Everyday Life in Kashmir: The Maintenance of Normalcy Amidst

University of Pennsylvania
ScholarlyCommons
Anthropology Senior Theses
Department of Anthropology
Spring 2013
Everyday Life in Kashmir: The Maintenance of
Normalcy Amidst Political Violence
Divya Mishra
University of Pennsylvania
Follow this and additional works at: http://repository.upenn.edu/anthro_seniortheses
Part of the Anthropology Commons
Recommended Citation
Mishra, Divya, "Everyday Life in Kashmir: The Maintenance of Normalcy Amidst Political Violence" (2013). Anthropology Senior
Theses. Paper 141.
This paper is posted at ScholarlyCommons. http://repository.upenn.edu/anthro_seniortheses/141
For more information, please contact [email protected].
Everyday Life in Kashmir: The Maintenance of Normalcy Amidst Political
Violence
Disciplines
Anthropology
This thesis or dissertation is available at ScholarlyCommons: http://repository.upenn.edu/anthro_seniortheses/141
!
!
"#$%&'(&!)*+$!*,!-(./0*%1!!
2/$!3(*,4$,(,5$!6+!76%0(85&!(0*'.4!968*4*5(8!:*68$,5$!
!!
;&!
!!
<*#&(!3*./%(!
!!
=,!
!!
>,4/%6?686@&!
!!
ABC0*44$'!46!4/$!
<$?(%40$,4!6+!>,4/%6?686@&!
D,*#$%.*4&!6+!9$,,.&8#(,*(!
!!
2/$.*.!>'#*.6%1!!E%(,!;(%@!
!!
!
!
!
FGHI!
!!
"#$%&'(%)!
!
2/$!-(./0*%!%$@*6,!/(.!C$$,!5/(%(54$%*J$'!*,!C64/!(5('$0*5!(,'!?6?B8(%!8*4$%(4B%$!
(.!(!?8(5$!6+!#*68$,4!56,+8*54!(,'!.$?(%(4*.0!.*,5$!4/$!8(4$!HKLG.M!!>84/6B@/!5*#*8*(,!
'$(4/.!(,'!$,56B,4$%.!C$4N$$,!0*8*4(,4.!(,'!4/$!=,'*(,!(%0&!56,4*,B$!46!C$!
B,.B%?%*.*,@!$#$,4.!*,!-(./0*%O!C64/!=,'*(,!CB%$(B5%(4.!(,'!-(./0*%*!5*4*J$,.!
58(*0!$#$%&'(&!8*+$!*,!-(./0*%!*.!5(%%*$'!6,!N*4/!56,.*'$%(C8$!,6%0(85&M!!2/*.!.4B'&!
$P?86%$.!/6N!4/$!*,4$%?8(&!C$4N$$,!-(./0*%*.Q!?%$.$,4!'(&!%$8(4*6,./*?.!N*4/!4/$!
=,'*(,!@6#$%,0$,4!(,'!4/$*%!0$06%*$.!6+!4/$!*,.B%@$,5&!*,!4/$!$(%8&!HKKG.!
56,4%*CB4$!46!4/$!0(*,4$,(,5$!6+!$#$%&'(&!,6%0(85&!'$.?*4$!5B%%$,4!?68*4*5(8!
#*68$,5$M!!<%(N*,@!6,!$4/,6@%(?/*5!'(4(!+%60!=,'*(,!('0*,*.4$%$'!-(./0*%!4/(4!
N(.!5688$54$'!'B%*,@!4/$!.B00$%!(,'!N*,4$%!6+!FGHFO!4/$!.4B'&!*'$,4*+*$.!4/%$$!
+(546%.!4/(4!56,4%*CB4$!46!4/$!0(*,4$,(,5$!6+!$#$%&'(&!?$(5$!N/*5/!(%$!HR!4/$!N(&!
0$06%*$.!6+!?(.4!#*68$,5$!(886N!#*68$,5$!*,!4/$!?%$.$,4!46!C$!(C.6%C$'!*,46!
$#$%&'(&!,6%0(85&!FR!4/$!0(4$%*(8!(,'!?.&5/*5!4*$.!-(./0*%*.!/(#$!46!4/$!=,'*(,!
@6#$%,0$,4O!IR!(,'!4/$!?8(5$!6+!S4/$!56,+8*54T!*,!.65*(8!N$8+(%$!'*.56B%.$M!!2/$!
.4%B54B%$'!,(4B%$!6+!4/$!,6%0(85&!*,!-(./0*%!%$,'$%.!4/$!%$@*6,!B,(C8$!46!.$?(%(4$!
+%60!4/$!=,'*(,!.4(4$O!'$.?*4$!N*'$.?%$('!.$?(%(4*.4!.$,4*0$,4.M!
!
!
F!
!
*'#+,!-.!/-0%,0%$!
!
HM =,4%6'B54*6,!
H!
FM U/(?4$%!H1!3$06%*$.!6+!#*68$,5$!
HL!
IM U/(?4$%!F1!>44(5/0$,4!46!4/$!.4(4$!
II!
VM U/(?4$%!I1!2/$!56,+8*54!(.!(!+$(4B%$!6+!4/$!.4(4$!
VW!
XM U6,58B.*6,!
YV!
YM ",',64$.!
YK!
WM Z$+$%$,5$.!5*4$'!
WF!
!
!
I!
!
!
!
!
!
!
!
!
10%&-23(%4-0!
H!
!
!
!
[(%.O!*,.B%@$,5*$.O!(,'!64/$%!\*,'.!6+!(%0$'!?68*4*5(8!56,+8*54!C%*,@!46!0*,'!
#*68$,4!'*.%B?4*6,.!6+!$#$%&'(&!8*+$M!!]6N$#$%O!.B5/!(!56,5$?4*6,!6+!?68*4*5(8!56,+8*54!
4(\$.!+6%!@%(,4$'!4/$!,6%0(85&!6+!$#$%&'(&!8*+$!4/(4!*.!C$*,@!'*.%B?4$'!C&!#*68$,5$M!!
[/*8$!$#$%&'(&!(54*#*4*$.!(%$!*,'$$'!*,4$%%B?4$'!'B%*,@!4*0$.!6+!56,+8*54O!4/$*%!
,6%0(85&!*.!,64!$,4*%$8&!6C8*4$%(4$'^!*4!$P*.4.!(86,@.*'$!(,'!*,!C$4N$$,!4/$!.?B%4.!6+!
#*68$,5$M!!=4!*.!0&!(*0!*,!4/*.!.4B'&!46!?%6C8$0(4*J$!4/$!$P*.4$,5$!6+!,6%0(85&!*,!4/$!
56,4$P4!6+!-(./0*%O!4/$!'*.?B4$'!4$%%*46%&!6,!4/$!,6%4/$%,!C6%'$%!C$4N$$,!=,'*(!
(,'!9(\*.4(,O!N/$%$!?68*4*5(8!#*68$,5$!/(.!C$$,!4/$!,6%0!+6%!'$5('$.M!
!
=!/('!*,*4*(88&!@6,$!46!-(./0*%!46!.4B'&!4/$!#*68$,5$!(..65*(4$'!N*4/!*4.!
?68*4*5(8!56,+8*54O!(!%$8*5!6+!4/$!.$?(%(4*.4!*,.B%@$,5&!4/(4!C$@(,!*,!HKLKO!CB4!N/(4!
_B*5\8&!5(B@/4!0&!*,4$%$.4!N(.!4/$!$(.$!N*4/!N/*5/!865(8.!56B8'!06#$!(C6B4!?BC8*5!
.?(5$.!'$.?*4$!4/$!4/%$(4!6+!#*68$,5$M!!2/$%$!N$%$O!'B%*,@!0&!4*0$!4/$%$!*,!FGHFO!(4!
8$(.4!4/%$$!*,5*'$,4.!6+!5*#*8*(,!'$(4/.!(4!4/$!/(,'.!6+!4/$!=,'*(,!.$5B%*4&!+6%5$.!(,'!
6,$!*,5*'$,4!6+!5%6..+*%$!C$4N$$,!0*8*4(,4.!(,'!4/$!(%0&O!CB4!,$*4/$%!=!,6%!(,&!6+!4/$!
-(./0*%*!+(0*8*$.!=!8*#$'!N*4/!+$84!$,'(,@$%$'!C&!4/$.$!$#$,4.M!!)65(8.!6+4$,!?(B.$'!
46!56,'$0,!4/$!%B8$!6+!4/$!=,'*(,!.4(4$O!N/*5/!4/$&!.(N!(.!(,!6??%$..*#$!655B?&*,@!
?6N$%O!CB4!'(*8&!(54*#*4*$.O!.B5/!(.!@6*,@!46!4/$!0(%\$4O!.5/668!6%!N6%\O!5(%%*$'!6,!(.!
B.B(8HM!!2/$!?$%.*.4$,5$!6+!4/*.!,6%0(85&!*,!.?*4$!6+!#*68$,5$!_B*5\8&!C$5(0$!4/$!
6C`$54!6+!0&!.4B'&M!!76%0(85&O!(.!=!B.$!4/$!N6%'O!'6$.!,64!%$+$%!46!4/$!,6%0(8*J(4*6,!
6%!%6B4*,*J(4*6,!6+!#*68$,5$!*4.$8+O!CB4!46!4/$!(C*8*4&!46!5(%%&!6B4!4/$!(54*#*4*$.!6+!
$#$%&'(&!8*+$!(,'!06#$!4/%6B@/!?BC8*5!?8(5$.!N*4/6B4!,64(C8$!'*.%B?4*6,!6%!+$(%M!!!
!
F!
!
2/$!6,8&!N(&!4/*.!,6%0(85&!56B8'!C$!0(*,4(*,$'!(??$(%$'!46!C$!56,4*,@$,4!
6,!-(./0*%*.Q!566?$%(4*6,!N*4/!4/$!=,'*(,!@6#$%,0$,4FM!!2/$!0(`6%*4&!6+!-(./0*%*.!
=!N6%\$'!N*4/!560?8*$'!N*4/!4/$!6%'$%.!6+!=,'*(,!.$5B%*4&!+6%5$.!(,'!'*'!,64!
6C.4%B54!4/$!?%6`$54.!6+!4/$!.4(4$M!!]6N$#$%O!4/$!+$N!46N,.!(,'!,$*@/C6%/66'.!
N/$%$!?$6?8$!N$%$!,64!560?8*(,4!N$%$!\,6N,!46!C$!?(%4*5B8(%8&!?%6,$!46!#*68$,5$M!!
E6%!*,.4(,5$O!*4!N(.!56006,!\,6N8$'@$!(06,@!-(./0*%*.!4/(4!4/$!46N,!6+!A6?B%!
N(.!6,$!6+!4/$!+$N!?8(5$.!4/(4!.4*88!/(%C6%$'!+6%$*@,!0*8*4(,4.!(,'!'*'!,64!
?(%4*5*?(4$!*,!0B,*5*?(8!$8$54*6,.!6B4!6+!.?*4$!46N(%'.!4/$!@6#$%,0$,4IM!!2/$!
,$*@/C6%/66'!6+!3(*.B0(!*,!4/$!5(?*4(8!5*4&!6+!A%*,(@(%O!?(%4!6+!4/$!*,+(06B.!C$84!6+!
,$*@/C6%/66'.!5(88$'!S)*448$!9(\*.4(,T!N(.!.(*'!46!(8N(&.!C$!%$('&!46!?*5\!(!+*@/4!
N*4/!=,'*(,!.$5B%*4&!+6%5$.M!!]6N$#$%O!4/$!#(.4!0(`6%*4&!6+!-(./0*%*.!=!0$4!N$%$!,64!
+%60!4/$.$!.$8$54!46N,.O!(,'!4/$&!(@%$$'!4/(4!S4/*,@.!N$%$!0B5/!C$44$%!,6NT^!
?$6?8$!N$%$!,6!86,@$%!(+%(*'!46!8$(#$!4/$*%!/60$.!(,'!@6!(C6B4!4/$*%!CB.*,$..O!
46B%*.0!N(.!?*5\*,@!B?O!(,'!0*8*4(,4.a4/6B@/!.B??6.$'8&!.4*88!(%6B,'aN$%$!
_B*$4O!S/$(%'!6+!CB4!,64!.$$,OT!(.!6,$!A%*,(@(%!%$.*'$,4!468'!0$M!!!
!
b*#$,!4/$!?6?B8(%8&!/$8'!#*$N!6+!4/$!=,'*(,!.4(4$!(.!(,!6??%$..6%!*,!-(./0*%O!
=!N(.!5B%*6B.!(.!46!N/&!06.4!-(./0*%*.!N$%$!,64!.$%*6B.8&!*,#$.4$'!*,!4/$!*'$(!6+!
%$C$88*,@!(@(*,.4!4/$!=,'*(,!.4(4$M!!S"#$%&6,$!N(,4.!?$(5$OT!(!-(./0*%*!
.5/6684$(5/$%!/('!468'!0$O!N/$,!=!$P?%$..$'!0&!56,+B.*6,M!!c$4O!4/$!./664*,@.!(,'!
0*8*4(,4!$,56B,4$%.!4/(4!655B%%$'!'B%*,@!0&!+*$8'N6%\O!(.!N$88!(.!-(./0*%*.Q!
N*'$.?%$('!(,4(@6,*.0!46N(%'.!4/$!.4(4$O!8$+4!0$!B,56,#*,5$'!4/(4!566?$%(4*,@!
N*4/!4/$!.4(4$!C%6B@/4!-(./0*%*.!(,&!586.$%!46!?$(5$M!![/&!N(.,Q4!4/*.!(,4(@6,*.0!
I!
!
06C*8*J$'d!![/&!'*'!.6!0(,&!-(./0*%*.!468$%(4$O!/6N$#$%!(,@%*8&O!*,5*'$,4.!6+!
.4(4$e?$%?$4%(4$'!#*68$,5$!%(4/$%!4/(,!4%&!46!$P?$8!4/$!655B?&*,@!?6N$%d!!26!(,.N$%!
4/$.$!_B$.4*6,.O!=!$P?86%$!4/$!.65*(8!(,'!.4%B54B%(8!+(546%.!4/(4!56,4%*CB4$!46!4/$!
0(*,4$,(,5$!6+!,6%0(85&!*,!$#$%&'(&!8*+$!*,!-(./0*%M!
!
*5,!(-0.+4(%!40!6'$574&!
!
A*,5$!4/$!?(%4*4*6,!6+!=,'*(!(,'!9(\*.4(,!*,!HKVWO!-(./0*%!/(.!C$$,!(!.*4$!6+!
56,+8*54M!!2N6!06,4/.!(+4$%!4/$!?(%4*4*6,O!4/$!4/$,e*,'$?$,'$,4!?%*,5$8&!.4(4$!6+!
-(./0*%!`6*,$'!4/$!Z$?BC8*5!6+!=,'*(!*,!$P5/(,@$!+6%!?%64$54*6,!+%60!*,#('*,@!
4%*C$.0(,!+%60!9(\*.4(,!f2%$0C8(&O!FGGKRVM!!2/$!=,'*(,!@6#$%,0$,4!.$,4!*4.!(%0$'!
+6%5$.!46!-(./0*%O!0(\*,@!*4!4/$!.*4$!+6%!4/$!+*%.4!N(%!C$4N$$,!4/$!4N6!+8$'@8*,@!
,(4*6,.!f2%$0C8(&O!FGGKRM!!-(./0*%!N(.!.BC.$_B$,48&!'$58(%$'!(!'*.?B4$'!4$%%*46%&!
C&!4/$!D,*4$'!7(4*6,.!U600*..*6,!+6%!=,'*(!(,'!9(\*.4(,!fD7U=9R!(,'!/(.!C$$,!4/$!
.*4$!6+!4N6!06%$!N(%.!C$4N$$,!4/$!,$*@/C6%*,@!.4(4$.O!*,!HKYX!(,'!HKKKM!!UB%%$,48&O!
4/$!4$%%*46%&!*.!'*#*'$'!C$4N$$,!=,'*(!(,'!9(\*.4(,!C&!)*,$!6+!U6,4%68!f)gURO!
$.4(C8*./$'!C&!4/$!D7U=9!*,!HKWI!f2%$0C8(&O!FGGKRM!![/*8$!4/$!)gU!*.!,64!(!,(4*6,(8!
C6%'$%O!*4!.$%#$.!(.!(!'$!+(546!C6%'$%O!@B(%'$'!C&!.4(,'*,@!(%0*$.!6,!C64/!.*'$.M!!!
!
2/$!+65B.!6+!0&!%$.$(%5/!*.!4/$!?(%4!6+!-(./0*%!4/(4!*.!@6#$%,$'!C&!=,'*(M!!
=,'*(,e!('0*,*.4$%$'!-(./0*%!*.!?(%4!6+!4/$!A4(4$!6+!h(00B!(,'!-(./0*%M!!=,'*(,e
('0*,*.4$%$'!-(./0*%!N(.!4/$!.*4$!6+!(!0*8*4(,4!.$?(%(4*.4!06#$0$,4!4/(4!C$@(,!*,!
HKLK!(,'!8(.4$'!4/%6B@/!4/$!0*'eHKKG.O!(.!N$88!(.!4/$!#*68$,4!56B,4$%e*,.B%@$,5&!
V!
!
$++6%4!?B4!+6%4/!C&!4/$!=,'*(,!.4(4$!f<B.5/*,.\*O!FGHG^!2%$0C8(&O!FGGK^!"#(,.O!
FGGGRM!!2/$!HKKG.!N$%$!4/$%$+6%$!(!?$%*6'!6+!5/(64*5!#*68$,5$!4/(4!*.!5688$54*#$8&!
%$+$%%$'!46!C&!865(8.!(.!4/$!4*0$!6+!4/$!0*8*4(,5&M!!2/$!%$@*6,!/(.!(8.6!C$$,!4/$!.*4$!6+!
.$#$%(8!?6?B8(%!B?%*.*,@.!(@(*,.4!4/$!=,'*(,!.4(4$O!4/$!8(.4!6+!N/*5/!N(.!*,!FGHGeHH!
f<B.5/*,.\*!(,'!]6++0(,O!FGHHRM!!!
!
Z$0,(,4.!6+!4/$!#*68$,5$!+%60!4/$!4*0$!6+!4/$!0*8*4(,5&!%$0(*,!*,!-(./0*%!
46'(&M!!2/$!=,'*(,!@6#$%,0$,4!58(*0.!4/(4!4/$%$!(%$!5B%%$,48&!FGGeWGG!0*8*4(,4.!*,!
-(./0*%O!(88$@$'8&!+6%$*@,O!`B.4*+&*,@!*4.!0(*,4$,(,5$!6+!(!8(%@$!0*8*4(%&!?%$.$,5$!*,!
4/$!%$@*6,XM!!2/$!U$,4%(8!Z$.$%#$!968*5$!E6%5$!fUZ9ERO!.6!/$(#*8&!(%0$'!4/(4!865(8.!
%(%$8&!'*++$%$,4*(4$!4/$0!+%60!4/$!(%0&O!(%$!?6.4$'!(4!$#$%&!.4%$$4!56%,$%!*,!
-(./0*%Q.!,$*@/C6%/66'.!(,'!0(%\$4!?8(5$.O!N/*8$!(%0&!C(.$.!(%$!.$4!B?!6,!4/$!
6B4.\*%4.!6+!46N,.M!!>!%$?6%4!?%$?(%$'!C&!4/$!g%@(,*J(4*6,!+6%!4/$!9%64$54*6,!6+!
<$065%(4*5!Z*@/4.!fg9<ZO!FGGIR!.4(4$.!4/(4!C$4N$$,!4/$!UZ9EO!;6%'$%!A$5B%*4&!
E6%5$O!=,'6e2*C$4(,!;6%'$%!E6%5$O!(,'!=,'*(,!(%0&O!FGGOGGG!,6,e-(./0*%*!.$5B%*4&!
?$%.6,,$8!N$%$!'$?86&$'!*,!4/$!%$@*6,O!(06B,4*,@!46!(C6B4!6,$!(%0$'!6++*5$%!+6%!
$#$%&!FW!-(./0*%*.M!!A?$5*(8!.$5B%*4&!?%6#*.*6,.!4/(4!N$%$!$,(54$'!'B%*,@!4/$!/$*@/4!
6+!4/$!0*8*4(,5&O!.B5/!(.!4/$!*,+(06B.!>%0$'!E6%5$.!A?$5*(8!96N$%.!>54!f>EA9>R!
(,'!<*.4B%C$'!>%$(.!>54!f<<>R!(%$!(8.6!.4*88!*,!?8(5$M!!2/$.$!?%6#*.*6,.!@%(,4!
.N$$?*,@!?6N$%.!46!=,'*(,!.$5B%*4&!+6%5$.!*,!4/$!%$@*6,O!(886N*,@!4/$0!46!S+*%$!B?6,!
6%!64/$%N*.$!B.$!+6%5$O!$#$,!46!4/$!5(B.*,@!6+!'$(4/O!(@(*,.4!(,&!?$%.6,!N/6!*.!
(54*,@!*,!56,4%(#$,4*6,!6+!(,&!8(NT!N*4/6B4!+(5*,@!%$?$%5B..*6,.!f>EA9>O!HKXLRM!!
!
X!
!
9%6#*.*6,.!.B5/!(.!>EA9>!/(#$!%$5$*#$'!56,.*'$%(C8$!5%*4*5*.0!+%60!/B0(,!
%*@/4.!?%6?6,$,4.!+6%!+(5*8*4(4*,@!#*68$,5$!(@(*,.4!-(./0*%*!5*4*J$,.M!!=,'*(,!.$5B%*4&!
+6%5$.!/(#$!C$$,!56,'$0,$'!+6%!/68'*,@!5*#*8*(,.!*,!'$4$,4*6,!N*4/6B4!4%*(8O!
./664*,@!(4!5*#*8*(,.!*,!%$4(8*(4*6,!+6%!0*8*4(,4.Q!(44(5\.YO!(.!N$88!(.!+6%!64/$%!
B,?%6#6\$'!(4%65*4*$.!(@(*,.4!5*#*8*(,.!f766%(,*O!FGGG^!9B%*^!HKKKRM!![/*8$!4/$!%(?$!
(,'!0B%'$%!6+!4N6!-(./0*%*!N60$,!*,!FGHG!C$5(0$!(!%(88&*,@!?6*,4!'B%*,@!(!
?6?B8(%!B?%*.*,@!f<B.5/*,.\*!(,'!]6++0(,O!FGHHRO!5*#*8*(,!'$(4/.!(4!4/$!/(,'.!6+!
.$5B%*4&!+6%5$.!(%$!466!56006,!+6%!06.4!6+!4/$0!46!C$!N*'$8&!?BC8*5*J$'M!!7$(%!
A%*,(@(%Q.!<(8!)(\$O!(!C(\$%Q.!.6,!N(.!./64!+%60!(!UZ9E!6B4?6.4!(5%6..!4/$!.4%$$4!(.!
/$!N(.!586.*,@!B?!/*.!+(4/$%Q.!./6?!*,!FGHHO!(88$@$'8&!C$5(B.$!/$!%$?%*0(,'$'!4/$!
6++*5$%.!+6%!,64!?(&*,@!/*.!+(4/$%!+6%!4/$!C%$('!4/$&!(4$M!!2/$!,$*@/C6%.!_B*$48&!
%$,(0$'!4/$!.4%$$4!*,!/*.!/6,6%O!CB4!4/$!C6&Q.!.46%&!*.!,64!\,6N,!C$&6,'!4/$!
*00$'*(4$!(%$(MW!!=,!4/$!.B00$%!6+!FGHFO!4N6!C6&.!N$%$!\*88$'!C&!(,!(%0&!6++*5$%!*,!
(!#$@$4(C8$!0(%\$4!*,!-B?N(%(O!CB4!4/*.!,$N.O!466O!'*'!,64!5*%5B8(4$!0B5/!+B%4/$%!
4/(,!4/$!46N,!*,!N/*5/!4/$!$#$,4!466\!?8(5$ML!
!
*5,!7'40%,0'0(,!-.!0-&7'+(8!
!
=,!56,4$P4.!*,!N/*5/!#*68$,5$!*.!4/$!,6%0O!)(B%(!Z*,@!fFGGYR!56,5$?4B(8*J$.!
?$(5$!(.!.60$4/*,@!4/(4!0B.4!C$!(54*#$8&!0(*,4(*,$'!(,'!,$@64*(4$'M!!=,!(!.*0*8(%!
0(,,$%O!=!866\!(4!$#$%&'(&!,6%0(85&!(.!.60$4/*,@!4/(4!,$$'.!46!C$!0(*,4(*,$'M!!
]6N$#$%O!B,8*\$!Z*,@!fFGGYRO!N/6!$P(0*,$.!4/$!0(*,4$,(,5$!6+!?$(5$!*,!06%$!
?%*#(4$O!%$.*'$,4*(8!.?(5$.O!=!(0!*,4$%$.4$'!*,!(!,6%0(85&!4/(4!5/(%(54$%*J$.!?BC8*5!
Y!
!
.?(5$.M!!U6,.$_B$,48&O!=!+65B.!6,!.65*(8!(,'!.4%B54B%(8!+(546%.!4/(4!56,4%*CB4$!46!4/$!
0(*,4$,(,5$!6+!,6%0(85&!(4!4/$!.65*$4(8!8$#$8M!!2/$!4/%$$!+(546%.!=!$P?86%$!(%$!
-(./0*%*.Q!0$06%*$.!6+!4/$!#*68$,5$!6+!4/$!0*8*4(,5&O!4/$*%!%$8*(,5$!6,!4/$!=,'*(,!
@6#$%,0$,4!+6%!0(4$%*(8!.$5B%*4&O!(,'!C64/!865(8!(,'!*,4$%,(4*6,(8!$++6%4.!46!
(88$#*(4$!4/$!.B++$%*,@!5(B.$'!C&!4/$!56,+8*54M!
!
=!N*88!+*%.4!$P(0*,$!/6N!0$06%*$.!6+!4/$!$P4%$0$!#*68$,5$!+%60!4/$!4*0$!6+!
4/$!0*8*4(,5&!N6%\!46!?%$.$%#$!,6%0(85&!*,!4/$!+(5$!6+!5B%%$,4!#*68$,5$M!!E(..*,!
fFGGWR!(,'!<(.!fFGGWR!./6N!4/(4!4/$!N(&!*,!N/*5/!#*54*0.Q!0$06%*$.!6+!#*68$,5$!
(%$!4(8\$'!(C6B4a6%!,64!4(8\$'!(C6B4a(5560?8*./$.!'*++$%$,4!4/*,@.!*,!4/$!
?%$.$,4M!!E(..*,!fFGGWRO!*,!?6.4!(?(%4/$*'!A6B4/!>+%*5(O!,64$.!4/(4!(B46C*6@%(?/*5(8!
,(%%(4*#$.!(%$!06C*8*J$'!(.!(!?68*4*5(8!N$(?6,!+6%!+*@/4*,@!>=<AM!!>556%'*,@8&O!(,!
>=<A!#*54*0!4$88.!/*0!/$%!8*+$!/*.46%&!?(5\(@$'!,$(48&!*,46!(!?$%.6,(8!,(%%(4*#$O!468'!
+%60!C$@*,,*,@!46!$,'!*,!,$(%8&!6,$!C%$(4/M!!;&!56,4%(.4O!<(.!fFGGWRO!*,!/$%!N%*4*,@!
(C6B4!4/$!#*68$,5$!4/(4!$%B?4$'!'B%*,@!4/$!?(%4*4*6,!6+!06'$%,!'(&!=,'*(!(,'!
9(\*.4(,O!.(&.!0$06%*$.!6+!4/$!?(%4*4*6,!(%$!,64!'*.5B..$'!(4!(88O!CB4!8$+4!B,.(*'!46!
0(*,4(*,!,6%0(85&!*,!$#$%&'(&!%$8(4*6,./*?.M!!2/$!N(&!*,!N/*5/!0$06%*$.!6+!
#*68$,5$!(%$!4(8\$'!(C6B4!*,!-(./0*%!+(88.!*,46!,$*4/$%!6+!4/$.$!5(4$@6%*$.^!*,.4$('O!
4/$!#*68$,5$!6+!4/$!?(.4!*.!%$0$0C$%$'!*0?8*5*48&!(.!(!56006,8&!$P?$%*$,5$'!
$,#*%6,0$,4O!B,%$0(%\(C8$!*,!*4.$8+M!
!!
2/$!0$06%&!6+!?(.4!#*68$,5$O!5688$54*#$8&!$P?$%*$,5$'O!*.!0(,*+$.4!*,!4/$!
?%$.$,4O!.6!4/(4!4/$%$!*.!,6!58$(%!'*.4*,54*6,!C$4N$$,!4/$!,6%0(85&!6+!4/$!?%$.$,4!
W!
!
(,'!4/$!#*68$,5$!6+!4/$!?(.4M!!E(..*,!fFGGWR!.(&.!4/(4!0$06%*$.!6+!?(.4!+(54.!(%$!
*,.5%*C$'!*,46!4/$!6C`$54*#$!%$(8*4*$.!6+!4/$!?%$.$,4M!![%*4*,@!6+!4/$!>=<A!5%*.$.!*,!
?6.4e(?(%4/$*'!A6B4/!>+%*5(O!E(..*,!fFGGWR!./6N.!4/(4!4/$!0$06%*$.!6+!8*+$!'B%*,@!
4/$!56,'*4*6,.!6+!4/$!(?(%4/$*'!(%$!0(,*+$.4$'!*,!4/$!?%$.$,4!*,!4/$!+6%0!6+!4/$!8(5\!
6+!(55$..!46!>=<A!4/$%(?*$.!(06,@!4/$!C8(5\!?66%M!!3$06%&!*.!(8.6!*,.5%*C$'!*,46!4/$!
?%$.$,4!(.!4/$!.BC`$54*#$!$P?$%*$,5$.!6+!4/$!?%$.$,4M!!E(..*,!fFGGWR!*88B.4%(4$.!4/*.!
N*4/!9%$.*'$,4!2/(C6!3C$\*Q.!(55B.(4*6,.!6+!%(5*.0!N*4/!%$@(%'.!46!4/$!>=<A!5%*.*.M!!
]$!(8.6!.(&.!4/(4!0$06%&!*,+6%0.!4/$!56,'B54!(,'!+$$8*,@.!6+!4/$!C6'&M!!)*\$!
;6B%'*$BQ.!fFGGGR!56,5$?4!6+!/(C*4B.O!4/*.!8(.4!?6*,4!%$+$%.!46!(!5$%4(*,!$0C6'*$'!
\,6N8$'@$a5$%4(*,!\*,'.!6+!C6'*8&!56,'B54!(,'!+$$8*,@.a4/(4!(%*.$!+%60!
56%%$.?6,'*,@!56,'*4*6,.!6+!$P*.4$,5$O!6%!N/(4!;6B%'*$B!5(88.!(!+*$8'M!!2/$!5B%%$,4!
56,'*4*6,.!6+!56,+8*54!*,!-(./0*%!(%$!8*\$N*.$!0(,*+$.4(4*6,.!6+!4/$!#*68$,5$!6+!4/$!
?(.4O!?(%4*5B8(%8&!6+!4/$!#*68$,5$!6+!4/$!0*8*4(,5&M!!2/$!*,.4*4B4*6,(8!(,'!.65*(8!
.4%B54B%$.!4/(4!./(?$'!4/$!#*68$,5$!6+!4/$!?(.4a.B5/!(.!4/$!'$,.$!?%$.$,5$!6+!
=,'*(,!.$5B%*4&!6++*5*(8.!(,'!4/$!*,.$5B%*4&!5%$(4$'!C&!8$@(8!?%6#*.*6,.!.B5/!(.!>EA9>!
f<B.5/*,.\*O!FGHGRO!(.!N$88!(.!.5/668.!(,'!8$@(8!.&.4$0.a(%$!4/$!.(0$!.4%B54B%$.!
4/(4!./(?$!4/$!,6%0(85&!6+!4/$!?%$.$,4!(,'!5(,!C$!'$.5%*C$'!(.!4/$!6C`$54*#$!
%$(8*4*$.!4/(4!(%$!*,.5%*C$'!N*4/!4/$!0$06%&!6+!?(.4!#*68$,5$M!!2/$!.BC`$54*#$!
\,6N8$'@$!4/%6B@/!N/*5/!-(./0*%*.!0(\$!.$,.$!6+!?%$.$,4e'(&!#*68$,5$O!(,'!4/$!
$0C6'*$'!\,6N8$'@$!N*4/!N/*5/!4/$&!*,4$%(54!N*4/!4/$!.4%B54B%$.!6+!4/$!56,+8*54O!
466O!(%$!./(?$'!C&!5688$54*#$!0$06%*$.!6+!?(.4!#*68$,5$M!!2/$!*,.5%*?4*6,!6+!5688$54*#$!
0$06%*$.!*,46!4/$!?%$.$,4!5%$(4$.!N/(4!7(,5&!A5/$?$%e]B@/$.!fHKKFR!5(88.!(!
C(5\'%6?!6+!#*68$,5$M!!S:*68$,5$!'6$.,Q4!./6N!B?!N$88!(@(*,.4!(!C(5\'%6?!6+!
L!
!
#*68$,5$OT!./$!N%*4$.!*,!/$%!$4/,6@%(?/&!6+!(!;%(J*8*(,!./(,4&46N,!fA5/$?$%e
]B@/$.O!HKKFRM!!A*,5$!4/$!,6%0(85&!6+!4/$!?%$.$,4!*,!-(./0*%!*.!5686%$'!C&!(!
C(5\'%6?!6+!#*68$,5$O!(,!*,'*#*'B(8!*,.4(,5$!6+!#*68$,5$a.B5/!(.!4/$!\*88*,@!6+!(!
5*#*8*(,a'6$.!,64!(??$(%!46!C$!(!'*.%B?4*6,!6+!6%'$%!(,'!'6$.!,64!4&?*5(88&!C$560$!
(!%(88&*,@!?6*,4!(@(*,.4!4/$!=,'*(,!.4(4$M!
!
2/$!.$56,'!+(546%!=!$P?86%$!*.!4/$!$++$54!4/(4!-(./0*%*.Q!%$8*(,5$!6,!4/$!=,'*(,!
@6#$%,0$,4!+6%!4/$*%!0(4$%*(8!.$5B%*4&!/(.!6,!4/$*%!(C*8*4&!46!06C*8*J$!(@(*,.4!4/$!
.4(4$M!!!2/$!56,+8*54!*,!-(./0*%!/(.!.BC.4(,4*(88&!5B%4(*8$'!4/$!'$#$86?0$,4!6+!4/$!
?%*#(4$!.$546%O!0(\*,@!4/$!@6#$%,0$,4!4/$!0(*,!.6B%5$!6+!$56,60*5!.$5B%*4&!
f](C*CB88(/O!FGGVRM!!2/$!=,'*(,!.4(4$!(54*#$8&!'$?86&.!N$8+(%$!(,'!'$#$86?0$,4!
?%6@%(0.!46!C$,$+*4!4/$!8*#$.!6+!*4.!?66%!(,'!%B%(8!%$.*'$,4.!fbB?4(O!FGHFRM!!2/$.$!
?%6@%(0.!(%$!?%6'B54.!6+!S46?!'6N,T!.4(4$!?8(,,*,@O!(,'!4/$&!$,560?(..!4/$!
5600B,*4&!4/$&!C$,$+*4!*,46!4/$!8(%@$%!,(4*6,e.4(4$!fE$%@B.6,!(,'!bB?4(O!FGGFRM!!;&!
$,560?(..*,@!865(8!5600B,*4*$.!+%60!S.60$N/$%$!(C6#$TO!4/$.$!N$8+(%$!?%6@%(0.!
/$8?!.$5B%$!4/$!.4(4$Q.!8$@*4*0(5&!(,'!,(4B%(8*J$!*4.!(B4/6%*4&!*,!4/$!.?(5$.!4/$&!
6?$%(4$!*,!fE$%@B.6,!(,'!bB?4(O!FGGFRM!!2/$!.4(4$Q.!#(%*6B.!'$?(%40$,4.!(%$!(8.6!
4/$!?%*0(%&!.6B%5$!6+!$0?86&0$,4!*,!-(./0*%O!(.!.4$('&!?%*#(4$!.$546%!$0?86&0$,4!
*.!.5(%5$M!!2/$!.4%B54B%(8!#*68$,5$!6+!B,$0?86&0$,4O!;6B%'*$B!fHKKLR!.(&.O!S*.68(4$.O!
(460*J$.O!(,'!'$06C*8*J$.O!(,'!.4%*?.!(N(&!.68*'(%*4&T!(06,@!'$.?$%(4$!N6%\$%.M!!=,!
4/$!56,4$P4!6+!N*'$.?%$('!B,$0?86&0$,4O!4/$!$0?86&$%!N*$8'.!4/$!(C*8*4&!46!@%(,4!
*,'*#*'B(8!$56,60*5!.$5B%*4&!(4!4/$!$P?$,.$!6+!5688$54*#$!.$5B%*4&!f;6B%'*$BO!HKKLRM!!!
2/$!?6..*C*8*4&!6+!4/*.!*,'*#*'B(8!.$5B%*4&O!/$!?6.*4.O!56B?8$'!N*4/!N/(4$#$%!N$8+(%$!
K!
!
.B??6%4!*.!(#(*8(C8$!+%60!4/$!.4(4$!(,'!4/$!+(0*8&O!N6%\.!46!?%$#$,4!(,!B?%*.*,@!6+!
N6%\$%.!(@(*,.4!4/$!.&.4$0!4/(4!6??%$..$.!4/$0M!!=,!-(./0*%O!4/$!?%68*+$%(4*6,!6+!
.4(4$e.?6,.6%$'!N$8+(%$!(,'!'$#$86?0$,4!?%6@%(0.!*,!$#$,!4/$!06.4!%$064$!(%$(.!
6+!4/$!%$@*6,!.&0C68*5(88&!$,560?(..$.!-(./0*%O!.?(4*(88&O!*,46!4/$!=,'*(,!.4(4$O!
*,5%$(.*,@!4/$!8$@*4*0(5&!6+!4/$!.4(4$!*,!4/$!%$@*6,!(,'!?%$#$,4*,@!*4!+%60!C%$(\*,@!
(N(&M!!-(./0*%*.Q!%$8*(,5$!6,!4/$!@6#$%,0$,4!+6%!$0?86&0$,4!+B%4/$%!.4%*?.!(N(&!
(,&!.68*'(%*4&!(06,@!4/$0!4/(4!56B8'!/(#$!C$$,!5%$(4$'!C&!4/$*%!./(%$'!(,4(@6,*.0!
46N(%'.!4/$!=,'*(,!.4(4$O!'*0*,*./*,@!4/$!?6..*C*8*4&!6+!5688$54*#$!(54*6,!(@(*,.4!4/$!
.4(4$M!
!!
-(./0*%*.Q!%$8*(,5$!6,!4/$!.4(4$!+6%!4/$*%!0(4$%*(8!,$$'.!(8.6!%$_B*%$.!4/$0!
$P?$,'!.*@,*+*5(,4!(06B,4.!6+!4*0$!(,'!$,$%@&!*,4$%(54*,@!N*4/!4/$!.4(4$M!!2/*.O!=!
(%@B$O!5%$(4$.!(!.6%4!6+!C(,(8!(44(5/0$,4!46!4/$!.4(4$O!(!,$B4%(8!(44(5/0$,4!4/(4!5(,!
56$P*.4!N*4/!4/$!N*'$.?%$('!(,4(@6,*.0!46N(%'.!4/$!=,'*(,!.4(4$M!!2/*.!*,#$.40$,4!
*,!4/$!.4(4$!56,.4(,48&!B,'$%8*$.!0(,&!%6B4*,$O!$#$%&'(&!(54*#*4*$.M!!3*5/($8!;*88*@!
fHKKXR!(%@B$.!4/(4!%6B4*,$O!$#$%&'(&!?%(54*5$.!4/(4!?$%4(*,!46!(,!*,'*#*'B(8Q.!
%$8(4*6,./*?!N*4/!4/$!,(4*6,e.4(4$!560$!46!56,.4*4B4$!N/(4!/$!5(88.!SC(,(8!
,(4*6,(8*.0TO!(!,(4*6,(8*.0!.6!0B,'(,$!4/(4!*4!*.!%6B4*,$8&!+6%@644$,O!$P5$?4!'B%*,@!
S060$,4.!6+!,(4*6,(8!B,*4&T!fE6%@(5.O!FGHFRM!!;*88*@Q.!fHKKXR!N6%\!866\.!(4!C(,(8!
,(4*6,(8*.0!*,!4/$!D,*4$'!A4(4$.O!N/$%$!%6B4*,$!(54.!8*\$!?8$'@*,@!(88$@*(,5$!46!4/$!
+8(@!+6.4$%!C(,(8!,(4*6,(8*.0!(06,@!>0$%*5(,.M!!!>84/6B@/!-(./0*%*.!(.!(!N/68$!'6!
,64!N(,4!46!C$!?(%4!6+!4/$!=,'*(,!.4(4$O!(,'!4/$%$+6%$!=!'6!,64!58(*0!4/(4!4/$&!/(%C6%!
(,&!.$,4*0$,4.!6+!=,'*(,!,(4*6,(8*.0O!4/$&!'6O!(.!=!N*88!./6NO!/(#$!(!?(%4*5B8(%!
HG!
!
(44(5/0$,4!46!4/$!.4(4$M!!2/*.!(44(5/0$,4!*.!(,(86@6B.!46!;*88*@Q.!fHKKXR!C(,(8!
,(4*6,(8*.0!*,!4/(4!*4!(%*.$.!+%60!56,4*,B6B.O!86,@e4$%0!*,4$%(54*6,.!N*4/!4/$!=,'*(,!
.4(4$!+6%!0B,'(,$!%$(.6,.O!(,'!*4!C$560$.!#*.*C8$!'B%*,@!$064*6,(88&!*,4$,.$!$#$,4.!
4/(4!C%*,@!=,'*(,!5*4*J$,.!46@$4/$%M!
!
2/$!4/*%'!+(546%!=!$P(0*,$!*.!4/$!N(&!$++6%4.!46!(88$#*(4$!4/$!.B++$%*,@!5(B.$'!
C&!4/$!56,+8*54!*,!+(54!%$*+&!*4!(.!(!+$(4B%$!6+!4/$!=,'*(,!.4(4$M!!<B.5/*,.\*!(,'!
]6++0(,!fFGHHR!N%*4$!4/(4!-(./0*%*.Q!.B++$%*,@!(4!4/$!/(,'.!6+!4/$!=,'*(,!
@6#$%,0$,4!/(.!(8*$,(4$'!4/$0!+%60!4/$!.4(4$M!!]6N$#$%O!=!(%@B$!4/(4!*4!*.!?%$5*.$8&!
4/$!.B++$%*,@!(,'!#*54*0/66'!?%6'B5$'!C&!4/$!56,+8*54!4/(4!4*$.!4/$0!46!4/$!.4(4$M!!
<B$!46!-(./0*%Q.!.4(4B.!(.!(!%$@*6,!*,!56,+8*54O!*,4$%,(4*6,(8!7bg.!/(#$!+B,,$8$'!
.B??6%4!(,'!+B,'*,@!46!4/$!%$@*6,M!!E$8'0(,!(,'!2*5\4*,!fFGHGR!N%*4$!4/(4!7bg.!4/(4!
58(*0!46!?%64$54!0$0C$%.!6+!/B0(,*4&!+%60!4/$!$P5$..$.!6+!*0?%6?$%!@6#$%,0$,4!
(%$!4/$0.$8#$.!'$?$,'$,4!6,!C%6('$%!@6#$%,*,@!.4%B54B%$.!46!+B,54*6,M!!=,!/$%!
'*.5B..*6,.!6+!06%(8!'*8$00(.!+(5$'!C&!4/$!3$'*5*,$.!A(,.!E%6,4*$%.O!E*6,(!2$%%&!
fFGGFR!.(&.!4/(4O!N/$,!4/$!/B0(,*4(%*(,!6%@(,*J(4*6,!*,4$%#$,$.!46!5(%$!+6%!#*54*0.!
6+!(!#*68$,4!%$@*0$O!*4!6+4$,!+*,'.!*4.$8+!560?8&*,@!N*4/!4/$!'$0(,'.!6+!4/$!
6??%$..*#$!@6#$%,0$,4!*,!6%'$%!46!/(#$!(55$..!46!4/$!?6?B8(4*6,.!N/6!/(#$!
.B++$%$'M!!A*0*8(%8&O!4/$!56,+8*54!*,!-(./0*%!(44%(54.!*,4$%,(4*6,(8!+B,'*,@!(,'!
*,.4*4B4*6,(8!*,4$%#$,4*6,!+%60!6%@(,*J(4*6,.!4/(4!(%$!*,4$%$.4$'!*,!/$8?*,@!#*54*0.O!
.B5/!(.!3$'*5*,$.!A(,.!E%6,4*$%.O!](,'*5(?!=,4$%,(4*6,(8O!(,'!A(#$!4/$!U/*8'%$,O!
(06,@!64/$%.M!!]6N$#$%O!4/$.$!6%@(,*J(4*6,.!5(,!6,8&!'6!N6%\!*,!-(./0*%!*+!4/$&!
560?8&!N*4/!4/$!%$@B8(4*6,.!6+!4/$!=,'*(,!@6#$%,0$,4M!!;&!'6*,@!.6O!4/$&!%$*,+6%5$!
HH!
!
4/$!=,'*(,!.4(4$Q.!/68'!6#$%!-(./0*%!(,'!0(\$!4/$!56,+8*54a(,'!4/$!0(,&!
.$?(%(4*.4!$8$0$,4.!4/(4!+B$8!*4a0$%$8&!(!?(%4!6+!4/$!=,'*(,!.4(4$M!!-(./0*%*.O!466O!
$P?$%*$,5$!4/$!56,+8*54!(.!(!4/*,@!4/(4!*.!$,4%$,5/$'!N*4/*,!4/$!+%(0$N6%\!6+!4/$!
=,'*(,!.4(4$M!!=,!/*.!$4/,6@%(?/&!6+!0(%@*,(8*J$'!>=<A!#*54*0.!*,!;%(J*8O!;*$/8!fFGGWR!
./6N.!4/(4!@%(..%664.!6%@(,*J(4*6,.!4/(4!(44$0?4!46!+*88!*,!4/$!@(?.!8$+4!C&!4/$!.4(4$Q.!
%6886B4!6+!>Z:.!5(,!6,8&!+*,'!.4(C*8*4&!C&!%$8&*,@!6,!4/$!.4(4$!+6%!+B,'*,@!(,'!
.B??6%4M!!>.!4/$&!'6!.6O!'$.?*4$!4/$*%!5%*4*5*.0.!6+!4/$!./6%4560*,@.!6+!4/$!.4(4$O!4/$!
6%@(,*J(4*6,.!C$560$!$0C$''$'!*,!4/$!.4%B54B%$.!(,'!%(4*6,(8$!6+!4/$!.4(4$M!!
)*\$N*.$O!865(8!7bg.!*,!-(./0*%O!+6B,'$'!(,'!%B,!C&!-(./0*%*.O!/(#$!46!%$8&!6,!
.$%#*5$.!?%6#*'$'!C&!4/$!.4(4$!46!C$.4!5(%$!+6%!4/$*%!C$,$+*5*(%*$.M!!2/$&!4/B.!C$560$!
$0C$''$'!*,!4/$!.4(4$!*,!4/$*%!#$%&!(44$0?4!46!(88$#*(4$!4/$!.B++$%*,@!5(B.$'!C&!4/$!
.4(4$M!!!
!
2/$!56,+8*54!*,!-(./0*%!(8.6!5(%%*$.!5B%%$,5&!N*4/*,!4/$!=,'*(,!.4(4$O!4&*,@!
-(./0*%*.!N/6!.B++$%$'!06.4!'%(0(4*5(88&!'B$!46!4/$!56,+8*54!46!4/$!.4(4$M!!=,'*(!*.!
$,@(@$'!*,!4/$!(%4!6+!@6#$%,0$,4!(.!E6B5(B84!'$.5%*C$'!*4O!N6%\*,@!46!*0?%6#$!4/$!
56,'*4*6,!6+!*4.!5*4*J$,.!fbB?4(O!FGHFRM!!](,,(/!>%$,'4!f5*4$'!*,!E$8'0(,!(,'!
2*5\4*,O!FGHGR!?6*,4.!6B4!4/(4!4/$!C$,$+*4.!6+!5*4*J$,./*?!(%$!,64!56,+$%%$'!6,!(!
?$%.6,!.*0?8&!C$5(B.$!4/$&!(%$!/B0(,M!!-(./0*%*!3B.8*0.O!N/6!560?%*.$!(C6B4!
KLi!6+!4/$!?6?B8(4*6,!*,!-(./0*%!f2%$0C8(&O!FGGKRO!(%$!C%6('8&!$P58B'$'!+%60!4/$!
.$5B%*4*$.!?%6#*'$'!46!5*4*J$,.!'B$!46!(,4*e=.8(0*5!?%$`B'*5$.!*,!4/$!,(4*6,!f9(,'$&O!
FGGYR!(,'!4/$!*,+(06B.!*0(@$!6+!4/$!-(./0*%*!4$%%6%*.4!4/(4!$,4$%$'!4/$!=,'*(,!
*0(@*,(%&!'B%*,@!4/$!*,.B%@$,5&!f.$$!9$$%O!FGHG^!U/6?%(O!FGGG^!-B%./*'O!HKKVRM!!
HF!
!
]6N$#$%O!-(./0*%*.!N/6!5(,!'$06,.4%(4$!4/(4!4/$&!(%$!'*%$54!#*54*0.!6+!4/$!
#*68$,5$!6+!4/$!56,+8*54!5(,!B.$!4/$*%!#*54*0/66'!46!+6%0!(!,$N!\*,'!6+!5*4*J$,./*?M!!
[%*4*,@!(C6B4!D\%(*,$Q.!0(,(@$0$,4!6+!4/$!U/$%,6C&8!'*.(.4$%O!9$4%&,(!fFGGFR!
./6N.!4/(4!%('*(4*6,!.B++$%$%.!B.$'!4/$*%!'*.$(.$!46!+6%@$!(!,$N!\*,'!6+!%$8(4*6,./*?!
N*4/!4/$!.4(4$M!!;*686@*5(8!5*4*J$,./*?O!(.!./$!'$+*,$.!*4O!*.!4/$!S0(..*#$!'$0(,'!+6%!
CB4!.$8$54*#$!(55$..!46!(!+6%0!6+!.65*(8!N$8+(%$!C(.$'!6,!0$'*5(8O!.5*$,4*+*5O!(,'!8$@(8!
5%*4$%*(!4/(4!C64/!(5\,6N8$'@$!C*686@*5(8!*,`B%&!(,'!560?$,.(4$!+6%!*4TM!!2/$!
%('*(4*6,!.B++$%$%Q.!'*.$(.$!(,'!*4.!56,,$54*6,!N*4/!4/$!'*.(.4$%!4/$%$+6%$!C$5(0$!
4/$!C(.*.!6,!N/*5/!4/$!C$,$+*4.!6+!5*4*J$,./*?!N$%$!56,+$%%$'M!!=,!(!?(%(88$8!0(,,$%O!
(!-(./0*%*Q.!.4(4B.!(.!(!#*54*0!6+!4/$!56,+8*54!(++6%'.!/*0!6%!/$%!?%$+$%$,4*(8!(55$..!
46!.65*(8!N$8+(%$!C$,$+*4.M!!2/$!.4(4$O!/6N$#$%O!6,8&!56,+$%.!C$,$+*4.!6,!(,!*'$(8O!,6,e
#*68$,4!#*54*0!6+!#*68$,5$a?%$.B0(C8&!#*54*0.!N/6!(%$!*,,65$,4M!!)**.(!3(8\\*!
fFGHGR!?6*,4.!6B4!4/(4!4/$!(C.68B4$8&!*,,65$,4!#*54*0.!N/60!(*'!?%6@%(0.!+*,'!
N6%4/&!6+!(..*.4(,5$!(%$O!*,!%$(8*4&O!%(%$!46!560$!C&M!!>556%'*,@8&O!N/*8$!0(,&!*+!,64!
4/$!0(`6%*4&!6+!-(./0*%*.!5(,!58(*0!46!/(#$!.B++$%$'!*,!.60$!N(&!'B$!46!4/$!56,+8*54O!
6,8&!(!.$$0*,@8&!(%C*4%(%&!@%6B?!6+!4/$0!(%$!@*#$,!(55$..!46!(*'!+%60!4/$!.4(4$M!!
2/B.!N/*8$!4/$!.4(4$!'6$.!,64!%$'%$..!4/$!@%*$#(,5$.!C%6B@/4!(C6B4!C&!4/$!56,+8*54!*,!
(,&!560?%$/$,.*#$!N(&O!*4!6?$,.!B?!(!.?(5$!+6%!-(./0*%*.!46!?64$,4*(88&!B.$!4/$*%!
#*54*0/66'!46!@(*,!(55$..!46!%$.6B%5$.M!!:*54*0/66'O!(,'!,64!%$56#$%&O!4/$,!C$560$.!
#(8B(C8$!*,!4/$!56,4$P4!6+!4/$!=,'*(,!.4(4$O!(,'!4/$!56,+8*54!*.!0(*,4(*,$'!(.!(,!
6,@6*,@!.4(4$!6+!(++(*%.O!4&*,@!-(./0*%*.!46!4/$!.4(4$!%(4/$%!4/(,!.$?(%(4*,@!4/$0!
+%60!*4M!
!
HI!
!
9,$,'&(5!:,%5-2$!
!
2/$!0$4/6'.!=!B.$'!46!@(4/$%!0&!'(4(!56,.*.4!8(%@$8&!6+!$4/,6@%(?/*5!
+*$8'N6%\!'6,$!'B%*,@!4/$!.B00$%!(,'!N*,4$%!6+!FGHFO!(.!N$88!(.!*,!h(,B(%&!6+!
FGHIM!!36.4!6+!0&!'(4(!560$.!+%60!4/$!#*88(@$!6+!-(8(,?6%(O!*,!4/$!'*.4%*54!6+!
-B?N(%(M!!-B?N(%(!*.!(!?%$'60*,(,48&!%B%(8!'*.4%*54!*,!-(./0*%!4/(4!C6%'$%.!4/$!
)gUM!!=4!*.!6,$!6+!4/$!(%$(.!06.4!(++$54$'!C&!4/$!0*8*4(,5&O!(.!*4!N(.!+866'$'!N*4/!
0*8*4(,4.!%$4B%,*,@!+%60!(%0.!4%(*,*,@!5(0?.!*,!9(\*.4(,e('0*,*.4$%$'!-(./0*%O!
56006,8&!%$+$%%$'!46!(.!>J('!-(./0*%MK!!-(8(,?6%(!*.!4/$!.$56,'!#*88(@$!+%60!4/$!
)gU!6,!4/$!=,'*(,!.*'$!6+!-(./0*%O!(!0$%$!+*#$!/6B%!4%$\!+%60!4/$!C6%'$%M!!2/$!+*%.4!
#*88(@$!*.!4/$!.*4$!6+!(,!(%0&!C(.$O!.6!-(8(,?6%(!*.!4/$!+*%.4!.(+$!/(#$,!+6%!0*8*4(,4.!
%$4B%,*,@!+%60!>J('!-(./0*%M!!<B%*,@!4/$!4*0$!=!'*'!0&!+*$8'N6%\O!=!8*#$'!*,!4/$!
/6B.$!6+!4/$!'(B@/4$%!6+!4/$!#*88(@$!!"#$"%&'!f?68*4*5(8!/$('RM!!2/$!'(4(!4/(4!=!
?%$.$,4!560$!+%60!6?$,e$,'$'!*,4$%#*$N.!N*4/!(,'!6C.$%#(4*6,.!6+!4/$!8*#$.!6+!/$%!
,$*@/C6%.!(,'!%$8(4*#$.M!!=!(8.6!*,4$%#*$N$'!0$0C$%.!6+!4/$!865(8!@6#$%,0$,4!*,!
-B?N(%(!(,'!./('6N$'!4/$!+*$8'N6%\!6+!4N6!7bg.!*,!4/$!'*.4%*54M!!;64/!7bg.!
?%6#*'$'!(*'!46!%B%(8!N60$,O!(,'!6,$!6+!4/$0!$P?8*5*48&!+65B.$'!6,!/$8?*,@!N*'6N.!
(,'!6%?/(,.M!!g,$!6+!4/$.$!7bg.!N(.!+B,'$'!C&!4/$!U$,4%(8!=,'*(,!@6#$%,0$,4!(,'!
4/$!64/$%!C&!4/$!A(#$!4/$!U/*8'%$,!E6B,'(4*6,M!
!
=!(8.6!'%(N!6,!+*$8'N6%\!+%60!4/$!5(?*4(8!5*4&!6+!A%*,(@(%O!N/$%$!=!.4(&$'!N*4/!
(!+(0*8&!N/6!N6%\.!*,!4/$!46B%*.0!*,'B.4%&!(,'!4%(#$8$'!46!4/$!/$('_B(%4$%.!6+!4/$!
865(88&!C(.$'!7bgO!]6?$!<*.(C*8*4&O!*,!4/$!,$*@/C6%*,@!'*.4%*54!6+!b(,'(%C(8!'B%*,@!
HV!
!
4/$!'(&M!!2/$!'(4(!=!?%$.$,4!560$.!+%60!*,4$%#*$N.!N*4/!.4(++!0$0C$%.!(,'!
C$,$+*5*(%*$.!6+!]6?$!<*.(C*8*4&O!(.!N$88!+%60!4/$!$P?$%*$,5$.!6+!+(0*8*$.!N/6!N6%\!
*,!4/$!46B%*.0!*,'B.4%&M!!2/$!'(4(!=!5688$54$'!*,!-(./0*%!*.!.B??8$0$,4$'!C&!
*,4$%#*$N.!N*4/!4/$!h6*,4!A$5%$4(%&!6+!h(00B!(,'!-(./0*%O!3%M!-M!A\(,'(,O!N/6!
'$.5%*C$.!/*0.$8+!(.!4/$!C%*'@$!C$4N$$,!4/$!.4(4$!@6#$%,0$,4!6+!h(00B!(,'!
-(./0*%!(,'!4/$!5$,4%(8!@6#$%,0$,4!6+!=,'*(M!
!
2/$!5/(?4$%.!4/(4!+6886N!(''%$..!4/$!4/%$$!.65*(8!(,'!.4%B54B%(8!+(546%.!
*'$,4*+*$'!$(%8*$%!4/(4!56,4%*CB4$!46!4/$!0(*,4$,(,5$!6+!$#$%&'(&!,6%0(85&!*,!
-(./0*%M!!2/$!+*%.4!5/(?4$%!(''%$..$.!4/$!$++$54!4/(4!0$06%*$.!6+!4/$!#*68$,5$!6+!4/$!
0*8*4(,5&!/(#$!6,!4/$!$P?$%*$,5$!6+!#*68$,4!$#$,4.!*,!4/$!?%$.$,4M!!]$%$O!=!./6N!4/(4!
4/$!#*68$,5$!6+!4/$!0*8*4(,5&!*.!%$0$0C$%$'!(.!(!56006,8&!$P?$%*$,5$'!56,'*4*6,!
6+!$P*.4$,5$M!!=!4/$,!8*,\!4/$!N(&!%$.*'$,4.!6+!-(8(,?6%(!$P?$%*$,5$!?%$.$,4!$#$,4.!6+!
#*68$,5$!46!4/$*%!0$06%*$.!6+!4/$!0*8*4(,5&!46!./6N!4/(4O!(84/6B@/!4/$!*,4$,.*4&!6+!
4/$!#*68$,5$!0(&!/(#$!'$5%$(.$'!.*,5$!4/$!$(%8&!KG.O!4/$%$!/(.!,$#$%!C$$,!(!58$(,!
C%$(\!C$4N$$,!4/$!#*68$,5$!6+!4/$!?(.4!(,'!4/$!#*68$,5$!4/(4!5/(%(54$%*J$.!?%$.$,4M!!
2/*.!.$54*6,!*.!*,!?(%4!(!%$.?6,.$!46!=,'*(,!@6#$%,0$,4!6++*5*(8.Q!58(*0!4/(4!4/$!
%$@*6,!*.!5B%%$,48&!*,!(!?$%*6'!6+!%$56#$%&HGO!(,'!*4.!(*0!*.!46!./6N!/6NO!*,.4$('!6+!
.?(%\*,@!6B4%(@$O!?%$.$,4!*,5*'$,4.!6+!#*68$,5$!(%$!(C.6%C$'!*,46!4/$!$#$%&'(&!
,6%0(85&M!
!
2/$!.$56,'!5/(?4$%!$P(0*,$.!4/$!$++$54!4/(4!-(./0*%*.Q!0(4$%*(8!%$8*(,5$!6,!
4/$!@6#$%,0$,4!/(.!6,!4/$!?6..*C*8*4&!6+!?6?B8(%!%$.*.4(,5$!(@(*,.4!4/$!.4(4$M!!=4!
HX!
!
'%(N.!6,!-(8(,?6%(Q.!%$.*'$,4.Q!$,@(@$0$,4!N*4/!4/$!@6#$%,0$,4!#*(!.65*(8!N$8+(%$!
?%6@%(0.!(,'!$0?86&0$,4!*,!4/$!?BC8*5!.$546%M!!2/$!5/(?4$%!(%@B$.!4/(4!%$8*(,5$!6,!
4/$!=,'*(,!@6#$%,0$,4!+6%!0(4$%*(8!.$5B%*4&!'*0*,*./$.!-(./0*%*.Q!(C*8*4&!46!
06C*8*J$!(@(*,.4!4/$!.4(4$M!!2/$!5/(?4$%!(8.6!?%$.$,4.!865(8.Q!%$.?6,.$.!46!4/$!
<$5$0C$%!HY!@(,@!%(?$!*,5*'$,4!*,!7$N!<$8/*!46!'$06,.4%(4$!4/(4!4/$!.68*'(%*4&!
-(./0*%*.!./6N$'!N*4/!=,'*(,.!$8.$N/$%$O!(.!*+!4/$&!'*'!*,'$$'!56,.*'$%!
4/$0.$8#$.!(!?(%4!6+!4/$!.(0$!,(4*6,M!
!
2/$!4/*%'!5/(?4$%!$P(0*,$.!/6N!*,4$%#$,4*6,.!'$.*@,$'!46!(??$(.$!4/$!
.B++$%*,@!5(B.$'!C&!4/$!56,+8*54!*,!+(54!%$*,+6%5$!-(./0*%Q.!?6.*4*6,!(.!?(%4!6+!4/$!
=,'*(,!.4(4$M!!!2/$!'(4(!/$%$!560$.!+%60!4N6!7bg.!4/(4!=!N6%\$'!N*4/O!4/$!]6?$!
<*.(C*8*4&!U$,4$%!*,!b(,'(%C(8!(,'!4/$!A%*,(@(%!(,'!-B?N(%(!6++*5$.!6+!(!-(./0*%*!
7bg!4/(4!?%6#*'$.!(..*.4(,5$!46!N*'6N.M!!2/$!*,4$%#*$N.!6+!]6?$!<*.(C*8*4&Q.!.4(++!
0$0C$%.!(,'!C$,$+*5*(%*$.!./6N!4/(4!4/$!56,+8*54!/(.!C$560$!(!%$.6B%5$!N*4/*,!4/$!
.4(4$!4/(4!.$8$54*#$8&!56,+$%.!C$,$+*4.!6,!4/6.$!N/6!5(,!+*4!4/$!@*#$,!%$_B*%$0$,4.!6+!
(!4%B$!#*54*0M!!2/$!.$56,'!?(%4!6+!4/$!5/(?4$%!'%(N.!6,!4/$!.B55$..$.!(,'!+(*8B%$.!6+!
N*'6N.Q!$++6%4.!46!(5_B*%$!(55$..!46!.4(4$!C$,$+*4.M!!2/$.$!$P?$%*$,5$.!(%$!6+!N*'6N.!
N/6!86.4!4/$*%!/B.C(,'.!46!56,+8*54!%$8(4$'!#*68$,5$O!(,'!4/$&!./6N!4/$!(%C*4%(%*,$..!
4/(4!5/(%(54$%*J$.!4/$!N(&!*,!N/*5/!560?$,.(4*6,!*.!'*.4%*CB4$'!(06,@!56,+8*54!
#*54*0.M!
!
2/$!4/%$$!+(546%.!=!$P?86%$!$P(0*,$!/6N!$#$%&'(&!,6%0(85&!*.!.60$4/*,@!
4/(4!*.!.4%B54B%(88&!?%6'B5$'O!%(4/$%!4/(,!4/$!%$.B84!6+!(!56,.5*6B.!5/6*5$!4/(4!?$6?8$!
HY!
!
0(\$M!!2/*.!?$%.?$54*#$!6+!,6%0(85&!(556006'(4$.!4/$!(??(%$,4!?(%('6P!C$4N$$,!
-(./0*%*.Q!N*'$.?%$('!(,4(@6,*.0a6+4$,!8('$,!N*4/!.$?(%(4*.4!.$,4*0$,4.a(,'!
4/$*%!(??(%$,4!566?$%(4*6,!N*4/!4/$!.4(4$O!$P?8(*,*,@!/6N!,6%0(85&!5(,!$P*.4!
(86,@.*'$!56,4*,B*,@!.?B%4.!6+!?68*4*5(8!#*68$,5$M!!
!
!
HW!
!
!
!
!
!
!
!
!
!
!
/5';%,&!<!
!
:,7-&4,$!-.!=4-+,0(,!
HL!
!
10%&-23(%4-0!
!
=,!(,!*,4$%#*$N!4(\$,!*,!<$5$0C$%!6+!FGHFO!4/$!h6*,4!A$5%$4(%&!6+!h(00B!(,'!
-(./0*%O!3%M!-M!A\(,'(,O!.(*'!N*4/!%$+$%$,5$!46!4/$!?68*4*5(8!.*4B(4*6,!*,!-(./0*%O!
SZ*@/4!,6NO!N$!(%$!*,!(!.4(4$!6+!%$56#$%&MT!!]$!.?6\$!6+!4/$!56,+8*54!*,!?(.4!4$,.$O!
B.*,@!4/$!?/%(.$!S$#$,!N/$,!4/$%$!N(.!56,+8*54TM!!!]6NO!=!(.\$'!/*0O!'6$.!6,$!'%(N!
4/$!8*,$!C$4N$$,!4/$!?$%*6'!6+!56,+8*54!(,'!4/$!?$%*6'!6+!%$56#$%&d!!S>.!86,@!(.!4/$%$!
*.!(!560+6%4!8$#$8!*,!4/$!,B0C$%!6+!+8*@/4.!560*,@!*,OT!A\(,'(,!%$.?6,'$'O!S*,!4/$!
,B0C$%!6+!+6%$*@,$%.!560*,@!*,a6,!(!56,4*,B6B.!C(.*.O!,64!6,8&!6,$!6%!4N6!&$(%.a
4/$,O!*4!*.!(!.4(4$!6+!%$56#$%&MT!
!
2/$!'*#*.*6,!4/(4!A$5%$4(%&!A\(,'(,!'%$N!C$4N$$,!-(./0*%Q.!?$%*6'!6+!
56,+8*54!(,'!?$%*6'!6+!%$56#$%&!N(.!C(.$'!6,!$P4$%,(8!+(546%.a4/$!,B0C$%!6+!
$P4$%,(8!+8*@/4.!560*,@!*,46!-(./0*%O!(,'!4/$!,B0C$%!6+!+6%$*@,$%.!560*,@!*,46!
-(./0*%M!!]$!'*'!,64!(''%$..!+(546%.!*,4$%,(8!46!-(./0*%!*,!/*.!5%*4$%*(!+6%!4/$!
'*#*.*6,M!!=,!4/*.!5/(?4$%O!=!(%@B$!4/(4O!+%60!4/$!?6*,4!6+!#*$N!6+!-(./0*%*.!N/6!/(#$!
8*#$'!4/%6B@/!4/$!#*68$,5$!6+!4/$!8(.4!4N6!'$5('$.O!4/$%$!*.!,6!'*#*.*6,!C$4N$$,!4/$!
56,+8*54!(,'!4/$!?$%*6'!6+!%$56#$%&M!!2/6B@/!0(,&!-(./0*%*.!.(&O!N*4/!%$+$%$,5$!46!
4/$!5B%%$,4!,6%0(85&!*,!$#$%&'(&!(++(*%.O!S2/*,@.!(%$!C$44$%!,6NOT!4/$&!.4*88!.$$!
4/$0.$8#$.!(.!8*#*,@!*,!(!.4(4$!6+!56,+8*54M!!2/*,@.!(%$!.*0?8&!C$44$%!N*4/*,!4/$!
56,4$P4!6+!4/$!56,+8*54^!4/$%$!*.!,6!?$%*6'!6+!%$56#$%&!(,'!,6!C%$(\!C$4N$$,!4/$!
?%$.$,4!,6%0(85&!(,'!4/$!#*68$,5$!6+!4/$!?(.4M!!A*,5$!-(./0*%*.!.4*88!.$$!4/$0.$8#$.!
(.!8*#*,@!*,!(!.4(4$!6+!56,+8*54O!06,4/8&!*,5*'$,4.!6+!?68*4*5(8!#*68$,5$!'6!,64!(??$(%!46!
HK!
!
C$!'*.%B?4*6,.!*,!4/$!6%'*,(%&!.4(4$!6+!(++(*%.M!
!
=,!6%'$%!46!'$06,.4%(4$!4/(4!-(./0*%*.!.4*88!.$$!4/$0.$8#$.!(.!8*#*,@!*,!(!
.4(4$!6+!56,+8*54!=!N*88!./6N!/6N!4/$*%!?%$.$,4!*.!5686%$'!C&!(,'!B,'$%.466'!4/%6B@/!
4/$!5688$54*#$!0$06%*$.!6+!4/$!#*68$,5$!6+!4/$!?(.4M!!=!N*88!+*%.4!?%6#*'$!(,!(556B,4!6+!
/6N!(,'!N/$,!4/$!#*68$,5$!6+!4/$!0*8*4(,5&!N(.!.?6\$,!6+!*,!4/$!#*88(@$!6+!
-(8(,?6%(O!,$(%!4/$!)gU!*,!4/$!'*.4%*54!-B?N(%(M!!!2/$!'(4(!?%$.$,4$'!560$.!+%60!
.60$!6+!0&!$(%8*$.4!*,4$%(54*6,.!N*4/!4/$!%$.*'$,4.!6+!4/$!#*88(@$O!*,!4/$!.B00$%!6+!
FGHFM!!2/$!'*++$%$,4!4&?$.!6+!'(4(!=!@(4/$%$'!./6N!4/(4!4/$!#*68$,5$!6+!4/$!56,+8*54!*.!
*,!4/$!56006,!C(5\@%6B,'!6+!4/$!-(./0*%*.Q!0$06%*$.O!,64!56,.*'$%$'!%$0(%\(C8$!
$,6B@/!*,!*4.$8+!46!C$!4/$!+65(8!?6*,4!6+!(!8*+$!/*.46%&M!!=!N*88!4/$,!?%$.$,4!4/$!
-(8(,?6%(!%$.*'$,4.Q!%$5688$54*6,.!6+!4/$!4*0$!6+!4/$!0*8*4(,5&!*,!4/$!$(%8&!HKKG.O!
N/*5/!./6N!4/(4!4/$!*,.4*4B4*6,(8!.4%B54B%$.!4/(4!./(?$!4/$!,6%0(85&!6+!4/$!?%$.$,4!
(%$!4/$!.(0$!(.!4/6.$!4/(4!./(?$'!4/$!#*68$,4!?$%*6'!6+!4/$!0*8*4(,5&M!2/*.!.4%B54B%(8!
56,4*,B*4&!*0?8*$.!4/(4!4/$!+%(0$N6%\!6+!N/(4!A\(,'(,!5(88$'!4/$!S.4(4$!6+!56,+8*54T!
*.!.4*88!*,!?8(5$!46'(&M!!E*,(88&O!=!?%$.$,4!4/$!$P?$%*$,5$.!6+!ZBC*,(O!4/$!'(B@/4$%!6+!
-(8(,?6%(Q.!!"#$"%&'!f?68*4*5(8!/$('R!46!./6N!4/(4!?$6?8$Q.!*,4$%(54*6,.!N*4/!4/$*%!
?%$.$,4!$,#*%6,0$,4!(%$!*,+6%0$'!C&!4/$!$0C6'*$'!\,6N8$'@$!6+!4/$!56,'*4*6,.!6+!
4/$!0*8*4(,5&M!
!
:,7-&4,$!-.!%5,!74+4%'0(8!
!
<B%*,@!4/$!.B00$%!6+!FGHFO!4/$!?%*0(%&!(*0!6+!0&!+*$8'N6%\!N(.!46!'$#$86?!
FG!
!
(,!B,'$%.4(,'*,@!6+!N/(4!4/$!%$.*'$,4.!6+!-(8(,?6%(!/('!N*4,$..$'!'B%*,@!4/$!4*0$!
6+!4/$!0*8*4(,5&M!!=!+*%.4!/$(%'!6+!4/$!#*68$,4!$#$,4.!4/(4!-(./0*%*.!/('!$P?$%*$,5$'!
+%60!h(#$'O!(,!>0$%*5(,!8(N!.4B'$,4!N/6!N(.!C6%,!(,'!%(*.$'!*,!-(8(,?6%(O!N/6!
%$56B,4$'!.60$!6+!/*.!0$06%*$.!6+!4/$!0*8*4(,5&!46!0$!*,!5(.B(8!56,#$%.(4*6,M!!
!
S2/*.!*.!N/$%$!=!.(N!.60$6,$!@$4!\*88$'!+6%!4/$!+*%.4!4*0$OT!.(*'!h(#$'!N/*8$!
'%*#*,@!0$!+%60!A%*,(@(%!46!-B?N(%(M!![$!N$%$!?(..*,@!4/%6B@/!4/$!46N,!6+!
A6?B%M!!S=!N(.!.*P4/!@%('$O!0(&C$!.$#$,4/M!!=4!N(.!0&!+*%.4!4*0$!4%(#$8*,@!(86,$!6,!(!
CB.M!!2/$!'%*#$%!%$5$*#$'!,$N.!4/(4!4/$%$!N(.!@B,+*%$!B?!(/$('O!CB4!C$+6%$!/$!56B8'!
4B%,!4/$!CB.!(%6B,'O!N$!.(N!@B,+*%$!.4(%4!B?!C$/*,'!B.!(.!N$88M!![$!N$%$!%*@/4!*,!
+%6,4!6+!4/$!0$'*5(8!5$,4$%O!.6!N$!(88!@64!6B4!46!@6!N(*4!4/$%$!+6%!.(+$4&O!CB4!+*%*,@!
.4(%4$'!(%6B,'!B.M!!=!%$0$0C$%O!=!N(.!8&*,@!+8(4!(@(*,.4!4/$!@%6B,'O!(,'!4/$%$!N$%$!
?$6?8$!'%6??*,@!46!4/$!+866%!(%6B,'!0$M!!>!N60(,!+$88O!'$('O!(,'!/$%!C(C&!N(.!
5%&*,@MT!!=!(.\$'!/*0!*+!/$!/('!.$$,!?$6?8$!C$!\*88$'!(+4$%!4/(4!*,5*'$,4M!!Sg+!56B%.$OT!
/$!%$?8*$'O!(.!*+!=!./6B8'!/(#$!4(\$,!4/(4!+6%!@%(,4$'M!!!
!
]6N$#$%O!N/$,!=!C$@(,!+6%0(88&!*,4$%#*$N*,@!%$.*'$,4.!6+!-(8(,?6%(!(C6B4!
4/$*%!$P?$%*$,5$.O!4/$&!%$.?6,'$'!46!0&!_B$.4*6,.!C&!%$5*4*,@!4/$!4%(`$546%&!6+!
?68*4*5(8!$#$,4.!*,!-(./0*%aC$@*,,*,@!N*4/!4/$!56,4%6#$%.*(8!$8$54*6,.!6+!HKLWO!4/$!
*,.B%@$,5&!*,!HKLKO!4/$!(..(..*,(4*6,!6+!4/$!.$?(%(4*.4!8$('$%!>C'B8!b(,*!)6,$O!4/$!
?%60*,$,5$!6+!4/$!h(00B!(,'!-(./0*%!)*C$%(4*6,!E%6,4O!$,'*,@!N*4/!4/$!/B0(,!
%*@/4.!#*68(4*6,.!C&!4/$!=,'*(,!(%0&a%(4/$%!4/(,!4/$!#*68$,5$!4/$&!/('!?$%.6,(88&!
$P?$%*$,5$'M!!2/*.!*.!$P$0?8*+*$'!C&!0&!*,4$%#*$N!N*4/!2(8$$CM!
FH!
!
!
2(8$$C!N(.!(!?%(54*5*,@!8(N&$%!*,!-B?N(%(!(,'!h(#$'Q.!C%64/$%e*,e
8(NM!![/$,!h(#$'!468'!/*0!4/(4!=!N(.!*,!-(./0*%!46!%$.$(%5/!?$6?8$Q.!$P?$%*$,5$.!6+!
4/$!56,+8*54O!2(8$$C!.(*'!$0?/(4*5(88&O!S=!B.$'!46!C$!(!0*8*4(,4O!*,4$%#*$N!0$MT!2(8$$C!
.66,!*,#*4$'!0$!46!(!+6%0(8!'*,,$%!(86,@!N*4/!4/%$$!64/$%!8(N&$%.!N/6!/('!C$$,!
?(%4!6+!4/$!0*8*4(,5&!*,!4/$!$(%8&!KG.M!!]$!.4(%4$'!/*.!,(%%(4*#$!N*4/!SA6!*,!QLWO!4/$!
$8$54*6,.!N$%$!%*@@$'HM!!>88!-(./0*%*.!#64$'!+6%!4/$!3B.8*0!D,*4$'!E%6,4O!.6!N/$,!
4/$&!86.4O!N$!\,$N!*4!N(.!*,`B.4*5$MT!!]*.!,(%%(4*#$!56,4*,B$'!N*4/!(!.$%*$.!6+!?68*4*5(8!
$#$,4.!866.$8&!0(??$'!6,46!(!5/%6,*58$!6+!/*.!8*+$O!%$?8$4$!N*4/!&$(%.!(,'!'(4$.M!!S=!
N$,4!46!9(\*.4(,!j46!C$!4%(*,$'!(.!(!0*8*4(,4k!*,!HKKHO!%*@/4!(+4$%!=!+*,*./$'!0&!8(N!
'$@%$$!*,!A%*,(@(%M!!2/$!0*8*4(,4.!N$%$!@66'!C(5\!4/$,O!N$!'*',Q4!(44(5\!5*#*8*(,.O!
6,8&!4/$!(%0&M!!;B4!*,!HKKVO!4/$!(%0&!C$5(0$!/(%./$%O!(,'!4/$.$!86N!58(..!8(C6%$%.!
`6*,$'!4/$!0*8*4(,5&M!!2/$&!56%%B?4$'!*4O!.4(%4$'!.?&*,@!+6%!4/$!(%0&O!.6!=!
8$+4MT!!76N/$%$!*,!2(8$$CQ.!,(%%(4*#$!N$%$!4/$%$!$P?$%*$,5$.!6+!4/$!.6%4!h(#$'!
%$5688$54$'O!'$.?*4$!4/$!+(54!4/(4O!(.!(,!$Pe0*8*4(,4O!/$!N(.!8*\$8&!46!/(#$!N*4,$..$'!
56,.*'$%(C8$!#*68$,5$M!!=!(44$0?4$'!46!?B./!4/$!,(%%(4*#$!46N(%'.!/*.!?$%.6,(8!
$P?$%*$,5$.!C&!(.\*,@!/*0!N/(4!/('!0('$!/*0!'$5*'$!46!`6*,!4/$!0*8*4(,5&M!!S[$88O!
4/$&!j4/$!=,'*(,!.$5B%*4&!+6%5$.k!N$%$!\*88*,@!-(./0*%*.OT!2(8$$C!%$.?6,'$'O!(.!*+!
.4(4*,@!4/$!6C#*6B.M!!]$!4/$,!5(%%*$'!6,!N*4/!/*.!4*0$8*,$!6+!.65*6?68*4*5(8!
'$#$86?0$,4.M!!2(8$$CQ.!,(%%(4*#$!N(.!.*0*8(%!46!4/6.$!6+!4/$!64/$%!$Pe0*8*4(,4.!/$!
/('!*,#*4$'O!(.!N$88!(.!46!4/6.$!6+!.$#$%(8!64/$%!%$.*'$,4.!6+!-(8(,?6%(!N/60!=!
*,4$%#*$N$'M!!!
!
FF!
!
"P?$%*$,5$.!6+!#*68$,5$!N$%$O!/6N$#$%O!56006,!*,!(,$5'64$.!*,!5(.B(8!
56,#$%.(4*6,.O!*,!4/$!N(&!h(#$'!/('!./(%$'!(!0$06%&!$#6\$'!C&!4/$!?8(5$!N$!/('!
C$$,!*,M!!!2/$!'(B@/4$%!6+!4/$!#*88(@$!!"#$"%&'O!ZBC*,(O!N*4/!N/60!=!./(%$'!(!%660O!
468'!0$!4/(4!./$!(,'!(88!4/$!N60$,!(,'!5/*8'%$,!*,!4/$!,$*@/C6%/66'!B.$'!46!.8$$?!
6,!4/$!+866%!6+!4/(4!#$%&!%660!'B%*,@!4/$!0*8*4(,5&M!!S>88!4/$!0$,!$P5$?4![(`*'!A(/*C!
N$,4!*,46!/*'*,@!(4!,*@/4MT!![(`*'!A(/*C!N(.!/$%!+(4/$%e*,e8(N!(,'!6N,$%!6+!4/$!
/6B.$M!!SA6!(88!6+!B.!@*%8.!B.$'!46!.?$,'!4/$!,*@/4!(4!/*.!/6B.$M!!>88!4/$!N60$,!(,'!
4/$*%!8*448$!\*'.M!![$!'*',Q4!N(,4!46!.4(&!(86,$!*,!6B%!6N,!/60$.MT!
!
S=!N(.!466!68'!46!%B,!(,'!/*'$OT!%$0(%\$'![(`*'!A(/*CO!N/6!N(.!8*.4$,*,@M!!S=!
B.$'!46!.8$$?!'6N,.4(*%.!N*4/!0&!5/*8'%$,!(,'!(,.N$%!4/$!'66%!N/$,!4/$!(%0&!
\,65\$'O!(,'!4/$!@*%8.!.8$?4!B?.4(*%.MT!
!
S[(`*'!A(/*C!*.!4/$!6,8&!0(,!*,!4/$!#*88(@$!N/6!N(.!,$#$%!C$(4$,!C&!4/$!
(%0&OT!.(*'!/*.!.6,!7*&(JM!
!
S76OT!.(*'![(`*'!A(/*C!#(@B$8&O!(.!*+!%$0$0C$%*,@!.60$4/*,@!#$%&!'*.4(,4M!!S=!
4/*,\!4/$&!C$(4!0$!6,5$M!!>!8*448$!C*4MT!
!!
!
>%&3(%3&'+!(-0%4034%8!
!
2/$!0$06%*$.!%$56B,4$'!C&!7*&(JO!N/6!/('!C$$,!*,!@%('$!.5/668!'B%*,@!4/$!
FI!
!
4*0$!6+!4/$!0*8*4(,5&O!'$06,.4%(4$!4/(4!4/$!#*68$,5$!6+!4/$!0*8*4(,5&!'*'!,64!C%*,@!
(C6B4!(!464(8!C%$(\'6N,!6+!*,.4*4B4*6,(8!.4%B54B%$.M!2/6B@/!4/$%$!N$%$!'*.%B?4*6,.O!
@6#$%,0$,4!6N,$'!*,.4*4B4*6,.!56,4*,B$'!46!+B,54*6,M!!2/$!$P(0?8$.!C$86N!./6N!
4/(4O!'$.?*4$!'$C*8*4(4*,@!*,5*'$,4.!6+!#*68$,5$O!.5/668.!(,'!8$@(8!6++*5$.!N$%$!
6?$%(4*,@!(,'!*,!B.$!C&!-(./0*%*.!$#$,!(4!4/$!/$*@/4!6+!4/$!0*8*4(,5&M!!=,.4*4B4*6,.!
N$%$!,64!'$068*./$'!C&!4/$!#*68$,5$O!(,'!56,.$_B$,48&O!4/$&!N$%$!,64!%$CB*84!(,$N!
*,!4/$!?%$.$,4!.4(4$!,6%0(85&M!!!
!
Sg,5$OT!7*&(J!C$@(,O!S=!N(.!*,!.4B'&*,@!*,!$*@/4/!.4(,'(%'!(4!4/$!4*0$ee4/$!
(%0&!5(0$!/$%$O!%*@/4!'6N,!4/*.!%6('M!!A4%(*@/4!46!C%64/$%!>+4(CQ.!/6B.$M!!2/$!.5/668!
N(.!,$(%C&O!(,'!N$!B.$'!46!560$!/60$!+6%!8B,5/M!!A6!4/(4!'(&O!N$!5(0$!/60$O!/('!
6B%!8B,5/O!0$!(,'!(!+%*$,'!6+!0*,$M!![$!N$%$!58(..0(4$.O!4/$!4N6!6+!B.!(,'!
>+4(CM!!g,!6B%!N(&!C(5\!46!.5/668O!N$!.(N!4/$!(%0&!560*,@!*,46!4/$!#*88(@$O!.(N!
4/$0!4(\*,@!4/$!%6('!46!4/$!,$P4!,$*@/C6%/66'O!%*@/4!46!C%64/$%!>+4(CQ.!/6B.$M!!A6!(.!
N$!/B%%*$'!6,!6B%!N(&O!N$!.(N!4/(4!4/$%$!N$%$!C$(4*,@.!/(??$,*,@!(4!>+4(CQ.FMT!!
!
S2/$&!C$(4!/*0O!466OT!7*&(J!56,4*,B$'M!!S2/$&!8$4!/*0!@6!_B*5\8&!4/6B@/M!!]$!
`6*,$'!B.!*,!.5/668!4/(4!'(&M!
!
S;B4!4/$%$!N(.!.6!0B5/!C$(4*,@!4/(4!'(&ee&6B!\,6N!N/(4!4/$&!C$(4!6,$!6+!
4/$!0$,!N*4/d!!]*.!6N,!/(00$%M!!>,!*%6,!/(00$%M!!]$!N(.!(!0(.6,M!!2/$!?66%!0(,O!
/$!'*$'!6,$O!4N6!06,4/.!8(4$%O!C$5(B.$!6+!4/(4!C$(4*,@M!!>,'!N$!.4B'$,4.!%$(88&!
.B++$%$'!466M!!g,5$O!.5/668!N(.!5(,5$88$'!+6%!+6B%!06,4/.!.6!N$!56B8'!4(\$!6B%!$,'e
FV!
!
6+e&$(%!$P(0.!B,4*8!4/$!+6886N*,@!&$(%M!![$!N$%$!(88!(!&$(%!C$/*,'!C$5(B.$!6+!4/(4M!!
!
S2/$,!4/$%$!N(.!4/(4!4*0$!N/$,!4/$!(%0&!.4(&$'!/$%$!.$#$,!'(&.O!
56,4*,B6B.8&O!+6%!(!5%(5\'6N,OT!7*&(J!56,4*,B$'M!![/$,!4/$!.$5B%*4&!+6%5$.!*,!
-(./0*%!5(88!(!5%(5\'6N,O!4/$&!@(4/$%!4/$!0$,O!N60$,!(,'!5/*8'%$,O!(,'!$8'$%8&!
?$6?8$!*,!4/$!,$*@/C6%/66'!6%!#*88(@$!*,!.$?(%(4$!.?(5$.O!.6!4/(4!4/$&!5(,,64!
5600B,*5(4$!N*4/!$(5/!64/$%M!!U%(5\'6N,.!B.B(88&!*,#68#$!4/$!.$(%5/!+6%!0*8*4(,4.O!
(,'!(%$!(..65*(4$'!N*4/!46%4B%$!+6%!_B$.4*6,*,@M!!S764/*,@!/('!/(??$,$'ee0*8*4(,4.!
5(0$!C(5\!+%60!9(\*.4(,O!4/$&!.4(&$'!*,!6B%!,$*@/C6%/66'!+6%!(!N/*8$O!(,'!
8$+4M!!2/$,!4/$!(%0&!5(88$'!(!5%(5\'6N,O!5(0$!46!C$(4!f$()"*(+,(R!B.!5*#*8*(,.M!![/(4!
56B8'!N$!/(#$!'6,$d!![$!56B8'!,64!.46?!4/$!0*8*4(,4.!+%60!.4(&*,@!/$%$M!!!
!
S2/$!(%0&!.4(&$'!/$%$!+6%!.$#$,!'(&.M!!2/$,O!.60$!6+!4/$!N60$,!
$.5(?$'M!!2/$&!466\!4/$!C(5\!%6('.!46!4/$!0(*,!46N,O!46!4/$!'*.4%*54!5600*..*6,$%Q.!
6++*5$M!!2/$&!+6B,'!(!8(N&$%!*,!4/$!46N,O!(,'!/$!466\!4/$*%!5(.$!46!56B%4M!!]$!N(.!
C%(#$M!!2/(4!,*@/4O!4/$!(%0&!+*,(88&!8$+4M!
!
S=,!4/6.$!'(&.OT!/$!N$,4!6,O!SN$!0$,!N$%$!,$#$%!(4!/60$M!![$!N6B8'!B.B(88&!
/$(%!,$N.O!.60$/6NO!N/$,!(!5%(5\'6N,!N(.!(C6B4!46!/(??$,!*,!6B%!#*88(@$O!.6!N$!
N6B8'!@6!46!(!'*++$%$,4!#*88(@$M!!2/$!(%0&!N(.!(8N(&.!866\*,@!+6%!0$,M!!l[/$%$!*.!
&6B%!/B.C(,'O!N/$%$!(%$!4/$!0*8*4(,4.OQ!4/$&!N6B8'!(.\!4/$!N60$,M!![$!\,$NO!*+!
4/$&!+6B,'!B.O!4/$&!N6B8'!C$(4!B.M!!2/$&!0*@/4!C$(4!4/$!N60$,O!466O!CB4!4/$&!N6B8'!
8$4!4/$0!@6M!!=+!4/$&!@64!B.O!4/$,!4/$&!N6B8'!./664!B.O!\*88!B.O!.4%(*@/4!(N(&MT!!!
FX!
!
!
2/$!6,8&!0$,!N/6!'*',Q4!%B,!(N(&!(4!,*@/4O!(.!=!/('!(8%$('&!C$$,!468'O!N$%$!
[(`*'!A(/*C!(,'!/*.!,$P4!'66%!,$*@/C6%M!!2/$&!N$%$!$8'$%8&!(,'!N$88!$'B5(4$'O!(!
.5/668!?%*,5*?(8!(,'!(!/$('0(.4$%!6+!4/$!N60$,Q.!5688$@$O!%$.?$54*#$8&O!(,'!*4!N(.!
.(*'!4/(4!4/$&!N$%$!4&?*5(88&!4%$(4$'!N*4/!.60$!(06B,4!6+!'*@,*4&O!$#$,!C&!4/$!
.$5B%*4&!+6%5$.M!
!
?-24+8!@0-A+,2B,!
!
2/$!#*68$,5$!4/(4!5/(%(54$%*J$'!4/$!4*0$!6+!4/$!0*8*4(,5&!(,'!4/$!C$/(#*6%.!*4!
,$5$..*4(4$'!56,4*,B$!46!*,+6%0!4/$!N(&!-(./0*%*.!*,4$%(54!N*4/!4/$*%!$,#*%6,0$,4!
*,!4/$!?%$.$,4M!!2/*.!*.!'$06,.4%(4$'!C&!ZBC*,(Q.!%$(54*6,!46!(!.$(%5/!6+!/$%!/60$!C&!
4/$!(%0&!*,!<$5$0C$%!6+!FGHHM!!=!N(.O!(4!4/$!4*0$O!(8(%0$'!46!/$(%!4/*.^!=!/('!
(..B0$'!4/(4!4/$!(%0&Q.!+6%(&.!*,46!?%*#(4$!.?(5$.!N(.!(!4/*,@!6+!4/$!?(.4O!8*0*4$'!46!
4/$!4*0$!6+!4/$!0*8*4(,5&M!
!
!
S2/$&!N$%$!866\*,@!+6%!0*8*4(,4.O!S!./$!.(*'!*,!(!0(44$%e6+e+(54!46,$M!!S2/$!
(%0&!5(0$!N/*8$!=!N(.!6B4!6,!4/$!#$%(,'(!N*4/!0&!.6,.M!!2/$&!(.\$'!0$!N/6!*.!(4!
/60$O!(,'!=!468'!4/$0O!l2/$%$!*.!,6!6,$!/$%$O!4/$%$!(%$!,6!0$,!/$%$MQ!lU60$!@$4!
'6N,!+%60!4/$%$OQ!4/$&!.(*'O!(,'!.6!0&!\*'.!(,'!=!N$,4!(,'!.(4!*,!4/$!?(%\M!!3&!
C%64/$%!5(0$!6#$%!(,'!N$,4!N*4/!4/$0!(.!4/$&!.$(%5/$'!4/$!/6B.$ee4/$&!.$(%5/$'!
B?.4(*%.O!'6N,.4(*%.O!$#$%&N/$%$O!(,'!4/$,!8$+4M!!2/$&!/('!/$(%'!4/(4!(!)#"&,!/('!
@(4/$%$'!(4!(![(`*'!A(/*CQ.!/60$O!.6!4/$&!N$%$!.$(%5/*,@!4/$!/6B.$!6+!$#$%&!0(,!
FY!
!
,(0$'![(`*'!A(/*CMT!!2/$!4$%0!)#"&,!*,!4/*.!#*88(@$!%$+$%.!46!(!@%6B?!6+!&6B,@!0$,!
4/(4!5%6..!4/$!)gU!46@$4/$%!46!(5_B*%$!(%0.!4%(*,*,@!*,!>J('!-(./0*%IM!
!
=!N(.!.4%B5\!C&!/6N!566?$%(4*#$!ZBC*,(!/('!C$$,!46!4/$!0*8*4(%&Q.!'$0(,'.O!
(,'!/6N!./$!'*',Q4!.$$0!$#$,!.8*@/48&!*,'*@,(,4!(C6B4!4/$!.$(%5/M!!=,!4/$!.46%*$.!6+!
4/$!*,.B%@$,5*$.!=!/('!C$$,!468'O!+(0*8&!0$0C$%.!468'!0$!4/$&!/('!/('!,6!5/6*5$!
CB4!46!8$4!0*8*4(,4.!(,'!0*8*4(%&!(8*\$!$,4$%!4/$*%!/60$.!C$5(B.$!*4!N(.!'(,@$%6B.!46!
%$+B.$!(!0(,!N*4/!(!@B,M!!]6N$#$%O!4/$!,6,5/(8(,4!46,$!N*4/!N/*5/!ZBC*,(!%$8(&$'!
4/*.!.46%&!46!0$!.B@@$.4$'!4/(4!./$!'*'!,64!560?8&!N*4/!4/$!6%'$%!46!8$(#$!/$%!6N,!
/6B.$!C$5(B.$!./$!4/6B@/4!./$!N(.!*,!'(,@$%O!CB4!C$5(B.$!*4!N(.!4/$!,(4B%(8!4/*,@!
46!'6M!!2/$!+6886N*,@!4N6!*,5*'$,4.!*88B.4%(4$!/6N!/$%!C$/(#*6%!'B%*,@!4/$!.$(%5/!*,!
4/$!?(.4!<$5$0C$%!N(.!./(?$'!C&!/$%!0$06%*$.!6+!4/$!56,'*4*6,.!6+!$P*.4$,5$!
'B%*,@!4/$!4*0$!6+!4/$!0*8*4(,5&M!!!
!
<B%*,@!=,'*(Q.!56B,4$%e*,.B%@$,5&!$++6%4.O!4/$!=,'*(,!(%0&!%$@B8(%8&!$,4$%$'!
4/$!/6B.$.!6+!-(8(,?6%(O!.$(%5/*,@!+6%!4/$!0$,a4/$!?64$,4*(8!0*8*4(,4.M!!2/$.$!
.$(%5/$.!N$%$!%6B4*,$O!(,'!4/$!0$,!B.$'!46!4/$%$+6%$!8$(#$!4/$!,$*@/C6%/66'!(+4$%!
4/$*%!$#$,*,@!0$(8!(,'!@6!*,46!/*'*,@M!!2/$!N60$,!%$0(*,$'!*,!4/$!#*88(@$O!4$88*,@!
4/$!0*8*4(%&!6++*5$%.!4/(4!4/$!0$,!N$%$!,64!(4!/60$O!N/*8$!4/$*%!/6B.$.!N$%$!
.$(%5/$'!+6%!N$(?6,.M!!!
!
S=!%$0$0C$%OT!.(*'!ZBC*,(O!S=!N(.!4(\*,@!(!C(4/!6,5$a*4!N(.!(C6B4!4/%$$!
6Q5865\!(,'!=!/('!`B.4!560$!C(5\!+%60!.5/668M!!=!/('!`B.4!.4$??$'!*,46!4/$!C(4/%660O!
FW!
!
(,'!0&!.*.4$%!N(.!0(\*,@!4$(M!!A/$!.(*'O!/B%%&!B?!(,'!C(4/$O!4/$!(%0&!0*@/4!C$!/$%$!
(4!(,&!060$,4M!!2/$!(%0&!B.B(88&!5(0$!j.$(%5/*,@!+6%!/$%!C%64/$%O!(!0*8*4(,4k!*,!4/$!
(+4$%,66,.M!!=!/('!`B.4!.4(%4$'!46!N(./!0&!/(*%!N/$,!4/$!(%0&!./6N$'!B?M!!=!5(0$!
6B4!6+!4/$!C(4/%660O!`B.4!8*\$!4/(4O!N*4/!./(0?66!(88!6#$%!0&!+(5$O!(,'!=!.(4!'6N,!
/$%$!(4!4/*.!4(C8$!N*4/!(!.5(%+!6#$%!0&!/$('M!!2/$!(%0&!6++*5$%!.(*'O!lb6!@$4!(!CB5\$4!
6+!N(4$%!(,'!N(./!&6B%!+(5$M!!<6,Q4!+%$4O!4(\$!&6B%!4*0$MQ!!2/$,!=!@64!0&!CB5\$4!(,'!
N(./$'!4/$!./(0?66!6++!0&!+(5$M!!=!56B8',Q4!@6!+*,*./!0&!C(4/!B,4*8!4/$&!/('!+*,*./$'!
4/$*%!.$(%5/M!!2/$%$!N(.!.6!0B5/!4$,.*6,M!
!
S2/$!(%0&!B.$'!46!560$!46!0&!/6B.$!4/%$$!6%!+6B%!4*0$.!(!'(&O!+6%!(C6B4!
4/%$$!&$(%.M!!>+4$%!=!566\$'!'*,,$%O!0&!.*.4$%.!(,'!=!B.$'!46!@6!46!0&!+(4/$%e*,e8(NQ.!
/6B.$O!N/$%$!N$!j./$!(,'!=k!.4(&!,6NM!![$!.4(&$'!4/$%$!$#$%&!,*@/4!(,'!5(0$!/60$!
*,!4/$!06%,*,@!(%6B,'!4$,M!!g,$!4*0$O!N$!5(0$!C(5\!(,'!.(N!4/(4!6B%!'66%!/('!C$$,!
C%6\$,!'6N,!(,'!6B%!(,*0(8.!8$4!6B4M!!3&!.*.4$%!.(*'O!lA4(&!/$%$O!=Q0!@6*,@!46!4(\$!(!
866\!+*%.4!(,'!0(\$!.B%$!4/$!(%0&!*.,Q4!4/$%$MQ!!A/$!58*0C$'!46!4/$!#$%(,'(!(,'!
866\$'!*,46!4/$!N*,'6N!6+!4/(4!C$'%660!6#$%!4/$%$M!![/$,!./$!866\$'O!./$!.(N!4/(4!
4/$!.68'*$%.!N$%$!.8$$?*,@!6,!4/$!C$'M!!A/$!5(0$!'6N,!_B*$48&O!.86N8&!(,'!.*8$,48&O!
(,'!N$!%(,!C(5\!46![(`*'!A(/*CQ.!/6B.$O!.(&*,@O!l[$!5(,Q4!@6!C(5\O!4/$!(%0&!*.!*,!6B%!
/6B.$MQ!!A6!N$!.4(&$'!(4![(`*'!A(/*CQ.!/6B.$O!/('!6B%!(+4$%,66,!4$(!4/$%$O!(,'!4/$,!
N$,4Q!C(5\!*,!4/$!$#$,*,@M!!2/$!N*,'6N.!(,'!'66%.!N$%$!(88!4/%6N,!N*'$!6?$,O!CB4!
4/$!(%0&!N(.!,6!86,@$%!4/$%$MT!
!
C4$(3$$4-0!
FL!
!
!
!
>.!0&!*,*4*(8!(44$0?4.!46!8$(%,!(C6B4!4/$!865(8!$P?$%*$,5$.!6+!4/$!56,+8*54!
%$#$(8$'O!4/$!#*68$,5$!6+!4/$!56,+8*54!'*'!,64!,$5$..(%*8&!?8(&!(!5$,4%(8!*,!8*+$!
/*.46%*$.M!![/$,!=!(.\$'!-(8(,?6%(!%$.*'$,4.!8*\$!2(8$$C!(C6B4!4/$*%!$P?$%*$,5$.!6+!
4/$!0*8*4(,5&O!4/$&!%$56B,4$'!(!.4%*,@!6+!'(4$.!(,'!&$(%.!56%%$.?6,'*,@!46!?68*4*5(8!
'$#$86?0$,4.!(,'!4/$*%!?$%.6,(8!4%(`$546%*$.M!!2/$.$!,(%%(4*#$.!8(%@$8&!C&?(..$'!
4/$!$P?8*5*4!$P?$%*$,5$!6+!#*68$,5$a2(8$$CO!(.!(,!$Pe0*8*4(,4!$(@$%!46!C$!
*,4$%#*$N$'O!'*'!,64!0$,4*6,!(!.*,@8$!$#$,4!6+!#*68$,5$!4/(4!/$!$*4/$%!.(N!6%!
$P?$%*$,5$'M!!=!0*@/4!/(#$!4/6B@/4!4/(4!4/*.!N(.!C$5(B.$!4/$!#*88(@$%.!N$%$!
B,N*88*,@!46!'*.586.$!4/$*%!$P?$%*$,5$.!6+!#*68$,5$O!CB4!2(8$$CQ.!60*..*6,!6+!'*%$54!
#*68$,5$!'$.?*4$!$(@$%,$..!46!./(%$!/*.!.46%&!.B@@$.4.!64/$%N*.$M!!3$06%*$.!6+!
#*68$,5$!N$%$O!/6N$#$%O!(??(%$,4!*,!(,$5'64$.!4/(4!-(8(,?6%(!%$.*'$,4.!C%6B@/4!B?!
*,!56,#$%.(4*6,M!!2/$!#*68$,5$!6+!4/$!56,+8*54!.$%#$'!(.!4/$!.$44*,@!+6%!4/$!(,$5'64$.O!
$#$,!N/$,!4/$!(,$5'64$!*,!_B$.4*6,!N(.!,64!$P?8*5*48&!(C6B4!#*68$,5$M!!2/(4!ZBC*,(!
(,'!4/$!64/$%!@*%8.!B.$'!46!.8$$?!*,![(`*'!A(/*CQ.!/6B.$!(4!,*@/4O!(,'!4/(4![(`*'!
A(/*C!N(.!4/$!6,8&!0(,!N/6!'*'!,64!@6!*,46!/*'*,@!(4!,*@/4O!(%$!,64!*,!4/$0.$8#$.!
0$06%*$.!6+!'*%$54!#*68$,5$M!!2/$&!(%$!?(.4!+(54.!4/(4!(%$!56B5/$'!*,!4/$!0$06%&!6+!
N*'$.?%$('!#*68$,5$O!(,'!+$(%!6+!*4O!N/*5/!*.!*0?8*5*4!*,!4/$!-(8(,?6%(!%$.*'$,4.Q!
56,#$%.(4*6,.M!!2/$!+(54!4/(4![(`*'!A(/*C!N(.!,64!$,4*%$8&!.B%$!*+!/$!/('!$#$%!C$$,!
C$(4$,!C&!4/$!(%0&!./6N.!4/(4O!$#$,!N/$,!(,!*,'*#*'B(8!*,5*'$,5$!6+!#*68$,5$!0(&!
,64!C$!%$0$0C$%$'O!4/$!@$,$%(8!56,'*4*6,.!6+!4/$!#*68$,5$!.4*88!(%$M!!
!
2/$!%68$!6+!#*68$,5$!(.!4/$!.$44*,@!+6%!4/$.$!(,$5'64(8!0$06%*$.!*,'*5(4$.!
FK!
!
4/(4!*4!N(.!56,.*'$%$'!466!56006,?8(5$!46!%$_B*%$!(,!$P?8(,(4*6,M!!2/*.!?6*,4!*.!
*88B.4%(4$'!C&!2(8$$CQ.!(..B0?4*6,!4/(4!/*.!%$(.6,.!+6%!`6*,*,@!4/$!0*8*4(,5&!N$%$!
6C#*6B.M!"#$%&6,$!*,!4/$!#*88(@$!/('!C$$,!4/%6B@/!4/$!5%(5\'6N,.O!4/$!C$(4*,@.O!4/$!
,*@/48&!/*'*,@O!.6!(,!$P?8(,(4*6,!6+!4/*.!#*68$,5$!N(.!,64!'$$0$'!,$5$..(%&M!!2/$!
#*68$,5$!6+!4/$!56,+8*54!N(.!4/$%$+6%$!%$0$0C$%$'!5688$54*#$8&O!,64!(.!(!?(%4*5B8(%!
$#$,4!CB4!(.!(,!$,#*%6,0$,4M!!2/*.!%$0$0C$%$'!$,#*%6,0$,4!56,4(*,$'!0$06%*$.!
6+!'*.5%$$4!$#$,4.!N*4/*,!*4^!ZBC*,(!N/60!=!,$#$%!(.\$'!+6%!(,!*,4$%#*$NO!468'!0$!
.46%*$.!6+!/$%!5/*8'/66'a(,$5'64$.O!*,!$P5/(,@$!+6%!N/*5/!=!468'!.46%*$.!6+!0&!6N,!
5/*8'/66'a(,'!*4!N(.!4/$.$!.46%*$.!(,'!4/$!56,#$%.(4*6,.!*,!N/*5/!4/$&!N$%$!
$0C$''$'!4/(4!5(%%*$'!$#*'$,5$!6+!4/$!#*68$,5$!6+!4/$!56,+8*54M!!2/$!56,'*4*6,.!6+!4/$!
56,+8*54!N$%$!%$0$0C$%$'!(.!(!./(%$'!B,'$%.4(,'*,@!.6!'$$?8&!$,@%(*,$'!4/(4!
0$06%*$.!6+!4/$0!N$%$!*0?8*5*48&!./6N,!%(4/$%!4/(,!$P?8*5*48&!468'M!
!
7*&(JQ.!0$06%*$.!6+!/*.!5/*8'/66'!*,'*5(4$!4/(4O!'$.?*4$!N*'$.?%$('!#*68$,5$!
*,!-(8(,?6%(O!.60$!*,.4*4B4*6,(8!(,'!.65*(8!.4%B54B%$.!?$%.*.4$'!4/%6B@/6B4!4/$!
?$%#(.*#$!#*68$,5$!6+!4/$!0*8*4(,5&M!!A5/668.!N$%$!.4*88!*,!.$..*6,O!+6%!4/$!06.4!?(%4O!
(,'!>+4(C!`6*,$'!/*.!58(..0(4$.!*,!.5/668!(+4$%!/$!N(.!C$(4$,!C&!4/$!(%0&O!N/*8$!
64/$%.!N$%$!.4*88!C$*,@!C$(4$,!(4!/*.!/60$M!!2/$!56B%4!.&.4$0!N(.!(8.6!+B,54*6,*,@O!
(,'!4/$!%$.*'$,4.!6+!-(8(,?6%(!0('$!B.$!6+!4/$!8$@(8!.&.4$0!(,'!(!8(N&$%Q.!.$%#*5$.!
46!+6%5$!4/$!(%0&!46!8$(#$!4/$*%!#*88(@$M!!A65*(8!.4%B54B%$.O!.B5/!(.!@$,'$%!%68$.O!
%$0(*,$'!%$8(4*#$8&!.4(C8$!'B%*,@!4/$!4*0$!6+!4/$!0*8*4(,5&!(,'!.(#$'!0(,&!N60$,!
+%60!4/$!+(4(8!#*68$,5$!4/(4!4/$!0$,!+$(%$'^!N60$,!N$%$!,64!4&?*5(88&!.B.?$54$'!6+!
C$*,@!0*8*4(,4.O!N/$%$(.!7*&(J!(,'!ZBC*,(Q.!0$06%*$.!%$#$(8!4/(4!4/$!(%0&!$_B(4$'!
IG!
!
0$,!N*4/!0*8*4(,4.M!!"'B5(4*6,!(,'!(@$!%$4(*,$'!4/$!(C*8*4&!46!$(%,!-(./0*%*!0$,!(!
5$%4(*,!(06B,4!6+!%$@(%'!(,'!(0,$.4&!4/%6B@/6B4!4/$!0*8*4(,5&O!$#$,!+%60!4/$!
=,'*(,!(%0&M!
!
2/$.$!*,.4*4B4*6,(8!(,'!.65*(8!.4%B54B%$.!(%$!4/$!.(0$!(.!4/6.$!4/(4!@6#$%,!
4/$!?%$.$,4M!!b6#$%,0$,4e6N,$'!.5/668.!(,'!4/$!8$@(8!.&.4$0!(%$!.4*88!*,!?8(5$O!(.!
(%$!4/$!.N$$?*,@!?6N$%.!@%(,4$'!C&!>EA9>!46!4/$!=,'*(,!+6%5$.O!N/*5/!$,(C8$'!4/$!
5%(5\'6N,.!(,'!C$(4*,@.O!(.!N$88!(.!4/$!.$(%5/!6+!ZBC*,(Q.!/6B.$!(.!%$5$,48&!(.!
<$5$0C$%!6+!FGHHM!!!2/$.$!?%$.$,4!.4%B54B%$.!(%$!4/$,!*,.5%*C$'!N*4/!4/$!0$06%*$.!
6+!4/$!$,#*%6,0$,4!6+!4/$!#*68$,4!HKKG.M!!2/(4!*,.4*4B4*6,(8!.4%B54B%$.!N$%$!,$#$%!
'$.4%6&$'!(,'!%$CB*84!B,'$%0*,$.!4/$!C%$(\!C$4N$$,!(!.4(4$!6+!56,+8*54!(,'!(!.4(4$!
6+!%$56#$%&!4/(4!A\(,'(,!.B@@$.4$'M!!!
!
ZBC*,(Q.!*,4$%(54*6,.!N*4/!4/$!=,'*(,!.$5B%*4&!+6%5$.!'B%*,@!4/$!4*0$!6+!4/$!
0*8*4(,5&!8$+4!/$%!(55B.460$'!46!.4$??*,@!(.*'$!N/$,!4/$&!$,4$%$'!/$%!
/60$M!!<B%*,@!4/$!0*8*4(,5&O!./$!8$+4!/$%!/60$!$#$%&!,*@/4!46!.4(&!6B4!6+!4/$*%!
N(&M!![/$,!./$!+6B,'!4/$0!.8$$?*,@!*,!/$%!6N,!/60$O!./$!56B8'!,64!$,4$%M!!=,.4$('O!
./$!/('!46!N(*4!+6%!4/$0!46!8$(#$M!!2/$&!56B8'!560$!(,'!@6!(.!4/$&!?8$(.$'O!CB4!./$!
(,'!/$%!.*.4$%!/('!46!('`B.4!46!4/$*%!N*88M!!ZBC*,(!$#$,!?8(,,$'!/$%!C(4/.!(%6B,'!4/$!
(%0&Q.!.$(%5/$.!6+!/$%!/60$M!!2/$&!56B8'!'$0(,'!4/(4!./$!.4$?!6B4!6+!4/$!./6N$%O!
CB4!./$!'*'!,64!$#$,!'(%$!46!N(./!/$%!+(5$!N*4/6B4!4/$*%!?$%0*..*6,!*,!4/$*%!
?%$.$,5$M!!2/$!$0C6'*$'!\,6N8$'@$!4/(4!4/$!56,'*4*6,.!6+!$P*.4$,5$!'B%*,@!4/$!4*0$!
6+!4/$!0*8*4(,5&!5%$(4$'!*,+6%0!ZBC*,(Q.!*,4$%(54*6,.!N*4/!/$%!$,#*%6,0$,4!
IH!
!
46'(&M!![/$,!/$%!/6B.$!N(.!.$(%5/$'!*,!FGHHO!./$!'*'!,64!_B$.4*6,!4/$!(%0&!
6++*5$%.Q!'$0(,'.!46!$,4$%!/$%!/6B.$M!![/$%$(.!=!N(.!.4(%48$'!46!8$(%,!4/(4!.$5B%*4&!
+6%5$.!56B8'!.4*88!$,4$%!?$6?8$Q.!/60$.!(4!N*88O!+6%!ZBC*,(O!*4!N(.!,64!(!?(%4*5B8(%8&!
%$0(%\(C8$!$#$,4M!
!
2/(4!4/$!#*68$,5$!6+!4/$!56,+8*54!*.!%$0$0C$%$'!(.!(!5688$54*#$8&!$P?$%*$,5$'!
$,#*%6,0$,4!(06,@!4/$!%$.*'$,4.!6+!-(8(,?6%(O!4/(4!4/$!.4%B54B%$.!4/(4!./(?$'!4/(4!
#*68$,5$!56,4*,B$!46!./(?$!4/$!?%$.$,4!,6%0(85&O!(,'!4/(4!-(./0*%*.!*,4$%(54!N*4/!
4/$*%!5B%%$,4!$,#*%6,0$,4!N*4/!4/$!.(0$!$0C6'*$'!\,6N8$'@$!./6N.!4/(4O!+6%!
4/$0O!4/$!?%$.$,4!*.!.4*88!(!?(%4!6+!4/$!56,+8*54M!!2/$!+%$_B$,5&!6+!#*68$,5$!0(&!/(#$!
4(?$%$'!6++O!(,'!?$6?8$!8*\$!ZBC*,(!(%$!,6N!(C8$!46!.8$$?!*,!4/$*%!6N,!/60$.!(4!
,*@/4O!CB4!4/$!+%(0$N6%\!6+!4/$!56,+8*54!?$%.*.4.!(,'!?$6?8$!*,4$%(54!N*4/!*4!0B5/!*,!
4/$!.(0$!N(&!4/$&!'*'!'B%*,@!4/$!4*0$!6+!4/$!0*8*4(,5&M!!2/$%$+6%$O!N/*8$!4/$!
'$5%$(.$'!+%$_B$,5&!6+!#*68$,5$!4%*@@$%$'!$P4$%,(8!5/(,@$.!4/(4!A\(,'(,!B.$.!46!
'$+*,$!4/$!5B%%$,4!.4(4$!6+!(++(*%.!*,!-(./0*%!(.!(!?$%*6'!6+!%$56#$%&O!+6%!?$6?8$!N/6!
8*#$!*,!-(./0*%O!$#$,!4/$!$#$%&'(&!,6%0(85&!*.!*,.5%*C$'!N*4/!5688$54*#$!0$06%*$.!
6+!4/$!#*68$,5$O!+6%0*,@!(!C(5\'%6?!6+!#*68$,5$!fA5/$?$%e]B@/$.O!HKKFR!4/(4!0(\$.!
*,'*#*'B(8!*,5*'$,4.!6+!#*68$,5$!B,%$0(%\(C8$M!!2/*.!C(5\'%6?!6+!#*68$,5$!(886N.!+6%!
*,'*#*'B(8!*,5*'$,4.!6+!?68*4*5(8!#*68$,5$!46!C$!(C.6%C$'!*,46!4/$!$#$%&'(&!,6%0(85&O!
(.!4/$&!(%$!6,8&!46!C$!$P?$54$'!*,!(!.4(4$!6+!56,+8*54M!
!
!
IF!
!
!
!
!
!
!
!
!
!
!
/5';%,&!D!
!
"%%'(57,0%!%-!%5,!$%'%,!
II!
!
10%&-23(%4-0!
!
2/$!.$?(%(4*.4!*,.B%@$,5&!C$@(,!*,!-(./0*%!*,!HKLK!(,'!N(.!(4!*4.!/$*@/4!*,!
HKKHO!N/$,!=,'*(!8*C$%(8*J$'!4/$!,(4*6,Q.!$56,60&M!!-(./0*%!/(.!C$$,!*,!56,+8*54!
$#$%!.*,5$O!(,'!(.!(!%$.B84O!+$N!?%*#(4$!560?(,*$.!/(#$!*,#$.4$'!*,!4/$!%$@*6,!
f](C*CB88(/O!FGGVRM!!U6,.$_B$,48&O!N/*8$!4/$!0*''8$!58(..!*,!0(,&!?(%4.!6+!=,'*(!
.(4*.+*$.!06.4!6+!*4.!,$$'.!+%60!4/$!?%*#(4$!.$546%!fE$%,(,'$.O!FGGVRO!-(./0*%*.!(.!(!
N/68$!%$0(*,!8(%@$8&!'$?$,'$,4!6,!4/$!=,'*(,!@6#$%,0$,4!+6%!C64/!$..$,4*(8!
.$%#*5$.!(,'!$0?86&0$,4!f](C*CB88(/O!FGGVRM!!=,!4/*.!.$54*6,O!=!(%@B$!4/(4!-(./0*%*.Q!
'$?$,'$,5$!6,!4/$!@6#$%,0$,4!5%$(4$.!(,!(44(5/0$,4a(8C$*4!(!56,4$.4$'!6,$a46!
4/$!=,'*(,!.4(4$O!4/$%$C&!'*0*,*./*,@!4/$!?6..*C*8*4&!6+!B,*+*$'!(54*6,!(@(*,.4!4/$!
.4(4$M!
!
=,!(,!*,4$%#*$N!N*4/!4/$!h6*,4!A$5%$4(%&!6+!h(00B!(,'!-(./0*%O!3%M!-M!
A\(,'(,O!*,!<$5$0C$%!6+!FGHFO!=!(.\$'!/*0!N/(4!/*.!4/6B@/4.!(C6B4!4/$!
@6#$%,0$,4Q.!%68$!(.!(!0(`6%!$0?86&$%!*,!-(./0*%!N$%$M!!Sb6#$%,0$,4!*.!C&!+(%!4/$!
8(%@$.4!j$0?86&$%kO!*,!4$%0.!6+!%(4*6!46!4/$!?6?B8(4*6,OT!A\(,'(,!%$.?6,'$'M!!S2/$%$!
*.!(!?$5B8*(%!4/*,@a-(./0*%!/(.!(!.0(88!?6?B8(4*6,O!CB4!*4!*.!C*@!.4(4$O!*,!4$%0.!6+!
8(,'M!!:(.4!(%$(.O!&6B!\,6NO!+%60!)('(\/!46!h(00BO!(84/6B@/!4/$!?6?B8(4*6,!*.!
.?(%.$Hm.6!&6B!/(#$!(!864!6+!?8(5$.!N/$%$!4/$!@6#$%,0$,4!/(.!46!C$M!!>,'!.6O!N$Q%$!
N*4/!06.4!?$6?8$!(54B(88&M!!A$56,'!4/*,@!*.O!@6#$%,0$,4!*.!4/$!6,8&!(#$,B$!+6%!
$0?86&0$,4!+6%!4/$!&6B4/MT!!!
!
IV!
!
A$5%$4(%&!A\(,'(,!6B48*,$.!4N6!'*.4*,54!+B,54*6,.!4/(4!4/$!@6#$%,0$,4!
?$%+6%0.!(.!(!.6B%5$!6+!$0?86&0$,4!*,!-(./0*%M!!E*%.4O!C&!SC$*,@!N*4/!06.4!?$6?8$TO!
4/$!@6#$%,0$,4!$,560?(..$.!4/$!4$%%*46%&!6+!-(./0*%FM!!A$56,'O!(.!4/$!6,8&!f6%!4/$!
0(`6%R!(#$,B$!6+!$0?86&0$,4!+6%!-(./0*%*!&6B4/O!*4!?%6#*'$.!$56,60*5!.$5B%*4&!46!
5$%4(*,!*,'*#*'B(8.M!!=,!4/*.!5/(?4$%O!=!$P?86%$!4/$!56,.$_B$,5$.!6+!4/$.$!4N6!
+B,54*6,.!6,!4/$!(,4*e=,'*(!.$,4*0$,4.!4/(4!(%$!.6!?%$#(8$,4!*,!-(./0*%IM!=!(%@B$!4/(4!
4/$.$!4N6!+B,54*6,.!6+!4/$!@6#$%,0$,4!(.!(!.6B%5$!6+!$0?86&0$,4!N6%\!46@$4/$%!46!
'*.B,*4$!-(./0*%*.Q!(,4(@6,*.0!46N(%'.!=,'*(O!/68'*,@!4/$0!46!4/$!=,'*(,!.4(4$!(,'!
'*#*'*,@!4/$0!+%60!6,$!(,64/$%M!!-(./0*%*.Q!$P4$,.*#$!*,4$%(54*6,.!N*4/!4/$!.4(4$O!
#*(!*4.!6++*5$.!(,'!?%6`$54.O!5%$(4$!(,!(44(5/0$,4!46!4/$!.4(4$!4/(4!C$560$.!#*.*C8$!
'B%*,@!S060$,4.!6+!,(4*6,(8!B,*4&T!fE6%@(5.O!FGHFR!N*4/*,!4/$!=,'*(,!.4(4$M!
!
2/*.!.$54*6,!'%(N.!6,!'(4(!+%60!6?$,e$,'$'!*,4$%#*$N.!5688$54$'!*,!
<$5$0C$%!FGHFO!(,'!h(,B(%&!FGHIM!!2/$!*,4$%#*$N.!'$8*C$%(4$8&!'*'!,64!'*%$548&!
(''%$..!4/$!46?*5!6+!4/$!56,+8*54O!(.!4/(4!N6B8'!/(#$!8*\$8&!%$.B84$'!*,!?68(%*J$'!
%$.?6,.$.M!!=,.4$('O!4/$&!N$%$!+65B.$'!6,!-(./0*%*.Q!%$8(4*6,./*?!46!4/$!
@6#$%,0$,4M!!;64/!4/$!5$,4%(8!(,'!.4(4$!@6#$%,0$,4.!*,!-(./0*%!(%$!%$56@,*J$'!(.!
4/$!S=,'*(,!@6#$%,0$,4TM!!>84/6B@/!-(./0*%*.Q!(44*4B'$.!46N(%'.!4/$!=,'*(,!
@6#$%,0$,4!N$%$!5686%$'!C&!4/$!/*.46%&!6+!56,+8*54O!4/$!@6#$%,0$,4!N(.!,64(C8&!
.$$,!(.!'*.4*,54!+%60!4/$!S(%0&T!fN/*5/!6+4$,!$,560?(..$'!64/$%!\*,'.!6+!=,'*(,!
.$5B%*4&!+6%5$.O!.B5/!(.!4/$!U$,4%(8!Z$.$%#$!968*5$!E6%5$RO!N/*5/!N(.!.$$,!(.!
%$.?6,.*C8$!+6%!06.4!6+!4/$!(4%65*4*$.!6+!4/$!56,+8*54M!!2/*.!'*.4*,54*6,O!(,'!
.BC.$_B$,4!+65B.!6+!0&!*,4$%#*$N.!6,!4/$!=,'*(,!@6#$%,0$,4!%(4/$%!4/(,!4/$!(%0&O!
IX!
!
$P?6.$'!(!560?8*5(4$'!%$8(4*6,./*?!C$4N$$,!-(./0*%*.!(,'!4/$!=,'*(,!.4(4$!4/(4!
%$0(*,.!6C.5B%$'!*,!0(,&!.4B'*$.!6+!4/$!#*68$,5$!6+!4/$!56,+8*54M!
!
2/$!+6886N*,@!$4/,6@%(?/*5!'(4(!N$%$!5688$54$'!+%60!4/$!#*88(@$!6+!
-(8(,?6%(O!*,!4/$!C6%'$%!'*.4%*54!6+!-B?N(%(O!N/$%$!4/$!CB8\!6+!0&!%$.$(%5/!*.!
C(.$'O!(.!N$88!(.!7bg!6++*5$.!*,!4/$!'*.4%*54!6+!b(,'(%C(8!(,'!*,!4/$!.B00$%!5(?*4(8!
6+!A%*,(@(%M!!=!+*%.4!?%$.$,4!(!C%*$+!*88B.4%(4*6,!6+!-(8(,?6%(!%$.*'$,4.Q!'$?$,'$,5$!6,!
4/$!@6#$%,0$,4!+6%!.65*(8!.$%#*5$.!(,'!$0?86&0$,4!46!'$06,.4%(4$!4/$!$0B8.*+&*,@!
$++$54!4/*.!'$?$,'$,5$!/(.!6,!(,4(@6,*.0!46N(%'.!4/$!.4(4$M!!=!4/$,!'$.5%*C$!4N6!
*,5*'$,4.!4/(4!./6N!/6N!-(./0*%*.Q!'$?$,'$,5&!6,!4/$!@6#$%,0$,4!560?$8.!4/$0!
46!$P?$,'!(,!$P4$,.*#$!(06B,4!6+!4*0$!(,'!$,$%@&!5600B,*5(4*,@!N*4/!4/$!.4(4$M!!
E6886N*,@!4/(4O!=!@*#$!(,!(556B,4!6+!-(./0*%*.Q!%$.?6,.$!46N(%'.!4/$!/*@/8&!
?BC8*5*J$'!%(?$!*,5*'$,4!*,!7$N!<$/8*!46!./6N!4/(4!4/$*%!$P4$,.*#$!*,#68#$0$,4!N*4/!
4/$!=,'*(,!.4(4$!/(.!5%$(4$'!(!.6%4!6+!(44(5/0$,4!46!4/$!.4(4$M!!!
!
C,;,02,0(,!-0!%5,!B-=,&07,0%!
!
2/$!.4(4$Q.!+B,54*6,!6+!4$%%*46%*(88&!$,560?(..*,@!-(./0*%!%$.6,(4$'!N*4/!
4/$!?%$#(8$,5$!6+!.4(4$!.$%#*5$.!(,'!*,.4*4B4*6,.!*,!4/$!#*88(@$!6+!-(8(,?6%(M!!>.!4/$!
.$56,'!#*88(@$!+%60!4/$!)gU!6,!4/$!=,'*(,!.*'$!6+!-(./0*%O!-(8(,?6%(!N(.!6,$!6+!4/$!
06.4!%$064$!#*88(@$.!*,!4/$!%$064$O!8(%@$8&!%B%(8!'*.4%*54!6+!-B?N(%(M!![*4/*,!4/$!
#*88(@$!@%6B,'.O!4/$%$!N(.!(!/$(84/!5$,4$%O!(,!(,@(,N('*!5$,4$%VO!(,'!+6B%!
@6#$%,0$,4e6N,$'!.5/668.M!!A60$!6+!4/$.$!*,.4*4B4*6,.!N$%$!,64!6?$%(4*6,(8!'B%*,@!
IY!
!
4/$!4*0$!6+!0&!+*$8'N6%\XO!CB4!4/$&!,6,$4/$8$..!5(%%*$'!4/$!,(0$!6+!4/$!@6#$%,0$,4O!
Sh!n!-!bg:2TO!6,!4/$*%!.*@,C6(%'.M!
!
<$.?*4$!4/$*%!.4(4$'!'*.8*\$!+6%!4/$!=,'*(,!@6#$%,0$,4O!4/$!%$.*'$,4.!6+!
-(8(,?6%(!'$?$,'$'!6,!4/$!.$%#*5$.!?%6#*'$'!C&!.4(4$!*,.4*4B4*6,.M!!A(80(O!(!.4B'$,4!
(4!4/$!865(8!@*%8.Q!/*@/!.5/668O!.(*'!N*4/!%$@(%'.!46!4/$!#*88(@$!(,@(,N('*!5$,4$%O!S=,!
.60$!%$.?$54.O!=,'*(!/(.!'6,$!.6!0B5/!+6%!B.MT!!=,!&$(%.!N/$,!4/$!/(%#$.4!N(.!?66%O!
A(80(!%$56B,4$'O!064/$%.!%$8*$'!6,!4/$!+66'!.B??8$0$,4.!?%6#*'$'!(4!4/$!
(,@(,N('*!5$,4$%!46!+$$'!4/$*%!5/*8'%$,M!!S36.4!?$6?8$!'6,Q4!,$$'!*4!,6NOT!./$!.(*'M!!
S3(&C$!.60$!?$6?8$!.4*88!B.$!*4!+6%!+66'O!=!'6,Q4!\,6NaCB4!4/$%$!N(.!(!'%6B@/4!/$%$!
(!+$N!&$(%.!(@6O!(,'!0(,&!6+!B.!N6B8'!,64!/(#$!@644$,!4/%6B@/!4/(4!&$(%!N*4/6B4!
4/$!5$,4$%MT!
!
=,!(556%'(,5$!N*4/!A$5%$4(%&!A\(,'(,Q.!.4(4$0$,4O!4/$.$!.4(4$!*,.4*4B4*6,.!*,!
-(8(,?6%(!N$%$!(8.6!4/$!0(*,!.6B%5$!6+!$0?86&0$,4!+6%!4/$!%$.*'$,4.!6+!4/$!#*88(@$M!!
2/$!/$(84/!5$,4$%!$0?86&$'!(!865(8!,B%.$O!(,'!4/$!(,@(,N('*!5$,4$%!$0?86&$'!(,!
(,@(,N('*!(,'!/$%!(..*.4(,4.M!!3(,&!06%$!#*88(@$%.!N$%$!$0?86&$'!(.!4$(5/$%.!(,'!
('0*,*.4%(46%.!*,!4/$!@6#$%,0$,4!.5/668.O!N/*5/!N$%$!(44$,'$'!C&!4/$!#(.4!
0(`6%*4&!6+!4/$!#*88(@$Q.!5/*8'%$,M!!2/6.$!N/6!'*'!,64!/(#$!@6#$%,0$,4!`6C.!N$%$!
$*4/$%!N(*4*,@!+6%!4/$!.4(4$!@6#$%,0$,4!46!(,,6B,5$!,$N!`6C!6?$,*,@.!6%!/('!@*#$,!
B?!6,!4/$!*'$(!6+!.4$('&!$0?86&0$,4!(,'!N6%\$'!6''!`6C.M!
!
IW!
!
2/$!+*,(,5*(8!.*4B(4*6,.!6+!7*&(J!(,'!/*.!+(0*8&!0$0C$%.O!(88!6+!N/60!(%$!
%$.*'$,4.!6+!-(8(,?6%(O!(?48&!*88B.4%(4$!-(./0*%*.Q!'$?$,'$,5$!6,!4/$!@6#$%,0$,4!
+6%!$56,60*5!.$5B%*4&M!!7*&(J!/('!+*,*./$'!/*.!0(.4$%Q.!'$@%$$!*,!0(4/!*,!FGGX!(,'!
/('!.*,5$!4/$,!C$$,!/6?*,@!46!C$!(??6*,4$'!46!(!4$(5/*,@!?6.*4*6,!(4!(!@6#$%,0$,4!
.5/668M!!=,!FGHHO!7*&(JQ.!,(0$!(??$(%$'!6,!4/$!8*.4!6+!,$N!(??6*,40$,4.!4/(4!4/$!
.4(4$!?BC8*5(88&!%$8$(.$.!N/$,!4/$&!+*88!6?$,!?6.*4*6,.O!*,'*5(4*,@!4/(4!/$!/('!C$$,!
(??6*,4$'!(!4$(5/*,@!?6.*4*6,M!!]6N$#$%O!4/$!.4(4$!%$#6\$'!4/(4!8*.4!6+!(??6*,40$,4.!
'B$!46!(,!(88$@$'!./6%4(@$!6+!+B,'.!(,'!(,,6B,5$'!4/(4!,$N!?6.*4*6,.!N6B8'!,64!C$!
(#(*8(C8$!+6%!(,64/$%!4N6!&$(%.M!!7*&(J!N(.!N(*4*,@!+6%!4/$!.4(4$!46!(,,6B,5$!,$N!
4$(5/*,@!?6.*4*6,.!N/*8$!4B46%*,@!0(4/!46!0(\$!$,'.!0$$4!*,!4/$!0$(,4*0$M!!!
!
7*&(JQ.!+(4/$%!/('!C$$,!(!?%*,5*?(8!(4!6,$!6+!4/$!@6#$%,0$,4!.5/668.!*,!4/$!
#*88(@$!C$+6%$!/*.!%$4*%$0$,4O!(,'!7*&(JQ.!.*.4$%!(,'!.*.4$%e*,e8(N!N$%$!C64/!4$(5/$%.!
(4!@6#$%,0$,4!.5/668.M!!2N6!6+!/*.!56B.*,.O!/6N$#$%O!/('!,64!C$$,!.6!+6%4B,(4$M!!
g,$!6+!4/$0!/('!(!'$@%$$!*,!$,@*,$$%*,@!CB4!86.4!/*.!`6C!N/$,!(!0(`6%!
4$8$5600B,*5(4*6,.!560?(,&!'*.56,4*,B$'!*4.!.$%#*5$.!*,!-(./0*%M!!]$!/('!.*,5$!
4/$,!C$$,!'%*#*,@!(!4(P*M!!>,64/$%!56B.*,O!N/6!N(.!(8.6!$'B5(4$'!(.!(,!$,@*,$$%O!/('!
C$$,!B,(C8$!46!+*,'!N6%\!(,'!N(.!'$?$,'$,4!6,!/*.!?(%$,4.Q!?$,.*6,.M!
!
E&,-((3;'%4-0!A4%5!%5,!1024'0!$%'%,!
!
-(./0*%*.Q!'$?$,'$,5$!6,!4/$!@6#$%,0$,4!(,'!4/$!56,4*,@$,5*$.!4/(4!
5/(%(54$%*J$!4/$!=,'*(,!CB%$(B5%(5&Y!,$5$..*4(4$.!.BC.4(,4*(8!*,4$%(54*6,!N*4/!4/$!
IL!
!
.4(4$M!!9$%.6,(8!?%6`$54.O!.B5/!(.!4/$!B,'$%4(\*,@!6+!56,.4%B54*6,!N6%\!*,!6,$Q.!
#*88(@$!6%!%$?(*%*,@!0(8+B,54*6,.!*,!.4(4$!?%6#*'$'!.$%#*5$.O!.B5/!(.!$8$54%*5*4&O!(%$!
4N6!6+!4/$!0(,&!0B,'(,$!(54*#*4*$.!4/(4!\$$?!-(./0*%*.!56,.4(,48&!$,@(@$'!N*4/!
4/$!.4(4$O!(.!4/$!$#$,4.!'$.5%*C$'!C$86N!'$06,.4%(4$M!!!
!
>+.(8!N(.!4/$!.6,!6+!4/$!#*88(@$!!"#$"%&'+f?68*4*5(8!/$('R!(,'!#*88(@$!/$('0(,!
6+!-(8(,?6%(M!!]$!N(.!N6%\*,@!N*4/!.60$!64/$%!#*88(@$%.!46!CB*8'!(!?%64$54*6,!N(88!
(%6B,'!(!?864!6+!8(,'!46!?%$#$,4!$%6.*6,M!!]$!/('!%$5$*#$'!LGOGGG!%B?$$.!+%60!4/$!
.4(4$!46!CB*8'!4/$!N(88!(,'!?(&!4/$!#*88(@$%.!N/6!N6%\$'!6,!*4M!!=,!6%'$%!46!%$5$*#$!
4/$!06,$&O!>+.(8!,$$'$'!46!/(#$!4/$!?%6@%$..!6+!4/$!?%64$54*6,!N(88!$#(8B(4$'!C&!4/$!
hB,*6%!",@*,$$%!+%60!4/$!<$?(%40$,4!6+!ZB%(8!<$#$86?0$,4M!!>+.(8!(,'!=!.$4!6B4!
+%60!-(8(,?6%(!*,!4/$!06%,*,@!+6%!4/$!ZB%(8!<$#$86?0$,4!6++*5$!46!+$45/!4/$!hB,*6%!
",@*,$$%!(,'!0(\$!.B%$!/$!5(0$!46!5/$5\!4/$!?%64$54*6,!N(88WM!!2/$!$,@*,$$%!/('!
64/$%!$%%(,'.!46!(44$,'!46!*,!#*88(@$.!4/(4!N$%$!6,!4/$!N(&!46!-(8(,?6%(O!.6!>+.(8!
'%6#$!C$/*,'!/*0!(,'!N(*4$'!+6%!/*0!46!+*,*./M!!=4!N(.!,*@/4+(88!C&!4/$!4*0$!N$!
%$(5/$'!-(8(,?6%(O!N/$%$!*4!466\!4/$!$,@*,$$%!HG!0*,B4$.!46!0$(.B%$!4/$!
'*0$,.*6,.!6+!4/$!N(88!(,'!.*@,!6++!6,!(!.$4!6+!?(?$%.!>+.(8!/('!+6%!/*0M!!S=!\,6N!
/*0OT!>+.(8!5600$,4$'!(+4$%!4/$!$,@*,$$%!8$+4O!S.6!/$!(@%$$'!46!'6!4/*.!+6%!0$M!!
g4/$%N*.$O!=!'6,Q4!\,6N!86,@!=Q'!/(#$!46!N(*4!+6%!/*0!46!560$!5/$5\!j4/$!N(88kMT!
!
E6%!4/6.$!-(./0*%*.!N/6!'6!,64!?$%.6,(88&!\,6N!4/$!.4(4$!$0?86&$$.!N/6.$!
.$%#*5$.!4/$&!,$$'O!@$44*,@!4/$!@6#$%,0$,4Q.!(44$,4*6,!*.!$#$,!06%$!4*0$!
56,.B0*,@M!!=,!4/$!'*.4%*54!6+!b(,'(%C(8O!4/$%$!N(.!(!C865\!6+!#*88(@$.!4/(4!/('!,64!
IK!
!
%$5$*#$'!?6N$%!*,!6#$%!(!06,4/M!!>!4%(,.+6%0$%!/('!C%6\$,O!4/$!#*88(@$%.!.(*'O!(,'!
4/$&!,$$'$'!.60$6,$!+%60!96N$%!<$#$86?0$,4!<$?(%40$,4!46!%$?8(5$!*4M!!=,!6%'$%!
46!@$4!4/$!'$?(%40$,4Q.!(44$,4*6,O!4/$!#*88(@$%.!.4(@$'!(!-"#%"a(!?%64$.4a*,!N/*5/!
4/$&!C865\$'!4%(++*5!6,!4/$!0(*,!%6('!+6%!(!56B?8$!/6B%.!$#$%&!06%,*,@!(4!K1IG!(0M!!
:$/*58$.!5(0$!46!(!.4(,'.4*88!+6%!(!'*.4(,5$!6+!B?!46!4$,!\*860$4$%.M!!"#$%&'(&!+6%!4N6!
N$$\.O!4/$!.4%*\$!56,4*,B$'!B,4*8!4/$!h!n!-!?68*5$O!(%0$'!N*4/!4/$*%!C(46,.O!+6%5*C8&!
58$(%$'!4/$!#*88(@$%.!+%60!4/$!%6('M!!!
!
."#%".!N$%$!#$%&!56006,!$#$,4.!*,!-(./0*%WM!!g,$!6+!4/$!7bg!.4(++!
0$0C$%.!N/6!N(.!.4B5\!*,!4/$!560?(,&Q.!`$$?!N*4/!0$!'B%*,@!4/$!-"#%"O!%$0(%\$'O!
S=4Q.!(C6B4!4*0$!4/$.$!#*88(@$%.!(%$!'6*,@!.60$4/*,@!(C6B4!4/*.!j?6N$%!6B4(@$kM!!=Q#$!
C$$,!4$88*,@!4/$0!+6%!N$$\.!4/(4!4/$&!,$$'!46!@$4!4/$!@6#$%,0$,4Q.!(44$,4*6,O!
(84/6B@/!=!N*./!4/$&!N6B8'Q#$!N(*4$'!B,4*8!(+4$%!=!%$(5/$'!0&!6++*5$MT!!=!(.\$'!/*0!*+!
-"#%"!!N$%$!4/$!,6%0(8!4/*,@!46!'6!N/$,!+(5*8*4*$.!N$%$,Q4!N6%\*,@M!!Sg/!&$.OT!/$!
.(*'M!!S3&!,$*@/C6%/66'!N(.!6B4!6+!?6N$%!+6%!4N6!N$$\.!6,$!N*,4$%!(,'!N$!.4(@$'!
-"#%"!%*@/4!*,!+%6,4!6+!4/$!96N$%!<$#$86?0$,4!<$?(%40$,4Q.!6++*5$MT!
!
"%%'(57,0%!%-!%5,!$%'%,!
!
=,!4/$!N$$\.!+6886N*,@!4/$!/*@/8&!?BC8*5*J$'!@(,@!%(?$!*,!7$N!<$/8*!6,!
<$5$0C$%!HYO!FGHFO!,$N.!6+!4/$!#*54*0Q.!/$(84/!(,'!4/$!5(.$!(@(*,.4!4/$!
?$%?$4%(46%.!N(.!(!46?*5!6+!+$%#$,4!'*.5B..*6,!*,!-(./0*%M!!=,!C64/!-B?N(%(!(,'!
A%*,(@(%O!4/$!%(?$!5(.$!N(.!C%6B@/4!B?!(806.4!*,#(%*(C8&!C&!-(./0*%*.!N/60!=!
VG!
!
*,4$%#*$N$'O!'$.?*4$!4/$!+(54!4/(4!46?*5!6+!4/$!*,4$%#*$N!N(.!-(./0*%*.Q!%$8(4*6,./*?!
46!4/$!=,'*(,!@6#$%,0$,4M!![/*8$!(!.0(88!0*,6%*4&!6+!-(./0*%*.a06.48&!0$,aN(.!
'*.'(*,+B8!6+!4/$!(44$,4*6,!4/$!%(?$!#*54*0!%$5$*#$'O!4/$!#(.4!0(`6%*4&!N(.!
.&0?(4/$4*5!46N(%'.!4/$!#*54*0M!
!
S=4Q.!(88!4/(4Q.!6,!4/$!,$N.OT!560?8(*,$'!7*&(JM!!o$$!7$N.O!6,$!6+!4/$!06.4!
?6?B8(%!,$N.!C%6('5(.4.!*,!=,'*(O!/('!*,'$$'!C$$,!./6N*,@!4/$!*,#$.4*@(4*6,!6+!4/$!
5(.$!*,!(!.$%*$.!5(88$'!."/0')1#+23+)'1+4")(2%M!!S76!6,$!?(*'!(44$,4*6,!N/$,!4/$!
j=,'*(,k!(%0&!%(?$'!4N6!/B,'%$'!-(./0*%*!N60$,!*,!-6,(,?6./?B%(LM!![/&!
./6B8'!N$!j-(./0*%*.k!5(%$!(C6B4!4/*.!6,$!=,'*(,!@*%8dT!
!
S]$!'6$.,Q4!8$4!0$!N(45/!4/$!,$N.OT!7*&(JQ.!064/$%!*,4$%`$54$'M!!S;B4!=!N(45/!
*4!(,&N(&M!!=!N(45/!*4!(,'!?%(&!+6%!4/$!?66%!@*%8!$#$%&'(&MT!
!
7(*0(O!(!.4(++!0$0C$%!6+!(!@6#$%,0$,4!+B,'$'!7bg!*,!-B?N(%(O!.(*'O!S2/$!
56,+8*54!/(.!*,.4*88$'!4/*.!%$@*6,(8*.0!*,!-(./0*%*.Q!/$('.M!!hB.4!866\!(4!N/(4!.60$!
?$6?8$!.(&!(C6B4!4/*.!%(?$!5(.$a*,.4$('!6+!.&0?(4/*J*,@!N*4/!4/$!@*%8O!4/$&!.(&!4/(4!
N$!./6B8',Q4!./6N!56,5$%,!C$5(B.$!./$Q.!,64!-(./0*%*p!!2/*.!*.!,64!(C6B4!N/6!*.!
-(./0*%*!6%!,64O!4/*.!*.!(C6B4!(88!N60$,!*,!=,'*(MT!!2/$!.4(++!0$0C$%.!N/6!N$%$!
?%$.$,4!#6*5$'!4/$*%!(@%$$0$,4M!
!
A/(,,6O!(!%$.*'$,4!6+!A%*,(@(%O!+6886N$'!,$N.!6+!4/$!*,5*'$,4!$#$%&!06%,*,@!
6,!o$$!7$N.O!%$?$(4$'8&!0B44$%*,@!S966%!@*%8O!?66%!@*%8TM!!A/$!56B8',Q4!%$('!4/$!]*,'*!
VH!
!
.5%*?4!6,!4/$!.5%$$,O!(.!4/$!D%'B!.5%*?4!*.!0B5/!06%$!?%$#(8$,4!*,!-(./0*%O!.6!./$!
(.\$'!0$!46!%$('!4/$!/$('8*,$.!46!/$%M!!g+!4/$!(55B.$'!%(?*.4.O!N/6.$!+(5$.!N$%$!
/*''$,!+%60!4/$!5(0$%(O!./$!$P58(*0$'O!S[/&!(%$!4/$&!j4/$!0$'*(k!/*'*,@!4/$0d!!
2/$&!./6B8'!C$!/B,@!*,!+%6,4!6+!$#$%&6,$MT!!!
!
A/(,,6Q.!.6,O!N/6!N(45/$'!4/$!,$N.!N*4/!/$%!$#$%&!06%,*,@O!./66\!/*.!/$('!
(,'!.(*'!4/$!N60$,Q.!%*@/4.!'$06,.4%(46%.!*,!<$8/*!./6B8'!C$!(886N$'!46!.46,$!4/$!
(55B.$'!46!'$(4/KM!!!S9$6?8$!N(,4!46!'6!.60$4/*,@OT!/$!.(*'O!%$+$%%*,@!46!4/$!
?%64$.46%.O!SCB4!4/*.!@6#$%,0$,4!N6,Q4!8$4!4/$0MT!
!
C4$(3$$4-0!
!
2/$!%$(5/!6+!4/$!=,'*(,!.4(4$!$P4$,'.!46!$#$,!#$%&!%$064$!(%$(.!6+!-(./0*%O!
.B5/!(.!4/$!#*88(@$!6+!-(8(,?6%(M!!2/$!.4(4$!$,560?(..$'!-(8(,?6%(!C&!?$%0$(4*,@!*4!
N*4/!6++*5$.!(,'!.65*(8!N$8+(%$!?%6`$54.M!!"#$,!N/$,!6++*5$.!N$%$!,64!*,!6?$%(4*6,O!
.B5/!(.!4/$!(,@(,N('*!5$,4$%O!4/$&!5(%%*$'!4/$!.*@,!6+!4/$!h!n!-!@6#$%,0$,4O!
.&0C68*J*,@!4/$!?%$.$,5$!6+!4/$!@6#$%,0$,4!*,!4/$!#*88(@$M!!>806.4!$#$%&6,$!*,!4/$!
#*88(@$!N(.!*,!.60$!N(&!$,0$./$'!N*4/!4/$!@6#$%,0$,4Q.!.65*(8!N$8+(%$!?%6@%(0.O!
+%60!N6%\*,@!('B84.!N/6!N$%$!$0?86&$'!C&!4/$!?%6@%(0.O!46!&6B,@!5/*8'%$,!N/6!
(44$,'$'!@6#$%,0$,4!.5/668.!(,'!%$4*%$'!?$%.6,.!N/6!%$8*$'!6,!.4(4$!+B,'$'!
?$,.*6,.M!!2/$!%$.*'$,4.!6+!-(8(,?6%(!%$56@,*J$'!4/(4!4/$.$!.65*(8!N$8+(%$!?%6@%(0.!
N$%$!C$,$+*5*(8O!(.!A(80(Q.!(??%$5*(4*6,!+6%!4/$!(,@(,N('*!5$,4$%!'$06,.4%(4$.M!!>.!
4/$!?%$.$,5$!6+!4/$!.4(4$!*,!4/$.$!+%*,@$!(%$(.!6+!-(./0*%!*.!+$84!4/%6B@/!.B5/!.65*(8!
VF!
!
N$8+(%$!?%6@%(0.O!4/$!.(0$!.4(4$!N/6.$!.$5B%*4&!+6%5$.!?$%?$4%(4$!(4%65*4*$.!(@(*,.4!
-(./0*%*!5*#*8*(,.!*.!(C8$!46!?6%4%(&!*4.$8+!(.!(!C$,$+(546%M!!=,!(''*4*6,O!C&!$0?86&*,@!
-(./0*%*.!N*4/*,!@6#$%,0$,4!6++*5$.O!4/$!.4(4$!?$%0$(4$'!5600B,*4*$.!N*4/!
*,'*#*'B(8.!N/6!$0C6'*$'!4/$!.4(4$M!!D,8*\$!4/$!=,'*(,!.$5B%*4&!+6%5$.O!N/6O!(.!,6,e
-(./0*%*.!N$%$!'*.56,,$54$'!+%60!865(8!(44*4B'$.!(,'!$P?$%*$,5$.!(,'!$0C6'*$'!
4/$!.4(4$!(.!(!+6%$*@,!$,4*4&O!4/$!-(./0*%*.!N/6!N6%\$'!+6%!4/$!.4(4$a!(.!4$(5/$%.O!
,B%.$.O!(,'!64/$%.aN$%$!4/$0.$8#$.!?(%4!6+!4/$!865(8!5600B,*4&M!!2/$&!./(%$'!4/$!
.(0$!$P?$%*$,5$.!6+!46%4B%$!(,'!86..!+%60!4/$!$(%8&!lKG.!(.!4/$!%$.4!6+!4/$*%!+$886N!
-(./0*%*!5*4*J$,.!(,'!%$.$,4$'!4/$!=,'*(,!.4(4$M!!c$4O!(.!*4.!$0?86&$$.O!4/$&!
+B%4/$%$'!*4.!@6(8.!(,'!+6B,'!?B%?6.$!*,!*4.!?%6`$54.M!!;&!?$%0$(4*,@!4/$!#*88(@$!N*4/!
#(%*6B.!6++*5$.!(,'!$0?86&$$.O!4/$!@6#$%,0$,4!*.!N*4/!4/$!?$6?8$!*,!?8(5$.!4/(4!
.$$0!(806.4!466!+(%!46!%$(5/O!/68'*,@!4/$0O!'$.?*4$!@$6@%(?/*5(8!'*.4(,5$O!586.$!46!
4/$!=,'*(,!.4(4$M!
!
>.!4/$!.4(4$!*.!4/$!?%*0(%&!.6B%5$!6+!$0?86&0$,4!(#(*8(C8$!46!-(./0*%*.O!4/$!
8(44$%!C$560$!4*$'!46!*4!+6%!*,'*#*'B(8!$56,60*5!.$5B%*4&M!!7*&(JQ.!+(0*8&!*.!4&?*5(8!*,!
4/(4O!'$.?*4$!4/$*%!$P?$%*$,5$!6+!#*68$,5$!(4!4/$!/(,'.!6+!4/$!=,'*(,!.4(4$!f.$$!
5/(?4$%!HRO!4/$&!(%$!(88!$*4/$%!$0?86&$'!6%!/6?*,@!46!C$!$0?86&$'!C&!4/$!.4(4$M!!
7*&(JQ.!4N6!56B.*,.!N/6!56B8'!,64!+*,'!$0?86&0$,4!/(#$!$P?$%*$,5$.!4/(4!(%$!
56006,!(06,@!4/$!0(`6%*4&!6+!-(./0*%*.!N/6!(%$!,64!+6%4B,(4$!$,6B@/!46!C$!
$0?86&$'!C&!4/$!.4(4$M!!)*\$!4/$!$,@*,$$%e4B%,$'e5(C!'%*#$%O!0(,&!-(./0*%*.!N/6!
*,#$.4!*,!(!5688$@$!$'B5(4*6,O!N/$4/$%!*,!-(./0*%!6%!$8.$N/$%$!*,!=,'*(O!(%$!8$+4!46!
0(\$!$,'.!0$$4!*,!N/(4$#$%!N(&!4/$&!5(,M!!2/$!56B.*,!N/6!N(.!N*4/6B4!N6%\O!(.!
VI!
!
6,$!6+!-(./0*%Q.!0(,&!B,$0?86&$'!('B84!0(8$.O!*.!'$?$,'$,4!6,!/*.!?(%$,4.Q!
?$,.*6,!+6%!$56,60*5!.$5B%*4&O!N/*5/O!(@(*,!560$.!+%60!4/$!.4(4$M!!!
!
2/*.!'$?$,'$,5$!6,!4/$!.4(4$!+6%!*,'*#*'B(8!$56,60*5!.$5B%*4&!?%$58B'$.!4/$!
?6..*C*8*4&!6+!(,&!.BC.4(,4*(8!B,*+*$'!(54*6,!(@(*,.4!4/$!=,'*(,!.4(4$M!!>84/6B@/!
-(./0*%*.!6+4$,!.(&!4/(4!4/$&!,$$'!46!@(*,!*,'$?$,'$,5$!+%60!=,'*(O!6%!4/(4!=,'*(!*.!
4/$!5(B.$!6+!(88!6+!-(./0*%Q.!.B++$%*,@O!.B5/!.$,4*0$,4.!%$0(*,!.B?$%+*5*(8O!(.!
*,'*#*'B(8!.$5B%*4&!8*$.!*,!.4(&*,@!N*4/!4/$!=,'*(,!@6#$%,0$,4!f*,!+(54O!4/$!'$0(,'!
+6%!06%$!@6#$%,0$,4!`6C.!*0?8*$.!(!'$0(,'!+6%!@%$(4$%!@6#$%,0$,4!?%$.$,5$RM!!
9(%(88$8!46!4/$!N(&!*,!N/*5/!B,$0?86&0$,4!S*.68(4$.O!(460*J$.O!(,'!'$06C*8*J$.O!
(,'!.4%*?.!(N(&!.68*'(%*4&T!*,!(!5(?*4(8*.4!.&.4$0!f;6B%'*$BO!HKKLRO!N/*8$!(4!4/$!
.(0$!4*0$!'*.?$88*,@!'*.56,4$,4!C&!+B,54*6,*,@!(.!4/$!.6B%5$!6+!?64$,4*(8!$56,60*5!
.$5B%*4&O!B,$0?86&0$,4!(,'!4/$!@6#$%,0$,4Q.!(C*8*4&!46!@%(,4!$0?86&0$,4!*.68(4$.!
*,'*#*'B(8.O!+%(54B%*,@!4/$!?68*4*5(8!.68*'(%*4&!4/(4!-(./0*%*.Q!5688$54*#$!.B++$%*,@!(4!
4/$!/(,'.!6+!=,'*(,!+6%5$.!56B8'!/(#$!?64$,4*(88&!5%$(4$'M!!!
!
<B$!46!4/$*%!'$?$,'$,5$!6,!4/$!=,'*(,!.4(4$O!-(./0*%*.!$P?$,'!(,!$P4$,.*#$!
(06B,4!6+!4*0$!(,'!$,$%@&!5600B,*5(4*,@!N*4/!4/$!@6#$%,0$,4M!!>+.(8!.?$,4!(,!
$,4*%$!'(&Q.!N6%4/!6+!4*0$!*,!6%'$%!46!@$4!(!.4(4$!$0?86&$$a(!+$886N!-(./0*%*a46!
'6!4$,!0*,B4$.!N6%4/!6+!N6%\M!!AB%?%*.*,@8&O!/$!'*'!,64!560?8(*,!CB4!*,.4$('!
5600$,4$'!4/(4!*4!N(.!6,8&!'B$!46!/*.!56,,$54*6,.!N*4/!4/$!@6#$%,0$,4!4/(4!4/$!
hB,*6%!",@*,$$%!/('!$#$,!(@%$$'!46!560$!4/(4!'(&!*,!4/$!+*%.4!?8(5$M!!=!/('!+6B,'!
>+.(8Q.!?(4*$,5$!(,'!4/$!$++6%4!/$!?B4!*,46!5600B,*5(4*,@!N*4/!4/$!@6#$%,0$,4!_B*4$!
VV!
!
%$0(%\(C8$M!!]6N$#$%O!4/$!#*88(@$%.!*,!b(,'(%C(8!.4(@*,@!4/$!-"#%"!?B4!+6%4/!(,!
$#$,!@%$(4$%!$++6%4!46!5600B,*5(4$!4/$*%!,$$'.!46!4/$!@6#$%,0$,4M!!2/$&!
'$4$%0*,$'8&!C865\$'!4%(++*5!+6%!/6B%.!$#$%&!06%,*,@O!?B44*,@!B?!N*4/!?6..*C8$!
C$(4*,@.!+%60!4/$!?68*5$M!
!
[/*8$!4/$.$!4*0$!(,'!$,$%@&!*,4$,.*#$!06'$.!6+!*,4$%(54*6,!N*4/!4/$!
@6#$%,0$,4!(%$!,64!B,*_B$!46!-(./0*%HGO!=!(%@B$!4/(4!4/$!?%$655B?(4*6,!N*4/!4/$!
.4(4$!4/$&!$,@$,'$%!5%$(4$.!(!.6%4!6+!(44(5/0$,4!46!4/$!.4(4$M!![/*8$!.B5/!(44(5/0$,4!
*.!,64!,$5$..(%*8&!,64(C8$!6,!(!'(&e46e'(&!C(.*.O!*,!4*0$.!6+!,(4*6,(8!B,*4&!fE6%@(5.O!
FGHFRO!8*\$!4/$!%(?$!*,5*'$,4O!4/$!(44(5/0$,4!C$560$.!06%$!#*.*C8$M!!=4!N(.!4/$!
=,'*(,!,(4*6,(8!,$N.!4/(4!-(./0*%*.!+6886N$'!.6!586.$8&!$#$%&'(&O!.&0?(4/*J*,@!
N*4/!4/$!@*%8!,*5\,(0$'!S<(B@/4$%!6+!4/$!,(4*6,Ta4/$!#$%&!,(4*6,!4/(4!4/$&!58(*0$'!
4/$&!N$%$!,64!%$(88&!(!?(%4!6+M!!=,'$$'O!4/$!./$$%!(06B,4!6+!*,4$%$.4!-(./0*%*.!/('!*,!
4/*.!$#$,4!*,!4/$!=,'*(,!5(?*4(8O!=!C$8*$#$O!'$06,.4%(4$.!(,!(06B,4!6+!(44(5/0$,4!46!
4/$!=,'*(,!.4(4$M!!7(*0(!.(*'!4/(4!-(./0*%*.!./6B8'!.&0?(4/*J$!N*4/!4/$!@*%8O!
C$5(B.$!4/*.!%(?$!*,5*'$,4!N(.!(!0(44$%!6+!56,5$%,!+6%!(88!N60$,!*,!=,'*(O!*0?8&*,@!
4/(4!-(./0*%*!N60$,!(%$!`B.4!(.!0B5/!(!?(%4!6+!=,'*(!(.!4/$!%(?$!#*54*0!*,!7$N!
<$/8*M!!A/(,,6Q.!.6,!5%*4*5*J$'!S4/*.!@6#$%,0$,4T!+6%!/68'*,@!N60$,Q.!%*@/4.!
?%64$.46%.!(4!C(&!*,!7$N!<$8/*O!*'$,4*+&*,@!N*4/!4/$!?%64$.46%.!(.!(!.BC`$54!6+!4/$!
.(0$!@6#$%,0$,4M!!2/$*%!.&0?(4/&!+6%!4/$!#*54*0!0(&!/(#$!.4$00$'!+%60!@$,'$%!
.68*'(%*4&O!CB4!4/$!N(&!4(8\$'!6+!C64/!-(./0*%*!N60$,!(,'!?%64$.46%.!*,!7$N!<$8/*!
*,!%$8(4*6,!46!4/$!=,'*(,!.4(4$!./6N!4/(4!4/$&!(..65*(4$!4/$0.$8#$.!N*4/!=,'*(,!
5*4*J$,.!$8.$N/$%$M!
VX!
!
!
[/*8$!.&0?(4/&!46N(%'.!4/$!#*54*0!6%!4/$!N60$,Q.!%*@/4.!?%64$.4$%.!N(.!C&!
,6!0$(,.!B,*#$%.(8!(06,@!-(./0*%*.O!*4!*.!?%$5*.$8&!4/*.!+%(@0$,4$'!,(4B%$!6+!
(44(5/0$,4!4/(4!=!N*./!46!'%(N!(44$,4*6,!46M!!2/*.!+%(@0$,4$'!(44(5/0$,4!46!4/$!
.4(4$!'6$.!,64!0(\$!-(./0*%*.!(54B(88&!.B??6%4!4/$!=,'*(,!.4(4$^!*4!.*0?8&!?%$#$,4.!
0(,&!-(./0*%*.!+%60!4/*,\*,@!6+!4/$0.$8#$.!(.!.$?(%(4$!+%60!4/$!.4(4$M!!2/$!
+%(@0$,4$'!?%$#(8$,5$!6+!4/*.!.$,4*0$,4!8$(#$.!%660!+6%!#*68$,5$!46!655B%O!CB4!(4!
4/$!.(0$!4*0$!*4!'*0*,*./$.!0(,&!-(./0*%*.Q!*,#$.40$,4!*,!4/$!*'$(!6+!-(./0*%*!
*,'$?$,'$,5$O!8*0*4*,@!4/$*%!$,4/B.*(.0!+6%!#*68$,5$!(@(*,.4!4/$!.4(4$M!!2/B.O!4/*.!
+%(@0$,4$'!(44(5/0$,4!46!4/$!.4(4$!56,4%*CB4$.!46!4/$!?$%.*.4$,5$!6+!,6%0(85&!*,!
$#$%&'(&!8*+$!*,!.?*4$!6+!*,5*'$,4.!6+!?68*4*5(8!#*68$,5$M+
!
!
VY!
!
!
!
!
!
!
!
!
!
!
!
/5';%,&!F!
!
*5,!(-0.+4(%!'$!'!.,'%3&,!-.!%5,!$%'%,!
!
VW!
!
10%&-23(%4-0!
!
2/$!56,+8*54!*,!-(./0*%!/(.!*4.!%664.!*,!(!.$?(%(4*.4!.4%B@@8$O!(,'!(B46,60&!
(,'!*,'$?$,'$,5$!+%60!=,'*(!56,4*,B$!46!C$!4/$!$,'!@6(8!+6%!0(,&!?68*4*5(88&!(54*#$!
-(./0*%*.M!!]6N$#$%O!*,!4/*.!5/(?4$%O!=!(*0!46!./6N!4/(4!4/$!N(&!4/$!@%*$#(,5$.!6+!
-(./0*%Q.!56,+8*54!(%$!(''%$..$'O!C64/!,(4*6,(88&!(,'!*,4$%,(4*6,(88&O!/(#$!
$.4(C8*./$'!4/$!56,+8*54!(.!(!+*P$'!+$(4B%$!6+!4/$!=,'*(,!.4(4$M!!=,!64/$%!N6%'.O!*,.4$('!
6+!.$?(%(4*,@!-(./0*%*.!+%60!4/$!=,'*(,!.4(4$O!4/$!56,+8*54!*.!4(\$,!B?!C&!4/$!.4(4$!(.!
(!?6*,4!6+!%$$,4%&!*,46!-(./0*%*.Q!8*#$.M!!A*0*8(%!46!4/$!N(&!4/$!(+4$%0(4/!6+!4/$!
,B58$(%!'*.(.4$%!*,!U/$%,6C&8!N(.!(??%6?%*(4$'!C&!4/$!D\%(*,*(,!.4(4$!*,!(!N(&!4/(4!
$,(C8$'!D\%(*,*(,.!46!+6%@$!(!,$N!\*,'!6+!5*4*J$,./*?!N*4/!4/$!.4(4$!6,!4/$!C(.*.!6+!
4/$*%!.B++$%*,@!f9$4%&,(O!FGGHRO!4/$!%$.?6,.$.!@(%,$%$'!C&!4/$!56,+8*54!*,!-(./0*%!
5%$(4$!,$N!\*,'.!6+!4*$.!C$4N$$,!-(./0*%*.!(,'!4/$!=,'*(,!.4(4$!6,!4/$!C(.*.!6+!
5$%4(*,!\*,'.!6+!#*54*0/66'M!!;&!4&*,@!-(./0*%*.!46!4/$!=,'*(,!.4(4$O!4/$!56,+8*54!*4.$8+!
56,4%*CB4$.!46!4/$!0(*,4$,(,5$!6+!4/$!.B?$%+*5*(8!5(80!4/(4!5/(%(54$%*J$.!-(./0*%*.Q!
$#$%&'(&!8*+$M!!
!
2/$!'(4(!=!?%$.$,4!*,!4/*.!5/(?4$%!560$!?%*0(%*8&!+%60!0&!+*$8'N6%\!(4!4/$!
]6?$!<*.(C*8*4&!U$,4$%O!(!865(8!7bg!4/(4!?%6#*'$.!(!%(,@$!6+!/$(84/5(%$!.$%#*5$.!+6%!
-(./0*%Q.!'*.(C8$'!?6?B8(4*6,O!+%$$!6+!56.4O!N*4/!4/$!.B??6%4!6+!?%$'60*,(,48&!
*,4$%,(4*6,(8!+B,'*,@M!!2/$!6%@(,*J(4*6,Q.!/$('_B(%4$%.O!N/$%$!=!'*'!0&!+*$8'N6%\O!*.!
865(4$'!`B.4!6B4.*'$!6+!4/$!5*4&!6+!A%*,(@(%!*,!4/$!%B%(8!'*.4%*54!6+!b(,'/(%C(8O!N/$%$!
C$,$+*5*(%*$.!+%60!(88!'*.4%*54.!6+!-(./0*%!(%$!/6B.$'!'B%*,@!4/$*%!4%$(40$,4M!!2/$!
VL!
!
'(4(!=!B.$!560$!+%60!*,4$%#*$N.!N*4/!6,$!6+!]6?$!<*.(C*8*4&Q.!?/&.*5(8!4/$%(?*.4.O!
)(*8(O!(,'!/$%!?(4*$,4.M!!)(*8(!*.!-(./0*%*O!CB4!/$%!+(0*8&!/('!$.5(?$'!46!4/$!
,$*@/C6%*,@!%$@*6,!6+!h(00B!46!$.5(?$!4/$!#*68$,5$!6+!4/$!lKG.M!!>84/6B@/!./$!/('!
8*#$'!*,!-(./0*%!+6%!4/$!8(.4!X!&$(%.!(.!(!?%6+$..*6,(8O!/$%!?$%.?$54*#$!6,!$#$,4.!*,!
-(./0*%!*.!#$%&!0B5/!*,+8B$,5$'!C&!/$%!4*0$!6B4.*'$!-(./0*%M!!2/$!5(.$.!6+!/$%!
?(4*$,4.!4/(4!=!?%$.$,4!C$86N!(%$!%$?%$.$,4!56,'*4*6,.!4/(4!56006,8&!(++$54!
-(./0*%*.M!
!
=!(8.6!?%$.$,4!4/$!5(.$.!4/%$$!5(.$.!6+!N*'6N.!N/6!(%$!6%!(%$!,64!$8*@*C8$!+6%!
.4(4$!C$,$+*4.M!!2/$!N*'6N.Q!/*.46%*$.!560$!+%60!*,4$%#*$N.!N*4/!4/$!N60$,!
4/$0.$8#$.!(,'!N*4/!4/$*%!%$8(4*#$.!(,'!,$*@/C6%.M!!2/$*%!/*.46%*$.!(%$!4&?*5(8!(,'!
'$06,.4%(4$!4/$!B,?%$'*54(C8$!%$8(4*6,./*?!C$4N$$,!4/$*%!/B.C(,'.Q!?68*4*5(8!
(++*8*(4*6,.!(,'!4/$*%!$8*@*C*8*4&!+6%!.4(4$!C$,$+*4.M!!!
!
*5,!(-0.+4(%!'$!'!&,$-3&(,!
!
S2/$%$!(%$!4/%$$!.6B%5$.!6+!06,$&!*,!-(./0*%OT!.(*'!)(*8(O!(!?/&.*5(8!
4/$%(?*.4!(4!4/$!]6?$!<*.(C*8*4&!U$,4$%M!!S2/$%$Q.!4/$!=,'*(,!@6#$%,0$,4O!9(\*.4(,O!
(,'!4/*.!56,+8*54MT!!!
!
=!(.\$'!/$%!N/(4!./$!0$(,4!N/$,!./$!.(*'!4/$!56,+8*54!N(.!(!.6B%5$!6+!
06,$&M!!!
!
VK!
!
!
S[$88O!`B.4!866\!(4!4/*.!6%@(,*J(4*6,!/$%$OT!./$!.(*'O!%$+$%%*,@!46!]6?$!
<*.(C*8*4&M!!S"B%6?$(,!56B,4%*$.!.B??6%4!6%@(,*J(4*6,.!8*\$!B.!C$5(B.$!N$Q%$!
N6%\*,@!*,!(!56,+8*54!(++$54$'!(%$(M!!S2/$%$!*.!,6!'6BC4!4/(4!N$Q%$!'6*,@!@66'!N6%\!
/$%$O!CB4!*+!&6B!4/*,\!(C6B4!*4O!.60$/6NO!4/$!56,+8*54!/(.!C$560$!(!.6B%5$!6+!06,$&MT!
!
!
]6?$!<*.(C*8*4&Q.!?%*0(%&!.6B%5$!6+!+B,'*,@!N(.!*,'$$'!"B%6?$(,M!!](,'*5(?!
=,4$%,(4*6,(8O!N/*5/!*.!+B,'$'!C&!4/$!"B%6?$(,!U600*..*6,O!/('!?(%4,$%$'!N*4/!
]6?$!<*.(C*8*4&!?%$5*.$8&!C$5(B.$!4/$!865(8!7bg!N6%\$'!*,!(!56,+8*54!(++$54$'!
.$44*,@HM!!](,'*5(?!=,4$%,(4*6,(8!?%6#*'$'!.$#$,4&!?$%5$,4!6+!]6?$!<*.(C*8*4&Q.!
CB'@$4O!N/*5/!56#$%$'!06.4!6+!4/$!8(44$%Q.!86@*.4*5(8!,$$'.!(,'!4/$!.(8(%*$.!6+!.60$!
6+!*4.!$0?86&$$.M!!g4/$%!*,4$%,(4*6,(8!@%6B?.!+B,'$'!]6?$!<*.(C*8*4&Q.!#(%*6B.!64/$%!
6?$%(4*6,.M!!>!;%*4*./!560?(,&!?%6#*'$'!+B,'*,@!+6%!.B%@*5(8!*,.4%B0$,4.!(,'!
6?$%(4*6,!4/$(4%$!56.4.!+6%!4/$!7bgQ.!6%4/6?$'*5!?(4*$,4.O!N/*8$!64/$%.!?%6#*'$'!
+B,'*,@!46!4%$(4!.?$5*+*5!56,'*4*6,.M!
!
!
2/$!56,+8*54!N(.!,64!(8N(&.!(,!$P?8*5*48&!.4(4$'!%$(.6,!+6%!4/$!?%6#*.*6,!6+!
(*'O!CB4!#$%&!6+4$,O!*4!N(.M!![/*8$!4/$!6%@(,*J(4*6,!'*'!,64!5688$54!(,&!6++*5*(8!'(4(!
4/(4!'*++$%$,4*(4$'!56,+8*54!#*54*0.!+%60!4/$!%$.4!6+!4/$*%!C$,$+*5*(%*$.O!4/$&!\$?4!(!
.4(5\!6+!?(4*$,4.Q!+*8$.!4/(4!/('!4/$!N6%'.!&2%35(&)+61%13(&("#*!/(,'N%*44$,!6,!4/$!46?!
8$+4!6+!4/$*%!+%6,4!56#$%.M!!2/$!6%@(,*J(4*6,Q.!%$5$?4*6,*.4!@(#$!0$!(!.4(5\!6+!4/$.$!
+*8$.!N/$,!=!(.\$'!(C6B4!C$,$+*5*(%*$.!6+!4/$!7bg!N/6!N$%$!#*54*0.!6+!4/$!56,+8*54!
'B%*,@!0&!.B00$%!(,'!N*,4$%!#*.*4.M!!g,!C64/!655(.*6,.O!4/$!.4(5\!6+!+*8$.!N(.!@*#$,!
56,4(*,$'!(806.4!$P(548&!4/$!.(0$!.$4!6+!5(.$.M!
XG!
!
!
g,$!N60(,!N/6.$!+*8$!N(.!8(C$8$'!&2%35(&)+61%13(&("#*!N(.!FWe&$(%e68'!
>0*,(M!!=,!HKKXO!>0*,(!/('!C$$,!.*44*,@!6,!/$%!+%6,4!?6%5/!N*4/!/$%!?(%$,4.!(,'!
4/%$$!.*C8*,@.!N/$,!5%6..+*%$!$%B?4$'!*,!586.$!?%6P*0*4&M!!]$%!+*#$!+(0*8&!0$0C$%.!
N$%$!\*88$'!*,!4/$!5%6..+*%$O!N/*8$!./$!.B%#*#$'!N*4/!(!.$%*6B.8&!N6B,'$'!%*@/4!8$@O!
+6%!N/*5/!./$!N(.!,6N!%$5$*#*,@!4/$%(?&M!
!
=!(.\$'!)(*8(!N/&!+*8$.!8*\$!>0*,(Q.!56,4(*,$'!4/$!8(C$8!&2%35(&)+61%13(&("#*+*+!
4/$!6%@(,*J(4*6,!'*',Q4!(54B(88&!'*++$%$,4*(4$!C$4N$$,!56,+8*54!#*54*0.!(,'!64/$%!
C$,$+*5*(%*$.!*,!*4.!N6%\M!
!
S<6,6%.!6+4$,!560$!*,!(,'!.?$5*+*5(88&!(.\!(C6B4!N/(4!N$Q#$!'6,$!+6%!0*,$!
#*54*0.O!6%!@%$,('$!6%!@B,./64!#*54*0.OT!)(*8(!%$.?6,'$'M!!S[$!@$4!.4B'$,4.!(,'!
%$.$(%5/$%.!466O!8*\$!&6BO!(.\*,@!(C6B4!56,+8*54!#*54*0.O!.6!N$!/(#$!4/$.$!+*8$.!.$4!
(.*'$MT!
!
=!0$,4*6,$'!4/(4!=!%$0$0C$%$'!06.4!6+!4/$.$!5(.$.!+%60!0&!#*.*4!*,!4/$!
.B00$%!(,'!(.\$'!*+!4/$&!N$%$!?(%4!6+!(!.4(,'(%'!.$4!6+!5(.$.!@*#$,!46!?$6?8$!
*,4$%$.4$'!*,!4/$!56,+8*54M!
!
S76O!,64!%$(88&OT!./$!%$.?6,'$'O!(,'!4/$,!6++$%$'!46!/(#$!.60$!06%$!+*8$.!
C%6B@/4!6#$%!*+!=!/('!(8%$('&!.$$,!(88!6+!4/6.$M!!
!
XH!
!
!
*5,!='+3,!-.!=4(%475--2!
!
=,!4/$!(+4$%0(4/!6+!4/$!06%$!#*68$,4!&$(%.!6+!4/$!56,+8*54O!4/$!@6#$%,0$,4!6+!
h(00B!(,'!-(./0*%!.$4!B?!(!?$,.*6,!.5/$0$!5(88$'!4/$!Z$/(C*8*4(4*6,!6+!:*54*0.!6+!
3*8*4(,5&!fZ:3R!.5/$0$M!!-(./0*%*.!N/6!(%$!$8*@*C8$!+6%!4/*.!.5/$0$!%$5$*#$!WXG!
%B?$$.!(!06,4/!*+!4/$&!(%$!'*.(C8$'!'B$!46!(!56,+8*54!%$8(4$'!*,5*'$,4M!!=,!56,4%(.4O!
'*.(C8$'!-(./0*%*.!N/6!5(,,64!%$8(4$!4/$*%!'*.(C*8*4&!46!4/$!#*68$,5$!6+!4/$!56,+8*54!
(%$!$8*@*C8$!+6%!(!0(P*0B0!6+!VGG!%B?$$.!?$%!06,4/!B,'$%!4/$!jkO!'$?$,'*,@!6,!4/$!
.$#$%*4&!6+!4/$*%!'*.(C*8*4&M!!!
!
S[/(4!N$!'6!/$%$OT!)(*8(!.(*'O!%$+$%%*,@!46!4/$!]6?$!<*.(C*8*4&!U$,4$%O!SN$!
/$8?!4/$0!@$4!C$,$+*4.M!!=4Q.!,64!0B5/!j06,$&kO!CB4!(4!8$(.4!*4Q.!.60$4/*,@M!!2/$!\*'!
N/6!N(.!/$%$!j(!56,+8*54!#*54*0kO!N$Q#$!(8%$('&!4(8\$'!46!4/$!U3g!(C6B4!/*.!5(.$O!
N$Q#$!N%*44$,!(!8$44$%O!.6!/$!N6,Q4!C$!(.\$'!466!0(,&!_B$.4*6,.!(C6B4!N/6!/$!*.!(,'!
N/&!/$!./6B8'!@$4!4/$!?$,.*6,M!!2/$!N60(,!N/6.$!+(0*8&!N(.!\*88$'!*,!5%6..+*%$!
j>0*,(k!/(',Q4!%$5$*#$'!/$%!'*.(C*8*4&!?$,.*6,!+6%!.$#$%(8!06,4/.M!![$!N%64$!(!
8$44$%!+6%!/$%O!(,'!./$!N(.!*00$'*(4$8&!@*#$,!/$%!06,$&M!2/$!865(8!6++*5$%.!(88!\,6N!
B.MT!
!
=!(.\$'!)(*8(!*+!*4!N(.!/(%'$%!+6%!.60$6,$!N*4/6B4!(!8$44$%!+%60!]6?$!
<*.(C*8*4&!46!@$4!(!?$,.*6,!+%60!4/$!Z:3!?%6@%(0M!
!
XF!
!
S[$88O!/6N!*4!N6%\.!*.!4/(4!4/$!?(4*$,4Q.!5(.$!*.!+*%.4!(..$..$'!C&!4/$!5/*$+!
0$'*5(8!6++*5$%!fU3gR!N/6!4/$,!'$5*'$.!N/$4/$%!6%!,64!%$5600$,'!4/$!?(4*$,4!46!
4/$!.65*(8!N$8+(%$!6++*5$%M!!2/$!.65*(8!N$8+(%$!6++*5$%!*.!4/$!6,$!N/6!?%6#*'$.!4/$!
?(4*$,4!N*4/!(!'*.(C*8*4&!5$%4*+*5(4$!6%!(++*'(#*4M!![$!5(,Q4!N6%\!(%6B,'!4/(4!.&.4$0O!
CB4!*+!N$!N%*4$!46!4/$!U3g!(C6B4!(!?(%4*5B8(%!?(4*$,4O!/$!6%!./$!*.!@*#$,!(!\*,'!6+!
?%$+$%$,5$M!!>,'!&6B!\,6NO!(%6B,'!/$%$O!*4Q.!,64!?6..*C8$!46!@$4!(,&4/*,@!'6,$!N*4/!
4/$!@6#$%,0$,4!B,8$..!&6B!/(#$!.60$!\*,'!6+!.?$5*(8!?%$+$%$,5$M!!!
!
>84/6B@/!)(*8(!N(.!*,#$.4$'!*,!/$8?*,@!/$%!?(4*$,4.!@$4!(55$..!46!.4(4$!
C$,$+*4.!*,!N/(4$#$%!N(&!./$!56B8'O!./$!N(.!5%*4*5(8!6+!4/$!+(54!4/(4!4/$!@6#$%,0$,4!
?%6#*'$'!C$,$+*4.!+6%!6,8&!5$%4(*,!\*,'.!6+!#*54*0.M!!S2/$%$!(%$!#*54*0.!8*\$!4/*.!6,$OT!
./$!.(*'O!%$+$%%*,@!46!(!4$$,(@$'!C6&O!](\*0O!N*4/!5$%$C%(8!?(8.&!N/6!/('!C$$,!*,!
/$%!6++*5$!(88!06%,*,@M!!2/$!C6&Q.!+(4/$%!N(.!8$(%,*,@!/6N!46!5(%$!+6%!/*.!.6,!B,'$%!
)(*8(Q.!.B?$%#*.*6,M!!S]*.!'*.$(.$!*.,Q4!5(B.$'!C&!4/$!56,+8*54O!CB4!/$!56B8',Q4!@$4!
4%$(40$,4!6,!4*0$!C$5(B.$!6+!4/$!56,+8*54M!!=+!/$!/('!/('!(55$..!46!.B%@$%&!(!+$N!
&$(%.!(@6O!/*.!56,'*4*6,!N6B8'!C$!06%$!,6%0(8!46'(&M!
!
S2/$%$!(%$!.6!0(,&!5(.$.!8*\$!4/*.!6,$!j](\*0kM!!9$6?8$!B.$'!46!C$!(+%(*'!46!
@6!46!.$$\!4%$(40$,4M!!9(4*$,4.!B.$'!46!C$!'%(@@$'!6B4!6+!(0CB8(,5$.!(,'!\*88$'MM!!
2/$%$!N(.!(!C%$(\!*,!/*.!4%$(40$,4!C$5(B.$!6+!4/(4M!!=,!HKKLO!4/$*%!j](\*0Q.!+(0*8&Q.k!
0$'*5(8!?(?$%.!N$%$!86.4!'B%*,@!(!5%(5\'6N,Fee&6B!\,6N!4/$!(%0&!'6$.,Q4!866\!(4!
N/(4!4/$&!'$.4%6&!'B%*,@!(!.$(%5/M!!A6!N/$,!4/$&!4%*$'!46!%$.4(%4!/*.!4%$(40$,4O!
'6546%.!'*',Q4!\,6N!N/(4!/*.!j0$'*5(8k!/*.46%&!N(.O!(,'!*4!5%$(4$'!'*.56,4*,B*4&MT!
XI!
!
!
S[$!(8.6!86.4!06,$&O!C$5(B.$!6+!4/$!/6B.$OT!*,4$%`$54$'!](\*0Q.!+(4/$%O!N/6!N(.!
8*.4$,*,@M!
!
Sc$.O!4/$&!.B++$%$'!+*,(,5*(8!.$4C(5\.O!C$5(B.$!4/$*%!/6B.$!N(.!'(0(@$'!*,!
4/$!.$(%5/OT!)(*8(!$8(C6%(4$'M!!S2/(4!(8.6!56,4%*CB4$'!46!4/$!*,4$%%B?4*6,!*,!/*.!
4%$(40$,4MT!
!
S2/$&!'6,Q4!@$4!560?$,.(4*6,!+6%!4/$!/6B.$dT!=!(.\$'M!
!
S76O!4/$%$Q.!,6!560?$,.(4*6,!+6%!4/(4MT!
!
](\*0Q.!+*8$!'*'!,64!/(#$!4/$!N6%'.!&2%35(&)+61%13(&("#*+N%*44$,!6,!*4M!!=!(.\$'!
)(*8(!*+!](\*0!N(.!$8*@*C8$!+6%!4/$!WXG!%B?$$!?$,.*6,!B,'$%!4/$!Z:3!?%6@%(0M!
!
S76O!C$5(B.$!/*.!'*.$(.$!*.,Q4!5(B.$'!C&!4/$!56,+8*54O!*.!*4d!!]$!@$4.!VGG!%B?$$.!
(!06,4/!B,'$%!4/$!%$@B8(%!'*.(C*8*4&M!!=4Q.!?%6C(C8&!,64!$#$,!(!+%(54*6,!6+!4/$!56.4!6+!
5(%*,@!+6%!/*0MT!
!
S=4!4(\$.!06%$!4/(,!WGG!%B?$$.!`B.4!46!56#$%!4/$!56.4!6+!@(.!+%60!A6?B%!46!
A%*,(@(%OT!*,4$%`$54$'!](\*0Q.!+(4/$%M!!A%*,(@(%!N(.!4/$!6,8&!46N,!*,!(88!6+!-(./0*%!
4/(4!/('!(!/6.?*4(8!$_B*??$'!46!?$%+6%0!(,&!\*,'!6+!.B%@*5(8!?%65$'B%$IM!
!
XV!
!
S](\*0!5(,Q4!4%(#$8!6,!?BC8*5!CB.$.!jN/*5/!N6B8'!%$'B5$!4/$!56.4!6+!
4%(,.?6%4!46!(C6B4!FG!%B?$$.k!C$5(B.$!6+!/*.!'*.(C*8*4&OT!)(*8(!?6*,4$'!6B4O!S.6!4/$&!
/(#$!46!/*%$!(!4(P*M!!A6!*+!WGG!%B?$$.!*.!4/$!56.4!6+!@(.O!4/$,!4/$!56.4!6+!%$,4*,@!(!4(P*!
*.!$#$,!06%$MT!
!
2/$!56.4!6+!](\*0Q.!.B%@$%&!N6B8'!/(#$!C$$,!FXGOGGG!%B?$$.O!*+!]6?$!
<*.(C*8*4&!/('!,64!C$$,!(C8$!46!@*#$!/*0!(55$..!46!+B88&!+B,'$'!.B%@$%&M!!g,$!6+!4/$!
7bgQ.!6B4%$(5/!N6%\$%.!/('!+6B,'!](\*0!(,'!%$5600$,'$'!/*0!46!4/$!5$,4$%!6,8&!
%$5$,48&M!9%*6%!46!4/(4O!](\*0Q.!+(4/$%!.(*'!/$!/('!4$,4(4*#$8&!.5/$'B8$'!(!.B%@$%&!+6%!
(!&$(%!+%60!,6NO!(.!/$!N6B8'!,$$'!(4!8$(.4!4/(4!0B5/!4*0$!46!+*@B%$!6B4!/6N!46!?(!
+6%!4/$!?%65$'B%$M!!!
!
S;B4!*.,Q4!4/(4!C$5(B.$!6+!4/$!56,+8*54O!466dT!)(*8(!?6*,4$'!6B4M!!S9$6?8$!5(,Q4!
(++6%'!4%$(40$,4!C$5(B.$!4/$&!(%$!?66%O!4/$%$Q.!?6#$%4&!*,!-(./0*%M!!2/$%$!*.!
?6#$%4&!*,!-(./0*%!C$5(B.$!6+!4/$!56,+8*54MT!!
!
*5,!30;&,24(%'#4+4%8!-.!,0%4%+,7,0%!
!
[*'6N.!N/6!86.4!4/$*%!/B.C(,'.!(4!4/$!/(,'.!6+!0*8*4(,4.!(%$!(8.6!$8*@*C8$!+6%!
(!06,4/8&!WXG!%B?$$.!B,'$%!4/$!Z:3!.5/$0$M!!>88!64/$%!N*'6N.!%$5$*#$!6,8&!VGG!
%B?$$.!(!06,4/!B,'$%!4/$!=,'*%(!b(,'/*!7(4*6,(8![*'6N!9$,.*6,!?%6@%(0M!![*'6N.!
N/6.$!/B.C(,'.!N$%$!\*88$'!C&!0*8*4(,4.!(%$!(8.6!$,4*48$'!46!(!6,$!4*0$!(06B,4!6+!
XX!
!
HGOGGG!%B?$$.!B,'$%!4/$!3(%%*(@$!>..*.4(,5$!.5/$0$O!N/*5/O!'$.?*4$!*4.!,(0$O!*.!,64!
,$5$..(%*8&!B.$'!+6%!%$0(%%*(@$VM!!
!
2/$!Z:3!?$,.*6,!.5/$0$!*.!(??8*5(C8$!6,8&!46!N*'6N.!N/6.$!/B.C(,'.!N$%$!
\*88$'!.?$5*+*5(88&!C&!0*8*4(,4.M!!=4!'6$.!,64!(??8&!46!N*'6N.!N/6.$!/B.C(,'.!N$%$!
0*8*4(,4.!(,'!N$%$!\*88$'!C&!=,'*(,!+6%5$.M!!>84/6B@/!4/$!'*.4*,54*6,!C$4N$$,!4/$.$!
4N6!@%6B?.!.$$0.!.*0?8$!$,6B@/O!*4!'6$.!,64!56%%$.?6,'!46!4/$!%$(8*4*$.!6+!
-(./0*%*.Q!8*#$.O!(.!4/$!5(.$.!6+!4/$!+6886N*,@!4/%$$!N*'6N.!'$06,.4%(4$.M!!
!
766%!*.!(!%B%(8!%$.*'$,4!6+!-B?N(%(!N/6!86.4!/$%!/B.C(,'!*,!4/$!0*'eKG.M!!
766%Q.!/B.C(,'!/('!C$$,!(!.4(4$!?68*5$!6++*5$%!N/6!N(.!(??(88$'!C&!#*68$,5$!4/$!
=,'*(,!(%0&!*,+8*54$'!6,!-(./0*%*!5*#*8*(,.M!!=,5$,.$'O!/$!/('!5%6..$'!4/$!)gU!(,'!
%$5$*#$'!(%0.!4%(*,*,@!*,!>J('!-(./0*%!46!+*@/4!+6%!-(./0*%Q.!*,'$?$,'$,5$M!!]$!
N(.!?(%4!6+!(!0*8*4(,4!6%@(,*J(4*6,!+6%!.60$!4*0$O!CB4!/$!C$5(0$!'*.$,5/(,4$'!C&!
4/$!0*8*4(,5&!N/$,!/$!.(N!4/(4!0*8*4(,4.O!466O!?$%?$4%(4$'!#*68$,5$!(@(*,.4!5*#*8*(,.M!!
]$!56,.$_B$,48&!4B%,$'!*,!.60$!6+!4/$!0*8*4(,4.!/$!\,$N!46!4/$!=,'*(,!+6%5$.!(,'!
N(.!\*88$'!C&!(!0*8*4(,4!N/6!.(N!/*0!(.!(!4%(*46%M!!766%!%$5$*#$'!HGOGGG!%B?$$.!+%60!
4/$!3(%%*(@$!>..*.4(,5$!.5/$0$!(,'!5B%%$,48&!%$5$*#$.!WXG!%B?$$.!(!06,4/!B,'$%!
4/$!Z:3!.5/$0$M!
!
A/6@B+4(O!(8.6!(!%B%(8!%$.*'$,4!6+!-B?N(%(O!86.4!/$%!/B.C(,'!*,!4/$!$(%8&!
HKKG.M!!]$!/('!,$#$%!@6,$!46!>J('!-(./0*%!+6%!(%0.!4%(*,*,@!(,'!4/$%$+6%$!N(.!,64!
4$5/,*5(88&!(!0*8*4(,4M!!]$!N(.O!/6N$#$%O!(!865(8!%*,@8$('$%!6+!0*8*4(,4.M!!]$!N(.!6+4$,!
XY!
!
*,!4/$!560?(,&!6+!0*8*4(,4.!(,'!/$8?$'!6%5/$.4%(4$!4/$*%!865(8!(54*#*4*$.M!!2/$!=,'*(,!
(%0&!*,!4/$!(%$(!\,$N!(C6B4!/*.!*,#68#$0$,4!N*4/!0*8*4(,4.!(,'!%$@B8(%8&!.$(%5/$'!
/*.!/60$O!/6?*,@!46!5(?4B%$!$*4/$%!/*0!6%!/*.!N$(?6,.M!!]*.!N*+$!.(&.!4/(4!/$!,$#$%!
/('!(,&!N$(?6,.O!.*,5$!/$!/('!,$#$%!@6,$!+6%!(%0.!4%(*,*,@M!!;$+6%$!4/$!=,'*(,!
(%0&!N(.!(C8$!46!5(?4B%$!/*0O!/$!N(.!\*88$'!*,!*,+*@/4*,@!(06,@!0*8*4(,4.M!!A*,5$!/$%!
/B.C(,'!N(.!\*88$'!C&!(!0*8*4(,4O!A/6@B+4(!%$5$*#$'!HGOGGG!%B?$$.!(+4$%!/*.!'$(4/!
(,'!56,4*,B$.!46!%$5$*#$!WXG!%B?$$.!(!06,4/!B,'$%!4/$!Z:3!?%6@%(0M!
!
A$$%(4!8*#$.!`B.4!6B4.*'$!4/$!5*4&!6+!A%*,(@(%M!!A/$!86.4!/$%!/B.C(,'!*,!FGGYM!!
]$%!/B.C(,'!/('!C$$,!(,!(B46e%*5\./(N!'%*#$%!N/6!/('!,$#$%!5%6..$'!4/$!)gU!+6%!
(%0.!4%(*,*,@!6%!\$?4!4/$!560?(,&!6+!0*8*4(,4.M!!]$!N(.!\*88$'!C&!4/$!U$,4%(8!
Z$.$%#$!968*5$!E6%5$!fUZ9ERO!*,!N/(4!*.!5(88$'!(!S+(\$!$,56B,4$%TO!*,!N/*5/!4/$!
=,'*(,!+6%5$.!'$58(%$!(!-(./0*%*!5*#*8*(,!(!0*8*4(,4!(+4$%!5(B.*,@!/*.!'$(4/XM!!A$$%(4!*.!
,64!$8*@*C8$!+6%!4/$!Z:3!?$,.*6,!6%!4/$!3(%%*(@$!>..*.4(,5$!.5/$0$!C$5(B.$!/$%!
/B.C(,'!N(.!,64!\*88$'!C&!(!0*8*4(,4M!!A/$!/('!(??8*$'!+6%!4/$!=,'*%(!b(,'/*!7(4*6,(8!
[*'6N!9$,.*6,!.5/$0$!4/%$$!4*0$.!.*,5$!FGGW!CB4!,$#$%!%$5$*#$'!(,&!.6%4!6+!
%$.?6,.$!+%60!4/$!.65*(8!N$8+(%$!'$?(%40$,4M!!A/$!4/*,\.!4/*.!0*@/4!C$!C$5(B.$!/$%!
/B.C(,'!N(.!'$58(%$'!(!0*8*4(,4!(+4$%!/*.!'$(4/M!!!
!
C4$(3$$4-0!
!
2/$!56,+8*54!(44%(54.!+B,'*,@!+%60!+6%$*@,!'6,6%.!(,'!6%@(,*J(4*6,.!6+4$,!
$,6B@/!4/(4!]6?$!<*.(C*8*4&!+6B,'!*4!56,#$,*$,4!46!0(%\!(,'!.$4!(.*'$!(!.$4!6+!
XW!
!
?(4*$,4.Q!+*8$.!4/(4!4/$&!8(C$8$'!&2%35(&)+61%13(&("#(1!!`B.4!+6%!#*.*46%.O!.*,5$!4/$&!'6,Q4!
,$$'!46!'*++$%$,4*(4$!56,+8*54!C$,$+*5*(%*$.!+%60!64/$%!C$,$+*5*(%*$.!+6%!4/$*%!6N,!
N6%\M!!2/$!+B,'.!4/(4!4/$!56,+8*54!(44%(54.!(%$!N/(4!$,(C8$!4/$!7bg!46!+B,54*6,!(,'!
5%$(4$!`6C.!+6%!?$6?8$!8*\$!)(*8(!N/6!0*@/4!C$!/6?*,@!+6%!CB4!'6!,64!&$4!/(#$!`6C.!*,!
4/$!?BC8*5!.$546%M!!=,!(!.$44*,@!N/$%$!4/$%$!(%$!+$N!(#$,B$.!+6%!$0?86&0$,4!64/$%!
4/(,!4/$!?BC8*5!.$546%O!7bg.!4/(4!%$5$*#$!6B4.*'$!+B,'*,@!5%$(4$!0B5/!,$$'$'!
$0?86&0$,4!6??6%4B,*4*$.YM!!>.!)(*8(!%$56@,*J$'O!4/$!56,+8*54!4/$%$+6%$!C$560$.!(!
#(8B(C8$!%$.6B%5$!*,!-(./0*%M!
!
]6N$#$%O!4/$!N(&!*,!N/*5/!+6%$*@,!+B,'*,@!*.!?B4!*,46!$++$54!%$*,+6%5$.!4/$!
+%(0$N6%\!6+!4/$!=,'*(,!.4(4$!*,!-(./0*%O!0(\*,@!4/$!56,+8*54!(!%$.6B%5$!N*4/*,!4/$!
+%(0$N6%\!6+!4/$!=,'*(,!.4(4$M!!E$8'0(,!(,'!2*5\4*,!fFGHHR!?6*,4!6B4!4/(4O!N/*8$!
7bg.O!(.!?%(54*4*6,$%.!6+!/B0(,*4(%*(,*.0O!58(*0!46!+B,54*6,!(.!6B4.*'$!(546%.!46!
?%64$54!/B0(,*4&!+%60!4/$!(C.$,5$!6+!?%6?$%!@6#$%,(,5$O!4/$&!(%$!'$?$,'$,4!6,!
C%6('$%!+6%0.!@6#$%,*,@!.4%B54B%$.!46!'6!4/$*%!N6%\M!!](,'*5(?!=,4$%,(4*6,(8!(,'!
4/$!"B%6?$(,!U600*..*6,O!(06,@!64/$%.O!(%$!6B4.*'$!(546%.!4/(4!(%$!*,4$%$.4$'!*,!
-(./0*%!C$5(B.$!4/$!%$@*6,!/(.!.B++$%$'!+%60!4/$!(C.$,5$!6+!?%6?$%!@6#$%,0$,4!+6%!
4/$!?(.4!4N6!56,+8*54e%*''$,!'$5('$.M!!c$4!4/$!C%6('$%!@6#$%,*,@!.4%B54B%$.!6,!
N/*5/!4/$&!'$?$,'!46!'6!4/$*%!N6%\!(%$!4/$!.4%B54B%$.!6+!4/$!=,'*(,!.4(4$M!!>.!(,!
*,4$%,(4*6,(8!6%@(,*J(4*6,O!](,'*5(?!=,4$%,(4*6,(8!+*%.4!,$$'.!?$%0*..*6,!+%60!4/$!
5$,4%(8!@6#$%,0$,4!6+!=,'*(!C$+6%$!*4!5(,!'6!(,&!N6%\!*,!-(./0*%M!!2/$!
6%@(,*J(4*6,Q.!?%*0(%&!+B,54*6,!*.!4/$,!46!?%6#*'$!.B??6%4!46!]6?$!<*.(C*8*4&M!!]6?$!
<*.(C*8*4&Q.!N6%\!*.!#$%&!4*$'!46!.4(4$!?%6#*'$'!.$%#*5$.M!!2/$!865(8!7bg!B.$.!*4.!
XL!
!
56,,$54*6,.!46!+(5*8*4(4$!4/$!+86N!6+!.4(4$!C$,$+*4.!46!*4.!$8*@*C8$!C$,$+*5*(%*$.O!N/*5/!
0*@/4!64/$%N*.$!,64!%$(5/!4/$!$,4*48$'!%$5*?*$,4!'B$!46!4/$!*,$++*5*$,5*$.!6+!4/$!
=,'*(,!CB%$(B5%(5&WM!!=4!(8.6!%$8*$.!6,!@6#$%,0$,4!/6.?*4(8.O!N/*5/!'6!,64!5/(%@$!+6%!
4/$!(54B(8!.B%@*5(8!?%65$'B%$O!*,!6%'$%!46!?%6#*'$!*4.!C$,$+*5*(%*$.!N*4/!(55$..!46!
.B%@$%*$.!+%$$!6+!56.4!B.*,@!4/$!+6%$*@,!+B,'*,@!4/$&!%$5$*#$M!>.!.B5/O!4/$!
6%@(,*J(4*6,!N6%\.!N*4/!4/$!.4%B54B%$.!6+!4/$!=,'*(,!.4(4$!*,!6%'$%!46!?%6#*'$!*4.!
C$,$+*5*(%*$.!N*4/!(.!0B5/!(..*.4(,5$!(.!?6..*C8$M!!2/$%$+6%$O!N/*8$!](,'*5(?!
=,4$%,(4*6,(8!58(*0.!46!+B,54*6,!(.!(,!6B4.*'$!(546%!46!?%6#*'$!.$%#*5$.!+6%!'*.(C8$'!
-(./0*%*.O!C&!+B,'*,@!4/$!N6%\!6+!]6?$!<*.(C*8*4&O!4/$!*,4$%,(4*6,(8!6%@(,*J(4*6,!
*,'*%$548&!.4%$,@4/$,.!(,'!46!.60$!'$@%$$!8$@*4*0*J$.!4/$!+%(0$N6%\!6+!4/$!=,'*(,!
.4(4$!*,!-(./0*%M!!!
!
2/$!@6#$%,0$,4!(8.6!$,4*48$.!-(./0*%*.!N/6!5(,!58(*0!46!C$!#*54*0.!6+!4/$!
0*8*4(,5&!46!@%$(4$%!C$,$+*4.!4/(,!64/$%.!B,'$%!?%6@%(0.!.B5/!(.!4/$!Z:3!(,'!4/$!
3(%%*(@$!>..*.4(,5$!A5/$0$M!![/*8$!(,!6%'*,(%&!'*.(C8$'!?$%.6,!*,!-(./0*%!0B.4!
C$!'*(@,6.$'!N*4/!HGGi!'*.(C*8*4&!46!$#$,!C$!$,4*48$'!46!VGG!%B?$$.!(!06,4/O!(!
?$%.6,!N/6!5(,!%$8(4$!/*.!6%!/$%!'*.(C*8*4&!46!4/$!#*68$,5$!6+!4/$!0*8*4(,5&!*.!$,4*48$'!
46!WXG!%B?$$.!$#$,!*+!4/$&!(%$!6,8&!0(%@*,(88&!'*.(C8$'M!!>0*,(O!N/6.$!+(0*8&!N(.!
\*88$'!*,!5%6..+*%$O!.B++$%$'!(!+*,(,5*(8!86..!*,!(''*4*6,!46!/$%!$064*6,(8!86..!(+4$%!4/$!
'$(4/!6+!/$%!+(0*8&O!(.!./$!,6!86,@$%!/('!/$%!+(4/$%!+6%!$56,60*5!.$5B%*4&M!!]$%!
'*.(C*8*4&!(8.6!8*0*4$'!/$%!(C*8*4&!46!N6%\!46!.B??6%4!/$%.$8+M!![/*8$!./$!/('!(!%$(.6,!
46!C$!(@@%*$#$'!N*4/!4/$!.4(4$!f/$%!+*8$!'*'!,64!.?$5*+&!N/6!+*%$'!(4!/$%!+(0*8&O!CB4!
.B5/!*,5*'$,4.!(806.4!(8N(&.!*,#68#$!=,'*(,!.$5B%*4&!+6%5$.RO!/$%!5B%%$,4!.*4B(4*6,!
XK!
!
0('$!/$%!%$8*(,4!6,!4/$!.4(4$!+6%!4/$!8*448$!$56,60*5!.$5B%*4&!4/(4!WXG!%B?$$.!56B8'!
6++$%M!!2/$!56,+8*54!4/$%$+6%$!C$560$.!(!?6*,4!6+!$,4%&!+6%!4/$!@6#$%,0$,4!*,46!
#*54*0.Q!8*#$.O!.6!4/(4!4/$!86..!4/$&!.B++$%$'!4*$.!4/$0!46!4/$!=,'*(,!.4(4$!%(4/$%!4/(,!
?*4!4/$0!(@(*,.4!4/$!.4(4$M!!2/*.!Z:3!?%6@%(0O!4/$,O!0(\$.!(!58(*0!46!#*54*0/66'!
#(8B(C8$!N*4/*,!4/$!.4%B54B%$.!6+!4/$!=,'*(,!.4(4$M!!!
!
2/$!\*,'!6+!#*54*0/66'!4/$!.4(4$!@*#$.!#(8B$!46!*.!4/(4!6+!(,!*'$(8*J$'O!
,6,#*68$,4!#*54*0!6+!#*68$,5$M!!)(*8(!0(\$.!B.$!6+!(!0B5/!C%6('$%!5(4$@6%&!6+!
#*54*0.!4/(4!$,560?(..$.!-(./0*%*.!N/6!/(#$!,64!C$$,!'*%$54!#*54*0.!6+!#*68$,5$!
CB4!(%$O!,6,$4/$8$..O!#*54*0.!6+!56,+8*54M!!A/$!+%(0$.!4/$!56,'*4*6,!6+!/$%!5$%$C%(8!
?(8.&!?(4*$,4O!](\*0aN/6.$!'*.$(.$!*.!(!%$.B84!6+!,(4B%(8!5(B.$.a(.!B,,(4B%(8!(,'!
B,,$5$..(%*8&!$P(5$%C(4$'!C&!4/$!56,+8*54M!!A/$!5*4$.!4/$!?%6?$%4&!'(0(@$!(,'!
+*,(,5*(8!86..$.!/*.!+(0*8&!.B++$%$'!46!+B%4/$%!+%(0$!/*0!(.!(!#*54*0!6+!4/$!56,+8*54!
(,'!4/$,!%$8(4$.!4/$!?%6C8$0!6+!?6#$%4&!*,!-(./0*%!46!4/$!56,+8*54O!$P?(,'*,@!4/$!
5(4$@6%&!6+!56,+8*54!#*54*0.!46!?64$,4*(88&!*,58B'$!(,&!-(./0*%*!N/6.$!.B++$%*,@!*.!
5(B.$'!C&!?6#$%4&LM!!7$*4/$%!4/$!@6#$%,0$,4!,6%!]6?$!<*.(C*8*4&Q.!'6,6%.!%$56@,*J$!
4/*.!$P?(,'$'!5(4$@6%&!6+!56,+8*54!#*54*0.M!!](\*0Q.!+*8$!N(.!,64!8(C$8$'!&2%35(&)+
61%13(&("#*!+6%!'6,6%.!46!.$$O!(,'!/*.!'*.(C*8*4&O!N/*8$!$P(5$%C(4$'!C&!4/$!56,'*4*6,.!
6+!56,+8*54O!'*'!,64!$,4*48$!/*0!46!4/$!8(%@$%!?$,.*6,!6++$%$'!46!56,+8*54!#*54*0.!B,'$%!
4/$!Z:3!?%6@%(0M!!2/$!?%6?$%4&!'(0(@$!*,+8*54$'!C&!=,'*(,!.68'*$%.!6,!/*.!/60$!
'*'!,64!N(%%(,4!(,&!\*,'!6+!8$@(8!560?$,.(4*6,O!(,'!.65*(8!N$8+(%$!(,'!%B%(8!
'$#$86?0$,4!?%6@%(0.!4%$(4!?6#$%4&!*,!-(./0*%!,6!'*++$%$,48&!+%60!?6#$%4&!
$8.$N/$%$!*,!=,'*(O!(.!*+!*4!N$%$!,64!(4!(88O!(.!)(*8(!?B4!*4O!(,!$++$54!6+!4/$!56,+8*54M!!2/$!
YG!
!
`BP4(?6.*4*6,!6+!4/$!,(%%6N!5(4$@6%&!6+!56,+8*54!#*54*0.!N/6.$!@%*$#(,5$.!(%$!
%$56@,*J$'!C&!C64/!4/$!.4(4$!(,'!4/$!0B5/!C%6('$%!5(4$@6%&!4/(4!)(*8(!*'$,4*+*$.!
0(\$.!(??(%$,4!4/(4!4/$!#(.4!0(`6%*4&!6+!@%*$#(,5$.!5(B.$'!C&!4/$!56,+8*54!(%$!,64!
0('$!#(8B(C8$!C&!4/$!.4(4$M!
!
2/$!5%*4$%*(!4/(4!4/$!.4(4$!B.$.!46!'$+*,$!N/*5/!\*,'.!6+!#*54*0.!(%$!$,4*48$'!46!
.4(4$!C$,$+*4.!'6$.!,64!0(?!6,46!8*#$'!%$(8*4*$.!*,!(,&!56/$%$,4!N(&M!!2/$!Z:3!
?$,.*6,!(,'!3(%%*(@$!>..*.4(,5$!.5/$0$!$,4*48$!6,8&!4/6.$!N*'6N.!N/6.$!
/B.C(,'.!N$%$!\*88$'!C&!0*8*4(,4.M!!2/$!86@*5!C$/*,'!4/*.!5%*4$%*6,!(??$(%.!46!C$!4/(4!
/B.C(,'.!N/6!N$%$!\*88$'!C&!0*8*4(,4.!N$%$!5*#*8*(,.O!,6,e#*68$,4!#*54*0.!6+!
#*68$,5$!N/6!'*$'!(4!4/$!/(,'.!6+!4/$!$,$0&!6+!4/$!.4(4$M!!]B.C(,'.!N/6!N$%$!\*88$'!
C&!=,'*(,!+6%5$.O!6,!4/$!64/$%!/(,'O!(%$!(..B0$'!46!/(#$!C$$,!0*8*4(,4.O!(,'!4/$*%!
'$(4/.!(%$!,64!(886N$'!46!C$!0('$!06,$4(%*8&!#(8B(C8$!+6%!4/$*%!N*'6N.KM!!]6N$#$%O!
(.!4/$!5(.$.!6+!4/$!4/%$$!N*'6N.!'$06,.4%(4$.O!4/$!4/$6%$4*5(8!'*#*'$!C$4N$$,!
0*8*4(,4.!(,'!,6,#*68$,4!5*#*8*(,.!4/(4!B,'$%8*$.!4/$!Z:3!(,'!3(%%*(@$!>..*.4(,5$!
.5/$0$.!'6$.!,64!56%%$.?6,'!46!4/$!560?8*5(4$'!%$8(4*6,./*?.!?$6?8$!/('!N*4/!4/$!
0*8*4(,5&M!!766%Q.!/B.C(,'O!+6%!$P(0?8$O!N(.!(!0*8*4(,4!N/6!8(4$%!4B%,$'!*,!64/$%!
0*8*4(,4.!46!=,'*(,!+6%5$.M!!]$!N(.!\*88$'!C$!(,64/$%!0*8*4(,4O!.6!766%!%$5$*#$'!(,'!
4/$!3(%%*(@$!>..*.4(,5$!06,$&!(,'!Z:3!?$,.*6,.M!!A/6@B+4(Q.!/B.C(,'!/('!,64!
4$5/,*5(88&!C$$,!(!0*8*4(,4!(4!(88O!CB4!/$!/('!C$$,!#$%&!*,#68#$'!*,!(..*.4*,@!0*8*4(,4.!
*,!/*.!#*88(@$M!!2/$!(%0&!/('!C$$,!.$(%5/*,@!+6%!/*0O!(,'!*4!N(.!6,8&!(!0(44$%!6+!
5/(,5$!4/(4!/$!N(.!\*88$'!C&!(,64/$%!0*8*4(,4O!0(\*,@!A/6@B+4(!$8*@*C8$!+6%!.4(4$!
C$,$+*4.M!!A$$%(4Q.!/B.C(,'O!6,!4/$!64/$%!/(,'O!/('!,64!C$$,!*,#68#$'!*,!4/$!
YH!
!
0*8*4(,5&!(4!(88O!CB4!/('!C$$,!\*88$'!*,!(!+(\$!$,56B,4$%O!8$(#*,@!/$%!*,$8*@*C8$!+6%!4/$!
Z:3!(,'!3(%%*(@$!>..*.4(,5$!.5/$0$.O!(,'!?6..*C8&!$#$,!4/$!=,'*%(!b(,'/*!
7(4*6,(8![*'6N!9$,.*6,!?%6@%(0M!!2/$.$!N60$,Q.!$8*@*C*8*4&!+6%!4/$!.4(4$!C$,$+*4.!
6%!8(5\!4/$%$6+!'*'!,64!+6886N!4/$!86@*5!C&!N/*5/!4/$!@6#$%,0$,4!@%(,4$'!#*54*0/66'!
#(8B$O!(.!*4!/('!#$%&!8*448$!46!'6!N*4/!4/$!(54*6,.!6%!?68*4*5(8!(++*8*(4*6,.!6+!4/$*%!
/B.C(,'.!(,'!06%$!N*4/!4/$!B,?%$'*54(C8$!5*%5B0.4(,5$.!6+!4/$!0$,Q.!B,4*0$8&!
'$(4/.M!
!
2(\$,!46@$4/$%O!4/$!.4(4$Q.!%$56@,*4*6,!6+!6,8&!(!#$%&!,(%%6N!5(4$@6%&!6+!
56,+8*54!#*54*0.O!(,'!4/$!'*..6,(,5$!C$4N$$,!4/$!86@*5!6+!4/$!Z:3!(,'!3(%%*(@$!
>..*.4(,5$!.5/$0$.!(,'!4/$!%$(8*4*$.!6+!-(./0*%*.Q!8*#$.O!./6N.!4/(4!4/$!.4(4$Q.!
%$.?6,.$!46!56,+8*54!%$8(4$'!@%*$#(,5$.!'6$.!,64O!*,!(,&!N(&O!(*0!46!0(\$!
%$?(%(4*6,.!46!#*54*0.M!!Z(4/$%O!*4!0$%$8&!6?$,.!B?!4/$!?6..*C*8*4&!+6%!5$%4(*,!
-(./0*%*.!46!0(\$!4/$*%!4*$.!46!4/$!56,+8*54!06,$4(%*8&!#(8B(C8$!4/%6B@/!4/$!.4(4$Q.!
C$,$+*4!.5/$0$M!!2/$!'*..6,(,5$!C$4N$$,!4/$!4/$6%&!C$/*,'!C$,$+*4.!+6%!#*54*0.!(,'!
-(./0*%*.Q!8*#$'!%$(8*4*$.!@*#$.!4/$!.4(4$!$,6B@/!.?(5$!46!C(5\!(N(&!+%60!
@B(%(,4$$*,@!560?$,.(4*6,!46!(,&!*,'*#*'B(8!#*54*0O!N/*8$!$P4$,'*,@!C$,$+*4.!46!
06.4!6+!4/$!06.4!#*.*C8$!#*54*0.!.6!4/(4!4/$*%!4*$.!46!4/$!56,+8*54!4*$!4/$0!46!4/$!.4(4$M!!
!
=,.4$('!6+!+B,54*6,*,@!(.!(!?6*,4!6+!.$?(%(4*6,!C$4N$$,!-(./0*%*.!(,'!4/$!
=,'*(,!.4(4$O!4/$!56,+8*54!*.!%$*+*$'!(.!(!+$(4B%$!6+!4/$!=,'*(,!.4(4$M!!;64/!4/$!+B,'*,@!*4!
(44%(54.!+%60!*,4$%,(4*6,(8!6%@(,*J(4*6,.!(,'!4/$!C$,$+*4.!*4!?%6#*'$.!46!5$%4(*,!
#*54*0.!6+!#*68$,5$!*,('#$%4$,48&!@*#$!*4!#(8B$!N*4/*,!4/$!+%(0$N6%\!6+!4/$!=,'*(,!
YF!
!
.4(4$M!!2/6B@/!.$?(%(4*.0!(,'!*,'$?$,'$,5$!5686%!0(,&!-(./0*%*.Q!(44*4B'$.!
46N(%'.!4/$!=,'*(,!.4(4$O!B,'$%,$(4/!4/6.$!(44*4B'$.O!4/$!56,+8*54!\$$?.!4/$0!4*$'!46!
4/$!.4(4$O!'$5%$(.*,@!4/$!#68(4*8*4&!C$4N$$,!-(./0*%*.!(,'!4/(4!.4(4$!(,'!
56,4%*CB4*,@!46!4/$!.B?$%+*5*(8!5(80!4/(4!5/(%(54$%*J$.!4/$*%!$#$%&'(&!8*+$M!!
!
!
!
YI!
!
!
!
!
!
!
/-0(+3$4-0!
!
YV!
!
"#$%&'(&!,6%0(85&!*.!0(*,4(*,$'!*,!-(./0*%!46'(&!C&!-(./0*%*.Q!
566?$%(4*6,!N*4/!4/$!=,'*(,!@6#$%,0$,4M!!<$.?*4$!4/$!+(54!4/(4!-(./0*%*.!#*$N!=,'*(!
(.!(,!6??%$..6%O!(,'!4/(4!4/$!=,'*(,!.$5B%*4&!+6%5$.!56,4*,B$!46!?$%?$4%(4$!#*68$,5$!
(@(*,.4!5*#*8*(,.O!4/$!0(`6%*4&!6+!-(./0*%*.!(%$!.4%B54B%(88&!?%$#$,4$'O!6%!(4!8$(.4!
'*.56B%(@$'O!+%60!(54*#$8&!'$+&*,@!4/$!=,'*(,!.4(4$M!!2/$!56,+8*54!*,!-(./0*%!/(.!*4.!
%664.!*,!(!.4%B@@8$!+6%!*,'$?$,'$,5$!+%60!4/$!=,'*(,!.4(4$O!CB4!*,4$%$.4*,@8&O!4/$!
$++$54.!6+!4/(4!#$%&!56,+8*54!(%$!N/(4!0(\$!*4!'*++*5B84!+6%!-(./0*%*.!46!4(\$!(!.4(,'!
(@(*,.4!4/$!.4(4$M!!3$06%*$.!6+!4/$!#*68$,5$!6+!4/$!0*8*4(,5&!(%$!*,.5%*C$'!*,46!$#$,!
4/$!,6%0(85&!6+!$#$%&'(&!8*+$O!.6!4/(4!5B%%$,4!(4%65*4*$.!(%$!B,'$%.466'!(.!?(%4!6+!(,!
6,@6*,@!56,+8*54M!!U6,.$_B$,48&O!4/$&!'6!,64!(??$(%!46!C$!'*.%B?4*6,.!*,!4/$!6%'*,(%&!
.4(4$!6+!(++(*%.!(,'!'6!,64!,$5$..(%*8&!.?(%\!6B4%(@$!(@(*,.4!4/$!.4(4$M!!2/$!*,.$5B%*4&!
5%$(4$'!C&!4/$!#*68$,5$!6+!4/$!56,+8*54!?%$#$,4$'!4/$!'$#$86?0$,4!6+!(!.4%6,@!?%*#(4$!
.$546%O!8$(#*,@!-(./0*%*.!%$8*(,4!6,!4/$!@6#$%,0$,4!+6%!4/$!.(\$!6+!4/$*%!$56,60*5!
.$5B%*4&M!!2/$*%!%$8*(,5$!6,!4/$!@6#$%,0$,4a4/$!@6#$%,0$,4!4/(4!4/$&!N*./!46!C$!
%*'!6+a+6%!4/$*%!*,'*#*'B(8!.$5B%*4&!*0?$'$.!4/$!?6..*C*8*4&!6+!4/$*%!B,*4*,@!46!C%$(\!
(N(&!+%60!4/$!.4(4$!4/(4!4/$!@6#$%,0$,4!C$86,@.!46M!!2/$!.B++$%*,@!5(B.$'!C&!4/$!
56,+8*54!C$560$.!(!?6*,4!6+!*,4$%#$,4*6,!+6%!-(./0*%*.O!4/$!=,'*(,!.4(4$O!(,'!
/B0(,*4(%*(,!6%@(,*J(4*6,.!4/(4!N*./!46!(88$#*(4$!*4M!!]6N$#$%O!$++6%4.!46!(*'!4/$!
#*54*0.!6+!4/$!56,+8*54!(%$!$0C$''$'!*,!4/$!+%(0$N6%\!6+!4/$!=,'*(,!.4(4$O!4/$%$C&!
%$*,*,@!4/$!56,+8*54!*4.$8+!*,46!4/$!+%(0$N6%\!6+!4/$!.4(4$!(,'!/(0?$%*,@!4/$!
?6..*C*8*4&!6+!-(./0*%Q.!.$?(%(4*6,!+%60!4/$!.4(4$M!
!
YX!
!
-(./0*%!*.!,64!B,*_B$!*,!4/$!+(54!4/(4!*4!(886N.!+6%!4/$!$P*.4$,5$!6+!$#$%&'(&!
,6%0(85&!'$.?*4$!56,4*,B*,@!?68*4*5(8!56,+8*54M!!A60$!'$@%$$!6+!$#$%&'(&!,6%0(85&!
*.O!86@*5(88&!.?$(\*,@O!(!?%$%$_B*.*4$!46!?%686,@$'!56,+8*54O!*,4$%.?$%.$'!N*4/!
#*68$,5$!*,!6%'$%!46!?%$#$,4!4/$!6,$!6%!C64/!?(%4*$.!+%60!(,,*/*8(4*6,M!![%*4*,@!6+!
4/$!N(%.!*,!bB*,$(!;*..(BO!]$,%*\!:*@/!fFGGWR!./6N.!4/(4!56,+8*54!5(,!+6%0!(,!
$#$%&'(&!$,#*%6,0$,4!4/(4!*.!,$@64*(4$'!46!0(P*0*J$!6,$Q.!8*+$!5/(,5$.M!!:$$,(!<(.!
fFGGWR!./6N.!4/(4!4/$!?64$,4*(8*4&!+6%!#*68$,5$!$P*.4.!$#$,!*,!6%'*,(%&!$#$%&'(&!8*+$O!
*,!4/$!56,4$P4!6+!,$N8&!*,'$?$,'$,4!=,'*(O!(,'!?$%*6'*5(88&!$%B?4.!*,!4/$!+6%0!6+!
5600B,(8!#*68$,5$M!!;64/!6+!4/$.$!.4B'*$.!/*@/8*@/4!4/$!*,4$%.?$%.*6,!6+!#*68$,5$!
(,'!,6%0(85&O!./6N*,@!/6N!(55B0B8(4$'!0$06%*$.!6+!#*68$,5$!6%!4/$!56,'*4*6,.!6+!
56,+8*54!56,,$54!#*68$,5$!46!4/$!6%'*,(%&M!!!
!
D,8*\$!4/$!.4B'*$.!0$,4*6,$'!(C6#$O!4/$!.*4B(4*6,!*,!-(./0*%!'$06,.4%(4$.!
4/$!,6%0(85&!*.!.4%B54B%(88&!*0?6.$'M!!hB.4!(.!.4%B54B%(8!#*68$,5$!56,.4%(*,.!
*,'*#*'B(8.!*,46!56,'*4*6,.!6+!?6#$%4&!fE(%0$%O!HKKK^!bB?4(O!FGHFRO!4/$!.4%B54B%$'!
,6%0(85&!*,!-(./0*%!56,.4%(*,.!*,'*#*'B(8.Q!*,46!560?8*(,5$!N*4/!=,'*(,!.4(4$M!!2/$!
*,4$%,(4*6,(8!%$.?6,.$!46!4/$!56,+8*54!*,!-(./0*%!.B@@$.4.!4/(4!4/*.!.4%B54B%$'!
,6%0(85&!*.!*,4$%,(4*6,(88&!*0?6.$'M!!2/$!D7Q.!%$5600$,'(4*6,.!+6%!4/$!56,+8*54!*,!
-(./0*%!560$!4/%6B@/!4/$!D,*4$'!7(4*6,.!U600*..*6,!6,!=,'*(!(,'!9(\*.4(,O!N/*5/!
+%(0$.!4/$!0(44$%!(.!6,$!C$4N$$,!,(4*6,e.4(4$.!%(4/$%!4/(,!C$4N$$,!-(./0*%*.!(,'!
4/$!.4(4$!4/(4!@6#$%,.!4/$0M!!2/$!8$@*4*0(5&!*0?8*5*48&!@%(,4$'!46!4/$!%B8$!6+!4/$!
.4(4$.!C&!4/*.!5600*..*6,!8$(#$.!=,'*(!46!@6#$%,!-(./0*%*.!(.!*4!.$$.!+*4O!(886N*,@!*4!
46!C$560$!4/$!4/$*%!?%*0(%&!.6B%5$!6+!$56,60*5!.4(C*8*4&!(.!N$88!(.!4/$!.6B%5$!6+!
YY!
!
?68*4*5(8!*,.$5B%*4&M!!>,&!*,4$%,(4*6,(8!(*'!4/(4!560$.!46!-(./0*%!0B.4!C$!*,!
(556%'(,5$!N*4/!4/$!@6#$%,0$,4!6+!=,'*(!(,'!5(,,64!C&?(..!4/$!.4(4$!46!%$(5/!
-(./0*%*.M!!96@@$!fFGGGR!.(&.!4/(4!N$!,6N!8*#$!*,!(!S@86C(8!*,.4*4B4*6,(8!6%'$%T!4/(4!
*,#68#$.!'*#*'*,@!B?!4/$!8(,'!6+!6B%!?8(,$4!*,46!S58$(%8&!'$0(%5(4$'!,(4*6,(8!
4$%%*46%*$.!(,'!0(45/*,@!B?!/B0(,!C$*,@.!46!4/$.$!4$%%*46%*$.O!.6!4/(4!$(5/!?$%.6,!
5(,!C$86,@!46!6,8&!6,$!4$%%*46%&TM!!=,!64/$%!N6%'.O!N$!8*#$!*,!(,!*,4$%,(4*6,(8!
5600B,*4&!6+!,(4*6,e.4(4$.O!*,!N/*5/!4/$!,(4*6,e.4(4$!*.!4(\$,!46!C$!4/$!C(.*5!B,*4!6+!
@6#$%,0$,4M!!2/$!+%(0$N6%\!6+!4/*.!*,4$%,(4*6,(8!6%'$%!*0?$'$.!-(./0*%*.Q!(C*8*4&!
46!.B55$..+B88&!@(*,!*,'$?$,'$,5$!+%60!4/$!=,'*(,!.4(4$!4/%6B@/!(,!(%0$'!.4%B@@8$!
C&!+(5*8*4(4*,@!(,!$#$%&'(&!,6%0(85&!(4!4/$!.4%B54B%(8!8$#$8M!!!
!
2/$!*'$(!6+!(!.4%B54B%(88&!*,'B5$'!,6%0(85&!0(&!C$!B.$+B8!*,!B,'$%.4(,'*,@!
64/$%!?%686,@$'!56,+8*54.!%$8(4$'!46!.$?(%(4*.4!06#$0$,4.!46'(&M!!=,!4/$!8(4$!5686,*(8!
(,'!$(%8&!?6.4e5686,*(8!?$%*6'.O!*,'$?$,'$,5$!.4%B@@8$.!.B55$..+B88&!8$'!46!4/$!
5%$(4*6,!6+!(!,B0C$%!6+!,$N!,(4*6,.M!!=,!A6B4/!>.*(!(86,$O!4/$!06'$%,!.4(4$.!6+!
=,'*(O!9(\*.4(,O!(,'!;(,@8('$./!N$%$!?%6'B54.!6+!(%0$'!.4%B@@8$.!+6%!*,'$?$,'$,5$M!!
]6N$#$%O!0(,&!.$?(%(4*.4!.4%B@@8$.!46'(&!C$560$!86,@e.4(,'*,@!56,+8*54.O!(,'!4/$*%!
.B55$..!*,!5%$(4*,@!(!,$N!,(4*6,!.$$0.!B,8*\$8&M!!A$?(%(4*.4!56,+8*54.!*,!4/$!
,6%4/$(.4!6+!=,'*(O!*,!7(@(8(,'!(,'!>..(0O!/(#$!C$$,!(54*#$!.*,5$!HKWK!
f9%(C/(\(%(O!FGGWR^!*,!;(865/*.4(,O!9(\*.4(,O!.*,5$!HKVL!f>8*O!FGGXR^!*,!=,'6,$.*(O!
.*,5$!HKWY!f>.?*,(88O!FGGWRM!!2/$!.4%B54B%$!6+!4/$!@86C(8!*,.4*4B4*6,(8!6%'$%!6+!
,(4*6,.e.4(4$.O!N/*5/O!N/*8$!'$$?8&!$,4%$,5/$'!46'(&!N(.!,64!*,!?8(5$!'B%*,@!4/$!
YW!
!
8(4$!5686,*(8!(,'!$(%8&!?6.4e5686,*(8!?$%*6'.O!(,'!0(&!C$!56,4%*CB4*,@!46!4/$.$!
.$?(%(4*.4!06#$0$,4.Q!8(5\!6+!.B55$..O!(.!*4!'*'!*,!-(./0*%M!!!
!
=,!4/*.!8*@/4O!4/$!*,4$%,(4*6,(8!5600B,*4&!6+!,(4*6,e.4(4$.!5(,!C$!.(*'!46!/(#$!
(!0B5/!/*@/$%!468$%(,5$!+6%!?$%0(,$,4!.4(4$.!6+!$P5$?4*6,!N*4/*,!,(4*6,e.4(4$.!4/(,!
+6%!4/$!+%(54B%*,@!6+!(!,(4*6,M!!>@(0C$,!fFGGXR!'$+*,$.!(!.4(4$!6+!$P5$?4*6,!(.!(!
.*4B(4*6,!*,!N/*5/!4/$!8(N!.B.?$,'.!`B%*'*5(8!6%'$%!*,!6%'$%!46!$,560?(..!N/(4!
N6B8'!64/$%N*.$!C$!6B4.*'$!6+!*4M!!2/$!.B.?$,.*6,!6+!?%64$54*6,.!(++6%'$'!46!5*4*J$,.O!
+6%!$P(0?8$O!5%$(4$.!S(!8$@(8!5*#*8!N(%!4/(4!(886N.!+6%!4/$!?/&.*5(8!$8*0*,(4*6,m6+!
$,4*%$!5(4$@6%*$.!6+!5*4*J$,.!N/6!+6%!.60$!%$(.6,!5(,,64!C$!*,4$@%(4$'!*,46!4/$!
?68*4*5(8!.&.4$0M!!<B.5/*,.\*!fFGHGR!(?48&!4$%0.!4/$!56,'*4*6,.!6+!56,+8*54!*,!-(./0*%!
(!.4(4$!6+!$P5$?4*6,O!?6*,4*,@!6B4!4/(4!?%6#*.*6,.!8*\$!>EA9>!?$%0*4!-(./0*%*.!46!C$!
#*68(4$'!(,'!\*88$'a(54.!4/(4!N6B8'!6%'*,(%*8&!C&!*88$@(8aN*4/!*0?B,*4&M!!-(./0*%!
/(.!C$$,!*,!(!.4(4$!6+!$P5$?4*6,!+6%!(4!8$(.4!4/$!?(.4!4N$,4&e+6B%!&$(%.O!.*,5$!4/$!
.$?(%(4*.4!*,.B%@$,5&!*,!HKLKO!CB4!4/$!%B8$!6+!4/$!=,'*(,!,(4*6,!/(.!,64!CB'@$'O!(,'!
(,!$#$%&'(&!,6%0(85&!/(.!'$#$86?$'!N*4/*,!4/$!56,'*4*6,.!6+!56,+8*54M!!]6N$#$%O!4/$!
$P*.4$,5$!6+!4/*.!#$%&!,6%0(85&O!(.!>@(0C$,!fFGHFR!.(&.O!0(&!#$%&!N$88!C$!
56,.*'$%$'!4/$!4%B$!/6%%6%!6+!4/$!.4(4$!6+!$P5$?4*6,M!
!
!
YL!
!
G020-%,$!
!
!
10%&-23(%4-0!
!
HM!A$$!<B.5/*,.\*!fFGHGRO!9$$%!fFGHGR!+6%!'*.5B..*6,!6,!-(./0*%*.Q!.$,4*0$,4.!
46N(%'.!4/$!=,'*(,!.4(4$M!
!
FM![/$,!=!B.$!4/$!4$%0!=,'*(,!@6#$%,0$,4O!=!(0!%$+$%%*,@!C64/!46!4/$!U$,4%(8!
b6#$%,0$,4!6+!=,'*(!(,'!4/$!A4(4$!b6#$%,0$,4!6+!h(00B!(,'!-(./0*%O!(.!4/$!8(44$%O!
466O!*.!(,!(%0!6+!4/$!=,'*(,!.4(4$!*,!-(./0*%M!
!
IM!>!.65*(8!N6%\$%!*,!A6?B%!468'!0$!4/(4!4/$%$!N$%$!.*P!#64$.!5(.4!*,!4/$!8(.4!$8$54*6,!
*,!4/$!$,4*%$!46N,M!!!
!
VM!9%*,5$8&!.4(4$.!N$%$!*,'$?$,'$,4!%$@*6,(8!\*,@'60.!*,!5686,*(8!A6B4/!>.*(!4/(4!
N$%$!'*?860(4*5(88&!*,+8B$,5$'!CB4!,64!'*%$548&!@6#$%,$'!C&!4/$!5686,*(8!
@6#$%,0$,4M!
!
XM!WGG!*.!4/$!,B0C$%!%B06%$'!*,!-(./0*%O!FGG!*.!N/(4!4/$!.$5%$4(%&!6+!C6%'$%!
('0*,*.4%(4*6,!+%60!4/$!<$?(%40$,4!6+!]60$!>++(*%.!.(*'!6#$%!'*,,$%M!
!
YM!g%@(,*J(4*6,!+6%!4/$!9%64$54*6,!6+!<$065%(4*5!Z*@/4.!fFGGIRO!b%$(4$%!-(./0*%!
f<$5!FKO!FGHFRO!(,'!>0,$.4&!=,4$%,(4*6,(8!fFGHHR!(88!%$56B,4!4/$!=,'*(,!+6%5$.Q!
#*68(4*6,.!6+!-(./0*%*!5*#*8*(,.Q!%*@/4.M!
!
WM!2/*.!$#$,4!N(.!%$56B,4$'!46!0$!C&!+(0*8*$.!+%60!4/(4!,$*@/C6%/66'M!
!
LM!2/*.!655B%%$'!*,!4/$!46N,!N/$%$!=!N(.!.4(&*,@!N/*8$!56,'B54*,@!0&!%$.$(%5/O!
N/$%$!4/$!865(8.!560?8(*,$'!4/(4!4/$!./664*,@!N(.,Q4!56#$%$'!C&!4/$!%$@*6,(8!
,$N.?(?$%M!
!
KM!=4!*.!56006,!\,6N8$'@$!N/$%$!=!N6%\$'!4/(4!%$8(4*#$.!(,'!,$*@/C6%.!N$,4!46!
>J('!-(./0*%!+6%!(%0.!4%(*,*,@O!(84/6B@/!4/*.!+(54!*.!,64!6++*5*(88&!(5\,6N8$'@$'!C&!
=,'*(!+6%!?68*4*5(8!%$(.6,.M!
!
HGM!A$5%$4(%&!A\(,'(,!*,+6%0$'!0$!4/(4!-(./0*%!N(.!*,!(!S?$%*6'!6+!%$56#$%&T!?%*6%!
46!4/$!C$@*,,*,@!6+!0&!+*$8'N6%\!*,!-(./0*%M!
!
/5';%,&!<!
!
HM!2/$!HKLW!8$@*.8(4*#$!(..$0C8&!$8$54*6,.!(%$!56,.*'$%$'!46!C$!+%(B'B8$,4!(,'!(%$!
.(*'!46!C$!4/$!$#$,4!4/(4!.?(%\$'!4/$!*,.B%@$,5&M!!A$$!=,.4*4B4$!6+!-(./0*%!A4B'*$.M!
fHKKVRM!
!
YK!
!
FM!2/$!N6%'!+6%!C$(4*,@.!*,!D%'Bee$()"*(ee*.!4&?*5(88&!B.$'!46!%$+$%!46!?(%$,4.!
'*.5*?8*,*,@!4/$*%!5/*8'%$,!(,'!B.B(88&!/(.!C$,*@,!56,,64(4*6,.M!!=,!-(./0*%O!
/6N$#$%O!$()"*(+%$+$%.!46!46%4B%$!?$%?$4%(4$'!C&!4/$!=,'*(,!.$5B%*4&!+6%5$.O!
$,560?(..*,@!$#$%&4/*,@!+%60!?/&.*5(8!C$(4*,@.!46!$8$54%65B4*6,M!
!
IM!<B$!46!*4.!?%6P*0*4&!46!4/$!)gUO![(`*'!A(/*C!.(*'!4/(4!-(8(,?6%(!/('!/6.4$'!4%(5\.!
6+!6#$%!(!/B,'%$'!0$,!*,!4/$!$(%8&!'(&.!6+!4/$!0*8*4(,5&M!!!
!
/5';%,&!D!
!
HM!A\(,'(,Q.!%$.?6,.$!?$%4(*,$'!46!4/$!.4(4$!6+!h(00B!(,'!-(./0*%!(.!(!N/68$O!(.!
)('(\/!(,'!h(00B!(%$!C64/!6B4.*'$!4/$!-(./0*%!%$@*6,!4/(4!=!(0!56,5$%,$'!N*4/M!
!
FM!2/$!.4(4$!6?$%(4$.!N*4/!(,!*0(@$!6+!N/(4!E$%@B.6,!(,'!bB?4(!fFGGFR!5(88!#$%4*5(8!
$,560?(..0$,4^!4/$!.4(4$!$,560?(..$.!?$6?8$!(,'!5600B,*4*$.!4$%%*46%*(88&O!N/*8$!
.$$0*,@!46!6?$%(4$!+6%!4/$!C$44$%0$,4!6+!.65*$4&!+%60!(!?6.*4*6,!SlB?!4/$%$Q!
.60$N/$%$TM!
!
IM!<B.5/*,.\*!(,'!]6++0(,!fFGHHR!'*.5B..!-(./0*%*.Q!(,4(@6,*.4*5!.$,4*0$,4.!
46N(%'.!4/$!=,'*(,!.4(4$M!!2/*.!?6*,4!*.!(8.6!*88B.4%(4$'!C&!9$$%!fFGHGRM!
!
VM!!>,@(,N('*!5$,4$%.!?%6#*'$!C(.*5!$'B5(4*6,(8!(,'!,B4%*4*6,(8!5(%$!+6%!5/*8'%$,M!
A$$!bB?4(O!fFGHFRO!+6%!'$4(*8.M!
!
XM!2/$!(,@(,N('*!5$,4$%!N(.!/('!C$$,!586.$'!+6%!06,4/.!N/$,!=!#*.*4$'!*,!4/$!
N*,4$%!6+!FGHFO!(,'!(88!6+!4/$!.5/668.!N$%$!6B4!6+!.$..*6,M!
!
YM!>\/*8!bB?4(!fFGHFR!'*.5B..$.!4/$!56,4*,@$,5*$.!4/(4!5/(%(54$%*J$!4/$!=,'*(,!
CB%$(B5%(5&!(4!8$,@4/M!
!
WM!!2/$!?/&.*5(8!4/$%(?*.4!(4!]6?$!<*.(C*8*4&!U$,4$%!560?8(*,$'!4/(4!0(,&!-(./0*%*.!
'*',Q4!$#$,!C64/$%!@6*,@!46!4/$!/6.?*4(8!C$5(B.$!*4!N(.!.6!56006,!+6%!.*5\!?(4*$,4.!
46!C$!4%(??$'!*,!(!-"#%"M!!3(,&!N60$,!$,'$'!B?!@*#*,@!C*%4/!*,!(!4/$*%!#$/*58$.!
C$5(B.$!4/$&!N$%$!.4B5\!*,!(!-"#%"M!!=,!-(8(,?6%(O!=!0*..$'!4/%$$!*,4$%#*$N.!
C$5(B.$!0&!5(%!N(.!4%(??$'!*,!(!-"#%"7+
+
LM!-6,(,?6./?B%(!*.!(!,$*@/C6%*,@!#*88(@$!*,!-B?N(%(!4/(4!N(.!4/$!.*4$!6+!(,!
*,+(06B.!0(..!%(?$!*,!HKKFO!'B%*,@!(!5%(5\'6N,M!!2/$!,B0C$%!6+!N60$,!%(?$'!*.!
.60$4*0$.!58(*0$'!46!C$!XGO!.60$4*0$.!FGGO!'$?$,'*,@!6,!N/60!&6B!(.\M!
!
KM!2/$!,$N.!56#$%(@$!./6N$'!N60$,Q.!%*@/4.!'$06,.4%(46%.!N/6!N$%$!@(4/$%$'!*,!
7$N!<$8/*!(,'!?BC8*5(88&!?(%4*5*?(4*,@!*,!(!/B,@$%!.4%*\$M!!!
!
HGM!bB?4(!fFGHFR!5*4$!.*0*8(%!4*0$!(,'!$,$%@&!$P?$,.*#$!0$4/6'.!6+!5600B,*5(4*,@!
N*4/!4/$!@6#$%,0$,4M!
!
WG!
!
!
/5';%,&!F!
HM!](,'*5(?!=,4$%,(4*6,(8Q.!/60$?(@$!.(&.!4/(4!4/$!6%@(,*J(4*6,!N6%\.!*,!(%$(.!6+!
S?6#$%4&!(,'!$P58B.*6,O!56,+8*54!(,'!'*.(.4$%MT!
!
FM!U%(5\'6N,.!(%$!'$.5%*C$'!*,!5/(?4$%!HM!
!
IM![/*8$!$#$%&!#*88(@$!/('!(!0$'*5(8!5$,4$%O!0(,&!6+!4/$.$!N$%$!,64!$#$,!.4(++$'!
N*4/!'6546%.O!(556%'*,@!46!)(*8(M!!
!
VM![/$%$!4/$!HGOGGG!%B?$$.!N$%$!.?$,4!N(.!,64!B.B(88&!06,*46%$'O!(,'!4/$%$!N(.!(4!
8$(.4!6,$!N60(,!=!*,4$%#*$N$'!N/6!/('!?B4!.60$!6+!4/(4!06,$&!46N(%'.!(!
4$8$#*.*6,!.$4M!
!
XM!SE(\$!$,56B,4$%.T!*,!-(./0*%!(%$!,64!(,!B,56006,!?/$,60$,6,!(,'!(%$!
'*.5B..$'!*,!06%$!'$4(*8!C&!<B.5/*,.\*!fFGHGRM!
!
YM!h6*,4!A$5%$4(%&!6+!h(00B!(,'!-(./0*%!-M!A\(,'(,!$_B(4$'!4/$!?%*#(4$!.$546%!*,!
-(./0*%!46!7bg.!*,!(,!*,4$%#*$NM!
!
WM!>\/*8!bB?4(Q.!81-+9"$1!fFGHHR!'*.5B..$.!4/$!56,4*,@$,5*$.!4/(4!0(\$!B?!4/$!
*,$++*5*$,5*$.!6+!865(8!@6#$%,0$,4!6++*5$.!*,!=,'*(M!
!
LM!E(%0$%!fHKKKR!(,'!bB?4(!fFGHHRO!B.$!4/$!56,5$?4!6+!.4%B54B%(8!#*68$,5$!46!$P?8(*,!
/6N!?6#$%4&!*.!(!.6B%5$!6+!.B++$%*,@M!
!
KM![*#$.!6+!0*8*4(,4.!N/6!N$%$!N*'6N$'!(+4$%!FGHH!(%$!$8*@*C8$!+6%!Z:3!C$,$+*4.O!
CB4!/(.!8*448$!.65*$4(8!$++$54!C$5(B.$!4/$%$!(%$!,6!86,@$%!#$%&!0(,&!5(.$.!+6%!4/*.!
?%6@%(0!46!C$!(??8*$'!46O!.*,5$!0*8*4(,4!(54*#*4&!/(.!'N*,'8$'!(,'!06.4!0*8*4(,4.!(%$!
.(*'!46!C$!+6%$*@,M!!2/$!.65*(8!N$8+(%$!6++*5$%!*,!-B?N(%(!.(*'!4/(4!/$!/(.,Q4!.$$,!(,&!
5(.$.!4/(4!56B8'!C$,$+*4!+%60!Z:3Q.!,$N!$,4*48$0$,4!5%*4$%*(M!
!
!
!
WH!
!
9,.,&,0(,$!(4%,2!
!
!
10%&-23(%4-0!
!
>0,$.4&!=,4$%,(4*6,(8M!fFGHFRM!h(00B!(,'!-(./0*%1!]B,'%$'.!]$8'!"(5/!c$(%!
[*4/6B4!2%*(8!6%!U/(%@$M!!>#(*8(C8$!(4!
/44?1qqNNNM(0,$.4&M6%@q$,q,$N.e(,'eB?'(4$.q%$?6%4q`(00Be(,'e
\(./0*%e/B,'%$'.e/$8'e$(5/e&$(%eN*4/6B4e5/(%@$e6%e4%*(8eFGHHeGIe
FHM++
+
;*$/8O!hM!fFGGWRM!:(55+)2+;(<11!=>.?+9'1#"$(1!+"%-+)'1+@25()(&!+23+?/#<(<"5M!9%*,5$46,1!
9%*,5$46,!D,*#$%.*4&!9%$..M!
!
;*88*@O!3*5/($8M!fHKKXRM!A"%"5+4")(2%"5(!BM!A(@$!9BC8*5(4*6,.M!
!
;6B%'*$BO!9M!fHKKLRM!=&)!+23+#1!(!)"%&1C+=0"(%!)+)'1+)*#"%%*+23+)'1+B"#,1)M!7$N!c6%\1!
2/$!7$N!9%$..M!
!
!"#$%&'#()*+),-.../+))*01203&04)5'%&606&"41+)76048"$%()903&8"$4&0:)76048"$%);4&<'$1&6=)
!"#$$%!
!
U/6?%(O!:M!f'*%$546%!n!?%6'B5$%RM!fFGGGRM!D(!!(2%+E"!'B(#7+:*,6'!U/6?%(!
9%6'B54*6,.!(,'!<$.4*,&!E*80.M!
!
<(.O!:M!fFGGWRM!;(31+"%-+F2#-!C+G(251%&1+"%-+)'1+-1!&1%)+(%)2+)'1+2#-(%"#*M!;$%\8$&1!
D,*#$%.*4&!6+!U(8*+6%,*(!9%$..M!
!
<B.5/*,.\*O!]M!fFGHGRM!Z$?%6'B5*,@!%$@*0$.!6+!*0?B,*4&1!E(\$!$,56B,4$%.!(,'!
*,+6%0(8!#*68$,5$!*,!-(./0*%!#(88$&M!H/5)/#"5+!)/-(1!+FVfHRO!HHGeHIFM!
!
<B.5/*,.\*O!]MO!]6++0(,O!;M!fFGHHRM!!"#$%&'(&!#*68$,5$O!*,.4*4B4*6,(8!'$,*(8O!(,'!
.4%B@@8$.!+6%!`B.4*5$!*,!-(./0*%M!8"&1+"%-+H5"!!!XFfVRM!VVeWGM!
!
"#(,.O!>M!fFGGGRM!2/$!-(./0*%!*,.B%@$,5&1!>.!C('!(.!*4!@$4.M!?B"55+F"#!+"%-+
(%!/#01%&(1!+fHHRHO!YKeLHM!!
!
E(..*,O!<M!fFGGWRM!:'1%+A2-(1!+81B1B61#C+IJ$1#(1%&1!+"%-+@25()(&!+23+=>.?+(%+?2/)'+
=3#(&"M!;$%\8$&1!D,*#$%.*4&!6+!U(8*+6%,*(!9%$..M!
!
E$8'0(,O!)MO!2*5\4*,O!3M!fFGHGRM!!>%+)'1+4"B1+23+K/B"%()*C+9'1+L2<1#%B1%)+23+9'#1")+
"%-+H"#17+<B\$!D,*#$%.*4&!9%$..M!
!
E$%@B.6,O!hMO!bB?4(O!>M!fFGGFRM!A?(4*(8*J*,@!.4(4$.1!26N(%'.!(,!$4/,6@%(?/&!6+!
,$68*C$%(8!@6#$%,0$,4(8*4&M!!=B1#(&"%+I)'%2520(!)+FKfVRM!KLHeHGGFM!
WF!
!
!
E6%@(5.O!<MO!76N$88eA0*4/O!bM!f$'.MRO!;6$8/6N$%O![M!f4%(,.8(46%RM!fFGHFR!?151&)(2%!+
3#2B+H/5)/#"5+:#()(%0!C+=%)2%(2+L#"B!&(7+U/*5(@61!](&0(%\$4!;66\.M!
!
!
b6#$%,0$,4!6+!=,'*(!fHKXLRM!>%0$'!E6%5$.!A?$5*(8!96N$%.!>54M!>#(*8(C8$!(4!
/44?1qq0/(M,*5M*,q?'+.q(%0$'r+6%5$.r.?$5*(8r?6N$%.r(54HKXLM?'+!M!
!
bB8O!-M!f<$5!FKO!FGHFRM!SHX!*,`B%$'!*,!9B8N(0(!+*%*,@TM!A%*,(@(%1!L#1")1#+E"!'B(#7+
>#(*8(C8$!(4!
/44?1qqNNNM@%$(4$%\(./0*%M560q,$N.qFGHFq<$5qFKqHXe*,`B%$'e*,e
?B8N(0(e+*%*,@eLGM(.?!M!
!
bB?4(O!>M!fFGHFRM!81-+)"$1C+A/#1"/&#"&*M+!)#/&)/#"5+<(251%&1M+"%-+$2<1#)*+(%+>%-("M!
<B%/(01!<B\$!D,*#$%.*4&!9%$..M!
!
](C*CB88(/O![M!fFGGVRM!9'1+$25()(&"5+1&2%2B*+23+)'1+E"!'B(#+&2%35(&)C+N$$2#)/%()(1!+
32#+1&2%2B(&+$1"&1+6/(5-(%0+"%-+32#+O7?7+@25(&*7![(./*,@46,O!<MUM1!
D,*4$'!A4(4$.!=,.4*4B4$!6+!9$(5$M!
!
-B%./*'O!A(80(,M!fHKKVRM!A1*2%-+)1##2#(!BC+41F+'2$1+32#+E"!'B(#7!7$N!<$/8*1!D;A!
9BC8*./$%.Q!<*.4%*CB4$%.M!
!
3(8\\*O!)M!fFGHGR!SU/*8'%$,O!/B0(,*4&O!(,'!4/$!*,+(,4*8*J(4*6,!6+!?$(5$T!*,!E$8'0(,O!
)MO!2*5\4*,O!3M!f$'.RM!!>%+)'1+4"B1+23+K/B"%()*C+9'1+L2<1#%B1%)+23+
9'#1")+"%-+H"#17+<B\$!D,*#$%.*4&!9%$..M!
!
766%(,*O!>M!fFGGFRM!]B0(,!%*@/4.!*,!-(./0*%M!I&2%2B(&+"%-+$25()(&"5+F11,5*!fIWRHFO!
HGLHeHGLFM!
!
g%@(,*J(4*6,!+6%!4/$!9%64$54*6,!6+!<$065%(4*5!Z*@/4.M!fFGGIRM!8(0')!+2%+0"552F!+"%-+
#1$#1!!(2%+2%+$12$51C+=+&2B$(5")(2%+23+3"&)+3(%-(%0+#1$2#)!7+>,'/%(!
9%('$./1!U/(*4(,&(!9%*,4$%.M!
!
9(,'$&O!bM!fFGGYRM!82/)(%1+<(251%&1C+4")(2%!M+3#"0B1%)!M+'(!)2#(1!7+A4(,+6%'1!A4(,+6%'!
D,*#$%.*4&!9%$..M!
!
9$$%O!;M!fFGHGRM!H/#31F1-+%(0')C+N%1+E"!'B(#(+P2/#%"5(!)Q!+3#2%)5(%1+"&&2/%)+23+5(31M+
52<1M+"%-+F"#+(%+'(!+'2B15"%-7!7$N!c6%\1!A5%*C,$%M!
!
9$4%&(O!>M!fFGGFRM!;(31+1J$2!1-C+A(2520(&"5+&()(R1%!+"3)1#+H'1#%26*57!9%*,5$46,1!
9%*,5$46,!D,*#$%.*4&!9%$..M!
!
9B%*O!;M!fHKKKRM!-(./0*%!?%6C8$0!4/%*#$.!6,!'$,*(8!6+!/B0(,!(,'!'$065%(4*5!%*@/4.M!
WI!
!
I&2%2B(&+"%-+$25()(&"5+F11,5*!fIVRHVO!WKVeWKXM!
Z*,@O!)M!fFGGYRM!S1%"%"C+I<1#*-"*+$1"&1+(%+"+E"#"&'(+"$"#)B1%)+6/(5-(%0M!
;8660*,@46,1!=,'*(,(!D,*#$%.*4&!9%$..M!
!
A5/$?$%!]B@/$.O!7M!fHKKFRM!.1")'+:()'2/)+:11$(%0C+9'1+G(251%&1+23+I<1#*-"*+;(31+(%+
A#"R(5M+;$%\8$&1!D,*#$%.*4&!6+!U(8*+6%,*(!9%$..M!
!
2$%%&O!EM!fFGGYRO!H2%-1B%1-+)2+81$1")C9'1+@"#"-2J+23+K/B"%()"#("%+=&)(2%7+U6%,$88!
D,*#$%.*4&!9%$..M!
!
2%$0C8$&O!ZM!fFGGKRM!-(./0*%Q.!.$5$..*6,*.4!06#$0$,4.!%$.B%+(5$.1!"4/,*5!*'$,4*4&O!
5600B,*4&!560?$4*4*6,O!(,'!4/$!.4(4$M!=!("%+?/#<1*!fVKRYO!KFVeKXGM!
!
!
/5';%,&!<!
!
A5/$?$%!]B@/$.O!7M!fHKKFRM!.1")'+:()'2/)+:11$(%0C+9'1+G(251%&1+23+I<1#*-"*+;(31+(%+
A#"R(5M+;$%\8$&1!D,*#$%.*4&!6+!U(8*+6%,*(!9%$..M!
!
=,.4*4B4$!6+!-(./0*%!A4B'*$.M!fHKKVRM!9/#6/51%&1+(%+E"!'B(#C+"+#1$2#)+2%+'/B"%+
#(0')!+<(25")(2%!+&2BB())1-+6*+)'1+>%-("%+32#&1!+-/#(%0+)'1+B2%)'+23+
=/0/!)+TUUVM!A%*,(@(%1!=,.4*4B4$!6+!-(./0*%!A4B'*$.M!
!
/5';%,&!D!
!
;6B%'*$BO!9M!fHKKLRM!=&)!+23+#1!(!)"%&1C+=0"(%!)+)'1+)*#"%%*+23+)'1+B"#,1)M!7$N!c6%\1!
2/$!7$N!9%$..M!
!
<B.5/*,.\*O!]MO!]6++0(,O!;M!fFGHHRM!!"#$%&'(&!#*68$,5$O!*,.4*4B4*6,(8!'$,*(8O!(,'!
.4%B@@8$.!+6%!`B.4*5$!*,!-(./0*%M!8"&1+"%-+H5"!!!XFfVRM!VVeWGM!
!
E$%@B.6,O!hMO!bB?4(O!>M!fFGGFRM!A?(4*(8*J*,@!.4(4$.1!26N(%'.!(,!$4/,6@%(?/&!6+!
,$68*C$%(8!@6#$%,0$,4(8*4&M!!=B1#(&"%+I)'%2520(!)+FKfVRM!KLHeHGGFM!
!
E$%,(,'$.O!)M!!fFGGVRM!2/$!968*4*5.!6+!E6%@$44*,@1!U8(..!968*4*5.O!A4(4$!96N$%!(,'!4/$!
Z$.4%B54B%*,@!6+!D%C(,!A?(5$!*,!=,'*(M!O#6"%+?)/-(1!!VHfHFRO!FVHXeIGM!
!
E6%@(5.O!<MO!76N$88eA0*4/O!bM!f$'.MRO!;6$8/6N$%O![M!f4%(,.8(46%RM!fFGHFR!?151&)(2%!+
3#2B+H/5)/#"5+:#()(%0!C+=%)2%(2+L#"B!&(7+U/*5(@61!](&0(%\$4!;66\.M!
!
bB?4(O!>M!fFGHFRM!81-+)"$1C+A/#1"/&#"&*M+!)#/&)/#"5+<(251%&1M+"%-+$2<1#)*+(%+>%-("M!
<B%/(01!<B\$!D,*#$%.*4&!9%$..M!
!
](C*CB88(/O![M!fFGGVRM!9'1+$25()(&"5+1&2%2B*+23+)'1+E"!'B(#+&2%35(&)C+N$$2#)/%()(1!+
WV!
!
32#+1&2%2B(&+$1"&1+6/(5-(%0+"%-+32#+O7?7+@25(&*7![(./*,@46,O!<MUM1!
D,*4$'!A4(4$.!=,.4*4B4$!6+!9$(5$M!
!
9$$%O!;M!fFGHGRM!H/#31F1-+%(0')C+N%1+E"!'B(#(+P2/#%"5(!)Q!+3#2%)5(%1+"&&2/%)+23+5(31M+
52<1M+"%-+F"#+(%+'(!+'2B15"%-7!7$N!c6%\1!A5%*C,$%M!
!
/5';%,&!F!
!
<B.5/*,.\*O!]M!fFGHGRM!Z$?%6'B5*,@!%$@*0$.!6+!*0?B,*4&1!E(\$!$,56B,4$%.!(,'!
*,+6%0(8!#*68$,5$!*,!-(./0*%!#(88$&M!H/5)/#"5+!)/-(1!+FVfHRO!HHGeHIFM!
!
E(%0$%O!9M!fHKKKRM!@")'2520(1!+23+@2F1#7C+K1"5)'M+K/B"%+8(0')!M+"%-+)'1+41F+:"#+2%+
)'1+@22#7+;$%\8$&1!D,*#$%.*4&!6+!U(8*+6%,*(!9%$..M!
!
E$8'0(,O!)MO!2*5\4*,O!3M!fFGHGRM!!>%+)'1+4"B1+23+K/B"%()*C+9'1+L2<1#%B1%)+23+9'#1")+
"%-+H"#17+<B\$!D,*#$%.*4&!9%$..M!
bB?4(O!>M!fFGHFRM!81-+)"$1C+A/#1"/&#"&*M+!)#/&)/#"5+<(251%&1M+"%-+$2<1#)*+(%+>%-("M!!
<B%/(01!<B\$!D,*#$%.*4&!9%$..M!
!
9$4%&(O!>M!fFGGFRM!;(31+1J$2!1-C+A(2520(&"5+&()(R1%!+"3)1#+H'1#%26*57!9%*,5$46,1!
9%*,5$46,!D,*#$%.*4&!9%$..M!
!
!
/-0(+3$4-0!
!!
>@(0C$,O!bM!fFGGXRM!?)")1+23+IJ&1$)(2%M!U/*5(@61!D,*#$%.*4&!6+!U/*5(@6!9%$..M!
!
!"#$%&'()*+),-.//0+)123&)456'&778)5')9:3&;&<)=>"3&7()?+()@A><"A57()B+),&C7+0)
!"#$%&'%("&()*+(*&,(-%*'%.(/&!!"#$%&%'()*+!&,-".*+/0*1&!234-&&*567&89$8"')!
!
!"#$%&'%()**+,'%-./%01"23.#4516%7829"/:'%!"#$%&"'()*+$,*'!"#$%&'!"()e!"#!
!
!"#$%&''()*+),-../0+)123)45%"67846$5%)59):7$3;&%43<)=&687&')73"58743")&%>)$>3%6$6?)$%)
!"#$%!&!'(#'")*+,-()'."!"#$%&'()*+$&,$-&),+./0$1#!"#$%&"'!!"#$%&'(!)e!"#$!
!
<(.O!:M!fFGGWRM!;(31+"%-+F2#-!C+G(251%&1+"%-+)'1+-1!&1%)+(%)2+)'1+2#-(%"#*M!;$%\8$&1!
D,*#$%.*4&!6+!U(8*+6%,*(!9%$..M!
!
<B.5/*,.\*O!]M!fFGHGRM!Z$?%6'B5*,@!%$@*0$.!6+!*0?B,*4&1!E(\$!$,56B,4$%.!(,'!
*,+6%0(8!#*68$,5$!*,!-(./0*%!#(88$&M!H/5)/#"5+!)/-(1!+FVfHRO!HHGeHIFM!
!
E(%0$%O!9M!fHKKKRM!@")'2520(1!+23+@2F1#7C+K1"5)'M+K/B"%+8(0')!M+"%-+)'1+41F+:"#+2%+
)'1+@22#7+;$%\8$&1!D,*#$%.*4&!6+!U(8*+6%,*(!9%$..M!
!
WX!
!
bB?4(O!>M!fFGHFRM!81-+)"$1C+A/#1"/&#"&*M+!)#/&)/#"5+<(251%&1M+"%-+$2<1#)*+(%+>%-("M!!
<B%/(01!<B\$!D,*#$%.*4&!9%$..M!
!
96@@$O!2M!fFGGGRM!S2/$!*,4$%,(4*6,(8!.*@,*+*5(,5$!6+!/B0(,!%*@/4.MT!9'1+W2/#%"5+23+
I)'(&!O!! fVRHqFO!?M!VXeYKM!
!
9%(C/(\(%(O!3M!fFGGWRM!A$?(%(4*.4!06#$0$,4.!*,!4/$!76%4/e"(.41!Z/$46%*5!(,'!
%$(8*4&M!I&2%2B(&+"%-+@25()(&"5+:11,5*!VFfKRO!WFLeWIGM!
!
:*@/O!]M!fFGGWRM!4"<(0")(%0+)'1+)1##"(%!+23+F"#C+X2/)'+"%-+!25-(1#(%0+(%+L/(%1"Y
A(!!"/M!!7$N!c6%\1!;$%@/(/,!;66\.M!
!
!
WY!
!