/!#)!G+2,!6/+2!+8,!&$&!#(!`'`!(6!#(!`$` !`(`!
(6! `&`! ,+86! 1(20! 5+/'(,! 12! `"`)! D! -4#%(2/(2,('(86! #:426(2/! 8:4! >4,!
$+'>/&,! >4/! '4832(! 1(! ,(8,46&+8,! +2! 1(!$#(5,! 6/41&6&+88(##(, ! #4! 8+6&+8!
1(!./746&+8!4!($!#(,!,+8,)!C!"!D!(,6!#4!!+?(##(!$(86/4#( !28!732&!4#(86!1(!#4!
$+2#(2/! !(/6()! <&! +8! 76(81! +2! >#26@6! 1&,,+$&(! #4! $+2#(2/! !(/6( ! 8+2,!
+"6(8+8,! #4! "&>+#4/&,46&+8! #7=)/('(86! $%421( ! 0428(! *#7=(/! V48=, !
#7=)/('(86! 5/+&1(! "#(2! *#7=(/! V&8,)! <&! 8+2,! $+86&82+8,! 9! 76(81/(! ,2/! #4!
"&>+#4/&,46&+8 !8+2,!+"6(8+8,!#:(06/1'(!V48=!/+2=(!/2"&,!9!#:(06/1'(!V&8!
#:&81&=+)! '#! (8! (,6! 1(! '1'(! >+2/! #(,! !+?(##(,! F! #(! C"D! 76(812! ,2/! ,(,!
(06/1'(,! 1+88(! #(! C! '! D ! !+?(##(! #4! >#2,! 4&=2g ! (6! #:C! $! D! !+?(##(! #4! >#2,!
=/4!()! #(! C! '! D! >/+12&6! #(! 5/+&1! 42! 8&!(42! 1(! #4! ,(8,46&+8 ! +/ ! $:(,6! 28!
,?'"+#(! '>#( ! #(! C! $! D! >/+12&6! #(! $%421 ! +/! $:(,6! 28! ,?'"+#(! 5('(##()!
.%4$28!,4&6 !!148,!#4!!!+&(!1(,!!'2646&+8, !!32(!V48=!!>/+12&6!V&8!(6!V&8!
!
222222222!
=)!41)!;/7148&(# !#4!-4&,8&( !64/&,)!
!A)!(+8!<("+66(81+/5!F!C#4!>/46&32(!1(!#:48$&(88(!//48$--4.+88(/&(!62/32(!D !41&6&+8!
12!342$(8, !3(#=&32()!

! %"!
>/+12&6!V48=)!#(!C!"!D!/(,6(!1+8$!%(/'4>%/+1&6(!'1'(!,&!148,!1:426/(,!
6/41&6&+8,! +2! ,?'"+#&32(,! &#! >2&,,(! 4!+&/! 28(! $+88+646&+8! 1&!(/,(! (6!
>/(81/(! #4! >#4$(! 12! C! '! D! $+''(! ,?'"+#(! '>#( ! (0('>#(! 148,! D$+ (-'(+
.!#.,4)+ $*+ .!7!$*)7+ '4&,! $+''(! &#! ,:4=&6! 1(! ,$&(8$(! >/7$&,(! 8+2,! 8(!
>+2!+8,! 8+2,! 4664$%(/! 420! 17/&!(,! >+,67/&(2/(,! 1(! ,&6246&+8,!
(,,(86&(##(,)!
!
<4&86! '*4G45 ! $&6486! #(! =8+,6&32(! -"*.;< ! 8+2,! $+85&/'(! (8!
1+88486!#(,!$#(5,!1(!#4!1&,6/&"26&+8!>+2/!$(20!32&!>(2!(86!$+'>/(81/(!F!
C! #4! !+?(##(! "! /(6(86&6! 148,! #(,! !+&0! 12! >/('&(/! $&(#! T! 148,! #(,! !+&0! 12!
,($+81 !5!,(2#!/7,+88(!T!8 !148,!$(##(,!12!6/+&,&)'(!T!#(!3246/&)'( !32&!
(,6!(8!'1'(!6('>,!#(!$&(#!12!'&#&(2!/7>)6(!#4!!+?(##(!'!T!#4!$&832&)'(!$!T!
#(!,&0&)'(!* !#(!,(>6&)'( !32&!(,6!#(!3246/&)'( !1(>2&,!$(#2&!12!'&#&(2!h)D!!
!
92486!9!#4!$(86/4#&67!1(!#:"!(6!,+8!(06(8,&+8 !<.8H"##5*!1(!#;3'.N!
1+88(!1(,!>/7$&,&+8,!32&!$+'>#)6(86!,(,!>/('&)/(,!&85+/'46&+8,E!F!C!.(,!
1(20! ,?##4"(,! 4,,('"#7(, ! &4! 4+2 ! (0>/&'(86! #:+/&=&8(! 1(! #:\6/(! 148,! ,4!
>#78&621(!8+8!1&!&,7( !8+8!,>7$&5&7()!4$+26(!#:(8,(&=8('(86!1(!8+,!<4=(,!
F!42!$+''(8$('(86 !&44+2!!&!4&6!148,!#(!$+/>,!28&32( !)6)&*+>-!'.+(+$0*+
#-).'()*'"&7+ )6)&*+ >-$+ 0-(($&*+ .$(+ 34"($(+ *$%%$(*%$(///+ 92481! &#! 8:?! 4!4&6!
>4,!(8$+/(!1(!84&,,48$()))!32481!42$28!1&(2!8:(0&,64&6)))!32481!#(!#;('%+
,"-%+ 2;"-+ 8:764&6! >4,! (8$+/(! 5+/'2#7)))! G+2,! 4!+8,! 1709! (55#(2/7! #(! ,20(6!
12! 171+2"#('(86! 1(! #:;8&32( ! &44+2! T! $+8,&1)/(-#(! '4&86(8486! ,+2,!
#:4,>($6! 1(! #4! 5+/'46&+8! 1(,! 3246/(! 1&/($6&+8,! $+86(82(,! (8! >+,,&"&#&67!
148,! #:;8&32()! #4! >/('&)/(! ,?##4"(! 12! '+6! &44+2 ! &4 ! (0>/&'(! #4!
>+#4/&,46&+8!1(!#:$/&=&8(!F!G+/1!(6!<21 !%426!(6!"4, !(6!6+26!$(!32& !148,!#4!
G462/( ! >/7,(86(! +"#&=46+&/('(86! $(66(! >+#4/&,46&+8 ! >4/! (0('>#(! &46 !
">6+8 !>(/$%+&/ !$+#+88(!1+/,4#( !#4!6+'"(!*1(!#4!616(!420!>&(1,,)!
+
#4! ,($+81(! ,?##4"( ! 4+2 ! (0>/&'(! #:&17(! 1:(06(8,&+8! 1:4'>#&621( ! >4/!
>+,,&"&#&67!12!6".-!$+S+4&8,&!#4!,>%)/(!(8!/+646&+8!4!,+8!40( !#(!/(,6(!8:(,6!
32(!!+#2'()!G2#!8(!>+2//4!04'4&,!(0>#&32(/!#(!,"-%>-"'+8&!#(!3"!!$&*+1(!
#4!1&!&,&+8!1(!&4!(6!4+2 !32&!>/+12&6!#(!!+#2'(!>4/!#4!5&046&+8!1(,!3246/(!
1&/($6&+8,)!D!
!
6+2/!#:26&#&,46&+8 !28(!5+&,!#(,!(,,(8$(,!>(/.2(, !#:41(>6(!1+&6!6/4!4&##(/!
#(,! $+8,+88(,! 7'(66/&$(, ! $+81(8,46/&$(,! +2! /7$(>6/&$(,)! 5,6-$(! 28!
%4,4/1!,&!#(!,&55#('(86!$+''(8$(!>4/!28!< !#(!,+#(&#!7=?>6&(8!**>,!>4/!28!
* ! +2! #(! '+6! -(/! +2! -)/(! >4/! 28! - ! 32:+8! /(6/+2!(! 9! #4! 5&8! 12! '+6!
";$;-)! '#! 8(! ,42/4&6! 6/+>! 16/(! 32(,6&+8! 1(! 1&,,(/6(/! ,2/! #(! &4+2! 1+86! #(!
6+8! #(! >#2,! (04$6! (,6! 1+887! >4/! #(! $%46 ! 48&'4#! 1:$,&/&,)! '#! 5426! 8+6(/!
42,,&!32(!$(/64&8,!+&,(420!(6!&8,($6(,!1+88(86!#(,!$#(5,!1:426/(,!,+8,!1(!
>2&,,48$()!
+
888888888!
E)!C!8(/-34[ !<&,$&>#(!D!1(!*)")!<$%e4##(/!1(!#2"&$R !41)!/#4''4/&+8)!

%#! !
<&! #4! ,$&(8$(! 1(,! ,+8,! (,6! 6/),! 26&#( ! 148,! #4! 6%72/=&(! 4$6&!( ! (##(! (,6!
42,,&!&81&,>(8,4"#(!148,!#:4#$%&'&(!&86(/8( !$4/!(##(!1+&6!16/(!26&#&,7( !6(#!
#(! N'M*! 1(,! <+25&,! *'486/4! /7>76&6&5! >+2/! >/+!+32(/! #:48&'46&+8! >2&,! #4!
,7>4/46&+8) 1(,! 7#7'(86,! $+8,6&626&5,! 32&! 4"+26&,,(86! 9! #4! 5+/'46&+8! 12!
.+/>,!1(!7#+&/(!+2!1:'''+/64#&67,P)!
)
'#! 5426! 4//&!(/! 9! #:7>+32(! '+1(/8(! >+2/! 6/+2!(/! 1(,! !+&(,! $+86/(-
&8&6&46&32(, !5/4='(864&/(,!>+2/!8(!>4,!1&/(!/7,&12(##(, !32&!8:(8,(&=8(86!
>4,!$(,!$#(5,!(6!4"+26&,,(86!9!1(,!/7,2#646,!17!&7,!*32481!&#!?!4!/7,2#646,!
"&(8! (86(812! Z! ,)! -4&,! $(! 6?>(! 1(! $+8,&17/46&+8,! 8(! $+8$(/8(! 32(! #(,!
41(>6(,! 1(! $(/64&8,! '4=&,6)/(,! 6/),! 5(/'7,! 32&! 6+2$%(86! 42! $+/>,!
%2'4&8 !(6!$(!32(!8+2,!7$/&!+8,!$+8,6&62(!>#26@6!28(!5+/'(!1(!'&,(!(8!
=4/1(!420!176(86(2/,!1(!,$&(8$(,!6/41&6&+88(##(,!6/+8327(,)!
!
#(! ,&=8(! !-#%)+ $%(R! #(,! '81+2,! >(26! $+8,6&62(/! 42,,&! 28! 7#7'(86!
&'>+/6486! 1(! #4! !+&( ! (6! #9! 42,,&! #4! ,(8,46&+8! (6! #4! #+=&32(! >/&'(86! T! ,&!
#:&81(0!#(!7!12!"/4,!1/+&6!*>+2/!28!1/+&6&(/, !(,6!#(!,&=8(!'>#(!1:7'&,,&+8!
1:78(/=&(!*V48=, !#(!>+2$(!(6!#:&81(0!/($+2/"7,J!+2!5(/'7,!,+2,!5+/'(!1(!
$! >(/'(66(86! #4! /7$(>6&+8! 148,! #(,! 1(20! 1&'(8,&+8,)! .(66(! 7'&,,&+8! (6!
$(66(!/7$(>6&+8!>(2!(86!,(!54&/(!,2/!#:(067/&(2/!(6!,2/!#:&867/&(2/)!'#!(8!(,6!
1(!'1'(!>+2/!#(,!,+8,!32481!&#!,:4=&6!1:&8!+$46&+8!+2!1:7!+$46&+8 !#:28(!
,(!54&,486!(8!&8,>&/486 !#:426/(!(8!(0>&/486)!G+6/(!>/+>+,!8:76486!>4,!148,!
$(! #&!/(! 1(! 1+88(/! 6+26(,! #(,! $#(5,! 32&! 1+&!(86! 16/(! #(! >/+12&6! 1:28(!
/($%(/$%(!&81&!&12(##(!$+''(!$:(,6!#(!$4,!1(!#4!E(!(+&( !1+86!7;*<:'5//!
1&6!32(!C!4!486!6+26!(##(!1+&6!16/(!6/+2!7()!.:(,6!#(!>/('&(/!6(,6!D)!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
222222222!
!!!!!P)! #:26&#&,46&+8! 12! ,+8! (,6! 6/&5+8$6&+88(##( ! +26/(! $(! 32(! 8+2,! 4!+8,! '(86&+887!
>/7$71(''(86! *"4#4?4=(! 12! '(864#, ! &#! >(26! 4=&/! $+''(! <(#! $:(,6-9-1&/(! 32:&#! 4! 28!
>+2!+&/!1(!'+1&5&$46&+8!>%?,&+#+=&32(!(6!(85&8!1:4$6&+8!(067/&(2/()!
!!!!!J)!#(!"&84&/(!(,6!5('(##( !/7$(>6(2/)!!

! %$!
!
!
!
!
8%)2-0')3'&",,')-/)6')"#'6)%",)&7040=/'(((((((((((((((((((((((((((((((!
!
!
!
!
!
!
"!>4/6!#(,!1&!(/,(,!!+&(, !>4/5+&,!5+/6!$+'>#(0(, !1(!#4!,7/&(!1(,!H$;5'!
;"G !+2!!+&(,!(067/&(2/(, !32:(##(,!,+&(86!12!$&84"/( !1(!#4!,6&"&8( !1(!#4!
=4#)8( ! 1(! #4! $7/2,( ! 12! "&,'26%! +2! 12! >%+,>%+/( ! &#! (0&,6(! 1(,! !+&(,!
1&/($6(, !,&'>#(, !>4/5+&,!'1'(!6/),!/4>&1(, !+2!"&(8!1(,!!+&(,!1(!#+8=2(!
%4#(&8( ! '4&,! (07$267(,! >4/! 1(,! >/+$(,,2,! 6/),! ,&'>#(,)))! .+''(! $(,!
!+&(,!,+86 !(6!52/(86!6/),!5(/'7(, !(6!32:(##(,!8(!>(2!(86!16/(!(8,(&=87(, !
$4/! #4! >/('&)/(! $+81&6&+8! 1(! #4! >/46&32(! (,6! 32(! #:85*-Y<! (8! ,+&! ,+&6!
4,,(R! 5+/6! >+2/! #(,! 17$+2!/&/)))! #(! '4L6/(! 8(! 0+2(! >#2,! 32:28! /@#(! 1(!
67'+&8)!
!
#4!,&'>#&$&67!(06/1'(!1(!$(66(!!+&(!(,6!466(,67(!>4/!1(!8+'"/(20!4#$%&-
'&,6(,!F!
!
C!'#!(,6!28(!>&(//(!1(!=/481(!!(/62 !(6!(,6!1&6(!6&(//(!(6!8:(,6!>4,!>&(//( !
(6! (,6! '&87/4#( ! !7=764#(! (6! 48&'4#(! 32&! (,6! 6/+2!7(! (8! 6+2,! #&(20! (6! (8!
6+2,! 6('>, ! (6! $%(R! 6+26(,! >(/,+88(,)))! D! *G&$+#4,! ("#$'< ! C! #4! .#(5! 12!
<($/(6!1(,!<($/(6,!D,!
!
C!<&!85*-Y< !#(!6)/(!1(,!6%&#+,+>%(, !/(,,2,$&6+&6!420+2/1:%2&!4!($!#(!
,2"6&#! 7535* ! #(! >/+5+81! *4?'+81! #;##5 ! &#,! 8(! ,(/+&(86! >4,! /(=4/17,!
$+''(!1(,!6%&#+,+>%(,!>4/!8+,!$%?'&,6(,!!2#=4&/(,!32&!8(!14&=8(/+&(86!
>/(,32(! >4,! #(,! '(66/(! 42! 8+'"/(! 1(! #(2/,! 1&,$&>#(, ! >4/$(! 32:&#,!
&=8+/(/+&(86! #4! '48&)/(! 1(! ,:?! >/(81/(! >+2/! >/+$71(/! 4! 6+26(,! $(,!
1&,6&##46&+8, ! $(,! $&/$2#46&+8, ! $(,! $4#$&846&+8, ! (6! 6+26(,! $(,! +>7/46&+8,!
&88+'"/4"#(,!32(!8+,!$%?'&,6(,!!2#=4&/(,!+86!&8!(867(, !>+2/!4!+&/!'4#!
(86(812! #(,! 7$/&6,! 4##7=+/&32(,! 1(! $(,! 6%&#+,+>%(,)! D! *:(48! 1:8$;*V ! C!
.+,'+>+#&6(!+2!8+2!(##(!#2'&)/(!$%?'&32(!D!64/&, !+JJU,!
!
C! '#! 8(! ,:4=&6! >4,! (8! 4#$%&'&(! 1(! >/+$717,! 148,! #(! !4,6(! '+81(!
(067/&(2/ ! '4&,! 1(! >/+$(,,2,! '&$/+$+,'&32(,! 6/),! ,($/(6, ! 32&! +86!
$+8,6&627! #4! '46&)/(! $(86/4#(! 1(,! '?,6)/(,! 1(>2&,! #4! >#2,! %426(!
486&32&67)! $8! >(26! 1+8$! 1&/(! 9! /4&,+8! 32(! #4! ,$&(8$(! %(/'76&32(! (,6! #4!
>#2,! %426(! ,$&(8$(! 1(! #:%2'48&67 ! 6/),! !/4&,('"#4"#('(86! &,,2(! 1(!
6/41&6&+8,! 32(! #(,! 48$&(8,! 4=?>6&(8,! 17,&=84&(86! 4!($! /(,>($6! ,+2,! #(!
8+'!1(!($3%$*+#$(+#&3'$&(/+C+NB+6/+#+=2(!'&$/+$+,'&32(!D!1(!+O=X,!

%(! !
;8(! '48&5(,646&+8! 4$62(##(! 1(,! *+,(! %! ./+&0! 1:$/! 455&/'(F! C! -4&,! #(,!
4'46(2/,! (6! $%(/$%(2/,! &81&=8(,! 8(! >(2!(86 ! 4!($! #(2/! <;3:5.;'<! (6!
#"3$*'3;<!$+86/(!8462/( !54&/(!84L6/(!#:(85486!>%&#+,+>%&32(!12!,+#(&#!(6!
1(!#4!#28()!'#,!$%(/$%(86!$(6!"/6!8462/(#!(6!1&!&8!,48,!#4!$+884&,,48$(!1(!
<&(2! T! &#,! 8(! ,4!(86! '1'(! >4,! $(! 32(! #4! 8462/(! (,6! 4!486! 6+26 ! (8$+/(!
'+&8,!$+''(86 !4!($!32+& !(6!+B!(##(!+>)/()!
!
'#,! 6+2/8(86! (8! /+81! 4!($! #(2/,! 7646,! 1:>'( ! (6! ,4!(86! >4/#(/! 1(,!
'4&86(,! 4$6&+8,! 1(! #4! 8462/( ! '4&,! #(! $(86/(! 1(! #4! 8462/(! 32&! >/+!+32(!
6+26(,!#(,!4$6&+8,!1(!$(##(-$& !&#,!8(!#(!6/+2!(86!>4,)!"#+/,!32:&#,!1(!/4&(86 !
148,!#(!5(2!!&!486 !6&/(/ !1(,!'76420!!&!486,!1(,!<4=(, !#4!,('(8$(!(6!>4/!
$+8,732(86!54&/(!#(!'(/$2/(!>4/!#(!'(/$2/( !+2!#4!'46&)/(!>/('&)/(!>4/!#4!
'46&)/(! >/('&)/(! F! 4&8,& ! &#,! 8(! ,4!(86! 8&! $(! 32:(,6! #4! !&( ! $(! 32:(,6! #4!
,('(8$(! 1(,! '76420 ! 8&! $(! 32:(,6! #(! '(/$2/(! (6! $(! 32:(,6! #4! '46&)/(!
>/('&)/( ! '4&,! &#,! 6/4!4&##(86! 4!($! 1(,! 4=(86,! '+/6,! +2! 76(&86, ! 6(#,! 32(!
#:+/ ! #:4/=(86 ! #(! '(/$2/(! (6$) ! !2#=4&/(, ! (6! &#,! 5+86! $($&! 4!($! 12! 5(2! 1(!
"+&, !1(!$%4/"+8, !1(,!#4'>(,!+2!6+26!426/(!5(2!'+/6 !(6!&#,!>(8,(86!>4/!
$(! '+?(8! >/7>4/(/! #4! '71($&8(! 28&!(/,(##(! 32&! 1+88(! #4! !&(! (6! #4!
'2#6&>#&( !(6!#4!6(&862/(!T!$+''(!,&!'+/6!(6!!&(!764&(86!148,!#(2/!'4&8)!
!
'#,!$%(/$%(86!28!4/6!54$&#(!(6!28!6/4!4&#!1&55&$&#( !4#+/,!32:&#!,:4=&6!1:28!
4/6!1&55&$&#(!(6!1:28!6/4!4&#!54$&#(!T!&#!#(2/!(8!$+^6(!"(42$+2>!(8!'467/&420 !
32(! #:+8! >(26! ,(! >/+$2/(/! >+2/6486! ,48,! "+2/,(! 17#&(/! (6! 32(! #:+8! 8(!
6/+2!(/4!148,!42$28!"/&$!9!"/4$ !42$28(!>%4/'4$&( !(6$) !'4&,!32(!#:+8!
>(26!>/(81/(!1&/($6('(86!148,!#4!8462/()!D!
!
92486!420!$42,(,!1(!#:4!(2=#('(86 !(##(,!,+86!"&(8!175&8&(,!148,!$(6!
(06/4&6! 1(! #4! C! .#4!&$2#4! 8(/'(6&$4! <$&(86&4( ! 4"! 8?>(/"+/(+! 92+14'!
8+/&,! <2",($6&!&,! .+8,&=8464! "88+! +OA=! D! F! C! -4&,! !+&$&! #4! >/('&)/(! (6!
!7/&64"#(!$42,(!>+2/!#432(##(!#4!8462/(!4!$4$%7!$(!>4#4&,!+2!(/6!(6!/+?4#!9!
6486! 1(! >%&#+,+>%(, ! '1'(! 9! $(20! 8486&,! 1:28! (,>/&6! 6/),! ,2"6&#! ! $:(,6!
32( !,:7$4/6486 !1),!#(2/!0(28(,,( !12!$%('&8!,&'>#(!1(!#4!8462/(!>4/!1(,!
$+8$#2,&+8,!1(!#+=&32(!(6!1(!'764>%?,&32( !(6 !6/+'>7,!>4/!#(,!&##2,&+8,!
1(,!'(&##(2/,!#&!/(,!'1'(, !&#,!,:&'4=&8(86!(6!02/(86!32(!$(6!4/6!(,6!>#2,!
>/+5+81 ! >#2,! 1&55&$&#(! 9! $+884L6/(! 32:42$28(! '764>%?,&32( ! 32+&32(! #4!
8462/(! &8=782( ! 148,! $(! $%('&8! $+''(! 148,! 6+2,! #(,! 426/(, ! '4/$%(!
1:28!>4,!1/+&6!(6!6/),!,&'>#()!D!
!
.(/64&8,!6(06(,!+$$&1(86420!5+86!4##2,&+8!8(66('(86!9!$(66(!4#$%&'&( !C!
#(! -+81(! -4=&32(! 1(,! 87/+,! D! 1(! .(,4/(! 1(##4! *'('5*"O ! +2! 1(,!
$&646&+8,! 6(##(,! 32(! $(##($& ! (06/4&6(! 1(! C! *+,&82,! 41! <4//464862'!
5>&,$+>2'! D! C! .(66(! 6&(//(! (,6! 28(! $%+,(! 32&! ,(! 6/+2!(! (8! 6+&! >#2,! 5&0(!
32(! 82##(! >4/6! 4&##(2/, ! $/77(! >4/! <&(2! (6! 62! (8! (,! #4! '&8&)/(! *>/&'4!
'46(/&4!,!(6!!(06/4&6(!!1(!6+&!)))!56!!1(!'1'(!!32(!#:%+''(!(,6!$+'>+,7!1(!
222222222!
O)!41)!"/$%( !-&#48+)!

! %&!
!
3246/(!7#7'(86, !1(!'1'(!#4!>&(//( !(6!4&8,&!(##(!>/+!&(86!1(!#:%+''(!(6!
62! (8! (,! #4! '&8&)/( ! 9! ,4!+&/! >4/! #:+>7/46&+8! T! (##(! (,6! (06/4&6(! 1(! 6+&! 9!
,4!+&/!>4/!#4!,$&(8$()!"26/('(86!1&6 !(##(!(,6!5&07(!(8!6+& !9!,4!+&/!148,!#(!
'(/$2/(!1(,!,4=(,!T!62!(8!(,!#4!'&8&)/( !$:(,6-9-1&/(!(##(!(,6!(85(/'7(!(8!
6+&!(6!62!#4!6&(8,!$4$%7(!(6!(##(!(,6!(06/4&6(!1(!6+& !>2&,32:(##(!(,6!/712&6(!*9!
,+8!(,,(8$(,!(6!1&,,+26(!>4/!6+& !$4/!(##(!8(!>(26!>4,!16/(!>4/54&6('(86!(8!
6+& ! (6! 6+&! 62! 8(! >(20! !&!/(! ,48,! (##( ! 4&8,&! /(=4/1(! #(! $+''(8$('(86! (6!
!&$(-!(/,4)!D!
!
#4!!+&(!&86(/8(!(,6!42,,&!,2==7/7(!>4/!$(/64&8,!=8+,6&32(, !(6!4>>(#7(!
>4/! 7;*<:'5//! 3246/&)'(! !+&(! +2! !+&(! 1(,! ,2",648$(, ! "&(8! 32(! #4! !&(!
>/&!7(! 1(! $(! 1(/8&(/! 8:4&6! >4,! 6(##('(86! $+?8$&17! 4!($! #:4,$76&,'(!
87$(,,4&/(!9!$(66(!!+&(!6/),!>7/&##(2,( !(6!17#&$46()!<4&86!46'68"G5!?!54&6!
4##2,&+8! 148,! C! #(,! '86(//+=46&+8,! D ! 7!+32486! #4! !&,&+8! 1(! -4/&(!
-"7<5#5'G5! S !9!>/+>+,!1(!#432(##(!&#!(,6!1&6!F!C!<&!!+2,!8(!$/+?(R!>4,!
32481!0(!!+2,!1&,!#(,!$%+,(,!1(!#4!6(//( !$+''(86!$/+&/(R-!+2,!32481!0(!
!+2,!1&/4&!#(,!$%+,(,!12!$&(#!a!D!(6!&#,!&86(/>/)6(86!F!C!32481!!+2,!!(//(R!#(!
/&#,! 1(! #:8+''(! /('+86(/! +B! &#! 764&6! 42>4/4!486! D! T! %+$! (,6 ! &832&286 !
>/+5#2(8,!,('(8!(0,+/>62' !26!(+!281(!(0&(/46!/(!(/6462/)))!
!
#4!,(8,46&+8!02,6(!1(!#:28&!(/, !>(/'(6!42!!7/&64"#(!/(#&=&(20!*42!,(8,!
76?'+#+=&32( !/(#&=4/(!Q!/(#&(/,!1(!54&/(!#(,!!+&(,!(067/&(2/(,!,48,!5/4&,!(6!
148,! 1(,! 6('>,! "/(5,)! <:&#! (0&,6(! #4! !+&(! ,4$(/1+64#( ! 6/),! "/)!( ! 148,! #4!
!+&(! 12! $&84"/( ! 1:426/(,! 426(2/,! +86! '&,! #:4$$(86! ,2/! $(,! /74#&,46&+8,!
1+86! 42$28(! 8(! 1('481(! >#2,! 1(! 32(#32(,! %(2/(, ! >4/5+&,! 32(#32(,!
0+2/,! >+2/! 1:426/(,)! <48,! 54&/(! '(86&+8! 1(! #4! !+&(! ,4$(/1+64#( ! +2! 1(! #4!
!+&(!1(!#4!5+21/( !;$##';<!148,!C!#(!$%('&8!12!$&(#!$%&'&32(!D!7$/&6!(8!
+JSSF! C! #4&,,486! 1+8$! 9! >4/6! 6+2,! #(,! ,(86&'(86,! 1&557/(86, ! 0(! '(! ,2&,!
>/+>+,7! $(66(! /)=#(! $(/64&8(! 4!($! #432(##(! 0(! >2&,,(! %(2/(2,('(86!
>4/!(8&/!9!#4!5&8!1(!'4!$4//&)/(!
!
-!92(!#4!6&(//(!1(,!>%&#+,+>%(,!1+&6!16/(!54&6(!(8!6/+&,!+2!3246/(!0+2/,)!
!
-! 92(! #4! 17>(8,(! 8(! 1+&6! >+&86! (0$71(/! #4! ,+''(! 1(! 6/+&,! +2! 3246/(!
5#+/&8,)!
-!56!32:(85&8!28!,(2#!$/(2,(6!+2!!4&,,(42!1(!6(//(!,255&6)!
!
::(,6&'(! 32:&#! 5426! /(0(6(/! 6+26(,! #(,! >/+>+,&6&+8,! 32&! 8(! ,:4$$+/1(/+86!
>4,!4!($!$(,!6/+&,!4>%+/&,'(,)!6/7!(82!1(!#4!,+/6( !34,&#(!("#5G;'G!':4!
767!1:28!=/481!,($+2/, !$4/!4>/),!4!+&/!54&6!/(>/7,(86(/!28!$/(2,(6!148,!
,(,!>/('&)/(,!.#(5, !&#!+/1+88(!1(!$+86&82(/!>4/!$(66(!!+&( !(6!1(!#4&,,(/!
#9!!6+2,!!426/(,!!!4&,,(420 !#(!!5(2!1(!!#4!#4'>( !1(!!5&(86(,!1(!!$%(!4# !1(!
2222222222!
S)! -4/&(! -4=1(#(&8(! ,('"#(! #4! $+86&8246&+8! 1:"<;"*;5 ! 1:'<8;"*! (6! 1:'G"GG"!
(8$+/(!>#2,!4867/&(2/(!*<4'(!12!.&(#!1(,!<2'7/&(8,,)!

%6! !
$(81/( ! 1(! ,4"#(! (6! 1(! 5#4''( ! (6! 1:4>>#&32(/! ,+8! (,>/&6! 420! >#2,!
>/+5+81,!'?,6)/(,!1(!#:"/6)!D!
!
#:26&#&,46&+8!12!5(2!12!$&(#!+2!5+21/( !(,6!>/7,(86(!148,!#4!!+&( !,48,!
7!+32(/!#(,!0-.*-%)*"%$(+76/2,32(,!*>/16/(,!'4L6/(,!1(!#4!5+21/(,)!'#!?!(26!
1(/8&)/('(86! $(/64&8,! $+8,646,! ,2/! #(,! >+2!+&/,! >/+!+327,! 4$$&1(8-
6(##('(86!$%(R!$(/64&8(,!>(/,+88(,!5/4>>7(,!>4/!$(66(!5+/$(!(6!32&!(8!+86!
/7$%4>>7)!$26/(!#(!54&6!32:(##(!>(/'(6!#:4$32&,&6&+8!1(!#4!-";5*'"!6*'-"!
>+2/!$(/64&8(,!!+&(, !(##(!(,6!42,,&!26&#&,7(!>+2/!'+1&5&(/!#(!$+/>,!%2'4&8!
>4/! 1(,! '4L6/(,! 32&! +86! #(,! ,&=8(,! (6! #(,! ,+8,! 87$(,,4&/(,)! #(!
/('4/324"#(! /+'48! 1(! ('##'5*<! 1(! #:'<#5! "<"- ! C! ',&,! D ! +B! 28(!
$+'6(,,(!&64#&(88(!4#$%&'&,6(!(6!&8&6&7(!9!$(/64&8,!'?,6)/(,!%(/'76&32(, !
&8!+32(! #4! 5+21/(! (6! ,(! 54&6! 5/4>>(/! >4/! (##(! 148,! 28(! >&)$(! 12! >4#4&, ! ?!
54&6! 4##2,&+8)! #4! 5+21/(! (,6! 4#$%&'&32('(86! 28! '4/&4=(! 12! $&(#! -! >)/(! -!
V48= ! (6! 1(! #4! 6(//(! -! ')/(! -! V&8)! 5##(! >/+12&6! 1+8$! 28! /&#,! 32:&#! 5426!
/7$2>7/(/)!'#!(0&,6(!42,,&!28(!5+21/(!&86(/8(!42!$+/>,!%2'4&8)!
!
G+2,! /(6/+2!+8,! 42,,&! $(66(! !+&(! &86(/8(! 1(! #:4#$%&'&(! 148,! #4!
6/41&6&+8! "+211%&32(! 7,+67/&32(! <%&8=+8! +B! (##(! (,6! 17$/&6(! 4!($!
>/7$&,&+8! >4/! #(! -+&8(! 04>+84&,! M;M"'! *OOE-SAP, ! 32&! 7$/&6! 148,! ,4! C!
;%),(!1(!#:5/'&6(!;#6/4!(&1(!D!UF!
!
C! <:28! $+2>! 1(! >&(1 ! /(0(6(R! 42! #+&8! #(,! /&$%(,,(, ! $+''(! +8! ,(!
17"4//4,,(! 1:28(! 7$%4/1(! T! 54$(! 420! %+88(2/,! 12! /48= ! 4?(R! #:466&621(!
32:+8! 4! 32481! +8! ,(! ,7>4/(! 1:28! ,+2#&(/! 1(! >4&##(! 2,7)! 92(! #(,! /(=4/1,!
32(!!+2,!>+,(R!,2/!#(,!5('(##(,!420!%48$%(,!5&8(,!,+&(86!#(,!'1'(,!32(!
$(20! >+/67,! ,2/! #(,! 17'+8, ! (6! 32(! $(#2&! >+/67! ,2/! #(,! /48=,! (6! #(,!
,4#4&/(,!,+&6!#(!'1'(!32(!,2/!28!/46!(8!17$+'>+,&6&+8)!<+?(R!$4#'(,!(6!
,48,! 4=&/ ! 6/4832&##(,! (6! ,48,! 17,&/, ! 1&'&82(R! #(! 8+'"/(! 1(! !+,! 4$6(,)!
92481! !+2,! 42/(R! /74#&,7! $($& ! #:7621(! 1(!&(81/4! $%+,(! 4&,7()! <:426/(!
>4/6 !$(!32(!#:%+''(!12!$+''28!>/&,(!#(!>#2,!>+2/!,(!1&!(/6&/!(,6!$(!32(!
#(! 64+?,6(! 176(,6(! 4!($! #(! >#2,! 1(! $+8!&$6&+8)! .(>(81486 ! ,&! !+2,!
/72,,&,,(R! 9! !+2,! (8! 7#+&=8(/ ! 1(!(8&/! 28! '''+/6(#! 8(! ,(/4! >+&86! $%+,(!
1&55&$&#()!
!
*&/(! 420! 7$#46,! (6! 7>/+2!(/! 1(! =/481(,! 0+&(, ! ,(! '(66/(! (8! $+#)/(!
$+''(! 16/(! (0$(,,&!('(86! 6/&,6(! F! 426486! 1(! 54$6(2/,! 4?486! 1(! 5464#(,!
$+8,732(8$(,)!G+'"/(20!,+86 !9!#:&867/&(2/!12!$+/>, !#(,!(88('&,!1(!$(!
=(8/()! -4&,! 9! '+&8,! 1:(8! !(8&/! 9! "+26 ! 82#! 8(! >(26! $+'>/(81/(! $(! 32(!
#:+8! (86(81! >4/! #+8=7!&67! (6! 76(/8(##(! $+8,(/!46&+8)! <:7#+&=8(/! 1(! $(66(!
,&6246&+8! (,6! $(! 32(! #(,! 16/(,! 12! $+''28! $+8,&1)/(86! 16/(! #(! >#2,!
1&55&$&#()!-4&,!32:+8!?!/72,,&,,( !(6!4#+/,!1(!(8&/!28!'''+/6(#!(,6!#4!$%+,(!
!
222222222!
U)! '8! C! #4! (7/&67! 5&84#(! 1(,! ;/+&,! (8,(&=8('(86,! D! 1(! M2[4& ! 6/412$6&+8! (6!
$+''(864&/(,!1(!"##48!7(+/=(,!7/4>4/1 !41)!6+&(,&, !64/&,)!

! %%!
42! '+81(! #4! >#2,! 4&,7()! '#! 5426! 32(! 0(! !+2,! &81&32(! #:(,,(86&(#! 1(! $(,!
6($%8&32(, ! (6! &#! 8(! !+2,! /(,6(/4! >#2,! 32:9! >/(81/(! $(,! /(')1(,)! #(!
$%4/1+8! "#48$! (6! #(! =/4&8! 0428( ! #4! ,)!(! 1(! >&8 ! #(,! =/4&8(,! 12! '2/&(/!
"4#4?(86!#(,!'4#41&(,!&86(/8(,!T!#4!5#)$%(!1:4/'+&,( !#4!#48$(!1(!0+8$ !#(,!
4'2#(66(, !#(,!(0+/$&,'(,!(6!#(,!&86(/1&$6&+8,!>/+6)=(86!$+86/(!#(,!426/(,!
'420)!.+'>6486!/?6%'&32('(86!#(,!/(,>&/46&+8, !'(66(R!#(,!(8!%4/'+8&(!
4!($!#(,!,4&,+8,)!$2!/486!#(!8(R !"2!(R!9!#4!,+2/$(!>2/()!./(2,486!#(!,+# !
17=4=(R-(8! (6! 4!4#(R! #4! >&(//(! >/7$&(2,()! #(,! %(/"(,! =/4,,(,! (6! '4&=/(,!
,46&,5+86! #4! 54&'! 42! '46&8 ! 6481&,! 32(! #(,! >+''(,! 1(! >&8! (6! #(2/! ,)!(!
$%4,,(86! #4! 546&=2(! 42! ,+&/)! .4$%486! !+6/(! +'"/(! (8! >#(&8! 0+2/ ! !+2,!
>+2//(R!7$/&/(!,48,!#2'&)/(!42!'&#&(2!1(!#4!82&6)!67876/486!>/+5+817'(86!
#4!6(//(!12!/(=4/1 !!+2,!>+2//(R!'4/$%(/!,2/!#4!,2/54$(!1(!#:(42)!/4&,486!
1(,! 17'+8,! (6! 1(,! (,>/&6,! !+,! 4$+#?6(, ! #(,! 1/4=+8,! (6! #(,! 764#+8,! 1(!
-+2-e48=!,(/+86!!+6/(!'+862/()!"!4#486!#(,!7>7(,!(6!&8=2/=&6486!#(!5(2 !
!+2,! >/+!+32(/(R! !(86,! (6! 824=(,)! <&! !+2,! >4/!(8(R! 9! '4L6/&,(/! $(,!
6($%8&32(, !32(#!,+2%4&6!8(!,(/4&6!(042$7!a!
!!!!58! +26/( ! #:4/=(86! (6! #:+/! 0428(! ,+86! #(,! ,2",648$(,! >4/! (0$(##(8$(! 1(!
#:28&!(/, ! 6481&,! 32(! #(! $&84"/(! (6! ,4! >2/&5&$46&+8! >4/! #(! 5(2! >/+12&,(86!
1(,! /(')1(,! '(/!(&##(20)! '#! ?! 4! 28(! '48&)/(! 1(! #(,! >/(81/( ! (6! 28(!
$(/64&8(! 6($%8&32(! >+2/! #(,! 54"/&32(/)! <&! !+2,! /74#&,(R! #:28&67! >4/54&6( !
!+2,! /728&/(R! !+,! >/+$%(,! (6! '+86(/(R! 42! .&(#)! 7/>$(! 9! 28! >(2! 1(!
$&84"/( !!+2,!!+2,!/(81(R!(8!>#(&8!0+2/!148,!#4!(+&(!#4$67()!D!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

%!! !
!
!
!
!
!
*/03)0)&0+=/0,4')<"-<-30,0-+((((((((((((((((((((((((((((((((((((((((((!
!
!
!
!
!
E-+ (;,)%$%)(+ .)+ E$%%$+ #-+ 9$-7+ .$+ (-2*'.+ #$+ .!;,)'(7+ #"-3$!$&*7+ )6$3+
*%)&#+)%*/+2.+%$!"&*$+#$+.)+E$%%$+)-+%'$.+$*7+(-2'*$!$&*7+%$#$(3$&#+#)&(+.)+
*$%%$+$*+%$3-$'..$+.)+0"%3$+#$(+34"($(+(-,;%'$-%$(+$*+'&0;%'$-%$(/+
+
'#! (,6! 8+6+&/('(86! $+882! 32:28! ,($/(6! 4#$%&'&32(! (0&,6( ! (6! 32:&#! (,6!
04#+2,('(86! =4/17)! "2,,& ! '1'(! $(20! 32&! 8:(8! ,4!(86! /&(8! '4&,! +86! #2!
<.8;*5 ! 6"6;<! (6! 02,32:9! 35<"G;! (6! 32(#32(,! /(!2(,! 7,+67/&32(, !
455&$%(86!28!4&/!1(!,255&,48$(!(6!5(&=8(86!1(!>4,,(/!>+2/!,4!486,)!
!
.(! ,+86 ! (8! !7/&67! #(,! '(&##(2/,! =4/1&(8,! 12! <($/(6 ! (6! &#! 5426!
/($+884L6/(!32(!,:&#,!8:(8!>4/#(86!>4,!>#2,!+2!(/6('(86 !$:(,6!32:&#,!8:(8!
,4!(86!/&(8)!
!
.(20-#9 ! 148,! #(! 5+81 ! 8(! 5+86! 1(! '4#! 9! >(/,+88(! >4/$(! 32:&#,! 8(!
$+884&,,(86! 8&! 6"'$+ 8&! ,%)*'>-$7+ (6! 8(! ,(! 64/=2(86! >4,! 1(! ,"-6"'%(7+ &#,!
(,,4&(86!!,(2#('(86!1(!,(!1+88(/!28!>(2!1:&'>+/648$()!
!
-4&,! $(20! 32&! +86! 466(&86! +2! $/+&(86! 4!+&/! 4//4$%7! 32(#32(,! ,($/(6, !
+2!32&!>+,,)1(86!!/4&'(86!1(,!,($/(6,!8(!1+&!(86!>4,!#(,!#4&,,(/!6+'"(/!
42! %4,4/1! ,+2,! #(,! ?(20! 1(,! &=8+/486,)! .4/! $(20-$&! +86! 42,,&! >/46&327 !
466&/7,! >4/! #(,! '&/4=(,! >/+548(, ! (6! &#,! 8:+86! /&(8! +"6(82)! -4&,! &#,! ,(!
=+85#(86! 1(! <$&(8$( ! &#,! ,:(86+2/(86! 1(! '?,6)/()! &#,! ,:&85&#6/(86! $%(R! #(,!
$/712#(, ! >4/#486! 9! '+6,! $+2!(/6,! (6 ! 42,,&6@6! 32:&#,! #(! >(2!(86 ! 7$/&!(86!
32(#32(! >(6&6! #&!/(! &//4&,+887 ! 5/2&6! >4/6&$2#&(/! 1(! >#4=&46! (55/+867! (6!
175+/'7 ! >%&#+,+>%&(! 1(! "+21+&/ ! ,+>%&,6&32(! >71486(! 1(! $(! 32:&#,! 8:+86!
'48&5(,6('(86!>4,!1&=7/7)!
!
'#,! >/(88(86! 6/),! 42! ,7/&(20! $(! 32:&#,! /4$+86(86! 148,! 28(! #48=2(!
'4#'(87( ! (86/(! 1(,! 8+6(,! 1(! ,($+81(! +2! 6/+&,&)'(! '4&8 ! (8/&$%&(,! 1(!
$&646&+8,!426+/&,7(, !8(!>+2!486!>(/,+88(##('(86!/&(8!$+8$#2/()!
!
.(! ,+86! 1(! >42!/(,! 1&4"#(,! 32&! ,:&'4=&8(86! >4/! #(2/,! &81&,$/76&+8,!
!&+#(/! #(! ($3%$*+ #$+ .)+ %;6;.)*'"&7+ ,:4//+=(486! #(! 1/+&6! 1:(8! 4,,2'(/! #4!
/(,>+8,4"&#&67! *$+''(! ,:&#,! >+2!4&(86! 16/(! /(,>+8,4"#(,! Z,! 4!($! 1(,! 4!&,!
1(!'4L6/(,!7'48$&>7,)!

! %.!
-4&,! $+''(86! (0>#&32(/! #:426%(86&$&67! 4",+#2(! 1(! $(! ,($/(6 ! (8! 17>&6!
1(,! &81&,$/76&+8,! a! .+''(86! (0>#&32(/! #:(0&,6(8$(! 1:28! $/1/(! 32&! (8!
4,,2/(!#4!>7/(88&67 !(8!17>&6!1(,!&81&,$/76&+8,!a!
!
.:(,6!,&'>#(!F!#(,!8+6(,!(6!#(,!6(06(,!*32481!&#,!7$%+&(86!9!32(#32:28!1(!
,7/&(20,! ,+86 ! >+2/! $(#2&! 32&! ,:(8! '+86/(! 1&=8( ! 28(! ,%$-6$+ (6! 28(!
&81&$46&+8! >+2/! >4/!(8&/! 9! #4! 3"&&)'(()&3$+ #-+ ($3%$*+ S+ '4&,! &#,! 8(! ,+86!
>4,!(8!(20-'1'(,!#(!<($/(6+)!
!
!

!+
22'(+

2222222222!
+)!"!#4!$+884&,,48$(!1(!$(!<($/(6!>/7,&1( !&8!&,&"#(!1(,!>/+548(,!(6!1(!6+2,!$(20!32&!
8:(8! ,+86! >4,! 1&=8(, ! 28! $+##)=(! 1:&86(##&=(8$(,! 02,6('(86! 1&,6/&"27(,)! #(,! &81&=8(,! 8(!
>+2//+86!04'4&,!#:466(&81/()!#(,!7=+?,6(,!>(/1/+86!#4!/+26()!.(20!32&!>4/#(/+86!>(81486!
#4! >/46&32(! 1(! #:"/$48(! 6/+2!(/+86! #4! '+/6! *7)! M/(''(/R! C! '86/+12$6&+8! 9! #4! <$&(8$(!
8(/'76&32(!D,)!!

!'! !
+

.:(,6!>+2/32+&!#(!;*'<-47'<;5!/(,6(!#4$+8&32(!32481!&#!#:(0>+,(!148,!
,4! ;4"#(! T! &#! >/(81! #4! >(&8(! 1(! 8(! >4,! 6+2$%(/! 42! 6/&8$&>(! T! &#! 1&6! ,(2#(-
'(86!F!C!;2!,7>4/(/4, !(6$)!D!
-4&,!1(!32(##(!54.+8a!
56!"&(8!#(!!"($&7+8:4!04'4&,!767!6/48,'&, !8&!+/4#('(86 !8&!>4/!7$/&6 !(6!
$:(,6!#9!#4!=4/486&(!$(/64&8(!12!<($/(6)!(+&#9!>+2/32+&!6+2,!$(20!32&!,+86!
>4/!(82,!9!#:466(&81/(!,(!,+86!62,!(6!,4!(86!>+2/32+&)!
.(!!"($&7+32481!&#!8:(,6!>4,!6/48,'&,!>4/!1(,!,?'"+#(,!>/46&32('(86!
&8$+'>/7%(8,&"#(, ! ,:4>>/(81! >4/! 6'('"&+ #'%$3*$7+ (8! (86/486 ! (8! $+'>4-
=8&(! 1:28! -"f;*5! 'G';'";5;*! 148,! #(! #4"+/46+&/(! 4#$%&'&32(! 1:28(!
#$75! <:"-$G ! (6! (8! 4,,&,6486! 9! 28(! 6/48,'2646&+8! /7(##(! 148,! #(!
,&#(8$(!#(!>#2,!/&=+2/(20!12!-4L6/(!(6!12!G+!&$()!
-4&,! '1'(! &$& ! >+2/! 28(! /4&,+8! 32&! !4! 1(! ,+& ! #4! 6/48,'2646&+8! 32&!
$+8,&,6(! (8! 3246/(! +>7/46&+8,! (6! 3246/(! /7,2#646,! ,>7$&5&32(, ! 8:(,6! >4,!
'+86/7(!148,!,+8!(86&(/=)!
5##(!,:+$$2#6(!9!>4/6&/!1(!#4!6/+&,&)'(!+>7/46&+8 T!(6!6+26!$(!32:+8!>(26!
1&/( ! >+2/! #:71&5&$46&+8! 12! $(/$#(! &86(/8(! >+2/! #(32(#! ,+86! /71&=7(,! $(,!
8+6(, !(,6!/7!7#7!&$& !,48,!!+&#( !>+2/!#4!>/('&)/(!5+&,)!
!
#(! #4"+/46+&/(! 4#$%&'&32(! (,6! 28(! >(6&6(! >&)$(! ,&'>#(! 1(! 5+/'(!
$4//7( ! 420! '2/,! /&=+2/(2,('(86! >(&86,! (8! 8+&/ ! 4!($! 1(20! +2!(/62/(,!
,2/"4&,,7(,! +>>+,7(,! F! 28(! >+2/! #:(86/7( ! #:426/(! >+2/! #4! ,+/6&()! "2!
$(86/(!,(!6/+2!(!28!$2"(!,2/!#(32(#!(,6!>+,7!9!#4!!(/6&$4#(!28!,(/>(86!(8!
!(//(!,+255#7!1(!-2/48+ !/($+2/"7!(8!$(/$#(!,2/!#2&-'1'(!*#(!,(/>(86!32&!
,(! '+/1! #4! 32(2(,! 4!($! #4! =2(2#(! +2!(/6( ! 9! >(2! 1(! 1&,648$(! 1(!
#:(06/7'&67! $4214#()! .(! ,(/>(86! (86&)/('(86! $/(20 ! >+,,)1(! 28!
/(85#('(86! +!+?1(! 148,! #4! =+/=(! F! 9! ,4! "4,( ! >/),! 1(! #:76/48=#('(86!
&857/&(2/! (,6! &8,7/7! 28! 5&#6/(! 42! 8&!(42! 1232(#! ,:+2!/(! 28! >2/=(2/)! #4!
32(2( ! $/(2,(! $+''(! #(! /(,6( ! ,(! 6(/'&8(! >4/! 28(! +2!(/62/(! (6!
#:(8,('"#(!(,6!'4&86(82!9!6('>7/462/(!$+8,6486(!>4/!28!"4&8-'4/&()!
!
#(! -4L6/(! 17>+,(! 148,! #4! =2(2#(! 1(! #:48&'4#! 28(! ,2",648$(!
=7#46&8(2,(! 32:&#! >/7#)!(! 1:28! /7$&>&(86! #467/4#! >/7!2! 9! $(6! (55(6! (6! '28&!
1:28!/+"&8(6! T! $(##(-$&! !4! $2&/(! 148,!#(!/(85#('(86!$&-1(,,2,! '(86&+887 !
,(!!1&,,+21/(!!>(2!9!!>(2!!(6!!6/4!(/,(/!#(!5&#6/( !,:7$+2#486!148,!#4!>4/6&(!
2222222222!
!!!!!=)!#(,!4#$%&'&,6(,!,(!=4/1(86!"&(8!1:(0>+,(/!#(!,($/(6!148,!,4!821&67 !&#,!+86!6+20+2/,!
1&6! 32(! ,(2# ! (,6! 426+/&,7! 9! 4$$71(/! 9! #4! 6+/6(! -40(2/(! $(#2&! 32&! (8! 42/4! /(.2! #4!
>(/'&,,&+8! 1&!&8()! '#,! >/7>4/(86! #(! <&,$&>#(! 9! &867=/(/! 1(,! $+8$(>6,! ,48,! #4!
$+'>/7%(8,&+8!5+814'(864#(!1(,32(#,!&#!#2&!,(/4&6!&'>+,,&"#(!1(!>+2!+&/!&86(/>/76(/!#(,!
!&,&+8,!+2!'48&5(,646&+8,!1&!&8(,!/(.2(,!*M/(''(/R,)!

! !"!
!&857/&(2/(!NE-+(;,)%$%)(+.)+E$%%$+#-+9$-J/+
+
92481!&#!8(!>4,,(!>#2,!/&(8!42!6/4!(/,!12!5&#6/( !42!'+?(8!1(!#4!!4#!(!
#467/4#( ! +8! @6(!#(,!17>@6,! &8,+#2"#(,! (6 ! =/>$(!9! 28!&8=78&(20! 1&,>+,&6&5!
'48+(2!/7!1(!#:(067/&(2/ !+8!54&6!>4,,(/ !9!6/4!(/,!#4!32(2(!12!<(/>(86!#(!
#&32&1(!+"6(82!N,)(($+#$+.)+E$%%$+)-+%'$.J+02,32:9!$(!32(!6+26!4&6!6/48,&67!
1(! #4! >4/6&(! &8$2/!7(! 148,! #4! =2(2#(! +2!(/6(! +B! (##(! /($+''(8$(! 9!
6+'"(/!N(-2'*$!$&*+$..$+%$#$(3$&#+#)&(+.)+E$%%$J/+
+
"!$(!,641(!+8!/('>#4$(!#(!5&#6/(!>4/!28!426/( !>#2,!6782 !(6!+8!/7>)6(!
#:+>7/46&+8! (6! 4&8,&! 1(! ,2&6(! 9! #:4&1(! 1:28! 5&#6/(!6+20+2/,! >#2,! 5&8! 02,32:9!
$(!32:&#!8(!!&(88(!>#2, !1(!#:(06/7'&67!$4214#( !32:28(!>/7$&(2,(!!4>(2/ !
,48,! 42$28!#&32&1(! F! &#!,:4=&6! 1:28! 7646!1(! #4!'46&)/(! 9!'&-$%('&8!(86/(!
#&32&1(!(6!=4R)!
!
"#+/,!,(!6(/'&8(!#4!6*5-'Y*5!$64*";'$G!;*"G<-;;";$'*5!32:+8!
>(26! 1&/(! /72,,&(! #+/,32(! #4! !4>(2/! /($2(&##&(! ,(! $+8=)#(! (8! 28(! '4,,(!
%+'+=)8(!+>4#(,$(86(!32& !+"6(82(!>4/!#(!"&4&,!12!>4,,4=(!1:28!7646!1(!
#4!'46&)/(!9!#:426/( !%$3-$'..$+.)+0"%3$+#$(+34"($(+(-,;%'$-%$(+$*+'&0;%'$-%$(7+
$:(,6-9-1&/(!#4!$+8,&,648$(!1(!#:76%(/!(6!$(##(!1(!#4!'46&)/()!
!
#:&8,2$$),! 1(! $(66(! >/('&)/(! +>7/46&+8! ,(/4&6! $(/64&8! >+2/! $(#2&! 32&!
,:(8616(/4&6!9!>+2/,2&!/(!,48,!4!+&/!>/+$717!420!/($6&5&$46&+8, !#(,32(##(,!
>(2!(86!$+8$(/8(/!#(,!6('>,!1:+2!(/62/(!(6!1(!5(/'(62/( !#4!6('>7/462/( !
#(,! +",6/2$6&+8, ! #(,! &86(//2>6&+8, ! #(! "4&8-'4/&(! (6! "(42$+2>! 1:426/(,!
32:&#!(,6!,2>(/5#2!1:782'7/(/)!
!
58! $4,! 1(! ,2$$), ! >4/! $+86/( ! (6 ! >4/$(! 32(! #(! ,%"3$((-(+ $(*+ .'&;)'%$7+
+8! >4,,(! 9! #4! ,($+81(! +>7/46&+8! 32&! (,6! &1(86&32(! 9! #4! >/('&)/(! '4&,!
$%48=(! >4/! #:410+8$6&+8! 1:28! $+'>+,7! 4$$(,,+&/(! 32&! !4! ,(! '7#48=(/! 42!
>/('&(/! 7#7'(86! 6/48,'2646+&/(! ,(#+8! C! #(,! '+14#&67,! 176(/'&87(,! 32&!
,+86! #(,! $+81&6&+8,! &81&,>(8,4"#(,! (6! 87$(,,4&/(,! 9! +:+0?14"&#&67! ,48,!
#432(##(!#4!>/46&32(!/(,6(!82##(!(6!>(26!1(!(8&/!6+26!9!54&6!&'>/+12$6/&$(!D)!
!
.(6!(06/4&6!(,6!6&/7!1(!.!"%*"(6"#-!+*&826&#(!32(!#(,!#46&8&,6(,!$%(/$%(86!
28! ,(8,! 9! $(6! 4/$%4?,'(,! /&=+2/(2,('(86! =4/17! 148,! 28! (8$#+,!
&'>7876/4"#(!5(/'7!42!-17,&/!1(!8:&'>+/6(!32(#!48&'4#!'>#()!
!
.(! /74$6&5 ! >4/! 1(,! $(86/&52=46&+8, ! $+$6&+8,! (6! 5&#6/4=(,! /7&67/7, !
1?84'&,(! #(! '7#48=(! 42! >+&86! 32:&#! 5426! ,2/!(&##(/! 4!($! #(! '40&'2'!
1:466(86&+8! ,+8! (0>48,&+8! 148,! #:4#4'"&$ ! 42! /&,32(! 1(! !+&/! (0>#+,(/!
#:4>>4/(&#!(6!,(!>(/1/(!&//7'71&4"#('(86!#4!,2",648$()!
!
-4&,! ,&! 6+26! (,6! 54&6! ,(#+8! #(,! >/7$426&+8,! /(32&,(, ! (8! '(66486! #4!
'4&8! 9! #:(06/7'&67! 1(! #4! 32(2( ! +8! ,(/4! 1:4"+/1! 4!(/6&! >4/! 28(! "+2557(!

!#! !
1:4&/! 5/+&1 ! ,($ ! (6! /($2(&##(/4! 28(! >+21/(! ,2"6&#(! *>+21/(! 1(! >/+0($6&+8,!
32&! 4! #4! >/+>/&767! 1(! (;,)%$%+ #4! 5+/$(! 1(! #4! '46&)/( ! '4&,! >4,! 1(! 54.+8!
(0>#+,&!(!*/&(8!9!!+&/!4!($!#4! "+'"(!46+'&32(!Z,!42,,&!"&(8! '&#-'*=$..$+.$+
!"-6$!$&*+148,!#(,!$+/>,!*'3'<!-+"&#(,)!
!
.(>(81486! (##(! (,6! #7=)/('(86! ,62>75&486(! (6! 4>%/+1&,&432( ! 42,,&!
(,6-(##(! 148=(/(2,(! >+2/! #:&'>/21(86! 32&! (8! 5(/4&6! '42!4&,! 2,4=( !
#4&,,486! (8! $(6! 7646! 1:(8$%486('(86! 6+26! #(! #+&,&/! 42! ,(/>(86! 6+20+2/,!
!&=&#486!1(!17!+/(/!#(!>(6&6!+&,&##+8)!
!
-4&,!#:4#$%&'&,6(!42,6)/(!8(!,(!#4&,,(!>4,!,712&/(!>4/!#:466/4&6!7/+6&32(!
(6!>/+$)1(!&'>(/62/"4"#(!9!#4!6/+&,&)'(!+>7/46&+8)!
'#! (55($62(! 28! ,($+81! '7#48=( ! 6&/486! 1:28! /7$&>&(86! 4>>/+>/&7! 1(20!
5&+#(,! >#(&8(,! 1(! 1(20! (,,(8$(,! 1&557/(86(,! >/+!(8486! 1(! >#486(,! 1(! #4!
*7>2"#&32(! "/=(86&8( ! #:28(! 1(! $+2#(2/! /+2=(! 7$4/#46(! (6! #:426/(! 1(!
$+2#(2/!"#48$!#4&6(20)!
!
.(,! 1(20! (,,(8$(,! +86! 1(,! >/+>/&767,! /7$&>/+32('(86! $+//+,&!(, ! ,&!
"&(8! 32( ! '&,(,! (8,('"#(! (##(,! ,(! 176/2&/4&(86! /7$&>/+32('(86! (6! 8(!
#4&,,(/4&(86! 1:(##(,-'1'(,! 32:28(! +1(2/! $4/4$67/&,6&32( ! %426('(86!
,&=8&5&$46&!(!>+2/!#(!>/46&32486!1(!%426!8&!(42)!
!
-4&,! 54&6(,! 6+'"(/! =+266(! 9! =+266( ! ,7>4/7'(86! ,2/! 32(#32(,!
'&##&=/4''(,! 1(! >+21/(! +"6(82( ! (##(,! >(/1(86! #(2/! $4/4$6)/(! $+//+,&5 !
,:4$$+/1(86 ! $:(,6-9-1&/( ! 148,! #4! 8462/(! (,,(86&(##(! 1(! #:(0$&>&(86 ! (8! ,(!
'1#486 ! 6+20+2/,! >4/! (55(6! 1(! $+$6&+8! (6! 5&#6/4=( ! (8! 28! 4'4#=4'(!
>%+,>%+/(,$(86!420!/(5#(6,!1(!#:"/$!(8!.&(#)!
!
56! &$&! ,(! 6(/'&8(! #4! 6/+&,&)'(! +>7/46&+8! +,6(8,&"#( ! 4>/),! #432(##(!
-4L6/(! (6! 8+!&$(! ,+/6(86! 12! #4"+/46+&/(! 4#$%&'&32( ! '2(6,! $+''(!
#+/,32:&#,!?!,+86!(86/7,)!
!
'#,!,(!,7>4/(86!&''71&46('(86!4!($!#4!>/+'(,,(!64$&6(!12!8+!&$(!1(!,(!
/(!+&/! 32481! ,+8! '3'<! 42/4! '&,! ,(,! 4&#(, ! (6! #2&! >(/'(66/4! 1(! /(6+2/8(/!
4!($! ,+8! >/+>/(! !+#! <5;#! -$V5G! <5! <5! *56*4<5G;5*! 6$;*! #"!
*5.$GG"'<<"G.5! *';;5##5 ! 4!($! #(! 1/+&6! 1:4,,&,6(/! 9! #4! 5&8! 1(!
+:$52!/(!>+2/!16/(!$+8,4$/7!-4L6/(!"'+87(8!148,!#(!<?8(1/&+8!46(/8(#!
1(!#:$/!F)!$!F)!5=!))!*$/1/(!$,&/&(8!4=?>6&(8,)!
!
!
!
!
!
!
!

! !$!
!
!
!
!
!
8*%0.').'3)50'/9)-/).'3)1+1'3).')8/40,"').%+3)6%)=/2,'((((((((((((()
)
)
)
)
)
)
!
<48,! $(/64&8,! 6(06(,! 64+?,6(, ! (6! 148,! #(,! 6/41&6&+8,! %(/'76&32(,! (6!
4#$%&'&32(,! #&7(,! 420! 7$+#(,! 1(! '?,6)/( ! &#! (,6! 28! >+&86! 32&! /(!&(86!
,+2!(86)!G+2,!!+2#+8,!>4/#(/!12!/@#(!1(,!<&(20)!
!
<48,! #4! !+&(! 64+?,6(! >4/! (0('>#( ! &#! ,:4=&6! 1(! 54&/(! #4! 6&(//(! 42! /+2=( !
45&8! 1(! $/7(/! 1(,! 2,6(8,&#(,! 1(! $2&,&8(! (6! 1(,! 7#&0&/, ! #(,32(#,! !+86!
4$$(862(/!#(!>/+$(,,2,!1(!,(>4/46&+)!62&,!#:41(>6(!>4,,(!9!#4!$+8,6&626&+8!
12! $+/>,! &''+/6(#)! 585&8! &#! (,6! 32(,6&+8! #9! 42,,&! 1:28(! '?,67/&(2,(!
6/+&,&)'(!764>( !.$+()3%'0'3$+)-.+#'$-./+'$&!#(!54$(!9!54$(!4!($!1:426/(,!16/(,!
>#2,! /7(#,! 32(! #:%2'4&8! (,6! 7!+327! (6! $+8$(/8(! ,2/6+26! #:41(>6(! 12!
6/+&,&)'(!'4=&,6)/( !'1'(!,&!+8!>(26!$+8,&17/(/!32(!6+26!4#$%&'&,6(!1+&6!
/($%(/$%(/! #:4&1(! 1(! $(,! >2&,,48$(,! >+2/! '&(20! $+'>/(81/(! #(! ,(86&(/)!
G+2,! ,+2#&=8+8,! #(! 6/),! %426! 1(=/7! 1(! >2/&5&$46&+8! 87$(,,4&/(! (6! 1(!
$+2/4=(! 148,! $(66(! 3216(! 32&! 8:4! /&(8! 9! !+&/! 4!($! #(,! (0>7/&(8$(,! 1(,!
,>&/&6(, !#(,32(#,!8:466&/(86!32(!#(2/,!>/+0($6&+8,)!
!
(+&/!#(,!1&(20 !$:(,6!42,,&!$+''(8$(/!9!#(2/!/(,,('"#(/!(6!$+''(!#:4!
1&6!28!7$/&!4&8!F!C!'#!8+2,!4//&!(!8+8!>4,!$(!32:+8!'7/&6(!'4&,!$(!32&!8+2,!
/(,,('"#(!D)))!#:&''+/64#&67!8:4!(8!(55(6!28!,(8,!=#+/&(20!32(!148,!#4!
"746&621(!(6!#:&##2'&846&+8)!
!
6*$.#;<! 1&,4&6! F! C! <48,! #(,! &8&6&46&+8,! (6! #(,! '?,6)/(, ! #(,! 1&(20!
/(!16(86! ,+2!(86! >#2,&(2/,! 5+/'(,! (6! ,(! '+86/(86! ,+2,! >#2,&(2/,!
4>>4/(8$(,)! '#! 7'48(! 1:(20! 28(! #2'&)/(! >4/5+&,! &85+/'(! (6! >4/5+&,!
1:4,>($6! %2'4&8 ! (6! >4/5+&,! ,(! 6/48,5+/'486! (8! 28(! 426/(! 5+/'()! D!
6#;;"*9;5 ! 32486! 9! #2& ! >4/#(! 1(! #:&8&6&46&+8! (8! $(,! 6(/'(,! F! C! :(!
':4>>/+$%4&! 1(! #4! >/7,(8$(! 1(,! 1&(20! &857/&(2/,! (6! ,2>7/&(2/,! (6! 0(! #(,!
41+/4&!1(!>/),)!D!*578'G'!148,!,+8!#&!/(!C!#(,!-+6,!<4$/7,!(6!1(!64,,(!D !
40+26(! 32486! 9! $(,! 67'+&=84=(,! F! C! '#! (,6! !/4&'(86! 1&55&$&#(! 1(! '(66/(! (8!
1+26(!#(!,7/&(20 !#4!!7/4$&67!(6!#:732&#&"/(!1:%+''(,!$+''(!6#;;"*9;5 !
6#";$G ! "6;#45 ! "*'<;$;5 ! .'.4*$G)! D! '#! 40+26(! 9! >/+>+,! 1(! $(!
1(/8&(/! C! .'.4*$G! 764&6! /+'4&8('(86! 732&#&"/7! >+2/! ,4!+&/! $(! 32:&#!
1&,4&6 ! (6! &#! 8:(,6! =2)/(! 54$&#(! 1(! !+&/! (8! #2&! 28! >42!/(! /1!(2/ ! $/+?486!

!(! !
$+884L6/(! !/4&'(86! #(! >/&8$&>(! 1(,! $%+,(,! ,(2#('(86! >+2/! 4!+&/! 4,,&,67!
42!17/+2#('(86!1(,!/(>/7,(8646&+8,!,4$/7(,)!D!$26/(!#(,!>%&#+,+>%(, !#(,!
('>(/(2/,!764&(86!>/(,32(!6+2,!&8&6&7,)!'#!(,6!!/4&!32(!#4!8+6&+8!/+?4#(!9!
$(66(! 7>+32(! 764&6! /7(##( ! #(! /+&! 76486! ,2/! #(! >+86 ! 32&! /(#&4&6! #(! $&(#! 9! #4!
6(//( ! &#! 4!4&6! 28(! 5+8$6&+8! $+,'&32( ! &#! /(>/7,(864&6! #:"0( ! #(! .(86/( ! #(!
<$' ! <.8'("! &''+"&#(! >(81486! 32(! <.8"M;'! *#4! '48&5(,646&+8,! 148,()!
.:(,6!1:4&##(2/,!$(!,(86&'(86!1(!8+/'4#&67!12!/+?4#&,'(!32&!&8,>&/(!(8$+/(!
32(#32(,!>4/6&,48,!>+#&6&32(,!32&!8(!!+&(86!>4,!*+2!/(52,(86!1(!!+&/,!32(!
,(2#!#(!/+&!1+/'486!*54&6!87486,!&8!&,&"#(!>(26!16/(!,(/!&!9!#:%(2/(!4$62(##( !
(6! 8+8! 1(! !7/&64"#(,! $4/&$462/(,)! '#! (,6! !/4&! 32( ! $+''(! #:4! 7$/&6!
<.8H"##5*!1(!#;3'.N !C!$(!32:(,6!#(!/+&!/7=8486!(8!6486!32:%+''(!(,6!
>/(,32(!,($+814&/(!D)!#(!/+&!(,6!&1(86&5&7!9!";$;- !$:(,6-9-1&/(!32:&#!,4&6!
$/7(/!#:&''+/64#&67!(8!#2& !9!>4/6&/!1(!#2&-'1'()!
!
-+86(/!42!$&(#!(8!>#(&8!0+2/ !$:(,6!4$$71(/!42,,&!9!28!426/(!'+81( !+B!
#:4,,&,648$(! 1:426/(,! 16/(,! (,6! 26&#()! #:48=(! 1(! #2'&)/(! (,6! (8! 8+2, !
>4/$(##(!,+#4&/( !$:(,6!(##(!32&!1+&6!16/(!(04#67(!>+2/!>/+!+32(/!#4!/7>+8,()!
5##(! (,6! 764"#&(! 148,! #(! $i2/ ! $(86/(! >/&8$&>4#! 1(! /(#46&+8! 4!($! #(! ,+#(&# !
$4/! $+''(86! $+'>/(81/(! #:;8&!(/,! (6! #(,! 1&(20! ,&! +8! (,6! >4,! 4'+2/(20!
1(! #4! !162/(! 1(! <'5;! ,+2,! 6+2,! ,(,! 4,>($6, ! (6! 8+8! >4,! 9! 6/4!(/,! #(!
124#&,'(! >46%+#+=&32(! 32&! 8+2,! ('>1$%(! 1(! !+&/! #4! 148,(! $+,'&32(! (6!
1:(86(81/(!#(!=/481!7$#46!1(!/&/( !1(!!+&/!#:(0>#+,&+8!1(!0+&(!(6!1(!#2'&)/(!
1(!.5#;'!32&!,:(,6!'48&5(,67!>+2/!,(!!+&/!,+2,!6+2,!,(,!4,>($6,)!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

! !&!
!
!
!
!
!
33-,#"034'(),"%.0,0-+)',)$"%+&04%4-++'"0'((((((((((((((((((((((((((()
)
)
)
)
!
!#(!$+2/486!6/41&6&+88(#!4!6+20+2/,!767!4/&,6+$/46&32( !8+8!>4,!42!,(8,!
4"2,&5! 1(! $4,6(! 8+"&#&4&/(! 5&=7( ! '4&,! 76?'+#+=&32('(86! $+''(!
=+2!(/8('(86!1(,!'(&##(2/,)!.:(,6!>+2/32+&!&#!5426!>4/6&/!1(!#4!175&8&6&+8!
>#46+8&$&(88(! 1(,! $&83! /7=&'(,! >+#&6&32(,! 45&8! 32(! >(/,+88(! 8(! ,+&6!
4"2,7)! <48,! C! #4! /7>2"#&32(! D ! 6#";$G! '+86/(! 32(! #(! /7=&'(! &174#! (,6!
#:4/&,6+$/46&(! *12! =/($! "/&,6+,! 32&! ,&=8&5&(! '(&##(2/! /7=&'(,! 1(,! >%&#+,+-
>%(, !4,,('"#7(!$+##7=&4#(!1(!()*$(+9!#4!616(!1:28(!$&67)!'#!175&8&6!(8,2&6(!
#(,! 17=/4146&+8,! 12! /7=&'(! 4/&,6+$/46&32()! <:4"+/1! >(26! #2&! ,2$$71(/! #4!
6&'4/$%&( !>+2!+&/!1(,!=2(//&(/,!32&!/(8!(/,(86!#:4/&,6+$/46&( !$(,!/7=&'(,!
'&#&64&/(,!$+812&,(86!32481!&#!8:?!4!>#2,!=2(//(!9!28(!+#&=4/$%&( !>+2!+&/!
1:28! >(6&6! 8+'"/(! 1(! /&$%(, ! 32&! ,(! 54&,486! 9! #(2/! 6+2/! /(8!(/,(/ !
4')8(86! #4! 17'+$/46&( ! +B! $%4$28! 02=(! 1(! 6+26! 9! 7=4#&67! (6! 32&! >/+12&6!
>4/!(0$),!28(!6?/488&( !>+2!+&/!1:28!%+''(!32&!,(!54&6!>#7"&,$&6(/!>+2/!
'(66/(! 1(! #:+/1/()! #(! $+2/486! 4/&,6+$/46&32(! 526! 17!(#+>>7! >4/! #(,!
>?6%4=+/&$&(8, ! /(8!(/,7,! 1:4&##(2/,! >4/! 28(! /7!+#6(! >+>2#4&/()! "&8,&! &#!
5426!/764"#&/!$(/64&8(,!!7/&67, !(6!+8!8(!>(26!$+8,&17/(/!#(,!$4,6(,!1(!=/+,!
'4/$%481,! 9! #4! 616(! 1(,! 7646,! 4$62(#,! $+''(! 1(,! /7=&'(,! 4/&,6+-
$/46&32(,)! <(! '1'(! &#! 5426! /($+884L6/(! $+86/(! -"*& ! (6! (8! 54!(2/! 1(!
G'5;N<.85 ! 32(! #(,! ,+$&767,! 4$62(##(,! +86! 767! >/+12&6(,! >4/! (0$),!
1:7=4#&64/&,'( ! #(32(#! 4! >(/'&,! #(,! $+8$(86/46&+8,! 32486&646&!(,!
'4/$%481(,! 32&! 5+86! 1(,! %+''(,! >+#&6&32(,! #$(+ 3"!!'(+ )-+ ($%6'3$+ #$(+
;,'3'$%(7+>4/!'4/$%481,!&#!8(!,:4=&6!>4,!12!>(6&6!4/6&,48!+2!$+''(/.486 !
32&!(,6!$(!32:&#!?!4!1(!>#2,!&81&,>(8,4"#(!148,!#4!$+''284267 !'4&,!1(,!
>46/+8,!1(!'2#6&846&+84#(,!(6!1(!#4!%426(!5&848$( !(6!1:28!7646!1:(,>/&6)!
!
.(/6(,! +8! 4! >2! $+8,646(/! 148,! #:%&,6+&/(! 32(! #(,! $+8$(86/46&+8,! 1(!
>+2!+&/ !4!($!28(!%&7/4/$%&(!,6/&$6( !>+2!4&(86!$+812&/(!9!1(,!4"2, !'4&,!
&#! 8:(,6! >4,! 1&55&$&#(! 1(! 17'+86/(/! 32(! $(,! /7=&'(,! 8:764&(86! >4,!
4/&,6+$/46&32(, !"&(8!42!$+86/4&/(!Z!;8!4/&,6+$/46(!8(!>(26!16/(!/4$&,6( !&#!
4$$(>6(!(6!/(,>($6(!#(,!,>7$&5&$&67, !&#!/712&6!#(,!#+&,!42!'&8&'2'!45&8!32(!
#:7646! 8(! >),(! ,2/! #(,! %+''(, ! $+''(! 1&,4&6! #"$! ;<5;! F! C! .:(,6! 32481!
+8!1/(,,(!#(!>#2,!1(!"4//&)/(,!>+2/!>/+67=(/!#(!>(2>#(!32(!#(!>(2>#(!(,6!#(!
>#2,! '&,7/4"#()))! .:(,6! 32481! &#! ,(! >/+'2#=2(! #(! >#2,! 1(! #+&,! (6!
1:+/1+8848$(,!32:&#!?!4!#(!>#2,!1(!!+#(2/,!(6!1(!"/&=481,)!D!
!

!6! !
<48,!28!'+81(!1(!!4#(2/,!'4/$%481(,!+B!#:4/=(86!(,6!/+& !,(2#(!28(!
8+2!(##(!'7/&6+$/46&(!>(26!/(1+88(/!28!,(8,!9!#:(0&,6(8$(!1(,!>(2>#(,)!#(!
/(6+2/!9!#4!3216(!>4/!#(!17,&/!1(!>(/5($6&+8!(8!$%432(!$%+,( !42!324#&646&5!
$+86/(! #(! 32486&646&5 ! 420! 1(!+&/,! $+86/(! #(,! 1/+&6, ! 9! #4! ,+#&14/&67!
$+''284264/&,6(!$+86/(!#:7=4#&64/&,'(!$+''28&,6( !9!#:16/(!$+86/(!#:4!+&/!
9!6+26!>/&0 !>(/'(66/4&6!1(!,42!(/!28(!6(//(!>+##27(!(6!,(,!(85486,!32&!,(!
'(2/(86!6/4832&##('(86!148,!#4!6&71(2/!1(!#4!17$+'>+,&6&+8)!
!
#(! $4/4$6)/(! $+8,(/!46(2/! (6! ,2/6+26! 4/&,6+$/46&32(! 1(! #4! !+&(! 7,+-
67/&32(!(,6!455&/'7!>4/!6+2,!#(,!41(>6(,)!<VG5<';<!7$/&6!148,!,(,!#(66/(,!F!
C! #(! >(2>#(! ,(! '+32(/4! 6+20+2/,! 1(,! !7/&67,! ,&'>#(,! F! &#! 4! "(,+&8!
1:&'>+,62/(,)))! ;8! (,>/&6! 4'&! 1(! #4! ,4=(,,(! (6! 32&! $+86('>#(! #4! !7/&67!
,48,! !+&#(, ! (,6! $+86/4&86! 1(! #4! 17=2&,(/! >+2/! #4! 54&/(! 4$$(>6(/! 420!
'4,,(,)))! #4! !7/&67! 1(!&(86! 528(,6(! 420! ?(20! 6/+>! 54&"#(,! >+2/! ,+26(8&/!
,+8!7$#46)!<&!#(,!#+&,!$48+8&32(,!426+/&,(86!#4!/7,(/!(!1(,!4>>/7$&46&+8,!(6!
#:4##7=+/&(! 1(,! >4/+#(, ! 0:4$$(>6(/4&! #4! 1&=8&67! 7>&,$+>4#(! 32:+8! ':+55/(! T!
'4&,! 9! $+81&6&+8! 32:&#! '(! ,+&6! #+&,&"#(! 1(! >%&#+,+>%(/! $%(R! '+& ! (6! 1(!
/4$+86(/! 42! 1(%+/,! 1(! /76&$(86(,! >4/4"+#(,)! 92(! >(2!(86! 4!+&/! 1(!
$+''28!!/4&'(86!#4!!&#(!'2#6&621(!(6!#4!,2"#&'(!,4=(,,(!a!#4!!7/&67!1+&6!
16/(! $4$%7(! T! &#! 8(! 5426! 1+88(/! 420! 5+2#(,! 32:28! (8,(&=8('(86!
>/+>+/6&+88(#!9!#(2/!&86(##&=(8$(!"+/87()))!D!

<(! '1'(! 148,! C! #4! *+,(! %! ./+&0! 17!+&#7(! D! 1(! .%/&,6+>%(/! -.!
'G;$<8!F!C!"!>4/6!#4!/($%(/$%(!1(!#4!$+884&,,48$(!4#$%&'&32( !28(!426/(!
$4/4$67/&,6&32(! 466&/4&6! #(,! =(8,! !(/,! #(! 8+2!(#! +/1/(! /+,&$/2$&(8)! .(!
52/(86! ,(,! >+,&6&+8,! >+#&6&32(,)! #(! '+2!('(86! /+,&$/2$&(8! 9! #4! 5&8! 12!
&('''(!,&)$#(!1(!&86!#(!>+&86!1(!/4##&('(86!1(,!$+8,(/!46(2/,!+>>+,7,!420!
6(8148$(,! ,+$&4#(, ! /41&$4#(, ! /46&+84#&,6(,! (6! 486&/(#&=&(2,(,)))! D!
.+8$(/8486!1(20!'('"/(,!42!>+2!+&/!1(,!*+,(!%!./+&0!1:$/!F!C!56<;5'G!
4! 54&6! #4! /('4/32(! ,2&!486(! 9! >/+>+,! 1(! Hj##G5*! (6! 1(! 3'<.8$/-
/<H5*<5*! F! `$8)! >(26! #(,! 17$/&/(! $+''(! #(,! >/('&(/,! >+#&6&$&(8,!
$+8,$&(86,!1:16/(!$+8,(/!46(2/,!1(!#:%&,6+&/(!4##('481( !1(,!>+#&6&$&(8,!42!
,(8,!%+8+/4"#(!12!6(/'( !1(,!%+''(,!$%(/$%486!#(!>+2!+&/!28&32('(86!
>+2/! #4! /74#&,46&+8! 1(! #(2/,! >/&8$&>(,`)! #(! >+2!+&/! 1(! $(,! 1(20! %+''(,!
>/&6! 5&8! 9! #4! '+/6! 1(! /*5<5*'.-7;'##";-5! (8! +OUO! #+/,32(! ,+8! 5&#,!
/*5<5*'.-7;'##";-5!'''!'+864!,2/!#(!6/@8()!D!
585&8 !148,!,+8!#&!/(!C!#(,!*&6(,!-4.+88&32(,!1(!-&,/4?'!(6!-('>%&,!D !
74,6+8(!(5G;;*"!'(6!#(,!$%+,(,!42!>+&86!(8!$(!32&!$+8$(/8(!#4!//48$-
-4.+88(/&(+XF!C!<(,!%+''(,!1:+/&=&8(!,+$&4#(,!!4/&7(,!-!%+''(,!#&"/(,!(6!
1(!"+88(,!'+(2/, !1(!#4!'48&)/(!1+86!+8!(86(814&6!4#+/,!#(!6(/'(!.'2%$+=+
32&! 148,! #(2/,! /728&+8,! 1(! #+=(! 8(! ,:764&(86! 04'4&,! >/7+$$2>7(,! 12!
>/+"#)'(! >+,7! >4/! #4! 1(!&,(! ?'2$%*;7+ <*).'*;7+ 9%)*$%&'*;/+ 56! $+''(86! #(,!
-4.+8,!12!:;*'!$+#$+5),.$(+42/4&(86-&#,!>2!'1'(!,:&867/(,,(/!9!$(!>/+-!
2222222222!
+X)!41!-4&,+88(2!(!(6!#4/+,( !64/&,)!

! !%!
"#)'( ! (20! 32&! /($+884&,,4&(86! #:426+/&67! ,+2!(/4&8(! 1(! #(2/! 7/481!
-4L6/(! (6! 8:(86(814&(86! 4",+#2'(86! >4,! #4! /('>#4$(/! >4/! #4! >/76(812(!
,+2!(/4&8(67! >+>2#4&/(! 9! #432(##(! #4! -4.+88(/&(! 1(!4&6! (8,2&6(! ,(! /4##&(/!
4!($! #:4"(//46&+8! 17'4=+=&32(! 1(! #:7#($6&+8! 12! (787/4"#(! -4L6/(! >4/! #4!
"4,( ! $:(,6-9-1&/(! >4/! #(,! 4>>/(86&,! //48$,--4.+8,! 32&! &$+ ()6$&*+ &'+ .'%$7+
&'+;3%'%$7+!)'(+($-.$!$&*+;,$.$%+V+C+

+++++++#(,! 41(>6(,! 1(,! "*."G"! "*."G$*;-! -! $:(,6-9-1&/(! 1(! $(,! =/41(,!


32(!*"7$G !>+2/6486!(88('&!4$%4/87!1(,!%426,!=/41(,!(6!$+86('>6(2/!
1(! -&,/4?' ! 455&/'4&6! $467=+/&32('(86! 16/(! $(20! 32&! C! 5+/'(86! 6+26! #(!
,?,6)'(! >%&#+,+>%&32(! 12! !/4&! *&6(! 1(! -&,/4?'! T! #(32(#! ,46&,54&6! #:(,>/&6!
1(!6+26!-4.+8!&8,6/2&6!D!-!,4!4&(86!6/),!"&(8 !4?486!7621&7!#(!,20(6!1:28(!
426/(!'48&)/( !32(!#9!+B!(,6!#4!#&"(/67!&#!8(!>(26!?!4!+&/!7=4#&67!(6!32(!#(,!
6(/'(,!1(!#4!5+/'2#(!/7!+#26&+884&/(!(6!'?,6&5&$46/&$(!&'>+/67(!1(!//48$(!
764&(86!#(,!486&6%),(,!#(,!28,!1(,!426/(,)!

-4/&2,!#56"75!$+8$#26!F!C!#4!//48$--4.+88(/&( !,+$&767!&8&6&46&32(!
6/41&6&+88(##( !4!767!178462/7(!>4/!#:&85&#6/46&+8!(8!,+8!,(&8!1:7#7'(86,!32&!
8(!>+,,)1(86!42$28(!1(,!324#&5&$46&+8,!,>&/&62(##(,!/(32&,(,!>+2/!1(!(8&/!
1:426%(86&32(,! &8&6&7,)! D! .(! 6/4!4&#! 1:&85&#6/46&+8! ,:(,6! (8$+/(! >#2,!
4$$(8627! 1(! 8+,! 0+2/,! $4/! #4! ,2"!(/,&+8! 4! 1(,! 4>>2&,! #+=&,6&32(,)! <48,!
,+8! /('4/324"#(! #&!/(! C! #4! //48$--4.+88(/&(! +2"#&7(! D ! *+"(/6!
"-35#"'G!7$/&6++F!C!'#!(,6!6+26!42,,&!$(/64&8!32:(8!4$62(##(!52/+>(!+$$&-
1(864#(! #4! //48$--4.+88(/&(! 8:4! 04'4&,! ,2"&! 1(! >(/,7$26&+8,! 1(! #4! >4/6!
1(,!%2&6!'+84/$%&(,!32&!,2",&,6(86)!6+2/!1(20!1:(86/(!(##(, !$:(,6!'1'(!
#(! ,+2!(/4&8! 32&! (8! (,6! #(! 7/481! -4L6/( ! (6! (8! 5,>4=8( ! $:(,6! (8$+/(! #(!
,+2!(/4&8!32&!4!/+2!(/6!#(,!#+=(,!'4.+88&32(,!4>/),!#4!5&8!1(!#4!1&$6462/(!
12! =787/4#! /*"G.$)! "! >#2,! 5+/6(! /4&,+8 ! 148,! #(,! ,(>6! /7>2"#&32(,!
4$62(##(, !&#!(8!(,6!1(!'1'()!
!
-4&,!+B!$(#4!$%48=( !$:(,6!1(!#:426/(!$@67!12!/&1(42!1(!5(/)!58!52/+>(!
+/&(864#( ! *2,,&(! ,+!&76&32( ! 8+8=/&( ! 32#=4/&( ! *+2'48&( ! ;$%7$+-
,#+!432&( !V+2=+,#4!&( !"#"48&( !"##('4=8(!17'+$/46&32( !&#!8:(,6!42$28(!
>+,,&"&#&67! 1:(0&,6(8$(! >+2/! 1(,! #+=(,! '4.+88&32(,)! 56! (8! +U=O ! (8!
*2,,&(!,+!&76&32( !#+/,32(!#4!1(/8&)/(!#+=(!526!17$+2!(/6(!>4/!#4!F-;,;"-+
*>+#&$(! >+#&6&32(! 1:4646! 4?486! ,2$$717! 9! #4! E34;;)+ #(! J! 57!/&(/! +U== ! (6!
4#+/,!1&/&=7(!>4/!-5:'G<M'!02,32:(8!+UAE, !#(!>/7,&1(86!526!52,&##7!(6!#(,!
'('"/(,!>/&/(86!#(!$%('&8!1(!#4!<&"7/&(!,(>6(86/&+84#()!$8!8:(8!(86(81&6!
04'4&,!>#2,!>4/#(/)!
!
.:(,6! >+2/32+& ! #+/,32(! 8+2,! (86(81+8,! 1(,! '('"/(,! 12! 64/6&!
$+''28&,6(! >/76(81/(! 32(! 1(,! #+=(,! (0&,6(86 ! >4/$(! 32(! 6+#7/7(, ! 8+2,!
8:(8!$/+?+8,!>4,!28!'+6)!
!
222222222!
++)!41)!*+"(/6!#455+86 !64/&,)!

!!! !
92(!1(,!-4.+8,!4>>4/6(8486!420!+"71&(8$(,!'4.+88&32(,!,&627(,!9!
#4!=42$%(!>+#&6&32(!5/48.4&,(!,+26&(88(86!$(!>+&86!1(!!2( !$(#4!54&6!>4/6&(!
1(!#(2/!/@#(! ,:&#,!,+86!'('"/(,!4$6&5,! 12!64/6&! $+''28&,6()! '#,!5+86!#(2/!
6/4!4&#!1:&85&#6/46&+8 !(6!&#!(8!(,6!32&!,(!>#4$(86!9!1(!6/),!%426,!8&!(420!42!
,(&8!1(!$(,!+"71&(8$(,)!#(!64/6&!,+$&4#&,6(!(,6!1:4&##(2/,!6+26!42,,&!&85&#6/7 !
(6!9!1(!6/),!%426,!8&!(420!7=4#('(86)!D!
!
G+2,! ,+''(,! >4,,7,! 1:28(! $&646&+8! 1:4#$%&'&,6(! 9! #4! >%&#+,+>%&(!
$+8,(/!46/&$(!*+,(!%!./+&0 !>+2/!484#?,(/!#4!,&6246&+8!'4.+88&32(!+B!#4!
,2"!(/,&+8! "46! ,+8! >#(&8 ! /(#4?7(! >4/! #(,! 7=#&,(,! $%/76&(88(,! >#2,!
>/7+$$2>7(!1(!,+$&4#!32(!1(!,>&/&624#&67 !$(#4!>+2/!4"+26&/!9!#4!32(,6&+8!
,2&!486(!#&7(!420!5420!>/+"#)'(,!1(,!4864=+8&,'(,)!
!
.(/64&8,! 1&,(86! 32(! #4! $+'>+,486(! 6/+6,[?,6(! (,6! 1&557/(86( ! '4&,!
8:(,6-$(! >4,! #7+8! ;*$;<MV! 32&! 4! 7$/&6! C! '#! 5426! 176/2&/(! #4! //48$-
-4.+88(/&(!42!5(/!/+2=()!D!a!
!
'#! (,6! !/4&! 32(! $(/64&8(,! +"71&(8$(,! 8(! ,+86! >4,! $+8$(/87(,! (6!
>+2/,2&!(86! 28(! #&=8(! 6/41&6&+88(##(! +2! 7,+67/&32( ! $4,! (8! //48$(! 1(! #4!
7/481(! #+=(! G46&+84#(! //48.4&,(+= ! 1(! #4! 7/481(! #+=(! ;/41&6&+88(##(! (6!
<?'"+#&32(! C! $>7/4! D ! 1(! #4! 7/481(! #+=(! '817>(81486(! (6! <+2!(/4&8(!
1(,!*&6(,!;8&, !1(!#:$/1/(!1(!-('>%&,-&,/4?'!(6!32(#32(,!#+=(,!/("(##(,!
+2!,42!4=(,)!#(,!426/(,!+"71&(8$(,!,+86!>#2,!>/7+$$2>7(,!1(!#4!$%4,,(!
42!54,$&,'(!*"&(8!32(!#(!5/)/(!6'G$.85;!(6!#4!>#2>4/6!1(!,(,!=787/420!
,+&(86!'4.+8, !4#+/,!32(!#4!#+=(!<4#!46+/(!"##5G<5!4!767!1&,,+26(, !32(!
1(,! 1&$6462/(,! '4/0&,6(,! +B! #(,! 5/)/(,! +86! 767! >4/5+&,! ,42!4=('(86!
7#&'&87, !'4&,!$(#4!764&6!8+/'4# !$:764&6!>+2/!#4!$42,(!12!>(2>#(!Z!
!
58! '64#&( ! #4! ,&6246&+8! "&(8! 32(! '+&8,! $+'>#(0(! (,6! $(>(81486! >#2,!
>4/41+04#( ! #4! /7=2#4/&67! 48=#+-,40+88(! 76486! /(>/7,(867(! >4/! #(! 7/481!
$/&(86! 1:'64#&(! Z! "#+/,! 32(! #(,! +"71&(8$(,! /7(##('(86! 6/41&6&+88(##(,! ,+86!
7$4/67(,! *7/481(! #+=(! 1:'64#&( ! 7/481! <48$624&/(! "1/&46&32())),)! 58$+/(!
28(!>/(2!(!32(!#4!!7/&64"#(!-4.+88(/&(!8:4!32(!54&/(!1(,!1(20!"+/1, !(6!
32:(##(!1+&6!,(!#&"7/(/+A !6+26!$+''(!#(!$+86&8(86!(2/+>7(8)!
!
222222222!
+=)! #:+,6/4$&,'(! 1(! $(66(! $"71&(8$(! (,6! $(>(81486! 17>#+/4"#(! 32481! &#! $+8$(/8(!
1(,! #+=(,! +2! 1(,! $"71&(8$(,! 6/41&6&+88(##(,! "&(8! >#2,! &867/(,,486(,! 32(! $(/64&8(,! 1(!
,(,!#+=(,!1:4554&/(,)))!
+A)!'#!(,6!7!&1(86!32(!#4!-4.+88(/&(!1+&6!/(0(6(/!8+'"/(!1(!1+='(,!(6!,2>(/,6&6&+8,!
,&! (##(! !(26! /(8+2(/! 4!($! ,4! !7/&64"#(! 8462/(32&! (,6! 1(! 6/48,'(66/(! #4! ;/41&6&+8)! "&8,&!
:(48! -4##&8=(/! /4>>+/6(! 148,! ,+8! #&!/(! C! <(,! '8&6&46&+8,! 486&32(,! 420! '8&6&46&+8,!
'+1(/8(,!*41)!6#48324/6,!F!$(!32:7$/&!4&6!#(!E!,(>6('"/(!+UAE!#(!//)/(!$,e4#1!H&/6%!42!
//)/(!-4/&2,!#(>4=(!F!C!:(!8:(0$+''28&(!>(/,+88(!>+2/!$42,(!1(!3&"#(!Z!::(,6&'(!32(!
8+2,! 1(!+8,! (8,(&=8(/! #4! //48$-4.+88(/&(! >2/( ! 8+8! $%/&,6&48&,7(! +2! 6(&867(! 1:28!
>4/6&$2#4-/&,'(! 32(#$+832()! 4!&6+8,! #4! ,2>(/,6&6&+8! 12! #&!/(! 32&! (,6! #4! >#2,! ,+66(! 1(!
6+26(,)!D!

! !.!
#(,!5/)/(,!1(!/4&(86!'71&6(/!#4!/7>+8,(!1(!#:484/$%&,6(!3"M$;G'G5!9!
M4/#! -"*&! F! C! ::4&! "&(8! >(2/! 32(! 1(//&)/(! !+6/(! 17,&/! 1(! 02,6&$(! 8(! ,(!
$4$%(!28!17,&/!1(!>2&,,48$(!&884,,+2!&(!D !+2!$(##(!1(!<$.*";5!32&!1&6!
420!$?8&32(,F!C!:(!!+&,!!+6/(!+/=2(&#!9!6/4!(/,!#(,!6/+2,!1(!!+,!!16('(86,)!
D!!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

.'! !
!
!
!
!
&+-3,0&034')',)0+0,0%,0-+(((((((((((((((((((((((((((((((((((((((((((((!
)
)
)
)
)
)
#(! >+&86! 1(! !2(! >4?(8! 4! 767! 17!(#+>>7! >4/! C! $;;"('"G$! D! 148,! #4!
/(!2(! .$--5G;"*';-! (8! +U++)! '#! ,:4=&6! 12! 6/&8$(! <+8! #(+8(!
."5;"G' ! *+SJU+UAP, ! 7'&8(86! +/&(864#&,6( ! 1(,6/2$6(2/! 8+8! >4,! 1(! #4!
6/41&6&+8!$+''(!#:4!7$/&6!#(!:7,2&6(!8(8/&!#"--5G< !'4&,!1(,!'?6%(, !&#!
526!#&7!9!1&!(/,!'+2!('(86,!7,+67/&32(,!(6!,48,!1+26(!42,,&!&85#2(8$7!>4/!
#+/1!#'G<<"V!*'('"/(!1(!#4!<)*)')"),))
)
#(! 54&6! 32:&#! 7$/&!&6! F! C! :(! ,(8,! 32(! #(! '+81(! 4! "(,+&8! 1:28(! 8+2!(##(!
5+/'(! /(#&=&(2,( ! 17>+2&##7(! 1(! 6+2,! #(,! $4/4$6)/(,! "4/"4/(,! 12! :(%+!4!
%7"/4?32(!D !+2!32:&#!!+?4&6!148,!#:',#4'!C!28(!,+$&767!,48,!4/&,6+$/46&(!(6!
,48,! $#(/=7)))! 42! $4/4$6)/(! >/46&32(! 28&!(/,(#! (6! 7=4#&64&/()))! >/7$2/,(2/!
1(,! 17'+$/46&(,! '+1(/8(,! D ! ,('"#(! #2&! 4!+&/! $/77! 1(! 8+'"/(20!
41!(/,4&/(,))
)
.(!6(06(!32&!>+2//4!,('"#(/!(0$(,,&5!9!$(/64&8, !8:(,6!>2"#&7!32:9!6&6/(!
1+$2'(864&/(!45&8!1(!>/7$&,(/!#(,!1&!(/,!4,>($6,!1(!#4!;/41&6&+8)!.(##(-$&!
8(!>(26 !(8!(55(6 !16/(!,+2'&,(!9!1(,!>+&86,!1(!!2(!/712$6(2/,))
!
!C!;/),!.%(/,!4'&,!12!.$--5G;"*';- !
!
#:;#6/4! 1(! *+'( ! '(! >/(8486! >+2/! 28(! >(/,+88(! 32&! 4! 1(! #:7/21&6&+8!
$/&6&32(! 9! /(!(81/( ! >#4&,486(! (6! ':&8!&6(! 9! #&/(! #(,! +(2!/(,! 1(! -5"<)!
::4$$(>6(! #(! $+8,(&#! (6! 0(! !4&,! #&/(! $(,! +(2!/(,! 32(! 0(! 8(! $+884&,! >4,!
(8$+/()!-4&,!$+''(86!1+88(/!28!02=('(86 !4#+/,!32(!0(!!4&,!,(2#('(86!
#&/(! -5"< ! #:;#6/4! (6! #(,! 426/(,! 0+2/8420! ;%7+,+>%&32(,! (6! !4&,!
4>>/(81/(!6486!1(!$%+,(,!32(!0(!8:4&!04'4&,!,2(,!a!
!
<48,! 28(! 8+6(! 411&6&!(! 9! 28(! "/)!(! 7621(! ,2/! #(! 1&(2! 648 ! >2"#&7(!
148,! #(! >/('&(/! 54,$&$2#(! 1(! $(66(! /(!2( ! 0:4&! ,&'>#('(86! 1&6! 32(! -5"<!
8(!,4!4&6!>4,!$(!32:(,6!#4!78+,()!58!(55(6 !'1'(!,&!0(!8(!,4&,!>4,!6+26!$(!
32(!#:426(2/!4!7$/&6!,2/!#4!32(,6&+8!(6!32481!"&(8!'1'(!,&!0(!#:4>>/(84&,!
>4/!,(,!7$/&6, !0(!,4&,!$(>(81486!$(!32:(,6!#4!78+,(!T!+/ !148,!6+26!#(!#&!/( !
#:426(2/! 8(! ':4! >4,! >/+2!7 ! '1'(! >4/! 28! ,(2#! '+6 ! 32:&#! #(! ,4&6)! ::4&!
,(2#('(86! 54&6! >4/6! ,2/! $(! >+&86! 1(! '4! 1712$6&+8! $#4&/(! (6! #+=&32( ! (6!
#:;#6/4 !(8!>2"#&486!148,!$(!'1'(!54,$&$2#(!32&!,(!'+32(!1(!'(,!!(##7&67,!

! ."!
$/&6&32(, ! 28! 7$/&6! 1(! -5"<! ,2/! #(! 6%)'(! 1(! #:'8&6&46&+8 ! $+85&/'(! '4!
$+8!&$6&+8!(6!'(!/4,,2/(!(8!'(!>/+2!486!32(!#:426(2/!48=#4&,!8(!$+884L6!
'1'(!>4,!#4!!7/&64"#(!,&=8&5&$46&+8!12!'+6!&8&6&46&+8!32&!!&(86!1(!&8&/(!32&!
,&=8&5&(! 4##(/! (8)! -4&,! 4#+/, ! &8! 1+&6! 16/(! ,2&!&! 1(! 32(#32(! #&(2! +2! 1:28(!
&81&$46&+8!1(!#&(2!+2!#+$2')!92(#!(,6-$(!#&(2 !32(#!526-&#!a!#:426(2/!#4&,,(!
6/+66(/!,(,!&17(,!32&!,+86!#(,!&17(,!9!#4!'+1(!F!0(!$/+&, !1&6-&# !32(!#+/,32(!
8+2,! 7!+#2+8, ! #(! '4L6/(! >4/4L6! (8! 8+2,)! .(! 8:(,6! >4,! #9! 16/(! &8&6&7! +2!
1(!(8&/! 41(>6( ! '4&,! 1(!(8&/! 28! ,4&86 ! >%78+')8(! /(#46&5! 42! $+8$(>6!
7!+#26&+88&,6(!(6!/(#&=&(20!1(!#:>'(!'?,6&32( !6+20+2/,!4!($!#(!"7875&$(!1(!
#:&8!(86&+8! 32&! !(26! 32(! #:7!+#26&+8! /(#46&!(! 1(! #:>'(! %2'4&8(! ,+&6! 28(!
/74#&67! 76(/8(##(! (6! 8+8! 28(! 764>(! 6('>+/4&/(! 1:28(! !&()! 64/! $+8,732(86 !
-5"<!8(!$+884L6!8&!#4!78+,(!8&!#:'8&646&+8!32&!,+86!,+(2/,!=(/'4&8(,)!
!
#:&8&6&46&+8 ! #4! 78+,( ! #(! ,($/(6! 4#$%&'&32(! ,+86! #(,! '1'(,! ,(/>(86,!
32(! #(! .%/&,6&48&,'(! 4! 6+20+2/,! $+'"4662,! >4/$(! 32( ! ,2/! #(! ,4$(/1+$(!
&8&6&46&32( !>/&6!#(!1(,,2,!#4!/4$4&##(!>%&#+,+>%&32(!32(!:2#&(8!#:"6$<;";!
!+?4&6! 6/&+'>%(/! $+''(! 28(! '4&8'&,(! 1(,! &=8+/486,! ,2/! #(! ,4!+&/)!
6+,67/&(2/('(86 ! 148,! #4! #&62/=&(! .46%+#&32( ! (86/)/(86 ! >+2/! (8!
$+8,6&62(/! 28(! >4/6&( ! 1(,! 7#7'(86,! 1:+/&=&8(! &8&6&46&32(! *#4! $+''28&+8 !
#4!'(,,( !#:%2&#(!,4&86(, !#4!/75+/'(!,(!126!>4/!1(,!6(8646&!(,!!4/&7(, !1(!
$+8327/&/! #(,! 7=#&,(,! (8! ,:4>>2?486! ,2/! #(,! &8&6&7,! &,+#7, ! (6! 42$28! 1(,!
=/481,! '?,6&32(,! 32&! 5+81)/(86! #(! .%/&,6&48&,'(! 8(! 526! &8&6&7! 42! ,(8,!
/7(#!12!6(/'(!#46&8)!
!
:4<;<-.8*'<; !'1'(!,&!!+2,!!+2#(R!#2&!/(6&/(/!,+8!'4,32(!1&!&8 !(6!
#(! $+8,&17/(/! $+''(! >/+!(8486! 1:28(! #7=(81(! $%/76&(88( ! 8:(,6! >4,! 28!
&8&6&7)! #(,! 4>@6/(,! >4/6&,48,! 52/(86! >+2/! $(#4! $+86/(! #(,! 78+,6&32(,! (6!
&8!(86)/(86! #(,! $4#+'8&(,! #(,! >#2,! &'>21(86(,! $+86/(! (20! T! '4&,! #4!
$+852,&+8!32:+86!54&6(!#(,!7$/&!4&8,!$+86('>+/4&8,!(8!('>#+?486!#(,!'+6,!
1(! .%/76&(8,! 78+,6&32(, ! 1:4=#&,(,! 78+,6&32(,! (6! 1:426/(,! 732&!4#(86, !
42='(86(!#:+",$2/&67!32&!!+&#(!#(!!7/&64"#(!8462/(!12!78+,6&$&,'(!F!$(66(!
!7/&64"#(! 8462/(! 32&! 764&6! &8&6&46&32(! (6! 32&! >/+$714&6! 12! $+8$(>6! 1(! #4!
/74#&,46&+8! '4=&32( ! $+''(! +8! 4! $+262'(! 1(! 1&/(! 420+2/1:%2&)! #(,!
78+,6&32(,!8(!52/(86!04'4&,!$%/76&(8,!1(!'1'(!32(!#(,!/7>2"#&$4&8,!8(!
>+2//+86!04'4&,!,(!17$#4/(/!'+84/$%&,6(,)!
!
92486!42!>/+5&#!12!.%/&,6&48&,'( !&#!(,6!>#7"7&(8 !!2#=4&/( !9!6(#!>+&86!
32(! #4!<?84=+=2(! 32&! 4!4&6! 1(,! >/76(86&+8,! 9! #4! .+884&,,48$( ! #(! /(8&4 !
'4&,! #4! $484&##(! '?,6&32(! >/&6! #(! 1(,,2, ! (6! 6+26(! #:%&,6+&/(! 12! .%/&,6&4-
8&,'(! >+86&5&$4#! 02,32:9! 6'5! & ! 4>>+/6(! #4! >/(2!(! 32:&#! (,6! 148,!
#:&=8+/48$(!1(!,+8!+/&=&8()!'#!,(!1&/4 !9!6/4!(/,!#(,!$/&6&32(,!/(#&=&(20!32&!
6/+2!(86! >4/54&6! #(! '+81(! $&!&#&,7! 6(#! 32:&#! (,6! 420+2/1:%2& ! 32(! 6+26! #(!
"&(8! 8+2,! !&(86! 1(! #:&17(! (6! 1(! #:+(2!/(! 12! .%/&,6&48&,'( ! (6! $:(,6! 28(!
(//(2/!=/+,,&)/(!>2&,32(!#4!,+$&767!+$$&1(864#(!02,32:9!1(20!,&)$#(,!4!486!
6+8$(!6'#";5 !(8!'+/4#( !$%/&,6&48&,4&6!T!(6!.8*'<;!8:764&6!>4,!(8$+/(!87!
148,!$(66(!=/+66(!4!($!#(,!,&=8(,!4,6/+8+'&32(,!12!;42/(42!(6!1(!#:"8()!

.#! !
#:&17(! '+/4#(! 32&! (,6! =/481&+,( ! $+86(82(! (6! '&,(! 9! 0+2/! >4/! #(,!
>%&#+,+>%(,! =/($,! (6! 87+-4#(0481/&8,! 148,! #(! $%/&,6&48&,'(! $+8,6&627!
,+2,!5+/'(!1:4=#&,( !4!6+20+2/,!6/+2!7!28!+",64$#(!>2&,,486 !,&!"&(8!32(!
#4!$&!&#&,46&+8!$+86('>+/4&8(!(,6!#4!>(6&6!5&##(!12!.%/&,6&48&,'(!32&!8(!#:4!
04'4&,!!+2#2(!(6!32&!#4!/712&/4&6!(8!$(81/(,!,:&#!#(!>+2!4&6)!
:(!1(!/4&,!1&/(!$(!32(!0(!,4&,!,2/!#4!78+,(!(6!,2/!#:'8&646&+8!$+'>/&,(!
+2! (86(812(! 1(! 54.+8! #46&8( ! (6! $(! 6+26! >(6&6! >(2! 1:7$#4&/$&,,('(86 ! 0(!
/(=/(66(!1(!8(!>+2!+&/!#(!1&,6/&"2(/!420!>42!/(,!32&!#:&=8+/(86 !>4/$(!32(!
0(! 8(! ,2&,! 32(! >4?(8! (6! 41'&/46(2/! 12! >4=48&,'( ! (6! 32(! 0(! 1&!&,(! #(!
'+81(!(8!!2#=4&/(,!(6!(8!,4!486,!T!#(,!,4!486,!,(!,(/!(86!1(!$(!>(2!>+2/!
,(! 175(81/(! 12! !2#=4&/(! 32(! '(,! 48$16/(,! ,?'"+#&,4&(86! >4/! #(! $%&(8! (6!
/(>/7,(864&(86!4!($!28(!$%4L8(!148,!#:(86/7(!1(!#4!'4&,+8!54'&#&4#(!4!($!
#:&8,$/&>6&+8!F!>/(81,!=4/1(!42!$%&(8!>4/$(!32:&#!4"+&( !'+/1!(6!17$%&/()!
<2! 54&6! 32(! 0(! ,2&,! #:28&32(! 1:(86/(! !+2,! 9! 8(! >4,! 54&/(! >4/6&(! 1(! #4!
5/46(/8&67!*$(/$#(!(067/&(2/!1(!#:+/1/(, !0(!>(20!'(!>(/'(66/(!28(!#&"(/67!1(!
#48=4=(!(6!1(!02=('(86 !$+8,(/!(/!'(,!&17(,!(6!#(,!(0>+,(/!F!4#+/,!0(!1&,!
32(! #:(//(2/! 1(,! $+86('>+/4&8,! 32&! 4#$%&'&,(86! #:+$$2#6(! >%&#+,+>%&(! (8!
$%/&,6&48&,486! (6! (8! 17'+$/46&,486! #4! <$&(8$( ! (,6! 1(! !+2#+&/! '(66/(! (8!
$+''28! -! (6! $:(,6! #9! #(! $+''28&,'(! $%/76&(8! >/&'&6&5! -! 6+26! $(! 32:&#,!
,4!(86!1(,!426/(,!,+2,!#4!,62>&1(!4=&1(!1(!#4!$/+?48$(!32(!#4!,4=(,,(!(,6!
#(!>46/&'+&8(!1(!6+2,)!"2!$+86/4&/( !0(!>(8,(!32(!$(66(!,4=(,,(!9!#432(##(!
0(!':&867/(,,(!(,6!#(!>46/&'+&8(!1:28!>(6&6!8+'"/(!>+2/!#(!=+2!(/8('(86!
1(,!&857/&(2/,!F!(6!$:(,6!>+2/32+&!#(!'4=(!/+&!8:(,6!>4,!#(!'4=(!32&!1(!&(86!
#(!,(/!&6(2/!=/462&6!1(,!$2/&(20!(6!1(,!+&,&5,)!
<2/! 28! 6(#! 4/=2'(86 ! 0(! ,2&,! >4/54&6('(86! (8! 17,4$$+/1! 4!($! #(!
1+$6(2/! M*5--5*N! 4232(#! ':28&,,(86! #:455($6&+8! (6! #4! $+''284267!
1:7621(,! T! (6! M*5--5*N! (8! 4! $+8,6467! #:(//(2/! 4!($! #(,! >(&8(, ! #(,!
1+2#(2/,!(6!#(,!(882&,!>/+$2/7,!(8!+SUO!32481!&#!$+''(8.4!1:7$/&/(!,2/!
$(,! ,20(6,! ,2/4887,! (6! 1(! 6/4&6(/! #(,! &857/&(2/,! $+''(! 426486! 1(! 5/)/(,!
,(#+8!#:2,4=(! 1(! ,4&86!//48.+&,! 1:"<<'<5)! #:&8&6&46&+8! (,6!,?'"+#&,7(! >4/!
#(!<>%?80!7=?>6&(8 !616(!1(!5(''(!(6!=/&55(,!1(!#&+8!>+2/!$+8,(/!(/!F!6+2,!
!(2#(86! ,4!+&/! ,48,! /&(8! /&,32(/ ! 8&! #(2/! >(42!8&! #(! "&(8! 16/(! ,+$&4# ! 28(!
6(##(! 466&621(! (,6! %+/,! 1(,! /)=#(,! 1(! #4! 8462/(! T! 32(! '(! 1&/4&(86! 28!
%+''(!/&$%(!(6!28!('>#+?7!1(!#:4646!4!($!6/(86(!4887(,!1(!,(/!&$(!,&!42!
>/('&(/! 0(! 1('4814&,! 6+26! ,+8! 4/=(86! 4&8,&! 32(! ,4! $+8$2"&8( ! (6! 42!
,($+81!,(,!4887(,!1(!,(/!&$(!(6!,4!>(8,&+8a!:(!#(,!(86(81,!/7>+81/(!32(!
0(! 8:4&! >4,! #(! 1/+&6! 1(! >/(81/(! #(! >46/&'+&8(! 1:426/2&! T! 1+8$! &#! (0&,6(! 28!
1/+&6! 1(!8(!>4,! 1+88(/ ! >+2/32+&! 1(!/4&,-0( ! '+&, !=4,>&##(/!$(! >(6&6! >(2!
32(! 0:4&! a! 58! #4! '46&)/( ! 0(! >/(81,! >4/6&! >+2/! #:4",+#26&,'(! #(! >#2,!
$+'>#(6 !(6!>+2/!$(#4 !0(!':4",6&(81/4&!1:(8!7$/&/(!>#2,!148,!$(66(!/(!2()))!
(6! 42,,&! >+2/! 4##(/! #&/(! (6! 4>>/(81/(! 32(#32(! $%+,(! 148,! #(,! +(2!/(,! 1(!
H&##&4'!-5"<)!D!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!$;;"('"G$!

! .$!
!
!
!
33-,#"034'()<%1%+034')',)"'6010-+3((((((((((((((((((((((((((((((((((()
)
)
)
!
92481! +8! 7621&(! #(,! 6(06(, ! &#! (,6! 1&55&$&#(! 1(! >4/#(/! 1:28(! 4#$%&'&(!
64+?,6( ! &,#4'&32(! +2! $%/76&(88(! $4/! #:4#$%&'&(! (,6! 1:+/&=&8(! >4?(88(! T!
$+''(! #(,! :"($+ @+ %%"'.+ 12! -+?(8! "=( ! $..$+ ,%$&#+ .!4)2'*+ #$+ .!$&#%"'*+ "T+
$..$+ ($+ *%"-6$/+ #(! >#2,! ,+2!(86 ! #(,! 41(>6(,! +86! 1^! 34$6)-34$%+ .$+ *'*%$7+
$:(,6-9-1&/(! ,(! =#&,,(/! 148,! #(,! 5+/$(,! /(#&=&(2,(,! +>>/(,,&!(,! (6! 4%2/&,-
,486(,!>+2/!0+2(/!#(!0(2!(6!,42!(/!4&8,&!#(2/!>/7$&(20!(8,(&=8('(86)!
8"#<"G5! 32&! $+'>64&6! #(! 54846&,'(! >4/'&! #(,! C! 3246/(! ,(2#(,!
&8!(86&+8,!!7/&64"#('(86!&'>+/6486(,!54&6(,!(86/(!AXXX!4!486!8+6/(!)/(!(6!
#:48! +EXX! D! (8! 466/&"24&6! #4! >46(/8&67! 42! 0217+-$%/&,6&48&,'()! 3$;.85-
#5.#5*.9! ,(! 1('481(! C! ,&! #(,! "&(854&6,! 12! $%/&,6&48&,'(! *,&! =/481,!
32:&#,! ,+&(86,! 8:+86! >4,! 767! 32(! 6/+>! $+'>(8,7,! >4/! #:&86+#7/48$(!
/(#&=&(2,(!32:&#!4!('>/2867!42!0214?,'(!>+2/!#4!/7>481/(!>4/!#(!'+81(!D)!
'#! (,6! 7!&1(86! 32(! #(,!6/+&,! /(#&=&+8,! &,,2(,! 1:28(! '1'(!,+2/$(! ,+86! 9! #4!
>+&86(!12!6+64#&64/&,'(!(6!>4/6&$2#&)/('(86!4!($!#(2/,!'764,64,(,!#4?32(,!
*'4/0&,'())),)! '#! ,:(8! (,6! ,2&!&! 28(! 87$(,,&67! !&64#(! >+2/! #(,! 41(>6(,! 1(!
34$6)-34$%+.$+*'*%$+,+,4!616( !$4,!1(!8+'"/(20!>4>(,)!#:',#4'!8(!54&6!>4,!
(0$(>6&+8 !(6!$(!1),!#(!17"26+)!
58! 4$$+/1! 4!($! #(! >/('&(/! ''>' ! #:28!1(,! >#2,! $7#)"/(,! $+'>4=8+8,!
12!6/+>%)6( !""1+##4%!'"8:"33k< !,:7$/&4&6!28!0+2/!42!'&#&(2!1:28!=/481!
8+'"/(! 1:%+''(,! =/+2>7,! ,2/! #(! -+86! "/4/46! (6! (8! 54&,486! 4##2,&+8! 42!
!(/,(6!$+/48&32(!JPc!+=!*/(#46&5!9!#4!$/746&+8!1(,!<(>6!.&(20!(6!1(,!<(>6!
;(//(,,!F!C!$!%+''(,!Z!<&!0(!$+''(864&,!1(!486!!+2,!$(!!(/,(6 !6(#!32(!0(!
#:4&! (86(812! $+''(86(/! >4/! #(! 6/+>%)6(! #2&-'1'( ! !+2,! '(! #4>&1(/&(R)! D!
2222222222!
+)!#+2&,!-4,,&=8+8!7$/&6!148,!,+8!C!'8!(864&/(!1(!#4!#&667/462/(!%(/'76&32(!4/4"(!D!
*&8! C! #4! /7!7#46&+8! 1:8(/'),! ;/&,'7=&,6(! D ! 41)! #(,! 3(##(,! #(66/(, ! 64/&,,! 32(! #(! -4L6/(!
'2,2#'48! '"8! <4"! &8! *#(! $+//(,>+81486! 1(! //717/&$! '',! ,:(,6! (0>#&$&6('(86! /7$#4'7!
1:8(/'),! (8! C! $+8,6/2&,486! 28(! $2/&(2,(! $%4L8(! 1:&8&6&46&+8! *&,8>1, ! >2"#&7(! >4/! ,+8!
1&,$&>#(! <%2,%64/L! F! (##(! 1(,$(81! 1(,! 6/+&,! 8(/'),! 02,32:9! #2&! (8! >4,,486! >4/! <+$/46( !
6#46+8 ! "/&,6+6( ! "#(0481/(! *Q! <%^:! #=4/84?8, ! 84##>0 ! <%&"#L ! G&554/L! *#:426(2/! 1(,!
`'4e>=&5! , ! 84"4,%L ! 941L"! 4#3>8 ! <%^1L! *Q! 84##>eL ! #(! $41&! 1(! <7!&##(,)! .(6! &,8>1!
1:%(/'76&,6(,! 4! 1:4&##(2/,! ,$4814#&,7! #(,! $+86('>+/4&8,! F! $4/! &#! &8&6&(! 9! 28(! &8,>&/46&+8!
1&/($6(! ,48,! >4,,(/! >4/! #(! 6/+>%)6(! 1(! #:',#4'! T! &8,>&/46&+8! 8+8! ,(2#('(86! /7!7#46/&$( !
'4&,!,48$6&5&486( !42-1(148,!D)!

.(! !
.(!>/+>+,!6?>&5&(!>4/54&6('(86!#4!,&6246&+8!1(!#:',#4'!7,+67/&32(!9!#:7=4/1!
1(!#:',#4'!#7=4#&64&/(!(6!#&667/4/&,6()!
8(/!7!-"<<$G !148,!C!#4!=8+,(!28(!(6!'2#6&>#(!D !7$/&6=!F!C!58!17>&6!1(!
,+8!$+8,6486!,+2$&!1(!,:4#&=8(/!,2/!#(!.%/&,6&48&,'(!9!32&!(##(!('>/286(!
,+8!!+$4"2#4&/(!(6!,+8!4>>4/(8$(!(067/&(2/( !#4!78+,(!/(,6(!>4?(88()!<4!
!/4&(!5&#&46&+8!(,6!>?6%4=+/&$&(88(!(6!+/>%&32()!.:(,6!42!,(&8!1(!#4!78+,(!
%&,6+/&32(!32:+8!17$+2!/(!#(,!1(,$/&>6&+8,!#(,!>#2,!$+'>#)6(,!(6!#(,!>#2,!
(06/4!4=486(,!1(!#4!.%26(!+/&=&8(##()!D!
!

!
2222222!
=)!41&6&+8,!12!*+$%(/)!

! .&!
!
'#! /(0+&86! (8! $(#4! #(! (! ! -! ! C! 6&(//(! <"G7#5! D! 32&! >/7$&,(A! F! C! #4!
6/41&6&+8! 0217+-$%/76&(88( ! 32&! 4! 6/),! #4/=('(86! $+//+'>2! #(,! /&62(#,!
'4.+88&32(, ! (,6! ('>/(&86(! 1:28(! 8+6&+8! 5+8$&)/('(86! 486&-&8&6&46&32(!
$(##(! 1(! 5426(! (6! 1(! >7$%7)! $8! 8(! 1&/4! 04'4&,! 4,,(R! $+'"&(8! #(! '?6%(!
87=46&5! 1:"14'! (6! 1:Y!(! 526! 9! #:+/&=&8(! 1:28(! ,+$&767! $4,,7( ! &8%4/'+-
8&(2,( ! 17$%&/7( ! $+814'8486! #4! 5(''(! (6! #:%+''(! 9! 1(!(8&/! 1(,!
(88('&,!,+2,!#(,!?(20!1:28(!7=#&,(!32&!8:(8!5&8&6!>#2,!1(!,(!17$+'>+,(/)!D!
!
G+6+8,! 42! >4,,4=(! 32(! *578'G'! 4!4&6! 1709! 175(812! $(! >+&86! 1(! !2(!
148,!C!;/!(6!M/2/!D!*+U=O-+U=S,E!F!
!
C!#(,!'?,6)/(,!1:5#(2,&,!/(,,('"#(86!"(42$+2>!420!-?,6)/(,!&,&432(,!
T! 9! #:7>+32(! 4#(0481/&8( ! 1(,! 7#7'(86,! 87+->?6%4=+/&$&(8,! (6! 87+-
>#46+8&$&(8,!,(!5+81(86 !>4/!&86(/>7876/46&+8!'262(##( !4!($!#(,!7#7'(86,!
6?>&32('(86! 7=?>6&(8, ! (6! $:(,6! (8! 4=?>6(! 32(! ,(! $+8,6&62(! #4! 6/41&6&+8!
%(/'76&32(! 1(! #:4/6! ,4$/7! (6! 1&!&8 ! 6/41&6&+8! 32&! ,(/4! 6/48,'&,( ! >4/! #(,!
"/4"(, ! 9! #:'64#&( ! #:5,>4=8(! (6! #:$$$&1(86! (8! =787/4# ! 02,32:9! 1(!(8&/! #4!
6/41&6&+8!%(/'76&32(!1(!#:"/6!/+?4#!12!-+?(8!"=(!+$$&1(864#)!*('4/32+8,!
(85&8! 32(! $(66(! /7>4/6&6&+8! 1(! #:$/&(86! (6! 1(! #:$$$&1(86! &86)=/(!
=7+=/4>%&32('(86!9!$(!1(/8&(/!6+26(!#:"5/&32(!12!G+/1 !,&!"&(8!32:&#!5426!
&8$#2/(!148,!#:$$$&1(86!#(,!7$+#(,!&8&6&46&32(,!12!-4/+$)!"!($!$(66(!'1'(!
/7>4/6&6&+8 !#(!0214?,'(!(6!,(,!17!&46&+8,!/(,6(86!(8!/(!48$%(!=7+=/4>%&-
32('(86!76/48=)/(,!9!#:$$$&1(86)!
58!!7/&67 !,48,!+2"#&(/!8&!'7$+884L6/(!#(,!7#7'(86,!>4?(8,!=/(557,!,2/!
#(! $%/&,6&48&,'(! (6! >#2,! (8$+/(! ,2/! #(! $46%+#&,$&,'( ! +8! 8(! >(26! 32:16/(!
5/4>>7! >4/! #(! $4/4$6)/(! 4,&46&32(! 1(! $(! $+2/486 ! 5+817! >4/! 28! :2&5! 32&!
8432&6 !!7$26!(6!'+2/26!(8!64#(,6&8( !(6!32&!8:764&6!>4,!12!6+26!%7##78&,7)!
#:&86+#7/48$(!/(#&=&(2,( !32&!5&6!1(!#4!>(8,7(!%767/+1+0(!28!17#&6!>4,,&"#(!
1(!#4!/&=2(2/!1(!#4!#+& !8:(,6!>4,!8+8!>#2,!28!$4/4$6)/(!=/7$+-/+'4&8)!G&!
#(! R)#(! 4/1(86! 1(! #4! >/+>4=481( ! 8&! #4! ,2"+/1&846&+8! 1(,! 1(!+&/,! 12!
$&6+?(8!420!1(!+&/,!12!$/+?486 !1(,!&867/16,!1(!#4!>46/&(!6(//(,6/(!9!$(20!
1(!#4!>46/&(!$7#(,6( !8&!#4!>/76(86&+8!1:(85(/'(/!#4!!7/&67!148,!#(,!4/6&$#(,!
1:28!1+='( !8&!#(!54&6!1(!54&/(!17>(81/(!#(!,4#26!1(!#:>'(!1:28(!>/+5(,,&+8!
1(! 5+&! >/7$&,(! (6! 1(! #:+",(/!48$(! 1:28(! $(/64&8(! '+/4#( ! 8&! #:(,>/&6!
484/$%&,6(! 17'+$/46&32(! 1(! #4! 5/46(/8&67! 28&!(/,(##(! (6! +"#&=46+&/( ! 1(! #4!
,&'&#&621(!1(!,%"34)'&+(6!1(!.!;*).'*;/+C+
<(! '1'(! //48R! 8"*;-"GG ! 148,! C! ;8(! 4!(862/(! $%(R! #(,! *+,(! %!
./+&0! D ! 7$/&6! F! C! .(,! ,?'"+#(,! 8:4>>4/6&(88(86! >4,! (0$#2,&!('(86! 9!
#:4=#&,(!$%/76&(88(!(6!(##(!8(!>(26!#(,!'+8+>+#&,(/)!'#,!,+86!#&"/(,!$+''(!
#:4&/! >+2/! 32&$+832(! >(26! ,4&,&/! #(2/! ,&=8&5&$46&+8 ! (6! '4#%(2/(2,('(86!
"&(8!>(2!1(!!!+,!$%/76&(8,!$+884&,,(86!$(66(!,&=8&5&$46&+8!T!&#,!+55/(86!#(2/+
22222222!
A)!'8!C!#+=(,!,+2!(/4&8(,!+2!#+=(,!(,$#4!(,!D !41)!12!*+$%(/)!!
E)!41)!"/$%( !-&#48+)!

.6! !
$2#6(!420!5+/'(,!(067/&(2/(,!(6!8(!,4!(86!/&(8!12!>/&8$&>(!!&!486!32(!$(,!
5+/'(,! /(>/7,(86(86)! "#+/, ! 1&,-0( ! 28! %+''(! ,>&/&62(##('(86! 7$#4&/7!
>(26!1(!(8&/!28!'('"/(!1(!!+6/(!+/1/( !'1'(!,:&#!8(!$/+&6!(8!42$28!1(,!
1+='(,! ,+&-1&,486! $%/76&(8,! a! #:''>(/46+/! /7>+81&6! 9! $($&! F! `G(! >(26!
1(!(8&/!'('"/(!1(!8+6/(!$/1/(!(04#67 !$(#2&!1+86!#4!,$&(8$(!8:(,6!"4,7(!
32(!,2/!1(,!1+='(, !1(,!$/+?48$(, !1(,!$/(1+,! +2!1(,!+>&8&+8,!32&!#2&!
+86!767!(8,(&=87,!>4/!32(#32:28!+2!32:&#!4!4$$(>67,!1(!+2?-1&/(!+2!6&/7,!
1(!#4!#($62/(!1(,!#&!/(,)`!D!

H4/e&$[! -$G;7$-5*V! 148,! C! #4! $/+&0! (6! #(! $/(2,(6D ! 7621(! ,2/!
"G<*5"5 ! >/76(81! 32(! $(! 1(/8&(/! 526! %+,6&#(! 9! #4! *+,(! %! ./+&0! 1(>2&,!
6+20+2/, !(6!32:&#!7$/&!&6!#(,!C!G+$(,!.%?'&32(,!D!45&8!1(!$%/&,6&48&,(/!#(!
>(/,+884=(!1(!.%/&,6&48!*$<5GM*5;;N)!

<&! 8+2,! 4!+8,! 17!(#+>>7! #(! >+&86! 1(! !2(! >4?(8! 148,! 28! >/('&(/!
6('>, ! &#! 5426! 4"+/1(/! '4&86(8486! #(! >+&86! 1(! !2(! 1(,! '+8+6%7&,'(, !
$%/&,6&48&,'(! (6! &,#4'! >4/! (0('>#( ! $4/! 148,! #(! 0214?,'(! #4! 6/41&6&+8!
$4""4#&,6&32(! (,6! 6/),! $+882()! $/ ! 8+2,! ,+''(,! +"#&=7,! 1(! /($+884L6/(!
32(!#(!,($64/&,'(!>4?(8!(,6!42,,&!(0$(,,&5!32(!$(#2&!32:&#!$+814'8()!

G:(,6-$(! >4,! ,4&86! ";7;<;'G! 32&! 7$/&6! F! C! .(! 32:+8! 4>>(##(!


420+2/1:%2&! *(#&=&+8! $%/76&(88(! (0&,64&6! $%(R! #(,! 48$&(8,! (6! 8:4! 04'4&,!
$(,,7! 1:(0&,6(/! 1(>2&,! #:+/&=&8(! 12! =(8/(! %2'4&8)! :2,32:9! $(! 32(! #(!
.8*'<;! #2&-'1'(! 76486! !(82 ! #:+8! 4! $+''(8$7! 1:4>>(#(/! 34%;*'$&&$+ #4!
!/4&(!*(#&=&+8!32&!(0&,64&6!1709!42>4/4!486)!D!a!

#(! .8*'<;! #2&-'1'(! 1&6! 420! >%4/&,&(8,! F! C! (+2,! 4!(R! (8#(!7! #4! $#(5!
1(! #4! ,$&(8$(! Z! (+2,-'1'(! 8:16(,! >4,! (86/7, ! (6! $(20! 32&! !+2#4&(86!
(86/(/ !!+2,!#(,!4!(R!('>1$%7,!D!*#;.!&'!P=,)!56!"&(8!32(!#:7=#&,(!4$62(##(!
#(!8&( !#4!6/41&6&+8!7,+67/&32(!(,6!,48,!732&!+32(!148,!#:(8,(&=8('(86!12!
.8*'<; ! 5426-&#! /4>>(#(/! #4! >4/4"+#(! 12! ,('(2/a! *-";8'5;! &''',! F! #(,!
1&,$&>#(,! 1('481)/(86! 9! :4<;<! F! C! 6+2/32+&! #(2/! >4/#(,-62! (8!
>4/4"+#(,a! D ! $(! 9! 32+&! &#! /7>+81&6! F! C! 64/$(! 32:9! !+2,! &#! 4! 767! 1+887! 1(!
$+884L6/(!#(,!'?,6)/(,!12!/+?42'(!1(!<&(2 !'4&,!32:9!(20!$(#9!8:4!>4,!
767! 1+887 ! (6! 0(! #(2/! >4/#(! (8! >4/4"+#(! 45&8! 32:(8! /(=4/1486! 4!($! #(2/,!
?(20! &#,! 8(! !+&(86! >4,! (6! 32:(8! 7$+26486! 4!($! #(2/,! +/(&##(,! &#,!
8:(86(81(86!>+&86!Z!D!

'#! (8! (,6! 1(! '1'(! >+2/! #:&,#4'! F! #(,! (0('>#(,! ,2&!486,! 6&/7,! 12!
/('4/324"#(! +2!/4=(! 1(! 8(8/&! .$*3'G! C! '86/+12$6&+8! 9! #4! >%&#+,+>%(!
',#4'&32(!D !#(!>/+2!(86 !1:4"+/1!9!6/4!(/,!#(,!>/+>+,!12!>/('&(/!''>' !
:"#&!&"8!"3;-;"#'3!*+")!EXcJJ+,!F!C!'#!8:(,6!>+&86!1(!!(/,(6!3+/>8&32(!32&!
8:4&6! 3246/(! ,(8,! F! #:(0+67/&32(! *R>%&/, ! #:7,+67/&32(! *">6&8, ! #4! #&'&6(!
*%411, ! #(! >/+0(6! 1&!&8! *'+664#4,! D)! '#! 7$/&6! 7=4#('(86! F! C! #:''>'! :":! /"*!
54&6! (8$+/(! 4##2,&+8! 9! ,(>6! '+14#&67,! 1(! #4! #$(3$&*$+ */7!7#46&+8,! 12!
9+/>8 !>2&,!175&8&6!8(25!'+1(,!1(!#($62/(!(6!1(!$+'>/7%(8,&+8!>+,,&"#(,!
12! 6(06(! 3+/>8&32()! .(6! 7,+67/&,'(! 8:(,6! 1+8$! 82##('(86! 28(!

! .%!
$+8,6/2$6&+8! 64/1&!( ! >2&,32:&#! (,6! (,,(86&(#! 1709! 9! #:(8,(&=8('(86! 1(,!
''>', !#(32(#!(8!(,6!#4!'1'(!,+2/$()!D!

!
!
!
!

.!! !
!
#(! >/+"#)'(! 32&! ,(! >+,(! (,6! 1+8$! 426/( ! &#! ,:4=&6! "&(8! 1(! $+'>/(81/(!
32( ! 32(#! 32(! ,+&6! #(! !($6(2/! $%+&,& ! #4! ;*"<';'$G! 76486! 1:(,,(8$(!
4/&,6+$/46&32( ! 42! ,(8,! 76?'+#+=&32(! 12! 6(/'( ! (##(! 8(! >+2!4&6! >4,!
,:(0>/&'(/! #&667/4#('(86 ! (6! &#! (,6! 1&55&$&#(! 1(! $/&6&32(/! #:28(! +2! #:426/(!
>+,&6&+8 !$4/!,&!#(,!>4?(8,!+86!/4&,+8!32486!42!6+64#&64/&,'(!1(,!%$.'*'"&(+
#-+#;($%*7+'.+5426!,(!1('481(/!,&!>4/!4&##(2/,!(##(,!8(!$+//(,>+814&(86!>4,!
9!28(!87$(,,&67!F!#(!"(,+&8!/(#&=&(20!1(!#:%+''()!'#!(,6!!/4&!32(!#4!#($62/(!
1(,!>/7$(>6(,!$%/76&(8,!8+2,!54&6!8+2,!1('481(/!$(!32(!$(/64&8(,!7=#&,(,!
+86!9!!+&/!4!($!$(6!(8,(&=8('(86 !+B!&#!8(!,:4=&6!>4,!1(!,(!1+88(/!"+88(!
$+8,$&(8$( !'4&,!1(!/74#&,(/!28!(0('>#()!
92481! +8! $+8,&1)/(! #4! 1&'(8,&+8! 1(! $(6! (0('>#( ! ,(! >/76(81/(!
$%/76&(8! ,('"#(! 1709! 28(! &'>+,62/( ! /(>/7,(86(/! $(66(! !+&(! (6! ,:(8!
>/76(81/(! 28&32(! =4/1&(8! ,('"#(! (8$+/(! >#2,! +,7 ! $4/! .8*'<;! 175&8&6!
6/),! "&(8! $(20! 32&! ,(! /7$#4'(/+86! 1(! ,+8! 8+' ! +/! +8! (8! !+&6! >(2! =27/&/!
#(,!'4#41(,!+2!1+86!#4!5+&!6/48,>+/6(!#(,!'+864=8(,)!'#!(8!(,6!1(!'1'(!1(!
#4! >%&#+,+>%&(! ,($64&/(! 1(! $(/64&8,! 4?46+##4,! 32&! >/1$%(86! #4! =2(//(!
,4&86( !+2!1:28(!$467=+/&(!1(!/4""&8,!32& !>/(8486!#(,!6(06(,!/(#&=&(20!9!#4!
#(66/( !$+8,&17/(86!#(!8+8!02&5!$+''(!28!=+? !$:(,6-9-1&/(!12!"764&#)!$8!8(!
#(! /7>76(/4! 04'4&,! 4,,(R! (6! G'5;N.85! #:4!4&6! 5+/6! "&(8! (0>+,7! F! C! $(6!
&8,6&8$6! 6%7+#+=&32(! (,6! #4! 5+/'(! #4! >#2,! /7>4812( ! #4! >#2,! >/+>/('(86!
,+26(//4&8(!1(!542,,(67!D!T!#4!#(66/(!62(!#:(,>/&6)!
#(,! =/481(,! /(#&=&+8,! 1+&!(86! /(6/+2!(/! #(2/! ,(8,! 6/41&6&+88(# ! 28(!
1&'(8,&+8! >#2,! 4>>#&327(! (6! !7$2(! 1(! #4! 6/48,$(8148$( ! (6! >+/6(/! #(,!
>/46&32486,! !(/,! #:(0>7/&(8$(! '?,6&32( ! (6! $:(,6! ,(2#('(86! 4&8,&! 32:(##(,!
42/+86!28!4!(8&/ !,&8+8!(##(,!,(!!(//+86!>/+=/(,,&!('(86!/('>#4$7(,!>4/!
#(,!!+&(,!(0>7/&'(864#(,!32&!,(2#(,!&867/(,,(86!#4!!7/&64"#(!4/&,6+$/46&()!
)
)
)
)
)
)
)
)
)
)
)

! ..!
)
)
)
8'3) $'44'3() #3-,#"034') ',) &7'2%6'"0') )) 703,-0"') .*/+) $%/9)
<"-/6,4'(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((()
)
)
!
G+2,! 8(! /(!&(81/+8,! >4,! ,2/! #(! >4,,7! >+2/! 455&/'(/! #(! /@#(! 1(! #4!
5(''(! 148,! #4! !+&(! 7,+67/&32( ! (8! 4=?>6(! >4/6&$2#&)/('(86 ! 148,!
$(/64&8(,! 7$+#(,! 1(! '?,6)/(, ! $%(R! #(,! >?6%4=+/&$&(88(, ! (6$) ! (6! 6+26! 42!
#+8=! 1:7>+32(,! 1&6(,! "2(3-%$(+ 28! >(2! 6/+>! 54$&#('(86! $+''(! #(! -+?(8!
"=( !>(26-16/(!>#2,!(04$6('(86!#*$+#-+1'.'$-7+$:(,6-9-1&/(!>/+$%(!1(!#:"0(!
;/41&6&+88(#)!
C! #(,! 8+$(,! $%?'&32(,! 1(! .%/&,6&48! *$<5GM*5;;N! D! $+85&/'(86! #4!
>4/6&$&>46&+8! 1(,! 5(''(,! 420! &8&6&46&+8,! *6(06(! 1(! +EPU, ! >#2,! >/),! 1(!
8+2,! 148,! C! ;8(! 4!(862/(! $%(R! #(,! *+,(! %! ./+&0! D ! //48R! 8"*;-"GG!
7$/&6!F!C!*(8$+86/(/!1(,!14'(,!148,!#(!'+84,6)/(!1(,!//)/(,!1(!#4!*+,(!%!
./+&0!1:$/!764&6!28!54&6!32&!'(!,2/>/&6!(6!'(!$+85+81&6 !(6!'4!$+852,&+8!
526! 7!&1(''(86! /('4/327(! >4/! 6+2,! $(20! 32&! 764&(86! >/7,(86,! T! '4&, !
4>/),! 4!+&/! 767! >/7,(867! 9! 6+26(,! $(,! >(/,+88(, ! +2 ! >+2/! ':(0>/&'(/!
>#2,! $+//($6('(86 ! 4>/),! 32:(##(,! ':(2/(86! 767! 6+26(,! >/7,(867(, ! $4/!
(##(,! ,('"#4&(86! 6+26(,! '(! $+884L6/(! (6! 8:4!+&/! >4,! "(,+&8! 1(! '4!
>/7,(8646&+8!- !#4!=/481(!14'(!>/&6!'4! '4&8!(6!'(!$+812&,&6!9!#4!64"#( !
6481&,!32:(##(!'(!1&,4&6!(8!,+2/&486!#(,!>4/+#(,!,2&!486(,!F!`6+2/32+&!16/(!
42,,&!,2/>/&, !'+8!4'& !1(!!+&/!1(,!"1(>6(,!%4"&6(/!1(,!5+/'(,!57'&8&8(,!
(8! $+'>4=8&(! 1(! $(20! 1+86! #(,! 5+/'(,! >4/4&,,(86! 4!+&/! 28! $4/4$6)/(!
'4,$2#&8a!92:(,6-$(!32(!#:&86(##&=(8$(!4!9!54&/(!4!($!#(!,(0(!12!$+/>,a!$B!
#(,!&8,6&8$6,!,(02(#,!5&8&,,(86 !#9!5&8&6!#:&85#2(8$(!12!,(0()!((8(R!'4&86(-
8486 !>/(8(R!$(66(!$%4&,(!9!$@67!1(!'+&!(6!'48=(R!$(,!5/2&6,!17#&$&(20)`!D!
!
#(! >2/&648&,'(! /7$(86! 12! ,&)$#(! 1(/8&(/! +$$2#64! ,+8! /@#( ! '4&,! ,:&#! (,6!
87$(,,4&/(! 1:455&/'(/! 32(! #:&8&6&46&+8! 57'&8&8(! 8:(,6! >4,! 1(! '1'(! 8462/(!
32(! #4! '4,$2#&8( ! (##(! 8:(8! ('>/286(! >4,! '+&8,! ,+2!(86! #(,! '1'(,!
!($6(2/, ! $:(,6-9-1&/(! 1(,! +/1/(,! 32&! /(,>($6(86! ,2/! $(/64&8,! >+&86,! 1(,!
,>7$&5&$&67,)!
!
6+2/6486!&#!(,6!!/4&!32(!,&!#:+8!(0$(>6(!$(/64&8,!'?,6)/(,!'40(2/, !+B!&#!
(,6!&'>+,,&"#(!1(!$+8,&17/(/!#:%+''(!(6!#4!5(''(!1(!#4!'1'(!'48&)/( !#(!
,(8,!(04$6!1(!$(66(!1&557/(8$(!(,6!&=8+/7!1(!#4!>#2>4/6!1(,!7,+67/&,6(, !(6!
$(! 8:(,6! >4,! 8+2,! 32&! #:4"+/1(/+86 ! #(,! /4>>+/6,! (04$6,! 12! V'G! (6! 12!

"''! !
V"G7 ! #(,! ,($/(6,! &86(/8(,! /(#46&5,! 9! #:4,>($6! *$34&'>-$+ 1(,! 1&557/(8$(,!
1+&!(86!/(,6(/!+$$2#6(,+)!-4&,!&#!8:(8!(,6!>4,!'+&8,!!/4&!32(!#4!5(''(!526!
>/7,(86(! '1'(! 148,! 1(,! 1+'4&8(,! 1:+B! #:+8! !(26! %?>+$/&6('(86! #4!
$%4,,(/ !#4!#+=(!C!8(>64=+8(!D!,('"#(!16/(!17/48=7(!>4/!#(!'+6!34$6).' %$7+
$:(,6! >+2/32+&! 8+2,! 4!+8,! 54&6! 148,! $(! #&!/(! 28(! >4/(86%),( ! 32&! (8! 54&6!
4"+26&6!9!28(!$+8$#2,&+8!7!&1(86()!
!
-+8,(&=8(2/! *+=(/! ."*$=! 4! 54&6! 28(! 7621(! ,2/! #4! 32(,6&+8! 1(,!
5(''(,!148,!#4!$%(!4#(/&( !8+2,!(8!>2"#&+8,!1(,!(06/4&6,!F!
!
C!'#!(0&,6(!28(!`8&,6+&/(!1(,!$/1/(,!-&#&64&/(,!+2!1(,!.%(!4#&(/,` !6/),!
/4/(! 420+2/1:%2& ! 32&! 526! 71&67(! (8! -)<..)&&'! (8! 3246/(! !+#2'(,)!
6#2,&(2/,! 426(2/,! ,4!486,! (8! #4! '46&)/(! #(,! +86! >2"#&7,)! $8! $&6(/4! F!
#:"""7! 7;'<;'G'"G' ! #(! *)6)! 3$G"G' ! 85*-"G ! <.8$GG5355M ! *)6)!
85#'$; ! *)6)! 8$G$*5! 1(! <"'G;5! -"*'5! (6! 1:426/(,)))! 4!($! 1&,,(/-
646&+8,!,2/!#:"26%(86&$&67!(6!#:"86&32&67!1(!$(,!$/1/(,)!
!
6/(8+8,! 6+26! 1:4"+/1! #(! ;+'(! '' ! >4=(! =PX)! $8! ?! 6/+2!(! #(,! <4'(,!
.%(!4#&)/(,! 1(! <4&86-:(48! 1(! :7/2,4#('! (6! 1(! -4#6(! *48! 1(! :).)! ++XE,! F!
28(! 14'(! /+'4&8( ! 8+''7(! "=8), ! 32&! 764&6! """(,,(! 1(! #:8+>&64#! 1(!
<4&86(! -4/&(--41(#(&8( ! (6! ,(,! $+'>4=8(,! 5&/(86! >/+5(,,&+8! 1(! 5+&! 1(! #4!
/)=#(! 5+817(! >+2/! #(,! 5(''(,)! #4! '1'(! /)=#( ! 8+2,! 1&6-+8 ! 764&6! ,2&!&(!
>4/!#(!3)8))74*"*<!(6!,(,!$+'>4=8+8,)!.(66(!$+''481(/&(!,:&8,64##4!(8!
++XE!,+2,!#(!/)=8(!1(!3";<$'G!'(/)!
!
6#2,!64/1 !#+/,32(!#(,!./+&,7,!12/(86!32&66(/!#4!;(//(!<4&86( !$(!526!#4!
/(&8(!<"G.8"!5&##(!1:"#68$G<5!''!/+&!1:"/4=+8!*,2/8+''7(!#4!$%4,6(, !
32&! 5+814! 28! -+84,6)/(! 9! <&0(884! >+2/! #(,! .%(!4#&)/(,! 1(! #:$/1/(! 1(!
<4&86-:(48! 1(! :7/2,4#(')! 92481! #4! .+''48146/&$(! '+2/4&6 ! +8! #2&!
54&,4&6!1(,!+",)32(,!12/486!,(>6!0+2/, !>2&,!+8!/+'>4&6!#(!,$(42!1(!,(,!
"/'(,! *6+26! $+''(! #:+8! 54&6! >+2/! #(! ,$(42! 12! 64>(! 9! ,+8! 17$),),! "20!
$%4>&6/(,!1(!#:+/1/(!#4!.+''48146/&$(!4!4&6!,748$(!(6!!+&0!$+''(!6+2,!
#(,!426/(,!$%(!4#&(/,)!.:(,6!!(/,!+EJX!32(!#(,!$%(!4#&)/(,!,(!/(6&/)/(86!1(!
#:+"7&,,48$(! 1(,! 7/481,! -4L6/(,! 1(! #:+/1/(! (6! ,(! ,+2'&/(86! 42! <4&86-
<&)=()!
!
;+'(!'' !>4=(!=JP!8+2,!6/+2!+8,!#(,!<4'(,!.%(!4#&)/(,!1(!#4!84$%()!
.:(,6! *4?'+81! 34*5G75* ! 1(/8&(/! $+'6(! 1(! 34/$(#+8(! 32&! $/74! $(6!
+/1/(! >+2/! /7$+'>(8,(/! #(! $+2/4=(! (6! #(,! ,(/!&$(,! /(812,! 420! =(8,! 1(!
=2(//(! 7>2&,7, ! (8! $+'"466486! 4!($! 1(,! %4$%(,! ,2/! #(,! /('>4/6,! 1(! #4!
!&##()! ;+'(! '' ! >4=(! =JJF! $:(,6! #:$/1/(! 1(,! <4'(,! .%(!4#&)/(,! 1(!
#:4$%4/>(! 32&! 8+2,! (,6! $+867)! '#! 526! 5+817! >4/! :(48! '(/ ! /+&! 1(! .4,6&##(!
>+2/!#(,!4$6(,!1(!"/4!+2/(!1(,!5(''(,!1(!(4#(8$(!32&!"/&,)/(86!#4!/7,&,-!
2222222!
+)!(+&/!4>>(81&$(!8W!A)!
=)!646/&4/$%(!1(!#:5G"!*4=#&,(!1(!#4!G+2!(##(!"##&48$(,)!

! "'"!
648$(! 48=#4&,(! (6! #(,! 175&/(86! 148,! 28(! ,+/6&(! !&$6+/&(2,()! ;+'(! '' ! >4=(!
EEX ! $(! ,+86! #(,! *(#&=&(2,(,! .%(!4#&)/(,! 1(! #:$/1/(! 1(! <4&86-:4$32(,! 1(!
#:4>7(! 32&! ,+86! $&67(, ! $(6! +/1/(! 526! $/77! (8! 5,>4=8(! >4/! 35*-$G<! '''!
32&! /7=84! (8! +XAE)! #:(0(/$&$(! 1(! $(,! $%(!4#&)/(,! $+8,&,64&6! 9! >+2/!+&/! 9!
6+26(,! #(,! 87$(,,&67,! 1(,! >42!/(,! !+?4=(2/,! 32&! 4##4&(86! (8! >)#(/&84=(! 9!
<4&86-:4$32(,!(8!74#&$()!5##(,!,2&!4&(86!#4!*)=#(!1(!<4&86!";7;<;'G)!#(!
/+&!764&6!#(!$%(5!>(/>762(#!1(!#(2/!+/1/()!5##(,!54&,4&(86!#(,!'1'(,!!+(20!
32(!#(,!$%(!4#&(/,!F!+"7&,,48$( !>42!/(67 !$%4,6(67)!

-4&,!0(!!4&,!54&/(!'&(20!F!4>/),!4!+&/!4>>+/67!#4!>/(2!(!1(!#:(0&,6(8$(!
1:$/1/(,!1(!.%(!4#(/&(!57'&8&8( !0(!!4&,!!+2,!>/+2!(/!32(!8+8!,(2#('(86!
1(,! 5(''(,! +86! /(.2! #:"/'('(86! $%(!4#(/(,32( ! '4&,! (8$+/(! #:+86!
6/48,'&,)!

.(!32&!8+2,!&867/(,,(!1+8$!"(42$+2>!(,6!1(!,4!+&/!32(!148,!$(/64&8,!
+/1/(,! &#! ?! 4!4&6! 1(,! <4'(,! C532&6&,,4! D! *4$2?)/(,,! (6! 1(,! <4'(,! C!
-&#&6&,,4! D! *.%(!4#&)/(,,)! G+2,! 4>>/(8+8,! 4&8,&! 32:4#&,4"(6% ! ,+(2/! 1(!
8(8/&!1(!8$*G5< !<(&=8(2/!1(!65*G5< !(,6!532&6&,,4!(6!32(!.46%(/&8(!
3"H!(8!+EE+!(,6!>+/67(!$+''(!-&#&6&,,4!148,!#(,!*(=&,6/(,!1(!-4#&8(,)!

84*'.$;*;! 8+2,! 4>>/(81! 42,,&! 32(! 1(,! 5(''(,! 8+8! '4/&7(,! ,(!
54&,4&(86! 54&/(! $%(!4#&)/(,! >+2/! 16/(! $4>4"#(,! 1(! 6(8&/! #(,! 5&(5,! 1(!
.%(!4#(/&(!T!6(##(!526!5#'<"35;8!1:"8=#(6(//(!32&!,(!5&6!4/'(/!$%(!4#&)/(!
#(!0+2/!1(!,+8!$+2/+88('(86!>+2/!16/(!#(!$%(5!1(,!$/1/(,!1(!.%(!4#(/&(!
1(!,+8!/+?42'()!#:%&,6+&/(!8+2,!>/+2!(!4'>#('(86!32(!>#2,&(2/,!8+"#(, !
6/&8$(,!(6!'1'(!*+&,!(6!5'>(/(2/,!,(!,+86!54&6!28!%+88(2/!1(!/($(!+&/!
#4! .%(!4#(/&(! 1(,! '4&8,! 1(,! <4'(,)! 58! +++P! #4! !(2!(! 12! 54'(20!
;"G.*5<5 ! 6/&8$(! 1:"86&+$%( ! 8(! $+857/4! >4,! ,(2#('(86! #:$/1/(! 1(!
.%(!4#(/&(! 9! 75*("'< ! ,(&=8(2/! "/(6+8 ! 5&#,! 1:"'-$G! $+'6(! 1(! <$# !
'4&,!42,,&!9!>#2,&(2/,!4$2?(/,)!3#"G.85!1(!."<;'##5 !')/(!1(!#$;'<!
'&! +2! <4&86-#$;'< ! 1+884! #:$/1/(! 1(! .%(!4#(/&(! 9! :4$32(,! #"6"G$)! #4!
/(&8(! "GG5! 32&! =+2!(/84! #(! /+?42'(! 1:"8=#(6(//(! 4! 1+887! #(! .+##&(/! 1(!
#:$/1/(!.%(!4#(/(,32(!1(!#4!:4//(6&)/(!9!28!=/481!8+'"/(!1(!>(/,+88(,!
&##2,6/(,! 1(! ,(,! 7646,)! -"*'5 ! /(&8(! 1(! 1:"8=#(6(//( ! 5&##(! 1:85G*'! (''' !
$/74! $%(!4#&(/! 68'#'665! ''! #(! /+&! 1:5,>4=8( ! ,+8! 7>+20)! <48,! >#2,&(2/,!
.%4>&6/(,! 6(82,! ,+2,! #(! =+2!(/8('(86! 1(! #4! /(&8(! 5#'<"35;8 ! $(66(!
/(&8(! $/74! >#2,! 1(! $&832486(! $%(!4#&(/,! >4/'&! #(,32(#,! 8+2,! 6/+2!+8,F!
-"&'-'#'5G!''!('>(/(2/!1:"26/&$%(T!.8"*#5<!'& !85G*'!''' !85G*'!'( !
6+2,!6/+&,!/+&,!1(!//48$(!T!/*4<4*'.!''!/+&!12!<48('4/[!T!:".9;5<!(' !
/+&!1:4$+,,( !(6$) !(6$)!D!

"'#! !
)

?-+&6/30-+(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((()

#(,! !+&(,! 1:7!(&# ! #4! 3216(! 7,+67/&32( ! +86! 6+20+2/,! 767! >+,,&"#(,! (8!
6+2,! 6('>, ! (8! 6+2,! #&(20 ! #(,! &17(, ! #(,! 1+='(,! (6! #(,! >%&#+,+>%&(,!
1&,,+#!486(,! >/+>4=7(,! >4/6&$2#&)/('(86! (8! +$$&1(86! 8:+86! >2! 5/(&8(/! #4!
'4/$%(! 1(! #:%2'4&8! !(/,! #4! #2'&)/()! #:%+''(! (,6! 426/(! $%+,(! 32:28(!
'4$%&8(! 9! >/+12&/(! 1(,! 6%7+/&(,! %+/&R+864#(, ! '764,64,(,! (##(,-'1'(,!
1(,! 5420! ,>&/&624#&,'(,! /7$2>7/46(2/,! 12! ,4$/7 ! #(32(#! 8(! >(26! ,(! !&!/(!
32(!>4/!#:(0>7/&(8$(!(6!8+8!#:4!(2=#('(86)))!

.(>(81486! #4! 7G$<5! 76(/8(##( ! 67'+&=84=(! !(/6&$4# ! (,6! >/7,(86(!


148,! >/(,32(! 6+26(,! #(,! '48&5(,646&+8,! 5+/'(##(,! 12! >%78+')8(!
/(#&=&(20 ! ,48,! (##(! #(,! #&667/4#&,'(,! 1(!&(81/4&(86! 5+2,! (6! $:(,6! $(! 32&! ,(!
>4,,(!,+2!(86!(8!8+6/(!7>+32(!,+'"/(!1(!1&,,+#26&+8!+B!#(,!67'+&=84=(,!
1(! #4! ;*"<';'$G! ,:+$$2#6(86)! .(/64&8,! ,:(852&(86! 148,! #(,! &867=/&,'(, !
41+>6486!42,,&!#:(,>/&6!6%7+#+=&(8 !'4&,!$(!32&!(,6!>#2,!=/4!(!>4/#486!42!
8+'!1(!#4!;*"<';'$G)!'#!(0&,6(!17,+/'4&,!28!$4'>!1&6! *%)#'*'"&&$.+>#2,!
+2!'+&8,!&8,>&/7!>4/!7;4G$G!32&!17$/)6(!>4/!,(86(8$(,!"+2/,+25#7(,!$(!
32&!(,6!"+8!+2!'42!4&,!(8!$(66(!'46&)/( !,:(0>/&'486!4!($!!&/2#(8$(!148,!
$(/64&8(,! 71&6&+8, ! '+1&5&486! #(,! 6/412$6&+8,! (6! #(,! >4/,('486! 1(!
$+''(864&/(,!&1&+6,)!

64/#486!>4/!(0('>#(!1(,!V(R&1&,!+8!#&/4!>4=(!ES+!12!!+#2'(!''!1:C!;/!
(6!M/2/!D!1(,!71&6&+8,!"*.85!1(!-&#48 !5+/6!,>7$&4#&,7(,!148,!$(!=(8/(!1(!
54&6,! F! C$8! $+884L6! #(! /@#(! ,&8&,6/(! 32(! #4! 6/41&6&+8! 466/&"2(! 9! $(66(! ,($6(!
48$&(88(! 1(,! 41+/46(2/,! 12! 1&4"#(! (6! 420! 6+2/,! 12! 1&4"#(! 1+86! >4/#(!
*(87! 7;4G$G)! D! "&8,&! ,(! 17!(#+>>(! 28(! >%&#+,+>%&(! 1(! >(6&6,! /46,! 1(!
"&"#&+6%)32(, ! 32&! 8+8! ,(2#('(86! '7$+884&,,(86! #4! >%&#+,+>%&(!
4/&,6+$/46&32(! *$+''(! #:7$/&6! G'5;N.85FC! #(! "+8! 1&(2! $+''(! #(! 1&4"#( !
1(20!,+2,!>/+12&6,!1(!#4!17$41(8$(!D,!'4&,!,(!'1#(86!1(!'48&>2#(/!(6!1(!
/7>481/(! #(! 5420)! <48,! 1+26(! +86-&#,! +2"#&7! $+''(86! :2#&2,! 4($#"! 526!
6/4&67!>4/!#(,!642#!#(!.$;*!(6!$+'>4=8&( !32481!&#!>2"#&4!,+8!#&!/(!,2/!
#4!6486/&,'()!
6+2/! (8! /(!(8&/! 420! V(R&1&, ! !+&$&! 28! 67'+&=84=(! 1(! 35GG5;! 148,! C!
#(,! '4L6/(,! 1(! <4=(,,(! D! F! C! ::4&! '+&'1'(! 767! (8! $+864$6 ! (8! '/48 ! 4!($!
1(20!,+$&767,! 1(!$(6!+/1/(! F! #(,! V7R&1&,! (6! #(,! "%#-&! 8433)! $8!4>>(##(! #(,!

! "'$!
>/('&(/,!#(,!`41+/46(2/,!12!1&4"#(`!>4/$(!32:&#,!+86!$+8,(/!7!#(!124#&,'(!
R+/+4,6/&(8! (6! 32:&#,! $/+&(86! 32(! 8+2,! ,+''(,! '4&86(8486! 148,! #:"=(!
<+'"/(!+2!"%/&'48!4!>+2!+&/!,2/!#4!!&(!1(,!%+''(,)!#(,!"%#-&!8433 !#(!
>(2>#(! 1(! #4! (7/&67 ! 5+86! /('+86(/! #(2/! +/&=&8(! 9! >#2,! 1:28! '&##&(/!
1:4887(, !'4&,!#(2/!$+''284267!4!767!/75+/'7(!(6!/(8+2!(#7(!>#2,&(2/,!
5+&,! 1(>2&,! #(! &(! ,&)$#()! #:&'>/(,,&+8! 32(! ':+86! 1+887(! 1(,! 1(20!
$+''284267,! 526! (06/1'('(86! >+,&6&!()! :(! '(! /(81&,! 9! <%4&[%! "1& ! #(!
,48$624&/(!>/&8$&>4#!1(,!V(R&1&,!+B!0(!>2,!/($+884L6/(!9!"&(8!1(,!,&=8(,!
#(2/,! +/&=&8(,! R+/+4,6/&(88(, ! 6486! 148,! #(! /(,>($6! 32:&#,! 67'+&=84&(86!
>+2/! 6+26(,! #(,! 5+/'(,! 1(! !&( ! (6! >4/6&$2#&)/('(86! >+2/! #(,! 4/"/(, ! 32(!
148,! #(2/,! ,?'"+#(,! ,4$/7,)! .%432(! 5+&,! 32(! #:+8! ,:4>>/+$%(! 1:28(!
$+''284267!V(R&1& !+8!17$+2!/(!1(!486!,+&!28(!!4##7(!>#4867(!1:4/"/(, !
$+2!(/6(! 1:28(! /&$%(! !7=7646&+8 ! $(! 32&! $+86/4,6(! 4=/74"#('(86! 4!($! #(,!
!&##4=(,!'2,2#'48, !+2!$%/76&(8, !+B!#(,!4/"/(,!+86!767!4"4662,!(6!+B!1(,!
/+$%(,! 4/&1(,! (86+2/(86! #(,! 6(//(,! $2#6&!7(,)! #(,! V7R&1&,! 41%)/(86!
6+64#('(86! 9! #4! $/+?48$(! 124#&,6(! 32(! #(,! 5,>/&6,! "+8,! (6! '42!4&,! ,+86!
1(,! >2&,,48$(,! &817>(81486(,! 32&! 8(! $(,,(/+86! 04'4&,! 1:16/(! (8! $+85#&6!
02,32:9! #4! 5&8! 12! '+81()! #(! >4+8! 1:4/=(86 ! $4$%7! 1(! 6+2,! ,425! 1(,!
>/16/(, ! (,6! #(! ,?'"+#(! 1(! #:5,>/&6! 1(! (7/&67! (6! #(! ,(/>(86! 8+&/ ! 32(! #:+8!
>(26! !+&/! 9! #:(86/7(! 1(! #4! $+2/! (067/&(2/( ! (,6! #(! ,?'"+#(! 1:"%/&'48 !
#:5,>/&6!1(!-(8,+8=()!D!
#:&'>+,62/(!(,6!(8$+/(!>#2,!=/481(!32481 !>4=(!EOP!12!!+#2'(!''!1:C!
;/!(6!M/2/!D!#(!$+''(8646(2/!7$/&6!9!>/+>+,!1(!#:4/6&$#(!1:5M";#$<!F!C!.(6!
+$$2#6&,6(! 148=(/(20! *&#! ,:4=&6! 12! >/&8$(! ."5;"G',! #&7! 4!486! 6+26! 42!
$+2/486!M/(''(/R&(8)))!D !/(=/(66486!>4/!4&##(2/,!6+26!$(!32&!82&,4&6!9!#4!
/(84&,,48$(! 1:28! 7,+67/&,'(! $%/76&(8! 1(! #:7>+32( ! $:(,6-9-1&/(! 12! 6('>,!
1(! .8"*3$GG5";-#"<<"V)! $/! 8+2,! ,4!+8,! 32(! #4! ,(2#(! ,6/2$62/(! (8!
//48$(!32&!42/4&6!>2!(8$+/(!,2==7/(/!28(!$(/64&8(!",;%)*'6'*;+$%/76&(88(!
764&6!1709!&8+>7/486(!9!$(66(!7>+32( !"&(8!32(!7;4G$G!4&6!6+26!$+'>/&,!
1(! $(! 6?>(! 1:(8,(&=8('(86 ! &#! (26! >(2/! T! &#! ,(/4&6! ,+2%4&64"#(! 32:28! 0+2/!
$(/64&8(,! $+//(,>+8148$(,! ,+&(86! >2"#&7(,)! #:46+&#(! '86(/8(##(! 4!4&6! 1709!
5&8&! ,+8! $?$#( ! 8(! #4&,,486! >#2,! (8! '46&)/(! 1:+>7/46&!&67! &86(/8(! 32:28!
+/1/(! #&7! 76/+&6('(86! 9! 28(! !&(&##(! $+85/7/&(! *+,(! %! ./+&0! 6/),! /712&6(! (6!
(0&,6486! (8$+/(! (8! "'7/&32( ! '4&,! $(! 8:(,6! >4,! 9! 8+2,! 1(! 1+88(/! 1(,!
$#(5,! 9! $(20! 32&! 1&,,(/6(86! 1(! #4! !&=8( ! >+2/! (8! 4!+&/! #2! 1(,! >4,,4=(,!
148,!28!#&!/( !,48,!4!+&/!04'4&,!!2!8&!=+^67!28(!=/4>>(!1(!/4&,&8)!92486!
9! ,&=8(/! $(! '1'(! 4/6&$#(! E%)&((.6)&-(+ >+2/!28! 426(2/! ,(! /7$#4'486! 12!
$%/&,6&48&,'(! $(#4! 732&!421/4&6! 9! ,&=8(/! 64=482,! 28! 4/6&$#(! 54&,486!
#:4>+#+=&(!1(!<4l#!1(!;"*<5!Z!#4!6/41&6&+8!14$&32(!1(!;/48,?#!48&(!(6!#4!
5+8$6&+8! 1(,! !+?!+1(,! (,6! 28! 1(,! >#2,! >2/,! 5#(2/+8,! 1(! #4! 6/41&6&+8! 12!
G+/1 ! 5+/6! ,('"#4"#(! 1:4&##(2/,! 9! $(/64&8,! (8,(&=8('(86,! !(82,! 1:4=?>6(!
>2&,! 1(!(82,! >?6%4=+/&$&(8, ! 6/41&6&+8! "&(8! 4867/&(2/(! 9! 6+26(! &85#2(8$(!
$%/76&(88()!.(66(!6/41&6&+8!(,6!/(,67(!,6/&$6('(86!148,!$(/64&8(,!54'&##(,!
(6! 8:(8! (,6! 04'4&,! ,+/6&( ! '1'(! ,&! 1(,! /(#46&+8,! 4'&$4#(,! 4!($! 1:426/(,!
41(>6(,! >2/(86! ,(! 8+2(/! *$4,! 1(! 6"*".5#<5,! )! #4! >/7,(8$(! 12! </4=+8!

"'(! !
,(!'+/1486!#4!32(2(!148,!#(,!4/'+&/&(,!(6!$(/64&8,!,?'"+#(,!=/4!7,!,2/!
#(,!>&(//(,!6+'"4#(,!*<e4,6?[4 !4&#(,!17>#+?7(,,!67'+&=8(86!1:28!>4?,!12!
.(86/( !(6!1(!#:4$32&,&6&+8!12!$+/>,!1:&''+/64#&67!1(!$(20!32&!+86!/(0+&86!
#:"0(! 1(! #4! ./+&0! /+646&!()! 8(2/(2,('(86! $(66(! 6/41&6&+8! 8:4! "(,+&8! 1(!
>(/,+88(! >+2/! ,(! $+86&82(/ ! '1'(! ,&! #(,! 7!78('(86,! >+#&6&32(,! +86!
+"#&=7!,(,!17>+,&64&/(,!9!32&66(/!#(!>4?,!(8!466(81486!32(!#(!'+86!$-!,+&6!
9! 8+2!(42! 28! $(86/(! /(,>($67)! 92486!42! >/&8$(! ."5;"G'! &#! /(#)!(! 1(! #4!
'1'(!6/41&6&+8!6486!148,!#4!5+/'(!32(!148,!#(!5+81)!6+2/!8(!>4,!32(!8+,!
7$/&6,!,+&(86!(0>#+&67,!4"2,&!('(86!8+2,!8:(8!1&/+8,!>4,!>#2,)!

585&8! >+2/! (8! /(!(8&/! 9! #(2/! &8,>&/46(2/ ! &#! 5426! "&(8! /($+884L6/(! 32(!
,+8!#&!/(!C!#(!/+&!12!'+81(!D !(,6!7$/&6!,2/!1(,!"4,(,!>(2!$/71&"#(,)!6+2/!
(8! 5&8&/! 4!($! $(,! >(6&6,! '48&>2#46(2/, ! &#! 5426! $&6(/! -"*9;4<-*'('Y*5!
32&!7$/&6!148,!CM4#4$%4[/4!-!&8&6&46&+8!6486/&32(!12!<4#4?!#4'4!D+!F!C!#(!
'?6%(! 1(! <%4'"4#4! (6! #4! 1+$6/&8(! 32&! (8! 526! &,,2( ! #(! M4#4$%4[/4 !
4>>4/6&(88(86! (0$#2,&!('(86! 9! $(66(! 6/41&6&+8)! .(##(-$& ! >4/! 4&##(2/, ! (,6!
+>>+,7(! 9! #4! >(8,7(! '2,2#'48(! 32:(##(! $+8,&1)/(! $+''(! 2)%2)%$/+ G(!
$+884&,,486!>4,!#4!6/41&6&+8!"+211%&32(!6/),!$+'>#(0(!1:4&##(2/,!148,!#4!
5+/'(! $+''(! 148,! #(! 5+81 ! *(87! 7;4G$G! 8(! >+2!4&6! 7!&1(''(86! >4,!
$+86/@#(/! #(,! 7#2$2"/46&+8,! 1(! <"'G;-V(5<! (6! #(,! 54864&,&(,! 1:$<-
<5G<$H<M'! T! &#! 71&5&4! ,4! 6%7+/&(! 12! :"'+ #-+ 1"&#$+ (6! ,+8! ,?'"+#&,'(!
,2/! $(,! "4,(,! 4!(862/(2,(,)! :(! 8(! '(86&+88(/4&! 32(! >+2/! '7'+&/(! #(,!
"/2&6,!32&!$+2/(86!148,!#(,!'26#&>#(,!>(6&6,!$(/$#(,!7,+67/&$+-+$$2#6&,6(,!
$+8$(/8486! 28! +2! >#2,&(2/,! &85+/'46(2/,! )-+ &"!+ !-(-.!)&7+ 32&!
42/4&(86!4>>/+$%7!(6!1+$2'(867!7;4G$G!,2/!$(!,20(6!T!#(!54&6!1(!'1#(/!
1(,! '2,2#'48,! 9! #4! 6/41&6&+8! 1(! <%4'"4#4! (,6! 6/),! ,2,>($6! (6! &#! '(!
,('"#(! 32:&#,! ,(/4&(86! #(,! 1(/8&(/,! 9! ,4!+&/! 32(#32(! $%+,(! 12! <4&86-
*+?42'(! 32&! #(,! 4! (8! %+//(2/! (6! #(,! $+'"466/4! 148,! #4! =/481(! =2(//(!
5&84#(!12!$?$#(!4$62(#)!#:4$6&+8!12!>+86&5(!/+&!(,6!,>&/&62(##(!(6!(##(!,:+>)/(!
,2/! 1(,! >#48,! ,2"6&#,! +B! #(,! 7=#&,(, ! #(,! =/+2>(, ! #(,! $(86/(,! (6! #(,!
,$%("&&).'*;(7+('+7'&8(86(,!,+&(86-(##(, !8:+86!/&(8!9!!+&/)!D!

92(#32(,! #&=8(,! >+#7'&32(,! >+2/! >/7$&,(/! 32:(8! '46&)/(! 1(!


,>&/&624#&67!&#!8(!>(26!?!4!+&/!8&!1+='(,!8&!$(8,(2/, !8&!5420!>/+"#)'(,!
12!6?>(!3"&*%$+'&'*')*'"&/!

6+2/! 8+6/(! >4/6 ! ,48,! 16/(! 42,,&! (0$(,,&5! 32(! #(,! 28,! +2! #(,! 426/(, !
8+2,!>(8,+8,!32:&#!8:?!4!42$28!4864=+8&,'(!(86/(!.$+%"'+#-+!"&#$+1(!#4!
6/41&6&+8!"+211%&32(!(6!#(!,%",4 *$+'&6'('2.$+*#(!M8'<*!42!'486(42!!(/6!
32&! >(26! 4>>4/4L6/(! (6! 1&,>4/4L6/(! 9! !+#+867,! +2! -5#M'! ;<5! <5M! 1(! #4!
6/41&6&+8! 0217+-$%/76&(88( ! >/16/(! 76(/8(# ! /+&! 1(! <4#('! *<4#('! Q! 64&0,!
1+86! +8! >/7$&,(! #4! >/&'4267! ,2/! ""/4%4' ! /+&! 12! '+81(! 32&! 8(! >(26!
+(2!/(/! 32:4!($! #(,! 02,6(, ! $(20! 32&! +86! $+'>/&,! 32(! #:%+''(! (,6!
(81+/'&!(6!!32:&#!!8(!!>(26!!>4,,(/!!6+26(!!,4!!&(!!148,!28!!/1!(!1+86!!&#!8(!!
2222222!
+)!41&6&+8,!*+"(/6!#455+86 !64/&,)!

! "'&!
,:7!(&##(/4!'1'(!>4,!4>/),!#4!'+/6A)!

<2/! 28! >#48! >#2,! >/46&32(! 5426-&#! 54&/(! 28(! =/481(! 1&557/(8$(! (86/(!
1(,!'76%+1(,!&1(86&32(,!!(82,!1(!$+2/486,!1&557/(86,!a!64/!(0('>#( !#(,!
/7>76&6&+8,! '486/&32(,! 8(! ,(! /(6/+2!(86-(##(,! >4,! 42,,&! "&(8! 148,! #(!
N%&[/!'2,2#'48!32(!148,!#(,!'76%+1(,!1(!$(/64&8,!'+84,6)/(,!$+>6(,!
(6 ! >#2,! >/),! 1(! 8+2, ! 1(! #:%7,?$%4,'(! 1+86! #4! '76%+1(! 1:+/4&,+8 ! 9!
6/4!(/,! #(! $+86/@#(! /(,>&/46+&/(! (6! #:+'>%4#+,$+>&( ! >(/'(6! 1(! 6/+2!(/! .$+
.'$-+#-+3"$-%+$*+)6$3+.-'+*"-*$(+("%*$(+#$+!$%6$'..$(+$*+#$+3"&&)'(()&3$(+&+
>+2/!$(20!32&!>(8,(/4&(86!32(!#:7,+67/&,'(!$%/76&(8!(,6!'+/6)))!

#(,! !+&(,! 4#$%&'&32(,! (06(/8(,! (6! &86(/8(,! 5+86! >4/6&(! 1(,! >/46&32(,!
#(,! >#2,! (55&$4$(,! >+2/! /4>>/+$%(/! #:%+''(! 1(! #4! 8462/( ! 1+8$! 1(! #4!
'48&5(,646&+8!1(!<&(2 !(##(,!8(!,+86!>4,!#(,!,(2#(,)!#:(0('>#(!,2&!486!(6!
#(! 67'+&=84=(! 1(! -$*'85'! ;V5<8'3" ! 5+8146(2/! 1(! #:"?[&1+ ! 32&! !7$26!
(8!#2&!#:;8&+8!12!$&(#!(6!1(!#4!6(//( !(8!(,6!#4!>/(2!(!

C!92481!0(!'4/$%4&,!148,!#(!04/1&8!0(!,(86&,!,2"&6('(86!32(!#:28&!(/,!
6/('"#4&6!(6!32:28!(,>/&6!1+/7!,+/6&!12!,+# !(8!(#+>>4&6!'+8!$+/>, !(6!#(!
$%48=(4&6! (8! 28! 426/(! 54&6! 1:+/)! "2! '1'(! '+'(86! '+8! (,>/&6! (6! '+8!
$+/>,!1(!&8/(86!#7=(/,)!::764&,!$4>4"#(!1(!$+'>/(81/(!#(,!'2/'2/(,!1(,!
+&,(420 !(6!0:764&,!$#4&/('(86!$+8,$&(86!1(!#:(,>/&6!1(!<&(2 !#(!$/746(2/!1(!
$(6! ;8&!(/,)! "! $(! '+'(86! 0(! $+'>/&,! #4! ,+2/$(! 12! 321+! (6! #:"'+2/! 1(!
<&(2!-!#:(,>/&6!1(!>/+6($6&+8!4'+2/(2,(!>+2/!6+2,!#(,!16/(,)!<(,!#4/'(,!
1(!0+&(!$+2#4&(86!,48,!&86(//2>6&+8!,2/!'(,!0+2(,)!<(>2&,!$(!'+'(86!0:4&!
767!4'(87!9!,(86&/!32(!#4!6(//(!(86&)/(!(,6!'4!'4&,+8 !(6!32(!#(!,+#(&# !#4!
#28(! (6!#(,! 76+&#(, !,+86! 6+26(,! 1(,! $%+,(,! 32&! '(! ,+86! >/+>/(,)! :(! ,2&,!
1(!(82!#&"/(!1(!6+26!17,&/)!D!!

58! 54&6! 6+2,! #(,! 6(06(,! /(#&=&(20! ,+86! 28! 4>>(#! 42! /7!(&# ! #(32(#! 8(!
>4,,(! >4,! >4/! 1(,! $+=&646&+8,! &85&8&(, ! '4&,! >4/! #:&8!(/,( ! 28(! >/46&32(!
$+86&82(##( !176(/'&87( !32&!+2!/(!8+8!,(2#('(86!#:(,>/&6!'4&,!#(!$+(2/ !
>/40&,!32&!8(!>(/'(6!#:7>48+2&,,('(86!1(!#4!*$<5!32(!>4/!#4!.*$'&)!

((((((()
A)!3(88(6!$+85&/'(!>4/!4&##(2/,!148,!`#(,!-4L6/(,!1(!,4=(,,(`!*51)!#(!.+2//&(/!12!
#&!/(,!$(!32&!4!767!1&6!>/7$71(''(86!,2/!#4!$%4L8(!1(,!-4L6/(,!32&!(,6!"&(8!4867/&(2/!42!
>/+>%)6(!-4%+''(1)!!

"'6! !
)

) ) )
)

)
)

! "'%!
)
)

1<<'+.0&')5))$03,-0"')3'&",,')./)!;,7%1-"034'((((((((((((((((((((((!
!

.+8$(/8486! #:%&,6+&/(! 1(! #4! 1+$6/&8(! >?6%4=+/&$&(88( ! &#! (,6! 26&#(! 1(!
$&6(/! 28! >4,,4=(! 1(! #:4/6&$#(! 1(! -4L6/(! :)! -"##'G75*! C! 8&,6+&/(! ,($/)6(!
12!6?6%4=+/&,'(!D!>4/2!(8!+UPP!148,!#4!/(!2(!'8$+882(,!*#42,488(,!
!
#(,!4/$%&!(,!1(,!'8&6&7,!1:"8=#(6(//(!8+2,!4>>+/6(86!#4!146(!>/7$&,(!1(!
#:7'&=/46&+8! 1(! #4! 1+$6/&8(! >?6%4=+/&$&(88(! !(/,! #(,! $&67,! "/&6488&32(,)!
.:(,6!(8!(55(6!(8!+PPE!32(!#(!0(28(!''%+E4"!)(+O7)?-W+(,6!/(.2 !9!/+/#& !
9!#:&8&6&46&+8!1(,!9%)*$..'+72(3-%'+&+(6!$:(,6!(8!H=K=+32:&#!/(86/(!(8!,4!>46/&(!
(6! ?! &8,64##(! #(,! 4$6&!&67,! 6/41&6&+88(##(,! 1(! #:$/1/()! '#! #)=2(! SX! XXX!
!+#2'(,! 9! #4! "&"#&+6%)32(! 1:$05+/1! T! &#! &8&6&(! 1&!(/,(,! >(/,+884#&67,! 32&!
$+86&82(/+86! ,+8! +(2!/()! #:%2'48&,'(! >/(81! 42,,&6@6! 28! (,,+/! >/+1&-
=&(20! (6! #4! 5+/'(! 28&!(/,&64&/(! 12! G7+-6?6%4=+/&,'( ! #(! 5"-6$)-=6.)*"=
&'(!$+$+832&(/6!9!#4!5+&,!#(,!(,>/&6,!(6!#(,!$+(2/,!F!?$&%'+17:-7+E4;",4'.$+
(6!E4"!)(+F#?-7+:/+%A)+X7:E?+1&552,(86!#(,!6(06(,!#(,!>#2,!&8,6/2$6&5,!
12!%"%,-(+6(*4)*"%'3-!+(6!#(,!$+''(86(86)!#:28!1(,!$%(5,!1(!#:$/1/( !''%+
X).*$%+:#?-2F?+#48$(!#4!'+1(!12!64"4$!-!32:&#!4!/4>>+/67!1:"'7/&32(!(6!
$:(,6!,+2,!#(!6&6/(!>/+548(!#!+#!'(+#-+E)2)37+%.-2+#$+9-!$-%(+"-+,&'>#(-
'(86!F!E)2)3"."*'>-$(7+32(!#(,!6?6%4=+/&$&(8,!1:"8=#(6(//(!,(!/728&,,(86!
5/732(''(86+ !,48,!7!(&##(/!#(,!,+2>.+8,!1:28(!>+#&$(!/+?4#( !6+20+2/,!(8!
7646!1:4#(/6()!
!
#4!//48$(!8(!>+2!4&6!1('(2/(/!(8!4//&)/(!(8!,('"#4"#(!1+'4&8()!<(!
'1'(!32:(##(!4!4&6!/(.2!1(!#+81/(,!#(,!>/('&)/(,!$%4/6(,!>+2/!764"#&/!,2/!
,+8! 6(//&6+&/(! #(,! >/('&(/,! 46(#&(/,! '4.+88&32(, ! 1(! '1'( ! $:(,6! 1(!
#+81/(,!(8$+/(!32:(##(!/(.+&6!#(,!>/('&(/,!/&62(#,!12!6?6%4=+/&,'()!-4&,!
>4/! 28! (2>%7'&,'(! 846&+84#! "&(8! $+'>/7%(8,&"#( ! (##(! &86&62#(/4! ,(,!
&8&6&7,!F!.$(+5'3"*'&')*$(+"-+.$(+6%'($-%(7+>+2/!'+86/(/!32(!#(!64"4$!#2&!526!
1+887! >4/! #:28! 1(,! ,&(8, ! D$)&+ 52%7E7+ (6! 32:(##(! 8(! #(! 1(!4&6! >4,! 9!
#:"8=#(6(//(!Z!
!
<+2#&=8+8,! $(>(81486 ! >+2/! 16/(! >/7$&, ! 32:+26/(! $(66(! "/48$%(!
222222222!
+)!'#!(,6!&826&#(!1(!,+2#&=8(/!32(!$(,!/&6(,!8:+86!/&(8!1(!$+''28!4!($!#4!'4.+88(/&(!
6/41&6&+88(##(!T!8&!#(2/,!/&62(#,!8&!#(2/,!,?'"+#(,!8&!#(2/,!(8,(&=8486,!8:+86!#(!'+&81/(!
/4>>+/6!4!($!#(,!2,4=(,!0217+-$%/76&(8,!1(!#4!'4.+88(/&()!

"'!! !
8&$+6&8&46( !1&/&=7(!>4/!D/1/+:#F757+'.+?!(26!(8!//48$(!28(!426/(!!+&(!1(!
>7876/46&+8! &8&6&46&32(! F! $:(,6! #(! /&6(! 1(,! 5;*"3')*$(+ "-+ '-2.'!$(+ 1)3*%$(+
#$+ .!#&&$)-+ ?-!'&$-.7+ &86/+12&6! 9! <+24&! (8! +OSX! >4/! #(! "4/+8! F/+ #$+
O?#-:925)W7+'(,6/(-1(-$4'>!7$+,,4&,!>4,,7!42!,(/!&$(!1(!#4!//48$()!#(!
*&6(!4$+,,4&,!6%&#+,+>%&32(!4",+/"4!$(!/&6(!>(2!4>/),)!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

! "'.!
!
!
!
!
!
1<<'+.0&')6)))&0/60%+-)7"'44'"8)',)6%)9)";"0%4):((((((((((((((((((()
)
)
)
!
!
#4!1(%')!+526!5+817(!>4/!#(!-4=(!7&2#&48+!M*5--5*N !>(/,+884=(!
76/48=(!1+67(!1(!>+2!+&/,!648=&"#(,!F!#4!/(!2(!C!6#48)6(!D!#(!$&64!28!0+2/!9!
>/+>+,!1:28!(0>#+&6!1(!67#7[&87,&(!F!,7>4/46&+8!9!1&,648$(!1(!#4!/+2(!1:28(!
!+&62/(! 32&! >4,,4&6! 148,! #4! /2()! -4&,! ,(,! !+?48$(,! ,+86! 426/('(86!
$7#)"/(,! (6! (##(,! ,(/!&/(86! 9! ,+2#4=(/! 5&848$&)/('(86! "&(8! 1(,! '4#%(2-
/(20)!7&2#&48+!M*5--5*N !1(!,+8!!/4&!8+'!.&/+!/$*-'<"G$ !8432&6!9!
6+/6&$&! *>/),! 1(! G4>#(,,! #(! S! 4!/&#! +SJS)! '#! 5&6! 1(,! 7621(,! #&667/4&/(,!
*1+$6+/46,!9!#:;8&!(/,&67!1(!G4>#(, !>2&,!526!8+''7!>/+5(,,(2/!9!"#!&6+)!
!
58! +SUJ ! &#! +/=48&,(! 28(! 9%)*$%&'*;+ ?$%!;*'>-$+ S+ .)+ 9%)*$..)&8)+
E$%),$-*'3)+1)*'3)+#'+1(%')!+*#4!//46(/8&67!;%7/4>(26&32(!-4=&32(!1(!#4!
-?/&4' !$(/64&8,!#&/+86!#4!//46(/8&67!;('>#&)/(!-4=&32( !4!($!#(,!&8&6&4#(,!
C!//!%!;!%!-!c!1&!-?/!D,!$%4/=7(!1(!>/+>4=(/!#4!1)*'$+2(')>-$+(6!1:(0(/$(/!
#4!'71($&8(!9!1&,648$(!*67#72/=&(,)!
!
M*5--5*N! ,:+$$2>4! >4/6&$2#&)/('(86! 1(! =27/&,+8,! '71&$4#(,!
1&55&$&#(,!(6!(26!"(42$+2>!1(!,2$$),)!<(!+SUJ!9!+SUU!526!>2"#&7(!9!G4>#(,!
#:+(2!/(! 5+814'(864#(! 12! -4L6/(! F! C! '#! -+81+! <($/(6+! -! "!!&4'(86+! "##4!
<$&(8R4! <(&! -4=&! D ! /(>2"#&7(! /7$(''(86! 4!($! #(,! 426/(,! 7$/&6,! 1(!
M*5--5*N!>4/!#(,!C!51&R&+8&!-71&6(//487(!D!1(!*+'()!#(!-4=(!,70+2/84!
#+8=6('>,!,2/!#4!.@6(!1:"R2/ !,2/6+26!9!3(42,+#(&# !9!.488(,!(6!9!G&$()!'#!
/(8$+86/4&6! ,(,! 1&,$&>#(,! 42! .4,&8+! 1(! -+84$+)! M*5--5*N! 8:4!4&6! >4,!
"(,+&8!1(!6/4!4&##(/!>4/$(!32:&#!=4=84&6!$%432(!,+&/!#4!,+''(!32&!#2&!764&6!
87$(,,4&/(! >+2/! !&!/()! '#! '+2/26! (8! +UAX)! <4! 6+'"(! ,(! 6/+2!(! 42!
$&'(6&)/(!1(!3(42,+#(&#)!
!
#4!1(%')!+(,6!1&!&,7(!(8!$&83!$(/$#(,!+2!$#4,,(,!F!
!
!!!!-! #(! >/('&(/! $(/$#(! *$(/$#(! (067/&(2/,! 4! 1(20! ,($6&+8, ! #(,! &"6'3$(+
,%)*'>-)&*(+ $*+ .$(+ )&3'$&(/+ ;8! /&62(#! 1+&6! 16/(! >/46&327 ! 5+817! ,2/! 1(,!
&8!+$46&+8,! '4=&32(,)! '#! 1('481(! "(42$+2>! 1(! $+8,648$(! (6!
#:+",(/!46&+8!>/7$&,(!1(!$(/64&8,!$?$#(,!*#284&/( !,+#4&/( !(6$),)!
!
-! #(! 1(20&)'(! $(/$#(! *$(/$#(! &86(/8(,! (,6! 5+/'7! >4/! #(,! #'(3',.$(+

""'! !
'&*;*%)-./+;8(!426/(!764>(!'4=&32(!#(2/!(,6!(8,(&=87()!'#,!5+86!28!(55+/6!
1(!>2/&5&$46&+8!>+2/!+"6(8&/!#4!>+,,&"&#&67!1(!=27/&,+8!'4=&32(!1&/($6()!
!
-! #(! 6/+&,&)'(! $(/$#(! (,6! 1&6! 1(,! *4;%),$-*$(+ S+ #(! 6%7/4>(26(! 1+&6!
6/4!4&##(/!9!#4!=27/&,+8!1(,!'4#41(,!(6!6(86(/!#4!'48&5(,646&+8!1&/($6(!1(!
#4!>/7,(8$(!6%7/4>(26&32(!*'48&5(,646&+8!12!;"&(+"-+)'"(3-%$J/+
+
=+#(!3246/&)'(!$(/$#( !$(#2&!1(,!!)3*%$(+2(')>-$(+"-+1)3*%$(+#$+1(%')!+
(,6!$+8,4$/7!#2&!42,,&!9!#:7621(!1(!#:4#$%&'&(!T!#(,!-4L6/(,!+86!28(!'&,,&+8!
1:&85+/'46&+8)! <(,! 6($%8&32(,! >#2,! #'%$3*$(+ ,+86! 42,,&! (8,(&=87(,! 148,!
$(!=/41()!
!
-! #(! $&832&)'(! $(/$#(! (,6! 6/),! 5(/'7! F! &#! (,6! #:(0>/(,,&+8! 12! $+##)=(!
%(/'76&32()! #4! !+$46&+8! (067/&(2/(! 1(! #4! 1(%')!+ (,6! ,2/6+26! #:4&1(! 420!
'4#41(,! T! #(,! =27/&,+8,! ,(! 5+86! 9! 1&,648$(! =/>$(! 9! 28! /&62(#! &8!+$46+&/()!
#4! 1(%')!+ (,6! $+8,6&627( ! >+2/! #4! >#2>4/6! 1(! ,(,! '('"/(, ! >4/! 1(,!
>(/,+88(,! $2#6&!7(,)! $8! 8(! >(26! 8&(/! #4! !4#(2/! 1(,! /(,>+8,4"#(,! 32&! 8(!
,42/4&(86! 16/(! $+'>4/7,! 420! 6/),! 8+'"/(20! 1&/&=(486,! 54864&,&,6(,! 1(,!
$/1/(,!$+86('>+/4&8,)!#4!1(%')!+(6!#(,!$/1/(,!484#+=2(,!>/@8(86 !>+2/!
$(/64&8,!#4!$%4,6(67 !>+2/!1:426/(,!28(!6/),!=/481(!/7,(/!(!42!8&!(42!1(!
#4!,(024#&67)!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

! """!
!
!
!
!
!
1<<'+.0&');)))8%))2-0'))%6&7040=/'))$#40+0+')).%+3))6'))<%-=34'))'+)
?70+'((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((()
)
)
)
)
)
#4!5(''(!(,6!>/7,(86(!148,!#(!64+?,'(!1),!#:4>>4/&6&+8!420!4#(86+2/,!
1(! #:)/(! $%/76&(88(! 1(,! >/('&(/,! '+2!('(86,! /(#&=&(20)! #:+/=48&,46&+8!
64+?,6(! 1(,! -4L6/(,! .7#(,6(,! &8,642/4&6! 28(! ,+$&767! 12! >(2>#(! 64+?,6(!
$4>4"#(! 1(! ,2/!&!/(! 420! 1&!(/,(,! $4#4'&67,! (6! 1(! >(/>762(/! #:+/1/(!
%4/'+8&(20)! "! #4! 616(! 1(! $(,! $+''284267,! ,(! 6/+2!4&(86! #(! '4L6/(! 12!
1&+$),(! (6! ,+8! 7>+2,( ! 4>>(#7(! !)3*%$+ 0;!'&'&7+ $(66(! 1(/8&)/(! 76486!
$%4/=7(! 1(! 1&/&=(/! (6! 1:&8,6/2&/(! #(,! 5(''(,)! ;+2,! #(,! '('"/(,! 1(! #4!
$+''284267!764&(86!&8&6&7,!(6!,+2'&,!9!28(!!&(!/(#&=&(2,(!$+'>+/6486!28!
$+1(! '+/4#! 6/),! ,6/&$6! (6! 1(,! >/46&32(,! >,?$%+>%?,&+#+=&32(,! 54&,486!
&86(/!(8&/!#4!,(024#&67)!<(>2&,!#:486&32&67 !#:4$6&!&67!,(02(##(!764&6!(8!(55(6!
$+8,&17/7(! (8! .%&8(! $+''(! 87$(,,4&/(! 8+8! ,(2#('(86! >+2/! #:&81&!&12!
#2&-'1'( !'4&,!42,,&! >+2/! #4!"+88(!'4/$%(! 1(!#:28&!(/, !1+86! (##(! 764&6!
28(! (0>/(,,&+8)! "2,,&! 764&6-(##(! $+1&5&7(! 1(! '48&)/(! 9! ,2&!/(! #(! /?6%'(!
1:7!+#26&+8! 1(,! 78(/=&(,! 57'&8&8(! (6! '4,$2#&8(! 148,! #:28&!(/,)! .(,!
$+8$(>6&+8,! +86! 767! /(>/&,(,! (6! 17!(#+>>7(,! >4/! $(/64&8,! $+2/486,!
64+?,6(,)!#4!5(''(!0+24&6!>4/!$+8,732(86!148,!#(,!+/=48&,46&+8,!$+''(!
$(##(,!1(,!'4L6/(,!.7#(,6(,!28!1+2"#(!/@#(!F!1:28()>4/6!$+''(!712$46/&$(!
1(,!5(''(, !1:426/(!>4/6!$+''(!>4/6(84&/(!148,!#(,!/&6(,!,(02(#,)!
)
<:426/(,!$+2/486,!64+?,6(,!+86!41+>67!28(!466&621(!1&557/(86()!;+26!(8!
$+8,(/!486! ,+8! &'>+/648$(! 9! #4! ,(024#&67 ! &#,! #:+86! 6/48,>+,7(! 148,! #(!
1+'4&8(!1(!#:&'4=&84&/( !1(!,+/6(!32(!#:28&+8!4!#&(2!4!($!28!16/(!1&!&8&,7 !
28(! .-!' %$+ 3"!,)*&$/+ #4! 5(''( ! >4/6(84&/(! 1(! #:%+''( ! (,6! 1+8$!
>4,,7(! (8! >4/6&(! +2! (86&)/('(86! 12! 1+'4&8(! 12! /7(#! 9! $(#2&! 1(!
#:&'4=&84&/()! '174#&,7( ! (##(! 4>>4/6&(86! 42! '+81(! 1(,! 1&(20 ! 4232(#!
#:41(>6(! 4$$)1(! >4/! ,+8! &86(/'71&4&/(! T! (##(! #2&! ,(/6! 1(! >/7$(>6/&$(! (6! 1(!
=2&1(! 148,! ,4! >/+=/(,,&+8! ,>&/&62(##( ! (6! #:+8! $+8,646(! 32(! $(,! $+2/486,!
+86! $+882! 28! =/481! 8+'"/(! 1(! '4L6/(,! 57'&8&8,)! .(! >4,,4=(! 1(! #4!
5(''(! 148,! #(! 1+'4&8(! 1(! #:&'4=&84&/(! !4! 1(! >4&/! 4!($! 28(! &86(8,&5&-
$46&+8! 1(! ,4! 5+8$6&+8! '71&46/&$()! <&! #:%+''(! (,6! $(#2&! 32&! (8=(81/( ! #4!
5(''(!(,6!$(##(!32&!6/48,5+/'( !1:+B!#(!/@#(!>/&!&#7=&7!32:(##(!0+2( !#+/,32(!
1(,!>/+$(,,2,!1(!6/48,'2646&+8!,+86!(8!0(2)!
!
#:4#$%&'&(!&867/&(2/( !32&!4!>/&,!84&,,48$(!(8!.%&8(!!(/,!#(!('''(!,&)$#(!

""#! !
,:(,6! >/&8$&>4#('(86! 17!(#+>>7(! !(/,! #(,! '&-&(! ,&)$#(,)! .(##(-$&! /(>/(84&6!
(8! 54&6! 1&!(/,(,! >/46&32(,! >,?$%+>%?,&+#+=&32(,! 64+?,6(,! 4867/&(2/(, !
6(##(,! 32(!#4!1&7676&32( ! #(,! (0(/$&$(,!=?'8&32(,! (6! /(,>&/46+&/(, ! #:4/6! 1(!
#:4#$@!(! (6! #(,! >/+$717,! 1(! !&,24#&,46&+8)! -4&,! (##(! #(,! (0>/&'4&6! (8!
,:&8,>&/486! 12! !+$4"2#4&/(! 1(! #:4#$%&'&(! +>7/46+&/(! (6! (8! #(,! &867=/486!
148,!28! ,?,6)'(! 1(!$+//(,>+8148$(,!(86/(!#(,! '7$48&,'(,!1(! #:28&!(/,!
(6!$(20!12!$+/>,!6/),!7#4"+/7 !>+2/!5+/'(/!28!(8,('"#(!+/&=&84#)!
!
#4! 5(''(! 526! >/7,(86(! 1),! #(,! 17"26,! 1(! #:4#$%&'&(! &867/&(2/()!
.(>(81486 !#4!6/41&6&+8!4#$%&'&32(!>/+>/('(86!57'&8&8(!8(!,(!17!(#+>>4!
32:42! &''(! ,&)$#( ! >+2/! 466(&81/(! ,+8! 4>+=7(! 42! ,&)$#(! 1(/8&(/)! #(,!
1&557/(8$(,!(86/(!#(,!!+&(,!'4,$2#&8(!(6!57'&8&8(!/(5#)6(86!#(,!1&,6&8$6&+8,!
>%?,&+#+=&32(,! (6! >,?$%+#+=&32(,! (86/(! #:%+''(! (6! #4! 5(''(! 1:4>/),! #(,!
$+8$(>6&+8,! 64+?,6(,)! (+&$&! $+''(86! 28! 4#$%&'&,6(! 12! &'&(! ,&)$#(! #(,!
/7,2'(! F! C! .%(R! #:%+''( ! #(! ?48=! ,:7$+2#(! >4/! #(! "4, ! $%(R! #4! 5(''(! &#!
,:7$%4>>(!>4/!#(!%426)!#:%+''(!>/46&32(!45&8!1:7!&6(/!#:7$+2#('(86!1(!#4!
,('(8$( !#4!5(''(!>/46&32(!45&8!1:7!&6(/!#:7$+2#('(86!1(,!/)=#(, !>/+$717!
4>>(#7! #;3),'*)*'"&+ #-+ #%)*"&+ %"-*$/+ #:(,,(8$(! ,7'&84#(! 1(! #:%+''(!
$&/$2#(! (8! ,(8,! &8!(/,(! (6! #(! ')8(! 9! #:&''+/64#&67! T! #(! ,48=! 1(! #4! 5(''(!
/('+86(! 1&/($6('(86! 9! #4! $4!&67! 12! $+(2/)! .%(R! #:%+''( ! +8! >4/#(!
1:('"/?+8 !$%(R!#4!5(''(!1(!/(,>&/46&+8)!#+/,32(!#:%+''(!4!'4L6/&,7!#(!
6&=/(! "#48$ ! ,(,! 6(,6&$2#(,! ,(! /76/4$6(86! T! #+/,32(! #4! 5(''(! 4! 17$4>&67! #(!
1/4=+8 ! ,(,! ,(&8,! ,(! /76/4$6(86)! #:%+''(! >(26! (55($62(/! #:4,$(8,&+8! 42!
$&(#! 1(! #2&-'1'( ! 4#+/,! 32(! #4! 5(''(! 1+&6! 466(81/(! 1:16/(! $+8!+327()!
585&8 ! >+2/! #4! 52,&+8! 148,! #4! =/481(! (4$2&67 ! #:%+''(! 1+&6! 87$(,,4&-
/('(86!'71&6(/!8(25!48,!54$(!9!28!'2/ !#4!5(''(!8+8)!D!

#(,! 7$+#(,! 1:4#$%&'&(! &867/&(2/(! 26&#&,4&(86! >+2/! $(/64&8(,! #(,! 6($%8&-


32(,!,(02(##(, !6481&,!32(!1:426/(,!>/7$+8&,(86!28(!28&+8!&'4=&87(!1(,!
78(/=&(,! 57'&8&8(! (6! '4,$2#&8(! 9! #:&867/&(2/! 12! $+/>,! 1(! #:41(>6()! -4&,!
148,!#(,!1(20!$4, !#4!>/('&)/(!764>(!$+8,&,6(!9!7!&6(/!6+26(!17>(/1&6&+8!
>4/! #(,! !+&(,! =78&64#(, ! 1:(,,(8$(! $%(R! #:%+''( ! (6! 1(! ,48=! '(8,6/2(#!
$%(R!#4!5(''()!#(!,48=!(,6!#(!5+81('(86!>%?,&+#+=&32(!1(!#4!5(''( !28!
>/+12&6!12!,+255#(!+/&=&8(#!T!42,,&!28(!5(''(!'78+>42,7(!1+&6-(##(!6+26!
1:4"+/1! 54&/(! /(!(8&/! ,(,! '(8,6/2(,! >+2/! 9! 8+2!(42! (8! ('>1$%(/!
#:7$+2#('(86 ! $4/! #:4",(8$(! 1(! /)=#(,! 4>/),! #4! '78+>42,(! ,&=8&5&(! 28!
7>2&,('(86! 12! ,+255#(! +/&=&8(#)! #(,! >/+$717,! 1(! #;3),'*)*'"&+ #-+ #%)*"&+
%"-*$+ $+8,&,6(86! (8! '4,,4=(,! 1(! $(/64&8(,! >4/6&(,! 12! $+/>, ! $+8$(8-
6/46&+8!,2/!#4!/7=&+8!12!$+(2/!(6!4",+/>6&+8!148,!#(!$4#'(!,>&/&62(#)!
.(! ,+255#(! +/&=&8(#! $+8,(/!7! 9! #:&867/&(2/! 12! $+/>,! 1(! #:41(>6(! (,6!
$+'>4/7!9!28!('"/?+8 !32&!,(!17!(#+>>(!>+2/!1(!(8&/!28!16/(!,>&/&62(#!
1(! #2'&)/(! >+2!486! ,+/6&/! >4/! #(! ,+''(6! 1(! #4! 616()! "#+/,! 32(! 148,!
#:4#$%&'&(! '4,$2#&8( ! #:41(>6(! ,(! $+8$(86/(! >(81486! 1&0! '+&,! ,?'"+#&-
32(,! ,2/! #4! $/+&,,48$(! 1(! $(6! ('"/?+8! 32:&#! 8+2//&6! (8! ,+8! ,(&8 ! #4!
5(''( !32&!1(!>4/!,4!5+8$6&+8!'46(/8(##( !$+884L6!$(66(!,(8,46&+8 !1(!/4!

! ""$!
>#26@6! 17!(#+>>(/! #4! ,(8,46&+8! 1(! '+2!('(86! /(,>&/46+&/(! &86(/8( !
17!(#+>>486!#4!$+8,$&(8$(!1:28(!!(/6&$4#&67!42!$(86/(!12!$+/>,)!
585&8 !#4!8462/(!>#26@6!>4,,&!(!(6!/7$(>6&!(!1(!#4!5(''(!#2&!>(/'(6!1(!
,(! 5+81/(!4&,7'(86!9! #4! (4$2&67 ! '4&,!#4!/(81! >4/!#9! '1'(! 17>(81486(!
1:28(!&86(/!(86&+8!4$6&!(!>+2/!,+8!4,$(8,&+8!42!'+81(!1(,!$&(20)!
<48,! #(,!1(20! !+&(, ! '4,$2#&8(! (6! 57'&8&8( ! #4! /74#&,46&+8! ,>&/&62(##(!
,(! 6/412&6! (8! 6+26! $4,! >4/! 28(! 1&'&826&+8! 1(,! $4/4$6)/(,! ,(027,!
4$$+'>4=8486!#(!=/481!/(6+2/!1(!#:41(>6(!42!;4+)!
!
.46%(/&8(!<5<65;&!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

""(! !
!
!
!
!
!
!
!

<&!!+2,!17,&/(R!16/(!6(82!
42!$+2/486!1(,!>2"#&$46&+8,!
1(,!4<';'$G<!"&'<!-;G<'!
(8!+?(R!!+,!8+'!(6!41/(,,(!9!
4<';'$G<!"&'<!-;G<'!
S !74#(/&(!-+86'4/6/(!
OPXX=!6"*'<!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!

! ""&!
+
!

""6! !

You might also like